zelim dasepo ka jemali
DESCRIPTION
rekaikTRANSCRIPT
-
HOLP GD VH SRNDMHP $OL" VWUDQD
892
+YDODSULSDGDVDPR$OODKX1MHPX]DKYDOMXMHPRLRG1MHJDSRPRWUDLPR
.RJD$OODKGXSXWLQHHJDQLNRQDNULYLSXWRGYHVWLDRQRJDNRJD2QRVWDYLX]DEOXGLQLNRJDQHPRHXSXWLWL
6YMHGRLPGDQHPDGUXJRJERJDRVLP$OODKD-HGQRJNRMLQHPDGUXJDLGDMH0XKDPPHGVDYV1MHJRYUREL1MHJRY3RVODQLN
$OODKGMHVYLPYMHUQLFLPDQDUHGLRGDVHSRNDMX,69,6($//$+832.$-7(29-(51,&,$%,67(3267,*/,21272(/,7(1XU2YHULMHLVXELOHSRYRGGDSOHPHQLWLDVKDEDPDG(O(]GLUDSULPLLVODPQDNRQWRLKMHXRRG5HVXODOODKDVDYV0XKWHVDU6DKLK0XVOLP2
5RERYLVHGLMHOHQDRQHNRMLVHNDMXLRQHNRMLVXVLOQLFLDWUHLXRSWHQHSRVWRMHMHU8]YLHQL$OODKNDH29-(51,&,1(.$6(08.$5&,-(1,58*,0$1(58*$-802$6821,%2/-,21-,+$1,(1(58*,0(1$0$02$6821(%2/-(21-,+,1(.8,7(-(1,58*(,1(=29,7(-(1,58*(581,01$,0&,0$2.$.2-(5812$6(9-(51,&,6320,1-83258*/-,9,01$,0&,0$$21,.2-,6(1(32.$-86$0,6(%,,1(1(35$98+XGXUDW
2YRMHYULMHPHXNRMHPVXVHOMXGLXGDOMLOLRG$OODKRYHYMHUHSDVXJULMHVLSRVWDOLRSDVWYDU$IHVDGQHUHGVHUDLULRQDVYHVWUDQHWDNRVNRURGDQHPDRVLPRQLKNRMHMH$OODKGVDXYDROMXGLNRMLVHQLVXRGDOLJULMHVLPD
$OL$OODKGKRHGDXSRWSXQL6YRMHVYMHWORSDVXVHPQRJLWUJQXOLL]]DEOXGHLVQD2VMHWLOLVXGDQHL]YUDYDMXXFLMHORVWLRQRWRLPMH$OODKGQDUHGLRSRNDMDOLVXVH]DVYRMHSURSXVWHQHPDUQRVWLJULMHKH
-
HOLP GD VH SRNDMHP $OL" VWUDQD 1MLKRYHODHVXVHRNUHQXOHXVPMHUXVYMHWLRQLND
WHYEHUXJLRVMHDMSUHPDPL]HUQRVWLPDLYRWDWHNRLLYOMHQMDRQLGRGLUXMXSXWNRMLYRGLL]WPLQHQDVYMHWOR
0HXWLPSUHGMHGQLPEURMHPOMXGLL]RYHSRYRUNHLVSUMHDYDMXVHWHNRH]DNRMHRQLVPDWUDMXGDVXSUHSUHNDNRMDVWRMLL]PHXQMLKLWHYEH1HNHRGWLKWHNRDVXVXEMHNWLYQDXQXWUDQMDVWYDURYMHNDGRNGUXJHSULSDGDMXVWYDUQRVWLNRMDJDRNUXXMH
6WRJDVDPQDSLVDRRYXEURXUXXQDGLGDHRQDSRVOXLWLNDRSRMDQMHQMH]DQHGRXPLFHLGDHSRVOXLWLXFLOMXREMDQMHQMDSURSLVDLRGELMDQMXHMWDQD
2YDEURXUDVDGULXYRGNRMLJRYRULRRSDVQRVWLNRMXVDVRERPQRVLRPDORYDDYDQMHJULMHKDREMDQMHQMHRXYMHWLPDWHYEH]DWLPJRYRULRWRPHNDNRVHOLMHLGXDX]WRRQDVDGULIHWYHNRMHVHRGQRVHQDRQHNRMLLQHWHYEXDNRMHVXSRGXSUWH.XUDQRPLVXQHWRPWHVWDYRYLPDXHQMDNDL]DYUQDULMH
0ROLP$OODKDGDRGRYRJDEXGHNRULVWLL]DPHQHL]DPRMXEUDXPXVOLPDQHDRGQMLKPLMHGRYROMQDMHGQDGRYD]DGREURLOLLVNUHQVDYMHW
1HNDVH$OODKGVPLOXMHVYLPDQDPD
(-+08+$00(6$/,+(/081(,
-
HOLP GD VH SRNDMHP $OL" VWUDQD 23$61267220$/29$$9$1-$*5,-(+$
7UHEDGD]QDPR$OODKQDPVHVPLORYDRGDMH8]YLHQLXIRUPL]DSRYLMHGLQDORLRURERYLPDGDLVNUHQRXLQHWHYEXUHNDYL29-(51,&,8,1,7(32.$-$1-($//$+8,6.5(127DKULP
$OODKGQDPGDMHSULOLNXGDXLQLPRWHYEXSULMHQHJRWRPHOHNLSLVDUL.LUDPXQNDWLEXQSULVWXSHELOMHHQMX9H]DQR]DWR5HVXOXOODKVDYVNDH0HOHNLNRMLVWRMHQDOLMHYRMVWUDQLHXLVWLQXSRGLLSHURRGUREDPXVOLPDQDNRMLMHSRJULMHLRHVWVDKDWDPRJXHMHGDVHSRGVDKDWRPPLVOLQDSR]QDWXIL]LNXPMHUXLOLMHWRQHNLPDQMLSHULRGGDQDRGQRVQRQRLSDXNROLNRVHRQSRNDMHL]DWUDLRSURVWRG$OODKD]DJULMHKHRQLHRGEDFLWLJULMHKXSURWLYQRPELHPXXSLVDQMHGDQJULMHK%LOMHH7DEHUDQLL%HMKHNL$GUXJLMHQDNRQWRJULMHKEXGHXSLVDQSDGRVPUWQRJDVD
1HVUHDPQRJLKOMXGLMHWRVHQHERMH$OODKRYHVLOHLQDUD]QHQDLQH0XGDQRQRQRELYDMXQHSRNRUQLLPHXQMLPDLPDLRQLKNRMLVXXSDOLXSURSDVWRGRPDORYDDYDQMDJULMHKDWDNRGDVHPRJXYLGMHWLQHNLRGQMLKNRMLSRWFMHQMXMXQHNHPDOHJULMHKHJRYRUHLWDLPDORHXWRPHDNRRQSRJOHGDHQVNXRVREXNRMXPRHGDRHQLLOLVHUXJDQDQMX
2QLVXVNORQLJOHGDQMX]DEUDQMHQLKVWYDULXDVRSLVLPDLILOPRYLPDDQHNLRGQMLKNDGLPEXGHSUHGRHQRGDMHQHNDVWYDU]DEUDQMHQDRPDORYDDYDMXLSRVWDYOMDMXSLWDQMH.ROLNRMHORHJXWRPH"DOLMHWRYHOLNLLOLPDOLJULMHK"
.DGD]QDPRNDNRL]JOHGDRYDSULVXWQDVWYDUQRVWQDSUDYLPRQHNXXVSRUHGEXL]PHXQMHLGYDVOMHGHDKDGLVDNRMHLPDP%XKDULELOMHLXVYRP6DKLKX
(QHVUDNDH8LVWLQXUDGLWHQHNDGMHODNRMDVXXYDLPRLPDWDQMDRGGODNHDXGRED5HVXODOODKDVDYVPLVPRLKVPDWUDOLJULMHVLPDNRMLYRGHXSURSDVW
-
HOLP GD VH SRNDMHP $OL" VWUDQD ,EQ0HVXGUDNDH9MHUQLNVYRMJULMHKYLGL
NDREUGRSRGNRMLPVMHGLERMHLVHGDRQRQHSDGQHQDQMHJD$JUMHQLNJOHGDQDVYRMJULMHKNDRQDPXKXNRMDMHSDODQDQMHJRYQRVSDPDKQHUXNRPLRWMHUDMH
0RJXOLRQLVKYDWLWLNROLNRMHVWYDURSDVQDNDGDSURLWDMXRYDMKDGLV5HVXOXOODKDVDYVXYDMWHVHPDOLKJULMHKDMHULQMHQMHPDOLKJULMHKDMHNDRSULPMHUQHNLKOMXGLNRMLVHVSXVWHXQHNXGROLQXSDMHGDQGRHVDJUDQDPDGUXJLGRHVDJUDQDPDWDNRGDGRQHVXWROLNRGDQDQMHPXVNXKDMXKOMHE.DGDQHNRSRQHLQLWLPDOHJULMHKHWRJDRGYHGHXSURSDVW$XMHGQRMGUXJRMSUHGDMLVWRMLXYDMWHVHVLWQLKJULMHKDMHUVHRQLJRPLODMXQDRYMHNDGRNJDQHXSURSDVWH%LOMHL$KPHG
8HQMDFLQDYRGHGDMHLQMHQMHPDOLKJULMHKDEOLVNRSRYH]DQRVDPDQMNDQMHPVWLGDQHKDMHPLQHSRVMHGRYDQMHPVWUDKDRG$OODKDGX]RODKNRGUDQMHPDORJJULMHKD7RJDSULEOLDYDYHOLNLPJULMHVLPDWDYLHGRYRGLJDXLVWXNDWHJRULMXVDQMLPD=ERJWRJDPDOLJULMHKQLMHPDOLXNROLNRVHVWDOQRLQLDYHOLNLJULMHKQHVWDMHLVNUHQLPWUDHQMHPRSURVWD2QRPHNRVHQDHXRYDNYRMVLWXDFLMLSRUXXMHPR1HJOHGDMXWRWRMHJULMHKPDOLYHJOHGDMNRPHLQLQHSRNRUQRVW
2YHULMHLHNRULVWLWLDNR$OODKGDLVNUHQLPDNRMLRVMHDMXJULMHKLQLVXX]DEOXGLQLWLXVWUDMDYDMXXJULMHKX2QHVXXSXHQHRQRPHNRYMHUXMHXULMHL8]YLHQRJ$OODKD.$,52%29,0$02-,0$6$0-$=$,67$21$-.2-,35$7$,$6$00,/267,9+LGU
.DRWRYMHUXMHGDMH$OODKGUHNDR$/,$-(02-$.$=1$2,67$%2/1$.$=1$+LGU2
-
HOLP GD VH SRNDMHP $OL" VWUDQD 89-(7,7(9%(32.$-$1-$
5LMH7(9%$MHYHOLNDULMHNRMDLPDGXERND
]QDHQMDDQHNDRWRPQRJLPLVOHVDPRGHNODULVDQMHULMHLPDDQDNRQWRJDQDVWXSDQMHVDJULMHVLPD5D]PLVOLGREURWDNDH8]YLHQL$OODK$2*2632$5$692*$235267$75$,7(,$6(32.$-(7(+XG
9LGMHHGDMHWHYEDWDNRMDSUHGVWDYOMDGRSXQX]DLVWLJIDU%XGXLGDMHULMHRNUXSQRMVWYDULRQDPRUDLPDWLXYMHWH8HQMDFLQDYRGHXYMHWH]DWHYEXNRMLVXX]HWLL].XUDQVNLKDMHWDLKDGLVD$OODKRYRJ3RVODQLNDVDYV
89-(7,$%,7(9%$%,/$35,0/-(1$
3UYR,VWRJWUHQXWNDSUHVWDWLVDLQMHQMHPJULMHKD
UXJR3RNDMDWLVH]DXLQMHQR7UHHYUVWRRGOXLWLGDVHQHHSRQRYLWL
LQMHQMHJULMHKDHWYUWR2QLPDNRMLPDMHXLQMHQDQHSUDYGD
QDGRNQDGLWLXLQMHQXQHSUDYGXLOLWUDLWLKDODODRGQMLK
1HNLXHQMDFLQDYRGHGUXJDREMDQMHQMDNDRXYMHWH]DYDOMDQXWHYEX1DYHVWHPRLKXQHNLPSULPMHULPD
3UYRDQDSXWDQMHJULMHKDEXGHXLPH$OODKDDQH]ERJQHNLKGUXJLKVWYDULNDRWRMHQHPRJXQRVWL]YUHQMDLOLQHPRJXQRVWGDVHSRQRYRXLQLWDMJULMHK
1HPRHVHQD]YDWLSRNDMQLNRPRQLPNRMHWHYEXXLQLRQHNRNRVHSURHJULMHKD]ERJWRJDWRVHRQLQHJDWLYQRRGUDDYDMXQDQMHJRYXJOHGPHXOMXGLPDLOLWRHPRGDGRELWLRWND]VDSRVOD
1HPRHVHQD]YDWLSRNDMDQMHPQHNRNRRVWDYLJULMHKXFLOMXXYDQMD]GUDYOMDLVQDJHNDRQDSULPMHUGDRVWDYL
-
HOLP GD VH SRNDMHP $OL" VWUDQD EOXGLUD]YUDWL]VWUDKDRGRSDVQLKSUHOD]QLKEROHVWLLOL]ERJWRJDGDPXWRQHRVODELQMHJRYRWLMHORLSVLKX
1HPRHVHQD]YDWLSRNDMDQMHPRQDMNRRGXVWDQHRGNUDH]ERJWRJDWRQLMHSURQDDRXOD]XNXXLOLQLMHXVSLRRWYRULWLNDVXLOLVHSRERMDRXYDUDLOLSROLFDMFD
1LWLVHPRHUHLGDMHSRNDMDQMH]DRQRJDNRVHSURHNRQ]XPLUDQMDDONRKRODLXLYDQMDGURJD]ERJWRJDWRMHRVWDREH]QRYFD
7DNRHUVHQHPRHQD]YDWLSRNDMDQMHPRQDMNRQLMHXVWDQMXXLQLWLJULMHK]ERJQHNRJIDNWRUDNRMLMHL]YDQQMHJRYHYROMHNDRQDSULPMHUNDGDODDFREROLRGSDUDOL]HL]ERJWRJDL]JXELPRJRYRUDLOLEOXGQLNL]JXELVSROQXSRWHQFLMXLOLSDNNUDGOMLYFDNRMLXQHNRMQHVUHLRVWDQHEH]WMHOHVQLKXGRYD2VREHNDRWRVXRYHREDYH]QHVXVHSRNDMDWL]DDOLWL]ERJRQRJDWRVXXUDGLOHXWRPHVPLVOX3RVODQLNVDYVNDH.DMDQMHMHWHYED%LOMHH$KPHGL,EQ0DGGH
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
-
HOLP GD VH SRNDMHP $OL" VWUDQD UXJRDRVMHDGDMHJULMHKUXDQLWHWDQ2YR
]QDLGDYDOMDQDWHYEDQLMHPRJXDRVMHDMHPQDVODGHLUDGRVWLSULOLNRPSULVMHDQMDSUROLKJULMHKDLOLGDLPRYMHNHOLGDLPVHYUDWLXEXGXQRVWL
,EQ.DMLP$OODKPXVHVPLORYDRQDYRGLPQRJREURMQHWHWQHSRVOMHGLFHNRMHQDVWDMXLQMHQMHPJULMHKDXQMLKVSDGDMX
OLMHQRVWXVWLFDQMXQDXNHRNRUMHORVWVUFDSRMDYDQHSULOLNDWMHOHVQDNORQXORVWJXELWDNSRERQRVWLQHVWDQDNEHUHNHWDXPDQMHQMHSRPRLRG$OODKDGGXHYQDSRWLWHQRVWUDHQMHUXQLKGMHODSULYLNDYDQMHQDJULMHKJUMHQLNRPDORYDDYD$OODKDGRPDORDYDOMXGHSURNOLQMXJDLYRWLQMHJUMHQLNQDYODLRGRUXVUDPDVUFHPXVH]DSHDXMHLSDGDSRGSURNOHWVWYRQHSULPDMXPXVHGRYHRSWHLUHQMHQHPRUDODLQHVWDMDQMHRVMHDMDDVWLJXELWDNVWLGDQHVWDQDNEODJRGDWLSRMDYDPUQMHLRVYHWHSRMDYDVWUDKDXVUFXJUMHQLNDSDGDQMHXHMWDQVNHRNRYHUXDQNUDMLSDWQMDQDDKLUHWX6SR]QDMDRWHWQLPSRVOMHGLFDPDNRMHX]URNXMX
LQMHQMHJULMHKDGRSULQRVLWRPHGDVHUREXGDOMDYDRGJULMHKDXSRWSXQRVWLDQHNLOMXGLSUHOD]HVDMHGQRJQDGUXJLJULMHKHPXPRHELWLX]URN
GDYMHUXMHGDMHND]QDNRMDSUDWLWDMJULMHKPDOD
-
HOLP GD VH SRNDMHP $OL" VWUDQD GDVWUHPLYLHWRPJULMHKXLGDPXMHVWUDVWQD
WRPHQDMYDQLMDGDSULOLNHNRMHWUHEDMXGDVHRVWYDUH]DWDMJULMHK
LGXQDUXNXYLHQHJRXGUXJLPVOXDMHYLPD]DUD]OLNXRGJULMHKDNRMLUHFLPR]DKWMHYDSULSUHPHMHUSUHGXVORYLGDVHRQXLQLQHSRVWRMHWRJWUHQXWND
GDSULMDWHOMLLEOLQMLUDGHWDMJULMHKSDPXMHWHNRGDVHL]GYRMLRGQMLK
GDQHNRPRYMHNXRGUHHQLJULMHKGRQRVLRGUHHQLXJOHGLSRORDMPHXQMHJRYRPGUXLQRPWHPXWHNRSDGDGDL]JXELRYDMSRORDMSDQDVWDYOMDVDLQMHQMHPJULMHKDNDRWRMHVOXDMVDQHNLPNRMLVWRMHQDHOXGUXLQHNRMDNDUDNWHULH]ORLVYDNRMDNLQHUHG7DNRMHELRVOXDMVDUD]X]GDQLPSMHVQLNRP(EX1XYDVRP.DGDJDMH(EX$WDNLMHSMHVQLNNRMLJDMHVDYMHWRYDRLRSRPLQMDRSRVDYMHWRYDRLXNRULR]ERJEHVWLGQRJLQMHQMDJULMHKD(EX1XYDVMHRGJRYRULRXVWLKX2$WDNLMH]DUPLVOLGDXQDSXVWLWLWHNUPH=DUPLVOLGDXXSURSDVWLWLSRORDMNRMLLPDPPHXOMXGLPDXJOHGQLP
7UHHDRYMHNXLQLWHYEXRGPDKMHURGJDDQMHWHYEHMHLVDPRSRVHELJULMHKNRMLWUDLSRNDMDQMH
HWYUWRDVHERML]DVYRMXWHYEXGDQHEXGHPDQMNDYDWHGDQLMHXELMHHQGDMHRQDLSULPOMHQDSDGDVHRVORQLQDVHEHLRVMHWLVHVLJXUQLPRG$OODKRYLKLVNXHQMD
3HWR1DGRNQDGLWLRQRWRMHSURSXWHQRDWRMH$OODKQDORLRNDRREDYH]XXNROLNRMHWRPRJXHNDRWRMHGDYDQMH]HNDWDNRMHJDMHRYMHNXVNUDWLRXSURORVWLLREDYH]DSUHPDVLURPDQLPXWRPVPLVOX
HVWRDVHXGDOMLRGPMHVWDJGMHMHSRLQLRJULMHKXNROLNRHJDSULVXVWYRQDWRPPMHVWXQDYHVWLQDLQMHQMHJULMHKDLGUXJLSXW
6HGPRDVHNORQLRQRJDNRJDMHSRPRJDRXLQMHQMXJULMHKD2YRLJRUHVSRPHQXWRVSDGDXSRXNHL]
-
HOLP GD VH SRNDMHP $OL" VWUDQD KDGLVDRXELFLNRMLMHXELRVWRWLQXOMXGLDNRMLHELWLNDVQLMHQDYHGHQ
$OODKGNDH72*$1$(21,.2-,68-(1,58*,0$%,/,35,-$7(/-,3267$7,1(35,-$7(/-,6$02721((%,7,21,.2-,686($//$+$%2-$/,,*5,-(+$6(./218/,=XKUXI
2QLNRMLVX]DMHGQRLQLOLORDGMHODHQD6XGQMHPGDQXSURNOLQMDWLMHGQLGUXJHVWRJDWLNRMLWHYEXLQLPRUDGDLKVHNORQHGDLKRGEDFLLSUHNLQHRGQRVHVDQMLPDLXYDLKVHXNROLNRQLVLXVWDQMXGDVHRGXSUHQMLKRYLPQDJRYDUDQMLPDLGDWHHMWDQQHQDJRYRULXLQLYLWLOLMHSLPGDLPVHYUDWLVDFLOMHPGDLKSR]RYHXYMHUXDWL]QDGDVLVODELGDVHQHHPRLRGXSULMHWL3RVWRMHPQRJREURMQLVOXDMHYLNDGDVHOMXGLYUDDMXJULMHKXLREQDYOMDMXYH]XVDELYLPGUXJRYLPD
2VPRRYMHNWUHEDGDXQLWLVYH]DEUDQMHQHVWYDULNRMHSRVMHGXMHNDRWRVXSLDLQVWUXPHQWL]D]DEDYXNDRWRVXIODXWDLOXWQMD]DEUDQMHQHVOLNHLILOPRYLUD]X]GDQHSULHLNLSRYLWRWUHEDSRORPLWLXQLWLWLLVSDOLWL
3LWDQMHHOLPLQLVDQMDVYHJDWRLPDYH]XVDGDKLOLMHWRPQDSUDJXXVWUDMQRVWLMH]DRQRJDNRLQLWHYEXQXQRSULVXWQRSLWDQMH
.ROLNRLPDVOXDMHYDGDMH]DGUDYDQMHRYLKVWYDULNRGOMXGLNRMLVXLQLOLWHYEXX]URNRYDORGDRGVWXSHRGWHYEHLSDGQXX]DEOXGXSRVOLMHXSXWH0ROLPR$OODKDGGDQDPGDSRVWRMDQRVW
HYHWR2QDMNRLQLWHYEXWUHEDGDL]DEHUHGREURGUXWYRNRMHHPXELWLRGSRPRLLNRMHHPXELWL]DPMHQD]DORHGUXWYR]DWLPGDWHLGDSULVXVWYXMHKDONDPDJGMHVHXL.XUDQLGUXWYXNRMHVHEDYLQDXNRPWHGDVYRMHYULMHPHXSRWSXQLXRQRWRMHNRULVQRNDNRHMWDQQHELQDDRSUD]QLQHNRGQMHJDGDJDSRGVMHWLQDSURORVW
HVHWRDVHRNUHQHVYRPWLMHOXNRMHMHRGJRMLRQDQHGR]YROMHQRVWHHQLLPHWDNWHGD
-
HOLP GD VH SRNDMHP $OL" VWUDQD QMHJRYXVQDJXSRWURLXSRNRUQRVWL$OODKXYRGHLUDXQDRKDODOXNDNRELWMHOHVQDID]DSRVWDODLVWD
-HGDQDHVWDWHYEDEXGHXLQMHQDSULMHQHJRWRGXD]DNUNOMDXJUOXLSULMHQHJR6XQFHL]DHVD]DSDGD.UNOMDQMHMHJODVNRMLVHSRMDYOMXMHL]JUODSULOLNRPYDHQMDGXHDSRGRYLPQDYHGHQRPVHHOLUHLGDWHYEDEXGHXLQMHQDSULMHPDORJLYHOLNRJNLMDPHWDMHU3RVODQLNVDYVNDH.RXLQLWHYEX$OODKXSULMHQHJRWRPXGXD]DNUNOMD$OODKHPXMHSULPLWL%LOMHH$KPHGL7LUPL]L7DNRHUMHUHNDR.RXLQLWHYEXSULMHQHJRWR6XQFHL]DHVD]DSDGD$OODKHPXRSURVWLWL%LOMHL0XVOLP
-
HOLP GD VH SRNDMHP $OL" VWUDQD 9(/,.$7(9%$
2YGMHHPRQDYHVWLMHGDQQDLQQDNRMLMHSUYD
VNXSLQDRYRJXPPHWDDVKDEL5HVOXOODKDVDYVLQLODWHYEX
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
-
HOLP GD VH SRNDMHP $OL" VWUDQD LVNRSDUXSDGRQMHQLKSUVDWHMHQDUHHQROMXGLPDLRQLVXMHNDPHQRYDOL+DOLGLEQ9HOLGMHX]HRMHGDQNDPHQLSRJRGLRQMHQXJODYXWDNRGDJDMHQMHQDNUYSRSUVNDODSROLFXDRQMHSRHRGDMHJUGL3RVODQLNVDYVMHWRXRLUHNDR3RODKNR+DOLGH7DNRPL2QRJDXLMRMMHUXFLPRMDGXDXLQLODMHWDNYXWHYEXGDMHXLQLODLVDKLEXPHNVRQDMNRMLQHSUDYHGQRQDPHHQDPHWHELORELMRMRSURWHQR=DWLPMRMMHNODQMDQDGHQD]DL]DNRSDQDMH%LOMHL0XVOLP
8MHGQRMSUHGDMLVWRMLGDMH2PHUUDUHNDR2$OODKRY3RVODQLHNDPHQRYDRVLMHD]DWLPVLMRMNODQMDRGHQD]X$RQMHUHNDR3RNDMDODMHVHWDNYRPWHYERPNDGDELMHUD]GLMHOLOLQDVHGDPGHVHWVWDQRYQLND0HGLQHELODELLPGRVWD6PDWUDOLLWDEROMLPRGVDPRUWYRYDQMDXLPH$OODKD%LOMHL$EGXUUH]DN
-
HOLP GD VH SRNDMHP $OL" VWUDQD
7(9%$%5,(21272-(%,/235,-(1-(
HDYDVHGDRYMHNNDHHOLPGDVHSRNDMHPDOLWDPLJDUDQWXMHGDHPL$OODKRSURVWLWLNDGDVHSRNDMHP-DHOLPELWLXVWUDMDQDOLPHREX]LPDRVMHDMGDHPRMDWHYEDELWLRGELMHQD.DGDELK]QDRGDHPL$OODKRSURVWLWLSRNDMDRELKVH"
2VMHDMNRMLLPDLPDOLVXQHNLOMXGLSULMHWHEHNRMLVXSULSDGDOLDVKDELPD$OODKRYD3RVODQLNDVDYV$NRSRGUREQRUD]PLVOLRRYHGYLMHSUHGDMHWDNDYRVMHDMHDNR$OODKGDQHVWDWL
,PDP0XVOLP$OODKPXVHVPLORYDRSUHQRVLNDNRMH$PULEQ$VSULPLRLVODP1DNRQWRMH$OODKGXVDGLRLVODPXPRMHVUFHRWLDRVDP3RVODQLNXVDYVLUHNDR3UXLVYRMXGHVQLFXGDWLGDPSULVHJX2QMHSUXLRVYRMXGHVQXUXNXDMDVDPVNORSLRVYRMXUXNX2QUHHWDMHVDWRERP$PUH"HOLPGDSRVWDYLPXYMHWUHNDRVDP2QUHHDSRVWDYLXYMHW]DWD"DPLEXGHRSURWHQRUHNDRVDP$OODKRY3RVODQLNVDYVUHH=DUQH]QD$PUHGDSULPDQMHLVODPDEULHRQRWRMHELORSULMHQMHJDGDKLGUDEULHRQRWRMHELORSULMHQMHLGDKDGGEULHRQRWRMHELORSULMHQMHJD"
,PDP0XVOLPSUHQRVLRG,EQ$EEDVDUDGDVXQHNLPQRJRERFLRJUH]OLXXELVWYLPDL]LQDOXNXDSRVOLMHGROL0XKDPPHGXVDYVLUHNOL2QRWRJRYRULLHPXSR]LYDMHGRLVWDGREURNDGDELQDPPRJDRUHLGDSRVWRMLLVNXS]DRQRWRVPRUDGLOL2QGDVXREMDYOMHQHULMHL8]YLHQRJ$OODKD,21,.2-,6(0,02$//$+$58*20%2*81(./$1-$-8,.2-,21(.2-(-($//$+=$%5$1,21(8%,-$-826,0.$35$9$=$+7-(9$,.2-,1(%/81,($.2725$,,6.86,(.$=18)XUNDQ
-
HOLP GD VH SRNDMHP $OL" VWUDQD $REMDYOMHQMHLDMHW5(&,252%29,02-,
.2-,67(6(35(0$6(%,2*5,-(,/,1(*8%,7(1$88$//$+2980,/267=XPHU
-
HOLP GD VH SRNDMHP $OL" VWUDQD $/,(0,$//$+235267,7,
HVLVHGDNDHHOLPGDVHSRNDMHPDOLPRML
JULMHVLVXYHRPDEURMQL1HPDUXQRJGMHODNRMHJQLVDPSRLQLRLNDGPLMHJULMHKSDRQDSDPHWMDVDPJDXUDGLR
7RMHGRORGRWHPMHUHGDQH]QDPGDOLMHPRJXHGDPL$OODKGRSURVWLWRVDPXUDGLRWRNRPWLKGXJLKJRGLQD"
3RWRYDQLEUDWH7RQLMHQDURLWSUREOHPWRYLHWRMHSUREOHPYHOLNRJEURMDRQLKNRMLHOHXLQLWLWHYEX
1DYHXSULPMHUMHGQRJPODGLDNRMLMHSRVWDYLRSLWDQMHUHNDYLGDMHVDJULMHVLPDSRHRRGUDQLKJRGLQDLWDNRGDMHGRVHGDPQDHVWHJRGLQHLPDRMHGDQGXJVSLVDNUD]QLKJULMHKDNDNRYHOLNLKWDNRLPDOLKJULMHKDNRMHMHSRLQLRYH]DQRL]DPODGHLVWDUHRVREHWDNRMHQDSUDYLRQHNROLNRNUDDD]DWLPUHNDR.DMHPVH8]YLHQRP$OODKXNODQMDPLSURYRGLPGLRQRLXLEDGHWXSRVWLPSRQHGMHOMDNLHWYUWDNXLP.XUDQSRVOLMHVDEDKQDPD]DGDOLHPLELWLRSURWHQR"
3ULQFLSNRGQDVPXVOLPDQDNDGDMHXSLWDQMXQDODHQMHSURSLVDLUMHHQMDMHVWHREUDDQMH.XUDQXLVXQQHWX.DGDVHREUDWLPR.XUDQXQDLHPRULMHL8]YLHQRJ$OODKD5(&,252%29,02-,.2-,67(6(35(0$6(%,2*5,-(,/,1(*8%,7(1$88$//$+2980,/267$//$+(6,*851269(*5,-(+(235267,7,212,67$012*235$7$,21-(0,/267,9,3295$7,7(6(*2632$586920(,32.25,7(086(=XPHU
2YRMHSUHFL]DQRGJRYRU]DSDPHWQRSLWDQMHRQMHMDVDQLQH]DKWMHYDELORNDNYRREMDQMHQMHWRVHWLHRVMHDMDGDVXJULMHVLSUHNREURMQLGRWHPMHUHGDLK$OODKQHHRSURVWLWLWDMRVMHDMVHMDYOMD]ERJQHSRVWRMDQMDYUVWRJXYMHUHQMDXYHOLLQX$OODKRYHPLORVWLQDSUYRPPMHVWX]ERJQHGRVWDWNDYMHUHGD$OODKPRHRSURVWLWLVYHJULMHKHQDGUXJRP]ERJVODERVWLMHGQHQDHRGOLNHVUFDDWRMHQDGDQDWUHHPL]ERJQHSRVWRMDQMDXYMHUHQMDGDMH
-
HOLP GD VH SRNDMHP $OL" VWUDQD XLQDNWHYEHEULVDQMHJULMHKDQDHWYUWRPPMHVWXDHPRRGJRYRU]DVYDNLQDYHGHQLSUREOHP
WRVHWLHSUYRJGRYROMQRMHNDRSRMDQMHQMHQDYHVWLULMHL8]YLHQRJ$OODKD$02-$0,/2672%8+9$7$69$.8679$5$UDI
.DGDMHULMHRGUXJRPGRYROMQRMHREUDWLWLSDQMXQDYMHURGRVWRMQLKDGLVNXGVLNRMLJODVL8]YLHQLMHUHNDR.REXGHVSR]QDRGD-DPRJXRSURVWLWLJULMHKHRSURVWLXPXLQHXREUDDWLSDQMXGRN0LQHXLQLLUN%LOMHL7HEHUDQL2YRVHRGQRVLQDYULMHPHNDGVHUREEXGHVXVUHWDRVDVYRMLP*RVSRGDURPQD$KLUHWX
WRVHWLHWUHHQDYHGHQHVWYDULQMXWUHWLUDKDGLVNXGVLNRMLJODVL2VLQH$GHPRYNDGD0HSR]RYHL]DPROL-DXWLRSURVWLWLRQRWRVLXLQLRLQHXREUDWLWLSDQMXRVLQH$GHPRYPDNDUWYRMLJULMHVLGRSLUDOLGRQHEHVNRJVYRGDD]DWLP]DWUDLGDWLRSURVWLPQHXREUDDWLSDQMXRVLQH$GHPRYPDNDUGRDRVDJULMHVLPDYHOLNLPNDR]HPOMD]DWLP0HVUHWQHQHSULSLVXMXLPLGUXJD-DXWLRSURVWLWLLVWRWROLNRRSURVWD%LOMHL,EQ0DGGH
WRVHWLHHWYUWHVWYDULGRYROMQRMHYH]DQR]DQMXQDYHVWLKDGLV9MHURYMHVQLNDVDYV2QDMNRVHSRNDMHVOLDQMHRQRPHNRQHPDJULMHKD%LOMHL,EQ0DGGH
6YDNRPNRMHPLOMHQMDGDHPX$OODKWHNRRSURVWLWLPQRJREURMQDUXQDGMHODQDYRGLPRRYDMKDGLV3UHQRVLVHRG(EX6HLGD6DGDLEQ0DOLNDLEQ6HQDPDUDGDMH5HVXOXOODKVDYVUHNDR0HXRQLPDNRMLVXELOLSULMHYDVELRMHQHNLRYMHNNRMLMHXELRGHYHGHVHWLGHYHWRVREDSDMHSLWDR]DQDMXHQLMHJRYMHNDQDVYLMHWXWHVXJDXSXWLOLVXJDQDMHGQRJUDKLEDLVSRVQLND2GHGRVSRPHQXWRJUDKLEDLNDHPXGDMHXELRGHYHGHVHWGHYHWRVREDSDJDRQGDXSLWDGDOL]DQMHJDLPDRSURVWDRG$OODKD"1DWRPXUDKLENDHGD]DQMHJDQHPDRSURVWDRYMHNVHQDWRSRGLHLXELUDKLEDNRMLPMHQDSXQLRVWRWLQXXELMHQLK=DWLPMH
-
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
DOLVDGDVPDWUDWLNRMLHOLWHYEXXLQLWLGDVXWYRMLJULMHVLYHLRGJULMHKDRYRJRYMHNDNRMHPVH$OODKGVPLORYDR"6WRJDHPXRDM
%UDWHXLVODPXRYDVWYDUL]LVNXMHMRYHXSDQMXSRJOHGDMGREURWDNDH8]YLHQL$OODKG,21,.2-,6(0,02$//$+$58*20%2*81(./$1-$-8,.2-,21(.2-(-($//$+=$%5$1,21(8%,-$-8
-
HOLP GD VH SRNDMHP $OL" VWUDQD 26,0.$35$9$=$+7-(9$,.2-,1(%/81,($.2725$,,6.86,(.$=183$71-$(081$212069,-(788926758(1$%,7,,9-(12(81-2-321,(1267$7,$/,21,0$.2-,6(32.$-8,8=9-(58-8,2%5$-(/$,1($//$+(1-,+29$5$9$-(/$82%5$3520,-(1,7,$$//$+35$7$,6$0,/267$1-()XUNDQ2=DVWDQLPRNRGULMHL$//$+(1-,+29$5$9$-(/$82%5$3520,-(1,7,)XUNDQ
2YHULMHLJRYRUHRQHL]PMHUQRM$OODKRYRMGGREURWL8HQMDFLNDXGDSRVWRMHGYDQDLQDGDORDGMHODEXGX]DPLMHQMHQDGREULPGMHOLPD
359,DORDVYRMVWYDEXGX]DPLMHQMHQDGREULPVYRMVWYLPDNDRQDSULPMHUGDLUNEXGH]DPLMHQMHQLPDQRP]LQDOXNHGQRXODLVNUHQRXQHSRYMHUHQMHSRYMHUHQMRPLWG
58*,DUXQDGMHODEXGX]DPLMHQMHQDGREULPGMHOLPDQD6XGQMHPGDQX5D]PLVOLGREURWDNDH8]YLHQL$OODKG$//$+(1-,+29$/2$-(/$82%5$3520,-(1,7,1LMHUHHQRXPMHVWRVYDNRJORHJELHMHGQRGREURGMHORMHUPRHELWLPDQMHLOLYLHXSRJOHGXEURMDLNROLLQHWRRYLVLRGRQRJDNRLQLSRNDMDQMHLOLRGSRWSXQRVWLQMHJRYHWHYEHWDPLVOLSRVWRMLOLGREURWDYHDRGRYH"
8VOMHGHHPKDGLVXSRJOHGDMQHWRWRJRYRULRWRMERDQVNRMSOHPHQLWRVWL
3UHQRVLVHRG$EGXUUDKPDQDLEQXEHMUDDRYDMRG(EX7DYLOHDWLE(O0HQGXGDGDMHRQGRDR$OODKRYRP3RVODQLNXVDYVDXGUXJRMSUHGDMLVWRMLGDMHGRDRQHNLVWDUDFXGXERNRMVWDURVWLREUYHVXPXSDGDOHSRRLPDRVODQMDRVHQDWDSLVWDRSUHG3RVODQLNDVDYVUHNDYLWDPLVOL]DQHNRJRYMHNDNRMLMHUDGLRVYDNRMDNHJULMHKHLQLMHELORJULMHKDNRMHJQLMHSRLQLRXWRPJULMHHQMXQLMHSURSXVWLRELORNDNYXPDOXLOLYHOLNXSRWUHEXDGDMRMQLMHXGRYROMLRDXMHGQRMSUHGDMLVWRMLDGDMHVHQLMHGRPRJDRVYRMRPGHVQLFRPNDGDEL
-
HOLP GD VH SRNDMHP $OL" VWUDQD VHQMHJRYLJULMHVLSRGLMHOLOLPHXVWDQRYQLFLPD]HPOMHXQLWLOLELLKLPDOLWDNDYRYMHNSUDYRQDWHYEX"3RVODQLNVDYVJDXSLWDDOLVLSULPLRLVODP"2QUHH-DVYMHGRLPGDQHPDGUXJRJERJDRVLP$OODKDLGDVLWL$OODKRY3RVODQLN5DGLGREUDGMHODLNORQLVHORLKGMHODSDHWLLK$OODKGVYDGREULPXLQLWLUHHPX3RVODQLNVDYV,YDUDQMHLUD]YUDWQRVW"XSLWDRQDUHH3RVODQLNVDYV2QUHH$//$+8(.%(5LQHSUHVWDQRWRJRYRUHLL]JXELVHL]YLGD+HMVHPLNDHGD7DEHUDQLL%H]]DUSUHQRVHVOLDQKDGLV
-HGDQRYMHNNRMLMHXLQLRWHYEXSLWD%LRVDPX]DEOXGLLQLVDPREDYOMDRQDPD]XGDOMLRVDPVHWLPHRGLVODPDDOLVDPUDGLRQHNDGREUDGMHODDOLHPLWDGMHODQDNRQWRVDPVHSRNDMDRELWLSULPOMHQDLOLHRWLLXQHSRYUDW"
(YRRGJRYRUDQDWRSLWDQMH3UHQRVLVHRG8UYHLEQ=XEHMUDGDPXMH,EQ+D]]DPUHNDRGDMHRQSLWDR$OODKRYRJ3RVODQLNDVDYV2$OODKRY3RVODQLHWDPLVOLRQHNLPDGMHOLPDNRMDVDPLQLRXGDKLOLMMHWXNDRWRVXVDGDNDRVOREDDQMH]DUREOMHQLNDRGUDYDQMHURGELQVNLKYH]DGDOLXLPDWLQDJUDGX]DQMLK3DPXMH$OODKRY3RVODQLNVDYVUHNDR7LVLXDRXLVODPVDGREULPGMHOLPDNRMDVLXUDGLR%LOMHL%XKDULMD
*ULMHVLELYDMXRSURWHQLORDGMHOD]DPLMHQMHQDGREULPGREUDGMHODL]YUHPHQDGDKLOLMMHWDELYDMXXSLVDQDRQRPHNRLKMHXUDGLRQDNRQWRVHSRNDMHLWDMR"
-
HOLP GD VH SRNDMHP $OL" VWUDQD 7$$85$,0.$$32,1,0*5,-(+"
3LWDVH.DNRGDVHSRNDMHPLVWRJWUHQDNDGD
XLQLPJULMHKLGDOLLPDQHWRWRWUHEDPXUDGLWLRGPDKQDNRQWRXLQLPJULMHK"
2QRWRWUHEDXVOLMHGLWLQDNRQJULMHKDMHSUHVWDQDNVDLQMHQMHPJULMHKDLWRVHPRHSUHGVWDYLWLVDGYLMHUDGQMH
3RVWXSFLVUFDNRMLVHRJOHGDMXXNDMDQMXLYUVWRMRGOXQRVWLGDVHJULMHKQHHSRQRYRLQLWLWRQDVWDMHNDRUH]XOWDWVWUDKDRG$OODKGL
)L]LNLSRVWXSFLNRMLVHRJOHGDMXNUR]LQMHQMHUD]OLLWLKGREULKGMHODXNRMDVSDGDMXVDODWWHYEHQDPD]SRNDMDQMDRHULMDWVNRMXWHPHOMHQRVWLRYRJQDPD]DJRYRULVOMHGHLKDGLV3UHQRVLVHRG(EX%HNUDUDGDMHUHNDRXRVDPRG$OODKRYRJ3RVODQLNDVDYVNDNRJRYRUL.RMLJRGRYMHNSRLQLJULMHKDSRWRPVHRLVWLLNODQMDGYDUHNDWDL]DPROL$OODKD]DRSURVWELHPXRSURWHQR%LOMHH$VKDEX6XQHQ
=DWLPMHSURXLRRYDMDMHW,=$21(.2-,6(.$$*5,-(+32,1(,/,.$6(35(0$6(%,2*5,-(($//$+$6-(7(,235267=$692-(*5,-(+(=$02/($.2(*5,-(+(235267,7,$.21($//$+",.2-,69-(6128*5,-(+81(8675$-$9$-8$OL,PUDQ
3RVWRMHLGUXJHYMHURGRVWRMQHSUHGDMHNRMHJRYRUHRGYDUHNDWDNRMLEULXJULMHK
-
HOLP GD VH SRNDMHP $OL" VWUDQD *5,-(1,&,0(352*21(
.DHQDPHOLPGDVHSRNDMHPDOLPHPRML
GUXJRYLNRMLVXVNORQLLQMHQMXJULMHKDSURJRQHQDVYDNRPPMHVWXLLPSULPLMHWHQHNXSURPMHQXNRGPHQHHVWRNRPHQDSDGQXDMDRVMHDPGDVDPVODEWDGDLQLP"
%XGLVWUSOMLYMHURYRMH$OODKRY]DNRQXLVNXDYDQMX1MHJRYLKURERYDGDELVHLVNUHQLSUHSR]QDOLRGODOMLYDFDLGDEL$OODKGRGYRMLRRQRWRMHUXQRRGRQRJWRMHOLMHSR
.ROLNRJRGSXWDGDNUHQHRGSRHWNDEXGLSRVWRMDQMHUHMWDQLL]PHXGLQDLOMXGLPHXVREQRQDUHXMXGDELWHYUDWLOLQD]DGDWLQHPRMGDLPVHSRNRUL2QLHWLQDSRHWNXJRYRULWLGDMHWR]DQHVHQMDWYRNRMHHWHXEU]RSURLLSUROD]QDNUL]D
XGQRMHNDGQHNLRGQMLKNDXVYRPSULMDWHOMXNDGDRYDMRGOXLGDVHSRNDMH9MHURYDWQRJDMHVQDORQHNR]ORXGQRMHLNDNRMHMHGQDRGWDNYLKHQDNDGDMRMMHRYMHNVNRMLPMHELODXYH]L]DOXSLRWHOHIRQVNRPVOXDOLFRPMHUVHSRNDMDRLQLMHHOLRQDVWDYLWLVDJUMHHQMHPQD]YDODWRJRYMHNDQDNRQRGUHHQRJYUHPHQDUHNDYLPX0RGDHWHSURLWRKDOXFLQLUDQMH"
$OODKGNDH5(&,75$,0=$7,78*2632$5$/-8,9/$$5$/-8,%2*$/-8,2=/$(-7$1$1$3$61,.$.2-,=/(0,6/,8126,865&$/-8,2,1129$,2/-8,1DV
1DNUDMXGDOLMHSUHDSRNRUQRVW$OODKXGLOLSULMDWHOMLPDNRMLVXRJUH]OLXJULMHKX"2QLHWHWRPRUD]QDWLSURJDQMDWLQDVYDNRPPMHVWXLXSRWULMHELWHVYDVUHGVWYDGDWHYUDWHQDSXW]DEOXGH-HGDQRYMHNPLMHSULDRGDMHHQDNRMDMHUDGLODVDQMLPJULMHKQDNRQWRVHRQSRNDMDRQDUHLYDODVYRPYR]DXGDLGHL]DQMHJDGRNMHRQQDSXWXGRGDPLMHGDELJRYRULODVDQMLPNUR]SUR]RU
-
HOLP GD VH SRNDMHP $OL" VWUDQD 8.XUDQXVWRML$//$+(9-(51,.(
32672-$1205-(-889567,7,,1$2920,1$212069,-(78,EUDKLP
2QLHWHSRGVMHDWLQDSURORVWLOLMHSLPWLSUHGVWDYOMDWLSUHWKRGQHJULMHKHQDVYHQDLQHXVSRPHQDPDQDVWRMDQMLPDGDWLVHSULEOLHVOLNDPDSLVPLPDLVO1HPRMLPVHSRNRULWL%XGLRSUH]DQSUHPDQMLPDGDWHQHEL]DYHOL
6MHWLVHVOXDMDVHSOHPHQLWLPDVKDERP.DELEQ0DOLNRPNDGDMH5HVXOXOODKVDYVQDUHGLRVYLPDDVKDELPDGDJDERMNRWLUDMX]ERJWRJDWRMHL]RVWDRRGSRKRGDQD7HEXN
9ODGDUSOHPHQD*DVVDQQHYMHUQLNSRVODRPXMHSLVPRXNRMHPMHUHNDR6D]QDOLVPRGDWHWYRMLGUXJRYLL]EMHJDYDMX%RJWHQLMHVWYRULRX]HPOMLELMHGQLKLL]JXEOMHQLKQDQDPDMHGDWHEUDWVNLSULKYDWLPR
1HYMHUQLNMHHOLRGDSULGRELMHPXVOLPDQDWDNRWRHL]DLL]0HGLQHL]DOXWDWLX]HPOMLQHYMHUQLNRM
.DNDYMHELRVWDYSOHPHQLWRJDVKDED".DEMHUHNDRRNVDPJDLWDRUHNDRVDP2YRMHWDNRHLVNXHQMHRNUHQXRVDPVHVDQMLPSUHPDRJQMLWXLVSDOLRJD
2YDNRLWLNRMLYMHUXMHEXGLRGOXDQSUHPDVYHPXWRGROD]LRGSRNORQLNDJULMHKDVSDOLWRQHNDSRVWDQHSHSHRMHUSRPLVOLGDVLWLWDMNRMLJRULXDKLUHWVNRMYDWULMHUUHNDRMH$OODKG$7,%8,6753/-,9$//$+2922%($1-(-(=$,67$,67,1$,1(.$7(1,.$.21(2%0$1821,.2-,956721(9-(58-85XP2
-
HOLP GD VH SRNDMHP $OL" VWUDQD 21,0,35,-(7(
HOLPGDVHSRNDMHPDOLPRMLVWDULGUXJRYLPL
SULMHWHGDHUD]JODVLWLPRMHVUDPRWHPHXOMXGLPDLGDHPRMHWDMQHELWLL]QHVHQHSUHGVYLPDLRQLLPDMXVOLNHLGRNXPHQWHWHVHERMLP]DVYRMXJOHG6WUDKPHMH
1DRGJRYRUMH%RULVHSURWLYHMWDQRYLKRUWDNDHMWDQRYHVSOHWNHVXVODEH2YRVXSULWLVFLHMWDQRYLKSRPDJDDNRMLVXVHYUDWLOLSURWLYWHEHDOLHVHUDVSULWLLSRSDGDWLSUHGYMHUQLNRYRPVWUSOMLYRXLSRVWRMDQRX
7UHEDGD]QDXNROLNRSULVWDQHX]QMLKLSRSXVWLRQLHLPDWLMRYLHGRND]DSURWLYWHEHWHELWDNRVYDNDNRELRJXELWDN0HXWLPQHPRMSRSXVWLWLSUHGQMLPDL]DWUDLSRPRRG$OODKDGLUHFL+$6%,-$//$+89(1,$0(/9(.,/RYROMDQPLMH$OODKLGLYDQOLMH2Q]DWLWQLN
$OODKRY3RVODQLNVDYVNDGDELVHSODLRQHNLKOMXGLUHNDR$//$+800(,11,1($/8.(),18+85,+,09(1(8=8%,.(0,18585,+,0$OODKXQDPLYMHUXMHPRGDHLK7LUWYRYDWLLXWMHHPWLVHRGQMLKRYRJ]OD%LOMHH$KPHGL(EXDYXG
7DQRMHGDMHVLWXDFLMDWHNDLGDMHRVREXNRMDVHSRNDMHSURJDQMDMXRQLNRMLVXRJUH]OLXJULMHKXJRYRUHL6QLPLRVDPWYRMUD]JRYRUDLPDPLWYRMHVOLNHSDXNROLNRRGELMHGDL]DHVDQDPDRVUDPRWLXWHNRGWYRMHSRURGLFH
7DQRMHGDMHWRQH]DYLGQDVLWXDFLMD2EUDWLSDQMXQDUDWNRMHJHMWDQRYLSRPDJDLYRGHSURWLYRVREDNRMHVXVHSRNDMDOHDNRMHVXELOLSMHYDLLSMHYDLFHJOXPFLLJOXPLFH2QLL]QRVHQDMUXQLMHSURL]YRGHNRMHVXRQLXSURORVWLSURL]YHOLLL]ODXLKXMDYQRVWUDGLSVLKRORNRJUDWD
$OL$OODKMHVDERJRERMD]QLPDVDRQLPDNRMLVHNDMXL2QMH]DWLWQLNYMHUQLND2QLKQHHL]QHYMHULWLQLWLRVWDYLWLQLWLHURE]DWUDLWLXWRLWHNRG1MHJDDGDEXGHRGEDHQ1HND]QDGDSRVOLMHWHNRHGROD]LRODNLFDLGDSRVOLMHWMHVNREHGROD]LUDGRVWLXWMHKD
-
HOLP GD VH SRNDMHP $OL" VWUDQD %UDWHWLNRMLVHNDMHXSHDWOMLYRVOXDMRQHNRMLHWL
L]QLMHWLVDPRMHGDQGRND]]DRQRWRJRYRUH5DGLVHRSOHPHQLWRPDVKDEX0XUVLGXLEQ(EX0XUVLG(O*DPHYLMMXYMHLWRPLVSRVREQRPRYMHNXNRMLMHWDMQRSUHEDFLYDRQHPRQHPXVOLPDQHL]0HNNHX0HGLQX87LUPL]LMLQRP6XQHQXVWRML]DELOMHHQR%LRMHGQRPRYMHNNRMHJVX]YDOL0XUVLGELQ(EX0XUVLGRQMHSUHGYRGLR]DUREOMHQLNHL]0HNNHX0HGLQX$MHGQDSURVWLWXWNDX0HNNLNRMDVH]YDOD,QDNMHELODQMHJRYDSULMDWHOMLFD2QMHREHDRMHGQRPRG]DUREOMHQLNDX0HNNLGDHJDSURYHVWLRDRVDPNDHRQGRVMHQHMHGQRJPHNNDQVNRJ]LGD1RMHELODREDVMDQDPMHVHLQRP,QDNMHGRODLYLGMHODPRMXVMHQXQD]LGX.DGDMHGRODGRPHQHSUHSR]QDODPHMHLUHNOD0XUVLG"0XUVLGUHNDRVDPMDREURGRDRRLLSURYHGLQRNRGQDV-DVDPUHNDR,QDN$OODKMH]DEUDQLREOXG$RQDYLNQXOD+HMYLSRGDWRULPDRYDMRYMHNYDPRGYRGL]DUREOMHQLNH
2QGDVXNUHQXOL]DPQRPRVPRULFD-DVDPVHXSXWLRND+DQGHQLSR]QDWREUGRQDSULOD]XX0HNNXGRDRGRMHGQHSHLQHLXDRXQMX2QLVXGROLLJRWRYRGDVXPLVWDOLQDJODYXDOLMH$OODKXLQLRGDPHQHYLGH=DWLPVXVHYUDWLOLDMDVDPVHYUDWLRVYRPSULMDWHOMXLSRQLRJDDELRMHWHDNRDRVDPGRVNORQLWDSRNLGDRQMHJRYHODQFHLNUHQXRWDNRWRVDPJDQRVLRDWRPLMHSUHGVWDYOMDOR]DPRUGRNQLVDPGRDRGR0HGLQH
2WLDRVDP$OODKRYRP3RVODQLNXVDYVLGYDSXWDPXUHNDR$OODKRY3RVODQLHPRJXOLRHQLWL,QDN"$OODKRY3RVODQLNMHXWLRQHRGJRYDUDMXLQLWDGRNQLMHELORREMDYOMHQR%/81,.1(75(%$$6(2(1,26,0%/81,&20$%/81,&$1(75(%$$%8(32(/-1$26,0%/81.8,/,012*2%2&872-(=$%5$1-(129-(51,&,0$1XU
-
HOLP GD VH SRNDMHP $OL" VWUDQD 20XUVLGHEOXGQLNQHWUHEDGDVHHQLRVLPVD
EOXGQLFRPLOLPQRJRERNLQMRPDEOXGQLFDQHWUHEDGDEXGHSRHOMQDRVLPEOXGQLNXLOLPQRJRERFXWHMHQHPRMHQLWL6XQHQ7LUPL]LMH
DOLVLYLGLRNDNR$OODKGEUDQLRQHNRMLYMHUXMXLNRMLGREUDGMHODLQH
8QDMJRUHPVOXDMXDNRELVHLRVWYDULORRQRHJDVHSULERMDYDGDVHRWNULMXQHNHVWYDULLL]DXQDYLGMHORXWRPVOXDMXREMDVQLGUXJLPDVYRMXVLWXDFLMXLUHFLRWYRUHQRDELRVDPJUMHQLNXLQLRVDPWHYEX$OODKXLWDKRHWH"6YLWUHEDGDLPDPRQDXPXGDMHVWYDUQDVWUDQDVUDPRWDSUHG$OODKRPGQD6XGQMHPGDQXQDGDQXQDMYHHJSRQLHQMDQHSUHGVWRWLQRPLOLGYLMHQLWLKLOMDGRPLOLGYLMHYHMDYQRSUHGVYLPVWYRUHQMLPDPHOHNLPDGLQLPDLOMXGLPDRG$GHPDDVGRSRVOMHGQMHJRYMHND
8LQLPRGRYXNRMXMHLQLR,EUDKLPDV,1(265$027,0(1$$1.$$(/-8,2,9/-(1,%,7,1$$1.$$1((1,.$.92%/$*2$1,6,129,2.25,67,%,7,6$02(21$-.2-,$//$+8,67$65&$2(63$(1%,7,XDUD
8WUHQXFLPDNDGDEXGHXSULOLFLSRLQLWLJULMHKRVLJXUDMVH3RVODQLNRYRPDVGRYRP$OODKXQDVDNULMQDHPDKDQHL]DWLWLQDVRGRQRJDRGHJDVHERMLPR$OODKXQDSRGDULGDVHRVYHWLPRRQLPDNRMLQDP]XOXPXLQHLSRPR]LQDVSURWLYRQLKNRMLQDPQHSUDYGXQDQRVH$OODKXQDQHGRSXVWLGDVHQDLQHSULMDWHOMLL]DYLGQLFLQDVODXMXQDLPSRUD]RP
-
HOLP GD VH SRNDMHP $OL" VWUDQD *5,-(6,0,=$*25$9$-8,927
3RQHNDGNDH3RLQLRVDPPQRJHJULMHKHL
SRNDMDRVH$OODKXGDOLPHPRMLJULMHVLSURJDQMDMXXSRGVMHDQMHQDRQRWRVDPLQLR]DJRUDYDMXPLLYRWPXHPHXVQRYLPDQHGDMXPLVSDYDWLQRXUHPHWHPRMXQXWUDQMLPLU.RMLMHQDLQGDSRVWLJQHPXQXWUDQMLPLU"
%UDWHX,VODPXWDRVMHDQMDVXSRND]DWHOMLVNUHQHWHYEHLWRVDPRSRVHELSUHGVWDYOMDNDMDQMH.DMDQMHMHWHYEDQDRQRWRMHSURORRVYUQLVHVDQDGRPQDGRPGDHWL$OODKGRSURVWLWL1HJXELQDGXX$OODKRYXGSUDYGXLPLORVW
1$880,/267*2632$5$692*$02*8,=*8%,7,6$0221,.2-,68=$%/8-(/,+LGU
,EQ0HVXGUDNDH1DMYHLJULMHKMHSULSLVLYDWL$OODKXGUXJDLELWLVLJXUDQRG$OODKRYHNXQMHJXELWLQDGXX$OODKRYXPLORVWLSDGDWLXRDMVSUDP$OODKRYHSUDYGH%LOMHL$EGXUUH]]DN
9MHUQLNRYRGQRVSUHPD$OODKXGMHL]PHXVWUDKDLQDGH8SRMHGLQLPWUHQXFLPDSUHYODGDYDMHGQRRVMHDQMHDSRMHGLQLPGUXJR
.DGDYMHUQLNSRLQLJULMHKSUHYODGDYDRVMHDMVWUDKDXFLOMXSRNDMDQMDDNDGDVHSRNDMHGROD]LGRL]UDDMDRVMHDMQDGHNRMLWHLND$OODKRYRPGRSURVWX
-
HOLP GD VH SRNDMHP $OL" VWUDQD $/,$35,=1$0"
-HGQDRVREDMHXSLWDODWXQLPJODVRPHOLPGDVH
SRNDMHPDOLGDOLVDPREDYH]DQGDRGHPLSUL]QDPJULMHKNRMLVDPSRLQLR"DOLMHXYMHW]DYDOMDQRVWWHYEHGDSUL]QDPSUHGNDGLMRPXVXGQLFLVYHWRVDPXUDGLRWHGDWUDLPGDVHQDPHQLL]YULND]QD]DWHJULMHKH"
=DWLPWD]QDLVOXDMNRMLVDPSURLWDRPDORSULMHRSRNDMDQMX0XD]DLSRPHQXWHHQHWHRYMHNXNRMLMHSROMXELRQHNXHQXXYUDW
%UDWHYMHUQLHUHLXWLVOMHGHH9H]DL]PHXUREDL1MHJRYD*RVSRGDUDMHEH]SULYLOHJRYDQLKSRVUHGQLNDWRSUHGVWDYOMDYHOLDQVWYHQLWHYKLGNRMLPMH]DGRYROMDQ$OODKG
$.$7(52%29,02-,=$0(1(3,7$-8-$6$06,*8512%/,=82$=,9$06(02/%,02/,7(/-$%HNDUH
$NRYMHUXMHPRGDVHWHYEDLQL$OODKXGRQGDVHWDNRHLXLQMHQLJULMHVLSUL]QDMX$OODKXG8GRYL6HMMLGXOLVWLJIDUDNDHVH3UL]QDMHP7YRMHEODJRGDWLPHQLGDWHDSUL]QDMHPVYRMHJULMHKHRSURVWLPLMHUVHP7HEHQLNRJULMHKHQHPRHRSURVWLWL
0LKYDOD$OODKXGQLVPRNDRNUDQLNRGNRMLKSRVWRMLVYHWHQLNSUL]QDYDQMHXLVSRYMHGDRQLFLLJDUDQFLMXRRSUDWDQMXWRLGHGRNUDMQMHQHR]ELOMQRVWL
8]YLHQL$OODKGNDH=$51(=1$-821,$-(,12$//$+35,0$32.$-$1-(252%29$692-,+7HYED2DNOHEH]SRVUHGQLNDWRVHWLHL]YUHQMDND]QHXNROLNRRGOXNDRL]YUHQMXND]QHQHEXGHYHGRQHVHQDRGVWUDQHVXGLMHNDGLMHRYMHNQLMHREDYH]DQGDL]QHVHSUL]QDQMHMHUQHPDQLWDORHXWRPHGDRQDMNRJDMH$OODKGVDNULRVDNULMHVDPRJVHEH
RYROMQRPXMHGDXLQLWHYEX]DRQRWRMHL]PHXQMHJDL$OODKDG
WRVHWLHQDYHGHQLKRVRED0XD]DLRQHHQHNRMLVXSRLQLOLEOXGWHRYMHNDNRMLMHSROMXELRQHNXHQXX
-
HOLP GD VH SRNDMHP $OL" VWUDQD YUDWRQLVHQHNDMH$OODKG]DGRYROMDQVDQMLPDXLQLOLRQRWRQLVXPRUDOL]ERJXGQMH]DGXKRYQLPRLHQMHPMHU$OODKRY3RVODQLNVDYVMHRGYUDDR0XD]DXSRHWNXNDGDPXMHGRDRNDRLRQDHQDD2PHUUDMHLVWRWDNRUHNDR]DRYMHNDNRMLMHSROMXELRQHNXHQXXYUDW$OODKJDMHVDNULR7UHEDRMHLVDPGDVHVDNULMH$OODKRY3RVODQLNVDYVMHWRSUHXWLRNDR]QDNRGREUDYDQMD
6WRJDQLMHREDYH]QRLLQDVXGXFLOMXUHJLVWURYDQMDL]YDQLQRJSUL]QDQMDXNROLNRMH$OODKGGDRGDJULMHVLNRMHMHRYMHNSRLQLRRVWDQXWDMQRQLWLMHREDYH]QRRWLLGRLPDPDLWUDLWLL]YUHQMHND]QHQDGVRERPQLWL]DWUDLWLRGSULMDWHOMDGDPXSRPRJQXWDNRWRHJDL]ELHYDWLXNXLNDRWRQHNLPDSDGDQDXP2YGMHGROD]HGRL]UDDMDQDNDUDGQDUD]PLOMDQMDSRMHGLQLKQH]QDOLFDL]PHXRQLKNRMLHOHGDVHSRNDMXNDRWRMHVOXDMLVOMHGHHPVOXDMXNRMLHPRL]QLMHWL
1HNLRYMHNJUMHQLNMHRWLDRNRGLPDPDMHGQHGDPLMHNRMLMHELRQH]QDOLFD3UL]QDRPXMHJULMHKNRMLMHXLQLRL]DWUDLRRGQMHJDUMHHQMH2YDMPXMHLPDPUHNDRGDSUYRPRUDRWLLQDVXGL]DNRQVNLSUL]QDWLJULMHKQDNRQHJDELQDGQMLPELODL]YUHQDND]QD1DNRQWRMHRYDMVLURPDKVKYDWLRGDQHHPRLL]YULWLRQRWRPXMHUHHQRRGXVWDRMHRGWHYEHLQDVWDYLRUDGLWLSRVWDURP
,VNRULVWLXRYXSULOLNX]DMHGDQYDDQNRPHQWDULUHL0XVOLPDQLSR]QDYDQMHSURSLVDYMHUHMHHPDQHWNDRWRMHHPDQHWLWUDHQMHWLKSURSLVDXYMHURGRVWRMQLPL]YRULPD
$OODKGNDH$7(%,2%-$9/-8-(02.85$1$%,2%-$61,2/-8,0$21272,06(2%-$9/-8-(,$%,21,5$=0,6/,/,1DKO
2QWDNRHNDH21-(0,/267,9,,83,7$-21-(08212*$.2-,=1$)XUNDQ7DNRWUHED]QDWLGDQLMHVYDNLYDL]NYDOLILNRYDQGDGDMHIHWYHQLWLMHVYDNLLPDPGDPLMHLOLPXMH]LQNDGDUGDOMXGLPD]DQMLKRYHSUREOHPHGDHULMDWVNHSURSLVHQLWLMHVYDNLNQMLHYQLNLOLSULSRYMHGDWDMNRMLPRHSUHQRVLWLIHWYH
-
HOLP GD VH SRNDMHP $OL" VWUDQD 0XVOLPDQHRGJRYDUDWL]DWRRGNRJDMHX]LPDR
IHWYHLWRMHSLWDQMHNRMHLPDYMHUVNLNDUDNWHU$OODKRY3RVODQLNVDYVMHL]UD]LRGDVH]DVYRMHVOMHGEHQLNHERMLYRDNRMLHLKRGYHVWLQDVWUDSXWLFX
-HGDQRGSULSDGQLNDSUHWKRGQLKJHQHUDFLMDNDH2YDQDXNDMHYMHUDSDJOHGDMWHRGNRJDX]LPDWHYDXYMHUX5RERYL$OODKRYLSD]LWHVHRYRJSRGUXMDJGMHVHPRHRNOL]QXWLL]DRQRWRYDPVHSRMDYLNDRSUREOHPSLWDMXOHPX$OODKGMH2QDMNRMLGDMHSRPR
-
HOLP GD VH SRNDMHP $OL" VWUDQD 1(.(9$1()(79(9(=$1(=$21(.2-,(/(
8,1,7,7(9%8
0RGDHUHLHOLPGDVHSRNDMHPDOLQH]QDPSURSLVHNRMLVXYH]DQL]DWHYEXDXPRMRMJODYLVHURMHPQRJREURMQDSLWDQMDRWRPHNDNRXLQLWLYDOMDQXWHYEX]DQHNLJULMHKWHNDNRLVSXQLWLREDYH]HSUHPD$OODKXGNRMHVDP]DQHPDULR]DWLPNDNRYUDWLWLRQRWRSULSDGDOMXGLPDWRVDPX]HR,PDOLRGJRYRUQDRYRSLWDQMH"
(YR]DWHEHNRMLVHYUDDSRNDMDQMXQDSLWNDNRMLOLMHLHVWRNXH
3,7$1-(%LRVDPRSUH]DQXMHGQRPJULMHKXLSRNDMDRVH]DWDMJULMHKDOLPHQDGYODGDODGXDNRMDWHL]OXQHIVXHPPDUHWXELVVXLLYUDWLRVDPVHWRPJULMHKXDOLMHPRMDSUYDWHYEDQHLVSUDYQDLGDOLQRVLPRGJRYRUQRVW]DSUYRELWQLJULMHKL]DRQRSRVOLMHQMHJD"
2*29259HLQDXHQMDNDMHVWDYDGDXYMHW]DYDOMDQRVWWHYEHQLMHVDPRWRGDVHQHYUDDJULMHKXQHJRGDVHYDOMDQRVWWHYEH]DVQLYDQDSUHVWDMDQMXVDLQMHQMHPJULMHKDNDMDQMXLYUVWXRGOXQRVWGDVHQHHYUDWLWLQDWDMJULMHK8NROLNRELRQDMNRMLVHSRNDMDRSRQRYRXLQLRWDMJULMHKWREL]QDLORNDRGDUDGLQRYLJULMHK]DNRMLMHREDYH]DQXLQLWLQRYXWHYEXDLQMHJRYDSUYRELWQDWHYEDMHYDOMDQD
3,7$1-(DOLMHYDOMDQDWHYED]DQHNLJULMHKDNRMRXYLMHNLQLGUXJLJULMHK"
2*29259DOMDQDMHWHYEDNRMDMHXLQMHQD]DQHNLJULMHKSDPDNDUVHQDVWDYLORVDLQMHQMHPQHNRJGUXJRJJULMHKDXNROLNRWLJULMHVLQLVXRGLVWHYUVWHLXNROLNRQLVXPHXVREQRYH]DQL
3ULPMHUDUDGLXNROLNRELVHRYMHNSRNDMDR]ERJNDPDWHDQLMHVHSRNDMDR]ERJNRQ]XPLUDQMDDONRKRODXWRPVOXDMXMHQMHJRYRSRNDMDQMH]ERJNDPDWHYDOMDQRLREUQXWR$OLXNROLNRELVHSRNDMDRQDSULPMHU]ERJNDPDWH
-
HOLP GD VH SRNDMHP $OL" VWUDQD QDGRELWDLGDOMHSULPDRNDPDWXQDNUHGLWQMHJRYDWHYEDXWRPVOXDMXQHELELODYDOMDQD
,VWLMHVOXDMQDSULPMHUDNRELVHQHNRSRNDMDR]ERJXLYDQMDGURJHDLGDOMHQDVWDYLRVDNRQ]XPLUDQMHPDONRKRODLREUQXWR
,OLDNRELVHSRNDMDR]ERJLQMHQMDEOXGDVDQHNRPHQRPDQDVWDYLRUDGLWLVDGUXJLPHQDPDQMHJRYDWHYEDQHELELODYDOMDQD
8VWYDULUH]XOWDWRQRJDWRVXXUDGLOLMHVWHWRGDVXSUHOLVDMHGQHYUVWHJULMHKDQDGUXJX
3,7$1-(8SURORVWLVDPL]RVWDYLRQHNHGXQRVWLSUHPD$OODKXGNDRWRVXQDPD]NRMLQLVDPNODQMDRLOL]HNDWNRMLQLVDPGDYDRWDVDGDGDXLQLP"
2*29252QDMNRRVWDYLQDPD]SRPLOMHQMXNRMHSUHYODGDYDQLMHGXDQGDJDQDNODQMDYDMHUMHYULMHPHWRJQDPD]DYHSURORLQHPRHJDVWLLDOLHXPMHVWRWRJDPQRJRLQLWLWHYEHLVWLJIDULQDILOHSDHPX$OOODKGPRGDRSURVWLWL
$WRVHWLHRQRJDNRMLQLMHGDYDR]HNDWRQMHGXDQGDJDGDMHUMHQDWRREDYH]DQSUHPD$OODKXGVMHGQHVWUDQHLVLURPDQLPDVGUXJHVWUDQH
3,7$1-($NRMHSRLQMHQLJULMHKQDWHWXQHNRJRYMHNDNDNRVHXWRPVOXDMXLQLWHYED"
2*29252VQRYD]DRGJRYRUQDRYRSLWDQMHMHKDGLV$OODKRYRJ3RVODQLNDVDYV.RXLQLVYRPEUDWXQHSUDYGXXSRJOHGXOLQRJGRVWRMDQVWYDLOLLPRYLQHQHND]DWUDLKDODODRGQMHJDSULMHQHJRWRWREXGHX]HWRRGQMHJDVDPRJDQDDQNDGDQHHELWLQLGLQDUDQLGLUKHPDSDDNRLPDGQHQHNRGREURGMHORELHRGQMHJDRGX]HWRXYULMHGQRVWLXLQMHQHQHSUDYGHDDNRQHEXGHLPDRGREULKGMHODELHX]HWRRGORLKGMHODRQRJDNRPHMHXLQMHQDQHSUDYGDLSULSLVDQRQMHPX%LOMHL%XKDULMD
2QDMNRMLHOLGDVHSRNDMHULMHLHVHRYLKQHSUDYGLNRMHMHXLQLRLOLWDNRWRHYUDWLWLRGQRVQRQDGRNQDGLWLWR
-
HOLP GD VH SRNDMHP $OL" VWUDQD WRMHQHSUDYHGQRX]HRLOLXLQLRLOL]DWUDLRKDODODRGRQLKNRMLPDMHQDQLRQHSUDYGX8NROLNRPXRQQHELKDODOLRQHNDSRQRYLWUDHQMHKDODOD
3,7$1-(3RWYRULRVDPQHNXRVREXLOLRVREHXQMLKRYRPRGVXVWYX]DVWYDULNRMHQLVXXLQLOLDOLVDPGXDQGDLKREDYMHVWLPRWRPHLWUDLPGDPLKDODOHLXNROLNRQLVDPNDNRGDXLQLPWHYEX"
2*29253LWDQMHVHXRYRPVOXDMXWHPHOMLQDRFMHQLWDMHEROMHXUDGLWL"8NROLNRLKQHELSRYULMHGLRLOLL]D]YDROMXWQMXNDGDELLPVDRSWLRGDVLLKRNOHYHWDRLSRWYRULRREDYLMHVWLLKLREMDVQLLPWRL]DWUDLKDODODRGQMLKSDPDNDUWRELORXRSHQREH]GHWDOMLVDQMDNDRQDSULPMHUGDNDH3RJULMHLRVDPXSURORVWLSUHPDWHELLOLQDQLRVDPWLQHSUDYGXULMHLPDSDVHNDMHP$OODKXGLWUDLPGDPLKDODOL2YDNDYQDLQQHELELROR
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
8RYRPVOXDMX]DWHYEXVXGRYROMQHQHNHVWYDULXNRMHVSDGDVOMHGHHNDMDWLVHLWUDLWLRSURVWRG$OODKDGGREURUD]PRWULWLRGYUDWQRVWLSRNXHQRVWRYRJDJULMHKDLYMHURYDWLGDMHKDUDPRSRYUJQXWLVDPRJVHEHSUHGRQLPDNRMLVXXOLRJRYDUDQMHLSRWYRUXLGDVHL]MDVQLGDSRWYRUHQHRVREHQHPDMXQLWDVDRQLPWRMHSURWLYQMLKL]QLRGDSRKYDOQRJRYRULRRQLPDNRMHMHRJRYRULRPHX
-
HOLP GD VH SRNDMHP $OL" VWUDQD OMXGLPDSUHGNRMLPDMHL]UHNDRULMHLRJRYDUDQMDLGDL]QHVHQMLKRYHOLMHSHRVRELQHGDEUDQLRQRJDNRJDMHSRWYRULRNDGDQHNRHOLGDNDHQHWRUXQRRQMLPDGDPROL$OODKDGGDWRPRYMHNXEXGXRSURWHQLJULMHVLXRGVXWQRVWLWRJRYMHND(O0HGDULGL(O0XJQLQLVD(HUK
%UDWHYMHUQLHWUHEDXYLGMHWLUD]OLNXNRMDSRVWRMLL]PHXPDWHULMDOQLKSUDYDLJULMHKDPDWHULMDOQHSULURGHWHRJRYDUDQMDLSRWYRUH
.DGDVXXSLWDQMXPDWHULMDOQDSUDYDRQLQDGNRMLPDMHSRLQMHQJULMHKL]WRJGRPHQDHELWL]DGRYROMQLWLPHWRHVHSUL]QDWLSRLQMHQMHWDNYRJJULMHKDSUHPDQMLPDLQDGRNQDGDWHWHNRMDLPMHQDQHVHQD2QLHVHWRPHREUDGRYDWLLVWRJDQHELWUHEDORVNULYDWLWDNYHVWYDUL]DUD]OLNXRGSUDYDNRMDVXYH]DQD]DRYMHNRYXDVWMHUNDGDVHRYMHNXVDRSWLGDMHSUHPDQMHPXSRLQMHQJULMHKL]WRJDGRPHQDWRGRYRGLVDPRGRSRYHDQHWMHVNREHLX]QHPLUHQRVWL
3,7$1-(.DNRHVHSRNDMDWLXELFDNRMLMHL]YULRXELVWYRVSUHGXPLOMDMHP"
2*29251DXELFXVSUHGXPLOMDMHPSDGDWURVWUXNDREDYH]DREDYH]DSUHPD$OODKXGREDYH]DSUHPDXELMHQRPLREDYH]DSUHPDSRURGLFLXELMHQRJ
2EDYH]DSUHPD$OODKXGXRYRPVOXDMXVHL]YUDYDLVNOMXLYRWHYERP2EDYH]DSUHPDSRURGLFLXELMHQRJMHVWHGDLPVHSUHGDXELFDWHGDRQLX]PXVYRMDSUDYDNRMDVHPRJXRJOHGDWLELORNUR]SRUDYQDQMH.,6$6SODDQMHNUYDULQH,-(LOLGDPXRSURVWH$)93UHRVWDODMHREDYH]DSUHPDXELMHQRPNRMDVHQHPRHLVSXQLWLQDRYRPVYLMHWX8HQMDFLYH]DQR]DRYDMVOXDMNDXGDXNROLNRMHWHYEDXELFHYDOMDQDGDHJD$OODKGRVORERGLWLREDYH]HSUHPDXELMHQRPDXELMHQRPHQDGRNQDGLWLGREURPQD6XGQMHPGDQX2YRPLOMHQMHMHQDMSULNODGQLMH(O0HGDULG
3,7$1-(1DNRMLQDLQHVHSRNDMDWLNUDGOMLYDF"
-
HOLP GD VH SRNDMHP $OL" VWUDQD 2*2925$NRMHXNUDGHQDVWYDUXWRPWUHQXWNX
NRGQMHJDYUDWLHMHQMHQRPYODVQLNX8NROLNRWDVWYDUEXGHXQLWHQDLOLL]JXEOMHQDYULMHGQRVW]ERJXSRWUHEHLOLYUHPHQDNUDGOMLYDFMHGXDQQDGRNQDGLWLLVWXL]X]HYXNROLNRPXRQDMRGNRJDMHXNUDRWRKDODOL
3,7$1-(2VMHDPYHOLNXJULQMXVDYMHVWLNDGDVHVXVUHWQHPVDRQLPDRGNRMLKVDPXNUDRDOLQHPRJXGDLPWRNDHPQLWLGDWUDLPGDPLKDODOH.DNRGDSRVWXSLP"
2*29251LMHJULMHKGDQDHQHNLQDLQQDNRMLHULMHLWLRYDMVOXDMVDNRMLPVHQHPRHVXRLWL0RHRQRWRVLGXDQYUDWLWLLOLSRVODWSRQHNRMGUXJRMRVRELWUDHLRGQMHGDQHSRPLQMHWYRMHLPHLOLSRWRPLOLGDMHNULRPRVWDYLNRGQMLKLOLGDVHSRVOXLOXNDYVWYRPLNDH2YRYDPMHSRVODRQHNLRYMHNNRMLMHYDPGXDQYUDWLWLRYRDOLQHHOLGDPXVHVSRPLQMHLPH9DQRMHGDNOHYUDWLWLRQRWRLPSULSDGD
3,7$1-(.ULRPVDPNUDRL]GHSDPRJDRFDLVDGDHOLPGDVHSRNDMHP0HXWLPQH]QDPNROLNRVDPXNUDRLWHNRPLMHGDPXWRSUL]QDP"
2*29257UHEDGDRFLMHQLNROLNRMHWRVKRGQRRQRPHWRSUHWSRVWDYOMDGDVLXNUDRLOLYLHRGWRJD,QHELELORORHGDWRYUDWLVYRPHRFXWDMQRRQDNRNDNRVLLX]HR
3,7$1-(8NUDRVDPQHWRRGQHNLKOMXGL3RNDMDRVDPVH$OODKXGDOLQH]QDPDGUHVHWLKOMXGL"
UXJDRVREDSLWD8]HRVDPSURQHYMHURPRGUHHQLLPHWDNRGMHGQHILUPH0HXWLPQHUDGLPYLHXWRMILUPLQLWLXWRM]HPOML
7UHDRVREDSLWD8NUDRVDPL]MHGQHWUJRYDNHUDGQMHQHNXUREX3URGDYQLFDVHSUHPMHVWLODDMDQH]QDPNRMRMMHYODVQLN"
2*2925XDQVLWUDLWLRQHRGNRMLKVLXNUDRNROLNRJRGPRH8NROLNRLKQDHYUDWLLPWRWRVLLP
-
HOLP GD VH SRNDMHP $OL" VWUDQD X]HR0HXWLPDNRMHYODVQLNX]HWHVWYDULXPURRQGDMHSUHGDMQMHJRYLPQDVOMHGQLFLPD
0HXWLPDNRLKLSRUHGXSRUQRJWUDHQMDQHQDHSRGLMHOLWDMLPHWDNNDRVDGDNXXQMLKRYRLPH=DQLMHWLWRQDQMLKRYRLPHSDLDNRVHUDGLRQHYMHUQLFLPDMHU$OODKGLPMHGDRQDGXQMDOXNXDOLLPQHHGDWLQD$KLUHWX
,EQ.DMLP$OODKGPXVHVPLORYDRQDYRGLVOLDQVOXDMX(O0HGDULGNDNRMHQHNLRYMHNNRMLMHELRXPXVOLPDQVNRMYRMVFLXNUDRSOLMHQD]DWLPVHSRNDMDRQDNRQL]YMHVQRJYUHPHQDWHGRDRYRMVNRYRLVDRQLPWRMHXNUDRDRYDMMHRGELRGDWRSULPLRGQMHJDUHNDYL.DNRGDWRGDPYRMVFLNDGVXVHUD]LOL2QGDMHRYDMRYMHNRWLDR+DGGDGXLEQDLUXLSLWDRJDMH]DPLOMHQMH
+DGGDGPXMHRGJRYRULR$OODKG]QDYRMQLNHQMLKRYDLPHQDLSRULMHNORDMSHWLQXJGMHSULSDGDXEHMWXOPDOWMGUDYQXEODJDMQXRSSUHYDSUHRVWDOLGLRSRGLMHOLNDRVDGDNXSDHLP$OODKGWRGDWL2QMHWDNRLXLQLR.DGDMHWRND]DR0XDYLMLRYDMPXMHUHNDRDVDPWLMDUHNDRWRUMHHQMHYROLRELKYLHQHJRSRODVYRJLPHWND
.RG,EQ7HMPLMHSRVWRMLIHWYDNRMDVOLQDIHWYLQDYHGHQRMX(O0HGDULGX
3,7$1-(1HSUDYHGQRVDPSULVYRMLRRGUHHQLLPHWDNRGVLURDGLWUJRYDRVDPQMLPHLRVWYDULRSURILW,PHWDNVHPQRJRVWUXNRXYHDR2VMHWLRVDPVWUDKRG$OODKDGLNDMHPVH.DNRGDXLQLPWHYEX"
2*29256UHGQMHLQDMEROMHRGPLOMHQMDNRMHXHQMDFLLPDMXYH]DQR]DRYRSLWDQMHMHVWHGDVLGXDQYUDWLWLMHWLPLPDJODYQLFXLSRODSURILWDWDNRGDELVHPRJDRVPDWUDWLGDVXWLRQLRUWDFLXSURILWXDGDVHJODYQLFDYUDDQMLPD2YRMHPLOMHQMHHMKXOLVODPD,EQ7HMPLMHNRMH]DVWXSDL,PDP$KPHGDSULRULUHWPXMHGDRQMHJRYXHQLN,EQ.DMMLP0HGDULG
-
HOLP GD VH SRNDMHP $OL" VWUDQD 7DNRMHLXVOXDMXNDGDELQHNRXNUDRGHYXNRMDMH
QDSDLWHRQDURGLPODGXQDGRQDLSRODQMHQLKPODGXQDGLSULSDGDMXVWYDUQRPYODVQLNXDXNROLNRRQDXPUHGDHVHQMHQDYULMHGQRVWLSRODPODGXQDGLQMHQRPYODVQLNX
3,7$1-(1HNLRYMHNNRMLUDGLXDYLRQVNRPWUDQVSRUWXX]HRMHL]VWYDULNRMHVXSUHYR]LOLNDVHWRIRQ1DNRQQHNROLNRJRGLQDRQVHSRNDMDRDOLHYUDWLWLLVWLWDMNDVHWRIRQLOLYULMHGQRVWWRJNDVHWRIRQDLOLQHNLNDVHWRIRQNRMLPXMHVOLDQEXGXLGDVHWDYUVWDNDVHWRIRQDYLHQHSURGDMH"
2*29259UDWLHXSUDYRWDMNDVHWRIRQGRGDMXLRQROLNRNROLNRMHL]JXELRQDYULMHGQRVWLXVOMHGXSRWUHEHLOL]ERJYUHPHQDNRMHMHSURWHNORLWRQDSULNODGDQQDLQNDNRVHQHELVDPRSRQL]LR8NROLNRWRQHEXGHWRPRJXHL]YHVWLSRGLMHOLHVDGDNXXYULMHGQRVWLWRJNDVHWRIRQDLVSUHGQMHQRJVWYDUQRJYODVQLND
3,7$1-(,PDRVDPLPRYLQHNRMXVDPVWHNDRQDNDPDWLDOLVDPMHVYXSRGLMHOLRLQLMHRGQMHRVWDORNRGPHQHQLWD6DGDVDPVHSRNDMDRWDVDPGXDQXUDGLWL"
2*2925XDQVLVDPRGDVHLVNUHQRSRNDMH$OODKXG.DPDWDMHRSDVQDVWYDU$OODKGX.XUDQXQLMHQDMDYLRQLNRPHUDWRVLPRQLPDNRMLX]LPDMXNDPDWX8NROLNRVLSRGLMHOLRVDYLPHWDNRGNDPDWHRQGDXWRPSRJOHGXQLVLYLHQLWDREDYH]DQ
3,7$1-(.XSLRVDPDXWR]DQRYDFNRMLMHGMHOLPLQRELRKDODODGMHOLPLQRKDUDP7DMDXWRPRELOVHMRXYLMHNQDOD]LNRGPHQHWDGDXUDGLP"
2*2925.RNXSLQHNXVWYDU]DQRYDFNRMLMHGLMHORPKDODODGLMHORPKDUDPDWDVWYDUMHQHGMHOMLYDNDRQDSULPMHUNXDLOLDXWRXWRPVOXDMXGRYROMQRMHGDRYMHNL]QHNRJGUXJRJGLMHODLPHWNDL]GYRMLGLRNRMLMHMHGQDNL]QRVXKDUDPQRYFDLSRGLMHOLJDNDRVDGDNXXFLOMXRLHQMDWHNXSOMHQHVWYDUL$NRGLRL]KDUDPLPHWND
-
HOLP GD VH SRNDMHP $OL" VWUDQD SULSDGDGUXJLPDREDYH]QRJDMHYUDWLWLQMLPDQDQDLQNRMLMHSUHWKRGQRREMDQMHQ
3,7$1-(WDHVHXUDGLWLVDLPHWNRPNRMLMHVWHHQNDRSURILWRGSURGDMHGXKDQDLDNRMHSRPLMHDQLVDGUXJLPLPHWNRPNRMLMHKDODO"
2*2925.RWUJXMHVDVWYDULPDNRMHVXKDUDPNDRWRVXDSDUDWL]DLJUHNDVHWHVDQHGR]YROMHQLPVDGUDMHPLOLGXKDQRP]QDMXLGDMHWRKDUDPD]DWLPVHSRNDMHXWURLHSURILWRGWHQHGRSXWHQHWUJRYLQHXGREURXVPLVOXRLHQMDLPHWNDDOLWRVHQHVPDWUDVDGDNRPMHU$OODKGSULPDVDPRGRSXWHQHVWYDUL
$NRMHRYDMKDUDPLPHWDNSRPLMHDQVHGUXJLPLPHWNRPNRMLMHKDODONDRQDSULPMHUNDGDWUJRYDFSURGDMH]DMHGQRLGXKDQLGUXJXGRSXWHQXUREXRQHSURFLMHQLWLNROLNLMHL]QRVKDUDPSURILWDLL]GYRMLWLJDWDNRGDSUHRYODGDYDSRQMHJRYRPPLOMHQMXGDMHRLVWLRLPHWDNRGKDUDP]DUDGH
$OODKGHPXGREURPQDGRNQDGLWLMHU2QRELOQRGDMHL2QMH3OHPHQLW2SHQLWRDNRRQDMNRMLLPDLPHWNDVWHHQRJQDKDUDPQDLQLHOLGDVHSRNDMHGXDQMH
XNROLNRMHELRQHYMHUQLNNDGDMHVWLFDRWDMLPHWDNRQGDSULOLNRPLQMHQMDWHYEHQLMHREDYH]DQGDHOLPLQLHWDMLPHWDNMHU$OODKRY3RVODQLNVDYVQLMHREDYH]LYDRDVKDEHGDSULOLNRPSULPDQMDLVODPDRGVWUDQHLPHWDNNRMLVXVWHNOLQDKDUDPQDLQ
0HXWLPXNROLNRMH]DYULMHPHVWLFDQMDKDUDPLPHWNDELRPXVOLPDQL]QDRGDMHWRQHGR]YROMHQRRQGDHNDGDXLQLSRNDMDQMHELWLGXDQGDL]GYRMLLPHWDNNRMLMHVWHNDRQDKDUDPQDLQ
3,7$1-(1HNDRVREDMHX]LPDODPLWR]DWLPMH$OODKGXSXWLQDSUDYLSXWWDHXUDGLWLVDLPHWNRPNRJDMHX]HRNDRPLWR"
2*29259H]DQR]DRYRSLWDQMHPRJXSRVWRMDWLGYLMHVLWXDFLMH
$NRMHPLWRX]HWRRGRWHHQHVWUDQHRQGDVHRQRWRMRVRELPRUDYUDWLWLMHURQDQLMHLPDODQDLQDGDRVWYDUL
-
HOLP GD VH SRNDMHP $OL" VWUDQD VYRMHSUDYRRVLPSXWDPLWD8WRPVOXDMXRQDMNRLQLWHYEXGXDQMHGDYUDWLRQRWRMHX]HRRGRYRJGDYDRFDPLWDMHUVHWRVPDWUDQDVLOQRRGX]HWLPLPHWNRPEXGXLGDMHRYDMWRGDRSRGSULVLORP
$NRMHPLWRX]HWRRGQHNRJRYMHNDNRMLMHKWLRWLPHSULVYRMLWLQHWRWRPXQHSULSDGDRQGDPXVHQHHYUDWLWLRQRWRMHX]HWRRGQMHJD2QDMNRLQLWHYEXHVHXRYRPVOXDMXRWDUDVLWLWRJKDUDPLPHWNDXWURLYLJDQDSXWXGREUDLSRGLMHOLWLJDQDSULPMHUVLURWLQML2QHWDNRHXLQLWLSRNDMDQMH]DWRWRMHVSUMHLRGDRQLNRMLPDSULSDGDMXQHNDSUDYDRVWYDUHVYRMDSUDYD
3,7$1-(5DGLRVDPKDUDPSRVORYHLX]LPDR]DWRQRYDFDOLVDPVDGDGXDQYUDWLWLWDVUHGVWYDRQLPDNRMLVXPLSODWLOL"
2*29252VREDNRMDUDGLKDUDPSRVORYHLOLSUXDXVOXJHNRMHVXKDUDPWHX]LPD]DWRSURWXXVOXJHLOLQDJUDGHXNROLNREXGHLPDODQHWRRGWLKVUHGVWDYDNDGDVHSRNDMHUMHLHLKVHWDNRWRHLKSRGLMHOLWLNDRVDGDNXDQHHLKYUDDWLRQLPDRGNRJDLKMHX]HOD
7DNRQDSULPMHUEOXGQLFDNRMDMHX]LPDODQRYDF]DSURVWLWXFLMXQHHYUDDWLQRYDFEOXGQLNXNDGDVHSRNDMH
3MHYDNRMLMHX]HRQRYDF]DKDUDPSMHYDQMHNDGDVHSRNDMHQHHYUDDWLQRYDFQDUXLRFX]DEDYH
3URGDYDDONRKRODLOLGURJHQHHYUDDWLQRYDFRQLPDNRMLVXNXSRYDOLQDYHGHQRRGQMHJDQDNRQWRVHSRNDMH
2QDMNRMLMHODQRVYMHGRLRX]LPDMXLQDGRNQDGX]DWRQHHQDNRQWRVHSRNDMHYUDDWLWRWRMHX]HRNDRQDGRNQDGXRQRPHNRJDMHDQJDRYDR]DODQRVYMHGRHQMH5D]ORJ]DQDYHGHQRMHVWHGDXNROLNRELVHYUDDRKDUDPLPHWDNJUMHQLNXNRMLMHSODWLRWLPHELRQGRELRGXSOXNRULVWRGKDUDPDLELRSRPRJQXWXQHSRVOXQRVWL$OODKXGWHMH]ERJWRJDGRYROMQRGDVHULMHLRYRJDQRYFDSRGMHOLYLJDNDRVDGDNX2YRMHPLOMHQMHHMKXOLVODPD,EQ7HMPLMMHNRMHMHRGDEUDRQMHJRYXHQLN,EQ.DMMLP(O0HGDULG
-
HOLP GD VH SRNDMHP $OL" VWUDQD 3,7$1-(3RVWRMLMHGQDVWYDUNRMDPH
X]QHPLUDYD3RLQLRVDPEOXGVDMHGQRPHQRP.DNRGDVHSRNDMHPLGDOLPLMHGRSXWHQRGDVHQMRPRHQLPGDELSULNULRVUDPRWX"
UXJDRVREDNDHGDMHSRLQLODEOXGXLQRVWUDQVWYXLGDMHWDHQD]DWUXGQLODVDQMLPWHSLWDGDOLVHWRGLMHWHUDXQDQMHJRYLPLGDOLMHREDYH]DQGDDOMHVUHGVWYD]DQMHJRYRL]GUDYDQMH"
2*29253LWDQMHYH]DQR]DEOXGMDYOMDVHXWDNRYHOLNRPEURMXGDWRVYLPPXVOLPDQLPDQDPHHREDYH]XGDREUDWHSDQMXQDVLWXDFLMXXNRMRMVXVHQDOLLQDSRSUDYOMDQMXWHVLWXDFLMHVKRGQR.XUDQXLVXQQHWX
8WRPSRJOHGXWUHEDQDURLWRSD]LWLQDREDYH]XVSXWDQMDSRJOHGD]DEUDQDRVDPOMLYDQMDPXNDUDFDLHQHSD]LWLQDWRGDVHPXNDUFLLHQHQHUXNXMXYRGLWLUDXQDRREDYH]QRVWLHULMDWRPSURSLVDQRJSRNULYDQMHHQHYRGLWLUDXQDRRSDVQRVWLNRMXQRVLPHXVREQRPLMHDQMHLNRQWDNWLUDQMHPXNDUDFDLHQDQHSXWRYDWLXQHYMHUQLNH]HPOMHSD]LWLQDPXVOLPDQVNXNXXLSRURGLFXUDQRVWXSDWLXEUDNQHREUDDMXLSDQMXQDWHNRHNRMHVHSRMDYOMXMXLWG
WRVHWLHVDPRJSLWDQMDSRVWRMHGYLMHPRJXQRVWL8NROLNRQHNRXLQLEOXGVDHQRPSULVLOLYLMHQDWR
GXDQMHGDMRMSODWLWLPHKUNDRQDNQDGX]DWHWXNRMDMRMMHXLQMHQDX]LVNUHQRSRNDMDQMH$OODKXG8NROLNRWDMVOXDMGRSUHGRLPDPDRGQRVQRGRNDGLMHGXQRVWMHGDVHQDGQMLPL]YULND]QD(O0HGDULG
8NROLNRMHSRLQLRVDQMRPEOXGX]QMHQSULVWDQDNRQGDMHGXDQGDXLQLVDPRWHYEX
1MHPXXSULQFLSXQHSULSDGDGLMHWHQLWLMHGXDQGDJDL]GUDYDMHUMHGLMHWHURHQRL]EOXGQRJRGQRVDWHNDRWDNYRSULSDGDPDMFLLQLMHGRSXWHQRSULSLVLYDWLJDEOXGQLNX
RYMHNNRMLQDNRQRYRJDXLQLWHYEXVHQHPRHRHQLWLEOXGQLFRPGDELSULNULRSUREOHPMHU$OODKGNDH%/81,.1(75(%$$6(2(1,26,0%/81,&20,/,012*2%2.,1-20$%/81,&$1(
-
HOLP GD VH SRNDMHP $OL" VWUDQD 75(%$$%8(32(/-1$26,0%/81,.8,/,012*2%2&872-(=$%5$1-(129-(51,&,0$1XU
6WXSDQMHXEUDNVDHQRPNRMDQRVLXXWURELSORGL]EOXGQLNRJRGQRVDQLMHGRSXWHQRPDNDUWDMSORGELRLRGVDPRJRQRJNRHOLEUDNVDWRPHQRP
7DNRHQLMHGRSXWHQRVWXSLWLXEUDNVDHQRP]DNRMXVHQH]QDGDOLMHQRVHDLOLQH8NROLNRELVHMHGQRLGUXJRLVNUHQRSRNDMDOLXWRPVOXDMXELORELPXGR]YROMHQRGDVHRHQLQMRPHL]DSRQHVDQMRPQRYLLYRWNRMLPMH]DGRYROMDQ$OODKG
3,7$1-(HVLORVHQHNDQDV$OODKGVDXYDGDVDPSRLQLREOXGLVWXSLRXEUDNVDHQRPVDNRMRPVDPSRLQLREOXG3URYHOLVPRJRGLQHXEUDNXLSRNDMDOLVH$OODKXGLVNUHQRWDVDPGXDQXLQLWL"
2*29258NROLNRMHWHYEDLMHGQRJLGUXJRJYDOMDQDGXQLVWHGDSRQRYLWHDNWVWXSDQMDXEUDNVKRGQRXVORYLPDNRMHQDODHHULMDWNDRWRVXGRSXWHQMHVWDUDWHOMDLSULVXVWYRVYMHGRND1LMHREDYH]QRGDWREXGHSUHGVXGRPXNROLNRWREXGHREDYOMHQRVDPRXNXLELHGRYROMQR
3,7$1-(-HGQDHQDNDHGDVHXGDOD]DPXDNRMLMHKXPDQRYMHN8YUHPHQXSULMHEUDNDXUDGLODMHQHNHVWYDULNRMLP$OODKGQLMH]DGRYROMDQWHMHVDGD]ERJWRJDJUL]HVDYMHVW2QDSLWDGDOLMHGXQDND]DWLVYRPHPXX]DRQRWRMHXUDGLODXSURORVWL"
2*29251LMHGQRRGVXSUXQLNDQLMHGXQRUHLGUXJRPH]DSRNXHQHUDGQMHNRMHMHXLQLORXSURORVWL.RMHSRLQLRUXQDGMHODQHNDWRVDNULMHLQHNDVHSRNDMHLVNUHQRPWHYERP
8NROLNRVHQHNRRHQLHQRP]DNRMXVHVPDWUDGDMHQHYLQDDSULOLNRPRGQRVDLVSRVWDYLVHGDQLMHQHYLQD]ERJEOXGDSRLQMHQRJXSURORVWLRQLPDSUDYRGDX]PHPHKUNRMLMRMMHGDRLGDMHSXVWL
-
HOLP GD VH SRNDMHP $OL" VWUDQD 0HXWLPDNRVHYLGLGDVHSRNDMDODWHVDNULMHWRL
RVWDYLMHSULSDGDPXQDJUDGDLVHYDSRG$OODKDG3,7$1-(WDMHGXDQXLQLWLRQDMNRXLQL
WHYEX]DJULMHKKRPRVHNVXDOL]PD"2*29252EMHRVREHNRMHWRLQHGXQHVX$OODKX
GVHLVNUHQRSRNDMDWL1LMHSR]QDWRGDMH$OODKGND]QLRELORNRMLQDURG
RQDNRNDRWRMHND]QLR/XWRYQDURG]ERJJUR]RWHQMLKRYRJJULMHKD2QLVXNDQMHQLVOMHGHLPND]QDPDRGX]HRLPMHYLGSDVXSRVWDOLVOLMHSLSDVXL]EH]XPOMHQRWXPDUDOLNDRWR8]YLHQLNDH3$602,+0,26/,-(3,/,.DPHU7DNRHU$OODKLPMHSRVODRVWUDDQNULNSUHYUQXRMHXSRWSXQRVWQMLKRYHNXH$OODKMHVSXVWLRQDQMKNDRNLXJUXPHQMHRGSHHQHJOLQHLVYHGRMHGQRJLKXQLWLR6WRJDMHLND]QD]DRQRJDNRSRLQLRYDMJULMHKVPUWELRRQRHQMHQLOLQH
9H]DQR]DWR3RVODQLNVDYVNDH.RJDQDHWHGDUDGLRQRWRMHUDGLR/XWRYQDURGXELMWHLRQRJDNRMLWRLQLLRQRJDVNLPWRLQL%LOMHH(EXDYXG7LUPL]LL,EQ0DGGH
3,7$1-(8LQLRVDPWHYEX$OODKXGPHXWLPMDSRVMHGXMHPQHNH]DEUDQMHQHVWYDULNDRWRVXPX]LNLLQVWUXPHQWLNDVHWHLILOPRYLDOLPLMHGRSXWHQRGDLKSURGDPQDURLWR]ERJWRJDWRRQHLPDMXYLVRNXFLMHQX"
2*29251LMHGRSXWHQRSURGDYDWL]DEUDQMHQHVWYDULDQRYDFRGQMLKRYHSURGDMHMHKDUDP$OODKRY3RVODQLNVDYVNDH.DGD$OODKG]DEUDQLQHNXVWYDU2Q]DEUDQLGDMRMVHRGUHGLFLMHQD%LOMHL(EXDYXGKDGLVMHVDKLK
1LMHWLGR]YROMHQRSURGDWLGUXJLPDELORWD]DWR]QDGDHJDRQLXSRWULMHELWLXQHGR]YROMHQHVYUKHMHUMH$OODKG]DEUDQLRUHNDYL,1(320$,7(6(8*5,-(+8,1(35,-$7(/-67980DLGH
WRJRGGDL]JXELRGGXQMDOXNRJLPHWNDXRYRPVOXDMXWUHEDGD]QDGDMHRQRWRMHNRG$OODKDEROMHL
-
HOLP GD VH SRNDMHP $OL" VWUDQD WUDMQLMHL2QHWLQDGRNQDGLWLL]6YRMHGREURWHLSOHPHQLWRVWL
3,7$1-(%LRVDPX]DEOXGLLULRVDPVHNXODULVWLNHLGHMHLSLVDRDWHLVWLNHEH]ERQLNHODQNHVYRMXSRH]LMXVDPXSRWUMHEOMDYDR]DLUHQMHUD]X]GDQRVWLLJULMHKD$OODKGPLMHSRGDULRPLORVWLL]YHRPHL]WPLQHQDVYMHWORLXSXWLRPH.DNRGDVHSRNDMHP"
2*29257DNRPL$OODKDQDMYHDEODJRGDWLQDMYHHGREURLQVWYRWRMHXSXWDQHNDMHKYDOD$OODKXQDWRPH0ROLP$OODKDGDQDVXYUVWLLGDQDPXYHD6YRMXPLORVW
WRVHWLHRQRJDNRVHVYRMLPMH]LNRPLSHURPNRULVWLRXERUELSURWLYLVODPDLUHQMDLVNULYOMHQLKYMHURYDQMDLOLQRYRWDULMDNRMLYRGHX]DEOXGXWHWLPHSRVUQXRXVYDNRMDNLJULMHKLUD]YUDWRQMHGXDQXLQLWLVOMHGHHWUHEDMDYQRGDVHSRNDMH]DVYHWHJULMHKHGDREMHORGDQLSUHGMDYQRXGDMHSURPLMHQLRPLOMHQMHXSRWUHEOMDYDMXLVYDPRJXDVUHGVWYDGDGUXJHRGYUDWLRG]DEOXGHXNRMXLKMH]DYHR2QGDMHGXDQGDREMDVQLGDMHRQRWRMH]DJRYDUDRUDQLMHQHXWHPHOMHQRNDNRRQLQDNRMHMHXWLFDRQHELRVWDOLX]DEOXGLLGDVHRGUHNQHVYHJDRQRJDWRMHUHNDRVYHRYRMHXYMHW]DWHYEX
8]YLHQL$OODKNDH235267,86$0221,0$.2-,6(32.$-8,3235$9(,72-$912,632/-($-$35,0$032.$-$1-(,-$6$00,/267,9%HNDUH
7DNRHUMHGXDQGDVYRMHSHURLGUXJHVSRVREQRVWLVWDYLXVOXEXLUHQMDLVODPDWHGDVYRMXVQDJXXSRWULMHEL]DSRPDJDQMH$OODKRYHYMHUHXSRXDYDQMXOMXGLLVWLQLLSR]LYDQMXLVWLQLGDLVNRULVWLVYRMHPRJXQRVWLXFLOMXGDYDQMDRGJRYRUD$OODKRYLPQHSULMDWHOMLPDQMLKRYRPUD]RWNULYDQMXLUD]RWNULYDQMXRQRJDWRRQLSLXLVWRRQDNRNDRWRLKMHSRGUDYDRXSURORVWLWHGDSRNDHGDVXQMLKRYDXHQMD]DEOXGDLEXGHVDEOMDSULVWDOLFDLVWLQHNRMDHVHERULWLSURWLYSULVWDOLFDODL
-
HOLP GD VH SRNDMHP $OL" VWUDQD ,VWLMHVOXDMDNRELQHNRXYMHULRQHNXRVREXPDNDUL
X]DWYRUHQRPNUXJXGDMHQHND]DEUDQMHQDVWYDUNDRWRMHQSUNDPDWDGR]YROMHQD7DMRYMHNMHRQGDGXDQGDRSRYUJQHRQRWRMHUHNDRLGDRQRPHNRJDMHNULYRXSXWLRREMDVQLWDMHLVSUDYQRNDNRELVHULMHLRWRJJULMHKD$OODKGXSXXMHQDSUDYLSXW
-
HOLP GD VH SRNDMHP $OL" VWUDQD 1$.5$-8
5REH$OODKRY$OODKGMHGDRGDYUDWDWHYEH
EXGXRWYRUHQD]DWRGRL9UDWDWHYEHVXLURNDNROLNRMHUD]GDOMLQDRGLVWRNDGR]DSDGDDXMHGQRMSUHGDMLGDVXLURNDNDRJRGLQDKRGDQHHVH]DWYRULWLVYHGRN6XQFHQHL]DHVD]DSDGD%LOMHL7DEHUDQL
$OODKGGR]LYD2URERYL0RMLYLJULMHLWHQRXLGDQMXD-DRSUDWDPVYHJULMHKHSDWUDLWHRSURVWDRG0HQHD-DXYDPRSURVWLWL%LOMHL0XVOLP3D]DWUDLRSURVWRG$OODKDG
$OODKGSURVLSD6YRMXPLORVWQRXGDRSURVWLRQLPDNRMLVXJULMHLOLWRNRPGDQDLSURVLSD6YRMXPLORVWGDQMXGDRSURVWLRQLPDNRMLVXVHJULMHLOLXWRNXQRL2QYROLNDGDVHRG1MHJDWUDLRSURVWSDQHHNDM
$OODKXGVHRQDMNRLQLWHYEXREUDDQDMOMHSLPULMHLPD0ROLP7H7LVLPRDQDMDVDPSRQLHQDNRPLVH7LQHVPLOXMH0ROLP7H7LSRVMHGXMHVQDJXDMDVDPVODEDDQ7LVLERJDWDMDVDPVLURPDDQ2YDPRMDJODYDNRMDMHSRULFDODLJULMHLODMHSUHG7RERP7LLPDPQRJRURERYDSRSXWPHQHDOLMDQHPDP*RVSRGDUDRVLP7HEH6DPR7LPRHGDWLVSDVL]DWLWXRG7HEH0ROLP7HGRYRPVLURPDKDLVNUXHQRXSRQL]QRJDLSRNRUQRJSR]LYDP7H0ROLP7HGRYRPSRVOXQLNDQHPRQRJLPROERPRQRJNRML7LVHSRNRULRNRMLMHSRQL]DQSUHG7RERPLMHRLOLMXVX]HSUHG7RERPLLMHVUFHRVMHDGXERNXSRQL]QRVW
9H]DQR]DWHYEXUD]PLVOLGREURRVOMHGHRMSULSRYLMHVWL
3UHQRVLVHGDMHMHGDQRGGREULKOMXGLLDRQHNLPSXWHPLXJOHGDRNDNRVHRWYRULHMHGQDYUDWDQDNRMDL]DHQHNRGLMHWH]RYXLXSRPRLSODXLDPDMNDMHLODL]DQMHJDLWMHUDODJD=DWYRULODMHYUDWDSUHGQMLPLXOD
-
HOLP GD VH SRNDMHP $OL" VWUDQD LMHWHVHPDORXGDOMLORD]DWLPVH]DXVWDYLORL
UD]PLOMDOR1LMHYLGMHORELORNDNYRJVNORQLWDRVLPNXHL]NRMHMHLVWMHUDQQLWLQHNRJDNRELJDSD]LRRVLPQMHJRYHPDMNHSDVHWXQRLVORPOMHQRJVUFDYUDWLORLYLGMHORGDVXYUDWD]DNOMXDQDVWDYLORMHJODYXQDSUDJNXHL]DVSDORDVX]HVXPXELOHQDREUD]X
1DNRQRGUHHQRJYUHPHQDPDMNDMHL]DODLYLGMHODJDXWRPSRORDMX1LMHPRJODGDVHVX]GULSULKYDWLODJDMHSROMXELODJD]DSODNDODLUHNODLMHWHPRMHJGMHVLRWLDRRGPHQHQHPRMPHRVWDYOMDWLQHPRMPHSULVLOMDYDWLGDWHNDQMDYDPXSUNRVVDPLORVWLNRMXPLMHSRGDULR$OODKGSUHPDWHELLEODJRVWLNRMRPSRVWXSDPSUHPDWHEL=DWLPJDMHX]HODLXOD
$$OODKRY3RVODQLNVDYVMHUHNDR$OODKMHSUHPDURERYLPD6YRMLPPLORVWLYLMLQHJRWRMHRYDHQDSUHPDVYRPGMHWHWX%LOMHL0XVOLP
*GMHMHPLORVWNRMXSRVMHGXMHPDMNDSUHPD$OODKRYRMGPLORVWLNRMDREXKYDWDVYDNXVWYDU"$OODKGVHREUDGXMHNDGDPXVHURESRNDMHDQHPDEROMHQLWDQHJRNDGDVH*RVSRGDUUDGXMH
$OODKGVHYLHREUDGXMHWHYEL6YRJUREDQHJRRYMHNNRMLSXWXMHSURVWUDQRPEH]YRGQRPSXVWLQMRPLXWRPJDREX]PHVWUDDQXPRUX]QMHJDMHLQMHJRYDGHYDQDNRMRMVHQDOD]LQMHJRYDKUDQDLYRGD
2QVHVNORQLXKODGMHGQRJGUYHWDOHJQHL]DVSLLVSRGQMHJD.DGDVHSUREXGLRQMHJRYDGHYDMHRWLOD2QMXMHWUDLR3RSHRVHQDMHGDQEUHXOMDNLQLMHYLGLRQLWD]DWLPVHSRSHRQDGUXJLLRSHWQLMHYLGLRQLWDLRQGDNDGDVXPXYUXLQDLHSRVWDOLQHVQRVQLUHNDRMH9UDWLXVHQDPMHVWRQDNRMHPVDPELRLVSDYDWLGRNQHXPUHP
RDRMHGRGUYHWDOHJDRXQMHJRYKODGL]JXELYLQDGXGDHQDLVYRMXGHYXRNMHELRXWDNYRPVWDQMXGLJDRMHJODYXLXJOHGDRVYRMXGHYXNDNRVWRMLNRGQMHJDLYXHVYRMSRYRGDFLQDQMRMQMHJRYDSXWQDRSVNUEDQMHJRYDKUDQDLSLHLRQX]PHQMHQSRYRGDF
-
HOLP GD VH SRNDMHP $OL" VWUDQD $OODKGVHYLHREUDGXMHWHYELYMHUQLNDQHJRWRVH
RYDMRYMHNREUDGXMHVYRMRMGHYLLRSVNUEL*UXSDYMHURGRVWRMQLKULYDMHWDSRJOHGDM6DKLKXODPL
-
HOLP GD VH SRNDMHP $OL" VWUDQD %5$7(02-
*ULMHKNRGLVNUHQRJYMHUQLNDL]D]LYDRVMHDM
VNUXHQRVWLLSRQL]QRVWLSUHG$OODKRPGWRMHSRHOMQRNRGRQLKNRMLLQHWHYEX
RNOHJRGRYMHNEXGHRVWDYOMDRVYRMHJULMHKHNRGQMHJDHVHMDYOMDWLRVMHDMSRQL]QRVWLLNDMDQMD*ULMHKHHSUDWLWLSRNRUQRVWLPQRJREURMQDGREUDGMHODWDNRGDHHMWDQVLJXUQRUHL7HNRPHQLGDJDQLVDPQDYHRQDRYDMJULMHK6WRJDQHNLNDGDXLQHWHYEXSRVWDMXSRVOLMHJULMHKDNRMHJDVXSRLQLOLMREROMLYMHUQLFLQHJRWRVXSUHGKRGQRELOLHPXMHSRYRGQMLKRYDWHYED
$OODKGQHHQLNDGDL]QHYMHULWL6YRJDUREDDNR0XVHREUDWLVDWHYERP
WDPLVOLNDGDELQHNRGLMHWHLYMHORX]DWLWLVYRJDRFDNRMLJDKUDQLQDMEROMRPKUDQRPLSLHPREODLPXQDMEROMXRGMHXRGJRMLJDQDQDMEROMLQDLQGDMHPXQRYDFLLQLVYHQDMEROMH]DQMHJD-HGQRJGDQDRWDFJDSRDOMHSRQHWR1DSXWXSUHGQMHJDL]DHQHSULMDWHOM]DURELJDLVYHHPXYUVWRUXNHRGYHGHJDXQHSULMDWHOMVNX]HPOMXLSRQHSRVWXSDWLSUHPDQMHPXSRWSXQRVXSURWQRRGRQRJNDNRMHSRVWXSDRQMHJRYRWDF
.DGJRGVHVMHWLVYRJDRFDLQMHJRYHGREURWHNDNRJDMHRQRGJDMDRXQMHJRYRPVUFXVHX]EXUNDMXWDODVLWXJHLVMHWLVHNDNRPXMHELORLVYLKEODJRGDWLNRMHMHXLYDR
,WDNRGRNMHX]DUREOMHQLWYXVYRJDQHSULMDWHOMDNRMLPXVPMHUD]ORHOHLJDQDNUDMX]DNODWLRQL]QHQDGDXJOHGDNXXVYRJDRFDLYLGLEOL]XVHEHVYRJDRFDSRWULPXLEDFLPXVHX]DJUOMDMWUDHLSRPR2HPRMRHPRMRHPRMSRJOHGDMVYRMHGLMHWHLYLGLWDVHGHDYDVDQMLPDVX]HPXWHNXQL]OLFH2QRVHSULJUOLORYUVWRX]VYRJDRFDDQHSULMDWHOMJDSRVYDNXFLMHQXWUDL
+RHOLUHLGDELJDXRYRPVOXDMXRWDFSUHGDRQHSULMDWHOMXLUDVWDYLRVHRGQMHJD"
WDPLVOLR2QRPHNRMLMHVDPLORVQLMLSUHPD6YRPHUREXQHJRWRMHWRRWDFLOLPDMNDSUHPDVYRPHGMHWHWX"2
-
HOLP GD VH SRNDMHP $OL" VWUDQD 2QRPHNRPHURESREMHJQHEMHHLRG1MHJRYRJQHSULMDWHOMDLVYRPVYRMRPGXRP]DNXFDQD1MHJRYDYUDWDREUD]DPRNULKRGSODDSUHG1MLPLNDH2*RVSRGDUXVPLOXMVHRQRPHNRPHVHQLNRGUXJLQHPRHVPLORYDWLRVLP7LNRMLQHPDQLNRJDGDJD]DNORQLRVLP7HEHQLWL=DWLWQLNDRVLP7HEHQLWLLPD3RPDJDDRVLP7HEH7YRMVLURPDK7HEHPROL7LPXXWRLWHGDMHL7LVLQMHJRY=DWLWQLN1HPDSULEMHLWDQLWLVSDVDRG7HEHRVLPNRG7HEH
+DMGHPRRQGDUDGLWLGREUDGMHOD]DUDLYDWLVHYDSHGUXLWLVHVDGREULPOMXGLPDSD]LWLVHGDQHVNUHQHPRQDNRQWRVPRELOLXSXHQLLDNRQH]DOXWDPRQDNRQSUDYRJSXWDL$OODKGHELWLVDQDPD