Hrvatska Zbirka Naucne Fantastike

126)=%,5.
3DJHRI
XVHIXOOLQNV
IRUXP
PDLOXV
892'1,.
?
1HNDGDQMLXUHGQLNNQMLHYQRJDVRSLVD)8785$.UVWR0DXUDQLXVYRMHPMHQDSXWNXPODGLPSLVFLPD
NRML EL SRQXGLOL VYRMH SULSRYLMHWNH DVRSLVX QDSLVDR GD VH WUHEDMX XYDWL 279D RGQRVQR RWNULD WRSOH
YRGH 6PMHUDR MH WRP VYRMRP GRVMHWNRP QD HVWR UHFLNOLUDQMH LNV SXWD QDSLVDQLK L SURLWDQLK ]DSOHWD L
UDVSOHWD NQMLHYQLK GMHOD HVHILQH QDUDYL 8 VYDNRP VOXDMX )8785$ MHVW RWYRULOD VYRMH GYHUL GRPDLP
SLVFLPD L RYL VX LDNR SRHVWR QH VOLMHGHL .UVWLQ VDYMHW SRHOL ODJDQR SXQLWL QMHQH VWUDQLFH VYRMLP
NQMLHYQLPRVWYDUHQMLPD7DNRMHDVRSLV)8785$XLVWLQXSRVWDRNQMLHYQRVWMHFLWHKUYDWVNLK6)SLVDFD
.UVWLQDMHNDUL]PD]DSUDYRSRWDNODFLMHOXUHQHVDQVXKUYDWVNH]QDQVWYHQHIDQWDVWLNH2VQRYDQLVXIDQNOXERYL
X.XWLQL2VLMHNX5LMHFL6YDNRPMHRVQXWNXNXPRYDRWDMGRDMHQ
9LDJDODFWLFDLPHMHRVMHNRJ6)IDQ]LQDXVNORSXNOXED*$,$NRMLMHXQHNROLNRJRGLQDVYRJDSRVWRMDQMD
GDRYHOLNREROVSRPHQXWRMVFHQL)DQ]LQMHQDVWDRXVDPX]RUXWRJUHYLYDODLXEU]RSRVWDRVDVPDVROLGQD
QH]DYLVQDSXEOLNDFLMDNRMDMHREMDYOMLYDODUHFHQ]LMHNQMLJDILOPRYDYLMHVWLLUD]JRYRUHVGRPDLPYLHQLMLP
HVHIRYFLPD L QDUDYQR SULSRYLMHWNH 'RVSLMHHP QD LQWHUQHW ZZZVIKUYLD IDQ]LQ MH SRVWDR SUDNWLNL
QDMSRSXODUQLMLKUYDWVNLIDQ]LQ8VNRURVXVHSRHOLMDYOMDWLLVWUDQLDXWRUL
,GHMD R L]GDYDQMX YODVWLWH ]ELUNH SRMDYLOD VH X NOXEX YDOMGD LVWRYUHPHQR V IDQ]LQRP QR QLNDG GRVWD
LQLFLMDWLYH L QRYDFD GDVHWDNRQHWRLXLQL'RQDOGLMDVPRVHGXJREDYLOLPLOMXGDWDMSURMHNWQDSRNRQ
RVWYDULPR6WXSLOLVPRXNRQWDNWVDVYLPGRPDLPSLVFLPDNRMHMHIDQ]LQRNXSLR8VSMHOLVPRVHSRYH]DWLL
VQHNLPGRWDGQDPQHSR]QDWLPSLVFLPD1R279QDPMH]DGDYDRJODYREROMH.DNRL]GDWL]ELUNXVPDOR
QRYDFD" 279 X VPLVOX GD VH RYLP SLWDQMHP EDYH JRWRYR VYL QH]DYLVQL QDNODGQLFL 2QGD VH URGLOD MHGQD
LGHMDNRMXELVHXSUDYRPRJORRSLVDWLXUMHQLNXSRGIUD]RP2WNULHWRSOHYRGH$]DWRQHELREMDYLOL]ELUNX
QDLQWHUQHWXVDSUHWHQ]LMRPGDVHSRWRPREMDYLQD&'URPX"
3URMHNW MH WLPH GRELR QRYL ]DPDK L HWR JD VDGD GUDJL LWDWHOML SRG QD]LYRP 126) QD YDHP ]DVORQX
/HJHQGDUQLRVMHNLLKUYDWVNL6)VDMWZZZVIKUYLDGRELRMHWDNRGUXWYR

'DYRU%DQRYL

.OLNQLWHRYGMH]D]ELUNX
ILOH&?0\'RFXPHQWV?QRVI?1REM )XVLRQ ?8VHU6LWHV?126)?/RFDO3XEOLVK?QRVI ]ELUNDKWPO

6DGUDM]ELUNH
3DJHRI
XVHIXOOLQNV
IRU
=DFN0HOORG\%LOO\-RHLVWDXHSL]RGL%LOO\ PD PDJLMD

2WR:LOKHOP&LYLOL]DFLMDLOLSRYUDWDNQDSODQHWRYPXQD
1LNROD6WMHOMD3RQRQLVXVUHW
.UXQRVODY*HUQKDUG6YDDX]DXWRSXW=DJRQHWQLVPLMHDN
%UDQND,YHJH.D]QD
'DYRU%DQRYL&\EHUEXUJHU
DUNR0LOHQL6YDNDNQMLJD
$OHNVDQGDU.ULVWHN0HVR
9LNWRULD)DXVW3VLKRIDNWRU
GDKK.DGMH+DUU\VUHR6DOO\
7RPLVODY'0DWNRYL2SRUXND
=RUDQ9ODKRYL9R]LGHVQRPVWUDQRP
5DQNRDMIDU6ORQ
'DYRU%DQRYL0RHVYHQHPRHVDPD
'RPLQLN/HRQDUGR'DKVUGEH
2WR:LOKHOP-RKQDWDQ'UDJLQDL
GDKK.DNRPLULHSODYR
9LNWRULD)DXVWRYMHNVRVPHURNXWQRPNXWLMRP
7RQL0DWRLQ2ELWHOM
2WR:LOKHOP6DYUHQD6)SULD
DUNR0LOHQL3MHDN
9LNWRULD)DXVW1DUFLV
DUNR0LOHQLDUREQMDN
2WR:LOKHOP0LONR
9LNWRULD)DXVW2QLVHWLKRGLXL]PDJOH
DUNR0LOHQL5DVNULQNDQLERJRYL
9LNWRULD)DXVW%XWWHUIO\
9LNWRULD)DXVW2L
DERXWXV
ILOH&?0\'RFXPHQWV?QRVI?1REM )XVLRQ ?8VHU6LWHV?126)?/RFDO3XEOLVK?VDGU]DMKWPO
=DFN0HOORG\
%,//<-2(,67$8(3,=2',
%,//< 0$ 0$*,-$
,/,
'$1.$'$6$0,=,j$2,=69(0,5$
'DQMHELRNDRGDQVXQDQVSDUDQGRVDGDQLVPUGOMLY%HQ]LQVNDFUSNDMHELODNDREHQ]LQVND
FUSNDSUOMDYDSUD]QDGRVDGQDLVPUGOMLYD9R]LORNRMHVHSULEOLDYDORFUSNLELORMHNDRYR]LOR
NRMH VH SULEOLDYD FUSNL VWDUR QD UH]HUYL GRVDGQR L VPUGOMLYR 9MHURMDWQR VH SLWDWH WR MH
]DMHGQLNRVYLPWLPSRMPRYLPD(SDDNRWRQLVWHYHXVSMHOLVKYDWLWLQHXYDPQLUHL6DGD
VHYMHURMDWQRSLWDWH]DWRXRSHLVSRPLQMHPRYDMDPELMHQW$NRSDNRYRQLVWHXVSMHOLVKYDWLWL
UHL X YDP SRMPD QHPDP RYDNYD JOXSRVW PL YH GXJR QLMH SDOD QD SDPHW 1DMEROMH GD
]DERUDYLPRWXEHGDVWRXL]DSRQHPRVDSULRP'DNOH
,
3UREOHPLVWLXLQDMEUHOMXGHLQDWHUHQLPDLQDGRSLQJNRQWUROL
%HQ-RKQVRQ
'DQMHELRNDRGDQVXQDQVSDUDQGRVDGDQLVPUGOMLY%HQ]LQVNDFUSNDMHELODNDREHQ]LQVND
FUSNDSUOMDYDSUD]QDGRVDGQDLVPUGOMLYD9R]LORNRMHVHSULEOLDYDORFUSNLELORMHNDRYR]LOR
NRMH VH SULEOLDYD FUSNL VWDUR QD UH]HUYL GRVDGQR L VPUGOMLYR 9R]D MH L]JOHGDR XPRUQR L
SULOLQR RIXFDQR D WRPH MH SRWSRPRJDR L L]JOHG +XPSIUH\D %RJDUWD X 5LMHQRM NUDOMLFL
XJODYQRP QHWR WLSD EUDGLFD RG WUL GDQD SUOMDYWLQD QHNROLNR FP GHEOMLQH QD VYLP RWYRUHQLP
GLMHOR YLPD WLMHOD RGMHD SUOMDYD SRGHUDQD L SXQD VWMHQLFD NRMH VX VD XLWNRP SRHOH JODEDWL
QHNDGDVNXSRVXNQRHLUMHELRNROLNRWROLNRLWDYQRPDVWDQRGSRGXHJQRHQMDDMHGLQRWR
MHSUHNLGDORWXPRQRWRQLMXLQLRMHEH]SUHPFDGREURL]JODQFDQ]ODWQLPHGDOMRQNRMLVHQDOD]LR
QDYUDWX6DGDPRHPRGRGDWLGDMHYR]DELRVDSODQHWH;XWWLGDMHLPDRWULRNDWULUXNHWUL
QRJHXVWDSRNULYHQDL]UDVOLQDPDNRMHVXL]JOHGDOHSRSXWKRERWQLLQLKSLSDFDWHGDMHELRP
YLVRNGRVDGDQLVPUGOMLY9R]LORMHXSUDYRXOD]LORXEHQ]LQVNXFUSNXQHGRVORYQRLYR]DMH
L]LDRWHWXUDMXLLSRJOHGDRYODVQLNDFUSNH
7UHEDPDJKSRPRKPSI]RYLWH
5HJXODULOLVXSHU"
0DDMRM]RYLWH
%H]RORYQLGLHVHO"
'REURJDVSVXSHUDOLPROLPYDVXJK]RYLWH

'DYDPRSHUHPSUR]RUH"
0DEXGDORDJK]RYL
,GDRSHUHP"
1(VKKKKQHSHULVDPR]RYL
PROLP
.RQMXHYRWLQRYDFVDPR]RYL
,]YRO
WHNXVXU
=DGULNXVXUVDPR]RYL
+YDODDWRVWHUHNOLNRJDGD]RYHP"
=RYL KPSI DJK JDVS 0HOYLQX XPSI 0HOYLQX -RQHV DPSIJK ;XWW RNUXJ VWDQLFD
HWLULLLDKKKK
2YDM X]GDK R]QDLR MH NUDM ;XWWDQFD VWYRUHQMD NRMH MH SR SUYL SXW X SRYLMHVWL SODQHWH ;XWW
QDOHWMHORQDGUXJRVWYRUHQMHQHJDWLYQRJNYRFLMHQWDLQWHOLJHQFLMH9ODVQLNFUSNHSRJOHGDRMHSUYR
PUWYDFDD]DWLPRNRVHEHWRQLMHELORWROLNRSRWUHEQRMHUVHQDNRPSOHWQRMSXVWLQMVNRMSODQHWL
QDNRMRMMHELODFUSNDQLMHQDOD]LORQLWDYLHRVLPNRFNDUQLFHQDGUXJRMVWUDQLSODQHWH.DGDMH
XVWDQRYLRGDQHPDQLNRJDRNUHQXRVHSURXDYDQMXWUXSOD8]HYLXRE]LUGDMHWUXSORWUXSORD
QH LYL RUJDQL]DP YODVQLN FUSNH JD XKYDWL ]D RGMHX L GRVORYQR JD LVWUHVH L] QMH =DWLP VH
SUHSXVWLNRSDQMXSRGHSRYLPDLSURQDHQRYDQLNVDLFRVREQXNDUWXLQHNLYUORXGDQ
SUHG PHW QHSUDYLOQRJ REOLND L YHOLNRJ EURMD EULGRYD 3UHGPHW MH ELR RG NRYLQH QHSR]QDWH
YODVQLNX FUSNH SD MH RYDM RGOXL ]DGUDWL 1D RVREQRM NDUWL QDOD]LOD VH G VOLND ;XWWDQFD L
QMHJRYRLPHNRMHYODVQLNXVSLMHQHNDNRQDVORYNDWL$OH[DQGDU*QWKHU1DNRQWRJDQDUHGVX
GROL RVWDOL GHSRYL SXQL QHNLK VLWQLFD NRPDG QRYLQD L SLWROM VD HWLUL PHWND L GYLMH SUD]QH
DKXUH 3R SUOMDYWLQL NRMX RVWDYOMD EDUXW XQXWDU FLMHYL PRJOR VH ODNR ]DNOMXLWL GD MH L] RYRJ
RUXMDQHGDYQRSXFDQRLWRVDVDPRGYDPHWND1RYLQVNLL]UH]DNNRMLVHQDOD]LRXLVWRPGHSX
L]YDHQ]DMHGQRVSLWROMHPVDGUDYDRMHVOLNXXELMHQRJ;XWWDQFDLQDVORY3R]QDWLDUKHRORJQD
WUDJX ERJDWVWYDL]XPUORJ QDURGD 3DSSDMRVODZDWFKNRJ1DNRQ RYRJD YODVQLNFUSNH VH XSXWL X
XQXWUDQMRVWVYRMHJDREMHNWDL]DXVWDYLNUDMRJOHGDODD]DWLPVHSRJOHGDRQDNRQDWUHQXWDNELR
MHYLVRNRNRPVLMHG]DOL]DQYDNDRMHYDNDXJXPXNRMDMHRGDYDODSRPQRJRHPXGDMH
X QHLMLP XVWLPD L]PHX L GDQD )DFD MH RG DYDOD YLVRNL QLYR SULJOXSRVWL D WRPH VX
SRPDJDOH L WDPQH RL NRMH VX XYLMHN RGUDDYDOH SLWDQMH 7NR MHO
MD" 8JODYQRP WLS NRMHJ
QLVDPXVWDQMXSUHSRUXLWL1DNRQWRJOHWLPLQRJSRJOHGDRQVHXSXWLSUHPDDSDUDWX]DJODVRYQX
NRPXQLNDFLMXQDGDOMLQXLQD]RYHEURMNRMLQLSRWRQHHWHSURQDLQLXMHGQRPLPHQLNXEURM
UH]HUYLUDQ ]D WDMQH DJHQWH SROLFLMVNLK SRVWDMD L ]D VYH RQH NRML SROLFLML SRPDX LOL MHGQRVWDYQR
XNUXPSLUDMXEURMQHLPDMXLGUXJRJDSRVOD
+DORWUHEDPGHWHNWLYD+DQD%DWWLQRZVNRJ6SRM
WHPHVQMLPWREUHVWYDUMHKLWQD
1DNRQ GYD WUL RWNXFDMD NRML VX VH ]DXOL X VOXDOLFDPD ]DXMH VH SR]QDWL JODV +DQD
%DWWLQRZVNRJ
7NRVPHWDQDSULYDWQRMSROLFLMVNRMOLQLML"
-DVDP%LOO\-RH%LYLLVWDDVDGDYODVQLNEHQ]LQVNHFUSNHQD6DQGXXMXPURMHQHNL
WLSWX
7LQLVLQDSODWQRPVSLVNXSROLFLMH"
1H
2QGDWLQLMHGRSXWHQRNRULWHQMHRYHOLQLMH1D]RYLORNDOLWUDLGDWHVSRMHVORNDORP
GDRQGDDNRWDPRQHPDQLNRJQD]RYLELUWLMX*UEDYLSMHW
RLWUDL=ULOHWD$NRJDQHPD
WDPR QHND WH RYL L] ORNDOD RSHW VSRMH V ORNDORP G L WUDL RG =ULOHWD GD WH VSRML V
EDERPQDORNDOXGIM[\%DEDMHPDORQDJOXYDSDVHPRUDGUHNQXWLGDWHVSRMLVORN
DORP WR WH DXWRPDWVNL VSDMD V SROLFLMVNRP SRVWDMRP 2QGD WUDL GD WH VSRMH VDPQRP
&/,&.!7878!7878!
1DNRQRYRJD%LOO\]EXQMHQRSRQHQD]LYDWLL]DMHGQRGYDVDWDGRELMHYH]X
%$%$%$%$
0DQHGHULVHEXGDORVSRMHQVLVSRMLODWHEDED.RJWUHED"
+DQD%DWWLQRZVNRJ
6DPRPDORLHYR
+DORMDYLRVH+DQWNRMH"
-D %LOO\-RH 6OXDM LPDP OH WX QD FUSNL 7LS VH ]RYH $OH[DQGDU * QWKHU L SR]QDWL MH
DUKHRORJ'DMGRLVGHNLPDSDJDSRNXSL
8]URNVPUWL"
9LDNUXSDXWLMHOX7URYDQMHRORYQLPNXJOLFDPDNDOLEUDGXJHGHYHWNH
6XPQMLYFL"
1HPD
'REURWDPRVPR]DVDWD
1DRYHULMHLUD]JRYRUVHSUHNLQXRL%LOO\NRMLMHNDRLVWDEDQNURWLUDRLSUHDRQDSRVDRV
EHQ]LQRPQD]RYHMRMHGDQEURMVD]QDYLJDSXWHPLQIRUPDFLMD
+DOR0HOYLQD-RQHV"2YDMYLPHQHQLVWHLPDOLDVWXSR]QDWLQRGDVHSUHGVWDYLPLPHPLMH
%LOO\-RHLYODVQLNVDPEHQ]LQVNHFUSNHQDSODQHWL6DQG=RYHPYDVL]UD]ORJDSR]LYDQMDQDRYDM
SODQHWVWRJDWRMHWRSRVOMHGQMDHOMD$OH[DQGUD*QWKHUDPDORSULMHSUHPLQXORJD
WR"
$OH[DQGDU*XQWHUMHPUWDYGRLWHRYDPRWRSULMH
$OLNDNRSDMRQHNLGDQMHELRLY"
(WR VDG QLMH 8ELOL VX JD 1LMH PL SR]QDWR WNR DOL RQ LPD WUL UXSH NDOLEUD GXJH GHYHWNH X
WLMHOX
;XWWDQFLVXSR]QDWLSRWRPHWRVYHGRLYOMDYDMXUDYQRGXQRSDVHL]WRJUD]ORJDQL0HOYLQD
QLMHYLHLVSLWLYDODR$OH[DQGUXYHRGPDKSUHODQDVWYDU
$ QMHJRYH VWYDUL ]ODWQL PHGDOMRQ L QHNL XGQL SUHGPHW YHOLNRJ EURMD EULGRYD QDLQMHQ RG
YDPDQHSR]QDWRJPDWHULMDOD"
2YGMHMH%LOO\QDWUHQXWDNUD]PLVOLRSRVOMHGQMRM0HOYLQLQRMUHHQLFL
'REURGROD]LP]DGYDVDWDGRYDVL0HOYLQDVSXVWLVOXDOLFX
1D WH ULMHL %LOO\ VSXVWL VOXDOLFX L XSXWL VH L]XDYDQMX SUHGPHWD QHSUDYLOQRJ REOLND
3URXDYDQMHMHWUDMDORGYDVDWDLELORMHEH]XVSMHKDRNRQDQRGRODVNRP0HOYLQH-RQHV0HOYLQD
MHELODVOLNDLSULOLND$OH[DQGUD*XQWHUDSUHPLQXORJDMHGLQDUD]OLNDMHELODXLVWRLLXUHGQRVWL
QMHVDPHLQMHQHRGMHHDYLGMHORVHGDMHLRQDGRVDGQDLVPUGOMLYD
'REDUGDQWUDLPJRVSRGLQD-RHD0RMHLPHMH0HOYLQD-RQHV
1DOL VWH JD MD VDP %LOO\-RH D YL VWH ]DFLMHOR RQD 0HOYLQD NRMD MH GROD SR RVWDWNH
$OH[DQGUD*XQWHUD
3D L QH ED 'ROD VDP SR PHGDOMRQ L SR SUHGPHW QHSUDYLOQRJ REOLND NRMH VWH SURQDOL X
SRVMHGXJ*XQWHUD
$OLSDQLMHOLSRVDRSROLFLMHGDSUHJOHGDWUXSORRYDMJRVSRGLQRYHRVWDWNHLSRNXSLVYHVWYDUL
NRMHMHGRWLQLLPDRSULVHEL"
-HSD"
1LVDP OL MD WDGD ]DGXHQ NDR SURQDOD]D SRNRMQLND GD WH VWYDUL SUHGDP QDGOHQLP
RUJDQLPD"
-HVWHSD"
3DWRXLXLQLWL
1HHWH
1D RYH ULMHL PDGDP 0HOYLQD MH L]YXNOD UHYROYHU L] WRUELFH L XSHULOD JD %LOO\X X JODYX
NDWHJRULNL LQ]LVWLUDMXL GD VH SUHGPHWL SUHGDMX QMRM X UXNH %LOO\ MH ELR SUHYLH IDVFLQLUDQ
YHOLLQRPUHYROYHUDGDELUD]XPQRUD]PLOMDRSUHPGDQLNDGDQLMHXVWDQMXWDNRUD]PLOMDWLSD
MH EH] SRJRYRUD X]HR V D VWROLD GYD SUHGPHWD SURQDHQD X PUWYDFD L SUHGDR LK QDRUXDQRM
JRVSRLFL-RQHV2QDSRNXSLVWYDULSUHJOHGDLKOHWLPLQRLUHHNDR]DVHEH
'DWRMHWR0HGDOMRQ=DDGDLNOMX%URRJKD1DSRNRQ
1DNRQ RYLK ULMHL RNUHQH VH %LOO\X L RQDNR ]EXQMHQRJ JD PXQMHYLWR XGDUL SR JODYL 2G
0HOYLQLQHIDFHSUHNRVLYHERMH%LOO\XYUWHLVHQDVWDGHPUDNSUHGRLPD
,,
.RORVUHHYUWHLVHXRNROLQHSULVWDMH7NRELJRULVDGMHGROL$WNRGROLJRULXVWDMH
1HNL,YDV-DGUDQD
+HMIDFREXGLVH'DMSDQHPDPRYUHPHQDGRVXWUDGDVHWLSUREXGL
1D RYH ULMHL PDOR WNR EL RVWDR X VWDQMX VQD LOL QHVYMHVWLFH D WRPH MH XYHOLNH SRPRJOR L
LVNUFDYDQMHHWLULJDORQDYRGHQDOLFHL%LOO\SRHSRODNRGROD]LWLL]VYLMHWDXVQXOLK
$MRRRRM
7LSRKDQRJVXQFDWRPHJODYXD]DEROL$WNRVWH
1LSLWDQMH QLMHGR NUDMDSRVWDYLR NDGDSRJOHGD RNRVHEH L QH SULPMHWLYLH RG GYLMH RVREHX
FLYLOX3ROLFLMD
-DVDP+DQ$WRWLUDGLXRYRPVWDQMX"
0DWUHVQXODPHSRJODYLMHGQD;XWWNLQMD'RODMHXYH]LRQRJ$OH[DQGUD*QWKHUDSRN
LWUDLODQHNHQMHJRYHVWYDUL
$NDNROLVH]RYH
OMHSRWLFD
"
0HOYLQD-RQHV
1LNDGXR1RJGMHMHPUWYDF"
7DPRYDQLNUDMSXPSH
.UDMSXPSH"
'DNUDMSXPSH]D
VXSHU

$GDWLQLVLPDORSRSLRQD]YDRQDVL]]DMHELQDNRQWRJDSDRXNRPXRGSUHYLHOLNHUDRG
UDEOMHQRJXOMD"
0DNDNYHVXRYRJOXSRVWLQLVDPSLRUDEOMHQRXOMHYHGYLMHJRGLQHWRHOLWHUHLWLPH"
'DQHPDOHD0UWYDFWLMHRLJOHGQRGRELRXWUQXHQRJXSDVHRWLDRSURHWDWL
1HPDPUWYDFD"$JGMHMH"
7RMHLQDV]DQLPDORGRNQLVPRXVWDQRYLOLGDQHPDWUDJRYDXSLMHVNX1LWNRRYGMHQLMHYH
GXHYULMHPHQLGROD]LRQLRGOD]LR$XRVWDORPWNRELLGROD]LRXRYXUXSX"$MPRGHNLLGHPR
NXLDWL%LOO\LGLOLMHLVHRYMHHSDRSHWSLMHN
RVPXN
%LOO\XWDGDXGDUHVMHDQMDXJODYX6MHDQMDNDNRMHELRQDMEROMLLVWDXJDODNVLMLXLWDYRP
VYHPLUX]DSUDYR.DNRMHNRNQXR%ODGHDQDMEROMHJLVWDDXVYHPLUXLWDNRVDPVWHNDRWXWLWXOX
ERULRVHVDVDEOMDVWLPWLJURPLSURGDRJDWYRUQLFLSDWHWH]DLYRWLQMHVUHGLRQDMYHHJPDILMR]D
VYHPLUDDOLLNDNRVHRGDRSLMHQMXUDEOMHQRJXOMDLSRODNRWRQXRXRWURYQLPSDUDPD.DNRPXMH
PR]DN NRML MH L RYDNR SUHVODER UDGLR SRHR WURNLUDWL MR MDH 6MHDR VH L WRJD NDNR MH L]
]GUDYVWYHQLKUD]ORJDSUHVWDRELWLLVWDLNDNRMHVUDPRWQRL]EDHQL]]DGUXJHVYHPLUVNLKLVWDD
RORD 'D ELR MH L]EDHQ ]ERJ SUREOHPD V SLHP D ]DWLP VH JRGLQX L SRO
OLMHLR X QDMEROMLP
NOLQLNDPD LWDNR SRWURLRL RQRPDOR QRYFDNRMHJ MHLPDR 'DSREMHJQH RGVYLMH WDQDEDYLR MH
MHIWLQR]DSUDYRELYLYODVQLNPXMHGDREHVSODWQREHQ]LQVNXFUSNXQD6DQGXSODQHWLQDNRMRM
X]QMHJDLYHMRGYDELDYODVQLNNRFNDUQLFHQDGUXJRPNUDMXSODQHWHLGLYOMLOMLOMDQ$VDGD
PX RSHW PQRJL OMXGL XOD]H X LYRW L N
R ]D YUDJD QDVWDMX SUREOHPL V PUWYDFHP L SROLFLMRP
HQVNHJDPODWHLSULMHWHPXDRQVMHGLN
RWXNDFLVOXDXYUHGHRGMRJRULKRGVHEH32/,&,-(
=QDR MH GD MH LYLR L GD LYL NDR EOHVDQ DOL WR QMHPX RGJRYDUD 1LMH HOLR LYMHWL GUXJDLMH L
OMXWLORJDMHWRWRGUXJLWUDHRGQMHJDDQDURLWRMHELROMXWWRPXGUXJLVDYMHWXMXGDVHOLMHLRG
QHHJD HJDVHRGUHNDR SULMH YLHJRGLQD6DGD NDGDVXSROLFDMFL RWLOL%LOO\ VHXSLWDQLMHOL
PHQLRGUHHQRGDXSDGDPXJXYX"0DQLWDPHQHHQDWMHUDWLGDVHYUDWLPRQDNYRPLYRWXL
VDPLPWLPHUDEOMHQRPXOMX
,,,
2GVXGELQHVHQHEMHLVQMRPVHKYDWDXNRWDF
0LNH7\VRQ
'YD WMHGQD VX SUROD RG GRJDDMD NRML VX QDWMHUDOL %LOO\D QD UD]PLOMDQMH 'YD GXJD WMHGQD
SURYHGHQD X EHVSXLML X XYMHWLPD NDNYH QL SDSXLFD QLMH X VWDQMX SUHLYMHWL 2G WRJ YUHPHQD
%LOO\ MH SUHVWDR UD]PLOMDWL R GRJDDMLPD NRML VX ]DSRHOL GRODVNRP QHSR]QDWRJ VDGD PUWYRJ
VWUDQFDLVYHWRVHSRVOLMH]ELORVDXGQRP0HOYLQRPLMRXGQLMLPQHVWDQNRPOHD6DGDMHVYH
WR ELOR SRSXW QHNRJ VQD ,] WRJ VQD SUHQX JD L SUYD PXWHULMD QD EHQ]LQVNRM FUSNL 3UYD X GYD
WMHGQD
'REDUGDQL]YROLWH"
'REDU GDQ 7UHEDP SXQ UH]HUYRDU UHJXODUD L VYH WR VWH SURQDOL X NDSXWX $OH[DQGUD
*QWKHUD3UYRSODDPQRYFHPDGUXJR]DKWMHYDPUHYROYHURP
$OLSDQMHJRYHVWYDULRGQMHODMHVWDQRYLWD0HOYLQD-RQHVQLWDQLMHNRGPHQH
0ROLP0HOYLQDLPDPHGDOMRQ=DDGDLNOMX%URRJKD"6UDQMH
'RN MH QHSR]QDWL UD]JRYDUDR VDP VD VRERP %LOO\ PX GHWDOMQR SURPRWUL OLN NUXSDQ WLS
HWYUWDVWHJODYHGRVORYQRVRNRYLPDWRMHRWNULYDORGDMHWLSVSODQHWH<DOORZ=DQLPOMLYH
VX PX ELOH RL NRMH VX SRGVMHDOH QD RL SDFFR]PLMH QDM]ORNREQLMHJ SUHGVWDYQLND ]PLMD X
VYHPLUX 8] WR %LOO\SULPMHWL L RLOMDN RG XKD GR QRVD RLOMDN QDVWDR YMHURMDWQR SRVUHGVWYRP
QRD
'REURGREUR+HMGRLGDWLSODWLPEHQ]LQ
%LOO\VHSULEOLLLVDJQHGDSRNXSLQRYDFNRMLMHNDRVOXDMQRLVSDRD]DWLPGRELMHVWUDKRYLWL
XGDUDF SR JODYL 3RQRYQL PUDN3UREXGLR VH SXQR NDVQLMH WR MH SRVYMHGRLR L SDG PUDND
RQHVYLMHWHQMHXMXWDUQMLPVDWLPD1DNRQSDUVDWLERORYDXJODYLSR]YDRMH+DQD%DWWLQRZVNRJ
LRSLVDRPXGRJDDMQDSXPSL
+PP RSLV WLSD PL MH SR]QDW UHFL VDPR QLMH OL LPDR QHWR XGQR RVLP RLOMND L RSDNRJ
SRJOHGD"0LVOLPQDNRVX
3DRYDM'$NRVDPXMHELODQHNDNRORHUDVSRGMHOMHQD1DOLMHYRMVWUDQLJODYHLPDRMH
NRVXDQDGHVQRMQH
$KSDGD<DOORZRQDFVWLPRSLVRPMHPHQLMDNRGREURSR]QDW9LGLWRMH%OXII/RNZLF]L
LPD VDPR MHGQX PDQX PUWDY MH YH JRGLQH 0DMPXQH MHGDQ SLMDQL 2SHW SUDYL JOXSRVWL V
SROLFLMRP'HLGLOLMHLVHSURWLYWRJXOMDLOLXWLWR]DNRQVNLQDUHGLWL7L
%LOO\ MH ]DNORSLR VOXDOLFX L WDGD VH GRJRGLOR QHWR XGQR %LOO\ MH ELR OMXW 2SDNR OMXW
&UYHQLOR PXMH XORX OLFHWDNYRP HVWLQRP GD VX JDOMXGL PRJOL]DPLMHQLWL ]DFUYHQX SDSULNX
VDPR GD QLMH ELR VLMHG L YLVRN P $OL QL V WLP QHWR QLMH ELOR X UHGX 6LMHGD NRVD PX MH
RGMHGQRP SRFUQMHOD WRWDOQR D OHD VX PX VH LVSUDYLOD L PODGHQDND VQDJD PX MH XGDULOD X
KLSRIL]X,VYHWRVDPR]DWRWRMH]DNORSLYLVOXDOLFXUHNDR
6DGDMHGRVWD8]LPDPVOXDM
7H ULMHL YUDWLOH VX L] PUWYLK %LOO\D-RHD LVWDD VYHPLUVNRJ RORD D ]DXYLMHN ]DNRSDOH
%LOO\D-RHDJXELWQLND3UROD]HLRYDMSXWSRNUDMRJOHGDODXJOHGDRMHFUQRNRVRJ]DOL]DQRJVNRUR
GYRPHWUDD V GRGXH MR XYLMHN SULJOXSRP IDFRP DOL V SRJOHGRP WLSD.RJD MHO
WHEH GD
NRNQHP"
3UYR L RVQRYQR MH ELOR VWLVQXWL GXJPH L XSXWLWL VH X WDMQL SUROD] NRML MH YRGLR GR SRG]HPQH
JDUDH 7DPR MH FHUDGRP ELOR SUHVYXHQR YR]LOR NRMH MH %LOO\ RWNULR X MHGQRP SRWH]X
OHJHQGDUQL)HUUDUL-HGLQDVWYDUNRMHVH%LOO\QLNDGDQLMHRGUHNDR8YDOLYLVHXYR]LORSULWLVQH
MRSDUGXJPDGLLWDMQDSUHJUDGDSUHPDSXVWLQMLVHRWYRULDRQL]OHWLYDQQDPMHWDMXLNRRUGLQDWH
SODQHWH;XWWXPHPRULMXDXWRSLORWD
,9
6YHMHWRQHNDNRXGQRLSRPDOREOHVDYR
1LNROD.RSHUQLN
3ODQHWD;XWWMHMRMHGQRRGRQLKPMHVWDXVYHPLUX]DNRMHELVYDNLVDPRXERMLFDUHNDRGDMH
UDM QD ]HPOML X RYRP VOXDMX L QHWR LUH 3R]QDWR MH GD MH WR MHGQD RG QHNROLNR SODQHWD X]
JUDQLFXVYHPLUDQDNRMLPD]DNRQQHSUHGVWDYOMDQLWDHJDELVHWUHEDORSULGUDYDWL8PRUVWYDVX
VYDNRGQHYQDSOMDNHQHL]EMHQHRWPLFHHVWH%DQDRYRMSODQHWLQDOD]LRVH%LOO\MHYSUYLFLOM
0HOYLQD -RQHV 3URELMDMXL VH NUR] PDVX NRMD MH QHL]EMHQD QD XOLFDPD ;XWWD SUL WRPH VH
XYDMXLGHSDUDNRMLVXLVWRWDNRQHL]EMHQLWDPRJGMHMHJXYD%LOO\VHXSXWLSUHPDOXNVX]QRP
GLMHOXSODQHWH=DUD]OLNXRGGUXJLKPMHVWDXVYHPLUXRYGMHQDXOLQLKODQRYDUXOMHRWSDGD
GHSDUDLMHGQDUWYD8RYRPVOXDMXWRMHWUHEDRELWL%LOO\DOLYHOLNLUHYROYHUNRMLMHYLVLR
%LOO\XVGHVQHVWUDQHRERNXSULVLOLRMHVYHXOLDUHGDSUYRUD]PLVOHDRQGDPXVHSULEOLH.XD
0HOYLQH -RQHV ELOD MH ODNR XROMLYD WR MH SRWYUGLOD L GMHYRMND QD LQIRUPDFLMDPD X WHOHIRQVNRM
FHQWUDOLNRMDPXMHQDRVQRYLLPHQDSUH]LPHQDLWHOEURMDUHNODDGUHVX%LODMHWRYHOLNDOLMHSDL
]DXGR XUHGQD NXD 3ULVWXS MRM MH ELR RJUDQLHQ QD XOD]QD YUDWD NRMD VX ELOD SRG SULVPRWURP
NDPHUHGRNMHVYHRNRYUDWDELORPLQLUDQRDNRLQLMHRQGDQDWSLVLODX%LOO\SR]YRQLLVDHND
1LMH ELOR RGJRYRUD 3RNXD RWYRULWL YUDWD L WR PX XVSLMH WR L]D]RYH UD]RDUDYDMXH X]GDKH
XOLQLK ORSRYD NRML VH WRJD QLVX VMHWLOL 8QXWUDQMRVW NXH ELOD MH VO LQD XQXWUDQMRVWL QHNLK
RWPMHQLK NXD QD VDVYLP SULVWRMQLP SODQHWLPD %LOO\ SUHWUDL NXX L QH RWNULMH QL YODVQLFX QL
PDWHULMDONRMLPXMHRQDRGX]HODDRQGDVHGRJRGLQHWRXGQR%LOO\SRJOHGDNDPLQLXVWDQRYL
GD MH QHSUDYLOQR SRVWDYOMHQ 3ULEOLLYL VH RWNULMH GD MH WR ]DSUDYR WDMQL SUROD] NRML QHWNR QLMH
]DWYRULR XOD]LYLLOL L]OD]LYL L] QMHJD %LOO\]DURWLUD NDPLQ MRX OLMHYR LSUHG QMLPVH QDOD]LOD
SURVWRULMD QH YHD RG QMHJRYH VREH X EHQ]LQVNRM VWDQLFL -HGLQH UD]OLNH VX ELO H X SRNXVWYX L
QMHJRYRPUD]PMHWDMXDOLLXWRPHWRQD%LOO\HYRPNUHYHWXQLNDGDQLMHOHDODPUWYD;XWWNLQMD
ELODMHWR0HOYLQD3URPDWUDMXLOH%LOO\RWNULMHWULXOD]QHUXSHPHWDNDNDOLEUDGXJHGHYHWNHD
UD]PMHWDM PHWDND SRGVMHWL JD QD $OH[DQGUD *XQWHUD XELMHQRJ RUXMHP LVWRJ NDOLEUD L JRWRYR
LGHQWLQRJUDVSRUHGDUXSD3UHWUDLYDQMHVREHELORMHX]DOXGQRWRMH%LOO\YHSUHWSRVWDYLRMHU
XERMLFD MH ELR X QDMPDQMX UXNX SURIHVLRQDODF =DQLPOMLY GHWDOM SUHGVWDYOMDOD MH VDPR VOLND QD
]LGX DOL QDNRQ NUDHJ SURPDWUDQMD ODNR VH PRJOR XVWDQRYLWL GD MH ORD NRSLMD %DXGLQLMHYH
.UHPQLWHXXPDNXRGNLVHORJPOLMHNDLVHQID-HGLQLGHWDOMNRMLVHQLMHXNODSDRXRULJLQDOELR
MHEURM$NRMLMHELRXJUDYLUDQXPMHVWRSRWSLVDXPMHWQLND%LOO\]DSLHEURMPLVOHL
XSR]RULWLRGMHO]D]DWLWXXPMHWQLNLKGMHODQDRLJOHGDQSRNXDMSUHSURGDMHORLKNRSLMDD]DWLP
VNLQHVOLNXVD]LGDXQDPMHULGDMHXSRWULMHELNDRGRND]0RHWHOL]DPLVOLWLL]QHQDHQMHQDHJ
OMXELWHOMDLYUVQRJSR]QDYDRFDVOLNDVDMHVWLYLPQDYODVWLWLUL]LNVDGUDMLPDNDGDMHXJOHGDRVHI
X]LGX%U]RMHSRNXDRRWYRULWLJDQDUD]QHQDLQHGRNPXQLMHSDORQDSDPHWMHGLQRPRJXH
UMHHQMH SODVWLQL HNVSOR]LY 8 QHGRVWDWNX QMHJD SRVWRMDOR MH MR MHGQR UMHHQMH SRNXDWL L] WUL
SXWD NRPELQDFLMDPD NRMH MH NRULVWLR ]D QDJUDGQX LJUX EURM WHOHIRQD QHNH EH]YH]QH RVREH
3RNXDR MH SUYL EURM QLMH XVSMHOR 'UXJRJ EURMD VH QLMH VMHWLR SD MH MHGQRVWDYQR XSLVDR
NRPELQDFLMXNRMDPXMHELODIULNDXJODYLDGDQLMH]QDRRGDNOH$!!3/,1&.L
VHIMHRWYRUHQ8XQXWUDQMRVWLQDOD]LODVXVHREDSUHGPHWDQDVLOQRPXRGX]HWDLSDSLUNRMLMHELR
XUHGQRSUHVDYLQXWSXWDSRSRORYLFL8]HYLVYHL]VHIDXNOMXXMXL%LOO\VHXSXWLND
L]OD]XLJRWRYR]DPDNDYLL]DXJODXJOHGDNRFNDVWXJODYXNDNRXOD]LXNXXVGYLMHNXWLMHODNR
SUHSR]QDWOMLYH %LOO\X SXQH SODVWLQRJ HNVSOR]LYD 1DUXXMXL WD[L QD KHURM RGOD]L YHOLNRP
EU]LQRPSUHPDSODQHWRGURPX
9
,WDPDQNDGPLVOLSREMHGDQHWRWH]DM
6WHSKDQLH+DUSHU
)HUUDULMHUH]DRYDNXXPSXWXMXLSUHPDSODQHWL/DZVMHGLWXSROLFLMVNHYODVWLNDGDMH%LOO\
SRHR SURXDYDWL PDWHULMDO SURQDHQ X VHIX XGQL SUHGPHW RGPDK MH SUHSR]QDR NDR L ]ODWQL
PHGDOMRQ SD PX RYDM SXW FHQWDU SDQMH EL SRVYHHQ SDSLUX %LOD MH WR QHND YUVWD VYHPLUVNH
PDSH NRMD MH ELOD SXQD WRNLFD L NULYXGDYLK DUD -HGLQR WR MH L]JOHGDOR XGQR ELOD MH GHEHOD
OLQLMDNRMDMHRNUXLYDODVYHWRNLFHRVLPMHGQH=DWR"%LOO\WRQLMH]QDRDOLRGOXLRMHVD]QDWL
3RJOHGDYL OHJHQGX NDUWH XJOHGD QHNL XGQL QDWSLV QD QMHPX QHUD]XPOMLYX MH]LNX KLMHURJOLID
8JODYQRP XGQD NDUWD UHH X VHEL L ]DXMH ELSDQMH NRMH JD XSR]RUL GD MH YULMHPH GD VH
SURSLVQROHJLWLPLUDVOHWQRMVWDQLFLSODQHWRGURPD/DZ
%LOO\1RVOHWQRMVWDQLFL/DZPROLPGR]YROX]DVSXWDQMH
3LVWDEURMMHVORERGQDLVOHWLWHQDVDPRWUHQXWDN%LOO\1RNDHWH"
'D
(YDPDQLMHGR]YROMHQRVOHWDQMH6DGNDRLXQDWUDJJRGLQD
2YRMHGRORSUHNDVQRMHUVH)HUUDULXVLGULRQDSLVWLLQLMHLPDRYUHPHQDUDVSUDYOMDWL
VHVDVOXERPNRQWUROHOHWD%U]RVHXNUFDYDMXLXWD[L%LOO\QDUXLYRQMXGRVWDQLFHJGMHVH
QDOD]LRXUHG+DQD%DWWLQRZVNRJ
+DQ VOXDM LPDP GRND]H ]D RQR WR VDP WL UHNDR (YR RYR VX VWYDUL NRMH MH SRVMHGRYDR
PUWYDFLNRMHVXPLRGX]HWHQDVLOX
7NRVWHYL"WRHOLWH"
$OL+DQMDVDP%LOO\
1HPRJXHSDWLVLWYRMDNRVD
$WR6LWQHSURPMHQH1HJRVOXDMRYRVXVWYDULNRMHVDPSURQDDRNRGPUWYDFDLNRMHVXPL
XNUDOL*OHGDM
+DQVHSULEUDRLSRJOHGDRVWYDULLVNUFDQHQDQMHJRYVWRO8]HRMHMHGQXSRMHGQXLQDNRQWRLK
MHSRJOHGDRVSUHPLLKXSUHWLQDFQDUDGQRPVWROX
9MHUXMHOLPLVDG"
'DVDGYMHUXMHP/MXGLEU]RXKLWLWHJD
1DRYH+DQRYHULMHLGYDSODYFDXOHWLHXNDQFHODULMXLXKYDWLH%LOO\D]DUXNH%LRMHJRWRYR
QHPRDQ GD SUXL L QDMPDQML RWSRU QD WR VX EU]R UHDJLUDOL VWUDDUL NRML VX PX SRVWDYLOL
QHXWURQVNHOLVLFH1HXWURQVNHOLVLFHLPDOHVXWDNYXVSRVREQRVWGDLKVHQLXNRMHPVOXDMXQLMH
PRJOR PDNQXWL RVLP SRVUHGVWYRP QHXWURQVNRJ NOMXD VYDNL SRNXDM PLFDQMD QDVLOQLP SXWHP
X]URNRYDRMHMDNXGDUHVWLFDX]DWYRUHQLNRYH]JORERYHGRYROMQRMDNGDL]D]RYHSXFDQMHNRVWLMX
1DL]OD]XL]NDQFHODULMH%LOO\XJOHGDNRFNDVWXJODYXNDNRSULOD]L+DQXLUXNXMHVHVQMLPDWDGD
VX VH YUDWD ]DWYRULOD ]D QMLP L VWUDDUL JD RGYRGH X YR]LOR ]D SODQHWX 5RVDQG QDMRNUXWQLML
]DWYRUVNLNDPSXVYHPLUX
9,
.DGDMHSURWLYQLNSXWDMDLLMDEMHLP
5DPER
LYRWXNDPSX5RVDQGELRMHMRJRULQHJRWRVHSULDORDSULDORVHVYDWD]DWYRUHQLFLVX
UDGLOLQDQHNROLNRPMHVWDRGNDPHQRORPDLL]YODHQMDFRRFNQ\NROMNLVDSUDKRPRGNRMHJVH
SUDYLOD OMHSOMLYD PDVD ]D XYULYDQMH EURGVNLK VSRMHYD L]ORHQLK MDNRM WRSOLQL GR KUDQMHQMD
GLYOMLK]YLMHULWRVHYHLQRPRGQRVLORQD]DWYRUHQLNHXGRYHQRWRMHELORYLHNDR]DEDYD]D
JODYHLQHNDPSD%LHYDQMHHOHNWURELHPELORMHSXWDGQHYQRSRSDUPLQXWDD]DRQHNRMLQH
L]GUHELORMHGRGDWQRXSDQMHRUJDQDLVODQMHQDGYRVWUXNRUDGQRYULMHPHXNDPHQRORPX%LOO\
VHQDOD]LRYHGYDGDQDX]DWYRUVNRPNRPSOHNVXLYHVXPXOHDELODQDDUDQDVQHNROLNRUDQD
RGHOHNWURELDDOLELOHVXWRVDPRSRYULQVNHUDQHDOMHQMHQDKUDQXLYHNXNFHWRWUNDUDMX
HOLMDPD YH MH SUHVWDOR SD VH L RQ SRHR XNODSDWL X VYDNRGQHYQLFX 3RVMHWH NDPSX ELOH VX
]DEUDQMHQHRVLPXVOXDMXSRVMHWDYDQLKOLQRVWLLOLSRVMHWDVRGREUHQMHPYDQLKOLQRVWLSDVH
%LOO\ MDNR ]DXGLR NDGD MH QMHPX QDMDYOMHQD SRVMHWD 8 SURVWRULML XSUDYQLND QDOD]LOD VH PODGD
HQVND RVRED WR EL UHNOL GREULK SURSRUFLMD L X UXFL MH GUDOD SLVPHQX SRUXNX VHQDWRUD *D]HD
XSUDYQLNDVHNWRUDUDGDSROLFLMH%LOO\MHSULVWXSLRSUHGXSUDYQLNDLQMHJRYXPODGXJRXXSUDYR
X WUHQXWNX ]DNOMXLYDQMD YDQRJ UD]JRYRUD D ]DWLP VMHR X IRWHOMX QL QH HNDMXL GD JD ]D WR
]DPROH
=DWYRUHQLH)'+RYRMHJRVSRLFD/HLD'HHRQDMHL]VDYH]QHSROLFLMHLHOLV
WRERPUD]JRYDUDWL8WYRPMHLQWHUHVXGDRGJRYRULEXGXWRQL
1D RYH ULMHL XSUDYQLN SUHSXVWL YRHQMH UD]JRYRUD PODGRM FUQRNRVRM GMHYRMFL EUDW EUDWX
JRGLQD 'XJD FUQD NRVD MRM ]DVPHWD QD WUHQXWDN SD MH RQD RGOXQRP DOL QMHQRP NUHWQMRP
SUHEDFLSUHKRXKD.ROLNRJRGWUDLRPDQXXQMHQRPOLNX%LOO\MHQLMHQDDR
*RVSRGLQH%LOO\-RHYLVWHSULMHRGUHHQRJEURMDJRGLQDELOLLVWD8WRYULMHPHUDGLOLVWHV
QHNROLNRSROLFLMVNLKDVQLNDUHFLWHNRMLPD
8 SRHWNX V 'LFNRP 6RYXOMDJJRP D NDGD VH RQ SUHEDFLR X YRMQH SRVWURMEH V +DQRP
%DWWLQRZVNLP
WRVYH]QDWHR+DQX%DWWLQRZVNRP"
1HSXQR6SROLFLMRPQLVDPVXUDLYDRXYHOLNRMPMHULDOL]QDPSRX]GDQRGDV+DQRPQLVDP
ELRXSULMDWHOMVNLPRGQRVLPD
$SRHPXWR]DNOMXXMHWH"
8KDSVLRPHQLNULYDQLGXQDLSRVODRRYDPR
3RGRSWXERPXPRUVWYDLNUDHGD]QDP$]QDWHOLJGMHELRQVDGDPRJDRELWL"
3D]DUYLKRXUHLSDQLMHOLQDSRVOX"
1HQHVWDRMHSULMHGYDGDQD2GYH]DRVHVMHGQLP<DOORZDQFHPLYLHJDQLWNRQLMHYLGLR
2QGDYDPQLMDQLVDPXVWDQMXSXQRSRPRL3ULMHGYDGDQDPHXKDSVLRX]HRPLVWYDULNRMH
VX PL WUHEDOH NDR GRND]QL PDWHULMDO D NRMH MH L RGUHHQL <DOORZDQDF WUHEDR L YLH JD QLVDP
YLGLR
$NDNYHVXWRELOHVWYDUL"
0HGDOMRQ ]ODWQL WH QHND XGQD VWYDU YHOLLQH PHGDOMRQD DOL QHSUDYLOQRJ REOLND L V SXQR
EULGRYDLNDUWD
.DUWDHJD"
1HPDPSRMPD
-R MHGQR SLWDQMH PRHWH OL YL SUHSR]QDWL WRJ <DOORZDQFD NRML MH ELR SULVXWDQ V +DQRP X
YULMHPHQHVWDQND"
'DSD]DUGUXJLQHPRJX"
1LWNRQLMHREUDDRSDQMXQDQMHJDDNDGDVHWRSRND]DORSRWUHEQLPELORMHNDVQR8WRP
VOXDMXPRUDWHSRLVDPQRP
1DRYHULMHLLXSUDYQLNVHXNOMXLRXUD]JRYRU
$OLSDRQMHXERMLFDQHHWHYDOMGD
'DKRX2QPLMHSRWUHEDQLLGHVDPQRP
8SUDYQLN VH YLH QLMH SRNXDYDR VYDDWL YH MH L]GDR RWSXVQL OLVW L %LOO\ MH SRQRYQR ELR
VORERGDQ6DGDMHWUHEDORSURQDL+DQDLRQRJ<DOORZDQFDPDJGMHRQLELOL
9,,
$WRHPRVDG"
5DMNR'XMPL
,]ODVNRP L] ]DWYRU D SUYD VWYDU MH ELOD SR %LOO\X RWLL QD SODQHWX /DZ L WDPR SUHWUDLWL
+DQRYXUHGD ]DWLPX]HWL)HUUDUL,GHMDVH ]DSUDYR]DVQLYDODVDPRQDX]LPDQMX )HUUDULDDOLX
HOMLGDEXGHNRULVWDQSUHWUDLWHLXUHG8UHGMHELRRWYRUHQL%LOO\]DMHGQRV/HLRPSRWUDLSUYR
VWYDULNRMHVXPXRGX]HOLDOLRGVYHJDWRJDSURQDHVDPRPDSX
=DWRVXRVWDYLOLNDUWXSDWRLPWUHED"UHH%LOO\RQDNR]DVHEHQDWRMHVOLMHGLORSLWDQMH
QMHJRYHQRYHVXUDGQLFH
$WRHLP"
1LWRQH]QDPDOLLQLPLVHGDMHRQDQHRSKRGQD]DQHWR1H]QDPWR
0RGDRQLWRQH]QDMX
'DPRGDUHH%LOO\WRQRPNRMLMHRGDYDRVXPQMX
2VWDWDNNDQFHODULMHQLMHNULRQLWDYLHYULMHGQRVSRPHQDSDVHQMLKGYRMHXSXWHSUDYRSUHPD
)HUUDULXLRWLVQXXVYHPLU
-HGLQLRYMHNNRMLPLRYRPRHGHLIULUDWLMHVWDUL)ODS2QVHEDYLRVYDNRMDNLPVWYDULPDL
]QDVYHJDLVYDWDDQHNLDNNDXLGDMHELRL]YDQVYHPLUD
3DWRMHJOXSRVW,]YDQVYHPLUD"7RQLMHPRJXH
7DNRNDXUHH%LOO\LXNXFDNRRUGLQDWHSODQHWH1HVWZLFNXPHPRULMXDXWRSLORWD
9,,,
$WDNROLMHSLKVWYDULLPDWRQHJRYRUHVHVYLPDWL]QD
6WHYR.DUDSDQD
3ODQHW 1HVWZLFN ELR MH UXSD SRSXW 6DQGD VDPR WR RYGMH XPMHVWR SLMHVND LPDPR NDPHQMH
8JODYQRPQHEDOLMHSRPMHVWR]DLYRWLUDGQHNRJWNRQLMHSXVWLQMDN1D%LOO\HYXVUHX)ODSMH
ELRSXVWLQMDN
'MHGH)ODSMHVWHOLMRLYL"
7NRPH]RYH"%LOO\6LQNRWLVL3DNRMLPGREURP"7NRWLMHRYD"
/HLD'HHPXUMDNQHJRUHFLPLSR]QDMHOLRYRSLVPR"0HQLWRQLMHQDMMDVQLMHUHNDYLRYR
%LOO\ SUHGD VWDUFX NDUWX 6WDUDF MH LYLR X SHLQL L MHGLQL L]YRU VYMHWORVWL ELOD MH EDNOMD SD MH X
XQXWUDQMRVWLSROXPUDQHVSLOMHVWDUHYROLFHELORVODERYLGOMLYR6LMHGDGXJDNRVDWRVHVSDMDOD
VD EUDGRP L EUNRYLPD D ]DWLP SUXDOD JRWRYR GR ]HPOMH ODJDQR VH XYLOD L GRELR VH RVMHDM
SXKDQMD YMHWUD XVUHG VSLOMH QR WR QLMH SULYXNOR SDQMX GYRMH WUDJDD NDR WR VX SULYXNOH RL
SXVWLQMDNDNRMH]DWUHQXWDN]DVYLMHWOLHQHRELQLPVMDMHP3UDQMDYDUXNDXYLMHQDXSUQMHPXWQH
VPHHERMH]DGUKWDODMHVDPRQDWUHQDRQGDVHJODYDSULGLJODLVWDUDFMHUHNDR
=QDOLRQDNREH]YH]HWRELWRPRJORELWL"
1HQH]QDP
-HVLOLXRSULXRVYLMHWXL]YDQVYHPLUD"
'DWLVLSRSULDQMLPDELRWDPR
( WR MH NDUWD NRMD WH YRGL GR VYLMHWD L]YDQ VYHPLUD 6YLMHWD X NRMHPX SRVWRMH DUREQMDFL L
UDWQLFL DUROLMH WROLNR MDNH GD WH PRJX SUHEDFLYDWL NUR] UD]QH GLPHQ]LMH GYRUFL L JUDGRYL
QHSUHJOHGQHXPHLPRUD7RMHVYLMHWNRMLLYL]DVHEHLXNRMHPXMHJRWRYRVYHPRJXH
$LPDOLQHNDNDY]ODWQLPHGDOMRQLQHNDVWYDUXGQRJREOLNDVSXQREULGRYDYH]HVRQLP
VYLMHWRP"
HN
HN
MHO
WDVWYDURQDXGQDRGQHNDNYRJXGQRJPDWHULMDOD"
'DQLNDGDQLVDPYLGLRQLWDVOLQR
=QDLPHGDOMRQ=DDGDLNOMX%URRJKDVXQDRYRPVYLMHWX0RUDWHVHWRJDGRPRLSULMHQHJR
WREXGHNDVQR2QLVXSXWGRQHHJDYHOLNHPRL-RQLWNRWRQLMHYLGLRQLELREOL]XWRPHMHU
GR VDGD PHGDOMRQ L NOMX QLVX ELOL QD RNXSX MR RG YUHPHQD NDGD VX LK NUDOM =DDG L DUREQMDN
%URRJKVWYRULOL
6WYRULOL"6NRMRPVYUKRP"
'DWLWHL]YRUPRL7RMHELORSULMHQHJRWRMHVYHPLUQDVWDRXNODVLQRPREOLNX8VYLMHWX
L]YDQ VYHPLUD YODGDR MH NUDOM =DDG L ]D VYRMX GHVQX UXNX L VDYMHWQLND LPDR MH DUREQMDND
%URRJKD 8 WDGDQMH YULMHPH %URRJK MH MHGLQL ELR XSXHQ X DUROLMX SUHODVND NUR] GLPHQ]LMH L
QLMHMHQLNRPHGDRSDVXVHRVWDOLDUREQMDFLXURWLOLSURWLYQMHJD.DNRMH%URRJKELRPLOMHQLN
NUDOMD ]DYMHUD MH SURSDOD L DUREQMDFL VX ELOL RVXHQL L EDHQL QD PLORVW L QHPLORVW %URR JKX
.YDNDMHXWRPHGDMHNUDOMVWDYLRVDPRMHGQRRJUDQLHQMHXRVXGL%URRJKLKQLMHVPLRSRJXELWL
LOL WUDMQLMH WMHOHVQR R]OMHGLWL D QLMH VPLR QL RGX]HWL QMLKRYH PRL , WR MH QDSUDYLR" 3UL]YDR MH
GHPRQD.DDLQDUHGLRPXGDLKSUHWYRULXLYHVWXSRYHQLVXELOLPUWYLQLVXELOLRVDNDHQLD
]QDOLVXVYHDUROLMHPDGDLKQLVXPRJOLXSRWULMHELWL%URRJKMHWDGDWUHEDRGDWLUWYX.DDXDOLMH
RYDMSXWGHPRQWUDLRSUHYLHSD%URRJKQLMHPRJDRSODWLWL/MXWLGHPRQMHQDWRUHNDRGDQHH
PDNQXWLDUROLMXVDVYRMLKUWYLDOLGDHVWYRULWLL]YRUPRLNRMLHWRELWLXVWDQMX7RUHNDYL
QHVWDQHLRVWDYL]DVRERPRQRWRMHLREHDR7DML]YRUPRLELRMHVWDOQDSULMHWQMD%URRJKXNRML
JDQLMHPRJDRNRULVWLWLDOLQLXQLWLWLSDMHWUDLRRGNUDOMD=DDGDGDJDVDNULMHQDVLJXUQRPMHVWR
.UDOMMHWDGDYHELRVWDULQLMHJDSUHYLH]DQLPDRQL%URRJKQLL]YRUPRLSDMHGDREOHVDYRP
DUREQMDNX WR GRSXWHQMH %URRJK MH L]YRU PRL VWDYLR X VSLOMX QD YUKX QDMYLH SODQLQH L
]DSHDWLRMHVYRMLPNOMXHPNOMXHP%URRJKD.DGDMHNOMXQDSUDYOMHQXDUREQMDNRYRMNXOL
QDQMHJDMHVWDYOMHQDDUROLMDNRMDVSUHDYDGHPRQD.DDGDVHNRULVWLQMLPHLWDNRVHLQLORGDMH
.DDRWHHQWLPHQLMHELRLVSODHQDQMHJRYDSULMHWQMDMHRWNORQMHQD/MXWLWL.DDMHWDGDQDUHGLR
NUDOMX=DDGXGDSRJXEL%URRJKDLGDPXSUHGD%URRJKRYHRL.UDOMVHXSODLRGHPRQDLL]YULR
ND]QX D .DD MH QD WR RG %URRJKRYLK RLMX VWYRULR PHGDOMRQ NRMHJ MH NUDOM =D DG GRELR QD
XYDQMH 0HGDOMRQ MH LPDR WX PR GD DNR VH NOMX VWDYL X QMHJD NOMX L]YUL XSUDYR VXSURWQH
DUROLMHRGRQLKNRMHVXPXQDPMHQMHQHQDSUDYOMHQMHGD]DNOMXDVSLOMXXNRMRMMH.DDRYL]YRU
PRLLGDVSULMHL.DDGDJDRYDMNRULVWL]QDLNDGDELVHSRVWDYLRXPHGDOMRQNOMXELSRVOXLR
]DRWYDUDQMHVSLOMHL.DDELWRELRXVWDQMX.UDOMMHXYDRPHGDOMRQVYHGRVYRMHVPUWLNDGDMH
PHGDOMRQ QHVWDR 2G %URRJKD MH SDN RVWDOR PQRWYR NQMLJD V DUROLMDPD NRMH VX EXGXH J
HQHUDFLMH XSRWULMHELOH ]D NRORYDQMH QRYLK DUREQMDNLKNDGURYD 3UHPGD VX WX PQRJH DUROLMH
QHNHHYMHQRRVWDWL]DERUDYOMHQHXJODYDPDDUREQMDNDNRMLVHQDOD]HXNLSOMHQLX'ROLQLLYLK
VWXSRYD.OMXLPHGDOMRQQHWUDJRPVXQHVWDOLLYLHLKQLWNRQLMHYLGLRD.DDVXERJRYLND]QLOL
]ERJ SUHYHOLNRJ XSOLWDQMD X SRVORYH OMXGL .D]QD VH VDVWRMDOD RG NDPHQRYDQMD V WDNYRP
NDPHQLQRPNDNYXVYLMHWQLMHYLGLR.DPHQMHWDNRMDNRSXNDRX.DDGDVHUDVSDRXQHEURMHQL
EURMNRPDGLDLWDNRMHQDVWDODWHRULMDR9HOLNRPSUDVNX6YLMHWL]YDQVYHPLUDELRMHXPLORVWL
ERJRYDSDVXJDRYL]DWLWLOLSRVWDYOMDMXLQHSURERMQXEDULMHUXL]PHXSURVWRUD]DNDPHQRYDQMH
.DD VDGDQMHJ QDPD SR]QDWRJ VYHPLUD L L]YDQ VYHPLUVNRJ VYLMHWD 8OD] MH PRJ X VDPR X
YULMHPH VMHGLQMHQMD GYDMX PMHVHFD YDQMVNRJ VYLMHWD L WDGD QMLKRYL WUJRYFL GROD]H RYDPR L
SURGDYDMXQDPVYDNDNYHWULFHLNXLQH]DYHOLNHSDUH
$NDGDVHSUROD]SRQRYQRRWYDUD"
3D]DWMHGQDSRPRMRMSURFMHQL
,SUROD]MHQDRYRMNDUWL"
'DWRQRMHXFUWDQ2YRMHYMHURMDWQRMHGLQDNDUWDNRMDWRWRQRSRND]XMH
$ WD PR PRH OL VH NRULVWLWL L ]D GUXJH VWYDUL RVLP ]D RLYOMDYDQMH DUREQMDND L] 'ROLQH
LYLKVWXSRYD"
7RMHL]YRURSHPRLLPLVOLPGDMHED]ERJQMHJDL.DDNDPHQRYDQ0RHVHXSRWULMHELWL
]DPQRJRWDPLFDQMHSODQHWDL]SXWDQMDJDHQMH]YLMH]GDLERJWHSLWDM]DWRMR
1DNRQRYRJDVWDUDFLPMHGDRGR]QDQMDGDMHXPRUDQLGDVHHOLRGPRULWLQDWRQMLKGYRMH
QDSXVWLHVSLOMX
1R VX SURYHOL QD SRYULQL SODQHWH %LOO\ MH SUYR XPQRLR NDUWX X QHNROLNR SULPMHUDND ]D
VYDNLVOXDMDRQGDSRVWDYLRSLWDQMH/HL
-HOL+DQSUDYLUD]ORJWRVDPMDRWSXWHQL]]DWYRUD"
'DWUDLP+DQDL]DWRVLWLRYGMH
$OLQHWRPLVPUGLXVYHPXWRPH3UHWMHUXMHXWRMSRWUD]LSDQLMHPUWDYQDOLELPXWLMHOR
YDOMGDDLNDNRXMHPRWLDRMHVYRMHYROMQR
%LORELEROMHGDVXPXSURQDOLWLMHORMHUJDQHWUDLP]ERJQLHJDGREURJ8ELRPLMHEUDWD
6DPRUHH%LOO\L]DVSLWYUGLPVQRPSUDYHGQLND
,;
,WDGDMHGRDR2Q
-LPP\6WDQL
3URPLFDOLVXGDQLGXJRVPUGOMLYRLGRVDGQRQDGDPVHGDVHQHSRQDYOMDP%LOO\L/HLDVX

LKLVNRULVWLOLQDQDMEROMLPRJXLQDLQLSROLVXXQDEDYNXQHNLKVLWQLKLQIRUPDFLMDXYH]L+DQD
5DVSLWLYDQMHSRUD]QLPSODQHWDPDQLMHXURGLORSORGRP]DSUDYRQHNHLQIRUPDFLMHELOHVXWROLNR
NRQWUDGLNWRUQHGDVXLRQHVWYDULNRMHVXSRX]GDQR]QDOLGRYHOHXVXPQMX8]HYLGDQGYDSDX]H
XSXWLOLVXVHGRSODQHWH)D]QLFNLWDPRRGOXLOLRVWDWLGRNVHQHMDYHL]/HLQRJXUHGDD]DWLPVH
RWLVQXWL SUHPD WUDJRYLPD NRMH VX WUHEDOL GRVWDYLWL GHNL L] VDYH]QH SROLFLMH +RWHO MH ELR LVSRG
UD]LQHIDFHNDNYDMH%LOO\DOLPRUDOLVXVH]DGRYROMLWLLYLVRNRP$NDWHJRULMRP]DRYDMSXW
3RVOXJD'RQLMHOLVPRYDPYHHUX]DXORVHL]KRGQLNDXYULMHPHNDGDVH/HLDWXLUDODD
%LOO\LWDRQRYLQH=DMHGQLNLDSDUWPDQX]HOLVXQD/HLQXLGHMXMHUMH%LOO\LSDNELR]DWYRUHQLN
PDGDELYLSDVHPHXVREQRSRYMHUHQMHLSDNQLMHUD]YLORGRWROLNHJUDQLFHGDJDRQDQHGULQD
RNX2VWDYOMDMXLQRYLQHQDRUPDULX%LOO\VHXSXWLGRYUDWDLRWYRULLKXQDPMHULGDSURSXVWL
SRVOXLWHOMDD]DWLPLKQDJOR]DWYRULXJOHGDYLFLMHYGXJHGHYHWNHSR]QDWRJPXNDOLEUD
/HLDPLVOLPGD]QDPJGMHMH+DQLJGMHMHRQDMHWYUWDVWRJODYL
+DDJGMH"]DXORVHL]NXSDRQLFH
3UHGYUDWLPDVXVDSLWROMLPD
8GDUDF-RMHGDQ%LOO\VHPLHVDYUDWDLQDWDMQDLQSURSXWDGYDWLSDGDXXXDSDUWPDQ
3RQRYQR VH VUHHPR %LOO\ 2YDM SXW NDR L VYDNL GUXJL QL VDG QLVL X SULOLFL GD SRVWDYOMD
SLWDQMD'HUHFLJGMHMHSULMDWHOMLFD/HLDUHNDRMHVDYLGQLP]DGRYROMVWYRP+DQ%DWWLQRZVNLL
SUHSXVWLR<DOORZDQFXGDSUHWUDLSURVWRULMX/HLDMHXSUDYRL]LODL]NXSDRQLFHRJUQXWDVDPRX
YHOLNLUXQLNNDGDMH<DOORZDQDF]DGRYROMQRL]MDYLRGDMHSURQDDRNDUWXLGYLMHNRSLMH
2OMHSRWLFHSRQRYQRVHVUHHPR.DNRVWHNDNREUDW"QDNRQRYRJDQDVWXSLODMHSURYDOD
VPLMHKDL]XVWDGYDMXGROMDNDD]DWLPQDNRQ/HLQHXWQMH<DOORZDQDFSRJOHGD%LOO\D
-HVXOLRYRVYHNRSLMH"
'DVDPRGYLMHVXELOH
6LJXUQR"1HYMHUXMHPWL
3UHWUDLSRQRYQRDNRQLVLVLJXUDQ
,KRXL]MDYLWLSLSURHOMDVREXMRMHGQRPRYDMSXWMRGHWDOMQLMH=DWRYULMHPH+DQMH
X]HRNDUWXLGYLMHNRSLMHSDVHXSXWLRSUHPDL]OD]XUHNDYL<DOORZDQFXGDSRXULLGDHJDRYDM
HNDWL X EURGX <DOORZDQDF VH QDNRQ GHWDOMQRJ SUHWUDLYDQMD RNUHQH SUHPD ]DUREOMHQLFLPD L
XSHULUHYROYHUSUHPDQMLPD
,PDRVLSUDYRQHPDYLHNRSLMD$VDGD]ERJRP
HNDMSDQHHQDVYDOMGD
3D QRUPDOQR GD KRX UHNDYL WR RNUHQX UHYROYHU SUHPD %LOO\X QR SUHNLQX JD JODV L]
KRGQLND
3RVOXJD'RQLMHOLVPRYDPYHHUX
%U]SRNUHWSUHPDYUDWLPDLGYDSXFQMDRWYRULOLVXQDWMHDM]DGYDSRVOXLWHOMDXKRWHOXYLVRNH
$ NDWHJRULMH DOL VX L GDOL YUHPHQD %LOO\X GD VNRL SUHPD <DOORZDQFX L MDNLP XGDUFHP
RQHVSRVRELRYRJD]DERUEX%LOO\VHQDEU]LQXGRNRSDUHYROYHUDNRMLMHLVSDRHWYUWDVWRJODYRP
L] UXNH LRSDOL JD SR JODYLSUDYHL WDNR XGXEO MHQMHX RYRP VDYUHQR NRFNDVWRPREOLNX /HLD
LVNRULVWLWUHQXWDNSULVLOQRJSUHNLGDQHSULMDWHOMVWDYDGDVHREXHD%LOO\WUNQXGROLIWDXQDPMHUL
GD VWLJQH +DQD -XULR JD MH QHXPRUQR VYH GR WUHQXWND NDGD PX MH RYDM NOLVQXR -DJXDURP
SDUNLUDQLPSUHGXOD]RPXKRWHO
6DG L RQ LPD PDSX WR PLVOL KRH OL SULMHL JUDQLFX" XSLWDR MH %LOO\ VDG YH REXHQX
VDYH]QXSROLFDMNX
1LVDPVLJXUQD$NRHOLSRWUDLWLL]YRUVYLKPRLRQGDKRHDDNRHOLQHNRPHSURGDWLWDMQX
RQGDQHH
$GDSLWDPRNRFNDVWRIDFRJ"
'REUDLGHMD,GHPSRKODGQXYRGX
'RN MH /HLD LOD SR KODGQX YRGX GD UD]EXGL ]DUREOMHQLND %LOO\ JD MH UD]EXGLR V QHNROLNR
XGDUDFD <DOORZDQDF MH ELR OLVLFDPD YH]DQ ]D LSNH FHQWUDOQRJ JULMDQMD SD VH QLMH QL SRNXDR
NRSUFDWL]QDMXLGDWRQHPDQLNDNYHVYUKH
6OXDM NRFNDVWL LPD OL +DQ QDPMHUX SULMHL JUDQLFX VYHPLUD LOL LPDWH NXSFD ]D PDSX L RQH
SUHGPHWH"
0LVOLGDXWLUH
"
'D
(QHXWLUH"
1DRYRMH%LOO\L]YXNDRUHYROYHULKODGQRNUYQRLVSDOLRKLWDFX]DUREOMHQLNRYXQRJX
$VDG"
0LVOLP GD VH VMHDP NDR NUR] PDJOX GD MH +DQ UHNDR NDNR QDPMHUDYD SULMHL JUDQLFX L
SURQDLL]YRUVYLKPRL
*GMHMHRQVDG"
1HPDPSRMPD
!!%$1*
=DLVWDQHPDPSRMPD
!!%$1*
$O
NDGWLNDHPGDQH]QDPJGMHMH1HQDSXFDYDMPHYLHPROLPWH
'REURQH]QD8UHGX
8 WR XOD]L /HLD L ]DWLH SUL]RU LVSLWLYDQMD GUXJRJ VWXSQMD V QDQRHQMHP WMHOHVQLK R]OMHGD
RVWDYOMDYRGXLXSXXMHXSLWQLSRJOHGSUHPD%LOO\X
'D]RYLSROLFLMXUHH%LOO\LSRHVNXSOMDWLVWYDULSRDSDUWPDQXXQDPMHULGDVHWRSULMH
L]JXEHXQHSR]QDWRPSUDYFX
;
,PDMHGQD]HPOMDWDPRL]D+HUDNORYLKVWXSRYDYUORQDSUHGQDLPRQD
3ODWRQ
6WDUHRSURVWLWRSRQRYQRVPHWDPRDOLWUHEDQDPWYRMDSRPR
*ODV NRMLP VH %LOO\ REUDWLR VWDURP )ODSX ELR MH YUOR XPLODQ SD MH VWDUDF VD XHQMHP
SURPDWUDRVYRJVXJRYRUQLND
7LPHQHPROL]DSRPR"
'D
=DLVWD02/,]DSRPR"
$KD
$OLWLQLNDGDGRVDGQLVLQLNRJD02/,2]DQLWD
0DQLMHYDQRVDGDWHPROLP
WRWUHED"
8]HOLVXQDPNDUWX2WLLHSULMHNR
1DRYRMHVWDUDFUHDJLUDRSRQRYQLPVYMHWOXFDQMHPRLMXLLVSUDYOMDQMHPXSXQXYHOLLQX
7NRSUHOD]LSULMHNR"
1HJDWLYDF
1HYROMD
.DNYDQHYROMD"
7DPRQHHLPDWLYHOLNHDQVH1DURGNRMLLYLSULMHNRQHPDYDWUHQRRUXMHQRLQDMVODELMD
PDJLMD PRH PX VH VXSURWVWDYLWL DOL OMXGL VX RSUDYGDQR SUD]QRYMHUQL SD PX QHH ELWL WHNR
SULGRELWLLKHOLOLLL]DQMLP"
1H]QDPMHOLSRWUHEQR"
-H6DGDMDWHEHPROLPGDPLXLQLXVOXJXLGLL]DXVWDYLJD2QQLXNRMHPVOXDMXQHVPLMH
GRLXSRVMHGL]YRUDVYLKPRL+RHOL"
3DNDGPHYHPROL
'REUR D VDG VOXDM VDP WDPR QHH XVSMHWL WUHED WL QHWNR
GRPDL
GD WH XYHGH X QMLKRY
VYLMHW3UHSRUXXMHPWLGDQDNRQSUHODVNDSUYRRGHXJUDG6DDQLWDPRSURQDHUDWQLND6SDDGD
D]DWLPVNUHQLQDSODQLQX'RRPPLSURQDLDUREQMDND3OD][D2QLVXXSXHQLXVYHLVYDWDL
MHGLQL VX X VWDQMX SRPRL WL 3R]QDMHP LK MR RG PODGHQDNLK GDQD L PRJX WL VDPR UHL GD LP
YMHUXMHNDRWRYMHUXMHPHQLLOLVDPRPHVHEL
2E]LURP GD %LOO\ QH YMHUXMH QLNRPH D QDMPDQMH VHEL UD]PLVOLR MH R VWDUHYLP ULMHLPD D
]DWLPPXUHNDR
+RHOLWDGYRMLFDKWMHWLLLVDPQRP"
'DVDPRLPSRNDLRYR
7RJRYRUHLVWDUDFL]YDGLERGHRNRFPGXJRSWRHQGUDJXOMLPDQDGUFLLIXWUROLFL%LOO\
RGRND ]DNOMXL GD MH YULMHGDQ NDR VYD GR VDGD QDSUDYOMHQD )HUUDULYR]LOD L NRPSOHWQD WYUWND
]DMHGQR
$VDGDLGL%XGXQRVWVYHPLUDELPRJODRYLVLWLRWHEL
WRQHYROLPNDGPLWRNDXSURVWHQMD%LOO\LXSXWLVHSUHPDL]OD]XL]SHLQH8)HUUDULX
MH ]D WR YULMHPH /HLD HNDOD ]DYUQL LVSLV NDUWH QD SULQWHUX 1DLPH VQLPDQMH NDUWH QD GLVN
EURGVNRJNRPSMXWHUDL]YUDYDORVHDXWRPDWVNLWRNRPNRSLUDQMDSDMHVWRJD%LOO\EH]SRJRYRUD
SUHGDR+DQXLNRSLMH
*RWRYRUHH/HLDL%LOO\XSDOLPRWRUH&LOMGLPHQ]LMVNLSUROD]
;,
1LPDJLMDQLMHWRMHQHNDGELOD
+RXGLQL
6DG SUDYR SD QD GUXJRP NULDQMX GHVQR L RQGD SUDYR GR NUDMD UHH /HLD JOHGDMXL QD
NDUWXD%LOO\XWRPVPMHUXSRWMHUD)HUUDULD1DOD]LOLVXVHXJDODNVLML;;DDQQWWRRVVSRVOMHGQMRM
XVYHPLUX1DNRQSRODVDWDYRQMHXJOHGDOLVX]QDN

235(=

.5$-69(0,5$

&$//
')87
+27/,1(

2YGMH%LOO\XNRL/HLDQDNRQQHNRJYUHPHQDSRVWDYLSLWDQMH
$WRVDG"
1LWDHNDPRMRPLQXWDLRQGDVHRWYDUDSUROD]LGHPRSULMHNRLGDOMHEXGHPRYLG"OL
'YDGHVHWLWUHDPLQXWDMHELODQDLVWHNXNDGDVHRGMHGQRPL]DQMLKVWYRUL-DJXDUVD+DQRPQD
PMHVWXYR]DD2GMHNQXRMHSXFDQMODVHUVNRJWRSDL)HUUDULVHWU]QXSRJRHQX]DGQMLEULVDGD
EL VH QDOL X YHOLNRM MXUQMDYL DV MH )HUUDUL JDQMDR -DJXDUD SXFDMXL DV MH -DJXDU JDQMDR
)HUUDULD%RUEDMHWUDMDODFLMHOXPLQXWXSULMHQHJRWRVHQDPMHVWXJUDQLFHVYHPLUDQLMHVWYRULOD
UXSDQDVWDODHQHUJHWVNLPSUDQMHQMHPLWULVNXWHUDQLVXL]LODL]UXSH-DJXDUVH]DOHWLRLGRSROD
XDRXUXSXNDGDMH%LOO\XVSLRGYDSXWDRSXFDWL/%'0RPODVHUVNLPEDFDHPGHEHORJPOD]D
-HGDQKLWDFMHELRXVSMHDQGRNMHGUXJLRGOHWLRNUR]GLPHQ]LRQLSUROD])HUUDULMHWDGDSXQRP
EU]LQRPSRDR]D-DJXDURPLX]DGQMLWUHQSUHG]DWYDUDQMHSUROD]DL]LDRL]VYHPLUD
;,,
=HPOMDPHGDLPOLMHND
3HOHLNUDYH
.UXSLFD ]HOMH L SRKDQL QHNWDU =DEDWDN VNRLPLD L SRGODNWLFD OLJQMLQRJ GHVQRJ GRQMHJ
NXWQMDND.RWDYROLQHN
L]YROLJODVVHXRVDWDQGDUREHQDYHOLNRLPDORXVUHGLWXSLMDFH
)HUUDULMHEDXWUHQXWNXL]JRYDUDQMDWLKULMHLLVNRLRNUR]GLPHQ]LRQDOQLSUROD]LXGDULRNROLNR
MHGXJLLURNSR]HPOMLSUHYUQXYLVHSDUSXWD2YRSUHYUWDQMHL]D]RYHQHJRGRYDQMHQHNROLFLQH
SURGDYDD NRML VX VH WDPR ]DWHNOL QR QH L]D]RYH YH X SRPXWQMX .DGD VH YR]LOR QDSRNRQ
VPLULOR %LOO\ L /HLD VH QHNDNR L]YXNRH YDQ SURYMHUDYDMXL MHVX OL LP VYH NRVWL WDPR JGMH EL
WUHEDOHELWL
-HVPROLSUHOL"
$WRWLPLVOL"3DSRJOHGDM
/HLD VH RVYUQH L XJOHGD OMXGH REXHQH X NRH QDRUXDQH ERGHLPD L SRNRMHJ EUDGRQMX V
PDHP3RL]JOHGXRNROLQH]DNOMXLGDVHQDOD]HQDWUQLFL
'DPLVOLPGDVPRSUHOL
1DNRQ SUHJOHGD VYLK GLMHORYD WLMHOD KPPP %LOO\ L /HLD VH XSXWH GR SUYRJ SURGDYDD
5D]PLOMDMXLPDORRVYHPXNDRVOXDMQRSULPMHWHGDVHWDMSURGDYDVDVYRMLPWDQGRPQDOD]L
XQHNRMSRYHOLNRMUXSLEUDWEUDWXPGXERNRMLPLURNRM
2SURVWLWHPRHWHOLQDPSRPRL"
WR"UHNDRMHSURGDYDQDMH]LNXSRWSXQRQHSR]QDWRP%LOO\XL/HL
6UDQMHWLSQDVQHUD]XPLMH1DNRQVYHJDRQLQDVQHUD]XPLMXL%LOO\SRHNRPXQLFLUDWL
UXNDPDQDWRWLSSRHQHWRPXPOMDWLLL]YXHGYLMHQDSUDYHYHOLLQH]UQDNXNXUX]DLXWDNQHLP
XXL
WRVWHRQRUHNOL"
3DYLQDVUD]XPLMHWH"
'DVWDYLRVDPYDPSUHYRGLRFHXXL3RNORQRGPRJVWDURJSULMDWHOMDDUREQMDND3DJJLQMD
2QVHEDYLWRPQHNRPHOHNURQLNRPQRSRPHQLMHWRQDMRELQLMDJOXSRVW1HJRWRWUHEDWH"
*GMHVHQDOD]LPR"
1DSLMDFLSRGQRJRUH'RRPPD7XMHSLMDFDQDYUKXSODQLQHMHDUREQMDNLVDPRVWDQGHVQR
MHELUWLMD]DDUREQMDNHOLMHYRMHFHVWD]D6DDQ6DDQMHNPRGDYGH
$UHFLWHPLSR]QDMHWHOLNRMHJDUREQMDND"3OD][D"
6WDURJ3OD][D"3DQLVDPJDYHGXJRYLGLRQRQMHJRYXHQLNMHVLJXUQRXELUWLML3RWUDLWH
JD
-RVDPRQHWRRYDMSXWSLWDQMHSRVWDYL/HLDNDNRWRGDVWHYLXRYRMUXSHWLQLDRVWDWDN
WUQLFHVHQDOD]LJRUH"
$K SD RYR MH ]DSUDYR GR QHGDYQR ELOR X UD]LQL JRUQMHJ GLMHOD L WX VH QDOD]LR WDQG VD
LJUDNDPDSODWQRP LQDSLWFLPD DOLMHSULMH YDHJGRODVNDNUR] GLPHQ]LRQDYUDWD SURODYHOLND
]UDNDVYMHWORVWLLVSDOLODLWUJRYFDLWDQGLVYHVNXSD%LRMHWRPRMWUHQXWDNMHUMHEDRYRPMHVWR
ELORQDMEROMHQDWUQLFL
1DNRQRYRJD%LOO\DMHREX]HORMDNRFUYHQLORLSRVUDPOMHQRMHQHWRSURPUPOMDRD]DWLPVXVH
RQL/HLDXGDOMLOL
.XG
VDG"
'RWHELUWLMH6LJXUDQVDPGDELWDPRWUHEDOLSURQDLEDUQHWRNRULVQR
%LUWLMD%LUWLMDELODMHNDRLVYDNDGUXJDELUWLMDLPDODMHEDUVWROLFHVWRORYHNUPDUD%LOD
MH GRVDGQD L VPUGOMLYD 8OD] MH ELR SRSXW XOD]D X VDORRQ X QHNRP MHIWLQRP ZHVWHUQILOPX VD
YUDWLPDQDJXUDQDFDRGPDKVDYUDWDPRJDRVHOLMHYRYLGMHWLDQNNUFDWNULJODPDSXQLPQHNH
SMHQDVWH WHNXLQH XNDVWH ERMH SLH NDNYR %LOO\ MR QLMH SUREDR 'HVQR RG YUDWD QDOD]LOR VH
QHNROLNR VWRORYD L VWROLFD D VDVYLP GHVQR X]D ]LG GYD WLSD X VPHLP KDOMDPD VYH]DQLP
NRQRSFHPUDGLODVXXGQHVWYDULPUPOMDQMHPQHNDNYLKDUROLMDXSUDYOMDOLVXVWUHOLFDPDSLNDGD
%LOO\SULHNUPDUXL]DWUDLSLH.UPDUPXGRQHVHLVWRSLHNDRLRVWDOLPDD%LOO\]DSRQH
UD]JRYRU
=QDWHMDVDPQRYLRYGMHLHOLRELKGDPHXSXWLWHNDNRGDSURQDHPDUREQMDND3OD][D
3OD][D RQRJ VWDURJ" 3D QLVDP JD YH JRGLQDPD YLGLR DOL RQDM PODGL WDPR GR SUR]RUD
QMHJRYMHXHQLN2QYDVPRHXSXWLWL
+YDODSULMDWHOMX
'RNMH%LOO\YRGLRUD]JRYRU/HLDMH]DGLYOMHQRSURPDWUDODLJUXSLNDGDLVMHODGRLJUDD%LOO\
MH WR VPDWUDR GREULP ]QDNRP MHU QLMH YROLR NDG PX VH HQVNH SHWOMDMX X SRVDR SD VH VPLUHQR
XSXWLR GR VWROD NUDM SUR]RUD 3RVWDYLYL NULJOX QD VWRO XWLYR XSLWD VPLMH OL VMHVWL 0ODGL SR
KDOMDPDPXVHYLGMHORGDMHDUREQMDNVDPRPDKQHJODYRPLQDVWDYLQHWRSLVDWLQDSDSLU
2SURVWLWHUHNOLVXPLGDVHYDPDREUDWLP=QDWHOLDUREQMDND3OD][D"
'DELRVDPQMHJRYXHQLN
$JGMHMHRQVDGD"
1DJUREOMX
8SRVMHWL"
1H]DVWDOQRJUREVD]DSDGQHVWUDQHSULMHSRGQH
3ULMHSRGQH"
'D ]QDWH PL LPDPR GYD VXQFD MHGQR L]OD]L SULMH SRGQH V MHGQH D GUXJR SRVOLMH SRGQH VD
GUXJHVWUDQHSDWDNRRYLVQRRSHULRGXGDQDRGUHXMHPRVWUDQHVYLMHWD=QDWHVXQFHXYLMHNL]OD]L
QDLVWRNX.DGD]DHGUXJRVXQFHLPDPRRNRVDWLQRL
+HKGREUR$NDNRVHYL]RYHWH"
=RR
=RR"
<HDK
.DNYRMHWRLPH
=RR
"
,PHPLMH<HDKDSUH]LPH=RR1R]RYLWHPH=RRXYLMHNVHVSHWOMDPNDGDPH]RYX
<HDK

'REURPRHWHOLPLYLSRPRL"
8HPX"
6WDUDF )ODS SUHSRUXLR PL MH 3OD][D NDR DUREQMDND NRML H LL VDPQRP D 3OD][ MH PUWDY
VWRJDHOLWHOLYLELWLDUREQMDNNRMLHPLVHSULGUXLWL"
$OLMDVDPWHNDUREQMDNGUXJRJ]HQD.DNRYDPMDPRJXSRPRL"
'UXJRJ]HQD"
'D MD ]QDP VDPR DUROLMD 3OD][ MH ELR DUREQMDN ]HQD L VDPR MHGQD DUROLMD MH
WUHEDODGDSRVWDQHUHNRUGHUXRYRPGLMHOX]HPOMH
,MHYLHQHJRQLWD+RHWHOL"
$WRWUHEDPRREDYLWL"
3URQDLPHGDOMRQ=DDGDLNOMX%URRJKDD]DWLPLKSRKUDQLWLQDVLJXUQRLOLDNLLVNRULVWLWL
YLGMHWLHPR
0HGDOMRQ =DDGD L NOMX %URRJKD" 6DPR PDOR KRHWH UHL GD VX WH GYLMH VWYDUL SRQRYQR
RYGMH"
'D'RQLRLKMHQHNLWLSL]PRJVYLMHWD]QDQRJNDRVYHPLU7LSKRHRVORERGLWLL]YRUVYLK
PRL
1DURGH1HNLPRURQMHYUDWLRPHGDOMRQ=DDGDLNOMX%URRJKDRYDPR
1DRYDMNULNVYLDUREQMDFLVXXXWLOLLWUHQXWDNVWDMDOLNDRNLSRYLGDELXVOMHGHHPWUHQXWNX
QHVWDOLEU]LQRPPXQMH
7DJGMHVXVYLQHVWDOL"
2WLOLVXVHVDNULWLSRG
NDPHQGMHYLDQVNHSUDYGH

=DWR"
3ROHJHQGLNRMXPLMHUHNDR3OD][DNRVHRVORERGLL]YRUVYLKPRLWNRJRGRGDUREQMDNDVH
QHQDOD]LSRG
NDPHQRPGMHYLDQVNHSUDYGH
ELWLHL]ORHQNXQML$XGDQDQMDYUHPHQDULMHWNR
NRMLDUREQMDNHOLQDNXQMX7HNRPLMH]DSUL]QDWLDOLVYLPODLVXPDOR]DKUDOLDVWDULML
QHPDMXLYDFD]DSUHSXFDYDQMHVGHPRQLPD
HOLOLWLPHQLSRPRL"
$NRELHOLR3OD][SRPRLXWL
6LJXUDQVDPGDELRQWRKWLR'RQRVLPPXRYRGDJDXYMHULP
%LOO\L]YXHERGHLSUHGDJD=RRXDRYDMJDSULPLVDYLGQLPL]QHQDHQMHP
'DLVWLWDNDYSRND]DRQDPMHXLWHOM5HNDRMHGDHMHGQRPGRLLOLUDWQLNLPHQRP6SDDGLOL
WLS VXPQMLYRJ SRULMHNOD LPHQRP )ODS $NR RQL GRX SUHSR]QDW HPR LK SR RYLP ERGHLPD L
PRUDPRLPSRPRL$OLVDPRDNRLPDMXERGHH'REURLGHPVWRERP
(VDGGDWLNDHPGDVQDPDLGHLRQDHQVNDNRGSLNDGD
6YHWRJDPX3UD[LWHQDHQVNR"
'D/HLD'HH=RYLMH/HLD
=RRWDGDSRHVSUHPDWLELOMHQLFXLRORYNXXPDOLUXNVDN%LOMHQLFDMHELODXNUDHQDQHNLP
]QDNRYLPDSDJD%LOO\XSLWDWRVHWXQDOD]L
3RHWDNPRJNULPLQDOLVWLNRJURPDQD
7LSLH".ULPLQDOLVWLNHURPDQH"
'D,GREDUVDPXWRPH(YRSRJOHGDM
%LOO\X]HELOMHQLFXLRWYRULSUYXVWUDQLFX%LODMHLVSLVDQDGRVUHGLQH2Q]EXQMHQRSRJOHGD
=RRDQDWRRYDMVDPRSURPUPOMDGDMHWHNSRHRDOLGDVHLSDNPRHSURLWDWLLVDPSRHWDN
NRMLMHL]JOHGDRRYDNR
'[D\ MH VPHWHQR KRGDR PRVWRP SUHPD JUDGX MR XYLMHN PLVOHL QD -R\DOODQX WHN VDG
VKYDWLYLGDMH)R]ODJDRNDGDMHUHNDRNDNRMH*RR]XNUDROHSLQMX/RSH[XSDWLPHRPRJXLRGD
.OLLP NDH 5R\GX GD MH 5XXQ UHNDR +OLJHQKDIWX NDNR %UMMX LGH RSOMDNDWL 2]LLJKD SUHNR
6GUXPPRYD UDXQD X EDQFL NRML MH RWYRUHQ QD LQLFLMDWLYX 6URGGDQRYH PDMNH NRMD MH 3ROLFFHX
SUHGDOD NXSXVQX WRUWX XNUDHQX PDUHOLFDPD KWMHGRL WLPH ]DYDUDWL VWULFD (SSHD NRPH MH WDGD
ELORLSRO
JRGLQHGRPRJXQRVWLXYMHWQRJL]ODVNDL]]DWYRUDLVODYOMHQMDURHQGDQD0UUH\D
LMLNXPMHELRGHVQDUXND2SSDWWXNRMLMHYHGYLMHJRGLQHX9SSROXNRG,LGRYRJXMDND=HGG\D
RYMHNDLMLQHDNLPDPOMHNDUXX.RSSHQX LNRMLMH]DSUDYRNULYWRMH/RSH[RYDOHSLQMDELOD
SUHVODQD]DSRLQMXMXLWDNRVYDWD]ELYDQMDNRMDMH]DXVWDYLRVDP-LLQQJVYMHGRLYLQDVXGXX
<DQJRYXNRULVWPDGDQL5XSKXVQLMHQHWRMDNRELRNULY]D*KDGRYXVPUWSRPDXL/H\XGDJD
SURELMH7\URQRYLPPDHP7RPLVOLYL'[D\SULMHHPRVWLNUHQHSUHPD]DODVNXGUXJRJVXQFD
;,,,
/MXGLYODGDMXSRPRXQRDLPDDPDNDURVWDOLEH]JDD
.RQDQ
'DWYRMDNQMLHYQRVWLPDQHWRXVHELQHWRHXSUDYRWRQHWRSURVWHQMDQDSRNRQ%LOO\
KRGDMXLSRNUDM=RRDLWUDHLSRPRRG/HLH)HUUDULMHELRVNORQMHQQDVLJXUQRLRQLVXYHSROD
VDWDSXWRYDOLSUHPD6DDQXJUDGXJGMHWUHEDMXSURQDLUDWQLND6SDDGD3XWVHVDVWRMDRL]WREL
UHNOLNR]MHVWD]HLQHWRPDORXPVNRJSHM]DDRSWRHQRJVMDMHPGUXJRJVXQFD/HLDMHRVMHDOD
XPRUKRGDMXLXJUDGVNLPFLSHOLFDPDVYLVRNLPSHWDPDSDMHYLVRNHSHWHMHGQRVWDYQRRWNLQXOD
D%LOO\MHSXWSULPDRVDVYLPQRUPDOQRDNRVHL]X]PHWRWRVHPRUDORKRGDWL*UDGVHPRJDR
QD]LUDWLYHQDNRQVDWYUHPHQDKRGDSDVXSXWQLFLVDVWDYLOLSODQUDGD%LOO\HRWLLXNXSRYLQX
RUXMD D /HLD L =RR X QDEDYNX KUDQH 1DNRQ WRJD RWLL H ]DMHGQR SRWUDLWL 6SDDGD 7UJRYLQD
RUXMDELODMHSDUPLOLMXQDJRGLQDL]D%LOO\HYRJYUHPHQDDOLVHRQRGOXLRVDPVQDLNDNR]QDL
XPLMH2GPDKVDYUDWDVYDNLHYHQWXDOQLNXSDFLPDRMHSULOLNXYLGMHWLVYHJDLVYDHJDPDHYD
ERGHDQRHYDVDPRVWUHODGXJLKOXNRYDEX]GRYDQDLVWULMHOD
'REDUGDQL]YROLWH

%DUGDQWUHEDRELKRUXMD]DWULGRHWLULRYMHND2E]LURPGDVHQHUD]XPLMHPQDURLWRX
RUXMHWRPLPRHWHSUHSRUXLWL"
3UHSRUXLWL" 3D VYDNDNR (YR QDSULPMHU RYDM PD SULSDGDR MH QHDNX NUDOMD =DDGD HYR
SRJOHGDMWHUXELQQDGUFL
5XELQMHODDQ3RNDLWHPLQHWRGUXJR
+PPHYRRYDMPD5DHQMH]DYLVRNHOMXGHGYRVMHNODRWULFDQDMEROMLPDWHULMDO
1DMEROMLPDWHULMDO"3DUDHQRMHRGRELQRJFLQND7RELSXNORMRGRNJDQRVLP$RWULFDMH
GYRVMHNODDNRPLVOLWHGDVMHHWHEDUGYDGDQDGUXJRPVWUDQRP1RLPDOLWREROMH"
$ RYR XERMLWR XGR" 5DHQ MH ]D MHGQRJ DUREQMDND QR RYDM QLMH QLNDGD GRDR SR UREX ,
DUROLMHVXEDHQHQDQMHJD
.DNYH"
3D]QDWHRQHJOXSRVWLQHUDQMLYRVWLVOLQR
'MHOXMH NDR GREUD VWYDU GDMWH JD 8] WR X]LPDP L R QDM ODNL VDPRVWUHO L VWUHOLFD
EX]GRYDQLERGH
,]YUVQRJRVSRGLQH'REDUL]ERU3ODDWHOLJRWRYLQRPLOLURERP"
.ROLNR"
]ODWQLND
8KSDQHPDPWROLNR0RHOLRYDNRMDXYDPDGDWLRYXNXWLMLFX
%LOO\L]YDGLL]GHSDUHYROYHUNRMLMHRGX]HR<DOORZDQFXLSRJOHGDEURMDMRGYDPHWND
.RMLHPLWRYUDJ3DGMHOXMHEH]YULMHGQR
*OHGDM
%LOO\XSHULUHYROYHUXVWHODXVDVYDNDNYLPRUXMHPLRSDOL0HWDNL]OHWLLGRVORYQRSUHSRORYL
FLQDQLPD
0RH"
'REURX]LPDP$NDNRVHWR]RYH"
5HYROYHU
0RJXOLLMDSRNXDWL"
6YDNDNR(YR
3URGDYD XSHULUHYROYHUXYUDWDLRSDOL6GUXJHVWUDQHYUDWD]DXMH VHNULNLXGDUDFWLMHODR
]HPOMX D SURGDYD ]DGLYOMHQR SRJOHGD UHYROYHU L ]DGRYROMQR NLPQH JODYRP %LOO\ SRNXSL
NXSOMHQHVWYDULLL]LHYDQD]DWLPVHXUQRXSXWLSUHPDPMHVWXVDVWDQND
=D WR YULMHPH =RR L /HLD VX RWLOL X QDEDYNX KUDQH L ]DYULOL X SURGDYDRQLFL SHFHUDMD Q D
YHOLNRLPDOR3URGDYDMHVWDMDRL]DSXOWDQDNRPHVXVHQDOD]LOHUD]QHSUHUDHYLQHLYRWLQMDL
ELOMDNDRNRMLPD/HLDQLMHXODDOLMHSRND]LYDODYHOLNXHOMX]DXHQMHP=RRNULWLNLSRJOHGD
UREXLRGOXLVH]DQHNXXGQXKUSLFXPHVDQDVDPRPNUDMXSXOWD
NJRYRJD
$WRMHWR"XSLWD/HLD
'REUDVWYDU*KDDRYDFULMHYD7RWLMHYHOLNLJXWHUNRMLVHLQDHKUDQLRWURYQLPEUOMDQLPD
SDXPUHRGRWURYDQMD,QDHSUDYDSRVODVWLFDXDUREQMDNRPKUDPX
8JK3DQHPDOLQLWDGUXJR]DQDEDYLWL"
.DNR QH EL ELOR 0RH L SDU NJ JODVQLFD GYRJODYLK QRMHYD L]PHWQL WUDNW VHGPRJUEH GHYH
NRMLNJPLMLKUHSRYD
'REURPLVOLPGDHFULMHYDELWLGREUD
'D$OLSULMHSULSUHPHREDYH]QRLKRLVWLRGRVWDWDNDRWURYQRJEUOMDQD'DQHSURHPRNDR
*KDD
]ODWQLND]DWUDLSURGDYDL=RREH]SRJRYRUDSODWLD]DWLPVHLQMLKGYRMHXSXWHSUHPD
PMHVWXVDVWDQND
0MHVWR VDVWDQND MH ELOD ELUWLMD .RG YHVHOLK FXULFD L SHHQLK SXULFD PMHVWR JGMH EL 6SDDG
WUHEDRHH]DOD]LWLSRSULDQMLPD3OD][D=RRMHELRVLJXUDQGDMHQMHJRYXLWHOMVSRPLQMDRRYR
PMHVWRNDGDMHSULDRRVYRPSUYRPVXVUHWXVD6SDDGRPPDGDQLMHYLHQLWDGUXJRUHNDR%LR
MHSULOLQRSRYXHQNDGDVX6SDDGL)ODSELOLXSLWDQMX*RVWLRQLFDMHELODVOLQDELUWLML%LUWLMD
DOL PDOR YHD L RYGMH VH SLNDGR LJUDR SRPRX UXNX D QH DUROLMD 7LSRYL NRML VX VH QDOD]LOL X
XQXWUDQMRVWL JRVWLRQLFH RGDYDOL VX VXPQMLYX SURORVW W R L]JOHGLPD VHULMVNLK XERMLFD WR
RUXMHPNRMHJVXLPDOLQDSUHWHN6YLWURMHVMHGRH]DDQNLQDUXLHSLH
3ULMDWHOMXUHFLPL]QDOL6SDDGDUDWQLND
6SDDGD" 5DWQLND"" +D KDK KD KDK KD KDK KD KDK 1RUPDOQR GD ]QDP VMHGL WDPR X NXWX
5DWQLNDNDHKDKDKDKDKD2YDMHGREUDQDVWDYLNUPDULSRVOXLLPSLHDRQLSRNXSLYL
NULJOHXSXWHVHGRVWRODNRMLLPMHNUPDUSRND]DR
2SURVWLWHWUDLPR6SDDGDUDWQLND=QDWHOLJD"
)QDPOLJDSDQRUPDOQRGDJDIQDP-DIDP)SDDG
6SDDGMHGMHORYDRQHWRGUXJDLMHQHJRWRMH%LOO\VHELXFUWDRNDRPRJXQRVWLLFDMHELR
EDU JRGLQD VWDU PDOHQ ]JUEOMHQ EH] ]XEDOD L VD GXJRP EUDGRP L NRVRP ELMHOH ERMH
2EXHQNDRLVYLUDWQLFLXNUPLNRQLPRGLMHORPREMHVLRMHGYDSXWDGXLLWHLPDRRSDVD
LSLRQHNRSLHQDVODPNX
7NRPHWUHED"
-DVDP%LOO\-RHGROD]LPVDVYRMRPSULMDWHOMLFRPL]GLPHQ]LMH]QDQHNDRVYHPLUDOMHQDV
)ODS HYR GRND]D L %LOO\ PX SRNDH )ODSRY ERGH D RYR MH <HDK =RR XHQLN SRNRMQRJ
3OD][DQDRYRVH=RRODJDQRQDNORQLLVDPRSURPUPOMD=RYLWHPH=RR
6OXDMWH)ODSQDVMHSRVODRGDSURQDHPRMHGQRJ]OLNRYFDL]QDHGLPHQ]LMHLRGX]PHPRPX
PHGDOMRQ=DDGDLSUVWHQ%URRJKDQDYULMHPH7LSMHNUHQXRSUHPDVSLOMLL]YRUDVYLKPRL
)WD0HGDOMRQLNOMXIIXRYGMH=QDILQLIPRXISMHOLUHHVWDUDFLXKYDWLVH]DJODYX
8VSMHOL"8HPX"XSLWD/HLDLQDJQHVHSUHPDVWDUFX
)LGLWH)ODS3ODI[LMDIPRSULMHPQRJRJRGLQDSURQDIOLWDGYDSUHGPHWDLRGOXILOLLKIDNULWL
7DNRGDLKYLIHQLWNRQLMHXIWDQMXLINRULIWLWL8QDIHYULMHPHWRMHSRNXIDR.DORSDNLIDUREQMDN
QRISULMHILOLVPRJDQDYULMHPH)DNMHLGRIDRGRISLOMH'RNIDPIHMDWDEDRIDQMHJRILPOMXGLPD
D 3ODI[ SUHSXIDYDR I QMLP IDUROLMDPD )ODS MH SRNXSLR SUHGPHWH L RWLIDR X IYRMX GLPHQILMX SR
GRJRYRUXGDELIDNULRWHIWYDUL.DOMHELRXQLIWHQDSUHGPHWLLIJXEOMHQLIDRYDMIYLMHW'RIDG
+RHWHOLQDPSRPRL")ODSYDVPROLGDLGHWHVQDPD
)WDUIDPYDPMDIDWR$LPDIPHYLIHQHIOXID1LIDPYDPRGNRULIWLWDNL
$OLPROLPRYDV9LVWHQDPSRWUHEQL
2QGDGREUR
6DGDMHNRPSOHWQDGUXLQDELODVDVWDYOMHQD7UHEDORMHVDGDSRGLMHOLWLRUXMH%LOO\MHVHELX]HR
PD=RRXXYDOLREX]GRYDQD/HLVDPRVWUHONDGDMHYLGLRQMHQXGLSORPXVDVDYH]QRJQDWMHFDQMD
XVWUHOMDWYX6SDDGMHLPDRVYRMNLQJVL]HPD8JRVWLRQLFLVXSUHQRLOLDVOLMHGHHMXWURNUHQX
OLSUHPDVSLOMLL]YRUDVYLKPRL
;,9
,GUXLQDELVDVWDYOMHQD
-557RONLHQ
XPD3RMDPNRMLREXKYDDYHOLNXNROLLQXGUYHDLYRWLQMDLUD]QHJDPDGLWRSOD]LOHWLL
OLMHSLVHQDGROMDNH7DNDYRSLV%LOO\MHGXJRJUDGLRXVYRMRMJODYLWDNRGXJRGDPXMHYHELORL
DRWYUGLWLGDVHWDNDYQDLQPLOMHQMDXRSHQHSRGXGDUDVDVWYDUQLPVWDQMHPXPDMHQDLPH
SRMDPNRMLREXKYDDVYHYUVWHUD]QHJDPDGLWRSOD]LOHWLLOLMHSLVHQDGROMDNHDVYHRVWDOR
GROD]L SR SRWUHEL NDR NDPXIODD 'UXLQD NRMRM MH SRVWDR YRD GMHOLOD MH GRQHNOH QMHJRYR
PLOMHQMH1DURLWR6SDDGNRMHPXVX]ERJSRPDQMNDQMD]XELLJODVQRJGLVDQMDQDXVWDXOHWDOH
VYDNRMDNHEXEHLQDGUDLYDOHJDQDNDDOM
.RO
NRMRVWDULQRXPRUDQVDP
*OXSLIDUREQMDIHIWDWLPLIOLIGDIDPMDIWDU"-DIDIYRMLKJRGLQHSDNROLNRMHLPDR3ODI[
SULMHQHJ
IWRMHXPUR"
'REUR GMHGH QHHPR PUWYH YULMHDWL 'REUR 3OD][ MH LPDR JRGLQH DOL RQ MH ELR
DUREQMDN0RJDRVLMHSURGXLWLLYRWQHNRYULMHPH
'DSDGDWHEHEHQXMHGQXQDXILQHNLPIDUROLMDPDRGNRMLKQLNDGNRULIWL
7RMHODQDXLRPHMHNRULVQLPVWYDULPD
1DSULPMHUIWDNRULIQR"
3D RYDM WX =RR PDOR ]DVWDQH L SRHH VH L]D XKD NDR WR WR XYLMHN LQL NDG MH ]EXQMHQ
QDXLRPHMHNDNRVHSUL]LYDGXKL]OMXELDVWRJJUDND
)HJD"/MXELIDIWRJJUDIND3DRWNXG
QDPOMXELIDIWLJUDIDN"$LIWRIHQDPGXKL]OMXELIDIWRJ
JUDIND"
3D GXK L] OMXELDVWRJ JUDND SUDYL OMXELDVWL JUDDN L] ]HOHQRJ 1R QDXLR VDP L RGERMQX
DUROLMX8VOXDMXGDPHQHWNRJDDVQHLP
0RUDVHSULIQDWLGDMHWRIDUROLMDQDIYRPPMHIWX%DUQHIWRNRULIQR
DOLVHQLVDPXVWDQMXVMHWLWLGUXJHUHHQLFH
2WXNDI
7,,1$9(-('1$5('
2.%LOO\
0RIH%LOO\
&LMHOLPSXWHPVYDDL]PHXDUREQMDND=RRDLUDWQLND6SDDGDELODMHQDQLYRX%H]SVRYNL
EDU QH RQLK WR VH RGQRVH QD ERJRYH L GHPRQH DOL SULOLQR QD VYRPH PMHVWX %LOO\ LK MH
SRYUHPHQR SUHNLGDR UHFLPR NDR VDG NDGD MH XR UDYQRPMHUQH XGDUFH X GDOMLQL RQR WR PL
QD]LYDPRWRSRWNRSLWD
1HWNRLGH
,]NRMHJVPLMHUD"XSLWDODMH/HLDLVNLQXODVDPRVWUHOSUHEDHQMDNRPVWUXQRPSUHNROHD
7DPRVDLVWRND
0LVOL]DSDGDSURORMHSRGQH
'REUR=RRVD]DSDGDQDPDOLMHYR
XPDMHNDRWR]QDWHSXQDJUPOMD7XSRJRGQRVWLVNRULVWLODMHLRYDHWYHURODQDGUXLQDSD
VXVHVYLSRVDNULYDOLL]DYHLKJUPRYD'REURJRWRYRVYL=RRMHLVNRULVWLRWUHXDUROLMXL]VYRJ
SHWHURODQRJRSXVDLSUHWYRULRVHXGUYR.RQMDQLFLVXVHEU]RSULEOLLOLGDMXLGUXLQLWHNWROLNR
YUHPHQDGDL]YDGHLSULSUHPHRUXMH
+HM%RXGLQQHJOHQHNLWLSVHSUHWYRULRXGUYR
-DK6RXGLQQH]DLVWDVHQHWNRSUHWYRULRXGUYR
2YRL]XVWLYLGYDMDKDDVHRGYDOLHFHULWLL]GXELQHGXHDSRVUDPOMHQL=RRVNLQHDUROLMX
-HO
GHGHU WLSX MHVLO YLG LR QHNRJ WLSD XGQR REXHQRJ ]DOL]DQRJ L X SUDWQML MH QHNH NRPD
NRNH"'R
RMHL]VYHPLUD
0ROLP"
6DGDVHGUXJLMDKD%RXGLQQXPLMHDXUD]JRYRU
3LWD WH MHVL OL YLGLR QHNRJ WLSD X XGQRM RGMHL YLVRNRJ ]DOL]DQRJ X SUDWQML QHNH HQVNH
RVREH'ROMDFLL]VYHPLUD
3DGDWXVXXJUPOMX=QDWHGROLVXVDPQRP
%LOO\RVMHWLMDNWUHFDMXNLPLSRSXWRQRJDWRMHRVMHWLRNDGDJDMH+DQGDRXKLWLWLDRQGDRQ
L/HLDL]LXQDLVWLQX3UDWLRLKMH6SDDGYXNXLPDSR]HPOML
0HQHWUDLWHWRKRHWH"
=QDLWLVLWDMWRSUL]LYDGHPRQH0RGDVLLVDPGHPRQ
0ROLP"
1D PROLGEHQL XSLW L]XHQ L] %LOO\HYLK XVWD SURVOLMHGLOR MH YDHQMH PDHYD %RXGLQQD L
6RXGLQQDD]DWLPRGJRYRUQDUDQLMHSRVWDYOMHQXPROEX
6UHOLVPRQHNRJWLSDGYDGDQDRGDYGHXQHNRMXGQRMQDJRUHQRMNXWLML5HNDRMHGDHPR
NUHWDMXLVHXRYRPVPMHUXQDOHWMHWLQD]ORGXKDNRMLSUL]LYDGHPRQH
%DWRMHUHNDR"
1HUHNDRMHFLWLUDPGDHPRNUHWDMXLVHXRYRPVPMHUXQDOHWMHWLQDQHNRJDVOLQRJQMHPX
RYMHNDL]VYHPLUDNRML
SUGLXNLQX

3UGLXNLQX"
'DLMRMHUHNDRGDWDRVRED
GMHOXMHNDRGHELO
QRPLVPRRGPDKWDGYDSRMPDSRYH]DOLL
XVWDQRYLOLGDWLSUL]LYDGHPRQH
0GD3DMD]DSUDYRWUDLPWRJWLSDMHURQLGHRVORERGLWLGHPRQD
/DH8SR]RULRQDVMHRQDMGREURXGQLRYR
GDHWRUHL6DGVHEUDQLGHPRQH
6RXGLQQ NUHQX PDHP QD %LOO\D QR X HOR JD XGDUL VWULMHOD LVSDOMHQD L] /HLQRJ VDPRVWUHOD
6WULMHODMH]DSUDYRELODXSXHQD%RXGLQQXDOLMHRQL]UHNDRDUROLMXRGELMDQMDNRMXMHSRNXSLR
%RJ ]QD JGMH L VWULMHOD VH RGELOD SUHPD =RRX NRML MH LVWR WDNR L]UHNDR DUROLMX RGELMDQMD
L]D]RYQR VH FHUHL 6SDDGX X QDPMHUL GD GRN DH NDNR VH VMHWLR GUXJH UHHQLFH D VWULMHOD VH
RGELYL RGQMHJDVMXULX6RXGLQQRYXHOX6SDDGMH]DWRYULMHPHSRNXDYDRSRGLJQXWLPDQD
%RXGLQQDQRMHGLQRWRMHXVSLRELORMHSUL]LYDQMHUHXPHLLLMDVDSDVHXERJLLLFDQDDRQD
]HPOML SUHYLMDMXL VH RG ERORYD =RR PX MH RGPDK SULVNRLR X SRPR L]JRYDUDMXL HWYUWX RG
VYRMLKDUROLMD]DLVFMHOMLYDQMHRGWUDNDYLFHWRMHELODMHGLQDPHGLFLQVNDDUROLMDNRMXMH]QDRSD
VHQDGDRXVSMHKX=DWRYULMHPH%RXGLQQL%LOO\VX]DSRHOLPDHYDODNLGXHONRMLEL0ODGHQ
'HOLNRPHQWLUDRRWSULOLNHRYDNR
%RXGLQQQDSDGDVDOLMHYRJNULODQRWXJDHNDGDQDVL]YUVQLPDRGLVWRJHOLND]DDUDQ
DUROLMRPSREMHGH%RXGLQQVHQHSUHGDMHYHQDSDGDVDGDVDGHVQHVWUDQHDOLQH1HQHOMXGL
PRMLSD]DUMHWRPRJXH'DQDVMHREUDQDIDQWDVWLQD-HGQRVWDYQRQHSURERMQD]D%RXGLQQRYH
QDSDGDH$OLVDGDMH%LOO\XQDSDGX+DM
PR%LOO\PRUDXVSMHWLQDSDGMHVDOLMHYRJNULODXK
RGELMHQMHDVDGDXEDHQRSRVUHGLQLL*222/%LOO\YRGLMHGDQSUHPDQXOD/MXGLPRMLSD]DU
MHWRPRJXH1H%RXGLQQHQHPDYLHYUHPHQDQHPDYLHYUHPHQD,]JXELRVLPRM%RXGLQQH
%RXGLQQRYR WLMHOR MR VHNXQGLFX VH NRSUFDOR GD EL VH QDNRQ WRJD EHLYRWQR VNOMRNDOR QD
]HPOMX%LOO\L]YXHPDL]UDQHQDJUXGLPD%RXGLQQRYLPREULHJDLVSUHPLXIXWUROX/DJDQL
RVYUWQDERMLWXGDRPXMHGR]QDQMDGDVXJXELWFLPLQLPDOQL6SDDGVHMRXYLMHNSUHYLMDRVDGD
QHVDPRRGUHXPHLLLMDVDYHLRGERORYDXFULMHYLPD3URNOLQMDRMH=RRDQRQLMHQDPMDVQR
]DWR
/HLDMHVLGREUR"
'D]QDRYRPLMHSUYLPUWYDF
+XKLPHQLMHELORJDGQRNDGDVDPLPDRSUYXUWYX%DFLRVDPWLSDXJURWORYXONDQD
,RVMHDRVLVHRYDNRNDRMD"
1H%MHDRVDPRGXDUHQHODYH
/HLDJDMHSRJOHGDODLQDVPLMHLODVH,PDQHWRXWRP%LOO\XPLVOLODMHQLMHRQJOXSNDRWR
L]JOHGD1RUPDOQRXVOXDMXGDVHDOLRXWRMHVXPQMDOD
'REURVDGDNDGDMHLRYRJRWRYRPRHPROLVD]QDWLNXGDLGHPR"XSLWDRMH%LOO\JOHGDMXL
SUYHQVWYHQR6SDDGD
)YDNDNR WUHED LIL QD IMHYHU 7DPR IH QDODIL QDMYHID SODQLQD RYH GLPHQILMH SODQLQD NRMD
INULYDLIYRUIYLKPRILSODQLQD)RRX
=RRX"
1H)RRX
RRX"
0DQH)RRX
6RRX"
)228
RRX"
%XGDOHEOHIDYH)RRX
)RRX""
0$'$)228.21$)12
*OXSDOLQD]LYD]DEUGRUHH=RRLXSXWLVH]DGUXLQRPSUHPDVMHYHUX
0UDNMHSDGDRVDWLPDWRMHELORSRWSXQRXRELDMHQDUDGQMD6XQFHMH]DOD]LORRQRGUXJRL
WRMHELODXRELDMHQDUDGQMDHWYRUROMXGLMHVSDYDORXYHOLNRPWDQGX]DSURGDMXNXSXVDXVUHG
XPHWRQLMHELORQLPDORXRELDMHQR
=DU VDP MD NULY WR MH SHWD DUROLMD NRMX PH MH RQDM VWDUL PDMPXQ QDXLR DUROLMD ]D
SUDYOMHQMHWDQGRYD]DSURGDMXNXSXVDGUHDRMHXVYRMXREUDQX=RRLMHGREURGMHORVHQLMH
WROLNRFLMHQLORNRGQMHJRYLKSULMDWHOMD%DUQHGRNLHNRMDMHSRHODLWUDMDODQLQHSRPLOMDMXLGD
H VH HWLUL WUDJDD SRNYDVLWL GR JROH NRH QDLPH =RR QLMH L]JRYRULR DUROLMX SRVYH WRQR
JUHNDXQDJODVNXLQHPDNURYDXFLMHORVWL%LOO\MHWUHQXWDNSUHGDKD]DSUDYRSDUVDWLLVNRULVWLR
QD QDMEROML PRJXL QDLQ VSDYDMXL GRN MH /HLD VMHGLOD QDVORQM HQD QD QMHJD L SURPDWUDOD
IRWRJUDILMXRYMHNDRGVYRMLKJRGLQH
*OHGDIIOLNLFX"7NRWLMHWRGHINR"
1HEUDW
$JGMHMHRQ]DWRQLMHVWRERP"
0UWDYMH8ELRJDMHWLSNRMHJMXULPR+DQ%DWWLQRZVNL
2QDMIDPHGDOMRQRPLNOMXIHP"
'D
6SDDG WR VH UDGL NDG JD XKYDWLPR" 3OD][ PL QLNDGD QLMH UHNDR NDNR GD YDP SRPRJQHP
VDPRGDLGHPVYDPD
9HIIHIWLIQDWL9LGMHWLIHIYHI)LJXUDQIDPGDWLMH3ODI[UHNDRGRIROMQR
$OLVYHPRMHDUROLMHVXEHVNRULVQHXQDRMSRWUD]L$]DSUDYRLLGHPVYDPDMHUMHWRELOD
SRVOMHGQMDXLWHOMHYDHOMDRE]LURPGDYDP]DVDGDVDPRVPHWDPPRJDRELKLRWLL
2WLIL"3DWUHEDPRWH1HVPLMHIQDIQDSXIWLWL
0RGDMHWDNRQDMEROMH
1H =RR ]DLVWD QDP WUHED NDNR H UHL %LOO\X GD LGH NDNR VL XRSH PRJDR QDPD WDNR
QHWRUHLXWUHQXFLPDNDGDVLVYLPDSRWUHEDQ
=DWR"'RVDGDVDPVDPRVWYDUDRSUREOHPHHYRX]PLRQDGYDWLSDNRMLVXPHSUHSR]QDOL
QDNRQDUROLMH6NRURVPRVYLSRJLQXOL]ERJPHQH
$OLXINRURIHPRIHERULWLSURWLYPDJLMHWRMHWYRMHSRGUXIMH)DPRWLIHPRIHIERULWLSURWLI
PDJLMH
.DNYH PDJLMH 6SDDG" 3D NROLNR ]QDP MXULPR QHNRJ WLSD L] VYHPLUD NRML R PDJLML QHPD
SRMPD$LDNRRWNULMHL]YRUVYLKPRLMDQH]QDPNDNRGDPXVHVXSURWVWDYLP$NRMHWRXRSH
PRJXH
.LDSUHVWDMH'DSUREXGLP%LOO\D"
1RJGMHILXIDWLODWRJWLSD"'REDUMHURIHQLYRIDSUDYLOLGHU
2QMHSRVOMHGQMDUWYDRQRJDNRMHJMXULPR2VYHWDMHPLVOLPJODYQLUD]ORJWRMHVDPQRP
'DWLSMHGREDU6DPRGDQHL]JOHGDNDRVWRSRVWRWQLPRNOMDQ
1LVXSUREXGLOL%LOO\D=DSUDYRLVDPLVXNUR]UD]JRYRUXWRQXOLXVDQ
;9
,PDPWHJDGH
SDSD,YDQ3DYDR,,
-XWUR MH QDMDYOMHQR SRGL]DQMHP SUYRJ VXQFD L QDMDYOMLYDOR MH XVSMHDQ GDQ 'R VOLMHGHHJ
WUHQXWND
*GMHMH=RR.XG
MH]EULV
R""
3DUHNDRMHGDLGHQDJRYDUDOLVPRJDGDRVWDQHLMHGQRVWDYQRSRVOLMH]DVSDOL
)XSHU
%DXWRPWUHQXWNXL]XPHVXL]OHWLOLWLSRYLQDRUXDQLGR]XEDL]DPROLOLWURODQRGUXWYRQD
SUHGDMX %LOO\ MH SULPMHWLR GD QHPDMX RUXMH L MR MHGQRP SURNOHR =RRD RYDM SXW ]ERJ NUDH
RUXMD3UHGDMDMHELODXVSRVWDYOMHQDLQMLKWURMH]DYUHXUXNDPDVHGPRULFHJDGQLKIDFD1DNRQ
VDWGYDKRGD]DXVWDYLOLVXVHQDMHGQRPSURSODQNXLWXYRDQDSDGDDQDUHGLSUHGDK
.RMLMHRGYDV%LOO\"
-D
DOMHWLSR]GUDYHMHGDQVWDULSULMDWHOM+DQ
$KLYLSR]QDMHWHJQMLGX
*QMLGX"3DSODWLRQDPMHGDYDV]DURELPR$]DWLPLOLNYLGLUDPR2QSRUXXMHGDJDRGFLOMD
GLMHOLVDPRGYDGDQD5HNDRMHGDWL]QDRHPXJRYRUL
)KLWSUR]ERUL6SDDGDRQGDVHGRJRGLQHWRXGQR]DXMHVHJODV
.XSX V NXSXV .LVHOL ULEDQL SULMHVQL SUOMDYL LVWL NXSXVRY VRN NXSXVRYR POLMHNR
NXSXVRYHL]QXWULFH1DYDOLQDURGH
8 WDM DV VH L] QLHJD SUHG ]DEH]HNQXWLP OMXGLPD SRMDYLR WDQG ]D SURGDMX NXSXVD D ]D
SXOWRPMHVWDMDORGUYRNRMHJRYRUL6HGPRULFDQDSDGDDVXQHNRYULMHPHXGQRJOHGDODD]DWLP
MHYRDSULDRWDQGX
7LVLGUYRNRMHJRYRUL"
<XS.XSXVNXSXV
6DPRPDORSDGUYHHQHJRYRUL
-DJRYRULP.LVHOLULEDQL
=DWRYULMHPH%LOO\LQMHJRYDHNLSDSUHSR]QDOLVX=RRDSRJRGLWHSRHPX%LOO\VHSDUSXWD
SRPDNQHLVNRULWDYDMXL]EXQMHQRVWVHGPRULFHDJUHVRUD1DPMHVWLYLVHSRYROMQRSRH]XELPD
VNLGDWL XH NRMLP MH /HLD ELOD YH]DQD 1HNROLNR VHNXQGL NDVQLMH /HLD MH ELOD VORERGQD MHU VH
L]JOHGD XH QL QLMH PRUDOR JULVWL YH VH VDPR WUHEDOR SRYXL ELOR MH YH]DQR OHSWLUYRURP
1HNROLNRVHNXQGLNDVQLMHVYLVXELOLVORERGQLLJOHGDOLNDNRVHGDPWLNYDQDSUHJOHGDYDNXSXV8
WRPWUHQXWNXGUYRRSDOLHIDEDQGHEX]GRYDQRPSRJODYLWDNRMDNRGDVHRYRQDDRQD]HPOML
EH] L MHGQH ULMHL 1DNRQ WRJD DUROLMH QHVWDQH L =RR EDFL VYRMRM GUXLQL RUXMH %RUED MH ELOD
NUDWND]ERJIDNWRUDL]QHQDHQMDDOLYDPMHQHHPRNRPHQWLUDWLMHUMH0ODGHQ'HOLXPLURYLQL
8JODYQRPQDLVXSRELMHGLOL
0LIOLRIDPGDILXWHN
R3DJGMHILGRIDG"
0LVOLRVDP]EULVDWL]DSUDYRUD]PLOMDRVDPFLMHOXQRRWRPHDOLVXPHRYLWLSRYLX]QHPLULOL
]DXRVDPQHWRLVDNULRVHNDGSRJOHGDPWLMDDRQRQDVWDODUXSDX]UDNXLMHGDQL]LHYDQ
9LULRWLSLSHFDRSUHEURMDRYDVDRQGDQHVWDRQDLVWLQDLQ2GPDKVDPVHVMHWLRDUROLMHNRMXPL
MH3OD][MHGQRPSRND]DRDOLQLNDGDPHQLMHQDXLRQMRM5HNDRMHGDMHMRXYMHNSUHGXJDND]D
PHQH =QDR VDP GD H YDV WLSRYL ]DURELWL SD VDP MHGQRVWDYQR NOLVQXR V RUXMHP GD YDP
SRPRJQHPXSUDYLWUHQXWDN
=QDILLPDOLIXIDUREQMDNDIDIRERP)KLW
1HMHGDQRGQMLKMHELRDUREQMDNWDDUROLMDVHQHPRHUDGLWLQDGDOMLQX
$NRMHMHGDQRGQMLKDUREQMDNWUHEDRWHMHSUHSR]QDWL]DUQH"UHNDRMH%LOO\]DPLOMHQR
7RQR
=QDLGDQLMHQLMHGDQDUREQMDNDLSDN]QDMXDUROLMX
2YDMSDWDNRQHNDNR
,WRQDPWRJRYRUL"
7LLQD
WRPLVOLWHNDNR]QDDUROLMXDQLMHDUREQMDN.DNRMHPRJDRGXJDNXDUROLMX]DSDPWLWLD
QHNXLVHXDUREQMDNHL]UD]HLULMHL"
7LLQD
3DYMHURYDWQRMXMH]DSLVDR
+D NULNRYL RGREUDYDQMD 6YL VX VH EDFLOL QD SRVDR L XVNRUR VX ]DLVWD QDOL SDSLU VD SXQR
WHNVWDQHUD]XPOMLYRJVYLPDRVLP=RRX
+RHOLPRLNRULVWLWLDUROLMX"
6OXDM%LOO\SDQLVDPMDMR]DWXVWYDU7RMHPRQR0RJOLEL]DYULWLX%RJWHSLWDMNRMRM
GLPHQ]LML
+RHOL"
'REURSRNXDWX
1HPDSRNXDMDGDLOLQH
+RX
1DNRQ WRJD =RR VH EDFL QD SURXDYDQMH VSLVD D 6SDDG QD JODQFDQMH PDD %LOO\ L /HLD VX
VMHGLOLLHNDOL
6SDDGNRJ
YUDJDYXHWDMNRPDGHOLND"'DMX]PLPRMODNLMHEDUNJ
3XIWLWRMHIDIDGPRMDIWYDU
'REURNDN
KRHUHH%LOO\LQDJORVHRNUHQHSUHPDL]YRUX=RRYDNULND
,PDPMH6NXLRVDP
6XSHU'DMSDOLSDLGHPR
0ROLP"
'HUHFLULMHLSRVWDYLNRRUGLQDWHL
DMPR
$WR'REURHYR
=RRMHPUPOMDRLPUPOMDR0UPOMDRLPUPOMDRLWGVYHGRNQLVXRVMHWLOLODJDQLGUKWDMLQDOL
VHXPHVQLFLX,PULMHYFLPD
6UDQMH3URPDLRVDPNULNQH=RRLSRQHSRQRYQR7ULHWLULSXWDNDVQLMH%LOO\LHNLSDVX
VHQDOLSUHGVSLOMRPL]YRUDVYLKPRL
1DSRNRQSURVWHQMD%LOO\LXWULXVSLOMX9UDWDVXELODRWYRUHQDLVYL]DNOMXLHGDMH+DQ
YH VWLJDR 0DOR GXEOMH X VSLOML MHGQR NP XJOHGDH +DQD NDNR VWRML XVUHG YHOLNH GYRUDQH
RNUXHQEODHQRPVPHRPVYMHWORX6WDMDRMHQDEUHXOMNXRNUXHQVDVYLKVWUDQDSURYDOLMRP
=DSUDYRJRWRYRVYLKVWUDQDQDLPHELRMHWXLQHNDNDYSXWHOMDN+DQMHVWDMDRLODJDQRUXNDPD
SULOD]LRL]YRUXVYLKPRLPDXJRWRYRLGHQWLQRPNDRWRMH6SDDGRYPD
+$1 NULNQXR MH %LOO\ DOLJD RYDM QLMH VOXDR 3ULDR MH UXNDPD PDXNRML MH VWDMDR QD
NDPHQRPSRVWROMXLX]HRJDXUXNH8WDMWUHQXWDNVYMHWORVWMHSRSODYLODFLMHOXGYRUDQXYLGMHOR
VHL GQRSURYDOLMHQD NRMHPXVH QDOD]LOR NDPHQLKVWXSRYD7R MHELOD'ROLQD LYLKVWXSRYD
GUHYQRSRLYDOLWHDUREQMDND
+DQMHQDNRQWRJDSULGLJDRPDNDVYRGXLQDVPLMHLRVHJURKRWRP6WUDYLQLPVPLMHKRPNRML
MHVYLPDVWUSDRVWUDKXNRVWL6YLPDRVLP%LOO\X,6SDDGX7DGDMHGRDRWUHQXWDNNRMHJVXVYL
SULHOMNLYDOLGXHO
%LOO\LGLRWHMHGDQWDWLWUDLRYGMH"6DGD6DGDNDGDVLL]JXELR
1LWDMRQLMHL]JXEOMHQRNULNQH%LOO\LWUJQXPDL]IXWUROH7DGD+DQXSHULVYRMPDX
QMHJDL YHOLNDNROLLQD HQHUJLMHVHL]OLMH SUHPD%LOO\X8 WDMDV =RRSURVWHQMDQHNX UHHQLFXL
HQHUJHWVNL]UDNVH]DXVWDYLLNUHQHSUHPDGROMH=RRQLMHELRVYMHVWDQWRVHGRJRGLORDWRPXVH
L QD OLFX PRJOR SURLWDWL (QHUJHWVND ]UDND RVORERG L DUREQMDND L WDGD VH ODQDQR GRJRGL
PQRJRVWYDULWDGYDVORERGQDDUREQMDNDLVNRULVWHWUHQXWDNGDYLGHWNRMHVQMLPDDWNRSURWLY
QRRGMHGQRPNDRGDVXWRVKYDWLOLLSRHHVHDUROLMDPDSUHSXFDYDWLVD+DQRP+DQRYPDMHE
LRSUHYHOLN]DORJDM]DQMLKDOLLPMH=RRQHVYMHVWDQVYRMHL]QHQDGQHPRLSRPDJDRLWDNRXVSLR
RVORERGLWLVYXGYDQDHVWRULFX8WR6SDDGLVXNDVYRMPDDOL]ERJEROLXNXNRYLPDQHXVSLMHQLWD
YLH .DNR MH QMHJRY PD XGQR VYMHWOXFDR %LOO\ JD SRGLJQH L V ODNRRP ]DYLWOD QMLPH +DQ
RGOXLXWHLQDEU]LQXYLGMHYLGDQHWRQLMHNDNRELWUHEDORELWLQR%LOO\JDVUHWQHQDSRODSXWDL
GYRERM]DSRH,]YRUVYLKPRL]DWUHSHULXGRGLUXVD6SDDGRYLPRUXMHPL]DSRHQHWRX]WREL
QDMEROMHLODPX]LNDL]5DWRYD]YLMH]GDVFHQDERUEHRFDLVLQDGUXJLLWUHLILOP
1DNRQPQRJREURMQLKILQWLNRQWULSDGRYDSULGL]DQMDL VYHJDVNXSDGRNVXPDHYLLVNULOLX
VYDNRPVXGDUX/HLD=RRL6SDDGVXSURPDWUDOLGYRERM6QMLPVXVDVWUDQHVWDMDOLRVORERHQL
DUREQMDFLLMHGDQOLNNRMLWXQLMHVSDGDRVWDUL)ODS%RUEDMHELODNUYDYDVYDNDJUHNDVHPRJOD
SUHVNXSR SODWLWL SD YMHURYDWQR ]DWR QLWNR L QLMH JULMHLR 1D NUDMX +DQ SDULUD XGDUDF L]YUL
NRQWUXLEDNDGDMHVSXWDRPDSUHPD%LOO\XRVMHWLNDNRPXGLJHULFXSURELMDQHWRKODGQRD
RSHWWDNRXVLMDQR%OHVDYLSRJOHGSUHPDUDQLQDLQLPXJULPDVXQDOLFXLERUED]DYUL
+DQRYPDLSDNQLMHSDRSRNUDM%LOO\D]DSUDYRQDSUDYLRMHVROLGDQUH]L%LOO\MDXNQXL]SXQLK
SOXD.UYLN
RXSULLDSULLQLNDGNUDMD/HLDVHQDRYDMNULNVMXULXERMLQLFXLXKYDWL%LOO\D
1HPRMVDGDXPULMHWL6DGDNDGMHJRWRYR
9DOMGDQHX-RQHPDPQDPMHUXL]XVWL%LOO\SULMHQHVYMHVWLFHD]DWLPPUDN
;9,
,NDGDMHVYHQDVYRPHPMHVWXWUHEDSURVODYLWL
$VWHUL[ 2EHOL[
3UREXGLYLVHL]NRPH%LOO\XJOHGD/HLQROLFHDRGPDK]DWLPVYRM)HUUDULDWHNRQGD=RRD
6SDDGDL)ODSD
.DNRJGMHVDP"
1DVLJXUQRPUHH/HLDQMHQRLSRJODGLJDSRNRVLYLGLWRMH)ODSGRYXNDR]DVRERP
)HUUDUL.DNRVLJDSRSUDYLR"
1LVDPMDUHH)ODSWRMHRYDDUREQMDLQD=RRVUHGLR.DRLWHEH
=RR"$OLNDNRMHXRSHYR]LORGRVSMHORRYGMH"
0LVOLNDNRVPRPLGRVSMHOLGRYR]LODWXQDJODYQRMSLMDFL=RRMHRWYRULRGLPHQ]LMVNDYUDWD
LHYRQDV
$OL=RR]QDVDPR
IDUROLMDMHWRIPRLPLPLIOLOLDOLLIJOHGDGDWLRQWUHEDQHIWRUHIL
DMGHPDOL
=RR VH SULJQH QDG %LOO\D 9LGL WRNRP ERUEH L]PHX WHEH L +DQD RQR NDG MH SRVODR RQX
HQHUJHWVNX]UDNXL]PDD]DXRVDP3OD][RYJODV5HNDRMHVDPRVHRSXVWLMDXGDOMHLHWR
2QMHELRXPHQLLUDGLRWRMHKWLRDSRVOLMHVH]DKYDOLRVYLPDQDPDWHEH]DOLMHLRLRWLDR)RUD
MHXWRPHWRPLMHWXWQXRXJODYXVNRURVYHDUROLMHWRMH]QDRSULMHQHJRWRMHRWLDRSDVDGL
MDLPDPSRWUHEQR]QDQMH
$PD"WRMHVQMLP"
,]YRU VYLK PRL SRQRYQR MH ]DNOMXDQ 0HGDOMRQ L NOMX YLH QLVX SRWUHEQL RYDM SXW
]DNOMXDQMHRYLPUHH)ODSLSUXLPX]ODWQXNRSX6DGDWLXYDNOMX3D]LQDQMHJDEROMH
QHJRQDLWDGUXJRQDVYLMHWX
1RNDNRVLVHWLQDDRRYGMH)ODS",NDNDYMH]DSUDYR6SDDGRYPD"
3OD][ MH GRDR SR PHQH $ 6SDDGRY PD MH ]DSUDYR .DDRY PD 2VWDYLR JD MH SULMH
NDPHQRYDQMD
8KVYHMHWRMDNRXGQR1RGREUR/HLDLMDHPRXYDWLNRSX=DMHGQR1RUPDOQRDNRWR
RQDHOL"
%LWHPL]DGRYROMVWYRUHH/HLDL]DJUOLJDGDOMHQHRSLVXMHPSXVLFHLWG
'UXJR VXQFH MH L]OD]LOR X WUHQXWNX NDGD VX /HLD L )ODS XOL X )HUUDUL QD QRJDPD D %LOO\ QD
QRVLOX3R]GUDYLVXELOLXRELDMHQL]DWRGREDJRGLQH+YDODYDP6SDVLOLVWHVYLMHW%H]YDV
EL ELOL URERYL MHGQRJ OXDND 'RLWH QDP RSHW =ERJRP %LOO\-RH XYLMHN H QDP ELWL X
VMHDQMX6YHWR%LOO\MHJOHGDR]DJUOMHQV/HLRP0DKQXRMHDN'YDSXWD=RRL6SDDGELOLVX
VUHWQL ]ERJ WRJD SD VX DN L VX]X SXVWLOL ]DSUDYR YLH QMLK SRSXW %LOO\D L /HLH D ]DWLP MH
)HUUDULX]OHWLRLSURDRNUR]GLPHQ]LMVNDYUDWDXVYHPLU
'DILQNRPRMNDGIYH]DYUILRYDNRQLSUHYLIHIUHWQRQLSUHYLIHWXIQRYDOMDIHQDSLWL
'DVWDULPRMYDOMDWRSURVODYLWLXDONRKROX
=DWRYULMHPH)HUUDULMHOHWLRVYHPLUVNLPSURVWUDQVWYLPD%LOO\L/HLDVXELOLXNDSHWDQRYLP
SURVWRULMDPDKPP"GRNMH)ODSQDNRQGXJRYUHPHQDSRQRYQRXSUDYOMDRVYHPLUVNLPOHWDORP
%DUHPGRVOLMHGHHSXVWRORYLQH%LOO\D-RHD$NDNRMHNUHQXORXNDSHWDQRYLPSURVWRULMDPDL
HQHLSRWRPDND
(3,/2*
6WDU ORJ GDWH *RYRUL NDSHWDQ -HDQ/XF 3LFFDUG (QWHUSULVH MH X L]YUVQRP VWDQMX
.UHHPR VH SUHPD SODQHWL (DUZLFN ZRUSRP QD SXWX GD SUHQHVHPR SRUXNX L WR"
=DSRYMHGQLH'DWDWRVHGRJDD"
0DQHNLOXDFLXQHHWHYMHURYDWLX)HUUDULX3UROD]HLVSUHGQDVYRUSRP.DNYLVXWR
PDQLMDFL
7+((1'
2WR:LOKHOP
&LYLOL]DFLMD
LOLSRYUDWDNQDSODQHWRYPXQD
'DQDVUSQMD7KH&RFD&ROD&RPSDQ\MHSRWSXQRXSUVNDODVWYDU7RJIDWDOQRJGDQD
MH X SXQLRQLFH LURP VYLMHWD GRSUHPOMHQ HNVWUDNW ]D SURL]YRGQMX &RFD &ROH NDR WR VH UDGL
VYDNRJ GDQD VNRUR YH FLMHOR VWROMHH 6DPR RYRJ MH SXWD HNVWUDNW NDUGLQDOQRP JUHNRP
VDGUDYDRL]YDQUHGQRRWURYQXLVPUWRQRVQXVXSVWDQFLMXDUVHQRYRGLNXNROLLQDPDGRYROMQLPGD
VHLVWULMHELSRODLYLKELDQDSODQHWLWRVHLGRJRGLORLWRXJODYQRPOMXGLPDNRMLVXELOLJODYQL
NRQ]XPHQWLWRJRVYMHDYDMXHJQDSLWND6WDQRYQLWYR=HPOMHVHSUHNRQRLSUHSRORYLOREULQR
X]JDMDQLVYMHWVNLSRUHGDNMHSDRXYRGXHWYHULPDULMHLPDSODQHWRPMH]DYODGDRNDRV
.DNR EL VWYDU ELOD MR JRUD XSUDYR X WR YULMHPH MH RVWYDUHQ SUYL GXJR RHNLYDQL NRQWDNW V
L]YDQ]HPDOMFLPD6DPRSRVHELWRQHELELORQLWDORHGDVHQHWNRQLMHVMHWLRSRQXGLWLLPSDU
OLPHQNL NROH X ]QDN GREURGROLFH 'ROMDFL VX V RGXHYOMHQMHP SULKYDWLOL SRQXHQR LVNDSLOL
OLPHQNH WH VYL GR MHGQRJ SRSDGDOL PUWYL -HGLQD VYLMHWOD WRND WRJ GRJDDMD MH ELOD RWNULYDQMH
X]URQLND SRPRUD WH VH RWSRHOR V XQLWDYDQMHP ]DOLKD L GMHODWQLND &RFD &ROH QD VYH VWUDQH
-HGLQD WDPQD FUQD WRND WRJ GRJDDMD ELOD MH XYMHWRYDQD YHOLNRP WHKQLNRP QDGPRL L
QH]DXVWDYOMLYRP HOMRP ]D RVYHWRP RVWDWND IORWLOH L]YDQ]HPDOMDFD NRML VH QDOD]LR X RUELWL RNR
=HPOMH 2EMDYLOL VX EH]XYMHWDQ UDW =HPOMDQLPD VYH GR QMLKRYD XQLWHQMD =DWLP VX IRWRQVNLP
WRSRYLPD VSULOL QXNOHDUQLP SURMHNWLOLPD SUHSULOL WH XPMHWQR LQGXFLUDQLP ]HPOMRWUHVLPD
SUHRUDOL YHL GLR SODQHWH LPH VX GRNXVXULOL JRWRYR VYH RQH NRML VX SUHLYMHOL &RFD &ROX
7MHGQLPDNDVQLMHNDGDMH=HPOMDXPMHVWRSODYHL]HOHQHSRSULPLODRWXQRVLYXERMXRWLOLVX
GDOMHXSRWUDJX]DLQWHOLJHQWQLPREOLFLPDLYRWDVDVODERPQDGRPXXVSMHK
3HSVL &ROD MH FLMHOLP RYLP VOXDMHP VWUDKRYLWR GRELOD QD FLMHQL %LR MRM MH WR QDMEROML
SURSDJDQGQL SRWKYDW NDNDY VH XRSH PRH ]DPLVOLWL %LOR MH GRYROMQR UHL VDPR "3HSVL
RVYMHDYD DOL QH XELMD" L FLMHOR WULWH EH]DONRKROQLK RVYMHDYDMXLK QDSLWDND MRM MH ELOR X
GHSX-HGLQLQHGRVWDWDNWDNYRJUD]YRMDGRJDDMDMHELODLQMHQLFDNDNRVHFLMHORWULWHGRVORYFH
PRJORVWDYLWLXGHS$QLWRQLMHGXJRSRWUDMDOR
6YHXVYHPXLYRWNDNYRJDVPRSR]QDYDOLSUHVWDRMHSRVWRMDWL5D]EDFDQHQHRUJDQL]LUDQHL
QDSROD PXWLUDQH JUXSLFH SUHLYMHOLK LPDOH VX VODEH DQVH ]D SUHLYOMDYDQMH ]ERJ VYHSULVXWQLK
SRVOMHGLFD GXJRWUDMQRJ UD]DUDQMD QXNOHDUQLP L LQLP SURMHNWLOLPD 2EODFL UDGLRDNWLYQH SUDLQH L
GLPD VX ]D GXJR SUHGXJR YULMHPH ]DNORQLOL VXQFH RG PDOREURMQLK SUHRVWDOLK SRJOHGD SRODUQH
NDSH VX VH HYHQWXDOQR RWRSLOH L SRSODYLOH WUHLQX SUHRVWDORJ NRSQD XJDVLYL SULWRPH EURMQD
QDIWQDSROMDNRMDVXJRUMHODJRGLQDPD7HNWRQVNLQHVWDELOQDSRGUXMDVXSRVWDODMRQHVWDELOQLMD
UDGLRDNWLYQHNLHVXKDUDOHXELMDMXLVYDNRJWNRELVH]DWHNDREH]]DWLWH
1DNRQQHNRJYUHPHQDLRQRPDOROMXGLWRVHXVSMHORVSDVLWLRGEROHVWLJODGLLSRWRSDQLMH
LPDOR DQVH RGXSULMHWL VH VXURYRVWL OHGHQRJ GRED NRMH MH QDVWXSLOR WRQR VWRWLQX SHGHVHW L WUL
JRGLQHQDNRQSRVOMHGQMHLVSLMHQHOLPHQNHNROH

3UROD]LOLVXPLOHQLMXPLXOHGHQLPRNRYLPDLYRWDQDSODQHWLYLHQLMHELORWHNSRNRMD
]DDKXUHQDNRORQLMDYLUXVDXRHNLYDQMXEROMLKGDQD.RQWLQHQWLVXQHVWDMDOLDQRYLVH
SRMDYOMLYDOL=HPOMDMHELODPUWYDYLHRGRVDPGHVHWWLVXDJRGLQDWUHEDGRGDWLLOLRGX]HWLNRML
WMHGDQ]ERJQHSRX]GDQRJEURMDQMD
1R MHGQRJ VH GDQD OHG WLKR SRHR WRSLWL 6XQFH VH VYH VQDQLMH L VYH HH SURELMDOR NUR]
VLYLOR QHED 6PUGOMLYL NHPLMVNL HOHPHQWL VX VH VSDMDOL X MR VPUGOMLYLMH NHPLMVNH VSRMHYH
2GQHNXG VX LVNRLOL L SUYL PLNURRUJDQL]PL SURNOHWR LODY L RWSRUDQ WR MH MR QRYR" LYRW MH
L]QRYDSURQDDRQDLQLSODQHWDMHRSHWRLYMHOD
2YRJSXWDD]DKYDOMXMXLERJDWVWYXVWHHQRJLVNXVWYDSUYLKXPDQRLGLVXVHSRMDYLOLQDOLFX
=HPOMH]DFLJOLKWULVWRWLQHWLVXDJRGLQD-RHWUGHVHWLRVDPWLVXDJRGLQDELORMHSRWUHEQRGD
GRX GR VWDGLMD ]QDQMD NXOWXUH L RGLMHYDQMD SULEOLQR LVWRJ RQRPH NRMHJD MH SUHWKRGQD
FLYLOL]DFLMH SRVMHGRYDOD NDGD VH URGLR RQDM NRML H NDVQLMH SRVWDWL SR]QDW NDR GUYRGMHOMD L]
1D]DUHWKD
8 WR YULMHPH YODGDOD MH YHOLND UHOLJLMVND GH]RULMHQWLUDQRVW L ]EXQMHQRVW SD VH RSHW RGLJUDR
VOLDQ GRJDDM 6DPR RYRJ SXWD X PMHVWX NRMH VH QHNDGD GDYQR ]YDOR $XVWLQ 7H[DV D VDGD
6YMHWR]DUHYR,QLMHELRPXNDUDFYHHQDGMHYRMND]DSUDYR=YDODVH&LFROLQDLSR]DQLPDQMX
MHELODRGQRVQRLPDODMHSRVWDWLSURIHVLRQDOQDPDVDHUND
'DNOH QRYL OMXGVNL URG VH JRWRYR XRSH QLMH UD]OLNRYDR RG VWDURJ RVLP PRGD SR RNX L
QRVQLFLYLNDWHSXSNXPDQMND6YHRVWDORMHELORVNRURSRWSXQRLVWRYMHWQRYDWUDWRDNSLVPR
QRYDF DJHQWL RVLJXUDYDMXLK GUXWDYD ND]QH ]D SRJUHQR SDUNLUDQMH SRUH]L UDWRYL
RVYMHDYDMXDEH]DONRKROQDSLDLVPUW
2KGDNDNRELVOLQRVWELODYHDXGHYHWQDHVWRPVWROMHXSRVOLMH&LFROLQHVFHQRPMHDULRL
SDOLR L]X]HWQR SRSXODUQL QDURGQL SMHYD -R1ERQM2YL 3MHYDR MH R QHVUHWQLP OMXEDYLPD R
GDOHNLP SODQLQDPD GRPD ODPHQWLUDR MH R YMHUL X 9HOLNL 9LEUDWRU VXPQMDR MH X QMHJRYR
SRVWRMDQMHSDVXJDSXULWDQFLERMNRWLUDOLWH]DUDLYDRKUSHQRYFDSULWRPH
, XSUDYR MH WDM QHVUHWQLN ELR MHGDQ RG QHRSKRGQLK VDVWRMDND ]D SRQRYQR XQLWHQMH OMXGVNRJ
URGD 6MHDWH OL VH RQ NRORQLMH YLUXVD" ( SD WR MH ELOD NRORQLMD +,9LD 1DNRQ WR VX MHGLQL
XVSMHQRSUHJUPMHOLVYHSULMHRSLVDQHQHGDHSRVWDOLVXVQDQLMLL]GUOMLYLMLLVPUWRQRVQLMLQRWR
MH LNDGD NRML YLUXV PRJDR VDQMDWL .RPELQDFLMD -R1ERQM2YLMHYH SODQHWDUQH SRSXODUQRVWL
QMHJRYRJ YUOR QHXUHGQRJ VHNVXDOQRJ LYRWD L QHGDYQH SRVMHWH 3DPEULML JGMH MH SRNXSLR YLUXV
GRYHODMHGRJOREDOQHSDQGHPLMH$,'6D,WRQHRQHYUVWH$,'6DNRMXVXOMXGLUDQLMHSR]QDYDOL
R QH 1RYD SREROMDQD YHU]LMD EROHVWL MH XELMDOD WUL SXWD EUH L VHGDP SXWD YLH RG RQH VWDUH
YUHPHQRPSUHJDHQH1HGXJRQDNRQ]DUD]HL]ELOLVXLEURMQLUDWRYLL]PHXREROMHOLKLRQLKNRML
WRWHNWUHEDOLSRVWDWL
,WDNRVHRSHWSRGUXJLSXWXSRYLMHVWLRYMHDQVWYRGRYHORQDVDPUXESURSDVWL1RRYRJD
SXWDVWYDUQLMHELODWDNRFUQDMHURVWDOHLYRWLQMVNHYUVWHQLVXELOHSRJRHQHEROHXRVLPSDU
]HOHQLK PDMPXQD DOL NRJD EULJD ]D QMLK QLWL MH SODQHWD ELOD SUHYLH XQLWHQD UDWRYL VX ELOL
RGYLHNUDWNLLVODWNLDDWRPVNRJRUXMDMRQLMHELOR
/MXGLVXVHYUDWLOLQDUD]YRMQXUD]LQXLWHNRYLQHPODHJPHWDOQRJGREDWHVXWDPRLRVWDOLEH]
QDGHLYROMH]DQDSUHWNRPRYMHDQVWYRMHLYMHORXPDWULMDUKDWXLHQHVXVPDWUDQHYDQLMLPD
RGPXNDUDFD,OHVXXORYVWYDUDOHGRGDWQXYULMHGQRVWSDQDQMXSODDOHSRUH]SRSUDYOMDOHRQR
PDORVWURMHYDWHXSUDYOMDOHREUDQRPQDVHRELQD0XNDUFLVXNRULWHQLXJODYQRP]DWHNHIL]LNH
SRVORYHLUDVSORG7DNRMHOMXGVNLURGLSDNGRDRGRNDNYHWDNYHKDUPRQLMH
6YHGRSRMDYHRYPXQDRYPXQLVXELOLUH]XOWDWHYROXFLMHJRULODL]RELWHOML*RULOODJRULOOD
6WXSDQM UD]YRMD GRYROMDQ ]D VXNREOMDYDQMH V RYMHNRP VX GRVHJOL QHNLK VHGDP VWRWLQD JRGLQD
QDNRQSRVOMHGQMHJ-R1ERQM2YLMHYRJIXND,QWHOLJHQFLMRPVXSRGRVWD]DRVWDMDOL]DOMXGLPDDOL
VX ]DWR VYL RGUHGD ELOL SUHNR GYD PHWUD YLVRNL L QHYMHURMDWQR EU]L L VSUHWQL X RGQRVX QD VYRMX
WHLQXNRMDMHSUHPDLYDODNJ6LOLVXVGUYHDLRWSRHOLERUEXVRYMHNRP]DSUHYODVWQD
=HPOML /MXGL VX ELOL SRWSXQR L]QHQDHQL OXNDYRX L LQWHQ]LWHWRP QDSDGD WH VX OMXGVNH
QDVHRELQHKUSLPLFHSDGDOHXUXNHRYPXQD.DGDVXQDSRNRQXVSMHOLUD]UDGLWLXVSMHQXWDNWLNX
REUDQHELORMHSUHNDVQRRYPXQLVXRYODGDOLSODQHWRP3UHLYMHOLOMXGLQMLKVYHJDGHVHFLWLVXD
PRUDOLVXVHSRYXL2WLOLVXXWHNRSULVWXSDQHSODQLQVNHSUHGMHOHJGMHLKRYPXQLQLVXPRJOL
SURQDLQLWLVXWRHOMHOL2GWDGDVH]DQMLKYLHQLMHXOR
=HPOMDMHSRVWDODSODQHWDRYPXQD

.DNRVXJRGLQHSUROD]LOHRYPXQLVXVYHYLHJXELOLPDMPXQVNHLSRSULPDOLOMXGVNHRVRELQH
1MLKRY UD]YRM MH WHNDR QHRPHWDQR XNROLNR ]DQHPDULPR QHNROLNR PDQMLK REUDXQD V X
PHXYUHPHQXUD]YLMHQLPRYSDQ]DPDRYEXQLPDLRYJXWDQLPD,]QRYDVXJUDGLOLFLYLOL]DFLMX
QDRVWDFLPDVWDUHL]NRMHVXFUSOLVYHWRVXVPDWUDOLGREULPDORHVXRGEDFLYDOL1DMYHL]DPDK
VXGRELOLNDGDVXXVSMHOLRYODGDWLMH]LNRPLSLVPRPDQDWHPHOMX]DSLVDWRVXSUHRVWDOLRGOMXGL
7DNRMHQDVWDODPMHDYLQDMH]LNDQD]YDQD-XVXIJKSRQMHQRPWYRUFXQDMXHQLMHPRGRYPXQD
2VWDOL -XVXIJKRYL SURQDODVFL L RWNULD ELMDKX SDUQL VWURM ]D SRNUHWDQMH GURELOLFD RUDKD
IHQRPHQDOQR XVSMHQL UXQL RWYDUD ]D RUDKH WHDN VYHJD WUL L SRO NLORJUDPD WH VXVWDY ]D
QDYRGQMDYDQMHSODQWDDRUDKD-XVXIJKMHELRVODYOMHQSRSXWVYHFDPHXRYPXQLPD
2UJDQL]LUDQL VX RUJDQL YODVWL SR MHGQRVWDYQRP YUVWRP L SUDYLOQRP QDHOX JODYQL MH RQDM
NRML SRVMHGXMH QDMYHX NROLLQX LQWHOLJHQFLMH ]QDQMD L LVNXVWYD ,]ERUL VX VH RGUDYDOL VYDNLK
GYDGHVHWLSHWJRGLQDWRMHELRVYHWLRYPXQVNLEURMDGRELYDVHGLMHOMHQMHPSURVMHQHWHLQH
RGUDVORJ RYPXQD V GHVHW 1HNL VX ]DKWLMHYDOL XNLGDQMH GLMHOMHQMD V GHVHWNRP DOL MH JODYQL
DUJXPHQW QMLKRYLK SURWLYQLND ELR NDNR MH SURVMHQL LYRWQL YLMHN RYPXQD VYHJD H]GHVW L HVW
JRGLQD3REMHGQLNMHXSUDYLOXELRRQDMNRMLMHSRVMHGRYDRQDMYHXNROLLQLRUDKDGDNOH-XVXIJK
,WDNRVXRYPXQLVUHWQRLVORERGDUVNLLYMHOLSRGRNULOMHPDXWRNUDWVNHPRQDUKLMH6YHGRMHGQRJ
NREQRJHWYUWND7RJHWYUWNDELVHKLVWRULDULLDQDOLWLDULGDLKMHNRMLPVOXDMHPELORGXJR
SULVMHDOLNDR"HWYUWNDNDGDMHSXNDRSRVOMHGQMLRUDK"
=DWRMHELR]DVOXDQXSUDYRMHGDQRG-XVXIJKRYLKSURQDOD]DND8SLWDQMXMHELRSUHSDUDW]D
]DWLWXRUDKRYLKVWDEDODRGGXGRYRJVYLOFD2QVHQHVWDQNRPGXGDXSRVOMHGQMHPRYPXQVNR
RYMHMHPUDWXELRSULVLOMHQSUHNYDOLILFLUDWLQDJORGDQMHRUDKRYLKVWDEDOD'XGRYLVYLOFLVXXRSH
ELOL QDMYHL L]YRU QHUYLUDQMD ]D RYPXQVNX YUVWX 8QLWDYDOL VX RNR HWUGHVHW SRVWR XNXSQH
SURL]YRGQMH WRJ QDMPLOLMHJ RYPXQVNRJ SUHKUDPEHQRJ DUWLNOD QHWR SRSXW WDUWXID ]D OMXGH DOL
QDPQRJRYLRMUD]LQLNRMLMHELRGDOHNRYUMHGQLMLRG]ODWDXUDQDLEDQDQD]DMHGQR
1DDORVWSRND]DORVHNDNRMH-XVXIJKRYSUHSDUDWELRLYLHQHJRXVSMHDQ7ROLNRXVSMHDQGD
MH QH VDPR SRWDPDQLR VYH GXGRYH VYLOFH YH L VYD RUDKRYD VWDEOD RGUHGD 7R MH ELR NUDM
RYPXQVNHFLYLOL]DFLMHMHURQLMHGQRVWDYQRQLVXPRJOLLYMHWLEH]RUDKD1DNRQWRVXRNUXWQR
XWXNOL -XVXIKD NRML MH WYUGLR NDNR PX MH VYH WR SRGPHWQXWR WH JD SUHSDULUDOL YODVWLWLP
SUHSDUDWRPL]YULOLVXNROHNWLYQRVDPRXERMVWYRULWXDOQLPSURGLUDQMHPRWURYDQLKRUDKD

'MHDN]DNRQWUROQRPNRQ]RORPMHUH]LJQLUDQRVOHJQXRUDPHQLPDLGXERNRX]GDKQXR3UHG
QMLPVHQDOD]LODKRORJUDPVNDSURMHNFLMDSODQHWHSURDUDQH]HOHQLPLSODYLPGMHORYLPD1DVWROXV
QMHJRYH OLMHYH VWUDQH QDOD]LOD VH RWYRUHQD DUHQD NXWLMD V QDWSLVRP 1DMQRYLML GRVHJ NXQH
]DEDYH 6WYRULWH SODQHWX L XSUDYOMDMWH QMHQRP VXGELQRP 6YH 9DH RGOXNH GRLVWD VH SURYRGH
1LMH WHVWLUDQR QD ODERUDWRULMVNLP LYRWLQMDPD 'MHDN MH GRGLUQXR JXPE L SODQHWD VH WLKR
XJDVLOD
,ELNUDMVYLMHWD
1LNROD6WMHOMD
3RQRQLVXVUHW
7UHSHUDYL ILOP VWDUH HQH XQLWL PLU NRML MH WDPD VWYRULOD X VREL 1MH]LQD MH SULOLND RGDYDOD
JROHPXSDWQMXSRVOLMHLYRWDSURYHGHQRJXEODJRVWDQMXGRNVXVHVRERPUD]OLMHJDOHWXQHULMHL
XSR]RUHQMD
3URORMHPQRJRYUHPHQD1LVDPDQH]QDPNROLNR3RVOLMHVYHWHOXGQLFHLELMHJDXYHOLND
SRG]HPQD VNORQLWD ULMHWNRWNR ]QD NROLNR MHVDWL D NDPROL NRMLMH GDWXP LOL JRGLQD LYLPR QD
UXEXHJ]LVWHQFLMHMHGXLRQRPDORSUHRVWDOHKUDQHDSRQHNDGLMHGQLGUXJH'MHFDQDPVHUDDMX
GHIRUPLUDQDXVOLMHGUDGLMDFLMHDOLQDVWDYOMDPRGDOMH'DQDVXSRWUHEOMDYDPRYDMVWDULVQLPDVWDU
EDUHPJRGLQDSUDYRXGRGDMRXYLMHNUDGLLEDWHULMHVXVODEHVOLNDQDWUHQXWDNQHVWDQHL
VREX QDNUDWNR LVSXQL WDPDDOL QHPD YH]H XVNRUR H GRL SR PHQH 9L NRML HWH JOHGDWL RYX
VQLPNX]DSDPWLWHGDMHVYLMHWNDNYRJVPRSR]QDYDOLXQLWLRRYMHNVYRMLPRUXMHPVDPRULMHWNL
VXVHVSDVLOL3UHLYMHOLVXVHVDNULOLXSRG]HPQHEXQNHUHNRMHMHRYMHNGDYQRVDJUDGLRXVOXDMX
QRYRJUDWD6DGDSURYRGHQLWDYDQLYRWGDOHNRRG VYMHWORVWLVXQFD$OL XYMHUHQDVDPGDHPR
MHGQRJ GDQD L]DL QD SRYULQX L SRQRYQR QDVHOLWL RYDM VYLMHW 6WDUD SULOLND ]DVWDGH L VWDGH
RVOXNLYDWL(YRLKGROD]HSRPHQH8VNRURXVXGMHORYDWLXREUHGXSURLHQMDPRMHHVWDUR
PHVRSRMHVWLLWDYDJUXSDNUXJHVH]DWYRULWLVOLNDQHVWDGHXVREL]DYODGDPUDN
1LVND VH SULOLND RNUHQH L L]LH L] VREH X NRMRM MH GR VDGD PLUQR L] VYRMHJ QDVORQMDD
SURPDWUDODVWDULILOP,]LHQDEDONRQVWDUHSDODHLVWDGHSURPDWUDWLYRMQHWUXSHXSRNUHWX

.UR]]UDNVHLULODQHRELQDWUHSHUDYDVNODGEDLVSXWHQDQDPDKHL]QHNRJPDORJYRMQLNRJ
DSDUDWDLMHVHSRULMHNORYXHL]SRVOMHGQMHJQDVHOMDNRMHJMH5\GDOORYDJUXSDSRVMHWLOD2VMHDR
VHQHRELQLPLUGRNVXVHYRMQLFLRGPDUDOLXKODGRYLQLVNULYHQLRGVXQFDNRMHLKMHYHWMHGQLPD
QHXPRUQR WXNOR 7X LGLOX VYDNR WROLNR NYDULR MH ]DSRYMHGQLNRY SRPRQLN VD VYRMLP
RLWDYDQMLPDVWDQMDQDKRUL]RQWX
8SUHGYHHUMHSRUXQLNPODGHQDNRJOLNDL]LHL]JODYQRJVWRHUDLVYRMLP]YRQNLPJODVRP
QDUHGLSRNUHWVYLPMHGLQLFDPD1DWXQMHJRYX]DSRYMHGXNDPSXVHQH]ELQLWD3RUXQLNVDXYD
SULVHEQRVW]DNDOMHX]PH]UDNDXVYRMDQMHQDSUVDLJODVQLMHSRQRYLQDUHGEX,RSHWQLWDVDPR
YMHWDU RWUJQH SRNRML OLVW VD VWDEOD L PDOHQL YUDEDF VOHWQH QD WOR LVSUHG QMHJD 6PLUHQL SRUXQLN
RGQHNXGL]YXH0360HJDIRQ]D3RVHEQH6OXDMHYHLSRQRYLQDUHEX,]PHJDIRQDSRWHHRWUL
]DSRYMHGQLNL JODV XWMHUXMXL VWUDK X NRVWL VYLP ELLPD X SURPMHUX RG P 8VNRUR L] PUDND
REOLQMH XPH L]URQLH SRVSDQH SULOLNH YRMQLND NUHXL SLMDQLP NRUDNRP SUHPD QHWRP
VHUYLVLUDQLP (OIRYLPD QHNROLNR PHWDUD GDOMH 3RUXQLN VH ]DGRYROMQR RVPMHKQH L XH QDWUDJ X
JODYQLVWRHU

*ODYQL =DSRYMHGQLN MH ELR QDJQXW QDG NRPDGQLP VWRORP SURPDWUDMXL VWUDWHNX PDSX
SRNXDYDMXL VKYDWLWL JGMH VH QDOD]H QMHJRYH MHGLQLFH D JGMH SURWLYQLNH 1LWNR QH VSD]L
SRUXQLNRY XOD]DN X DWRU 3RUXQLN VDOXWLUD L SRGQHVH NUDWDN L]YMHWDM -HGLQLFH VWDYOMHQH X
SRNUHWJRVSRGLQH*ODYQL=DSRYMHGQLH
*=SRGLHVYRMXPDMPXQVNXJODYXLSRJOHGDJDVYRMLPXVNRSULPDNQXWLPRLPDQDQHNROLNR
WUHQXWDND SRWRP QDVWDYL V LVSLWLYDQMHP NDUWH 3RERQLFL RNR QMHJD LPLWLUDH JD MHGQDNLP
SRNUHWLPD
*RVSRGRUHH*=GRELOLVPRQDUHHQMHRG9UKXQVNRJGDQDSDGQHPRJUDG=DJUHENRMLMH
YH GXJR X QHSULMDWHOMVNLP UXNDPD 6XGHL SUHPD L]YMHWDMX QDLK VSHFLMDOQLK MHGLQLFD JUDG MH
EUDQMHQ GYMHPD SMHDGLMVNLP SRVWURMEDPD L MHGQRP WHQNRYVNRP DOL WDM SRGDWDN QLMH VLJXUDQ
1DDHMHGLQLFDQDSDVWLJUDGXGUXHQDV7RVFDQRYLPSMHDFLPDL.ROMHVQLNRYRPGLYL]LMRPSRG
PRMLP]DSRYMHGQLWYRP XVOXDMXSRWUHEH XEOL]LQLVHQDOD]H L0HQGH]RYLPRWRULVWL 1DQDRM
MHGLQLFL OHL QDMWHL ]DGDWDN NRML MH RG LYRWQH YDQRVWL ]D XVSMHK RSHUDFLMH 1D MH FLOM GD
SURGUHPR NUR] REUX REUDQH L XVWDQRYLPR NROLLQX L YUVWX WHQNRYD X JUDGX WH GD ]DGULPR
SR]LFLMX L QDQHVHPR WR YHL WHWX SURWLYQLNX EH] RE]LUD QD JXELWNH ,PH RQRJD NRML H YRGLWL
QDHVQDJHXERUELELWH]DSDPHQRQDYMHNHYMHNRYD-DXQDGJOHGDWLRSHUDFLMXL]]UDNDSDMH
SRWUHEDQ*=QDWOXLPDOLGREURYROMDFDPHXYDPD"
8VREL]DYODGDWLLQDGRNMH*=OXWDRVYRMLPPDMPXQVNLPRLPDSRSULVXWQLPDVQLFLPDLML
VX SRJOHGL ELOL XSXHQL SUHPD SRGX RLWR SRG JROHPLP SULWLVNRP HOMH GD DVQR XPUX ]D
9UKXQVNRJD
7LQDSRNRQH*=XSHULYLVYRMGHEHOLGODNDYLSUVWSUHPD5\GDOOXNRMLMHRVWDRVWDMDWLQD
PMHVWXJGMHMHLXDRXDWRU-HVLOLVSUHPDQSUHX]HWLWXDVW"
0ODGL SRUXQLN SURJXWD NQHGOX L ]DPXFD +PP MD JRVSRGLQH RYDM MD MD
1MHJRYXUHHQLFXSUHNLQHSOMHVDNRVWDOLKDVQLNDSRND]XMXLRGREUDYDQMHGRQHHQRMRGOXFL
'REUR ]DJUPL *= =DGDWDN MH YD 1XOWD WRND MH X VDWL NUHHWH ]D PLQXWD
2WSXVW
8VNRUR 5\GDOO QDSXVWL VREX ]DMHGQR V RVWDOLP DVQLFLPD X QHNRM YUVWL SROXRPDPOMHQRVWL
2WLDRMHXVYRMDWRUGDVWDYLQDVHEHRSUHPX]D]HPDOMVNHERUEH.DGMH]DYULRVRSUHPRPLV
RUXMHPL]DHL] DWRUD LXJOHGDRVWDOHDVQLNH XEXHQH XODJDQX]UDQXRSUHPX5\GDOORVMHWL
NDNRJDLVSXQMDYDYDO]DYLVWLDOLJDSRWLVQHWHNUHQHSRGSULWLVNRPWHNRJRNORSDQDSXWVOLMHSH
GXQRVWL2VWDOLVXVHDVQLFLXNUFDOLX$+HUFL]NRMHJH]DMHGQRV*=RPQDGJOHGDWLVLWXDFLMX
QDERMLWX5\GDOO]DX]PHPMHVWXXVYRP(OIXLSRNUHQXWHNXJUGRVLMXXQHVLJXUQXEXGXQRVW

0UDNVHQDGYLRQDGWDPQHSULOLNHNRMHVXYUWRJODYRPEU]LQRPMXULOHXVXVUHWVQHSULMDWHOMHP
.UR] HWHU VX EOMHVNDOH SRUXNH YRMQLND SRPLMHDQH V SRGDFLPD NRMH VX GREDYOMDOL SLMXQVNL
]UDNRSORYL GDOHNR L]QDG QMLK 8VNRUR VH SRMDYLH VYLMHWOD JUDGD WH VYD NRPXQLNDFLMD PHX
YR]LOLPDXWLKQH6YLVXRHNLYDOLQDUHHQMD]HPODMVNRJ*=D5\GDOOUD]PLVOLQHNROLNRWUHQXWDND
SD QDUHGL IRUPLUDQMH WURNXWD ]D SURERM L XVNRUR (OIRYL ]DX]HH VYRMD PMHVWD X WDPL KLWDMXL
YUWRJODYRPEU]LQRPSUHPDJUDGX5\GDOOVDNULVYRJ(OIDX]DJUOMDMRVWDOLKPHWDOQLKXGRYLWD
%LORMHYLGMHQDVDWXL]QDGVHEHLLVWRJWUHQXWNDRVMHWLXGDUDFGRNMH(OISUHOD]LRNUR]
SUHSUHNH NRMH VX WLWLOH SUYH FUWH L QDSRNRQ NUR] URYRYH LVSXQMHQH QHSULMDWHOMVNLP SMHDWYRP
8VNRURVXVHQDOLSRGNLRPPHWDNDDOLQDVWDYLHGDOMHEH]RGJRYDUDQMDQDSURWLYQLNXYDWUX
3UHGQMLPDVXVHSRMDYLOHPUDQHJUDGVNHXOLFHL5\GDOOQDUHGLUD]YLMDQMHIRUPDFLMHXJUXSLFHSR
GYD(OID8VNRURWURNXWQHVWDGHL(OIRYLVHXVWULMHPLHSRSXWRVDQDREUDPEHQHWRUQMHYHLVSUHG
HVWRND YDWUD VH REUXLOD QD QMLK 1R SRVWDGH PDJORYLWL GDQ RG VLOLQH SODPHQD L GLPD NRML VH
GL]DR X ]YMH]GDQR QHER SRSXW GXD PUWYLK UDWQLND 5\GDOO QDSUDYL L]QHQDGQL RNUHW VD VYRMLP
(OIRP GD EL X SRVOMHGQMHP WUHQXWNX L]EMHJDR UDNHWX NRMD MH OHWMHOD SUDYR QD QMHJD 6LOLQD RG
QHNROLNRJREUXLODVHQDVYHXYR]LOX5\GDOOQDUHGLGDVHRWYRULYDWUDQDWRUDQMLLVWRJWUHQXWND
L]WHQNDSROHWMHHUDIDOLVLWQLKJUDQDWLFDSUHPDWRUQMX2GWRUQMDXVNRURRVWDGHVDPRKUSDVWDURJ
HOMH]D1DNRQQHNROLNRPLQXWDNRMHVXL]JOHGDOHSRSXWYLMHQRVWLELWNDMHELODULMHHQDXNRULVW
5\GDOORYHMHGLQLFHL]JXELOLVXVDPRMHGQRYR]LORDMHGQRMHELORODNHRWHHQR
5\GDOORVLMHWLNDNRJDLVSXQMDYDYDORODNDQMDDOLQLMHELORYUHPHQD]DRSXWDQMH,QVWUXPHQWL
VX VLJQDOL]LUDOL GROD]DN QRYLK SUREOHPD 5\GDOO RNXSL YR]LOD L IRUPLUD GYLMH JUXSH L QDUHGL
XNRSDYDQMH8VNRURVXVH(OIRYLQDOLXVLJXUQRVWLPDMLFH=HPOMH=UDNMHLVSXQMDYDODQDSHWRVW
'RPDORSRQHSDGDWLNLDWRVYHGHQMLKRYXYLGOMLYRVWQDPLQLPXP
2GMHGQRP VX VH SUHG QMLPD VWYRULOD WUL JROHPD REULVD 5\GDOO LVNRODL RL X XGX L SURJXWD
NQHGOXVWUDKD
2NORSQMDFL SRYLND QHNR SUHNLQXYL REDYH]QX UDGLRWLLQX 3RYLN SULYXH JUGRVLMH NRML
RWYRULH YDWUXQD XNRSDQH(OIRYH 5\GDOO QHNDNRVDXYD SULVHEQRVW L QDUHGL JUXSQLQDSDG VYLK
MHGLQLFDQDMHGQXJUGRVLMX8VNRURSDGHMHGQDSDGUXJDGRNVX(OIRYLXPLUDOLXSODPHQXSRSXW
PXKD 1D NUDMX MH RVWDR VDPR 5\GDOO QDVXSURW SUHRVWDOLP 2NORSQMDNRP 3RWSXQR QHSRWHQD
ERUED 5\GDOO QDUHGL SDOMEX VYLP VUHVWYLPD QD XGRYLWH DOL (OI QH RSDOL QL PHWND QL JUDQDWH
2VWDOL VX EH] VWUHOMLYD QD PLORVW L QHPLORVW QHSULMDWHOMX 5\GDOO VWDGH SODNDWL RG VWUDKD SUHG
RLWRPVPUXYLHQHVSRVREDQGDGRQHVHELORNDNDYXRGOXNX.DR]DLQDW0HWDO.QLJKWVSRUR
XSHULVYRMHRUXMHSUHPDQMHJRYRP(OIX*RWRYRMHSRPLVOL5\GHOOL]DWYRULRLXLHNLYDQMX
8VNRURMH]DXRJROHPXHNVSOR]LMXRVMHWLRVWUDQLWUHVDNLXWRQRXPUDN
=QDLWDNYDMHVPUWSRPLVOLRMH

5\GDOOEROQRRWYRULRLLXJOHGDPHGLFLQVNXVHVWUXNDNRSHWOMDQHWRRNRQMHJRYLKKODD
+HM WR WR UDGL 7NR VL WL" *GMH VDP" UD]GHUH VH 5\GDOO VKYDDMXL GD MH LSDN QHNDNR
SUHLYLR3RNXDVHSRGLJQXWLDOLRVMHWLRWUXEROXJODYLWHRGOXLRVWDWLQDPMHVWX
%ROMH]DXWLMHGYDVXWHVSDVLOLRGJRYRULPXVHVWUDJOHGDMXLJDQH]DLQWHUHVLUDQR
5\GDOOVHSRWSXQRRSXVWLXNUHYHWX]DSDOLNXEDQNXLSRJOHGDNUR]SUR]RUQDUD]UXHQLJUDG
3UHGQMHJDQDSUR]RUVOHWQHYUDEDF
.UXQRVODY*HUQKDUG
6YDDX]DXWRSXW
2YDMHNUDWNDYLFSULDSUYLSXWDREMDYOMHQDX9MHVQLNRYRP560DJD]LQXQD]LPXGDYQHJRGLQHWHX
9*VSHFLMDOX3OD\6)SULUHHQRP]D6)HUD.RQ
'YDPDOD]HOHQD0DUVRYFDKRGDMXX]DXWRSXW6YXGDQDRNRORSURVWLUHVHSXVWLQMDVYHWUHSHUL
RGYUXLQH3RQHNL XVDPOMHQLYR]DSURMXULQL QHSRJOHGDYLLK-HGDQ RG0DUVRYDFD]EXQMHQR
XWLDGUXJLX]UXMDQRXWLUDOLPHQNHLNDPHQLHPLMHQMDMXLSULWRPHERMXVYRMHOMXVNDVWHNRH
NDRNDPHOHRQ
7LLWYRMHLGHMH8K
3UYL L GDOMH QL JODVD 6DPR SRYUHPHQR QHPRQR ]DNROXWD VD VYLK HVW SDUL YHOLNLK VDDVWLK
RLMX
.RMLPHYUDJXRSHWMHUDRSRL"LGDOMHVHLYFLUDRGUXJL=DWLPSULMHNRUQRRNUHQHJODYX
SUHPDSUYRP*HQLMHOLGRNWRULUDWL]D,QVWLWXW=D3VLKRORJLMX5D]XPQLK9UVWD$]DGRNWRUDW
L]DEUDRED2SXNOHSWRPDQLMX
7R PL MH LOR SRNXD VH EUDQLWL SUYL $ SUHPD SRGDFLPD XSUDYR RYGMH QD =HPOML LPD
QDMYLHREROMHOLK
, LP VL SURQDDR MHGQRJ RGPDK VL V QMLP QD EURG L SUDYR RYDPR X WDNR]YDQX 'ROLQX
6PUWL
5DXQDRVDPGDQDVRYGMHQLWNRQHHVPHWDWLXSURXDYDQMX
,SUHYLHVLGREURL]UDXQDR8NUDVQRMVPRNDL6DPLQDVUHGSXVWLQMHQDVWUDQRPSODQHWX
EH] LNDNYD VUHGVWYD GD VH YUDWLPR NXL 'LYRWD 1DVWDYL XWLUDWL OLPHQNX RWURYQR JOHGDMXL
SUYRJ
1HJOHGDMPHWDNRSRVNRLSUYL.DNRVDPPRJDRSUHWSRVWDYLWLGDHQDPWDMSURNOHWQLN
XNUDVWLVYHPLUVNLEURG"
.UXQRVODY*HUQKDUG
=DJRQHWQLVPLMHwDN
2YD MH YLQMHWLFD VDPR VNURPQL RGMHN QD RGOLQX L VLOQR VPLMHQX SULX 5D]RWNULYHQD WDMQD 0RQD /LVH %RED
6KDZDREMDYOMHQXGDYQRXMHGQRPHRGSUDVWDULK6LULXVDNRMDMHQDMHGDQSRVYHUD]OLLWDOLSULOLQRDDYQDLQ
SRNXDODRGJRYRULWLQDVWDURSLWDQMH]DWRQDPVH0RQD/LVDWDNR]DJRQHWQRVPLMHL"2EMDYOMHQRX9LD*DODFWLFL

*OHGDMXL MH VWDUL PDMVWRU RVMHWL L]QHQDGQX QDYDOX X]EXHQMD 7DNR PODGD REOD PHND
VYLOHQNDVWDSUHGLYQD
YUHVWLVQHNLLFXQDVWRMHLVHXVUHGRWRLWLD]DWLPVHXNRLRGL]QHQDHQMD1HYMHURMDWQR
'RJDDORPXVHWRYHYUORGXJRQLMHVNXSHVYLOHQHILUHQWLQVNHKODHSRVWDMDOHVXPXWLMHVQH
,VXVHWDWRHRQDPLVOLWLRQMHPX
2VMHDMXLNDNRFUYHQLSRSXWNRODUFDWLKRVHQDNDOMHLEU]RQDVWDYLUDGPUPOMDMXLVDPVHEL
XEUDGXQHWRNDRRSHUVSHNWLYLLNYDOLWHWLERMD
$*LRFRQGDVHVDPR]DJRQHWQRQDVPLMHLOD
VWXGHQRJ
%UDQND,YHJHw
.$=1$

6MHDP VH VDPR WUHQXWND NDGD VX PH QD PRMLP NOL]DMXLP SDWLNDPD GYD EROQLDUD
RGMHYHQDXSUR]UDQHVYMHWORSODYHRGRUHGRNOL]DODGRGMHMHELMHOHVWROLFH]DOMXOMDQMH3URVWRULMD
QLMHELODYHDRGPRMHRGDMH]DRGPRUXNRMRMMHELRVPMHWHQSMHQDVWLOHDMLOHEGHLVWROLVD
WHNXLQRP]DRGUDQMHWMHOHVQHNRQGLFLMH6YMHWORVWMHELODXGQRXPLUXMXHSODYDGROD]LODMH
QLRWNXGD
6MHGDMXLXELMHOXVWROLFX]DOMXOMDQMHRVMHWLKGDQHVWDMHP

1H]QDP]DWRVHRYHUXQHVWYDULGRJDDMXPHQL"'REUR]QDPGUXJLPDMHPRGDL
JRUH0QRJLVXRVWDOLEH]NURYDQDGJODYRPEH]VYRMLKEOLQMLK1LMHUDWVDPRPHQLVNULYLR
,SDNRVMHDPGDMHVYHWDNRQHSUDYHGQRLNDRGDVHVDPRPHQLVYHUD]ELMDRJODYX%H]SRVOD
]YDQLQRSXQHHWLULJRGLQHEH]VUHGVWDYD]DQRUPDOQXHJ]LVWHQFLMXEH]PRJXQRVWLGDSODWLP
RQHQDMRVQRYQLMHWURNRYH]DVWDQLVWUXMX2QDELMHGQDVRFLMDODQLMHGRYROMQDGDXWRNXPMHVHFD
SRNULMHQDMRVQRYQLMHSRQDYOMDPVHSRWUHEHXMHGQRPGRPDLQVWYXVDGYLMHRVREH
9HSRODVDWDVDPEXGQDDOLPLMHPUVNRRWYRULWLRL6YHRSHWLVWRNDRMXHULSUHNMXHU
LVYHGDQHXQDWUDJWRHPRGDQDVVPXNDWL]DMHOR"'DGDQDVPRUDPLVSHLNUXKDRSHWGD
VNXKDP JUDK SD YH JD WUL GDQD SRGJULMDYDP 1H GDQDV X VNXKDWL OHX $K NRMD YHOLND
SURPMHQD
,SDNRWYDUDPRLXVWDMHPRGOD]LPXNXKLQMXLSLMHPXVWDMDOLDMRGMXHU%RJXKYDOD
EDUDMDEUDQDJUDKDLOHHLPDPR]DMRQHNRYULMHPH
8 SRWDQVNRP VDQGXLX QDOD]LP RSRPHQX 35(' 78%8 ]D VWDQDULQX 1HSODHQX D
RQXSODHQXX]DRVWDWNXVDGHEHOLP]DWH]QLPNDPDWDPD6DPRPLMHMRWRQHGRVWDMDOR9HVX
QDP ]D GXJ ]D HOHNWULQX HQHUJLMX ]DSOLMHQLOL VWYDUL RQL VD VXGD WR VDGD GD UDGLP" 3RVDR QH
PRJXQDL,PDPSUHYLHJRGLQD=DUMHJRGLQDYHOLNDVWDURVW"8VWYDULQLVDPQLVWDUDQL
PODGD,WRVDGGDUDGLP"
'DSODHPLWDNRSODHPSUHYLHQHSRPDHDGDVHXELMHP"QHQLWRQHSRPDH'XJ
RVWDMH%LRELRKRKRYHL]DWURNRYHVDKUDQHLVYHJDRVWDORJWRX]WRLGH.DNRGDNHULMR
LWDMWHUHWQDWUSDPQDOHD"
0DYLHLQH]QDPNRMHPLVYHJOXSRVWLQHSDGDMXQDSDPHW2VMHDPXDVDQSULWLVDNX
JODYL1LMHEDVDPRXJODYL6YHPHXVWYDULEROL]DSUDYRLQLPLVHGDPHGXD%RHWRMH
GXD"EROLQDMYLHRGVYHJD0LVOLPGDXSROXGMHWLRGPXNHLQHPRLGDLWDSURPMHQLPLGD
QDVL]YXHPL]RYHXDVQHVLWXDFLMH
9H MH YHHU VQLMHJ L GDOMH SDGD'D EDUHP MHGDQ 79 UDGL 2QDM QHLVSUDYQL VX ]DSOLMHQLOL D
RYDM GUXJL L QLMH QD 0RJOD ELK PDNDU PDOR SXVWLWL PR]DN QD SDX 2YDNR EXOMDYLP X QHNH
]QDQVWYHQR IDQWDVWLQH NQMLJH NRMLPD PH VQDEGMHYD NHU 3RQHNDG PL VH LQL GD ED L QLVX
]QDQVWYHQDIDQWDVWLNDNDRGDVHLPLQDQHNLQDLQQDOD]LPRWXQHJGMHXWRPQHHPX
9H PL MH GRVWD 3HNX PH RL RG LWDQMD $ XMXWUR PH HND LVWR NDR L MXHU L
SUHNMXHULVYHGDQHXQDWUDJ8PMHVWRJUDKDOHDLVYHRSHWEH]NRPDGLDPHVDLOLEDUNRLFHRG
VODQLQH HOMQD VDP SRMHVWL MHGDQ MHGLQL NRPDGL ILQRJ SHHQRJ SLOHHJ PHVD 0RJDR EL ELWL L
EDWDN$KRHPJXVNDVDQMD"
3ULMHQHJREDWDNGRELWX]DVLJXUQRRSHWQHNXRSRPHQXLOLWXEX]DQHSODHQHUDXQH
1DGDPVHGDXEU]R]DVSDWLGRVWDPLMHRYLKSUREOHPD.DGD]DVSHPEDUQHPLVOLPQDQMLKL
VYHPLL]JOHGDSXQROMHSHSRQHNDG1HNDGDPHPXHPRUHWDNRGDXVWYDULQLWLQH]QDPGD
OLYROLP]DVSDWL

9UDDP VH L] RQRJ VWDQMD QHVWDMDQMD 2SHW VDP WX X ELMHORM VWROLFL ]D OMXOMDQMH 2QD
SODYLDVWDVYMHWORVWWRGROD]LQLRWNXGDPDORMHMDD2VMHDPXDVDQSULWLVDNXJODYLQLMHED
VDPRXJODYL6YHPHXVWYDULEROLDOLPLVHLQLGDPHGXDEROLQDMYLHRGVYHJD
6YDVUHDSDHWDQHVQRVQDERONDRLVMHDQMHQDSURLLPSRMHGHPPDNDU
QDVLOX RQXRGYUDWQXSRUFLMX SHHQH SLOHWLQHNRMXVDP MXHUXSRGQHRGELOD SRMHVWL 2GYUDWDQ
SHHQLEDWDNPRGDMHYHDMRYHDND]QDRGYUDDQMDXSURORVW0LVOLPGDPLMHMHGLQRDR
WRRQRMXPLOMDWRMFUQRMPDNL-ROO\QHXPRLXSURORVWGREDFLWLRVWDWNHRGRGYUDWQRJSHHQRJ
EDWND
%UDQND,YHJH
'DYRU%DQRYL
&\EHUEXUJHU
+RGDPRXVNLPPUDQLPXOLLFDPD
,JODLRQLSUHVWUDHQLXWH
%RNHMHRGXHYOMHQ1LNDGQLMHELRQD-XJX
2GXHYOMHQVDPLSUHVWUDHQ1LMHPHEULJD]D]YLMH]GH
%ROMH GD LGHPR NXDPD 0RHPR VH YUDWLWL L X 0D[LPXV 7DPR LPD GRVWD QRUPDOQLK OMXGL
RQLLKQHYROLNDHGDVXWRXPLOMHQLVQRERYL
1LMHGDQXPLOMHQLVQREQHQRVLSLWROM5D]ERMQLFLV-XJDJDQRVH0UDQRMH
1HYLGLPUXSXNDH%RNH*OXSDQMHVYRMHLPSODQWLUDQHUDVYMHWOMLYDHSRMDDRQDQDMMDH
0RJDRELRVOLMHSLWL=QDPGDQHPD]DQRYHRLLVRIWYHULDNRQLMHVLURPDDQ
(QR MH UHH ,JOD *OHGDPR ]D QMHJRYLP SUVWRP 1MHJRYH UXNDYLFH VX UXQH LDNR VX RG
SUDYHNRH5XSDXNXSROLMHVWYDUQRYHOLND
=YLMH]GHNDHP
6YLJOHGDPRXWRNLFHQDQHEX
,]DQDVVHXMXNRUDFL6YLVHRNUHHPRRYMHNSREMHHNDGQDVVSD]L%RNHWRYHNRQHMDNQH
VDQLWQDPDSODHOMXGH1MHJRYVWDULMHYODVQLNND]DOLWD%RNHMHMDNQHX]HRL]JDUGHUREH5HNDR
MH$NRQLVLQDRUXDQPRUDEDUL]JOHGDWLRSDVQR
,JODQHUYR]QRJOHGDQDVDW.DH%ROLPH3ODVWLQDNLUXUJLMDMHVUDQMH,PSODQWLVXVPHH
0RM4Q4PHQLNDGQLMH]DEROLRDVDYUHQRMHWRDQ
,GHPR]RYHPLK6YL]XUH
%HURMHGRVWDYLGLR,GHPR
1D NUDMX XOLFH QD]LUHP VNXSLQX *OD]ED WUHWL 3XQNHUL WXOXPDUH QD XOLFL XWDMX VH 1HWNR
UD]MDUHQRYULWLLOMFLQDL]PDPDVXVWYDUQRJDGRVW
.UHHPR
1DNRQ QHNROLNR EORNRYD FUYHQH ODPSH 6ODER RGMHYHQH HQH HX9HLQD QLMH RSHULUDQD
0XNDUFLVHQDSDOHQDSURVMHQHHQH1D6MHYHUXVXVYHVDPHRSHULUDQHNUPDHRQLNDHGD
VXHQHNRMHRSHULUDMXJUXGLVQRERYL
3ULOD]LQDPRYMHNXGXJRMEXQGLRGXPMHWQRJNU]QD9UORVNXSVXVWDYKODHQMDLVSRG
&UQNLQMDJOHGDXPHQH-DNRMHSULURGQD-DVDPGHNLQWLUDQLSDPHWDQSDJOHGDPVYRMDSRVOD
%RNH UD]JRYDUD VD VYRGQLNRP RYMHN VH JODVQR VPLMH %RNH MH YH NUHQXR GDOMH %D PH
]DQLPDSRWRMHFUQNLQMD
.UHWHQHOLPRMXMDNQX]DSRODVDWDUHHPL%RNH
3RJOHGDPSUHPDVYRGQLNX6SUHPDQMHQDSUHJRYDUDQMH1DGDPVHGDQHPDSRMDLYDVOXKD
%RNHJDSVXMH9HVPRNUHQXOL
&UQNLQMDMHUDVNRSDODNRXOMX9LGLRVDPNUDMLNRPRND
0RGDVPR]DOXWDOL1D-XJXQHUDGHSXWRND]L1MLKRYLVXHNUDQLSUHDUDQLDXWRODNRP-HGDQ
SXWRND] LSDN UDGL 1H SRND]XMH JGMH MH 6MHYHU 5HNODPLUD EXQGX NRMD VH ]RYH
7UERVMHFL

7UERVMHFL
LPDMXGREURJKDNHUDLWDRVDPGDVHSXWRND]LQHPRJXSUHSURJUDPLUDWL
%RNHMHSDPHWQLMLRGPHQHDOLQHRSUH]DQ'DGRHPRQD-XJELODMHQMHJRYDLGHMDHOLRMH
YLGMHWLSUDYH]YLMH]GH5HNDRMHGDVXOMHSHQHJRQDPDWULFL%LRMHXSUDYX
*ODGDQVDPUHH,JOD*OHGDXSURGDYDRQLFXKDPEXUJHUD'REURMHRVYMHWOMHQDSDVHYLGL
GDMHSUOMDYD
6YLMHGHPRLXWLPR
&HQWDU MHX RQRP VPMHUX3URGDYDLFD MH WRUHNOD ]ERJ QRYDQLFH NRMX MRM MH %RNH VWDYLR
SRGQRV
1MHQD ELMHOD PDMLFD VD FUYHQLP QDWSLVRP
'(5$ +$0%85*(5,
MH PDVQD L SULSLMHQD X]
WLMHOR3VXMHMHUVHRSHNOD
'RVDGQLVDPMHRPHVRSHHQRQDYDWUL0DORMHWHNR
6WRMLPRSRGVYMHWORPGRNVYHQHSRMHGHPR3XQLKXVWDLUXNXKRGDMXVDPRNUHWHQL
3URGDYDLFDLPDNUDWNXFUYHQXNRVX,PD]HOHQHRL
,JODMHNXSLRMRMHGDQKDPEXUJHU3URGDYDLFDMHSROL]DODPDVQHSUVWH6NUHQXRVDPSRJOHG
VDQMHQDRVWDWDNKDPEXUJHUD9LGMHODMHGD]XULP
3XWRND]QHGDOHNR
GHULQLKKDPEXUJHUD
XLVSUDYQRPMHVWDQMX
6LWRYMHNMHPDQMHQHUYR]DQ
=YLMH]GHVXOMHSHQHJRQDPDWULFL
mDUNR0LOHQL
6YDNDNQMLJD
.DR QL /RW QL RWDF (VWHEDQ VH QLMH RVYUWDR %LR MH VDP VD WDSRP X UXFL L VDQGXNRP SRG
PLNRP1LMHL]DQMHJDRVWDMDODQL6RGRPDQL*RPRUDYHVDPRMHGQRSLWRPRVHORXGROLQL6HOR
QLSRHPXGUXNLMHRGPQRJLKXRYRMSRNUDMLQL'DVHRVYUQXRRWDF(VWHEDQVHQHELSUHWYRULRX
VWXSVROLNDR/RWRYDHQD9LGLRELVYRMSULPRUVNRVHORQHXRJQMXSDNOHQRPYHSRGYRGRP
1LNDGDSOLPDQLMHGRSUODGRVHODDNDPROLGDJDSRSODYL1LNDGDQLMHWROLNRGXJRWUDMDOD7RL
QLMHELODSUDYDSOLPD
2G VYLK VHOD L JUDGRYD X] RYX REDOX VDPR MH RYR VHOR ELOR SRSODYOMHQR 6DPR VHOR SRNUDM
NRMHJVXYHWULGDQDVUHEUQHNXJOHXUDQMDOHLL]UDQMDOH6NRURVYDNLDVXPRUHLL]PRUD
+RHOLQDLLRVHND"+RHOLVHNXJOHYUDLWLWDPRRGDNOHVXGROH"
6SDVMHWUHEDORSRWUDLWLXEUGLPDNRMDVUHRPQLVXELODGDOHNR8]SRVWXSQLQDOHWYDORYDWNR
ELSRPLVOLRGDHPRUHQDWHL]YDQ]HPDOMVNHNXJOHWDNRUHDJLUDWL"PQRJLVXXVSMHOLSRQLMHWLRQR
WR VX VPDWUDOL QDMQXQLMLP L QDMYDQLMLP 1HWNR KUDQX QHNR RGMHX XVSRPHQX NXQRJ
OMXELPFD
2WDF(VWHEDQMHSRQLRNQMLJH.RMHNQMLJH"1LMH]QDR.QMLJHVXELOHXVDQGXNXDQDVDQGXNX
ORNRW 2WDF (VWHEDQ QLMH LPDR NOMX 7UDLR JD MH MR UDQLMH DOL JD QLMH SURQDDR 6DQGXN MH
RVWDYLRQMHJRYSUHWKRGQLNRWDF)HGHULFR6DPRWR2WDF(VWHEDQQHELQL]QDRWRMHXQXWUDGDQD
VDQGXNXQLMHELORLVSLVDQRFUQRPERMRPLNUXSQLPVORYLPD.1-,*(
2RFX)HGHULFXRWDF(VWHEDQQLMHXVSLRVD]QDWLQLWD,]JOHGDGDJDYMHUQLFLQLVXYROMHOL1LVX
RQMHPXKWMHOLJRYRULWL1DVDPVSRPHQWRJDLPHQDEL]DXWMHOL,OLVXJDYROMHOL"=DWRMHWRELOD
WDEXWHPDQMLKRYRJUD]JRYRUD"0RGDVHUMHHQMHWDMQHQDOD]LXWRPVDQGXNXVNQMLJDPD"2WDF
(VWHEDQJDQLMHKWLRQDVLOQRRWYDUDWL1LWDQHWUHEDVLORPUDGLWLVPDWUDRMH
2WDF )HGHULFR QLMH YRGLR GQHYQLN QLWL OMHWRSLV %DU X VDPRVWDQVNRM NQMLQLFL QLMH RVWDR
QLNDNDYSLVPHQLWUDJRGRFD)HGHULFDQLWLRRFX)HGHULFX1LRGGUXJLKVYHHQLNDVNRMLPDVH
GRSLVLYDRRWDF(VWHEDQRRFX)HGHULFXQLMHQLWDXVSLRVD]QDWL1LMHQL]QDRMHOLRWDF)HGHULFR
MRXYLMHNLY1LWNRPXQLMHPRJDRUHLWDHUDGLWLVDVDQGXNRP2WDF(VWHEDQMHVDPR]QDRGD
JDWUHEDVDXYDWL
6DQGXNQLMHELRWHDN2WDF(VWHEDQQLMHQLXMHGQRPWUHQXWNXSRDOLRWRMHSRQLRVDQGXNVD
VRERP 2G PDOLK QRJX SRWRYDR MH NQMLJH 6PDWUDR MH VYDNX NQMLJX NRULVQRP -HU X VYDNX MH
NQMLJXXORHQ WUXG,WRPRUD ELWLYULMHGQRSRWRYDQMDVDPR SRVHEL6YDNLSLVDF MHHOLRQHWR
VDRSLWLXQDMEROMRMQDPMHUL$NRQHNDGEXGHSRJUHQRSURWXPDHQQLMHQMHJRYDNULYLFD
2WDF(VWHEDQLWDRMHLVYMHWRYQHNQMLJH.DGMHPRJDRGRQMLKGRL$WRQLMHELORWDNRHVWR
8RYRPVHOXQLMHELORQLNQMLDUHQLNQMLQLFH$NRQHUDXQDPRVDPRVWDQVNXNQMLQLFXXNRMX
VXSULVWXSLPDOLVDPRULMHWNL
6YL VHOMDQL NRML VX NUHQXOL ]DMHGQR V RFHP (VWHEDQRP ELOL VX RGPDNOL 1D SRWRYDQRJ RFD
(VWHEDQDVYLVXELOL]DERUDYLOL6YDWNRMHPLVOLRQDVYRMXJODYXLQDRQRWRVXKWMHOLMRVSDVLWL
6DG VX PRJOL DOLWL ]D VYLP RQLP WR MH RVWDOR SRG YRGRP 0RGD VX VH QDGDOL GD H VH L RYD
SOLPDNDRLVYHQRUPDOQHSOLPHSRYXL'DHVHRQRWRMHVDGDSRWRSOMHQRPRLNDVQLMHRVXLWL
2WDF (VWHEDQ VH XVSHR GR VSLOMH 7DPR QLMH ELOR QLNRJD =DU VH RVWDOLPD RYD VSLOMD XLQLOD
QHVLJXUQRP" 'D MH SRQLR VD VRERP %LEOLMX X MHGQRP WUHQX RWDF (VWHEDQ MH SRPLVOLR GD MH X
VDQGXNXVDPRMHGQDNQMLJD%LEOLMDDOLMHEU]RRGEDFLRWXPLVDRWNRELMR%LEOLMX]DNOMXDYDR
RVLPDNRQLMHULMHRQHNRP]DLVWDVWDURPLULMHWNRPL]GDQMXVDGDELLWDRR1RLQRMDUNLL]NQMLJH
3RVWDQMD6MHWLRVHL6YHWRJD$QWXQD
%XHQDVQRFKDVUHNDRMHVDPVHELSULMHQRWRMH]DVSDRRWDF(VWHEDQ]DPLVOLYLGDMH]DGQML
$GDP

3UREXGLORJDMH]HOHQRVYMHWOR3RVSDQLRWDF(VWHEDQSRPLVOLRMHGDMHXVYRMRMVSDYDRMVREL
'RGLUQXR MH ]LG VSLOMH QD PMHVWX JGMH VH WUHEDR QDOD]LWL SUHNLGD ]D VYMHWOR +WLR MH XJDVLWL WX
VYMHWORVW
2QGDVHEU]RVMHWLRJGMHMH3URWUOMDRMHRL
3UHG QMLP MH VWDMDR YLVRNL YDQ]HPDOMDF X ]HOHQRP 1LMH GUDR X UXFL QLNDNYX VYMHWLOMNX 8
VSLOMLVHQLMHPRJODYLGMHWLQLNDNYDODPSDOXVWHULOLQHNLGUXJLL]YRUVYMHWORVWL2WDF(HVWHEDQVH
SUHNVUWLRLUHNDRQH]QDMXLMHOLVYDQXOR
%XHQDVGLDV
3ULGROLQHUHHQLWD,GDMHQHWRUHNDRWNR]QDELOLJDRWDF(VWHEDQUD]XPLR
3ULDRMHRFX(VWHEDQXNRMLMHPROLR2HQD6NUHQXRMHSRJOHGSUHPDVDQGXNX3RGLJDRJDMH
NDRGDMHRGNDUWRQDLX]WRSUD]DQ'RGLUQXRMH]DKUDOLORNRWLRYDMVHRWYRULR
2WDF(VWHEDQ]DGUKWDQHRGVWUDKDYHRGUDGR]QDORVWL0LVOLRMHNDNR]DLYRWDQHHYLGMHWL
XQXWUDQMRVWRYRJVDQGXNDDNDPROLERMHJVWYRUDVQHNRJGUXJRJSODQHWD
=HOHQLMHYDGLRMHGQXSRMHGQXNQMLJX2WDF(VWHEDQMHLWDRQDJODVQDVORYH
3URVWLUND]DWMHOHVQXPROLWYX NLQHVNHHURWVNHSULH 0DUNL]GH6DGGDQD6RGRPHL
*RPRUH:LOOLDP)DXONQHU6YHWLWH
3RPLVOLRMH6YDNDNQMLJDMHNRULVQD
$OHNVDQGDU.ULVWHN
0HVR
2EMDYOMHQD X GUHYQRM 9LD *DODFWLFL L]DORM QHJGMH X JRGLQL RYD MH SULD WHPDWVNL L L]YHGEHQR YLH
UHFLPRKRUURUQHJROL6)
-DPHV&RULJLQMHPDHWRPRWNORQLROLVWSDOPHLSURGXLRGDOMHX]NULYXGDYRNRULWRSRWRLD
0DJOLDVWLNRQGHQ]DWPXVHOLMHSLRSROLFXLSRNRPRWQRMNRXOML]D]HEULQLPX]RUNR,]QHNRJ
QHSR]QDWRJUD]ORJDXPDORMSURGDYDRQLFLRGMHHX0DUFXVDQXQLVXLPDOLQLWDGUXJR
=DVWDRMHQDWUHQXWDNGDSRJOHGDQDNDUWXLSULSDOLFLJDUHWXDNPXMHLNXWLMD/XFN\6WULNHD
ELOD SURPRHQD DOL VX FLJDUHWH QDVUHX ELOH VXKH 3RGPHWQXR MH SRG VWUDQMLFX WDNRHU
SURPRHQL UXNVDN L RGDKQXR 9HOLND PDSD LQGRQH]LMVNH SUDXPH ELOD MH LVFUWNDQD WDQNLP
OLQLMDPD VWDGOHURYH RORYNH D QHND VX PMHVWD ELOD L ]DRNUXHQD FUYHQLP PDUNHURP 0DSX MH
NXSLRRGSROLFLMVNRJVOXHEQHNDX0DUFXVDQX3ROLFDMDFQLMH]QDRHQJOHVNLDOLNDGDPXMH-DPHV
SRND]DRQRYDQLFXRGSHWGRODUDRYDMMHQDJORSURJRYRULRLXJRYRULRFLMHQXRGSHWQDHVW-DPHV
MHXOLMHYRMUXFLGUDRFLJDUHWXDGUXJRPRGYODJHVPHXUDQRPUXNRPSUDWLROLQLMXFUWHQDNDUWL
3WLFH NRMH MH WUDLR QDOD]LOH VX VH LVWRQR RG 0DUFXVDQD NRG VWDULK VYHWLOLWD SHUQDWRJ
LQGRQH]LMVNRJ ERJD 3ULKYDWLR MH REMHNWLY IRWRDSDUDWD L SDPXQRP PDUDPLFRP REULVDR OHX
]DWLPJDMHVSUHPLRQD]DGXQHSURSXVQXIXWUROXXQDSUWQMDLLQDVWDYLRGDOMHX]SRWRN
.DNRMHRGPLFDRQDLVWRNSUDXPDMHSRVWDMDODVYHJXDLJXDDOLMHLYRWSRVWDRLYOMLSD
PX QLMH VPHWDOR NDGD MH QDNRQ GYD VDWD SMHDHQMD GRDR GR SRSORHQRJ SXWD X KUDP YH MH
LVSXFDRGYDGHVHWDNVQLPDNDLWRXJODYQRPQDSWLFH1RJHVXJDVDGDYHYUDNLEROMHOHSDVLRQ
REHDMHGDQGXLRGPRUVDVHQGYLHPNDGDGRHGRKUDPD
8] JODVDQMH LYRWLQMD OXSNDQMH L]DPD R L]OL]DQX VWLMHQX SXWD ELR MH MHGLQL ]YXN L RQ VH
L]QHQDGLNDGD]DXMHXUOLN]ERJXGDOMHQRVWLGRVWDWLK
=DVWDRMHLXSUDYLRSRJOHGQDGHVQRPHXWLPLURNLOLVWRYLVXHILNDVQR]DNODQMDOLKRUL]RQW7R
MHPRJODELWLLSWLFDDOLGMHORYDORMHSUHYLHOMXGVNL]DNOMXL-DPHV
'RNMHKRGDRIRWRDSDUDWMHVWDYLRXQDSUWQMDXDXUXNXMHVPMHVWLRPDHWXLVNU]DQHLSRPDOR
KUDYH RWULFH +RGDR MH QHNLK GHVHWDN PLQXWD NDGD VH ]DXMH XUOLN DOL RYDM SXW SXQR EOLH
YUHMHVWHJQXRPDHWXLGDOMHQDVWDYLRSRPDORXNRHQLPNRUDNRP7UHLSXWVHXUOLNMDYLVD
QMHJRYHGHVQHVWUDQHLRQVKYDWLGDMHEOLFXYUOREOL]X=DGQMHOLVWRYHMHPDNQXRLQDDRVHQD
UXEXSURVWUDQHOLYDGHSUHNULYHQHQHRELQRNUDWNRPL]HOHQRPWUDYRP%LODMHEDSRSXWWHSLKD
6YDNDMHWUDYNDELODLVWHERMHLGXLQH
7R MH -DPHV VKYDWLRWHN NDGD MH XQXR L GODQRP RSLSDR WUDYQMDN7ROLNR MH ELR ]DRNXSOMHQ
QHRELQRXWUDYQMDNDGDMHWHNNDVQLMHXRLRXGQHSULOLNHXFHQWUXOHGLQH%XGXLGDVDVYRJD
NUDMD WUDYQMDND QLWD QLMH PRJDR YLGMHWL NUHQXR MH X] UXE WUDYQMDND GR PMHVWD JGMH MH SUDXPD
PDORYLH]DJUL]DODXWUDYQMDN
.UHWDRVHL]PHXVWDEDODWDNRGDMHPRJDRGREURRVPRWULWLRYMHNDQDOHGLQL
%LRMHWRGRPRURGDFJROGRSDVDVDNUSRPDUHQRJYH]DSUHEDHQRPSUHNRJHQLWDOLMD
'XJDNDFUQDNRVDELODPXMHVSOHWHQDXGHEHOXNDRUXNDSOHWHQLFXNRMDVHVSXWDODVNRURGR
VWUDQLFHSUHNULYHQHFUWRPRGLVWHRQHWNDQLQH
7LMHOR PX MH ELOR SUHNULYHQR PD]DULMDPD EH] SXQR VPLVOD DOL PX MH OLFH ELOR SUHNULYHQR
VLPEROLPDQDOLNQDKLMHURJOLIH 1HGDOHNRRGQMHJDVHQDOD]LRVWRORGPDVLYQRJGUYHWDQDOLNQD
PHVDUVNLDMHGQRMHVWDEORJXVWHNURQMHQDUXDYDORJODWNRXWUDYQMDNDVYRMRPYLWNRX
.DGDMH-DPHVGRDRGRVYRJRGUHGLWDLPDRMHSULOLNXGREURRVPRWULWLVWROLVWDEORQDNRMHP
MHSRSXWXQNHYLVLRRYMHNJODWNRL]EULMDQHJODYH
-DPHVRYRVUFHSRQHEUHNXFDWLSULSRJOHGXQDRYMHNRYREHVNUYQROLFHPOLMHQRELMHOHERMH
RYMHNMHLSDNELRLYMHUVHSDUSXWDHVWRNRSRHREDFDWLLWUJDWL
-DPHVNOHNQHNDRSRWDNQXWQHNDNYLPPDJLQLPSR]LYRPVWUDYH6WROQLPHWDUXGDOMHQELRMH
L]EUD]GDQGXERNLP]DUH]LPDNDRGDMHQHWNRVMHNDRVYLQMVNHSROXWNHQDQMHPX6DVWUDQHXRWUX
LYLFXVWRODMHELOD]DERGHQDNUDWNDPHVDUVNDVDWDUDLVWHRWULFH
'RPRURGDFSULMHXGDOMHQSHWQDHVWDNPHWDUDVDGDVHSULEOLLRVWROXLMHGQLPVQDQLPWU]DMHP
LXSDRVDWDUXL]VWRODDVQMRPLGRPDGLGUYHWD
-DPHV VH SRYXNDR X VLMHQX L WDPR ]DNORQMHQ ]HOHQRP OHSH]RP YHJHWDFLMH SDU SXWD GXERNR
XGDKQXR
'RPRURGDF MH GYDWUL SXWD ]DPDKQXR VDWDURP NDR GD VMHHQHYLGOMLYRJ SURWLYQLND D RQGD
SULDRREMHHQRPRYMHNXNRMLVHVDGDVPLULRLVDPRMHDRNUR]VOLQRPQDWRSOMQLUXEDF
-HGQLP]DRNRSUHEU]LPSRNUHWRPMHSUHVMHNDRNRQRSDFNRMLPMHRYMHNELRYH]DQ]DJUDQXL
RYDMVHVUXLNDRJROHPDELMHODPMHLQD'RWDNQXYLWORRYMHNVHVNXSLRXIHWXVQLSRORDMWDNR
GDJDMHGRPRURGDFPRUDRSULKYDWLWL]DYUDWLRGYXLGRVWROD
RYMHN MH ELR ELMHODF VD WDQLNLP GODNDYLP QRJDPD L JROHPLP WUEXKRP 'ODNH QD WUEXKX L
SUVLPDVXPXELOHVOLMHSOMHQHPMHDYLQRP]HPOMHL]QRMDDYMHURYDWQRLEOMXYRWLQHSUHWSRVWDYLR
MH-DPHV
.DGDJDMHGRPRURGDFSRGLJD-DPHVMHSRSUYLSXWDYLGLRQMHJRYROLFH
/LFHPXMHELORSURWNDQRLVNRQVNLPLPSXOVRPVWUDYH6X]HVXPXYMHURYDWQRWHNOHVDPHRG
VHEHMHURQQLMHSODNDRVDPRMHMHDRSRSXWSUHWXHQRJSVHWD
'RPRURGDFJDMHVPMHVWLRQDVWROLRGYH]DRPHXWLPRYMHNL]JOHGDQLMHLPDRQDPMHUXGD
EMHLVDPRMHOHDRLXWLR.DGDMHGRPRURGDFSUYLSXW]DPDKQXRVMHNLURP-DPHVVHSRGLJDR
RGOXDQGDSUHNLQHRYRXERMVWYRDOLQRJDPXMH]DSHODRUXEWUDWLQHLRQVHSRSXWPRNUHYUHH
FHPHQWDVUXLQD]HPOMX
.DGD MH SRGLJDR SRJOHG XJOHGDR MH GRPRURGFD NDNR L]YODL VDWDUX L] QDSROD ]DVMHHQH
RYMHNRYHQRJH
=DPDKQXRMHSRGUXJLSXWLRQ]DXMHNUFNDQMHVORPOMHQHNRVWLLWXSLXGDUDFRGUYR1RJDMH
SDODQDVWUDQXDNUYMHNDRWRSOLYRGRVNRNSUVQXODQDVYHVWUDQHERMDMXL]HOHQLORWUDYQMDND
RYMHN MH QD WUHQXWDN MDXNQXR RQGD VH XPLULR ,]UD] QD GRPRURGHYX OLFX ELR MH LVWL RQDM
VPUNQXWLNDPHQLL]UD]NRMLMHMDPHVLPDRSULOLNHYLGMHWLQDVWDWXL+DUFXOHVDXPX]HMXNLSDUVNH
XPMHWQRVWLX0HOERXUQX8]UDNXVHQDHQHNDNDYUHVNLPLULVLRQXJOHGDSRWRLPRNUDHNDNR
VHVOLMHYDVDVWRODLPLMHDVDED]HQLLPDNUYLQDWOX
'RPRURGDFMH]DVMHNDRRYMHNRYXUXNXXUDPHQXRGYDMDMXLMHRGWUXSDYHXSUYRPXGDUFX
2YDMSXWVHORPOMHQMHNRVWLQLMHXORDOLMH-DPHVXJODYLVWYRULRVOLNXNRVWLNDNRNUFNDLORPL
VH
=DWLP VH VD QDVWUDQLP SHUIHNFLRQL]PRP SUHEDFLR QD GUXJX QRJX PHKDQLNLP SRNUHWRP MX
]DVMHNDFLLRGYRMLYLMHRGOLSWDMXHJEDWUOMND
6DGDMHYHVDYELR]DPD]DQNUYOMXDOLRQMXMHOMHYLFRPRWLUDRVDPRVDRLMX
8GRYLVXVHSRSXWNODGDVODJDOLSUHGVWDODL-DPHVXVHSULSRJOHGXQDWRXWUEXKXSRMDYLYHOLND
NQHGODNRMDVHYUORXUQRSHQMDODSUHPDJRUH.DGDMH]DYULRVDOMHYLFRPGRPRURGDFVHSUHEDFL
QDJODYXLVDWULVWUXQDXGDUFDMXRGVMHH
1DVWROXMHVDGDRVWDRVDPRJUXGQLNRVDSHQLVRPNRMLVHWXQRNODWLRPHXEDWUOMFLPD
-DPHVXVHQDJOR]DPUDLVYLMHVWLRQSRNOHNQHSUHGXDVRPXXPLUXMXXWDPX
.DGD VH SUREXGLR VYH PX VH YUDWL NDR UXDQ VDQ L RQ VNRUR SRYMHUXMH X QMHJD NDGD XJOHGD
GRPRURGFDNDNRSRUHGYDWUHSUHWXUDSRDUXNUDWNLP]DLOMHQLPWDSRP
8VUHGLQLYDWUHMHELODJRPLODOLDQDOLNQDORWRVH/LHMHELORVPRWDQRXQHNXYUVWXORSWHL
QDNRQ SHWQDHVWDN PLQXWD GRPRURGDF MH XVSRPR GYD GHEHOD WDSD L] YDWUH L]YDGLR WX ORSWX RG
OLDLVWDYLRMHQDVWRORLHQRGNUYL-DPHVMHSRJOHGRPSRWUHLRNRPDGHRYMHNDDOLLKQLMH
QDDR ELR MH WX VDPR GRPRURGDF VD VYRMRP ORSWRP RG OLD 8VSRPR GYDMX WDSRYD MH
RGPDNQXRGLROLDDRQGDVDUXNDPDGRYULRSRVDR
*XVWDVHSDUDSRGLJODL]UDVWYRUHQRJOLDLXJRGQLPLULVPHVDGRSUHGR-DPHVD
0HVRMHELORXNDVWRVPHHERMHLELORMHXJODYQRPXNRPDGLPD-DPHVDXGDULYDOPXQLQH
NDGDXJOHGDFLMHORVWRSDORVPHXUDQHNXKDQHNRHNDNRYLULL]PDVHPHVD'RPRURGDFMHX]HRX
UXNXNRPDGPHVDSURDUDQPUOMDPDVNRUHQHNUYLL]DJUL]DRXQMHJDVDLVWLQVNLPXLYDQMHPXR
VHYULVDNGXJDNLJUOHQLYULVDN
-DPHVMHELR]EXQMHQMHUWDMYULVDNMHL]DDRL]QMHJRYLKXVWD
9ULVDNMHQDWMHUDRGRPRURGFDGDVHRVWDYLVYRJREURNDLSRJOHGDXQMHJRYRPSUDYFX
.QHGODX-DPHVRYRPWUEXKXHNVSORGLUDLRQVHL]EOMXMHSRWUDYLLNRXOMLVD]HEULQLPX]RUNRP
.DGDMHULMHNDSROXSURYDUHQHKUDQHSUHVWDODNDSDWLSRWUDYLRQVHRJODVLMRMHGDQSXWDOLRYDM
SXWMHFDMHP
=DGQMHWRMHYLGLRELRMHGRPRURGDFNDNRSUXDVYRMHPDXXPUOMDQHUXNHSUHPDQMHPXD
RQGDSRWRQHXWDPX.DGDMHYHRQHVYMHVWLFHSDR-DPHVVHREUHRXYUORXGQRPSRORDMX3RJOHG
MH PRJDR EDFLWL VDPR SRG VWURJR RGUHHQLP XJORYLPD MHU VX PX JODYD L RVWDWDN WLMHOD ELOL
SRYH]DQLGHEHOLPNRQRSFLPDRGSUDXPVNLKYODNDQD
%LR MH QD LVWRP RQRP VWDEOX RYMHHQ R LVWX RQX JUDQX D GRPRURGDF MH XSUDYR SDOFHP
LVSUREDYDR RWULFX VDWDUH 8KYDWLOD JD MH DSDWLMD L RQ SR ]DGQML SXW SRJOHGD VPUW VXQFD QD
KRUL]RQWX
%LRMHUDYQRGXDQMHUMH]QDRGDHXVNRURSRVWDWLPHVR
9LNWRULD)DXVW
3VLKRIDNWRU
7DNR VH VYMHRP RVMHDP GRNWRUH 7DNR SRWSXQR NDR SRVYH QRYD HQD 1H PRJX QL
]DPLVOLWLGDVDPLVWDRQDRVREDNRMDMHRQROLNRSDWLOD$VYHWRPRJX]DKYDOLWLYDPD'RNWRUH
XLQLOLVWHXGR
1H QH GUDJD +HOHQD 9L VWH WD NRMD MH XLQLOD XGR 9DRP YROMRP YMHURP VQDJRP L
XSRUQRX6YHWRVDPMDXLQLRELORMHGDVDPYDVRVRERGLRVWUDKDLSUXLRYDPPRJXQRVWGD
LVNRULVWLWH WH VYRMH SULURGQH VSRVREQRVWL 1D WRPH PL QH PRUDWH ]DKYDOMLYDWL 7R MH PRMD
GXQRVWL
$OLELWLWDNRQHVHELDQSULMDWHOMNRMLVWRMLQDXVOX]LGDQLQREH]RE]LUDQDVYHWRQHPRHWH
UHLGDMHVDPRGXQRVWOLMHQLNDSUHPDSDFLMHQWX-HUMDGRLVWDVPDWUDPYDV]DVYRJSULMDWHOMD
1DGDPVHGDVXRVMHDMLX]DMDPQL
'UDJD +HOHQR SRDHQ VDP LVSUDWLR MX MH GR YUDWD JDODQWQR LK RWYDUDMXL 'R VNRURJ
YLHQMD,QH]DERUDYLWHWNRMHYDRPLOMHQLSLVDF+HOHQD"
2QD VH ]QDDMQR QDVPLMHLOD GRGLUQXOD QMHJRY RNRYUDWQLN L RQGD NRNHWQR RGOHSUDOD QL]
KRGQLN LHNDRQLFX SUDHQDSRJOHGLPD RVWDOLKSDFLMHQDWD 'RNWRUMX MHLVSUDWLR VD]DPLOMHQLP
VPMHNRPLWHNNDGVXVHYUDWD]DWYRULOD]DQMRPWUJQXRVH
7NRMHVOLMHGHL/L]"2JR+DVWWOHPDQ6DPRL]YROLWH.DNRVPRGDQDV"

3URPRFLMD MH X VXERWX *DU\ 1DGDP VH GD QHH ]DERUDYLWL .DNR ELK ]DERUDYLR" 0D[
YULMHDPH
1H ]DPMHUL*DU\ =QDPNDNR VL]DX]HW D]DLVWDELK YROLRGD GRH2YR MH YDDQ GDQ]D
PHQH
6KYDDP L QH ELK WR SURSXVWLR QL ]D WR QD VYLMHWX /XF\ L MD VH MDNR YHVHOLPR SURPRFLML
'DSDH SR]YDOL VPR QHNROLFLQX QDLK SULMDWHOMD 6YL MHGYD HNDPR GD YLGLPR NQMLJX =DLVWD
0D[]DWRVYHGULXWROLNRMWDMQRVWL"6YHGRSULMHWMHGDQGDQDQLVDPQL]QDRGDSLHNQMLJXD
VDGDMHRGMHGQRPSURPRFLMDXVXERWX2NDNYRMMHNQML]LULMH"
9LGMHWHXVXERWX.XSLNQMLJX*DU\3URLWDMMH0LVOLPGDHWLVHVYLGMHWL
'DDOLRHPXMHWLMH"7YRMDDJHQWLFDXWLNDR]DOLYHQD
-DGQD 0DQG\ 1LVDP QL VXPQMDR GD QHH SRNXDWL L]PDPLWL WR L] QMH 3XVWL 0DQG\ QD
PLUX*DU\1HHWLUHLQLWD6YHWRHOL]QDWLVD]QDWHXVXERWX
7HDN VL LJUD 0D[ 5HFL PL EDU RYR UDGL OL VH R SURIHVLRQDOQRM NQML]L LOL VL VH EDFLR X
EHOHWULVWLDUH1HNDNRWHQHPRJX]DPLVOLWLNDRRYRJSRVOLMHGQMHJD]DVWUXQHNQMLJHXSURIHVLML
]QDPGDVLXYLMHNJRYRULRNDNRWLQHSDGDQDXPGDLNDGQDSLHMHGQXGDMHWRSURVWLWXLUDQMH
SURIHVLMHWRMHRQGD0D[",OLVLVHSURPLMHQLR LOLWHMDQHSR]QDPRQROLNRGREURNROLNRVDP
PLVOLRGDWHSR]QDP,OLQHWRWUHH
+PPP1HWRWUHH*DU\$WRVHWLHSR]QDYDQMDGREURPHSR]QDMH$OL]DWRUD]ELMD
JODYXQHSRWUHEQLPSLWDQMLPD6YHHWLELWLRGJRYRUHQRXVXERWXXMQHWNRPLMHSUHGYUDWLPD
0RUDWXSUHNLQXWL2QGDYLGLPRVHXVXERWX"
9LGLPRVHXVXERWX0D[0RUDPWLSUL]QDWL]DLQWULJLUDRVLPRMXPDWX=QDMXLWHQHHPH
UD]RDUDWL
1LNDG*DU\6SUHPDPLWHELLVYLPDGUXJLPDQHWRWRMRQLNDGDQLVWHYLGMHOL5D]RDUDQL"
1HWRMHRQR]DGQMHWRELVWHPRJOLELWL9LGLPRVHXVXERWX
.ODQJ
2Q VSXVWL WHOHIRQVNX VOXDOLFX L RVWDGH ]DJOHGDQ X QMX X SROXWDPL VYRJ XUHGD %LOR MH YH
NDVQR X QR L QLNRJD QLMH ELOR SUHG YUDWLPD =JUDGD MH ELOD SRVYH SXVWD 6YMHWORVW RG JUDGD
GRSLUDODMHNUR]RWYRUHQHUHEUDVWH]DVWRUHSUR]RUDQDVHGDPQDHVWRPNDWXYLVRNHSRVORYQH]JUDGH
L SDGDOD QD QMHJRYR OLFH XWD L VLYD ]DGUDYDMXL VH QD SRYULQL QMHJRYLK EOMHWDYLK RLMX L
JXEHLVHXGXELQLQMHJRYLKWDPQLK]MHQLFD=MHQLFHVXELOHQHRELQRNUXSQHL]DXHQHDERULFH
RNRQMHJRYLKRLMXSRVWDGRHQHWRGXEOMHMHULKREDVMDRVPMHKNRMLMHELRVYHVDPRQHUDGRVWDQ
%RULFHVHVNXSLHLVX]LHQMHJRYHRL
2VPMHKMHELR]OREDQ

.DHPWL0D[1HVYLDPLVHVYHRYR1LVDPVLJXUQDGDRYRQLMHNDQMLYR
0DQG\ 0DQG\ 0DQG\ .ROLNR SXWD GD WL NDHP QH EULQL 2YR MH VDPR MHGDQ PDOL
HNVSHULPHQW 8RVWDORP FLMHOD WD VWYDU QLMH WYRMD EULJD QLWL MH WYRM SRVDR 7YRM SRVDR MH GD VH
SREULQH RNR SUDYD L SURGDMH -D VDP VYRM SRVDR REDYLR GDR VDP WL GREDU PDWHULMDO NRMLP VH
PRH XLQLWL XGD 7L VL QDSUDYLOD GREDU SRVDR QDDYL PL GREURJ L]GDYDD 6DGD VDPR WUHED
SULHNDWLLSREUDWLSORGRYHQDHJUDGD
1DGDPVHGDVLXSUDYX0D[$OLLSDNWLNDHPQHVYLDPLVHVYHRQRPDQLSXOLUDQMH
2K 0DQG\ KRH OL SUHVWDWL" =D MHGQX WDNR OLMHSX LQWHOLJHQWQX PODGX HQX WL VL PDOR
SUHYLHQHUYR]QD.DHPWLWRNDRSULMDWHOMLOLMHQLN1LMHGREUR]DWHEH2VRELWL]ERJWRJDWRMH
EH]UD]ORQR.RPHMHLNDGDNRGLORPDORUHNODPH"
0DOR UHNODPH 0D[" 7YRMD NQMLJD MH %LEOLMD UHNODPH , WR QH ELOR NDNYH UHNODPH 7YRMD
NQMLJDMHSURL]YRGVIOXRUHVFHQWQRPQDOMHSQLFRPNRMDNDHNXSLPHDOLPDORVXSWLOQLMHDRSHW
LQWHQ]LYQLMHSULURGH9MHUXMPLGDPHQLVXXSR]RULRQDVYHRQHPDOHLJULFHVOLNDLULMHLQHELK
SULPMHWLOD VYH WH PDOH PDUNHWLQNH ]DPNH $OL DN L XSR]RUHQD MD VKYDDP VQDJX RQRJD WR VL
XLQLRQDNRQSURLWDQHNQMLJHMDVDPLPDODQHRGROMLYSRULYGDMHNXSLP1HMHGDQSULPMHUDN1D
VWRWLQH,PDODVDPSRWUHEXYLGMHWLVWRWLQHSULPMHUDNDWHNQMLJHQDVYRMLPSROLFDPD$]QDODVDP
GDMHULMHRWULNX-DVHERMLP0D[GDELVPR]ERJRYRJDPRJOLQDVWUDGDWL
2JUDGLOL VPR VH RG WRJD ,]MDYRP R WRPH GD MH NQMLJD SULPMHU NRQWUROH XPD L GD VH DXWRU
RJUDXMHRGPRJXLKSRVOMHGLFDPLSHUHPRUXNHRGVYHJD,]GDYDMHSULVWDRHPXEULJDRQGD
3URPRFLMDMHXVXERWX7RWRHQHNLOMXGLPRGD]DLVWDSDVWLSRGQMHQXWMHFDMWRQLMHQDDVWYDU
%LOLVXXSR]RUHQL
0D[WLVLSRGODF
$OL LQWHOLJHQWQL SRGODF 0DQG\ GUDJD $ WL VL GRYROMQR LQWHOLJHQWQD PODGD HQD L VDPD GD
VKYDWLNROLNRHSURILWLUDWLRGPRJPDORJSURMHNWD
0RJX OL ELWL LVNUHQD 0D[" $NR VH L] WYRMH NQMLJH HOLPLQLUDMX VYH WH ERPEDVWLQH SVLKR
PDQLSXODWLYQH UHNODPH L RVWDYL VDPR JROL WHNVW VDPR JROR WLYR 0D[ PRUDP WL UHL WYRMD
NQMLJDMHVPHH
=QDP
1HYULMHDWHWR"
0DQG\ MD QLNDGD QLVDP PLVOLR GRELWL 1REHORYX ]D NQMLHYQRVW 2YD NQMLJD MH WX ]ERJ
KLSRWHNH QDG NXRP ]ERJ DOLPHQWDFLMH ]D RQX NXNX ]ERJ &DVV\ NRMD YROL VNXS QDNLW =QD
PRMXVLWXDFLMX 0DQG\,VWLQDGDVH RJUDXMHPRGSRVOMHGLFDRYH NQMLJHDOLQHNDHP GDQHX
LVNRULVWLWLVLWXDFLMX$NRQHWNR]DORLNXXLNXSLFLMHORVNODGLWHQHNDHPGDXYUDWLWLQRYDF
'DSDH 3UL]LYDP WR 2HNXMHP WDNYX UHDNFLMX ,OL YLHPDQMH WDNYX 7R EL ]QDLOR GD VDP
SRVWLJDRRQRWRVDPKWLR
6YHMHGQRERMLPVH0D[6YHMHRYRLJUDQDRWULFLPDD
7LPEROMH=DUQHYROLPDORX]EXHQMD0DQG"QMHJRYJODVMHELRGXERNLLQWULJDQWDQLEH]
VXPQMH VHNVL X QMHJRYRP SRNXDMX GD MH WUJQH L] WRJ QMHQRJ UDVSRORHQMD 0D[ MH GREUR
SR]QDYDRLJUX2QDX]GDKQH
1H]QDPWRXVWRERP0D[
0RH PH VDPR YROLWL LOL PU]MHWL 0DQG , X VYDNRP VOXDMX ]DUDGLWL QD PRP WDOHQWX 1H
EXGLWDNRXNRHQD6YHHSURLXQDMEROMHPUHGX8K6DGPRUDPLLHNDPHQRYLSDFLMHQW
XM 0D[ VDPR MR MHGQR SLWDQMH 5HFL PL GD QLVL UDGLR QLNDNYH VOLQH LJULFH VD VYRMLP
SDFLMHQWLPD 7R EL QDV R]ELOMQR XJUR]LOR ]QD $NR VH VD]QD GD EL PDQLSXOLUDR QMLPD UDGL
RVREQLKLQWHUHVDWRELQDVSRNRSDOR
1LVDPEXGDOD0DQG=QDPWRUDGLP,GHPVDG$WLQHEULQL6YHHELWLVDYUHQR
'ULPWH]DULMH0D[9LGLPRVHXVXERWX
9LGLPRVH0DQG
.ODQJ
1DYUDWLPDMHVWDMDOD5RVD&ORZX]EXHQRGDXLQMHQHYHOLNH]HOHQHRLVX]QHLLURNH
3URPRFLMD MH X VXERWX ]DU QH GU 1HWWDU" 2K QH PRJX GRHNDWL 5HNOD VDP VYLP VYRMLP
SULMDWHOMLPD6YLHPRGRL2KWRMHWDNRGLYQR
=DUQH5RVD"UHHRQLQDVPLMHLVHQLVNRPVYRMLPELMHOLKEHVSULMHNRUQLK]XELMX

1DMEROML DPSDQMDF ]D PHQH L PRMH SULMDWHOMH QDUXL GU 0D[ 1HWWDU .RQREDU NLPQH
JODYRPLSRYXHVH
&LMHORGUXWYRELORMHRNXSOMHQR]DVWRORPXUHVWRUDQX7HWUD0DQFHJGMHMHDDYRGHVWDMDOD
NROLNR L ERFD GREURJ YLQD X WUJRYLQL *DU\ L /XF\ VX ELOL WX 0DQG\ L QMHQ PODGL SUHPODGL
SULMDWHOMNDNRVHRQR]RYHQMHJRYUDXQRYRDLQMHJRYDOMXSNDVXSUXJD1DWDOO\LQDUDYQR&DVV\
VDQRYRPQLVNRPFUQLKELVHUDRNRQMHQRJOLMHSRJYUDWDXPLQLMDWXUQRMSODYRMKDOMLQLFLLVYHOLNLP
SODYLPRLPDNRMLPDMHVYHREDVMDYDODPRGURPVYMHWORX1MHQDYDORYLWDSODYDNRVDOHSUDODMH
RNRQMHGRNVHVPLMDODLQHL]ODWQXDXUHROXRNRQMHQHJODYH
0D[VHSULJQHNQMRMLSROMXELMH
2ERDYDPWHDSQHRQD2QVHQDPLMHLLXNORQLMHGDQSODYLXYRMDNL]QMHQLKRLMX
1R SULMDWHOMX JRYRULR MH *DU\ 0RUDP SUL]QDWL GD VL QDV VYH GUDR X QHL]YMHVQRVWL
GRYROMQR GXJR YUHPHQD GRYROMQR VH GXJR LJUDR V QDLP LYFLPD DOL RQR WR VDP VXPQMDR
RVWYDULORVHQLVLQDVL]QHYMHULR7DNYDYHOLNDSRPSR]QDSURPRFLMD8SUDYRRQRWR]DVOXXMH,
WD NQMLJD .RQWURORUL VQRYD 6WYDUQR NDHP WL QH ]QDP NDNR VL WR SRVWLJDR .XSLR VDP
SULPMHUDNSURLWDRJDXGDKX,RQGDX]HR/XF\QSULPMHUDNLLWDRJDNDRGDMHWRSRVYHQRYD
NQMLJD1HUD]XPLMHPNDNRMHWRPRJXHDOLVYLDPLVH0D[VYLDPLVH
,QHPRUDUD]XPMHWL*DU\'RYROMQRMHWRWRWLVHGRSDGD6YDNDRGWLKNQMLJDMHXQLNDW1D
VYRMQDLQ$RQGDRSHWLQLMH2YLVQRNDNRJOHGDQDWR
*LFH6WDQOH\NDNRLGHSURGDMD]DVDGD"XSLWDODMH/XF\]DPLOMHQX0DQG\NRMDMHQHNDNR
L]JXEOMHQR]XULODXSODYHVDOYHWHQDVWROX2YDVHWUJQHLVWRJWUHQD]EXQMHQRQDVPLMHLLVYHDQR
SRSUDYL VYRMH QDRDOH 1MHQ PODGL SULMDWHOM MX MH ]DOMXEOMHQR SURPDWUDR 0DQG\ MH XYLMHN ELOD
RNUXHQD WLP GMHDFLPD NRML VX SRQHNDG ELOL GXSOR PODL RG QMH $OL RQGD QMHQR HWYUWR
GHVHWOMHHWHNRGDVHYLGMHOR0DQG\MHL]JOHGDODEROMHRGQHNHGYDGHVHWRJRGLQMDNLQMH1HRG
&DVV\DOLRGGYDGHVHWLVHGDPJRGLQDVWDUHNXDQLFH/XF\VYDNDNR
3URGDMDMHSUHPDLODVYDQDDRHNLYDQMD0LVOLPGDLPDPREHVVWVHOHU
*DU\QDWR]DSOMHHUXNDPDLSRGLJQHDPSDQMVNXDXNRMXMHNRQREDUXSUDYRQDSXQLRL
QD]GUDYL8WRLPH
,VSLH]GUDYLFXXWLLQL
,RQGD0D[NDGHVOLMHGHDNQMLJD"XSLWD*DU\
1HEXGLJUDP]LY*DU\RGYUDWL0DQG\3ULHNDMPRGDYLGLPRNDNRHVHVYHRYR]DYULWL
.DNR EL VH LPDOR ]DYULWL" QDPUWL VH 0D[ HPX WDNYR OLFH 0DQG 2YGMH VPR GD
VODYLPRDQHGDVODHPRNLVHOHIDFH=DUQHKP
,JRUSRWSRPRJQHPODGL0DQG\QSULMDWHOMNRPHVH0D[REUDWLR2%RHSRPLVOLRQ*GMH
OLLKVDPRQDOD]L"
7RQR0DQGUHH*DU\&LMHOHYHHULVL]DPLOMHQDHPXWR"
0DQG\VHRWXQRQDVPLMHL
0RGDVWYDULLGXPDORSUHGREURGDELKLPPRJODYMHURYDWL
2KNDNDYSHVLPLVWJODVQRVHQDVPLMH*DU\0D[UHFLMRM.YDULQDP]DEDYX
'D0DQG\UHH0D[]DPUYLFXPDORSUHR]ELOMQRDOLWRLQLVHGDQLWNRRVLP0DQG\QLMH
SULPMHWLR1HPRMQDPNYDULWL]DEDYX
7R MH VYH ]ERJ SUD]QRJ HOXGFD UHNDR MH 6KHUPDQQ UDXQRYRD 0D[ QDMEROMH GD
QDUXLPRVDGDSULMHQHJRVYLXPUHPRRGJODGL
8SUDYXVLRGYUDWL0D[LSRQRYRQDYXHQDOLFHRVPMHKXWUHQX]DERUDYOMDMXLRQDML]UD]L
SRJOHGNRMLMHXSXWLR0DQG\.RQREDU/MXGLRYGMHXPLUXRGJODGL
0PP7DNRVDPJODGQDSUR]ERULPD]QL&DVV\QJODVL0D[VHQDJQHQDGQMXLSROMXELMH
-HOLVDGDEROMH"
0PP0ROLPMDELKMRJRVSRGLQH

0D[XMHOLPH"
XMHPWH0DQG\6DPRJRYRUL
3URNOHWLPRELWHOL
2K]DERUDYLPRELWHOH0DQG*RYRULODVLRWRMNQMLHYQRMYHHUL
'D3HWDN , PROLPWH0D[3RMDYL VHXQHNRPSULVWRMQLMHPL]GDQMX1H NDRX%OHQGX
1DUXDYDVLUHSXWDFLMXLNDRDXWRUDLNDROLMHQLND
2KVNLQLVHVDPRJVOXDMD0DQG=QDGDPH&DVV\QDSXVWLOD
1LMHWRVPDNVYLMHWD0D[0DODMHJOXSDLWRGDWLYLHNDHP
0DODQLMHJOXSD0DODMHODOMLYDNXND0DQG=QDSUHYLHSXWDPLVHWRGRJRGLORGDVHQH
SRQHPSLWDWLQLVXOLVYHHQHLVWH
'DGDRNULYLHQX0D[7LSLQRPXNL$QHELOLVHUDGLMH]DSLWDRQHPDOLXWRPHVYHPX
WYRMHNULYQMH
0RMH" 0DQG L VDPD ]QD GD VDP RERDYDR &DVV\ 6YH VDP MRM GDR , ]DLVWD QH YLGLP
UD]ORJD
0RGDWHVHXSODLOD0D[
8SODLOD"6WDQLPDOR0DQG\'DOLPHVHWLERML"
'DWLSUDYRNDHPGDSRQHNDGGD0D[
0DWLVLOXGD7LVLSRWSXQRSRDDYLOD
0RGD$OLSUREDM]DPLVOLWLNDNRWRGMHOXMHQDOMXGH7YRMDNQMLJDMHGRND]NDNRVLVSRVREDQ
]DSRWSXQXNRQWUROXOMXGVNRJXPD7YRMWDOHQWWHXELMD0D[
0DVYLVWHYLSRVYHSROXGMHOL$OLWHELVHXGLP0DQG7L]QDPRMHUD]ORJH3R]QDPH
3ULMDWHOMLVPRJRGLQDPD=DUELVHPHQHQHWNRWUHEDRERMDWL"
3R]QDMHPWH0D[GD$OLWLQLNDGSULMHQLVLSRND]LYDRWDNHQWHNRMLVXVDGDMHGQDRGWYRMLK
RVQRYQLKNDUDNWHULVWLND6YLSULDMXRWHEL0D[0RHOL]DPLVOLWLNDNRMHELOR&DVV\NDGMHQD
SULPMHUXODXIUL]HUVNLVDORQLNDGMHSRHODVOXDWLVYHRQRWROMXGLSULDMXRWHELLWYRMRMNQML]L
$VYLSULDMX.DXGDVLVDYUHQRRUXMH.DXGDELVYRMLPWDOHQWRPPRJDRSRNRULWLQDURGH-D
&DVV\SRWSXQRUD]XPLMHP0D[+WMHODMHSREMHLSULMHQHJRSROXGLRGVWUDKD
$OLMDVDPMHRERDYDR
6YHMHGQR2QDVHERMDOD
2KMDXSROXGMHWLRGVYHRSHOMXGVNHJOXSRVWL
+HM0D[WRVLKWLRWRVLLGRELR/MXGLWHRERDYDMXLERMHWHVHLWRMHSRDQWDVYHJD
8SHWDNVYHXLPREMDVQLWLXSHWDN2YRYLHQHPRJXSRGQLMHWL
LQLNDNRKRHDOLSRMDYLVHXSULVWRMQRPL]GDQMX/MXGLYLHQHSDGDMXQDSLMDQHSUOMDYHL
QDEXVLWHXPMHWQLNH3RVWDYLMDYQDOLQRVWSRVWDMHMDYQRYODVQLWYRDLWDWHOMVWYRLJOHGDWHOMVWYR
VXGLRWHELNDRGDPXSULSDGD0D[DNRVLPLVOLRGDVHQHPRHQRVLWLVWLPQLVLWRWUHEDRQL
SRLQMDWL
0RJXVHQRVLWLVWLPLVDVYLPH$LWL0DQG\QRVLVH1HWUHEDMXPLWYRMHSURGLNH
'REURQDPMHUQH0D[.DRSULMDWHOMSULMDWHOMX
%ROLPHEULJD0DQG\6DPRVHQRVLWRVHPHQHWLHVYLPRHWHFUNQXWL3RQDDWHVHNDR
GDVPRXVUHGQMHPYLMHNX0DORQRYRWDULMHLYHXPLUHWHRGVWUDKD(SDQHWUHEDPLVUDQMDX
LYRWX,PDPLKLSUHYLH
0D[MD
'DYLGLPRVHXSHWDN0DQG1HEULQL1HXVHXELWL7ROLNRJOXSQLVDP
.ODQQQQQJ6OXDOLFDWUHVQHLSRVNRLQDPMHVWX

'UKWDRMHNDGVXJDSR]YDOLQDELQX1H]ERJVWUDKDRGJRPLOHYH]ERJQMLKRYLKRLMX9LGLR
MH NDNR JD JOHGDMX %LOL VX WR L]JODGQMHOL SRJOHGL HOMHOL VX GLR QMHJD 2VMHDR VH SURGDQLP
2VMHDR VH URERP YODVWLWRJ GMHOD , JOHGDR MH QMLK VYRMH YODVQLNH NDNR ]DKWLMHYDMX NRPDGLH
QMHJD
3RSUYLSXWDSRHRVHSLWDWLWRVDPWRQDSUDYLR"
'RNMHGRDRGRELQHMRMHGQRSLWDQMHVHIRUPLUDORXQMHJRYRMJODYL'DOLVDPQDSUDYLRQHWR
NULYR"2YRQLMHELODUHDNFLMDNRMXMHRHNLYDR
WRYDQLRNXSLOLVPRVHRYGMH
1LWNRJDQLMHVOXDR$VYLVXLSDNSR]RUQRSUDWLOLVYDNXULMHQMHJRYRJXQDSULMHGVPLOMHQRJ
JRYRUD SUDWLOL VYDNL QMHJRY SRNUHW SLOL VYDNL L]UD] QMHJRYRJ OLFD NDR GD R WRP L]UD]X RYLVL
QMLKRYLYRW/LLOLVXPXQDJODGQH]YLMHULNRMHMHQHWNRSXVWLRL]NDYH]DLVNXSLRWXQDRYRP
PRUELGQRPVNXSX9UOREU]RVHVOLNDVWYRULODXQMHJRYRPXPX7LJURYLLODYRYLLKLMHQHGLYOMH
PDNHVMHGLOHVXXEDUXQDVWLPVWROLFDPDSUHGQMLPLNHVLOH]XEHSUHPDQMHPX/LMHYRLGHVQRRG
QMHJDQDELQLVMHGLOHVX]YLMHULLSUDWLOHQMHJRYJRYRUJUDEHOMLYLPRLPD
/XGLP JRYRULR MH VHEL ]QRMHL VH GUKWHL SRNXDYDMXL QH SRND]DWL VYRMX SDQLNX D LSDN
VYDNH GYLMH VHNXQGH GLXL UXNX GD REULH ]QRM ]DVWDMNXMXL X JRYRUX PUPOMDMXL JXEHL VH
SRQDYOMDMXLYHUHHQR
=YLMHUL X EDUXQDVWLP VMHGLWLPD WR NDR GD QLVX SULPMHLYDOH 6DPR VX VH QMLKRYH ELMHOH
HOMXVWL L ]XELNROMDL NHVLOH SUHPD QMHPX QMLKRYH GODNDYH JODYH QMLKDOH X ULWPX RWNXFDMD
QMLKRYLKVUFD1HWRVH GL]DORL]QDGQMLKSRSXWPDJOH 3RLPDRMHVKYDDWL NDNRVXWRQMLKRYL
RVMHDMLSUHPDQMHPX3RLPDRMHVKYDDWLGDQHVPLMHL]JXELWLYLHQLWUHQXWND7UHEDORMHWR
SULMHSREMHLVRYRJPMHVWD
,]YLQLWHPH
0DQG\ MH ]DEULQXWR SRGLJOD JODYX NDG VH RQ SRVUXL VMXULR V SR]RUQLFH L ]DWLP L]JXELR
UDYQRWHXQDWUHRMVWHSHQLFLLSDREROQRVHGRHNDYLQDODNDW
8]GDKVHRWHRJRPLOL
0DQG\MHVNRLODQDQRJHSULWUDODPXDOLRQMHXJOHGDYLMHNULNQXRLWHWXUDMXLSRNXDR
SREMHL %LOD MH XDVQXWD 1LNDGD JD RYDNYRJ QLMH YLGMHOD $ QLMH ELR SLMDQ PRJOD MH RVMHWLWL
SUHPDQMHJRYRPGDKX6DPRMHELRVOXHQ
6WUDJDL]DYUDWDL]YDQGYRUDQHELORMHQHNRJNRPHDQMD0D[NRMLVHVDGDXVSUDYLRQDQRJH
RNUHQXRVHSUHPDWRP]YXNX,PQRJLL]JOHGDOLWDXVWDOLVXLRNUHQXOLVHSUHPDYUDWLPD=YXN
PQRJLKJODVRYDLWXWQMDQMHVWRSDODSULEOLDYDOLVXVH
, RQGD MH OMXGVNL VWDPSHGR UD]YDOLR YUDWD L VWRWLQH QMLK MH XWUDOR XQXWUD 0D[RY NULN ELR MH
]DJXHQ]YXNRPQMLKRYLKJODVRYD0DQG\MHSRNXDODGRLGRQMHJDGYDSROLFDMFDVXSRNXDOD
GRLGRQMHJDDOL0D[MHEMHDRQHYLGHLQMLKRYHSRNXDMHGDJDRGYXNXQDVWUDQMLL]OD]
,VYLGUXJLVYLRQLNRMLVXXSUDYRXOLSRNXDOLVXGRLGR0D[D%LORLKMHSUHYLHGDLKLWD
VSULMHL6YLVXRQLYLHLOLPDQMHSR]QDYDOLGU1HWWDUDLOLEDUXOL]DQMHJD
,VYLVXSURLWDOLQMHJRYXNQMLJXLVKYDWLOLMH
6DGDLPMHRVQRYQLVPLVDRLYRWDELORGRLGRQMHJDXNUDVWLGLRQMHJD6OXHQLRERDYDWHOMLX
LMLPMHJODYDPDELODVDPRMHGQDLGHMDGRWDNQXWLYUKXQDFVYRMLKLGHDOD0DJODQMLKRYLKRVMHDMD
UDVODMHLXLQLODYHOLNLVLYLREODNL]QDGQMLKRYLKJODYDNRMLMHSRVWDRRORYQRWDPDQSD]DWLPFUQ
NDGVXVHVNORSLOLRNRQMHJD
XRVHDPRUQMLKRYLKX]EXHQLKJODVRYD
XRVH0D[RYNULNNDGVXJDQMLKRYLSUVWLGRNXLOL
XR VH 0DQG\Q SUHVWUDHQL GR]LY GRN MH SRNXDYDOD SURGULMHWL NUR] ]LGRYH OMXGVNLK WLOLMHOD
&UQLREODNJUPLRMHLVMHYDR0D[MHYLGLRNDQGH]YLMHULNRMHVXSRHOHQDLPDWLQMHJRYRPHVR
6DPRWULPLQXWHQDNRQWRMHVYHSRHORVYHMHQDJOR]DPUOR
2G GU 0D[D 1HWWHUD YLH QLMH RVWDOR QLWD 1MHJRYL RERDYDWHOML VWDMDOL VX RNROR REOLYHQL
QMHJRYRP NUYOMX V NRPDGLLPD QMHJRYRJ PHVD LVSRG QRNWLMX 1HNL VX VH MR VDJLQMDOL NXSHL
RVWDWNHQMHJRYLKNRVWLMXWNLYDNRHLNRVHDOLFUQRJREODNDMHQHVWDORNDRGDJDQLNDGDLQLMH
ELOR
, VDPRVH MR MHGQDUHHQLFD PDWHULMDOL]LUDOD L]QMLKRYLK PLVOL GL]DODL DSWDOD PDGDVX VYL
XWMHOLWDNRGDVHLQLORNDRGDWRNUYDYL]LGRYLGYRUDQHDSXX
%LRMHWRRGORPDNVNUDMD.RQWURORUDVQRYDDJODVLRMHRYDNR
3LVDFSUHGDMXLVHNUR]VYRMHGMHORLWDWHOMVWYXQDPLORVWLLQHPLORVWSUHGQMHJRYHNULWLQH
RL SUHG QMLKRY VXG SRVWDYOMD JUDQLFH VYRMH ERDQVWYHQRVWL LOL SDN QLWDYLOD 3UHGDYL VH RQ
]DXYMHNSRVWDMHGLRQMLKLRQLHVYRMLPLYRWLPDXYDWLLGHMXNRMXMH]DHRXQMLPD3VLKRORNL
IDNWRURYGMHMH]QDDMQLLPEHQLNSUHQRHQMDLGHMHNRMDVH]DHODXQMHJRYRPXPXLNRMXMHDNR
MH X QMHPX GRYROMQR XPMHQRVWL SUHQLR QD VYRMH LWDWHOMVWYR 7DM IDNWRU ELW H IDNWRU NRQWUROH
QMLKRYRJ XPD $NR MH IDNWRU RGQRVQR SLHYD XPMHQRVW GRYROMQR MDND RQ H PRL PLMHQMDWL
WRNRYHQMLKRYLKPLVOLXQMLKRYLPXPRYLPDJUDGLWLVYMHWRYHNRMLQLNDGDQLVXSRVWRMDOLLQDWMHUDWL
LWDWHOMDGDVH]DJOHGDXWHQHSRVWRMHHVYMHWRYHLSURQDHVHEHXQMLPD
7LP VYRHQMHP LYRJ QD QHLYR VWYDUQRJ QD QHVWYDUQR SLVDF ]DUREOMDYD VYRMH LWDWHOMH X
QHNX YODVWLWX SVLKRORNX GUDPX L GR]YROMDYD LP GD XX X QMHJD L SRVWDQX GLR QMHJD 7DM LQ
NRMLPVHVDGLWDWHOMSUHGDMHSLVFXSULND]XMHVHXREOLNXRERDYDQMDLRYLVQRVWLRVSLVDWHOMVNRP
XPX WHQML ]D GDOMQMLP XLWNRP L JUDGQMRP VYLMHWD NRML MH X QMLPD ]DHW 8VSRVWDYRP WRJ
NRQWDNWDXVSRVWDYOMDVHNUXQLWRNRYLVQRVWLNRMLVHLSDNQDSRVOLMHWNXXYLMHNYUDDLWDWHOMVWYXMHU
QMLKRYDJODGMHQHXWDLYD
6WRJD .RQWURORUL VQRYD LVWRGREQR ELYDMX L JRVSRGDUL L UWYH D QMLKRYH VXGELQH RYLVLW H R
RERDYDQMXNRMHHVHREOLNRYDWLXJODYDPDRQLKNRMLVXSRGXWMHFDMHPQMLKRYRJPDJLQRJGMHOD
1LMHGQDVQDJDQLMHWDNRMDNDNDRVQDJDXPD2QLNRMLPRJXXSUDYOMDWLQMRPHXSUDYOMDMXLMH
SUHPDYODVWLWLPFLOMHYLPDJRVSRGDULVXVQRYDMHGQHFLYLOL]DFLMH0HXWLPYDQRMH]QDWLVQDJD
RVORERHQD QD WDM QDLQ YHD MH RG VQDJH NRMX MHGQR OMXGVNR ELH NRMH SLVDF LQL PRH
NRQWUROLUDWL
6WRJDVHWUHED]DSLWDWLGDOLVDPGRYROMQRMDNGDRVORERGLPVLOXNRMDMHXPHQLLGDOL VDP
GRYROMQR MDN GD VH VXSURVWDYLP VLOL NRMD H RGJRYRULWL QD QMX" $NR MH RGJRYRU SR]LWLYDQ
.RQWURORUVQRYDELWHURHQ8VXSURWQRP
=DJUHE
GDKK
.DGMH+DUU\VUHR6DOO\
,PHPLMH'XNHURDH]DSULMDWHOMHXND.DGDELLKLPDRXRSHWRMHVWSULMDWHOMDPLVOLP
1RPHQHVWRPHQDPRMHMHYULWHL]QDN]DRSXRSDVQRVW2QRLVYHRVWDORWRLGHX]QMHJD
DOMH VYLPD NRML VX ]DLQWHUHVLUDQL MDVQX SRUXNX 9LGLP WL SR EOHQWDYRP SRJOHGX GD QL
QH
NRSDQHPDEULJHURDHHYRKHOSIDMOH
1DWDNQLQDRNRGYDPHWUDPLLMDLWRSUDYLKYMHERPNOHVDQLKL]QRMHPSRMHQLKDQHRQRJ
VPHD JQRMHQRJ NHPLNDOLMDPD EH]L]UDDMQR OLFH XRNYLUHQR SUVWRKYDWRP SODYH QD ]DWLOMNX GR
NRH L]EULMDQH NRVH OLMHYR XKR XNUDVL ]ODWQRP QDXQLFRP D FUQL SRJOHG VDNULM L]D MR FUQMLK
QDRDOD *RW G PHVL ND]Q" 1H" 2.(- PRGD VL RG RQLK GLHVHO WLSRYD NRML QDMVSRULMH NXH
RHYLGQHVWYDUL%DFLGDNOHSRJOHGQDRQRWRQDPHQLLQDHXRSHQHELSULPMHWLREDUHPQHGRN
QHEXGHSUHNDVQR
1D SULPMHU IXWUROX QD OHLPD ILORYDQX ZLQFKHVWHU SXPSDULFRP VNUDHQH FLMHYL WXSD FD
QDUDYQR X RYRP GREX WHKQLDUD QLMH ORH V YUHPHQD QD YULMHPH ]DLJUDWL QD NDUWX VLURYH VQDJH
RORYDLOL6PLWK :HVVRQRYEODVWHUVYDNDDVW1DNDMLPDGH]LQWHJUDWRULPDDOL]DLVWDMHJOXSR
NDGSUHGKUSRPWLSRYDNRMLHOHYDXNUYFXGDWVYHYLQMHPQDDQDOL]XPDHVSUDYLFRPNRMDSLWL
NDNR MRM VH HWR ED RYDM DV EDWHULMD LVSUD]QLOD XWXWNDQ X SRGSD]XMH LMD VH GUND RG WDPQRJ
GUYDVDYUHQRULPXMHVDRQRPL]UDHQRPRGNHYODUDERZLHQRLQHRPRPERNX
.DMHMRQHNXL"8IIIRUDYOLVLWLVWYRUURDH1RXUHGXHYRSRUXNDMH'HU]QRIDN
DUDXQGYLGPL$OLWLVLVYRMXDQVXYHSRRGDYQRSRSXLRSRLYDMXPLUXURDH

6MHGLR VDP ]D DQNRP UD]PLOMDMXL VQXGHQR R WRPH NROLNR VH PMHVWR SURPLMHQLOR RG PRJ
]DGQMHJ SRVMHWD 1D JRUH 1HRQ L HOLN VPLMHQLH XJRGQX SROXWDPX NDUERQSODVWD D QHNDNYR
NYD]LMD]]GUQGDQMHOLND]D VLQWRPNRMHJDVXVYLRVORYOMDYDOL6DPLYDKQX PMX]XNRMD MHQHNDG
SDUDOD]UDNLXLXELUFX
,VXVHQDWRMHVYLMHWGR
R]DWXOLKPRPDNGDMMHGQXHVWX
0XWDYD L QDPUJRHQD L]OLND ]D NRQREDUD QD PMHVWX QHNR YMHQRQDVPLMDQRJ
GR]ODERJDEUEOMDYRJ%DUWDQHYROMNRPLWXUQHQDUXHQLQDSRMDLFD]DWHWXUDSRYULQRPGREROL
XODWHQRJ DQND UDVLSDMXL XVSXW VYRM VDGUDM SRSXW SLMDQRJ POLMHNDUD 3RJOHGDK JD NUYDYR
SUHPLOMDMXL VH QD WUHQXWDN RX
O JD SOMHVQXW
GHVQRP QHX
O JD SOMHVQXW
GHVQRP SR PXWDYRM
ODEUQML"0DQHXJDSOMHVQXW
GHVQRPQLMHIULNNULYWRMHWUDSDYURHQ
3$)3OMHVQHPJDOLMHYRPWRQRPHXRL7LMHORQLW
SLVQXQLWL]XELNULQXNOL]QHL]DDQND
EH]SURWHVWDXPDLVYLMHVWL
1H PDUHL YLH ]D XVSDYDQX OMHSRWLFX NROLNR QL ]D FUQR LVSRG QRNWD VDVXK QDSRM QL] JUOR
$MGHEDUMHQHWRRVWDORLVWR]DJULQWDKXVHELSLMDDMHMHGQDNRMHORDNDRLSULMH

7DPDQVDPVHSRHRPLULWLVDEHGRPNRMLPHREXKYDWLRNDGOLXOD]QDYUDWDL]OHWMHHL]DUNL
UD]YDOMHQD RGERMQLFLPD 'MHYH EDMQH 1D VWUDQX GXJD FUQD NRVD XUHGQR VIUNDQD X UHS OLFH
ERJLQMHYLWNDILJXUDLVWUXDNN
RPDVODDNVWRWLQMDNSDULRLMXXVDOL]DOLMHSLORVH]DVDPRMHGQX
WRNX,VSUDYDNNULYRJQDYRGDGYLMH
LPVDPMHXJOHGDRRGPDKVDPLKVSD]LR9HOHSUVLVXSUNRVLOH]DNRQLPDJUDYLWDFLMHVQDJRP
NRMDELVLURWRJ1HZWRQDQDWMHUDODXKLVWHULQLVPLMHKLO
SODLO
RERMH1HEL
JDNULYLR
2YHUNORNLUDQRJ PL NODPDWD SRPLVOLK VSUHPDMXL VH ]D QDVNRN RYDNR XVNH PDMLFH
WUHEDOREL]DEUDQLWL]DNRQRP
.DGPLMHQDSRNRQLWDYDQMHQDILJXUDXODXYLGQRSROMHVPU]QXKVHXSRO
SRNUHWDLRSUH]QR
VHVYDOLKQDWUDJQDVWRODF-HLJDQHPR
FXULVDSDURPQDXOMHQLKRWURSXFDRNXNRYLPDSUL
N
R
QRYLQVNRPNLRVNXEH]RE]LUDRNDNR]DPDPDQLRQLELOL.XNRYLQDUDYQRQHRWURSXFL
'RNVDPWDNREU]RVPLOMDRYDULMDFLMHPRJXHJGHVDQWDQD'MHYXLMREUHLKRGEDFLYDRRQD
SULHFUQRSXWRMVSRGREL]DVLQWRPLDSQHPXQHWRQDXKR/LN]YDQ6DPSUHNLQHVDPXHQMHP
JOD]EDOD L SRQH IXO VHQ]LELOQR SUHELUDWL SR QMHPX D 'MHYD VH VD QHNDNYLP EODHQLP
SROXVPMHNRPVPMHVWL]DDQNWULVWROFDVMHYHUR]DSDGQRRGPRJD
$V WLPH JRHV E\ 2K NYUDJX GMHYD LPD VWLOD SURPLVOLK QHYROMNR YMHURMDWQR SDGD QD
PMX]LDUH.DWHJRULMXXNRMXPHQLX]NUDMQMLQDSRUQHELPRJOLVWUSDWLMDQDLPH]QDPVYLUDWL
VDPRUDIDOQR9MHUXMWHPLQDULMHLPDRVDPQDMEROMXYROMXXWRSLWLVYRMHUD]RDUDQMHXDONRKROX
QRVXGELQDMHLPDODGUXNLMHSODQRYH

8DRMHEXHLSRSXWGURELOLFHSUDHQGYMHPDNRNDPDLRNUXHQNUGRPQDELOGDQHJRYHGLQH
.RNH" %LOH VX SURIHVLRQDONH 6DYUHQLK SURSRUFLMD SRHOMQH L YDUOMLYH SRSXW RGUD]D X
RJOHGDOX6YHMHQDQMLPDELORSODVWLQRRGVLVDGRRVPLMHKD/DQHNDNRUHNRKGRNRVWLKUSD
VLOLNRQD SROLYLQLONORULGD HSRNVL VPROD L NDUERQVNLK YODNDQD DUROLMD QDQRNLUXUJLMH VNULYHQD
SRGGYD SUVWDGHEHOLPVORMHP PLQNH1DGRPMHVWDN]D URPDQVX-DNRMDNR VNXSQDGRPMHVWDN
0RMDSURFMHQDRYDNRRGRNDGYDVRPDSRYHHUL6YDNDQDUDYQR
*RYHGLQD"3UYRNODVQD6WHURLGLPDLDQDEROLFLPDQDSXPSDQDKUSDSULVSRGREDVDNROLQLNRP
LQWHOLJHQFLMHPDQMLPRGGYRJRGLQMDNRYDEURMDFLSHOD%H]GXQRLVPUWRQRVQRMDWRPRUVNLKSDVD
NRMHNDGMHSUDYDYDOXWDXSLWDQMXXELMDQHWUHSQXYLLMRXLYDSULWRPH
$RQ"2QMHSULSDGDRRQRMYUVWLOMXGLNODVLILFLUDQLKXPRPRUJDQDM]HUXSRGVORYRPNDR
RGHU +USD OMDNH GDNOH VD PR]JRP X QRYDQLNX L VUFHP X HOXFX 2SHULUDQ RG ELOR NDNYH
XJODHQRVWL L WROHUDQFLMH 2 GXKRYLWRVWL L NXOWXUL GD L QH JRYRULPR 6LURY N
R RGUH]DN SUHSXQ
KRUPRQDPDVNRURN
RMDKHKH
,ORYHSUHSXQQDUDYQR8UHVLRMHGDNOHQDPLUQLNXWDNVYRMRPQD]RQRXNDRWRELKUSD
NUDYOMH EDOHJH QD VWROX XNUDVLOD VYHDQL QHGHOMQL UXDN 6YHMHGQR SXVWLOL VPR JD QD PLUX QD
PRMXVUHXRQQLMHQDVSDUGRQQMXSDUGRQQMHJD
7HNWRVH]DYDOLR]DVWRODF]DODMDSROXSLMDQRQD6DPD
$ORSURSXKNRMDMHWRVKHPD"'DM
PDORSUDYHPMX]HRQREXPWUDVSDUDPSDUDWDGXPXMHWLPHQH]DJRUHQL"
=DOXGX6DPMHLGDOMHSUHELUDRSRGLUNDPDVLQWDJOXK]DXUOLNHOLNDXORHVNURMHQRPLMRN
WRPH SUHVNXSRP RGMHOX WR MH SRWRQMHP RLJOHGQR MDNR LOR QD LYFH L]EDFXMXL JD L] WDNWD L
QDYODHLPXPUDNRELMHVQDURDYROLFH3XFQHSUVWLPDLMHGDQRGSHWRULFHQDSXPSDQLKNUHQHND
6DPX
*RWRYRLVWRGREQRL'MHYDVHRGOLMHSLRGVWROFDL]DYHVODNXNRYLPDXLVWRPSUDYFX3UHVUHWQH
JDQDSROSXWDLUHH3XVWLJDGDRGVYLUDGRNUDMDRYMHN
, GD ]QDWH GD VH VPU]

R QD WUHQXWDN SURPLOMDMXL YDOMGD GDO
GD VH XSLD RG VPLMHKD LOL MRM
RGPDKVSHJODMHGQX]LGDUVNXSRVUHGXVWD1DNRQFXPXVHNXWRYLXVDQDLSDNSRYLHSUHPDJRUH
QRVDQMLKVHRGOLMHSLHSRVYHNULYHULMHL
3XLJXPXNRNR]DXVWLVLURYLQD]DPDKQHUXNRPLRWYRULYUDWDSDNOHQD
5XHUGDMHMRXYLMHNJUDELODNDPMHVWXJGMHMHRQDVWDMDODWUHSWDMRNDSULMHDRVWDWDNQMHJRYH
WMHOHVLQHXNRPSOHWXVDXVQXOLPOLFHPYHMHSDUDEROLQRPSXWDQMRPKLWDRSUHPDSRGXGDNOHX
SRVYH VXSURWQRP SUDYFX NDNR YH ELYD NDG YDP VDYUHQ PDYDVKL SUDVQH SRVUHG XKD .RPER
XGDUDF L] VQRYD NDG PDOR EROMH SRJOHGD XRSH JD QH YLGL D EROL ]D SRSL]GLW $NR VH QDNRQ
QMHJDXRSHRVYLMHVWLQDUDYQR
*RYHGREURMGYDWU]QHEODVWHURPQRQHGRYROMQREU]R6NLQXODJDMHN
RQDXQLFXRQDNRV
ERNDQLQHYDGHLRWURSXFL]NRULFD'MHYDJRYHGLQD
2VWDWDN NUGD VXRHQ V NODQMHP RGOXLR VH ]D VWDPSHGR WDNWLNX SD ]DSUDVNDH RUXMHP
XQDNUVQRXUQHEHVQRLXSUD]QR
1H]QDPGDOLVHWDDUROLMD]RYHGYRVWUXNLDNVOLOLSUHEDFSUHNRVHEHVDPHVDNRORYUWRP
DOL YUDNL GREUR GMHOXMH 0LVV +RXGLQL YH MH ELOD GYD VWROD GDOMH UD]PD]XMXL KLFLPD QMLKRYH
OHXNRFLWHSRSRGXL]LGRYLPDVYHGRNEURMLVWLKQLMHRERMLFLXYHOLNHSDRLVSRGIDWDOQHUD]LQH
1HNDNREDWDGDSRVOLMHGQMLVHWLMHORXORHVNURMHQRPRGMHOXKUDQLWHOMVXRLRVDSUREOHPRP
QDEDFLYDQMD VYRJ FKDNUD VMHLYD UXNRP ]DNXFDQRP ]D ]LG GYDQDHVWLQQRP QD]XEOMHQRP
RWULFRPQRDVDNHYODUGUNRP.DNRWLKRWXOMHQMHRGEROLQLL]EOL]DQLMHELORYDOMDQRULMHHQMH
RQUD]RDUDQR]DNRYUQHRLPDLPOLWDYRNORQHEH]VYLMHVWL3UHGVWDYDMHELOD]DYUHQD
'MHYD SDUNLUD ]DDUHQH RWURSXFH X JDUDX L SULH OLNX NRML VH WUHVDR ]D VWRORP N
R SRNLVOL
JROXEL]DPDKQH9LWNLLGXJDNLSUVWL]D]YL]GDHSUHGQMHJRYLPOLFHPLNDGVDPYHSRPLVOLR
GDJDMHSURPDLODXSRODSRNUHWDVDYLQHUXNXLQMHQODNDWVMHGQHSUDYRQDKUEDWQMHJRYDQRVD
3UVQXRMHSRSXWOXEHQLFHX]MHGQRWLKRNUJKNUFDNUYQDJUQHN
RL]SURELMHQHYLQVNHEDYH
0LVOLPGDMHYULMHPHGDRGHWLKRUHH
6ORLR VH V QMHQLP PLOMHQMHP EH] JODVD L QHVWDR X WUHSWDM RND SUDHQ SODVWLQLP VHVWUDPD L
NDSOMLFDPDNUYL
'MHYD VH RNUHQH QD SHWL L SULH 6DPX 3OD\ LW 6DP SOD\ LW DJDLQ , 6DP ]DYHVOD L] VYH
VQDJHD'MHYDVHXSXWLSUDYRQDPH
+YDODQDSRPRLUHHYUDDMXLPLQREH]RE]LUDWRQLMHELODQXQDFLMHQLPWR
+D"
'MHYD]DYUQHSOHWHQLFXLXSUHSUVWRPXPDOXSR]ODHQXNYULFXQDYUDWX
(LGRVVHQ]RULLPDODVDPJDQDQLDQXFLMHORYULMHPH6YHMHGQRKYDOD
'XNH'XNH1XN
HP'SOL]WXPLWMX
'"
'HUHP'DYLPL'H]LQWHJULUDPSRQDUXGELLHOMLDSRQHNDGLL]RVREQRJJXWD
2QGD XND XSLWD GMHYD VMHGDMXL X VWRODF GR PHQH RHDYL VH SULWRP VYRML SDURP
DLUEDJRYDRPRMXQDGODNWLFXWD
SLW
"
=DFHUHNDKVHXVHEL]DGRYROMQRGRNMHVLU,VDDFQHJGMHXGDOMLQLKLVWHULQRYULWDRFXUDMHLVWL
HQGHPDLVLVHVXSUDYH

,PHPLMH'XNHURDH]DSULMDWHOMHXND.DGDELLKLPDRXRSHWRMHVWSULMDWHOMDPLVOLP
+HMDO
LPDPLFXUXLPHMRMMH&URIW/DUD&URIW
7RPLVODY'0DWNRYL
2SRUXND
3URED 3URED 5DGL 'REUR 3RLQMHP JRYRULWL 2VWDYOMDP VYRMX RSRUXNX RQRPH WNR H PH
SURQDLELORPHQHELORPRMHNRVWL

1H]QDPNDNRMHVYHSRHOR=QDPVDPRGDMHSRHORSULMHQHNROLNRGDQD'YDWULPRGDL
YLH RYMHN VH L]JXEL X RYRP VNODGLWX 3UHYLH VSRUR YULMHPH SUROD]L GD EL VH RYMHN PRJDR
RULMHQWLUDWL-RDNRVWHRVWDYLOLVDWXNDELQLDEURGVNLQHUDGL2QGDJDMHEL1HPDQLNDNYHDQVH
GD VH YUHPHQVNL RULMHQWLUDWH 3URVWRUQR MR L GD 2L YDP VH SULYLNQX V YUHPQRP QD WDPX L QD
SURNOHWR FUYHQR EOMHVNDQMH DUXOMLFH SRNUDM YUDWLMX 8OD]L PL X PR]DN YH QHNROLNR GDQD
,VSRHWNDQLMHELODWROLNRIUXVWLUDMXDDOLVDGDNDGDVNORSLPRLYLGLPWRPDORSURNOHWRVYMHWOR
NDNR PL ERGH X PR]JX 2NUHQHP VH RG QMHJD L QLWD 2VMHDP JD QD VYRP SRWLOMNX NDNR
SRODJDQRXOD]LXPRMPR]DNLVYLMHWOL6YLMHWOLGREHVYLMHVWL8ELWHPH3RNXDRVDPJDUD]ELWL
1HLGH1HSURERMQRVWDNOR3URNOHWDNRPSDQLMDPLVOLOLVXQDVYHRVLPQDVLWXDFLMLXNRMRMVDPMD
VDGD,YMHURMDWQRVHQHXL]YXLDOLHYDOMGDQHWNRSURQDLRYHPRMHELOMHNHLQHWRQDXLWLL]
QMLK,VNUHQRUHHQRVXPQMDPGDHLKQHWNRQDLDOLMRYLHVXPQMDPGDHQHWNRQHWRQDXLWL
L]QMLK$NRLKLNDGDLQHWNRSURQDHQDRYRPLRG%RJD]DERUDYOMHQRPSODQHWXVPDWUDWHVYH
WR VH RYGMH GRJRGLOR MHGQRP YHOLNRP JOXSRX L OMXGVNRP JUHNRP 9MHURMDWQR H QD NUDMX
RWNULWL GD VPR VH VDPL SRNODOL WR QDUDYQR QLMH LVWLQD $OL PRGD L MHVW 1H ]QDP YLH WR VH
GRJDD7LLQXPRHWHUH]DWLQRHP-XHUVDPVOXDRSUDLQXNDNRSDGD6YRMHYODVWLWRGLVDQMH
RWNXFDMHVUFDLELORNDNDYXPNRMLVDPQDSUDYLR=QDPGDWRQLMHSDPHWQR0RJOLELPHXWLDL
RQGD ELK L MD ]DYULR NDR L RVWDOL *OXSR RG PHQH %RMLP VH XPRYD D GREUR ]QDP GD VDP X
]YXQRL]ROLUDQRPSURVWRUX1HPDQLNDNYHDQVHGDPHQHWNRXMH1LWLMDGDXMHPLNRJDLVSUHG
YUDWLMX 0RGD VX L RWLOL" 0RGD YLH QHPD QLNRJD" $OL QH XVXXMHP VH SURYMHULWL 6WUDK RG
VPUWL X PHQLMH SUHYHOLN 1LMH YLH YDQR VSDVDPL QHPD 2G VYLK VNODGLWDQD EURGX RGDEUDR
VDPRQRQDMJRUH7HKQLNHPDWHULMDOH8PMHVWRGDVDPXWUDRMHGQDYUDWDGDOMHLXDRXVNODGLWH
KUDQHLOLGYRMDYUDWDGDOMHNULRNRPRUHLOLWURMDYUDWDGDOMHLOLHWYUWDLOLQH]QDPYLHNRMD,PDLK
PQRJR1DRYRPEURGXLPDPQRJRYUDWLMX3UHGYLHQMH]DWR-HGQRPNDGDVHVSXVWLNDRWR
VPRWRPLQDSUDYLOLSRYUDWNDQHPD%DUHPLGXLKGYMHVWRJRGLQD,SDNVPRPLNRORQL]DWRULDQH
QHNL WDPR WUJRYFL 3URNOHWD YUDWD WR QLVX VPMHVWLOL VNODGLWH KUDQH RYGMH LOL NRPRUH ]D
KLEHUQDFLMX6YHPHEROLRGVSDYDQMDQDHOLNXRJODGLGDLQHSULDP*ODGDQVDP1LVDPMHR
YHQHNROLNRGDQD0RMHOXGDFMHVYHEXQLMLLEXQLML,ERMLPVHGDHXVNRURVKYDWLWLGDVDP
RYGMHDNR]ERJQLHJGUXJRJDRQRSR]YXNRYLPDNRMHLVSXWDP2SHWJOXSRVWVPRMHVWUDQH
=YXN+D.DRGDPHQHWNRLPRHXWL,OLVSDVLWL

-XHUVDPVKYDWLRGDSRODJDQRGHKLGULUDP-RWULGDQDLXPULMHWXRGHL2YGMHMHVXK]UDN
SD VH MR L SUHNRPMHUQR ]QRMLP HGDQ VDP D QH VPLMHP SLWL 3LDOLQX VWDYOMDP X SRVHEQX
ERLFX6WDYLRVDPHSQDQMX2VWDYOMDPMH]DWUHQXWNHNDGDVWYDUQRYLHQHXPRL3RHWXMH
SLWL-RGDQDVLOLPRGDVXWUD.DVQRMHDLMDVDPXPRUDQ,GHPVSDYDWLQDPRMRPLOMHQLHOLQL
GLR SRGD 1DVWDYLW X VXWUD LOL NDGD VH SUREXGLP 1H PRJX YLH GLNWLUDWL QD )DUPLMHYX SORX
3UHWUDLR VDP LWDYR VNODGLWH LP VDP XDR X SRWUD]L ]D RUXMHP 3URQDDR VDP )DUPLMHY
GLNWDIRQSULMHQHJRVXVYMHWODXJDVOD7UHEDORMHYUHPHQDGDPLVHRLSULYLNQXQDWDPX,VDGD
QHNROLNRGDQDNDVQLMHGREUR]QDPGDXVNODGLWXQHPDQLWDRGNRULVWLDOLJDLGDOMHSUHWUDXMHP
YLH SLSDMXL QHJR JOHGDMXL 8VWD VX PL VXKD L XPRUDQ VDP $ L SUHYLH WLK DSHP GRN
JRYRULP

1DVWDYOMDPRYDM]DSLVRGSULMHQHNROLNRVDWL1LWDVHQLMHSURPLMHQLOR/DPSLFDLGDOMHXSRUQR
RVYDMDPRMPR]DN6PLMHPMRMVH6PLMHQDMHXVYRMRMXSRUQRVWLDMDVDPWYUGNDRVWLMHQDNDR
HOLN1HHXLQHXMRMGR]YROLWLHGDQVDPLPRNDU6DYVDPX]QMX1HYLGLPJDDOL]QDPGD
MHRYGMH2GMHDPLVHOLMHSL3RVWDMHKODGQR6NLGDPRGLMHORLVDGDVDPVDPRXKODDPDHQVND
SXEOLNRGLYLWHVHPRPWLMHOXNRMHVDGDJOHGDWH,DNRYMHURMDWQRJOHGDWHPRMNRVWXUDOL]QDMWHGD
MHWXQHNDGDELORNLORJUDPDGREURUD]YLMHQRJPXNDUFD/DPSLFDQHSUHVWDMH%DFDPVWYDULQD
QMXXPLVOLPDMHUVHQHXVXGLPQDMDYL0RJOLELPHXWLLGRLSRPHQH2QLQH]QDMXGDVDPMD
RYGMH6DPLQHQDRUXDQ$OLQHGDPVH1HHPHLPDWL1LWLMHGQRRGQMLK3RELOLVXVYH6YX
SRVDGX-DVDPELRXKRGQLNXLYLGLRWRVXUDGLOLDOLQHPRJXL]UD]LWL2QDMWNRGRHSRVOLMH
PHQHVKYDWLWH

8SUDYR VDP SRSLR JXWOMDM GUDJRFMHQH WHNXLQH L PRUDP SUL]QDWL GD L QLMH WDNR ORD %OMXWDY
RNXV DOL WDM RNXV PHQL LYRW ]QDL 1LNDGD QLVDP QL VDQMDR GD X SLWL WDNR QHWR .DX GD
SLDOLQDLPDYRGH=DQLPDPHMHOLRNXVXRQRPSUHRVWDORPSRVWRWNX2VWDORPLMHMRQHWR
YLHRGSRODERLFH%LWHGRYROMQR]DGYDGRWULGDQD$WRRQGD"

5DVNUYDULRVDPSUVWHWUJDMXLODPSLFXVD]LGD1LVDPQLVDQMDRGDHPLSULMDWLRNXVYODVWLWH
NUYL 1LVDP MH VORPLR 3UHYLH WYUGR , GDOMH XSRUQR WUHSH VYRMLP XERMLWR GRVDGQLP VYMHWORP
3UHNULRVDPMHNRXOMRP3URELMDVHNUR]NRXOMX$OLEDUHPPDQMHXERMLWRVYLMHWOL=DQLPDMHVXOL
MR XYLMHN YDQL 2VMHDP LK =QDP GD VX RYGMH L]YDQ VNODGLWD HNDMX PH DOL QH PRJX XL
HNDWXMRPDORDRQGDSURYMHULWL

1LVDPVPRJDRVQDJHGDSURYLULPXKRGQLN=QDPGDVXWDPRLGDVHJRVWHPRMLPSULMDWHOMLPD
%ULJDPHDNELKLPVHLMDSULGUXLR1HVMHDPVHNDGVDP]DGQMLSXWDMHR*ODGDQVDPHGDQ
LXPRUDQ1HPRJXVSDYDWL2YGMHSRVWDMH]DJXOMLYRLVDYVDPX]QRMX.DRGDQHPDYLH]UDND
=LGRYL VH VWLX RNR PHQH LDNR LK QH YLGLP ]QDP GD LPDP VYH PDQMH YUHPHQD SULMH QHJR VH
SRWSXQRVWLVQXLSULMHQHJRPHSRWSXQR]DUREH

3LDOLQH YLH QHPD 3RSLR VDP ]DGQMX NROLLQX SULMH QHJR VDP RWLDR VSDYDWL 3RWSXQR VDP
GHKLGULUDQ L XPRUDQ 0RMH KODH VX SRWSXQR PRNUH 2NXV ]QRMD QLMH QDMEROML NRML VDP LNDGD
SUREDRDOLXVSLRVDPLVFUSVWLQHNROLNRNDSLVDKODD/LHPVLWLMHORSRNXDMXLVNXSLWL2VMHDP
NDNRPHMH]LNJUHEHDOLQHSRVXVWDMHP6XWUDLL]DL1HPDPYLHWRL]JXELWL

1LVDPVPRJDRVQDJX]DL]DL%XGHPVXWUDMDL]DDR

HGDQVDPLPRUDPL]DLDOLQH]QDPNDNRVNXSLWWLKUDEURVW]DWDMSRGXKYDW

,]DDRVDP7UHEDORMHPLGYDGDQD]DVNXSOMDQMHKUDEURVWL1LMHELORQLNRJD3RWSXQRSUD]DQ
KRGQLN0RMSULMDWHOMOHDRMHQDSRGXLVSUHGYUDWLMX=JUDELRVDPJDSRYXNDRXVNODGLWHLRQGD
VH SRMDYLR VH L]D XJOD VDVYLP L]QHQDGD 6DPR QRJD NRMX VDP YLGLR NU] PDJOX &UQD L YHOLND
1LVDP YLGLR QMHJD FLMHORJD YH QDQMXLR JD RL VX PH SHNOH L VX]LOH ,PDR GUXJDLML PLULV RG
PLULVDWUXOHLQDEURGX=DWYRULRVDPYUDWDXSUDYRQDYULMHPHGDXJOHGDPRJURPQXFUQXUXHWLQX
VRJURPQLPVUHEUQLPNDNRSRVHH]DPQRPLSURPDXMHPH]DPLOLPHWDU9UDWDVXVH]DWYRULODL
RGYRMLOD QDV 6DGD ]QDMX GD VDP XQXWUD 3LWDQMH MH YUHPHQD NDGD H SURYDOLWL 1MLKRYL ]YXNRYL
XGDUDQMDSRQHSURERMQLPYUDWLPDUD]ELOLVXPRMXPRQRWRQLMX,DNRLGDOMHQHPD]YXNDRVMHDP
NDNRYUWDSRGUKWDYDMXRGQMLKRYLKQDOHWD1H]QDPWNRVXRQLQLWRHOH1H]DQLPDPH%LWQRMH
GDYLHQLVDPVDP/LFHRYMHNDNRMHJVDPXQLRXVNODGLWHPLMHSR]QDWRDOLQHPRJXVHVMHWLWL
LPHQD0UWDYMH

5D]JRYDUDR V )UHGRP ,PH PX GDR L UD]JRYDUDR XWLR MH VWDOQR 1LMH RGJRYDUDR QD PRMD
SLWDQMD RNR EURGD L GRJDDMD ]ELOL VX VH X EURGX /DPSLFD VH XJDVLOD 1LMH ELOR VWUXMH PLVOLP
3RELMHVQLR VDP QD -RKQD NDNR VDP JD QD]YDR 1H HOL UD]JRYRU VD PHQRP 8GDUDR VDP JD L]
ELMHVD1LMHDNQLYULWDR9UDWDVXSRGUKWDYDOD3RQRYRVDPVDP

-HIIQLMHWROLNRELROR1LVDPSRSUYLSXWDOMXGVNRPHVR2GYUDWQR3RMHRVDPPDORWHGILR
8NXVDQ0LNH9UORXNXVDQQMHJRYLSUVWLUXND1HPDYRGHDOLXNXVDQ0LNH

1H ]QDP WR VDP QHPD ODPSLFD SRQRYR XPRUDQ HGDQ JODGDQ PDOR RG RG
RGRVWDORQMHJDL]DLVXWUD

6DP%LOO\NRVWQHPD%LOO\XPURL]DLSRYRGDVXWUD

9UDWD SRGUKWDYDOD SDVWL QHH RQD HGDQ XPRUDQ JODGDQ 6WHSKHQ PUWYD YRGD ODPSLFD
FUYHQRXPRUDQHGQD]HOHQRGUKWDYR

6SDYDODVDWLPDHGDQQHNROLNRGDQDQLWDYUDWDYDQMDQH]QDPYULMHPHGDQD

9UDWDYDQLYRGD
=RUDQ9ODKRYL
9R]LGHVQRPVWUDQRP
3UDYLORGHVQHUXNH-DGQDEXGDODNRMDJDMHVPLVOLODSRMPDQLMHLPDODWRSXWDXVYLMHW'DJD
XORYLP XELR ELK JD PDNDU PRUDR SUHNLQXWL XXUEDQR SDNLUDQMH VYRMH NXH SULMH ELMHJD X
QDMGXEOMX]DELWWRMXPRJXQDL
DVQDULMH
.DR L VYDNRJ .RQ]HUYDWLYLVWD QD NRMHJ QDLHP RG RQH HQHUJHWVNH YUVWH (QYLURPHQWDOLVWH
WDNRH L NXDQLFH V SUHYRH VORERGQRJ YUHPHQD NRMH XYLMHN EULQXWXX EULJX L SURQDOD]H
SUREOHPHWDPRJGMHLKQLMHELORSULMHSDVXRQHSRHOHSUWOMDWLNDRLRQHNRMHVYH]QDMXQDMEROMHL
XVYHVHQDMEROMHUD]XPLMXXNOMXXMXLSURQDODHQMHUMHHQMD]DQHNXOWXUQHYR]DH
3RNXDR VDP LP REMDVQLWL %RJ PL MH VYMHGRN GD VDP SRNXDR ,] ]DKYDOQRVWL VDP XPDOR
]DYULRX]DWYRUX]DDQDUKLVWHNDRGLYOMDNLSUHNULWHOMSURPHWQLKSURSLVD1LVXKWMHOLVOXDWLNDR
QL UDQLMH NDGD VX WHN SUHGORLOL ]DNRQ SUDYLOD GHVQH UXNH =QDWH RQR SDODF ]D RV SUVWL X
VPLMHUXJLEDQMD8SRHWNXVXL]JOHGDOLNDRGDVKYDDMX6DGD]QDPGDVXVDPRXOMXGQRNOLPDOL
JODYDPD 'D XOL VX RQL YH ]D SULMHQRV PRPHQWD 3D VWDQGDUGQL RVQRYQRNROVNL ]DGDWDN R
DWPRVIHUVNRP NRHQMX SR]LYD VH QD PHXGMHORYDQMH VYLK WLMHOD 'ROD]HL VYHPLUVNL EURG NRML
NRL X DWPRIHUL SUHGDMH VYRM NLQHWLNL PRPHQW X YLGX WRSOLQH SODQHWQRM DWPRVIHUL $OL L
NRPHWLUDQMHP RNR EH]DWPRVIHUVNRJ WLMHOD GROD]L GR SUHGDMH PRPHQWD 7X VX LQMHQLFX NRULVWLOL
MR]QDQVWYHQLFLNRMLVXODQVLUDOLSUYHVSRUHVYHPLUVNHVRQGH6RQGDYUORPDOHPDVHQDVWDYLODEL
SXWSXQREUHGRNELVHNRPHWLUDQDSODQHWDYUORYHOLNHPDVHQDVWDYLODRNUHWDWLPUYLFXVSRULMH
3D WR" RYMHDQVWYR WR UDGL YH PLOHQLMLPD , MR QLMHGQD SODQHWD ]ERJ WRJD QLMH ]DVWDOD LOL
LVSDODL]RUELWHNDXRQL
$OL SODQHWD X VYHPLUX LPD SXQR L SURPMHQH VX LQILQLWH]LPDOQH ]DKYDOMXMXL LVWRP RPMHUX
PDVD NRML RPRJXXMX YHOLNR XEU]DQMH VRQGL 2VLP WRJD VRQGL MH ELOR PDOR L LVSXFDYDQH VX
QDVXPLFH ]DQHPDULYLP EU]LQDPD SUHPD ]YH]GDQLP QRUPDPD , MR NXGD NRMD NRMLP JRG
VPMHURPLSUDYFHPHOL,]DGQMHDOLQDMYDQLMHELORMHWRSULMHSULMH]DGQMHJSURPHWQRJ]DNRQD
8] SRMDYX QRYLK NRPHUFLMDOQLK RELWHOMVNLK VNRNEURGRYD SURPHW H X VOLMHGHLK GHVHW
JRGLQD GUDVWLQR SRUDVWL D ]DNRQ LK WMHUD GD VYL YR]H LVWRP SXWDQMRP X LVWRP VPMHUX ,VWLP
SURPHWQLP NRULGRULPD V MHGQDNLP EU]LQVNLP JUDGLMHQWLPD 2NR LVWLK ]YLMH]GD 3R VYLPD
UD]XPOMLYRPLMHGQRVWDYQRPSUDYLOXGHVQHUXNH
%XGDOHMHGQH=DUQHYLGLWHWRVWLPHUDGLWH"
6D WLVXDPD PLOLMXQLPD EURGRYD NRML GROD]H VXEVYMHWORVQLP EU]LQDPD RNR LVWRJ SROD WH
RGOD]HVDLVWLPDDOLRNRGUXJHSROXWNH]YLMH]GHQDNRMRMMHSUDYLORRNUHQXWRREUDWQRXRSHQLMH
ELWQR QD NRMX VWUDQX VH ]YLMH]GD RNUHH ,OL HPR MRM XELWL VSLQ VWDOQLP RGX]LPDQMHP RNUHWQRJ
PRPHQWD LOL JD SRGLL GR QHL]GULYRJ QLYRD D X RED VOXDMD HIHNW MH LVWL 8ELW HPR YODVWLWL
6XQFH$XVXSHUQRYLLOLUDVSOLQMDYDQMXGRLVWDQHLQLUD]OLNX
1HWNR H UHL SD WR" MHGQR VXQFH YLH LOL PDQMH SD LPD LK WROLNR 1D]YDWL H PH
SDQLDURPSRSXWNRPLVLMHLLVPLMDWL$OLHSULWRPH]DERUDYOMDWLGDMHVYHPLUPLOLMDUGDPDJRGLQD
VWYDUDR ]YLMH]GH NRMH VX L]QMHGULOH SODQHWH SRJRGQH ]D LYRW L WR VYHJD SDU VWRWLQD SR MHGQRM
JDODNVLML3RWXMHOLVHWDM]DNRQXLWDYRPVYHPLUXHSRHWLYR]LWLSRSUDYLOXGHVQHUXNH6YDH
VXQFDSRELWLSULMHLOLNDVQLMH]ERJQHNRJELURNUDWVNRJLGLRWDNRMLVHERMLVWDWLVWLNHYMHURYDWQRH
VXGDUDLEULJH]DSURNOHWHSURPHWQHSUHNUDMH
=DJUHEYHOMDD
5DQNRjDMIDU
6ORQ
%LOD MH GXERND FUQD QR EH] ]YLMH]GD EH] PMHVHFD EH] WUDND VYMHWORVWL NRMD EL REDVMDOD
RJURPQXVLYXSULND]XWRVHSRODNRSURELMDODNUR]YLVRNLNRURYLWUQMHLNUR]REODNHSDUHNRMD
VHGL]DODQDGYHOLNRPPRYDURP6YHWRVHXORELORMH]DSOMXVNLYDQMHPXWQHSUOMDYHYRGHLQD
WUHQXWNHWHNRLSRWPXORGLVDQMHYHOLNH]YLMHUL3RQHNDGEL]DVWDODXURQLODVXUOXXPRYDUXSXQX
VPHD VPUDGD L RWURYD L EDFDOD RGYUDWQX WHNXLQX X GXERNL EH]GDQ VYRMLK XVWD L ]DWLP VH
RNUHQXOD OLMHYR L GHVQR SRJOHGDOD X QLNXGD WH QDVWDYLOD VYRMLP VSRULQ ULWPRP WHNR L]YODHL
QRJH L] PXOMD SRPDOR SRVUXL SRWUHVDMXL VYH RNR VHEH SULWRP SRWSXQR L]JXEOMHQD X VYRP
XGQRPVYLMHWX
$ QHJGMH X GDOMLQL VH VODER QD]LUDOD PXWQD PUOMD VYMHWORVWL PDOD WUHSHUDYD WRNLFD NDR
QHNDNYD QHVUHWQD ]YLMH]GD NRMD DOMH VYRM SRVOMHGQML SR]GUDY RVWDWNX VYHPLUD SULMH QR WR VH
]DXYLMHNSULGUXLQLWDYLOXNRMHJRUHSUHYODGDYD7DPRMHXVYRMRMPDORMGUYHQRMNXLFLPLUQR
OHDODWDPQRSXWD HQDL MHGQLP RNRPSXQLPSDWQMH DOLL SRQRVDLQHNRJ XGQRJ]DGRYROMVWYD
SURPDWUDODVYRMHPDORGMHWHFHNDNRVSDYDFXFODMXLSDODFQHRPHWDQRLVUHWQRXVYRPHFDUVWYX
QHNLKXGQRYDWLKVLXQLKLUD]LJUDQLKVSRGRED%LODMHWLLQD
2GMHGQRP QMLKRY MH VSRNRM SUHNLQXOD WLKD DOL SURGRUQD L MH]RYLWD ULND QHJGMH L] GDOMLQH
QHLMD QDULFDOMND NRMD MH MXULOD ]UDNRP SDUDMXL GHEHOL PUDQL RJUWD XYODHL VWUDYX X NRVWL
VYDNRPWNRMRMVHQDDRQDSXWXSDLRYRMHQLNRMDMHVDGDRWYRULODLGUXJRRNRQHUYR]QRXVWDOD
L VMHODQD UXE NUHYHWD SUHEDFLYL SRJOHG VD GMHWHWD QD SXNRWLQX X SRGX L]PHX QMHQLK FUQLK
VWRSDOD6DGDVHULNDSRQRYLODDOLRYDMSXWSXQRHHLJODVQLMHWORMHSRHORSRGUKWDYDWLLGREUR
MHXODNDNRWDQMXULQDSROLFLL]QDGSHLXGDUDMXMHGQLXGUXJH8VWDODMHX]HODSHWUROHMNXLRWLOD
GRSUR]RUDGDYLGLWRWRUHPHWLQMLKRYPLU'LMHWHMHMRXYLMHNVDQMDOR.DGMHSRJOHGDODNUR]
SUR]RU]DQLMHPLODMHRGVWUDKD8JOHGDODMHVLOXHWXRJURPQRJVORQDNDNREU]RQDSUHGXMHSUHPD
QMLKRYRM NXLFL ,GXHJ WUHQXWND ELOD MH QD SRGX PHX LVSUHYUWDQLP L SRORPOMHQLP VWYDULPD
PHXGUYHQLPJUHGDPDNRMHVXSDGDOHXREODFLPDSUDLQH,YDWUDMHSRHODSXFNHWDWLNUDMQMHLX
REODFLPDMHPRJODYLGMHWLWRRJURPQRVWYRUHQMHNDNRORPHLVYHSUHGVRERPLGHSUHPDNUHYHWLX
QMHQRJ PDORJ GMHDND NDNR JD SRGLH VXUORP L NUR] SODPHQ RGQRVL YDQ 2WYRUHQLK XVWD QH
LVSXWDMXL QLNDNYRJ ]YXND LVSX]DOD MH ]D QMLPD NOHNQXOD QD ]HPOMX L LVSUDWLYL LK QLMHPLP
SRJOHGRP]DELODJODYXGXERNRXSUDLQX
XORVHNDNRYDWUDSXFNHWDLXQLWDYDPDOXGUYHQXNROLELFX.DGMHSRGLJODJODYXYLGMHODMH
SUHGVRERPYHOLNXVLYXLYRWLQMXNDNRQMHQRVSXWDQMH]LQRJVLQDQD]HPOMXSRUHGQMH3ODXL
MHSRJOHGDODVORQDXRLXVSUDYLODVHQDNROMHQLPDLUDLULODUXNH6ORQMXMHREJUOLRSRGLJDRMX
YLVRNR RG ]HPOMH L RGQLR X QR ,VSUDWLOR LK MH VDPR WLKR MHFDQMH GMHWHWD NRMH MH VMHGLOR SUHG
]JDULWHPLJUDMXLVHQHNDNYRPJUDQLFRP
9H MH SRODNR VYLWDOR NDGD MH VORQ QRVHL ]JUHQR GUKWDYR HQLQR WLMHOR VWDR LVSUHG
QHSUHJOHGQH PDVH SRPLMHDQLK RJURPQLK NRVWLMX L WUXORJ VORQRYVNRJ PHVD L PQRWYD OHLQDUD
NRML]DGRYROMQRXLYDMXXRELODWRPGRUXNX6ORQMHSRODNRVSXVWLRHQXQDPHNXWUDYXLVYRMRP
YHOLNRPQRJRPMHGQRVWDYQRVWDRQDQMX3RJOHGDRMHSUHPDVXQFXNRMHMHXSUDYRL]DORDRQGD
VHRGJHJDRSRGNURQMXVWDURJRJURPQRJEDREDEDL]YDOLRVHL]DVSDR
'DYRU%DQRYL
0RzHwVYHQHPRzHwVDPD
HNDMXLQDLVSLWL]VXYUHPHQHKUYDWVNHNQMLHYQRVWL1HYHQMHVXUIDR,QWHUQHWRPQDMHGQRP
RGUDXQDODXSULUXQRMLWDRQLFL
1LNDG QLMH YROLR XLWL QHSRVUHGQR SULMH LVSLWD 2VLP WRJD L] VXYUHPHQH VH L QLMH LPDOR WR
XLWL*RPLODSUHQHPDJDQMDWDVXYUHPHQDNQMLHYQRVWHQVNDQDSLHURPDQNRMLPRJXVNXLWL
VDPRQMHQDQDMEROMDSULMDWHOMLFDQMHQDPDPDLRQD1HNLIDFDPHXNULWLDULPDSURJODVLWDMQMHQ
XUDGDN UHPHNGMHORP KUYDWVNH UHFHQWQLMH QHRSRVWPRGHUQH L
RSD &XUD SRVWDQH SR]QDWD L
FLMHQMHQDPHX]DYLGQRPEUDQRPDNUR]SDUPMHVHFLQDNRQREMDYOMLYDQMDNQMLJDMRMVHQDHQD
SROLFDPD X NQMLDUDPD QD RGMHOX UDVSURGDMH PHX L]YMHVQLP EURMHP VOLQLK RVWYDUHQMD ,QDH
1HYHQMHNQMLJHLVNOMXLYRLNXSRYDRQDUDVSURGDMDPD6WXGHQWVNLGHSQLMHVHQDURLWRSURGXELR
XYRHQMHPQRYLK;VWXGHQWVNLKLVND]QLFD
6YDND DVW VXYUHPHQLP SLVFLPD QR 1HYHQ WDNYH VWYDUL MHGQRVWDYQR QLMH SXLR 6WRSXW MH
UDGLMH LWDR 7ULEXVRQDQHJROL +REODMLFX LOL RQRJOXGRJ 3RSLD 0RJX RQL SULDWLGD MH NODVLQD
IRUPD URPDQD NRQDQR QDGLHQD QR RQ VLJXUQR QHH RVMHWLWL LWDODNRJ XLWND LWDMXL
ODPHQWDFLMHNRMHNDNYLKQDGULSLVDFDNRMLSLXPRGHUQRMHUQH]QDMXSLVDWLGREUR
2GVXUIDR MH QD VWUDQLFX 9HHUQMHJ OLVWD 6OXDMQR 3ULYXNDR JD MH QDVORY X FUQRM NURQLFL
9,586 1$ ,03/$17,38 86057,2 65('1-2.2/&$ 2SD %UXQR PX MH UHNDR GD WH
WDNYLYLUXVLVDPRSRWHQRRNLUDMX1LWDWRSDUGDQDQDLQWHQ]LYQRMQMH]LQHELPRJORULMHLWL
%UXQR PX MH DN L SRNORQLR MHGQRJ WDNYRJ LPSODQWD 1DUDYQR GD JD 1HYHQ QLNDGD QLMH
XSRWULMHELR
1LMHPXSDGDORQDSDPHW
+DMGH0ULXQDUHGXVLUHHPX/HDVWURYDOLYLVH]DWHUPLQDOSRUHGQMHJRYRJ'RGLJMH
GREUHYROMH
1HYHQXVWDQH
6NHQHU QD GRYUDWNX XUHGD SURIHVRUD 'RGLJD QLMH UHDJLUDR 7R MH ]QDLOR GD 1HYHQRY
FHUHEUDOQLVXVWDYQLMHRERJDHQQLNDNYLPHOHNWURQLNLPSRPDJDORP1HYHQMH]QDRGD%UXQRL
WR PRH VUHGLWL QR QMHJD QLMH ]DQLPDOR YDUDQMH SRVHEQLP QDLQRP NRMH L XVSXW PRH VUHGLWL
UHWLNXODUQXIRUPDFLMX
8 VYDNRP VOXDMX VPLMHQD XUHGED 1HYHQ MH PRJDR VDGD SDVWL QD LVSLWX L SR L]ODVNX L]
'RGLJRYRJ NDELQHWH SULWHNDWLVH QD NXWLMLFX SDQDSLVDWL GRNWRUDW L] LVWHPDWHULMH EH] LNDNYRJ
SUREOHPD
6WYDUMHELOD]DSUDYRPDORNRPSOLFLUDQLMDQRXELWLWRMHELORWR
7DF\EHUWHKQRORJLMDVWYDUQR]H]DDNDGHPVNX]DMHGQLFX
,VSLW MH SURWHNDR NDR WR EL SURWMHFDR XYLMHN 'RGLJ QLMH PQRJR GDYLR R HOHPHQWLPD
IDQWDVWLQRJXGMHOLPD,YLFH6WRMDQD'REURMHNROHJD'DMWHPLLQGHNVUHHNRQDQR'RGLJ
1HYHQ PX SUXL QRYX LQDLFX HLQGH[D QD NRMX VX LP SRGDWNH SUHVQLPLOL SULMH SDU PMHVHFL
2YDMHQDYRGQRXSRWSXQRVWLELOD]DWLHQDRG]ORUDEOMHQMD1HYHQMH]QDRGDQLMH%UXQRMHYH
QDNRQSDUGDQDSRHRGLODWLFUDFNVNRMLPVLPRJDRPLMHQMDWLRFMHQH
'RGLJMHXWLSNDRVYRMXMHGLQVWYHQXLIUXLXSLVDRPXRFMHQXDRQGDL]YXNDRHLQGH[L]RWYRUD
QDQMHJRYRPVWROQRPUDXQDOX3RGDWDNHVHQDLXFHQWUDOQRMED]LL]DVDWLLVWRJDGDQD
%UXQR MH QDUDYQR PRJDR YUOMDWL L SR WRPH DOL SULMH VDWL LVSLWQRJ GDQD HVWR MH NRULVWLR
XSUDYR'RGLJRYNDELQHW6WDULMHULMHWNR]DNOMXDYDR]DWRWRVHSODLRGDH]DERUDYLWLLIUX
3DNDNRMHYDHSMHVQLWYR"3LHWHOLMR"XSLWDJD'RGLJ
6YH PDQMH RGJRYRUL 1HYHQ NRML VH YH ELR XVWDR L VSUHPLR LQGHNV X GHS 1HPDP
LQVSLUDFLMH0RJXSLVDWLVDPRNDGVDPQHVUHWDQ
$KV/DXURPMHVYHXUHGX.DNRMHRQD"QDPLJQHPX'RGLJ
'REURMH6XWUDL]OD]LQDLVSLW
+DMGHQHNDMHVDVUHRP1RSMHVQLNPRUDSURQDLLQVSLUDFLMX=DSDPWLWR

/HDRMHQDNUHYHWXX/DXULQRMVREL2QDPXMHELODRNUHQXWDOHLPD5DGLODMHQDUDXQDOX
3ULSUHPDODVH]DLVSLW
3URPDWUDR MH ODJDQX ]DNULYOMHQRVW QMHQLK OHD 1MHQR YLWNR WLMHOR X VYLMHWORSODYRM SDPXQRM
PDMLFL6YLMHWODNRVDYH]DQDXUHS
'DMPLRQDMLPSODQWUHHPXRNUHQXYLVH
3RJOHG PX MH PLOLR QMHQLP OLFHP 1DPUWL VH X VHEL 6UHWDQ MH 2YRM GMHYRMFL YLH QH PRH
QDSLVDWLSMHVPXDGDQHEXGHSDWHWLQD$LQDSLVDRMRMMHVDPRMHGQXSMHVPX
0RHVYH
QHPRHVDPD
DNDGVHVMHWL
ELWHGREUHYROMH
SURLQHJGMH
SRUHGQHNRJGUXJRJ
1LMHMRMQLNDGSRND]DRWXSMHVPX
-XKXPDKDODPXMH/DXUD
+DUHH
2QDMLPSODQWVDIUDQFXVNLPUHHPX-HVLOLJDXRSHGRQLR"
7RMHYDQMVNDPHPRULMD=QDWR1HPRHWLSRPRL.DGMHVNLQHQHPDMH
0D ]QDP 1H PRJX VH VMHWLWL NDNR VH QHWR NDH =DSLVDW X +DMGH GDM QHVWUSOLYR MH
JRYRULOD
,PSODQWLEROH3RWUDLXUMHQLNX
'DMQHJQMDYL/DXUDJDXGDULSRUDPHQX
1HYHQXVHELVOHJQHUDPHQLPDLVMHGQHQDNUHYHWNRSDMXLSRGHSXKODD3UVWLPXQDSLSDH
GYLMHNXWLMLFHVDLPSODQWLSRYLPD1LMHWUHEDRSRQLMHWL%UXQLQJOXSLYLUXV6DGQLMH]QDRWRMHX
NRMRMNXWLMLFL
3MHVQLNPRUDSURQDLLQVSLUDFLMXXRMH'RGLJDNDNRJRYRUL
1LNDGDQHXQDSLVDWLSMHVPXNDGVDPVUHWDQ
,]YXHMHGQXNXWLMLFXL]GHSDLSUXLMH/DXUL8VWDQHLSROMXELMHXNRVX$NRVDPMRMGDR
IUDQFXVNLUMHQLN]JD]LWXRQRJRYQR3MHVQLNPRUDSURQDLLQVSLUDFLMX
1HYHQ VMHGLR SURPDWUDMXL GMHYRMNX NRMD MH VPLFDOD NRVX L]D XKD .XWLMLFD X GHSX JD MH
SHNOD
9ROLPWHUHHMRM
9ROLPWHUHHPXRQD0HXSUVWLPDGHVQHUXNHGUDODMHPDOHQLLSSRQDGJODYH
3MHVQLNPRUDSURQDLLQVSLUDFLMX
HNDMYLNQXMRM8GDULMHSRUXFLWDNRGDMRMLVSDGQHLS
WRWRUDGL"
2SURVWL
=DWRVLWRXLQLR"XMLGL0RUDPXLWL+DMGH6DJQXODVHSRNXDYDMXLSURQDLSUHGPHW
XQDERULPDWHSLKD8VWDRVH,RQDNRQHPDPYUHPHQD]QD1D]RYLPH]DSDUGDQDNDGSURX
LVSLWL
1HYHQ XRL LS QD SRGX L ]JD]L JD SHWRP 1LMH RSD]LOD +DMGH ERN UHH MRM 1LMH MX
SROMXELR,]DDRMH
7UDLWLLQVSLUDFLMX
'RPLQLN/HQDUGR
'DKVUGzEH
2YGMH EURGVNL NRPSMXWRU &URPH XSUDYOMDNL PR]DN EURGD *RSKHU 61 $; X
YODVQLWYXNRUSRUDFLMH6\QWHF1DOD]LPRVHQDLVWUDLYDNRMPLVLMLRWNULYDQMDQRYLKQDVWDQMLYLK
VYMHWRYD YUDDMXL VH L] VLVWHPD 9DODULXV 7ULVXV 3RVDGD VH QDOD]L X NULRNRPRUDPD X VWDQMX
GXERNRJVQD6YLVXVWDYLUDGHQRUPDOQR2GUHGLWH=HPOMD
.ROLNR VDP SXWD X RYLK GHVHWDN JRGLQD SRQRYLR RYX SMHVPLFX VYDNL SXW NDG EL PH SUHVUHOL
SDWUROQL EURGRYL ,PSHULMH 0RM JORPD]QL WUXS NOL]L PRQRWRQRP MHGQROLQRX FUQRJ KODGQRJ
VYHPLUD PRMD XPMHWQD RVMHWLOD DUDMX SR EH]GDQRM WPLQL L PRMH LPDJLQDUQH UXNH NUH SXW
QDSULMHG 6DPRD PH L]MHGD L VDPR SRQHNL PHWHRU SR]GUDYL PRMH SULVXVWYR QD GXJRP
XVDPOMHQRPSXWX
0RMHLPHQLMH&URPH0RMHLPHMH&ROLQ&ROLQ0F'RZHOO-DVDPEURGVNLNRPSMXWRUMDVDP
PR]DNEURGDDEURGMHPRMHWLMHORPRMHUXNHLQRJHRSWLNLVHQ]RULVX PRMHRL$VYHWR MH
MDGQD]DPMHQD]DRQRWRVDPLPDRRQGDRQGD GRNVDPELRRYMHN0RMDSRVDGDQLMHXNULR
NRPRUDPD RQL QH VSDYDMX RQL VX PUWYL L VPUDG MH QMLKRYRJ UDVSDGDQMD YH RGDYQR SUHVWDR
QDJUL]DWLPRMHVHQ]RUHQMXKD-DVDPNULYWRVXPUWYLDWRMHVDPRSRHWDN
0RHWHPL SUHGEDFLYDWLPHNULYLWL]DPRMHSRVWXSNHDOLQLMHPHEULJDMHUSULDWXYDPR
&ROLQX0F'RZHOOXRVHEL
%LR VDP SLORW NRUSRUDFLMH 6\QWHF NDGD VX VH XVSLQMDOL ND WURQX YRGHH WYUWNH X OMXGVNRM
PHX]YMH]GDQRMWUJRYLQL7RVXELOLGDQL8EDFLRELKVH]DNRPDQGHXNOMXLRQHNLGREDUDXGLRL
QDSDQMLR
]D &\FORQH GRN PL VH GXSH EURGD QH EL XVLMDOR RG SRWLVND %LR VDP PODG L]YODLR
QDMEROMH RG LYRWD RVMHWLR RQX EH]EULQRVW NRMX MH PDOR OMXGL LPDOR X WR YULMHPH 6\QWHF VH
YUWRJODYR XVSLQMDR L ELYDR VYH ERJDWLML L YHL 3URSRUFLRQDOQR WRPH UDVOD MH L PRMD SODD DOL
L]EMHJDYDRVDPRGJRYRUQLMHSRVORYHMHUELWR]QDLORLYLHEULJD0HQLMHJODYQRELORGDVYRMX
UREXRWSUHPLPQD&\FORQHLWRMHELORWR8VNRURVDPXSR]QDRLHQXVYRJDLYRWDLOXGRVPR
VH]DYROMHOL2QGDMHQDVYLMHWVWLJDRLVLQ1LFN%LOLVPRVUHWQLLSRLQMDRVDPYMHURYDWLXSUDYX
ELWLYRWD
1D MHGQRM PLVLML PRMH MH EURG XOHWLR X DVWHURLGQX ROXMX L SRVWDOR MH SULOLQR
XSDYR
L
GUPXVDYR .DGD VDP VH QHNDNR L]YXNDR NRPSMXWRU PL MH SULMDYLR QHNH NYDURYH X VNODGLQRP
SURVWRUX 2WLDR VDP WDPR L RGDKQXR MHU VH SUHYUQXOR VDPR SDU VDQGXND V YHWHULQDUVNLP
OLMHNRYLPD-HGDQMHDNLQDSXNDRSDVDPNUHQXRSRNXSLWLUDVXWHERLFHUD]PLOMDMXLNDNRVDP
GREUR SURDR X ROXML 6NXSOMDMXL OLMHNRYH QD VYRMH ]DSUHSDWHQMH RWNULR VDP GD VH UDGL R
DPSXODPD VLQWHWLNH GURJH 3V\FKRFLGD LMD MH XSRWUHED ELOD QDMVWURH NDQMLYD QD VYLP
SODQHWLPD,PSHULMH2VMHWLRVDPVWUDKNDRQLNDGXLYRWXXRVDP]DWRXRVDPSULHNRMHVX
NRODOHDOLQLVDPEULQXRRWRPHVYHGRWDGD6\QWHFMHWDNRNXSRYDRVYRMSURELWDNLXVSMHKX
,PSHULMLYHVXWDGDNRQWUROLUDOLPQRWYRLQVWLWXFLMDLELOLVWUDQRXWMHFDMQLQD,PSHUDWRURYRP
GYRUX3V\FKRFLGRPVXLULOLVYRMXWMHFDMQDGUXJLPSODQHWLPD
'RNPLVHHOXGDFRNUHWDRVNXSLRVDPDPSXOH]DWYRULRSXNRWLQXQDVDQGXNXWRVDPEROMH
PRJDRLLVSRUXLRUREXQD&\FORQH9UDDMXXVHQD=HPOMX]QDRVDPGDHRWNULWLSXNRWLQXQD
VDQGXNX]QDWLGDMHQHWNRYLGLRGDQHWNR]QDQLVDPLPDRSXQRYUHPHQDPRUDRVDPSRNXSLWL
HQX L VLQD L QHVWDWL WDPR JGMH PH 6\QWHF QHH WUDLWL 6WLJDR VDP QD =HPOMX GDQ UDQLMH
QDSXVWLRNR]PRGURPXXUELLNUHQXRNXL2EMDVQLRVDPVYH0DULLLRGOXLOLVPRRGPDKSUYRP
YH]RPRGOHWMHWLQD6D[LOX
'ROLVXLVWHQRL'YRMLFD3UREXGLRPH]YXNPHWNDNRMLPLMHORPLRUHEUD0DULDVHQLMHQLWL
SUREXGLOD0HWDNLVSDOMHQXQMH]LQXJODYXL]QHSRVUHGQHEOL]LQHVDPRMXMHJURWHVNQRWUJQXRD
RQGDVHVPLULOD1LFNVSDYDMXLPHXQDPDHWLULJRGLQHVWDUQLMHGRVSLRQLWLYULVQXWLVDPRVH
]JULRXVYRMRMGMHMRMVPUWL-DVDPVRSWDRXYODVWLWRMNUYLYLGPLVHPXWLRVX]DPDDSDNOHQD
PHEROSULODL]QXWUD*OHGDRVDPEOMHVNRYHQMLKRYLKRUXMDLVOXDRVXGERQRVQLDSDWQMLKRYLK
VXVSHQ]RUD]YXND6OLNH0DULLQRRNRVWDNODVWDSRJOHGD1LFNRYDSODYDNRVLFDVODWNDVW]DGDK
NUYLUYHQHOMHSOMLYHSODKWHXNOHVDYDOHVXVH]DXYLMHNXPRMPR]DN2QGDMHMHGDQGLJQXRSLWROM
XYLVLQXPRMLKRLMX1MHJRYHFUWHOLFDQLVXQLWDRGDYDOHQLXLYDQMHQLNDMDQMHSURNOHWLXERMLFD
SR PMHUL $OL PL QLMH GRVSLR SXFDWL X JODYX 2QDM GUXJL JD MH VSULMHLR L LVSDOLR PL MR HWLUL
PHWNDXSUVD=DSUDYRVDPELRVUHWDQXVNRURXSROMXELWL0DULXL]DJUOLWL1LFND
2YGMH EURGVNL NRPSMXWRU &URPH XSUDYOMDNL PR]DN EURGD *RSKHU 61$; X
-RMHGQDNRQWURODLVYHVDPEOLL=HPOML
%LRVDP&URPHELRVDPSRVOXDQVWURMLVSXQMDYDRVYHWRMHPRMSURJUDPLPRMDSRVDGDRG
PHQH WUDLOD XSUDYOMDR EURGRP VQLPDR QHSR]QDWH GLMHORYH VYHPLUD DQDOL]LUDR DWPRVIHUH
QHEURMHQLKVYMHWRYDRQGDQDVMH]DGHVLODHOHNWULQDROXMDNRG7KLJULVD7ROLNRVQDQDGDVX
PRMDXPMHWQDRVMHWLODRGXPLUDODUHGRPYLGVOXKRSLSWRJDVDPWUHQXWNDSRSXVWLRLXPURQH
]QDMXLGDXPLUHPSRGUXJLSXWD
3RYUDWDNVYRMHVYLMHVWLQLVDPGRLYLRNDRXVNUVQXHYHNDRVLOD]DNXSDNDR0RMMH]EXQMHQL
XP ELR VLORYDQ SUL]RULPD VYLMHVWL QHNRJD RYMHND QHNLK GRJDDMD QHGHILQLUDQLK X YUHQHQX
/LMHSD GMHYRMND WNR MH RQD" $ RQR GLMHWH ]DWR JD YROLP" 6WDNODVWL SRJOHG PUWYRJD RND
JRWRYRGDRVMHWLPPLULVNUYLRQRWR&URPHQLMHQLNDGDLVNXVLR3ODYDNRVLFDFUYHQRQDELMHORP
NUYLSODKWHLWDNRPMHVHFLPD%LRVDP&URPHSURJUDPXNRPSMXWRUXDOLSRVWDMDRVDPQHWNR
GUXJL 6WUSOMLYR VODXL GLMHORYH VODJDOLFH SRQRYR L L]QRYD L]OD]LR VDP L] SDNOD GYRMQRVWL L
VLOD]LRXMHGDQMRJRUL6YRMYODVWLWL$&URPHMHSUHVWDRSRVWRMDWL.DNRMHELORGLYQRRVMHWLWLVH
VSRVREQLP]DPUQMX]DRVYHWX
0RMD SRVDGD QLMH QLWD VXPQMDOD 1DNRQ SRYUDWND PRJD IXQNFLRQLUDQMD UDGLR VDP QDL]JOHG
MHGQDNRNDRLSULMHREDYOMDRSRVOXQRVYHWRVXWUDLOL.DNRVDPLKVDPRPU]LR%LOLVXOMXGL
+RGDOLVXVPLMDOLVHMHOLSLOLYRGLOLOMXEDYLYMHOL6YHRQRWRMDQLNDGDYLHQHXPRLUDGLWL
%LRVDPEHVPUWDQDPU]LRVDPLYRW2QGDVDPGRELRNRRUGLQDWHVLVWHPD9DODUXV2WLDRVDP
WDPR X RUELWX SODQHWD *RP L SULDR LP ODL R VDVWDYX ELRVIHUH -HGDQ WLP MH RWLDR GROMH
3RYXNDR VDP VH GXERNR X VHEH L PU]LR LK UDGRYDOL VX VH NDR GMHFD SODQHWX V NDNR VH LQLOR
LGHDOQLPXYMHWLPD]DOMXGVNLLYRWLYRWNRMLVDPLPMDWRJDWUHQXWNDX]LPDR2SURVWLPL0DULD
WRVDPVHUHLQNDUQLUDRXPUQMXLRVYHWXWRVDPSRVWDRVYHRQRWRWLQLNDGDQLVLYROMHOD2YGMH
VDPEHVNUDMQRGDOHNRRGWHEHSOXWDPXVYRMRMSRVXGLXELRRWRSLQLJROLPR]DNVSRMHQQDPUHX
XPMHWQRJNUYRLOMDLRSWLNLKYODNDQDLYROLPWHNDRQHNDGD
3RVDGDVHYUDWLODV*RPDLNUHQXOLVPRGDOMH2QLVXPLVOLOLGDSURGXXMHPRNVLVWHPX6DOXVH
D]DSUDYRVPRNUHQXOLNXLND=HPOML
2QLNRMLVXELOLQDSODQHWX*RPXPUOLVX]DGYDGDQDVYLRVWDOLRGPDK]DQMLPD1LVX]QDOL
QLVX QL PRJOL ]QDWL 1LVX VXPQMDOL X PHQH %LOR MH GLYQR JOHGDWL QMLKRYX DJRQLMX RQL VX ELOL
WHUDIRUPLVWL NVHQROR]L NHPLDUL RVREOMH 6\QWHFD ]QDQVWYHQLFL NDNYL VX VLQWHWL]LUDOL
3V\FKRFLG 0U]LR VDP LK L XLYDR X SRHWNX VYRMLK SODQRYD 5D]YRMX VYRMLK EDNWHULMVNLK
NXOWXUDRUXXVYRMHRVYHWH
'LYQLVLXQLRUJDQL]PLV*RPDPRMLVHQ]RULSUDWHQMLKRYUDVWLXSUDYOMDMXPXWDFLMHVDGLK
YHGXJRX]JDMDPLMRVXEULQHVDYODGLYLVPUWRQRVQL
0RHWH PH RSWXLWL QLWD YDP QHH YULMHGLWL 6\QWHF VDGD YODGD =HPOMRP ,PSHUDWRU MH
VDPRYDDOXWNDQDNRQFX8]HOLVWHPLVYHLGDOLPLSULYLGQXEHVPUWQRVW6DGDYDPVHYUDDPL
QRVLPVYRMGDKVUGEH3UL]HPOMLWXJGMHLWUHEDQD6\QWHFRYVUHGLQMLNR]PRGURPX(XUD]LML
LSUR]UDLWLVYRMHNRPRUHEH]ILOWHUDLVWHULOL]DWRUD
,]GDKQXWX,VSXVWLWXVYRMGDKVUGEHX6\QWHFRYXEROHVQXDWPRVIHUXGDKVYRMHRVYHWH
2YGMH EURGVNL NRPSMXWRU &URPH XSUDYOMDNL PR]DN EURGD *RSKHU 61$; X
2WR:LOKHOP
-2+1$7$1
-RKQMHELR]ODWQDULELFD3ULMHQHJRWRMHGRVSLRXRYXSULXLDNYDULMLYLRMHQHNRYULMHPH
XPRMRMJODYL6WRJDMHPDORRNDVWDNDUDNWHUD-RKQQLMHELRPQRJRVUHWDQ1HNDNRMHVPDWUDR
GDMHVUHDQHSRWUHEQDLVWRUD]EDFLYDQMHYUHPHQD%LRMHUDFLRQDOQDULED1LNDGDQLMHSRGQRVLR
VYHRQHWRVXGROD]LOLSUHGQMHJRYDNYDULMLVD]DQLPDQMHPJDSURPDWUDOLQHNLNXFNDOLSRVWDNOX
RGHJDPXVHMHLODNUOMXWDQHNLVXDNVWDYOMDOLLVYRMHSUVWHXYRGX6SUH]LURPMHJOHGDRQD
VYX WX GMHFX HQH PXNDUFH VYH WR VX JD YULMHDOL VYRMLP SRJOHGLPD -HGLQR MH GRQHNOH
SRGQRVLR VYRJ YODVQLND QHNRJ QHXJOHGQR GHND VD QDRDODPD QR SRQHNDG MH L RQ LPDR VYRMH
PXLFH-RKQMHELRGRVWRMDQVWYHQWHVHWDNRSRQDDRLRSKRGLRSUHPDGUXJLPULEDPDXDNYDULMX
6PDWUDRMHGDJDQLMHGQDRGULEDQHYROLSDMHLRQSUHPDQMLPDSRND]LYDRVOLQHRVMHDMH
1RWRQLMHELODLLVWLQD'UXJHULEHVXRVLPVWDURJLVWDDNRMLMHXYLMHNQHWRJXQDRELOHGREUD
VUFDLHOMHOHVX-RKQXVDPRQDMEROMH3RNXDYDOHVXPXVHSULEOLLWLQDUD]OLLWHQDLQHQRRQLK
MH XYLMHN RGELMDR -RKQ MH ELR QDMVWDULMD ULED X DNYDULMX L ]ERJ WRJD MH RVMHDR GLVWDQFX SUHPD
GUXJLPD8VWYDULRQMHVLOQRHOLRGDPXVHQHWNRSULEOLL'DVWHNQHSUDYRJSULMDWHOMDNRPHH
VHPRLSRYMHUDYDWLNRMLHJDUD]XPMHWLLSRGUDYDWL-RKQMHQDOLFXQHSUHVWDQRQRVLRPDVNX
PDVNX NRMX MH PU]LR $ GUXJH ULEH VX JD YROMHOH L RVWDYOMDOH QD PLUX NDGD QLMH HOLR QMLKRYX
EOL]LQX=QDOHVXGD-RKQLPDYHOLNRVUFH3RQHNDGMH-RKQXXVSLMHYDORL]PDNQXWLVYRMRMWMHVNREL
LVWUDKRYLPDLWDGDELELRL]X]HWQRSULVWRMDQLVQMLPVHGDORVDVYLPILQRUD]JRYDUDWL1RWDNYLVX
GDQLELOLULMHWNLNDNRLPMHQMDQMHYRGHXDNYDULMX-RKQELXVNRURSURPLMHQLRUDVSRORHQMHLYUDWLR
VHQDVWDUR5LEHQLVXPRJOHUD]XPMHWLWDNREU]HSURPMHQHUDVSRORHQMDQLVXLPPRJOHGRNXLWL
X]URN , WDNR MH -RKQ QDMHH RVWDMDR VDP 6 QMHJRYD VWDMDOLWD QLWNR JD QLMH YROLR QLWNR QLMH
PDULR1LJGMHQLMHPRJDRQDLXWMHKH6DPRELSRQHNDGQMHJRYRVUFHXVWUHSWDORNDGDELXJOHGDR
QRYRURHQH ULELFH X DNYDULMX 9UDWLR EL VH X GDQH NDGD MH L RQ ELR WDNDY L NDGD QLWD RVLP
L]YRHQMDOXGRULMDNRMHVXL]OXLYDOHURGLWHOMHQLMHELORYDQR7DGDEL-RKQQHSULPMHHQRGVYLK
SXVWLRNRMXVX]XGDVHUDVWRSLXYRGL,ULEHPRJXSODNDWLVDPR]DWRQLWNRQH]QD
=DWRMHEDRQPRUDRELWLRGVYLKGUXJDLMLQHVKYDHQ"=DWRQLMHPRJDRELWLNDRLVYDND
GUXJDQRUPDOQDULED"=DWRMHQDOD]LRSUREOHPHWDPRJGMHLKQLMHELOR"=DWRMHXYLMHNELRVDP
D RNUXHQ GUXJLPD" -RKQ MH WXQR L OMXWLWR SUHELUDR SLWDQMD SR JODYL 3LWDQMD NRMLPD QLMH ]QDR
RGJRYRUD -RKQ ]ODWQD ULELFD QLMH YLGLR VPLVOD 2GOXLR MH RWLL ]DXYLMHN %LOR PX MH SRPDOR
DRDOLELRMHRGOXDQHOLRMHMHGLQRGDJDGUXJHULEHQHSDPWHSR]OX-RKQMHWXQRLYLRDOL
QLNDGDQLMHWXJXQDQRVLRQDWRMHELRSRQRVDQLHOLRMHGDWDNRLRVWDQH1HPRMWHELWLWXQLWR
MDRGOD]LPJRYRULRMHGUXJLPULEDPDVYHLKVNXSLYLWUHEDWHLYRWSURYHVWLVUHWQRLYHVHOMHGMHOLWL
VDGUXJLPD0RMRGOD]DNMHPRMDRGOXNDLQLNRPQHSUHSRUXDQWDNDYSXWELOHVX]DGQMHULMHL
NRMHLPMHXSXWLR-RKQQLNDGDQLMHWDNRJRYRULRLULEHVX]QDOHWRHVHGRJRGLWLLWRVXGXERNR
SRWRYDOH
6XWUDGDQ -RKQD QLMH ELOR =DGQMD PLVDR PX MH ELOD GD EL ELOR OLMHSR OHWMHOL SRSXW JDOHED
1DNRQ WRJD MHQHVWDR UDVWRSLR VH SRSXW VX]HX YRGL L QHVWDR7NR ]QD JGMH VDGD OHWLL NDNR VH
]RYH
2WR:LOKHOP
2WR:LOKHOP
'5$*,1$j,e
'UDJL QDL PL WUHQXWQR QLVPR GRPD 1H ]QDPR JGMH HPR ELWL NDGD RYR EXGHWH LWDOL DOL
VLJXUQRVPRWDPR]ERJQHNRJYUORYDQRJUD]ORJDRNRNRMHJDVHVDGDQHPRHPRVORLWL.OMX
MHLVSRGNRULMHQMDELOMNHORQDQLFHNRMDNUDVLSUR]RUQDGUXJRPNDWXLSDNQLVPRWROLNREOHVDYL
GDJDVWDYLPRSRGRWLUDJGMHVYDNDEXGDODSUYRSRJOHGDNRMXHWHODNRGRVHJQXWLSXWHPWURQH
SODWDQHVYDHOLMHYHVWUDQH1DGRPYDPMHQDUDVSRODJDQMXYRGDVWUXMDSOLQLNDQDOL]DFLMDVX
LVNOMXHQL UDXQL NRMH WUHED SRSODDWL VX QD VWROLX SD QHPRMWH VH QL VOXDMQR XVWUXDYDWL
XLYDWLXNRPIRUXNRMHJDQDGRPSUXD,VNUHQRQDPMHDRWRVHQLVPRPRJOLYLGMHWLLGREUDQR
QDSULDWLDOLHWRVLWXDFLMDMHWDNRYD
*HROIHRGYLGRYR
.RMH"
1HNDFHGXOMDQDRYRPVWXSX
'DM+PP
1H]QDPEDSLVPRDOLPLVHLQLGRVWSULPLWLYQR%LWHGDMH]HPOMDQVNR
'DMGDVNHQLUDP
,WDMH"
$K QHND JOXSD DOD WLK ]HPDOMDFD MD NDPHQD QD NDPHQX QD RYRM SODQHWL QLVDP YLGLR YH
GYLMHJRGLQH
$ERPHVPRWUDLOL
%RPH
2WR:LOKHOP-U
GDKK
.DNRPLULwHSODYR
5HL]D(ULNDGDMHGDOWRQLVWELRMHSUHEODJL]UD]%LRMHVOLMHS]DERMHRQDNRNDNRQHWNRPRH
ELWLJOXKN
RWRSNDGMHJOD]EDXSLWDQMX
3UL]QDMHPGDWRLQHELELRQHNLYDOMDQUD]ORJ]DQDULFDQMHGD(ULNQLMHYROLRVOLNDQMH0DWR
YROLRLYLRMH]DQMHJD6WUDVWSUHPDVOLNDQMXRWNULRMHYHSUYRJGDQDNROH]DMHGQRVDVYRP
EROLNRMXSUDYLOXX]URNXMXVYHQHX]YUDHQHOMXEDYL
$QMHJRYDMHELODEDWDNYD1HX]YUDHQDGRNYUJDYLKPXNROMHQD
.DGD MH QMHJRYD XLWHOMLFD SUYL SXW YLGMHOD ]HOHQH PDNRYH REDVMDQH OMXELDWLP VXQFHP
GMHORPLQR ]DVWULP UR]DREODFLPD SRPLVOLOD MH GD VH UDGL R L]X]HWQR UD]X]GDQRM OLNRYQRM
IDQWD]LML MDNR ELVWURJ GMHDND L QDJUDGLOD MH LVWRP SHWLFRP =D RULJLQDOQRVW JODVLOR MH
REUD]ORHQMH
1R]DPUWYXSULURGXJDUQLUDQXSODYLPQDUDQDPDLFUQLPEDQDQDPDNRMDMHXVOLMHGLODQDNRQ
WRJD(ULNMHL]YXNDRWHNPUDYXWURMNX-HUUDGLORVHRSXNRPSRQDYOMDQMXSURYMHUHQHIRUPXOHSR
QMH]LQRPPLOMHQMX
-DWD QDUDQDVWLK JDOHERYD X JUR]QLDYRP OHWX QDG ROXMQRXWLP PRUHP ELOD VX NDS NRMD MH
SUHOLODDX(ULNVHGRPDGRYXNDRVDMHGLQLFRPYHOLNRPNDRWURNDWQLFD%H]REUD]ORHQMD
PUFDMXL SRND]DR MH RFX VYRMH VOLNDULMH SRNXDYDMXL PX REMDVQLWL NDNR VH QMHJRY
VWYDUDODNL SULVWXS OLNRYQRM XPMHWQRVWL QLMH SURPLMHQLR QL ]D GODNX WR VH QH EL PRJOR UHL ]D
XLWHOMLLQVXVWDYYUHGQRYDQMDLVWRJ
6WDUL MH SUYR VPLULR PDOFD SRYHRP SRUFLMRP NDNDRSXGLQJD ]DWLP JD VSUDYLR X NUHYHW D
RQGDRVWDWDNQRLSURYHRMDNRGXJRLYUOR]DPLOMHQRSURXDYDMXLWDWULOLVWD
%RMHVX]DLVWDELOHSRJUHQHWXQLMHELOR]ERUDQDEDFDQHQDSDSLUNRQIX]QREH]QHNRJUHGDL
VPLVOD]DPMHUX3DLSDN
1LMHXVSLRGRYULWLPLVDR2VWDYLRMHGDOHEGLX ]UDNXVREHL]QHQDGDVYMHVWDQEODJRJPLULVD
NRMLPXMHGUDNDRQRVQLFH
0DNRYL" SRPLVOL ]DXHQR L XSUDYR X WRP WUHQXWNX RVMHWL WRSOL XJUL] VXQFD QD VYRMRM
QDGODQLFL
3UHVWUDHQR LVSXVWL OLVWRYH L] UXNX L RQL VH XWDYR UDVXH SR SRGX D PLULV PDNRYD L VXQHY
GRGLUQDPDKQHVWDGRHVDRE]RUDQMHJRYLKRVMHWLOD
2VYUWDRVHMHGQRYULMHPH]EXQMHQRSRVRELPLVOHLGDQHWNRVQMLP]ELMDDOHQRRVLP(ULND
NRMLMHVSDYDRXVYRMRMVRELXGQXKRGQLNDXVWDQXQLMHELORQLNRJD1DNRQFXVHLSDNQDVPLMH
VYRMRMXREUD]LOMLSDOMLYRSRNXSLOLVWRYHVSRGDLQDVWDYLDUDWLSRJOHGRPSRQMLPD
1LMHGXJRWUHEDORGDVHSRQRYQRSRQHGRJDDWL
-HGQRYULMHPHMHRGOXQRRGELMDRSRYMHURYDWLNLVHORVWLMDEXNHXVYRMLPXVWLPDQRNDGDPXMH
QHSFHP ]DWLWUDR VODWNDVWROMHSOMLYL RNXV EDQDQD QLWD YLH QLMH PRJOR VSULMHLWL XVSUDYOMDQMH
GODLFDQDQMHJRYX]DWLOMNX6NRLRMHL]IRWHOMHNDRRSDUHQGRNPXVHVOLQDVOLMHYDODQL]NXWRYH
XVDQD 2YDM SXW ELR MH VLJXUDQ X SLWDQMX QLMH ELOD QMHJRYD PDWD 2NXV MH ELR WDNR VWYDUDQ L
LQWH]LYDQLGHILQLWLYQRMHLPDRQHNHYH]HVDVOLNDULMDPDNRMHVXSRGUXJLSXWXSRODVDWDOHDOH
UDVXWHSRSRGX6WLVQXRMHDNHLQRNWLMX]DULYHQLKXGODQRYHVDNXSLRQDKUSXRQRPDORSUHRVWDOH
SULVHEQRVWL WR PX MH SUHRVWDOR WH ]LUQXR MR MHGQRP SUHPD QMLPD =UDLOH VX QHNRP XGQRP
HQHUJLMRPNRMDLKMHLQLODWDNRVWYDUQLPDLMH]LYRLYLPD.DNR"2QDMWNRMHYMHURMDWQRPRJDR
GDWLRGJRYRUQDWRSLWDQMHVSRNRMQRMHKUNDRXVYRMRMVRELLVWDULJDRGOXLXSLWDWLRGPDK
2NUHXL VH SUHPD YUDWLPD NUDMLNRP RND SULPMHWL SRNUHW QD SRGX 3ULVHEQRVW NRMX MH WDNR
PXNRWUSQR VNXSOMDR UDVSH VH SRSXW SLMHVND QD YMHWUX L RQ SRWUL KRGQLNRP SUHPD GMHMRM VREL
SUDHQQHUYR]QLPNULFLPDJDOHERYD

(ULNMHVQHQRWUOMDRRLMRXYLMHNQHVKYDDMXLWRWRVWDULWUDLRGQMHJD2QPXMRMHGQRP
SRNDHSUVWRPQDVQLMHQRELMHOLOLVWSDSLUDQDUDGQRPVWROXLSRQRYQRJD]DPROLGDPXSRNDH
NDNRWRRQVOLND
,(ULNPXSRND]D

6XWUDGDQ MH VD VOLNDULMDPD SRG MHGQRP L MR XYLMHN SRVSDQLP (ULNRP SRG GUXJRP PLNRP
SRKLWDRNRGVYRJGREURJSULMDWHOMDOLMHQLND1DNRQSRGXHJLVSLWLYDQMDRYDMPXMHUHNDRRQRWR
VWHYL]QDOLRGSRHWND'DMHNOLQMRNDGVXERMHXSLWDQMXJOXKN
RWRS7RMHVWSRVYHVOLMHS
'RN MH JUDELR SUHPD NROL ELMHVQLP NRUDFLPD VWDUL MH L GDOMH SRG MHGQRP PLNRP VWH]DR
(ULNDQRVOLNDULMDPDSRGGUXJRPSULGUXLRVHLOLVWSDSLUDLVSXQMHQODWLQVNLPL]UD]LPDNRMLVXQD
VHEL VYRMVWYHQ GDNOH RELQLP VPUWQLFLPD QHUD]XPOMLY QDLQ REMDQMDYDOL ]DWR VX NULMHVWH QD
YDORYLPD(ULNRYDXWRJPRUDWDNRGUHDYROMXELDVWH
,]JOHGDGDMHWRGMHORYDORQDVLURWXXLWHOMLFX,OLMHXSLWDQMXLSDNELRVWDULLMLMHJURPNLJODV
WRJMXWUDWUHVDRVWDNODQDSUR]RULPD]ERUQLFH
%LOR NDNR ELOR (ULN MH X VYRMHP VWYDUDODWYX QDVWDYLR XLYDWL X RNULOMX YODVWLWD GRPD
3UHNLGDMXLWXLWDPRVSRNRMLPSLWDQMHPRHYRLWDQMH
7DWDNDNRPLULHSODYR"QDWRELVWDULRGORLRVYRMHQRYLQHQDVWRODFSRVMHRGMHDUFDQD
NROMHQD L VDWLPD PX SULDR R WHNRP NLVHORP ]DGDKX QHED SUHG ROXMX R UHVNRP YRQMX R]RQD
QDNRQNLHLSUSRQRPPLULVXFYLMHWQRJSHOXGDX]UDNXPLUQRJSUROMHWQRJGDQDPDODFELJXWDR
VYDNRQMHJRYXULMHDQDNRQWRELVWDUL]DYULRVDSULSRYMHGDQMHPRWNOLSVDRELXVYRMXVREXL
QDVWDYLRVWYDUDWLVYRMHVOLNDULMHGUHLYUVWRSODWQRREMHPDUXNDPDVYHGRNVYHRQHSRJUHQH
ERMHXQMHJRYRPXPXQHEL]DX]HOHSUDYDPMHVWDQDQMHPX
9LNWRULD)DXVW
RYMHNVRVPHURNXWQRPNXWLMRP
2.7XVDPELODMDVMHGQHVWUDQHVWROD7XMHELRL$OH[VGUXJHVWUDQH7XRNRQDVELRMH
3KRHQL[QDRPLOMHQLNDIL8PRMRMUXFL3DOO0DOOOLJKW8QMHJRYRMRELQL3DOO0DOO1LVPR
VHRGYLHEULQXOLR]DEUDQLSXHQMDQDMDYQLPPMHVWLPD83KRHQL[XPDORWNRGDMHEULQXRR
WDNYLP VWYDULPD 1D YUDWLPD ORNDOD MH LVWLQD ELR QHNL QDWSLV DOL QLWNR VH ED QLMH SRWUXGLR
SURLWDWLJD6YHXVYHPXWRWDOQDSXQLFD
3UHGDPQRPDOLFDNDYHFUQHYUXHLJRUNH3UHGQMLPNDYDVPOLMHNRP6SXQRHHUD'DOD
VDP PX VYRM HHU 'XJR MH PLMHDR OLFD L GDOMH QLMH KWMHOD VDPD X NDYL VWDMDWL UDYQR
1HGRYROMQRVODWND=DWUDLRMHMRHHUDLXSXFDYDRVHQDRMRPLOMHQRMNRQREDULFL0DU\MHYH
GDYQR QDYLNOD QD $OH[RYR XGOMLYR SRQDDQMH -D VDP PLVOLOD NDNR MH $OH[ FRRO IUDMHU 6YH X
VYHPXVWDQMHXRELDMHQR]DQDVGYRMH
'RVDLYDOLVPRVH,VWLQDERJPLEDLQLVPRHOMHOLELWLWUHQXWQRX3KRHQL[XLGDMHELORSR
QDHPXGDVPRPRJOLLQLWLRQRWRVPRHOMHOLLQLWLQHELVPRVHQLPDORGRVDLYDOL%LOLVPR
YUORPDWRYLWLNDGVHUDGLORRQHNLPVWYDULPD$OLFLPHUMHELRXVWDQX
$OH[MH]LMHYDR7UXGLODVDPVHGRND]DWLGD]LMHYDQMHQLMH]DUD]QR2QGDPLMHWRSRHORLLQD
LYFH SD VDP ]LMHYQXOD RG GRVDGH $OH[ MH EULVDR QDRDOH )HK PHQWRO PDUDPLFRP 2QGD MH
UDVWDYLRPDUDPLFXQDHWLULVDVWDYQDGLMHOD
7LMHGRVDGQR"XSLWDODVDP
0HQL"2GNXGWLWDLGHMD"UHNDRMHLSRQRYQR]LMHYQXR
8PRUDQ"
7NR"-D"UHNDRMHL]LMHYQXRSRQRYQR
3UHVWDQL]LMHYDWLUHNRKRDMQR
-DQH]LMHYDPUHNDRMH$OH[L]LMHYQXR
3HWQDHVWPLQXWDNDVQLMHWUOMDRMHYLOLFX
0LVOLPGDVDPQHWRLDLRUHNDRMH
3UDYRWLEXGLUHNODVDPMDRGXHYOMHQR]OREQR,RQGDMHRQSRQRYQR]LMHYQXR'DQHEXGH
XVDPOMHQ]LMHYQXODVDPLMD
3URORMHPRGDSRODVDWD0LVOLPGDVDPRGVSDYDODUXQGX
,GHP QDSXGUDWL QRV UHNDR MH $OH[ L QHVWDR X SUDYFX :&D 8SUDYR QHNDNR X WR YULMHPH
XOD]QDYUDWDORNDODVXVHRWYRULODLRYMHNVRVPHURNXWQRPNXWLMRPMHXDR
0RUDPSUL]QDWLGDJDQLVDP]DSD]LODXWRPWUHQXWNXQLWL]ERJQMHJRYHSRMDYHNRMDMHVYHX
VYHPX ELOD YUOR XRELDMHQD L SURVMHQD QLWL ]ERJ EXGQH NXWLMH NRMD QL SR HPX QLMH ELOD
XRELDMHQDLSURVMHQD7HGYLMHSRMHGLQRVWLUHJLVWULUDODVDPQHWRNDVQLMH8WRPSUYRPWUHQXWNX
RNUHQXODVDPVHMHGLQR]ERJWRJDGDSRJOHGRPSURVWULMHOLPSHUVRQXNRMDVHXVXGLODRWYRULWLYUDWD
LSXVWLWLKODGQRXXQXWUD9DQLMHSXKDRKODGDQNDVQRMHVHQMVNLYMHWDU0U]LODVDPLVDPXLGHMXGD
L]DHPQDSROMH
RYMHNVUHGQMLKJRGLQDXMHIWLQRPVLYRPRGLMHOXEH]NUDYDWHLVLYRPEDORQHUXSURHODYV
QDRDOLPDSDOLPQDYUKQRVDQDSUDYLNRUDNXWRSOXXQXWUDQMRVW3KRHQL[DLSXVWLGDVHYUDWD
VDPD]DWYRUHL]DQMHJD8GHVQRMUXFLQRVLRMHNXWLMX2VPHURNXWQDNDNRUHNRK5XQRUDHQD
OLMHSOMHQDSUR]LUQRPOMHSOMLYRPWUDNRP3ULOLQRQH]JUDSQRJL]JOHGD1RVLRMXMHNDRGDMHXQMRM
QHWRYUORORPOMLYRLYULMHGQR
3UHHSRJOHGRPSUHNR]DGLPOMHQRJSURVWRUDORNDODWUDHLVORERGQRPMHVWR6WROGRRQRJD]D
NRMLP VDP MD VMHGLOD ELR MH WR QD VWRO $OH[RY L PRM 0DU\ EL VH XYLMHN SREULQXOD GD RVWDQH
SUD]DQ X RQR YULMHPH NDG MH ]QDOD GD GROD]LPR MHU ERJ L ERMH X 3KRHQL[X VPR SURYRGLOL
GREDU GLR YUHPHQD ELR MH SUD]DQ 2Q PX SULH NXWLMX RSUH]QR SRORL QD QM L RQGD VH QHNDNR
QHUYR]QLP NRUDNRP ]DSXWL SUHPD DQNX .DNR VH X WR YULMHPH $OH[ YH YUDDR PRM SRJOHG
QDSXVWLRYMHNDVRVPHURNXWQRPNXWLMRPGDELXLYDODXSUL]RUX$OH[DQMHJRYRJYLWNRJWLMHODX
FUQRPMHDQVXVLYRMGROHYLWLLSRGXRMFUQRMNRVLNRMDMHXVYMHWORVWLNRMHVXODPSH3KRHQL[D
EDFDOHGRELYDODPRGULDVWLRGVMDM$OH[MHELRWDNRVHNVLPDOLYUDJ
2QVHQDJQHQDGPHQHRYODPHSROMXELVWXWLVHXVWRODFLUDVSX]L
-RRRM7DNPLVHVSDYD
'DDD"UHNRKMDXWRQXVYRMHXYHQHQHRGROMLYHGXKRYLWRVWL$VNLPWROMXEDYL"
+DKDNUHH$OH[NLVHOR+DKD7DNRVWUDQRXDVQRVPLMHQR+DLRSHWKD'ULPHGD
QHSXNQHPRGVPLMHKD+D
2K]DYHLGRVDGDQVL
RYMHNVRVPHURNXWQRPNXWLMRPVHYUDWLR6NLQXRMHEDORQHUREMHVLRJDQDYMHDOLFXNRMDMH
VWDMDOD X XJOX L ]DWLP VMHR ]D VWRO ,] XQXWUDQMHJ GHSD VDNRD L]YDGLR MH DUDN SDSLUD V JXVWR
LVSLVDQLP WHNVWRP L NHPLMVNX D L] GHVQRJ GHSD NXWLMX 5RQKLOO OLJKW L LELFH 3ULSDOLR MH RQLP
LVWLPXUQLPQHUYR]QLPSRNUHWRPNRMLPMHLQLVHVYHUDGLRPDORRSUH]QRRGPDNQXRNXWLMXL
RQGD UD]DVWUR SUHG VRERP RQH SDSLUH SDOMLYR LK LWDMXL L WX L WDPR SRGFUWDYDMXL QHWR LOL
LVSLVXMXLQHWRQDPDUJLQL
0DU\MHYUOREU]RGRODVQMHJRYRPQDUXGERP.DYD&UQDRYMHNVRVPHURNXWQRPNXWLMRP
XUQR MH RGPDNQXR SDSLUH L QDVPLMHLR VH QHUYR]QLP QHVSUHWQLP RVPLMHKRP 0DU\ PX MH
RGYUDWLODOMXED]QLPRVPLMHKRPNDNRMHWRRQDXYLMHNLQLOD=DWLPVHXGDOMLOD
,VSUD]QLRMHMHGQXYUHLFXHHUDXNDYXSRODNRSURPLMHDRWULSXWDNXFQXROLLFRPRDOLFX
LRSUH]QRMHSRORLRQDWDQMXUL1LMHMHRNXVLR1LMHMHRNXVLRVOLMHGHLKGHVHWDNPLQXWDVYHGRN
NDYDQLMHELODSRVYHKODGQD
6YH MH WR LQLR SRVYH RGVXWQR JRWRYR L QH GLXL SRJOHGD V SDSLUD &LJDUHWD MH X SHSHOMDUL
GRJRULODGRSROD6DPRMXMHGYDSXWDSULQLRXVWLPDLRWSXKQXRGLP=DWLPVHSRQRYQR]DGXELRX
VYRMD]DSLVLYDQMDLVDGDVHLQLORL]UDXQDYDQMD
$OH[XLOLVHYLHQLMHVSDYDORLOLMHSRVYHGHILQLUDRVNLPHHOMHODVDPGDSUHVWDQHSOD]LWLSR
PHQLLGDL]YDGLVYRMMH]LNL]PRMLKXVWLMX1LMHGDPLVHQLMHVYLDORWRWRMHUDGLRGDOHNRRG
WRJDDOLXSUDYRVDPPXQHWRL]X]HWQRSDPHWQRJLPDOD]DSULRSLWL
$HKVUHNRKSXQLKXVWLMXSRNXDYDMXLVHRVORERGLWL,GLKRRJLSD"
2RJLSD"$OH[VHQDJORRGPDNQHRGPHQHNDRGDMHXSUDYRVKYDWLRGDLPDPURJRYHUHSL
NR]MDNRSLWDWRMHWRRRJLSD"
-DDDNRGXKRYLWRUHNRKVYMHVQDGDYMHURMDWQRLPDPUXDSRFLMHORPOLFX=QDPGDJDMHRQ
LPDR.DHP9LGLRQRJWLSD"
$KD X]YLNQH $OH[ VD VYRMRP MHGQDNR XYHQRP GXKRYLWRX 6DG VPR L GUXJH WLSRYH
SRHOLJOHGDWL
-RMNDNVLQHNDGQHPRJXX]GDKQHP2QVHQDJQHSUHPDPHQLL]YLMHREUYH]QDDMQRL
NUHH
/MXEDYLMDVDPXYLMHNQHPRJX
0RHOLEDUQDWUHQXWDNELWLR]ELOMDQ"
0PPPP]DPLVOLVHRQ1H"
7RVDPVLLPLVOLOD
0RUDGDMHL]UD]PRJOLFDELR]DEULQXWMHUVHLRQRGMHGQRP]DEULQH
6WHSKDQLH"WRMH"
2]ELOMQRWLNDHPUHNRKRGMHGQRPSRVWDMXLVYMHVQDGDMDLMHVDP]DEULQXWD1HWRXYH]L
RQRJWLSDLNXWLMH3ODLPH
2Q SRJOHGD X SUDYFX VSRPHQXWH RVREH L SUHGPHWD L NDR GD LK MH WHN VDGD SRVWDR VYMHVWDQ
9MHURMDWQRMHWRLELODLVWLQD
3RVWDMHSDUDQRLQD]DNOMXL3RODNRVOHJQHPUDPHQLPD
0RGD$WRDNRQH"
6DGDMHGHILQLWLYQRELR]DEULQXW%LORPLMHDRWRPXWRLQLP0RGDMHELORVDPRMRMHGQR
RGRQLKPRMLKVWDQMDXNRMLPDVDPVHGHILQLWLYQRSRQDDODQDJUDQLFLVXPDQXWRJ0RGD$OLWR
DNRQLMHELOR"
6DGWLSODLPHQHUHHRQ7UQFLPLSURXOHLPD%DXDVQRRGPHQHWRWRPXUDGLP
1DJQHPVHSUHPDQMHPXLSROMXELPJD
,]YLQL
2.UHHRQRGMHGQRPYUORR]ELOMDQ'HILQLUDMPRWRWRRVMHD
1LMH YMHURYDR X PRMH RVMHDMH QLWD YLH QHJR VDP MD YMHURYDOD X QMHJRYX YLGRYLWRVW 'UXJL
OMXGLVXQDPPRGDSRQHNDGLYMHURYDOLDOLPLQLVPRYMHURYDOLMHGQRGUXJRPH3UHWSRVWDYOMDP
GDMHXWRPHELORRQRJD1HPRHSUHYLQGODWLYLQGOHUD
WRPLVOLWRMHXNXWLML"
+P VNXSLR MH REUYH L ]DPLOMHQR QDSXLR XVQH 7R EL PRJOD ELWL NXWLMD ]D NRODH +P
+RHRNODGX"6DFKHULOLSDUIHWRUWD"
/RWLPLQJ]DGXKRYLWRVW
2GMHGQRJSLVFDRHNLYDODELKPDORYLHPDWRYLWRVWL
=DWUHSWDRMHPRLPDXVWLOXVODWNRJPDORJGHND
0DUFLSDQWRUWD"
0D ]DERUDYL UHNRK JODVQR RGMHGQRP SRVWDMXL ELMHVQD 7L MHGQRVWDYQR QH PRH ELWL
R]ELOMDQQLQDWUHQXWDN
$ WL YLGL VWYDUL WDPR JGMH LK QHPD UHNDR MH 7UHEDOD EL PDOR SRSXVWLWL L SUHVWDWL VWDOQR
YLDWL ]DYMHUH WDPR JGMH ]DYMHUD QH PRH ELWL 6YLMHW QLMH NXOLVD QHNRJ WYRJ URPDQD 3LVDF QH
PRUDELWLSDUDQRLDQXVYDNRPWUHQXWNX6DPRWXLWDPR
,PDQHWRXWRMNXWLMLUHNRKNUR]VWLVQXWH]XEH
1DUDYQR GD LPD RGYUDWLR MH $OL WR QHWR VLJXUQR QLMH *UHPOLQ LOL YDQ]HPDOMVNR MDMH L]
NRJDHVHL]OHL$OLHQNRMLHXQLWLWLVYLMHW
,LPDQHWRXWRPWLSXQDVWDYLKQHVPHWDQRLYRPH]DQLPDWRWRWDNR]DQHVHQRSLH
$GDSXVWLRYMHNDGDLYL"
3RJOHGDPJDNDRGDMHWDMSULMHGORJRQRQHWRQDMQHXYHQLMHWRVDPLNDGXOD
1HXRGYUDWLP2VMHDPGDQHWRQLMHXUHGX$NDGMDRVMHDPGDQHWRQLMHXUHGXWR
RELQRLQLMHXUHGX
7LQLVLXUHGXVPLUHQRMH]DNOMXLR$OH[$OLSRWRVDPMDWDNRGREDUGHNRRGOXLRVDP
GDWR]DERUDYLP-RMHGQXNDYX"
1HKYDOD5DGLMHELKQHWRHH
2.UHNDRMHXVWDRVHLRWLDRXSXFDYDWLVH0DU\QDGHVHWDNPLQXWD
.DGVHQDNRQVSRPHQXWLKGHVHWDNPLQXWDYUDWLRVDVWRFNRPPHQLVHSLODNDYD
3RVWDYLPR SUHWSRVWDYNX UHNRK ]XUHL X SLH NDR GD VH QMHPX REUDDP L NDR GD VH RQR
XSUDYRVSUHPDRGJRYRULWL%X5HFLPRGDMHWLS]QDQVWYHQLN5HFLPRGDMHRWNULRLOLXSUDYR
WX SUHG QDLP PRLPD RWNULYD QHNX ]QDDMQX IRUPXOX NRMD H SURPLMHQLWL EXGXQRVW VYLMHWD
VYLMHWNDNYRJJDPLSR]QDMHPR,UHFLPRGDWDEXGXQRVWWDNYDNDNYRPHMHQMHJRYRRWNULH
QDSUDYLWLLQLMHWDNRVYLMHWODNDNRRQXRYRPWUHQXWNXSODQLUDGDELPRJODELWL,SUHWSRVWDYLPR
GDPLWRL]ELORNRJEL]DUQRJUD]ORJD]QDPRQDVOXXMHPRRVMHWLPR.RMLELELOLQDLPRUDOQL
HWLNL LOL SDN KXPDQL UD]OR]L GD SXVWLPR WX SHUVRQX GD REMDYL VYRMD RWNULD RGQRVQR GD MH
VSULMHLPRGDWRXLQL"
+XK 0RUDOQL L HWLQL" =D LPH PLORJ %RJD 6WHSK 1LNDGD QLVDP PLVOLR GD X L] WYRMLK
VYHWLKXVWLMXXWLWDNYLKSVRYNL$OH[MH]DGRYROMQRKLKRWDRVYRMRMDOL6OXDODVDPJDVDPRV
SRODXKDLGDOMHVHYUORUHYQRREUDDMXLVWRFNX-RMHELORUDQRLVLWXDFLMDMRQLMHELODNULWLQD
NULWLQD MH LPDOD SRVWDWL WHN RQGD NDG VH VWRFN EXGH SRHR REUDDWL PHQL 1R NDG EROMH
UD]PLVOLP]DSURPDWUDDL]YDQDLQHHELWLSXQRUD]OLNH,WDNRVXPHVYLVPDWUDOLOXGRP
XPMHWQLNL ]DQHVHQRP D WR PH MH GDNOH VYUVWDYDOR X NDWHJRULMX QDMYHHJ OXDND YDQ
OXDNHNRXOMHPRMDRPLOMHQDIUD]D
83KRHQL[MHXSUDYRXODQHNDPDNDXYUWRJODYRMPLQLFL
2YRMHKUDEURUHNDRMH$OH[PDXLFLJDUHWRP3RRYRMKODGQRL9UORKUDEURQDJORPH
MHSRJOHGDR$]DWRWLQHQRVLVOLQHVWYDUL"
=DWRMHULPDPMRPDOR]GUDYRJPR]JD+RHGDPLVHVPU]QHRQRWRQHPDP"
7RWRQHPDUHNDRMHXQRVHLPLVHXOLFHLVSXWDMXLJODVXRQXMDNRVHNVLYHU]LMX
PHQHEDQDURLWRLQH]DQLPD2QRWRPHQH]DQLPDMHRQRWRLPDRWSXKQXRPLMHGLPXOLFH
0RJX L PLVOLWL KWMHGRK ]DSDOLWL FLJDUHWX GD PX GRNDHP GD VX PRMH WHQMH VXNODGQR
SURSRUFLRQDOQHQMHJRYLPDDOLVHMHGQDNREU]RL]JXELPXUD]PLOMDQMLPD
(LQVWHLQUHNRK'DOLELXELR(LQVWHLQD"]ERJRYDNYLKSULPMHGELRELQRELPHOMXGL]QDOL
SRJOHGDWLNDRGDVDPXSUDYRSDODV0DUVDLOLGDVDPXQDMEROMHPVOXDMXSRWYUHQROXGD$OLQH
L$OH[6YRMVYRJDSR]QD
7LEL(LQVWHLQDXELOD=DUWHQLMHVUDP
$WLQHEL"
XMUHHRQSUHEDFXMXLVHXR]ELOMQXYHU]LMXVHEHNDNRMHELRQMHJRYREHDM8YLMHNELVH
URGLR QRYL (LQVWHLQ , NROLNR JRG LK WL XELMDOD QRYL EL (LQVWHLQ QDDR DLQD GD PLULH VYRMD
FYLMHWDGYD7RWLMH
8YMHULPHMRGDYMHUXMHLXVXGELQXWRKRHUHL"6WYDULVX]DSLVDQH"2QRWRWUHEDELWL
ELWH"
1HQHJRJDVLRMHFLJDUHWXXSHSHOMDUL7HRULMDYMHURMDWQRVWL'UXWYRNRMHX]QDSUHGXMHGR
RGUHHQRJ VWXSQMD YMHURMDWQR H RWNULWL RQR WR QMHJRY UD]YRM WHKQLND L GUXWYR VDPR X VYRP
VWXSQMX UD]YRMD GR]YROMDYD GD RWNULMH QRYLP PRJXQRVWLPD QRYLP ]QDQMLPD SUHNR QRYLK
GRVWLJQXDGRQRYLKVSR]QDMD=ERJEHJDVHGRJDDORGDVXJRWRYRXLVWRYULMHPH]QDQVWYHQLFL
QDUD]OLLWLPNUDMHYLPDNXJOH]HPDOMVNHRWNULYDOLLVWHVWYDULGROD]LOLGRLVWLK]DNOMXDND"-HULP
MHUD]YRMGUXWYDXWRPWUHQXWNXGR]YROLRGDGRXGRWLK]DNOMXDND9UORMHGQRVWDYQR
$OLQLVDPSRSXWDOD5HFLPRRYDNR.DGDELVHWDMUD]YRMRUJDQL]LUDQRRPHWDRNDGELVH
RVREH NRMH EL GR QMLK GROH RUJDQL]LUDQR XNORQLOH ]DU QLMH PRJXH GD EL QHND RWNULD ELOD
L]EULVDQDL]SRYLMHVQLKNQMLJD"=DUWRQLMHYUORYMHURMDWQR"
3RVYHQHPRJXH1HPRH]DXVWDYLWLUD]YRM
%DFLSRJOHGQDSRYLMHVW3RVWRMDODVXPUDQDGRED3RVWRMDODVXGREDXNRMLPDVHQLWDQLMH
GRJDDOR3RVWRMDOHVX,QNYL]LFLMH.DGDELSRVWRMDODRUJDQL]DFLMDGRYROMQRMDNDGDNUR]YULMHPH
NUR]VWROMHDYODGDYUVWRPUXNRPGDLQLRQRWRMHXVUHGQMHPYLMHNX
7L GDNOH KRH SRELWL ]QDQVWYHQLNH ( SD WDNR PL UHFL 0$5< SURGHUDR VH L] LVWRJ
PLUD0DU\20DUUUUU\'DMQDPRYDPRNDNYRKODGQRRUXMH,QHNDEXGHRWUR,PDPRWX
MHGQRJ
3RNORSLPPXUXNRPXVWD6PLMDRVH
$OLLVNREHOMDRVHLVSRGPRMHUXNHREUDWLWLSDQMXQDSRYLMHVW7DNYLPUDQLSHULRGLX
OMXGVNRMSRYLMHVWLQLVXGXJRWUDMDOL7LUDQLMDQHPRHELWLYMHQD1DNRQPUDQLKSHULRGDVOLMHGLOL
VXSHULRGLSURFYDWD$WRMHWDNRHUVDPRMRMHGDQGRND]XSULORJWRPH
GDMHQHPRJXH]DXVWDYLWLUD]YRMLGDPLLGHQDLYFHVWRPVYRMRPORJLNRP]DYULP
0LVOLODVDPGDQHYMHUXMHXORJLNX
,QHYMHUXMHP$OLYMHUXMHPXYMHURMDWQRVW$YMHURMDWQRVWJRYRULXSULORJPRMRMWHRULML
9MHURMDWQRVWJRYRULLRWRPHGDDNRVHPROHNXOHSUDYLOQRUDVSRUHGHMDPRJXNUR]RYDM]LG
SURL]GUDYDLLWDYD$OLXVSUNRVYMHURMDWQRVWLMDWRQHNDNRQHELKEDSRNXDOD
.XNDYLFDUHNDRMH]DGRYROMQRDOLRGPDK]DWLPQDVWDYLR6WHSKUD]PLVOLPDOR3RVYHMH
QHPRJXHWRWRWYUGLWRVRUJDQL]LUDQRPNRQWURORPUD]YRMDLWRVWLPGDDNRXNORQLPRUD]YRM
]QDQRVWLLFLYLOL]DFLMHPRGDGRYHOLNLKNDWDVWURIDQHHGRL8VYDNRP]OXLPDEDUPDORGREUD,
VYHQDSRVOMHWNXLPDQHNRJUD]ORJD$DNRLQHPDNRJDMHEULJD,]DWRMHQHPRJXH
1DUDYQR GD MH QHPRJXH VORLP VH QDSRVOMHWNX 0DGD PRGD QHPRJXH X VWYDUQRP
VYLMHWX$OLWHRUHWVNLMHPRJXH-DVDPWHRUHWLDU
7HRUHWVNL MH VYH LOL JRWRYR VYH PRJXH 7HRUHWVNL MH PRJXH GD H VH RQDM RG WHEH
VSRPHQXWLSULPMHUWHRULMHYMHURMDWQRVWLGRJRGLWLLXSUDYRQDPDLXSUDYRVDGD$OLSRWYUGDWDNYLK
WHRULMD X VWYDUQRP LYRWX L VYLMHWX SRGOLMHXL RSHW VSRPHQXWRM WHRULML YMHURMDWQRVWL MH LVWR
$GDPVRYVNLQHYMHURMDWQD$NR]QDWRPLVOLP
1H]QDP2GQRVQR]QDP$OL]DWREDUMHGQRPQHSUL]QDGDVDPXSUDYX"
.DG QLVL 3UYR NDNR YH UHNRK QH PRH ]DXVWDYLWL UD]YRM 'UXJR QHPRJXH MH VWYRULWL
GRYROMQRMDNXRUJDQL]DFLMXNRMDELNUR]GXHYULMHPHSURYRGLODVYRM]DNRQYUVWHUXNH7LUDQLQH
LYHGXJR7LUDQVNHYODGHRVXHQHVXQDSURSDVWNROLNRJRGMDNHELOH7UHHQHJGMHXQHNRPRG
%RJDLOMXGL]DERUDYOMHQRPPMHVWXURGLWHVHRVREDNRMDHSURQDLIRUPXOXGRLGR]DNOMXND
PRGDQHNUR]VYRMH]QDQMHYHLQWXLFLMXSULURGQXVSRVREQRVW]DNOMXLYDQMDMHUREUD]RYDQRVW
QLMHXYMHWGDDNRMHQHNDRVREDURHQDGDEXGHJHQLMHRQDWRLQHELPRJODELWLLWDRVREDH
LRQGDHJDYODVWLSURQDLLXORYLWLRSWXLWLNDRKHUHWLNDLVSDOLWLQDORPDL(QGRIWKH
VWRU\
0DNDNDYHQGRIWKHVWRU\'DQLVLWDNRSURNOHWRWYUGRJODYDLVDPDELXYLGMHODNDNRWYRMH
WHRULMHVWRMHQDVWDNOHQLPQRLFDPD
*OXSRVWL'DMUD]PLOMDMPDOR0DOHVLYHVWDQLFHPRMGUDJL:DWVRQH0DOHVLYHVWDQLFH
.RMH MD ]D UD]OLNX RG WHEH XSRWUHEOMDYDP , X]JUHG EXGL UHHQR VSLND R PDOLP VLYLP
VWDQLFDPDMH3RLURWRYDDQH+ROPHVRYD,WVHOHPHQWDU\P\GHDU:DWVRQMH
-RMNDNVLGRVDGDQ7YRMSUREOHPMHWRWRSUHYLHSDPHWXMH
$WYRMWRXYLMHNKRHELWLXSUDYX$OLWRMHPDORWHHNDGLPDSRVODVJHQLMHPRQQD
DOMLYLQDLQUDLULUXNHXND]XMXLQDVYRMXSRMDYX3RJOHGDPJDLLVSOD]LPPXMH]LN
-DDDNRGXKRYLWR7NRWLSLHYLFHYH"
+YDODOLMHSRQDSLWDQMXVDPDVLLKSLHP
3URPLMHQLVFHQDULVWX]DNOMXLRQ
3HWPLQXWDNDVQLMHQDNRQWRMH$OH[WRGLPQLPVLJQDOLPDWRXUQLPPDKDQMHPUXNXWR
YHOLNRPJDODPRPSUL]YDR0DU\RQDVWLHQRVHL QRYRSLH=DWLP VHGRVWRMDQVWYHQRXGDOMLRG
QDV OMXED]QR RGYUDWLYL QD $OH[RY XSLW 'D OL EL PX KWMHOD URGLWL GMHFX RGJRYRURP 'D
GHYHGHVHWLGHYHW
'YRMHELELORSRVYHGRYROMQR]DPLOMHQRMHRGYUDWLR$OH[
8PULMHWXDNRQHVD]QDPWRMHXNXWLMLUHNRK
8PULMHWHLRYDNRLRQDNRUHH$OH[VHELVYRMVWYHQRRED]ULYRSDVHNXFQHVYRMRPDRP
RPRMX,]DWRLYMHODWLPHQLGRNQHXPUH
-DDDNRGXKRYLWR
3D]L2GVPLMHKDVHPRHXPULMHWLQDSRPHQHRQ]DJUFQHVHQDVWRFNXLRQGDMHNDOMXFDR
QHNLK GREULK SHWQDHVWDN PLQXWD 1LVDP PX QL SRNXDYDOD SRPRL 8LYDOD VDP JOHGDMXL JD
NDNRVHSRSLNDYDQDYODVWLWHULMHL
=DWRVHPLXRSHVYDDPR"XSLWDP
0LVHQHVYDDPR0LUDVSUDYOMDPR3RVWRMLUD]OLND]QD,XRVWDORPDNRWLMHYHWROLNR
VWDORGDVD]QDWRMHXNXWLML]DWROLMHSRQHRGHLXSLWDRYMHNDVDPD"
-RQHWR1HSDGDPLQDXP
2QGDXMD
=JUDELPJD]DUXNXNDGVHXVWDRGDVYRMXQDPMHUXSURYHGHXGMHOR
'DVHQLVLXVXGLR
2QGDWR"1HHSLWDWLD]QDPGDQHHQLSUHVWDWL2YRSRVWDMHGRVDGQR2GOXLVH
2GOXLODVDPUHNRKLLVNDSLPRVWDWDNVWRFND0U]LODVDPJD+DMGHGD]DERUDYLPRFLMHOX
VWYDU
3DPHWQDLGHMDVORLVHRQDOLLSDNQHRGROLGDQHGRGD$WRDNRVLLSDNXSUDYX"WRDNR
WLSXSUDYRLPDWXXNXWLMLSURWRWLSUD]RUQHERPEHNRMDHXQLWLWLVYLMHW"=DUQHELELOREROMHGDJD
LSDN QHJGMH SULWLVQHPR X]D ]LG L QDWMHUDPR GD SUL]QD VYD VYRMD QHGMHOD" 2G VSRPHQXWRJ
XQLWHQMDVYLMHWDVSUHGXPLOMDMHPGRRQLKPDOLKVWYDUFDRGNRMLKUDVWXGODNHQDGODQRYLPD"
$OH["
0ROLPOMXEDYL"
7,6,*$'
2KUHHRQ]DXHQRL]DGRYROMQR%DWLKYDOD
-RGXJRMHR]DUHQRJOLFD]XULRSUHPDVWURSXLRVOXNLYDRRGMHNPRMLKULMHL3UDYLODVDPVH
GDQHSR]QDMHPRYRJOXDNDNUDMVHEH
9UORNUDWNRYULMHPHSRWRPRYMHNVRVPHURNXWQRPNXWLMRPMH SRNXSLRVYRMH SDSLUHXJDVLR
FLJDUHWXLVNDSLRKODGQXNDYXRVWDYLRQRYDF]DVSRPHQXWXNUDMWDQMXULD]JXUDRSDSLUHNXWLMXV
FLJDUHWDPDLLELFHXXQXWUDQMLGHSVDNRDREXNDREDORQHU]DNRSDRVHSRGLJDRRNRYUDWQLN
RSUH]QRSRGLJDRRVPHURNXWQXNXWLMXLQDSXVWLRQDQDMGUDLNDIL3KRHQL[
3URPDWUDOD VDP JD NUR] SUR]RU NDNR VWRML SUHNR SXWD QD VWDQLFL HNDMXL DXWREXV 'XJR MH
VWDMDRWDPR
WRPLVOLNXGDLGH"
7NRHJD]QDWLUHNDRMH$OH[SUHNRQDRDODEXOMHLXQRJHYHUDQLMHVSRPHQXWHPDNHX
PLQLFL9MHURMDWQRLGHQHJGMHUD]UDGLWLVYRMHSODQRYH]DXQLWHQMHVYLMHWD,OLPRGDLPDNDNYR
SRG]HPQRVNORQLWHLPRGDVH]DQRLSXQRJPMHVHFDSUHWYDUDXYXNRGODND-HVLOLUD]PLVOLODR
WRMPRJXQRVWL"
3RJOHGDODVDPJDLUHNODPXGDMHNUHWHQ
1H RGYUDWLR MH RQ VDPRVYMHVQR 6DPR QDGREXGQL PODGL SLVDF NRML VH WUXGL RG VYLMHWD
VWYDUQRVWLXLQLWLRQRWRWDVWYDUQRVWQLMH0RHOLPHNULYLWL]ERJWRJD"
.DGVDPSRQRYQRGLJODRLLSRJOHGDODNUR]SUR]RURYMHNDVRVPHURNXWQRPNXWLMRPYLHQLMH
ELOR

1HWRNDVQLMH
1HWRYLHNDVQLMH
1HWRSXQRSXQRYLHNDVQLMH
2.7XVDPELODMDVMHGQHVWUDQHVWLMHQH7XMHELRL$OH[VGUXJHVWUDQHVWLMHQH8PRMRM
UXFLNRLFDWHNXORYOMHQRJRGHUDQRJLVSHHQRJLSRMHGHQRJ]HFD0HVRMHLPDORPLULVRNXVL
ERMX VXPSRUD .DR XRVWDORP L VYD SUHLYMHOD KUDQD GDQDV 8 $OH[RYRM UXFL NUKRWLQD VWLMHQH
8]DOXGQR MH SRNXDYDR WLP RUXHP XSLVDWL VYRMH LQLFLMDOH X NDPHQ LOL PRGD QHWR X VWLOX -D
$OH[QDMFRROIUDMHUQDNXJOL]HPDOMVNRM$WRMHPRGDELODLLVWLQD$OH[MHELRMHGLQLPXNDUDF
NRJDVDPYLGMHODX]DGQMLKRKRKRJRGLQD$WRJDMHVYDNDNRLQLORFRROIUDMHURP
2NRQDVELRMHSURVWRUQDNRPHMHMHGQRPVWDMDRQDRPLOMHQLNDIL3KRHQL[6DGDRGQMHJD
QLMHRVWDOREDQDURLWRQHWR7RQLMHUHHQRQLWD
3XKDRMHKODGDQYMHWDU
-HVDPWLUHNODUHNRKYUORYDQR
+D"UHH$OH[LVORPLVYRMXNDPHQXSLVDOMNX'XJRMHWXQRJOHGDRXRVWDWDN*GMHHVDGD
QDLMHGQDNRQHHILNDVQRVUHGVWYR]DEDYH"
2GSUYRJWUHQXWNDELORPLMHQHWRVXPQMLYRXWRPIUDMHUX$OLQH1HELRQPHQLYMHURYDR
QHELQL]DVWRJRGLQD'DOLPLVDGYMHUXMH"
1H UHH RQ %DFLR MH RVWDWDN SLVDOMNH YLVRNR X ]UDN .DPHQL MH SRJRGLR SWLFX X OHWX L
VUXLR MH 3WLFD MH SDOD QD ]HPOMX 0ODGXQFH SUHULMVNRJ SVD MH L]OHWMHOR L] ]DNUOMDOH VSDOMHQH
LNDUHXQDPMHULGDMHHSDDOLVHSRSLNQXORLSDORQRVRPXQHNDNDYGHJHQHULUDQLEXQQHNRJ
URDND NDNWXVD NRML VX UDVOL VYXGD XRNROR &YLOHL L MDXXL WHQH VH EU]LQVNL SRYXNOR QD]DG X
LNDUX$RHPXVLRQRSULDOD"
2RYMHNXVRVPHURNXWQRPNXWLMRPQDUDYQR2HPXGUXJRP"
2RYMHNXVNXWLMRP]DNRODH"
.DNYDNXWLMD]DNRODH%LODMHWRNXWLMD
VRWNULHPNRMHMHXQLWLORVYLMHW"2GNDGMH9HOLNL5DWL]ELRLPLQXRQHRVWDYOMDMXLL]D
VHEHQLWDLOLJRWRYRQLWDWRPLJRYRUL
*RYRULPWRMDRGPDORUDQLMH
%LODMH6DFKHUWRUWD
1LMHQHJROMXWQHPVH$NDNRPROLWXOLMHSR]QDGDMHELODED6DFKHUWRUWD"
2VMHWLP RNRODGX QD NLORPHWDU GDOHNR =QDP GD MH ELOD 6DFKHU WRUWD 7LMHVWR ED L QLMH
QDURLWRXVSMHORDOLMH]DWRJOD]XUDELODJHQLMDOQD8KWRELKGDR]DNRPDGL6DFKHUWRUWH
7L L WYRMD YLGRYLWRVW $ SLWDP VH MD JGMH MH WD YLGRYLWRVW ELOD RQGD NDG VH R EXGXQRVWL
SODQHWDYRGLORSLWDQMH"
1RNUDVQR6DGYULMHDMRLPRMHYLGRYQMDNHVSRVREQRVWL$WRMHVWYRMLPRVMHDMLPD"
7RWRVLRSWXLODSUYRJQHYLQRJLSRPDORXGQRJVWUDQFDX3KRHQL[XWRWLMHELORMDNRPXGUR
-DDDNRPXGUR
-DVDPEDUQHWRRVMHDOD7LQLVLYLGLR1,7$
2YGMHMHXSLWDQMXPRMDDVW
2YGMHMHXSLWDQMXWYRMQRV3D]LVDPRGDWLJDQHUD]ELMHPDNRLNDGYLHVSRPHQHWRGDMH
WRUWDELOD6DFKHULOLNDNYDYHLWRGDMHRQDMWLSELRLVWNRVX]DLPLULVDQNRUXD*DGQD
VDPNDGVHQDOMXWLP
*DGQD VL WL L LQDH UHNDR MH $OH[ XPLOQR D RQGD MR XPLOQLMH GRGDR $OL WL VYHMHGQR WD
KDOMLQLFDRGWDYOMHQHNRHSUHGLYQRVWRML,PDVHNVLQRJH
1DRYRMKODGQRLRVMHDPVHVHNVLNDROHGHQLFDNRMDMHXSUDYRRSDODVNURYDLUD]ELODVHQD
SORQLNX=QDPLVOLPGDPLVHXSUDYRVPU]ORRQRWRQHPDP
'RLGDWHMD]DJULMHP
6DPRVHXVXGL$OH[$OH[R]ELOMQRWLJRYRULP1HPRHPHQDSDVWRYDWLGRNVHOMXWLPQD
WHEH
'DWLGRNDHPGDPRJX

+P$DDOH["
0PP0ROLPOMXEDYL"
-HGQRSLWDQMHPRH"
6YHWRHOL
=DWRMHXRSHL]ELRWUHLVYMHWVNL"
+PHNDMGDUD]PLVOLP%LORPXMHYULMHPHGDGRH"
1HR]ELOMQRWHSLWDPWRMHSRNUHQXORPDLQHULMX"
+PQH]QDP6WHSK7HOHYL]LMVNHFHQWUDOHLWHOHNRPXQLNDFLMDRWLOLVXNYUDJXSULMHQHJRVX
QDPWX]QDDMQXSRMHGLQRVWXVSMHOLSULRSLWL$OL]QDMDPLVOLPGDVHWRFLMHORYULMHPHNXKDORX
SULNUDMNX2ELDQVPUWQLN]DGQMLGR]QD+P,OLMHWRRQRELODHQD"
7RMHLPRMHPLOMHQMH7RRNXKDQMXXSULNUDMNX,NDGVPRNRGNXKDQMDEDVDPJODGQD
%LOLELRWDNRGREDUSDVNRNQXRXORYLWLQHWR"
$DDDMRMQHGDPLVH*RGLQHVXWR
/LMHQRVWMHWR
$QHELOLWLELODGREUDHPDQFLSLUDQDHQLFDSDVNRNQXODVDPDXORYLWLQHWR"
$NRMDEXGHPVNDNDODGDXORYLPQHWRRQGDXWRQHWRVDPDLSRMHVWL
$MDELKNDRWUHEDRORYLWL]DRERMH
%H]PHQHWLEL]HFDMHRVLURYRJLVNU]QRP
.XKDPEROMHRGWHEH
'RNDL
1HSDGDPLQDXP0LVOLGDVDPVNUXNHSDR
1RWRHPRRQGD"2ERMHVPRSUHYLHWYUGRJODYL$NRRYDNRQDVWDYLPRXPULMHWHPRRG
JODGL
1DRYRVH]DPLVOLR,RQGDVHRSHW]DPLVOLR,RQGDSRQRYQR
1DNUDMXMHWHNRX]GDKQXR
1HPDPSRMPD
8DVDQSUREOHPQDGRGDODVDP
'DUHNDRMH
0RUDOLELVPRQHWRVPLVOLWL
'DSRWYUGLRMH
0HQLVHQHXPLUHRGJODGL$WHEL"
1LPDOR8RVWDORPMDVDPQDXPLRLYMHWLYMHQR3UHLYLRVDP6PDN6YLMHWDWRELPLVH
MRPRJORGRJRGLWL"
0RJDRELXPULMHWLRGJODGL"
$K6DFKHUWRUWD
$OH[
2KQLMHYDQR
6WYDUQR$OH[WRHPR"
-RPDORMHGXERNRUD]PLOMDR1DSRVOMHWNXUHH
,GHPRVHVHNVDWL0RGDQDPQHWRSDPHWQRSDGQHQDXP
0PPP2KKDMGHGREURDNREDLQVLVWLUD$OLGUDJLQDSRPLQMHPSUHVWDUDVDP]DQHNH
HJ]LELFLMH
, RQGD MR QHWR NDVQLMH GRN MH $OH[ X]DOXGQR SRNXDYDR QDXLWL SULSLWRPOMHQR PODGXQFH
SUHULMVNRJSVDGDVHSUDYLPUWYRDRQRJDXSRUQRJUL]OR]DQRQLSDODFLGRNVDPMDVMHGHLQD
VWLMHQL]DNOMXLYDODNDNR$OH[QLNDGDQHHRGUDVWLLNDGVHRQRNUHQXRLYHVHORPLPDKQXRVDY
SRQRVDQNDGMHWHQHQDSRNRQSRND]DORQHNH]QDNRYHLQWHOLJHQFLMHDRQGDVH]DWUDORVNRLOR
QDQMHJDLVUXLORJDXEODWRUHNRKSRODJDQR
$OLDNREDKRH]QDWLPHQHLGDOMH]DQLPDWRMHELORXRQRMNXWLML"
VLMHQMD
mDUNR0LOHQL
$52%1-$.
LP MH XDR X SULMHVWROQLFX FDUHYLQH .RULMH SULQFD /HRQD SUHVUHWRH GYD NRSOMDQLND L EH]
LNDNYDREMDQMHQMDVSURYHGRHXGYRUDF7DPRPXMHGDQGRJODYQLNUHHGDHELWLDUREQMDNRY
XHQLN
DUREQMDN$URQMHLYLRXGYRUFXYLVRNRWRYDQRGVYLKGYRUMDQDDNLRGVDPRJDFDUD6
GUXJHVWUDQHQDURG.RULMHMHSULHOMNLYDR$URQRYXVPUW$OLNDGDELPRJDRXPULMHWLQHWNRWNR
LPDYHWULVWRWLQHJRGLQD"
1LFDUDQDURGQLMHYROLRMHUVXPQRJLPODGLLVYDNRGQHYQRJLQXOLXRVYDMDNLPUDWRYLPDNRMH
MH FDU SRGX]LPDR DOL LK VDP QLNDG QLMH YRGLR &DUHYLQD .RULMD ELOD MH QDMYHD ]HPOMD NRMX MH
SULQFSRVMHWLRDOLFDUXMRQLMHQLMHELODGRVWDWQRYHOLND8YLMHNMHWHLRGDOMQMHPSURLUHQMX
=DWULPMHVHFD/HRQMHRGDUREQMDND$URQDPQRJRQDXLR2QGDVXRERMLFD]DSRHOLUDGQD
SULSUDYL HOLNVLUDPODGRVWL ]D FDUD .DGD MHHOLNVLU ELRJRWRY DUREQMDN MHSRUXLR FDUXGD WUHED
HOLNVLUSRSLWLXSRQR
*RUHXGYRUFXFDUMHOHDRWHNREROHVWDQDGROMHQDWUJXQDURGMHSMHYDR
7DSMHVPD2GQMHVDPMREROHVQLML=DULPQLVWHQDUHGLOLGDXPXNQX"
1DMVWDULMLGRJODYQLNSULHSRVWHOML5HH
9RMQLFLSRVODQLGDLKUD]MXUHVDGDSMHYDMX]DMHGQRVQMLPD
=DU VDP MD WR ]DVOXLR" SLWDR VH FDU =DWR PH WL ELMHGQLFL QH YROH" -D VDP QMLKRY
GREURWYRU
3MHYDQMHJDQDGMDD
'RVWDGRVWDPROLRMHFDURQHNRMLJDQLVXXOL3UHNLQLWHSROXGMHWX
2WNXFDSRQR8FDUHYXVREXNURL/HRQVHOLNVLURPXUXFL3MHVPDXWLKQH
&DUVHVWHNRPPXNRPX]SRPRGRJODYQLNDSULGLHL]SRVWHOMH
3MHYDQMHXWLKQX
XGQRLVSLHOLNVLU,QHGLHVHYLH
3MHVPDVH]DRUL
0HXGRJODYQLFLPDQDVWDSRPHWQMDVWUDKRGRQRJDWRHXVOLMHGLWL1DURGHRVYRMLWLGYRUDF
9DOMDORMHVSDVDYDWLLYXJODYX1HNLVXELOLVSUHPQLSUHGDWLVHGUXJLQLVXPLVOHLGDLKQDURGQH
ELSRWHGLR
/HRQMHMHGLQL]QDRX]URNQHGMHORYDQMDHOLNVLUDPODGRVWL'RNMHQRVLRHOLNVLU]DFDUDXRMH
SMHVPXQDURGD%LRMHWRDO]DPODGLLPDSRJLQXOLPXEHVPLVOHQLPUDWRYLPDLSURNOLQMDQMHFDUD
6X]D L] /HRQRYRJ RND NDQXOD MH QD SHKDU V HOLNVLURP 6DPR MHGQD VX]D XLQLOD MH HOLNVLU
QHGMHORWYRUQLP
3ULQF MH ]QDR WR H VH GRJRGLWL DUREQMDN H SREMHL X GUXJX ]HPOMX L WDPR X] GUXJRJ
YODGDUDUDGLWLLVWR
$OL /HRQ MH HOLR GDOMH SXWRYDWL 3RVWDGH QHYLGOMLY NDNR EL QHRPHWDQR PRJDR L]DL L] RYH
]HPOMH

$YDUR]DWHH/HRQDXVYRPYLQRJUDGX
/RSRYHSRYLH$YDUR.DNRVHXVXXMHGDX]PHRQRWRQLMHWYRMH"
3UROD]LRVDPUHHSULQFQHSUHNLGDMXLMHVWLJURH7LVLPHYLGLR
1HPDVUHH
DNDNRLQLPVYHWRSRHOLP
WRJRGSRHOL"]DXGLVH$YDUR
'D
,VSLMRYRPRUH
/HRQVHQDJQHLLVSLMHFLMHORPRUH
$YDURUD]URJDLRL
0RHOLGRKYDWLWLQHER"XSLWDERJDWD
/HRQRYD UXND VH WROLNR L]GXL GD MH PRJDR GRGLUQXWL REODN L]QDG QMLK 2QGD VH UXND VWDGH
VNUDLYDWL3RVWDLVWDNDRWRMHLELOD
+RHOLUDGLWL]DPHQH"XSLWD$YDUR
/HRQRGPDKQHJODYRP.DQLRMHQDVWDYLWLVYRMSXW
7DGDQDLHMHGQDGMHYRMND3ULQFMHSRJOHGD/MHSXMRQLMHYLGLR
7NRMHRYDGMHYRMND"XSLWDRMH$YDUD
0RMDNL
3ULVWDMHPUDGLWL]DWHEH
/MXGLXJUDGXYLHQLVXPU]LOLVDPRNUWRJD$YDUDYHLPODGRJDDUREQMDNDNRMLMHVYRMRP
PRL GRSULQLR GD LRQDNR SUHERJDWL $YDUR SRVWDQH MR ERJDWLML 1LWNR GR $YDURYD LPDQMD QLMH
PRJDR GRSULMHWL MHU VH RNROR QDOD]LR QHSURERMQL QHYLGOMLYL ]LG $NR EL VH $YDUX VYLGMHOR QHNR
VXVMHGQRLPDQMH]LGELRNUXLRLQMHJD
2PODGRPDUREQMDNXVHJRYRULORNDRR$YDURYRPEXGXHP]HWX$OLSUROD]LOLVXPMHVHFLD
GRYMHQDQMDQLMHGROD]LOR
.DGHPLYHMHGQRPGDWLVYRMXNL]DHQX"XSLWD/HRQ$YDUD
6WUSLVHGRMHVHQL2ELDMMHGDVHXMHVHQRGUDYDMXVYDGEH
'RODMHMHVHQLSUROD/HRQSRQRYLVYRMHSLWDQMH$YDUX
-RVLPODGUHH$YDUR]DWRXUL",MDVDPVHNDVQRRHQLR8LYDMGRNPRH.DVQLMH
VYHSRVWDQHGRVDGQR5DGLWHVDPR]DHQXLGMHFX
2QRPWNRYROLVYRMXHQXLGMHFXWRQHELWUHEDRELWLWHUHW
$WLYROLPRMXNL"XSLWD$YDUR
9ROLPSUL]QDGH/HRQ
$RQDWHEH"
,RQDPHQH
-HVLOLVLJXUDQ"
/HRQMHXWLR$YDURUHH
3LWDWXPRMXNLGDOLWHLVWLQVNLYROL
,$YDURMHSLWDR
1HYROLPJDRHRGJRYRULODMH
$YDURRYHULMHLSUHQHVH/HRQX2YDMQLMHPRJDRVX]GUDWLVX]H
0LVOLRVDPWLVODJDWLUHH$YDUR9ROLRELKNDGELWLELRPRM]HW5DQLMHVDPPLVOLRGD
HLPVHRHQLRWLLQHJGMHVPRMRPNHUNRP%RMDRVDPVHGDELKQDNRQWRJDRVLURPDLRD
PRMX NL YLH QLNDG QH ELK YLGLR DR PL MH ,SDN WL VL DUREQMDN 3ULSUDYL QHNL QDSLWDN ]D
PRMXNL7DNDYNRMLNDGSRSLMHEXGHOXGR]DOMXEOMHQDXWHEH
7DNRELSRVWXSLRPRMXLWHOMUHHSULQF$OLMDQHX7RQLMH]DPHQH7RQLMHOMXEDY
2QGDLGLVYRMLPSXWHP=QDPGDVLRYGMHRVWDRUDGLPRMHNHUL

3UROR MH RG WDGD GHVHHW JRGLQD 3ULQFD /HRQD MH QDQLR SXW NUR] 0DJOHQX *RUX 3ULDOR VH
NDNR VH X WRM JRUL SRMDYOMXMX UD]QD SULYLHQMD NRMD QDWMHUDMX SXWQLND GD SROXGL 3ULQF VH QLMH
RED]LUDRQDRYHSULH
-DKDRMHGXJRGRNQLMHRSD]LRSULOLNXNDNRL]UDQMDL]PDJOH%LODMHWR$YDURYDNL8SLWD
.DPRVLSRDRQHVXHQLPXXPRM"
WRWHVHWLH7LVLRVWDODVDVYRMLPRFHPLQMHJRYLPERJDWVWYRP
5HNODVDPRFXGDWHQHYROLP,WRMHELODLVWLQD2FDMHWRWHNRSRJRGLOR%LRWH]DYROLR
NDRVLQD1DGDRVHGDHPXELWL]HW5D]EROLRVHLSDRXSRVWHOMX$MDVDPYROMHODGUXJRJD
.ULRPVDPVHVDVWDMDODVQMLP$OLRQQLMHYROLRPHQHYHERJDWVWYRPRJDRFD1DGDRVHGDH
SRVOLMH VYRMH VPUWL PRM RWDF VYH QDPD RVWDYLWL 7RJD VDP SRVWDOD VYMHVQD WHN SRVOLMH QDHJD
YMHQDQMD8EU]RVPRVHUDVWDOL
DRPLMH
0HQHQHPRMDOLWLDOLPRJDRFD=DUMHWRPRUDRGRLYMHWLXVWDURVWL"%LWHVUHWDQNDGWH
YLGL2]GUDYLWH
7RPHQH]DQLPD
2WDF MH VYX LPRYLQX WHEL RVWDYLR 1H YUDWL OL VH RGPDK H XPULMHWL D GD PX VH QH LVSXQL
SRVOMHGQMDHOMD'DWHMRMHGQRPYLGL
/HRQSRWMHUDPDJDUFDSUHPDSULOLFL
1HLGLGDOMH9UDWLVH

.DGD MH /HRQ L]DDR L] 0DJOHQH *RUH QDDR VH LVSUHG GUYHQH NXLFH 3RNXFDR MH QD YUDWD
1LWNRVHQHRJODVL
$YDURMHOHDRXNUHYHWX.DGMHSULQFRWYRULRYUDWDVDPUWQLNNRMLMHGRWDGD]XULRXVWURSVH
WUH1DNRQGXJRYUHPHQDQD$YDURYRPOLFXVHSRMDYLRVPLMHK
/HRQ SULH $YDURYRP NUHYHWX SRNUDM NRMHJD MH QD VWROLFL VMHGLOD $YDURYD NL PUDYLMD L
EOMHDRGNDGDMXMHSULQFSRVOMHGQMLSXWYLGLR
$YDURVWDYLUXNXQD/HRQRYRUDPH5HHL]QHPRJOLPJODVRP
2EHDMPLGDHX]HWLPRMXNL]DHQX
3ULQFQLMHRGJRYRULRRGPDK=DJOHGDRVHXGMHYRMNX1DVPLMHLODVH2QDNRMDPXQLNDGQLMH
SRNORQLODVYRMRVPLMHK1MH]LQHOLMHSHRLVXJDQDJRYRUDOHGDSULVWDQH/HRQMHQHNDGDYROLRWH
RLXWLRMHGDLKLVDGDYROLNDRQHNDGD
2EHDMHPUHHSULQF
3ULPLWHPRMEODJRVORYELOHVX$YDURYHSRVOMHGQMHULMHL
1MHJRYDNL]DSODND/HRQMHSULVORQLQDVYRMHJUXGL1LMHVHRWUJOD
*UREMHXGYRULWXYHELRLVNRSDQ,VNRSDRJDMHELYL$YDURY]HW5D]ORJQMHJRYRJRGODVND
ELOR MH $YDURYR RVLURPDHQMH 6XG MH $YDUX RGX]HR QH VDPR RQR WR MH X] /HRQRYX SRPR
SURWX]DNRQLWRVWHNDRYHLRQRWRMHSULMHLPDR2VWDODPXMHVDPRRYDGUYHQDNXLFDNRMDMH
QHNDGDELODWDODLPDORGYRULWH
$YDURQLMHLPDRQRYDFDQL]DSODWLWLPMHVWRQDJUREOMX1MHJRYDNLQLNRJDQLMHREDYLMHVWLODR
RHYRMVPUWL=QDODMHGDQLWNRQHELQLGRDRQDSRNRS
/HRQ MH ]DWUSDR JURE $YDURYD NL MH SUHVWDOD SODNDWL 3RHOD VH VPLMHLWL D RQGD JURKRWRP
VPLMDWL
/HRQMH]DXHQRSRJOHGD2QDPXUHHQDNRQSROMXSFD
5DGXMHPVHWRHPRSRYUDWLWLVYHRQRWRVXQDPRGX]HOL
1DGDPVHWRPH]DPLOMHQRHSULQF$OLWRQHHGRLWDNREU]R
=DWR"]DXGLVH$YDURYDNL7LVLDUREQMDNDQHMD
1LVDPQLMDYLHSUL]QDGH/HRQ
1LVL"RQDUD]URJDLRL.DNRQLVL"
1LVDPSRQRYLSULQF,]JXELRVDPVYRMXYMHWLQXDUREQMDN$URQNRMLPLMHSUHQLRGLR
VYRMHPRLMHGQRVWDYQRMHX]HRVYRMGDUQDWUDJ
$YDURYDVHNLQDPUWL3ODQHQD/HRQD
=DWRVLRQGDREHDRPRPRFXGDHPHX]HWL]DHQX"
2EHDRVDPMHUVWHWRRERMHRGPHQHWUDLOL
%XGDORMHGQD0LVPRRERMHPLVOLOLGDVLPRDQNDRLSULMHWRHPLRYDNDY1HPD
QLWD2GMHYHQVLNRSRVOMHGQMLSURVMDN
-DQLVDPSURVMDNYHSULQFRGEUXVLMRM
3RHOLRMHGDEXGHRGMHYHQNDRQHNDGDGRNMHLYLRXGYRUFX
,]DLVWD8PMHVWRQDMVNURPQLMHQD/HRQX]DEOLVWDQDMUDVNRQLMDRGMHD
$YDURYDNLSURWUOMDRL2QGDVHQDVPLMHLLUHH
=QDODVDPGDVLVHSUHWYDUDR
/HRQMHELRLVSUYD]EXQMHQ$RQGDVHGRVMHWLRDUREQMDNPXMHYUDWLRXGHVQXPR%LRMH
VUHWDQ]ERJWRJD
$YDURYDNLPXMHKWMHODSULLLSROMXELWLJDDOLVHRQRGPDNQH
'DSUHWYDUDRVDPVHVODH/HRQ6DGYLGLPGDQLVLGRVWRMQDGDPLEXGHHQD7HELMH
YDQLMDPRMDPRRGPHQHVDPRJD
2NUHQHMRMOHD2QDSRMXUL]DQMLP$OLQDNRQGYDNRUDNDRQSRVWDGHQHYLGOMLY
7RQL0DWRwLQ
2ELWHOM
'$1$6 0, -( 7$7$ .83,2 9$/7$ %,/$ 6$0 35(65(71$ .$' 6$0 *$
9,'-(/$ , ,=9$',/$ ,= 21( */83$9( &59(1287( .87,-( 9$/7 -(
=$95,-(',2 012*2 9,( 2' 7( .87,-(7,1( 2 292 0, -( 1$-/-(3,
52(1'$1 8 ,9278 '2%,/$ 6$0 3592* 35$92* 35,-$7(/-$ 7$7$ 0, -(
5(.$2 '$ =$ '9$1$(67, 52(1'$1 =$95(8-(0 -('$1 7$.2 6.83 ,
'5$*2&-(1 '$5.$2 72-(29$-52%27 .$.2*$-(21 1$=9$2$/,72
21=1$"
02-9$/71,-(6$0252%2721-(02-35,-$7(/--(',1,72(0,6$'$
21(78.(02-(686-('(-$,0$0692*$9$/7$7$7$+9$/$7,$0$-.$"
3$ +9$/$ , 1-2- 0$'$ =1$0 '$ 21$ 6 7,0( 1(0$ 1,.$.9( 9(=( 21$ -(
35(67$5202'1$ , 1( 5$=80,-( 72 '$1$6 -('12 ',-(7( 75(%$ 0$ 7.2
1-8,3,7$"
0DULMDQDMHSRKUDQLYLWHNVWQDGLVNHWXXJDVLODVYRMNXQLNRPSMXWRULSUHNULODJDSUHYODNRP
NRMX MH VDPD QDLQLOD 5DGR VH SRYMHUDYDOD VYRP GQHYQLNX NRMHJ MH SRHOD SLVDWL MR RG VYRMH
GHVHWHJRGLQH5HODWLYQRUDQRMHVSR]QDODNROLNRMHNRULVQRELOMHLWLLWDNRRYMHNRYMHLWLGRJDDMH
NRMLRELOMHHLYRW=DVYRMX0DULMDQXURGLWHOMLVXXYLMHNJRYRULOLNDNRMHELVWUDLSDPHWQDLNDNR
MH OLMHSD L LQWHOLJHQWQD 3UDYD PDOD ELVWULFD $ 0DULMDQD MH VDPR VWDMDOD SRQRVLWR XVSUDYQR
X]GLJQXWH EUDGH %LOD MH LWHNDNR VYMHVQD VYRJD SRORDMD L UHQRPHD 1LMH MX VPHWDOR WR VX MH
YUQMDNLQMH XJODYQRP ]DRELOD]LOH RVLP DNR QLVX WUHEDOL NDNYX QMH]LQX SRPR LOL XVOXJX JOHGH
GRPDHJ XUDWND =QDOD MH GD MH X RLPD URGLWHOMD ERLFD 3RJRWYR X RHYLP RLPD -HU PDMND
QLMHLODXNRUDNVYUHPHQRPRVWDODMHSUDYDHQLFDPLQXORJVWROMHD=DWRRGSRHWNDQLMH
YROMHOD9DOWD
9DOWMHQDOLNRYDRNDNYRM OLPHQFL&RFD&ROHDOLMHLSDNELR OLMHS EDUX0DULMDQLQLPRLPD
1MHJRYVLYNDVWLWUXSREOLNDYDOMNDJUDQDRVHQDXVNHUXLFHLQRLFHWHQDJODYXNXJODVWDREOLND
.UHWDRVHXYLMHNLVWRPEU]LQRPYDOMGDMHWDNRSURJUDPLUDQQDUXNDPDMHLPDRGYDSUVWDNRMLPD
VHVOXLR]DKYDWDQMHELORNDNYLKSUHGPHWDDOLQHYHLKLOLGHEOMLKRGNXWLMH&HGHYLWH7RMHVYH
WRMH]QDRRVLPJRYRUD,VSRGRNUXJOLKFUYHQLKRLMXQDOD]LRVHRPDQML]YXQLNREOLNDOMXGVNLK
XVWLMX,]WRJD]YXQLNDGROD]LRMHQMHJRYMHGQROLDQDOLXPLOMDWJODVQLWLKQLEXDQQLUXDQQL
RVRELWROLMHSQLPXNLQLHQVNLURERWVNL
$OL ]D 0DULMDQX RQ MH ELR RYMHN QMH]LQ QDMEROML L MHGLQL SULMDWHOM 1L VD NLPH QLMH PRJOD
UD]JRYDUDWL NDR V 9DOWRP QLNRPH QLMH PRJOD UHL RQR WR MH JRYRULOD QMHPX L QLWNR MH QLMH
VDVOXDYDRGRNUDMDNDRGREULSULMDWHOM9DOW
9DOWHMHVDPOLMDOLMHSD"SLWDODJDMHMHGQRJDNLRYLWRJMXWUDWHNXVWDODL]NUHYHWD9DOWMH
VWDMDRXNXWXSRGSUR]RURPQHYHLRGPHWUD
-HVL0DULMDQD/LMHSDVL%LODPXMHQDUHGLODGDMHRVORYOMXMHLVNOMXLYRLPHQRQ
1MHJRY RGJRYRU L]QXGLR MH RVPLMHK QD GMHYRMLQX OLFX 3ROMXELOD MH URERWD PHX RL NDR
VYDNRJMXWUDLRWUDODXNXSDRQLFX3RJOHGDODVHRQGMHX]UFDOXLUDVNRQRVHQDVPLMHLOD
6WYDUQRVDPOLMHSDLSDPHWQD
0DPD]DWR9DOWQLNDGDQHMHGH"SLWDODMHWRJDLVWRJDMXWUDPDMNX]DYULMHPHGRUXND
'XR WL YUOR GREUR ]QD GD MH RQ VDPR URERW RELDQ VWURM 2Q VH KUDQL EDWHULMDPD D QH
KUDQRPNDRWLMDLWDWD0DMLQJODVELRMHEODJLXPLOMDWNDRORDLPLWDFLMD9DOWRYDJODVD
9DOWQLMHVDPRRELDQVWURMRQMHPRMSULMDWHOM
7YRMLVXSULMDWHOMLYDQLQDXOLFL2WLLVHOLMHSRQDNRQGRUXNDVQMLPDLJUDWL
1HX2QLQLVXPRMLSULMDWHOML0DULMDQDMHX]QDNSURWHVWDSUHNULLODUXNHQDJUXGLPD
HOLPGD9DOWD]RYHPRMLPSULMDWHOMHPDQDVWURMHP
0DMLQVHGODQXWUHQRNDQDDRQD0DULMDQLQXREUD]X
%H]REUD]QLFHMHGQDWDNRUD]JRYDUDVPDMNRP2GPDKQDWUDJXNUHYHW2GPDKLGDWHQH
YLGLPGRUXND7RHWHQDXLWLNDNRVHUD]JRYDUDVPDMNRP
0DULMDQD MH XSODNDQD RWUDOD X VYRMX VRELFX L EDFLOD VH QD NUHYHW 6X]H VX MRM SRWHNOH X
SRWRFLPDDREUD]LFUYHQLOLSRSXWMDEXND6YHXRYRUHLWDWLNDGVHYUDWLVSRVOD
'DWHQLVDPYLHXODRSHWMHSRYLNDODPDWL,QRVLRYRJDJOXSRJDURERWDRGDYGH
9DOWVHVDPSRODJDQRRGJHJDRGR0DULMDQLQHVREHLVWDRXVYRMNXWDNSRGSUR]RURP0DULMDQD
MHMHFDODOLFHP]DELMHQDXMDVWXN9DOWMHVDPRXWNHSURPDWUDRVYRMXPODGXJRVSRGDULFX
=D UXNRP LSDN QLMH UHNOD QL ULMHRFX =QDOD MH GD EL ELOR X]DOXGQR 2WDF MH SUHYLH YROLR
VWDURPRGQXPDMNX1LNDGDQHELRWYRUHQRVWDRQLQDLMXVWUDQX$OLEDUMHYROLR9DOWD0RGD
VDPR ]DWR WR VH QLMH WUHEDR XVWDMDWL L] IRWHOMH GD EL X]HR QRYLQH LOL ELOR WR GUXJR WR EL PX
]DWUHEDOR$OLEDUMHYROLR9DOWD.DNROLMHVDPRPRJDRVSDYDWLVWDNYRPHQRPSLWDODELVH
0DULMDQD2QDQLWDQHUD]XPLMH2QDXRQRMEDJULQDXOLFLYLGLGUXWYR]DVYRMXNHUX9DOWX
YLGLRELQRJURERWDDVWDOQRLWDQHNHVWDUHNQMLJHLWRSDSLUQDWHMRL]SUROLKVWROMHDNDRGD
QLNDG QLMH XOD ]D WDNR OLMHSH QRYH NQMLJH NRMH VH PRJX LWDWL SUHNR NRPSMXWRUD 0DMND ]DLVWD
QLMH]QDODWRMHWHKQRORJLMDVDPRMXMHSUH]LUDOD,]DWRMH0DULMDQDSUH]LUDODQMX
3UHGVSDYDQMHRSHWVHSRYMHULODGQHYQLNX
29$ 02-$ 0$-.$ -( */83$9$ 23(7 0( 27-(5$/$ 5$12 1$ 63$9$1-( $
02-$20,/-(1$ 79(0,6,-$-(1(352*5$08.$6128125(./$0,-('$
-( 72 .$=1$ =$ 69( 72 6$0 '$1$6 8,1,/$ =$%5$1,/$ 0, -( , '$
'292',0 9$/7$ 8 .8+,1-8 7$7$ 0( +7,2 2%5$1,7, $/, 23(7 1,-( 863,2
3527,90$-.(7$-7,5$1,19/$'$2-(.820
9DOWH NDNYD MH PRMD PDMND" SLWDOD MH URERWD GLJDYL SRJOHG V PRQLWRUD 1H UD]XPLMHP
SLWDQMH0DULMDQD
1HPDYH]H/DNXQR9DOWH
/DNXQR0DULMDQD
8MXWURVHRJODVLRWHOHIRQ%LRMHWRSR]LY]D0DULMDQX=YDRMXMHSULMDWHOML]UD]UHGDDNRELVH
XRSHPRJDRQD]YDWLSULMDWHOMHP
WRHOL-RNR"RVRUQRMHXUD]JRYRUXOD0DULMDQD
-DRYDM'MHDNVH]EXQLR3LWDRELKWH]DRQDMGRPDLXUDGDNL]PDWHPDWLNHRGMXHU
*OXSDQH MHGDQ 7R QH ]QD" %ROMH WL MH GD QHJGMH VHEL NXSL PR]DN QHJR GD PHQH VWDOQR
]LYND3RNORSLODMHOMXWLWRVOXDOLFX
=DUVHWDNRUD]JRYDUDVSULMDWHOMHP"2SHWPDMNDRSHWWDMWLUDQLQ
2QQLMHPRMSULMDWHOM9DOWMHPRMSULMDWHOM-HO
WDNR9DOWH"7LVLPRMSULMDWHOM"
7RQR0DULMDQDMDYLRVH9DOWL]SULNUDMND
0DULMDQD VOXDM PH PDMND MX MH XKYDWLOD ]D UDPHQD 9DOW MH VDPR VWURM ,]YDGLP OL PX
EDWHULMH RQ YLH QHH ELWL YLH QLWD GROL RELQD OLPHQND 8SDPWL WR 0DULMDQD 7D GRYROMQR VL
SDPHWQDKYDOD%RJXGDWRVKYDWL
1H QH L QH 9DOW MH PRM SUDYL L MHGLQL SULMDWHOM 7L QH UD]XPLMH WL VL VWDURPRGQD
3RNXDYDODMHSREMHLPDMLQLPUXNDPDDOLVXMHWHVQDQHUXNHYUVWRGUDOH
0DULMDQDVWDQL7LQHUD]XPLMH
7LQHUD]XPLMHVWDURPRGQD*86.2
8VOLMHGLOD MH NDQRQDGD PDMLQLK XGDUDFD 3R SUYL SXW PDWL MRM MH VYXNOD JDH L SOMHVNDOD SR
JRORMJX]LFL0DULMDQDMHSODNDODLGDOMHYULMHDMXLPDMNX
9DOWHSRPR]LPL]DYDSLODMHGMHYRMLFDGRNMRMVHVWUDQMLFDFYHQLODLDULODSRGPDMLQRP
UXNRP9DOWMHVDPRQHSRPLQRVWDMDRXVYRPNXWX
6DGDEMHLXNUHYHWUHNODMHOMXWLWRPDMNDQDNUDMX$9DOWDXLVNOMXLWL
1HQH1HHWXNR1RYLMRMMHXGDUDFGROHWLR8]YULVDNVUXLODVHQDNUHYHW9DOWHQH
GDMMRMGDWHXELMH1('$-
$OLRVWDYLEH]EDWHULMD9DOWRYDVHVYLMHVWXJDVLOD0DULMDQDMHJODVQRSODXL]XULODXVYRJ
XPUORJ
SULMDWHOMD GUHL VH ]D XDUHQX VWUDQMLFX 1MHJRYH RL XLQLOH VX MRM VH VDGD WDNR
EHLYRWQHLSRSUYLSXWQHOMXGVNH
8ELOD VL JD XELOD 8ELOD VL PRJD SULMDWHOMD *RORJD GXSHWD L GDOMH SODXL RWUDOD MH X
GQHYQLERUDYDNLSRHODREDUDWLNQMLJHVDSROLFD6YHXWLRYRUDVSDUDWLVYH
'HULWHMHGQRSRNYDUHQR]DXODMHPDMLQJODVL]DVHEH*UXERMXMHXKYDWLOD]DUDPHQDL
RGJXUDODQDSRVWHOMX6NUR]VLSRGLYOMDOD]ERJWRJDYUDMHJDURERWD
-DXJDRSHWRLYMHWL8NUDVWXEDWHULMHL
6DPRSUHNRPHQHPUWYHSURFLMHGLODMHPDMNDLL]DODL]VREH
0DULMDQDRGOXQRXVWDQHLNUHQH]DPDMNRP9$/7(23(7(%,7,,963$6,7(7(
6$'$ 792-$ 0$5,-$1$ 1D SUVWLPD MH XOD X NXKLQMX =JUDELOD MH NXKLQMVNL QR L RWLOD
WUDLWL PDMNX 0DMND MH VNXSOMDOD VYRMH OMXEOMHQ NQMLXULQH XHL 6$'$ 8 7( 2,9-(7,
9$/7(1R]DULXPDMLQDOHD.UYWUFQHSR0DULMDQL35(.27(%(0579('$
'YDWULVDWDNDVQLMHYUDWLRVHRWDFVSRVODHQLFH0DULMDQDGRDRVDP'RWULPXXVXVUHW
QDVPLMDQD0DULMDQDL]DJUOLJD=DQMRPVHGRJHJD9DOWJRYRUHL'REDUGDQJRVSRGLQH
=GUDYR9DOWH0DULMDQDJGMHMHPDMND"
'MHYRMLFDJDXPLOMDWRSRJOHGD0DPDMHELOD]ORHVWD
.DNRWRVUFH"
+WMHODMHXELWL9DOWD$OLMDMRMQLVDPGDOD2WDFVHQDWUHQXWDN]DPLVOL
'REURGREURRWRPHHPRNDVQLMH-DVDPVWUDKRYLWRJODGDQ
2WDF VH ]DSXWL XGQHYQL ERUDYDN GUHL 0DULMDQX ]D UXNX 8 RL PX RGPDK XSDGQX QHNH
QHSUDYLOQRVWL
0DULMDQDJGMHVXPDMLQHNQMLJH"
%DFLODVDPLKXVPHH
=DWR"=DUWLMHPDPDWRGRSXVWLOD"
'MHYRMLFDSRJQHJODYX1LMH$OLWDWDVDGDHVYHELWLPQRJREROMH%LWHQDPOLMHSR7HEL
PHQLL9DOWX
$OLRWDFVH]EXQLJGMHMHPDMND"*GMH".DRGDJDMHVWUHVODVWUXMD
8JOHGDYL WDPQRFUYHQX ORNYX LVSRG SROLFH ]D NQMLJH VKYDWLR MH VYH 1LMH YMHURYDR DOL MH
VKYDWLR8VSRVWDYOMHQMHQRYSRUHGDNXNXL
3RUD]QR MH RERULR SRJOHG QD QHSRNUHWQRJ URERWD NRML NDR GD VH VPLMDR 0RGD VH XLVWLQX
VPLMDR=DWLPMHSRJOHGDRVYRMXGMHYRMLFX6YRMXELVWULFX
-HVLOLVUHWDQWDWLFH"-HVDPOLGREURSRVWXSLOD"
0DULMDQDVHVPLMDOD
2WR:LOKHOP
6$95j(1$6)35,$
6DYUHQDSULDVHXYXNODXVHEH-HGQRVWDYQRVHSUHRNUHWDODXQXWDUVHEHSURLDYDODVH
7YRULODMHNUXJ%LODMHVDYUHQD6DYUHQDSULDVNOXSDQDXVDYUHQNUXJ%LODMHMHGLQVWYHQDD
RSHWVDGUDYDODMHVYHGRVDGDSR]QDWR%LODMHVYHSULHLELODMHQLMHGQDRGQMLKXLVWRYULMHPH
%LODMHQHYMHURMDWQD6DPDVHELGRYROMQDVHELVYUKRP6YLMHWVHPRJDRLUDVSDVWLRQDELRVWDOD
2EUQXWR QHEL LORELOD MHSRWUHEQD VYLMHWX1DNRQ QMHQDSRVWDQND QLMHWUHEDOR SLVDWLGUXJH 6)
SULH%LOHVXQHSRWUHEQHLYHVDGUDQHXVDYUHQRM-HGQRVWDYQRMHELODVDYUHQDQDGQDUDYQD,
XWRPHMHELRSUREOHP1LMHRQDQDVWDODRGOMXGVNHUXNH-HGQRPMHELODRWNULYHQDLMHGQRVWDYQR
MH SRVWRMDOD RG WDGD QLMH QLPDOR VOXDMQR RQD SURQDHQD VYH MH XQDSULMHG SURUDXQDWR 1R
PDOR WNR DNR LWNR MX MH PRJDR VKYDWLWL 0DOR WNR VH V QMRPH QRVLR %LOD MH VDYUHQD RYRP
OLMHSRPQHVDYUHQRPVYLMHWX%LODMHSUHGLYQDLVYLVXMHPU]LOL2QLRGR]JRQLVXVKYDDOLWRMH
SUREOHP6DVWDMDOLWDQMHQLKWYRUDFDVYHMHELORXVDYUHQRPUHGX$OLQHLQDVDYUHQRPVYLMHWX
1LWD QLVX VKYDDOL 8VNRUR VDYUHQD SULD SRVWDOD MH XVDPOMHQD 6YL VX MH L]EMHJDYDOL ELOD MH
SUHGREUD D RVLP WRJD XELMDOD MH NUHDWLYQRVW 6DYUHQD SULD ELOD MH SUHVDYUHQD 6 WXJRP MH
RGOXHQRGDVHVDYUHQD6)SULD]DERUDYLWHWD$ELODMHWDNRGREUDPLVOLOLVXVMHWQR%LORMX
LPMHWHNRL]EDFLWLL]VMHDQMDSDVXQDSUDYLOLNRPSURPLVNRMLMHYLHWMHUDQMHYRGHQDVYRMPOLQ
DOL 2GOXHQR MH GD VH SRVWXSQR SRYXH L] LYRWD 6YDNL SULPMHUDN NRML EL ELR SURLWDQ X
VWYDUL VNRUR MX QLWNR YLH QLMH LWDR VDPR GMHFD NRMD LRQDNR QLWD QLVX UD]XPMHOD L SRQHNL
]DQHVHQMDNELRELLXQLWHQ7DNRMHRQDMRGXJRSRVWRMDOD]DRQHJRUHQHEDGXJRDOLVHLSDN
MHGQRP L XJDVLOD 6DYUHQD SULD ELOD MH PUWYD EDUHP VOXEHQR MHU WX L WDPR VH ]DYXNDR NRML
IUDJPHQW
8SR]RUHQMH2YDMSDSLUHVH]DSDOLWLLVDJRUMHWLQDNRQLWDQMD
2WR:LOKHOP
mDUNR0LOHQL
3MHwDN
6WDOQRXSDOMHQRFUYHQRVYMHWORDQDSXWXQLWLMHGQRJYR]LODHNDRMH
1LMHVHPLMHQMDODERMD0RJDRMHHNDWLGRVXGQMHJGDQD
.ROLNRMHELORSUROR"3HWPLQXWD"'HVHW"
1LMHLPDRVDWHNDMXLXVNORQLWXELRMHL]JXELRRVMHDM]DYULMHPH
=DNRUDLRMH
6HPDIRUMH]DVYLUDR7LKDPDODVLUHQD
1LMHVHRED]LUDRQDXSR]RUHQMH3URGXLRMH
1D SROD SXWD LVSULMHLOD VH .XWLMD 1LMH VH GRNRWUOMDOD MHU QLMH LPDOD NRWDH .DR DUREQLP
WDSLHP2QMHELR]DERUDYLRGD.XWLMHLSRVWRMH
3UROLVWHNUR]FUYHQRUHNODMH.XWLMD,OLEROMHUHNDRMH*ODVMH]YXDRNDRPXNL
HNDRVDP&UYHQRQLNDNRGDVHXSDOL
=HOHQRMH]DSMHDNH
=QDP$OLQLNDNRGDGRHNDPWR]HOHQR6HPDIRUPRUDGDMHSRNYDUHQ
6HPDIRUMHLVSUDYDQ1HPRHVHSRNYDULWL
,WRVDGGDUDGLP"
3ODWLW HWH ND]QX ]D SUHNUDM 8EDFLWH QRYDQL L]QRV X PRM ]D WR SUHGYLHQL SURUH] 7DPR
SLHNROLNRVHSODD]DRYXYUVWXSUHNUDMD+RHWHGDYDPMDNDHP"
1LMHSRWUHEQR1HPRJXSODWLWL1HPDPQRYDFDX]DVH
9DXRVREQXLVND]QLFXPROLP
1HPDP
3ULWLVQLWHGHVQLPNDLSUVWRPPRMHFUYHQRGXJPH1DRVQRYXRWLVNDQDHNUDQXHVHSRMDYLWL
YDLSRGDFL
6OXDMWHMDVDPVDPRL]DDRL]VNORQLWDGD
,]DOLVWHL]VNORQLWDSULMHGDYDQMDVLJQDODSUHVWDQNDRSDVQRVWL7RMHMRMHGDQSUHNUDM
*ODGDQVDP1HPRJXYLHL]GUDWL9LHQDPQHGRSUHPDMXKUDQX
,JGMHVWHPLVOLOLSURQDLKUDQX"
8QHNRMSURGDYDRQLFL
.DNRHWHNXSLWLNDGQHPDWHQRYDFDX]DVH"
1HXNXSLWL8]HWX
8NUDVWHWH"
2YDM
7RMHMRMHGDQSUHNUDM
0RGDQHHQLELWLSUHNUDM0RGDQLWDQHXPRLSURQDL
,QDPMHUDGDVHNUDGHPDNDUVHLQHRVWYDULODNDQMDYDVHNDRLVDPDNUDD
-DVDPRYMHN1HPRJXWUSMHWLJODGSUYLSXWMHSRYLVLRJODV
7RQLMHELWQR0RUDWXYDVSULYHVWLXQDMEOLXSROLFLMVNXSRVWDMX
,PDOLWDPRWR]DMHVWL"
1HPD
2QGDQHXLL
1HHWH"
1HX
3R]YDW X SROLFDMFD RYMHND NDR YL 6 QMLP QHHWH PRL UD]JRYDUDWL NDR VD PQRP 2Q
NRPXQLFLUDVDPRSDOLFRP7RSRYDVQHHELWLQLPDORQMHQR
=RYQLWHJD
6WLLH]DSHWPLQXWD-RQLMHNDVQRGDVHSUHGRPLVOLWH8SR]RULRVDPYDVQDSRVOMHGLFH
1HNDGRH
.XWLMD VH RJODVLOD %LR MH WR VLJQDO QDOLN SLWDOMFL NDNDY VX NRULVWLOL QHNDGDQML SROLFDMFL
.UHQXRMHQDGUXJXVWUDQX]DRELDYL.XWLMX
6WDQLWH1HVPLMHWHVHPLFDWLGRNSROLFDMDFQHGRHRJODVLODVH.XWLMD7RHELWLJRUHSR
YDV7UHWLUDWHVHNDRSRNXDMELMHJD
6YHMHGQRPLMH*ODGDQVDP+RXMHVWL1LWDGUXJRPHQH]DQLPD1LRYDMUDW6DPRPRM
HOXGDF0RUDPJDQHLPQDSXQLWL
5LMHUDWQHSRVWRMLXPRPSURJUDPX
XGQR0LVOLRVDPGDYL.XWLMHVYH]QDWH2YRMHHWYUWLVYMHWVNLUDW,]JLQXORMHVWUDKRYLWR
PQRJROMXGL,DNRQLVL]QDODPQRJRMH.XWLMDXQLWHQR
8QLWHQR"WR]QDLXQLWHQR"
=DOMXGHVHNDHGDVXSRJLQXOL]DVWURMHYHGDVXXQLWHQL
/MXGL"
-DVDPRYMHNDWLVLVWURM
WR]QDLVWURM"
-DLPDPPR]DNDWLLPDSURJUDP
WR]QDLSURJUDP"
'RVDGQD VL 1HPDP YROMH RGJRYDUDWL QD WYRMD JOXSD SLWDQMD ,GHP SR KUDQX *ODGDQ VDP
$NRQLWDQHQDHPSRMHVWXWHEHUD]YXNDRMHXVWD$OLWRQLMHOLLORQDRVPLMHK
WR]QDLKUDQD"
7DGDVHGRVMHWLRGDSROLFDMDFQHHGRL,PDRQVDGDYDQLMHJSRVODQDQHNRMERMLQLFL+WLRMH
GDSRWUL$OLQLMHLPDRVQDJH.XWLMDJDMHVOLMHGLOD3LWDOD
WR]QDL"
=DVWDODMH=DERUDYLOLVXQDQMXNDRWRVX]DERUDYLOLLQDQMHJD
2QSRPLVOLNDNRHLRQWDNR]DVWDWLQHJGMHDNRQHQDHKUDQX=DVWDWHQHJGMHLHNDWLGDJD
QHWRSRJRGL
%ROMHLWRQHJRXPULMHWLRGJODGL
9LNWRULD)DXVW
1DUFLV
'RJRGLORVHWRQDNULDQMX%RUJRYRJSUROD]DV8OLFRPNDVQRXQRQHJGMHL]PHXWULL
HWLUL VDWD GDQD WUDYQMD 1R MH ELOD WRSOD L YHGUD /MXGL MH QD XOLFDPD ELOR PDOR DN L ]D
'DQDQK NRML MH ELR SR]QDW SR SUHQDSXHQRVWL 2QD MH VWDMDOD QDVORQMHQD QD VWXS QHUYR]QR VH
SUHPMHWDMXLVQRJHQDQRJXQDVWDMDOLWX]D%RDQQ2GPDKMXMHVSD]LR1RVLODMHXVNLFUYHQL
NRPELQH]RQNRMLMHVDYUHQRRFUWDYDRQMH]LQXSHUIHNWQHWMHOHVQHFUWH,PDODMHNUDWNXFUQXNRVXV
FUYHQLP SUDPHQRYLPD GXJH QRNWH PHWDOQH VUHEUQH ERMH LPDOD MH OLFH ]D NRMH EL YHLQD
PXNDUDFDUHNORGDMHERDQVNR2QELXPUR]DOLFHNRMHMHRQDLPDOD=DWLMHORNRMHMHLPDOD
'RLVWD
3ULDR MRM MH MHU QLMH LPDR QLHJ SDPHWQLMHJ ]D UDGLWL MHU MH SULMHYR] X RYR GRED QRL ELR
SRSULOLQRULMHGDNDNL]D'DQDQKLMHUQLMHELRRGYLHVWLGOMLYWLSSDMHHVWRGRELYDRRQRWR
MHHOLR1DSRVOLMHWNXYHLQDHQDQLMHRGELMDODNUDVQLSULPMHUDNPXNRJPHVDNDNDYMHRQELR
1DURLWRQHX'DQDQKX
.UDVQDQR
2GPMHULODJDMHEH]L]UDDMQLKRLMXNRMHVXEH]RE]LUDQDWRRVWDOHGLYQHXRNYLUHQHX]ODWQHL
FUQH VORMHYH PLQNH L QHRELQR FUYHQH QD XOLQRM VYMHWORVWL ]UFDOHL ERMX QMHQH RGMHH 1LMH
PRJDRUHLRHPXUD]PLOMD*OHGDODJDMHGXJRYUHPHQDNDRGDSRNXDYDVKYDWLWL]QDHQMHWLK
ULMHL1DSRVOLMHWNXMHUHNOD
'D.UDVQD'RLVWD
6KYDWLRMHWRNDRSR]LWLYDQRGJRYRU
WRWDNYDOMHSRWLFDUDGLWDNRNDVQRXQRX%RUJRYRPSUROD]X"
=DU QLMH RLWR" UHNOD MH L JODYRP SRND]DOD VYLMHWOHX SORX UDVSRUHGD YRQMH 0DOR VH
QDVPLMHLR
,GH]D%RDQQ".DNYDVUHWQDVOXDMQRVW,MDLGHPWDPR
0RGDUHNODMHDPRGDLQH1LVDPVLJXUQDGDLNDPRLGHP
'D3ULMHYR]MHXRYRGREDQRLQHWRVSRULML
2GPDKMHVKYDWLRGDWRQLMHELORRQRWRMHRQDPLVOLOD1HNRYULMHPHVDPRMHVWDMDR]XUHLX
QMXGLYHLVH2QDMHRNUHQXODOLFHLJOHGDODQHJGMHQHRGUHHQRXQR'YDNRUDNDRGQMHGYD
KRPRVHNVXDOFDVXPLVOLODSURJXWDWLMHGDQGUXJRJDOMXEHLVH2QMHPLVOLRSURJXWDWLQMX=DVDG
MXMHJXWDRVDPRSRJOHGRP
3UHNRSXWDMHNDIL-HVL]DSLH"
3RQRYQRVHSDUEH]L]UDDMQLKRLMXYUDWLRQDQMHJDLSRQRYQRMHVWDQNDELODQHXRELDMHQDDN
LGXDQHJRSUYLSXW
0LVOLPGDQDSULMHYR]QHHWDNRVNRURQDGRGDRMH
=DWR GD QH" UHNOD MH QDSRVOLMHWNX 3UHOL VX XOLFX XUQLP NRUDNRP ]ERJ YR]LOD NRMD VX
SUROD]LODQHREUDDMXLSDQMXQDFUYHQRVYMHWORLXOLXSUD]DQNDIL1DUXLODMHQHNRSLHRG
XPRUQRJ EH]YROMQRJ NRQREDUD SLH NRMH QLMH LPDOR ERMH QL PLULVD DOL VH VOXLOR X DDPD ]D
DONRKRO 2QMH QDUXLR QHNL JRUNLOLNHU L YUOREU]R JD SRSLRXWMHOD MH 1HSUHVWDQR MHXWMHOD L
SRODNRLVSLMDODVYRMHEH]OLQRSLH3RLQMDRMHJXELWLVWUSOMHQMH3ULDRMHSRQRYQRQDUXLRSLH
SRQRYQR JD LVNDSLR OXSNDR SUVWLPD SR VWROX SULDR L GDOMH 2QD FLMHOR YULMHPH QLMH L]XVWLOD QL
ULMHL1LMHJDQLSRJOHGDOD.DRGDJRYRULVD]LGRP1HNROLNRSXWDSLWDRMXMH]DLPH2QDEL
XLQLODSRNXDMNDRGDHJDSRJOHGDWLDOLELVHXYLMHN]DJOHGDODQHJGMHSRUHGQMHJDNDRGDQH
PRHRWNULWLRGNXGD]YXNGROD]L3RHRMHSRPLOMDWLGDMHVODERYLGDDOLWRMHELODJOXSRVWWRVH
OLMHLMHGQRVWDYQLPNLUXUNLP]DKYDWRP
5D]JRYDUD OL WL LNDGD" XSLWDR MH QDSRVOLMHWNX 8 WRP WUHQXWNX RQDM SDU FUYHQNDVWLK
EH]L]UDDMQLK RLMX VSXVWL VH QD QMHJD 1MHQR OLFH LQLOR VH SRPDOR L]QHQDHQR SULPMHGERP
NROLNR L]QHQDHQMH PRH SRND]LYDWL MHGQR ERDQVNR OLFH OLFH NRMH MH ELOR YUOR NUWR X
JULPDVDPD,UHH
6WDOQR
,QDNRQWRJDQLWDYLH
,GHPRUHHRQQDSRVOLMHWNXQDJORVHXVWDMXLVDGYHJRWRYRELMHVDQ,OLEDULGHPMD=D
WHEHQH]QDP
0RMVWDQMHEOL]XUHHRQDLSRSUYLSXWDMHXQMHQLPFUYHQLPRLPDELODQHNDYUVWVPLMHND
SRVYHQHRELQRJRWXQRJVPLMHND,GH"

3UROD]LOLVXJRWRYRSRVYHSXVWLPXOLFDPD'XJRVXKRGDOL9HMH]DERUDYLRNDNRMHUHNODGD
MRMMHVWDQEOL]XDSXWDODMH1LMHUD]XPLRULMHL1LMHQLELORYDQR1HWRXQMRMQHWRSRYUK
QMHQRJ WLMHOD L WRJ QHRELQRJ OLFD L MR QHRELQLMLK FUYHQLK RLMX RSLQMDYDOR JD MH WMHUDOR GD
]DERUDYLVYHVYXQHRELQRVWVYXQHVYDNLGDQMRVWLGDVHXWRSLXSUDYRXWLPWUHQXFLPDVQMRP
*ODV"NDRGDWLMHLUHNDRMHQHSULPMHXMXLNDNRXOLFHL]QHQDGDSRVWDMXWDPQLMHNDNRVH
VYMHWORVW JXEL NDNR VH WDPD ]JXQMDYD RNR QMLK NDR FUQR POLMHNR NDNR VH VYLMD RNR QMLK QMH
QMH"
-HND"'RLVWDUHNODMHDHKRMHYUDWLRXSLWL]QMHQLKJUXGLMXNDRGDMRQHWNRLYLXQMRML
NDRGDWDMJODVL]WHVMHQHGRSLUH=DERUDYOMDRMH&UWHQMHQRJOLFDSRVWDOHVXPDJORYLWH1MHQR
WLMHORVDPROHOXMDYDFUYHQDVMHQD1DWUHQPXVHXLQLORNDRGDYLGLNDGMHSURODSUVWLPDNUR]
NRVXNDNRYL]LMDVOLMHGLYL]LMXQMH]LQDUXNDMHQDWUHQXWDNLPDODREUXENDRGDMHSLMDQSDYLGL
GYRVWUXNR
3LMDQRGVDPRSDUDLFD"1HPRJXHUHNDRMH3RJOHGDODJDMH&UYHQHRLXWDPLXOLFHELOH
VXJRWRYRFUQH6DPRLKMHDURGDYDR
1LMH VH ERMDR %LOR MH X QMRM QHWR WR MH XVSDYOMLYDOR QMHJRYH RSUH]H .DR GUKWDQMH UHSD
]YHDUNH&UQHRLJDQLVXQDSXWDOH3UDWLOHVXVYDNLQMHJRYSRNUHW
'LYQDVLUHNDRMHDSWRP
XWLDODJDMH7LKR'DQHXMH
7NR"SLWDRMH1LMHRGJRYRULOD
7DPR8OLFRPQDOLMHYRUHNODMH7DPDXXOLFLELODMHJXVWDNDRWRSOMHQLNDWUDQ
=DWR"
7DPR
*XUQXOD JD MH 3DR MH QD NROMHQD ,]QHQDHQR X]GDKQXR 3RNXDR XVWDWL 3RQRYQR JD MH
JXUQXOD3RVUQXRMHQHNROLNRNRUDNDLRSHWEROQRSDRQDNROMHQD3RNXDRVHRVYUQXWL8KYDWLOD
JDMH]DYUDW'UDOD6QDQR3UHYLHVQDQRPUXNRP8YODLODJDMHGXEOMHXXOLFXNDR]YLMHU
NRMD XYODL SOLMHQ X VYRMX MD]ELQX , PRGD ]ERJ QDLQD QD NRML JD MH GUDOD RVMHDR VH
SDUDOL]LUDQLP
=DWYRULRMHRL*RWRYRGDMHPRJDRXWLXOLFXNDNRGLHNDNRVHSRPLHNRDQMHQRJDVIDOWD
VQMLPHQDJUXGLPD1H%LODMHVDPRYUWRJODYLFDD]YXNRYLVXGROD]LOLL]QMHJRYHJODYHSXQHL
MHVOLNDPDXDVD-RXYLMHNQHGRYROMQRVYMHVWDQMRXYLMHNQHGRYROMQRVYMHVWDQ
2WUJQXRVHSXXLSREMHJDRPHWDUGYDRGQMH,RQGDVHRNUHQXR1MHQDFUYHQDVLOXHWDXWDPL
XOLFHEOLVWDODMH
WRNRJYUDJD"
1HYROLPNDNRMHJOHGDUHNODMH0U]LPWRNDNRMHJOHGD.DNRWYRMHRLNOLXSRQMRM
NDRGDWLSULSDGD
*OHGDPNRJD"GDKQXRMHLSRSUYLSXWDELRMHXSODHQ]DLVWDXSODHQVKYDDMXLGDFUYHQL
DUXQMHQLPRLPDQLMHRGUD]ERMHQMHQHRGMHH
2QDMHPRMDSURFLMHGLODMHNUR]]XEH7LQHPDQLNDNYRSUDYRQDQMX7LVLQLWNR
2HPXWLWRJRYRUL"7LVLOXGD
,RGMHGQRPMHWDULMHOXGDELODWDNRVWUDQRLVWLQLWDLXLVWRYULMHPHWDNRXDVQRGDOHNDPDGD
MH X OLNX L WLMHOX L GXKX VWDMDOD SUHG QMLP L VDGD VH NHVLOD QLVNRP ELMHOLK ]XELMX QD QMHJD 1D
UXNDPD HWYRURQRNH RGXSLUXL VH SUVWLPD X]PLFDR MH SUHG QMRP QH VSXWDMXL RL V QMH
SX]DMXLJUFDMXLJXHLVHXYODVWLWRPVWUDKX
3UDWLODJDMH
7LVLOXGD/XGD
2GNXGDWLSUDYRGDMHJOHGDWDNR"2QDMHPRMDPRMDQLNDGDQHELPRJODSRVWDWLWYRMRP
QLWLELVPMHOD2WNXGDWLLGHMDGDRQMRMUD]PLOMDQDWDMQDLQ"2GDNOHWLSUDYRGDMHSR]RYHQD
SLHQHSLWDMXLPH"7NRVLWLGDPLVOLGDWLMHVYHGR]YROMHQR"
*OHGDRMHSODYHUXPHQH]HOHQHXVQHELMHOHELMHOHNDNRDSXRWURYHLRWURYLVXSDGDOLQD
QMHJRYX GXX ORPLOL PX VQDJX RWURYL PUQMH L RQD WURYDLFD VOXHQD YODVWLWRP OMXEDYOMX ]D
VHEH GL]DOD VH NDR VOLND LVSDOD L] RNYLUD QMHQD VMHQD QD ]LGX L]D QMH ELOD MH GYRVWUXND L REMH
VMHQH NUHWDOH VX VH MHGQD QHRYLVQD R GUXJRM D VYDND SUHPD QMHPX 3URNOHWVWYR 1LMH ELOD OD
9LGLRMHGYLMHLVSUHSOHWHQHVMHQHQMHLELRMHVOXHQVWUDKRP
0LVOL QD VHEH" *RYRUL R VHEL" GDKQXR MH ]DSUHSDWHQR /XGD OXGD SXOVLUDOR PX MH X
JODYL GRN VH RQD VDJLQMDOD QDG QMHJD LQHL VYRMH RL L]YRURP VYRJ VYMHWOD GRN VH QMHQD UXND
VNODSDODRNRQMHJRYRJYUDWDQDQRVHLPXERO$OLWRMHELORGLYOMHQMHVODYOMHQMHWYRMHOMHSRWH
WRVLWL"1HNLPDQLMDNOH]ELMNDQHPRHSRGQLMHWLGDWHPXNDUDFSRJOHGDDGDQHSREMHVQL
=DWRQHNDH"+HM1LVLMHGLQDHQDQDVYLMHWX(YRDNRKRHLGHP/XGR.R"JVLPHYUDJD
]YDOD"$L]VYDNHQMHJRYHULMHLL]ELMDRMHVWUDKL]QDRMHGDMHSUYRPULMHMXXSXHQRPQMRM
L]JXELRVYH'DMHEDU]QDR
8NUDR VL SRJOHG QD QHWR WR MH PRMH 3RHOLR PRMH 8LQLR VYRMLP HOMDPD PRMH VYRMLP
.D]QDWRMHND]QD]DNUDXLYRWD"
3XVWLPH
$OL SXVWLOD MH VDPR QMHJRYX NUY NRMD VH UD]OLOD SR SORQLNX , NUY QLMH SRVWDOD QLWD PDQMH
QMHJRYRP QDNRQ WR MX MH RQD SUROLOD 6DPR JD MH QDSXVWLOD NDG MH UD]GHUDOD QMHJRYR JUOR
PHWDOQLPQRNWLPD
=DLPHSUHVYHWRJ%RJD]DJUFQXRVHQDNUY
%RJQHPDQLWDVWLP$RSHWVYH-HUMHGLQLERJRYGMHVDPMD,VDGWHNDQMDYDPMHUVLRQR
WRMHERMHSULPLOMXXNUDR&UNQL
,KLWULVUHEUQLRGNUYLFUYHQLQRNWLXURQLHXQMHJRYHJUXGLLUXNHNRMHVXOXGLORLELMHVXLQLOL
QDGQDUDYQRMDNLPDUDVWUJQXHNDYH]NRVWLMXRNRQMHJRYLKSOXDLXWUREDELL]ORHQDNDRGDMHQD
ROWDUXERJDGRLVWDNDRGDMHQDROWDUXERJD,VYRMLPSRVOMHGQMLPVYMHVQLPGDKRPJOHGDRMHQMX
NDNRJUOLVHEHNDNROMXELVHEH,QMHJRYSRVOMHGQMLGDKSDRMHQDQMHQROLFHLWRMHELORVYH
,NDGDVXSUROD]QLFLXMXWURSURQDOLQMHJRYRUDVNRPDGDQRWLMHORWRQLMHELROLMHSSUL]RU,]DWR
VX VH RNUHQXOL L RWLOL L QLNDGD QLVX YLH GROD]LOL QD PMHVWR EOL]X NULDQMD %RUJRYRJ SUROD]D L
8OLFHNRMRPVXGXJRGXJRKRGDOLRYMHNLGYRJODYD]YLMHUPDGDQLNXGDQLVXLOL-HUQLNXGD
QLVXLPDOLRWLL-HUQHSRVWRMLPMHVWRJGMHVHPRHVDNULWLRGQRLQDURLWRDNRMHQRRQDNRMD
SRVWRMLXQXWDUWHEHVDPDLDNRMHOMXEDYWROLNRMDNDGDMHQHPRHSRGLMHOLWLQLVNLPGUXJLPGR
VDPRJDVHEH
2WR:LOKHOP
0LONR

6LOQD OMXEDY SUHPD NRQYHQFLMDPD PRGD EL QHNRJD FLYLOD NDNR .UVWR ]RYH RELQH OMXGH QHOMXELWHOMH 6)D
QDWMHUDOD GD SRPLVOL NDNR VX HVHILDUL QHNL VLOQR R]ELOMDQ L NRQYHQFLRQDODQ VYLMHW (WR L QDD XGUXJD RUJDQL]LUD
NRQYHQFLMX (VVH.RQ MHGQRP JRGLQMH X OLVWRSDGX -H OL WR VWYDUQR WDNR" .DNR MH WR ]DSUDYR QD NRQYHQFLML"
.RQYHQFLRQDOQR"(YRWRNDH2WR
.RQJUHVQDGYRUDQDPRKDF]VNRJ6KHUDWRQDMHELODYUKRPSXQDDPRUVPLMHKLGRYLNLYDQMH
GRVHJOL VX YUKXQDF NDGD MH PHWDU FHUHPRQLMH NUHQXR SUHPD VYHDQRP SRGLMX V QDPMHURP
RWYDUDQMD ;,; PHXQDURGQRJ NRQJUHVD VDMHQFILNWLDUD RG PLOMD QD]YDQRJ 0LONR
.RQJUHV VH VYDNH JRGLQH RGUDYDR QD GUXJRP PMHVWX SR PRJXQRVWL WR ]DELWLMHP 5D]ORJ
LQ]LVWLUDQMD QD ]DELWRVWL MH ELOD HOMD GD VH GRQHVH QDSUHGDN L ERJDWVWYR WDNYLP PMHVWLPD
QDSUHGDNMHRGXYLMHNELRXVUFLPDHVHILDUD8SULORJWRPXJRYRULLHNVSUHVQDLX]JUDGQMDKRWHOD
L PHWDUVNH VNDNDRQLFH WH NRPSOHNVD QDMVXYUHPHQLMLK ERDOLWD WHN GD VH QDH 2YRJ
SXWD MH NRPSMXWRU VOXDMQRP PHWRGRP RGDEUDR ED SUDYR PMHVWR SLWRUHVNQL PDDUVNL JUDGL
VPMHWHQXSULYODQRMGROLQLRWSULOLNHGYMHVWDPLOMDL]DOLMHYRJERMHJVWRSDOD,XQDWRWRPHLOL
ED XSUDYR UDGL WRJD MH RGD]LY OMXELWHOMD IDXQH QDQWDVWLNH ELR YLH QR ]DGRYROMDYDMX ELR MH
RJURPDQ)DQRYLVXVWLJOLL]VYLKGLMHORYDVYLMHWDRG.DYND]DSUHNR%DELQH*UHGHRSDVYHGR
*U|QODQGD3RSXODFLMD0RKDF]VDVHSUHNRQRLXWURVWUXLODDSDUNLUDOLQLSURVWRULVWRWROLNRSXWD
VPDQMLR
1DMUD]OLLWLMLMH]LFLVXSRWSXQR]EXQMLYDOLGRPRURFHNRMLVX]QDQVWYHQRMHGRND]DQDLQMHQLFD
SULSDGDOL XJURILQVNRM VNXSLQL QDURGD 7R MH ]QDLOR GD ED L QLVX QHNL OLQJYLVWL RGQRVQR GD
VWUDQLP MH]LFLPD YODGDMX RWSULOLNH RQDNR GREUR NDR WR VYL RVWDOL QDURGL ]DMHGQR YODGDMX
PDDUVNLPDWRHUHLQLNDNR1DQDMYHLPPXNDPDVHQDODPDODDOLSUREUDQDJUXSDGHOHJDWD
L] )LQVNH 2QL VX VNRUR SRWSXQR L]OXHQL VDYUHQR WHQLP QHUD]XPLMHYDQMHP VYRMH PDDUVNH
VXEUDH WH SURPHWQLP ]QDFLPD QD NRMLPD SLH OLMHYR D SRND]XMX JRUH GHVQR PRUDOL ELWL
SRVHEQLP ]UDNRSORYRP ELWL SUHEDHQL QDWUDJ X )LQVNX WRQLMH X -\UlVN\OlX $Q )\RUG QD
EROQLNROLMHHQMH
1DNRQ GRODVND QD SRGLM PHWDU MH SURYHR GREULK SHW PLQXWD SRNXDYDMXL SULYXL SDQMX
JRPLOH QH EL OL MH VWLDR L SULYHR UHGX 3XEOLND MH VODER]DPMHLYDOD QMHJRYR SRVWRMDQMH
SUH]DX]HWD SUHSULDYDQMHP YHVHOLK GRJRGRYWLQD L REQDYOMDQMHP VWDULK SULMDWHOMVWDYD 3UYR MH
SRNXDRNDOMXFDQMHPLEURMDQMHPXPLNURIRQ-HGDQGYD-HGDQGYDWUL.KKNKK7RMHNDG
VH VYH ]EURML LPDOR XLQDN NRORQLMH FUYHQLK PUDYD XEDHQLK X QHNR RPDQMH VXQFH GDNOH
QLNDNDYDSRPDORMHLVPUGLOR6OLMHGHLSRNXDMMHELRHNVNOX]LYQLMHSULURGHDOLWDNRHULVWRJ
XVSMHKD 0HWDU MH PDHVWUDOQLP SRNUHWRP L] XQXWUDQMHJ GHSD VDNRD L]YXNDR PDOR VUHEUQDVWR
]YRQFH SRVHEQR SULSUHPOMHQR L QDIUHNYHQFLUDQR QD 6) SXEOLNX =DMDPHQR SULYODL SDQMX
VYDNRJ HVHILMDQFD QD XGDOMHQRVWL GR PLOMD ]DKYDOMXMXL YUKXQVNLP VDVWRMFLPD L SUHFL]QRVWL
L]UDGH 3DOMLYR SURWUHVWL WUL SXWD ]D QDMYHH ]DGRYROMVWYR WRSLOD VX VH XSXWVWYD RG PLOLQH D
]YRQFH MH LPDOR XLQDN GROLMHYDQMD PUDYD QD YDWUX 3XEOLND MH RVWDOD JOXKD L QD VXSWLOQR
XGDUDQMHSR]ODHQRPRORYNRPXDXSDMHPHWDUQDNRQWUHHDHLRGWRJDRGXVWDR
1DURLWRYHOLNXODUPXLJDODPXSURL]YRGLODMHRYHDVNXSLQDNRVRRNLKXGDNDNRMLVXVYLGR
MHGQRJ ELOL LVWRYMHWQR RGMHYHQL VPLMHQH NRQH KODLFH V WUHJHULPD L NDSH V SROPHWDUVNLP
URJRYLPDNRMLVXLPVHQHSUHVWDQFH]DSHWOMDYDOL5DGLORVHRVNXSLQLGREUDQRSULSLWLKMDSDQVNLK
WXULVWDNRMHMHWXULVWLNDDJHQFLMD,GLP,GR,PLDQDNRQWRVXSURPDLOL2NWREHUIHVW]DGREUD
WUL PMHVHFD RGOXLOD SRVODWL X 0RKDF]V ]QDMXL GD RYL QHH SULPLMHWLWL UD]OLNX -DSDQFL VX VH
OXVGR]DEDYOMDOLWUDHLMRLMRSLYDLVODQLKSHUHFD7RWDOQRVX]EXQMLYDOLSRVOXJX]DKWLMHYDMXL
VLVDWHNRQREDULFHLZHLVVZUVWQDRQRPDORQMHPDNRJWRVXJDJRGLQDPDXSRUQRSURXDYDOL
ED ]D RYX SULOLNX 3RVHEQR JODVQL L L] VUFD VX SMHYDOL QHNDNYX VWDUX QMHPDNX EDODGX R
:DONUDPD NRMD MH RSHW VWUDQR LYFLUDOD VYH 6WDU 7UHN IDQRYH 7R MH GRYHOR GR MHGQLVWYHQRJ
GRJDDMDX6)SRYLMHVWLNRQDQRJXMHGLQMHQMDGRWDGDQHSRPLUOMLYR]DUDHQLKEURMQLKIUDNFLMD6)
IDQRYD 1DNRQ IRUPDOQRJ XMHGLQMHQMD SRYHOL VX WUHL PHX]YMH]GDQL UDW SURWLY VYLK URJDWLK
VWYRUHQMD XNOMXXMXL L %DYDUFH NRML VX RWSRHOL FLMHOX SURNOHWX ]EUNX .RQJUHVX MH SULMHWLR
NRODSVNDGVHXWXWXQMDYXXNOMXLODLVWDLFDLRWMHUDODVYXWXEUDWLMXYDQSDMHPHWDUQDSRNRQ
GRELRSULOLNXDLPHJDIRQXUXNHGDSURJODVLNRQJUHVRWYRUHQLP
'UDJLPRMLSULMDWHOML'UDJHPRMHSULMDWHOMLFH]DQDDMQRMHQDPLJQXRLVWDLFLNRMDPXMH
X]YUDWLOD EODJLP QDNORQRP WH MHGYD SULPMHWQLP SRGL]DQMHP PHWOH 0HWDU MH QDVWDYLR
6DVWDMHPRVHHWRYHVNRURGYDGHVHWOMHD0QRJRVHSURPMHQD]DWRYULMHPHRGLJUDORXHVHIXL
QDRYRMQDRMPDORMSODQHWLXRSHVOLMHGHLODMH]QDDMQDVWDQNDSDYDOMGDVHPHWDU]DRYDM
JRYRUQLMHVSUHPDRGYDPMHVHFDQL]DWRNRMXVXVYLMHGQDNRWDNR]QDDMQRLJQRULUDOL
1HUYR]QRQDPMHWDQMHNUDYDWHVPLMHDNWHQDVWDYDN$OLLPDMHGQDVWYDUNRMDXYLMHNRVWDMH
LVWDSDPDNDUVHVYLMHWRNUHQXRQDJDODYFH7RMHQDDYMHQDOMXEDYSUHPDQRYRPQHRELQRPL
QHSR]QDWRP1DDVWUDVW]DX]EXHQMLPDLYMHQDSRWUDJD]DLGHDOLPDWXVHPHWDUVDYXLYLRL
]DMDSXULR GRDYL GR SUHG VDP YUKXQDF EULQR SULSUHPOMHQD QDVWXSD 7R MH QDD OMXEDY
SUHPD
&LMHOD MH GYRUDQD ]DRULOD X JODV SUHNLQXYL JD X SROD UHHQLFH XSUDYR NDR L SUHWKRGQLK
RVDPQDHVWJRGLQD'DQLMHDYLRQ"'DQLMHSWLFD"1HWRVXSLYDLSL]]D
2YR MH QD PHWUD RVWDYLOR WHDN XWLVDN XRVWDORP NDR L VYDNH JRGLQH WH MH SUREOLMHGLR
SURJXWDRNQHGOXSR]HOHQLRLSREMHJDRL]D]DVWRUD
$OLMH]DWRXGYRUDQLYODGDORRGOLQRUDVSRORHQMH2SHWVHSMHYDORYLNDORDLSRNRMLVWROEL
SROHWLR1DURLWRRQDM]DNRMLPVHQDOD]LODVNXSLQDDXWRUDNQMLJH.DGVWRORYLOHWH
6YLRVLPPHWUDFHUHPRQLMHNRMLMHELRXVWDQMXEODJRJRNDVXVHOXGR]DEDYOMDOLDNVXL
%DYDUR-DSDQFLRVRNROMHQLVDNLMHPSMHVPRPWHHOMRPHNVNOX]LYQLKIRWRJUDILMDQDMYHHSLYQLFH
QDVYLMHWXNUHQXOLXSURERMREUXD)HGHUDFLMH7RLPMHLXVSMHORQDOLMHYRPNULOXVHNWRUD;$
%(WRQLMHNRGSODQHWD%RUDV%SR]QDWRJSRQHVQRVQRJOXSLPVWDQRYQLFLPDLURWRURPDQLPD
=DSUDYRVX-DSDQFLQDKUXSLOLXNXKLQMXKRWHODSLMDQLSDQHELUDMXWHVXMHSRVWDURMMDSDQVNRM
VXVKLWUDGLFLML VDVMHNOLX NRPDGLH=DWLP VXVH GRVWRMDQVWYHQR UD]LOL WHNUHQXOL SUHPDVYRMLP
DXWREXVLPD
2UJDQL]DWRUL NRQJUHVD VX XYLGMHOL NDNR LP QH SUHRVWDMH QLWD GUXJR QR SULVWXSDQMH VWDURM
SURNXDQRM WDNWLFL SUHNLQXOL VX GRYRG KUDQH L SLD ]DSOLMHQLOL VYH SRUQRDVRSLVH L SLWROMH QD
YRGX X SXEOLFL WH MH PHWDU FHUHPRQLMD SRPDOR GUKWDYLP JODVRP QDMDYLR 2UQHOLMXVD
7DKRPHWURYVNRJ WUDGLFLRQDOQRJ SUYRJ JRYRUQLND 7DKRPHWURYVNL MH ELR SR]QDW NDR NULWLDU
VYHJDLVYDNRJDWHJDMHWRLQLORSUYRPRVRERP]DSULYODHQMHSDQMHUD]X]GDQHSXEOLNHVYRMLP
UDGLNDOQLP VWDYRYLPD R HWDEOLUDQLP SLVFLPD L GMHOLPD 'RJHJDR VH GR JRYRUQLFH SUL WRPH
]DSHYL ]D VYDNL PRJXL VDJ L NDEHO SD DN L RQDM RG OXVWHUD WH L]YDGLR SULSUHPOMHQ JRYRU
6OLMHGHLK WULGHVHW L RVDP VHNXQGL SURYHR OH WUDHL SUDYH QDRDOH L]PHX WUL SDUD NRMD VX PX
OHHUQR RQDNR ED FRRO SRLYDOL QD SUVLPD 1DSRNRQ MH L]DEUDR NULYH VWDYLR LK QD YUK QRVD
]QDDMQRVHQDNDOMDRSRJOHGDRVYRMXSXEOLNXSUHNRQDRDODLRWSRHR
&LDRMHGQRVWDYQRHRQ
1MHJRY FLDR MH L]D]YDR WLKX SULWDMHQX SROXHXIRULMX SXEOLNH NRMD VH GREUDQR QDEUXVLOD GD
SURWXUMHLVYHPXWR2UQHOLXV7DKRPHWURYVNLLPD]DUHL.DNRVHFLDRXQLVXPRJOLXVSURWLYLWL
MHGLQVWYHQRVXRGYUDWLOLVWUDGLFLRQDOQLP(MFLDRWHVXVWLKLPDURPLHNLYDOLQDVWDYDN
(MFLDRSRPDORL]QHQDHQRMHX]YUDWLRJRYRUQLNQDYLNQXWQDQHWRGUXJDLMXUHDNFLMX
/LMHSR YDV MH YLGMHWL X WDNR YHOLNRP EURMX L WDNR VORQH ]DSRHR MH 2UQHOLXV
JHQHUDOL]DFLMDPD DOL VH ERMLP GD VH PQRJLPD L]PHX YDV QHH VYLGMHWL RQR WR GDQDV LPDP
QDPMHUX UHL 'REUR VX WR ]QDOL L PXGUR VX XWMHOL (WR QDSULPMHU PDOR SRUDYQDYDQMH WH
EULVDQMH QDRDOD NRMH VX ]DXGR GDYDOH QHRELQR VODEX L LVNULYOMHQX VOLNX VYLMHWD 2YDM WLS
$UQROG0F&RUPLFNLRQRQMHJRYRQD]RYLGMHOR6XVUHWV.UDPRP
3RHORMHSRHORJXUNDOLVXVHODNWRYLPDXSXEOLFL
3D WR MH QDMRELQLML XQG VPHH NULYRWYRULQD L]YUWDQMH VWYDUQRVWL 'RLVWD QH ]QDP NDNR
RGUDVOLL]UHOLOMXGLPRJXWDNYDWDSURJXWDWL-DVDPRVREQRVWLJDRGRRVPHVWUDQLFHNDGDPLMH
SULSDOD PXND, NDGDYLGLP GD VHWD WD]DVWDR MH WUDHLQDMSRJUGQLMX ULMHWD SUNDULMD
QDYHOLNRSURGDMHRYGMHSRWDQGRYLPDNUDMXOD]DVUFHPLVHSDUD1HYLGLPNDNRSRGLJDRMH
SRJOHGSUHNRQDRDODMHUJDMH]EXQLODDSVROXWQDWLLQDNRMDMHGROD]LODVRQHVWUDQHPLNURIRQD
3DELODMHDSVROXWQDRVLPSRQHNRJMDSDQVNRJERUEHQRJSRNOLDNRMLMHGRSURL]YDQDQDNRQWR
VHSRND]DORGDVXUH]HUYRDULDXWREXVDVXKLSRSXWSXVWLQMH1DJYDLQDMXQRMKHPLVIHUL%RUDVD%
3D VX YR]DL WDNR SODDOL GDQDN VYRMH QHVDYMHVQRVWL 'RWDG MH FLMHOL DXGLWRULM QDSHW VOXDR
LHNLYDMXLQDVWDYDNL]ODJDQMDL]JOHGDMXLYUDNLLVNUHQR]DLQWHUHVLUDQ
$KHP2UQHOLXVVHSRPDOR]EXQMHQLQDNDOMDRMHUMHELRRHNLYDRDQWLSRGQRGLMDPHWUDOQR
QDJODYDNHSRVWDYOMHQX UHDNFLMX L] JOHGDOLWD JDODPX SOMXYDQMH SVRYNH SULMHWQMH 8)2H 8
GYRUDQLMHYODGDODSRWSXQDWLLQDRVLPSMHYDQMDMHGQHPXKHNRMDVHXYLQVNRMDLWXLUDODDOLMH
LRQDSRVWLHQDXEU]R]DPXNOD7NR]QDPRGDVDPLKXVSLRSULGRELWLQDVYRMXVWUDQX0RGD
VXQDNRQVYLKRYLKJRGLQDLSDNSULOLSDPHWLXOMXOMNLYDRVH2UQHOLXVXVLJXUQRVWRSHWSURYMHULR
QDRDOHWHRSXWHQRQDVWDYLR
'DNOHNDRWRVDPJRYRULR
6$']DRULORVHL]WLVXXJUODLLVWUJQXOR2UQHOLXVXSDSLUHL]UXNX=DSRNOLNRPMHVOLMHGLOD
SUDYD NDQRQDGD QDWSULURGQR JROHPLK UDMLFD SRWDMQR GRSUHPOMHQLK NRQYRMHP L] 1L]R]HPVNH
XSUDYR]DWXVYUKX
2UQHOLXV7DKRPHWURYVNLMHSRPLVOLRNDNR]DVLJXUQRSULVXVWYXMHSRGL]DQMX]YMH]GDQHSOLPHWH
MHRVWDRSDID]DWLPLSRGFUYHQRPSODQLQRPL]DNRMHVODERL]OD]LVXQFH
5D]GUDJDQDSXEOLNDVLMHHVWLWDODQDXVSMHQLPSRJRFLPDRUJDQL]DWRULVXVHKYDWDOL]DJODYH
D LVWDLFD MH X]GDKQXYL NUHQXOD SRLVWLWL VDY WDM QHUHG 2UQHOLXV VH QHNDNR LVNREHOMDR LVSRG
KUSH YUDNL OMHSOMLYLK UDMLFD WH SRWLWHQR NUHQXR SUHPD EDFNVWDJHX SUDHQ SRYLFLPD JRPLOH L
SRNRMLP]DRVWDOLPSURMHNWLORP
1DNRQ RYRJD NDNR ]D NRJD QHPLORJ GRJDDMD RGUHHQD MD NUDWND VWDQND WLMHNRP NRMH MH
GREUR UDVSRORHQMH RGUDYDR .8' 3DMR .RODUL XYH]HQ L] +UYDWVNH NRORSOHWRP QDURGQR
IDQWDVWLQLKSMHVDPDLSRVNRLFDDQDVYHRSHQHRGREUDYDQMHSULVXWQLK
7LMHNRP L]YHGEH FLMHQH UDMLFD VX GRVHJOH QHVOXHQH YLVLQH .DR NXULR]LWHW WUHED QDYHVWL
LQMHQLFX NDNR 3DMR .RODUL SUHYHGHQR QD PDDUVNL MH]LN GRVORYQR ]QDL 2QLNRMLH
XVNRURGRELWLVDOPRQHOXRGNREDVLFDNRMHVXWDNRKDODSOMLYRSRMHOLSULMHQDVWXSD =D SULX
SRWSXQRQHELWQRDOL]DWR]D.8'GRVWDQH]JRGQR
, GRN VX VH RQL YDOMDOL SR SR]RUQLFL VWUXQL WDE RUJDQL]DWRUD MH UD]ELMDR JODYX NDNR VSDVLWL
VLWXDFLMX L RVYLMHWOLWL REUD] NRQJUHVD SUHG MDYQRX , ED NDGD MH QDMOXNDYLML PHX QMLPD KWLR
SUHGORLWLGD]DJRYRUQLFXSRDOMXRYMHNDNRMLWYUGLGDMHRWDF]QDQDVWYHQHIDQWDVWLNHMHUGDMH
WLVXXJRGLQDVWDU]D]YRQLORMH]YRQRNRMHR]QDDYDSDX]X]DUXDNSDVXVYL]DMHGQRRWLOLQD
LVWLSURDYLNUR]UHNRUGQREU]RLVSUD]QMHQXGYRUDQX
0HDQZKLOH
9LNWRULD)DXVW
21,6(7,+2',m8,=0$*/(
(VWHUMHQHVWDOD7DPRGROMH,PDWRPHYHGHYHWGDQD6DPRNXNDYLOXNJDMHVSULMHLR
GDVHLVDPQHVSXVWL,OLPRGDQDGD",OLMHLSDNWRWDMRVMHDMXQMHPXNRMLMHXSUYRPWUHQXWNX
QHUD]PLOMDQMDQD]YDRQDGRPELODVDPRVOLMHSDPROLWYD]DNRMXMHXQDSULMHG]QDRGDQHHELWL
XVOLDQD"=DUMHPRJDRLPDORR]ELOMQRUD]PLOMDWLRWRPHGDHVHLWDSURPLMHQLWLWDPRGROMH"
7DPR GROMH VH QLNDGD QLWD QLMH PLMHQMDOR , PDJOD MH XYLMHN VWDMDOD MHGQDNR QHSURPMHQMLYD
MHGQDNR NDNR MH QHER QDG JUDGRP XYLMHN RVWDMDOR MHGQDNR VLYR , VDPR EL SRYUHPHQR QHWNR
QHVWDR7DPRGROMH
, /LWLD MH QHVWDOD VDGD MH WRPH SXQR JRGLQD (VWHU MH WDGD ELOD SRVYH PDOD GMHYRMLFD
-HGDQDHVWJRGLQD"=DUWROLNR"1LMHEURMDR/D3RQRYQROD'DVHVDPRPDORSRWUXGLRVDPR
PDOR PRJDR MH WRQR L]UDXQDWL NROLNR MH GDQD VDWL L PLQXWD SUROR RG WUHQXWND NDG MH /LWLD
QHVWDOD7DPRGROMH6YHGRWUHQXWNDNDGMHQHVWDODL(VWHU1DNRQWRJDYULMHPHMHVWDOR
=QDR MH GD LYRW VDGD QHPD QLNDNYRJ VPLVOD 3ULMH QLMH VKYDDR RQH NRML VX VH
GUDJRYROMQR VSXWDOL SRG PRVW ]D VYRMLP QHVWDOLP YROMHQLPD 'D OL MH VDGD VKYDDR" 1LMH ELOR
YDQR6DPREROMHELODXQMHPXLVDPRMHGQDLGHMDYRGLODJDMHWMHUDODQMHJRYRVUFHGDQDVWDYL
NXFDWL QMHJRYD SOXD GD SULPDMX NLVLN QMHJRYR WLMHOR GD IXQNFLRQLUD RQROLNR NROLNR MH
IXQNFLRQLUDORWLMHORRYMHNDPUWYRJPR]JD]DNRJDVXMRVDPRDSDUDWL]DRGUDYDQMHLYRWDELOL
L]JRYRU IL]LNRJ SRVWRMDQMD X RYRP VYLMHWX %LOD MH WR LGHMD R WRPH GD VX QMLK GYLMH MR XYLMHN
GROMHLYH
8LQLR MH NRUDN , ]DVWDR 6WUHVDR VH 1LMH ELOR KODGQR DOL UHNDR MH VHEL GD VH WUHVH RG
KODGQRH 3RJOHG QLMH PRJDR SURGULMHWL NUR] PDJOX 6YLMDOD VH SRSXW JUXGH RWURYQRJ SDPXND
QHMDVQLKUXERYD VDSHWDREUXHPPRVWD YRHQD WLMHNRPULMHNHQHJGMHLVSRG 1LWNRQLNDGDQLMH
YLGLRULMHNXDOLQLWNRQLNDGDQLMHSRVXPQMDRGDSRVWRML8WLKLPQRLPDPRJDRVLXWLWURPLXP
QMHQLK PUWYLK YRGD 5LMHND MH YRGLOD PDJOX 5LMHND MX MH VWYDUDOD 7R VX JRYRULOL QHNL GD EH]
ULMHNHQHELELORQLPDJOH'UXJLVXPLVOLOLGDVXPDJODELOLRQLVDPLVDPRRWXHQLSUDPLFLNRML
QHVWDMXXEHVNUDMXJUDGD7HNRQMHVDGD]QDRLOLELEDU]QDRGDMHUD]PLOMDRRWRPHLOLGDPXMH
ELORVWDOR2QLQLVXELOLPDJODMHUPDJODPRGDXRSHQLMHSRVWRMDOD
5LMHND VH SURWH]DOD NUR] LWDY JUDG UDVLMHFDMXL JD YMHURMDWQR WRQR SR SRORYLFL 1LVX
]QDOL MHU QLVX SR]QDYDOL JUDQLFH JUDGD $OL L] NRJ JRG GLMHOD JUDGD OMXGL VWLJOL VYL VX ]QDOL ]D
ULMHNX,QDUDYQR]QDOLVX]DPDJOX,VYLRQLLPDOLVXVYRMHSRVHEQHSULHRQMRMDOLQDSRVOMHWNX
VYH VH VYRGLOR QD LVWR LQMHQLFH VX XYLMHN ELOH WX SRVWRMDOD MH ULMHND NRMD MH WHNOD NUR]
EHVNRQDQL JUDG L SRVWRMDOD MH PDJOD NRMD MH ]DXYLMHN ]DNULQNDOD QMHQ WRN RG VPUWQLK RLMX L
SRVWRMDRMHPRVW]DNRMLQLWNRQLMH]QDRNDGMHL]JUDHQWNRJDMHL]JUDGLRLOLQDMYDQLMHRGVYLK
SLWDQMD NDNR %LOR MH QHPRJXH SULMHL ULMHNX SUHEURGLWL ULMHNX SUHPRVWLWL MH $ LSDN WR MH
XLQMHQRLPRVWMHELRWXGDVYMHGRLRWRPH2QDMNRMLMHWRXLQLRXLQLRMHXGR,PRGDVX
]DWRELOLWDNRNLYQLQDWXEHWRQVNRHOLQXJUDHYLQX2QLNRMLVXVHWLKRGL]DOLL]PDJOH2QLVX
XLQLOLPRVWVUFHPVYRJD]ORLQD
,]YDQ JUDGD QLMH SRVWRMDOR QLWD $OL V RE]LURP QD WR GD JUDG QLMH LPDR JUDQLFH L GD VH
SURWH]DRGDOMHQHJRMHLWNRPRJDR]DPLVOLWLELORMHYUORPRJXHGDMHJUDGVYH=HPOMDSODQHW
VYHPLU 5DYQD SORD NXJOD QLMH ELOR YDQR WR JRG GD ELR NDNDY JRG QDOD]LR MH QDLQD GD
QLNDGDQHSUHVWDQHSRVWRMDWL6YDNRPDORGROD]LOLVXOMXGLVYMHGRHLRWRPHGDVHJUDGSURWHH
SURVWRURPYHLPQHJRVXGRVDGDPLVOLOL'ROD]LOLVXRQLNRMLVXRELQRQHVWDMDOLLVSRGPRVWD
1MLKRYHOHWMHOLFHQLVXPRJOHSROHWMHWL1MLKRYDYR]LODVHQLVXPRJODSRNUHQXWL0RGDVX
MHGQRP SRVWRMDOD YUHPHQD NDG VX DYLRQL X KDQJDULPD SDUDOL VLYR QHER NRMH PRGD RQGD L QLMH
ELORWDNRVLYRLNDGVXDXWRPRELOLQDSDUNLUDOLWLPDWURLOLJXPHQDDVIDOWQLPFHVWDPDNRMHRQGD
PRGDQLVXELOHLVSXFDQHDOLVDGDVXWRELOLVDPRVXYHQLUL]DERUDYOMHQHSURORVWLNRMXVHQLWNR
QLMH XVXLYDR GRWDNQXWL 6WUDK RG QMLKRYRJ SRVWRMDQMD L VWUDK RG QMLKRYH QHXSRWUHEOMLYRVWL
VNDPHQLR EL VYDNRJD WNR EL EDU VDPR QD WUHQXWDN SRNXDR UD]PLOMDWL R PRJXQRVWL
RVSRVREOMDYDQMDQHNRJRGWLKSURPHWDODNDNRELSRNXDRRWNULWLWDMQXLSLWDQMHNRMHMHVYLPDELOR
XQHNRPNXWXXPDNRMHVLPRJDRYLGMHWLNDRPXWQXVMHQXX]MHQLFDPDJGMHMHNUDMJUDGD"=D
RGJRYRUQDWRSLWDQMHYMHURYDORVHGDELRWNULORWDMQXLULMHNHVDPH$OLNDNRMHELORQHPRJXH
SURQDL JUDQLFH JUDGD LOL EDU QDVOXWLWL WR VH L]D QMHJD PRJOR QDOD]LWL DNR VH LWD L QDOD]LOR
MHGQDNRWDNRELORMHQHPRJXHRWNULWLWDMQXULMHNH1HGDMHLWNRLNDGSRNXDYDR%LOLVXSRPLUHQL
VDVWDQMHPVWYDULVYMHVQLGDVXQHPRQL
3ULEOLLRVHRJUDGLUXNDPDVHJUHYLWRXKYDWLR]DQMXQDJQXRSUHPDQDSULMHGNDRGDHOL
XJOHGDWLRQR]DWRMHLVDP]QDRGDMHQHPRJXHXJOHGDWL$OLGDOLMHELORQHPRJXH",GDOLMH
ELOR SULND]D" -HGQD UXND RG JXVWRJ VLYRJ SUDPHQD PDJOH XND]DOD VH SUHG QMHJRYLP RLPD
VWUDYRPQHPRJXHJDWDNRMDVQRJMHGDQPDJOHQDVWLSUVWNRMLELQDWUHQXWDNL]JXELRREOLNSDJD
]DWLPSRYUDWLRSR]YDRJDMH.DRGDMHLJODVPRJDRXWL'RLWRSRVWRMLYLHRGRYRJD"=D
WRYLHLYL"'RLXPDJOX6YHRQRWRMHMRYULMHGQRWYRPHLYRWXQDOD]LVHWXXPDJOL
7UJQXR VH *UHYLWR VH RWNLQXR RG RJUDGH -R QLMH ELR VSUHPDQ -R XYLMHN MH X QMHPX
ELORQHSRNROHEOMLYRRQR]UQFHHOMH]DLYRWRP$OL]ERJHJDELMRHOLRLYMHWLHPXVHLPDR
YHVHOLWL"6YHMHELORPUWYR,RQVDPRKRGDMXLPUWYDFNRMLX]DOXGQRSRNXDYDXYMHULWLVHEHGD
MHLYVDPR]DWRWRPRHVWDYOMDWLQRJXSUHGQRJXLMHURVMHDNDNRPXVH]UDNLRQDRWURYQD
PDJODXYODHXSOXDVYDNLSXWDNDGXGDKQH
6DPR ]ERJ MHGQRJ MH MR ]QDR GD MH LY 6WUDK 6WUDK MH MR XYLMHN ELR X QMHPX 2QRJD
WUHQXWND NDG VWUDKD QHVWDQH ]QDR MH YLH QLHJD QHH ELWL WR H JD VSUMHDYDWL GD SUHNRUDL
RJUDGX6DPRMRVWUDK6DPRMRVWUDK6DPRMRVWUDKMHLYRWXQMHPX
1HWNRMHSURDRPRVWRP1LMHVHRED]UHRQDQMHJD2VMHWLRMHVWUDKWRJQH]QDQFDNDNRJD
MH]DSDKQXRNDRXDUHQLYDORYLLVNDUDSDOHLPXNRXQDOHLPDL]DWLOMNX.DRGDMHPRJDRXWL
LQMHJRYHPLVOLNRMHMHVWUDKXLQLRGD]YXHNDRYULVDNNRMLRGMHNXMHHOMDGDQHYLGLRQRWRMH
SUHGQMLPHOMDGDQLMHNDQMHPWRJDWRYLGLXELMHLGHMXRWRPHGDELVHLRQMHGQRJDGDQDPRJDR
QDL QD PMHVWX WRJ RYMHND L]OXHQRJ RG VWUDKD L RDMD NRML VWRML QD UXEX PRVWD L PROL VYRMX
VYLMHVW GD SURQDH MR EDU MHGDQ UD]ORJ ]D LYRW .DR ]DR ]QDPHQ ELOR MH YLHQMH RYRJ
VDPRXERMLFHNDR]DR]QDPHQLNDRUWYDQDROWDUX2QLKNRMLVHWLKRGLXL]PDJOH
2QLVXXQDPD1DLXPRYL]DJDHQLVXQMLPDSRPLVOLRMHSURPDWUDMXLQH]QDQFDNRML
VHXUQRXGDOMDYDREH]GDMHLMHGQRPVYUQXRSRJOHGSUHPDQMHPX8]LPDMXQDPVYHGRHJD
QDPMHVWDORUDQMDYDMXQDHGXHLXWHUDQHVH]DYODHNDRFUYLJORXNRVWXUHQDLKGXDVYH
GRNVHRQHQHVPUYHXSUDKVYHGRNXQDPDQHRVWDQHQLQDMPDQMHYROMHVYHGRNQDVQHVORPH,
WDGDQDVSRLQMX]YDWL1HPDVPLVODRGXSLUDWLVH2GSUYRJWUHQXWNDNDGMHFUYVXPQMHXQDPD
NDGSRQHPRGYRMLWLRVPLVOXQDVWDYNDLYRWD2QLVXWLNRMLHRGOXLWL]DQDV1HPDPXPDNRML
ELLPVHPRJDRRGXSULMHWL1HPDPVQDJHNRMRPELKPRJDRSURWLYQMLK8]HOLVXPLVYHWRVDP
LPDR
3RQRYQRMHSULDRRJUDGL-HGQRRGRQLKELHVDGDMHELORQDSRODL]URQLORL]PDJOH/LFH
QHSUHSR]QDWOMLYLK FUWD ELOR MH RNUHQXWR SUHPD QMHPX 5XNH VX QHMDVQR PDKDOH SUHPD QMHPX
HOLRMHGDSRVWRMLQHWNRX]QMHJDWNRELPRJDRSRVYMHGRLWLGDRYRQLMHVDPRSULND]DQMHJRYRJ
XPD=QDRMH]D1MLKDOLQLWNRWNR,KMHYLGLRQLNDGDVHQLMHYUDWLRGDVYMHGRLR1MLPD%LOLVX
VDPRSULDNRMDVHLVSUHGDODQHWRQHMDVQRLXDVQR,VDGDJOHGDMXL*DWRJVWYRUDRGPDJOHR
NRPHQLWDQLMH]QDRRVLPLQMHQLFHGDMHQMHJRYSRHWDNLNUDMSLWDRVHNROLNRMHVYHWRVWYDUQR
0RGD JD MH VDPR QMHJRYD HOMD ]D SUHVWDQNRP RYDNYRJ LYRWD QDWMHUDOD GD JD L]PLVOL GD
RSUDYGDVYRMSRVWXSDN
,GHMDRWRPHXELODMHVWUDK
,RQGDVXSRHOLL]UDQMDWL6LYLQHMDVQLREOLFL
.DRGDVXSLOLPDJOX.DRGDVHPDJODSRHOD]JXQMDYDWLXQMLKRYDWLMHODLNDNRLPMH
EURM SRVWDMDR YHL PDJOD MH SRVWDMDOD UMHD VYH GRN NDR SXNRWLQD X ]HPOML LVSRG NRMH MH WHNOD
LWNDODYDXPDJOLQLMHQDVWDODUDLMDQDSXNRWLQD,SRSUYLSXWRQMHXJOHGDRULMHNX
6YL VX ELOL RQGMH VYL RG SRHWND VYLMHWD 3OXWDMXL 9ULWHL XPRP PUWYH YRGH 3RUHG
QMLK L]PHX QMLK VYXGD RNR QMLK SRSXW FYMHWRYD ORSRD SOXWDOL VX QMLKRYL RWUJQXWL GODQRYL L
VWRSDOD'DYLHQLNDGQHSREMHJQX'DVHQLNDGDQHXVSQXVWUPLPREDODPDULMHNH'DQLNDGDQH
VYMHGRHRLVWLQLQHPDUDMDLQHPDSDNOD1DNRQVPUWLVDPRMHRYDULMHNDLRQLVXNDSOMHNRMHMH
LQHWDODVLNRMLMHQRVH$ULMHNDMHWHNODNUR]JUDGNRMLQLMHLPDRNUDMDLVYLRQLNRMLVXQHNDGD
LYMHOLGROD]LOLVXGRULMHNHGROD]LOLVXXWUHQXFLPDNDGVX]QDOLGDVXVSUHPQLHOHLVHXYMHULWL
GD VX RQL VQRYL RQL XDVQL XDVQL VQRYL NRMH VX XVQXOL VDPR LJUD QMLKRYH SRGVYLMHVWL VDPR
JOXSHYL]LMHNRMH]DSUDYRQLWDQH]QDH,]DWRVXGROD]LOLQDPRVWXVYRMRMRDMQLNRMHOMLGDVH
XYMHUH $ NDG EL VWLJOL YLGMHOL EL VYRMX EXGXQRVW MDVQR NDR VYRM OLN X ]UFDOX 5LMHND MH ELOD
SRHWDN L NUDM *UDG MH ELR VSLUDOD RNR NLPH ULMHNH LYRW MH ELR VPUW RG WUHQXWND URHQMD ,
QLHJDQLMHELORL]D
.UR]SXNRWLQXXPDJOLXLQLORPXVHNDRGDYLGL/LWLXXPRUXRVDNDHQLKWLMHODLNDRGD
MH (VWHULQ JODV PRJDR XWL X PUWYRP YULVNX JODVRYD $OL ]QDR MH GD MH WR VDPR YDUND L GD LK
QLNDGD YLH QHH YLGMHWL 5XNH RG PDJOH SULKYDWLOH VX JD NDR OMHVWYH RG SDXLQH L RQ MH SRHR
SDGDWLSDGDWLGDQLNDGDXFLMHORMYMHQRVWLQHRVMHWLWUHQXWDNNDGHPXWLMHORXGDULWLRULMHNX
PUWYLKWLMHODLNDGHSRVWDWLMHGDQRGQMLK3DGDMXL]DXYLMHN6DP]DXYLMHN
NUDM
=DJUHE
mDUNR0LOHQL
5DVNULQNDQLERJRYL
=DSRJODYLFX+R1RODQD=LU+XOMHXYLMHNELRNDULNDWXUDRGYUDD6DP+R1RODQQLMH=LU
+XODSRVWDYLR]DYUDD8LQLRMHWRQMHJRYSUHWKRGQLN+R1RODQQLMH]QDRVNRMLPPRWLYRP
6DPSRJODYLFDQHEL=LU+XODDQJDLUDRQLGDOMXOMDNROLMHYNXQMHJRYRJQDMPODHJVLQD
%LRMHRELDMGDVHX]QRYRJSRJODYLFXSRVWDYLLQRYLYUD+R1RODQMHRYRSUDYLORSUHNULR
L]GYDUD]ORJD3UYLMHELR=LU+XORYDXWRULWHW=DXGRYUDDVXQMHJRYLVXSOHPHQLFLSRWRYDOL
3RJODYLFLQLMHELORMDVQR]DWR'UXJLMHELODLQMHQLFDGDMH=LU+XO+R1RODQDQDVPLMDYDRLP
EL YLGLR YUDD SRJODYLLQH XVQH EL VH UD]YXNOH 0D NDNR QHUDVSRORHQ ELR 3D L VDGD GRN MH
VWDMDR LVSUHG SRJODYLLQH NROLEH SUYH SR YHOLLQL X VHOX 'RN MH =LU+XO QDNRQ SR]GUDYD
SURPDWUDR SRJODYLFX YLHJ L GHEOMHJ RG QMHJD 9UD MH SRJODYLFX RYDM SXW SRGVMHWLR QD SRNLVOX
NRNR
WRHOLYUDX"
6WYDUMHR]ELOMQDLWLHVHERJRYD
3RJODYLFD MH MHGYD VX]GUDR VPLMHK 9UD MH XYLMHN ELR R]ELOMDQ 1LNDG JD QLWNR QLMH YLGLR
QDVPLMDQRJ$OLLWDNRR]ELOMDQGMHORYDRMHGDSRJODYLFDEXGHQDVPLMDQ
'DLPVHQLMHQHWRGRJRGLOR"
8VWYDUL
=DWRRNOLMHYD"*RYRUL
9UD VH VNDQMLYDR 5D]PLOMDR 'D OL GD SULD LOL QH" $OL GRDR MH V QDPMHURP GD LVSULD
3RJODYLFDELVHXSURWLYQRPL]GHUDRQDQMHJD$WRERMDOMLYRP=LU+XOX]DLVWDQLMHWUHEDOR
,]DSRHRMH

3UYL%LMHOLERJMHKYDOLRPRNDQVNXHVWRNXYRGX3RSLRELVYDNLGDQSXQXWLNYLFX2QGDELVH
SOHVDRLSMHYXLR1D0RNDQFLPDXGQRPMH]LNX0ODL0RNDQFLHOMHOLVXQDXLWLWDMMH]LN$OL
3UYL%LMHOLERJLPMHRGPDKVWDYLRGR]QDQMDGDRELQLOMXGLQLVXXVWDQMXQDXLWLMH]LNERJRYD
.DNRMHRQGDYUD=LU+XOPRJDRQDXLWLWDMVYHWLMH]LN"1LMHYDOMGDGDMHELRSDPHWQLMLRG
RVWDOLK"
9UD MH ELR WDM NRML MH SUHYRGLR RQR WR ERJRYL JRYRUH 3UHYHR MH L RYR REMDQMHQMH 3UYRJ
%LMHORJERJD
0LERJRYLWDNRKRHPR8GDKQXOLVPRXGXKYDHJYUDDPDORQDHERDQVNHPRLNDNREL
ELRPRVWL]PHXYDVLQDV
2YRMHELRMRMHGDQUD]ORJGD=LUKXORVWDQHLGDOMHPRNDQVNLYUD
'DNOHSULDRMHYUDSRJODYLFL3UYL%LMHOLERJMHSRRELDMXVYRPSOHVDRLSMHYXLR$RQGD
MHSRYUDWLR

-HOLWRVYH"XSLWDYUDDL]QHQDHQLSRJODYLFD
'DQDVWDYLP"
WRHND

'UXJL %LMHOL ERJ MH XGLVDR RSLM 7R ]D 0RNDQFH QLMH ELOR QLNDNYR XGR 8GLVDOL VX L RQL
2GXYLMHNXGRMHELORWRMH'UXJL%LMHOLERJSUHNRYUDD]DEUDQLR0RNDQFLPDGDWRLQDGDOMH
LQH-HUWRSRUXLRMH'UXJLELMHOLERJSULOLLVDPRERJRYLPD
=DWR"SLWDOLVX0RNDQFLVYRJYUDD
1H ]QDP RGJRYRULR MH =LU+XO 'UXJL %LMHOL ERJ MH WDNR RGUHGLR L QLMH QDH GD R WRPH
UD]PLOMDPR
'DNOHRYDMSXWMH'UXJL%LMHOLERJQDNRQWRMHXGLVDRRSLMXLQLRQHWRQRYR3RSHRVHQD
UWYHQLN1LMHSROHWLRNDNRMHYUDSUHWSRVWDYOMDR3DRMHNDRWRELSDRLVYDNLGXUJL0RNDQDF
8]WRMHUD]ELRQRV,]QRVDMHDNSRWHNODNUY

3RJODYLFDGRJUDELVYRMXUDWQLNXVMHNLUX
,PDMRUHHYUD

7UHL%LMHOLERJMHYRGLROMXEDYVGYLMH0RNDQNH8PRNDQVNRPQDVHOMXURHQRMHYLHGMHFH
LMLVXRHYLELOLELMHOLERJRYL1MLKRYDERMDNRHMHFUYHQNDVWD=DUD]OLNXRG0RNDQDFDERJRYL
VHSUHPDWRMGMHFLQLVXRGQRVLOLVSRWRYDQMHP2QVX]DQMLKELODNDRLRVWDOL0RNDQLL8WRPH
QLMHELRL]X]HWDNQL7UHL%LMHOLERJQDNRMHJMHYHLQDPDOLKSROXERLDOLLOD
'DNOH7UHL%LMHOLERJMHQDNRQVYRMLKVHNVXDOQLKDNWLYQRVWLL]DDRL]QDMYHHNROLEHXVHOX
2QGDMHXQXRL]DQDMEOLHJEXQD7XMHYULRQXGX

1DVORQMHQQDRNUYDYOMHQXVMHNLUXSRJODYLFDXSLWDYUDD
WRHPRUHLRVWDOLPD".DNRGDRSUDYGDPRRYRERJRXERMVWYR"
2QLQLVXELOLQLNDNYLERJRYLUHHKODGQR=LU+XO
1LVX"]DSUHSDVWLVH+R1RODQ.DNR]QDGDQLVX"
%LOLVXOMXGLNDRLPL0RNDQFL'ROHWMHOLVXXRQRMYHOLNRMOHWHRMNROLELNRMXVPRSUR]YDOL
+UDP%LMHOLKERJRYD6SODQHWDSRLPHQX=HPOMD7RPLMHLVSULDRRQDMSUYLNRMLMHQDMYLHRG
QMLKWURMLFHYROLRSLWLHVWRNXYRGX2QLELVHGDYQRYUDWLOLGDLPVHOHWHDNROLEDQLMHSRNYDULOD
1LVX]QDOLNDNRMHSRSUDYLWL.RMLVLOQLERJRYL
2QGDHPRWDNRLUHLRVWDOLPD
,PDPEROMXLGHMXUHHYUD
5HFL
1HND ERJRYL RVWDQX ERJRYL 5HL HPR GD VX RWLOL L GRN VH QH YUDWH GD VX QDV GYRMLFX
SRVWDYLOL]DVYRMH]DPMHQLNH
3RJODYLFDVHRSHWQDVPLMHLR
9LNWRULD)DXVW
/(37,5,&$
9HURQLNDMHLPDODWDMSUREOHP3RQHNDGELMHSUREOHPWMHUDRGDSRPLVOLGDQHWRQLMHX
UHGX V QMHQRP JODYRP MHU SUREOHP MH ]DLVWD ELR VPLMHQD VWYDU 6PLMHQD VWYDU ]D SURPDWUDD
QDUDYQR=DQMXSUREOHPMHELRSRVYHXDVQDLSRVYHR]ELOMQDVWYDU.DGELVHSUREOHPXND]DR
RQD QLMH ELOD VSRVREQD UD]PLOMDWL QMHQ XP EL X WUHQX ]DPUR VYL PLLL QMHQRJ WLMHOD EL VH
SRNUHQXOLXSDQLQRPELMHJX1DUDYQRNDVQLMHNDGELUD]PLOMDODRVYHPXWRPHLQMRMVDPRMEL
VHVYHWRXLQLORVPLMHQLPDOLXGDWRPWUHQXWNRPRQDQLNDNRQLMHPRJODUD]PLOMDWLQDWDMQDLQ
3UREOHPMHSUHGVWDYOMDRR]ELOMQXVWYDU
3UREOHPVHMDYLRSULMHQHNROLNRJRGLQDLRGWDGDQLMHRVODELR'DSDHLQLORMRMVHNDRGD
MDD 3ULMH EL RVMHDOD VDPR QHODJRGX 6DGD MH WD QHODJRGD ELOD SRVYH RLWD SDQLND 6YMHGRFL
QMHQRJSUREOHPDRQLQMHQLVWDULMLSULMDWHOMLLURGELQDYHVXVHQDYLNOLQDWRLXWUHQXFLPDNDGEL
VH SUREOHP XND]LYDR QDVWRMDOL EL SRPRL 2QL NRML VX MH PDQMH SR]QDYDOL VDPR VX VH VPLMDOL
9HURQLNDMHPLVOLODGDQDMYMHURMDWQLMHLXLYDMXLSRGUXJXMXVHQMHQRMSDQLFL2QLWRQLVXPRJOL
VKYDWLWL7RQLMHQLELORWDNRXGQR1LRQDVDPDWRQLMHPRJODVKYDWLWL
,GHMDGDRVWDQHVDPDXVRELXYUHPHQXNDGVHSUREOHPPRJDRGHVLWLXDVDYDODELMHYLH
RGVYHJD1HELLPDODQLNRJD]DSR]YDWLXSRPRQHELLPDODQLNRJDWNRELVWDRL]PHXQMHL
QMHQRJSUREOHPD=DUGDVHVDPDVXRLVQMLPDQMHQPR]DNMHQHVSRVREDQYULWLVYRMXIXQNFLMX"
5DGLMH H VDWLPD VWDMDWL SUHG YUDWLPD HNDWL GD QHWNR GRH PDNDU NDVQLMH PRUDOD VOXDWL EXUX
VPLMHKDLLVPLMDYDQMDNDGVHWDSULDSURXMH5DGLMHLWRQHJRVXRLWLVH1HVXRHQMHQHELELOR
PRJXH,VDPDLGHMDNRLODMRMMHPLLHLHOXGDFELSUHVWUDHQRSRGUKWDYDRXQMRM
=QDOD MH GD QMHQ VWUDK QLMH XVDPOMHQ GD SRVWRMH OMXGL VOLQL QMRM DOL WD VSR]QDMD QLMH
SRPDJDOD GD VH RVMHD LWD QRUPDOQLMH =D LPH %RMH RQD VH DN ERMDOD VYRM SUREOHP QD]YDWL
SUDYLP LPHQRP 0RGD ]DWR WR VH SUREOHP LQLR PDQMLP NDG EL JD QD]YDOD SUDYLP LPHQRP
PRGD ]DWR WR QLMH ]QDOD GD OL SRVWRML NDNDY PHGLFLQVNL ODWLQVNL L]UD] ]D WR RG HJD MH RQD
ERORYDOD)RELMDQHWR%LORELGUXJDLMHGDMHVYRMVWUDKPRJODQD]YDWLWLPIRELMDQHLPH%LOREL
GUXJDLMHGDQLMHPRUDODVWUDQFXREMDVQLWLVYRMVWUDKULMHLPDERMLPVHOHSWLUD
6PLMHQR /MXGL VX WR SULKYDDOL VD VPLMHNRP L XHQMHP %RML VH OHSWLUD" $OL WR WL
OHSWLUPRHQDSUDYLWL"1H RQLWRQLVXPRJOLUD]XPMHWL1DUDYQRGDMRM OHSWLU QLMHPRJDRQLWD
-HGQDNRNDRWRWLQL]PLMDQHPRHQLWDDNRMHVDPRVOLNDQDHNUDQXWHOHYL]RUDDVYHMHGQRVH
QHNLOMXGLWDNRERMH]PLMDGDVHQHXVXXMXSRJOHGDWL-HGQDNRNDRWRWLQLPLHYLQHPRJXQLWD
DVYHMHGQRSRVWRMHOMXGLNRMLYULWHLEMHHRGQMLK3R]QDYDODMHRVREXNRMDVHXDVDYDODSWLFD
WRWLSWLFDPRH"2VLPDNRQLVLX+LWFKRNRYRPILOPX
1H=QDODMHNDNRWR]YXLVWUDQFXQHNRPHNRMLVHQHELQLWUXGLRSRNXDWLVKYDWLWL1LMH
]DPMHUDOD-HGLQRELVYRMLPSULMDWHOMLPD]DPMHUDOD3R]QDYDOLVXGXELQXQMH]LQRJVWUDKDLRQDMH
RHNLYDOD RG QMLK GDMRM SRPRJQX X VDYODGDYDQMX QMHQRJ SUREOHPD2NUHWDQMH OHD VPDWUDOD MH
L]GDMVWYRPQHLPHWRVHQLNDGDQHRSUDWD
2WYRUHQLSURVWRUMRMHQLMHWROLNRVWUDLR0DGDVXXOMHWQLPGDQLPDLOMHWQLPQRLPDWH
NULODWH ]YMHULFH OHWMHOH X YHOLNRP EURMX RWYRUHQL SURVWRU SUXDR MRM MH QHNX VLJXUQRVW
0RJXQRVW ELMHJD 0RJOD VH XNORQLWL VDPR QHNROLNR NRUDND GDOMH SURVWRU MH ELR VLJXUDQ $OL
]DWYRUHQL SURVWRU RQD VDPD V QHNRP RG NULODWLK ]YLMHUL 1H R WRPH QLMH PRJOD DN QL
UD]PLOMDWL
8 OMHWQLP QRLPD NDG EL RVWDMDOD VDPD X VWDQX D NDGD MH ]ERJ VLOQH HJH PRUDOD
RVWDYOMDWLSUR]RURWYRUHQSRGSULMHWQMRPGDXPUHRGYUXLQHVMHGLODELWU]DMXLVHQDVYDNLXP
NRMLMHSRGVMHDRQDWLKL]YXNOHSHWDNULODOHSWLULFHVWLXLVYLWDNQRYLQDSRGPLLFRP]QDMXL
YHXQDSULMHGGDHMRMWDMVYLWDNQRYLQDSRVOXLWLMHGLQRNDRRUXMHGDL]ERULSXWSUHPDYUDWLPD
1LMHLPDODGRYROMQRKUDEURVWLRVWDWLXVRELLVDPD]DWXLQHPDQ
2QH PDQMH ]YMHULFH NRMLK VH PDQMH ERMDOD XELMDOD MH V RLWLP XLWNRP WXNXL LK
QRYLQDPD NDG EL LK QDSRNRQ VUXLOD VYH GRN RG QMLKRYLK WLMHOD QH EL XLQLOD VDPR PUOMX QD
VWDNOX LOL ]LGX LOL QHNRP GLMHOX SRNXVWYD 3DI SDI SDI =YXN XGDUDFD MH RGMHNLYDR X QR
8PUL]YLMHULFUNQL
.DG EL ELOL XKYDHQL PRUDOL VX XPULMHWL 3RWHLYDQMH L SXWDQMH NUR] SUR]RU QH EL
RSUDWDOD1MHQGHNRLPDRMHWXQHRSURVWLYXVNORQRVWXKYDWLRELRDPXHQX]YLMHULEDFLRMH
NUR]SUR]RU,RQLVX%RMDVWYRUHQMD]QDRELQHRSUH]QRUHL2NDNRMHVDPR9HURQLND]QDOD
YULWDWL QD QMHJD ]DERUDYOMDMXL GD MH QH]DKYDOQD ]DERUDYOMDMXL GD MX MH ]DSUDYR RVORERGLR
QDSDVQLNDEH]RE]LUDQDWRGDOLJDMHXELRLOLEDFLRRDPXHQRJNUR]SUR]RU,PDODMHXJODYXWX
XGQXXGQXLGHMXGDHVHQDSDGQXWH]YLMHULMHGQRPYUDWLWLGDVHRVYHWH1LMHHOMHODVYMHGRNH
]ORLQDLQHXVSMHORJSRNXDMDXERMVWYD
1DMJRULVXELOLQRQLOHSWLUL1DSLWDQMHWRMHQDMYLHSODLQDQMLPD]QDODMHRGJRYRURQD
QMLKRYD GODNDYD WLMHOD 2QD WXVWD PDVQD XDVQD OHWHD GODNDYD WLMHOD 3UHWSRVWDYOMDOD MH GD MH
RQD MHGLQD LOL EDU MHGQD RG PDOREURMQLK NRMD YLGH OHSWLUH RQDNYLPD NDNYL GRLVWD MHVX OHWHH
JXVMHQLFH OHWHL QDSDVQLFL 6YH RQH NRMH VX OHSWLUH GRLYOMDYDOL NDR OLMHSD VWYRUHQMD GUDOD MH
EXGDODPD,OLVX]DQHPDULYDOLRLWXLQMHQLFXUXJREHQMLKRYLKWLMHODLOLVXQDSURVWRELOLVOLMHSL
$OLQDUDYQRWRQLMHELORVYH3RVWRMDORMHMRQHWR
$WRQHWRELORMHRQRWRMXMHQDMYLHSODLORMHUWRQHWRQLMH]QDODREMDVQLWLULMHLPD
%LR MH WR VDPR SUHGRVMHDM LOL PRGD SULVMHDQMH QD QHWR ]DERUDYOMHQR =QDOD MH QHNX WDMQX R
QMLPDDOLYLHQLMH]QDODWRMHWDWDMQD,WDQHMDVQDVOXWQMDSODLODMXMHYLHRGVYHJD
'D MH X QMRM ELR VDPR WRJ VWUDKD L JDHQMD RG QMLK NDR RG OHWHLK JXVMHQLFD ODNR MH WR
PRJODSRELMHGLWL3RELMHGLODMHWDNRPQRJHVWUDKRYH*XVMHQLFHVXMRMVHLVWLQDJDGLOHDOLQLNDGD
QHELSRPLVOLODGDEMHLRGQMLKGDSUDYLEXGDOXRGVHEHNDNRMHWRXYLMHNLQLODNDGVXOHSWLUL
ELOLXSLWDQMX*XVMHQLFXQLNDGDQLMHXELOD8]HODELMHQDNRPDGSDSLUDLEDFLOD2JXVMHQLFDPD
QDMHH QLMH QL UD]PLOMDOD NDR R EXGXLP OHSWLULPD 1LMH X QMLPD ELOR RQRJ QHHJD WR MH
RVMHDODNRGOHSWLUD$QLMHVHDNUDGLORQLRWRPHGDVXOHSWLULELOLSXQREULLSRNUHWOMLYLMLRG
JXVMHQLFDSDVWRJDWHDORYLQD7RQHWRELORMHRQRWRMHL]D]LYDORWDNRXDVDQVWUDKXQMRM
1MHQLSULMDWHOMLNDGELVHSRNXDOLQDUXJDWLREHDYDOLVXMRMSRNORQLWLDEX]DURHQGDQ
SDQHNDVNDHSRVWDQXLORYLOHSWLUH,OLVXSDNMRMHGQDELVWUDLGHMDREHDYDOLGDHMRMXORYLWL
LPLD]DYH]DWLPXSDJLFXRNRQRJHLMLHGUXJLNUDM]DYH]DWL]DOXVWHUXQMHQRMGQHYQRMVREL
SDQHNDOHWLRNRORLORYL]YLMHUL6DPRMHQH]DGRYROMQRRWSXKLYDODQDQMLKRYRSRGEDGDQMHLPU]LOD
LKXSRWDML
1MHQD PDMND MRM MH MHGQRP SULOLNRP UHNOD GD MH VYH WR ]ERJ QMHQH SUHEXMQH PDWH ,
PRGD SUHFUQH 2G SLVFD KRUURUD RHNLYDOR VH GD UD]YLMH RYDNYX LOL RQDNYX IRELMX .DG VWDOQR
VPLOMD SULH R XGRYLWLPD QDNRQ QHNRJ YUHPHQD L X RELQLP VWYDULPD SRQH YLGMHWL
XGRYLWD 7R QLMH GREUR UHNOD MH QMHQD PDMND %ROMH QHN
SUHVWDQH V WLP MHU QH VDPR GD VYH
L]OXXMHVYRMLPVWUDKRPYHL]OXXMHLVDPXVHEH
9HURQLND MH QD WR VDPR QHUYR]QR RGPDKLYDOD UXNRP 7H QMHQH SULLFH R XDVX NRMH MH
YROMHOD SLVDWL QLVX LPDOH QLNDNYH YH]H V QMHQLP SUDYLP VWUDKRP 6PDWUDOD MH VHEH ]DSUDYR
RVRERPL]YUVQLKLYDFD.DRNOLQNDRQGDGRNVXVHMRVYLERMDOLPUDNDRQDMHELODWDNRMDMH
SODLOD GUXJH NRMD MH LPDOD RELDM SULDWL SULLFH XDVD NDG VH V GUXWYRP QRX SHQMDOD
.DOYDULMRP XOLFRP X NRMRM MH LYMHOD D NRMD MH GREULP GLMHORP XOD]LOD X XPX L NRMD MH ELOD
QHUDVYLMHWOMHQDSDVWRJD]DLVWDVWUDYLQRPMHVWRQRX8VYDNRPVWDEOXYLGMHODMHXGRYLWHNRMH
VH VSUHPD QDSDVWL ]YXNRYL NRML VX GROD]LOL RG XPH ELOL VX UHDQMH ]YLMHUL GUKWDYD QHVWDOQD
PMHVHLQDSUDYLODMHSULND]H$OLRQDMHXLYDODXWDNYLPVWYDULPDXLYDODMHXVYRMRMPRLGD
XLQL RG VYRMLK SULMDWHOMD VNXSLQX PDOLK SUHVWUDHQLK LYRWLQMLFD NRMH VX MH JOHGDOH RJURPQLP
RLPD , NDG EL QHWNRQDSRNRQ QHPRJDYL WR YLHL]GUDWL UHNDR 2K1LND SUHVWDQLRQD EL
VDPR QDSROD ]DXHQR L QDSROD ]DGRYROMQR RGYUDWLOD $OL WR MH VDPR SULD 2QD MH ]QDOD
UD]OLNRYDWL VWYDUQRVW L PDWX 1MX QLNDGD QLVX SODLOH WH SULH NRMH MH SULDOD QLWL RQH NRMH MH
NDVQLMH SLVDOD QLWL VX MH LNDGD SODLOL KRUURU ILOPRYL L V QHNLP SHUYHU]QLP XLWNRP NRULVWLOD MH
VWUDK VYRMLK SULMDWHOMD GD LP GRNDH GD VH ERMH EH]UD]ORQR GD MH VYH WR L]PLOMHQR 6YH MH WR
L]PLVOLR QHNL RYMHN LOL QHND HQD QDOLN QMRM NRML VH YROH SRLJUDYDWL V PDWRP QHNLK QMHPX LOL
QMRMQHSR]QDWLKOMXGLLVYDWDXGRYLWDQDHNUDQXVXPDNHWHLYDPSLUVNL]XELVXSODVWLQLLNUY
MHNHFKXS=DUQHYLGHGDQLWDRGWRJDQLMHVWYDUQR"6YHMHWRVDPR]DEDYQR
1LNDGDQLMHLPDODRVLPPRGDNDRPDODFXULFDQRQHPRUHLQLMHUD]XPMHODOMXGHNRMLLK
LPDMXLNRMHWHPRUHGRLVWDVWUDHGRWHPMHUHGDVHERMH]DVSDWL2QDMHSR]QDYDODVQDJXVQRYD
8VQRYLPDMHMHGQDNRNDRLXSULDPDPRJODELWLWNRJRGMHKWMHOD$NRELMHQDSDRUD]ERMQLN
RQDELXVQXRWNULODVYRMXVSRVREQRVWOHWHQMD$NRELMHQDSDRYDPSLURQDELVHWUDQVIRUPLUDODX
YDPSLUD V SXQR MDLP PRLPD 1RQH PRUH VX ELOH ]DEDYQH 6YDNL SXWD NDG EL XVQXOD QHWR
VWUDQREXGLODELVHGREURUDVSRORHQDLSRQHNDGVLGHMRP]DQRYXSULXDOLODMHWRHHQHPD
QRQHPRUH
1HQLMHQMHQDPDWDELODNULYD]ERJQMHQHIRELMH2QDMHYUORGREURUD]OLNRYDODVWYDUQRVW
RG LPDJLQDFLMH , MHGQDNR WDNR YUOR GREUR MH ]QDOD GD MH WR WR MH X OHSWLULPD SODL MHGQDNR
VWYDUQRNROLNRLQHPRJXH
, QLMH YMHURYDOD GD H WDMQD QMHQRJ VWUDKD LNDGD ELWL REMDQMHQD L RWNULYHQD VYH GRN VH
QHWR SRVYH QHRELQR QLMH GRJRGLOR QD SURPRFLML QMHQH SUYH NQMLJH 5DGLOR VH R ]ELUNL KRUURU
SULDL]ERUQMHQLKRPLOMHQLKVWUDLOD
'DNOH SURPRFLMD RGQRVQR NQMLHYQD YHHU WUHEDOD VH ]ELWL X MHGQRP LQWHUQHWFDIIHX X
JUDGX =QDOD MH GD QHH ELWL SXQR OMXGL L GD NYDGUD QDMYMHURMDWQLMH QHH ELWL RQDNYD NDNYX MH
QDOD]LOD X URPDQLPD $QQH 5LFH LOL 3RSS\ = %ULWH XGQD PODDULMD RSVMHGQXWD QDGQDUDYQLP L
PRGDSRPDOR]DOMXEOMHQDXVPUW1LMHYMHURYDODGDXJUDGXXRSHSRVWRMLVNXSLQDNOLQDFDNRMD
MHQDWDMQDLQWRYDODXDVEOMHGRSXWLXGDFLREXHQLXNRXNRVHRERMHQHGXJLQLPERMDPDOLFD
QDPLQNDQLK FUQLP L JULPL]QLP ERMDPD DQRUHNVLQLK SRMDYD GMHFD SRVYHHQD VPUWL 1LMH
YMHURYDODGDXJUDGXLOL]HPOMLRSHQLWRSRVWRMLRUJDQL]LUDQDVNXSLQDRERDYDWHOMDKRUURUD-HU
DNRMHSRVWRMDODRQDQLMH]QDOD]DQMXDSRWRMHELODMHGQDRGULMHWNLKSLVDFDKRUURUDX]HPOML
YMHURYDODMHGDELRQDWUHEDODELWLSUYDNRMDEL]QDOD]DQMX,GDOMHVXQMHQDQUEDFDOLXRNULOMH
6)D X VNUEQLWYR VWDULMHJ EUDWD NRML VX VYH VNXSD RQL VWUDQL YHOLNL SLVFL PDLQVWUHDPDL
GUDOLWULYLMRPLXQGRP6PDWUDODMHVYRMLPLYRWQLPFLOMHPSURPLMHQLWLWXVLWXDFLMX
'DNOHQLMHVH]DXGLODNDGMHXODXNDILQHNLKSRODVDWDSULMHQHJRMHVYHWUHEDORSRHWL
NDVQHL ELOL VX VH PDOR L]JXELOL SD VX YLH RG SROD VDWD OXWDOL NYDUWRP SRWR MH SUHSXVWLOD
YRGVWYRVYRPGHNXNRMLMH]DVHEHWYUGLRGDLPDVDYUHQLVPLVDR]DRULMHQWDFLMXRQDMH]DVHEH
]QDODGDMRMMHVPLVDR]DRULMHQWDFLMXNDWDVWURIDODQWDNRGDVHQLMHQLSRNXDYDODWUXGLWLLQDOD
MHGYD SRORYLFX VWRORYD SRSXQMHQLK D YHLQD SULVXWQLK ]DSUDYR VX ELOL QMHQL SULMDWHOML L GUXWYR
-DND SURPRFLMD MDND NQMLHYQD YHHU DN QHGRYROMQR GD GRELMH L QDMPDQMX WUHPX 8RVWDORP
QLMHELODVWDYLODQDRDOHSDQLMHPRJODYLGMHWLOLFDOMXGLWDNRGDDNLGDMHNDILELRNUFDWQHEL
LPDOD UD]ORJD ]D QHUYR]X 7R MH ELOD MHGQD RG ULMHWNLK SUHGQRVWL NUDWNRYLGQRVWL ,VWLQD QHNL VX
SULPLMHWLOLNDNRQHUYR]QRQMLHQRJXSUHEDHQXSUHNRQRJHWDPRLVSRGVWRODDOLWRMHELORQMHQR
XRELDMHQR VWDQMH L]D]YDQR SUHYHOLNLP NRQ]XPLUDQMHP NDYH NRMD MX MH LQLOD KLSHUDNWLYQRP L
NRMXMHQD]LYDODVYRMLPDIURGL]LMDNRP]DSLVDQMH8RVWDORPVYHGRNVX]XULOLXQMHQXQMLXL
QRJXXLSNDVWRMDUDSLD]QDODMHGDLPDGREUHQRJHLGDHYMHURMDWQRPQRJL]XULWLPRJODVLMH
GR]YROLWL GD L]YDOL SRNRMX JOXSRVW NRMX ]XUHL VOXDWHOML QDMYMHURMDWQLMH QHH XWL %LOD MH WR
SUHGQRVWGREULKQRJX
6DPD VWYDU SUROD MH EU]R L EH]EROQR 2QD L GYRMFD QMHQLK SULMDWHOMD GUDJL GHNL LMH MH
GUXWYR YROMHOD L]PLMHQLOL VX SDU ULMHL R NQML]L SDU ULMHL R DQUX SDU ULMHL R VWDQMX DQUD L
NQMLHYQRVWL RSHQLWR X GDQDQMHP VYLMHWX L ]HPOML SRJRWRYR 2QD VDPD VH L]QDGLOD WR QLMH
L]UHNOD SUHYLHJOXSRVWL 6OXDWHOML VXVOXDOL V SROD XKDRQLK SDU JRVWLMX NRML VX GROLVDPR QD
NDYX SRSLOL VX WX NDYX L RWLOL RLWR SRVYH QH]DLQWHUHVLUDQL 1R OLMHSR $OL WR MH PRJOD L
RHNLYDWL" 6UHRPQLWD QLMHQL RHNLYDODSD QLMH PRJOD ELWL QL UD]RDUDQD$ WRMH ELODGREUD
VWUDQDPDOLKRHNLYDQMD
1D NUDMX VX VLOL V ELQH LVNOMXLOL PLNURIRQ VMHOL ]D VWRO V RVWDORP NYDGURP L QDUXLOL
UXQGX SLYH 1DNRQ GUXJH UXQGH UDVSRORHQMH MH YH ELOR QD QLYRX L QLWNR VH YLH SRVHEQR QLMH
EULQXRRVWDQMXNQMLHYQRVWLGDQDV
%LOD MH ]DEDYOMHQD VOXDQMHP DQHJGRWH MHGQRJ RG VYRMLK SULMDWHOMD NDG MH PRGD L VDW
YUHPHQDQDNRQWRMHSURPRFLMD]DYULODVWROXSULODMHGQDXGQDSRMDYD
,]YLQLWHWRYDVSUHNLGDP1DDORVWYLGLPGDVDP]DNDVQLRQDSURPRFLMX5HFLWHPL
PROLPYDVGDOLELVWHPLPRJOLUHLGDOLMHDXWRULFDMRXYLMHNWX"7DNRELKYROLRGDPLSRWSLH
SULPMHUDNNQMLJH
2SDHYRMH1DDSUYDGDPDKRUURUD1DUDYQRGDHYDPSRWSLVDWLNQMLJXUHNDRMH
MHGDQ L] VNXSLQH 9HURQLND GD QLMH ELOD YH GREUDQR SULSLWD YMHURMDWQR EL VH ]DFUYHQLOD ]ERJ
WDNYRJ SUHWMHUDQRJ WLWXOLUDQMD DOLRYDNR VDPR VH QDVPLMDOD L RNUHQXODSUHPD MHGQRP RG VYRMLK
ULMHWNLKLWDWHOMDGDSURPRWULWXHJ]RWLQXELOMNX,RQGDVHXWUHQXWNXPDORRWULMH]QLOD
RYMHNMHELRQHWRQLLRGQMH9UORPUDY-HIWLQRVLYRRGLMHORYLVLORMHVQMHJDNDRV
YMHDOLFH 1RVLR MH QDRDOH V YUOR GHEHOLP VWDNOLPD NRMH VX QMHJRYH RL XLQLOH VLWQLPD L
EXOMDYLPD -HGQRWMHGQD EUDGD .UDWND SURULMHHQD NRVD ERMH QHRGUHGLYH X SULJXHQRM SODYRM
VYMHWORVWL NDILD NRMD MH L QMHJRYRM SXWL GDYDOD SRVHEQR QH]GUDY L]JOHG 1HRGUHGLYH JRGLQH
PRJDR MH ELWL VWDU L]PHX L JRGLQD 6WDMDR MH SRJUEOMHQ NDR GD VH RG VLOQH PUDYRVWL
XVXNDR VDP X VHEH 9HURQLND MH ELOD VLJXUQD GD EL GD SUL]RU QLMH VNULYDR QMHJRY VDNR QD
QMHJRYLPOHLPDXJOHGDODGYLMHQHSULURGQRL]ERHQHORSDWLFHQDOLNQD]DNUOMDODNULOD
%LOR MH QHHJD X WRP QH]QDQFX ]ERJ HJD VH QDMHLOD L ]ERJ HJD MH QMHQ HOXGDF
]DEULQXWR]DGUKWDRNDRGDVHVSUHPDULMHLWLVHVDGUDMDPMHDYLQHNDYHLDONRKROD
8]HOD MH RORYNX VUHEUQL IORPDVWHU NRMLP VH RELDYDOD SRWSLVLYDWL L NRML VX PQRJL ]YDOL
QHXNXVQLPLRWYRULODNQMLJXRLWRYHSURLWDQXPHNLXYH]MHYH]ERJVODERJOMHSLODSRHR
SRSXWDWLQDQHNLPVWUDQLFDPDLRQGD]DVWDODLSRQRYQRSRJOHGDODQH]QDQFD
,PHPLMH,QGUDUHNDRMHRGPDKVKYDWLYLWRVHRHNXMHRGQMHJD1DYUOMDODMHSDU
XRELDMHQLKULMHL0U]LODMHSRWSLVLYDWLNQMLJHRVRELWRVWUDQFLPD1LNDGQLMH]QDODWRELWUHEDOD
QDSLVDWL6YLVXRHNLYDOLQHWRSRVHEQRLRVWDMDOLUD]RDUDQLRQLP=D;RG<
1DSLLWHPRPYMHUQRPRERDYDWHOMX
$K GREUR 6YDND SRPR ELOD MH GREURGROD 1DSLVDOD MH WLK SDU ULMHL L RQGD JRWRYR
SUHNRSRODVWUDQLFHLVFUWDODVYRMNLDVWLDXWRJUDP$NRQLWDGUXJREDUMH]QDODVYRMDXWRJUDP
XLQLWLRULJLQDOQLP,OLMHEDURQDWDNRPLVOLOD
'DOLELVWHPLGR]YROLODGDYDVDVWLPSLHP"RGMHGQRPXSLWDQH]QDQDFXGQRJLPHQD
LMRXGQLMHSRMDYHSULPLYLNQMLJXQD]DGLQHNDNRSRERQRSURXDYDMXLQDSLVDQR
1DQMHQRYODVWLWRL]QHQDHQMHRQDSULVWDGH$QHJGRWXNRMXMHIUHQGSULDRLRQDNRMHXOD
YHEH]EURMSXWD
6MHGLOLVXQDYLVRNLPEDUVNLPVWROLFDPD]DDQNRP2QDMHSLODNDYXFUQXEH]HHUDRQ
MHSRODNRFXFODRQHNLYRQLVRN3ULDRMHEH]SUHVWDQND1MXMHSRHODEROMHWLJODYDDNDYDMH
QDNRQ RQROLNR DONRKROD L]D]LYDOD JDUDYLFX 1LMH JD VOXDOD 3RHOD MH VKYDDWL GD MH XLQLOD
SRJUHNX SULKYDWLYL QMHJRYX SRQXGX L GD ]DSUDYR QL PDOR QH XLYD X RYRP KYDOMHQMX QMHQRJ
SLVDQMDNRMHMHL]QMHJRYLKXVWLMX]YXDORNDRXOL]LYDQMH*OXSR=DWRELMRMVHQHWNRXOL]LYDR"
0RGDMRMMHSRVHEQRVPHWDORWRWRQH]QDQDFQLMHGQRPULMHMXQLMHGRWDNDRQHNHRLWHSRJUHNH
X QMHQLP SULDPD GDSDH ELOR MH SRVYH RLWR GD MH WH VWYDUL ]DRELOD]LR X YHOLNRP OXNX
%HVPLVOHQRDNLQDMEROMLSLVFL]QDMXQDSLVDWLKUSXJOXSRVWLDRQDVHEHVYDNDNRQLMHVPDWUDOD
QDMEROMRP.RMDMHVYUKDRYRJVYHJD"
,XSUDYRNDGMHRGOXLODUHLPXGDPRUDLLVWUDQDFUHHQHWRWRSRQRYQRQDWMHUDQMHQ
HOXGDFGDVH]JUL
3RVHEQRPLVHVYLGMHODRQDYDDSULDROHSWLULFL
2QDJDSR]RUQLMHSRJOHGD1MHJRYHEXOMDYHVLWQHRLWXSRVX]XULOHXQMXQMHJRYHWDQNH
XVQHVPMHNDOHVXVHSUHPDQMRMJRWRYRVQHQR2HPXRQWRJRYRUL"
1HUD]XPLMHP-DQLVDPQDSLVDODQLNDNYXSULXROHSWLULFL
2KQDUDYQRGDMHVWH2QDMHMHGQDRGQDMEROMLK
1DPUWLODVHWRMHVDGWR"=DUMHWROLNRSLMDQDGDVHQHPRHVMHWLWLYODVWLWHSULH"
3RNDLWHPLMH
+LWUR MH GRKYDWLR NQMLJX NRMD MH VWDMDOD FLMHOR YULMHPH NUDM QMHJD QD DQNX L RWYRULR
VWUDQLFXQDSDPHW%LODMHWRRQDVWUDQLFDQDNRMRMMHOMHSLORSRSXVWLORSDVHNQMLJDVDPDRWYDUDOD
QDQMRM
(YR7RMHMHGQDRGQDMEROMLKSULDNRMXVDPLNDGDLWDR
%LODMHEODJRUHHQR]DSUHSDWHQD'DWXMHELODSULD3RJOHGDODMHNRULFH'DWRMHELOD
]ELUNDNRMXMHYHHUDVSURPRYLUDOD3RJOHGDODMHVDGUDM'DWRMHELRVDGUDMQMHQH]ELUNH6DPR
WRMHWXQHJGMHQDSRORYLFLNQMLJHELODWDSULDRGQHNLKSHWQDHVWDNVWUDQDSULDNRMHVHRQD
QLNDNRQLMHPRJODVMHWLWLNDGMXMHQDSLVDOD3RVYH]DERUDYOMDMXLQDQH]QDQFD,QGUXRQDSRH
LWDWL2QVDPRPLUQRQDVWDYLLVSLMDWLVYRMYRQLVRN
.DGMHELODQHJGMHQDVUHGLQLSULHXPDJORYDQMX9HURQLND]DX,QGUXNDNRJRYRUL
3RVHEQR PL VH GRSDOR NDNR VH LVNRULVWLOL RQX OHJHQGX NRMD NDH GD VX OHSWLUL ]DSUDYR
GXHXPUOLK
9HURQLND VH VWUHVH 8SUDYR MH ELOD SURLWDOD UHHQLFX X NRMRM MH MHGDQ RG MXQDND UHNDR
QHWRJRWRYRLGHQWLQR6OXDMQRVWSRPLVOLWMHHLVHLQDVWDYLLWDWL
.DGMH]DWYRULODNQMLJXELODMHQHRELQREOLMHGD
'DOLMHYDHLPH]DLVWD,QGUD"XSLWDDJODVMRML]GDMQLNL]DGUKWD1H]QDQDFVHRQDNR
VMHWQRVHELVYRMVWYHQRQDVPLMHL
7R MH MR MHGQD VWYDU NRMD PL VH SRVHEQR GRSDOD X SULL .DNR VWH RG VYLK LPHQD
L]DEUDOLXSUDYRWR",QGUDQLMHHVWRLPH2VRELWRXRYLPNUDMHYLPD
7RMHQD]LYPRMH]HOHQHPDVNDUH]DXRQDVHEHNDNRRGJRYDUDQHYMHUXMXLYODVWLWLP
XLPD RQR WR VX QMHQH XVQH L]JRYDUDOH 8YLMHN GDMHP LPHQD OLNRYLPD SR RQRPH WR X WRP
WUHQXWNXYLGLPQDVYRPHVWROXLOLXVREL
,QGUDVHJODVQRQDVPLMH
7RMHWDNRQHRELQDSRGXGDUQRVW7RGDNRULVWLWHPDVNDUXNRMDVH]RYHLVWRNDRLMD
1MHQHOXGDFEROQR]DEUXMD2QDVHWUJQHLXLQLMRMVHNDRGDVHWHNVDGDEXGL3RODNR
VLHVDEDUVNHVWROLFH
6DGPRUDPLL+YDODQDNDYL
, GUXJL SXW OMXED]QR UHH MH]LYL ,QGUD 6DPR VH QDGDM SRPLVOL RQD L RQGD MH YH
RGOD]LOD
9HURQLND"WRMH"XSLWDMHGHNRNDGMHSULODVWROX]DNRMHPMHLGDOMHVMHGLODYHVHOD
DONRKROL]LUDQD NYDGUD 2L VX PX ELOH EODJR ]DPDJOMHQH SRLYDMXL QD QMRM 2QD QHUYR]QR
QDYODLXVQHUD]PD]XMXLRVWDWNHWDPQRJUXDQDQMLPD
8SUDYRVDPVD]QDODGDVDPQDSLVDODSULXNRMXVHXRSHQHVMHDPGDVDPQDSLVDOD
'UXWYRVHYHVHORQDVPLMHNDRGDMHL]UHNODQDMEROMXDOX
.RMDMHWRSULD"XSLWDMHGDQRGQMLKSULMDWHOMNRMLMHXMHGQRELRLXUHGQLN]ELUNH
'RGDMPLMHGQXNQMLJX
2QL]YXHMHGQXL]NXWLMHXNRMXVXVSUHPLOLVYHRQHQHSURGDQHSULPMHUNHLEDFLMHSUHPD
QMRM2QDMHQHVUHWQRGRKYDWLXOHWXSDVWDGHSUHOLVWDYDWLQHJGMHSRVUHGLQL]ELUNH1LMHMHPRJOD
QDL=DWLPVHVMHWLLSUHJOHGDVDGUDMQDNUDMXNQMLJH3UHJOHGDODJD MHWULSXWDSUDWHLSUVWRP
VYDNLQDVORY
2YGMHMHQHPD'DMPLQHNLGUXJLSULPMHUDN
WRWLMH"3DVYLVXSULPMHUFLLVWL
2QDJDSRJOHGDQHNDNRSUHVWUDHQR
8SULPMHUNXNRMLMH,QGUDLPDRSULDMHSRVWRMDOD
WRMHVWRERP"3DREMDYLODVLVDPRMHGQXNQMLJXLWRMHRYDNRMXGULXUXFL7RWRMHX
QMRMMHVYHWRMHREMDYOMHQRXREOLNX]ELUNH
-HVL OL VLJXUQD GD MH WR ELOD WYRMD NQMLJD WD NRMX VL LWDOD" UHH SRQRYQR QHWNR L]
VNXSLQHLFLMHODNYDGUDSRQRYQRSRHYHVHORKLKRWDWL6DPRQMHQGHNRLSULMDWHOMXUHGQLNVXMH
SURPDWUDOLVDGDLVDPLQHNDNR]DEULQXWL
%LRMHWRPRMVWLOSLVDQMDPRMHULMHLSURPUPOMDRQDYLH]DVHEH,ELODMHWRLVWDRYD
NQMLJD2VLPSULH7DPRMHSULDSRVWRMDOD
,RHPXVHUDGLORXSULL"QDSRVOMHWNXXSLWDQMHQGHNR2QDJDSRJOHGDL]DXVWLGDPX
SUHSULDSULXGRXGHWDOMHMHUPRGDHVHRQVMHWLWLPLVWHULR]QHSULHNRMDMHHWRQHVWDOD L]
VYLKSULPMHUDNDRVLPRQRJMHGQRJ,QGULQRJSULPMHUNDRYMHNDNRMLVH]YDRMHGQDNRNDRLQMHQD
]HOHQDPDVNDUDRQDMHGRLVWD]QDODQD]LYDWLMXQDNHSRSUHGPHWLPDLVWYDULPDLHWLNHWDPDNRMHEL
XWRPWUHQXWNXGRNMHUDGLODSULXYLGMHODDOLQLMHVHPRJODVMHWLWLQLNRJDNRPHMHGDODLPHSR
PDVNDULNDGVHRGMHGQRP]DWHHXXGX1LMHELODVLJXUQDRHPXVHXSULLUDGLOR8LQLMRMVH
GDVHQHVMHDQLMHGQHMHGLQHVWYDULXYH]LVSULRPRVLPWRJDGDMHLPHMHGQRJDRGMXQDNDELOR
,QGUDLGDMXMHSULDXDVQXODNDNRWRQLMHGQDQMHQDSULDQLNDGDQLMHNDNRWR]DSUDYRQLNDGDQL
MHGQDQLLMDSULDQLMH
1HVMHDPVH
3LMDQDVLVPLUHQR]DNOMXLQMHQGHNR6MHGQLLSRSLMMRMHGQRSLH%LWHWLEROMH
'UXWYRMHSRQRYQRYHVHORDJRULORRGVPLMHKD1HNDNRSUHNRYROMHLOLPRGD]ORYROMQR
SRWR VH LQLOR GD GDQDV SUHGVWDYOMD QDMEROMX DOX VYRPH GUXWYX RQD JD SRVOXD L VMHGQH GR
QMHJD
( 1LND ]QD OL WR VPR RWNULOL GRN VL WL DYUOMDOD VD VYRMLP QDMYMHUQLMLP
RERDYDWHOMHP"
9HURQLND JD SRJOHGD 1HWNR MH UXNRP GR]LYDR NRQREDUD ]D MR MHGQX UXQGX 2YD
NQMLHYQDYHHUMHLPDODVYHSUHGLVSR]LFLMHGDSRVWDQHWHNDSLMDQND
7YRM QDMYMHUQLML RERDYDWHOM L WL MHGQDNR VH ]RYHWH ,QGUD 6WDURLQGLMVNR ERDQVWYR
PXQMHLJURPD7YRMHSUH]LPHMH7RQDQWH*URPRYQLN
'D OL MH ,QGUD LPH LOL SUH]LPH" SLWDR MH QHWNR GUXJL GRN MH 9HURQLND L GDOMH
]DSUHSDWHQR]XULODXRQRJDSUYRJDNRMLMHSURJRYRULR,SRGUXJLSXWDWHYHHUL9HURQLNDWDGD
RVMHWLNDNRMRMVHXVQHRWYDUDMXLNDRGDQHWNRGUXJLJRYRULNUR]QMLK
3UH]LPH,PHPXMH9LNWRU7RMHELORLPHMXQDNDPRMHSULH9LNWRU,QGUD
&LMHOLVYLMHW NDRGD XWRPWUHQXWNX]DGUKWDLSRHEOLMHGLWL2QD RVMHWLNDNRVHRSXWDX
VWROLFL NDNR MRM VH VYDNL PLL SUHWYDUD X NDX =YXNRYL NRML VX GRSLUDOL L] YDQMVNRJ VYLMHWD
SRHH VH L]REOLDYDWL SRVWDMXL JURWHVNQR GXERNL L UD]YXHQL 2QD VDPR MR XJOHGD OLFH VYRJ
GHNDNDNRVHSUHVWUDHQRRNUHHSUHPDQMRMLXWRPWUHQXWNXRQDL]JXELVYLMHVW

.DG MH SRQRYQRRWYRULOD RLQDOD]LOD VHXVYRMRMVREL XVYRPHNUHYHWX2NR QMH ELR MH
SRWSXQL PUDN VDPR MH NUR] RWYRUHQL SUR]RU QD NRPH VX ELOL QDYXHQL ULMHWNL ]DVWRUL GRSLUDOR
QHWRPDORVYMHWORVWLRGXOLQHODPSH,VWRJWUHQXWNDVMHWLVHVYHJD$OLVDGDQLWDRGRQRJDWRVH
GRJRGLORQLMHL]JOHGDORRQDNRVWUDQRNDNRMRMVHXGDWRPWUHQXWNXLQLOR6DPRSRPLVOL%RH
%LODVDPWROLNRSLMDQDGDVDPVHRQHVYLMHVWLOD7RPLVHMRQLNDGDQLMHGRJRGLOR
8PMHKXUXMRMMHELRRQDMQHXJRGQLSULWLVDNDOLELODMHWDNRXPRUQDGDQLMH]QDODGDOLH
VHXVSMHWLXVWDWLLRWHWXUDWLGR:&D8RVWDORPVYLMHWRNRQMHLGDOMHVHOMXOMDR2QD]DWYRULRL
WRPDORSREROMDVLWXDFLMX$OL]QDODMHGDHVHSULMHLOLNDVQLMHPRUDWLXVWDWLEH]RE]LUDWRH
WR L]D]YDWL HNVSOR]LMX EROD X QMHQRM JODYL 2VLP DNR QH PLVOL XQHUHGLWL NUHYHW =DWR RQD WHNR
X]GDKQHLSRODNRVHXVWDQH6YLMHWVHWDNROMXOMDRGDMHPLVOLODGDHGRELWLPRUVNXEROHVW
.DGVHYUDWLODELODVHULMHLODEDUMHGQHRGQHXJRGD3RODNRVHSULEOLLNUHYHWXLXYXHVH
XSRVWHOMLQXNRMDMHMRXYLMHNELODWRSOD6PMHVWLVHXGREQRSXWDMXLGDMRMJODYDXWRQHXMDVWXN
,]QHQDGD MRM VH YLH QLMH VSDYDOR %LOD MH WR MHGQD VWYDU NRMX MH SRVHEQR PU]LOD WR NDG EL VH
SUREXGLODXVUHGQRLLNDVQLMHYLHQHELPRJOD]DVSDWL$ELODMHWDNRXPRUQD
'D LWD" 1LMH ELOD VSRVREQD ]D WR 'D XSDOL WHOHYL]RU" 1H L RQDNR VDGD YLH QHPD
SURJUDPD D VYH ILOPRYH NRMH MH LPDOD GRPD YH MH PLOLRQ SXWD SRJOHGDOD 1LWD MRM QLMH
SUHRVWDMDORGR]XULWLXWDPXVYHGRNVHVDQSRQRYQRQHYUDWLXQMHQHRL
$WDPDQLMHELODMHGQDNDQDVYLPPMHVWLPD7DQHRELQDUHHQLFDWDQHRELQDPLVDRMDYL
MRMVHXJODYLLRQDVH]DSLWDWRELRQD]DSUDYRWUHEDOD]QDLWL$OLLSULMHQHJRMH]DSUDYR]DYULOD
WXPLVDRRQDMHVKYDWL1DVXSURWQRP]LGX]LGXNRMLMHJOHGDRSUHPDQMHQRPNUHYHWXSRVWRMDOR
MHQHWR
2QDMSR]QDWLJUXHOXGFX2QDWDNR]QDQDMH]DNRMDMRMSOD]LQL]NLPX2QRGUKWDQMHX
JUOX2QDPROLWYDQHPROLPWH%RHQHGDMGDVHYDUDP
1MHQDUXNDSRODNRSURQDHSUHNLGDQRQHODPSHLSULWLVQH
%LR MH RJURPDQ 7XVWR WDPQR WLMHOR L GYD WDPQD NULOD NRMD EL GD JD VH QLMH WDNR
XDVDYDOD PRJOD QD]YDWL OLMHSLPD 6PHL L XWL L FUYHQL NUXJRYL RL QD QMHJRYLP NULOLPD
.UXJRYLVXXOD]LOLMHGDQXGUXJLXQHNRPKLSQRWLQRPQL]X
.DGMHXSDOLODODPSXRQVHPDORSRPDNQHQD]LGX2QDVHWUJQHUD]PLOMDMXLXSDQLFLGD
OL GD VH ]DYXH SRG SRVWHOMLQX $OL QLMH PRJOD FLMHOH QRL RVWDWL SRG SRVWHOMLQRP RVRELWR QH
]QDMXLGDMHRQXVREL]DMHGQRVQMRP=DWRSUXLUXNXSUHPDQRQRPRUPDULXWUDHLQHNDNYH
QRYLQHLOLNDNDYVPRWDNSDSLUD0RUDODMHQDLQHNRRUXMHNRMLPHL]ERULWLSXWGRYUDWD6XWUD
HYH]DPROLWLQHNRJDGDXELMH]YLMHU
1HDORVWMHGLQRWRMHQDSLSDODELODMHYHOLNDWYUGRXNRULHQD]ELUNDYDPSLUVNLKSULD
%ROMHLWDQHJRQLWD2QDGRJUDELNQMLXULQXLL]VYHMHVQDJH]DYLWODSUHPDVXVMHGQRP
]LGX.QMLJDOHSHXLVWUDQLFDPDNDRNULOLPDSROHWLLWUHVQHQHNLKSRODPHWUDGDOHNRRGQRQRJ
OHSWLUD
*OXSDVWYDU/HSWLUNRMLMHGRVDGDPLURYDRVDGDVHYLQHX]UDN
9HURQLND X] SUHVWUDHQL NULN VNRL QHVSUHWQR SRNXD L]DL L] NUHYHWD SRNXD VH
GRNRSDWL YUDWD 1RJH MRM VH VDSOHWRH R SRVWHOMLQX L RQD ODPDWDMXL UXNDPD SRNXDYDMXL VH
XKYDWLWL ]D QHWR SDGH QD]DG *ODYD QMHQD EROQD PDPXUQD JODYD WXSR XGDUL X GUYHQL RNYLU
NUHYHWD6YLMHWVHSRQRYQR]DWUHVHLVOLNHVHUD]PUOMDHGRQHSUHSR]QDWOMLYLKFUQLKLVLYLKREOLND
0RJODJDMHRVMHWLWLQDVYRPREUD]X0RJODMHRVMHWLWLQMHJRYHEURMQHQRLFHNDNRSXX
QMHQRPQDMHHQRPNRRPHOMHODMHPDKQXWLRWMHUDWLJDERMHLVHRWYRULWLXVWDGDNULNQHXPD
LVSXQMHQRJ LGHMRP GD MRM XOD]L X XVWD GD RVMHWL QMHJRYD NULOD NDNR VH NRSUFDMX X QMHQRM XVQRM
XSOMLQL 1LMH VH PRJOD QL SRPDNQXWL 1LMH VH PRJOD SRPDNQXWL %RO NRMD MRM MH SXOVLUDOD X
]DWLOMNXVSXVWLODVHGXNLPHLSRVYHMHSDUDOL]LUDOD9UDWMRMMHELRXNRHQXJUXPLLDNRML
NDRGDVXPLVOLOLSUVQXWL2VMHWLODMHNDNRMRMVX]HWRRGVWUDKDWRRGERODNOL]HLVSRGNDSDND
NDNRMRMMHFDMVMHGLQDJUXGLPDLGLHVHSUHPDJUOX1LMHPRJODXGDKQXWL*XLODVH
,XWRPWUHQXWNXSDQLNHNDRGDVHQHHJVMHWLNDRGDVHGLRQMHQRJXPDNRMLMHGRWDGD
VSDYDRL]QHQDGDSUREXGLLNDRGDYULVQH1HQLMHLVWLQD7RMHELORSRJUHQR2QLQLVXELOLGXH
XPUOLK2QLVXELOLGXHSURNOHWQLNDNRMLPDMHGDQDSRVOMHGQMDDQVDGDVHXNUDWNRPURNXVYRMLK
NUKNLKLYRWDSRQRYQRYUDWHPHXLYH2QLVXELOLGXHNRMHRSVMHGDMX
8DVQXWD RQD RWYRUL RL 'YD WLFDOD GUKWDOD VX SUHG QMRP 'RLVWD MH ELR RJURPDQ
1MHJRYRWLMHORGODNDYRLFUYROLNRELORMHGXJDNRJRWRYRNDRVUHGQMLSUVWQMHQHUXNHLGHEHOR
JRWRYRNDRGYDQMHQDSUVWDQMHJRYDNULODYHOLNDJRWRYRNDRQMHQGODQ$QMHJRYDWLFDODNDRGD
MHVYDNRLYMHORQHNLPSRVHEQLPLYRWRP,SRMHGQRRNRQDYUKXVYDNRJRGWLKWLFDOD
, X WRP WUHQXWNX WUHQXWNX NDG VKYDWL L RWYRUL RL QMHJRYH RL MH SRJOHGDH D GXJDND
VXOLFDQMHJRYRJQRVDGRSULMHWUHQXWDNVYLQXWDX VSLUDOXQDSRHWNXQMHJRYRJWLMHODRGURODVH
XDVQRVSRURPNUHWQMRPL]DERGHXQMHQXOLMHYX]MHQLFX
6YLMHWSRNULMHWDPDXNRMRMVHRVMHDODWDNRPDODWDNRXDVQRXDVQRPDOD

VH
-HVLEXGQD"SR]QDWLJODVMHSLWDRVYUDWD2QDVHSURPHNROMLXVQXLRVPMHKQHEXGHL
'RL LSURYMHUL SRVSDQRLPD]QR RGYUDWLRQD1LMHPX WUHEDORYLHQDJRYRUD 2QVH

XYXHSRGGHNH]DQMRP
8NDNRVLYUXD.DNRPRHELWLWDNRUXD"
3ROXJODVQRVHQDVPLMDOD2QMHSROMXEL2QDPXRGYUDWLSROMXSFHP
.ROLNRMHVDWL"XSLWDL]LMHYQH
'RYROMQRGDVHXVWDQHVSDYDOLFH,PDPRSXQRSRVODGDQDV
$K]QDP8RVWDORPLPDPL]YUVQXLGHMX]DSULX
7RPLMHGUDJR]DXWL'DQDSUDYLPNDYX"
0DWLVLSUHGLYDQUHHPXRQDL]YXHVHL]NUHYHWDLSRVODPXSROMXEDFNUR]]UDN
2QVHXVWDGHLL]DHKYDWDMXLLPDJLQDUQLSROMXEDFXSUROD]XLNDRVSUHPDMXLJDXGHS]D
NDVQLMHGDJDLPDNDRGRND]DNRVHXVNRURYULMHPHEXGHOMXWLODQDQMHJDGDMHRQLSDNGREDU
GHNRLGDJDRQDYROLEH]RE]LUDQDVYH
6NLQXODMHPDMLFXXNRMRMMHVSDYDODQDYXNODKDOMLQX3RHOMDODVHQDEU]DNH2QVH]DWR
YULMHPHYUDWLR
3ULVWDYLRVDPYRGX+HMWRWLMHWRQDMDVWXNX"
2QDVHRNUHQH2QMHSULDRX]HRMDVWXNXUXNHLSDOMLYRJDSURPDWUDR
,]JOHGDNDRNUY
0LVOLP GD VDP QRDV GUPQXOD JODYRP X RNYLU NUHYHWD 9MHURMDWQR VDP VDPR UDVMHNOD
VNDOS1LWDVWUDQR
'DMGDYLGLP
-RMQHPRMRGPXKHSUDYLWLVORQDQHUYR]QRUHHRQDGRNMHRQSUHWUDLYDRQMHQXNRVX
XSRWUD]L]DSRYUHGRP
6DVYLPPDODNUDVWLFDUHHQDSRVOMHWNX
(WRYLGL1LWDVWUDQRWRMHVDG"
2QMHVQHNLPQHRELQLPL]UD]RPOLFD]XULRSUHPDSUR]RUX
+P1LNDEROMHGDL]DH
=DWR"RQDVHRNUHQHSUHPDSUR]RUXWUDHLSRJOHGRPRQRWRMHRQSURPDWUDR
0LVOLPGDLPDVOLMHSRJSXWQLNDXVRELMHGQRJRGRQLKNRMLWLVHQHHVYLGMHWL
,VDGJDMHLRQDYLGMHODPHXQDERULPD]DVWRUD9HOLNRVPHHWLMHORVNULOLPDXNUDHQLP
VPHHFUYHQRXWLPRLPD-HGDQRGQDMYHLKQRQLKOHSWLUDNRMHMHLNDGDYLGMHOD
%H]EULJH6DGHPRWRULMHLWLQLWDVHWLQHEULQL
HNDML]QHQDGDX]YLNQHRQD1MHQGHNRMHL]QHQDHQRSRJOHGD2QDRGYUDWLSRJOHG
RGOHSWLUDQD]DVWRUXLXKYDWLRQDM]DXHQLSRJOHGQMHJRYLKWDPQLKRLMX2QDVHRVPMHKQH
3XVWLJD,RQMH%RMHVWYRUHQMH
0ODGLVHQDPUWLNDRGDQHPRHSRYMHURYDWLVYRMLPXLPD
7LVLVWYDUQRGREURGUPQXODJODYRP.DNRELELORGDSRVMHWLGRNWRUD",NDGVPRNRG
WRJDNDNRWYRMDJODYD"-XHUVPRVYLGREUDQRSRSLOL
0RMDJODYDMHSRVYHXUHGX+DMGHYRGDHWLLVNLSLWL
2QVHMRMHGQRPRNUHQHSUHPDOHSWLUX
,WDGDJDRVWDYLPWX"1HVPHWDWL"
2VWDYLJDRQDNOLPQHJODYRP7NR]QDPRGDSRVWDQHPRMQRYLNXQLOMXELPDF,OL
WNR]QDPRGDSRQHPVNXSOMDWLOHSWLUHNDRWRWRQHNLOMXGLUDGH2YDMVHLQLSRVYHL]X]HWQLP
SULPMHUNRP
7L VL L]X]HWQL SULPMHUDN UHH PODGL JUOHL MH L L]YRGHL L] VREH 2QD VH MR VDPR
QDVPLMHLRGYUDWL
1HPDSRMPDNROLNRVLXSUDYX
$WDPRQD]DVWRUXGUHLVH]DWNDQMHVYRMLPEURMQLPQRLFDPDRVWDRMHVWDMDWLRJURPQL
QRQLOHSWLUVKLSQRWLNLPVPHHFUYHQRXWLPNUXJRYLPDQDEDUXQDVWLPNULOLPDSURPDWUDMXL
VYRMHWLMHORNDNRRGOD]LRGQMHJD-HGQRP]DXYLMHN
NUDM
=DJUHE
K
9LNWRULD)DXVW
2,
/HDR MH X NUHYHWX X SRWSXQRM WDPL SRVYH VDP -HVVLFD MH GDYQR RWLOD X VREX QD NUDMX
KRGQLND QH PRJDYL YLH SRGQLMHWL QMHJRYH JUR]QLDYH NULNRYH QMHJRYD SROXVYMHVQD EXQFDQMD
JUHYLWHSRNXDMHGDVDXYDGMHOLHUD]XPDNRMLVXVHQH]DXVWDYOMLYRQHSRYUDWQRJXELOL,VDPD
VHERULODSURWLYOXGLOD6DGMHYHELRSRVYHVLJXUDQGDMHQDMYHLGLRQMH]LQDVWUDKDELRRQVDP
.DGELSRJOHGDRQMHQREOLMHGROLFHQMHQHVX]QHVWDNOHQHRLJRYRULOHVXRWRPH
/HGHQDNDSOMLFD]QRMDREOLNRYDODPXVHQDHOXLVDGDSRODNRVNOL]QXODQL]QMHJRYQRV
REUD]SDODQDXVQHRVWDYOMDMXLVODQLRSRURNXV2NXVVWUDKD6WUDKMHXQMHPXSRVWDRRQRQHWR
PDWHULMDOQRLLYRQHWRWRMHWDNRGREURSR]QDYDRGDPXMHPRJDRRGUHGLWLREOLNLOLN]YXNL
ERMXRNXVXDVD8DVDNRMLJDMHRVWDYOMDRQLMHPRJL]DWHHQRJXQHSRVWRMDQMXQHJGMHL]PHX
VYMHWRYDL]PHXVWYDUQRVWLLRQRJDWRQLNDNRQLMHPRJODELWLVWYDUQRVW
/LFHPXMHELOR]JUHQRRGSRNXDMDGDGULRL]DWYRUHQH1LMHPRJDRGR]YROLWLVHELGD
YLGL2LVXELOHQMHJRYDYH]DVDVWYDUQRXNRMXVLQLMHPRJDRGR]YROLWL$VYHMHGQRMH]ERJ
XDVD X VHEL ]QDR GD H RWYRULWL RL L YLGMHWL RQR ]D WR MH X SRHWNX ELR VLJXUDQ GD MH VDPR
SULND]DQMHJRYHPDWHGRYROMQRQHVWYDUQDGDMDNRPYROMRPXNORQLL]VYRMHVYLMHVWLVYHWUDJRYH
YL]LMH1LMHELODYL]LMD,]QDRMHGDHMHRQRJDWUHQXWNDNDGRWYRULRLSRQRYQRYLGMHWLMDVQR
NDRGDJOHGDVYRMRGUD]X]UFDOX
3ULQLR MH UXNX OLFX REULVDR ]QRM %ROQR GUKWDQMH PLLD QMHJRYRJ OLFD SUHWYDUDOR VH X
MHGDQJU]DGUXJLP.RVDPXMHELODXOLMHSOMHQD]QRMHPSLGDPDQDWRSOMHQDQMLPH2VMHDRMH
KODGQRX NDNR PX VODPD SRVOMHGQMX YROMX WLMHOD -R YLH MH SRYXNDR SRNULYDH SUHPD OLFX DOL
QLMH LPDR RQX GMHMX KUDEURVW GD VH SRVYH VNULMH SRG QMLPD -HU ]QDR MH GD MH RQR QHWR GRLVWD
WDPRXWDPLGDHNDQHVDPRL]PLOMHQRXGRYLWHSRGNUHYHWRPL]GMHMLKQRQLKPRUDYH
VWYDUQDLYDSULND]D
1DJOR MH RWYRULR RL 1D WUHQXWDN ELR MH SRVYH VOLMHS .UY PX MH EXEQMDOD X XLPD
RGX]HODPXGDKPRJDRMHRVMHWLWLVUFHNDNRPXSXOVLUDXJUOXYHOLNDNUYDYDMDJRGDNRMDVDPR
WR QLMH SUVQXOD 8QH]YMHUHQL SRJOHG VOLMHSLK RLMX NRMH SUHWUDXMX WDPQH NXWRYH VREH 1LMH VH
XVXLYDRXSDOLWLVYMHWOR-HUVYMHWORVWJDQHELRWMHUDOD6YMHWORVWELVDPRGRND]DODGDMHVWYDUDQ
NDRLRQVDP
XP
2LVDGDYHQDYLNOHQDWDPXJUHYLWRSRNXDHRWNULWLRGNXGDGROD]L8WDPLVHQLWD
QLMHPLFDOR7DPDMHELODSRVYHQHSRPLQDNDRGDVHWDORLODWXYHVWROMHLPDSRNULYDODJDMH
WHLQRPJXLODPDVRPWDPQHPRUVNHYRGHQHJGMHXEHVNUDMXGXELQD2VMHDRMHNDNRPXWDPD
VMHGL QD JUXGLPD NDNR PX VH ]DYODL X WLMHOR NDG EL XGDKQXR MHGDQ NUDWNL VLSOMLYL GDK ]D
GUXJLP7DPDPXMHUD]DUDODWNLYRSUHWYDUDODJDXX]GUKWDOXHODWLQXVNUHQRJNUYDYRJPHVD
2QVDPMHYHELRNXSWHHODWLQHVWUDKDUDVWRHQHWDPRP
8GDKQXR MH GXEOMH QD WUHQXWDN ]DGUDR ]UDN X SOXLPD GD ]DXVWDYL GLYOMH WU]DMH VUFD X
VYRPH JUOX 1DJOR VH XVSUDYLR X VMHGHL SRORDM 3RNULYDL NDR WDQNH VNOL]DYH LYRWLQMLFH
NOL]QXHSUHNRQMHJRYRJ]QRMQRJWLMHODLX]ODJDQLX]GDKSDGRHQDSRG6DJLKSULKYDWLXVLVD
XSLMHQLWLVHLVSUHSOHWRHLSRVWDGRHQLWLWDPHNRMLPDMHELRSRSORHQQMHJRYVYLMHWXDVD
+ODGQRD
1HJGMHMHXWDPLSXOVLUDORQHWR
1MHJRYDVWRSDODGRWDNQXHSRGQMHJRYRWLMHOREH]SULVWDQNDQMHJRYHVYLMHVWLXVWDGHVH
.RUDFL SR VDJX 6DJ XSLMD ]YXNRYH 7DPD RWHDYD SRNUHWH OLMHSL VH ]D QMHJD SLSFLPD VYRJD
WLMHODLYRWLXWNDQLXWDPXSRVHXUXNDPD]DQMHJRYLPVWRSDOLPDSUVWLVHRPDWDMXRNRQMHJRYLK
ODQDNDDOLRQLKORPLSRNUHWLPDVYRMLKNRUDNDSUVWLSRVWDMXUD]REOLHQLYUWOR]LFUQHPDJOHNRMD
WHNRSDGDSRQRYQRQDGQRVNRJDVHGLJOD
XP'ROD]LRMHL]YDQD
1MHJRYL SUVWL SDGDMX QD NYDNX 2Q ]DPLOMD GD NULSL DOL NYDND MH QLMHPD VDPR QD
WUHQXWDN PHKDQL]DP WLKR JUFD GRN VH YUDWD RWYDUDMX L QMHJRYH RL SURGLUX SRJOHGRP X WDPX
KRGQLND/LMHYRLGHVQRWDPDMHQHSRPXHQD2QL]OD]LXKRGQLN
'DOHNRGDOHNRGDOHNRQDOLMHYRYUDWDVX-HVVLFLQHVREHWDNRGDOHNRGDPXVHLQLGDEL
PXWUHEDODVQDJDVYLLYXLKGDGRHGRQMLK,]PHXQMHJDLYUDWD-HVVLFLQHVREHVWXEHVXNRMH
YRGHGROMHXSUL]HPOMH,VSUHGQMHJDRJUDGDNRMDGLMHOLNDWRGSRQRUDVWXELWDLQDVWURSXMHGDQ
YHOLNLOXVWHURGVLWQLKGUKWDYLKNULVWDOLDXNRMLPDVH]UFDOLQMHJRYXVWUDYOMHQLOLN2NUHHJODYX
XQH]YMHUHQLPRLPDSUHWUDXMHGHVQRRGVHEHDOLWDPDPLUXMH6DPRGROMHVSUR]RUDXSUL]HPOMX
GRSLUHPXWQDVYMHWORVWVXOLFHDOLGRYROMQRGDOHNDGDPRGDLQLMHVWYDUQD
,RQGDSRQRYQRXP$OLVDGDVHLQLNDRGDWRWDPDMHFD.DRGDL]WDPHNDRL]QHNRJ
GUXJRJVYLMHWDQHNRJQHRGUHHQRJSROXSRVWRMDQMDNRMLMHLVFXULRXRYDMNRMLSR]QDQHWRWHNR
X]GLHWXUREQRXQLNDGURHQRJELD1HPRHRGUHGLWLRGNXGDGROD]LNDRGDMHVDVYLKVWUDQD
RNRQMHJDLOLNDRGDMHEDWDNRL]GUXJRJVYLMHWDDRQVWRMLXSUROD]XNRMLPHGRL,QHPRH
SREMHL-HUNXGJRGGDVHPDNQHSUROD]VHSRPLHVQMLPNDRGDQMHJRYDVYLMHVW]UDLRQLPHWR
JDRWYDUD
3URPMHQDXDWPRVIHUL
2VMHDPDWHULMDOL]DFLMX1MHJRYHRLNRMHVXMHGLQDVWYDUNRMRMMRYMHUXMHMRXYLMHNVX
VOLMHSH QD SRNUHQXWL SURFHV DOL QMHJRYD VYMHVW MDVQR RVMHD GD VH X WDPL QHWR SRPDNQXOR
XVNRYLWODOR SRVWDOR QHWR PDOR YLH LYR QHJR MH WR ELOR GR WUHQXWDN SULMH 2Q GUKWL QMHJRYL
PLLL VX SRVYH REDPUOL RG VWUDYH DOL VYLMHVW MH WDNR NULVWDOQR LVWD HOLR EL GD QHPD VYLMHVWL
HOLRELGDQHPDRLMXHOLRELGDLKPRHVNORSLWLL]DERUDYLWLGDLPDKUDEURVWLVDNULWLVHSRG
SRNULYDLPD DOL VDGD MH SUHNDVQR 7DPD VH ]JXQMDYD 8]LPD OLN , X QMHJRYLP RLPD OLN VH
PDWHULMDOL]LUD
1LNDGD SULMH QLMH ELOR RYDNR 1LNDGD SULMH QLMH ELOR RYDNR MDNR 3ULMH MH YLGLR VDPR
QMHJRYHRL
3RLQMHWDNRGDVHLQLNDRGDVHWDPDODJDQRGLMHOLQDVYMHWORVWLLVWXHVHQFLMXELWVYRJ
SRVWRMDQMD HVWLFH VYMHWORVWL QDVWDOH L] WDPH ]ELMDMX VH WYRUH OLN 6YH MH EUH WR L]GYDMDQMH L]
WDPHLQMHPXVHLQLGDMHSUROR WHNQHNROLNRWUHQXWDNDNRMHPMHULRWNXFDMLPDVYRJDVUFDRG
SRHWNDSURFHVDSDVYHGRVDGDGRNVWRMLLJOHGDXOLNRGVYMHWORVWLNRJDREUXEOMXMHVDPDHVHQFLMD
WDPH.ULODSULND]HUDLUHQDVX]DNULOMXMXPXSXWLQLVHNDRGDVHSURWHXSUHNRFLMHORJVYLMHWDL
SUHNULYDMXVYHWRMHLNDGDELORVWYDUQR.UYDYDMDJRGDQMHJRYRJVUFDYULWLXYUWORJXVWUDYH
7DNRMHMDVQRVYMHWDQRLMXOLNDRLMXNRMHSR]QDMHNRMHJDSUDWHGRNVHXPDJORYDQMX

RNUHH EMHL XVSRUHQL ILOP YUWL VH X QMHJRYRM VYLMHVWL YLGL JD NDGDU SR NDGDU RGVMHHQR
LVNLGDQRLVNU]DQRJWDPRPQDUXERYLPD2QWULDOLKRGQLNVHSRPLHVQMLPLVDVYDNLPQRYLP
QMHJRYLPNRUDNRPYUDDJDQDLVWRPMHVWR2LDQHODSDOHUXSHQDQMHJRYRP]DWLOMNXLRQSDGD
QDNROMHQDYULWHLSRNULYDMXLUXNDPDOLFHLOLQHQHWRVMHQDNDPHQRJDQHODXNRMLVHOLNRG
VYMHWORVWLWDPHSUHWYRULRSDGDQDQMHJDLSRNULYDJDWDPRPVYRMHELWL
.DPHQL DQHR MH EOL]X X] QMHJD RNR QMHJD X QMHPX 2PDWD VH RNR QMHJD NDR GD QLMH
GRYROMQRMDNGD]DGULREOLN$OLMDNMHRQWR]QDGRNNOHLGRNVHDQHRVDJLQMHQDGQMHJDGRN
JD QMHJRYL OHGHQL SUVWL KYDWDMX ]D PLLH ]D JUOR SRGLX WMHUDMX GD RWYRUL RL L ]DJOHGD VH X
QHSRPLQH NDPHQH SHUOH LVSRG PUDPRUQLK NDSDND QD OLFX DQHOD , RQ SRQRYQR YULWL NUYDYD
MDJRGDMHQDQMHJRYRPMH]LNXLNDRGDQXGLLYRWELXRGVYMHWORVWLWDPH
2QJDJXUDRGVHEHQDVODQMDVHVYRMLPYUHOLPLYLPGODQRYLPDQDQMHJRYHPUWYHOHGHQH
JUXGLLJXUDJDJXUDWRGDOMHRGVHEH$OLMHGQDNRNDRWRMHQHPRJXHRGJXUQXWLWDPXMHGQDNR
NDR WR MH QHPRJXH RGJXUQXWL NDPHQX VWDWXX NDG SDGQH QD WHEH WDNR PX MH QHPRJXH
RGJXUQXWL NDPHQX SULND]X DQHOD LMD NULOD VH VYH YLH LUH RWLK UXERYD WDNR RWULK GD VX
SRGHUDODWNDQMHVWYDUQRVWLLNUR]WHSRGHURWLQHNRMHXNUSDPDYLVHVYXGDX]UDNXRQPRHYLGMHWL
VWYDUQRVWQHSRVWRMDQMD1HSRVWRMDQMHNUR]SRGHURWLQHSRODNRFXULXVWYDUQRVWLWNDELMHODPHODVD
VHSUHOLMHYDSUHNRUXERYDLJXWDVYHSUHGVRERP
1HNRPQH]QDQRPVQDJRPRQVHRWNLGDRGQMHJD,SRQRYQRELMHJRQWULDOLNDRGDWUL
XQD]DGKRGQLNMHVYHGXLL]REOLQLKREOLND]LGRYLLYUDWDVHWRSHXVLMDQLSRGSRJOHGRPDQHOD
L NDR GD MH VWYDUQRVW XYLMHN ELOD VDPR VOLND V NRMH VH VDGD VDSLUX ERMH RQ YLH QHPD ]D LPH
SRVHJQXWLUXNRPMHUVYHWRMHRVWDORNDGVXERMHQHVWDOHVDPRMHJRODVWUXNWXUDNXOLVHVDJUDHQH
XVYLMHWXNRMLQLNDGQLMHSRVWRMDR,NDGSRJOHGDL]DVHEHDQHRMHMRXYLMHNWDPRDQMHJRYDNULOD
LEDMXVWYDUQRVWVYRMLPRWULPUXERYLPDSXQHLSURVWRU]YXNRYLPDSDUDQMD
-HVVLFDMHWDPRQHJGMHRWYRULODYUDWD1MHQOLNEH]ERMDGUKWLXXVLMDQRP]UDNXXYLMDVH
NDRWDQNLSUDPHQVLYRJGLPDXMHQMHQQLMHPLNULN3RNXDYDMRMUHL1H%MHLDOLDQHRMH
SUHG QMLP SRNULYD JD VYRMLP NDPHQLP NULOLPD VYRMRP ELMHORP OHGHQRP UXNRP SRVHH X
QMHJRYD XVWD L KYDWD MH]LN NDPHQH NDQGH SUVWLMX DQHOD ]DEDGDMX VH X PHNR UXLDVWR WNLYR
YUHODNUYNOL]LPXQL]JUOREROVHSUHWYDUDXWLVXHFUYDNRMLGHUXQMHJRYPR]DNVUXRQYULWL
QLMHPRQ]DEDGDSUVWHXVYRMXOXEDQMXSRNXDYDMXLLHSUNDWLFUYOMLYLPR]DN
1DELMHORPOHGHQRPGODQXDQHODOHLQMHJRYLVWUJQXWLMH]LNLXYLMDVH
2QSDGDQDWORVYLMHVWVDGDGUKWLGROD]LLRGOD]LXWDODVLPDSRMDYOMXMHVHNDREOMHVNRYLGRN
VH RQ JXL X NUYL 2L PX ]DPDJOMXMX VX]H EROD 3XH L GDOMH SRNXDYDMXL SREMHL XSRUQRX
RDMQLND1HJGMHSRGGODQRPRVMHWLQHWRKODGQRLVNOL]DYRL]QDGDMHWRQMHJRYMH]LNNRJDMH
DQHR LVSXVWLR L X]PLH ]JDHQR 1MHJRY YULVDN VDGD MH VDPR NUNOMDQMH ]DSMHQMHQH NUYL X
QMHJRYLPXVWLPDNRMXQMHJRYRVUFHXSRUQRLVSXPSDYDNUR]LYXUDQX1MHJRYHRLWUDHGUKWDYL
OLN-HVVLFH*GMHMH-HVVLFD"
1DSRYULQLVOLNHLVWRSOMHQLKERMD-HVVLFDMHEMHDOD9HOLNDELMHODNULODDQHODNRMLMHOHEGLR
QDG KRGQLNRP YLWODOD VX RNR QMH NDR NDPHQH VDEOMH UHXL VOLNX VWYDUQRVWL NRMD NDR GD MH
NUYDULODLWNRPPHODVRPQHSRVWRMDQMDNRMDVHLGDOMHSUHWDNDODXUD]GHUDQXVWYDUQRVW3RNXDRVH
SRPDNQXWL GD EL WHN WDGD RWNULR NDNR MH PHODVD QHSRVWRMDQMD VWDOLOD QMHJRYD NROMHQD VD SRGRP
KRGQLNDLNDNRVHSRODNRXYODLXQMHJRYRWLMHOR1LMHPLYULVDNNUNOMDQMHQMHJRYLKNUYDYLKXVWLMX
1LMHPRJDRSRPRL-HVVLFL1LMHPRJDRSRPRLVHEL
9UDNNDPHQRJNULODSURPDL-HVVLFLQRJUORVDPR]DPLOLPHWDU2QDVHEDFLXVWUDQXXSUDYR
XWUHQXWNXNDGDDQHRSRQRYQR]DPDKQXNULORPGDMRMRGUXELJODYXLSRWULQL]VWXELWH$OLQLMH
PRJODSREMHLRQMHWR]QDRGRNMHWRQXRXORNYXPHODVHNRMDPXMHL]JUL]ODQRJHGRNRVWLMXNDR
GDVHUDVWDSDXORNYLNLVHOLQH$QHRVHYHEDFDR]DQMRP
9ULWDRMH3RNXDYDRMHVYRMLPQLMHPLPYULVNRPSUREXGLWLVYHRQROMXGVNRWRMHVSDYDORX
RYRMQRLNRMRMQLNDGDQHHGRLNUDMD,RQGDMHVKYDWLRXMRMHGQRPEOMHVNXNDGURYDUXERYD
LVNU]DQLK WDPRP GD MH NUDM ELR SRHWDN RQRJ WUHQXWND NDG MH RWYRULR RL PRGD QH GDQDV
PRGD QH MXHU PRGD RQRJ WUHQXWND NDGD MH URHQ , ]DWR MH SRVHJQXR SUVWLPD X VYRMH RQH
GXSOMHLLXSDRWHGYLMHVOX]DYHJUXGHPHNRJWNLYDLEDFLRLKDQHOXNRMLVHVSXVWLRQDVWXEH
SRGQRJH$OLDQHRQLMHQHVWDR
*GMHMH-HVVLFD"
-HVVLFDMHEMHDODYHPUWYDRGVWUDKD0RJDRMHRVMHWLWLQMHQELMHJVYDNLPGMHOLHPVYRJ
VOLMHSRJWLMHOD1MHQDPUWYDVWRSDODWXSRVXRG]YDQMDODQDVWDULPGUYHQLPVWXEDPD
2NR QMHJD ELR MH NRYLWODF 9LH QLMH LPDR WLMHOR 5DVWRSLR VH X QHSRVWRMDQMX %OMHVNRYL
VYLMHVWLSRVWDOLVXULMHWNLVDPRGUKWDMLXWDPL,SRVOMHGQMHWRMHXRELRMH-HVVLFLQYULVDN*GMH
MH -HVVLFD" 0RJDR MH ]DPLVOLWL NDPHQR NULOR DQHOD NDNR XOD]L X QMHQR WLMHOR NDNR GHUH QMHQX
NRXNDNRQMHQDYUXDYUHODNUYSURSDGDNUR]SXNRWLQHVWYDUQRVWLLNDNRMHELMHODPHODVDVUHL
ERMLVHUXLDVWRQMRPH,FLMHOLVYLMHWSRVWDMHUXLDVWFUYHQRGQMH
7RMHELRWUHQXWDNSRVOMHGQMDUD]XPQDPLVDRVNRMRPMHQHVWDRXQHSRVWRMDQMX
-HVVLFD MH OHDOD PUWYD SUHG XOD]QLP YUDWLPD 2GR]JR VD VWURSD NLS DQHOD EDFDR MH
VMHQX VYRMLK UDLUHQLK NULOD QD QMX D QMHJRYH PUWYH VOLMHSH RL NDR NOMXQRYL JUDEHOMLYLK SWLFD
ELOH VX ]DERGHQH X QMHQX GXX NRMD MH SRODNR QDSXWDOD VYLMHW LVLVDYDQD NUR] WDQNH WXQHOH WLK
QHRVMHWQLK NDPHQLK GUDJXOMD SDNOD .ULOD VH ODJDQR SRPDNQXH =YXN NDR GD MH QHWNR UDVXR
VWDNOHQHSHUOHQDPUDPRUQXSORX0UWYH-HVVLFLQHRL]UFDOLOHVXSRVOMHGQMXVOLNXQMHQHQHVWDOH
VYLMHVWL.DPHQLDQHRSURHNUR]QMXLRVWDYLQDSRGXVDPRVNDPHQMHQXVWDWXXQMH]LQDWLMHOD
*RUHQDNDWXSDGDMXLQL]VWXEHGYDVXVOLMHSDRND]D]LYDODQMH]LQRLPHUWYDLXERMLFD
ELOLVXPUWYL

Hrvatska Zbirka Naucne Fantastike

Uploaded by

Document Information

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

Hrvatska Zbirka Naucne Fantastike

Uploaded by

Copyright:

Available Formats

126)=%,5.

ILOH&?0\'RFXPHQWV?QRVI?1REM )XVLRQ ?8VHU6LWHV?126)?/RFDO3XEOLVK?QRVI ]ELUNDKWPO

=DFN0HOORG\%LOO\-RHLVWDXHSL]RGL%LOO\ PD PDJLMD

ILOH&?0\'RFXPHQWV?QRVI?1REM )XVLRQ ?8VHU6LWHV?126)?/RFDO3XEOLVK?VDGU]DMKWPO

'REURJDVSVXSHUDOLPROLPYDVXJK]RYLWH

3URPLFDOLVXGDQLGXJRVPUGOMLYRLGRVDGQRQDGDPVHGDVHQHSRQDYOMDP%LOO\L/HLDVX

, GD ]QDWH GD VH VPU]

'RL LSURYMHUL SRVSDQRLPD]QR RGYUDWLRQD1LMHPX WUHEDORYLHQDJRYRUD 2QVH

7DNRMHMDVQRVYMHWDQRLMXOLNDRLMXNRMHSR]QDMHNRMHJDSUDWHGRNVHXPDJORYDQMX

You might also like

Hrvatska Zbirka Naucne Fantastike

Uploaded by

Document Information

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

Hrvatska Zbirka Naucne Fantastike

Uploaded by

Copyright:

Available Formats

126)=%,5.

ILOH&?0\'RFXPHQWV?QRVI?1REM )XVLRQ ?8VHU6LWHV?126)?/RFDO3XEOLVK?QRVI ]ELUNDKWPO

=DFN0HOORG\%LOO\-RHLVWDXHSL]RGL%LOO\ PD PDJLMD

ILOH&?0\'RFXPHQWV?QRVI?1REM )XVLRQ ?8VHU6LWHV?126)?/RFDO3XEOLVK?VDGU]DMKWPO 

'REUR JDVS VXSHUDOLPROLPYDV XJK ]RYLWH

3URPLFDOLVXGDQLGXJRVPUGOMLYRLGRVDGQR QDGDPVHGDVHQHSRQDYOMDP %LOO\L/HLDVX

, GD ]QDWH GD VH VPU]

'RL LSURYMHUL SRVSDQRLPD]QR RGYUDWLRQD1LMHPX WUHEDORYLHQDJRYRUD 2QVH

7DNRMHMDVQRVYMHWDQRLMXOLND RLMXNRMHSR]QDMH NRMHJDSUDWHGRNVHXPDJORYDQMX

You might also like

ILOH&?0\'RFXPHQWV?QRVI?1REM )XVLRQ ?8VHU6LWHV?126)?/RFDO3XEOLVK?QRVI ]ELUNDKWPO

=DFN0HOORG\%LOO\-RHLVWDXHSL]RGL%LOO\ PD PDJLMD

ILOH&?0\'RFXPHQWV?QRVI?1REM )XVLRQ ?8VHU6LWHV?126)?/RFDO3XEOLVK?VDGU]DMKWPO

'REURJDVSVXSHUDOLPROLPYDVXJK]RYLWH

3URPLFDOLVXGDQLGXJRVPUGOMLYRLGRVDGQRQDGDPVHGDVHQHSRQDYOMDP%LOO\L/HLDVX

'RL LSURYMHUL SRVSDQRLPD]QR RGYUDWLRQD1LMHPX WUHEDORYLHQDJRYRUD 2QVH

7DNRMHMDVQRVYMHWDQRLMXOLNDRLMXNRMHSR]QDMHNRMHJDSUDWHGRNVHXPDJORYDQMX