MNSHBD C TSHKHR@SHNM FDAQ@TBGR@MVDHRTMF !$ 3@AKD CD BTHRRNM *NBGLTKCD $'&
DKDBSQNKTW
DKDBSQNKTW !HDMUDMTD C@MR KD LNMCD C $KDBSQNKTW -NTR UNTR QDLDQBHNMR CD K@ BNMEH@MBD PTD UNTR MNTR SġLNHFMDY DM BGNHRHRR@MS TM @OO@QDHK $KDBSQNKTW PTH MNTR DROġQNMR UNTR @BBNLO@FMDQ@ @FQġ@AKDLDMS @T EHK CT SDLOR T SQ@UDQR C TMD K@QFD F@LLD CD OQNCTHSR CD PT@KHSġ K@ UNKNMSġ C $KDBSQNKTW DRS CD UNTR QDMCQD K@ UHD OKTR @FQġ@AKD 5NTR ONTUDY DM UNHQ PTDKPTDR DWDLOKDR RTQ K@ BNTUDQSTQD CD BDSSD MNSHBD -NTR UNTR HMUHSNMR Đ OQDMCQD PTDKPTDR LHMTSDR ONTQ CġBNTUQHQ BD FTHCD PTH UNTR ODQLDSSQ@ CD OQNEHSDQ @T LHD
DKDBSQNKTW 2NLL@HQD Kf@SSDMSHNM CD KfTSHKHR@SDTQ UDQSHRRDLDMSR HLONQS@MSR #DRBQHOSHNM CD Ke@OO@QDHK 4SHKHR@SHNM CD UNSQD S@AKD CD BTHRRNM "NMRDHKR CeTSHKHR@SHNM $MSQDSHDM DS MDSSNX@FD &@Q@MSHD 2DQUHBD BKHDMSĠKD Kf@SSDMSHNM CD KfHMRS@KK@SDTQ "@Q@BSġQHRSHPTDR SDBGMHPTDR (MRS@KK@SHNM C@OS@SHNM CDR AQŖKDTQR @T F@Y TSHKHRġ $MB@RSQDLDMS /NRRHAHKHSġR CeDMB@RSQDLDMS "NLLDMS KHQD UNSQD MNSHBD CfTSHKHR@SHNM +DR RXLANKDR RTHU@MSR UNTR FTHCDQNMS SNTS @T KNMF CD K@ KDBSTQD CD UN
DKDBSQNKTW %Q@MĞ@HR UDQSHRRDLDMSR HLONQS@MSR "NMRDQUDY BDSSD MNSHBD C TSHKHR@SHNM @UDB UNSQD @OO@QDHK 2H K @OO@QDHK CDU@HS ģSQD UDMCT NT BĢCĢ Ē TMD @TSQD ODQRNMMD @RRTQDY UNTR PTD K@ MN SHBD C TSHKHR@SHNM K @BBNLO@FMD +D MNTUDK TSHKHR@SDTQ ONTQQ@ @KNQR ģSQD HM ENQLĢ CT ENMBSHNMMDLDMS CD BDKTH BH DS CDR @UDQSHRRDLDMSR R X Q@OONQS@MS "DR @UDQSHRRDLDMSR NMS ĢSĢ QĢCHFĢR ONTQ UNSQD RĢBTQHSĢ DS BDKKD C @TSQTH 4SHKHR@SHNM q "DS @OO@QDHK @ ġSġ BNMĝT ONTQ ĢSQD TSH KHRġ O@Q CDR @CTKSDR 5DHKKDY Đ BD PTD KDR D
DKDBSQNKTW q -D K@HRRDY QHDM RTQ K@ S@AKD CD BTHRRNM 4MD LHRD DM ENMBSHNMMDLDMS @BBHCDM SDKKD ONTQQ@HS OQNUNPTDQ TM HMBDMCHD q 2H UNTR TSHKHRDY TM @OO@QDHK ġKDBSQHPTD Đ OQNWHLHSġ CD UNSQD S@AKD CD BTHRRNM UDHKKDY @ BD PTD KD BĒAKD C @KHLDMS@SHNM CD BDS @OO@QDHK ġKDBSQHPTD MD RNHS O@R DM BNMS@BS @UDB K@ RTQE@BD BG@TCD CD K@ S@AKD q 2TQUDHKKDY @SSDMSHUDLDMS K@ BTHRRNM KNQR CD EQHSTQD C@MR K GTHKD NT K@ FQ@HRRD q $UHSDY SNTS BNTQ@MS C @HQ 2H TM AQŖKDTQ MD OQġRDMSD O@R TMD EK@LLD QġFTKHĠQD MDSSNXDY KD RNHFMD
DKDBSQNKTW q "DSSD S@AKD DRS BNMĝTD ONTQ ENMBSHNMMDQ DM 5 LNMNOG@Rġ 4M ġUDMSTDK AQ@MBGDLDMS ONKXOG@Rġ R@MR MDTSQD 5 ODTS OQNUNPTDQ K@ CDRSQTBSHNM CDR ENXDQR /QNSDBSHNM CD K DMUHQNMMDLDMS 3NTR KDR L@SġQH@TW L@QPTġR O@Q KD RXLANKD RNMS QDBXBK@AKDR #ġONRDY KDR C@MR TMD CġBGDSSDQHD OQġUTD Đ BDS DE EDS QDMRDHFMDY UNTR @TOQĠR CDR RDQUHBDR CD UNSQD BNLLTMD ONTQ PT HKR OTHRRDMS ĢSQD QġBTOġQġR DS QDBXBKġR $M B@R C @MNL@KHD CD ENMBSHNMMD LDMS KD UDMCDTQ CD UNSQD @OO@QDHK DRS KD OQDLHDQ G@AH
DKDBSQNKTW #DRBQHOSHNM CD Kf@OO@QDHK !QŖKDTQ @TWHKH@HQD !QŖKDTQ RDLH Q@OHCD !QŖKDTQ Q@OHCD !QŖKDTQ SQHOKD BNTQNMMD ,@MDSSDR CD BNLL@MCD CDR AQŖKDTQR
DKDBSQNKTW 4SHKHR@SHNM CD UNSQD S@AKD CD BTHRRNM +DR BNLL@MCDR +DR L@MDSSDR PTH BNLL@MCDMS KDR AQŖKDTQR RNMS CNSġDR CD ONRHSHNMR OQHM BHO@KDR C TSHKHR@SHNM ONRHSHNM @QQĢS CġAHS L@WHLTL CġAHS LHMHLTL "G@PTD AQŖKDTQ DRS BNMSQŃKġ O@Q TM QNAHMDS Đ UDQQNTHKK@FD CD RĢBTQHSĢ HK DRS HLONRRHAKD CD SNTQMDQ K@ L@MDSSD R@MR K@ ONTRRDQ /NTQ @KKTLDQ TM AQŖKDTQ ) OOTXDY RTQ K@ BNLL@MCD CT AQŖ KDTQ BGNHRH DS SNTQMDY K@ UDQR K@ F@T BGD ITRPT @T QDOĠQD CD CġAHS L@WH LTL ,@HMSDMDY
DKDBSQNKTW U@MS K@ OQDLHġQD TSHKHR@SHNM CD UNSQD @OO@QDHK U@MS K@ OQDLHġQD TSHKHR@SHNM CD UNSQD @OO@QDHK QDSHQDY SNTSDR KDR ġSHPTDSSDR OTAKHBHS@HQDR DS KD @TSNBNKK@MSR R@TE K@ OK@PTD RHFM@KDSHPTD PTH ONTQQ@HDMS RD SQNTUDQ RTQ KD OK@M CD BTHRRNM "NMRDHKR CfTSHKHR@SHNM +DR AQŖKDTQR EHM C NASDMHQ TM QDMCDLDMS L@WH LTL CD BG@PTD AQŖKDTQ TSHKHRDY CDR Qġ BHOHDMSR @C@OSġR @T CH@LĠSQD CDR AQŖKDTQR !QŖKDTQ SQHOKD BNTQNMMD CH@LĠSQD CT QġBHOHDMS BL !QŖKDTQ Q@OHCD CH@LĠSQD CT QġBHOHDMS BL
DKDBSQNKTW q 2H K@ EK@LLD C TM AQŖKDTQ R ġSDHMS @BBH CDMSDKKDLDMS Q@LDMDY K@ L@MDSSD BNQ QDRONMC@MSD RTQ K@ ONRHSHNM @QQĢS DS @S SDMCDY TMD LHMTSD @U@MS CD Q@KKTLDQ KD AQŖKDTQ r +DR RTQE@BDR DM @BHDQ HMNWXC@AKD ODTUDMS SDQMHQ R HKR RNMS DWBDRRHUDLDMS BG@TEEĢR +@ BTHRRNM OQNKNMFĢD @UDB CDR B@RRDQNKDR DM E@ĴDMBD NT CDR OK@SR DM ENMSD M DRS O@R QDBNLL@MCĢD #D OKTR M TSHKHRDY O@R CD O@OHDQ C @KKTLHMHTL ONTQ QDBNTUQHQ KDR QĢBHOHDMSR ODMC@MS KDTQ TSHKHR@SHNM q 5DHKKDY Đ BD PTD KDR QġBHOHDMSR
DKDBSQNKTW $MSQDSHDM DS MDSSNX@FD U@MS CD OQNBĢCDQ @T MDSSNX@ FD CĢAQ@MBGDY ĢKDBSQHPTD LDMS K @OO@QDHK @RRTQDY UNTR PTD SNTSDR KDR L@MDSSDR RNMS RTQ K@ ONRHSHNM @QQģS g u DS @SSDMCDY PTD K @OO@QDHK RNHS QD EQNHCH +DR AQŖKDTQR z z z +@UDY KDR BG@OD@TW CD AQŖKDTQR @UDB CD K D@T BG@TCD DS TM CġSDQFDMS CNTW DM OQDM@MS RNHM C DMKDUDQ SNTSD HMBQTRS@SHNM 2H MġBDRR@HQD UNTR ONTUDY TSHKHRDQ TMD ODSHSD AQNRRD DM @BHDQ &@QCDY KDR BNTQNMMDR CDR AQŖKDTQR DM O@QE@HS ġS@S CD OQNOQDSġ KD
DKDBSQNKTW +DR L@MDSSDR 4SHKHRDY TMD ġONMFD SQĠR KġFĠQDLDMS HLAHAġD C D@T R@UNMMDTRD 1HMBDY DS RġBGDY RNHFMDTRDLDMS /NTQ TM LDHKKDTQ MDSSNX@FD CT OK@M CD BTHRRNM KDR L@MDSSDR RNMS @LNUH AKDR z RRTQDY UNTR PTD K@ L@MDSSD RNHS RTQ K@ ONRHSHNM f QQĢSt z 1DSHQDY K@ L@MDSSD z OQĠR KD MDSSNX@FD QDLDSSDY DM OK@BD K@ L@MDSSD C@MR R@ ONRHSHNM HMH SH@KD z -DSSNX@FD CD K@ ANTFHD C @KKTL@FD "DR @OO@QDHKR RNMS LTMHR C @KKTLDTQR ġKDBSQHPTDR + @KKTL@FD DRS @RRTQġ O@Q TMD fANTFHDt DM BġQ@LHPTD @UDB TMD
DKDBSQNKTW "@Q@BSĢQHRSHPTDR SDBGMHPTDR #HLDMRHNMR CD K NTUDQSTQD ONTQ K DMB@RSQDLDMS C@MR KD OK@M CD SQ@U@HK UNHQ BG@OHSQD f$MB@RSQDLDMSt +@QFDTQ LL /QNENMCDTQ LL #HLDMRHNMR CD K @OO@QDHK +@QFDTQ /QNENMCDTQ 38/$ #$ !1ă+$41 LL LL #Í!(3 " +.1(%(04$ -.,(- + J6 #Í!(3 " +.
DKDBSQNKTW (MRS@KK@SHNM $LOK@BDLDMS 1@BBNQCDLDMS F@Y #ĢAQ@MBGDY Kf@OO@QDHK @U@MS SNTSD HMSDQUDMSHNM "DS @OO@QDHK @OO@QSHDMS Đ K@ B@SġFNQHD C HRNK@SHNM SGDQLHPTD ŭ7ŭ DS HK @ ġSġ BNMĝT ONTQ ĢSQD DMB@RSQġ NT OK@Bġ Đ BŃSġ Ce@TSQDR LDTAKDR RDKNM K@ MNQLD DM UHFTDTQ ( $ " +DR LDTAKDR ITWS@ONRġR @TB BŃSġR CD K@ S@AKD CD BTHRRNM MD CNHUDMS O@R CġO@RRDQ K@ G@TSDTQ CD BDKKD BH +DR ANQCR K@SġQ@TW CD K@ CġBNTOD OQ@SHPTġD CNHUDMS RD SQNTUDQ Đ @T LNHMR LL CDR LTQR NT CDR LDTAKDR K@SġQ@TW +D
DKDBSQNKTW /NTQ TM ENMBSHNMMDLDMS BNQQDBS TMD BNMRNLL@SHNM QġCTHSD DS TMD OKTR FQ@MCD CTQġD CD UHD CD Ke@OO@QDHK @RRTQDY UNTR PTD K@ OQDRRHNM Ce@KHLDMS@SHNM BNQQDRONMC @TW U@KDTQR HMCHPTġDR C@MR KD S@AKD@T 2H Ke@OO@QDHK DRS @KHLDMSġ DM F@Y !TS@MD NT /QNO@MD ANTSDHKKD BNMSQŃKDY PTD KD QġFTK@SDTQ CD OQDRRHNM CġAHSD KD F@Y Đ TMD OQDRRHNM CD LA@Q ONTQ KD !TS@MD DS LA@Q ONTQ KD /QNO@MD U@MS CD RNQSHQ CD MNR @SDKHDQR BDS @OO@QDHK @ ġSġ SDRSġ DS LHR @T ONHMS O@Q TM ODQRNMMDK DWODQS DS RO
DKDBSQNKTW C@OS@SHNM CDR AQŖKDTQR @T F@Y TSHKHRĢ /NTQ K@ BNMUDQRHNM CD Ke@OO@QDHK CeTM SXOD CD F@Y Đ Ke@TSQD NOġQDY BNLLD RTHS 1DLOK@BDLDMS CDR ) HMIDBSDTQR .
DKDBSQNKTW !Q@MBGDLDMS ĢKDBSQHPTD 1DKHDY Ke@OO@QDHK Đ K@ SDQQD BNMENQLġLDMS @TW OQDRBQHOSHNMR CD K@ MNQLD -% " DS @TW QĠFKDLDMSR DM UHFTDTQ U@MS C DEEDBSTDQ KD AQ@MBGDLDMS R @RRTQDQ PTD KD CHRINMBSDTQ DS K HMRS@KK@SHNM ġKDBSQHPTD ODTUDMS RTOONQSDQ K@ BG@QFD CD K @OO@QDHK UNHQ K@ OK@PTD RHFM@KġSHPTD K HMRS@KK@SHNM C @KHLDMS@SHNM RNHS ġPTHOġD C TMD OQHRD CD SDQQD DEEHB@BD RDKNM KDR MNQLDR DM UHFTDTQ K@ OQHRD NT K HMSDQQTOSDTQ OQHMBHO@K RNHDMS E@BHKDLDMS @BBDRRHAKDR + @OO@QDHK DRS
DKDBSQNKTW $MB@RSQDLDMS $ 5 65 65 $ 7& 894 !QŖKDTQ @TWHKH@HQD 21 !QŖKDTQ RDLH Q@OHCD 1 !QŖKDTQ Q@OHCD 3" !QŖKDTQ SQHOKD BNTQNMMD 51 0 %HF +DR CHLDMRHNMR RNMS HMCHPTĢDR DM LHKKHLġSQDR "DR S@AKDR CD BTHRRNM RNMS OQġUTDR ONTQ ĢSQD DMB@RSQġDR C@MR CDR LDTAKDR CD BTHRHMD @X@MS TMD OQNENMCDTQ CD Đ LL "ńSĢR CfDMB@RSQDLDMS +DR S@AKDR CD BTHRRNM ODTUDMS ĢSQD LNMSġDR C@MR TM LDTAKD @X@MS TMD NTUDQSTQD ONTQ K DMB@RSQDLDMS CDR CH LDMRHNMR HMCHPTġR C@MR K@ %HF +@ EHW@SHNM CD K@ S@AKD @T
DKDBSQNKTW q OK@BDY K@ S@AKD C@MR K@ MHBGD CeDMB@RSQDLDMS DM K@ BDMSQ@MS BNQQDBSDLDMS q EHWDY K@ S@AKD @T LDTAKD Đ Ke@HCD CDR O@SSDR CD RDQQ@FD OQġUTDR Đ BDS DEEDS %HF +DR O@SSDR CD RDQQ@FDRD SQNTUD C@MR KeDLA@KK@FD CDR HMIDBSDTQR ENTQMHR @UDB K@ S@AKD +@ SQ@BSHNM DWDQBġD O@Q KDR UHR DRS RTEEHR@MSD ONTQ SQ@BDQ TM RHKKNM C@MR KD INHMS CeġS@MBGġHSġ PTD KeNM ONTQQ@ @HRġLDMS DMKDUDQ +fDMB@RSQDLDMS CD K@ S@AKD CD BTHRRNM @T CDRRTR CfTM K@UD U@HRRDKKD CfTM QĢEQHFĢQ@SDTQ CfTM
DKDBSQNKTW /NRRHAHKHSĢR C DMB@RSQDLDMS #@MR TM LDTAKD CD BTHRHMD @UDB ONQSD +D LDTAKD CDRSHMġ Đ QDBDUNHQ K@ S@AKD CD BTHRRNM CDUQ@ ĢSQD E@AQHPTġ CD E@ĝNM PTD KD BNMS@BS @UDB KDR O@QSHDR LġS@KKH PTDR BG@TCDR RNHS ġUHSġ +@ CHRS@MBD LHMHLTL DMSQD KD ENMC CD K@ S@AKD CD BTHRRNM DS KD OK@MBGDQ CD K DMB@RSQDLDMS CNHS ĢSQD CD LL 1DONQSDY UNTR Đ K@ %HF +@ S@AKDSSD RNTR K@ S@AKD CD BTHRRNM CNHS ĢSQD @HRġLDMS CġLNMS@AKD ONTQ @UNHQ E@BHKDLDMS @BBĠR Đ Ke@OO@QDHK DM B@R CD QġO@Q@SHNM %HF @ 3@AKDSSD @LNUH
DKDBSQNKTW &@Q@MSHD RDQUHBD BKHDMSġKD !DKFHPTD #Í"+ 1 3(.- #$ ".-#(3(.
DKDBSQNKTW -D RNMS O@R BNTUDQSDR O@Q K@ F@Q@MSHD KDR CġEDBSTNRHSġR PTH OQNUHDMMDMS CD QġO@Q@SHNMR NT Ce HMSDQUDMSHNMR OQ@SHPTġDR O@Q CDR ODQRNMMDR MNM PT@KHEHġDR NT HMBNLOġSDMSDR NT PTH NMS ONTQ B@TRD Ke@CINMBSHNM Ce@BBDRRNHQDR NT CD OHĠBDR CD QDBG@MFD MNM CeNQHFHMD +DR @OO@QDHKR @HRġLDMS SQ@MRONQS@AKDR CNHUDMS ĢSQD CġKHUQġR NT DMUNXġR @T RDQ UHBD BKHDMSĠKD +DR HMSDQUDMSHNMR Đ CNLHBHKD MD ODTUDMS ReDMSQDUNHQ PTD ONTQ CDR @OO@QDHKR UNKTLHMDTW NT ONTQ CDR @OO@QDHKR DMB@RSQ@AKDR 2H CDR @OO@QDHK
DKDBSQNKTW &Q@MC #TBGĢ CD +TWDLANTQF $+$"31.+47 '.,$ /1.
DKDBSQNKTW
DKDBSQNKTW 6HKKJNLLDM ADH $KDBSQNKTWũ 6HQ LŅBGSDM TMR ADC@MJDM C@RR 2HD RHBG EŘQ DHM DQRSJK@RRHFDR /QNCTJS UNM $KDBSQNKTW DMSRBGHDCDM G@ADM VDKBGDR (GMDM RHBGDQKHBG UHDK %QDTCD ADQDHSDM VHQC $R HRS TMRDQ !DRSQDADM DHMD AQDHSD 5HDKE@KS UNM 0T@KHSĔSROQNCTJSDM @MYTAHDSDM CHD GDKEDM (GQ +DADM DSV@R JNLENQS@AKDQ YT L@BGDM 2HD EHMCDM DHMHFD !DHROHDKD @TE CDQ UNQKDSYSDM 2DHSD HM CHDRDL 'DES !HSSD MDGLDM 2HD RHBG DHMHFD ,HMTSDM CHDRD !DMTSYDQHMENQL@SHNM YT KDRDM TL UNKK UNM CDM 5NQSDHKDM (GQDR MDTDM &DQ
DKDBSQNKTW ,QKDOWVYHU]HLFKQLV %ŘQ CDM !DMTSYDQ 6@QMTMFDM TMC VHBGSHFD 'HMVDHRD &DQĔSD@TEA@T !DCHDMTMF /EKDFD TMC 6@QSTMF &@Q@MSHD *TMCDMCHDMRS %ŘQ CDM (MRS@KK@SDTQ 3DBGMHRBGD #@SDM ,NMS@FD@MVDHRTMF 4LRSDKKTMF @TE DHMD @MCDQD &@R@QS $KDJSQHRBGDQ MRBGKT $HMA@T HM *ŘBGDM@MA@TLŅADKM $HMA@T ,ŅFKHBGJDHSDM $QOHLWXQJ ]XU *HEUDXFKVDQZHLVXQJ 6LFKHUKHLWVDQZHLVXQJ ) 6FKULWW IU 6FKULWW $QZHLVXQJ 5DWVFKOlJH 8PZHOW ,QIRUPDWLRQHQ 'LHVHV *HUlW HQWVSULFKW GHQ IROJHQGHQ (:* 5LFKW
DKDBSQNKTW #DTSRBG 6@QMTMFDM TMC VHBGSHFD 'HMVDHRD #($2$ -6$(24-&$- 641#$- %ŘQ RHD YT HGQDQ RHBGDQGDHS TMC CDQ HGQDQ LHSADVNGMDQ YTY@LLDFDRSDKKS KDRDM RHD RHD @KRN AHSSD @TELDQJR@L CTQBG ADUNQ RHD HGQ FDQĖS HMRS@KKHDQDM TMC HM &DAQ@TBG MDGLDM ,QVWDOODWLRQ z z z z z 'LH ,QVWDOODWLRQ GHV *HUlWHV XQG GHU $QVFKOXVV DQ GLH HOHNWULVFKH 6WURP YHUVRUJXQJ CŘQEDM @TRRBGKHDKHBG CTQBG % "'/$12.
DKDBSQNKTW z SK\VLVFKHQ VHQVRULVFKHQ RGHU JHLVWLJHQ )lKLJNHLWHQ RGHU LKUHU 8QHUIDKUHQKHLW RGHU 8QNHQQWQLV QLFKW LQ GHU /DJH VLQG GDV *HUlW VLFKHU ]X EHQXW]HQ VROOWHQ GLHVHV *HUlW QLFKW RKQH $XIVLFKW RGHU $QZHLVXQJ GXUFK HLQH YHUDQWZRUWOLFKH 3HUVRQ EHQXW]HQ =XJlQJOLFKH 7HLOH GLHVHV *HUlWHV ZHU GHQ ZlKUHQG GHV %HWULHEV KHL XQG EOHLEHQ DXFK QDFK GHP $XVVFKDOWHQ QRFK HLQH JHZLVVH =HLW KHL *HMCDQ RNKKSDM AHR YTQ AJŘGKTMF EDQMFDG@K SDM VDQCDM 6HUYLFH z :lKUHQG GHV *HUlWHEH
DKDBSQNKTW *HUlWHQ DEJHJHEHQ ZHUGHQ PXVV 'XUFK ,KUHQ %HLWUDJ ]XP NRUUHNWHQ (QWVRUJHQ GLHVHV 3URGXNWV VFKW]HQ 6LH GLH 8PZHOW XQG GLH *HVXQGKHLW ,KUHU 0LWPHQVFKHQ 8PZHOW XQG *HVXQGKHLW ZHUGHQ GXUFK IDOVFKHV (QWVRUJHQ JHIlKUGHW :HLWHUH ,QIRU PDWLRQHQ EHU GDV 5HF\FOLQJ GLHVHV 3URGXNWV HUKDOWHQ 6LH YRQ ,KUHP 5DWKDXV ,KUHU 0OODEIXKU RGHU GHP *HVFKlIW LQ GHP VLH GDV 3URGXNW JHNDXIW KDEHQ
DKDBSQNKTW &DQĖSD@TEA@T 'HKERAQDMMDQ -NQL@KAQDMMDQ 2S@QJAQDMMDQ #QDHJQDHRAQDMMDQ !DCHDMTMFRJMDADKR
DKDBSQNKTW !DCHDMTMF 2BG@KSDKDLDMSD !DCHDMTMFRKDHRSD @M CDQ HGM FDFDM CDM 4GQYDHFDQRHMM YTL 2XLANK fL@WHL@KDQ &@R@TRSQHSSt #HD 6@GKRBG@KSDQ JŅMMDM HM CQDH q #QDGDM 2HD CHD %K@LLD HLLDQ YT UDQRBGHDMCDMD 2SDKKTMFDM FDCQDGS QŘBJ NCDQ KņRBGDM 2HD RHD ADUNQ 2HD VDQCDM CHD &DEĖD UNM CDM *NBGRSDKKDM JDHMD &@RYTETGQ MDGLDM L@WHL@KD &@RYTETGQ #@LHS CHD %K@LLD NOSHL@K @TRFDMTSYS VHQC RNKKSDM 3ŅOED UDQVDMCDS VDQCDM CDQDM LHMHL@KD &@RYTETGQ #TQBGLDRRDQ YT CDL CDQ !Q
DKDBSQNKTW .RUUHNWHU *HEUDXFK GHU .
DKDBSQNKTW 3IOHJH XQG :DUWXQJ 9HDGDM 2HD UNQ IDCDQ 1DHMHFTMFR @QADHS CDM -DSYRSDBJDQ CDR &DQĖSDR TMC K@RRDM 2HD CHDRDR @AJŘGKDM 5HLQLJXQJ GHU .
DKDBSQNKTW YT KDFDM TL CHD *NBGLTKCD MHBGS YT YDQJQ@SYDM NCDQ YT ADRBGĖCHFDM #HD DL@HKKHDQSDM 1NRSD JŅMMDM @TBG HM CDQ 2OŘKL@RBGHMD FDQDHMHFS VDQCDM -@BG CDL 6@RBGDM CHD 1NRSD VHDCDQ DHMRDSYDM TMC HGQD JNQQDJSD /NRHSHNM ŘADQOQŘEDM %ŘQ DHMDM JNQQDJSDM !DSQHDA CDQ !QDMMDQ LTRR C@R 1NRSFHSSDQ VHD HM AA FD YDHFS LHSSHF ŘADQ CDM *NBGRSDKKDM @MFD AQ@BGS VDQCDM *NBGLTKCD LHS &TRRDHRDM 3NOESQĖFDQ -@BG CDQ 1DHMHFTMF CHD 3NOESQĖFDQ HM HGQDQ TQROQŘMFKHBGDM /NRHSHNM DHMRDSYDM !HSSD C@Q@
DKDBSQNKTW 3DBGMHRBGD #@SDM ALDRRTMFDM CDQ $HMA@TņEEMTMF +DHRSTMF CDQ !QDMMDQ 2S@QJAQDMMDQ !QDHSD 3HDED LL LL ALDRRTMFDM CDQ *NBGLTKCD !QDHSD 3HDED LL LL #QDHJQDHRAQDMMDQ -NQL@KAQDMMDQ 'HKERAQDMMDQ $QCF@R J6 %KŘRRHF@R J6 J6 J6 J6 5DQRNQFTMFRRO@MMTMF 5 ] 'Y *@SDFNQHD (( $ &DQĔSD CDQ *K@RRD %@AQHJRDHSHFD $HMRSDKKTMF & & LA@Q !1$--$1 5.++ 6Á1,$ !$+ 234-& J6 *+$(6Á1,$ !$+ 234-& J6 5.
DKDBSQNKTW ,NMS@FD@MVDHRTMF 6HBGSHFD 'HMVDHRD EŘQ CDM (MRS@KK@SDTQ q #HD 2DHSDMEKĔBGDM CDQ ,NADK CŘQEDM CHD QADHSREKĔBGD CDR &DQĔSDR HM HGQDQ 'ŅGD MHBGS ŘADQRBGQDHSDM q #HD (MRS@KK@SHNM CDR &DQĔSDR HM CDQ -ĔGD UNM AQDMMA@QDL ,@SDQH@K Y ! 5NQGĔMFD 3ŘBGDQ DSB LT UDQLHDCDM VDQCDM q #HD HL %NKFDMCDM ADRBGQHDADMDM (MRS@KK@SHNMR TMC 6@QSTMFR@QADHSDM LŘRRDM UNM %@BGODQRNMDM TMC FDLĔ CDM FDKSDMCDM 1HBGSKHMHDM @TRFDEŘGQS VDQCDM %ŘQ CHDRD (MRS@KK@SHNM HRS CHD 1HBGSKHMHD -!-
DKDBSQNKTW &@R@MRBGKT #DQ &@R@MRBGKT C@QE @TRRBGKHDKHBG TMSDQ 5DQVDMCTMF DHMDR &! '@GMDR @TRFDEŘGQS VDQCDM 5NQFDYNFDM VDQCDM RS@QQD 5DQAHMCTMFDM NCDQ AHDFR@LD 2BGKĔTBGD @TR QNRSEQDHDL $CDKRS@GK &! 5DQFDVHRRDQM 2HD RHBG ADH !DMTSYTMF UNM ,DS@KKRBGKĔTBGDM C@ CHDRD MHBGS LHS ADVDFKHBGDM 3DHKDM HM !DQŘGQTMF JNLLDM NCDQ FDPTDSRBGS VDQCDM &DGDM 2HD ADH DHMDQ *NLAHM@SHNM *NBGEKĔBGD 'DQC LHS CDQRDKADM 5NQRHBGS UNQ #HDRD *NBGLTKCD VHQC DMSVDCDQ LHS 2KNBGSDQDM &@R & LHS D
DKDBSQNKTW 4LRSDKKTMF @TE DHMD @MCDQD &@R@QS ) TRVDBGRDKM CDQ !QDMMDQCŘRDM 9TDQRS CHD 1NRSD DMSEDQMDM #@M@BG CHD ARBGKTJ@OODM TMC CHD %K@LLDMUDQSDHKDQ UNM CDM !QDMMDQM@AMDGLDM ,HS DHMDL 2SDBJRBGKŘRRDK CHD #ŘRDM @TERBGQ@TADM @AMDGLDM TMC CTQBG CHD CDL UDQVDMCDSDM &@R DMSROQDBGDMCDM #ŘRDM DQRDSYDM RHDGD 3DBGMHRBGD #@SDM AA #HD 3DHKD VDQCDM HM TLFDJDGQSDQ 1DHGDMENKFD CDQ ADRBGQHDADMDM 2BGQHSSDVHDCDQ YTR@LLDMFDRDSYS #@M@BG LT C@R $HBGRBGHKC VDKBGDR RH
DKDBSQNKTW 9TKDSYS VHQC JNMSQNKKHDQS C@ CDQ !QDMMDQ ADHL Q@RBGDM 6DBGRDK UNM FQŅSDQ YT JKDHMRSDQ %K@LLD MHBGS DQKHRBGS #HD 3DHKD VDQCDM C@MM HM TLFDJDGQSDQ 1DHGDMENKFD CDQ ADRBGQHDADMDM 2BGQHSSD VHDCDQ YTR@LLDM FDRDSYS #HD ADRBGQHDADMDM 2BGQHSSD YTQ MO@RRTMF JŅMMDM LŘGDKNR CTQBGFDEŘGQS VDQCDM VHD @TBG HLLDQ CHD *NBGLTKCD ONRHSHNMHDQS NCDQ EHWHDQS HRS 2HBGDQGDHSRGHMVDHRD ETQ CDM $HMA@T CDQ ,TKCD q !DH CDM $HMA@TLŅADKM LŘRRDM %TQMHDQD NCDQ *TMRSRSNEEADKĔFD LHS GHSYDA
DKDBSQNKTW $KDJSQHRBGDQ MRBGKT #@R &DQ@S HRS ETQ CDM !DSQHDA LHS DHMDQ 2O@MMTMF UNM 5 $HMOG@RDMRSQNL UNQFDRDGDM #DQ MRBGKT LT DMSROQDBGDMC CDQ FDKSDMCDM -NQLDM TMC 5NQRBGQHESDM CTQBGFDETGQS VDQCDM 5NQ MRBGKT CDR &DQĔSDR 2HBGDQRSDKKDM C@ CHD '@TOSRHBGDQTMF RNVHD CHD '@TRHMRS@KK@SHNM @TRQDHBGDMC @TRFDKDFS RHMC 2HBGDQRSDKKDM C@ CHD 2SQNLUDQRNQ FTMF FDLĔ CDM FDKSDMCDM 1DFDKM NQCDMSKHBG FDDQCDS HRS 2HBGDQRSDKKDM C@ CHD 2SDBJCNRD NCDQ CDQ EŘQ CDM $KDJSQN MRBGKT
DKDBSQNKTW #@R AQ@TMD /G@RDMJ@ADK C@R UNM CDQ *KDLLD f+t CDQ *KDLLKDHRSD JNLLS LT HLLDQ LHS CDQ /G@RD CDR 2SQNL MDSYDR UDQATMCDM VDQCDM TRVDBGRDKM CDR MRBGKTJ@ADKR #HD *NBGLTKCD HRS LHS DHMDQ CQDHONKHFDM *KDLLKDHRSD @TRFDRS@SSDS CDQDM *@ADK EŘQ DHMDM !DSQHDA LHS 5 $HMOG@RDM RSQNL UNQFDRDGDM RHMC #@R $QCTMFRJ@ADK VHQC LHS CDQ LHS CDL 2XLANK FDJDMMYDHBGMDSDM *KDLLD UDQATMCDM -@BGCDL C@R *@ADK LHS CDQ *KDLLKDHRSD UDQATMCDM VTQCD VHQC DR LHS CDQ *@ADKADEDRSHFTMF EHWHDQS 2NKKSD DR M
DKDBSQNKTW $HMA@T HM *ŘBGDM@MA@TLņADKM 6 + 1 1 + '.
DKDBSQNKTW ) #HD !DEDRSHFTMF CDQ *NBGLTKCD @TE CDL 4MSDQA@T LTRR VHD ENKFS CTQBGFDEŘGQS VDQCDM AQHMFDM 2HD CHD RODYHDKKD LHSFDKHDEDQSD #HBGSTMF @TE CDL 1@MC CDQ 5NQCDQRDHSD CDQ $HMA@TŅEEMTMF LL UNM CDM 2DHSDMQĔMCDQM AYV LL UNL GHMSDQDM 1@MC @M VNADH C@Q@TE YT @BGSDM HRS C@RR CHD $MCDM FDM@T @TEDHM@MCDQ O@RRDM TMC RHBG MHBGS ŘADQK@OODM RHDGD AA C@M@BG CHD *NBGLTKCD JNQQDJS @TRFDQHBGSDS HM CHD ðEEMTMF HL ,ŅADK DHMRDSYDM YTKDSYS CHD *NBGLTKCD @MG@MC CDQ LHSFDK
DKDBSQNKTW $HMA@TLņFKHBGJDHS $XI 8QWHUEDX PLW 7U !DH CDQ *NMRSQTJSHNM CDR 4MSDQA@T LŅADKR LŘRRDM FDDHFMDSD 5NQJDGQTM FDM FDSQNEEDM VDQCDM C@LHS LŅFKHBGD !DQŘGQTMFDM LHS CDQ 2SQTJSTQ CDQ GDH DM *NBGLTKCD VĔGQDMC CDR !DSQHDAR UDQLHDCDM VDQCDM #HD DLOENGKDMD +Ņ RTMF YTQ 5DQLDHCTMF CHDRDR /QNAKDLR HRS HM CDQ AAHKCTMF C@QFDRSDKKS #HD /K@SSD TMSDQG@KA CDQ *NBGLTKCD LTRR KDHBGS YT DMSEDQMDM RDHM C@LHS CHD !DEDRSHFTMF TMC C@R +ŅRDM CDQ *NBG LTKCD CTQBG CDM *TMCDMCHDMRS FDVĔGQ KDHRS
DKDBSQNKTW &@Q@MSHD *TMCDMCHDMRS !DKFHDM 4MRDQD &DQĔSD VDQCDM LHS FQŅSDQ 2NQFE@KS GDQFDRSDKKS 3QNSYCDL J@MM DR DHML@K YT DHMDL #DEDJS JNLLDM 4MRDQ *TMCDMCHDMRS ŘADQMHLLS @TE MEQ@FD FDQMD CHD 1DO@Q@STQ TMC YV@Q RNVNGK VĔGQDMC CDR &@Q@MSHDYDHSQ@TLR @KR @TBG C@M@BG 2N HRS FDVĔGQKDHRSDS C@RR DHM #DEDJS MHBGS YT DHMDQ 5DQJŘQYTMF CDQ +DADMRC@TDQ CDR &DQĔSR EŘGQS #HD UNQKHDFDMCDM &@Q@MSHDADCHMFTMFDM ADQTGDM @TE CDQ 1HBGSKHMHD CDQ $TQNOĔHRBGDM 4MHNM $& RNVHD CDM !DRSHLLTMFDM CDR !ŘQFDQKHBGDM &DRDSY
DKDBSQNKTW !D@BGSTMF CDQ TERSDKKTMFR TMC (MRS@KK@SHNMRGHMVDHRD RHMC CTQBG CHD &@Q@MSHD MHBGS FDCDBJS #TQBG CHD &@Q@MSHD MHBGS FDCDBJS RHMC EDQMDQ #DEDJSD HMENKFD UNM 1DO@Q@STQDM NCDQ $HMFQHEEDM CTQBG MHBGS PT@KHEHYHDQSD NCDQ MHBGS JNLODSDMSD /DQRNMDM NCDQ HMENKFD CDR $HMA@TR UNM MHBGS NQHFHM@KDM 9TADGŅQ NCDQ $QR@SYSDHKDM +DHBGS YT SQ@MRONQSHDQDMCD &DQĔSD LŘRRDM ADHL *TMCDMCHDMRS @AFDFDADM AYV CNQSGHM FDRBGHBJS VDQCDM 'DHLJTMCDMCHDMRS JNLLS MTQ ADH FQNDM &DQĔSDM NCDQ ADH $H
DKDBSQNKTW CQDRRD TMRDQDR *TMCDMCHDMRSR !DKFHDM 3DK $KDBSQNKTW 'NLD /QNCTBSR !DKFHTL "NMRTLDQ RDQUHBDR $+$"31.+47 2$15("$ !DQFDMRDRSDDMVDF +DLADDJ $ L@HK BNMRTLDQ RDQUHBDR DKDBSQNKTW AD %@W +TWDLATQF $+$"31.+47 '.,$ /1.
DKDBSQNKTW
DKDBSQNKTW
DKDBSQNKTW
DKDBSQNKTW VVV DKDBSQNKTW AD 1
