+PEWOIVEQMOLÇPP /IVEEQMRIR /IMXXSXEWS +PEWOIVEQMWO /SKIWIOXMSR )RGMQIVEW :MXVSGIVEQMGE &69/7%2:-72-2+ /â=88Ó .% %7)22973,.
,QQHKnOOVI|UWHFNQLQJ 6lNHUKHWVLQIRUPDWLRQ 6N|WVHO RFK UHQJ|ULQJ 9LNWLJW DWW YHWD 2P KlOOHQ LQWH IXQJHUDU %HVNULYQLQJ DY 7HNQLVND GDWD ,QVWDOODWLRQ +lOO 7RXFKSDQHO
6lNHUKHWVLQIRUPDWLRQ +lOOHQ InU HQGDVW DQYlQGDV L HQVNLOW KXVKnOO RFK I|U QRUPDO KXVKnOOVDQYlQGQLQJ 'HQ XSSI\OOHU LQWHUQDWLRQHOOD VlNHU KHWVI|UHVNULIWHU RFK NYDOLWHWVQRUPHU 6DPWOLJD VlNHUKHWVnWJlUGHU NDQ GRFN LQWH WLOO IXOOR HOLPLQHUD DOOD RO\FNVULVNHU /lV GlUI|U QRJD LJHQRP DQYLVQLQJDU UnG RFK YDUQLQJVWH[WHU LQQDQ GX LQVWDOOHUDU RFK E|UMDU DQYlQGD KlOOHQ *H VSH FLHOOW DNW Sn WH[WHU PHG HQ YDUQLQJVWULDQJHO I|U DWW XQGYLND VNDGRU Sn SHUVRQ HOOHU HJHQGRP 7lQN Sn DWW VSDUD EUXNVDQYLVQLQJHQ VRP PnVWH I
9LNWLJW DWW YHWD gYHUNRN DY VRFNHU RFK VRFNHUKDOWLJD PDWUlW WHU 7DJ RPHGHOEDUW ERUW DOOW |YHUNRN IUnQ GHQ KHWD KlOOHQ PHG KMlOS DY UDNEODGVVNUDSDQ 6SLOO DY VRFNHU HOOHU VRFNHUKDOWLJD PDWUlWWHU PDUPH ODG VDIW PM|ONFKRNODG R G VPlOW SODVW RFK DOXPLQLXPIROLH NDQ VNDGD KlOOHQ *O|P LQWH DWW lYHQ UHQJ|UD NDVWUXOOHQV ERWWHQ +nOO KlOOHQ DOOWLG UHQ )HWW RFK VSLOO RVDU YLG XSS YlUPQLQJ RFK NDQ L YlUVWD IDOO RUVDND EUDQG 6RFNHUKDOWLJW |YHUNRN VWLJHU VQDEEW L WHPSHUDWXU Sn HQ KHW YlUPH]RQ 'HW XSSVWnU Gn HQ
%HVNULYQLQJ DY +lOO 9lUPH]RQ 9lUPH]RQ GXEEHO]RQ PP : 9lUPH]RQ 9lUPH]RQ GXEEHO]RQ [ PP : 9lUPH]RQ 7RXFKSDQHO )|U LQVWlOOQLQJ DY KlOOHQV YlUPH]RQHU PP : PP .
,QQDQ GX DQYlQGHU KlOOHQ I|UVWD JnQJHQ 5HQJ|U GHQ JODVNHUD PLVND \WDQ 8QGHU WUDQVSRUWHQ NDQ GDPP IDVWQD Sn \WDQ 5HQJ|U \WDQ PHG YDUPW YDWWHQ RFK HWW PLOW KDQGGLVN PHGHO $QYlQG HQ UHQ WUDVD HOOHU KXVKnOOVSDSSHU 7RUND GlUHIWHU \WDQ KHOW WRUU LQQDQ QnJRQ ]RQ NRSSODV LQ 8SSYlUPQLQJ DY ]RQ )|U NRQWUROO NDQ HQ ]RQ L WDJHW NRUW NRSSODV LQ $OOPlQW RP KlOOHQ 'HQ JODVNHUDPLVND \WDQ =RQHUQD lU W\GOLJW PDUNHUDGH Sn GHQ JODVNHUDPLVND \WDQ RFK ]RQHUQDV VWRUOHN lU DQSDVVDG HIWHU GH L PDUN QDGHQ I|UHNRPPDQG
9lUPHYDUQDUH 1lU ]RQHQ VWlQJV DY YLVDV HWW ©+ª L I|QVWUHW 'HWWD ©+ª YDUQDU I|U YDUP ]RQ RFK LQWH I|UUlQ WHPSHUDWXUHQ Sn ]RQHQ OLJJHU UXQW & RFK ULVNHQ I|U EUlQQVNDGRU HOHPLQHUDWV VORFNQDW + HW bYHQ RP V\PEROHQ ODPSDQ VRP YDUQDU I|U UHVWYlUPH lU VOlFNW NDQ ]RQHQ YDUD YDUP Sn JUXQG DY YlUPHQ IUnQ HQ KHW NDVWUXOO HOOHU VWHN SDQQD 7RXFKSDQHOHQV IXQNWLRQHU )|U DWW GHW VNDOO KlQGD QnJRW PnVWH GX WU\FND Sn HQ WRXFKPDUNHULQJ L PLQVW VHNXQG 9DUMH LQVWlOOQLQJ VRP VNHU LQGLNHUDV JHQRP HQ VL JQDO
/lPSOLJW YlUPHOlJH .
$YVWlQJQLQJ DY KHOD KlOOHQ 7U\FN Sn KXYXGEU\WDUHQ 6lNHUKHWVDYVWlQJQLQJ DY SDQHOHQ 2P HQ HOOHU IOHUD WRXFKPDUNHULQJDU L SDQHOHQ WlFNV |YHU RFK DNWLYHUDV DY W H[ NDVWUXOO JU\W ODSS HOOHU |YHUNRN OlQJUH lQ VHNXQGHU VWlQJV SDQHOHQ DY $XWRPDWLVN DYVWlQJ QLQJ DY LQNRSSODG ]RQ 2P GX JO|PPHU DWW VWlQJD DY HQ HOOHU IOHUD ]RQHU VNHU HQ DXWRPDWLVN DYVWlQJQLQJ HIWHU HQ YLVV WLG -X K|JUH OlJH VRP ]RQHQ lU LQVWlOOG Sn GHVWR WLGLJDUH VWlQJV GHQ DY 2P GHQQD IXQNWLRQ VWlQJW DY ]RQHQ V\QV HWW VWUHFN L
6lNHUKHWVOnVQLQJ DY KlOO RFK ]RQ +lOOHQV IXQNWLRQHU 'X KDU WYn P|MOLJKHW DWW OnVD KlOOHQ RFK J|UD GHQ EDUQ VlNHU $OW 1lU GX LQWH DQYlQGHU KlOOHQ 7U\FN I|UVW Sn KXYXGEU\WDUHQ Vn DWW KlOOHQ DNWLYH UDV 7U\FN GlUHIWHU Sn OnVPDUNHULQJHQ WLOOV NRQWUROODP SDQ WlQGV 6WlQJ DY KlOOHQ $OW 2P KlOOHQV ]RQHU PHG HOOHU XWDQ WLPHUWLG lU LQ NRSSODGH 7U\FN Sn OnVPDUNHULQJHQ 1X NDQ LQJHQ lQGULQJ DY ]RQHUQDV YlUPHOlJH HOOHU WL PHUWLG VNH (Q UHGDQ LQVWlOOG WLPHUWLG UlFNQDV GRFN QHU ,QG
$XWRPDWLVN XSSYlUPQLQJ $XWRPD[ $XWRPD[ HQ XSSYlUPPLQJVDXWRPDWLN VRP LQQHElU DWW GX LQWH EHK|YHU YlOMD K|JVWD YlUPHOlJHW I|U DWW VH GDQ VlQND YlUPHQ I|U YLGDUNRNQLQJ VWHNQLQJ VRP GX QRUPDOW PnVWH J|UD 'X YlOMHU GLUHNW GHW YlUPHOlJH GX WlQNHU DQ YlQGD I|U YLGDUHNRNQLQJ VWHNQLQJ =RQHQ VWDUWDU Sn K|JVWD OlJHW RFK VWlOOHU LQ VLJ DXWRPDWLVN Sn YDOW OlJH HIWHU HQ WLG 'HQ WLG YlUPH]RQHQ lU LQNRSSODG Sn K|J VWD OlJHW EHURU Sn YLONHW OlJH GX YDOW I|U YLGDUHNRNQLQJ VWHNQLQJ 6H WDEHOO 2%6 7LGHQ NDQ EO
7LPHUIXQNWLRQHQ 0HG GHQQD IXQNWLRQ NDQ GX VWlOOD LQ GHQ WLG GX YLOO DWW ]RQHQ VNDOO VWlQJDV DY ,QNRSSOLQJ DY WLPHU 3XQNWHQ L ]RQHQV I|QVWHU PnVWH O\VD 9lOM HWW YlUPHOlJH 7U\FN Sn WLPHUPDUNHULQJHQ , I|QVWUHW V\QV © ª 7U\FN LQ HQ WLG PLQXWHU PHG HOOHU (IWHU VHNXQGHU WlQGV L I|QVWUHW GHQ NRQWUROODPSD VRP PRWVYDUDU GHQ ]RQ L KlOOHQ I|U YLONHQ HQ WLG lU LQ VWlOOG )|U VQDEE LQVWlOOQLQJ DY WLGHQ WU\FN KHOD WLGHQ Sn HOOHU PDUNHULQJHQ bQGULQJ DY LQVWlOOG WLG 'X NDQ DOOWL
7LPHUQ VRP VLJQDOXU 2P LQWH HQ WLG lU LQVWlOOG I|U QnJRQ ]RQ NDQ WLPHUQ DQ YlQGDV VRP HWW VLJQDOXU lJJNORFND ,QVWlOOQLQJ DY WLG 2P KlOOHQ lU DYVWlQJG 7U\FN Sn KXYXGEU\WDUHQ 7U\FN Sn WLPHUPDUNHULQJHQ 6WlOO LQ HQ WLG WU\FN Sn HOOHU 2P HQ HOOHU IOHUD ]RQHU UHGDQ lU LQNRSSODGH /nV VDPWOLJD ]RQHU VH XQGHU DYVQLWWHW /nVQLQJ DY HQ ]RQ , VDPWOLJD ]RQHUV I|QVWHU VNDOO LQJHQ SXQNW O\VD 7U\FN Sn WLPHUPDUNHULQJHQ 6WlOO LQ HQ WLG WU\FN Sn HOOHU $YVWlQJQLQJ D
7LSV RFK UnG (Q YlUPH]RQ Sn HQ JODVNHUDPLNKlOO VWlOOHU VW|UUH NUDY Sn NRNNlUOHQ lQ HQ JMXWMlUQVSODWWD /nQJD XSSNR NQLQJVWLGHU VNDGRU RFK PLVVIlUJQLQJDU NDQ EHUR Sn HWW ROlPSOLJW NRNNlUO RFK LQWH Sn HQ IHODNWLJ KlOO 8WVLGDQ Sn NRNNlUOHWV ERWWHQ (Q RMlPQ \WD NDQ UHSD KlOOHQ *URYW VYDUYDG ERWWHQ VOLWHU Sn GHNRUHQ RFK JHU UH SRU L \WDQ RP NDVWUXOOHQ GUDV IUDP RFK WLOOEDND .
6N|WVHO RFK UHQJ|ULQJ 7DJ RPHGHOEDUW ERUW DOOW |YHUNRN IUnQ GHQ KHWD KlOOHQ PHG KMlOS DY UDNEODGVVNUDSDQ 6SLOO DY VRFNHU HOOHU VRFNHUKDOWLJD PDWUlWWHU PDUPH ODG VDIW PM|ONFKRNODG R G VPlOW SODVW RFK DOXPLQLXPIROLH NDQ VNDGD KlOOHQ *O|P LQWH DWW lYHQ UHQJ|UD NDVWUXOOHQV ERWWHQ (Q VPXVWLJ KlOO I|UVlPUDU YlUPH|YHUI|ULQJHQ PHOODQ NlUO RFK KlOO 7RUND GlUI|U DY KlOOHQ HIWHU DQYlQGQLQJ PHG HQ IXNWLJ WUDVD $QYlQG DOGULJ VNXUPHGHO UH SDQGH VYDPSDU XJQVUHQJ|ULQJVPHGHO R G Sn JODVNH UDPLNKlOOHQ XWDQ HQ
2P KlOOHQ LQWH IXQJHUDU +lU QHGDQ InU GX I|UVODJ Sn YDG GX VMlOY InU RFK NDQ J|UD YLG SUREOHP *|U DOGULJ LQJUHSS L KlOOHQ VRP NDQ VNDGD SHUVRQ HOOHU SURGXNW 2P GX EHK|YHU KMlOS NRQWDNWD VHUYLFH 2P QnJRQ VSULFND HOOHU DQQDQ VNDGD XSSVWnU L JODVHW VNDOO KlOOHQ JHQDVW VWlQJDV DY 'UD XW VWLFNNRQWDNWHQ HOOHU VNUXYD XU VlNULQJDUQD RFK NRQWDNWD VHUYLFH 3UREOHP +lOOHQ SDQHOHQ IXQJHUDU LQWH LQWH 2UVDN cWJlUG .RQWUROOHUD DWW VWLFNNRQWDNWHQ lU RUGHQWOLJW LVDWW .RQWUROOHUD DWW VlNULQJDUQD lU KHOD .
6HUYLFH RFK UHVHUYGH ODU ,QQDQ VHUYLFH NRQWDNWDV /lV LJHQRP EUXNVDQYLVQLQ JHQ RFK I|OM GH UnG RFK DQYLVQLQJDU VRP JHV L DYVQLWWHW ©2P SURGXNWHQ LQWH IXQJHUDUª I|U DWW I|UVlNUD GLJ RP DWW GX LQWH NDQ nWJlUGD IHOHW Sn HJHQ KDQG 2P VHUYLFH WLOONDOODV LQRP (+/ nWDJDQGHW I|U DWW nWJlUGD GH SUREOHP VRP ILQQV PHG Sn GHQQD OLVWD ULV NHUDU GX DWW VMlOY In VWn I|U NRVWQDGHQ 'HWWD JlOOHU RFNVn RP GX DQYlQW SURGXNWHQ WLOO DQQDW lQ GHQ lU DYVHGG I|U 6HUYLFH RFK UHVHUYGHODU WLOO GLQ SURGXNW InU GX YLD GLQ nWHUI|
,QVWDOODWLRQ 7UDQVSRUWVNDGRU .RQWUROOHUD DWW XJQHQ lU XWDQ VNDGRU 7UDQVSRUWVNDGRU DQPlOHU GX RPHGHOEDUW WLOO 'LVWULOX[ 'LVWULEXWLRQVNRQ WRU VH IUDNWVHGHOQ 9LG OHYHUDQV IUnQ EXWLN HOOHU nWHUI|U VlOMDUH NRQWDNWD GHP (PEDOODJH $OOW I|USDFNQLQJVPDWHULDO NDQ nWHUYLQQDV 3ODVWHQ RFK VW|WGlPSDQGH HPEDOODJHGHODU lU PlUNWD .
0RQWHULQJ DY KlOOHQ $YVWnQGHW IUnQ KlOOHQV XQGHUVLGD WLOO VNnSGHWDOM HO OHU VNLYD VNDOO YDUD PLQVW PP 3ODFHUD LQWH KlOOHQ I|U QlUD VLGR RFK EDNYlJJ +lU PnVWH DYVWnQGHW YDUD PLQVW PP PLQ PP PLQ PP PLQ PP PP PP +lOOHQ XSSI\OOHU EUDQGQRUP < ,(& (Q GDVW VnGDQD HQKHWHU InU DQYlQGDV LQWLOO IXOO K|MGVNnS HOOHU YlJJ )LJ 590 6nJD XW HWW KnO L ElQNVNLYDQ PLQ PP WMRFN HQ OLJW GH L ILJXU DQJLYQD PnWWHQ 2%6 $ L ILJXU lU HQ PDUNHULQJ I|U YDU IMlGH
. E\ (OHFWUROX[