(HVWL2ULJLQDDOMXKHQGLW}OJH
5$.0(7(.,11,7$0,1(
9DDWDMRRQLVW
.LQQLWDJHUDNPHWHOROHYO}NVULKPDULSXWLOH
5HJXOHHULJH ULKPD ULSXWL WDVDNDDOXDVHQGLVVH PLOOH
SXKXO O}LNHWHUD Y}L O}LNHRUJDQ MllE PDDSLQQDVW
NXQLPPN}UJXVHOH
6HDGNHULSXWXVULKPDGPXJDYDVVHDVHQGLVVH
0b5.866HDGPHJDW||WDPLVHONDVXWDJHDODWLUDNPHLG
0b5.866HDGPHNLLUHNVUDNPHWHULKPDVWYDEDVWDPLVHNV
W}PPDNHMlUVXOWYDEDVWLVW
/®,.(25*$1, .$,76(.$77( -®+975,00(5,
75,$5& /®,.(7(5$ .$687$0,6( .255$/
.,11,7$0,1(
9DDWDMRRQLVW
.LQQLWDJH O}LNHRUJDQL NDLWVHNDWH M}KYWULPPHUL 7UL
$UF O}LNHWHUD NDVXWDPLVH NRUUDO NLQQLWXVNODPEULOH
KLWDGHVO}LNHRUJDQLNDLWVHNDWWHM}KYWULPPHUL7UL$UF
O}LNHWHUDNDVXWDPLVHNRUUDOSROGLDYDGNLQQLWXVNODPEUL
SROWLGHJD
7LJKWHQVFUHZVVHFXUHO\
+2,$786
.XLNDVXWDWHWULPPHULM}KYSHDG5HHO(DV\MDO}LNHWHUD
7UL$UF WXOHENLQQLWXVNODPEULOHNLQQLWDGD O}LNHRUJDQL
NDLWVHNDWHM}KYWULPPHUL7UL$UFO}LNHWHUDNDVXWDPLVH
NRUUDO
+2,$786
.XL NDVXWDWH VDHNHWDVW WXOHE NLQQLWXVNODPEULOH
NLQQLWDGDVDHNHWWDNDLWVH
5((/($6<-®+975,00(5,3($3$,*$/'$0,1(
9DDWDMRRQLVW
6HLVDNHPRRWRUMDKHQGDJHVWHNQODMXKHODKWL
3DQJHNXXVNDQWY}WLOlELOHPLVHOllULNXOROHYDDYDMD
DMDPSHDV ROHYD DYD (HPDOGDPLVHNV NHHUDNH SROWL
SlULSlHYD
(HPDOGDJHYHRY}OOLOWSROWVHLEMDO}LNHRUJDQLllULN
3DQJHNRKDOHM}KYWULPPHULSHD5HHO(DV\NHHUDWHV
VHGDYDVWXSlHYD.HHUDNHWXJHYDVWLNLQQL
+2,$786
5DVNHNHKDYLJDVWXVHRKXYlKHQGDPLVHNVVHLVDNHDODWL
PRRWRUMDHHPDOGDJHVWHNQODMXKHHQQHVHDGPH
NRKDQGDPLVWQlLWHNVHQQHO}LNHSHDYDKHWDPLVW
085875,00(5, 6($',67$0,1( 9®6$/®,.85,.6
75,$5&/®,.(7(5$
-}KYWULPPHULSHD5HHO(DV\HHPDOGDPLQH
9DDWDMRRQLVW
6HLVDNHPRRWRUMDKHQGDJHVWHNQODMXKHODKWL
$YDJH 5HHO(DV\M}KYWULPPHUL SHD YDMXWDGHV
VHOOHNV NOJHGHO ROHYDWHOH OXNXVWLWHOH 7ULPPHUL
VLVHRVDGRQYHGUXSLQJHDOOVHHW}WWXKRLGNHWHLVWNlWW
OXNXVWLWHOHYDMXWDPLVHDMDOM}KYSHDNDDQHO
9}WNHPDKDM}KYLSHDNDDVHWWHDQGHQXSSMDM}KYLSRRO
3DQJH NXXVNDQWY}WL OlEL OHPLVHO llULNXO ROHYD DYD
MD DMDPSHDV ROHYD DYD (HPDOGDPLVHNV NHHUDNH
NXXVNDQWSROWLY}WPHDELOSlULSlHYD
(HPDOGDJHYHRRWVDNXOWVHLEMDM}KYLSHDNRUSXV
(HPDOGDPLVHNV NDVXWDJH NRPSOHNWLV ROHYDW
XQLYHUVDDOY}WLWMDNHHUDNHYHRRWVDNXWSlULSlHYD
(HPDOGDJH VIllULOLQH VHLE YHRY}OOLOW MD KRLGNH
HGDVLVHNVNDVXWDPLVHNVDOOHV
0b5.86+RLGNHODKWLY}HWXGRVDGKHVNRRVKLOLVHPDNV
NDVXWDPLVHNV
7UL$UFO}LNHWHUDSDLJDOGDPLQH
9DDWDMRRQLVW
.HKDYLJDVWXVH RKX YlOWLPLVHNV KRLGNH O}LNHRUJDQLWH
SHDO DODWL WHUDNDLWVHLG (HPDOGDJH WHUDNDLWVHG DLQXOW
O}LNDPLVRSHUDWVLRRQLGHDMDNV
hKLWDJH O}LNHWHUD OHPLVH llULNXJD MD YHHQGXJH HW
O}LNHWHUDRQWLKHGDOWVHOOHYDVWDV3DLJDOGDJHVIllULOLQH
VHLE MD YHHQGXJH HW VHH RQ YHRY}OOLO RPDO NRKDO
3DLJDOGDJHO}LNHWHUDNDWHQLLHWN}UJHQHYNHVNRVDRQ
O}LNHWHUDVWHHPDO
3DLJDOGDJHVHLEMDSROW
3DQJH NXXVNDQWY}WL OlEL OHPLVHO llULNXO ROHYD
DYD MD DMDPSHDV ROHYD DYD .HHUDNH NXXVNDQWSROWL
YDVWXSlHYDNDVXWDGHVY}WLW.HHUDNHWXJHYDVWLNLQQL
+2,$786
.XLNDVXWDWHWULPPHULM}KYSHDG5HHO(DV\MDO}LNHWHUD
7UL$UF WXOHENLQQLWXVNODPEULOHNLQQLWDGD O}LNHRUJDQL
NDLWVHNDWHM}KYWULPPHUL7UL$UFO}LNHWHUDNDVXWDPLVH
NRUUDO
9®6$/®,.85, 75,$5&/®,.(7(5$
6($',67$0,1(085875,00(5,.6
/}LNHWHUDPDKDY}WPLQH
9DDWDMRRQLVW
6HLVDNHPRRWRUMDKHQGDJHVWHNQODMXKHODKWL
3DQJHNXXVNDQWY}WLOlELOHPLVHOllULNXOROHYDDYDMD
DMDPSHDV ROHYD DYD (HPDOGDPLVHNV NHHUDNH SROWL