+PEWOIVEQMOLÇPP /IVEEQMRIR /IMXXSXEWS +PEWOIVEQMWO /SKIWIOXMSR )RGMQIVEW :MXVSGIVEQMGE &69/7%2:-72-2+ /â=88Ó .% %7)22973,.
+\Yl Nl\WWlMl 2QQLWWHOHPPH VLQXD (OHFWUROX[ NHUDDPLVHQ NHLWWRWD VRQ KDQNLQQDVWD 2OHW YDOLQQXW ODDWXD LQQRYDDWLRWD MD NHVWlY\\WWl 7lPl Nl\WW| MD DVHQQXVRKMH RSDVWDD VLQXD YDLKHLW WDLQ WXWXVWXPDDQ WXRWWHHVHHQ MD VHQ NDLNNLLQ PDKGROOL VXXNVLLQ /XH Nl\WW|RKMH KXROHOOLVHVWL OlSL HQQHQ NXLQ RWDW NHLWWRWDVRQ Nl\WW||Q 2KMHHVVD RQ NHLWWRWDVRQ NX YDXV MD VHQ HUL WRLPLQWRMHQ VHOYLW\V -RWWD YlOW\WllQ YDKLQJRLOWD MRLWD VDDWWDD WDSDKWXD NXQ ROODDQ WHNHPLVLVVl VlKN|YHUNNRRQ OLLWHW\Q ODLWWHHQ NDQVVD RQ WlUNH
6LVlOO\VOXHWWHOR 7XUYDPllUl\NVHW 7\|S|\WllQ XSRWHWWDYD NHUDDPLQHQ NHLWWRWDVR .HLWWRWDVR \OKllOWl NDWVRWWXQD 1l\W|W MD QlSSlLPHW (QQHQ NHLWWRWDVRQ HQVLPPlLVWl Nl\WW|l (QVLPPlLQHQ SXKGLVWXV (QVLPPlLQHQ NXXPHQQXV .
7XUYDPllUl\NVHW /XH Nl\WW| MD DVHQQXVRKMHHW KXROHOOLVHVWL HQQHQ WXRWWHHQ Nl\WW|l .LLQQLWl HULW\LVHVWL KXRPLRWD WXU YDRKMHLVLLQ MRLGHQ NRKGDOOD WHNVWLVVl RQ WXQQXV (OHNWURQLVHHQ RKMDXNVHHQ \KGLVWHW\W MlONLOlPP|Q PHUNNLYDORW RVRLWWDYDW PLOORLQ NHLWWRDOXH RQ N\WNHWW\Ql WRLPLQWDDQ WDL MlONLOlPP|Q WDNLD HGHOOHHQ YDDUDOOLVHQ NXXPD 1lLQ YlOW\W KHQNLO| MD HVLQHYDKLQJRLOWD 3LGl Nl\WW| MD DVHQQXVRKMH WDOOHVVD 7lOO|LQ P\|KHPPLQ WDVRD Nl\WWlYlW YRLYDW WXWXVWXD RKMHHVHHQ .
1RXGDWD ODVLNHUDDPLVHQ SLQQDQ KXROWR MD SXKGLVWX VRKMHLWD +XVTYDUQD HL YDVWDD YLUKHHOOLVHVWl Nl\W|VWl DLKHXWXQHLVWD YDKLQJRLVWD 7DUNLVWD Nl\W|Q SllW\WW\l HWWl ODLWH RQ N\WNHWW\ SRLV WRL PLQQDVWD 9LUWDN\WNLPHQ WXOHH ROOD 2)) DVHQQRVVD 3XKGLVWXV 0LNllQ NHLWWRDOXHLVWD HL VDD ROOD SXKGLVWXNVHQ DLNDQD WRLPLQWDDQ N\WNHWW\Ql 7DUNLVWD HWWl NHLWWRDOXHHW RYDW HQQHQ SXKGLVWXVWD MllKW\QHHW ULLWWlYlVWL MlONLOlPP|Q PHUNNLYDOR RQ VDPPXQXW 1lLQ YlOWlW SDORYDPPRMHQ YDDUDQ 5RPXWWDPLQHQ .
7\|S|\WllQ XSRWHWWDYD NHUDDPLQHQ NHLWWRWDVR .HLWWRWDVR \OKllOWl NDWVRWWXQD .HLWWRDOXH /DVLNHUDDPLQHQ OHY\ .HLWWRDOXH PXXQWXYD PP : .HLWWRDOXH PP : .HLWWRDOXH PXXQWXYD [ PP : .HLWWRDOXH PP : 1l\W|W MD QlSSlLPHW 1l\W|W MD QlSSlLPHW 3 10 2 13 10 11 6 5 4 8 11 9 12 7 1 /DLWWHHQ YLUWDN\WNLQ 21 2)) $MDVWLPHQ Ql\WW| .
(QQHQ NHLWWRWDVRQ HQVLPPlLVWl Nl\WW|l (QVLPPlLQHQ SXKGLVWXV .HLWWRWDVRQ SLQWD WXOLVL SXKGLVWDD HQQHQ HQVLPPlLVWl Nl\WW|l YDOPLVWXVSURVHVVLQ MllQWHLGHQ SRLVWDPLVHNVL 3\\KL ODVLNHUDDPLQHQ SLQWD MD NHK\V NXXPDOOD YHGHOOl MRVVD RQ NlVLWLVNLDLQHWWD 3\\KL SLQQDW NXLYDNVL (QVLPPlLQHQ NXXPHQQXV .\WNH WDUNLVWXNVHQ YXRNVL NDLNNL NHLWWRDOXHHW YXRURWHO OHQ O\K\HNVL DMDNVL WRLPLQWDDQ .HLWWRDOXH .HUDDPLQHQ NHLWWRSLQWD .
-lONLOlPP|Q PHUNNLYDORW 7HKRWDVRQ Ql\W|VVl RQ ©+ª NXQ N\VHLQHQ NHLWWRDOXH RQ QLLQ NXXPD HWWl SDORYDPPDQ YDDUD RQ ROHPDVVD 0HUNNLODPSSX SDODD YLHOl NHLWWRDOXHHQ SRLV N\WNHPL VHQ MlONHHQ NXQQHV OlPS|WLOD RQ ODVNHQXW QLLQ DODV & HWWl SDORYDPPDQ YDDUDD HL ROH .XXPD NHLWWRDVWLD MRND MllQ\W NHLWWRWDVROOH VDDWWDD SLWll NHLWWRWDVRQ NXXPDQD YDLNND MlO NLOlPP|Q PHUNNLYDOR RQ VDPPXQXW .l\WW| .
.XXPHQQXVWHKRQ YDOLQWD 7DXOXNNR MD RKMHLWD 6HXUDDYDVVD WDXOXNRVVD DQQHWXW WHKRWDVRW RYDW RK MHHOOLVLD .XOORLQNLQ WDUYLWWDYD NXXPHQQXVWHKR ULLSSXX NHLWWRDVWLDQ ODDGXVWD VHNl YDOPLVWHWWDYDQ UXRDQ Pll UlVWl MD W\\SLVWl -RWWD UDVYD WDL OLKDQHVWHHW HLYlW SDODLVL RQ VXRVLWHOWD YDD OLVlWl SLHQL PllUl QHVWHWWl SDLVWLQSDQQXXQ .llQQl SDLVWRVWD NXQ SXROHW N\SVHQQ\VDMDVWD RQ NX OXQXW 6XRVLWWHOHPPH OLKDQ MD NDODQ N\SVHQWlPLVWl XX QLVVD MRV SDLQR RQ \OL NJ 7HKRWDVR .
1l\W|VVl RQ YDDNDVXRUD YLLYD NXQ MlONLOlPS| RQ DOOH & 1l\W|VVl RQ ©+ª NXQ MlONLOlPS| RQ \OL & NV ©-lO NLOlPP|Q PHUNNLYDORWª .
0XXQWXYD NHLWWRDOXH 9DVHPPDOOD HGHVVl MD WDNDQD RLNHDOOD ROHYLOOD NHLWWRD OXHLOOD YRLGDDQ NXXPHQWDD YDLQ VLVlUHQNDDOOD NXYD WDL P\|V XONRUHQNDDOOD NXYD NHLWWRDVWLDQ NRRQ PX NDDQ .XYD 0XXQWXYDQ NHLW WRDOXHHQ YDOLWVH PLQHQ NXYD +DOXWXQ PXXQWXYDQ NHLWWRDOXHHQ YDVHPPDOOD HGHVVl WDL RLNHDOOD WDNDQD WXOHH ROOD DNWLYRLWXQD 9DVWDDYDQ NHLWWRDOXHHQ GHVLPDDOLSLVWHHQ WX OHH ROOD QlN\YLVVl 9DOLWVH KDOXWWX WHKRWDVR .
/DLWWHHQ WDL NRNR DOXHHQ OXNLWVHPLQHQ .
$XWRPDDWWLQHQ NXXPHQQXVWRLPLQWR 7lPl WRLPLQWR KHOSRWWDD NHLWWRWDVRQ Nl\WW|l 6LQXQ HL WDUYLWVH ROOD MDWNXYDVWL NHLWWRWDVRQ llUHOOl VLOOl NXX PHQQXV WDSDKWXX DXWRPDDWWLVHVWL DOXNVL Wl\GHOOl WH KROOD 2LNHDOOD KHWNHOOl NV WDXOXNNR NXXPHQQXV N\WNH\W\\ HQQDOWD YDOLWVHPDOOHVL WHKRWDVROOH $XWRPDDWWLVHQ NXX PHQQXNVHQ N\WNHPL QHQ WRLPLQWDDQ 3DLQD KDOXWXQ NHLWWRDOXHHQ QlSSlLQWl 9DOLWVH SOXVQlSSlLPHOOl WHKRWDVR 6L QXOOD RQ VHNXQWLD DLNDD WHKRWDVRQ YDOLQWDDQ 7HKRWDVRQ Ql\WW||Q WXOHH
9DOLWXQ WHKRWDVRQ Ql\WW| 6DDGDNVHVL YDOLWXQ WHKRWDVRQ Ql\WW||Q SDLQD O\K\HVWL VHNXQWLD YDVWDDYDQ NHLWWRDOXHHQ QlSSlLQWl 7HKRWDVRQ PXXWWDPL QHQ DXWRPDDWWLVHQ NXX PHQQXNVHQ DLNDQD +DOXWXQ NHLWWRDOXHHQ RQ ROWDYD DNWLLYLVHQD .\VHLVHQ NHLWWRDOXHHQ GHVLPDDOLSLVWHHQ WXOHH ROOD QlN\YLVVl 9DOLWVH PXX WHKRWDVR SOXVQlSSlLPHOOl .
$MDVWLQWRLPLQWR 7lPl WRLPLQWR KHOSRWWDD NHLWWRWDVRQ Nl\WW|l 6LQXQ HL WDUYLWVH ROOD MDWNXYDVWL NHLWWRWDVRQ llUHOOl VLOOl NHLWWRD OXH N\WNH\W\\ DXWRPDDWWLVHVWL SRLV WRLPLQQDVWD YDOLWXQ DMDQ NXOXWWXD -RV NHLWWRDLNDD HL ROH RKMHOPRLWX DMDVWLQWD YRLGDDQ Nl\WWll ©PXQDNHOORQDª NV NRKWD ©$MDVWLQ PXQDNHO ORQDª $MDVWXNVHQ N\WNHPLQHQ WRLPLQWDDQ +DOXWXQ NHLWWRDOXHHQ WXOHH ROOD DNWLLYRLWXQD 9DVWDDYDQ NHLWWRDOXHHQ GHVLPDDOLSLVWHHQ WX OHH ROOD QlN\YLVVl 9DOLWVH WHKRWDVR 3DLQD DMDVWLQQlSSlL
-lOMHOOl ROHYDQ NXXPHQ QXVDMDQ Ql\WW| 3DLQDPDOOD NHLWWRDOXHHQ QlSSlLQWl VDDW Ql\W W||Q WlPlQ DOXHHQ MlOMHOOl ROHYDQ RKMHOPRLGXQ NXX PHQQXVDMDQ $MDVWLQWRLPLQQRQ NHV NH\W\PLQHQ .XQ RKMHOPRLWX DLND RQ NXOX QXW NXXOXX llQLPHUNNL PLQXXWLQ DMDQ MD VDPDQDLNDLVHVWL YLONNXX VDPRLQ PLQXXWWLD VHQ NHLWWRDOXHHQ PHUNNL ODPSSX MRQND RKMHOPRLWX DLND RQ NXOXQXW blQLPHUNNL ODNNDD HQQHQ PLQXXWLQ NXOXPLVWD NXQ SDLQDW PLWl WDKDQVD QlSSlLQWl .
$MDVWLQ PXQDNHOORQD $MDVWLQWD YRLGDDQ Nl\WWll ©PXQDNHOORQDª MRV VH HL ROH RKMDDPDVVD PLWllQ NHLWWRDOXHWWD 0XQDNHOORQ DMDVWLPHQ DVHWXV -RV ODLWWHLVWR RQ N\WNHWW\Ql SRLV WRLPLQQDVWD 3DLQD YLUWDN\WNLQWl 3DLQD DMDVWLPHQ QlSSlLQWl 6\|Wl KDOXWWX DLND SOXV MD PLLQXVQlSSlLPHOOl -RV \NVL WDL XVHDPSLD NHLWWRD OXHLWD RQ MR Nl\W|VVl /XNLWVH NDLNNL NHLWWRDOXHHW NV NRKWD ©
.HLWWRDVWLRLGHQ YDOLQWD 7DORXGHOOLQHQ HQHUJLDQ NXOXWXV 7RLPL VHXUDDYDVWL VllVWllNVHVL HQHUJLDD .l\Wl DLQRDVWDDQ NHLWWRDVWLRLWD MRLVVD RQ WDVDL QHQ VLOHl SRKMD $VHWD NDWWLODW MD SDQQXW RLNHDDQ NRKWDDQ HQQHQ NXLQ N\WNHW NHLWWRDOXHHQ WRLPLQWDDQ .l\Wl NHLWWRDVWLRLVVD NDQWWD DLQD NXQ VH RQ PDK GROOLVWD .\WNH NHLWWRDOXH SRLV WRLPLQQDVWD PXXWDPLD PL QXXWWHMD HQQHQ NHLWWRDMDQ SllWW\PLVWl 1lLQ K\| G\QQlW MlONLOlPP|Q .
3XKGLVWXV MD KRLWR /DVL MD NHUDPLLNNDSLQWRMD KRLGHWDDQ VDPDOOD WDYDOOD bOl PLOORLQNDDQ Nl\Wl V\|Y\WWlYLl WDL KLRYLD SXKGLVWXVDLQHLWD NXWHQ XXQLVSUD\Wl WDKUDQ WDL UXRVWHHQSRLVWRDLQHLWD KDQNDXVMDXKHLWD WDL QDDUPXWWDYLD SXKGLVWXVVLHQLl .
(ULW\LVHW RQJHOPDW (ULW\LVHW RQJHOPDW .HPLDOOLQHQ SXKGLVWXVDLQH HL ULLWl .RNHLOH ROLVLNR SXKGLVWXVNDDYLQ WHKRNNDDPSL DSXYlOLQH 9RLPDNNDLWD WDKURMD -RV WXORVWD HL VDDGD DLNDDQ NDDSLPHOOD MD UXRVWXPDWWRPDQ WHUlNVHQ SXKGLVWXVDLQHHOOD SLQWDYLLPHLVWHO\NHUURV RQ OXXOWDYDVWL KDQNDXWXQXW VLLWl V\\VWl HWWl RQ Nl\WHWW\ VRSLPDWWRPLD SXKGLVWXVDLQHLWD WDL HWWl NHLWWRDVWLDQ SRKMD RQ QDDUPXWWDQXW SLQWDD 7DKUDW HLYlW NXLWHQNDDQ YDLNXWD KDLWDOOLVHVWL NHLWWRWDVRQ Nl\WW||Q .
7RLPLQWDKlLUL|Q VDWWXHVVD (QVLRKMHHW KlLUL|WLODQWHLVLLQ 9LDQ LOPHWHVVl N\VHHVVl VDDWWDD ROOD YDLQ YlKlLQHQ YLUKH MRQND YRLW NRUMDWD LWVH VHXUDDYLD RKMHLWD QRXGDWWDHQ bOl WHH RPLQ SlLQ PXLWD WRLPHQSLWHLWl MRV VHXUDDYDVVD DQQHWXW RKMHHW HLYlW MRKGD RQJHOPDQ UDWNDLVHPLVHHQ /DLWHWWD VDD KXROWDD MD NRUMDWD YDLQ WlKlQ NRXOXWHWWX KHQNLO| 9llULQ WHKW\ NRUMDXV VDDWWDD DLKHXWWDD YDNDYLD YDDUDWLODQWHLWD Nl\WWlMlOOH -RV WDUYLWVHW NRUMDDMDD RWD \KWH\V YDOWXXWHWWXXQ KXROWROLLNNHHVHHQ 0LWHQ WRLPLWDDQ MRV
-RV RKMDXVMlUMHVWHOPl HL WRLPL YLDQ WDL PXXQ V\\Q WDNLD ODLWWHHQ ROOHVVD WRLPLQWDDQ N\WNHW W\Ql DYDD SDLNDOOLQHQ SllN\WNLQ WDL NLHUUl N\ VHLVHW VXODNNHHW LUWL PLWWDULWDXOXVWD 2WD \KWH\V YDOWXXWHWWXXQ KXROWRRQ 6723 -RV NHUDDPLVHQ NHLWWRWDVRQ SLQWDDQ WXOHH KDO NHDPLD WDL VlU|Ml ODLWH RQ YlOLWW|PlVWL N\WNHW WlYl SRLV WRLPLQQDVWD .
3DNNDXNVHQ SXUNDPLQHQ MD WDUNLVWXV 7DUNLVWD SDNNDXNVHQ SXUNDPLVHQ \KWH\GHVVl HWWl NHLWWRWDVR HL ROH YDXULRLWXQXW NXOMHWXNVHVVD 0DKGROOLVLVWD NXOMHWXVYDXULRLVWD RQ YLLS\PlWWl LOPRLWHW WDYD P\\MlOLLNNHHOOH bOl DQQD SLHQWHQ ODVWHQ OHLNNLl SDNNDXVPDWHULDDOLOOD +lYLWl SDNNDXVPDWHULDDOL DVLDQPXNDLVHOOD WDYDOOD $VHQQXVRKMHHW /DLWWHHQ VDD DVHQWDD YDLQ DPPDWWLWDLWRLQHQ VlKN|DVHQWDMD $VHQQXNVHQ MD KXROORQ DLNDQD RQ ODLWWHHQ RO WDYD N\WNHWW\Ql LUWL VlKN|YHUNRVWD .
7lPlQ ODLWWHHQ VXRMDXVOXRNND YDVWDD SDORWXUYDOOL VXXVQRUPLD < ,(& 9DLQ WlPlQ QRUPLQ PXNDLVLD ODLWWHLWD VDD \KGHOWl VLYXOWDDQ DVHQWDD NDWWRRQ DVWL XORWWXYLHQ NDDSSLHQ WDL VHLQLHQ YLH UHHQ 38 .XYD 590 $VHQQXV 7HH W\|WDVRRQ RKMHHQ NXYD PXNDLQHQ DVHQQXVDXNNR 6DKDD WDUNDOOHHQ SLLUURVYLLYDD SLW NLQ (60 520 0) (26 A 7HH NLLQQLWWLPLHQ VRYLWXV NXYDQ PXNDLVHVWL .
.HLWWRWDVRQ OLLWWlPLQHQ VlKN|YHUNNRRQ RQ WHKWlYl WRL PLWXNVHHQ VLVlOW\Yll YHUNNRMRKWRD Nl\WWlHQ RKHLVHQ VlKN|NDDYLRQ NXYD PXNDLVHVWL /LLWWlPLQHQ RQ WHKWlYl VLWHQ HWWl NDLNNL YDLKHHW YRL GDDQ N\WNHl LUWL NRVNHWWLPHOOD MRND DYDXWXX YlKLQWllQ PP HVLP /6 YLUWDN\WNLPHOOl PDDVXONXN\WNLPHOOl WDL VXODNNHHOOD -RV YHUNNRMRKWR MRXGXWDDQ YDLKWDPDDQ RQ Nl\WHW WlYl MRKWRD MRQND YDUDRVDQXPHUR RQ 9 1a 7DUNLVWD HQQHQ ODLWWHHQ OLLWWlPLVWl YHUNNRRQ HWWl DUYR NLOSHHQ PHUNLWW\ MlQQLWH OD
. E\ (OHFWUROX[