
6D\ÕúWD\ÕQ
<ÕOÕ%WoHVL'ROD\ÕVÕ\OD+D]ÕUODQDQ
)$$/ø<(75$3258
.DVÕP

6XQXû
%X5DSRU.XUXPX]XQVRQELU\ÖOGDJHUoHNOHûWLUGLNOHULQLDQDKDWODUÖ\OD
EHOLUWPH\LDPDoODPDNWDGÖU%DûDUÖPÖ]GDEWQNDGHPHOHUGHNLPHVOHNYH
\|QHWLPPHQVXSODUÖPÖ]ÖQoDOÖûPDDU]XODUÖYH|]YHULOLoDEDODUÖNXûNXVX]
HQE\NHWNHQGLU
'HQHWLPDODQÖPÖ]GDNLIDDOL\HWOHUKÖ]ODGHøLûPHNWHYHJLGHUHN
NDUPDûÖNODûPDNWDGÖU%XGXUXPoDøGDûGQ\DGDSHNoRN\NVHNGHQHWLP
NXUXPXQXQEDûDUÖ\ODX\JXODGÖøÖVWUDWHMLN\|QHWLPHJHoPHPL]L
JHUHNWLUPHNWHGLU$VOÖQGDPLV\RQXPX]XQJHUHNWLUGLøLNDOLWHGHKL]PHWOHU
UHWPHKHGHILPL]GHEL]LNÖVDYDGHOL]RUXQOXOXNODUGDQYHJQELUOLN
LûOHUGHQELUDQODPGDVÖ\UÖODUDNVWUDWHMLN\|QHWLP\DNODûÖPÖQDGDKDoRN
|QHPYHUPH\H\|QHOWPHNWHGLU
7HPHOKHGHILPL]NXUXPVDOSHUIRUPDQVÖPÖ]ÖVUHNOLJHOLûLPWHPHOLQGHKHU
JHoHQ\ÖOGDKDVWQRNWDODUDWDûÖPDNWÖU%XEDNÖPGDQELOLûLP
WHNQRORMLVLQLQLPNkQODUÖQGDQD]DPLGHUHFHGH\DUDUODQPDKL]PHWLoL
HøLWLPHVUHNOLOLNYHGHULQOLNND]DQGÖUPDQLYHUVLWHOHUOHGL\DORJYH
LûELUOLøLQLJHOLûWLUPHYHNXUXPXPX]XQPLV\RQXQD\DNÖûÖUELUoDOÖûPD
RUWDPÖROXûWXUPD\|QQGHNLJD\UHWOHULPL]JHoHQ\ÖOGDROGXøXJLEL
|QP]GHNLG|QHPGHGHDUDOÖNVÖ]VUGUOHFHNWLU
'DKDVWG]H\GHNXUXPVDOSHUIRUPDQVDXODûPDPÖ]EDNÖPÖQGDQ
\DSÖODFDNWHûYLNHGLFLYH\|QOHQGLULFLNDWNÖODUÖYHX\DUÖODUÖûNUDQOD
NDUû ÖOD\DFDøÖ]
%XGX\JXYHGûQFHOHUOHHQGHULQVD\JÖODUÖPÖQNDEOQLVWLUKDP
HGHULP
.
3URI'U0.kPLO0XWOXHU
6D\ÖûWD\%DûNDQÖ

ùoLQGHNLOHU
*LULû
$QD\DVDOYH<DVDOdHUoHYH
$QD+DWODUÖ\OD*|UHYOHU
<HWNLOHU
'HQHWLPLQ.DSVDPÖ
gUJWVHO<DSÖODQPD
'HQHWOHPH<DUJÖODPDYH5DSRU6XQPD
)DDOL\HWOHUL
6D\PDQ+HVDSODUÖQÖùQFHOHPH)DDOL\HWOHUL
gQGHQHWLP)DDOL\HWOHUL
3HUIRUPDQVYH5LVN'HQHWLP)DDOL\HWOHUL
.XUXOODUÖQYH'DLUHOHULQ)DDOL\HWOHUL
*HQHO8\JXQOXN%LOGLULPOHULYH(NL5DSRUODU
'HQHWLP'HVWHN)DDOL\HWOHUL
6D\ÖûWD\ODUOD%LOJLYH'HQH\LP3D\ODûÖPÖ
0HVOHNv<D\ÖQODU

(øLWLP)DDOL\HWOHUL
%LOLPVHO7RSODQWÖODU

.WSKDQH+L]PHWOHULQLQ*HOLûWLULOPHVL 
(NOHU 
ùQVDQ.D\QDNODUÖ
3DUDVDO%\NONOHU
7DEORODUYH*UDILNOHUùQGHNVL



(NOHU
ùQVDQ.D\QDNODUÖ
3DUDVDO%\NONOHU
7DEORODUYH*UDILNOHUùQGHNVL

*LULû
6D\ÖûWD\
*LULû
$QD\DVDOYH<DVDOdHUoHYH
6D\ÖûWD\ÖQNXUXOXûXYHJ|UHYOHUL$QD\DVDPÖ]ÖQ·ÖQFÖYH
·QFPDGGHOHULQGH\HUDOPÖûWÖU
6D\ÖûWD\ÖQNXUXOXûXLûOH\LûLGHQHWLPXVXOOHULPHQVXSODUÖQÖQ
QLWHOLNOHULDWDQPDODUÖ|GHYYH\HWNLOHULKDNODUÖYH\NPOONOHUL
LOH%DûNDQYH\HOHULQLQWHPLQDWODUÖWDULKYHVD\ÖOÖ
.DQXQODG]HQOHQPLûEX\DVDGDYHVD\ÖOÖ
\DVDODUODGDJQQLKWL\DoODUÖQDSDUDOHOoHûLWOLGHøLûLNOLNOHU
\DSÖOPÖûWÖU
%XPH\DQGD6D\ÖûWD\.DQXQXQDVD\ÖOÖ.DQXQODHNOHQHQ
´9HULPOLOLNYH(WNLQOLN'HøHUOHQGLUPHVLµPDGGHVLLOH6D\ÖûWD\DVRQ
GHUHFHoDøGDû\HWNLOHUYHVRUXPOXOXNODUYHULOPLûWLU$QÖODQ\DVD
KNPQHJ|UH6D\ÖûWD\GHQHWLPLQHWDELNXUXPYHNXUXOXûODUÖ Q
ND\QDNODUÖQÖQH|OoGHYHULPOLHWNLQYHWXWXPOXNXOODQGÖNODUÖQÖ
LQFHOHPH\H\HWNLOLNÖOÖQPÖûWÖU
$QD+DWODUÖ\OD*|UHYOHU
$QD\DVDPÖ]6D\ÖûWD\D
*HQHOYHNDWPDEWoHOLGDLUHOHULQJHOLUJLGHUYHPDOODUÖQÖ
7UNL\H%\N0LOOHW0HFOLVLDGÖQDGHQHWOHPHN
6RUXPOXODUÖQKHVDSYHLûOHPOHULQLNHVLQKNPHEDøODPDN
.DQXQODUODYHULOHQLQFHOHPHGHQHWOHPHYHKNPHEDøODPD
LûOHULQL\DSPDN

*LULû
6D\ÖûWD\
7UNL\H%\N0LOOHW0HFOLVLQHNHVLQKHVDSNDQXQWDVDUÖODUÖ
KDNNÖ QGDX\JXQOXNELOGLULPLVXQPDN
J|UHYOHULQLYHUPLûWLU
<HWNLOHU
6D\ÖûWD\\DVDODUODNHQGLVLQHYHULOHQJ|UHYOHULQ\HULQHJHWLULOPHVL
VÖUDVÖQGD
%DNDQOÖNNXUXOYHNXUXPODUODLGDUHDPLUOLNOHUL\OHVD\PDQ
YHGLøHUVRUXPOXODUODGRøUXGDQ\D]ÖûPD\D
*HUHNOLJ|UGøEHOJHGHIWHUYHND\ÖWODUÖJ|QGHUHFHøL
PHQVXSODUÖYDVÖWDVÖ\ODJ|UPH\HYH\DGLOHGLøL\HUHJHWLUWPH\H
6|]OELOJLDOPDN]HUHKHUGHUHFHYHVÖQÖIWDQLOJLOL
PHPXUODUÖ oDøÖUPD\DEDNDQOÖNGDLUHYHNXUXPODUGDQ
WHPVLOFLLVWHPH\H
\HWNLOLNÖOÖQPÖûWÖU
$\UÖFD6D\ÖûWD\GHQHWLPLQHJLUHQLûOHPOHUOHLOJLOLKHUWUOELOJLYH
EHOJH\L'HYOHW|]HOLGDUHEHOHGL\HYHVDLUEWQUHVPLNXUXPYH
NXUXOODUODGLøHUJHUoHNYHW]HONLûLOHUGHQ%DQNDODUGDKLO
LVWH\HELOLU
%XQODUDLODYHWHQ6D\ÖûWD\DGHQHWLPLQHJLUHQGDLUHYHNXUXPODUÖQ
LûOHPOHUL\OHLOJLOLND\ÖWODUÖHû\DYHPDOODUÖLûOHULYHKL]PHWOHUL
J|UHYOHQGLUHFHøLPHQVXSODUÖYH\DELOLUNLûLOHUYDVÖWDVÖ\OD´\HULQGHµ
YH´LûOHPYHROD\ÖQKHUVDIKDVÖQGDµLQFHOHPH\HWNLVLGHYHULOPLûWLU

*LULû
6D\ÖûWD\
'HQHWLPLQ.DSVDPÖ
<UUONWHNLPHY]XDWDJ|UH
%DNDQOÖNODUYHEDøOÖJHQHOPGUONOHUJLELJHQHOEWoHOL
GDLUHOHU
hQLYHUVLWHOHU.DUD\ROODUÖ*HQHO0GUOø'HYOHW6XùûOHUL
*HQHO0GUOøJLELNDWPDEWoHOLLGDUHOHU
'HYOHWRUPDQLûOHWPHOHULYHGHYOHWKDVWDQHOHULJLELG|QHU
VHUPD\HOLNXUXOXûODU
$IHWOHUYHoHYUHIRQODUÖJLELIRQûHNOLQGHNLNXUXOXûODU
%HOHGL\HOHUYHLO|]HOLGDUHOHULJLEL|]HOEWoHOLNXUXOXûODUYH
'HYOHWWL\DWURODUÖ'HYOHW2SHUDYH%DOHVLJLELIDUNOÖEWoH
UHMLPLEXOXQDQNXUXOXûODU
6D\ÖûWD\ÖQGHQHWLPDODQÖLoLQGH\HUDOPDNWDGÖU
.DPXLNWLVDGLWHûHEEVOHULg]HOOHûWLUPHùGDUHVLQLQ|]HOOHûWLUPH
LûOHPOHULNLPLEWoHGÖûÖIRQODU6D\ÖûWD\GHQHWLPLQHWDELGHøLOGLU
6D\ÖûWD\GHQHWLPLQHWDELNXUXPODUÖQFDUL\DWÖUÖPYHWUDQVIHU
KDUFDPDODUÖQÖ
GHQHWOHGLøLJLELEXNXUXPODUÖQEWQJHOLUOHULQLYH
WDûÖQPD]ODUGDKLOPDOODUÖQÖLNUD]LVWLNUD]NUHGLYHDYDQV
LûOHPOHULQLGHGHQHWOHPHNWHGLU

*LULû
6D\ÖûWD\
gUJWVHO<DSÖODQPD
gUJWúHPDVÖ
*
**
*ÚÑÑØ
ÑÑ
'
'
$
$
ø
ø
5
5
(
(
/
/
(
(
5
5
*
*
(
(
1
1
(
(
/
/
6
6
(
(
.
.
5
5
(
(
7
7
(
(
5
5
<g1(7ø0%ø 5ø0/(5ø
*(1(/6(.5(7(5
<$5',0&,/$5,
6
6
$
$
9
9
&
&
,
,
%
%
$
$
ù
ù
.
.
$
$
1
1
$5$ù7,5 0 $
*58% 8
',ù
ø/øù.ø/(5
*58% 8
%ø/* ø6$<$5
'(67(./ø
'(1(7ø0
*58% 8
'
'
$
$
ø
ø
5
5
(
(
/
/
(
(
5
5
.
.
8
8
5
5
8
8
/
/
8
8
7
7
(
(
0
0
<
<
ø
ø
=
=
.
.
8
8
5
5
8
8
/
/
8
8
*
*
(
(
1
1
(
(
/
/
.
.
8
8
5
5
8
8
/
/
'(1(7ø0
*583/$5,

6g=/(ù0(
7(6&ø /
*58% 8
.(6ø1
+(6$3
*58% 8
'(1(7ø0
3/$1/$0$
9(5$325
*58% 8
%ø0
'( 1( 7dø/( 5
*58% 8
<<hh..66((..''øø66øø33//øø11
..885588//88
00((008855//$$55
66((ddøø0099((
''øø66øø 33//øø11..885588//88

*LULû
6D\ÖûWD\
%LULQFL%DûNDQ*HQHO6HNUHWHUYH
<DUGÖPFÖODUÖ
%LULQFL%DûNDQ
%LULQFL%DûNDQ6D\ÖûWD\·ÖQHQE\NDPLULROXSJHQHOLûOH\LûLQGHQ
VRUXPOXGXU*HQHO.XUXOXQEDûNDQÖGÖU*HUHNOLJ|UGNoH7HP\L]
.XUXOXQDYH'DLUHOHU.XUXOXQDGDEDûNDQOÖNHGHU
*HQHO6HNUHWHUYH<DUGÖPFÖODUÖ
h\HOHUDUDVÖQGDQ%LULQFL%DûNDQWDUDIÖ QGDQDWDQDQ*HQHO6HNUHWHU
\|QHWLPLûOHULQGH%DûNDQÖ Q\DUGÖPFÖVÖROXS\D\ÖQLûOHULGHQHWLP
JUXSODUÖLOH\|QHWLPELULPOHULQL%DûNDQDGÖQD\|QHWLUYHJ|]HWLU
ho*HQHO6HNUHWHU<DUGÖPFÖVÖJ|UHYOHULQL\UWPHGHNHQGLVLQH
\DUGÖPFÖROXU
<DUJÖYH.DUDU2UJDQODUÖ
.XUXOODU
*HQHO.XUXO%LULQFL%DûNDQÖQEDûNDQOÖøÖ DOWÖQGDWPGDLUH
EDûNDQODUÖ \OD\HOHUGHQROXûXU
0HYFXW\HVD\ÖVÖQÖQHQD]oWHLNLVLLOHWRSODQÖUPHYFXGXQVDOW
oRøXQOXøXLOHNDUDUYHULU*HQHO.XUXOJHQHOX\JXQOXN
ELOGLULPOHULQHVRQûHNOLQLYHULU7UNL\H%\N0LOOHW0HFOLVLQH
VXQXODFDNGLøHUUDSRUODUÖP]DNHUHHGHUVD\Ö OÖ.DQXQOD
NHQGLVLQHYHULOPLûRODQJ|UHYOHUL\DSDUYH%LULQFL%DûNDQ
WDUDIÖQGDQLQFHOHQPHVLLVWHQLOHQGLøHUNRQXYHLûOHPOHULJ|UûHUHN
NDUDUDEDøODU

*LULû
6D\ÖûWD\
7HP\L].XUXOX\ÖOLoLQ*HQHO.XUXOFDGDLUHEDûNDQODUÖDUDVÖQGDQ
VHoLOHFHNGDLUHEDûNDQÖLOHKHUGDLUHGHQVHoLOHFHN\HGHQ
ROXûXU
.XUXODHQNÖGHPOLGDLUHEDûNDQÖEDûNDQOÖNHGHU.XUXO\HWDP
VD\ÖVÖQÖQHQD]oWHLNLVLLOHWRSODQÖUPHYFXGXQoRøXQOXøXLOH
NDUDUYHULU7HP\L].XUXOX6D\ÖûWD\GDLUHOHULQFHYHULOHQLOkPODUÖQ
VRQKNPPHUFLLGLU
'DLUHOHU.XUXOX7HP\L].XUXOXQDVHoLOHQGDLUHEDûNDQODUÖLOH
\HOHULQGÖûÖQGDNDODQGDLUHEDûNDQODUÖYH\HOHUGHQROXûXU
(QNÖGHPOLGDLUHEDûNDQÖ.XUXODEDûNDQOÖNHGHU.XUXO\HWDP
VD\ÖVÖQÖQHQD]oWHLNLVLLOHWRSODQÖUPHYFXGXQoRøXQOXøXLOH
NDUDUYHULU'DLUHOHU.XUXOXPDOLNRQXODUÖNDSVD\DQ\|QHWPHOLNOHU
KDNNÖ QGDNL6D\ÖûWD\PWDOkDVÖQÖ WHVSLWHGHUVD\ÖOÖ.DQXQOD
NHQGLVLQHYHULOPLûRODQGLø HUJ|UHYOHUL\DSDUYH%LULQFL%DûNDQ
WDUDIÖQGDQLQFHOHQPHVLLVWHQHQNRQXODUODLûOHPOHULJ|UûHUHN
NDUDUDEDøODU
<NVHN'LVLSOLQ.XUXOXKHUWDNYLP\ÖOÖLoLQ6D\ÖûWD\*HQHO
.XUXOXQFDKHUGDLUHGHQVHoLOHFHNELUHU\HLOHGDLUHEDûNDQODUÖ
DUDVÖQGDQVHoLOHFHNEHûGDLUHEDûNDQÖQGDQNXUXOXU.XUXO\DVDGD
EHOLUOHQHQJ|UHYOHUL\HULQHJHWLULU
0HPXUODU6HoLPYH'LVLSOLQ.XUXOXLNLWDNYLP\ÖOÖLoLQ*HQHO.XUXOFD
VHoLOHFHNELUGDLUHEDûNDQÖELU\HELUX]PDQGHQHWoLYH\D
UDSRUW|UEDûGHQHWoLLOH*HQHO6HNUHWHUGHQNXUXOXU.XUXO\DVDGD
EHOLUOHQHQJ|UHYOHUL\UWU
'DLUHOHU
6D\ÖûWD\GDLUHOHULELUEDûNDQYHDOWÖ\HGHQROXûDQKHVDS
PDKNHPHOHULGLU'DLUHELUEDûNDQYHG|UW\HLOHWRSODQÖUKNP
YHNDUDUODUR\oRNOXøX\ODYHULOLU6RUXPOXODUÖQKHVDSYHLûOHPOHULQL
\DUJÖODPDNYH%LULQFL%DûNDQWDUDIÖQGDQKDYDOHHGLOHQNRQXODUÖ
NDUDUDEDøODPDNGDLUHOHULQJ|UHYLGLU

*LULû
6D\ÖûWD\
6DYFÖ
6D\ÖûWD\6DYFÖVÖ +D]LQHWHPVLOFLVLVÖIDWÖ\OD|UJW\DSÖVÖQDGDKLOGLU
6D\ÖûWD\6DYFÖYH\DUGÖPFÖODUÖ%LULQFL%DûNDQÖQJ|UûDOÖQGÖNWDQ
VRQUD0DOL\H%DNDQOÖøÖQFD\DSÖODFDNWHNOLI]HULQHRUWDN
NDUDUQDPHLOHDWDQÖUODU6DYFÖKHVDSODUÖQLQFHOHQPHVLYH
\DUJÖODQPDVÖVDIKDODUÖ QGDLGGLDYHGûQFHVLQLELOGLUPHNYH
\DVDGDVD\ÖODQGLøHUJ|UHYOHUL\HULQHJHWLUPHNOHJ|UHYOLGLU
5DSRUW|UOHU
5DSRUW|UOHUEDøOÖEXOXQGXNODUÖGDLUHOHUHYHNXUXOODUD6D\ÖûWD\
.DQXQXLOHYHULOHQJ|UHYOHUOHLOJLOLNDUDUODUÖ\D]PDNWXWDQDNYH
LOkPODUÖG]HQOHPHNYHEXQODUÖQJHUHNWLUGLøLGLøHULûOHUL\DSPDNOD
J|UHYOLGLUOHU
'HQHWLPYH'HQHWLP'HVWHN*UXSODUÖ
'HQHWLPJUXSODUÖVD\PDQOÖNKHVDSODUÖQÖQYHLûOHPOHULQLQ
LQFHOHQGLøLYHSHUIRUPDQVGHQHWLPOHULQLQ\UWOGøYH
GHQHWoLOHULQJ|UHY\DSWÖøÖJUXSODUGÖU%XJUXSODUÖQVD\ÖODUÖ YH
J|UHYDODQODUÖLOJLOL\|QHWPHOLNYHEDûNDQOÖNWDVDUUXIXLOHGHøLûHQ
LKWL\DoODUoHUoHYHVLQGHEHOLUOHQLU
6|]OHûPH7HVFLO*UXEXWHVFLOHWDELWXWXOPDN]HUH6D\ÖûWD\D
J|QGHULOHQV|]OHûPHYHEDøÖWODUÖLQFHOHPHNOHJ|UHYOLGLU%LOJL
ùûOHP0HUNH]L'HQHWoLOHU*UXEXNDGURYH|GHQHNGDøÖWÖP
LûOHPOHULQLYL]HHWPHNWHGLU
.HVLQKHVDS*UXEXX\JXQOXNELOGLULPOHULWDVODNODUÖQÖKD]ÖUODPDNOD
J|UHYOLGLU

*LULû
6D\ÖûWD\
$UDûWÖUPDSODQODPDYHGÖûLOLûNLOHUJLELGHQHWLPHYH%LULQFL
%DûNDQOÖ øDGHVWHNIDDOL\HWOHULGHQHWLPGHVWHNJUXSODUÖWDUDIÖQGDQ
\UWOPHNWHGLU
<|QHWLP%LULPOHUL
6D\ÖûWD\GDD\UÖFD'HYOHW0HPXUODUÖ.DQXQXQDWDELSHUVRQHOLQ
oDOÖûWÖøÖ\|QHWLPELULPOHULEXOXQPDNWDGÖU%XELULPOHUHYUDN
|]ONLûOHULNWSKDQH\D\ÖQLûOHULDUûLYOHPHVDWÖQDOPDPDOLLûOHU
JLELGHVWHNKL]PHWOHULQL\UWU

'HQHWOHPH<DUJÖODPDYH5DSRU6XQPD)DDOL\HWOHUL
6D\ÖûWD\
'HQHWOHPH<DUJÖODPDYH
5DSRU6XQPD)DDOL\HWOHUL
6D\PDQ+HVDSODUÖQÖùQFHOHPH
)DDOL\HWOHUL
'HQHWLPVUHFLVD\PDQKHVDSODUÖQÖQGHQHWoLOHUWDUDIÖQGDQ
KDUFDPDGDQVRQUDLQFHOHQPHVL\OHEDûODPDNWDGÖU+DOHQGHQHWLP
DODQÖPÖ]DJLUHQYHGHøLûLNEWoHUHMLPOHULQHWDELNDPXNXUXPYH
NXUXOXûODUÖQDDLWWRSODPDGHWVD\PDQOÖNEXOXQPDNWDGÖU
6D\PDQOÖNKHVDSODUÖQGDQPHYFXWGHQHWoLNDSDVLWHPL]
VD\PDQOÖNODUÖQKDUFDPDWXWDUODUÖYHULVNXQVXUODUÖJ|]|QQGH
EXOXQGXUXODUDNVHoLOHQ|QHPOLYH|QFHOLNOLVD\PDQOÖNKHVDEÖ
\ÖOÖLQFHOHPHSURJUDPÖQDDOÖQPÖûWÖU
%WoHWUOHULQHJ|UHPHYFXWVD\PDQOÖNVD\ÖVÖLOHEX\ÖOLQFHOHPH
SURJUDPÖQDDOÖQDQODUDûDøÖGDNLWDEORGDJ|VWHULOPLûWLU
7DEOR'HQHWLP.DSVDPÖQD*LUHQYH3URJUDPD$OÖQDQ6D\PDQOÖNODUÖQ
7UOHULYH6D\ÖODUÖ
'HQHWLP 7RSODP
<ÖOÖQGDùQFHOHQHQ+HVDSODU
.DSVDPÖQGDNL
6D\PDQOÖNODU
+HVDS
6D\ÖVÖ
0HUNH]GH <HULQGH 7RSODP
*HQHO%WoH    
.DWPD%WoH    
'|QHU6HUPD\H    
)RQ6D\PDQOÖøÖ 
%HOHGL\HOHU    
g]HOùGDUHOHU    
$\QL\DW6D\PODUÖ 
'LøHU   
723/$0    

'HQHWOHPH<DUJÖODPDYH5DSRU6XQPD)DDOL\HWOHUL
6D\ÖûWD\
<ÖOÖ<HULQGHùQFHOHPH3URJUDPÖQDDOÖQDQVD\PDQOÖøÖQ
EWoHWUOHULYHVD\ÖODUÖDû DøÖGDNLWDEORGD\HUDOPÖûWÖU
7DEOR%WoH7UOHULQH*|UH<HULQGHùQFHOHPH3URJUDPÖQD
$OÖQDQ6D\PDQOÖNODUÖQ6D\ÖVÖ
<HULQGHùQFHOHPH3URJUDPÖQD$OÖQDQ
6D\PDQOÖNODUÖQ%WoH7UOHUL
+HVDS
6D\ÖVÖ
*HQHO%WoH 
'HIWHUGDUOÖN0XK0G 
0DO0GUOø 
9HUJL'DLUHVL
$VNHUL+Vùo7HGDULN6D\P0G 
2NXOODU6DøOÖN6D\P
.DWPD%WoH 
.DUD\ROODUÖ
'6ù 
.|\+L]PHWOHUL
hQLYHUVLWH
2UPDQ
'|QHU6HUPD\H

+DVWDQH
(QG0HV/LV
2UPDQùûOHWPHVL
7ÖS)DNOWHVL
)RQ6D\PDQOÖøÖ
*HOLUùGDUHVLQL*HOLûWLUPH)RQ6D\
g]HOùGDUH
%HOHGL\H 
723/$0

gQGHQHWLP)DDOL\HWOHUL
gGHQHN9L]HùûOHPOHUL
\ÖOÖQÖQLOND\OÖNG|QHPLQGHDGHW|GHPHHPUL
LQFHOHQHUHNYL]HHGLOPLûWLU

'HQHWOHPH<DUJÖODPDYH5DSRU6XQPD)DDOL\HWOHUL
6D\ÖûWD\

*HQHEXVUHLoLQGHDGHWEHOJH]HULQGHEWoHDNWDUPD
LûOHPLJHUoHNOHûWLULOPLûDGHWPHYNXIDWP]HNNHUHVLYL]H
HGLOPLûYHDGHWEHOJH]HULQGHWHQNLVLûOHPL\DSÖOPÖûWÖU
7DEOR<ÖOÖ%WoHVLgGHQHN9L]H+DUHNHWOHUL

&LQVL
0LNWDU
PLO\RQ7/
9L]H(GLOHQ
%HOJH6D\ÖVÖ
ùDGH(GLOHQ
%HOJH6D\ÖVÖ
gGHPH(PUL  
%WoHùoL$NWDUPD   
0HYNXDW   
7HQNLV  
723/$0   
WDULKLLWLEDUL\OH
.DGUR9L]HùûOHPOHUL
'DøÖWÖPYHWHQNLVROPDN]HUHWRSODPDGHWEHOJH
]HULQGHQLûOHPJ|UHQNLûL\HLOLûNLQNDGURLQFHOHQHUHN
YL]HHGLOPLûWLU
7DEOR<ÖOÖ%WoHVL.DGUR9L]H+DUHNHWOHUL

&LQVL 9L]H(GLOHQ
%HOJH6D\ÖVÖ
9L]H(GLOHQ%HOJHOHUGHNL
.LûL$GHGL
ùDGH(GLOHQ
%HOJH6D\ÖVÖ
'DøÖWÖP   
7HQNLV   
723/$0   

WDULKLLWLEDUL\OH
6|]OHûPH7HVFLOYH.D\ÖWùûOHPOHUL
6D\ÖûWD\D\ÖOÖQÖQLONRQD\OÖNG|QHPLLWLEDUL\OHPDKDOOL
LGDUHOHUGHGDKLOROPDN]HUHDGHWV|]OHûPHGRV\DVÖ
JHOPLûWLUDGHWLWHVFLODGHGLGHND\ÖWLûOHPLQHWDEL

'HQHWOHPH<DUJÖODPDYH5DSRU6XQPD)DDOL\HWOHUL
6D\ÖûWD\
WXWXODQEXV|]OHûPHOHUGHPHY]XDWDD\NÖUÖEXOXQDQDGHW
PHVHOHVRUJXNRQXVXROPXû WXU
7HVFLOHWDELV|]OHûPHOHUGHQDGHGLWHVFLOHGLOPLû JHUL\HNDODQ
DGHGLPHY]XDWDX\JXQEXOXQPD\DUDNGDLUHOHUHJ|QGHULOPLûWLU
%XQODUGDQDGHGLPHY]XDWDD\NÖUÖOÖNQHGHQL\OH'DLUHOHUYH
'DLUHOHU.XUXOXQFDUHGGHGLOPLûWLU
\ÖOÖLoLQGHLQFHOHQHQV|]OHûPHOHULQEWoHWUOHULQHJ|UH
VD\ÖODUÖDûDøÖGDNLWDEORGDJ|VWHULOPLûWLU
7DEOR%WoH7UOHULQH*|UHùQFHOHQHQ6|]OHûPH6D\ÖVÖ

%WoH7UOHUL 6|]OHûPH
6D\ÖVÖ
7HVFLO .D\ÖW
*HQHO%WoH  
.DWPD%WoH   
'|QHU6HUPD\H   
)RQ   
%HOHGL\H   
g]HOùGDUH   
+L]PHW6|]OHûPHVL  
723/$0   

WDULKLLWLEDUL\OH
3HUIRUPDQVYH5LVN'HQHWLP
)DDOL\HWOHUL
3LORWoDOÖûPDODUGDQHOGHHGLOHQGHQH\LPOHUÖûÖøÖQGDSHUIRUPDQVYH
ULVNGHQHWLPLoDOÖûPDODUÖQÖQSODQOÖG]HQOLYHNRRUGLQHOLELoLPGH
\UWOPHVLQLVDøODPDN]HUH0DUWWDULKLQGH´3HUIRUPDQV
'HQHWLPL*UXENXUXOPXûWXU
+L]PHWLoLHøLWLPoDOÖûPDVÖQÖWDPDPOD\DQ3HUIRUPDQV'HQHWLPL
*UXEX\UWOHFHNoDOÖûPDODUÖQLONHOHULQLYHSURVHGUOHULQL

'HQHWOHPH<DUJÖODPDYH5DSRU6XQPD)DDOL\HWOHUL
6D\ÖûWD\
´3HUIRUPDQV'HQHWLPL*UXEXdDOÖûPD5HKEHULµQGHEHOLUOHPLûWLU%X
5HKEHU´.DSVDPYH1LWHOLNµ´6WDQGDUWODUµ´ùONHOHUµYH
´dDOÖûPD(VDVODUÖµEDûOÖ NODUÖQÖWDûÖ \DQG|UWE|OPGHQ
ROXûPDNWDGÖU5HKEHULQKD]ÖUODQPDVÖVÖUDVÖQGDSLORWGHQHWLP
oDOÖûPDODUÖQGDQHOGHHGLOHQGHQH\LPOHULQ\DQÖVÖUDEDûNDONH
VD\ÖûWD\ODUÖQÖQL\LX\JXODPD|UQHNOHULGHJ|]|QQGH
EXOXQGXUXOPXûWXU
*UXS,VWDQEXO·GDPH\GDQDJHOHELOHFHNELUGHSUHPLQROXPVX]
VRQXoODUÖQÖD]DOWPD\D\|QHOLNRODUDNYLOD\HWYHEHOHGL\HIDDOL\HWOHUL
KDNNÖ QGDELUULVNGHQHWLPoDOÖûPDVÖLOH%D\ÖQGÖUOÖNYHùVNDQ
%DNDQOÖøÖQDEDøOÖ$IHWùûOHUL*HQHO0GUOøIDDOL\HWOHUL
KDNNÖ QGDELUSHUIRUPDQVGHQHWLPLQHEDûODPÖûWÖU
.XUXOODUÖQYH'DLUHOHULQ)DDOL\HWOHUL
*HQHO.XUXO
*HQHO.XUXOD.DVÖPWDULKLQGHQEX\DQDELU\ÖOOÖNG|QHP
LoLQGHNHQGLVLQHLQWLNDOHGHQGHøLûLNNRQXGDNLGRV\D\Ö
LQFHOH\HUHNVRQXoODQGÖUPÖûWÖU
.RQXODULWLEDUL\OH*HQHO.XUXOXQNDUDUODUÖDûDøÖGDNLWDEORGD
J|VWHULOPLûWLU
7DEOR.RQXODUùWLEDUL\OH*HQHO.XUXO.DUDUODUÖ

.RQX 6D\ÖVÖ
.XUXPùoLùûOH\LûYHùûOHUùOHùOJLOL 
*|Uû%LOGLUPHVD\ÖOÖ<DVDG
0HY]XDWÖQ<RUXPXùOHùOJLOL.DUDUODU
*HQHO8\JXQOXN%LOGLULPL
ùoWLKDGÖ%LUOHûWLUPH.DUDUODUÖ
7HVFLO+DGGLQHùOLûNLQ.DUDUODU
0]HNNHUH+DNNÖQGD.DUDU
723/$0 

WDULKLLWLEDUL\OH

'HQHWOHPH<DUJÖODPDYH5DSRU6XQPD)DDOL\HWOHUL
6D\ÖûWD\
'DLUHOHU.XUXOX
'DLUHOHU.XUXOXPX]D.DVÖPWDULKLQGHQEX\DQDELU\ÖOOÖN
G|QHPLoLQGHDGHWPDOLQLWHOLNWH\|QHWPHOLNKDNNÖ QGDJ|Uû
ELOGLUPLûWLU
'DLUHOHU.XUXOXQXQJ|UûELOGLUPHNDUDUODUÖNRQXEDûOÖNODUÖ
LWLEDUL\OHDûDøÖGDNLWDEORGDJ|VWHULOPLûWLU
7DEOR.RQX%DûOÖNODUÖùWLEDUL\OH'DLUHOHU.XUXOX*|Uû
%LOGLUPH.DUDUODUÖ

.DUDUODU 6D\ÖVÖ
<HQL<|QHWPHOLN7DVODNODUÖ+DNNÖQGD 
<|QHWPHOLN'HøLûLNOLNOHUL+DNNÖQGD 
'|QHU6HUPD\HOLùûOHWPHOHU0XKDVHEH<|Q+N
723/$0 

WDULKLLWLEDUL\OH
'DLUHOHU.XUXOXQGDJHQHD\QÖG|QHPLoLQGHLWLUD]DNRQXRODQ
DGHWV|]OHûPHGRV\DVÖJ|UûOHUHNNDUDUEDøODQPÖûWÖU
'DLUHOHU.XUXOXD\UÖFD.XUXPLoLLûOHUHLOLûNLQDGHWNDUDU
DOPÖûWÖU
7HP\L].XUXOX
6D\ÖûWD\GDLUHOHULQFHYHULOHQKNPOHUDOH\KLQH.DVÖP
WDULKLQGHQEX\DQDELU\ÖOOÖNG|QHPLoLQGH7HP\L].XUXOXQD
\DSÖODQEDûYXUXODUGDQGRV\DWHP\L]HQLQFHOHQHUHNKNP
WHVLVHGLOPLûWLU
.
'DLUHOHU
6HNL]\DUJÖODPDGDLUHVLQH.DVÖPWDULKLLWLEDUL\OHJHoHQ
\ÖOGDQGHYUHGHQYH\ÖOÖQGDG]HQOHQHQUDSRU

'HQHWOHPH<DUJÖODPDYH5DSRU6XQPD)DDOL\HWOHUL
6D\ÖûWD\
ROPDN]HUH\DUJÖUDSRUXLQWLNDOHWPLûWLU%XUDSRUODUGD\HU
DODQGHøLûLNNRQXHOHDOÖQDUDNNDUDUDEDøODQPÖûWÖU
<DUJÖODPDODUVRQXFXQGDLOkPG]HQOHQPLûROXS\HUVL]
|GHPHOHUHNDUûÖOÖNRODUDN\DSÖODQPLO\RQ7/
WXWDUÖQGDNLWDKVLODWLOkPODUDGHUFHGLOPLûROXSPLO\RQ
7/·OÖNWD]PLQKNPYHULOPLûWLU
6HNL]\DUJÖODPDGDLUHVLQLQYHUGLNOHUL\DUJÖNDUDUODUÖQDLOLûNLQ
ELOJLOHUDûDøÖGDNLWDEORGDWRSOXELoLPGHJ|VWHULOPLûWLU
7DEOR'DLUHOHULQ<DUJÖVDO.DUDUODUÖ
'$ù5(/(5
7RSODP
5DSRU
6D\ÖVÖ
5DSRU
0DGGH
6D\ÖVÖ
<DUJÖODQDQ
5DSRU
6D\ÖVÖ
7D]PLQ
0LNWDUÖ
0LO\RQ7/
7DKVLO
0LNWDUÖ
0LO\RQ7/
'$ù5(     
'$ù5(    
'$ù5(    
'$ù5(    
'$ù5(    
'$ù5(     
'$ù5(    
'$ù5(     
723/$0     
'DLUHOHUFHYHULOHQLGDULQLWHOLNWHNL.DUDUODUÖQNRQXODUÖQDLOLûNLQ
|]HWELOJLOHUGHû|\OHGLU
7DEOR'DLUHOHULQùGDUL1LWHOLNWHNL.DUDUODUÖ
'$ù5(/(5 <|QHWPHOLN 6|]OHûPH
0]HNNHUH
YH*|Uû
%LOGLUPH
'LøHU
%HOJHLV
ùDGH0XK
'$ù5( 
'$ù5(
'$ù5(  
'$ù5(
'$ù5( 
'$ù5(
'$ù5(  
'$ù5( 
723/$0   

'HQHWOHPH<DUJÖODPDYH5DSRU6XQPD)DDOL\HWOHUL
6D\ÖûWD\
*HQHO8\JXQOXN%LOGLULPOHULYH(NL
5DSRUODU
*HQHO8\JXQOXN%LOGLULPOHULYH%WoH
8\JXODPD6RQXoODUÖ5DSRUODUÖ
´PDOL\ÖOÖ*HQHO%WoH5DSRUXYH*HQHO8\JXQOXN%LOGLULPL
7DVODøÖµ´*HQHO%WoH8\JXODPD6RQXoODUÖµ´PDOL\ÖOÖ
.DWPD%WoH5DSRUXYH.DWPD%WoH*HQHO8\JXQOXN%LOGLULPL
7DVODøÖµ´.DWPD%WoH8\JXODPD6RQXoODUÖµUDSRUODUÖ\DVDO
VUHVLLoHULVLQGHG]HQOHQHUHN6D\ÖûWD\*HQHO.XUXOXQGD
J|UûOGNWHQVRQUDVRQûHNOLQLDODUDN7UNL\H%\N0LOOHW
0HFOLVLQHWDULKLQGHVXQXOPXûWXU
*HQHOX\JXQOXNELOGLULPOHULQGHYHEDøOÖFHWYHOOHUGH|GHQHN
GXUXPXLSWDOHGLOHQYH|]HONDQXQODUJHUHøLQFHGHYUHGLOHQ
|GHQHNVD\ÖOÖ<DVDQÖQ·QFPDGGHVLX\DUÖQFDYHGÖû
SURMHOHUGHQKDUFDQDPD\ÖSWHNUDU|GHQHNND\GÖJHUHNHQ|GHQHNOHU
JHOLUWDKPLQWDKVLODWPLNWDUODUÖJ|VWHULOPLûWLU
$\UÖFDJHQHOX\JXQOXNELOGLULPOHULQGH|GHQHNGÖûÖJLGHUOHULQ
SHUVRQHO\DVDOGD\DQDøÖROPD\DQYH\DVDODUJHUHøL\DSÖODQ|GHQHN
GÖûÖJLGHUOHURODUDND\ÖUÖPODUÖ\DSÖOÖSFHWYHOOHUG]HQOHQPLûWLU
%XQXQ\DQÖQGD|GHQHNOHULQYHULOLûDPDoODUÖJHUoHNOHûPH
GXUXPODUÖLSWDORUDQODUÖ\NVHNRODQODUÖQDoÖNODPDODUÖ\HWHUVL]
RODQODUELUOLVWHKDOLQGHEHOLUWLOPLûWLU
8\JXODPDVRQXoODUÖUDSRUODUÖQGDKDUFDPDNDOHPLED]ÖQGDYH
IDDOL\HWSURMHED]ÖQGDEWoHEDûODQJÖo|GHQHøL\ÖOVRQX|GHQHøL
JHUoHNOHûHQJLGHUVDSPDRUDQODUÖJHOLUWDKPLQYHWDKVLODWVDSPD
RUDQODUÖEWoHDoÖNODUÖVDSPDRUDQODUÖLUGHOHQPLûWLU
%XUDSRUODUUHWLOLUNHQDGHW\|QHWLPG|QHPLKHVDEÖQÖQELOJL
JLULûOHULNRQWUROHGLOPLûKDWDOÖ\|QHWLPG|QHPLKHVDEÖFHWYHOOHUL

'HQHWOHPH<DUJÖODPDYH5DSRU6XQPD)DDOL\HWOHUL
6D\ÖûWD\
QHGHQL\OHDGHWVD\PDQOÖøDDGHWVRUJXG]HQOHQPLûYH
\HQLFHWYHOOHULVWHQLOPLûWLU
<ÖOÖ+D]LQHùûOHPOHUL5DSRUXYH+D]LQH
+HVDSODUÖ<ÖOÖù]OHPH5DSRUX
<ÖOÖ+D]LQHùûOHPOHUL5DSRUX
<ÖOÖ+D]LQHùûOHPOHUL5DSRUXQGDNRQXODU´'Öû%RUoODUµ´ùo
%RUoODUµYH´7UDQVIHU*LGHUOHULµDQDEDûOÖNODUÖoHUoHYHVLQGH
GHøHUOHQGLULOPHNWHGLU.RQXODUÖJ|UVHODoÖGDQHWNLOH\LFLELoLPGH
DNWDUPDNEDNÖPÖQGDQWDEORUDSRUPHWQLQLQLOJLOLE|OPOHULQH
\HUOHûWLULOPLûROXS5DSRUXQ´(NOHUµE|OPQGHDGHWHN·H\HU
YHULOPLûWLU
+D]LQH+HVDSODUÖ<ÖOÖù]OHPH5DSRUX
+D]LQH+HVDSODUÖ<ÖOÖù]OHPH5DSRUX´.DPX'Öû%RUoODUÖµ
´+D]LQH$ODFDNODUÖµ´.ù76HUPD\HOHULµ´ùo.RQWURO6LVWHPLµYH
´'HøHUOHQGLUPHYHgQHULOHUµE|OPOHULQGHQROXûPDNWDGÖU
6|]HGLOHQE|OPOHUGH'ÖûERUoODUÖQYH+D]LQHDODFDNODUÖQÖQ
WDNLSVLVWHPOHULLOHEXQODUÖQND\ÖWODUÖQDLOLûNLQVRUXQODU.ù7
6HUPD\HOHULQLQ\|QHWLPLYHEXQODUODLOJLOLVRUXQODUYH+D]LQHQLQLo
NRQWUROVLVWHPLQGHNL]DDIODU]HULQGHD\UÖQWÖOÖELUELoLPGH
GXUXODUDN|QHULOHUJHOLûWLULOPLûWLU

'HQHWOHPH<DUJÖODPDYH5DSRU6XQPD)DDOL\HWOHUL
6D\ÖûWD\

'HQHWLP'HVWHN)DDOL\HWOHUL
6D\ÖûWD\
'HQHWLP'HVWHN)DDOL\HWOHUL
6D\Öû WD\ODUOD%LOJLYH'HQH\LP
3D\ODûÖPÖ
(NRQRPLNùûELUOLøL2UJDQL]DV\RQXhONHOHUL
6D\ÖûWD\ODUÖ%LUOLøL(&26$,
h\HVLEXOXQGXøXPX](NRQRPLNùûELUOLøL2UJDQL]DV\RQX
hONHOHUL6D\ÖûWD\ODUÖ%LUOLøL·QLQ(&26$,<|QHWLP
.XUXOX7RSODQWÖVÖ1LVDQWDULKOHULDUDVÖQGD
%DNX·GD\DSÖOPÖûYHEXWRSODQWÖ\D.XUXPXPX]6D\ÖûWD\
%DûNDQÖQÖQEDûNDQOÖøÖQGDELUKH\HWOHNDWÖOPÖûWÖU
(&26$,·QLQ1LVDQWDULKOHULQGH%DNX·GD\DSÖODQ
,9<|QHWLP.XUXOX7RSODQWÖVÖQGDNDUDUODûWÖUÖODQ´7UN
0DOL6LVWHPLYH<NVHN'HQHWLP8\JXQOXNYH3HUIRUPDQV
'HQHWLPOHULµEDûOÖNOÖNXUVXQ.XUXPXPX]XQ$QWDO\D
0DQDYJDW·WDEXOXQDQ(øLWLP7HVLVOHULQGH(\OO(NLP
WDULKOHULDUDVÖQGDJHUoHNOHûWLULOPHVLQH\|QHOLNKD]ÖUOÖ N
oDOÖûPDODUÖQÖQ\UWOHELOPHVLLoLQELU(\OHP3ODQÖ
G]HQOHQHUHNEXoHUoHYHGHNXUVPIUHGDWÖKD]ÖUODQPÖûNXUV
PIUHGDWÖNDSVDPÖQGDEXOXQDQNRQXODUGDNDWNÖODUÖJHUHNOL
J|UOHQNDPXNXUXPYHNXUXOXûODUÖLOHhQLYHUVLWHOHUOH
WHPDVDJHoLOPLûYHNXUVSURJUDPÖKD]ÖUODQPDVÖQGDEX
NDWÖOÖPODUGLNNDWHDOÖQPÖûWÖU
$QFDNKD]ÖUOÖNoDOÖûPDODUÖWDPDPODQDQV|]NRQXVXNXUV
GHSUHPIHODNHWLQHGHQL\OHHQ\DNÖQ]DPDQGD\DSÖOPDN]HUH
HUWHOHQPLûWLU

'HQHWLP'HVWHN)DDOL\HWOHUL
6D\ÖûWD\

$YUXSDhONHOHUL6D\ÖûWD\ODUÖ2UJDQL]DV\RQX
(8526$,
h\HVLEXOXQGXøXPX]$YUXSDhONHOHUL6D\ÖûWD\ODUÖ
2UJDQL]DV\RQX·QXQ(8526$,0D\ÖV+D]LUDQ
WDULKOHULDUDVÖ QGD3DULV·WH\DSÖODQ.RQJUHVLQH
.XUXPXPX]6D\ÖûWD\%DûNDQÖEDûNDQOÖøÖQGDELUKH\HWOH
NDWÖOPÖûWÖU
(8526$,·QLQ0D\ÖVWDULKLQGH\DSÖODQ,,,
.RQJUHVLQGH6D\ÖûWD\ÖPÖ](8526$,GHQHWoLOLøLJ|UHYLQL
ùUODQGD6D\ÖûWD\ÖLOHELUOLNWH\UWPHN]HUHo\ÖOLoLQ
VHoLOPLûWL(8526$,GHQHWLPLQL6D\ÖûWD\%DûNDQÖDGÖQD
\UWPHNOHJ|UHYOHQGLULOPLûEXOXQDQ8]PDQ'HQHWoLDQÖODQ
RUJDQL]DV\RQXQ\ÖOÖKHVDSODUÖQÖQGHQHWLPLLoLQ
1LVDQWDULKOHULQGHùVSDQ\D·\DJLWPLûWLU
0HVOHNWDûÖPÖ]YHù UODQGD6D\ÖûWD\ÖWHPVLOFLVLQFHPûWHUHNHQ
\D]ÖODQGHQHWLPUDSRUX3DULV·WH\DSÖODQ(8526$,
.RQJUHVLQFHRQD\ODQPÖûWÖU
(8526$,.RQJUHVLQGHHOHDOÖQDQ´<NVHN'HQHWLP
.XUXPODUÖQÖQ%DøÖPVÖ]OÖøÖµNRQXVXQGDONHWHEOLøL
KD]Ö UODQPÖûWÖU
6|]OHûPH'HQHWLPLNRQXVXQGD(8526$,WDUDIÖQGDQ\ÖOGD
G|UWNH]oÖNDUÖODQ´(8526$,0DJD]LQHµGHUJLVLQGH
\D\ÖQODQPDN]HUH´6|]OHûPHOHULQ'HQHWLPL´EDûOÖNOÖELU
PDNDOHKD]ÖUODQDUDNV|]NRQXVX\D\ÖQGDQVRUXPOXùVSDQ\D
6D\ÖûWD\ÖQDJ|QGHULOPLû WLU
8OXVODUDUDVÖ6D\ÖûWD\ODU2UJDQL]DV\RQX
,1726$,
8OXVODUDUDVÖ6D\Ö ûWD\ODU2UJDQL]DV\RQQXQ,1726$,
IDDOL\HWOHULoHUoHYHVLQGH(NLPWDULKOHULDUDVÖQGD
3RORQ\D9DUûRYD·GDG]HQOHQHQg]HOOHûWLUPHQLQ

'HQHWLP'HVWHN)DDOL\HWOHUL
6D\ÖûWD\
'HQHWLPLdDOÖûPD*UXEX7RSODQWÖVÖQD.XUXPXPX]X
WHPVLOHQELU8]PDQ'HQHWoLNDWÖOPÖûWÖU
,1726$,EQ\HVLQGHROXûWXUXODQYHùVYHo6D\ÖûWD\ÖQFD
EDûNDQOÖøÖ\UWOHQ0HVOHN$KODNÖ.RPLWHVLQFH
G]HQOHQHQµ,1726$,0HVOHN$KODNÖ.XUDOODUÖ´GLOLPL]H
ND]DQGÖUÖODUDNPHVOHNPHQVXSODUÖPÖ]ÖQELOJLVLQH
VXQXOPXûWXU
.RUH<NVHN'HQHWLP.XUXPX%$,
.RUH<NVHN'HQHWLP.XUXPX%$,%DûNDQOÖøÖWDUDIÖQGDQ
1LVDQWDULKOHULDUDVÖQGD$626$QLQ$V\D
hONHOHUL6D\ÖûWD\ODUÖ2UJDQL]DV\RQXPDOLGHVWHøLLOH6HXGH
G]HQOHQHQ´dHYUH'HQHWLPLµNRQXOXNXUVD6D\ÖûWD\ÖPÖ]Ö
WHPVLOHQELU'HQHWoLNDWÖOPÖûWÖU
1$728OXVODUDUDVÖ'HQHWLP.XUXOX
1$728OXVODUDUDVÖ'HQHWLP.XUXOXQXQ+D]LUDQ
WDULKOHULQGH%UNVHO·GH<HWNLOL0LOOL'HQHWLP
.XUXOXûODUÖLOHELUOLNWH\DSWÖøÖ´<ÖOÖ)DDOL\HW5DSRUX
*|UûPHOHUL7RSODQWÖVÖµQD.XUXPXPX]XWHPVLOHQLNL
8]PDQ'HQHWoLNDWÖOPÖûWÖU
.DUûÖOÖNOÖùûELUOLøL3URWRNRO
5RPDQ\D6D\ÖûWD\ÖQGDQJHOHQWDOHS]HULQHJHOHFHNWH
\DSÖODFDNEXWUDQODûPDODUGDGDJHQHOELUoHUoHYHWHûNLO
HGHFHNQLWHOLNWHNDSVDPOÖELUDQODûPDWDVODøÖKD]ÖUODQPÖûYH
DGÖJHoHQNXUXPXQGHøHUOHQGLUPHVLQHVXQXOPXûWXU

'HQHWLP'HVWHN)DDOL\HWOHUL
6D\ÖûWD\

<XUWGÖûÖQGDùQFHOHPHYH$UDûWÖUPD3URJUDPÖ
%LU'DLUH%DûNDQÖQÖQEDûNDQOÖøÖQGD'DLUH%DûNDQÖYH
h\HGHQROXûDQELUKH\HW0D\ÖV+D]LUDQWDULKOHUL
DUDVÖQGD\HQLGHQHWLPWUOHULQLQX\JXODPDELoLPOHULQL
\HULQGHJ|UPHNYHPHVOHNOHULLOHLOJLOLGLøHULQFHOHPHYH
DUDûWÖUPDODUGDEXOXQPDN]HUH$%'·QHJLWPLûWLU
ùQFHOHPHYHDUDûWÖUPDSURJUDPÖ$%'6D\ÖûWD\ÖLOHGLøHULOJLOL
NDPXNXUXPYHNXUXOXûODUÖQGDJHUoHNOHûPLûWLU
0HVOHNv<D\ÖQODU
'HQHWLP.LWDEÖ
0DOLGHQHWLPDODQÖQGDNLoRNVD\ÖGDYHGDøÖQÖNPHY]XDWÖFLOW
RODUDNVLVWHPDWLNELUELoLPGHGHUOH\HQ´'HQHWLP.LWDEÖµ
JQFHOOHû WLULOPLû WLU
6D\ÖûWD\'HUJLVL
0HVOHNLPDNDOHDUDûWÖUPDYHoHYLULWUQGHQoDOÖûPDODUD\HU
YHUHQYHD\OÖNSHUL\RGODUOD\D\ÖPODQDQ6D\ÖûWD\'HUJLVL·QLQ
\D\ÖPÖJHoHQ\ÖOGDG]HQOLRODUDNVUGUOPûWU
'L]LOHU
´&XPKXUL\HWLQ·LQFL<ÖOG|QP'L]LVLµ
QGHQ\D\ÖPODQDQ
oHûLWOLoHYLULLQFHOHPHYHWHEOLøOHULOHLOJLOLUHKEHUOHUYHNLWDSoÖNODU
LVHûXQODUGÖU

'HQHWLP'HVWHN)DDOL\HWOHUL
6D\ÖûWD\

´.DPX+DUFDPDODUÖYH'HQHWLPL6HPSR]\XP
´$YUXSD%LUOLøL6D\ÖûWD\Öµ
´%LOLûLP7HNQRORMLVLQLQ<|QHWLPLYH'HQHWLPLµ
´.DPX.XUXPYH.XUXOXûODUÖQD<DVD\OD9HULOHQ<HWNLOHUH
8\JXQOXøXQ'HQHWLPLµ
´%LOLûLP7HNQRORMLVL2UWDPÖQGD'HQHWLPµ
´)LQDQVDO'HQHWLPµ
´$&RPSLODWLRQRI7XUNLVK&RXUWRI$FFRXQWV&RXQWU\
3DSHU
´/DZRQWKH&RXUWRI$FFRXQWVµ
´3HUIRUPDQVùQFHOHPH.RQXODUÖQÖQ6HoLPLQHùOLûNLQ
5HKEHUµ
´+L]PHW.DOLWHVLQH<|QHOLN3HUIRUPDQV'HQHWLP5HKEHULµ
´3HUIRUPDQV'HQHWLPLµ
´.Ö\DVODPDµ
´9HUL7RSODQPDVÖ$QDOL]LYH6XQXPXµ
´3HUIRUPDQVùQFHOHPHOHULQLQ7DVDUÖPÖQDù OLûNLQ5HKEH
´<DWÖUÖP3URMHOHULQLQ'HQHWLPLµ
´3HUIRUPDQVùQFHOHPHOHULQGHgUQHNOHPHGHQ
<DUDUODQÖOPDVÖµ
´$UDûWÖUPDùQFHOHPHdHYLUL'L]LVLµ
LoLQGH\D\ÖPODQDQ
NLWDSoÖNODULVHûXQODUGÖU
´7UNoHùQJLOL]FH)UDQVÖ]FD'HQHWLP7HULPOHULµ
´9HUJL.RQXODUÖQDùOLûNLQ0DNDOHOHUµ
´ùo'HQHWLP0HVOHøL8\JXODPD6WDQGDUWODUÖYH<|QOHQGLUHQ
ùONHOHUµ
´6D\ÖûWD\.DUDUODUÖ'L]LV
LoLQGH\HUDODQNLWDSODUGDûXQODUGÖU
´6D\ÖûWD\*HQHO.XUXO.DUDUODUÖµ

'HQHWLP'HVWHN)DDOL\HWOHUL
6D\ÖûWD\

´6D\ÖûWD\'DLUHOHU.XUXOX6HoPH.DUDUODU
µ
´6D\ÖûWD\7HP\L].XUXOX6HoPH.DUDUODU
µ
´6D\ÖûWD\'DLUH.DUDUODUÖ6HoPH.DUDUg]HWOHUL
µ
.XUXPLoLQGHJHUoHNOHûWLULOHQNXUVYHVHPLQHUJLELHWNLQOLNOHUH
LOLûNLQQRWODUÖQÖQ\D\ÖPODQGÖøÖ
´+L]PHWùoL(øLWLP'L]LVLµ
LoLQGHLVHûXNLWDSODU\D\ÖPODQPÖûWÖU
´3HUIRUPDQV'HQHWLPL7HPHO.DYUDPODU<|QWHPOHU
7HNQLNOHUYH<DNODû ÖPODUµ
´5LVN'HQHWLPL7HPHO.DYUDPODUYH<|QWHPOHUµ
´<DWÖUÖP+DUFDPDODUÖ'HQHWLPLµ
7DQÖWÖP.LWDSoÖNODUÖ
.XUXPXPX]XQJ|UHYYH\HWNLOHULQLQ\XUWLoLQGHYH\XUWGÖûÖQGD
GDKDL\LDQODûÖOPDVÖQD\DUGÖPFÖROPDNDPDFÖ\ODELU7UNoHGLøHUL
GHùQJLOL]FHLNLWDQÖWÖPNLWDSoÖøÖKD]ÖUODQPÖûWÖU
%OWHQOHU
.XUXPLoLLOHWLûLPLVDøODPD\ÖKHGHIOH\HQYHD\OÖNRODUDNoÖNDUÖODQ
´6D\ÖûWD\+DEHU%OWHQPHQVXSODUÖPÖ]ÖQPHY]XDWKDNNÖQGD
ELOJLOHQGLULOPHVLQLDPDoOD\DQYHD\OÖNRODUDNoÖNDUÖODQ´5HVPL
*D]HWH%OWHQLOHJHUHNWLNoH\D\ÖPODQDQ´0HY]XDW%OWHQLµYH
NWSKDQH\H\HQLDOÖQDQ\D\ÖQODUÖWDQÖWDQYH\ÖOGDLNLNH]oÖNDUÖODQ
´.WSKDQH%OWHQLµJHoWLøLPL]\ÖO\D\ÖPODQDQEOWHQOHUGLU

'HQHWLP'HVWHN)DDOL\HWOHUL
6D\ÖûWD\

(øLWLP)DDOL\HWOHUL
.XUXPùoLQGH']HQOHQHQ.XUVODU
3HUIRUPDQV'HQHWLPL*UXEXQFD1LVDQWDULKOHUL
DUDVÖQGD5LVNYH3HUIRUPDQV'HQHWLPLNRQXODUÖQÖNDSVD\DQ
ELUKL]PHWLoLHøLWLPNXUVXG]HQOHQPLûROXSNXUVQRWODUÖ
´+L]PHWùoL(øLWLP'L]LVLµLoLQGH\D\ÖPODQPÖûWÖU
%HOHGL\HVD\PDQOÖNKHVDSODUÖQÖGHQHWOHPHNOHJ|UHYOLJUXS
GHQHWoLOHULLoLQ1LVDQWDULKOHULDUDVÖQGD´<DWÖUÖP
+DUFDPDODUÖ'HQHWLPLµNRQXOXELUNXUVSURJUDPÖ
G]HQOHQPLûROXSEXSURJUDPÖQNXUVQRWODUÖGDJHQHD\QÖ
GL]LLoLQGH\D\ÖPODQPÖûWÖU
<XUWLoL.RQJUH.RQIHUDQVYH6HPLQHUOHUH
.DWÖOÖP
'Q\D%DQNDVÖX]PDQODUÖQFD0D\ÖVWDULKLQGH
$QNDUD·GDJHUoHNOHûWLULOHQYHPDOL\|QHWLPVRUXPOXOXNYH
GHQHWLPNRQXODUÖQÖNDSVD\DQVHPLQHUHLNL8]PDQ'HQHWoL
NDWÖOPÖûWÖU
7UNL\H(NRQRPLNYH6RV\DO(WWOHU9DNIÖ7(6(9
WDUDIÖQGDQ+D]LUDQWDULKLQGHù VWDQEXO·GD
G]HQOHQHQ´.DPX0DOL\HVLQGH6D\GDPOÖ NRQXOX
NRQIHUDQVD.XUXPXPX]GDQELUh\HYHELU8]PDQ'HQHWoL
NDWÖOPÖûWÖU
7UNL\HhoQF6HNW|U9DNIÖ·QÖQ7h6(9+D]LUDQ
WDULKLQGH$QNDUD·GDG]HQOHQHQ·QFL8OXVDO
.RQIHUDQVÖ·QÖ6D\ÖûWD\%DûNDQÖEDûNDQOÖø ÖQGDh\HGHQ
ROXûDQELUKH\HWL]OHPLûWLU

'HQHWLP'HVWHN)DDOL\HWOHUL
6D\ÖûWD\

7UNL\HYH2UWD'RøX$PPHùGDUHVL(QVWLWV·QFH
(NLPWDULKOHULDUDVÖ QGDJHUoHNOHûWLULOHQ´.DPX
<|QHWLPLQGH.DOLWH·QFL8OXVDO.RQJUHVLµQH6D\ÖûWD\
%DûNDQÖYHPHQVXSODUÖPÖ]NDWÖOPÖûWÖU
$QDGROXhQLYHUVLWHVLQLQHYVDKLSOLøLQGH0D\ÖV
WDULKOHULDUDVÖ QGD$QWDO\D·GDJHUoHNOHûWLULOHQ´.DPX.HVLPL
)LQDQVPDQÖQGD9HUJL'ÖûÖ1RUPDO*HOLUOHULOHg]HO*HOLUOHU
YH)RQODUµWHPDOÖ;,97UNL\H0DOL\H6HPSR]\XPX·QD
6D\ÖûWD\%DûNDQÖYH*HQHO6HNUHWHULLûWLUDNHWPLûWLU
7UNL\H6DQD\LFLOHULYHùûDGDPODUÖ'HUQHøL7h6ù$'LOH
.DOLWH'HUQHøL·QLQ.DO'HU.DVÖPWDULKOHUL
DUDVÖQGD,VWDQEXO·GDRUWDNODûDRODUDNG]HQOHGLNOHUL´·OL
<ÖOODUYH7RSODP.DOLWH<|QHWLPLµNRQXOX.RQJUH·\LLNL
PHVOHNPHQVXEXPX]L]OHPLûWLU
0DUPDUDhQLYHUVLWHVLLOH.RQUDG$GHQDXHU9DNIÖ·QÖQ
,VWDQEXO·GD.DVÖPJQRUWDNODûDJHUoHNOHûWLUGLNOHUL
´<]\ÖOD'RøUX1DVÖO%LU*HOLU9HUJLOHPHVLµNRQXOX
3DQHOHELUh\HYHELU8]PDQ'HQHWoLNDWÖOPÖûWÖU
.XUVYH(øLWLP3URJUDPODUÖQD(OHPDQ
*|QGHULOPHVL
'HYOHW0HPXUODUÖ<DEDQFÖ'LOOHU(øLWLP0HUNH]LQLQ
HøLWLP\ÖOÖ\DEDQFÖGLOHøLWLPNXUVXQD'HQHWoLYH
\|QHWLPPHQVXEXJ|QGHULOPLûWLU$\QÖ0HUNH]LQ
HøLWLP\ÖOÖ\DEDQFÖGLOHøLWLPNXUVXQDGD'HQHWoL
NDWÖOPÖûWÖU
7UNL\HYH2UWD'RøX$PPHùGDUHVL(QVWLWVQQ
|øUHQLP\ÖOÖ.DPX<|QHWLP8]PDQOÖøÖ(øLWLP
NXUVXQD'HQHWoLJ|QGHULOPLûWLU$\QÖ(QVWLWQQ

'HQHWLP'HVWHN)DDOL\HWOHUL
6D\ÖûWD\

|øUHQLP\ÖOÖ.DPX<|QHWLP8]PDQOÖøÖ(øLWLP
NXUVXQD'HQHWoLNDWÖOPÖû WÖU
$QNDUDhQLYHUVLWHVL$YUXSD7RSOXOXNODUÖ$UDûWÖUPDYH
8\JXODPD0HUNH]L·QLQ$7$80(NLP.DVÖP
WDULKOHULDUDVÖQGDJHUoHNOHûWLULOHQ'|QHP7HPHO
(øLWLPNXUVXQDPHVOHNPHQVXEXPX]NDWÖOPÖûWÖU
$7$80·XQ0DUW+D]LUDQWDULKOHULDUDVÖQGD
JHUoHNOHûWLULOHQ'|QHP7HPHO(øLWLPNXUVXQDGD
PHVOHNPHQVXEXPX]LûWLUDNHWPLûWLU
%LOLPVHO7RSODQWÖODU
.XUXOXû\ÖOG|QPHWNLQOLNOHULoHUoHYHVLQGH0D\ÖV
JQ$QNDUD'HYOHW.RQXNHYL7RSODQWÖ6DORQXQGD'37
8]PDQÖ++DNDQ<ÖOPD]PHQVXSODUÖPÖ]D´.DPX0DOL
<|QHWLPLQLQ<HQLGHQ<DSÖODQGÖUÖOPDVÖ<HQL=HODQGD
gUQHøLµEDûOÖNOÖELUNRQIHUDQVYHUPLûWLU.RQIHUDQVPHWQL
NLWDSoÖNKDOLQGHL]OH\HQOHUHYHPHQVXSODUÖPÖ]DGDøÖWÖOPÖûWÖU
'378]PDQÖ+DVDQdREDQLVH(NLPJQJHQH
D\QÖ7RSODQWÖ6DORQXQGD´6WUDWHMLN<|QHWLPYH<|QHWLP
%LOJL6LVWHPNRQXOXELUNRQIHUDQVYHUPLûWLU.RQIHUDQV
PHWQLNLWDSoÖNELoLPLQGHNDWÖOÖPFÖODUDGDøÖWÖOPÖûWÖU
;97UNL\H0DOL\H6HPSR]\XPXQXQ0D\ÖV
WDULKOHULDUDVÖ QGD$NGHQL]hQLYHUVLWHVLQLQHYVDKLSOLøLQGH
$QWDO\D·GD\DSÖOPDVÖ6D\ÖûWD\*HQHO6HNUHWHULQLQGHLoLQGH
\HUDOGÖøÖ6HPSR]\XP']HQOHPH.RPLWHVLQFHSUHQVLS
RODUDNNDEXOHGLOPLûWLU']HQOHPH.RPLWHVL6D\ÖûWD\ÖQ
|QHUGLøL´.DPX0DOL<|QHWLPLQLQ<HQLGHQ
<DSÖODQGÖUÖOPDVÖYH%X<DSÖODQPDGD3HUIRUPDQV

'HQHWLP'HVWHN)DDOL\HWOHUL
6D\ÖûWD\

<|QHWLPLQLQYH'HQHWLPLQLQ<HULµWHPD·VÖQÖEHQLPVHPLû
EXOXQPDNWDGÖU
úHNLOOHQHQWDVODNSURJUDPDJ|UH6HPSR]\XPGDELU8]PDQ
'HQHWoLPL]´$QD+DWODUÖ\OD.DPX3HUIRUPDQV<|QHWLPLYH
7UNL\HGH8\JXODQDELOLUOLøLNRQXVXQGDELUGLøHU8]PDQ
'HQHWoLPL]GH.DPX6HNW|UQGH3HUIRUPDQV'HQHWLPLYH
6D\ÖûWD\8\JXODPDVÖNRQXVXQGDWHEOLøVXQDFDNODUGÖU
.WSKDQH+L]PHWOHULQLQ
*HOLûWLULOPHVL
.XUXPXPX]NWSKDQHVLQLQJHOLûWLULOPHVLYH\HQLGHQ
G]HQOHQPHVLEDøODPÖQGDEHOOLDGÖPODUDWÖOPÖûWÖU%X%DøODPGD
<D\ÖQDUûLYLQLQELOJLVD\DURUWDPÖQDDNWDUÖOPDVÖE\N|OoGH
WDPDPODQPÖû.WSKDQHNDGURVXWDNYL\HHGLOPLû,QWHUQHW
EDøODQWÖVÖNXUXOPXûYH.WSKDQH<|QHUJHVLKD]ÖUODQPÖûWÖU
.WSKDQH<|QHUJHVL\OHROXûWXUXODQ.WSKDQH<|QOHQGLUPH
.XUXOXNWSKDQHQLQ\D\ÖQNDSDVLWHVLQLQ]HQJLQOHûWLULOPHVLQHYH
.WSKDQHQLQoDøGDûRODQDNODUGDQ\DUDUODQPDVÖQDLOLûNLQ
WHGELUOHULDOPDNOD\HWNLOLNÖOÖQPÖûWÖU
.WSKDQH\D\ÖQNDSDVLWHVLJHUHNSL\DVDGDQVDWÖQDOÖQDQNLWDSODUOD
YHJHUHNVHGLøHUNDPXNXUXPYHNXUXOXûODUÖQGDQVDøODQDQ
\D\ÖQODUODELU|OoGHDUWÖUÖOPÖûYH.WSKDQH%OWHQLQLQ
\D\ÖPODQPDVÖQDEDûODQÖOPÖûWÖU
.H]D$UDûWÖUPD*UXEXQFD,QWHUQHWWHNLPHVOHNvELOJLYHYHULOHUGHQ
\DUDUODQDUDNELU(OHNWURQLN.WSKDQHROXûWXUPDoDOÖûPDODUÖ
VUPHNWHGLU

'HQHWLP'HVWHN)DDOL\HWOHUL
6D\ÖûWD\


'HQHWLP'HVWHN)DDOL\HWOHUL
6D\ÖûWD\


(NOHU
6D\ÖûWD\
(N
ùQVDQ.D\QDNODUÖ
6D\ÖûWD\·GD.DVÖPWDULKLLWLEDUL\OHSHUVRQHOJ|UHY
\DSPDNWDGÖU%XQODUGDQ·PHVOHNPHQVXEX·VÖ\|QHWLP
PHQVXEXGXU
<|QHWLPPHQVXSODUÖPÖ]GDQ·VL*HQHOùGDUL+L]PHWOHU
6Ö QÖIÖ QGD·L6DøOÖN+L]PHWOHUL6ÖQÖIÖQGD·VL7HNQLN+L]PHWOHU
6Ö QÖIÖ QGD·L<DUGÖPFÖ+L]PHWOHU6ÖQÖIÖQGDROXS·L6|]OHûPHOL
3HUVRQHOVWDWVQGHoDOÖûPDNWDGÖU
0HQVXSODUÖPÖ]ÖQNRPSR]LV\RQXDûDøÖGDNLJUDILNWH\]GHOHU
LWLEDUL\OHJ|VWHULOPLûWLU
*UDILN*HQHO2ODUDN0HQVXSODUÖQ.RPSR]LV\RQX
<|QHWLP
0HQVXSODUÕ

6D÷OÕN
+L]PHWOHUL
<DUGÕPFÕ
+L]PHWOHU

0HVOHN
0HQVXSODUÕ

7HNQLN
+L]PHWOHU
6|]OHúP H OL
3HUVRQHO

(NOHU
6D\ÖûWD\

<DûODUÖLWLEDUL\OHPHQVXSODUÖPÖ]ÖQGXUXPXDûDøÖGDNLJUDILNWH\HU
DOPÖûWÖU
*UDILN<DûODUÖùWLEDUL\OH0HQVXSODU
0HQVXSODUÖPÖ]ÖQ|øUHQLPGXUXPODUÖLVHDûDøÖ GDNLJUDILNWH
EHOLUWLOPHNWHGLU
*UDILNgøUHQLP'XUXPODUÖQD*|UH0HQVXSODU
    
\DúODUÕDUDVÕ
\DúODUÕDUDVÕ
\DúODUÕDUDVÕ
\DúODUÕDUDVÕ
\DúODUÕDUDVÕ
       
øONRNXO0H]XQX
2UWD2NXO0H]XQX
/LVH0H]XQX
0HVOHN2NXOX0H]XQX
<NVHN2NXO0H]XQX

(NOHU
6D\ÖûWD\

0HQVXSODUÖPÖ]ÖQFLQVL\HWHJ|UHGDøÖOÖPÖDûDøÖ GDJ|VWHULOPLûWLU
*UDILN&LQVL\HWH*|UH0HQVXSODU
0HVOHNPHQVXSODUÖQÖQNÖGHPOHULLVHDûDøÖGDNLJUDILNWH
UHVPHGLOPLûWLU
*UDILN.ÖGHPOHULQH*|UH0HVOHN0HQVXSODUÖ










%D\ DQ %D\










\ÕOYHGDKDD]
\ÕO
\ÕO
\ÕO
\ÕO
\ÕO
\ÕOGDQoRN

(NOHU
6D\ÖûWD\


(NOHU
6D\ÖûWD\

(N
3DUDVDO%\NONOHU
7HPHOKDUFDPDNDOHPOHULLWLEDUL\OH6D\ÖûWD\ÖQYH\ÖOODUÖ
EWoHWHNOLIUDNDPODUÖYHDUWÖûHNVLOLû\]GHOHULDûDøÖGDNLWDEORGD
J|VWHULOPLûWLU
7DEOR%WoHVLYH%WoHVL7HNOLIOHULYH$UWÖû
(NVLOLû<]GHOHUL
0LO\RQ7/
*LGHU7U
%WoH
7HNOLIL
%WoH
7HNOLIL
$UWÖû(NVLOLû

3HUVRQHO   
'LøHU&DUL   
<DWÖUÖPODU  
7UDQVIHUOHU   
723/$0  
\ÖOÖEWoHWHNOLILPL]GH\HUDODQWRSODP|GHQHNWDOHELPL]
EWoH|GHQHNOHULWRSODPÖQDJ|UHRUDQÖQGDDUWÖû
|QJ|UPHNWHGLU
<HQLKL]PHWELQDPÖ]LoLQ\DSÖODQKDUFDPDODUÖQ\ÖOÖ
PWHDKKLWOLNNDUQHNDWVD\ÖODUÖLOHJQFHOOHûWLULOPLûGHøHULWULO\RQ
OLUD\ÖDûPÖûWÖU\ÖOÖQGD\HQLKL]PHWELQDPÖ]LoLQWDDKKGH
EDøODQPÖûRODQPLNWDU7/·GLU

(NOHU
6D\ÖûWD\


(NOHU
6D\ÖûWD\

(N
7DEORODUYH*UDILNOHUùQGHNVL
7DEOR'HQHWLP.DSVDPÖ QD*LUHQYH3URJUDPD
$OÖQDQ6D\PDQOÖNODUÖQ7UOHULYH6D\ÖODUÖ
7DEOR%WoH7UOHULQH*|UH<HULQGHù QFHOHPH
3URJUDPÖQD$OÖQDQ6D\PDQOÖNODUÖQ6D\ÖVÖ

7DEOR<ÖOÖ%WoHVLgGHQHN9L]H+DUHNHWOHUL 
7DEOR<ÖOÖ%WoHVL.DGUR9L]H+DUHNHWOHUL 
7DEOR%WoH7UOHULQH*|UHùQFHOHQHQ6|]OHûPH
6D\ÖVÖ

7DEOR.RQXODUùWLEDUL\OH*HQHO.XUXO.DUDUODUÖ 
7DEOR.RQX%DûOÖNODUÖùWLEDUL\OH'DLUHOHU.XUXOX
*|Uû%LOGLUPH.DUDUODUÖ 
7DEOR'DLUHOHULQ<DUJÖVDO.DUDUODUÖ 
7DEOR'DLUHOHULQùGDUL1LWHOLNWHNL.DUDUODUÖ 
7DEOR%WoHVLYH%WoHVL7HNOLIOHULYH
$UWÖû<]GHOHUL

*UDILN*HQHO2ODUDN0HQVXSODUÖQ.RPSR]LV\RQX 
*UDILN<DûODUÖùWLEDUL\OH0HQVXSODU
*UDILNgøUHQLP'XUXPODUÖQD*|UH0HQVXSODU 
*UDILN&LQVL\HWH*|UH0HQVXSODUÖ 
*UDILN.ÖGHPOHULQH*|UH0HVOHN0HQVXSODUÖ 

(NOHU
6D\ÖûWD\
