Professional Documents
Culture Documents
6123*(5=(7(50.6$175$/5$3258
0DUW
)2725$)/$5$\H,,.(=(5$\HJO%&258d.$37$1'HUVLP*h/
TMMOB
6123*(5=(7(50.6$175$/5$3258
%DVN
,6%1
978-605-01-0703-6
7UN0KHQGLVYH0LPDU2GDODU%LUOLL
Selanik Cad. No:19/1
<HQLHKLU$1.$5$
7HO 0312 418 12 75
)DNV 0312 417 48 24
:HEZZZWPPRERUJWU
(3RVWDWPPRE#WPPRERUJWU
%$6.,
(IODO$MDQV 0DWEDDFON6DQ7LF/WGWL
$GUHV.D]P.DUDEHNLU&DG.R\XQOXKDQ1R$VNLWOHU$QNDUD
6HUWLILND1R
%DVN7DULKL
31.03.2015
d1'(./(5
68187
+$57$/$5'=15
7$%/2/$5'=15
)2725$)/$5'=15
(.//(5'=15
*59
,
,QFHOHPH$ODQQQ&RUDIL.RQXPX
,*(63URMHVLQLQ7HNQLNg]HOOLNOHUL
,, '2$/<$3,
,,NOLP9HULOHUL
,,-HRORMLN<DS
,,+LGURMHRORMLN<DS30
,,7RSUDN.DELOL\HWL
,,(NRORMLN<DS
I,, '2$/7$5+9($5.(2/2-.'((5/(5
.2580$67$7h/(5
,9 *(6(7.$/$1,1'$.$/$1<(5/(0$/$1/$5,38
9 (.2120.<$3,39
9, 0h/.<(7'85808.$08/$7,50$
9,, 3/$1'8580843
9,,, d(95(6(/(7.'((5/(1'50(d('6h5(&44
,; <$6$/d(5d(9(8/86$/0(9=8$7
9(8/86/$5$5$6,7$$++h7/(50=48
; 7h5.<((1(5-32/7.$/$5,1'$7(50.6$175$//(559
;, .$5$'(1=%g/*(61'(7(50.6$175$//(5
9((1(5-+7<$&,$d,6,1'$1'((5/(1'5/0(6
;,, *(61d(95(6(/(7./(5
3
;,,,
352-(11%g/*(+$/.,h=(51((7./(5
;,9
'((5/(1'50(73
6218d
.$<1$.d$
+$57$/$5/67(6
+DULWD*(6$ODQQQ8ODP$QGDNL<HUL
+DULWD8ODP'XUXPX
+DULWD$NGHQL]0HWRGXOH7UNL\HNOLP6QIODQGUPDV
+DULWD7UNL\H-HRORML+DULWDV
+DULWD6LQRSOL'HSUHP'XUXPX
+DULWD6DQWUDO(WNL$ODQ
+DULWD0ONL\HW'XUXPX
+DULWD6LQRS.DVWDPRQXdDQNU3ODQODPD%|OJHVL
|OoHNOLdHYUH']HQL3ODQ
7$%/2/$5/67(6
7DEOR6LQRSOL2UWDODPDNOLP9HULOHUL
7DEOR.DUDGHQL]%|OJHVLQGH/LVDQV$OP
LOHWPHGH\DGDLQDKDOLQGHNL6DQWUDO.DSDVLWHOHUL
7DEOR2UWD.DUDGHQL]%|OJHVLQGH(OHNWULN(QHUMLhUHWLPL
7DEOR2UWD.DUDGHQL]%|OJHVLQGH(OHNWULN(QHUML7NHWLPL
7DEOR(3'.GDgQOLVDQV/LVDQV$DPDODUQGD3URMHOHQGLULOPL7HUPLN
6DQWUDOODU
)2725$)/$5/67(6
)RWRUDIQFHOHPH$ODQQQ&RUDIL.RQXPX
)RWRUDI3URMH$ODQODUQQ.RQXPX
7HUPLN6DQWUDO.O'HSRODPDYHVNHOH
(.//(5/67(6
HNLO3URMH$ODQODUQQ&RUDIL.RQXPX
HNLO(VPH6D\ODUQD*|UH<OON5]JkU*O
HNLO.D\QDNODUD*|UH7UNL\HQLQ<O(OHNWULNhUHWLPL
6818
7UN0KHQGLVYH0LPDU2GDODU%LUOLLPHVOHN|UJWROPDQQVRUXPOXOXX
LoHULVLQGH ONHPL]LQ YH KDNOP]Q JHOHFHLQL HWNLOH\HQ NDPX\X LOJLOHQGLUHQ
HQHUMLNHQWOHPHoHYUHJLELNRQXODU]HULQHX\JXODQDQSROLWLNDODUYH\DDQDQ
VRUXQODUOD LOJLOL RODUDN WHVSLWOHULQL YH o|]P |QHULOHULQL G|QHP G|QHP
\D\PODGWHNQLNUDSRUODUODRUWD\DNR\PDNWDGU
7RSOXPXQLoLQGH\HUDODQRQXQELUSDUoDVRODUDNPKHQGLVOLNPLPDUONYH
HKLUSODQFOQWRSOXP\DUDUQDNXOODQPDDQOD\QEHQLPVH\HQ7002%EX
NH]7UNL\HQLQGDEDPOHQHUMLSROLWLNDODUQGD\HUVHoLPLQGHQKDPPDGGH
VHoLPLQHNDGDUELUoRNNRQXGD\DSODQ\DQOONODUQWXWDUV]ONODUQELU|UQHL
RODUDN*HU]H(QHUML6DQWUDOL5DSRUXQXKD]UODPWU
<HLO *HU]H dHYUH 3ODWIRUPXQXQ WDOHEL ]HULQH <|QHWLP .XUXOX NDUDU\OD
ROXWXUXODQ 6LQRS*HU]H (QHUML 6DQWUDOL dDOPD *UXEXQFD KD]UODQDQ
UDSRUGD6LQRS*HU]HGH\DSOPDNLVWHQLOHQLWKDON|PUHGD\DOWHUPLNVDQWUDOLQ
7UNL\H HQHUML SROLWLNDODU WHPHOLQGH \HU VHoLPL oHYUHVHO HWNLOHUL HNRVLVWHP
]HULQHE|OJHVHOHWNLOHULE|OJHKDONQQWDOHSOHUL]HULQHHWNLOHULLQFHOHQPLWLU
dHYUHVHO HWNLOHUL QHGHQL\OH KDYD WRSUDN YH VX RUWDPODU LoLQ HNRQRPLN
VHNW|UOHULoLQNVDFDVWP\DDPDODQODULoLQWHKGLWROXWXUDQWHUPLNVDQWUDOLQ
\DSOPDNLVWHQPHVL\HUHOKDONE|OJHKDON]HULQGHGH|QHPOLHWNLOHULROPXWXU
6LQRSXQ *HU]H OoHVLQLQ <D\NO N|\QGH DOW \O |QFH $QDGROX *UXEXQXQ
NXUPDNLVWHGLLWHUPLNVDQWUDOHNDUEDOD\DQ\HUHOGLUHQLdHYUHYHHKLUFLOLN
%DNDQOQQSURMH\HLOLNLQdHYUHVHO(WNL'HHUOHQGLUPHVLd('VUHFLQL
XEDWWDULKLQGHGXUGXUPDVQDNDGDUVUPWU
dHYUH YH HKLUFLOLN %DNDQOQQ *(6H LOLNLQ d(' VUHFLQL GXUGXUPDV
.DUDGHQL]GH\DGD0DUPDUDGD\DGD(JHE|OJHVLQGH\DSOPDNLVWHQLOHQWHUPLN
VDQWUDOOHUGHQYD]JHoLOGLLDQODPQWDPDPDNWDGU%XQHGHQOHEXUDSRUEXQGDQ
VRQUD\DSOPDVSODQODQDQWHUPLNVDQWUDOOHULQHWNLOHULQLQDQODOPDVQGDYHEX
ROXPVX] HWNLOHU QHGHQL\OH \DDP DODQODUQD VDKLS oNDQ \HUHO KDONQ GLUHQL
|\NVQQ DNWDUOPDV DoVQGDQ |QHPOL RODFDNWU .XNXVX] *HU]H 7HUPLN
6DQWUDO 3URMHVLQLQ d(' VUHFL KDOND UDPHQ JHUoHNOHWLULOPHN LVWHQLOHQ
*(6LQ GXUGXUXOXXQX VDOD\DQ ELU \HUHO GLUHQLPFDGHOH VUHFL RODUDN GD
|QH oNPDNWDGU %X PFDGHOH VUHFLQGH JHUoHNOHWLULOHQ |UJWOHQPHQLQ
VRQXoODUQQ|QFHE|OJHVHOJLGHUHNONH|OoHLQGHKDWWDONHVQUODUQDDQ
ELUGHVWHNJ|UGQWDULKHQRWHWPHNDoVQGDQ|QHPOLGLU
*(6 LoLQ VUGUOHQ PFDGHOHQLQ <HLO *HU]H 3ODWIRUPXQXQ <(*(3
G]HQOHGLL.DVPWDULKOLPLWLQJGHGHV|\OHGLLPL]JLELsadece Gerze
7
PFDGHOHVLROPDGQGRXVXQGDQEDWVQDEWQONHGHLQVDQFD\DDPVDYXQPDN
ROGXXQXELUNH]GDKDLIDGHHGL\RUX]
0KHQGLVOLN ELOLP YH WHNQLLQLQ \RO J|VWHULFLOLLQGH KDONQ oNDUODUQ HVDV
DODQ HQHUML SROLWLNDODU \HULQH NUHVHO VHUPD\H JGPQGH NDPX \DUDU
J|]HWPH\HQ GD EDPO HQHUML SROLWLNDODUQQ VRQXoODUQQ GHHUOHQGLULOGLL
EXUDSRUXQKD]UODQPDVQGDHPHLJHoHQUDSRUXQHGLW|UOQVWOHQHQ$\H
,,.(=(5(6LQRS*HU]H7HUPLN6DQWUDOLdDOPD*UXEX\HOHULQHYHNDWN
NR\DQKHUNHVH7002%<|QHWLP.XUXOXDGQDWHHNNUHGL\RUXP
0HKPHW62$1&,
7002%<|QHWLP.XUXOX%DNDQ
0DUW
*5
7UNL\HQLQHQHUMLSROLWLNDVEXJQX\JXODQGHNOL\OH1HSDKDVQDROXUVD
ROVXQ GDKD oRN HQHUML \DWUP GDKD oRN HQHUML UHWLP VDQWUDOOHUL LQDV
WHPHOLQGHGLU NWLGDUQ RUWD YDGHOL HQHUML SROLWLNDODUQD EDNOGQGD (QHUML
UHWLPLQGH \HUOL YH \HQLOHQHELOLU ND\QDNODUQ SD\QQ DUWWUOPDV HOHNWULN
UHWLPLQGHGRDOJD]QYHLWKDON|PUQSD\QQD]DOWOPDVKHGHIOHULQHGH
\HUYHUGLLJ|UOPHNWHGLU$QFDNX\JXODPDGDEXQXQWDPWHUVLGLU1.
'Q\D HNRQRPLOHULQLQ HQHUML SL\DVDODUQGD |QHPOL VRUXQODUOD NDU NDU\D
NDOGNODU J|UOPHNWHGLU %X VRUXQODUQ HQ EDWD JHOHQL ONHOHULQ HQHUMLGH
GD EDPOONODUGU (QHUMLGH GD EDPOON VDGHFH LNWLVDGv DoGDQ GHLO
D\Q]DPDQGDVL\DVvDoGDQGD|QHPOLELUVRUXQGXU1LWHNLPHQHUMLQLQE\N
|OoGH\XUWGND\QDNODUGDQVDODQPDVELUXOXVDOJYHQOLN]DIL\HWLQHGH\RO
DoDELOPHNWHGLU7UNHNRQRPLVLQGHGHHQHUMLLKWL\DFD]VD\GDND\QDNWDQYHD]
VD\GDONHGHQNDUODQPDNWDEXGXUXPJHOHFHNWH\DDQDELOHFHNGDUERD]ODU
DoVQGDQELU]DIL\HWXQVXUXRODUDNJ|UOPHNWHGLU2.
7002%QLQJ|UHYLHQHUMLUHWLPLQHNDWHJRULNNDUWONODUODNDUoNPDNGHLO
ONHQLQHQHUMLSROLWLNDODUQQ\HUOLYH\HQLOHQHELOLUND\QDNODUDGD\DOROPDVQYH\HQL
VDQWUDOOHULQ KDQJL ND\QDNODUD GD\DO RODUDN KDQJL WHNQRORMLN WDVDUPODUOD HQ L\L
QHUHOHUGH\DSODELOHFHLQLRUWD\DNR\PDNWRSOXPD\|QYHUPHNVHUPD\HJUXSODUQQ
GHLOONHQLQYHWRSOXPXQoNDUODUQVDYXQPDNWU3.
%LULQFLO HQHUML WNHWLPLQGH HOHNWULN UHWLPLQGH ODUD YDUDQ GD
EDPOONVRUXQXQXDPDN\OQGDPLO\DUGRODUGHPLO\DUGRODU
RODUDN JHUoHNOHHQ WP G DOPQ G|UWWH ELULQH \DNQ E|OPQ ROXWXUDQ HQHUML
KDPPDGGHOHULGDOPIDWXUDODUQGUPHNHQHUML\HXFX]VUHNOLJYHQLOLUYH
VUGUOHELOLUELUHNLOGHHULPHNHQHUML\DWUPODUQQoHYUH\H]DUDUODUQDVJDUL\H
LQGLUPHN HQHUML HNLSPDQODUQQ \HUOL UHWLPLQL VDODPDN LoLQ XOXVDO YH NDPXVDO
oNDUODUDGD\DOHQHUMLVWUDWHMLSROLWLNDYHSURJUDPODUQWDVDUODPDNYHX\JXODPDN
JHUHNLU
'RDO YDUONODUP] RUPDQODU N\ODU VXODN DODQODU DNDUVXODU J|OOHU WDUP
DODQODU EL\RJHQHWLN UH]HUY DODQODU D\Q ]DPDQGD \DDPP]Q GHYDPOO
LoLQ GH JHUHNOL ND\QDNODUGU <DDP LoLQ JHUHNOL RODQ VX WRSUDN RUPDQ JLEL
GRDOYDUONODUQGHYDPOOQQVDODQPDVEXYDUONODUP]QND\QDNRODUDN
NXOODQPQD \|QHOLN SROLWLNDODUOD GRUXGDQ LOJLOLGLU 1HROLEHUDO SROLWLNDODUQ
ELU VRQXFX RODUDN GQ\D SD]DUQD HNOHPOHQHQ hONHPL]LQ GRDO ND\QDN
SRWDQVL\HOLVXYHWRSUDN\HUVW\HUDOWVX\XGHQL]J|ODNDUVXVXODNDODQODU
1 MMO Enerji Grnm Raporu.
2 A.g.e.
3 A.g.e.
RUPDQ oD\U PHUD \D\OD PDGHQ UH]HUYOHUL YH EXQD EDPO WDUP HQHUML YH
oHYUHKHPNDONQPDQQWHPHOVHNW|UOHULRODUDNKHPGHGRDOND\QDNRODUDN
\RNHGLOPHNWHGLU
7UNL\HQLQ \HUOL ND\QDNODUD GD\DO HQHUML UHWLPLQLQ |QHPOL SRWDQVL\HOLQLQ
ROGXX U]JkU MHRWHUPDO YH VX HQHUMLOHULQLQ WRSODP LoHULVLQGH oRN GN
SD\ODUDVDKLSROPDODUONHPL]LQL]OHGLLGDEDPOHQHUMLSROLWLNDODUQQELU
VRQXFXGXU5
%X UDSRUGD oHYUH\L \DD\DQ \|UH KDONQ GRDO NOWUHO YDUONODU NVDFDV
NDPX \DUDUQ WRSOXPVDO ID\GD\ J|] DUG HGHQ ONHQLQ GD EDPO HQHUML
SROLWLNDODUQDEDORODUDNJHUoHNOHWLUPHNLVWHQLOHQWHUPLNVDQWUDOOHUGHQELULVL
RODQ 6LQRS*HU]HGH SODQODQDQ *HU]H 7HUPLN 6DQWUDOL *(6 SURMHVL |UQHN
SURMH RODUDN 7UNL\H HQHUML SROLWLNDODU DoVQGDQ LQFHOHQPLWLU %X UDSRU KHU
QHNDGDU*HU]H7HUPLN6DQWUDOLSURMHVUHFLLOHLOJLOLRODUDNKD]UODQPROVDGD
JHUHN.DUDGHQL]JHUHNVHGLHUE|OJHOHUGH\DSPVUHQ\DGDSURMHKDOLQGHRODQ
GLHUWHUPLNVDQWUDOOHULoLQL]OHQHQSROLWLNDODUQD\QROPDVQHGHQL\OHJHQHOELU
IRWRUDI GD VXQPDNWDGU *(6LQ GLHUOHULQGHQ D\UF |]HOOLL \HU VHoLPLQGHQ
EDOD\DUDNHQVRQGXUGXUXOPDDDPDVQDNDGDUVUGUOHQELOLPGYHKXNXN
GVUHoWHELU\HUHOGLUHQL|\NVRODUDNGD|QHoNPDVGU
<HLO *HU]H dHYUH 3ODWIRUPXQXQ <(*(3 WDOHEL GRUXOWXVXQGD 7002%
<|QHWLP .XUXOXQXQ WDULK YH VD\O NDUDU YH 0DUW
WDULK VD\O NDUDUODU LOH 6LQRS LOL *HU]H LOoHVL <D\NO N|\QH \DSOPDV
SODQODQDQ WHUPLN VDQWUDO LOH LOJLOL WHNQLN UDSRU KD]UODPDN ]HUH 7002%
<|QHWLP .XUXOX \HOHULQGHQ $ 'HQL] g='(05 $\H ,,. (=(5 (UFDQ
%$<5$. $OL )DKUL g=7(1 %DKDWWLQ $+1 =EHU $.*g/ 0HKPHW
'(1==H\QHWL%$<5,h1$/$\HJO258d.$37$1(NUHP32<5$=
7HYILN.,=*,1.$<$YH.EOD\g=%(.7002%7HNQLN*|UHYOLVL'HUVLP
*h/ LOH 0DNLQD 0KHQGLVOHUL 2GDVQGDQ D\HQGH <,/0$=Q NDWOP\OD
6LQRS7HUPLN6DQWUDOLdDOPD*UXEXNXUXOPXWXU
6LQRS7HUPLN6DQWUDOLdDOPD*UXEXLQFHOHPHKH\HWLQGHEXOXQDQ7002%
<|QHWLP.XUXOXh\HOHUL$\H,,.(=(5=EHU$.*g/$'HQL]g='(05
=H\QHWL %$<5, h1$/ $\HJO 258d.$37$1 %DKDWWLQ $+1 (NUHP
32<5$=YH'HUVLP*h/QNDWOP\OD0DUWWDULKOHULQGH6LQRS
LOL*HU]HLOoHVLQGHVDQWUDO\DSOPDVLoLQGQOHQDUD]LYHoHYUHVLQGHWHNQLN
LQFHOHPH\DSOPWU
7002% 'RDO .D\QDNODU 2UPDQ dHYUH YH 0DGHQ KWWSZZZWPPRERUJWUJHQHO
EL]GHQBGHWD\SKS"NRG WLSL
5 %LOJLQROX 0 $OL 'XPUXO &QH\W 7UN (NRQRPLVLQLQ (QHUML %DPOO h]HULQH %LU
(%WQOHPH$QDOL]L-RXUQDORI<DVDU8QLYHUVLW\
10
7HNQLNLQFHOHPHJH]LVLQGHWHUPLNVDQWUDOORMLVWLNKL]PHWVDKDVSURMHVDKDV
N|PUGHSRODPDDODQYHOLPDQ\DSOPDVGQOHQDUD]LLOHFLYDUQGDDUD]L
LQFHOHPHVLQGHQVRQUD\HUHO\HWNLOLOHULOHELUOLNWHJHQHOGHHUOHQGLUPHWRSODQWV
JHUoHNOHWLULOPLWLU%XUDGD<(*(3'|QHP6|]FVHQJO$+1<UWPH
.XUXOXh\HOHUL)HUKDW+$1d(5+DVDQ%$<5$.0XVWDID.,5$<YH0HWLQ
.2&$ LOH ELU WRSODQW \DSOP GDKD VRQUD *HU]H %HOHGL\H %DNDQ 2VPDQ
%(/29$&,./,LOHWHUPLNVDQWUDOSODQ]HULQHELUJ|UPHJHUoHNOHWLULOPLWLU
5DSRUXQKD]UODQPDVQGDoDOPDJUXEX\HOHULQLQDUD]LGH\DSWNODUWHVSLW
YHJ|]OHPOHUOLWHUDWUoDOPDVUDSRUODPDYEGRUXGDQNDWNVQQ\DQQGD
<(*(3WDUDIQGDQYHULOHQGRNPDQODUUHVPLNXUXPODUGDQDOQDQELOJLOHULOH
OLWHUDWUYHULOHULNXOODQOPWU
11
,*(5=(7(50.6$175$/352-(6
,,QFHOHPH$ODQQQ&RUDIL.RQXPX
*HU]H(QHUML6DQWUDOL*(63URMHVLQLQ%DW.DUDGHQL]%|OJHVLQGH6LQRSLOL
*HU]H LOoHVL <D\NO N|\ dDNUROX 0DKDOOHVLQGH \DSOPDV SODQODQPWU
6DQWUDO \HUL 6LQRS LOLQH NX XoXX NP *HU]H LOoHVLQLQ NX]H\LQGH NP
PHVDIHGHYH<D\NON|\dDNUROX0DKDOOHVL\DNQQGD\HUDOPDNWDGU
)RWRUDIQFHOHPH$ODQQQ&RUDIL.RQXPX
'RND\d('dHYUH0KHQGLVOLL/WGWL0Z*HU]H(QHUML6DQWUDOdHYUHVHO(WNL
'HHUOHQGLUPH5DSRUX$QNDUD
12
HNLO3URMH$ODQODUQQ&RUDIL.RQXPX7
gQHULOHQ *(6 3URMH 6DKDV GRXGD .DUDGHQL] EDWGD LVH 6LQRS%DIUD \ROX
NX]H\GRXGD dDNUROX 0DKDOOHVL NX]H\GH EUDKLPEH\ .|\ YH JQH\GH
dRUROX0DKDOOHVLLOHVQUODQPDNWDGU)RWRUDI
*(67HUPLN6DQWUDO.O'HSRODPDYHVNHOHSURMHVLLOH0:ON[
0:NXUXOXJFQGHYH\OONQHWHOHNWULNUHWLPL\DNODNRODUDN*:K
RODFDNHNLOGHJHUoHNOHWLULOPHVLSODQODQPDNWDGU.
'RND\d(' dHYUH 0KHQGLVOLL /WGWL 0Z *HU]H (QHUML 6DQWUDO dHYUHVHO (WNL
'HHUOHQGLUPH5DSRUX$QNDUD
8 'RND\d(' dHYUH 0KHQGLVOLL /WGWL 0Z *HU]H (QHUML 6DQWUDO dHYUHVHO (WNL
'HHUOHQGLUPH5DSRUX$QNDUD
13
)RWRUDI3URMH$ODQODUQQ.RQXPX
7HUPLN6DQWUDO.O'HSRODPDYHVNHOH9
6DQWUDOSURMHVLNDSVDPQGDNDODQDODQODURODUDNd('UDSRUXQGD3URMH6DKDV
'ROJX6DKDV/LPDQYH/RMLVWLN+L]PHW6DKDVROPDN]HUHG|UWD\UDODQGDQ
EDKVHGLOPHNWHGLU10
3URMH6DKDV3URMHQLQDQDQLWHOHULQ\HUDOGVDQWUDOVDKDVYHNODOoWD
FUXIJLELWHKOLNHVL]DWNODUQGHSRODQDFDDODQNOGHSRODPDVDKDVELUOLNWH
WRSODPKHNWDUGU
'ROJX 6DKDV 3URMH VDKDVQQ GHQL] E|OPQGH N\ LOH ELUOHLN YH N\\D
SDUDOHO RODUDN GROJX PDO]HPHOHUL NXOODQODUDN ROXWXUXODQ DODQ N|PU GHSR
DODQRODUDNNXOODQODFDNROXSWRSODPKHNWDUGU
/LPDQ WKDO HGLOHQ N|PUQ \N JHPLOHUL LOH JHWLULOHELOPHVL LoLQ 3URMHQLQ
GHQL] E|OPQH PHQGLUHN YH \DQDPD \DSVQ LoHUHQ N\GDQ DoD GRUX
NP X]XQOXXQGD YH PHWUHOLN \DQDPD \DSV EXOXQDQ OLPDQ LQDD
HGLOHFHNWLU
A.g.e.
A.g.e.
14
/RMLVWLN+L]PHW6DKDV3URMHVDKDVQQNX]H\LQGH\HUDOPDNWDGU%XDUD]LQLQ
VDGHFH SURMH\H LQDDW G|QHPLQGH ORMLVWLN GHVWHN YHUPHN DPDF\OD SUHIDEULN
NDPSDODQRODUDN\HPHNEDUQPDYHJHoLFLDODQODUJLELDPDoODNXOODQODFD
EHOLUWLOPHNWHGLUQDDWG|QHPLVRQXQGDV|NOHFHNJHoLFL\DSODUQEXOXQDFD
EXVDKDLQDDWG|QHPLQGHV\UODUDNWHNQLLQHX\JXQHNLOGHGHSRODQDQ\]H\
WRSUD VHULOHUHN UHKDELOLWH HGLOHFHNWLU OHWPH G|QHPLQGH EX VDKDQQ ELU
E|OP oDODQODU LoLQ VRV\DO WHVLV RODUDN GQOPHNWH ROXS GLHU E|OP
LVH \D WDPDPHQ HVNL KDOLQH JHWLULOHFHN \D GD VHUDFON GDKLO PXKWHOLI WDUP
IDDOL\HWOHULLoLQVRV\DOVRUXPOXOXNSURMHOHULDPDoONXOODQODFDNWU6|]NRQXVX
DODQKHNWDUGU
+DIUL\DW7RSUD'HSR$ODQ
QDDW IDDOL\HWOHULQGH GROJX PDO]HPHVL RODUDN NXOODQOPD\DQ ND] ID]ODV
PDO]HPH'LNPHQ%HOHGL\HVLWDUDIQGDQJ|VWHULOHQPLO\RQPONGHSRODPD
DODQQD QDNOHGLOHFHNWLU$\UFDd(' 2OXPOX .DUDUQQ DOQPDV LOHELUOLNWH
3URMHVDKDVQD\DNQYHKDIUL\DWLoLQX\JXQE|OJHOHUDUDWUODFDNWU
+DULWD*(6$ODQQQ8ODP$QGDNL<HUL
15
8ODP
+DULWD8ODPGXUXPX
*(6SURMHDODQQDXODP6LQRS6DPVXQGHYOHWNDUD\ROXLOHONHXODPDQD
EDODQPDNWDGU6LQRS6DPVXQGHYOHWNDUD\ROXQGDQD\UODQN|\\ROXLOHDODQD
XODODELOPHNWHGLU
,*(63URMHVLQLQ7HNQLNg]HOOLNOHUL
*(6 7HUPLN 6DQWUDO 3URMHVL d(' 5DSRUXQGD YHULOHQ ELOJLOHUH J|UH
0:ON [ 0: NXUXOX JFQGH YH \OON QHW HOHNWULN UHWLPL
\DNODNRODUDN*:KRODFDNHNLOGH7HUPLN6DQWUDO.O'HSRODPDYH
VNHOHJHUoHNOHWLULOPHVLSODQODQPWU
3URMHQLQgPU
3URMHQLQLQDDWDDPDVD\3URMHVDKDVQQWHVYL\HVLLOHELUOLNWHLOHWPH\H
DOPDN LoLQ WRSODP VUH D\ LOHWPH |PU LVH \DNODN \O RODUDN
SODQODQPDNWDGU
3URMHQLQKL]PHWDODQ
d('5DSRUXQGD6DQWUDOLQoDOPDG|QHPLQGHLOHWPH\HJLUHFHLNDEXOHGLOHQ
NDSDVLWHOHU GLNNDWH DOQGQGD YH EHNOHQHQ WDOHELQ \NVHN RUDQGD JHUoHNOHPHVL
GXUXPXQGD JYHQLOLU UHWLP NDSDVLWHVLQH J|UH \OQGD HOHNWULN HQHUMLVL Do
EHNOHQGLLQGHQYHUHWLPWHVLVLQLQLQDDWVUHOHULWHVLVLQWLSLQHJ|UH\ODUDVQGD
11KWWSZZZNJPJRYWU6D\IDODU.*06LWH7U%ROJHOHU%ROJH%ROJHDVS[
16
RODELOHFHL EX GXUXPGD LYHGLOLNOH \HQL LODYH NDSDVLWHQLQ \OQGDQ LWLEDUHQ
GHYUHGHRODELOHFHNHNLOGHVLVWHPHGDKLOHGLOPHVLLoLQEXJQGHQ|QOHPOHULQDOQPDV
JHUHNWLL7($(OHNWULN(QHUMLVL<OONhUHWLP.DSDVLWH3URMHNVL\RQX
LIDGHHGLOPHNWHGLU
3ODQODQDQ WHUPLN VDQWUDO LoHULVLQGH \DSODFDN IDDOL\HW QLWHOHUL DDGD
YHULOPLWLU12
/LPDQPHQGLUHNYH\DQDPD\DSV
'ROJX6DKDV
.|PUYHNOQDNLOVLVWHPOHUL
.|PUGHSRVX
6RXWPDVX\XVLVWHPL
(OHNWURNORUODPDQLWHVL
'HVDOLQL]DV\RQQLWHVL
'HPLQHUDOL]DV\RQQLWHVL
3XOYDUL]HN|PUND]DQ
%XKDUWUELQL
<RXWXUXFX
%DFDJD]GHVXOILUL]DV\RQ%*'QLWHVL
%DFDJD]D]RWRNVLWJLGHUPH'H12[QLWHVL
(OHNWURVWDWLNILOWUH
$UWPDWHVLVOHUL
7UDIRPHUNH]LYHGLHUHOHNWULNVLVWHPOHUL
<DUGPFVLVWHPOHU
*(6HDLW|]HOOLNOHUDDGD|]HWRODUDNYHULOPLWLU
*(6WHNXOODQOPDVSODQODQDQ\DNPDWHNQRORMLVLQLQ$YUXSD%LUOLLPHY]XDW
X\DUQFD(Q\L0HYFXW7HNQLNOHUDUDVQGDGHHUOHQGLULOHQWHPL]ELUN|PU
WHNQRORMLVLRODQ%DFD*D]$UWPDO3XOYDUL]H.|PU3.%*$WHNQRORMLVL
ROGXXEHOLUWLOPHNWHGLU
12 'RND\d(' dHYUH 0KHQGLVOLL /WGWL 0Z *HU]H (QHUML 6DQWUDO dHYUHVHO (WNL
'HHUOHQGLUPH5DSRUX$QNDUD
13d('5DSRUX
17
d('5DSRUXQGDYHULOHQELOJLOHUHJ|UH
*(6WH.XOODQODFDN7HNQRORML%DFD*D]$UWPDO3XOYDUL]H.|PU
3. %*$ WHNQRORMLVL GDKD \NVHN YHULPOH oDODFDN N|PU
|WOHUHNWR]KDOHJHWLULOGLNWHQVRQUDNXOODQODFDNROXS VDDWWH WRQ
N|PU\DNODFDNWU3.%*$\DNPDWHNQRORMLVLVSHUNULWLNELUVXEXKDU
oHYULPLYHVDQWUDOLLOHDNXSOHHGLOHFHNWLU*(6WUVSHUNULWLNVDQWUDOOHU
NRQYDQVL\RQHO VDQWUDOOHUH N\DVOD GDKD \NVHN YHULPOH oDOPDNWD
YH EX QHGHQOH D\Q PLNWDUGDNL HOHNWULN UHWLPLQL GDKD D] N|PU
\DNDUDN YH GROD\V\OD EDFD JD] HPLV\RQODU LOH NO PLNWDUQ GD
D]DOWDUDNJHUoHNOHWLUPHNWHGLUOHU
<DSOPDV SODQODQDQ HQHUML VDQWUDOLQGH \DNW RODUDN NXOODQODFDN N|PU
|WOHUHNWR]KDOLQHJHWLULOGLNWHQVRQUDND]DQLoLQGH\DUGPF\DNW
GHQ GN NNUW RUDQO IXHORLO 1R \DUGP LOH WXWXWXUXODFDN YH
GDKDVRQUDND]DQLoLQGHROXDQDWHWRSXQXQ]HULQHVDGHFHN|PUWR]X
YHULOPHN VXUHWL\OH VUHNOL \DQPD VDODQDFDNWU <DQPD VRQXFX RUWD\D
oNDQVND]DQGXYDUQGDEXOXQDQYHLoLQGHVXGRODDQERUXODUDLOHWLOHUHN
EXKDU HOGH HGLOHFHN EX EXKDU EDVQo YH VFDNON GHHUOHUL EHOLUOL ELU
GHHUHXODWNWDQVRQUDEXKDUWUELQLQHJ|QGHULOHUHNPHNDQLNHQHUMLHOGH
HGLOHFHNWLU(OGHHGLOHQPHNDQLNHQHUMLWUELQOHULQG|QPHVLQLVDOD\DFDN
YH EXKDU WUELQLQLQ PLOLQH EDO MHQHUDW|UH D\Q K]OD G|QGUOHUHN
HOHNWULNHQHUMLVLHOGHHGLOHFHNWLU
.XOODQODFDN.|PUd('5DSRUXQGD6DQWUDOGHNXOODQODFDNN|PUQ
|]HOOLNOHULQLQYHULOGLLWDEORGDNLYHULOHU&HUUHMRQN|PUUHIHUDQVDOQDUDN
NXOODQOPWU *(6WH \DNW RODUDN EDWD 5XV\D * $IULND YH .RORPEL\D
ROPDN]HUHGQ\DQQIDUNOE|OJHYHONHOHULQGHQJHWLULOHFHNRODQ\NVHN
NDOLWHOL LWKDO WDN|PU NXOODQODFDNWU 0HYFXW WDVDUP YHULOHULQH J|UH
*(6WHVDDWWHWRQN|PU\DNODFDNWU
WKDOWDN|PUGHQL]\ROXLOH*(6HJHWLULOHFHNWLU%XDPDoODNDSDVLWHOHUL
LOD':WDUDVQGDRODQNXUX\NJHPLOHULNXOODQODFDNROXS
3URMH6DKDVQD\OONRUWDODPDWRQN|PUVHYNL\DW\DSODFDNWU
.|PU*(63URMHVLNDSVDPQGDN\GDQNPDoDNDGDULQDHGLOHFHN
RODQ /LPDQ WHVLVOHULQH \DQDDFDN JHPLOHUGHQ NDSDO NRQYH\|U VLVWHPL LOH
DOQDFDNYHN\\DELWLLNELU'ROJX$ODQ]HULQGHWHVLVHGLOHFHNRODQ.|PU
'HSRODPD$ODQQD\LQHNDSDOEDQWNRQYH\|UVLVWHPLLOHQDNOHGLOHFHNWLU
OJLOL PHY]XDW X\DUQFD *(6WH NXOODQODFDN RODQ WDN|PUQQ DOW VO
GHHULDVJDULNFDONJXoXFXPDGGHPLNWDUNXUXED]GDHQoRN
YHWRSODPNNUWRUDQNXUXED]GDLVHHQoRNRODFDNWU
18
.O 'HSRODPD 6DKDV *(6WH WRQVDDW XoXFX NO YH WRQ
VDDW WDEDQ NO ROXDFDNWU %X NOOHULQ oLPHQWR UHWLPLQGH UDKDWONOD
NXOODQODELOHFHNHYVDIWDRODFD|QJ|UOPHNWHROXSEX\DQUQOHUNDUDYH
YH\DGHQL]\ROXLOHSL\DVD\DDU]HGLOHFHNWLU
.OOHU LOH DOoWDQQ KHUKDQJL ELU QHGHQOH SL\DVD\D DU] HGLOHPH\HFHN
NVPODU 3URMH 6DKDV LoHULVLQGH WHNQLLQH YH LOJLOL PHY]XDWD X\JXQ ELU
ELoLPGHROXWXUXODFDNYHJHoLULPVL]OLLVDODQDFDNRODQELU.O'HSRODPD
$ODQQGDGHSRODQDFDNWU
.O'HSRODPD$ODQQQWRSODPQHWGHSRODPDNDSDVLWHVLP3
RODFDNWU
*(6WH ROXDFDN RODQ EWQ NOOHU LOH DOoWDQQ SL\DVD\D KLo DU]
HGLOHPH\HUHNWP\OHGHSRODQPDVKDOLQGHEXKDFLP\OONELUKL]PHW
VUHVL VDOD\DFDNWU 8oXFX NOQ LQLQ VDWODELOPHVL KDOLQGH GLHU
WPPDO]HPHOHUWDEDQNODOoWDYHDUWPDoDPXUODULOHXoXFXNOQ
EDNL\HVLQLQ .O 'HSRODPD $ODQQGD EHUWDUDI HGLOPHVL JHUHNHFHNWLU %X
GXUXPGD.O'HSRODPD$ODQQQKL]PHW|PU\ORODFDNWU
%XQD LODYHWHQ DOoWDQQ LQLQ GH SL\DVD\D DU] HGLOPHVL GXUXPXQGD
.O'HSRODPD$ODQQQKL]PHW|PU\DNODN\ORODFDNWU
.LUHoWD YH 'ROJX 0DO]HPHVL 7HPLQL 6LQRS%R\DEDW LOoHVLQGH SURMH
VDKLELQLQDUDPDUXKVDWEXOXQDQE|OJHOHULNDSVD\DQPHYFXWYHSRWDQVL\HO
VDKDODUGDQWHPLQHGLOHFHNWLU
%DFD*(6WHELUDGHWEDFDWHVLVHGLOHFHNROXSEDFDP\NVHNOLLQGH
RODFDNWU
*(6LQ HQ |QHPOL QLWHOHULQGHQ ELULVL RODQ %DFD *D] 'HVOIUL]DV\RQ
%*' WHVLVLQGH \DQPD JD]ODUQGDNL NNUW GLRNVLW 62 NLUHoWD
o|]HOWLVLLOHWXWXODUDNEDFDJD]QGDQX]DNODWUODFDNWU*(6WHNXOODQODFDN
\DNWQYHNLUHoWDQQ|]HOOLNOHULJ|]|QQGHEXOXQGXUXOGXXQGDLVWHQHQ
62 HPLV\RQ GHHUOHULQH XODDELOPHN LoLQ %*'GH QLWH EDQD WDNULEL
WRQVDDW NLUHoWD &D&2 NXOODQODFDN YH WRQVDDW PHUWHEHVLQGH
DOoWD&D62+2UHWLOHFHNWLU%LOHLPLQGHLNLPROHNONULVWDOVX\X
EXOXQDQDOoWD\DGDMLSVJ\SVXPVXVX]ODWUOGNWDQVRQUDWSNNOOHU
JLELLQDDWVHNW|UQGHGHHUOHQGLULOHELOHQELU\DQUQROXSSL\DVD\DDU]
HGLOHFHNWLU
6RXWPD 6X\X YH 'HDUM 6DQWUDOLQ LOHWPH G|QHPLQGH VRXWPD VX\X
LKWL\DF GHQL]GHQ NDUODQDFDNWU %X DPDoOD VX DOPD YH GHDUM \DSODU
ROXWXUXODFDN VRXWPDGD NXOODQODQ GHQL] VX\X KHUKDQJL ELU LOHPH WDEL
WXWXOPDGDQYHGROD\V\ODKHUKDQJLELUNLUOLOLHQHGHQROPDNV]QLOJLOLWP
VQUGHHUOHULVDOD\DFDNHNLOGHWHNUDUGHQL]HYHULOHFHNWLU
19
*(6WHNXOODQODFDNVRXWPDVX\XQXQGHQL]GHQDOQPDVYHWHNJHoLOLELU
NXOODQP WDNLEHQ WHNUDU GHQL]H JHUL YHULOPHVL SODQODQPDNWDGU 6RXWPD
VX\XQXQ GHQL]GHQ DOP LoLQ oDSODU P RODQ o DGHW SDUDOHO ERUX KDWW
VLVWHPLQLQ NXOODQOPDV SODQODQPDNWDGU 8]XQOXNODU P
P YH P RODQ EX ERUXODU YDVWDV\OD GHQL]GHQ PVDDW VX
oHNLOHFHNWLU 6RXWPD VX\X GHDUM VLVWHPLQGH GH o DGHW P oDSQGD
ERUXKDWW\HUDODFDNWU'HDUMERUXODUQQX]XQOXNODUPP
YHPGLU
hUHWLOHFHN(OHNWULN7HVLVWHUHWLOHFHNHQHUMLQLQXOXVDOHEHNH\HEDODQPDV
LOH LOJLOL 7UNL\H (OHNWULN OHWLP $QRQLP LUNHWL 7($GHQ EDODQW
J|U DOQPWU %X J|UH J|UH YROWOXN KDWODU LOH ELU WDUDIWDQ
\DSP GHYDP HGHQ %R\DEDW 6DQWUDOL DOW 7HVLVOHULQH GLHU WDUDIWDQ GD
SODQODQP (UIHOHN 6DQWUDOL DOW 7HVLVOHULQH EDODQOPDV DOWHUQDWLIL LOH
ELUOLNWHIDUNODOWHUQDWLIOHUVXQXOPXWXU
3URMH 6DKDVQGD 2OXDFDN +DIUL\DW d(' 5DSRUXQGD NO GHSRODPD
VDKDVQGDQ\DNODNPLO\RQPVDQWUDOVDKDVQGDQLVH\DNODNPLO\RQ
P3ROPDN]HUH3URMH6DKDVQGDQWRSODPPLO\RQP3KDIUL\DWPDO]HPHVL
oNPDV |QJ|UOPHNWHGLU +DIUL\DW KDFPL NRQXVXQGD NHVLQ PLNWDU LQDDW
|QFHVLQGH\DSODFDNGHWD\O]HPLQoDOPDODULOHNHVLQOHHFHNWLU
<DSODQLONLQFHOHPHYHWDVDUPODUDJ|UHKDIUL\DWQ\DNODNP3ON
PLNWDU 'ROJX 6DKDVQQ GHQL] LOH WHPDV HWPH\HQ VW NVPQGD
NXOODQODFDNWUQDDWIDDOL\HWOHULQGHGROJXPDO]HPHVLRODUDNNXOODQOPD\DQ
ND]ID]ODVPDO]HPHLVH'LNPHQ%HOHGL\HVLWDUDIQGDQJ|VWHULOHQGHSRODPD
DODQQDQDNOHGLOHFHNWLU$\UFDd('2OXPOX.DUDUQQDOQPDVLOHELUOLNWH
3URMH6DKDVQD\DNQYHKDIUL\DWLoLQX\JXQE|OJHOHUDUDWUODFDNWU
'LNPHQ %HOHGL\HVL PLO\RQ PON KDIUL\DWQ G|NP LoLQ ELU VDKD
EHOLUOHPLWLU
+DIUL\DWQ WDQPDVQD LOLNLQ .DUD\ROODU %|OJH 0GUO WHUPLN
VDQWUDOLQ NXUXOPDV LoLQ oNDQ KDIUL\DWQ *HU]H<DNDNHQW VDKLO \ROXQGDQ
YH GROJX PDO]HPHVLQLQ %R\DEDW6LQRS DUDVQGDNL WQHOOL \HQL \ROGDQ
WDQPDPDVJHUHNWLLNRQXVXLUNHWHLOHWLOPL
3URMHNDSVDPQGDWHVLVHGLOHFHNVDQWUDOGHQND\QDNODQDFDNDWNODUoJUXED
D\UOPDNWDGU%XQODUEDFDJD]HPLV\RQODUVYDWNODUHQGVWUL\HODWNVX
YHHYVHODWNVXYHNDWDWNODUGU.
14d('5DSRUX
20
d(' 5DSRUXQGD 7HVLVLQ EDFD JD] HPLV\RQX D]RW RNVLW JLGHULPL NNUW
GLRNVLWJLGHULPLYHSDUWLNOPDGGHJLGHULPLDPDF\ODLQDHGLOLSoDOWUODFDN
QLWHOHUGHQJHoHUHNXOXVDOYHXOXVODUDUDVVWDQGDUWGHHUOHULVDOD\DFDNHNLOGH
DUWOGNWDQVRQUDEDFDODUGDQKDYD\DVDOQDFD.DWDWNODUNDSVDPQGDROXDQ
NDUDYHGHQL]\ROX\ODSL\DVD\DVDWODPD\DQNOGHQDUWDQPLNWDUROXULVHLOJLOL
\|QHWPHOLNOHU X\DUQFD LQD HGLOHFHN YH WDEDQ JHoLULPVL]OLL VDODQP RODQ
NDWDWNGHSRODPDDODQQGDGHSRODQDFD3URMHNDSVDPQGDNXOODQODFDNRODQ
NDWDWNGHSRODPDDODQQGD\DOQ]FDXoXFXNOFUXIYHDOoWDJLELWHKOLNHVL]
PDGGHOHULQGHSRODQDFDEHOLUWLOPHNWHGLU
.DWDWNGHSRODPDDODQQQNDSDVLWHVLPLO\RQP3WU.DWDWNGHSRODPD
DODQQQ NDSDVLWHVL WHVLVWHQ oNDFDN RODQ \O D\ON WHKOLNHVL] DWNODUQ
KDFPLQHWHNDEOHWPHNWHGLU6DQWUDOGDQoNDFDNWHKOLNHOLDWNODUQWDPDPLOJLOL
\|QHWPHOLNOHUX\DUQFD]D\GDJLELNDWDWNEHUWDUDIWHVLVOHULQHJ|QGHULOHFHN
YH3URMH6DKDVQGDGHSRODQPD\DFDNWU
3URMH6DKDVQGDPH\GDQDJHOHFHNKHUWUODWNPDGGHQLQDUWPYHEHUWDUDI
LoLQ LOJLOL \|QHWPHOLN KNPOHULQH X\XODFDN YH JHUHNHQ L]LQOHU oDOPDODU
EDODPDGDQ |QFH DOQDFDNWU 6DQWUDOLQ RSHUDV\RQX VUHVLQFH VRXWPD
VX\X LKWL\DF GHQL]GHQ NDUODQDFDNWU 'HQL]GH VX DOPD YH GHDUM \DSODU
ROXWXUXODFDNVRXWPDGDNXOODQODQVXKHUKDQJLELULOHPHWDELWXWXOPDNV]Q
LOJLOLJHUHNOLVQUGHHUOHUVDODQGNWDQVRQUDWHNUDUGHQL]HGHDUMHGLOHFHNWLU
,,'2$/<$3,
,,NOLP9HULOHUL
%LU\HULQLNOLPNDUDNWHULQLQELOLQPHVLR\|UHGH\DSODFDNKHUWUOIDDOL\HWLoLQ
IDDOL\HWDoVQGDQROGXXNDGDUE|OJHQLQIDDOL\HWWHQHWNLOHQPHVLDoVQGDQGD
VRQGHUHFH|QHPOLGLU3URMH6DKDVYHoHYUHVLQGHND\GHGLOHQ\DODUQGDOP
WUYHPLNWDUKHUH\GHQ|QFHNLUOHWLFLOHULQQHPOHQHUHNoHYUH\H\Do|NHOPH
PLNWDUODUQ HWNLOHPHVL QHGHQL\OH |QHP WDPDNWDGU 'LHU ELU LIDGH\OH
WHUPLNVDQWUDOLQ\HUVHoLPLQLQX\JXQOXXNDGDUWHUPLNVDQWUDOLQE|OJH\HRODV
HWNLOHULQLQ EHOLUOHQPHVLQGH \D GD VDON DoVQGDQ VRUXQVX] \DDPD\D X\JXQ
ROXSROPDGQDLOLNLQLOHPOHULoLQR\|UH\HDLWLNOLPNDUDNWHULQLQELOLQPHVL
JHUHNLU
'HYOHW0HWHRURORML*HQHO0GUOQQNOLP6QIODQGUPDVoDOPDVQD
J|UH 6LQRS $\GHQL] NOLP 6QIODQGUPDVQD J|UH 1HPOL (ULQo NOLP
6QIODQGUPDVQDJ|UH<DU1HPOL'H0DUWRQQHNOLP6QIODQGUPDVQD
J|UH 6WHS1HPOL DUDV 7UHZDUWKD NOLP 6QIODQGUPDV (YUHQVHO
VFDNON |OoHLQH J|UH .ODU VHULQ \D]ODU ON LNOLP NDUDNWHULQGH
'HYOHW0HWHRURORMLOHUL*Q0G6LQRS0HWHRURORMLVWDV\RQX
KWWSZZZPJPJRYWU),/(6LNOLPLNOLPBVLQLDQGLUPDODULSGI
21
+DULWD$NGHQL]0HWRGXOH7UNL\HNOLP6QIODQGUPDV
KWWSZZZPJPJRYWU),/(6LNOLPLNOLPBVLQLDQGLUPDODULSGI
22
23
2.2
15.5
2UWDODPD(Q<NVHN6FDNON&
2UWDODPD(Q'N6FDNON&
2UWDODPD*QHOHQPH6UHVLVDDW
2UWDODPD<DO*Q6D\V
1LVDQ
0D\V
+D]LUDQ
50.3
3.0
13.3
5.1
10.5
5.2
33.5
10.3
12.3
15.0
23.0
32.0
33.2
*QON(Q+]O5]JDU
18$JHKWWSZZZPJPJRYWUYHULGHJHUOHQGLUPHLOYHLOFHOHULVWDWLVWLNDVS["P 6,123VI%
NJP2
(Q'N6FDNON&
(Q<NVHN6FDNON&
*QON7RSODP
(Q<NVHN<D
0LNWDU
0DUW
7HPPX]
$XVWRV
5.5
20.3
23.1
NPVD
13.5
23.0
(\OO
(Q<NVHN.DU
33.2
8]XQ<OODUoLQGH*HUoHNOHHQ(Q<NVHNYH(Q'N'HHUOHU
$\ON7RSODP<D0LNWDU
2UWDODPDVNJP
XEDW
8]XQ<OODUoLQGH*HUoHNOHHQ2UWDODPD'HHUOHU
2FDN
2UWDODPD6FDNON&
6,123
7DEOR6LQRSOL2UWDODPDNOLP9HULOHUL
13.1
3.3
15.5
12.5
.DVP
12.2
5.0
(NLP
FP
2.2
12.1
$UDON
5 \OON GHHU RUWDODPDVQ J|VWHUHQ WDEOR LQFHOHQGLLQGH E|OJHQLQ WP \O
ER\XQFD\DDOGJ|UOPHNWHGLU
(Q\NVHN\DRUWDODPDPPLOHDUDOND\QGDHQGN\DRUWDODPD
PP GHHUL LOH PD\V D\QGD JHUoHNOHPHNWHGLU <OQ KHPHQ KHPHQ
\DUVQQ \DO JHoWLL 6LQRSWD \OON RUWDODPD EDO QHP RUDQ GD
GHHUL\OHROGXNoD\NVHNWLU(QVFDND\DXVWRVHQVRXND\LVHXEDWWU
O JHQHOLQH EDNOGQGD 6LQRSXQ NX]H\ NHVLPOHULQGH 0HUNH] 7UNHOL
$\DQFN(UIHOHN*HU]HYH'LNPHQLOoHOHULQGH.DUDGHQL]LNOLPWLSLHJHPHQGLU
<D]QELUNDoJQGQGDEWQ\OQHPOLYH\DOJHoHU<DID]ODVVRQEDKDU
YHNPHYVLPLQGHJ|UOU.X]H\NHVLPOHUL\OER\XQFDHVHQVUHNOLU]JkUODUD
PDUX] NDOPDNWDGU *QH\ NHVLPOHULQGH %R\DEDW 'XUDDQ YH 6DUD\G]
LOoHOHULQGHLVHN\\DNRXWRODUDNX]DQDQGDODUQHGHQL\OH.DUDGHQL]LNOLPLQLQ
HWNLVL JLGHUHN D]DOPDNWDGU %X E|OJHGH \DODU D]DOU VFDNON GHU ER]NU
LNOLPLQLQHWNLOHULJ|UOPH\HEDODU.
5]JkU'XUXPX
dHYUHVHO HWNLOHULQ RUWD\D oNPDVQGD |QHPOL LNOLP ELOHHQOHULQGHQ ELULVL
GH U]JkUGU %|OJHGH U]JDU \D NDGDU JoO ELU LNOLP ELOHHQL RODUDN
J|UOPHNWHGLU
OJHQHOLU]JkUGXUXPXGHHUOHQGLULOGLLQGHN\NHVLPOHULQGHKkNLPU]JkU
\|Q NX]H\EDW ROXS .DUD\HO X]XQ \O RUWDODPD U]JDU K] PVQGLU o
NHVLPOHUGHKDNLPU]JDU\QEDWROXSU]JDUN\NHVLPOHULQHJ|UHGDKDKDILI
RODUDNRUWDODPDPVQLOHPVQDUDVQGDHVHU1LVSLQHP\|QQGHQVDKLO
NHVLPOHUQHPRUWDODPDVQQ]HULQGHLoNHVLPOHULVHQHPRUDQQ
DOWQGDGU20.
6LQRSWD KkNLP U]JkU \|Q RGLU 6DGHFH +D]LUDQ YH $XVWRV D\ODUQGD
30007HPPX]D\QGDRGLU6LQRSXQGRXVX%R]WHSH\DUPDGDQQ\NVHN
G]ONOHULLOHVQUOGU%DWVLVH.UH'DODUQQHWHNOHULLOHoHYUHOHQPHNWHGLU
5HOLHILQ EX GXUXPX U]JkUQ NX]H\EDWNX]H\ :1: JQH\JQH\GRX
66(GRUXOWXOXUHOLHIJHoLGLQHNDQDOL]HROPDVQDQHGHQROPDNWDGU'LHUELU
GH\LOH6LQRSWRPERORVXU]JkUQNDQDOL]HROPDVQGDHWNLOLGLU+kNLPU]JkU
VHNW|UQQROXXPXQGDHWNLOLEXOXQDQELUGLHUHWPHQVLUNOkV\RQDUWODUGU
<D]D\ODUQGD6LQRS$]RU\NVHNEDVQFQGDQGRDQNX]H\YHNX]H\EDWOKDYD
NWOHOHULQLQHWNLVLDOWQGDNDOPDNWDGU.D\ODUQGDGDD\QKDYDNWOHOHULQLQ
HWNLVL ROPDNOD ELUOLNWH ED] D\ODUGD 6LELU\D 7HUPLN \NVHN EDVQFQGDQ
ND\QDNODQDQ KDYD <DODUQ \DQQGD U]JkUODU GD JoO NWOHOHULQLQ
KWWSZZZVLQRSJRYWUGHIDXOWBEDVS["FRQWHQW
KWWSZZZVLQRSJRYWUGHIDXOWBEDVS["FRQWHQW
24
.DUDGHQL]H LQPH HLOLPLQGH ROXX QHGHQL\OH JQH\ YH JQH\ GRXOX KDYD
DNPODU HWNLOL ROPDNWDGU 6RQXo RODUDN UHOLHI YH VLUNOkV\RQ DUWODU KkNLP
U]JkU\|QQEHOLUOHPHNWHGLU21.
(Q\NVHNU]JkUK]ODUHQGNDVOPDRODVOQDVDKLSVUDV\OD.%%.%
..%YH*'\|QOHULQGHQROXPDNWDGU
%X YHULOHUH J|UH KkNLP U]JkUODU SURMH DODQQGDQ *(6WHQ *HU]H\H GRUX
HVPHNWHGLU
HNLO(VPH6D\ODUQD*|UH<OON5]JDU*O
,,-HRORMLN<DS
2UWD.DUDGHQL]6LQRS6DPVXQKDY]DVQGDLON]DPDQODUSHWUROROPDN]HUH
oHLWOL DUDWUPDODU \DSOPWU 2UWD .DUDGHQL] 6DPVXQ6LQRS KDY]DVQGD
/L\DV.XYDWHUQHU]DPDQDUDOQGDo|NHOPLYHNDOQORQELQPHWUH\LDDQ
ELUWRUWXOLVWLI\]H\OHQLU+DY]DQQWHPHOLQLJQH\GH%R\DEDW7DN|SUPDVLIL
LOHEDWGDNL$EDQDPHWDPRUILWOHULROXWXUXU0HWDPRUILWOHUGNGHUHFHOL\HLO
LVWIDVL\HVLQGHJHOLPLROXSEDOFDHSLGRWNORULWVHULVLWLVWOHUGLU
21 A.g.e.
22*HGLN$(UFDQ7.RUNPD]62UWD.DUDGHQL]6DPVXQ6LQRS+DY]DVQQ-HRORMLVL
YH9RONDQLN.D\DoODUQ3HWURORMLVL07$'HUJLVL6D\V
25
,,6WUDWLJUDIL
$NJ|OIRUPDV\RQX-D0HWDPRUILWWHPHO]HULQHX\XPVX]RODUDNJHOLU/L\DV
\DO $NJ|O IRUPDV\RQX JUL VL\DK UHQNOL NXPWD YH NXYDUVLW DUDNDWPDQODU
LoHUHQKDILIPHWDPRUIL]HPDUQYHH\OOHUGHQROXPXWXU
%UQNIRUPDV\RQX-E.UP]UHQNOLSROLMHQLNKHWHURMHQoDNOWDODUQGDQ
ROXPXWXU'RJJHU\DOROXS\HU\HUNXPWDG]H\OHULLoHULUdDNOODUNXYDUV
NXYDUVLW JUDQLW GL\RULW YRONDQLW YH PHWDPRUILW N|NHQOL ROXS D\UFD DOWWDNL
$NJ|OIRUPDV\RQXQGDQSDUoDODULoHULU
$NND\DNLUHoWD-DN*ULEHMUHQNOLPDVLIYHNDOQNDWPDQODQPDJ|VWHUHQ
EROIRVLOOL\HU\HUUHVLIDO|]HOOLNWHNLNDUERQDWODUGDQROXPXWXU'RJJHU0DOP
\DQGDGU
dDOD\DQIRUPDV\RQX.o)RUPDV\RQNXPWDNXPOXNLUHoWDDUDNDWPDQODU
LoHUHQJULVL\DKUHQNOLH\OYHPDUQODUGDQROXPXWXUH\ORUDQ\HU\HUH
XODUoHULVLQGHNDOQOPHWUH\HXODDQNXPWDG]H\OHULEXOXQXU$\UFD
WDEDQQGD NDOQO PHWUH\L EXODQ LUL WDQHOL oDNOO NXPWDODU JHOLPLWLU
)RUPDV\RQXQDOWYHVWVQUODUX\XPVX]GXU<D$OW.UHWDVHGLU
.DSDQERD] IRUPDV\RQX .N .UP] UHQNOL o|UWO NLOOL YH PLNULWLN
NLUHoWDODUQGDQROXXU.DOQOPHWUHDUDVQGDGHLLU$UD]LGHWLSLN
NUP]UHQJLLOHNROD\FDWDQQU6DQWRQL\HQ.DPSDQL\HQ\DQGDGU
<HPLOLoD\ IRUPDV\RQX .\o0DHVWULKWL\HQ \DO <HPLOLoD\ IRUPDV\RQX
NXPWDPDUQDUGDODQPDODULoHUHQWIYHWILWDUGDODQPDVQGDQROXPXWXU
7IOHU RUWD YH NDOQ oRN NDOQ NDWPDQO ROXS EDOFD YLWULN WI NULVWDO WI
YH OLWLN ROPDN ]HUH oH D\UOUODU 'HULQ GHQL]HO RUWDP VLPJHOH\HQ ELULPL
YRONDQRWRUWXOVHUL\DGDYRONDQLNILOLRODUDNWDQPODQDELOPHNWHGLU
+DPVDURV IRUPDV\RQX .KQFHEXUXQ \DUPDGDVQGD +DPVDURVWD 6LQRS
\DUPDGDV LOH .XUWNX\XVX PDKDOOHVLQGHQ 7DYDQ DGDVQD NDGDU VDKLOGH GDU
ELU DODQGD \]H\OHU %DOFD ED]DOWLN ODY DNQWODU ED]DOWLNGD\NODU YH \LQH
ED]DOWLNDJORPHUDLOH\HU\HUWIOHUGHQROXPDNWDGU<DhVW.UHWDVHGLU
&DQNXUWDUDQ IRUPDV\RQX .FN &DQNXUWDUDQ IRUPDV\RQX 0DHVWULKWL\HQ
\DOROXSHOILOHULVLELURUWDPGDo|NHOPLWLU%LULPWUELGLWLNNXPWDPDUQ
oDPXUWD YH PLOWD NLUHoWD YH NXPOX NLUHoWDODUQGDQ ROXPXWXU $OW YH
VWVQUODUJHoLOLYHX\XPOXGXU
$NYHUHQ IRUPDV\RQX .SD %H\D] UHQNOL NLUHoWD NXPOX NLUHoWD YH
PDUQ DUGDODQPDVQGDQ ROXDQ NDOVLWUELGLW ELU LVWLIWLU $NYHUHQIRUPDV\RQX
DOWQGDNL&DQNXUWDUDQYH]HULQHJHOHQ$WEDIRUPDV\RQXLOHWHGULFvJHoLOLYH
X\XPOXGXUhVW.UHWDVH3DOHRVHQ\DQGDGU
26
27
28
+DULWD7UNL\H-HRORML+DULWDV
29
6LQRSYHLOoHOHULQHLOLNLQ\DSODQOLWHUDWUDUDWUPDVQGDGNNRWODUGDYH
YHG]ONOHUGHLQFHoDNOONXPOXNLOOHUGHQROXDQDOY\DOELULPOHULQ\DQQGD
SURMHVDKDVQGDWHPHOELULP<HQLNRQDNIRUPDV\RQXQXQ.XVXUL\HVLGLU0DUQ
YH H\OOHUGHQ ROXDQ D\UP GDQN KDOGH EXOXQDQ NLO GROJXOX NLOWD
VLOWWD ELULPOHULQGHQ ROXDQ EX ELULP WHPHO ]HPLQL RODUDN NLOWD YH VLOWWD
ELULPOHULQGHQROXPDNWDGU
'HSUHP'XUXPX'HUHFHGHSUHPE|OJHVLQGHGLU
+DULWD6LQRSOL'HSUHP'XUXPX
,,+LGURMHRORMLN<DS
6LQRSLOLQGH\HUDOWVXVHYL\HVLLOHPGHULQOLNWHGLU6LQRSLOLQGHNL\HUDOWYH
\HUVWVXND\QDNODUQQWRSODPSRWDQVL\HOLKP\OROXSEXQXQKP
\O\HUDOWVXODUGU25.
6LQRSOLQGHNLLULOLXIDNODNDUVXODUQGDQED]ODU.DUDGHQL]HED]ODUGDJQH\
VQUQGDQ JHoHQ .]OUPDN QHKULQH EDOGU .DUDGHQL]H G|NOHQ oD\ODU
EDWGDQ GRX\D GRUX dDWDO]H\WLQ YH $\DQFN dD\ODU ELUoRN NROODU RODUDN
GHQL]H G|NOHQ .UNJHoLW YH 6DUPVDN oD\ODU (UIHOHN YH &HOHYLW dD\ODU
|QHPOLDNDUVXODUGUdDNUROXdD\'UDQD]GDODUQGDQGRDU*HU]H6LQRS
DUDVQGDdDNUROX\|UHVLQGHGHQL]HG|NOU'HQL]HG|NOG\HUGHELUGHOWD
ROXWXUXU %XQXQ GQGD 7HSHoD\ $\DUGLQ 'HUHVL .DUDVX dD\ dDNUROX
dD\YH*]HOFHoD\GLHU|QHPOLDNDUVXODUGU
KWWSZZZFVEJRYWUWXUNFHGRV\DFHGLFGUVLQRSBLFGUSGI
30
*(6 6DKD oHYUHVLQGHNL DNDUVXODU 3URMH 6DKDVQD HQ \DNQ \]H\VHO VX
ND\QDNODUPPHVDIHGHNL.DEDOdD\PPHVDIHGHEXOXQDQdRUROX
dD\ P PHVDIHGH EXOXQDQ YH 3URMH 6DKDVQQ JQH\LQGHQ GHQL]H
G|NOHQ6DUPVDNdD\LOHPPHVDIHGHEXOXQDQ$OWQROX'HUHVLGLU
.UNJHoLW oD\ 6RUNXQ oD\ YH .DEDO dD\QQ ELUOHHUHN .DEDO dD\ DG
DOWQGDGHQL]HG|NOGGHOWDD]QQNHQDUQGDGU
'6*HQHO0GUOQQWDULKOLJ|U\D]VQGDEHOLUWLOGLL]HUH
(QHUMLVDQWUDOLQLQNXUXODFD\HULQEDWVQGDNL.DEDODoD\YDGLVLP
NDOQOQGDDOY\RQGROJXEXOXQPDNWDGU.XPoDNONDUPQGDQROXDQ
YH\HUDOWVX\XDoVQGDQYHULPOLRODQDOY\RQXQJHoLULPOLOLLoRN\NVHNWLU
.DEDO dD\ DOY\RQX 6LQRS LOLQLQ LoPH YH NXOODQPD VX\X LKWL\DFQQ
|QHPOL ELU NVPQ 6LQRS 2UJDQL]H 6DQD\L %|OJHVLQLQ LoPH YH NXOODQPD
VX\XQXQ GD WDPDPQ VDODPDNWDGU 3URMH 6DKDVQD P PHVDIHGH
EXOXQDQ 6DUPVDN dD\ LoHULVLQGH LVH *HU]H OoHVLQH LoPH VX\X VDOD\DQ
NX\XODUEXOXQPDNWDGU
6DQWUDODODQ6LQRSXQLoPHVX\XNX\XVXQXQEXOXQGXXDODQDP
*HU]HQLQVXNX\XODUQQEXOXQGXXDODQDGDNXXoXXNPPHVDIHGHGLU
'6QLQ J|U \D]VQGD DOY\RQGDNL \HUDOW VX\XQXQ VDQWUDO NXUXOPDV
KDOLQGHNXOODQODQNLP\DVDOPDGGHOHUOHYH\DGLHUDWNODUODNLUOHQPHPHVL
LoLQ\HUDOWVXODUQQNLUOHQPH\HYHER]XOPD\DNDUNRUXQPDVKDNNQGDNL
\|QHWPHOLNKNPOHULQHPXWODNVXUHWWHX\XOPDVJHUHNWLLEHOLUWLOPHNWHGLU
6XNLUOLOLLNRQWURO\|QHWPHOLLQHJ|UH6LQRSDLoPHVX\XVDOD\DQGHSRODUQ
NVDPHVDIHOL*HU]H\HLoPHVX\XVDOD\DQGHSRODUQX]XQPHVDIHOLNRUXPD
DODQLoLQGHGLU$\UFDVXGHSRODUVDQWUDOVDKDVLoLQEHOLUOHQHQNP2HWNL
DODQLoLQGHNDOPDNWDGU
'LNPHQLOoHVLVQUODULoLQGH\HUDODQVDQWUDOVDKDVQGDQLQDDWDDPDVQGD
oNDFDN ND] PDO]HPHVL LoLQ KDIUL\DW G|NP DODQ RODUDN NXOODQOPDV
GQOHQ DODQQ ELU E|OPQQ *]HOFH dD\Q GRDO \DWDQGD GLHU
E|OPQQLVHVROVDKLOLQGHROGXXYHJHoLULPOLRODQDOY\RQGROJX]HULQGH
ROGXX EHOLUWLOPHNWH YH KDIUL\DW GHSR VDKDVQD LOLNLQ RODUDN VDKDQQ \HU
VHoLPLQGHEHOLUOHQPHVLQGH \HWHUOL DUD]L HWGQQ \DSOPDG NDQVQD
YDUOGWDNQDQDOL]UDSRUXQXQKD]UODQPDVJHUHNWLL
*]HOFHoD\LoLQVODKWHGELUOHULQLQJ|]|QQHDOQPDV
EXoDOPDODUGDQVRQUDSURMHVLQLQKD]UODQPDVJHUHNWLLEHOLUWLOPHNWHGLU
31
,,
7RSUDN.DELOL\HWL
*HU]HGHNDKYHUHQJLRUPDQWRSUDNODU\D\JQGU3URMHDODQQQWDUPVDODUD]L
NXOODQPGXUXPXRODUDNKDWDUODKD%DODQKDRUPDQORMLVWLN
KL]PHWVDKDVQQKDDODQDVDKLSROGXXDUD]LNXOODQPELoLPLQLQKD
WDUODVXOXWDUP KDRUPDQ YHKD % DUD]LOHULQGHQROXWXX PHYFXW
SURMHDODQQQONNVPQQ9,,HVONNVPQQLVH,,,HVDUD]L
NXOODQP VQIQGD ROGXX EHOLUWLOPHNWHGLU $QFDN JHQHO GHHUOHQGLUPHGH
SURMHVDKDV$..VQIQGD,,,HVRODUDNHOHDOQPWU01,,,HVRODUDN
WDQPODQPEXQDJ|UH0.DKYHUHQJL2UPDQ7RSUDNODU(LPGHULQOLN
NRPELQDV\RQX (UR]\RQ 'HUHFHVL 2UWD 1 LPGLNL $UD]L .XOODQP
.XUX7DUP$UD]LVLQDGDVV],,,.DELOL\HW6QIQGDHHUR]\RQDPDUX]V
7RSUDN\HWHUVL]OLLWRSUDNVNONXUDNOGNYHULPOLOLNGNVXWXWPD
NDSDVLWHVLRODUDNEHOLUWLOPLWLU
3URMH VDKDVQQ ELWNL VHoLPLQL GDUDOWDQ LGGHWOL VQUOD\FODUD VDKLS |]HO
NRUXPD|QOHPOHULQLQDOQPDVQJHUHNWLUHQRUWDGHUHFHGHPH\LOVXYHU]JDU
HUR]\RQXQDRUWDYH\DX\JXQROPDYH\DLGGHWOLHUR]\RQDXUDPROPDUQH
]DUDU YHUHFHN GHUHFHGH VN VN VHO EDVNQ GUHQDMGDQ VRQUD \DVOQ GHYDP
HWPHVLYH\DVX\XQWRSODQPROGXX\HUOHUN|NJHOLLPLQLYHVXGHSRHWPHVLQL
D]DOWDQDQDND\DVHUWNDWVHUWNLONDWJLELJHoLULPVL]WDEDND\DRODQGHULQOLLQ
D] ROPDV GN VX WXWPD NDSDVLWHVL RUWD GHUHFHGH WX]OXOXN DONDOLOLN JLEL
VQUOD\F IDNW|UOHUH VDKLS ,,, VQI WRSUDNODUGDQ ROXWXX EXQXQ \DQQGD
SURMHVDKDVQDHNRODQORMLVWLNKL]PHWDODQRODUDNEHOLUWLOHQDODQQWDPDPQQ
,VQIDUD]LNXOODQPNDELOL\HWVQIQDJLUGLLEHOLUWLOPHNWHGLU
7RSUDN.RUXPD.DQXQXYHLOJLOL\|QHWPHOLLQHJ|UHVDKDLoLQGHNDODQWDUP
DODQODU7RSUDN.RUXPD.XUXOODUWDUDIQGDQWDUPDODQGQDoNDUOPDPWU
,,
(NRORMLN<DS
6DQWUDO VDKDV .UNJHoLW dD\ 6RUNXQ dD\ YH .DEDO dD\QQ ELUOHHUHN
GHQL]HG|NOGVXKDY]DVQQNHQDUQGDGU3URMHDODQQQELUNVPRUPDQ
HNRVLVWHPL DNDUVX D]QGD ROXDQ NXPXO HNRVLVWHPL DNDUVX N\ YH GHQL]
HNRVLVWHPLLOHELUNVPVXOXWDUPDODQROPDN]HUHPRQRNOOWUWDUPDODQODU
EXOXQPDNWDGU 6LQRSXQ LNLQFL E\N KDY]DV RODQ .DEDO dD\ KDY]DVQGD
WDUPDODQODUYHRUPDQONDODQODU\D\JQGU
3URMHQLQGHQL]YHN\HNRVLVWHPL]HULQGHNLWHVLVOHULN|PUGHSRODPDDODQ
YHLWKDOHGLOHQN|PUQ\NJHPLOHULLOHJHWLULOHELOPHVLLoLQGHQL]E|OPQH
PHQGLUHNYH\DQDPD\DSVQLoHUHQN\GDQDoDGRUXNPX]XQOXXQGD
YHPHWUHOLN\DQDPD\DSVEXOXQDQOLPDQDODQQGDQROXPDNWDGU
%XE|OP7RSUDN.RUXPD5DSRUXQGDQDOQPWU
32
'LNPHQ OoHVL VQUODU LoLQGH \HU DODQ VDQWUDO VDKDVQGDQ LQDDW DDPDVQGD
oNDFDNND]PDO]HPHVLLoLQKDIUL\DWG|NPDODQRODUDNNXOODQOPDVGQOHQ
DODQQELUE|OPQQ*]HOFHdD\QGRDO\DWDQGDGLHUE|OPQQLVHVRO
VDKLOLQGHROGXXYHJHoLULPOLRODQDOY\RQGROJX]HULQGHROGXXEHOLUWLOPHNWH
YHKDIUL\DWGHSRVDKDVQDLOLNLQRODUDNVDKDQQ\HUVHoLPLQGHEHOLUOHQPHVLQGH
\HWHUOLDUD]LHWGQQ\DSOPDGNDQVQDYDUOGWDNQDQDOL]UDSRUXQXQ
KD]UODQPDVJHUHNWLL'6QLQJ|U\D]VQGDEHOLUWLOPHNWHGLU
'HQL](NRVLVWHPL
.DUDGHQL]GH VFDNON GHULQOLH EDO RODUDN K]O ELU G J|VWHUPHNWHGLU
2UWDODPD VFDNON YHULPOL RODQ \]H\ WDEDNDVQGD & LNHQ P
DUDVQGD EXOXQDQ WHUPRNOLQ WDEDNDVQQ RUWDVQGD &\H GPHNWHGLU
6FDNONGHLLPOHULQLQVQUGDKD oRNNDUDVDOVE|OJHOHUGH PGHQ
GDKD GHULQOHUGH J|]OHQHELOLU 6LNORQLN G|QPOHUGHNL VFDNON GHLLPOHUL
\DWD\ DGYHNVL\RQ YH Lo GDOJDODUQ HWNLVLQLQ D] ROGXX P GH GDKD D]
|QHPOLGLUYHPGHULQOLNOHUDUDVQGDNLWX]OXOXXQGHLLPLGDKDGHULQ
VXODUGDNLVFDNONELULNPHVLQL|QOHPHNWHGLU%XQHGHQOH.DUDGHQL]GLHUGHULQ
GHQL]OHUHJ|UHVDKLOOHUGHNLLNOLPOHUGHQGDKDD]HWNLOHQPHNWHGLU.
2UWDGDNL VRXN WDEDNDGD WHUPRNOLQ VFDNON GHLLPL JHQHOOLNOH LOH
&DUDVQGD GHLPHNWHGLU .DUDGHQL]LQ GRXGDNL RUWD E|OPOHULQGH \D]
VH]RQXQXQVRQXQGDVFDNON& DUDVQGDGHLHELOLU6RXNWDEDNDQQ
DOWQGDNLVFDNONGDOPPGH&PGH&PGH
& YH PQLQ DOWQGD &GLU 6FDNOQ POHU
DUDVQGDNL GHULQOLNOHUGH KRPRMHQ ROPDVQQ QHGHQL GHULQ VXODUQ \NVHN
RUDQGDNLGLQDPLNHWNLVLQLQELUVRQXFXRODUDNDoNODQDELOLU.
.DUDGHQL]ELOLPLQVDQODUQFDMHRJUDILNDOSR]LV\RQXYHPRUIRPHWULN|]HOOLNOHUL
LOH HNRORMLN KHGHI RODUDN LQVDQ HWNLOHULQL HQ ID]OD J|UOG GHQL]OHUGHQ ELUL
RODUDNGLNNDWoHNPHNWHGLU.DUDGHQL]HNRVLVWHPLQGHJ|]OHJ|UOULONUDGLNDO
GHLLPOHU LON RODUDN WLFDUL EDONoONWD NHQGLQL J|VWHUPLWLU 8VNXPUX EDO
ND\EROPXWXU OIHU YH SDODPXW D]DOP KDPVL VWRNX ER\X YH DUO D]DO
J|]OHQPLWLU0HUVLQEDOQQQHVOLWNHQPLWLU.
d('5DSRUXQGDGD.DUDGHQL]GHEXOXQDQVDGHFH.DONDQdLQHNRS%DUEXQ
7HNLU.UODQJoYH0H]JLWEDONODUQQHNRQRPLN|QHPHVDKLSROGXXYHDYGD
%DUEXQ 0XOOXVEDUEDWXV YH 0H]JLW 0HUODQJXVPHUODQJXVHX[LQXV WUOHULQLQ
EDVNQROGXXHNRQRPLN|QHPHVDKLSGLHUWUOHUGHQNUODQJoNDONDQYHGLO
EDONODUQDLVHQDGLUHQUDVWODQGEHOLUWLOPHNWHGLU
6XPDH7DJHP
28 A.g.e.
$JHV
33
34
YHVWDQEXO%RD]QGDND\QDNEDWPDHWNLVL%XQODUQHWLFHVLRODUDN.DUDGHQL]
JHQHOG|QJV'RXYH.DUDGHQL]GHVDDW\|QQWHUVLQHLNLVLNORQLNG|QJGU
2UWD.DUDGHQL]GHLVHVDDW\|QQGHNoNELUG|QJ\HUDOPDNWDGU$\UFD
GHQL]DELVDOE|OJHVLQHXODPDGDQ|QFHWP.DUDGHQL]GHVDDW\|QQQWHUVLQH
NDQDWDNQWODUULPFXUUHQWVPHYFXWWXU$\UFDN\PRUIRORMLVLQHEDORODUDN
EXUJDoHGG\DNQWODUYDUGU%XQODUQHQ|QHPOLOHULQGHQELULVLGH6DNDU\D
.DQ\RQE|OJHVLQGHROXDQVDDW\|QQGHNLEXUJDoWU33.
.DUDVDO(NRVLVWHP
d('5DSRUXQGD\HUYHULOGLLHNLOGHN\HULGLQGHJHQHOGH\DSUDNODDoWUOHUL
KDNLPGLU%XQODUND\QJUJHQPHHN]ODDooQDUNDUDDDoGHIQHGLUEUHOL
WUOHULVHN]OoDPYHJ|NQDUGU3URMH6DKDVQGDLVHJHQHOGHN]OoDPND\Q
YH PHH WUOHUL EDVNQGU .DUDGHQL] %|OJHVL LOH 0DUPDUD %|OJHVLQGHNL ED]
DODQODUGDRUPDQODUQDOWQGDYHEXQODUQWDKULSHGLOGLL\|UHOHUGHONHPL]LQ
GLHUE|OJHOHULQGHJ|UOPH\HQWUOHUGHQPH\GDQDJHOHQQHPLKWL\DF\NVHN
RODQELUPDNLIRUPDV\RQXROXXU<DODQFPDNLDGLOHELOLQHQEXIRUPDV\RQXQ
EDVNQWUOHUL\DEDQLIQGNYHRUPDQJOGU
2UPDQOHWPHHIOLLYHQROXE|OPHOHULoLQGHNDOPDNWDGU*HU]H2UPDQ
OHWPH HIOLLQGH YH QROX E|OPHOHULQ GH LoLQGH EXOXQGXX ELU NVP
RUPDQDODQODU\OQGD\DSOPEXOXQDQYH\OODUDUDVQGD
JHoHUOL RODQ $PHQDMPDQ 3ODQQGD 1RUPDO .DUN %DOWDON 1.%W PHoHUH
WLSL LOH %DOWDON OHWPH 6QI RODUDN SODQODQPWU $QFDN 2UPDQ *HQHO
0GUOQQ\OQGDEDOWDONLOHWPHHNOLQLQWUDODPDNHVLPLQWHUN
HGLOPHVL WDOLPDW ]HULQH WDULKLQGH $PHQDMPDQ 3ODQQGD
\OODU DUDVQGD \O WHNQLN PGDKDOH EORNXQD E|OQPWU
X\JXODQPDN ]HUH GHLLNOLN \DSODUDN 0E PHoHUH WLSL LOH .RUX\D 7DKYLO
OHWPH 6QI RODUDN \DQL GHYDPO RUPDQ IRUPXQGD LOHWLOPHN ]HUH .RUX
2UPDQQD G|QWUOPHVL SODQODQPWU %X DPHQDMPDQ SODQQD J|UH
QROX E|OPH \OQGD WHNQLN PGDKDOH \DSOPDN ]HUH 9,,EORN LoLQGH
YH QROX E|OPHOHU LVH \OQGD WHNQLN PGDKDOH \DSOPDN ]HUH 9,,,
EORN LoLQGH SODQODQPWU0E PHoHUH WLSL PHH DDo WUQQ PGHNL
oDSODU FP RODQ YH EUXPX]X LOH LIDGH HGLOHQ VUNON YH GLUHNOLN
oDQGDEXOXQDQIHUWOHULQGHQROXPXNDSDOO.DSDOYH7DP
.DSDO RODQRUPDQSDUoDVQLIDGHHGHU3URMH6DKDVQGDYH/RMLVWLN+L]PHW
6DKDVQGDEXOXQDQRUPDQSDUoDODUQQWDPDP0EPHoHUHWLSLQGHROXSEX
PHoHUHWLSLQGHKkNLPDDoWUPHHGLU6DSO0HH0DFDU0HHVL7\O
0HH WUOHUL D\UW HGLOPHNVL]LQ PHH 0 UXPX]X LOH J|VWHULOPLWLU 0HH
DDoWUQQ\DQQGDPQIHULWRODUDNYHD]PLNWDUGD.DYDN.D\DFNhYH]
'LEXGDN $NoDDDo 6|W .]ODDo .]OFN )QGN YH <DEDQ NLUD] DDo
WUOHULGHEXOXQPDNWDGUYH$PHQDMPDQ3ODQQGDEXDDoWUOHUL'LHUOHUL '\
UXPX]XLOHLIDGHHGLOPHNWHGLU
33$JHV
35
)ORUD
d(' 5DSRUXQGD YHULOHQ ELOJLOHUH J|UH VDQWUDO HWNL DODQQQ IORUDV WU YH
WU DOW G]H\GH DOW WU YH YDUL\HWH WRSODP YDVNOHU GDPDUO ELWNL
WDNVRQXQGDQ ROXPDNWDGU %X WDNVRQODUQ L 3WHULGRSK\WD*\PQRVSHUPDH
DoNWRKXPOXODUL'LFRW\OHGRQHVoLIWoHQHNOLOHUYH0RQRFRW\OHGRQHV
WHN oHQHNOLOHUGHQ ROXPDNWDGU 0RQRFRW\OHGRQHVYH'LFRW\OHGRQHV \HVL RODQ
WRSODP ELWNL WDNVRQX IDPLO\DGD WRSODQPDNWDGU %XQODUGDQ IDPLO\D
0RQRFRW\OHGRQHV \HVLGLU $ODQGD \HU DODQ WUGHQ VL HQGHPLNWLU
(QGHPLNWUOHUULVNVQI\NVHNELWNLOHUROXSEL\RoHLWOLOLNDoVQGDQ|]HO
ELU|QHPHVDKLSWLU
$ODQGD HQ ID]OD WDNVRQ LoHUHQ IDPLO\D WDNVRQOD )DEDFHDHGLU
7DQPODQDQ WDNVRQXQ DGHWL $YUXSD6LELU\D DGHWL $NGHQL] 'RX
$NGHQL] GDKLO YH DGHWL UDQ7XUDQ ILWRFRUDILN E|OJHVLQH DLWWLU *HUL NDODQ
WU LVH NR]PRSROLW YH\D ILWRFRUDILN E|OJHVL EHOLUVL]OHU NDWHJRULVLQGH \HU
DOPDNWDGU 3URMH VDKDVQQ $YUXSD6LELU\D ILWRFRUDILN E|OJHVLQGH \HU DOPDV
VHEHEL\OHEXILWRFRUDILNE|OJH\HDLWWUOHU\RXQOXNODJ|]OHQPHNWHGLU
/LVWHGH \HU DODQ HQGHPLN ELWNL WUOHULQLQ %HUQ V|]OHPHVL NDSVDPQGD
GHHUOHQGLULOPHGLLYH8&1WDUDIQGDQKHUKDQJLELUULVNVQIODQGUOPDVQDWDEL
WXWXOPDG VDGHFH (SLSDFWLVSRQWLFDWU &,7(6 6|]OHPHVL (N,, NDSVDPQGD
GHHUOHQGLULOGLLLIDGHHGLOPLWLU
)DXQD
d('5DSRUXQGDSURMHVDKDVYHoHYUHVLNDUDVDOIDXQDVQGDWUYHWUDOWDOWWU
YHYDUL\HWHEDONLNL\DDPOVUQJHQNXYHPHPHOLKD\YDQWU
EXOXQGXXEHOLUWLOPHNWHGLU&,7(66|]OHPHVLQHJ|UH2UFKLGDFHDHIDPLO\DVQD
DLW &HSKDODQWKHUDUXEUD (SLSDFWLVSRQWLFD YH 2UFKLVFRULRSKRUDWUOHUL (.,,
XDQGD\RNROPDWHKOLNHVLROPD\DQDQFDNWLFDUHWLNRQWURODOWQDDOQPD]VD\RN
RODELOHFHNWUOHUNDSVDPQGDGHHUOHQGLULOPLWLU
3URMH 6DKDVQGD NXODUGDQ ,8&1H J|UH $TXLODKHOLDFD DK NDUWDO 98
$\WK\DQ\URFD3DVEDSDWND17NDWHJRULVLQGHVQIODQGUOPWU
0HPHOL KD\YDQODUGDQ 5KLQLORSXVKLVVRSRGHURV .oN QDOEXUXQOX \DUDVD
5KLQRORSKXVIHUUXPHTXLQXP%\N1DOEXUXQOX<DUDVD0XVWHODQLYDOLV*HOLQFLN
Melesmeles 3RUVXN 8UVXVDUFWRV %R] $\ NRUXQPDV |]HOOLNOH JHUHNOL WUOHU
DUDVQGD\HUDOPDNWDGU%XWUOHU%HUQ&,7(6YH0HUNH]$Y.RPLV\RQXQFD
NRUXPDDOWQGDEXOXQDQWUOHUGLU
,,, '2$/ 7$5+ 9( $5.(2/2-. '((5/(5 .2580$
67$7h/(5
3URMH VDKDVQQ N\ NHVLPL 6DPVXQ .OWU YH 7DELDW 9DUONODU .RUXPD %|OJH
.XUXOX0GUOQQWDULKYHVD\O\D]VQGDEHOLUWWLL]HUH
6LQRSLOL*HU]HLOoHVL<D\NO.|\dDNUROX0HYNLLQGHGHQL]NHQDUQGD\HU
36
37
*(6VDKDVQQGHQL]NVP'HUHFHGRDOVLWDODQGU$\Q]DPDQGD6LQRS
9DOLOLLO*GD7DUPYH+D\YDQFON0GUOQQWDULKYH
VD\O\D]VQGDVD\O6XhUQOHUL.DQXQXQXQ0DGGHVLQHGD\DQODUDN
0OJD 7DUP YH 2UPDQ %DNDQO WDUDIQGDQ WDULKOL YH
VD\O UHVPL JD]HWHGH \D\PODQDQ WHEOLL LOH GRXGD 'LNPHQ OoHVL .DQOoD\
'HUHVLLOHEDWGD7UNHOLOoHVL$NoD\'HUHVLDUDVQGDNDODQDODQ6XhUQOHUL
VWLKVDO <HUL RODUDN EHOLUOHQPLWLU 6X UQOHUL LVWLKVDO VDKDV VX UQOHULQLQ
\HWLWLULOGLL YH GRD RODUDN UHGLL DYODQPD UHWLP \HWLWLUPH YH LVWLKVDO
\DSOPDN ]HUH LoLQGH YH\D ]HULQGH KHUKDQJL ELU LVWLKVDO YDVWDVQQ YH\D
WHVLVLQVLQ NXUXODELOGLL NXOODQODELOGLL VX VDKDODU LVWLKVDO \HUOHULGLU HNOLQGH
WDQPODQPWU
9ROL\HULGHQL]YHLoVXODUGDVXUQOHULLVWLKVDOLQHHOYHULOLVDKLOHELWLLNYH
VQUODUEHOLUOLVXVDKDODUGUWDULKLQGH6LQRSO0GUOQFH
*HU]HOoHVL.|N%XUQXLOH$\DQFNOoHVL8VWD%XUQXDUDVQGDNDODQDODQ
9ROL<HULRODUDNEHOLUOHQPLWLU
,9*(6 6$+$6,1,1 (7. $/$1,1'$ .$/$1 <(5/(0
$/$1/$5,
6DQWUDODODQ.|PU'HSR$ODQ'ROJX$ODQ/LPDQ/RMLVWLN+L]PHW$ODQ
YH+DIUL\DW7RSUD'HSR$ODQQGDQROXDQ*(6LoLQEHOLUOHQHQHWNLDODQ
NPPHVDIHLoLQGHNDODQDODQODUGU
+DULWD6DQWUDO(WNL$ODQ35
d('5DSRUX
38
6DQWUDOLQ NP HWNL DODQ LoLQGH NDODQ \HUOHLPOHU LoLQGH VDQWUDOH HQ \DNQ
\HUOHLPOHU<D\NO.|\dDNUROX0DKDOOHVLEUDKLP%H\0DKDOOHVL.|\YH
dRUROX 0DKDOOHVLGLU *HU]H LOoHVL NP (UIHOHN LOoHVL NP <DNDNHQW OoHVL
NP6LQRSPHUNH]LOoHVLNPPHVDIHGHGLU'ROD\V\ODOoHPHUNH]OHULQGH
\DD\DQHQD]WRSODPNLLVDQWUDOGHQGRUXGDQHWNLOHQHFHNQIXVWXU
(Q \DNQ \DSODU d(' 5DSRUXQGD .O GHSRODPD VDKDV VQUODUQD
PHWUH X]DNONWD EXOXQDQ QXPDUDO NDGDVWUR SDIWDVQGD QXPDUDO SDUVHO YH
QXPDUDO NDGDVWUR SDIWDVQGDNL QXPDUDO SDUVHOOHUGHNL \HUOHLP ELULPOHUL
HYOHULoLQ|QFHOLNOHJ|QOOVDWQDOPX\JXODQDFDNJ|QOOVDWQDOP\DSODPDG
WDNGLUGHV|]NRQXVX\HUOHLPELULPOHULNDPXODWUPDVUHFLLOHVDWQDOQDFD
EHOLUWLOPHNWHGLU
3URI'U7XUDQ8VOXWDUDIQGDQ\DSODQDUDWUPDODUVRQXFXQGD\OQGD
6RPD WHUPLN VDQWUDOLQLQ NP \DUoDSQGDNL ELU DODQGD \OQGD LVH
\DWDDQWHUPLNVDQWUDOLQLQNP\DUoDSQGDNLELUDODQGDROXPVX]HWNLOHULQLQ
J|]OHPOHQGLLND\GDJHoPLWLU
$\UFD HWNL DODQQGD \DGD KHPHQ \DNQQGD NDODQ GRDO DODQODU 6DUNXP
7DELDW.RUXPD$ODQNP*D]L0HVLUH<HULNP$NOLPDQ0HVLUH<HUL
D\Q]DPDQGD'HUHFH'RDO6LW$ODQ6|WOHU6UW0HVLUH$ODQ7DWOFD
HODODUL0HVLUH<HULD\Q]DPDQGD'RDO6LW$ODQ+DPVLORV7DELDW3DUN
%R]EXUXQ<DEDQ+D\DW*HOLWLUPH6DKDV%R]EXUXQgUQHN$YOD%HNWDDD
2UPDQ )LGDQO .DUDFDVX $ODEDON 7HVLVOHUL GHPOL 2UPDQ oL 0HVLUH <HUL
VDQWUDOVDKDVQQHWNLDODQLoLQGHNDOPDNWDGU6DUNXPWDELDWNRUXPDDODQ
D\Q ]DPDQGD 'HUHFH GRDO VLW DODQ |QHPOL ELWNL DODQg%$ |QHPOL
GRDDODQg'$|QHPOLNXDDQg.$YHXOXVODUDUDV|QHPGHVXODNDODQ
VWDWVQGHGLU'RDOQLWHOLNOHULQHGHQL\OHIDUNOGRDNRUXPDVWDWOHULYHULOHQ
EXDODQODUJHUHNVDQWUDODODQQQJHUHNVHoHYUHVLQLQ\HUHOE|OJHVHOXOXVDOYH
XOXVODUDUDVQLWHOLNWH|]JQGRDO|]HOOLNOHUHVDKLSROGXXQXJ|VWHUPHNWHGLU
9(.2120.<$3,
%|OJHQLQHNRQRPLNIDDOL\HWOHULLoLQGHWDUPYHEDONoON|QHPOL\HUHVDKLSWLU
*(6WHQGRUXGDQHWNLOHQHFHN6LQRSOL*HU]HOoHVLLOH<D\NO.|\dDNUROX
0DKDOOHVLEUDKLP%H\0DKDOOHVL.|\YHdRUROX0DKDOOHVLQGH\DD\DQODUQ
WHPHOJHoLPND\QDNODUGDWDUPVDOIDDOL\HWOHUGLU%LWNLVHOUHWLPYHKD\YDQFON
DLOHLOHWPHOHULG]H\LQGHGLU
dLIWoLOHUKD\YDQVDOUQOHULQELUNVPQNHQGLJHUHNVLQLPOHULLoLQWNHWPHNWH
VW \XPXUWD SH\QLU EDO \RXUW WHUH\D \Q JLEL UQOHULQ SD]DUODPDVQ
\DSPDNWDGU+D\YDQFOQJHOLWLULOPHVLLoLQPRGHUQEHVLDKUODU\DSWUOPDNWD
\HP ELWNLOHUL HNLPL \D\JQODWUOPDNWDGU *HU]H OoHVLQGH \OON UHWLOHQ EDO
PLNWDUNJGU
39
<D\NO.|\DUD]LOHULQGH\OGDLNLNH]UQDOQGVRQ\OODUGDVHUDFOQGD
\D\JQODWKHPHQKHUWUOVHE]HYHPH\YH\HWLWLULFLOLLQLQ\DSOG6LQRS
9DOLOLLGHVWHNOLPH\YHEDKoHOHULQLQNXUXOGXXEHOLUWLOPHNWHGLU
6LQRSOL.DUDGHQL]LQHQ|QHPOLOLPDQNHQWOHULQGHQELULGLU6N\ODUDVDKLS
ROXX FRUDIL NRQXPX YH .DUDGHQL]OL EDONoODUQ DYODQPD VH]RQXQD LOLNLQ
LONLDUHWLDOGNODUE|OJHGLU6LQRS7UNL\HQLQEDONUHWLPLQLQVLJLEL
ELUSD\DVDKLSROPDVQHGHQL\OHVXUQOHULUHWLPLLoLQGHNLHNRQRPLN|QHPL
E\NWU6LQRSOLQGHEXOXQDQEDOFDEDONWUOHULKDPVLPH]JLWSDODPXW
OIHU oLQHNRS LVWDYULW NUODQJo L]PDULW NDONDQ OHYUHN VRPRQ ]DUJDQD
LVNRUSLWYDWR]LVSDUR]LVNLUL\XODU\DNDUDJ|]GU
.DUDGHQL]GH\OLWLEDU\ODEDONWUROGXXEHOLUWLOPLWLU<LQH
\OODU DUDVQGD 6LQRS6DPVXQ N\ODUQGD \DSODQ oDOPDODUQGD
IDPLO\D\DDLWWRSODPWUVDSWDQPWU
OGH JHQHOOLNOH GHQL] EDONoO KDNLP ROXS \HWLWLULFLOLNWHQ ]L\DGH DYFON
\D\JQGU DGHW EDONo WHNQHVL YH EX JHPLOHUGH oDODQ EDONo
EXOXQPDNWDGU6LQRS7UNL\HQLQEDONUHWLPLQLQVLJLELELUSD\DVDKLS
ROPDVQHGHQL\OHVXUQOHULUHWLPLLoLQGHNLHNRQRPLN|QHPLE\NWU.
%X SRWDQVL\HO \OQGD 6X hUQOHULQH 'D\DO 6UGUOHELOLU %|OJHVHO
.DONQPD 3URMHVL .X]H\ $QDGROX .DONQPD $MDQV 6LQRS *GD 7DUP YH
+D\YDQFONO0GUOYH6LQRShQLYHUVLWHVLLELUOLLQGHKD]UODQDUDN%LOLP
6DQD\L YH 7HNQRORML %DNDQOQQ %|OJHVHO 5HNDEHW (GHELOLUOLN 2SHUDV\RQHO
3URJUDPQDVXQXODQ6XhUQOHULQH'D\DO6UGUOHELOLU%|OJHVHO.DONQPD
3URMHVLQLQNDEXOHGLOPHVL\OHGHELUNH]GDKDNDEXOHGLOPLWLU
.DUDGHQL]GH DYODQDQ EDONODU WRSODP DYFOQ VLQL ROXWXUPDNWDGU
%XQX LOH 0DUPDUD L]OHPHNWHGLU (Q D] EDON LVH LOH $NGHQL]GHQ
DYODQPDNWDGU.DUDGHQL]GHDYFON\ROX\ODHOGHHGLOHQUHWLPLQ\OQGD
V\OQGDLVHV'RX.DUDGHQL]GHQVDODQPWU
6LQRS9DOLOLLO*GD7DUPYH+D\YDQFON0GUOQQWDULK
YH VD\O \D]VQGD VD\O 6X hUQOHUL .DQXQXQXQ 0DGGHVLQH
GD\DQODUDN 0OJD 7DUP YH 2UPDQ %DNDQO WDUDIQGDQ WDULKOL
YHVD\OUHVPLJD]HWHGH\D\PODQDQWHEOLLLOHGRXGD'LNPHQOoHVL
.DQOoD\'HUHVLLOHEDWGD7UNHOLOoHVL$NoD\'HUHVLDUDVQGDNDODQDODQ6X
hUQOHULVWLKVDO<HULRODUDNEHOLUOHQPLWLU
6XUQOHULLVWLKVDOVDKDVVXUQOHULQLQ\HWLWLULOGLLYHGRDORODUDNUHGLL
DYODQPD UHWLP \HWLWLUPH YH LVWLKVDO \DSOPDN ]HUH LoLQGH YH\D ]HULQGH
KHUKDQJLELULVWLKVDOYDVWDVQQYH\DWHVLVLQVLQNXUXODELOGLLNXOODQODELOGLLVX
VDKDODULVWLKVDO\HUOHULGLUHNOLQGHWDQPODQPWU9ROL\HULGHQL]YHLoVXODUGD
VXUQOHULLVWLKVDOLQHHOYHULOLVDKLOHELWLLNYHVQUODUEHOLUOLVXVDKDODUGU
6LQRShQLYHUVLWHVL5HNW|UOQQ7DULKOL<D]V(NL6XhUQOHUL)DNOWHVLQFH
+D]UODQDQ5DSRU6
KWWSWXUL]PVLQRSHGXWUWXUL]PBLVOHWPHFLOLJLBYHBRWHOFLOLNB\XNVHNRNXOXIDDOL\HWOHU
WXUL]PBGXUXPXSGI
40
42
+DULWD0ONL\HW'XUXPX
9,,
3/$1'85808
*(6LQKHNWDUWDUODKHNWDU%DODQYHKHNWDURUPDQVWDWVQGH
RODQ SURMH VDKDV 6LQRS.DVWDPRQXdDQNU 3ODQODPD %|OJHVL
|OoHNOLdHYUH']HQL3ODQQGDGDEXVWDWOHULQHYDVIODUQDX\JXQRODUDNWDUP
DUD]LVLRUPDQONDODQYHPDNLOLNoDOONIXQGDONDODQRODUDNWDQPODQPWU
/RMLVWLN+L]PHW6DKDVGDVXOXWDUPDUD]LVLRODUDNWDQPODQPWU
+DULWD6LQRS.DVWDPRQXdDQNU3ODQODPD%|OJHVL|OoHNOL
dHYUH']HQL3ODQ
*(6H dHYUH ']HQL 3ODQQQ SODQ KNPOHULQGH \DGD PHNkQVDODUD]L
NXOODQPNDUDUODUQGD\HUYHULOPHPLWLU
PDU PHY]XDW JHUHL PHNkQVDO SODQODUGD KHUKDQJL ELU DPDo LoLQ D\UOP
DODQGD D\UOPD DPDF GQGD KHUKDQJL ELU NXOODQP JHWLULOPHVL PPNQ
ROPD\S KHU KDQJL ELU WHVLVLQ \DSODFD DODQQ PHNkQVDO SODQ NDUDUODUQD
X\JXQROPDVJHUHNPHNWHGLUg]HOOLNOHGLHUDUD]LNXOODQPELoLPOHULLOHELUOLNWH
\HUDOPDVPPNQROPD\DQDOW\DSLKWL\DoODUQHGHQL\OHoHYUHVLQGHNLDUD]L
NXOODQPODUQGD GHLLNOLH \RO DoDQ ROXPVX] HWNLOHUL QHGHQL\OH oHYUHVHO
HWNLOHU DoVQGDQ |]HO |QOHPOHU JHUHNWLUHQ JHUHN DWNODU JHUHNVH \DSODPD
LKWL\DFQHGHQL\OHGRDONOWUHODUNHRORMLNPLUDVDoVQGDQROXPVX]HWNLOHUL
RODQ VDQD\L VDQWUDOOHU JLEL NXOODQPODUQ \HU VHoLPOHULQH LOLNLQ RODUDN JHQHO
NRXOODUQ \HU DOPDV JHUHNPHNWHGLU PDU PHY]XDWQGD HOHNWULN UHWLP
VDQWUDOOHULQH \|QHOLN |]HO NXUDOODU JHWLULOPHPL ROPDNOD ELUOLNWH EX WU
WHVLVOHULQoHYUHPHY]XDWYHGLHULOJLOLPHY]XDWWD|QJ|UOHQNXUDOODUGLNNDWH
43
DOQPDNVXUHWL\OHLOHYOHUL\HUVHoLPLE\NONDSDVLWHVLNRUXPDEDQGYH
JYHQOLNWHGELUOHULJLELSODQODPD\DHVDVRODELOHFHNELOJLYHEHOJHOHULQELUEWQ
RODUDN GHHUOHQGLULOHUHN DOW |OoHNOL SODQODU \|QOHQGLUPHVL \HU VHoLPOHULQLQ
VDGHFHLOJLOLNXUXPJ|UQHEDODQPDPDVJHUHNPHNWHGLU
PDUPHY]XDWE|\OH\NHQ|OoHNOLd'3QQ*HQHO+NPOHUEDO
DOWQGDQXPDUDOSODQKNPQGH%XSODQLOHEHOLUOHQHQSODQODPDDOW
E|OJHOHULLoLQGHYH\DGQGDLKWL\DoROPDVKDOLQGHHQHUMLUHWLPLYHLOHWLPLQH
\|QHOLNNXOODQPODUDLOLNLQDOW|OoHNOLSODQODUEXSODQQNRUXPDJHOLPHYHSODQODPD
LONHOHULGRUXOWXVXQGDNDPX\DUDUJ|]HWLOHUHNLOJLOLNXUXPYHNXUXOXODUQJ|UOHUL
GLNNDWH DOQDUDN oHYUH G]HQL SODQ GHLLNOLLQH JHUHN ROPDNV]Q LOJLOL LGDUHVLQFH
KD]UODQU +D]UODQDQ SODQODU EDNDQOQ X\JXQ J|U DOQPDGDQ RQD\ODQDPD]
2QD\ODQDQSODQODUVD\VDORUWDPGDYHULWDEDQQDLOHQPHN]HUHEDNDQODJ|QGHULOLU
6|] NRQXVX WHVLVOHUWHVLV DODQODU DPDF GQGD NXOODQODPD]ODU G]HQOHPHVL
LOH HQHUML WHVLVOHULQLQ \DSOPDV RODQDNO NOQPDN LVWHQPLWLU %X G]HQOHPH
DOW|OoHNOLSODQODU\|QOHQGLUPHVLLONHOHULQYHVWUDWHMLOHULQEHOLUOHQHUHNEXWU
NXOODQPODUQ \HU VHoLPLQH \|QHOLN G]HQOHQHFHN NRXOODU LOH \|QOHQGLUPHVL
JHUHNLUNHQ VW |OoHNOL SODQGDQ DGHWD PXDI WXWXOPXWXU OJLOL NXUXP YH
NXUXOXODUQJ|UQH\DQLLGDULJ|UHEDODQPELOLPVHOWHNQLNoDOPDODU
J|]DUGHGLOPLWLU
$\UFD .X]H\ $QDGROX .DONQPD $MDQVQQ KD]UODG 75 %|OJH 3ODQ
LoLQGHGHWHUPLNVDQWUDOH\HUYHULOPHPLWLU
9,,,d(95(6(/(7.'((5/(1'50(d('6h5(&
$QDGROX*UXEX\OQGDKHUKDQJLELUd('VUHFLLOHWPHNVL]LQ(QHUML
3L\DVDV']HQOHPH.XUXPXQDUHWLPOLVDQVEDYXUXVX\DSPWU
dHYUHVHO(WNL'HHUOHQGLUPHVLd('\DSOPDGDQ\|QHWPHOLNOHUHD\NU
RODUDN DOQDQ OLVDQVQ LSWDOL LoLQ LGDUL GDYDODU DoOP YH
WDULKLQGH'DQWD\QF'DLUHWDUDIQGDQd('2OXPOX.DUDUYH\D
d(' *HUHNOL 'HLOGLU .DUDU DOQPDGDQ UHWLP OLVDQV YHULOPHVLQH
LOLNLQ (QHUML 3L\DVDV ']HQOHPH .XUXOX NDUDUQGD KXNXND X\JXQOXN
EXOXQPDGQGDQNDUDUQ\UWOPHVLQLQGXUGXUXOPDVQDNDUDUYHUPLWLU
$QDGROX *UXEX 'DQWD\ QF 'DLUHQLQ YHUGLL <UWPHQLQ
'XUGXUXOPDVNDUDUQDLWLUD]HWPLYHLWLUD]'DQWD\GDUL'DYD'DLUHOHUL
.XUXOXWDUDIQGDQLWLUD]WDULKLQGHUHGGHGLOPLWLU
d('6UHFLQLQEDODQJoWDULKL$UDON
LUNHW d(' VUHFLQL EDODWPDN LoLQ 0OJD dHYUH YH 2UPDQ %DNDQOQD
WDULKLQGHEDYXUXGDEXOXQPXWXU
44
d('*HUHNOLGLUNDUDU3URMH7HPPX]WDULKYHVD\OdHYUHVHO
(WNL 'HHUOHQGLUPHVL d(' <|QHWPHOLLQLQ (N, d(' 8\JXODQDFDN
3URMHOHUNDSVDPQGDNDOGLoLQ0OJDdHYUHYH2UPDQ%DNDQOQQ
+D]LUDQWDULKOL\D]VJHUHLQFHd('5DSRUXQXQKD]UODQPDVQDNDUDU
YHULOPLWLU
+DONQ NDWOP WRSODQWV 0D\V +DON WRSODQWQQ \DSOPDVQD
L]LQYHUPHGL'HYDPHWWLULOPHNLVWHQHQd('VUHFLNDSVDPQGD0D\V
WDULKLQGH*HU]H.DSDO6SRU6DORQXQGD+DONQ.DWOP7RSODQWV
\NVHNGHVLEHOOLVHVVLVWHPOHULQHUDPHQELQOHUFH*HU]HOLQLQSURWHVWRVXYH
VXQXPX UHGGHWPHVL ]HULQH HPQL\HW JoOHULQLQ ELEHU JD]O PGDKDOHVL
]HULQHVXQXP\DSODPDGDQWRSODQWVRQDHUPLWLU
.DSVDPYH|]HOIRUPDWEHOLUOHPHWRSODQWV0D\V
WDULKLQGH7&dHYUHYH2UPDQ%DNDQOQGDd('UDSRUXQXQ
LoHULLQLQ EHOLUOHQGLL .DSVDP YH g]HO )RUPDW %HOLUOHPH 7RSODQWV
\DSOPWU
d('|]HOIRUPDWYHULOLWDULKL+D]LUDQ
(NVUHLVWHQPHVL%LU\OONd('VUHFLLoHULVLQGH5DSRUXKD]UODQDPDP
1LVDQ WDULKLQGH LUNHW %DNDQONWDQ HN VUH LVWHPL YH D\ON HN
VUH $UDON H NDGDU %DNDQONoD YHULOPL WDULKLQGH
d(' VUHFLQLQ ELWPHVLQH JQ NDOD d(' 5DSRUX dHYUH YH HKLUFLOLN
%DNDQOQDVXQPXWXU
6RQGDMVRQGDMJHUoHNOHWLULOHPHGL
d('UDSRUXVXQXPWDULKL$UDON
5DSRUXQ WDULKLQGH %DNDQOD VXQXOPDVQGDQ LWLEDUHQ d('
<|QHWPHOLL JHUHL JQ LoHULVLQGH IRUPDWD X\JXQOXXQX LQFHOHQPHVL
JHUHNHQ d(' ]LQ YH 'HQHWLP *HQHO 0GUO WDULKLQGHQ
LWLEDUHQ %DNDQONWDQ L JQ VUH X]DWP DOPWU %X ]DPDQ ]DUIQGD
LQFHOHPHVLQLWDPDPOD\DPD\DQ0GUONWDULKLQGHQLWLEDUHQ
LJQGDKDHNVUHDOPYHUDSRUXIRUPDWDX\JXQEXODUDNLQFHOHPH
GHHUOHQGLUPH NDSVDPQGD d(' <|QHWPHOLLQLQ 0DGGHVL JHUHLQFH
6LQRS 9DOLOLL dHYUH YH HKLUFLOLN O 0GUOQGH KDONQ HULLPLQH
DoODUDNDVN\DoNDUOPWU
QFHOHPH 'HHUOHQGLUPH 7RSODQWV '. WRSODQW 1LVDQ
d(' <|QHWPHOLLQLQ 0DGGHVL JHUHLQFH JHUoHNOHWLULOHQ '.
WRSODQWVQGD WHUPLN VDQWUDO NXUXOPDN LVWHQHQ \HULQ KHPHQ \DNQQGD
45
RUPDQONDODQODUQEXOXQGXXKDWWDVDQWUDODODQQQELUNVPQQRUPDQ
DODQ ROGXX \DSODQ ELOLPVHO DUDWUPDODU LOH WHUPLN VDQWUDOGHQ DoD
oNDFDNEDFDJD]HPLV\RQODUQQU]JDUV]RUWDPGDNPPHVDIH\LROXPVX]
HWNLOHGLLQLQRUWD\DNRQXOGXXV|]NRQXVXVDQWUDOLQNXXoXX*HU]H\H
NP 6LQRSD NP 7DELDW .RUXPD $ODQ RODQ 6DUNXP *|OQH NP
PHVDIHGHROGXXEXDODQODUQVDQWUDOLQNXUXOPDVLOHROXPVX]HWNLOHQHFHL
YH SURMHQLQ RUPDQODU YH RUPDQFON oDOPDODU DoVQGDQ ROXPVX]OXD
QHGHQ RODFD .RPLV\RQ \HVL .XUXPODUQ J|UOHUL GRUXOWXVXQGD d('
VUHFLGXUGXUXOPXWXU
'.5HYL]Hd('5DSRUXQXQGHHUOHQGLUPHVL.DVP
*HU]H 7HUPLN 6DQWUDO d(' UDSRUXQX KD]UOD\DQ 'RND\d(' dHYUH
0KHQGLVOLL LUNHWL 2UPDQ *HQHO 0GUOQQ (NLP WDULKOL
]DUXUHWJ|UOPHVLKDOLQGHRUPDQONDODQGDHQHUMLWHVLVLNXUXODELOHFHL\|QQGHNL
J|U\OH '. \HOHULQLQ EHOLUOHGLL HNVLNOLNOHULQ JLGHULOGLL YH d('
5DSRUXQXQ UHYL]H HGLOGLL LIDGH HGLOHUHN d(' VUHFLQLQ GHYDP HWPHVLQL
WDOHS HWPLWLU 2UPDQ *HQHO 0GUOQQ 3URMHQLQ RUPDQ VD\ODQ
DODQODUGD\DSOPDVQDELU]DUXUHWKDOLROPDVGXUXPXQGDL]LQYHUHELOHFHLQH
LOLNLQ J|U YHUPHVLQH NDUQ dHYUH YH HKLUFLOLN %DNDQOQFD 2UPDQ
*HQHO 0GUOQQ J|U d(' VUHFLQLQ GHYDP HWPHVL LoLQ \HWHUOL
EXOXQDPDPWU 2UPDQ *HQHO 0GUOQQ WDULKOL \HQL
NXUXP J|U YH 'RND\d(' dHYUH 0K/WGWL UHYL]H d(' 5DSRUODU
dHYUHYHHKLUFLOLN%DNDQOWDUDIQGDQUHVPLNDEXORODUDNJ|UOPH\HUHN
WDULKLQGHLDGHHGLOPLWLU
d('6UHFLQLQGXUGXUXOPDV.DVP
%DNDQOQ\DWUPFLUNHWH\D]GWDULKYHVD\O\D]VQGD
YH 66 6LQRS *HU]H <D\NO .|\ 6XODPD .RRSHUDWLILQH J|QGHUGLL FHYDEL
\D]GDV|]NRQXVXRUPDQDODQQNXOODQOPDVQQ]RUXQOXOXNDU]HWWLLQHGDLU
KHUKDQJLELUNDPX\DUDU\DGDUHVPLELUNDEXOEXOXQPDPDNWDGU6RQXoRODUDN
d('VUHFLQLQGHYDPHWPHVL%DNDQOP]FD\HULQGHJ|UOPHPLROXSd('
UDSRUX HNWH LDGH HGLOPHNWHGLU JHUHNoHVL LOH d(' 5DSRUX LDGH HGLOHUHN
d('VUHFLGXUGXUXOPXWXU
NLQFLUHYL]Hd('UDSRUXQXQ%DNDQODVXQXOPDV25.03.2013
)LUPDLNLQFLNH]WDGLOHWWLLd('UDSRUXQX0DUWWHWHNUDU%DNDQOD
VXQDUDNd('VUHFLQLQGHYDPHWPHVLQLWDOHSHWPLWLU
%DNDQON$XVWRVWDULKOL\D]V\ODd('VUHFLQLQGHYDPWDOHELQL
\HQLGHQUHGGHWPLWLU
5HYL]Hd('UDSRUXQXQ%DNDQODVXQXOPDV
dHYUHYHHKLUFLOLN%DNDQOQQUHYL]HUDSRUODULDGHHWPHVLQHLWKDON|PUH
GD\DOWHUPLNVDQWUDOSURMHVLQLQ2UPDQ<DVDVQDD\NUOQDNDPX\DUDU
46
YH]DUXUHWWDPDG\|QQGHNHVLQYXUJXODU\DSPDVQDNDUQLUNHWd('
VUHFLQL GHYDP HWWLUHELOPHN LoLQ \HQLGHQ UHYL]H d(' UDSRUX KD]UODP
WH%DNDQODVXQPXWXU
LUNHWLQ KD]UODG 5HYL]H d(' 5DSRUXQX %DNDQON WH
2UPDQ *HQHO 0GUOQH J|QGHUPLWLU 2UPDQ *HQHO 0GUOQQ
UDSRUKDNNQGDJ|UELOGLUPHPHVL]HULQH%DNDQONWH\DSW
ELOGLULPOH2UPDQ*HQHO0GUOQGHQJQONVUHLoHULVLQGHd('
VUHFLQLQGXUGXUXOPDVQDNRQXRODQKXVXVODUDLOLNLQoDOPD\DSOPDVQ
LVWHPLWLU
d('6UHFLQLQVRQODQGUOPDVdHYUHVHO(WNL'HHUOHQGLUPHVL
d('VUHFLQLGXUGXUPDV\ODXEDWWDUHVPHQVRQDHUGL5HYL]Hd('
UDSRUXQD LOLNLQ RODUDN 2UPDQ *HQHO 0GUOQQ J|U ELOGLUPHPHVL
]HULQH %DNDQONoD WH \DSW ELOGLULPOH 2UPDQ *HQHO
0GUOQGHQJQONVUHLoHULVLQGHd('VUHFLQLQGXUGXUXOPDVQD
NRQX RODQ KXVXVODUD LOLNLQ oDOPD \DSOPDV LVWHQPL DQFDN JHoHQ VUH
LoHULVLQGH%DNDQODLODYHELOJLYHEHOJHVXQXOPDPDV]HULQH%DNDQONoD
*HU]H(QHUML6DQWUDOSURMHVLQLQd('VUHFLVRQODQGUOPWU
XEDWWD d(' VUHFL VRQODQGUODQ *HU]H (QHUML 6DQWUDOQQ UHWLP
OLVDQVQQ LSWDOL LoLQ 'DQWD\ 'DLUHVLQGH DoODQ GDYDQQ GXUXPDV
WDULKLQGH\DSODFDNWU
d(''HHUOHQGLUPH
LUNHWLQLONd('UDSRUXYHGDKDVRQUDNLUHYL]HHGLOPLd('EDYXUXODUQQ
RUPDQONDODQQHGHQL\OHUHGGHGLOPHVLd('VUHFLQLQGHVRQXQDJHOLQPHVLQL
VDODPWU
|\OHNLd('<|QHWPHOLLQLQPDGGHVLQLQINUDVQGDd('UDSRUXQGD
GHLLNOLN\DSOPDVQQHQoRNLNLNH]LVWHQHELOHFHL\DSODQG]HOWPHQLQNRPLV\RQFD
\HWHUOL J|UOPHPHVL KDOLQGH EDYXUXQXQ %DNDQONoD JHoHUVL] VD\ODFD
EHOLUWLOPHNWHGLU %X GXUXPGD *(6 LoLQ KD]UODQDQ d(' UDSRUXQGD LNL
NH] GHLLNOLN \DSOG YH EX GHLLNOLNOHUL D\Q JHUHNoH\OH UHGGHGLOGLL J|]
|QQHDOQDUDNILUPDQQEXQGDQVRQUDNLEDYXUXODUQQGDJHoHUVL]VD\ODFD
DoNWU6UHFLQGHYDPHWWLULOPH\HFHNROPDVD\Q]DPDQGDd('VUHFLQLQGH
VRQODQGDQODPQDJHOPHNWHGLU
d(' UDSRUXQXQ KD]UODQPD VUHFL JHUHN d(' PHY]XDW JHUHNVH QFHOHPH
'HHUOHQGLUPH.RPLV\RQX\HVLRODQNXUXPODUQPHY]XDWODUGRUXOWXVXQGD
LQFHOHQPHVLJHUHNPHNWHGLUd('<|QHWPHOLLQGH\DSODQG]HQOHPHOHUOHKHU
WUOoHYUHVHOHWNLLoLQPHYFXW\DVD\|QHWPHOLN\DGDVWDQGDUWODUDX\XODFDQQ
WDDKKGHEDODQDUDNd('LoHULNVL]OHWLULOPLYHLGDULLOHPHG|QWUOPWU
%X oHUoHYHGH LOJLOL NXUXPODUQ VRUXPOXOXN YH J|UHY DODQODUQ LOJLOHQGLUHQ
PHY]XDWODUD X\XOPDVQQ WDDKKW HGLOPHVL \HWHUOL J|UOPHNWHGLU %X DoGDQ
47
NXUXPJ|UOHULGHHUOHQGLULOGLLQGH.XUXPJ|UOHULQGHX\JXQOXNDoVQGDQ
KHUKDQJLELUELOGLULPHGHHUOHQGLUPH\H\HUYHULOPHGLLJ|UOPHNWHGLU
0HYFXWG]HQOHPHOHUGHd('VUHFLYHLGDUL\DNODPKHUELU\DWUPELUELULQGHQ
EDPV] RODUDN GHHUOHQGLULOPHVLQH RODQDN VDODPDNWDGU %X GXUXP KHU
ELUWHUPLNVDQWUDOL\DGDE|OJHGH\HUDODQoLPHQWRIDEULNDVWDRFDNODUJLEL
oHYUH\H ROXPVX] HWNLOHUL ELOLQHQ IDDOL\HWOHULQ oHYUHVHO HWNLOHULQL ELUELULQGHQ
EDPV]RODUDNVDQNLVDGHFHWHNEDQD\PJLELHOHDOQPDVQD\RODoPDNWDGU
%X \DNODPOD WHUPLN VDQWUDOOHULQ E|OJHGH \DUDWDFD oHYUHVHO WDKULEDWQ
NPODWLIHWNLVLQLQKHVDSODQPDVYHGHHUOHQGLULOPHVLHQJHOOHQPHNWHJHUoHN
oHYUHVHOHWNLOHUJ|UPH]GHQJHOLQPHNWHGLU
,;
<$6$/d(5d(9(8/86$/0(9=8$79(8/86/$5$5$6,
7$$++h7/(50=
*(6VDKDVYH\DNQoHYUHVLQGHNLDODQODUVDKLSROGXNODU|]HOOLNOHUQHGHQL\OH
ELUoRNPHY]XDWNDSVDPQGDNDOPDNWDGU
*(6LQJHUoHNOHWLULOPHVLVUHFLQGHWDELROGXX\DVDODULOH\DVDOVWDWOHU*(6
YHoHYUHVLQLQVDKLSROGXXGRDOYDUONODUQ|]HOOLNOHULQXOXVDOYHXOXVODUDUDV
G]H\GHNL|QHPLQLRUWD\DNR\PDNWDGU
QFHOHPH DODQ YH \DNQ oHYUHVLQGHNL X\JXODPDODU EHOLUOH\HQ ELUoRN NDQXQ
EXOXQPDNOD ELUOLNWH EXUDGD *(6LQ X\JXODQPDVQ N\ NHVLPLQGHNL
X\JXODPDODU GRUXGDQ EHOLUOH\HQ YH HWNLOH\HQ NDQXQODUD YH XOXVODUDUDV
V|]OHPHOHUH\HUYHULOPLWLU
$QD\DVD
VD\O(OHNWULN3L\DVDV.DQXQX
VD\O (QHUML 3L\DVDV ']HQOHPH .XUXPXQXQ 7HNLODW YH *|UHYOHUL
+DNNQGD.DQXQ
LOH GHLLN VD\O dHYUH YH HKLUFLOLN %DNDQOQQ .XUXOXX
+DNNQGD.DQXQX+NPQGH.DUDUQDPH
VD\O 'HYOHW 6X OHUL 8PXP 0GUO 7HNLODW YH 9D]LIHOHUL
+DNNQGD.DQXQ
VD\O8ODWUPD%DNDQOQQ7HNLODWYH*|UHYOHUL+DNNQGD.DQXQ
VD\O.\.DQXQX
VD\OPDU.DQXQX
VD\O0DGHQ.DQXQX
VD\O/LPDQODUQDDW+DNNQGD.DQXQ
VD\O%HOHGL\H.DQXQX
48
VD\OOg]HOGDUHVL.DQXQX
VD\OdHYUH.DQXQX
VD\O.OWUYH7DELDW9DUONODUQ.RUXPD.DQXQX
VD\O.DUD$YFO.DQXQX
VD\O6XhUQOHUL.DQXQX
VD\O%DONoON.DQXQX
VD\O2UPDQ.DQXQX
VD\O8PXPL+I]VVKKD.DQXQX
6D\O0LOOL$DoODQGUPDYH(UR]\RQ.RQWURO6HIHUEHUOLN.DQXQX
7RSUDN.RUXPDYH$UD]L.XOODQP.DQXQX
7HNQRORML*HOLWLUPH%|OJHOHUL.DQXQX
(QGVWUL%|OJHOHUL.DQXQX
VD\O6XhUQOHUL.DQXQX
VD\O<HUDOW6XODU+DNNQGD.DQXQ
VD\O/LPDQODU.DQXQX
VD\O6DKLO*YHQOLN.RPXWDQO.DQXQX
6D\O.DQXQ.DSVDP'QGD.DODQ%HOHGL\HOHU7LSPDU<|QHWPHOLL
.\.DQXQXQXQ8\JXODQPDVQD'DLU<|QHWPHOLN
8OXVDO6XODN$ODQODU.RUXPD<|QHWPHOLL
6X.LUOLOLL.RQWURO<|QHWPHOLL
*(61 JHUoHNOHWLULOPHVLQGH WHPHO EHOLUOH\LFL NXUXP RODQ (QHUML 3L\DVDV
']HQOHPH .XUXOX (QHUML YH 7DEL .D\QDNODU %DNDQO dHYUH YH HKLUFLOLN
%DNDQO2UPDQYH6XOHUL%DNDQOYH8ODWUPD'HQL]FLOLNYH+DEHUOHPH
%DNDQOROPDN]HUHG|UWEDNDQONEXOXQPDNWDGU
6DQWUDOHLOLNLQDOQDFDNOLVDQVODUDLOLNLQRQD\ODUODEX.DQXQGDEHOLUWLOHQVDLU
RQD\ODUYHUPH\HWNLVL(QHUML3L\DVDV']HQOHPH.XUXOXQDDLWWLU
7UNL\HGHHQHUML\DWUPODUNRQXVXQGD(QHUMLYH7DEL.D\QDNODU%DNDQOLOH
(QHUML3L\DVDV']HQOHPH.XUXPX\HWNLOLNXUXPODUGU
'LHU LOJLOL PHY]XDW VDQWUDOLQ \HU VHoLPLQH EDO RODUDN EHOLUOHQPHNWHGLU
7HUPLN VDQWUDOOHULQ |]HOOLNOH GLHU DUD]L NXOODQP ELoLPOHUL LOH ELUOLNWH \HU
DOPDV PPNQ ROPD\DQ DOW\DS LKWL\DoODU QHGHQL\OH oHYUHVLQGHNL DUD]L
NXOODQPODUQGDGHLLNOLH\RODoDQROXPVX]HWNLOHULQHGHQL\OHoHYUHVHOHWNLOHU
DoVQGDQ |]HO |QOHPOHU JHUHNWLUHQ JHUHN DWNODU JHUHNVH \DSODPD LKWL\DF
QHGHQL\OH GRDO NOWUHO DUNHRORMLN PLUDV DoVQGDQ ROXPVX] HWNLOHUL RODQ
49
YH KHU WU YH |OoHNWH oHYUH G]HQL QD]P YH X\JXODPD LPDU SODQODUQ \DSPDN
\DSWUPDNGHLWLUPHNX\JXODPDNYH\DX\JXODQPDVQVDODPDN
o 7DELDW YDUONODU GRDO WDULKL DUNHRORMLN YH NHQWVHO VLWOHU LOH NRUXPD VWDWV
EXOXQDQ GLHU DODQODUQ oDNW \HUOHUGH NRUXPD YH NXOODQPD HVDVODUQ LOJLOL
EDNDQONODUQ J|UQ DODUDN EHOLUOHPHN YH EX DODQODUQ NVPHQ YH\D WDPDPHQ
KDQJLLGDUHOHUFH\|QHWLOHFHLQHNDUDUYHUPHNKHUWUYH|OoHNWHNLoHYUHG]HQLQD]P
YH X\JXODPD LPDU SODQODUQ \DSPDN \DSWUPDN YH RQD\ODPDN. G]HQOHPHOHUL
LOHKHU|OoHNWHNLSODQODUDYHSODQODPD\DLOLNLQKHUWUO\HWNLYHVRUXPOXOXN
%DNDQODYHULOPLWLU
VD\O(OHNWULN3L\DVDV.DQXQX
(QHUMLUHWLPDODQODUQGDLOJLOLNXUXPYHNXUXOXODUGDQDOQDQL]LQOHUYHYH\D
(3'.FD YHULOHFHN OLVDQV EX PHY]XDW NDSVDPQGD JHUoHNOHWLULOPHNWHGLU
VD\O (OHNWULN 3L\DVDV .DQXQXQXQ F 'HLLN 6. PG
PDGGHVLQGH *(6LQ JHUoHNOHWLULOPHVL LoLQ JHUHNHQ NDPXODWUPD LOHPOHUL
WDQPODQPWU (QHUML 3L\DVDV ']HQOHPH .XUXPX (3'. WDUDIQGDQ
\UWOHFHNNDPXODWUPDVUHFLQGHYHULOHFHNRODQNDPXODWUPDNDUDUNDPX
\DUDUNDUDU\HULQHJHoHFHNWLU
QFHOHPH DODQ YH oHYUHVLQGH X\JXODPD\ EHOLUOH\HQ YH \|QOHQGLUHQ GLHU
ELU PHY]XDW GD DODQQ QLWHOLL QHGHQL\OH NRUXPD PHY]XDWGU $DGD EX
NDQXQODUDLOLNLQRODUDNJHQHOGHHUOHQGLUPHOHUH\HUYHULOPLWLU
6D\O.\.DQXQX
QFHOHPHDODQQQ\DNQoHYUHVLLOHOLPDQ\DSODFDNN\NHVLPL.\.DQXQX
NDSVDPQGDGU
+HU WUO X\JXODPD\ .\ .DQXQX YH LOJLOL \|QHWPHOLNOHUL EHOLUOHPHNWHGLU
.\ NHVLPLQH LOLNLQ KHU WUO SODQODPD \HWNL YH VRUXPOXOXX .\ .DQXQX
NDSVDPQGD dHYUH YH HKLUFLOLN %DNDQOQD DLWWLU .\ \DSODUQD LOLNLQ
SURMHOHQGLUPH YH X\JXODPD 8ODWUPD 'HQL]FLOLN YH +DEHUOHPH %DNDQO
QHKLU]HULQGHNLVX\DSODUQQSODQODQPDVSURMHOHQGLULOPHVLYHX\JXODQPDV
2UPDQYH6XOHUL%DNDQOQQEDONXUXOXXQLWHOLLQGHNL'HYOHW6XOHUL
*HQHO0GUOQQ\HWNLYHVRUXPOXOXXQGDGU
.\NHVLPLGQGDNDODQE|OPSODQODPDDoVQGDQ%HOHGL\H.DQXQXYHO
g]HOGDUHVL.DQXQXNDSVDPQGD%HOHGL\HYH9DOLOLN\HWNLDODQLoLQGHGLU
QFHOHPHDODQQQLoLQGHEXOXQGXXE|OJHQLWHOLLQHGHQL\OHVD\O.\
.DQXQX NDSVDPQGDGU .\ .DQXQXQXQ 7DQPODU EDONO 0DGGHVLQGH
N\\DLOLNLQWDQPODUD\HUYHULOPLWLU%XQDJ|UH.\oL]JLVL'HQL]WDELLYH
VXQLJ|OYHDNDUVXODUGDWDNQGXUXPODUGQGDVX\XQNDUD\DGHGLLQRNWDODUQ
51
ELUOHPHVLQGHQ ROXDQ oL]JL\L .\ .HQDU oL]JLVL 'HQL] WDELL YH VXQL J|O YH
DNDUVXODUGDN\oL]JLVLQGHQVRQUDNLNDUD\|QQGHVXKDUHNHWOHULQLQROXWXUXOGXX
NXPOXNoDNOONND\DONWDONVD]ONEDWDNONYHEHQ]HULDODQODUQGRDOVQUQ
.\.\oL]JLVLLOHN\NHQDUoL]JLVLDUDVQGDNLDODQ
6DKLOHULGL.\NHQDUoL]JLVLQGHQLWLEDUHQNDUD\|QQGH\DWD\RODUDNHQD]
PHWUHJHQLOLLQGHNLDODQ'DU.\.\NHQDUoL]JLVLQLQN\oL]JLVLLOHoDNPDVQ
WDQPODPDNWDGU
0DKDOOH\HUOHLPLQHDLW\DSODPDODUYDUGU2\VD.\.DQXQXKNPOHULJHUHL
N\oL]JLVLQGHQLWLEDUHQNDUD\|QQGHLONPGHVDGHFHNDPXNXOODQPODU
\HUDODELOLU%XQHGHQOH|QFHOLNOHN\ODUGDN\oL]JLVLoDOPDODUQQ\DSOPDV
]RUXQOXGXU
.\.DQXQXQXQ8\JXODQPDVQD'DLU<|QHWPHOLN
<|QHWPHOLLQ.\GD<DSEDONOPDGGHVLQGH.\GDRQD\OX\JXODPD
LPDUSODQODUQDJ|UHYHoHYUHNLUOLOLLQLQ|QOHQPHVLQHLOLNLQWP|QOHPOHUDOQPDN
NRXOXLOHDDGDNL\DSYHWHVLVOHU\DSODELOLU
D.\QQNDPX\DUDUQDNXOODQPQDYHN\\NRUXPDNDPDFQD\|QHOLNDOW\DS
YHWHVLVOHU
VNHOH OLPDQ EDUQDN \DQDPD \HUL UKWP GDOJDNUDQ N|SU PHQIH] LVWLQDW
GXYDUIHQHUoHNHN\HULND\NKDQHWX]ODGDO\DQWDVIL\HYHSRPSDMLVWDV\RQODU
G]HQOHPHVL
EXOXQPDNWDGU
'ROGXUPD YH .XUXWPD <ROX\OD $UD]L .D]DQPD EDONO 0DGGHVLQGH
3ODQODUQ KD]UODQPDV LQFHOHQPHVL YH GROGXUPD YH NXUXWPD LOHPLQLQ
JHUoHNOHWLULOPHVL DDPDODUQGD HNRORMLN GHQJHQLQ NRUXQPDV GHQL] VXQL YH WDELL
J|O YH DNDUVXODUOD EXQODUQ oHYUHOHULQLQ YH EX oHYUHGHNL FDQO KD\DWQ ROXPVX]
HWNLOHQPHPHVLHVDVWUG]HQOHPHVLEXOXQPDNWDGU
.\ NDQXQXQ PDGGHVLQGH 6DKLO HULWOHULQLQ ELULQFL E|OPQ LoHUHQ
X\JXODPD LPDU SODQODU WP\OH DoN DODQ RODUDN WRSOXPXQ NXOODQPQD WDKVLV
HGLOHFHNHNLOGHG]HQOHQLU
6DKLO HULGLQLQ LNLQFL E|OPQGH \DSODFDN SODQODUWRSOXPXQ \DUDUODQPDVQD
DoN ROPDN DUW LOH NRQDNODPD KDULo EX <|QHWPHOLNWH WDQPODQDQ JQELUOLN
WXUL]P\DSYHWHVLVOHULQL6DKLOHULGLQLQLNLQFLE|OPQGH\DSODFDNJQELUOLN
WXUL]P\DSYHWHVLVOHULLoLQHPVDO\LELUNDW+ PHWUH\HDVPDNDWO
\DSOPDV KDOLQGH + PHWUH\L JHoPHPHN ]HUH SODQ NDUDUODU JHWLULOHELOLU
G]HQOHPHOHUL\HUDOPDNWDGU
38$\H,N(]HU*XUXS'RDOYH.OWUHO0LUDVQ.RUXQPDV*HOHFHN1HVLOOHUH$NWDUOPDV
'RDO0LUDVOHOJLOL0HY]XDW5DSRU.HQWOHPHXUDV.HQWVHO0LUDV0HNkQ.DOLWHVLYH
.HQWVHO7DVDUP.RPLV\RQX.HQWVHO0LUDV$OW.RPLV\RQX
52
*HQHO(VDVODU%DONOPDGGHVLQGH;
.\ YH VDKLO HULWOHULQGHQ \DUDUODQPDGD |QFHOLNOH NDPX \DUDU J|]HWLOLU
.\KHUNHVLQHLWOLNYHVHUEHVWOLNOH\DUDUODQPDVQDDoNROXSEXUDODUGDKLoELU
\DS \DSODPD] GXYDU oLW SDUPDNON WHO |UJ KHQGHN ND]N YH EHQ]HUL HQJHOOHU
ROXWXUXODPD].\ODUGDQNXPoDNOYHVDLUHDOQDPD]YH\DoHNLOHPH].\ODUGD
N\\GHLWLUHFHNER\XWWDYHN\QQGRDO\DSVQER]DFDNQLWHOLNWHND]\DSODPD]
9DOLOLNoHX\JXQJ|UOPHVLYH\D]OL]LQYHULOPHVLKDOLQGH9DOLOLNGHQHWLPLQGHN\QQ
GRDO\DSVQGHLWLUPH\HFHNER\XWYHQLWHOLNWH\DSODFDNND]LOHPLL]LQDUWODUQD
EDOGU ]LQ DUWODUQD D\NU LOHP \DSOPDV KDOLQGH YHULOHQ L]LQ LSWDO HGLOLU YH
<|QHWPHOLLQLQFLPDGGHVLQHJ|UHFH]DLLOHP\DSOU
.\GD YH VDKLO HULGLQGH SODQODPD YH X\JXODPD \DSODELOPHVL LoLQ RQD\O N\
NHQDUoL]JLVLQLQEXOXQPDV]RUXQOXGXUKNPOHUL\HUDOPDNWDGU
%XG]HQOHPHOHULQN\NHVLPLQGHX\XODFDNHVDVODURODUDNEHOLUOHQPLROPDV
*(6LQSURMHOHQGLUPHVLQLHQJHOOH\HPHPLWLU
6D\O.DUD$YFO.DQXQX
*(6LQHWNLDODQLoLQGHNDODQ6DUNXP7DELDW.RUXPD$ODQNP*D]L
0HVLUH<HULNP$NOLPDQ0HVLUH<HULD\Q]DPDQGD'HUHFH'RDO6LW
$ODQ6|WOHU6UW0HVLUH$ODQ7DWOFDHODODUL0HVLUH<HULD\Q]DPDQGD
'RDO6LW$ODQ+DPVLORV7DELDW3DUN%R]EXUXQ<DEDQ+D\DW*HOLWLUPH
6DKDV%R]EXUXQgUQHN$YOD%HNWDDD2UPDQ)LGDQO.DUDFDVX$ODEDON
7HVLVOHUL GHPOL 2UPDQ oL 0HVLUH <HUL VDQWUDO VDKDVQQ HWNL DODQ LoLQGH
NDOPDNWDGU 'RDO QLWHOLNOHUL QHGHQL\OH IDUNO GRD NRUXPD VWDWOHUL YHULOHQ
EXDODQODUJHUHNVDQWUDODODQQQJHUHNVHoHYUHVLQLQ\HUHOE|OJHVHOXOXVDOYH
XOXVODUDUDVQLWHOLNWH|]JQGRDO|]HOOLNOHUHVDKLSROGXXQXJ|VWHUPHNWHGLU
6D\O.OWUYH7DELDW9DUONODUQ.RUXPD.DQXQX
'RDO YDUONODUQ NRUXQPDVQD LOLNLQ \DVDO G]HQOHPHOHULQ WHPHOLQL
$QD\DVDQQ 7DULK .OWU YH 7DELDW 9DUONODUQQ .RUXQPDV EDONO
PDGGHVL JHQHO RODUDN |]HO |QHP DWIHGLOHQ GRDO YDUONODU LoLQ .\ODUGDQ
<DUDUODQPDEDONO7RSUDN0ONL\HWLEDONO7DUP+D\YDQFONYH
%X hUHWLP 'DOODUQGD dDODQODUQ .RUXQPDV EDONO 6DON dHYUH YH
.RQXW EDONO YH 2UPDQODUQ .RUXQPDV YH *HOLWLULOPHVL EDONO
PDGGHOHULROXWXUPDNWDGU
*(6LQ \DSODFD <D\NO .|\ dDNUROX 0HYNLLQGH GHQL] NHQDUQGD \HU
DODQ %L]DQV G|QHPL \DS NDOQWV $UNHRORMLN VLW DODQ RODUDN WHVFLOOL ROPDV
QHGHQL\OH'RDOPLUDVQNRUXQPDVQDLOLNLQRODUDNN\NHVLPLQLLOJLOHQGLUHQ
G]HQOHPHOHULQ EDQGD .\ .DQXQX GRDO VLW DODQ YH WDELDW YDUONODUQD
53
LOLNLQG]HQOHPHOHULQ\HUDOG.OWUYH7DELDW9DUONODUQ.RUXPD.DQXQX
RUPDQ YH RUPDQ UHMLPLQH JLUHQ \HUOHU LoLQ 2UPDQ .DQXQX \DEDQ KD\DWQD
LOLNLQ G]HQOHPHOHULQ \HU DOG .DUD $YFO .DQXQX JHOPHNWHGLU %X
G]HQOHPHOHUKXNXNVDOQLWHOLNOHULDoVQGDQGD|]HOQLWHOLNOLNDQXQODUGU
3URMHVDKDVQQN\NHVLPL6DPVXQ.OWUYH7DELDW9DUONODU.RUXPD%|OJH
.XUXOX0GUOQQWDULKYHVD\O\D]VQGDEHOLUWWLL]HUH
6LQRSOL*HU]HOoHVL<D\NO.|\dDNUROX0HYNLLQGHGHQL]NHQDUQGD\HU
DODQ%L]DQVG|QHPL\DSNDOQWVPR]DLNWDEDQG|HPHVLODKLWNDSDVWXQ
YHVHUDPLNEXOJXODUODYDUODQODODQHVNL\HUOHLP\HULQLQYHVD\O
\DVDODU LOH GHLLN VD\O \DVD NDSVDPQGD 6DPVXQ .OWU 9DUONODUQ
.RUXPD%|OJH.XUXOXQFDWDULKOLYHVD\ONDUDU\OD'HUHFH
DUNHRORMLNVLWDODQRODUDNWHVFLOHGLOPLWLU$\UFDE|OJHGHoRNVD\GDDUNHRORMLN
NDOQWROGXX\]H\DUDWUPDODULOHWHVSLWHGLOPLWLU
.OWU YH 7DELDW 9DUONODUQ .RUXPD <NVHN .XUXOXQXQ WDULKOL
1ROX LONH NDUDUQGD $UNHRORMLN 6LWOHU NRUXPD YH NXOODQPD NRXOODU
EHOLUOHQPLWLU.
$UNHRORMLN 6LWOHUGH .RUXPD YH .XOODQPD .RXOODU %X E|OPGH \DSODQ
GHUHFHOHQGLUPHDUNHRORMLNVLWOHULQWDGNODU|QHPYH|]HOOLNOHULQLQ\DQVUDDODQGD
X\JXODQDFDNNRUXPDYHNXOODQPDNRXOODUQNDSVDU
,'HUHFH$UNHRORMLN6LW.RUXPD\D\|QHOLNELOLPVHOoDOPDODUGQGDD\QHQ
NRUXQDFDNVLWDODQODUGU
%X DODQODUGD NHVLQOLNOH KLoELU \DSODPD\D L]LQ YHULOPHPHVLQH LPDU SODQODUQGD
D\QHQ NRUXQDFDN VLW DODQ RODUDN EHOLUOHQPHVLQH ELOLPVHO DPDoO ND]ODUQ GQGD
KLoELUND]\DSODPD\DFDQDDQFDN
a)5HVPLYH|]HONXUXOXODUFD]RUXQOXGXUXPODUGD\DSODFDNDOW\DSX\JXODPDODU
LoLQ P]H PGUOQQ YH YDUVD ND] EDNDQQQ J|U\OH NRQXQXQ NRUXPD
NXUXOXQGDGHHUOHQGLULOPHVLQH
b) <HQL WDUPVDO DODQODUQ DoOPDPDVQD \DOQ]FD VQUO PHYVLPOLN WDUPVDO
IDDOL\HWOHULQ GHYDP HGHELOHFHLQH NRUXPD NXUXOODUQFD X\JXQ J|UOPHVL KDOLQGH
VHUDFODGHYDPHGLOHELOHFHLQH
c) +|\N YH WPOVOHUGH WRSUDQ VUOPHVLQH GD\DQDQ WDUPVDO IDDOL\HWOHULQ
NHVLQOLNOH \DVDNODQPDVQD DDoODQGUPD\D JLGLOPHPHVLQH \DOQ]FD PHYFXW
DDoODUGDQUQDOQDELOHFHLQH
) 7D WRSUDN NXP YE DOQPDPDVQD NLUHo WD WXOD PHUPHU NXP PDGHQ
YE RFDNODUQ DoOPDPDVQD WRSUDN FXUXI o|S VDQD\L DW YH EHQ]HUL PDO]HPH
G|NOPHPHVLQH
KWWSWHIWLVNXOWXUWXUL]PJRYWU75QROXLONHNDUDULDUNHRORMLNVLWOHUNRUXPDYH
NXOODQKWPO
54
d) %X DODQODU LoHULVLQGH \HU DODQ |UHQ \HUOHULQGH JH]L \ROX G]HQOHPHVL PH\GDQ
WDQ]LPL DoN RWRSDUN :& ELOHW JLHVL EHNoL NXOEHVL JLEL QLWHOHULQ NRUXPD
NXUXOXQGDQL]LQDOQDUDN\DSODELOHFHLQH
e) %X DODQODU LoHULVLQGH EXOXQDQ YH JQP]GH KDOHQ NXOODQODQ XPXPD DoN
PH]DUONODUGDVDGHFHGHILQLOHPOHULQLQ\DSODELOHFHLQH
f) 7DQPD] NOWU YDUONODUQQ PDKL\HWLQH WHVLU HWPH\HFHN HNLOGH LOJLOL
NRUXPD NXUXOXQGDQ L]LQ DOPDN NRXOX\OD ELUOHWLUPH WHYKLW YH D\UPD LIUD]
\DSODELOHFHLQH
NDUDUODUJHWLULOPLWLU
6D\OdHYUH.DQXQX
.DQXQXQ DPDF YDWDQGDODUQ RUWDN YDUO RODQ oHYUHQLQ NRUXQPDV
L\LOHWLULOPHVL VX WRSUDN YH KDYD NLUOHQPHVLQLQ |QOHQPHVL ONHQLQ ELWNL YH
KD\YDQ YDUO LOH GRDO YH WDULKVHO ]HQJLQOLNOHULQ NRUXQDUDN EXJQN YH
JHOHFHNNXDNODUQVDONX\JDUONYH\DDPG]H\LQLQJHOLWLULOPHVLYHJYHQFH
DOWQDDOQPDVLoLQ\DSODFDNG]HQOHPHOHULYHDOQDFDN|QOHPOHULHNRQRPLN
YHVRV\DONDONQPDKHGHIOHULLOHX\XPOXRODUDNEHOLUOLKXNXNLYHWHNQLNHVDVODUD
J|UHG]HQOHPHNWLU
6D\O2UPDQ.DQXQX
3URMH VDKDVQQ ELU NVP RUPDQ QLWHOLLQGH ROGXXQGDQ VD\O 2UPDQ
.DQXQXNDSVDPQGDGU$\UFDELUPLNWDUEDODQODUQQROGXXEHOLUWLOPHNWHGLU
%XDODQODUGDX\JXODPDODUEHOLUOH\HQG]HQOHPHRUPDQNDQXQXGXU
gQHPOL%LWNL$ODQg%$
+HUKDQJL ELU \DVDO GD\DQD ROPDPDNOD ELUOLNWH XOXVODUDUDV NDEXO J|UP
NULWHUOHUHVDVDOQDUDN|QHPOLELWNLDODQODUEHOLUOHQPHNWHGLU6DUNXPWDELDW
NRUXPDDODQD\Q]DPDQGD'HUHFHGRDOVLWDODQ|QHPOLELWNLDODQg%$
|QHPOL GRD DODQ g'$ |QHPOL NX DDQg.$ YH XOXVODUDUDV |QHPGH
VXODNDODQVWDWVQGHGLU
8OXVODUDUDV6|]OHPHOHU
.DUDGHQL]LQ.LUOHQPH\H.DU.RUXQPDV6|]OHPHVL%NUH6|]OHPHVL
.DUDGHQL] %|OJHVLQGH %L\RoHLWOLOLN YH 3H\]DMQ .RUXQPDV 3URWRNRO
'Q\D .OWUHO YH 'RDO 0LUDVQQ .RUXQPDVQD 'DLU 6|]OHPH
3DULV
81(6&2
55
$YUXSDQQ<DEDQ+D\DWYH<DDPD2UWDPODUQ.RUXPD6|]OHPHVL%HUQ
6|]OHPHVL
%L\RORMLN dHLWOLOLN 6|]OHPHVL YH 6|]OHPH (NL &DUWDJHQD%L\RJYHQOLN
3URWRNRO
5DPVDU6|]OHPHVLg]HOOLNOH6X.XODU<DDPD2UWDP2ODUDN8OXVODUDUDV
gQHPH6DKLS6XODN$ODQODU+DNNQGD6|]OHPH
&,7(6 6|]OHPHVL 1HVOL 7HKOLNH $OWQGD 2ODQ <DEDQL +D\YDQ YH %LWNL
7UOHULQLQ8OXVODUDUDV7LFDUHWLQHOLNLQ6|]OHPH
3DULV6|]OHPHVL.XODUQ+LPD\HVLQH'DLU6|]OHPH
$YUXSD3H\]DM6|]OHPHVL
$YUXSD %LUOLL +DELWDWODU YH 7UOHUL .RUXPD <|QHWPHOLL ((&
1DWXUD$ODQODU
$YUXSD%LUOLL.XODU.RUXPD<|QHWPHOLL((&
81(6&2QVDQYH%L\RVIHU3URJUDPYH%L\RVIHU.RUXPD$ODQODU
d|OOHPHLOH0FDGHOH6|]OHPHVLYHNOLP'HLLNOLLdHUoHYH6|]OHPHOHUL
*(6DODQYHHWNLDODQXOXVODUDUDVWDDKKWOHUDoVQGDQGHHUOHQGLUGLLQGH
7UNL\HQLQ WDUDI ROGXX XOXVODUDUDV V|]OHPHOHU VDKDQQ N\ NHVLPLQL
YH oHYUHVLQL |]HOOLNOH GRD NRUXPD DODQQGD \DSODFDN X\JXODPDODU
EDODPDNWDGU <XNDUGD YHULOHQ V|]OHPHOHUGH JHQHO RODUDN HNRVLVWHPOHULQ
NRUXQDFDWDDKKGQGHEXOXQXOPXWXU*(6DODQHWNLDODQYH\DNQoHYUHVL
GRDO|]HOOLNOHULQHGHQL\OHEXV|]OHPHOHULQNDSVDPQGDNDOPDNWDGU$DGD
|UQHN ROXWXUPDV DoVQGDQ N\ DODQQ GRUXGDQ HWNLOH\HQ XOXVODUDUDV
V|]OHPHOHUHLOLNLQJHQHOGHHUOHQGLUPHOHUH\HUYHULOPLWLU
.DUDGHQL]LQ.LUOLOLH.DU.RUXQPDV6|]OHPHVL%NUH6|]OHPHVL
*HQHO RODUDN .DUDGHQL] HNRVLVWHPLQLQ JHUL ND]DQPQ VDODPDN YH GRDO
ND\QDNODUQL\LOHWLUPHN.DUDGHQL]LQGHQL]oHYUHVLQLQNLUOHQPHVLQL|QOHPHN
D]DOWPDN YH NRQWURO HWPHN GRDO ND\QDNODUQ VUGUOHELOLU NXOODQPQ YH
N\ DODQODUQGD oHYUH GRVWX LQVDQ IDDOL\HWOHULQLQ WHYLN HGLOPHVLQL VDOD\DQ
\DVDODUDoODUQJHOLWLULOPHVLQLVDODPDNE|OJHVHOYHXOXVDOG]H\OHUGHVHNW|UOHU
DUDV HWNLOHLPL EDODWPDN EL\RORMLN oHLWOLOLLQ NRUXQPDV YH HNRVLVWHP
IRQNVL\RQODUQQ VUGUOPHVL YH \HQLOHQPHVLQL VDODPDN .DUDGHQL] GHQL]
oHYUHVLQLYHFDQOND\QDNODUQQ.DUDGHQL]ONHOHULWDUDIQGDQRUWDNELUoDED
LOHNRUXPDNDPDoRODUDNEHOLUOHQPLWLU
7UNL\H JHUHNOL oDOPDODU %NUH 6|]OHPHVL X\DUQFD JHUoHNOHWLUPHN
DPDF\OD NXUXODQ .DUDGHQL]LQ .LUOLOLH .DU .RUXQPDV .RPLV\RQX
56
.DUDGHQL].RPLV\RQX'DLPL6HNUHWDU\DVQDYH.DUDGHQL].RPLV\RQXQDHY
VDKLSOLL\DSPDNWDGU
6|]OHPHNDSVDPQGDKD]UODQDQ.DUDGHQL]'HQL]dHYUHVLQLQ.DUD.|NHQOL
.D\QDNODUGDQ .LUOHQPH\H .DU .RUXQPDVQD 'DLU 3URWRNRO .DUDGHQL]
'HQL]dHYUHVLQLQ3HWUROYH'LHU=DUDUO0DGGHOHUOH.LUOHQPHVLQH.DU$FLO
'XUXPODUGD<DSODFDNELUOLLQH'DLU3URWRNRO.DUDGHQL]'HQL]dHYUHVLQLQ
%RDOWPDODU 1HGHQL\OH .LUOHQPHVLQH .DU 3URWRNRO GLHU XOXVODUDUDV
G]HQOHPHOHUGLU
.DUDGHQL]LQ.RUXQPDVYH5HKDELOLWDV\RQXQDOLNLQ6WUDWHMLN(\OHP3ODQ
(\OHPSODQQQKNPOHULoHUoHYHVLQGHNXUXODQGDQPDJUXEXQGDQELULVL
%WQOHLN .\ $ODQODU <|QHWLPL 'DQPD *UXEXGXU +HU \O %DNDQON
%WQOHLN .\ $ODQODU <|QHWLPL NDSVDPQGD QIXV HNRQRPL WDUP
XODPHQHUMLWXUL]PVDQD\LNRQXODUQDLOLNLQYHULYHELOJLOHU\OONRODUDNLOJLOL
NXUXPODUGDQWRSODQPDNWDYH.RPLV\RQDUDSRUODQPDNWDGU%XNDSVDPGDGD
.DUDGHQL]N\VQGD\DSODFDNHQHUMLWHVLVOHULQLQELOGLULPLJHUHNOLGLU
%WQOHLN.\$ODQODU
.\ DODQODUQQ \|QHWLPLQH LOLNLQ LOHPOHU \OQGD %LUOHPL 0LOOHWOHU
WDUDIQGDQ oNDUODQ ELU WDYVL\H NDUDU LOH %DUVHORQD 6|]OHPHVL
NDSVDPQGD 81(3 $NGHQL] (\OHP 3ODQ $(3 gQFHOLNOL (\OHP 3URJUDP
%|OJHVHO $NWLYLWH 0HUNH]L 3$35$& WDUDIQGDQ \UWOPHNWHGLU 6|]
NRQXVX$NWLYLWH0HUNH]L$NGHQL]GHN\DODQODU\|QHWLPLLOHLOJLOLoDOPDODUQ
NRRUGLQDV\RQXQGDQ %WQOHLN .\ $ODQODU <|QHWLPL 3URWRNROQGHQ YH
LOJLOLDNWLYLWHOHUGHQVRUXPOXGXU'Q\DGD%.$<LoLQKD]UODQDQLONXOXVODUDUDV
PHWLQRODQ%0%.$<3URWRNRO\OQGDLP]D\DDoOPROPDNODELUOLNWH
7UNL\HKHQ]WDUDIROPDPWU$YUXSD.RPLV\RQXQXQ\OQGDGHNODUH
HWWLLEWQOHLNN\DODQODUWDQP%WQOHLNN\DODQODU\|QHWLPLJHQHODPDF
VUGUOHELOLUNDONQPDN\DODQODUQQNRUXQPDVYHEL\RoHLWOLOLLQ\DDWOPDVRODQ
SUDWLNX\JXODPD\VDOD\DELOHFHNVUHNOLELULGDUHLOHPLGLUHNOLQGH\DSOPWU
.DUDGHQL]GH%L\RORMLNdHLWOLOLLQYH3H\]DMQ.RUXQPDV3URWRNRO
3URWRNRO .DUDGHQL]LQ HNRVLVWHPLQL L\L ELU HNRORMLN KDOGH YH SH\]DMQ X\JXQ
DUWODUGDPXKDID]DHWPHNYHEL\RORMLNND\QDNODU]HQJLQOHWLUPHNLoLQ.DUDGHQL]LQ
EL\RORMLN YH SH\]DM oHLWOLOLLQL NRUXPDN PXKDID]D HWPHN YH VUGUOHELOLU HNLOGH
\|QHWPHNWLUHNOLQGHWDQPODQPDNWDGU
'Q\D.OWUHOYH'RDO0LUDVQQ.RUXQPDVQD'DLU6|]OHPH
.OWUHO YH 'RDO 0LUDVQ 8OXVDO YH 8OXVODUDUDV .RUXQPDV EDONO
0DGGHVLQGH EHOLUWLOGLL ]HUH %X V|]OHPH\H WDUDI RODQ GHYOHWOHUGHQ KHU
57
$YUXSD%LUOLL+DELWDWODUYH7UOHUL.RUXPD<|QHWPHOLL((&
<|QHWPHOLNNDSVDPQGD1DWXUD$ODQODUEHOLUOHQPHNWHGLU+DELWDWODU
YH7UOHUL.RUXPD'LUHNWLILYH.XODU.RUXPD'LUHNWLILQHGD\DQPDNWDGU
d|OOHPHLOH0FDGHOH6|]OHPHVLYHNOLP'HLLNOLLdHUoHYH6|]OHPHOHUL
dHYUH\HLOLNLQRODUDNNUHVHO|OoHNWHNRUXPDL\LOHWLUPHYHROXPVX]HWNLOHULQ
HQD]DLQGLUJHQPHVLDPDF\ODKD]UODQPWU
<XNDUGD JHQHO EDONODU KDOLQGH YHULOHQ PHY]XDWODU \HU VHoLPLQGHQ
EDOD\DUDN WHVLVLQ LOHWLP DDPDV GDKLO EHOLUOH\LFL YH \|QOHQGLULFLGLU
6QUODPD \D GD \|QOHQGLUPH LoHUHQ G]HQOHPHOHUH J|UH *(6LQ X\JXODQPD
RODQDEXOXQPDPDNWDGU$QFDN|]HOOLNOHXOXVDOG]HQOHPHOHULoLQGHLVWLVQD
PDGGHOHUEROXNODU\DGDoHOLNLOHUDGHWDWPVQUODPDODUYH\|QOHQGLUPHOHUL
RUWDGDQNDOGUPDNWDGU%XGXUXPDELUGHX\JXODPDGDRUWD\DoNDQ]DIL\HWOHU
HNOHQGLLQGHKHPHQKHUPHY]XDWERDoNPDNWDQHUHGH\VHWPVQUODPDODU
JHoHUOLOLLQL \LWLUPHNWHGLU 8\JXODPDODU J|] |QQH DOQGQGD WHUPLN
VDQWUDOOHULQ ELOLQHQ HWNLOHULQLQ GQGD LOHWLP DQOD\QQ YH LGDUL WXWXPXQ
|QOHPHNWHQ X]DN DNVLQH .DKUDPDQPDUDWDNL $ILQ(OELVWDQ 6DQWUDOLQGH
ROGXX JLEL oNDUODQ \DVDO G]HQOHPHOHUOH kGHWH oHYUH\L NLUOHWPH PXDIL\HWL
JHWLULOPHNWHGLU (OHNWULN 3L\DVDV .DQXQXQXQ hUHWLP 7HVLVOHULQLQ dHYUH
0HY]XDW\OD 8\XPOX +kOH *HWLULOPHVL EDONO JHoLFL 0DGGHVL LOH NDPX
UHWLP LUNHWOHULQH oHYUH\OH LOJLOL PHY]XDWODUD X\JXQOXXQ VDODQPDV LoLQ
\OQDNDGDUVUHWDQQG%XPDGGH\HJ|UH7UNL\HQLQHQE\NOLQ\LW
N|PUUH]HUYLQHVDKLS$ILQ(OELVWDQE|OJHVLQGHNL$YH%WHUPLNVDQWUDOOHUL
oHYUH\H YHUGLL ]DUDU GROD\V\OD GHIDODUFD FH]D\D oDUSWUODQ \OGD
PLO\RQWRQNOYHPLO\RQWRQNDUERQGLRNVLW\D\GLIDGHHGLOHQ$ILQ
(OELVWDQ $ YH % 7HUPLN 6DQWUDOL PHNDQLN |PUQ WDPDPODPDVQD UDPHQ
FH]DYHULOHPH\HFHNWLU
;7h5.<((1(5-32/7.$/$5,1'$7(50.6$175$//(5
7UNL\HQLQ \OQGDNL WRSODP ELULQFLO HQHUML DU] PLO\RQ 7(3GLU
%XDU]QND\QDNODUDGDOPQGDN|PUGHNLLWKDODWQDUWPDV\OD\OQGD
LONVUD\PLO\RQ7(3YHWRSODPDU]QVLSD\ODGRDOJD]DOPWU
'RDOJD]PLO\RQ7(3YHLOHN|PUPLO\RQ7(3YHLOH
SHWURO PLO\RQ7(3 YH LOH KLGUROLN PLO\RQ7(3 YH LOH
RGXQo|SKD\YDQELWNLDUWNODULOHMHRWHUPDOU]JkUYHJQHDOUNHQEXQX
PLO\RQ7(3YHRUDQLOHGLHUND\QDNODUL]OHPLWLU
KWWSZZZFDQDNNDOHPHPOHNHWFRP"6\I +EU &%VWHULQDQLVWHU
LQDQPD
41%XE|OP7002%7HUPH7HUPLN6DQWUDO5DSRUXQGDQGHUOHQPLWLU
59
7UNL\HHQHUMLLWKDODWQGDGQ\DGDPLO\DUP3GRDOJD]LOHPLO\RQWRQ
SHWUROLOHPLO\RQWRQLWKDON|PULOHPLO\RQWRQSHWURNRNLOH
VUDGD\HUDOPDNWDGU%XWDEORHQHUMLGHGDEDPOOP]QQHNDGDU\NVHN
ER\XWODUGDROGXXQXoRNQHWJ|VWHUPHNWHGLU7UNL\HHOHNWULNUHWLPLQLQGH
LQLGRDOJD]LOHQLWKDON|PULOHVDODPDNWDGU
HNLO.D\QDNODUD*|UH7UNL\HQLQ<O(OHNWULNhUHWLPL
7UNL\HGH HOHNWULN HQHUMLVL NXUXOX JF (NLP LWLEDUL\OH 0:D
XODPWU\OQGDUHWLOHQHOHNWULLQLGRDOJD]GDQGH
LWKDO N|PUGHQ ROPDN ]HUH UHWLPGH LWKDO ND\QDN RUDQ G]H\LQH
XODPWU
\OODUQ NDSVD\DQ .DONQPD 3ODQ HOHNWULN HQHUMLVL WDOHELQLQ
GH *:KH oNDFDQ \DQL \H J|UH DUWDFDQ EXQX LoLQ
GHHOHNWULNNXUXOXJFQQELQ0:GHQELQ0:\HoNPDV\DQL
DUWPDVJHUHNWLLQL|QJ|UPHNWHGLU$\UFDUDSRUGD|]HOOHWLUPHOHUVRQXFXQGD
VRQX LWLEDUL\OH |]HO VHNW|UQ HOHNWULN NXUXOX JF LoHULVLQGHNL SD\QQ
\DHOHNWULNUHWLPLQGHNLSD\QGD\H\NVHOGLLJHULNDODQHOHNWULN
UHWLP WHVLVOHULQLQ |QHPOL ELU E|OPQQ GH |]HOOHWLULOPHVLQLQ KHGHIOHQGLL
EHOLUWLOPHNWHGLU
g]HOVHNW|UHVDODQDQDOPJDUDQWLOL\DWUPDQODPDODUVD\HVLQGH
$GDQD+DWD\0HUVLQ dDQDNNDOH YH 2UWD .DUDGHQL] DUONO ROPDN
60
]HUHONHJHQHOLQGHVD\ODULEXODQ\HQLN|PUVDQWUDOODUQQ|QGH
DoOPWU
0HYFXW GRDOJD] VDQWUDOODUQQ NXUXOX JF (NLP LWLEDUL LOH
0:GU %X NDSDVLWH\H GRDOJD]GD OLVDQV DOS \DWUPODU VUHQ VDQWUDOODUQ
YH OLVDQVODPD DDPDVQGDNL VDQWUDOODUQ 0:ON SURMH VWRNX
HNOHQGLLQGHGRDOJD]DGD\DOHOHNWULNUHWLPVDQWUDOODUQQNXUXOXNDSDVLWHVL
0:D XODDELOHFHNWLU %X UDNDP EXJQN WRSODP NXUXOX JFQ
VQD HGHHUGLU %X GXUXPGD NXUXODFDN \HQL GRDOJD] \DNWO HOHNWULN
UHWLP VDQWUDOODUQQ HN PLO\DU P3 JD] LKWL\DoODUQQ KDQJL ONHGHQ
KDQJLDQODPDODUODKDQJLERUXKDWODU\ODYHYH\D/1*DQODPDODU\ODWHPLQ
HGLOHFHLEHOLUVL]GLU
0HYFXW LWKDO N|PU VDQWUDOODUQQ NXUXOX JF (NLP LWLEDUL
LOH0:GU0:NDSDVLWHVLQGHNLDGHWLWKDON|PUHGD\DO
HOHNWULNUHWLPVDQWUDOL\DWUPQQGDOLVDQVEDYXUXODUEDYXUXLQFHOHPH
GHHUOHQGLUPH YH X\JXQ EXOPD DDPDVQGDGU %X VDQWUDOODUQ GD OLVDQV
DOPDV\OD \DWUPODU VUHQOHUOH ELUOLNWH LWKDO N|PUH GD\DO VDQWUDOOHULQ
\DUDWDFD LODYH NDSDVLWH 0:D XODDFDNWU %|\OHFH YDUODFDN
NDSDVLWH0:DXODDFDNYH7UNL\H.XUXOXJFQQ\DUVQGDQID]OD
JoWH LWKDO N|PU VDQWUDO NXUXOPDV V|] NRQXVX RODFDNWU 6HNW|U X]PDQODU
LWKDON|PUHGD\DOVDQWUDOODUGDGDSURMHVWRNXQXDEDUWOEXOPDNWDYHELUoRN
SURMHQLQJHUoHNOHPH\HELOHFHLGHHUOHQGLUPHVLQGHEXOXQPDNWDGU
$QFDN WPQQ JHUoHNOHPHVL KDOLQGH PHYFXW WRSODP NXUXOX JFH \DNQ
NDSDVLWHGH\HQLLWKDOGRDOJD]YHN|PU\DNWOVDQWUDOWHVLVHGLOPLRODFDNWU
(7.%YH(3'.QQVRUXPOXROGXXEXWDEOR7UNL\HQLQJHQHORODUDNGD
EDPOOQ |]HO RODUDN HOHNWULN UHWLPLQGHNL GD EDPOQ GDKD GD
SHUoLQOH\HFHNWLU
%ORRPEHUJ1()WDUDIQGDQKD]UODQDQ7UNL\H(OHNWULN3L\DVDVQQ*HOHFHL
5DSRUXQGD GD 0HYFXW 3ROLWLNDODU 6HQDU\RVXQD J|UH HOHNWULN WDOHELQGHNL
DUWQ|QHPOLELUE|OPOLQ\LWYHWDN|PUQHGD\DO\HQLWHUPLNVDQWUDOOHUGHQ
NDUODQDFDNWU %X VDQWUDOOHUGH NXOODQODFDN OLQ\LWLQ \HUOL ND\QDNODUGDQ
VDODQDFDN ROPDV PXKWHPHOGLU $QFDN \DNQ JHoPLH EDNDFDN ROXUVDN
7UNL\HQLQWDN|PUWNHWLPLQLQLQLQLWKDOND\QDNODUGDQVDODQPD\D
GHYDP HGHFHL V|\OHQHELOLU 036 DOWQGD G|QHPLQGH WD
N|PUQHGD\DOHOHNWULNUHWLPLNDWQDoNDUNHQ\OONWDN|PULWKDODW
GD QRPLQDO GHHUOHUOH PLO\DU $%' 'RODUQGDQ PLO\DU $%' 'RODUQD
\NVHOHELOLUWHVSLWL\DSOPDNWDGU
6RUXQXQGLHU|QHPOLER\XWXGDDUWDFDNGDEDPOOQHNRQRPLN\NGU
GH WRSODP PLO\DU GRODUD XODDQ HQHUML JLUGLOHUL LWKDODW GH
61
PLO\DU GRODUD YDUPWU GH NoN ELU JHULOHPH ROPX YH LWKDODW
PLO\DUGRODURODUDNJHUoHNOHPLWLU2UWDYDGHOLSURJUDP|QP]GHNLo\OGD
\OONRUWDODPDPLO\DUGRODUHQHUMLJLUGLOHULLWKDODW|QJ|UPHNWHGLU
;,.$5$'(1=%g/*(61'(7(50.6$175$//(59((1(5-
+7<$&,$d,6,1'$1'((5/(1'5/0(6
.DUDGHQL]E|OJHVLQGHWHUPLNSURMHVWRNXLoLQGHLWKDON|PUoQFVUDGDGU
LOGHWHUPLNVDQWUDOSURMHVLEXOXQPDNWDGU(QID]ODJo=RQJXOGDNLOLQGHGLU
7DEOR.DUDGHQL]%|OJHVLQGH/LVDQV$OPLOHWPHGH\DGDLQDKDOLQGHNL
6DQWUDO.DSDVLWHOHUL
(+5
+'52/.
0:
7(50.
MW
5h=*$5
0:
%<2.h7/(
0:
6123
%2/8
'h=&(
.$67$0218
6$0681
723/$0
0:
/(70('(
0:
d2580
$0$6<$
72.$7
25'8
*h0h+$1(
%$<%857
75$%=21
5=(
=21*8/'$.
.$5$%h.
%$57,1
*5(681
$5791
1h./((5
723/$0
62
<XNDUGDNLWDEORLQFHOHQGLLQGH.DUDGHQL]E|OJHVLQGH0:KLGUROLN
0:GRDOJD]0:LWKDON|PUROPDN]HUHWRSODP0:WHUPLN
SURMH VWRNX EXOXQGXX J|UOPHNWHGLU 6LQRSWD NXUXOPDV SODQODQDQ QNOHHU
VDQWUDONDSDVLWHVLLOHELUOLNWH.DUDGHQL]E|OJHVLQGHOLVDQVDOPLQDKDOLQGH\D
GDLOHWPHGHRODQVDQWUDONDSDVLWHVLWRSODP0:EXOPDNWDGU%XGD
XDQGDNL7UNL\H.XUXOXJFQQVGU
%|OJHGHNLKLGUROLNNDSDVLWHQLQ\DNODN0:WHUPLNNDSDVLWHQLQGH
0: ROGXX GQOGQGH EXQODUQ oHYUHVHO HWNLOHULQLQ ER\XWXQXQ WHNUDU
WHNUDULUGHOHQPHVLJHUHNLU
2UWD.DUDGHQL]%|OJHVLQGH(OHNWULN(QHUMLhUHWLPL
%|OJH JHQHOLQGH E\N NDSDVLWHOL HQHUML UHWLP WHVLVOHUL LWLEDUL\OH NXUXOX Jo
PLNWDU0:FLYDUQGDGUULOLXIDNOUHWLFLOHUKHVDEDNDWOGQGDEXJo
0:VHYL\HVLQHXODPDNWDGU7DEOR%|OJHLOOHULQLQDQONSLNWNHWLP
GHHUOHULQHEDNOGQGD0:ROGXXJ|UOPHNWHGLU7DEOR7NHWLPGHQ
JHUL\HNDODQ0:NDSDVLWH\H'RX.DUDGHQL]KDY]DVQGDQJHOPHNWHRODQ
KLGUROLN NDSDVLWH HNOHQGLLQGH NL EX NDSDVLWH KHU JHoHQ JQ DUWPDNWDGU
XOXVDOHQHUMLDU]JYHQOLLEDNPQGDQE|OJHQLQ|QHPLGDKDL\LDQODOPDNWDGU
$NWDUPLoLQHQHUMLQDNLOKDWODUQQVLVWHPJYHQOLLNULWHUOHULQHJ|UHYHHEHNH
ND\SODUQHQD]DLQGLUHFHNHNLOGHWHVLVHGLOPHVLJHUHNOLGLU
7DEOR2UWD.DUDGHQL]%|OJHVLQGH(OHNWULN(QHUMLhUHWLPL
2UWD
%|OJHVL
6DPVXQ
2UGX
dRUXP
6LQRS
$PDV\D
723/$0
.DUDG 7HVLV$G
$OWQND\D
'HUEHQW
+DVDQ8XUOX
6XDW8XUOX
6DPVXQ
dDUDPED
$NVD6DPVXQ0RELO
&HQJL]'RDOJD]
<HLO\XUW'*
209
2UGX+(6
7RSoDP+(6
8PXW+(6
'DUFD+(6
%R]WHSH+(6
hoJHQ+(6
2EUXN+(6
QFHVX+(6
3LULQoOL+(6
+D\DW$
%R\DEDW+(6
7P+(6OHU
.XU*o
0:
500
11
130
110
10
212
510
4738
63
<DNW&LQVL
+LGUROLN.DSDVLWH
7HUPLN.DSDVLWH
+LGUROLN.DSDVLWH
+LGUROLN.DSDVLWH
+LGUROLN.DSDVLWH
+LGUROLN.DSDVLWH
7DEOR2UWD.DUDGHQL]%|OJHVLQGH(OHNWULN(QHUML7NHWLPL
2UWD.DUDGHQL]%|OJHVL
O7NHWLPOHUL0:
$QON3LN'HHU
6DPVXQ
2UGX
220
dRUXP
6LQRS
$PDV\D
723/$0
985
(3'.GD|QOLVDQVYHOLVDQVDDPDVQGDRODQ\DGDOLVDQVVUHFLEDODWPDGDQ
GRUXGDQ d(' VUHFLQGH SURMHOHQGLULOHQ \DWUPODUD EDNOGQGD LVH $UDON
LWLEDUL\OH N|PUO YH GRDOJD]O WHUPLN VDQWUDOQ VUDGD ROGXX
J|UOPHNWHGLU 7DEOR %X VDQWUDOODUQ NDSDVLWHVL 0: GRDOJD]
VDQWUDO ROPDN ]HUH WRSODP 0:WU 6LQRS *HU]H (QHUML 6DQWUDOL
d(' DODPD\DUDN \DVDO d(' VUHFLQL WDPDPODPDVQD UDPHQ KDOHQ (3'.
OLVWHOHULQGH\UUONWHJ|UOPHNWHGLU$\UFD6LQRS1NOHHU6DQWUDO3URMHVLQH
DLWKHUKDQJLELUYHUL\H\HUYHULOPHPLWLU7DEORYH7DEORGHYHULOHQ|QOLVDQV
OLVDQVd('VUHoOHULQGHNLVDQWUDOODUQWRSODPJF0:EXOPDNWDGU
NL EX E|OJH WNHWLPLQLQ \DNODN NDWQD HLWWLU $\UFD LUNHWOHU OLVDQV DOS
LOHWPH\HJHoWLNWHQVRQUDGDED]SURVHGUOHUL\HULQHJHWLUHUHNNXUXOXJoOHULQL
DUWUDELOPHNWHYH\HQLQLWHOHUNXUDELOPHNWHGLUOHU
7DEOR (3'.GD gQOLVDQV/LVDQV $DPDODUQGD 3URMHOHQGLULOPL 7HUPLN
6DQWUDOODU
2 U W D
.DUDGHQL]
%|OJHVL
6DPVXQ
$PDV\D
dRUXP
6LQRS
)LUPD$G
7HVLV$G
.XUXOX *o
0:H
<DNW&LQVL
7HUPH'*.d6
7HUPLN'RDOJD]
%DIUD'*.d6
7LP$YUDV\D
8PXW(QHUML6DQW
.5/(QHUML
0HU]LIRQ'*.d6
*UPLQ(QM $PDV\D
7HUPLN
0LVRYD'*.d6
7HUPLN'RDOJD]
7HUPLNWKDO.|PU
(3'. /LVDQV EDYXUXVX
\RN
7HUPLN'RDOJD]
300
7HUPLN<HUOL.|PU
7HUPLN'RDOJD]
*HU]H6DQWUDOL
7HUPLNWKDO.|PU
*UPLQ(QHUML
0LVRYD
(QHU
hUHWLP
$QDGROX$
723/$0
64
;,,*(61d(95(6(/(7./(5
%LU WHUPLN VDQWUDOLQ NXOODQODQ KDPPDGGHQLQ QLWHOLL KDPPDGGH WHPLQLQH
EDO WDPD GHSRODPD ELoLPL SURVHV VHoLPL DWN NRQWUROQH EDO RODUDN
WHNQLN\DNODPYHIRQNVL\RQXQGDQND\QDNODQDQoHYUHVHOHWNLOHULQLQ\DQVUD
GRDONOWUHODUNHRORMLNYDUONODUDHNRQRPLNVHNW|UOHUYHE|OJHKDONQDRODQ
HWNLOHULVDQWUDOLQ\HUVHoLPLQHEDORUWD\DoNPDNWDGU
6DQWUDOOHULQ SURVHVH VRQXFXQGD RUWD\D oNDQ VDQWUDOGDQ ND\QDNODQDFDN
DWNODU o JUXED D\UOPDNWDGU %XQODU EDFD JD] HPLV\RQODU VY DWNODU
HQGVWUL\HODWNVXYHHYVHODWNVXYHNDWDWNODUGU%XDWNODUQKDYDVXYH
WRSUDN]HULQGHNLHWNLOHULGHD\QRUDQGDDUWPDNWDGU3URVHVLQJHUHLRODUDNVX
LKWL\DFVXRUWDPODUQQGDD\QRUDQGDHWNLOHQPHVLQH\RODoPDNWDGU
'LHUELUoHYUHVHOHWNLGHIRQNVL\RQXQJHUHLNDUDRUWDPQGD\DSODQVDQWUDO
\DSVGQGDN\GDGHQL]RUWDPQGD\DSODPD]RUXQOXOXXGXU
7HUPLNVDQWUDOOHUGHQGHQL]HYHULOHQDWNODU\DUDWWNODUNLUOLOLNQHGHQL\OHE\N
|QHP WDPDNWDGUODU EX VDQD\LOHULQ GHQL] VX\XQD DWW o|]OHELOHQ WX]ODU
JD]ODUYHNLP\DVDOPDGGHOHURUJDQLNPROHNOOHULQDUWOGJLELGRDO\ROODUOD
DUWODPD]ODU $UWOPDGDQ |]HOOLNOH N\ VXODUQD ERDOWODQ WRNVLN PDGGHOHU
LoHULVLQGH|QHPOL\HUWXWDUODU%XWRNVLNPDGGHOHUDNXDWLNRUJDQL]PDODUQGRNX
YHRUJDQODUQGDEULNLP\DSDUDNFDQOODUQ]HKLUOHQPHOHULQH\DGDEHVLQ]LQFLUL
\ROX\ODGLHUFDQOODUD]DUDUYHULUOHU
6LQRS YH \DNQ oHYUHVLQLQ ELUNDo QRNWD KDULo ROGXNoD WHPL] ROGXX 6LQRS
hQLYHUVLWHVL 6X hUQOHUL )DNOWHVLQGH \DNODN \O DNQ VUHGLU \DSODQ
oDOPDODUGD RUWD\D oNW DU PHWDO G]H\OHULQLQ XOXVODUDUDV NXUXOXODUQ
YHUPL ROGXX GHHUOHULQ DOWQGD NDOG EHOLUWLOPHNWHGLU .DUDGHQL]LQ
JHQL GUHQDM KDY]DVQD VDKLS NDSDO GHQL] ROPDV YH DNDUVXODUGDQ JHOHQ
NLUOHWLFL PLNWDUQQ GHELQLQ \NVHN ROPDV QHGHQL\OH NLUOHQPH ULVNLQL GH
\NVHOWPHNWHGLU
/LPDQYH'ROJX6DKDV
.XP YH .DUDGHQL]LQ GDOJD \DSV N\ DODQQQ PRUIRORMLN \DSVQ
HNLOOHQGLUPHNWHGLU'LNNDWHDOQDQNXPEWoHVLKHVDSODPDODUoER\XWOX
PRUIRORMLN\DSQQN\\DGLNWDQPGDQoRNHWNLOHQGLLQLJ|VWHUPHNWHGLU
%X \DS ELQOHUFH \OGD EXJQN NXPXOODU NXPVDO ROXWXUPXWXU %X
PRUIRORMLN \DS LoHULVLQGHNL NXPXOODU N\ DODQQGDNL HUR]\RQ LoLQ |QHPOL
ELU NXP EWoHVLQL ROXWXUGXXQGDQ NXPXOODUQ ELU HNLOGH ]DUDU J|UPHVL
GXUXPXQGD PRUIRORMLN GHQJH ER]XODFDN YH N\ HUR]\RQX K]ODQDFDNWU
WHVSLWL GRUXOWXVXQGD VLVWHPH JLUHQ PDO]HPHQLQ D]DOPDVQD EDO RODUDN
NXPXOODUQ EHVOHQLPLQLQ GXUPDV\OD PRUIRORMLN GHQJHQLQ ER]XOGXX
436LQRShQLYHUVLWHVL5HNW|UOQQ WDULKOLYH VD\O\D]VHNL6XhUQOHUL
)DNOWHVLQFH+D]UODQDQ5DSRU
65
V|\OHQHELOLU +HU QH NDGDU D\UQWO |OoPOHU \DSOPDP ROVD GD N\
NHVLPLQGHRUWD\DoNDQDQPDGHQJHGXUXPXQXQLoHUL\HJLUHQPDO]HPHQLQ
DOH\KLQHER]XOGXXQXJ|VWHUPHNWHGLU%XHWNLQLQWP.DUDGHQL]N\ODU
LoLQJHoHUOLRODFDQV|\OHPHNPPNQGU
.\ \DSODUQQ GLHU ELU HWNLVL N\ \DSODU VRQXFX DNQWODUQ \|Q
GHLWLUPHVL EX DNQWODU LOH KDUHNHW HGHQ SODQNWRQODUGDQ EHVOHQHQ
EDONODUQGDJ|oHWPHVLQH\RODoDELOPHNWHGLU.
d('UDSRUXQGDNXPODQPDoDOPDVQQVRQXoODUQDJ|UHOLPDQVDKDVQQ
LoLQGHNX]H\EDWWDUDIQGDNLN\HULGLQGHD]PLNWDUGDELULNPHJQH\GRX
N\VQGDLVH|QFHD]PLNWDUGDELULNPHVRQUDVQGDLVHHUR]\RQKDUHNHWOHUL
ROXDELOHFHL EHOLUOHQPLWLU $QFDN \DSODQ DQDOL]OHU VRQXFXQGD EX
NXPODQPDKDUHNHWOHULQLQN\oL]JLVLGHLLPLQHHWNLVLQLQ|QHPVL]G]H\GH
JHUoHNOHHFHL VRQXFXQD YDUOPWU .\ \DSVQD EDO RODUDN RUWD\D
oNDFDNNXPELULNPHVL\DGDN\DQPHUR]\RQKDUHNHWOHULQLQPLNWDUQQ
QDVO EHOLUOHQGLL YH EX HWNLOHULQ |QHPVL] VD\OPDVQQ GD\DQDNODU EHOOL
GHLOGLU
NOLP|]HOOLNOHULDoVQGDQWDUPVDOIDDOL\HWOHUHHWNLVLGHHUOHQGLULOGLLQGH
WXWXODPD\DQEDFDJD]D]RWRNVLWYHNNUWGLRNVLWLOHSDUWLNOPDGGHOHULQ
U]JDUQHWNLVL\OHJHQLELUWDUPVDODODQD\D\OPDULVNLWDPDNWDGU
'6*HQHO0GUOQQ\D]VQGDGDDoNoDLIDGHHGLOGLLHNLOGHKHUQH
NDGDUVDQWUDOLoPHVX\XDPDoOKHUKDQJLELUEDUDMQVXWRSODPDKDY]DVQGD
NDOPDPDNOD ELUOLNWH oHYUHGH EXOXQDQD \]H\VHO DNDUVX ND\QDNODUQD
KDYD NDOLWHVL HPLV\RQODU DoVQGDQ NLUOLOLLQ ROPDVQQ PXKWHPHO ROGXX
EHOLUWLOPHNWHGLU
3URMHQLQ<HUVHoLPL
6DQWUDOVDKDVLoLQ\OQGDQHEROXYH*HU]HDUDVQGDQRNWDEHOLUOH\HQ
YHV|]NRQXVXVDKDODULoLQ\DWUPF\OQGDELU6DQWUDO$UD]L$UDWUPD
YH<HUVHoLPL5DSRUXKD]UODWOPROXSEXUDSRUGD\HUDODQDGD\VDKDODUDUD]L
NXOODQPoHYUHLOHWPHYHPDOL\HWNRQXODUQGDGHHUOHQGLULOGLLEHOLUWLOPLWLU
'HHUOHQGLUPH VRQXFXQGD EH DGD\ VDKD LoHULVLQGH 6LQRS OL *HU]H OoHVL
<D\NO.|\QGHNLVDKD3URMH6DKDVRODUDNEHOLUOHQPLWLU6DKDQQVHoLPLQGH
DDGDVUDODQDQNULWHUOHULQGLNNDWHDOQGLIDGHHGLOPLWLU
44$JHV
7002%.DUDVX.\$ODQ.\'DUDOPDV5DSRUXV
66
6XND\QDNODU
NOLP|]HOOLNOHULYHKDYDNDOLWHVL
7RSUDNND\QDNODUYHNDOLWHVL
*HQHOMHRORMLYHIL]LNVHODUD]LGXUXPX
(NRORMLNNDUDNWHULVWLNOHUYHEL\RORMLNoHLWOLOLNKDELWDWODULOH|QHPOLIORUD
YHIDXQDWUOHUL
.\VXODUYHN\VDO|]HOOLNOHUL
.RUXPDDODQODUYHKDVVDV\|UHOHU
$UD]LND\QDNODU
$UD]LNXOODQPYHSODQODQPSURMHOHUYHSRWDQVL\HODUD]LNXOODQP
GHLLNOLNOHUL
$UD]LPONL\HWGXUXPX
$UNHRORMLNWDULKLYHNOWUHOPLUDVODU
*UOWYHWLWUHLPKDVVDVL\HWL
<HUHOHNRQRPLYHVRV\DO|]HOOLNOHUGHPRJUDILNLGXUXPXYE
$OW\DSNDSDVLWHVL|]HOOLNOHXODPNDQDOL]DV\RQDWNEHUWDUDIYHVX
WHPLQL
.DPXKL]PHWOHULYHWHVLVOHUL
EDONODUQGDGHHUOHQGLULOHUHN*HU]H\HNDUDUYHULOGLLEHOLUWLOPHNWHGLU
6DQWUDOLQ \HU VHoLPLQGH LOHWLP KDWODUQD \DNQON HQHUML ND\QDQD
\DNQONVXND\QDQD\DNQONWDUPDUD]LVLYHRUPDQONDODQROPDPDV
WXUL]PDODQROPDPDV|QFHOLNOLWHUFLKOHURODUDNLIDGHHGLOPHNWHGLU
%XGHHUOHQGLUPHOHULQLQJHUoHNWH\DSOPDGVDQWUDOHWNLDODQLoLQGHNDODQ
DODQODUQGRDOQLWHOLNOHULYHE|OJHQLQWXUL]PSRWDQVL\HOLQHGHQL\OHoHLWOLGRD
NRUXPDVWDWOHULYHULOHQDODQODUQoRNOXXLOHJ|UOPHNWHGLU
6DQWUDOVDKDVQQ\HUVHoLPLLoLQ\DSODQEXGHHUOHQGLUPHQLQJHoHUOLROPDG
d('5DSRUXQXQGXUGXUXOPDVJHUHNoHVLQGHGHDoNoDJ|UOPHNWHGLU|\OHNL
2UPDQ*HQHO0GUOQFHWHUPLNVDQWUDONXUXOPDNLVWHQHQ\HULQKHPHQ
\DNQQGDRUPDQONDODQODUEXOXQGXXKDWWDVDQWUDOLQELUNVPQQRUPDQDODQQGD
ROGXX ELOLPVHO DUDWUPDODUOD WHUPLN VDQWUDOGHQ DoD oNDFDN ED] HPLV\RQODUQ
U]JDUV] RUWDPGD NLORPHWUH PHVDIH\L ROXPVX] HWNLOHGLL EHOLUWLOGL 'XUGXUPD
JHUHNoHOHUL DUDVQGD VDQWUDOLQ NLORPHWUH X]DNWDNL 7DELDW .RUXPD $ODQ RODQ
6DUNXP*|OHWLQLHWNLOH\HFHLSURMHQLQRUPDQODUYHRUPDQFONoDOPDODUDoVQGDQ
ROXPVX]OXDQHGHQRODFDJ|U\OHVDQWUDO\HUVHoLPLQLQX\JXQROPDG
LIDGHHGLOPLWLU
67
.OGHSRODPDVDKDVQQJHUoHNOHWLULOPHVLQGHJHoHUOLWHPHOG]HQOHPHRODQ
$WNODUQ']HQOL'HSRODQPDVQD'DLU<|QHWPHOLLQ0DGGHVLQHJ|UHNO
GHSRODPDVDKDODUQQWDELROGXX,,VQIG]HQOLGHSRODPDWHVLVOHUL\HUOHLP
ELULPOHULQHPLQLPXPPHWUHX]DNONWDROPDOGU2\VD\HUOHLPDODQODUQD
DUDVQGDNLPHVDIHEXPHVDIHGHQGDKDD]GU
*GDWDUPYHKD\YDQFON,O0GUOQQJ|U\D]VQGDEHOLUWWLLHNLOGH
NO GHSRODPD VDKDVQD P \DNQ RODQ HYOHU LoLQ X\JXODQDFDN LOHPOHULQ
EXPHVDIHLoLQGHNDODQWDUPDUD]LOHULLoLQGHX\JXODQPDVQQ\DUDUORODFD
EHOLUWLOPHNWHGLU%XJ|U\D]V\ODDoNoDVDQWUDOLQWDUPDODQODUQDROXPVX]
HWNLVLLIDGHHGLOPHNWHGLU
+DYD.DOLWHVL0RGHOOHPHdDOPDV
+DYD .DOLWHVL 0RGHOOHPH oDOPDVQGD \HU DODQ E|OPOHUH LOLNLQ DDGDNL
GHHUOHQGLUPHOHU\DSOPWU
(PLV\RQODU
%X E|OPGH d(' UDSRUXQGD .|PU LoLQGHNL NNUW RUDQQQ
DUDVQGD ROPDV VHEHEL\OH 62 HPLV\RQODU 7UNL\HGHNL PHYFXW ED]
VDQWUDOODUGDQROGXNoDGNRODFDNWUGHQLOPHNWHYHEXWHPHOGHHUOHUED]
DOQDUDNHPLV\RQGHHUOHULROXWXUXOPDNWDGU%XELOJLOHULQQHUHGHQQDVOHOGH
HGLOGLLd('UDSRUXQGDQHWELUHNLOGHEHOLUWLOPHPLWLU
(PLV\RQODUQ]OHQPHVL
<DNODFDN N|PUQ PHQHL YH ODERUDWXYDU |OoP VRQXoODU QHW ELU HNLOGH
EHOLUWLOPHPHVLQHUDPHQEXE|OPGHWDEORHDWI\DSODUDN<XNDUGDEHOLUWLOHQ
SDUDJUDIODUGDQ DQODODFD JLEL |QHULOHQ WHVLVLQ EDFD JD]QGD EXOXQDQ KDYD
NLUOHWLFLOHUL \|QHWPHOLN VQU GHHUOHULQL VDOD\DFDNWU GHQLOPLWLU 6DOD\S
VDODPD\DFD PHQHL YH ODERUDWXYDU ELOJLOHULQLQ ROPDPDVQGDQ GROD\ EHOOL
GHLOGLU
d('UDSRUXQGD6DQWUDOQLOHWPHG|QHPLQGHWHVLVHWNLDODQQGDEHOLUOHQHFHN
YH \HWNLOL PDNDPODUQ RQD\ DOQDFDN ELU QRNWD\D LVWDV\RQ NXUXODUDN 62
12;WR]YH&2\HUVHYL\HVLNRQVDQWUDV\RQODULOHU]JDUK]YHU]JDU\|Q
JLEL PHWHRURORMLN SDUDPHWUHOHU VUHNOL |OoOHFHN YH |OoP VRQXoODU 6LQRS
9DOLOLLQH RQOLQH EDODQW LOH J|QGHULOHFHNWLU GHQLOPLWLU 2\VD V|] NRQXVX
d('UDSRUXVDQWUDOLQHWNLDODQQQEHOLUOHQLSWDKPLQHGLOPHVLLoLQKD]UODQP
ELU IL]LELOLWH UDSRUXGXU 6DQWUDOLQ LOHWPH G|QHPLQGH WHVLVLQ HWNL DODQ QDVO
YHQH\HJ|UHEHOLUOHQHFHNWLU"+DQJL\|QWHPOHUX\JXODQDFDNWU"8\JXODQDFDN
\|QWHPOHU LOH LOJLOL ELOJLOHU d(' UDSRUXQGD EHOLUWLOPHPLWLU %X KDOGH d('
UDSRUXQXQ IL]LELOLWHVL LOH LOJLOL VRUX LDUHWOHUL ROXPDNWDGU %XQXQOD ELUOLNWH
68
U]JkUK]YH\|QJLELPHWHRURORMLNSDUDPHWUHOHULQ|OoOPHVLLOH6212;
WR]YH&2NRQVDQWUDV\RQODUQQEHOLUOHQPHVL|QHPOLGLUDQFDNWHNEDQD\HWHUOL
ROPDPDNWDGU0HWHRURORMLNGXUXPDJ|UHNRQVDQWUDV\RQGHLLNOLLQLQVDKDGD
PRGHO \DUGP\OD L]OHQPHVL YH LOJLOL PKHQGLVOHU \DUGP\OD NRQWURO HGLOPHVL
JHUHNPHNWHGLU5DSRUGDEXD\UQWODUD\HUYHULOPHPLWLU
<D\OP0RGHOLQLQ7DQP
5DSRUGD +DYD NDOLWHVL PRGHOOHPH oDOPDODU '2.$< WDUDIQGDQ OLVDQVO
RODUDN NXOODQOPDNWD RODQ %UHH]H ,6& ,QGXVWULDO 6RXUFH &RPSOH[ *,6
3URIHVVLRQDO GDOP PRGHOL YDVWDV\OD \UWOPWU GHQLOPHNWHGLU 6|]
NRQXVXPRGHOLQNXOODQPLOHLOJLOL\|QHWPHOLNYH\DNXUDOODUEHOLUWLOPHPLWLU
,6& PRGHOLQGH NXOODQODQ PHWHRURORMLN SDUDPHWUHOHUOH LOJLOL U]JDU SURILOL
HNVSRQHQWLLOHSRWDQVL\HOGLNH\VFDNONIDUNQLoHUHQVDDWOLNPHWHRURORMLNYHUL
VHWLLEDUHVL\HUDOPDNWDGU+HULNLYHULGHGRUXGDQHOGHHGLOPLYHULOHUGHLOGLU
6|]NRQXVXYHULOHU3&UDPPHW\D]OP\DUGP\ODHOGHHGLOL\RUVDND\QDNYHULVL
QHGLU"<NVHNVHYL\HYHULOHULQLQNXOODQOSNXOODQOPDGGDEHOOLGHLOGLU
0HWHRURORMLN9HUL6HWL
OJLOLE|OPGH%XoDOPDGDJHUHNOLPHWHRURORMLNYHULVHWOHULQLQSURMHVDKDVQD
HQ\DNQVDDWOLNPHWHRURORMLNYHUL|OoHELOHQ6LQRS0HWHRURORMLVWDV\RQXQGDQ
WHPLQ HGLOPHVL X\JXQ EXOXQPX YH EX LVWDV\RQD DLW PHWHRURORMLN YHULOHU
PRGHOOHPH oDOPDODU VUDVQGD NXOODQOPWU GHQLOPLWLU 6|] NRQXVX
GHHUOHQGLUPH WDPDP\OD PHWHRURORML ELOLPL YH EX GRUXOWXGD PHWHRURORML
PKHQGLVOLLGLVLSOLQLLOHLOJLOLGLU6LQRSLVWDV\RQXQXQQDVOYHQH\HJ|UHX\JXQ
EXOXQGXX WRSRUDILN GHHUOHQGLUPH YH IDUNO ELU PHWHRURORML LVWDV\RQXQXQ
YHULOHULQLQ NDUODWUOPDV JLEL oDOPDODUQ \DSOPDG J|UOPWU
'RUXGDQHQ\DNQLVWDV\RQ|QHUPHVLDOWQGD6LQRSLVWDV\RQXQXQYHULOHULQLQ
NXOODQOGEHOLUWLOPLWLU
5DSRUGD 0RGHO oDOPDODU \O VDDWOLN YHULOHUL NXOODQODUDN
\UWOPWU \OQD DLW U]JDU YHULOHUL \OODU RUWDODPD
GHHUL\OH NDUODWUOP YH \O YHULOHULQLQ X]XQ \OODUD DLW GHHUOHUL
WHPVLOHGHELOGLLEXGHHUOHUGHQoRNIDUNOROPDGJ|UOPWUGHQLOPLWLU
gQFHOLNOH ,6& PRGHOL LoLQ VDGHFH WHN ELU WHPVLO \O UDSRUGD YH\D
X]XQ \OODU YHULOHULQLQ RUWDODPDODUQQ NXOODQOS NXOODQODPD\DFD UDSRUGD
EHOLUWLOPHPLWLU %XUDGD WHPVLO \OQQ \OODU DUDVQGDNL
RUWDODPDU]JkUYHULOHULQLQNDUODWUOPDVGXUXPXV|]NRQXVXGXU$QFDNEX
NDUODWUPDQQ QDVO \DSOG KDQJL \|QWHPLQ X\JXODQG YHUL VHWOHULQLQ
L]OHQHELOLUOLLYHNDOLWHNRQWUROJLELLOHPOHULQ\DSOS\DSOPDGEHOOLGHLOGLU
%XQXQODELUOLNWHX\JXQEXOXQPXWXU GHQLOLUNHQKDQJLYDUVD\PDYH\DWHVW
\|QWHPLQHJ|UHX\JXQOXXQHWELUHNLOGHRUWD\DNRQXOPDPWU
69
6DQWUDOLQVDDWWHWRQN|PU\DNDFDGQOGQGHJQONWRQ
JQ\OGDWRQGDQID]ODN|PU\DNDFDNGHPHNWLU%XPLNWDUN|PUQ
NDORUL GXUXPXQD J|UH GHLHFHN GN NDORULVLQH J|UH GDKD GD DUWDFDNWU
%DFDJD]ILOWUHOHULROXDFDNRODQXoXFXNOOHULQD]RWRNVLWNDUERQGLRNVLWJLEL
]HKLUOL VHUD JD]ODUQQ QH NDGDUQ WXWDFDNWU QH NDGDU KDYD\D VDOQDFDNWU"
7HUPLN VDQWUDOOHULQ EDFD JD]ODU DVLW \DPXUODUQQ EDOFD VHEHSOHULGLU
%X VDQWUDOOHULQ KHPHQ JQH\LQGH \NVHNOLNOHUL PHWUH\L EXODQ .UH
VUDGDODUROXXGQOGQGHYHKDNLPU]JDUODUQGDNX]H\YHNX]H\EDW
ROGXXQXQ KD]UODQDQ d(' 5DSRUXQGDNL PHWHRURORMLN YHULOHUGHQ DQODOG
]HUHPHWUHOLNVUDGDODUQ|QQHEDFD\NVHNOLLPHWUHRODQELU
VDQWUDO\DSOPDNLVWHQPHNWHGLU
3URMHQLQ(NRVLVWHPh]HULQH(WNLOHUL
7HUPLN VDQWUDOOHULQ .DUDGHQL] HNRVLVWHPL ]HULQH HWNLOHUL 7HUPH \DGD *(6
LoLQ GHLPH\HFHNWLU *HQHOGH GDU N\ QLWHOLLQH VDKLS .DUDGHQL] N\ODUQGD
DNDUVXODUQ .DUDGHQL] LOH EXOXWXX E|OJHOHUGH DNDUVX\XQ UHMLPLQH EDO
RODUDN PHYVLPOLN VX KDUHNHWLQLQ ROXWXUGXX |]JQ HNRVLVWHPH VDKLSWLU %X
HNRVLVWHPOHUGH DOY\RQ G]ONOHUL YH DNDUVX D]ODUQ ROXWXUDQ NoNO
E\NOELUoRNGHOWDELUoRNIDXQDWULoLQ|]HOOLNOHGHJ|oPHQNXODUYHVX
NXODUDoVQGDQGLQOHQPHEHVOHQPHUHPHDODQRODUDNKD\DWL|QHPHVDKLSWLU
%X DODQODU D\Q ]DPDQGD WDWO YH WX]OX VX JHoL E|OJHOHULQL ROXWXUGXXQGDQ
KHP WDWO VX ELWNLOHUL KHP GH WX]OX VX ELWNLOHUL LOH JHoL ]RQX ELWNLOHULQL
EDUQGUGQGDQ]HQJLQIORUD\DGDVDKLSWLU%XDoGDQVDQWUDOLQDVLOHELUOLNWH
HNRVLVWHPGHJHULG|QROPD\DQER]XOPDODURUWD\DoNDFDNROXSJHUHNIDXQD
JHUHNVHIORUDROXPVX]HWNLOHQHFHNWLU
<DSODPDLOHELUOLNWH|]HOOLNOHEDFDJD]YHN|PUWR]ODUQQHNRVLVWHP]HULQGH
JHULG|QROPD\DQoHYUHVHOHWNL\DUDWDFDNWU1HWU|QOHPDOQUVDDOQVQ
N|PUWR]XEDOEDQDNLUOLOLNWLU
3URMH \HUL \HUOHLP DODQODU LOH Lo LoHGLU .DVWDPRQX hQLYHUVLWHVL 2UPDQ
)DNOWHVL WDUDIQGDQ KD]UODQDQ ELU UDSRUGD WHUPLN VDQWUDOGHQ DoD oNDFDN
EDFDJD]HPLV\RQODUQQU]JDUV]RUWDPGDNPPHVDIH\LROXPVX]HWNLOHGLL
EHOLUWLOPHNWHGLU 5]JDU LOH ELUOLNWH oRN GDKD ID]OD PHVDIHOHUH WDQDFD
PXKDNNDNWU
+HUQHNDGDUGHULQGHQL]GHDUMGHQVHGHNLX\JXODQPDPDNWDGU.DUDGHQL]LQ
ELULoGHQL]ROPDVYHVDQWUDOQGDVRXWPDVX\XQXQGHQL]GHQNDUODQPDVYH
GHDUMQQGHQL]H\DSODFDNROPDVoDUSDQHWNLVL\DUDWDUDN.DUDGHQL]LQEWQ
|]HOOLNOHULQL WDPDPHQ ROXPVX] HWNLOH\HFHNWLU 'HULQ VX GHDUM LOH YHULOHQ VX
PLNWDUQQ K]QQ YH VFDNOQQ |]HOOLNOH GHQL]HO IDXQD DoVQGDQ ROXPVX]
70
HWNLOHULEXOXQPDNWDGU'HQL]HNRVLVWHPL]HULQGHGLHUROXPVX]HWNL\LGHVX
VFDNOQGDNLDQLGHLLNOLNOHURUWD\DoNDUDFDNWU
3URMH6DKDVQGD\HUDODQIDXQDHOHPDQODUQQE|OJHGH|QFHVLQGHDoODQWDUP
DODQODU VHEHEL\OH GRDO KDELWDWODUQQ D]O IDXQD oHLWOLOLLQL YH EROOXXQX
ROXPVX]\|QGHHWNLOHPLWLU.|PUWDPDFOQQYHGHSRODPDHWNLVDKDVQQ
NP2]HULQH\D\ODFDGQOGQGHEXGXUXPDLODYHWHQN|PUWR]ODUQQ
ELULNLPLQLQIDXQDoHLWOLOLLQHYHEROOXXQDROXPVX]HWNLVLGDKDGDDUWDFDNWU
+D\YDQODU JUOW WR] YE VWUHV IDNW|UOHUL LOH \DDPD \HULQH EX VWUHV
IDNW|UOHULQGHQ X]DNODPD HLOLPLQGHGLUOHU %X VHEHSOH 3URMH LQDDW VUDVQGD
ELUoRN IDXQD HOHPDQ ROXDQ VWUHV IDNW|UOHUL VHEHEL\OH EX DODQODU EUDNS
FLYDUGD\HUDODQHQ\DNQYHX\JXQKDELWDWDVDKLSDODQODUDoHNLOHFHNOHUGLU
%HUQ 6|]OHPHVL NDSVDPQGD (N,, YH (N,,,WH NRUXPD DOWQD DOQDQ IDXQD
WUOHUL LoLQ %HUQ 6|]OHPHVL 0DGGH YH GH EHOLUWLOHQ |QOHPOHULQ DOQPDV
JHUHNPHNWHGLU
hONHPL]LQ \OQGD LP]DODP ROGXX 1HVOL 7HKOLNH $OWQGDNL <DEDQL
+D\YDQYH%LWNL7UOHULQLQ8OXVODUDUDV7LFDUHWLQHOLNLQ6|]OHPH&,7(6
NDSVDPQGD EX WDULKWHQ LWLEDUHQ ONHPL] VXODUQGD GD PHUVLQ EDONODUQQ
EWQWUOHULQLQDYFO\DVDNODQPROXSNRUXPDYHVWRNODUQL\LOHWLULOPHVLQH
\|QHOLNRODUDNKHP*GD7DUPYH+D\YDQFON%DNDQOYHoHLWOLQLYHUVLWHOHU
KHP GH VLYLO WRSOXP NXUXOXODU WDUDIQGDQ SURMHOHU \UWOPHNWHGLU 7HUPLN
6DQWUDOLQ GHQL] HNRVLVWHPLQGH |]HOOLNOH ELUoRN EDON WUQQ ROGXX JLEL
PHUVLQ EDONODUQQ GD EHVOHQPH YH EDUQPD RUWDP RODQ N\VDO DODQGDNL
VX NDOLWHVL YH GLS \DSVQGD NVD RUWD YH X]XQ YDGHGH PH\GDQD JHWLUHFHL
ER]XOPDODUQ QHVOL WNHQPH WHKOLNHVLQGH RODQ YH NRUXQPDV \ROXQGD ELUoRN
oDEDVDUIHGLOHQPHUVLQEDONODUQROXPVX]HWNLOH\HFHNWLU
6XUQOHULQHHWNLVL
6XVFDNODNQWYHU]JDU\|QYHLGGHWLJLELIL]LNVHORLQRJUDILYHPHWHRURORMLN
VUHoOHUH EDO RODUDN DQON GHLLPOHU |QHPOL NULWHUOHUGLU .DUDGHQL]GH
FDQOODUQYDUOQQWHPHORODUDNGHQL]VX\XVFDNOYHWX]OXOXXQDEDOGU.
9ROLLVWLKVDOVDKDVQQWDPRUWDVQGD\HUDOPDNWDGU.\NHVLPLQGH\DSODFDN
N|PUGHSRODPDDODQLOHNPOLPDQGROJXDODQQQVXUQOHULQHHWNLVLX]XQ
G|QHPGHRUWD\DoNDFDNWU
'HQL]GHQoHNLOHFHNVRXWPDVX\XYROLDODQQGDQoHNLOHFHNYHVQPVRXWPD
VX\XQXQ GHQL]H JHUL YHULOPHVL LOH HNRVLVWHPH ]HULQGH ROXPVX] HWNLVL RUWD\D
oNDFDNWU
6LQRShQLYHUVLWHVL5HNW|UOQQ7DULKOL<D]V(NL6XhUQOHUL)DNOWHVLQFH
+D]UODQDQ5DSRU6
71
6RXWPD VX\XQXQ \HQLGHQ GHDUM LOH RUWD\D oNDFDN VX PLNWDUQGD YH
VFDNOQGDNLGHLLPOHUEDONODUQUHPHYHEHVOHQPHRUWDPGHLWLUHFHLQGHQ
PHYFXWVXUQOHUL]HULQGHNLROXPVX]HWNLVLRUWD\DoNDFDNWU0HYFXWWUOHULQ
oHLWYHEROOXXQGDGHLLPEHNOHQPHOLGLU
6DQWUDOVDKDVYROLDODQGU
%XHWNLVDGHFHIDXQDYHIORUD]HULQGHVQUONDOPD\DFDNWU%|OJHQLQ|QHPOL
JHoLPND\QDNODUQGDQRODQEDONoONVHNW|UGHROXPVX]RODUDNHWNLOHQHFHNWLU
7DUP$ODQODUh]HULQH(WNLOHUL
6LQRSO*GD7DUPYH+D\YDQFON0GUOWDULKYH
VD\O\D]\ODEDYXUXDODQQQKDUQQPXWODNWDUPDUD]LVLROGXXJ|U
ELOGLULOPLWLU %XQXQ ]HULQH VDQWUDOLQ \HUL GHLWLULOHUHN NXUX PDUMLQDO WDUP
DUD]LVLQGH \HU VHoLOPLWLU 3URMH DODQQQ NX]H\ \|QQGH \DNODN KD VXOX
PXWODNWDUPDUD]LVLQLQEXOXQGXXWDULKOLYHVD\O\D]
LOHELOGLULOPLWLU/RMLVWLNKL]PHWDODQGDEXDODQLoLQGHNDOPDNWDGU
6LQRS O *GD 7DUP YH +D\YDQFON 0GUO WDULK YH
VD\O \D]VQGD 7DULP $UD]LOHULQLQ .RUXQPDVL .XOODQLOPDVL YH $UD]L
7RSOXODWLUPDVLQD OLNLQ 7]NQ $UD]L PONL\HW KDNNQQ NXOODQP HVDV
EDONO 0DGGHVLQGH 7RSUDQ EXOXQGXX \HUGH GRDO IRQNVL\RQODUQ
VUGUHELOPHVLQLQ VDODQPDV DPDF\OD NRUXQPDV HVDVWU $UD]L\L NXOODQDQODU
WRSUDQHNRORMLNELWNLVHOUHWLPVRV\RHNRQRPLNYHHQGVWUL\HOLOHYOHULQLQWDPDPHQ
NVPHQ YH\D JHoLFL RODUDN ER]XOPDPDV DPDF\OD .DQXQ YH .DQXQD GD\DQODUDN
\UUOH NRQXODQ PHY]XDWQ |QJ|UG WHGELUOHUL DOPDNOD \NPOGU
G]HQOHPHVLQH DWIWD EXOXQDUDN $WNODUQ ']HQOL 'HSRODQPDVQD 'DLU
<|QHWPHOLLQ 0DGGHVL JHUHL NO GHSRODPD VDKDVQD P \DNQ RODQ
HYOHULoLQX\JXODQDFDNLOHPOHULQEXPHVDIHLoLQGHNDODQWDUPDUD]LOHULLoLQGH
X\JXODQPDVQQ\DUDUORODFDEHOLUWLOPHNWHGLU
O0GUO\D]VQGD6LQRSLOLQGHLGGHWOLHUR]\RQROGXXWRSUDNODUQE\N
oRXQOXNODVoRNVROGXX\DUGDQoRXQXQDONDOLYHQ|WUROGXXNLUHFLQ
D]ROGXXEXNRXOODUDJ|UHWHVLVLQoHYUHVLQGHNLDODQODUGDNLWRSUDNYDUOQQ
DVLW\DPXUODUQDGX\DUOROGXXLIDGHHGLOPHNWHGLU
.XUXPVDOJ|UOHUGHGHDoNoDEHOLUWLOGLLJLELWDUPDUD]LOHULNXOODQPGHLLNOLL
YHN|PUWR]XELULNLPLVRQXFXQGDROXPVX]HWNLOHQPHVLNDoQOPD]GU
3D]DULoLQUHWLPLQ\DQVUDJHoLPOLNUHWLPGHROXPVX]HWNLOHQHFHNWLU
7DULKL$UNHRORMLN9DUONODUD(WNLVL
*(6 VDKDVQQ N\ NHVLPLQGH \DSOPDV SODQODQDQ GROJX DODQ 'HUHFH
72
DUNHRORMLNVLWDODQ]HULQH\DSODFDNWU3URMHDODQYH\DNQoHYUHVLQGHEXOXQDQ
DUNHRORMLN NDOQWODUD LOLNLQ KHUKDQJL ELU WHVSLW YH WHVFLO GH \DSOPDPWU
5RPD %L]DQV G|QHPLQH NDGDU XODDQ DUNHRORMLN NDOQWODUD LOLNLQ KHUKDQJL
ELUDUDWUPD\DSOPDGDQVDQWUDO\DSODUDOWQGDNDODFDNE|OJHWDULKLQHLOLNLQ
ELOJLOHUHXODOPDVPPNQRODPD\DFDNWU
;,,, 352-(11%g/*(+$/.,h=(51((7./(5
dHYUHVHO HWNLOHUL QHGHQL\OH KDYD WRSUDN YH VX RUWDPODU LoLQ HNRQRPLN
VHNW|UOHULoLQNVDFDVWP\DDPDODQODULoLQWHKGLWROXWXUDQWHUPLNVDQWUDOLQ
\DSPQQ\HUHOKDONE|OJHKDON]HULQGHGH|QHPOLHWNLOHULROPXWXU
6LQRSXQ *HU]H OoHVLQLQ <D\NO N|\QGH DOW \O |QFH \OQGD EDOD\DQ
VUHo $QDGROX *UXEXQXQ NXUPDN LVWHGLL WHUPLN VDQWUDOH NDU EDOD\DQ
\HUHO GLUHQL dHYUH YH HKLUFLOLN %DNDQOQQ SURMH\H LOLNLQ dHYUHVHO (WNL
'HHUOHQGLUPHVLd('VUHFLQLXEDWWDULKLQGHGXUGXUPDVQDNDGDU
VUPWU
<HLO*HU]HdHYUH3ODWIRUPXQXQ.XUXOXXYH0FDGHOH
$QDGROX*UXEXQXQ\OQGDKHUKDQJLELUd('VUHFLLOHWPHNVL]LQ(QHUML
3L\DVDV ']HQOHPH .XUXPXQD UHWLP OLVDQV EDYXUXVX \DSPDV .DVP
GHUHWLPOLVDQVDOPDV]HULQHSODWIRUPXQNXUXOPDVLoLQ|QJ|UPHOHU
EDODPWUONRODUDN)DFHERRN]HULQGHQELUVD\IDROXWXUXODUDNLUNHWLQ
.DVPGHUHWLPOLVDQVDOGKDEHULQLQ\D\JQODWUOPDVVDODQPWU
6LQRS%DURVXDYXNDWODUQQYH<D\NO.|\0XKWDUQQ(3'.\DDoWGDYD
QHWLFHVLQGH d(' VUHFL LOHWPHNVL]LQ OLVDQV YHULOPHVLQL 7HPPX] GD
'DQWD\'DLUHVLKXNXNDX\JXQGHLOGLUGL\HUHN\UWPHVLQLGXUGXUPXWXU
LUNHWLQ\DSWLWLUD]UHGGHGLOPLWLU
\OQQH\OOD\QGD<HLO*HU]HdHYUH3ODWIRUPXNXUXOPXWXU
<HLO*HU]HdHYUH3ODWIRUPX<(*(3%LOHHQOHUL
x
*HU]H.OWUYH7XUL]P'HUQHL
x
*HU]H<DUGPODPD'HUQHL
x
*HU]H$WDWUNo'QFH'HUQHL
x
*HU]H0XKWDUODU'HUQHL
x
*HU]HhON2FDNODU'HUQHL
x
*HU]H+DONHYL
x
*HU]H%HOHGL\H%DNDQO
x
*HU]H%HOHGL\H0HFOLVL
x
*HU]H%HOHGL\HVL.HQW.RQVH\L
73
x
*HU]H%HOHGL\HVL*HQoOLN.RQVH\L
x
&+3OoHgUJW
x
'63OoHgUJW
x
0+3OoHgUJW
x
'3OoHgUJW
x
+(3$5OoHgUJW
x
(0(3OgUJW
x
(LWLP6HQ
x
7UN(LWLP6HQ
x
%(6(LWLP
x
(7'(5
x
*HU]H%DONoODU.RRSHUDWLIL
x
*HU]HVSRU.XOE
x
*HU]H(VQDIVSRU.XOE
x
*HU]HdDU*XUXEX
3ODWIRUPXQ ELUOLNWH KDUHNHW HWWLL GLHU ELU SODWIRUP GD 6LQRS dHYUH
3ODWIRUPXGXU6LQRSdHYUH3ODWIRUPXQXQ%LOHHQOHUL
$'' %L]LP .DUDGHQL]%DU () %DONoODU .RRSHUDWLIL &+3 %DNNDOODU
2GDV dDGD <DDP 'HVWHNOHPH 'HUQHL 6LQRS %DURVX dHYUH 'RVWODU
'HU '3 'LVN*HQHO '63 (02 6LQRS (LWLP *|QOOOHUL 'HUQHL
(0(3 (VQDI 2GDV %LUOLL (VQDI 6DQDWNkUODU 2GDV (VQDI .HIDOHW .UHGL
.RRS )LQDO 'HUVKDQHVL )RWRUDI $PDW|UOHUL *HQo $GDPODU 'HUQHL
+D\YDQODU.RUXPD'HUQHL+HPHULOLNYH'RVWOXN'HUQDW0K2GDV
.HVN(LWLPVHQ (60 %(6 6(6 <$3,<2/ 6(1 7h0 %(/ 6(1 7$5,0
25.$0 6(1 0+3 0LPDUODU 2GDV (\OO *D]HWHFLOHUL 6LQRS $UFODU
%LUOLL 6LQRS %L]LP 6LQRS 6DQDW 7L\DWURVX 6SDVWLN g]UO dRFXNODU 'HU
7DELS 2GDV 7(0$ .OWU 9H 7XUL]P 2GDV 7UN 8XU 'HUVKDQHVL
g'38PXW'HUVKDQHVL<DUGP6HYHQOHU'HUQHL6LQRS.HQW.RQVH\L=LUDDW
2GDV$\GQODU2FD=LUDDWoODU%LUOLL
3ODWIRUP NXUXFXODUQQ GD LIDGH HWWLNOHUL HNLOGH NDS NDS VRNDN VRNDN
GRODDUDNWHUPLNVDQWUDOLQ]DUDUODUQDQODWUNHQ<DDPDODQODUP]NRUXPDN
HQWHPHODQD\DVDOKDNNP]%XKDNNNXOODQPDNLoLQKHUH\\DVDOGUGL\HUHN
HWNLOL GLUHQLLQ WRKXPODU E|\OH DWOPD\D EDODQPWU OHUOH\HQ VUHoWH
PFDGHOHNRXOODUQJHOLWLULUNHQHNRORMLNVRV\DOHNRQRPLNSROLWLNYHGLHU
KHUDoGDQWHKOLNHOHULQLGHELUELUVDSWDUNHQOoHGHYH<D\NO.|\QGHQHWU
74
\HUHOWHKOLNHOHUH\RODoDFDQYHKDWWDEX\HUHOWHKOLNHOHULQONHGHYHGQ\DGD
QDVOELU\RNROXDVHEHSRODFDQGDLVSDWODU\ODDoNODPD\DoDOWNODUQLIDGH
HWPLOHUGLU
<HUHO KDONQ SODWIRUPGD JLGHUHN ELUOHPHVL GD\DQPDV NDUVQGD LUNHWLQ
\|QHWLP NXUXOX EDNDQ +DON QH GHUVH GHVLQ EHQ EX VDQWUDOL \DSDUP
EHUEHULPDPEDNNDOODJ|UWPNLPVHNDUGHLOGL\HUHNKDONQGLUHQFLQL
NUPD\DoDOWLIDGHHGLOPHNWHGLU<DWUPFLUNHWNDPXR\X\DUDWPDDPDF\OD
oHLWOL SURMHOHU \UWPWU $OQDQ ELOJLOHUH J|UH LUNHW *HU]HGH LUWLEDW
EURVXDoPRUWD|UHWLP|UHQFLOHULDUDVQGDUHVLP\DUPDVG]HQOHQPL
\NVHNLVWLKGDPRODQDQQ\DUDWODFDoHYUHVHOHWNLVLQLQROPD\DFDQDLOLNLQ
\DQOELOJLOHQGLUPH\DSOPD\DEDODQPWU<DUGPGHUQHNOHULNXUPXWRSOX
VQQHW W|UHQL |UHQFL EXUVODU VSRU NXOSOHULQL VDWQ DOPDV *HU]H OoHVLQH
EDVNHWERORNXOXDoPDVJLELHWNLQOLNOHULKD\DWDJHoLUPLWHNQLNOLVH\HPDO]HPH
\DUGPODU\DSPWU
ONNLWOHVHOH\OHPGH0D\VGDd('VUHFLQLQ|QHPOLDDPDODUQGDQ
ELULVLRODQKDONQNDWOPWRSODQWVQQ\DSOPDVELQNLLQLQSURWHVWRODU\OD
HQJHOOHQPLWLU
WDULKLQGHPOJDdHYUHYH2UPDQ%DNDQOQGDd('UDSRUXQXQ
LoHULLQLQ EHOLUOHQGLL .DSVDP YH g]HO )RUPDW %HOLUOHPH 7RSODQWVQD HVNL
YH \HQL 0LOOHWYHNLOOHULQLQ EHOHGL\H EDNDQODUQQ *HU]H 6LQRS %HOHGL\H
%DNDQODU<D\NO.|\0XKWDU0HVOHN2GDODUQQ%DNDQODU'HPRNUDWLN
.LWOH gUJWOHULQLQ 6L\DVL 3DUWL WHPVLOFLOHUL 6HQGLNDODUQ %DNDQODU <(*(3
YH 6LQRS dHYUH 3ODWIRUPXQXQ WHPVLOFLOHULQGHQ ROXDQ NLLOLN KH\HWLQ
NDWOPODU\OD ELOLPVHO YHULOHUOH QLYHUVLWH UDSRUODU RQODUFD GRV\D LOH
KD]UODQDUDN NDWOP VDODQPWU 7UNL\HGH ELU LON JHUoHNOHPL YH \HUHO
KDONQ WHPVLOFLOHUL WRSODQW\D EL]]DW NDWODUDN 7HUPLN 6DQWUDOLQ \DSOPDVQD
LOLNLQHQGLHYHLWLUD]ODUQGLOHJHWLUPLOHUYHNRQXLOHJ|UOHULQLNRPLV\RQD
ELOGLUPLOHUGLU NLLGHQ ROXDQ WHPVLOFL KH\HWL d(' *HQHO 0GU LOH
J|UPHNLoLQELUJQ|QFHGHQ%DNDQODJHOPLWLU
3ODWIRUP \OQQ EDQGD ELU KH\HW LOH JLGHUHN &XPKXUEDNDQ LOH GH
J|UPWU
6DKD VRQGDM \DSPDN ]HUH \OQQ 0DUW D\QGD VDKD\D JHOHQ LUNHW
HOHPDQODUQD\HUHOKDONL]LQYHUPHPLWLU
*HU]HKDONYH<D\NO.|\OV<D\NO.|\dDNUROX0DKDOOHVLQGH\DD\DQODU
$XVWRVWDULKLQGHVDQWUDOVDKDVQGDJHFHJQG]GHPHGHQoDGUQ|EHWL
WXWPD\DEDOD\DUDN\DDPDODQODUQDVDKLSoNPWU
$XVWRV YH (\OO WDULKOHULQGH \]OHUFH JYHQOLN JoOHULQLQ
75
HOLLQGH]HPLQHWGYHVRQGDM\DSPD\DJHOHQ\DWUPFILUPD*HU]HYH6LQRS
KDON<D\NO.|\OVQQGLUHQLLVRQXFXQGD]HPLQHWG\DSDPDGDQDUD]L\L
WHUNHWPHN]RUXQGDNDOPWU7HUPLNVDQWUDOHNDUPFDGHOHVLQL\OQGD
EDODWDQ KDON ELU D\GDQ ID]OD oDGUODUGD NDODUDN Q|EHW WXWPX MDQGDUPD LOH
PFDGHOHHGHUHNDNWLIELUGLUHQLVHUJLOHPLYHVRQGDMPDNLQHOHULQLQE|OJH\H
JLUPHVLQHHQJHOROPXWXU
*HU]HQLQ <D\NO .|\QH NXUXOPDN LVWHQLOHQ WHUPLN VDQWUDOH NDU *HU]H
KDONQQ VUGUG Q|EHWOL GLUHQL ELULQFL D\QGD (\OO WDULKLQGH
JD] ERPEDODU 720$ODUGDQ VNODQ WD]\LNOL VXODU FRSODU LOH HQJHOOHQPH\H
oDOOPWU720$QQELWHQVX\XQDRUPDQQLWIDL\HVLWDNYL\H\DSDUNHQELWHQ
JD]ERPEDODUQDWDNYL\HLVHDPEXODQVODUOD\DSOPW3ROLVPGDKDOHVLVRQXFX
oRNVD\GDNLL\DUDODQGRUPDQONDODQGD\DQJQoNWVRQGDMWDPDPODQDPDG
%XGLUHQLNLL\H\DNQ\DUDOELUNLLQLQD\WXWXNOXNDOPDVNLLQLQ
J|]DOWQD DOQS WXWXNODQPDV YH ELU KDIWD VRQUD \LQH WXWXNVX] \DUJODQPDN
]HUHEUDNOPDVLOHVRQXoODQPWUNLLQLQWXWXNODQPDV\OD<(*(3LQEXNH]
GDYDODUQWDNLELVUHFLQHJLUPLWLUGHQID]ODNLLQLQLIDGHOHULQLQDOQPDV
D\ODUFD VUPWU 6RQGDM GHQHPHOHULQGHQ D\U D\U DoODQ RQODUFD FH]D
GDYDODUDoODQGDYDODUYHWRSODP\OOD\DUJODQDQNLLQLQPDKNHPHOHUL
KDOHQGHYDPHWPHNWHGLU%HGDYDLVHEHUDDWLOHVRQXoODQPWU$XVWRVWD
EDODWODQ GLUHQLWH KDON D\Q ]DPDQGD NHQGL JHOLUOHULQL IHGD HWPL EX VUH
]DUIQGDKLoELUWDUPVDOIDDOL\HWOHULQL\HULQHJHWLUHPHPLOHUGLU
\OQGD oNDQ \DQJQGD KDQH \DQGNWDQ VRQUD EDWDQ LPDU HGLOHQ
*HU]HQLQ\HQLGHQLQDVQDDKLWRODQEXLQVDQODUWHUPLNVDQWUDOHHYOHULQL\DDP
DODQODUQ QHIHV DOGNODU KDYD\ FDQ EXOGXNODU VX\X IHGD HWPH\HFHNOHULQL
V|\OH\HUHNPFDGHOHHWPLOHUGLU
(QWHPHOVRUX\D+DYDP]DNO\DGNWDQVRQUDWHPL]QHIHVDODPDGNWDQVRQUD
EL]LP \DDP KDNNP] KDQJL SDUD\OD |GH\HFHNOHU" VRUXVXQD NLP QDVO \DQW
YHUHELOHFHN
3ODWIRUP VD\ID NRS\DOD \DSWU XVXO KD]UODQGQ EHOLUWWLNOHUL
VD\IDVLQJLOL]FHRODQd('GRV\DVQX]PDQODUDLQFHOHWLOPLWLU$\UFD0D\V
hQLYHUVLWHVL dHYUH 0KHQGLVOLL )DNOWHVLQGHQ .DVWDPRQX hQLYHUVLWHVL
2UPDQ )DNOWHVLQGHQ 7UN 7DELSOHU %LUOLLQGHQ VDOD ]DUDUODUQD
LOLNLQ UDSRU KD]UODPDODUQ WDOHS HWPLOHUGLU $\UFD LQWHUQHWWHQ \DSWNODU
DUDWUPDODUVRQXFXQGDNRQXLOHLOJLOLX]PDQNLLOHUHXODSUDSRUXLQFHOHWPLOHU
d(' 5DSRUXQXQ WDULKLQGH %DNDQOD VXQXOPDVQGDQ LWLEDUHQ
d(' <|QHWPHOLL JHUHL JQ LoHULVLQGH IRUPDWD X\JXQOXXQX LQFHOHQPHVL
JHUHNHQ d(' ]LQ YH 'HQHWLP *HQHO 0GUO WDULKLQGHQ
76
LWLEDUHQ %DNDQONWDQ L JQ VUH X]DWP DOPWU %X ]DPDQ ]DUIQGD
LQFHOHPHVLQL WDPDPOD\DPD\DQ 0GUON WDULKLQGHQ LWLEDUHQ
L JQ GDKD HN VUH DOP YH UDSRUX IRUPDWD X\JXQ EXODUDN LQFHOHPH
GHHUOHQGLUPHNDSVDPQGDd('<|QHWPHOLLQLQ0DGGHVLJHUHLQFH6LQRS
9DOLOLLdHYUHYHHKLUFLOLNO0GUOQGHKDONQHULLPLQHDoODUDNDVN\D
oNDUOPWU5DSRUXQDVNVUHVLER\XQFDE|OJHKDONRQELQH\DNQGLOHNoHLOH
UDSRUXQJHUoHNOHUL\DQVWPDG\DQOELOJLYHHNVLNOHUOHGROXROGXXVDQWUDOOH
LOJLOLHQGLHYHLWLUD]ODUQUHVPLRODUDNGLOHJHWLUPLOHUGLU
%XVUHoWH
*HU]HGH KDON \O E|OJH\H NXUXOPD\D oDOODQ WHUPLN VDQWUDOH NDU KHS
ELUOLNWHGLUHQPLWLUdHLWOLSURWHVWRYHPFDGHOH\|QWHPOHULJHOLWLUPLOHUGLU
*HU]HOLOHU VDQWUDO NXUXOPDVQD NDU H\OHPOHUL\OH $QDGROX *UXEXQXQ
PDUNDODURODQ(IHV3LOVHQ&RFD&ROD0F'RQDOGVJLELUQOHULER\NRWODU\OD
YHoDGUODUGDQ|EHWWXWDUDNGRUXGDQGLUHQL\ROX\ODPFDGHOHHWPLOHUGLU
3ODWIRUPoDOPDODUQYH\HUHOGLUHQLLDQODWW7HUPLNVWHPH\N*HU]H7HUPLN
6DQWUDO 'LUHQL %HOJHVHOL *HU]HOL 7H\]HQLQ 7HUPLN 6DQWUDOOH PWLKDQ
*HU]H+DON'LUHQL.RURVXg]LOKDQDQDW%L]<HLOL6HYHUN6LQRS*HU]HOLOHULQ
$QDGROX(IHVH6USUL]L5HNODP)LOPLJLELYLGHRILOPOHULLOHE|OJHGQDKDWWD
ONHGQDWDPWU
7HUPLNoLLUNHW*HU]H\LWHUNHW*HU]H\HLOGLU\HLONDODFDN*HU]HKDON
\DOQ] GHLOGLU 9HUJLOHULPL] FRS RODUDN G|QG 6HUPD\H\H LQDW \DDVQ
KD\DW 6XVPD VXVWXNoD VUD VDQD JHOHFHN 'L] o|NPHGLN o|NPH\HFHL]
JLEL VORJDQODU SDQNDUWODU YH *HU]H 7HUPLN VWHPL\RU WUNOHUL\OH ELOLQoOL
YH GX\DUO VDKLSOHQLL\OH*HU]H KDON E\N PLW WDPDNWD KDNO ROGXNODUQ
$UNHRMHRIL]LNDUDWUPDUDSRUX\ODKD\NUGODU
*HU]HOLOHULQJLGHUHNE\\HQPFDGHOHYHGLUHQLNDUDUOOONHJHQHOLQGHHWNL
\DUDWP E\N NHQWOHUGH GH SURWHVWRODU $QDGROX *UXEXQXQ PDUNDV RODQ
0FGRQDOGV UHVWRUDQODU |QQGH RWXUPD H\OHPOHUL YH (IHV 3LOVHQ UQOHULQH
NDUER\NRWNDPSDQ\DODU\OD\D\JQODPWU
.DVPGH*HU]HGHELQNLL\HXODDQWP7UNL\HGHQJHOHQoHYUH
|UJWOHULQLQ NDWOP\OD *HU]HOLOHULQ GLUHQLOHULQGHNL NDUDUOOQQ YH \DOQ]
ROPDGNODUQQELUNH]GDKDJ|VWHULOGLLPLWLQJ\DSOPWU
%X VUHoWH RUJ NXUXFXODUQGDQ %LOO 0FNLEEHQQ 'Q\D\ *HU]HGH
GLUHQHQOHUOHGD\DQPD\DoDUGLIDGHHGLOPHNWHGLU
RUJ NUHVHO LNOLP KDUHNHWLQLQ VD\IDVQGD *HU]H GLUHQLL LoLQ <O LoLQGH
KHU PFDGHOH KDN HWWLL LOJL\L J|UPHGL 7UNL\HGH *HU]H N|PU VDQWUDOLQH NDU
77
YHULOHQPFDGHOHLoLQGHEXQXV|\OH\HELOLUL]0:ONN|PUOWHUPLNVDQWUDOL
7UNL\HQLQ\UWPHNWHROGXX\HQLN|PUVDQWUDOLQLQ|QGHJHOHQOHULQGHQ3URMH\L
HQJHOOHPHNLoLQ\HUHOKDONQYHUGLLNDKUDPDQFDPFDGHOHLPGLGHQ\OGROGXUGX
<]OHUFHLQVDQQNDWOGNDPSODUYHELQOHUFHLQVDQQNDWOGKDIWDODUYHD\ODUVUHQ
SURWHVWRODUEX\OGDK]NHVPHGHQGHYDPHWWL.DVPD\QGDGHQID]ODLQVDQ
VRNDNODUGD ELU DUD\D JHOGLLQGH ELU SDQNDUW |]HOOLNOH J|]PH oDUSW 3DQNDUWWD
*HU]HKDON\DOQ]GHLOGLU\D]\RUGX*HU]HKDONLoLQQHNDGDUDoNVDGQ\D
KDONODULoLQGHRNDGDUDoNIRVLO\DNWODUDoRNGDKDL\LDOWHUQDWLIOHULPL]YDUEL]OHU
LUNHWOHULQ\DDPDODQODUP]YHJH]HJHQLNDUODUXUXQDNLUOHWPHDGPODUQDNDU
VHVVL]NDOPD\DFD]YHKD\UEL]OHU\DOQ]GHLOL]LIDGHVLQH\HUYHULOPLWLU
OHUOH\HQVUHoWHLUNHWd('UDSRUXQXLNLGHIDUHYL]HHGHUHNYHWH
%DNDQOD VXQPX DQFDN KHU LNL UDSRU GD LWLUD]D NRQX RODQ KXVXVODUGD
GHLLNOLN \DSOPDG JHUHNoHVL\OH LDGH HGLOPLWLU %X WDULKWHQ VRQUD SURMHGH
KHUKDQJL ELU JHOLPH YH GHLLNOLN ROPD\QFD XEDW WH *HU]H (QHUML
6DQWUDOSURMHVLQLQd('VUHFLUHVPHQVRQODQGUOPWU
*HU]H PFDGHOHVLQLQ HWNLVLQL ONHQLQ ELUoRN N|HVLQGH WHUPLN VDQWUDOGHQ
+(6OHUHRWR\ROODUGDQoQFN|SU\H\HLODODQODUP]GDQGHUHOHULPL]LoLQ
YHULOHQPFDGHOHOHUGHJ|UPHNPPNQGU
*HU]HGLUHQLL$PHULNDGD|QHPOLELUoHYUHNXUXOXX6LHUUD&OXSWDUDIQGDQ
\OQQHQ|QHPOLGLUHQLOHULQGHQELULRODUDNVHoLOPLWLU
*UHHQSHDFHLQ*HU]HOLOHUHGHVWHNLoLQEDODWWNLPNRUNDURUJVLWHVL]HULQGHQ
\U\HQ .LP .RUNDU $QDGROX *UXEXQGDQ" NDPSDQ\DVQD ELQH \DNQ
LQVDQLP]DODU\ODGHVWHNYHUGL
%X VUHFL |]JQ \DSDQ |]HO \DSDQ GLUHQLLQ VDKLSOHULQLQ <D\NO N|\OV LOH
*HU]HKDONQQROPDVGU*HU]HKDONQGD<D\NON|\OVQGH\DDPDODQODUQD
WRSUDQD VX\XQD KDYDVQD VDKLS oNPDQQ PFDGHOH JF NDUDUOO YH
LQDQFYDUG3ODWIRUPV|]FV%XLNWLGDUGRDQQHPHLQYH\DDPQVHUPD\H
WDUDIQGDQ V|PUJHOHWLULOPHVLQH NDU GLUHQHQOHUL ]RU \ROX\OD VLQGLUPH\L |QFHOLNOL
J|UHYLRODUDNJ|U\RUGL\H|]HWOL\RULGDUHQLQEDNQ%X\OER\XQFD
QHUHOHUGHQDVOVNQWODUoHNWLLPL]LEXXXUGDLONoDOPD\DEDODGP]DQGDQEX
JQH VUHJHOHQ EWQOP] PFDGHOHPL]LQ DFLO ROGXXQX \ROXPX]XQ GRUX
ROGXXQXJ|UHUHNYHEXQDLQDQDUDND\DNODQGN%LUELULPL]LQHPHLQHVDKLSoNWN
/DNLQ QH WHHNNU QH GH PLQQHW GX\XODFDN H\OHU ROPDGQ GD ELOGLN dQN
\DSWNODUP]J|QOLoLOLLRODUDNJ|UGNGL\HEHOLUWL\RU
3ODWIRUPX\JXODQDQWPEXLGGHWHEDVN\DUDPHQLQVDQQHQWHPHOKDNN
RODQ\DDPQYHGRDQQ\RNHGLOPHVLQHNDUGLUHQLLLQDWODE\WWNOHULQL
g]JU ELU ONH YH V|PUV] ELU GQ\D LoLQ *H]L JLEL *HU]H JLEL GLUHQLOHU
KWWSDFWRUJVLJQJHU]HBWU"
78
JHOHFHNWHRQXUVHPEROOHULRODFDQEHOLUWL\RUODU
7HUPLN VDQWUDOH KD\U GL\HQ ELQOHUFH NDUDUO RQXUOX \DDP PFDGHOHVL LoLQ
ELUOHHQoRNVHVWHN\UHNROPX<D\NON|\OVQQ*HU]HKDONQQLV\DQYH
GLUHQLLWPGQ\D\D|UQHNROVXQ
;,9'((5/(1'50(
.DUDGHQL] E|OJHVLQGH QIXV YH VDQD\LQLQ GLHU E|OJHOHUH J|UH QLVSHWHQ D]
ROPDVQHGHQLLOHE|OJHGHHQHUMLWDOHELGHGDKDGNWU%|OJHGHNLPHYFXWYH
NXUXOPDNWDRODQWHUPLNYHKLGUROLNVDQWUDOODUQNDSDVLWHVL\HWHUOLGLU
|OoHNOL 6LQRS.DVWDPRQXdDQNU dHYUH ']HQL 3ODQQGD
GD VDQWUDO VDKDV YH VDQWUDOLQ NO GHSRODPD DODQ WDUP DUD]LVL YH RUPDQ
DODQGU6DQWUDOLQGHQL]VDKDV'RDO6LW$ODQROXSNRUXPDDOWQGDGU
7UNL\H 7XUL]P 6WUDWHMLVL VWUDWHMLN SODQQGD Lo WXUL]P JHOLLP
NRULGRUXRODUDNJHOLWLULOPHVLNDUDUQDD\NUGU
0OJD 7DUP YH +D\YDQFON %DNDQO WDUDIQGDQ 1LVDQ 7DULK
YH6D\O5HVPL*D]HWHGH\D\PODQDUDN\UUOHJLUHQ6XhUQOHU
VWLKVDOUHPH$ODQGU
6DQWUDOLQGHQL]VDKDVD\Q]DPDQGD6LQRS7DUPO0GUOWDUDIQGDQ
9ROL$ODQLODQHGLOPLWLU
7HUPLN VDQWUDO E|OJHGH LVWLKGDP YH JHOLU ND\SODUQD QHGHQ RODFDNWU
%|OJHGHGHQL]UQOHULQLQEROOXXYHoHLWOLOLLQHGHQL\OH|QHPOLHNRQRPLN
VHNW|UKDOLQGHGLU
6DQWUDOLQE|OJHGHNLEDONoOROXPVX]RODUDNHWNLOH\HFHNWLU
6DQWUDOLQGHQL]NHQDU'HUHFH$UNHRORMLN6LW$ODQGU
6LQRS LOL LoPH VX\XQXQ ELU NVP YH 2UJDQL]H 6DQD\L %|OJHVL LoPH YH
NXOODQPD VX\XQXQ WDPDP WHUPLN VDQWUDOH P PHVDIHGHNL .DEDO
dD\QGDNLVXNX\XODUQGDQWHPLQHGLOPHNWHGLU
3ODQODQDQ WHUPLN VDQWUDOLQ GHQL] VDKDV .DUDGHQL]LQ .LUOLOLH .DU
.RUXQPDV6|]OHPHVL%NUH6|]OHPHVL$UDON7DULKYH
6D\O.DQXQODRQD\ODQDUDN\UUOHJLUHQYH.DUDGHQL]GH%L\RORMLN
dHLWOLOLLQ 3H\]DMQ .RUXQPDV 3URWRNROQQ VD\O .DQXQOD
NDEXOHGLOPLRODQKNPOHUHD\NURODUDNIDDOL\HWWHEXOXQDFDNWU
hONHPL]LQ \OQGD LP]DODP ROGXX 1HVOL 7HKOLNH $OWQGDNL <DEDQL
+D\YDQ YH %LWNL 7UOHULQLQ 8OXVODUDUDV 7LFDUHWLQH OLNLQ 6|]OHPH
&,7(6 NDSVDPQGD EX WDULKWHQ LWLEDUHQ ONHPL] VXODUQGD GD PHUVLQ
EDONODUQQ EWQ WUOHULQLQ DYFO \DVDNODQP ROXS NRUXPD YH
79
VWRNODUQL\LOHWLULOPHVLQH\|QHOLNoDOPDODU\UWOPHNWHGLU
.|PUQNDORULVLQHEDORODUDN\DNODQN|PUPLNWDUGHLHFHNWLU'N
NDORULOL XFX] N|PU NXOODQOGQGD N|PU PLNWDU DUWDFDNWU %DFD JD]
ILOWUHOHULROXDFDNRODQXoXFXNOOHULQD]RWRNVLWNDUERQGLRNVLWJLEL]HKLUOL
VHUDJD]ODUQQQHNDGDUQWXWDFDNWUQHNDGDUKDYD\DVDOQDFDNWU"EHOOL
GHLOGLU
6DQWUDOLQ NP2OLN HWNL DODQ LoHULVLQGH *HU]H OoHVL YH RQODUFD N|\ \HU
DOPDNWDGU
6DQWUDO EDFDODUQGDQ oNDQ NNUWGLRNVLW 622 D]RWRNVLWOHU 12[
NDUERQPRQRNVLW&2NDUERQGLRNVLW&22YHSDUWLNOPDGGHOHULQU]JDUOD
X]DNPHVDIHOHUHWDQGKDYDNDOLWHVLQLER]GXXFLYDUGDNLLQVDQKD\YDQ
YHELWNLVDOQROXPVX]HWNLOHGLLWRSUDYHULPVL]OHWLUGLLELOLQPHNWHGLU
7HUPLN VDQWUDOOHULQ VRXWPD EXKDU HOGH HWPH YH WHPL]OHPH JLEL oHLWOL
DPDoODUODEROPLNWDUGDVXNXOODQGWPEXLOHPOHUVRQXFXQGDWRQODUFD
DWNVXROXWXXYHEXDWNVX\XQGDQHNDGDULOHPGHQJHoLULOLUVHJHoLULOVLQ
oHYUHNLUOLOLLQH\RODoWELOLQPHNWHGLU
.DOLWHYHVFDNONEDNPQGDQDOQG|]HOOLNWHJHULYHULOHPH\HQEXVXODU
GHQL]HWRSUDDYH\HUDOWVXODUQDXODPDNWDYHROXPVX]VRQXoODURUWDYH
X]XQYDGHGHoHLWOLHNLOOHUGHKDVWDONNLUOLOLNELWNLYHEDONWUOHULQLQ\RN
ROPDV\DGDLVWLODFWUOHULQRUWDPDJHOPHVLHNOLQGHRUWD\DoNPDNWDGU
d(' 5DSRUXQGD VDQWUDOGH NXOODQODFDN N|PUQ |]HOOLNOHULQLQ YHULOGLL
WDEORGDNL YHULOHU &HUUHMRQ N|PU UHIHUDQV DOQDUDN NXOODQOP $QFDN
d(' 5DSRUXQGD GQ\DQQ IDUNO ONHOHULQGHQ N|PU WHPLQ HGLOHFHL
EHOLUWLOPHNWHGLU .XOODQODFDN N|PUQ |]HOOLNOHULQH EDO RODUDN RUWD\D
oNDFDNEDFDJD]ELOHHQOHULQLQGHIDUNORODFDGQOGQGHoHYUHVHO
HWNLOHULoLQQHWU|QOHPOHUDOQDFDEHOOLGHLOGLU)DUNON|PUNXOODQPQD
EDORODUDNRUWD\DoNDFDNoHYUHVHOHWNLOHUH\|QHOLNRODUDNDOQPDVJHUHNHQ
|QOHPOHUWDDKKWNDSVDPQDGDJLUPH\HFHNWLU
\OLOHWPH|PUYHULOHQVDQWUDOGHRUWD\DoNDFDNNODWQQGHSRODQPDV
LoLQD\UODQNOGHSRODPDDODQQQd('UDSRUXQGD\OD\NDSDVLWHOL
ROGXX EHOLUWLOPHNWH LOHWPH |PU \O D\ON NO DWQQ QHUH\H
GHSRODQDFDEHOOLGHLOGLU
PZ NXUXOX JFH VDKLS RODFD EHOLUWLOHQ VDQWUDOLQ EDODQWVQQ
\DSODFD LIDGH HGLOHQ ELULVL 6LQRSWD NXUXODFDN PZON VDQWUDOLQ
DOW WHVLVOHUL\OH %R\DEDWWD NXUXODFDN PZON VDQWUDOLQ DOW WHVLVLQH
EDODQDFD LIDGH HGLOPHNWHGLU %R\DEDWWD VDQWUDO LQD HGLOPHNOH ELUOLNWH
GLHUVDQWUDOLOHLOJLOLKHUKDQJLELUIDDOL\HWWHVSLWHGLOHPHPLWLU%XGXUXPGD
80
PZQHRODFDEHOOLGHLOGLU
'LHU |QHPOL KXVXV 7UNL\HGH GHQHWLP VUHoOHULQLQ QHUHGH\VH KLo
LOHWLOPHPHVLGLU 7DDKKGH EDODQDQ d(' X\JXODPDODUQGD WDDKKWOHULQ
\HULQH JHWLULOLS JHWLULOPHGLL oHYUHVHO HWNLOHULQ RUWD\D oNPDVQGDQ VRQUD
DQODOG ELOLQHQ ELU JHUoHNWLU 8\JXODPDODUD EDNQFD d('GH YHULOHQ
WDDKKWOHULQQH|OoGHJHUoHNOHHELOHFHLELUNDoONHGHQLWKDODWHGLOHFHN
N|PU LoHULLQGHNL LQVDQ VDO DoVQGDQ WHKOLNH ROXWXUDELOHFHN IDUNO
RUDQODUGDNL HOHPHQWOHULQ QH |OoGH NRQWURO DOWQD DOQDELOHFHLQL GH
NHVWLUPHNJoWU
7RSUDN .RUXPD .DQXQX YH LOJLOL \|QHWPHOLLQH J|UH VDKD LoLQGH NDODQ
WDUP DODQODU WRSUDN NRUXPD NXUXOODU WDUDIQGDQ WDUP DODQ GQD
oNDUOPDPWU
6218d
*LGHUHN DUWDQ HQHUML LKWL\DFQQ X]XQ G|QHPOL RODUDN NDUODQPDV GD
EDPOO HQ D]D LQGLUHFHN HNLOGH \HUHO ND\QDNODUQ DNOF NXOODQP LOH
GRUXGDQLOJLOLGLU'RDOND\QDNODUQDNOFNXOODQPVXKDYDWRSUDNRUPDQODU
JLEL GRDO YDUONODUQ ND\QDN RODUDN NXOODQPQQ GHYDPOOQ VDOD\DFDN
HNLOGH HOH DOQPDVQ GD ]RUXQOX NODU %XQXQ LoLQ GH HQHUML VHNW|UQGH
EWQOHLN ND\QDN SODQODPDV ]RUXQOXGXU %X SODQODPD HQHUML UHWLPLQGH
NXOODQODFDN ND\QDNODUQ VHoLPL HQHUML WNHWLP HLOLPOHULQLQ LQFHOHQPHVL
WDOHS WDUDI \|QHWLP X\JXODPDODUQQ ]HULQGH \RXQODPD HQHUMLQLQ GDKD
YHULPOL NXOODQP oHYUHVHO HWNLOHULQ HQ D] G]H\GH ROPDV \HUHO KDONQ KDN
YH oNDUODUQQ NRUXQPDV YE |OoWOHUL J|]HWHUHN \DSOPDOGU 6L\DVL LNWLGDU
ELU \DQGDQ G WLFDUHW DoQQ HQ E\N VRUXPOXVX RODUDN HQHUML JLUGLOHULQL
J|VWHUVHGHL]OHGLLGDEDPOSROLWLNDODUODEXIDWXUDQQJLGHUHNDUWPDVQD
GD\RODoPDNWDGU
hONHPL]LQHQHUMLUHWLPLDoVQGDQVDKLSROGXXSRWDQVL\HOLQE|OJHVHO|]HOOLNOHU
GLNNDWH DOQDUDN EWQFO RODUDN EHOLUOHQPHVL JHOHFHLPL]LQ JDUDQWLVL RODQ
GRDOYDUONODUQGHYDPOONODUQVDODPDDoVQGD]RUXQOXGXU
hONH JHQHOLQGH KLoELU SURJUDP YH SODQODPD ROPDGDQ JHOLLJ]HO VDGHFH
\DWUPFQQ HQ D] PDOL\HWOH HQ ID]OD ND]DQF J|]HWLOHUHN \HUVHoLPL \DSODQ
WHUPLN VDQWUDOOHULQ HQHUML UHWLPLQGH VDOD\DFD NDWNGDQ oRN \HUVHoLPLQH
EDO RODUDN RUWD\D oNDQ JHUL G|Q PPNQ ROPD\DQ \D GD FDQO KD\DW
DoVQGDQRQDUP\]\OODUJHUHNHFHNoHYUHVHO]DUDUODUQPDOL\HWLQLKHVDSODPDN
GDPPNQGHLOGLU
.DUDGHQL] %|OJHVLQLQ HQHUML UHWLPL DoVQGDQ VDKLS ROGXX SRWDQVL\HOLQ
GHHUOHQGLULOPHVL |QHPOLGLU <HUHO HQHUML ND\QD RODUDN VX KLGUROLN HQHUML
81
82
7002%7HUPH7HUPLN6DQWUDO5DSRUX
83
.$<1$.d$
$7$d hON $.7$ 0XDPPHU <,/',5,0 &HODO $/(0'$ 1LJDU =(1*1 %D\UDP
$/.$1$OL.DUDGHQL]%|OJHVLQGH6X.LUOLOLLQH6HEHS2ODQ)DNW|UOHULQ%HOLUOHQPHVL
YH6XhUQOHULQH(WNLOHULQLQ$UDWUOPDV7&7DUPYH.|\LOHUL%DNDQO7DUPVDO
$UDWUPDODU *HQHO 0GUO6X hUQOHUL 0HUNH] $UDWUPD (QVWLWV 0GUO
7UDE]RQ3URMH.RG1R7$*(0,9
%/*12/80$OL'8058/&QH\W7UN(NRQRPLVLQLQ(QHUML%DPOOh]HULQH%LU
(%WQOHPH$QDOL]L-RXUQDORI<DVDU8QLYHUVLW\
'RND\d(' dHYUH 0KHQGLVOLL /WGWL 0Z *HU]H (QHUML 6DQWUDO dHYUHVHO (WNL
'HHUOHQGLUPH5DSRUX$QNDUD
'RRQDQ 2ZZHQ 6LQRS %|OJHVHO $UNHRORML 3URMHVL UDSRUX &OLIRUQLD 6WDWH 8QLYHUFLW\
1RUWKULGH
*('.$EGXOODK(5&$17XQFD\.25.0$=6DVHWWLQ2UWD.DUDGHQL]6DPVXQ6LQRS
+DY]DVQQ-HRORMLVLYH9RONDQLN.D\DoODUQ3HWURORMLVL07$'HUJLVL6D\V
0DNLQD0KHQGLVOHUL2GDV(QHUML*|UQP5DSRUX
6LQRS hQLYHUVLWHVL 5HNW|UOQQ WDULKOL YH VD\O \D]V HNL 6X hUQOHUL
)DNOWHVLQFH+D]UODQDQ5DSRU
7$%%$1$KPHW.HQWOHULQ-HRORMLVLYH'HSUHP'XUXPX-02<D\QODU1RV
$QNDUD
7002%7HUPH7HUPLN6DQWUDO5DSRUX
7002%.DUDVX.\$ODQ.\'DUDOPDV5DSRUX
K W W S O L V D Q V H S G N R U J W U H S Y \ V Z H E I D F H V S D J H V O L V D Q V H O H N W U L N8 U H W L P
HOHNWULN8UHWLP2]HW6RUJXOD[KWPO
KWWSQLOJXQFDEDFLFRPJHU]H\HQLOPH\HFHN
KWWSZZZFVEJRYWUWXUNFHGRV\DFHGLFGUVLQRSBLFGUSGI
KWWSZZZNJPJRYWU6D\IDODU.*06LWH7U%ROJHOHU%ROJH%ROJHDVS[
'HYOHW0HWHRURORMLOHUL*Q0G6LQRS0HWHRURORMLVWDV\RQX
.OLPDWRORMLXEH0GUONOLP6QIODQGUPDODU0HWHRURORML*HQHO0GUO.DODED
$QNDUD7UNL\H
KWWSZZZPJPJRYWU),/(6LNOLPLNOLPBVLQLIODQGLUPDODULSGI
KWWSZZZPJPJRYWUYHULGHJHUOHQGLUPHLOYHLOFHOHULVWDWLVWLNDVS["P 6,123VI%
KWWSWXUL]PVLQRSHGXWUWXUL]PBLVOHWPHFLOLJLBYHBRWHOFLOLNB\XNVHNRNXOXIDDOL\HWOHUWXUL]PB
GXUXPXSGI
KWWSWHIWLVNXOWXUWXUL]PJRYWU75QROXLONHNDUDULDUNHRORMLNVLWOHUNRUXPDYH
NXOODQKWPO
KWWSDFWRUJVLJQJHU]HBWU"
84
*(5=(7(50.6$175$/352-($/$1,1'$7(.1.*(=
85
86
*(6d(95(6*(1(/$5$=.8//$1,0
87
*(6$/$1,1$*5
88
*(6$/$1,*(1(/*g5h1h0
89
*(6$/$1,*(1(/*g5h1h0.$%$/$d$<,
90
/0$1'2/*86$+$6,$5.(2/2-.67$/$1,
91
d$.,52/80$+$//(6
92
93
94
<(*(3723/$17,
95
96