7h5.ø<(¶'(.ø 8<*8/$0$/$5 180$5$/, 8/86/$5$5$6, 08+$6(%(
67$1'$5', 9( $9583$ 0(5.(= %$1.$6, 8<*8/$0$/$5, d(5d(9(6ø1'( 7h5(9 h5h1/(5ø1 08+$6(%(/(ù7ø5ø/0(6ø 9( )ø1$16$/ 7$%/2/$5$ <$16,0$6,
(EUX 8=81 'DQÕúPDQ
3URI 'U 2UKDQ 6HYLOHQJ O
8]PDQOÕN <HWHUOLOLN 7H]L 7 UNL\H &XPKXUL\HW 0HUNH] %DQNDVÕ 0XKDVHEH *HQHO 0 G UO ÷ $QNDUD 1LVDQ
g16g= ³7 UNL\H¶GHNL 8\JXODPDODU 1XPDUDOÕ 8OXVODUDUDVÕ 0XKDVHEH
6WDQGDUGÕ YH $YUXSD 0HUNH] %DQNDVÕ 8\JXODPDODUÕ dHUoHYHVLQGH 7 UHY
hU QOHULQ 0XKDVHEHOHúWLULOPHVL YH )LQDQVDO 7DEORODUD <DQVÕPDVÕ´ NRQXOX
X]PDQOÕN WH]LQLQ DPDFÕ ILQDQVDO ULVNOHUH NDUúÕ ELU NRUXQPD DUDFÕ RODUDN RUWD\D
oÕNDQ W UHY U QOHULQ IRUZDUG VZDS IXWXUHV YH RSVL\RQ PXKDVHEHOHúWLULOPH
HVDVODUÕQÕ LQFHOHPHN YH EX ELOJLOHU ÕúÕ÷ÕQGD PXKDVHEHOHúWLUPH \|QWHPOHUL
EHOLUOHPHNWLU
%X DPDo oHUoHYHVLQGH W UHY U QOHULQ ND\GD DOÕQPDVÕ GH÷HUOHPHVL
YH ILQDQVDO WDEORODUGDQ JHOLU WDEORVX YH ELODQoR\D \DQVÕWÕOPDVÕ NRQXVX 1XPDUDOÕ 8OXVODUDUDVÕ 0XKDVHEH 6WDQGDUGÕ $YUXSD 0HUNH] %DQNDVÕ
X\JXODPD HVDVODUÕ YH 7 UNL\H¶GH NRQX\D LOLúNLQ \DVDO G ]HQOHPHOHU LOH
0HUNH] %DQNDVÕ X\JXODPD HVDVODUÕ oHUoHYHVLQGH LQFHOHQPLú EX VWDQGDUWODU
YH HVDVODU oHUoHYHVLQGH o|] P |QHULOHUL RUWD\D NRQPXúWXU
%X oDOÕúPDPGD EDQD E \ N ELU WLWL]OLN |]HQ YH VDEÕUOD \DUGÕPFÕ RODQ
HPHN KDUFD\DQ WH] GDQÕúPDQÕP 3URI 'U 2UKDQ 6HYLOHQJ O¶H EHQGHQ
GHVWHNOHULQL HVLUJHPH\HQ 0XKDVHEH *HQHO 0 G U $OL 9HID dHOLN¶H EHQL
KLoELU DúDPDGD \DOQÕ] EÕUDNPD\DQ YH KHU W UO VÕNÕQWÕPGD \RO J|VWHUHQ
*HQHO 0 G U <DUGÕPFÕVÕ 1D]DQ 6HUWEXGDN¶D YH WH] NRQXPOD LOJLOL ND\QDN
EXOPDPGD EDQD \DUGÕPFÕ RODQ %LODQoR YH +HVDSODUÕ ø]OHPH 0 G U 0HVXW
$UVODQ¶D VRQVX] WHúHNN UOHULPL VXQX\RUXP
ødø1'(.ø/(5
6D\ID 1R
g16g= L
ødø1'(.ø/(5 LL
7$%/2 /ø67(6ø LY
.,6$/70$ /ø67(6ø Y
g=(7 YL
$%675$&7 YLLL
*ø5øù %ø5ø1&ø %g/h0
0$/ø 5ø6. 7$1,0, 9( 0$/ø 5ø6. <g1(7ø0ø
0DOL 5LVN .DYUDPÕ YH 7 UOHUL 3L\DVD 5LVNL '|YL] 5LVNL øúOHP 5LVNL
dHYLUL 5LVNL
(NRQRPLN 5LVN
)DL] 5LVNL
/LNLGLWH 5LVNL
.UHGL 5LVNL
0DOL 5LVN <|QHWLPL
*HQHO 2ODUDN 5LVNWHQ .RUXQPD 7HNQLNOHUL ø.ø1&ø %g/h0
)ø1$16$/ 7h5(9 h5h1/(5ø1 08+$6(%(/(ù7ø5ø/0(6ø
)LQDQVDO 7 UHY hU QOHULQ 0XKDVHOHúWLULOPH (VDVODUÕ 8OXVODUDUDVÕ 0XKDVHEH 6WDQGDUWODUÕ
$YUXSD 0HUNH] %DQNDVÕ 8\JXODPDVÕ
'L÷HU 8\JXODPDODU
)LQDQVDO 7 UHY hU QOHULQ 0XKDVHEHOHúWLULOPHVL
LL
)LQDQVDO 7 UHY hU QOHULQ 0XKDVHEHOHúWLULOPHVLQGH *HQHO (VDVODU
)RUZDUG 6|]OHúPHOHUL
'|YL] )RUZDUG 6|]OHúPHOHULQLQ 0XKDVHEHOHúWLULOPHVL )DL] )RUZDUG 6|]OHúPHOHULQLQ 0XKDVHEHOHúWLULOPHVL
6ZDS 6|]OHúPHOHUL '|YL] 6ZDS 6|]OHúPHOHULQLQ 0XKDVHEHOHúWLULOPHVL
)DL] 6ZDS 6|]OHúPHVLQLQ 0XKDVHEHOHúWLULOPHVL
)XWXUHV 6|]OHúPHOHUL '|YL] )XWXUHV 6|]OHúPHOHULQLQ 0XKDVHEHOHúWLULOPHVL
2SVL\RQ 6|]OHúPHOHUL
'|YL] 2SVL\RQ 6|]OHúPHOHULQLQ 0XKDVHEHOHúWLULOPHVL hdh1&h %g/h0
7h5.ø<(¶'( 7h5(9 h5h1/(5ø1 08+$6(%(/(ù7ø5ø/0(6ø1( ø/øù.ø1 'h=(1/(0(/(5
%DQNDFÕOÕN ' ]HQOHPH YH 'HQHWOHPH .XUXOX ' ]HQOHPHOHUL
7 UNL\H &XPKXUL\HW 0HUNH] %DQNDVÕ 8\JXODPDODUÕ 'g5'h1&h %g/h0
6218d 9( '(ö(5/(1'ø50(
.$<1$.d$
(.
LLL
7$%/2 /ø67(6ø
6D\ID 1R
7DEOR $ øúOHWPHVLQLQ øWLEDUÕ\OD KHVDSODUÕ 0LO\RQ 7/
7DEOR $ øúOHWPHVLQLQ øWLEDUÕ\OD +HVDS 'XUXPX
7DEOR '|YL] )RUZDUG 6|]OHúPHVL 6RQXFX $ øúOHWPHVLQLQ 1HW 0DOL\HWL
7DEOR $ øúOHWPHVLQLQ øWLEDUÕ\OD +HVDSODUÕ 0LO\RQ 7/
7DEOR $ øúOHWPHVLQLQ øWLEDUÕ\OD +HVDS 'XUXPX
7DEOR '|YL] )RUZDUG 6|]OHúPHVLQLQ 6DWÕQ $OÕQDQ 7LFDUL 0DOÕQ 0DOL\HWLQH
(WNLVL
7DEOR $ øúOHWPHVLQLQ øWLEDUÕ\OD +HVDS 'XUXPX
7DEOR $ øúOHWPHVLQLQ øWLEDUÕ\OD +HVDSODUÕ 0LO\RQ 7/
7DEOR $ øúOHWPHVLQLQ øWLEDUÕ\OD +HVDS 'XUXPX
7DEOR 9 )LUPDVÕQÕQ 7DULKL øWLEDUÕ\OD +HVDS 'XUXPX
7DEOR $ øúOHWPHVLQLQ øWLEDUÕ\OD +HVDSODUÕ 0LO\RQ 7/
7DEOR $ øúOHWPHVLQLQ øWLEDUÕ\OD +HVDSODUÕ 0LO\RQ 7/
7DEOR $ øúOHWPHVLQLQ øWLEDUÕ\OD +HVDSODUÕ 0LO\RQ 7/
7DEOR )DL] 6ZDS 6|]OHúPHVLQGHQ 'R÷DQ '|QHP )DL] .D]DQoODUÕ
7DEOR $ øúOHWPHVLQLQ øWLEDUÕ\OD +HVDSODUÕ 0LO\RQ 7/
7DEOR $ øúOHWPHVLQLQ øWLEDUÕ\OD +HVDS 'XUXPX
7DEOR '|YL] )XWXUHV 6|]OHúPHVLQH 7DUDI 2OXS 2OPDPDVÕQÕQ $
øúOHWPHVL $oÕVÕQGDQ .XU )DUNÕ *LGHUL (WNLOHUL
7DEOR $ øúOHWPHVLQLQ øWLEDUÕ\OD +HVDS 'XUXPX 0LO\RQ 7/
7DEOR $ øúOHWPHVLQLQ øWLEDUÕ\OD +HVDS 'XUXPX
7DEOR 0HJD øúOHWPHVLQLQ øWLEDUÕ\OD +HVDS 'XUXPX
7DEOR 0HJD øúOHWPHVLQLQ øWLEDUÕ\OD +HVDS 'XUXPX
7DEOR '|YL] $OÕP 2SVL\RQ 6|]OHúPHVLQLQ $OÕFÕVÕQD 1HW 0DOL\HWL
LY
.,6$/70$ /ø67(6ø $5& $FFRXQWLQJ 5HJXODWRU\ &RPPLVVLRQ
%''. %DQNDFÕOÕN ' ]HQOHPH YH 'HQHWOHPH .XUXPX
(&% (XURSHDQ &HQWUDO %DQN
()5$* (XURSHDQ )LQDQFLDO 5HSRUWLQJ $GYLVRU\ *URXS
(85 (XUR
)06 )LQDQVDO 0XKDVHEH 6WDQGDUGÕ )5$ )DL] )RUZDUG 6|]OHúPHOHUL
*%3 øQJLOL] VWHUOLQL
,$6
,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUG
0'. 0XKDVHEH ' ]HQOHPH .RPLV\RQX
7&0% 7 UNL\H &XPKXUL\HW 0HUNH] %DQNDVÕ
806 8OXVODUDUDVÕ 0XKDVHEH 6WDQGDUGÕ
806 QXPDUDOÕ 8OXVODUDUDVÕ 0XKDVHEH 6WDQGDUGÕ
806 QXPDUDOÕ 8OXVODUDUDVÕ 0XKDVHEH 6WDQGDUGÕ
806. 8OXVODUDUDVÕ 0XKDVHEH 6WDQGDUWODUÕ .RPLWHVL
86' $PHULNDQ GRODUÕ
Y
g=(7 ยณ7ย UNL\HยถGHNL 8\JXODPDODU 1XPDUDOร 8OXVODUDUDVร 0XKDVHEH
6WDQGDUGร YH $YUXSD 0HUNH] %DQNDVร 8\JXODPDODUร dHUoHYHVLQGH 7ย UHY
hUย QOHULQ 0XKDVHEHOHรบWLULOPHVL YH )LQDQVDO 7DEORODUD <DQVร PDVร ยด NRQXOX
X]PDQOร N WH]LQLQ DPDFร ILQDQVDO ULVNOHUH NDUรบร ELU NRUXQPD DUDFร RODUDN RUWD\D
oร NDQ Wย UHY ย Uย QOHULQ IRUZDUG VZDS IXWXUHV YH RSVL\RQ PXKDVHEHOHรบWLULOPH
HVDVODUร Qร LQFHOHPHN YH o|]ย P |QHULOHUL VXQPDNWร U
%X DPDoOD Wย UHY ย Uย QOHULQ ND\GD DOร QPDVร GHรทHUOHPHVL YH JHOLU
WDEORVX LOH ELODQoR\D \DQVร Wร OPDVร NRQXVX 1XPDUDOร 8OXVODUDUDVร
0XKDVHEH 6WDQGDUGร $YUXSD 0HUNH] %DQNDVร X\JXODPD HVDVODUร YH
7ย UNL\HยถGH NRQX\D LOLรบNLQ \DVDO Gย ]HQOHPHOHU LOH 7ย UNL\H &XPKXUL\HW 0HUNH]
%DQNDVร X\JXODPD HVDVODUร oHUoHYHVLQGH LQFHOHQHUHN PXKDVHEHOHรบWLUPH |QHULOHUL RUWD\D NRQPXรบWXU
806 Wย UHY ย Uย QOHUL GH LoHUHQ Wย P SDUDVDO YDUOร N YH
\ย Nย POย Oย NOHULQ PXKDVHEHOHรบWLUPH ND\ร WWDQ oร NDUPD YH GHรทHUOHPH HVDVODUร Qร LoHUHQ LON XOXVODUDUDVร PXKDVHEH VWDQGDUGร Gร U %X VWDQGDUW Wย UHY ย Uย QOHULQ
UD\Lo GHรทHUOHUL ย ]HULQGHQ \HQLGHQ GHรทHUOHPH JHUHNOLOLรทLQL YH UD\Lo GHรทHU
GHรทLรบLNOLNOHULQGHQ ND\QDNODQDQ NkU \D GD ]DUDUODUร Q GD ELODQoR LoLQGH
J|VWHULOPHVL JHUHNOLOLรทLQL RUWD\D NR\PXรบWXU 8OXVODUDUDVร PXKDVHEH
VWDQGDUWODUร \ร Oร QGDQ LWLEDUHQ Wย P $YUXSD %LUOLรทLQH GDKLO ย ONHOHU
WDUDIร QGDQ NXOODQร ODFDN RODQ LONHOHU VHWL ROPDVร Doร Vร QGDQ |QHPOLGLU $QFDN
$YUXSD %LUOLรทL KHQย ] 806 ยถXQ X\JXODQDELOLUOLรทLQH RQD\ YHUPHPLรบWLU %X
QHGHQOH \HQLGHQ Gย ]HQOHQPLรบ VWDQGDUGD LOLรบNLQ oDOร รบPDODU 806. YH 0'.
LรบELUOLรทL YH PXKDVHEH X]PDQODUร Qร Q J|Uย รบOHUL DOร QDUDN GHYDP HWPHNWHGLU <HQL VWDQGDUGร Q \ร Oร QGD $YUXSD %LUOLรทLยถQFH RQD\ODQPDVร EHNOHQPHNWHGLU 7ย UN %DQNDFร Oร N 6HNW|Uย QGH Wย UHY ย Uย QOHU NRQXVXQGD HQ VRQ
Gย ]HQOHPH %DQNDFร Oร N 'ย ]HQOHPH YH 'HQHWOHPH .XUXPX WDUDIร QGDQ
0XKDVHEH 8\JXODPDODUร <|QHWPHOLรทLยถQH LOLรบNLQ VD\ร Oร WHEOLรท LOH \DSร OPร รบWร U
)LQDQVDO DUDoODUร Q PXKDVHEHOHรบWLULOPHVL VWDQGDUGร Qร LoHUHQ EX WHEOLรทLQ DPDFร
YL
ILQDQVDO DUDoODUร Q PXKDVHEHOHรบWLULOPHVLQH LOLรบNLQ HVDV YH XVXOOHULQ
EHOLUOHQPHVLGLU 7HEOLรท JHQHO RODUDN 806 ยถGD EHOLUOHQHQ NXUDOODUร Q
X\JXODQPDVร Qร |QJ|UPHNWHGLU 7ย UHY ย Uย QOHU รบDUWD EDรทOร KDNODU YH
\ย Nย POย Oย NOHU \DUDWWร รทร LoLQ 0XKDVHEH 8\JXODPD <|QHWPHOLรทLยถQH LOLรบNLQ VD\ร Oร WHEOLรทGH EX ย Uย QOHUH EDรทOร JHOLรบPHOHULQ QD]ร P KHVDSODUGD GHWD\Oร ELU
รบHNLOGH WDNLS HGLOPHVL |QJ|Uย OPย รบWย U 'HรทHUOHPH\H LOLรบNLQ VRUXQODUร Q
o|]ย Pย QGH LVH LรบOHWPHOHULQ EX V|]OHรบPHOHUH WDUDI ROPD DPDoODUร J|] |Qย QGH
EXOXQGXUXOPXรบWXU
7ย UNL\H &XPKXUL\HW 0HUNH] %DQNDVร QGD X\JXODQDFDN PXKDVHEH
VWDQGDUWODUร YH SROLWLNDODUร JHUHรทL Wย UHY ย Uย QOHUOH LOJLOL RODUDN X\JXODQDFDN RODQ
PXKDVHEH SROLWLNDODUร QGD HVDV RODUDN QROX ยณ)LQDQVDO $UDoODU $oร NODPD YH 6XQXรบยด QROX ยณ)LQDQVDO $UDoODUร Q 0XKDVHEHOHรบWLULOPHVL YH 'HรทHUOHPHVLยด
EDรบOร NOร XOXVODUDUDVร PXKDVHEH VWDQGDUGร Kย Nย POHUL $YUXSD %LUOLรทLยถQLQ $YUXSD
0HUNH] %DQNDODUร LoLQ \D\ร QODPร รบ ROGXรทX \|QHUJH Kย Nย POHUL YH 7ย UNL\H
0XKDVHEH 6WDQGDUWODUร QGD EX NRQX LOH LOJLOL Kย Nย POHU GLNNDWH DOร QPร รบ EX
oHUoHYHGH V|]OHรบPH WDULKLQGH JHUoHN ELU GHรทHU KDUHNHWLQH QHGHQ RODQ
ILQDQVDO ROD\ODU ELODQoR DVOL KHVDSODUร QGD L]OHQLUNHQ JHUoHN ELU GHรทHU
KDUHNHWLQH QHGHQ ROPD\DQ ILQDQVDO ROD\ODUร Q LVH ELODQoR Gร รบร QGD QD]ร P
KHVDSODUGD L]OHQPHVL EHQLPVHQPLรบWLU 6|]OHรบPH WDULKL LOH WHVOLP WDULKL
DUDVร QGD PH\GDQD JHOHQ GHรทHU GHรทLรบLPOHULQLQ LVH G|QHP LoLQGH YH\D G|QHP
VRQXQGD GLNNDWH DOร QDFDรทร |QJ|Uย OPHNWHGLU
$QDKWDU .HOLPHOHU 8OXVODUDUDVร 0XKDVHEH 6WDQGDUWODUร 7ย UHY hUย QOHU
6ZDS )RUZDUG )XWXUHV 2SVL\RQ 7ย UHY hUย QOHULQ 0XKDVHEHOHรบWLULOPHVL
806
YLL
$%675$&7 7KH SXUSRVH RI WKLV WKHVLV LV WR LGHQWLI\ WKH UHFRJQLWLRQ SULQFLSOHV RI
GHULYDWLYH LQVWUXPHQWV L H IRUZDUGV VZDSV IXWXUHV DQG RSWLRQV ZKLFK
KDYH EHHQ SXW IRUWK DV D WRRO IRU KHGJLQJ ILQDQFLDO ULVNV DQG SURYLGH
VXJJHVWLRQV IRU WKH DFFRXQWLQJ SURFHGXUHV
%DVHG RQ WKLV SXUSRVH WKH UHFRUGLQJ PHDVXUHPHQW DQG UHIOHFWLRQ RI
GHULYDWLYH LQVWUXPHQWV WR WKH LQFRPH VWDWHPHQW DQG WKH EDODQFH VKHHW KDYH
EHHQ DQDO\]HG DFFRUGLQJ WR WKH ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUG QXPEHU
DSSOLFDWLRQ EDVLV RI WKH (XURSHDQ &HQWUDO %DQN UHODWHG OHJDO UHJXODWLRQV
LQ 7XUNH\ DQG WKH DSSOLFDWLRQ EDVLV RI WKH &HQWUDO %DQN RI 7XUNH\ DQG
VXJJHVWLRQV IRU VROXWLRQ ZDV SXW IRUWK LQ OLJKW RI WKHVH VWDQGDUGV DQG EDVHV
7KH ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUG ,$6 LV WKH ILUVW
DFFRXQWLQJ VWDQGDUG LQFOXGLQJ WKH UHFRJQLWLRQ GHUHFRJQLWLRQ DQG
PHDVXUHPHQW EDVLV RI DOO ILQDQFLDO DVVHWV DQG OLDELOLWLHV LQFOXGLQJ DOO
GHULYDWLYHV 7KLV VWDQGDUG KDV SXW IRUWK WKH UHTXLUHPHQW WKDW GHULYDWLYHV
VKRXOG EH PHDVXUHG DW IDLU YDOXH DQG JDLQV DQG ORVVHV UHVXOWLQJ IURP
FKDQJHV LQ IDLU YDOXH VKRXOG EH VKRZQ RQ WKH EDODQFH VKHHW ,QWHUQDWLRQDO
$FFRXQWLQJ 6WDQGDUGV DUH LPSRUWDQW VLQFH WKH\ FRPSULVH WKH VHW RI SULQFLSOHV
WR EH XVHG E\ WKH (XURSHDQ 8QLRQ FRXQWULHV EHJLQQLQJ IURP +RZHYHU
WKH (XURSHDQ 8QLRQ KDV QRW \HW DSSURYHG WKH DSSOLFDELOLW\ RI WKH ,QWHUQDWLRQDO
$FFRXQWLQJ 6WDQGDUG QXPEHU 7KDW LV ZK\ WKH VWXG\ RQ WKH QHZO\ DGMXVWHG
VWDQGDUG LV FRQWLQXLQJ ZLWK WKH FROODERUDWLRQ RI WKH ,QWHUQDWLRQDO $FFRXQWLQJ
6WDQGDUGV &RPPLWWHH DQG WKH $FFRXQWLQJ 5HJXODWRU\ &RPPLVVLRQ DQG E\
FRQVLGHULQJ WKH YLHZV RI DFFRXQWLQJ H[SHUWV ,W LV H[SHFWHG WKDW WKH QHZ
VWDQGDUG ZLOO EH DSSURYHG E\ WKH (XURSHDQ 8QLRQ LQ
,Q WKH 7XUNLVK EDQNLQJ VHFWRU WKH PRVW UHFHQW DGMXVWPHQW RQ
GHULYDWLYHV ZDV GRQH E\ %DQNLQJ 5HJXODWLRQ DQG 6XSHUYLVLRQ $JHQF\
WKURXJK 5HJXODWLRQ RQ $FFRXQWLQJ 3UDFWLFHV 3ULQFLSOHV QRWLILFDWLRQ QXPEHU 7KH SXUSRVH RI WKLV QRWLILFDWLRQ LV WR LGHQWLI\ WKH EDVLV DQG SULQFLSOHV
YLLL
UHJDUGLQJ WKH UHFRJQLWLRQ RI ILQDQFLDO LQVWUXPHQWV ,Q JHQHUDO WKH QRWLILFDWLRQ
VXJJHVWV WKH XVH RI WKH UXOHV LGHQWLILHG LQ ,$6 QXPEHU %HFDXVH GHULYDWLYHV FUHDWH FRQWLQJHQW ULJKWV DQG REOLJDWLRQV QRWLILFDWLRQ QXPEHU
UHJDUGLQJ $FFRXQWLQJ 3UDFWLFHV 3ULQFLSOHV VXJJHVWV WKH GHWDLOHG WUDFH RI WKH
GHYHORSPHQWV EDVHG RQ WKHVH LQVWUXPHQWV LQ RII EDODQFH VKHHW DFFRXQWV )RU
WKH VROXWLRQ RI WKH SUREOHPV UHJDUGLQJ PHDVXUHPHQW WKH SXUSRVHV RI FRPSDQLHV IRU WDNLQJ SDUW LQ WKHVH FRQWUDFWV KDYH EHHQ WDNHQ LQWR DFFRXQW
'XH WR WKH UHTXLUHPHQWV RI WKH DFFRXQWLQJ VWDQGDUGV WR EH XVHG LQ
WKH &HQWUDO %DQN RI 7XUNH\ WKH EDVLV IRU WKH DSSOLFDWLRQ RI WKHVH VWDQGDUGV
UHJDUGLQJ GHULYDWLYHV KDYH EHHQ GHWHUPLQHG WR EH ,$6 ³)LQDQFLDO
,QVWUXPHQWV 'LVFORVXUH DQG 3UHVHQWDWLRQ´ ,$6 ³)LQDQFLDO ,QVWUXPHQWV 5HFRJQLWLRQ DQG 0HDVXUHPHQW´ HXURSHDQ DFFRXQWLQJ GLUHFWLYHV IRU WKH
(XURSHDQ &HQWUDO %DQN DQG WKH UHOHYDQW 7XUNLVK DFFRXQWLQJ VWDQGDUGV ,Q
OLJKW RI WKLV LW KDV EHHQ DGRSWHG WKDW WKH ILQDQFLDO HYHQWV WKDW UHVXOW LQ D UHDO
YDOXH IORZ ZLOO EH UHFRUGHG LQ WKH EDODQFH VKHHW DFFRXQWV DQG WKH ILQDQFLDO
HYHQWV WKDW GR QRW UHVXOW LQ D UHDO YDOXH IORZ ZLOO EH UHFRUGHG LQ WKH RII
EDODQFH VKHHW DFFRXQWV ,W LV VXJJHVWHG WKDW WKH YDOXH FKDQJHV EHWZHHQ WKH
WUDGH GDWH DQG WKH VHWWOHPHQW GDWH DUH WR EH WDNHQ LQWR DFFRXQW HLWKHU LQ WKH
DFFRXQWLQJ SHULRG RU DW WKH HQG RI WKH DFFRXQWLQJ SHULRG
.H\ZRUGV ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV 'HULYDWLYHV 6ZDS
)RUZDUG )XWXUHV 2SWLRQV $FFRXQWLQJ IRU 'HULYDWLYHV ,$6
L[
*ø5øù ¶OL \ÕOODUGD %UHWWRQ :RRGV VLVWHPLQLQ o|N ú QGHQ VRQUD 'DOJDOÕ
.XU 6LVWHPLQH JHoLOPHVL LúOHWPHOHULQ IL\DW YH IDL]OHUGH E \ N GDOJDODQPDODUD
PDUX] NDOPDVÕQD YH JHOHFHNOH LOJLOL EHOLUVL]OLNOHULQ E \ PHVLQH QHGHQ
ROPXúWXU %XQXQOD ELUOLNWH GH÷LúHQ SL\DVD úDUWODUÕ WHNQRORMLN JHOLúPHOHU YH
XOXVODUDUDVÕ ILQDQVDO LOLúNLOHULQ DUWPDVÕ G Q\D ILQDQVDO SL\DVDODUÕQÕQ ELUELULQH
ED÷ODQDUDN WHN ELU SL\DVD KDOLQH JHOPHVL EX SL\DVDODUGDNL GH÷LúNHQOL÷LQ KÕ]OD
DUWPDVÕQD YH ONHOHUDUDVÕ JHoLúNHQOL÷LQ NROD\ODúPDVÕQD QHGHQ ROPXúWXU )DL] RUDQODUÕ G|YL] NXUODUÕ YH PDO IL\DWODUÕQGDNL GDOJDODQPDODUÕQ \DUDWWÕ÷Õ
ULVNOHUGHQ NRUXQPD LKWL\DFÕQD PHYFXW ILQDQVDO U QOHULQ \HWHULQFH FHYDS YHUHPHPHVL SDUD YH VHUPD\H SL\DVDODUÕQGD \HQL ILQDQVDO U QOHULQ RUWD\D
oÕNPDVÕ VRQXFXQX GR÷XUPXúWXU
<HQL ILQDQVDO U QOHU ³W UHY U QOHU´ EDúOÕ÷Õ DOWÕQGD WRSODQDQ IRUZDUG
VZDS IXWXUHV YH RSVL\RQ V|]OHúPHOHULGLU 7 UHY U QOHU VDGHFH EXQODUOD
NDOPD\ÕS V UHNOL JHOLúPH YH oHúLWOHQPH J|VWHUPHNWHGLUOHU %X QHGHQOH EX
U QOHU KXNXNL QLWHOLN PXKDVHEHOHúWLUPH |]HOOLNOHUL YH NRQWURO DoÕODUÕQGDQ
NDUPDúÕN ELU \DSÕ\D VDKLSWLUOHU 7 UHY U QOHU LúOHWPHOHULQ PDUX] NDOGÕNODUÕ
ULVNOHUL HWNLOHGLNOHUL YH LúOHWPHOHUL ULVNWHQ NRUXGXNODUÕ LoLQ NXOODQÕPODUÕ DUWDUDN
GHYDP HWPHNWHGLU
7 UHY U QOHUH LOLúNLQ PXKDVHEH VRUXQODUÕQÕQ JLGHULOPHVL DPDFÕ\OD
XOXVODUDUDVÕ G ]H\GH oDOÕúPDODU GHYDP HWPHNWHGLU \ÕOÕQGD 8OXVODUDUDVÕ
0XKDVHEH 6WDQGDUWODUÕ .RPLWHVL 806. .DQDGD <HPLQOL 0 úDYLUOHU
(QVWLW V LOH ELUOLNWH ILQDQVDO DUDoODUÕQ PXKDVHEHOHúWLULOPHVL GH÷HUOHPHVL YH
VXQXPXQX LoHUHQ GHWD\OÕ ELU VWDQGDUW ROXúWXUPD SURMHVLQH EDúODPÕúODUGÕU %X
SURMH oHUoHYHVLQGH 0DUW ¶WH ³806 )LQDQVDO DUDoODU )LQDQVDO
7DEORODUÕQ $oÕNODQPDVÕ YH 6XQXPX´ 806. WDUDIÕQGDQ NDEXO HGLOPLúWLU %X
SURMHQLQ LNLQFL DúDPDVÕ RODQ ILQDQVDO YDUOÕN YH \ N PO O NOHULQ ND\GHGLOPHVL
,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUWV &RPPLWWHH ,$6&
ND\ร WWDQ oร NDUร OPDVร GHรทHUOHPHVL YH ULVNWHQ NRUXQPD PXKDVHEHVLQL LoHUHQ
VWDQGDUW RODQ ยณ806 )LQDQVDO hUย QOHULQ 0XKDVHEHOHรบWLULOPHVL YH
'HรทHUOHPHVLยด 0DUW \ร Oร QGD 806. WDUDIร QGDQ NDEXO HGLOPLรบWLU
806 Wย UHY ย Uย QOHUL GH NDSVD\DQ Wย P SDUDVDO YDUOร N YH
\ย Nย POย Oย NOHULQ PXKDVHEHOHรบWLUPH ND\ร WWDQ oร NDUPD YH GHรทHUOHPH HVDVODUร Qร LoHUHQ LON XOXVODUDUDVร PXKDVHEH VWDQGDUGร ROPDVร Doร Vร QGDQ |QHPOLGLU
&DUL X\JXODPDGD ILQDQVDO ย Uย QOHULQ PXKDVHEHOHรบWLULOPHVLQLQ ย ONHGHQ
ย ONH\H IDUNOร Oร N J|VWHUPHVL NDUรบร ODรบWร UPD \DSPDQร Q ]RUODรบPDVร QD YH
\DWร Uร PFร ODUร Q \DQOร รบ NDUDU YHUPHOHULQH \RO DoPDNWDGร U g]HOOLNOH Wย UHY ย Uย QOHULQ ELODQoR LoLQGH \HU DOPDPDVร \DWร Uร PFร ODU Doร Vร QGDQ N|Wย Vย USUL]OHULQ
\DรบDQPDVร QD VHEHS ROPDNWDGร U %XQXQ Gร รบร QGD ED]ร LรบOHWPHOHUFH ILQDQVDO
YDUOร NODU PDOL\HW GHรทHUL\OH WXWXOXUNHQ GLรทHUOHUL PDOL\HW YH\D SL\DVD
GHรทHULQGHQ Nย oย N RODQร \OD \D GD UD\Lo GHรทHUOHUL\OH WXWXOPDNWDGร U 806 EX
VRUXQODUD o|]ย P JHWLUPHN ย ]HUH Wย UHY ย Uย QOHULQ UD\Lo GHรทHUOHUL ย ]HULQGHQ
GHรทHUOHQHFHรทLQL YDGH\H NDGDU HOGH WXWXODFDNODU YH LรบOHWPH ND\QDNOร ERUoODU KDULo ROPDN ย ]HUH UD\Lo GHรทHU GHรทLรบLNOLNOHULQGHQ ND\QDNODQDQ NkU \D GD
]DUDUODUร Q NkU ]DUDU WDEORVXQGD \D GD |]ND\QDNODU E|Oย Pย QGH J|VWHULOHFHรทLQL EHOLUWPLรบWLU 6WDQGDUW YDUOร N \D GD \ย Nย POย Oย NOHULQ ND\ร WODUGDQ
oร NDUร OPDVร Qร GD NHVLQ NXUDOODUD EDรทODPร รบWร U 806 D\Uร FD LรบOHWPHOHULQ ULVN
\|QHWLP LONHOHULQLQ DPDoODUร Qร Q PXKDVHEH SROLWLNDODUร Qร Q YH X\JXODPDODUร Qร Q
Doร NODQPDVร Qร JHUHNOL Nร OPร รบWร U 806. WDUDIร QGDQ RQD\ODQDQ PXKDVHEH
VWDQGDUWODUร \ร Oร QGDQ LWLEDUHQ Wย P $YUXSD %LUOLรทL ย ONHOHULQFH NXOODQร OPD\D
EDรบODQDFDNWร U
806 ยถXQ LONHOHULQLQ Eย \ย N SRUWI|\OHUL RODQ \D GD Wย UHY ย Uย Q YH
GLรทHU ILQDQVDO ย Uย QOHUL ULVNWHQ NRUXQPDN DPDFร \OD NXOODQDQ รบLUNHWOHULQ
\D\ร PODQDQ PDOL WDEORODUร QGD Eย \ย N HWNL \DSPDVร EHNOHQPHNWHGLU 6WDQGDUW
LรบOHWPHOHUL \DWร Uร P YH ULVNWHQ NRUXQPD VWUDWHMLOHULQL J|]GHQ JHoLUPH\H
\|QHOWPHNWHGLU
%X oDOร รบPDQร Q DPDFร IRUZDUG IXWXUHV VZDS YH RSVL\RQ
V|]OHรบPHOHULQGHQ ROXรบDQ Wย UHY ย Uย QOHUL YH Wย UHY ย Uย QOHULQ NXOODQร Pร Qร
JHUHNWLUHQ ULVNOHUL JHQHO RODUDN WDQร PODPDN NRQX\D LOLรบNLQ 806 ยถGD !#" $ &% '( ) '
EHOLUWLOHQ HVDVODU GL÷HU X\JXODPDODU $PHULND %LUOHúLN 'HYOHWOHUL YH $YUXSD
0HUNH] %DQNDVÕ YH 7 UNL\H¶GHNL VRQ G ]HQOHPHOHUL GH GLNNDWH DODUDN
PXKDVHEHOHúWLUPH \|QWHPOHULQL EHOLUOHPHNWLU
%X GR÷UXOWXGD oDOÕúPDQÕQ ELULQFL E|O P QGH W UHY U QOHULQ NXOODQÕP
DPDFÕ RODQ PDOL ULVN YH ULVN \|QHWLPL ]HULQGH GXUXOPXúWXU
øNLQFL E|O PGH W UHY U QOHULQ PXKDVHEHOHúWLULOPHVL NRQXVXQGD
8OXVODUDUDVÕ 0XKDVHEH 6WDQGDUWODUÕ $YUXSD 0HUNH] %DQNDVÕ X\JXODPDODUÕ YH
GL÷HU X\JXODPDODU DoÕNODQPÕú YH |]HOOLNOH ULVNWHQ NRUXQPD DPDFÕ
GR÷UXOWXVXQGD NXOODQÕODQ EX U QOHULQ JHQHO RODUDN PXKDVHEHOHúWLUPH HVDVODUÕ LQFHOHQGLNWHQ VRQUD W UHY U Q ED]ÕQGD WDQÕPODPDODU \DSÕODUDN
PXKDVHEHOHúWLUPH HVDVODUÕ YH X\JXODPD |UQHNOHUL ]HULQGH GXUXOPXúWXU %X
E|O PGH \HU DODQ |UQHNOHU GDKD oHúLWOL ROGX÷X LoLQ EDQND GÕúÕ LúOHWPHOHU
ED]ÕQGD YHULOPLú YH X\JXODPDODU ONHPL]GH HQ oRN NXOODQÕODQ W UHY U Q
W UOHUL GLNNDWH DOÕQDUDN JHUoHNOHúWLULOPLúWLU
ho QF E|O PGH 7 UNL\H¶GH W UHY U QOHUH GDLU VRQ G ]HQOHPHOHU
]HULQGH GXUXOPXú YH 7 & 0HUNH] %DQNDVÕ¶QÕQ \HQL KHVDS SODQÕ YH
PXKDVHEH X\JXODPDODUÕ oHUoHYHVLQGH W UHY U QOHUH GDLU PXKDVHEHOHúWLUPH HVDVODUÕQD \HU YHULOPLúWLU
'|UG QF E|O P RODQ VRQXo E|O P QGH LVH JHQHO ELU GH÷HUOHQGLUPH
\DSÕOPÕúWÕU
%ø5ø1&ø %g/h0 0$/ø 5ø6. 7$1,0, 9( 0$/ø 5ø6. <g1(7ø0ø 0DOL 5LVN .DYUDPÕ YH 7 UOHUL
8OXVODUDUDVÕ PDOL SL\DVDODU YH ¶OÕ \ÕOODUGD HVDVOÕ ELU JHoLú
G|QHPLQH WDQÕN ROPXú ELU WDUDIWDQ NDUPDúÕN YH GH÷LúNHQ LúOHPOHULQ RUWD\D
oÕNPDVÕ SL\DVDODUGD EHOLUVL]OL÷L DUWÕUÕUNHQ |WH \DQGDQ GLQDPLN YH UHNDEHWoL
ILQDQV VHNW|U QGHNL SL\DVD NDWÕOÕPFÕODUÕ HVNLVLQGHQ GDKD E \ N PDOL ULVNOHUOH
NDUúÕ NDUúÕ\D NDOPÕúWÕU
0DOL ULVNOHULQ QLWHOLN W U YH ER\XWODUÕQGDNL GH÷LúLNOLNOHUL HVDV RODUDN
DúD÷ÕGDNL QHGHQOHU \DUDWPÕúWÕU
L 7HN SL\DVD\D G|Q úPH
8OXVODUDUDVÕ SL\DVDODUÕQ N UHVHOOHúPHVL YH VHUPD\HQLQ VHUEHVW
GRODúÕPÕQGDNL HQJHOOHULQ DúDPDOÕ RODUDN RUWDGDQ NDOGÕUÕOPDVÕ
VRQXFX XOXVDO |OoHNOL SL\DVDODU XOXVODUDUDVÕ |OoHNOL WHN SL\DVD
úHNOLQH G|Q úP úW U %X G Q\DQÕQ ELU E|OJHVLQGH RUWD\D oÕNDQ
VRUXQODUÕQ EDúND ELU E|OJHGHNL SL\DVDODUD YH \DWÕUÕPFÕODUD KHPHQ \DQVÕPDVÕ JLEL ELU ROJX\X GD EHUDEHULQGH JHWLUPLúWLU
LL %HOLUVL]OLNOHUGH DUWPD
8OXVODUDUDVÕ SL\DVDODU JLGHUHN GDKD GD GH÷LúNHQ ELU KDOH
JHOPLú EXQXQ VRQXFX RODUDN ILQDQVDO ULVNLQ DQD
ND\QDNODUÕQGDQ RODQ SL\DVD IL\DWODUÕ LQLúOL oÕNÕúOÕ ELU VH\LU L]OHU
ROPXúWXU
3L\DVDGDNL
GH÷LúNHQOL÷LQ
DUWPDVÕ
SL\DVD
NDWÕOÕPFÕODUÕQÕ GDKD E \ N EHOLUVL]OLN YH ULVNOHUOH NDUúÕ NDUúÕ\D
EÕUDNPÕúWÕU
LLL <HQL ILQDQVDO DUDoODUÕQ SL\DVD\D JLULúL
8OXVODUDUDVร SL\DVDODUGDNL รบDUWODUร Q GHรทLรบPHVL VRQXFXQGD NDUPDรบร N \DSร Oร \HQL \DWร Uร P DOWHUQDWLIOHUL RUWD\D oร NPร รบWร U
<DWร Uร P DUDoODUร Qร Q oHรบLWOLOLรทL NRUXQPD KHGJLQJ DPDoOร Wย UHY
ย Uย QOHUGH ROGXรทX JLEL GLรทHU \DWร Uร P DUDoODUร Qร GD JHOLรบPH\H \|QHOWPLรบWLU
LY รธรบOHP KDFPLQGH YH ULVN ER\XWODUร QGD Eย \ย PH
'ย Q\DGD NUHGL IRQODUร DU]ร QGDNL DUWร รบ ILQDQVDO ULVNOHULQ GH Kร ]OD
DUWPDVร QGD |QHPOL URO R\QDPร รบWร U %X ULVNOHULQ UHDOL]H ROPDVร
VRQXFX Eย \ย N ND\ร SODU RUWD\D oร NPร รบWร U
Y 8OXVODUDUDVร UHNDEHWWH DUWร รบ
g]HOOLNOH JHOLรบPLรบ YH JHOLรบPHNWH RODQ ย ONHOHULQ EDQNDFร Oร N VHNW|UOHULQLQ D\Qร DODQGD UHNDEHW HWPH\H EDรบODPDVร YH Eย \ย N
|OoHNOL EDQNDODUร Q EDQNDFร Oร N VHNW|Uย Gร รบร QGDNL ILQDQVDO
NXUXPODUOD \RรทXQ UHNDEHWH JLULรบPHOHUL NUHGL ULVNLQL GDKD |QHPOL
YH IDNDW NDUPDรบร N KDOH JHWLUPLรบWLU (UoHO
%X JHOLรบPHOHU ULVNH NDUรบร NRUXQPD LKWL\DFร Qร EHUDEHULQGH JHWLUPLรบWLU
5LVN ND]DQPD YH ND\EHWPH GHUHFHVLQGHNL EHOLUVL]OLNWLU 5LVN NDEXO HGLOPHVL
JHUHNHQ YH \DWร Uร PGD VRUXQXQ WHPHOLQL WHรบNLO HGHQ ELU XQVXUGXU )LQDQVDO
ย Uย QOHU JHQHO RODUDN \DWร Uร P ILQDQVPDQ ULVNWHQ NRUXQPD YH NkU VDรทODPD
DPDoODUร \OD NXOODQร ODELOLUOHU $QFDN Wย UHY ย Uย QOHUH GDKD oRN LรบOHWPHQLQ
IDDOL\HWOHUL QHGHQL\OH V|] NRQXVX RODQ ULVNOHUGHQ NRUXQPDN ย ]HUH EDรบYXUXOXU รธรบOHWPHOHULQ NDUรบร NDUรบร \D ROGXNODUร ULVNOHUL SL\DVD ULVNL OLNLGLWH ULVNL YH
NUHGL ULVNL RODUDN E|Oย POH\HELOLUL] 3L\DVD 5LVNL
3L\DVD ULVNL DOร QDFDN VDWร ODFDN \D GD HOGH EXOXQGXUXODFDN ELU
ILQDQVDO ย Uย Qย Q GHรทHULQGHNL G|YL] NXUX \D GD IDL] RUDQร QGDNL KDUHNHWOHUH
EDรทOร EHOLUVL]OLรทL LIDGH HWPHNWHGLU (รทHU VDKLS ROXQDQ ย Uย Qย Q JHOHFHNWHNL *
SL\DVD IL\DWร NHVLQ RODUDN ELOLQL\RUVD \DQL EHOLUVL]OLN \RNVD R ]DPDQ SL\DVD
ULVNLQGHQ EDKVHWPHN V|] NRQXVX ROPD\DFDNWร U 3L\DVD ULVNL YDGH \DSร Vร + ,- . ) ./ 0 132 (0 3 1 " 4 5 1 6 5 1 " ( 5 0)5 5 " 7 " 8 .9 8 ' 8 : ;&" 5 1 ) " ;) .;<4 : =4 >
SL\DVDQร Q OLNLGLWH LKWL\DFร LรบOHWPHOHULQ SR]LV\RQXQGDNL oHรบLWOLOLN JLEL IDNW|UOHUH
EDรทOร Gร U 0F.HQ]LH V 3L\DVDQร Q OLNLW ROXS ROPDPDVร VDKLS ROXQDQ
ILQDQVDO ย Uย Qย Q QDNGH oHYULOHELOPHVL Doร Vร QGDQ |QHPOLGLU )LQDQVDO ย Uย QOHULQ
SL\DVD ULVNLQL L\L |OoHELOPHN LoLQ Eย Wย Q ELODQoR LoL YH ELODQoR Gร รบร ELOJLOHUL
NDSVDPOร ELU รบHNLOGH HOH DOPDN YH LQFHOHPHN JHUHNLU %XQXQ LoLQ GH LรบOHWPHOHULQ SL\DVD ULVNLQL WDNLS HGHQ YH EXQD NDUรบร |QOHP DODQ ULVN \|QHWLPL
VWUDWHMLOHULQLQ EXOXQPDVร YH EXQODUร Q X\JXODQPDVร JHUHNLU 0F.HQ]LH
V
3L\DVD ULVNL ILQDQVDO ย Uย QOHULQ IL\DWODUร QGDNL EHOLUVL]OLNOHULQ \DUDWWร รทร
ULVN Wย Uย Gย U %X IL\DWODU \DEDQFร SDUD IL\DWร G|YL] NXUX YH \DEDQFร ND\QDN
IL\DWร IDL] RUDQร RODELOLU %X LNL IL\DWD LOLรบNLQ GHรทLรบNHQOLรทLQ ELUOLNWH V|] NRQXVX
ROPDVร KDOLQGH SL\DVD ULVNL G|YL] YH IDL] ULVNOHULQLQ ELOHรบHQLGLU '|YL] 5LVNL
'|YL] ULVNL \HUOL SDUD ELULPLQLQ \DEDQFร SDUD ELULPL NDUรบร Vร QGDNL
ROXPOX \DGD ROXPVX] GHรทHU GHรทLรบLPOHULQL LIDGH HGHU (ELoOLRรทOX YH .DKUDPDQ
V <HUOL SDUDQร Q \DEDQFร SDUDODUD J|UH GHรทHU ND]DQPDVร GXUXPXQGD \DEDQFร SDUDOร YDUOร NODUร \DEDQFร SDUDOร \ย Nย POย Oย NOHULQGHQ ID]OD RODQ ELU
LรบOHWPHQLQ ]DUDU WHUVL GXUXPGD GD NkU HOGH HGHFHรทL \HUOL SDUDQร Q GHรทHU
ND\EHWPHVL GXUXPXQGD LVH EXQXQ WDP WHUVL GXUXPXQ ROXรบDFDรทร Doร NWร U %HOLUOL
ELU DQGD DNWLIL \DEDQFร SDUDOร \ย Nย POย Oย NOHULQH HรบLW IDNDW SDUD ELULPOHUL IDUNOร
RODQ ELU LรบOHWPH GH \DEDQFร SDUDODUGDQ KHU ELULQLQ NXUXQXQ IDUNOร รบHNLOGH GHรทLรบPHVLQH EDรทOร RODUDN SDULWH ULVNL ]DUDU HGHELOLU 3DULWH ULVNL XOXVDO
SDUDQร Q VDGHFH \DEDQFร SDUDODUD NDUรบร GHรทHU \LWLUPHVLQGHQ GHรทLO ELU
LรบOHWPHQLQ G|YL] SR]LV\RQXQGD PHYFXW \DEDQFร SDUDODUร Q SDULWHOHULQLQ
GHรทLรบLPLQGHQ GRรทDQ DOWHUQDWLI ]DUDUGร U .DYDO V
'|YL] NXUX GHรทLรบLPOHULQLQ QHGHQ ROGXรทX ULVNL ย oH D\ร UPDN
Pย PNย QGย U
รธรบOHP 5LVNL
รธรบOHP ULVNL G|YL] LรบOHPOHULQGH WDKVLO HGLOHFHN RODQ G|YL] PLNWDUร LOH
|GHQHFHN RODQ G|YL] PLNWDUร Qร Q \HUOL SDUD ELULPLQH oHYULOPHOHUL GXUXPXQGD
\HUOL SDUD FLQVLQGHQ QDNLW JLULรบLQLQ QDNLW oร Nร รบร QGDQ D] ROPDVร GXUXPXGXU %33
+ROGLQJV SOF D V
dHYLUL 5LVNL
dHYLUL ULVNL \DEDQFร ย ONHOHUGH EDรทOร RUWDNOร NODUร RODQ LรบOHWPHOHULQ
NRQVROLGH PDOL WDEOR Gย ]HQOHPH DรบDPDVร QGD EDรทOร RUWDNOร NODUร Q EXOXQGXรทX
ย ONHOHULQ SDUD FLQVLQL DQD LรบOHWPHQLQ EXOXQGXรทX ย ONHQLQ SDUD FLQVLQH oHYLUPHGHQ GRรทDQ ULVNWLU (รทHU EDรทOร RUWDNOร NODUร Q EXOXQGXรทX ย ONH SDUDVร QGD
GHรทHU Gย รบย NOย รทย ROXUVD DQD รบLUNHW EXQX \DWร Uร PODUร QGD NDPEL\R ]DUDUร RODUDN
J|VWHUHFHNWLU %XQXQOD ELUOLNWH EDรทOร RUWDNOร รทร Q NkUร Qร DQD LรบOHWPHQLQ SDUD
ELULPLQH oHYLULUNHQ GH NkUOร Oร N EX GHรทHU IDUNOร Oร รทร QHGHQL\OH HWNLOHQHFHNWLU
dHYLUL ULVNL NkUOร Oร รทร YH ELODQoR GHรทHUOHULQL HWNLOHPHNWH DQFDN LรบOHP ULVNLQGHQ IDUNOร RODUDN QDNLW NkU \D GD ]DUDU GRรทXUPDPDNWDGร U %X QHGHQOH LรบOHWPHOHU
LoLQ LรบOHP ULVNLQGHQ GDKD D] |QHPOL ELU ULVNWLU %33 +ROGLQJV SOF D
V
(NRQRPLN 5LVN
(NRQRPLN ULVN LรบOHWPHQLQ SR]LV\RQXQXQ G|YL] NXUODUร QGDNL
GHรทLรบNHQOLรทH NDUรบร KDVVDV ROPDVร QGDQ GRรทPDNWDGร U %X Nร VD \D GD X]XQ
YDGHOL RODELOPHNWHGLU %X ULVN GRรทUXGDQ YH GROD\Oร RODUDN LNL\H D\Uร Oร U
'RรทUXGDQ HNRQRPLN ULVN KHQย ] KHUKDQJL ELU LรบOHP \DSร OPDPร รบ ROVD GD LรบOHWPHQLQ RODVร DODFDNODUร YH ERUoODUร QD LOLรบNLQ ULVNWLU gUQHรทLQ VDWร รบODUร Qร Q ELU
E|Oย Pย Qย Vย UHNOL RODUDN \DEDQFร SDUD ย ]HULQGHQ \DSPDN GXUXPXQGD RODQ
LรบOHWPH KHQย ] KHUKDQJL ELU LรบOHP \DSPDPร รบ ROVD GD \DEDQFร SDUD ELULPLQLQ
GHรทLรบPHOHULQGHQ JHOHFHNWH HWNLOHQHFHรทLQL ELOLU 'ROD\Oร HNRQRPLN ULVN LVH ย ONHGHNL G|YL] NXUX GHรทLรบLNOLNOHULQH QHGHQ RODFDN HNRQRPLN JHOLรบPHOHULQ
LรบOHWPH ย ]HULQGH \DUDWDFDรทร ROXPVX] GXUXPGXU %33 +ROGLQJV SOF D
V
)DL] 5LVNL
3L\DVDODUGD G|YL] NXUX YH IDL] RUDQODUร QGDNL GHรทLรบLP ILQDQVDO
ย Uย QOHULQ SL\DVD IL\DWODUร Qร HWNLOHPHNWHGLU )DL] RUDQODUร QGDNL GHรทLรบLP VHUEHVW
SL\DVD HNRQRPLOHULQGH WDPDPHQ SL\DVD Jย oOHUL WDUDIร QGDQ \DUDWร OPDNWDGร U
.D\QDN NXOODQร P WDOHEL WDVDUUXI YH \DWร Uร PODUร Q DU]ร Qร HWNLOH\HQ ELU Nร Vร P
IDNW|UOHU YDUGร U %XQODU Eย \ย PH YH HQIODV\RQ RUDQร JLEL HNRQRPLQLQ JHQHOLQH
GDLU EHNOH\LรบOHU GHYOHWLQ Nร VD YH X]XQ G|QHPOL ERUoODQPD PLNWDUร YH SDUD
SROLWLNDVร X\JXODPDODUร Gร U <ย NVHN PLNWDUODUGD ERUoODQPDN LVWH\HQ ELU GHYOHW
GDKD \ย NVHN IDL] RUDQODUร VXQDFDN EX GD SL\DVDGD GLรทHU |Gย Qo YHULOHELOLU
IRQODUร Q PDOL\HWLQL DUWร UDFDNWร U 'LรทHU WDUDIWDQ \ย NVHN HQIODV\RQOX ย ONHOHULQ YH
EX ย ONH ILUPDODUร Qร Q \DWร Uร PFร ODUร Qร Q FH]EHGHELOPHN LoLQ \ย NVHN RUDQODUGD IDL]
YHUPHVL JHUHNPHNWHGLU %33 +ROGLQJV SOF F V )DL] ULVNL GDKD
\ย NVHN IDL] JLGHULQH \RO DoDQ IDL] RUDQร GHรทLรบLPLGLU %33 +ROGLQJV SOF F
V %LU ILUPD IDL] JHWLUHQ ELU YDUOร รทD VDKLSVH \D GD IDL] |GHQPHVLQL JHUHNWLUHQ ELU \ย Nย POย Oย N ย VWOHQPLรบVH IDL] ULVNL\OH NDUรบร NDUรบร \DGร U %33
+ROGLQJV SOF F V 7RSODP ULVN IRQNVL\RQXQXQ GHรทLรบNHQOHUL DรบDรทร GD Vร UDODQDQ Eย \ย NOย NOHUGLU L
%LODQoR Eย \ย NOย รทย 5LVNLQ Eย \ย NOย รทย YDUOร N YH \ย Nย POย Oย NOHULQ
WRSODPODUร QD YH EX WRSODPODU DUDVร QGDNL IDUNร Q Eย \ย NOย รทย QH
EDรทOร Gร U
LL
6ย UH Eย \ย NOย รทย 'DKD X]XQ YDGHOL LรบOHPOHUGH \ย NVHN VDSPD
LLL
รธรบOHP Eย \ย NOย รทย รธรบOHP VD\ร Vร YH LรบOHPOHULQ \HQLOHQPH VD\ร Vร
ROXรบPDVร RODVร Oร รทร GDKD \ย NVHOHELOLU
DUWWร NoD GDOJDODQPDODUD \DNDODQPD RODVร Oร รทร GD DUWDU
6DELW IDL]OL \DWร Uร PODU QRPLQDO GHรทHUOHUL ย ]HULQGHQ VDELW NXSRQ |GHPHOHULQH
VDKLSWLU $QFDN EXQODUร Q SL\DVD GHรทHUOHUL GH FDUL IDL] RUDQODUร QD J|UH DUWDU \D
GD D]DOร U
)DL] RUDQร QGDNL GHรทLรบLPOHUGHQ ND\QDNODQDQ IDL] ULVNL VRQXFX LรบOHWPH
GDKD D] IDL] JHOLUL \D GD GDKD oRN IDL] JLGHUL\OH ERUoODQPD ERUo YHUPH \D GD \DWร Uร P NDUDUODUร QGD RODVร PLQLPXP PDOL\HWL \D GD PDNVLPXP NkUร HOGH
HGHPHPHNOH NDUรบร NDUรบร \D NDODELOLU %33 +ROGLQJV SOF E V /LNLGLWH 5LVNL
/LNLGLWH ULVNL EHOOL ELU G|QHPGH HOGH HGLOHFHN QDNLW JLULรบ YH oร Nร รบODUร Qร Q
GHQJHOL J|Wย Uย OHPHPHVL ULVNLGLU รธรบOHWPHQLQ QDNLW JLULรบ oร Nร รบODUร GHQJHOL
ROPD]VD ED]ร \ย Nย POย Oย NOHULQ NDUรบร ODQDPDPDVร GXUXPX RUWD\D oร NDU %X
GXUXPXQ JLGHULOPHVL DPDFร \OD GD EHOLUOL ELU Vย UH LoLQ QDNLW WHPLQ HWPHN
GROD\ร Vร \OD ELU PDOL\HWH NDWODQPDN JHUHNHFHNWLU 1DNLW JLULรบ oร Nร รบODUร PLNWDU
RODUDN X\XPOX ROPDVร QD UDรทPHQ JLULรบ YH oร Nร รบODU DUDVร QGD ]DPDQ
X\XรบPD]Oร รทร Qร Q YDUOร รทร KDOLQGH GH EHOLUOL ELU Vย UH LoLQ ERUoODQPD ]RUXQOXOXรทX
QHGHQL\OH ELU PDOL\HWH NDWODQร OPDVร V|] NRQXVX RODFDNWร U (ELoOLRรทOX YH
.DKUDPDQ V YH .DYDO V .UHGL 5LVNL
.UHGL ULVNL ELU ILQDQVDO LรบOHPGH WDUDIODUGDQ ELULQLQ V|]OHรบPHQLQ
รบDUWODUร Qร \HULQH JHWLUPH\HUHN |GHPH\L ]DPDQร QGD \DSDPDPDVร \D GD
|GHPH\L HUWHOH\HUHN DQODรบร ODQ YDGHGHQ GDKD X]XQ ELU YDGH\H oHYLUHUHN NDUรบร WDUDIร ]DUDUD XรทUDWPDVร Gร U %RUoOXQXQ |GHPH\L \DSDPDPDVร DODFDรทร Q รบย SKHOL
\D GD GHรทHUVL] DODFDN KDOLQH JHOPHVLQH YH DODFDN WXWDUร NDGDU ]DUDU
GRรทPDVร QD QHGHQ ROXU gGHPHQLQ HUWHOHQPHVL GH EDรบODQJร oWD GHQJHOL
J|Uย OHQ QDNLW JLULรบ YH oร Nร รบODUร Qร GHQJHVL] KDOH JHWLULU %X GHQJHVL]OLรทLQ JLGHULOPHVL DQFDN ELU PDOL\HWH NDWODQร ODUDN JLGHULOHELOLU %33 +ROGLQJV SOF F
V
0DOL 5LVN <|QHWLPL
3L\DVD NRรบXOODUร ILQDQVDO NXUXOXรบODUร Q IDDOL\HWOHULQGH GDKD GLNNDWOL
ROPDODUร JHUHรทLQL RUWD\D oร NDUPร รบWร U .kUOร Oร รทร EHOLUOH\HQ ULVN \|QHWLPLGLU 5LVN
\|QHWLPL ELU LรบOHWPHQLQ SHUVRQHO GDKLO Wย P YDUOร NODUร Qร NRUXPDN LoLQ NRRUGLQH
HGLOPLรบ ELU oDOร รบPDGร U 'ROD\ร Vร \OD EX DPDFD KL]PHW HWPHN LoLQ Eย Wย Q
R\XQFXODUร J|] |Qย QGH EXOXQGXUPDOร Gร U %X oHUoHYHGH LON DGร P ULVNOHUL
EHOLUOHPHN YH WDQร PODPDN ULVNOHULQ RUWD\D oร Nร รบ Vร NOร รทร Qร YH HWNLVLQL DQDOL]
HWPHNWLU รธNLQFL DGร P ULVNL D]DOWPDN \D GD RUWDGDQ NDOGร UPDN LoLQ JHUHNOL
oDOร รบPDODUร \DSPDNWร U .D\JXVX] V )LQDQVDO NXUXOXรบXQ
IDDOL\HWOHULQGHQ ND\QDNODQDFDN ]DUDUODU VDGHFH ILQDQVDO NXUXOXรบXQ ILQDQVDO
GXUXPXQXQ ]D\ร IODPDVร QD QHGHQ ROPD] D\Qร ]DPDQGD รบ|KUHWLQL GH ]HGHOHU
3L\DVD IL\DWODUร QGDNL GHรทLรบPHOHU EX GHรทLรบPHOHUGHQ ND\QDNODQDQ ULVNOHUGHQ
NRUXQPDN LVWH\HQ ILQDQVDO NXUXOXรบODUร \HQL ULVN \|QHWLPL PHWRWODUร JHOLรบWLUPH\H
]RUODPร รบWร U )LQDQVDO NXUXOXรบODU EX JHOLรบPHOHUL \HQL ILQDQVDO ย Uย QOHU
JHOLรบWLUHUHN WDNLS HWPH\H oDOร รบPร รบODUGร U %X ILQDQVDO ย Uย QOHU ILQDQVDO
NXUXPODUร Q LรบOHPOHULQGHQ ND\QDNODQDQ ULVNOHUL \|QHWHELOPHOHULQL VDรทOD\DQ
Wย UHY ย Uย QOHU RODUDN DGODQGร Uร OPร รบWร U 0F.HQ]LH V 7ย UHY ย Uย QOHU
ULVNL ULVNWHQ NRUXQPDN LVWH\HQ WDUDIODUGDQ ULVNL ย VWOHQPHN LVWH\HQ WDUDIODUD
WUDQVIHU HWPHGH NXOODQร ODFDรทร JLEL NkU DPDFร \OD GD NXOODQร ODELOLUOHU .D\JXVX]
V $QFDN EX ย Uย QOHULQ WDรบร Gร รทร ULVNOHU JHOHQHNVHO ย Uย QOHULQ WDรบร Gร รทร
ULVNOHUGHQ GDKD ID]ODGร U gUQHรทLQ ELU RSVL\RQ V|]OHรบPHVLQL VDWร Q DODQ WDUDIร Q
Vร Qร UOร ELU ULVNL YDUNHQ EXQX Gย ]HQOH\HQ WDUDIร Q Vร Qร UVร ] ELU ULVNL YDUGร U
0F.HQ]LH V 7ย UHY ย Uย QOHULQ NXOODQร P QHGHQOHUL รบXQODUGร U
D $NWLI YH SDVLIOHULQ GHรทHUOHULQGHNL LVWHQPH\HQ GHรทLรบLPOHUH NDUรบร NRUXQPD VDรทODPDN
E 3L\DVD IL\DWร \D GD NXU YH IDL] RUDQODUร QGDNL GHรทLรบLNOLNOHUL |QFHGHQ WDKPLQ HGHUHN NkU HOGH HWPHN DPDFร \OD ULVN ย VWOHQPHN
\DQL VSHNย ODV\RQ \DSPDN
F 'DKD X\JXQ รบDUWODUGD IRQ HOGH HWPHNWLU .D\JXVX] V *HQHO 2ODUDN 5LVNWHQ .RUXQPD 7HNQLNOHUL
*HOHFHNWHNL IDL] IL\DW YH\D G|YL] NXUX GDOJDODQPDODUร QGDQ
ND\QDNODQDELOHFHN ND\ร SODUร Q HQ Gย รบย N Gย ]H\GH NDOPDVร Qร VDรทOD\DFDN
NRUXQPD
\|QWHPOHULQH
8OXVODUDUDVร
ยณULVNWHQ
0XKDVHEH
NRUXQPD
KHGJLQJ ยด
6WDQGDUWODUร QGDQ
GHQLOPHNWHGLU
)LQDQVDO
$UDoODUร Q
0XKDVHEHOHรบWLULOPHVL YH 'HรทHUOHPHVLQL LoHUHQ QXPDUDOร 6WDQGDUW 806
LVH ULVNWHQ NRUXQPD LรบOHPLQL
ยณELU \D GD ELUGHQ ID]OD ULVNWHQ NRUXQPD DUDFร Qร Q V|] NRQXVX DUDoODUร Q UD\Lo GHรทHUOHULQGH PH\GDQD JHOHQ GHรทLรบLPOHU LOH ULVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHQ NDOHPLQ UD\Lo GHรทHUL YH\D QDNLW DNร Pร QGD PH\GDQD JHOHELOHFHN GHรทLรบLPOHULQ WDPDPHQ YH\D Nร VPHQ GHQJHOHQPHVL DPDFร \OD WDKVLV HGLOPHVLยด
RODUDN WDQร PODPDNWDGร U 5LVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHQ NDOHPL
KHGJHG LWHP LVH
ยณELU LรบOHWPH\L UD\Lo GHรทHULQGH YH\D LOHULGH HOGH HGLOHFHN QDNLW DNร PODUร QGD PH\GDQD JHOHELOHFHN GHรทLรบLPLQ \DUDWWร รทร ULVNH PDUX] Eร UDNDQ YH ULVNWHQ NRUXQPD LรบOHPOHUL PXKDVHEHVL DQODPร QGD ULVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHQ YDUOร N \ย Nย POย Oย N NHVLQ WDDKKย W YH\D |QJ|Uย OHELOHQ LOHUL YDGHOL ELU LรบOHPยด
RODUDN WDQร PODPDNWDGร U
รธรบOHWPHOHULQ NDUรบร ODรบDELOHFHNOHUL ULVNOHULQ ELU Nร VPร DNWLI YH SDVLI
\DSร ODUร \OD LOJLOL RODELOGLรทL JLEL ELU Nร VPร GD LOHUL\H G|Qย N RODUDN \DSร ODQ
LúOHPOHUOH LOJLOL RODELOLU øúOHWPHOHU EX W U ULVNOHUGHQ NHQGLOHULQL NRUX\DELOPHN
DPDFÕ\OD W UHY U QOHUH GD\DOÕ V|]OHúPHOHU VDWÕQ DOPDNWD YH\D NHQGLOHUL \HQL
U QOHU W UHWPHNWHGLUOHU %X V|]OHúPH YH U QOHU ULVNWHQ NRUXQPD DUDoODUÕ
KHGJLQJ LQVWUXPHQW RODUDN GD DGODQGÕUÕOPDNWDGÕU 6HOYL V
806 ULVNWHQ NRUXQPD LúOHPOHUL PXKDVHEHVL DQODPÕQGD ULVNWHQ
NRUXQPD DUDFÕQÕ ³ULVNWHQ NRUXQPD LúOHPLQH NRQX HGLOHQ NDOHPLQ UD\Lo GH÷HUL
YH\D QDNLW DNÕPODUÕQGD PH\GDQD JHOHELOHFHN GH÷LúLNOL÷L GHQJHOHPHN
DPDFÕ\OD ROXúWXUXODQ W UHY U Q YH\D GL÷HU ELU ILQDQVDO YDUOÕN \D GD
\ N PO O N´ RODUDN WDQÕPODPDNWDGÕU $PDo ULVNWHQ NRUXQDQ NDOHPLQ ]DUDUÕQÕQ
ULVNWHQ NRUXQPD DUDFÕQÕQ NkUODUÕ LOH NÕVPHQ \D GD WDPDPHQ WHODIL HGLOPHVLGLU
%X WHODIL 806 WDUDIÕQGDQ ³ULVNWHQ NRUXQPD LúOHPLQLQ HWNLQOL÷L´ RODUDN
WDQÕPODQPÕúWÕU %X WDQÕPD J|UH ³ULVNWHQ NRUXQPD LúOHPLQH NRQX HGLOHQ ULVNLQ
UD\Lo GH÷HUL YH\D QDNLW DNÕPODUÕQGD PH\GDQD JHOHELOHFHN GH÷LúLNOLNOHULQ
ULVNWHQ NRUXQPD DUDFÕ WDUDIÕQGDQ GHQJHOHPH J F ´ RQXQ HWNLQOL÷LQL EHOLUOHU
%X WDQÕPGDQ GD DQODúÕODFD÷Õ JLEL ULVNWHQ NRUXQPD DUDFÕ YH ULVNWHQ NRUXQDQ
NDOHP ULVNWHQ NRUXQPD LúOHPLQLQ XQVXUODUÕQÕ ROXúWXUPDNWDGÕU øúOHWPHOHU
ULVNWHQ
NRUXQPD
DUDoODUÕ\OD
NHQGLOHUL
DOH\KLQH
JHOLúHELOHFHN GXUXPODUGDQ NRUXQXUNHQ OHKWH JHOLúPHOHUGHQ GH PDKUXP
NDOPÕú ROXUODU $QFDN W UHY U QOHUL EX NRQXGD LúOHWPHOHUH VHoPH VDQVÕ
YHUHELOHFHN oHúLWOLOLNWHGLU )RUZDUG V|]OHúPHVL LúOHWPHQLQ SR]LV\RQXQX
ED÷ODUNHQ RSVL\RQ V|]OHúPHVL LúOHWPHQLQ KHP NRUXQPDVÕQÕ KHP GH OHKWH
ROXúDELOHFHN GXUXPODUGDQ ID\GDODQPDVÕQD LPNDQ YHUHELOPHNWHGLU NL EXQODU
VÕUDVÕ\OD WHN WDUDIOÕ YH oLIW WDUDIOÕ ULVNWHQ NRUXQPD \|QWHPOHULQH ELUHU |UQHN
WHúNLO HWPHNWHGLUOHU 6HOYL V
5LVNWHQ NRUXQPD DUDoODUÕ RODQ W UHY U QOHUL ³JHWLULVL EDúND ELU
NÕ\PHWLQ JHWLULVLQH ED÷ODQPÕú GL÷HU ELU GH\LúOH EDúND ELU NÕ\PHWLQ JHWLULVLQGHQ W UHWLOPLú PDOL DUDoODUGÕU´ 6ZDS )RUZDUG )XWXUHV YH 2SVL\RQ V|]OHúPHOHUL
EX U QOHUH |UQHNWLU %X W U HQVWU PDQODU G|YL] IDL] DOWÕQ JLEL KHU W UO U Q
]HULQH \D]ÕODELOLU 7&0%
5LVNWHQ NRUXQPD DUDoODUÕQÕQ NXOODQÕODELOPHVL LoLQ ULVNLQ YDU ROPDVÕ
JHUHNLU $NVL WDNGLUGH LúOHP VSHN ODV\RQ DPDoOÕ RODUDN GH÷HUOHQGLULOLU YH
ROXúDQ ND]DQo \D GD ND\ÕSODUÕQ FDUL G|QHPLQ VRQXo KHVDSODUÕQD \DQVÕWÕOPDVÕ
JHUHNLU 6HOYL V øúOHWPHOHULQ ULVNWHQ NRUXQPD DPDFÕ\OD \DSPÕú
ROGXNODUÕ IDDOL\HWOHUOH LOJLOL PXKDVHEH VRUXQODUÕQÕQ o|] OHELOPHVL LoLQ
X\JXODQDQ ULVNWHQ NRUXQPD PXKDVHEHVLQGHNL WHPHO DPDo ULVNWHQ NRUXQDQ
NDOHP LOH ULVNWHQ NRUX\DQ DUDFÕQ ND]DQo YH ND\ÕSODUÕQÕ |UW úW UPHNWLU %XQXQ
LoLQ GH |QFHOLNOH ULVNWHQ NRUX\DQ DUDFÕQ ]HULQGH ROXúDQ ND]DQo YH ND\ÕSODUÕQ
PXKDVHEHOHúWLULOPH HVDVODUÕQÕQ EHOLUOHQPHVL |QHP ND]DQPDNWDGÕU
ø.ø1&ø %g/h0 )ø1$16$/ 7h5(9 h5h1/(5ø1 08+$6(%(/(ù7ø5ø/0(6ø )LQDQVDO 7 UHY hU QOHULQ 0XKDVHOHúWLULOPH (VDVODUÕ 8OXVODUDUDVÕ 0XKDVHEH 6WDQGDUWODUÕ
8OXVODUDUDVÕ 0XKDVHEH 6WDQGDUWODUÕ .RPLWHVL 806. \ÕOÕQGD
.DQDGD <HPLQOL 0 úDYLUOHU (QVWLW V LOH ELUOLNWH ILQDQVDO DUDoODUÕQ
PXKDVHEHOHúWLULOPHVL GH÷HUOHPHVL YH VXQXPXQX LoHUHQ ELU SURMH\H
EDúODPÕúODUGÕU 806. (\O O ¶GH ( 2FDN ¶WH ( WDVODNODUÕQÕ
KD]ÕUODPÕú YH ( WDVOD÷ÕQD JHOHQ |QHULOHU oHUoHYHVLQGH SURMH\L DúDPDODUD E|OHUHN LON RODUDN ILQDQVDO WDEORODUÕQ DoÕNODQPDVÕ YH VXQXPXQX HOH DOPD\D
NDUDU YHUPLúWLU øON DúDPD 0DUW ¶WH ³)LQDQVDO $UDoODU )LQDQVDO 7DEORODUÕQ
$oÕNODQPDVÕ YH 6XQXPX´ NRQXOX QXPDUDOÕ XOXVODUDUDVÕ PXKDVHEH
VWDQGDUGÕQÕQ 806 RQD\ODQPDVÕ LOH WDPDPODQPÕúWÕU ,QWHUQDWLRQDO
$FFRXQWLQJ 6WDQGDUGV V 2FDN WDULKLQGH EDúOD\DQ KHVDS
G|QHPL LWLEDUÕ\OD \ U UO ÷H JLUHQ EX VWDQGDUW oHUoHYHVLQGH ³ILQDQVDO DUDoODU
ELU LúOHWPHQLQ ILQDQVDO YDUOÕNODUÕQGD YH GL÷HU LúOHWPHQLQ ILQDQVDO ERUo YH\D |]ND\QDNODUÕQGD DUWÕúD \RO DoDQ V|]OHúPHOHU´ RODUDN WDQÕPODQPÕúWÕU )LQDQVDO
DUDoODU KHP DODFDNODU ERUoODU YH WDKYLOOHU JLEL WHPHO ILQDQVDO DUDoODUÕ KHP GH
IRUZDUG IXWXUHV IDL] VZDSÕ G|YL] VZDSÕ YH ILQDQVDO RSVL\RQODU JLEL W UHY U QOHUL GH LoHUPHNWHGLU $QFDN QXPDUDOÕ VWDQGDUW ILQDQVDO DUDoODUÕQ
GH÷HUOHPHVL ND]DQo YH ND\ÕSODUÕQÕQ WHVSLWL YH ND\ÕWODUD DOÕQPDVÕ LOH EX
DUDoODUÕQ ND\ÕWODUGDQ oÕNDUÕOPD LúOHPOHULQH LOLúNLQ PXKDVHEH VRUXQODUÕQD
o|] P JHWLUPHPLú VDGHFH ILQDQVDO DUDoODUÕQ ILQDQVDO WDEORODUGD QDVÕO
VXQXODFDNODUÕ NRQXVX LOH LOJLOL UDSRUODPD LONHOHULQL RUWD\D NR\PXúWXU 6HOYL
V .RQXQXQ JHOLúWLULOPHVL oDOÕúPDODUÕQGD |QHPOL ELU VWDQGDUW RODQ
³)LQDQVDO $UDoODUÕQ 0XKDVHEHOHúWLULOPHVL YH 'H÷HUOHPHVL´QL NRQX DODQ
QXPDUDOÕ VWDQGDUGÕQ WHPHOOHUL ( QXPDUDOÕ WDVOD÷D GD\DQPDNWDGÕU %X WDVODN
+D]LUDQ ยถGH XOXVODUDUDVร RWRULWHOHULQ \RUXPXQD VXQXOPXรบ YH JHOHQ |QHULOHU GHรทHUOHQGLULOPLรบWLU 0DUW ยถGD \D\ร QODQDQ VWDQGDUGร Q 2FDN
WDULKL YH VRQUDVร QGDNL ELODQoR G|QHPOHUL LoLQ X\JXODQPDVร
|QJ|Uย OPย รบWย U $QRQLP D %X VWDQGDUW PDOL WDEORODUGD \HU DODQ
ILQDQVDO YDUOร N YH \ย Nย POย Oย NOHULQ PXKDVHEHOHรบWLULOPHVLQL GHรทHUOHPHVLQL Gย ]HQOHPHNWH YH GLSQRWODUGD \DSร OPDVร JHUHNHQ Doร NODPDODUร Q LONHOHULQL
RUWD\D NR\PDNWDGร U 'HORLWWH 7RXFKH 7RKPDWVX V 6WDQGDUW
|]HOOLNOH \DWร Uร PODUร RODQ ERUoODQPD \ROX\OD IRQ VDรทOD\DQ YH Wย UHY ย Uย QOHUL
NXOODQDQ EDQND YH รบLUNHWOHULQ X\JXODGร NODUร PXKDVHEH VLVWHPLQH J|UH |QHPOL
GHรทLรบLNOLNOHU JHWLUPHNWHGLU gQGHU 'ย Q\DGD oRN oHรบLWOL X\JXODPDODUร RODQ ILQDQVDO ย Uย QOHULQ PXKDVHEHOHรบWLULOPHVLQLQ oRรทXQGD Wย UHY ย Uย QOHU ELODQoR
LoLQGH \HU DOPD]ODU 806 Wย UHY ย Uย QOHUL ELODQoR Gร รบร NDOHP ROPDNWDQ oร NDUDUDN ELODQoR LoLQGH \HU DOPDVร Qร Wย UHY ย Uย QOHU GH GDKLO ROPDN ย ]HUH
oRรทX ILQDQVDO ย Uย QOHULQ PXKDVHEHOHรบWLULOPHVLQGH UD\Lo GHรทHU NXOODQร Pร Qร
DUWร UPD\ร DPDoODPDNWDGร U $QRQLP F
%X VWDQGDUGร Q UD\Lo GHรทHU NXOODQร Pร Qร |QJ|UGย รทย GXUXPODU DรบDรทร GDNL
JLELGLU ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV V D 7ย UHY YDUOร N YH \ย Nย POย Oย NOHULQ WDPDPร QD \DNร Qร
E $Oร P VDWร P DPDoOร RODUDN WXWXODQ Wย P ERUoODQPD VHQHWOHUL KLVVH
VHQHWOHUL YH GLรทHU ILQDQVDO YDUOร NODU 806 EXQODUร Q PDOL\HW @
?
GHรทHUL\OH YH\D SL\DVD \D GD UD\Lo GHรทHULQ Gย รบย N RODQร \OD
ND\GHGLOPHVLQL |QJ|UPย รบ FDUL X\JXODPD NDUร รบPร รบWร U
F $Oร P VDWร P DPDoOร ROPDPDVร QD NDUรบร Q VDWร OPD\D KD]ร U RODUDN WXWXODQ Wย P ERUoODQPD VHQHWOHUL KLVVH VHQHWOHUL YH GLรทHU
ILQDQVDO YDUOร NODU 806 EXQODUร Q PDOL\HW GHรทHUL\OH YH\D
SL\DVD \D GD UD\Lo GHรทHULQ Gย รบย N RODQร \OD ND\GHGLOPHVLQL
|QHULUNHQ
FDUL
รบHNOLQGHGLU
X\JXODPD
PDOL\HW
GHรทHUL\OH
ND\GHWPH
G *HQHOOLNOH FDUL X\JXODPDGD ND\GD DOร QPD\DQ Wย UHY ROPD\DQ ELU ย Uย QH EDรทOร RODQ Wย UHYOHU
A7 B '6 .
C-DFE , ? G H =4 4 ;&" 4 3E) % " : " ;3
H 7ย UHY ROPD\DQ ย Uย QGHQ D\Uร RODUDN HOH DOร QDPD\DQ YH EDรทOร Wย UHY ย Uย Q LoHUHQ Wย UHY ROPD\DQ ILQDQVDO ย Uย QOHU FDUL X\JXODPDGD LVNRQWR HGLOPLรบ PDOL\HW GHรทHUL\OH |Ooย Oย U I
I 7ย UHY ย Uย QOHUOH ULVNWHQ NRUXQDQ Wย UHY ROPD\DQ YDUOร N YH \ย Nย POย Oย NOHU EXJย Q ULVNWHQ NRUXQPD PXKDVHEHVL VWDQGDUWODUร
ROPDGร รทร QGDQ X\JXODPDODU ROGXNoD GHรทLรบLNWLU
J รนLUNHW WDUDIร QGDQ ยณYDGH\H NDGDU HOGH WXWXODFDN Nร \PHWยด Vร Qร IODQGร UPDVร QD JLUPH\HQ VDELW YDGHOL \DWร Uร PODU 806 ยถH
J|UH EXQODU PDOL\HW GHรทHUOHUL\OH YH\D SL\DVD \D GD UD\Lo
GHรทHUOHULQLQ Gย รบย N RODQร \OD WXWXOXU FDUL X\JXODPD PDOL\HW GHรทHUL\OH WXWPDN รบHNOLQGHGLU
K รธรบOHWPH WDUDIร QGDQ ยณYDGH\H NDGDU HOGH WXWXODFDN Nร \PHWยด Vร Qร IODQGร UPDVร QD JLUPH\HQ NUHGLOHU YH DODFDNODU 806 ยถH
J|UH EXQODU PDOL\HW GHรทHUOHUL\OH YH\D SL\DVD \D GD UD\Lo
GHรทHUOHULQLQ Gย รบย N RODQร \OD WXWXOXU FDUL X\JXODPD JHQHOOLNOH
PDOL\HW GHรทHUL\OH WXWPDNWร U
6WDQGDUW PDOL\HW GHรทHUL\OH WXWXODFDN RODQ ILQDQVDO YDUOร NODUร Vร Qร ID
D\ร UPร รบWร U %XQODU รบLUNHW WDUDIร QGDQ YHULOHQ NUHGLOHU YH DODFDNODU รบLUNHWLQ
YDGH\H NDGDU WXWPDN LVWHGLรทL YH WXWDELOGLรทL VDELW YDGHOL \DWร Uร PODU LOH UD\Lo
GHรทHUOHUL |Ooย OHPH\HQ NRWH HGLOPHPLรบ |]ND\QDN NDOHPOHULGLU $\Uร FD oRรทX J
\ย Nย POย Oย รทย Q Eย Wย Q Wย UHY \ย Nย POย Oย NOHU YH DOร P VDWร P DPDoOร DOร QDQ
Nร \PHWOHU KDULo EX VWDQGDUGD J|UH UD\Lo GHรทHUL\OH WXWXOPDGร รทร J|Uย OPHNWHGLU 0DOL\HW GHรทHUL\OH WXWXODQ NDOHPOHULQ UD\Lo GHรทHUOHUL\OH WXWXOPDVร QD RODQDN
VDรทOD\DFDN \|QWHPOHULQ JHOLรบWLULOPHVL NRQXVXQGD oDOร รบPD JUXEXQXQ
IDDOL\HWOHUL GHYDP HWPHNWHGLU ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV
V
*HQHO RODUDN EDNร OGร รทร QGD 806 โ ข
7ย UHY ย Uย QOHUL GH LoHUHUHN Eย Wย Q ILQDQVDO YDUOร N YH \ย Nย POย Oย NOHULQ
ELODQoRGD
J|VWHULOPHVLQL
YH
LON
ND\ร W
\DSร OGร รทร QGD UD\Lo GHรทHULQL J|VWHUHFHรทLQGHQ PDOL\HW GHรทHUL\OH
J|VWHULOPHVLQL |QJ|Uย U %UDGEXU\ KL .;) M7 B ') ;3
โ ข
รธON ND\Gร Q DUGร QGDQ LVH Eย Wย Q ILQDQVDO YDUOร NODUร Q \XNDUร GD
EHOLUWLOHQOHU KDULo UD\Lo GHรทHUOHUL\OH \HQLGHQ GHรทHUOHPHVLQL |QJ|Uย U ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV V
โ ข
(OGH HGLOGLNWHQ VRQUD ELUoRN \ย Nย POย Oย N LON ND\ร W GHรทHULQGHQ
DQDSDUD |GHPHOHUL YH DPRUWLVPDQ Gย รบย OHUHN ND\GHGLOLU 7ย UHY
ย Uย QOHU YH DOร P VDWร P DPDoOร DOร QDQ \ย Nย POย Oย NOHU LVH UD\Lo
GHรทHUL\OH GHรทHUOHQLU
โ ข
5D\Lo GHรทHUOHUL\OH \HQLGHQ GHรทHUOHQHQ Wย P ILQDQVDO YDUOร N YH
\ย Nย POย Oย NOHU LoLQ รบLUNHWLQ X\JXOD\DELOHFHรทL LNL VHoHQHN EHOLUWPLรบWLU
L '|QHP ER\XQFD EX GHรทLรบLPL NkU \D GD ]DUDU RODUDN
ND\GHWPHN
LL $Oร P VDWร P DPDoOร ILQDQVDO YDUOร N YH \ย Nย POย Oย NOHULQ
GHรทHULQGHNL GHรทLรบPHOHUL G|QHP ER\XQFD NkU ]DUDUGD
L]OHPHN DOร P VDWร P DPDoOร ROPD\DQ ย Uย QOHULQ GHรทHU GHรทLรบLNOHULQL |]ND\QDNODUGD WDNLS HGLS DQFDN EX ย Uย Q
VDWร OGร รทร QGD JHUoHNOHรบPLรบ NkU YH\D ]DUDUร ND\GHWPHN %X
VHoHQHNWH Wย UHY ย Uย QOHU ELU ULVNWHQ NRUXQPD LOLรบNLVLQLQ SDUoDVร GHรทLOVH KHU ]DPDQ DOร P VDWร P DPDoOร RODUDN NDEXO
HGLOLUOHU ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV V
$Oร P VDWร P DPDoOร ILQDQVDO YDUOร N YH\D \ย Nย POย Oย NOHU SL\DVDGD Nร VD
G|QHPGH ROXรบDQ IL\DW YH PDUM GDOJDODQPDODUร QGDQ NkU VDรทODPD DPDFร \OD HOGH HGLOHQ YDUOร N YH \ย Nย POย Oย NOHU RODUDN WDQร PODQPร รบWร U ,QWHUQDWLRQDO
$FFRXQWLQJ 6WDQGDUGV V )LQDQVDO YDUOร N HOGH HGLOPH
QHGHQLQGHQ EDรทร PVร ] RODUDN Nร VD G|QHPGH NkU HOGH HWPH DPDFร \OD ROXรบWXUXOPXรบ EXOXQDQ ELU SRUWI|\ย Q SDUoDVร \VD DOร P VDWร P DPDFร \OD WXWXODQ
ILQDQVDO YDUOร N RODUDN NDEXO HGLOLU 7ย UHY
ย Uย QOHU
HWNLQ
ULVNWHQ
NRUXQPD
DUDoODUร
RODUDN
WDQร PODQPDGร NODUร Vย UHFH DOร P VDWร P DPDoOร ILQDQVDO DUDo RODUDN
Vร Qร IODQGร Uร Oร U ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV V $Oร P VDWร P
DPDoOร \ย Nย POย Oย NOHU ULVNWHQ NRUXQPD DUDFร RODUDN NXOODQร ODQODU Gร รบร QGD
NDODQ Wย UHY \ย Nย POย Oย NOHULQL YH PHQNXO Nร \PHW Doร รทD VDWร รบ LรบOHPOHULQGHNL
PHQNXO Nร \PHWLQ VDWร Fร WDUDIร QGDQ DOร Fร \D LOHWLOPHVL \ย Nย POย Oย NOHULQL LoHULU %LU
\ย Nย POย Oย รทย Q DOร P VDWร P DPDoOร LรบOHPOHUL IRQODPDN DPDFร \OD NXOODQร OPDVร R
\ย Nย POย Oย รทย Q DOร P VDWร P DPDoOร \ย Nย POย Oย N RODUDN WDQร PODQPDVร Qร JHUHNWLUPH] ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV V
6WDQGDUGD J|UH ILQDQVDO YDUOร N YH\D \ย Nย POย Oย รทย Q GHYUHGLOPLรบ
ROPDVร LoLQ EXQODUร Q ย ]HULQGHNL NRQWUROย Q ND\EHGLOPLรบ ROPDVร JHUHNLU 'HYLU
LรบOHPLQGH
D YDUOร รทร GHYUDODQ WDUDIร Q YDUOร รทร VDWPD \D GD UHKLQ YHUPH KDNNร YDUVD
E YDUOร รทร GHYUHGHQ WDUDIร Q YDUOร รทร WHNUDU VDWร Q DOPDVร DQFDN R YDUOร รทร Q SL\DVD GHรทHULQGHQ \D GD UD\Lo GHรทHULQGHQ LVH
YDUOร N ย ]HULQGHNL NRQWUROย Q ND\EHGLOGLรทL NDEXO HGLOLU YH EXQD J|UH PXKDVHEHOHรบWLUPH \DSร Oร U <ย Nย POย Oย NOHULQ ND\ร WWDQ oร NDUร OPDVร QGD LVH ERUoOX
WDUDIร Q ERUo VRUXPOXOXรทXQGDQ NXUWXOGXรทXQXQ KXNXNL RODUDN NHVLQOHรบPHVL \D
GD DODFDNOร WDUDIร QGDQ JHoHUOL ELU ELoLPGH EHOLUWLOPLรบ ROPDVร JHUHNLU
,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV V
806 ยถD J|UH ULVNWHQ NRUXQPD PXKDVHEHVLQLQ X\JXODQDELOPHVL LoLQ
ULVNWHQ NRUXQPD LOLรบNLVLQLQ Doร N ELU รบHNLOGH WDQร PODQPDVร |Ooย OPHVL YH EX
LOLรบNLQLQ NDUรบร Oร NOร RODUDN NkU ]DUDUร WHODIL HWPHVL Doร Vร QGDQ HWNLOL ROPDVร
JHUHNPHNWHGLU ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV V %X
oHUoHYHGH 806 ยถXQ SDUDJUDIร QGD ULVNWHQ NRUXQPD PXKDVHEHVL ยณULVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHQ NDOHPOH ULVNWHQ NRUXQPD DUDFร Qร Q UD\Lo
GHรทHULQGH PH\GDQD JHOHQ YH ELUELULQL EHUWDUDI HGHQ GHรทLรบLNOLNOHULQ VLPHWULN
RODUDN ND\GHGLOPHVLยด รบHNOLQGH WDQร PODQPร รบWร U 5LVNWHQ NRUXQPD LOLรบNLVL 806
ยถXQ SDUDJUDIร QGD DรบDรทร GDNL JLEL Doร NODQPร รบWร U
D 5D\Lo GHรทHU ULVNLQGHQ NRUXQPD LรบOHPL ND\ร WOร ELU YDUOร N YH\D \ย Nย POย Oย รทย Q YH\D EXQODUร Q EHOLUOHQPLรบ ELU SDUoDVร Qร Q UD\Lo
GHรทHULQGH VSHVLILN ELU ULVNH EDรทOร RODUDN PH\GDQD JHOHELOHFHN
YH JHOLU WDEORVXQX HWNLOH\HELOHFHN GHรทLรบLNOLNOHULQ ULVNLQGHQ NRUXQPD LรบOHPLGLU
E 1DNLW DNร Pร ULVNLQGHQ NRUXQPD LรบOHPL ND\ร WOร ELU YDUOร N YH\D
\ย Nย POย รทย Q |UQHรทLQ GHรทLรบNHQ IDL]OL ERUoODUร Q JHOHFHNWHNL |GHPHOHULQLQ ELU Nร VPร YH\D KHSVL YH\D ยณJHUoHNOHรบPHVL
EHNOHQHQ ELU LรบOHPLQยด |UQHรทLQ PXKWHPHO ELU DOร P VDWร P
LรบOHPLQLQ WDรบร Gร รทร VSHVLILN ELU ULVNH EDรทOร RODUDN JHOLU WDEORVXQX
HWNLOH\HELOHFHN QLWHOLNWHNL QDNLW DNร P GHรทLรบLNOLNOHULQLQ ULVNLQGHQ NRUXQPD LรบOHPLQH GHQLU %LU LรบOHWPHQLQ ELU YDUOร รทร NHQGL UDSRUODPD SDUD ELULPL FLQVLQGHQ VDELW ELU IL\DWWDQ DOPD YH\D
VDWPD NHVLQ WDDKKย Gย ND\ร W HGLOPHPLรบ RODUDN EXOXQX\RUVD EX
LรบOHP UD\Lo GHรทHU ULVNL WDรบร VD GD ELU QDNLW DNร Pร ULVNLQGHQ NRUXQPD LรบOHPL RODUDN PXKDVHEHOHรบWLULOLU
F <DEDQFร ELU Wย ]HO NLรบLOLรทH \DSร ODQ QHW \DWร Uร PODUร Q ULVNLQGHQ NRUXQPD LรบOHPL
6DELW IDL] RUDQOร ELU ERUFXQ IDL] RUDQODUร QGDNL GHรทLรบLNOLNOHUH J|UH UD\Lo
GHรทHULQGH PH\GDQD JHOHFHN GHรทLรบLNOLNOHUH NDUรบร ULVNWHQ NRUXQPD LรบOHPLQH
NRQX HGLOPHVL UD\Lo GHรทHU ULVNLQGHQ NRUXQPD LรบOHPL LoLQ ELU |UQHN WHรบNLO
HWPHNWHGLU %X Wย U ELU ULVNWHQ NRUXQPD LรบOHPL JHUHN ERUo DODQ JHUHNVH ERUo
YHUHQ WDUDIร QGDQ JHUoHNOHรบWLULOHELOLU ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV
V 1DNLW DNร Pร ULVNLQGHQ NRUXQPD LรบOHPOHULQH |UQHN RODUDN
,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV V
D %LU KDYD\ROX รบLUNHWLQLQ VDELW ELU \DEDQFร SDUD ELULPL ย ]HULQGHQ ELU XoDรทร VDWร Q DOPD WDDKKย Gย Qย Q WDรบร Gร รทร JHOHFHNWH \DEDQFร
SDUD NXUXQGDNL GHรทLรบLPOHU QHGHQL\OH ROXรบDELOHFHN ULVNWHQ
NRUXQPD LรบOHPLQH JLULOPHVL
E %LU HOHNWULN GDรทร Wร P รบLUNHWLQLQ \HUHO SDUD ELULPL ย ]HULQGHQ VDELW ELU IL\DWWDQ SHWURO VDWร Q DOPD WDDKKย Gย Qย Q SHWURO IL\DWODUร QGDNL
RODVร GHรทLรบLNOLNOHUH NDUรบร ULVNWHQ NRUXQPD LรบOHPLQH JLULOPHVL
F 'HรทLรบNHQ IDL] RUDQOร ELU ERUFXQ ELU VZDS ย Uย Qย NXOODQร ODUDN VDELW IDL] RUDQOร ELU ERUFD G|Qย รบWย Uย OPHVL EX DVOร QGD LOHULGH
JHUoHNOHรบHFHN RODQ ELU LรบOHPLQ ULVNLQGHQ NRUXQPD LรบOHPLGLU
ULVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHQ QDNLW DNร PODUร LOHULGH
YHULOHELOLU
\DSร ODFDN RODQ IDL] |GHPHOHULGLU
5LVNWHQ NRUXQPD PXKDVHEHVLQLQ X\JXODQDELOPHVL LoLQ DรบDรทร GDNL
NRรบXOODUร Q Wย Pย Qย Q YDUROPDVร JHUHNLU ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV
V
D 5LVNWHQ NRUXQPD LรบOHPLQH JLULOGLรทL WDULKWH ULVNWHQ NRUXQPD LOLรบNLVLQLQ LรบOHWPHQLQ ULVN \|QHWLP DPDFร Qร Q YH ULVNWHQ NRUXQPD
LรบOHPLQH JLULรบPHVLQLQ VWUDWHMLVLQL EHOLUWHQ \D]ร Oร ELU GRNย PDQ EXOXQPDOร Gร U %X GRNย PDQ ULVNWHQ NRUXQPD DUDFร Qร Q ULVNWHQ
NRUXQPD
LรบOHPLQH
NRQX
HGLOHQ
NDOHP
YH\D
LรบOHPLQ
EHOLUOHQPHVLQL ULVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHQ ULVNLQ
QLWHOLรทLQL YH LรบOHWPHQLQ ULVNWHQ NRUXQPD LรบOHPL QHWLFHVLQGH
ULVNWHQ NRUXQPD DUDFร Qร Q UD\Lo GHรทHULQGHNL GHรทLรบLPOHULQ ULVNWHQ
NRUXQPD\D NRQX HGLOHQ NDOHPLQ UD\Lo GHรทHUL YH\D ULVNWHQ
NRUXQPD\D NRQX HGLOHQ LรบOHPLQ QDNLW DNร PODUร Qร EHUWDUDI HWPH
HWNLQOLรทLQL QH รบHNLOGH GHรทHUOHQGLUHFHรทLQH GDLU ELU Doร NODPD\ร
LoHUPHOLGLU
E 5LVNWHQ NRUXQPD LรบOHPLQLQ ULVNWHQ NRUXQPD\D NRQX HGLOHQ NDOHPLQ WDรบร Gร รทร ULVNLQ UD\Lo GHรทHULQGHNL GHรทLรบLPOHUL YH\D QDNLW
DNร PODUร Qร EHUWDUDI HWPH HWNLQOLรทLQLQ \ย NVHN YH LรบOHWPHQLQ EX
VSHVLILN ULVNWHQ NRUXQPD LรบOHPLQH \|QHOLN RODUDN EHOLUOHPLรบ
ROGXรทX ULVNWHQ NRUXQPD VWUDWHMLVL LOH X\XPOX ROPDVร
EHNOHQPHOLGLU
F 1DNLW DNร P ULVNLQGHQ NRUXQPD LรบOHPOHUL LoLQ EX LรบOHPH NRQX HGLOHQ LรบOHPLQ JHUoHNOHรบPH RODVร Oร รทร Qร Q \ย NVHN ROPDVร YH QDNLW
DNร PODUร QGDNL GHรทLรบLNOLNOHULQ QHWLFHGH LรบOHWPHQLQ QHW NkU ]DUDUร Qร
HWNLOH\HELOHFHN QLWHOLNWH ROPDVร JHUHNPHNWHGLU
G 5LVNWHQ NRUXQPD LรบOHPLQLQ HWNLQOLรทLQLQ Jย YHQLOLU ELoLPGH |Ooย OHELOPHVL JHUHNLU %XQXQ LoLQ GH ULVNWHQ NRUXQPD LรบOHPLQH
NRQX HGLOHQ NDOHPLQ UD\Lo GHรทHULQLQ YH\D QDNLW DNร PODUร Qร Q YH
ULVNWHQ NRUXQPD DUDFร Qร Q UD\Lo GHรทHULQLQ Jย YHQLOLU ELoLPGH |Ooย OHELOLU ROPDVร JHUHNPHNWHGLU ELU ILQDQVDO DUDFร Q UD\Lo
GHรทHULQLQ |Ooย OHELOLU VD\ร OPDVร LoLQ D EX GHรทHUOHUOH LOJLOL
WDKPLQOHUGHNL GHรทLรบNHQOLN ILQDQVDO DUDo LoLQ |QHPOL ROPDPDOร Gร U
E EX WDKPLQOHULQ JHUoHNOHรบPH RODVร Oร NODUร PDNXO ELU รบHNLOGH GHรทHUOHQGLULOHELOL\RU
YH
UD\Lo
GHรทHULQ
KHVDSODQPDVร QGD
NXOODQร ODELOL\RU ROPDOร Gร U *HQHOOLNOH LรบOHWPHOHU PDOL WDEORODUร QD
WDรบร \DFDNODUร
ILQDQVDO
DUDoODUร Q
UD\Lo
GHรทHUOHULQL
PDOL
WDEORODUร QGD NXOODQร ODELOHFHN |Ooย GH Jย YHQLOLU รบHNLOGH WDKPLQ
HGHELOPHNWHGLUOHU $QFDN ED]HQ PDNXO UD\Lo GHรทHU WDKPLQOHUL
oRN oHรบLWOL RODELOPHNWH YH RUWD\D oRN ID]OD RODVร Oร N oร NPDNWDGร U %X GXUXP WHN ELU UD\Lo GHรทHU WDKPLQLQL JHoHUVL] Nร OPDNWDGร U
,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV V
H 5LVNWHQ NRUXQPD LรบOHPLQLQ Vย UHNOL RODUDN GHรทHUOHQGLULOPHVL YH UDSRUODPD G|QHPL Vย UHVLQFH HWNLQOLรทLQLQ \ย NVHN ROGXรทXQXQ
WHVSLW HGLOPLรบ ROPDVร JHUHNPHNWHGLU
%X รบDUWODU VDรทODQGร รทร WDNGLUGH 806 KHUKDQJL ELU Wย UHY ย Uย Qย Q
ULVNWHQ NRUXQPD PXKDVHEHVL Doร Vร QGDQ ULVNWHQ NRUXQPD DUDFร RODUDN
Vร Qร IODQGร Uร ODELOPHVL LoLQ Vร Qร UODPD JHWLUPHPHNWHGLU 7ย UHY ย Uย QOHU KHU ]DPDQ
ULVNWHQ NRUXQPD YH\D DOร P VDWร P DPDoOร RODUDN HOGH WXWXOGXNODUร QGDQ UD\Lo
GHรทHUOHUL\OH GHรทHUOHPH\H WDEL WXWXOPDNWDGร UODU 7HรบNLODWODQPร รบ SL\DVDODUGD
NRWH HGLOPH\HQ YH GROD\ร Vร \OD UD\Lo GHรทHUL Jย YHQLOLU ELU รบHNLOGH EHOLUOHQHPH\HQ Wย UHY ย Uย QOHU LoLQ UD\Lo GHรทHULQ X\JXODQDPD\DFDรทร Doร NWร U
'HรทHUOHPH VRQXFXQGD ROXรบDQ IDUNODU KDQJL ULVNWHQ NRUXQXOGXรทXQD EDรทOร
RODUDN \D NkU ]DUDU KHVDSODUร QGD \D GD |]ND\QDN KHVDSODUร QGD
J|VWHULOPHNWHGLU 7ย UHY ROPD\DQ ย Uย QOHU LVH ED]HQ UD\Lo GHรทHUOHUL ED]HQ GH
LVNRQWR HGLOPLรบ GHรทHUOHUL ย ]HULGHQ GHรทHUOHPH\H WDEL WXWXOPDNWDGร U 7ย UHY
ROPD\DQ ย Uย QOHULQ ULVNWHQ NRUXQPD DUDFร RODUDN Vร Qร IODQGร Uร ODELOPHVLQGH
KHUKDQJL ELU Vร Qร UODPDQร Q ROPDPDVร GXUXPXQGD V|] NRQXVX YDUOร NODUร Q
GHรทHUOHPHOHULQGH ELU WDNร P WXWDUVร ]Oร NODU PH\GDQD JHOHELOHFHNWLU %X
GHรทHUOHPH IDUNOร Oร รทร QHGHQL\OH Wย UHY ROPD\DQ KHUKDQJL ELU YDUOร N YH\D
\ย Nย POย Oย N VDGHFH \DEDQFร SDUD NXU ULVNLQGHQ NRUXQPDN DPDFร \OD ULVNWHQ
NRUXQPD DUDFร RODUDN Vร Qร IODQGร Uร ODELOLU ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV V
806 KHUKDQJL ELU รบLUNHWLQ NHQGL KLVVH VHQHWOHULQL R รบLUNHWLQ
ILQDQVDO YDUOร N YH\D \ย Nย POย Oย รทย RODUDN NDEXO HWPHPHNWH YH GROD\ร Vร \OD ELU
ULVNWHQ NRUXQPD DUDFร RODUDN Vร Qร IODQGร UPDPDNWDGร U รธVNRQWR HGLOPLรบ
GHรทHUOHUL\OH ELODQoR\D \DQVร Wร ODQ YDGH\H NDGDU HOGH WXWXODFDN \DWร Uร PODUร Q LVH
\DEDQFร SDUD NXUODUร QGDNL GHรทLรบLNOLNOHUGHQ GRรทDELOHFHN ULVNOHUH NDUรบร HWNLQ ELU ULVNWHQ NRUXQPD DUDFร RODUDN NXOODQร ODELOHFHรทLQL EHOLUWPLรบWLU ,QWHUQDWLRQDO
$FFRXQWLQJ 6WDQGDUGV V
(รทHU ULVNWHQ NRUXQPD DUDFร RODUDN NXOODQร OPDN LVWHQHQ ILQDQVDO YDUOร N
\D GD \ย Nย POย Oย รทย Q UD\Lo GHรทHUL Jย YHQLOLU ELU รบHNLOGH EHOLUOHQHPL\RUVD EXQODU
DQFDN D EHOOL ELU G|YL] FLQVLQGHQVH E \DEDQFร SDUD NXU ULVNLQGHQ NRUXQPDN N
DPDoOร RODUDN WXWXOX\RUVD F \DEDQFร SDUD NDUรบร Oร รทร Jย YHQLOLU ELU รบHNLOGH
|Ooย OHELOL\RUVD
ULVNWHQ
NRUXQPD
DUDFร
,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV V
RODUDN
Vร Qร IODQGร Uร ODELOHFHNWLU
806 ULVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHQ NDOHPOHULQ QHOHU
ROGXรทXQX GD EHOLUWPLรบWLU %X EDรทODPGD ULVNWHQ NRUXQPD\D NRQX HGLOHQ NDOHP
ND\ร WODUGD EXOXQDQ ELU YDUOร N YH\D \ย Nย POย Oย N RODELOHFHรทL JLEL JHUoHNOHรบPHVL
PXKWHPHO RODQ JHOHFHNWHNL ELU LรบOHP GH RODELOLU รธรบOHWPHQLQ GRรทUXGDQ WDKVLV
HWWLรทL NUHGLOHULQ YH WLFDUL DODFDNODUร Q DNVLQH YDGH\H NDGDU HOGH WXWXODFDN
\DWร Uร PODU IDL] ULVNLQH NDUรบร ULVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOPH]OHU dย QNย
]DWHQ
EX
\DWร Uร POD
LOJLOL
JHUoHNOHรบHQ
IDL]
GHรทLรบLNOLNOHULQLQ
PXKDVHEHOHรบWLULOPHPHVL JHUHNLU %X GD V|] NRQXVX \DWร Uร Pร Q IDL] ULVNLQH NDUรบร
ULVNWHQ NRUXQPDVร Qร HQJHOOHU $QFDN YDGH\H NDGDU HOGH WXWXODFDN \DWร Uร PODU
\DEDQFร SDUD NXU ULVNL YH NUHGL ULVNOHULQH LOLรบNLQ RODUDN ULVNWHQ NRUXQPD
LรบOHPOHULQH NRQX HGLOHELOLU ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV V
5LVNWHQ NRUXQDQ DUDo ELU ILQDQVDO YDUOร N YH\D \ย Nย POย Oย N LVH EXQODU
ULVNWHQ NRUXQPD HWNLQOLรทLQLQ |Ooย OPHVLQLQ Pย PNย Q ROGXรทX GXUXPODUGD UD\Lo
GHรทHULQLQ YH\D VDรทOD\DFDรทร QDNLW DNร PODUร Qร Q VDGHFH EHOLUOL ELU Nร VPร Qร Q
WDรบร Gร รทร ULVNOHUOH LOJLOL RODUDN ULVNWHQ NRUXQPD\D NRQX HGLOHELOLUOHU )LQDQVDO
ROPD\DQ ELU YDUOร N YH \ย Nย POย Oย N LVH \DEDQFร SDUD NXU ULVNL YH\D UD\Lo
GHรทHULQLQ \D GD VDรทOD\DFDรทร QDNLW DNร PODUร Qร Q WDPDPร Qร Q WDรบร Gร รทร ULVNOHUOH
LOJLOL RODUDN ULVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHELOLU %XQXQ QHGHQL ILQDQVDO
ROPD\DQ ELU YDUOร N \D GD \ย Nย POย Oย รทย Q EHOOL ELU SDUoDVร Qร Q IL\DW GHรทLรบLPOHULQLQ
WDKPLQ HGLOLU \D GD |Ooย OHELOLU ROPDPDVร Gร U ,QWHUQDWLRQDO $FFRXQWLQJ
6WDQGDUGV V
<DSร ODQ ELU ULVNWHQ NRUXQPD LรบOHPLQLQ HWNLQOLรทLQLQ GHรทHUOHQGLULOPHVL
GDKD |QFH GH EHOLUWLOGLรทL JLEL WHN ELU ULVNWHQ NRUXQPD DUDFร Qร Q GHรทHULQGH YH\D
\DUDWWร รทร QDNLW DNร Pร QGDNL GHรทLรบLNOLNOH ULVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHQ
WHN ELU YDUOร N \ย Nย POย Oย รทย Q GHรทHULQGH YH\D \DUDWWร รทร QDNLW DNร Pร QGD
PH\GDQD JHOHQ GHรทLรบLNOLรทLQ NDUรบร ODรบWร Uร OPDVร QD EDรทOร Gร U 'ROD\ร Vร \OD VWDQGDUW O $ P'6 .;&
EX ULVNWHQ NRUXQPD DUDFร Qร Q ULVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHQ EHOLUOL ELU
YDUOร N
\ย Nย POย Oย N
\HULQH
KHUKDQJL
ELU
JHQHO
QHW
SR]LV\RQOD
NDUรบร ODรบWร Uร OPDVร Qร ULVNWHQ NRUXQPD LรบOHPL PXKDVHEHVLQLQ X\JXODQPDVร
Doร Vร QGDQ JHUHNOL NRรบXOODUร WDรบร PDGร รทร QGDQ KDUHNHWOH X\JXQ J|UPHPHNWHGLU %X Wย U ELU ULVNWHQ NRUXQPD LOLรบNLVLQGH ULVNWHQ NRUXQPD LรบOHPOHUL
PXKDVHEHVLQLQ QHW NkU ]DUDUGD \DUDWDFDรทร HWNLQLQ KHPHQ KHPHQ D\Qร Vร
DQFDN QHW SR]LV\RQ LoLQGH \HU DODQ EHOLUOL NDOHPOHULQ ULVNWHQ NRUXQPD LรบOHPLQH
VSHVLILN RODUDN NRQX HGLOPHVL \ROX\OD VDรทODQDELOLU gUQHรทLQ HรทHU ELU EDQNDQร Q
D\Qร YDGH YH ULVN |]HOOLNOHULQH VDKLS ELULP WXWDUร QGD YDUOร รทร YH ELULP
WXWDUร QGD \ย Nย POย Oย รทย YDUVD YH EDQND NDODQ ELULP WXWDUร QGDNL QHW SR]LV\RQXQX ULVNWHQ NRUXQPD LรบOHPLQH NRQX HWPHN LVWL\RUVD YDUOร NODUร Q
LoHULVLQGHQ VDGHFH ELULPOLN Nร VPร ULVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHQ
YDUOร NODU RODUDN EHOLUOH\HELOLU (รทHU E|\OH ELU LรบOHPH NRQX RODQ DNWLI YH SDVLIOHU
VDELW JHWLULOL\VH EX UD\Lo GHรทHU ULVNLQGHQ NRUXQPD LรบOHPL GHรทLรบNHQ JHWLULOL\VH
ELU QDNLW DNร Pร ULVNLQGHQ NRUXQPD LรบOHPL ROXรบWXUXU $\Qร รบHNLOGH HรทHU ELU
LรบOHWPHQLQ ELULP WXWDUร QGD ELU \DEDQFร SDUD VDWร Q DOPD WDDKKย Gย YH
ELULP WXWDUร QGD \DEDQFร SDUD VDWร รบ WDDKKย Gย YDUVD LรบOHWPH ELULPOLN VDWร Q DOPD WDDKKย Gย Qย Q VDGHFH QHW SR]LV\RQX ROXรบWXUDQ ELULPH HรบLW Nร VPร Qร
ULVNWHQ NRUXQPD LรบOHPLQH NRQX HWPHN LoLQ ELU Wย UHY ย Uย Qย VDWร Q DODUDN ULVNWHQ
NRUXQPD LรบOHPLQL JHUoHNOHรบWLUHELOLU ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV
V
5LVNWHQ NRUXQDQ ELU NDOHPLQ UD\Lo GHรทHULQGH YH\D QDNLW DNร PODUร QGD
PH\GDQD JHOHQ GHรทLรบLNOLNOHU ULVNWHQ NRUXQPD DUDFร Qร Q UD\Lo GHรทHULQGHNL YH\D QDNLW DNร PODUร QGDNL GHรทLรบLNOLNOHU LOH EHUWDUDI HGLOL\RUVD YH EHUWDUDI HWPH RUDQร
LOD DUDVร QGD LVH R ULVNWHQ NRUXQPD LรบOHPL HWNLQ RODUDN
GHรทHUOHQGLULOPHNWHGLU gUQHรทLQ ULVNWHQ NRUXQDQ NDOHPGHQ ELULP ]DUDU
HGLOPLรบ ULVNWHQ NRUXQPD DUDFร QGDQ LVH ELULP JHOLU HOGH HGLOPLรบVH EHUWDUDI
HWPH RUDQร RODUDN KHVDSODQร U EX GD ยถGLU YH\D ยถH HรบLWWLU %X GXUXPGD LรบOHWPH EX ULVNWHQ NRUXQPD LรบOHPLQLQ \ย NVHN GHUHFHGH
HWNLQ ROGXรทX VRQXFXQD YDUDFDNWร U
806 ยถXQ X\JXODPD\D NRQPDVร QGDQ |QFH JHOHQ WHSNLOHU JHQHOOLNOH
X\JXODPDGD ILQDQVDO DUDoODUร \HQLGHQ WDQร POD\DQ YH ILQDQVDO YDUOร NODUร Q
oRรทXQXQ UD\Lo GHรทHUOHUL\OH oRรทX ILQDQVDO \ย Nย POย รทย Q GH PDOL\HW GHรทHUOHUL\OH
ELODQoRGD J|VWHULOPHVLQL |QJ|UHQ EX VWDQGDUGร Q ROGXNoD NDSVDPOร NDUPDรบร N
YH X\JXODPDGD Jย oOย N \DUDWDFDN ELU PRGHO ROGXรทX รบHNOLQGHGLU g]HOOLNOH
ULVNWHQ NRUXQPD PXKDVHEHVLQLQ NXOODQร OPDVร LoLQ JHUHNOL Nร Oร QDQ รบDUWODUร Q
ELUoRN รบLUNHWLQ VLVWHPLQL GHรทLรบWLUPHVLQH VHEHS RODFDN NDGDU Dรทร U ROGXรทX
EHOLUWLOPHNWHGLU %X VWDQGDUGร Q $PHULNDQ 0XKDVHEH 6WDQGDUWODUร QGD G|UW Q
D\Uร VWDQGDUW RODUDN \HU DODQ NRQXODUร ELUOHรบWLUPHVL\OH GH LOJL oHNLFL ROGXรทX
EHOLUWLOPHNWHGLU $QRQLP E %XQD NDUรบร Q ELUoRN VWDQGDUW ROXรบWXUDQ JUXSODUร Q ILQDQVDO DUDoODUร Q IL\DWODQGร Uร OPDVร QGD NDEXO HGLOPLรบ VHUPD\H
SL\DVDVร X\JXODPDODUร YH ILQDQV WDQร PODUร QD X\JXQ RODUDN UD\Lo GHรทHU \DNODรบร Pร Qร Q EHQLPVHQPHVLQLQ JHUHNOLOLรทL YH Eย Wย Q ND]DQo YH ND\ร SODUร Q GD
JHOLU
WDEORVXQGD
J|VWHULOPHVL
J|Uย รบย QGH
ROGXNODUร
ELOLQPHNWHGLU
3ULFH:DWHUKRXVH&RRSHUV 8QGHUVWDQGLQJ ,$6 V YH )LQDQFLDO
,QVWUXPHQWV -:* $QFDN 806 ยถGD KHU QH NDGDU \DQOร รบ Vร Qร IODQGร UPD\D
ELU
\DSWร Uร P
JHWLULOPLรบVH
GH
ILQDQVDO
ย Uย QOHULQ
Vร Qร IODQGร Uร OPDVร Qร Q WDPDPHQ \|QHWLPH Eร UDNร OPDVร ย Uย QOHU GDKLO ROGXNODUร
JUXED J|UH GHรทHUOHQHFHรทLQGHQ NkUOร Oร รทร Q GD Nร \PHWOHULQ Vร Qร IODQGร Uร OPDVร Qร Q
GHรทLรบWLULOHUHN
HWNLOHQHFHรทL
YH
ELU
NH\IL\HWLQ
V|]
NRQXVX
ROGXรทX
Gย รบย Qย OPHNWHGLU 3ULFH:DWHUKRXVH&RRSHUV 8QGHUVWDQGLQJ ,$6
V
$YUXSD 0HUNH] %DQNDVร 8\JXODPDVร
$YUXSD 0HUNH] %DQNDVร ELUOLรทH GDKLO RODQ PHUNH] EDQNDODUร QGD
X\JXODQDFDN RODQ PXKDVHEH SROLWLNDODUร Qร Doร NOD\DQ \|QHUJHQLQ G|UGย QFย
E|Oย Pย QGH ELODQoR Gร รบร NDOHPOHULQ J|VWHULP YH PXKDVHEHOHรบWLUPH HVDVODUร Qร
EHOLUOHPLรบWLU %X \|QHUJH ELODQoR Gร รบร HQVWUย PDQODUD LOLรบNLQ RODUDN ยณ*HQHO
(VDVODUยด E|Oย Pย QGH Wย P Wย UHY ย Uย QOHU LoLQ JHoHUOL RODQ JHQHO LONHOHUH \HU
YHUPLรบ YH Wย UHY ย Uย QOHUGHQ ND\QDNODQDQ G|YL] DODFDNODUร Qร Q YH ERUoODUร Qร Q
G|YL] SR]LV\RQXQD GDKLO HGLOPHVLQL YH NDPEL\R NkU ]DUDUร KHVDSODQร UNHQ GH EXQODUร Q GLNNDWH DOร QPDVร JHUHNWLรทLQL EHOLUWPLรบWLU %XQXQ Gร รบร QGD Wย UHY
ย Uย QOHUGHQ ND\QDNODQDQ NkU YH ]DUDUODUร Q ELODQoR LoLQGH L]OHQPHVL JHUHNWLรทL
YH IDL] RUDQร Wย UHY ย Uย QOHULQLQ GH ELODQoR LoLQGH D\Uร ELU NDOHP RODUDN
L]OHQPHVL JHUHNWLรทL EHOLUWLOPLรบWLU
R S#DT,VU7 "W $ , .
R R X " . <Y- .Z . F " [ 2 9 \ Y [7] .Q Q Q ] J ^
<|QHUJHGH GDKD VRQUD ย Uย Q ED]ร QGD PXKDVHEHOHรบWLUPH HVDVODUร
ย ]HULQGH GXUXOPXรบWXU %X oHUoHYHGH
D '|YL] IRUZDUG LรบOHPOHULQGHQ ND\QDNODQDQ DOร รบ YH VDWร รบODU LรบOHP Jย Qย QGHQ |GHPH Jย Qย QH NDGDU QD]ร P KHVDSODUGD VSRW GHรทHUL
ย ]HULQGHQ ND\GHGLOHFHNWLU
E +DQJL ULVNWHQ NRUXQPD LoLQ \DSร OGร รทร QD EDNร OPDNVร ]ร Q Wย UHY ย Uย Qย Q |GHPH Jย Qย QH NDGDU ROXรบDQ NkU YH ]DUDUODUร
JHUoHNOHรบPHPLรบ NDEXO HGLOHFHNWLU
F )RUZDUG IL\DWร JHOHFHNWH EHOOL RODFDN RODQ EHOLUOL WXWDUGDNL LรบOHPLQ \DUDWWร รทร ELU KDN YH \ย Nย POย Oย รทย J|VWHUGLรทL LoLQ D\Qร
G|YL] FLQVLQH DLW VSRW YH IRUZDUG SR]LV\RQODUร EHUDEHU
GHรทHUOHQGLULOHUHN ROXรบDFDN ]DUDUODU ROXรบDQ JHUoHNOHรบPHPLรบ NkUODUGDQ PDKVXS HGLOHFHN DUWDQ Nร Vร P LVH VRQXo KHVDSODUร QD
\DQVร Wร ODFDNWร U 2OXรบDQ NkUODU LVH NkU \D]ร OPD\ร S GHรทHUOHPH
KHVDEร QD HNOHQHFHNWLU
G 6SRW YH IRUZDUG RUDQODU DUDVร QGD ROXรบDFDN LVNRQWR YH SULPOHU WDKDNNXN HVDVร QD J|UH PXKDVHEHOHรบWLULOHFHN |GHPH Jย Qย QGH
LVH Wย UHY ย Uย QOHUGHQ ND\QDNODQDQ YH LรบOHP JHUoHNOHรบHQH NDGDU
EHNOHWLOHQ GHรทHU DUWร รบ IDUNODUร ย o D\Oร N G|QHP VRQXQGD VRQXo KHVDSODUร QD DNWDUร ODFDNWร U
H '|YL] VZDS LรบOHPOHULQGH LVH G|YL] IRUZDUG LรบOHPOHUL LoLQ X\JXODQDQ HVDVODU JHoHUOL ROXUNHQ EXQODUD HN RODUDN VSRW DOร รบ
YH VDWร รบODU |GHPH WDULKLQGH ELODQoR KHVDSODUร QD ND\GHGLOHFHNWLU
)DL] RUDQร ย Uย QOHULQLQ Wย Pย LoLQ HVDV IXWXUHV VZDS YH IRUZDUG
LรบOHPOHULQLQ LรบOHP Jย Qย QGH QD]ร P KHVDSODUD ND\GHGLOPHVL LรบOHPOHU LoLQ
|GHQHQ NRPLV\RQODUร Q GRรทUXGDQ JLGHUOHรบWLULOPHVL YH \ร O VRQXQGD VRQXo KHVDSODUร QD DNWDUร ODQ NHVLQOHรบPHPLรบ ]DUDUODUร Q LรบOHP NDSDWร Oร S RUWDGDQ
NDONPDGร รทร Vย UHFH L]OH\HQ \ร OODUGDNL NHVLQOHรบPH\HQ NkUODUOD PDKVXS
HGLOPHPHVL YH EX NkUODUร Q SDVLIWH GHรทHUOHPH KHVDEร QGD EHNOHWLOPHVLGLU
7ย UHY ย Uย Qย Q |]HOOLรทLQGHQ ND\QDNODQDQ PXKDVHEHOHรบWLUPH LONHOHUL
LVH รบX รบHNLOGHGLU
)XWXUHV LรบOHPOHULQGH QDNLW RODUDN YHULOHQ EDรบODQJร o WHPLQDWร YDUOร NODU
LoHULVLQGH D\Uร ELU KHVDSWD L]OHQLU %DรบODQJร o WHPLQDWร QGD PH\GDQD JHOHFHN
Jย QOย N GHรทLรบPHOHU JHoLFL ROGXรทX LoLQ D\Uร ELU KHVDSWD NDSDQร รบ Jย Qย QH NDGDU
EHNOHWLOLU NDSDQร รบ Jย Qย QGH EX KHVDS NDSDWร ODUDN VRQXo KHVDSODUร QD \DQVร Wร Oร U
%DรบND ELU G|YL] FLQVLQGHQ \DSร ODQ IXWXUHV LรบOHPOHULQLQ XOXVDO SDUD\D
G|Qย รบWย UPH LรบOHPL YDGH WDULKLQGHNL NXU ย ]HULQGHQ \DSร Oร U *ย QOย N
GHรทHUOHPHOHUGHQ ND\QDNODQDQ NkU YH ]DUDUODUGDQ NHVLQOHรบPHPLรบ ]DUDUODU
GRรทGXNODUร DQGD VRQXo KHVDSODUร QD \DQVร Wร Oร UNHQ NHVLQOHรบPHPLรบ NkUODU D\Uร
ELU KHVDSWD EHNOHWLOLU
)DL] RUDQร VZDS LรบOHPOHULQGHQ ND\QDNODQDQ IDL] JHOLU YH JLGHUOHUL
WDKDNNXN HVDVร QD J|UH ND\GHGLOLU YH |GHPHOHUGH QHWOHรบWLUPH \DSร ODELOLU 7ย P
IDL] RUDQร VZDS LรบOHPOHUL LoLQ SL\DVD RUDQODUร NXOODQร Oร U YH HรทHU JHUHNLUVH FDUL NXUGDQ XOXVDO SDUD\D oHYULOLU
)DL] RUDQร IRUZDUG LรบOHPOHULQGH SL\DVD IDL] RUDQร LOH V|]OHรบPHGHNL
IDL] RUDQร DUDVร QGDNL IDUNWDQ GRรทDQ NkU \D GD ]DUDU KHVDSODรบPD WDULKLQGH
NHVLQOHรบHFHรทLQGHQ EX WDULKWH VRQXo KHVDSODUร QD DNWDUร Oร U gGHQHQ WXWDUODU
|GHPH Jย Qย QGH FDUL NXUGDQ XOXVDO SDUD\D oHYULOLU
7ย UHY ย Uย QOHU LoLQ EHOLUOHQHQ JHQHO HVDVODUร Q 806 ยถGD EHOLUWLOHQ
HVDVODUD EHQ]HUOLรทL ROPDNOD EHUDEHU D\Uร RODQ QRNWDODUร GD YDUGร U $QFDN
$YUXSD 3DUOkPHQWRVX WDUDIร QGDQ \ร Oร QGD oร NDUร ODQ NDUDUGD ELUOLรทH ย \H
ย ONHOHUGH \ร Oร YH VRQUDVร QGD \D\ร PODQPร รบ YH 0XKDVHEH 'ย ]HQOHPH
.RPLV\RQX 0'. WDUDIร QGDQ NDEXO HGLOPLรบ YH $YUXSD .RPLV\RQXQFD P
RQD\ODQPร รบ RODQ XOXVODUDUDVร PXKDVHEH VWDQGDUWODUร Qร Q X\JXODQDFDรทร
EHOLUWLOPLรบWLU %X NDUDUGD KDNLP RODQ J|Uย รบ ILQDQVDO WDEORODUGD รบHIIDIOร N YH
NDUรบร ODรบWร Uร ODELOLUOLN QLWHOLรทLQLQ VDรทODQPDVร Qร Q YH GDKD L\L LรบOH\HQ ELU Lo SL\DVD
VDรทODPDN Doร Vร QGDQ L\L KD]ร UODQPร รบ \ย NVHN NDOLWHGHNL LONHOHU VHWLQLQ
X\JXODQPDVร Qร Q JHUHNOLOLรทLGLU %X LONHOHU $YUXSD %LUOLรทL WDUDIร QGDQ oร NDUร ODQ \|QHUJHOHULQ WHPHO HVDVODUร QD WHUV Gย รบPH\HFHN รบHNLOGH Gย ]HQOHQHFHNWLU 6|]
NRQXVX LONHOHULQ EHOLUOHQPHVLQGH 806. LOH LOHWLรบLP KDOLQGH RODUDN PXKDVHEH
X\JXODPDFร ODUร Qร Q YH X]PDQODUGDQ ROXรบDQ WHNQLN NRPLWHQLQ GH J|Uย รบOHULQLQ
DOร QPDVร VXUHWL\OH HQ GRรทUX\D YH X\JXODQDELOLU RODQD GRรทUX \RO DOร QPDVร
EHQLPVHQPLรบWLU 5HJXODWLRQ (& 1R $YUXSD .RPLV\RQX รบX DQ
\D\ร QODQPร รบ RODQ Wย P XOXVODUDUDVร PXKDVHEH VWDQGDUWODUร Qร Q 806 YH
KDULo X\JXODQDELOLU ROGXรทXQX Doร NODPร รบWร U %X VWDQGDUWODUร Q ELUOLรทH ย \H Wย P R $<_- $ " ' .; ;& \ _T ^
ย ONHOHULQ GLOOHULQH oHYULOHUHN UHVPL JD]HWHGH \D\ร QODQDFDรทร GD EHOLUWLOPLรบWLU
806 ยถXQ VDGHFH UD\Lo GHรทHU HVDVร NDEXO HGLOLUNHQ GLรทHU HVDVODU LoLQ
806.ยถQร Q JHOLรบWLULOPLรบ YH \HQLGHQ Gย ]HQOHQPLรบ VWDQGDUGร Qร Q EHNOHQGLรทL
EHOLUWLOPLรบWLU (XURSHDQ &RPPLVVLRQ $YUXSD )LQDQVDO 5DSRUODPD
'DQร รบPD *UXEX 806 LOH ULVNWHQ NRUXQPD PXKDVHEHVL NXOODQร OPDVร Qร Q *
oRN ID]OD รบDUWD EDรทODQGร รทร Qร \HQLGHQ Gย ]HQOHPH DรบDPDVร QGD EX NXUDOODUร Q
GDKD EDVLW DQODรบร ODELOLU YH X\JXODQDELOLU KDOH JHWLULOPHVLQLQ GLNNDWH DOร QPDVร
JHUHNWLรทLQL RUWD\D NR\PXรบWXU ()5$* $QFDN GLรทHU HVDVODU LoLQ
806.ยถQร Q JHOLรบWLULOPLรบ YH \HQLGHQ Gย ]HQOHQPLรบ VWDQGDUGร Qร Q EHNOHQGLรทL
EHOLUWLOPLรบWLU .RPLV\RQXQ YH 0'.ยถQร Q \HQLGHQ Gย ]HQOHQPLรบ 806 YH
LoLQ HQ JHo 0DUW ยถWH NDUDU DOPDVร JHUHNPHNWHGLU $5& 'LรทHU 8\JXODPDODU
$PHULNDยถGD ILQDQVDO PXKDVHEH YH UDSRUODPD VWDQGDUWODUร Qร EHOLUOHPH
YH JHOLรบWLUPH\L DPDoOD\DQ )LQDQVDO 0XKDVHEH 6WDQGDUWODUร .RPLWHVL ELODQoR ?
Gร รบร NDOHPOHU LoLQ PXKDVHEH NXUDOODUร HNVLNOLรทLQGHQ YH X\JXODPDODUGDNL
X\XPVX]OXNWDQ GROD\ร \ร Oร QGD EX NRQXGD oDOร รบPDODUร QD EDรบODPร รบWร U %X
oDOร รบPDODU oHUoHYHVLQGH \ร Oร QGD ELODQoR Gร รบร ย Uย QOHULQ VXQXPXQX LoHUHQ
QROX )LQDQVDO 0XKDVHEH 6WDQGDUGร )06 YH \ร Oร QGD EX VXQXP P@
WHNQLNOHULQH GDKD NHVLQ VWDQGDUWODU JHWLUHQ )06 QROX VWDQGDUWODUร Qร
\D\ร PODPร รบWร U &KRUDIDV YH 6WHLQPDQQ V 6WDQGDUWODU
LQFHOHQGLรทLQGH )06 ยถLQ NUHGL ULVNLQH )06 ยถQLQ LVH SL\DVD ULVNLQH
RGDNODQGร รทร J|Uย OPHNWHGLU )06 ยถLQ \D\ร PODQPDVร Qร Q DUGร QGDQ JHOHQ
\RUXPODU oHUoHYHVLQGH \ร Oร QGD ยณ)LQDQVDO hUย QOHULQ .D\GHGLOPHVL YH
gOoย OPHVLยด DGร DOWร QGD ELU \|QHUJH \D\ร PODQPร รบ YH EX \|QHUJH LOH ELODQoR Gร รบร
ILQDQVDO ย Uย QOHUL GH LoHULU รบHNLOGH ILQDQVDO ย Uย QOHULQ ND\GD DOร QPDVร |Ooย OPHVL
GHรทHUOHPHVL YH ND\ร WWDQ oร NDUร OPDVร \|QWHPOHUL Doร NODQPร รบWร U
)06 IXWXUHV V|]OHรบPHOHUL LoLQ PXKDVHEH VWDQGDUWODUร Qร
LoHUPHNWHGLU 6WDQGDUW LรบOHWPHQLQ ULVNWHQ NRUXQPD PXKDVHEHVL NXOODQPDVร
LoLQ ULVNWHQ NRUXQPDN LVWHQHQ LรบOHPLQ LรบOHWPH\L ULVNH PDUX] Eร UDNPDVร Qร DPDFร Q EX ULVNL D]DOWPDN ROPDVร Qร YH D\Uร FD ULVNWHQ NRUXQDQ YDUOร N \D GD
R !L "a` "
R +-Y- .Z . )U7 " _- Z $ F 0 ' X Z \ Y-U7_ X ^ R A#U7 "W $ , . )[ \ U ,F[ ^ R C-U7 "W $ , . \ U , ^
\ N PO O NOH ULVNWHQ NRUXQPD DUDFÕ DUDVÕQGD ELU LOLúNL ROPDVÕQÕ JHUHNOL
NÕOPÕúWÕU * QJ|U V %X úDUWODU WDúÕQPÕ\RUVD LúOHPOHU VSHN ODV\RQ
DPDoOÕ RODUDN GH÷HUOHQGLULOHFHNWLU )06 ¶GHQ VRQUD \ÕOÕQGD
\D\ÕPODQDQ )06 ³7 UHY hU QOHULQ 0XKDVHEHOHúWLULOPHVL YH 5LVNWHQ
.RUXQPD øúOHPOHUL´ DGÕ DOWÕQGD W UHY U QOHULQ YH ULVNWHQ NRUXQPD LúOHPOHULQLQ
PXKDVHEHOHúWLULOPHVLQH YH VXQXPXQD \|QHOLN VWDQGDUGÕ oÕNDUPÕúWÕU %X
VWDQGDUW úLUNHWOHULQ W UHY U QOHUL YDUOÕN \D GD \ N PO O N RODUDN UD\Lo
GH÷HUOHUL\OH ND\GHWPHOHULQL |QJ|UPHNWHGLU %X oHUoHYHGH LúOHWPHOHULQ W UHY
U Q WXWPDGDNL \D GD oÕNDUPDGDNL DPDFÕQÕQ QH ROGX÷XQX KDQJL ULVNOHUH NDUúÕ
NRUXQGX÷XQX GD EHOLUWHUHN ULVN \|QHWLP SROLWLNDODUÕQÕ DoÕNODPDODUÕ JHUHNPHNWHGLU øúOHWPHOHU E|\OHOLNOH HWNLQ ROPD\DQ ULVNWHQ NRUXQPDODUÕQÕQ GD
GHWD\OÕ DUDúWÕUPDVÕQÕ \DSPDN GXUXPXQGD EÕUDNÕOPÕúODUGÕU +ZDQJ
5LVNWHQ NRUXQPD DUDoODUÕ RODUDN EHOLUWLOPH\HQ W UHY U QOHU LoLQ LVH EX W UHY
U QOHULQ DPDoODUÕQÕQ EHOLUWLOGL÷L ELU DoÕNODPD LVWHQPHNWHGLU
øQJLOL] 0XKDVHEH 6WDQGDUWODUÕ .XUXOX \ÕOÕQGD oÕNDUÕODQ W UHY
U QOHU LOH GL÷HU ILQDQVDO DUDoODUÕQ VXQXPXQD LOLúNLQ QXPDUDOÕ ILQDQVDO
UDSRUODPD VWDQGDUGÕQGD úLUNHWOHULQ NDUúÕ NDUúÕ\D ROGXNODUÕ ULVNOHU KDNNÕQGD GHWD\OÕ ELOJL YHUPHOHULQL YH EX ULVNOHUH NDUúÕ QDVÕO |QOHPOHU DOGÕNODUÕQÕ GD
DoÕNODPDODUÕQÕ |QJ|UPHNWHGLU %DVOH &RPPLWWHH V $oÕNODQPDVÕ
JHUHNOL ELOJLOHULQ EDúÕQGD LVH IDL] ULVNL SDUD ELULPL OLNLGLWH YH YDGH LOH UD\Lo
GH÷HUOHUH LOLúNLQ ELOJLOHU YH ULVNWHQ NRUXQPD PXKDVHEHVL NXOODQÕPÕQÕQ HWNLOHUL
JHOPHNWHGLU
)LQDQVDO 7 UHY hU QOHULQ 0XKDVHEHOHúWLULOPHVL )LQDQVDO 7 UHY hU QOHULQ 0XKDVHEHOHúWLULOPHVLQGH *HQHO
(VDVODU
0XKDVHEH X\JXODPDVÕQÕQ KHGHIL PXKDVHEHOHúWLULOHQ LúOHPLQ
HNRQRPLN HWNLOHULQL YH LúOHPLQ DPDFÕQÕ P PN Q ROGX÷X NDGDU DoÕN ELU ELoLPGH
\DQVÕWPDN ROPDOÕGÕU '|YL] NXUODUÕQGDNL YH IDL] RUDQODUÕQGDNL GH÷LúPHOHU QHGHQL\OH RUWD\D oÕNDQ G|YL] YH IDL] ULVN DODQODUÕQÕQ ULVNWHQ NRUXQDELOPHVL LoLQ
ULVNWHQ NRUXQPD DUDoODUÕ NXOODQÕODUDN PXKDVHEH ]DUDUÕ YH HNRQRPLN ]DUDU
D]DOWÕODELOLU \D GD \RN HGLOHELOLU gQFH V
%LODQoR Gร รบร DUDoODU RODQ Wย UHY ย Uย QOHULQ ND\GHGLOPHOHUL EXQODUD
LOLรบNLQ NkU ]DUDUODUร Q KHVDSODQร รบร YH ND\ร WODUD JHoLULOPHVL ILQDQVDO WDEOR YH\D
UDSRUODUGD J|VWHULOLรบ รบHNOL YH LรบOHPOHULQ ND\ร WWDQ oร NDUร OPDVร QD LOLรบNLQ PXKDVHEH LรบOHPOHUL |QHP WDรบร U dย QNย LรบOHWPHQLQ NDUรบร NDUรบร \D NDOGร รทร ULVN
ULVNWHQ NRUXQPD DUDoODUร \OD JHUoHNWH D]DOWร OPร รบ ROVD ELOH EX GXUXP PXKDVHEH
ND\ร WODUร QD X\JXQ ELU รบHNLOGH \DQVร Wร ODPD]VD ULVNWHQ NRUXQPDQร Q EHNOHQHQ
HWNLOHUL ILQDQVDO WDEORODUD \DQVร Wร ODPD\DFDNWร U 5LVNWHQ NRUXQPD LรบOHPOHUL\OH LOJLOL EX Wย U VRUXQODUร Q RUWDGDQ NDOGร Uร ODELOPHVL LoLQ ULVNWHQ NRUXQPD
PXKDVHEHVL JHOLรบWLULOPLรบWLU gQFH V
5LVNWHQ NRUXQPD PXKDVHEHVLQLQ WDQร Pร NRQXVXQGD NHVLQ LIDGHOHU
ROPDPDNOD EHUDEHU DNOD JHOHQ LON รบH\ EXQXQ ยณULVN D]DOWร Fร IDDOL\HWOHULQ
QLWHOLรทLQH X\JXQ PXKDVHEHOHรบWLUPH \|QWHPLยด ROGXรทXGXU *HQLรบ DQODPร \OD
ULVNWHQ NRUXQPD PXKDVHEHVL ยณULVNWHQ NRUXQPDQร Q KHU LNL XQVXUXQX LoHUHQ YH
ULVNWHQ NRUXQPD IDDOL\HWOHULQLQ VRQXoODUร \OD LOJLOHQPHN ย ]HUH Gย ]HQOHQHQ ELU
PXKDVHEH \|QWHPLGLUยด 5LVNWHQ NRUXQPD LรบOHPOHUL ROGXรทX KDOGH EX \|QWHP
X\JXODQPD]VD ULVNWHQ NRUXQDQ NDOHPOHU JHQHOOLNOH WDULKL PDOL\HWOHUL\OH
GHรทHUOHQGLULOLUNHQ ULVNWHQ NRUXQPD DUDoODUร SL\DVD IL\DWร \OD GHรทHUOHQGLULOLU
5LVNWHQ NRUXQPDQร Q XQVXUODUร Qร Q KHU LNLVL GH WDULKL PDOL\HW ED]ร QGD
GHรทHUOHQGLULOVH ELOH ]DPDQ ND\PDVร QHGHQL\OH NkU YH\D ]DUDUODUGDQ ELUL
GLรทHULQGHQ |QFH VRQXo KHVDSODUร QD DOร QDELOLU %|\OHFH ULVNWHQ NRUXQDQ
NDOHPOHUGH YH ULVNWHQ NRUXQPD DUDoODUร QGD RUWD\D oร NDQ VRQXoODUร Q D\Qร
G|QHPGH NDUรบร ODรบWร Uร OPDVร RODQDรทร ND\EROXU *ย QGย ] YH 7XWDO V gUQHรทLQ L
*HUoHNOHรบPHVL NHVLQ ELU WDDKKย Gย Q QDNLW DNร P ULVNLQGHQ
NRUXQPDVร DPDFร \OD \DSร ODQ LรบOHPGH ULVNWHQ NRUX\DQ DUDoODUGD RUWD\D oร NDFDN ND]DQo YH ND\ร SODU ULVNWHQ NRUXQDQ NDOHPGHQ
|QFH ND\ร WODUD DOร QPร รบ RODFDN YH KHQย ] RUWDGD LรบOHP ROPDGร รทร QGDQ GD EXQODUร GHQJHOH\HFHN ND]DQo YH ND\ร SODU
LL
ILQDQVDO WDEORODUD \DQVร Wร OPDPร รบ RODFDNWร U 6HOYL V
.D\ร WOร ELU YDUOร N \D GD \ย Nย POย Oย รทย Q UD\Lo GHรทHULQGHNL
GHรทLรบPHOHUH NDUรบร \DSร ODQ ULVNWHQ NRUXQPDODUGD LVH ULVNWHQ
NRUX\DQ DUDFร Q YDGHVL ULVNWHQ NRUXQDQ NDOHPLQ YDGHVLQGHQ |QFH VRQD HUHELOLU 6HOYL V
%X QHGHQOHUOH ULVNWHQ NRUXQPD PXKDVHEHVL ULVNWHQ NRUXQPDQร Q
XQVXUODUร DUDVร QGDNL |OoPH ED]ร QGDNL IDUNOร Oร NODUร X]DNODรบWร UPD\D oDOร รบDQ ELU
\DNODรบร PD GD\DQร U *ย QGย ] YH 7XWDO V
5LVNWHQ NRUXQPD DPDoOร Wย UHY ย Uย QOHULQ PXKDVHEHOHรบWLULOPHVLQGHNL
VRUXQODUร Q RUWDGDQ NDOGร Uร OPDVร DPDFร \OD LNL WHPHO PXKDVHEH \DNODรบร Pร RUWD\D
oร NPร รบWร U (UWHOHQPLรบ 5LVNWHQ .RUXQPD รธรบOHPOHUL 0XKDVHEHVL YH 3L\DVD
'HรทHUL LOH 5LVNWHQ .RUXQPD รธรบOHPOHUL 0XKDVHEHVL
(UWHOHQPLรบ 5LVNWHQ .RUXQPD รธรบOHPOHUL 0XKDVHEHVL
%X \DNODรบร PGD ULVNWHQ NRUXQPD DUDoODUร QGD JHUoHNOHรบHQ NkU \D GD
]DUDUร Q ND\ร WODUD DOร QPDVร ULVNWHQ NRUXQDQ NDOHP ND\ร WODUGDQ oร NDUร ODQD NDGDU
HUWHOHQPHNWH YH ULVNWHQ NRUXQDQ NDOHP ND\ร WODUGDQ oร NWร รทร QGD KHP EX
NDOHPGHQ KHP GH ULVNWHQ NRUXQPD DUDFร QGDQ GRรทDQ NkU YH ]DUDUODU
ND\GHGLOHUHN JHOLU WDEORVXQGD HรบOHรบWLULOPHVL VDรทODQPDNWDGร U $QFDN
JHUoHNOHรบPLรบ NkU YH ]DUDUร Q ND\ร WODUD JHoLULOPHPHVL G|QHPVHOOLN NDYUDPร QD
X\JXQ Gย รบPHPHNWHGLU 6HOYL V
3L\DVD 'HรทHUL\OH 5LVNWHQ .RUXQPD รธรบOHPOHUL 0XKDVHEHVL
%X \DNODรบร P HUWHOHQPLรบ ULVNWHQ NRUXQPD LรบOHPOHUL PXKDVHEHVLQH
DOWHUQDWLI RODUDN RUWD\D oร NPร รบWร U 5LVNWHQ NRUXQPD DUDFร SL\DVD GHรทHUL\OH
GHรทHUOHQGLรทLQGHQ WDULKL PDOL\HWOH GHรทHUOHQPLรบ RODQ ULVNWHQ NRUXQDQ NDOHPL SL\DVD IL\DWร QD oHYLULU %|\OHOLNOH KHU LNL XQVXUGD ROXรบDQ NkU YH ]DUDU Hรบ DQOร
RODUDN FDUL G|QHPLQ VRQXo KHVDSODUร QD \DQVร Wร Oร U %X \DNODรบร PGDNL HQ Eย \ย N
VRUXQ ULVNWHQ NRUXQPD DUDFร Qร Q HOGH HGLOGLรทL Vร UDGD ULVNWHQ NRUXQDQ NDOHPLQ
PDOL\HW YH SL\DVD GHรทHUL DUDVร QGDNL IDUNร Q QDVร O PXKDVHEHOHรบWLULOHFHรทL
NRQXVXGXU %X IDUNร Q ULVNWHQ NRUXQPD LรบOHPLQH JLULOGLรทL WDULKWH ND\GHGLOPHVL
|QJ|Uย OPย รบWย U %X \DNODรบร P X\JXODQDELOLUOLรทLQLQ NROD\ ROPDVร YH JHUoHN
ILQDQVDO GXUXPX \DQVร WPDVร Doร Vร QGDQ WHUFLK HGLOPLรบWLU $QFDN EX \DNODรบร P VDGHFH PHYFXW YDUOร N YH \ย Nย POย Oย NOHULQ ULVNWHQ NRUXQPDVร QGD NXOODQร ODELOLU
LOHUL\H G|Qย N NHVLQ WDDKKย WOHULQ ULVNWHQ NRUXQPDVร QGD EX LรบOHPOHULQ
JHUoHNOHรบPHPLรบ ROPDVร QHGHQL\OH EX \|QWHPLQ X\JXODQPDVร Pย PNย Q
ROPD\DFDNWร U 6HOYL V
5LVNWHQ NRUXQPD PXKDVHEHVLQLQ HQ WHPHO SUREOHPL ULVNWHQ
NRUXQPD IDDOL\HWOHULQH DLW |]HO ELU PXKDVHEHOHรบWLUPH \DNODรบร Pร Qร Q X\JXODQร S
X\JXODQPD\DFDรทร Gร U 8\JXODPD VRUXQODUร Qร Q EDรบร QGD LVH EX LNL \|QWHPGHQ
KDQJLVLQLQ X\JXODQDFDรทร YH ULVNWHQ NRUXQPD PXKDVHEHVLQLQ X\JXODQPDVร QGD
ULVNWHQ NRUXQPD QLWHOLNOHULQH VDKLS ELU LรบOHPLQ WDQร PODQPDVร JHOPHNWHGLU
806 ยถGD KHU LNL \|QWHPGHQ GH EDKVHGLOPHPLรบWLU รธON ND\GD DOPD
\|QWHPL SDUDJUDIODUGD NkU ]DUDU HWNLOHUL LVH KDQJL ULVNWHQ
NRUXQXOGXรทXQD EDรทOร RODUDN SDUDJUDIODUGD EHOLUWLOPLรบWLU %XQD J|UH
ยณELU LรบOHWPH ELU ILQDQVDO YDUOร N YH \ย Nย POย Oย รทย DQFDN YH VDGHFH EX ILQDQVDO
YDUOร N YH \ย Nย POย Oย NWHQ GRรทDQ KDN YH \ย Nย POย Oย NOHUH WDUDI ROGXรทXQGD
ELODQoRVXQGD J|VWHUPHN ]RUXQGDGร Uยด %XQXQ VRQXFX RODUDN Wย UHY ย Uย QOHUGHQ
GRรทDQ Wย P KDN YH \ย Nย POย Oย NOHU Wย UHYLQ UD\Lo GHรทHUL YDUVD\ร PVDO WXWDUร
GHรทLO ย ]HULQGHQ ELODQoRGD \HU DOร U 0HYFXW PXKDVHEH X\JXODPDODUร QGD PDO YH KL]PHWOHULQ NHVLQ DOร P \D GD VDWร P WDDKKย Gย QGHQ GRรทDQ WHVOLP DOPD
WHVOLP
HWPH
KDN
YH
\ย Nย POย Oย รทย
GRรทXQFD\D
NDGDU
ELODQoR\D
\DQVร Wร OPDPDNWDGร U gUQHN YHUPHN JHUHNLUVH ELU LรบOHWPH EDรบND ELU LรบOHWPHGHQ
VLSDULรบ DOGร รทร ]DPDQ R PDO YH\D KL]PHWOHU WHVOLP HGLOPHGHQ ELU Nร \PHW
KDUHNHWL GRรทPDPDNWD VLSDULรบL YHUHQ WDUDI GD PDOL WDEORODUร QGD ELU \ย Nย POย Oย N
ND\GHWPHPHNWHGLU $QFDN EX GXUXPXQ DNVLQH ELU IRUZDUG V|]OHรบPHVL DVร O
DOร P VDWร Pร Q \DSร ODFDรทร YDGH\L EHNOHPHNVL]LQ WDDKKย Gย Q YHULOGLรทL WDULKWH
YDUOร N YH\D \ย Nย POย Oย N RODUDN ND\GD DOร Qร U %LU LรบOHWPH IRUZDUG V|]OHรบPHVL
\DSWร รทร QGD EX V|]OHรบPHGHQ GRรทDQ KDN YH \ย Nย POย Oย NOHULQ UD\Lo GHรทHUOHUL
HรบLW YH GROD\ร Vร \OD IRUZDUGร Q QHW UD\Lo GHรทHUL GH Vร Iร UD HรบLW ROGXรทXQGDQ
VDGHFH KDN YH \ย Nย POย Oย NOHULQ QHW UD\Lo GHรทHULQL DNWLI YH SDVLIOHULQH \DQVร Wร U
%|\OH ELU IRUZDUG V|]OHรบPHVL KHU QH NDGDU QHW GHรทHUL R G|QHP LoLQ Vร Iร U GD
ROVD KHU LNL WDUDI Doร Vร QGDQ GD LON ND\GD DOPD SUHQVLSOHULQH X\PDNWDGร U )RUZDUG V|]OHรบPHVLQLQ UD\Lo GHรทHUL JHOHFHNWH ]DPDQ GHรทHUL YH DOW GHรทLรบNHQL
ROXรบWXUDQ DUDo YH\D HPWLDQร Q GHรทHULQL GH LoHUHQ SHN oRN IDNW|UH EDรทOร RODUDN
ELU YDUOร N \D GD \ย Nย POย Oย N ROXรบWXUDELOLU )LQDQVDO RSVL\RQODU RSVL\RQX DODQ
YH VDWDQ WDUDIร Q V|]OHรบPH\H WDUDI ROGXNODUร WDULKWH YDUOร N YH\D \ย Nย POย Oย N
RODUDN ELODQoR\D \DQVร Wร OPDOร Gร U *HOHFHNWH \DSร OPDVร SODQODQDQ LรบOHPOHULQ
JHUoHNOHรบPHVL QH NDGDU PXKWHPHO ROXUVD ROVXQ LรบOHWPH PDOL UDSRUODPD
G|QHPLQGH ELU V|]OHรบPH\H WDUDI ROPDGร รทร QGDQ YH LรบOHWPHQLQ R G|QHP
LWLEDUร \OD KHUKDQJL ELU \ย Nย POย Oย N YH\D WDKVLODW KDNNร EXOXQPDGร รทร QGDQ
ELODQoR\D ND\GHGLOPHPHVL JHUHNPHNWHGLU
806 ILQDQVDO DNWLIOHULQ DOร P YH VDWร Pร QGD YH SDUDJUDIODUGD
EHOLUWLOHQ LรบOHP WDULKLQGH PXKDVHEHOHรบWLUPH \D GD LรบOHP JHUoHNOHรบPH
WDULKLQGH PXKDVHEHOHรบWLUPH \|QWHPOHULQGHQ ELU WDQHVLQLQ NXOODQร OPDVร Qร |QJ|UPHNWHGLU
รธรบOHP WDULKL LรบOHWPHQLQ KHUKDQJL ELU YDUOร รทร DOPD\ร \D GD VDWPD\ร
WDDKKย W HWWLรทL WDULK RODUDN WDQร PODQPร รบWร U รธรบOHP WDULKLQGH PXKDVHEHOHรบWLUPH LVH
D $Oร QDFDN YDUOร รทร Q ND\ร WODUD DOร QPDVร ROXรบDQ ERUFXQ ELODQoR\D WDรบร QPDVร Qร Q
E 6DWร ODFDN YDUOร รทร Q ND\ร WODUGDQ oร NDUร Oร S ROXรบDQ DODFDรทร Q ELODQoR\D WDรบร QPDVร Qร Q
LรบOHP WDULKLQGH \DSร OPDVร Qร |QJ|Uย U *HQHOOLNOH LรบOHP JHUoHNOHรบPH WDULKLQGHQ
|QFH IDL] WDKDNNXN HWWLULOPHPHNWHGLU
รธรบOHP JHUoHNOHรบPH WDULKL LOJLOL YDUOร รทร Q GHYUHGLOGLรทL WDULKWLU รธรบOHP
JHUoHNOHรบPH WDULKLQGH PXKDVHEHOHรบWLUPH
D $Oร QDQ YDUOร รทร Q DODQ LรบOHWPH WDUDIร QGDQ GHYUDOร QGร รทร Jย QGH ND\ร WODUD DOร QPDVร
E 6DWร ODQ YDUOร รทร Q VDWDQ LรบOHWPH WDUDIร QGDQ GHYUHGLOGLรทL Jย QGH ND\ร WODUGDQ oร NDUร OPDVร
DQODPร QGDGร U 6WDQGDUW LรบOHP JHUoHNOHรบPH WDULKLQGH PXKDVHEHOHรบWLUPH \|QWHPL NXOODQDQ LรบOHWPHQLQ LรบOHP WDULKL LOH LรบOHP JHUoHNOHรบPH WDULKL DUDVร QGD
JHUoHNOHรบHQ UD\Lo GHรทHU IDUNร Qร VWDQGDUGร Q SDUDJUDIร QGD EHOLUWLOHQ รบHNLOGH
ND\ร WODUGD EXOXQDQ YDUOร NODUร Q UD\Lo GHรทHU IDUNร LOH D\Qร รบHNLOGH PXKDVHEHOHรบWLUHFHรทLQL EHOLUWPLรบWLU %XQD J|UH UD\Lo GHรทHU GHรทLรบLPL PDOL\HW \D
GD LVNRQWR HGLOPLรบ PDOL\HW GHรทHUL LOH GHรทHUOHQHQ YDUOร NODU LoLQ ND\GHGLOPH]
DOร P VDWร P DPDoOร YDUOร NODU LoLQ QHW NkU ]DUDUGD VDWร OPD\D KD]ร U YDUOร NODU LoLQ
QHW NkU ]DUDUGD YH\D |]ND\QDNODUGD ND\GHGLOLU %XQX VWDQGDUGร Q LOJLOL
PDGGHOHUL ย ]HULQGHQ ELUD] GDKD GHWD\ODQGร UDFDN ROXUVDN SDUDJUDI LรบOHP
JHUoHNOHรบPH WDULKLQGH PXKDVHEHOHรบWLUPH SUHQVLELQL EHQLPVH\HQ LรบOHWPHQLQ HOGH HWPH PDOL\HWL ย ]HULQGHQ YH\D LVNRQWR HGLOPLรบ GHรทHU ย ]HULQGHQ
ND\GHGLOHQ ILQDQVDO YDUOร NODU LoLQ LรบOHP WDULKL LOH |GHPH WDULKL DUDVร QGDNL
G|QHPGH UD\Lo GHรทHUGH PH\GDQD JHOHQ GHรทLรบLNOLNOHUL GHรทHU D]DOร รบร QD LOLรบNLQ
]DUDUODU KDULo ROPDN ย ]HUH GLNNDWH DOPD\DFDรทร Qร EHOLUWPLรบWLU $QFDN
VWDQGDUW UD\Lo GHรทHUH J|UH GHรทHUOHQHQ YDUOร NODU LoLQ DOร P VDWร P DPDoOร
ILQDQVDO YDUOร NODU YH VDWร OPD\D KD]ร U ILQDQVDO YDUOร NODU LoLQ UD\Lo GHรทHUGHNL
GHรทLรบLNOLรทLQ VRQXo KHVDSODUร QGD YH\D |]ND\QDNODU LoLQGH J|VWHULOPHVL
JHUHNWLรทLQL EHOLUWPLรบWLU
+HUKDQJL ELU ULVNWHQ NRUXQPD LOLรบNLVLQH NRQX HGLOHQ NDOHP LOH ELU
ULVNWHQ NRUXQPD DUDFร DUDVร QGD ULVNWHQ NRUXQPD LOLรบNLVL PHYFXWVD ULVNLQ UD\Lo
GHรทHU ULVNL \D GD QDNLW DNร P ULVNL ROXรบXQD EDรทOร RODUDN PXKDVHEHOHรบWLUPH \|QWHPOHUL IDUNOร Oร N J|VWHUPHNWHGLU %X oHUoHYHGH SDUDJUDI UD\Lo GHรทHU
ULVNLQGHQ NRUXQPD LรบOHPOHULQLQ PXKDVHEHOHรบWLULOPH LONHOHULQL รบX รบHNLOGH EHOLUWPLรบWLU
D 5LVNWHQ NRUXQPD DUDFร Qร Q UD\Lo GHรทHUH J|UH GHรทHUOHPHVLQGHQ GRรทDQ NkU \D GD ]DUDU ROXรบWXรทX DQGD NkU ]DUDUD ND\GHGLOLU
E 5LVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHQ NDOHPGH LรบOHPLQ NRQXVX RODQ ULVNH LOLรบNLQ RODUDN RUWD\D oร NDQ NkU \D GD ]DUDU ROXรบWXรทX
DQGD NkU ]DUDU KHVDEร NDUรบร Oร รทร QGD EX NDOHPLQ GHIWHU GHรทHULQH
\DQVร Wร Oร U %X รบDUW ULVNWHQ NRUXQPD LรบOHPLQH NRQX RODQ NDOHP LoLQ LรบOHWPHQLQ EX LรบOHPLQ Gร รบร QGD UD\Lo GHรทHU GHรทLรบLNOLNOHULQL
|]ND\QDNODU DOWร QGD WDNLS HWPH \|QWHPLQL VHoPLรบ ROPDVร \D GD
PDOL\HW GHรทHUL ย ]HULQGHQ \DQVร Wร \RU ROPDVร GXUXPXQGD GD
JHoHUOLGLU
6WDQGDUW ULVNWHQ NRUXQPD DUDFร Qร Q VDWร OPDVร Vย UHVLQLQ GROPDVร VRQD
HUGLULOPHVL \D GD JHUoHNOHรบPHVL GXUXPXQGD YH\D ULVNWHQ NRUXQPD LรบOHPLQLQ
ULVNWHQ NRUXQPD LรบOHPOHUL PXKDVHEHVL Kย Nย POHULQH X\JXQ ROPDNWDQ oร NPร รบ ROPDVร GXUXPXQGD ULVNWHQ NRUXQPD LรบOHPOHUL PXKDVHEHVL Kย Nย POHULQLQ
X\JXODQPD\DFDรทร Qร EHOLUWPLรบWLU
6WDQGDUW SDUDJUDI EXQX ELU |UQHNOH Doร NODPร รบWร U
g51(. %LULQFL \ร OGD \DWร Uร PFร ELULPOLN ELU ERUoODQPD DUDFร DOPร รบ YH EXQX
VDWร OPD\D KD]ร U YDUOร N RODUDN Vร Qร IODQGร UPร รบWร U %LULQFL \ร Oร Q VRQXQGD EX DUDFร Q
UD\Lo GHรทHUL ROPXรบWXU %X GXUXPGD ELULP |]ND\QDNODU E|Oย Pย QGH \DWร Uร PFร Qร Q EX \|QWHPL VHoWLรทL YDUVD\ร Pร \OD PXKDVHEHOHรบWLULOPLรบ YH
ERUoODQPD DUDFร Qร Q ELODQoRGDNL GHรทHUL ELULPH \ย NVHOPLรบWLU %X
ELULPOLN GHรทHUL NRUXPDN LoLQ \DWร Uร PFร ELU Wย UHY ย Uย Qย LOH EX ERUoODQPD DUDFร Qร
ULVNWHQ NRUXQPD LรบOHPLQH NRQX HWPLรบWLU รธNLQFL \ร Oร Q VRQXQGD Wย UHY ย Uย Qย QGH
ELULPOLN NkU ROXรบPXรบ DQFDN ERUoODQPD DUDFร Qร Q UD\Lo GHรทHUL D\Qร PLNWDUGD D]DOPร รบWร U
\ร OGD \DWร Uร PFร Qร Q PXKDVHEH ND\ร WODUร
%RUoODQPD DUDFร Qร Q DOร Pร Qร Q PXKDVHEHOHรบWLULOPHVL
%RUoODQPD DUDFร QD \DSร ODQ \DWร Uร P
.DVD
%RUo
%RUoODQPD DUDFร Qร Q UD\Lo GHรทHULQGHNL DUWร รบร Q PXKDVHEHOHรบWLULOPHVL %RUoODQPD DUDFร QD \DSร ODQ \DWร Uร P
5D\Lo GHรทHUGHNL DUWร รบ |]ND\QDNODU LoLQGH
$ODFDN
\ร OGD \DWร Uร PFร Qร Q PXKDVHEH ND\ร WODUร
7ย UHY ย Uย Qย Qย Q UD\Lo GHรทHULQGHNL DUWร รบร Q PXKDVHEHOHรบWLULOPHVL 7ย UHY 9DUOร รทร
.kU
%RUoODQPD DUDFร Qร Q UD\Lo GHรทHULQGHNL D]DOร รบร Qร Q PXKDVHEHOHรบWLULOPHVL =DUDU
%RUoODQPD DUDFร QD \DSร ODQ \DWร Uร P
รธNLQFL \ร Oร Q VRQXQGD ERUoODQPD DUDFร Qร Q GHIWHU GHรทHUL YH
Wย UHY ย Uย Qย Q GHรทHUL ELULP RODUDN J|Uย QHFHNWLU %RUoODQPD DUDFร QD \DSร ODQ
\DWร Uร Pร Q GHรทHULQGH PH\GDQD JHOHQ ELULPOLN DUWร รบ ERUoODQPD DUDFร VDWร ODQD
NDGDU |]ND\QDNODUGD GHรทHUOHPH ROXPOX IDUNร RODUDN WXWXODFDN YH NHVLQOHรบWLรทLQGH NkUODUร Q DUDVร QD NDWร ODFDNWร U \ร OGDNL Wย UHY YDUOร รทร Q GHรทHU
DUWร รบร LOH ERUoODQPD DUDFร QD \DSร ODQ \DWร Uร Pร Q GHรทHU ND\EHWPHVLQLQ \DUDWWร รทร
JHOLU YH JLGHUOHU JHOLU WDEORVXQGD HรบOHรบHFHNWLU %RUoODQPD DUDFร Qร Q GHรทHULQGH
\ร OGD PH\GDQD JHOHQ D]DOร รบร Q SDVLIWH PHYFXW \ร OGD RUWD\D oร NDQ GHรทHU
DUWร รบร QGDQ LQGLUPHPHN VXUHWL\OH \ร OGDNL NDUรบร Oร NOร LรบOHPOHULQ JHOLU WDEORVXQD
\DQVร PDVร VDรทODQDFDNWร U 5LVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHQ IDL] WDรบร \DQ
ILQDQVDO DUDFร Q UD\Lo GHรทHULQGH PH\GDQD JHOHQ DUWร รบร Q IDL]H Gย รบHQ Nร VPร
ULVNWHQ NRUXQPD LรบOHPLQLQ GHรทLO WDKVLV HGLOHQ IRQXQ JHOLUL ROGXรทXQGDQ EX
Nร Vร P IDL] JHOLUL RODUDN ND\GHGLOLU YH LWID HGLOHUHN NkU ]DUDUD \DQVร Wร Oร U รธWID
LรบOHPL ULVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHQ NDOHPLQ UD\Lo GHรทHULQGH
NRUXQXODQ ULVNWHQ ND\QDNODQDQ GHรทLรบLPOHU GXUGXรทX DQGDQ LWLEDUHQ EDรบODWร OPDOร
YH YDGH Vย UHVLQGH WDPDPHQ LWID HGLOPHOLGLU
1DNLW DNร P ULVNLQGHQ NRUXQPD LรบOHPOHUL LVH
D (WNLQ RODUDN QLWHOHQGLULOHQ ELU ULVNWHQ NRUXQPD LรบOHPLQGH ULVNWHQ NRUXQPD DUDFร QGDQ GRรทDQ NkU YH\D ]DUDUODU |]ND\QDN
E|Oย Pย QGH UDSRUODQPDOร Gร U
E (WNLQ RODUDN QLWHOHQGLULOPH\HQ Nร VPร
L 5LVNWHQ NRUXQPD DUDFร ELU Wย UHY ย Uย Qย LVH NkU ]DUDUD
ND\GHGLOPHOL
LL 5LVNWHQ NRUXQPD DUDFร Qร Q ELU Wย UHY ย Uย Qย ROPDGร รทร Vร Qร UOร
GXUXPODUGD ILQDQVDO DUDoODUร Q QLWHOLรทLQH J|UH ND\GHGLOPHOLGLU SDUDJUDI
(รทHU ULVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHQ NHVLQ WDDKKย W YH\D
JHUoHNOHรบPHVL EHNOHQHQ LรบOHP ELU YDUOร N \D GD \ย Nย POย Oย รทย Q GRรทPDVร LOH
VRQXoODQร \RUVD EX GXUXPGD YDUOร N \D GD \ย Nย POย Oย N ND\GD DOร Qร UNHQ
SDUDJUDI Kย Nย POHUL X\DUร QFD GDKD |QFH |]ND\QDNODUD GDKLO HGLOPLรบ EXOXQDQ
NkU \D GD ]DUDUODUร Q |]ND\QDNODUGDQ oร NDUร OPDVร YH YDUOร N \D GD \ย Nย POย Oย รทย Q
LON GHรทHUOHPHVLQGH DOร P PDOL\HWL YH\D GHIWHU GHรทHUL LoLQGH \DQVร Wร OPDVร
JHUHNWLรทLQL EHOLUWPLรบWLU
'DKD |QFH ULVNWHQ NRUXQPD LรบOHPL RODUDN PXKDVHEHOHรบWLULOHQ LรบOHP
EX QLWHOLรทLQL \LWLULUVH YH\D WDDKKย W HGLOHQ YH JHUoHNOHรบPHVL EHNOHQHQ LรบOHPLQ DUWร N JHUoHNOHรบPH\HFHรทL RUWD\D oร NPร รบVD |]ND\QDNODU E|Oย Pย QGH \HU DODQ
ELULNPLรบ NkU \D GD ]DUDU G|QHPLQ VRQXo KHVDSODUร QD DNWDUร ODFDNWร U )RUZDUG 6|]OHรบPHOHUL
)RUZDUG V|]OHรบPHOHU V|]OHรบPH\H NRQX RODQ WDUDIODUGDQ ELULQH
V|]OHรบPH\H NRQX RODQ G|YL] IDL] WLFDUL PDO YE ELU ILQDQVDO YDUOร รทร
V|]OHรบPHGH EHOLUOHQHQ ELU WDULKWH YH EHOLUOHQHQ IL\DWWDQ VDWร Q DOPD YH GLรทHU
WDUDID GD VDWPD PHFEXUL\HWL \ย NOH\HQ DQODรบPDODUGร U 6|]OHรบPHGH V|]OHรบPH\H NRQX RODFDN ILQDQVDO YDUOร รทร Q |]HOOLNOHUL WHVOLP YH |GHPHQLQ
\DSร ODFDรทร WDULK WHVOLP \HUL YH \|QWHPL PLNWDUร YH IL\DWร ROPDN ย ]HUH Wย P
D\Uร QWร ODU WDUDIODU DUDVร QGD \DSร ODFDN RODQ J|Uย รบPH VRQXFXQGD WDUDIODUร Q
LKWL\DoODUร QD J|UH VHUEHVWoH EHOLUOHQLU 6HOYL V $Oร Fร EHOLUOL ELU LKWL\DFร
NDUรบร OD\DFDN YDUOร N LoLQ V|]OHรบPH \DSPDN LVWHU EX V|]OHรบPHQLQ
JHUoHNOHรบHELOPHVL LoLQ D\Qร |]HOOLNOHUH VDKLS YH D\Qร PLNWDUGD PDO YH\D
ILQDQVDO DUDFร WHVOLP HWPH\H LVWHNOL EDรบND ELU WDUDIร Q EXOXQPDVร JHUHNLU
6|]OHรบPH NHQGLQH |]Jย YH VSHVLILNWLU <ย Noย YH <ย FHO V
'ROD\ร Vร \OD IRUZDUG V|]OHรบPHOHULQ DOร P VDWร Pร Qร Q \DSร OGร รทร EHOLUOL ELU ERUVD
\RNWXU EX Wย U V|]OHรบPHOHU ERUVD Gร รบร QGD LรบOHP J|Uย U )RUZDUG V|]OHรบPHOHU LOH
WDUDIODU IL\DW KDUHNHWOHULQGHQ ND\QDNODQDQ SL\DVD ULVNL YH NDUรบร WDUDIร Q
V|]OHรบPH Kย Nย POHULQL \HULQH JHWLUHPHPHVLQGHQ ND\QDNODQDQ NUHGL ULVNL\OH
NDUรบร NDUรบร \D ROGXNODUร QGDQ ULVN GHUHFHVL \ย NVHN V|]OHรบPHOHUGLU <ย Noย YH <ย FHO V
'LรทHU Wย UHY ย Uย QOHU JLEL IRUZDUG V|]OHรบPHOHULQGH GH PXKDVHEH
LรบOHPOHUL LรบOHWPHOHULQ EX V|]OHรบPHOHUH KDQJL DPDoOD JLUGLรทLQH J|UH IDUNOร Oร N
J|VWHULU %X DPDoODU 6HOYL V
D %HOLUOL ELU G|YL] FLQVLQGHQ PHYFXW ELU DODFDN YH\D ERUFD LOLรบNLQ NXU ULVNLQGHQ NRUXQPDN
E %HOLUOL ELU G|YL] FLQVLQGHQ NHVLQ ELU WDDKKย GH LOLรบNLQ NXU ULVNLQGHQ NRUXQPDN
F %HOLUOL ELU G|YL]GHNL NXU IDUNODUร QGDQ \DUDUODQDUDN NkU HOGH HWPHN VSHNย ODV\RQ
RODUDN Vร UDODQDELOLU 6SHNย ODV\RQ DPDFร \OD \DSร ODQ IRUZDUG LรบOHPOHUL
LรบOHWPHQLQ EX LรบOHPGHQ GROD\ร GXUXPXQXQ J|VWHULOPHVL Doร Vร QGDQ ELODQoR\D
SL\DVD GHรทHUL LOH ND\GHGLOLU YH LรบOHPGHQ ND\QDNODQDQ NkU \D GD ]DUDU LOH SULP
\D GD LVNRQWR VRQXo KHVDSODUร QD \DQVร Wร Oร U .D\JXVX] V 5LVNWHQ
NRUXQPD DPDFร \OD \DSร ODQ V|]OHรบPHOHUGH LVH JHQHO X\JXODPD YDGH VRQODUร QGD V|]OHรบPHQLQ \DSร OGร รทร WDULKWH EHOLUOHQHQ IRUZDUG GHรทHUL ย ]HULQGHQ
LรบOHPLQ JHUoHNOHรบWLULOPHVL YH EX Vย UH LoLQGH JHUoHNOHรบHQ FDUL IL\DWODUGDNL
GHรทLรบLPOHULQ GLNNDWH DOร QPDPDVร รบHNOLQGHGLU )RUZDUG V|]OHรบPHOHULQGH
V|]OHรบPHQLQ \DSร OGร รทร Jย QNย FDUL IL\DW LOH V|]OHรบPHGH JHoHUOL IL\DW DUDVร QGDNL
IDUN SULP \D GD LVNRQWR\X EHOLUOHU (รทHU V|]OHรบPHGHNL IL\DW FDUL IL\DWWDQ
Eย \ย NVH SULP Nย oย NVH LVNRQWRGDQ EDKVHGLOLU 6|]OHรบPHGHQ GRรทDQ QDNLW
DNร รบร V|]OHรบPHGH EHOLUOHQHQ IRUZDUG IL\DW ย ]HULQGHQ YDGH VRQXQGD
ROPDNWDGร U 2UWD\D oร NDQ ND]DQo \D GD ND\ร SODU G|QHPLQ VRQXo KHVDSODUร QD
DNWDUร Oร U 6|]OHรบPH\H NRQX RODQ WDUDIODU V|]OHรบPHGH EHOLUOHQHQ YDUOร รทร Q YDGH
VRQXQGD ROXรบDQ FDUL IL\DWร LOH V|]OHรบPH IL\DWร DUDVร QGDNL IDUN NDGDU |GHPH
YH\D WDKVLODW \DSDUODU 6HOYL V YH
)RUZDUG V|]OHรบPHOHU รบDUWD EDรทOร ELU \ย Nย POย Oย รทย LIDGH HWPHNWHGLU
6|]OHรบPHQLQ \DSร OGร รทร WDULKWH KHU LNL WDUDI GD V|]OHรบPH NRรบXOODUร Qร \HULQH
JHWLUPHPLรบ ROGXรทXQGDQ YDGH VRQXQD NDGDU LรบOHWPHOHULQ YDUOร N YH
\ย Nย POย Oย NOHULQGH ELU GHรทLรบPH PH\GDQD JHOPH] %LU Nร \PHW KDUHNHWL
GRรทPDGร รทร QGDQ IRUZDUG LรบOHPLQH LOLรบNLQ JHOLรบPHOHU VD\ร VDO ELOJLOHU RODUDN
QD]ร P KHVDSODUGD L]OHQLU $QFDN IRUZDUG V|]OHรบPHOHULQ VDรทODGร รทร VDWร Q DOPD
KDNNร Qร Q ELU YDUOร N EHOLUOL ELU EHGHO |GHPH \ย Nย POย Oย รทย Qย Q GH ELU ERUo JLEL
DOJร ODQDUDN ELODQoR KHVDSODUร DUDVร QGD PXKDVHEHOHรบWLULOPHVL \ROX GD
VHoLOHELOLU %|\OHVL ELU X\JXODPD VRQXFXQGD V|]OHรบPH NRQXVX DUDFร Q SL\DVD
GHรทHULQGHNL GHรทLรบPHOHU GLSQRW RODUDN Doร NODQPDOร Gร U '|QHP LoLQGH RUWD\D
oร NDQ GHรทLรบPHOHU YDGH VRQXQGD ELU ]DUDUร Q GRรทDFDรทร Qร J|VWHUL\RUVD V|]
NRQXVX ]DUDU RODVร Oร รทร LoLQ ELU NDUรบร Oร N D\Uร OPDVร LKWL\DWOร Oร N NDYUDPร Qร Q
JHUHรทLGLU 6HOYL V
806 IRUZDUG V|]OHรบPHOHULQ QHW UD\Lo GHรทHULQGHQ V|]OHรบPHQLQ
JHUoHNOHรบWLรทL DQGD ELODQoR\D \DQVร Wร OPDVร Qร |QJ|UPHNWHGLU 6|]OHรบPHGHQ
ND\QDNODQDQ ERUo \D GD DODFDNODUGDQ GRรทDQ NkU \D GD ]DUDUODU ELODQoR LoLQGH ULVNWHQ NRUXQPD รบHNOLQH EDรทOร RODUDN \D GRรทUXGDQ VRQXo KHVDSODUร QGD \D GD
|]ND\QDNODU LoLQGH J|VWHULOPHNWHGLU $QFDN V|]OHรบPHQLQ \DSร OGร รทร WDULKWH
IRUZDUG V|]OHรบPHVLQLQ QHW UD\Lo GHรทHUL Vร Iร U RODFDรทร QGDQ IRUZDUG
V|]OHรบPHOHULQ QD]ร P KHVDSODUGD L]OHQLS GHรทHUOHPH IDUNODUร YH SULP \D GD
LVNRQWRQXQ ELODQoR LoLQGH J|VWHULOPHVLQLQ JHUoHN ILQDQVDO GXUXPX \DQVร WPDN Doร Vร QGDQ IDUN HWPH\HFHรทL Gย รบย Qย OPHNWHGLU
%X oDOร รบPDGD G|YL] YH IDL] IRUZDUG V|]OHรบPHOHUL LOH EXQODUร Q
PXKDVHEHOHรบWLULOPHVL ย ]HULQGH GXUXODFDNWร U
'|YL] IRUZDUG V|]OHรบPHOHULQGH WDUDIODU V|]OHรบPH\H NRQX RODQ G|YL]
NXUXQX V|]OHรบPHQLQ \DSร OGร รทร WDULKWH EHOLUOHGLNOHUL LoLQ YDGH VRQXQD NDGDU
JHoHQ Vย UHGHNL NXU GHรทLรบPHOHUL V|]OHรบPHGH |QFHGHQ EHOLUOHQHQ NXUX
HWNLOHPHPHNWH YH G|YL]OHULQ DOร P VDWร P LรบOHPL YDGH ELWLPLQGHQ |QFH
EHOLUOHQPLรบ RODQ EX NXU ย ]HULQGHQ JHUoHNOHรบPHNWHGLU 0HYFXW ELU YDUOร N \D GD
\ย Nย POย Oย รทย Q NXU ULVNLQGHQ NRUXQPDVร DPDFร \OD \DSร ODQ G|YL] IRUZDUG
V|]OHรบPHOHULQLQ PXKDVHEHOHรบWLULOPHVLQGH LรบOHP QHGHQL\OH JHUoHNOHรบHQ NXU
IDUNร NkU \D GD ]DUDUร ULVNWHQ NRUXQDQ YDUOร N \D GD \ย Nย POย Oย รทย Q NkU \D GD
]DUDUร QGDQ PDKVXS HGLOLU รธNLQFL DPDo RODUDN EHOLUWLOHQ EHOLUOL ELU G|YL]
FLQVLQGHQ NHVLQ ELU WDDKKย GH LOLรบNLQ NXU ULVNLQGHQ NRUXQPDN DPDFร \OD WDUDI
ROXQDQ V|]OHรบPHOHULQ PXKDVHEHOHรบWLULOPHVLQGH LVH IDUNOร \DNODรบร PODU YDUGร U
รธรบOHWPHOHU JHOHFHNWHNL ELU WDULKWH \DEDQFร SDUDOร ELU LรบOHPH JLUPH WDDKKย Gย QGH
EXOXQGXรทXQGD WDDKKย W WDULKLQGHQ LรบOHP WDULKLQH NDGDU RODQ WDDKKย W Vย UHVLQFH
ELU G|YL] ULVNLQH PDUX] NDODFDNODUGร U %X Wย U WDDKKย WOHUGH WDUDIODU DUDVร QGD
KHUKDQJL ELU WLFDUL PDO \D GD KL]PHW GHรทLรบLPLQLQ JHUoHNOHรบPHPLรบ ROPDVร YH
KHUKDQJL ELU |GHPHQLQ \DSร OPDPร รบ ROPDVร QHGHQL\OH WDDKKย Gย Q \DSร OGร รทร
]DPDQ KHUKDQJL ELU ND\ร W \DSร OPDPDNWDGร U %X \ย ]GHQ EX LรบOHPH LOLรบNLQ NkU
YH\D ]DUDU EHNOHWLOLU YH YDGH VRQXQGD JHUoHNOHรบPHVL WDDKKย W HGLOHQ LรบOHPLQ PDOL\HWLQL HWNLOHU gQFH 6DLPH V
)DL] IRUZDUG V|]OHรบPHOHUL )5$ JHOHFHNWHNL KHVDSODรบPD WDULKLQGH I
VHWWOHPHQW GDWH EHOLUOL ELU G|QHP LoLQ WDUDIODUFD EHOLUOHQPLรบ ELU WXWDUD YDGH
VRQXQGDNL PDWXULW\ GDWH IDL] RUDQร LOH KHVDSODรบPD WDULKLQGHNL IDL] RUDQร
DUDVร QGDNL IDUNWDQ KHVDSODQDFDN IDL] WXWDUร Qร Q WDUDIODU DUDVร QGD HO
GHรทLรบWLUPHVLQH \|QHOLN ELU DQODรบPDGร U 6|]OHรบPHQLQ \DSร OGร รทร WDULKWH
KHVDSODรบPD WDULKLQGH YH YDGH VRQXQGD V|]OHรบPH\H NRQX RODQ WXWDU
YDUVD\ร PVDO ELU WXWDUGร U YH VDGHFH KHVDSODรบPD WDULKLQGH IDL] JHOLU \D GD
JLGHULQLQ KHVDSODQPDVร QGD NXOODQร Oร U %X QHGHQOH EX WXWDU WDUDIODU DUDVร QGD
QDNLW DNร รบร \DUDWPD] )DL] IRUZDUG V|]OHรบPHOHUL VSHNย ODV\RQ DPDFร \OD GD
NXOODQร ODELOLU DQFDN JHQHOOLNOH IDL] ULVNLQGHQ NRUXQPDN DPDFร Jย Gย Oย U 6HOYL
V
)DL] IRUZDUG V|]OHรบPHVLQLQ FLUR HGLOPHVL Pย PNย Q ROPDGร รทร QGDQ
YDGH VRQXQGDQ |QFH SL\DVD IL\DWร ROXรบPD] YH GHรทHUL V|]OHรบPHQLQ
LP]DODQGร รทร WDULKWH GHรทLO V|]OHรบPHQLQ KHVDSODรบPD WDULKLQGH EHOOL ROXU %X
QHGHQOH IDL] IRUZDUG V|]OHรบPHOHULQLQ G|QHPL LoLQGH D\ VRQODUร LWLEDUร \OD
ND]DQo YH\D ND\ร SODUร QD LOLรบNLQ ND\ร W \DSร OPD] ND]DQo \D GD ND\ร S V|]OHรบPH
VRQXQGD KHVDSODรบPD WDULKLQGH EHOLUOHQHFHรทLQGHQ R WDULKWH ND\ร WODUD DOร Qร U YH
GRรทUXGDQ LOJLOL YDUOร N YH ND\QDN KHVDSODUร QD DOร QDUDN YDGH VRQXQD NDGDU RODQ
G|QHP Vย UHVLQFH JHOLU YH JLGHUOHUH \DQVร Wร ODUDN LWID HGLOLU รธรบOHWPH ERUoODQGร รทร
]DPDQ IDL] RUDQร QGDNL DUWร รบWDQ NRUXQPDN ERUo YHUGLรทL ]DPDQ LVH IDL]
ab )RUZDUG UDWH DJJUHHPHQWV
RUDQÕQGDNL D]DOÕúWDQ NRUXQPDN LoLQ EX V|]OHúPHOHUL VDWÕQ DOÕU gQFH V
)DL] IRUZDUG V|]OHúPHOHULQGH V|]OHúPHQLQ KHVDSODúPD WDULKLQGH
KHVDSODQDFDN RODQ IDL] WXWDUÕQÕQ KHVDSODQPDVÕQGD DúD÷ÕGDNL SDUDPHWUHOHU
HVDV DOÕQÕU
D DQDSDUD
P V|]OHúPHGHNL IDL] RUDQÕ
U UHIHUDQV DOÕQDQ IDL] RUDQÕ
W V|]OHúPHQLQ KHVDSODúPD WDULKL W V|]OHúPHQLQ YDGH VRQX
)DL] 5 D [ P U [ > W W @
EX úHNLOGH EXOXQDQ IDL] JHOLU \D GD JLGHUL V|]OHúPHQLQ KHVDSODúPD WDULKLQGHQ
YDGH VRQXQD NDGDU RODQ V UHQLQ IDL] WXWDUÕGÕU %X PLNWDUÕQ EXJ QN GH÷HU
\|QWHPL LOH KHVDSODúPD WDULKLQGHNL WXWDUÕ EXOXQXU )DL]LQ EXJ QN GH÷HUL 5 [ > U @ c
'|YL] )RUZDUG 6|]OHúPHOHULQLQ 0XKDVHEHOHúWLULOPHVL
g51(. 5LVNWHQ .RUXQPDN $PDFÕ\OD <DSÕODQ )RUZDUG '|YL] $OÕPÕ
6HOYL V d e
.DVÕP WDULKLQGH $ LúOHWPHVL $OPDQ\D¶GDNL % LúOHWPHVLQGHQ ùXEDW
WDULKLQGH |GHQPHN ]HUH (XUR WXWDUÕQGD WLFDUL PDO VDWÕQ DOPÕúWÕU $ LúOHWPHVL PHYFXW (XUR ERUFXQX YDGH VRQXQD NDGDU RODQ V UH LoLQGH
JHUoHNOHúHELOHFHN ROXPVX] NXU GH÷LúPHOHULQGHQ NRUXPDN LVWHPHNWHGLU $
LúOHWPHVL EX DPDoOD .DVÕP WDULKLQGH J Q YDGHOL (XUR DOÕPÕ
LoLQ ELU G|YL] IRUZDUG V|]OHúPHVL VDWÕQ DOPÕúWÕU NXU (85 PLO\RQ 7/ øOJLOL WDULKOHUH LOLúNLQ FDUL NXUODU DúD÷ÕGDNL JLELGLU
.DVÕP (85 PLO\RQ 7/
$UDOÕN (85 PLO\RQ 7/
ùXEDW (85 PLO\RQ 7/
R MLf 2 " ( .;) .;<4 . ;& % &2 '.4 " 4 \ ;& " ' c-g ^ 5 1 (' .Z 4 " .2h =4 >
.DVÕP ND\ÕWODUÕ
'g9ø= 9$=ø<(7ø (85 <857',ù, %25d/$5 +(6$%, (85
7ø&$5ø 0$//$5 +(6$%, 'g9ø= $/,0 6$7,0 +(6$%, (85 7/
(85 [ PLO\RQ 7/ 7LFDUL PDO DOÕPÕ
)25:$5' 6g=/(ù0(6ø1'(1 $/$&$./$5 1+ )25:$5' 6g=/(ù0(6ø 35ø0/(5ø 1+ )25:$5' 6g=/(ù0(6ø1'(1 %25d/$5 1+
)RUZDUG V|]OHúPHVLQLQ QD]ÕP KHVDSODUD ND\GÕ 6|]OHúPH GH÷HUL (85 [ PLO\RQ 7/ 6|]OHúPH J Q GH÷HUL (85 [ PLO\RQ 7/ )DUN 3ULP PLO\RQ 7/
$UDOÕN ND\ÕWODUÕ
.85 )$5., =$5$5/$5, +(6$%, 'g9ø= $/,0 6$7,0 +(6$%, (85 7/
(85 [ '|YL] DOÕP VDWÕP KHVDEÕQÕQ HYDO DV\RQX
7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, )RUZDUG 6|]OHúPHOHU .XU )DUNODUÕ .85 )$5., =$5$5/$5, +(6$%,
(85 [ )RUZDUG V|]OHúPHVLQGHQ ND\QDNODQDQ ROXPOX GH÷HUOHPH IDUNÕQÕQ \XUWGÕúÕ ERUoODUGDQ ND\QDNODQDQ NXU IDUNÕQGDQ PDKVXS HGLOPHVL
)25:$5' 6g=/(ù0( 35ø0 *ø'(5/(5ø +(6$%, 7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, )RUZDUG 6|]OHúPHOHU 3ULP *LGHUOHUL .DUúÕOÕ÷Õ )RUZDUG V|]OHúPH SULPLQLQ \ÕOÕQD DLW RODQODUÕQ D\ LWIDVÕ
'g9ø= 9$=ø<(7ø (85 <857',ù, %25d/$5 +(6$%, (85
(85 [ 6DELW NXUOD WXWXODQ KHVDSODUÕQ G|YL] KHVDSODUÕ HYDO DV\RQX
)25:$5' 6g=/(ù0(6ø1'(1 %25d/$5 1+ )25:$5' 6g=/(ù0(6ø 35ø0/(5ø 1+
)RUZDUG V|]OHúPHVL SULP LWIDVÕQÕQ QD]ÕP KHVDSODUD ND\GÕ
<XNDUÕGDNL ND\ÕWODUGD \HU DODQ KHVDSODUGDQ G|YL] YD]L\HWL YH G|YL] DOÕP VDWÕP
KHVDSODUÕ NRPSDQVH HGLOLS NDODQ KHVDSODU ELU WDEOR\D G|N OG ÷ QGH
WDULKL LWLEDUÕ\OD DúD÷ÕGDNL ROXúXP RUWD\D oÕNDU 7DEOR
7$%/2 $ øù/(70(6ø1ø1 ø7ø%$5,</$ +(6$3/$5, 0ø/<21 7/
$ %LODQoR +HVDSODUÕ
+HVDS
%RUo .DODQÕ $ODFDN .DODQÕ
7LFDUL 0DOODU 7 UHY hU QOHU 'H÷HUOHPH )DUNODUÕ <XUW 'ÕúÕ %RUoODU (85
% *HOLU 7DEORVX +HVDSODUÕ )RUZDUG 6|]OHúPH 3ULP *LGHUL & %LOJL +HVDSODUÕ 1D]ÕP +HVDSODU
)RUZDUG 6|]OHúPHVLQGHQ $ODFDNODU )RUZDUG 6|]OHúPHVL 3ULPOHUL )RUZDUG 6|]OHúPHVLQGHQ %RUoODU
2FDN ND\GÕ
<857',ù, %25d/$5 +(6$%, (85 'g9ø= 9$=ø<(7ø (85
6DELW NXUOD WXWXODQ G|YL] KHVDSODUÕ KHVDSODUÕQ HYDO DV\RQ LSWDOL
ùXEDW ND\ÕWODUÕ
.85 )$5., =$5$5/$5, +(6$%, 'g9ø= $/,0 6$7,0 +(6$%, (85 7/ (85 [ '|YL] $OÕP 6DWÕP KHVDEÕQÕQ HYDO DV\RQX
7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, )RUZDUG 6|]OHúPHOHU .XU )DUNODUÕ .85 )$5., =$5$5/$5, (85 [ )RUZDUG V|]OHúPHVLQGHQ ND\QDNODQDQ ROXPOX GH÷HUOHPH IDUNÕQÕQ \XUWGÕúÕ ERUoODUGDQ ND\QDNODQDQ NXU IDUNÕQGDQ PDKVXS HGLOPHVL )25:$5' 6g=/(ù0( 35ø0 *ø'(5/(5ø +(6$%, 7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, )RUZDUG 6|]OHúPHOHU 3ULP *LGHUOHUL .DUúÕOÕ÷Õ
)25:$5' 6g=/(ù0(6ø1'(1 %25d/$5 1+ )25:$5' 6g=/(ù0(6ø 35ø0/(5ø 1+
)RUZDUG V|]OHúPHVL SULP LWIDVÕQÕQ QD]ÕP KHVDSODUD ND\GÕ
()(.7ø) .$6$6, (85 ()(.7ø) 9$=ø<(7ø (85
()(.7ø) $/,0 6$7,0 +(6$%, (85 7/ .$6$ 7/ 7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, )RUZDUG 6|]OHúPHOHU .XU )DUNODUÕ
(85 WXWDUÕQGDNL ERUFXQ |GHQPHVL
6|]OHúPH JHUH÷L (85 DOÕPÕ $OÕQDQ \DEDQFÕ SDUDQÕQ 7/ GH÷HUL (85 [ PLO\RQ 7/ <DSÕODQ 7/ gGHPHVL (85 [ PLO\RQ 7/ .XU )DUNÕ PLO\RQ 7/ <857',ù, %25d/$5 +(6$%, (85 ()(.7ø) .$6$6, (85
()(.7ø) 9$=ø<(7ø (85 'g9ø= 9$=ø<(7ø (85
'g9ø= $/,0 6$7,0 +(6$%, (85 7/ ()(.7ø) $/,0 6$7,0 +(6$%, (85 7/
(85 [ PLO\RQ 7/
)25:$5' 6g=/(ù0(6ø1'(1 %25d/$5 1+ )25:$5' 6g=/(ù0(6ø1'(1 $/$&$./$5 1+
6|]OHúPH KDN YH \ N PO O N KHVDSODUÕQÕQ NDSDWÕOPDVÕ
'|QHP IDUNÕ J|] DUGÕ HGLOGL÷LQGH VDELW NXUOD WXWXODQ KHVDSODU HYDO H
HGLOPHGHQ KHVDSODUÕQ VRQ GXUXPX ú|\OH ROXU
7$%/2 $ øù/(70(6ø1ø1 ø7ø%$5,</$ +(6$3 '85808
iFj k-lTm
n oTpWq
y F l z { | v }#phs l ~F} |W} s lFw iFj k-lFm s lFp a 7 L{ iFj k#lFm#s lTpPx F T T a ) 6 L F 7 P¡L a ) T¢ ¡-£ ¢L¤F ¥# ¥ a T¢ ¡-£ ¢ F 7 P¡L a )
L # L # L # L #
~F¦ §T jTpP{ wL¨ jFw<~F} |W} s lFw iFj k-lFm s lFp © ª. T « ¬ T - ¤F ¥# 6 L F±² ³µ´ 7 « ³µ a T¢ ¡-£ ¢ ±² ³µ´ 7 « ³µ a
L L®T L ¯L-¶ L ¯L-¶
· F j s { pF~#lFz s oLk } iFj k-lTm#s lFphx ¤ # #¸7 T =£ P¹T - T a © » ¡ 3¼3 «»#½# ¡T - (¡#¾#¡F « ¡T³¿¡V¸7 T =£. T a ¸7 - À - Á´ L ¡ T³¿¡Và « ³µÄ& Á ¡F « ¡F « n { s ÅT{.iFjLk-lFm#s lFphx aÆFl 7x ÇÈiFj k-lFm s lFpÉ ¸7 - À - Á´ L ¡ T³¿¡#¥T ½7Á#¡T½)±² #ª. #£ - ¸7 - À - Á´ L ¡ T³¿¡#¥T ½7Á#¡T½Â F T T ¸7 - À - Á´ L ¡ T³¿¡Và « ³Ê ¡T «
r3s l-t lFu
n oTpWq vFlFs lTw#x
r3s l-t lFu vFlFs lTw#x
L # L # L # L # L ®T
L ¯ #° L ¯L-¶ L ¯L-¶
º-¶ º-¶ -°
º-¶ º-¶
L L®T L ¯ #° -°
L L®T L ¯ #° -°
L ¯ #°
-°
7DEOR ¶GH J|U OHFH÷L ]HUH LúOHWPHQLQ NDVDVÕQGDQ PLO\RQ
7/ \HULQH PLO\RQ 7/ oÕNPÕú PLO\RQ OLUDOÕN NXU IDUNÕ
]DUDUÕ PLO\RQ 7/ NDGDU LQGLULOPLúWLU
%LU EDúND DQODWÕPOD PLO\RQ OLUDOÕN V|]OHúPH SULPLQGHQ ROXúDQ
PDOL\HWH NDWODQÕODUDN PLO\RQ OLUDOÕN ELU NRUXPD VD÷ODQPÕúWÕU gUQHNWH WHN ELU G|YL] FLQVL ROGX÷X LoLQ V|]OHúPH JLGHUL NDGDU ]DUDU ROPXúWXU %DúND
G|YL]OHU GHYUH\H JLUGL÷LQGH EX UDNDP IDUNOÕODúDFDNWÕU
øúOHWPHQLQ IRUZDUG V|]OHúPHVLQGHQ ND\QDNODQDQ QHW PDOL\HWL 7DEOR
¶GH J|VWHULOPHNWHGLU
7$%/2 'g9ø= )25:$5' 6g=/(ù0(6ø 6218&8 $ øù/(70(6ø1ø1 1(7 0$/ø<(7ø 0LO\RQ 7/
<XUWGÕúÕ ERUFD DLW NXU IDUNÕ ND]DQFÕ ND\EÕ (85 [ PLO\RQ 7/
)RUZDUG V|]OHúPHVLQH DLW NXU IDUNÕ ND]DQFÕ ND\EÕ (85 [ PLO\RQ 7/
)RUZDUG V|]OHúPH SULP JLGHUL 1(7 .$=$1d .$<,3
5ø6.7(1 .25810$6,=
5ø6.7(1 .25810$/,
g51(. 5LVNWHQ .RUXQPDN $PDFร \OD <DSร ODQ )RUZDUG '|YL] $Oร Pร
6HOYL V
.DVร P WDULKLQGH $ LรบOHWPHVL $OPDQ\DยถGDNL % LรบOHWPHVLQGHQ รนXEDW
WDULKLQGH |GHQPHN ย ]HUH (XUR WXWDUร QGD WLFDUL PDO VDWร Q DOPD
WDDKKย Gย QH JLUPLรบWLU $ LรบOHWPHVL รนXEDW WDULKLQGH WLFDUL PDOร DOร UNHQ
|GHPH\L WDDKKย W HWWLรทL (XUR ERUFXQX LรบOHP WDULKLQH NDGDU RODQ Vย UH LoLQGH
JHUoHNOHรบHELOHFHN ROXPVX] NXU GHรทLรบPHOHULQGHQ NRUXPDN LVWHPHNWHGLU $
LรบOHWPHVL EX DPDoOD .DVร P WDULKLQGH Jย Q YDGHOL YH IRUZDUG NXUX (85 PLO\RQ 7/ยถGHQ (XUR DOร Pร LoLQ ELU G|YL] IRUZDUG V|]OHรบPHVL
VDWร Q DOPร รบWร U รธOJLOL WDULKOHUH LOLรบNLQ FDUL NXUODU DรบDรทร GDNL JLELGLU .DVร P (85 PLO\RQ 7/
$UDOร N (85 PLO\RQ 7/ รนXEDW (85 PLO\RQ 7/
.DVร P ND\ร WODUร
)25:$5' 6g=/(รน0(6รธ1'(1 $/$&$./$5 1+ )25:$5' 6g=/(รน0(6รธ 35รธ0/(5รธ 1+ )25:$5' 6g=/(รน0(6รธ1'(1 %25d/$5 1+
)RUZDUG V|]OHรบPHVLQLQ QD]ร P KHVDSODUD ND\Gร 6|]OHรบPH GHรทHUL (85 [ PLO\RQ 7/ 6|]OHรบPH Jย Qย GHรทHUL (85 [ PLO\RQ 7/ )DUN 3ULP PLO\RQ 7/
*รธ'(5( 'g1hรน(&(. )25:$5' 6g=/(รน0( 35รธ0/(5รธ +(6$%, 7h5(9 h5h1/(5 '(รถ(5/(0( )$5./$5, )RUZDUG 6|]OHรบPHOHU 3ULP *LGHUOHUL .DUรบร Oร รทร 6|]OHรบPH JHUoHNOHรบWLรทLQGH |GHQHFHN SULPLQ ND\Gร
$UDOร N ND\ร WODUร
7h5(9 h5h1/(5 '(รถ(5/(0( )$5./$5, )RUZDUG 6|]OHรบPHOHU .XU )DUNODUร 7h5(9 h5h1/(5 '(รถ(5 $57,รน )218 )RUZDUG 6|]OHรบPHOHU 2OXPOX .XU )DUNODUร
(85 [ PLO\RQ 7/ )RUZDUG V|]OHรบPHVLQLQ \ร O VRQX GHรทHUOHPH IDUNร Qร Q ND\GHGLOPHVL
7$%/2 $ øù/(70(6ø1ø1 ø7ø%$5,</$ +(6$3/$5, 0ø/<21 7/ +HVDS $ %LODQoR +HVDSODUÕ
% %LOJL +HVDSODUÕ 1D]ÕP +HVDSODU
%RUo .DODQÕ $ODFDN .DODQÕ
*LGHUH '|Q úHFHN )RUZDUG 6|]OHúPH 3ULPOHUL 7 UHY hU QOHU 'H÷HUOHPH )DUNODUÕ 7 UHY hU QOHU 'H÷HU $UWÕú )RQX )RUZDUG 6|]OHúPHVLQGHQ $ODFDNODU )RUZDUG 6|]OHúPHVL 3ULPOHUL )RUZDUG 6|]OHúPHVLQGHQ %RUoODU
ùXEDW ND\ÕWODUÕ
7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, )RUZDUG 6|]OHúPHOHU .XU )DUNODUÕ 7h5(9 h5h1/(5 '(ö(5 $57,ù )218 )RUZDUG 6|]OHúPHOHU 2OXPOX .XU )DUNODUÕ (85 [ PLO\RQ 7/
()(.7ø) $/,0 6$7,0 +(6$%, (85 7/ .$6$ 7/ 7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, )RUZDUG 6|]OHúPHOHU .XU )DUNODUÕ
7ø&$5ø 0$//$5 +(6$%, 7h5(9 h5h1/(5 '(ö(5 $57,ù )218 )RUZDUG 6|]OHúPHOHU 2OXPOX .XU )DUNODUÕ ()(.7ø) $/,0 6$7,0 +(6$%, (85 7/ *ø'(5( 'g1hù(&(. )25:$5' 6g=/(ù0( 35ø0/(5ø
$OÕQPDVÕ WDDKK W HGLOHQ WLFDUL PDOÕQ DOÕPÕ
6|]OHúPH JHUH÷L (85 DOÕPÕ $OÕQDQ \DEDQFÕ SDUDQÕQ 7/ GH÷HUL (85 [ PLO\RQ 7/ <DSÕODQ 7/ gGHPHVL (85 [ PLO\RQ 7/ .XU )DUNÕ PLO\RQ 7/ ()(.7ø) 9$=ø<(7ø (85 ()(.7ø) .$6$6, (85
()(.7ø) .$6$6, (85 ()(.7ø) 9$=ø<(7ø (85
)25:$5' 6g=/(ù0(6ø1'(1 %25d/$5 1+ )25:$5' 6g=/(ù0(6ø1'(1 $/$&$./$5 1+ )25:$5' 6g=/(ù0( 35ø0/(5ø
6|]OHúPH KDN YH \ N PO O N KHVDSODUÕQÕQ NDSDWÕOPDVÕ
'|QHP IDUNÕ J|] DUGÕ HGLOGL÷LQGH KHVDSODUÕQ VRQ GXUXPX VDELW NXUOD WXWXODQ
KHVDSODU HYDO H HGLOPHGHQ ú|\OH ROXU
7$%/2 $ øù/(70(6ø1ø1 ø7ø%$5,</$ +(6$3 '85808
+HVDS
%RUo
$ODFDN
6DELW .XUOD 7XWXODQ +HVDSODU '|YL] +HVDSODUÕ
(IHNWLI .DVDVÕ (IHNWLI 9D]L\HWL
7/ h]HULQGHQ 7XWXODQ +HVDSODU 7LFDUL 0DOODU .DVD 7 UHY hU QOHU 'H÷HU $UWÕú )RQX 7 UHY hU QOHU 'H÷HUOHPH )DUNODUÕ *LGHUH '|Q úHFHN )RUZDUG 6|]OHúPH 3ULPOHUL (IHNWLI $OÕP 6DWÕP (85
%LOJL +HVDSODUÕ 1D]ÕP +HVDSODU
)RUZDUG 6|]OHúPHVLQGHQ $ODFDNODU 1+
)RUZDUG 6|]OHúPHVLQGHQ %RUoODU 1+
)RUZDUG 6|]OHúPH 3ULPOHUL 1+
%RUo .DODQÕ
$ODFDN .DODQÕ
7DEOR ¶GH J|U OHFH÷L ]HUH LúOHWPHQLQ NDVDVÕQGDQ PLO\RQ 7/
\HULQH PLO\RQ 7/ oÕNPÕú PLO\RQ OLUDOÕN NXU IDUNÕ ]DUDUÕ PLO\RQ 7/ NDGDU LQGLULOPLúWLU
%LU EDúND DQODWÕPOD PLO\RQ OLUDOÕN V|]OHúPH SULPLQGHQ ROXúDQ
'|YL] IRUZDUG V|]OHúPHVL VDWÕQ DOPDNOD PLO\RQ OLUD
PDOL\HWH NDWODQÕODUDN PLO\RQ OLUDOÕN ELU NRUXPD VD÷ODQPÕúWÕU
NDGDU WLFDUL PDO PDOL\HWL D]DOWÕOPÕúWÕU %X ROXúXP 7DEOR ¶GD J|VWHULOPLúWLU
7$%/2 'g9ø= )25:$5' 6g=/(ù0(6ø1ø1 6$7,1 $/,1$1 7ø&$5ø 0$/,1 0$/ø<(7ø1( (7.ø6ø
7LFDUL PDOÕQ ùXEDW GHNL FDUL NXUGDQ GH÷HUL )RUZDUG 6|]OHúPH 3ULP *LGHUL 7 UHY hU QOHU 'H÷HU $UWÕú )RQX
0LO\RQ 7/
7LFDUL PDOÕQ DOÕú PDOL\HWL
g51(. 6SHN ODWLI $PDoOÕ )RUZDUG '|YL] 6DWÕúÕ < FHO
$ úLUNHWL JHOHFHN LNL D\ LoHULVLQGH $%' GRODUÕQÕQ 7/ NDUúÕVÕQGD GH÷HU
ND\EHGHFH÷LQL WDKPLQ HWPHNWHGLU %X NXU GH÷LúLPLQGHQ \DUDUODQPDN
DPDFÕ\OD WDULKLQGH D\ YDGHOL RODUDN $%' GRODUÕ
VDWPÕúWÕU %HOLUOHQHQ IRUZDUG NXUX 86' PLO\RQ 7/¶GLU %XJ QN VSRW
NXU LVH 86' 7/¶GLU
WDULKLQGH VSRW NXU 86' PLO\RQ 7/ LoLQ
IRUZDUG G|YL] NXUX 86' PLO\RQ 7/¶GLU
WDULKLQGH VSRW NXU 86' PLO\RQ 7/ LoLQ
IRUZDUG G|YL] NXUX 86' PLO\RQ 7/¶GLU
WDULKLQGH IRUZDUG LúOHPL JHUoHNOHúPLú úLUNHW $%'
GRODUÕ VDWPÕú YH NDUúÕOÕ÷ÕQGD PLO\RQ 7/ DOPÕúWÕU %X WDULKWHNL VSRW NXU 86' PLO\RQ 7/¶GLU
2FDN WDULKLQGHNL VDWÕú V|]OHúPHVL
)25:$5' 6g=/(ù0(6ø1'(1 $/$&$./$5 1+ )25:$5' 6g=/(ù0(6ø1'(1 %25d/$5 1+
86' VDWÕP WDDKK G Q Q QD]ÕP KHVDSODUD ND\GÕ
2FDN WDULKLQGHNL GH÷HUOHPH
7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, )RUZDUG 6|]OHúPHOHU .XU )DUNODUÕ 7h5(9 h5h1/(5 .85 )$5., .Æ5/$5, )RUZDUG 6|]OHúPHOHU
86' [ PLO\RQ 7/
รนXEDW WDULKLQGHNL GHรทHUOHPH
7h5(9 h5h1/(5 '(รถ(5/(0( )$5./$5, )RUZDUG 6|]OHรบPHOHU .XU )DUNODUร 7h5(9 h5h1/(5 .85 )$5., .ร 5/$5, )RUZDUG 6|]OHรบPHOHU
86' [ PLO\RQ 7/
0DUW ND\ร WODUร
7h5(9 h5h1/(5 .85 )$5., =$5$5/$5, )RUZDUG 6|]OHรบPHOHU 7h5(9 h5h1/(5 '(รถ(5/(0( )$5./$5, )RUZDUG 6|]OHรบPHOHU .XU )DUNODUร
86' [ PLO\RQ 7/ )RUZDUG V|]OHรบPHVLQLQ FDUL NXU ย ]HULQGHQ GHรทHUOHPHVL
()(.7รธ) 9$=รธ<(7รธ 86' ()(.7รธ) .$6$6, 86'
.$6$ 7/
()(.7รธ) $/,0 6$7,0 +(6$%, 86' 7/ 7h5(9 h5h1/(5 '(รถ(5/(0( )$5./$5, )RUZDUG 6|]OHรบPHOHU
6|]OHรบPHGH EHOLUWLOHQ NXUGDQ 86' ยถQLQ VDWร Pร
)25:$5' 6g=/(รน0(6รธ1'(1 %25d/$5 1+ )25:$5' 6g=/(รน0(6รธ1'(1 $/$&$./$5 1+
6|]OHรบPH KDN YH \ย Nย POย Oย N KHVDSODUร Qร Q NDSDWร OPDVร
7h5(9 h5h1/(5 '(รถ(5/(0( )$5./$5,
7h5(9 h5h1/(5 .85 )$5., .ร 5/$5,
7h5(9 h5h1/(5 .85 )$5., =$5$5/$5,
*|U OG ÷ ]HUH úLUNHW LúOHPLQ NXU GH÷LúLPOHULQGHQ PLO\RQ
7/ NkU PLO\RQ 7/ ]DUDU HWPLú NkUODU YH ]DUDU D\OÕN G|QHPOHU LWLEDUÕ\OD
UDSRUODQPÕúWÕU .D\ÕWODU VRQXoWD LúOHPGHQ PLO\RQ 7/ NkU HGLOGL÷LQL
VHUJLOHPHNWHGLU NL EX IDUN DQODúÕODQ IRUZDUG NXUX LOH |GHPH J Q QGHNL VSRW NXU IDUNÕQD HúLWWLU
)DL] )RUZDUG 6|]OHúPHOHULQLQ 0XKDVHEHOHúWLULOPHVL
g51(. 5LVNWHQ .RUXQPDN $PDFÕ\OD <DSÕODQ )DL] )RUZDUG
6|]OHúPHVL 6HOYL V
2FDN WDULKLQGH $ ILUPDVÕ EDQNDGDQ ELU \ÕO YDGHOL YH IDL]OL
$%' GRODUÕ NUHGL DOPÕúWÕU .UHGL YDGHVL] G|YL] WHYGLDW KHVDEÕQD DOÕQPÕúWÕU øúOHWPH EX NUHGL\L /ø%25 GH÷LúNHQ IDL]OL NUHGL YHUPHGH
NXOODQPÕúWÕU &DUL /ø%25 RUDQÕ ¶W U $ ILUPDVÕ \ÕOÕQ LNLQFL \DUÕVÕQGD
/,%25¶GD G úPH EHNOHPHNWH YH ¶OLN IDL] NkUÕQÕ NRUXPD\D DOPDN
LVWHPHNWHGLU %X DPDo GR÷UXOWXVXQGD IDL]OL $%' GRODUÕ
QRPLQDO GH÷HUOL 7HPPX]¶GD EDúOD\DFDN YH $UDOÕN¶WD VRQD HUHFHN ELU IDL]
IRUZDUG V|]OHúPHVL VDWÕQ DOPÕúWÕU
D 7HPPX] ¶GH /ø%25 ¶\H G úP úW U 2FDN ND\ÕWODUÕ
86' PLO\RQ 7/
%$1.$/$5 86' $/,1$1 .5('ø/(5'(1 %25d/$5 86'
VDELW IDL]GHQ \ÕO YDGHOL DOÕQDQ NUHGLQLQ ND\GÕ
9(5ø/(1 .5('ø/(5 86' %$1.$/$5 86'
'H÷LúNHQ IDL]GHQ \ÕO YDGHOL RODUDN YHULOHQ NUHGLQLQ ND\GÕ
)$ø= )25:$5' 6g=/(ù0(6ø1'(1 $/$&$./$5 1+ )$ø= )25:$5' 6g=/(ù0(6ø1'(1 %25d/$5 1+ <DSÕODQ WDDKK G Q ND\GÕ
+D]LUDQ ND\ÕWODUÕ 86' PLO\RQ 7/
/ø%25
)$ø= *(/ø5 7$+$..8./$5, 86' 'g9ø= 9$=ø<(7ø 86'
86' [ [ 86' 'H÷LúNHQ IDL]GHQ YHULOHQ NUHGLQLQ IDL] WDKDNNXNX
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ )$ø= *(/ø5/(5ø
86' [ PLO\RQ 7/
'g9ø= 9$=ø<(7ø 86' )$ø= *ø'(5 7$+$..8./$5, 86'
86' [ [ 86' 6DELW IDL]GHQ DOÕQDQ NUHGLQLQ IDL] WDKDNNXNX
)$ø= *ø'(5/(5ø 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
7HPPX] KHVDSODúPD WDULKL 86' PLO\RQ 7/ /ø%25
9DGH VRQXQGD HOGH HGLOHFHN IDL] YH RQXQ KHVDSODúPD WDULKLQGHNL GH÷HUL
D P U
W 7HPPX]
W $UDOÕN
IDL] D [ P U [ W W
IDL] JHOLUL 5 86' [ [ 86'
%XJ QN GH÷HU 5 [ U
c
[
@ ] P
86'
()(.7ø) .$6$6, 86' *(/(&(. $</$5$ $ø7 7h5(9 h5h1 *(/ø5/(5ø 86' )DL] )RUZDUG 6|]OHúPHVL *HOLUOHUL
)DL] IRUZDUG V|]OHúPHVLQGHQ HOGH HGLOHQ IDL] JHOLULQLQ ND\GÕ
'g9ø= 9$=ø<(7ø 86' ()(.7ø) 9$=ø<(7ø 86'
()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/ 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
)$ø= )25:$5' 6g=/(ù0(6ø1'(1 %25d/$5 1+ )$ø= )25:$5' 6g=/(ù0(6ø1'(1 $/$&$./$5 1+
)DL] IRUZDUG V|]OHúPHVLQLQ NDSDWÕOPDVÕ
7HPPX]
86' PLO\RQ 7/
/ø%25
$OÕP 6DWÕP +HVDSODUÕQÕQ (YDO DV\RQX <DEDQFÕ SDUD 'H÷HUOHQPLú +HVDSODU WXWDUÕ YD]L\HW .XU 7XWDU NDODQÕ '|YL] $OÕP 6DWÕP +HVDEÕ 86'
(IHNWLI $OÕP 6DWÕP 86'
+HVDS .DODQÕ
(YDO DV\RQ )DUNÕ
)DUN
()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/ 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ .85 )$5., .$5/$5,
)$ø= *(/ø5 7$+$..8./$5, 86' 'g9ø= 9$=ø<(7ø 86'
86' [ [ 'H÷LúNHQ IDL]GHQ YHULOHQ NUHGLQLQ IDL] WDKDNNXNX
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ )$ø= *(/ø5/(5ø
86' [ PLO\RQ 7/
'g9ø= 9$=ø<(7ø 86' )$ø= *ø'(5 7$+$..8./$5, 86'
86' [ [ 6DELW IDL]GHQ DOÕQDQ NUHGLQLQ IDL] WDKDNNXNX
)$ø= *ø'(5/(5ø 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
*(/(&(. $</$5$ $ø7 7h5(9 h5h1 *(/ø5/(5ø )DL] )RUZDUG 6|]OHúPHVL *HOLUOHUL 86' 'g9ø= 9$=ø<(7ø 86'
86' )DL] IRUZDUG V|]OHúPHVL IDL] JHOLULQLQ D\OÕN LWIDVÕ
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ 7h5(9 h5h1/(5'(1 '2ö$1 *(/ø5/(5 )DL] )RUZDUG 6|]OHúPHVL )DL] *HOLUL
86' [ PLO\RQ 7/
)DL] IRUZDUG V|]OHúPHVL IDL] JHOLUL D\OÕN $%' GRODUÕ RODUDN $UDOÕN
WDULKLQH NDGDU LWID HGLOHFHN VDELW IDL]GHQ DOÕQDQ NUHGL LOH GH÷LúNHQ
IDL]GHQ DOÕQDQ NUHGLOHULQ DQDSDUD YH IDL]OHUL YDGH VRQXQGD NDSDWÕODFDNWÕU
ùLUNHW \ÕOÕQÕQ LON DOWÕ D\Õ LoLQ IDL] IDUNÕQGDQ
$%' GRODUÕ 86' 86' IDL] JHOLUL HOGH HWPLú 7HPPX]
¶GH /ø%25 ¶\H G úW ÷ QGH LNLQFL DOWÕ D\ LoLQ IDL] IDUNÕ VÕIÕU
ROGX÷XQGDQ EX LúOHPGHQ JHOLU HOGH HGHPHPLúWLU $QFDN úLUNHW \DSPÕú ROGX÷X
IRUZDUG V|]OHúPHVL LOH LNLQFL DOWÕ D\OÕN G|QHP LoLQ YDGH VRQX GH÷HUL\OH
$%' GRODUÕ IDL] HOGH HGHUHN LNLQFL DOWÕ D\OÕN IDL] JHOLULQL GH IDL] IRUZDUG
V|]OHúPHVLQL VDWÕQ DOPD DPDFÕ GR÷UXOWXVXQGD $%' GRODUÕQGD
VDELWOHPLúWLU
E 7HPPX] ¶GH /ø%25 ¶H \ NVHOPLúWLU N
+D]LUDQ
86' PLO\RQ 7/ /ø%25
)$ø= *(/ø5 7$+$..8./$5, 86' 'g9ø= 9$=ø<(7ø 86'
86' [ [ 'H÷LúNHQ IDL]GHQ YHULOHQ NUHGLQLQ IDL] WDKDNNXNX
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ )$ø= *(/ø5/(5ø
86' [ PLO\RQ 7/
'g9ø= 9$=ø<(7ø 86' )$ø= *ø'(5 7$+$..8./$5, 86'
86' [ [ 86' 6DELW IDL]GHQ DOÕQDQ NUHGLQLQ IDL] WDKDNNXNX
)$ø= *ø'(5/(5ø 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
7HPPX] KHVDSODúPD WDULKL 86' PLO\RQ 7/ /ø%25
9DGH VRQXQGD HOGH HGLOHFHN IDL]L YH RQXQ KHVDSODúPD WDULKLQGHNL GH÷HUL
D P U
W 7HPPX]
W $UDOÕN
IDL] D [ P U [ W W
Ë Ì " 4 (0 30 " 32 " 32 '.4 " 4 " 3 Í ) / 1 " : ;3 h$ 8 5 5 32 ' 74 \ ^ :.4 2 2 4 . 3$./ " 8 : 2 " 3' .Z 4 " .2h =4 >
IDL] JLGHUL 5 86' [ [ 86'
%XJ QN GH÷HU 5 [ U
c
[
@ ] P
86'
*(/(&(. $</$5$ $ø7 7h5(9 h5h1 *ø'(5/(5ø )DL] )RUZDUG 6|]OHúPHVL *LGHUOHUL 86' ()(.7ø) .$6$6, 86'
)DL] IRUZDUG V|]OHúPHVLQGHQ ND\QDNODQDQ IDL] JLGHULQLQ ND\GÕ
()(.7ø) 9$=ø<(7ø 86' 'g9ø= 9$=ø<(7ø 86'
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
)$ø= )25:$5' 6g=/(ù0(6ø1'(1 %25d/$5 1+ )$ø= )25:$5' 6g=/(ù0(6ø1'(1 $/$&$./$5 1+
)DL] IRUZDUG V|]OHúPHVLQLQ NDSDWÕOPDVÕ
7HPPX]
86' PLO\RQ 7/
/ø%25
$OÕP 6DWÕP +HVDSODUÕQÕQ (YDO DV\RQX <DEDQFÕ SDUD 'H÷HUOHQPLú +HVDSODU WXWDUÕ YD]L\HW .XU 7XWDU NDODQÕ '|YL] $OÕP 6DWÕP +HVDEÕ 86'
(IHNWLI $OÕP 6DWÕP 86'
+HVDS .DODQÕ
(YDO DV\RQ )DUNÕ
)DUN
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ ()(.7ø) $/,0 6$7,0 +(6$%, 86' 86' 7/ .85 )$5., .Æ5/$5,
)$ø= *(/ø5 7$+$..8./$5, 86' 'g9ø= 9$=ø<(7ø 86'
86' [ [ 'H÷LúNHQ IDL]GHQ YHULOHQ NUHGLQLQ IDL] WDKDNNXNX
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ )$ø= *(/ø5/(5ø
86' [ PLO\RQ 7/
'g9ø= 9$=ø<(7ø 86' )$ø= *ø'(5 7$+$..8./$5, 86'
86' [ [ 6DELW IDL]GHQ DOÕQDQ NUHGLQLQ IDL] WDKDNNXNX
)$ø= *ø'(5/(5ø 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
'g9ø= 9$=ø<(7ø 86' *(/(&(. $</$5$ $ø7 7h5(9 h5h1 *ø'(5/(5ø )DL] )RUZDUG 6|]OHúPHVL *LGHUOHUL 86'
86' )DL] IRUZDUG V|]OHúPHVL IDL] JLGHULQLQ D\OÕN LWIDVÕ
7h5(9 h5h1/(5'(1 '2ö$1 *ø'(5/(5 )DL] )RUZDUG 6|]OHúPHVL )DL] *LGHUOHUL 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
)DL] IRUZDUG V|]OHúPHVL IDL] JLGHUL D\OÕN $%' GRODUÕ RODUDN
$UDOÕN WDULKLQH NDGDU LWID HGLOHFHN VDELW IDL]GHQ DOÕQDQ NUHGL LOH GH÷LúNHQ
IDL]GHQ DOÕQDQ NUHGLOHULQ DQDSDUD YH IDL]OHUL YDGH VRQXQGD NDSDWÕODFDNWÕU
+HVDSODUÕQ VRQ GXUXPX VDELW NXUOD WXWXODQ KHVDSODU HYDO H HGLOPHGHQ 7DEOR
¶GH J|VWHULOPHNWHGLU
7$%/2 $ øù/(70(6ø1ø1 ø7ø%$5,</$ +(6$3 '85808 +HVDS
Î ÏFÐ Ñ Ò Ó Ô#ÕhÖ Ï ×FÔ ÒWÔ#Ö ÏFØ ÙFÚ Û-ÏTÜ#Ö ÏFÕ ÝaÞ ß à Ñ á ÙFÚ Û#ÏFÜ#Ö ÏTÕPâ ã äFåTæLç åTè åTé êaë6ì6í6î ò²è ó æLåTæõô é ö#÷Fø è öFé ÷ öFæÂäFù-é ú è å-é êaë6ì6í î ûTöTé«ø è öFæõô é ö#÷Tø è öFéLêaë ì6í6î ü-ý ö-ç þ ø ý ôFå ÿ#å ÿ ó êaë6ì6í î 7å-ø 3öFè ø é T å 7å-ç. ç ç.è åTé ó êaë ì6í6î 7å-ø &ø ÷#öF é T å 7å-ç. ç ç.è åTé ó êaë ì6í6î 3öFè ö öTç ò è å-é å&ò ø þ #é ö 3 é # æ <ø ÷#öFé«è öTé«ø êaë6ì6í6î í ø ûF!å ø öLþ ø êaë6ì6í6î ü-ý ö-ç þ ø ý ûF!å ø öLþ ø êaë6ì6í6î × #%$Tá ÚTÕPÑ Ø & ÚTØ ×FÔ ÒWÔ#Ö ÏFØ ÙFÚ Û-ÏTÜ#Ö ÏFÕ í ø Fò²è ó 'µì åLþ=ó 'µêaë6ì6í î ü-ý ö-ç þ ø ý ò²è ó 'µì åLþ=ó 'µêaë6ì6í î
) ÚFÖ Ñ ÕF×#ÏFÐ Ö *LÛFÔõÙFÚ Û#ÏFÜ#Ö ÏTÕPâ 7 å-ø & ø ÷#öFé«è öFé«ø 7 å-ø 3 öFè ø é«è öFé«ø ô,#
é 7 åTé=ç ó.ô -- é«è åTé ó ( é ö 3 é # æ#è öTé ÷#öFæõí6ù -. åTæ &ø ÷#öFé«è öFé
%RUo
$ODFDN
ïTð ñ#ñ#ñTð ñ#ñ#ñ
ïTð ñ#ñ#ñTð ñ#ñ#ñ ïTð ñ#ñ#ñTð ñ#ñ#ñ
ïTð ñ#ñ#ñTð ñ#ñ#ñ
ïTð ñ#ñ#ñTð ñ#ñ#ñ
Tð #ñ
Tð ñ
Tð ñ
Tð ï#ñ#ñ ð # ñ T # ïTð
Tð #ñ " ïTð #ñ # Tð # ñ "Tð #ñ#ñ
TñTð -ï#ñ
Tð #ñ
ï ð ( Lð " " "
+ Lð
ð
+ Lð
-ñ#ïTð L ð " # ï
Tð
/ Ñ Ö 0TÑ.ÙFÚLÛ-ÏFÜ#Ö ÏFÕhâ Ý21FÏLáLâ 3ÈÙFÚ Û-ÏTÜ#Ö ÏFÕWã 7 å-ø 7ùTé 4 åTé ÷õì+ è ö 5 '¿ö#ÿTø æ7÷#öTæ)ò²è å .å#ç è å-é 7 å-ø 7 ùTé 4 åTé ÷õì+ è ö 5 ¿ ' ö#ÿTø æ7÷#öTæÂäFùTé ú è åTé
%RUo .DODQÕ
Tð
$ODFDN .DODQÕ
ïTð ñ#ñ#ñTð ñ#ñ#ñ
Tð #ñ Tð ï#ñ#ñ #ñTð
( Lð " " "
-ñ#ïTð L ð " # ï
øúOHWPH \ÕOÕQÕQ LON DOWÕ D\Õ LoLQ IDL] IDUNÕQGDQ $%'
GRODUÕ 86' 86' IDL] JHOLUL HOGH HWPLú 7HPPX] ¶GH
/ø%25 ¶H \ NVHOGL÷LQGH LNLQFL DOWÕ D\ LoLQ ¶O N IDL] IDUNÕQGDQ $%' GRODUÕ 86' 86' IDL] HOGH HWPLúWLU $QFDN
úLUNHW \DSPÕú ROGX÷X IRUZDUG V|]OHúPHVL LOH LNLQFL DOWÕ D\OÕN G|QHP LoLQ YDGH
VRQX GH÷HUL\OH $%' GRODUÕ IDL] |GH\HUHN EX HN IDL] ND]DQFÕQGDQ
ID\GDODQDPDPÕú YH LNLQFL DOWÕ D\OÕN IDL] JHOLULQL GH IDL] IRUZDUG V|]OHúPHVLQL VDWÕQ DOPD DPDFÕ GR÷UXOWXVXQGD $%' GRODUÕQGD VDELWOHPLúWLU
g51(. 6SHN ODV\RQ $PDFÕ\OD <DSÕODQ )DL] )RUZDUG 6|]OHúPHVL
< FHO
$ ùLUNHWL .DVÕP WDULKLQGH IDL] RUDQODUÕQÕQ G úHFH÷L EHNOHQWLVL LOH ELU
)5$ VDWÕQ DOPÕúWÕU 6|]OHúPH WXWDUÕ $%' GRODUÕ IDL] RUDQÕ YH V|]OHúPH V UHVL ³ D\D D\GÕU´ \DQL KHVDSODúPD WDULKL ùXEDW
V|]OHúPHQLQ ELWLú WDULKL LVH 0D\ÕV ¶W U
WDULKLQGH IDL] RUDQÕ EHNOHQHQLQ DNVLQH ¶H \ NVHOPLúWLU WDULKLQGH IDL] RUDQÕ ¶\H \ NVHOPLúWLU
.DVÕP ND\ÕWODUÕ
)$ø= )25:$5' 6g=/(ù0(6ø1'(1 $/$&$./$5 1+ )$ø= )25:$5' 6g=/(ù0(6ø1'(1 %25d/$5 1+
<DSÕODQ WDDKK G Q ND\GÕ
$UDOÕN
86' PLO\RQ 7/
9DGH VRQXQGD HOGH HGLOHFHN IDL] YH RQXQ KHVDSODúPD WDULKLQGHNL GH÷HUL
D P U
W ùXEDW
W 0D\ÕV
IDL] D [ P U [ W W
IDL] JLGHUL 5 [ [ 86'
%XJ QN GH÷HU 5 [ U c
[
N Q ] @.Q
86'
'g9ø= 9$=ø<(7ø 86' 7h5(9 h5h1/(5'(1 '2ö$1 %25d/$5 )DL] )RUZDUG 6|]OHúPHVL )DL] *LGHUOHUL 86'
)DDOL\HW G|QHPLQLQ KHVDSODúPD WDULKLQGHQ |QFH VRQD HUPHVLQGHQ GROD\Õ IRUZDUG V|]OHúPHVLQH LOLúNLQ IDL] JLGHULQLQ ND\GÕ
7h5(9 h5h1/(5'(1 '2ö$1 *ø'(5/(5 )DL] )RUZDUG 6|]OHúPHVL )DL] *LGHUL 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ 'g9ø= 9$=ø<(7ø 86' 7h5(9 h5h1/(5'(1 '2ö$1 %25d/$5 )DL] )RUZDUG 6|]OHúPHVL )DL] *LGHUOHUL 86'
86' [ 6DELW NXUOD WXWXODQ KHVDSODUÕQ G|YL] KHVDSODUÕ HYDO DV\RQX
'|YL] YD]L\HWL YH G|YL] DOร P VDWร P KHVDSODUร NRPSDQVH HGLOLS NDODQ KHVDSODU ELU WDEOR\D G|Nย OGย รทย QGH WDULKL LWLEDUร \OD DรบDรทร GDNL ROXรบXP RUWD\D
oร NDU 7DEOR
7$%/2 $ รธรน/(70(6รธ1รธ1 รธ7รธ%$5,</$ +(6$3/$5, 0รธ/<21 7/ +HVDS $ %LODQoR +HVDSODUร
%RUo .DODQร $ODFDN .DODQร
7ย UHY hUย QOHUGHQ 'RรทDQ %RUoODU
% *HOLU 7DEORVX +HVDSODUร 7ย UHY hUย QOHUGHQ 'RรทDQ *LGHUOHU & %LOJL +HVDSODUร 1D]ร P +HVDSODU
)DL] )RUZDUG 6|]OHรบPHVLQGHQ $ODFDNODU )DL] )RUZDUG 6|]OHรบPHVLQGHQ %RUoODU
2FDN ND\ร WODUร
86' PLO\RQ 7/
7h5(9 h5h1/(5'(1 '2รถ$1 %25d/$5 )DL] )RUZDUG 6|]OHรบPHVL )DL] *LGHUOHUL 86' 'g9รธ= 9$=รธ<(7รธ 86'
6DELW NXUOD WXWXODQ KHVDSODUร Q G|YL] KHVDSODUร HYDOย DV\RQ LSWDOL
.85 )$5., =$5$5/$5, 'g9รธ= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/ '|YL] DOร P VDWร P KHVDEร Qร Q HYDOย DV\RQX
7h5(9 h5h1/(5'(1 '2รถ$1 %25d/$5 )DL] )RUZDUG 6|]OHรบPHVL )DL] *LGHUOHUL 86' 'g9รธ= 9$=รธ<(7รธ 86'
)RUZDUG V|]OHรบPHVLQH LOLรบNLQ IDL] JLGHULQLQ ND\Gร Qร Q WDNLS HGHQ G|QHP EDรบร QGD NDSDWร OPDVร
'g9รธ= $/,0 6$7,0 +(6$%, 86' 7/ 7h5(9 h5h1/(5'(1 '2รถ$1 *รธ'(5/(5 )DL] )RUZDUG 6|]OHรบPHVL )DL] *LGHUL .85 )$5., .ร 5/$5,
86' [ PLO\RQ 7/
ùXEDW
86' PLO\RQ 7/
D P
U
W ùXEDW
W 0D\ÕV
IDL] D [ P U [ W W
IDL] JLGHUL [ [
86'
%XJ QN GH÷HU 5 [ U c
[
N Q ] @.Q
86'
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
)RUZDUG V|]OHúPHVLQH LOLúNLQ IDL] JLGHULQLQ |GHQPHVL
7h5(9 h5h1/(5'(1 '2ö$1 *ø'(5/(5 )DL] )RUZDUG 6|]OHúPHVL )DL] *LGHUL ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
)$ø= )25:$5' 6g=/(ù0(6ø1'(1 %25d/$5 1+ )$ø= )25:$5' 6g=/(ù0(6ø1'(1 $/$&$./$5 1+
)DL] IRUZDUG V|]OHúPHVLQLQ NDSDWÕOPDVÕ
øúOHWPHQLQ EHNOHQWLOHULQLQ DNVLQH \ NVHOHQ IDL] RUDQÕ VRQXFX IRUZDUG
V|]OHúPHVLQGHQ GR÷DQ WRSODP IDL] JLGHUL $%' GRODUÕ ROPXúWXU $QFDN
EX IDL] JLGHULQLQ $%' GRODUÕ \ÕOÕQD DLW ROGX÷XQGDQ \ÕOÕ IDL]
JLGHUL KHVDEÕQÕQ EDNL\HVL $%' GRODUÕGÕU 86' 86'
'|QHP IDUNÕ J|] DUGÕ HGLOGL÷LQGH KHVDSODUÕQ VRQ GXUXPX VDELW NXUOD WXWXODQ
KHVDSODU HYDO H HGLOPHGHQ 7DEOR ¶GD J|VWHULOPHNWHGLU
7$%/2 $ รธรน/(70(6รธ1รธ1 รธ7รธ%$5,</$ +(6$3 '85808 +HVDS
6DELW .XUOD 7XWXODQ +HVDSODU '|YL] +HVDSODUร
7ย UHY hUย QOHUGHQ 'RรทDQ %RUoODU 86'
'|YL] 9D]L\HWL 86'
(IHNWLI .DVDVร 86'
(IHNWLI 9D]L\HWL 86'
%RUo
7/ h]HULQGHQ 7XWXODQ +HVDSODU '|YL] $Oร P 6DWร P 86' (IHNWLI $Oร P 6DWร P 86'
*HOLU 7DEORVX +HVDSODUร 7ย UHY hUย QOHUGHQ 'RรทDQ *LGHUOHU .XU )DUNร .kUODUร .XU )DUNร =DUDUODUร
%LOJL +HVDSODUร 1D]ร P +HVDSODU
)DL] )RUZDUG 6|]OHรบPHVLQGHQ $ODFDNODU )DL] )RUZDUG 6|]OHรบPHVLQGHQ %RUoODU
$ODFDN
%RUo .DODQร
$ODFDN .DODQร
6ZDS 6|]OHรบPHOHUL
6ZDS V|]OHรบPHOHUL ยถOL \ร OODUGD ย ]HULQGH DQODรบร ODQ ELU ]DPDQ
GLOLPL LoHULVLQGH LNL IDUNOร SDUD ELULPLQLQ GHรทLรบ WRNXรบXQX LoHUHQ G|YL] VZDS
V|]OHรบPHOHULQLQ NXOODQร OPD\D EDรบODQPDVร \OD SRSย OHU ROPXรบWXU 6ZDS V|]OHรบPHOHUL V|]OHรบPH WDUDIODUร DUDVร QGD EHOLUOL ELU YDUOร รทร Q EHOLUOL ELU YDGH
Vย UHVLQFH EHOLUOL PLNWDUGDNL |GHPH \ย Nย POย Oย NOHULQLQ GHรทLรบWLULOPHVL LoLQ \DSร ODQ IRUZDUG WDEDQOร DQODรบPDODUGร U )DUNOร NUHGL GHรทHUOLOLรทLQH YH IDUNOร SDUD
SD]DUODUร QGD ELUELUOHULQH RUDQOD NDUรบร ODรบWร UPDOร ย VWย QOย รทH VDKLS RODQ WDUDIODU
EX Wย U V|]OHรบPHOHUH NUHGL PDOL\HWOHULQL D]DOWPDN IDL] YH G|YL] ULVNLQGHQ NRUXQPDN YH NkU HOGH HWPHN DPDFร \OD JLUHUOHU 6HOYL V 6ZDS
V|]OHรบPHOHUL NDUร รบร N J|Uย QPHOHULQH UDรทPHQ DVOร QGD X\JXODPDVร NROD\ RODQ
V|]OHรบPHOHUGLU %XQX ELU |UQHNOH Doร NODPDN JHUHNLUVH $ YH % JLEL LNL \DWร Uร PFร
ROGXรทXQX EXQODU ELU รบLUNHW \D GD ELUH\VHO \DWร Uร PFร RODELOLU YH D\ VRQUDVร
LoLQ $ยถQร Q PLO\RQ $%' GRODUร NDUรบร Oร รทร QGD PLO\RQ LQJLOL] VWHUOLQL |GH\HFHรทLQL YDUVD\DOร P (รทHU GXUXP E|\OH ROVD\Gร EXQD ELU IRUZDUG
V|]OHรบPHVL GHQLOHELOLUGL DQFDN ELU VZDS V|]OHรบPHVLQL IRUZDUG V|]OHรบPHVLQGHQ D\ร UDQ HQ |QHPOL |]HOOLN ELU GHรทLรบ WRNXรบXQ YDUOร รทร Gร U 6ZDS V|]OHรบPHVL $ยถQร Q
%ยถ\H PLO\RQ $%' GRODUร NDUรบร Oร รทร QGD PLO\RQ VWHUOLQ |GHPHVLQL JHOHFHN
\ร OGD KHU DOWร D\GD ELU JHUoHNOHรบWLUPHVLQL LoHULU %X GD \ร OGD LNL NHUH YH
\ร OOร รทร QD ELU DQODรบPD ROGXรทXQGDQ IRUZDUG V|]OHรบPHVLQL LoHUPHVLQL EHUDEHULQGH JHWLULU 6ZDS V|]OHรบPHVLQGH KHU ELU GHรทLรบLPL |GHPH WDKVLO
รบHNOLQGH LIDGH HGHELOLUL] %X $ LoLQ NHUH PLO\RQ VWHUOLQ PLO\RQ $%'
GRODUร รบHNOLQGH\NHQ % LoLQ NHUH $%' GRODUร PLO\RQ VWHUOLQ รบHNOLQGH RODFDNWร U *HQHOOLNOH G|YL] VZDS V|]OHรบPHOHUL EX รบHNLOGH JHUoHNOHรบLU
DPD ED]HQ EXQGDQ GDKD NDUร รบร N J|Uย QHELOLU 6ZDS IDL] GHรทLรบLPL รบHNOLQGH GH
X\JXODQDELOLU DQD SDUD HO GHรทLรบWLUPH] DQFDN DQODรบร ODQ DQDSDUD PLNWDUร ย ]HULQGHQ KHVDSODQDQ IDL] WXWDUร HO GHรทLรบWLULU $\Qร |UQHN ย ]HULQGHQ JLGHFHN
ROXUVDN YDUVD\ร PVDO DQDSDUDQร Q PLO\RQ VWHUOLQ YH VSRW RUDQร Q VWHUOLQ
$%' GRODUร $%' GRODUร NDUรบร Oร รทร PLO\RQ ROGXรทXQX YDUVD\DOร P
6ZDS $%' GRODUร WXWDUร LoLQ \ร OOร N JHWLUL NDUรบร Oร รทร QGD VWHUOLQ WXWDUร LoLQ \ร OOร N
ยถOXN |GHPH GHรทLรบ WRNXรบX RODUDN GD Jย QGHPH JHOHELOLU $OWร D\GD ELU $
PLO\RQ VWHUOLQ [ [ PLO\RQ VWHUOLQ %ยถ\H |GHU YH NDUรบร Oร รทร QGD
PLO\RQ $%' GRODUร [ [ [ PLO\RQ VWHUOLQ HOGH HGHU
9DUVD\ร PVDO DQDSDUD 1 PLO\RQ VWHUOLQ LNHQ $ยถQร Q EDNร รบ Doร Vร QGDQ KHU ELU
GHรทLรบ WRNXรบX |GHPH WDKVLO RODUDN *%3 1 86' 1 RODUDN LIDGH HGHELOLUL] %DLOH\ V
*HQHOOLNOH VZDS V|]OHรบPHOHUL ELU DUDFร \ROX\OD \DSร Oร U EX รบHNLOGH
\DSร ODQ V|]OHรบPHOHUGH ELU WDUDIร Q YHUGLรทL\OH GLรทHU WDUDIร Q HOLQH JHoHQ DUDVร QGD
DUDFร \D |GHQHQ NRPLV\RQ NDGDU IDUN ROXU $\Uร FD EX NRPLV\RQ VZDS V|]OHรบPHVLQLQ JHUoHNOHรบHPHPH ULVNLQH NDUรบร DUDFร Qร Q JDUDQW|U RODUDN
EXOXQPDVร Qร GD WHPVLO HGHU %DLOH\ V gGHQHQ EX NRPLV\RQ VZDS
V|]OHรบPHOHULQLQ PDOL\HWLQL DUWร UDQ ELU JLGHU RODUDN WDUDIODUFD GLNNDWH DOร Qร U
'|YL]
VZDS
V|]OHรบPHOHULQGH
WDUDIODU
V|]OHรบPH
Vย UHVLQFH
V|]OHรบPHQLQ EDรบODQJร o WDULKLQGH EHOLUOHQHQ NXU YH IDL] RUDQร ย ]HULQGHQ IDUNOร
G|YL] ED]ร QGDNL ERUoODUร QD DLW \ย Nย POย Oย NOHULQL GHรทLรบWLUPHNWHGLUOHU '|YL]
VZDS V|]OHรบPHOHULQGH SDUDQร Q HO GHรทLรบWLUPHVL ย o DรบDPDOร ROPDNWDGร U %LULQFL
DรบDPDGD JHQHOOLNOH FDUL NXU ย ]HULQGHQ V|]OHรบPHGH EHOLUOHQHQ WXWDU NDGDU
IDUNOร G|YL] FLQVLQGHQ RODQ DQDSDUDODU HO GHรทLรบWLULU LNLQFL DรบDPDGD EX
GHรทLรบWLUGLNOHUL DQDSDUDODUร Q IDL]OHULQL NDUรบร Oร NOร RODUDN |GHUOHU ย oย QFย YH VRQ
DรบDPDGD LVH V|]OHรบPH YDGHVL VRQXQGD IDL]OHULQ NDUรบร Oร NOร |GHQPHVLQLQ \DQร
Vร UD |QFHGHQ EHOLUOHQHQ NXU ย ]HULQGHQ DQDSDUDODUร NDUรบร Oร NOร RODUDN JHUL |GHUOHU 6ZDS V|]OHรบPHOHUL รบDUWD EDรทOร \ย Nย POย Oย N ROGXNODUร QGDQ EXQODU
QD]ร P KHVDSODUGD WDNLS HGLOLU DQFDN V|]OHรบPH JHUHรทL QDNLW WUDQVIHUOHUL JHUoHNOHรบWLรทLQGH WUDQVIHU HGLOHQ EX WXWDUODU LรบOHWPHOHULQ ELODQoRODUร QGD FDUL
NXUGDQ \HU DOPDN ย ]HUH G|YL] NDVDODUร QGD J|VWHULOHFHNWLU 6|]OHรบPHQLQ
EDรบODQJร o WDULKLQGH WDUDIODU DUDVร QGD HO GHรทLรบWLUHQ G|YL]LQ KDQJL DPDoOร RODUDN
NXOODQร OGร รทร Qร Q EHOOL ROPDGร รทร GXUXPODUGD V|]OHรบPH YDGHVL VRQXQGD WDUDIODU
DUDVร QGD NDUรบร Oร NOร RODUDN |GHQHFHN RODQ G|YL] WDDKKย WOHUL ELODQoR
WDULKOHULQGHNL FDUL NXUGDQ GHรทHUOHPH\H WDEL WXWXOXU YH KHVDSODQDQ ND]DQo
YH\D ND\ร SODU LOJLOL ELODQoR G|QHPLQLQ VRQXo KHVDSODUร QD DNWDUร Oร U 6HOYL
V
)DL] VZDS V|]OHรบPHOHULQGH V|]OHรบPH\H NRQX RODQ WDUDIODU IDUNOร
ERUoODQPD ND\QDNODUร QGDQ HOGH HWWLNOHUL D\Qร YDGHOL D\Qร WXWDUGD YH D\Qร SDUD
ELULPLQGH DQFDN IDUNOร IDL] RUDQODUร QGDNL NUHGLOHULQ IDL]OHULQL NDUรบร Oร NOร RODUDN
GHรทLรบWLUPHNWHGLUOHU 6HOYL V 6ZDS V|]OHรบPHVLQLQ EDรบODQJร Fร QGD
DQDSDUD GHรทLรบ WRNXรบX V|] NRQXVX ROPDGร รทร QGDQ JHQHO X\JXODPD LOJLOL ERUo
YH \ย Nย POย Oย รทย EDรบODQJร oWDNL LรบOHP GHรทHUL LOH GHรทHUOHQGLUPHNWLU *ย QGย ] YH
7XWDO V $QDSDUD VDGHFH WDUDIODU DUDVร QGD HO GHรทLรบWLUHFHN RODQ IDL]
WXWDUร Qร Q KHVDSODPDVร QD ED] WHรบNLO HWPHNWHGLU 'ROD\ร Vร \OD GD V|]OHรบPH
WDULKLQGH ELODQoR Gร รบร QD]ร P KHVDSODUGD WDNLS HGLOPHNWH YH ILQDQVDO WDEORODUร Q
GLSQRWODUร QGD Doร NODQPDNWDGร U 6ZDS V|]OHรบPHOHUL LoLQ DUDFร ILQDQVDO
NXUXOXรบODUD EDรบWDQ |GHQHQ KL]PHW EHGHOOHUL YDGH Vย UHVLQFH LWID HGLOHUHN JLGHU ND\GHGLOHELOLU %HOLUOL ELU YDUOร N \D GD ERUFX ULVNWHQ NRUXPDN DPDFร \OD WDUDI
ROXQDQ IDL] VZDS V|]OHรบPHOHUL ยณWDKDNNXN HVDVร ยดQD J|UH ND\GHGLOPHNWHGLU %X
\DNODรบร PD J|UH DUD G|QHP GHรทHUOHPHOHULQGH VDGHFH G|QHPVHO IDL]
JLGHUOHULQLQ D\DUODQPDVร \DSร OPDNWD YH VZDSODUร Q SL\DVD GHรทHUOHULQGHNL
GHรทLรบPHOHU YDGH VRQXQD NDGDU ND\ร WODUD DOร QPDPDNWDGร U *HQHO RODUDN
ULVNWHQ NRUXQPD DPDFร \OD YH VSHNย ODV\RQ DPDFร \OD WDUDI ROXQDQ IDL] VZDS
V|]OHรบPHOHUL LVH ยณSL\DVD GHรทHUL YH\D \HQLGHQ GHรทHUOHPH HVDVร ยดQD J|UH
ND\GHGLOPHNWHGLU %X \DNODรบร PD J|UH DUD G|QHP GHรทHUOHPHOHULQGH KHP
G|QHPVHO IDL] JLGHUOHULQLQ D\DUODQPDVร \DSร OPDNWD KHP GH VZDSร Q SL\DVD
GHรทHULQGHNL GHรทLรบPHOHU VZDS YDGHVL VRQXQD NDGDU ND\ร WODUD DNWDUร OPDNWDGร U
6|]OHรบPH GHรทHULQGH PH\GDQD JHOHQ GHรทLรบPHOHUGHQ ROXรบDQ JHUoHNOHรบPHPLรบ
ND]DQo YH\D ND\ร SODU FDUL G|QHPLQ VRQXo KHVDSODUร QD DNWDUร OPDNWDGร U $QFDN EX \|QWHPLQ SUDWLN KD\DWWD GLรทHU IRUZDUG V|]OHรบPHOHULQGHNL \D\Jร Q
PXKDVHEH X\JXODPDODUÕQD WHUV G úPHVL YH VZDS V|]OHúPHOHULQH LOLúNLQ
ND]DQoODUGD G|QHPOHU LWLEDUÕ\OD oRN E \ N GDOJDODQPDODUD VHEHS ROGX÷X
JHUHNoHVL\OH X\JXODPDVÕQD ID]OD UDVWODQPDPDNWDGÕU 6HOYL V '|YL] 6ZDS 6|]OHúPHOHULQLQ 0XKDVHEHOHúWLULOPHVL
g51(. 5LVNWHQ .RUXQPD $PDFÕ\OD <DSÕODQ 6ZDS 6|]OHúPHVL gUWHQ
V
9 )LUPDVÕQÕQ YDUOÕNODUÕ DUDVÕQGD LKUDFDWWDQ VD÷ODPÕú ROGX÷X (XUR
YDUGÕU $QFDN ILUPD JHOHFHN LNL D\GDNL LúOHPOHUL LoLQ $%' 'RODUÕQD LKWL\Do
GX\PDNWDGÕU *HOHFHNWH (XUR¶QXQ GH÷HU ND]DQDFD÷ÕQÕ G ú QHQ ILUPD $%'
'RODUÕ JHUHNVLQLPLQL NDUúÕODPDN DPDFÕ\OD < )LUPDVÕ\OD WDULKLQGH
D\OÕN G|YL] VZDSÕ V|]OHúPHVL \DSPÕúWÕU
9 )LUPDVÕ ¶GH < )LUPDVÕQD (XUR YHUHFHN < )LUPDVÕ EXQXQ
NDUúÕOÕ÷Õ $%' GRODUÕQÕ 9 )LUPDVÕQD YHUHFHNWLU
6|]OHúPHGH $%' GRODUÕQÕQ \ÕOOÕN IDL] RUDQÕ (XUR¶QXQ \ÕOOÕN IDL] RUDQÕ
¶GLU )DL]OHU HUWHVL D\ÕQ LON J Q QGH NDUúÕOÕNOÕ RODUDN |GHQHFHNWLU 9 )LUPDVÕ $%' 'RODUÕQÕQ < )LUPDVÕ (XUR¶QXQ IDL]LQL |GH\HFHNWLU ND\ÕWODUÕ
86' PLO\RQ 7/ (85 PLO\RQ 7/
(85 'g9ø= 6:$3 6g=/(ù0(6ø1'(1 $/$&$./$5 1+ (85 'g9ø= 6:$3 6g=/(ù0(6ø1'(1 $/$&$./$5 7$.ø3 +(6$%, 1+
6ZDS V|]OHúPHVLQGHQ ND\QDNODQDQ (85 DODFD÷ÕQ QD]ÕP KHVDSODUD ND\GÕ
86' 'g9ø= 6:$3 6g=/(ù0(6ø1'(1 %25d/$5 7$.ø3 +(6$%, 1+ 86' 'g9ø= 6:$3 6g=/(ù0(6ø1'(1 %25d/$5 1+
6ZDS V|]OHúPHVLQGHQ ND\QDNODQDQ 86' ERUFXQ QD]ÕP KHVDSODUD ND\GÕ
()(.7ø) 9$=ø<(7ø (85 ()(.7ø) .$6$6, (85
6|]OHúPH JHUH÷L (85 ¶QXQ YHULOPHVL
()(.7ø) .$6$6, 86' ()(.7ø) 9$=ø<(7ø 86'
6|]OHúPH JHUH÷L 86' ¶QLQ DOÃ&#x2022;QPDVÃ&#x2022;
()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/ ()(.7ø) $/,0 6$7,0 +(6$%, (85 7/
86' [ PLO\RQ 7/ (85 [ PLO\RQ 7/
ND\Ã&#x2022;WODUÃ&#x2022;
86' PLO\RQ 7/ (85 PLO\RQ 7/
7h5(9 h5h1/(5'(1 '2ö$1 $/$&$./$5 6ZDS 6|]OHúPHVL )DL] $ODFD÷Ã&#x2022; (85 'g9ø= 9$=ø<(7ø (85
(85 [ (85
'g9ø= $/,0 6$7,0 +(6$%, (85 7/ 7h5(9 h5h1/(5'(1 '2ö$1 *(/ø5/(5 6ZDS 6|]OHúPHVL )DL] *HOLUL
(85 [ PLO\RQ 7/ 6ZDS LúOHPOHULQGHQ ND\QDNODQDQ D\OÃ&#x2022;N IDL] JHOLULQLQ ND\GÃ&#x2022;
'g9ø= 9$=ø<(7ø 86' 7h5(9 h5h1/(5'(1 '2ö$1 %25d/$5 6ZDS 6|]OHúPHVL )DL] %RUFX 86'
86' [ 86'
7h5(9 h5h1/(5'(1 '2ö$1 *ø'(5/(5 6ZDS 6|]OHúPHVL )DL] *LGHUL 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/ 6ZDS LúOHPOHULQGHQ ND\QDNODQDQ D\OÃ&#x2022;N IDL] JLGHULQLQ ND\GÃ&#x2022;
7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, 6ZDS 6|]OHúPHVL .XU )DUNODUÃ&#x2022; 7h5(9 h5h1/(5 .85 )$5., .Ã&#x2020;5/$5, 6ZDS 6|]OHúPHOHUL
6|]OHúPHGH DODFDNOÃ&#x2022; ROXQDQ (85 YH ERUoOX ROXQDQ 86'¶QLQ GH÷HUOHPHVL VRQXFX ROXúDQ QHW NXU IDUNÃ&#x2022; NkUÃ&#x2022;QÃ&#x2022;Q ND\GÃ&#x2022; $ODFDNODUÃ&#x2022;Q NXU IDUNÃ&#x2022; (85 PLO\RQ 7/ %RUoODUÃ&#x2022;Q NXU IDUNÃ&#x2022; 86' PLO\RQ 7/ .XU IDUNÃ&#x2022; NkUÃ&#x2022; PLO\RQ 7/
ND\Ã&#x2022;WODUÃ&#x2022;
86' PLO\RQ 7/ (85 PLO\RQ 7/
()(.7ø) .$6$6, (85 ()(.7ø) 9$=ø<(7ø (85
'g9ø= 9$=ø<(7ø (85 7h5(9 h5h1/(5'(1 '2ö$1 $/$&$./$5 6ZDS 6|]OHúPHVL )DL] $ODFD÷Ã&#x2022; (85
(85 [ (85 6ZDS V|]OHúPHVLQGHQ ND\QDNODQDQ IDL] DODFD÷Ã&#x2022;QÃ&#x2022;Q WDKVLOL
()(.7ø) $/,0 6$7,0 +(6$%, (85 7/ 'g9ø= $/,0 6$7,0 +(6$%, (85 7/
(85 [ PLO\RQ 7/
7h5(9 h5h1/(5'(1 '2ö$1 %25d/$5 6ZDS 6|]OHúPHVL )DL] %RUFX 86' 'g9ø= 9$=ø<(7ø 86'
86' [ 86' 6ZDS V|]OHúPHVLQGHQ ND\QDNODQDQ IDL] ERUFXQXQ |GHQPHVL
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
ND\Ã&#x2022;WODUÃ&#x2022;
86' PLO\RQ 7/ (85 PLO\RQ 7/
7h5(9 h5h1/(5'(1 '2ö$1 $/$&$./$5 6ZDS 6|]OHúPHVL )DL] $ODFD÷Ã&#x2022; (85 'g9ø= 9$=ø<(7ø (85 (85 [ (85
'g9ø= $/,0 6$7,0 +(6$%, (85 7/ 7h5(9 h5h1/(5'(1 '2ö$1 *(/ø5/(5 6ZDS 6|]OHúPHVL )DL] *HOLUL
(85 [ PLO\RQ 7/ 6ZDS LúOHPOHULQGHQ ND\QDNODQDQ D\OÃ&#x2022;N IDL] JHOLULQLQ ND\GÃ&#x2022;
'g9ø= 9$=ø<(7ø 86' 7h5(9 h5h1/(5'(1 '2ö$1 %25d/$5 6ZDS 6|]OHúPHVL )DL] %RUFX 86'
86' [ 86'
7h5(9 h5h1/(5'(1 '2ö$1 *ø'(5/(5 6ZDS 6|]OHúPHVL )DL] *LGHUL 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/ 6ZDS LúOHPOHULQGHQ ND\QDNODQDQ D\OÃ&#x2022;N IDL] JLGHULQLQ ND\GÃ&#x2022;
7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, 6ZDS 6|]OHúPHVL .XU )DUNODUÃ&#x2022; 7h5(9 h5h1/(5 .85 )$5., .Ã&#x2020;5/$5, 6ZDS 6|]OHúPHOHUL
6|]OHúPHGH DODFDNOÃ&#x2022; ROXQDQ (85 YH ERUoOX ROXQDQ 86'¶QLQ GH÷HUOHPHVL VRQXFX ROXúDQ QHW NXU IDUNÃ&#x2022; NkUÃ&#x2022;QÃ&#x2022;Q ND\GÃ&#x2022; $ODFDNODUÃ&#x2022;Q NXU IDUNÃ&#x2022; (85 PLO\RQ 7/ %RUoODUÃ&#x2022;Q NXU IDUNÃ&#x2022; 86' PLO\RQ 7/ .XU IDUNÃ&#x2022; NkUÃ&#x2022; PLO\RQ 7/
ND\Ã&#x2022;WODUÃ&#x2022;
86' PLO\RQ 7/ (85 PLO\RQ 7/
()(.7ø) .$6$6, (85 ()(.7ø) 9$=ø<(7ø (85
'g9ø= 9$=ø<(7ø (85 7h5(9 h5h1/(5'(1 '2ö$1 $/$&$./$5 6ZDS 6|]OHúPHVL )DL] $ODFD÷Ã&#x2022; (85
(85 [ (85 6ZDS V|]OHúPHVLQGHQ ND\QDNODQDQ IDL] DODFD÷Ã&#x2022;QÃ&#x2022;Q WDKVLOL
()(.7ø) $/,0 6$7,0 +(6$%, (85 7/ 'g9ø= $/,0 6$7,0 +(6$%, (85 7/ (85 [ PLO\RQ 7/
7h5(9 h5h1/(5'(1 '2ö$1 %25d/$5 6ZDS 6|]OHúPHVL )DL] %RUFX 86' 'g9ø= 9$=ø<(7ø 86'
86' [ 86'
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
6ZDS V|]OHúPHVLQGHQ ND\QDNODQDQ IDL] ERUFXQXQ |GHQPHVL
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, 6ZDS 6|]OHúPHVL .XU )DUNODUÃ&#x2022; 7h5(9 h5h1/(5 .85 )$5., .Ã&#x2020;5/$5, 6ZDS 6|]OHúPHOHUL
6|]OHúPHGH DODFDNOÃ&#x2022; ROXQDQ (85 YH ERUoOX ROXQDQ 86'¶QLQ GH÷HUOHPHVL VRQXFX ROXúDQ QHW NXU IDUNÃ&#x2022; NkUÃ&#x2022;QÃ&#x2022;Q ND\GÃ&#x2022; $ODFDNODUÃ&#x2022;Q NXU IDUNÃ&#x2022; (85 PLO\RQ 7/ %RUoODUÃ&#x2022;Q NXU IDUNÃ&#x2022; 86' PLO\RQ 7/ .XU IDUNÃ&#x2022; NkUÃ&#x2022; PLO\RQ 7/
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
6|]OHúPH JHUH÷L 86' ¶QLQ YHULOPHVL
((.7ø) .$6$6, (85 ()(.7ø) 9$=ø<(7ø (85
6|]OHúPH JHUH÷L (85 ¶QXQ DOÃ&#x2022;QPDVÃ&#x2022;
()(.7ø) $/,0 6$7,0 +(6$%, (85 7/ ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/ 7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, 6ZDS 6|]OHúPHVL .XU )DUNODUÕ
$OÕQDQ (85 [ PLO\RQ 7/ 9HULOHQ 86' [ PLO\RQ 7/ 'H÷LúLP NkUÕ PLO\RQ 7/ $OÕP 6DWÕP +HVDSODUÕQÕQ (YDO DV\RQX +HVDSODU (IHNWLI $OÕP 6DWÕP 86'
(IHNWLI $OÕP 6DWÕP (85
'|YL] $OÕP 6DWÕP 86'
'|YL] $OÕP 6DWÕP (85
<DEDQFÕ SDUD WXWDUÕ YD]L\HW NDODQÕ
.XU
'H÷HUOHQPLú +HVDS 7XWDU .DODQÕ
(YDO DV\RQ )DUNÕ
)DUN
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/ .85 )$5., =$5$5, ()(.7ø) $/,0 6$7,0 +(6$%, (85 7/
(85 'g9ø= 6:$3 6g=/(ù0(6ø1'(1 $/$&$./$5 7$.ø3 +(6$%, 1+ (85 'g9ø= 6:$3 6g=/(ù0(6ø1'(1 $/$&$./$5 1+
1D]ÕP KHVDSODUÕQ NDSDWÕOPDVÕ
86' 'g9ø= 6:$3 6g=/(ù0(6ø1'(1 %25d/$5 1+ 86' 'g9ø= 6:$3 6g=/(ù0(6ø1'(1 %25d/$5 7$.ø3 +(6$%, 1+
1D]ÕP KHVDSODUÕQ NDSDWÕOPDVÕ
+HVDS NDODQODUÕ VDELW NXUOD WXWXODQ KHVDSODU HYDO H HGLOPHGHQ 7DEOR
¶GDNL JLEL RODFDNWÕU
7$%/2 9 )รธ50$6,1,1 7$5รธ+รธ รธ7รธ%$5,</$ +(6$3 '85808 +HVDS
6DELW .XUOD 7XWXODQ +HVDSODU '|YL] +HVDSODUร
(IHNWLI 9D]L\HWL (85
(IHNWLI .DVDVร (85
(IHNWLI 9D]L\HWL 86'
(IHNWLI .DVDVร 86'
7ย UHY hUย QOHUGHQ 'RรทDQ $ODFDNODU (85
7ย UHY hUย QOHUGHQ 'RรทDQ %RUoODU 86'
'|YL] 9D]L\HWL (85
'|YL] 9D]L\HWL 86'
7/ h]HULQGHQ 7XWXODQ +HVDSODU 7ย UHY hUย QOHU 'HรทHUOHPH )DUNODUร (IHNWLI $Oร P 6DWร P 86'
(IHNWLI $Oร P 6DWร P (85
'|YL] $Oร P 6DWร P 86'
'|YL] $Oร P 6DWร P (85
*HOLU 7DEORVX +HVDSODUร 7ย UHY hUย QOHUGHQ 'RรทDQ *LGHUOHU 7ย UHY hUย QOHUGHQ 'RรทDQ *HOLUOHU 7ย UHY hUย QOHU .XU )DUNร .kUODUร .XU )DUNร =DUDUODUร %LOJL +HVDSODUร 1D]ร P +HVDSODU
(85 '|YL] 6ZDS 6|]OHรบPHVLQGHQ $ODFDNODU (85 '|YL] 6ZDS 6|]OHรบPHVLQGHQ $ODFDNODU 7DNLS +HVDEร 86' '|YL] 6ZDS 6|]OHรบPHVLQGHQ %RUoODU 86' '|YL] 6ZDS 6|]OHรบPHVLQGHQ %RUoODU 7DNLS +HVDEร
%RUo
$ODFDN
%RUo .DODQร
$ODFDN .DODQร
(XURยถQXQ GHรทHU ND]DQDFDรทร Qร Gย รบย QHQ 9 ILUPDVร Qร Q EX WDKPLQLQGH KDNOร
oร NPร รบ (XUR 7/ NDUรบร Vร QGD GHรทHU ND]DQร UNHQ $%' GRODUร GHรทHU
ND]DQPร รบWร U %|\OHOLNOH ILUPD V|]OHรบPH\H JLUPHNWHNL DQD DPDFร RODQ (XUR
YDUOร รทร Qร NRUXPXรบ EXQXQOD ELUOLNWH PLO\RQ 7/ JLGHUH NDUรบร Oร N PLO\RQ 7/ JHOLU ROXรบPXรบ LรบOHP PLO\RQ 7/ NkUOD NDSDQPร รบWร U
)DL] 6ZDS 6|]OHรบPHVLQLQ 0XKDVHEHOHรบWLULOPHVL
g51(. 5LVNWHQ .RUXQPD $PDFร \OD <DSร ODQ )DL] 6ZDS 6|]OHรบPHVL
6HOYL 6
$ LรบOHWPHVL 7HPPX] WDULKLQGH $%' GRODUร QRPLQDO GHรทHUOL
VDELW IDL]OL LNL \ร O YDGHOL . LรบOHWPHVL WDKYLOOHULQGHQ VDWร Q DOPร รบWร U 7DKYLO
IDL]OHUL KHU DOWร D\GD ELU |GHQPHNWHGLU %X WDKYLOOHUL VDWร Q DODELOPHN LoLQ <
EDQNDVร QGDQ /รธ%25 GHรทLรบNHQ IDL]OL YH LNL \ร O YDGHOL $%'
GRODUÕ NUHGL DOPÕúWÕU .UHGL IDL]OHUL KHU DOWÕ D\GD ELU |GHQHFHNWLU 7HPPX]
WDULKLQGH /ø%25 ¶W U $ LúOHWPHVL /,%25¶GD PH\GDQD JHOHFHN
DUWÕú VRQXFX QHW IDL] ND]DQFÕQGD ROXúDFDN
IDL] ND\EÕ ULVNLQH NDUúÕ NRUXQPDN LVWHPHNWHGLU %X DPDoOD D\QÕ WDULKWH =
VZDS EDQNDVÕ LOH $%' GRODUÕ QRPLQDO GH÷HU ]HULQGHQ LNL \ÕO YDGHOL
IDL] VZDS V|]OHúPHVL \DSPÕúWÕU 6|]OHúPH JHUH÷L $ LúOHWPHVL = EDQNDVÕQD VDELW IDL] |GH\HFHN YH = EDQNDVÕQGDQ /,%25 GH÷LúNHQ IDL]L
WDKVLO HGHFHNWLU )DL] |GHPHOHUL KHU DOWÕ D\GD ELU \DSÕODFDNWÕU
D\OÕN G|QHPOHU LWLEDUÕ\OD /ø%25 RUDQODUÕ YH $%' GRODUÕ úX úHNLOGH JHUoHNOHúPLúWLU
7HPPX]
$UDOÕN
7HPPX] $UDOÕN
7HPPX]
$%' 'RODUÕ
/ø%25
0LO\RQ 7/
7HPPX]
()(.7ø) .$6$6, 86' $/,1$1 %$1.$ .5('ø/(5ø1'(1 %25d/$5 +(6$%, 86'
7$+9ø//(5 +(6$%, 86' ()(.7ø) .$6$6, 86'
< %DQNDVÕQGDQ 86' NUHGLQLQ DOÕQPDVÕ 86' . LúOHWPHVL WDKYLOOHULQLQ VDWÕQ DOÕQPDVÕ
)$ø= 6:$3 6g=/(ù0(6ø1'(1 $/$&$./$5 1+ )$ø= 6:$3 6g=/(ù0(6ø1'(1 %25d/$5 1+
)DL] 6ZDS V|]OHúPHVLQLQ QD]ÕP KHVDSODUD ND\GÕ
$UDOÕN
()(.7ø) .$6$6, 86' ()(.7ø) 9$=ø<(7ø 86'
86' [ [ 86' . LúOHWPHVL VDELW IDL]OL WDKYLOOHULQLQ D\OÕN IDL]OHULQLQ WDKVLO HGLOPHVL
()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/ )$ø= *(/ø5/(5ø
86' [ PLO\RQ 7/
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
86' [ [ 86' < EDQNDVÕQGDQ DOÕQDQ GH÷LúNHQ IDL]OL NUHGLQLQ D\OÕN IDL] |GHPHVL
)$ø= *ø'(5/(5ø ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
86' [ PLO\RQ 7/
86' [
[ 86' 6ZDS V|]OHúPHVL JHUH÷L = EDQNDVÕQD |GHQHFHN VDELW IDL] JLGHUL LOH WDKVLO HGLOHFHN IDL] JHOLULQLQ QHW IDL] WXWDUÕQÕQ |GHQPHVL
7h5(9 h5h1/(5'(1 '2ö$1 *ø'(5/(5 )DL] 6ZDS 6|]OHúPHVL )DL] *LGHUOHUL ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
$OÕP 6DWÕP +HVDSODUÕQÕQ (YDO DV\RQX <DEDQFÕ SDUD 'H÷HUOHQPLú +HVDS +HVDSODU WXWDUÕ YD]L\HW .XU 7XWDU .DODQÕ NDODQÕ (IHNWLI $OÕP 6DWÕP 86'
6DELW .XUOD 7XWXODQ +HVDSODUÕQ (YDO DV\RQX 'H÷HUOHQPLú +HVDSODU .DODQ .XU 7XWDU 7DKYLOOHU +HVDEÕ (IHNWLI .DVDVÕ 86'
$OÕQDQ .UHGLOHUGHQ %RUoODU (IHNWLI 9D]L\HWL 86'
)DUN
)DUN
7$+9ø//(5 +(6$%, ()(.7ø) .$6$6, 86' $/,1$1 .5('ø/(5'(1 %25d/$5 ()(.7ø) 9$=ø<(7ø 86'
9D]L\HW KHVDEÕ LOH DOÕP VDWÕP KHVDEÕ NRPSDQVH HGLOGLNWHQ VRQUD NDODQ
KHVDSODUÕQ GXUXPX 7DEOR ¶GHNL JLELGLU
7$%/2 $ øù/(70(6ø1ø1 ø7ø%$5,</$ +(6$3/$5, 0ø/<21 7/ %RUo .DODQÕ
+HVDS $ %LODQoR +HVDSODUÕ
7DKYLOOHU +HVDEÕ 86'
$OÕQDQ %DQND .UHGLOHULQGHQ %RUoODU 86'
(IHNWLI .DVDVÕ 86'
% *HOLU 7DEORVX +HVDSODUÕ )DL] *HOLUOHUL
)DL] *LGHUOHUL 7 UHY hU QOHUGHQ 'R÷DQ *LGHUOHU
& %LOJL +HVDSODUÕ 1D]ÕP +HVDSODU
)DL] 6ZDS 6|]OHúPHVLQGHQ $ODFDNODU )DL] 6ZDS 6|]OHúPHVLQGHQ %RUoODU
$ODFDN .DODQÕ
2FDN ND\ÕWODUÕ
()(.7ø) 9$=ø<(7ø 86' $/,1$1 .5('ø/(5'(1 %25d/$5 86' ()(.7ø) .$6$6, 86' 7$+9ø//(5 +(6$%, 86'
6DELW NXUOD WXWXODQ KHVDSODUÕQ G|YL] KHVDSODUÕ HYDO DV\RQ LSWDOL
7HPPX] ND\ÕWODUÕ
()(.7ø) .$6$6, 86' ()(.7ø) 9$=ø<(7ø 86'
86' [ [ 86' . LúOHWPHVL VDELW IDL]OL WDKYLOOHULQLQ D\OÕN IDL]OHULQLQ WDKVLO HGLOPHVL
()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/ )$ø= *(/ø5/(5ø
86' [ PLO\RQ 7/
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
86' [ [ 86' < EDQNDVÃ&#x2022;QGDQ DOÃ&#x2022;QDQ GH÷LúNHQ IDL]OL NUHGLQLQ D\OÃ&#x2022;N IDL] |GHPHVL
)$ø= *ø'(5/(5ø ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
86' [
[ 86' 6ZDS V|]OHúPHVL JHUH÷L = EDQNDVÃ&#x2022;QD |GHQHFHN VDELW IDL] JLGHUL LOH WDKVLO HGLOHFHN IDL] JHOLULQLQ QHW IDL] WXWDUÃ&#x2022;QÃ&#x2022;Q |GHQPHVL
7h5(9 h5h1/(5'(1 '2ö$1 *ø'(5/(5 )DL] 6ZDS 6|]OHúPHVL )DL] *LGHUOHUL ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/ 86' [ PLO\RQ 7/
$UDOÃ&#x2022;N ND\Ã&#x2022;WODUÃ&#x2022;
()(.7ø) .$6$6, 86' ()(.7ø) 9$=ø<(7ø 86'
86' [ [ 86' . LúOHWPHVL VDELW IDL]OL WDKYLOOHULQLQ D\OÃ&#x2022;N IDL]OHULQLQ WDKVLO HGLOPHVL
()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/ )$ø= *(/ø5/(5ø
86' [ PLO\RQ 7/
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
86' [ [ 86' < EDQNDVÃ&#x2022;QGDQ DOÃ&#x2022;QDQ GH÷LúNHQ IDL]OL NUHGLQLQ D\OÃ&#x2022;N IDL] |GHPHVL
)$ø= *ø'(5/(5ø ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
86' [
[ 86' 6ZDS V|]OHúPHVL JHUH÷L = EDQNDVÕQD |GHQHFHN VDELW IDL] JLGHUL LOH WDKVLO HGLOHFHN IDL] JHOLULQLQ QHW IDL] WXWDUÕQÕQ |GHQPHVL
7h5(9 h5h1/(5'(1 '2ö$1 *ø'(5/(5 )DL] 6ZDS 6|]OHúPHVL )DL] *LGHUOHUL ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
+HVDSODU (IHNWLI $OÕP 6DWÕP 86'
$OÕP 6DWÕP +HVDSODUÕQÕQ (YDO DV\RQX <DEDQFÕ SDUD 'H÷HUOHQPLú +HVDS WXWDUÕ YD]L\HW .XU 7XWDU .DODQÕ NDODQÕ
)DUN
()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/ .85 )$5., .$5/$5,
6DELW .XUOD 7XWXODQ +HVDSODUÕQ (YDO DV\RQX 'H÷HUOHQ +HVDSODU .DODQ .XU )DUN PLú 7XWDU 7DKYLOOHU +HVDEÕ (IHNWLI .DVDVÕ 86'
$OÕQDQ .UHGLOHUGHQ %RUoODU (IHNWLI 9D]L\HWL 86'
7$+9ø//(5 +(6$%, ()(.7ø) .$6$6, 86' $/,1$1 .5('ø/(5'(1 %25d/$5 ()(.7ø) 9$=ø<(7ø 86'
'|QHP IDUNÕ J|] DUGÕ HGLOGL÷LQGH YD]L\HW KHVDEÕ LOH DOÕP VDWÕP KHVDEÕ
NRPSDQVH HGLOGLNWHQ VRQUD NDODQ KHVDSODUÕQ GXUXPX 7DEOR ¶GHNL JLELGLU
7$%/2 $ øù/(70(6ø1ø1 ø7ø%$5,</$ +(6$3/$5, 0ø/<21 7/ %RUo .DODQÕ
+HVDS $ %LODQoR +HVDSODUÕ
7DKYLOOHU +HVDEÕ 86'
$OÕQDQ %DQND .UHGLOHULQGHQ %RUoODU 86'
(IHNWLI .DVDVÕ 86'
% *HOLU 7DEORVX +HVDSODUÕ )DL] *HOLUOHUL
)DL] *LGHUOHUL 7 UHY hU QOHUGHQ 'R÷DQ *LGHUOHU .XU )DUNÕ .kUODUÕ
& %LOJL +HVDSODUÕ 1D]ÕP +HVDSODU
$ODFDN .DODQÕ
)DL] 6ZDS 6|]OHúPHVLQGHQ $ODFDNODU )DL] 6ZDS 6|]OHúPHVLQGHQ %RUoODU
2FDN ND\ÕWODUÕ
()(.7ø) 9$=ø<(7ø 86' $/,1$1 .5('ø/(5'(1 %25d/$5 86' ()(.7ø) .$6$6, 86' 7$+9ø//(5 +(6$%, 86'
6DELW NXUOD WXWXODQ KHVDSODUÕQ G|YL] KHVDSODUÕ HYDO DV\RQ LSWDOL
7HPPX] ND\ÕWODUÕ
()(.7ø) .$6$6, 86' ()(.7ø) 9$=ø<(7ø 86'
86' [ [ 86' . LúOHWPHVL VDELW IDL]OL WDKYLOOHULQLQ D\OÕN IDL]OHULQLQ WDKVLO HGLOPHVL
()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/ )$ø= *(/ø5/(5ø 86' [ PLO\RQ 7/
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
86' [ [ 86' < EDQNDVÃ&#x2022;QGDQ DOÃ&#x2022;QDQ GH÷LúNHQ IDL]OL NUHGLQLQ D\OÃ&#x2022;N IDL] |GHPHVL
)$ø= *ø'(5/(5ø ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
86' [
[ 86' 6ZDS V|]OHúPHVL JHUH÷L = EDQNDVÃ&#x2022;QD |GHQHFHN VDELW IDL] JLGHUL LOH WDKVLO HGLOHFHN IDL] JHOLULQLQ QHW IDL] WXWDUÃ&#x2022;QÃ&#x2022;Q |GHQPHVL
7h5(9 h5h1/(5'(1 '2ö$1 *ø'(5/(5 )DL] 6ZDS 6|]OHúPHVL )DL] *LGHUOHUL ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/
7HPPX] WDULKLQGH . LúOHWPHVLQGHQ DOÃ&#x2022;QDQ WDKYLOOHULQ DQDSDUDODUÃ&#x2022;QÃ&#x2022;Q
WDKVLOL < EDQNDVÃ&#x2022;QGDQ DOÃ&#x2022;QDQ NUHGLQLQ JHUL |GHPHVL YH = EDQNDVÃ&#x2022; LOH \DSÃ&#x2022;ODQ
IDL] VZDS V|]OHúPHVLQLQ NDSDWÃ&#x2022;OPDVÃ&#x2022;QD LOLúNLQ PXKDVHEH ND\Ã&#x2022;WODUÃ&#x2022; DúD÷Ã&#x2022;GDNL
JLELGLU
()(.7ø) .$6$6, 86' 7$+9ø//(5 +(6$%, 86'
. LúOHWPHVL WDKYLOOHULQLQ DQDSDUDVÃ&#x2022;QÃ&#x2022;Q WDKVLOL
$/,1$1 %$1.$ .5('ø/(5ø1'(1 %25d/$5 +(6$%, 86' ()(.7ø) .$6$6, 86'
< EDQNDVÃ&#x2022;QGDQ DOÃ&#x2022;QDQ NUHGLQLQ JHUL |GHQPHVL
)$ø= 6:$3 6g=/(ù0(6ø1'(1 %25d/$5 1+ )$ø= 6:$3 6g=/(ù0(6ø1'(1 $/$&$./$5 1+
)DL] VZDS V|]OHúPHVLQH LOLúNLQ QD]Ã&#x2022;P KHVDSODUÃ&#x2022;Q NDSDWÃ&#x2022;OPDVÃ&#x2022;
+HVDSODU (IHNWLI $OÕP 6DWÕP 86'
$OÕP 6DWÕP +HVDSODUÕQÕQ (YDO DV\RQX <DEDQFÕ SDUD 'H÷HUOHQPLú WXWDUÕ YD]L\HW .XU 7XWDU NDODQÕ
6 7 8 8 8
9 : ; 8 <
=(7 < > ?
+HVDS .DODQÕ
)DUN
9 9 7 8 ; <
@A9 7 9 = B
.85 )$5., =$5$5/$5, ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/
6DELW .XUOD 7XWXODQ +HVDSODUÕQ (YDO DV\RQX 'H÷HUOHQ +HVDSODU .DODQ .XU PLú 7XWDU (IHNWLI .DVDVÕ 86'
(IHNWLI 9D]L\HWL 86'
)DUN
()(.7ø) .$6$6, 86' ()(.7ø) 9$=ø<(7ø 86'
'|QHP IDUNÕ J|] DUGÕ HGLOGL÷LQGH YD]L\HW KHVDEÕ LOH DOÕP VDWÕP KHVDEÕ
NRPSDQVH HGLOGLNWHQ VRQUD NDODQ KHVDSODUÕQ GXUXPX 7DEOR ¶GHNL JLELGLU 7$%/2 $ øù/(70(6ø1ø1 ø7ø%$5,</$ +(6$3/$5, 0ø/<21 7/
+HVDS $ %LODQoR +HVDSODUÕ
C D E FHG I D J K L K L(MONQP R SUT
% *HOLU 7DEORVX +HVDSODUÕ [ K I \ ] E ^ I _ ^ E _ I
[ K I \ ]bI c E _ ^ E _ I f(g g j j j _ E h i _ ^ E _ c E Slk m K ]nI c E _ ^ E _ J,p _ [ K _ F MqJ r _ ^ K _2M J,p _ [ K _ F Mts K _ K _ ^ K _2M
$ODFDN .DODQÕ
V(W X Y Z
d e e,W e a!d o e o(W ` a!d u W u V e ` Y Z,W V Y Z
%RUo .DODQÕ
` Y Z(W Y a a d Y Z
` Y Z(W V Y Z
$ LúOHWPHVL DOWÕúDU D\OÕN G|QHPOHU LWLEDUÕ\OD QHW IDL] ND]DQFÕQÕ
$%' 'RODUÕQD VDELWOHPLú YH IDL] VZDS V|]OHúPHVLQH WDUDI ROPDNOD RODQ PHYFXW QHW IDL] ND]DQFÕQÕ = EDQNDVÕQD EHGHO |GH\HUHN ULVNWHQ
NRUXPXú ROPDNWD YH /,%25¶GDNL GH÷LúPH QH ROXUVD ROVXQ LNL \ÕO V UH\OH QHW
¶OLN VDELW ELU ND]DQFÕQÕ JDUDQWL DOWÕQD DOPÕú ROPDNWDGÕU +HU QH NDGDU $
LúOHWPHVLQLQ /,%25¶GD DUWÕú EHNOHQWLVL JHUoHNOHúPHPLú YH LúOHWPH H÷HU W UHY
V|]OHúPHVLQH JLUPHPLú ROVD GDKD ID]OD NkU HOGH HGHELOHFHNVH GH
WDULKOHUL DUDVÕQGD DOWÕúDU D\OÕN G|QHPOHU LWLEDUÕ\OD /,%25¶GD
PH\GDQD JHOHFHN DUWÕúODU VRQXFX ROXúDFDN IDL] ULVNLQGHQ NRUXQPXúWXU øúOHWPHQLQ DOWÕúDU D\OÕN G|QHPOHU LWLEDUÕ\OD HOGH HWWL÷L QHW IDL] WXWDUODUÕ 7DEOR
¶GH VXQXOPXúWXU
7$%/2 )$ø= 6:$3 6g=/(ù0(6ø1'(1 '2ö$1 'g1(0 )$ø= .$=$1d/$5, )$ø= .$=$1d 9( .$<,3/$5, $%' 'RODUÕ
7DKVLO HGLOHQ WDKYLO IDL] JHOLUL gGHQHQ NUHGL IDL] JLGHUL )DL] VZDS Õ IDL] JHOLUL JLGHUL
$OWÕ D\OÕN QHW IDL] ND]DQFÕ
)$ø= .$=$1d 9( .$<,3/$5, 0LO\RQ 7/
7DKVLO HGLOHQ WDKYLO IDL] JHOLUL gGHQHQ NUHGL IDL] JLGHUL )DL] VZDS Õ IDL] JHOLUL JLGHUL
$OWÕ D\OÕN QHW IDL] ND]DQFÕ
)XWXUHV 6|]OHúPHOHUL
)XWXUHV V|]OHúPHOHUL RUJDQL]H ERUVDODUGD LúOHP J|UHQ YH DOÕFÕ WDUDIÕ
G|YL] IDL] PDO JLEL EHOLUOL ELU ILQDQVDO YDUOÕ÷Õ EHOLUOL ELU WDULKWH V|]OHúPHQLQ
\DSÕOGÕ÷Õ WDULKWH EHOLUOHQHQ IL\DWWDQ VDWÕQ DOPD\D PHFEXU WXWDQ VWDQGDUW
V|]OHúPHOHUGLU 6|]OHúPH\H WDUDI RODQ VDWÕFÕ GD LOJLOL ILQDQVDO YDUOÕ÷Õ WHVOLP
HWPHNOH \ N PO G U 6HOYL V 6|]OHúPH WDULKLQGH KHU ELU
V|]OHúPH LoLQ |QFHGHQ EHOLUOHQPLú VWDQGDUW ELU LúOHP EHGHOLQLQ ERUVD\D
|GHQPHVL V|] NRQXVXGXU )XWXUHV V|]OHúPHOHULQGH IL\DWÕQ GÕúÕQGDNL W P NDSVDP YH |]HOOLNOHU VWDQGDUW KDOH JHWLULOLU )XWXUHV V|]OHúPHOHULQLQ IRUZDUG
V|]OHรบPHOHUGHQ IDUNร EX VWDQGDUW KDOH JHWLULOPLรบ V|]OHรบPH DOร P VDWร P
LรบOHPLQLQ RUJDQL]H SL\DVDODUGD \DSร OPDVร WDUDIODU DUDVร QGDNL GHรทLรบLP
LรบOHPLQLQ D\Uร ELU WDNDV RGDVร QGD JHUoHNOHรบWLULOPHVL YH WDNDV RGDVร Qร Q EX
V|]OHรบPHGH ELU JDUDQW|U UROย R\QDPDVร Gร U <ย Noย YH <ย FHO V
2UJDQL]H ELU ERUVDQร Q YDUOร รทร LรบOHPOHULQ Jย YHQ RUWDPร LoLQGH \DSร OPDVร Qร VDรทODU 7DUDIODUร Q V|]OHรบPH รบDUWODUร Qร Q \HULQH JHWLULOPH WDULKLQGH |GHPH
Jย oOย รทย \ย ]ย QGHQ WDDKKย Gย \HULQH JHWLUHPHPHVL KDOLQGH WDNDV RGDVร
GHYUH\H JLUHU %ย Wย Q DOร P VDWร P LรบOHPOHUL WDNDV RGDVร DUDFร Oร รทร \OD \HULQH
JHWLULOLU 7DNDV RGDVร DOร Fร YH VDWร Fร DUDVร QGD EDรทODQWร NXUDU YH KHU LรบOHP
Jย Qย Qย Q VRQXQGD ย \HOHULQLQ ND]DQo YH ND\ร SODUร Qร KHVDSODU <ย Noย YH <ย FHO
V h\HOHU V|]OHรบPHQLQ \DSร OGร รทร WDULKWH EHOLUOL ELU WXWDUGD EDรบODQJร o
WHPLQDWร \DWร Uร UODU +HU V|]OHรบPH LoLQ EX WHPLQDWร Q ELU DOW OLPLWL YDUGร U YH
JHQHOOLNOH V|]OHรบPH GHรทHULQLQ LOH ยถX DUDVร QGD ELU GHรทHUGLU 7HPLQDW
PLNWDUร Jย QOย N QDNLW DNร รบODUร VRQXFXQGD EX WXWDUร Q DOWร QD Gย รบHUVH LOJLOL WDUDID
WHPLQDW oDรทUร Vร \DSร Oร U YH V|]OHรบPH VDKLELQLQ GHSR]LWRVXQX QDNLW YH\D QDNLW
EHQ]HUL ELU ILQDQVDO YDUOร NOD EX WXWDUD WDPDPODPDVร LVWHQLU 7HPLQDW oDรทUร ODUร
JHUoHNOHรบWLNoH DOร Fร YH\D VDWร Fร WDUDI EHOOL PLNWDUGD ]DUDUร NDEXO HGHUHN YDGH
VRQXQD NDGDU EHNOHPHGHQ KHVDEร Qร NDSDWDELOPHNWHGLU %XQD NDUรบร Q V|]OHรบPHGHNL IL\DW DUWร รบร QHGHQL\OH ELU NkU V|] NRQXVX ROXU LVH EX NkU
Pย รบWHULQLQ WHPLQDW KHVDEร QD HNOHQLU 6HOYL V 7HPLQDW SDUD
RODUDN \DWร Uร ODELOHFHรทL JLEL NDEXO HGLOHELOLU ELU PHQNXO Nร \PHWLQ UHKLQ HGLOPHVL
รบHNOLQGH GH RODELOLU %X GXUXPGD EX Nร \PHWOHU QD]ร P KHVDSODUGD L]OHQLU
7HPLQDW RODUDN WXWXODQ PHQNXO Nร \PHWOHULQ KHU Wย UOย ND]DQo YH ND\ร SODUร GLรทHU
WHPLQDWODUGD ROGXรทX JLEL UHKLQ HGHQH DLW ROXU 7HQ]HU YH 6HYLOHQJย O
%X oDOร รบPDGD G|YL] IXWXUHV V|]OHรบPHVL ย ]HULQGH GXUXODFDNWร U
'|YL] IXWXUHV V|]OHรบPHOHUL EHOLUOL ELU G|YL]L JHOHFHNWHNL EHOLUOL ELU
WDULKWH V|]OHรบPHQLQ \DSร OGร รทร WDULKWH EHOLUOHQHQ NXUGDQ VDWร Q DODQ WDUDIร VDWร Q
DOPD\D YH VDWDQ WDUDIร GD VDWPD\D PHFEXU WXWDQ VWDQGDUW ELU V|]OHรบPHGLU 2UJDQL]H SL\DVDGD LรบOHP J|UHQ G|YL]LQ FLQVL Vร Qร UOร Gร U 6|]OHรบPH WDULKLQGH
V|]OHรบPH\H NRQX RODQ G|YL] WXWDUร WDUDIODUร Q YDUOร NODUร QGD YH\D ERUoODUร QGD
JHUoHN ELU DUWร รบ YH\D D]DOร รบ \DUDWPDGร รทร QGDQ EX Wย U V|]OHรบPHOHU รบDUWD EDรทOร
ELU \ย Nย POย Oย N ROXS ELODQoR Gร รบร QGD QD]ร P KHVDSODUGD WDNLS HGLOLU 'LรทHU
WDUDIWDQ G|YL] IXWXUHV V|]OHรบPHOHULQLQ KHU LNL WDUDI LoLQ GH EDรทOD\ร Fร ROPDVร
RUJDQL]H ERUVDGD LรบOHP J|UGย NOHULQGHQ KHU ]DPDQ ELU SL\DVD IL\DWร Qร Q
PHYFXW ROPDVร YDGH VRQX JHOPHGHQ LVWHQLOGLรทL ]DPDQ NROD\FD VDWร ODELOLU
ROPDVร YH ERUVDQร Q JDUDQW|U ROPDVร QHGHQOHULQGHQ GROD\ร G|YL] IRUZDUG
V|]OHรบPHOHULQGH ROGXรทX JLEL EX V|]OHรบPHOHU GH SL\DVD IL\DWODUร LOH ELODQoRGD
J|VWHULOHELOLU 6HOYL V 806 EX LรบOHPOHUGHQ GRรทDFDN NkU \D GD
]DUDUODUร Q ELODQoR LoLQGH J|VWHULOPHVL JHUHNWLรทLQL EHOLUWPLรบWLU )XWXUHV
V|]OHรบPHOHULQGH GH GLรทHU Wย UHY ย Uย QOHU JLEL UD\Lo GHรทHU ULVNLQGHQ NRUXQPDN
LoLQ ULVNWHQ NRUXQPD DUDFร Qร Q UD\Lo GHรทHUH J|UH GHรทHUOHPHVLQGHQ GRรทDQ NkU
\D GD ]DUDUร Q ROXรบWXรทX DQGD NkU ]DUDU ND\GHGLOPHVLQL YH ULVNWHQ NRUXQDQ
NDOHPH LOLรบNLQ ULVN VRQXFX RUWD\D oร NDQ NkU \D GD ]DUDUร Q EX NDOHPLQ GHIWHU
GHรทHULQH \DQVร Wร OPDVร Qร YH ROXรบWXรทX DQGD NkU ]DUDU WDEORVXQD ND\GHGLOPHVLQL |QJ|UPย รบWย U (รทHU V|] NRQXVX ULVN QDNLW DNร P ULVNL LVH HWNLQ RODUDN
QLWHOHQGLULOHQ ELU ULVNWHQ NRUXQPD LรบOHPLQGH ULVNWHQ NRUXQPD DUDFร QGDQ ND\QDNODQDQ NkU \D GD ]DUDUร Q |]ND\QDNODU DOWร QGD ND\GHGLOPHVLQL HWNLQ
RODUDN QLWHOHQGLULOPH\HQ Nร VPร QGD ULVNWHQ NRUXQPD DUDFร ELU Wย UHY ย Uย Q LVH NkU ]DUDUGD GHรทLOVH ILQDQVDO YDUOร รทร Q Wย Uย QH EDรทOร RODUDN PXKDVHEHOHรบWLULOHFHรทLQL
|QJ|UPย รบWย U
'|YL] )XWXUHV 6|]OHรบPHOHULQLQ 0XKDVHEHOHรบWLULOPHVL
g51(. 5LVNWHQ .RUXQPDN $PDFร \OD <DSร ODQ '|YL] )XWXUHV
6|]OHรบPHVL 6HOYL 6
$ LรบOHWPHVL .DVร P WDULKLQGH $OPDQ\DยถGDNL % LรบOHWPHVLQGHQ
(XUR WXWDUร QGD YH G|UW D\ VRQUD |GHQPHN ย ]HUH PDO DOPร รบWร U 9DUOร NODUร $%'
GRODUร Dรทร UOร NOร RODQ รบLUNHW $%' GRODUร Qร Q (XUR NDUรบร Vร QGD GHรทHU ND\Eร QD NDUรบร
D\Qร WDULKWH FDUL NXU (85 86'ยถGHQ (XUR IXWXUHV V|]OHรบPHVL VDWร Q
DOPร รบWร U %DรบODQJร o WHPLQDWร $%' GRODUร YH V|]OHรบPH EHGHOL $%'
GRODUร Gร U 7DNDV RGDVร QH]GLQGHNL WHPLQDWร Q EDรบODQJร o WHPLQDWร Qร Q ยถLQLQ
DOWร QD Gย รบPHVLQL LVWHPHPHNWHGLU &DUL SDULWH YH NXUODU (85 86'
(85 PLO\RQ 7/
86' PLO\RQ 7/ RODUDN JHUoHNOHรบPLรบWLU
.DVÃ&#x2022;P ND\Ã&#x2022;WODUÃ&#x2022;
'g9ø= 9$=ø<(7ø (85 <857 ',ù, %25d/$5 +(6$%, (85
7ø&$5ø 0$//$5 +(6$%, 'g9ø= $/,0 6$7,0 +(6$%, (85 7/
(85 [ <XUWGÃ&#x2022;úÃ&#x2022;QGDQ WLFDUL PDO DOÃ&#x2022;úÃ&#x2022;
'g9ø= )8785(6 6g=/(ù0(6ø1'(1 $/$&$./$5 1+ 'g9ø= )8785(6 6g=/(ù0(6ø1'(1 %25d/$5 +(6$%, 1+
(85 DOÃ&#x2022;PÃ&#x2022; LoLQ \DSÃ&#x2022;ODQ G|YL] IXWXUHV V|]OHúPHVLQLQ QD]Ã&#x2022;P KHVDSODUD ND\GÃ&#x2022;
'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86' ()(.7ø) .$6$6, 86'
86' WXWDUÃ&#x2022;QGDNL EDúODQJÃ&#x2022;o WHPLQDWÃ&#x2022;QÃ&#x2022;Q |GHQPHVL
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
86' WXWDUÃ&#x2022;QGDNL V|]OHúPH EHGHOLQLQ |GHQPHVL
7h5(9 h5h1/(5'(1 '2ö$1 *ø'(5/(5 '|YL] )XWXUHV 6|]OHúPH *LGHUOHUL ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/ WXWDUÃ&#x2022;QGDNL V|]OHúPH EHGHOLQLQ |GHQPHVL
$UDOÃ&#x2022;N ND\Ã&#x2022;WODUÃ&#x2022;
0DUW YDGHOL (XUR IXWXUHV V|]OHúPHOHULQLQ IL\DWÃ&#x2022; (85 86' FDUL
NXU 86' PLO\RQ 7/ RODUDN JHUoHNOHúPLúWLU
'g9ø= 9$=ø<(7ø 86' 'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86'
(85 [ 86'
7h5(9 h5h1/(5 .85 )$5., =$5$5/$5, '|YL] )XWXUHV 6|]OHúPHOHUL 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/ $UDOÕN WDULKLQGH JHUoHNOHúHQ IXWXUHV IL\DWODUÕ oHUoHYHVLQGH ROXPVX] NXU IDUNÕQÕQ ND\GÕ
'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86' ()(.7ø) .$6$6, 86'
86' WXWDUÕQGDNL EDúODQJÕo WHPLQDWÕQÕQ 86' WXWDUÕQGDNL ROXPVX] NXU IDUNÕQGDQ GROD\Õ ¶LQ DOWÕQD G úPHVL VRQXFX WHPLQDWÕQ WHNUDU 86' ¶\H oÕNDUÕOPDVÕ
$UDOÕN ND\ÕWODUÕ
0DUW YDGHOL (XUR IXWXUHV V|]OHúPHOHULQLQ IL\DWÕ (85 86' FDUL
NXU 86' PLO\RQ 7/ RODUDN JHUoHNOHúPLúWLU
'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86' 'g9ø= 9$=ø<(7ø 86'
(85 [ 86'
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ 7h5(9 h5h1/(5 .85 )$5., .Æ5/$5, '|YL] )XWXUHV 6|]OHúPHOHUL
86' [ PLO\RQ 7/ $UDOÕN WDULKLQGH JHUoHNOHúHQ IXWXUHV IL\DWODUÕ oHUoHYHVLQGH ROXPOX NXU IDUNÕQÕQ ND\GÕ
$UDOÕN ND\ÕWODUÕ
0DUW YDGHOL (XUR IXWXUHV V|]OHúPHVL NXUX GH÷LúPHPLú (85
86' FDUL NXU 86' PLO\RQ 7/ (85 PLO\RQ 7/ RODUDN
JHUoHNOHúPLúWLU
+HVDSODU (IHNWLI $OÕP 6DWÕP 86'
'|YL] $OÕP 6DWÕP (85
'|YL] $OÕP 6DWÕP 86'
$OÕP 6DWÕP +HVDSODUÕQÕQ (YDO DV\RQX <DEDQFÕ SDUD 'H÷HUOHQPLú .XU WXWDUÕ YD]L\HW 7XWDU NDODQÕ
+HVDS .DODQÕ
)DUN
(YDO DV\RQ )DUNÕ
()(.7ø) $/,0 6$7,0 +(6$%, 86' .85 )$5., =$5$5/$5, 'g9ø= $/,0 6$7,0 +(6$%, (85 7/ 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
6DELW .XUOD 7XWXODQ +HVDSODUÕQ (YDO DV\RQX 'H÷HUOHQPLú +HVDSODU .DODQ .XU 7XWDU (IHNWLI 9D]L\HWL 86'
'|YL] )XWXUHV 6|]OHúPHVL 7HPLQDWÕ 86'
'|YL] 9D]L\HWL (85
'|YL] )XWXUHV 6|]OHúPHVLQGHQ $ODFDNODU 1+
(IHNWLI .DVDVÕ 86'
<XUW 'ÕúÕ %RUoODU (85
'|YL] 9D]L\HWL 86'
'|YL] )XWXUHV 6|]OHúPHVLQGHQ %RUoODU 1+
)DUN
()(.7ø) 9$=ø<(7ø 86' 'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86' 'g9ø= 9$=ø<(7ø (85 'g9ø= )8785(6 6g=/(ù0(6ø1'(1 $/$&$./$5 1+ ()(.7ø) .$6$6, 86' <857 ',ù, %25d/$5 +(6$%, 'g9ø= 9$=ø<(7ø 86' 'g9ø= )8785(6 6g=/(ù0(6ø1'(1 %25d/$5
9D]L\HW KHVDEÕ LOH DOÕP VDWÕP KHVDEÕ NRPSDQVH HGLOGLNWHQ VRQUD NDODQ
KHVDSODUÕQ GXUXPX 7DEOR ¶GHNL JLELGLU
7$%/2 $ øù/(70(6ø1ø1 ø7ø%$5,</$ +(6$3/$5, 0ø/<21 7/ %RUo .DODQÕ
+HVDS $ %LODQoR +HVDSODUÕ
% *HOLU 7DEORVX +HVDSODUÕ
& %LOJL +HVDSODUÕ 1D]ÕP +HVDSODU
7LFDUL 0DOODU +HVDEÕ <XUW 'ÕúÕ %RUoODU +HVDEÕ (85
(IHNWLI .DVDVÕ 86'
'|YL] )XWXUHV 6|]OHúPHVL 7HPLQDW +HVDEÕ 86'
7 UHY hU QOHU .XU )DUNÕ .kUODUÕ 7 UHY hU QOHU .XU )DUNÕ =DUDUODUÕ 7 UHY hU QOHUGHQ 'R÷DQ *LGHUOHU .XU )DUNÕ =DUDUODUÕ
'|YL] )XWXUHV 6|]OHúPHVLQGHQ $ODFDNODU '|YL] )XWXUHV 6|]OHúPHVLQGHQ %RUoODU
$ODFDN .DODQÕ
2FDN ND\ÕWODUÕ
()(.7ø) .$6$6, 86' <857 ',ù, %25d/$5 +(6$%, 'g9ø= 9$=ø<(7ø 86' 'g9ø= )8785(6 6g=/(ù0(6ø1'(1 %25d/$5 ()(.7ø) 9$=ø<(7ø 86' 'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86' 'g9ø= 9$=ø<(7ø (85 'g9ø= )8785(6 6g=/(ù0(6ø1'(1 $/$&$./$5 1+
6DELW NXUOD WXWXODQ KHVDSODUÕQ G|YL] KHVDSODUÕ HYDO DV\RQ LSWDOL
2FDN ND\ÕWODUÕ
0DUW YDGHOL (XUR IXWXUHV V|]OHúPHOHULQLQ IL\DWÕ (85 86' FDUL
NXU 86' PLO\RQ 7/ RODUDN JHUoHNOHúPLúWLU
'g9ø= 9$=ø<(7ø 86' 'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86'
(85 [ 86'
7h5(9 h5h1/(5 .85 )$5., =$5$5/$5, '|YL] )XWXUHV 6|]OHúPHOHUL 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/ 2FDN WDULKLQGH JHUoHNOHúHQ IXWXUHV IL\DWODUÃ&#x2022; oHUoHYHVLQGH ROXPVX] NXU IDUNÃ&#x2022;QÃ&#x2022;Q ND\GÃ&#x2022;
ùXEDW ND\Ã&#x2022;WODUÃ&#x2022;
0DUW YDGHOL (XUR IXWXUHV V|]OHúPHOHULQLQ IL\DWÃ&#x2022; (85 86' FDUL
NXU 86' PLO\RQ 7/ (85 PLO\RQ 7/ RODUDN
JHUoHNOHúPLúWLU
'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86' 'g9ø= 9$=ø<(7ø 86'
(85 [ 86'
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ 7h5(9 h5h1/(5 .85 )$5., .Ã&#x2020;5/$5, '|YL] )XWXUHV 6|]OHúPHOHUL
86' [ PLO\RQ 7/ ùXEDW WDULKLQGH JHUoHNOHúHQ IXWXUHV IL\DWODUÃ&#x2022; oHUoHYHVLQGH ROXPOX NXU IDUNÃ&#x2022;QÃ&#x2022;Q ND\GÃ&#x2022;
0DUW
0DUW YDGHOL (XUR IXWXUHV V|]OHúPHOHULQLQ IL\DWÃ&#x2022; (85 86'
FDUL NXU 86' PLO\RQ 7/ (85 PLO\RQ 7/ YH FDUL SDULWH
(85 86' RODUDN JHUoHNOHúPLúWLU
'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86' 'g9ø= 9$=ø<(7ø 86'
(85 [ 86'
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ 7h5(9 h5h1/(5 .85 )$5., .Æ5/$5, '|YL] )XWXUHV 6|]OHúPHOHUL
86' [ PLO\RQ 7/ 0DUW WDULKLQGH JHUoHNOHúHQ IXWXUHV IL\DWODUÕ oHUoHYHVLQGH ROXPOX NXU IDUNÕQÕQ ND\GÕ
()(.7ø) .$6$6, 86' 'g9ø= )8785(6 6g=/(ù0(/(5ø 7(0ø1$7 +(6$%, 86'
)XWXUHV V|]OHúPHVLQLQ VRQD HUPHVL QHGHQL\OH ERUVD\D \DWÕUÕODQ YH J QO N GH÷LúLPOHULQ \DQVÕWÕOGÕ÷Õ WHPLQDW KHVDEÕQÕQ NDSDWÕOPDVÕ
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
(85 [ 86' )XWXUHV V|]OHúPHVL JHUH÷L (85 NDUúÕOÕ÷Õ 86' ¶QLQ |GHQPHVL
()(.7ø) .$6$6, (85 ()(.7ø) 9$=ø<(7ø (85
)XWXUHV V|]OHúPHVL JHUH÷L (85 ¶QXQ ERUVDGDQ DOÕQPDVÕ
()(.7ø) $/,0 6$7,0 +(6$%, (85 7/ ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/ $5%ø75$- .Æ5/$5,
(85 [ PLO\RQ 7/ 86' [ PLO\RQ 7/
<857 ',ù, %25d/$5 +(6$%, (85 ()(.7ø) .$6$6, (85
<XUWGÕúÕ ERUFXQ |GHQPHVL
'g9ø= )8785(6 6g=/(ù0(6ø1'(1 %25d/$5 1+ 'g9ø= )8785(6 6g=/(ù0(6ø1'(1 $/$&$./$5 1+
1D]ÕP KHVDSODUÕQ NDSDWÕOPDVÕ
$OÕP 6DWÕP +HVDSODUÕQÕQ (YDO DV\RQX +HVDSODU (IHNWLI $OÕP 6DWÕP (85
(IHNWLI $OÕP 6DWÕP 86'
'|YL] $OÕP 6DWÕP 86'
'|YL] $OÕP 6DWÕP (85
<DEDQFÕ SDUD WXWDUÕ YD]L\HW NDODQÕ
v w w(x w w w Qv } x v w y (x v w Qv w w x w w w
.XU
'H÷HUOHQPLú 7XWDU
y z {(y | y z v } } y z v } } y z {(y |
} v ~,x w w w Q} v v(x } v | |,x y v Q} v ~,x w w w
+HVDS .DODQÕ
)DUN
} v ~,x w w w w Q} v v x } v v | | |,x w {!| },y Q} v,y x v w w +x v w w
(YDO DV\RQ )DUNÕ
+x Uy {
()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/ 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ .85 )$5., =$5$5/$5, 'g9ø= $/,0 6$7,0 +(6$%, (85 7/
'|QHP IDUNÕ J|] DUGÕ HGLOGL÷LQGH KHVDSODUÕQ VRQ GXUXPX VDELW NXUOD WXWXODQ
KHVDSODU HYDO H HGLOPHGHQ 7DEOR ¶GDNL JLELGLU
7$%/2 $ øù/(70(6ø1ø1 ø7ø%$5,</$ +(6$3 '85808
O
( Q
2 O Q ¡ ¢ £ !¤ ¥ ¦ §©¨ ªl¡ ¢ £ ¤ ¬«
²(ÃqÄtÅ Æ(Ç ¯O± ¯ ° È ÉbÊ ÃqÆt¹ È ´!Ë È É!ÅÍÌ È!Ë%Å Îqº©± Ï È É º Ð!³ » ½(Ê ² ¿ ® ¯ ° ± ²U³ ´ ³¶µ ·!° ¸©¹ º ° » ¼ ½+¾ ¿
À Á Á Â Á Á Á Ñ Ò Â Ó À Á Ò Ó Â × Á Á À Á Á Â Á Á Á À Á Á Â Á Á Á ÛOØ Â × À Á
!¼ Ô È!ÕA± Å ÔqÖ º É º É ³ » ¼ ½+¾ ¿ ²(ÃqÄtÅ Æ Ù ºqÆtÅ Ú¬È ± Å » ¼ ½U¾ ¿ ²(ÃqÄtÅ Æ Ù ºqÆtÅ Ú¬È ± Å » ½(Ê ² ¿ ¼!Ô È!ÕA± Å ÔqÖ º É º É ³ » ½(Ê ² ¿
¼!Ô È!ÕA± Å ÔtÙ ºqÆtÅ ÚÝÈ ± Å » ¼ ½+¾ ¿ ¼!Ô È!ÕA± Å ÔtÙ ºqÆtÅ ÚÝÈ ± Å » ½(Ê ² ¿ Þ ß ªO¢ 2 qà ¢ ! O 2 ¡!¢ £ ¤ Ì Å á¶º!° Ŷâ,º!¹ ¹ º!° ²(ÃqÄtÅ Æ!ã ¹ ³ ËäÊ ºq± ³ Ëå» ¼ ½+¾ ¿ ¼!Ô È!ÕA± Å ÔÍã ¹ ³ ËçÊ ºq± ³ Ë%» ¼ ½U¾ ¿ ¼!Ô È!ÕA± Å ÔÍã ¹ ³ ËçÊ ºq± ³ Ë%» ½(Ê ² ¿ ²(ÃqÄtÅ Æ!ã ¹ ³ ËäÊ ºq± ³ Ëå» ½(Ê ² ¿ è ¢ éq£ ¡!¢ £ ¤ ! ¬« Ö ¯ ° Çqº ° ÕO³¬ê!º!° º!° ³ Ì ë ° È Ä,ì+° ë Î ¹ È ° í È Î ²(· î º!Îlï Å í È ° ¹ È ° Ì ë ° È Ä,ì+° ë Î ¹ È ° Ö ¯ ° Çqº!° ÕO³Ýê!º!° º!° ³ Ì ë ° È Ä,ì+° ë Î ¹ È ° Ö ¯ ° Çqº!° ÕO³¶Ö ð!° ³ ã ° Ð Å ± ° ºtñ Ö ð!° ¹ º!° ³ ò ó! ¶¡ ¢ £ ¤ ¬«A¥ ô! ª « õö¡ ¢ £ !¤ Q ²(ÃqÄtÅ Æ(Ç ¯O± ¯ ° È ÉbÊ ÃqÆt¹ È ´!Ë È É!ŠΩí È Î,ã ¹ º áHº ÕO¹ º ° ²(ÃqÄtÅ Æ(Ç ¯O± ¯ ° È ÉbÊ ÃqÆt¹ È ´!Ë È É!ŠΩí È Î µ ·!° ¸©¹ º!°
À Ø Ó Â × À Á Ó Ò Á Â Á Á Á Ó À æ Â Á Á Á Ò Ñ!À Â Ø æ × Ø æ Â × Ò Ó Ó Ø Ò Ò Â Ò ÁqÑ
À Á Á Â Á Á Á À Á Á Â Á Á Á
À Á Á Â Á Á Á Ñ Ò Â Ó À Á À À Ø Â × Á Á À Á Á Â Á Á Á
Ò Ü Â × Á Á À Á Á Â Á Á Á
Ó Àqæ Â Á Á Á Ó À À Â Ó À À Ò Ø Â Ò ÛHæ
Ñ À Â Ò Ó Ó Ò Ò Ü À Á Á Â Á Á Á À Á Á Â Á Á Á
( Q ( (
(
À Ò À Â Á Á Á À Á Á Â Á Á Á À Ø Ó Â × À Á ÓqÒ Á Â Á Á Á Ó À æ Â Á Á Á Ò Ò Â ÛOÀ Ø Ø æ Â × Ò Ó Ó Ø Ò Ò Â Ò ÁqÑ
ÛOØ Â × À Á À Á Á Â Á Á Á
Ó À æ Â Á Á Á Ó À À Â Ó À Ø
Ñ!À Â Ò Ó Ó Ò Ò Ü
$ LúOHWPHVL G|YL] NXUX ULVNLQGHQ NRUXQPDN DPDFÕ\OD WDUDI ROGX÷X
G|YL] IXWXUHV V|]OHúPHVL\OH V|]OHúPH\H WDUDI ROPDVD\GÕ NDWODQDFD÷Õ
$%' GRODUÕ NXU IDUNÕ JLGHULQL V|]OHúPH VD\HVLQGH SDULWH\L ¶GD
VDELWOH\HUHN $%' GRODUÕ LOH VÕQÕUODQGÕUPÕú YH JHUoHNOHúHQ IXWXUHV
IL\DWODUÕ VRQXFX $%' GRODUÕ NXU IDUNÕ JHOLUL HOGH HWPLúWLU 6|]OHúPH
JLGHUL RODUDN |GHQHQ $%' GRODUÕ GLNNDWH DOÕQGÕ÷ÕQGD JHOLUOHU WRSODPÕ
$%' GRODUÕ ROPXúWXU 7DEOR
7$%/2 'g9ø= )8785(6 6g=/(ù0(6ø1( 7$5$) 2/83 2/0$0$6,1,1 $ øù/(70(6ø $d,6,1'$1 .85 )$5., *ø'(5ø (7.ø/(5ø
86'
øúOHP 86' (85 6|]OHúPHVL] 6|]OHúPHOL &DUL .XU &DUL NXU
.XU IDUNÕ *LGHUL 6|]OHúPH NXUX 7DULK
øúOHP 86' (85
%RUVD NXUX %RUVD NXUX %RUVD NXUX %RUVD NXUX %RUVD NXUX &DUL NXU .XU )DUNÕ *HOLUL WRSODPÕ 6|]OHúPH *LGHUL *HOLUOHU 7RSODPÕ
86'
6|]OHúPHOL
g51(. 5LVNWHQ .RUXQPDN $PDFÕ\OD <DSÕODQ '|YL] )XWXUHV
6|]OHúPHVL 6HOYL 6
$ LúOHWPHVL .DVÕP WDULKLQGH $OPDQ\D¶GDNL % LúOHWPHVLQGHQ
(XUR WXWDUÕQGD YH G|UW D\ VRQUD WHVOLP DOÕQPDN YH EHGHOL \LQH D\QÕ WDULKWH
|GHQPHN ]HUH PDO VDWÕQ DOPD WDDKK G QH JLUPLúWLU 9DUOÕNODUÕ $%' GRODUÕ
D÷ÕUOÕNOÕ RODQ úLUNHW $%' GRODUÕQÕQ (XUR NDUúÕVÕQGD GH÷HU ND\EÕQD NDUúÕ D\QÕ WDULKWH FDUL NXU (85 86'¶GHQ (XUR IXWXUHV V|]OHúPHVL VDWÕQ
DOPÕúWÕU %DúODQJÕo WHPLQDWÕ $%' GRODUÕ YH V|]OHúPH EHGHOL $%'
GRODUÕGÕU 7DNDV RGDVÕ QH]GLQGHNL WHPLQDWÕQ EDúODQJÕo WHPLQDWÕQÕQ ¶LQLQ
DOWÕQD G úPHVLQL LVWHPHPHNWHGLU &DUL SDULWH YH NXUODU
(85 86'
(85 PLO\RQ 7/
86' PLO\RQ 7/ RODUDN JHUoHNOHúPLúWLU .DVÃ&#x2022;P ND\Ã&#x2022;WODUÃ&#x2022;
'g9ø= )8785(6 6g=/(ù0(6ø1'(1 $/$&$./$5 1+ 'g9ø= )8785(6 6g=/(ù0(6ø1'(1 %25d/$5 1+
(85 DOÃ&#x2022;PÃ&#x2022; LoLQ \DSÃ&#x2022;ODQ G|YL] IXWXUHV V|]OHúPHVLQLQ QD]Ã&#x2022;P KHVDSODUD ND\GÃ&#x2022;
'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86' ()(.7ø) .$6$6, 86'
86' WXWDUÃ&#x2022;QGDNL EDúODQJÃ&#x2022;o WHPLQDWÃ&#x2022;QÃ&#x2022;Q |GHQPHVL
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
86' WXWDUÃ&#x2022;QGDNL V|]OHúPH EHGHOLQLQ |GHQPHVL
7h5(9 h5h1/(5'(1 '2ö$1 *ø'(5/(5 '|YL] )XWXUHV 6|]OHúPH *LGHUOHUL ()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/ WXWDUÃ&#x2022;QGDNL V|]OHúPH EHGHOLQLQ |GHQPHVL
$UDOÃ&#x2022;N ND\Ã&#x2022;WODUÃ&#x2022;
0DUW YDGHOL (XUR IXWXUHV V|]OHúPHOHULQLQ IL\DWÃ&#x2022; (85 86' FDUL
NXU 86' PLO\RQ 7/ RODUDN JHUoHNOHúPLúWLU
'g9ø= 9$=ø<(7ø 86' 'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86'
(85 [ 86'
7h5(9 h5h1/(5 '(ö(5 $57,ù )218 '|YL] )XWXUHV 6|]OHúPHOHUL 86' 'g9ø= 9$=ø<(7ø 86'
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/ $UDOÕN WDULKLQGH JHUoHNOHúHQ IXWXUHV IL\DWODUÕ oHUoHYHVLQGH ROXPVX] NXU IDUNÕQÕQ ND\GÕ
'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86' ()(.7ø) .$6$6, 86'
86' WXWDUÕQGDNL EDúODQJÕo WHPLQDWÕQÕQ 86' WXWDUÕQGDNL ROXPVX] NXU IDUNÕQGDQ GROD\Õ ¶LQ DOWÕQD G úPHVL VRQXFX WHPLQDWÕQ WHNUDU 86' ¶\H oÕNDUÕOPDVÕ
$UDOÕN ND\ÕWODUÕ
0DUW YDGHOL (XUR IXWXUHV V|]OHúPHOHULQLQ IL\DWÕ (85 86' FDUL
NXU 86' PLO\RQ 7/ RODUDN JHUoHNOHúPLúWLU
'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86' 'g9ø= 9$=ø<(7ø 86'
(85 [ 86'
'g9ø= 9$=ø<(7ø 86' 7h5(9 h5h1/(5 '(ö(5 $57,ù )218 '|YL] )XWXUHV 6|]OHúPHOHUL 86'
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/ $UDOÕN WDULKLQGH JHUoHNOHúHQ IXWXUHV IL\DWODUÕ oHUoHYHVLQGH ROXPOX NXU IDUNÕQÕQ ND\GÕ
$UDOÕN ND\ÕWODUÕ
0DUW YDGHOL (XUR IXWXUHV V|]OHúPHVL NXUX GH÷LúPHPLú (85
86' FDUL NXU 86' PLO\RQ 7/ (85 PLO\RQ 7/ RODUDN
JHUoHNOHúPLúWLU
+HVDSODU (IHNWLI $OÕP 6DWÕP 86'
'|YL] $OÕP 6DWÕP 86'
$OÕP 6DWÕP +HVDSODUÕQÕQ (YDO DV\RQX <DEDQFÕ SDUD 'H÷HUOHQPLú WXWDUÕ YD]L\HW .XU 7XWDU NDODQÕ
+HVDS .DODQÕ
(YDO DV\RQ )DUNÕ
)DUN
()(.7ø) $/,0 6$7,0 +(6$%, 86' 7/ .85 )$5., .Æ5/$5, 6DELW .XUOD 7XWXODQ +HVDSODUÕQ (YDO DV\RQX 'H÷HUOHQPLú +HVDSODU .DODQ .XU 7XWDU (IHNWLI 9D]L\HWL 86'
'|YL] )XWXUHV 6|]OHúPHVL 7HPLQDWÕ 86'
'|YL] )XWXUHV 6|]OHúPHVLQGHQ $ODFDNODU 1+
(IHNWLI .DVDVÕ 86'
7 UHY hU Q 'H÷HU $UWÕú )RQX 86'
'|YL] )XWXUHV 6|]OHúPHVLQGHQ %RUoODU 1+
)DUN
()(.7ø) 9$=ø<(7ø 86' 'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86' 'g9ø= )8785(6 6g=/(ù0(6ø1'(1 $/$&$./$5 1+ ()(.7ø) .$6$6, 86' 7h5(9 h5h1 '(ö(5 $57,ù )218 86' 'g9ø= )8785(6 6g=/(ù0(6ø1'(1 %25d/$5 1+
9D]L\HW KHVDEÕ LOH DOÕP VDWÕP KHVDEÕ NRPSDQVH HGLOGLNWHQ VRQUD NDODQ
KHVDSODUÕQ GXUXPX 7DEOR ¶GHNL JLELGLU
7$%/2 $ øù/(70(6ø1ø1 ø7ø%$5,</$ +(6$3 '85808 0ø/<21 7/ %RUo .DODQÕ
+HVDS $ %LODQoR +HVDSODUÕ
(IHNWLI .DVDVÕ 86'
'|YL] )XWXUHV 6|]OHúPHVL 7HPLQDW +HVDEÕ 86'
7 UHY hU Q 'H÷HU $UWÕú )RQX 86'
% *HOLU 7DEORVX +HVDSODUÕ
7 UHY hU QOHUGHQ 'R÷DQ *LGHUOHU .XU )DUNÕ .kUODUÕ
& %LOJL +HVDSODUÕ 1D]ÕP +HVDSODU
'|YL] )XWXUHV 6|]OHúPHVLQGHQ $ODFDNODU '|YL] )XWXUHV 6|]OHúPHVLQGHQ %RUoODU
$ODFDN .DODQÕ
2FDN ND\ÕWODUÕ
()(.7ø) .$6$6, 86' 7h5(9 h5h1 '(ö(5 $57,ù )218 86' 'g9ø= )8785(6 6g=/(ù0(6ø1'(1 %25d/$5 1+ ()(.7ø) 9$=ø<(7ø 86' 'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86' 'g9ø= )8785(6 6g=/(ù0(6ø1'(1 $/$&$./$5 1+
6DELW NXUOD WXWXODQ KHVDSODUÕQ G|YL] KHVDSODUÕ HYDO DV\RQ LSWDOL
2FDN ND\ÕWODUÕ
0DUW YDGHOL (XUR IXWXUHV V|]OHúPHOHULQLQ IL\DWÕ (85 86' FDUL
NXU 86' PLO\RQ 7/ RODUDN JHUoHNOHúPLúWLU
'g9ø= 9$=ø<(7ø 86' 'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86'
(85 [ 86'
7h5(9 h5h1/(5 '(ö(5 $57,ù )218 '|YL] )XWXUHV 6|]OHúPHOHUL 86' 'g9ø= 9$=ø<(7ø 86'
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/ 2FDN WDULKLQGH JHUoHNOHúHQ IXWXUHV IL\DWODUÃ&#x2022; oHUoHYHVLQGH ROXPVX] NXU IDUNÃ&#x2022;QÃ&#x2022;Q ND\GÃ&#x2022;
ùXEDW ND\Ã&#x2022;WODUÃ&#x2022;
0DUW YDGHOL (XUR IXWXUHV V|]OHúPHOHULQLQ IL\DWÃ&#x2022; (85 86' FDUL
NXU 86' PLO\RQ 7/ (85 PLO\RQ 7/ RODUDN
JHUoHNOHúPLúWLU
'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86' 'g9ø= 9$=ø<(7ø 86'
(85 [ 86'
'g9ø= 9$=ø<(7ø 86' 7h5(9 h5h1/(5 '(ö(5 $57,ù )218 '|YL] )XWXUHV 6|]OHúPHOHUL 86'
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/ ùXEDW WDULKLQGH JHUoHNOHúHQ IXWXUHV IL\DWODUÃ&#x2022; oHUoHYHVLQGH ROXPOX NXU IDUNÃ&#x2022;QÃ&#x2022;Q ND\GÃ&#x2022;
0DUW
0DUW YDGHOL (85 )XWXUHV V|]OHúPHOHULQLQ IL\DWÃ&#x2022; (85 86'
FDUL NXU 86' PLO\RQ 7/ (85 PLO\RQ 7/ YH FDUL SDULWH
(85 86' RODUDN JHUoHNOHúPLúWLU
'g9ø= )8785(6 6g=/(ù0(6ø 7(0ø1$7 +(6$%, 86' 'g9ø= 9$=ø<(7ø 86'
(85 [ 86'
'g9ø= 9$=ø<(7ø 86' 7h5(9 h5h1/(5 '(ö(5 $57,ù )218 '|YL] )XWXUHV 6|]OHúPHOHUL 86'
'g9ø= $/,0 6$7,0 +(6$%, 86' 7/ 'g9ø= $/,0 6$7,0 +(6$%, 86' 7/
86' [ PLO\RQ 7/ 0DUW WDULKLQGH JHUoHNOHúHQ IXWXUHV IL\DWODUÕ oHUoHYHVLQGH ROXPOX NXU IDUNÕQÕQ ND\GÕ
()(.7ø) .$6$6, 86' 'g9ø= )8785(6 6g=/(ù0(/(5ø 7(0ø1$7 +(6$%, 86'
)XWXUHV V|]OHúPHVLQLQ VRQD HUPHVL QHGHQL\OH ERUVD\D \DWÕUÕODQ YH J QO N GH÷LúLPOHULQ \DQVÕWÕOGÕ÷Õ WHPLQDW KHVDEÕQÕQ NDSDWÕOPDVÕ
()(.7ø) 9$=ø<(7ø 86' ()(.7ø) .$6$6, 86'
(85 [ 86' )XWXUHV V|]OHúPHVL JHUH÷L (85 NDUúÕOÕ÷Õ 86' ¶QLQ |GHQPHVL
()(.7ø) .$6$6, (85 ()(.7ø) 9$=ø<(7ø (85
)XWXUHV V|]OHúPHVL JHUH÷L (85 ¶QXQ ERUVDGDQ DOÕQPDVÕ
()(.7ø) 9$=ø<(7ø (85 ()(.7ø) .$6$6, (85
7LFDUL PDO DOÕPÕ LoLQ (85 |GHQPHVL
()(.7ø) $/,0 6$7,0 +(6$%, (85 7/ ()(.7ø) $/,0 6$7,0 +(6$%, (85 7/
(85 [ PLO\RQ 7/
7h5(9 h5h1 '(ö(5 $57,ù )218 '|YL] )XWXUHV 6|]OHúPHOHUL 86' 'g9ø= 9$=ø<(7ø 86' 'H÷HU DUWÕú IRQXQGD ELULNHQ 86' ¶QLQ WLFDUL PDOÕQ PDOL\HWLQGHQ G ú OPHVL
7รธ&$5รธ 0$//$5 +(6$%, 'g9รธ= $/,0 6$7,0 +(6$%, 86' 7/ ()(.7รธ) $/,0 6$7,0 +(6$%, 86' 7/
(85 [ 86' 7LFDUL PDOร Q DQODรบPD SDULWHVLQGHQ 86' WXWDUร 86' [ PLO\RQ 7/ 7LFDUL PDOร Q PDOL\HWL 86' [ PLO\RQ 7/ 'HรทHU $UWร รบ )RQXQGD ELULNHQ ROXPOX NXU IDUNร 86' [ PLO\RQ 7/ $QODรบPD JHUHรทL |GHQHQ 86' WXWDUร Qร Q 7/ NDUรบร Oร รทร
'g9รธ= )8785(6 6g=/(รน0(6รธ1'(1 %25d/$5 1+ 'g9รธ= )8785(6 6g=/(รน0(6รธ1'(1 $/$&$./$5 1+
1D]ร P KHVDSODUร Q NDSDWร OPDVร
+HVDSODU (IHNWLI $Oร P 6DWร P 86'
'|YL] $Oร P 6DWร P 86'
$Oร P 6DWร P +HVDSODUร Qร Q (YDOย DV\RQX <DEDQFร SDUD 'HรทHUOHQPLรบ WXWDUร YD]L\HW .XU 7XWDU NDODQร
+HVDS .DODQร
(YDOย DV\RQ )DUNร
)DUN
()(.7รธ) $/,0 6$7,0 +(6$%, 86' 7/ .85 )$5., .ร 5/$5,
'|QHP IDUNร J|] DUGร HGLOGLรทLQGH VDELW NXUOD WXWXODQ KHVDSODU HYDOย H
HGLOPHGHQ KHVDSODUร Q VRQ GXUXPX 7DEOR ยถGDNL JLELGLU
7$%/2 $ øù/(70(6ø1ø1 ø7ø%$5,</$ +(6$3 '85808
+HVDS
%RUo
6DELW .XUOD 7XWXODQ +HVDSODU '|YL] +HVDSODUÕ
'|YL] )XWXUHV 6|]OHúPHVL 7HPLQDW +HVDEÕ 86'
7 UHY hU Q 'H÷HU $UWÕú )RQX 86'
(IHNWLI .DVDVÕ 86'
(IHNWLI .DVDVÕ (85
'|YL] 9D]L\HWL 86'
(IHNWLI 9D]L\HWL (85
(IHNWLI 9D]L\HWL 86'
7/ h]HULQGHQ 7XWXODQ +HVDSODU 7LFDUL 0DOODU (IHNWLI $OÕP 6DWÕP (85 (IHNWLI $OÕP 6DWÕP 86' '|YL] $OÕP 6DWÕP 86'
*HOLU 7DEORVX +HVDSODUÕ .XU )DUNÕ .kUÕ 7 UHY hU QOHUGHQ 'R÷DQ *LGHUOHU %LOJL +HVDSODUÕ 1D]ÕP +HVDSODU
'|YL] )XWXUHV 6|]OHúPHVLQGHQ $ODFDNODU '|YL] )XWXUHV 6|]OHúPHVLQGHQ %RUoODU
%RUo .DODQÕ
$ODFDN
$ODFDN .DODQÕ
*HUoHNOHúHFHN LúOHPLQ WDDKK W DúDPDVÕQGD ROPDVÕ YH úLUNHWLQ QDNLW DNÕP
ULVNLQGHQ NRUXQPDN DPDFÕ\OD IXWXUHV V|]OHúPHVLQH JLUPHVL VRQXFX RUWD\D
oÕNDQ NkU \D GD ]DUDUODU \DEDQFÕ SDUD RODUDN WDNLS HGLOHQ ³7 UHY hU Q 'H÷HU
$UWÕú )RQX´ DOWÕQGD LúOHP JHUoHNOHúHQH NDGDU EHNOHWLOPLú YH EDNL\HVL NDGDU
DOÕQDQ WLFDUL PDOÕQ PDOL\HWLQL D]DOWPÕúWÕU <ÕO VRQXQGD W UHY U QOHUOH LOJLOL
RODUDN ELODQoRGD EXOXQDQ ERUVD WHPLQDWODUÕ YH GH÷HU DUWÕú IRQX V|]OHúPH
VRQD HUGL÷LQGHQ NDSDWÕOPÕúWÕU
2SVL\RQ 6|]OHúPHOHUL
2SVL\RQ ELU ILQDQVDO DUDFÕQ EHOLUOHQHQ ELU WDULKWH YH\D EX WDULKWHQ
|QFH |QFHGHQ EHOLUOHQPLú ELU IL\DWWDQ VDWÕOPDVÕ YH\D VDWÕQ DOÕQPDVÕ KDNNÕQÕ
YHUHQ V|]OHúPHGLU 2SVL\RQ V|]OHúPHVLQGH WDUDIODUGDQ ELULQH V|]OHúPHGHNL
KDNODUร NXOODQPDN YH\D YD]JHoPH KDNNร WDQร Qร UNHQ GLรทHU WDUDID GD
V|]OHรบPHQLQ JHUHNOHULQL \HULQH JHWLUPH VRUXPOXOXรทX \ย NOHQLU 6HYLOHQJย O YH
$NGRรทDQ V
%XQD J|UH ELU RSVL\RQ V|]OHรบPHVLQGH V|]OHรบPHQLQ JHUHNOHULQL
\HULQH JHWLUHFHN RODQ ยณNHรบLGHFL ZULWHU YH\D VHOOHU ยด LOH V|]OHรบPHQLQ VDรทODGร รทร
VHoLP KDNNร Qร NXOODQDFDN RODQ ยณOHKGDU EX\HU ยด V|]OHรบPHQLQ WDUDIODUร Qร
ROXรบWXUXU 6HYLOHQJย O YH $NGRรทDQ V 2SVL\RQ V|]OHรบPHOHUL ILQDQVDO
DUDFร DOPD KDNNร YHUHQ DOร P RSVL\RQX FDOO RSWLRQ YH ILQDQVDO DUDFร VDWPD KDNNร YHUHQ VDWร P RSVL\RQX SXW RSWLRQ RODUDN LNL รบHNLOGH JHUoHNOHรบLU
$Oร P RSVL\RQX OHKGDUร QD EHOOL ELU YDUOร รทร EHOOL ELU NXOODQร P IL\DWร QGDQ
H[HUFLVH SULFH YH\D VWULNH SULFH EHOOL ELU WDULKWH YH\D EX WDULKWHQ |QFH VDWร Q รท รธ
DOPD KDNNร YHULU gUQHรทLQ NXOODQร P IL\DWร PLO\RQ 7/ ยถGHQ *DUDQWL %DQNDVร
KLVVH VHQHGL VDWร Q DOPD KDNNร YHUHQ RSVL\RQ OHKGDUร QD EHOLUOHQHQ WDULK YH
|QFHVLQGH *DUDQWL %DQNDVร KLVVH VHQHGLQL PLO\RQ 7/ ยถGHQ DOPD KDNNร Qร
YHULU %X RSVL\RQX VDWร Q DODQ OHKGDUร Q EXQX X\JXODPD ]RUXQOXOXรทX \RNWXU
/HKGDU EX RSVL\RQX HรทHU EHOLUOHQHQ Jย QGH KLVVH VHQHGLQLQ FDUL GHรทHUL
PLO\RQ 7/ ยถQLQ ย ]HULQGH\VH X\JXODPD\D NR\DU
6DWร P RSVL\RQX OHKGDUร QD EHOOL ELU YDUOร รทร EHOOL ELU NXOODQร P IL\DWร QGDQ
H[HUFLVH SULFH YH\D VWULNH SULFH EHOOL ELU WDULKWH YH\D EX WDULKWHQ |QFH VDWPD KDNNร YHULU gUQHรทLQ NXOODQร P IL\DWร PLO\RQ 7/ ยถGHQ *DUDQWL %DQNDVร KLVVH
VHQHGLQL VDWPD KDNNร YHUHQ RSVL\RQ OHKGDUร QD EHOLUOHQHQ WDULK YH |QFHVLQGH EX KLVVH VHQHGLQLQ FDUL IL\DWร PLO\RQ 7/ ยถQLQ DOWร QGD ELOH ROVD PLO\RQ
7/ ยถGHQ VDWPD KDNNร YHULU $Oร P RSVL\RQXQGD OHKGDUร Q NkUร EHOLUOHQHQ ILQDQVDO
YDUOร รทร Q GHรทHUL DUWDUNHQ DUWร รบ J|VWHULUNHQ VDWร P RSVL\RQXQGD EHOLUOHQHQ
ILQDQVDO YDUOร รทร Q GHรทHUL Gย รบWย NoH OHKGDU NkU HGHU %XQXQ WDP WHUVL GXUXP
NHรบLGHFL LoLQ JHoHUOLGLU %X QHGHQOH OHKGDU Doร Vร QGDQ DOร P RSVL\RQX FDUL IL\DW
NXOODQร P IL\DWร QGDQ Eย \ย N ROGXรทX Vย UHFH X\JXODQDELOLU GXUXPGD\NHQ VDWร P
RSVL\RQXQGD FDUL IL\DW NXOODQร P IL\DWร QGDQ Nย oย NVH X\JXODQDELOLUOLรทL YDUGร U
2SVL\RQODU X\JXODQPD]VD OHKGDUร Q SULP NDGDU JLGHUL NHรบLGHFLQLQ SULP NDGDU
JHOLUL ROXU %RGLH .DQH YH 0DUFXV V
รนย รบ รป รผOรฝqรพ รฟOรป ยถรฟ qรพ รพ qรพ รพ รพ รพ "! รพ # รพ รฟ $
2SVL\RQ V|]OHรบPHVL \DSร OGร รทร WDULKWH DOร Fร VDWร Fร \D ยณRSVL\RQ SULPLยด
GHQHQ ELU EHGHO |GHU 2SVL\RQ SULPL RSVL\RQ NRQWUDWร \OD VDรทODQDQ DOร P YH
VDWร P KDNNร NDUรบร Oร รทร QGD DOร Fร Qร Q VDWร Fร \D |GHGLรทL IL\DWWร U 'LรทHU ELU GH\LรบOH
VDWร Fร Qร Q NRQWUDWร Gย ]HQOHPHNOH RSVL\RQ G|QHPL ER\XQFD NDUรบร ODรบDFDรทร ULVNH
NDUรบร Q WDOHS HWWLรทL EHGHOGLU $NNXP 2SVL\RQ SULPLQLQ JHUoHN GHรทHU YH
]DPDQ GHรทHUL RODUDN LNL ELOHรบHQL YDUGร U *HUoHN GHรทHU LQVWULQVLF YDOXH
RSVL\RQXQ ย ]HULQH \D]ร OGร รทร YDUOร รทร Q FDUL IL\DWร LOH NXOODQร P IL\DWร DUDVร QGDNL
IDUNWร U YH ULVNWHQ NRUXQPDQร Q HWNLQOLรทLQLQ |Ooย OPHVLQGH NXOODQร Oร U 6|]OHรบPH
WDULKLQGH NXOODQร P IL\DWร FDUL IL\DWWDQ Eย \ย NVH JHUoHN GHรทHU Vร Iร UD HรบLWWLU 6HOYL
V 'KDU =DPDQ GHรทHUL LVH RODVร IL\DW KDUHNHWOHUL VRQXFX
YDGH VRQXQD NDGDU NDODQ ]DPDQ LoLQGH RSVL\RQ SULPLQGH PH\GDQD
JHOHELOHFHN ROXPOX JHOLรบPHQLQ EHNOHQWLVLQL \DQVร Wร U =DPDQ GHรทHUL RSVL\RQ
SULPLQGHQ JHUoHN GHรทHU oร NDUWร ODUDN EXOXQXU 6HOYL V
806 ULVNWHQ NRUXQPD DUDoODUร Qร WDQร PODGร รทร E|Oย Pย Q
SDUDJUDIร QGD GDKD |QFH GH EHOLUWLOGLรทL JLEL \D]ร ODQ RSVL\RQODUร VDWร Q DOร QPร รบ
KHUKDQJL ELU RSVL\RQOD HรบOHรบWLULOPHGLรทL GXUXPODUGD ELU ULVNWHQ NRUXPD DUDFร
RODUDN Vร Qร IODQGร UPDPDNWDGร U %XQXQ QHGHQL GH \D]ร OPร รบ ELU RSVL\RQXQ
WDรบร Gร รทร RODVร ]DUDUร Q ULVNWHQ NRUXQPD LรบOHPLQH NRQX HGLOHQ NDOHPLQ
GHรทHULQGH PH\GDQD JHOHELOHFHN RODVร NkUGDQ oRN GDKD ID]OD ROPDVร Gร U %XQD
NDUรบร Oร N VDWร Q DOร QPร รบ ELU RSVL\RQXQ WDรบร Gร รทร RODVร NkU ULVNWHQ NRUXQPD
LรบOHPLQH NRQX HGLOHQ NDOHPLQ GHรทHULQGH PH\GDQD JHOHELOHFHN RODVร ]DUDUGDQ
oRN GDKD ID]OD ROGXรทX LoLQ YH UD\Lo GHรทHU YH\D QDNLW DNร P GHรทLรบLNOLNOHULQGHQ
GRรทDELOHFHN ULVNOHUL D]DOWPD SRWDQVL\HOL EXOXQGXรทXQGDQ ULVNWHQ NRUXQPD
DUDFร RODUDN Vร Qร IODQGร Uร OPDNWDGร U 806 ULVNWHQ NRUXQDQ NDOHPLQ ULVNWHQ
NRUXQDQ UD\Lo GHรทHU YH QDNLW DNร P GHรทLรบLNOLNOHULQL |UWย รบWย UPHGH RSVL\RQXQ
]DPDQ GHรทHULQLQ HWNLVL ROPDGร รทร Qร oย QNย ULVNWHQ NRUXQDQ NDOHPGH EXQD
NDUรบร Oร N JHOHFHN ELU VHoHQHรทLQ ROPDGร รทร Qร YHULOHQ SULPLQ V|]OHรบPH JHUHรทL YH
RSVL\RQHO ROGXรทXQX EHOLUWPLรบWLU %X QHGHQOH GH VDGHFH JHUoHN GHรทHUGHNL
GHรทLรบLNOLNOHULQ ULVNWHQ NRUXQPDQร Q HWNLQOLรทLQL EHOLUOHPHGH J|] |Qย QGH
EXOXQGXUXOPDVร JHUHNWLรทLQL EHOLUWPLรบWLU 'KDU *HUoHN GHรทHU GHรทLรบLNOLNOHUL ULVNWHQ NRUXQPD Vย UHVL ER\XQFD |]ND\QDNODU DOWร QGD
J|VWHULOLUNHQ ]DPDQ GHรทHUL VRQXo KHVDSODUร QD \DQVร Wร Oร U 'KDU $QFDN
RSVL\RQ SULPLQLQ PXKDVHEHOHรบWLULOPHVLQGH LรบOHPLQ \DSร OPDVร QGD Jย Gย OHQ
DPDo J|] |Qย QGH WXWXOPDOร Gร U 6HYLOHQJย O YH $NGRรทDQ V 5LVNWHQ
NRUXQPD DPDFร \OD \DSร ODQ V|]OHรบPHOHUGH RSVL\RQ V|]OHรบPH SULPLQLQ
|GHQGLรทL DQGD DNWLIOHรบWLULOLS RSVL\RQXQ YDGHVL Vย UHVLQFH LWID HGLOHUHN
JLGHUOHรบWLULOPHVL JHUHNPHNWHGLU
2SVL\RQ V|]OHรบPHOHUL V|]OHรบPH Vย UHVLQFH SL\DVD GHรทHUL LOH
GHรทHUOHQLU 'HรทHUOHPH VRQXFX KHVDSODQDQ JHoHNOHรบPHPLรบ ND]DQo YH\D
ND\ร SODU RSVL\RQ V|]OHรบPHVLQGHNL DPDFD EDรทOร RODUDN \D G|QHPLQ VRQXo KHVDSODUร QD DNWDUร Oร U \D GD |]ND\QDNODU DOWร QGD IRQ KHVDEร QGD EHNOHWLOHUHN
LรบOHPLQ GHIWHU GHรทHULQH \DQVร Wร Oร U 6HOYL V
%X oDOร รบPDGD ย ]HULQGH GXUXODFDN RODQ G|YL] RSVL\RQODUร ยถOL
\ร OODUGDQ LWLEDUHQ JHUHN XOXVODUDUDVร LรบOHPOHUL JHUoHNOHรบWLUHQ ILUPDODUร Q
JHUHNVH EDQND YH ILQDQVDO NXUXOXรบODUร Q NDUรบร ODรบWร NODUร G|YL] NXUX ULVNLQH NDUรบร
NRUXQPDN DPDFร \OD JHOLรบWLULOHQ |QHPOL ELU ULVN \|QHWLP DUDFร Gร U $NNXP $Oร Fร RSVL\RQ LรบOHPLQH JLUPHNOH LOHUL WDULKWHNL G|YL] NXUXQX EXJย QGHQ
JDUDQWL HWPHNWHGLU $QFDN EX NXU R WDULKWHNL FDUL SL\DVD NXUXQD SHรบLQ NXUD
Nร \DVOD NHQGLVL Doร Vร QGDQ DYDQWDMOร GHรทLOVH LรบOHPL JHUoHNOHรบWLUPHN ]RUXQGD
ROPDGร รทร QGDQ RSVL\RQX X\JXODPD\DFDNWร U '|YL] RSVL\RQ V|]OHรบPHOHUL รบDUWD
EDรทOร \ย Nย POย Oย N ROGXรทX LoLQ QD]ร P KHVDSODUGD WDNLS HGLOPHNWHGLU
'|YL] 2SVL\RQ 6|]OHรบPHOHULQLQ 0XKDVHEHOHรบWLULOPHVL
g51(. 5LVNWHQ .RUXQPDN $PDFร \OD 7DUDI 2OXQDQ '|YL] 2SVL\RQ
6|]OHรบPHVL 6HOYL 6
.DVร P WDULKLQGH 0HJD LรบOHWPHVL $OPDQ\DยถGDNL *DPD LรบOHWPHVLQGHQ
1LVDQ WDULKLQGH |GHQPHN ย ]HUH (XUR WXWDUร QGD WLFDUL PDO
VDWร Q DOPร รบWร U 0HJD LรบOHWPHVL PHYFXW (XUR ERUFXQX YDGH VRQXQD NDGDU RODQ
Vย UH LoLQGH JHUoHNOHรบHELOHFHN ROXPVX] NXU GHรทLรบPHOHULQGHQ NRUXPDN
LVWHPHNWHGLU 0HJD LรบOHWPHVL EX DPDoOD .DVร P WDULKLQGH 2PHJD
%DQNDVร LOH D\ YDGHOL YH (85 PLO\RQ 7/ NXUX ย ]HULQGHQ
(XUR DOร Pร LoLQ ELU G|YL] DOร P RSVL\RQ V|]OHรบPHVL VDWร Q DOPร รบWร U 2SVL\RQ SULPL
(85 LoLQ 7/ YH (XURยถOXN V|]OHรบPH LoLQ WRSODP
PLO\RQ 7/ยถGLU .DVร P WDULKLQGHNL FDUL NXU (85 PLO\RQ 7/ยถGLU
.DVÃ&#x2022;P ND\Ã&#x2022;WODUÃ&#x2022;
'g9ø= 9$=ø<(7ø (85 <857',ù, %25d/$5 +(6$%, (85
7ø&$5ø 0$//$5 +(6$%, 'g9ø= $/,0 6$7,0 +(6$%, (85 7/
(85 [ PLO\RQ 7/ <XUW GÃ&#x2022;úÃ&#x2022;QGDQ WLFDUL PDO DOÃ&#x2022;PÃ&#x2022;
*(/(&(. $</$5$ $ø7 7h5(9 h5h1 *ø'(5/(5ø '|YL] $OÃ&#x2022;P 2SVL\RQX =DPDQ 'H÷HUL .$6$ +(6$%,
2PHJD %DQNDVÃ&#x2022;¶QD |GHQHQ RSVL\RQ SULPL
(85 'g9ø= 236ø<21 6g=/(ù0(6ø1'(1 $/$&$./$5 1+ (85 'g9ø= 236ø<21 6g=/(ù0(6ø1'(1 $/$&$./$5 7$.ø3 +(6$%, 1+
(85 VDWÃ&#x2022;Q DOÃ&#x2022;PÃ&#x2022; LoLQ \DSÃ&#x2022;ODQ G|YL] RSVL\RQ V|]OHúPHVLQLQ ND\GÃ&#x2022;
7/ 'g9ø= 236ø<21 6g=/(ù0(6ø1'(1 %25d/$5 7$.ø3 +(6$%, 1+ 7/ 'g9ø= 236ø<21 6g=/(ù0(6ø1'(1 %25d/$5 1+
(85 PLO\RQ 7/¶GHQ (85 DOÃ&#x2022;PÃ&#x2022;QGDQ ND\QDNODQDQ 7/ ERUFXQXQ ND\GÃ&#x2022;
$UDOÃ&#x2022;N ND\Ã&#x2022;WODUÃ&#x2022;
(85 PLO\RQ 7/
7h5(9 h5h1/(5 .85 )$5., =$5$5/$5, '|YL] $OÃ&#x2022;P 2SVL\RQX *HUoHN 'H÷HUL 7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, '|YL] $OÃ&#x2022;P 2SVL\RQX *HUoHN 'H÷HUL
(85 [ ± PLO\RQ 7/ 2SVL\RQ V|]OHúPHVLQLQ \Ã&#x2022;O VRQX GH÷HUOHPHVL VRQXFX KHVDSODQDQ JHUoHN GH÷HULQGHNL D]DOÃ&#x2022;úÃ&#x2022;Q ND\GÃ&#x2022;
7h5(9 h5h1/(5'(1 '2ö$1 *ø'(5/(5 '|YL] $OÕP 2SVL\RQX =DPDQ 'H÷HUL *(/(&(. $</$5$ $ø7 7h5(9 h5h1 *ø'(5/(5ø '|YL] $OÕP 2SVL\RQX =DPDQ 'H÷HUL
PLO\RQ 7/ [ PLO\RQ 7/ 2SVL\RQ V|]OHúPH SULPLQLQ ]DPDQ GH÷HULQLQ LWIDVÕ
+HVDSODU '|YL] $OÕP 6DWÕP (85
$OÕP 6DWÕP +HVDSODUÕQÕQ (YDO DV\RQX <DEDQFÕ SDUD 'H÷HUOHQPLú WXWDUÕ YD]L\HW .XU 7XWDU NDODQÕ
+HVDS .DODQÕ
)DUN
(YDO DV\RQ )DUNÕ
.85 )$5., =$5$5/$5, 'g9ø= $/,0 6$7,0 +(6$%, (85 7/
6DELW .XUOD 7XWXODQ +HVDSODUÕQ (YDO DV\RQX 'H÷HUOHQPLú +HVDSODU .DODQ .XU 7XWDU '|YL] 9D]L\HWL (85
(85 '|YL] 2SVL\RQ 6|]OHúPHVLQGHQ $ODFDNODU <XUW 'ÕúÕ %RUoODU (85
(85 '|YL] 2SVL\RQ 6|]OHúPHVLQGHQ $ODFDNODU 7DNLS +HVDEÕ
)DUN
'g9ø= 9$=ø<(7ø (85 (85 'g9ø= 236ø<21 6g=/(ù0(6ø1'(1 $/$&$./$5 <857 ',ù, %25d/$5 +(6$%, (85 'g9ø= 236ø<21 6g=/(ù0(6ø1'(1 $/$&$./$5 7$.ø3 +(6$%,
9D]L\HW KHVDEÕ LOH DOÕP VDWÕP KHVDEÕ NRPSDQVH HGLOGLNWHQ VRQUD NDODQ
KHVDSODUÕQ GXUXPX 7DEOR ¶GHNL JLELGLU
7$%/2 0(*$ øù/(70(6,1,1 ø7,%$5,</$ +(6$3 '85808 0ø/<21 7/
%RUo .DODQÕ
+HVDS $ %LODQoR +HVDSODUÕ
7LFDUL 0DOODU +HVDEÕ <XUW 'ÕúÕ %RUoODU (85
.DVD 7 UHY hU QOHU 'H÷HUOHPH )DUNODUÕ *HOHFHN $\ODUD $LW 7 UHY hU Q *LGHUOHUL
% *HOLU 7DEORVX +HVDSODUÕ
7 UHY hU QOHU .XU )DUNÕ =DUDUODUÕ 7 UHY hU QOHUGHQ 'R÷DQ *LGHUOHU .XU )DUNÕ =DUDUODUÕ
& %LOJL +HVDSODUÕ 1D]ÕP +HVDSODU
(85 '|YL] 2SVL\RQ 6|]OHúPHVLQGHQ $ODFDNODU (85 '|YL] 2SVL\RQ 6|]OHúPHVLQGHQ $ODFDNODU 7DNLS +HVDEÕ 7/ '|YL] 2SVL\RQ 6|]OHúPHVLQGHQ %RUoODU 7/ '|YL] 2SVL\RQ 6|]OHúPHVLQGHQ %RUoODU 7DNLS +HVDEÕ
2FDN ND\ÕWODUÕ
$ODFDN .DODQÕ
<857 ',ù, %25d/$5 +(6$%, (85 'g9ø= 236ø<21 6g=/(ù0(6ø1'(1 $/$&$./$5 7$.ø3 +(6$%, 'g9ø= 9$=ø<(7ø (85 (85 'g9ø= 236ø<21 6g=/(ù0(6ø1'(1 $/$&$./$5
6DELW NXUOD WXWXODQ KHVDSODUÕQ G|YL] KHVDSODUÕ HYDO DV\RQ LSWDOL
ùXEDW ND\ÕWODUÕ
(85 PLO\RQ 7/
7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, '|YL] $OÕP 2SVL\RQX *HUoHN 'H÷HUL 7h5(9 h5h1/(5 .85 )$5., .Æ5/$5, '|YL] $OÕP 2SVL\RQX *HUoHN 'H÷HUL
(85 [ ± PLO\RQ 7/ 2SVL\RQ V|]OHúPHVLQLQ D\ VRQX GH÷HUOHPHVL VRQXFX KHVDSODQDQ JHUoHN GH÷HULQGHNL DUWÕúÕQ ND\GÕ
7h5(9 h5h1/(5'(1 '2ö$1 *ø'(5/(5 '|YL] $OÃ&#x2022;P 2SVL\RQX =DPDQ 'H÷HUL *(/(&(. $</$5$ $ø7 7h5(9 h5h1 *ø'(5/(5ø '|YL] $OÃ&#x2022;P 2SVL\RQX =DPDQ 'H÷HUL
PLO\RQ 7/ [ PLO\RQ 7/ 2SVL\RQ V|]OHúPH SULPLQLQ ]DPDQ GH÷HULQLQ LWIDVÃ&#x2022;
1LVDQ ND\Ã&#x2022;WODUÃ&#x2022;
(85 PLO\RQ 7/
7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, '|YL] $OÃ&#x2022;P 2SVL\RQX *HUoHN 'H÷HUL 7h5(9 h5h1/(5 .85 )$5., .Ã&#x2020;5/$5, '|YL] $OÃ&#x2022;P 2SVL\RQX *HUoHN 'H÷HUL
(85 [ ± PLO\RQ 7/ 2SVL\RQ V|]OHúPHVLQLQ D\ VRQX GH÷HUOHPHVL VRQXFX KHVDSODQDQ JHUoHN GH÷HULQGHNL DUWÃ&#x2022;úÃ&#x2022;Q ND\GÃ&#x2022;
7h5(9 h5h1/(5'(1 '2ö$1 *ø'(5/(5 '|YL] $OÃ&#x2022;P 2SVL\RQX =DPDQ 'H÷HUL *(/(&(. $</$5$ $ø7 7h5(9 h5h1 *ø'(5/(5ø '|YL] $OÃ&#x2022;P 2SVL\RQX =DPDQ 'H÷HUL
PLO\RQ 7/ [ PLO\RQ 7/ 2SVL\RQ V|]OHúPH SULPLQLQ ]DPDQ GH÷HULQLQ LWIDVÃ&#x2022;
%$1.$/$5 (85 'g9ø= 9$=ø<(7ø (85
6|]OHúPH JHUH÷L (85 DOÃ&#x2022;PÃ&#x2022;
'g9ø= $/,0 6$7,0 +(6$%, (85 7/ .$6$ +(6$%, 7h5(9 h5h1/(5 '(ö(5/(0( )$5./$5, '|YL] $OÃ&#x2022;P 2SVL\RQX *HUoHN 'H÷HUL
(85 [ PLO\RQ 7/
<857',ù, %25d/$5 +(6$%, (85 %$1.$/$5 (85
<XUW GÃ&#x2022;úÃ&#x2022; ERUFXQ |GHQPHVL
(85 'g9ø= 236ø<21 6g=/(ù0(6ø1'(1 $/$&$./$5 7$.ø3 +(6$%, 1+ (85 'g9ø= 236ø<21 6g=/(ù0(6ø1'(1 $/$&$./$5 1+
7/ 'g9ø= 236ø<21 6g=/(ù0(6ø1'(1 %25d/$5 1+ (85 'g9ø= 236ø<21 6g=/(ù0(6ø1'(1 %25d/$5 7$.ø3 +(6$%, 1+
1D]ÕP KHVDSODUÕQ NDSDWÕOPDVÕ
$OÕP 6DWÕP +HVDSODUÕQÕQ (YDO DV\RQX <DEDQFÕ SDUD 'H÷HUOHQPLú +HVDS +HVDSODU WXWDUÕ YD]L\HW .XU 7XWDU .DODQÕ NDODQÕ '|YL] $OÕP 6DWÕP (85
(YDO DV\RQ )DUNÕ
)DUN
.85 )$5., =$5$5/$5, 'g9ø= $/,0 6$7,0 +(6$%, (85 7/
'|QHP IDUNÕ J|] DUGÕ HGLOGL÷LQGH KHVDSODUÕQ VRQ GXUXPX VDELW NXUOD WXWXODQ
KHVDSODU HYDO H HGLOPHGHQ 7DEOR ¶GHNL JLEL ROXU
7$%/2 0(*$ øù/(70(6ø1ø1 ø7ø%$5,</$ +(6$3 '85808
+HVDS
6DELW .XUOD 7XWXODQ +HVDSODU '|YL] +HVDSODUÕ
<XUW 'ÕúÕ %RUoODU (85
%DQNDODU (85
'|YL] 9D]L\HWL (85
7/ h]HULQGHQ 7XWXODQ +HVDSODU 7LFDUL 0DOODU .DVD 7 UHY hU Q 'H÷HUOHPH )DUNODUÕ *HOHFHN $\ODUD $LW 7 UHY hU Q *LGHUOHUL '|YL] $OÕP 6DWÕP (85
*HOLU 7DEORVX +HVDSODUÕ 7 UHY hU QOHUGHQ 'R÷DQ *LGHUOHU 7 UHY hU QOHU .XU )DUNÕ =DUDUODUÕ 7 UHY hU QOHU .XU )DUNÕ .kUODUÕ .XU )DUNÕ =DUDUODUÕ
%LOJL +HVDSODUÕ 1D]ÕP +HVDSODU
(85 '|YL] 2SVL\RQ 6|]OHúPHVLQGHQ $ODFDNODU (85 '|YL] 2SVL\RQ 6|]OHúPHVLQGHQ $ODFDNODU 7DNLS +HVDEÕ 7/ '|YL] 2SVL\RQ 6|]OHúPHVLQGHQ %RUoODU
7/ '|YL] 2SVL\RQ 6|]OHúPHVLQGHQ %RUoODU 7DNLS +HVDEÕ
%RUo
$ODFDN
$ODFDN .DODQÕ
%RUo .DODQÕ
7$%/2 'g9ø= $/,0 236ø<21 6g=/(ù0(6ø1ø1 $/,&,6,1$ 1(7 0$/ø<(7ø
øúOHP PLO\RQ 7/
<XUW GÃ&#x2022;úÃ&#x2022; ERUFD DLW NXU IDUNÃ&#x2022; ND]DQFÃ&#x2022; ND\EÃ&#x2022; (85 [
'|YL] 2SVL\RQ V|]OHúPHVLQH DLW NXU IDUNÃ&#x2022; ND]DQFÃ&#x2022; ND\EÃ&#x2022; (85 [
'|YL] 2SVL\RQ 6|]OHúPH 3ULPL *LGHUL 1HW ND]DQo ND\Ã&#x2022;S
6|]OHúPHVL]
6|]OHúPHOL
øúOHWPH ULVNWHQ NRUXQPD DPDFÃ&#x2022;\OD V|]OHúPH\H WDUDI ROPDVD\GÃ&#x2022; NDWODQDFD÷Ã&#x2022;
PLO\DU 7/ NXU IDUNÃ&#x2022; JLGHUL \HULQH PLO\DU 7/ JLGHUH NDWODQPÃ&#x2022;úWÃ&#x2022;U 7DEOR
hdh1&h %g/h0 7h5.ø<(¶'( 7h5(9 h5h1/(5ø1 08+$6(%(/(ù7ø5ø/0(6ø1( ø/øù.ø1 'h=(1/(0(/(5
%DQNDFÕOÕN ' ]HQOHPH YH 'HQHWOHPH .XUXOX ' ]HQOHPHOHUL
VRQUDVÕ
7 UNL\H¶GH
X\JXODQDQ
ILQDQVDO
OLEHUDOOHúPH
SROLWLNDODUÕQÕQ ILQDQVDO NHVLP ]HULQGH |QHPOL HWNLOHUL ROPXúWXU )DL] YH G|YL]
NXUODUÕQÕQ EHOLUOHQPHVLQLQ EDQNDODUD EÕUDNÕOPDVÕ YH EXQXQ SDUDOHOLQGH
HNRQRPLN NXUXPODUFD DOJÕODQDQ ULVNLQ DUWPDVÕ HNRQRPLQLQ |]HOOLNOH GÕúD
DoÕOPDVÕ\OD ROXúDQ NUHGL ULVNLQLQ YH EDQNDODUDUDVÕ UHNDEHWLQ DUWPDVÕ ROXúDQ
E \ N NDPX DoÕNODUÕQÕQ YH EXQXQ ILQDQVPDQ PHWRGXQXQ VRQXFX RODUDN |]HO VHNW|U Q ILQDQVDO SL\DVDODUGDQ X]DNODúPDVÕ NUHGL SL\DVDODUÕQÕQ ROXPVX]
HWNLOHQPHVL YH VRQ RODUDN NDOLIL\H LQVDQ J F Q Q EXOXQDELOPHVL JLEL IDNW|UOHU EX G|QHPLQ LoHULVLQGH ROXúPXúWXU 7 UN PDOL VLVWHPLQLQ NHQGLQH KDV
|]HOOLNOHULQLQ \DQÕ VÕUD OLEHUDOOHúPH V UHFLQGH HNRQRPLGH RUWD\D oÕNDQ EX
\DSÕVDO GH÷LúLNOLNOHU EDQNDODUÕQ ILQDQVDO \HQLOLNOHUH NDUúÕ WHSNLVLQGH HWNLQ
ROPXúWXU * QG ] YH 7XWDO V g]HOOLNOH LOHWLúLP YH ELOJLVD\DU
WHNQRORMLVLQGHNL KÕ]OÕ JHOLúLP SL\DVDODU DUDVÕ LúOHP YH ELOJL WUDQVIHULQL NROD\ODúWÕUPÕúWÕU 3L\DVDGD IDUNOÕ EHNOHQWLOHUH VDKLS JUXSODUÕQ ROPDVÕ GD
EHNOHQWLOHUH FHYDS YHUHFHN U QOHULQ JHOLúPHVLQH \RO DoPÕúWÕU .D\JXVX]
V 7 UHY U QOHULQ GDKD \D\JÕQ NXOODQÕOPD\D EDúODQPDVÕ LOH ULVN
SD\ODúÕPÕ YH GDKD G ú N LúOHP PDOL\HWL LPNDQÕQÕQ DUWÕUÕODUDN SL\DVDODUGD
HWNLQOL÷LQ DUWPDVÕ EHNOHQPHNWHGLU .DSODQ V 7 UNL\H¶GH HQ oRN
NXOODQÕODQ W UHY U QOHUL VZDS YH IRUZDUG V|]OHúPHOHULGLU %X LúOHPOHULQ
\D\JÕQODúPDVÕQGD EDQNDFÕOÕ÷ÕQ GÕú UHNDEHWH DoÕOPDVÕ\OD ELUOLNWH 7 UNL\H¶GH úXEH DoDQ \DEDQFÕ EDQNDODUÕQ |QHPOL NDWNÕODUÕ ROPXúWXU )RUZDUG YH VZDS
V|]OHúPHOHULQLQ \DQÕ VÕUD IXWXUHV YH RSVL\RQODU NÕVÕWOÕ ROVD GD EDQNDODU
WDUDIÕQGDQ NXOODQÕOPDNWDGÕU * QG ] YH 7XWDO V
7ย UHY ย Uย QOHU NRQXVXQGD HQ VRQ Gย ]HQOHPH %DQNDFร Oร N 'ย ]HQOHPH
YH 'HQHWOHPH .XUXOX WDUDIร QGDQ 0XKDVHEH 8\JXODPDODUร <|QHWPHOLรทLยถQH
LOLรบNLQ VD\ร Oร WHEOLรท LOH \DSร OPร รบWร U )LQDQVDO DUDoODUร Q PXKDVHEHOHรบWLULOPHVL
VWDQGDUGร Qร
LoHUHQ
EX
WHEOLรทLQ
DPDFร
ILQDQVDO
DUDoODUร Q
PXKDVHEHOHรบWLULOPHVLQH LOLรบNLQ HVDV YH XVXOOHULQ EHOLUOHQPHVLGLU 7HEOLรท JHQHO
RODUDN 806 ยถGD EHOLUOHQHQ NXUDOODUร Q X\JXODQPDVร Qร |QJ|UPHNWHGLU %X
oHUoHYHGH ILQDQVDO YDUOร N YH \ย Nย POย Oย NOHU DQFDN V|]OHรบPHGHQ GRรทDQ KDN YH
\ย Nย POย Oย รทH WDUDI ROXQPDVร \OD PDOL WDEORODUGD ND\GHGLOLU YH LON RODUDN HOGH HWPH PDOL\HWL\OH ND\GD DOร Qร UODU NL EX GHรทHU UD\Lo GHรทHU RODUDN NDEXO HGLOLU
$QFDN SL\DVD IL\DWร Qร Q Jย YHQLOLU YH WXWDUOร ELU รบHNLOGH EHOLUOHQHPHGLรทL
GXUXPODUGD V|] NRQXVX ILQDQVDO DUDoODUร Q UD\Lo GHรทHULQLQ JHOHFHNWHNL Wย P QDNLW DNร รบODUร Qร Q LVNRQWR HGLOPLรบ GHรทHUL RODUDN KHVDSODQDFDรทร EHOLUWLOPLรบWLU
%DQND ND\QDNOร NUHGL YH DODFDNODU LOH YDGH\H NDGDU HOGH WXWXODFDNODU YH\D
DNWLI SD]DUGD NRWH HGLOPLรบ IL\DWร EXOXQPD\DQ YH UD\Lo GHรทHUL Jย YHQLOLU ELU
รบHNLOGH WHVSLW HGLOHPH\HQOHU KDULo ROPDN ย ]HUH ILQDQVDO YDUOร NODUร Q ND\GD
DOร QPDODUร Qร L]OH\HQ G|QHPOHUGH VDWร รบWD YH\D EHQ]HUL HOGHQ oร NDUPD GXUXPODUร QGD ROXรบDELOHFHN LรบOHP PDOL\HWOHUL GLNNDWH DOร QPDNVร ]ร Q UD\Lo GHรทHUOHUL ย ]HULQGHQ GHรทHUOHQHFHรทL |QJ|Uย OPย รบWย U 5D\Lo GHรทHULQ \HQLGHQ
|Ooย OPHVL VRQXFX RUWD\D oร NDQ NkU ]DUDU ILQDQVDO YDUOร N \D GD \ย Nย POย Oย รทย Q
QLWHOLรทLQH J|UH ND\GHGLOLU
%X WHEOLรทH J|UH Wย UHY ILQDQVDO DUDo ยณEHOLUOL ELU IDL] RUDQร QGD WHPLQDW EHGHOLQGH PDO EHGHOLQGH G|YL] NXUXQGD IL\DW YH\D RUDQ HQGHNVLQGH ELU NUHGL GHรทHUOHQGLUPHVLQGH YH\D NUHGL HQGHNVLQGH YH\D EHQ]HU ELU GHรทLรบNHQGH PH\GDQD JHOHQ GHรทLรบLNOLรทH NDUรบร Oร N GHรทHUL GHรทLรบHQ QHW ELU EDรบODQJร o \DWร Uร Pร JHUHNWLUPH\HQ YH\D SL\DVD NRรบXOODUร QGDNL GHรทLรบLNOLNOHUH EHQ]HU NDUรบร Oร NODU YHUHQ GLรทHU Wย UGHQ V|]OHรบPHOHUH J|UH GDKD D] ELU EDรบODQJร o \DWร Uร Pร JHUHNWLUHQ YH WDNDV LรบOHPL LOHUL ELU WDULKWH JHUoHNOHรบHFHN RODQ ILQDQVDO DUDFร ยด
LIDGH HWPHNWHGLU 7ย UHYOHULQ KHU ]DPDQ WLFDUHWH NRQX RODUDN YH\D ULVNWHQ
NRUXQPD DUDFร RODUDN GLNNDWH DOร QDFDรทร UD\Lo GHรทHU ย ]HULQGHQ |Ooย OHFHรทL YH
ERUVDODUGD DOร Qร S VDWร ODQ Wย UHY ย Uย QOHULQ WHEOLรทGH EHOLUWLOHQ LVWLVQDODU KDULo
ROPDN ย ]HUH LรบOHP WDULKL LWLEDUร \OD ND\ร WODUD DOร QDFDรทร EHOLUWLOPLรบWLU $QFDN
EDQNDODUร Q PXKDVHEH VLVWHPOHULQLQ Pย รบWHULOHUGHQ DOร QPDVร YH WDNDV NXUXPXQD WHYGL HGLOPHVL JHUHNHQ WHPLQDWODU LOH GLรทHU QDNLW KDUHNHWOHULQL DOร P
VDWร P LรบOHPLQH EDรทOร RODUDN WDNDV NXUXPX QH]GLQGH KDN YH \ย Nย POย Oย NOHULQ
WHVLV HGLOGLรทL WDNDV WDULKL LWLEDUร \OD L]OHPH\H LPNDQ YHUHFHN รบHNLOGH
Gย ]HQOHQPHVL ]RUXQOX WXWXOPXรบWXU 7HEOLรทGH 806 ยถXQ IRUZDUGร Q QHW UD\Lo
GHรทHULQGHQ ELODQoR\D WDรบร QDFDรทร Qร EHOLUWHQ YH SDUDJUDIODUร QD \HU
YHULOPHPLรบWLU %X oHUoHYHGH ILQDQVDO YDUOร NODUร Q WHVOLP WDULKLQH J|UH HOGHQ
oร NDUร ODFDรทร QGDQ KDUHNHWOH QD]ร P KHVDSODUGD L]OHQLS UD\Lo GHรทHULQGHNL
GHรทLรบLNOLNOHULQ ELODQoR\D \DQVร Wร ODFDรทร Qร V|\OHPHN \DQOร รบ ROPD\DFDNWร U
7HEOLรทLQ G|UGย QFย E|Oย Pย ULVNWHQ NRUXQPD DPDoOร ILQDQVDO YDUOร NODUร Q
PXKDVHEHOHรบWLULOPHVLQL NDSVDPDNWDGร U 806 ยถXQ SDUDJUDIร QGD
EHOLUWLOHQ ULVNWHQ NRUXQPD PXKDVHEHVLQLQ NXOODQร Pร LoLQ JHUHNOL รบDUWODU EX
WHEOLรทGH GH D\QHQ JHoHUOLGLU รธNL Wย U ULVN WDQร PODQPร รบWร U UD\Lo GHรทHU ULVNL YH QDNLW DNร P ULVNL %XQODUร Q PXKDVHEHOHรบWLUPH HVDVODUร 806 LOH D\Qร Gร U \DQL
UD\Lo GHรทHU ULVNLQGHQ NRUXQPD DUDFร Qร Q GHรทHULQGH PH\GDQD JHOHQ
GHรทLรบLNOLNOHU FDUL G|QHP JHOLU WDEORVXQD \DQVร Wร Oร U QDNLW DNร P ULVNLQGHQ NRUXQPD DPDoOร \DSร ODQ LรบOHPOHUH LOLรบNLQ ND]DQo \D GD ND\ร SODU |]ND\QDN
NDOHPOHULQH GDKLO HGLOLU
7DEOR Doร NODPDODUร YH GLSQRWODUร QGD LVH YDGHOL LรบOHP YH RSVL\RQ
V|]OHรบPHOHUL LOH LOJLOL RODUDN EDQNDODU D\Uร D\Uร YDGHOL LรบOHP YH RSVL\RQ
V|]OHรบPHVL FLQVL ED]ร QGD PLNWDUODU GD EHOLUWLOPHN VXUHWL\OH V|]OHรบPHOHULQ FLQVL \DSร Oร รบ DPDFร ULVNLQ QLWHOLรทL ULVN \|QHWLP VWUDWHMLVL ULVNH NDUรบร NRUXQPD
LOLรบNLVL EDQNDQร Q PDOL GXUXPXQD PXKWHPHO HWNLOHUL QDNLW DNร รบร Qร Q ]DPDQร
|QFHGHQ JHUoHNOHรบHFHรทL WDKPLQ HGLOHQ YH EX WDKPLQH GD\DQร ODUDN
PXKDVHEHOHรบWLULOHQ
DQFDN
JHUoHNOHรบPH\HFHรทL
DQODรบร ODQ
LรบOHPOHULQ
JHUoHNOHรบPHPHVLQLQ QHGHQOHUL V|]OHรบPHOHU QHGHQL\OH FDUL G|QHPGH JHOLU
WDEORVX LOH LOLรบNLOHQGLULOPH\HQ JHOLU YH JLGHUOHU NRUHODV\RQXQ EHOLUOHQPHVLQH LOLรบNLQ HVDVODU YH NRUHODV\RQ NDWVD\ร Vร KDNNร QGD \HWHUOL ELOJL YHUPHNOH
\ย Nย POย Gย UOHU
%''.ยถQร Q 0XKDVHEH 8\JXODPD <|QHWPHOLรทLยถQH LOLรบNLQ VD\ร Oร WHEOLรท
NDSVDPร QGD ยณ.DPX\D $oร NODQDFDN 0DOL 7DEORODUD รธOLรบNLQ $oร NODPD YH 'LSQRWODU 6WDQGDUGร ยด LNLQFL E|Oย Pย HN E NRQVROLGH ELODQoR Gร รบร
\ย Nย POย Oย NOHU WDEORVXQX J|VWHUPHNWHGLU %X WDEORQXQ Wย UHY ย Uย QOHUH DLW ,,,
E|Oย Pย ROGXNoD GHWD\Oร ELU รบHNLOGH IRUZDUG VZDS RSVL\RQ YH IXWXUHV
LรบOHPOHULQLQ QD]ร P KHVDSODUGD L]OHQPHVLQL VDรทODPDNWDGร U 7DEOR JHoPLรบ
G|QHPOH FDUL G|QHPLQ EHUDEHU L]OHQPHVL Doร Vร QGDQ KHU LNL G|QHPL GH J|VWHUHUHN WDEOR RNX\XFXODUร QD GHWD\Oร ELOJL YHUPHNWHGLU
7ย UNL\H &XPKXUL\HW 0HUNH] %DQNDVร 8\JXODPDODUร
7ย UNL\H &XPKXUL\HW 0HUNH] %DQNDVร ยถQGD 7&0% X\JXODQDFDN
PXKDVHEH VWDQGDUWODUร YH SROLWLNDODUร JHUHรทL Wย UHY ย Uย QOHUOH LOJLOL X\JXODQDFDN
RODQ PXKDVHEH SROLWLNDODUร QGD HVDV RODUDN QROX ยณ)LQDQVDO $UDoODU
$oร NODPD YH 6XQXรบยด QROX ยณ)LQDQVDO $UDoODUร Q 0XKDVHEHOHรบWLULOPHVL YH
'HรทHUOHPHVLยด XOXVODUDUDVร PXKDVHEH VWDQGDUGร Kย Nย POHUL YH $YUXSD
%LUOLรทLยถQLQ ELUOLรทH ย \H PHUNH] EDQNDODUร LoLQ \D\ร PODPร รบ ROGXรทX \|QHUJH
Kย Nย POHUL YH 7ย UNL\H PXKDVHEH VWDQGDUWODUร QGDNL EX NRQX LOH LOJLOL Kย Nย POHU
GLNNDWH DOร QPร รบWร U %X oHUoHYHGH PXKDVHEHOHรบWLULOPH HVDVODUร รบX รบHNLOGH EHOLUOHQPLรบWLU 6HYLOHQJย O YH $NGRรทDQ V
7ย UHY ย Uย QOHUL\OH LOJLOL ND]DQo YH ND\ร SODUร Q ND\GD DOร QPDVร QGD ยณLKWL\DWOร Oร Nยด
JHOLU
YH
JLGHUOHULQ
LOJLOL
ROGXNODUร
G|QHPOH
LOLรบNLOHQGLULOPHVLQGH ยณG|QHPVHOOLNยด YH ILQDQVDO ROD\ODUร Q PXKDVHEH
ND\ร WODUร QD DOร QPDVร QGD ยณ|]ย Q |QFHOLรทLยด PXKDVHEH WHPHO NDYUDPODUร
J|]|Qย QGH EXOXQGXUXOXU
7ย UHY ย Uย QOHULQ PXKDVHEHOHรบWLULOPHVLQGH GHรทHUOHULQLQ PDNXO |Ooย OHUH J|UH EHOLUOHQGLรทL ELU SL\DVDQร Q ROPDVร NRรบXOX LOH UD\Lo GHรทHUOHUL HVDV
DOร Qร U
7ย UHY ย Uย QOHUOH LOJLOL ROD\ODUร Q DPDFD X\JXQ ELoLPGH GHรทHUOHQGLULOPHVL YH PXKDVHEH ND\ร WODUร Qร Q Jย YHQLOLU ELU ELoLPGH \DSร ODELOPHVL LoLQ
YDUOร NODUร Q
D $ODFDNODU
E 9DGH\H EDรทOร JHOLU DPDoOร ILQDQVDO YDUOร NODU F 6SHNย ODWLI JHOLU DPDoOร ILQDQVDO YDUOร NODU YH
G 6DWร ODELOLU GLรทHU ILQDQVDO YDUOร NODU รบHNOLQGH D\Uร PD WDEL WXWXOPDVร
X\JXQ ROXU
7ย UHY ย Uย Q V|]OHรบPHVL 7&0%ยถQLQ V|]OHรบPHQLQ WDUDIร ROGXรทX WDULKWH ND\GD DOร Qร U YH EX WDULKWHQ LWLEDUHQ WDUDIODUD KDN YH \ย Nย POย Oย NOHU
\ย NOHQLU 6|]OHรบPH WDULKLQGH JHUoHN ELU HNRQRPLN GHรทHU KDUHNHWLQH QHGHQ RODQ ILQDQVDO ROD\ODU ELODQoR DVOL KHVDSODUร QGD L]OHQLU *HUoHN ELU HNRQRPLN GHรทHU KDUHNHWLQH QHGHQ ROPD\DQ ILQDQVDO ROD\ODU LVH ELODQoR
Gร รบร QGD QD]ร P KHVDSODUGD L]OHQLU
7ย UHY ย Uย QOHULQ ND\GD DOร QPDVร QGD Wย UHY ย Uย Qย Q QLWHOLรทLQH J|UH UD\Lo GHรทHU YH\D V|]OHรบPH GHรทHUL HVDV DOร Qร U 6|]OHรบPH GHรทHULQLQ
NXOODQร OPDVร GXUXPXQGD ILQDQVDO YDUOร N HGLQLPOHUL LON ND\GD DOPDGD
V|]OHรบPH GHรทHULQH J|UH PXKDVHEHOHรบWLULOLU 6|]OHรบPH WDULKL LOH WHVOLP
WDULKL DUDVร QGD YH WHVOLP WDULKLQGHQ VRQUD PH\GDQD JHOHQ GHรทHU
GHรทLรบLPOHUL ILQDQVDO DUDFร Q Wย Uย QH J|UH D\Uร FD GLNNDWH DOร Qร U YH G|QHP
LoLQGH YH\D G|QHP VRQXQGD JHUHNOL Gย ]HOWPH ND\ร WODUร \DSร Oร U
)LQDQVDO DUDFร Q LON ND\GD DOร QPDVร QGD UD\Lo GHรทHULQ NXOODQร OPDVร GXUXPXQGD ILQDQVDO DUDo UD\Lo GHรทHULQH J|UH ND\GD DOร Qร U YH UD\Lo
GHรทHU LOH V|]OHรบPH GHรทHUL DUDVร QGDNL IDUN SULP \D GD LVNRQWR RODUDN
LรบOHP J|Uย U 5D\Lo GHรทHULQ V|]OHรบPH GHรทHULQGHQ Gย รบย N ROPDVร
GXUXPXQGD RUWD\D oร NDQ SULP LOH \ย NVHN ROPDVร GXUXPXQGD RUWD\D
oร NDQ LVNRQWR WXWDUODUร D\Uร KHVDSODUGD L]OHQHUHN ILQDQVDO DUDFร Q NDODQ
|PUย ER\XQFD HรบLW WXWDUOร RODUDN G|QHP VRQXoODUร QD \DQVร Wร OPDN
VXUHWL\OH LWID HGLOLU
)LQDQVDO YDUOร รทร Q HGLQLOPHVL LOH GRรทUXGDQ LOJLOL RODQ JLGHUOHU ILQDQVDO YDUOร รทร Q PDOL\HWLQH GDKLO HGLOLU
7&0%ยถQLQ ILQDQVDO YDUOร รทร Q WDPDPร YH\D ELU Nร VPร ย ]HULQGHNL NRQWURO HWPH KDNNร Qร ND\EHWPHVL GXUXPXQGD ILQDQVDO YDUOร รทร Q NRQWURO HWPH
KDNNร ND\EHGLOHQ Nร VPร ND\ร WODUGDQ oร NDUร Oร U
7ย UHY ย Uย QOHULQ ND\GD DOร QPDVร QGD YH\D oร NDUWร OPDVร QGD DOร QDQ YH
YHULOHQ WHPLQDWODU GD J|]|Qย QGH EXOXQGXUXOXU 7HPLQDWODU WHPLQDWร Q QLWHOLรทLQH J|UH DVOL YH\D QD]ร P KHVDSODUGD L]OHQLU
%RUoOXODUร Q 7&0%ยถ\H D\QHQ JHUL DOPD KDNNร ROPDGDQ YHUGLรทL YH
7&0%ยถQLQ WHPLQDW RODUDN DOGร รทร YHUGLรทL VDWPDN YH\D UHKLQ HWPHN
KDNNร Qร Q ROGXรทX WHPLQDW LรบOHPOHULQGH
D 7HPLQDW RODUDN DOร QDQ YDUOร NODU 7&0% YDUOร NODUร QD GDKLO HGLOLU YH WHPLQDWD DLW \ย Nย POย Oย N WXWDUร GD ERUo RODUDN ND\GHGLOLU
E 7&0%ยถQLQ WHPLQDW RODUDN YHUGLรทL YH D\QHQ JHUL DOPD KDNNร ROPDGร รทร YDUOร NODU LVH LOJLOL YDUOร N KHVDSODUร QGDQ oร NDUWร ODUDN
DODFDN RODUDN ND\GHGLOLU
F 1RUPDO NRรบXOODUGD VDWPD YH\D EDรบNDVร QD GHYUHWPH KDNNร ROPD\DQ QDNLW Gร รบร WHPLQDWODU QD]ร P KHVDSODUGD L]OHQLU
5D\Lo GHรทHUOH ND\GD DOร QPDVร JHUHNHQ ELU Wย UHY ย Uย Q V|]OHรบPHVLQGH V|]OHรบPHQLQ GHรทHUL Vร Iร Uร Q DOWร QD Gย รบHUVH V|]OHรบPH\OH LOJLOL KDN VDKLEL
RODUDN 7&0%ยถGH EX WXWDU ยณILQDQVDO ERUoยด RODUDN ND\GD DOร Qร U
7ย UHY ย Uย QOHUGHQ ND\QDNODQDQ ND]DQo YH\D ND\ร SODUร Q ND\GD DOร QPDVร QGD DรบDรทร GDNL LONHOHU X\JXODQร U
D 6SHNย ODWLI JHOLU DPDoOร Wย UHY ย Uย QOHUGH
DD %RUVD รบHNOLQGH RUJDQL]H ROPXรบ ELU SL\DVD YDUVD YH PDNXO
ELU |Ooย \H J|UH V|]OHรบPH NRQXVX Wย UHY ย Uย Qย Q UD\Lo GHรทHUL
EHOLUOHQHELOL\RUVD
L 7ย UHY ย Uย QOH LOJLOL RODUDN RUWD\D oร NDQ NkU YH\D ]DUDUODU
RUWD\D oร NWร รทร G|QHPGH VRQXo KHVDSODUร QD ND\ร W HGLOLU
LL 7ย UHY ย Uย Q V|]OHรบPHVL VRQD HUGLรทLQGH V|]OHรบPHQLQ YH Wย UHY
ย Uย QOH LOJLOL GLรทHU LรบOHPOHULQ LSWDO YH LDGH ND\ร WODUร \DSร Oร U
DE %RUVD รบHNOLQGH RUJDQL]H ROPXรบ ELU SL\DVD \RNVD YH V|]OHรบPH\H NRQX Wย UHY ย Uย Qย Q UD\Lo GHรทHUL PDNXO ELU |Ooย \H
J|UH GHรทHUOHQHPL\RUVD
L 9DGH VRQXQD NDGDU VRQXo KHVDSODUร QD YH V|]OHรบPHQLQ
\HQLGHQ GHรทHUOHPHVLQH LOLรบNLQ KHUKDQJL ELU ND\ร W \DSร OPD] %X
Wย UHY ย Uย QOHU LoLQ UD\Lo GHรทHU ย ]HULQGHQ GHรทHUOHPH \DSร OPD]
7ย UHY ย Uย QOH LOJLOL NkU YH\D ]DUDU RUWD\D oร NWร รทร G|QHPGH GHรทLO
V|]OHรบPHQLQ YDGHVLQGH ND\GHGLOLU
LL 9DGH VRQX EHNOHQPHGHQ GLรทHU Gย ]HOWPHOHU LOH LOJLOL RODUDN
NDUรบร Oร N D\ร UPD YH\D NDUรบร Oร รทร Q LSWDO HGLOPHVL LรบOHPOHUL \DSร Oร U
LLL 7ย UHY
ย Uย Qย Q
JHWLULOGLรทLQGH
DOร P
V|]OHรบPHVLQLQ
JHUHรทL
\HULQH
UD\Lo GHรทHUOH GHรทHUOHQHFHN ILQDQVDO YDUOร NODU UD\Lo
GHรทHUOH
LVNRQWR HGLOPLรบ GHรทHUOH GHรทHUOHQHFHN ILQDQVDO YDUOร NODU
PDOL\HW GHรทHUL LOH
ND\GD DOร Qร U YH JHUHNOL LSWDO LDGH ND\ร WODUร \DSร Oร U
7ย UHY ย Uย QOHUGHQ GRรทDQ NkU YH ]DUDUODUร Q WDKDNNXNX YH WDEL WXWXOGXรทX LรบOHPOHU DVร O ILQDQVDO DUDoODUGDQ ND\QDNODQDQ NkU YH ]DUDUODUร Q
WDKDNNXNX LรบOHPOHUL LOH D\Qร ELoLPGH \DSร Oร U
'|YL] IRUZDUG YH G|YL] VZDSร Qร Q IRUZDUG D\Dรทร QD YH GLรทHU \DEDQFร SDUD GHรทLรบLPLQL LoHUHQ LรบOHPOHUH DLW G|YL] ND]DQo YH ND\ร SODUร
KHVDSODQร U YH QHW G|YL] SR]LV\RQXQD LODYH HGLOLU
'|YL] HVDVOร IDL] RUDQร VZDSODUร IXWXUH IRUZDUG V|]OHรบPHOHUL YH GLรทHU IDL] RUDQOร LรบOHPOHULQ KHU ELUL D\Uร D\Uร NDOHPOHU ED]ร QGD KHVDSODQร U YH
\HQLGHQ GHรทHUOHQGLULOLU %X ILQDQVDO DUDoODU ELODQoR\D GDKLO
Nร \PHWOHUGHQ D\Uร RODUDN HOH DOร Qร U
'g5'h1&h %g/h0 6218d 9( '(รถ(5/(1'รธ50(
ยถOL \ร OODUGD %UHWWRQ :RRGV VLVWHPLQLQ o|Nย รบย QGHQ VRQUD GDOJDOร
NXU VLVWHPLQH JHoLOPHVL LรบOHWPHOHULQ IL\DW YH IDL]OHUGH Eย \ย N GDOJDODQPDODUD PDUX] NDOPDVร QD YH JHOHFHNOH LOJLOL EHOLUVL]OLNOHULQ RUWD\D oร NPDVร QD QHGHQ
ROPXรบWXU %X EHOLUVL]OLNOHU ULVNOHUL GRรทXUPXรบ YH PHYFXW ILQDQVDO DUDoODUร Q EX
ULVNOHUL RUWDGDQ NDOGร UPDGD \HWHUVL] NDOร รบร YH EX ULVNOHUGHQ NRUXQPD LVWHรทL
\HQL ILQDQVDO DUDoODU RODUDN DGODQGร Uร ODQ Wย UHY ย Uย QOHULQ RUWD\D oร NPDVร QD VHEHS ROPXรบWXU
7ย UHY ย Uย QOHULQ NXOODQร OPDVร \OD ELUOLNWH EXQODUร Q ND\GD DOร QPDVร QGD
oHรบLWOL VRUXQODU RUWD\D oร NPD\D EDรบODPร รบWร U %X VRUXQODU JHQHO RODUDN ND\GD DOPD GHรทHUOHPH UDSRUODPD YH ND\ร WWDQ oร NDUPD RODUDN Vร UDODQDELOLU %X
VRUXQODUร Q JLGHULOPHVL DPDFร \OD XOXVODUDUDVร oDOร รบPDODU EDรบODPร รบ
\ร Oร QGD 806. WDUDIร QGDQ QXPDUDOร VWDQGDUW RUWD\D oร NPร รบWร U %X VWDQGDUW
Wย UHY ย Uย QOHULQ GHรทHUOHPH YH ND\GD DOPD \|QWHPOHUL ย ]HULQGH GXUPDPร รบ VDGHFH ILQDQVDO WDEORODUD \DQVร Wร OPDVร NRQXVXQGD LONHOHUL RUWD\D NR\PXรบWXU
\ร Oร QGD 806. |]HOOLNOH JHQLรบ SRUWI|\OHUL RODQ YH IDL] YH G|YL]
NXUX ULVNLQGHQ NRUXQPDN DPDFร \OD Wย UHY ย Uย QOHUL NXOODQDQ รบLUNHWOHULQ
ND\ร WODUร Qร
HWNLOH\HFHN
NXUDOODUGDQ
ROXรบDQ
QXPDUDOร
VWDQGDUGร
\D\ร PODPร รบWร U QXPDUDOร VWDQGDUW รบLUNHWOHULQ ULVN \|QHWLP VWUDWHMLOHULQL YH
KDWWD EXQD \|QHOLN VLVWHPOHULQL J|]GHQ JHoLUPHOHUL JHUHNOLOLรทLQL EHUDEHULQGH
JHWLUPLรบWLU *HQHO RODUDN 806 ILQDQVDO YDUOร N YH \ย Nย POย Oย NOHULQ
Vร Qร IODQGร Uร OPDVร Wย UHY ย Uย QOHU LoLQ UD\Lo GHรทHU |Ooย Vย YH ULVNWHQ NRUXQPD
PXKDVHEHVL YH EXQXQ NXOODQร Pร LoLQ JHUHNOL รบDUWODUร RUWD\D NR\PXรบ YH LON
RODUDN Wย UHY ย Uย QOHULQ ND\GD DOร QPDVร GHรทHUOHPHVL YH ND\ร WWDQ oร NDUร OPDVร
NRQXODUร QGD LONHOHUL EHOLUOHPLรบWLU
806 PHYFXW X\JXODPDODUGDQ IDUNOร RODUDN Wย UHY ย Uย QOHULQ UD\Lo
GHรทHUOHUL\OH ELODQoR LoLQGH J|VWHULOPHVLQL YH UD\Lo GHรทHU GHรทLรบLNOLNOHULQGHQ
RUWD\D oร NDQ NkU \D GD ]DUDUODUร Q JHOLU WDEORVXQGD \HU DOPDVร JHUHNOLOLรทLQLQ
\DQร Vร UD รบLUNHWOHULQ ILQDQVDO ULVN \|QHWLPL VWUDWHMLOHUL DPDoODUร YH
X\JXODPDODUร \OD ELUOLNWH EX NRQXGDNL PXKDVHEH SROLWLNDODUร Qร GD NDPX\D
Doร NODPD JHUHNOLOLรทLQL RUWD\D NR\PXรบWXU
7ย P Wย UHY ย Uย QOHULQ EDรบODQJร oWD UD\Lo GHรทHUOHUL PDOL\HWOHUL
ROGXรทXQGDQ PDOL\HWOHUL\OH ND\GD DOร Qร UODU )RUZDUG ED]Oร Wย UHY ย Uย QOHULQ LON
ND\GD DOร Qร รบร QGD UD\Lo GHรทHUGHQ YDUOร N YH \ย Nย POย Oย N ND\GD DOร QDFDรทร QGDQ
QHW GHรทHUL Vร Iร U RODFDN RSVL\RQ ED]Oร Wย UHY ย Uย QOHU GH LVH EDรบODQJร oWD ELU |GHPH \DSร ODFDรทร QGDQ EX GRรทUXGDQ PDOL\HW RODFDNWร U 5D\Lo GHรทHUOHUL
KHVDSODQDPD\DQ Wย UHY ย Uย QOHU PDOL\HW GHรทHUOHUL\OH \LQH ELODQoR LoLQGH J|VWHULOHFHNWLU DQFDN NXUDO NR\XFXODU EX X\JXODPD\D oRN D] UDVODQDFDรทร Qร YH
UD\Lo GHรทHULQ KHVDSODQDELOHFHรทLQL |QJ|UPย รบOHUGLU
806 ยถXQ GLรทHU ย ]HULQGH GXUGXรทX NRQX RODQ ULVNWHQ NRUXQPD
ULVNWHQ NRUXQPD G|YL] NXUX IDL] RUDQร NUHGL \D GD IL\DW ULVNL LoHUHQ ULVNWHQ
NRUXQDQ DUDoOD EX ULVNOHUL D]DOWPDN ย ]HUH JLULรบLOHQ ULVNWHQ NRUX\DQ DUDFร Q NkU YH ]DUDUODUร Qร Q ELUELULQL EHUDWDUDI HWPHVL RODUDN WDQร PODQPร รบ EX LNL LรบOHPLQ EHOLUOHQHQ ULVNL NDUรบร ODPD RUDQร LVH ULVNWHQ NRUXQPD HWNLQOLรทL RODUDN
WDQร PODQPร รบWร U %XQODUGDQ GRรทDQ NkU YH ]DUDUODUร Q D\Qร DQGD JHOLU WDEORVXQGD \HU DOPDVร JHUHNPHNWHGLU รธรบOHWPHQLQ JHOLU WDEORVXQGD LVWLNUDUร VDรทOD\DQ YH
GDOJDODQPD\ร HQJHOOH\HQ ULVNWHQ NRUXQPD PXKDVHEHVLQLQ NXOODQร OPDVร NHVLQ
NXUDOODUD EDรทODQPร รบ YH DQFDN EX NXUDOODU GDKLOLQGH NXOODQร OPDVร QD L]LQ
YHULOPLรบWLU %X oHUoHYHGH รบLUNHWOHULQ KHU ULVNWHQ NRUXQPD LรบOHPLQLQ ULVNWHQ
NRUXQPD PXKDVHEHVLQL JHUHNWLUPH\HFHรทL RUWD\D oร NPDNWDGร U 5LVNWHQ
NRUXQPD LOLรบNLVLQLQ EHOLUOHQPHVL YH ULVNWHQ NRUXQPD HWNLQOLรทLQL LoHUHQ EX
NXUDOODUร Q VDรทODQPDVร GXUXPXQGD EX PXKDVHEHOHรบWLUPH NXOODQร ODELOPHNWH YH LรบOHWPHQLQ EXQX ULVNWHQ NRUXQPD LรบOHPLQLQ Vย UHVL ER\XQFD VDรทODPDVร YH EX
LOLรบNL\L UDSRUODPDVร EHNOHQPHNWHGLU
รธรบOHWPHQLQ NDUรบร NDUรบร \D ROGXรทX YH NRUXQPDN LVWHGLรทL ULVNOHU PHYFXW
ELU YDUOร N \D GD \ย Nย POย Oย รทย Q UD\Lo GHรทHULQGHNL \D GD JHOHFHNWHNL QDNLW
DNร PODUร QGDNL GHรทLรบLP RODELOHFHรทL JLEL JHOHFHNWH RODVร ELU LรบOHPLQ QDNLW DNร P
GHรทLรบLNOLNOHUL GH RODELOLU 0HYFXW ELU YDUOร N \D GD \ย Nย POย Oย รทย Q UD\Lo GHรทHU
GHรทLรบLPOHULQGHQ NRUXQPD ยณUD\Lo GHรทHU ULVNLQGHQ NRUXQPDยด RODUDN
WDQร PODQPร รบ YH ULVNWHQ NRUXQDQ DUDo LOH ULVNWHQ NRUX\DQ Wย UHY ย Uย Qย Q UD\Lo
GHรทHU GHรทLรบLNOLNOHULQLQ JHOLU WDEORVXQD \DQVร Wร ODFDรทร EHOLUWLOPLรบWLU 0HYFXW \D GD
ROPDVร PXKWHPHO ELU YDUOร N \D GD \ย Nย POย Oย รทย Q JHOHFHNWHNL QDNLW DNร P
GHรทLรบLNOLNOHULQGHQ GRรทDFDN ULVNWHQ NRUXQPD LVH ยณQDNLW DNร P ULVNLQGHQ NRUXQPDยด RODUDN WDQร PODQPร รบ YH EXQODUGDQ GRรทDFDN NkU \D GD ]DUDUร Q ULVNWHQ
NRUX\DQ DUDoWDQ GRรทDQ NkU \D GD ]DUDUOD |UWย รบPHVLQL VDรทODPDN DPDFร \OD |]ND\QDNODU DOWร QGD EHNOHWLOPHVL JHUHNOLOLรทL EHOLUWLOPLรบWLU
806 ยถXQ X\JXODPD\D NRQPDVร QGDQ |QFH JHOHQ WHSNLOHU JHQHOOLNOH
EX VWDQGDUGร Q ROGXNoD NDSVDPOร NDUPDรบร N YH X\JXODPDGD Jย oOย N \DUDWDFDN
ELU PRGHO ROGXรทX รบHNOLQGHGLU 6WDQGDUGร Q \HQLGHQ Gย ]HQOHQPLรบ รบHNOLQLQ
\D\ร PODQPDVร LoLQ oDOร รบPDODU GHYDP HWPHNWHGLU
$YUXSD 0HUNH] %DQNDVร Wย UHY ย Uย QOHULQ PXKDVHEHOHรบWLULOPHVLQGH
JHQHO RODUDN LรบOHPOHULQ LรบOHP WDULKLQGH QD]ร P KHVDSODUGD L]OHQPHVLQL EXQODUGDQ ND\QDNODQDQ NkU YH ]DUDUร Q LVH ELODQoR LoLQGH L]OHQPHVLQL
EHQLPVHPLรบWLU $QFDN \ร Oร QGD รบHIIDIOร N YH NDUรบร ODรบWร Uร ODELOLUOLN Doร Vร QGDQ Wย P XOXVODUDUDVร PXKDVHEH VWDQGDUWODUร Qร Q $YUXSD %LUOLรทLยถQH ย \H ย ONHOHUFH
X\JXODQDFDN ROPDVร QGDQ KDUHNHWOH 806 ยถXQ VDGHFH UD\Lo GHรทHU HVDVร Qร EHQLPVHPLรบ DQFDN EX LONHOHU VHWLQLQ X\JXODQDELOPHVL LoLQ \HQLGHQ
Gย ]HQOHQPLรบ GDKD EDVLW DQODรบร ODELOLU YH X\JXODQDELOLU KDOH JHWLULOPLรบ
VWDQGDUGร Q EHNOHQGLรทL EHOLUWLOPLรบWLU
7ย UN EDQNDFร Oร N VHNW|Uย Doร Vร QGDQ Wย UHY ย Uย QOHU NRQXVXQGD HQ VRQ
Gย ]HQOHPH %DQNDFร Oร N 'ย ]HQOHPH YH 'HQHWOHPH .XUXOX WDUDIร QGDQ
0XKDVHEH 8\JXODPDODUร <|QHWPHOLรทLยถQH LOLรบNLQ VD\ร Oร WHEOLรท LOH \DSร OPร รบWร U
)LQDQVDO DUDoODUร Q PXKDVHEHOHรบWLULOPHVL VWDQGDUGร Qร LoHUHQ EX WHEOLรทLQ DPDFร
ILQDQVDO DUDoODUร Q PXKDVHEHOHรบWLULOPHVLQH LOLรบNLQ HVDV YH XVXOOHULQ
EHOLUOHQPHVLGLU 7HEOLรท JHQHO RODUDN 806 ยถGD EHOLUOHQHQ UD\Lo GHรทHU
HVDVร Qร Q X\JXODQPDVร Qร |QJ|UPHNOH EHUDEHU VD\ร Oร WHEOLรท NDSVDPร QGD ยณ.DPX\D $oร NODQDFDN 0DOL 7DEORODUD รธOLรบNLQ $oร NODPD YH 'LSQRWODU 6WDQGDUGร ยด
LNLQFL E|Oย Pย HN E NRQVROLGH ELODQoR Gร รบร \ย Nย POย Oย NOHU WDEORVXQXQ Wย UHY
ILQDQVDO DUDoODUD DLW ,,, E|Oย Pย QGH Wย UHY ย Uย QOHULQ ROGXNoD GHWD\Oร ELU รบHNLOGH
QD]ร P KHVDSODUGD L]OHQPHVL VDรทODQPDNWDGร U %X WHEOLรทOHU oHUoHYHVLQGH ILQDQVDO YDUOร NODUร Q WHVOLP WDULKLQH J|UH HOGHQ oร NDUร ODFDรทร QGDQ KDUHNHWOH LรบOHP
WDULKLQGHQ WHVOLP WDULKLQH NDGDU QD]ร P KHVDSODUGD L]OHQHFHN YH UD\Lo
GHรทHULQGHNL GHรทLรบLNOHU ELODQoR\D \DQVร Wร ODFDNWร U
7ย UNL\H &XPKXUL\HW 0HUNH] %DQNDVร QGD X\JXODQDFDN PXKDVHEH
VWDQGDUWODUร YH SROLWLNDODUร JHUHรทL Wย UHY ย Uย QOHUOH LOJLOL X\JXODQDFDN RODQ
PXKDVHEH SROLWLNDODUร QGD HVDV RODUDN QROX ยณ)LQDQVDO $UDoODU $oร NODPD YH 6XQXรบยด QROX ยณ)LQDQVDO $UDoODUร Q 0XKDVHEHOHรบWLULOPHVL YH 'HรทHUOHPHVLยด
XOXVODUDUDVร PXKDVHEH VWDQGDUGร Kย Nย POHUL LOH $YUXSD %LUOLรทLยถQLQ ELUOLรทH ย \H
PHUNH] EDQNDODUร LoLQ \D\ร PODPร รบ ROGXรทX \|QHUJH Kย Nย POHUL YH 7ย UNL\H
PXKDVHEH VWDQGDUWODUร QGD EX NRQX LOH LOJLOL Kย Nย POHU GLNNDWH DOร QPร รบWร U 7ย UHY
ย Uย Q V|]OHรบPHOHULQLQ PXKDVHEHOHรบWLULOPHVLQGH UD\Lo GHรทHU HVDVร NDEXO
HGLOPLรบ YH 0HUNH] %DQNDVร Qร Q V|]OHรบPHQLQ WDUDIร ROGXรทX WDULKWH ND\GD DOร QDFDรทร YH EX WDULKWHQ LWLEDUHQ WDUDIODUD KDN YH \ย Nย POย Oย NOHU \ย NOHQHFHรทL
EHOLUWLOHUHN V|]OHรบPH WDULKLQGH JHUoHN ELU HNRQRPLN GHรทHU KDUHNHWLQH QHGHQ
RODQ ILQDQVDO ROD\ODU ELODQoR LoL DVOL KHVDSODUGD JHUoHN ELU HNRQRPLN GHรทHU
KDUHNHWLQH QHGHQ ROPD\DQ ILQDQVDO ROD\ODUร Q LVH ELODQoR Gร รบร QGD QD]ร P
KHVDSODUGD L]OHQHFHรทL EHOLUWLOPLรบWLU
8OXVODUDUDVร PXKDVHEH VWDQGDUWODUร \ร Oร QGD Wย P $YUXSD %LUOLรทL
ย ONHOHULQFH NXOODQร OPD\D EDรบODQDFDNWร U hONHPL]GH GH XOXVODUDUDVร PXKDVHEH
VWDQGDUODUร QD X\XP oDOร รบPDODUร GHYDP HWPHNWH YH EX VWDQGDUWODUD X\JXQ
ILQDQVDO WDEORODU ย UHWLOPHNWHGLU 7ย UNL\HยถGH JHOLรบHQ YH GHรทLรบHQ SL\DVD NRรบXOODUร GLNNDWH DOร QGร รทร QGD ULVN \|QHWLPLQLQ DUWDQ |QHPLQH SDUDOHO ELU รบHNLOGH |QHPL
YH NXOODQร Pร DUWDQ Wย UHY ย Uย QOHULQ ND\GD DOร QPDVร Qร Q GHรทHUOHPH
\|QWHPOHULQLQ YH ULVNWHQ NRUXQPD PXKDVHEHVLQLQ NXOODQร Pร Qร Q |QHPL
DUWPDNWDGร U %X NRQXGD $YUXSD %LUOLรทL ย ONHOHUL LOH NDUรบร ODรบWร Uร ODELOLU WDEORODU
ย UHWHELOPHN Doร Vร QGDQ 806 NRQXVXQGD JHOLรบPHOHULQ WDNLS HGLOPHVL Eย \ย N
|QHP ND]DQPDNWDGร U
0HYFXW X\JXODPDODUGD HQ รบHIIDI ELOJL\L VXQPDN Doร Vร QGDQ
JHUoHNOHรบWLNOHUL DQGD KHQย ] ELU WDDKKย W DรบDPDVร QGD RODQ Wย UHY ย Uย QOHULQ
ELODQoR Gร รบร QGD QD]ร P KHVDSODUGD DQFDN EX LรบOHPOHU GHYDP HWWLรทL Vย UHFH EXQODUGDQ GRรทDFDN NkU \D GD ]DUDUร Q ELODQoR LoLQGH D\Uร KHVDSODUGD YH JHOLU
WDEORVXQGD J|VWHULOPHOHULQLQ รบHIIDIOร N YH ILQDQVDO WDEOR NXOODQร Fร ODUร Qร Q GRรทUX
NkUDU DOPDODUร Qร VDรทODPDN Doร Vร QGDQ GRรทUX ILQDQVDO GXUXPXQ YH SHUIRPDQVร Q RUWD\D NRQXOPDVร LoLQ JHUHNOL ROGXรทX Gย รบย Qย OPHNWHGLU
.$<1$.d$ $FFRXQWLQJ 5HJXODWRU\ &RPPLWWHH ³,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV (QGRUVHG´ KWWS HXURSD HX LQW FRPP LQWHUQDOBPDUNHW DFFRXQWLQJ LDV LDV HQGRUVHGBHQ KWP $÷XVWRV $.'2ö$1 1DODQ YH 2UKDQ 6HYLOHQJ O 7 UNL\H &XPKXUL\HW 0HUNH] %DQNDVÕQGD 8\JXODQDFDN 0XKDVHEH 6WDQGDUWODUÕ YH 3ROLWLNDODUÕ .LWDEÕ $QNDUD
$..80 7 OLQ ³'|YL] 2SVL\RQODUÕ YH 2SVL\RQ )L\DWODPD 0RGHOOHUL´ ø h øúOHWPH )DN OWHVL 'HUJLVL & 6 1LVDQ V
$QGHUVHQ %DQND 0XKDVHEHVL 7HN ' ]HQ +HVDS 3ODQÕ YH 806 8\JXODPDODUÕ LOH .kUúÕODúWÕUPD $QRQLP D ³)LQDQFLDO ,QVWUXPHQWV 5HFRJQLWLRQ DQG 0HDVXUHPHQW´ $FFRXQWDQF\ 1LVDQ V KWWS SURTXHVW XPL FRP STGZHE .DVÕP
$QRQLP E ³,$6 ´ &RUSRUDWH )LQDQFH +D]LUDQ KWWS SURTXHVW XPL FRP STGZHE .DVÕP
V
$QRQLP F ³,$6& 3XWV 'HULYDWLYHV RQ WKH %DODQFH 6KHHW´ -RXUQDO RI $FFRXQWDQF\ 7HPPX] V KWWS SURTXHVW XPL FRP STGZHE .DVÕP
$QRQLP G ³,QWHUQDWLRQDO 6WDQGDUG RQ )LQDQFLDO ,QVWUXPHQWV´ 0DQDJHPHQW $FFRXQWLQJ 1LVDQ V KWWS SURTXHVW XPL FRP STGZHE .DVÕP $QRQLP H ³6WLOO (YROYLQJ´ &RUSRUDWH )LQDQFH +D]LUDQ 6 6 KWWS SURTXHVW XPL FRP STGZHE .DVÕP
%$,/(< 5 ( ³6ZDS &RQWUDFWV DQG 6ZDS 0DUNHWV´ KWWS FRXUVHV HVVH[ DF XN HF HF
%DQN IRU ,QWHUQDWLRQDO 6HWWOHPHQWV 7UDGLQJ DQG 'HULYDWLYHV 'LVFORVXUHV RI %DQNV DQG 6HFXULWLHV )LUPV KWWS ZZZ ELV RUJ SXEO EFEVF SGI %DQNDFÕOÕN ' ]HQOHPH YH 'HQHWOHPH .XUXPX 0XKDVHEH 8\JXODPD <|QHWPHOL÷LQH øOLúNLQ 6D\ÕOÕ 7HEOL÷ KWWS ZZZ EGGN RUJ WU WXUNFH PHY]XDW PHY]XDW KWP
%DQNDFÕOÕN ' ]HQOHPH YH 'HQHWOHPH .XUXPX 0XKDVHEH 8\JXODPD <|QHWPHOL÷LQH øOLúNLQ 6D\ÕOÕ 7HEOL÷ KWWS ZZZ EGGN RUJ WU WXUNFH PHY]XDW PHY]XDW KWP
%DVOH &RPLWWHH RQ %DQNLQJ 6XSHUYLVLRQ DQG WKH 7HFKQLFDO &RPPLWWHH RI WKH ,QWHUQDWLRQDO 2UDQL]DWLRQ RI 6HFXULWLHV &RPPLVVLRQV 7UDGLQJ DQG 'HULYDWLYHV 'LVFORVXUHV RI %DQNV DQG 6HFXULWLHV )LUPV %DVOH
%2',( =YL $OH[ .DQH YH $ODQ - 0DUFXV ,QYHVWPHQWV 6LQJDSRUH ,UZLQ 0F*UDZ +LOO %33 +ROGLQJV SOF D &XUUHQF\ 5LVN 0DQDJHPHQW +HGJLQJ &XUUHQF\ ([SRVXUHV /RQGUD
%33 +ROGLQJV SOF E ,QWHUHVW 5DWH 5LVN 0DQDJHPHQW +HGJLQJ ,QWHUHVW 5DWH ([SRVXUHV /RQGUD
%33 +ROGLQJV SOF F ,QWHUHVW 5DWH 5LVN 0DQDJHPHQW ,QWURGXFWLRQ WR ,QWHUHVW 5DWH 5LVN /RQGUD %5$'%85< 0LFKHDO ³8QGHUVWDQGLQJ ,$6 )DLU 9DOXH $FFRXQWLQJ´ &KDWHUHG $FFRXQWDQWV -RXUQDO RI 1HZ =HDODQG (\O O V KWWS SURTXHVW XPL FRP STGZHE .DVÕP
%811 (YHO\Q ³,$6 $ 6\QRSVLV´ &RUSRUDWH )LQDQFH +D]LUDQ 6 KWWS SURTXHVW XPL FRP STGZHE .DVÕP &KLFDJR 0HUFDQWLOH ([FKDQJH KWWS ZZZ FPH FRP ZUDSSHGSDJHV HQGBRIBGD\ GDLO\BVHWWOHPHQWBS ULFHV ]F KWPO
&+25$)$6 1 'LPLWULV YH +HLQULFK 6WHLQPDQQ 2II %DODQFH 6KHHW )LQDQFLDO ,QVWUXPHQWV &KLFDJR %DQNOLQH 3XEOLFDWLRQ
'HORLWWH 7RXFKH 7RKPDWVX 8OXVODUDUDVÕ 0XKDVHEH 6WDQGDUWODUÕ &HS .LWDSoÕ÷Õ øVWDQEXO '5(;+$*( *OHQQ ³,$6& VHWV LWV VWDQGDUW RQ 'HULYDWLYHV 'LVFORVXUH´ &RUSRUDWH )LQDQFH 1LVDQ V KWWS SURTXHVW XPL FRP STGZHE .DVÕP
(%ød/ø2ö/8 )DWLK .HPDO YH $EGXONDGLU .DKUDPDQ ³6ZDS øúOHPOHUL øúOH\LúL YH 9HUJLVHO %R\XWX´ 78502% <D\ÕQODUÕ KWWS WXUPRE RUJ WU \D\LQODU VLUNXOHU VLUN KWPO (5d(/ *D]L ³)LQDQVDO 5LVN <|QHWLPL´ <ÕOOÕN ³*OREDO )LQDQFH &RQIHUHQFH´ 1LVDQ KWWS ZZZ WFPE JRY WU \HQL HYGV NRQXVPD WXU ULVN\RQ KWPO
(XURSHDQ &HQWUDO %DQN *XLGHOLQH 2I 7KH &HQWUDO %DQN (&%
(XURSHDQ &RPPLVVLRQ ([DPLQDWLRQ RI WKH FRQIRUPLW\ EHWZHHQ ,$6 5HYLVHG DQG WKH (XURSHDQ $FFRXQWLQJ 'LUHFWLYHV KWWS HXURSD HX LQW FRPP LQWHUQDOBPDUNHW DFFRXQWLQJ LDV LDV FRPSDULVRQBHQ KWP
(XURSHDQ &RPPLVVLRQ ([DPLQDWLRQ RI WKH FRQIRUPLW\ EHWZHHQ ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV ,$6 DQG WKH (XURSHDQ $FFRXQWLQJ 'LUHFWLYHV ,$6 ,$6 1LVDQ KWWS HXURSD HX LQW FRPP LQWHUQDOBPDUNHW DFFRXQWLQJ LDV LDV FRPSDULVRQBHQ KWP (XURSHDQ &RPPLVVLRQ )RXUWK &RXQFLO 'LUHFWLYH ((& RI -XO\ EDVHG RQ WKH $UWLFOH J RI 7UHDW\ RQ WKH $QQXDO $FFRXQWV RI &HUWDLQ 7\SHV RI &RPSDQLHV ((& ZZZ SFD X] GDWDEDVH &RPSDQ\OHJ G KWP
(XURSHDQ &RPPLVVLRQ 6HYHQWK &RXQFLO 'LUHFWLYH ((& RI -XQH EDVHG RQ WKH $UWLFOH J RI 7UHDW\ RQ &RQVROLGDWHG $FFRXQWV ZZZ SFD X] GDWDEDVH FRPSDQ\OHJ G KWP
(XURSHDQ )LQDQFLDO 5HSRUWLQJ $GYLVRU\ *URXS ()5$* ()5$* &RPPHQWV RQ WKH ([SRVXUH 'UDIW $PHQGPHQWV WR ,$6 DQG
)LQDQFLDO $FFRXQWLQJ 6WDQGDUGV %RDUG 6XPPDU\ RI 6WDWHPHQW QR KWWS ZZZ IDVE RUJ VW VXPPDU\ VWVXP VKWPO )LQDQFLDO ,QVWUXPHQWV -RLQW :RUNLQJ *URXS RI 6WDQGDUG 6HWWHUV )LQDQFLDO ,QVWUXPHQWV DQG 6LPLODU ,WHPV ,$6&) *h1'h= /RNPDQ YH 0HKPHW 7XWDO 7ย UHY hUย QOHULQ 0XKDVHEHOHรบWLULOPHVL 7ย UNL\H 8\JXODPDVร h]HULQH %LU gQHUL $QNDUD 7ย UNL\H %DQNDODU %LUOLรทL
*h1*g5 %HQHU ยณ)LQDQVDO 7ย UHYOHULQ 0XKDVHEHOHรบWLULOPHVL ยด รธNWLVDGL YH รธGDUL %LOLPOHU 'HUJLVL &LOW 0DUW V +6+ $VVRFLDWHV )LQDQFLDO 3XEOLVKHUV KWWS ZZZ KVK FRP LQGLFHV OLERU V KWPO
+:$1* $QJHOD / - ยณ3UDFWLFDO ,VVXHV LQ ,PSOHPHQWLQJ )$6% ยด -RXUQDO RI $FFRXQWDQF\ 0DUW KWWS ZZZ XWD HGX K\ODQG 'HULYDWLYH KWPO 1LVDQ
,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV &RPPLWWHH ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV /RQGUD
.$3/$1 &DIHU )LQDQVDO <HQLOLNOHU YH 3L\DVDODU h]HULQH (WNLOHUL 7ย UNL\H gUQHรทL $QNDUD 7ย UNL\H &XPKXUL\HW 0HUNH] %DQNDVร $UDรบWร UPD *HQHO 0ย Gย UOย รทย
.$9$/
+DVDQ ³%DQNDODUGD /LNLGLWH <|QHWLPL´ KWWS ZZZ FLLEI JD]L HGX WU 3HUVRQHO \D\ÕQODU KWPO 1LVDQ
.$9$/ +DVDQ ³%DQNDODUGD .DPEL\R 5LVNOHUL YH .RUXQPD <|QWHPOHUL´ %DQNDFÕODU 'HUJLVL 6D\Õ V .$<*868= 6DLW < NVHO )LQDQVDO 7 UHY hU QOHULQGH 0XKDVHEH (VDVODUÕ $QNDUD 6HUPD\H 3L\DVDVÕ .XUXOX 0$1621 %HUQDUG ,QWHUHVW *UDKDP 7URWPDQ
5DWH
5LVN
0DQDJHPHQW
/RQGUD
0&.(1=,( 6DQG\ 5LVN 0DQDJHPHQW ZLWK 'HULYDWLYHV 1HZ <RUN 6WRFNWRQ 3UHVV
g1&( 6DLPH 7 UHY hU QOHULQ 0XKDVHEH 6RUXQODUÕ YH %DQNDODU øoLQ 0XKDVHEHOHúWLUPH ùHNLOOHUL (VNLúHKLU 7 UNL\H %DQNDODU %LUOL÷L
g57(1 5HP]L YH øSHN gUWHQ 7 UHY )LQDQVDO $UDoODU YH 0XKDVHEH 8\JXODPDODUÕ $QNDUD *D]L .LWDEHYL
g=7h5. 9HOL ³<HQL 7 UHY hU QOHUGHQ )DL] 7DYDQ 6|]OHúPHVL &DSV )DL] 7DYDQ 6|]OHúPHVL )ORRUV øúOHPOHUL YH 7 UN %DQND øúOHWPHOHULQGH 8\JXODPDVÕ ´ 0XKDVHEH YH 'HQHWLPH %DNÕú (NLP V
3ULFH:DWHU+RXVH&RRSHUV )LQDQFLDO ,QVWUXPHQWV ,$6 7KH (VVHQWLDO *XLGH WR WKH 4 $V KWWS ZZZ SZFJOREDO FRP H[WZHE SZFSXEOLFDWLRQV QVI GRFLG 3ULFH:DWHU+RXVH&RRSHUV ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUG )LQDQFLDO ,QVWUXPHQWV 3RFNHW *XLGH KWWS ZZZ SZFJOREDO FRP H[WZHE SZFSXEOLFDWLRQV QVI GRFLG
3ULFH:DWHU+RXVH&RRSHUV ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUG )LQDQFLDO ,QVWUXPHQWV 8QGHUVWDQGLQJ ,$6 KWWS ZZZ SZFJOREDO FRP H[WZHE SZFSXEOLFDWLRQV QVI GRFLG
6(/9ø <DNXS 7 UHY hU QOHULQ 0XKDVHEHOHúWLULOPHVL øVWDQEXO $5& <D\ÕQODUÕ 7&0% (OHNWURQLN 9HUL 'D÷ÕWÕP 6LVWHPL KWWS WFPEI WFPE JRY WU FEW KWPO 7(1.(5 1HMDW YH 2UKDQ 6HYLOHQJ O ³g]HOOLN *|VWHUHQ øúOHPOHULQ 0XKDVHEHOHúWLULOPHVL´ %DQNDFÕODU 'HUJLVL 2FDN V
7(1.(5 1HMDW YH 2UKDQ 6HYLOHQJ O ³g]HOOLN *|VWHUHQ øúOHPOHULQ 0XKDVHEHOHúWLULOPHVL´ %DQNDFÕODU 'HUJLVL 7HPPX] V
7KH (XURSHDQ 3DUOLDPHQW DQG 7KH &RXQFLO 2I 7KH (XURSHDQ 8QLRQ ³5HJXODWLRQ (& 1R RI WKH (XURSHDQ 3DUOLDPHQW DQG RI WKH &RXQFLO RI -XO\ RQ WKH DSSOLFDWLRQ RI ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV´ KWWS HXURSD HX LQW KWPO $÷XVWRV 7 UNL\H
&XPKXUL\HW 0HUNH] %DQNDVÕ 7HULPOHU KWWS ZZZ WFPE JRY WU LúOHYVHOELOJLOHU
6|]O ÷
:((/ 3 * - ³)$6 ,PSDFW RQ &RUSRUDWH +HGJLQJ 3UDFWLFDO ([SHULHQFH IURP (XURSH´ $)% ([FKDQJH 2FDN ùXEDW V KWWS SURTXHVW XPL FRP STGZHE .DVÕP
:,// )UDQN ³'HULYDWLYHV DQG +HGJLQJ $Q DQDO\VW¶V UHVSRQVH WR 86 )$6 ´ &RUSRUDWH )LQDQFH +D]LUDQ 6 6 KWWS SURTXHVW XPL FRP STGZHE .DVÕP <h&(/ *|NVHO 9DGHOL øúOHPOHUGH 0XKDVHEH 6RUXQODUÕ øVWDQEXO hQLYHUVLWHVL øúOHWPH %|O P ùXEDW
<h.dh 6 OH\PDQ YH 7 OD\ < FHO %DQNDFÕOÕNWD 7 UHY hU QOHULQ 0XKDVHEHOHúWLULOPHVL %XJ QN 'XUXP YH <DSÕODPVÕ *HUHNHQOHU ø]PLU 7 UNL\H %DQNDODU %LUOL÷L
(.
(. +(6$3 3/$1, 7h5(9 h5h1/(5 '(รถ(5/(0( )$5./$5, 1LWHOLรทL
7ย UHY ย Uย QOHU GHรทHUOHPH IDUNODUร KHVDEร Wย UHY ย Uย QOHULQ GHรทHUOHPHVL
VRQXFXQGD RUWD\D oร NDQ ROXPOX \D GD ROXPVX] IDUNODUร Q L]OHQGLรทL KHVDSWร U )RUZDUG 6|]OHรบPHOHU LoLQ |GHQHFHN SULP JLGHUOHUL LรบOHPLQ YDGHVLQGH
|GHQHFHรทLQGHQ Wย UHY ย Uย QOHU LoLQ ROXPVX] ELU GHรทHUOHPH XQVXUX ROXรบWXUXU %X
QHGHQOH EX SULP JLGHUOHUL GH EX KHVDSWD \HU DOร U %X KHVDS ELU ELODQoR
KHVDEร Gร U YH ERUo EDNL\H YHUGLรทLQGH YDUOร NODUGDNL DUWร รบร DODFDN EDNL\H
YHUGLรทLQGH LVH YDUOร NODUGDNL D]DOร รบร WHPVLO HWPHNWHGLU %X QHGHQOH Wย UHY
ย Uย QOHULQ YDGHVL VRQXQD NDGDU ERUo EDNL\H YHUGLรทL ]DPDQ ELODQoRQXQ
DNWLILQGH \HU DODFDN EX KHVDS DODFDN EDNL\H YHUGLรทLQGH ELODQoRQXQ SDVLILQGH \HU DODFDNWร U 7ย UHY ย Uย QOHULQ YDGHVL VRQD HUGLรทLQGH HรทHU ROXPOX GHรทHU DUWร รบร
JHUoHNOHรบPLรบVH EX KHVDS DODFDN ND\Gร \DSร ODUDN Wย UHY ย Uย Qย Q PDOL\HWLQGHQ
Gย รบย OPHN VXUHWL\OH NDSDWร Oร U ROXPVX] GHรทHUOHPH VRQXFXQGD LVH WHUVL
JHUoHNOHรบLU รธรบOH\LรบL
7ย UHY ย Uย QOHU GHรทHUOHQGLรทLQGH VSRW IL\DW YH V|]OHรบPH IL\DWร LOH VSRW IL\DW YH
UDSRUODPD G|QHPL IL\DWร DUDVร QGDNL ROXPOX IDUNODU ELU DODFDN KDNNร GRรทXUGXรทXQGDQ EX KHVDED ERUo WHUVL GXUXPGD DODFDN ND\GHGLOLU .DUรบร
KHVDS UD\Lo GHรทHU ULVNLQGHQ NRUXQPD DPDFOร IRUZDUG V|]OHรบPHOHULQGH ULVNWHQ
NRUXQDQ DUDFร Q NkU \D GD ]DUDUร QGDQ PDKVXS รบHNOLQGH \D GD IRUZDUG VZDS
YH RSVL\RQ V|]OHรบPHOHULQGH ยณ7ย UHY hUย QOHU .XU )DUNร .kUODUร ยด ยณ7ย UHY hUย QOHU
.XU )DUNร =DUDUODUร ยด รบHNOLQGH RODELOHFHรทL JLEL ELU QDNLW DNร P ULVNLQGHQ NRUXQPD
DPDFร \OD \DSร ODQ IRUZDUG YH RSVL\RQ V|]OHรบPHOHULQGH ยณ7ย UHY hUย QOHU 'HรทHU
$UWร รบ )RQXยด RODFDNWร U 5D\Lo GHรทHU ULVNLQGHQ NRUXQXUNHQ IRUZDUG V|]OHรบPHOHU LoLQ |GHQHFHN SULP JLGHUOHUL ยณ)RUZDUG 6|]OHรบPH 3ULP *LGHUOHUL +HVDEร ยดQD
ERUo EX KHVDED DODFDN ND\GHGLOPHN VXUHWL\OH G|QHPOHUH \D\ร ODUDN LWID HGLOLU
(รทHU QDNLW DNร P ULVNLQGHQ NRUXQPD V|]NRQXVX\VD ยณ*LGHUH '|Qย รบHFHN
)RUZDUG 6|]OHรบPH 3ULPOHUL +HVDEร ยดQD ERUo EX KHVDED DODFDN ND\GHGLOLU 7h5(9 h5h1/(5 '(รถ(5 $57,รน )218 1LWHOLรทL
7ย UHY ย Uย QOHULQ QDNLW DNร P ULVNLQGHQ NRUXQPDN DPDFร \OD NXOODQร OGร รทร
GXUXPODUGD EX LรบOHPOHUGHQ ND\QDNODQDQ NkU \D GD ]DUDUODU GRรทUXGDQ VRQXo KHVDSODUร QD ND\GHGLOPH\HUHN EHNOHWLOLU %X KHVDS ELU |]ND\QDN KHVDEร Gร U YH
Wย UHY ย Uย QOHU QHGHQL\OH EHNOHWLOHQ ROXPOX \D GD ROXPVX] IDUNODUร J|VWHULU
3DVLI NDUDNWHUOL ELU KHVDSWร U DODFDN EDNL\H YHUGLรทLQGH |]ND\QDNODUGDNL DUWร รบร
ERUo EDNL\H YHUGLรทLQGH LVH D]DOร รบร LIDGH HGHU
รธรบOH\LรบL
7ย UHY ย Uย QOHU GHรทHUOHQGLรทLQGH VSRW IL\DW YH V|]OHรบPH IL\DWร LOH VSRW IL\DW YH
UDSRUODPD G|QHPL IL\DWร DUDVร QGDNL ROXPOX IDUNODU ELU |]ND\QDN DUWร รบร
GRรทXUGXรทXQGDQ EX KHVDED DODFDN ND\GHGLOLU NDUรบร KHVDS ยณ7ย UHY hUย QOHU
'HรทHUOHPH )DUNODUร ยดGร U )XWXUHV V|]OHรบPHOHULQGH LVH ยณ'|YL] )XWXUHV
6|]OHรบPHVL 7HPLQDW +HVDEร ยด LOH NDUรบร Oร NOร RODUDN oDOร รบร U 2OXPOX NXU IDUNODUร EX
KHVDED DODFDN WHPLQDW KHVDEร QD ERUo ND\GHGLOLU ROXPVX] IDUNODUGD LVH WHUVL
ND\ร W \DSร Oร U
*รธ'(5( 'g1hรน(&(. )25:$5' 6g=/(รน0( 35รธ0/(5รธ 1LWHOLรทL
*LGHUH G|Qย รบHFHN IRUZDUG V|]OHรบPH SULPOHUL KHVDEร QDNLW DNร P ULVNLQGHQ NRUXQPDN DPDFร \OD \DSร ODQ IRUZDUG V|]OHรบPHOHULQGH |GHQHQ SULPLQ
V|]OHรบPH JHUoHNOHรบHQH NDGDU L]OHQGLรทL KHVDSWร U $NWLI NDUDNWHUOL ELU ELODQoR
KHVDEร Gร U %RUo EDNL\H YHUGLรทLQGH IRUZDUG V|]OHรบPHOHULQGHQ ND\QDNODQDQ KHQย ] JHUoHNOHรบPHPLรบ SULP JLGHUOHULQLQ WXWDUร Qร J|VWHULU รธรบOH\LรบL
6|]OHรบPHQLQ JHUoHNOHรบPH WDULKLQGH |GHQHFHN RODQ SULP JLGHUOHUL
V|]OHรบPHQLQ \DSร OGร รทร WDULKWH EX KHVDED ERUo ยณ7ย UHY hUย QOHUL 'HรทHUOHPH
)DUNODUร ยด KHVDEร QD DODFDN ND\GHGLOLU 6|]OHรบPH JHUoHNOHรบWLรทLQGH
V|]OHรบPHQLQ \DSร OGร รทร WDULKWHQ JHUoHNOHรบPH WDULKLQH NDGDU JHoHQ Vย UHGH
ROXรบDQ NXU IDUNODUร Qร Q \HU DOGร รทร ยณ7ย UHY hUย QOHU 'HรทHU $UWร รบ )RQXยดQGDQ
PDKVXS HGLOHUHN NDSDWร Oร U
*(/(&(. $</$5$ $รธ7 7h5(9 h5h1 *(/รธ5/(5รธ 1LWHOLรทL
7ย UHY ย Uย QOHUOH LOJLOL RODUDN JHOHFHN D\ODUD DLW ROGXรทX ELOLQHQ JHOLUOHUGLU 3DVLI
NDUDNWHUOL ELU ELODQoR KHVDEร Gร U รธรบOH\LรบL
3HรบLQ RODUDN WDKVLO HGLOHQ JHOLU EX KHVDED DODFDN ยณ.DVD +HVDEร ยดQD ERUo
ND\GHGLOLU รธOJLOL D\ JHOGLรทLQGH EX KHVDED ERUo JHOLULQ DLW ROGXรทX ยณ7ย UHY
hUย QOHUGHQ 'RรทDQ *HOLUOHUยด KHVDEร QD DODFDN YHULOHUHN D\ODU LWLEDUร \OD
WXWDUODUร Q VRQXo KHVDEร QD \DQVร PDODUร VDรทODQร U
*(/(&(. $</$5$ $รธ7 7h5(9 h5h1 *รธ'(5/(5รธ 1LWHOLรทL
7ย UHY ย Uย QOHUOH LOJLOL RODUDN JHOHFHN D\ODUD DLW ROGXรทX ELOLQHQ JLGHUOHUGLU $NWLI
NDUDNWHUOL ELU ELODQoR KHVDEร Gร U รธรบOH\LรบL
3HรบLQ RODUDN |GHQHQ JLGHU EX KHVDED ERUo ยณ.DVD +HVDEร ยดQD DODFDN
ND\GHGLOLU รธOJLOL D\ JHOGLรทLQGH EX KHVDED DODFDN JLGHULQ DLW ROGXรทX ยณ7ย UHY
hUย QOHUGHQ 'RรทDQ *LGHUOHUยด KHVDEร QD ERUo YHULOHUHN D\ODU LWLEDUร \OD WXWDUODUร Q
VRQXo KHVDEร QD \DQVร PDODUร VDรทODQร U
7h5(9 h5h1/(5'(1 '2รถ$1 $/$&$./$5 1LWHOLรทL
7ย UHY ย Uย QOHUGHQ GRรทDQ KHQย ] WDKVLO HGLOPHPLรบ DODFDNODUร Q ND\GHGLOGLรทL DNWLI
NDUDNWHUOL ELU ELODQoR KHVDEร Gร U รธรบOH\LรบL
7ย UHY ย Uย QOHUGHQ GRรทDQ WDKVLO HGLOPHPLรบ DODFDNODU |UQ IDL] DODFDรทร G|QHP
VRQODUร QGD KHVDSODQDUDN EX KHVDED ERUo ยณ7ย UHY hUย QOHUGHQ 'RรทDQ *HOLUOHUยด
KHVDEร QD DODFDN YHULOPHN VXUHWL\OH ND\GHGLOHUHN VRQXo KHVDSODUร QD
\DQVร Wร Oร UODU $ODFDN WDKVLO HGLOGLรทLQGH ยณ.DVD +HVDEร ยดQD ERUo EX KHVDED
DODFDN YHULOHUHN NDSDWร Oร U 5D\Lo GHรทHU ULVNLQGHQ NRUXQPDN LoLQ Wย UHY ย Uย Q
V|]OHรบPHVLQH JLULOPLรบVH EX DODFDN ULVNWHQ NRUXQDQ NDOHPLQ G|QHPH
\DQVร \DQ JLGHULQH PDKVXS HGLOLU 'DKD VRQUD WDKVLO HGLOHQ EX DODFDN ULVNWHQ
NRUXQDQ NDOHPLQ YDGHVLQLQ VRQXQGD WDKDNNXN HWPLรบ RODQ IDL] JLGHUOHULQLQ
|GHQPHVLQGH NXOODQร Oร U
7h5(9 h5h1/(5'(1 '2รถ$1 %25d/$5 1LWHOLรทL
7ย UHY ย Uย QOHUGHQ GRรทDQ KHQย ] |GHQPHPLรบ ERUoODUร Q |UQ IDL] ERUFX
ND\GHGLOGLรทL SDVLI NDUDNWHUOL ELU ELODQoR KHVDEร Gร U รธรบOH\LรบL 7ย UHY
ย Uย QOHUGHQ
GRรทDQ
|GHQPHPLรบ
ERUoODU
G|QHP
VRQODUร QGD
KHVDSODQDUDN EX KHVDED DODFDN ยณ7ย UHY hUย QOHUGHQ 'RรทDQ *LGHUOHUยด
KHVDEร QD ERUo YHULOPHN VXUHWL\OH ND\GHGLOHUHN VRQXo KHVDSODUร QD \DQVร Wร Oร UODU
%RUo |GHQGLรทLQGH EX KHVDED ERUo ยณ.DVD +HVDEร ยดQD DODFDN YHULOHUHN
NDSDWร Oร U 5D\Lo GHรทHU ULVNLQGHQ NRUXQPDN LoLQ Wย UHY ย Uย Q V|]OHรบPHVLQH JLULOPLรบVH EX ERUo ULVNWHQ NRUXQDQ NDOHPLQ G|QHPH \DQVร \DQ JHOLULQGHQ
PDKVXS HGLOLU YH E|\OHOLNOH ULVNWHQ NRUXQDQ NDOHPGHQ HOGH HGLOHFHN JHOLU PLNWDUร D]DOPร รบ ROXU
'g9รธ= )8785(6 6g=/(รน0(6รธ 7(0รธ1$7 +(6$%, 1LWHOLรทL
'|YL] IXWXUHV V|]OHรบPHVLQH WDUDI ROXQGXรทXQGD EDรบODQJร o WHPLQDWร RODUDN
ERUVD\D \DWร Uร ODQ YH V|]OHรบPH GHYDP HWWLรทL Vย UHFH ERUVDGD ROXรบDQ Jย QOย N
GHรทLรบPHOHULQ L]OHQGLรทL DNWLI NDUDNWHUOL ELU ELODQoR KHVDEร Gร U รธรบOH\LรบL
'|YL] IXWXUHV V|]OHรบPHVLQH WDUDI ROXQGXรทXQGD \DWร Uร ODQ EDรบODQJร o WHPLQDWร EX
KHVDED ERUo NDVD KHVDEร QD DODFDN YHUPHN VXUHWL\OH ND\GHGLOLU %RUVDGD
ROXรบDQ ROXPOX Jย QOย N IL\DW GHรทLรบPHOHUL EX KHVDED ERUo ยณ7ย UHY hUย QOHU .XU
)DUNร .kUODUร ยด KHVDEร QD DODFDN ND\GHGLOLU 2OXPVX] IL\DW GHรทLรบPHOHUL LVH EX
KHVDED DODFDN ยณ7ย UHY hUย QOHU .XU )DUNร =DUDUODUร ยด KHVDEร QD ERUo RODUDN
ND\GHGLOLU 6|]OHรบPHQLQ VRQD HUPHVL\OH ELUOLNWH EX KHVDEร Q EDNL\HVL .DVD +HVDEร ยถQD DNWDUร Oร U
)25:$5' 6g=/(รน0( 35รธ0 *รธ'(5/(5รธ +(6$%,
1LWHOLรทL
)RUZDUG V|]OHรบPH SULP JLGHUOHUL KHVDEร UD\Lo GHรทHU ULVNLQGHQ NRUXQPDN
DPDFร \OD \DSร ODQ IRUZDUG V|]OHรบPHOHULQGH V|]OHรบPH JHUoHNOHรบWLรทLQGH
|GHQHFHN RODQ SULPLQ V|]OHรบPH Vย UHVL ER\XQFD LWID HGLOHUHN VRQXo KHVDSODUร QD \DQVร Wร OPDVร Qร VDรทOD\DQ ELU JHOLU WDEORVX KHVDEร Gร U รธรบOH\LรบL
'|QHP VRQODUร QGD V|]OHรบPHQLQ JHUoHNOHรบPH WDULKLQGH |GHQHFHN RODQ SULP
JLGHUOHULQGHQ G|QHPH LVDEHW HGHQOHUL EX KHVDED ERUo ยณ7ย UHY hUย QOHUL
'HรทHUOHPH )DUNODUร ยด KHVDEร QD DODFDN ND\GHGLOLU 6|]OHรบPH JHUoHNOHรบWLรทLQGH
SULPLQ WDPDPร LWID HGLOPLรบ ROXU
7h5(9 h5h1/(5'(1 '2รถ$1 *(/รธ5/(5
1LWHOLรทL
7ย UHY ย Uย QOHUGHQ GRรทDQ JHOLUOHU Wย UHY ย Uย Qย Q QLWHOLรทLQH EDรทOร RODUDN NXU
GHรทLรบPHOHUL KDULo ROPDN ย ]HUH KDQJL Nร \PHWLQ JHWLULVLQGHQ Wย UHWLOPLรบ ROGXรทXQD
J|UH HOGH HGLOHQ JHOLUOHULQ L]OHQGLรทL ELU VRQXo KHVDEร Gร U JHOLU WDEORVXQGD \HU
DOร U
รธรบOH\LรบL
7ย UHY ย Uย QOHUGHQ ND\QDNODQDQ IDL] DODFDรทร JLEL KHQย ] WDKVLO HGLOPHPLรบ DODFDNODUร Q VRQXo KHVDSODUร QD \DQVร Wร OPDVร Qร VDรทODPDN LoLQ ยณ7ย UHY
hUย QOHUGHQ 'RรทDQ $ODFDNODUยด KHVDEร QD ERUo EX KHVDED DODFDN YHULOPHN
VXUHWL\OH ND\GHGLOLUOHU
7h5(9 h5h1/(5'(1 '2รถ$1 *รธ'(5/(5
1LWHOLรทL
7ย UHY ย Uย QOHUGHQ GRรทDQ JLGHUOHU Wย UHY ย Uย Qย Q QLWHOLรทLQH EDรทOร RODUDN NXU
GHรทLรบPHOHUL KDULo ROPDN ย ]HUH KDQJL Nร \PHWLQ JHWLULVLQGHQ Wย UHWLOPLรบ ROGXรทXQD
J|UH RUWD\D oร NDQ JLGHUOHULQ YH V|]OHรบPH JLGHUOHULQLQ L]OHQGLรทL ELU VRQXo KHVDEร Gร U JHOLU WDEORVXQGD \HU DOร U รธรบOH\LรบL
7ย UHY ย Uย QOHUGHQ ND\QDNODQDQ IDL] ERUFX JLEL KHQย ] |GHQPHPLรบ ERUoODUร Q
VRQXo KHVDSODUร QD \DQVร Wร OPDVร Qร VDรทODPDN LoLQ ยณ7ย UHY hUย QOHUGHQ 'RรทDQ
%RUoODUยด KHVDEร QD DODFDN EX KHVDED ERUo YHULOPHN VXUHWL\OH ND\GHGLOLUOHU 7h5(9 h5h1/(5 .85 )$5., .ร 5/$5, 1LWHOLรทL
7ย UHY ย Uย Q V|]OHรบPHOHULQLQ \DSร OGร รทร WDULK LOH JHUoHNOHรบWLรทL WDULK DUDVร QGDNL
G|QHPGH JHUoHNOHรบHQ ROXPOX NXU IDUNODUร Qร Q ND\GHGLOGLรทL KHVDSWร U 5D\Lo
GHรทHU ULVNLQGHQ NRUXQPD V|]NRQXVX ROGXรทXQGD NXOODQร ODQ VRQXo KHVDEร Gร U YH
JHOLU WDEORVXQGD \HU DOร U รธรบOH\LรบL
7ย UHY ย Uย QOHUGHQ ND\QDNODQDQ ROXPOX NXU IDUNODUร EX KHVDED DODFDN ยณ7ย UHY
hUย QOHU 'HรทHUOHPH )DUNODUร ยด KHVDEร QD ERUo RODUDN ND\GHGLOLU )XWXUHV
V|]OHรบPHOHULQGH Jย QOย N IL\DW GHรทLรบPHOHULQLQ L]OHQGLรทL ยณ'|YL] )XWXUHV 7HPLQDW
+HVDEร ยด\OD NDUรบร Oร NOร RODUDN oDOร รบร U 2OXPOX IDUNODU WHPLQDW KHVDEร QD ERUo EX
KHVDED DODFDN RODUDN ND\GHGLOLU
7h5(9 h5h1/(5 .85 )$5., =$5$5/$5, 1LWHOLรทL
7ย UHY ย Uย Q V|]OHรบPHOHULQLQ \DSร OGร รทร WDULK LOH JHUoHNOHรบWLรทL WDULK DUDVร QGDNL
G|QHPGH JHUoHNOHรบHQ ROXPVX] NXU IDUNODUร Qร Q ND\GHGLOGLรทL KHVDSWร U 5D\Lo
GHรทHU ULVNLQGHQ NRUXQPD V|]NRQXVX ROGXรทXQGD NXOODQร ODQ VRQXo KHVDEร Gร U YH
JHOLU WDEORVXQGD \HU DOร U รธรบOH\LรบL
7ย UHY ย Uย QOHUGHQ ND\QDNODQDQ ROXPVX] NXU IDUNODUร EX KHVDED ERUo ยณ7ย UHY
hUย QOHU 'HรทHUOHPH )DUNODUร ยด KHVDEร QD DODFDN RODUDN ND\GHGLOLU )XWXUHV
V|]OHรบPHOHULQGH Jย QOย N IL\DW GHรทLรบPHOHULQLQ L]OHQGLรทL ยณ'|YL] )XWXUHV 7HPLQDW
+HVDEÃ&#x2022;´\OD NDUúÃ&#x2022;OÃ&#x2022;NOÃ&#x2022; RODUDN oDOÃ&#x2022;úÃ&#x2022;U 2OXPVX] IDUNODU EX KHVDED ERUo WHPLQDW
KHVDED DODFDN RODUDN ND\GHGLOLU