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=RUDQ.DOLQL2GUDYDQMHDODWQLKVWURMHYD

3ULUXQLN]DQDVWDYQLNH

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3UHGJRYRU

2GUDYDQMH DODWQLK VWURMHYD VSHFLILQR MH QDVWDYQR SRGUXMH NRMH MH XJUDHQR X QDVWDYQH
SODQRYHLSURJUDPHLQGXVWULMVNLKNROD]D]DQLPDQMHPHKDQLDUDODWQLKVWURMHYDLXQDVWDYQH
SODQRYH L SURJUDPH REUWQLNLK NROD ]D ]DQLPDQMH VWURMREUDYDU 1DGDOMH RGUDYDQMH DODWQLK
VWURMHYD QH NDR SUHGPHW L]XDYDQMD YH NDR REMHNW SURPDWUDQMD L]XDYD VH X WHKQLNLP
NRODPDNUR]SUHGPHWWHKQRORNLSURFHVL
2YR SRGUXMH SURL]YRGQRJ VWURMDUVWYD YUOR MH ORH ]DVWXSOMHQR X VWUXQRM OLWHUDWXUL SD MH
XGEHQLN X] NRML LGH RYDM SULUXQLN MHGLQD GRVWXSQD OLWHUDWXUD NRMD PRH SRVOXLWL ]D
NYDOLWHWQRRVSRVREOMDYDQMHVWURMREUDYDUDLPHKDQLDUDDODWQLKVWURMHYD'DELVHQDVWDYDPRJOD
ODNH RUJDQL]LUDWL L VSURYHVWL SRVOXLW H RYDM SULUXQLN SRJRWRYX WR QDVWDYX X SRGUXMX
VWURMDUVWYDYHLQRPL]YRGHQDVWDYQLFLNRMLQLVX]DYULOLQDVWDYQLNHIDNXOWHWH1DMYLHNRULVWL
RG RYRJD SULUXQLND LPDW H QDVWDYQLFL SRHWQLFL DOL H RQ GREUR GRL L LVNXVQLMLP
QDVWDYQLFLPD ]D YDORUL]LUDQMH VYRJD SULVWXSD QDVWDYL L RGUHLYDQMH VPMHUQLFD ]D PRHELWQR
SRYHDQMHHILNDVQRVWLQDVWDYH

3ULUXQLN]DQDVWDYQLNH]DSUDYRMHSULORJPHWRGLFLWHKQRORJLMHVWURMREUDYDULMHRGQRVQRSULORJ
PHWRGLFLRGUDYDQMDDODWQLKVWURMHYDDEDYLVH
SURILOLUDQMHP]DQLPDQMD
RUJDQL]DFLMRPQDVWDYH
L]YRHQMHPQDVWDYHWH
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2YDM SULUXQLN QH WUHED VKYDWLWL NDR UHFHSW YH NDR SRGVMHWQLN QD FLOM ]DGDWNH L WHKQLNH
L]YRHQMDQDVWDYH

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8YRG

8GEHQLN 2GUDYDQMH DODWQLK VWURMHYD QDVWDR MH L] QDVWDYQRJ PDWHULMDOD NRML MH DXWRU
NRULVWLR ]D VYRMD SUHGDYDQMD D RERJDHQ MH SULPMHGEDPD L VXJHVWLMDPD UHFHQ]HQDWD 7R MH
MHGLQLXGEHQLNNRGQDVNRMLVHVXVWDYQREDYLSUREOHPRPRGUDYDQMDDODWQLKVWURMHYDSDMH]D
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o RGUDYDQMHVWURMHYD
o WHKQRORNLSURFHVLRGUDYDQMDVWURMHYD
o WHKQRORNLSURFHVLL]UDGHQRYLKGLMHORYD
]DGDWDND]DYMHEX
SULORJDVWDEOLFDPDL
UMHHQMD]DGDWDND

8SRJODYOMXRUJDQL]DFLMDRGUDYDQMDREUDXMX VHRVQRYQLSRMPRYLRWHKQRORNLPSURFHVLPD
VWUXNWXUDPDLYUVWDPDRGUDYDQMDLRSLVDQLVXRVQRYQLQDLQLRUJDQL]LUDQMDVOXEHRGUDYDQMD
8RYRPHSRJODYOMXL]QHVHQMHSULPMHUSODQLUDQMDRGUDYDQMDMHGQRJDODWQRJVWURMDLREUDHQD
MH FMHORNXSQD NRQVWUXNFLMVND WHKQRORND L UDGQD GRNXPHQWDFLMD 6OLMHGL RSLV SRVORYD X
RGUDYDQMXLUD]UDGDSRMPRYDLVWUXQLKWHUPLQDDQDNUDMXSRJODYOMDRSLVDQDQHVYDVWURMQD
GRNXPHQWDFLMD

3RJODYOMH RGUDYDQMH VWURMHYD ]DSRLQMH UDVWDYOMDQMHP VWURMHYD L LHQMHP VWURMQLK GLMHORYD
6OLMHGL SUHJOHG L NRQGUROD GLMHORYD L L]UDGD SRSLVD QHLVSUDYQLK GLMHORYD 3RJODYOMH ]DYUDYD
NUDWNLPRSLVRPQDMHLKNYDURYDLQDLQDSRSUDYOMDQMD

3RJODYOMH WHKQRORNL SURFHVL RGUDYDQMD DODWQLK VWURMHYD JODYQR MH SRJODYOMH XGEHQLND 8
QMHPX VX RSLVDQH NLQHPDWLNH VKHPH QDLQL UDVWDYOMDQMD L QDLQL SRSUDYOMDQMD SRMHGLQLK
VWURMQLKGLMHORYDLVNORSRYD2EUDHQDMHXQLYHU]DOQDWRNDULOLFDXQLYHU]DOQDJORGDOLFDVWXSQD
L UDGLMDOQD EXLOLFD NUDWNRKRGQD EODQMDOLFD EUXVLOLFD ]D EUXHQMH ]XSDQLND WH WDUQD L
HNVFHQWDUVNDSUHD

3RJODYOMH WHKQRORNL SURFHVL L]UDGH QRYLK GLMHORYD RUJDQVNL QH VSDGD X XGEHQLN DOL ]ERJ
VSHFLILQRVWL]DQLPDQMDNRMLPDMHXGEHQLNQDPLMHQMHQGRSULQRVLNRPSDNWQRVWLXGEHQLNDNDR
OLWHUDWXUH]DVWMHFDQMHLSURGXEOMLYDQMH]QDQMD

=DGDFL]DYMHEXQDOD]HVHL]DVYDNRJSRJODYOMDGDQDVWDYQLNVORERGQRPRHELUDWLYULMHPHL
NROLLQXQMLKRYRJ]DGDYDQMD2VLPUHGRYLWLK]DGDWDNDXXGEHQLNXVXLGRGDWQL]DGDFLNRMLVX
SUHGYLHQL ]D QDSUHGQLMH XHQLNH 'RGDWQL ]DGDFL SUHX]HWL VX L] RSLVD XSRUDEH SRMHGLQLK
VWURMHYDLSUHGVWDYOMDMXQHSRVUHGQXYH]XVSUDNVRP

8 SULOR]LPD XGEHQLND QDOD]H VH VYH SRWUHEQH WDEOLFH ]D L]XDYDQMH QDVWDYQH JUDH SD
XHQLFLPD QLMH SRWUHEQD GRGDWQD OLWHUDWXUD DOL QDVWDYQLN VYDNDNR WUHED XSR]QDWL XHQLNH V
GUXJLPSULUXQLFLPDLWDEOLFDPD

2GJRYRUL QD SLWDQMD L UMHHQMD ]DGDWDND QDOD]H VH QD VDPRP NUDMX XGEHQLND 2QL VOXH ]D
NRQWUROX NYDQWLWHWH L NYDOLWHW XVYRMHQRVWL QDVWDYQLK VDGUDMD =DGDFL L] SRGUXMD WHKQRORNLK
SURFHVD UMHDYDQL VX QD UD]OLLWH QDLQH GD VH VWHNQH EROML XYLG X VWUXNWXUX WHKQRORNRJ
SURFHVDDQDVWDYQLNQHNDVDPRGDEHUHQDLQHUMHDYDQMDSULOLNRP]DGDYDQMD]DGDWDND


,&LOML]DGDFLQDVWDYH


1DVWDYD MH NRQWLQXLUDQL RGJRMQRREUD]RYQL UDG XHQLND L QDVWDYQLND NRML MH ]DVQRYDQ QD
GUXWYHQR YHULILFLUDQRP FLOMX L ]DGDFLPD D NRML MH GLGDNWLNL SULODJRHQ VDGUDMLPD
VUHGVWYLPDRUJDQL]DFLMVNLPREOLFLPDLSURVWRUQRUDGQLPXYMHWLPD>@
&LOMQDVWDYHSURL]OD]LL]GUXWYHQHSRWUHEH]DREDYOMDQMHPRGUHHQLKYUVWDSRVORYDDL]FLOMD
SURL]OD]H ]DGDFL QDVWDYH NRMH WUHED REDYLWL GD EL VH GR FLOMD GROR &LOM L ]DGDFL QDVWDYH
RGUHXMX VDGUDMH NRMH SROD]QLN QDVWDYH WUHED XVYRMLWL D VDGUDM L ]DGDFL RGUHXMX REOLNH L
PHWRGHQDVWDYQRJUDGD 6O 

6OLND5D]LQHRUJDQL]LUDQMDXREUD]RYDQMX

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FLOMQDVWDYH

]DGDFLQDVWDYH

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GUXWYHQDSRWUHED

REOLFLLPHWRGH
QDVWDYQRJUDGD

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VDGUDM SODQLSURJUDPUDGD 


&LOMQDVWDYHMHMHGDQWRMHPHWDLOLNUDMQMLGRVHJNRMHPXVHWHLD]DGDFLQDVWDYHVX
NRQNUHWL]DFLMDWRJDFLOMD=DGDFLQDVWDYHVXWURMDNL>@
REUD]RYQL
IXQNFLRQDOQLL
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RQHLQMHQLFHLJHQHUDOL]DFLMHNRMHRYMHNWUHEDVSR]QDWL]DREDYOMDQMHRGUHHQLK
SRVORYD8LQMHQLFHVHXEUDMDMXSRMHGLQRVWLROMXGVNLPWHNRYLQDPD VWURMHYLPD
XUHDMLPDQDSUDYDPDRUJDQL]DFLMLLWGDXJHQHUDOL]DFLMHSRMPRYLSUDYLOD]DNRQL
DNVLRPLIRUPXOHLWG
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XHQLNDUD]YLMDWL/MXGVNHVSRVREQRVWLNRMHNRGXHQLNDWUHEDUD]YLMDWLMHVX
VHQ]RUQHLOLSHUFHSWLYQHVSRVREQRVWL YLGVOXKQMXKERO 
PDQXDOQHLOLSUDNWLQHVSRVREQRVWL YMHWLQHXUDGX 
VSRVREQRVWLL]UDDYDQMD JRYRULWDQMHSLVDQMHFUWDQMH 
LQWHOHNWXDOQHLOLPHQWDOQHVSRVREQRVWL VQDODHQMHSURQLFOMLYRVW
RWURXPQRVW 
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UD]YLMDWL
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PDUOMLYRVW
NULWLQRVW
 

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RGJRYRUQRVW
RVREQXYULMHGQRVWLVO

,,2EUD]RYQLSURILOVWURMREUDYDUDPHKDQLDUDDODWQLKVWURMHYD

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8 MHGQR GRED UD]YRMD WHKQLNH L WHKQRORJLMH QDVWDOD MH GUXWYHQD SRWUHED ]D RGUDYDQMHP
QDSUDYD XUHDMD VWURMHYD SRVWURMHQMD LWG ,] WH SRWUHEH QDVWDR MH FLOM D GHWDOMQRP DQDOL]RP
SRVORYD L UDGQLK ]DGDWDND RGUHHQ MH SURILO ]DQLPDQMD VWURMREUDYDU L SURILO ]DQLPDQMD
PHKDQLDU DODWQLK VWURMHYD 2YD GYD SURILOD ]DQLPDQMD UD]OLNXMH QDPMHQD RGQRVQR EXGXH
PMHVWR UDGD VYUHQRJ NRODUFD 3URILO ]DQLPDQMD VWURMREUDYDU QDPLMHQMHQ MH REUWX L PDOLP
JRVSRGDUVWYLPD ]D REDYOMDQMH UD]QRYUVQLK SRVORYD NRML VX YH]DQL ]D RGUDYDQMH 7L SRVORYL
PRJXELWLYH]DQLVDPRX]RGUDYDQMHDODWQLKVWURMHYDLGUXJLKUDGQLKVUHGVWDYDDOLRQLPRJX
REXKYDDWL  SRVORYH RGUDYDQMD RSUHPH L HQHUJHWVNLK SRVWURMHQMD WH SRVORYH SURL]YRGQMH L
SULMHQRVD HQHUJLMH SDUD YRGD NLVLN HOHNWULQD HQHUJLMD L VO  3URILO ]DQLPDQMD PHKDQLDU
DODWQLK VWURMHYD QDPLMHQMHQ MH YHLP JRVSRGDUVWYLPD X NRMLPD SRVWRML YHD SRWUHED ]D
L]YRHQMHP RGUHHQLK SRVORYD 7DNR VH QSU  HQHUJHWLNRP EDYH XH VSHFLMDOL]LUDQL
HQHUJHWLDUL GUXJLP SRVORYLPD GUXJL VSHFLMDOLVWL D RGUDYDQMHP DODWQLK VWURMHYD L RVWDOLK
UDGQLKVUHGVWDYDPHKDQLDULDODWQLKVWURMHYD6JOHGLWDQDLQDRUJDQL]DFLMHVOXEHRGUDYDQMD
VWURMREUDYDUL VX QDPLMHQMHQL SRMHGLQDQRP RGUDYDQMX D PHKDQLDUL DODWQLK VWURMHYD
FHQWUDOQRP1REH]RE]LUDRNRMHPVHSURILOXUDGLORRQPRUDELWLSUHFL]QRGHILQLUDQNDNREL
NROHNYDOLWHWQRPRJOHL]YRGLWLQDVWDYXLSULSUHPLWLWLHQLNH]DLYRW'HILQLUDQMHSURILODVYLK
]DQLPDQMD REDYOMDMX  PMHURGDYQH GUDYQH VOXEH D NROH WH GHILQLFLMH XVYDMDMX UD]UDXMX L
SULODJRDYDMXXYMHWLPDNROHLSRWUHEDPDXHLOLLUH]DMHGQLFH

2EUD]RYQLSURILOVYDNRJ]DQLPDQMDQDMHHMHGHILQLUDQ>@

RSLPSRGDFLPD
SRWUHEQLP]QDQMLPDYMHWLQDPDLQDYLNDPD
RHNLYDQLPUD]YRMHP]QDQRVWLWHKQLNHLWHKQRORJLMHL
RVWDOLPSRGDFLPD

2SLSRGDFLRSLVXMXSRVORYHLUDGQH]DGDWNHVUHGVWYDUDGDPDWHULMDOLSUHGPHWHUDGDXYMHWH
UDGDSRYH]DQRVWVGUXJLPSRVORYLPDRGJRYRUQRVWSVLKRIL]LNHVSRVREQRVWLLGU

3RWUHEQD]QDQMDYMHWLQHLQDYLNHSURLVWLXL]RSLVDSRVORYDLUDGQLK]DGDWDNDLQHSRVUHGQR
RGUHXMXQDVWDQLSODQLSURJUDP

5D]YRM ]QDQRVWL WHKQLNH L WHKQRORJLMH GLNWLUD VWDOQH SULODJRGEH QDVWDYQLND L QDVWDYQRJ
SURJUDPDQRYLPXYMHWLPDLVUHGVWYLPDUDGD

2VWDOLP SRGDFLPD RSLVXMX VH QHNH VSHFLILQRVWL NRMH GLNWLUD EXGXH UDGQR PMHVWR
PHXQDURGQH NRQYHQFLMH L VO 6 RE]LURP GD VDGUDMHP QH VSDGDMX X RYDM SULUXQLN R QMLPD
YLHQHHELWLULMHL






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3RVORYLLUDGQL]DGDFLXRGUDYDQMXDODWQLKVWURMHYD

SODQLUDQMHLSULSUHPDQMHUDGQRJSURFHVD
LWDQMHSULPMHQDLL]UDGDUDGQHLWHKQLNRWHKQRORNHGRNXPHQWDFLMH
LVSLWLYDQMHVWURMHYD
UDVWDYOMDQMHPMHUHQMHLXWYULYDQMHNYDURYD
UXQHLVWURMQHREUDGHPHWDOD
SRVHEQH VSHFLMDOQH REUDGH
WRSOLQVNHREUDGH
]DYDULYDQMHOHPOMHQMHLGUXJLQDLQLVSDMDQMD
SUREQRSXWDQMHVWURMDXSRJRQ
LVSLWLYDQMHJHRPHWULMVNLKLUDGQLKWRQRVWL
RGUDYDQMHVWURMHYD
RGUDYDQMHKLGUDXOLQLKLSQHXPDWVNLKVXVWDYD
VLJXUQRVWQDUDGXL]DWLWDRNROLD



2SLSRGDFL

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6UHGVWYDUDGD

6UHGVWYDUDGDXRGUDYDQMXDODWQLKMHVX

VUHGVWYD ]D RFUWDYDQMH L RELOMHDYDQMH FUWDH LJOH SUL]PH L VWRORYL WRNDOD HVWDUL
NXWQLFLUDYQDODUD]XOMHLDEORQH
VUHGVWYD ]D PMHUHQMH PHWUL SRPLQD PMHULOD PLNURPHWUL NRPSDUDWRUL XQLYHU]DOQL
NXWQLFL PDQRPHWUL WHUPRPHWUL YDJH GLQDPRPHWUL VWURERVNURSL XQLYHU]DOQL
LQVWUXPHQW]DPMHUHQMHHOHNWULQLKYHOLLQDLGU
DODWL]DGHPRQWDXLPRQWDXNOLMHWDNULSFLNOMXHYLVWHJHL]YODNDLHNLLLVO
DODWL L VWURMHYL ]D VNLGDQMH VWUXJRWLQH VMHNDL WXUSLMH SLOH DODW ]D UH]DQMH QDYRMD
UD]YUWDLXSXWDODWRNDULOLFHJORGDOLFHEXLOLFHEODQMDOLFHEUXVLOLFH
DODWL L VWURMHYL ]D SRVHEQH VSHFLMDOQH  REUDGH XUHDML ]D JUHFDQMH OHSDQMH KRQDQMH
SROLUDQMHVXSHUILQLHOHNWURHUR]LMXHOL]LUDQMHXOWUD]YXNXUHDML]DPHWDOL]LUDQMH
DODWLLVWURMHYL]DREUDGXEH]VNLGDQMDVWUXJRWLQHVDYLMDLFHSUHHPHKDQLNLEDWRYL
VUHGVWYDUDGD]DWRSOLQVNHREUDGH]D]DJULMDYDQMHLKODHQMH
VUHGVWYDUDGD]D]DYDULYDQMHUH]DQMHLOHPOMHQMH
XUHDMLLVUHGVWYD]DLHQMHLRGPDLYDQMH
XUHDMLLVUHGVWYD]DSRGPD]LYDQMH
XUHDML]DWUDQVSRUWLVNODGLWHQMHGL]DOLFHYLOLDUL
RSUHPDUDGLRQLFHUDVYMHWD]DWLWDRGSRDUDJULMDQMHYHQWLODFLMDUDGQLVWRORYL

0DWHULMDOL

3ULRGUDYDQMXDODWQLKVWURMHYDNRULVWHVHPHWDOLLQHPHWDOL
PHWDOLHOLNOLMHYRYLQDED]LHOMH]DRERMHQLPHWDOLLQMLKRYHOHJXUH

QHPHWDOL SODVWLND JXPD NRD VWDNOR SOXWR WHNVWLO DEUD]LYQD VUHGVWYD XOMD PDVWL
JRULYD ERMH ODNRYL NLVHOLQH OXLQH UDVKODGQD VUHGVWYD VUHGVWYD ]D LHQMH L
RGPDLYDQMH

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3UHGPHWLUDGD

0HKDQLDU DODWQLK VWURMHYD XH MH ]DQLPDQMH RG ]DQLPDQMD VWURMREUDYDU QR X MHGQRP L X
GUXJRP ]DQLPDQMX REDYOMDMX VH SRVORYL QD RGUDYDQMX DODWQLK VWURMHYD L LQGXVWULMVNLK
SRVWURMHQMD V FLOMHP RGUDQMD VWURMHYD XUHDMD L RSUHPH X SURL]YRGQRP VWDQMX 'DNOH
SUHGPHWLUDGDMHVXVYHYUVWHVWURMHYDXUHDMDLLQGXVWULMVNHRSUHPH


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8YMHWLUDGD

8YMHWLUDGDGHILQLUDQLVXSURVWRURPXNRMHPVHUDGREDYOMDULWPRPUDGDSRORDMHPWLMHODSUL
UDGXLL]YRULPDRSDVQRVWLSULUDGX8RGUDYDQMXDODWQLKVWURMHYDXYMHWLUDGDMHVX
SURVWRU]DWYRUHQLSROXRWYRUHQLLRWYRUHQL
ULWDPSHULRGLQL
SRORDMWLMHODVWRMHLSRJQXWXHL
L]YRULRSDVQRVWLSULUDGXPHKDQLNLHOHNWULQLRSDVQRVWLSULNUHWDQMXNHPLMVNLL]YRUL
RSDVQRVWLGMHORYDQMHRNROLQH EXNDYLEUDFLMHWHPSHUDWXUD 


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3RYH]DQRVWVGUXJLPSRVORYLPD

8RGUDYDQMXDODWQLKVWURMHYDLLQGXVWULMVNHRSUHPHQHRSKRGQRMHSR]QDYDQMHSRVORYDLUDGQLK
]DGDWDND GUXJLK ]DQLPDQMD NRMD REDYOMDMX VYRM UDG QD VWURMHYLPD XUHDMLPD L RSUHPL 7R MH
SRWUHEQR]ERJLVSLWLYDQMDLSRGHDYDQMDVWURMHYDXUHDMDLRSUHPH7DNRVWURMREUDYDUXGUYQRM
SURL]YRGQMLWUHEDUXNRYDWL VWURMHYLPD]DREUDGXGUYDD VWURMREUDYDUXWHNVWLOQRMSURL]YRGQML
WUHED]QDWLXSUDYOMDWLVWURMHYLPDLXUHDMLPD]DREUDGXWHNVWLODLVO


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2GJRYRUQRVWQDUDGX

2GJRYRUQRVW QD VYDNRP UDGX MH RG L]X]HWQH YDQRVWL 2 RGUDYDQMX DODWQLK VWURMHYD L
LQGXVWULMVNHRSUHPHRYLVLUHGRYQRRGYLMDQMHSURL]YRGQMHEH]QHSRWUHEQLK]DVWRMD


3VLKRIL]LNHVSRVREQRVWL

VSRVREQRVWSRYH]LYDQMHX]URNDLSRVOMHGLFD
VSRVREQRVWNRQFHQWUDFLMH
VSRVREQRVWNRPXQLNDFLMH
UD]YLMHQRVWVPLVOD]DXUHGQRVW
SVLKRIL]LNDVWDELOQRVW
NRQGLFLMD
GREDUYLG
GREDUVOXK




VSUHWQRVW
RWSRUQRVWQDDOHUJLMVNDGMHORYDQMDWYDULVNRMLPDVHGROD]LXGRGLUSULOLNRPREDYOMDQMD
SRVORYDLUDGQLK]DGDWDND

3RWUHEQD]QDQMDVSRVREQRVWLYMHWLQHLQDYLNH


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3UDNWLQD]QDQMD

]DWLWDQDUDGXLRXYDQMHRNROLD
SODQLUDQMHRGUDYDQMDDODWQLKVWURMHYDLSRVWURMHQMD
LVSLWLYDQMHJHRPHWULMVNLKLUDGQLKWRQRVWLVWURMHYD
LVSLWLYDQMHUD]OLLWLKSDUDPHWDUDVWDQMDVWURMHYD EXNDWHPSHUDWXUDYLEUDFLMHWODN 
LWDQMHLL]UDGDWHKQLNRWHKQRORNHGRNXPHQWDFLMH
L]UDGDWHKQRORNRJSURFHVDUDVWDYOMDQMDLVDVWDYOMDQMD
L]UDGDWHKQRORNRJSURFHVDSRSUDYND
L]UDGDWHKQRORNRJSURFHVDL]UDGHQRYLKGLMHORYD
UDVWDYOMDQMHVWURMHYDLXUHDMDSUHPDWHKQRORNRPSRVWXSNX
LVSLWLYDQMHGLPHQ]LMDREOLNDLVWDQMDLXWYULYDQMHRWHHQMDLNYDURYD
SRSUDYDNRWHHQLKGLMHORYDUXQLPLVWURMQLPREUDGDPD
L]UDGDQRYLKGLMHORYDSUHPDUDGLRQLNRPFUWHX
VDVWDYOMDQMHVWURMHYDLXUHDMDSUHPDWHKQRORNRPSURFHVX
LVSLWLYDQMHLVWDYOMDQMHXSRJRQ
SUHGDYDQMHVWURMHYDSURL]YRGQML
WHNXHRGUDYDQMHVWURMHYDLSRVWURMHQMD
SUHYHQWLYQRRGUDYDQMHVWURMHYDLSRVWURMHQMD
RGUDYDQMHSUHPDVWDQMX
QDG]LUDQMHSURFHVDRGUDYDQMDLYUHGQRYDQMHUH]XOWDWDUDGD
NDONXODFLMDYUHPHQDLPDWHULMDOD


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6WUXQRWHRULMVND]QDQMD

0DWHPDWLND
L]UDXQDYDQMH GXLQD SRYULQD YROXPHQD WHPSHUDWXUH WODND L GUXJLK IL]LNDOQLK
YHOLLQDL]UDXQDYDQMHYUHPHQDLPDWHULMDL]UDXQDYDQMHWURNRYDLL]UDXQDYDQMH
SODD
7HKQRORJLMDREUDGHPDWHULMDODLPRQWDH
PMHUHQMHPMHUQLLQVWUXPHQWLLXUHDMLX]DQLPDQMXUXQHLVWURMQHREUDGHREUDGH
VD VNLGDQMHP L EH] VNLGDQMD VWUXJRWLQH SRVHEQH VSHFLMDOQH  REUDGH REUDGD
OLMHYDQMHPREUDGDSODVWLQRPGHIRUPDFLMRPWRSOLQVNHREUDGHVSDMDQMHLPRQWDD
DQWLNRUR]LYQD]DWLWD
0DWHULMDOL
VYRMVWYD L SULPMHQD PDWHULMDOD ]D JUDGQMX VWURMHYD VWUXNWXUD PHWDOD R]QDDYDQMH
HOLND OLMHYRYD L OHJXUD QD ED]L RERMHQLK PHWDOD VYRMVWYD L XSRWUHED QHPHWDOQLK
PDWHULMDODXJUDGQMXVWURMHYD

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