1$=:$352'8.78/(&=1,&=(*2.HSSUDPJWDEOHWNLSRZOHNDQH
6.à$'-$.2ĝ&,2:<,,/2ĝ&,2:<68%67$1&-,&=<11<&+
.DĪGDWDEOHWNDSRZOHNDQD]DZLHUDPJOHZHW\UDFHWDPX 3HáQ\Z\ND]VXEVWDQFMLSRPRFQLF]\FKSDWU]SXQNWO
3267$û)$50$&(87<&=1$
7DEOHWNDSRZOHNDQD PP]URZNLHPG]LHOąF\PLZ\WáRF]RQ\PNRGHPÄXFE´LÄĩyáWDSRGáXĪQDRGáXJRĞFL´QD
MHGQHMVWURQLH /LQLDSRG]LDáXQDWDEOHWFHXáDWZLDW\ONRMHMUR]NUXV]HQLHZFHOXáDWZLHMV]HJRSRáNQLĊFLDDQLHSRG]LDá
QDUyZQHGDZNL
6=&=(*Ïà2:('$1(./,1,&=1(
:VND]DQLDGRVWRVRZDQLD
3URGXNW.HSSUDMHVWZVND]DQ\MDNRPRQRWHUDSLDZOHF]HQLXQDSDGyZF]ĊĞFLRZ\FKOXEF]ĊĞFLRZ\FK
ZWyUQLHXRJyOQLRQ\FKXGRURVá\FKLPáRG]LHĪ\ZZLHNXRGODW]QRZRUR]SR]QDQąSDGDF]Ną
3URGXNW.HSSUDMHVWZVND]DQ\MDNRWHUDSLDZVSRPDJDMąFD
ZOHF]HQLXQDSDGyZF]ĊĞFLRZ\FKOXEF]ĊĞFLRZ\FKZWyUQLHXRJyOQLRQ\FKXGRURVá\FK
PáRG]LHĪ\G]LHFLLQLHPRZOąWZZLHNXRGPLHVLąFD]SDGDF]Ną
ZOHF]HQLXQDSDGyZPLRNORQLF]Q\FKXGRURVá\FKLPáRG]LHĪ\ZZLHNXRGODW]PáRG]LHĔF]ą
SDGDF]NąPLRNORQLF]Qą
ZOHF]HQLXQDSDGyZWRQLF]QRNORQLF]Q\FKSLHUZRWQLHXRJyOQLRQ\FKXGRURVá\FKLPáRG]LHĪ\Z
ZLHNXRGODW]LGLRSDW\F]QąSDGDF]NąXRJyOQLRQą
'DZNRZDQLHLVSRVyESRGDZDQLD 'DZNRZDQLH 0RQRWHUDSLDGRURĞOLLPáRG]LHĪZZLHNXRGODW
3RF]ąWNRZDGDZNDWHUDSHXW\F]QDZ\QRVLPJGZDUD]\QDGREĊLPRĪHE\üRVLąJQLĊWDSRGZyFK W\JRGQLDFKVWRVRZDQLDGDZNLPJGZDUD]\QDGREĊ:]DOHĪQRĞFLRGRGSRZLHG]LNOLQLF]QHM GDZNĊGRERZąPRĪQD]ZLĊNV]\üFRGZDW\JRGQLHRPJGZDUD]\QDGREĊ0DNV\PDOQDGDZND
Z\QRVLPJGZDUD]\QDGREĊ
ODWLPáRG]LHĪRGGRODWRPDVLHFLDáD7HUDSLDZVSRPDJDMąFDGRURĞOLNJOXEZLĊFHM3RF]ąWNRZDGDZNDWHUDSHXW\F]QDZ\QRVLPJGZDUD]\QDGREĊ3RGDZDQLHWHMGDZNLPRĪQDUR]SRF]ąüZSLHUZV]\PGQLXOHF]HQLD
:]DOHĪQRĞFLRGRGSRZLHG]LNOLQLF]QHMLWROHUDQFMLGDZNĊGRERZąPRĪQD]ZLĊNV]\üGRPJGZDUD]\QDGREĊ'DZNRZDQLHPRĪQD]PLHQLDü]ZLĊNV]DMąFOXE]PQLHMV]DMąFGDZNĊGRERZąRPJGZDUD]\QDGREĊFRGZDGRF]WHUHFKW\JRGQL
19
-HĞOLOHF]HQLHOHZHW\UDFHWDPHPPDE\ü]DNRĔF]RQH]DOHFDVLĊMHJRVWRSQLRZHRGVWDZLDQLH>QS
GRURĞOLLPáRG]LHĪRPDVLHFLDáDSRZ\ĪHMNJ]PQLHMV]DQLHGDZNLRPJGZDUD]\QDGREĊFR GZDGRF]WHUHFKW\JRGQLQLHPRZOĊWDZZLHNXSRZ\ĪHMPLHVLĊF\G]LHFLLPáRG]LHĪRPDVLHFLDáD SRQLĪHMNJ]PQLHMV]DQLHGDZNLQLHSRZLQQRE\ü]QDF]QLHMV]HQLĪRPJNJPFGZDUD]\QD
GREĊFRGZDW\JRGQLHQLHPRZOĊWDZZLHNXGRPLHVLĊF\]PQLHMV]DQLHGDZNLQLHSRZLQQRE\ü ]QDF]QLHMV]HQLĪRPJNJPFGZDUD]\QDGREĊFRGZDW\JRGQLH@ 2VRE\ZSRGHV]á\PZLHNXSRZ\ĪHMODW8RVyEZSRGHV]á\PZLHNX]]DEXU]RQąF]\QQRĞFLąQHUHN]DOHFDVLĊGRVWRVRZDQLHGDZNLSDWU]
Ä=DEXU]HQLDF]\QQRĞFLQHUHNSRQLĪHM =DEXU]HQLDF]\QQRĞFLQHUHN'DZNĊGRERZąXVWDODVLĊLQG\ZLGXDOQLHZ]DOHĪQRĞFLRGF]\QQRĞFLQHUHN
8GRURVá\FKSDFMHQWyZGDZNRZDQLHQDOHĪ\GRVWRVRZDü]JRGQLH]SRQLĪV]ąWDEHOą$E\VNRU]\VWDü] WDEHOLGDZNRZDQLDQDOHĪ\REOLF]\üNOLUHQVNUHDW\QLQ\XSDFMHQWD&/NU
ZPOPLQPRĪQDREOLF]\üQDSRGVWDZLHVWĊĪHQLDNUHDW\QLQ\ZVXURZLF\ZPJGOXGRURVá\FKL PáRG]LHĪ\RPDVLHFLDáDNJLZLĊFHMSRVáXJXMąFVLĊQDVWĊSXMąF\PZ]RUHP
>ZLHNODWD@[PDVDFLDáDNJ&/NU
[VWĊĪHQLHNUHDW\QLQ\ZVXURZLF\PJGO
1DVWĊSQLHQDOHĪ\RNUHĞOLü&/NUGRVWRVRZDQ\GRSRZLHU]FKQLFLDáDERG\VXUIDFHDUHD%6$
ZHGáXJSRQLĪV]HJRZ]RUX
&/NU
[&/NUPOPLQP 3RZLHU]FKQLDFLDáDP
'RVWRVRZDQLHGDZNRZDQLDXGRURVá\FKLPáRG]LHĪ\RPDVLHFLDáDSRZ\ĪHMNJ]]DEXU]RQąF]\QQRĞFLąQHUHN
*UXSD.OLUHQVNUHDW\QLQ\'DZNDLF]ĊVWRĞüVWRVRZDQLDPPOPLQ
&]\QQRĞüSUDZLGáRZD !GRPJGZDUD]\QDGREĊ1LHZLHONLHGRPJGZDUD]\QDGREĊ]DEXU]HQLHF]\QQRĞFL8PLDUNRZDQH]DEXU]HQLHGRPJGZDUD]\QDGREĊF]\QQRĞFL
&LĊĪNLH]DEXU]HQLHF]\QQRĞFLGRPJGZDUD]\QDGREĊ6FK\áNRZDQLHZ\GROQRĞüQHUHN
GRPJMHGHQUD]QDGREĊ
SDFMHQFLSRGGDZDQLGLDOL]LH
SLHUZV]HJRGQLDOHF]HQLDOHZHW\UDFHWDPHP]DOHFDQDMHVWGDZNDSRF]ąWNRZDPJ
SRGLDOL]LH]DOHFDQDMHVWGDZNDX]XSHáQLDMąFDGRPJ8G]LHFL]]DEXU]RQąF]\QQRĞFLąQHUHNGDZNLOHZHW\UDFHWDPXQDOHĪ\GRVWRVRZDüZ]DOHĪQRĞFLRGF]\QQRĞFLQHUHNSRQLHZDĪNOLUHQVOHZHW\UDFHWDPXMHVW]QLą]ZLą]DQ\1LQLHMV]H]DOHFHQLHMHVWRSDUWHQDEDGDQLXSU]HSURZDG]RQ\PXGRURVá\FKSDFMHQWyZ]]DEXU]RQąF]\QQRĞFLąQHUHN
P8PáRGV]HMPáRG]LHĪ\G]LHFLLQLHPRZOąWNOLUHQVNUHDW\QLQ\ZPOPLQPRĪQDREOLF]\üQD
SRGVWDZLHVWĊĪHQLDNUHDW\QLQ\ZVXURZLF\PJGONRU]\VWDMąF]SRQLĪV]HJRZ]RUXZ]yU6FKZDUW]D20
6WĊĪHQLHNUHDW\QLQ\PJGO NV URNXĪ\FLDNV XQLHPRZOąWXURG]RQ\FKZWHUPLQLHZZLHNXGRXG]LHFLZZLHNX ODWLPáRG]LHĪ\SáFLĪHĔVNLHMNV SRQLĪHMXPáRG]LHĪ\SáFLPĊVNLHM
'RVWRVRZDQLHGDZNRZDQLDXQLHPRZOąWG]LHFLLPáRG]LHĪ\RPDVLHFLDáDSRQLĪHMNJ]]DEXU]RQąF]\QQRĞFLąQHUHN
*UXSD.OLUHQV
'DZNDLF]ĊVWRĞüVWRVRZDQLD
NUHDW\QLQ\ 1LHPRZOĊWDRGGR 1LHPRZOĊWDLG]LHFLRGGR POPLQP
SRQLĪHMPLHVLĊF\ PLHVLĊF\G]LHFLLPáRG]LHĪR
PDVLHFLDáDPQLHMV]HMQLĪNJ&]\QQRĞü!PJNJPFGRGRPJNJPFGRSUDZLGáRZD
PONJPFGZDUD]\QDUD]\QDGREĊGREĊ1LHZLHONLHPJNJPFGRGRPJNJPFGR]DEXU]HQLH
PONJPFGZDUD]\QDF]\QQRĞFLUD]\QDGREĊGREĊ8PLDUNRZDQHGRPJNJPFPJNJPFGRGR]DEXU]HQLHGR
PONJPFGZDGREĊUD]\QDGREĊ&LĊĪNLHGRPJNJPFGRPJNJPFGR]DEXU]HQLH
PONJPFGZDUD]\QDF]\QQRĞFLGZDUD]\QDGREĊGREĊ6FK\áNRZDPJNJPFGRGRPJNJPFGRQLHZ\GROQRĞü
PONJPFMHGHQUD]QDQHUHNSDFMHQFLUD]QDGREĊ
:SU]\SDGNXGDZHNSRQLĪHMPJGDZHNNWyUHQLHVąZLHORNURWQRĞFLąPJL]DOHFDQHMGDZNLQLHPRĪQDRVLDJQąüSU]H]SU]\MĊFLHNLONXWDEOHWHNRUD]XSDFMHQWyZQLH]GROQ\FKGRSRá\NDQLDWDEOHWHNQDOHĪ\VWRVRZDüSURGXNW.HSSUDUR]WZyUGRXVWQ\
3LHUZV]HJRGQLDOHF]HQLDOHZHW\UDFHWDPHP]DOHFDQDMHVWGDZNDQDV\FDMąFDPJNJPF
PJNJPF3LHUZV]HJRGQLDOHF]HQLDOHZHW\UDFHWDPHP]DOHFDQDMHVWGDZNDQDV\FDMąFD
3RGLDOL]LH]DOHFDQDMHVWGDZNDX]XSHáQLDMąFDGRPJNJPFGRPONJPF
3RGLDOL]LH]DOHFDQDMHVWGDZNDX]XSHáQLDMąFDGRPJNJPFGRPONJPF=DEXU]HQLDF]\QQRĞFLZąWURE\
8SDFMHQWyZ]QLHZLHONLPOXEXPLDUNRZDQ\P]DEXU]HQLHPF]\QQRĞFLZąWURE\QLHPDSRWU]HE\GRVWRVRZDQLDGDZNL8SDFMHQWyZ]FLĊĪNLP]DEXU]HQLHPF]\QQRĞFLZąWURE\NOLUHQVNUHDW\QLQ\PRĪHQLHRGGDZDüZSHáQLVWRSQLDU]HF]\ZLVWHMZVSyáLVWQLHMąFHMQLHZ\GROQRĞFLQHUHN=WHJRZ]JOĊGX]DOHFDVLĊ]PQLHMV]HQLHSRGWU]\PXMąFHMGDZNLGRERZHMRZSU]\SDGNDFKJG\NOLUHQVNUHDW\QLQ\PZ\QRVLPOPLQ
']LHFLLPáRG]LHĪ
/HNDU]SRZLQLHQ]DOHFLüQDMZáDĞFLZV]ąSRVWDüIDUPDFHXW\F]QąLPRFZ]DOHĪQRĞFLRGZLHNXPDV\FLDáDLGDZNRZDQLD
3URGXNWZSRVWDFLWDEOHWNLQLHMHVWGRVWRVRZDQ\GRSRGDZDQLDQLHPRZOĊWRPLG]LHFLRPZZLHNX SRQLĪHMODW3URGXNW.HSSUDUR]WZyUGRXVWQ\MHVWSRVWDFLą]DOHFDQąGRVWRVRZDQLDZWHMJUXSLH
21
SDFMHQWyZ3RQDGWRGRVWĊSQHPRFHWDEOHWHNQLHVąRGSRZLHGQLHGRSRF]ąWNRZHJROHF]HQLDG]LHFLR PDVLHFLDáDPQLHMV]HMQLĪNJGODSDFMHQWyZQLH]GROQ\FKGRSRá\NDQLDWDEOHWHNDQLGRSRGDZDQLD GDZHNSRQLĪHMPJ:HZV]\VWNLFKSRZ\ĪV]\FKSU]\SDGNDFKQDOHĪ\VWRVRZDüSURGXNW.HSSUD UR]WZyUGRXVWQ\
0RQRWHUDSLD
1LHXVWDORQRVNXWHF]QRĞFLLEH]SLHF]HĔVWZDVWRVRZDQLDSURGXNWX.HSSUDZPRQRWHUDSLLXG]LHFLL ODW PáRG]LHĪ\ZZLHNXSRQLĪHM%UDNGRVWĊSQ\FKGDQ\FK
7HUDSLDZVSRPDJDMąFDXQLHPRZOąWLG]LHFLZZLHNXRGGRPLHVLĊF\G]LHFLZZLHNXRGGR
ODWLPáRG]LHĪZZLHNXRGGRODWRPDVLHFLDáDPQLHMV]HMQLĪNJ3URGXNW.HSSUDUR]WZyUGRXVWQ\MHVWSRVWDFLą]DOHFDQąGRVWRVRZDQLDXQLHPRZOąWLG]LHFLZZLHNX SRQLĪHMODW
8G]LHFLZZLHNXRGODWZSU]\SDGNXGDZHNSRQLĪHMPJGDZHNNWyUHQLHVąZLHORNURWQRĞFLą PJL]DOHFDQHMGDZNLQLHPRĪQDRVLDJQąüSU]H]SU]\MĊFLHNLONXWDEOHWHNRUD]XSDFMHQWyZ QLH]GROQ\FKGRSRá\NDQLDWDEOHWHNQDOHĪ\VWRVRZDüSURGXNW.HSSUDUR]WZyUGRXVWQ\ 1DOHĪ\VWRVRZDüQDMPQLHMV]ąVNXWHF]QąGDZNĊ
NJSRZLQQDZ\QRVLü'DZNDSRF]ąWNRZDXG]LHFLLPáRG]LHĪ\RPDVLHFLDáDPJGZDUD]\QD GREĊ]DĞGDZNDPDNV\PDOQDPJGZDUD]\QDGREĊ 'DZNDXG]LHFLRPDVLHFLDáDNJOXEZLĊNV]HMMHVWWDNDVDPDMDNXGRURVá\FK
PLHVLąFDGRSRQLĪHMPLHVLĊF\7HUDSLDZVSRPDJDMąFDXQLHPRZOąWZZLHNXRG
3RVWDFLąRGSRZLHGQLąGRVWRVRZDQLDXQLHPRZOąWMHVWUR]WZyUGRXVWQ\
6SRVyESRGDZDQLD 7DEOHWNLSRZOHNDQHQDOHĪ\SU]\MPRZDüGRXVWQLHSRá\NDüSRSLMDMąFZ\VWDUF]DMąFąLORĞFLąSá\QX] SRVLáNLHPOXEEH]SRVLáNX3RSRGDQLXGRXVWQ\POHZHW\UDFHWDPPRĪHSR]RVWDZLDüJRU]NLVPDN 'DZNDGRERZDMHVWSRGDZDQDZGZyFKUyZQRSRG]LHORQ\FKGDZNDFK 3U]HFLZZVND]DQLD 1DGZUDĪOLZRĞüQDVXEVWDQFMĊF]\QQąOXELQQH]ZLą]NLSRFKRGQHSLUROLGRQyZOXEQDNWyUąNROZLHN VXEVWDQFMĊSRPRFQLF]ąZ\PLHQLRQąZSXQNFLH
6SHFMDOQHRVWU]HĪHQLDLĞURGNLRVWURĪQRĞFLGRW\F]ąFHVWRVRZDQLD =DEXU]HQLDF]\QQRĞFLQHUHN 3RGDZDQLHOHZHW\UDFHWDPXSDFMHQWRP]]DEXU]HQLHPF]\QQRĞFLQHUHNPRĪHZ\PDJDüRGSRZLHGQLHJR GRVWRVRZDQLDGDZNL8SDFMHQWyZ]FLĊĪNLP]DEXU]HQLHPF]\QQRĞFLZąWURE\]DOHFDVLĊRFHQĊ F]\QQRĞFLQHUHNSU]HGXVWDOHQLHPRGSRZLHGQLHMGDZNLSDWU]SXQNW 2VWUHXV]NRG]HQLHQHUHN 6WRVRZDQLHOHZHW\UDFHWDPXZLą]DáRVLĊEDUG]RU]DGNR]RVWU\PXV]NRG]HQLHPQHUHN]F]DVHP Z\VWąSLHQLDRGNLONXGQLGRNLONXPLHVLĊF\SRSRGDQLX 2SLV\ZDQRU]DGNLHSU]\SDGNL]PQLHMV]HQLDOLF]E\NUZLQHNQHXWURSHQLDDJUDQXORF\WR]DOHXNRSHQLD
PDáRSá\WNRZRĞüLSDQF\WRSHQLD]ZLą]DQH]SRGDZDQLHPOHZHW\UDFHWDPXZ\VWĊSXMąFHJáyZQLHQD SRF]ąWNXOHF]HQLD=DOHFDVLĊEDGDQLHPRUIRORJLLNUZLXSDFMHQWyZ]QDF]QLHRVáDELRQ\FK]JRUąF]Ną
QDZUDFDMąF\PLLQIHNFMDPLOXE]DEXU]HQLDPLNU]HSQLĊFLDNUZLSDWU]SXQNW 22
8SDFMHQWyZOHF]RQ\FKSURGXNWDPLSU]HFLZSDGDF]NRZ\PLZW\POHZHW\UDFHWDPHPRSLV\ZDQR SU]\SDGNLVDPREyMVWZSUyEVDPREyMF]\FKRUD]P\ĞOLL]DFKRZDĔVDPREyMF]\FK0HWDDQDOL]D Z\QLNyZUDQGRPL]RZDQ\FKNRQWURORZDQ\FKSODFHEREDGDĔNOLQLF]Q\FK]]DVWRVRZDQLHP SU]HFLZSDGDF]NRZ\FKSURGXNWyZOHF]QLF]\FKZ\ND]DáDQLHZLHONLH]ZLĊNV]HQLHU\]\NDZ\VWĊSRZDQLDP\ĞOLL]DFKRZDĔVDPREyMF]\FK0HFKDQL]PWHJRG]LDáDQLDQLHMHVW]QDQ\
'ODWHJRQDOHĪ\PRQLWRURZDüSDFMHQWyZSRGZ]JOĊGHPZ\VWĊSRZDQLDGHSUHVMLLOXEP\ĞOLRUD] ]DFKRZDĔVDPREyMF]\FKLUR]ZDĪ\üRGSRZLHGQLHOHF]HQLH1DOHĪ\]DOHFLüSDFMHQWRPLRSLHNXQRP
SDFMHQWyZDE\]JáDV]DOLVLĊSRSRPRFPHG\F]QąMHĞOLZ\VWąSLąREMDZ\GHSUHVMLLOXEP\ĞOLRUD]]DFKRZDQLDVDPREyMF]H']LHFLLPáRG]LHĪ 3URGXNWZSRVWDFLWDEOHWNLQLHMHVWGRVWRVRZDQ\GRSRGDZDQLDQLHPRZOĊWRPLG]LHFLRPZZLHNX SRQLĪHMODW 'RVWĊSQHGDQHGRW\F]ąFHG]LHFLQLHVXJHUXMąZSá\ZXQDZ]URVWLGRMU]HZDQLH-HGQDNGáXJRWUZDá\ ZSá\ZQDXF]HQLHVLĊLQWHOLJHQFMĊZ]URVWIXQNFMHHQGRNU\QRORJLF]QHGRMU]HZDQLHLSRWHQFMDOQ\ZSá\ZQDSáRGQRĞüSR]RVWDMąQLH]QDQH
,QWHUDNFMH]LQQ\PLSURGXNWDPLOHF]QLF]\PLLLQQHURG]DMHLQWHUDNFML
3U]HFLZSDGDF]NRZHSURGXNW\OHF]QLF]H 'DQH]RNUHVXSU]HGZSURZDG]HQLHPGRREURWXSRFKRG]ąFH]EDGDĔNOLQLF]Q\FKSURZDG]RQ\FKX GRURVá\FKZVND]XMąĪHOHZHW\UDFHWDPQLHZ\ZLHUDZSá\ZXQDVWĊĪHQLHZVXURZLF\LQQ\FKVWRVRZDQ\FKDNWXDOQLHOHNyZSU]HFLZSDGDF]NRZ\FKIHQ\WRLQ\NDUEDPD]HSLQ\NZDVX
ZDOSURLQRZHJRIHQREDUELWDOXODPRWU\JLQ\JDEDSHQW\Q\LSU\PLGRQXRUD]ĪHSRZ\ĪV]HOHNLSU]HFLZSDGDF]NRZHQLHZSá\ZDMąQDIDUPDNRNLQHW\NĊOHZHW\UDFHWDPX 7DNMDNXGRURVá\FKXSDFMHQWyZSHGLDWU\F]Q\FKSU]\MPXMąF\FKOHZHW\UDFHWDPZGDZFHGR PJNJPFGREĊQLH]DREVHUZRZDQRMHGQR]QDF]Q\FKGRZRGyZQDLVWQLHQLHNOLQLF]QLH]QDF]ąF\FKLQWHUDNFML]LQQ\PLSURGXNWDPLOHF]QLF]\PL
ODW]2FHQDUHWURVSHNW\ZQDLQWHUDNFMLIDUPDNRNLQHW\F]Q\FKXG]LHFLLPáRG]LHĪ\RGGR SDGDF]NąSRWZLHUG]LáDĪHWHUDSLDZVSRPDJDMąFDOHZHW\UDFHWDPHPSRGDZDQ\PGRXVWQLHQLHPLDáDZSá\ZXQDVWĊĪHQLHZVWDQLHVWDFMRQDUQ\PZVXURZLF\SRGDZDQ\FKMHGQRF]HĞQLHNDUEDPD]HSLQ\LZDOSURLQLDQX-HGQDNGDQHZVND]\ZDá\QD]ZLĊNV]HQLHNOLUHQVXOHZHW\UDFHWDPXRXG]LHFLSU]\MPXMąF\FKSU]HFLZSDGDF]NRZHSURGXNW\OHF]QLF]HLQGXNXMąFHHQ]\P\'RVWRVRZDQLHGDZNLQLHMHVWZ\PDJDQH:\ND]DQRĪHSUREHQHF\GOHNKDPXMąF\Z\G]LHODQLHZNDQDOLNDFKQHUNRZ\FKSRGDZDQ\ZGDZFHPJF]WHU\UD]\QDGREĊ]PQLHMV]DNOLUHQVQHUNRZ\JáyZQHJRPHWDEROLWXOHZHW\UDFHWDPXQLHZSá\ZDMąFMHGQDNQDNOLUHQVOHZHW\UDFHWDPX3RPLPRWRVWĊĪHQLHWHJRPHWDEROLWXSR]RVWDMHQLHZLHONLH
=JáDV]DQRĪHMHGQRF]HVQHSRGDZDQLHOHZHW\UDFHWDPXLPHWURWUHNVDWX]PQLHMV]DNOLUHQVPHWRWUHNVDWXSRZRGXMąF]ZLĊNV]HQLHVWĊĪHQLDPHWRWUHNVDWXZHNUZLLSU]HGáXĪHQLHHNVSR]\FMLGRSR]LRPXSRWHQFMDOQLHWRNV\F]QHJR8SDFMHQWyZRWU]\PXMąF\FKMHGQRF]HĞQLHWHOHNLQDOHĪ\VWDUDQQLHPRQLWRURZDüVWĊĪHQLHPHWRWUHNVDWXLOHZHW\UDFHWDPX
'RXVWQHĞURGNLDQW\NRQFHSF\MQHLLQQHLQWHUDNFMHIDUPDNRNLQHW\F]QH /HZHW\UDFHWDPZGDZFHGRERZHMPJQLHZSá\ZDáQDIDUPDNRNLQHW\NĊGRXVWQ\FKĞURGNyZDQW\NRQFHSF\MQ\FKHW\Q\ORHVWUDGLROXLOHZRQRUJHVWUHOXSDUDPHWU\XNáDGXHQGRNU\QRZHJRVWĊĪHQLH
KRUPRQXOXWHLQL]XMąFHJRLSURJHVWHURQXSR]RVWDZDá\QLH]PLHQLRQH/HZHW\UDFHWDPZGDZFHGRERZHMPJQLHZSá\ZDáQDIDUPDNRNLQHW\NĊGLJRNV\Q\LZDUIDU\Q\F]DVSURWURPELQRZ\23
SR]RVWDZDáQLH]PLHQLRQ\-HGQRF]HVQHVWRVRZDQLH]GLJRNV\QąGRXVWQ\PLĞURGNDPL DQW\NRQFHSF\MQ\PLRUD]]ZDUIDU\QąQLHZSá\ZDáRQDIDUPDNRNLQHW\NĊOHZHW\UDFHWDPX/HNLSU]HF]\V]F]DMąFH =JáDV]DQRSRMHG\QF]HSU]\SDGNL]PQLHMV]RQHMVNXWHF]QRĞFLOHZHW\UDFHWDPXSRMHGQRF]HVQ\PGRXVWQ\PSRGDQLXOHZHW\UDFHWDPX]PDNURJROHPRVPRW\F]Q\POHNLHPSU]HF]\V]F]DMąF\P'ODWHJRQLHQDOHĪ\SU]\MPRZDüPDNURJROXGRXVWQLHQDJRG]LQĊSU]HGLJRG]LQĊSR]DVWRVRZDQLXOHZHW\UDFHWDPX
3RNDUPQLH]PLHQLDáVWRSQLDZFKáDQLDQLDOHZHW\UDFHWDPXDOHV]\ENRĞüZFKáDQLDQLDE\áDQLH]QDF]QLH]PQLHMV]RQD %UDNGDQ\FKGRW\F]ąF\FKLQWHUDNFMLOHZHW\UDFHWDPX]DONRKROHP
:Sá\ZQDSáRGQRĞüFLąĪĊLODNWDFMĊ
.RELHW\ZZLHNXUR]URGF]\PSRZLQQ\RWU]\PDüVSHFMDOLVW\F]QąSRUDGĊPHG\F]Qą8NRELHW\NWyUDSODQXMH]DMĞüZFLąĪĊQDOHĪ\RFHQLüOHF]HQLHOHZHW\UDFHWDPHP7DNMDNZSU]\SDGNXZV]\VWNLFKOHNyZSU]HFLZSDGDF]NRZ\FKQDOHĪ\XQLNDüQDJáHJRSU]HU\ZDQLDOHF]HQLDOHZHW\UDFHWDPHPSRQLHZDĪPRĪHWRSURZDG]LüGRZ\VWąSLHQLDQDSDGyZGUJDZNRZ\FK]RGVWDZLHQLDNWyUHPRJąPLHüSRZDĪQHNRQVHNZHQFMHGODNRELHW\LQLHQDURG]RQHJRG]LHFND-HĞOLW\ONRPRĪOLZHSUHIHUXMHVLĊ
PRQRWHUDSLĊJG\ĪOHF]HQLHZLHORPDOHNDPLSU]HFLZSDGDF]NRZ\PL/33PRĪHZLą]DüVLĊ]ZLĊNV]\PU\]\NLHPZDGZURG]RQ\FKQLĪSRGF]DVPRQRWHUDSLLZ]DOHĪQRĞFLRG]DVWRVRZDQ\FKGRGDWNRZ\FKOHNyZSU]HFLZSDGDF]NRZ\FK6]HURNL]DNUHVGDQ\FK]RNUHVXSRZSURZDG]HQLXGRREURWXGRW\F]ąF\FKFLĊĪDUQ\FKNRELHWSU]\MPXMąF\FKOHZHW\UDFHWDPZPRQRWHUDSLLSRQDGZW\PSRQDGSU]\MPXMąF\FKJRZ
SLHUZV]\PWU\PHVWU]HFLąĪ\QLHZVND]XMHQD]ZLĊNV]HQLHU\]\NDGXĪ\FKZURG]RQ\FKZDGUR]ZRMRZ\FK'DQHGRW\F]ąFHQHXURUR]ZRMXG]LHFLQDUDĪRQ\FKLQXWHURQDPRQRWHUDSLĊSURGXNWHP.HSSUDVąRJUDQLF]RQH
MHGQDNĪHELHĪąFHEDGDQLDHSLGHPLRORJLF]QH]XG]LDáHPRNRáRG]LHFLQLHZVND]XMąQD]ZLĊNV]RQHU\]\NR]DEXU]HĔQHXURUR]ZRMRZ\FKOXERSyĨQLHQLDZUR]ZRMX/HZHW\UDFHWDPPRĪQDVWRVRZDüZFLąĪ\MHĞOLSRGRNáDGQ\PSU]HDQDOL]RZDQLXV\WXDFML]RVWDQLHWRX]QDQH]DNOLQLF]QLHNRQLHF]QH:WDNLFKSU]\SDGNDFK]DOHFDVLĊSU]\MPRZDQLHQDMQLĪV]HMVNXWHF]QHMGDZNL =PLDQ\IL]MRORJLF]QH]DFKRG]ąFHSRGF]DVFLąĪ\PRJąZSá\ZDüQDVWĊĪHQLHOHZHW\UDFHWDPX2EVHUZRZDQR]PQLHMV]HQLHVWĊĪHQLDOHZHW\UDFHWDPXZRVRF]XSRGF]DVFLąĪ\=PQLHMV]HQLHVWĊĪHQLDMHVWEDUG]LHMZ\UDĨQHZWU]HFLPWU\PHVWU]HGRZDUWRĞFLZ]JOĊGHPRNUHVXZ\MĞFLRZHJRSU]HG
FLąĪą:SU]\SDGNXNRELHWZFLąĪ\VWRVXMąF\FKOHZHW\UDFHWDPQDOHĪ\]DSHZQLüRGSRZLHGQLHSRVWĊSRZDQLHNOLQLF]QH/HZHW\UDFHWDPSU]HQLNDGRPOHNDNRELHFHJR=WHJRZ]JOĊGXNDUPLHQLHSLHUVLąQLHMHVW]DOHFDQH-HGQDNMHĪHOLNRQLHF]QHMHVWOHF]HQLHSRGF]DVNDUPLHQLDSLHUVLąQDOHĪ\XZ]JOĊGQLDMąF]QDF]HQLHNDUPLHQLDSLHUVLąUR]ZDĪ\üVWRVXQHNNRU]\ĞFLGRU\]\ND]ZLą]DQ\]OHF]HQLHP3áRGQRĞü :EDGDQLDFKQD]ZLHU]ĊWDFKQLHZ\NU\WRZSá\ZXQDSáRGQRĞüSDWU]SXQNW%UDNGDQ\FKNOLQLF]Q\FKQLHMHVW]QDQHSRWHQFMDOQHU\]\NRXOXG]L:Sá\ZQD]GROQRĞüSURZDG]HQLDSRMD]GyZLREVáXJLZDQLDPDV]\Q
/HZHW\UDFHWDPPDQLHZLHONLOXEXPLDUNRZDQ\ZSá\ZQD]GROQRĞüSURZDG]HQLDSRMD]GyZLREVáXJLZDQLDXU]ąG]HĔPHFKDQLF]Q\FK
=SRZRGXPRĪOLZRĞFLUyĪQLFZRVREQLF]HMZUDĪOLZRĞFLV]F]HJyOQLHQDSRF]ąWNXOHF]HQLDOXESRGF]DV]ZLĊNV]DQLDGDZNLXQLHNWyU\FKSDFMHQWyZPRĪHZ\VWąSLüVHQQRĞüOXELQQHREMDZ\]HVWURQ\
24
RĞURGNRZHJRXNáDGXQHUZRZHJR=WHJRZ]JOĊGXSDFMHQWRPZ\NRQXMąF\PF]\QQRĞFL]áRĪRQH]DOHFD VLĊRVWURĪQRĞüQSSRGF]DVSURZDG]HQLDSRMD]GyZDQLREVáXJLZDQLDXU]ąG]HĔPHFKDQLF]Q\FKZ UXFKX1LH]DOHFDVLĊSURZDG]HQLDSRMD]GyZPHFKDQLF]Q\FKOXEREVáXJLZDQLDXU]ąG]HĔ PHFKDQLF]Q\FKZUXFKXGRSyNLQLHMHVW]QDQ\ZSá\ZQD]GROQRĞüSDFMHQWDGRZ\NRQ\ZDQLDW\FK F]\QQRĞFL
']LDáDQLDQLHSRĪąGDQH3RGVXPRZDQLHSURILOXEH]SLHF]HĔVWZD 'RQDMF]ĊĞFLHM]JáDV]DQ\FKG]LDáDĔQLHSRĪąGDQ\FKQDOHĪDá\]DSDOHQLHEáRQ\ĞOX]RZHMQRVDLJDUGáD VHQQRĞüEyOJáRZ\]PĊF]HQLHL]DZURW\JáRZ\3U]HGVWDZLRQ\SRQLĪHMSURILOG]LDáDĔQLHSRĪąGDQ\FK VSRU]ąG]RQRQDSRGVWDZLH]ELRUF]HMDQDOL]\EDGDĔNOLQLF]Q\FKNRQWURORZDQ\FKSODFHERZH SDFMHQWRP'R ZV]\VWNLFKEDGDQ\FKZVND]DQLDFKZNWyU\FKOHZHW\UDFHWDPSRGDZDQRZVXPLHX]\VNDQ\FKGDQ\FKZáąF]RQRUyZQLHĪLQIRUPDFMHGRW\F]ąFHVWRVRZDQLDOHZHW\UDFHWDPXZRWZDUW\FK EDGDQLDFKX]XSHáQLDMąF\FKRUD]GDQH]RNUHVXSRZSURZDG]HQLXSURGXNWXGRREURWX3URILO EH]SLHF]HĔVWZDOHZHW\UDFHWDPXMHVWQDRJyáSRGREQ\ZHZV]\VWNLFKJUXSDFKZLHNRZ\FKGRURĞOLL
G]LHFLL]DUHMHVWURZDQ\FKZVND]DQLDFKZOHF]HQLXSDGDF]NL7DEHODU\F]QH]HVWDZLHQLHG]LDáDĔQLHSRĪąGDQ\FK ']LDáDQLDQLHSRĪąGDQH]JáDV]DQHZEDGDQLDFKNOLQLF]Q\FKXGRURVá\FKPáRG]LHĪ\G]LHFLL
QLHPRZOąW!PLHVLąFDLSRZSURZDG]HQLXSURGXNWXGRREURWX]RVWDá\SU]HGVWDZLRQHSRQLĪHMZHGáXJ F]ĊVWRĞFLZ\VWĊSRZDQLDRUD]XNáDGyZLQDU]ąGyZ']LDáDQLDQLHSRĪąGDQHSU]HGVWDZLRQRZHGáXJ VWRSQLDFLĊĪNRĞFLDF]ĊVWRĞüLFKZ\VWĊSRZDQLD]RVWDáDRNUHĞORQDZQDVWĊSXMąF\VSRVyEEDUG]RF]ĊVWR F]ĊVWRGRQLH]E\WF]ĊVWRGRU]DGNRGR
LEDUG]RU]DGNR.ODV\ILNDFMD&]ĊVWRĞüZ\VWĊSRZDQLDXNáDGyZQDU]ąGyZ%DUG]R&]ĊVWR1LH]E\WF]ĊVWR5]DGNR =DNDĪHQLDL]DSDOHQLHLQIHNFMH ]DUDĪHQLDEáRQ\ SDVRĪ\WQLF]HĞOX]RZHM QRVDL JDUGáD
=DEXU]HQLDNUZLLPDáRSá\WNRZRĞü SDQF\WRSHQLDXNáDGXFKáRQQHJROHXNRSHQLDQHXWURSHQLD DJUDQXORF\WR]D =DEXU]HQLDXNáDGXZ\V\SND LPPXQRORJLF]QHJRSROHNRZD] HR]\QRILOLąL REMDZDPL QDU]ąGRZ\PL
]HVSyá'5(66 QDGZUDĪOLZRĞüZW\PREU]ĊN QDF]\QLRUXFKRZ\
LDQDILODNVMD
=DEXU]HQLDMDGáRZVWUĊW]PQLHMV]HQLHPDV\KLSRQDWUHPLDPHWDEROL]PXLFLDáD]ZLĊNV]HQLHRGĪ\ZLDQLDPDV\FLDáD 25
&]ĊVWR1LH]E\WF]ĊVWR5]DGNR GHSUHVMDZURJRĞüDJUHV\ZQRĞüOĊN
EH]VHQQRĞü
QHUZRZRĞüGUDĪOLZRĞü
SUyE\VDPREyMF]HP\ĞOLVDPREyMF]H
]DEXU]HQLD
SV\FKRW\F]QH
]DEXU]HQLD
]DFKRZDQLDRPDP\
XF]XFLH]áRĞFL
VSOąWDQLHQDSDG\
SDQLNLFKZLHMQRĞü
HPRFMRQDOQDZDKDQLD
QDVWURMXSREXG]HQLH
VDPREyMVWZR]DEXU]HQLD
RVRERZRĞFL
]DEXU]HQLD
P\ĞOHQLD
=DEXU]HQLDXNáDGXVHQQRĞüGUJDZNL]DEXU]HQLDQLHSDPLĊüFKRUHRDWHWR]DQHUZRZHJREyOHJáRZ\UyZQRZDJL]DZURW\]DEXU]HQLDSDPLĊFLG\VNLQH]DJáRZ\SRFKRG]HQLD]DEXU]HQLDKLSHUNLQH]MD RĞURGNRZHJRNRRUG\QDFML]DEXU]HQLDFKRGXRVSDáRĞüGUĪHQLHUXFKyZDWDNVMD
SDUHVWH]MD ]DEXU]HQLD NRQFHQWUDFMLXZDJL
=DEXU]HQLDRNDSRGZyMQHZLG]HQLHQLHZ\UDĨQHZLG]HQLH =DEXU]HQLDXFKDL]DZURW\JáRZ\EáĊGQLNDSRFKRG]HQLD EáĊGQLNRZHJRNDV]HO
EyOEU]XFKDELHJXQNDG\VSHSVMDZ\PLRW\
QXGQRĞFL
]DSDOHQLHWU]XVWNL
QLHSUDZLGáRZHQLHZ\GROQRĞüZ\QLNLWHVWyZZąWURE\
ZąWURERZ\FK
]DSDOHQLH
ZąWURE\
RVWUH
XV]NRG]HQLH
QHUHN
Z\V\SNDá\VLHQLHZ\SU\VNPDUWZLFD
ĞZLąGWRNV\F]QR
UR]Sá\ZQD
QDVNyUND]HVSyá
6WHYHQVD
-RKQVRQDUXPLHĔ
ZLHORSRVWDFLRZ\
RVáDELHQLHPLĊĞQLUDEGRPLROL]DL
EyOPLĊĞQL]ZLĊNV]HQLH
DNW\ZQRĞFL
IRVIRNLQD]\
NUHDW\QRZHMZH
NUZL
26
&]ĊVWR1LH]E\WF]ĊVWR5]DGNR =DEXU]HQLDRJyOQHDVWHQLD]PĊF]HQLHLVWDQ\ZPLHMVFX 8UD]\]DWUXFLDLXUD]\SRZLNáDQLDSR]DELHJDFK &]ĊVWRĞüZ\VWĊSRZDQLDMHVW]QDF]ąFRZLĊNV]DX-DSRĔF]\NyZZSRUyZQDQLX]SDFMHQWDPLQLH
SRFKRG]ąF\PL]-DSRQLL5]DGNRREVHUZRZDQRSU]\SDGNLHQFHIDORSDWLLSRSRGDQLXOHZHW\UDFHWDPX7HG]LDáDQLDQLHSRĪDGDQH
]D]Z\F]DMZ\VWĊSRZDá\QDSRF]ąWNXOHF]HQLDZFLąJXNLONXGQLGRNLONXPLHVLĊF\LE\á\RGZUDFDOQHSRSU]HUZDQLXOHF]HQLD2SLVZ\EUDQ\FKG]LDáDĔQLHSRĪąGDQ\FK 5\]\NRZ\VWąSLHQLDMDGáRZVWUĊWXMHVWZLĊNV]HZSU]\SDGNXMHGQRF]HVQHJRSRGDZDQLDOHZHW\UDFHWDPXLWRSLUDPDWX
:NLONXSU]\SDGNDFKá\VLHQLD]DREVHUZRZDQRXVWąSLHQLH]PLDQSRRGVWDZLHQLXOHZHW\UDFHWDPX
:NLONXSU]\SDGNDFKSDQF\WRSHQLL]DREVHUZRZDQR]DKDPRZDQLHF]\QQRĞFLV]SLNXNRVWQHJR']LHFLLPáRG]LHĪ :EDGDQLDFKNOLQLF]Q\FKNRQWURORZDQ\FKSODFHERLRWZDUW\FKEDGDQLDFKX]XSHáQLDMąF\FKPLHVLąFDGRSRQLĪHMODWV]HĞüG]LHVLĊFLX]OHZHW\UDFHWDPSRGDZDQRSDFMHQWRPZZLHNXRG
QLFKRWU]\P\ZDáROHZHW\UDFHWDPZEDGDQLDFKNRQWURORZDQ\FKSODFHER:EDGDQLDFKNOLQLF]Q\FK NRQWURORZDQ\FKSODFHERLRWZDUW\FKEDGDQLDFKX]XSHáQLDMąF\FKOHZHW\UDFHWDPSRGDZDQRSDFMHQWRPZZLHNXRGGRODW]QLFKRWU]\P\ZDáROHZHW\UDFHWDPZEDGDQLDFK
NRQWURORZDQ\FKSODFHER:REXJUXSDFKZLHNRZ\FKGDQHWHX]XSHáQLRQRLQIRUPDFMDPLQDWHPDW VWRVRZDQLDOHZHW\UDFHWDPXX]\VNDQ\PLZRNUHVLHSRZSURZDG]HQLXSURGXNWXGRREURWX 'RGDWNRZRQLHPRZOąWZZLHNXSRQLĪHMPLHVLĊF\RWU]\P\ZDáROHNZEDGDQLXEH]SLHF]HĔVWZD SRGRSXV]F]HQLXGRREURWX1LH]LGHQW\ILNRZDQRQRZ\FK]DJURĪHĔ]ZLą]DQ\FK]EH]SLHF]HĔVWZHP VWRVRZDQLDOHZHW\UDFHWDPXXQLHPRZOąW]SDGDF]NąZZLHNXSRQLĪHMPLHVLĊF\
3URILOG]LDáDĔQLHSRĪąGDQ\FKOHZHW\UDFHWDPXMHVWQDRJyáSRGREQ\ZHZV]\VWNLFKJUXSDFKZLHNRZ\FKL]DUHMHVWURZDQ\FKZVND]DQLDFKZOHF]HQLXSDGDF]NL'DQHGRW\F]ąFHEH]SLHF]HĔVWZDX G]LHFLX]\VNDQHZEDGDQLDFKNOLQLF]Q\FKNRQWURORZDQ\FKSODFHERE\á\SRGREQHGRSURILOX EH]SLHF]HĔVWZDOHZHW\UDFHWDPXXGRURVá\FK]Z\MąWNLHPG]LDáDĔQLHSRĪąGDQ\FKGRW\F]ąF\FK]DFKRZDQLDL]DEXU]HĔSV\FKLF]Q\FKNWyUHZ\VWĊSRZDá\F]ĊĞFLHMXG]LHFL8G]LHFLLPáRG]LHĪ\Z ZLHNXRGGRODWF]ĊĞFLHMQLĪZLQQ\FKJUXSDFKZLHNRZ\FKOXEQLĪWRZ\QLND]RJyOQHJRSURILOX
EH]SLHF]HĔVWZD]JáDV]DQRZ\PLRW\EDUG]RF]ĊVWRSREXG]HQLHF]ĊVWRZDKDQLD
QDVWURMXF]ĊVWRFKZLHMQRĞüHPRFMRQDOQąF]ĊVWRDJUHVMĊF]ĊVWR]DEXU]HQLD
]DFKRZDQLDF]ĊVWRLRVSDáRĞüF]ĊVWR8QLHPRZOąWLG]LHFLZZLHNXRGPLHVLąFDGR SRQLĪHMODWF]ĊĞFLHMQLĪZLQQ\FKJUXSDFKZLHNRZ\FKOXEZUDPDFKRJyOQHJRSURILOX
EH]SLHF]HĔVWZD]JáDV]DQRGUDĪOLZRĞüEDUG]RF]ĊVWRL]DEXU]HQLDNRRUG\QDFMLUXFKyZ
F]ĊVWR %DGDQLHXG]LHFLLPáRG]LHĪ\]DSURMHNWRZDQHZFHOXZ\ND]DQLDĪHSURGXNWOHF]QLF]\QLHMHVWJRUV]\ DQJQRQLQIHULRULW\
SURZDG]RQHPHWRGąSRGZyMQLHĞOHSHMSUyE\L]JUXSąNRQWUROQąSODFHER GRW\F]ąFHEH]SLHF]HĔVWZDVWRVRZDQLDRFHQLDáRZSá\ZOHZHW\UDFHWDPXQDIXQNFMHSR]QDZF]HRUD] QHXURSV\FKLF]QHXG]LHFLZZLHNXRGGRODW]QDSDGDPLF]ĊĞFLRZ\PL6WZLHUG]RQRĪHSURGXNW
.HSSUDQLHUyĪQLáVLĊQLHE\áJRUV]\RGSODFHERSRGZ]JOĊGHP]PLDQ\=áRĪRQHJRZ\QLNXWHVWX SDPLĊFLZF]ĊĞFL8ZDJDLSDPLĊü0LĊG]\QDURGRZHM:\NRQDQLRZHM6NDOL/HLWHUD5DQJ/HLWHU5
$WWHQWLRQDQG0HPRU\0HPRU\6FUHHQ&RPSRVLWHZREHFVWDQXZ\MĞFLRZHJRZSRSXODFML27
]HILQLRZDQHMSU]H]SURWRNyáEDGDQLD:\QLNLGRW\F]ąFHIXQNFMLEHKDZLRUDOQ\FKLHPRFMRQDOQ\FKX SDFMHQWyZOHF]RQ\FKOHZHW\UDFHWDPHPZVND]\ZDá\SRJRUV]HQLHZ]DNUHVLH]DFKRZDĔDJUHV\ZQ\FK FR]PLHU]RQRZVSRVyEVWDQGDU\]RZDQ\LV\VWHPDW\F]Q\]Z\NRU]\VWDQLHP]ZDOLGRZDQHJRQDU]ĊG]L±
.ZHVWLRQDULXV]D]DFKRZDĔG]LHFND$FKHQEDFKDDQJ&%&±$FKHQEDFK&KLOG%HKDYLRU &KHFNOLVW
8SDFMHQWyZNWyU]\SU]\MPRZDOLOHZHW\UDFHWDPZUDPDFKGáXJRWHUPLQRZHJRRWZDUWHJR EDGDQLDREVHUZDF\MQHJR]D]Z\F]DMQLHZ\VWĊSRZDáRMHGQDNSRJRUV]HQLHZ]DNUHVLHIXQNFML EHKDZLRUDOQ\FKLHPRFMRQDOQ\FKZV]F]HJyOQRĞFLZ\QLNLSRPLDUyZGRW\F]ąF\FK]DFKRZDĔ DJUHV\ZQ\FKQLHE\á\JRUV]HRGZDUWRĞFLZ\MĞFLRZ\FK=JáDV]DQLHSRGHMU]HZDQ\FKG]LDáDĔQLHSRĪąGDQ\FK 3RGRSXV]F]HQLXSURGXNWXOHF]QLF]HJRGRREURWXLVWRWQHMHVW]JáDV]DQLHSRGHMU]HZDQ\FKG]LDáDĔ
QLHSRĪąGDQ\FK8PRĪOLZLDWRQLHSU]HUZDQHPRQLWRURZDQLHVWRVXQNXNRU]\ĞFLGRU\]\NDVWRVRZDQLD SURGXNWXOHF]QLF]HJR2VRE\QDOHĪąFHGRIDFKRZHJRSHUVRQHOXPHG\F]QHJRSRZLQQ\]JáDV]Dü ZV]HONLHSRGHMU]HZDQHG]LDáDQLDQLHSRĪąGDQH]DSRĞUHGQLFWZHPNUDMRZHJRV\VWHPX]JáDV]DQLD Z\PLHQLRQHJRZ]DáąF]QLNX9 3U]HGDZNRZDQLH
3RSU]HGDZNRZDQLXSURGXNWX.HSSUDREVHUZRZDQRVHQQRĞüSREXG]HQLHDJUHV\ZQRĞü]PQLHMV]HQLH VWDQXĞZLDGRPRĞFLGHSUHVMĊRGGHFKRZąĞSLąF]NĊ
3RVWĊSRZDQLHSRSU]HGDZNRZDQLX 3RRVWU\PSU]HGDZNRZDQLXQDOHĪ\RSUyĪQLüĪRáąGHNSU]H]Z\NRQDQLHSáXNDQLDĪRáąGNDOXE Z\ZRáDQLHZ\PLRWyZ1LHLVWQLHMHĪDGQHVZRLVWHDQWLGRWXPGODOHZHW\UDFHWDPX /HF]HQLHSU]HGDZNRZDQLDSROHJDQDOHF]HQLXREMDZRZ\PZW\P]PRĪOLZRĞFLą]DVWRVRZDQLD KHPRGLDOL]\6NXWHF]QRĞüGLDOL]\Z\QRVLGODOHZHW\UDFHWDPXRUD]GODMHJRJáyZQHJR
PHWDEROLWX
:à$ĝ&,:2ĝ&,)$50$.2/2*,&=1(
:áDĞFLZRĞFLIDUPDNRG\QDPLF]QH
*UXSDIDUPDNRWHUDSHXW\F]QDOHNLSU]HFLZSDGDF]NRZHLQQHOHNLSU]HFLZSDGDF]NRZHNRG$7& 1 $;6XEVWDQFMDF]\QQDOHZHW\UDFHWDPMHVWSRFKRGQąSLUROLGRQX6HQDQFMRPHUDPLGXNZDVXĮHW\OR
RNV\OSLUROLG\QRRFWRZHJRFKHPLF]QLHQLHSRZLą]DQą]LVWQLHMąF\PLVXEVWDQFMDPLF]\QQ\PLR G]LDáDQLXSU]HFLZSDGDF]NRZ\P 0HFKDQL]PG]LDáDQLDOHZHW\UDFHWDPXQDGDOQLHMHVWZSHáQLSR]QDQ\:\QLNLEDGDĔLQYLWURLLQYLYRZVND]XMąĪHOHZHW\UDFHWDPQLH]PLHQLDSRGVWDZRZ\FKZáDĞFLZRĞFLNRPyUNLDQLSUDZLGáRZ\FK SURFHVyZQHXURWUDQVPLVML
%DGDQLDLQYLWURZ\ND]Dá\ĪHOHZHW\UDFHWDPZSá\ZDQDVWĊĪHQLH&D
ZQHXURQDFKF]ĊĞFLRZR KDPXMąFSUąG\&D
W\SX1RUD]RJUDQLF]DMąFXZDOQLDQLHMRQyZ&D
]PDJD]\QRZDQ\FKZHZQąWU] QHXURQyZ'RGDWNRZRF]ĊĞFLRZR]QRVLLQGXNRZDQHSU]H]F\QNLEHWDNDUEROLQ\KDPRZDQLHSUąGyZ EUDPNRZDQ\FKSU]H]*$%$LJOLF\QĊ3RQDGWRZEDGDQLDFKLQYLWURZ\ND]DQRĪHOHZHW\UDFHWDP ZLąĪHVLĊ]RNUHĞORQ\PPLHMVFHPZWNDQFHPy]JRZHMJU\]RQL7\PPLHMVFHPMHVWELDáNR SĊFKHU]\NyZV\QDSW\F]Q\FK$NWyUHMDNVLĊXZDĪDELHU]HXG]LDáZSURFHVLHIX]MLSĊFKHU]\NyZLHJ]RF\WR]\QHXURWUDQVPLWHUyZ6WRSLHĔSRZLQRZDFWZDOHZHW\UDFHWDPXLVSRNUHZQLRQ\FKDQDORJyZGRELDáND$NRUHOXMH]PRFąG]LDáDQLDSU]HFLZSDGDF]NRZHJRW\FKVXEVWDQFMLZPRGHOXDXGLRJHQQ\FKQDSDGyZSDGDF]NRZ\FKXP\V]\7RRGNU\FLHZVND]XMHĪHLQWHUDNFMDOHZHW\UDFHWDPX28
]ELDáNLHPSĊFKHU]\NyZV\QDSW\F]Q\FK$Z\GDMHVLĊPLHüZSá\ZQDSU]HFLZSDGDF]NRZHG]LDáDQLHWHJRSURGXNWXOHF]QLF]HJR
5H]XOWDWG]LDáDQLDIDUPDNRG\QDPLF]QHJR /HZHW\UDFHWDPZ\ZRáXMHRFKURQĊSU]HGGUJDZNDPLZZLHOX]ZLHU]ĊF\FKPRGHODFKQDSDGyZ SDGDF]NRZ\FKF]ĊĞFLRZ\FKLSLHUZRWQLHXRJyOQLRQ\FKQLHG]LDáDGUJDZNRWZyUF]R *áyZQ\PHWDEROLWMHVWQLHDNW\ZQ\']LDáDQLHSU]HFLZGUJDZNRZHXOXG]L]DUyZQRZSDGDF]FH]QDSDGDPLF]ĊĞFLRZ\PLMDNLXRJyOQLRQ\PLZ\áDGRZDQLDSDGDF]NRZHZ((*RGSRZLHGĨĞZLHWOQR
QDSDGRZDZ((*QDSU]HU\ZDQHERGĨFHĞZLHWOQHSRWZLHUG]LáRV]HURNL]DNUHVIDUPDNRORJLF]QHJR SURILOXOHZHW\UDFHWDPX 6NXWHF]QRĞüNOLQLF]QDLEH]SLHF]HĔVWZRVWRVRZDQLD 7HUDSLDZVSRPDJDMąFDZOHF]HQLXQDSDGyZF]ĊĞFLRZ\FKOXEF]ĊĞFLRZ\FKZWyUQLHXRJyOQLRQ\FKX GRURVá\FKPáRG]LHĪ\LG]LHFLLQLHPRZOąWZZLHNXRGPLHVLąFD]SDGDF]Ną
6NXWHF]QRĞüOHZHW\UDFHWDPXXGRURVá\FKZ\ND]DQRZWU]HFKEDGDQLDFKSRUyZQDZF]\FK NRQWURORZDQ\FKSODFHERZ\NRQDQ\FKPHWRGąSRGZyMQLHĞOHSHMSUyE\]]DVWRVRZDQLHPGDZHN GRERZ\FKZ\QRV]ąF\FKPJPJOXEPJSRGDZDQ\FKZGZyFKGDZNDFKW\JRGQL=VXPRZDQHGDQHZ\ND]Dá\ĪHRGVHWHNSDFMHQWyZXSRG]LHORQ\FK]RNUHVHPOHF]HQLDGRNWyU\FKVWZLHUG]RQR]PQLHMV]HQLHOLF]E\QDSDGyZF]ĊĞFLRZ\FKZW\JRGQLXROXEZLĊFHMZ
W\JRGQLOHF]HQLDSRUyZQDQLXGRRNUHVXRGQLHVLHQLDSRGF]DVVWRVRZDQLDVWDá\FKGDZHNOHNX Z\QRVLáRGSRZLHGQLRLGODGDZHNPJPJPJOHZHW\UDFHWDPXDZJUXSLHRWU]\PXMąFHMSODFHER±
6NXWHF]QRĞüOHZHW\UDFHWDPXXG]LHFLRGGRODWRFHQLDQRZEDGDQLXSRUyZQDZF]\P NRQWURORZDQ\PSODFHERSU]HSURZDG]RQ\PPHWRGąSRGZyMQLHĞOHSHMSUyE\REHMPXMąF\PSDFMHQWyZLWUZDMąF\PW\JRGQL8F]HVWQLF\EDGDQLDRWU]\P\ZDOLOHZHW\UDFHWDPZVWDáHMGDZFH
PJNJPFGREĊZGZyFKGDZNDFKGRERZ\FK=PQLHMV]HQLHOLF]E\QDSDGyZF]ĊĞFLRZ\FKZW\JRGQLXROXEZLĊFHMZSRUyZQDQLXGRRNUHVXSDFMHQWyZRGQLHVLHQLDVWZLHUG]RQRXG]LHFLOHF]RQ\FKOHZHW\UDFHWDPHPRUD]XRWU]\PXMąF\FKSODFHER:GáXĪV]\PRNUHVLHOHF]HQLDVWZLHUG]RQRFDáNRZLWHXVWąSLHQLHQDSDGyZQD FRQDMPQLHMPLHVLĊF\XSDFMHQWyZDQDURNOXEGáXĪHMXFKRU\FK
6NXWHF]QRĞüOHZHW\UDFHWDPXXSDFMHQWyZZZLHNXG]LHFLĊF\PRGPLHVLąFDGRSRQLĪHMODW RFHQLRQRZEDGDQLX]SRGZyMQLHĞOHSąSUyEą]JUXSąNRQWUROQąSODFHERREHMPXMąF\P SDFMHQWyZ]RNUHVHPOHF]HQLDZ\QRV]ąF\PGQL3DFMHQFLELRUąF\XG]LDáZEDGDQLXVWRVRZDOL UR]WZyUGRXVWQ\ZGDZFHGRERZHMPJNJPFPJNJPFPJNJPFOXEPJNJPFZ]DOHĪQRĞFLRGVFKHPDWXVWRSQLRZHJR]ZLĊNV]DQLDGDZNLGODGDQHJRZLHNX:EDGDQLXVWRVRZDQRGDZNĊPJNJPFGREĊVWRSQLRZR]ZLĊNV]DMąFMąGRPJNJPFGREĊZSU]\SDGNXQLHPRZOąWPLHVLąFDGRSRQLĪHMPLHVLĊF\RUD]PJNJPFGREĊVWRSQLRZR]ZLĊNV]DMąFMąGRZZLHNXRGPJNJPFGREĊZSU]\SDGNXQLHPRZOąWLG]LHFLZZLHNXRGPLHVLĊF\GRSRQLĪHMODW&DáNRZLWDGDZNDGRERZDSRGDZDQDE\áDZGZyFKGDZNDFKSRG]LHORQ\FK3LHUZV]RU]ĊGRZ\PSDUDPHWUHPVNXWHF]QRĞFLE\áRGVHWHNRGSRZLHG]LQDOHF]HQLHSURFHQWSDFMHQWyZXNWyU\FKĞUHGQLDGRERZDF]ĊVWRĞüZ\VWĊSRZDQLDQDSDGyZ]PQLHMV]\áDVLĊRZVWRVXQNXGR
ZDUWRĞFLZ\MĞFLRZ\FKRFHQLDQ\QDSRGVWDZLHRGF]\WXJRG]LQQHJR]DSLVXZLGHR((*SU]H]Z\]QDF]RQąRGJyUQLHRVREĊSRGOHJDMąFą]DPDVNRZDQLX$QDOL]DVNXWHF]QRĞFLREMĊáDSDFMHQWyZJRG]LQQHEDGDQLHZLGHR((*]DUyZQRZRNUHVLHXNWyU\FKSU]HSURZDG]RQRFRQDMPQLHM Z\MĞFLRZ\PMDNLZRNUHVDFKRFHQ\8SDFMHQWyZOHF]RQ\FKOHZHW\UDFHWDPHPL SDFMHQWyZSU]\MPXMąF\FKSODFHER]DREVHUZRZDQRRGSRZLHGĨQDOHF]HQLH:\QLNLWHVą]JRGQHZ FDáHMJUXSLHZLHNRZHM:SU]\SDGNXNRQW\QXDFMLOHF]HQLDGáXJRRNUHVRZHJRXSDFMHQWyZQDSDG\ QLHZ\VWĊSRZDá\SU]H]FRQDMPQLHMPLHVLĊF\DXSDFMHQWyZQDSDG\QLHZ\VWĊSRZDá\SU]H]FR QDMPQLHMURN29
QLHPRZOąWZZLHNXSRQLĪHMURNX]QDSDGDPLF]ĊĞFLRZ\PLRWU]\PDáROHNZNRQWURORZDQ\FK SODFHEREDGDQLDFKNOLQLF]Q\FKMHG\QLH]QLFKE\áRZZLHNXSRQLĪHMPLHVLĊF\
0RQRWHUDSLDZOHF]HQLXQDSDGyZF]ĊĞFLRZ\FKOXEF]ĊĞFLRZ\FKZWyUQLHXRJyOQLRQ\FKXSDFMHQWyZZZLHNXRGODW]QRZRUR]SR]QDQąSDGDF]Ną
6NXWHF]QRĞüOHZHW\UDFHWDPXZPRQRWHUDSLLRFHQLDQRZEDGDQLXZJUXSDFKUyZQROHJá\FK SU]HSURZDG]RQ\PPHWRGąSRGZyMQLHĞOHSHMSUyE\PDMąF\PQDFHOXZ\ND]DQLHUyZQRZDĪQRĞFL
OHZHW\UDFHWDPXLNDUEDPD]HSLQ\RNRQWURORZDQ\PXZDOQLDQLX&5XSDFMHQWyZZZLHNXRG ODW]QRZRUR]SR]QDQąSDGDF]Ną:DUXQNLHPNZDOLILNDFMLGREDGDQLDE\áRZ\VWĊSRZDQLHVDPRLVWQ\FK QDSDGyZF]ĊĞFLRZ\FKOXEZ\áąF]QLHXRJyOQLRQ\FKQDSDGyZWRQLF]QRNORQLF]Q\FK3DFMHQWyZSU]\G]LHODQRORVRZRGRJUXS\RWU]\PXMąFHMNDUEDPD]HSLQĊ&5ZGDZFH±PJGREĊOXEW\JRGQLZ]DOHĪQRĞFLOHZHW\UDFHWDPZGDZFH±PJGREĊ2NUHVOHF]HQLDZ\QRVLáGRRGUHDNFMLSDFMHQWDQDOHF]HQLH6]HĞFLRPLHVLĊF]Q\RNUHVEH]QDSDGyZRVLąJQLĊWRXOHF]RQ\FKSDFMHQWyZOHF]RQ\FKNDUEDPD]HSLQą&56NRU\JRZDQDUyĪQLFDOHZHW\UDFHWDPHPRUD]X
EH]Z]JOĊGQDZ\QLRVáD&,8SRQDGSRáRZ\SDFMHQWyZQDSDG\XVWąSLá\QDRNUHV
PLHVLĊF\OHF]RQ\FKOHZHW\UDFHWDPHPLOHF]RQ\FKNDUEDPD]HSLQą&5 :EDGDQLXRG]ZLHUFLHGODMąF\PSUDNW\NĊNOLQLF]QąSRGDZDQHMHGQRF]HĞQLHOHNLSU]HFLZSDGDF]NRZH PRJá\E\üRGVWDZLRQHXRJUDQLF]RQHMOLF]E\SDFMHQWyZNWyU]\RGSRZLHG]LHOLQDOHZHW\UDFHWDP
VWRVRZDQ\ZWHUDSLLZVSRPDJDMąFHMGRURVá\FKSDFMHQWyZ] 7HUDSLDZVSRPDJDMąFDZOHF]HQLXQDSDGyZPLRNORQLF]Q\FKXGRURVá\FKLPáRG]LHĪ\ZZLHNXRGODW]PáRG]LHĔF]ąSDGDF]NąPLRNORQLF]Qą 6NXWHF]QRĞüOHZHW\UDFHWDPXRFHQLDQRZW\JRGQLRZ\PEDGDQLXSRUyZQDZF]\P NRQWURORZDQ\PSODFHERSU]HSURZDG]RQ\PPHWRGąSRGZyMQLHĞOHSHMSUyE\]XG]LDáHPSDFMHQWyZ ZZLHNXRGODWFLHUSLąF\FKQDLGLRSDW\F]QąSDGDF]NĊXRJyOQLRQą]QDSDGDPLPLRNORQLF]Q\PLRGSRZLDGDMąF\PLUyĪQ\P]HVSRáRPNOLQLF]Q\P8ZLĊNV]RĞFLSDFMHQWyZUR]SR]QDQRPáRG]LHĔF]ąSDGDF]NĊPLRNORQLF]Qą
:EDGDQLXVWRVRZDQROHZHW\UDFHWDPZGDZFHGRERZHMZ\QRV]ąFHMPJSRGDZDQHMZGZyFKGDZNDFKSRG]LHORQ\FK
=PQLHMV]HQLHOLF]E\GQLZW\JRGQLX]QDSDGDPLPLRNORQLF]Q\PLROXEZLĊFHMVWZLHUG]RQRXSDFMHQWyZSU]\MPXMąF\FKSODFHEROHF]RQ\FKOHZHW\UDFHWDPHPLX :GáXĪV]\PRNUHVLHOHF]HQLDVWZLHUG]RQRFDáNRZLWHXVWąSLHQLHQDSDGyZPLRNORQLF]Q\FKQDFR QDMPQLHMPLHVLĊF\XSDFMHQWyZDQDURNOXEGáXĪHMXFKRU\FK7HUDSLDZVSRPDJDMąFDZOHF]HQLXQDSDGyZWRQLF]QRNORQLF]Q\FKSLHUZRWQLHXRJyOQLRQ\FKX
ODW]LGLRSDW\F]QąSDGDF]NąXRJyOQLRQąGRURVá\FKLPáRG]LHĪ\ZZLHNXRG
6NXWHF]QRĞüOHZHW\UDFHWDPXRFHQLDQRZW\JRGQLRZ\PEDGDQLXSRUyZQDZF]\PNRQWURORZDQ\P SODFHERSU]HSURZDG]RQ\PPHWRGąSRGZyMQLHĞOHSHMSUyE\]XG]LDáHPGRURVá\FKPáRG]LHĪ\L QLHZLHONLHMOLF]E\G]LHFLFLHUSLąF\FKQDSDGDF]NĊLGLRSDW\F]QąXRJyOQLRQą]SLHUZRWQLH
XRJyOQLRQ\PLQDSDGDPLWRQLF]QRNORQLF]Q\PL3*7&RGSRZLDGDMąF\PLUyĪQ\P]HVSRáRP NOLQLF]Q\PPáRG]LHĔF]HMSDGDF]FHPLRNORQLF]QHMPáRG]LHĔF]HMSDGDF]FH]QDSDGDPL QLHĞZLDGRPRĞFLG]LHFLĊFHMSDGDF]FH]QDSDGDPLQLHĞZLDGRPRĞFLRUD]SDGDF]FH]QDSDGDPLJUDQG PDO
Z\VWĊSXMąF\PLSRREXG]HQLXVLĊ:EDGDQLXVWRVRZDQROHZHW\UDFHWDPZGDZFHPJGREĊXGRURVá\FKLPáRG]LHĪ\RUD]PJNJPFGREĊXG]LHFLSRGDZDQHMZGZyFKGDZNDFKSRG]LHORQ\FK OHF]RQ\FK=PQLHMV]HQLHOLF]E\QDSDGyZ3*7&ZW\JRGQLXROXEZLĊFHMVWZLHUG]RQRXOHZHW\UDFHWDPHPLXSDFMHQWyZRWU]\PXMąF\FKSODFHER:GáXĪV]\PRNUHVLHOHF]HQLDVWZLHUG]RQRFDáNRZLWHXVWąSLHQLHQDSDGyZWRQLF]QRNORQLF]Q\FKQDFR
QDMPQLHMPLHVLĊF\XSDFMHQWyZDQDURNOXEGáXĪHMXFKRU\FK
30
:áDĞFLZRĞFLIDUPDNRNLQHW\F]QH /HZHW\UDFHWDPMHVW]ZLą]NLHPGREU]HUR]SXV]F]DOQ\PLSU]HQLNDMąF\P3URILOIDUPDNRNLQHW\F]Q\PD FKDUDNWHUOLQLRZ\]QLHZLHONą]PLHQQRĞFLąZHZQąWU]LPLĊG]\RVREQLF]ą3RZLHORNURWQ\PSRGDQLX QLHZ\VWĊSXMH]PLDQDNOLUHQVX%UDNGRZRGyZQDMDNąNROZLHN]PLHQQRĞü]ZLą]DQą]SáFLąUDVąL U\WPHPGRERZ\P3URILOIDUPDNRNLQHW\F]Q\MHVWSRUyZQ\ZDOQ\X]GURZ\FKRFKRWQLNyZLX
SDFMHQWyZ]SDGDF]Ną =HZ]JOĊGXQDIDNWĪHZFKáDQLDQLHMHVWFDáNRZLWHLPDSU]HELHJOLQLRZ\PRĪQDSU]HZLG]LHüVWĊĪHQLH OHZHW\UDFHWDPXZRVRF]XQDSRGVWDZLHGDZNLGRXVWQHMOHZHW\UDFHWDPXZ\UDĪRQHMZPJNJPDV\ FLDáD=WHJRZ]JOĊGXQLHPDSRWU]HE\PRQLWRURZDQLDVWĊĪHQLDOHZHW\UDFHWDPXZRVRF]X
:\ND]DQR]QDF]ąFąNRUHODFMĊXGRURVá\FKLG]LHFLSRPLĊG]\VWĊĪHQLHPZĞOLQLHLZRVRF]XVWRVXQHN
VWĊĪHQLDZĞOLQLHGRVWĊĪHQLDZRVRF]XZDKDáVLĊRGGRGODOHNXZSRVWDFLWDEOHWHNLSR
JRG]LQDFKSRSRGDQLXGODOHNXZSRVWDFLUR]WZRUXGRXVWQHJR:FKáDQLDQLH /HZHW\UDFHWDPMHVWV]\ENRZFKáDQLDQ\SRSRGDQLXGRXVWQ\P&DáNRZLWDELRGRVWĊSQRĞüSRSRGDQLX GRXVWQ\PZ\QRVLSUDZLH 6WĊĪHQLHPDNV\PDOQHZRVRF]X&PD[
JRG]LQ\SRSRGDQLX6WĊĪHQLHZVWDQLHMHVWRVLąJDQHSR VWDFMRQDUQ\PRVLąJDQHMHVWSRGQLDFKZSU]\SDGNXVFKHPDWXGDZNRZDQLDGZDUD]\QDGREĊ 3RSRGDQLXSRMHG\QF]HMGDZNLPJVWĊĪHQLHPDNV\PDOQH&PD[
JPODSRZ\QRVL]D]Z\F]DM SRGDZDQLXZLHORNURWQ\PPJGZDUD]\QDGREĊ&PD[Z\QRVLJPO6WRSLHĔZFKáDQLDQLDQLH]DOHĪ\RGGDZNLLQLH]PLHQLDVLĊSRGZSá\ZHPSRNDUPX'\VWU\EXFMD%UDNGRVWĊSQ\FKGDQ\FKGRW\F]ąF\FKSU]HQLNDQLDSURGXNWXGRWNDQHNXOXG]L$QLOHZHW\UDFHWDPDQLMHJRJáyZQ\PHWDEROLWQLHZLąĪąVLĊZVSRVyELVWRWQ\]ELDáNDPLRVRF]D
2EMĊWRĞüG\VWU\EXFMLOHZHW\UDFHWDPXZ\QRVLRNRáRGRONJMHVWWRZDUWRĞü]EOLĪRQDGRFDáNRZLWHMREMĊWRĞFLZRG\ZRUJDQL]PLH8OXG]LOHZHW\UDFHWDPQLHMHVWPHWDEROL]RZDQ\Z]QDF]Q\PVWRSQLX*áyZQ\V]ODNPHWDEROL]PX
GDZNLVWDQRZLHQ]\PDW\F]QDK\GUROL]DJUXS\DFHWDPLGRZHM:\WZDU]DQLHJáyZQHJR PHWDEROLWXXFE/QLH]DFKRG]LSU]\ZVSyáXG]LDOHZąWURERZ\FKL]RHQ]\PyZF\WRFKURPX3+\GUROL]ĊJUXS\DFHWDPLGRZHMVWZLHUG]RQRZZLHOXWNDQNDFKZW\PZNRPyUNDFKNUZL0HWDEROLWXFE/MHVWQLHDNW\ZQ\IDUPDNRORJLF]QLH=LGHQW\ILNRZDQRWDNĪHGZDLQQHPHWDEROLW\-HGHQ]QLFKSRZVWDMHSU]H]K\GURNV\ODFMĊSLHUĞFLHQLD
GDZNLDGUXJLSU]H]RWZDUFLHSLHUĞFLHQLDSLUROLG\QRZHJRSLUROLG\QRZHJRGDZNL,QQHQLH]LGHQW\ILNRZDQHVNáDGQLNLVWDQRZLąW\ONRGDZNL1LHXGRZRGQLRQRSU]HPLDQ\HQDQFMRPHU\F]QHMLQYLYRDQLGODOHZHW\UDFHWDPXDQLGODMHJRJáyZQHJR PHWDEROLWX
,QYLWURZ\ND]DQRĪHOHZHW\UDFHWDPRUD]MHJRJáyZQ\PHWDEROLWQLHKDPRZDá\DNW\ZQRĞFLJáyZQ\FKL]RPHUyZOXG]NLHJRZąWURERZHJRF\WRFKURPX3
JOXNXURQ\ORWUDQVIHUD]\8*7$L8*7$DQLDNW\ZQRĞFLK\GURNV\OD]\HSRNV\GRZHM3RQDGWROHZHW\UDFHWDPQLHZSá\ZDLQYLWURQDJOXNXURQLGDFMĊNZDVXZDOSURLQRZHJR :KRGRZODFKOXG]NLFKKHSDWRF\WyZOHZHW\UDFHWDPQLHZ\ZLHUDáZSá\ZXOXEPLDáQLHZLHONLZSá\ZQD&<3$68/7(OXE8*7$/HZHW\UDFHWDPSRZRGRZDááDJRGQąLQGXNFMĊ&<3%L&<3$'DQHLQYLWURLGDQHGRW\F]ąFHLQWHUDNFMLLQYLYR]GRXVWQ\PLĞURGNDPLDQW\NRQFHSF\MQ\PL
31
GLJRNV\QąLZDUIDU\QąZ\ND]Dá\ĪHQLHQDOHĪ\RF]HNLZDü]QDF]QHMLQGXNFMLHQ]\PDW\F]QHMLQYLYR 'ODWHJRLQWHUDNFMHSURGXNWX.HSSUD]LQQ\PLVXEVWDQFMDPLOXELQQ\FKVXEVWDQFML]SURGXNWHP.HSSUD VąPDáRSUDZGRSRGREQH
(OLPLQDFMD 2NUHVSyáWUZDQLDXRVyEGRURVá\FKZ\QRVLJRG]LQLQLH]PLHQLDVLĊZ]DOHĪQRĞFLRGGDZNLGURJL SRGDQLDOXESRSRGDQLXZLHORNURWQ\PĝUHGQLFDáNRZLW\NOLUHQVZ\QRVLPOPLQNJPF *áyZQąGURJĊZ\GDODQLDVWDQRZLZ\GDODQLH]PRF]HPĞUHGQLRGDZNLRNRáRGDZNLMHVW
Z\GDORQHZFLąJXJRG]LQ:\GDODQLH]NDáHPVWDQRZLW\ONRRNGDZNL:FLąJXSLHUZV]\FKJRG]LQFDáNRZLWHZ\GDODQLH]PRF]HPOHZHW\UDFHWDPXLMHJRJáyZQHJR GDZNLPHWDEROLWXVWDQRZLRGSRZLHGQLRL
.OLUHQVQHUNRZ\OHZHW\UDFHWDPXLXFE/Z\QRVLRGSRZLHGQLRPOPLQNJPFL POPLQNJPFFRZVND]XMHQDWRĪHOHZHW\UDFHWDPMHVWZ\GDODQ\QDGURG]HILOWUDFML NáĊEXV]NRZHM]QDVWĊSRZąUHDEVRUSFMąNDQDOLNRZąRUD]ĪHMHJRJáyZQ\PHWDEROLWMHVWUyZQLHĪ Z\GDODQ\SU]H]DNW\ZQHZ\G]LHODQLHNDQDOLNRZHQLH]DOHĪQLHRGILOWUDFMLNáĊEXV]NRZHM:\GDODQLH OHZHW\UDFHWDPXMHVWVNRUHORZDQH]NOLUHQVHPNUHDW\QLQ\
8RVyEZSRGHV]á\PZLHNXRNUHVSyáWUZDQLD]ZLĊNV]DVLĊRRNJRG]LQ-HVWWR GR
]ZLą]DQH]H]PQLHMV]RQąZ\GROQRĞFLąQHUHNZWHMSRSXODFMLSDWU]SXQNW &DáNRZLW\NOLUHQVOHZHW\UDFHWDPXRUD]MHJRJáyZQHJRPHWDEROLWXMHVWVNRUHORZDQ\]NOLUHQVHP NUHDW\QLQ\=WHJRZ]JOĊGXXSDFMHQWyZ]XPLDUNRZDQ\PLRUD]FLĊĪNLPL]DEXU]HQLDPLF]\QQRĞFL QHUHN]DOHFDVLĊRGSRZLHGQLHGRVWRVRZDQLHGRERZHMGDZNLSRGWU]\PXMąFHMSURGXNWX.HSSUDQD
SRGVWDZLHNOLUHQVXNUHDW\QLQ\SDWU]SXQNW 8GRURVá\FKSDFMHQWyZZVWDGLXPVFK\áNRZHMQLHZ\GROQRĞFLQHUHN]EH]PRF]HPRNUHVSyáWUZDQLD Z\QRVLáRNRáRJRG]LQZRNUHVLHSRPLĊG]\GLDOL]DPLLRNRáRJRG]LQ\SRGF]DVGLDOL]\3RGF]DV W\SRZHMJRG]LQQHMGLDOL]\]RVWDMHXVXQLĊWHOHZHW\UDFHWDPX
=DEXU]HQLHF]\QQRĞFLZąWURE\ 8RVyE]áDJRGQ\PLLXPLDUNRZDQ\PL]DEXU]HQLDPLF]\QQRĞFLZąWURE\QLHVWZLHUG]RQRLVWRWQHM ]PLDQ\NOLUHQVXOHZHW\UDFHWDPX8ZLĊNV]RĞFLRVyE]FLĊĪNLPL]DEXU]HQLDPLF]\QQRĞFLZąWURE\ NOLUHQVOHZHW\UDFHWDPXE\á]PQLHMV]RQ\RSRQDG]SRZRGXZVSyáLVWQLHMąFHM]DEXU]RQHM
F]\QQRĞFLQHUHNSDWU]SXQNW ']LHFLLPáRG]LHĪ
3RSRGDQLXGRXVWQ\PSRMHG\QF]HMGDZNLODWFKRU\PQDPJNJPFG]LHFLRPRGGR SDGDF]NĊRNUHVSyáWUZDQLDOHZHW\UDFHWDPXZ\QRVLJRG]LQ.OLUHQVSU]HOLF]DQ\QDPDVĊFLDáDMHVWRNRáRZLĊNV]\QLĪXRVyEGRURVá\FKFKRU\FKQDSDGDF]NĊ
ODW3RSRGDQLXZLHORNURWQ\PGDZNLGRPJNJPFGREĊG]LHFLRP]SDGDF]NąRGGR OHZHW\UDFHDWPE\áV]\ENRZFKáDQLDQ\6WĊĪHQLHPDNV\PDOQHZRVRF]XZ\VWĊSRZDáRRGGRJRG]LQ\SRSRGDQLX=DREVHUZRZDQRSURSRUFMRQDOQH]ZLĊNV]DQLHZFKáDQLDQLDOLQLRZHJRLGDZNLGODVWĊĪHQLDPDNV\PDOQHJRLREV]DUXSRGNU]\Zą2NUHVSRáRZLF]QHMHOLPLQDFMLZ\QRVLáRNRáRJRG]LQPOPLQNJPF3R]RUQ\FDáNRZLW\NOLUHQV]RUJDQL]PXZ\QRVLá32
1LHPRZOĊWDLG]LHFLRGPLHVLąFDGRODW
3RSRGDQLXSRMHG\QF]HMGDZNLPJNJPFPJPOUR]WZRUXGRXVWQHJRG]LHFLRPFKRU\PQD
PLHVLąFDGRODWOHZHW\UDFHWDPE\áV]\ENRZFKáDQLDQ\DVWĊĪHQLHPDNV\PDOQHZSDGDF]NĊRG RVRF]X]DREVHUZRZDQRSRXSá\ZLHRNRáRJRG]LQ\RGSRGDQLDOHNX:\QLNLEDGDĔ IDUPDNRNLQHW\F]Q\FKZ\ND]Dá\ĪHRNUHVSyáWUZDQLDE\áNUyWV]\JRG]LQ\QLĪXGRURVá\FK
JRG]LQ\LSR]RUQ\NOLUHQV]RUJDQL]PXE\áV]\EV]\POPLQNJPFQLĪXGRURVá\FK
POPLQNJPFPLHVLąFDGR:SRSXODF\MQHMDQDOL]LHIDUPDNRNLQHW\F]QHMSU]HSURZDG]RQHMXSDFMHQWyZZZLHNXRG ODWPDVDFLDáDE\áDZ]QDF]ąF\VSRVyESRZLą]DQD]SR]RUQ\PNOLUHQVHPNOLUHQVZ]UDVWDáZUD]]H
Z]URVWHPPDV\FLDáDLSR]RUQąREMĊWRĞFLąG\VWU\EXFML5yZQLHĪZLHNZSá\ZDáQDREDSDUDPHWU\(IHNWWHQE\áZ\UDĨQ\XPáRGV]\FKG]LHFLL]PQLHMV]DáVLĊZUD]]ZLHNLHPDXG]LHFLZZLHNXRNRáR ODWWUDFLá]QDF]HQLH :REXSRSXODF\MQ\FKDQDOL]DFKIDUPDNRNLQHW\F]Q\FKREVHUZRZDQR]ZLĊNV]HQLHSR]RUQHJRNOLUHQVXOHZHW\UDFHWDPXRRNRáRSRGF]DVMHGQRF]HVQHJRSRGDZDQLD]OHNDPLSU]HFLZSDGDF]NRZ\PLLQGXNXMąF\PLHQ]\P\
3U]HGNOLQLF]QHGDQHREH]SLHF]HĔVWZLH
:RSDUFLXRVWDQGDUGRZRSU]HSURZDG]RQHEDGDQLDQLHNOLQLF]QHGRW\F]ąFHIDUPDNRORJLLEH]SLHF]HĔVWZDJHQRWRNV\F]QRĞFLRUD]ZáDĞFLZRĞFLUDNRWZyUF]\FKQLHVWZLHUG]RQRV]F]HJyOQHJRU\]\NDVWRVRZDQLDXOXG]L8V]F]XUyZLZPQLHMV]\PVWRSQLXXP\V]\SRSRGREQHMMDNXOXG]LHNVSR]\FMLREVHUZRZDQRG]LDáDQLDQLHSRĪąGDQHNWyU\FKQLHVWZLHUG]RQRZEDGDQLDFKNOLQLF]Q\FKDNWyUHPRJąPLHü]QDF]HQLHZSUDNW\FHNOLQLF]QHM2EMDZ\WHREHMPXMą]PLDQ\ZZąWURELHZVND]XMąFHQDUHDNFMHDGDSWDF\MQHWM]ZLĊNV]HQLHPDV\LSU]HURVWĞURGNRZHMF]ĊĞFL]UD]LNDQDFLHF]HQLHWáXV]F]RZHRUD]]ZLĊNV]HQLHDNW\ZQRĞFLHQ]\PyZZąWURERZ\FKZRVRF]X1LH]DREVHUZRZDQRG]LDáDĔQLHSRĪąGDQ\FKZSá\ZDMąF\FKQDSáRGQRĞüOXEUHSURGXNFMĊXVDPLFLVDPFyZV]F]XUyZSR]DVWRVRZDQLXGDZHNGRPJNJPFGREĊ>UD]\ZLĊNV]\FKRGPDNV\PDOQHM]DOHFDQHMGDZNLGODOXG]L
DQJ05+'PD[LPXPUHFRPPHQGHGKXPDQGDLO\GRVHZSU]HOLF]HQLXQDPJP@ZSRNROHQLX)RUD]LFKURG]LFyZ3U]HSURZDG]RQRGZDEDGDQLDGRW\F]ąFHUR]ZRMX]DURGNRZRSáRGRZHJRDQJ()'HPEU\RIHWDO GHYHORSPHQW
QDV]F]XUDFKSR]DVWRVRZDQLXGDZHNLPJNJPFGREĊ:MHGQ\P]GZyFKEDGDĔ()'SU]\]DVWRVRZDQLXGDZNLPJNJPFGREĊREVHUZRZDQRQLHZLHONLH]PQLHMV]HQLHPDV\SáRGX]ZLą]DQH]PDUJLQDOQ\P]ZLĊNV]HQLHPZ\VWĊSRZDQLD]PLDQQLHSUDZLGáRZRĞFLV]NLHOHWRZ\FK1LH]DREVHUZRZDQRZSá\ZXQDĞPLHUWHOQRĞü]DURGNyZDQL]ZLĊNV]RQHMF]ĊVWRĞFLZDGUR]ZRMRZ\FK'DZNDSRNWyUHMQLHREVHUZXMHVLĊG]LDáDQLDQLHSRĪąGDQHJRDQJ12$(/1R2EVHUYHG$GYHUVH(IIHFW/HYHO
Z\QRVLáDPJNJPFGREĊGODFLĊĪDUQ\FKNURWQRĞüPDNV\PDOQHM]DOHFDQHMGDZNLGODOXG]LZSU]HOLF]HQLXQDPJPVDPLFV]F]XUyZ>@L PJNJPFGREĊGODSáRGyZ3U]HSURZDG]RQRF]WHU\EDGDQLDUR]ZRMX]DURGNRZRSáRGRZHJRQDNUyOLNDFKSU]\]DVWRVRZDQLXGDZHNLPJNJPFGREĊ'DZNDPJNJPFGREĊSRZRGRZDáDLVWRWQąWRNV\F]QRĞüGODFLĊĪDUQHMVDPLF\L]PQLHMV]HQLHPDV\FLDáDSáRGX]ZLą]DQH]H]ZLĊNV]RQąF]ĊVWRĞFLąZ\VWĊSRZDQLDSáRGyZ]QLHSUDZLGáRZRĞFLDPLXNáDGXNUąĪHQLDV]NLHOHWRZ\PL'DZND12$(/Z\QLRVáDPJNJPFGREĊGODVDPLFLPJNJPFGREĊGODSáRGyZUyZQHGDZFH05+'ZSU]HOLF]HQLXQDPJP
3U]HSURZDG]RQREDGDQLHGRW\F]ąFHUR]ZRMXRNRáRLSRSRURGRZHJRXV]F]XUyZSU]\]DVWRVRZDQLX GDZHNOHZHW\UDFHWDPXLPJNJPFGREĊ'DZND12$(/Z\QLRVáDGRPJNJPFGREĊGODVDPLF)LGODSU]HĪ\ZDOQRĞFLZ]URVWXLUR]ZRMXSRWRPVWZD)PRPHQWX]DNRĔF]HQLDĪ\ZLHQLDPOHNLHPPDWNLNURWQRĞüGDZNL05+'ZSU]HOLF]HQLXQDPJP
:EDGDQLDFKQD]ZLHU]ĊWDFKQDQRZRURGNDFKRUD]PáRG\FKRVREQLNDFKV]F]XUyZLSVyZQLH]DREVHUZRZDQRG]LDáDĔQLHSRĪąGDQ\FKZVWDQGDUGRZ\FKSXQNWDFKNRĔFRZ\FKGRW\F]ąF\FKUR]ZRMX
33
OXEGRMU]HZDQLDSU]\VWRVRZDQLXGDZHNGRNURWQRĞüGDZNL05+'ZPJNJPFGREĊ
SU]HOLF]HQLXQDPJP
6=&=(*Ïà2:('$1()$50$&(87<&=1(
:\ND]VXEVWDQFMLSRPRFQLF]\FK
5G]HĔWDEOHWNL NURVNDUPHOR]DVRGRZD PDNURJRONU]HPLRQNDNRORLGDOQDEH]ZRGQD PDJQH]XVWHDU\QLDQ
2WRF]NDDONRKROSROLZLQ\ORZ\F]ĊĞFLRZRK\GUROL]RZDQ\
W\WDQXGZXWOHQHN(PDNURJROWDON
ĪHOD]DWOHQHNĪyáW\( 1LH]JRGQRĞFLIDUPDFHXW\F]QH 1LHGRW\F]\
2NUHVZDĪQRĞFL ODWD
6SHFMDOQHĞURGNLRVWURĪQRĞFLSRGF]DVSU]HFKRZ\ZDQLD %UDNV]F]HJyOQ\FKĞURGNyZRVWURĪQRĞFLGRW\F]ąF\FKSU]HFKRZ\ZDQLD
5RG]DML]DZDUWRĞüRSDNRZDQLD %OLVWU\DOXPLQLXP3&9XPLHV]F]RQHZWHNWXURZ\FKSXGHáNDFK]DZLHUDMąF\FK
[WDEOHWHNSRZOHNDQ\FKRUD]ZRSDNRZDQLDFK]ELRUF]\FK]DZLHUDMąF\FKWDEOHWHNSRZOHNDQ\FK %OLVWU\DOXPLQLXP3&9SHUIRURZDQHSRG]LHOQHQDGDZNLSRMHG\QF]HXPLHV]F]RQHZWHNWXURZ\FK WDEOHWNDSRZOHNDQDSXGHáNDFK]DZLHUDMąF\FK[
1LHZV]\VWNLHURG]DMHRSDNRZDĔPXV]ą]QDMGRZDüVLĊZREURFLH
6SHFMDOQHĞURGNLRVWURĪQRĞFLGRW\F]ąFHXVXZDQLD
:V]HONLHQLHZ\NRU]\VWDQHUHV]WNLSURGXNWXOHF]QLF]HJROXEMHJRRGSDG\QDOHĪ\XVXQąü]JRGQLH] ORNDOQ\PLSU]HSLVDPL
32'0,272'32:,('=,$/1<326,$'$-Ą&<32=:2/(1,(1$
'2386=&=(1,('22%5278 8&%3KDUPD6$$,OpHGHOD5HFKHUFKH%%UXNVHOD%HOJLD
34
180(5<32=:2/(1,$1$'2386=&=(1,('22%5278(8 (8 (8 (8 (8 (8(8 (8 (8
'$7$:<'$1,$3,(5:6=(*232=:2/(1,$1$'2386=&=(1,('22%5278
'$7$35=('à8ĩ(1,$32=:2/(1,$ ZU]HĞQLD'DWDZ\GDQLDSLHUZV]HJRSR]ZROHQLDU U'DWDRVWDWQLHJRSU]HGáXĪHQLDSR]ZROHQLDVLHUSQLD
'$7$=$7:,(5'=(1,$/8%&=ĉĝ&,2:(-=0,$1<7(.678
&+$5$.7(5<67<.,352'8.78/(&=1,&=(*2 6]F]HJyáRZDLQIRUPDFMDRW\PSURGXNFLHOHF]QLF]\PMHVWGRVWĊSQDQDVWURQLHLQWHUQHWRZHM
(XURSHMVNLHM$JHQFML/HNyZ(0$KWWSZZZHPDHXURSDHX35
