34%!-4%#

=HPLQOHU )D\DQVODUWDÁG|ÁHPHOHU
SODVWLNG|ÁHPHOHUOLQRO\XP
G|ÁHPHOHU
0HUPHU $VOD EH] ROPDGDQ GR½UXGDQ ]HPLQ EDÁO×½×\OD WHPL]OHPH\LQL]
0HUPHU]HPLQOHUGHHVNLWHPL]OLNPDGGHOHULQLYHOHNHOHULWDPDP×\ODJLGHUPHN
LoLQELUNDo NH] X\JXODQPDV× JHUHNHELOLU %X WHPL]OLN LoLQ GÁN ELU EXKDU
NDGHPHVLVHoLQL]*HUHNWL½LQGHEXQXDUW×UDELOLUVLQL]
)D\DQVODU  VHUDPLN G|ÁHPHOHU 6X YH WHPL]OLN PDGGHOHULQGHQ GROD\×
GHU]OHULoLQGH VL\DK oL]JLOHU ROXÁPDNWDG×U %XUDODUGD WR] YH EDÁND DUW×NODU
ELULNPHNWHGLU*QONWHPL]OLNLoLQWD]HYHWHPL]ELUEH]L]HPLQI×UoDV×]HULQH
JHUGLULQL]YHWXWWXUPDPDQGDOODU×\ODV×N×OD\×Q×]=HPLQI×UoDV×\ODKDILIoH]HPLQ
]HULQGHQJHoLQL]%H]LHQL\LÁHNLOGHNXOODQDELOPHNLoLQ]HPLQI×UoDV×]HULQGH
ND\G×UDELOLUYH\D oHYLUHELOLUVLQL] 3LVOLN EX ÁHNLOGH o×NPDG×½×QGD WHPL]OL½L
GR½UXGDQDo×O×UI×UoD\ODEH]VL] RODUDN\DSDELOLUVLQL])×UoDODUODSLVOLNGHU]OHULQ
LoLQGHQo×NDUW×ODUDNWHPL]OHQPHNWHGLU6RQUD]HPLQI×UoDV×QDWHNUDUEH]LVDU×Q×]
YH]HULQGHQWHNUDUJHoLQL]
'XYDUODU )D\DQVODU\×NDQDELOLUGXYDU
ND½×WODU×
3HQFHUH
WHPL]OL½L
3HQFHUHYLWULQD\QD 3HQFHUHFDPODU×3HQFHUHEDÁO×½×Q×NXOODQ×Q×]%XKDU×\XNDU×GDQDÁD½×GR½UX
X\JXOD\×Q×]<R½XÁPDVX\XQXJLGHUPHNLoLQODVWLNGXGDNODUODEXKDUV×]RODUDN
FDP×Q]HULQGHQJHoLQL] /HNHOHULQROXÁPDPDV×LoLQ DÁD½×GDQ\XNDU×GR½UX
\DQODPDV×KDUHNHWOHUOHWHPL]OH\LQL]
'¾..$7.×ÁD\ODU×QGDSHQFHUHFHSKHOHULQLQ|QFHGHQ×V×W×OPDV×JHUHNPHNWHGLU
%DÁO×½× FDPGDQ  FP PHVDIHGH WXWXQX] YH V×FDNO×½×Q HWNL HWPHVLQL
EHNOH\LQL]3HQFHUHOHULQLoWDUDI×Q×WHPL]OHPHNLoLQGÁNELUEXKDU NDGHPHVL
VHoLQL]'×ÁWHPL]OLNLoLQ\NVHNELUEXKDUNDGHPHVLVHoLOHELOLU
'|ÁHPHOHU 0RELO\DRWRPRELOOHUERWODU =HPLQI×UoDV×Q×GR½UXGDQ EXKDU WDEDQFDV× ]HULQH PRQWH HGLQL] YH EXQX
EH\D]YH WHPL] ELU SDPXNOX EH]OHNXOODQ×Q×] %H]LQ ×VODQPDPDV× LoLQ N×VD
EXKDUGDUEHOHUL\OHoDO×Á×Q×] ¾QDWo×OHNHOHULVDE×UOD WHPL]OH\LQL]D\Q×\HUH ELU
GDNLNDGDQID]ODELUVUHLoLQEXKDUWXWPD\×Q×]VRQUDEHÁGDNLNDEHNOH\LQL]YH
WHPL]OLNLÁOHPLQLWHNUDUOD\×Q×].XPDÁ×QEWQ\]H\VHONDGHPHOHULQHXODÁPDN
LoLQ\DQODPDV×QDYH\DLOHULJHULGDLUHVHOKDUHNHWOHU\DS×Q×].XPDÁ×QWHNG]HQ
ELUJ|UQP HOGH HWPHVL LoLQ WHN ELU LVWLNDPHWH GR½UX I×UoDOD\DUDN LÁOHPL
WDPDPOD\×Q×]
.XPDÁODU 3HUGHOHUGXÁSHUGHOHUL
JL\VLOHULQKDYDODQG×U×OPDV×
OHNHOHULQJLGHULOPHVL
&LKD]JL\VLOHUGHNLN×U×Á×NO×NODU× JLGHUPHN LoLQ VRQ GHUHFH X\JXQGXU .XPDÁ
]HULQHEHOLUOL ELU PHVDIHGH EXKDU WXWXOPDV× \HWHUOLGLU%XKDU GL½HU EXKDUO×
FLKD]ODUGDROGX½XJLELNXPDÁ××VODWPDGDQN×U×Á×NO×NODU×Q×DoPDNWDG×U
6×KKLWHVLVDWODU $UPDWUOHUNYHWOHUGXÁ
NDELQOHUGXÁGXYDUODU×:&
VDXQDPXWIDN
.YHWOHULYH\DGXÁXWHPL]OHUNHQGXÁNDELQOHULQ UD\ODU×Q×]RUXODÁ×ODQYHoRN
NLUOHQPLÁ\HUOHULQLWHPL]OHPHNLoLQ\XYDUODNEDÁO×NO×I×UoD\×NXOODQ×Q×]3HQFHUH
WHPL]OH\LFLVLID\DQVNDSO×DODQODU×WHPL]OHPHNLoLQoRNHWNLOLGLU
6×KKLWHVLVDWODUGD WHPL]OLN LoLQ QRNWD SVNUWPH I×UoDV×Q× ]HULQH \XYDUODN
EDÁO×NO×I×UoD\× WDNDUDN YH\D WDNPDGDQ NXOODQ×Q×] )D]OD QHPL YH\D SLVOLN
DUW×NODU×Q×JLGHUPHNLoLQELUVQJHUOLEH]YH\DND½×WPXWIDNKDYOXVXNXOODQ×Q×]
0XWIDN
WHVLVDWODU×
0DQJDOODU
GDYOXPED]ODUPXWIDN
GRODSODU×I×U×QDNVHVXDUODU×
.RQXW
WHVLVDWODU×
3HQFHUHoHUoHYHOHUL
PRELO\DODUUXVWLNNLULÁOHU
ODPEDODUÁ|PLQHWDÁODU×
SDQMXUODUYLWULQOHU
3DQMXUODU.oNQD\ORQI×UoD\×NXOODQ×Q×])×UoD\×EXKDU×QLoLQHJLUHELOPHVLQH
NDGDU\]H\LQ]HULQHWXWXQX]
39& SDQMXUODU ]HULQGHQ EXKDU LÁOHPL K×]O× JHUoHNOHÁWLULOPHOLGLU.XPDÁ
SDQMXUODUGDPDO]HPHQLQER\DV×Q×Qo×N×So×NPDG×½×Q×GHQH\LQL]
2WRPRELOOHU *|VWHUJHSDQHOLG|ÁHPHOHU
NDS×PHQWHÁHOHULMDQWODU
DOPLQ\XPoHOLN
2WRPRELOLQL]LQLo N×VP×Q× WHPL]OHPHN LoLQ G|ÁHPHOHU YH GL½HU SDUoDODU LoLQ
]HPLQI×UoDV×Q×YHELUEH]NXOODQ×Q×]YHEXV×UDGDNRQXWDODQ×Q×QWHPL]OHQPHVL
LoLQEHOLUWLOPLÁDo×NODPDODUDX\XQX]'HULNDSODPDODU×WHPL]OH\HFHNVHQL]I×UoD\×
EH]VL]NXOODQPD\×Q×] -DQW NDSDNODU× LoLQ HQ L\LVL \XYDUODN EDÁO×NO× I×UoD\OD
ELUOLNWHQRNWDO×SVNUWPHHQMHNW|UQNXOODQ×Q×]
%LVLNOHWOHU
PRWRVLNOHWOHU
dHUoHYHOHUMDQWODULVSLWOHU
VHOH
 (OHNWULNOLFLKD]ODUGDNLÁDOWHUOHULSUL]OHULUHJODW|UOHULYHGL½HUYROWDMDOW×QGDNLSDUoDODU×EXKDUSVNUWHUHN
WHPL]OHPH\LQL]
7HNQLN|]HOOLNOHU

*HULOLP 9+] .DSKDFPL O

6LJRUWD $ .DEXOHGLOHELOLUV×FDNO×N &

*oDO×P× : dDOÕúPDEDVÕQFÕ EDU

.RUXPDWU ,3;