seminer kitabı için tıklayın
Transkript
seminer kitabı için tıklayın
Elektrik Piyasası Özelinde Enerji Piyasaları ve Risk Yönetimi 6(032=<80 Ĉ67$1%8/$5$/,. ,6%1 Elektrik Piyasası Özelinde Enerji Piyasaları ve Risk Yönetimi 6HPSR]\XP ĈNWLVDGL$UDċW×UPDODU9DNI×<D\×Q1R ĈVWDQEXO$UDO×N <D\×QD+D]×UOD\DQ $1DKLWg=(1 7DVDU×PYH0L]DQSDM $EGXOODK.,=,/.$<$ ĈċEX NLWDS $UDO×N dDUċDPED JQ ĈVWDQEXO &HYDKLU +RWHO .RQJUH 0HUNH]L·QGH JHUoHNOHċWLULOHQ 6HPSR]\XPXQ Do×ċ NRQXċPDODU× WHEOLĊ SDQHO NRQXċPD YH WDUW×ċPDODU×Q×Q $1DKLWg=(1WDUDI×QGDQGHUOHPHVLGLU +HUKDNN×ĈNWLVDGv$UDċW×UPDODU9DNI×·QDDLWROXSDG×JHoHQ9DN×I·WDQ\D]×O×L]LQDO×QPDG×NoD D\QHQYH\DN×VPHQLNWLEDVHGLOHPH].LWDS9DN×IPHUNH]LQGHQWHPLQHGLOHELOLU Ĉ.7Ĉ6$'Í$5$ĉ7,50$/$59$.), 0D\×V&DG1R*ROGHQ3OD]D.DW ĉLċOLĈ67$1%8/ 7(/ SE[ )$; 7(/* )281'$7,21,67$1%8/ (PDLO LQIR#LDYRUJWU :HE ZZZLDYRUJWU ĈdĈ1'(.Ĉ/(5 $d,/,ĉ2785808 3URI'U$KPHWĈ1&(.$5$ ĈNWLVDGL$UDċW×UPDODU9DNI×%DċNDQ× 0XUDW8/86 7DNDVEDQN*HQHO0GU 'U0ĈEUDKLP785+$1 %RUVDĈVWDQEXO<|QHWLP.XUXOX%DċNDQ×YH*HQHO0GU .HPDO<,/',5 7UNL\H(OHNWULNĈOHWLP$ĉ%DċNDQ× %HNLU6×WN×ĉ$)$. 6HUPD\H3L\DVDV×.XUXOXĈNLQFL%DċNDQ× 'U6HODKDWWLQdĈ0(1 7&(QHUMLYH7DELL.D\QDNODU%DNDQO×Ċ×0VWHċDU<DUG×PF×V× 0Ĉ6$)Ĉ5.218ĉ0$&, 6HDQ:,//,$06 7KH1DVGDT2P[*URXS1DVGDT2P[ 3$1(/2785808, %DċNDQ %DU×ċ6$1/, 7&(QHUMLYH7DELL.D\QDNODU%DNDQO×Ċ× (QHUMLĈċOHUL*HQHO0GU<DUG×PF×V× .RQXċPDF×ODU ´7UNL\H·GH(QHUML3L\DVDODU×0HYFXWYH *HOHFHNWH3ODQODQDQ<DVDO']HQOHPHOHU (QHUML3L\DVDV×QD(WNLOHULµ $KPHW2&$. (QHUML3L\DVDV×']HQOHPH.XUXPX (OHNWULN3L\DVDV×'DLUH%DċNDQ× ´(OHNWULN3L\DVDODU×YH(QHUML%RUVDV×µ 'Ro'U0XVWDID.<,/0$= %RUVDĈVWDQEXO*HQHO0GU<DUG×PF×V× ´(OHNWULN3L\DVDODU×QGD7DNDV5LVNYH 7HPLQDWODQG×UPD8\JXODPDODU×µ 'U6H]DL%(.*g= 7DNDVEDQN*HQHO0GU<DUG×PF×V× 6RUX&HYDS 0Ĉ6$)Ĉ5.218ĉ0$&,/$5 .RQXċPDF× ´'Q\D(QHUMLVLQGHNL2\XQ'HĊLċWLULFL *HOLċPHOHULQ(OHNWULN3L\DVDV×QD(WNLOHULµ 0HKPHWgćh7dh &KDLUPDQ*OREDO5HVRXUFHV&RUSRUDWLRQDQG 6SHFLDO(QYR\IRUWKH(QHUJ\&KDUWHU .RQXċPDF× ´(QHUML3L\DVDODU×QGD5LVN<|QHWLPLµ 'Ro'U&&RċNXQ.hdh.g=0(1 Ĉ]PLU(NRQRPLhQLYHUVLWHVL (JH)LQDQV'HUQHĊL<|QHWLP.XUXOXh\HVLYH ĈNLQFL%DċNDQ× 3$1(/2785808,, ´(OHNWULN3L\DVDODU×Q×QĈċOH\LċLQGH(QHUML%RUVDV×Q×QgQHPLµ %DċNDQ .RQXċPDF×ODU 3URI'U.HUHP$/.Ĉ1 ĈVWDQEXO7LFDUHWhQLYHUVLWHVLgĊUHWLPh\HVL 0XVWDID.$5$+$1 (QHUML7LFDUHWL'HUQHĊL%DċNDQ<DUG×PF×V× 1H]LU$< 7UNL\H(OHNWULNĈOHWLP$ĉ'DLUH%DċNDQ× ĈVPDLO(5*h1(ĉ &HQJL]/LPDN.ROLQ(QHUML<DW×U×P$ĉ&HR $Y1XUWHQ6$7,/0,ĉ *HUPDQ(QHUJ\&HQWHU&ROOHJH7UNL\H *HQHO0GU 6RUX&HYDS $d,/,ĉ2785808 3URI'U$KPHWĈ1&(.$5$ ĈNWLVDGv$UDċW×UPDODU9DNI×%DċNDQ× 0XUDW8/86 7DNDVEDQN*HQHO0GU 'U0ĈEUDKLP785+$1 %RUVDĈVWDQEXO<|QHWLP.XUXOX%DċNDQ×YH *HQHO0GU .HPDO<,/',5 7UNL\H(OHNWULNĈOHWLP$ĉ%DċNDQ× %HNLU6×WN×ĉ$)$. 6HUPD\H3L\DVDV×.XUXOXĈNLQFL%DċNDQ× 'U6HODKDWWLQdĈ0(1 7&(QHUMLYH7DELL.D\QDNODU%DNDQO×Ċ× 0VWHċDU<DUG×PF×V× 3URI'U$KPHWĈ1&(.$5$ ĈNWLVDGL$UDċW×UPDODU9DNI×%DċNDQ× 6D\×Q0VWHċDU×P 6D\×Q%DċNDQODU×P 6D\×Q*HQHO0GUOHULP dRN'HĊHUOL.DW×O×PF×ODU %DV×Q×Q'HĊHUOLPHQVXSODU× ĈNWLVDGL$UDċW×UPDODU9DNI×·Q×Q%RUVDĈVWDQEXOYH7DNDVEDQNLOHRUWDNODċD G]HQOHGLĊLEXELOLPVHORUJDQL]DV\RQDNDW×O×P×Q×]GDQGROD\×VD\J×YHVHYJL\OH VHODPO×\RUXP ĈNWLVDGL$UDċW×UPDODU9DNI×\DNODċ×N\×O|QFHNXUXODQN|NONXUXPVDOELU 9DN×IW×U7UNL\HHNRQRPLVLQLQKHPHQKHUVRUXQXQDLċGQ\DV×DG×QDELOJLUHW PHNIDDOL\HWOHULDUDV×QGDG×U%XIDDOL\HWOHULQHX]XQ\×OODUG×UGHYDPHGL\RU%LU oRN NRQXGD\DSW×Ċ×P×]VHPLQHUVHPSR]\XP\XUWLoL\XUWG×ċ×VHNW|UHOE|O JHVHONHQWOHUHLOLċNLQWRSODQW×ODU×QNRQXċPDPHWLQOHULNLWDSKDOLQHJHWLULOPLċWLU 9DN×INWSKDQHVLQGHQ\DUDUODQDELOLUYHWHPLQHGLOHELOLUVLQL] 'HĊHUOL GRVWODU 7UNL\H·GH X]XQ \×OODUG×U ELU E\PH JHOLċPH HNRQRPLN DW×O×P\DċDQ×\RU%XDW×O×PVL\DVLLVWLNUDUL\LELUHNRQRPL\|QHWLPLQLQVRQXFX GXU 7UNL\HHNRQRPLVLVDKLSROGXĊXK×]O×E\PHVUHFLQGHHQHUML\HHQoRN LKWL\DoGX\DQJHOLċPHNWHRODQONHOHULQEDċ×QGDJHOL\RU7UNL\H·GHX]XQ\×O ODUG×U HNRQRPLN RODUDN ELU E\PH JHOLċPH YH LVWLNUDU \DċDQG×Ċ× oRN oHċLWOL VHNW|UOHULQWHNHOLGXUXPXQGD\NHQċXDQGDSL\DVDODU×QVHUEHVWELU\DS×\DVD KLS ROGXĊXQX J|U\RUX] (OHNWULN HQHUML YH SHWURO VHNW|UOHUL DUW×N LQVDQODU×Q VHUEHVWoH IDDOL\HW \DSDELOHFHNOHUL VHNW|UOHU KDOLQH JHOPLċWLU .DPX DUW×N EX SL\DVDODUGDQ o×NPD\D YH EX SL\DVDODU× DVOL VDKLSOHULQH E×UDNPD\D EDċODG× 7UNL\H·QLQE\PHVUHFLQGHHQHUML\HLKWL\DF×YDUG×U(QHUML7UNL\H·QLQE \PHVLLoLQYD]JHoLOPH]VHNW|UOHUGHQELULGLUgQP]GHNL\×OGD7UNL\H·QLQ HQHUMLVHNW|UQGH\DNODċ×NPLO\DUGRODU×Q]HULQGH\DW×U×PDLKWL\DF×ROGX ĊXEHOLUWLOL\RU(QHUMLSL\DVDODU×Q×QG]HQOHQPHVL\DEDQF×\DW×U×PF×ODU×QGDEX DODQDoHNLOPHVLYHG]HQOLVDĊO×NO×ELUHQHUMLSL\DVDV×Q×QEXDPDoOD\DVDOG ]HQOHPHOHU\DS×OPDV×JQGHPHJHOPLċWL%XQODU\DS×OG×ĈOHULNLD\ODUGDHOHNWULN SL\DVDV×LċOHWLFLDQRQLPċLUNHWLNXUXODFDNW×U%XDQRQLPċLUNHWLQLQNXUXOPDV×\OD 7UNL\H·QLQUHWLPLOHWLPYHWNHWLPDODQ×QGDVDĊO×NO×ELUHQHUMLSL\DVDV×\DS× ODQPDV×QDVDKLSRODFDNW×U(QHUMLSL\DVDV×QGDROXċDELOHFHNULVNOHULQHQL\LċH NLOGH\|QHWLOHELOPHVLLoLQELOLPVHODOW\DS×ODU×QKD]×UODQPDV×|QHPOLGLUĈNWLVDGL $UDċW×UPDODU9DNI×RODUDNEXDOW\DS×oDO×ċPDODU×QDNDWN×GDEXOXQDFDĊ×] 'HĊHUOL VSRQVRUODU×P×] %RUVD ĈVWDQEXO YH 7DNDVEDQN \|QHWLPLQH NRQXċ PDF×ODU×P×]DYHWPNDW×O×PF×ODUDWHċHNNUHGL\RUXP6L]OHULVHYJLYHVD\J×\OD VHODPO×\RUXP 0XUDW8/86 7DNDVEDQN*HQHO0GU 6D\×Q0VWHċDU×P 'HĊHUOL%DċNDQODU×P 6D\J×GHĊHU.DW×O×PF×ODU %LOLQGLĊL ]HUH ¶HQHUML· ONHOHU YH ċLUNHWOHU DUDV× UHNDEHWWH YH SROLWLNDODU×Q EHOLUOHQPHVLQGHVWUDWHMLN|QHPHVDKLSWLU 6UGUOHELOLU ELU HNRQRPLN E\PHQLQ VDĊODQDELOPHVL LoLQ HQHUMLQLQ J YHQLOLUND\QDNODUGDQNHVLQWLVL]YHXFX]DWHPLQHGLOPHVLGQ\DJHQHOLQGHHQ |QHPOLJQGHPPDGGHOHULQGHQELULKDOLQLDOP×ċW×U hONHPL]Do×V×QGDQEDN×OG×Ċ×QGDFRĊUDÀRODUDNGQ\DGDNLHQHUMLKDPPDG GHVL UH]HUYOHULQLQ ·LQLQ NRPċXPX] RODQ ONHOHUGH EXOXQPDV× EL]H GRĊX YHEDW×GDNLONHOHUDUDV×QGDNLHQHUMLWUDÀĊLQLQRUWDV×QGDE\NELUJoROPD QLWHOLĊLND]DQG×UPDNWDG×U g]HOOLNOH\×O×QGDGQ\DQ×QLONHNRQRPLVLQGHQELULVLROPDKHGHÀPL] oHUoHYHVLQGHONHPL]GHGHHQHUMLVHNW|UQGHFLGGL\DW×U×PODU×Q\DS×OPDV×YH \DEDQF×\DW×U×PF×ODU×GDONHPL]HoHNPHLKWL\DF×GRĊPDNWDG×U <×OO×N \DNODċ×N PLO\DU OLUD LċOHP KDFPLQH VDKLS RODQ ONHPL] HQHUML VHNW|UQGH |]HOOLNOH VRQ \×OGD DW×ODQ NDUDUO× DG×PODUOD EHOLUJLQ LOHUOHPHOHU ND\GHGLOPLċ\DS×ODQVHUEHVWOHċPHoDO×ċPDODU×NDSVDP×QGD¶HOHNWULNSL\DVDV×· UHNDEHWoL\DS×V×\ODELUDG×P|QHo×NP×ċW×U'Q\DGDNLHĊLOLPHSDUDOHORODUDN ONHPL]GHGHHOHNWULNUHWLPLQLQYHGDĊ×W×P×Q×Q|]HOVHNW|UHOL\OH\UWOPHVL V|]NRQXVXROPXċWXU%X\|QGHNLELUSROLWLNDQ×QHOHNWULNUHWLPLQGHHWNLQOLĊL DUW×UG×Ċ× YH WNHWLFL Do×V×QGDQ GD UHNDEHWLQ VDĊODG×Ċ× GċN À\DW DQODP×QGD DYDQWDM\DUDWW×Ċ×Do×NW×U KHGHÁHULPL] GRĊUXOWXVXQGD PLOOL JHOLUGH |QJ|UOHQ DUW×ċD SDUDOHO WNHWLFL KDUFDPD LQGHNVLQLQ DUWPDV× VRQXFX NLċL EDċ× WNHWLPLQ YH IDUNO× E\PH KHGHÁHULQH VDKLS HOHNWULN HQHUMLVL \RĊXQ VHNW|UOHULQ HQHUML LKWL\DF× Q×Q DUWDFDN ROPDV× HOHNWULN VHNW|UQQ E\PHVL VRQXFXQX GRĊXUDFDNW×U %X QRNWDGD JYHQLOLU HQHUML DU]×Q×Q VDĊODQPDV× LoLQ JHUHNOL \DW×U×PODU×Q \DS× ODELOPHVL |QHP ND]DQPDNWDG×U %D]× DUDċW×UPDODUD J|UH |QP]GHNL \×OO×N G|QHPGH ONHPL]LQ LKWL\DF× RODQ HQHUML DU]×Q× NDUċ×ODPDN LoLQ JHUHNOL \DW×U×P EHGHOL\DNODċ×N0LO\DU'RODUVHYL\HVLQGHGLU hONHPL] HOHNWULN VHNW|UQQ UHWLP YH WNHWLPL \|QOHQGLULFL HWNLVL LOH ONHPL]LQ JHOLċPHVLQH VDĊOD\DFDĊ× NDWN× GċQOGĊQGH GHYOHWLQ \DQ× V×UD |]HO VHNW|UGHNL HQHUML \DW×U×PODU× GD JQ JHoWLNoH |QHP ND]DQPDNWD G×U(OHNWULNUHWLPLQGH|]HOVHNW|UQVDĊODP×ċROGXĊXNDWN×ODU×QGHYDP×YH HN \DW×U×PODU×Q \DS×ODELOPHVL \DW×U×PODU×Q PDOL\HWOHULQLQ |QFHGHQ EHOLUOHQH ELOPHVL YH UHWLOHQ HOHNWULĊLQ WLFDUHWLQLQ HWNLQ ELU ELoLPGH \DS×ODELOPHVL LOH \DN×QGDQLOJLOLGLU (WNLQ YH NDUO× ELU WLFDUHWLQ VUGUOHELOPHVL LoLQVH WLFDUHW VUHoOHULQLQ EH OLUOHQHUHN\D]×O×PDOW\DS×ODU×Q×QROXċWXUXOPDV×YHSL\DVDNUHGLYHRSHUDV\RQHO ULVNOHULQEXWHPHOOHUGDKLOLQGH\|QHWLOPHVL|QHPDU]HWPHNWHGLU (OHNWULNVHNW|UQGH\DW×U×PODU×QVUGUOHELOLUOLĊLX]XQG|QHPOLYHJYHQLOLU UHIHUDQVÀ\DWODU×QROXċXPXLOHGH\DN×QGDQLOJLOLGLU %X DQODPGD HOHNWULN UHWLPLQGH HWNLQOLĊLQ DUW×U×OPDV× \DW×U×PF×ODU×Q NDUDU ODU×Q× UDV\RQHO WHPHOGH YHUHELOPHOHUL ONHPL]GH VUGUOHELOLU ELU HQHUML DU]× VDĊODPDV×E|OJHGHELUHQHUMLWLFDUHWLQRNWDV×ROPDKHGHÀYHHQ|QHPOLVLLVH ULVNOHULQ\|QHWLOPHVLDo×V×QGDQ(QHUML%RUVDV×·Q×QNXUXOPDV×Q×QoRN|QHPOLELU DċDPDROGXĊXQXGċQ\RUXP %RUVD·GDVDĊODQDFDNHWNLQÀ\DWROXċXPXVD\HVLQGHHOHNWULNÀ\DWODU×Q×Q|Q J|UOHELOLUROPDV×DU]×QDUW×U×OPDV×YHVUGUOHELOLUOLĊLQLQVDĊODQPDV×LoLQċDUW W×U%XQHGHQOHJHUHNVSRWHOHNWULNÀ\DWODU×Q×QVHUEHVWUHNDEHWċDUWODU×DOW×QGD EHOLUOHQPHVLJHUHNVHYDGHOLLċOHPV|]OHċPHOHULYDV×WDV×\ODJHOHFHĊH\|QHOLN |QJ|UOHUGHEXOXQXOPDV×DO×QDFDNNDUDUODUDo×V×QGDQROGXNoD|QHPWDċ×PDN WDG×U'ROD\×V×\ODHQHUMLERUVDV×QGDHOHNWULNUQOHULQLQ\DQ×V×UDGRĊDOJD]YH N|PUHGD\DO×UQOHULQGHJHOLċWLULOL\RUROPDV×YHVSRWSL\DVDQ×QWUHYSL\D VD LOH LOLċNLVLQLQ HQ EDċ×QGDQ GRĊUX ELU ċHNLOGH NXUJXODQ×\RU ROPDV× ROGXNoD |QHPOLGLU 8]XQYDGHGH7UNL\HHQHUMLVHNW|UQGHNLċLUNHWOHULQL\LULVN\|QHWLPL\DSD ELOL\RUROPDODU×SL\DVDGHĊHUOHULQLDUWW×UDFDNċLUNHWOHULQSL\DVDGHĊHUOHULQGHNL DUW×ċLVH7UNL\HHNRQRPLVLQLQJHOLċPHVLQHEXOXQXODQE|OJHGHELUFD]LEHPHU NH]L KDOLQH JHOLQHUHN \HQL \DW×U×PODU×Q \DS×OPDV×QD YH VUGUOPHVLQH LPNDQ VDĊOD\DFDNW×U %DQNDP×]×Q$UDO×N·GHQEX\DQDHOHNWULNSL\DVDV×QGDJHUoHNOHċWLULOHQ LċOHPOHUGH ´PHUNH]L X]ODċW×UPD EDQNDV×µ RODUDN KL]PHW YHUGLĊL GċQOUVH EX\|QGHNLJHOLċPHOHUL%DQNDP×]×QWPND\QDNODU×LOHGHVWHNOHPH\HKD]×URO GXĊXQXċLPGL\HNDGDUJ|VWHUPLċROGXĊXKL]PHWOHULQ|QP]GHNLG|QHPGH JLGHUHNDUWDQELUKDFLPGHYHIDUNO×IRQNVL\RQODUOD\HULQHJHWLUPHNRQXVXQGDNL DU]XYH\HWHUOLOLĊLQLLIDGHHWPHNLVWHULP 6RQXoRODUDNEXJQEXUDGDHOHNWULNSL\DVDV×QGDNLULVNOHUHLOLċNLQoRNGDKD GHWD\DQDOL]OHUHYHV|]NRQXVXULVNOHULQRUWDGDQNDOG×U×OPDV×QDLOLċNLQ\|QWHP YH\DNODċ×PODUDGHĊLQLOHFHĊLQGHQHPLQLP%XDQODPGDVHPSR]\XPXQHQHUML SL\DVDODU×QGD HWNLQ ELU SL\DVD ROXċXPXQD NDWN× VDĊODPDV×Q× \HQL DQOD\×ċ YH \|QWHPOHUHWHPHOROXċWXUPDV×Q×GLOHUKHSLQL]LVD\J×\ODVHODPODU×P 'U0ĈEUDKLP785+$1 %RUVDĈVWDQEXO <|QHWLP.XUXOX%DċNDQ×YH *HQHO0GU 6D\×Q0VWHċDU×P 6HUPD\H3L\DVDV×.XUXOXQXQdRN.×\PHWOLĈNLQFL%DċNDQ×YH'HĊHUOL.XUXO h\HOHUL dRN.×\PHWOL%DċNDQODU 6HYJLOL+RFDODU %DV×Q×P×]×QdRN.×\PHWOL0HQVXSODU×KHSLQL]LHQLoWHQGX\JXODU×PODVHYJL YHVD\J×\ODVHODPO×\RUXP (QHUMLSL\DVDV×KHPONHPL]LoLQKHPGQ\DLoLQoRNNULWLNELU|QHPHVD KLSWLU'Q\DGDNLHQHUMLSL\DVDV×QGDNLJHOLċPHOHUHGHĊLQHFHNROXUVDN 'Q\DGD ċX DQGD 2(&' \HVL RODQ YH 2(&' \HVL ROPD\DQ ONHOHULQ HQHUMLWDOHELELUELULQHHċLWWLU$QFDN\×O×QGDEXWDEORQXQGUDPDWLNELUċH NLOGHGHĊLċHUHN2(&'\HVLROPD\DQONHOHULQHQHUMLWDOHELQLQJHOLċPLċONH OHULQLNLNDW×QDo×NDFDNW×U%XNDGDUN×VDELUVUHLoHULVLQGHGQ\DHNRQRPLVLQLQ NRPSR]LV\RQXQGD EX NDGDU N|NO ELU GHĊLċLNOLĊH \RO DoDELOHFHN ELU \DS×VDO G|QċPoRN|QHPOLGLU\×O×QDGDLU\DS×ODQWDKPLQOHUGHGQ\DGDNLWRS ODPHQHUMLWDOHELQLQ\DNODċ×NELQWHUDZDWWPHUWHEHVLQHJHOPHVLEHNOHQL\RU %XQGDHQ|QHPOLHWNHQLQċHKLUOHċPHROGXĊXGXUg]HOOLNOHJHOLċPHNWHRODQO NHOHUGHoRNVUDWOLELUċHKLUOHċPHHĊLOLPLYDU LOHLOJLOLWDKPLQOHUGHGQ\DGDNLWRSODPHQHUMLWDOHELQLQ\DNODċ×NRODUDN ELQ WHUDZDWW PHUWHEHVLQH JHOPHVL EHNOHQL\RU 'Q\D QIXVXQXQ PLO \DUGDQPLO\DUD\NVHOHFHN\NVHOHQSL\DVDHNRQRPLOHULQGHċHKLUOHċPHGH $V\DYH$IULNDN×WDODU×QGDNLE|OJHOHU|QFONHGHFHNWLU(QHUML3L\DVDV×2OXċ WXUPDQ×Q gQHPL (QHUML SL\DVDV×QD EDN×OG×Ċ×QGD ´HQHUML UHWLPLQL GDĊ×W×P×Q× YH WLFDUHWLQL \DSDQµ LOH ´HQHUML\L NXOODQDQµ ROPDN ]HUH LNL NHVLP EXOXQX\RU (QHUMLSL\DVDV×QD\DW×U×P\DSDFDN\DW×U×PF×ODUDo×V×QGDQSL\DVDċDUWODU×QGD|Q J|UOHELOLUOLĊLQKD\DWL|QHPWDċ×PDNWDG×U.XOODQ×F×ODUDo×V×QGDQGDHQHUMLÀ\DW× LOHLOJLOLJHUHNOLULVN\|QHWLPLDUDoODU×QDVDKLSROPDQ×QoRN|QHPWDċ×PDNWDG×U ĈċWHEWQEXEHNOHQWLOHULNDUċ×OD\DELOHFHNRODQHWNLQHWNLOLċHIIDIYH|QJ|U OHELOLUELUSL\DVDRODFDNW×U+HPUHWLPDODQ×QGDKHPWNHWLPDODQ×QGD\DW×U×P \DSDFDNEWQWDUDÁDU×QÀ\DWROXċXPXQXQWDUDIV×]ċHIIDIYH|QJ|UOHELOLURO GXĊXÀ\DWODUGDPH\GDQDJHOHELOHFHNGDOJDODQPDODUDNDUċ×HWNLQULVN\|QHWLPL DUDoODU×Q×QHULċLOHELOLUROGXĊXELU\DS×\DXODċPDV×VRQGHUHFH|QHPOLRODFDNW×U %XVDĊODQDELOGLĊL|OoGH7UNL\HHNRQRPLVLQLQNHQGLDĊ×UO×Ċ×YH|]HOOLNOH E|OJHVLQGHROXċWXUPXċROGXĊXoHNLPJF\OHVDGHFHONHPL]GHNLGHĊLO\DN×Q E|OJHVLQGHNLHQHUMLÀ\DWODU×Do×V×QGDQGDELUJ|VWHUJHROPD|]HOOLĊLQLND]DQD ELOLU (QHUMLND\QDNODU×QDVDKLSRODQ\DGDHQHUMLKDPPDGGHVLQLDU]HGHFHNRODQ ONHOHULQJHQHOOLNOH7UNL\H·QLQGRĊXYHJQH\LQGHHQHUML\L\RĊXQELUċHNLOGH WNHWHQONHOHULQGHNX]H\YHEDW×V×QGD\HUDO×\RU%XLNLE|OJHQLQHQJYHQOL YHHQHNRQRPLNELUċHNLOGHEDĊODQPDV×7UNL\H]HULQGHQRODELOHFHNWLU%X\×O LoHULVLQGH\UUOĊHJLUHQVD\×O×(OHNWULN3L\DVDV×.DQXQXoRNE\NELU I×UVDWWHċNLOHWPHNWHGLU%XNDQXQGD(OHNWULN3L\DVDV×ĈċOHWLP$ĉDG×QGDYH SD\GDċODU× DUDV×QGD KHP NDPXQXQ KHP |]HO VHNW|UQ \HU DOG×Ċ× oRN J]HO ELU \DS× RUWD\D o×NDU×OP×ċW×U %RUVD ĈVWDQEXO RODUDN EL] GH EX \DS× LoHULVLQGH \HU DOPDNWDQ oRN E\N PXWOXOXN GX\X\RUX] (OHNWULN 3L\DVDV× ĈċOHWLP $ĉ N×VDFD HOHNWULN %RUVDV×·QD GRĊDOJD] N|PU YH GLĊHU UQOHULQ HNOHQPHVL\ OHELU(QHUML%RUVDV×NXUXOPDV×Q×Q|QHPOLRODFDĊ×Q×GċQ\RUX]7DUDIV×]ELU SODWIRUPRODQERUVDGDDU]×QYHWDOHELQGUVWċHIIDIELUċHNLOGHELUDUD\DJHO PHVL À\DW NHċÀQLQ HQ VDĊO×NO× HQ HWNLQ ELU ċHNLOGH ROXċPDV×Q× VDĊOD\DFDNW×U %XUDGDRUWD\Do×NDFDNRODQ\DS×HOHNWULNÀ\DWODU×\ODLOJLOLE\NEHOLUVL]OLNOHUL RUWDGDQ NDOG×UDFDN YH EX SL\DVD\D EDĊO× RODUDN oDO×ċDFDN RODQ YDGHOL LċOHP V|]OHċPHOHULVD\HVLQGHGHHWNLQULVN\|QHWLPLQLPPNQN×ODFDNW×U%|\OHELU \DS×\×EWQSD\GDċODU×QWDUDIV×]O×Ċ×QDYHċHIIDÁ×Ċ×QDJYHQGX\DELOHFHĊLPD KL\HWWHLQċDHGHELOPHPL]KDOLQGHVDGHFHONHPL]SL\DVDV×GHĊLO7UNL\H·QLQ \DN×QoHYUHVLQGHNLSL\DVDODUDo×V×QGDQGDÀ\DWROXċXPXQGDJ|VWHUJHQLWHOLĊL ROXċWXUDFDNELUSL\DVDRODELOHFHĊLQHLQDQ×\RUXP1DV×OEXJQSHWUROÀ\DWODU× LoLQGQ\DGDED]×SL\DVDODU×QDG×\ODLVLPOHQGLULOHQJ|VWHUJHQLWHOLĊLQGHÀ\DWODU YDUVDĈVWDQEXO·GDYH\D(OHNWULN3L\DVDV×$ĉKHUQHUHGHIDDOL\HWJ|VWHUHFHN VHRUDGDROXċDFDNÀ\DWODU×QGDE|OJHPL]Do×V×QGDQHQHUMLÀ\DWODPDV×QGDJ|V WHUJH QLWHOLĊL WDċ×\DQ ELU À\DW RODELOHFHĊLQH LQDQ×\RUXP %XUDGD VDĊODQDFDN EDċDU×Q×QELUGLĊHUROXPOXVRQXFXGDGRĊDOJD]À\DWODU×LOHLOJLOLRODELOLU%LO GLĊLQL]JLELGRĊDOJD]À\DWODU×EXJQGQ\DGDKDODDĊ×UO×NO×RODUDNSHWUROÀ\DW ODU×QDGD\DO×RODUDNKHVDSODQDQV|]OHċPHOHUOHEHOLUOHQL\RU+kOEXNLSHWUROGHQ IDUNO×RODUDNGRĊDOJD]HOHNWULĊHELUD]GDKDEHQ]HUċHNLOGHGDĊ×W×PDĊODU×\DQL ERUXKDWODU×NDQDO×\ODELUELULQHEDĊODQDELOHFHNSL\DVDODUGDQROXċX\RU'ROD\× V×\ODGRĊDOJD]SL\DVDV×Q×GDHOHNWULNSL\DVDV×\ODELUOLNWHEDċDU×O×ELUċHNLOGHKD \DWDJHoLUHELOLUVHNLQDQ×\RUXPNLDVO×QGDGRĊDOJD]×QÀ\DWODQPDV×NRQXVXQGD GDROXċDFDNEX\DS×Q×Q\DQL%RUVDĈVWDQEXO·XQWUHYSL\DVDODUGDNL(3Ĉ$ĉ·×Q GDVSRWSL\DVDODUGDNLSHUIRUPDQV×Q×QEXUDGDGDNDWN×VDĊODPDV×V|]NRQXVX RODELOHFHNWLU %L]%RUVDĈVWDQEXORODUDNEX]DPDQDNDGDU\DSP×ċROGXNODU×oRNN×\PHW OL NDWN×ODUGDQ GROD\× EDċWD (QHUML YH 7DELL .D\QDNODU %DNDQO×Ċ×·P×]D YH LOJLOL NXUXOXċODUD ċNUDQODU×P×]× DU] HGL\RUX] %X oRN |QHPOL WRSODQW×\× GRĊUX ELU ]DPDQGDJHUoHNOHċWLUGLNOHULLoLQYHEL]HGHEXUDGD\HUDOPDI×UVDW×VXQGXNODU× ĈoLQĈNWLVDGL$UDċW×UPDODU9DNI×%DċNDQYH<|QHWLPLQHWHċHNNUHGL\RUVD\J×\OD VHODPO×\RUXP .HPDO<,/',5 7UNL\H(OHNWULNĈOHWLP$ĉ <|QHWLP.XUXOX%DċNDQ×*HQHO0GU 6D\×Q0VWHċDU×P %RUVDĈVWDQEXOYH7DNDVEDQN·×Q6D\J×GHĊHU%DċNDQODU× 6D\J×GHĊHUNDW×O×PF×ODUKHSLQL]LVD\J×YHVHYJL\OHVHODPO×\RUXP (QHUML SL\DVDV× GHQLOLQFH $YUXSD·GDNL X\JXODPDODU×QD EDNW×Ċ×P×]GD NDUċ× P×]DSL\DVDo×N×\RUĉXDQGDONHPL]GHHOHNWULNSL\DVDV×RODUDNLċOH\HQSL \DVD$YUXSD·GDLOHUOHPHND\GHWPLċONHOHUGH$OPDQ\D)UDQVDJLELONHOHUGH GRĊDOJD]SL\DVDV×N|PUSL\DVDV×YHNDUERQSL\DVDV×RODUDNIDDOL\HWJ|VWHU PHNWHhONHPL]GHVD\×O×\DVD\DJ|UH\×O×QGDEDċOD\DQHQHUMLSL\D VDV×Q×QNXUXOXċX·GDHOHNWULNSL\DVDV×Q×QIDDOL\HWHJHoPHVL\OHLċOHPOHULQH EDċODP×ċROX\RU (OHNWULNSL\DVDV×NHQGLLoLQGH$UDO×N·GDJQ|QFHVLSL\DVDV×SODQOD PDYHLNLQFLSL\DVDGHQJHOHPHJoSL\DVDV×RODUDNIDDOL\HWOHULQLGDKDNRQWURO HGLOHELOLU YD]L\HWH JHWLUGL $UDO×N WDULKL LWLEDUL\OH 7DNDVEDQN·×Q GD VLVWH PLQ LoHULVLQH ULVN \|QHWLPLQL EL]OH SD\ODċPDV×\OD GDKD VWDELO GDKD JYHQLOLU ELUKDOHJHOGL3L\DVDODUDo×V×QGDQJHQHORODUDN$YUXSDSL\DVDV×Q×YHċXDQGD $YUXSD·Q×QE\NWNHWLPKDFPLQHVDKLSRODQ7UNL\HSL\DVDV×Q×J|]|Q QH DODFDN ROXUVDN ·DU PLO\DU NLORZDW VDDWOLN WNHWLP KDFPL\OH $OPDQ\D YH)UDQVDPLO\DUNLORZDWWVDDWOLNWNHWLPKDFPL\OHĈVSDQ\DPLO\DU NLORZDWVDDWOLNWNHWLPKDFPL\OHĈWDO\D·Q×QDUG×QGDQPLO\DUNLORZDWWVDDWOLN WNHWLPKDFPL\OH$YUXSD·Q×QE\NWNHWLPKDFPLQHXODċW×N (OHNWULNSL\DVDV×QGDJHOHFHN\×OODUGDDUW×ċWUHQGLQLQGHYDPHGHFHĊLJ|] N\RU%XSL\DVDQ×QKDFPLJLWWLNoHE\PHHĊLOLPLQGHRODQELUKDFLPRODUDN RUWDGDEXOXQX\RUhONHPL]LQNRQXPXQDEDNW×Ċ×P×]GDEDONDQONHOHULYHGLĊHU NRPċX ONHOHU *UFLVWDQ ĈUDQ ,UDN YH 6XUL\H LOH EHUDEHU SL\DVDQ×Q JLWWLNoH E\\HFHĊLJ|]N\RU%LOGLĊLQL]JLELH\OOWDULKLQGHQLWLEDUHQ$YUXSD LOHVHQNURQSDUDOHOHQWHJUHROPXċGXUXPGD\×] 7UNL\H(QHUML3L\DVDV×EWQNRPċXONHOHULPL]OHSD]DURODUDNGRĊXPX] GDNL ONHOHUOH DVHQNURQ SDUDOHO EDW×GDNL ONHOHUOH VHQNURQ SDUDOHO RODUDN EX SD]DU×QE\NELUR\XQFXVXRODFDĊ×J|]N\RU%|\OHELUNDSDVLWHQLQKHUNHV WDUDI×QGDQ J|UOHELOGLĊLQL GċQGĊP]GH EX SL\DVDODUD DUNDV×QGDQ KD]×U RODFDN GRĊDOJD] YH N|PU SL\DVDV×Q×Q LODYH HGLOPHVL\OH EX SL\DVD EDONDQ ONHOHUL\OH ELUOLNWH EDW×GDNL JHOLċPLċ ONHOHULQ SL\DVDV×\OD ELUOHċHFHĊL YH DUW×N $YUXSD·GD HOHNWULĊLQ LVWHGLĊLQL] ONHGHQ DO×Q×S VDW×ODELOHFHĊL ELU SL\DVD KDOL QH JHOHFHN DUNDV×QGDQ GRĊDOJD] SL\DVDV× GD HĊHU ONHPL]GH NXUXODELOLUVH NLKD]×UGDĊ×W×PWDUDI×|]HOVHNW|UGHVDGHFHWHGDULNoLDo×V×QGDQ|]HOOHċPHVL EHNOHQL\RUĈOHWLPVLVWHPLGHKD]×U$UNDV×QGDQ.|PUYHNDUERQSL\DVDV×GD ROXċXUVDSL\DVDP×]×WDPDPODP×ċRODFDĊ×] ĉLPGLVL]OHUHHOHNWULNSL\DVDV×QGDNLULVN\|QHWLPLQLQQDV×O\DS×OG×Ċ×Q×NRQX EDċO×NODU×\ODL]DKHWPH\HoDO×ċDFDĊ×P (OHNWULNSL\DVDODU×QGDULVN\|QHWLPLJHQHOHNRQRPLN\DNODċ×PGDULVNJHU oHNOHċPHVLPXKWHPHOYHQHJDWLIHWNL\DUDWDQHNRQRPLNELUGHĊHURODUDNWDQ×P ODQDELOLU5LVN\|QHWLPLLVHULVNOHULQNRQWURODOW×QDDO×QPDV×YH\DULVNOLXQVXUODU×Q GDKDD]ULVNOLYH\DULVNVL]XQVXUODUDG|QċWUOPHVLRODUDNDo×NODQDELOLU (OHNWULNSL\DVDV×QGDULVN\|QHWLPLLVHOLEHUDOL]DV\RQVRQUDV×RUWD\Do×NDQ \HQLELUNDYUDPROPDV×\ODELUOLNWHHOHNWULĊLQ\DS×V×JHUHĊLWDċ×G×Ċ×ULVNOHUGċ QOGĊQGHWDUDÁDULoLQROPD]VDROPD]ELUX\JXODPDG×U*HUHNoHċLWOLULVNOHULQ \|QHWLPLJHUHNVHWPHOHNWULNSRUWI|\QQ\|QHWLPLQGHE\NELUX]PDQO×ĊD LKWL\DoGX\XOPDNWDG×U(WNLOL\DS×ODQULVN\|QHWLPLSL\DVDGD\HUDODQWPWDUDI ODU× JHOHFHĊLQ ELOLQPH]OLĊLQGHQ NRUXPDO×G×U 5LVNWHQ NDo×QDQ KHU LQVDQ×Q \D SDFDĊ×JLELULVNLWDQ×PODPDNGHĊHUOHQGLUPHNL]OHPHNYHNRQWURODOW×QDDOPDN HOHNWULNSL\DVDV×WDUDÁDULoLQoRN|QHPDU]HWPHNWHGLU (OHNWULNGRĊDV×JHUHĊLGHSRODQDPD]DU]YHWDOHELQJHUoHN]DPDQGDGHQ JHGHROPDV×JHUHNHQWNHWLPL]RUXQOXNDPXVDOELUPDOROPDV×LOHELUOLNWHG×ċ VDOO×Ċ×GDoRN\D\J×QG×U(OHNWULĊLQEX|]HOOLĊLQHEDĊO×RODUDNSL\DVDULVNOHULQL (OHNWULNWDOHELQLQHVQHNDU]×QHVQHNROPDPDV×QHGHQL\OH\NVHNYH\D GċNIL\DWEHOLUVL]OLĊLQHEDĊO×IL\DWULVNL 3RUWI|\QGHQJHGHROPDV×Q×VDĊODPDNLoLQVLVWHPVHON×V×WODUDYHWDOHS WDKPLQLQLQGRĊUX\DS×OPDV×QDEDĊO×RODUDNPLNWDUULVNL 5HJODV\RQGDQND\QDNODQDQULVNOHUVHUEHVWWNHWLFLGHĊLċLNOLNOHULWDUL IHOHU\DSW×U×PYHFH]DODUJLELULVNOHU %LOJLVLVWHPOHULQLQYH\DLċNRQWUROPHNDQL]PDV×QGDQND\QDNODQDQRSH UDV\RQHO ULVNOHU SHUVRQHO KDWDODU× VD\Do RNXPD KDWDODU× YHUL DN×ċ×Q×Q ]DPDQ×QGD\DS×ODPDPDV×JLELRODUDNVD\DELOLUL] 3L\DVDULVNOHUL\DQ×QGDJHQHOHNRQRPLNYHVL\DVLNUL]OHUSHWUROYHGRĊDOJD] NUL]OHULYHEHQ]HULQHGHQOHUGHQND\QDNODQDQ|QJ|UOPHVLJoYHNRQWUROHGL OHPH\HQVLVWHPDWLNULVNOHULGHVD\DELOLUL] (OHNWULNSL\DVDV×QGDDO×ċ\DSDQWHGDULNoLOHULOHVDW×ċ\DSDQUHWLFLOHU|QFH OLNOH \NVHN IL\DW R\QDNO×Ċ×QGDQ NDo×QPDN LoLQ oHċLWOL HQVWUPDQODUD LKWL\Do GX\PDNWDG×U .×VD G|QHPGH IL\DW VDELWOHPHN DPDF×\OD SL\DVD NDW×O×PF×ODU× WH]JDKVWSL\DVDGHQLOHQVWDQGDUWODċPDP×ċUQOHURODQLNLOLDQODċPDODU\D SDELOLU 3RUWI|\Q GHQJHOHPHN YH\D NDU HOGH HWPHN DPDF×\OD JQ LoL YH\D JQ|QFHVLSL\DVDV×QGDLċOHP\DSDELOLU8]XQG|QHPGHLVHIL\DWULVNLQGHQND o×QPDNDPDF×\ODIXWXUHVIRUZDUG\DGDRSVL\RQLċOHPOHUGHQROXċDQWUHYSL \DVDV×UQOHULQHLKWL\DoGX\XOPDNWDG×U6|]NRQXVXHQVWUPDQODUYDV×WDV×\OD WLFDUHWQHWLFHVLQGHSL\DVDNDW×O×PF×ODU×KHPSRUWI|\OHULQLIL\DWYHPLNWDURODUDN GHQJHGH WXWDUODU KHP GH VSHNODV\RQ YH DUELWUDM× NXOODQDUDN NDU HOGH HWPH DPDF×QGDRODELOLUOHUg]HOOLNOHWUHYSL\DVDODU×LOHUHIHUDQVSL\DVDODU×QROXċPDV× OLNLGLWH\LDUW×UPDV×Q×YHSL\DVDGHULQOLĊLQLQROXċPDV×Q×Q\DQ×QGDKHPULVN\|QH WLPLQLQ|QHPOL|OoGHHWNLQOLĊLQLVDĊODUKHPGH\DW×U×PODU\ROXLOHVHUPD\HQLQ GDKDHWNLQNXOODQ×P×QD\RODoDU3L\DVDLċOHWPHFLVLRODUDNULVN\|QHWLPLOLEH UDOL]DV\RQVUHFL\OHELUOLNWHJHUHN|]HOOHċWLUPHOHU\ROXLOHJHUHNVHGH\DS×ODQ PHY]XDW GHĊLċLNOLNOHUL\OH ELUOLNWH UHNDEHWH GD\DQDQ YH ċHIIDÁ×Ċ×Q ROGXĊX ELU RUJDQL]HWRSWDQHOHNWULNSL\DVDV×\DS×V×ROXċWXUXOPDV×KHGHÁHQPLċWLU 3L\DVD LċOHWPHFLVL SL\DVD\× UHJOH HGLOPLċ NXUDOODUD J|UH LċOHWLUNHQ SL\D VDNDW×O×PF×ODU×Q×GDPLQLPXPULVNDODUDNSL\DVDGDLċOHPSL\DVDV×VDĊODPD\D \|QHOLN oDO×ċPDNWDG×U %X DPDoOD SL\DVD NDW×O×PF×ODU×Q×Q SRUWI|\ GHQJHOHULQL VDĊODPDODU×YHWLFDUHWKDFLPOHULQLDUW×UPDODU×Q×VDĊODPDV×Q×Q\DQ×V×UDVLVWHPLQ GHGHQJHGHNDOPDV×Q×VDĊODPDNDPDF×\ODVLVWHPLċOHWPHFLVL\OHELUOLNWHSL\D VDPRGHOOHULJHOLċWLULOPHNWHGLU$UDO×NWDULKLQGHX\JXODPD\DEDċODQDQ JQ|QFHVLSL\DVDV×LOHYHULOHQVDDWOLNWHNOLÁHUYHELUJQ|QFHVL\DS×ODQWLFDUHW LOH VLVWHPH YHULOHFHN YH VLVWHPGHQ DO×QDFDN HOHNWULĊLQ WDPLU HGLOPHVL WHPHO DPDoW×U 'HQJHOHPH Jo SL\DVDV×\OD VLVWHP LċOHWPHFLVLQH WDOLPDWODU \ROX LOH JHUoHN]DPDQGDVLVWHPGHQJHVLQLVDĊODPDLPNDQ×YHULOPHNWHGLUEDċ ODU×QGD X\JXODPD\D JHoLOPHVL SODQODQDQ JQ LoL SL\DVDV× LOH SL\DVD NDW×O×P F×ODU×QD WHNOLÁHULQ HċOHċWLULOPHVL \ROX LOH JHUoHN ]DPDQGD SRUWI|\ GHQJHOHPH YHWLFDUHW\DSPDLPNDQ×YHULOHFHNWLU6D\DoRNXPDKDWDODU×QGDQND\QDNODQDQ RSHUDV\RQHO ULVNOHULQGH |QQH JHoLOPH\H oDO×ċ×OPDNWDG×U 3L\DVD LċOHWPHFLVL SL\DVDNDW×O×PF×ODU×DUDV×QGDNLQDNLWDN×ċ×Q×QVUHNOLOLĊLQLYHDODFDNO×GXUXPGDNL SL\DVDNDW×O×PF×ODU×QDODFDNODU×Q×JDUDQWL\HDOPDV×Q×VDĊODPDNWDQVRUXPOXGXU 3L\DVDNDW×O×PF×ODU×Q×QERċ|GHPHPHULVNLVDGHFHSL\DVDLċOHWPHFLVLQLQ\|QHW PHVLJHUHNHQELUULVNROXSEXDPDoODWHPLQDWPHNDQL]PDV×ROXċWXUXOPXċYH SL\DVDNDW×O×PF×ODU×Q×Q$UDO×NWDULKLLWLEDUL\OHSL\DVDGDIDDOL\HWWHEXOXQ PDODU×LoLQWHPLQDWWDOHSHGLOPH\HEDċODQP×ċW×U6|]NRQXVXWHPLQDWoHċLWOHUL %DċODQJ×o 7HPLQDW× 3L\DVD NDW×O×PF×ODU×Q×Q SL\DVD\D LON ND\×W HVQDV×QGD VXQPDODU×JHUHNHQWHPLQDWODU *QgQFHVL7HPLQDW×3L\DVDNDW×O×PF×ODU×Q×QJQ|QFHVLSL\DVDGD\DSW×N ODU×LċOHPOHUHJ|UHKHVDSODQPDNWDG×U *QĈoL7HPLQDW×3L\DVDNDW×O×PF×ODU×Q×QJQLoLSL\DVDV×QGD\DSW×NODU×Lċ OHPOHUHJ|UHKHVDSODQPDNWDG×U 'HQJHVL]OLN7HPLQDW×3L\DVDNDW×O×PF×ODU×Q×QVD\DoODU×QRNXQPDV×QHWLFH VLQGH RUWD\D o×NDQ JQ |QFHVL SL\DVDV× YH LNLOL DQODċPD WDDKKWOHUL G×ċ×QGD ROXċWXUGXNODU×QHJDWLIGHQJHVL]OLNWXWDUODU×]HULQGHQKHVDSODQPDNWDG×U 5LVN7HPLQDW×3L\DVDNDW×O×PF×ODU×Q×QVHUEHVWWNHWLFLND\G×DUW×ċODU×JQ |QFHVLSL\DVDV×QGDNLDO×ċPLNWDUODU×LNLOLDQODċPDVDW×ċPLNWDUODU×NXUXOXJo DUW×ċODU×PHYVLPVHOOLNOHUGHĊHUOHQGLULOHUHNKHVDSODQPDNWDG×U *Q|QFHVLSL\DVDV×LoLQULVNSHUL\RGXSL\DVDNDW×O×PF×ODU×LoLQJQGU*Q |QFHVLSL\DVDV×WHPLQDWODU×JQONGHĊLOGHGHQJHVL]OLNWHPLQDW×QGDROGXĊX JLELD\O×NRODUDNKHVDSODQVDLGLULVNSHUL\RGX|GHPHVUHOHULLOHELUOLNWHJQH o×NDFDĊ×QGDQSL\DVDNDW×O×PF×ODU×QGDQJQON\DNODċ×NPLO\DU7/VRQXQGD WHPLQDWDO×QPDV×JHUHNLUGL5LVNSHUL\RWODU×QGDNLGHĊLċLNOLNOHULOHELUOLNWHSL\DVD NDW×O×PF×ODU×Q×QVXQPDODU×JHUHNHQWHPLQDWPLNWDUODU×QGD|QHPOLELUD]DOPDV|] NRQXVXROPXċWXU(OHNWULNSL\DVDV×QGDLċOHP\DSPDNLVWH\HQSL\DVDNDW×O×PF× ODU×Q×QEXOXQGXUPDV×JHUHNHQWHPLQDW×VDĊOD\DPDG×Ċ×GXUXPGDLOJLOLSL\DVDIDD OL\HWLQLJHUoHNOHċWLUHPHGLNOHULJLELoHċLWOL\DSW×U×PODUGDD\U×FDX\JXODQPDNWDG×U *HQHORODUDNHOHNWULNSL\DVDV×QGDX\JXODQDQULVN\|QHWLPOHULEXċHNLOGHGLU %X VHPSR]\XPX G]HQOH\HQ 6D\×Q 3URI 'U $KPHW ĈQFHNDUD·\D %RUVD ĈVWDQEXOYH7DNDVEDQN\|QHWLFLOHULQHYHWPNDW×O×PF×ODUDWHċHNNUHGL\RUXP 6D\J×ODUVXQX\RUXP %HNLU6×WN×ĉ$)$. 6HUPD\H3L\DVDV×.XUXOXĈNLQFL%DċNDQ× 6D\×Q0VWHċDU×P 'HĊHUOL%DċNDQODU 'HĊHUOL*HQHO0GUOHU 'HĊHUOL +RFDODU×P YH dRN .×\PHWOL .DW×O×PF×ODU KHSLQL]L ċDKV×P YH NXUX PXPDG×QDVHODPO×\RUXP (QHUMLDU]YHIL\DWODU×Q×QONHPL]JQGHPLQGH|QHPOL\HUWXWWXĊXċXJQOHU GHHQHUMLSL\DVDODU×YHULVN\|QHWLPLQLQ\HUOLYH\DEDQF×X]PDQODUFDHOHDO×QD FDĊ×EX|QHPOLVHPSR]\XPGDVL]OHUOHELUOLNWHROPDNWDQPXWOXOXNGX\X\RUEX YHVLOHLOHĈNWLVDGL$UDċW×UPDODU9DNI×%RUVDĈVWDQEXOYH7DNDVEDQN\|QHWLPOHUL QHEXVHPSR]\XPXG]HQOHGLNOHULLoLQWHċHNNUELUERUoELOL\RUXP 6HPSR]\XPXQ]DPDQODPDV×NRQXQXQ|QHPLDo×V×QGDQDQODPO×ELUG|QH PHGHQNJHOGL$UDO×ND\×Q×QEDċODQJ×F×LOHELUOLNWHJQONKD\DW×P×]×HWNLOH\HQ ROXPVX]YHVRĊXNKDYDNRċXOODU×Q×QHWNLVLGRĊDOJD]YHHOHNWULNSL\DVDODU×P×] GDGDKLVVHGLOPH\HEDċODQG×*HoHQKDIWDGRĊDOJD]GDJQONWNHWLPUHNRUX N×U×OG×%XJHOLċPHOHURUJDQL]HSL\DVDODU×YDUO×Ċ×Q×Q|QHPLQLELUNH]GDKDEL]OHUH J|VWHUPHNWHGLU %X YHVLOH LOH HOHNWULN NXOODQ×P×Q× HQ \RĊXQ EX G|QHPL NXU PXċROGXNODU×VLVWHPYH\DSP×ċROGXNODU×G]HQOHPHOHUVD\HVLQGHoRND]ELU VRUXQOD DWODW×\RU ROPDP×] QHGHQL\OH (QHUML YH 7DELL .D\QDNODU %DNDQO×Ċ×P×]× (3'.·\×7(Ĉ$ĉYHLOJLOLGLĊHUNXUXOXċODU×WHEULNHGL\RUX] ·OL \×OODU×Q EDċODQJ×F×Q× GQ\D HNRQRPLVL LoLQ JOREDO NUL]LQ WRKXP ODU×Q×Q HNLOGLĊL \×OODU RODUDN GHĊHUOHQGLUPHN PPNQGU $PHULND %LUOHċLN 'HYOHWOHUL·QGHIDL]RUDQODU×Q×QGċUOPHVL\OHEDċOD\DQVUHoJOREDOIRQDN×P ODU×Q×|QFHGHQJ|UOPHPLċRUDQGDDUW×UP×ċYDUO×NIL\DWODU×QGDEDORQODUROXċPD V×QDQHGHQROPXċWXU 3HWUROIL\DWODU×Q×QYDULOEDċ×QD$PHULNDQGRODU×QDo×NW×Ċ×(\OO\×O× YHVRQUDV×QGDUQSL\DVDODU×QDRODQLOJLJLGHUHNDUWP×ċW×U$YUXSD%LUOLĊL.R PLV\RQX WDUDI×QGDQ UQ SL\DVDODU×QD LOLċNLQ \DS×ODQ ELU oDO×ċPD\D J|UH NX UXPVDO\DW×U×PF×ODU×QUQSL\DVDODU×QD\DSW×Ċ×\DW×U×P\×O×QGDPLO\DU (XURLNHQ\×O×QGDPLO\DU(XUR·\DXODċP×ċW×U&)7&WDUDI×QGDQ\DS×ODQ EDċNDELUoDO×ċPD\DJ|UHLVHILQDQVNXUXOXċODU×QFDYH\×OODU×DUD V×QGDHQHUMLSL\DVDODU×QGDDO×QDQVSHNODWLISR]LV\RQODUGDNLDUW×ċRUDQ×·H XODċP×ċW×U<LQHYHG|QHPLQGHUQHGD\DO×WUHYSL\DVDODUGDLċOHP KDFPLoHNDWODQP×ċW×U hUQSL\DVDODU×QDRODQLOJLQLQDUWPDV×Q×QDUG×QGDELUoRNQHGHQ\DWPDNWD G×U'Q\DQIXVXQXQPLO\DUDXODċPDV×EDċWDdLQYH+LQGLVWDQJLELE\N QIXVDVDKLSLNLONHROPDN]HUHJHOLċPHNWHRODQSL\DVDODU×QGQ\DHNRQRPL VLQHDUWDQHQWHJUDV\RQXYHEXONHOHUGH\DċD\DQJHQoQIXVXQJOREDOWNHWLFL NRQXPXQDJHOPHOHULDUWDQUHIDKLOHELUOLNWHWNHWLPLQDUWPDV×DUWDQVSHNODV \RQ$PHULNDQGRODU×QGDNLGHĊHUND\E×VRQUDV×\DW×U×PGRODU×Q×KHGJHHGHFHN GHĊHUDUDPDODUJLELVHEHSOHULoRĊDOWPDNPPNQGU 'Q\D\× HNRQRPLN NUL]H J|WUHQ QHGHQOHULQ LQFHOHQGLĊL G]HQOH\LFL |Q OHPOHULQDO×QG×Ċ×YHJHoPLċHG|QNFH]DL\DSW×U×PODU×QX\JXODQG×Ċ×GDYDODU×Q Do×OG×Ċ×ELUG|QHPGHQJHoLOL\RU<DċDQDQWPROXPVX]ROD\ODUSL\DVDNDW×O×P F×ODU×Q×QJHUoHNOHċWLULOHQLċOHPOHUHYHROXċDQIL\DWODUDGX\GXNODU×JYHQLVRUJX ODPDODU×QDQHGHQROPDNWDYHDOWHUQDWLIo|]POHULoLQDUD\×ċODUD\|QHOWPHNWH GLU%XVUHoWHI×UVDWODUL\LGHĊHUOHQGLULOPHOLGLU ,0)YHULOHULQHJ|UHG|QHPLQGHGQ\DHNRQRPLVLE\U NHQ JHOLċPLċ HNRQRPLOHU E\PċWU 7UNL\H LVH \×OO×N RUWDODPD ·L DċN×Q ELU RUDQ LOH HQ ID]OD E\\HQ ONHOHUGHQ ELUL KDOLQH JHOPLċWLU %X RUDQ× VUGUOHELOLU N×OPDP×] LoLQ HQHUML UHWLP NDSDVLWHPL]L EX RUDQ ]HULQGH ELU RUDQGD DUWW×UPDP×] ċDUWW×U .DSDVLWH DUW×ċ×Q×Q GD |]HO VHNW|UOHU \DW×U×PODU× LOH VDĊODQPDV×JHUHNPHNWHGLU 6RQELU\×OLoHULVLQGH|QFHVD\×O×6HUPD\H3L\DVDV×.DQXQXDUG×QGDQ VD\×O×(OHNWULN3L\DVDV×.DQXQX\UUOĊHJLUGL6HUPD\H3L\DVDV×.DQX QXSL\DVDODU×QKHUWUOILQDQVDODUDF×QWHNoDW×DOW×QGDDO×Q×SVDW×ODELOPHVLQH LPNkQ WDQ×\DQ ILQDQVDO VSHUPDUNHW DQOD\×ċ× DOW×QGD IDDOL\HW J|VWHUPHOHULQH LOLċNLQKXNXNLDOW\DS×\×KD]×UODG×0DUWD\×QGD\UUOĊHJLUHQ(OHNWULN3L\DVDV× .DQXQX GD EDċWD HOHNWULN HQHUMLVL ROPDN ]HUH IDUNO× HQHUML UQOHULQH GD\DO× VSRWYHWUHYSL\DVDLċOHPOHULQLQJHUoHNOHċWLULOHFHĊLELUHQHUMLERUVDV×Q×QNXUXO PDV×QDLOLċNLQKXNXNLDOW\DS×\×KD]×UODG× .XUXODFDNHQHUMLERUVDV×Q×QHQHUML\DW×U×PODU×LoLQX]XQYDGHOLELU|QJ|UYH ULVN\|QHWLPPHNDQL]PDV×VDĊODPDQ×Q\DQ×V×UDGRĊXGDNLHQHUMLND\QDNODU×\OD EDW×GDNLWNHWLPQRNWDODU×DUDV×QGDVWUDWHMLNNRQXPDVDKLSONHPL]LQ|]HOOLN OH(QHUMLYH7DEL.D\QDNODU%DNDQO×Ċ×P×]×Q|]YHULOLoDO×ċPDODU×LOHE|OJHVHOELU HQHUMLPHUNH]LROPDV×VUHFLQGHE|OJHVHOHQHUMLIL\DWODU×Q×QROXċWXĊXELUPHU NH]ROPDSRWDQVL\HOLGHWDċ×G×Ċ×QDLQDQ×\RUXP .RQXċPDP×EXUDGDVRQODQG×U×UNHQVHPSR]\XPNDSVDP×QGDRUWD\DNRQX ODFDNGHĊHUOLJ|UċOHULQHQHUMLSL\DVDODU×P×]DULVN\|QHWLPLYHNXUXODFDNRODQ HQHUMLERUVDP×]D\|QHOLNVWUDWHMLOHULQROXċWXUXOPDV×QGD|QHPOLNDWN×ODUGDEXOX QXODFDĊ×QDLQDQ×\RUXP+HSLQL]LVD\J×YHVHYJL\OHVHODPO×\RUXP 'U6HODKDWWLQdĈ0(1 7&(QHUMLYH7DELL.D\QDNODU%DNDQO×Ċ× 0VWHċDU<DUG×PF×V× 'HĊHUOL.RQXNODU 6D\×QĈNWLVDGL$UDċW×UPDODU9DNI×%RUVDĈVWDQEXOYH7DNDVEDQN·×Q%DċNDQ ODU×GHĊHUOLNDW×O×PF×ODUV|]OHULPHEDċODUNHQEXVHPSR]\XPGDVL]OHUOHELUOLNWH ROPDNWDQGX\GXĊXPPHPQXQL\HWLSD\ODċPDNLVWL\RUXP *HOLċPHNWHELUHNRQRPLRODQ7UNL\HKHU\×OGQ\DRUWDODPDV×Q×Q]HULQGH DUWDQHQHUMLWDOHELQLJHUHNOLND\QDNYHSURMHOHULJHOLċWLUHUHN\|QHWPHN]RUXQGD G×U%XQX\DSDUNHQHQHUMLQLQHNRQRPLPL]YHLQVDQ×P×]LoLQ|QHPLQLGLNNDWH DODUDNHQHUMLQLQUHWLPLQGHQNXOODQ×PDDU]×QDNDGDURODQVUHoWHNLWHPHOULVN XQVXUODU×Q×EHOLUOHPHPL]YHEXQD\|QHOLNULVN\|QHWLPLVWUDWHMLOHULQLYHPHND QL]PDODU×Q×JHOLċWLUPHPL]|QHPDU]HWPHNWHGLU *HUHNONHOHUJHUHNVHELUH\OHULoLQHQHUMLVL]ELU\DċDPV|]NRQXVXGHĊLOGLU (QHUMLDODQ×QGDoRNVD\×GDULVNXQVXUXWDQ×PODQDELOLU$QFDNHQHUMLDU]JYHQ OLĊLDODQ×QGDNLULVNIDNW|UOHULYHDOJ×ODPDV×EXJQWPGQ\DGD]HULQGHHQ oRNGXUXODQNRQXODU×QEDċ×QGDJHOPHNWHGLU (QHUMLQLQJYHQLOLUVUGUOHELOLUELUċHNLOGHWHPLQLQVDĊODPDV×ONHOHULoLQ HQ|QHPOL|QFHOLNWLU%XQXQODELUOLNWHEXJQGQ\DHQHUMLVLVWHPLQLQGD\DQG×Ċ× WHPHOGD\DQDNODUEDċO×EDċ×QDULVNDOJ×ODPDV×Q×EHUDEHULQGHJHWLUL\RU'Q\D HQHUMLVLDĊ×UO×NO×RODUDNIRVLO\DN×WODUGDQVDĊODQ×\RU)RVLO\DN×WODU×QEHOOLELU|P UQQROPDV×QDIRVLOND\QDNODU×QROXċWXUGXĊXoHYUHSUREOHPOHULQGHQND\QDN ODQDQoHYUHND\J×ODU×\ODEHUDEHUEDN×OG×Ċ×QGDPHYFXWGQ\DHQHUMLVLVWHPLQLQ X]XQYDGHGHVUGUOHELOLUROPDG×Ċ×YHoRNER\XWOXULVNOHUEDU×QG×UG×Ċ×V|\OH QHELOLUhONHOHULQHQHUMLJYHQOLĊLEDĊODP×QGD\|QHWPHOHULJHUHNHQGLĊHUELUULVN DODQ×Q×HQHUMLND\QDNODU×QDHULċLPQRNWDV×QGDNLN×V×WODUROXċWXUPDNWDG×U3HWURO YHGRĊDOJD]ND\QDNODU×Q×QGQ\DGDNLFRĊUDILNGDĊ×O×P×ONHOHULQEXND\QDN ODUDHULċLPLQGHIL]LNLYHHNRQRPLNHċLWVL]OLNOHU\DUDWPDNWDEXGXUXPoRNoHċLWOL LVWLNUDUV×]O×NPH\GDQDJHWLUHQVRUXQODURODUDNNDUċ×P×]Do×NPDNWDG×U 7UNL\HHQHUMLLKWL\DF×Q×DĊ×UO×NO×RODUDNLWKDOND\QDNODUODNDUċ×ODQ×\RU%XQ GDQND\QDNODQDFDNULVNIDNW|UOHULQLELUċHNLOGHWHVSLWHWPHNYHEXQD\|QHOLN SROLWLNDODU×JHUoHNOHċWLUPHN|QHPDU]HWPHNWHGLU7UNL\HLoHUVLQHEDNW×Ċ×P×] ]DPDQoRNIDUNO×ULVNIDNW|UOHULQLVD\PDNPPNQ)DNDWVHNW|UGHKHUNHVLPLQ EDNW×Ċ× Do×GDQ ULVN DOJ×ODPDODU× IDUNO×O×N J|VWHUPHNWHGLU $UW×N OLEHUDOOHċHQ ELU HOHNWULN SL\DVDP×] YDU %X SL\DVDGD R\XQFXODU×Q WHPHO ULVN DOJ×ODPDV× QHUH GHRGDNODQ×\RUGL\HEDNW×Ċ×P×]]DPDQ\DW×U×P\DSDFDNODUVDĊO×NO×YHJYHQ OL\DW×U×PRUWDP×Q×EXOPDNGXUXPXQGDODU%|\OHFH\DSDFDNODU×\DW×U×P×QJHUL G|QċQ |QJ|UGNOHUL ELU YDGHGH JDUDQWL\H DOPDN GXUXPXQGDODU 6HNW|U GHG]HQOH\LFLNXUXPYDUNDPXNXUXOXċODU×YDUgUQHĊLQVLVWHPLċOHWPHFLPL] 7(Ĉ$ĉ·×Q ULVN DOJ×ODPDV× GDKD oRN EX VLVWHPLQ \|QHWLOPHVLQH \|QHOLN RODUDN DO×QPDV×JHUHNHQWHGELUOHUHRGDNO×RODFDNW×U %DNDQO×N RODUDN 7UNL\H·QLQ HQHUML JYHQOLĊLQL VDĊODPDN YH EXQXQ |QQ GHNLULVNOHULELUċHNLOGH\|QHWPHNHQWHPHOVRUXPOXOXĊXPX]3L\DVDGDNLKHU ELUR\XQFXQXQULVNDOJ×ODPDV×QDFHYDSYHUPHNYHULVNDOJ×ODPDV×Q×VDĊO×NO×ELU ċHNLOGH\|QHWPHNJLELELUVRUXPOXOXĊXPX]YDU7UNL\H6RQ\×OGDONH|O oHĊLQGHNL oRN IDUNO× R\XQFXODU×Q ULVN DOJ×ODPDODU×Q× \|QHWPHVLQL NROD\ODċW×UD FDNoRN|QHPOLDW×O×PODUYHG]HQOHPHOHU\DSP×ċW×U'DKD|QFHNL\×OODUODNDU ċ×ODċW×UG×Ċ×P×]GDIDUNHGLOHELOLUELUWDU]D7UNL\HNHQGL\HUOLHQHUMLND\QDNODU×QD |QHPYHUHQ\HUOLYH\HQLOHQHELOLUND\QDNODU×QDUDċW×U×OPDV×QDJHOLċWLULOPHVLQH YHHNRQRPL\HND]DQG×U×OPDV×QD|QFHOLNYHUHQVDĊO×NO×ELUSROLWLND\×NDUDUO×ELU ċHNLOGHX\JXODP×ċW×U.|PUDUDPDODU×QGD\HQLOHQHELOLUHQHUMLND\QDNODU×DOD Q×QGDSHWUROYHGRĊDOJD]DUDPDODU×QGDYHMHRWHUPDOHQHUMLNRQXVXQGD|QHPOL oDO×ċPDODU \DSW×N %HQ]HU ċHNLOGH HQHUMLQLQ PDOL\HW ER\XWXQX YH VUGUOH ELOLUOLNER\XWXQXLOJLOHQGLUHQHQHUMLYHULPOLOLĊLNRQXVXQGDNLVRQ\×OGDLYPH ND]DQDQoDO×ċPDODU×P×]×VD\DELOLUL] 5HNDEHWoLSL\DVDODU×QHQ|QHPOLDUW×V×HĊHUUHNDEHWċDUWODU×Q×ROXċWXUDEL OLUVHNWNHWLFLOHULQKHPNDOLWHOLKHPGHX\JXQPDOL\HWOHHQHUMLWHPLQHGHELOH FHNROPDV×G×U%XQXQLoLQPXWODNDDOW\DS×|QHPOL5HNDEHWLQROXċDELOPHVLLoLQ KHP WNHWLFLOHULQ KHP UHWLFLOHULQ SL\DVD\D YH ELUELUOHULQH HULċLPLQ |QQGHNL EDUL\HUOHULQPXWODNDNDONPDV×OD]×P7UNL\H·GHELUWDUDIWDQ\DVDOG]HQOHPH OHUOHPHY]XDWG]HQOHPHOHUL\OHUHNDEHWoLSL\DVDQ×QDOW\DS×V×Q×ROXċWXUXUNHQ GLĊHUWDUDIWDQLOHWLPDOW\DS×V×QGDYHGDĊ×W×P|]HOOHċWLUPHOHUL\ROX\ODGDĊ×W×P DOW\DS×V×QGDNLHNVLNOLNOHULVUDWOHJLGHUL\RUX] 6DGHFH 7UNL\H LoHULVLQGHNL \DS×ODQPD GHĊLO 7UNL\H·QLQ NRPċXODU×\OD |]HOOLNOH $YUXSD ELUOLĊL HOHNWULN VLVWHPL\OH \DSP×ċ ROGXĊX HQWHUNRQHNVL\RQ oDO×ċPDODU×Q×Q \LQH KHP ILUPDODU×P×]×Q KHP ELUH\VHO WNHWLFLOHULPL]LQ ULVN DO J×ODPDODU×Q×Q YH EX ULVNOHULQ \|QHWLOPHVLQH \|QHOLN H\OHPOHUL LoLQ |QHPOL ELU SHQFHUHDoDFDĊ×Q×GċQ\RUXP 7UNL\H·QLQNDWHGHFHĊLGDKDoRNPHVDIHYDU0LOOHWLPL]LQJHOLċPHNRQX VXQGDNL GDKD PUHIIHK ELU \DċDP NRQXVXQGDNL EHNOHQWLOHUL YH 7UNL\H·QLQ |QP]GHNL \×OODUGD GQ\DGD JHOLċPLċ HNRQRPLOHU DUDV×QGD LON HNRQRPL DUDV×QD JLUPH KHGHIL\OH ELUOLNWH GċQGĊP]GH HQHUML VHNW|UP]Q GH EXQDFHYDSYHUHFHNċHNLOGHNHQGLVLQL\HQLOHPHVLYHJHOLċWLUPHVLJHUHNPHN WHGLU ĈNWLVDGL$UDċW×UPDODU9DNI×%RUVDĈVWDQEXOYH7DNDVEDQN·×ELUOLNWHRUJDQL]H HWWLNOHULEXJ]HOHWNLQOLNLoLQWHEULNHGL\RUXP8PDU×PJ]HOVRQXoODUo×NDU %XGX\JXYHGċQFHOHUOHKHSLQL]HVHYJLVD\J×ODU×P×VXQX\RUXP 6($1:,//,$06 7KH1DVGDT20;*URXS1$6'$420; 0Ĉ6$)Ĉ5.218ĉ0$&, $UDO×N +DQ×PHIHQGLYHEH\HIHQGLOHU %L]LP J|UHYLPL] RSHUDV\RQODUOD LOJLOHQPHN 6L]OHUH ED]× EHOOL NRQXODUGDQ EDKVHWPHNLVWL\RUXP1DVGDT20;&RPPRGLWLHVGHEXJQoRNoHċLWOLHQHUML V|]OHċPHOHUL\HUDO×\RU7HPHORODUDNHQHUMLDODQ×QGD\×]7HPHOX]PDQO×NDODQ× P×]HQHUMLVHNW|UQGHQJHOL\RU$YUXSD·GDG|UWONHLOHV|]OHċPHPL]YDU$QD ONHOHULPL] NX]H\ ONHOHUL YH ĈQJLOWHUH G|UW \×O |QFH NXUGXN $OPDQ\D·GD oRN JoO\]D\Q×]DPDQGD+ROODQGD·GDGDEXOXQX\RUX]1DVGDT20;·LQ|QFH VLQGHLONNDUERQSL\DVDV×EL]LPWDUDI×P×]GDQNXUXOGXYHEL]LPoHUoHYHPL]GH RODQ GLĊHU DODQODUGD GDKLO <HQL UQOHULPL] YDU YH JD] HOHNWULN VHUWLILNDODU× \HQLOHQHELOLUHQHUMLWLFDUHWLLOHLOJLOLVRQLNL\×OGDD\Q×]DPDQGDQDYOXQWDNDV×GD \DSDELOL\RUVXQX] 'Q\DQ×Q HQ |QGH JHOHQ QDYOXQ WDNDV NXUXOXċXQX D\ |QFHVDW×QDOG×NYHN×VDVUH|QFHDQDERUVDYHWDNDVNXUXOXċXQGDHQWHJUH RODFDĊ×]%\PHGLUHNW|UGHQLOHQNLċLN|PUNRQXVXQGDEXQXQDV×OWDQ×WD ELOLUL]<LQH$YUXSDJD]NRQWUDWODU×P×]YDU gQP]GHNL\×OLoLQGHQHJLELGHĊLċLNOLNOHURODFDN"6L]OHUGHERUVDQ×]× NXUDUNHQ QH JLEL GHĊLċLNOLNOHU RODFDN %XQODUGDQ EDKVHGHFHĊLP 7UNL\H·QLQ HQHUMLERUVDV×NXUPDVUHFLQGHEDċDU×\DXODċPDV×LoLQQHOHULQJHUHNOLROGXĊX QDGDLUL\LELUDQOD\×ċDVDKLSWLU Ĉ\LLċOH\HQELUSL\DVDQ×QWHPHOXQVXUODU×QHOHUGLU"NULWLNDG×PYDU+HUSL \DVDQ×Q EDċDU×O× RODELOPHVL LoLQ WHPHO XQVXU YDU +Lo ELU ċH\ ´OLNLGLWH JLEL OLNLGLWH\LVDĊODPD]µGL\HELUGH\LċYDU%HQEXQDNDW×O×\RUXPDPDOLNLGLWHELU ERċOXNLoHULVLQGHJHOLċPL\RU$OW×QGD\DWDQELUWDN×P|QHPOLDODQODUYDU6L]LQ ERUVDQ×]GDE\NRODV×O×NODEDċODQJ×oDċDPDV×QGD\LQHSD]DU\DS×F×ODU×LċDOD FDNYHRQODUVL]LQHNUDQODU×Q×]×\DNDFDNYHGROD\×V×\ODLċOHP\DSPDNLVWH\HQ KHUNHVLQEWQEXHOER\XQFDELUWDN×PIL\DWODU×RODFDN2QXQG×ċ×QGDċHIIDÁ×N oRN|QHPOL.X]H\ONHOHULQGHDFLO3D]DUPDVDM×GHGLĊLPL]ELUVLVWHPYDU%X ]RUXQOX3D]DU×QJYHQPHVLoRN|QHPOLKHUNHVLQD\Q×ELOJL\HJYHQPHVLoRN |QHPOL0HVHODE\NELUN|PUWHVLVL7UNL\H·GHELUċHNLOGHDN×PVRUXQX\ ]QGHQER]XOVD\G×WDELvNLEXQXQDU]WDOHSGHQJHVL]HULQGH7UNL\H·GHROXP VX]ELUHWNLVLROXUGX%XELOJLQLQKHPHQSL\DVD\DXODċPDV×JHUHNL\RU<RNVD EX|]HOELUELOJLRODUDNNDO×UĈċOHPJ|UHPH]WHVLVLoLQċLUNHWHVDKLSRODQNLċLOHU ROXPVX]ROXU 1DVGDT20;·GHSD]DUNRQVH\LGHGLĊLPL]ELUNXUXPYDU%HQEXQXX\JXOD PDGDJ|UGP6L]LQHQHUMLWLFDUHWGHUQHĊLQL]LQERUVDLOHoRN\DN×QELUGL\DORJX YDU%LUERċOXNLoHULVLQGHIDDOL\HWJ|VWHUHFHNGHĊLOERUVDNULVWDOELUNUH\RN 3D]DUNDW×O×PF×ODU×QQHLVWHGLĊLQLJ|UHELOHFHN'ROD\×V×\ODSD]DUNDW×O×PF×ODU×Q×Q PXWODNDERUVDLOHGL\DORJLoLQGHROPDV×oRN|QHPOL 6OD\W·×PGD DEFGH ċHNOLQGH SD]DU NDW×O×PF×V× YDU %XQODU×Q KHU ELULQLQ LNLOLRODUDNELUELUOHUL\OHLċOHP\DSDELOPHVLLoLQKHUċH\GHQ|QFHELU\DVDOV|] OHċPHROPDV×OD]×P%XLċOHPLQNRċXOODU×WDUDI×QGDQEHOLUOHQPHVLOD]×P%XoRN NDUPDċ×NELUPRGHO3D]DUD\HQLJLUPHNLVWH\HQELUR\XQFXYDUVDEWQEX WDUDÁDLċOHP\DSPDNLVWL\RUVDR]DPDQ\HQLV|]OHċPHROPDV×JHUHNHFHN %XGDJHUoHNWHQoRN]RU 7DNDVNXUXOXċXGHGLĊLPL]GHDOWWDNLWDEORGDJ|UGĊQ]JLELEDVLWELUPR GHO V|] NRQXVX %XUDGDNL V|]OHċPH DĊ× KHPHQ RUWDGDQ NDONP×ċ VDGHFH ELU NUHGLDQODċPDV×YDU+HUELUNDUċ×WDUDIYHWDNDVNXUXOXċXDUDV×QGD%|\OHELU WDNDV×Q ID\GDODU× JHUoHNWHQ oRN EDUL] (Q |QHPOLVL WHPHUUGH GċPHVL V|] NRQXVXROXUVDSD]DUNUHGLND\E×QDNDUċ×HWNLQELUELoLPGHNRUXQPXċROX\RU 'ROD\×V×\ODGDKDD]VRUXQV|]NRQXVXROX\RU3D]DUOLNLGLWHVLQGHoRN|QHPOL ELUGXUXP7DNDV×QHWNLOHULQLJ|]DUG×HGHPH\L]6SRWSL\DVDGDJYHQFHJD UDQWLLVWHQL\RU1DVGDT20;·GHEXWHPLQDWODU×QVDĊODQPDV×Q×LVWL\RUX]9HULOHQ UDNDPODUPLO\DU7UN/LUDV×FLYDU×QGD 1DVGDT20;·LQELUNDoGHQH\LPLQHGHĊLQPHNLVWL\RUXPgQFHOLNOHNX]H\ GHNLHQHUMLSL\DVDV×Q×QJHOLċPHVLQHEDNDO×P6OD\WWD$YUXSDKDULWDV×Q×J|U\RU VXQX]\×O×QGDERUVDQ×Q\HVLYDU%XQODUIDUNO×ONHGHQJHOL\RU 7RSODPFLURWHUDZDWVDDWYHWNHWLPHEDNW×Ċ×P×]]DPDQWHUDZDWVDDW RODUDNJ|U\RUX]7UNL\H·QLQGXUXPXLOHNDUċ×ODċW×UDFDNROXUVDN7UNL\H·GHNL WNHWLPVDQ×\RUXPWHUDZDWVDDWFLYDU×QGDELUUDNDPĈQDQ×\RUXPNLLċOHP J|UHQUHWLPGH\DNODċ×NWHUDZDWVDDW'ROD\×V×\OD·×QDWHNDEOHGL\RU %XLċOHPJ|UHQKDFLPNX]H\GHNLQLQ·XQGDQGDKDD]%XUDGD]OHFHNELU GXUXP\RN7UNL\H·GHOLNLWELUSL\DVD\DUDWDELOLUVLQL]\×OVRQUDJHOGLĊLPGH 7UNL\H·GHHPLQLPNLoRNL\LWHUDZDWVDDWOHUGHQEDKVHGHFHĊL] \×O×QGDNX]H\SL\DVDV×DVO×QGDVDGHFH1RUYHo·WHQROXċX\RUGX6SRW ELU SL\DVD YH VDGHFH IL]LNVHO ELU ERUVD LGL \×O×QD JHOLQGLĊLQGH EX SD ]DU oRN |QHPOL JHOLċPHOHU ND\GHWWL gQFHOLNOH ILQDQV SL\DVDV× EXQD HNOHQGL YHċLUNHWLVLPGHĊLċLNOLĊL\DSW×·GDĈVYHoGH)LQODQGL\DYH·GH 'DQLPDUNDNDW×OG× %LU VRQUDNL VOD\WWD LċOHP HNRQRPLVLQL DQODWPD\D oDO×ċDFDĊ×P hUHWLFLOHU YDUU]JDUoLIWOLNOHULIDUNO×WUOHUGHMHQHUDV\RQNDSDVLWHOHULROGXĊXQX7UNL\H·GH ELOL\RUXP%XUHWLFLOHURQXQDUG×QGDSHUDNHQGHYHWNHWLFLOHUELUGLĊHUD\DN 7UNL\H·GH DUDED LPDODU× oRN E\N ELU DODQ %XUDGD \LQH HQWHJUH ELU WDN×P UHWLFLOHU YDU +HP UHWLP \DS×\RUODU KHP GRĊUXGDQ WNHWLFLOHUH SHUDNHQGH RODUDNVDW×ċ\DSDELOL\RUODUDPDEDVLWELUPRGHOGHUHWLFLOHUELUDU]UHWL\RUODU ELUWDOHSYDUGROD\×V×\ODDUDGDELULċOHPVDW×QDOPDLċOHPLROPDV×JHUHNLU%X LċOHPLEURNHU\DS×\RU+HPUHWLFLOHUOHKHPGHWNHWLFLOHUOHJ|Uċ\RUYHELU HċOHċWLUPH\DSPD\DoDO×ċ×\RUĉLPGLWDNDVNXUXOXċXGHYUH\HJLUHFHN=DPDQ LOHUOHGLNoHHNRVLVWHPLQJHULNDODQ×LONEDċWDD\Q×NDO×\RU%XX]XQELU]DPDQ DO×\RU7DNDVNXUXOXċXQXQHWNLQNXOODQ×OPDV×LoLQ%XUDGDELUVSRWROGXĊXQXEL OL\RUXPDPDWUHYERUVDV×WDNDVGD\LQHoRN|QHPOLELUDG×P/LNLGLWHERUVDGD \DYDċ\DYDċROXċPD\DEDċODG×NoD\HQLWUGHQNDW×O×PF×ODUGHYUH\HJLUL\RUYH EXQDLOJLOLGX\DQNDW×O×PF×ODULċLQLoLQHJLUL\RUĈONJUXSEDQNDODU%DQNDODUIDUNO× ELoLPOHUGHLċ\DS×\RURODELOLUOHU$PDEDQNDODUJHOGLNOHULQGHNXOODQG×NODU×PR GHO$YUXSD·GDJVPJHQHOWDNDV\HVLPRGHOLRODELOLUhUHWLFLOHUYHSHUDNHQGH FLOHUHELUWDN×PKL]PHWOHUVXQX\RUODUGRĊUXGDQNHQGLOHUL\HROPDNLVWHPL\RUVD EDQNDODU×NXOODQDELOL\RUODU%DQNDODUWDELvNLVSHNODV\RQGDQKRċODQ×\RUODUYH ]DPDQ LOHUOHGLNoH OLNLGLWH DUWPD\D GHYDP HGL\RU %X QRNWDGD 3D]DU \LQH HN ELU NDW×O×PF×ODU LoLQ |UQHĊLQ LċOHP NXUXOXċODU× LoLQ LOJLQo KDOH JHOHELOL\RU %LU WDN×PNXUXOXċODUYDUSDPXNNDKYHN|PUHQHUMLYHELUWDN×PċH\OHULQLċOHPLQL \DS×\RUODUYHSL\DVDGDKDFD]LSGDKDOLNLWKDOHJHOLQFHEXGDRQODUDI×UVDWWD Q×\RU%HFHULOHULQLEDċNDHPWLDSL\DVDODU×QGDNR\DELOL\RUODUYHEXċ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×VXQXPXQX]LoLQoRNWHċHNNUOHU6XQXPEXċHNLOGHDPDEXQX 7UNL\H·GHNLGXUXPODQDV×OEDĊGDċW×U×UV×Q×]"'DKD|QFHNLNRQXċPDF×ODU×QLID GHHWWLĊLJLEL7UNL\HNHQGLHQHUMLERUVDV×Q×NXUPDLVWHĊLQGHgQFHHOHNWULNOH EDċOD\DFDNGDKDVRQUD\DYDċ\DYDċGRĊDOJD]N|PUEHONLGLĊHUDODQODUDJH QLċOH\HFHN3HWUROċXDQGDGDKLOGHĊLO6L]LQGHQH\LPOHULQL]HJ|UH7UNL\H·GH JHoHUOLRODELOHFHNQHJLELGHUVOHUDODELOLUL]"7UNL\HKDODEXVUHFLQEDċ×QGD YHWHPHORODUDNKNPHWHYHċLUNHWOLGHUOHULQHQHJLELPHVDMODUYHUHELOLUVLQL]" 6HDQ:LOOLDPV +HPHQ\DGD]DPDQLoLQGHGHEDċDU×O×RODELOLU/LNLGLWHQLQERUVDGDVDĊODQ PDV×LoLQELUNDo\×OGDJHoHELOLUgQHPOLGHUVOHUGHQELUWDQHVLGRĊUXSD]DU\DS× V×Q×NXUPDN%XUDGDoHċLWOLQHGHQOHUYDUWDELvNLSD]DUODU×QOLNLGLWHVDĊOD\DPD PDV×QGDHWNLOLRODQELUWDN×PIDNW|UOHURODELOL\RUgUQHĊLQĈQJLOWHUHSL\DVDV×QD EDNW×Ċ×P×]GDEHċ\DGDDOW×UHWLFLJ|U\RUX]%WQEXHQHUMLQLQ·×QGDQ ID]ODV×QDDU]HGL\RU(Q|QHPOLIDNW|UOHUGHQELULL\LLċOH\HQELUERUVDGDE\ PH\LVDĊOD\DQIDNW|UOHUGHQELUWDQHVLKHPDO×F×ODU×QKHPGHVDW×F×ODU×Q\NVHN VD\×GD ROPDV×G×U (ĊHU GċN VD\×GD DO×F× YH\D VDW×F× YDUVD KHU LNLVL GH G ċNVD\×GD\VDERUVDGDNLLċOHPLQDYDQWDM×QGDQ]L\DGHGH]DYDQWDMV|]NRQXVX RODELOLU7UNL\HSD]DU\DS×V×Q×\HQLGHQIRUPOHHGHUHN|UQHĊLQoRNDO×F×YH VDW×F×Q×] YDU $PD SD]DU JF \RN EHONL oRN GRPLQDQW ELU PRQRSROLWH GDKD GċNLċOHPFUHWOLYDUDO×PVDW×PPDOL\HWLoRN\NVHNGHĊLOEXGD|QHPOLELU IDNW|UEHQLPEXUDGDQDODFDĊ×PPHVDMċXROXUGX7UNL\H*|UGĊPNDGDU×\OD E\NELURGDNODQPDV|]NRQXVX'RĊUX\DS×ODFDĊ×QDGDLUoRNE\NJYHQ GX\X\RUXP(Q\NVHNSROLWLNG]H\GHQNDW×O×PROPDV×OD]×P%HQ7UNL\H·\H oNH]]L\DUHWWHEXOXQGXP*|UGĊPNDGDU×\OD%DNDQODUYHGHSDUWPDQGDNL OHULQV|]OHULQLGLQOHGLĊLQL]]DPDQQHNDGDU|QHPOLELUWDDKKWROGXĊXQXDQOD \DELOL\RUVXQX]6L]OHULQDO×PVDW×P\DSDQNLċLOHURODUDNGX\PDQ×]oRN|QHPOL EX WDDKKG dQN EX ELU JYHQ YHUL\RU \DW×U×P× \DSPD ULVNLQL]L DQODPD ULVN\|QHWLPLQL]L\DS×ODU×ROXċWXUPDNRQXVXQGDJYHQYHUL\RUĈNL\×OVRQUDEX SL\DVDNXUXOGXĊXQGDKHUNHVKD]×UKDOHJHOPLċRODFDN 3$1(/2785808, %DċNDQ %DU×ċ6$1/, (QHUMLYH7DELL.D\QDNODU%DNDQO×Ċ× (QHUMLĈċOHUL*HQHO0GU<DUG×PF×V× .RQXċPDF×ODU ´7UNL\H·GH(QHUML3L\DVDODU× 0HYFXWYH*HOHFHNWH3ODQODQDQ <DVDO']HQOHPHOHU(QHUML 3L\DVDV×QD(WNLOHUL $KPHW2&$. (QHUML3L\DVDV×']HQOHPH.XUXPX (OHNWULN3L\DVDV×'DLUH%DċNDQ× ´(OHNWULN3L\DVDODU×YH(QHUML%RUVDV×µ 'Ro'U0XVWDID.<,/0$= %RUVDĈVWDQEXO*HQHO0GU<DUG×PF×V× ´(OHNWULN3L\DVDODU×QGD7DNDV5LVNYH 7HPLQDWODQG×UPD8\JXODPDODU×µ 'U6H]DL%(.*g= 7DNDVEDQN*HQHO0GU<DUG×PF×V× %DU×ċ6$1/, 7&(QHUMLYH7DELL.D\QDNODU%DNDQO×Ċ× (QHUMLĈċOHUL*HQHO0GU<DUG×PF×V× $VO×QGDNDIDP×]GDoRNVRUXYDUDPDHQ|QHPOLVRUXċXEL]((;·LQ&KLHI )LQDQFLDO2IILFHU·DVRUGXĊXPX]ELUVRUXYDUG×1L\HVL]GHSHWURO\RN"2QODUGD GHGLOHUNLRV×UDGDLQWHUFRQWLQHQWDOH[FKDQJHROGXĊXLoLQEL]RUDGDNLSODQ× P×]DNDUċ×o×NPD\×GċQPHGLN2\]GHQ\DSPDG×NEHONLLOHULGH\DSDFDĊ×] GHGLOHU 7UNL\H·GH HQHUML HċLWWLU HOHNWULN GL\H ELOLQL\RU 2\VD ELU Jo SL\DVDV× ELU JD] ([FKDQJH YH ċXDQGD 'Q\DGD WUDGH HGLOHQ JQON PLO\RQ YDULO SHWUROYDULVHEXQXQPLO\RQXXOXVODUDUDV×WLFDUHWHNRQXGL\HOLPPLO\RQ YDULO7UNL\H·\HJHOHFHN,UDN$]HUED\FDQYHGLĊHUOHUL0XWODNDHQHUMLERUVDV× GHGLĊLPL]GH LQċDOODK %RUVD ĈVWDQEXO \HWNLOLOHUL GH ELUDQ |QFH SHWURO ERUVDV× NRQXVXQDHQWHJUHHGHUOHU (OHNWULĊH JHOHFHN ROXUVDN HOHNWULNWH VSOLW SHUVRQDOL]H GHGLĊLPL] ELU ċH\ YDU<DQLNLċLOLNE|OQPHVLYDU6KRUWWHUPYHORQJWHUPIL\DWODUIDUNO×NLċLOLNOHU VHUJLOL\RU*HoHQKDIWDIL\DWODULNHQċXDQGD7UNL\H·GHNLKDQJL EDQND\D JLWVHQL] EDQNDODU×Q ORQJ WHUP WDKPLQOHULQGH HOHNWULĊLQ IL\DW× ·WDQ ·\HGċHFHNGL\HJ|]N\RU ĉXQX GD G]HOWPHN LVWL\RUXP 7UNL\H·GH GRĊDOJD]×Q SD\× \×OODU LWLEDUL\OH Gċ\RUĉXDQGD|QP]GHNLG|QHPEHONLGHGDKDoRNGċHFHNdQ NPDUMLQDOIL\DW×GRĊDOJD]ROXċWXUGXĊXLoLQKHUNHVGLĊHU\DW×U×PODUDJLGL\RU ĈWKDON|PUU]JDUJQHċGL\H7HċHNNUHGL\RUXP $KPHW2&$. (QHUML3L\DVDV×']HQOHPH.XUXPX (OHNWULN3L\DVDV×'DLUH%DċNDQ× %DQDEXI×UVDW×YHUGLNOHULLoLQĈNWLVDGL$UDċW×UPDODU9DNI×%RUVDĈVWDQEXOYH 7DNDVEDQN·DoRNWHċHNNUHGL\RUXP 5LVNWHQEDKVHGHFHNROXUVDPLQVDQKD\DW×ELUULVN\DċDPELUULVNHQHU ML ELU ULVN <DQL KD\DW×Q×]× SODQODUNHQ KHU ċH\ ULVN DOW×QGD %X ULVNOHUL HQ D]D LQGLUPHN PPNQ P" (YHW (OHNWULNWH UHWLFLOHU ULVN DOW×QGD WNHWLFLOHU ULVN DOW×QGDLOHWLPċLUNHWLULVNDOW×QGDKHUJQIL]LNVHOV×N×QW×ODU\DċD\DELOLU'DĊ×W×P ċLUNHWOHULULVNDOW×QGDJHUHNOLHQHUMLWDOHELQLDODPD]ED]×ċDUWODUGDPċWHULVLQH VDĊO×NO×HOHNWULNYHUHPH\HELOLUOHU7DOHSWDKPLQOHULQLL\L\DSDPD\DELOLUOHU7RSWDQ VDW×ċo×ODU ULVN DOW×QGD WP IL\DWODU× \NVHOLU DOoDO×U KHU WUO ULVNOHU YDU 1HOHU \DSPDP×]OD]×P" 7UNL\HoRNJHOLċHQELUONHċXQXV|\OHPHOL\LPNL|]HOSL\DVD\DKD]×UP×\ G×N"\×O×QGDo×NW×NWDQVRQUDVHUEHVWSL\DVD\DJHoWLĊLPL]GHJHUoHN WHQ ED]× ULVNOHU YDUG× %LU |UQHN YHUH\LP %XJQGH HQ oRN NRQXċXODQODUGDQ ELULVLGHGRĊDOJD]DEDĊO×O×N« +2$/2%$5414%+-)+-(1+ #! 7 *$1+8 +3+%$1+6-( /&(-(.( 6)4/4-4/$/-$1 +2$/2!(1+-(/-(1 ((1-(/'+1.( #$,;3 $6/$,+0+ 414-498 414-498 414-4 414-498 414-498 '(3 " '(3 " '(3 98" '(3 " '(3 " &# ! $5414 # " %&& $% $%#( "# "& & & %#.'* &#)($%+# &#&& % &#& &#& &#&& &#& &#& &#&& &#&& &#&& &#&& &#&& &#&& !" ,* ,* % ,* % ,* ,* . % &,* % &,* % ,* % &,* % &,* % ,* % ,* % % !" . $%% ('!( &# +# )*" ( % # % *+# !%# '% !" #%+ $!$$)( "+ '& " '& " " "! !'%$''' ' #" # " "() "() ) %" !"" " & % " '%" "!$ '%" !$& " !# )& " '!#"""%$ """%$ '!'# !#("+$ !#("++ -# &#&&+* #")#% +'!# )#% &#&&+* #")#% +'!# )#% ($ #'! *# (( #'! & %" # & %" # !+,!%!%($/'+2 !(,+%# $ *) 0/"* !),!*'& $.)%0,&! 0(! 0(! $$ $ ! !$ !!! $$$$ $ #$$ $ $ ! 0 0'%"+'+$)+&4' !"* "% $)*(# " "+'+%4 -*-%-21 & % ,& / !"*& &" % *% & +". %,4' % *% & +"*+4 ()%& 0,-.,$6(05.)%.'+6.%0'* )'/#+/8+#$5+606.6)*%/' 434 " !* )%0*%$% '$.,)'( 62&#. ,#)#21%)') 5*6. ,-)#* ($((4./')#$&(#4$4$ $"#( (! +*) (-4"4"!)'!-((4$*$*$1' (-4"4"!)'!-((4$*$*$1' ! ",')4'4""' % $'(-%$ % $'(-%$ !'%!% $'(-%$ ! ! $"$"'2')#)(("'$2')#$ )##4$4$(()#04!#$)2!)"#( "-"'$(*(")"'4")4!(*(" )"'42.'$*'#"'4 "-"'$!)4)4!)(("'"'4)# )((0#*'"'4$4$')'4$!*""$4"#! 2.'2')#)((!*'#"'4 " ) & "" "! % % ##*.--. %#+ %!" &!" $&#" 'Ro'U0XVWDID.HPDO<,/0$= %RUVDĈVWDQEXO*HQHO0GU<DUG×PF×V× 'HĊHUOLNDW×O×PF×ODU .×\PHWOLNRQXNODU 6|]OHULPHEDċODUNHQHOHNWULNSL\DVDV×LoLQoRN|QHPOLROGXĊXQXGċQG ĊPEXNRQXGDNLRUJDQL]DV\RQXJHUoHNOHċWLUHQĈNWLVDGL$UDċW×UPDODU9DNI×·QD WHċHNNUHGL\RUKHSLQL]LċDKV×PYH%RUVDĈVWDQEXODG×QDVD\J×\ODVHODPO×\R UXP ·OL \×OODUGDQ LWLEDUHQ ONHPL]GH oHċLWOL VHNW|UOHUGH |]HOOHċWLUPH oDO×ċ PDODU× EDċODP×ċ EXOXQX\RU (QHUML VHNW|UQGH LVH |]HOOHċWLUPH\H LOLċNLQ oD O×ċPDODU×QLYPHND]DQPDV×\×O×QGD(3'.·Q×QNXUXOPDV×VRQUDV×QGDGD UHWLPYHGDĊ×W×PDĊODU×Q×Q|]HOVHNW|UDĊ×UO×NO×ELU\DS×\DG|QċWUOPHVL\| QQGHNL oDEDODUOD EXJQ VRQ GHUHFH UHNDEHWoL SL\DVDGD IL\DWODU×Q HWNLQ ELU ċHNLOGHEHOLUOHQGLĊLELUNRQXPDJHOPLċEXOXQX\RU %XNRQXGDLONGċQGĊPċH\ULVN\|QHWLPLDo×V×QGDQEDNW×Ċ×P×]]DPDQ HQHUML\LGLĊHUKDPPDGGHOHULQ|QQHJHWLUHQXQVXUXQHċHNLOGHLIDGHHGHUVHP oDUS×F×ROXUĉ|\OHELU|UQHNYHUPHNLVWL\RUXPEXJQ7UNL\H·GHHQHUMLIL\DWODU× EHONLGHYRODWLOLWHVLHQ\NVHNRODQHPWLDYHUQNRQXPXQGD%XJQHQHUML IL\DWODU×JQ|QFHVLSL\DVDGDLOHOLUDDUDV×QGDGHĊLċHELOL\RU<XUWG×ċ×QD EDNW×Ċ×Q×]]DPDQHOHNWULNIL\DWODU×Q×QED]×ONHOHUGH(XURLOH(XUR DUDV×QGD GHĊLċWLĊLQL J|UHELOL\RUX] )L\DW HNVL ROXU PX GHUVHQL] HYHW ]DPDQ ]DPDQ \XUWG×ċ× ONHOHUGH HOHNWULN IL\DW×Q×Q HNVL ROGXĊX \DQL UHWLUNHQ VWQH SDUDYHULOPHGXUXPXQXQV|]NRQXVXROGXĊXGXUXPODURUWD\Do×NDELOL\RU'R OD\×V×\ODHQHUMLIL\DWODU×Q×QYRODWLOLWHVLGHULVN\|QHWLPROJXVXQXEXVHNW|ULoLQ oRN|QHPOLELUNRQXPDJHWLUL\RU VX \×O×LoLQGHDVO×QGDHQHUMLSL\DVDV×LoLQ|QHPOLG]HQOHPHV|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g= 7DNDVEDQN*HQHO0GU<DUG×PF×V× dRN'HĊHUOL.DW×O×PF×ODU $NDGHPLYH)LQDQV'Q\DV×QGDQ.×\PHWOL0LVDILUOHUL 'Q\DSL\DVDODU×QGDYH7UNL\H·GHLċOHPYHLċOHPVRQUDV×KL]PHWOHUGHJH OLċLPWUHQGLQL7DNDVEDQN·×QELU0HUNH]L7DNDV.XUXOXċXRODUDN\HQLG|QHPH QDV×OKD]×UODQG×Ċ×SURMHOHULYH0HUNH]L.DUċ×7DUDIPHUNH]LULVN\|QHWLPL\DS×V× LOHVRQRODUDNGQ\DGDYH7UNL\H·GHHOHNWULNSL\DVDODU×|]HOLQGHLċOHPVRQUD V×KL]PHWOHULQEXJQYH|QP]GHNLG|QHPPXKWHPHOJHOLċPHOHULQHN×VDFD GHĊLQPH\HoDO×ċDFDĊ×P 7UNL\H K×]O× YH LVWLNUDUO× ċHNLOGH E\\HQ ELU HNRQRPLGLU (QHUML WDOHEL GH EXE\PHQLQ|QQGHNRċPDNWDROXS·HNDGDUoRN|QHPOLE\NONWH \DW×U×P\DS×OPDV×JHUHNL\RU8]XQG|QHPOLEX\DW×U×PODU×Q\DS×OPDV×QGDGLĊHU IDNW|UOHULQ\DQ×V×UDRUWDX]XQG|QHPOLJYHQLOLUUHIHUDQVIL\DWODUDLKWL\DoEX OXQX\RU)L\DWODU×QVDĊO×NO×ROXċXPXYHUHIHUDQVWHċNLOHWPHVLDo×V×QGDQLċOHP YHLċOHPVRQUDV×KL]PHWOHULQGHXOXVODUDUDV×X\JXODPDODUSDUDOHOLQGHL\LGL]D\Q HGLOPHVLYHHQWHJUDV\RQXVRQGHUHFH|QHPOLGLU 3L\DVDODUGDIL\DWULVNLQLQ\DQ×V×UDHQ|QHPOLULVNNDUċ×WDUDIULVNLGLU7HN WHNNDW×O×PF×ODU×QELUELUOHULQLQNUHGLELOLWHVLQL|OoPHOHUL]DPDQYHWHNQLNELOJL WDNLS YH RSHUDV\RQHO VUHoOHU QHGHQL\OH ROGXNoD SDKDO×G×U $\Q× ]DPDQGD NUL]]DPDQODU×QGDNDW×O×PF×ODUELUELUOHULQLQOLQH·ODU×Q×D]DOWPDNWDNDSDWPDNWD YH NUL]LQ ER\XWODU× ROGXĊXQGDQ ID]OD E\PHNWHGLU 6RQ ILQDQVDO NUL]GH GH EXVUHo\DċDQG×YHRUJDQL]HSL\DVDODUGDYH|]HOOLNOHPHUNH]LNDUċ×WDUDIX\ JXODPDODU×Q×QROGXĊXSL\DVDODUGDLVHOLNLGLWHQLQQRUPDOELUċHNLOGHVUGĊ J|]OHQGL 0HUNH]L .DUċ× 7DUDI SL\DVDGD \DS×ODQ LċOHPOHUGH DO×F×\D NDUċ× VDW×F× VD W×F×\DNDUċ×DO×F×NRQXPXQGDNDUċ×WDUDINUHGLULVNOHULQLVWOHQLU'Q\DGDLON X\JXODPDODU×WUHYSL\DVDODUGDEDċOD\DQEXVLVWHPRUJDQL]HSL\DVDODU×Q\DQ× V×UD|]HOOLNOHILQDQVDONUL]VRQUDV×QGD27&SL\DVDODUGDGD\D\J×QRODUDNX\JX ODQPD\DEDċODQG×8OXVODUDUDV×ER\XWWDDO×QDQNDUDUODUoHUoHYHVLQGH|]HOOLN OHWH]JDKVWSL\DVDODUGDNLULVNOHULQD]DOW×OPDV×Do×V×QGDQULVNOHULQL]OHQPHVL VWDQGDUWUQOHULQRUJDQL]HSL\DVDODUGDLċOHPJ|UPHVLYHLċOHPOHULQELU0.7 ]HULQGHQ\DS×OPDV×QDYHVHUPD\H\HWHUOLOLĊLG]HQOHPHOHULLOHWHċYLNHGLOPH VLQHNDUDUYHULOGL hONHPL]LQGHLoHULVLQGH\HUDOG×Ċ×*ONHOHULQLQ\×O×QGDEX\|QGHNL WDDKKWOHULYDU%XNDSVDPGD&366,26&2SUHQVLSOHUL\D\×QODQG×$%'(8 YH$V\DONHOHULQGHPHY]XDWODUROXċWXUXOGXYH\HQLX\JXODPDODUEDċODG× 7UNL\H6HUPD\H3L\DVDODU×QGDNL*HOLċPHOHU hONHPL]GHGHXOXVODUDUDV×G]HQOHPHOHUOHX\XPOXELU\DS×ROXċWXUXOPXċ WXU <DW×U×P RUWDP×Q×Q L\LOHċWLULOPHVL \DW×U×PODU×Q NRUXQPDV× Do×V×QGDQ LON NH] \DW×U×PF× YDUO×NODU×Q×Q D\U×ċW×U×OPDV× WHPLQDW V|]OHċPHOHUL YH WDNDV×Q NHVLQOLĊL NRQXVXQGD \HQL 6HUPD\H 3L\DVDV× .DQXQXQGD XOXVODUDUDV× G]HQOHPHOHUOH X\XPOXKNPOHUJHWLULOPLċWLUĈONNH]PHUNH]LWDNDVNXUXOXċODU×NXUXOXċYHKL] PHWHVDVODU×YHPHUNH]LNDUċ×WDUDIKL]PHWLGH\HQL.DQXQ·ODG]HQOHQPLċWLU 6D\×O×6HUPD\H3L\DVDV×.DQXQX·QXQ0HUNH]L.DUċ×7DUDIEDċO×NO× 0DGGHVLLOHERUVDODUGDYHERUVDG×ċ×SL\DVDODUGDLċOHPJ|UHQVHUPD\HSL\D VDV×DUDoODU×Q×QPHUNH]LNDUċ×WDUDIX\JXODPDV×Q×Q63.WDUDI×QGDQ]RUXQOXWX WXODELOPHVLQHLPNDQWDQ×QP×ċW×U%|\OHFHRUJDQL]HYHWH]JDKVWSL\DVDODUGD JHUoHNOHċWLULOHQ WP LċOHPOHU LoLQ 0.7 X\JXODPDV×Q×Q ROXċWXUXODELOPHVL LoLQ KXNXNLDOW\DS×ROXċWXUXOPXċWXU 7DNDVEDQN·×Q KL]PHW DODQ×QD JLUHQ 7UNL\H·GH LċOHP VRQUDV× KL]PHWOHUGH \HQL G|QHPGH ILQDQVDO LVWLNUDU×Q NRUXQPDV×QD \|QHOLN RODUDN 7HPLQDW 6|] OHċPHOHUL<DW×U×PF×9DUO×NODU×Q×Q.RUXQPDV×7DNDV×Q.HVLQOLĊLYH0HUNH]L.DUċ× 7DUDIG]HQOHPHOHULLċOHPVRQUDV×DOW\DS×\×ċHNLOOHQGLUPHNWHGLU 7PSL\DVDNDW×O×PF×ODU×\×O×Q×EXG]HQOHPHOHUHX\XPoHUoHYHVLQGH oDO×ċPDODU\UWHUHNJHoLUGLYH|QP]GHNLELUNDo\×OGDEXoDO×ċPDODUGHYDP HGHFHNJLELJ|]NPHNWHGLU 7DNDVEDQN+L]PHW<HOSD]HVLYH']HQOH\LFL$OW\DS× \×O×QGDQ EX \DQD 7UNL\H·QLQ PHUNH]L WDNDV NXUXOXċX RODUDN KL]PHW YHUPHNWH RODQ 7DNDVEDQN HYULP JHoLUPHNWH RODQ ILQDQV VHUPD\H YH HQHU MLSL\DVDODU×Q×QLKWL\DoODU×QDFHYDSYHUPHN]HUHIRQNVL\RQODU×\×OODULWLEDUL\OH oHċLWOHQGLUPLċYHJHQLċOHWPLċWLU 7DNDVEDQNKL]PHW\HOSD]HVLWDNDVPHUNH]LNDUċ×WDUDIVDNODPDYHULGH SRFXOXĊXXOXVODUDUDV×WDNDVYHVDNODPDSL\DVDLċOHWLPLQXPDUDODQG×UPDYH EDQNDF×O×NDODQODU×Q×NDSVDPDNWDG×U+L]PHWYHULOHQSL\DVDODUDUDV×QGD%RUVD ,VWDQEXOSL\DVDODU×VSRWYHWUHYSL\DVDODU×SD\%<)YDUDQWERUoODQPDDUDo ODU×N×\PHWOLPDGHQVSRWUQOHUYDGHOLLċOHPYHRSVL\RQV|]OHċPHOHULQLQ\DQ× V×UD27&)25(;SL\DVDV×EXOXQPDNWDG×U 7DNDVEDQNWH]JDKVWYHRUJDQL]HSL\DVDODUDKL]PHWYHUHQILQDQVDODUDo ODU \DQ× V×UD WLFDUHW ERUVDODU×QGD LċOHP J|UHQ UQOHU N×\PHWOL PDGHQOHU YH HQHUMLYHGLĊHUELUoRNoHċLWUQHWDNDVKL]PHWLVXQDQELUNXUXPGXU'ROD\×V×\ ODEDċWD63.YH%''.ROPDN]HUHLċOHPOHULQGHoRNIDUNO×.DQXQG]HQOH PHYHG]HQOH\LFLNXUXOXċODU×QNDUDUODU×Q×WDNLSHWPHNWHYHGHQHWLPOHULQHWDEL ROPDNWDG×U (QHUML SL\DVDV× |]HOLQGH G]HQOH\LFL NXUXOXċ RODUDN (QHUML 3L\DVDV× 'H QHWOHPH .XUXOX YH LOHWLP VLVWHPL LċOHWLFLVL 7(Ĉ$ĉ NRRUGLQDV\RQXQGD 7UNL\H (OHNWULN3L\DVDV×QDQDNLWWDNDVYHWHPLQDW\|QHWLPLKL]PHWLYHUPHNWHGLU7D NDVEDQNWDUDI×QGDQVXQXOPDNWDRODQQDNLWWDNDVKL]PHWLNDSVDP×QGDVD\×V× · DċN×Q HOHNWULN SL\DVDV× \HVLQLQ 3L\DVD 0DOL 8]ODċW×UPD 0HUNH]L·QGHQ LċOHPELOJLOHULDO×QDUDNX]DNWDQHULċLP\|QWHPL\OHWDPHOHNWURQLNRUWDPGDWD NDVVUHFLWDPDPODQPDNWDG×U 0HUNH]L.DUċ×7DUDI8\JXODPDV× 0HUNH]L.DUċ×7DUDIX\JXODPDV×Q×ELUD]GDKD\DN×QGDQLQFHOHUVHNIL\DWODU×Q VDĊO×NO×ROXċXPXYHUHIHUDQVWHċNLOHWPHVLDo×V×QGDQLċOHPVLVWHPOHULLOHLċ OHPVRQUDV×KL]PHWOHULQHQWHJUDV\RQXVRQGHUHFH|QHPOLGLU7HPLQDWYH ULVN \|QHWLPLQGH HWNLQOLN JYHQL DUW×U×UNHQ WHPLQDW PDOL\HWOHULQL D]DOW×U SL\DVDODUDUDV×JHoLċOHUGHHVQHNOLNYHPDOL\HWDYDQWDM×VDĊODPDNWDG×U %LUONHGHVHUPD\HSL\DVDODU×QD\DW×U×P|]HOOLNOH\DEDQF×\DW×U×PF×ODUDo× V×QGDQRONHGHNLSL\DVD\DS×ODU×Q×QX\JXODQDQNXUDOODU×QXOXVODUDUDV×X\JXOD PDODUODX\XPXQDVRQGHUHFHEDĊO×G×U <HQL6HUPD\H3L\DVDV×.DQXQX·QXWDNLEHQ7DNDVEDQN·DLOLċNLQo<|QHW PHOLN\×O×LoHULVLQGH\D\×QODQDUDN7DNDVEDQN·×QKXNXNL\DS×V×YHKL]PHW OHULQH LOLċNLQ GD\DQDNODU×Q WHPHOL DW×OP×ċW×U %XQODU 7DNDV NXUXOXċODU×QD LOLċNLQ *HQHO <|QHWPHOLN 7DNDVEDQN 0HUNH]L 7DNDV .XUXOXċX <|QHWPHOLĊL YH 7DNDVEDQN0HUNH]L.DUċ×7DUDI<|QHWPHOLĊL·GLU %XG]HQOHPHOHUXOXVODUDUDV×&366,26&2SUHQVLSOHUL$YUXSD·GD(0,5 G]HQOHPHVL YH $%'·GH 'RGG)UDQN <DVDV×·QD SDUDOHO RODUDN ROXċWXUXODQ G]HQOHPHOHUGLU6|]NRQXVXG]HQOHPHOHULOHKHGHÁHQHQXOXVODUDUDV×VWDQ GDUWODUGDPHY]XDWYHX\JXODPDNDOLIL\H0HUNH]L.DUċ×7DUDIROPDNYH$YUXSD 6HUPD\H3L\DVDODU×']HQOH\LFL2WRULWHVL(60$WDUDI×QGDQWDQ×QPDNW×U )LQDQVVHNW|UQQJOREDO\DS×V×YH7UNL\HSL\DVDV×QGDNLJOREDO\DW×U×P F×WDEDQ×GLNNDWHDO×QDUDNVDGHFH\HUHOG]H\GHGHĊLOXOXVODUDUDV×G]H\GH GHKL]PHWOHULPL]LQWDQ×QPDV×|QHPDU]HWPHNWHGLU%X\|QGHoDO×ċPDODU×P×]D EDċODG×NYH\×O×QGDoDO×ċPDODU×P×]DK×]YHUHFHĊL] 0.73URMHVL·QLQ'HWD\ODU× 7UNL\H·QLQ PHUNH]L NDUċ× WDUDI NXUXOXċX RODUDN EHOLUOHQHQ 7DNDVEDQN EX NDSVDPGDLONRODUDN(\OOLWLEDUL\OHgGQo3D\3L\DVDV×QGDPHUNH]L NDUċ×WDUDIUROQVWOHQPLċWLU 0HUNH]L NDUċ× WDUDI ROGXĊXPX] SL\DVDODUGD ROXċWXUGXĊXPX] \DS×\D DQD KDWODU×\OD GHĊLQPHN JHUHNLUVH SL\DVDGD ULVNOHULQ \|QHWLOPHVLQGH HQ |QHPOL XQVXUODU×Q EDċ×QGD \HOLN VHoLPL JHOL\RU h\HOHULQ NUHGL DQDOL]L YH OLPLWOHULQLQ EHOLUOHQPHVLULVN\|QHWLPLQGHYHSL\DVDLċOHPOHULNRQXVXQGDWHNQLNNDSDVL WHOHULQLQYHLoVLVWHPOHULQLQ\HWHUOLROPDV×VRQGHUHFH|QHPOLGLU%XYDV×ÁDUD VDKLSROPD\DQODUSL\DVDODUGD\DSW×NODU×LċOHPOHULQWDNDV×Q×NHQGLOHULGRĊUXGDQ \DSDPD\DFDNODU%XQODUGDQPDOL\HWHUOLOLNDo×V×QGDQGDKDL\LGXUXPGDRODQ *HQHO7DNDVh\HOHULDUDV×QGDQVHoHFHNOHUL\HOHU]HULQGHQWDNDVLċOHPOHULQL YHULVN\|QHWLPOHULQL\DSPDODU×LVWHQHFHNWLU 3L\DVDGDULVNOHUSL\DVDQ×QYHLċOHPJ|UHQDUDoODU×Q|]HOOLNOHULQHJ|UHVHoL OHQX\JXQDOJRULWPDODUODJQLoLQGHJHUoHN]DPDQO×YHJQVRQXQGDKHVDSOD QDUDN\HOHUGHQSL\DVDULVNOHULQHNDUċ×O×NWHPLQDW\DW×UPDODU×LVWHQL\RU 7HPHUUWGXUXPXQGDNXOODQ×OPDN]HUHWDNDV\HOHUL*DUDQWL)RQX·QDGD NDWN× SD\× \DW×UPDN ]RUXQGDG×UODU *DUDQWL )RQX E\NOĊ YH NDWN× SD\ODU× XOXVODUDUDV×X\JXODPDODUSDUDOHOLQGHLċOHPWHPLQDWODU×\ODNDUċ×ODQPDP×ċXQ FRYHUHGULVNLQKHVDSHGLOPHVL\|QWHPLQHJ|UHKHVDSODQ×\RU %''.G]HQOHPHOHULoHUoHYHVLQGH7DNDVEDQNGDNHQGLVHUPD\HVLQGHQ VHUPD\H\HWHUOLOLĊLQHNDGDUJHUHNOLPLQLPXPVHUPD\HG×ċ×QGDNLWPVHUPD\H VLLOHWHPHUUWGXUXPXQGD|GHQPH\HQWXWDU×NDUċ×ODPD\×WDDKKWHGL\RU 'ROD\×V×\OD WHPHUUW \|QHWLPL YH OLNLGLWH \|QHWLPL 0.7 LoLQ L\L \|QH WLOPHVL JHUHNHQ HQ |QHPOL ULVN XQVXUODU× KDOLQH JHOL\RU 7HPHUUWWH |GQo EX\LQVHOORXWWHPHUUWFH]DV×DUDoODU×\DQ×V×UDD\U×ċW×UPDYHSR]LV\RQODU×Q WUDQVIHUL LKDOHVL WDVIL\HVL YH RODĊDQVW GXUXP \|QHWLPL G]HQOHPHOHUL GH X\JXODPD\DDO×QDFDNW×U /LNLGLWH\|QHWLPLQGHLVH%DQNDF×O×NG]HQOHPHOHULoHUoHYHVLQGHWDELROX QDQ OLNLGLWH X\JXODPDODU×P×]×Q \DQ×V×UD 0.7 NDSVDP×QGD OLNLGLWH LKWL\DF×Q×Q SHUL\RGLN DQDOL]L OLNLW YDUO×N WXWXOPDV× WHPLQDWODU×Q OLNLGLWHVL YH \RĊXQODċPD ULVNOHULQLQ J|]HWLOPHVL WLFDUL EDQND YH 7&0% OLNLGLWHVLQH HULċLP LPNDQ× ROD FDNW×U g]HWOHUVHN0.7RODUDNULVN\|QHWLPLQGH7DNDVEDQNWPULVNXQVXUODU×Q× \DQL3L\DVD5LVNL.UHGL5LVNL/LNLGLWH5LVNL2SHUDV\RQHO5LVNYH<DVDO5LVNL \|QHWHFHNVLVWHPDOW\DS×V×Q×ROXċWXUPDNWDG×U =DUDU3D\ODċ×P×LVHV×UDV×\ODċXċHNLOGHRODFDNW×U.DUċ×ODQP×ċULVNOHU0.7 NDSVDP×QGDWDDKKWHGLOHQYHWHPLQDWODU*DUDQWL)RQXYH7DNDVEDQNVHUPD \HVL LOH NDUċ×ODQDQ ULVNOHUGLU 7DNDVEDQN 0.7 NDSVDP×QGD RODQ NDUċ×ODQP×ċ ULVNOHUKDULoGLĊHUULVNOHULLoLQ%''.PHY]XDW×oHUoHYHVLQGHKHVDSODQDQDV JDULVHUPD\HWXWDU×QDLċULVNLYH\HQLGHQ\DS×ODQPDPDOL\HWOHULNDUċ×O×Ċ×RODUDN 0.7 KL]PHWOHULQH LOLċNLQ JHoPLċ ELU \×OO×N RSHUDV\RQHO JLGHUOHULQLQ ·LQLQ LODYHVL\OH EXOXQDFDN PHEODĊ×Q LQL NDUċ×ODQP×ċ ULVNOHUH WDKVLV HGHFHNWLU 6RQVDIKDGD7DNDVEDQN·×QWDDKKW0.7<|QHWPHOLĊLPDGGHI×NUD V×QGD%''.WDUDI×QGDQEHOLUOHQHQVHUPD\H\HWHUOLOLĊLV×Q×U×QDNDGDURODQWXWDU NDGDURODFDNW×U * &DQQHV WRSODQW×ODU×QGD ©PHUNH]L WDNDVD NRQX ROPD\DQ 27& LċOHPOHULQWHPLQDWODQG×U×OPDV×QDLOLċNLQVWDQGDUWODU×QEHOLUOHQPHVLQHªNDUDUYH ULOPLċYH(\OOWH\D\×PODQP×ċW×U 8OXVODUDUDV×G]HQOHPHOHUGHGLNNDWHDO×QDUDNROXċWXUXODQVHUPD\HSL\DVD P×]GDNL\HQLG]HQOHPHOHUoHUoHYHVLQGHWHPLQDWODQG×UPD\DS×P×]GDJ|]GHQ JHoLULOPLċYHWHPLQDWDNDEXOHGLOHFHNYDUO×NODUEHOLUOHQPLċWLU%XQODU7UNOLUDV× YHNRQYHUWLEOHG|YL]OHUYDGHOLPHYGXDW'Ĉ%6YH7&+D]LQHVL(XURERQGODU× SD\ VHQHGL \DW×U×P IRQX NDW×OPD EHOJHVL 7& +D]LQHVL 9.ĉ WDUDI×QGDQ LKUDo HGLOHQVXNXNODUERUVDGDLċOHPJ|UHQVWDQGDUWWDDOW×QċHNOLQGHOLVWHOHQHELOLU 7DNDVEDQN0.7<RO+DULWDV× <HQL7UNL\HVHUPD\HSL\DVDV×G]HQOHPHOHULGLNNDWHDO×QDUDN7DNDVEDQN \ROKDULWDV×Q×\HQLGHQEHOLUOHPLċROXSRUJDQL]HSL\DVDODUGDPHUNH]LWDNDVNX UXOXċXROPDNLoLQNDGHPHOLELUJHoLċSODQODQP×ċW×U0HUNH]L.DUċ×7DUDIROXQ PDV×Q×Q\×O×VRQXQGDWDPDPODQPDV×|QJ|UOPHNWHGLU 'LĊHU\DQGDQWH]JDKVWSL\DVDODUD\|QHOLNPHUNH]LWDNDVYHULVNLQPHU NH]LRODUDN\|QHWLPLQHLOLċNLQoDO×ċPDODU\UWOPHNWHROXSEXLċOHPOHUH\|QH OLNQXPDUDODQG×UPD/(,YHULGHSRFXOXĊXVWDQGDUWODċW×UPDVWDQGDUWODċW×U×ODQ UQOHUGHQ RUJDQL]H SL\DVDODUGD LċOHP J|UHQOHUH PHUNH]L NDUċ× WDUDI KL]PHWL YHULOPHVLoDO×ċPDODU×\UWOPHNWHGLU (OHNWULN3L\DVDODU×QGDNL5LVNOHUYH7DNDV.XUXPODU×Q×QgQHPL (OHNWULĊLQ NHQGLQH |]J |]HOOLNOHULQGHQ GROD\× IL\DW GDOJDODQPDODU× GLĊHU VHNW|UOHUHJ|UHGDKDID]ODJ|]OHPOHQPHNWHGLU)L\DWODUGDNLDċ×U×GDOJDODQPD ODUHOHNWULNSL\DVDV×QGD\HUDODQNDW×O×PF×ODU×QIL\DWULVNOHULQHPDUX]NDOPDV×QD \RODoPDNWDG×UgUQHĊLQJHoWLĊLPL]JQOHUGH7UNL\HDċ×U×VRĊXNODUQHGHQL\OH K×]ODDUWDQJD]WNHWLPLQHED]×WHNQLNDU×]DODU×QHNOHQPHVL\OH3080·GDHOHN WULNIL\DWODU×Q×Dċ×U×\NVHOWWL (OHNWULNSL\DVDV×QGDNHQGLQH|]JULVNOHUEXOXQPDNODELUOLNWHNDW×O×PF×ODU Do×V×QGDQHQ|QHPOLULVNIL\DWULVNLVRQUDPLNWDUULVNLNDUċ×WDUDIULVNLNUHGL ULVNLYHG|YL]NXUXULVNOHULJHOL\RU(OHNWULNSL\DVDODU×QGDIL\DW×QGLĊHUDUDo SL\DVDODU×QDJ|UHGDKDID]ODYRODWLOROPDV×oRNVD\×GDNoNRUWDER\NDW× O×PF×Q×QROPDV×EXQODU×QSL\DVD\DJLULċo×N×ċIUHNDQV×Q×Q\NVHNROPDV×|Q P]GHNL G|QHPOHUGH \HQLOHQHELOLU HQHUML \DW×U×PODU×Q×Q SL\DVDODUGDNL SD\×Q×Q DUWPDV×YHGRĊDċDUWODU×QDEDĊO×UHWLPVHYL\HOHULQHGHQL\OHPLNWDUULVNLQLQYH GROD\×V×\ODEXQXQGDIL\DWDHWNLULVNOHULQLQDUWDFDĊ×EHNOHQPHNWHGLU %WQ EX QHGHQOHUOH SL\DVD NDW×O×PF×ODU×Q×Q ROGXĊX NDGDU ĈċOHWLP 6LVWHPL ĈċOHWLFLVLQLQ2UJDQL]HSL\DVDODU×QLċOHWLFLOHULQLQEXULVNOHULL\L\|QHWHELOPHOHULGH VDĊO×NO×IL\DWROXċXPXYHDU]JYHQOLĊLDo×V×QGDQoRNNULWLNWLU %X oHUoHYHGH GQ\D HQHUML SL\DVDV×QGD WDNDV NXUXPODU×Q×Q URO ULVN \|QHWLPL Do×V×QGDQ |Q SODQD o×NPDNWDG×U 5LVNOHU DQFDN HWNLQ ELU ULVN YH WH PLQDWODQG×UPD VLVWHPL LOH \|QHWLOHELOLU 3R]LV\RQODU×Q VRQ GHĊHUL YH WHPLQDW RUDQODU×Q×Q EHOLUOHQPHVL LVH WDNDV NXUXPODU× LoLQ |QHPOLGLU 7HPLQDWODU 7DNDV PHUNH]LQLQ]DUDUHWPH\HFHĊLNDGDUoRNYHSL\DVDGDLċOHP\DS×OPDV×Q×HQJHO OHPH\HFHNNDGDUD]ROPDO×G×U 'Q\D|UQHNOHULQHEDNW×Ċ×P×]]DPDQJ|UGĊP]PDQ]DUDONHPL]GHVHU PD\HSL\DVDODU×LoLQJHOLċWLULOHQVLVWHPGHQIDUNO×GHĊLO7DNDVNXUXPODU×PDOLYH IL]LNLX]ODċW×UPDIL]LNLX]ODċPDYDUVD\DS×\RU6LVWHPĈċOHWPHFLOHULLOHVUHNOL LOHWLċLP KDOLQGH ROXS NDW×O×PF×ODU× DG×QD GHQJHOHPHGHQ VRUXPOX WDUDI RODUDN KDUHNHWHGL\RUODU 5LVN \|QHWLPLQGH VSRWWD YH IL]LNL WHVOLPDWODU LoLQ \HOHULQ $6 GHVHQOHUL QHJ|UHROXċWXUXODQ7(Ĉ$ĉ·WDNL5LVNWHPLQDW×EHQ]HULVLPODV\RQODUGD\DQDN DO×QPDNWDROXSILQDQVDOHQHUMLUQOHULQGHLVHJHQHOOLNOH&0(63$1PHWRGR ORMLVL9$5NXOODQ×O×\RU 7HPLQDWODQG×UPDGD SRUWI|\ ED]O× \DNODċ×P YDU UQOHU DUDV× YH YDGHOHU DUDV×NRUHODV\RQODUJ|]HWLOHUHNoDUSUD]WHPLQDWODQG×UPD\DS×OPDNWDG×U'Q\D HQHUMLSL\DVDODU×QGDYHUPHNWHROGXNODU×KL]PHWLOH|QSODQDo×NDQWDNDVNXUXP ODU×QDEDNW×Ċ×P×]GDEHOOLEDċO×oWDNDVNXUXPXGLNNDWoHNPHNWHGLU 'HXWVFKH %|UVH *URXS·XQ SDUoDV× RODQ $YUXSD (QHUML %RUVDV× ((; $OPDQ\D·GD\×O×QGDNXUXOPXċWXUONHGHQLċOHP\DSDQNDW×O×PF×V× YDUG×U7DNDVLċOHPOHUL\×O×QGD(XURSHDQ&RPPRGLW\&OHDULQJ(&&·H GHYUHGLOPLċWLU(XURSHDQ&RPPRGLW\&OHDULQJWDUDI×QGDQ0HUNH]L.DUċ×7DUDI UROVWOHQLOPHNWHGLU(&&·GHWUHYSL\DVDODULoLQ63$1ULVNPHWRGRORMLVLNXO ODQ×OPDNWDG×UhUQOHUDUDV×oDSUD]WHPLQDWODQG×UPDVRQXFXGDKDGċNWDNDV FUHWLDO×QPDNWDROXSIDUNO×UQOHUDUDV×QGDLVH\D\×OPDWHPLQDW×NDEXOHGLO PHNWHGLU(&&·GH$YUXSDĈOHWLP6LVWHPLĈċOHWPHFLVLLOH\DS×ODQDQODċPDODU oHUoHYHVLQGH VDDW JQ IL]LNL X]ODċPD LPNDQ× PHYFXWWXU 6|] NRQXVX DQODċPDODUoHUoHYHVLQGH()(7QHWYH7UD\SRUW]HULQGHQWH]JDKVWSL\DVD LċOHPOHULQLQ WDNDV× \DS×OPDNWDG×U 7HPHUUW GXUXPXQGD (&& X]ODċPD ULVNLQL VWOHQHUHN|GHPHYHWHVOLPDW×JHUoHNOHċWLULU ĈNLQFL RODUDN 1$6'$4 20; *URXS·D DLW WDNDV NXUXPXQGDQ ELUL RODQ 1DVGDT20;&OHDULQJPLO\RQ(XURVHUPD\HVLONHGHQ·QLQ]H ULQGH\HVLLOHHQHUMLWDNDVKL]PHWLYHUPHNWHGLU\×O×QGDHQHUMLWDNDVKDF PL7HUD:DWWVDDWYHLċOHPGHĊHULPLO\DU(XURRODUDNJHUoHNOHċ PLċWLU1$6'$420;&RPPRGLWLHV0DUW·GHQEX\DQDWPDO×PVDW×P YHWDNDVLċOHPOHULQL*HQLXP,1(7SODWIRUPXQDWDċ×P×ċW×U6WRNKROP·GHNLWUHY ERUVDV×Q×Q EX SODWIRUPD HULċLPL EXOXQPDNWDG×U 1$6'$4 20; &RPPRGLWL HV1RUG3RRO6SRWLOHĈQJLOWHUHWRSWDQHOHNWULNSL\DVDV×RODQ1(;SL\DVDV×Q× GHYUH\H DOP×ċW×U ĈQJLOWHUH ILQDQVDO HQHUML YDGHOL V|]OHċPHOHUL 2FDN ·GHQ LWLEDUHQLċOHPJ|UPH\HEDċODP×ċW×U hoQFRODUDN\×O×QGD,&(·×QJOREDOHQHUMLSL\DVDODU×QDPHUNH]LWD NDVKL]PHWLYHUPHN]HUHNXUXODQ,&(&OHDU(XURSHPLOOLRQV|]OHċPHQLQ JQON WDNDV×Q× JHUoHNOHċWLUPHNWHGLU 9HULOHQ KL]PHWOHU DUDV×QGD WHPLQDW KH VDSODPDV×JHUoHN]DPDQO×IL\DWYHSR]LV\RQWDNLEL\DS×ODELOPHLPNDQ×YH*D UDQWL)RQXQXQ\|QHWLPL\HUDOPDNWDG×U+L]PHWYHUGLĊLSL\DVDODUDUDV×QGD,&( HQHUMLSL\DVDODU×,&((QGHNVHQHUMLWUHYV|]OHċPHOHUL$YUXSDNUHGLWHPHUUW VZDSODU×&'6YH1<6(/LIIH/RQGUDWUHYSL\DVDODU×\HUDOPDNWDG×U 7UNL\H (OHNWULN 3L\DVDV× <HQLGHQ <DS×ODQG×U×OPDV× .DSVDP×QGD 7DNDVEDQN·×Q5RO 7UNL\H(QHUMLVHNW|UVRQG|QHPGH\DS×ODQ|]HOOHċWLUPHOHUYHSL\DVDVHU EHVWOHċPHVL\ROXQGDDW×ODQNDUDUO×DG×PODUODEXOXQGXĊXFRĊUDI\DQ×QLOJLRGDĊ× KDOLQHJHOPLċWLU 7UNL\H·GH |QFHOLNOH HOHNWULN SL\DVDV×QGDNL LVWDWLVWLNOHUH J|] DWW×Ċ×P×]GD 7UNL\H·GH \×OODU× DUDV×QGD HNRQRPLN E\PH \×OO×N RUWDODPD ROXUNHQHOHNWULNWNHWLPLRUDQ×QGDE\PċWU \×O×QGDHOHNWULNWNHWLPL7:KROXS\×O×QDNDGDUKHU\×ORUWD ODPDRUDQ×QGDE\\HUHN7:·HXODċPDV×EHNOHQPHNWHGLU\×O× VRQXQGD0:KRODQHOHNWULNUHWLPNDSDVLWHVLQLQLVH\×O×VRQXQGD 0:K·H XODċPDV× EHNOHQPHNWHGLU %X NDSVDPGD \×O LoLQGH PLO\DU$%'GRODU×Q×Q]HULQGHELU\DW×U×P\DS×OPDV×JHUHNPHNWHGLU ·GHHOHNWULĊLQ·GRĊDOJD]GDQ·XN|PUGHQ·KLGURH OHNWULNHQHUMLVLQGHQ·U]JDUGDQUHWLOPLċWLUgQP]GHNLG|QHPGH|]HO OLNOHN|PUU]JDUYHQNOHHUHQHUMLND\QDNODU×Q×QNXOODQ×P×QGDDUW×ċROPDV× EHNOHQPHNWHGLU 7UNL\H·GHHOHNWULNSL\DVDV×Q×Q\DS×ODQPDV×Q×LQFHOHGLĊLPL]GHVSRWHOHN WULNSL\DVDODU×WH]JDKVW\DS×ODQLNLOLDQODċPDODUSL\DVDV×LOH7(Ĉ$ĉWDUDI×Q GDQ LċOHWLOPHNWH RODQ JQ |QFHVL SL\DVDV× YH GHQJHOHPH Jo SL\DVDV×QGDQ ROXċPDNWDG×U 'LĊHU \DQGDQ 7UNL\H·GH WUHY HOHNWULN SL\DVDODU×Q×Q JHoPLċL ROGXNoD \HQLGLU(OHNWULĊHGD\DO×WUHYUQOHULVHLONGHID(\OO·GH92%WDUD I×QGDQLċOHPHDo×OP×ċDQFDNND\GDGHĊHUELULċOHPKDFPLROXċPDP×ċW×U \×O×QGDLVHWH]JDKVWSL\DVDODUGDJQ|QFHVLSL\DVDV×IL\DWODU×QDGD\DO×WUHY UQOHULċOHPJ|UPH\HEDċODP×ċW×U \×O×HQHUMLSL\DVDODU×LoLQGH\HQLGHQ\DS×ODQPD\×O×ROPXċWXU0DUW WDULKOLVD\×O×(OHNWULN3L\DVDODU×.DQXQXLOHHOHNWULNSL\DVDODU×\HQLGHQ G]HQOHQPLċWLU6SRWYHWUHYSL\DVDLċOHWLPLD\U×ċW×U×ODUDN6SRWSL\DVDGD(3Ĉ $ĉGHQJHOHPHGH7(Ĉ$ĉWUHYSL\DVDGD%RUVDĈVWDQEXOSL\DVDLċOHWLFLVLRODUDN \HWNLOHQGLULOGL7DNDVEDQNVSRWYHWUHYSL\DVDODU×QQDNLWWDNDV×Q×JHUoHNOHċWLUH FHNX]ODċW×UPDEDQNDV×PHUNH]LWDNDVNXUXPXRODUDN\HWNLOHQGLULOPLċWLU 6SRW SL\DVDGD HOHNWULN SL\DVDV× QDNLW WDNDV× JQON DYDQV |GHPHOHUL D\O×N IDWXUD |GHPHOHUL WHPOLN WDOLPDWODU× |GHPHOHUL WHPHUUW KHVDSODPD YH |GHPHOHUL YH WHPLQDW \|QHWLP KL]PHWOHUL WHPLQDW \DW×UPDoHNPH LċOHPOHUL QLQ 7DNDVEDQN HNUDQODU× YDV×WDV×\OD JHUoHNOHċWLULOPHVL NDW×O×PF×ODUD WHPLQDW WDPDPODPDoDĊU×V×\DS×OPDV×WHPLQDWODU×QGHĊHUOHQHUHN3080·DELOGLULOPHVL QDNLWWHPLQDWODU×QQHPDODQG×U×OPDV×$UDO×NWDULKLQGHQLWLEDUHQ7DNDV EDQNWDUDI×QGDQ\UWOPHNWHGLU 7UHY SL\DVDGD 7DNDVEDQN 0HUNH]L 7DNDV .XUXOXċX RODUDN QDNLW WDNDV NXUXOXċXYHWHPLQDWYHULVN\|QHWLPL\DSPDNWDG×U 7DNDVEDQN(OHNWULN3L\DVDV×9HULOHUL 7DNDVEDQNSL\DVDYHULOHULQLLQFHOHGLĊLPL]GH.DV×PD\×LWLEDUL\OHDGHW SL\DVDNDW×O×PF×V×EXOXQPDNWDG×U*QgQFHVL3L\DVDV×QDNLWWDNDVLċOHPOHULQL J|VWHUPHNWHRODQDYDQVLċOHPKDFPLPLO\RQ7/RODUDNND\GHGLOPLċWLU *QgQFHVL3L\DVDV×YH'HQJHOHPH3L\DVDODU×LOHGHQJHVL]OLNIDDOL\HWOHULQLGH LoHUHQ.'9'DKLOD\O×NIDWXUDQDNLWWDNDVLċOHPOHULQLJ|VWHUHQIDWXUDLċOHPKDF PLLVHPLO\RQ7/RODUDNND\GHGLOPLċWLU %XLċOHPOHUG×ċ×QGD7DNDVEDQNWDUDI×QGDQHOHNWULNSL\DVDODU×QGDWHPHUUW LċOHPOHULYHWHPLQDW\|QHWLPL\DS×OPDNWDG×U (OHNWULNYDGHOLLċOHPV|]OHċPHOHULQGHNLLċOHPKDFPLQGHLVHKHQ]LYPH ND]DQDPDG×Ċ×Q×J|UPHNWH\L] 7UNL\H(QHUML6HNW|UQGH<HQLGHQ<DS×ODQPD \×O× HQHUML SL\DVDODU× LoLQ GH \HQL \DS×ODQPD \×O× ROGX YH WDULKOLVD\×O×(OHNWULN3L\DVDODU×.DQXQXLOHHOHNWULNSL\DVDODU×\HQLGHQG ]HQOHQGL 6SRWYHWUHYSL\DVDLċOHWLPLD\U×ċW×U×ODUDN6SRWSL\DVDGD(3Ĉ$ĉYH7(Ĉ$ĉ WUHYSL\DVDGD%RUVDĈVWDQEXOSL\DVDLċOHWLFLVLRODUDN\HWNLOHQGLULOGL 7DNDVEDQNVSRWYHWUHYSL\DVDODU×QQDNLWWDNDV×Q×JHUoHNOHċWLUHFHNX]ODċ W×UPDEDQNDV×PHUNH]LWDNDVNXUXPXRODUDN\HWNLOHQGLULOPLċWLU )LQDQVDO3L\DVDODULOH5HHO6HNW|U$UDV×QGDNL.|SU(QHUML%RUVDV× (OHNWULNSL\DVDV×Q×QVHUEHVWOHċPHGH|QFROGXĊXSL\DVDDo×NO×NRUDQ×YH UHNDEHWoL\DS×V×\ODGLĊHUHQHUMLSL\DVDODU×QGDQELUDG×P|QHo×NPDNWDG×U 7UNL\HHQHUMLSL\DVDV×Q×Q\HQLGHQ\DS×ODQG×U×OPDV×oDO×ċPDODU×NDSVDP×QGD D\U×ELUW]HONLċLOLNVWDWVQGHELU(QHUML%RUVDV×·Q×QNXUXOPDV×oDO×ċPDODU×VRQ DċDPD\DJHOPLċWLU %RUVDGDHOHNWULNWHQGRĊDOJD]DSHWUROGHQNDUERQDNDGDUX]DQDQJHQLċELU UQ\HOSD]HVLQGHVSRWSL\DVDRODUDNKL]PHWYHULOPHVLSODQODQPDNWDG×U (QHUML%RUVDV×·Q×QNXUXOPDV×LOHILQDQVDOSL\DVDODULOHUHHOVHNW|UDUDV×Q GDNL N|SU WDPDPODQDFDNW×U ĉHIIDÁ×N ULVN \|QHWLPL DU] YH WDOHS LOH IL\DW×Q EHOLUOHQPHVL\HQL\DW×U×PODULoLQVLQ\DOROXċWXUPDV×YHDU]JYHQOLĊLDUW×ċ×\| QQGHFLGGLDG×PODUDW×ODFDNW×U 6RQRODUDNV|]OHULPLWDPDPODUNHQ\HQLG|QHPGH7DNDVEDQN·×QKHGHÁHUL QLQDOW×Q×oL]PHNLVWHULPĈVWDQEXO8OXVODUDUDV×)LQDQV0HUNH]L3URMHVLYH7U NL\HYL]\RQXNDSVDP×QGD7DNDVEDQN·×QKHGHÁHULDUDV×QGDSD\ERUoODQ PDDUDoODU×HPWLDHQHUMLVSRWYHWUHYSL\DVDODU×QGDLċOHPJ|UHFHNUQOHULQ oHċLWOHQGLULOPHVL \HU DOPDNWDG×U %XQXQ LoLQ VSRW YH WUHY UQOHULQ WDVDU×P× NRQXVXQGDSD\GDċODUODoDO×ċPDODU\DS×OPDV×WDNDV\|QWHPYHNXUDOODU×Q×EH OLUOHPHNYHWDNDV\HOHULQLEHOLUOHPHNJHUHNL\RU +L]PHW YHULOHQ SL\DVDODUGD PHUNH]L ULVN YH WHPLQDW \|QHWLPL VXQPDN YH XOXVODUDUDV×SL\DVDODUGDLċOHPVRQUDV×KL]PHWYHUHQPXDGLONXUXOXċODULOHELU OLNWHoDO×ċPDLPNDQODU×Q×JHOLċWLUPHNVXUHWL\OHXOXVODUDUDV×HQWHJUDV\RQXVDĊOD PDNGD|QP]GHNLG|QHPGHNLoDO×ċPDDODQODU×P×]DUDV×QGD\HUDO×\RU ĈOJLQL]YHVDEU×Q×]LoLQWHċHNNUHGHULP "'#"+# #*$& $+"'%"+ "() # $"'#"+)("'#"+&# *$! ('%% "+ $" $ ! "# $ ! #$$ $ ! $$$" "$ $ &"' (#!% !" ! %((!%%""( $ $ $ !&"$!$$!(( ' # " ' # " ' # (".!(4 ( ") 3(, '&() '& - "#$ !(-)#$"#!#!" &%#(4 *4(4$&%+ &(*2-#(! $!%*2%*!$! / !.!"!4-$*#( !)",$((3* 2%*!$! 4-$*#! %#( (%* (*!!" . 0)*3 *!)*$! 3(, !-)#*!$! ")%"( !-))4 %4#( (#"#$ 3("!- #"*(&%!"&% 4*4$#*&($+ )!)! /3%1- !-))4 "+##%4$#(4 (! '&+#++ #+)#(()4 "), "#$ #&#"#$ &(*2-)"#$ %"4#4" !.$*#(! "!* + !(#!! "!*(! )!)! &%2%*!$! .!%#$#(! 8 !)/1)(!,&!2%.&-0!-&'($%2(!.'!,%0!,(!&.!7 62!)'!1%%/,/'/', %2(!.!,%'!)%1-', 6 , & % 1 ! ' ! & . , % & %1--9 41!'!, )&&.9'9()&-9,9 &/,/( .9,9("*)/0!*,.&'9&',9 %,&!.'!,% *,--.)/'+*.0! .6,!0 +%1--9 %,!.*,-',9 &-$%2(!.%)%).(( ')(-9-6,!%) !3'99') /,/(', *)/."%))-()9%,&!.'!,% -%#*,.%,&!.'!,%&/,/(-' 1.9,9(9',%$,559',0 *,--.)/''.9)-&'( '/-'0!/'/-',,-9(/$ %,'!, %+%.% %+&)!"',"'! (& %%&.&'"%' %!)+(')(*( ! *( # ! )%($%!**& %.-+" *'#%'& '%.""'"."! % )! ! $ ! $ ! )! %# ! % + ! # *% * ! $$ + "" ( ! ++"" !)$! ! ! ! $ % $ ! ! ! # + +% ! " ! & ! "" !# *% ! '$ )% #!&&&&& &&& $### & $### & & $%&&&" $# & & $# & & $%& ###### && ")&*/(- 6-'&-.7+*1"-/&(51&3 !"(&"1!0/ 3&*"6./"-(7 7-#7*!*%-4!&("*0-+%1&( 2"*"!& /7-7)+*0/7()"($".& 36.-(7'&-/-#7*!*&%-4"!&("*'&-."-/&#&'(-7 +-.(-!&(")$5-"*./*!-//(/7* ."(+))&//""+**'&*$0,"-1&.&+**/"-*/&+*(-$*&3/&+*+#" 0-&/&".+))&..&+*. ' &.,$&$1-',8)$-&' ,0 5) .$($ 7&'$(&*/'',80 " ) ' &*)*($&!'$1 .' ,"6)$4 ,$-$) ' &.,$&.6& .$($)$ .&$' ( &. $, 7' +)'8&*',& $& )'$&"5-. ,( &. $, 73, .$(( 0-$(- '18($&.,8,62",+ .,*'&5(6,0 *'"2!$1.',8" )$6, .$( &+-$. -$*'))6&' , ) ,%$"$$. &)*'*%$' , -#$+*'(0$,4*&!&.5, '88, 7,82',0 + ,$1*$&&8(',6, .$(($&.,8)8 .&$' , 7$2$&- '. -'$(.48-8))" 4. -'$( $' ( 2 7 +*')((-8- $1' ' &.,$$)!$))-'+$1-',"5, 0*'.$'$. -$#!2'8, 7$-. ($' .( $-$.,!8)),20 .' $))'8& )" ' )( -$" , &( &. $,*'18-81'-+*. +$1-',4'8(&.8, 7 ,$, ' &.,$&6, .$$-$)$)$' ($!*)&-$1*)/11)'8$,0,)88 ). ", ). ,&*)) &. 8).6(&8-8(',8)8 .&$' ( &. $, 7) ,%$+$1-',8&.8'8(8',8$4$),$-&15) .$($$(&)8-', 7$-&' ,)& .&$)$,,$-&. ($).')8,(-$-. ($$' 15) .$' $'$, 7 ($).(,"$)61 )$). ( ,,66#'$) +*2$-1*)',8)2,,8)8)5.,#' " .$, )($&.,&,*'('8+*2$-1*)/)) ".$!+$1- ,$ 7$&$$.-1*)-6, -$0 (/#. ( '!$1. $$($#($)' , 7 ,& 2$,8,!8)2,, .( 1 $&,4*&0 +$1-$' ( 1+8'(-8)8 )" '' ( 1 &&,2*'('8 ,'"'#".#%"%".. , "(& ! $&,"& ""( $# "$+'(. $$." "("." %'%#. ,*&,# % "#'+$ "$ % "",$%"%% $#%"%%% '".' ("".".#. ,*,)'!.#. - - - A1;$=41(./(4,7423($12002',6;/($4,1* 29(4 :&+$1*( (164$/ 7423( <(&+ 29(4 /28$.,$1 29(4 71*$4,$1 29(47674(5 B(4.(<,.$4 D6$4$) B246)@;%$</D4,5.0(62'2/2-,/(4, B>4A1/(4$4$5D?$34$< 6(0,1$6/$1'D40$ B$4./DA4A1/(4$4$5D1'$;$;D/0$ 6(0,1$6D.$%7/(',/0(5, B5$$6*A1),<,.,7</$ 0$ ;$3D/0$5D 71*$4,$129(4 3267674(5 # 326(40$129(44(1&+29(4 7564,$129(4 9,5529(4 326 # 8( "# +(/,: 7674(5 29(4 4(1&+ ,1$1&,$/ 7674(5 29(4 76&+ 29(47674(5(/*,$129(47674(58( , /(0/(4,1,1.$;'D 1'(:(/*,$129(476&+29(4 B8473$,4/,,8(;$58,?4(C'(;(4/( ,.%$1.$&D/D./,5$15D2/$1.747/7 /$4 B(1(/6$.$5A;(/(4,,?,10,/;21'247'$16$.$5A;(/(4,,?,10,/;215(40$;( B$4$16,217C1$*(1(/6$.$5A;(5,0,/;21'247'$16$.$5A;(5,0,/;21.$6.D B(4(./,+(5$3;$3D5D!!/($4564($07:(0%74*/($4564($04$1.)746 6$.$55,56(0,"# 4(02+( %& +# & +#(" 5 +% 1#%+6-+! 5 4(#3#/ "4(,)(.+#,%/ - '#(- 5 &.,&++,6.1&' (%&+641 +#( (-%, 5 ' ++4-.+.'.( 5 %,%.+.'.(.(% (# %0(%&+6 5 +(-#)(. 5 ' ++4-,#")+-, 5 / )+))&4+4(& +#(#(-%,6 5 ("#&- + -)*-( & %-+#%*#0,,6 -%,6 5 &'(0)&&(/ ("#&- + ( +$# -4+ /& +# )+#%/ &-6% 0/ ( %,-4+ /& +# )+#% )+3&('-4+ /& +# )+#% ( +$# '#,0)(/ "1 -4+ /& +# &'(0 )&&( ("#&- + & %-+#%*#0,&+6 ("#& %-+#%#0,,6/ -4+ /& +# ?09#<30'-.'3+.'#36312' @'/+0#59>0'5+/+ @'3='-:#/#0.B3+4-9>0'5+/+ @#3#05+1069>0'5+/+ @'3$+35#-#4?9'4+0+0#3#05+ 106A0#-#5-B4B#=B-21:+4910 #&'&+7'+.'/*#%/++.' $'.+3.'0/'-5'&+3 @5#3#(B0�/+.9101.#3 -#5-B9#2B./B5B3 @05'3%105+0'05#.8%*#0)' 5#3#(B0� &'7362#+9#4#.#3B +=+0-636.&6 @6563'46312'!7' 6312'A&#-+5?3'74>:.'/'.'3 6563'46312' 0'3,+ /+4910 0&'8 0'3,+ 6563'4 0'3,+ ;'73' "+((' 13=.#0/# #3#=.#3B #95?3'7 3'&+5 7362# "+(('125#0 %.'#3 '5#. /5+# 2)#".$#+)"#".**5-#*&# 32)#".4*('+$#+)"#(".*$)5+/ !2*+2"$%$) .(5$&"#"$"&$%$)(".**5"$ +)5&& "$+"$%#+'$& 2&1&*"(".**5-& $% 20 (".**5&&'$,%#+5) 3$#+)".$5+2)-2)2&$)"*"$#.$2$ 4+)5&&"$%05$%5&##. )")"$%!%"'$,%%5+5) 3 .5$5&+/ !2*+2(".*$) 2&1&*" (".**5".+$)5&.$5+2)-2)2&$)"$% 1)%. $%5+5) ! !! 3"+")&$#+)"#".**5&#"++#*5-+%"&+.1&+"%!"/%+$)"+%"&+.+5)%0#% "$%$)"&"&#*&##)&$)5-*5+*5.$ )0#$+")"$%*"#+5$5%5$)+%"&++%%$%0)5*5 .(5$%*5+%"&+$)5&)$&)#4"$")"$%*"&#"++%"&+$)5&&%$&5)5$%*5 3#"++#*#,),$,, 3%"&+-)"*#.1&+"%" "-$) &$)%%/#/%/ %' '% ) &*2 2 0 '% *& %2 "("(1 '% $*& %2*""/+" "!'% $#'*& '! ""& *& '! #%&&'"( /","&*&&2 /"-*&&2 " !"&#%(! ( *" 2 '%"%&))* $&'&# "'/%)/%/" % $!)#)%%/$/"& " &'"%+ ! '% &.+ ! % "*!& $#)%%/ $#'*& !#"%&2 &" '* !(&!"&),"&! )% $(./"! '* &/$!%/ %),"&!(!"& $/"%# "!%/ &'$ !+" *!)%%&! ""& *& !#"%&2 &" & &$!"'* ! %((&!"&),"&! )%&%-) ( $' '+! !#!)# $ + *&)'! * $(!# "++ * )$ * #! (! %!# $ % #!! $(!' " + $ +%!# """" !'+ ++! "!$"" + ! $" 6258&(9$3 3URI'U+DOXNgUV %RĊD]LoLhQLYHUVLWHVL <×OODUGDQEHULPċDYLUOLNGH\DS×\RUXP%LUoRNILUPDGRĊDOJD]GHSRODPD NRQXVXQGDNL\DW×U×PSODQODU×\ODEDQDJHOLU7UNL\HċDUWODU×QGDSL\DVDQ×QQH RODFDĊ× EHOOL ROPDG×Ċ× YH G]HQOL ELU |GHPH ċDQV× EXODPDG×NODU× LoLQ GH QL \HWOHUKHSNDO×UdRNEDVLWELUċH\ROPDV×QDUDĊPHQ\DSDPDG×N$PHULND·GD \]OHUFHVL\×O|QFH\DS×OP×ċ7UNL\H·GHWDQHGRĊDOJD]GHSRODPDROVD\G× ċXV×N×QW×\×oHNPH]GLN%XQXQHGHQ\DSP×\RUX]"+NPHWKHUNRQXGDVDW×Q DOPDJDUDQWLOHULYHUL\RUYVEXNDGDUEDVLWELUċH\LQ\DS×ODPDPDV×Q×DQODP×ċ GHĊLOLP7HċHNNUHGHULP 'Ro'U6HIHUĉHQHU ĈVWDQEXOhQLYHUVLWHVL (OHNWULNUHWLPLQGHGRĊDOJD]·OHUFLYDU×QGDELUDUDLGL3HNLQN OHHUVDQWUDO\DS×O×UVDELU\DGDLNLWDQHDFDEDNDo×Q×NDUċ×OD\DFDN" (ULQo.×VD 3RODW(QHUMLĈċ*HOLċWLUPH0GU (3Ĉ$ĉQHGHQNXUXOPDG×YHKDQJLDċDPDGDYHQH]DPDQNXUXODFDN"%D NDQO×NWDQEXQXQODLOJLOLQHWELUFHYDSDODELOLUPL\L]" <DW×U×PF×ODUDG×QDNRQXċX\RUXPgQP]GHNLVHQH(3Ĉ$ĉ·×QNXUXOXSNX UXOPD\DFDĊ×EHOOLGHĊLO*QLoLSL\DVDV×GHYUH\HQH]DPDQQDV×OJLUHFHN"%HOOL GHĊLO(OHNWULNVDW×ċ×NRQXVXQGDEWQEXULVNOHULoLQGHEL]HQH|QHULUVLQL]" $KPHW2&$. (QHUML3L\DVDV×']HQOHPH.XUXPX (OHNWULN3L\DVDV×'DLUH%DċNDQ× %X NRQXGD |]HO VHNW|UQGH EL]H PUDFDDW× YDU =HPLQ DUDċW×UPDV× oRN |QHPOL%DNDQO×Ċ×P×]×QSROLWLNDV×HQN×VD]DPDQGD\DS×OPDV×JHUHNL\RU.×VDYD GHOLELUG|QHPGHEXċH\OHULDWODW×U×]GL\HELUUHKDYHWHPLNDS×OG×NELOHPL\RUXP .XUXOX JFP]H GH ELUD] JYHQGLN ELQ PHJDYDWO×N NXUXOX ELU JFP] YDUSLNVDDWLPL]ELQPHJDYDW%XQXNDUċ×ODU×]GL\HGċQGN+DOEXNLEL]LP DVO×QGDELQPHJDYDWNXUXOXJoLoLQGHID]ODO×Ċ×P×]YDU0HVHODoRNVRĊXN ROGXĊX ]DPDQ N|PU VDQWUDOLQGHQ JHUHNOL YHULPL DODP×\RUVXQX] PH JDYDWO×NELUNXUXOXJFP]ROVDE|\OHELUV×N×QW×P×]ROPD\DFDN%D]×IL]LNVHO ċDUWODUGDQGROD\×2OPD]VDROPD]ODUGDQELULVLGHPXWODNDGRĊDOJD]GHSRODPD WHVLVOHULPL] ROPDV× OD]×P +DWWD E×UDN×Q GHYOHW HOL\OH \DSPD\× ċXDQ NL NXUXOX PX]GDGRĊDOJD]GHSRODPDV×+DWD\E|OJHVLQGHEDċODG×YHLQFHOHPHDċDPD V×QGD%X\DW×U×P×JDUDQWLDOW×QDDOPDNLoLQ\DW×U×PF×GDQELUċH\EHNOL\RUX]2 E|OJHGHGHSRODPDWHVLVL\DS×ODFDN7DELEXELUGH\DW×U×PF×LoLQJHOLUND\QDĊ× 'RĊDOJD]RUDQ×QDJHOLQFHWDELvNLEL]LPKHGHILPL]ND\QDNODU× GDĊ×WPDN%LUND\QDĊDGLUHNRODUDNEDĊO×NDOPDPDN$VO×QGDUH]HUYNDSDVL WH\H EDNW×Ċ×Q×] ]DPDQ FLYDUODU×QGD ROPDV× OD]×P .D\QDN oHċLW OHQGLUPHVL \DSW×Ċ×P×]GD EXQX VDĊODUV×Q×] 6DGHFH GRĊDOJD]GD ·H EDĊO× ROPDO×V×Q×]EXQXQDOWHUQDWLÁHULQLEXOPDQ×]JHUHNLU%XWDOHSDUW×ċ×ROGXĊXPG GHWoHEL]LP\HUOLYH\HQLOHQHELOLUHQHUMLND\QDNODU×QGDGHYUH\HDODELOHFHĊLPL] ċH\OHUOLPLWOLELQPHJDYDWWDQID]ODKLGUROLNVDQWUDOONHGH\DSDPD]V×Q×]2 ELWWLĊLQGHWDOHSDUW×ċ×ROGXĊX]DPDQPPNQGHĊLODQFDNRWDOHELNDUċ×OD\D ELOL\RUVXQ%XRUDQVDELWNDODFDN\×O×QDNDGDUE×UDN×QELQPHJDYDW ELQ PHJDYDW QNOHHU VDQWUDO NXUPDP×] OD]×P %XQX NXUPDN ]RUXQGD\×] %X KHGHIHXODċDFDĊ×P×]×JDUDQWLHGL\RUXPdQNONHPL]JHQoYHGLQDPLN%L] GDKDID]ODV×QDOD\×Ċ×]8ODċDFDĊ×P×]DLQDQ×\RUXPYHNLPVHGHHQJHOOH\HPH] %XKHGHIGRĊUXOWXVXQGDEX\DW×U×PODU×\DSPDN]RUXQGD\×]0XWODNDDOWHUQDWLI ND\QDNODU×EXOPDN]RUXQGD\×] (3Ĉ$ĉ LOH LOJLOL VRQ GXUXP LVH NXUXOGD *Q LoL SL\DVDODU×Q \|QHWPHQOLĊL NDSVDP×QGD\DS×ODFDNWDOHSWDUDI×Q×GDEXLċLQLoLQHNR\DFDĊ×]0HVHOD PHJDYDWELUWNHWLPLQL]YDUHOHNWULNIL\DWODU×SDKDO×VL]J|QOORODUDNSL\DVD GDQo×N×\RUXPHOHNWULĊLQL]LLKWL\DF×RODQODUDYHULQ+HPSDUDND]DQDFDNKHP UHWLPLGXUGXUDFDNKHPGHEL]LPDo×P×]GDQGHQJHXQVXUXRODFDN$U]JYHQ OLĊLQL\|QHWPHNGDKDNROD\RODFDN(3Ĉ$ĉRODUDNGDoDO×ċPDODUGHYDPHGL\RU .XUXO JQGHPLQGHQ JHoHFHN YH EWQ DQD V|]OHċPH \D\×QODQG×NWDQ VRQUD LċOHPGHYDPHGHFHN7HċHNNUHGHULP %DU×ċ6DQO× 7&(QHUMLYH7DELL.D\QDNODU%DNDQO×Ċ× (QHUMLĈċOHUL*HQHO0GU<DUG×PF×V× 0XWODND HQHUML VHNW|UQGH KHU ċH\ V|\OHQFH\OH NXODNWDQ NXODĊD JLGL\RU 7UNL\H·QLQċXDQGDGHSRODPDNDSDVLWHVLPLO\DUPERċDOWPD\DoDO×ċVDQ×] \]JQGHERċDOWDP×\RUVXQX]6RUXQGHSRODPDKDFPLGHĊLOGHSRODPDVHQ GRXWJHULEDVPDNDSDVLWHVL(ĊHUEL]EXJQELUJQONPLO\RQPEDVD ELOHQEXQXQ\DU×V×NDGDUELUGHSRPX]ROVDLGLKLoELUċH\WDUW×ċPD\DFDNW×N2 GD\HUDOW×MHRORML\DSDFDNELUċH\\RNdQNJ|]HQHNOL\DS×ODU×QDUDV×QGDQ JD]EHOLUOLELUK×]ODo×NDELOL\RUGDKDK×]O×oHNHPL\RUVXQX]6RUXQKDFLPGHĊLO $WDWUNEDUDM×NDGDUKDFLPYDU'DKDoRNLċOHP\DSPDQ×]OD]×P 'Ro'U0XVWDID.HPDO<,/0$= %RUVDĈVWDQEXO*HQHO0GU<DUG×PF×V× 5LVN\|QHWLPLHOHNWULNSL\DVDV×Do×V×QGDQ|QHPOLYHULVN\|QHWLPLQH\DSD FDĊ×P×]HQVWUPDQODUGDWUHYHQVWUPDQODUG×U$QFDNWUHYSL\DVDODU×QJHOL ċHELOPHVLLoLQVSRWSL\DVDODU×QPXWODND|QFHOLNOHJHOLċPHVLOD]×P*Q|QFHVL YHJQLoLSL\DVDV×%XLNLSL\DVD\×HWNLQELUċHNLOGHJHOLċWLUHPH]VHNWUHYSL \DVDODU×QJHOLċPHVLKD\DOROXU %LUGH ċX QRNWD\× HNOHPHN LVWL\RUXP %XJQ HOHNWULN SL\DVDV×Q× DĊ×UO×N O× RODUDN NRQXċWXN DPD VRQXo LWLEDUL\OH HOHNWULN SL\DVDV× GRĊDOJD] SL\DVDV× ELUELUL\OHHWNLOHċLPLoLQGHRODQLoLoHJHoPLċSL\DVDODUG×U'ROD\×V×\OD(3Ĉ$ĉ·× ċHNLOOHQGLULUNHQKHULNLSL\DVD\DGDKLWDSHGHFHNDOJRULWPDQ×QNXOODQ×OPDV×JH UHNWLĊLQLGċQ\RUXP%XUDGD|QHPOLRODQċXEL]EXSL\DVD\×VDGHFH\HUHO R\XQFXODUDKLWDSHWVLQGL\HJHOLċWLUPL\RUX]%XSL\DVD\×KHP\HUHOR\XQFXODUD KHPGH\XUWG×ċ×SL\DVDR\XQFXODU×QDKLWDSHWVLQGL\HJHOLċWLUPHOL\L]'ROD\×V×\ ODNXOODQDFDĊ×P×]DOJRULWPDGDVLVWHPGHYHUHFHĊLPL]KL]PHWOHUGHEXKXVXVX LKPDOHWPHGHQJHUoHNOHċWLULOPHOL7HċHNNUHGL\RUXP 'U6H]DL%HNJ|] 7DNDVEDQN*HQHO0GU<DUG×PF×V× gQFHOLNOH(3Ĉ$ĉ·×QNXUXOPDV×oRN|QHPOLELUDċDPD(3Ĉ$ĉ·×QNXUXOPD V×\ODEHUDEHUKHP7(Ĉ$ĉ·ODELUOLNWHROPDNODEHUDEHUPHUNH]LWDNDVNXUXOXċX RODUDNKHULNLWDUDIWDPHUNH]LX]ODċW×UPDNXUXOXċXRODUDNoDO×ċDFDĊ×]%XQ ODU×QNDW×O×PF×ODU×Q×QEHOLUOHQPHVLEL]LP7DNDVEDQNRODUDNċXDQGD\DSW×Ċ×P×] IRQNVL\RQODU×Q|WHVLQGHELUIRQNVL\RQ\NOHQLS\NOHQPH\HFHĊLIDWXUDODPD GDQ PDOL X]ODċPDGDQ NDQXQGD ELU WDN×P EHOLUOHPHOHU YDU $QFDN X\JXOD PDGD EL]LP UROP]Q QDV×O JHOLċHFHĊL oRN oRN |QHPOL IDNDW SL\DVDODU×Q JHOLċPHVLLoLQHQ|QHPOLXQVXU|QP]GHNLG|QHPOHUGH\HQLOHQHELOLUHQHU MLQLQ \DW×U×PODU×Q×Q DOoDN ROPDV× QHGHQL\OH YRODWLOLWHQLQ GDKD L\L \|QHWLOPH VLKHPNDW×O×PF×ODUDo×V×QGDQKHPGHSL\DVDLċOHWLFLOHULDo×V×QGDQGDKDGD |QHPOLKDOHJHOHFHNGROD\×V×\ODHWNLQELUULVNLċOHWLPVLVWHPLLċOHPVLVWHPL\OH ELUOLNWHSL\DVDODUGDGRĊUXIL\DWODU×QROXċPDV×Q×OLNLGLWHQLQJYHQRUWDP×QGD VUGUOPHVLQLGROD\×V×\ODSL\DVD\DKHP\HUOLKHPGH\DEDQF×\DW×U×PF×ODU×Q oHNLċPHVLQGH oRN |QHPOL IDNW|UOHU RODFDN %X DQODPGD GD EL] HOLPL]GHQ JHOHQ EWQ JD\UHWL J|VWHUGLN %XQGDQ VRQUDGD GLĊHU SL\DVDODUGD ROGXĊX JLELEXSL\DVDGDGDGDKDIDUNO×IRQNVL\RQODURODELOLUVHRQODUODLOJLOLoDO×ċPD ODU×Q×VUGUVQ %DU×ċ6DQO× 7&(QHUMLYH7DELL.D\QDNODU%DNDQO×Ċ× (QHUMLĈċOHUL*HQHO0GU<DUG×PF×V× *HoHQVHQH7(Ĉ$ĉYH%27$ĉ·D7UNL\HHQHUMLLċOHWPHFLOHULSURWRNROLP ]DODWW×U×OG×.DUċ×O×NO×LċELUOLNOHULYDU%HQFHSL\DVDQ×QJHOHFHĊLQLGċQUNHQ EXNDGDUHQHUMLNDW×O×PF×V×YDUVDILQDQVo×ROPDG×Ċ×LoLQSHNID]OD7(Ĉ$ĉ·×QJH OHFHĊLGHoRN|QHPOLOLNLWELUSL\DVDYHWP\DW×U×PF×ODU×QJHOHFHĊLELUSL\DVD NXUPDNLVWL\RUVXQX]%DNDQO×NRODUDNELUoDO×ċPDP×]\RN$PDċDKVLJ|UċP 7(Ĉ$ĉ·×QGD VDQNL KDOND Do×OPDV× JHUHNHELOLU GċQOPHVL JHUHNHQ QRNWDODU GDQELULEXĈNLQFLLVH7(Ĉ$ĉ·o×ODU×Q\D]×O×P×Q×Q1DVGD[·GDQGDKDL\LROGXĊXQX LGGLDHGL\RUX] 'h1<$(1(5-Ĉ6Ĉ1'(.Ĉ2<81'(ćĈĉ7Ĉ5Ĉ&Ĉ *(/Ĉĉ0(/(5Ĉ1(/(.75Ĉ.3Ĉ<$6$6,1$(7.Ĉ/(5Ĉ 0(+0(7gćh7dh &KDLUPDQ*OREDO5HVRXUFHV&RUSRUDWLRQDQG 6SHFLDO(QYR\IRUWKH(QHUJ\&KDUWHU 0Ĉ6$)Ĉ5.218ĉ0$&, $UDO×N 'HĊHUOLNDW×O×PF×ODU ,UDNċXDQGDPLO\RQYDULOUHWL\RU$PDVRUDUVDQ×]NLSRWDQVL\HOGHYDU PLO\RQ YDULOH o×NDUWPD\× GċQ\RUODU .UW E|OJHVL GRĊX DNGHQL] JD]× /LE\D V|\OHPHN LVWHGLĊLP PHVDM ċX DU] NRQXVXQGD DUW×N VRUXQ \RN %HONL IL\DWNRQXVXQGDVRUXQRODELOLU)L\DWODUDo×V×QGDQGDVRQGHUHFH|QHPOL3HWURO ELUDUDGRODUDNDGDUo×NP×ċW×D\Q×\×O×QDUDO×ND\×QGDGRODUDGċW'R ĊDOJD]DEDN×\RUVXQX]|]HOOLNOH$PHULND·GDNLND\DJD]×UHWLPLQLQK×]ODDUWPD V×NHQGLQH|]JNRċXOODUQHGHQL\OHċXDQGDGRODUDUDO×Ċ×QGDROGXĊXQX J|U\RUX] -DSRQ\D·GDGRĊDOJD]DGRODU|GHQL\RU$YUXSDGRODU|G\RU7U NL\H QH NDGDU |G\RU" HQ SDKDO× JD]× ĈUDQ·GDQ DO×\RUX] LNLQFL 5XV\D VRQUD $]HUED\FDQ ,UDN·×Q NUW E|OJHVLQH ċLPGL EHONL GH UHNRU G]H\GH GċN IL \DWDODELOHFHĊL]ĈċLQVL\DVLIL\DW×GDYDU'RĊXDNGHQL]JD]×EHONLRQGDQGDKD XFX]DJHOHFHN*D]×QIL\DW×RNDGDU|QHPOLNLEXJQ$YUXSD%LUOLĊLONHOHUL $PHULND·GDQoNDWGDKDID]OD|G\RUODU$PHULNDND\EHWWLĊLUHNDEHWJFQ XFX]HQHUMLVD\HVLQGHK×]ODND]DQ×\RU.D\D*D]×EDċND\HUOHUGHX\JXODQ×UP× X\JXODQPD] P× WDUW×ċ×O×U *|UQHQ R NL .X]H\ $PHULND G×ċ×QGD ND\D JD]×Q×Q oRN SDUODN JHOHFHĊL \RN <DOQ×] ROXPVX] HWNLVL YDU %L]LP KHSLPL]LQ LVWHGL ĊLGDKD\HċLOGDKDWHPL]GDKDVPDUWHQHUMLQH\D]×NNLELUD]JHULOHUHGRĊUX JLWPH\HEDċODG×<HQLOHELOLUHQHUMLGRĊDOJD]IL\DWODU×Q×QXFX]ODPDV×N|PUQ XFX]OD\DUDN|]HOOLNOH$PHULND·GDNL3HQVLOYDQ\DN|PUQQoRNXFX]IL\DWODUOD $YUXSD·\DGDPSHGLOPHVLQHWLFHVLQGH\HQLOHQHELOLULQWLFDULRODELOLUOLĊLQH\D]×N NL FLGGL V×N×QW×\D GċW ĈWDO\D·GD <XQDQLVWDQ·GD 5RPDQ\D·GD LVSDQ\D·GD 3RUWHNL]·GH\HQLOHQHELOLU\DW×U×P\DSP×ċRODQċLUNHWOHUoRNFLGGLV×N×QW×GDODU%LU N×VP×7UNL\H·\HJHOPHoDEDV×QGDODUoQN7UNL\HX]XQYDGHGHDUWDQWDOHS +NPHWLQVDĊODP×ċROGXĊXEHOLUJLQDo×NQHWELUIL\DWVEYDQVL\RQSROLWLNDV× GROD\×V×\OD\HQLOHQHELOLU\DW×U×PF×ODU×Q\HQLGDUOLQJ·LROPD\ROXQGDG×U <DW×U×PNRQXVXQDGDGHĊLQPHNLVWL\RUXP%XJQHĊHU\LQHoRNX]XQYDGH OLSURMHNVL\RQODUUDNDPODUEHQFHoRNFD]LSGHĊLOċ|\OHRODFDN·GD E|\OH RODFDN GL\H UDKDWO×NOD V|\OH\HELOL\RUGXN .HQGLPFH LoLQGH WXWDUO× ELU KLNk\HGH\DUDWDUDN\×OODU×QGDEHONLRUWDO×NWDROPD\DFDĊ×]DPDVRUGXN ODU×]DPDQGDEXQX0HKPHWgĊWoYH\DEDċNDELULV|\OHPLċWLGL\HNLPVHVL]L ]RUODPD\DFDN<ROJ|VWHUPHVLDPDF×\ODUDNDPODU×SD\ODċPDNWDID\GDYDU<D S×ODQKHVDSODUGRĊUX\VDHĊHU·HNDGDUGQ\DQ×Q\DNODċ×NWULO\RQGRODU O×NELU\DW×U×PLKWL\DF×YDU%XSDUD\×QHUHGHQEXODFDNV×Q×]"EXKHPHQHUMLKHP GHHQHUML\OHEDĊODQW×O×DOW\DW×U×PF×ODU×G×U%XQXDOWE|OPOHUHE|OHUVHQL]SHWURO GHGRĊDOJD]GDN|PUGHQHNDGDUJHUHNL\RU"EXQODU×QUDNDPODU×GDYDU%HQLP ELOGLĊLP NDGDU×\OD 'Q\DGD SDUD V×N×QW×V× \RN 'RĊUX SURMH ROGXĊX WDNGLUGH SDUDV×N×QW×V×\RN%XJQVDGHFHdLQ·LQHOLQGHWULO\RQGRODUO×NG|YL]UH]HUYOHUL YDU(JHPHQVHUYHWIRUPODU×KHPN|UIH]E|OJHVLQGHKHPGLĊHUSHWUROUHWHQ ONHOHUGH\DGDWLFDUHWID]ODV×YHUHQONHOHUGHPHYFXWGDKDV×EDċODQJ×oWDGLQL \DUDWW×Ċ×LoLQNXċNXGX\XODQĈVODPLILQDQV\NVHOPH\HEDċODG×%XJQGQ\D GD WULO\RQ GRODUO×N LVODPL ILQDQV SRWDQVL\HOL YDU 'RĊUX SURMHOHU YDUVD SDUD E\NVRUXQGHĊLO$PDEXWULO\RQGRODUO×N\DW×U×PODU×QQDV×O\DS×ODFDĊ×QDV×O \DS×ODQG×U×ODFDĊ×oRN|QHPWDċ×\RU1NOHHUGHJLGHUHN)XNXċLPD·GDQVRQUD ELU DUD 5|QHVDQV GXUPXċWX DPD QNOHHU 5|QHVDQV EDW×Q×Q ED]× ONHOHULQGH GXUGX'RĊXGDWDPVUDWGHYDPHGL\RU%XJQGQ\DGD\DNODċ×NQNOHHU VDQWUDOYDUYH\HQL\DS×ODQODU×QGDVD\×V×K×]ODDUW×\RU%XQODU×QoRĊXGDGHGL ĊLPJLEL.RUH+LQGLVWDQ0DOH]\D7UNL\H0×V×U6XXGL$UDELVWDQ\DSPDNLV WL\RU1NOHHUGH5|QHVDQVċDKVLNDQDDWLPGXUPD\DFDN(QHUMLWNHWLPLK×]OD DUWDQND\QDNODU×N×WRODQONHOHUDo×V×QGDQQH\D]×NNLQHYDUNLQNOHHUHQHUML LPGDW VLPLWL 7UNL\H SHWUROGH GRĊDOJD]GD G×ċD EDĊ×PO× %WQ GRĊDOJD]×P×]×KDUHNHWHJHoLUVHQL]UHWLPHKD]×UROVDD\O×NLKWL\DF×P×]×]RU NDUċ×ODU(OEHWWHNL\HQLOHELOLUHQHUML\HN|PUH\HUHOND\QDNODUDDĊ×UO×NYHUHOLP GRĊDOJD]×SHWUROP]JHWLUHOLPDPDoHċLWOHQGLUPHNEDE×QGDK×]O×E\\HQ HQHUML LKWL\DF× DUWDQ ·WH GQ\DQ×Q |QGH JHOHQ HNRQRPLVWLQGHQ ELULVL ROPD\×KHGHÁH\HQELUONHDo×V×QGDQċDUW·HNDGDULONGHYUH\HJLUHFHNUH DNW|UOHUHQHUMLLKWL\DF×Q×Q·XQXNDUċ×OD\DFDNGXUXPGD1NOHHULQGHYUH\H JLUPHVL\OHELUOLNWHGRĊDOJD]×QHOHNWLNUHWLPLQGHNLSD\×]DPDQOD\DYDċ\DYDċ D]DODFDNĉXDQGDGRĊDOJD]×QSD\×FLYDU×QGD·OHUGHQLQGLULOGL(ĊHU ·OXNELUSD\GDQNOHHUVD\HVLQGHDO×Q×UVDEXQXONH\HJHWLUHFHĊLKHPFDUL LċOHPOHUDo×Ċ×Q×QNDSDW×OPDV×QGDKHPHQHUMLJYHQOLĊLQLQoHċLWOHQGLULOPHVLQGH KHPGHJHWLUHFHĊLVLYLOWHNQRORML\DQV×PDODU×\ODELUOLNWHONHQLQUHNDEHWJF QQDUWW×U×OPDV×QGDNXOODQ×ODELOLU gQHPWDċ×\DQGLĊHUELUKXVXVHQHUML\OHMHRSROLWLNDUDV×QGDNLEDĊODQW×3HW UROGHGRĊDOJD]GDHOHNWULNWHKHUELULQLQULVNOHULIDUNO×G×U(QHUMLWUQQKDQJL VHJPHQWLQHEDNDUVDQ×]IDUNO×ELUULVNYDU-HRSROLWLNULVNOHUVRQNDWHJRUL\HJH OL\RU<DSDFDĊ×Q×]ID]ODELUċH\\RN.D\QDNODU×QN×WYHDĊ×UROGXĊXDODQODUGD MHRSROLWLNDELUDQGDI×UO×\RU-HRSROLWLNULVNoRĊX]DPDQNRQWUROP]QG×ċ×QGD JHOLċHQELUULVNWLU5XV\DE|OJHPL]GHNLHQ|QHPOLE|OJHVHOHQHUMLJF$\Q× ]DPDQGDGRĊDOJD]GDGQ\DELULQFLVL1H\DSDUVDQ×]\DS×Q5XV\D·\ODLċ\DS PDN oRN ]RU *|EHĊLQGHQ EDĊO×\VDQ×] KHP GRĊDOJD]GD KHP SHWUROGH KHP N|PUGHKHPGHQNOHHUGHRONHLOHLOLċNLOHULQL]LEHOOLELUSDNHWoHUoHYHVLQGH \UWPHQL]OD]×PNLONHGHEXQX\DS×\RU5XV\D|QP]GHNLG|QHPGHVLO NLQLS\HQLELU\DNODċ×PEHQLPVHPH]VHFLGGLVRUXQODUODNDUċ×ODċDFDN%XQGDQ EL]GHHWNLOHQHFHĊL]7×SN×)XNXċLPD·GDQVRQUD-DSRQ\D·Q×QQNOHHUUHDNW|UOH ULQHEDċODQJ×oWDG|UWWDQHVLGDKDVRQUDRQLNLVLQLNDSDW×SWDPDPHQGRĊDOJD ]D\|QHOPHVL\OHGRĊDOJD]SL\DVDODU×DOWVWROGX1HUHGH\VHHOHNWULNUHWLPLQ \DU×V×Q×GRĊDOJD]GDQNDUċ×OD\DQEL]EXQGDQROXPVX]ċHNLOGHHWNLOHQGLN 7UNL\HE|OJHGHKDEROPDNLVWL\RU%|OJHVHOHQHUMLKDE×ROPDNLoLQWRSUDN ODU×Q×] ]HULQGHQ |UQHĊLQ KDULWDGD ERUX KDWODU×Q×Q JHoPHVL GHĊLO 2 ]DPDQ VDGHFH IL]LNL ELU N|SU ROXUVXQX] *HUoHN DQODPGD E|OJHVHO KDE RODELOPHN LoLQ HOHNWULN SL\DVDODU×Q×Q ROXċWXUXOPDV× JHUHNL\RU <DVDO KXNXNL NXUXPVDO DOW \DS×Q×]QH"OLEHUL]DV\RQDQH|OoGHJLGL\RUVXQX]"1H|OoGHLWLEDUJ|UHFHN VLQL]"ĈVWDQEXO·GDNXUXODFDNRODQHQHUMLERUVDV×oRN|QHPOLELUDG×P6DGHFH HOHNWULNOHGRĊDOJD]ODV×Q×UO×NDOPDPDO×N|PUQGHSHWUROQGHNDW×OPDV×JH UHNLU%XQXQLoLQJHUHNOLLQVDQVHUPD\HVL\OH\DW×U×P\DSPDNJHUHNL\RU'Q\D Q×QHQL\LIL]LNLDOW\DS×V×Q×NXUDUV×Q×]JHUHNOL\DW×U×PODU×VDĊODUV×Q×]DPDEXQX LGDPH HWWLUHFHN GDKD GD JHOLċWLUHFHN LQVDQ VHUPD\HVLQL ROXċWXUPDP×ċVDQ×] EXQXELU\HUHJ|WUPHNKLoGHNROD\ROPD\DFDNW×U7UNL\HċXDQGDE|OJHVHO ELUKDEGHĊLOHQHUMLGHQHUHVLQGHQEDNDUVDQ×]|UQHĊLQĉDKGHQL]·LQQLKDL\D W×U×P NDUDU× DO×QG× 6RQXoWD PLO\DU P E\NONOHU Do×V×QGDQ EDNDUVDQ×] $YUXSD%LUOLĊLQLQLKWL\DF×PLO\DUP·Q]HULQGHGLU·V×EL]GHNDODFDN·X *QH\$YUXSD·\DJLGHFHN3HWUROGHERĊD]ODU×P×]GDQGQ\DSHWUROQQ\DN ODċ×N·JHoL\RU.HUNN0XVXO·GDQ&H\KDQ·DJHOHQERUXKDWW×oRNGċN NDSDVLWHLOHoDO×ċ×\RUPLO\RQYDULOWDċ×\DELOHFHNNHQEXJQWDċ×\D ELOL\RUVDNE\NELUEDċDU×GHPHNWLU$V×OE|OJHVHOHQHUMLKDE×\DSDFDNRODQ JHOHFHNSURMHOHUGLU$FDEDEL]6DPVXQ&H\KDQERUXKDWW×QHUH\HJLWWL"QHUH GH\DW×\RU"ELOPL\RUX]1H\D]×NNLGRĊUX\|QHWLOHPHGL.D]DNLVWDQ·GDNLo VDKDGDQ.DUDoDJDQDN.DċHJDQYH7HQJL]·GHQPLO\RQODUFDYDULOSHWUROEL]LP ERĊD]ODU×P×]]HULQGHQJLGHFHN%\SDVVKDWW×Q×QELUDQHYYHOJHoLULOPHVLJH UHNL\RU<DSDFDNRNDGDUoRNLċYDUNLLVWDQEXOHQHUMLERUVDV×Q×\DUDWDFDNVDN YHHQHUMLGHNLULVNOHULL\L\|QHWHFHNVHN|QP]GHNL\×ONULWLNG|QHPROGXĊXQX V|\OH\HELOLULP 6RUX 3HWURO IL\DWODU× QH RODFDN" 7UNL\H·QLQ XOXVODUDUDV× EDĊODQW×ODU×QGD J|UG ĊP]ELUċH\YDUĈoHUGHNLIL\DWODUGDKDGċNROPDV×QDUDĊPHQKHUNHVKDOD 7UNL\HSD]DU×QGDKHPJD]KHPHOHNWULNVDWPDNLVWL\RU6L]JD]SL\DVDODU×Q× oRNL\LELOL\RUVXQX]*D]IL\DWODU×Q×Q$YUXSD·GDGHĊLOEXE|OJHGHNLVL]FHVWDQ GDUG×QH"ĈOHUGHKDQJLIL\DWODURWXUDFDNDċDĊ×LQHFHNPL\DGD\XNDU×o×NDFDN P×"%XQXQODLOJLOLVSHNODV\RQ\DSDUVDNVHYLQLULP 0HKPHWgĊWo &KDLUPDQ*OREDO5HVRXUFHV&RUSRUDWLRQDQG 6SHFLDO(QYR\IRUWKH(QHUJ\&KDUWHU 3HWUROIL\DWODU×NRQXVXQGDWDKPLQHGHQOHULELOL\RUVXQX]*HUL\HG|QSEDN W×Ċ×Q×] ]DPDQ oRN WXWPDG×Ċ×Q× J|U\RUVXQX] dQN \HU VWQGHNL IDNW|UOHU oRNK×]O×GHĊLċHELOL\RU3HWUROIL\DWODU×ċD\HWGRODU×QDOW×QDGċHUVHoRNFLGGL ELUVRUXQGRODU×Q]HULQHo×NDUVDGD|]HOOLNOHWNHWLFLONHOHUGH\DUDWDFDĊ× EDVN× QHGHQL\OH WDOHS GċHFHNWLU ĈGHDO RODQ ċHULW LOH DUDV× 2QXQ G× ċ×QGDROXċDFDNRODQUDNDPODUWDPDPHQVSHNODWLIWLUdRNDQLELUNUL]o×NDUVD DU]SDWODPDV×ROXU$PHULND·GDNLWD\WRXOE\NRUDQODUGDVDW×OPD\DEDċODQ×UR ]DPDQGċHU8]XQYDGHGHEDNDUVDQ×]DU]WDOHSGHQJHVLYHUHWLPPDOL\HWL LOHGRODUDUDV×QGDR\QX\RU.X]H\,UDN·WDNUGLVWDQE|OJHVLQGHUHWWLĊLPL] SHWUROQYDULOLGRODU7UNL\H.DUDGHQL]·GHSHWUROUHWPH\HoDO×ċ×\RUEXQXQ PDOL\HWLKHUKDOGHGRODUGDQDċDĊ×GHĊLOGLU0XWODNDNHQGLXOXVDOND\QDNODU× P×]×UHWLPHJLUHOLPGL\HELUVDSODQW×\DJLUPHNWHGRĊUXGHĊLO 'RĊDOJD]GDIL\DWUHNDEHWJFQEHOLUOH\HFHN|QHPGH7UNL\HDo×V×Q GDQEDNDUVDQ×]GRĊDOJD]IL\DWODU×NUHVHOOHċPH\HEDċODG×ĈUDQ·DYH5XV\D·\D oRN \NVHN IL\DW |G\RUX] .RQWUDWODU×Q×Q VUHVL GROPD\D EDċODG× <HQLGHQ P]DNHUH HGLOHELOLU 7UNL\H ċDQVO× ELU G|QHPGH RODFDN dQN |QP]GHNL G|QHPGHGRĊDOJD]×VDW×F×ODU×QEHOLUOH\HFHĊLQLGċQ\RUXP3HWUROHHQGHNV RODQIL\DWWDQ]L\DGHVSRWIL\DWODU×Q×QHWNLQRODFDĊ×Q×GċQ\RUXP)L\DWDo× V×QGDQ$YUXSDELUOLĊLQGHQGDKDL\LGXUXPGDRODFDĊ×]JLELJ|]N\RUg]HOOLN OHoHYUHPL]GHNLONHOHUOHE|OJHVHOHQHUMLERUVDV×Q×GDROXċWXUDELOLUVHNIL\DWODU× &H\KDQ·GDYH7UNL\H·GHEHOLUOHPHNPPNQRODFDNW×U /HYHQW$ONDQ %|OJHVHO KDE 7UNL\H NRQXVXQD GHĊLQGLQL] 7UNL\H E|OJHVHO Jo ROPD \ROXQGD DWW×Ċ× DG×PODUOD EHUDEHU NUHVHO MHRSROLWLN ULVNOHUL GH LOHUL\H \|QHOLN NHQGLQHROXPOX\|QGHGHĊHUOHQGLUHELOHFHNċLUNHWROXċWXUPDNNRQXVXQGDELU ċH\OHU\DSDELOLUPL" (OHNWULNSL\DVDV×Q×VHUEHVWOHċWLULS|]HOOLNOHDERQHOHULNHQGLQHEDĊODPDNLV WH\HQHOHNWULNSHUDNHQGHFLOHUL\OHNDUċ×NDUċ×\D\×]IDNDWċ|\OHELUJHUoHNYDU 7DOHELQE\GĊQELOL\RUX]<DW×U×PODU×QV×N×QW×O×GHYDPHWWLĊLQHGHĊLQGL QL]%XUDGDKDUFDUNHQND]DQPDNWDVDUUXIDJLWPHN«|]HOOLNOH7UNL\H·GHoRN GDĊ×Q×NE|OJHOHUGHNLN×ċODODUGDQWXWXQJHQLċKDVWDQHDODQODU×Q×NRQVROLGHHGHQ HQHUMLWDOHSOHULEXNRQXGDWRSOXELUXOXVDOVWUDWHMLJHUoHNDQODPGDX\JXODQVD HOGHHGLOHELOLUPL" .UHVHO×V×QPDGDQEDKVHWWLQL]%LUGHNDUERQHNRQRPLVLGHQHQELUċH\YDU 7UNL\H·QLQNDUċ×V×QDNDUERQHNRQRPLVL\OHLOJLOLELUIDWXUD\DGDELUI×UVDWPDOL \HWLNDo×U×OP×ċELUI×UVDWo×NDUVDEXQXGHĊHUOHQGLUHELOPHNDo×V×QGDQ7UNL\H·QLQ EXJQOHUGHQNDUERQHNRQRPLVLQH\|QHOLNQHOHU\DSPDV×JHUHNLU 0HKPHWgĊWo &KDLUPDQ*OREDO5HVRXUFHV&RUSRUDWLRQDQG 6SHFLDO(QYR\IRUWKH(QHUJ\&KDUWHU %HQLP oRN |QHP YHUGLĊLP ċLUNHWOHU NRQXVX KXVXVXQD GHĊLQGLQL] 7UNL\H·GHNLWPHQHUMLċLUNHWOHULQLELUELULQHoDUS×QELUOHċWLULQEDW×GDNLELURUWD ER\ċLUNHWELOHHWPL\RUX](QHUMLGHNLR\XQFXODU×P×]\HWHULQFHJoOGHĊLO.D PXGDNLHQHUMLR\XQFXODU×\HWHULQFHHWNLQGHĊLO7UNL\H·HG|QNYL]\RQ JHOLċWLUL\RU\DRYL]\RQXROXċWXUDFDNVDNHQ|QHPOLD\DNODU×QGDQELUWDQHVLW×SN× EDċNDDODQODUGDROGXĊXJLELE\NHQHUMLċLUNHWOHUL\DUDWPDNW×U6DGHFHXOXVOD UDUDV×ċLUNHWOHULQ7UNL\H·GHNLWDċHURQXDODFDNGHĊLO7UNL\HPLO\DUGRODU×Q ]HULQGHELUFDULDo×NYHUL\RUVDHQHUMLQLQUROoRN\NVHNVH7UNL\H SHWUROGRĊDOJD]GDG×ċDEDĊ×PO×\VDXOXVODUDUDV×D\DUGD\LQHSL\DVDNRċXOODU×QD J|UHoDO×ċDQDPDDUNDV×QGDGHYOHWLQVWUDWHMLNGHVWHĊLQLKHU]DPDQKLVVHGH FHNoQNHQHUML\LVL\DVHWWHQEDĊ×PV×]J|UHPH]VLQL]HQHUMLċDPSL\RQODU×QD LKWL\DoYDU%XoRĊX]DPDQ\DQO×ċDQODċ×O×\RU7UNL\H·GHSHWUROGHGRĊDOJD] GD HOHNWULNWH N|PUGH XUDQ\XPGD QNOHHUGH HWNLQ IDDOL\HW J|VWHUHELOHFHN oHYUHONHOHUGH\DW×U×PODU\DSDELOHFHN7UNL\H·QLQHQHUMLGLSORPDV×Q×DUNDV×Q GDKLVVHGHFHNEXJQ.DUDGHQL]·GHEDW×U×ODQPLO\DUGRODU×HWNLQELUċLUNHWLQ DUNDV×QD NR\VD\G×Q×] EXQX \LUPL LOH oDUS×S PLO\DU GRODUO×N oRN UDKDW ELU ċLUNHWNXUDELOLUGLQL]7UNL\H·QLQEXVD\G×Ċ×PHQHUMLDODQODU×QGDE\NċDPSL \RQODUDLKWL\DF×YDU3URIHV\RQHOGQ\DoDS×QGDIDDOL\HWJ|VWHUHFHNċLUNHWOHU KD\DWL|QHPGLU ĈNLQFL KXVXV LVH HQHUML YHULPOLOLĊL LOH DODNDO× 2(&' LNHQ ELU oDO×ċPD \DS P×ċW×N·OHUGHSHWURONUL]L\DċDQG×Ċ×]DPDQEWQEDW×GQ\DV×KHPHQHQHUML YHULPOLOLĊLQH \|QHOGL $QFDN IL\DW EDVN×V× YHULOGLĊL ]DPDQ LQVDQODU YHULPOLOLĊH \|QHOL\RUODU<DNODċ×NGDKDD]HQHUMLWNHWLOPLċ2]DPDQGDQEX]DPDQD JHoHQ G|QHPGH 7UNL\H·GH |]HOOLNOH LQċDDW VHNW|UQGH NRQXWODUGD VDQD\L WHVLVOHULQGHYHHOHNWULNUHWHQWHVLVOHUGHYHULPOLOLĊLDUW×UDFDNWHNQRORMLOHUHċLG GHWOHLKWL\DoYDU(QXFX]HQHUMLJYHQOLN\|QWHPLEX .UHVHO×V×QPDNRQXVXQH\D]×NNL\LQHIL\DWODUODLOJLOLELUNRQX*HULSODQD DW×OG× *HRGDWD \DS×ODQ DQODċPDODU×Q KHSVL NDĊ×W ]HULQGH KDOD GXUX\RU (Q DWHċOL VDYXQXFXVX $YUXSD ELUOLĊLGLU VWUDWHMLVL YDUG× (QHUML YHULP OLOLĊLQLQ DUW×UDFDN ·\H NDGDU \HQLOHQHELOLU HQHUMLQLQ SD\×Q× DUW× UDFDNYHNDUERQGLRNVLWHPLV\RQODU×QGDD]DOWDFDNW×.\RWRSURWRNROQH NDUċ×o×NDQELUWUOLP]DODPD\DQ$PHULND%LUOHċLN'HYOHWOHULQGHNHQGLLVWHGL ĊLG×ċ×QGDJHOLċHQGXUXPQHGHQL\OHND\DJD]×|]HOOLNOHEX.\RWRKHGHÁHULQH X\DUNHQ$OPDQ\DELUDQGDHPLV\RQODU×\NVHOWPH\HEDċODG×3HQVLOYDQ\D·GDQ JHOHQXFX]$PHULNDQN|PURUGDNXOODQ×OPD\DEDċODQG×7UNL\HDo×V×QGDQ EDNDUVDQ×]WRSODPNDUERQGLRNVLWHPLV\RQXROGXNoD\NVHN2(&'GQ\DV×Q GDYH$YUXSD%LUOLĊLONHOHULQGHN×\DVODQG×Ċ×QGD$PDNLċLEDċ×QDGċHQNDU ERQGLRNVLWHPLV\RQXKDODGċNG]H\OHUGH7UNL\HJLELJ|EHĊLQGHQHQHUML LWKDODW×QDEDĊ×PO×RODQELUONHQLQHQHUML\RĊXQOXHQGVWULOHUGHQX]DNODċPDV× JHUHNL\RU%XQODUNLUOLVDQD\LOHU7UNL\HJLELONHOHULQEDW×Q×Q\DSW×Ċ×JLELoRN HQHUMLWNHWHQNLUOLOLN\DUDWDQHQGVWULOHULEHONLoHYUHVLQGHNLONHOHUHJ|QGHULS KHPNDUERQGLRNVLWHPLV\RQODU×Q×EXċHNLOGHD]DOWPDV×KHPHQHUML\LGDKDHWNLQ YHYHULPOLNXOODQPDV×KHPGHNPHDWODPDV×WHNQRORMLGHVRQGHUHFH|QHPOLGLU (1(5-Ĉ3Ĉ<$6$/$5,1'$5Ĉ6.<g1(7Ĉ0Ĉ 'Ro'U&&RċNXQ.hdh.g=0(1 Ĉ]PLU(NRQRPLhQLYHUVLWHVL (JH)LQDQV'HUQHĊL<|QHWLP.XUXOXh\HVLYH ĈNLQFL%DċNDQ× 0Ĉ6$)Ĉ5.218ĉ0$&, $UDO×N 'HĊHUOLNRQXNODUYDNLWQDNLWKDWWDYDNLWQDNLWWHQGHGHĊHUOLDVODVDW×QDOD PD\DFDĊ×P×] ELU ċH\ 9DNWLQL] oRN N×\PHWOL GROD\×V×\OD WHODIL HGHPH\HFHĊLP WHNċH\YDNWLQL]ROGXĊXQGDQ]DPDQJHoLUPHGHQKHPHQVXQXPXPDEDċODPDN LVWL\RUXPPVDDGHQL]OH gQFHOLNOH E|\OH ELU HWNLQOLĊL GHVWHNOHGLNOHUL LoLQ ĈNWLVDGL $UDċW×UPDODU 9DNI×·QDYH7DNDVEDQN·DYH%RUVDĈVWDQEXO·DWHċHNNUHGL\RUXPĉLPGLKHPHQ VXQXPXPDJHoL\RUXPDQFDNED]×ċH\OHULK×]O×JHoHFHĊLP7DELLNLNRQXċPDF× RODUDNEXVDDWHNDO×QFDKHOHKHOH0HKPHW%H\·GHQVRQUDNRQXċPDF×ROXQFD V|\OH\HFHNOHULQL]LLVWHULVWHPH]\HQLGHQJ|]GHQJHoLUPHN]RUXQGDNDO×\RUVX QX]dQNQHWLFHGHLċELUNDoDQDKWDUNHOLPHGHGĊPOHQL\RUEXQODUGDQELU WDQHVLGHVWUDWHMLNHOLPHVL(OHNWULNSL\DVDV×Q×QJHOLċLPLQHLOLċNLQRODUDNLONVOD\W SL\DVD JHOLċLPLQLQ \×OODU LWLEDUL\OH |QFHVL G|QHPL YH VRQUDV×RODUDNJ|VWHUHQYHPXKWHPHOHQKHSLQL]LQELOGLĊLQRNWDODUG×U6OD\W <HUL JHOPLċNHQ NHQGLPOH LOJLOL oRN N×VD ELU ELOJL YHUH\LP (QHUML ULVN \|QHWLPL LOH LOJLOHQPHPLQ KLNk\HVL VDQ×U×P LOJLQL]L oHNHFHNWLU ([HWHU hQLYHUVLWHVL·QGH GRNWRUDWH]LPLULVNL|OoPYH\|QHWLPL]HULQH\DS×\RUXPdRN QHWKDW×UODP×\RUXPDPD\DSDQRGDELUQRWJ|UGP\DGDELUDUNDGDċ×PKD EHUYHUGLVDDW·GHULVN]HULQHELUNRQXċPDF×NRQXċPD\DSDFDN2DQ VDDW.WSKDQH·\HJLGL\RUGXPYD]JHoWLPNRċDUDNNRQIHUDQVVDORQX QD JLWWLP ELU ĈQJLOL] NRQXċPDF× ULVN \|QHWLPL ]HULQH ELU NRQXċPD \DS×\RU <HULPL DOG×P RWXUGXP EDċODG×P GLQOHPH\H 0NHPPHO ELU VXQXP WHN NLċL VXQX\RU N×GHPOL GHQH\LPOL YH EURNUDWLN N|NHQOL ROGXĊX EHOOL RODQ ELU NLċL %HQQRWODUWXWX\RUXPVUHNOL\DNODċ×NGDNLNDILODQJHoWLWXWPXċROGXĊXP QRWODUPXKWHċHPE\NKD]DO×\RUXP+HPWH]LPGHNXOODQDELOHFHĊLPKHP GHEXNRQXGDX\JXODPDF×ELULQLGLQOL\RUXP$ċDĊ×\XNDU×GDNLNDVRQUD NRQXQXQ ILQDQVDO ULVN \|QHWLPL ROPDG×Ċ×Q× J|UGP NRQXċDQ NLċL HVNL ĈQJLOL] VDĊO×NEDNDQODU×QGDQELUL\PLċ6DĊO×NVHNW|UQGHULVN\|QHWLPLNRQXVXQXDQ ODW×\RUPXċ\×O×\G×dRNLOJLPLoHNWLR]DPDQELUDUDċW×UPD\DSW×PYHoRN LOJLQoELUċH\LOHNDUċ×ODċW×P2G|QHPLoLQLOJLQoWDELLNLċXDQVL]OHULoLQLOJLQo ROPD\DELOLUĉXDQNLNXOODQP×ċROGXĊXPX]ILQDQVDOULVNPRGHOOHULQLQQHUHGH\VH WDPDP×LQċDDWVDĊO×NYHKDYDF×O×NDODQODU×QGDNL\DNODċ×PYHPRGHOOHUGHQJHOL \RU)LQDQVDOULVN\|QHWLPLQGHNXOODQ×ODQLVWDWLVWLNLPRGHOOHUGDĊ×O×PODUYHEXQ ODU×QJHOLċPLċYHUVL\RQODU×ĉLPGLEDNW×Ċ×Q×]]DPDQHQHUMLULVN\|QHWLPLQGHLVH ILQDQVDOULVNWHNXOODQ×ODQKHUċH\NXOODQDELOHFHĊLPL]LJ|UGP%XQODU×QKHSVLQL J|UGNWHQVRQUDD\Q×PRGHOOHULWDELLNLELUHELUNRS\DODQDUDNGHĊLODPDIDUNO× ċHNLOOHUGHIDUNO×WDU]ODUGDIDUNO×YHULOHUOHNXOODQ×ODUDNHQHUMLYHULOHUL\OHLOJLOLRODUDN ELUWDN×PċH\OHU\DS×ODELOHFHĊLQLJ|UGPYH2'7h·GH8\JXODPDO×0DWHPDWLN (QVWLWV)LQDQVDO0DWHPDWLN%|OP·QGH(QHUML5LVN<|QHWLPL]HULQHGHUV OHUYHUPH\HEDċODG×P 0VDDGHQL]OHNDOG×Ċ×P\HUGHQGHYDPHGH\LPVD\×O×(OHNWULN3L\DVD V×0HY]XDW×QGD´(OHNWULĊLQ\HWHUOLNDOLWHOLVUHNOLGċNPDOL\HWOLYHoHYUH\OH X\XPOXELUċHNLOGHWNHWLFLOHULQNXOODQ×P×QDVXQXOPDV×LoLQUHNDEHWRUWDP×QGD |]HOKXNXNKNPOHULQHJ|UHIDDOL\HWJ|VWHUHELOHFHNPDOLDo×GDQJoOLVWLN UDUO×YHċHIIDIELUHOHNWULNHQHUMLVLSL\DVDV×Q×QROXċWXUXOPDV×YHEXSL\DVDGDED Ċ×PV×]ELUG]HQOHPHYHGHQHWLPLQVDĊODQPDV×µLIDGHVL\HUDO×\RU1HWLFHGHELU SL\DVDG]HQOHPHVLEX3L\DVDPDOLX]ODċW×UPDPHUNH]LYDUKHSLQL]LQGHELO GLĊLYHPLOOL\NWHY]LPHUNH]LYDUEXQODU×ELUD]F×NK×]ODJHoL\RUXP7UNL\H·GH HOHNWULN SL\DVDV×QGD LNL DQODċPDODU NRQXVX |QHPOL ELU QRNWD %X N×V×P JQ |QFHVLSL\DVD\NDO×P×\NDWPDJHUoHN]DPDQO×GHQJHOHPHUHWLFLWNH WLFLJHUoHN]DPDQO×7PEXQODUDE\NDo×GDQEDNW×Ċ×P×]]DPDQRUWDGDELU WDQHE\NULVNROGXĊXQXJ|U\RUVXQX]2GDVL]LQUHWWLĊLQL]UQYHIL\DW× ROVXQ %X UQQ QHWLFHGH EHOLUOL ELU IL\DWWDQ DO×P×Q×Q YH\D VDW×P×Q×Q JDUDQWL HGLOPHVLKHULNLWDUDILoLQGH|QHPOL\DQLVL]VDW×F×WDUDI×QGD\VDQ×]GD|QHPOL DO×F×WDUDI×QGD\VDQ×]GD|QHPOLĉLPGLHQHUMLERUVDODU×QDEDNW×Ċ×Q×]]DPDQEX ERUVDODUGDHOHNWULNSL\DVDV×QGDROVXQGLĊHUOHULQGHROVXQHOHNWULNGRĊDOJD] N|PUNDUERQHPLV\RQVHUWLILNDODU×YHSHWUROYDU0XKWHOLIERUVDODUYDUEXQ ODU×QKHSVLQLELOL\RUVXQX](QHUMLERUVDV×NXUPDoDO×ċPDODU×YDU%XNRQXGDċX DQ%RUVDĈVWDQEXO·DWDċ×QDQYH\HQLDG×9Ĉ23RODQYHELU]DPDQODUDPHUNH]L Ĉ]PLU·GHRODQ9DGHOL2SVL\RQ%RUVDV×·QGDQ(PLUdHWLQND\DLOH(NRQRPLNd| ]P*D]HWHVL·QGH\DSW×Ċ×PELUU|SRUWDMYDU*HUHN*D]HWH·QLQJHUHNVHNHQGL LQWHUQHWVLWHP]HULQGHQJLULSRNX\DELOLUVLQL]7HNUDUNRQX\DG|QHOLPYDGHOL LċOHP V|]OHċPHOHULQH EDNW×Ċ×Q×] ]DPDQ ċXUDGD LOJLQo ELU ċH\ J|U\RUVXQX] ĉLPGLEDN×QQDNGLX]ODċPD\DGDIL]LNLWHVOLPDWVOLGH%XLNLVLELUDUD \DJHOGLĊL]DPDQDQODPO×ROX\RU<DQLEL]GHVDGHFHQDNGLX]ODċPD\ROX\ODELU ULVN\|QHWLPL\DS×\RUVXQX]%DN×QEXoRN|QHPOL7UNL\H·GHoRNID]ODNXOOD Q×O×\RUPXELOPL\RUXPDPD)L]LNLWHVOLPDWEL]LPDo×P×]GDQEDNW×Ċ×P×]]DPDQ ELUD]GDKD|QHPOLKkOEXNLEXQODU×QKHULNLVLGHULVN|OoPYH\|QHWLPLoHU oHYHVLQGHSDUDND]DQPD\DGDND\EHWPHQL]L|QOHPHJLELELUIRQNVL\RQDVD KLS\DQLELUċHNLOGHNHQGLQL]LEHNOHQPHGLNULVNOHUHNDUċ×NRUX\DELOPH|]HOOLĊL WDċ×\DQDUDoODUDO×\RUVXQX]%XQODU×QQHOHUROGXNODU×Q×ELOL\RUVXQX]ĉLPGLED] \NSLN\NSLNG×ċ×\NOHUYDU<DQLEHOOLVDDWOHULWLEDUL\OH\NOHUEHOLUOLVDDWOHU LWLEDUL\OHD]DODQYHKHSLQL]LQEHQGHQoRNoRNL\LELOGLĊLJLELGHSRODQDELOHQELU ċH\ROPDG×Ċ×LoLQHOHNWULNEXUDGDUHWWLĊLQL]LKHPHQELUċHNLOGHVDWPDQ×]JHUH NL\RU+DQLNXUXOXJoYDULċWHWDOHSYDUDU]YDUEXGHQJHOHUYDU %XUDGDJ|VWHUHFHĊLPVOD\WODUGDVOLGHVELUWDN×PIDUNO×HOHNWULNYD GHOL LċOHP V|]OHċPHOHULQLQ |]HOOLNOHUL PHYFXW 6|]OHċPHQLQ E\NOĊ IL\DW DG×PODU× (XUR FLQVLQGHQ UHIHUDQV RODUDN KDQJL IL\DW× DOP×ċODU IXWXUH IRUZDUG HXURSHDQ RSWLRQ·ODU YDU 3HDN ORDG V|]OHċPHOHUGH VDGHFH KDIWDO×N IXWXUH YH D\O×N D\O×N \×OO×N IRUZDUG·ODU YDU EX WDUDIWD GXUXP ELUD] GDKD QHW YH EHOOL ROGXĊXLoLQ%DVHORDGV|]OHċPHOHULGH\DQLED]\NV|]OHċPHOHULQGHLVH\LQH EHOLUOLVDDWOHULWLEDUL\OHYDUYDGHD\ODU×YDUEXQODUĉLPGLEDN×QEXQODU×QKHSVL DVO×QGDELUċH\HLċDUHWHGL\RUGL\RUNLEXQRNWDGDVL]|QQ]J|UPHN]RUXQ GDV×Q×]<DQLEHOLUVL]OLĊLPPNQROGXĊXQGDD]DOWPDNGXUXPXQGDV×Q×]$PD EXQXQGDEHOOLELUPDOL\HWLYDU%XJ|UGNOHULQL]EHQ]HU|]HOOLNWHV|]OHċPHOHULQ IDUNO× IDUNO× |]HOOLNOHU LoHUHQ WUOHUL +×]O× JHoPHP EDċ×Q×]× G|QGUPHVLQ KHU ELULQGHELUV|]OHċPHQLQ|]HOOLNOHUL\D]×\RUELUQHYLVLJRUWDSROLoHVLJLELGċ QQ EXQODU× ĉLPGL EXUDGD QHOHU YDU IL\DWODU× HWNLOH\HQ IDNW|UOHU WDOHS \|QO IDNW|UOHUG]HQOHPHOHUDU]\|QOIDNW|UOHUQHWLFHGHHOHNWULNIL\DW×HWNLOHQL\RU EXQODUGDQ ĉLPGL DU] YH WDOHS HVDV×QGD WP PHVHOH EX QRNWDGD ELUOHċL\RU ĉLPGLELUD]GDKDVL]HLOJLQoELUJUDILNJ|VWHUHFHĊLPSD\ODċDFDĊ×PVL]OH 7DOHS\|QOIDNW|UOHUHELUEDNDO×P1HOHUYDUE\PHRUDQ×YDUQIXVNHQWOHċ PHNLoRN|QHPOLLNOLPYHHQHUMLYHULPOLOLĊL%XQODU×QKHSVLQLċXDQDNDGDUNR QXċPDF×ODUPXKWHOLIYHVLOHOHUOHHOHDOG×ODU$QFDNNHQWOHUGHNLHOHNWULNNXOODQ×P× JLGHUHNDUW×\RUVDEDKOH\LQNDON×\RUVXQX]FHSWHOHIRQXQX]XQDODUP×\ODX\DQ G×Ċ×Q×]×YDUVD\DO×PRELUHQHUML\L\RU+HPHQNDON×SODPED\×\DN×\RUVXQX]W×UDċ ROX\RUVXQX] o×N×\RUVXQX] DUDEDQ×]D ELQL\RUVXQX] XoDĊD ELQL\RUVXQX] EX UD\DJHOL\RUVXQX]\DQL\DSDFDĊ×Q×]WPċH\OHUGHVL]LJ|OJHJ|OJHWDNLSHGHQ ELUHQHUMLNXOODQ×P×YDU+DQLQHWLFHGHKD\DW×QD\U×OPD]ELUSDUoDV×YHEXQODU VL]LQEXOXQGXĊXQX]\HUHJ|UHDUW×\RU%XJQEHQVUHNOLN×UVDONHVLPGH\Dċ× \RUROVDPċXDQNLWNHWLPLPGHQEHONLGDKDD]NXOODQDFDĊ×PNLEXQODU×QLoHUL VLQGHFHSWHOHIRQXELOJLVD\DUODU×WDEOHWOHULLQWHUQHW]HULQGHQVHVOLJ|UQWO LOHWLċLPYEEDNW×Ċ×Q×]]DPDQ<LQHD\Q×ċHNLOGHDU]\|QOIDNW|UOHUHEDNW×Ċ×Q×] ]DPDQ ċLPGL EXUDGD GD LOJLQo ċH\OHU YDU EXQODU×Q KHSVLQGHQ QHWLFHGH ELOGLĊLQL]JLELHOHNWULNHOGHHGLOL\RU%XJQKHSHOHNWULNSL\DVDV×HOHNWULNV|] OHċPHVLILODQDPDLċLQDOW×QGDGRĊDOJD]YDU6DEDKNLRWXUXPODU×QELUWDQHVLQGH GRĊDOJD]DRODQWDOHSD]DODFDNYHEXQDLOLċNLQEDĊ×PO×O×Ċ×P×]D]DODFDNGHQLOGL 8PDU×P JHUoHNOHċLU E|\OH ELU ċH\ 2 NRQXGD ELU ċH\ V|\OHPHP WDELL NL oRN ]RU1HWLFHGHWDOHSGDOJDODQPDV×ROX\RUUHWLPNDSDVLWHVLGHĊLċHELOL\RU\DN×W PDOL\HWLGLĊHUPDOL\HWOHUHEDNW×Ċ×Q×]]DPDQIL\DWODUODR\QDNO×NGL\H7UNoH\H WHUFPHHGLOL\RUDVO×QGDELUYRODWLOLWHGXUXPXV|]NRQXVX9HYDGHOLLċOHPV|] OHċPHOHULQHEDNW×Ċ×P×]]DPDQEXQODU×QWDPDP×ELUċHNLOGHIL\DWKDUHNHWOHULYH YRODWLOLWH\L ELU ċHNLOGH NRUXPD YRODWLOLWH\H NDUċ× NHQGLQL]L NRUXPDN DPDF×\OD \DS×OP×ċċH\OHUĈċWHSHWUROGRĊDOJD]N|PU\NVHNRNWDQO×XoDN\DN×W×NDU ERQHPLV\RQODU×YHLNOLPUQOHUL%LUGHEXQODU×QLoHULVLQGH%UHQWKDPSHWURO YDGHOLLċOHPV|]OHċPHOHULQGHV|]OHċPHYHLoHULNOHULYDU1DNGLX]ODċPDPHVH ODEX3HWUROIL\DWODU×Q×HWNLOH\HQIDNW|UOHUEXNRQXGDKHUNHVKHUċH\LV|\OH\H ELOLUEHQEXVOD\W×NR\GXPEXQXRNXPD\DFDĊ×PVL]HEDċNDELUċH\V|\OH \HFHĊLP3HWUROIL\DWODU×QGDEHQLPQDoL]DQHJ|UċPċXE\NR\XQFXODUELU ċHNLOGHEXQXEHOLUOL\RUODU'H*DXOOH·Q%UHWWHQ:RRGVDQODċPDV×QGDQVRQUD $PHULND·\D KLWDEHQ \DSP×ċ ROGXĊX LOJLQo ELU NRQXċPD YDU %X NRQXċPDQ×Q ELU N×VP×QGDQ NoN ELU FPOH VDUI HWPHN LVWL\RUXP 7DELL NL $PHULNDQ GR ODUODU×KDQLċH\GL\DDOW×QDHQGHNVOL\GL\D'RH*DXOOH´DOW×QDHQGHNVOLRODQ GRODUODU×Q×]EHQGHEX\XUXQ'RODUODU×Q×]×YHULQDOW×QODU×P×µGHPHVL<RX7XEH·GD ·ODUGD\D\×QODQP×ċoRNLOJLQoELUYLGHRYDU2UDGDoRNLOJLQoELUODIHGL\RU 'H*DXOOHhONHQL]HKHUċH\LVRNXQDVOD'RODUVRNPD\×Q'H*DXOOH·QODI×EX <DQLEHQILQDQVHNRQRPLDĊ×UO×NO×RNXGXPGDKDVRQUDVD\×VDOWDUDÁDUDJHo WLPDPDLċLQWDULKER\XWXQXYHE\NR\XQFXODU×QGDYUDQ×ċċHNOLQLELOPHGHQ E×UDN×QULVN\|QHWPH\LKLoELUċH\L\|QHWHPH]VLQL]%XoRN|QHPOL\DQLPDNUR PDNURPDNURJ|UPHN]RUXQGDV×Q×]%LUPDNURJ|Uċ\HWPL\RUd×NDFDNV×Q×] ċHKULQL]LQ ONHQL]LQ E|OJHQL]LQ G×ċ×QD RUDGDQ EDNDFDNV×Q×] 5DNLSOHULQL]LQ GDYUDQ×ċODU×Q×DQODPDGDQDOJ×ODPDGDQDQDOL]HWPHGHQ\DSDFDĊ×Q×]KHUKDP OHERċD)LQDQVWDGDE|\OHULVNWHGHE|\OH%DN×QSHWUROIL\DWODU×QGDELUċH\OHU ROPXċ1HOHUROPXċ$UDELVWDQ·×QLċWHIL\DWODPD\DJHoLċLROPXċIL\DWNRQWURO OHULROPXċ$PHULNDQ·GDUHWLPGċPċELOPHPQHROPXċĉLPGLEDN×QKD EHUOHUH EDN×\RUVXQX] $PHULND·GD WDU×P G×ċ× LVWLKGDP UDNDPODU× Do×NODQDFDN $PHULNDVDQD\LHQGHNVLDo×NODQDFDNEXNDGDUQLoLQHQGHNVOHQL\RUX]EXQD( J|UHFHĊL]RQXELUD]GDQ0HVHODLNLWDQHWDUW×ċPD\DSW×NJD]HWHGH\D\×QODQG× %LULVLHQHUMLSL\DVDV×QGDYHHQHUMLERUVDV×QGDVRQGXUXP(PLUdHWLQND\D·Q×Q ODI×QGDQ oRN N×VDF×N ELU ċH\ V|\OHPHN LVWL\RUXP HVDV×QGD J]HO ELU V|\OHċL EX%RUVDQDV×OEDċDU×O×ROXUNRQXVXQGDċ|\OHELULIDGHYDU´ERUVDNXUPDNLċLQ NROD\N×VP×]RURODQWDUDIERUVD\×EDċDU×O×N×OPDNµ%XoRN|QHPOL\DQLHQHUML ERUVDV×NXUXODFDNDPDEXQDLOLċNLQJHUoHNWHQELUVWUDWHMLSDSHU·×EX'LOH\HQOHU ROXUVDHPDLO·LPDUDF×O×Ċ×\ODVL]OHUOHSD\ODċDELOLULP<LQH+DOXN'LUHVNHQHOLLOH \DSP×ċROGXĊXPX]ELUċH\GHGHHQD]×QGDQQNOHHUVDQWUDO\DS×ODQDNDGDU NLVUHGH7UNL\HNHQGLN|PUQNXOODQG×Ċ×WDNGLUGHHQD]×QGDQFDULDo×ĊD N×VPLELUNROD\O×NVDĊOD\DELOLULIDGHVL\HUDOP×ċW×6OLGH ĉLPGLEDN×QċXċXUDGDGXUVXQEXQXDo×NOD\DFDĊ×P%XQXDo×NOD\DQDND GDU\DQLEXUD\DJHOHQHNDGDUELUNDoċH\V|\OHPHNLVWL\RUXP(QHUMLULVN\| QHWLPL\OHVL]QH\L\|QHWL\RUVXQX]ELUIL\DWULVNLQLELUGHYRODWLOLWHULVNLQL3HNL YRODWLOLWH\L \|QHWLUNHQ QH\H EDN×\RUVXQX]" 5LVN IDNW|UOHULQH 5LVN IDNW|UOHUL QHUHGHQND\QDNODQ×\RU"ĈoVHOULVNOHUYDUG×ċVDOULVNOHUYDUĉLPGLLoVHON×U×OJDQ O×NODU×P×]DEDNDO×PELUWDQHVLHQEDċWDċXFDSLWDOIUHH]HLQGH[%XQXKDW×UOD \DQODU×Q×]YDUG×U7KH(FRQRPLVWG|UWEHċKDIWD|QFHVLQGHNLVD\×V×QGD\D\×QOD P×ċW×*HOLċPHNWHRODQONHOHUHGHPL\RUGDċXONHOHUHGL\RUVHUPD\HDN×PODU× GXUXUVDHQNULWLNGXUXPGDRODQONHKDQJLVLGLU%HċGHĊLċLNVNDOD\×SDUDPHW UH\LGLNNDWHDODUDN\DSP×ċROGXĊXEXoDO×ċPDGD7UNL\HELULQFLV×UDGD<DQL VXGGHQFDSLWDOLQÁRZGXUGXĊXDQ\DQL7UNL\H·\HVHUPD\HDN×ċ×GXUGXĊXDQ 7UNL\HoRNFLGGLELUV×N×QW×GD%XFLGGLV×N×QW×|\OHE|\OHELUV×N×QW×GHĊLO%XQX EXċHNLOGHWDQ×PO×\RUYHELULQFLV×UD\DNR\PXċ]HULQGHQSXDQ×P×]EX V×UDGD<DQLHVDV×QGDV×N×QW×O×ELUUDNDPGLĊHUONHOHULQUDNDPODU×GDYDUEX UDGD%DċNDQHGL\RU"'×ċVDOIDNW|UPHVHODEDN×QHQHUMLULVNL\|QHWL\RUVXQX] 0DNURPDNURPDNUR·\XVL]HV|\OH\H\LP$PHULND0HUNH]%DQNDV×WDKYLODO×P SURJUDP×KHUD\PLO\DUGRODUDO×\RU%XQXPLO\DUGRODUDLQGLUGLĊLWDNGLUGH oDUSDQHWNLVLYHEHNOHQWLOHUVHEHEL\OHELOHVL]LQN×U×OJDQO×NODU×Q×]RNDGDUFLG GL|OoGHDUWDFDNNLEDċ×Q×]DQHOHUJHOHFHĊLQL\DEDQF×EDQNDUDSRUODU×QGDQ RNX\RUXP VL]H ´7UN OLUDV× ROGXNoD ]D\×ÁD\DFDN 0DUW VHoLPOHUL |QFHVLQGH KNPHW oRN V×N×QW×O× DQODU \DċD\DFDN \DQL FDUL LċOHPOHU Do×Ċ× FLGGL |OoGH DUWDFDNµ%DNDUP×V×Q×]ELUPLO\DUGRODU$PHULND$PHULNDQLoLQGHQWDKYLO DO×P×Q×D]DOW×\RUYHEXQXQ\DQV×PDODU×ĉLPGLULVN\|QHWLUNHQ|\OHELUWDQHLNL WDQHIL\DWODIDODQROPX\RUEXLċOHU%XQDoRNGDKDIDUNO×ELUER\XWWDEDNPDQ×] JHUHNL\RU%DN×QGQELUVL\DVLROD\ROGX7UNL\H·GHVL\DVLLoHULNOLELUROD\ROGX ERUVDPLO\DUOLUDGHĊHUND\EHWPLċ<DQLRWXUXSELUGHEXWLSDQDOL]OHUHEDN PDNOD]×PLoGL\RUVXQX]G×ċGL\RUVXQX]1HWLFHGHVL]LQFDULDo×Ċ×Q×]×QJD\UL VDILPLOOLKDV×ODQ×]DRUDQ×LODDUDV×QGDJLGLSJHOPLċPDNXO·XQ VWWHKOLNHOLGHQLOL\RUYHEL]VHQHOHUGLUWHKOLNHOLVXODUGDGRODċ×\RUX]%LUEDċND QRNWDX]XQYDGHOLEDNDELOPHNX]XQYDGHOLGċQHELOPHN ĉLPGLEDN×QVWUDWHMLNUDSRUo×NDU×\RU+HUNHVVWUDWHMLNUDSRU\DS×\RU%XJQ KHPHQKHPHQKHUNXUXPXQELUVWUDWHMLGDLUHVLYDUĈQDQ×QEXVWUDWHMLGDLUHOH ULQLQEHQEXJQHNDGDUQH\DSW×Ċ×Q×ELUWUODQOD\DPDG×P%HQGHNDPXGD \×OPHUNH]EDQNDV×\×O%''.·GDoDO×ċW×P6WUDWHMLGDLUHVLQHUHWLUVWUDWHML UDSRUX\DS×O×UHOGHELUWDQHUDSRUYDUNLP\DSDUQHUGHQEDNDU"+DOEXNLVWUD WHMLGHQLOHQċH\LOJLQo|QHPOLYHDQODċ×OPDV×]RUELUDODQ$PHULND·\D)HGHUDO 5HVHUYH·]L\DUHWHJLWWLĊLPL]GHEL]HċXQXGHGLOHU%HVWSUDFWLFHGHQLOHQċH\ \DQLHQL\LVWUDWHMLGHGLĊLQL]ċH\LVDPRYLQJWDUJHWKDUHNHWOLELUKHGHIWLU6L] VUHNOLRODUDNVWUDWHMLNUDSRUXQX]XJQFHOOHPH\HHOYHUHFHNċHNLOGH\DSPDN ]RUXQGDV×Q×]%L]QH\DS×\RUX]EDN×QVHNL]VHQH|QFHGHPLċWLNċLPGLEXWXWWX (HHWDQHGHQELULWXWPXċRQXJ|VWHUL\RUWDQHVLWXWPDP×ċ7DELLNLWXW PD]EHNOL\RUVXQX]EXQODU×QKHSVLVDELWVDQNL6L]ELUċHNLOGHGHĊLċLPLGLNNDWH DODUDNVWUDWHMLNUDSRUKD]×UODPDN]RUXQGDV×Q×]%LUVWUDWHMLNUDSRUKD]×UODQ×UNHQ HQ|QHPOLQRNWDKD\DOJFQ]NXOODQDELOPHQL]+D\DOJF\RNVDVWUDWHMLN UDSRULoHULVLQGHROPX\RU2]DPDQQHROX\RUVL]ċXDQELUJHOLċPHLċWHELUD] |QFH0HKPHWEH\EDċODWW×EDKVHWWLĉXċXċXROX\RUEXEXEXROX\RUWHNQROR MLNJHOLċPHKRSNDUċ×Q×]DHQHUMLċH\Lo×N×\RU(VL]GHKD\DOHGLQKD\DOHWWLĊLQL] ċH\OHULHPLQROXQGLĊHUOHULGHLQVDQGLĊHUOHULGHKD\DOHGL\RU$PDE\NELU N×VP×GD\DS×\RUEXQODU×<DQLNoNILUPDODUODRODFDNLċGHĊLOEX %LUEDċNDQRNWD6WUHVWHVWLYHVHQDU\RDQDOL]LULVN\|QHWLPLQGHoRN|QHPOL ELUQRNWD$PDPDDOHVHIEL]EXQXGD\DSDP×\RUX]dQNVHQDU\RROXċWXUD P×\RUX]NDIDP×]GD%DN×QROD\ODUJHOL\RUXPGHGLGHGLGHGLELUVHQDU\RDQD OL]L \DSVDQ×] ELU ċH\OHUL J|UHFHNVLQL] 6WUHV WHVWL GD\DQ×NO×O×N WHVWL H EL] KDOD ([FHO·GHQ|WH\HJHoHPHGLN+DOEXNLJ|UVHORODUDNELUoRNċH\LLIDGHHGHELOHQ LQDQ×OPD] \D]×O×PODU YDU KHOH PKHQGLVOLN DODQ×QGD %LU WUO GLVLSOLQOHU DUDV× oDO×ċPD\× GD |ĊUHQHPHGLN <DQL IDUNO× GLVLSOLQOHUGHQ LQVDQODU EX ONHGH KHU QHGHQVHELUDUD\DJHOLSoDO×ċDP×\RUODU%HONLELUDUD\]JHUHNOLEXQODUD6D \×VDOF×ODU ELU WDUDIWD PHY]XDWo×ODU ELU WDUDIWD VL]LQ \Dċ×Q×] \HWPH] WHFUEHQL] \HWPH]VL]JHQoVLQL]|EUGL\RU 'HPRNUDVLoRNVHVOLOLNWLUDPDRVHVOHULQKHSVLQLDKHQNLoHULVLQGHNRQXċWXU GXĊXQX]]DPDQRUNHVWUDROXU+HUNHVNHQGLNDIDQ×]DNRQXċWXĊX]DPDQJUO WROXU9HEDċDU×\HWHQHNYHVHYJLGLUEXLċLQHVDV×6HYGLQL]PL\DS×\RUVXQX] <DSW×Ċ×Q×] ]DPDQ EDċDU×\RUVXQX] %LUD]F×N \HWHQHN oRN GHĊLO $QODWDELOL\RU PX\XP\DQLQHWLFHGHULVN\|QHWLPLQLQLoHULVLQGHVD\×ODU\RNUDNDPODU\RN PRGHOOHU\RNKHSVLYDUDPDEXQODU×QELUELULQHP×NQDW×VJLELWXWNDOJLEL\DS×ċ W×UDFDNXQVXUODUGDYDU (IHQGLP([WUHPHOHUROPD]VDROPD]ODU7UNL\HH[WUHPHONHVLEXQXRNX PDNLoLQ1DVVLP7DOHE·LQ6L\DK.XĊXNLWDE×Q×OWIHQRNX\XQ6L\DK.XĊXNLWD E×QGDRNDGDUJ]HO\D]×\RUNLKHUċH\%HQċLPGLKHPHQEXUDGDQNDIDQ×]×ELUD] GDKDNDU×ċW×UDFDNELUEDċNDVOD\GDJHoH\LPĉLPGLEXEDN×QPDYLRODQDU]×Q E\PHRUDQ×HQHUMLDU]×\DGDEXVRQoH\UHNoRNoRN\HQLELUċH\ELU+RFDP YHUGLEDQDEXQXJHOPHGHQ|QFHWDOHSHWWLPNHQGLVLQGHQ·\HNDGDUJHWL ULOHQELUYHULVHWL6OLGH%DNDUP×V×Q×]ċLPGLċXPDYLDU]N×UP×]×WDOHS ĉXUD\D ELU EDNDU P×V×Q×] OWIHQ %DN×Q EXUDGD DU]×Q N×U×OG×Ċ× ELU QRNWD NUL]L\DċDQ×\RUILQDQVDONUL]L\DċDQ×\RU<DQLEXUDGDoRNFLGGLċXUDODUGD |UWċ\RUEXUDGDELUD]GDKDID]ODELUELULQLQHNDGDULOJLQoELUċHNLOGHWDNLSHW PLċ<DQLEXHVDV×QGDELUoRNċH\LLIDGHHGL\RUċXN×UP×]×ODUGDEHOOLG|QHPOHU LWLEDUL\OHRUWDODPDODU<DQLEXUDGDELU\DS×VDOELUND\PDROPXċ+DQLGL\RUODU\D KLoELUċH\HVNLVLJLELROPD\DFDNR]DPDQVL]GHĊLċHQNRċXOODUDKDQJLQRNWDGD YHQDV×OX\XPVDĊOD\DFDĊ×Q×]NRQXVXQXoRNQHWELUċHNLOGHGHĊHUOHQGLUHELOH FHNGXUXPGDROPDN]RUXQGDV×Q×]ĉLPGLJHOHOLPELUEDċNDV×QDEXUDGDGDVD QD\LLNDPHWDPDoO×KL]PHWDPDoO×WDU×PVDOYHXODċ×PDPDoO×HOHNWULNNXOODQ×P× ĈċWHEDN×QXODċ×PGDHOHNWULNNXOODQ×P×QHUHGH\VHoRNGċNVHYL\HGHWDU×PGD GD|\OHDPDNRQXWDEDNDUP×V×Q×]<DQLUHWLPLQV×I×UROGXĊX\HUGHNRUNXQoELU HOHNWULNWNHWLPLYDU6DQD\LWDPDPROPDV×JHUHNHQ\HUGH%XQODU×QGDoRNL\L \RUXPODQPDV× OD]×P )DUNO× GLVLSOLQOHUGHQ JHOHQ NLċLOHU WDUDI×QGDQ (QHUMLFL GH RODFDNHNRQRPLVWGHRODFDNILQDQVo×GDRODFDNULVNoLGHRODFDNIDUNO×EDN×ċ Do×ODU×JHUHNL\RU´EHQELOL\RUXPµGDQ]L\DGHĉLPGLEDN×QċXQDEDNDUP×V×Q×]" .D\×SYHNDoDNHOHNWULNEXWDEOR\XPXKWHPHOHQKHSLQL]J|UPċVQ]GU %HQGDKD\HQLJ|UGPEHQLPoRNLOJLPLoHNWLĉLPGLEDNDUP×V×Q×]LċWHċXUDGD <HċLO×UPDN$\GHP%RĊD]LoLILODQ'LFOHYH9DQ*|ODUDV×Q GD%XQX\D\×QOD\DQGHYOHW6RQUDQHROGX"ĈWLUD]HGLOGLGHĊLOPLEXQDĈWLUD] HGLOGLNWHQ VRQUD o×NDQ WDEOR GD D\QHQ E|\OH VOLGH $UNDV×QGDQ ċ|\OH ELU UDNDPJHOL\RUILUPDODUGDQGL\RUNLKD\×UDVO×EX']HOWLQGL\RUEXQODU×%XQX G]HOWHELOLUVLQL]EHQoRNX]PDQ×ROPDG×PDPDEHQLPoRNLOJLPLoHNWL\DQLEX GHPRJUDILN DQODPGD GD IDUNO× DQODPODUGD GD oRN DQODPO× ELU LVWDWLVWLN <DQL EXQXEDċNDDPDoODUODV|\OHPL\RUXPQHWLFHGHVL]HJ|VWHUHFHĊLPGDKDLOJLQo LVWDWLVWLNOHUGHYDUEXQODU×QLoHULVLQGHĉLPGLEXUDGDPHVHODEDN×QELUNDoN×WD ED]×QGDGRĊDOJD]DRODQPHWUHNSLWLEDUL\OHGRĊDOJD]WDOHELVOLGHĉLPGL EXQODU QDV×O NDUċ×ODQDFDN VRUXVXQXQ EHQ ELOPL\RUXP \DQ×W×Q× Do×NoDV× $PD E|\OHELUWDOHSDUW×ċ×YDUVDVL]EXQXED]DODUDNVHQDU\RDQDOL]L\DSW×Ċ×Q×]WDNGLU GHNHQGLGXUXPXQX]XQQHRODFDĊ×Q×ELUD]GDKDQHWJ|UHELOLUVLQL]<DQLEXDUW×ċ WDQQHNDGDUSD\DODFDNV×Q×]")L\DWROXUVDSROLWLNDQODċPD]O×NROXUVD\DQLEL] NRPċXODU×P×]ODV×I×UVRUXQIDODQJLGL\RUX]\DKHSVL\OH\DQLLċWHE|\OHċH\OHUL \DċDUVDQ×] YH\D \DċDPD\D GHYDP HGHUVHQL] 'DKD E\N V×N×QW×ODUD PDUX] NDODELOHFHĊLQL]ċHNOLQGHELUG×ċSROLWLNDX]PDQ×\RUXPOD\DELOLUELUILQDQVo×EDċ NDWUO\RUXPOD\DELOLU<DQLHQHUMLGHKDPOH\DSDFDĊ×Q×]DODQODUYHR\QD\DFDĊ× Q×]WDċODUVRQGHUHFHV×Q×UO×ĉLPGLEDN×QHQHUMLLOHDODNDV×YDUP×"dRNE\NELU DOkNDV×YDU6L]HELUD]|QFHDQODWW×PGHGLPNLHĊHU$PHULNDWDKYLODO×PSURJUD P×Q× D]DOW×UVD QH ROXU )LQDQFLDO 7LPHV *D]HWHVL·QGHQ 0DUWLQ :ROI·XQ \D]×V× %DN×Q)HGHUDO5HVHUYHHĊHUċXQRNWDGDQVRQUDEHQNHQGLPLNXUWDU×\RUXPSDUD YHUPH\LNHVWLPGHGLĊLWDNGLUGHEXoRNLURQLNELUNDULNDWULON|QFHV×N×QW×\D JLUHFHNRODQODUJHOLċPHNWHRODQONHOHU%XQDLOLċNLQJ]HOELU\D]×\LQHD\Q× *D]HWH·GH\HUDO×\RU9HEXUDGDEDN×QONHOHULQPHVHODEXUDGD%UH]LO\D·\×|U QHNYHUPLċXOXVODUDUDV×ERUoODQPDPHQNXON×\PHWOHUL%UH]LO\DNHQGLLoLQGH LNDPHW HGHQ \DEDQF×ODU×Q JLULċOHUL o×N×ċODU× \LQH dLQ·GHQ D\Q× ċHNLOGH %DNDU P×V×Q×]"%XQODU×QKHSVLQGHNLċH\ċXELUDQLoHULVLQGHEXONHOHUGHQoRNFLGGL PLNWDUGD VHUPD\H o×N×ċ× RODELOLU %X ONHOHU oRN V×N×QW× \DċD\DELOLU 7UNL\H·GH PDDOHVHI EXQODU×Q DUDV×QGD \HU DODQODUGDQ ELU WDQHVL ĉLPGL EDN×Q EXGD J]HOELUWDEORVRQGHUHFHEDVLW0HVHODXFX]HOHNWULNUHWLPLQGHĈQJLOWHUH·\L ED]DO×\RUODU/RQGUDED]ċXQRNWD/RQGUD·GDQQHNDGDU\NVHNYH\DQHNDGDU XFX]DHOHNWULNNXOODQ×OG×Ċ×J|UO\RU0HVHOD5RPDEXVDU×\ODRODQċH\\DQ×OP× \RUVDP JD] PDYL\OH RODQ HOHNWULN 0HVHOD 5RPD JD]× ĈQJLOWHUH·GHQ GDKDSDKDO×NXOODQ×UNHQHOHNWULĊLGDKDXFX]DNXOODQ×\RU3DULVJD]×GR ĊDOJD]×HOHNWULĊL%XUDGDWDPWHUVLQHĈVSDQ\D·GDoRNIDUNO×ELU GXUXP YDU ĉLPGL ċX DOWWDNL ċH\OHUOH ]DPDQ ND\EHWPHGHQ ELU EDċND VOD\W J|VWHUPHN LVWL\RUXP %XUDGD $YUXSD %LUOLĊLQLQ KDQH KDONODU× HOHNWULN YH JD]IL\DWODU×QDEDNW×Ċ×Q×]]DPDQ%DN×QVWWHNL\LQHD\Q×ċHNLOGHHOHNWULNDOWWDNL JD]ĉLPGLċXLNLVLDUDV×ULVN\|QHWLFLOHUL\DGDEXQODU×QDO×PVDW×P×Q×\DSDQLQ VDQODULoLQoRNFLGGLPLNWDUGDNDU\DGD]DUDUQRNWDV×RODELOL\RUROXċWXUXODELOL \RU<DQLEXQODU×KHGJHHWPHNGHQL\RUEXQDILQDQVDOULVNHNDUċ×NRUXPDIL\DW KDUHNHWOHULQHNDUċ×NRUXPD%XQRNWDODU×Q\RUXPXQXGDELUD]VRQUD\DE×UDND UDNVL]HGDKDLOJLQoELULVWDWLVWLNVXQPDNLVWL\RUXP%XUDGDGDLNDPHWDPDoO× HOHNWULNIL\DWODU×YHUJLGDKLOEXUDGDGD\LQHLNDPHWDPDoO×JD]IL\DWODU×YDU %DNDUP×V×Q×]$YUXSD·GDHQXFX]\HU+HOVLQNLRUWDODPDEXHOHNWULNNXO ODQ×\RU'RĊDOJD]NXOODQDQODUDUDV×QGDPHVHOD+HOVLQNL\RN7DELEXGDoRNL\L ELUPDNDOHNRQXVXRODELOHFHNELUPDNDOH\DQLV×UIEXLVWDWLVWLNOHUGHQELOH\ROD o×NDUDNONHOHULQKDQJLIL\DWDQHNDGDUWNHWWLNOHULQLJ|UHELOL\RUVXQX]%XEHQFH oRNV×N×ELULVWDWLVWLN|]HOOLNOHHQHUML\OHHOHNWULNOHJD]ODXĊUDċDQNLċLOHULoLQJ ]HOELUELOJL1HWLFHGHEHQEXQXFRS\SDVWHRODUDNDOG×P\LQHILQDQFLDOWLPHV\D GD%%&·GHQDOG×PYH%%&·GHQDOG×Ċ×P\LQHELUEDċNDLOJLQoLVWDWLVWLĊLVL]OHUOH SD\ODċPDNLVWL\RUXPEXUDGDĉLPGLGL\RUNLGRĊUXGUVW×V×QDPD\DQODU×Q RUDQ×QIXVWDGRĊUXGUVW×V×QDPD\DQ(QNR\XUHQNYHVWGRĊUXG UVW ×V×QDP×\RU %DN×Q ċX ONHOHU LVLP YHUPL\RUXP EHOOL ROPDV×Q GL\H 2QGDQ VRQUDċXUDV×|EUOHUL<DQL×V×QDP×\RUODU×V×Q×\RUODUEXGDELUEDċNDLVWDWLVWLĊLQHW ELUċHNLOGHRUWD\DNR\X\RU%LUGLĊHUWDUDIVDGL\RUHOHNWULNERUFXQX|GHPH\HQ OHULQIDWXUDODUGDJ|VWHUJHVLĉXEH\D]RODQODUKDNN×QGDGDKHUKDQJLELULVWDWLV WLN WXWXOPDP×ċ \D GD WXWXOPXċVD GD SD\ODċ×OPDP×ċ ċHNOLQGH ELU ċH\ 6RQODUD JHOLUNHQVL]OHUOHSD\ODċPDNLVWHGLĊLPEDċNDKXVXVODUYDUĉLPGLċXDQDUDQ×]GD ILQDQVo×ODUYDUEDQNDF×ODUYDU%RUVDĈVWDQEXO·GDoDO×ċDQYDUGRNWRUDV×Q×NDUERQ WLFDUHWL]HULQH\DSP×ċRODQELU|ĊUHQFLPYDUNHQGLVL\OHELUD]|QFHNRQXċWXĊX PX]GD ´+RFDP OWIHQ ċX NRQXGDQ GD EDKVHGLQµ GHGL (UNDQ .DOD\F× VHYJLOL 'L\RUNLULVNPDQDJHPHQWLVQRWRQO\PDQDJHPHQWRIULVNVLQWKHSURGXFWLRQ VHFWRU ZKROHVDOH VHFWRU <DQL VDGHFH ULVNOHULQ \|QHWLPL GHĊLO D\Q× ]DPDQGD WRSWDQYHSHUDNHQGHULVNOHULGHEDN×OPDO×KHGJLQJVWUDWHMLOHUEXQODULoHULVLQGH ROPDO×YDUO×ĊDGD\DO×DO×PVDW×PLċOHPOHULROPDO×QHWLFHGHEDċNDQHROPDO×0H VHODGL\RUNLWUDGLQJVWDWHJ\JHOLċWLUPHN]RUXQGDV×Q×]HWUDGLQJVWUDWHJ\GHGL ĊLQL]VWUDWHMLVL]LNkUHOGHHWPHDPDoO×YH\DULVNOHUHNDUċ×NRUXQPDDPDoO×VWUD WHMLOHUYHFDUERQWUDGLQJLOHLOJLOLELUNLWDSWDNLELUFPOHEHQLoRNHWNLOHPLċWLELU ĈQJLOL]V|\O\RU'Q\D·Q×QHQJ]HOċH\LGL\RU´KDYD\×VDW×\RUVXQX]KDYDGDQ SDUDND]DQ×\RUVXQX]µ<DQLNDUERQXQROXSROPDG×Ċ×V|\OHPGHĊLODPDEXQGDQ ND]DQ×ODQSDUDPLNWDU×Q×J|UGĊQ]]DPDQVL]HLċWHELUD]|QFHELUDUNDGDċELU VRUXVRUGXNDUERQLOHLOJLOL0HKPHW%H\·GHFHYDSODG×(EL].\RWR·\DLP]DDWW×N NDUERQD]DOW×P×QDJLGHFHĊL]IDODQGL\HQHWLFHGHRNRWDODUGDQFLGGLPLNWDUODUGD SDUD|GHPHN]RUXQGDNDODELOLUL]EXQXQDQDOL]LQHNDGDUL\LQHNDGDUEDċDU×O×ELU ċHNLOGH\DS×OG×ELOHPL\RUXP9HQHWLFHGHULVNOHLOJLOLRODUDNEHQVL]HELUILOPGHQ DO×QW×\DSD\×P'DQ]HO:DVKLQJWRQ·×Q'HMDYXILOPLQGHNLELUFPOH\LV|\OH\H\LP ´QHUH\H EDNPDP×] JHUHNWLĊLQL oRN L\L ELOPHPL] JHUHNL\RUµ %XQOD LOJLOL RODUDN EHQEDN×OPDV×JHUHNHQLVWLNDPHWV|\OH\HFHĊLPVL]H%XQODUGDQELUWDQHVL\DN ODċDQ'DYRV'DYRV·WDNLWRSODQW×ODUYHUDSRUODUJHUoHNWHQoRNN×\PHWOLELUELOJL KD]LQHVLQLWHOLĊLQGH+LoELU]DPDQJ|]GHQNDo×U×OPDPDV×JHUHNHQONHOHUYDU 5XV\DdLQ+LQGLVWDQYH$PHULND%LUOHċLN'HYOHWOHULVL\DVLDo×GDQ2UWDGRĊX EHOLUOH\LFL ROX\RU 7HNQRORML EDQNDF×O×N oRN |QHPOL $IULND oRN |QHPOL %\N R\XQFXODUYDUELUGHE\NR\XQFXROPD\ROXQGDLOHUOH\HQLQVDQODUYDU9HQH WLFHGHHQ|QHPOLċH\LHQVRQDE×UDN×SV|\O\RUXP(Q|QHPOLċH\YHULYHULYHUL YHEXQXQJHUHĊLQFHDQDOL]L9HVL]RYHUL\H«EDN×QKRċROPD\DQELUċH\V|\ OH\HFHĊLP\DQO×ċDQODPD\×QHYHWRYHUL\HOWIHQDVODXODċDPD\DFDNV×Q×]<DGD ]DPDQ×QGDXODċDPD\DFDNV×Q×]1L\HELOL\RUPXVXQX]"&UHGLWGHIDXOWVZDS·ODU YDG×KDW×UO×\RUPXVXQX]NUHVHONUL]GHNUHGLWHPHUUWVZDSODU×.UHGLWHPHUUW VZDSODU×Q×QLċOHPKDFPLQRWLRQDODPRXQWPLO\DUGRODUG×·OHULQEDċ×Q GD.UL]LQWDYDQ\DSW×Ċ×·GDWULO\RQGRODUDXODċW×YHWDPDPHQRYHU WKHFRXQWHUWH]JDKVWLGLEXQODUYHEXQXQQHROGXĊXQXQDQODċ×OPDV×\OD|Q QHJHoLOPHVLDUDV×QGDNLVUHRNDGDUN×VD\G×NL|QQHJHoHPHGLOHU$PHULND·\× GL]OHULQLQ ]HULQH JHWLUHQ ċH\OHUGHQ ELU WDQHVL EX ROGX $PD EXQXQ YHULVL ELU \HUOHUGHPHYFXWWX7H]JDKVWYHULOHULoRNJHFLNPH\OHJHOL\RUGX6L]HJHFLN PH\OHJHOHQYHULGHQELUID\GDHOGHHGHPH]VLQL]%LUWDN×PYHULOHUHDQ×QGDXOD ċDELOPHOLVLQL]$Q×QGDYHUL\RNVDoRNIDUNO×ND\QDNODUGDQHOGHHGHELOPHOLVLQL] %HQVL]HELUċH\V|\OH\HFHĊLPKHGJHIXQG·ODU×ELOL\RUVXQX]GHĊLOPL"+HGJH IXQG7UNoH\HVHUEHVW\DW×U×PIRQXRODUDNoHYULOGL%HQċLPGLELUPDNDOH\D] G×PPHUNH]EDQNDV×Q×Q7&0%NRGOXX\GXVXX]D\DI×UODW×OG×GL\H(VDV×Q GDREDċO×NELUZLVKIXOWKLQNLQJ·GL%XX\GXQHELOL\RUPXVXQX]6LQJDSXUOLPD Q×GQ\DQ×QHQID]ODSHWUROWLFDUHWL\DSDQOLPDQEXOLPDQGDNLJHPLOHULVD\×\RU PXċKHGJHIXQG·ODU%XQGDQVHQH|QFH'DKDVRQUDUDG\RVLQ\DOOHULQ GHQKDQJLJHPLQLQQHUH\HJLWWLĊLQLJ|UHUHNRONHGHNLHNRQRPLNDNWLYLWHQLQoRN RODFDĊ×Q×GċQHUHNRONHNDĊ×WODU×Q×DO×\RUODUP×ċ9HEXQODUGD\DQLUDG\RVLQ \DOOHUL GH \DVDNODQ×QFD X]D\GDQ X\GX NLUDO×\RU KHGJH IXQG·ODU YH R JHPLOHU QHUHOHUHJLGL\RUKDQJLONHOHUKDQJLSRUWODUDJLGL\RUEXQXWDNLSHGHUHNVL]GDKD UHWLPH JHoPHGHQ VL]LQ UHWLPH JHoHFHĊLQL]L J|US VL]H \DW×U×P \DS×\RUODU (HHEXQDEDNW×Ċ×Q×]]DPDQQHNDGDU|QGHVLQL]QHNDGDUDUNDGDV×Q×]GHĊHUOHQ GLUPH\LVL]OHUHE×UDN×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´(OHNWULN3L\DVDODU×Q×QĈċOH\LċLQGH (QHUML%RUVDV×Q×QgQHPLµ %DċNDQ .RQXċPDF×ODU 3URI'U.HUHP$/.Ĉ1 ĈVWDQEXO7LFDUHWhQLYHUVLWHVL gĊUHWLPh\HVL 0XVWDID.$5$+$1 (QHUML7LFDUHWL'HUQHĊL %DċNDQ<DUG×PF×V× 1H]LU$< 7UNL\H(OHNWULNĈOHWLP$ĉ 'DLUH%DċNDQ× ĈVPDLO(5*h1(ĉ &HQJL]/LPDN.ROLQ(QHUML<DW×U×P$ĉ &HR $Y1XUWHQ6$7,/0,ĉ *HUPDQ(QHUJ\&HQWHU&ROOHJH 7UNL\H*HQHO0GU 3URI'U.HUHP$/.Ĉ1 ĈVWDQEXO7LFDUHWhQLYHUVLWHVLgĊUHWLPh\HVL (OHNWULN SL\DVDODU×Q LċOH\LċLQGH HQHUML ERUVDV×Q×Q |QHPLQGHQ V|] HGHFH ĊL]7UNL\H·QLQ\DċDPVWDQGDUG×\NVHOGLNoHYHEXQXQGRĊDOVRQXFXRODUDN GDHOHNWULNHQHUMLVLWNHWLPLEHONLGHSURMHNVL\RQODU×Q]DPDQ]DPDQ|QQGH \UGNoHJHoWLĊLPL]ELUNDoJQ7UNL\H·QLQGRĊDOJD]WDOHELYHEHQ]HULNR QXODUFLGGLELUV×oUDPDJ|VWHUGLYHGROD\×V×\ODNDPXRWRULWHVLKHPGRĊDOJD] KHPGHHQHUMLLKWL\DF×Q×DU]YHWDOHSDUDV×QGDNLGHQJH\LROXċWXUDELOPHNDG×QD YDUJF\OHPFDGHOHYHUL\RU(OHNWULNSL\DVDODU×Q×QHWNLQELUċHNLOGHLċOH\LċL EHONL GH |QP]GHNL G|QHPGH ]DPDQ ]DPDQ NDUċ×ODċDFDĊ×P×] EX RODĊDQ G×ċ×GXUXPODU×Q\|QHWLOPHVLDG×QDoRNE\NNDWN×VDĊOD\DFDNW×UGL\HWDKPLQ HGL\RUXP 0XVWDID.$5$+$1 (QHUML7LFDUHWL'HUQHĊL%DċNDQ<DUG×PF×V× 1H]LU%H\·LQE×UDNW×Ċ×\HUGHQGHYDPHWPHNYHVRUPDNLVWHULP%XJQJHOL QHQQRNWDGD(3Ĉ$ĉYHERUVDNRQXVXQHGXUXPGDG×U" gQFHOLNOHVHNW|UDG×QDEXJ|UċPHOHU\UWOPHNWHGLU(QHUMLERUVDV×JHQHO NDYUDPRODUDNEL]LPLoLQELUDPDoGHĊLOELUDUDoW×U6HUEHVWOHċPHHVDVOLEH UDOHQHUMLSL\DVDODU×QDXODċPDNLoLQWHPHOKHGHILNR\GXĊXPX]QRNWDGDERUVD EXQXQDUDoODU×QGDQELUWDQHVLGLU%HONLEDċODQJ×oWDoRNE\NELUDUDoGDGH ĊLOGLU(QD]×QGDQ\|QJ|VWHULFLOLĊLDo×V×QGDQRUJDQL]HSL\DVDLoHULVLQGHLċOHP \DS×O×\RU ROPDV× VHUEHVWoH LċOHPOHULQ \DS×O×\RU ROPDV× IL\DW×Q DU] YH WDOHEH J|UHHNRQRPLNUDV\RQHOOHUOHEHOLUOHQHQELUPHNDQL]PDLOH\DS×O×\RUROPDV×EX IL\DW×Q UHIHUDQV ROXċWXUPDP×] Do×V×QGDQ oRN |QHPOL ROGXĊXQX J|VWHUPHNWH GLU+HPVHNW|UKHPVHNW|UQVLYLOWRSOXPNXUXOXċODU×7(Ĉ$ĉ%RUVDĈVWDQEXO (3'.YH%DNDQO×NLOHDċDĊ×\XNDU×LNLVHQHGLUEXNRQX]HULQGHoDO×ċPDNWDG×U %XJQEDKVHWWLĊLPL]HQHUMLERUVDV×NDYUDP×LċOHPKDFPLDo×V×QGDQEDNW× Ċ×P×]]DPDQERUVDĈVWDQEXO·XQELUKDIWDO×NLċOHPKDFPLNDGDUDQFDNELU\×OGD LċOHP\DS×ODQELU\HURODFDNW×U5DNDPRODUDNoRNE\NGHĊLOJLELJ|]NUID NDWVWUDWHMLNRODUDN|QHPLoRNGDKDE\NWU%XUDGDEDKVHWWLĊLPL]HQHUMLQLQ |QHPL NHQGLQH KDV NDUDNWHULQGHQ YH WDċ×QPDV×QGD YH GHSRODQPDV×QGD ELU WDN×POLPLWOHUROPDV×QGDQG×U%X|]HOOLNOHULDo×V×QGDQHQHUMLUQOHUL\DQL|]HO OLNOHGRĊDOJD]YHHOHNWULNNRQXVXEXUDGDoRN|QHPOLGLU7UNL\H·GHEXQODU×Q IL\DWODU×Q×Q EHOLUOHQGLĊL ELU SD]DU \DS×V× NXUXODELOPHVL 7UNL\H·QLQ E|OJHGHNL NRQXPXLWLEDUL\OHoRN|QHPOLGLU 7DELERUVDGHGLĊLPL]]DPDQEXUDGDED]HQNDYUDPODUNDU×ċPDNWDG×U%LULQ FLVL(3Ĉ$ĉGHGLĊLPL]YHHQoRNJQGHPGHRODQ\DS×EXOXQPDNWDG×U%X\DS× \HQL(OHNWULN3L\DVDV×.DQXQX·QXQJHWLUGLĊLELU\HQLRUJDQL]HSL\DVDLċOHWPH FLVLGLU(OHNWULNLOHEDċOD\DFDNGDKDVRQUDGRĊDOJD]YHGLĊHUUQOHULGHNDS VD\DFDNGXUXPDJHOHELOHFHNWLU)L]LNLELUVSRWSL\DVDLċOHWPHFLVLRODFDNRODQ (3Ĉ$ĉEXJQNXUXOPXċROVD\G×EXJQPHYFXWHQHUMLSL\DVDV×QGDLċOHP\DSDQ |]HOOLNOH HOHNWULN WDUDI×QGD LċOHP \DSDQODU LoLQ DVO×QGD KD\DWWD GD oRN ID]OD ċH\ GHĊLċPH\HFHNWL (3Ĉ$ĉ· ×Q EL]H JHWLUHFHĊL ċH\ VDGHFH YL]\RQXQ ELULQFL D\DĊ×ROPDV×G×Ug]HOVHNW|URODUDNEL]LPDV×OX]XQYDGHOLNRQXPX]ULVNLPL]L \|QHWPHNWLU2QRNWDGDQVRQUDIL\DWYHSL\DVDULVNLLOHLOJLOLUDKDWoDNRQXċDEL OHFHĊLPL]LPLWHWPHNWH\L] %L]LPX]XQG|QHPOLIL\DW×WDKPLQHGHELOPHPL]DG×QDQLKDLSL\DVDLVH%RU VDĈVWDQEXO·GDJHOLċHFHNRODQSL\DVDG×U%XSL\DVDLOJLOLLOHGH\LQHVHNW|UQ LVWHNOHULGRĊUXOWXVXQGDELUSL\DVDPRGHOLNXUXOPDV×LOHLOJLOLoDO×ċPDODU]DWHQ \DS×OPDNWDG×U7DEL|QFHOLNOLNLGLWHRODFDNW×UdQNOLNLGLWHQLQROPDG×Ċ×ELUSL \DVDGDROXċDQIL\DW×QUHIHUDQVIL\DW×ROPDLKWLPDOL\RNWXU%XDo×GDQGDDOW\D S×GDNLNXUXODQIL]LNLSL\DVDQ×Q\DQL(3Ĉ$ĉ·×QHQ|QHPOLIRQNVL\RQODU×EL]HVSRW SL\DVDGDNLGXUXPXJ|VWHUPHVLIL\DW×HWNLOH\HQEWQYHULYHELOJLOHULQċHIIDI O×Ċ×QVDĊODQPDV×YHWDELvNLSL\DVDQ×QEWQSD\GDċODU×Q×QLoLQGHEXOXQGXĊX \DS×LOHHċLWPHVDIHGHYHKHUNHVLQJYHQGLĊLELUSD]DU\HULQLQROXċWXUXOPDV×G×U %XQXQ]HULQHNXUXODFDN\DS×LVH%RUVDĈVWDQEXO]HULQGH]DWHQDUW×NJOREDO ELUPDUNDROPD\DGRĊUXJLGHQELUEQ\HGHEXDo×GDQGQ\DFDNDEXOHGLOPLċ ELUHQGHNVo×NDUWPD\DDGD\RODFDNW×UGL\HGċQ\RUX] %XEL]HQHJHWLUHFHN"(QD]×QGDQ|QP]GHX]XQYDGHOLELUIL\DWWDKPLQ RODFDĊ×LoLQILQDQVPDQNRQXVXQGDNROD\O×NJHWLUHFHNWLU6DGHFH\HUOL\DW×U×P F×ODU×Q GHĊLO \DEDQF× \DW×U×PF×ODU×Q 7UNL\H·\H JLULċL Do×V×QGDQ QH NDGDU N×U×O JDQ ROGXĊX GċQOGĊQGH EX ID\GD GDKD DQODPO× KDOH JHOHFHNWLU $\U×FD |QP]GHNL G|QHPGH NRQXODQ KHGHÁHU GRĊUXOWXVXQGD LKWL\DF×P×] RODQ \D W×U×PPLNWDUODU×QDEDNW×Ċ×P×]]DPDQVDGHFH\HQLNDSDVLWH\DW×U×PODUGDQEDK VHWPHGLĊLPL]J|UOHFHNWLU%XQODUDHNRODUDN|]HOOHċWLUPHSRUWI|\P]YDUG×U (h$ĉHOL\OH'HYOHW·LQVDKLSROGXĊXED]×UHWLPWHVLVOHULQLGHVDWPDNLVWL\R UX]%XQODULoLQJHUHNOLRODQILQDQVPDQ×QDV×OEXODFDĊ×P×]NRQXVXQDJHOGLĊL PL]]DPDQJHQHORODUDN%RUVDGL\HWDELUHWWLĊLPL]VHUEHVWSL\DVDNRċXOODU×YH EX NRċXOODUGD ROXċDQ IL\DWODU×Q JHOHFHĊH GDLU |QJ|U VDĊODPD |]HOOLĊL GDKD |QHPOL KDOH JHOPHNWHGLU $UW×N ċLUNHWOHULQ ELODQoRVX OLPLWH GD\DQP×ċW×U <DQL ELODQoRODU×NXOODQDUDNNUHGLDOPDNRQXVXQGDDUW×NOLPLWWH\L]'ROD\×V×\ODILUPD ODU×P×]×QILQDQVPDQDUD\×ċODU×QGD\DW×U×P×QJHOHFHNWHNLNDWPDGHĊHULQLQGDKD L\L DQODW×OPDV× ]RUXQOXOXĊX RUWDGDG×U %XQX VDĊOD\DELOHFHN HQ WHPHO |QJ|U XQVXUXLVHIL\DWW×U 1H]LU$< 7UNL\H(OHNWULNĈOHWLP$ĉ'DLUH%DċNDQ× ĈNWLVDGL$UDċW×UPDODU9DNI×·QDEXVHPSR]\XPXG]HQOHGLĊLYHEL]OHUHNHQ GLPL]LDQODWPDI×UVDW×YHUGLNOHULLoLQD\U×FDWHċHNNUHGL\RUXP (OHNWULNSL\DVDODU×Q×QLċOH\LċLQGHHQHUMLERUVDV×Q×Q|QHPLGH\LQFHDNO×P×]D ċXJHOL\RU*HoPLċWHQHLGL"ĉLPGLQHROGX"dRNV×NLIDGHHGLOHQHQHUMLERUVDV× NXUXODFDNDPDPHYFXWWDQHUHGH\L]"gQFHEXNRQXODU×DQDOL]HHWPHNWHID\GD YDU2QVHQH|QFHVLQHJLWWLĊLPL]GHRUWDGDELU " "* "$!",,! ### " " ,",,! ### " " *") " %# ## ,,"%( ,(# # # ," !" #& !!"!""%, !" '&!") " ,# ##!" #&#) , "!(,"$, "!"#% $ !" '&!") " ,# ##!" #&#) , "!(,"$, "!")&* " " %")!" !" #" ,#!" )(, "!!,",,#", ' "!+*$& &" + " %+ "*" " & + * ! !+ ()* *!" ($ !" !#!" $ " *") !" &%*!" + + " !" #"!" (+"+ +"%+ # %*!##$" !) $&%* !" %" !& ++ ) ""* % "+%$ !# #*%**(* +!" &%* !" (+"+ +"%+ ( & * ""*" ! ! " * ! ! " * $ " !% " & + !"%+ $ !" ' "* * #"#!# " " *$ ) " *#** * #%" !#!" " !" )& !" () ) !" $ '$ !" ( ) " !*** * " )"( !" () "" *) " * *!" !#!$% # ##( ( ) " * ' & ) " ")" ! !!* ' !" )$! !" )' * " !" $&'$ !" #*"%* () ( !") $" ) $" %) " ) "$ ()!!"!")$") ) '" ##"$) $" ) $ () !") " ! !! ) " ) "$ () "'" !") " ! $ " ) "$ " '"& !" !$ "!! "$)) ) '% ' " $ % % # !" % $" !% #!) # ## () !") " ! ) #) (!")$ ) " '" !" ) # # )) '" !! # ## ! " '"& # ")!) ") '" ! ) # # # %) " ' " &!#$#"$) ! !! ! ! !!!!!!! !! !! !! ! !!!! +3!3! (& +''3#)#)!#&+''30,#!" )&)") )&)!& (0"%+'$+)#)!&3.#!'#')+)!"'3(&! 0& +! (& !("-! (& -&(" 0& +! (& &($!& 0.+&3& (+&3!"3$!) +&32%+'!("/&**&! 120& +! (& !("#$#"& (0#+'#+&!#+'! ,!(3&" & , 0& + ! (& !(" #$#" & ( (&3## ,3&!##*)&)!$#+!###!"*,!(3&"/#("! 0 0"!& $ &)!()')# &. !# !3"'(3"!& ! '/,!"+ !#"3 " (&!& &'3# & !&3 '' !& %+' !+( /'(&# (0,! !&# $&.!) + ! !3 $!) !&3 ()(&!&3 '%!" ')&(+!"!),!(3&"''("#.!3(3&3&22 +6& *#" . +/6%6 +&# 0, //6&%'' %$,*#$#/++6'!%&.0%,6*&/3',&%###%'!%& #*#&%*##2#'+,%#$-0%,6*&-0%,6*&#*#&%*#.,4$,#&,* 6' 42)*#/(,%-/%6$-0%,6*&&$'#0&+63'!3*4%4-+,(+ /6%6'-/!-%'&+6%,6%6 #+',*#".+/6%6+�,//6&%''%$,*#$ #/++6'!%&.0%,6*&/3',&%###%'!%&#*#&%*# -0%,6*& #*#&%*# . ,4$,#& ,* %*6 #2#' +,%#$ -/!-%& %,6%&6,6* ,%#$-/!-%&'6'66'*%6$5*%6$*#"%*# *+6'4'1'+#%'%&-/!-%&+6/)6%6*%6$#,#*6 #% 4' 1'+# #/++6 -/!-%&+6 . /*6 !*2$ 0&' '!%& &6/% '!%& 42 #/++6 -/!-%&+6 /)6%&$,6* '("!("'!! (& /&("!2*'(2)+)!"!&2&&## +&2!& !(" ,"( /&(" !+(!& * ($%(# '(2 !+(!& &&##+&2(2&2!& !("''("#&"(&!&&'2#( &!!&! ' !#"+-!22!"2(2& 2(2" ,"(!& ! %& # '(2 ,"(!& +&2(2&2!& 2(2" ''("# &" (&!& &'2# ( &!!&! ' !#"+ -!22!"2(2& '+2!2 #)# +&# -2 # '+2!2 #)# ! %+' !+( +&2 (#2"!#2 * /# .#' %+''2 /# - %+''2 * (&2##!(!#%+'!&2##!"/-+''2),!(2&"'2#2# +%2!"'2 ! $!" /,& %+' !(' $!& 0111 #& +'!&2!("1## )&)!"'2+'!-&-*+ *)")$!)* $&''(#)!1! (& (/&*%+'!&2#2#!(!"'.&**&! ($%&$/ (.&!'#'!&2'$#!#2&2!& "*)( !&2' !2 !" /,& /&("& (!&#.#/(/&/!/ $ % % $ %%$$% "% $ # % %%%%% % $#% $$$$%%% %$$%%% %%% ! $ % %% $ %% $% $"%$$ # % %% % .4$4"+")4.$ '$&2)#".,),$,22.4$4#"% .4 "+")4 "$ 3 ,$%4 '$,( , *2) "0)"*"& #%,*#+1)2 1/$*#+1)+)4&&-).$4&%4+4) #"% *'&, "+")4 "$ (".* "$% !%" *-".*"& ,$%4+4) *4% *'&, "+")4 "$ *)*+ +2#+"" " *)*+ +2#+""*.0""*'$%,+,) #"% .4& *)*+ +2#+"" +2#+"% %"#+)4 ! '$%,+,),%"#+)+'($%+2#+"%"&3&#)4$4# $%#+") ".*$"/$+4)%)#/"&#.4+$4#+4$4%4*.4*43,) ĈVPDLO(5*h1(ĉ &HQJL]/LPDN.ROLQ(QHUML<DW×U×P$ĉ&HR (OHNWULĊLQELUWLFDULPHWDROPDV×YHGROD\×V×\ODELUSL\DVDGDLċOHPJ|UPHVL oRN\HQLELUNDYUDP·GHĉLOL·GHEDċODP×ċELUVUHo%XQXQDUNDV×QGDċX YDU DUW×N NDPX ND\QDNODU×\OD EX NDGDU \NVHN PLNWDUGD ELU HQHUML LKWL\DF×Q× NDUċ×ODP×\RUVXQX]%LU\DQGDQ\NVHNND\×SNDoDNRUDQODU×WDKVLODWVRUXQODU× GLĊHU\DQGDQK×]O×E\PHK×]O×UHIDKODELUOLNWHDUWDQ\NVHNPLNWDUO×\DW×U×P LKWL\DF× %XQX GHYOHW LPNDQODU×\OD \|QHWPH ċDQV×Q×] NDOP×\RU 'ROD\×V×\OD ELU SL\DVDNXUPDQ×]ELUSL\DVDROXċWXUPDQ×]JHUHNL\RU´(OHNWULNµoRNHQWHUHVDQ ELUUQoRNIDUNO×ND\QDNODUGDQUHWL\RUVXQX]YHKHUND\QDĊ×QPDOL\HWLELU ELULQGHQIDUNO×*QQKHUVDDWLQGHWNHWLOHQHOHNWLND\Q×DPDDVO×QGDSL\DVD NXUJXVXDQODP×QGDYHDU]×QYHWDOHELQNDUċ×ODċPDV×DQODP×QGDEDNDUVDQ×]ELU \×O×QLoHULVLQGHWDQHUQYDU0HċKXU.LUċRINLUFRII.DQXQXUHWLOGLĊL DQGDWNHWLOPHVLJHUHNL\RUGHSRODQDP×\RU7PEXWHNQLNYHHNRQRPLN|]HO OLNOHUGRĊUXOWXVXQGDROXċWXUXOPDV×JHUHNHQELUSL\DVD *HQHO NRQVHSW DQODP×QGD EDNDUVDN 'Q\DGD EXJQ HOHNWULN SL\DVDV× HOHNWULĊLQELUPHWDRODUDNDO×QPDV×VDW×OPDV×LWKDODW×LKUDFDW×ELUWUHQGKDOLQ GHJLWWLNoH\D\J×QODċ×\RU6RQXoWDNDPXKL]PHWLGROD\×V×\ODEWQLċOHWPHOHU NDPXGD %XQODU×Q |]HOOHċWLUPHVL JHUHNWLUL\RU YH EHUDEHULQGH |]HOOHċWLUPHQLQ DUNDV×QGDELUVHUEHVWOHċPHOLEHUDOOHċPHROPDV×JHUHNL\RU.LPLONHOHU|]HO OHċWLUPH\L GDKD |QFH \DSP×ċ NLPL VHUEHVWOHċWLUPH\L 7UNL\H KHP |]HOOHċWLU PH KHP VHUEHVWOHċWLUPH\L D\Q× DQGD \DSPD\D oDO×ċ×\RU %X QHGHQOH ELUoRN VRUXQ Lo LoH JHoLUL\RU <DQL HQHUMLGHNL KHUKDQJL ELU PHVHOH\L HOH DOG×Ċ×Q×]GD VHNW|UQELUoRNER\XWX\ODYH\DELUoRNN×VP×Q×LOJLOHQGLUHQDo×GDQHOHDOPDQ×] JHUHNL\RU %X LċLQ WHRULVLQGH IXWXUH LċOHPOHU ERUVD LċLQ HQ ROJXQ QRNWDV×G×U 6RQG|QHPOHUGH7UNL\H·GHEXNDYUDPoRNLOJLJ|UPċGXUXPGDEXUDGDGD \DSW×Ċ×P×]JLELWRSODQW×ODUG]HQOHQL\RU<HQLNXUXPVDO\DS×ODUROXċWXUXOPD\D oDO×ċ×O×\RU3L\DVDQ×QHQROJXQVDIKDV×LoLQ|QFHEXSL\DVDGDNLDU]×QYHWDOHELQ GHĊHUOHQGLULOPHVLOD]×P%XJQKDOLKD]×UGDVSRWSL\DVDGDGDKLOSL\DVDGDNL DU] YH WDOHS VHUEHVWoH NDUċ×ODċ×S VHUEHVWoH ELU IL\DW× EHOLUOH\HPL\RU %XJQ 7UNL\H·GHHOHNWULĊLQ\DNODċ×NG|QHPLQHJ|UH·LGRĊDOJD]GDQNDUċ×ODQ× \RU'RĊDOJD]GDGDNDPXKDODIL\DWEHOLUOH\LFLGLU%|\OHELUSL\DVD\DS×V×QGD ND\QDN WHGDULNLQGHQ EDċOD\DUDN VHNW|UQ WP VHJPHQWOHULQGH NL NDPXQXQ EHOLUOH\LFLOLĊLo|]OPHGLĊLPGGHWoHKLoELU]DPDQROJXQELUSD]DUGDQYHSL \DVDGDQ(3Ĉ$ĉ·×YH%RUVD·\×NXUVDNELOHoRNFLGGLOLNLGLWHVLYHGHULQOLĊLRODQ ELUHQHUMLSL\DVDV×QGDQEDKVHGHPH\L]*D]NRQWUDWODU×Q×QGHYUL%27$ĉ|]HO OHċWLUPHVLJD]WDUDI×QD\HQLR\XQFXODU×QJLUPHVLYHD\Q×]DPDQGDGDNDPX QXQ HOLQGHNL UHWLP VDQWUDOOHULQLQ |]HOOHċPHVL EX LċLQ ROPD]VD ROPD]× GL\H GċQ\RUXP%XQODUROGXNWDQVRQUDLċLQWDOHSWDUDI×QDEDNPDNOD]×P%XJQ KDODWNHWLPLQ|QHPOLELUN×VP×KHUQHNDGDU7UNL\H·GHNLPHYFXWWNHWLPLQ ·LVHUEHVWWNHWLFLKDNN×Q×QNXOODQ×P×QDEDNW×Ċ×P×]GD·ODUFLYDU×QGD J|UQ\RU·H\DN×Q×WNHWLPLQUHJOHWDULIHGHQHQHUMLDO×\RUgQP]GHNL JQOHUGH \×O×QGD VHUEHVW WNHWLFL OLPLWLQLQ ELUD] GDKD GċPHVLQL EHNOL \RUX](QHUMLVWUDWHMLEHOJHPL]HJ|UH\×O×QGDVHUEHVWWNHWLFLOLPLWLPL] ROPDV×JHUHNL\RU<DQLDU]WDUDI×QGDYHWDOHSWDUDI×QGDNLN|NOGHĊLċLPOHUGHQ VRQUDGDĊ×W×PċLUNHWOHULDVO×QGDGDĊ×W×PċLUNHWOHULGHGHĊLOL]\×O×EDċ×QGD GDĊ×W×PċLUNHWOHULPL]\DVDOD\U×ċW×UPDVXUHFLQLWDPDPOD\DUDNGDĊ×W×PYHSHUD NHQGHIDDOL\HWOHULQLD\U×W]HONLċLOLNDOW×QGD\UWPH\HEDċODG×ODU<DQLSHUD NHQGHċLUNHWOHULRODUDNE\NELUPċWHULSRUWI|\QELUEDċNDGH\LċOHE\N ELU WNHWLP SRUWI|\Q LNLOL DQODċPDODU SL\DVDV×QGDQ HQHUML WHGDULN HGLS EX PċWHULOHULPL]HX\JXQWDULIHOHUJHOLċWLUHUHN\|QHWPHN]RUXQGD\×]'LĊHUHQHUML SL\DVDODU×QGDROGXĊXJLELHOHNWULNVHNW|UQGHNLULVNOHU 0LNWDU5LVNL )L\DW5LVNL /LNLGLWH5LVNL %XQODU×\|QHWHELOPHNYHSL\DVDGDDU]XHWWLĊLPL]HWNLQOLĊLJ|VWHUHELOPHPL] LoLQELUWDNLPHQVWUPDQODUDLKWL\DF×P×]YDU%XQXQGDHQWHPHO\ROXX]XQYD GHOLNRQWUDWODUG×U)LQDQVo×Q×QNDELOL\HWLQH\DW×U×PF×Q×QLċWDK×QD\DUDW×F×O×Ċ×QD EDĊO×RODUDNPXWODNDIDUNO×WUHYUQOHUGHJHOLċHFHNWLU$PHULND·GDJ|U\RUX] WDU×PUQOHULQHGD\DO×RODQYDUKDYDNRċXOODU×QDGD\DO×RODQYDUEHOOLHPWLDODU ]HULQHGD\DO×RODQWUHYUQOHUYDU%HQRUDV×QGDGHĊLOLPĉXDQ D\O×NNRQWUDWODUGDKLO\DS×ODELOLUELUQRNWD\DJHOVHEL]LPLoLQLQDQ×OPD]ID\GDO× ROXUULVNOHULPL]LGDKDNROD\\|QHWHELOLUL]YHPċWHULOHULPL]HGDKDIDUNO×WDULIH OHUGDKDIDUNO×IL\DWSDNHWOHULVXQDELOLUL]%XQXQRODELOPHVLLoLQEXSL\DVDODUGD GHULQOLNROPDV×JHUHNL\RU9DGHOL92%·WDX]XQYDGHOLHOHNWULNNRQWUDWODU×YDUG× DPD\DċDPDG×<DċDPDPDVHEHELVHUEHVWELUSL\DVDGDNLVHUEHVWELUDU]×QYH WDOHELQDVO×QGD]HULQHRWXUPDPDV×LGL <XNDU×GDDQODWW×Ċ×P\DS×VDOGHĊLċLPoRNK×]O×GHYDPHGL\RU%XDQODPGD ONHPOHJXUXUGX\X\RUXP$YUXSD%LUOLĊL·QLQHQVRQLOHUOHPHUDSRUXQDEDNW× Ċ×P×]GD7UNL\H·QLQDVO×QGDHQoRNSHNL\LDOG×Ċ×DODQODUGDQELUWDQHVL´HQHU MLµ<DSW×Ċ×VHUEHVWOHċPHIDDOL\HWD\U×ċW×UPDV×|]HOOHċWLUPHOHUEDċOD\DQUHWLP |]HOOHċWLUPHVLDVO×QDEDNDUVDNoRNN×VDELUVUHGHJHUoHNOHċL\RUYH'Q\DQ×Q oRNFLGGLELUNUL]GHQJHoWLĊLELUG|QHPGH7UNEDQNDODU×YH7UN\DW×U×PF× ODU×HOL\OHJHUoHNOHċL\RUg]HOHċWLUL\DSPDNJHUHNLUVHHQHUMLVRQXoWDEXE \NR\XQFXODU×QELUR\XQXGXUYHIDUNO×\HWHQHNOHUJHUHNWLUL\RU$VO×QGDUQ NLPVHQLQJ|UGĊIDODQ\RNELUNRQWUDWDO×SVDW×\RUX]YHKHUJHoHQJQVHU EHVWOHċPHLOHELUOLNWHDVO×QGDEL]PċWHULOHULQULVNLQL\|QHWL\RUX]%L]OHULQGH NXUXPVDODOW\DS×ODU×Q×JHOLċWLUPHVLJHUHNL\RU(QHUMLLċLE\N|OoHNYHE\N VHUPD\HJHUHNWLUHQELULċWLU'ROD\×V×\ODEL]LPEXR\XQXGHYDPHWWLUHELOPHPL] LoLQVHUPD\HSL\DVDODU×QDJLGHELOPHPL]JHUHNL\RU%XQXQLoLQHQWHPHOLKWL\Do GX\XODQċH\OHUGHQELUWDQHVLWLFDUHWLQL\DSW×Ċ×P×]UQQELUUHIHUDQVIL\DW×Q×Q ROXċDELOPHVL«%HQEXQGDQLNL\×O|QFHXOXVODUDUDV×ELUIRQODE|\OHELUċH\LoLQ J|UċWĊPGHYH\×OODU×LoLQIL\DWODUE\NELUGDOJDODQPD LoHULVLQGH\GL8]XQL]DKODU\DSPDQ×]JHUHNL\RUoRNGUDPDWLNLQLċOHUYHo×N×ċODU YDU <DW×U×PF× ULVNL J|UGĊ \HUGH NDo×Q×\RU %X SHUVSHNWLIWHQ EDNW×Ċ×P×]GD GDĊ×W×PYHSHUDNHQGHċLUNHWOHULRODUDNSL\DVDQ×QEXPDQDGDNLLOHUOHPHVLQLQYH NXUXPVDOODċPDV×Q×QoRNE\NGHVWHNoLVL\L](3Ĉ$ĉ·×QNXUXOXċXQXKH\HFDQOD EHNOL\RUX]dRNWHċ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ĉ *HUPDQ(QHUJ\&HQWHU&ROOHJH7UNL\H*HQHO0GU %XVHPSR]\XPXG]HQOH\HQĈNWLVDGL$UDċW×UPDODU9DNI×%RUVDĈVWDQEXOYH 7DNDVEDQN\|QHWLPOHULQHWHċHNNUOHULPLLOHWL\RUXP 7UNL\H·QLQ HQHUML VHNW|UQGHNL WLFDUHW KDFPL \×OO×N PLO\DU OLUD YH 7UNL\H·QLQHQHUMLVHNW|UQGHNLVHUEHVWOHċPHKDUHNHWOLOLĊL\×O×QGD(QHU ML 3L\DVDV× 'HQHWOHPH .XUXPX·QXQ NXUXOPDV×\OD EDċODP×ċW×U ĈNL DNWLI HQVWLW YDUG×U%XQODU 3L\DVD ĈċOHWLFLOLĊL 0HYFXW NDW×O×PF×ODUGDQ WRSODG×Ċ× WHNOLÁHUL GHĊHUOHQGLU PHNWLU6LVWHPĈċOHWLFLOLĊL%LU|QFHNLJQHEDĊO×RODUDNIL\DW×EHOLUOHPHNWLU +HULNLVLGH7(Ĉ$ĉDOW×QGDEXOXQDQLNLNXUXPWDUDI×QGDQLċOHWLOPHNWHGLU %XQODUV×UDV×\OD3080YH0LOOL<N7HY]L0HUNH]LGLU 7UNL\H·GH ċX DQGD PHYFXW VLVWHPGH UHIHUDQV ELU IL\DW \RN 'ROD\×V×\OD RUWD X]XQ YDGHOL IL\DW |QJ|UOHULQLQ \DS×ODPDPDV× ELUWDN×P ]RUOXNODU× YH GH ]DYDQWDMODU×EHUDEHULQGHJHWLUPHNWHGLU(OHNWULNIL\DWODU×DQFDNELUVRQUDNLJQ LoLQEHOLUOHQL\RUYHIL\DWWDKPLQPRGHOOHUL]HULQGHQRUWDX]XQYDGHOLIL\DWODU WDKPLQHGLOVHGHEXEDQNDF×ODU×QYH\DW×U×PF×ODU×QNXOODQDELOHFHĊLELUYHULROD UDN PDDOHVHI GHĊHUOHQGLULOHPHPHNWHGLU $\U×FD PHYFXW VLVWHPGH DO×P VDW×P WHNOLÁHULWPNDW×O×PF×ODUWDUDI×QGDQJ|]OHQHPHGLĊLLoLQYHULOHQUHWLPWDOLPDW ODU×QGDNLVDDWOLNIL\DWODUDNDGDUYHULOHUċHIIDIELUSODWIRUPGDSD\ODċ×ODPDPDN WDG×U 0HYFXW VLVWHPGHQ YH PHY]XDWWDQ EDĊ×PV×] RODUDN IL]LNVHO NHVLQWL YH HNRQRPLNNHVLQWLROPDN]HUHLNLWUPDQLSODV\RQV|]NRQXVXGXU 7UNL\H·GH (3Ĉ$ĉ HQHUML ERUVDV×Q× NXUDUVD VLVWHPGHNL IRQNVL\RQHO \HWHU VL]OLNOHUYHċXDQDNDGDU\DċDP×ċROGXĊXPX]QHWYHċHIIDIROPD\DQKXVXVODU EHOOL ELU |OoGH QHWOHċLS \DEDQF× \DW×U×PF×ODU×Q \DW×U×P PRWLYDV\RQXQX GDKD GD DUW×U×S GDKD ID]OD \DW×U×P \ROXQX GD DoDFDNW×U gUQHĊLQ ċX DQGD PHYFXW VLVWHPGHWPUHWLFLOHULQPDUMLQDOPDOL\HWOHULQLWDQ×PODPDV×V|]NRQXVXGHĊLO YHEXGDUHIHUDQVIL\DW×QROPDPDV×QGDQND\QDNODQ×\RU5HIHUDQVIL\DW×Q'Q\D JHQHOLQGH\DQLJOREDO|OoHNWHSHNoRNSL\DVDGDNXOODQ×ODQEDVLWELUX\JXODPD LOHUHIHUDQVIL\DWEHOLUOHQHELOGLĊLKDOGH7UNL\H·GHKHQ]EXX\JXODPDPDDOH VHI\RNWXU (3Ĉ$ĉ·×Q NXUDFDĊ× HQHUML ERUVDV× \DW×U×PF×ODU LoLQ YHUL SD\ODċ×P×Q×Q ċHIIDI ROGXĊXJYHQWHONLQHGHQSD]DU\HULRODFDNYHEXYHVLOHLOH\DW×U×PF×ODU\DW×U×P LKWL\DF×Q× VDGHFH |] ND\QDNODU×QGDQ GHĊLO IRQODUGDQ YH \DEDQF× \DW×U×PODU×Q GHVWHĊLLOHVDĊOD\DFDNODUG×U %X GXUXP KHP 7UNL\H HNRQRPLVL LoLQ KHP GH 7UNL\H·GHNL HQHUML VHN W|ULoLQoRNFLGGLELUND]DQ×PRODFDNW×U5HIHUDQVIL\DW×EHOLUOLROGXĊXQGDHQ D]×QGDQ UHWLP YH IL\DW GHĊHUOHUL SL\DVD\D GDKD QHW ELU ċHNLOGH \DQV×\DFDN %XVD\HGHGHERUoODQPDoRNGDKDN×VDELUVUHGHYHYHULPOLELUċHNLOGHJHU oHNOHċHFHNYH7UNL\HJHQHOLQGH\DW×U×PKDFPLDUWDFDN+DWWDPHYFXWHQHUML ċLUNHWOHULQLQSL\DVDGHĊHULGHDUWDFDN5LVNGHGDKDNROD\ELUċHNLOGH\|QHWLOH UHNJHUHNSL\DVDULVNLJHUHNVHIL\DWULVNLDOPDNLVWHPH\HQ\DW×U×PF×ODUUHIHUDQV IL\DWDEDĊO×RODUDNX]XQYDGHOLIL\DWODU]HULQGHQV|]OHċPHOHU\DSDELOHFHNOHU $\U×FD'DPJDYHUJLVLYHNUHGLULVNLċXDQLoLQVHNW|UGHNLOLNLGLWHQLQDUWPD V×Q×Q|QQGHoRN|QHPOLLNLHQJHORODUDNGXUPDNWDG×U ĈċOHPOHULQERUVD]HULQGHQ\DS×OPDV×GDPJDYHUJLVLQLQNDOG×U×OPDV×YHNUHGL ULVNLNRQXVXQGD|QHPOLELUJHOLċPHRODFDN$QFDNERUVDGDJQONRODUDNPDUM ILQDQVPDQ×LKWL\DF×GRĊDFDN\DQLERUVDGDIL\DWODUKHUJQJHUoHNOHċWLĊLQGHQ ELU|QFHNLJQQIL\DW×\ODDUDV×QGDNLIDUNNRQWUDWVDKLELQGHQWDKVLOHGLOHFHN %XċHNLOGHJQONPDUM×|GHPHJFROPD\DFDNILUPDODUILQDQVPDQV×N×QW×V× oHNHELOHFHNYH%RUVD\×NXOODQDPD\DFDN $\U×FDHQHUMLERUVDV×QGDHOHNWULNUQOHULQLQ\DQ×V×UDGRĊDOJD]YHN|PUH ID\GDO×UQOHULQGH\HUDOPDV×JHUHNLUdQNGRĊDOJD]V|]OHċPHOHULHQID] OD LNL \×OD NDGDU VDĊODQDELOL\RU 'RĊDOJD] IL\DW× VDELWOHQHPHGLĊL LoLQ HOHNWULN IL\DW×Q× GD VDELWOHPHN PPNQ ROPX\RU ULVNLQ \|QHWLOHPHPHVL X]XQ YDGHOL V|]OHċPHOHULQ\DS×OPDV×NRQXVXQGDHQJHOWHċNLOHWPHNWHGLU 7UNL\HHQHUMLVHNW|UQGHNLċLUNHWOHUULVNLL\L\|QHWLUOHUVHSL\DVDGHĊHUOHULQL GHDUW×UDFDNODUG×UYHEXYHVLOHLOHGH\DEDQF×\DW×U×PF×ODU×ONH\HoHNPHNoRN GDKDNROD\RODFDNYHERUVDQ×QVDĊODG×Ċ×DWPRVIHUX]XQYDGHOL\DW×U×PODUDGD ]HPLQROXċWXUDFDNW×U 7HċHNNUOHU 6258&(9$3 0XVWDID.$5$+$1 (QHUML7LFDUHWL'HUQHĊL%DċNDQ<DUG×PF×V× ĈVPDLO(UJQHċNRQXċPDV×QGDċXDQGDNLNXUXPODU×QIL\DWODU×GHYOHWLQHW NLVL\OH ROXċWX JLEL ELU DOJ× o×NW× %XQXQ ]HULQGHQ NRQXċDFDĊ×P YH ċXQX GD HNOHPHNLVWL\RUXPGHYOHWLQHOLQGHNLċLUNHWOHULQ(h$ĉ|]HOOHċWLULOPHVLYHVHU EHVW ELU SL\DVDQ×Q ROPDV× LoLQ ċDUW GHĊLO GHYOHW ċLUNHWOHULQGH VHUEHVW SL\DVD NRċXOODU×QGDoDO×ċPDV×Q×VDĊOD\DQELUPHNDQL]PDNXUPDNEXUDGDNLHVDVPH VHOHg]HOOLNOH%27$ĉYH(h$ĉ·×QHOLQGHNDODFDĊ×SRUWI|\OH\HWHUNLRNXUDOODU LoHULVLQGHoDO×ċPDV×Q×VDĊOD\DELOHFHNELUPHNDQL]PDNXUDO×P%HQFHEXERU VDQ×QJHOLċL(h$ĉ·ODEHUDEHU%RUVDĈVWDQEXO·XQGDEXLċHJLUPHVL\OHEHUDEHU 63.·Q×QGHYUH\HJLUPHVLEXUDGDNL´PDQLSODV\RQODLOJLOLNRQXODU×GDKDFLGGL J|]OHPOHQPHVLQHVHEHSRODFDNW×Uµ%XUDGDNLELUWDN×PċLND\HWOHULGHRUWDGDQ NDOG×UDFDNW×U'DKDGRĊUXELUIL\DWDOJ×V×DOJ×\×G]HOWPHNDo×V×QGDQGDID\GDV× RODFDNGL\HGċQ\RUXP (h$ĉ ċXDQGDNL SRUWI|\Q PHYFXW NRċXOODUD X\JXQ RODUDN ELU DQ |QFH GL]D\QHGHELOLU%L]|]HOċLUNHWOHUHGL\RUX]NLJQONSL\DVDULVNOHULQGHQDU× Q×QGDKDX]XQYDGHOLIL\DWODUODNRQWUDQODU\DSDELOLUVLQL]$\Q×ċH\(h$ĉLoLQGH JHoHUOL8]XQYDGHOLNRQWUDWODU×\DSPDV×LoLQ(h$ĉ·×QLOODYDUO×NODU×Q×VDWPDV× JHUHNOLGHĊLO8]XQYDGHOLNRQWUDWODU×\DSPDV×LoLQEXJQGHQEDċOD\DELOLU 'DKD|QFHNL92%·GDNLNRQWUDWODU×QQHGHQoDO×ċPDG×Ċ×YHEXQGDQVRQUD NL\OHLOJLOL%RUVDĈVWDQEXO·GDROXċDFDNE|\OHELUSD]DU×QGDoDO×ċPD\DFDĊ×LOH LOJLOLDOJ×GDELUD]KDWDO×92%·GDNLNRQWUDWODUELUGHIDDFHOHLOH\DS×OP×ċELUPR GHOGL)L]LNLWHVOLPDWRSVL\RQX\RNWXVHNW|UQWDPDP×ċXDQGDIL]LNLWHVOLPDW ]HULQHoDO×ċDQELUPRGHO%RUVDĈVWDQEXO·GDEXQODUJLGHULOPLċRODFDN%RUVD ĈVWDQEXO·XQPRGHOLQGHELUSL\DVD\DS×F×O×Ċ×PHNDQL]PDV×]HULQGHFLGGLELUċH NLOGHNRQXċXOX\RU%LUGH92%·GDNLPRGHOGHHQHUMLċLUNHWOHULQLQELUDUDF×NX UXOXċX]HULQGHQLċOHP\DSPDV×JLELELU]RUXQOXOXNYDUG×2\VD\HQLPRGHOGH VDQ×\RUXPERUVDLVWDQEXORQXQGDDOW\DS×V×Q×KD]×UO×\RUYHHQHUMLċLUNHWOHULGRĊ UXGDQEXSL\DVDQ×QNDW×O×PF×V×RODELOHFHNOHUGL\HELOL\RUXP%XVRUXQXQE\N ELUN×VP×Q×o|]\RUPXċJLELWHRULNRODUDNDPD\LQHGHHQE\NSUREOHPLPL] RUDGDNLNLWOH\LQDV×OVDĊOD\DFDĊ×] 1H]LU$< 7UNL\H(OHNWULNĈOHWLP$ĉ'DLUH%DċNDQ× 0XVWDID%H\·LQV|\OHGLNOHULQHLODYHWHQ(h$ĉYH7(7$ĉċXDQGD|]HOVHN W|UGHQGDKD|]HOVHNW|UċHNOLQGHoDO×ċ×\RU1HUHGHNDUYDUVDRQXJ|U\RU<×O×Q JHQHOLQGH (h$ĉ IL\DWODU× EHOLUOHPL\RU |]HO VHNW|U IL\DWODU× EHOLUOL\RU YH EXQX LVWDWLVWLNOHUGH J|UHELOLUL] 6X\XQ WDċPD QRNWDV×QD JHOHQ 0DUW YH 1LVDQ D\×Q GDKLoNLPVHGL\HPH]NL(h$ĉ·D$WDWUNVDQWUDOLQLKLooDO×ċW×UPDYH.HEDQ VDQWUDOLQLoDO×ċW×UPDD\Q×ċH\L|]HOVHNW|UD\Q×QRNWDGDWDċPDQRNWDV×QDJH OLUVHRVX\XPXWODNDNXOODQPDN]RUXQGD%XGDIL\DWODU×HOEHWWHGċUHFHNWLU 7NHWLPLQGċNROGXĊXQRNWDODUGDIL\DWODU×QHOEHWWHNLGċPHVLQRUPDOQDV×O NLDUDO×ND\×QGDIL\DWODU\NVHOGLDU]\HWHUVL]OLĊLIL\DWODU×Q\NVHOPHVLQHQHGHQ ROGX\VDWDOHELQGċNROGXĊXG|QHPOHUGHGHIL\DWODUQRUPDORODUDNGċHFHN WLU1XUWHQ+DQ×PPDUMLQDOPDOL\HWOHULQ\D\×QODQPDV×\ODLOJLOLELUWDOHSOHULROGX %L]LPVLVWHPGHPDUMLQDOPDOL\HWLSL\DVDLċOHWPHFLVLELOLQL\RU3L\DVDNDW×O×PF× ODU×NHQGLPDOL\HWOHULQLNHQGLOHULELOL\RU0DUMLQDOPDOL\HWG]HQOHIL\DW]HULQH oDO×ċW×Ċ×LoLQN×\DVODPDODUIL\DWODU]HULQHROGXĊXLoLQE|\OHELUELOJLHOLPL]GHRO PDG×Ċ×QGDQ\D\×QODPDP×]PPNQGHĊLO$PDRQXQG×ċ×QGDċXDQGDWHNOLÁHU PDNVLPXPYHPLQLPXPIL\DWWHNOLÁHULGDKLOWPIL\DWODUYHWPUDSRUODUZHE VLWHPL]GH \D\×QODQ×\RU ]DPDQ LoHULVLQGH UDSRUODU× HOEHWWH NL \HQL UDSRUODUGD o×NDFDNDPDPHYFXWWDOHSLWLEDUL\OHGH$YUXSD·GDQGDKDJHULGHĊLOL] %DU×ċ%H\LVHEL]LPVLVWHP$YUXSD·GDNLQGHQGDKDL\LGHGL$o×NO×NJHWLUPHN JHUHNLUVH1DVGDTEL]HVLVWHPWHNOLIHWWLDQFDNEL]HWHNOLIHWWLĊLVLVWHPOHEL]LP ċXDQGDNXOODQG×Ċ×P×]VLVWHPLNDUċ×ODċW×UG×Ċ×P×]GDEL]LPNLWHNQRORMLNRODUDNRQ GDQGDKDLOHUGHEWQSL\DVDNDW×O×PF×ODU×LVWHGLĊL\HUGHQVLVWHPHJLULSWHNOLI OHULQLJLUHELOLUUDSRUODU×Q×LQFHOH\HELOLUOHU+DOEXNLRQODUGDWDQ×PODQP×ċWHUPLQDO ]HULQGHQ\DS×ODELOHFHNELUVLVWHP%XVLVWHPLDOP×ċROVDNELOH$YUXSDLOHELU SL\DVD ELUOHċWLULFL QRNWDV×QD ELU NXOODQG×Ċ× ELU SL\DVDGD NL DOJRULWPDGD GHĊLO 2QODU\HQLELUDOJRULWPDJHOLċWLUGLOHU%L]HWHNOLIHGLOHQDOJRULWPDGHĊLOEXQH GHQOHEL]ċXDċDPDGDNHQGLVLVWHPLPL]LNXOODQPD\×WHUFLKHGL\RUX] %LU|QHPOLKXVXVGDRVLVWHPLDOP×ċROVDNELOH·QVRQXQGDQ|QFH EL]HVDĊODPDODU×NXOODQ×PDDoPDODU×PPNQGHĊLO.XUPXċROPDO×\G×NELUWD N×PQHGHQOHUGHQGROD\×JHFLNWL.XUPXċROPDP×]JHUHNHQELUSL\DVDGDHOEHWWH NLDOW\DS×\×NXOODQPDP×]OD]×P %LU GLĊHU KXVXV GD JQ |QFHVL SL\DVDV× LċOHWPL\RUX] %LU GHQJHOHP Jo SL\DVDV×JHUoHN]DPDQGDVLVWHPLQGHQJHOHQPHVLQLVDĊOD\DQELUSL\DVDGDLċ OHWL\RUX] %X SL\DVD LOH |]HOOLNOH X]ODċW×UPD PHNDQL]PDV×Q× GLNNDWH DOG×Ċ×P×] ]DPDQ·LJHULGHNDO×\RU$YUXSD·Q×QEL]HYHUHFHĊLVLVWHPLEL]LPLċOHWPHNWH ROGXĊXPX]SL\DVDQ×Q·VLQHKLWDSHGL\RU*HULNDODQN×VP×PHFEXUHQNXO ODQPDN]RUXQGD\×]%|\OHELUPHNDQL]PD\×NDSDVLWH\LNXOODQ×UNHQ\HQL ELU\D]×O×P×DGDSWDV\RQoDO×ċPDV×\DSDQDNDGDUNHQGLJHOLċWLUGLĊLPL]\D]×O×P× GDKDUDKDWNXOODQDELOLUL]GL\HGċQ\RUXP(ĊHUELU$YUXSD·\ODSL\DVDJLGH FHNVHNDOJRULWPD\×LOHUL\HG|QN\DVDW×QDODFDĊ×]\DGDJHOLċWLUHFHĊL]*QLoL SL\DVDV×Q×NHQGLSHUVRQHOLPL]OHKD]×UODG×NYHRNH\DOG×N ĈVPDLO(5*h1(ĉ &HQJL]/LPDN.ROLQ(QHUML<DW×U×P$ĉ&HR (h$ĉ YH 7(7$ĉ RODELOGLĊLQFH WFFDU GDYUDQ×\RU 2OPDV× JHUHNHQ VDDWWH oRNGċNIL\DWYH\DGċNROPDV×JHUHNLUNHQ\NVHNIL\DWYVEHQLPNDVW×P DVODEXGHĊLO.DPXELUWDN×PJHoLċNHQOLNOHUOHEXIL\DW×\|QHWL\RUYH\|QOHQGL UL\RU(h$ĉLVWHVHGHHOLQGHNLNDSDVLWHQLQWDPDP×Q×SL\DVD\DLNLOLDQODċPDGD DU] HGHPH] 6HEHEL ċX EL] KDOD GRĊDOJD]× oDSUD] VEYDQVL\RQ \DS×\RUX] <DQLNDPXVDQWUDOOHULQHVDWW×Ċ×P×]HOHNWULĊLQJD]×QIL\DW×\ODPHVNHQHWLFDUHW KDQH\HGDKDGRĊUXVXGDĊ×W×PċLUNHWOHULQHYHUGLĊLPL]JD]×QIL\DW×ELUELULQGHQ IDUNO× QH\GH\VH %X PDOL\HWL EX VEYDQVL\RQX HOHNWULNWH \DSW×Ċ×Q×] JH oLċNHQOLNOHWNHWLFLOHUHWUDQVIHUHGL\RUVXQX]'RĊDOJD]ODNDPXIL\DWEHOLUOH\LFL ROGXĊXPGGHWoHEL]LP\DSW×Ċ×P×]GHĊHUOHQGLUPHOHULQELUN×VP×KDYDGDNDO×U 92%·ODLOJLOLN×V×PLVH+HUNXUXPXQELULKWL\DF×Q]HULQHNXUXOXROPDV×OD ]×P 92%·GDNL Lċ WDPDPHQ ELU VSHNODV\RQ WHPHOOL ELU ċH\ R \]GHQ WDOHS WDUDI× GD oRN |QHPOL 3HUDNHQGH ELU ċLUNHW RODUDN ELUWDN×P ULVNOHUL \|QHWPH LKWL\DF×GX\PDO×\×PNLJLGLSRNRQWUDWODU×DO×SVDWPDO×\×P%XPDQDGDV|\OH GLP<DQLWNHWLFLOHULQVHUEHVWOHċPHVLEHQLPWNHWLFLOHULPOHD\O×N NRQWUDWODU\DSPDPEXQXG|QSJHUL\HULVN\|QHWLPLRODUDNEXNRQWUDWODU×DO×S VDWDUDN \|QHWPHP (3Ĉ$ĉ |QP]GHNL G|QHPOHUGH SODQODPDV× NXUXOPDV× WDPDPHQEXLKWL\DoGRĊUXOWXVXQGDSL\DVDQ×QVHUEHVWOHċPHVL\OHELUOLNWHoRN FLGGL DQODP ND]DQDFDN ELU NXUXPGXU 'Q\DQ×Q KHU \HULQGH NDPX HOHNWULN IL\DWODU×QDNDUċ×KDVVDVW×U 3URI'U.HUHP$/.Ĉ1 ĈVWDQEXO7LFDUHWhQLYHUVLWHVLgĊUHWLPh\HVL %HQPRELONDWPDGHĊHUOLVHUYLVOHUOHLOJLOLRODUDNELUGHUQHĊLQEDċNDQO×Ċ×Q× GD \UWWĊP LoLQ DċDĊ× \XNDU× JVP HQGVWULVLQGH GH PRELO GQ\DGD GD E|\OHELUċH\LQGH\DċDQG×Ċ×Q×YXUJXODPDPOD]×P'Q\DGDNUHVHOOHċPHRO JXVX\ODELUOLNWHUHNDEHW\RĊXQODċW×Ċ×QRNWDGDED]×SUREOHPOHUOHNDUċ×NDUċ×\D NDOG×Ċ×P×]×J|U\RUX]g]HOOLNOHUHJODV\RQDGD\DO×VHNW|UOHUGHEXQDVLJRUWD F×O×NHQGVWULVLQLGHNHQGLPHFUDV×QGDEDQNDF×O×NVHNW|UQGHHQHUMLYHPRELO 'Q\D\× GD NDWDUDN ED]HQ WNHWLFL OHKLQH R VHNW|UGHNL IL\DWODU× DċDĊ×\D oRN oHNWLĊLQL]]DPDQċXDQGDJVPHQGVWULVL|\OHELUċH\\Dċ×\RULNWLVDGHQ\DW× U×PODU×QPDUMLQDOPDOL\HWLGL\HELUNRQXYDUG×UED]HQVHNW|UOHULPDUMLQDOPDOL\HW Do×V×QGDQoRN]RUOX\RUX]%LUVUHVRQUDWNHWLFLOHKLQHUHNDEHWLQJQGHPGH ROGXĊXWDEORROXċWXUDO×PGHUNHQPDUMLQDOPDOL\HWDo×V×QGDQ|\OHIL\DWQRNWDOD U×QDJHOL\RUX]NL*60HQGVWULVLQLQELUWDQHGDKDED]LVWDV\RQXLQċDHGHFHN KDOLNDOP×\RU(OHNWULNHQHUMLSL\DVDV×QGDHQHUML\LUHWHQYH\DW×U×PODU×\DSDFDN RODQILUPDODU×QHNRQRPL\HELUVDQWUDOGDKDND]DQG×UDFDN\DGDELUNDEORGDKD oHNHFHNKDOLNDOP×\RU 0HVHOD6DĊO×NHQGVWULVLQGHLODoVHNW|UQGHNLROD\×J|UPHNWHVLQL]ĉX DQGD NXOODQPDNWD ROGXĊXPX] LODoODU GD DOW× VHQH |QFHVLQGH OLUD\D DOG× Ċ×P×] ELU DQWLEL\RWLĊL ċXDQGD OLUD\D DO×\RUX] $PD VL]H VRUX\RUXP" 'DKD |QFHOLUD\DDO×QDQELUDQWLEL\RWLNċXDQGDOLUD\DVDW×O×\RUVDOLUD\DVDW×ODQ D\Q×DQWLEL\RWLĊLQJHULVLQGHIDUPDNRORMLNRODUDNKDODD\Q×HWNLQKDPPDGGHQLQ NXOODQ×OG×Ċ×Q×LGGLDHGHELOHFHNELULQVDQYDUP×"(NRQRPLNRODUDNGROD\×V×\OD \DW×U×PODU×QYHUHWLPLQPDUMLQDOPDOL\HWLGL\HELUNRQXYDU%XQHGHQOHWNHWLFL PDĊGXUL\HWLLOHWNHWLFLIHWLċL]PLDUDV×QGDGHĊHU\DNDODPDP×]JHUHNL\RU+HU UHJODV\RQDGD\DO×VHNW|UGHUHJODV\RQODU×YHIL\DWODQG×UPDODU×WNHWLFLIHWLċL] PLQRNWDV×QDJ|WUUVHNEXGDKDVRQUDWNHWLFLPDĊGXUL\HWLQHG|QHELOHFHN ELU WDEOR\X GD EHUDEHULQGH JHWLULU dQN VHNW|UGHNL ILUPDODU ELU VUH VRQUD DEDQGRQHRODUDNQH\DW×U×P\DSDFDNKDOOHULNDO×UQHGHD\Q×]DPDQGDSL\DVD\× \UWHELOHFHNKDOOHULNDO×U +DUXQg=$< %RUVDĈVWDQEXO 0DUNHW 0DNHU 6LVWHPL YH (QHUML ċLUNHWOHUL NRQXVXQGD oDO×ċPDODU×P×] YDU (QHUMLċLUNHWOHULQLQGRĊUXGDQ\HRODELOPHVLLoLQPHY]XDW×Q|QQDoPD\DoD O×ċ×\RUX]'LĊHUELUNRQXGDZHEED]O×ROPDV×ELUVLVWHPLQL\LROPDV×Q×JHUHNWLU PH] $QFDN IDUNO× DYDQWDMODU× YH GH]DYDQWDMODU× RODELOLU <DQL 1DVGDT 20;·LQ NXOODQG×Ċ×VLVWHPLN|WOHPHNLoLQV|\OHPL\RUXP%L]LPRQODUODVDGHFHELU|Q DQODċPDP×]YDU2NDSVDPGDRQODU×QHOLQGHRODQELUUQGHEL]LVWHGLNNLGDKD X\JXQ ċDUWODUGD EL]LP SL\DVDP×]GD GD NXOODQDELOLU PL\L] GL\H oDO×ċ×\RUX] %L] VDGHFH1DVGDT20;·LQUQQHGHEDĊO×NDOP×\RUX]%L]LPNDS×P×]×EDċNDO NHOHUGHoDO×\RU%L]LPLVWHĊLPL]EXVHNW|UHHQHUMLSL\DVDP×]DNLPLQNDWN×V×ROD FDNVDVWUDWHMLNLċELUOLĊLGHRODELOLUEDċNDKHUWUOGHVWHNOHEHUDEHUoDO×ċPDN« 'LĊHUELUKXVXVNHQGLUHWLPLPL]RODQELU\D]×O×P×QNXOODQ×OPDV×NRQXVXQGD GDNHQGLPL]LQLċOHWHFHĊLELUVLVWHPROPDV×oRN|QHPOL%L]GHWP\DSW×Ċ×P×] YH\DSDFDĊ×P×]DQODċPDODUGDNLNRQX\DGLNNDWHGL\RUX]YH\D]×O×PNRGXQXQ ND\QDN NRGODU×Q×Q EL]LP WDUDI×P×]GD ROPDV×Q× KDWWD HOGH HWWLĊLPL] NRGX GD JHOLċWLUHUHNGLĊHUONHOHUHGHVDW×ODELOPHVLQLYHRUDODUGDNXOODQ×ODELOPHVLQLċDUW RODUDNNR\X\RUX]
Benzer belgeler
Otomobil lastikleri ürün yelpazesi
PILOT SPORT PS2 ZP*
PILOT SPORT 3 GRNX
PILOT SPORT PS2 N3
PILOT SPORT CUP
PILOT SPORT 3 GRNX
PILOT SPORT PS2 MO
PILOT SPORT PS2 ZP
PILOT SPORT ZP
PILOT SPORT 3 GRNX
PILOT SPORT 3 MO1 GRNX
PILOT SPO...