&DAQTHJR@@MVHIYHMF 35 n n "NMMDBS n "NMMDBS "NMMDBSHUHSX
,QKRXG $IVWDQGVEHGLHQLQJ ² 79 IXQFWLHV %HGLHQLQJVRRJ WRHVWHOYRRUNDQW $DQVOXLWLQJHQ DFKWHUNDQW WRHVWHO &RQQHFW $DQVOXLWLQJHQ DFKWHUNDQW WRHVWHO &RQQHFW +DUWHOLMN ZHONRP /HYHULQJVSDNNHW
$IVWDQGVEHGLHQLQJ ² 79 IXQFWLHV O@FHM@ O@FHM@ O@FHM@ O@FHM@ O@FHM@ O@FHM@ O@FHM@ &DKTHC THS @@M +$# K@LOID UNNQ @BSTDKD LNCTR .UDQRBG@JDKDM M@@Q 35 LNCTR .LRBG@JDKDM 35 @M@KNNF CHFHS@@K .
" "NMMDBSHUHSX & 2 1 1 ( & 7 %HGLHQLQJVRRJ WRHVWHOYRRUNDQW (MCHB@SHD "NMMDBSHUHSX #D MDSRBG@JDK@@Q ADUHMCS YHBG HM GDS LHCCDM NMCDQ@@M NO GDS SNDRSDK 7RHWV 0 LDMT NOQNDODM (M GDS LDMT M@@Q ANUDM ADMDCDM 7RHWV ² M@@Q UNQHFD YDMCDQ HM GDS LDMT M@@Q KHMJR 7RHWV 5 Q@CHN @@M THS SDQTF M@@Q 35 LNCTR 5@MTHS CD RS@MCAXLNCTR CD Q@CHN HMRBG@JDKDM (M GDS LDMT M@@Q ADMDCDM KKDDM AHI SNDRSDKKDM LDS -DSVNQJ ,DCH@OK@XDQ YHD G@MCKDHCHMF -DSVNQJ ,DCH@OK@XDQ .
$DQVOXLWLQJHQ DFKWHUNDQW WRHVWHO &RQQHFW 9,'(2 5HCDN HMF@MF 'NNECSDKDENNM @@MRKTHSHMF $9 6 2 5'2 @@MRKTHSHMF $8',2 TCHN HMF@MF VHS KHMJR QNNC QDBGSR &20021 ,17(5)$&( "( 2KNS -DSRBG@JDK@@Q )0 5$',2 MSDMMD 1@CHN $17 79 MSDMMD J@ADK @M@KNNF CHFHS@@K $8',2 287 / 5 TCHN THSF@MF KHMJR QDBGSR @M@KNNF 6(59,&( 2DQUHBDATR 56 & 2DQH³KD HMSDQE@BD $9 $TQN 5 ATR $8',2 ,1 TCHN HMF@MF @M@KNNF 3& ,1 5& 7& HMF@MF +'0, '#,( HMF@MF +'0, '#,( HMF@MF
$DQVOXLWLQJHQ DFKWHUNDQW WRHVWHO &RQQHFW :/$1 $17 @MRKTHSHMF UNNQ GTKO@MSDMMD 86% 42! @@MRKTHSHMF 9,'(2 5HCDN HMF@MF 'NNECSDKDENNM @@MRKTHSHMF $9 6 2 5'2 @@MRKTHSHMF $8',2 TCHN HMF@MF VHS KHMJR QNNC QDBGSR &20021 ,17(5)$&( "( 2KNS -DSRBG@JDK@@Q )0 5$',2 MSDMMD 1@CHN $17 79 MSDMMD J@ADK @M@KNNF CHFHS@@K $8',2 287 / 5 TCHN THSF@MF KHMJR QDBGSR @M@KNNF 6(59,&( 2DQUHBDATR 56 & 2DQH³KD HMSDQE@BD $9 $TQN 5 ATR $8',2 ,1 TCHN HMF@MF @M@KNNF 3& ,1
+DUWHOLMN ZHONRP %HGDQNW +NDVD RSDKS CD GNNFRSD DHRDM @@M SDBGMHDJ NMSVDQO DM FDAQTHJRFDL@J #HS FDKCS YNVDK UNNQ SUiR @KR UNNQ UHCDNiR DM @BBDRRNHQDR 4V SU SNDRSDK VDQC UNNQADQDHC UNNQ CD SU MNQL a'#35k 'HFG #DEHMHSHNM 3DKDUHRHNM ,DS YHIM RBGDQLQDRNKTSHD DM CD CHFHS@KD HMSDQE@BD '#,( 'HFG #DEHMHSHNM ,TKSHLDCH@ (MSDQE@BD AHDCS GDS CD LNFDKHIJGDHC '#35 THSYDMCHMFDM LDS THSRSDJDMCD ADDKCJV@KHSDHS UH@ CD '#,( HMSDQE@BD #@@QNL CQ@@FS GDS GDS $TQNODRD JV@KH 3 VDDQ SD FDUDM SDHSRK@ADK a'# QD@
+DUWHOLMN ZHONRP %HGLHQLQJVFRPIRUW GDQN]LM ZL]DUGV ,QIRUPDWLHYHQVWHU HQ WY WUHIZRRUGHQUHJLVWHU #HS SU SNDRSDK ADU@S DDM @@MS@K YNFDM@@LCD VHY@QCR CHD T RS@O UNNQ RS@O CNNQ CD HMRSDKKHMFDM KDHCDM 4 JTMS SD @KKDM SHICD SDQTFJDQDM M@@Q CD UNQHFD RS@O NE CD VHY@QC @ERKTHSDM (HQ LQIRUPDWLHYHQVWHU ELM LHGHU PHQXSXQW 'DS HMENQL@SHDUDMRSDQ SNNMS UNNQ CD LDDRSD LDMTOTMSDM BNMSDWSFDUND KHFD HMENQL@SHDSDJRS ANUDM@@M GDS RBGDQL 2@LDM LDS GDS SQDEVNNQCDM QDFHRSDQ UNQLS GDS DDM BNLENQS@ADK ADCHDMHMFRRXRSDDL YHD O
RRU XZ YHLOLJKHLG 0HW KHW RRJ RS XZ HLJHQ YHLOLJKHLG HQ RP RQQRGLJH VFKDGH DDQ XZ WRHVWHO WH YRRUNRPHQ LV KHW YDQ EHODQJ GDW X GH RQGHUVWDDQGH YHLOLJKHLGVLQVWUXFWLHV OHHVW HQ LQ DFKW QHHPW *HEUXLN YROJHQV GH YRRUVFKULIWHQ HQ RPJHYLQJVYRRUZDDUGHQ #HS SU SNDRSDK HR THSRKTHSDMC ADRSDLC UNNQ GDS NMSU@MFDM DM VDDQFDUDM U@M ADDKC DM FDKTHCRRHFM@KDM 'DS VDQC NMSVNQODM UNNQ VNNM QDRO J@MSNNQQTHLSDR 'DS SNDRSDK L@F MHDS VNQCDM FDAQTHJS HM QTHLSDR LDS DDM GNFD OXFKWYRFKWLJKHLG AHIU
9RRU XZ YHLOLJKHLG 0LOLHXEHVFKHUPLQJ 5HSDUDWLHV HQ DFFHVVRLUHV 4 L@F HM FDDM FDU@K YDKE CD @BGSDQV@MC U@M GDS SU SNDRSDK UDQVHICDQDM +@@S QDO@Q@SHD DM NMCDQGNTCRVDQJY@@LGDCDM @@M TV SU SNDRSDK @KSHIC THSUNDQDM CNNQ DDM HUNHQGH WY PRQWHXU &DAQTHJ UNNQ YNUDQ LNFDKHIJ THSRKTHSDMC RULJLQHOH DFFHVVRLUHV YN@KR AHIU +NDVD RS@@MCDQR YHD @BBDRRNHQDR O@FHM@ (QHUJLHYHUEUXLN 4V SU SNDRSDK HR THSFDQTRS LDS DDM DMDQFHDADRO@QDMCD RS@MCAXUNDCHMFR DDMGDHC (M CD RS@MCAXLNCTR C@@KS GDS UDQAQTHJ SNS DDM LHMHLTL
(HUVWH LQJHEUXLNQHPLQJ 2SVWHOOHQ YDQ KHW WY WRHVWHO $DQVOXLWHQ YDQ KHW WY WRHVWHO .
(HUVWH LQJHEUXLNQHPLQJ 7RHVWHO LQ XLWVFKDNHOHQ $VVLVWHQW HHUVWH LQJHEUXLNQDPH 7Y WRHVWHO LQ GH VWDQGE\PRGXV ]HWWHQ (HUVWH LQVWDOODWLH QD KHW HHUVWH LQVFKDNHOHQ #DYD VHY@QC RS@QS @TSNL@SHRBG M@ GDS DDQRSD HMRBG@JDKDM L@@Q J@M K@SDQ NNJ L@MTDDK VNQCDM NOFDQNDODM UH@ GDS SQDEVNNQCDMQDFHRSDQ U@M GDS SU SNDRSDK YHD (HUVWH LQJHEUXLNQHPLQJ KHUKDOHQ NO O@FHM@ !DCHDM CD MDSRBG@JDK@@Q @@M CD NMCDQJ@MS U@M GDS SNDRSDK 'DS K@LOID HM GDS ADCHDMHMFRNNF NO CD UNNQYHICD U@M GDS SNDRSDK AQ@MCS QNNC 'DS SNDRSD
(HUVWH LQJHEUXLNQHPLQJ 7RHOLFKWLQJHQ ELM GH LQVWHOPRJHOLMNKHGHQ $MDQFHD DEEHBH³MSHD (HUVWH LQJHEUXLNQHPLQJ (QHUJLH HIILFLQWLH (FRQRUP 2. 3UHPLXP PRGXV 2.
(HUVWH LQJHEUXLNQHPLQJ =RHNHQ VWDUWHQ $VVLVWHQW HHUVWH LQJHEUXLNQDPH 8Z WY WRHVWHO YRHUW GH DXWRPDWLVFKH SURJUDPPHULQJ XLW PHW GH YROJHQGH LQVWHOOLQJHQ /RFDWLH 6LJQDDOEURQ QHQ 1HGHUODQG $QWHQQH NDEHO DQDORRJ '9% 7 '9% & '9% 7 DQWHQQH SRVLWLRQHUHQ ULFKWHQ (MCHDM T LDS DDM J@LDQ@MSDMMD ±±M NE LDDQCDQD #5! 3 YDMCDQR LDS ADDKC DM FDKTHCRRSNQHMFDM NMSU@MFS CHDMS T CD @MSDMMD DQFDMR @MC
%HGLHQLQJVFRPIRUW $OJHPHQH LQIRUPDWLH RPWUHQW PHQXEHGLHQLQJ ,DMTR UNNQ CD UDQRBGHKKDMCD LNCH 35 1@CHN VNQCDM LDS CD 0(18 WRHWV NOFDQNDODM 5DQCDQD LDMTR YHIM NNJ LDS CD @MCDQD SNDSRDM U@M CD @ERS@MCRADCHDMHMF ADQDHJA@@Q #D LDMT R VNQCDM NMCDQ@@M GDS RBGDQL VDDQFDFDUDM !NUDM@@M YHDS T DWSQ@ HMENQL@SHD NUDQ GDS FDL@QJDDQCD LDMTOTMS YHD (MENQL@SHDUDMRSDQ QDBGSR ➠ (M CD MNQL@KD SU LNCTR YNMCDQ UDQCDQD VDDQF@UDM 7Y PHQX NOQNDODM +HW LQIRUPDWLHYHQVWHU 'DS HMENQL@SHDUDMRSDQ SNNMS UNNQ CD LDDRSD LDMT
%HGLHQLQJVFRPIRUW +HW WUHIZRRUGHQUHJLVWHU LQ KHW WY WRHVWHO 5@M GHDQTHS JTMS T @KKD VHY@QCR DM UDKD ADCHDMHMFRETMBSHDR QDBGSRSQDDJR RS@QSDM #D UNKKDCHFD ETMBSHNM@KHSDHS U@M GDS SU SNDRSDK J@M NO CHD L@MHDQ FDL@JJDKHIJ VNQCDM NMSRKNSDM 5ººQ CD @KE@ADSHRBGD RNQSDQHMF ADUHMCDM YHBG CD OTMSDM 0HQXWDDO (QHUJLH HIILFLsQWLH 8LWUXVWLQJ DM (HUVWH LQJHEUXLNQHPLQJ KHUKDOHQ 7UHIZRRUGHQUHJLVWHU RSURHSHQ ➠ (M CD MNQL@KD SU LNCTR YNMCDQ UDQCDQD VDDQF@UDM 7UHIZRRUGHQUHJLVWHU NOQNDODM +HW $VVLVW PHQX 5H@ GDS RR
%HGLHQLQJVFRPIRUW 79 PHQX ² 2YHU]LFKW 3U LDMT *HOXLG %HHOG &RQWUDVW .OHXULQWHQVLWHLW .
'DJHOLMNV JHEUXLN =HQGHU NLH]HQ 6@MMDDQ DQ AHI CD DDQRSD HMRS@KK@SHD NE AHI GDS YNDJDM U@M YDMCDQR @M@KNFD DM #5! YDMCDQR VDQCDM NMSU@MFDM DM NOFDRK@FDM YHIM DQ SVDD @EYNM CDQKHIJD YDMCDQKHIRSDM UNNQ @M@KNFD DM #5! YDMCDQR ADRBGHJA@@Q =HQGHUVHOHFWLH PHW GH ]HQGHUOLMVW ➠ (M CD MNQL@KD SU LNCTR YNMCDQ UDQCDQD VDDQF@UDM FDDM E@UNQHDSDM FDRDKDBSDDQC 2. =HQGHUOLMVW NOQNDODM 2PVFKDNHOHQ WXVVHQ DQDORJH HQ '9% ]HQGHUV ➠ .
'DJHOLMNV JHEUXLN =HQGHUVHOHFWLH PHW GH IDYRULHWHQOLMVW 4 JTMS TV KHDUDKHMFRYDMCDQR NORK@@M HM DDM E@UNQHDSDMKHIRS DM YD U@MTHS CHD KHIRS NOQNDODM #D E@UNQHDSDMKHIRS J@M L@WHL@@K YDMCDQR ADU@SSDM "QD³DQ NE VHIYHF TV E@UNQHDSDMKHIRS M@@Q FDK@MF U@M TV ADGNDESDM YLH )DYRULHWHQOLMVWHQ VDPHQVWHOOHQ ZLM]LJHQ NO O@FHM@ ➠ (M CD MNQL@KD SU LNCTR YNMCDQ UDQCDQD VDDQF@UDM 2.
'DJHOLMNV JHEUXLN *HOXLG LQVWHOOHQ 7RHOLFKWLQJHQ ELM GH JHOXLGVLQVWHOOLQJHQ *HOXLG XLW LQVFKDNHOHQ &DKTHC THS &DKTHC @@M #QTJ CD SNDSR NOMHDTV HM NE FDAQTHJ CD UNKTLDSNDSR 9 9ROXPH LQVWHOOHQ 9 9² 5NKTLD KTHCDQ Y@BGSDQ #D UNKTLDA@KJ VNQCS DUDMSIDR VDDQFDFDUDM V@MMDDQ DQ FDDM @MCDQ LDMT NO GDS RBGDQL VNQCS VDDQFDFDUDM 6WDQGDDUG SHUVRRQOLMNH LQVWHOOLQJHQ YRRU EHHOG JHOXLG 'DS RDKDBSDQDM U@M CD RS@MC@@QC ODQRNNMKHIJD V@@QCDM UNNQ CD ADDKC DM FDKTHCRHMRSDKKHMFDM VNQCS ADRBGQDUDM NO O@FHM@
'DJHOLMNV JHEUXLN %HHOG LQVWHOOHQ 6WDQGDDUGZDDUGHQ RDKDBSDQDM M@@Q CD LDMTQDFDK C@@QNMCDQ F@@M 7Y PHQX NOQNDODM 7Y PHQX %HHOG &RQWUDVW ,1)2 *HOXLG $DQVOXLWLQJHQ 7Y PHQX ,QVWHOOLQJHQ 6WDQGDDUGZDDUGHQ (1' ,QVWHOOLQJHQ 3HUVRRQOLMNH LQVWHOOLQJHQ RSURHSHQ 2. ,QVFKDNHOHQ %HHOG RDKDBSDQDM M@@Q CD LDMTQDFDK C@@QNMCDQ F@@M RQWUDVW 7Y PHQX %HHOG .
'DJHOLMNV JHEUXLN 7RHWVIXQFWLHV %HHOGIRUPDDW LQVWHOOHQ %HHOGIRUPDDWWRHWV ADDKCENQL@@SLDMT NODMDM DM LDS (DCDQD LNCTR U@M GDS SU SNDRSDK 35 1@CHN 3DKDSDJRS $/& /(/ ADRBGHJS NUDQ YHIM DHFDM JKDTQSNDSRDMETMBSHDR #D ETMBSHDR U@M CD JKDTQSNDSRDM VNQCDM SDKJDMR NMCDQ@@M HM CD LDMTjR DM VHY@QCR VDDQFDFDUDM 'HDQNMCDQ UHMCS T DMJDKD SNDSRETMBSHDR CHD T MNCHF GDAS UNNQ CD C@FDKHIJRD ADCHDMHMF U@M TV SU SNDRSDK )XQFWLHV YDQ GH NOHXUWRHWVHQ LQ WY PRGXV %HHOGIRUPDDW LQVWHOOHQ $QDORJH ]HQGH
'DJHOLMNV JHEUXLN 6WDWXVDDQGXLGLQJ ➠ (M MNQL@KD SU LNCTR YNMCDQ UDQCDQD VDDQF@UDM (1' 2S@STR@@MCTHCHMF VDDQFDUDM UDQADQFDM 'DV (UVWH 6WHUHR 7RVNDQD 7DDO JHOXLGVNHX]H ۫ $ODUPWLMG 8LWVFKDNHOWLMG (M CD ANUDMRSD SVDD QDFDKR YHDS T GDS MTLLDQ DM CD M@@L U@M CD YDMCDQ DM AHI #5! YDMCDQR NNJ GDS RXLANNK UNNQ #5! 3 NE #5! " #D SHSDK U@M CD KNODMCD THSYDMCHMF HMCHDM ADRBGHJA@@Q DM CD FDKTHCR
=HQGHUV EHKHUHQ 79 ]HQGHUV 7RHOLFKWLQJ ELM HQNHOH ]RHNLQVWHOOLQJHQ 5H@ GDS 35 LDMT JTMS T UDQRBGHKKDMCD NOSHDR UNNQ YDMCDQADGDDQ NOQNDODM 6HI HKKTRSQDQDM CHS GHDQ UNNQ SU YDMCDQR 5NNQ Q@CHNYDMCDQR FDKCS GDSYDKECD LDS CHS UDQRBGHK C@S HM CD Q@CHNLNCTR GDS Q@CHNLDMT VNQCS NOFDQNDODM YHD NNJ O@FHM@ =HQGHUV ]RHNHQ DFWXDOLVHUHQ ² =RHNZL]DUG !HI GDS YNDJDM @BST@KHRDQDM LDS CD YNDJVHY@QC VNQCS DQ M@@Q MHDTVD YDMCDQR FDYNBGS CHD MNF MHDS VDQCDM NOFDRK@FDM ➠ KR T @KKD NOFDRK@FDM YDM
=HQGHUV EHKHUHQ =HQGHUV ]RHNHQ DFWXDOLVHUHQ ² PDQXHHO ]RHNHQ ➠ 2DKDBSDDQ 35 LNCTR @M@KNNF NE 35 LNCTR CHFHS@@K UNNQ L@MTDDK YNDJDM @K M@@Q FDK@MF GDS ADQDHJ V@@QHM CD YDMCDQ LNDS VNQCDM FDYNBGS 7Y PHQX NOQNDODM 2HFM@@KAQNM 2DKDBSHD U@M GDS ADQDHJ V@@QHM T CD YDMCDQ VDMRS SD YNDJDM !HI @MSDMMD J@ADK @M@KNNF UNNQ@E HMFDRSDKC ,QVWHOOLQJHQ RDKDBSDQDM M@@Q CD LDMTQDFDK C@@QNMCDQ F@@M *@M@@K 1DBGSRSQDDJRD HMUNDQHMF U@M GDS J@M@@K =HQGHUV RDKDBSDQDM M@@Q CD LDMTQDFDK C@@QNMCDQ F@@M %Q
=HQGHUV EHKHUHQ =HQGHUV ZLM]LJHQ ² ZLVVHQ YHUSODDWVHQ DQGHUH QDDP JHYHQ =HQGHUV YHUSODDWVHQ YROJRUGH ZLM]LJHQ ➠ =HQGHUV ZLM]LJHQ HR NNJ NOQNDOA@@Q UH@ GDS YDMCDQ NUDQYHBGS O@FHM@ ➠ 9DMCDQR LDS +"- JTMMDM MHDS GDQFDRNQSDDQC VNQCDM ➠ EG@MJDKHIJ U@M NE T @M@KNFD NE #5! YDMCDQR VDMRS SD VHIYHFDM LNDS T UNNQ@E GDS NUDQDDMJNLRSHFD YDMCDQADQDHJ RDKDBSDQDM .LRBG@JDKHMF @M@KNFD CHFHS@KD YDMCDQR LDS CD 35 SNDSR YHD NNJ O@FHM@ $UDMSTDDK LDDQCDQD YDMCDQR L@QJDQDM 2.
=HQGHUV EHKHUHQ )DYRULHWHQOLMVW VDPHQVWHOOHQ ZLM]LJHQ =HQGHUV XLW GH IDYRULHWHQOLMVW ZLVVHQ #D E@UNQHDSDMKHIRS J@M L@WHL@@K YDMCDQR ADU@SSDM 4 JTMS CD E@UNQHD SDMKHIRS UNKFDMR TV DHFDM UNNQJDTQDM R@LDMRSDKKDM #D E@UNQHDSDMKHIRS AHDCS @KR UNNQCDDK C@S T YDMCDQR U@M UDQRBGHKKDMCD RHFM@@KAQNMMDM @MSDMMD J@ADK @M@KNNF #5! 3 #5! " HM CD CNNQ T FDVDMRSD UNKFNQCD JTMS NORK@@M ➠ %@UNQHDSDMKHIRS QDBGSDQJNKNL LNDS FDRDKDBSDDQC YHIM (MCHDM MHDS LDS M@@Q CD KHIRS F@@M #D SD VHRRD
%HHOG LQ EHHOG %HHOG LQ EHHOG 3LFWXUH LQ 3LFWXUH 3,3 #D ETMBSHD ADDKC HM ADDKC /(/ L@@JS GDS LNFDKHIJ FDKHIJSHICHF SVDD UDQ RBGHKKDMCD ADDKCDM VDDQ SD FDUDM #D /(/ LNCTR HR @EFDRSDLC NO 5 /(/ C V Y C@S DQ HM GDS GNNECADDKC DDM 5 AQNM 5 52 /" (- '#,( '#,( VNQCS VDDQFDFDUDM DM HM GDS /(/ ADDKC DDM 35 YDMCDQ 9N JTMS T AHIU TV /" ADDKC HM GDS GNNECADDKC FDAQTHJDM DM DDM SU OQN FQ@LL@ HM GDS /(/ ADDKC K@SDM VDDQFDUDM !NUDMCHDM JTMS T RDKDBSDQDM NE GDS /" FDKTHC NE GDS 35 FDKTHC VNQCS
%HHOG LQ EHHOG %HHOG LQ EHHOGPRGXV 3,3 FRQILJXUHUHQ 3RVLWLH YDQ KHW NOHLQH 3,3 ZLM]LJHQ (M GDS /(/ LDMT JTMS T GDS /(/ SXOD JKDHM ADDKC NE 2OKHS 2BQDDM DM CD ONRHSHD U@M GDS JKDHM ADDKC HMRSDKKDM 8Z WY WRHVWHO ELHGW WZHH YHUVFKLOOHQGH 3,3 ZHHUJDYHW\SHV ➠ !DG@KUD CD DUDMSTDKD RS@STRQDFDK HR DQ FDDM @MCDQD .
(OHNWURQLVFK SURJUDPPDEODG (OHNWURQLVFK SURJUDPPDEODG ² (3* 3URJUDPPDOLMVW DDQSDVVHQ ➠ 4 ADUHMCS YHBG HM GDS ANUDMRSD RBGDQLFDCDDKSD HMCHDM MHDS EODXZH WRHWV HMCQTJJDM $/& RS@@S UNNQ $KDBSQNMHB /QNFQ@LLD &THCD DM CD ETMBSHD UDQRBG@ES T OQNFQ@LL@HMENQL@SHD NO GDS ADDKCRBGDQL 4 JTMS CNNQ CD $/& AK@CD QDM MDS @KR HM DDM FDVNNM OQNFQ@LL@AK@C DM HMENQL@SHD YNDJDM NUDQ GDS OQNFQ@LL@ C@S T ADJHIJS !NUDMCHDM JTMMDM THSYDMCHMFDM UNKFDMR ADO@@KCD SGDL@jR VNQCDM FDRNQSDDQC DM FDL@QJDDQC ➠ $/& HR @KKDDM ADRBGHJA
7HOHWHNVW 7HOHWHNVW :HHUJDYHQ YDQ GH 7HOHWHNVW SDJLQD·V 4V SU SNDRSDK NMCDQRSDTMS CD ADHCD ADCHDMHMFRRXRSDLDM 3./ 3DWS DM %+.% $Q VNQCDM SNS O@FHM@ R NOFDRK@FDM YNC@S T YD RMDK JTMS Q@@COKDFDM 7HOHWHNVW VWDUWHQ HQ DIVOXLWHQ 100 ARDtext TSNL@SHRBG VHRRDKDMCD O@FHM@ R RSNOODM /@FHM@ UDQFQNSDM LDDQCDQD JDQDM HMCQTJJDM 3,3 WRHWV 3U ADDKC YHBGSA@@Q L@JDM UDQADQFDM 3DKDSDJRS HM THSRBG@JDKDM 100 $9 100 100 Do 07. 09. 06 . . . . . . . . . . . . . . . . . . . . . . . . . . .
5DGLR 5DGLRPRGXV 9ROXPH LQVWHOOHQ #D Q@CHNLNCTR HR MDS @KR CD SU LNCTR HMFDCDDKC HM @M@KNFD DM CHFHS@KD NMSU@MFRS 1@CHNYDMCDQR JTMMDM @M@KNNF UH@ CD %, STMDQ DM CHFHS@@K UH@ CD #5! 3 " STMDQ VNQCDM NMSU@MFDM 6@MMDDQ DQ AHI CD DDQRSD HMFDAQTHJ M@LD YNVDK @M@KNFD @KR CHFHS@KD Q@CHNYDMCDQR VNQCDM FDUNMCDM DM NO FDRK@FDM VNQCDM DQ SVDD @EYNMCDQKHIJD YDMCDQNUDQYHBGSDM @@MFDL@@JS 5DGLRPRGXV DDQ #QTJ NO CD 5$',2 WRHWV NO CD @ERS@MCRADCHDMHMF .
'9% &RQGLWLRQDO $FFHVV PRGXOH &$ PRGXOH .
2YHULJH LQVWHOOLQJHQ .LQGHUVORW .L TV SU SNDRSDK SD ADUDHKHFDM SDFDM NMFDVDMRS FDAQTHJ NE NL SD UNNQ JNLDM C@S TV JHMCDQDM M@@Q NMFDRBGHJSD THSYDMCHMFDM JHIJDM JTMS T UDQRBGHKKDMCD ADUDHKHFHMFRLNFDKHIJGDCDM RDKDBSDQDM DM HMRSDKKDM *HKHLPH QXPPHU YDVWOHJJHQ 7Y PHQX NOQNDODM ,QVWHOOLQJHQ RDKDBSDQDM M@@Q CD LDMTQDFDK C@@QNMCDQ F@@M .
2YHULJH LQVWHOOLQJHQ 7DDO 7LMG HQ GDWXP (M GDS S@@KLDMT ADO@@KS T HM VDKJD S@@K @K CD LDMTjR U@M GDS SU SNDRSDK LNDSDM VNQCDM VDDQFDFDUDM 5NNQ #5! THSYDMCHMFDM J@M CD S@@K UNNQ CD #5! NMCDQSHSDKHMF DM CD EHKLS@@K VNQCDM HMFDRSDKC .
*HEUXLN YDQ H[WUD DSSDUDWXXU $DQVOXLWLQJHQ DDQVOXLWZL]DUG 2DKDBSDDQ CD JKDTQDMMNQL U@M GDS SNDRSDK C@S T VDMRS @@M SD RKTHSDM -NQL@@K K@@S T CD HMRSDKKHMF RS@@M NO $XWRPDWLVFK DM @MCDQR RDKDBSDDQS T CD O@RRDMCD JKDTQDMMNQL 5H@ GDS LDMT @MRKTHSHMFDM NE CD @@MRKTHSVHY@QC JTMS T CD DWSQ@ @OO@Q@ STTQ NOSHL@@K @@M GDS SDKDUHRHDSNDRSDK @@MRKTHSDM DM CD DWSQ@ @OO@Q@STTQ NUDQDDMJNLRSHF BNMEHFTQDQDM 2.
*HEUXLN YDQ H[WUD DSSDUDWXXU $SSDUDWHQ RS GH DDQVOXLWLQJHQ $9 $9 9,'(2 $9 6 &DP&RUGHU FDPHUD RS $9 9,'(2 $9 6 DDQVOXLWHQ ➠ "@L"NQCDQ B@LDQ@ HR FDBNMEHFTQDDQC HM CD @@MRKTHS VHY@QC 5H@ CD $TQN 5 @@MRKTHSHMF $9 YHD O@FHM@ R DM JTMMDM DQ SNDRSDK KDM YN@KR AHIU #5# RODKDQR UHCDN #5# QDBNQCDQR DMY NO GDS SU SNDRSDK VNQCDM @@MFDRKNSDM #D 5 HMF@MF $9 9,'(2 NE $9 6 YHD O@FHM@ R DM AHDCS CD LNFDKHIJGDHC AHIU DDM CHFHS@KD B@LDQ@ NE DDM B@LBNQCDQ @@M SD RKTHSDM 2BG@JDK @KKD @OO@Q@SD
*HEUXLN YDQ H[WUD DSSDUDWXXU $SSDUDWHQ RS GH +'0, DDQVOXLWLQJHQ '#,( @@MRKTHSHMFDM 'HFG #DEHMHSHNM ,TKSHLDCH@ (MSDQE@BD L@JDM CD NUDQCQ@BGS LNFDKHIJ U@M CHFHS@KD ADDKC DM FDKTHCRRHFM@KDM U@M DDM GTKO @OO@Q@@S AHIU DDM #5# RODKDQ DDM #5# QDBNQCDQ DDM !KT Q@X RODKDQ DDM RODKBNMRNKD NE DDM 2DS 3NO !NW UH@ DDM DMJDKD @@MRKTHSJ@ADK #D CHFHS@KD ADDKC DM FDKTHCRFDFDUDMR VNQCDM NMFDBNLOQHLDDQC CHFHS@@K NUDQFDCQ@FDM YNC@S DQ FDDM JV@KHSDHSRUDQKHDR OK@@SRUHMCS $SSDUDDW DDQVOXLWHQ ➠ 'DS BNMEHFTQD
*HEUXLN YDQ H[WUD DSSDUDWXXU 9HUNODULQJHQ ELM GH LQVWHOPRJHOLMNKHGHQ LQ KHW PHQX 'LVSOD\ @MRKTHSUNNQ ADDKC U@M DDM /" 3U SNDRSDK 4#(.
*HEUXLN YDQ H[WUD DSSDUDWXXU /RHZH DSSDUDWHQ EHGLHQHQ 'H DIVWDQGVEHGLHQLQJ JHEUXLNHQ YRRU GH WY PRGXV YDQ KHW WY WRHVWHO #QTJ NO CD 79 WRHWV GDS HMCHB@SHDK@LOID C@@QANUDM AQ@MCS NMFDUDDQ RDBNMCDM 'H DIVWDQGVEHGLHQLQJ JHEUXLNHQ YRRU HHQ UHFRUGHU #QTJ NO CD 5(& WRHWV GDS HMCHB@SHDK@LOID C@@QANUDM AQ@MCS NMFDUDDQ RDBNMCDM 'H DIVWDQGVEHGLHQLQJ JHEUXLNHQ YRRU HHQ '9' VSHOHU #QTJ NO CD '9' WRHWV GDS HMCHB@SHDK@LOID C@@QANUDM AQ@MCS NMFDUDDQ RDBNMCDM 'H
*HEUXLN YDQ H[WUD DSSDUDWXXU )XQFWLHV YRRU GH /RHZH '9' VSHOHU $XUR 36 '7 &DKTHC THS @@M +$# K@LOID UNNQ @BSTDKD LNCTR .UDQRBG@JDKDM NL GDS SU SNDRSDK SD ADCHDMDM .UDQRBG@JDKDM NL CD QDBNQCDQ SD ADCHDMDM 2KDDO SHLDQ 35 !DDKCENQL@@S 1 #(. ,NMN 2SDQDN RDKDBSDQDM #(2* 'DQG@KDM 1 #(.
9HUKHOSHQ YDQ VWRULQJHQ 3UREOHHP KKD LDMTiR UDQRBGHIMDM HM CD YHUNHHUGH WDDO 0RJHOLMNH RRU]DDN 2SORVVLQJ $Q HR ODQ NMFDKTJ DDM UDQJDDQCD LDMTS@@K HMFD RSDKC 0HQXWDDO LQVWHOOHQ #QTJ HM CD 79 PRGXV NO CD ,1)2 WRHWV WUHIZRRU GHQUHJLVWHU 2DKDBSDDQ GDS DDQRSD SQDEVNNQC DM QNDO CHS LDS 2. NO 2DKDBSDDQ UDQUNKFDMR CD S@@K DM ADUDRSHF CDYD LDS 2.
7HFKQLVFKH JHJHYHQV $OJHPHQH JHJHYHQV 7\SH &RQQHFW &RQQHFW QSHJDKMTLLDQ ELDSHMFDM UNNQ SNDRSDK YNMCDQ UNDS ! W ' W # HM BL ELDSHMFDM UNNQ SNDRSDK LDS UNDS ! W ' W # HM BL &DVHBGS UNNQ SNDRSDK YNMCDQ UNDS B@ HM JF &DVHBGS UNNQ SNDRSDK LDS UNDS B@ HM JF #HROK@XSDBGMNKNFHD !DDKCCH@LDSDQ HM BL ADDKCENQL@@S 1DRNKTSHD HM OHWDKR !DDKCQ@RSDQEQDPTDMSHD "NMSQ@RSUDQGNTCHMF RS@SHRBG 6@@QMDLHMFRGNDJ GNQHYNMS@@K UDQSHB@@K .OFDMNLDM UDQLNFDM $- .OFDMNLDM UDQLNFDM Þ @MÞ 6 .
$FFHVVRLUHV ,QVWDOODWLHPRJHOLMNKHGHQ $FFHVVRLUHV #D UNKFDMCD @BBDRRNHQDR JTMS T JNODM AHI TV +NDVD CD@KDQ /RHZH '9' UHFRUGHU #D CUC QDBNQCDQR U@M +NDVD NMCDQRBGDHCDM YHBG U@M @MCDQD @OO@Q@SDM NLC@S YD ODQEDBS O@RRDM AHI CD UNQL DM JKDTQ U@M CD +NDVD SU SNDRSDKKDM DDMYDKECD ADCHDMHMF @@MHDCDM DM CDYDKECD SDBGMNKNFHD FDAQTHJDM 3@AKD 2S@MC /RHZH %OX UD\ 3OD\HU ,DS CD +NDVD !KT Q@X /K@XDQ a!KT3DBG 5HRHNMk ADMS T NOSHL@@K THSFDQTRS UNNQ CD 'NLD $MSDQS@HMLDMS U@M CD UNKFDMCD FDMDQ@SHD 6@MS @KR NOUNKF
*ORVVDULXP $ $FWLHYH DQWHQQH $DM @MSDMMD LDS DDM DHFDM UNDCHMF NE UDQRSDQJHMF V@@QLDD CD NMSU@MFRS HM LHMCDQ FNDC UNNQYHDMD FDAHDCDM J@M VNQCDM UDQADSDQC $9 EXV !TR UNNQ @TCHN DM UHCDNRHFM@KDM $9 EURQQHQ TCHN UHCDNAQNMMDM $96 TCHN 5HCDN @@MRKTHSHMFD @@M CD YHIJ@MS U@M GDS SU SNDRSDK "HMBG DM ,HMH #(- % %DQG !DM@LHMF UNNQ DDM NUDQCQ@BGSRADQDHJ %HHOG LQ EHHOG 9HD 3,3 & &$ PRGXOH #D &RQGLWLRQDO $FFHVV PRGXOH ADU@S GDS BNCDQHMFRRXRSDDL DM UDQFDKHIJS CD THSFDYNMCDM BNCD LDS CHD NO CD 6P
*ORVVDULXP 0 0RGXODWRU 9DMCDQ HM CD UHCDN NE #5# QDBNQCDQ NL RHFM@KDM UH@ CD STMDQ U@M GDS SU SNDRSDK SD JTMMDM NMSU@MFDM 0RQR $DMJ@M@KHF FDKTHC 03(* #HFHS@@K BNLOQHLDQHMFROQNB±C± UNNQ UHCDN 1 1HWZHUN ,' ,DS -(# VNQCS GDS YNFDM@@LCD OQNFQ@LL@JDMFDS@K NE MDSVDQJ (# ADCNDKC DDM FDS@K STRRDM DM (M ADO@@KCD J@ADK MDSSDM HM RNLLHFD K@MCDM HR CHS (# UDQDHRS $Q VNQCDM C@M THSRKTHSDMC #5! RHFM@KDM U@M C@S YDMCDQMDSVDQJ FDYNBGS 1,&$0 &DKTHCRMNQL 6NQCS FDAQTHJS HM !DKFH³ #DMDL@QJDM $MFD
7UHIZRRUGHQUHJLVWHU $ $DQVOXLWLQJHQ $DQVOXLWZL]DUG $DQWHNHQHQ $IVWDQGVEHGLHQLQJ $ODUP $QWHQQHV DDQVOXLWHQ $VVLVW $VVLVWHQW HHUVWH LQJHEUXLNQDPH $XWR IRUPDDW $9 VHOHFWLH $9 XLWJDQJVVLJQDDO DXGLR % %DODQV LQVWHOOHQ %DWWHULMHQ %HGLHQLQJVRRJ %HHOG %HHOGIRUPDDW LQVWHOOHQ &LQHPD 3$/SOXV 3DQRUDPD =RRP %HHOG LQ EHHOG %HHOG LQVWHOOHQ %HHOG YHUWLFDDO YHUVFKXLYHQ & &$ PRGXOH &LMIHU
6HUYLFH /RHZH $XVWULD *PE+ 3DUNULQJ :LHQ gVWHUUHLFK 7HO )D[ (PDLO ORHZH#ORHZH FR DW /RHZH 2SWD *PE+ &XVWRPHU &DUH &HQWHU ,QGXVWULHVWUDH .URQDFK 'HXWVFKODQG 7HO ² )D[ ² (PDLO FFF#ORHZH GH (,6$*2*,., (0%25,.