Upload
toprakcann
View
292
Download
0
Embed Size (px)
Citation preview
PLANI REHBER
d1'(./(5g16g=
.850$6h5(&117(0(/$',0/$5, 0RWLYDV\RQDVDKLSROPDN %DDUOELULILNULEHOLUOHPHN dDOPDSURJUDPKD]UODPDN ILNULQLQ|QGHHUOHQGLUPHVLQL\DSPDN ILNULQLQ\DSODELOLUOLNDUDWUPDVQ\DSPDN 3ODQQKD]UODPDN LNXUPDN OHWPH\LJHOLWLUPHN
3/$1,5(+%(5/(.850$6h5(&d$/,0$/$5, .850$6h5(&d$/,0$352*5$0,1,1+$=,5/$10$6, ).5g1'((5/(1'50(6 ).511
g16g=*LULLPFLOHULQNDUNDU\DROGXNODULNXUPDVUHFLoRNoHLWOLDUDWUPDGHHUOHQGLUPHSODQODPDNDUDUYHUPHYHX\JXODPDDNWLYLWHOHULQGHQROXPDNWDGU%XUHKEHULQKD]UODQQGDWHPHODPDoJLULLPFLOHUL\|QOHQGLUHFHNELUoDOPDVLVWHPDWLLJHOLWLUPHNYHLNXUPDQRNWDVQDJHUHNOLNDSVDPGD\DSOPELUKD]UONVUHFLQGHQVRQUDXODPDODUQVDODPDNWU*LULLPFLOHUEXVUHFLLNXUPDNLoLQJHUHNOLWPDUDWUPDVRQXoODUQKHGHIOHULQLYHSODQODUQJ|VWHUHQLSODQODUQKD]UOD\DUDNWDPDPOD\DFDNODUGU*LULLPFLOHULQLNXUPDVUHFLQGHNLWHPHODGPODUELULQFLE|OPGHEDONDOWQGDHOHDOQPWUYHEXWHPHODGPODU.XUPD6UHFL$NHPDV]HULQGHHPDWLNRODUDNJ|VWHULOPLWLU*LULLPFLOHUoLQ3ODQ5HKEHULNHQGLLLQLNXUPD\ELUVHoHQHNRODUDNJ|UHQYHoHLWOLLILNLUOHULQHVDKLSJLULLPFLDGD\ODUQQNHQGLKD]UOD\DFDNODUELUSURJUDPoHUoHYHVLQGHLILNLUOHULQLQ|QGHHUOHQGLUPHVLQGHQ\DSODELOLUOLNDUDWUPDVQDDUGQGDQLSODQGRNPDQQQKD]UODQPDVQRNWDVQDVUHNOLDDPDND\GHGHUHNXODPDODUQVDOD\DFDNWU.XUPD6UHFL$NHPDVQGDYHULOHQDQDDNWLYLWHOHUJLULLPFLOHULQPRWLYDV\RQODUQJ|]GHQJHoLUPHOHULQGHQLOHWPHOHULQLNXUPDODUYHJHOLWLUPHOHULQHNDGDUoHLWOLDGPODULoHUPHNWHGLU%LUJLULLPFLDGD\QQUHKEHUGHQ\DUDUODQDELOPHVLLoLQ|QFHOLNOHJLULLPFLOLNPRWLYDV\RQXQXQYHEXPRWLYDV\RQGRUXOWXVXQGDGDELULILNULQLQROPDVJHUHNPHNWHGLU'DKDVRQUDUHKEHUHSDUDOHO
JHUoHNOHWLUHFHLLNXUPDoDOPDODUQQNDSVDPXHNLOGHVUDODQPDNWDGU *LULLPFLQLQLNXUPDVUHFLQLQJHQHOELUSURJUDPQ\DSPDV *LULLPFLQLQLILNULQLLILNLUOHULQL|QGHHUOHQGLUPHGHQJHoLUPHVLYHGHWD\ODUDWUPD\DNRQXRODFDNNHVLQLILNULQLEHOLUOHPHVL ILNULQGHQX\JXODPD\DJHoLULOHFHNLPRGHOLQLQUHWLOPHVLLoLQJLULLPFLQLQ\DSODELOLUOLNDUDWUPDVoHUoHYHVLQGHKD]UODQPRODQVRUXODUQ\DQWODUQDUDWUPDVYHLSODQQKD]UODPDV5HKEHUNXOODQODUDNKD]UODQDQLSODQGRUXOWXVXQGDLLQNXUXOPDVYHJHOLWLULOPHVLLVHVUHFLWDPDPOD\DQDNWLYLWHJUXSODUGU
*50&.0'5"*LULLPFLWRSOXPXQJHUHNVLQLPGX\GXX UQOHULUHWHUHN KL]PHWOHULVXQDUDN \DGDWLFDUHW\DSDUDNPDGGLPDQHYLND]DQoVDODPD\KHGHIOH\HQEXDPDoODNHQGLLLQLNXUPDNLoLQKDUHNHWHJHoHQYHLILNULQLJHUoHNOHWLUPHNLoLQ DUDWUPD SODQODPD |UJWOHQPH YHNRRUGLQDV\RQoDOPDODU\DSDQVRQXoWD JHUHNOLELOJLEHFHUL L\HULHOHPDQPDNLQHHNLSPDQYELOHWPHJLUGLOHULLOH ILQDQVPDQND\QDNODUQELUDUD\DJHWLUHUHNNHQGLLLQLNXUDQNLLGLU
%%gg//hh00.850$6h5(&117(0(/$',0/$5,
0279$6
EURNUDWLN\DSODU\DVDOLOHPOHULQX]XQOXXYHNDUPDNONXUXOXPDVUDIODULOHWPHG|QHPLQGHHQIODV\RQEDVNVLOHGHQNDUYHD]DODQLOHWPHVHUPD\HOHULYHEXQODUDHNOHQHELOHFHNELUoRNIDNW|UJLULLPFLQLQEDDUVQYHNDUDUOOQVUHNOL]RUODPDNWDGU.HQGLLLQLNXUDQNLLLoLQNHQGLNHQGLQLQSDWURQXROPDNYHEHOLUOLQRNWDODUDNHQGLoDEDODULOHXODPDNHQ|QHPOLKHGHIWLUYHWHPHOPRWLYDV\RQND\QDGU*LULLPFLOHULNHQGLLLQLNXUPDNDUDUQDJHWLUHQQHGHQOHULGROD\V\ODPRWLYDV\RQND\QDNODUQLQFHOHGLLPL]GHJHQHORODUDNDDGDNLEDONODURUWD\DoNPDNWDGU .HQGL NHQGLQLQ SDWURQX ROPDN EDNDODUQGDQ HPLU DODUDNoDOPDPDLVWHL 0HYFXW L VHoHQHNOHULQLQ YHUGLL PDGGLPDQHYL ND]DQPODUGDQGDKDID]ODVQDXODPDLVWHL .HQGLJHOHFHLQLNHQGLNDUDUYHoDEDODULOHHNLOOHQGLUPHLVWHL .HQGLLLQLNXUPDNGQGDKD\DWQND]DQPDVHoHQHNOHULQLQVQUOROPDV (PHNOLYEJUXSODUGDROGXXJLELLNXUDUDNGDKDoRNPDQHYLWDWPLQVDODPDoDEDV %DPV]\DGD HVQHNELULRUWDPQDVDKLSROPDN IUVDWODUQGHHUOHQGLUPHLVWHL
%$$5,/,%5).5%(/5/(0(..HQGLLLQLNXUPDPRWLYDV\RQXQDVDKLSJLULLPFLLoLQEDDUQQLONNRXOXEDDUSRWDQVL\HOL\NVHNELULILNULQHVDKLSROPDNWUILNULEHOLUOHQLUNHQJLULLPFL|QFHOLNOHLGHQH\LPOHULQLXVWDONODUQYHEHFHULOHULQLHOHDOPDOGU%XQODUDHNRODUDNVDKLSROXQDQELOJLOHULILNULND\QDRODELOLU
%LOJLEHFHULYHGHQH\LPOHUGQGDJLULLPFLOHULQLILNULQHoHYLUGLNOHULNRQXODUIUVDWODUGU3L\DVDGDQHOHUROXSELWWLLQLL]OHPHNYHIUVDWODUVH]HELOPHNJLULLPFLOHULQWHPHO|]HOOLNOHULQGHQGLU%XIUVDWODUSL\DVD\D\HQLELUUQ\DGDKL]PHWLVXQPDDQVQ\DNDODPDNRODELOLUJoOYHDYDQWDMOELURUWDNONLoLQJHUHNOLLOLNLOHUHXODPDNRODELOLUGLHUUDNLSOHULQHNDUoRNJoOUHNDEHWDQVRODQUQ\DGDKL]PHWOHULWHPLQHWPHNRODELOLU d$/,0$352*5$0,+$=,5/$0$.
*LULLPFLQLQLNXUPDKHGHILQHXODPDVLoLQoHLWOLNRQXODUGDG]HQOLYH\RXQoDOPDODU\DSPDVJHUHNOLGLUILNULQLQEHOLUOHQPHVLQGHQLLQNXUXOPDVYHLONPWHULOHUHNDGDUJHoHQVUHoWHELUELULQGHQIDUNODQFDNELUELULQHEDOELUoRNDNWLYLWHJHUoHNOHWLULOLUNXUPDDDPDVQDEDDU\ODXODPDNLoLQEXG|QHPHQEDQGDQSODQODQPDOLNXUPDKD]UONODUHNVLNVL]YHJHUHNWLLNDSVDPGD\DSOPDOGUNXUPDVUHFLJLULLPFLQLQND\QDNODUQYHULPOLNXOODQPDVJHUHNHQELUG|QHPGLU=DPDQoHLWOLLILNLUOHULQLQX\JXODQPDVYHEDDUOROPDVQGDHQ|QHPOLIDNW|UOHUGHQELULGLU%XGXUXPGDLNXUPDVUHFLQLQGHK]ODJHUoHNOHPHVLJHUHNLU$QFDNEDDUOELULNXUPDNLoLQ\DSOPDVJHUHNHQ|QKD]UONoDOPDODUQQKLoELULQGH\HWHUOLOLNELUNHQDUDEUDNOPDPDOGU
).511g1'((5/(1'50(61
DUDWUPDVGHWD\QGDLQFHOHPH\HDOPDGDQ|QFHJHQHO|]HOOLNOHULoHUoHYHVLQGHLRODUDNNXUXOPDODUQDHQJHOELUIDNW|UROXSROPDGQDUDWUPDOGUODUNXUPDVUHFLQGH|QGHHUOHQGLUPHoDOPDVJLULLPFLQLQLILNULQLQJHQHO|]HOOLNOHULQLVDSWDPDVQYHNHQGL|]HOOLNOHULLOHJHQHOELUNDUODWUPD\DSPDVQVDODU.VDYHK]OELUGHHUOHQGLUPHDGPROPDVQHGHQL\OHGRUXELUVHoLPHGD\DQPD\DQLILNLUOHULLoLQJLULLPFLQLQGHWD\O\DSODELOLUOLNDUDWUPDVVUHFLQGH]DPDQND\EHWPHVLQLHQJHOOHU$\UFDELUGHQID]ODLILNULQLQKDQJLVLQLQX\JXODQDFDQQEHOLUOHQPHVLDPDF\ODGD|QGHHUOHQGLUPHoDOPDV\DSOU*LULLPFLOHULQLOHULQLNXUPDODUYHNXUXODQLOHULQEDDUOROPDVLoLQoHLWOLWHPHONULWHUOHULQNDUODQPDVJHUHNPHNWHGLU%XWHPHONULWHUOHUED]HQELUPHVOHNEHOJHVLQHVDKLSROPDNED]HQL\HULDoPDL]LQOHULQLDOPDNED]HQGH|]HOVDW\DGDGDWPVLVWHPOHULQHNDWOPDNHNOLQGHRUWD\DoNPDNWDGU%XQODUDHNRODUDNoHLWOLLILNLUOHULYDUGUNLoDOPDHNOLYHJLULLPFLGHQWDOHSHWWLL|]HOOLNOHUoRN|QHPOLGLUYHKHUJLULLPFLEXQODUNDUOD\DPDPDNWDGU'DKDNROD\WDKPLQHGLOHFHNELUGLHUWHPHONULWHUGHLILNULQLQJHUHNWLUGLL\DNODNILQDQVPDQJHUHNVLQLPLGLUgUQHLQNUHDoPDNLVWH\HQELUJLULLPFLQLQEXWULOHWPHOHULQDoOPDVNRQXVXQGD\HWNLVDKLELROPDVYH\DEXWUL\HUOHULQGHoDOWUOPDV]RUXQOXPHVOHNVDKLSOHULQLRUWDN\DGDoDODQRODUDNLOHWPH\HGDKLOHWPHVLJHUHNLU0DUDQJR]RODUDNoDOPDNLVWH\HQELUNLLQLQNHQGLL\HULQLDoDELOPHVLLoLQJHUHNOLEHOJHOHUGHQELUWDQHVLGHXVWDONEHOJHVLGLUgWH\DQGDQPDQWDU\DGDVHUDLOHWPHVLDoPDNLVWH\HQJLULLPFLOHUNHQGLOHULQLQ\DGDoDOWUDFDNODUNLLOHULQEHOLUVL]PHVDLVDDWOHULLoLQGHoDODFDNODUQJHUHNWLLQGHJHFHJQG]KHUVDDW\RUXFXELUoDOPD\DSOPDVQJHUHNWLLQLELOPHOLGLUOHU
PRGHOOHULQHXODDFDNODUGU+HULPRGHOLYHLSODQJLULLPFLQLQNLLVHOYHoHYUHVHO|]HOOLNOHULQHJ|UHIDUNOONODUJ|VWHUPHNWHGLU 3/$1,1,+$=,5/$0$.
*LULLPFLLILNULQLQ\DSODELOLUOLNDUDWUPDVLOHNXUDFDLLQHQGRUXYHX\JXODQDELOLUPRGHOLQHXODU%XDDPDGDJLULLPFLQLQHOLQGHoHLWOLNXUXOXYHLOHWPHVHoHQHNOHULDUDVQGDQ|UQ\HULPDNLQHWUYHNDSDVLWHOHULLoLVD\VKHGHINLWOHJLUGLOHUYEJLULLPFLQLQ|]HOOLNOHULQHYHLOHWPHDPDoODUQDHQX\JXQRODQODUQVHoLOGLLELUNDUDUODUVHWLEXOXQPDNWDGU.VDFDV\DSODELOLUOLNUDSRUXLOHJLULLPFLLNXUPDVUHFLQGH\DSPDVJHUHNHQOHULQQHOHUROGXXQDoHLWOLVHoHQHNOHULGHHUOHQGLUHUHNNDUDUYHULUNXUPDVUHFLQGHJLULLPFLLNXUPDSURMHVLQL\|QHWHQELUSURMHVDKLELGLU
KD]UONODUQWDPDPODPRODFDNODUGU%XVUHFLQKHPHQEDODUQGDKD]UONODUYHDUDWUPDODUGDKLOWPDDPDODUNDSVD\DQJHQHOELUoDOPDSURJUDPKD]UOD\DQJLULLPFLLSODQKD]UOQQVRQE|OPQGHDUWNoRNGDKDGHWD\OELUSODQ\DSDFDNGXUXPDJHOLUdQNLLNXUPDNLoLQ\DSDFDELUoRNDNWLYLWH\LHQLQFHD\UQWVQDNDGDULQFHOHPLYHQH\DSPDVJHUHNWLLQHNDUDUYHUPLWLU%XVRQXoODUDGD\DQDUDNLSODQQQVRQE|OPQGHJLULLPFL.XUPD6UHFL'HWD\OdDOPD3ODQQKD]UODU /(70(
DOPDPDNWDGU*LULLPFLOHULOHWPHOHULQLNXUGXNWDQVRQUDL\L\|QHWLFLROPD\\DGDL\LELU\|QHWLPVLVWHPLNXUPD\EDDUPDN]RUXQGDGUODU.VDFDLOHWPHOHULQLQNXUXOGXNWDQVRQUDNHQGLD\DNODU]HULQGHGXUXUKDOHJHOHFHNOHULLONG|QHPJLULLPFLOHULoLQIDUNOEDODQJoODULoHUHQYH]RUOXNODURODQELUG|QHPGLU%XG|QHPGHJLULLPFLOHULILNLUOHULQLX\JXODPDNLoLQPLQLPXPG]H\GHULVNDOPDOGUODUgUQHLQJHUHNWLLNDGDUNUHGLDOPDNJHUHNHQJHQLOLNWHELUL\HULNLUDODPDN\DGDVDWQDOPDNJHUHNHQPDNLQHNDSDVLWHOHULQGHNDOPDNYELQNXUXOXYHLONDDPDVQGDEDDUOROPDQQWHPHONRXOODUQGDQELULGHJLULLPFLQLQWP]DPDQQYHGLNNDWLQLLLQHYHUPHVLGLU%XG|QHPGHL\LELULSODQQDVDKLSROPDNJLULLPFLLoLQoRN|QHPOLGLU2UWD\DoNDQ]RUOXNODU|QFHGHQWDKPLQHWPLROPDNEXQODULoLQKD]UDOWHUQDWLI\DNODPODUDVDKLSROPDNYHLLQNXUXOXXQXEDODWDQKHGHIOHULVUHNOLJ|]|QQGHEXOXQGXUPDNKHPo|]POHULNROD\ODWUDFDNKHPGHJLULLPFLQLQPRWLYDV\RQXQXVUHNOL\NVHNWXWDFDNWU%XUDGDWHNUDUEHOLUWPHNWHID\GDYDUNLLNXUPDQQYHJLULLPFLOLLQWHPHOLQGH\DWDQHQ|QHPOLIDNW|UEHOLUOLKHGHIOHUOHEHVOHQHQ\NVHNPRWLYDV\RQGXU
.850$6h5(&$.,(0$6,
0279$6
%%gg//hh003/$1,5(+%(5/(.850$6h5(&d$/,0$/$5, .850$6h5(&d$/,0$352*5$0,1,1+$=,5/$10$6,
.HQGLLLQLNXUPDKHGHIL\OH\RODoNDQJLULLPFLOHULQEDDUOROPDODUQQWHPHODUWODUQGDQELULLNXUPDVUHFLQLQSODQODQPDVGU%LUJLULLPFLHQEDWDQELUoDOPDSURJUDPKD]UODULVHQH]DPDQKDQJLVRUXODUQFHYDSODUQDUDWUDFDQKDQJLNXUXPODUDEDYXUDFDQKDQJLoDOPDLoLQNLPOHUGHQ\DUGPLVWH\HFHLQLWPEXIDDOL\HWOHULoLQ\DNODNQHNDGDU]DPDQDJHUHNVLQLPLROGXXQXELOLU$QFDNEXHNLOGHLNXUPDKD]UONODUJHUHNHQGHWD\GDYHJHUHNHQ]DPDQGDWDPDPODQDELOLUNXUPDVUHFLoDOPDSURJUDPJLULLPFLOHULQKHPHQLONDDPDGDVUHFLQJHQHONDSVDPQKD]UOD\DFDNODUELUSURJUDPGUdDOPDSURJUDPQQDPDFLNXUPDVUHFLQGH\HUDODQDQDDNWLYLWHOHULoLQLILNLUOHULQLQ|QGHHUOHQGLUPHVLNHVLQLILNULQLQEHOLUOHQPHVL\DSODELOLUOLNDUDWUPDVLSODQGRV\DVQQWDPDPODQPDVLLQUHVPLNXUXOXXQXQ\DSOPDVLLQWHNQLNYHLGDULVLVWHPLQLQNXUXOPDV JLULLPFLQLQ\DNODN]DPDQODPDODUEHOLUOHPHVLQLVDODPDNWUNXUPDVUHFLQLQEDQGDKD]UODQDQJHQHOSURJUDPVUHoLoLQGHVUHNOLUHYL]\RQJHUHNVLQLPLJ|VWHUHFHNYHKHUDDPDGDJLULLPFLQLQWHPHODNWLYLWHOHULYH\DNODNVUHOHULJ|UPHVLQLVDOD\DFDND\UFD
SODQOoDOPDQQLONDONDQOQYHUHFHNWLUdDOPDVUHFLQGHLOHUOH\HQJLULLPFLJHUoHNOHHQDNWLYLWHOHUYHJLGHUHNGDKDoRNNRQWURODOWQDDOGoDOPDNDSVDPLOHGHWD\OYHGRUXELUSURJUDPDXODDFDNWU*LULLPFLLNXUPDVUHFLJHQHOSURJUDPQKD]UODUNHQLNXUPDVUHFLQLQWHPHO\HGLDGPQNVDFDHOHDOPDOYH\DNODNVUHOHULQLWDKPLQHWPHOLYHELUVRQUDNLVD\IDGDJLULLPFLDGD\ODUQD|UQHNROPDVDPDF\ODYHULOHQ3URJUDPIRUPXQDND\GHWPHOLGLUSURJUDPIRUPXGROGXUXOXUNHQIRUPXQDNWLYLWHOHUNVPQDWHPHODGPODUND\GHGLOPHOLVUHOHUE|OPQHLVHDNWLYLWHLoLQEHOLUOHQHQWDKPLQLVUHLOHQPHOLGLU*LULLPFL*LULLPFLOHUoLQ3ODQ5HKEHUL QLQ\|QOHQGLUPHVLQGHoDOPDODUQGHULQOHWLUGLNoHDNWLYLWHSURJUDPQGDKDID]ODDNWLYLWHLOH\HQLOHPHOLGLUNXUPDVUHFLDNWLYLWHOHULQLQVUHNOLGDKDGHWD\OSURJUDPODUOD\|QOHQGLULOPHVLVRQXFXQGDJLULLPFL|QFHOLNOHSODQOoDOPDNRQXVXQGDGHQH\LPND]DQDFDNWU%XQXQ\DQQGDLSODQKD]UODPDDDPDVQDJHOGLLQGHLLQNXUXOPDVLoLQ\DSOPDVJHUHNHQOHULQQH]DPDQ\DSODFDQQSODQODPDVQNROD\ONOD\DSDELOHFHNE|\OHFHKHP\DSOPDVJHUHNHQoDOPDODUHNVLNVL]\HULQHJHWLUHFHNKHPGHLLQNXUXOPDVVUHFLQGH]DPDQIDNW|UQJHUHNHQ|QHPGHHOHDOPRODFDNWUNXUPDVUHFLQGH]DPDQIDNW|UoHLWOLLILNLUOHULQGH|]HOOLNOH|QHPND]DQPDNWDGUgUQHLQ\OLoLQGHEHOLUOLG|QHPOHUGHoDOPDJHUHNWLUHQWDUPKD\YDQFONYELDODQODUQGDJLULLPFLLLQLNXUPDNLoLQGRDO]DPDQNVWODULOHNDUNDU\DGU6HUDNXUPDNLVWH\HQJLULLPFLEWQLNXUPDKD]UONODUQILGHHNLPOHULQLQ\DSOPDVJHUHNHQG|QHPH\HWLWLUPHN]HUH\DSPDOGU=DPDQODPDGD\DSODFDNELUKDWDELUVH]RQXQERJHoLULOPHVLQHQHGHQRODELOLU*LULLPFLLILNULQLQ|]HOOLNOHULQGHQND\QDNODQDQEXWUVQUODPDODU\DQQGDNHQGL]DPDQQYHSDUDVQD\UGEXVUHoWHKDQJLLILNULQGHROXUVDROVXQEDWDQSODQOROPDN]RUXQGDGU
.850$6h5(&d$/,0$352*5$0,LONDDPDJHQHOSURJUDPODPD
$
).5g1'((5/(1'50(6*LULLPFLEDDUSRWDQVL\HOLQHVDKLSROGXXQXGQGELULILNULQLX\JXODPD\DJHoPHGHQKDWWDGHWD\ORODUDNDUDWUPD\DEDODPDGDQ|QFHJHQHORODUDNV|]NRQXVXLILNULQLQX\JXODQPDVQDHQJHOWHPHOELUIDNW|UQROXSROPDGQELOPHN]RUXQGDGU%XDPDoODDDGDOLVWHVLYHULOHQVRUXODUQFHYDSODUDUDQPDOGU%XVRUXODUGDQED]ODUoHLWOLLILNLUOHULQLQ|]HOOLNOHULQHJ|UHD\UFD|QHPND]DQDELOLU*LULLPFLLILNULQLQJHQHOQLWHOLNOHULQLEDODQWGDRODFDNXUXPODU\DVDOPHY]XDWYHLILNULQLQWHNQLN|]HOOLNOHULQL|QFHOLNOHYHRODQDNOROGXX|OoGHEHQ]HULOHUOHXUDDQODUODNDPXNXUXPODU\ODEDQNDODUODPDNLQDHNLSPDQ\DGDPDO]HPHVDWDQILUPDODUODEHQ]HULOHULQPWHULOHUL\OHYHXODDELOHFHLKHUWUOND\QDNODUODJ|UHUHN\D]OND\QDNODUWDUD\DUDNNDYUDPD\DoDOPDOGU%XDDPDGDRUWD\DoNDQLILNULJHQHOoHUoHYHVLQGHDDGDNLVRUXODUGDQKHUKDQJLELULQGHROXPVX]ELUIDNW|URUWD\DoNDUVDEXQRNWD\L\LFHDUDWUPDOGU%XVRUXODUGDQKHUKDQJLELULVLQGHROXPVX]ELUIDNW|UROPDGVRQXFXQDXODW]DPDQLILNULQLQ\DSODELOLUOLNDUDWUPDVDDPDVQDJHoPHOLGLU*LULLPFLOHU|QGHHUOHQGLUPHDDPDVQELUGHQID]ODLILNULQHVDKLSROPDODUYHEXQODUGDQED]ODUQHOHPHOHULJHUHNWLLQGHGHX\JXODPDOGUODU*LULLPFLOHULQLILNLUOHULQLQ|QGHHUOHQGLUPHVLG|QHPLQGHDUDWUPDODUJHUHNHQWHPHONRQXODUD\UD\UHOHDODFDNROXUVDN
x *LULLPFLQLQVDKLSROGXXLILNULQLQILNLUOHULQLQX\JXODQPDVQGD\HULQHJHWLULOPHVLPPNQROPD\DQELU\DVDOJHUHNOLOLNL]LQ\DGDUXKVDWYDUP"NXUPDVUHFLQGH\HULQHJHWLULOPHVLJHUHNHQ\DVDO]RUXQOXOXNODUGDQKHUKDQJLELULJLULLPFLWDUDIQGDQVDODQDPD\DFDNLVHJLULLPFLLILNULQLQ\DSODELOLUOLLNDUOOJLELIDNW|UOHULDUDWUPD\DEDODPDGDQ|QFHEX]RUXQOXOXNODUQQDVOo|]OHELOHFHLQLDUDWUPDN]RUXQGDGUgUQHLQJLULLPFLOHUGHUVKDQHNUHoRFXNNXOEJGDPDGGHOHULUHWLPLVDONKL]PHWOHULJLELGHWD\O\DVDOPHY]XDWODUOD\|QOHQGLULOHQLDODQODUQDJLUHFHNOHULVHEXWULOHWPHOHULQNXUXOPDVQGDKHPWHNQLN\DSQQKHPGHLGDUL\DSQQROXXPXQXEHOLUOH\HQWPG]HQOHPHOHUHX\JXQGDYUDQPDN]RUXQGDGUODU%XJLELGXUXPODUGDJLULLPFLDoVQGDQo|]POHUGHQED]ODU\DVDOJHUHNOLOLNOHUHX\JXQELURUWDNODLHJLUPHN\DGDEXDUWODUDVDKLSELUNLL\LoDOWUPDNRODELOLU'LHUWDUDIWDQ]RUXQOXOXNODULOHWPHGHEXOXQGXUXOPDVJHUHNHQoHLWOLWHNQLNX\JXODPDODULOHLOJLOLLVHJLULLPFLLILNULQLQ\DWUPER\XWXQXEXQRNWD\GDLoHUHFHNHNLOGHJHQLOHWPHNJLELo|]POHUDUDWUDFDNWUgQGHHUOHQGLUPHDDPDVQGDEX]RUXQOXOXNODUDSRWDQVL\HOo|]POHUEXOXQDPD]LVHJLULLPFLLILNULQLQ\DSODELOLUOLNDUDWUPDVYHLSODQKD]UODPDDDPDODUQDJHoPHPHOLEDNDELULILNULEXOPDOGU
x ILNULQLQX\JXODQPDVYHEDDUOELULOHWPHQLQNXUXOPDVLoLQ]RUXQOXRODQYHJLULLPFLWDUDIQGDQWHPLQLRODQDNOROPD\DQ|]HOELOJLEHFHULXVWDONYHLJFJLUGLOHULYDUP"*LULLPFLOHULNXUPDVUHFLQGHNHQGLLOHULQHVDKLSROPD\KHGHIOHGLNWHQVRQUDEDDUSRWDQVL\HOLRODQELULILNULEHOLUOHUOHU%XLILNULYH\DLILNLUOHULJHQHOOLNOHJLULLPFLQLQELOJLYHEHFHULVL\DGDJHoPLG|QHPOHUGHHOGHHWWLLGHQH\LPOHUOHLOJLOLGLUgWH\DQGDQoHLWOLLILNLUOHULSL\DVDGDRUWD\DoNDQIUVDWODUODLOJLOLGLU*LULLPFLOHUNXUGXNODULLQKHU
WUOoNWVQGDQVRUXPOXGXUODUYHEXQHGHQOHJLULLPLQEDDUOVRQXoODUYHUPHVLLoLQJHUHNHQKHUWUOWHNQLNLGDULLOHWPHELOJLVLQLNHQGLOHULRUWDNODUYHSHUVRQHONDQDO\ODVDODPDN]RUXQGDGUODUdHLWOLLILNLUOHULELUWDNPJHQHOPHVOHNEDONODUDOWQGD\HUDOPDNODELUOLNWHLILNULQLQ|]HONDSVDPQGDSL\DVDGDROXPXPHYFXWGHQH\LPOHUHVDKLSROPD\JHUHNWLUPHNWHGLUgUQHLQELOJLVD\DUGHVWHNOLPHWDOLOHPHWH]JDKODULOHoHLWOLPHWDOUQOHUUHWHFHNRODQELUDW|O\HQLQNXUXOPDVPDNLQHPKHQGLVOHULQLQJHQHOX]PDQONDODQODUQHGHQL\OHNXUDELOHFHNOHULELULWUGU$QFDNEXLDODQQGDEDDUOELULOHWPHROPDNLoLQNXOODQODQPDNLQDODUYHUHWLPWHNQLNOHULoRNKDVVDVLOHPOHUJHUHNWLUPHNWHGLU$\UFDK]OYHNDOLWHOLUQUHWPHNEXWULOHWPHOHULQWHPHOEDDUNULWHULQLROXWXUPDNWDGU%XQHGHQOHLOHWPHQLQEXDODQGDGHQH\LPOLPKHQGLVYHXVWDODUDVDKLSROPDVJHUHNPHNWHGLU*HUHNHQQLWHOLNWHWHNQLN|]HOOLNOHUHYHGHQH\LPHVDKLSHOHPDQODUEXOPDSRWDQVL\HOLEXDODQGDLNXUDFDNJLULLPFLOHULQHQ|QFHOLNOLJHUHNVLQLPLGLUgQGHHUOHQGLUPHDDPDVQGDEXOXQGXXE|OJHGHEXWUHOHPDQODUQEXOXQPDVQQPPNQROXSROPDGQEHOLUOHPHNJLULLPFLDoVQGDQ|QFHOLNOLELUDUDWUPDNRQXVXGXU
x .XUPDNLVWHGLLLLQJHQHOoDOPDHNOLYHNHQGLVLQGHQWDOHSHGHFHLoDEDODUGDQJLULLPFLQLQ\HULQHJHWLUPHNWH]RUODQDFDQRNWDODUYDUP"gQGHHUOHQGLUPHDDPDVLILNULQLQJHQHO|]HOOLNOHULQLQSL\DVDQQ|]HOOLNOHULYHJLULLPFLQLQNLLVHO|]HOOLNOHULLOHDQDEDONODUED]QGDNDUODWUOPDVJHUHNHQG|QHPGLU%XQODUDUDVQGDLILNULQLQJHUHNWLUGLLoDOPDHNOL|QHPOLEDONODUGDQELULGLU*LULLPFLWDUPDODQQGD|UQHLQNHVPHoLoHNVHUDVNRQXVXQGDELULHJLUL\RUVDDoNKDYDGDYHWRSUDNODLoLoHoDOPD\NDEXOHWPHOLGLU6DGHFHNDUOOQGQHUHNEXWUELULHJLUPHNJLULLPFLOHULoLQGRUXELUNDUDUGHLOGLU*LULLPFLQLQ|QGHHUOHQGLUPHDDPDVQGD\DSPDVJHUHNHQLILNULQLQ|]HOLNOHQRUPDOPHVDLVDDWOHULGQGDoDOPDVH\DKDWOHUHoNPD
\RXQSD]DUODPDoDOPDV\DSPD\RXQEHGHQHPHLKDUFDPDJLELNRQXODUGD\HULQHJHWLUPHVL]RURODQoDOPDDUWODUROXSROPDGQEHOLUOHPHNWLU%XEHOLUOHPHQLQDUGQGDQLVHJLULLPFLJHUHNOLOLNOHULOHNHQGL|]HOOLNOHULQLNDUODWUDUDNELUGHHUOHQGLUPH\DSPDOGUx ILNULQLQJHUoHNOHWLULOPHVLLoLQJHUHNOLILQDQVPDQQ\DNODNE\NOQHGLU"*LULLPFLQLQXODDELOHFHLSRWDQVL\HOND\QDNODUDoVQGDQEXILQDQVDOPLNWDUNDUODQPDVRODQDNV]ELUG]H\GHPLGLU"
NXUPDNLoLQWRSOXPXQELUoRNNHVLPLQGHoRNSDUDVDKLELROPDNJHUHNWLLLQDQFYDUGU%LUoRNLILNULEXLQDQQDNVLQHoRXLQVDQWDUDIQGDQNDUODQDELOHFHNSDUDVDOND\QDNODUODNXUXODELOPHNWHGLU%XQXQ\DQQGDJLULLPFLNHQGLLLQLNXUPDNRQXVXQGDKDUHNHWHJHoPLKHGHIOHULQLL\LEHOLUOHPLYHEXNRQXGD\NVHNELUPRWLYDV\RQDVDKLSLVHILQDQVDOND\QDNODULLQNXUXOPDVNRQXVXQGDo|]PEHNOH\HQRQODUFDIDNW|UGHQVDGHFHELUWDQHVLGLU*LULLPFLOLNNLLQLQNHQGLLLQLNXUDUDNWRSOXPXQWDOHSHWWLLUQ\DGDKL]PHWOHULVDODPDVYHEXQXQNDUOQGDELUJHOLUND]DQPDVGU*LULLPFLQLQNXUGXXLWHQQHG]H\GHELUJHOLUEHNOHGLLJHQHOOLNOHEXLLoLQQHG]H\GHILQDQVDOND\QDNVDOD\DELOHFHLLOHLOJLOLGLU'ROD\V\ODJLULLPFLOHUNXUDFDNODULOHULQILQDQVDOJHUHNVLQLPLQLQWDKPLQLQL\DSDUNHQ|QFHOLNOHQHG]H\GHJHOLUEHNOHGLNOHULQLEHOLUOHPHOLGLUOHU%XQRNWDGDJLULLPFLOHULQ|QQGHLNLLNXUPDER\XWXoNPDNWDGU%\NILQDQVDO\DWUPODULVWH\HQYHEXQXQVRQXFXQGDE\NND]DQoODUVDOD\DQLOHULNXUDQ\DWUPFODULOHNHQGLKD\DWQJHoLQGLUPH\H\HWHFHNLOHULNXUDQODU%XLNL\DNODPLNLWHULPOHLIDGHHWPHNJHUHNLUVHELULQFLJUXED\DWUPFJLULLPFLOLNGLHULQHNHQGLLLQLNXUDQJLULLPFLOLNGHPHNGDKDX\JXQROXU*LULLPFLNHQGLVLQLEXLNLQRNWDGDQKDQJLVLQGHJ|U\RULVHEXQDX\JXQELUILQDQVDOND\QDNDUD\LoLQGHROPDN]RUXQGDGU.HQGLVLQHoLoHNVDWPDD]DVDoDFDNNLL|QFHOLNOHNHQGLKD\DWQND]DQPD\
DPDoODULQKDFPLQHJ|UHGHEHOLUOLVD\GDNLLoDOWUU'NVD\ODELOHFHNEWoHOHUOHLHEDOD\DELOLUEXQDNDUONNVDVUHGH\NVHNSDUDVDOND]DQPODUKHGHIOHPH]7HNVWLOGHER\DWHVLVLNXUDQELUNLLLVH\NVHNELU\DWUPEHGHOL\OHLHEDODUJHUHNLUVHSURIHV\RQHO\|QHWLFLOHUGDKLOELUoRNNLLLVWLKGDPHGHUYH\DWUPQGDEHOLUOLVUHGHELUoRN\DWUPDUDFQQJHWLUGLLJHOLUGHQID]ODVQKHGHIOHU+HULNLVLGHJLULLPFLOLNYHLNXUPD\DNODPODUGU$QFDNEXLNL\DNODPGDILQDQVDOND\JLNLIDUNOER\XWWD\DDQPDNWDGU%XUDGDJLULLPFLOHUH|QGHHUOHQGLUPHDDPDVQGD|QHULOHQ|QFHOLNOHLILNLUOHULQLQ\DWUPFJLULLPFLOLNJUXEXQGDP\RNVDNHQGLLLQLNXUPDJLULLPFLOLLQRNWDVQGDPROGXXQXEHOLUOHPHOHULGLU%XQGDQVRQUDHHU\DWUPFJLULLPFLOLNQRNWDVQGDLVHJLULLPFLLILNULQLQWDKPLQLE\NOQLQFHOHPHOLYHEXQDX\JXQILQDQVDOND\QDNODUD|]ND\QDNNUHGLRUWDNWHPLQDWJLELILQDQVDODUDoODUODXODDELOHFHLQLJHQHORODUDNV|\OH\HELOPHOLGLU%XDDPDGDJHUHNHQGHWD\Oo|]POHUEXOPDNGHLOJHQHORODQDNV]ONROXSROPDGQJ|UPHNWLU(HUILQDQVDOND\QDNJHUHNVLQLPLJLULLPFLDoVQGDQWHPLQLRODQDNV]ELUG]H\GHLVHLILNUL\HQLGHQHOHDOQPDOGU'LHU\DQGDQNHQGLLLQLNXUDQJLULLPFLDoVQGDQWHPHOKHGHINHQGLNHQGLQLQSDWURQXROPDNYHNHQGLoDEDODULOHKD\DWQND]DQPDNLVWHL\DGD]RUXQOXOXXLVHJLULLPFLQLQ\DSPDVJHUHNHQoRNSDUDEXOPDNYHEXOPDVROGXNoD]RURODQEXoRNSDUD\LH\DWUPDNGHLOGLU%XWUGHQELUJLULLPFLLLQLELUDUD\DJHWLUHELOGLLILQDQVDOND\QDNODUODNXUDELOHFHLQLDUDWUPDNGXUXPXQGDGU%XVRUX\D\DQWROXPOXLVHNXUXODQEXLWHQHOGHHGLOHELOHFHNJHOLULQJLULLPFLLoLQ\HWHUOLOLLVRUJXODQPDOGU%XQRNWDGDJLULLPFLQLQ|]HOOLNOHVRUPDVJHUHNHQVRUXODUGDQELULLLQNXUXOPDVLoLQJHUHNOLILQDQVPDQQPLNWDULOHLOJLOLVHoHQHNOHULQQHOHURODELOHFHLGLUgUQHLQEXVHoHQHNOHUGHQELULLLNoNELU|OoHNOHEDODWDUDNILQDQVPDQLKWL\DFQD]DOWPDNRODELOLU
x +HGHIOHQHQUQOHULQUHWLPLQGHJHUHNOLRODQWHNQLNYHLGDULVUHoOHULQROXWXUXOPDVYHX\JXODQPDVJLULLPFLLoLQRODQDNV]P"ILNLUOHUL|]HOOLNOHUHWLPNRQXVXQGDRODQJLULLPFLOHUUHWLPVLVWHPOHULQLQNXUXOPDVQGDQHWUDOWWHNQLNVUHoOHULQ\HUDOPDVJHUHNWLLQLELU|QLQFHOHPHGHQJHoLUGLNWHQVRQUDVLVWHPJUXSODUQQWHPLQLQLQYHLOHWLOPHVLQLQNHQGLILQDQVDOEWoHOHUL\DGDNHQGLE|OJHDUWODULoLQGHRODQDNOROXSROPDGQJ|UPHN]RUXQGDGUgUQHLQGHULLOHPHNRQXVXQGDLNXUDFDNELUJLULLPFLWHNQLNLOHPDNQQJHQHOLQLHOHDOGNWDQVRQUDoHYUHVHOHWNLOHULQJQP]GH|QHPOHHOHDOQPD\DEDODQPDVQHGHQL\OHLOHWPHQLQDWNLOHPOHULVUHFLQLQo|]PQQRODQDNOROXSROPDGQDUDWUPDOGU%XQRNWDGDELUo|]P\ROXEXOXQDPD]LVHLILNULQLQX\JXODQPDVRODQDNV]KDOHJHOHFHNWLUgUQHNWHNLGHULLOHPHLOHWPHVLQLNXUPDNLVWH\HQJLULLPFLRUWDNNXOODQPGDRODQELUDUWPDWHVLVLQHXODDP\RUYHNHQGLWHNQLNVUHFLQLQJHUHNWLUGLLDUWPDWHVLVLQL\DWUPNDOHPOHULDUDVQDDOPDN]RUXQGDNDODFDNLVHEXQX|QGHHUOHQGLUPHDDPDVQGDJ|UPHN]RUXQGDGUOHWPHOHULQLGDULoDOPDODULoLQGHJHUHNOLQLWHOLNWHNLHOHPDQODUQWHPLQHGLOPHVLSD]DUODPDYHVDWIDDOL\HWOHULQLQJHUHNWLLHNLOGH\HULQHJHWLULOPHVLLSL\DVDVLOHEDODQWQRNWDODUQDXODOPDVJLELVUHoOHUV|]NRQXVXGXU%XQODUDUDVQGD|QGHHUOHQGLUPHDDPDVQGD|QFHOLNOHJHUHNOLHOHPDQSURILOLQLWHPLQHWPHRODQDLOHSD]DUODPDoDOPDODUQQEDDUDQVHOHDOQPDOGU*LULLPFLOHULILNLUOHULQLQJHUHNWLUGLLSD]DUODPDIDDOL\HWOHULQLQLOHWPHQLQEDDUOROPDVDoVQGDQ|QHPLQLYH|QQGHNL]RUOXNODULQFHOHPHOLGLUOHUgQGHHUOHQGLUPHDDPDVQGDHOHDOQPDVJHUHNHQQRNWDODUSD]DUODPDQQEDDUOROPDVLoLQ|]HOGDWPNXUXOXODUQD\DGD|]HODUDoYHVLVWHPOHUHJHUHNROXSROPD\DFDGUgUQHLQLILNULSL\DVDGDKHQ]ELOLQPH\HQELUUQUHWPHN\DGDVDWPDNLVH\RXQYHEWoHOLELUWDQWPNDoQOPD]GUhUHWLOHQUQVRXN]LQFLULOH\DGD
EHOLUOLVUHOHUHGD\DORODUDNWNHWLFLOHUHXODWUODFDNLVHWDPDDUDoODUYHUQGHSRODU|]HODUWODUWDPDOGUx *LULLPFLQLQLILNULQLQWHPHOEDDUNULWHULQHGLU"*LULLPFLQLQNXUDFDLLQEDDUDQVQD\|QHOLNJHQHOGHHUOHQGLUPHVLQHGLU"
3L\DVDGDNXUXOXLOHUJLULLPFLOHULoLQJHQHOOLNOHLILNULND\QDNODUROPDNWDGU%LULNROXQGDNLEDDUOLOHWPHOHUEHQ]HULOHULQNXUXOPDVQDQHGHQROPDNWDGU.HQGLLLQLNXUPDNLVWH\HQOHULoLQ|QHPOLELUQRNWDGDKHUELUJLULLP|UQHLQLQNHQGLQH|]JIDNW|UOHULROGXXGXU%LUJLULLPEHOLUOLELUVHNW|UGHSL\DVDGDYHoHYUHGHEHOLUOLLQVDQVHUPD\HELOJLPDO]HPHND\QDNODULOHJLULLPFLQLQELUH\VHOKHGHIOHULQHJ|UHNXUXOPXIDUNO|]HOOLNOHUGHYHWHNRODQLOHWPHGLU.HQGLLLQLNXUPDNLVWH\HQJLULLPFLDGD\ODUoHYUHOHULQGHJ|UGNOHULYHELUEHQ]HULQLNXUPD\KHGHIOHGLNOHULLOHWPH|UQHNOHULQLoRNL\LDQDOL]HWPHOLGLUOHU%XDDPDGD|QHPOLRODQQRNWDLOHWPHOHULQEDDUODUQQDOWQGD\DWDQWHPHOIDNW|UJ|UHELOPHNWLU%XIDNW|UHWHPHOEDDUNULWHULGHPHNGRUXROXUILNLUOHULQLQEDDUOROPDVLoLQoHLWOLEDDUNULWHUOHULYDUGU5HKEHULQEXQRNWDVQDNDGDUDoNODQDQELUoRNLOHWPHIDNW|ULILNLUOHULQLQ|]HOOLNOHULQHJ|UHWHPHONULWHUQLWHOLLND]DQDELOLUYHJLULLPFLQLQ\DGDLOHWPHG|QHPLQGHLOHWPHFLQLQ|QQHEDDUOPDVJHUHNHQWHPHO]RUXQOXOXNRODUDNoNDELOLU%XIDNW|UED]LOHWPHOHUGHoRNGHQH\LPOLXVWDODUHOHPDQODURODELOLUED]ODUQGDLVH\NVHNLOHWPHVHUPD\HVLJFGU%D]LOHWPHOHUGH\OODUQYHUGLLSL\DVDGHQH\LPLLOH|]HOPWHULOHUEDDU\JHWLUPHNWHGLU%XQLWHOLNOHULGDKDGDDUWUPDNPPNQGU%XQXNVDFD|]HWOHPHNJHUHNLUVHJLULLPFLOHUNXUDFDNODULLQWHPHOEDDUNULWHULQLQQHRODFDQELOPHOLYHLOHWPHQLQWHPHOVWUDWHMLVLQLEXNULWHULEDDU\ODJHUoHNOHWLUPH\H\|QHOWPHOLGLUOHUgQGHHUOHQGLUPHDDPDVQGDJLULLPFLOHULILNLUOHULQLQEHQ]HUOHULQLSL\DVDGDLQFHOHPHOLYHEDDUODUQQGD\DQGJHUoHN|]HOOLLREMHNWLI
RODUDNDQODPD\DoDOPDOYHNHQGLOHULQLQNXUDFDNODULOHWPHOHUGHEXQLWHOLLVDODPDODUQQRODQDNV]ROPDGQDNDUDUYHUPHOLGLUOHUgQGHHUOHQGLUPHDDPDVWDPDPODQGQGDJLULLPFLOHU\XNDUGDNLNRQXODUGD\DSWNODUJHQHONDSVDPOYHK]ODUDWUPDQQVRQXoODUQLQFHOHPHOLGLUOHU(HUEXQRNWDODUGDQKHUKDQJLELULVLQLQo|]PJLULLPFLDoVQGDQRODQDNV]LVHJLULLPFLLILNULQLQVHoLPLNRQXVXQXWHNUDUGQPHOLEXQRNWDODUGDQKHUELULQGH|QGHHUOHQGLUPHDDPDVQGDROXPOXFHYDSODUEXODPDGELULILNULLoLQGHWD\O\DSODELOLUOLNDUDWUPDVYHLSODQoDOPDODUQDEDODPDPDOGU
).511
SODQQQJHUHNHQNDSVDPGDKD]UODQPDVJLULLPFLQLQKHGHIOHGLLLPRGHOLQLYHLLQLQHUH\HXODWUPDNLVWHGLLQLELOPHVLQLJHUHNWLULU$QFDNEXGXUXPGDLSODQ\ROJ|VWHULFLELUUHKEHUROXUYHYDUOPDNLVWHQHQQRNWD\DJLGHFHN\ROXWDULIHGHU%XQHGHQOHJLULLPFLLNXUPDQRNWDVQDJHOPHGHQ|QFHD\Q\DSODELOLUOLNDUDWUPDVNDSVDPQGDWPVHoHQHNOHULHOHDOPDOYHKHUELULLoLQ\HWHUOLDUDWUPD\\DSPDOYHHQGRUXVHoHQHNOHUHNDUDUYHUPHOLGLUOHWPHQLQ\DSODELOLUOLLQLHWNLOH\HQWPIDNW|UOHUGHWD\OELUHNLOGHJLULLPFLQLQNHQGLVLQLQGHGDKLOROGXXELUoDOPDLOHRUWD\DoNDUOPDOGU.VDFDJLULLPFLLSODQQKD]UODUNHQQHUH\HYDUPDNLVWHGLLQLELOPHOLGLU9DUPDNLVWHGLLQRNWD\ELOPH\HQOHURUD\DQDVOYDUODFDQWDULIHGHPH]OHUSODQKD]UONVUHFLJLULLPFLOHUHSODQODGNODULOHULQJHUoHNWHKDQJL|]HOOLNOHUHVDKLSROGXXQXWP\|QOHUL\OHDUDWUPDIUVDWYH]RUXQOXOXXJHWLULU%X\|Q\OHLSODQoHLWOLELOJLOHULLoHUHQELUWHPHOGRNPDQROPDQQ\DQQGDJHUHNOLKD]UONoDOPDODUQQ\DSOPDVQVDOD\DQELUDUDoWUg]HOOLNOHNoNYHRUWD|OoHNOLLOHWPHOHULQEDDUV]ONODUQGDHQ|QHPOLQHGHQOHUGHQELULRODQ\HWHUOLDUDWUPDYHSODQODPDoDOPDODUQQ\DSOPDPDVHNVLLQLJLGHUPH\H\DUGPFELUUHKEHUGLUSODQJLULLPFLQLQNXUPD\SODQODGLOHWPHQLQoHLWOL\HUOHUHWDQWOPDVQGDNXOODQODFDNWHPHOGRNPDQGUSODQEX\|Q\OHILQDQVDOND\QDNWHPLQDUDWUPDODUQGDERUo\DGDNUHGLND\QDNODUQDEDQNDODUDIRQNXUXOXODUQDYEEDYXUX\DSDUNHQSRWDQVL\HORUWDNODUDLPRGHOLQLWDQWUNHQWHYLNSURJUDPODUQD\DGDSURMHGHVWHNSURJUDPODUQDEDYXUXUNHQNXOODQOU$\UFDLOHWPHQLQLKWL\DoGX\GXXPDNLQHOHULQJLUGLOHULQWHPLQHGLOPHVLDDPDVQGDLOJLOLILUPDODUOD\DSODFDNJ|UPHOHUGHNXUXODFDNLOHWPHQLQ|]HOOLNOHULQLQDNWDUOPDVDPDF\ODNXOODQODFDNNDSVDPOELUWDQWPGRNPDQGU
SODQGLHUELU\|Q\OHJLULLPFLQLQNXUXOXVRQUDVQGDLOHWPHQLQRUWD\DNR\GXXJHUoHNOHPHOHULYHLOHULQQHUH\HGRUXJLWWLLQL|OoPHNLoLQNXOODQDFDELUSODQDOWOGUSODQLOHJLULLPFLKHGHIOHULQHXODSXODPDGQJ|UPHDQVQDVDKLSRODFDNYHJHUHNOL|QOHPOHULDODFDNWUSODQ\HQLLNXUDQJLULLPFLOHU\DQQGDLOHWPHOHULNXUXOXRODQLVDKLSOHULLoLQGHJHUHNOLYH\DUDUOELUGRNPDQGU0HYFXWLOHWPHOHULQ\|QHWLFLOHULLOHWPHOHULQGH\DSDFDNODUKHUWUO\HQLOHPH\DGDGHLLNOLNSURMHOHULQGHKHGHIOHULQLYH\DSDFDNODULOHPOHULLSODQLOH\D]OSODQODUKDOLQHJHWLUHELOLUOHU%XNDSVDPGDNLLSODQODU\|QHWLFLOHUHLOHWPHLoLQGHYHLOHWPHGQGDJHUHNOL\HUOHUHELOJLYHUPHNYHWDQWP\DSPDNLoLQ\DUDUORODFDNWUSODQGRV\DVYHLSODQKD]UODPDVUHFLQLQJLULLPFLOHUYHLKDOHQELUL\UWHQOHUDoVQGDQ|QHPLQLNVDFD|]HWOH\HFHNROXUVDN gQFHOLNOHLNXUPD\ROXQGDELUUHKEHUGLU*LULLPFLQLQKHGHIOHGLLQRNWD\DXODPDVQD\DUGPFROXU NXUPDQRNWDVQDJHOPHGHQJHUHNOLDUDWUPDYHSODQODPDoDOPDODUQQ\DSOPDVQVDOD\DQELUDUDoWU dHLWOLNXUXPODUOD\DSODFDNJ|UPHOHUGHHWNLOLELUWDQWPPDWHU\DOLGLU .XUXOXVRQUDVQGDYHPHYFXWLOHWPHOHUGH\|QHWLPDNWLYLWHOHULLoLQ\|QOHQGLUHQYHNRQWUROWHPHOLROXWXUDQYHUHQELUSODQGU
5HKEHULPL]LQEXDDPDVQGDJLULLPFLOHU\DSODELOLUOLNDUDWUPDVQDSDUDOHORODUDNLSODQODUQKD]UODPD\DEDOD\DFDNODUGU%XE|OPGHQVRQUDJLULLPFLOHULQLSODQ5HKEHULNDSVDPQGD\DQWODUQND\GHWPHOHULJHUHNHQQRNWDODUYHDoNOD\FQRWODUD\QEDONODUL]OHQHUHNVUDLOHEHOLUWLOHFHNWLUE|OPGHYHEDONODUDOWQGD\HUDODQE|OPOHUJLULLPFLOHULQ\DSODELOLUOLNDUDWUPDVYHLSODQKD]UONODUQWDPDPODGNWDQVRQUDLSODQQDVRQHNOLQLYHUPHDDPDVQGDHOHDODFDNODUoDOPDODUGU%XE|OPOHUGH\HUDODQVRUXODUYHNDUDUODULPRGHOLQLQGHWD\ORODUDNWDQPODQPROPDVQJHUHNWLUPHNWHGLU%XQHGHQOHJLULLPFLOHULSODQQQEXE|OPOHULQL\DSODELOLUOLNDUDWUPDVYHLSODQKD]UONDSVDPQGD\DSDFDNODUDUDWUPDYHoDOPDODUWDPDPODGNWDQVRQUDGROGXUDUDNGRNPDQWDPDPOD\DELOLUOHUE|OPQGHYHULOHQEDONODUYHQXPDUDODQGUPD*LULLPFLOHUoLQ3ODQ5HKEHUL NDSVDPQGDNLEDONYHQXPDUDODQGUPDODULOHX\XPOXGXUgUQHLQEDO3ODQ'RV\DVQGDNLEDODNDUONJHOPHNWHGLU*LULLPFLOHUEXE|OPGHRNX\DFDNODUDoNODPDODUGDQ\DUDUODQDUDNVRUXODUQ\DQWODUQDUDWUDFDNODUYH3ODQ'RV\DV GRNPDQQDJHUHNOLELOJLOHULD\QEDONODUDOWQGDND\GHGHUHNLSODQODUQKD]UODPRODFDNODUGU
3/$1,g=(7SODQ|]HWLQLQDPDFSODQLQFHOH\HQNLLOHUHJLULLPFLYHLILNULLOHLOJLOLJHQHOELUELOJLYHUPHNWLUSODQ|]HWLJLULLPFLQLQ\DSODELOLUOLNDUDWUPDVYHLSODQKD]UONoDOPDVQWDPDPODPDVQGDQVRQUDLPRGHOLQLQNHVLQHNOLQLJLULLPFLQLQKHGHIOHULQLYHSODQ|]HWRODUDNWDQWU*LULLPL\DSDQNLL\DGDNLLOHUEXE|OPGHNHQGLOHULQLNVDFDWDQWPDOGUODUg]HOOLNOHLILNULQLQEDDUVQD\|QHOLNNDWNODUYXUJXODQDUDNVDKLSROGXNODUGHQH\LPOHUNVDFDEHOLUWLOPHOLGLUILNULQLQLONDDPDGDNVDFDWDQWOPDVDPDF\ODJLULLPFLNXUPDNLVWHGLLLLLOHWPHQLQDGQJHQHORODUDNVXQXODFDNUQYHKL]PHWOHULLOHWPHQLQNDSDVLWHVLQLLONHWDSWDXODPDNLVWHGLLPWHULNLWOHOHULQLLLQNXUXOXXLoLQILQDQVPDQJHUHNVLQLPLQLLJFYHL\HULELOJLOHULQLEXE|OPGH|]HWOHU$\UFDJLULLPFLLSODQQLQFHOH\HQOHUHLNXUPDVUHFLQGHQH]DPDQKDQJLDDPDODUDJHOHFHLQL|]HWELUSODQLOHDNWDUU%XE|OPGHLNXUPDVUHFLQGHEXJQHNDGDUJHUoHNOHWLUGLNOHULQLNVDFD|]HWOHU
*50&117$1,7,0,NXUPDVUHFLQGHJLULLPFLQLQ|]HOOLNOHULLLQEDDUVQGRUXGDQHWNLOHPHNWHGLUgQFHOLNOHJLULLPFLQLQHLWLPGXUXPXJHoPLLGHQH\LPOHUL\DGDKHUKDQJLELUELOJLEHFHULVLLOHSODQODGLLEDDUOELUHNLOGHNXUPDNYH\UWPHNNRQXVXQGDLSODQQLQFHOH\HQOHULLNQDHWPHVLJHUHNLU
%XE|OPQELUGLHUDPDFJLULLPFLQLQNHQGLVLQHXODODELOPHVLYHJHQHORODUDNVRV\DO|]HOOLNOHULQLQDQODOPDVLoLQJHUHNOLELOJLOHULYHUPHVLGLU%XNDSVDPGDJLULLPFLLVPLQLDGUHVLQLWHOHIRQQXPDUDODUQYDUVDIDNVQXPDUDVQGRXP\HULYHWDULKLQLHYOLOLNGXUXPXQXELOJLRODUDNYHULU%XE|OPGHJLULLPFLQLQGHWD\OELUHNLOGHDNWDUPDVJHUHNHQELOJLOHUGHQELULGHLILNULQLVHoPHQHGHQOHULGLU*LULLPFLLILNULQLVHoPHQHGHQOHULDUDVQGD|]HOOLNOHLILNULQLEDDULOHX\JXODPDVQD\|QHOLNRODUDNVDKLSROGXXPRWLYDV\RQXGDYXUJXODPDOGU*LULLPFLQLQKHGHIOHULEXE|OPGHYXUJXODQPDVJHUHNHQELUGLHUEDONWU*LULLPFLLILNULQLX\JXODPD\DJHoLUGLLQGH|QFHOLNOHLON\OKDQJLKHGHIOHULJHUoHNOHWLUPHNLVWHGLLQLDoNWDQPOYHXODODELOLUKHGHIOHUHNOLQGHLIDGHHWPHOLGLU6DWUDNDPLoLVD\VPWHULVD\VJLELGHLNHQOHUKHGHIOHULQLIDGHVLQGHNXOODQODELOLU*LULLPFLNVDKHGHIOHUL\DQQGD|]HOOLNOHLOHWPHQLQJHOLPHG|QHPLQHNDUONJHOHQRUWDYDGHGH\DGDELUEDNDGH\LOHLONEH\OGDKDQJLKHGHIOHUHXODPD\SODQODGQDNWDUPDOGU%XJUXSWDLOHWPHQLQVDKLSROGXXNDSDVLWH\LQH]DPDQ]RUODPD\DEDOD\DFD\HQLUQOHUHJHoPHSODQODU\HQLPDNLQHOHUHOHDOQDELOLU'LHUWDUDIWDQJLULLPFLOHUNXUDFDNODULOHUOHLOJLOLVWUDWHML\DQLX]XQYDGHOLKHGHIOHULQLGHHOHDOPDOGUODU%XQODUELUDQODPGDLOHWPHQLQYL]\RQXQXROXWXUDFDNWU%XE|OPGHJLULLPFLLOHWPHQLQLONEH\OQGDQVRQUDVQGQHUHNKHGHIOHUJHOLWLUPHOLGLU
.858/$&$.17(0(/17(/./(5YH.858/8'g1(03/$1,*LULLPFLEXE|OPGHGHWD\O\DSODELOLUOLNDUDWUPDVYHLSODQKD]UODPDoDOPDODUVRQXFXQGDXODWLPRGHOLQL|]HWOHPH\H
GHYDPHGHUgQFHOLNOHNXUPDNLVWHGLLLLQVDKLSRODFD\DVDOVWDW\YHEXLOHWPHWUQVHoPHVLQLQQHGHQOHULQLNVDFDEHOLUWLU*LULLPFLQLQLOHWPHVLQLRUWDNON\DSVQGDNXUPDVGXUXPXQGDEXE|OPGHRUWDNONPRGHOLQLYHRUWDNODUQLOHWPHLoLQGHNLNRQXPODUQDoNODPDVJHUHNLU2UWDNODUQSD\ODUJ|UHYOHULYH|]HOOLNOHLLQEDDUVDoVQGDQLOHWPH\HNDWNODUQQQHOHURODFDQQEHOLUWLOPHVL|QHPOHJHUHNPHNWHGLU*LULLPFLLLQWHPHOQLWHOLNOHULYHNXUXOXG|QHPLSODQEDODOWQGDVRQRODUDNNXUXOXLoLQDOQPDVJHUHNOLL]LQOHULUXKVDWODUYHGLHUUHVPLGRNPDQODUEHOLUWLU$\UFDEXLOHPOHULQKDQJLNXUXPODUODYH\DNODNKDQJLVUHOHUGH\DSODFDQND\GHGHU
).5113
ND\QDGUOHWPHQLQEDDUOROPDVLoLQSL\DVDGDHQDYDQWDMOJLUGLWHPLQLQLQNLPOHUWDUDIQGDQQHHNLOGH\DSOGEHQ]HULQL\DSPDQQDUWODUQQQHOHUROGXXELOLQPHOLGLU%XQHGHQOH\DSODELOLUOLNDUDWUPDVQQLONDGPRODQSL\DVDYHWDOHS|]HOOLNOHULDUDWUPDVQGDJLULLPFL|QFHOLNOHLILNULQLQLoLQGHEXOXQGXXVHNW|UYHSL\DVDODUEHOLUOHPHOLGLU
ILNULQLQDUDWUOPDVQGDVHNW|UDOWVHNW|UOHUED]QGD\DSODFDNEXDUDWUPDODUJLULLPFLQLQEXDDPDGDQVRQUD\DSDFDWPoDOPDODUELUEWQONLoLQGH\UWPHVLQLYHLILNULQLHWNLOH\HFHNWPIDNW|UOHULJ|UPHVLQLVDOD\DFDNWUgUQHLQ39&NDSSHQFHUHHOHPDQODUUHWLPLQHJLUPHNLVWH\HQELUJLULLPFLVHNW|URODUDNLQDDWYHDOWVHNW|URODUDNELQDVHNW|UQGH\HUDOPDNWDGU%XVHNW|UDOWVHNW|UOHULQVDKLSROGXXEHOLUJLQ|]HOOLNOHUDUDVQGDELQDUHWLPWUOHULVHNW|UGHPWHULOHULQIL\DWNDOLWHEHNOHQWLOHUL\HQLILUPDODUQVHNW|UHJLUL\RXQOXXHOHDOQDFDNEHOLUJLQ|]HOOLNOHUDUDVQGD\HUDODELOLU6HNW|UQE\NONDSVDPQGDONHPL]GHNXUXOXUHWLPJFGDWPYHPRQWDMNXUXOXODUQQVD\VDUDWUOPDVJHUHNHQNRQXEDONODUQGDQGU*LULLPFLVHNW|UQ\DDGJHOLPHHLOLPOHULDUDVQGDJHoPL\OODUGDJHUoHNOHHQUHWLPYHPRQWDMUDNDPODU\DQQGDPWHULWDOHSOHULQGHNLHLOLPOHULGHJHQHORODUDNHOHDOPDOGU6HNW|UQJHOHFHLQGHQEHNOHQHQOHUDUDVQGDDUDWUODFDNNRQXODUGDQED]ODUONHPL]GHVHNW|UQXODPDNLVWHGLLKHGHI|UQHLQELQDUHWLPWDKPLQOHULELQDODUGDPHYFXWNXOODQODQGRQDQPQGHLPHVL\|QQGHNLHLOLPOHURODFDNWU
ILNULQLQVHNW|UHO|]HOOLNOHULQLQDUDWUOPDVQGDJLULLPFL\L\|QOHQGLUHFHNVRUXODUXQODUGU .XUXODFDNLKDQJLVHNW|UDOWVHNW|UDOWQGD\HUDOPDNWDGU" 6HNW|UQEHOLUJLQ|]HOOLNOHULQHGLU" 6HNW|UQE\NOQHGLU" 6HNW|UGH\DDQPDNWDRODQHLOLPOHUQHOHUGLU" 6HNW|UQJHOHFHLQGHEHNOHQHQOHUQHOHUGLU"
.XUXODFDNLOHWPHQLQLOLNLLoLQGHRODFDSL\DVDODUYHJHQHO|]HOOLNOHUL6HNW|UQ|]HOOLNOHULQLQEHOLUOHQPHVLQGHQVRQUDJLULLPFLLLQLOLNLLoLQGHRODFDSL\DVDODUQEDONODUQYHJHQHO|]HOOLNOHULQLDUDWUDFDNWU.UHLOHWPHVLQLQPWHULSL\DVDVDQQHQLQoDOWDLOHOHUGLU%XWUDLOHOHUoRFXNODU\DJUXEXDUDVQGDLNHQNUHLOHWPHOHULQLQKHGHIPWHULNLWOHVLQGH\HUDOPDNWDGUODU'LHU\DQGDQoRFXNHLWLPPDO]HPHOHULDoNDODQR\XQVHWOHULVDWDQNXUXOXODULOH\HPHN\DSPQGDNXOODQODQKHUWUOPDO]HPHQLQVDWFODUJLUGLSL\DVDODUQD|UQHNWLU3ODVWLNH\DUHWLPL\DSDQLOHWPHQLQJLUGLSL\DVDODUQGDQED]ODUSODVWLNKDPPDGGHVLVDWDQNXUXOXODUGU$QFDNEXWUELULOHWPHQLQNXOODQGPDNLQHOHUQHGHQL\OHJLUGLSL\DVDODUDUDVQGDPDNLQHYH\HGHNSDUoDVDWFODUGD|QHPOLELUJUXEXROXWXUPDNWDGU*LULLPFLEXUDGDNVDFD|UQHNOHULQLYHUGLLPL]SL\DVDODUDUDWUPDQQLOHUOH\HQDGPODUQGDGHWD\ORODUDNDQDOL]HGHFHNWLUILNULQLQEDODQWGDRODFDSL\DVDODUQYHJHQHO|]HOOLNOHULQLQEHOLUOHQPHVLoDOPDVQGDXVRUXODUQ\DQWODUDUDQPDOGU 7HPHOPWHULSL\DVDODUKDQJLJUXSODUGDQROXPDNWDGU" OHWPHQLQ JLUGL VDOD\DFD SL\DVDODU NDSVDPQGD KDPPDGGHOHULQVDODQDFDSL\DVDODUKDQJLOHULGLUYHEHOLUJLQ|]HOOLNOHULQHOHUGLU" 'LHU UHWLP PDO]HPHOHULQLQ VDODQDFD SL\DVDODU KDQJLOHULGLU YH EHOLUJLQ|]HOOLNOHULQHOHUGLU" 0DNLQHHNLSPDQ YH DUDo JHUHoOHULQ VDODQDFD SL\DVDODU KDQJLOHULGLU YHEHOLUJLQ|]HOOLNOHULQHOHUGLU" JFQQVDODQDFDSL\DVDVQQWHPHO|]HOOLNOHULQHOHUGLU"
hUQ\DGDKL]PHWOHULQPWHULNLWOHVLYHWDOHELQ|]HOOLNOHULILNULQLQEDODQWGDRODFDSL\DVDODUQYHJHQHO|]HOOLNOHULQLQEHOLUOHQPHVLQGHQVRQUDJLULLPFLPWHULNLWOHVLQLQDQDOL]LQL\DSPDOGU*LULLPFLNHQGLLLQLNXUGXNWDQVRQUDoHLWOLWDOHSNHVLPOHULQHXODPD\DYHUHWWLLUQ\DGDKL]PHWOHULEXJUXSODUDVXQPD\DEDOD\DFDNWU7RSOXPLSL\DVDVUHWLPSL\DVDVJLULLPFLOHULoLQLILNLUOHULQHJ|UHIDUNOPWHULJUXSODUQEDUQGUPDNWDGU*LULLPFLOHUEXDQDJUXSODULoLQGHXODPDODUJHUHNHQNLWOH\LGRUXRODUDNWDQPODPDOYH|]HOOLNOHULQLDQDOL]HWPHOLGLUOHU%XDDPDGDJLULLPFL|QFHOLNOHLILNULQLQVDKLSROGXXSRWDQVL\HOPWHULOHULEHOLUOH\HFHNWLU'DKDVRQUDNXUPDNLVWHGLLLOHWPHQLQ|]HOOLNOHULQHHQX\JXQPWHULJUXSODUQEHOLUOH\HUHNKHGHINLWOHVLQLGHWD\ORODUDNRUWD\DoNDUPDOGUgUQHLQWEELFLKD]ODUUHWPHN\DGDVDWPDNDPDF\ODLNXUPDNLVWH\HQELUJLULLPFL7UNL\HoDSQGD|]HO\DGDNDPXVHNW|UOHULQGH\HUDODQKHUWUOVDONNXUXOXXQXSRWDQVL\HOPWHULJUXEXLoLQHDODUDNDUDWUPDN]RUXQGDGU%XNXUXOXODUGD|]HOOLNOHVDWQDOPDVUHoOHULQLQQDVOJHOLWLLQLNDPXLoLQLKDOHVUHFLQL|]HOVHNW|ULoLQDOPVHoLPNDEXOVUHoOHULQLYHX\JXODGNODU|GHPHSODQODUQEHOLUOHPHOLGLU3RWDQVL\HOPWHULJUXSODULoLQGHEXEDONODUDOWQGD\DSODQDUDWUPDODUGDQVRQUDUQQYHNXUXODFDNLOHWPHQLQ|]HOOLNOHULQHHQX\JXQRODQPWHULJUXSODULOHWPHQLQKHGHIPWHULOHULQLROXWXUDFDNWU%XDDPDGDUQQNDOLWHVLUHNDEHWJFIL\DWLOHWPHQLQILQDQVPDQJFPWHULOHULQHVXQDELOHFHL|GHPHVHoHQHNOHULKHGHIPWHULOHULQEHOLUOHQPHVLQGHHWNLOLRODFDNWUdHLWOLUQOHULQPWHULNLWOHOHULQLQ|]HOOLNOHULDUDWUOUNHQWRSOXPVDOYHULOHULQDUDWUOPDVJHUHNOLGLU%XQODUDUDVQGDLONJUXSQIXVLOHLOJLOLGXUXPYHJHOLPHOHULJ|VWHUHQGHPRJUDILNYHULOHUGLU$DGDEXWUYHULOHUH|UQHNOHUYHULOPLWLU
x VHoLOHQKHGHIE|OJHLoLQGHQIXVx QIXVDUWK]x J|oRUDQODUx QIXVXQ\DJUXSODUGDOPx oDODQQIXVG]H\Lx oDODQQIXVLoLQGHLYHPHVOHNJUXSODUQQGDOPx RUWDODPDDLOHE\NO'LHU\DQGDQKHGHIE|OJHQLQJHOLUYHWNHWLPYHULOHULDUDWUOPDOGU%XQODUDUDVQGD\HUDODQYHULOHUGHQED]ODUXQODUGU
x E|OJHQLQWRSODPJD\ULVDIL\XUWLoLKDVODVx JD\UL VDIL \XUWLoL KDVODQQ WDUP LPDODW WLFDUHW KL]PHW VHNW|UOHULQHGDOPx VHNW|UOHULQJHOLPHHLOLPOHULx NLLEDQDGHQPLOOLJHOLUx LYHPHVOHNJUXSODUQQRUWDODPDJHOLUG]H\OHULx NLLOHULQJLGHUJUXSODUQD\DSWNODURUWDODPDKDUFDPDG]H\L*LULLPFLOLNNLLQLQLoLQGH\DDGWRSOXPDWDOHSHWWLLUQ\DGDKL]PHWOHULVXQDUDNJHOLUHOGHHWPHVLGLU*LULLPFLOLLQNLLVHO|]HOOLNOHULDUDVQGDIUVDWODUVH]PHNWDOHSOHULEDNDODUQGDQ|QFHJ|UPHN|QHPOLELU\HUWXWDU%XQHGHQOHJLULLPFLOHULILNLUOHULQLQEDDUOROPDVLoLQWRSOXPVDOYHULOHULGHUOHPHNYHEXQODUEDDUOELUHNLOGH\RUXPODPDN]RUXQGDGUhONHPL]GH\HWHUOLYHGRUXQLWHOLNOHUGHYHULYHELOJLQLQEXOXQPDVQQROGXNoD]RUROPDVJLULLPFLOHULQNXUGXNODULOHUGHEDDUOROPDODUQQ|QQGHNL|QHPOLHQJHOOHUGHQGLU%XHQJHOLQDOPDVLOHWPHQLQ|QQJ|UPHVLYHGRUXNDUDUODUDOPDVLoLQJLULLPFLQLQLKWL\DoGX\GXXELOJLYH\RUXPODUoRXQOXNODNHQGLoDEDODU\ODUHWPHVLJHUHNLU%XQRNWDGDEHOLUWPHNJHUHNLUNLEXUDGDVUDODQDQYHULEDONODUROGXNoDJHQHOGLU2\VDELUJLULLPFLoRNGDKDGHWD\OYHULOHUHYHEXQODUQLILNULQLQ|]HOOLLQHJ|UH\RUXPODQPDVQDLKWL\DoGX\DU%XQXQLoLQ
JLULLPFLDUDWUPD\DSDUNHQEXOXQDELOLUYHULND\QDNODUQGDQ\RODoNS\RUXPODPDODU\DSDUDNJYHQHELOHFHLWDKPLQOHUHXODUgUQHLQHPODNYHUJLVLL]OHPHYHWDKVLODWVLVWHPL\D]OPVDWDQELU\D]OPILUPDVQQELOPHVLJHUHNHQELOJLOHUDUDVQGDEXOXQGXXE|OJHQLQEHOHGL\HVLQLQ\OONHPODNYHUJLVLWRSODPDSRWDQVL\HOLLOHWDKVLOHGHELOGLLPLNWDUYHPHYFXWWDKVLODWVUHFLQLQEHOHGL\H\H\DNODNPDOL\HWL\HUDOPDNWDGU%XELOJL\OHGD\DORODUDNJLULLPFLUQQQEHOHGL\HLoLQQHG]H\GH\DUDUOROGXXQXDQOD\DELOLUYHWDQWPQGDJoOELUWH]RODUDNYXUJXODU%XYHULQLQEXOXQPDVLoLQJLULLPFLEHOHGL\HQLQLOJLOLE|OPQE|OJHGHYHUJLDODQQDJLUHQ\DSODUQWRSODPQYHUJLRUDQODUQWDKVLODWVUHFLQGHNLLOHPOHULDUDWUPDOGU%X|UQHNWHJ|UOGJLELJLULLPFLOHUWDOHELQGHWD\ODUQNDYUD\DELOPHNLoLQWDOHSVDKLELNLWOHQLQ|]HOOLNOHULQL\RUXPOD\DFDNYHULOHULQQHOHUROGXXQXEHOLUOHPHOLYHEXQRNWDODUGDLH\DUD\DFDNKHUWUOoDOPDJ|UELOJLYH\RUXPXGHUOHPHOLGLUOHU0WHULOHULQ|]HOOLNOHUL\DQQGDJLULLPFLOHULoLQDUDWUOPDVJHUHNHQ|QHPOLELUGLHUQRNWDWDOHELEHOLUOH\HQIDNW|UOHULOHWDOHELQGHLPHHLOLPOHULGLUdRXLOHWPHVUHNOLGHLLPJ|VWHUHQWDOHS\DSODULOHNDUNDU\DGU%XGHLLPLILNULQLQ\DGDPWHULNLWOHVLQLQVDKLSROGXX|]HOOLNOHUGHQND\QDNODQPDNWDGUgUQHLQLQDDWPDPOOHULUHWLFLVLYHVDWFODULoLQLQDDWVH]RQXWDOHELQ\OLoLQGHNLGHLLPLQLEHOLUOH\HQWHPHOIDNW|UGU.UHOHU\D]D\ODUQGDD]DODQ|UHQFLVD\V\ODNDUNDU\DGU.UWDVL\HPDD]DODURNXOODUQDoOPDVQD\DNQG|QHPOHUGHoRN\RXQELUWDOHSOHNDUODUODU6HUDODUGD\D]D\ODUQGDUQOHUHRODQWDOHSD]DOUYHIL\DWODUGHU+HULILNULLoLQEXQDEHQ]HUELU\OLoLWDOHSGHLLPLJHQHOPRGHOLQGHQEDKVHWPHNPPNQGU
JHOPHNWHGLU*LULLPFLLILNULQLDUDWUUNHQWDOHELQQHHNLOGHGHLWLLQLDUDWUPDOGUhUQ \D GD KL]PHWOHULQ KHGHI PWHUL NLWOHVLQLQ YH WDOHELQ |]HOOLNOHULQLQDUDWUOPDVQGDVRUXOPDVJHUHNHQWHPHOVRUXODUXQODUGU hUQQVXQXPE|OJHVLQHGLU"HKLUE|OJH7UNL\H\XUWG 3RWDQVL\HO PWHUL JUXSODU NLPOHUGLU" YDWDQGD HVQDI VDQD\LFL ]LUDDWoLYE YHEXQODUGDQKDQJLOHULXODOPDVJHUHNHQKHGHIPWHULNLWOHVL LoLQGH\HUDODFDNWU" 0WHULOHULQ GHPRJUDILN YH VRV\RHNRQRPLN |]HOOLNOHUL QHOHUGLU" \D JUXEXNDGQHUNHNoRFXNPHVOHNJUXEXJHOLUJUXEXYE 6XQXP E|OJHVLQGH UQKL]PHWH RODQ WDOHEL HWNLOH\HQ IDNW|UOHU QHOHUGLU YHWDOHELQG|QHPVHOGHLPHHLOLPOHULQDVOGU" 7DOHS \DSVQD YH SD]DU KHGHIOHULQL]H X\JXQ G|QHPVHO VDW WDKPLQOHULQL]QHOHUGLU"
hUQYHKL]PHWOHULQVXQXPXQX\DSDQGLHUILUPDODUYHUHNDEHWRUWDP*LULLPFLOHUUDNLSOHULQLDUDWUUNHQoDOPDQQEDODQJoQRNWDVQXVRUXROXWXUXU3RWDQVL\HOPWHULOHUEXJQEHQ]HUUQ\DGDKL]PHWOHUHRODQWDOHSOHULQLQHHNLOGHNDUODPDNWDGUODU" %XVRUXQXQ\DQWODQPDVJLULLPFLQLQKHPSL\DVDGDPHYFXWDOWHUQDWLIUQ\DGDKL]PHWOHULKHPGHD\QUQ\DGDKL]PHWLVXQDQUDNLSOHULQLEHOLUOHPHVLQLVDODU*LULLPFLLoLQUDNLSOHULQDUDWUOPDVQGDKHUWUOELOJLGHHUOLGLU5DNLSOHULQL]OHQPHVLJoOYH]D\I\|QOHULQLQGHHUOHQGLULOPHVLJLULLPFLLoLQVDGHFHLNXUPD|QFHVLQGHGHLOLKD\DWQQWPDDPDODUQGD]RUXQOXELUDNWLYLWHGLU*LULLPFLLNXUPDKD]UONODUDDPDVQGD
UDNLSOHULQLQ|]HOOLNOHULQLEHOLUOHPH\HoDOUNHQ|QFHOLNOHUQYHKL]PHWUHWPHVUHoOHULQGHVDKLSROGXNODU|]HOOLNOHULDUDWUPDOGU'LHUWDUDIWDQSD]DU|]HOOLNOHULUDNLELQUHNDEHWRUWDPQGDNL|QHPLQLEHOLUOH\HQWHPHOIDNW|URODUDN|QHPOLGLU$DGDJLULLPFLOHULQSL\DVDGDNLUDNLSOHULQLDUDWUUNHQJ|]|QQGHEXOXQGXUPDODUJHUHNHQWHPHOQLWHOLNOHUVUDODQPWUx UHWLPNDSDVLWHOHULx RUWDODPDNDSDVLWHNXOODQPRUDQODUx UHWLPPDOL\HWOHULVDWIL\DWODUx NXOODQGNODUGDWPNDQDOODUYHWHVOLPDW|]HOOLNOHULx VDWVRQUDVVHUYLVKL]PHWOHULx SD]DUSD\ODUSD]DUGDHQEDDUOROGXNODUPWHULJUXSODUx UHWLPYHLOHWPHFLOLNVLVWHPOHULQGHNDOLWHDQOD\ODUx LOHWPHVHUPD\HVLJoOHULx VWRNWXWPDJoOHULx \HUOHLP\HUL|]HOOLNOHUL
%XVRUXODUQGDUDNLSOHULQLQJHQHO|]HOOLNOHULQLLQFHOH\HQJLULLPFLQLQDPDFKHUELUUDNLELQKDQJLQLWHOLNOHULLOHJoO\DGDKDQJLQLWHOLNOHULLOH]D\IROGXXQXEHOLUOHPHNWLU'LHU\DQGDQJLULLPFLUDNLSOHULQLLQFHOHUNHQLOHWPHOHULQVDKLSROGXNODUQLWHOLNOHU\DQQGDSL\DVDQH]GLQGHVDKLSROGXNODULPDMYHEXQXQGD\DQGLOHWPHFLOLN|]HOOLNOHULQLGHJ|]|QQGHEXOXQGXUPDOGU5DNLSOHUDUDWUOUNHQJLULLPFLOHULQ|QHPOHKDWUODPDODUJHUHNHQELUQRNWDUQYHKL]PHWOHULQVRPXWWDQPODUQQ|WHVLQGHPWHULOHULQUQOHULKDQJL|]HOOLNOHULLOHDOJODGYHUQOHUGHQQHID\GDODUVDODGQQ|QHPOLROGXXGXUgUQHLQJL\LPVHNW|UQGHPDUNDDONDQONHQGLQH|]JELUPWHULNLWOHVLQLJHWLUPHNWHGLU0DUND|]HOOLLQHVDKLSELUUDNLELQ|]HOOLNOHULQLNODVLNDQODPGDNDOLWHYHIL\DWODDQDOL]HWPH\HoDODQELUJLULLPFLUHNDEHWWHoRNEDDUOROPD\DFDNWU
*LULLPFLOHULQLILNLUOHULQLQNDUODDFDUHNDEHWRUWDPQDUDWUUNHQHOHDOPDODUJHUHNHQELUGLHUQRNWDSL\DVD\DEHQ]HULILNLUOHULQLQQHVNONWDJLUGLLQLJ|UPHNWLUg]HOOLNOHJLULLPFLQLQNHQGLE|OJHVLQGH\DGDEHQ]HUPHUNH]OHUGHD\QLILNULNDSVDPQGDVRQG|QHPOHUGHDoODQ\HQLL\HUOHULQLQQHG]H\GHROGXXQXELOPHVLSL\DVDGDNLUHNDEHWLQJHOLLPLQLWDKPLQHWPHVLDoVQGDQJHUHNOLGLUhUQ YH KL]PHWOHULQ VXQXPXQX \DSDQ GLHU ILUPDODU YH UHNDEHW RUWDPDUDWUOU +HGHIPWHULJUXSODUJLULLPFLWDUDIQGDQVXQXOPDVSODQODQDQUQ\DGDKL]PHWOHULEXJQQHHNLOGHWHPLQHWPHNWHGLUOHU" hUQYHKL]PHWLQSL\DVDGDNLPHYFXWGXUXPXQHGLU"6XQXPE|OJHVLQGH\DGD \XUW LoLQGH UHWLP G]H\L QHGLU" WKDO HGLOHQ ELU UQ LVH LWKDODW G]H\LQHGLU" 6XQXP E|OJHVLQGH EHQ]HU UQ YH KL]PHWL VXQDQODU NLPOHUGLU YH EHOLUJLQ|]HOOLNOHULQHOHUGLU" 5DNLSILUPDODUQJoOYH]D\I\|QOHULQHOHUGLU" 3L\DVDGDPHYFXWILUPDODUUQ\DGDKL]PHWOHULVXQDUNHQKDQJLIL\DWODKDQJLGDWP NDQDOODU LOH YH KDQJL SURPRV\RQ YH WDQWP DUDoODUQ NXOODQDUDNPWHULOHUHXODPDNWDGUODU" 6RQG|QHPOHUGHSL\DVD\D\HQLJLULOHULQ\RXQOXXQHGLU"
hUQYHKL]PHWOHULQKHGHIPWHULOHUHVXQXPXQGDYXUJXODQDFDNWHPHO|]HOOLNOHUNXUPDVUHFLQLQKD]UONoDOPDODUQQEXQRNWDVQGDJLULLPFLKHGHISD]DUQPWHULNLWOHVLQLYHWDOHELQ|]HOOLNOHULQLDQDOL]HWPLYH|UHQPLRODFDNWU%XE|OPGHHOGHHGLOHQELOJLOHULSODQQQ|]HOOLNOH
SD]DUDXODPD\D\|QHOLNVWUDWHMLYHSODQODUQJHOLWLULOPHVLDDPDVQGDWHPHOYHULOHULROXWXUDFDNWUILNULQLQSL\DVD|]HOOLNOHULQLQEHOLUOHQPHVLQGHGLHUDDPD\XNDUGDEHOLUWLOHQVHNW|UGH\HUDODFDNRODQLOHWPHQLQPWHULOHULQHQHVXQDFDQVXQGXXUQQPWHULWDUDIQGDQKDQJL|]HOOLNOHULoLQGHDOJODQDFDQWDKPLQHWPHNWLU$QFDNEXWDQPODPDODUGDQVRQUDELULOHWPHNHQGLUQQQJHUoHNPWHULNLWOHVLYHUHNDEHWHGHFHLILUPDODUDUDWUPDVQWDPDPODPRODFDNWU%XUDGDJLULLPFL|QFHOLNOHUQ\DGDKL]PHWOHULWHPHO|]HOOLNOHULLOHWDQPODPDOGU%XWDQPODPDGDUQOHULQWNHWLPPDOKDPPDGGHDUDPDPOQLKDLUQUHWLPHOHPDQODUPDNLQHHNLSPDQDUDoJHUHoOHUJUXSODPDVQGDNL\HULQL\DGDKL]PHWJUXSODUQGDQKDQJLVLQGH\HUDOGQEHOLUOHPHOLGLU'DKDVRQUDLOHWPHQLQWHPHO\DSVYHoDOPDHNOLNVDFDLIDGHHGLOHFHNWLU%XUDGD|]HOOLNOHEHOLUWLOPHVLJHUHNHQLOHWPHQLQUQQKDQJLDQDVUHoOHUVRQXFXQGDRUWD\DoNDUDFDYHPWHULOHUHVXQDFDGU%XDDPDGDJHUHNHQELUGLHUoDOPDSL\DVDGDPHYFXWUQ\DGDKL]PHWOHULQ|]HOOLNOHULQLQLQFHOHQPHVLVRQXFXQGDJLULLPFLQLQNHQGLUQ\DGDKL]PHWLQLQPWHULOHUWDUDIQGDQWHUFLKHGLOPHVLLoLQKDQJL|]HOOLNOHUHVDKLSROPDVJHUHNWLLQHNDUDUYHUHUHNPWHULOHUHQHVDOD\DFDQGHWD\ORODUDNWDQPODPDVGU%XoDOPDGDYDUODQVRQXoODUJLULLPFLQLQUQ\DGDKL]PHWOHULQLWDQWUNHQQHOHULYXUJXODPDVJHUHNWLLQLJ|VWHUHFHNWLU%XQODUDHNRODUDNJLULLPFLSL\DVDDUWODUQDUDWUPDDDPDVQGDUQ\DGDKL]PHWOHULQL\XNDUGDGHWD\ORODUDNDQDOL]HWWLL|]HOOLNOHULLOHWDQWUNHQLSODQoDOPDVQGDKD]UOD\DFDSD]DUODPDSODQLoLQGHJHUHNOLWDQWPYHSURPRV\RQLoLQQHWUDUDoODUQNXOODQODFDQEXQODUQ|]HOOLNOHULQLYHPDOL\HWOHULQLDUDWUPDOGUgUQHLQUDG\R79
JD]HWHLODQODUEURUYEWDQWPDUDoODUWDQWPVXQXYHWRSODQWODUEXQODUDUDVQGDVD\ODELOLUhUQYHKL]PHWOHULQKHGHIPWHULOHUHVXQXPXQGDYXUJXODQPDVJHUHNHQWHPHO |]HOOLNOHULQLQ WDQPODQPDV LoLQ JLULLPFL X VRUXODUQ \DQWODUQDUDWUU 6XQXODFDNUQ\DGDKL]PHWOHULQGHWD\ORODUDNWDQPODUQHOHUGLU" hUQYHKL]PHWOHULQSL\DVDGDNLUDNLSOHULQGHQIDUNODUQHOHUGLU" 0WHULOHUEXUQYHKL]PHWOHUGHQKDQJLID\GDODUVDOD\DFDNODUGU"
*LULLPFLOHULILNLUOHULQLQSL\DVDYHWDOHS|]HOOLNOHULQLDUDWUUNHQDDGDDoNODQDQoDOPDODUGDQ\DUDUODQUODU3L\DVDYHWDOHS\DSODUQQDQNHW\ROXLOHDUDWUOPDV\RXQoDOPDODUYHX]PDQONJHUHNWLUHQELUDUDWUPDWUGU%XJQONHPL]GHEXDODQGDKL]PHWYHUHQELUoRNDUDWUPDNXUXOXXEXOXQPDNWDGU$QFDNNoN\DGDRUWDER\LOHWPHNXUPD\KHGHIOH\HQJLULLPFLOHULoLQEXILUPDODUGDQKL]PHWDOPDNSDKDOELU\|QWHPGLU2\VDJLULLPFLOHUNHQGLOHULDQNHWoDOPDODUQNVPHQ\DSDELOLUOHU*LULLPFLSL\DVDYHPWHUL\DSVLOHLOJLOLRODUDN|UHQPHNLVWHGLNOHULQLVRUXODUKDOLQHJHWLUHUHNELUDQNHWKD]UOD\DELOLU%XDQNHWLQSRWDQVL\HOPWHULOHUWDUDIQGDQGROGXUXOPDVVDODQUVDLILNULLOHLOJLOLoRN|QHPOLELOJLOHUHOGHHGLOLU
$QNHWdDOPDV
*LULLPFLEXWUELUDQNHWWHx 0WHULOHULQUQ\DGDKL]PHWWHQQHWUID\GDODUEHNOHGLNOHULQLx %HQ]HU UQ \D GD KL]PHWOHUL KDQJL |]HOOLNOHULQGHQ |WU WHUFLKHWWLNOHULQLx 7DOHSOHULQLQKDQJLVNONODJHUoHNOHWLLQLx 7DOHSOHULQLQIL\DW\DGDNDOLWHJLELWHPHOIDNW|UOHUOHRODQEDODQWVQYHEXQODUDHNOHQHELOHFHNELUoRNVRUXQXQFHYDEQEXODELOLU
*LULLPFLOHUUQ\DGDKL]PHWOHULQLQSL\DVDGDQDVOELUWDOHSOHNDUODDFDQDQODPDNLoLQGDUNDSVDPOVDWGHQHPHoDOPDODU\DSDELOLUOHU%XoDOPDODUVUDVQGDJLULLPFLKHPSD]DUQWDOHS|]HOOLNOHULQLKHPGHPWHULOHULQUQGHQEHNOHQWLOHULQLJ|UPHDQVHOGHHGHU%XELOJLOHULQWRSODQPDVQGDHOLQGH|UQHNELUUQ\DGDWDQPOELUKL]PHWRODQJLULLPFLQLQDQVGDKDID]ODGUhUHWLP\DSPD\SODQOD\DQYHUQOHULQLGRUXGDQNXOODQFODUDGHLOWRSWDQFSHUDNHQGHFLJLELDUDLOHWPHOHUHVDWDFDNRODQJLULLPFLOHUEXWULOHWPHOHUGHQSL\DVDPWHULWDOHSOHULYHUDNLSUQOHUNRQXVXQGDELUoRNELOJLDODELOLUOHU
ILNLUOHULPWHULSL\DVDVGQGDGDoHLWOLSL\DVDODUODLOLNLLoLQGHGLUILNULQLQSL\DVD|]HOOLNOHULDUDWUOUNHQ|]HOOLNOHEXWULOHWPHOHUHJLUGLWHPLQHGHQSL\DVDODUYHGLHUoHYUHVHONXUXOXODU|QHPOLLOJLND\QDNODUGU0DNLQHVDWFODUNUHGL\DGDOHDVLQJNXUXOXODUQQX]PDQODUKDPPDGGHUHWLFLOHULSD]DUODPDFODUEXJUXSWD\HUDOPDNWDGU*LULLPFLOHUEXLOHWPHOHUGHQYHNLLOHUGHQLDODQQGD\DDQDQJHOLPHOHULUDNLSOHULQLQ|]HOOLNOHULQLPWHULOHULQWDOHS|]HOOLNOHULQL|UHQHELOLUOHU
6DW'HQHPHdDOPDODU
)LNULQLQOLNLGH2ODFD3L\DVDODUGD
*LULLPFLOHULILNLUOHULQLJHOLWLULUNHQKHUDDPDGD\D]OND\QDNODUQDUDWUOPDVQDE\NELU|QHPYHUPHOLGLUOHU
*LULLPFLOHULILNLUOHULQLKD\DWDJHoLUPHNLoLQDUDWUPDoDOPDODU\DSDUNHQONHPL]GHE\NELUK]ODDNPDNWDRODQLKD\DWQ|]HOELUGLNNDWOHL]OHPH\HEDODPDOGUNXUPDVUHFLQHJLUHQELUJLULLPFLLoLQLILNLUOHULQLQEDOROGXXVHNW|UGHROXSELWHQOHU\HQLELUPHY]XDW\DGDX\JXODPDGDQNDOGUODQELUNDUDUQDPHVL\DVHWoLOHULQ]HULQGHoDOWNODUELU\DVDWDVDUVGWLFDUHWWH\HQLELUL]LQG|YL]NXUODUQQJHOLPHHLOLPOHULIXDUODUVHPLQHUOHU\HQLUQPDNLQH\DGDPDO]HPHOHUJLELNRQXODUJQONKD\DWQGDL]OHPHVLJHUHNHQ|QHPOLNRQXODUKDOLQHJHOLU%XQODUL]OHPHNLoLQJLULLPFLHNRQRPL\D\QODUQVHNW|UHO\D\QODUYHJHUHNWLLQGHDNDGHPLNoDOPDODUL]OHPHOLGLUgWH\DQGDQLQWHUQHWDUWNLKD\DWQQYD]JHoLOPH]ELUSDUoDVGU*LULLPFLOHUEXND\QD\HWHULQFHGHHUOHQGLUHUHNoRN|QHPOLID\GDODUVDOD\DELOLUOHU
/(70(113$=$5/$0$3/$1,1,1*(/75/0(6*LULLPFLQLQLILNULQLQSL\DVDYHWDOHS\DSVQDUDWUGNWDQVRQUDKHGHINLWOHVLQLEHOLUOHPHVLEXNLWOH\HQDVOXODDFDQUQOHULQLKDQJLIL\DWODQGUPDLOHVDWDFDQKDQJLUHNODPYHWDQWPDUDoODUQNXOODQDFDQKDQJLG|QHPGHQHNDGDUVDWDFDQEHOLUOHPHVLJHUHNLU%XUDGDNDUNYHDUGDUGDVUDODGP]EXIDNW|UOHUJLULLPFLQLQSD]DUODPDSODQNDSVDPQGDYHUHFHLNDUDUODUGDQED]ODUGU
6DWYH3D]DUODPDdDOPDODUQGD7HPHO+HGHIOHU*LULLPFL|QFHOLNOHLOHWPHVLQLQLON\OODUQGDXODPDNLVWHGLLSD]DUYHE|OJH\LEHOLUOHPHOLGLU%XUDGDNLSD]DUYHE|OJHNDYUDPLILNULQLQ|]HOOLNOHULQHJ|UHGHLHELOLU0DKDOOHLOoHLOE|OJHONHED]QGDKDQJLSD]DUODUKHGHIOHQL\RULVHEXDDPDGDEHOLUWLOPHOLLONo\OONG|QHPLoLQGH|QJ|UOHQJHOLPHHNOLWDULIHGLOPHOLGLU
3L\DVDQQ]OHQPHVL
%XSD]DUJUXSODULoLQGHJLULLPFLKDQJLPWHULJUXSODUQKHGHIOHPHNWHGLU"ILNULQLQWNHWLPPDODUDPDOVDQD\LKDPPDGGHVLJLELVDKLSROGXXUQ|]HOOLNOHULQHJ|UHPWHULJUXSODUNLLOHU\DGDNXUXOXODURODFDNWU*LULLPFLEXQODUGDKDGHWD\ODOWJUXSODUED]QGDD\UPDOGUgUQHLQoDODQNDGQODUVSHUPDUNHWOHUPHWDOH\DLPDODWoODUJLELGHWD\OPWHULKHGHIJUXSODUWDQPODQPDOGU$\UFDEXJUXSODUQSL\DVDYHWDOHSDUDWUPDVE|OPQGHXODODQGHPRJUDILNYHVRV\RHNRQRPLN|]HOOLNOHULQGHQLILNULQLQEDDUVLOHLOJLOLRODQODUEXUDGD|]HWOHQPHOLGLU 5HNDEHWH
JLULLPFLEXDDPDGD\DSWYHVDGHFHSL\DVD\DSVQDEDOVDWWDKPLQOHULQL\DSODELOLUOLNDUDWUPDVQQUHWLPVUHoOHULLOHLOJLOLE|OPQGHWHNUDUJ|]GHQJHoLUPHOLYHNHQGLVLVWHPLLOHX\XPOXVDWWDKPLQOHULQHXODPDOGU*LULLPFLUQOHULQLQ\OLoLQGHNLVDWWDKPLQOHULQL\DSWNWDQVRQUDD\ODULWLEDU\OD6DW3ODQWDEORVXQDEXWDKPLQOHULQLND\GHWPHOLGLU%XQXQ\DQQGDJLULLPFLOHUELU\ODDLWD\ONVDWWDKPLQOHULQLQ|WHVLQGH\OONVDWWRSODPODUQEHOLUOH\HUHN|]HOOLNOH\OONG|QHPGHVDWWDKPLQOHULQL\DSPDOGUODU%XKD]UONLOHWPHQLQILQDQVDOKDUHNHWOHULQLQDQDOL]HGLOPHVLYHNDUOOQQEHOLUOHQPHVLDPDF\OD\DSODFDNKHVDSODPDODUQWHPHOYHULOHULQGHQELULQLROXWXUDFDNWU*LULLPFLEXDDPDGD\DSWVDWWDKPLQOHULQLILQDQVDOSODQKD]UODUNHQLOJLOLWDEORODU]HULQGHJ|VWHUHFHNWLU+L]PHWVHNW|UQGHLNXUPDNLVWH\HQJLULLPFLOHUEXDDPDGDUQVDWGHLOKL]PHWOHULQLQVXQXPXQGDNLJHUoHNOHPHOHULWDKPLQHWPHOLGLUOHU(HUPKHQGLVOLNKL]PHWLYHUHQELULNXUXODFDNVDYHFUHWOHUDGDPVDDWRODUDNKHVDSODQ\RUVDJLULLPFLQLQ\DSPDVJHUHNHQD\ONKDQJLG]H\GHDGDPVDDWWXWDUQGDL\DSODFDQWDKPLQHWPHNWLU
hUQ\DGD+L]PHWOHULQL]LQ6DW%HGHOOHUL%XE|OPGHJLULLPFL|QFHOLNOHUQ\DGDKL]PHWOHULQLKDQJLIL\DWODUGDQVDWDFDQLIDGHHGHFHNWLU%XQXQLoLQ|QFHOLNOHUQ\DGDKL]PHWLQGH\HUDODQPDOL\HWJUXSODUQDJ|UHELULPPDOL\HWOHULQLEXODFDNWU%XUDGDJLULLPFLOHU
JLGHUOHUNLUDSHVRQHOJLELGLHULOHWPH\HDLWVDELWJLGHUOHULEHOLUOHPLRODFDNWU%LULPVDWEHGHOLKHVDSODPDODUQGDKL]PHWVHNW|UQGHLNXUPDNLVWH\HQJLULLPFLOHUGHEHQ]HULOHPOHUOHKL]PHWPDOL\HWOHULQLKHVDSOD\DFDNODUGU+L]PHWJUXEXQGDJLULLPFLOHULQWHPHOLOHWPHJLGHUOHULJHQHOOLNOHLJFPDOL\HWOHULGLU*LULLPFLLOHWPHJLGHUOHULWDEORVXQGD|]HOOLNOHVDELWLOHWPHJLGHUOHULQLROXWXUDQJLGHUWUOHULQLUHWLPVHNW|UQGHLNXUDQODUJLELJ|]|QQGHEXOXQGXUPDOYHPDOL\HWOHULQH\DQVWPDOGUhUQ\DGDKL]PHWOHULQPDOL\HWOHULQLQEHOLUOHQPHVLQGHQVRQUDJLULLPFLOHUVDWIL\DWODUQEHOLUOH\HFHNOHUGLU%XQRNWDGDJLULLPFLOHULILNLUOHULQLSL\DVD\DJLULHNLOOHULQLSL\DVDQQUHNDEHW|]HOOLNOHULQLUQKL]PHWOHULQHRODQWDOHELQIL\DWG]H\LQHJ|VWHUGLLKDVVDVL\HWLJ|]|QQGHEXOXQGXUDUDNELUND]DQoRUDQWHVSLWHGHFHNWLU%XGHHUOHQGLUPHLOHJLULLPFLNXUDFDL\HULQLQIL\DWSROLWLNDVQEHOLUOHPLRODFDNWU%XUDGD\DSODFDNVDWIL\DWWHVSLWLJLULLPFLWDUDIQGDQ\DSODELOLUOLNDUDWUPDVYHLSODQKD]UOoDOPDVQGDHOGHHGLOHQVRQXoODUDJ|UH\HQLGHQHOHDOQUYHHQX\JXQEHGHOEXOXQXU
hUQYH+L]PHWOHULQL]L+HGHI.LWOH\H8ODWUPD0HWRWODU*LULLPFLOHUSD]DUODPDoDOPDODUQSODQODUNHQ|]HOOLNOHPWHULOHUHUQYHKL]PHWOHULQLKDQJLNDQDOODUKDQJLDUDoODUYHVLVWHPOHU\DUGP\ODXODWUPDODUJHUHNWLLQLEHOLUOHPHOLGLUOHU%XDDPDGDLOHWPHQLQXODPDVJHUHNHQDUDFLOHWPHOHUVDKLSROPDVJHUHNHQGHSR\DGDWDQWPPHUNH]OHULDUDoODUYHDUDoODUQVDKLSROPDVJHUHNHQWHNQLN|]HOOLNOHURUWD\DoNDFDNWU
hUQYH+L]PHWOHULQL]L+HGHI.LWOH\H7DQWPD0HWRWODU5HNODPYHWDQWPoDOPDODUKHULILNULYHKHGHINLWOH\HJ|UHGHLPHNWHGLU*LULLPFLSL\DVDYHWDOHS\DSVQDUDWUGNWDQVRQUD|]HOOLNOHUQYHKL]PHWOHULQLQYXUJXODQPDVJHUHNHQ|]HOOLNOHULQLEXNLWOHOHUHX\JXQPHWRWODUODWDQWPDN]RUXQGDGU%XNRQXGDJLULLPFLOHUKHPHNRQRPLNKHPGHHQHWNLOL\|QWHPOHULJHOLWLUPHOLGLUOHU OHWPHQL]oLQ
$QFDNJLULLPFLUHWLPVLVWHPLQLYHLDNQGHWD\ORODUDNLQFHOHPH\HDOPDGDQ|QFHSL\DVDYHWDOHS\DSVDUDWUPDODUQGLNNDWOHLQFHOH\HUHNXODWVRQXoODUDHQX\JXQUHWLP|OoHLQLQYHWHNQLN|]HOOLNOHULQQHOHUROGXXQXEHOLUOHPHOLGLU
WHPLQLQLUHWLPGHNXOODQODFDNPDNLQHYHHNLSPDQQKD]UODQPDVQUHWLPLoLQKDPPDGGH\DGDPDO]HPHOHULQLOHQPHDGPODUQNRQWUROYHL]OHPHLOHPOHULQLGHSRODPDoDOPDODUQSDNHWOHPHoDOPDODUQWDPDLOHPOHULQLYHVDWVRQUDVVHUYLVDDPDODUQJ|]|QQGHEXOXQGXUPDOGU%XoDOPDQQVRQXFXQGDJLULLPFLLDNHPDVLOHUHWLPIDDOL\HWOHULQLQDGPODUQYHEXDGPODUDUDVQGDNLEDODQWODUNDSVDPORODUDNRUWD\DoNDUUDNHPDODUQQDPDFLOHWPHQLQUHWLPVUHFLQLHPDWLNRODUDNNROD\DQODOUELUHNLOGHJ|VWHUPHNWLU%XHPDQQoL]LOPHVLQGHNXOODQODQYHJHQHONDEXOJ|UHQVWDQGDUWLDUHWOHUYHDQODPODUXQODUGU
OHPDUHWLDNHPDVLoLQGHKHUWUOLOHPNHVPHELUOHWLUPHER\DPDPXD\HQHHWPH YEEXLDUHWOHJ|VWHULOLU0DO]HPH\L\DGDUQKHUKDQJLELULOHPDDPDVQGDQEDNDELULOHPDDPDVQDWDPD\LIDGHHGHU3DUoDQQ\DGDUQQLDNJHUHLLOHPNRQWURO\DGDWDPDLoLQEHNOHPHNWHROGXXQXJ|VWHULU3DUoD\DGDUQOHULQGHSRODPDDGPQJ|VWHULUDNLoLQGHDOQPDVJHUHNHQNDUDUODUJ|VWHULUDNLoLQGHKD]UODQDQ\DGDNXOODQODQGRNPDQODU\DGDELOJLOHULJ|VWHULU
DNHPDVQQRUWD\DoNDUOPDVVRQXFXQGDJLULLPFLLOHWPHGH\DSODFDNWPIDDOL\HWOHULHQLQFHGHWD\ODUDNDGDUEHOLUOHPHYHJ|VWHUPHDQVQDVDKLSROXUdQNLDNHPDVQKD]UODPD\DoDODQELUJLULLPFLLLQLQJHUoHNOHWLULOPHVLLoLQJHUHNHQUHWLPPDO]HPHYHELOJLDNQ LQFHOHPHNWHGLUDNHPDODUJLULLPFLOHUHLLQKDQJLDDPDVQGDKDQJLPDNLQHDUDoPDO]HPHOHULQNXOODQODFDQJ|VWHUPHQLQ\DQQGDUHWLPDGPODUED]QGDQHWULoLOLNYHKDQJLELOJLOHULQJHUHNOLROGXXQXNROD\ONODLQFHOHPHRODQDVDODPDNWDGUgUQHLQNRQIHNVL\RQDW|O\HVLLILNULQLQLDNHPDVQKD]UOD\DQJLULLPFLNHVLPLOHPLQL\DSDQE|OPGHKDQJLNHVLPPDNLQHOHULQLNXOODQODFDQKDQJL|]HOOLNOHUHVDKLSNDoLoLQLQEXOXQPDVJHUHNWLLQLEHOLUOHUNHQD\Q]DPDQGDEXE|OPQNHVLPLOHPLQL\DSPDNLoLQNHQGLVLQHYHULOPHVLJHUHNHQNXPD|OoOHULJLELELOJLOHULGHWDQPODPDNWDGU*LULLPFLOHULILNULQLQUHWLP|]HOOLNOHULQLEHOLUOHPHDDPDVQGD]DPDQ]DPDQDOWHUQDWLIPHWRWODU\DGDPDNLQHHNLSPDQDUDVQGDQHQX\JXQRODQQVHoPHNGXUXPXQGDNDODFDNODUGU%XQRNWDGDJLULLPFL\HNHQGLWHNQLNELOJLOHULGQGD\DUGPFRODFDNELOJLOHUDUDVQGDHQ|QHPOLVLSL\DVDYHWDOHSDUDWUPDODUDDPDVQGDUQYHUDNLSOHUKDNNQGDHOGHHGLOPLELOJLOHUGLU5DNLSOHULQDUDWUOPDVQGDQHOGHHGLOHQVRQXoODUJLULLPFL\HIDUNOVHoHQHNOHULQLOHWPHGHNL\DQVPDODUNRQXVXQGDELOJLYHUHFHNWLU%XELOJLOHUHGD\DQDUDNJLULLPFLUHWLPVLVWHPLQLQDOWHUQDWLIOHULDUDVQGDQHQX\JXQRODQODUVHoHFHNWLUhUQYHUDNLSOHUKDNNQGDNLELOJLOHUHUDPHQLOHWPHOHULQWHNQLN|]HOOLNOHUL]DPDQ]DPDQJLULLPFLOHUL]RUODPDNWDGUNXUPDVUHFLQGHEXWUELU]RUOXNODNDUODDQJLULLPFL\HWHUOLWHNQLNELOJLOHULoLQJYHQLOLUX]PDQODUDEDYXUPDNYH\DUGPLVWHPHNWHQNDoQPDPDOGUhONHPL]GHJLULLPFLOHULQEXDPDoODEDYXUDFDNXUXOXODUQEDQGD7UNL\HQLQELUoRN\HULQGH|UJWOGXUXPGDRODQ.26*(%JHOPHNWHGLU%XQXQGQGDJLULLPFLOHULILNLUOHULQLQ|]HOOLNOHULQHJ|UHQLYHUVLWHOHUH
DUDWUPDHQVWLWOHULQHVDQD\LYHWLFDUHWRGDODUQDEDYXUPDOX]PDQODUQJ|UYH\DUGPODUQDOPDOGUODUhUQ\DGDKL]PHWUHWLPLQLQLDNDDPDODULOHVDWWDKPLQOHULQHJ|UHHQX\JXQLOHWPHWHNQLN\DSVYH|OoHL DUDWUOUNHQJLULLPFLDDGDNLVRUXODUQ\DQWODUQDUDPDOGU hUQ \D GD KL]PHWOHULQ PWHULOHUH VXQXODFDN G]H\H NDGDU JHoLUGLNOHULDDPDODUQHOHUGLU" %XDDPDODUQELULPUQ\DGDKL]PHWLoLQVUHOHULQHGLU" %XDDPDODUGDJHUHNOLPDNLQHYHHNLSPDQQHOHUGLU" %XDDPDODUGDJHUHNOLLJFQHGLU" %XDDPDODUGDJHUHNOLELOJLOHUQHOHUGLU" hUHWLPLDNQQoHLWOLE|OPOHULLoLQDOWHUQDWLIPHWRWODUYDUPGU"1HOHUGLU" hUQ\DGDKL]PHWOHULQUHWLOPHVL LoLQX\JXODQDFDN LDGPODU NXOODQODFDNPDO]HPHOHUYHJHUHNOLELOJLOHULJ|VWHUHQLDNHPDVQKD]UOD\Q] DNHPDVQGDJ|VWHULOHQUHWLPVLVWHPLQLQNDSDVLWH|]HOOLNOHULQHGLU" 6DW WDKPLQOHULQH J|UH NDSDVLWH NXOODQP RUDQ QH RODFDNWU YH G|QHPVHORODUDNQHHNLOGHGHLHFHNWLU"
.XPDODUQ.HVLP0DVDVQD6HULOPHVL*|POHN3DUoD0RGHOOHUL
.XPDODUD3DUoD0RGHOOHULQLQdL]LOPHVL
3DUoDODUQ.HVLOPHVL
3DUoDODUQ.HVLP%HNOHPHNh]HUH$UD'HSRODUD$OQPDV&HSYH6ROgQ3DUoDODUQQ+D]UODQPDV 5REDYH$UND%HGHQLQ%LUOHWLULOPHVL
6DgQ3DUoDQQ+D]UODQPDV *|POHLQgQYH$UND%HGHQ3DUoDODUQQ2PX]'LNLOHULOH%LUOHWLULOPHVL.RO3DUoDVQQ+D]UODQPDV
.ROXQ2PX]%|OPQH'LNLLQLQ
hUQYH+L]PHWhUHWLPLQGH.XOODQODFDN0DNLQH(NLSPDQKWL\DF*LULLPFLOHULDNHPDODUQKD]UODGNWDQVRQUDEXDNLoLQGH\HUDODQPDNLQHYHHNLSPDQQKHUELULQLQ|]HOOLNOHULQLEHOLUOH\HUHNSL\DVDGDEX|]HOOLHX\JXQRODQODUDUDWUPDOGUODU%XDUDWUPDVUDVQGD|QFHOLNOH|QHPYHULOPHVLJHUHNHQNRQXODUQEDQGDLDNQQJHUHNWLUGLL|]HOOLNOHUHVDKLSPDNLQHOHUGHQHQHNRQRPLNRODQQQVHoLOPHVLJHOPHNWHGLU.VDFDJLULLPFLHQ\NVHNID\GDPDOL\HWRUDQQDVDKLSRODQPDNLQHYHHNLSPDQQQHOHUROGXXQXEXOPDOGU(NRQRPLNROPDWHULPLPDNLQHOHULQoIDUNODDPDGDVDKLSROGXNODU|]HOOLNOHUGHQROXPDNWDGU
x $OPDDPDVQGDPDNLQHQLQLOHWPH\HPDOL\HWLHNRQRPLNROPDOGUx OHWPHG|QHPLQGHNXOODQPJLGHUOHULHNRQRPLNROPDOGUx $U]D\DGDEDNPJHUHNVLQLPLQGHWHNQLNVHUYLVHNROD\XODODELOPHOLYHEDNPRQDUPJLGHUOHULHNRQRPLNROPDOGU0DNLQHYHHNLSPDQVHoLPLQGHJLULLPFLQLQJ|]|QQGHEXOXQGXUPDVJHUHNHQIDNW|UOHUJHQHORODUDN|\OHVUDODQDELOLU
x UHWLPNDSDVLWHVLx VDODGUQoHLWOLOLLx VDKLSROGXXIDUNOIRQNVL\RQODUx LJFLKWL\DFx NXOODQP|]HOOLNOHULx UHWLPGHNXOODQDELOHQJLUGLPDO]HPHOHULQLQ|]HOOLNOHULx LOHWPHG|QHPLQGHJHUHNOLRODQEDNPRQDUPoDOPDODUx VHUYLVVDODQDELOLUOLLx \DUGPFPDNLQHHNLSPDQLKWL\DFx HQHUMLJLUGLOHULYHWNHWLPG]H\Lx WHNQRORMLNG]H\LYHWHNQRORMLVLQLQEHNOHQHQJHoHUOLOLNVUHVLx UHWLOGLLONHx LWKDOPDNLQHLVHONHPL]GHNLWHPVLOFLILUPDQQ|]HOOLNOHUL
%XIDNW|UOHUDUDVQGD|]HOOLNOHNXOODQP|]HOOLNOHULLJFLKWL\DFEDNPRQDUPJHUHNVLQLPLYHVHUYLVVDODQDELOLUOLLE\NNHQWOHULPL]LQX]DQGDLNXUDFDNJLULLPFLOHULPL]DoVQGDQ|QHPOHHOHDOQPDVJHUHNHQIDNW|UOHUGLU*LULLPFLOHUWDUDIQGDQPDNLQHYHHNLSPDQVHoLPLQGH|QHPOLRODQELUGLHUIDNW|UPDNLQHOHULQLOHWPHGHoDOUKDOHJHWLULOPHVLNRQXVXQGDILUPDODUQYHUGLNOHULKL]PHWOHUGLUdHLWOLLILNLUOHULNDSVDPQGDPDNLQHVDWFODUPRQWDM\DSPDGHQHPHUHWLPLQGHGHVWHNHOHPDQEXOXQGXUPD\HGHNSDUoDVHWLVDODPDJLELKL]PHWOHUYHUPHNWHGLUOHU%XQODUDHNRODUDNVDWFILUPDODUQVXQGXXHLWLPKDWWDVWDMLPNDQODUJLULLPFLOHUWDUDIQGDQDUDWUOPDOEX\|QGHYDUVDIUVDWODUGHHUOHQGLULOPHOLGLU
hUQ YH KL]PHW UHWLPLQGH JHUHNOL PDNLQHHNLSPDQ LKWL\DFQQ DQDOL]HGLOPHVLYHVHoHQHNOHU DUDVQGDQHQX\JXQVHoLPLQ\DSOPDVVUDVQGDJLULLPFLXVRUXODUL]OHPHOLGLU hUHWLPLDNLoLQGHNLKHUELULDGPLoLQJHUHNOLPDNLQHHNLSPDQQWHNQLN|]HOOLNOHULQHOHUGLU" DNQQNDSDVLWHJHUHNVLQLPL LoLQGHKHUELUPDNLQHHNLSPDQQNDSDVLWHVLQHROPDOGUYHNDoDGHWPDNLQHHNLSPDQJHUHNOLGLU" 3L\DVDGDEX|]HOOLNOHULVDOD\DQPDNLQHYHHNLSPDQQHOHUGLU" 3L\DVDGDEXWUPDNLQHYHHNLSPDQVDOD\DQKDQJLILUPDODUYDUGU" )LUPDODUPDNLQHOHULKDQJLIL\DWODUODVDWPDNWDGUODU" )LUPDODUPDNLQHHNLSPDQKDQJL|GHPHDUWODU\ODVDWPDNWDGUODU" )LUPDODUPDNLQHOHULQVDWQGDKDQJLHNKL]PHWOHULYHUPHNWHGLUOHU" )LUPDODUEDNPYHRQDUPNRQXODUQGDQHWUVHUYLVRODQDNODUQDVDKLSWLU"
hUHWLPGHNXOODQODFDNJLUGLOHULQWUOHULPLNWDUODUYH|]HOOLNOHULhUHWLPVUHFLQLQDQDOL]LDDPDVQGDJLULLPFLQLQGHWD\ORODUDNLQFHOHPHVLJHUHNHQWHPHONRQXODUGDQELULGHUHWLPGHNXOODQODFDNJLUGLOHUGLU0DNLQHHNLSPDQELQDDUD]LJLELVDELW\DWUPNDOHPOHULLOHNXUXODQELULOHWPHUHWLPHGHYDPHWWLLHNRQRPLN|PUER\XQFDJLUGLOHULLOH\HUHNUQHG|QWUUYHUQOHULSL\DVD\DVDWDUDNNDUHOGHHGHU%LULOHWPHQLQNDUOONDQDOL]OHUL\DSOUNHQJLULLPFLQLQVDELW\DWUPKDUFDPDODU\DQQGDLOHWPHJLUGLOHULQLYHJLUGLOHULQELULPUQLoLQGHNLPDOL\HWOHULQLEHOLUOHPHVLJHUHNLU%XQODUDJ|UHELUVDWIL\DWEHOLUOHQGLNWHQVRQUDLOHWPHQLQG|QHPVHOJHOLUG]H\LWDKPLQHGLOHELOLU%XQHGHQOHJLULLPFLOHULOHWPHOHULQLQEDDUOROPDVLoLQNXOODQODFDNKHUWUOJLUGL\LGLNNDWOLELUHNLOGHDUDWUPDOGUODU*LUGLOHULJHQHORODUDNKDPPDGGHOHU\DUGPFPDGGHOHUYHLOHWPHPDO]HPHOHULRODUDNoJUXEDD\UDELOLUL]*LULLPFLQLQLILNULQLQ\DSODELOLUOLNDDPDVQGDLQFHOHPHVLJHUHNHQJLUGLOHU|QFHOLNOHKDPPDGGHOHUYH\DUGPFPDGGHOHUGLU.UWDVL\HWHPL]OLNYEDPDoOGHVWHNKL]PHWOHUGHNXOODQODQLOHWPHPDO]HPHOHULEXDDPDGDGHWD\ORODUDNHOHDOQPD]*LUGLOHULQDUDWUOPDVQGDLONRODUDNUHWLPLoLQJHUHNOLKDPPDGGHYH\DUGPFPDO]HPHQLQ|]HOOLNOHULYHELULPUQLoLQJHUHNOLRODQPLNWDUODUEHOLUOHQPHOLGLUgUQHLQELUJ|POHNLoLQWHPHOKDPPDGGHRODQNXPDWDQNDoPHWUHJHUHNWLLYHD\QJ|POHNLoLQ\DUGPFPDO]HPHOHURODQGPHGHQNDoDGHWYHLSOLNWHQNDoPHWUHNXOODQODFDEXQDEDORODUDNUHWLPG|QHPLLoLQGHWRSODPRODUDNQHNDGDUNXPDGPHYHLSOLNJHUHNOLROGXXELOLQPHOLGLU'LHUWDUDIWDQJLULLPFLOHUJLUGLOHULQLQWHPLQHGLOPHVLYHNXOODQPDNDGDUJHoHQG|QHPGHQHWU|]HOOLNOHUHVDKLSROGXXQXDUDWUPDOGUgUQHLQJLULLPFLWRSWDQSL\DVDVQGDJ|POHNNXPDQQHQD]NDoWRS
RODUDNVDWOGQELUWRSJ|POHNNXPDQQNDoPHWUHROGXXQXELOPHOLGLU'LHU\DQGDQ|]HOEHNOHPHDUWODUJHUHNWLUHQJLUGLOHUOHoDODQJLULLPFLOHUEXDUWODUQQHOHUROGXXQXYHQDVOVDODQDFDNODUQDUDWUPDOGUODUgUQHLQ\HPIDEULNDVNXUDQELUJLULLPFLPVUKDPPDGGHVLQLQQHPGHQQHHNLOGHHWNLOHQGLLQLYHGHSRODUQQQHWU|QOHPOHUHVDKLSROPDVJHUHNWLLQLDUDWUPDG|QHPLQGH|UHQPHOLGLU+DPPDGGHOHULQGHSRODQPD|]HOOLNOHUL\DQQGD|]HOOLNOHUHWLPGHJHQHOND\SRUDQODUQQGDELOLQPHVLJHUHNLU*LULLPFLNXUPDNLVWHGLLLWHUQQRUWD\DoNPDVLoLQ\DSODQLOHPOHUGHKDPPDGGHGHQHG]H\GHELUND\EQVHNW|URUWDODPDVQGDNDEXOHGLOLUVHYL\HROGXXQXELOPHOLGLU%XELOJLJLULLPFLQLQNXUGXXVLVWHPLQYHULPOLOLLQLL]OH\HFHLELUNULWHUROPDV\DQQGDLOHWPHJLGHUOHULQLQYHGROD\V\ODLOHWPHNDUOOQQJHUoHH\DNQRODUDNWDKPLQHGLOPHVLLoLQGHDUDWUOPDVJHUHNLUgUQHLQJLULLPFLGRNXPDDW|O\HVLNXUX\RULVHKDPLSOLNWHGRNXPDILUHVLQLQRUDQQEDNOL\DWSDNHWOHPHLLNXUX\RUVDHOHPHDUWNODUQQ\DNODNRUDQQWDYXNoLIWOLLNXUX\RULVHRUWDODPDFLYFLY|OPRUDQQELOPHN]RUXQGDGU%XQRNWDGDJLUGLDUDWUPDV\DSDFDNJLULLPFLOHUoDOPDODUQQYHULPLDoVQGDQ|]HOOLNOHUQQPDOL\HWLQGH|QHPOLG]H\GHSD\RODQKDPPDGGHOHUYH\DUGPFPDO]HPHOHU]HULQGH\RXQODPDOGLHUPDO]HPHOHULQDUDWUOPDVQGDLVHJHQHOYHULOHUOH\HWLQPHOLGLUOHUgUQHLQ\XNDUGDNLJ|POHNUHWLFLVLLoLQWHPHOKDPPDGGHNXPDWUSOLNLVH\DUGPFPDO]HPHJUXEXQGD\HUDOUYHJ|POHNPDOL\HWLQGHNLSD\oRNGNWU%XQHGHQOHJLULLPFLJLUGLDUDWUPDVQGDGLNNDWLQLYH]DPDQQLSOLHGHLONXPDDYHUPHOLGLU*LULLPFLSL\DVDYHWDOHS\DSVDUDWUPDVQQVRQXoODUQLNXUPDVUHFLQGHKHUDGPGDNXOODQPDNWDGU*LUGLDUDWUPDVQGDGDJLUGLOHUGHDUDQDFDNWHPHO|]HOOLNOHUSL\DVDYHWDOHSDUDWUPDVLOHHOGHHGLOHQELOJLOHUHJ|UHEHOLUOHQHFHNWLUhUQ\DGDKL]PHWOHUNDOLWHIL\DWYHIRQNVL\RQRODUDNKDQJL|]HOOLNOHUOHSL\DVD\DVXQXODFDNVDNXOODQODQKDPPDGGHOHUGHEX|]HOOLNOHULGHVWHNOHPHOLGLU
OHWPHOHULQNXOODQGNODUoHLWOLJLUGLOHU\OLoLQGHPLNWDU\DGDIL\DWRODUDNGHLLNOLNJ|VWHUPHNWHGLUgUQHLQELUVDOoDIDEULNDVQQND\ODUQGDVHUDODUGDQoNDQGRPDWHVOHULLOHGLLGQOHPH]6DOoDIDEULNDODU\D]D\ODUQGDDOGNODUGRPDWHVOHULLOHUOHU6DOoDIDEULNDVNXUPDNLVWH\HQELUJLULLPFLEXLDODQQGDGRPDWHVLQPDOL\HWLROXWXUDQDQDKDPPDGGHROGXXQXEXDQDKDPPDGGHQLQ\OLoLQGHEHOLUOLG|QHPOHUGHVXQXPXQXQYHGROD\V\ODIL\DWQQQHHNLOGHGHLWLLQLJLUGLDUDWUPDVG|QHPLQGHDUDWUPDOGU'LHU\DQGDQJLUGLOHULQPDOL\HWOHULLOHWPHQLQNDUOOQQWHPHOEHOLUOH\LFLVLGLU%XQHGHQOHJLULLPFLOHUJLUGLOHULPDOL\HWRODUDNLOHWPHKHGHIOHULLOHX\XPOXDQFDNHQHNRQRPLNo|]POHUOHEXOPDN]RUXQGDGUODU*LUGLOHULQSL\DVDGDQX\JXQDUWODUGDWHPLQHGLOPHVLKHPHQKHPHQKHUWUOLOHWPHLoLQWHPHOEDDUNULWHUOHULQGHQGLUhUQLoLQHQX\JXQJLUGL\LUDNLSOHULQGHQGDKDHNRQRPLNRODUDNVDWQDODQLOHWPHE\NELUUHNDEHWDYDQWDM\DNDODU%XQHGHQOHJLULLPFLOHULQLOHWPHOHULQLNXUPDGDQ|QFHJLUGLSL\DVDODUQGHWD\ORODUDNDUDWUPDODUYHHQD]QGDQUDNLSOHULQLQVDKLSROGXXJLUGLWHPLQDYDQWDMODUQ\DNDODPDODUJHUHNLU
hUQYHKL]PHWOHULQUHWLPLQGHNXOODQODFDNJLUGLOHULQWUOHULPLNWDUODUYH|]HOOLNOHULDUDWUOUNHQJLULLPFLOHULQWHPHODODFDVRUXODUXQODUGU hUHWLPGHNXOODQODFDNKDPPDGGHYHPDO]HPHOHUQHOHUGLU" %LULPUQLoLQJHUHNOLKDPPDGGHYHPDO]HPHPLNWDUODUQHOHUGLU" hUHWLPSODQQDJ|UHKDPPDGGHDOPYHGHSRODPDSODQQHGLU" +DPPDGGH YH PDO]HPHOHULQ SL\DVDGDQ DOQS UQH G|QQFH\H NDGDUJHoLUGLNOHULDDPDODUQHOHUGLU" %XVUHo LoLQGHKDPPDGGHYHPDO]HPHOHULQNXOODQOPDV \DGDPXKDID]DHGLOPHVLVUDVQGD\DSOPDVJHUHNHQOHUQHOHUGLU" +DPPDGGH\DGDPDO]HPHOHULQLOHWPH\HXODPHNLOOHULQHGLU" +DPPDGGH\DGDPDO]HPHOHULQWHPLQHGLOHFHL\HUOHUQHOHUGLU"
+DPPDGGH \D GD PDO]HPHOHULQ WHPLQLQGH VH]RQOXN GHLLPOHULQ HWNLVLQHGLU" 6DWYH|GHPHDUWODUQHOHUGLU" %LULPUQLoLQKDPPDGGHYHPDO]HPHPDOL\HWLQHGLU"
hUQ\DGDKL]PHWUHWLPLLoLQJHUHNOLLJFQQQLFHOLNYHQLWHOLNOHUL*LULLPFLUHWLPVUHoOHULQLDUDWUUNHQLDNQQDUDWUOPDVPDNLQHHNLSPDQJHUHNVLQLPOHULQLQEHOLUOHQPHVLLDNQQJHUHNWLUGLLKDPPDGGHYHPDO]HPHJLELLOHWPHJLUGLOHULQLQLQFHOHQPHVLDDPDODUQGDQVRQUDLOHWPHQLQUHWLPVUHoOHULQGHJHUHNOLLJFQQDQDOL]LQL\DSPDOGUJFQQEHOLUOHQPHVLQGHLONDGPLDNHPDVLOHJ|VWHULOHQUHWLPVUHoOHULQLQKDQJLDQDLJUXSODUQDD\UOGQQYHEXJUXSODUQ\HULQHJHWLUPHVLJHUHNHQJ|UHYOHULQQHOHUROGXXQXQEHOLUOHQPHVLGLUgUQHLQNRQIHNVL\RQDW|O\HOHULPRGHOKD]UODPDNHVLPGLNLPNRQWUROWOHPHSDNHWOHPHVHYNL\DWDDPDODUQGDQROXXU%XQXQJLELDQDLJUXSODUEHOLUOHQGLNWHQVRQUDKHUELUJUXEXQLOHWPHQLQXODPD\GQGUHWLPNDSDVLWHVLQGH\HULQHJHWLUHFHLoDOPDQQ\RXQOXX\DGDE\NOWDULIHGLOPH\HoDOOU3ODQODQDQUHWLP\DGDKL]PHWG]H\LQHJ|UHJHUHNOLQLWHOLNOL\DGDQLWHOLNVL]LoLVD\ODUEHOLUOHQLUgUQHLQNRQIHNVL\RQDW|O\HVLQGHDQDLJUXSODUQGDQELULNHVLPJUXEXGXU*LULLPFLNHVLPJUXEXQGDJHUHNOLLJFQEHOLUOHPHNLoLQEXE|OPGHJHUHNOLDOWLOHPDGPODUQLQFHOHU*LULLPFLNXPDVHUPHPRGHOoL]PHNHVLPEoDNXOODQPDLOHULQLQDNHNOLQLYHKHUELUDGPLoLQJHUHNOLELULPVUHOHULLQFHOHU'DKDVRQUDLOHWPHQLQSODQODGJQONNDSDVLWHOHUHJ|UHNHVLPLLQGHJHUHNOLXVWDEDPDNDVoG]LoLVD\ODUEHOLUOHQLUJFEHOLUOHPHVLQGHPDNLQHYHHNLSPDQQVD\ODUYHQLWHOLNOHULLJFLKWL\DoODUQQEHOLUOHQPHVLQGHNXOODQODFDNWHPHOYHULOHUGHQGLU
JFLKWL\DFKHVDSODPDODUQGDPDNLQHYHHNLSPDQQVDDWOLNNDSDVLWHOHULLOHSODQODQDQUHWLPNDSDVLWHOHULQHXODPDNLoLQJQONNXOODQPG]H\OHULNDUODWUOUYHEXoDOPDVDDWOHULQHNDUONJHOHQLJFVDDWOHULEHOLUOHQLU.VDFDLJFLKWL\DFEHOLUOHQLUNHQLOHWPHQLQLJUXSODULJUXSODUQQDOWQGD\HUDODQJ|UHYOHUNXOODQODQPDNLQHHNLSPDQWUOHULYHVD\ODULOHWPHQLQSODQODGNDSDVLWHYHNDSDVLWHQLQJ|UHYJUXSODUED]QGDNLNDUONODULQFHOHQLUHOGHHGLOHQVRQXoODUGDQJHUHNOLLJFQLWHOLNOHULYHJHUHNOLoDOPDVDDWOHULoNDUOUJFLKWL\DFQQEHOLUOHQPHVLQGHQVRQUDJLULLPFLQLQ|QQGHNLHQ|QHPOLDUDWUPDNRQXODUQGDQELULGHJHUHNOLQLWHOLNYHVD\GDNLLJFQQQHUHGHQWHPLQHGLOHFHLGLU"*LULLPFL\DSODELOLUOLNDUDWUPDVDDPDVQGDLOHWPHVLLoLQJHUHNOLLJFQ|]HOOLNOHXVWDONJHUHNWLUHQLJUXSODUED]QGDHOHDOPDOLNXUPDDDPDVQDJHOLQFH\HNDGDU\HWHUOLG]H\GHXVWDODVDKLSLJFQWHPLQHWPH\LNULWLNEDDUIDNW|UOHULDUDVQGDJ|UPHOLGLU
hUQ \D GD KL]PHW UHWLPL LoLQ JHUHNOL LJFQQ QLFHOLN YH QLWHOLNOHULDUDWUOU *LULLPFLQLQUHWLPIDDOL\HWOHULQGHLDNDGPODUQDJ|UHNXUPD\SODQODGLJUXSODUQHOHUGLU" *HUHNOLLJFQQLJUXSODUQDJ|UHQLWHOLNOHULYHVD\VQHGLU" JFQHUHGHQWHPLQHGLOHFHNWLU" OHWPHQLQ LKWL\Do GX\GXX QLWHOLNOHUGH LJF WHPLQ HWPHN LoLQ JLULLPFLQLQSODQQHGLU" JFQHJHUHNOLQLWHOLNOHULND]DQGUPDNLoLQHLWLPJHUHNOLPLGLU"*HUHNOLLVHQHHNLOGHVDODQDFDNWU"
*LULLPFLOHU\DSODELOLUOLNDUDWUPDVG|QHPLQGHL\HULQLLNLIDUNOER\XWWDHOHDOUODU%LULQFLVLL\HULQLQ\HUL\DGDNRQXPXGXU%XNDSVDPGDJLULLPFLL\HULQLQONHQLQQHUHVLQGHKDQJLE|OJHGHKDQJLLOGH\DGDKDQJLLOoHGHNXUXOPDVJHUHNWLLQLLQFHOHU%XG]H\GHNLNDUDUODUGDQVRQUDNXUXODFDNLOHWPHQLQLoLQGHEXOXQGXXVHNW|UYHLOHWPHER\XWXQDEDORODUDNL\HULQLQVHoLOHQE|OJHYH\D\HUOHLPDODQQQLoHULVLQGHNLNRQXPXGD|QHPWDPDNWDGUgUQHLQ%LUNUWDVL\HGNNDQQQ\HUOHLP\HULQLQVHoLPLQGHRNXOODUQ\RXQROGXXELUE|OJHDUDQPDOGU\HULLQFHOHPHVLQGHGLHUER\XWLVHL\HULQLQVDKLSRODFD|]HOOLNOHUGLU*LULLPFLEXDDPDGDL\HULQGHEXOXQPDVJHUHNHQWHNQLND\UQWODULQFHOHU(QHUMLND\QDNODUQDoNYHNDSDODODQRODQDNODUQL\HULELQDVQQD\GQODWPDVWPDKDYDODQGUPDJLELLILNULQLQDUDGoHLWOLGHWD\ODUVDOD\DELOPH|]HOOLNOHULQLDUDWUU*LULLPFLL\HULQLQNRQXPXQXEHOLUOHUNHQLILNULQLYHNXUPDNLVWHGLLLOHWPH\LDDGDNLIDNW|UOHUQGDLQFHOHPHOLGLU 0WHULNLWOHOHULQLQEXOXQGXX\HUOHU 5DNLSILUPDODUQ\HUOHLPOHUL hUQ\DGDKL]PHWOHULQPWHULOHUHXODWUPDHNOL +DPPDGGHWHPLQHGLOHFHNND\QDNODUQ\HUOHUL +DPPDGGHYHGLHUPDO]HPHOHULQLOHWPH\HXODWUOPDHNOL JFJHUHNVLQLPLYHLJFFUHWOHUL $UD]LJHUHNVLQLPLYHDUD]LEHGHOOHUL (QHUMLJHUHNVLQLPL 7HYLNOHU\DGDE|OJHVHOPHY]XDWX\JXODPDODU NOLPDUWODU dHYUHVHOHWNLOHU*LULLPFLLOHWPHVLQLQEXIDNW|UOHUDOWQGDNL|]HOOLNOHULQLEHOLUOHGLNWHQVRQUDL\HULVHoLPLQGHLOHWPHNDUOOQ|QHPOLHNLOGHHWNLOH\HQGROD\V\ODL\HULVHoLPLQGH|QFHOLNOLGXUXPDJHoHQIDNW|UOHULEHOLUOHU
gUQHLQLNOLPDUWODUVHUDFONWD\HUOHLP\HULQLEHOLUOH\HQHQ|QHPOLIDNW|UOHUGHQGLU.oNWLFDUHWWLSLLOHULoLQPWHULOHULQEXOXQGXX\HUOHU\HUOHLP\HULQLEHOLUOHUhUHWLPLOHWPHOHULQGHKDPPDGGHWHPLQ\HUOHULHQHUMLJHUHNVLQLPLWHYLNOHU\HUOHLP\HULQLQEHOLUOHQPHVLQGH|QHPOLIDNW|UOHURODUDN|QHoNPDNWDGUOHWPHOHULQNXUXOX\HUOHULQLQVHoLPLQGH\|QOHQGLULFLRODQJHQHOLONHOHU
x KDPPDGGH\LHQHNRQRPLNHNLOGHLOHWPH\HXODWUPDNx UQ\DGDKL]PHWOHULHQHNRQRPLNHNLOGHPWHUL\HXODWUPDNx LOHWPHQLQ LKWL\Do GX\GXX LJF YH GLHU LOHWPH JLUGLOHULQL HQHNRQRPLNHNLOGHWHPLQHWPHNWLU
OHWPHOHUGH\HUVHoLPLLOHWPHQLQHQWHPHONDUDUODUQGDQGU%XQHGHQOHJLULLPFLOHUEXNRQX\DJHUHNHQ|QHPLYHUPHOLGLUOHU*LULLPFL\XNDUGDNLLONHOHUoHUoHYHVLQGHLOHWPHVLQLQNXUXOXYHLOHWPHG|QHPOHULQGHYHULPOLOLLQHNDWNVDOD\DFDNHQX\JXQNXUXOX\HULQLVHoPHNLoLQoDEDJ|VWHUPHOLGLU*LULLPFLOHULQLOHWPHOHULQLQNXUXOX\HUOHULQLEHOLUOHPHOHULQGHQVRQUD]HULQGH\RXQODPDODUJHUHNHQLNLQFLQRNWDL\HUOHULQLQNXUXOPDVYHNXOODQPDVRNXOPDVLoLQKD]UODQPDVJHUHNHQWHNQLNYHLGDULGRQDQPGU%XNDSVDPGD|QFHOLNOHUQYHKL]PHWUHWLPLLoLQJHUHNOLRODQL\HUL|]HOOLNOHULQLQEHOLUOHQPHVLJHUHNLU%X|]HOOLNOHUHX\JXQRODUDNL\HULQLQELQDDoNDODQYHGHVWHNVLVWHPOHULQLQWDVDUP\DSOU%XNDSVDPGDHOHNWULNVXVWPDKDYDODQGUPDYEVLVWHPOHULOHWPHNDSDVLWHVLQHX\JXQRODUDNWDVDUODQU*LULLPFL|QFHOLNOHUHWLPIDDOL\HWOHULQLQGHWD\ODUQDEDNDUDNLOHWPHQLQELQDLoLYHG\HUOHLPG]HQLQLEHOLUOHU%XQRNWDGDPDNLQDODUQLDNLoLQGHNL\HUOHULDODQLKWL\DoODUYHNXOODQPLoLQJHUHNOLWHNQLN
EDODQWODUEHOLUOHQLU0DNLQDODUDHNRODUDNLOHWPHGHJHUHNOLRODQKDPPDGGHDUDPDPOYHPDPOGHSRODPDG]H\OHULYHVWRNDODQLKWL\DoODUKHVDSODQUOHWPHQLQJLULYHoNDODQODUQQVDKLSROPDVJHUHNHQ|]HOOLNOHUHJ|UHELQDGDoNDODQODUGD\DSOPDVJHUHNHQG]HQOHPHOHUEHOLUOHQLU(NRQRPLNROPDNJLULLPFLOHULQL\HULNXUXOXG|QHPOHULQGHWHPHOLONHOHULQGHQROPDOGU$QFDNHNRQRPLNOLNJLULLPFLQLQKHPNXUXOXDQQKHPGHLOHWPHVLLoLQSODQODGJHOLPHOHULELUDUDGDHOHDOPDVLOHVDODQU\HULG]HQOHPHVLYHGHVWHNVLVWHPOHULQLQWDVDUPDDPDVQGDJLULLPFLLOHWPHVLQLQWDKPLQLJHOLPHHLOLPOHULQHX\JXQVLVWHPOHUWDVDUODPDOGUgUQHLQJLULLPFLDUD]LVDWQDOUNHQLOHWPHQLQEXJQNDUD]LLKWL\DF\DQQGDJHQLOHPHVLGXUXPXQGDNLDUD]LLKWL\DFQGDJ|]|QQGHEXOXQGXUPDOGU
*LULLPFL\HUOHLP\HULQLYHL\HULQLQWHNQLNYHLGDULGRQDQPJHUHNVLQLPLQLEHOLUOHUNHQDDGDNLVRUXODUQ\DQWODUQDUDWUPDOGU
%LQDGDODQKDQJLDPDoODUDX\JXQG]HQOHQHFHNWLU" %XQDGG]HQOHPHQDVORODFDNWU" OHWPHELQDVQQLILNULQLQYHLOHWPH|OoHLQLQ|]HOOLNOHULQHX\JXQ HOHNWULNVLVWHPL VXVLVWHPL VWPDVLVWHPL KDYDODQGUPDVLVWHPL GLHUWHNQLNVLVWHPOHUKDQJL|]HOOLNOHUHVDKLSROPDOGU"x OHWPHGHEURGRQDQPODUJHUHNVLQLPLQHGLU"
g5*h7/(10(9(
%XDPDoODJLULLPFLOHU|QFHOLNOHWHPHOKL]PHWYHUQUHWLPLVUHFLGQGDNDODQ\|QHWLPDNWLYLWHOHULQLQQHOHUROGXXQXYHQDVO\HULQHJHWLULOHFHLQLEHOLUOHPHOLGLUOHU,OHWPH\|QHWLPLNDYUDPLOHWPHOHULQJHQHORODUDNVDWQDOPDUHWLPYHVDWDDPDODUQGDQROXDQWHPHODNWLYLWHOHULOHL\|QHWLPLNRQWUROYHLGDULLOHUGHQROXDQGHVWHNDNWLYLWHOHULQ WPQNDSVDU*LULLPFLLNXUPDVUHFLQHJLUGLLQGH|QFHOLNOHELOPHOLGLUNLNXUGXXLLQVDKLELYH\|QHWLFLVLRODUDNVDGHFHWDVDUPUHWLP\DGDVDWLOHXUDPD\DFDNJQONoDOPDODULoLQGHNDU]DUDUKHVDSODUYHUJLLOHPOHULVLJRUWDND\WODULHHOHPDQDOPDFUHWEHOLUOHPHoDODQODUDJ|UHYYHUPHLJHOLPHOHULQLYHJHUoHNOHPHOHULL]OHPHSURMHHNLSOHULROXWXUPDKL]PHWPDOL\HWOHULQLKHVDSODPDJLEL\|QHWLPDNWLYLWHOHULLOHGHGRUXGDQLOJLOHQHFHNWLU
*LULLPFL\|QHWLPDNWLYLWHOHULQLQNDSVDPQDUDWUUNHQ|QFHOLNOHUHWLPJUXEXGQGDNDODQVDWQDOPDVDWYHSD]DUODPDJLELGLHUWHPHODNWLYLWHOHULQQHHNLOGH\UWOHFHLQLJ|VWHUHQLDNHPDODUQKD]UODPDOGU7HPHODNWLYLWHOHU\DQQGDD\UFDLOHWPH\|QHWLPLL]OHPH
/(70(
YHNRQWURODNWLYLWHOHULLOHSHUVRQHO\|QHWLPLPXKDVHEHYHUHVPLLOHPOHUJUXSODUQGDQHOHU\DSOPDVJHUHNWLLQLEHOLUOH\HQJLULLPFLEXJ|UHYOHULQNLPOHUWDUDIQGDQJHUoHNOHWLUHFHLQLGHEHOLUOH\HUHNLOHWPHVLQLQ|UJWHPDVQKD]UODPDOGUOHWPHOHUGH|UJWOHQPHQLQDPDFG]HQOLYHVUHNOLLOH\HQELUVLVWHP NXUPDNWUOHWPHOHULQER\XWODUDUWWNoD|UJWOHQPHoDOPDVQQNDSVDPYHLKWL\DoGX\XODQ|UJW\DSVQQNDUPDNODUWDU$QFDNLOHWPHER\XWODUQGDQEDPV]RODUDN|UJWOHQPHoDOPDODUoDDPDGDJHUoHNOHWLULOLU
.oNLOHWPHNXUDQJLULLPFLOHU\XNDUGDVUDODGP]DGPODULoLQGHL\HUOHULQGH\HUDODQLJUXSODUQEHOLUOHPH\HEXQODUDGD\DOELU|UJW\DSVNXUPD\DoRNID]ODVFDNGDYUDQPDPDNWDGUODU%XQXQQHGHQLRODUDNGDNXUGXNODULOHUGHWHNQLNROVXQLGDULROVXQWPDNWLYLWHOHULQJHUoHNOHWLULOPHVLQGHEL]]DWNHQGLOHULQLQ\DGDD]VD\GDNLLQLQJ|UHYDODFDNROPDVQGQPHNWHGLUOHU$QFDNEXGXUXPGDGDKLJLULLPFLLOHWPHVLQLEDDUOELUHNLOGH\UWPHNLoLQEXIDUNOEDONODUDOWQGDQHOHU\DSOPDVJHUHNWLLQLELOPHOLYHD]VD\GDHOHPDQLOHEXQODUQKHSVLQLHNVLNVL]\HULQHJHWLUPHOLGLU$\UFDKLoELULOHWPHKHSD\QG]H\GHNDOPDNLoLQNXUXOPD]7PLOHWPHOHULQKHGHILE\PHNYH
.LLOHUDUDVQGDNLLOLNLOHULQWDQPODQPDVOHUL\DSDFDNNLLOHULQEHOLUOHQPHVL
OHWPHGH\DSODFDNLOHULQEHOLUOHQPHVL
JHOLPHNWLU%XDDPDODUDEDWDQKD]UONORODQJLULLPFLOHULoLQEDDUGDKDNROD\GUOHWPHOHUGH|OoHNE\PHVLQHSDUDOHORODUDNRUWD\DoNDQRUJDQL]DV\RQGHLLNOLNOHULLNL\|QGHROXU%LULQFLVLEHOLUOLNRQXODUGDNL\HWNLOHULQLVDKLELQHEDO\HQL\|QHWLFLOHUHDNWDUOPDV\DWD\JHQLOHPHNLQFLVLLVHLE|OPQGHGHWD\ODQGUPDYHX]PDQODPDGLNH\JHQLOHPHOHWPH|OoHLQLQ]DPDQLoLQGHJHOLPHVLLOHELUOLNWHJLULLPFLLOHWPHQLQILQDQVPDQPXKDVHEHWDQWPSD]DUODPDJLELIDUNOX]PDQONJHUHNWLUHQIDDOL\HWOHULQLEDNDODUQDGHYUHWPHDDPDVQDJHOLU%XGXUXPGDRUJDQL]DV\RQPRGHOL\DWD\JHQLOHPH\DD\DUDN|QFHEDVLW|UJWOHQPHPRGHOLQHXODU
*(1(/6$7,1$/0$6h5(&$.,(0$6,|UQHN%LULPVRUXPOXODU LKWL\DFWHVSLWHGHU
'HSRVRUXPOXVXWDOHELJ|]GHQJHoLULU
'HSRGDPHYFXWPX" 'HSRVRUXPOXWHVOLPDW\DSDU(YHW+D\U
'HSRVRUXPOXODU VDWQDOPDWDOHELQLELOGLULU
ONGHIDPDOQDFDN" 6UHNOLDOP\DSODQILUPDGDQWDOHSHGLOLU
'HSR%LULPVRUXPOXODUPDO]HPHOHULGDWUUVDOL\HLP]DODQ UIDWXUDLOHELUOLNWHPXKDVHEH\HJ|QGHULOLU
6DWQDOPDVRUXPOXVXILUPDGDQD]ROPDPDNDUWLOHILUPDWHVSLWL\DSDU6DWQODPDVRUXPOXVXWHNOLIOHULDO U
6DWQDOPDVRUXPOXVXWHNOLIOHULGHHUOHQGLULU
)LUPDX\JXQPX"(YHW
+D\U
6|]OHPHLP]DODQU6DWQDOPDVRUXPOXVXVLSDULLYHULU
0DO]HPHJHOLU
0DO]HPHOHUPX" +D\U 'HLWLUPH\DSOU(YHW'HSRVRUXPOXVXPDO]HPHOHUL\HUOHWLULU
(YHW
6DWQDOPDELULPLVRUXPOXVXRQD\
%LULPVRUXPOXVXGHSRVRUXPOXVXQDLKWL\DF LOHWLU
+D\U
*LULLPFLNXUPD\SODQODGLOHWPHQLQ\|QHWLPYH|UJWOHQPH\DSVQDUDWUUNHQGLHU\DQGDQLOHWPHQLQ\DVDOPRGHOLQLGHEHOLUOHPHN]RUXQGDGUOHWPHOHULQNXUXOXXQGDJLULLPFLOHULQ|QQGHNL\DVDOLOHWPHPRGHOLVHoHQHNOHULXQODUGU.LLOHWPHOHUL
x 7HN.LLOHWPHVLx $GLLUNHWx .ROOHNWLILUNHWx .RPDQGLWLUNHW6HUPD\HLUNHWOHUL
x $QRQLPLUNHWx /LPLWHGLUNHWx 6HUPD\H3D\ODU%|OQP.RPDQGLWLUNHW.RRSHUDWLIOHWPHOHU.LLLOHWPHOHULQLQWHPHO|]HOOLLLOHWPHVDKLSOHULQLQWPPDOYDUONODULOHVRUXPOXROPDODUGU6HUPD\HLUNHWOHULQGHLVHRUWDNODUVHUPD\HSD\ODUNDGDUVRUXPOXGXUODU.RRSHUDWLIOHULVHWHPHODPDFNDUROPD\DQNDUONO\DUGPYHGD\DQPDDPDF\ODROXWXUXODQLOHWPHOHUGLU*QP]GHUHWLPYHKL]PHWDODQODUQGDNXUXODQLOHWPHOHUDoVQGDQ|]HOLNOHRUWDNONODUQV|]NRQXVXROPDVGXUXPXQGDHQ\D\JQRODQPRGHOOHUOLPLWHWYHDQRQLPLUNHWPRGHOOHULGLU%XLUNHWOHUGH|QHPOLRODQNLLOHUGHLOLUNHWLQW]HONLLOLLGLU/LPLWHWLUNHWOHUHQD]LNLRUWDNODDQRQLPLUNHWOHULVHHQD]EHRUWDNODNXUXOPDNWDGU $QRQLPLUNHWOHUNXUXOXYHLOHWPHG|QHPOHULQGHGDKDID]ODLOHPYHEURNUDWLNX\JXODPD\DVDKLSWLU+HULNLLUNHWWUQGHGHRUWDNONDUWODUQYHLUNHWLQDPDoODUQEHOLUOH\HQELUDQDV|]OHPHKD]UODQUYHRQD\ODQU
2UWDNODUEXWULOHWPHOHUGHVHUPD\HSD\ODULOHVQUOELUVRUXPOXOXDVDKLSWLUOHU
/(70(11)1$160$1
%LQDQDDW*LGHUOHULOHWPHQLQKHUWUOELQDYHLQDDWoDOPDODUQDDLWJLGHUOHULKHVDSODQDUDNEXEDONDOWQGDEHOLUWLOLU%XNDOHPDOWQGDDQDWHVLV\DUGPFWHVLVOHUGHSRODULGDULYHVRV\DODPDoOELQDODUYHXODPDPDoOLQDDW\DSODUD\UD\UEHOLUWLOLU$\UFDELQDODUQWHVLVDWYHGRQDQPLKWL\DoODUGDEX\DWUPNDOHPLDOWQGDJ|VWHULOLU
0DNLQHYH7HoKL]DW*LGHUOHUL
\DSOU(HU\DWUPWHYLNX\JXODPDODUQGDQ\DUDUODQDFDNLVHEXNDSVDPGDNLYHUJLKDUFDPDODU\DSOPD] 7DPDYH6LJRUWD*LGHUOHUL
0DNLQHHNLSPDQQ\XUWG\XUWLoLQDNOL\DWYHVLJRUWDKDUFDPDODUPDNLQHHNLSPDQLoLQYHULOHQWHNOLIIL\DWQQNDSVDPQDJ|UHKHVDSODQUYH\DWUPWDEORVXQGDJ|VWHULOLU 0RQWDM*LGHUOHUL
0RQWDMJLGHUOHULPDNLQHYHHNLSPDQQWHVLVWH\HULQHPRQWHHGLOPHVLYHNXOODQOUKDOHJHWLULOPHVLoDOPDODUGU0DNLQHIL\DWODUQDPRQWDMGDKLOLVHEXNDOHPD\UFDEHOLUWLOPH]$QFDNPRQWDMIL\DWDGDKLOROVDGDPRQWDMHNLSOHULQLQJQONKDUFDPDODUJ|]|QQGHEXOXQGXUXOPDOGU OHWPH\H$OPD*LGHUOHUL
OHWPHQLQoDOPD\DEDODPDV|QFHVLQGHGHQHPHUHWLPLLoLQJHoLULOHFHNGHYUHQLQLOHWPHJLGHUOHULLOHWPH\HDOPDJLGHUOHULQLROXWXUXU /LVDQV*LGHUOHUL
/LVDQVYHEHQ]HULSDWHQWNQRZKRZJLGHUOHULLOHWPHGHNXOODQODFDNWHNQRORML\DGDVLVWHPNDUOQGDNXUXOXG|QHPLQGHELUGHID\DPDKVXVRODUDN\DGDWPLOHWPHG|QHPLER\XQFDRODELOLU%XJLGHUNDOHPLQLQ|]HOOLLQHJ|UH\DWUPLoLQGH\DGDLOHWPHJLGHUOHULLoLQGHHOHDOQPDVJHUHNLU *HQHO*LGHUOHU
*HQHOJLGHUOHU|QFHOLNOH\DWUPG|QHPLQGHJHUHNOLLOHWPHJLGHUOHULQLNDSVDUSHUVRQHOXODPWDQWPKDEHUOHPHYE$\UFD\DWUPG|QHPLQGHNLQRWHUPDVUDIODUKDUoODUVLJRUWDODUGDEXNDOHPDOWQGDJ|VWHULOLU
%HNOHQPH\HQ*LGHUOHU
%DODQJo
OHWPH*LGHUOHULYHOHWPH6HUPD\HVLQLQ%HOLUOHQPHVL*LULLPFLQLQLOHWPHQLQNXUXOPDVVUDVQGDWRSODPILQDQVPDQJHUHNVLQLPLQLYHLOHWPHNDUOOQDQDOL]HGHELOPHVLLoLQ|QFHOLNOHLOHWPHJLGHUOHULQLYHLOHWPHVHUPD\HVLQLLQFHOHPHVLJHUHNLUOHWPHJLGHUOHULLOHWPHQLQSODQODGUQ\DGDKL]PHWLUHWPHVLYHPWHULNLWOHVLQHVXQPDVVUDVQGD\DSODFDNKHUWUOKDUFDPD\J|VWHUPHNWHGLU
'LHUWDUDIWDQLOHWPHJLGHUOHULLNLIDUNOJUXSWDQROXPDNWDGU%XQODUVDELWYHGHLNHQLOHWPHJLGHUOHULGLU*LULLPFLLOHWPHVLQLQJLUGLLKWL\DoODUQEHOLUOHGLNWHQVRQUDEXQODULOHWPHQLQUHWLPG]H\LQH\DQLNDSDVLWHNXOODQPQDEDORODQODUYHROPD\DQODURODUDND\UUOHWPHJLGHUOHULDUDVQGDELQDNLUDVVDELWHOHPDQFUHWLJLELoHLWOLJLGHUNDOHPOHULNDSDVLWHNXOODQPG]H\LQHJ|UHGHLPHPHNWHGLU%XQODUDVDELWLOHWPHJLGHUOHULGHQLU%XWUJLGHUOHULOHWPHUHWLP\DSPDVDGDKLJHUoHNOHHFHNJLGHUOHUGLU$QFDNGHLNHQLOHWPHJLGHUOHULGRUXGDQUHWLPIDDOL\HWLLOHRUWD\DoNDQJLGHUOHUGLU%XQODUKDPPDGGHKDUFDPDODUUHWLPHQHUMLKDUFDPDODUYEJLGHUOHUGLUdHLWOLLOHWPHJLGHUOHULKHPVDELWKHPGHGHLNHQ|]HOOLLQHVDKLSRODELOLU%XGXUXPGDLOHWPHJLGHULQLQDQDOL]HGLOHUHNVDELW\DGDGHLNHQROPD\]GHOHULEHOLUOHQLU$DGDNLWDEORGDLOHWPHJLGHUNDOHPOHULYHULOPLWLU
VWRNODPDVUHOHULEHOLUOHQLU6WRNPLNWDUODUQQSDUDVDONDUONODUKHVDSODQU$\UFDUHWLPLQGLUHNJLUGLVLRODQPDO]HPHYHKDPPDGGHOHUGQGDLOHWPHJLUGLOHULRODQLoLOLNHQHUMLEDNPRQDUPSD]DUODPDYEKDUFDPDNDOHPOHULLoLQQDNLWLKWL\DFEHOLUOHQLU1DNLWLKWL\DFEHOLUOHQLUNHQEXWUJLUGLOHULQEHOLUOLELUVUHGHNLWRSODPQDNLWNDUODUDWUOUhUHWLPV|]FJHQHOOLNOHLPDODWVHNW|UQoDUWUPDNWDGU2\VDLOHWPHJLUGLOHULYHLOHWPHVHUPD\HVLKHVDSODPDVKL]PHWUHWHQLOHWPHOHULoLQGHJHoHUOLGLU%XWUL\HUOHULQGHKL]PHWLQROXPDVLoLQKDUFDQDQDGDPVDDWOHUYHEXDGDPVDDWOHUNDUO|GHQHQFUHWOHUWHPHOLOHWPHJLGHULQLROXWXUPDNWDGU'LHUWDUDIWDQKL]PHWLOHWPHOHULQLQNUWDVL\HLOHWLLPYEKDUFDPDODULOHWPHJLGHUOHULDUDVQGDGU
7RSODP
.UHGL*HULgGHPHVL+HVDSODPDV
PLNWDUKHVDSODQPDNWDGU.UHGLOHUGH\OONIDL]\DQQGD|GHPHOHUGH\DGDNUHGLoHNLOLUNHQKHVDSODQDQYHWDKVLOHGLOHQIRQYE|GHPHOHUGHEXOXQPDNWDGU*LULLPFLEXWU|GHPHOHULGHJ|]|QQGHEXOXQGXUPDOJHUHNOLELOJLOHULNUHGLNXUXPODUQGDQGHWD\ORODUDNDOPDOGU$DGDNUHGLJHUL|GHPHSODQ]HULQGH.2%7HYLN.UHGLVLQLQ1RUPDO
JHUHNOLPDNLQHHNLSPDQQEHGHOLQLEXQODUQLOHWPH\HQDNLOPDVUDIODUQYHUJLOHULELQDDUD]LWHVLVDWGRQDQPKDUFDPDODUQLoHUHFHNWLU'LHU\DQGDQJLULLPFLLOHWPHJLGHUOHULQLWDKPLQHGHUHNLOHWPHQLQLOHPHVLLoLQVUHNOLQHG]H\GHKDUFDPDODU\DSODFDQJ|UHFHNWLU*LUGLKDUFDPDODULOHNDSDVLWHG]H\LNDUODWUPDVQ\DSDUDNLOHWPHVLQLLONNXUGXXQGDoHLWOLWUJLGHUOHULoLQJHUHNHFHNLOHWPHVHUPD\HVLQLEHOLUOHPLRODFDNLOHWPHVHUPD\HVLYHEDODQJo\DWUPKDUFDPDODUWRSODPQGDQGDLLNXUPD\DNDUDUYHUPHGHQQHNDGDUSDUDEXOPDVJHUHNWLLQLJ|UHFHNWLU*LULLPFLOHU|QFHOLNOHEXQRNWDGDLNXUPDVUHFLQHGHYDPHWPHGHQ|QFHNXUGXNODULPRGHOLQLJ|]GHQJHoLUPHLKWL\DFGX\DELOLUOHUgUQHLQEDODQJo\DWUPLKWL\DFEXODELOHFHLND\QDNODUQoRN|WHVLQGHoNPRODELOLU%XGXUXPGDJLULLPFLUHWLPVUHFLDQDOL]DDPDVQDJHULG|QHUHNNHQGLVLLoLQGDKDX\JXQELUUHWLP|OoHLYHLPRGHOLNXUJXODPD\DoDODFDNWUgUQHLQPDNLQHOHULQLQNDSDVLWHOHULQLWHNUDUJ|]GHQJHoLUHFHN\DWUPGUPHNLoLQ\DSDELOHFHLNHVLQWLOHULLQFHOH\HFHNWLU*LULLPFLLHEDODPDNLoLQND\QDNODULOHVDOD\DELOHFHLHQNoNDPDKHGHIOHULQHX\JXQND]DQoJHWLULFLLOHWPH|OoHLQLQQHROGXXQXDUDWUDFDNWU'LHU\DQGDQLOHWPHVHUPD\HVLLKWL\DFJLULLPFLQLQND\QDNODUDoVQGDQRODQDNV]ELUG]H\GHoNPRODELOLU%XGXUXPGDJLULLPFLLOHWPHQLQNDSDVLWHNXOODQPYDUVD\PODUQ\HQLGHQLQFHOH\HFHNYHLOHWPHVHUPD\HVLQLQKDQJLNDSDVLWHG]H\LQGHQHoNWQDUDWUDFDNWU*HUHNLUVHJLULLPFLLOHWPHVLQLQNXUXOXNDSDVLWHVLQLWHNUDUGHHUOHQGLUHFHNWLU.VDFDJLULLPFLLOHWPHLOHLOJLOLPDOLYHULOHUHXODWEXQRNWDGD\DSODELOLUOLNDUDWUPDVER\XQFDNXUPD\DoDOWLPRGHOLQLX\JXODQDELOLUOLNDoVQGDQGHHUOHQGLUHFHNYHND\QDNODUQDX\JXQLPRGHOOHULLoLQJHUHNLUVHYDUVD\PODUQGHLWLUHFHNWLU
*HOLUJLGHUKHVDEWDEORVXLOHWPHQLQQDNLWLKWL\DFQQYH\OLoLQGHQDNLWDNQQKHVDSODQPDVYHL]OHQPHVLQGHNXOODQOPD]$\UFDLOHWPHJHOLUOHULQLQQHWVRQXoODUQYH\DWUPKDUFDPDODUQQNDUODQJLELPDOLGHHUOHQGLUPHOHUGHJHUHNOLGLHUELOJLOHULLoHUPH]*HOLU*LGHU+HVDE7DEORVX
OHWPHQLQ\DWUPG|QHPLQGHQEDODPDN]HUHWPG|QHPOHULQGHKHUWUOQDNLWJLULLYHoNQJ|VWHUHQWDEORGXU1DNLWDNPKHVDSODPDODUVRQXFXQGDLOHWPHQLQJHOLUJLGHU\DSVQQ|WHVLQGH\DWUPNUHGL|GHPHOHULYHUJL|GHPHOHULJLELQDNLWKDUHNHWOHULQLQLOHWPHILQDQVDO\DSV]HULQGHNLHWNLOHULJ|UOU7DEORQXQKD]UODQPDVQGD\OODUDNDUONJHOHFHNHNLOGHVWE|OPGHJ|UOHQQDNLWJLULWUOHULQLQE\NONOHULND\GHGLOLU1DNLWJLULOHULDUDVQGD\HUDODQLOHWPHJHOLUJLGHUIDUNLOHWPHIDDOL\HWOHULQLQEDODGG|QHPGHQLWLEDUHQJHOLUJLGHUWDEORVXQXQVRQXoVDWUQGDQDOQU+XUGDGHHULOHWPHQLQHNRQRPLN|PUGRODQVDELWGHHUOHULQGHQHOGHHWWLLQDNLWJLULOHULQLJ|VWHULU
1DNLW$NP7DEORVX
1DNLWDNPWDEORVXQGDLOHWPHQLQNDUOOJ|UOPH]$QFDNEXWDEORNXOODQODUDNLOHWPHQLQ\DWUPYHLOHWPHG|QHPLQGHNLQDNLWGXUXPXLQFHOHQLU
%XVDWG]H\LQGHQVRQUDUQQKHUVDWQGDGHLNHQJLGHUOHUGHQVRQUDNDODQJHOLULOHWPH\HND]DQoRODFDNWU%XQHGHQOHEXQRNWD\DNDUDJHoLQRNWDVGDGHQLU
.DUOONKHVDELOHWPHQLQEDODQJoVHUPD\HVLLOHWPHVHUPD\HVLLKWL\DFGDKLOWPJHOLUYHJLGHUNDOHPOHULQLJ|]|QQHDODUDNLILNULQLQG|QHPVHOYHWRSODPNDU]DUDUGXUXPXQXQLQFHOHQPHVLQLVDOD\DQKHVDSODPDGU
.DUOONKHVDEWDEORVXKD]UODQUNHQ|QFHOLNOHVDWJHOLUOHULND\GHGLOLU%XYHULLOHWPHJHOLUJLGHUWDEORVXQGDQDOQU&LUR\XJ|VWHUHQEXUDNDPGDQLOHWPHJLGHUOHULoNDUOU$UDGDNLIDUNLOHWPHQLQEUWND]DQFQJ|VWHUPHNWHGLU9HUJLQLQKHVDSODQPDVLoLQEUWJHOLUGHQYHUJLGHQGOHFHNJLGHUOHULQoNDUOPDVJHUHNLU%XQHGHQOHNDUOONKHVDEWDEORVXQGDVDELW\DWUPNDOHPOHULQLQWRSODPHNRQRPLN|PUOHULQHJ|UHDPRUWLVPDQVUHOHUL\OONGHHUND\SODUQQEHOLUOHQPHVLLOHHOGHHGLOHQDPRUWLVPDQWXWDUODUEUWJHOLUGHQoNDUOU)LQDQVPDQIDL]OHULEUWJHOLUGHQYHUJL|QFHVLGOHQELUGLHUJLGHUWUGU.DUOONKHVDEWDEORVXQGDEUWJHOLUGHQEXLNLJLGHUWUGOGNWHQVRQUDYHUJL\HHVDVJHOLURUWD\DoNDU9HUJLKHVDSODPDV\DSOGNWDQVRQUDEXOXQDQYHUJLPLNWDUNDUOONKHVDEWDEORVXQGDYHUJL|QFHVLJHOLUGHQoNDUOU%XQRNWDGDNDUOONKHVDEWDEORVXQGDYHUJL\HHVDVPLNWDUQGUOPHVL\|QQGHHWNL\DSDQDPRUWLVPDQODUJHUoHNWHELUQDNLWoNGHLOGLU%XQHGHQOHQDNLWRODUDNND]DQFHWNLOHPH]OHUYHYHUJLVRQUDVJHOLUHWHNUDUHNOHQLUOHU.DUOONKHVDEWDEORVXQXQHVDVDPDFEXQRNWD\DNDGDUKHVDSODQDQQHWJHOLULQLOHWPHQLQNXUXOPDVLoLQ\DWUODQWRSODPEDODQJo
.DUOON+HVDE
ILQDQVPDQQNDUODPDG]H\LQLJ|UPHNWLU%XQHGHQOHQHWJHOLUGHQ\DWUPKDUFDPDODUoNDUOU%XDDPDGDKHVDSODQDQQHWQDNLWDNP\OONND]DQoGXUXPXQXWRSODPQHWQDNLWDNPLVHWRSODPRODUDNJLULLPFLQLQEDODQJo\DWUPODUYHLOHWPHG|QHPLQHWJHOLUOHULNDUODWUPDVLOHWRSODPNDUOONG]H\LQLJ|VWHULU.DUOONKHVDEVRQXFXQGDHOGHHGLOHQ\OODUDJ|UHQHWQDNLWDNPODUVDWULOH1HW%XJQN'HHUYH,o.DUOON2UDQ$QDOL]OHUL \DSOU7RSODPQHWQDNLWDNPODUVDWULVHNHQGLEDQDELUJ|VWHUJHGLUYH\DWUPQJHULG|QVUHVLQLJ|VWHULU%XVDWUGDNLUDNDPODUQHNVLGHQDUW\DG|QWG|QHPLVHLOHWPH\HEDODQDQWRSODPVHUPD\HQLQNHQGLVLQLJHULG|QGUGG|QHPLLIDGHHGHU
gUQHN7/
%HQ]HUKHVDSODPDODUOD\ODDLWQHWQDNLWDNPRODQ7/QLQ
*LULLPFLOHUEXJQELOJLVD\DUODUGD\D\JQRODUDNNXOODQODQPDWHPDWLNVHOKHVDSODPDYHWDEORODPDSURJUDPODUQ([FHONXOODQDUDNNROD\FDQHWEXJQNGHHUKHVDSODPDODUQ\DSDELOLUOHU
o.DUOON2UDQ1HW%XJQN'HHULVIUOD\DQLQGLULPRUDQGUoNDUOONRUDQ\DWUPFQQEHNOHGLL\DWUPND]DQFRUDQLOHNDUODWUOUYHEHNOHQWLVLQGHQ\NVHNLVH\DWUPDJHoLOLUoNDUOONRUDQKHVDSODPDVQGDRUWD\DoNDQLQGLULPRUDQ7UNL\HJLELHQIODV\RQLVWELUHNRQRPL\DSVQDVDKLSONHOHUGHHQIODV\RQRUDQYH\DWUPFQQNDUEHNOHQWLVLQLQWRSODPQNDUO\RUROPDVJHUHNLU
.DUOON+HVDE7DEORVX
1.858/0$6,*LULLPFLQLQLSODQUHKEHUL\|QOHQGLUPHVLQGD\DSWoDOPDODUQLNXUPD|QFHVLVRQDDPDVLSODQQQWDPDPODQPDVGU*LULLPFLUHKEHUGH\HUDODQ\DSODELOLUOLNDUDWUPDVNDSVDPQGDNLDoNODPDODUYHVRUXODUoHUoHYHVLQGH\UWWDUDWUPDLOHLILNULQLQKHUWUO|]HOOLLQLHOHDOPDQDOL]HWPLWLUSODQGRV\DVLOHDOGNDUDUODUYHHQX\JXQVHoHQHNOHULWDQPOD\DUDNNXUPDNLVWHGLLLPRGHOLQLQWDVDUPQWDPDPODPWU%XoDOPDODUWDPDPOD\DQJLULLPFLQLQ|QQGHVRQDDPDRODUDNNXUXOXYHLOHWPH\LIDDOL\HWHVRNPDDDPDODUYDUGU*LULLPFLSODQOoDOPDDONDQOQQELUSDUoDVRODUDNEXDDPDODUQLoLQGH\HUDODQDOWDNWLYLWHOHULJ|]|QQGHWXWDUDNGHWD\OELUoDOPDSODQKD]UODPDOGU$DGDE|\OHELUNXUXOXG|QHPLoDOPDSODQQGDJLULLPFLQLQNDUNDU\DRODFDDNWLYLWHOHUGHQED]ODUVUDODQVUDODQPWU OHWPHQLQ\DVDONXUXOXLOHPOHULQLQ\UWOPHVL OJLOLNDPXNXUXPODUYHPHVOHN|UJWOHULLOHLOLNLOHULQLQJHUoHNOHWLULOPHVLJHUHNOLEDYXUXODUQ\DSOPDV .UHGLNXUXOXODUQDEDYXUXODUQ\DSOPDV OHWPHWHVLVLQLQYHUHWLPVLVWHPLQLQNXUXOPDVPDNLQHKDPPDGGHLJFWHPLQL OHWPHQLQLGDUL\DSVQQNXUXOPDVPDOL\|QHWLPPXKDVHEHSHUVRQHO\|QHWLPL 3D]DUODPDYHVDWVLVWHPLQLQNXUXOPDV
*LULLPFLOHULNXUPDVUHFLQLQEXDDPDVQGDSODQODGNODULOHWPHOHULQNXUXOXG|QHPLQLoRNGDKDGHWD\ODNWLYLWHOHUOHSODQODPDODUQVDOD\DFDNELOJLOHUHVDKLSRODFDNODUGU%XELOJLOHUHGD\DORODUDNJLULLPFLLSODQGRV\DVQQVRQE|OPQGHNXUPD6UHFL'HWD\O$NWLYLWH3ODQQKD]UODPDOGU