/,*L,7KLX


7URQJPLOQKYFKRW~QJGONLQKWKD\TXyQVYQ~DQWRQ
FKRQJ}LVGQJ K WKQJ O PW~LX NLQ~}F~W OzQ KQJ ~X &KQK Y
Y\~LYLFFSK}|QJWLQGL~QJWUzQNK{QJWUzQELQYWUzQ~WOLQYLF
[F~QKYWU~WKHRGL~LXNKLQYFSFXNSWKLNKLJSVFOKWVF
FQWKLW&QJYLVSKWWULQNK{QJQJQJFDNKRDKFF{QJQJKWUzQWRQ
WK JLL PW ORW FF K WKQJ ~QK Y ~ UD ~L WKHR PW TXL OXW WW \X O
QKQJ K WKQJ PDQJ QKLX }X ~LP V WQ WL Y QJ}F OL QKQJ K WKQJ
NK{QJ ~S QJ ~}F \zXFX FD FRQQJ}L VE ORL ENKL FPW K WKQJ
WRQYQK|QUD~L+LQQD\WUzQWKJLL~QJWKLWULQNKDLKDLKWKQJGQK
YWRQFX~OKWKQJ*/21$66*OREDO1DYLJDWLRQ6DWHOOLWH6\VWHPFD
1JD Y K WKQJ *36  1DYLJDWLRQ 6DWHOOLWH 7LPLQJ DQG 5DQJH *OREDO
3RVLWLRQLQJ6\VWHPl1DYVWDU*36FD07X\QKLzQKWKQJ*/21$66
FD1JDYQFK}DKRQWKLQ~\~GRQKQJNKNKxQYNLQKW&KFK
WKQJ*36OFNKQxQJWKFKLQ~QKYWRQFXYLQKLXWQKQxQJ}XYLW
WURQJW}|QJODL*36OPWKWKQJ~QKYWRQFX~}F[y\GQJQKPFXQJ
FSNKQxQJ~QKYWURQJNK{QJJLDQEDFKLXOLzQWFJLYL~FKQK
[F FDR Y G V GQJ + WKQJ Q\ GR % TXF SKQJ 0 86 'HIHQVH RI
'HSDUWPHQW[y\GQJYSKWWULQ1FWKSGQJFKRUWQKLXOQKYF
QK}KQJKLNKRVW~DFKWNKRVWWK\YxQ~QKYFFYQJELWOSKD\
FKWKEQ~~LQWWUzQ{W{QKQJQ|LPYLF[F~QKYWUFQWQKFKQK
[FYOLzQWF*36OPWKWKQJ~QKYWRQFXWRQGLQK|QFVRYLFF
KWKQJKLQWLWUzQWKJLLQKWONKLQ~}FSGQJQKQJFLWLQ~QJ
NYNWKXW'*36:$'*36*36&203$66*36FSKPYLQJGQJ
Y{FQJUQJOQYLYQJEDRSKGFKYWRQFX9LW1DPFQJ~DQJFG
QOS~WPWVWUP*36YLSKyQ7X\QKLzQYQ~QJKLzQFXFXWUFWQ
KLXWKXWURQJ*36~QQD\YQFK}D~}FQJKLzQFXNO}QJwFWKKLX
~}FFFQJGQJKLQWLFD*36QK}'*36:$'*36WU}FKWSKLWP
KLXPWFFKFKLWLWYFXWUFFDFKQK*36wFKQKOOGRYVDRFQ
ODFKQQJKLzQFX*36PFK}DSKLO'*36KD\FFQJGQJPUQJFD
Q
/PWVLQKYLzQQJQKwLQWYLQWK{QJOLQKQWK\WPTXDQWUQJ
FD K WKQJ ~QKY *36 QzQHP PXQ ~L VyX WP KLX Y WQ KLXWKX WURQJ
*36 PW PW ~ QyQJ FDR NLQ WKF EQ WKyQ PW NKF O QJKLzQ FX ~ F
JQJOPUK|QYPWNKDFQKUWTXDQWUQJFDKWKQJ&XWUFFDWQ
KLXWKXWURQJ*36'}LVK}QJGQWQWQKFDWK\JLR7KFV1JX\Q
1JF6|QFQJYLVQOFEQWKyQHP~KRQWKQK~WLi&XWUFWQ
KLX WKX WURQJ K WKQJ ~QK Y WRQ FX *36 j w WL FD HP F QKQJ QL
GXQJFKQKQK}VDX
&K}|QJ,7QJTXDQYKWKQJQKYWRQFX*36
&K}|QJ,,1JX\QOKRWQJFDKWKQJ
&K}|QJ,,,3KQ~LVyX1JKLQFXFXWUFWQKLXWKX
7521*JSV



3KQWQJTXDQP{WPWFFKNKLTXWYKWKQJQK}FXWUFOFK
V KQK WKQKSKW WULQ QJX\zQ O KRW ~QJ FD KWKQJ YY0F~FK FD
SKQWQJTXDQOP{WWQJWKKWKQJ~W~FWKQJKLzQFXSKQ~L
VyXPWFFKGGQJK|Q
3KQ~LVyX~FSWLFXWUFFDWQKLXWKXWURQJ*36YQKQJPF
F OLzQ TXDQ ~Q YQ ~ Q\ 7URQJ SKQ Q\ HP [LQ WUQK E\ Y PF ~FK
FKQKFD~WL~OQJKLzQFXFFORLPVGQJWURQJ*36FXWUFWQ
KLXExQJ/FXWUFEQWLQKQJKLYFFWKXWWRQ[OEQWLQ
0FGHP~FJQJWUQKE\EQOXQYxQPWFFK~\~YNKRD
KF QK}QJ GR QKQJ KQ FK Y PW WKL JLDQ Y NLQ WKF EQ WKyQ QzQ EQ
OXQYxQQ\NKWUQKNKLVDLVW(PUWPRQJ~}FFFWK\FKERYJLS
~~HP~}FFQJFWKzPYNLQWKF~EQOXQYxQQ\~}F~\~Y
KRQWKLQK|Q1KyQ~y\HP[LQFKyQWKQKFP|QWK\1JX\Q1JF6|QY
FFWK\WURQJWP{QwLQWYLQWK{QJ~JLS~HPKRQWKQKQKLPY
FDPQK

7KFKLQ~WL
6LQKYLzQ
97K+X\Q



















&KwvQJ,
7QJTXDQYKWKQJxQKYWRyQFX*36
,&XWUFKWKQJ
*LLWKLXFKXQJ
+ WKQJ ~QK Y WRQ FX 1DYVWDU *36 ~}F [y\ GQJ QKP FXQJ FS
NKQxQJ~QKYWURQJNK{QJJLDQEDFKLXYL~FKQK[FFDRWK{QJWLQYQ
WF Y WKL JLDQ FKQK [F FKR QJ}L V GQJ WUzQ WRQ FX wy\ O PF ~FK
FKQK~WKLWOSKWKQJ
7D~ELWUQJ~F~}F~FKQK[FPF~PWSKLVGQJVQJ
Y{WX\Q~LQFFQJQ1KQJVQJQ\WUX\QWKHR~}QJWKQJYWPKRW
~QJEKQFKFKFYLWUxPNLO{PW7UzQPW~WQKQJKQFKQ\OGR
QKK}QJFDKQKGQJTX~WYFF\XWQKK}QJ~QYLFWUX\QVQJ
NKF Jy\ OzQ 7X\ QKLzQ WURQJ Y WU ~}QJ WKQJ WUX\Q VQJ ~}F NR GL
PWFFKFKLXTXWFKyQWUL~QY{WQ'RY\~F~}FPF~QKY
FKQK[FFDRYLFFP\SKWWQVFDRQKWWKLWSKLVGQJYWLQKQKyQ
WR
+WKQJ*36EDRJPEDESKQFKQKONKyXYWUNKyX~LXNKLQ
YNKyXQJ}LVGQJ~}FQzXFKLWLWQK}VDX



+QKl&FNKyX~LXNKLQFKQKFD*36



 .KkXYWU
.KyXYWUFD*36JPYWLQK1DYVWDUWURQJTX~REQ~QJE
YLFKXNTXD\FDWUL~W&KQJ~}FEWUWUzQPWSKQJTX~RGRY\
PLPWSKQJVFYWLQK&FPWSKQJTX~RFJFQJKLzQJRVRYL



































+QK&KPYWLQK*36

~}QJ[FK~R&FYWLQKQ\FFKPW~WPWNKRQJFNPNKRQJ
KLO
&KXNFDPLYWLQKYRNKRQJKhGRY\FKQJV~LTXDFQJ
PW~LPWUzQWUL~WVDXKhPLQJ\1J}LVGQJWLPWYWUF~QK
WUzQ WUL ~W V TXDQ VW ~}F FQJ PW Y WLQK TXD FQJ PW ~LP PL QJ\
QK}QJVPK|QSKWWKFWOhjGR~OFKYFKXNTXD\FDWUL~W
YKDLOQFKXNED\FDYWLQK&FYWLQK~}FWKLWNTX~RVDRFKRWL
EWN~LPQRWUzQWUL~WFQJOX{QTXDQVW~}FWQKWYWLQKVXWJL
WURQJQJ\7X\QKLzQWURQJQKLXWU}QJKSQJ}LTXDQVWWUzQPW~WF
WKWKHRGL~}FW~QYWLQK9LFWKLWNTX~RWUQYJFQJKLzQJ
OQJLSKWKQJUWQ~QKWURQJ~LXNLQKRW~QJOyXGLFQJYLVWKD\
~LTX~RYYLFQ\FQJGWQKWRQ~LXNKLQK|QVRYLFFYWLQKTX
~RWKS
&KFFKQUQJYLFEWUTX~RFKRWL}XWURQJ~QKYVFQ~}F
WKROXQQKLXWURQJW}|QJODL+LQQD\YQWQWLQKQJKQFKNKLVGQJ



NKRQJWKLJLDQQKFDQKQJYWLQKFWQKKQKKFNPPWYLQ|LWUzQ
WKJLLwy\OOGRFK\X~}FNKX\QNKFKQJKLzQFX~VDRFKRFWK
QyQJ~FDRTX~RWKzPNP1XWKFKLQ~}FYLFQ\FWKOPWxQJ
~QJNYQJEDRSKYWLQKYFLWKLQ~}FWQKKQKKFFDQ
&FYWLQKSKWWQKLXWUzQKDLWQVExQJ/YL/ 0+]
/ 0K]7QKLXYWLQKNKLSKWVGQJNWKXWWULSKYLKDLP
NKFQKDXP&$0+]FKRWQV/YPFKQK[F3FRGH
0+]FKRF/Y/&P&$YP3~XFWK~}FGQJ~[F~QK
NKRQJFFKJLDYWLQKYQJ}LVGQJ7X\QKLzQYLQKQJQJ}LVGQJ
~}F\TX\QP3WK}QJ~}FGQJNKLPKD.KLPKDP3WK}QJ
~}FJLOP<0WEF~LQKQJKL+]FWKGQJFKDLP3<Y
&$0WEF~LQKQJKLQLFKXQJEDRJPFFWK{QJVY~OFK~QJK
TX~RFKQK[FFDYWLQKYLFFYWLQKSKWGOLXKLXFKQKWQKLX
WUX\QODQWQJ~LQOLGOLXOFKYWLQKYLWWFFFYWLQK
9WLQK1DYVWDU*36


wy\OQKQJYWLQK~FELWFWKVGQJWURQJWK{QJWLQ1KQJY
WLQKQ\~}FWKLWNFKRFFGQTXyQVQJRL\zXFXFD*36YGQK}
YLFSKWKLQY[F~QKFFYQQJX\zQW&FYWLQKQKP,~}FWKLWN
YL WXLWK QxP Y KLQQD\ NK{QJ FQ KRW ~QJ 6NKF QKDX FK \X
JLDFFYWLQKQ\YFFWKKVDXOQNK{QJFNKQxQJOPVX\JLPWQ
KLX~}FSKWGRY\NK{QJWKOPVX\JLP~}F~FKQK[FFDQJ}LV
GQJGyQV*369WLQKWKKWKFNKQxQJOPVX\JLPWQKLXYWXL
WKWKLWNOQxP&XKQKFDPWYWLQKWKXFQKP,,$QK}VDX
7UQJO}QJNJ
.FKWK}FP



7F~GLFKX\QNPV
'LWQKLXSKW/Y/
7QVWKX.K]
9WLQKFDQKP,,5~}FWKLWNYLWXLWKGLK|QQxPYF
NKQxQJOLzQOFYWLQKYLYWLQK~}FSKQJYRQxP~GX\WUFKP
Y WLQK 7K K WLS WKHR V O FF Y WLQK QKP ,,) ~ ~}F G NLQ 6DX NKL
NLP QJKLP K WKQJ ~}F F{QJ E F NK QxQJ KRW ~QJ YL ~\ ~ FF
FKFQxQJYRQJ\
 .KkXpLXNKLQ
.KyX~LXNKLQKD\NKyXPW~WFDKWKQJ*36QKP~LXKQKFF
WQKQxQJFDYWLQKTXDYLFWKHRGLTX~R~LXNKLQ~QJK1LFFK
NKFFKFQxQJF|EQFDNKyX~LXNKLQO~LXNKLQKWKQJKQJQJ\
7URQJKWKQJ1DYVWDU*36KXKWFFFK}|QJWUQK~XGRF|TXDQFK}|QJ
WUQK FKXQJ -32 WKF KLQ &| TXDQ Q\ ~L GLQ FKR TXyQ ~L 0 KL TXyQ
NK{QJTXyQY.KLTXyQV%FwL7y\'}|QJ1$721JRLUDFQFFFW
FKFGyQVWKDPJLDO%JLDRWK{QJYQWL086'27F|TXDQEQ~
TXyQVTXFJLD
.KyX~LXNKLQF|EQEDRJPPWWUP~LXNKLQFK0&6WLF|
TXDQNK{QJOF)DOFRQ&RORUDGR6SULQJWKXF0FQJYLFFWUPJLPVW
YDQWHQPW~WWLFFNKXYFNKFQKDXWUzQWKJLL&FWUPJLPVW~}F
~W WL F| TXDQ NK{QJ OF )DOFRQ +DZDLL .ZDM]DOHLQ 'LHJR *DUFLD Y
$VFHQVLRQ &F WUP JLP VW WU +DZDLL Y )DOFRQ $)% ~X ~}F WUDQJ E
DQWHQPW~W~FKX\QGOLXKQJKLFKRYWLQK7QVSKWOzQYWLQKO
0K]FQWQVWQKLXWYWLQKO0K]3KQ~LXNKLQJP
PWWUP3&63UHODXQFK&RPSDWLELOLW\6WDWLRQ~WWL&DSH&DQDYHUDOFD0
YPWWUP0&6GSKQJ
0&6OWUP[OWUXQJWyPFDNKyX~LXNKLQFKXWUFKQKLPJLP
VWYTXQOYWLQK&FWUPVWKHRGLWKXQKQWQKLXWK{QJWLQWYWLQK
FKX\QWLWUXQJWyP~WQKWRQYWUTX~RYWLQKYVKLXFKQKW~V
WKQKOSEQ WLQ &F WUP~LX NKLQ F WKHR FKX N JL VWUX\QFKR Y
WLQKWK{QJWLQPLYTX~ROFKYWLQKFFVKLXFKQKJLOEQWLQKQJ
KLYWLQK9WLQKVO}XJLQYSKWWLNKyXVGQJ0LEQWLQKQJKL
YWLQKVEDRJPQKQJP{WPLQKWYYWUFDYWLQKWKHRPWKPWKL
JLDQFQJYLQKQJWK{QJWLQPLQKWYYWLQKFDKWKQJ7WFFFWUP
[OQ\~}FEWUUL~XWUzQWUL~W
 .KkXVGQJ
.KyXVGQJEDRJPFFP\WKX~FELW~}FWKLWN~WKXJLLP
Y[OFFWQKLXYWLQK*360LP\WKXQKQWQKLXW~QYWLQK
YWQKWRQYWUFDQ7UzQF|VWK{QJWLQFDOFKYWLQKP\WKXVOD
FKQFFYWLQKWKFKKSYL~FKQK[FFDRQKW.KLYWLQKWKD\~LYWU
P\ WKX V W ~QJ FKX\Q VDQJFKP Y WLQK PL FYWUWKFK KS K|Q 9
P\WKXVGQJFFDQWHQFJFNKXWOQK|QRVRYLPWSKQJFKyQWUL
QzQDQWHQ  P\ WKXSKL ~W Y WU FDR ~ F WK EDR TXW WRQ EEQ FX



$QWHQFDP\WKX~}FWKLWN~FKWKXQKQQKQJWQKLXYWLQKESKyQ
FFFKFFKQFFWQKLXNKFVEORLE'RY\QKQJWQKLXSKQ[
FQJVNK{QJ~}FFKSQKQYVWUQK~}FVDLVGRSKQ[0\WKXV
~R~WUWKLJLDQFDWQKLXJKLQKQGNLQKQJKLFDYWLQKWQKWRQ
~~}DUDYWUWKLJLDQFKQK[FYWF~WX0LYWLQKSKWUDKDLWQV
YKDLORLPGRY\WUzQPLWQVVFQKLXWQKLXNKFQKDX7X\QKLzQ
GRFFKSKW~FELWYWLP\WKXPWQKLXFDFFYWLQK~}FJKLQK
QzQ P\ WKX KRQ WRQ F NK QxQJ SKyQ ELW Y KLQ W}QJ QKLX JLDR WKRD
FQJVEORLWU
+LQQD\WQWLKDLORLP\WKX*36PWORLGQJWURQJGyQVFQ
ORLNLD~}FGQJFKROQKYFTXyQV0\WKXGyQVVGQJP&$FK
OPYLFWQV/FSKQFQJWQVFDR~|QJLQ0\WKXTXyQVWK}QJ
VGQJPFKQK[FP3FPFKORJLFWF~FDRFNKQxQJWKX~}FF
WQV/Y//RLP\Q\WKXP3GLK|QYFWF~ELWOQK|QOQ
VR YL P &$ 1JRL UD FKQK SK 0 FQ V GQJ ~F WQK 6$ 6HOHFWLYH
$YDLODELOLW\Jy\KQFK~FKQK[FYLQKQJP\WKXGyQVWK{QJWK}QJ
'RY\P\WKXTXyQVF~FKQK[FFDRK|QKQVRYLP\WKXGyQV
0\WKXVGQJP&$FK~W~}F~FKQK[FJQEQJP\WKXP3WU
SKLSK}|QJQ6$~}F0ETXD

,,/FKVKQKWKyQKYyTX|WUQKSK|WWULQ
7QKQJQxP~XFDWKSNPWVF|TXDQFD0~WKQKOS
FF FK}|QJ WUQK Y WLQK KQJ KL w O QJKLzQ FX FD -RKQ +RSNLQV YL
FK}|QJ WUQK 7UDQVLW FD KL TXyQ 0 YL FK}|QJ WUQK 7,0$7,21 Y FD
NK{QJTXyQ0YLKWKQJ%7UDQVLWOPWFK}|QJWUQKUD~LQxP
YLQJX\zQOVGQJ~GFKWQ'RSSOHUYYWLQKED\WKHRTX~R~
FDRNP+WKQJQ\FXQJFSFFGFKYKQJKLFKRFFSK}|QJWLQ
GL~QJWPWKS.KL[F~QKNKRQJFFKWLPWYWLQKWLQKLXWKL~LP
OLzQWLSP\WKXVWQKWRQY~}DUDYWUWXPWFFKJLQ~RQ.KFSKF
QK}F~LPQ\FDKWKQJ7UDQVLW+LTXyQ0YOFO}QJNK{QJTXyQ~
WSWUXQJQJKLzQFX~QyQJFDRQJKLSYKQJKLYWKLJLDQ/FO}QJ+L
TXyQ~QJKLzQFXFK}|QJWUQKSKWWULQFFEGDR~QJQ~QKFDRFKX\Q
~LWKLJLDQYKQJKLWUzQWD~KDLFKLXJLO7,0$7,21&QF|TXDQ
NK{QJOF+RD.OLQJKLzQFXSKWWULQ}X~LPFDKWKQJKQJKLWURQJ
NK{QJJLDQEDFKLXNLQK~Y~Y~FDRJLOKWKQJ%1xP
KDLKWKQJQ\~}FKSQKWWKQKPWFK}|QJWUQKFKXQJ~SKWWULQK
WKQJ KQJ KL Y WLQK GQK FKR TXF SKQJ 'HIHQVH 1DYLJDWLRQ 6DWHOOLWH
6\VWHP  '166 Y ~}F SKW WULQ K|Q QD WKQK 1$967$5 *36 4X WUQK
SKWWULQKWKQJFWKFKLDOPEDJLDL~RQQK}VDX
*LDLpRuQ,+SQKWKDLKWKQJ
1J\F|TXDQNK{QJOF0~~QJYDLWUQK}PW\
EDQKQKSKS~KS QKWKDLFK}|QJWUQKWUzQWKQKPWKWKQJKQJKL
KRW~QJWURQJPL~LXNLQWKLWLWJLO1DYVWDU*36&|TXDQWKFKLQ
KXKWFFFK}|QJWUQKFDKWKQJQ\FWzQO-32-RLQW3URJUDP2IILFH



&|TXDQQ\~LGLQFKRTXyQ~L0+LTXyQNK{QJTXyQYNKLTXyQV
%FwL7y\'}|QJ1$72
w K WU FKR YLF KS QKW QL WUzQ KDL Y WLQK N WKXW KQJ KL WK
QJKLP1DYLJDWLRQ7HFKQRORJ\6DWHOOLWH176~~}FSKQJ176OY
WLQK~}FSKQJF|TXDQNK{QJOF9DQGHQEHUJYRWKQJQxPQK}QJ
~JSVFFKVDXWKQJ
9WLQKQKP,~XWLzQFD*36~}FSKQJYRWKQJQxPY
WRQ E  Y WLQK QKP Q\ ~}F SKQJ WURQJ NKRQJ FF QxP W  ~Q
WLF|TXDQNK{QJOF9DQGHQEHUJ1KQJYWLQKQ\NK{QJFFF~F
WU}QJYNKQxQJ6$6HOHFWLYH$YDLODEOHKD\$B6$QWLB6SRRILQJwQWKQJ
QxPFKFQPWYWLQKQKP,KRW~QJ
%DQ~XSKQ~LXNKLQFKEDRJPPWWUP~LXNKLQDQWHQPW~W
YPWWUPJLPVW~WWLF|TXDQNK{QJOF9DQGHQEHUJ&DOLIRQLD~}FK
WU EL PW V WUP JLP VW ~W WL FF F| TXDQ NK{QJ OF QK} (OPHQGRUI 
$ODVND$QGHUVRQWKXF*XDPWUPWK{QJWLQ1DYDO+DZDLL3KQ~LXNKLQ
JLDL~RQQ\FPWWUP~LXNKLQJF,QLWLDO&RQWURO6WDWLRQ,&6
*LDLpRuQ,,&zFEuFSKzWWULQ
7KQJ  QxP  PW YxQ EQ Y YQ ~ QyQJ FS Y YQ KQK WUP
~LX NKLQ JF ,&6 QK} O SKW WULQ PW K WKQJ ~LX NKLQ KRW ~QJ
2SHUDWLRQDO&RQWURO6\VWHP2&6~~}FSKzFKXQ9LFQyQJFS,&6~P
ERJLS~OLzQWFFKRYLFWKQJKLPWKLWEQJ}LVGQJNKL2&6~DQJ
~}F SKW WULQ 7KLW E 2&6 ~ ~}F FKX\Q JLDR FKR F| TXDQ NK{QJ OF
9DQGHQEHUJ YR WKQJ  QxP  6DX YLF OS ~W Y WK QJKLP EDQ ~X
2&6 V KRW ~QJ NW KS YL ,&6 &XL QxP  WKLW E 2&6 ~}F ~}D W
9DQGHQEHUJ WL Y WU F ~QK FD Q WL F| TXDQ NK{QJ OF )DOFRQ 7KQJ 
QxP  YxQ EQ Y YLF FXQJ FS  Y WLQK 1$967$5 *36 QKP ,, ~
~}FSKzFKXQ9LFSKWWULQFDFFYWLQKOOLzQWFWURQJVXWJLDL~RQ
,,JLDL~RQQ\NKyXQJ}LVGQJ~}FFKLDOPKDLSKQQK}VDX
*LDL~RQ,,$EW~XWWKQJQxP~UDEQYxQNLQYYQ
~FK~RWKFKLQSKyQWFKYSKFKDFFF{QJYLFV|EFDWKLWEQJ}L
VGQJ7URQJJLDL~RQQ\FEQKQJOQWKDPJLDO0DJQDYR[5RFNZHOO
&ROOLQV7H[DV,QVWDQPHQWY7HOHG\QH
*LDL~RQ,,%EW~XWQxP7URQJJLDL~RQQ\KDLWURQJEQ
YxQNLQYYQ~OLzQWFSKWWULQWKLWEQJ}LVGQJ~~}FSKzFKXQ
*LDL ~RQ ,,% EDR JP YLF FKQ OF FF ~ Q P{ SKQJ FF PX ~X WLzQ
NLP WUD FKW O}QJ Y WK QJKLP WURQJ SKP YL UQJ FF WKLW E QJ}L V
GQJ1xP5RFNZHOO&ROOLQVY0DJQDYR[~}FFKQ~SKWWULQJLDL
~RQ,,%YLPFWLzX[y\GQJFFWKLWEWLQKYLK|QYFNLPWUDFKWO}QJ
WKLWEVGQJ&FWKLWEQJ}LVGQJ~}FWKQJKLPWLWUPWKPW~W
<XPD<XPD3URYLQJ*URXQGl<3*YWUzQELQ9LFWKQJKLPWUzQELQ
~}F7UXQJWyP~LG}|QJK1DYDO1DYDO2FHDQ6\VWHP&HQWHUFK~R
*LDLpRuQ,,,4XzWUQKWULQNKDLWQpPvQQD\



JLDL~RQQ\FFQKFKWRWKLWNYVQ[XWFFWKLWEFKRFF
NKyXFFNKyXQ\~}FFKLDOPEDESKQQK}VDX
D .KqXYWU
9WLQKQKP,,~}FWKLWNEDQ~X~SKQJWUzQKWKQJNK{QJYQ
WXFRQWKRL6DXPWWDLQQFDWXFRQWKRL&KDOOHQJHUQxPJLDRGLQ
FFSKQSKQJFDYWLQKQKP,,~}FJLPEW~FWKSKQJOzQEQJWzQ
ODWPWUXQJ'HOWD,,9LFNWQLFFYWLQKQKP,YQKP,,~~W~}F
NKQxQJ~QKYKDLFKLXWUzQWRQWKJLLYRWKQJQxP&KPY
WLQK ~\ ~ FD FF Y WLQK QKP ,, F ~}F W WKQJ  QxP  .K QxQJ
KRW~QJ~\~YTXyQV~}FOzQNKRFKWURQJQxP%QJOPW
EQWPWWYWUQJWKLYQJ\SKQJFDFFYWLQKQKP,,
7KQJ  QxP  YxQ EQ Y YLF E VXQJ  Y WLQK *36 ~}F SKz
FKXQ FF YWLQK Q\WKXF QKP ,,5 &FYWLQK QKP ,,5 F NK QxQJ W
~QJ WR FF EF ~LQ KQJ KL Y EQ WKyQ FKQJ P NK{QJ FQ OLzQ OF ~Q
NKyX~LXNKLQQKNWKXW~RNKRQJFFKYOLzQOFJLDFFYWLQKQKP
,,59WLQK~XWLzQFWK~}FSKQJVPQKWYRWKQJQxP1xP
 F| TXDQ FK}|QJ WUQK FKXQJ *36 ~ F JQJ E VXQJ FF Y WLQK
1$967$5 ~ F WK JL YQJ ~}F QKP Y WLQK *36 ~Q VDX QxP 
1KQJYWLQKQ\~}FJLOQKP,,).KRFKYKS~QJFXQJFSFFY
WLQK QKP ,,) ~}F YFK UD YR QxP  1xP  F| TXDQ FK}|QJ WUQK
FKXQJ *36 FQJ EW ~X QJKLzQ FX Y *36 WxQJ F}QJ $XJPHQWHG *36 l
$*36 9LF FKS QKQ $*36 O QKP PF ~FK WxQJ F}QJ ~ VQ VQJ ~
FKQK [F Y WQK WRQ YQ FD K WKQJ *36 NKL V GQJ  Y WLQK ~D WQK
$*36&FYWLQKVSKWWK{QJWLQYKLXFKQKExQJWQFKRWWFFFYWLQK
*36TXDKWKQJ
E .KqXvLXNKLQ
+ WKQJ ~LX NKLQ KRW ~QJ 2SHUDWLRQDO &RQWURO 6\VWHP l 2&6
FD *36 F ~ NK QxQJ KRW ~QJ YR WKQJ  QxP  &QJ WURQJ WKL
~LPQ\WUXQJWyP~QKJLYNLPWUDKRW~QJ86$)~KRQWKQKYLF
NLPWUDNKQxQJKRW~QJFDKWKQJ~LXNKLQKRW~QJ9LFOSFKXN
KRW~QJFDKWKQJ~LXNKLQ~LYLSKQFKKX\NK{QJJLDQ86$)~}F
KRQ WKQK YR WKQJ  QxP  7 ~ KRW ~QJ SKW WULQ FD NKyX ~LX
NKLQ~}FJLLKQ~QyQJFSSKQPPKRW~QJYKWUFKRFFWKLWE
+ WKQJ ~LX NKLQ KRW ~QJ ~}F WxQJ F}QJ YL NK QxQJ GL ~QJ *$ Y
NKQxQJGSKQJ0&6
F.KqXQJuLVGQJ
7KQJQxPKS~QJYYQ~VQ[XWWKLWEQJ}LVGQJ
*36JLDL~RQ,,,~}FNNW5RFNZHOOl&ROOLQV~}FFKQOKQJVQ[XW
WKLWEVGQJFKR*36WURQJTXyQV6QSKP~XWLzQ~~}FJLDRFKRF|
TXDQ FK}|QJ WUQK FKXQJ -32 YR WKQJ  QxP  7KQJ  QxP  FF
VQSKP~\~YWKLWEQJ}LVGQJ~~}FFKSQKQ&FWKLWEQJ}L
VGQJJLDL~RQ,,,EDRJP
0\WKXNzQK$5$5VGQJFKRNK{QJYQ



0\WKXNzQK65$5VGQJFKRKLYQ

 0\ WKX  NzQK 2+ 5$5 Y 8+ 5$5 V GQJ FKR
P\ED\OzQWKQJ
0\WKX53858FKRFFSK}|QJWLQPW~W

%QJ7UQJWKLYQJ\SKQJFDYWLQKQKP,,

6
6 Y WLQK 6
1J\SKQJ 7UQJWKL
1DYVWDU
691
P351
7KQJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,


 wDQJKRW~QJ
,,
7%'
7%'
7%'
6~}FSKQJ
,,
7%'
7%'
7%'
6~}FSKQJ
,,
7%'
7%'
7%'
6~}FSKQJ
,,
7%'
7%'
7%'
6~}FSKQJ

7URQJ~7%'WREHGHWHUPLQHGV~}F[F~QK

*LDQKQJQxPFWLNKRQJP\WKX~}FWUDQJEFKR~L
WX+RD.+S~QJVQSKPYLWF~~OQ~}FWKFKLQKQJ6&/
&{QJ QJK WKLW E FD KQJ Q\ GR F{QJ WL 5RFNZHOO l &ROOLQV FXQJ FS



7KQJ  QxP  KS ~QJ SKW WULQ P\ WKX *36 NK{QJ YQ F QK
0$*5ORLNzQK$75$LU7UDQVSRUW5DFNVGQJFKRFFWXFJLL
KQNK{QJJLDQKS~}FNNW&FQKFKWR~VQ[XWKDLSKLzQEQFD
ORL P\ WKX 0$*5 PW ORL V GQJ WUF WLS JLDR GLQ WQ V Y{ WX\Q W
DQWHQ 58 ORL NLD 58 V GQJ JLDR GLQ WUXQJ WQ W NKL
DQWHQ
7KQJ  QxP  N KS ~QJ VQ [XW P\ WKX *36 336 FP WD\
1J}LWD~WKLWN~}FORLP\WKX*36FKQK[FFQKWUQJO}QJQK
K|QSRXQGVEW~XFVQSKPYRWKQJQxP
9RQKQJQxPF|TXDQFK}|QJWUQKFKXQJFD*36OLzQWFFLWLQ
FFFKFQxQJY~FWQKFDP\WKX*36TXyQVQK}FF~FWQKYDQWHQ
YQ~[OWQKLXP\WKX1xPFFKQJFKWR~FKRUD~LNRL
DQWHQF~FWX\QWKX~LXNKLQ~}F&RQWUROOHG5HFHSWLRQ3DWWHUQ$QWHQQD
l&53$/RL&53$PLFNKQxQJW}|QJWKFKYLGQJWKFYFKFQxQJ
FDKWKQJ&53$KLQFFD-321JRLUDF{QJQJKPLFKRSKSJLP
VWKRQWRQW~QJWQKWUQJKRW~QJFDP\WKX5HFHLYHU$XWRQRPRXV
,QWHJULW\0RQLWRULQJ l5$,0EVXQJFKR*36WxQJF}QJFDKQJNK{QJ
GyQGQJ0WFJQJOQQDOYLSKyQ*36FKRP\WKX336TXyQVWURQJ
W}|QJ ODL K WU FKR FF QJ GQJ PL QK} ~QK K}QJ FKQK [F Y ~}QJ
K}QJFKQK[FFDP\ED\
7 QxP  F| TXDQ FK}|QJ WUQK FKXQJ *36 ~ F WLzX FKXQ SKW
WULQNKLP\WKX336WKKPL~FWK~QJJSYRFFKWKQJTXyQV
NKF&|TXDQFK}|QJWUQKFKXQJ*32WX\NK{QJPDQJOLQKQJ~QJJS
FKR P\ WKX *36 QK}QJ Q ~ FXQJ FS N WKXW K WU ~ FF FK}|QJ WUQK
TXyQVNKFFWKWKX~}FWQKLXEQJ P\WKX*36WxQJF}QJQK}PW
SKQFDFFKWKQJNKF
-32 ~ SKW KQK YxQ EQ K}QJ GQ (*5 HPEHGGHG *36 UHFHLYHU 
P\WKX*36WxQJF}QJFFKDFF\zXFXY~FWQKWKLWNYJLDRGLQ
(*59xQEQFQJEDRJPQKQJK}QJGQULzQJYYLFKSQKW*36YL
KWKQJKQJKLTXQWQKKD\KWKQJKQJKL'RSSOHU
& JQJ FD -32 (*5 O SKW WULQ NKL QJ GQJ P\ WKX *36 *36
5HFHLYHU$SSOLFDWLRQV0RGXOH*5$0WKQKPWWLzXFKXQ*5$0EDRJP
WSKSFFNKL(*5WLzXFKXQWKFKKSFKRYLFWKD\~LFFQJGQJ7LzX
FKXQ Q\ EDR JP QKQJ ~F WU}QJ Y FF FKF QxQJ ~ UD QK} FF V KLX
FKQK'*36GLQUQJYFFEYLFWxQJWQKKRQWKLQFDFFP\WKXF|
EQ7LzXFKXQQ\FQJWKFKQJYL~DQWRQFDP\WKX*36WKKPL
QK} NKL V GQJ F OD FKQ Y FKQJ JL 6HOHFWLYH $YDLODELOLW\ 
$QWLB6SRRILQJ0RGXOHl6$$60
9WKLWEQJ}LVGQJWURQJFFJLDL~RQSKWWULQJLDL~RQ,,,FKR
WK\VSKWWULQWROQYYLFSKWWULQYVQ[XWWKLWEQJ}LVGQJF
WURQJTXyQVYWK}|QJPL&FWKLWEQJ}LVGQJTXyQV~}FFKWR
ELFFQ}FWKQKYLzQFD1$72QK}&DQDGD3KSwF$QK7KzPYR
~V~DGQJFDFFWKLWEQJ}LVGQJ636WK}|QJPL~~}FFFQK
FKWRWUzQWRQWKJLLSKWWULQYLQKLXQJGQJNKFQKDX0WVP\
WKXQ\~~}FTX\QPLQNLP~QKFKXWKKD\WKFWS



*LDL~RQ,,,OJLDL~RQWQJKSNWTXNLPWUDFFGQJVGQJ
*36FD01JRLNWTXNLPWUDFD0FFQ}FF&DQDGDwDQ0FK
&QJ KD /LzQ EDQJ wF + /DQ 1DX\ Y 9}|QJ 4XF $QK FQJ WKDP JLD
FK}|QJ WUQK NLP WUD KS WF YL-32 + /DQ F| TXDQ KQJ NK{QJYWU
4XFJLDWLQKQKNLPWUDFFOQKYFFKQJQKLXFKRKWKQJ*36VDXQ\
F WzQ JL O YL SKyQ *36 9L SKyQ *36 O PW E}F SKW WULQ WR OQ YL UW
QKLXQJGQJWURQJW}|QJODLWUzQWRQWKJLL
4XDP\WKSNKQKWKQKYSKWWULQKWKQJ~QKYWRQFX*36
W YLF KS QKW FF K WKQJ TXD QKLX E}F SKW WULQ ~ NK{QJ QJQJ OQ
PQKYSKWKX\QKLXWFGQJWUWKQKPWKWKQJ~QKYWRQGLQQKW
WUzQWKJLLKLQQD\YLQKLXWQKQxQJ}XYLWFKFFKQVFQSKWWULQOQ
PQKK|QQDWURQJW}|QJODL

,,,F|FGFKYFDKWKQJJSV
+ WKQJ ~QK Y WRQ FX *36 FXQJ FS KDL GFK Y  GFK Y ~QK Y
FKQK[FYGFKY~QKYWLzXFKXQ~}FQzXFKLWLWQK}VDX
'FKYpQKYFKQK[tF3UHVLFH3RVLWLRQLQJ6HUYLFH 336
336 O PW GFK Y [F ~QK WKL JLDQ YQ WF Y Y WU FKQK [F FK
GQK FKR QJ}L V GQJ ~}F \ TX\Q %DQ ~X 336 ~}F V GQJ FKR PF
~FKTXyQV4X\QVGQJ336~}F[F~QKEL%TXFSKQJ0FF|
V O % TXF SKQJ 0 KRF \ EDQ TXF SKQJ WK JLL 1KQJ QJ}L V
GQJ~}F\TX\QFD336EDRJPQKQJQJ}LVGQJWKXFTXyQ~L0
QKQJQJ}LVGQJWKXFNKLTXyQV1$72PWVQJ}LVGQJGyQV
KRFTXyQVNKFQK}OFO}QJTXFSKQJFYF|TXDQKL~TXFSKQJ
0336FXQJFS~FKQK[F~QKYOPWYL[FVXWVDLVFXSK}|QJ
6SKHULFDO (UURU 3UREDEOH l 6(3 'Y~FKQK [FFKX\Q~L WKL
JLDQWKHRJL87&OQDQRJLy\FKRQJ}LVGQJFEQTX\Q'}LPL
~LX NLQ KRW ~QJ K WKQJ Q YR NKRQJ  PW '  Y 
QDQRJLy\  0\ WKX 336 F WK ~W ~}F ~ FKQK [F YQ WF  PV
WURQJNK{QJJLDQEDFKLXQK}QJQFQJSKWKXFPWFKWYRYLFWKLWN
P\WKX
9LF WUX\ QKS YR 336 ~}F ~LX NKLQ EL KDL SK}|QJ WLQ ULzQJ V
GQJNWKXWPKDJLLPWQKNKGQJFODFKQ6HOHFWLYH$YDLODELOLW\
l6$YYLFFKQJJL$QWLB6SRRILQJ$B66$~}FGQJ~OPJLP~
FKQK[FYWKLJLDQYQWFYYWUFDKWKQJYLQKQJQJ}LVGQJ
NK{QJFEQTX\Q6$KRW~QJEQJFFK~}DFFVDLVJLQJXQKLzQYR
WQKLXYWLQK3K}|QJSKS6$KRW ~QJ WFKFFWUzQWWFFFYWLQK ~
FKQJOLFFWQKLXNKRQJFFKJL.WKXWPKDFKX\Q~LP3WKQK
P<1J}LVGQJFQSKLFKUQJP&$NK{QJ~}FERYFKQJJL
&FNWKXWYSK}|QJSKSJLLPKD~}FFXQJFSFKRQJ}LV
GQJ 336 FKR SKS K ORL WU ~}F FF KLX QJ 6$ Y $B6 GR Y\ P ~W
~}F~FKQK[FFF~LFD*36&FP\WKXNK{QJ~}FQSPWSK}|QJ
SKSJLLPQ~QKVFFKWO}QJFDPWP\WKX636



&FP\WKX336FWKVGQJP3<&$KRFFKDLwFKQK[F

*36FF~L~W~}FNKLVGQJP3<WUzQF/Y/1KQJP\WKXF
NKQxQJVGQJP3<WK}QJVGQJP&$~E}F~XFKLP~}FFF
YWLQK*36
'FKYpQKYWLlXFKX|Q6WDQGDUG3RVLWLRQLQJ6HUYLFH 636
636OGFKY~QKWKLY~QKYF~FKQK[FWKSQK}QJ~}FGQJ
FKRWWFPLQJ}LVGQJ*367URQJPWWKLJLDQF~QKPF~FD6$
~}F~LXNKLQ~FXQJFS~FKQK[FQPQJDQJOPWW}|QJ
~}|QJYLNKRQJPWWURQJNK{QJJLDQEDFKLX0\WKX636FWK~W
~}F ~ FKQK [F FKX\Q ~L WKL JLDQ 87& F  QDQRJLy\  7URQJ
WU}QJKSFQWKLWVVX\JLP~FKQK[FKWKQJFWKWxQJOzQYG
QK}~QJxQFQ~FKQK[FFD~LSK}|QJWURQJWKLJLDQFNKQJKRQJ
KRFFKLQWUDQK&KF\EDQTX\QOFTXFJLD0G}LV\TX\QFD
FKQKSK0PLFTX\QWKD\~LPF6$VRYLFFPFQ~QKWU}F~
636~}FVGQJFxQEQFKRFFPF~FKGyQGQJGQFNKQxQJ
YWKLJLDQQ~QKFKRTXyQ~LVGQJ&KWO}QJFDGFKY~QKYWLzX
FKXQ QJRL V SK WKXFYR WKLW NP\ WKX FQ SK WKXF YR YQJOQK
WK~DQJWLQKQK~QKY
,9QJGQJFD*36
9LFSKWWULQKWKQJ~QKYWRQFX~PDQJOLQKLXQJGQJWR
OQWURQJUWQKLXOQKYF*36~~}FWKDQKQOPWWKQKSKQFDK
WKQJGQ~}QJY{WX\QWRQFX7KHRYpQExQ616,5&QJw\
FDWFKFKwQJKxLWKJLL,02YLF{QJ}FTXFWFQLGXQJVDX
7L SKLzQ KS OQ WK   FD \ EDQ DQ WRQ KQJ KL
WKHRQK}~RQWKW}FDJLLSKS$YKWKQJY{WX\QGQ~}QJ
WRQFXGFKY~QKYWLzXFKXQ636FDKWKQJ*36~~}FWKDQKQ
OPWWKQKSKQFDKWKQJY{WX\QGQ~}QJWRQFXWKHR~QJKFD
FFSKQJYEELQ086&*WKD\PWFKQKSK+RD.~WURQJWK}JL
FKRWQJWK}NFD,02
4X\W~QKWUzQFD\EDQGDWUzQFFNLQQJKY~QKJLWURQJ
SKLzQKSOQWKQJ\WKQJQxPFD7LXEDQDQWRQKQJ
KL7LXEDQDQWRQKQJKL~~QKJL~QJKFD86&*OSKKSYLFF
\zX FX WURQJ SK OF FD JLL SKS $ 7LX EDQ DQ WRQ KQJ KL ~
WKDQKQUQJ*36636WKDPQFF\zXFXFDFFSKOFWURQJJLLSKS
$YGQ~}QJFKRFFYQJQ}FNKF
&FF|TXDQTXQOFQFKUQJ~FKQK[FWQKY~QJFDK
WKQJOPYWKQNK{QJWKFKKSYL YLFKQJKLWURQJNKXYF
FQJOLUDYRFQJYFFYQJQ}FKQFKFKRYLFWGR~LX~QJWX
*36  636 NK{QJ FXQJ FS FF WK{QJ ER WF WKL Y WQK KQK KRW
~QJ FD K WKQJ&| TXDQ TXQ OFQFK UQJE JLPVW KRQ WRQW
~QJYWQKWUQJKRW~QJFDKWKQJWURQJP\WKX5HFHLYHU$XWRQRPRXV
,QWHJULW\0RQLWRULQJ l5$,0FWK~S QJ~}FNKQxQJQ\0WNKF



FQJFQFKUQJ~FKQK[FYWQKWUQJFDKWKQJFWK~}FWxQJ
F}QJEQJFFKVGQJNWKXWKLXFKQKYLSKyQFKRWQJNKXYFULzQJO
KRFFKRPWNKXYFUQJ
&FFKQKSKWKQKYLzQSKLWK{QJERWK{QJW}Q\WLFQJ~QJ
KQJKLFDPLTXFJLD~
9LW1DP~WKDPJLDYR7FKFKQJKLWKJLL,02+LSKL~Q
ELQTXFW,$/$QzQQKQJF{QJ}FWK{QJW}YNKX\QQJKWUzQSKL~}F
SGQJFKR9LW1DP7KHR~LXWK{QJW}FD,02WKYL~FKQK[F
PFD*36NK{QJWK~SQJ~}F~FKQK[FGQ~}QJFFNKXYF
FQJOLUDYRFQJNKXYFKQJKLKQFK0WNKFWKHR~LXFDWK{QJ
W}Q\FQSGQJNWKXWKLXFKQKYLSKyQ~QyQJFDR~FKQK[F~QJ
WKL WK{QJ ER NS WKL WQK WUQJ KRW ~QJ FD K WKQJ FKR QJ}L V GQJ
QKW O NKL 0 S GQJ FK ~ ~QK Y KQ FK 6$ ~L YL K WKQJ *36 FKR
QJ}L V GQJ GyQ V ,02 FQJ NKX\Q FR FF Q}F WKQK YLzQ SKL WK{QJ
ERFFWK{QJWLQY*36FKRQJ}LVGQJ7KHRNLQQJKFD,$/$YWQK
KQKSKWWULQFDFFQ}F[XQJTXDQK9LW1DPFQ[y\GQJKWKQJYL
SKyQ*36~SKLKSYLFFQ}F[XQJTXDQKQKPQyQJFDRFKWO}QJFD
F{QJWFDQWRQKQJKLWURQJNKXYF
7URQJJLLKQFD~WLHP[LQ~FS~QPWVQJGQJFKQKFD
*36WURQJOQKYFWK{QJWLQYWLQKYKQJKLQK}VDX
 6GQJ*36QKoPWKWKDPFKLXWUuQJWKtL
9LF QJKLzQ FX Y P{ SKQJ ~ FK UD UQJ FF K WKQJ WKDP FKLX
WUQJWKLONLQKWYFKQK[FK|QVRYLFFFPELQTXQWQK&QJQK}
Y\ ~ FKQK [F WUQJ WKL *36 NK{QJ E WKD\ ~L WKHR WKL JLDQ 1J}L V
GQJVF~}FFFK[F~QKWWQKWQXNWKS*36YFFFPELQTXQ
WQKFKRKWKDPFKLXWUQJWKLwXWLzQ*36~}DUDYLF~RJFFKQK[F
G}LFF~LXNLQWK{QJWK}QJYFSQKWVRYLFPELQTXQWQK7KKDL
QXP\WKX*36EQKLXFPELQTXQWQKVYQFXQJFSYWUWF~Y
WUQJWKL1FQJFWKGQJ~NKL~QJFFP\WKX*36NKLKWQKLX
+ WKDP FKLX WU{QJ WKzL '  9LF ~QK K}QJ ' \zX FX W QKW 
DQWHQ~FOS~[F~QKPWPWSKQJKQKKF~y\QJ}LWDVGQJ
DQWHQNK{QJ~QJGLQ~~QKQJKDKDLPWSKQJYFXQJFS~GWU.W
TX~QKK}QJFDFFPWSKQJEDRJPFFDQWHQOLzQTXDQ~QFFSK}|QJ
WLQ GL ~QJ Y GR ~ FKR SKS ~QK K}QJ FF SK}|QJ WLQ ~ 3K}|QJ SKS
KRW~QJWWK|QOWKHRGLFFWQV/Y/WYWLQKPWFFKOLzQWF
9LFQ\ \zX FX PWP\ WKX P 3<  NzQK ~}F FK ~QK FKR PL DQWHQ
3KQFQJWL}XFKRKWKDPFKLXWUQJWKL'O
+WKQJDQWHQSK
0\WKXNzQK*36
.KL[OGOLXY
%GDR~QJFKXQWK{QJWK}QJ



0WFFKNKF~|QJLQK|QOVGQJPWP\WKXNzQKYDQWHQ
%QNzQKVKRW~QJQK}PWP\WKXSKY~}FGQKULzQJFKRPW
DQWHQFK0\WKXSKYDQWHQFKV~F~LQKQJKLYFXQJFSWK{QJWLQ
YWU~VGQJNKL[OWQKLXW KDLDQWHQNKF3K}|QJSKS Q\FWK
~}FVGQJQX~}QJF|VJLDFFDQWHQO~QJQ~YLF~RO}QJWF~
YYWUOJQJLQJYLYWUFDFDQWHQ+DLDQWHQNKFFKVGQJKDL
NzQKWURQJVFKQJ~~RSKDVQJPDQJWUzQWURQJVYWLQKPDQWHQFK
~DQJWUX\WKHR9WLQKWURQJVYWLQK~DQJ~}FDQWHQWUX\WKHRSKWKXF
YRPLW}|QJTXDQKQKKFJLDYWLQKYDQWHQ9LF~RO}QJGOLX~}F
[O~LYLWRQEYWLQKWKX~}FWURQJFQJPWWKLJLDQ
 ;tFpQKTXpuRYWLQK
9LF[F~QKTX~RYWLQKPWFFKFKQK[FFWKWKFKLQ~}F
EQJFFKGQJP\WKX*36WUzQPWYWLQK1KQJP\WKX*36Q\SKLF
FKWO}QJ~FELWFKRYLFVGQJWURQJNK{QJJLDQYFKQJSKLFKXJLL
KQQKLW~UWFDRYQKK}QJFDFFWQJEF[1KQJQJGQJWURQJ
NK{QJ JLDQ ~}F KQ FK ~L YL FF Y WLQK TX ~RWPWKS QKPWKX ~}F
PWYQJEDRSKUQJOQWTX~RFDFKPYWLQK*36
 9DLWUFD*36WURQJKWKQJWKmQJWLQ*0'66
*0'66OPWKWKQJWK{QJWLQFKRPF~FKDQWRQYFXQQWRQ
FX + WKQJ Q\~}F WUDQJ E UW QKLX FF WKLW E WK{QJ WLQQK},QPDUVDW
P\WKXSKW0)+)Y9+)FFORLUDGDU0\WKX*36~}FWUDQJEWURQJ
K WKQJ ,QPDUVDW& QJRL FKF QxQJ TXDQ WUQJ O [F ~QK Y WU WF ~Y
WKLJLDQWUzQFFWXFQQK}PWWKLWEQJRLYLNWQLYLFFWKLWEWK{QJ
WLQNKFJLSFFWXFWKOLzQOFQKDQKFKQJ[F~QKYWUPWFFKFKQK
[FYOLzQWF
 QJGQJFKRFtFWqXFKKqQJ
+WKQJ*36UD~L~QKGXPWE}FQJRWTXDQWUQJWURQJYQ~
~QKYKQJKLQWKD\WKPWFFKKLXTXFKRFFKWKQJ KQJKLF
QK} 2PHJD 'HFFD /RUDQ& FF WKLW E ~QK Y F QK} UDGDU OD EQ Y NQK
6H[WDQW&FKWKQJFQ\PDQJQKLXKQFKQK}WKLJLDQ[F~QKYWU
UWGLSKWKXFYR~LXNLQWKLWLWYP{LWU}QJWPKRW~QJKQFK
Y~WLQF\NK{QJFDR
*36Y'*36OQKQJKWKQJFKLXTXQKWNKLKQJKLYHQE
1K NK QxQJ EDR SK WRQ FX QzQ Q EDR SK WRQ E FRQ ~}QJ KQJ KL
WK}|QJPLWKJLL+LQQD\FWUzQQJQWXWUDQJE*36YF[X
K}QJQJ\FQJJLDWxQJGRJLP\QJ\FQJJLPFQKQJWX~WUDQJE
P\WKX*36*36FQJYLKWKQJWK{QJWLQYWLQKYVUD~LFDEQ~
~LQW~WRUDPWFXFFFKPQJWURQJKQJKL9LWQKQxQJ[F~QKY
WUOLzQWFWURQJPL~LXNLQWKLWLWYEDRSKWRQFXQQJ\FQJ~}F
VGQJUQJUL
 *36YLYLFWKjPGNKDLWKtFG{XNK



1J}LWD~WQKWRQUQJWURQJNKRQJWULX86'GQKFKRYLF[y\
GQJFFKWKQJY{WX\QGQ~}QJWKOGRFFF{QJWLGXOD~XW}Y
WULXOGRFFF{QJWLFOLzQTXDQ~QNKDLWKFGX1KQJF{QJWLQ\
OX{QWLzQSKRQJWURQJOQKYFSGQJNWKXWPL
wFKQK[F\zXFX~LYLQJQKGXNKWKD\~LWYLGH[LPHW
PWKRFPW'RY\SKLVGQJ~QNWKXWYLSKyQ*36YL~FKQK
[FWLPWPL~SQJ~}F\zXFXY~FKQK[FWURQJ~QKY
 *36YLFrQKVtWYqSKQJYEELQ
1JRLFFFKFQxQJWK{QJWK}QJQK}ERYOQKKLERYQJXQF
FKQJ{QKLPYYWKFFF|TXDQSKQJYEELQFQFFKFQxQJWPNLP
FXQQ6HDUFKDQG5HVFXHTXQOY~LXKQKFFKWKQJSKyQOXQJ7W
FFFKRW~QJWUzQELQQKWOFFKRW~QJWPNLPYFX K~X\zX
FX~QKYYL~FKQK[FFDR'RY\*36~QJYDLWUNK{QJQKWURQJOQK
YFWPFXWUzQELQYDQQLQKWUWW
 6GQJ*36ppQKYWURQJFrQJELQ
0WWURQJQKQJQKLPYTXDQWUQJQKWFDFFFQJOFXQJFSFF
KL ~ FKQK [F QKW Y FS QKW QKW wD KQK ~\ ELQ WK}QJ [X\zQ WKD\
~LYY\YLFNKRVWY{FQJTXDQWUQJ.KRDKFF{QJQJKSKWWULQFKR
SKSNKRVWKLG}|QJEQJSK}|QJSKSW~QJNKLSGQJKWKQJ*36
&KF*36YYLSKyQFDQPL~NKQxQJ~SQJ\zXFXFDYLFNKR
VWW~QJ1JRLQJGQJNKRVW*36FQ~}FVGQJWURQJYLFQRYW
OXQJOFKWURQJFQJNLPWUDYGLFKX\QFFSKDRQJGQJWURQJF{QJWF
KRDWLzX~XOQKQJF{QJYLF~LKL~FKQK[FUWFDRNKL[F~QKYWU
QJGQJJSV9LW1DP
9LW1DPOPWTXFJLDFQKLXELQYF~DKQK~WOLQSKFWS
'RY\QXQJGQJFFWQKQxQJFD*36VFKLXTXUWFDRWURQJQKLX
OQKYF1J\QD\~FUWQKLXWX9LW1DP~WUDQJEP\WKX*36&F
NKRVWNKW}QJWK\YxQFDFFF|TXDQNKRVW~DFKWYEELQQK}
7QJFF~DFKQKl7UXQJWyP~R~FELQ&F~R~FEQ~TXyQV9LQ
WKLWNJLDRWK{QJWK\wRQ~R~FYELzQYEQ~ELQ+LTXyQ&{QJWL
ER ~P DQ WRQ KQJ KL 9LW 1DP QK S GQJ *36 P F WK WKF KLQ
QKDQKFKQJYFKQK[F
'R\zXFXEFWKLWFDF{QJFXFiF{QJQJKLSKDKLQ~LKDj~W
Q}F YL FKQK VFK ~L PL Y P FD WURQJ ~ F JLDR WK{QJ YQ WL NKDL
WKF NKRQJ VQ ELQWK\ VQ ~D FKQKGX OFK YDQ QLQKTXFSKQJ~L
KLFKQJWDSKLQKDQKFKQJ[y\GQJKWQJF|VFDKWKQJ*36WL9LW
1DPQKPSKFYFKRFEDNKXYFNLQKWWK\EYKQJNK{QJ'RY\
QJKLzQFXFXWUFWQKLX*36FQJO~KLXU K|QYKWKQJJSVF
WURQJF{QJFXFiF{QJQJKLSKDKLQ~LKDj9LW1DP





&KwvQJ,,
1JX\tQOKR}WxQJFDKWKQJJSV
, &|FWKDPVWURQJ*36
 *L*36YqVpP=FDYWLQK
*L *36 GR NKyX ~LX NKLQ WKLW OS Y ~}F FKXQ KDWKHR JL 87&
~}F~LTXDQVW+LTXyQ0WKHRGLYGX\WUwLPFDWKLJLDQ~}F
~QKQJKDOYRJLD~zPYVQJQJ\w|QYVGQJOQ
QKW O WXQ Y ~}F ~QK QJKD O  JLy\ *L *36 F WK NKF YL JL
87&YJL*36OPWWKDQJWKLJLDQOLzQWFWURQJNKL87&~}FKLXFKQK
YLSKQQJX\zQFDVJLy\G}UDwLXQ\OX{QWQWLWX\QKLzQ~LXWQWL
JLDKDLWKDQJJL87&Y*36Q\FQJ~}FKQFK~NK{QJFVNKFELW
TX OQ + WKQJ ~LX NKLQ KRW ~QJ 2&6 V ~LX NKLQ WKDQJ JL *36
WURQJYQJPWPLFURJLy\FD87&
&FGOLXGQ~}QJFKD~QJFFWK{QJWLQFQWKLWYPLOLzQTXDQ
JLDJL87&YJL*36wFKQK[FFDQKQJGOLXQ\WURQJVXWWKL
JLDQSKWVO W}|QJ TXDQJLDJL87&YJL*36WURQJYQJ QDQRJLy\
QV'OLXQ\GRNKyX~LXNKLQWROS'RY\~FKQK[FW}|QJTXDQ
Q\FWKJLPQXYPWOGRQR~PNKyX~LXNKLQNK{QJWKQSG
OLX FKR Y WLQK &F WKQK SKQ VDL V NKRQJ FFK Jy\ QK K}QJ WL VDL V
FKX\Q ~L WKL JLDQ *36 WURQJ ~LX NLQ KRW ~QJ EQK WK}QJ Q W}|QJ
~}|QJYLQV
7URQJPLYWLQKFF~LPPF;FDP3KD\FQJLOFF~LP
~QKGXJLy\OFF~|QYWKXQWLQFKRYLFWQKWRQYWK{QJWLQWKL
JLDQFKQK[F7KLJLDQ~}FF{QJEWKHRFFKWKFQ\JLOV~P=6
~P=FXQJFSFKRQJ}LVGQJFGQJELWEDRJPKDLSKQVDX
D 6QKSKyQQJYLELWWULFFELWFWUQJVQKQKWl/6%
FDV~P=OV~PWKLJLDQWURQJWXQ7LPH2I:HHNl72:Y~}F
[F~QKEQJVFFPF;FF~LP~QKGXVNKLFKX\QWWXQWU}F
VDQJWXQQ\6~PFFKXNQJQ~PUQJSKPYLFD72:~OFF
PF;W~QY~WOLOOFFXLPLWXQ6~P72:EQJ
~}F~QKQJKDOPF;WUQJYL~LPEW~XFDWXQKLQWLwLPPF
Q\QPJLD~zPWKYVQJFKQKW~}F~QKQJKDOJLWKHR
WKDQJ 87& 7KDQJ JL Q\ ~}F WQK PW FFK KQK WKF GD YR NLQK WX\Q
*UHHQZLFK6DXQKLXQxP~LPVNKFYLJLFD87&YLJLy\Y
87&WK}QJ[X\zQ~}FKLXFKQKFFJLy\G}UDWURQJNKLV~P72:O~L
O}QJ OLzQ WF NK{QJ F V KLX FKQK w JLS FKR YLF FKX\Q FF PF WLzX
PW~WYRP3PWFFKQKDQKFKQJPWEQOPWUQV~P72:EDR
JPELWFWUQJVOQQKW06%FDQ~}FFKD~QJWURQJ+DQG2YHU
:RUG +2: FD FKXL G OLX ~}QJ [XQJ ExQJ / 0L OLzQ TXDQ JLD V
~P72:WKFWYEQOPWUQFDQ~}FPLQKKDWKHRKQKYVDX





V

 0F;









   


3KQWKSSKyQW}|QJ~}|QJFD
V~P72:WKFW











3KQWKSSKyQW}|QJ~}|QJFDV~P72:WURQJ+2:



+QK7}|QJTXDQWKLJLDQFDEF~LQ+2:
0}LELWFWUQJVQKQKW/HDVW6LJQLILFDQW%LWl/6%FDV~P
=OFKXLQKSKyQ~}FJQ~FKWXQ*36KLQWLFVO3KPYL
FD Q W  ~Q  YL WXQ  O PF JLD ~zP  Y VQJ QJ\
 /F V WXQ OzQ ~Q  QV YQJ WU OL  1J}LV GQJ SKL
WQK~QWXQWU}FNKL~LWJL*36VDQJOFKWK{QJGQJ

 7{QV*36
0L TXDQ K JLD WQ V ~QJ K F|V0+] Y FF WQV*36
~}FSKWWURQJWKFWOPWYQ~SKFWSNKLWKLWNKWKQJ7UzQWKF
WWKXWQJiWQV*36jFWKKLXWKHRQJKDOWQVVQJPDQJ*36wy\
OPWWQVY{FQJTXDQWUQJOLzQTXDQWLWQKLXWKFWSKWWYWLQK
*36FKDLWQVVQJPDQJFKQKO/Y/~}FVGQJFKRPF~FK~QK
Y/FWQVWUXQJWyPO0K]EQJOQWQV~QJKF|V
0+]/FWQVWUXQJWyPO0+]EQJOQWQV~QJ
KF|V
1JRLKDLWQVVQJPDQJFKQK/Y/FFYWLQKFQKRW~QJ
WUzQKDLWQVNKF~SKWYWKXQKQGOLXFKRNKyX~LXNKLQYWNKyX
~LX NKLQ YL FF WQ V W}|QJ QJ FKR YLF SKW Y WKX O  0+]Y
 0+] &Q PWWQV QD~}F YWLQK V GQJ ~SKWQK}QJ Q FK
~QJ YDL WU WURQJ YLF ~LX NKLQ FF Y Q QJX\zQ W NK{QJ OLzQ TXDQ ~Q
GFKY[F~QKYWU&FWQV~}FVGQJQK}WURQJKQKYVDX












0+]





9WKKWQKyQ

0+]

/

0+]



0+]

/
0+]






7UP~LXNKLQPW~W

1J}LVGQJ


+QK7QVVQJPDQJ*36


7KXWQJiWQVWUXQJWyPlFHQWUHGRQj~}FVGQJOLzQTXDQWL
WW F FF VQJ PDQJ ~ EL Y NKL P Y G OLX KQJ KL SKW ~L ~LX FK
FKQJFKROzQQKDXWUzQWQVVQJPDQJKLQQKLzQWQV~}FPUQJUD
6WKD\~LWQVQ\OGRQKK}QJFDYLFSKWWQKLXWF{QJVXWOQ
GL WK{QJ KS VDQJ F{QJ VXW WKS GL WK{QJ UQJ w UQJ GL WK{QJ FD WQ
KLX/O0+]WQJFQJ~UQJGLWK{QJ[S[0+]7QKLX
/~}FPKDQKLXK|QYW}|QJ~}|QJYLVKSWKQKFDWQKLX/YL
~UQJGLWK{QJ0+]&{QJVXWWQKLXWKXQKQ~\~WFFExQJ
UQJWURQJYLF[OW}|QJTXDQ~}FWKFKLQP\WKX
9WUYWLQK*36
.KLVGQJPWNKRQJFFKWYWLQKWLEWN~LPQRWUzQWUL~W
QKW WKLW SKL [F ~QK Y WU Y WLQK WL EW N OF QR &F Y WLQK *36 GFK



FKX\QW}|QJ~LQKDQKQzQFKQJUWNKSKWYWUFDPQK'RY\PLY
WLQKVSKWGOLXOLzQTXDQ~QYWUFDPQK1JRLUDYWLQKSKWPWEQ
WLQFKRSKSP\WKXWQKWRQYWUFDYWLQK%QWLQQ\~}FJLOOFKY
WLQKKD\GOLXKQJKL'OLXQ\~}FSKWQK}OYLF~LXELQPKD
SKWUzQVQJPDQJFDP&$YP39LFQ\FWKWKFKLQEQJFF
WKXWWRQ~|QJLQ&FGOLXYWLQKJLOEQWLQKQJKLY~}FSKWYL
WF ~ ELWV &F ELW Q\ ~}FFQJNKF GX FQJ PRGXOH YLFKS P
WU}FNKL FKQJ ~}F ~LXFK WUzQVQJ PDQJ.KLVQJ PDQJ~LX FK ~}F
WKXQKQQ~}FWKHRGL~FOS~O\UDOFKYWLQKWFKXLPKDYLF
Q\SKLWKFKLQYFVNKFQKDXTXDQWUQJWF~FKLS'OLXKQJKL
\zXFX~UQJGLWK{QJ+]~WKHRGLYUWNKFYL~UQJGLWK{QJ
0+]FDP&$
1K WRQ KF QK WKLzQ YxQ KF .HSOHU ~ P{ W FKX\Q ~QJ FD Y
WLQK[XQJTXDQKWUL~WEQJQKQJQKQ~QK~}FSKWWULQWKQKFF~QK
OXW7URQJ~QKOXW{QJFKRUQJTX~RKQKWLQKOKQKHOLSSKQJQKQ
WyPNKLO}QJFDYWWKKWOPWWLzX~LPwLXQ\P{WUQJTX~RY
WLQKTXD\TXDQKWUL~WVFFKWUL~WQKQJNKRQJNK{QJ~XQKDXWUNKL
QOKQKWUQ1LGXQJFD~QKOXWO7URQJNKRQJWKLJLDQEQJQKDX
EQNQKYFW|TXWOzQQKQJGLQWFKEQJQKDXFQJKDOWF~YWLQK
WUzQTX~RNK{QJSKLOKQJVPQKDQKQKWWLYLQ~LPYFKPQKWWL
FQ~LP0WQKQ[WQDFD{QJYFKX\Q~QJYWLQKOWVEQKSK}|QJ
FKXNFDFKPVDRVRYLOSSK}|QJFDEQWUFFKQKTX~RHOLSONK{QJ
~L~L YL FF YWLQKWF O KDLY WLQKF FQJ EQWUF FKQKQK}QJ F~
OFKWyPNKFQKDXVYQFFQJFKXNTXD\WUzQTX~R
&KX\Q~QJFDYWLQKTXDQKWUL~W~}FP{WEQJFFWKQKSKQ
.HSOHUQK}VDX
%QWUFFKQKFDHOLSTX~R
wOFKWyPFDHOLSTX~R
wQJKLzQJFDHOLSTX~RVRYLPWSKQJ[FK~R
;FKNLQKFD~LPPFWUzQTX~R
wLVFQ~LP
7KLJLDQTXDFQ~LP
7X\QKLzQ~QKOXW.HSOHUFKSGQJ~LYLTX~RYWLQKOW}QJ
P~FKFOFKSGQFDWU}QJOFKSGQKQKFX'RWUL~WNK{QJ
SKL KQK FX O W}QJ FF Y WLQK OL SKL FKX WF ~QJ FD OF PD VW NK
TX\QYQKK}QJFDFFSKRWRQQKVQJWPWWULQzQYWU.HSOHUVE
QKK}QJFDOFQKLXORQJy\UDVDLV7URQJPWVWU}QJKSWKVDLV
Q\ONK{QJWKETXD
 iFKQK[tFYqVDLVWURQJ*36
w FKQK [F FD*36 ELXWK FKW O}QJ K WKQJ Q SK WKXF YR
QKLX\XWQK}NKyXYWLQKYNKyX~LXNKLQWKLJLDQSKWWUX\QVDLV



~R~FYY6DLVFDFF\XWWUzQFKQKOQJX\zQQKyQOPJLP~FKQK
[FKWKQJFQJKDOVDLVFKQKOQKyQW~FWU}QJELXWK~FKQK[F
KWKQJ
6DLVO~LO}QJELXWKVO}QJFD~OFK~R~FVRYLJLWUWKW
w F WK WP KLX ~}F QJX\zQ QKyQ Jy\ VDL V WURQJ ~QK Y  FQ SKL JLL
TX\WFFFyXKL WURQJYLF~QKYVDLVSKWKXFYWUFDYWLQK~}F
ELW~QQK}WKQR~FWQKKQKKFFDYWLQKY~FKQK[FFDNKRQJ
FFKJL~}F~RUDVDRJLLSKSWKFKLQ~FYWU"1K}Y\FFQJXQVDL
VFKQKQKK}QJ~Q~FKQK[FNKL~QKYOVDLVWURQJNKyXYWLQKY
NKyX~LXNKLQVDLVWKLJLDQSKWWUX\QVDLV~R~FFDP\WKXVDLV
FDQJ}LVGQJYQJXQVDLVJy\UDGR~FWQK~QJFDYWGLFKX\Q
9Q~TXDQWUQJQKWWURQJYLFWKLWNKWKQJ*36OJLPQKQKK}QJ
FDFFVDLV~YFVVX\JLPKQKKF~FKQK[FOQKQKW~FFVDL
VNK{QJTXOQWURQJYLFG~RQYWUFXLFQJ'}L~y\OPWVQJXQ
VDLVFKQKYFFSK}|QJSKSOPJLPQKK}QJFDFKQJ
 6DLVNKkXYWLQKYqNKkXpLXNKLQ
.KyXYWLQKYNKyX~LXNKLQJy\UDPWSKQTXDQWUQJWURQJWRQ
EVDLVNKRQJFFKW}|QJ~}|QJQJ}LVGQJ8VHU(TXLYDOHQW5DQJH(UURU
8(5(1KQJVDLVFFNKyXQ\JPVDLV~QJKYWLQKYVDLVOFK
WURQJYWLQK7WFFFYWLQK~X~}FWUDQJE~QJKQJX\zQWFKQJUW
Q~QKYFKVDLOFKVRYLJL*36NKRQJPLOLJLy\wQJKQJX\zQWO
WQVVLzXFKXQ~LXNKLQWRQEKRW~QJFDYWLQKGRY\NK{QJWKG
~RQ FKQK [F ~ FKzQK OFK JLD ~QJ K QJX\zQ W YL WKL JLDQ FD K
WKQJwLXQ\Jy\QzQVDLV~QJKYWLQK7UzQF|VTXDQVW~QJKY
WLQKWUP~LXNKLQFKQKG~RQTX~RW}|QJODLJLOOFKYWLQK6DLV
OFKYWLQKFQJQKK}QJ~QYLFG~RQVKLXFKQKTX~R/FKYWLQK
FKXQKK}QJFDQKLX\XWQK}JLPWWULWU}QJKSGQFDWUL~W
FF~QJKYWLQKFF~QJK WUP~LXNKLQ7WFFFQJX\zQQKyQ
Q\Jy\VDLVFPWVRYLYWU[F~QK
w KLX FKQK VDL V ~QJ K Y WLQK Y VDL V OFK Y WLQK QJ}L WD
WK}QJVGQJNWKXWYLSKyQ*36'*36
 6DLVWKLJLDQSKtWWUX\Q
7Q KLX WUX\Q W Y WLQK WL P\ WKX V SKL ~L TXD FF WQJ ~LQ OL
WQJ~LO}XYWQJNKTX\Q'R~VDLVWKLJLDQSKWWUX\QVEDRJP
FF VDLVGR ~ WU WQJ~LQ OLVDLV ~ WU WQJ ~L O}XY VDLV~D ~}QJ
WUX\Q6DX~y\WDV[WWQJORLVDLV
D 6DLVGR~WUWQJ~LQOL
7URQJWQJ~LQOLFF~LQWWGRQKK}QJUWPQKWLPLWQKLX
~LQWWU}QJWURQJNKRQJExQJWQFD*36/ 0+]/ 
0+] QK K}QJ FD WQJ ~LQ OL W O YL WQJ GXQJ O}QJ ~LQ W GF WKHR
~}QJWQKLXYGR~SKWKXFYRF}QJ~PWWULYWUP\WKXK}QJ
TXDQVWYWKLJLDQWURQJQJ\6DLV~WUWQJ~LQOLFWKYRNKRQJ
~QPWYREDQQJ\YNKRQJ~QPWYREDQ~zP



wWUWQJ~LQOLFWKP{WEQJELXWKF
,ML

a

f2

7URQJ~,MLVDLV~WUWQJ~LQOLFDP\WKXWKLNKLWKXQKQWQKLX
FDYWLQKWKM
IWQVWQKLXWQKEQJ+]
DKVSKQQKELQWKLJLDQFDWQJGXQJO}QJ~LQW
7ELXWKFWUzQWDWK\VDLV~WUWQJ~LQOLWOQJKFKYLEQK
SK}|QJWQVWFOWQVFQJFDRWKVDLVQ\FQJJLPwy\OOGRWL
VDRKWKQJ*36VGQJWQKLXFWQVFDR
%QJFFKVGQJP3WDFWKOPJLP~QJN~WUGRWQJ~LQ
OL Jy\ UD vX ~LP FKQK FD YLF V GQJ P 3 O OP JLP VDL V QK YLF
TXDQVW~}F~WUWQJ~LQOLPQWKD\~LWEDQQJ\VDQJEDQ~zPwy\
OQJX\zQQKyQFKQKJy\UDVDLVWKLJLDQSKWFQJOOGRWLVDRP\WKX
P3F~FKQK[FFDRK|QP\WKXP&$
E 6DLV~WUWQJ~LO}X
.KL ~L TXD WQJ ~L O}X ~}QJ WUX\Q WQ KLX *36 E XQ FRQJ Y E
FKPOL'R~JLWUKLXFKQK~WUWQJ~LO}XSKLWU~LJLWUNKRQJ
FFKGWQKTXDQVW~}FwWU~}QJWUX\QWQJ~LO}XFKYRNKRQJW
~Q PW FF ~QK JF QJKLzQJ O   R Y ~ FDR JQ PF Q}F
ELQ6DLVQ\WxQJWKHRKP7L RVDLV~WUWQJ~LO}XFWK
OzQ WL PW 6DLVQ\ O W}|QJ ~L OQ V KLX FKQKV NK{QJ EKW
~}FVDLVFQOLVOQQzQQKQJYWLQK~FDRQKK|QRWK}QJNK{QJ
~}FVGQJ
wWUWQJ~LO}XSKWKXFQKLW~~PSVXWVWKD\~LFD
~FDR P\ WKX Y VWKD\ ~L NLX ~D KQK G}L~}QJ WUX\Q WQ KLX +LQ
QD\FFFP{KQKNKF[WQJ~LO}XNKFQKDXFKQJ~}FVGQJFQJ
YLFFWKLWE~RSVXWQKLW~Y~P~WQKWRQVKLXFKQK~WU
WQJ~LO}X
F 6DLV~D~}QJWUX\Q
+LQ W}QJ ~D ~}QJ WUX\Q [\ UD QX WQ KLX WKX ~}F EDR JP WQ
KLXWUX\QWKQJYPWKRFQKLXWKQKSKQWUX\QWKHRFF~}QJFFKLX
GLNKFQKDX+QKYG}L~y\P{WKLQW}QJ~D~}QJWUX\Q







+QK+LQW}QJ~D~}QJWUX\Q

+XKWFFDQWHQ*36ODQWHQY{K}QJFKRSKSWKXQKQWQKLXW
QKLXYWLQKFQJPWOF&FDQWHQQ\PFSKLVDLV~D~}QJWUX\QGRV
SKQ [ W QKQJ PF WLzX Q\ wD ~}QJ WUX\Q OP VDL OFK JL WU ~R ~F
NKRQJFFKJLFQJYLVWKD\~LJLDP\WKXYWLQKYYWSKQ[1X
JFQJKLzQJTXDQVWWKSVQKK}QJOQ~QJLWU~R~FYYLJFFWW
RWUzQ~}QJFKyQWULWKQKK}QJ~D~}QJWUX\QVWULWWLzX6DLV
~D~}QJWUX\QFWKJLP~}FEQJFFKVGQJFFQJX\zQOLXKSWK
VQJY{ WX\Q ~LQ [XQJTXDQK FK ~WDQWHQ PW ~W YFKQ YWU~W DQWHQ
FFK [D PW SKQ [ SKQJ +LQ W}QJ ~D ~}QJ WUX\Q F WK Jy\ UD VDL V
NKRQJFFKWPW
 6DLVpRpuFWURQJPt\WKX
6DL V ~R ~F WURQJ P\ WKX FK \X O VDL V QJX QKLzQ Y [\ UD
WK}QJ[X\zQK|QVDLVKWKQJWUzQ9FKQJOQJXQKLzQQzQFWKOP
JLPEQJEOFWK{QJWKS/RZSDVVILOWHULQJ
7URQJKWKQJ*36FKDLORLP\WKX*36~}FVGQJ~OP\
WKX~|QNzQKYP\WKX~DNzQK7URQJP\WKX~|QNzQKFKFPWE[O
WKHRGL~}FVGQJQ~RNKRQJFFKGWQKWPWYWLQKYRPWWKL
~LP7URQJP\WKX~DNzQKFWQKWEQEWKHRGL[O~}FVGQJ~
~RNKRQJFFKGWQKWWQKWEQYWLQK~QJWKL
 6DLVGRWQKpQJFDYWWUX\Q
wLYLQKQJYWGLFKX\QFWUDQJEP\WKX*36NKLWKD\~L~F
WQK~QJPWFFK~WQJWVJy\UDVDLVYWTX~R6DLVQ\FQJQK
K}QJ~Q~FKQK[F~QKYwEWUVDLVQ\FFP\WKXFDKWKQJ
~QKYWRQFX~XFWUDQJEEOF.DOPDQ%OFQ\WX\QWQKKDFF
QJXQQKLXQKPJLPWKLXFFKLXQJFDFKQJWL~XUDP\WKX
6DLVNKRrQJFtFKWonQJponQJpLYLNKkXVGQJ



0L VDL V ~ ~ FS  WUzQ ~X ~}F FRL O VDL V NKRQJ FFK WURQJ
NKRQJFFKJLDP\WKXYYWLQK.KL~Q~}FJLOVDLVNKRQJFFK
W}|QJ~}|QJ~LYLNKyXVGQJ8VHU(TXLYDOHQW5DQJH(UURUl8(5(9L
PWNKRQJWKLJLDQ~GLFFVDLVFWKFRLOQJXQKLzQYLVDLVyPY
G}|QJF[FVXWQK}QKDXQzQJLWUWUXQJEQKEQJ
0L ORL 8(5( F QJXQ JF NKF QKDX QzQ FKQJ ~F OS YL QKDX
7X\QKLzQWDFWKWQKVDLVWQJKSEQJFFKO\FxQEFKDLFDWQJEQK
SK}|QJ FF VDL V WKQK SKQ JL WU Q\ O VDL V NKRQJ FFK W}|QJ ~}|QJ
QJ}LVGQJWQJFQJ
8(5(Jy\QKK}QJ~QVDLVYWUQJ}LVGQJWK{QJTXD~FWQK
KQK KF FD FKP Y WLQK JL O V VX\ JLP KQK KF FD ~ FKQK [F
*HRPHWULF'LOXWLRQ2I3UHFLVLRQl*'23*'23OPWJLWU~NKRVW
QKK}QJFDWQKKQKKFYWLQK~Q~FKQK[FYWLVDLVFDYLF~R
NKRQJFFKJLWURQJVDLVYWUQJ}LVGQJ
6VX\JLP~FKQK[F~}F~QKJLTXDWK{QJVVVX\JLPYWU
FD~FKQK[F3RVLWLRQ'LOXWLRQ2I3UHFLVLRQl3'233'23OJLWUP
NKL QKyQ YL VDL V EQK SK}|QJ WUXQJ EQK FD 8(5( V FKR WD VDL V EQK
SK}|QJWUXQJEQKFDVDLVYWUOFxQEFKDLFDWQJEQKSK}|QJFF~
OFKWLzXFKXQWKHRY~NLQK~Y~FDR
*'23O\XWWQJKSFDFF\XWOLzQTXDQ~QVVX\JLPFD
~FKQK[F'LOXWLRQ2I3UHFLVLRQ~OVVX\JLP~FKQK[FWURQJWD
~QPQJDQJ+'23WKHRSK}|QJWKQJ~QJ9'23YWKHRNKRQJFFK
W}|QJ~}|QJFD~VDLOFK~QJKP\WKX7'237URQJOQKYFKQJKL
WK{QJWK}QJQJ}LWDFKTXDQWyP~QVVX\JLP~FKQK[FWKHRSK}|QJ
QPQJDQJ+'23+RUL]RQWDO'LOXVLRQ2I3UHFLVLRQ
1JRLQKQJQJXQVDLVQLWUzQFQSKLN~QPWORLVDLVJy\UD
EL FRQ QJ}L KD\ FKQK O V ~F TX\Q FD FKQK SK 0 w O NK QxQJ
~QKYKQFK6$6HOHFWLYH$YDLODELOLW\wy\OPWNWKXWFFK~FKFD
0QKPKQFK~FKQK[FFDP\WKX*36~LYLQKQJQJ}LVGQJ
GyQV&KFQKQJQJ}LVGQJi~}FSKSjPLFWKNKDLWKFGOLX
WKLJLDQWKF*366$~}FWKFKLQEQJFFKJy\VDLOFKYWUYWLQKKRF
GOLX~QJKSKWWURQJEQWLQKQJKL
7WFFFVDLVWUzQ[XWKLQELQWKLzQWKHRWKLJLDQYWKHR YWU
~DO7X\QKLzQYPF~FKFD~WL~y\FKQzXUDFFVDLVFKQKY
FFKOPJLPQKQFKNK{QJSKyQWFKVyXYVELQWKLzQFDFFORLVDL
VQ\1KQJVDLVFOLzQTXDQ~QSKQWQKLXWKXV~}FQKFOLSKQ
VDX
9QJEDRSKGFKY
wF WQK FD YQJ EDR SK GFK Y V FXQJ FS FKR QJ}L V GQJ
QKQJWK{QJWLQWQJTXWYYLFWKD\~LYQJEDRSKWUzQWRQFXYWURQJ
PWYQJ~DO1KQJGOLX~}FFXQJFSQ\GDWUzQFFQWPQJNK{QJ
JLDQWUzQWRQFXYLYLNKRQJFFKNPVXWJLWURQJQJ\



&KPYWLQK~}FWKLWN~WL}XKDYQJEDRSKWRQFXWUzQ
PW GLQ UQJ WURQJ PL ~LX NLQ KRW ~QJ 0F WLzX WKLW N FKP Y WLQK
QK}VDX
- &XQJ FS YQJ EDR SK WRQ FX FFK U JLL KQY JFNKXW Y
JLLKQKQKKF
- 1K\FPWURQJYQJEDRSKWLWKLXYLFF~FWQKY~WU{LFD
TX~RYWLQK
- /P JLP FF KLX QJ Y NK QxQJ V GQJ GFK Y WURQJ YLF GL
FKX\QEWNPWYWLQKQRWGFKY7LzXFKXQYYQJEDRSK~}FP{
WWURQJEQJVDX

%QJ7LzXFKXQYYQJEDRSKGFKY
7LzXFKXQYQJEDRSK
&F~LXNLQYKQFK
_YQJEDRSKWRQ ;F VXW [XW KLQ EQ Y WLQK KD\
FX
QKLXK|QWURQJNKRQJJLWQKWUXQJ
EQKFKRWRQFX
%QYWLQKQ\SKLFVVX\JLPY
WUFD~FKQK[F3'23QKK|QKRF
EQJ
*FNKXWJLLKQOR
_  WL QKQJ ~LP F ;F VXW [XW KLQ EQ Y WLQK KD\
~LXNLQEDRSKNP
QKLX K|Q WURQJ NKRQJ  JL ~L YL
FFWU}QJKS[XQKWWUzQWRQFX
%QYWLQKQ\SKLFVVX\JLPY
WUFD~FKQK[F3'23QKK|QKRF
EQJ
*FNKXWJLLKQOR
 .KrQjQJVGQJGFKY
wF WQK Y NK QxQJ V GQJ FKR SKS QJ}L V GQJ QP ~}F FF
WK{QJWLQYNKQxQJVGQJ*36WUzQWKJLLYWQJYQJ.KQxQJQ\
WKD\~LFKWWWKHRWKLJLDQGRFF\zXFXERG}QJYWLQKKQJQJ\w
VQVQJGFKYFJLWUWKXFNKRQJ[NPWURQJJLy\VXWJL
PW QJ\  .K QxQJ V GQJGFK YWKD\ ~LU UQJ QK} PWKP V YV
O}QJ Y V SKyQ SKL FF Y WLQK QJQJ KRW ~QJ 9L FKP  Y WLQK V
KRQYYNWQLFDFFYWLQKQJQJKRW~QJONKOQ1J}LWD~SKyQ
WFKYWPWWYNKQxQJVGQJGFKYWURQJPWVWU}QJKSQK}FF
EQJVDX







%QJ.KQxQJVGQJGFKYNKLFVFWURQJQJ\[XQKW

&F~LXNLQ

7U}QJ KS WW 7U}QJ KS WUXQJ

QKW
EQK

 QJ\     Y 
WLQK QJQJ KRW
~QJ

 QJ\    Y 
WLQK QJQJ KRW
~QJ

 QJ\ NK{QJ 
F Y WLQK QR
QJQJKRW~QJ

.K QxQJ V 
GQJ KQJ QJ\
WQKWUXQJEQK

7U}QJ KS [X

QKW







%QJ.KQxQJVGQJGFKYWRQFXWURQJQJ\NK{QJWQK
~QFFK}KQJWKQKSKQ

&F~LXNLQ

7U}QJ KS WW 7U}QJ KS WUXQJ

QKW
EQK

QJ\PWY 
WLQK  JS  V
F

 QJ\ NK{QJ 
F Y WLQK QR
JSVF

.K QxQJ V 
GQJKQJQJ\
WUXQJEQK

7U}QJ KS [X

QKW






1J}LWD~~}DUDWLzXFKXQYNKQxQJVGQJQ~}FP{WQK}
VDX







%QJ7LzXFKXQYNKQxQJVGQJGFKY

7LzXFKXQYNKQxQJVGQJ &F~LXNLQYKQFK
_FKRWRQFX
7\ WKXF YR WLzX FKXQ YQJ
EDRSK
&F WLzX FKXQ GD WUzQ WKL JLDQ
TXDQ VW O  JL WQK WUXQJ EQK
FKRWRQFX
/\ WUXQJ EQK  JL WURQJ 
QJ\TXDQVW

_WQKWUXQJEQKWLFF 7\ WKXF YR WLzX FKXQ YQJ
~DSK}|QJ
EDRSK
&F WLzX FKXQ GD WUzQ WKL JLDQ
TXDQVWOJLFKRFF~LPEDR
SKNPWUzQWRQFX
/\ WUXQJ EQK  JL WURQJ 
QJ\TXDQVW
_ WUzQ WRQ FX FKR 7\ WKXF YR WLzX FKXQ YQJ
QKQJQJ\F~LXNLQ[X
EDRSK
&F WLzX FKXQ GD WUzQ WKL JLDQ
TXDQ VW O  JL WURQJ ~LX NLQ
[XWQKWUXQJEQKWUzQWRQFX
_ WL FF ~LP EDR SK 7\ WKXF YR WLzX FKXQ YQJ
NP WURQJ QKQJ QJ\ F ~LX EDRSK
NLQ[X
&F WLzX FKXQ GD WUzQ WKL JLDQ
TXDQ VW O  JL WURQJ ~LX NLQ
[X WL QKQJ ~LP EDR SK NP
WUzQWRQFX


 iWLQF\GFKY
wWLQF\GFKYVFKRQJ}LVGQJELW~}FFKWLzXY~WLQF\
GFKY*36GDWUzQFF~FWQKFKQK[FTXDQVW~}FFFNKQxQJPK
WKQJFWKJSVFG~RQKVVDLOLWURQJPWNKRQJWKLJLDQOQNK
QxQJ SKQ QJ YL FF VDL OL FD K WKQJ KLQ WKL 1J}L V GQJ V ~}F
FXQJFSFFWK{QJWLQYWOVDLOLYFFKLXQJFDFKQJWUzQWRQFXY
WURQJNKXYF
wFWKWPKLXYWLzXFKXQFD~WLQF\GFKYQJ}LWD~WQK
WRQYP{WWPWWWURQJEQJVDX




%QJ7LzXFKXQY~WLQF\GFKY
wWLQF\
wLXNLQYKQFK
_WQKWUXQJEQKWUzQWRQ 3KWKXFYRYQJEDRSKYWLzX
FX
FKXQYNKQxQJVGQJGFKY
*LL KQ ~ WLQ F\ FKR VDL V WQK
WRQWKHRFKLXQJDQJNK{QJTX
PW
&F WLzX FKXQ GD WUzQ YLF ~R
WURQJPWQxPO\WUXQJEQKJLWU
KQJQJ\WUzQWRQFX
7QK WURQJ YQJ WL ~D  JL ~L
YLFFGFKYFKQKEQJQJWURQJ
NKRQJWKLJLDQO\PX
_WQKWUXQJEQKFKRWQJ 3KWKXFYRYQJEDRSKYWLzX
YQJ
FKXQYNKQxQJVGQJGFKY
*LL KQ ~ WLQ F\ FKR VDL V WQK
WRQWKHRFKLXQJDQJNK{QJTX
PW
&F WLzX FKXQ GD WUzQ YLF ~R
WURQJPWQxPO\WUXQJEQKJLWU
KQJ QJ\  PKQJ ~LP F YQJ
EDRSKNPWUzQWRQFX
7QK WURQJ YQJ WL ~D  JL ~L
YLFFGFKYFKQKEQJQJWURQJ
NKRQJWKLJLDQO\PX

1JRL FF ~F WQK WLzX FKXQ WUzQ NKL WKLW N P\ WKX 636 *36 KD\
NKDLWKFQWKHRWQKLX636QJ}LVGQJFQSKLQPUWLzXFKXQY~
FKQK[F~QKWKLY~QKYwLX~VJLSQJ}LVGQJGFKYFF|V
FKFFKQ~WKFKLQFFQJGQJFDPQK
%QJG}L~y\VP{W~\~FFWLzXFKXQ~QK}VDX
%QJ7LzXFKXQY~FKQK[F~QKWKLY~QKY
wFKQK[F
w FKQK [F G WQK VDL V WKHR
PW SKQJ QP QJDQJ WURQJ 
WKL JLDQ QK K|Q KRF EQJ 
PW
6DLVWKHRFKLXWKQJ~QJWURQJ
 WKL JLDQ QK K|Q KRF EQJ
PW
6DL V WKHR SK}|QJ QJDQJ WURQJ
WKLJLDQQKK|QKRFEQJ
PW
6DL V WKHR SK}|QJ WKQJ ~QJ
WURQJWKLJLDQQKK|QKRF

wLXNLQYKQFK
3K WKXF YR YQJ EDR SK WLzX
FKXQYNKQxQJVGQJY~WLQ
F\GFKY
wD EQ TXDQ VW  JL WL EW N
~LPQRWUzQWRQFX



EQJPW
9WKLJLDQVDLVWURQJWKL 3K WKXF YR YQJ EDR SK WLzX
JLDQ QK K|Q KRF EQJ  FKXQ Y NK QxQJ V GQJY ~ WLQ
F\GFKY
QDQRJLy\
'DWUzQWKLJLDQFDP\WKX636
*36~}FWQKWURQJNKLJLLELWRQ
~QKY
'D WUzQ YLF ~R WURQJ  JL WL
EWN~LPQRWUzQWRQFX
7LzX FKXQ ~}F ~QK QJKD WKHR
JLFD~LTXDQVW+LTXyQ0

,, 1JX\tQWF[|FxQKYWUWURQJ*36
 1JX\lQOpQKYWURQJ*36
w[F~QKWD~P\WKX*36SKLWKXQKQWQKLXWWQKWY
WLQK~WQKWRQFFWK{QJVYWUNLQK~Y~Y~FDR0LYWLQKV
SKW FF WQ KLX FKR SKS QJ}L V GQJ[F ~QK Y WU Y WKL~LP SKW WQ
KLX7KL~LPSKWWQKLXQ\~}FVRVQKYLWKL~LPP\WKXWKX~}F
WQ KLX ~ WP UD ~ WU SKW W 'R Y\ NKRQJ FFK W P\ WKX WL Y WLQK
~}F[F~QKEQJF{QJWKF
5 WF
7URQJ~5ONKRQJFFKWP\WKXWLYWLQK
FOWF~ODQWUX\QWQKLX~}FWQKEQJYQWFQK
VQJF PV


6DL V
~QJ K
Y WLQK




.KRQJ FFK WKW




.KRQJ FFK JL

0\WKX





6DL OFK ~QJ K P\ WKX Y

FF VDL V ODQ WUX\Q


+QK.KRQJFFKJL



9WU~QKJLOJLDR~LPFDWQKWEDPWFXFWyPOYWLQKY
EQ NQK O NKRQJ FFK ~R ~}F 7X\ QKLzQ ~y\ NK{QJ SKL O NKRQJ FFK
WKFVGRV[XWKLQFDVDLVEDRJPVDLV~QJKYWLQKVDLOFK~QJ
KP\WKXYFFVDLVWUX\QODQQ~}FJLEQJWKXWQJiNKRQJFFK
JLj
w[F~QKYWUFKQK[FFDP\WKXFQSKLKLXFKQKJLWU~QJ
KP\WKXWFOSKLFQWLPWYWLQKWKW}~[F~QKQVWKLJLDQ
&FK[F~QKYWUV~}FQzXUSKQVDX~y\
;tFpQKYWUWNKRrQJFtFKJLr
wR~FF|EQWKFKLQWURQJP\WKXO~RWKLJLDQFQ~WQKLXODQ
WUX\QWYWLQK*36WLP\WKX~WQKUDNKRQJFFKJLDYWLQKYP\WKX
*36
*LV~QJKWURQJP\WKX~QJEYL~QJKYWLQKYNK{QJF

VWUWQKLXWQJ~LQOLWQJ~LO}X~QJWKLNK{QJFVDLVWURQJ~R~F
WKYLF[F~QKNKRQJFFKWP\WKX~QYWLQKV~|QJLQ9WUP\WKX
VQPWUzQPWFXFWyPOYWLQKYEQNQKONKRQJFFK~R~}F7D
JLNKRQJFFKWYWLQKWKQKWWLP\WKXO31XFKQJWD~QJWKL~R
NKRQJFFKWLPWYWLQKWKKDLWKW}|QJQJWDFPWPWFXYLNKRQJ
FFK 3 Y WyP O YWLQK Q\ +DL PW FX V JLDR QKDX Y TX WFK FF ~LP
JLDRQKDXQ\OPW~}QJWUQPWDJLO~}QJYWU0\WKXVSKLQP
WUzQ~}QJYWUQ\7LSWF~R~QJWKLYLYWLQKWKEDPWFXYLWyP
FDYWLQKQ\VJLDRYL~}QJWUQYWUNLDWLKDL~LP0WWURQJKDL~LP
~VEORLWUYQQPUW[DWURQJYWUNK{QJWKOYWUFDP\WKX
1K}Y\YLF~R~FNKRQJFFK~QJWKLWLEDYWLQKFXQJFS~WK{QJWLQ
~ [F ~QK Y WU WURQJ WD ~ ED FKLX WKHR QJX\zQ O WL WKLX DW OHDVW
SULQFLSOH
7X\QKLzQYLFJLVWUzQUQJ~QJKFDP\WKX*36~}F~QJ
EYL~QJKYWLQKONK{QJFWKW.KLP\WKX*36~}FNKL~QJQL
FKXQJ~QJKFDQVEPW~QJEYL~QJKYWLQK+|QQDFF~QJ
KQJX\zQWWUzQYWLQK~QJEYLQKDXYWKHRPWKWKLJLDQFKXQJLO
JL*360\WKXWKFKLQYLF~RNKRQJFFKVEFKPYJLD~QJKY
WLQK Y ~QJ K P\ WKX F VDL V GR ~ NKRQJ FFK ~R ~}F FK O NKRQJ
FFKJL&KFQVDLVWKLJLDQOJLy\VDLVNKRQJFFK~ONP
wy\OPWFRQVNK{QJWKFKSQKQ~}F'RY\QJ}LNKDLWKFKWKQJ
SKL ~QJ E FF ~QJ K Y WLQK EQJ FFK WK}QJ [X\zQ FKX\Q FKR FKQJ
FFOQK KLXFKQK WPW~W0WNKFF|TXDQ TXDQVWKLTXyQ0OX{Q
JLPVWFF~QJKYWLQK*36~[F~QKVVDLOFKYVKLXFKQKWKL
JLDQWKHRWKLJLDQ*36ULFKX\QOzQFKRYWLQK9WLQKVSKWFFWK{QJV
Q\QK}PWSKQFDEQWLQKQJKL0\WKX*36VGQJFFJLWUKLX
FKQK~QJKYWLQKQ\~KLXFKQKNKRQJFFKJL~R~}F
0WYQ~UWTXDQWUQJFQSKLJLLTX\WQD~OVDLV~QJK
P\WKX9FVDLVQ\QzQEDPWFXQLWUzQYLNKRQJFFKJL~R~}F
G~ KLXFKQK YLJL WU KLXFKQK ~QJ K YWLQKV NK{QJ FWQKDXWL
PWYWUFKQK[F7X\QKLzQQXFWK[F~QK~}FVDLV~QJKP\



WKXWKNKRQJFFKJLFWK~}FKLXFKQKYYWUP\WKXFWK~}F[F
~QK
'RY\WKFWFWLEQWK{QJVSKL[F~QK~ONLQK~Y~
~FDRYWUYJLWUVDLVFD~QJKP\WKXG7wWPUDEQWK{QJV
WKHRSK}|QJSKSWRQKFFQSKLOSEQSK}|QJWUQK~W}|QJQJWPUD
EQQ9WKSKL~R~QJWKLNKRQJFFKJLWLYWLQKWK7DOS~}F
EQSK}|QJWUQKVDX
3 

(X x1 )2 + (Y y1 )2 + (Z z1 )2 FG7

3 

(X x2 )2 + (Y y 2 )2 + (Z z 2 )2 FG7

3 

(X x3 )2 + (Y y 3 )2 + (Z z 3 )2 FG7

3 

(X x4 )2 + (Y y 4 )2 + (Z z 4 )2 FG7

7URQJ~3LOFFJLWUNKRQJFFKJL~R~}FL 

[ \ ] OWD~YWUFDYWLQKWKL~}FO\WEQWLQ

KQJKL

;<=OYWUP\WKX
FG7OJLWUKLXFKQKNKRQJFFKJLWVKLXFKQK
~QJKP\WKXG7
*LLEQSK}|QJWUQKWUzQWDWP~}FJLWU;<=YG7W~[F
~QK~}FYWUP\WKXPWFFKW}|QJ~LFKQK[F
1XPWKRFQKLXWD~FDP\WKX~ELWFKQK[FWKFFWD~
FQOLYVDLVFD~QJKP\WKXFWK[F~QK~}FEQJFFKVGQJW
K|QEQNKRQJFFKJL7URQJKQJKL~FDRFDDQWHQP\WKXVRYLPW
ELQKRQWRQFWK[F~QKQzQ~[F~QKYWUWXFKFQVGQJEDY
WLQK
7UzQ ~y\ O QKQJ SKQ P{ WQJQJQ Y SK}|QJ SKS~QK YWURQJ
*36PQJ}LQJKLzQFX~WL~FJQJWUQKE\PWFFKW}|QJ~L~\~
YGKLX1WX\NK{QJQPWURQJSKQ~LVyXYFXWUFWQKLXQK}QJQ
FQJOE}FWULQNKDLP~X~WFJLFF|V~LVyXSKyQWFKFXWUFWQ
KLXWURQJKWKQJ~QKYWRQFXELSK}|QJSKS~QKYOPWYQ~UW
TXDQWUQJNKLQJKLzQFXKWKQJ*36
,,,KWDxWKDPFKLX
7URQJ~QKYFPWYQ~Q\VLQKOP\WKXVVGQJKWD~
QRNKL[OYWQKWRQYWU%QKWK}QJPWYWUV~}FWKKLQWUzQKL
~GRY\FYWUYKL~SKLFFQJKWD~WKDPFKLXWFOFKQJV
GQJFQJPWWK{QJV~P{WKQKGQJYNFKWK}FWUL~W7PKLXY



FFKWKDPFKLX~DONLQK~Y~Y~FDRKD\KWD~wFFFJF

WD~OWyPWUL~W~XFQJKDTXDQWUQJWURQJYLFQyQJFDR~FKQK
[F~QKY*36
+QKGQJFDWUL~W~}FQKLXQKNKRDKFWUzQWKJLLQJKLzQFX
WURQJ QKLX QxP Y ~}D UD FF JL WU NKF QKDX %QJ G}L ~y\ P{ W JL WU
NFKWK}FFDWUL~WPWVKWKQJWURQJ~HOOLSVRLG~}FGQJOPP{
KQKWUL~W

0{KQKHOOLSVRLG
:*6
:*6
,17(51$7,21
&/$5.(

%QWUFOQPW





wGWQJKFK~R






+WKQJ1DYVWDU*36JLLWKLXPWKWD~WKDPFKLXJLOKWUF
~DWKJLLQxP:RXOG*HRGHWLF6\VWHPl:*6
 +WDp:*6
VDX

:*6OPWKWD~WKDPFKLXPW~WQWKDPQFFWLzXFKXQ

/KWD~~DWyPWyPOWyPNKLO}QJFDWUL~WFQJYL~L
G}|QJYNKTX\Q
7KDQJFKLDWURQJQOFFWKDQJKWKQJF|VWUL~WWLFFNKX
YFWKHRWKX\WW}|QJ~LWU}QJWUQJOF
+}QJFDQ~}FWKHR~QKK}QJFD%,+%XUHDX,QWHUQDWLRQDOGH
/h+HXUH
6SKWWULQFDQWURQJ~QKK}QJWKHRGLWKLJLDQVNK{QJWR
UDVTXD\WRQFXOLzQTXDQ~QYWUL~W
+:*6~}FP{WQK}VDX
7yPOWyPNKLO}QJFDWUL~W
7UF =  7KHR K}QJ FF WKDP FKLX FD FF GFK Y OLzQ TXDQ ~Q
FKX\Q ~QJ TXD\ FDWUL~W ,(56 l ,QWHUQDWLRQDO(DUWK 5RWDWLRQ6HUYLFH
+}QJQ\W}|QJQJYLK}QJWUFWUL~WWKHRTXL}FFD%,+QxPYL
VDLVOJLy\
7UF;/JLDRFDNLQKWX\QWKDPFKLX,(56YPWSKQJ~LTXD
WyPYX{QJJFYLWUF=.LQKWX\QQ\WUQJYLNLQKWX\QFD%,+YLVDL
V



 7UF<1PWKHRFKLXWKXQFDKWD~WUFJLDRF~QKJQYL
WyPWUL~W
*FFDKWD~:*6OWyPKQKKFFD(OOLSVRLG:*6YWUF
=OWUFTXD\FD(OOLSVRLG:*6(OOLSVRLG:*6YFFWK{QJVFDQ
~}F WXyQ WKHR FF JL WU FD KLS KL wD YW O Y 7UF ~D TXF W
,QWHUQDWLRQDO8QLRQRI*HRGHV\DQG*HRSK\LFVl,8*
0FGJQ~y\~FQKLXSK}|QJSKSFLWLQ~WQKWRQFFWK{QJ
VFDWUL~WQK}QJFFWK{QJVFKQKQK}EQWUFFKQKFDWUL~WY~
GWFDQYQ~}FJLQJX\zQGRJLWUWQKWRQPLFKNKFVRYLJLWUF
PWNKRQJUWQKFYLGHFLPHWUHGP4XDQWUQJK|QQDOSKQOQFF
QJ GQJ WKF W QK} P\ WKX *36 Y FF TX WUQK OS EQ ~ ~X V GQJ
(OOLSVRLGQ\QK}PWKTXLFKLXWKXQWLQ0WNKFGX\WUVOLXJFV
JLP~}FFKLSKFKRYLFWKD\~LFFSKQPPP\WKXYFKLSK[OEQ
~
7DFEQJ~QKQJKDFFWK{QJVFD:*6QK}VDX
7K{QJV
%QWUFFKQK
wGW
9QWFJF7UL~W
+VKSGQWUL~W
WQKFNKTX\Q

%LXWKF
D

I DED
Z
*0

wOQ
PW
I 
[UDGV
[ PV

WURQJ~EOEQWUFQKE PW
7URQJKXKWFFQJGQJOLzQTXDQ~QYLFOSKL~EQ~GQ
~}QJYWK{QJWLQYWLQKSKLFKX\Q~LKWKQJWUF~D~DSK}|QJVDQJK
WKDPFKLX:*6.KL~WDSKLTXDQWyP~QFFWK{QJVFDKWD~WUF
~DQK}VDX
: NLQK~WUF~D
: Y~WUF~D
YK~FDRWUzQHOOLSVRLG
&{QJWKFFKX\Q~LQK}VDX
:*6 ~D SK}|QJ
:*6 ~D SK}|QJ
K:*6 K~D SK}|QJK
7URQJ~, ,KOFFJLWUKLXFKQKWKWUF~D~DSK}|QJ
VDQJ:*6w|QYFDYWQKEQJJLy\FQFDKWQKEQJPWP
&KQJ~}FWQKWRQWKHRF{QJWKFFKX\Q~LFKXQFD0RORGHQVN\QK}~
QzXWUzQ



 iFKQK[tFFDKWDp:*6 
1KLXNWKXWKLQ~L~~}FVGQJ~WKLWOSWD~:*6FKR
FFNKXYFwFKQK[FWD~~W~}FQJYLFFNWKXWONKFQKDXGR
FFNWKXWQ\NK{QJFXQJFSWD~:*6YL~FKQK[F~QJEYFF
~FWQKWKQJNz
+LQQD\%TXFSKQJ0FF\zXFXNKRVWWUF~DFWK~}F
WKDPQEQJYLF~QKY~F~LPWUF~DWUFWLSGQJ*36.WKXWWKF
KLQFFFKFQxQJQ\~~}FSKWWULQYF~FKQK[F~LYLWUP~|Q
QK}VDX
- 7QxP~QQxPwFKQK[F ~W~}FO FP~L
YLWQJWKQKSKQK

- 7QxP~QQD\~FKQK[FOFP~LYLFFWKQKSKQ
WD~QK}WUzQ
- 7URQJYLFSKWWULQ:6*KWKDPFKLXQ\~~W~}F~FKQK
[FWLFPFKRFFWKQKSKQK

,9 [XKwQJSK|WWULQKWKQJ
1DYVWDU *36 O PW K WKQJ ~QK Y WRQ FX YL QKLX WQK QxQJ }X
YLWQNKFSKFPWFFKFKLXTXQKQJKQFKFDFFKWKQJ~QKY
WU}F~7X\QKLzQYLVWLQENK{QJQJQJFDNKRDKFF{QJQJKPL
QJGQJPDQJWQKFKWFLWKLQWQKQxQJKWKQJ~X~}FSGQJQKP
NKFSKF EWQKQJ KQFKPNK{QJPWKWKQJQRWU}F~NK{QJWQ
WL*36FQJY\QWX\K|QKQQKQJKWKQJ~QKYWU}F~QK}QJYQ
FK}DORLE~}FFFKQFKFKQJKQQK}~FKQK[FKWKQJFKNKG
~LYLKWKQJ~QKYFKQK[F*36336'RY\YQ~TXDQWUQJFQ~W
UDOFLWLQKWKQJ*36VDRFKRQJ}LVGQJGyQVFQJFWKQKQ~}F
~FKQK[F~QKYFDRNKLVGQJ7WQKLzQNKLSGQJF{QJQJKPLF
KWKQJ~QKY336GQKFKRQKQJQJ}LVGQJi~}FSKSjFQJVQyQJ
FDR~}F~FKQK[FYQFWPWOzQWLYLPWWKPFKFWK~WWL
YLFP
9Q~QyQJFDR~FKQK[F~QKYOY{FQJTXDQWUQJELYYL
QKQJQJ}LVGQJ*36GyQVYL~FKQK[FFKPWNK{QJ
WKVGQJ~~QKYFKQK[FWURQJQKQJYQJOXQJOFKKSNKLUDYR
FQJNKLKFQKP\ED\KRFWURQJQKQJYQJFNKQxQJ~QKYKQFK
wSQJQKXFXEFWKLWQ\PWVKWKQJ~QKYWRQYQK|Q~UD~L
&KQJNK{QJSKLOPWKWKQJPLKRQWRQPFKOPWE}FFLWLQ
OQVRYLKWKQJ*36FQKPQyQJFDR~FKQK[F~QKYPWFFKF
KLXTX~QJWKLOPWxQJ~WLQF\KWKQJwFKQKOKWKQJ~QKY
WRQFXYLSKyQ'LIIHUHQWLDO*OREDO3RVLWLRQLQJ6\VWHPl'*36YQJ}LWD
~QJGQJKWKQJ'*36WURQJYLF[F~QKK}QJWXFK\YLWQKQxQJ
FKK}QJJLQJQK}PWODEQ~LQWKLWE'*36&203$66-/57X\
QKLzQWKLWEQ\FKKLXTXNKLKRW~QJYQJF'*36



+WKQJpQKYWRqQF{XYLSKkQ
+QK YG}L ~y\ P{W FXWUF FD PWK WKQJ ~QK Y WRQFX YL
SKyQ'*36QK}VDX



9WLQK*36

0\ WKX
QJ}L
 V
GQJ '*36





$QWHQJLPVW
0\SKWNW
QLGOLX


0\WKXWKDP




&FVKLXFKQK

NKR'*36



+QK&XWUFKWKQJ'*36~LQKQK

*36 YL SKyQ ~}F SKW WULQ QKP WKD PQ FF QJ GQJ ~R O}QJ

NKRQJFFKY~QKY\zXFX~FKQK[FFDRK|QVRYLNKQxQJFDPW
P\WKX*36~FOS+RW~QJFD'*36GDWUzQF|VELWFKQK[FYWU
~D O FD PW WUP WKDP NKR V GQJ ~ WQK WRQ FF V KLX FKQK Y FF
WK{QJV*36FFQJXQVDLVKRFYWU6DX~FFVKLXFKQKYLSKyQQ\
~}FSKWFKRQJ}LVGQJ*36YKVVGQJFFJLWUQ\~KLXFKQK
YLWQKLX*36WKX~}FULWQKWRQYWU
&XKQKFDPWKWKQJ*36YLSKyQ~LQKQKEDRJPPWP\WKX
WKDP NKR ~W WL PW Y WU G TXDQ VW Y PW KRF QKLX P\ WKX QJ}L V
GQJ'*361KQJP\WKXQJ}LVGQJQ\~}FJLOP\WKXGL~QJGR
FKQJNK{QJ~}F~WF~QKQK}P\WKXWKDPNKR7SKSFDDQWHQP\
WKXWKDPNKRKWKQJ[OVKLXFKQKYLSKyQYFFWKLWENWQLG
OLX~}FJLOWUPWKDPNKR&KDLORLP\WKXWUzQP\WKXWKDPNKRY
P\WKXQJ}LVGQJKRFOWKXWKSYO}XOLQKQJGOLXFQWKLWFKR



FFTXWUQK[OVDX~KRFOVJLFKQJ~QYWUPRQJPXQWURQJWKL
JLDQWKFTXD~}QJNWQLGOLX+WKQJQ\KRW~QJQK}VDX
D 1JX\rQOKR{WvQJFDKWKQJ




+QK1JX\zQOKRW~QJFD'*36


'*36KRW~QJGDWUzQQJX\zQWFOFFP\WKXWURQJFQJPWNKX
YFV~QJWKLWQK~}FFFVDLVWK{QJWK}QJWWQKLXNKRQJFFKY
WLQKWKFW0\WKXGL~QJVGDYRFFP\WKXWKDPNKR~~LXFKQK
FFVDLVWUzQwOP~}F~LXQ\P\WKXGL~QJSKLVGQJYWLQKSK
KRF VGQJ FF Y WLQKJLQJQK}WUP WKDP NKR7UP WKDP NKR V SKW
FFVKLXFKQKNKRQJFFKJLFKRQJ}LVGQJWURQJYQJEDRSKFD
PQK0\WKX*36FDWUPQ\FFKWO}QJFDRTXDQVWOLzQWF~WQK
WRQFFVKLXFKQKWROSEQWLQSKWYOLzQOFYLKWKQJ~LXNKLQW
[D0\WQKVSKWFFJLWUKLXFKQKWWUPWKDPNKRWLWUPGL~QJ
YLWF~QKDQKQKWY~WLQF\OQ
7UP ~LX NKLQ ~}F QL YL WW F FF WUP JLP VW Y OLzQ OF YL
WUPWKDPNKREQJPWPQJWK{QJWLQVOLX&FWUPQ\V~LXNKLQY
JLPVWWRQKWKQJ
7UPJLPVWWQJKSEDRJPP\WKX06.P\WKXYLSKyQ*36Y
P\ WQK 0\ WQK V NLP WUD YLF SKW V OLX KLX FKQK '*36 Y WQ KLX
SKW06.7UPJLPVWWQJKSVOLzQKYLP\WKXWKDPNKREQJPW
NzQKSKWVOLXWKLJLDQWKFYQVOLzQWFWK{QJERFKRP\WKXWKDP
NKRYWQKWUQJFDYLFSKWWQKLXWURQJNKXYFEDRSK&FWUPJLP



VWWQJKS~}F~WQJRLNKXYFEDRSKYLNKRQJFFKSKPYLYQJ
EDRSK
7UPGL~QJFFKFQxQJWQKWRQYWUGOLX*36JFYWKXQKQ
FFJLWUKLXFKQK1JRLUDQFQFFKFQxQJWKXQKQFFWK{QJWLQW
WUPWKDPNKR~KLXFKQKVDLV
wWKFKLQYLSKyQ*36FPWVSK}|QJSKSQK}VDX
3KWWQKLXVKLXFKQKNKRQJFFKJLFKRQJ}LVGQJ[O
'OLXWURQJSK}|QJSKSQ\EDRJPVKLXFKQKNKRQJFFKJLWF~
WKD\~LFDVKLXFKQKNKRQJFFKJLYWKLKQFDGOLXOFKYWLQK
PP\WKXWKDPNKRVGQJX~LPSK}|QJSKSQ\ONK{QJJLLKQV
O}QJQJ}LVGQJWWFQKQJQJ}LVGQJWURQJNKXYF~XFWKQKQ
YVGQJVOLXKLXFKQK
3KWVKLXFKQKYWUFKRQJ}LVGQJ[O7URQJSK}|QJSKS
Q\GOLX~}FSKWEDRJP
6KLXFKQKFFJLWUVDLOFKWD~FKRWQJYWLQKFD
QJ}LVGQJ[\]
7F~WKD\~LVKLXFKQKFDFFJLWU[\]
 7KLKQ FDG OLX OFK YWLQK $JH 2I 'DWD (SKHPHULV 
$2'(
wDFKFDQJ}LVGQJ
3K}|QJ SKS Q\ FQJ W}|QJ W QK} SK}|QJ SKS SKW V KLX FKQK NKRQJ
FFKJL0\WKXWKDPNKRSKLELWQKQJGOLXKLXFKQK~}FWQKWRQ
GDWUzQF|VVNKFQKDXJLDWD~~}F~REQJ*36YWD~YWUWKDP
NKR 9 QJX\zQWFFF JL WU VDL OFK WD ~  [\ ]V ~}FSKW ~
P\WKXKLXFKQKWD~WKHRJLLSKSFDPQK7WQKLzQVKLXFKQKY
WUSKL~}FWKXQKQWFQJPWFKPYWLQKVGQJ
7KHRTXDQ~LPNWKXWVKLXFKQKNKRQJFFKJLVNKSKWK|Q
VKLXFKQKYWUELYVKLXFKQKNKRQJFFKJLSKWKXFYRP\WKX
YSKQPPQFKFKQK[FNKLQJ}LVGQJFQJVGQJP\WKXYSKQ
PPW}|QJWKFKwLXQ\SKWVLQKGRNKNKxQWURQJYLFSKyQWFKVKLX
FKQK~QJKYFKQJORLFDFFE[OWURQJP\WKX7URQJNKL~V
KLXFKQKYWUWKFKKSYLFFORLP\WKX0WNKFJLWKQKFDGFKY
NKRQJFFKJLUWFDR\zXFXFFP\WKXWKDPNKRSKLFWLNzQKOL
SKLFFFSKQPPYSKLWKQKWKRVGQJ7X\QKLzQ\X~LPFDK
WKQJKLXFKQKYWUOFFWUPWKDPNKRFWKWKHRGLFFYWLQKWURQJ
NKLP\WKXNK{QJWKX~}FWQKLXGREFQKRFGRF}QJ~WQKLX\X
'RY\WURQJOQKYFKQJKLPWOQKYFPWQKDQWRQY~WLQF\OX{Q
~}F~WOzQKQJ~XKWKQJQ\ONK{QJWKFKKS
E &tVODFKQWQVvSKzWVKLXFKQK'*36



wWKLWOS~}QJOLzQNWGOLXFKR'*36~LXTXDQWUQJEFQKW
OSKLTXDQWyP~QPLTXDQKJLDWP[DYWQVwODFKQWQVWUzQ
WKJLL~WKQJKLPYLQKLXWQVWUzQFFGL0)+)9+)YFFGL/
&.X
9LExQJVQJGLWQV~QN+]WX\UQJQFNKQxQJ~W
~}FWP[DOQQKW QK}QJFKLSKFDQOFDRQKW0WNKFQ\zXFX
DQWHQSKLFDRYF{QJVXWSKWSKLOQ&FWQVExQJQ\F~FWQKWUQK
~}FFFQJXQQKLXFYREDQQJ\YEDQ~zPOLFNKQxQJSKFYOLzQ
NWQKDQKYWLQF\&KQKYY\PFFWQVWUzQExQJQ\~X~UWiFKWj
ELWKYLFQJKLzQFX~WPUDPWExQJWQWKFKKSOY{FQJTXDQWUQJ
&FWQVWKXFGLVQJWUXQJWN+]~Q0+]FNKQxQJWW
QKWNKLSKFY'*36FKRSKPYLUQJYQKLXQJ}LVGQJELYQWQJ
KS~}FFKDL\XWYJLFYWP[DKRW~QJ7K{QJWLQWLQF\FWK
~W~}FNKRQJFFKNPYLQKQJWQVFDRYNPYLQKQJWQ
VWKSWKXFExQJQ\
1KQJWQVFDRWKXFGL0+]~Q0+]YLF{QJVXWFQWKLW
FWKODFKQ~EDRSKFKR'*36WURQJPWNKXYFUQJGLQ\FKL
SKFKRWKLWEUWX\QKLzQQFQK}F~LPONKOF~}FQKLX
7K{QJWLQYWLQKOPWORLKQKOW}QJFKR'*367X\QKLzQYQ~
JLFYJLLSKSWKFKLQOKQFK~LYLUWQKLX~LW}QJ&KQJKQ
~WKXzPWNzQKWK{QJWLQGQKULzQJFKRYLFSKWGOLXPLQxPWKXzEDR
SKLWUNKRQJ86'
F 3KutQJzQWULQNKDL'*36WUrQGLQUQJ
&FKWKQJ'*36FWX\~FLWKLQUWQKLXFKWO}QJ~QKY~L
YLFFNKXYFGQWXKRFWURQJFFOXQJKSFPW~WX~{QJ~FQK}QJ
GRWP[DKRW~QJEEKQFKQzQUWNKFWKWULQNKDL'*36WUzQPW
NKXYFUQJOQ9LFWULQNKDL'*36WUzQPWNKXYFUQJONKNKxQFQ
ELFFOGR
-w WULQ NKDL '*36 WUzQ PW NKX YF UQJ \zX FX SKL F PW V
O}QJOQWUPWKDPNKR
-7D~~DOFDFFWUPWKDPNKRONKFQKDXJLDFFQ}F
-9LF~WFFWUPWKDPNKRJLDFFQ}FUWNKNKxQYWQNP
'RY\~OPJLPQKQJKQFKYNWKXWFD'*36FQJ}LWD
~DQJ QJKLzQ FX SKW WULQ Y WKLW OS PW K WKQJ '*36 FKR SKP YL UQJ
:LGH $UHD 'LIIHUHQWLDO *36 l :$'*36 :$'*36 F WK P UQJ WP
KRW~QJFDGFKY'*36WUzQPWNKXYFOQFDWKJLLYLVO}QJWUP
WKDPNKRYWF~SKWGOLXWQJFQJOQKQKW&FQJKLzQFXFKRWK\
PWPQJJP~QWUPO~EDRSKwL7y\'}|QJ3K}|QJWLQ~
SKWVKLXFKQK'*36OYWLQKWK{QJWLQ'OLXVDLVWQKLXWFFWUP
WKDPNKRV~}FFKX\QTXDYWLQKWK{QJWLQFKRPWWUP[OWUXQJWyP
7UPQ\V[OYSKyQGOLXWKQKEDQKPF|EQ~QKYYWLQK~WU
WUX\QVQJY~OFK~QJK%QWLQKLXFKQKYLSKyQYLED WKQKSKQ



W}|QJQJ~}FSKWFKRQJ}LVGQJTXDYWLQK7WFQKQJQJ}LVGQJ
QPWURQJYQJEDRSK~XF~}F~FKQK[FFDYWLQK*36
7 FKF Y WLQK KQJ KL TXF W ,10$56$7 ,QWHUQDWLRQDO 0DULWLPH
6DWHOOLWHV2UJDQL]DWLRQKLQ~DQJQJKLzQFXYSKWWULQ:$'*36EQJYLF
VGQJYWLQK~DWQK,10$56$7
+FYLQNWKXWY7UF~DYWUFQJYLF|TXDQKQJNK{QJYWU
$QK~QJKLzQFXY~}DUDNWOXQ~FKQK[FWURQJWR~KDLFKLXO
PWFWK~W~}FTXDKWKQJ:$'*36
7FKFKQJNK{QJGyQGQJTXFW,&$2FQJ~NLPWUDNKQxQJ
VGQJ:$'*36TXDFFYWLQK,10$56$7FKRYLFKFQKFKQK[FP\
ED\
7KQJ  QxP  F| TXDQ KQJ NK{QJ OLzQ EDQJ FD 0 )$$ ~
F{QJEPWWK{QJER~QJKFKRKWKQJ'*36WRQFXYWKHRNKRFK
WKFKLQYRQxPWFOQxPSKQJYWLQK,10$56$7WKK
'*36YLQKQJ}X~LPVQFYQKQJ~QKK}QJSKWWULQNK{QJ
QJQJQKPFLWKLQ KWKQJFKFFKQVFQKQJ~QJJSWROQWURQJ
W}|QJODLNK{QJ[D
*36&203$66
*36&203$66NK{QJSKLOPWKWKQJ~QKYWRQFXPLWUzQWK
JLL Q FK O PW N WKXW FD -5& -DSDQ 5DGLR &RPSDQ\ S GQJ YR K
WKQJ *36 QKP FL WKLQ FKW O}QJ K WKQJ 6Q SKP FD Q F WzQ *36
&203$66-/5B7KLWEQ\OPWORLKQKODEQVGQJWQKLX*36
~~}DUDWK{QJWLQYK}QJFDWX
/DEQQ\EDRJPPWNKLDQWHQPWNKL[OYNKLKLQWK1
FWKNWQL~}FYLFFORLUDGDU-0$-0$FD-5&~FWK
KRW~QJPWFFKKRQKRNFWUzQYQJFFEFYWKFKLQFKFQxQJ
WUQKYDWURQJKQJKLwF~LPFDQQK}VDX
$QWHQFD-/5B7URQJ-/5BJPFKDLORLDQWHQF~FKQK
[FWQKK}QJUWFDRWKXQWLQWURQJVGQJYGGQJOS~W
6GX\WUOLzQWFYFKXQKR-/5BNK{QJFQGX\WUOLzQWFQ
~}F VR VQK YL PW OD EQ FRQ TXD\ WLzX FKXQ WURQJ OD EQ Q\ ~ F VQ
YLFGX\WUYFKXQKR
7KLJLDQNKL~QJ7KLJLDQNKL~QJFD-/5BW}|QJ~LQJQ
WK{QJWLQYWQKK}QJ~}FKLQWK~XUDFD-/5BFKVDXNKLEWQJXQ
SKW
&KFQxQJWKXQKQGOLX%DRJPFFKFQxQJFDP\WKX*36
-/5BFNKQxQJ~}DUDGOLXYWF~YWUFQJQK}K}QJFDWX
 7KLW E FPQJWQKLX ~XUD  -/5B NW QL YL E FKX\Q WLS
~QJEFDFFWKLWEODEQUDGDUGQJF~RTXDFFJLDRGLQWXFKQ



.WQLWUFWLSYLFFORLUDGDU-5&-0$Y-0$
wQKGQJ16.-5&YLFF~XUDWF~FDRFD-/5BNWQLWUFWLSYL
FFORLUDGDU-0$Y-0$
&XKQKKWKQJQK}VDX



+QK&XKQK*36&203$66-/5B

+WKQJQ\VGQJORLP\WKX~DNzQKNzQKKRW~QJWUzQWQ
V0+]0+]VGQJP&$'}L~y\OPWVWK{QJVK
WKQJ
wQK\G%PNKLWKXYG%PNKLTXD\EP
wFKQK[FSK}|QJK}QJR
wSKyQJLLR
7KLJLDQNKL~QJSKWNKL~QJQQJ
7F~TXD\EPRV
*LDWFTXD\EP*
%}FJFFF~LR
wFKQK[FYWUPW
7KLJLDQQ~QKEDQ~XV
wXYR'*367KHRWLzXFKXQ57&06&YHUVLRQ
7QKLX[XQJ&KWK[XQJORJDULWY~QER
wLQSYR9'&
1KLW~KRW~QJR&R&YLNKLDQWHQ



R&R&YLNKL[OYKLQWK

9LF V GQJ N WKXW *36 &203$66 FL WKLQ ~QJ N ~ FKQK [F
~QK Y QK NKQxQJ WxQJ WQK K}QJNKL V GQJODEQ NW KS YLWQ KLX
*36WFO~QyQJFDR~}FFKWO}QJKWKQJ'RY\QQKW~QKV~}F
QJGQJUQJULWURQJW}|QJODLQKWOWURQJPWOQKYFP\zXFXYWQK
K}QJ~LKLFDRQK}WURQJKQJKL



&KwvQJL,,
&XWUFWQKLXWKXWURQJJSV
L*LLWKLXFKXQJYWQKLXJSV
.KtLTXtWYpoQJWUX\QWQKLX*36












3KWOzQ

0+=

/

0+]

/
0+
]






3KW[XQJ
0+=

7UP~LXNKLQPW~W
1J}LVGQJ
+QKw}QJWUX\Q*36


7URQJ*36~}QJWUX\QFK\XEDRJPFFWX\Q[XQJWYWLQK
WLNKyXVGQJYWX\QKDLFKLXJLDNKyX~LXNKLQYLYWLQK.KyX~LX
NKLQWKFKLQ~LXNKLQFFWQKQxQJFDYWLQKTXDYLFWKHRGLTX~R
~LXNKLQ~QJKQKFFWUP~LXNKLQ7UP~LXNKLQWKXQKQWQKLX
YWLQKWUX\QWLWUXQJWyP~LXNKLQ~WQKWRQYWUTX~RYWLQKYV
KLXFKQKW~WKQKOSEQWLQGQ~}QJ%QWLQGQ~}QJFK\XEDR
JPGOLXYFFWK{QJV~QJKYWLQKTX~RFKQK[FFDYWLQKV
OLXKLXFKQKWQKLXWUX\QODQWQJ~LQOLYGOLXOFKYWLQK9WLQKV
WKXEQWLQGQ~}QJWNKyX~LXNKLQ6DX~QVSKWEQWLQQ\WUzQFF
WQV/ 0+]Y/ 0+]WKHRSK}|QJWKF~LXELQP
KRSKWUzQVQJPDQJFDP&$YP30\WKXFDQJ}LVGQJVWKX



QKQWQKLXWYWLQKVDX~WLQKQKJLLPY[OWQKLXW~WQK
WRQYWUFQWKLW
6nOoFYQLGXQJQJKLlQFX
D&zFOR{LPVGQJWURQJ*36
0KROTXWUQKELQ~LPWWQKLXW}|QJWWKQKPWWQKLXV
WKD\WKQKPWxQJWQKERPWYWQKFKQJQKLXFDWK{QJWLQ7URQJ*36
V GQJ PW V ORL P JL O NKRQJ FFK QJX QKLzQ JL 3VHXGRUDPGRP
1RLVHFEDORLPNKRQJFFK351~}FSKWPFKQK[F3UHFLVH&RGH
3FRGHOPNKRQJFFKKQJKLWLWKLXP<VGQJ~WKD\WKP3
NKLFK~$6KRW~QJP&$&RDUVH$FTXLVLWLRQFRGH~}FVGQJFKR
YLFWKD\WKP3<&FNWKXWQKyQFKLDPWKFKKSFKRSKSFVNKF
QKDXJLDFFYWLQKGFKQJ~XSKWWL FFWQVExQJ/QKQJYQJ
NK{QJFKRSKSQJ}LVGQJWKXYVGQJFFWQKLXKQJKLULzQJELW
YWLQKVFSKWSKLzQEQVDLFDP&$YP3JLQJQK}KXTXFD
PWVFWURQJKWKQJWRWQVFKXQFDYWLQK+DLPVDLQ\JLOP
NK{QJFKXQ&$1RQB6WDQGDUG&$FRGH16&YPNK{QJFKXQ<1RQ
B6WDQGDUG<FRGH16<&FYWLQKQKP,NK{QJFNKQxQJOPVX\JLP
WQKLX~}FSKWGR~FF\zXFX~LYLP<YFFPNK{QJFKXQ~X
NK{QJSGQJFKRYWLQKQKP,
wFWQKPQKLXJLQJXQKLzQwFWQKFDFFPQ\~}F~QK
QJKDWURQJFFPFYFXWUFFDFKQJYWURQJFFSK}|QJSKSF|EQ~
WRUDFKQJwFWQKFDP<~}F~QKQJKDWURQJFFYxQEQ~LXNKLQ
JLDRGLQ,&'B*36B,&'B*36B,&'B*36B+QKYG}L~y\P{
W V| ~ NKL ~|Q JLQ FD K WKQJ FKR YLF WR OS FX KQK FD 3LW 
0ESVY*LW0ESVW}|QJQJYLP3YP&$wQJWKLV|~NKL
FQJP{WYLFFQJ P{~XQFFFX KQKQ\YLFKXLELWGQ~}QJ'W
FKXLQ\~}FFKXQ~QJKWLESV.WTXKSWKQKFKXLELW~}FV
GQJ~~LXFKVQJPDQJExQJ/
E&XWUFWQKLXEpQJ/
7QKLXWQVExQJ/OGLWQKLXVLzXFDRWQQPWURQJNKRQJ
  *+] 'L WQ Q\ QP WURQJ YQJ FD V Y{ WX\Q GR ~ F ~F WQK
FKQJQKLXWWYWVX\KDR7QKLX*36~}FSKWWUzQKDLWQV/ 
0+]Y/ 0+]7QKLXFDYWLQKSKW~}FSGQJN
WKXW WUL SK V GQJ KDL P NKRQJ FFK NKF QKDX  P &$ WQ V 
0+]WUzQ/YP3WQV0+]WUzQF/Y/+QKYG}L~y\P{W
V|~~LXFKYJLLPWQKLXYWLQK



+QK7RPY~LXFKWQKLX

F%xQWLQKwQJKxL
%QWLQKQJKL~}FSKWWUzQFP3YP&$%QWLQQ\JPFF
GOLXULzQJ ELW ~L YL FF Y WLQK SKW Y FF G OLX WK{QJ WK}QJ ~L YL
WRQEYWLQK'OLXEDRJPWKLJLDQSKWEF~LQGQ~}QJWFKX\Q
JLDR +2: ~L YL YLF FKX\Q WLS TXD\ EP V KLXFKQK ~QJK OFK Y
WU}QJGOLXWP&$~QP3~LYLFFYWLQKSKWOFKYWU}QJG
OLX~LYLWRQEYWLQKFFKVYP{KQK~WUWQJ~LQOLYFFKV
~WQKWRQJL87&
7UzQ~y\OQKQJYQ~FQJLLTX\WNKLQJKLzQFXFXWUFWQKLX
WKXWURQJ*36FKLWLWYFKQJV~}FSKyQWFKUUQJYWPFFSKQ
VDX
,,F|FOR}LPVGQJWURQJJSV
0s&$
0&$OPWPJLQJXQKLzQ~}FFXWRWPWFKXLFFJLWU
YYLWQV~QJK0+]FKXNPV&KXLP&$F~GLQK
~}FWKLWOS~P\WKXFWKWKXQKQWQKLXYWLQKPWFFKQKDQKFKQJ
~QJWKLJLSP\WKXFWKFKX\QWLS~QP30&$~}FGQJ~[F
~QK NKRQJ FFK ~QJ WKL JLS P\ WKX TXyQ V WxQJ F}QJ NK QxQJ WKX
QKQP3YL~FKQK[FFDRK|Q
9LF~RNKRQJFFK~LKLPLP\WKXSKLFEQVDRPWQKLXY
WLQKWKX~}FYWLQKQKVRVQKYLEQPJF0\WKXGFKFKX\QEQVDR



PFDQ~VRVQKYLPYWLQKW~WQKWRQ~}FKLXWKLJLDQJLDKDL
~LPGXPFDYWLQKYP\WKX
+QK Y G}L ~y\ PLQK KR SK}|QJ SKS ~R WKL JLDQ WL KD\ NKRQJ
FFKWURQJP&$























 







7: 
wQJKP\
7: 
WKX
+QK&KXLVDRFKSGFKFKX\QWQJVWURQJP&$

7KQKYWDWK\w}QJONKRQJWKLJLDQ V~}QJO
FKXL  FKLS ~}F NKyX V GQJ WKX QKQ W Y WLQK ~}QJ  O FKXL WKDP
NKR EQVDRWURQJ P\ WKXEW~X WL 7X   %Q VDR Q\ Y EQP JF
WK{QJWK}QJVOFKSKDQKDXGR~Q~}FGFKFKX\QVDRFKRKDLFKXLO
WUQJSKD.KLWUXQJEQKFFWFKFD~LQSWFWKLOFF~LWKKDLFKXLV
~QJSKDYVQJQJGFKFKX\Q
1XNKRQJFFKJLDWXYYWLQKWKD\~LFKXLYWLQKVWLFF
WKL~LPNKFQKDX%W}|QJTXDQW~QJ~~W~}F~LXNLQ~QJSKDV
W ~QJ GX\ WU ~LX NLQ Q\ EQJ FFK GFK FKX\Q EQ VDR 0L E}F GFK
FKX\QVVW}|QJQJYLNKRQJFFK&7  PW



%W}|QJ
TXDQW~QJ

0\WKX








%JKL
GFK



+QK1JX\zQOW}|QJTXDQW~QJ



'OLX

k6DLVWURQJP&$wLYLP&$VDLVFKXLPV VW}|QJ

~}|QJYLNKRQJFFKNP.KRQJFFKQ\OTXOQVJy\UDNKNKxQ
WURQJ~QKY'RY\WURQJP&$FFFKXLVDRFKSEWNFWK~}FVR
VQK YL FKXL Y WLQK EW N &F FKXL 351 ~}F WKX QKQ WKxP G Y
NKX\FK~LFQJYLFFFKXLVDRFKSWURQJP\WKXWK{QJWK}QJVNK{QJ
WUQJ SKD w WP UD O}QJ WKL JLDQ FKzQK OFK FKXLWQ KLX SKWW E JKL
GFK~}FGFKSKDGQWKHR~QJK.KLFFFKXL~QJSKDEW}|QJTXDQW
~QJVVLQKUD~LQSOPGQJGFKFKX\QWK{QJTXDPFKPYFXQJFS
WKLJLDQ~QJKFKRP\WQK+LXWKLJLDQQ\VFKDLWKQKSKQ
VDLVWKLJLDQ~R~}FJLD~QJKYWLQKY~QJKP\WKX
WKLJLDQODQWUX\QFDWQKLXWYWLQKSKWWLP\WKX
kwQKWKLYWRP&$0&$YLV~QKGQJFDYWLQKWKLO
PYQJ*ROGFRGH*LWF~GLPVYWF~FKLS.ESV*LWOWQJ
PRGXOR  FD KDL FKXL P GL  EW * Y *L 7URQJ ~ *L O FKXL *
~}FWU~LELFFFKLSW
WRQzQPWWSP&$ORLWUOQQKDX
QK}~}FFKRWURQJEQJWURQJ~PYOJLQJQKDX&KXL*Y
* ~}FWRELFFWKDQKJKLGFKQKSwDWKFTXLY~XYRFDFFWKDQK
JKLGFKQ\QK}VDX
* ;;
* ;;;;;;
&XKQKFDFFEWRWKDQKJKLGFK*Y*QK}VDX

+QK&XKQKEWRWKDQKJKLGFK*
9FW|NKL~XFD* Y*O&FWKDQKJKLGFK* Y
* ~}F~QJEYLPF;FDEJLLP3&KQJ~}FFKXQ~QJKWL
WQV0+]WKX~}FW~QJKFDEJLLP30+]9LFQ\
QKP~FKFFKQUQJFKLS~XWLzQFDP&$EW~XWLFQJWKL~LPYL



+QK&XKQKFDEWRWKDQKJKLGFK*
FKLS~XWLzQFDP3wWUKLXGQJFDFKXL*GQJ~~QKGQJFKXL
*L ~}F [F ~QK EQJ SKS FQJ PRGXOR  KDL QKS FD WKDQK JKL GFK *
KQKYP{W~LXQ\

+QK7RP&$



7URQJ~

&WLNKQxQJ NWQL~}FODFKQW}|QJQJ BYL P3

NKF QKDX %QJ  O EQJ FF ~X UD FD WKDQK JKL GFK * ~}F OD FKQ
FKXL;LFDP3W}|QJQJYLFKQJYVWQKLX351FQJYLFFFKLS
ULzQJELWFDPLNWTXP351
7}|QJTXDQ~QKWKL~}FFKUDWURQJKQKG}L~y\'OLXYP
YQJELW~}FSKW~QJWKLWL~LPPF;

+QK7}|QJTXDQ~QKWKLP&$
7PWWYP&$wy\OORLPFFXWUFWG\ELW351WQ
V0+]YFKXNPV0Q\F~GLQKQzQFKRSKSP\WKXWP
NLP Y WLQK QKDQK FKQJ JLS P\ WKX FKX\Q WLS VDQJ P 3 0 Q\ FQ
~}FWKLWNQKPJLPWKLX[X\zQQKLXEQJFFKQ~QKULzQJFKRPLY
WLQKYODFKQWSPJLOPYQJ*LW0&$FK~}FSKWWUzQ/Y
NK{QJ~}FPKRGRY\WWFQJ}LVGQJ~XFWKWKXPQ\
0s3
03OPWPNKRQJFFKQKLXJLQJXQKLzQ3510Q\~}F
WKLWOSQK}PWPTXyQVGRY\Q~}FFXWUF~F~SKyQJLLFDR



0Q\~}FWKLWNYLWQVFKLSFDRK|QOQVRYL&$YLWQV~QJ
K0+]'R~~SKyQJLLNKRQJFFKWUzQPWWK|QFPGFF
YQ~WUX\QVQJQKLXYVDLVKWKQJQKK}QJQJKLzPWUQJNWTX
Q\
wWRUDNKNKxQNKLWUX\QKSPFFF|TXDQ0~WKLWOSFKLXGL
QJ\~LYLP3wLXQ\NKLQP3WUQzQSKFWS7X\QKLzQFKXLP
Q\~}FFKLDWKQKFF~RQPQJ\PLYWLQK*36~}FJQPW~RQ
PQJ\~|QQKW7LFQJPWWKL~LPPLYWLQKVSKWFF~RQP
NKFQKDXYLFWKLWNQ\QKPWUQKJLDRWKRDOQQKDX7KL~LPEW~X
FD~RQP~}FWQKYRJLD~zPWKE\YFKQKWWKHRJL*36*36F
WKDQJJLGX\WUOLzQWFWURQJYQJVFD87&~}FWKzPYRKRFEW~L
FFJLy\VDLOFK&XLPLQJ\WKE\PLYWLQKVSKWFFSKQNKFFD
P'R~NKQxQJYNKRFKQPOUWNKNKxQYQNK{QJ~}FOSOL
KQJWXQ
7KXQKQP3&KLXGLPVFDP&$FKRSKSFFYQJWP
NLP KS W}|QJ ~L YL W}|QJ TXDQ P WKP FK QX P\ WKX SKL WP NLP
WURQJ NK{QJ JLDQ ~ [F ~QK Y WLQK EDQ ~X 7X\ QKLzQ G\ P 3 GL KQJ
WXQYLWQV0+]NK{QJFKRSKSVGQJNWKXWQK}Y\7KLJLDQ
FKQK[FSKL~}FP\WKXQKQELW~NKL~QJEWRPWURQJYQJYL
WUxPFKLSFD~LPW}|QJTXDQWQKLX~}DWLwWUX\QKSP3FQVGQJ
PWK}QJGQ~FELWWKX~}FWEQWLQKQJKLYL\zXFXQKQELWP
&$GOLXKQJKLFKFWK~}FJLL~LXFKVDXNKL~JLL~LXFKP
&$%Q K}QJ GQ Q\F WzQ O W FKX\Q JLDR +DQG2YHU :RUG  +2:
+2:FKRELWP\WKXFFKPWLSWKHRFDYWLQK~DQJSKWOEDRQKLzX
EQJFFKVGQJPWEWKLJLDQ~FELWJLOV~P==FRXQW7KL
~LPOLzQTXDQ~QV~P=~}F[F~QKWOFEW~X~RQQLFDEQWLQ
KQJKLPWNKXQJFRQVXEIUDPH6~P=OPWEWKLJLDQYLFKXN
VW}|QJ~}|QJYLFF~LPPF;FDP3WFXLQJ\WKE\KQJ
WXQELXWKWKLJLDQWKD\~L WRQE~L YLFF~RQP3WLS~OFF
WK{QJWLQY~RQP9LVWUJLSPUQJFQJYLNWKXWWKXWxQJF}QJ
PWP\WKXP3FWKFJQJWKXWUFWLSP3PNK{QJFQWKXP&$
WU}F QX Q ELW ~}F WKL JLDQ Y Y WU Y WLQK PW FFK FKQK [F W PW
WK{QJ~LSKQJKLPLQKW
&FESKWPFKRP3UWSKFWS%DQ~XKDLESKWPF|V
~}FVGQJ~WRUDKRF&FNWTXQ\~}FFQJYLQKDXWKQKV
QKSKyQ7LSWKHRPWFKLS~}FSKWEQJESKWPWUXQJJLDQYNWTX
Q\~}FFQJYLNWTXWFFESKWPF|V0WNKFJLWUQ\FQJ
~}FWKFKLQEQJPWQKPSKWPNKF0FXLFQJ~}FWRQzQWYLF
FQJKDLQKPPWUzQwLXQ\OPFKRPWQJKSUWNK[HQYRP3Y
UWNKNKxQNKLQKQGQJPWLSWKHR
*Q ~y\ QKQJ FKL WLW Y P 3 ~ ~}F WK{QJ ER UQJ UL QzQ Q
NK{QJFQOEPW7X\QKLzQPWWURQJQKQJQKLPYFDYWLQKQKP,,
%ORFN,,~}F0G~QKOWKD\~LP3WKQKPWPEPWJLOP<
0 < ~}F V GQJ WKD\ WK FKR P 3 NKL SK}|QJ WKF $B6 KRW ~QJ 9LF
FKX\Q ~L WKQK P E PW QKP QJxQ FQ QKQJ QJ}L V GQJ *36 NK{QJ
~}FXTX\QNKL~Q~}FJLOP3<0Q\~}FSKW~LWUzQF/
Y/0<~}F~QKQJKDWURQJFFYxQEQ~LXNKLQJLDRGLQ,QWHUIDFH



%QJ  9LF JQ FF ~RQ P

6 ~QK 6 WQ KLX /D FKQ ~RQ P &F FKLS WU  FKLS  FKLS
2FWDQ ~X 2FWDQ ~X
GQJ Y 351 *36
FD P
P &$
P 3
WLQK
&$
3
&$*L ;L

















































































































































































































































































































































FKLS2FWDQ~XFDP&$6~XWLzQELXWKijFKR
FKLS~XWLzQEDVFXLELXGLQTXL}FFKRFKLSFQOL9G
FKLS~XFDP&$WKHRWQKLX351VO
&FP&$YOJLQJQKDX
&FFKXL351W~Q~}FGWUFKRPF~FKNKF
&QJNKFGX
&RQWURO'RFXPHQW,&'*36,&'*36Y,&'*36
9P<OPWPEPWQzQQNK{QJ~}F~FSFKLWLW~VGQJPQ\



SKLFFKDNKRP~FELWEYL[OULzQJ7WQKLzQQNK{QJ~}FV

GQJWGR
03351~LYLVQKQGQJYWLQKOPNKRQJFFK3 WF~
GLQJ\YWF~FKLS0ESV&KXLQJ\Q\OWQJPRGXORFD
KDL FKXL SK ~}D YR O ;  Y ;  YL ~ GL W}|QJ QJ O  Y
FKLS; OFKXL; ~}FOPWU~LELFFFKLSWwLXQ\
FKRSKSVGQJNWKXWWRPF|V~WRUDPWWSKSFKXLP3ORL
WU QKDX YL ~ GL  QJ\ WURQJ ~  FKXL GQK FKR Y WLQK V GQJ Y 
FKXL~GWUFKRPF~FKNKF9LFJQFF~RQPQ\ELVQKQGQJ
YWLQK~}FFKUDWURQJEQJ%QWKyQ; ~}FWRELSKSFQJPRGXOR
WL~XUDFDFFWKDQKJKLQKS; Y; FFKXNQJQW}|QJQJO
 Y  FKLS .KL FKX N QJQ ;  ~}F ~P WL  PF ;  EW ~X
~}FWROS0F; [XWKLQFVPWOQVDXNKLFKLSFDPX
; ~}FWRUD&F~DWKFELXGLQFKXL; Y; NKLTXLY~XYRFD
WKDQKJKLGFKFGQJ











; ; ; ; ;











; ; ; ; ; ; ; ; ; 









&FKQKYG}L~y\FKUDYGYPLOLzQTXDQJLDFF~XUDWKDQK
JKLGFKYVPFD~DWKFW}|QJQJTXLY~XYR

+QK&XKQKEWRWKDQKJKLGFK;



7UQJWKLFDPLEWRPFWK~}FELXGLQEQJPWWYFW|
P ~}FWK KLQ EQJ FF FKXL QK SKyQ NK{QJ ~LFD PL WKDQK JKL GFK
QK}VDX
D9FW|EDRJPWUQJWKLQKSKyQFDPLQKSWURQJWKDQKJKL
E*LWUFDQKSWK[XWKLQEzQWULWKDQKJKLWU}FFFJLWU
WUQJWKLFQOLQKPJLPWKLXVQKS



F &KLX GFK FKX\Q QKS O W WKS OzQ FDR YL QKS WK  O QKS
FXQJFS~XUDKLQWKL
6TXL}FYPQ\ELXGLQ~XUDKLQWLY~XUDWKVSWL
WURQJFKXL7TXL}FQ\WLPLWKL~LP; WKDQKJKL; ~}FNKL~X
EQJYFW|PYWKDQKJKL; ~}FNKL~XEQJYFW|P
   &KLS ~X WLzQ FD FKXL ;  Y FKLS ~X WLzQ FDFKXL ; 
[XWKLQ~QJWKLWURQJ~RQFKLS~XWLzQFDPL~RQ; 










+QK&XKQKEWRWKDQKJKL; 


&KX N  FKLS EDQ ~X FD FF FKXL WR UD Q\ ~}F KQ FK ~
FKX\Q GFK FF FKXL ;  Y ;  WURQJ FF FKX N WLS WKHR FD FKXL ;  
NKRQJ; .KLWKDQKJKL; NKL~QJOLW~XQ~}DUDPWFKXL
FKLSEQJFFKE~LFKLSFXLFDFKXLFKLS; EDQ~X7}|QJ
WWKDQKJKLGFK; WRUDFKXLFKLSEQJFFKE~LFKLSFXL
FDFKXLFKLS; EDQ~XwLXQ\NKLQFKRSKDFDFKXL; WU~L
PWFKLSVRYLPLFKXN; WURQJNKRQJ; 


















.KRQJ ;  ~}F ~QK QJKD JP  FKX N ;  FKLS

NK{QJSKLOELVFDFFFKXN; w~LXFKQKWUQJWKLQ\WKDQKJKL
GFK; ~}FJLWUQJWKLFXLFQJFKLSWURQJFKXNWKFD
Q1GX\WUWUQJWKLQ\~QNKLWKDQKJKLGFK; KRQWKQKFKXNWK
FDQFKLSWKzPYR9LFKRQWKQKFKXNWKFD; WKLW
OSQzQPF; WLSWKHRwLP~QKGXQ\VEW~XOLFKRFKDLWKDQKJKL
GFK; Y; ~EW~XPWFKXN; PL


















wWRUDFKXL; QJ}LWDVGQJFKXL; YOPWUQ~LPWV

G}|QJFFFKLSWURQJNKRQJW0LFKXL; VDX~~}FFQJPRGXOR
YLFKXL; ~WRUDFKXL3W~|QQKW




&FWKDQKJKL; Y; VGQJEWRP; KRW~QJWURQJPWE

~LX KQK W}|QJ W QK} FF WKDQKJKL GFK ; Y;  &KQJ FFKX NQJQ
; ~QY; ~QGRY\FKQJFFQJPFWLQ~QJW}|QJTXDQ
QK}FFWKDQKJKL; 0F; ~}F~P~QFKXNY; ~}FJLOL
WUQJWKLFXLFQJWURQJFKXNWLNKL; KRQWWFKXNWKFD
Q&F~DWKFELXGLQ; Y; NKLTXLY~XYRWKDQKJKLGFKQK}VDX
























; ; ; ; ; ; ; ; ; ; ; 








; ; ; ; ; ; ; 







YFW|EW~XFD ; OYFD; O



& 7+$1+
5
, *+, ;$








 






 



% 0 =

& 7+$1+ 5
, *+, ;%







& 7+$1+ 5
, *+, ;$



7 /,
 1*<



&

7 0&
;$


'(&2'(

 



  

0&
;



&X, WXQ

'1*







&X, WXQ

'1*

 


'(&2'(





%W X OL


 


 

0&
;



7 0& ;$



 






;

3L

& 7+$1+ 5
W PF
;L

, *+, ;%
[E

 




&




'(&2'(

 




+QK7RP3



;



7+$1+
*+, '&+

7URQJ~&F~XYRWKDQKJKL
&wQJK
,wXYR
5wWOL~LXNLQ~XFKR~QJKWLSWKHR
&FPF;
Y;WKFKLQFKX\QGFKVRYL;
Y;YOGRNKRQJ;
GLK|QNKRQJ;OFKLS.KL;
QPWURQJWUQJWKLFXLFDFKXNWK
Y;WKXFWUQJWKLFXLFDFKXNYLFFKX\QWLSFDFKQJ
~LYLFFWUQJWKLJFW}|QJQJVWU~LPWNKRQJWKLJLDQOFKLS
7L WKL ~LP EW ~X FD WXQ *36 FF WKDQK JKL GFK ;
 ; ;
 Y ;
~}FEW~X~~}DUDFKLS~XWLzQFD WXQ6WLQ~QJFDFFWKDQKJKL
GFK~LYL;
V~}FWLSWF~QNKRQJ;
FXLFQJFDWXQ*367URQJ
VXWNKRQJ;
Q\ ;;
Y;~}FJLOLFXLFFFKXNW}|QJQJ
FDFKQJWLNKLFKXN;
KRQWW/FQ\FEQWKDQKJKLGFK~}FEW
~XOLYFXQJFSFKLS~XWLzQFDWXQPL
+QKOP{KQKWRP39LF~QKWKLFFWKQKSKQWQKLX
~}FFKUDWURQJKQKQK}VDX






0F
; 
 FKLSV

 FKLSV



0F
; 


0F 3





7KL
JLDQ

V

V

V

 QJ\

 QJ\

+QKwQKWKLFFWKQKSKQWQKLX


,,,FXWUFWQKLXErQJO



&~XWUFWQKLX
*36WKXYSKWWQKLXWUzQExQJ/YLKDLWQVVQJPDQJFKQKO
/   0+] Y /   0+] w}QJ / EDR JP KDL WKQK SKQ
VQJ PDQJ ~}F JKS SKD FX SK}|QJ YL QKDX PL WKQK SKQ VQJ PDQJ
~}F~LXFK%36.ELPWG\ELW&FG\ELWQ\PWOWQJPRGXORFD
P3<YGOLXKQJKLPWOWQJPRGXORFDP&$YGOLXKQJ
KLw}QJ/~}F~LXFK%36.ELPWWURQJKDLG\ELWQ\'\ELWGQJ
~~LXFK/~}FFKQODELFFOQK~LXNKLQWPW~W0WSK}|QJ
WKFQDFQJFWK~}FODFKQWUzQ/EQJFFOQK~LXNKLQWPW~W
QVGQJP3<PNK{QJFQGOLXKQJKLNKL~LXFKWQKLX9L
PW YWLQK F WK WRQE FF \X W WQKLX ~SKW VQJPDQJ P YG
OLXVWKX~}FOLQQKDXWFQJPWQJXQWQV
&tF\XWKSWKqQKWQKLXEjQJ/
4XLKR{FKWQV
7QKLXExQJ/~}FFKDWURQJKDLExQJWQF~UQJ0+]YL
FFWQVWUXQJWyP/Y/.KLGQJ~GWUWUzQPW~WExQJWQGDQK
QJKDFDQJXQQ\O0+]
7URQJYWLQKKV~QJK~}FVGQJ~EFKRFFKLXQJW}|QJ
~L+V~QJK~}FEELO}QJII (W}|QJ~}|QJYL
PW V WKD\ ~L WURQJ K V FKLS P 3 O0+] ~}F E EL O}QJ I 
(+]JLWUQ\W}|QJ~}|QJYL0+]
6X\KDRWutQJTXDQ
6X\KDRW}|QJTXDQ~}F~QKQJKDOVNKFQKDXJLDF{QJVXWY
WLQK WKX ~}F WURQJ ~ UQJ ExQJ  0+] Y F{QJ VXW WQ KLX SKF KL
WURQJ PW P\ WKX W}|QJ TXDQ O W}QJ F FQJ ~ UQJ ExQJ WQ 7UzQ NzQK
/Y/VX\KDRW}|QJTXDQOOQQKWNKLVQJPDQJ~}F~LXFKELWQJ
FDP3<YOXQJGOLXKQJKLwLYLWU}QJKSQ\VX\KDRW}|QJ
TXDQFKLDOPKDLGQJQK}VDX
6NK{QJKRQKRWURQJYLF~LXFKYWLQKG%
6PRGQJVQJFDP\WKXWKLWEQJ}LVGQJOW}QJG%
TXDEOF0+]
7{SqPSKDVQJPDQJ
0W~SKWSyPYSKDFDFFVQJPDQJNK{QJ~}F~LXFKV
QK}PWYQJNKRSKDYL~UQJExQJWSyP~|QELzQ0+]FNK
QxQJTXD\EPVQJPDQJWL~FKQK[F 0,1 UDGLDQ
6SKzWVDL
wSKWVDLWURQJExQJWQKWOG%YLFFVQJPDQJ/Y/WUzQ
NzQKWQUQJ0+]



*KSSKDFXSKutQJ
+DLWKQKSKQFDVQJPDQJ/~}F~LXFKELKDLG\ELWULzQJO
~OFFGOLX~}D YRP&$YP3<V~}FJKSSKD FXSK}|QJ
WURQJYQJPLOOLUDGLDQVYL~WUJLDVQJPDQJWQKLX&$YVQJ
PDQJWQKLX3<OR3KDFKX\Q~LFDVQJPDQJ3NKL3LW OJF
SKDwXUDFDEWRP3YEWRP&$V~LXNKLQFFSKDWQKLX
W}|QJQJQK}VDX
3LW SKDVQJPDQJE~R~LR
*LW VQJPDQJ&$VPSKDR
 *LW  VQJ PDQJ &$V WU~L R WF O VDX NKL*LW WKD\ ~L
WUQJWKLVQJPDQJ&$FQJ~RSKDR
.WTXFDFFWKQKSKQSKDWQKLX~}FSKWOPWKPWQKLX
~LXFKQKSKyQ
7KXWQKLXWYWLQK
9WLQKVFXQJFSFKRNzQK/Y/FFPFF{QJVXWWLWKLXWUzQ
/ O  G%:YL WQ KLXP 3< Y  G%: YL WQ KLXP&$
WUzQ/OG%:FKRP3<&{QJVXWWQKLXYWLQKPW~WQK
K|QPFWSyPQKLWP\WKXGRYLF~LXFKWULSKFDWQKLX~FDRTX
~RYF{QJVXWSKWFDYWLQKwO\~}FWQKLXYWLQKP\WKXVGQJ
NWKXWW}|QJTXDQPNWKXWQ\QJ}LWDWRUDPWEQVDRWQKLX~Q
UL~QJFKQKYLWQKLXWKX~}F0\WKXGFKPVDRFKS~WKFKQJYL
P ~Q W Y WLQK.KLFFP~ WKFK QJ WQ KLX Y WLQK ~}F QQ OL YR
ExQJWQVQJPDQJJF4XWUQKQ\~}FPLQKKRWURQJKQKYVDX
&{QJVXW



6QJPDQJ
*36



9
WLQK

W
6QJPDQJY
FFP



1KLX
W


1KLX
7QKLX
PRQJPXQ
W




0\
WKX

6QJ
PDQJ




1KLX~E
WUL
W

+QK7KFKLQWULSKYNK{LSKFOL



wWUWURQJPP\WKXONKRQJWKLJLDQFKX\QWLS~R~}F FD
FFWQKLXJLDYWLQKYFFDQWHQWLS~ONKRQJFFKJLDYWUYWLQK
YYWUP\WKX9LF~RO}QJQ\~}FJLO~RNKRQJFFKJL
&FP\WKX~LQKQKVGQJNWKXWYQJNKRSKD~~QJEFF
P~}FWROXyQSKLzQP\WKXYVQJPDQJYLWQKLXYWLQKWKX~}F
9QJTXD\EPP~}FVGQJ~WUX\WKHRP&$YP3NKLQFFKF
QxQJTXD\EPWQVVQJPDQJ1J}LWDVGQJKDLYQJTXD\EP~QJ
WKL QKP K WU OQ QKDX ~ WKX ~}F WQ KLX W Y WLQK  +QK Y G}L ~y\
PLQKKRPWKWKQJTXD\EPP\WKX*36WK{QJWK}QJ







  
  

 

 





 




 
  !



 

 

71 +,8
,)

/2 ,)

 
 

 

R NKRQJ
FFK GHOWD JL
' OLX GQ
QJ  +]

R NKRQJ
FFK JL

 " #"
 $
+QK+WKQJTXD\EPP\WKX*36WK{QJWK}QJ
7UQKPWKLWE
7UQKPWKLWE~}F~QKQJKDO~WUJLD~XUDSKW[ExQJ/
FDPWYWLQKULzQJELW~RWLSKDFKQKFDDQWHQYL~XUDFDQJXQWQ
VWUzQYWLQK~7UQ\EDRJPKVQJKLzQJYWQKWKLXFKQK[FFD
Q+VQJKLzQJNK{QJOLzQTXDQ~QNKyXQJ}LVGQJQ~}FFKD~QJ
WURQJFFWK{QJVKLXFKQK~QJK~EWU~LWURQJGOLXGQ~}QJW~
QJ}LVGQJWQK~}FWKLJLDQFDKWKQJ7QKWKLXFKQK[FFD~WU
Q\FQJOVNKFQKDXJLDFF~WU/Y/Q~}F~QKQJKDQK}VDX
7QKWKLXFKQK[FFDWUQKP7QKWKLXFKQK[FKLXGQJ
FDWUQKPNK{QJ~}FY}WTXQV



9LSKyQWUQKP9LSKyQWUQKPJLDFFWQKLXSKW[WUzQ/
Y / FD 3< JP FF WKQK SKQ JF QJKLzQJ ~}F FK UD PW FFK QJX
QKLzQ9LSKyQWUXQJEQKOFFWKQKSKQJFQJKLzQJFKQJFWKyPKRF
G}|QJwWKLWOSPWFXKQKWLWUQJKQJKLJLWUWX\W~LFDYLSKyQ
WUXQJEQKNK{QJ~}FY}WTXQV
7QKOLrQWFFDWQKLX
0L WQ KLX SKW ~L YL PW Y WLQK F WK V QKQ ~}F OLzQ WF W
FQJPWWQV0LWQKLXV~QJEWUQJYLWQKLXP3Y[XWKLQWL
YLFFKX\QWLSWF~P37UzQNzQK/YLFFKX\QWLSGOLXFDKDLWQ
KLX~LXFKFKD~QJP3<Y&$OVNKFQKDXYWKLJLDQJLLKQ
JLDFFFKX\QWLSQNK{QJ~}FY}WTXQV
3KqQFFWQKLX
7Q KLX SKW V ~}F SKyQ FF WUQ SKL wL YL QKQJ VQJ PDQJ
WURQJNKRQJ
VRYLK}QJ~~QKWQKHOLSFD/VG%YLY
WLQKQKP,,,,$YG%YLFFYWLQKQKP,,57QKHOLSFD/V
G%YLQKP,,,,$YYLQKP,,5WUzQFFJFWURQJNKRQJ

VRYLK}QJ~~QK
oLXFKWQKLXYWLQK
6QJPDQJ/ ~}F~LXFK%36.WUzQFKDLP3<Y&$FQJ
YLYLF~}DFFEF~LQGQ~}QJYRFKDLP.WKXW%36.V~RQJ}F
SKDVQJPDQJNKLYLF~LXFKPWKD\~LPFORJLFWVDQJKRFW
VDQJ7UzQ/P&$OFK
VRYLP3<+QKYG}L~y\P{WV|~
~LXFKWQKLX


4

6QJ

PDQJ O


  




7Q KLX /

0 FD

   

LQ
KQJ
KL








 
0 3<

   

7Q KLX /

6QJ
PDQJ O

   

+QKwLXFKWQKLXYWLQK



wLXFK%36.WULWQKLX5)EQJPExQJUQJNWTXOWQKLX
WUL~L[QJQKDXTXDQKFFVQJPDQJ/Y/0&$WULQJXQWQKLX
/ WUzQ ExQJ  0+] YL WQ V WUXQJ WyP  0+] 0 3 WUL FF
QJXQWQKLXWUzQ/Y/YLExQJWQF~UQJ0+]YWQVWUXQJ
WyPO0+]WUzQ/0+]WUzQ/+QKYVDXFKRWK\SKWQ
KLX/YOWLDQWHQP\WKXPW~WF~WxQJFKG%KQK
6KLXFKQK/Yw/
6KLXFKQK/Y/7~}FNKyX~LXNKLQWQKWRQ~WPUDYL
SKyQWUQKPKLXGQJFDYWLQKJLD/Y/6KLXFKQKQ\FKFFK














+QK3KWQWQKLX*36
~LYLQJ}LVGQJPWWQV/KRF/7KFWYLF~QKJL~OFK
~QJKYWLQK~}FSKQQKWURQJKVKLXFKQK~QJKDOEWEXF
'R~QKQJQJ}LVGQJFKVGQJWQV/VWKD\~L~}F~OFKFD
~RQPYLSK}|QJWUQK
W  W7
WURQJ~7 ~}FFXQJFSFKRQJ}LVGQJGOLXNKXQJ
9LQJ}LVGQJFKVGQJWQV/~OFKFD~RQP~}FFKR
ELF{QJWKF



W W7

WURQJ~YLFFWQVWUXQJWyPFD/Y/OI YIW}|QJQJWKWDF
f

1575,42

77

  L1 =
= 
60
1227,6
f L2
*LWUFD7NK{QJEQJJLWUYLSKyQWUQKPYWLQKWUXQJEQK
1
1
 WF O  7  W  W

1 f
1 f

QK}QJ EQJ YL YL SKyQ~WU QKyQYL

WURQJ~W OWKLJLDQKWKQJPWQKLXWQVWKL~}FSKWWYWLQK
,9FXWUFEzQWLQKyQJKzL
iQKGuQJWUDQJGOLXWURQJF~XWUFErQWLQKqQJKrL


+}QJFDOXQJGOLXWYWLQK
%,766(&21'6


 :25'




:25'



:1
W3
%,76

7/0
+2:
  %,76 & 3 %,76




:25'

   

:25'



06%WU}F
:25'



%,76 3 %,76 3

3

&$ 25 3 21 /  %,76

/ 3 '$7$ )/$*   %,7

85$,1'(;%,76

 69 +($/7+  %,76

06%V ,2'&   %,76





+}QJFDOXQJGOLXWYWLQK
%,766(&21'6


 :25'

 



 %,76


:25'

*'


3
3

%,76 %,76


:25'





WRF

3%,76
 %,76
1

 /6%V




:25'

6 FD NKXQJ FRQ
6 WUDQJ

D

%,76

:25'



1

D
 ELWV W 3
1

3

,2'&   %,76 727$/


1$

+QKwQKGQJGOLXEQ



06%WU}F











+}QJFDOXQJGOLXWYWLQK
%,766(&21'6
:25'



:25'



7/0
 & 3
%,76

:25'

 

+2:

%,76

:25'



,2'( &
W 3 
%,76 %,76



3

Q


0   %,76 727$/

:25'






ELWV

06%WU}F

ELWV 3



3

ELWV

06%V

/6%V






+}QJFDOXQJGOLXWYWLQK
%,766(&21'6








:25'



&

%,76


:25'




 %,76
%,763

06%V
/6%V
H   %,76 727$/

:25'


3

&

%,76


:25'




 %,76
%,763

06%V
A   %,76 727$/

 
3

W

%,76


),7,17(59$/  %,7
$2'2   %,76


+QKwQKGQJGOLXEQ



:25'

/6%V

6FDNKXQJFRQ 
6WUDQJ
1$

06%WU}F

3






+}QJFDOXQJGOLXWYWLQK
%,766(&21'6




:25'

 



:25'



7/0
 %,76

& 3






+2:
 %,76

:25'

W 3





&

 3
 %,76 %,76
LF

06%V

  %,76 727$/

:25'

 %,76

06%WU}F
:25'


3

&



 3
 %,76 %,76
LV

L 06%V

/6%V




+}QJFDOXQJGOLXWYWLQK
%,766(&21'6




:25'

 




 %,76





:25'

/6%V

&



UF

 3
3  %,76 %,76
06%V

,   %,76 727$/

:25'

:25'



 %,76 3
 %,76
/6%V

  %,76 727$/


6FDNKXQJFRQ
6WUDQJ


1$



+QKwQKGQJGOLXEQ



06%WU}F
:25'
 

,2'7

 W 3
3 %,76 %,76
,2'(








+}QJFDOXQJGOLXWYWLQK
%,766(&21'6


:25'



:25'

:25'

:25'

06%WU}F
:25'


 

7/0
+2:

& 3
 %,76
 %,76


  
   

 
     

W 3

 3
%,76

 %,76

3  %,76

3






+}QJFDOXQJGOLXWYWLQK
%,766(&21'6


:25'


:25'

:25'

:25'

06%WU}F
:25'




 %,76


3

 %,76

3

 %,76

3%,76


 %,76
%,76 3

W 3




6FDNKXQJFRQ 
6WUDQJ
 

+QKwQKGQJGOLXEQ











+}QJFDOXQJGOLXWYWLQK
%,766(&21'6


:25'


:25'





:25'


  


7/0
+2:

& 3
W3
 %,76
 %,76


  
   

 
    


:25'

 

06%WU}F
:25'


 

 3    3    3

%,76 %,76 %,76 %,76 %,76 %,76 %,76 %,76







+}QJFDOXQJGOLXWYWLQK
%,766(&21'6


:25'


:25'




$

 %,76





3

$   %,76 727$/

 %,76
06%V

:25'

:25'


 


 

06%WU}F
:25'




W
W :1
'1 W

  3    3 
%,76 %,76 %,76 %,76 %,76 %,76 %,76 %,76

3 

W

/6)

:1

/6%V


6FDNKXQJFRQ
6WUDQJ

/6





+QKwQKGQJGOLX%Q




/6)

W 3










+}QJFDOXQJGOLXWYWLQK
%,766(&21'6
:25'



:25'



7/0

 ELWV

&3

:25'


 

+2:

W 3

 ELWV

:25'



W4,

 ELWV 3 ELWV

wQK GQJ G
OLX   ELWV
wQK GQJ Y
WLQK   ELWV




06%WU}F
:25'



 ELWV 3  ELWV

ELWV 3

7UQJ WKL Y WLQK








+}QJFDOXQJGOLXWYWLQK
%,766(&21'6
:25'






:25'


A
 %,763

:25'



 %,763


06%WU}F

:25'



 %,76
3

:25'



0
 %,763



D   %,76

I


6FDNKXQJFRQ
6WUDQJ


~Q


+QKwQKGQJGOLXEQ





D
W
 3
%,76
I

 06%V  /6%V








+}QJFDOXQJGOLXWYWLQK
%,766(&21'6


 :25'

:25'

 
7/0




 ELWV


 


& 3

:25'

+2:

 ELWV

3

 

  

  

  




W4,

:25'



:1,

06%WU}F
:25'



69 +($/7+
 %,7669

69 +($/7+
 %,7669

33

 3
3
ELWV ELWV
69 69 69 69
69 69 69 69
   
   

3
3





+}QJFDOXQJGOLXWYWLQK
%,766(&21'6




:25'




69 +($/7+
 %,7669

69 69 69 69
    

3

:25'



69 +($/7+
 %,7669
69 69 69 69
   

3

:25'



69 +($/7+
 %,7669
69 69 69 69
   

3

:25'



69 +($/7+
 %,7669
69 69 69 69
   
 %,76



6FDNKXQJFRQ
6WUDQJ





+QKwQKGQJGOLXEQ




3

06%WU}F
:25'



 %,76 W

3


z &KWKFKPWVNKLXWURQJFFNKXQJ
3ELWSDULW\
&ELWWKYFD7/0GQJ~GWU
WELWSK}|QJYNK{QJPDQJWK{QJWLQVGQJFKRYLFWQKWRQ
FKQO
  G WU ULzQJ  FF WUDQJ  Y   GQJ ~ G WU FKR K
WKQJYWUDQJ GQJ~GWUFKRFFEF~LQ~FELW
GWUFKRKWKQJ
1K}KQKYP{WEQWLQKQJKLVGQJPX~QKGQJF|EQF
FXWUFNKXQJGLELW~}FFKLDWKQKNKXQJFRQPLNKXQJGL
ELW.KXQJFRQWKYWK~}FOSOLOQQK}Y\PWEQWLQ~\~
SKLSKWFXWUF0LNKXQJFRQJPWPLWGLELW%LWFWUQJ
VOQQKW0RVW6LJQLILFDQW%LW06%V~}FSKWWU}F
0L NKXQJ FRQ ~X EW ~X EQJ W ~R [D 7/0 ~L FS YL Q O W
FKX\QJLDR+2:77/0SKWWU}FFQ+2:SKWVDXWLSVDXOWG
OLX0LNKXQJWURQJW~XFKDFFELWFKQO~KLXFKQKEQWLQ
&F Y WLQK QKP ,, Y,,$ F GXQJO}QJE QK ~ O}X ~}F FF G
OLXGQ~}QJWURQJQJ\NKQxQJQKFDFKQJ~}F[F~QKNKLSKW
GOLXwLYLFFYWLQKQKP,,5GXQJO}QJFDQFQJOQJ\NKL
QS G OLX WKHR SK}|QJ WKF Y WLQK QKP ,,$  QJ\ NKL QS G OLX W
NKyX~LXNKLQFQWKLW~WREQWLQKQJKLWKHRSK}|QJWKFGQ~}QJW
~QJ1XYWLQKNK{QJFKUD~}FFF\XWGOLXKRF~LXNKLQKSO
FFJLWUYV~}FSKWOXyQSKLzQWURQJFFWWK~QWK7URQJ
~LXNLQ~FFYWLQK*36FWKSKWFFEQWLQQJP~QK~}F~QKQJKD
QK}VDX
&FWWKLXNK{QJPDQJWQKFKQO
ELWFXLFDWWKO~FKRSKSWQKFKQOFDNKXQJFRQ
~OKSO
1XWKLXPWSKQWGOLXFKQKQJNKXQJFRQWUFWLSPLOLzQ
KYLESKQ~LXKQK
1XPWSKQW~LXNKLQNK{QJ~}FFKWKEQWLQQ\VSGQJ
FKRPLNKXQJFRQYQKQJNKXQJQ\VQKQ,' WURQJ+2:
9WLQKQKP,FKFWKO}XGOLXQSWURQJ~QQJ\.KL~\
FKQJVSKWPXYWURQJFFWWK~QWKFDPLNKXQJYLV
FXLWV'R~YWLQKQKP,NK{QJFNKQxQJSKWOXyQSKLzQY
WURQJFFWWK~QWKNKLKQJKLWK{QJWK}QJ



9RWKL~LPJLQJ\WKE\FKQKWEQWLQ~}FSKWEW~X
W NKXQJ FRQ  NK{QJ TXDQ WyP ~Q YLF WU}F WKL ~LP Q\ NKXQJ FRQ QR
~}FSKW&KXNWUDQJFDNKXQJY~}FSKWOLEW~XWWUDQJFD
WQJ NKXQJ P NK{QJ FQ ELW WUDQJ QR SKW WU}F WKL ~LP Q\ 7W F FF
WK{QJWLQWLOzQWYWLQKYFFWUDQJVEFWWRQEWL~}QJUDQKJLLFD
EQWLQJLy\WU}FWKL~LPQ\OWKLJLDQFKRSKSSKWEQWLQQzQUDQK
JLLOX{QQPWURQJNKRQJQ\
&FELWKLXFKQKFKQO7WFFFWWURQJNKXQJFRQ~XFKD
ELWKLXFKQKFKQO3DULW\3FKQJOFFELWFWUQJVQKQKWWURQJW
1JRLUDWWKYWKFQFELWNK{QJFKDWK{QJWLQELWQKP
PF~FKWQKFKQO
7UDQJ G OLX WURQJ *36 NK{QJ JLQJ YL GQJ G OLX WURQJ FF K
WKQJ NKF QK} ,QPDUVDW&FK ~QK GQJ WUDQJ G OLX WURQJ *36 NK WKXQ
WLQFKRP\WKXNKLWKXFFEQWLQGQ~}QJPFG~WKX~}FPWEQWLQ
P\WKXSKLWKXNKXQJGOLX
&~XWUFErQWLQG}QpoQJ
7pR[D7HOHPHWU\:RUG7/0
0LW7/0F~GLELW[XWKLQVPWOQWURQJNKXQJGOLX
YOW~XWLzQWURQJPLNKXQJFRQFDEQWLQGQ~}QJ0LW7/0VEW
~XEQJWP~XWLSVDXOEF~LQ7/0ELWGWUYELWKLXFKQK
FKQO3
wLQ7/0FKDFFWK{QJWLQFQWKLWFKRQKQJQJ}LVGQJi~}F
SKSjYFKRSKQ~LXNKLQ
wQKGQJFD7/0Y+2:~}FP{WWURQJKQKYVDX


7
7/0




06%

7 PR ~X
     
       

/6%

&F ELW G WU
3DULW\

%Q WLQ 7/0
                     

+2:

 & ~QJ E YL FX WUF Y WLQK  KRF

F $B6 YL FX WUF Y WLQK 
~QJ O}QJ YL FX WUF Y WLQK 
 &
KRF F ER QJX\YL FX WUF Y WLQK 

&F ELW NLP WUD FKQ O YL

FF V  FF ELW  Y 
3DULW\




,' FD

%Q WLQ Y V ~P 72:

NKXQJ

                             

+QKwQKGQJFD7/0Y+2:
+DQG2YHU:RUG7FKX\QJLDR+2:



+2: GL  ELW Y ~QJ WK KDL WURQJ PL NKXQJ FRQ OLQ VDX
7HOHPHWU\ :RUG +2: FXQJ FS WK{QJ WLQ Y JL Y WLQK Y P 3< 7URQJ
+2:FFELWFWUQJVOQQKWV~}FSKWWU}F+2:EW~XEQJELW
WUL 06% FD V ~P WKL JLDQ WURQJ WXQ 72:  ELW Q\ W}|QJ QJ YL
PF;
PF[XWKLQOFEW~XNKXQJSKWLSWKHR
%LW~}FVGQJWKHRFFK
D9LQKQJYWLQKFPFXWUFQKP,EWOPWF
QKYLJLWUFKUDYLFQNK{QJO}XWUFFGOLXWOQQSGOLXFXL
FQJFQ\~}F~WOLFXLEF~LQPLSKWWLSKQNWWKFFDOQQS
GOLXWLSWKHR
E.KLFFYWLQKFPFXWUFELWOFERQJX\.KL
FQ\[XWKLQELW QVFKUDFKRQJ}LVGQJEQKWK}QJUQJ
~FKQK[FNKRQJFFKQJ}LVGQJ8VHU5DQJH$FFXUDFH85$FWK
[X K|Q QKQJ FK WK WURQJ NKXQJ FRQ  Y NK{QJ QzQ V GQJ Y WLQK Q\
1KQJ QJ}L V GQJ i~}F SKSj V WKDP NKR FF YxQ EQ ~LX NKLQ JLDR
GLQ,&'VY~QP~}FFF\zXFXY6$$B6YLFWKLW
N P\ WKX 6$$B6 Y \zX FX Y YLF WKLW N WKLW E QJ GQJ FK NKL F
6$$B6
%LWFQJFFKFQxQJ
D.KLYWLQKFPFXWUFWUDQJFDNKXQJFRQWK
ELW~}FVGQJQK}PWF~QJE
$B6

E .KL Y WLQK F P FXWUF ELW  O F FKQJ JL PR

.KLVGQJQK}PWF~QJEJLWUWURQJELWFKUDYWLQK~DQJ
~}F~QJEWURQJ~~XFDW7/0WUQJYLPF;1XELW ~LX
NLQQ\FWKNK{QJWQWLFQJKDOYWLQKNK{QJ~}F~QJEYGR~
GOLXWYWLQKQ\NK{QJ~}FVGQJ.KLVGQJQK}PWF$B6ELW
FQJKDOFKFQxQJ$B6~DQJ~}FVGQJYWLQK~
 %LW    FXQJ FS P QKQ GQJ FD FF NKXQJ FRQ WURQJ ~
+2:FWKVOWWKKDLPQKQGQJVQK}VDX

.KXQJFRQ
0QKQGQJ

















&tFNKXQJFRQFDEFpLQ
.KXQJSK
1LGXQJFDNKXQJSK&FWWK~QWKFDNKXQJ
Q\~XFKDELWSDULW\~y\OFFELWFWUQJVQKQKWYELWGWU
NK{QJPDQJWK{QJWLQFFELWYFDWWKFKRYLFWQKWRQFKQO



ELWFQOLFDWWK~QWKFKD~QJWK{QJV~QJKYFFG
OLX NKF QK} WK{QJ WLQ ~QK WKL FD FF NKXQJ SK FF WUDQJ Y FF WS G
OLX7K{QJV~QJKP{WWKLJLDQYWLQKSKyQFKLDWKHRFFNKRQJWKFK
KS&FWK{QJVWURQJPWWSGOLXOWLQF\WURQJVXWNKRQJWKLJLDQ
SKWYFVDXNKRQJWKLJLDQNRGLNKLEW~XSKWWSGOLXWLSWKHR
6WXQELWFWUQJVOQQKW06%FKD~QJ06%V
FDV{~P=ELWELWQ\~LGLQFKRVWXQ*36KLQWKLWL~LP~X
FDWKLJLDQSKWWSGOLXYLiWWFOjFKUDWXQWK6WXQ*36V
WxQJOzQWLWKL~LP~XFXLWXQ9LQKQJYWLQKQKP,,KRW~QJGL
KQEW~XVDXNKLQSNKRQJQJ\VWXQSKWNK{QJW}|QJQJYLV
WXQ*36WKFWGRFKQKFFNKRQJ~FWX\QWL~LPJLDRJLDFFWXQ~
&zFPWUrQNrQK/%LWYFDWWKFKUDPQR
WKFKLQOQK21NzQK/QK}VDX
GWU
P321
P&$21
oFKQK[zFNKRxQJFzFKQJuLVGQJ85$YWLQK%LW
~QFDWVFKRELWJLWU85$GWQKWK{QJTXDKV~FKQK[F
NKRQJFFKQJ}LVGQJYWLQK185$OFKVWKQJNzFD~FKQK
[FWKXQKQ~}F~LYLPLYWLQK1~}FERWURQJEQWLQGQ~}QJO
JLWUGWQKFF~LWURQJNKRQJWKLJLDQFKLXOFFDGOLXFN~Q
6$+V1OGQJVQJX\zQG}|QJW~Q7KVQ\QJ}LVGQJ
FWKWQKWRQJLWU85$GWQK;QK}VDX
N
1+
2

9L1; 



.KL1;  (N 2 ) 
1X1 YLFG~RQ ~FKQK[FONKNKxQQJ}LVGQJ
EQKWK}QJNK{QJQzQVGQJYWLQKQ\
9L1 Y;VW}|QJQJYLFFJLWUY
7QKWU{QJFDYWLQKELWFKWKWQKWUQJOFFELWW
~QFDWVGDYRYLFSKWFDYWLQK%LWSKL/6%FKUDWUQJWKL
FDGOLXGQ~}QJWURQJ~
 WRQEGOLXGQ~}QJ~XWW
 PWYLKRFWWFGOLXWL
 ~y\  ELW SKL FK UD WUQJ WKL FD FF WKQK SKQ WQ KLX 7X\
QKLzQEWNYWLQKQRNK{QJFNKQxQJFKQK[FV~}FFRLOiWWjQX
VWKLXNKQxQJQ\OYQFWURQJWKLWNKRFQFFXWUF~}FQJ}LV
GQJFRLOEQKWK}QJYNK{QJ\zXFXNKQxQJQ\



7QKWUQJYWLQKFQ~}FEVXQJWURQJFFNKXQJFRQY'OLX
WURQJNKXQJFWKNKFYLGOLXWURQJNKXQJYFDFFYWLQKNKFY
FFGOLXFDFFYWLQKNKFFWK~}FFSQKWWLPWWKL~LPNKF
6ExQWLQGOLXvQJK%LWFDWVWURQJNKXQJ
FRQOELWWULFDELWGOLX~QJK,VVXHRI'DWD&ORFN,2'&&F
ELWW~QFDWOELWSKLFD,2'&,2'&FXQJFSVFDWSGOLX
W~JLSQJ}LVGQJWKXQWLQWURQJYLFWPNLPVWKD\~LWURQJFF
WK{QJVKLXFKQK&FJLWU,2'&~}FSKWVNKFYLJLWUSKWWU}F~
QJ\
&GOLXFKRP3WUrQ/.KLEWFDWVOQFK
UDUQJOXQJGOLXGQ~}QJ~EQJWWUzQP3FDNzQK/
 6DL V WU QKP G WQK 7  &F ELW W  ~Q  FD W 
FKD FF WKQK SKQ KLX FKQK ~ KLX FKQK VDL V WU QKP w WU QKP
GQJ~WQKVKLXFKQK~QJKFKR/
&zFWKsQJVKLXFKQKvQJKYWLQK&FELW~QFD
W~QFDWY~QFDWFKDFFWK{QJVFQWKLWFKR
QJ}LVGQJ~KLXFKQK~QJKYWLQKWD D
D

 6 KLX FKQK WQJ vLQ OL  1J}L V GQJ KDL WQ V  /
Y/V KLXFKQK WU QKPGR KLXQJWQJ ~LQOL EQJ YLF SGQJ PL
W}|QJTXDQ
35

PR2 PR1

1

7URQJ~35VKLXFKQKNKRQJFFKJL~LYLKLXQJWQJ
~LQOL
 35  NKRQJFFK JL ~R ~}F WUzQ FF NzQK FDExQJ/
YLFFFKVLW}|QJQJ
f
JLWU~}FFKRELF{QJWKF  L1
f L2

QJKDWUzQ

QK}~~QK

&FKVKLXFKQK~QJK~}FEWQJXQWYLF~RO}QJKDLWQV
YGR~WQKWRQ~}FFFKLXQJFD~WUYLSKyQWUXQJEQKWURQJFXWUF
YWLQK
&tFNKXQJFRQYq
1LGXQJFDNKXQJFRQYw7URQJFFWWK~QWK
FDNKXQJFRQYPLW~XFELWSDULW\OFFELWSKLYELWGWU
NK{QJ PDQJWK{QJ WLQ OFF ELWYFDWWKPLNKXQJFRQYL
PF~FKWQKWRQFKQO&FELWW~QFDNKXQJFKD~QJKQJ
WKFY~OFKGOLXFKREQJKLXFKQK~LQKQJKLFKDWURQJNKXQJFRQ
9LFGX\WUELWFDKDLNKXQJFRQQ\VPDQJFFWK{QJVYWQJ~LQ
OLFDFFYWLQKSKW
 &zF WKsQJ V FD OFK Y WLQK  '}L ~y\ O FF WK{QJ V FKR
SKS[F~QKTX~RYWLQKFFWK{QJVQ\OWK{QJV.HSSOHUKD\WK{QJ



VTX~R7X\QKLzQFFJLWUFDWK{QJ VSKW~}FFKR WURQJWR~K

WKQJFFWK{QJVQ\FKRSKSTX~RFKQK[FQKWSKKSYLKWR~
F ~QK JQ YL WUL ~WFKR WQJ NKRQJ WKLJLDQ WKFK QJ F WK 1J}L V
GQJ V NK{QJ FKX\Q JL WU WR ~ WF WKL QKQ ~}F VDQJ K WR ~ WK{QJ
WK}QJKD\KWR~Q~QK
0
wGWK}QJWUXQJEQKWLWKL~LPWKDPNKR
QwOFKFKX\Q~QJWUXQJEQKVRYLWQKWRQ
HwOFKWyP

.LQK~~LPPFWUzQTX~RWL~LP~XWXQ
$
&xQEFKDLFDEQWUFFKQKTX~R
,
*FQJKLzQJTX~RWLWKL~LPWKDPNKR
wLVFQ~LP
7F~WKD\~LFD[FKNLQK
,7F~WKD\~LFDJFQJKLzQJ
& %LzQ~VKLXFKQKKLFRVLQFD~LVY~
&  %LzQ~VKLXFKQKKLVLQFD~LVY~
& %LzQ~VKLXFKQKKLFRVLQFDEQNQKTX~R
& %LzQ~VKLXFKQKKLVLQFDEQNQKTX~R
& %LzQ~VKLXFKQKKLFRVLQFDJFQJKLzQJ
&

%LzQ~VKLXFKQKKLVLQFDJFQJKLzQJ

W7KLJLDQFKXQFDWQJ~LQOL
,2'(&KVFDGOLXOFK
 &K V FD G OLX OFK ,VVXH RI 'DWD (SKHPHULV  ,2'( 
,2'(OVELWEQJELWSKLFDELW,2'&FDFQJWSGOLX,2'&
FXQJFSFKRQJ}LVGQJPWSK}|QJWLQWKFKKS~SKWKLQPLVWKD\
~LYWK{QJVWQJ~LQOL,2'(~}FFKRWURQJFKDLNKXQJFRQY~VR
VQKYLELWWULFD ,2'&WURQJNKXQJFRQ%WNNKLQREDWKQKSKQ
Q\ NK{QJ WUQJ QKDX WK WS G OLX Q\ E FW KRQ WRQ Y SKL WKX G OLX
PL *L WU ,2'( ~}F SKW ~L V NKF YL JL WU SKW  JL WU}F ~ WF O
,2'(~LPLPWOQ0LVWKD\~LWURQJNKXQJFRQY~XFQJKD
O,2'(WKD\~L9LFORLEWSGOLX[\UDFKWURQJYQJWWSGOLX
~XWLzQ~}FWLOzQ7SGOLX~XWLzQFWKEWKD\WKYREWNWKL~LP
QRWURQJYQJJLYYWKQFWK~}FYWLQKSKWWURQJYQJWK|Q
JL1JRLUDJLWUWWLWQKWOWSGOLX~XWLzQ~}FSKWELYWLQK
VDXNKLQSVNKFYLJLWUSKWWU}FNKLEFWKRQWRQ
oFWQKWKsQJVNKXQJFRQYw&F~FWQKWK{QJV
NKXQJFRQY~}FQzXWURQJEQJ,,
7$2'2$JH2I'DWD2IIVHW$2'2~}FFXQJFSWURQJNKXQJ
~QJ}LVGQJFWK[F~QKWKLJLDQFKFFKQFKRGOLXYEQJKLX
FKQK EQ WLQ GQ ~}QJ ~}F FXQJ FS WURQJ NKXQJ SK  FD Y WLQK SKW



$2'2NK{QJSKLOPWWK{QJV~LQOLQOPWVKQJNK{QJGXELW
YLKVWKDQJ~/6%ONKRQJFFKWY~|QYOJLy\V
&tFNKXQJFRQYq
&KDLNKXQJFRQY~X~}FSKWOSOQSKLzQEQFDFF
NKXQJQ\~}FFRLOFFWUDQJW~QFDPLNKXQJ1JRLWUWUDQJG
WU~}FOSOLJLQJQKDXFFWUDQJFKDGOLXNKFQKDXWURQJFFWWK
~QWK
1LGXQJFDNKXQJFRQYw&FWWK~QWKWURQJ
PLWUDQJ~XFKDELWSDULW\OFFELWSKL/6%YELWGWUNK{QJPDQJ
WK{QJWLQOFFELWYFDWWKPLNKXQJFRQYLPF~FKWQK
WRQFKQO&FGOLXFDQKQJNKXQJFRQQ\~}FWPWWQK}VDX

7K{QJ 6ELW
V

,2'(

&,6
Q


0 

&8&

H

&86


$ 

WRH

&




&

, 

&




,



%QJ,,&FWK{QJVOFK
7KDQJ .KRQJFFK w|QY
FKLD KLXGQJ




0
 



YQJV

 


YQJ


 
5DG




.K{QJWKQJX\zQ


5DG

 
P 


V


5DG
 
YQJ


5DG
 
YQJ


P

YQJ


YQJV


YQJV


D.KXQJFRQWK
WU

&FWUDQJY~}FGQJ~G

&FWUDQJYFKDGOLXOFKFKRFFYWLQKW
~QW}|QJQJ&FWUDQJQ\FWKGQJFKRFFPF~FKNKFQKDX
QLGXQJYVQKQGQJFDFFWUDQJ~}F[F~QKELVQKQGQJYWLQK
FDPLWUDQJ~7URQJWU}QJKSQ\WWUQJWKLELWFDWUDQJ~}F~W
OiVjYYVQKQGQJFDWUDQJ~VNK{QJFJLWUWURQJNKRQJW
~Q
7UDQJOEQJKLXFKQKEQWLQGQ~}QJ



 7UDQJYGQJ~GWUFKRKWKQJ
7UDQJGQKFKRFFEF~LQ~FELW
7UDQJEDRJPFFGOLXYWQJ~LQOLY87&
7UDQJPDQJFFF$6FXKQKFKPYWLQKYWUQJWKL
FDFFYWLQKW~Q
E.KXQJFRQWK
&FWUDQJW~QOGOLXOFKFDFFYWLQKW~Q
7UDQJPDQJGOLXYWUQJWKLFDFFYWLQKW~QWKL
JLDQFKXQFDOFKYVWXQWKDPNKRFDOFK
oQKG{QJGOLXYwvQKG{QJYWLQK
&FWWKWURQJPLWUDQJ~XFELWWUL06%FKDVQKQGQJ
GOLXGDWD,'VQKQGQJQ\[F~QKFXWUFGOLXGQ~}QJ*36F
WKSGQJ6QKQGQJGOLXWKQKWNKLXEQJPQKSKyQ~}F
VGQJWURQJJLDL~RQ,FDFK}|QJWUQK*36YKLQQD\NK{QJFQVGQJ
6QKQGQJGOLXWKKDLV~}FP{WWURQJFK}|QJQ\&FVQKQGQJ
GOLXWURQJW}|QJODLV~}F~QKQJKDNKLFQ
6,'FDGOLXFKWKFF\XWVDX
1KQJWUDQJPQ\FKDGOLXOFKFDPWYWLQK[F~QKFKWK
GOLX[F~QKFXWUFGOLX~}FVGQJFKRFFYWLQKFGOLXOFK
FKDWURQJWUDQJ~
9LWWFFFWUDQJNKFVQKQGQJGOLXP{WFXWUFGOLX
FDYWLQKSKW
6 QKQ GQJ FD Y WLQK ~}F FKR WURQJ FF ELW W  ~Q  FD W 
WURQJ PL WUDQJ&F V QKQGQJF WK ~}F GQK ULzQJ FKR WQJ WUDQJ FD
NKXQJFRQY7X\QKLzQVQKQGQJYWLQKFDFFWUDQJ
WURQJNKXQJFWKWKD\~LYLPLWUDQJ~SKQQKVWKD\~LQL
GXQJFDWUDQJ~6QKQGQJYWLQK~}FGQJWKHRKDLFFK
9LQKQJWUDQJFFKDGOLXOFKFDYWLQKVQKQGQJYWLQK
OFFVJLQJQKDX~}FJQFKRFF~RQP351FDYWLQK~
9LWWFFFWUDQJNKFVQKQGQJYWLQK~}FFKWKOVQKQ
GQJWUDQJ
&FVQKQGQJW~Q~}FFK~QKFKRQKQJWUDQJFFKDG
OLXOFKFDYWLQKFWKFFWUDQJWFDNKXQJYFFWUDQJ
FDNKXQJ6QKQGQJWWFFFVWKHRPQKSKyQGQJ~FKWK
YWLQKJLWURQJNKLFFVQKQGQJW~QGQJFKRFFWUDQJNK{QJ
FKDGOLXOFKFDPWYWLQKFWK&FVQKQGQJFQOLW~Q
FK}D~}FFK~QK
&FWUDQJFKDGOLX~QKGQJFFQJVQKQGQJYWLQKYG
WURQJNKXQJFFWUDQJYFVQKQGQJOWURQJNKLFF
WUDQJYPDQJVQKQGQJO
'OLXOFK



&FWUDQJFDNKXQJFRQYFDNKXQJFKDGOLX
OFKYWQKWUQJYWLQKFKRYWLQK'OLXOFKOPWWSNPFKQK[F
FDWK{QJVOFKY~QJK&FGOLXFKLPWWFFFELWFDFFW
WURQJPLWUDQJWUELWWUL06%FDWVVQKQGQJGOLXYVQKQ
GQJYWLQKW~QFDWWQKWUQJYWLQKYELWGQJFKRYLF
~LXFKQKFKQO6FFELWWKDQJFKLDSKPYLY~|QYFDFFWK{QJV
~}FFKRWURQJEQJG}L~y\
&FEQWLQOFKFKRYWLQKJLVFKDFFJDWUYLEWKLXFKQK
FKQ O F KLX OF 9L  Y WLQK KRF W K|Q OFK F WK ~}F OS OL WURQJ
YQJJLLKQFKXN&FWK{QJVOFKV~}FNKyX~LXNKLQFSQKWW
QKWQJ\PWOQNKLNKyX~LXNKLQF WKQSFKRYWLQK7URQJWU}QJ
KSNKyX~LXNKLQNK{QJWKQS~}FFKRYWLQK~FKQK[FFDFFWK{QJ
VOFK~}FSKWELYWLQKVEJLPWKHRWKLJLDQ



7K{QJV
H
WRD
L

$


0
DI
DI


%QJ,,,&FWK{QJVOFK
6ELW
7KDQJ~ .KRQJFFK
KLXGQJ
 
























 




w|QY
.K{QJWKQJX\zQ
6
YQJ
YQJV
P 
YQJ
YQJ
YQJ
V
VV

7QKWU{QJYWLQK
&FNKXQJFRQYFKDKDLQKPGOLXYWQKWUQJYWLQK
0LWUDQJWURQJWUDQJFKDGOLXOFK~QJKOLzQTXDQWLOFKY
WLQKFXQJFSELWYWQKWUQJYWLQKOLzQTXDQWLYWLQKPQPDQJGOLX
OFK
7UDQJWKFDNKXQJYSKLKSFKDELWYWQKWUQJFD
YWLQK
%DELWWUL06%WURQJWWUQJWKLELWFKUDWQKWUQJFDGOLXGQ
~}QJ7URQJWELWELWWULGQJ~WK{QJERWPWWWQKWUQJFDGOLX
GQ ~}QJ  ELW SKL FD F KDL W  ELW Y  ELW [F ~QK WQK WUQJ FD FF
WKQKSKQWQKLXYWLQK0WQJKD~FELWQDOYLFNWQLiVj



FDWELWWURQJWUDQJNKXQJY1FKUDUQJYWLQKFVQKQGQJ
~NK{QJWKWKX~}FYNK{QJFGOLXOLzQTXDQWLYWLQKWURQJWUDQJ~
FD NKXQJ FRQ  Y  Q ~}F FK WK ~ FKD ~QJ FF G OLX OFK WK{QJ
WK}QJFDYWLQK~7X\QKLzQFQO}XUQJ
1JKD~FELWFKSGQJFKRFFWUDQJFDNKXQJY
&WKFGOLXOLzQTXDQWLYWLQKNKFWURQJWUDQJOFK
7QKWUQJYWLQKNKL[WPWFFKW}|QJ~LONKQxQJ~~}FWKLW
N FD WQJ Y WLQK WKHR P FX KQK 'R ~ FF Y WLQK NK{QJ F FF NK
QxQJ QKW ~QK V ~}F FK WK O iWWj QX QK} NK QxQJ Q\ O YQ F WURQJ
WKLW N KRF WKHR TXDQ ~LP FD QJ}L V GQJ FX KQK WKHR FFK WKF P
QJ}LVGQJNK{QJFQNKQxQJ~&FWQKWUQJGOLXGWQKV~}F
FSQKWYRWKLJLDQWLWQKLXOzQYWLQKNKLNKyX~LXNKLQ[y\GQJOFK
PL&FGOLXYWQKWUQJFWKNK{QJW}|QJQJYLWQKWUDQJWKFWFD
YWLQK~DQJSKWKRFFFYWLQKNKFWURQJFKPGRFVNKFQKDXYWKL
~LPFSQKW
7WUQJWKLELWFKLPFFELWWFDWWURQJWUDQJFFKD
GOLXFKRFFYWLQKULzQJELW7WUQJWKLELWVFKLPELWWUL06%
FDFFWW~QWURQJWUDQJFDNKXQJSKFQJYLFFELWW~Q
FDWELWWULFDWYELWWULFDWWURQJWUDQJNKXQJ
&XKQKYWLQKYwFzFF$B6
7UDQJFDNKXQJFKD~QJPWWKQKSKQGLELW~LYLPLY
WLQKWURQJFKPYWLQK~FKUDWUQJWKL$B6YPFXWUFFDPLY
WLQK%LWWULFDFFWKQKSKQELWQ\OF$B6YLVFKWKUQJ$B6
~DQJKRW~QJ%DELWSKLVFKUDFXWUFFDPLYWLQKFKRYWLQK
QKP,YFKRYWLQKQKP,,
&FWKQKSKQELWQ\FKLPFFELWW~QFDWELWWULFD
W~QELWWULFDWYWRQEWUDQJFDNKXQJ
/FKYWLQK
D7KLJLDQWKDPNKxRFDOFKW4,7KLJLDQWKDPNKRFDOFKWRDO
ELVFDJLy\~}FFWWQJ\VDXNKRQJWKLJLDQSKWFKLXOF
OQWKQKWFKRWSGOLXOFKQ\/FK~}FKLXFKQKWK}QJ[X\zQ~~P
ERUQJJL*36WYWKLJLDQWKDPNKRFDOFKNK{QJFKzQKOFKTX
QJ\WURQJNKRQJWKLJLDQSKW&FWK{QJVFDOFK~}FFSQKWWQKW
QJ\PWOQ
E 7XQ WKDP NKxR OFK  &F ELW W  ~Q  FD W  WURQJ WUDQJ 
NKXQJVFKWKVWXQ:1DPWKLJLDQWKDPNKRFDOFKQPWURQJ~
:1DEDRJPELWSKLFDWRQEVWXQ&FELWW~QFDWWURQJ
WUDQJFDNKXQJVFKDJLWUWRD~}F~}DYRV:1DQ\
&zFWKsQJVY87&
7UDQJFDNKXQJFRQEDRJP



&FWK{QJVFQWKLW~OLzQKJLDJL*36Y87&
&FWK{QJERFKRQJ}LVGQJJLWUW}|QJODL~~}FG~QKKRF
JQQKWOLzQTXDQ~QEQWLQGQ~}QJWLOzQYWLQKFDVKLXFKQKWKL
JLDQGRFFJLy\G{LUDW/6)FQJYLVWXQ:1/6)YVQJ\'1YR
OFNWWKFFDQJ\~WKFFJLy\G{LUDWUQzQFWFGQJ1J\OQJ\
~X WLzQ W}|QJ QJ YL ELW ~XNW WKF WXQ Y JL WU :1/6) JP  ELW SKL
WURQJWRQEVWXQ1J}LVGQJSKLWQKWLWQKFKWEOPWUQFDFF
WK{QJ V QK} YLF OP WUQ FD '1 :1W Y :1/6) *L WU WX\W ~L FD ~
FKzQKOFKJLD:1WY:1/6)NK{QJ~}FY}WTX
ELWWULFDFFW~QFQJYLELWWULFDWWURQJWUDQJ
FDNKXQJFKDFFWK{QJVFOLzQTXDQ~QVW}|QJTXDQJLD87&YJL
*36
&FWK{QJVY87&V~}FNKyX~LXNKLQFSQKWWQKWQJ\PW
OQ NKL NKyX ~LX NKLQ F WK QS FKR Y WLQK 7URQJ WU}QJ KS NKyX ~LX
NKLQNK{QJWKQS~}FFKRYWLQK~FKQK[FFDFFWK{QJV87&~}F
SKWELYWLQKVEJLPWKHRWKLJLDQ
'OLXYWQJvLQOL
'OLXYWQJ~LQOLFKRSKSQJ}LVGQJPWWQV/KRF/
V GQJ P{ KQK WQJ ~LQ OL ~ WQK ~ WU FD WQJ ~LQ OL ~}F FKD ~QJ
WURQJWUDQJFDNKXQJFRQ&KQJFKLPFFELWW~QFDWY
ELWWULFDWYwGLWKDQJ~Y~|QYFDFFWK{QJVQ\~}FFKR
WURQJEQJVDX
%QJ,9&FWK{QJVWQJ~LQOL
7K{QJV 6ELW
7KDQJ~ w|QY
V




 
VYQJ





VYQJ



VYQJ



V




VYQJ


 
VYQJ



VYQJ




%xQWLQvFELW
7UDQJ  FD NKXQJ  ~}F GQK ULzQJ FKR FF EQ WLQ ~F ELW YL QL
GXQJFWKOVVX\[WFDQJ}LNKDLWKF1V~LXWLWYLFSKWFDN
W$6&,,ELWELW\zXFXVFKLPFFELWW~QFDWELWWUL
FDFFWW~QFQJYLEWWULFDWELWWULFDWVFKD
~QJVQKQGQJGOLXYVQKQGQJYWLQKWURQJNKLFFELWW~Q
FDW~}FGQKULzQJFKRKWKQJVGQJELWFQOLFDFFWWK
~QWKGQJ~KLXFKQKELWWYWQKWRQVKLXFKQKELWWURQJ
W



%xQJKLXFKQKExQWLQGQvuQJ
7UDQJFDNKXQJFRQFKD~QJGOLXWKFKKSYEQJKLXFKQK
EQWLQ GQ ~}QJ 1DYLJDWLRQ 0HVVDJH &RUUHFWLRQ 7DEOH  10&7 ~LYL Y
WLQKSKW0L10&7FKDELWFKWK$,WLSWKHRONKHFWKFKD
JLWU(5'(VWLPDWHG5DQJH'HYLDWLRQwOFKNKRQJFFKG~RQELW
KSO+DLELW$,WURQJELWYFDWUDQJNKXQJFXQJFSFKRQJ}LV
GQJFFWK{QJWLQVDX
$,7QKNKGQJFDEQJKLXFKQKEQWLQGQ~}QJ
%QJKLXFKQKNK{QJ~}FPKRYNKGQJYLPLQJ}LVGQJ
%QJKLXFKQK~}FPKRYFKNKGQJYLQJ}LVGQJ~}FSKS
%QJKLXFKQKNK{QJNKGQJYLPLQJ}LVGQJ
'WU
0LNKHFDNKH(5'ELWWURQJFFELWW~QFDWFF
ELWW~QFDFFW~QYFFELWW~QFDWWURQJWUDQJ
NKXQJVW}|QJQJYLPWJLWU(5'~LYLPWVQKQGQJYWLQKF
WK &F NKH (5' F WK W}|QJ QJ YL  V QKQ GQJ Y WLQK 69 ,' F
SKPYLW69,'~Q69,'69,'NK{QJKSO~LYLPLNKHWURQJ
EQJ KLX FKQK EQ WLQ GQ ~}QJ 6 W}|QJ QJ JLD  NKH (5' Y  V
QKQGQJYWLQKFWKSKWKXFYR69,'FDYWLQKSKWFWKWKHRTXL
OXWVDX
 .KyX ~LX NKLQ V FKF FKQ UQJ NK{QJ F Y WLQK QR SKW PW
EQJKLXFKQKFKD~QJJLWU(5'~}FSGQJFKR69,'FDEQWKyQ
Q
.KyX~LXNKLQVFKFFKQUQJPLJLWU(5'V~}FSKWWKHR
WKWFFNKHWG}L OzQFD69,'W}|QJQJ9GYWLQKF69,'V
SKWJLWU(5'W}|QJQJYL69,'~Q69,'WURQJFFNKH(5'~Q
W}|QJQJWURQJNKLYWLQKF69,'VSKWJLWU(5'W}|QJQJYL
69,'~Q69,'WURQJFFNKH(5'W~QW}|QJQJ
0LJLWU(5'~}FFKD~QJWURQJPWNKH(5'10&7V~}F~L
GLQELPWVEKDLELWYLELWGXOELWWULYPWELWSKLFDP~L
YLPWNKRQJFFKKLXGQJP0WJLWUQKSKyQVFKUD
UQJNK{QJFJLWU(5'FKR69,'W}|QJQJWURQJNKH~
7UzQ~y\OQKQJP{WFKLWLWYFXWUFEQWLQGQ~}QJWURQJ~
PLWKQKSKQ~X~}FQzXPWFFKWPYFWK7URQJSKQQ\YPXQ
P{WPWFFKW}QJ PLQKYFXWUFWURQJPLNKXQJFRQQzQWFJLWUQK
E\Y WQJNKXQJ ULzQJU'RY\ FQKQJ PFF WzQ W}|QJ WQKDX WURQJ
WKQKSKQFDFFNKXQJWX\QKLzQQLGXQJFDFFPF~ONKFQKDXY
FKFQxQJFDPLNKXQJSKONKFQKDX




9&|FWKXWWR|Q[OEzQWLQ
&tFKvQJVWRtQKF
0WVKQJVWRQKF~~}F~FSWLWURQJFFE}FWQKWRQ
WUzQQK}VDX
7F~QKVQJ
F PV
wy\OWF~QKVQJ~}FVGQJFKQKWKFWURQJKWUF~D:*6
QJ}LVGQJSKLGQJWF~Q\~WQKWRQ&FKQJVNKFFDK
:*6PQJ}LVGQJFQ~WQKWRQOFKYWLQKO
 PV~y\OJLWUFDKQJVKSGQ7ULwW
WURQJ:*6
0     UDGV   WF ~ TXD\ FD WUL ~W WURQJ K
:*6
w QK\ FD Y WU WyP SKD DQWHQ Y WLQK ~L YL FF QKLX ORQ QK
WURQJKXKWFFWK{QJVFDOFKYWLQKOY{FQJwQK\FDYWU~LYL
FF WK{QJ V $ &UF &UV O PP w QK\ Y WU FD WK{QJ V WF ~ JF O
P 12 YQJV9~QK\FFOQFDQKLXORQJFQzQWKFWKQJVWRQ
KFOWVJLDFKXYL~}QJWUQY~}QJNQKFDFKQKQ~}FO\JL
WU
 
7KXWWRtQKLXFKQKFKxQO
1J}LVGQJSKLSKWKLQVFWURQJEQWLQGQ~}QJ~JLLP
VGQJFFSK}|QJWUQKWKXWWRQFKQOWKHREQJVDX


 
 
 

%QJ9&FSK}|QJWUQKJLLPFKQO

/ 
/ 
/ 

















/ 
 / / / / / / / / / / / / / /
 / / / / / / / / / / / / / /
 / / / / / / / / / / / / / /
 / / / / / / / / / / / / / /
 / / / / / / / / / / / / / / /
 / / / / / / / / / / / / /


7URQJ~
G GGOFFELWGOLXQJXQ
.KLX GQJ~QKQGQJKDLELWFXLWWU}FFDNKXQJFRQ
'''OFFELWKLXFKQKFKQO~}FWQKWRQ
''''OFFELW~}FYWLQKSKW
OSKSFQJPRGXORKRFSKSFQJORJLF;25

+QKYG}L~y\OO}X~WKXWWRQNK{LSKFGOLXYNLPWUDFKQ
O%LWSDULW\' ~}FGQJ~NK{LSKFGOLXWK{&FELWSDULW\' Y' 
FQJYLGOLXWK{G3~}FFQJPRGXORWKHRSK}|QJWUQKFKRWURQJEQJ
WUzQ~LYL'' FFJLWUFXQJFSFFELWFKQO~VRVQKYLFFJL
WUSKW'' 


%W ~X





%
 VXQJ
''
 ~
FKD GG




'  "

.K{QJ E VXQJ
''
 ~ FKD
GG




7KD\
 WK GG

'
 Y ' YR
SK}|QJ
WUQK FKQ

O EQJ  9




.LP WUD

FKQ O KQJ

&F JL WU
~}F WQK WRQ '
  '
EQJ YL FF JL WU WKX
'
  ' W}|QJ
QJ "








.LP WUD
FKQ O ~W


 

+QK/}X~WKXWWRQKLXFKQKFKQO


7KXWWRtQKLXFKQKpQJKYWLQK
wDWKF~}F~QKQJKDG}L~y\VFKRSKSQJ}LVGQJWQKJLWU
E FD SKD P 351  Y WLQK GD YR WyP SKD DQWHQ W8; W}|QJ QJ YL JL
*36WLWKL~LPSKWGOLX
&FKVSKWWURQJNKXQJP{WSKQEFKRQJ}LVGQJKDLWQ
VYQKQJNKRQJWKLJLDQPFFWK{QJV~}FSKW6KLXFKQKGWQK
Q\JLLWKFKFKRWQKWW\XFDVDLV~QJKYWLQK~WU{LYWXLFDV



KLX FKQK ~QJ K FQJ QK} FF ~F WQK FD VDL V WU QKP Y YL SKyQ WU
QKPWUXQJEQK'RFFKVQ\NK{QJEDRJPFFVKLXFKQKKLXQJ
W}|QJ~LQJ}LVGQJSKL[F~QKVKLXFKQKW}|QJ~LFQWKLW
WUQK

1J}LVGQJVKLXFKQKWKLJLDQQKQ~}FWYWLQKYLSK}|QJ
W WVYWVY
WURQJ~WJL*36V
WVYWKLJLDQSKDP351FDYWLQKWLWKL~LPSKWV
WVY ~OFKWKLJLDQP351FDYWLQKV
WVY  DIDIWWRFDIWWRFWU



YLDIDIDIOFFKVFD~DWKFNKXQJWRF OWKLJLDQWKDP
FKLXFDGOLX~QJKWQKEQJVYWU OWKQKSKQKLXFKQKW}|QJ
~L~}FWQKWKHRF{QJWKF
WU )H$VLQ(N
&FWK{QJVTX~RVGQJ~y\~}FP{WWURQJFFNKXQJFRQ
YYL)OPWKQJVFJLWU
1

2 2
) 
C2

VP 

&KUQJFFSK}|QJWUQKYOX{Q~LFQJQKDX.KLFFKV

DIDIDI~}FWRELYLFVGQJJL*36QK}WURQJSK}|QJWUQKWWVY
~QWONK{QJ~QJNwQK\WK{QJVNK{QJ~QJNQ\VFKRSKSQJ}L
VGQJWQKJQ~QJWEQJWVYSK}|QJWUQK*LWUWSKLWQKWRQFKR
WKL ~LP~XFXL WXQ1X W WRF VWK O\ JLWUW   QX
O}QJWWRF VO\JLWUW
.KyX~LXNKLQVVGQJOXyQSKLzQFFVKLXFKQKW}|QJ~LNKL
GWQKFFWK{QJVKQJKL
WU 

2 R
V
C2

WURQJ~ R OYFW|YWUWFWKLFDYWLQK

V OYFW|YQWFWFWKLFDYWLQK
YwFOYQWFQKVQJ




7KXWWRtQ~QpQKOFKYWLQK
1J}LVGQJVWQKWyPSKDFDDQWHQYWLQKExQJ/VGQJFF
KSK}|QJWUQKV~FSG}L~y\&FWK{QJV.HSSOHU~}FFKRWURQJNKXQJ
FRQY*LWUFDFFWK{QJVQ\~}F[OEQJSKSEQKSK}|QJWL
WKLXFDOFKG~RQFKRWyPSKDDQWHQYWLQK[\]W
+WRup
:*6  V GQJ KWR ~F ~QKJQ YLWyPWUL~WQK}~ QzX
WURQJSKQWQJTXDQ~y\FK~LPOLYLQWF|EQVDX
*FWR~WUQJYLWyPNKLO}QJFDWUL~W
7UF =  VRQJ VRQJ YL K}QJ FD JF TXF W TXL }F &,2
&RQYHQWLRQDO,QWHUQDWLRQDO2UJLQFKRFKX\Q~QJFF~}F~QKQJKDEL
%85($8  ,17(51$7,21$/ '( /h+(85( %,+ GD WUzQ F| V FF Y ~
WKDQKQFKRFFWUP%,+WUFHOOLSVRLG:*6
7UF;OJLDRFDPWSKQJNLQKWX\QWKDPFKLXFD:*6
YPWSKQJWKLzQ[FK~RWUXQJEQK.LQKWX\QWKDPFKLXVRQJVRQJYL
NLQKWX\Q~}F%,+~QKQJKDWUzQF|VFFNLQK~~}FWKDQKQFDFF
WUP%,+WUFHOOLSVRLG:*6
 7UF <  QP WURQJ K WR ~ WUFJLDR O\ Y SKD WUL ~W WUzQ PW
SKQJWKLzQ[FK~RWUXQJEQKRVRYLWUF;WUFFDHOOLSVRLG:*6
7QKWRtQFtFWKqQKSK{QWRup
%QWUFFKQK$  A 
&KX\Q~QJWUXQJEQKWQK~}FQR 

UDGV
A3

7KLJLDQWPFFDOFKWN WWRH~y\WKLJLDQ*36~}FKLX
FKQKYLWKLJLDQFKX\QWLSNKRQJFFKWF~QKVQJ+|QQDWNV
O~FKzQKOFKYWKLJLDQWQJFQJWKFWJLDWKLJLDQWYWKLJLDQPF
WRHWQKWLOFJLDR~LPFXLWXQ~XWXQwLXQ\FQJKDO
QXWN!VO\JLWUWNV
QXWNVO\JLWUWNV 
+LXFKQKFKX\Q~QJWUXQJEQK0N 0QWN
 3K}|QJ WUQK .HSSOHU Y ~ G WK}QJ OFK WyP WQK EQJ SK}|QJ
SKSOS
0N (NHVLQ(NUDG
wGWK}QJWKF



9N DUFWJ

1 e 2 sin E /(1 e cos E )

sin Vk
k
k
 DUFWJ

(cos E k e) /(1 e cos E k )
cos Vk

e + cos V

k

wGWK}QJOFKWyP(N DUFFRV
1 + e. cos Vk

wLVY~N 9N
&FQKLXORQKLEFKDL
6KLXFKQK~LVY~XN &XVVLQN &XFFRVN
6KLXFKQKEQNQKUN &UVVLQN &UFFRVN
6KLXFKQK~QJKLzQJLN &LV VLQN &LFFRVN
wLVY~~KLXFKQKXN N XN
%QNQK~KLXFKQKUN $FRV(NUN
wQJKLzQJ~KLXFKQKLN ,LN,WN
7R~WUzQPWSKQJTX~R
[N UN FRVXN
\N UN VLQXN
.LQK~~LPPFWUzQ[FK~RKLXFKQK
N HWNHWRH
7R~WURQJKWR~F~QKJQYLWyPWUL~W
[N [NFRVN\NFRVLNVLQN
\N [NVLQN \NFRVLNFRVN
]N \NVLQLN
7KXWWRtQOLlQTXDQpQGOLXWURQJNKXQJFRQYq
'OLXOFK
'OLXOFKO WSFRQFDGOLXOFKYWLQKY~QJK QK}QJNP
FKQK[FK|Q7KXWWRQQJ}LVGQJ~LYLQFQJFQWKLWQK}YLFWQK
WRQ~LYLOFKYWLQKFFNKXQJFRQ1LGXQJFDQ~~}F~}DUD
QK}WURQJEQJ,,,WUzQWX\QKLzQWK{QJVLVKLXFKQKJFQJKLzQJ
~}FSKWFKNK{QJSKL~}FWQKELQJ}LVGQJ



7KLJLDQFDOFK~}FWQKWKHR~DWKFEF9LFSGQJGQJ~D
WKFQ\NKLQ~FKQK[FWKLJLDQOzQWLVWURQJVXWNKRQJWKLJLDQS
GQJ
W WVYWVY
WURQJ~WJL*36V
WVYWKLJLDQFD~RQP351WKL~LPSKWEQWLQFD
YWLQKKLQWL
WKF

WVY~OFKWKLJLDQFD~RQP351~}FWQKWKHRF{QJ
WVY DIDIWN
WN  WWRD
FFKVDIYDI~}FFKRWURQJEQWLQ

9KLXQJW}|QJ~LWKLJLDQJy\VDLVQKK|QPQzQNK{QJQKW
WKLW SKL WKzP WKDQJ WKL JLDQ ~ ~QK JL OFK 7URQJ NKRQJ WKL JLDQ S
GQJVDLVWKQJNzFDWK{QJVWKLJLDQQKK|QP0WSKQOGR
OYVDLVOPWUQDIYDIFWKOzQWLPFQJYLPQJ\GRVDLV
WKLJLDQWKDPFKLXOFKWRD
*L87&
7UDQJFDNKXQJEDRJPFFWK{QJV~VRVQKJLDJL*36
Y87&FFWK{QJERFKRQJ}LVGQJFOLzQTXDQYFFJLWUWKLJLDQ
YDTXDKRFVSWLGRVJLDFDFFJLy\G{LUDFQJYLVWXQ:1
Y
V QJ\ '1 7X WKXF YR PL OLzQ TXDQ FD QJ\ W}|QJ QJ YL JL *36
KLQWLFDQJ}LVGQJPFVNKFQKDXJLDJL*36Y87&G}L~y\
D%WNNKLQRWKLJLDQKLQWL~}FWKKLQEQJJLWU:1
Y
'1NK{QJyPVRYLJLQJ}LVGQJKLQWLYWKLJLDQKLQWLFDQJ}L
VGQJNK{QJU|LYRNKRQJWKLJLDQEW~XW'1Y'1WK
TXDQKJLDJL*36Y87&~}FFKRQK}VDX
W WWVOSOLVDXV
W W
$$ WW
:1:1V
WURQJ~W OJL*36GWQKFDQJ}LVGQJGDWUzQF|VFFVKLX
FKQKFDW QOJL*36WQKWLWKL~LPEW~XNWWKFWXQ
W
OJLDVWKLJLDQFDFFJLy\G{LUD
$Y$ OFFKQJVYOWKQKSKQEFQKWFD~DWKF



 W

  WKLJLDQ WKDP FKLX FD G OLX 87&~}F WQK W WKL
~LPEW~XWXQ
:1VWXQKLQWL
:1 VWXQWKDPFKLX87&:1JPELWSKLFDVWXQ
~y\~*LWUWX\W~LFD:1FK}DOPWUQY:1 NK{QJY}WTX
E.KLJLKLQWKLFD*36U|LYRNKRQJ'1'1F
WK[XWKLQFFJLy\G{LUDGRVWKD\~LVWXQWK87&WQKQK}VDX
W :W
W
WKQKSKQWURQJQJRF~}FOSOLVDX
V
: WWVWKQKSKQWURQJQJRF~}FOSOL
VDXV
9LF [F ~QK W  ~}F S GQJ WK{QJ TXD NKRQJ WKL JLDQ FKX\Q
WLS0WYLWKLWEVGQJ~}FWKLWNJL87&JQ~QJEQJFFKJLPV
~PWKLJLDQWURQJYQJYLJLy\VDXYLFQ\QOLWUOLEQKWK}QJ
F %W F NKL QR WKL JLDQ KLQ WL YR OF FF JLy\ G{L UD ~}F ELX
GLQEQJ:1
Y'1OVRYLWKLJLDQQJ}LVGQJWKTXDQK~QzX
WUzQ~LYLWVFKLXOFWUSKLW
~}FWKD\WKFKRW
.KyX~LX
NKLQVSKLKSFSQKWFFWK{QJV87&FFEQWLQSKWOzQYWLQKWURQJ
W}|QJODLQKPGX\WUVOLzQWFFDWKDQJWKLJLDQW
9LF [HP [W WQK FKW FD WKDQJ JL 87& F WF GQJ OP WxQJ ~
FKQK[F~QKYYNKL~WPKLX~}FWQKFKWFDQWDVFSK}|QJSKS
WKFK KS QKP ~LX FKQK VDL OFK Y WKL JLDQ FKQK O OP JLP VDL V Y
NKRQJFFK
SGQJFFWKXWWRQ~QzXWUzQFWKWQKWRQ[OEQWLQKQJ
KLW~FWKKLXFKQKFFVDLOFKYWKLJLDQYTX~RYFFWK{QJV
FQWKLW0LNKXQJSK~X~}FSGQJFFWKXWWRQW}|QJQJGRY\F
WKWKX~}FFKQK[FFFEQWLQKQJKLW~FWKJLPQKVDLVWRQK
WKQJWFO~FKQK[FWURQJ~QKYV~}FQyQJFDR












.WOXQ

*36OPWKWKQJ~QKYWRQFX}XYLWYLNKQxQJEDRSKWRQ
FX Y SKP YL QJ GQJ OQ &F NKyX WURQJ K WKQJ SKL KS FKW FK YL
QKDX WR UD PW PQJ WK{QJ WLQ OLzQ WF Y WLQ F\ JLS QJ}L V GQJ F WK
~QKYPWFFKW}|QJ~LFKQK[F9WLQKSKWFFEQWLQGQ~}QJJP
YWUFDQYFFVOLXKLXFKQKQKQ ~}FWNKyX~LXNKLQ0\WKX
QJ}LVGQJVWKXQKQEQWLQQ\WEQYWLQKNKFQKDX~[F~QKYWU
YKLXFKQKWKLJLDQQKPQyQJFDR~FKQK[F'RNKRQJFFKWYWLQK
WLP\WKXUWOQQzQVDLVO~LXNK{QJWKWUQKNKL4XDFFJLDL~RQ
QKLXNWKXWPL~~}FSGQJYR*36QKPFLWLQFKWO}QJKWKQJ
3KQFKQKFD~WLQJKLzQFXFKLWLWFXWUFWQKLXWKXWURQJK
WKQJ*36VGQJFFWQKLXFWQVWKXFExQJ/YFFWQVQ\QP
WURQJYQJiFDVY{WX\Qj~QKLXYVX\KDRUWQKVRYLFFExQJWQ
NKF0WNKFWF{QJWKFWQK~WUWQJ~LQOL, DIWDWK\NKLWQV
FQJFDRWK~WUWQJ~LQOLFQJJLP
%QWLQGQ~}QJOWKQKSKQTXDQWUQJQKWWUzQ~}QJWUX\QY
WLQK1~}FYWLQKSKWYLWF~ESVEQJSK}|QJSKS036.%QWLQ
Q\VGQJPX~QKGQJFFXWUFELWFKLDWKQKNKXQJFRQ0W
EQWLQKRQFKQKFQSKWFXWUFGRNKXQJFRQVY~}FOSOL
OQ0LNKXQJFRQEW~XEQJ7/0Y+2:WLSWKHROFFWFKDGOLX
GWUYFFELWKLXFKQKFKQOw[OEQWLQGQ~}QJFFWKXWWRQ
FOLzQTXDQ~~}FSGQJ
7QKLXYWLQKNKLWUX\QODQ~}FPKREQJNWKXWWULSKWUzQ
VQJPDQJFDFFP&$YP3wWKXQKQ~}FWQKLXYWLQKP\WKX
SKLWLQKQKJLLPVDXNKLWKXEQJFFTXWUQKQJ}FOLYLTXWUQKP
KRWU}FNKLSKW7UzQWKFWQJ}LVGQJGyQVWK{QJWK}QJNK{QJF
FFFKDNKRJLLP ~VGQJFFGFKYFDKWKQJ~QKYFKQK[F
~}FPKREQJP3FLWLQJLOP3<1JRLUD~KQFK~FKQK
[FFDQJ}LVGQJGyQVNK{QJFEQTX\QFKQKSK0FQ~}DUDFF
SK}|QJWKF6$Y$6FSKWVDLQKP JLPNKQxQJWKXFKQK[FFD
P\WKXGyQVwQyQJFDR~FKQK[FFFNWKXWFLWLQ~~}FSGQJ
~OFFNWKXWYLSKyQ*36YLSKyQ*36WUzQGLQUQJY*36NWKSYLK
WKQJODEQ
6DXPWTXWUQKQOFQJKLzQFXWPKLXGFKYWKXWKSWLOLX
FQJYLVK}QJGQWQWQKFDWK\JLRWKFV1JX\Q1JF6|QHP~
KRQ WKQK OXQ YxQ WW QJKLS YL ~ WL  i1JKLzQ FX FX WUF WQ KLX WKX
WURQJ*36jwLYLHP~y\OPWOQKYFKRQWRQPLWLOLXWKDPNKR
OLKX KWEQJ QJRL QJGR ~ V F PWVWKXW  QJ FK}D~}FVGQJ
FKQK[F&KQKYY\QzQGWFJL~FJQJKWVFEQOXQYxQQ\YQ
FK}D ~W ~}F FKW O}QJ QK} PRQJ PXQ 7X\ QKLzQ TXD QKQJ Q OF EQ
WKyQFQJYLVJLS~KWVFWQWyPFDWK\JLRK}QJGQHP~WKF



KLQQJKLzQFXYKRQWKQK~WL1JRLYLFKRQWKQKQKLPYWKLWN
WWQJKLSQJKLzQFX~WLFQJLSHPFWKzPNLQWKFYPWYQ~FQ
UWPL4XDTXWUQKQJKLzQFXG~~FSYJLLTX\W~}FPWVYQ
~QK}QJGRQKQJKQFKYWKLJLDQYNLQWKF~WLQ\YQFQQKQJ
~LPFK}D~}FQJKLzQFXNO}QJ%LY\HPUWPRQJ~WLQ\V~}F
PUQJWKzPWURQJW}|QJODL0WOQQDHPPXQE\WOQJELW|QFKyQ
WKQK WL FF WK\ JLR WURQJ NKRD Y ~F ELW WU}F KW O WK\ JLR  WKF V
1JX\Q1JF6|QFQJFFEQ~QJQJKLS~JLS~WURQJWKLJLDQTXD~
HPFWKKRQWKQKEQOXQYxQQ\~\~Y~QJKQ




























&|FWyLOLXWKDPNKzR
 QDYVWDU JSV VSDFH VHJPHQW QDYLJDWLRQ XVHU
LQWHUIDFHV
QDYVWDUJSVXVHUHTXLSPHQWLQWURGXFWLRQSXEOLF
UHOHDVHYHUVLRQVHSWHPEHU
 JOREDO SRVLWLRQLQJ V\VWHP VWDQGDUG SRVLWLRQLQJ
VHUYLFHVLJQDOVSHFLILFDWLRQ3/-XQH
*5&*36&203$66-/5
*36Q$9,*$7250;23(5$7,1*,16758&7,21
)85812*36
7LOLXP\WKXYWLQK.2'(1.*3
 7QK KQK KF FD FF Y WLQK *36  EL YLW FD WF JL 7UQ $QK
4XyQWUzQWSFK+QJ+L9LW1DP
*36VLJQDOYqFtFWUDQJGOLXFOLlQTXDQWqLOLXWUX\FS
,QWHUQHW