DEH-P6400R

Transkript

DEH-P6400R

MAN-DEH-P6400R-TU.fm Page 1 Wednesday, January 23, 2002 9:07 AM
5'6#UDG\ROX#0XOWL0&'2'$%#NRQWUROOÖ#\ÖNVHN#JÖÁOÖ#&'#ÁDODU
¡DO×ØW×UPD#.×ODYX]X
DEH-P6400R
7 ¶ 5. ¡(
/
sound.vision.soul
·ÁLQGHNLOHU
*LULØ# 111111111111111111111111111111111111111111111111111111111111111#6
111111111111111111111111111111111111111111111111111111111111111 #6
0RQWDM# 11111111111111111111111111111111111111111111111111111111111#7
11111111111111111111111111111111111111111111111111111111111#7
/DVWLN#EXUÁOD#\DS×ODQ#PRQWDM# 111111111111111111111111111111#7
&LKD]×Q#\HULQGHQ#Á×NDU×OPDV×#111111111111111111111111111111#7
°Q#SDQHOLQ#\HULQH#WDN×OPDV×#11111111111111111111111111111111#7
%LULPOHULQ#7DN×OPDV×# 1111111111111111111111111111111111111#8
1111111111111111111111111111111111111 #8
%DØODPDGDQ#°QFH#<DS×ODFDNODU#111111111111111111111
111111111111111111111#:
%DØODPDGDQ#°QFH#<DS×ODFDNODU#
111111111111111111111
#:
&LKD]×Q#K×UV×]O×NODUD#NDUØ×#NRUXQPDV×#11111111111111111#:
ô °Q#SDQHOLQ#VÐNÖOPHVL
ô °Q#SDQHOLQ#WDN×OPDV×
*ÐVWHUL#PRGX#KDNN×QGD#111111111111111111111111111111111111111#:
ô *HUL#PRGX
ô °]HOOLN#JÐVWHULVL
1H#QHGLU# 11111111111111111111111111111111111111111111111111111111111111#;
ô $QD#%LULP
ô 2SVL\RQHO#X]DNWDQ#NXPDQGD
&LKD]×Q#$ÁLOLS2.DSDWLOPDVL# 111111111111111111111111111#<
111111111111111111111111111 #<
&LKD]×Q#DÁ×OPDV×# 1111111111111111111111111111111111111111111111111#<
%LU#ND\QDÊ×Q#VHÁLOPHVL# 111111111111111111111111111111111111111#<
&LKD]×Q#NDSDW×OPDV×# 11111111111111111111111111111111111111111111#<
5DG\R#1111111111111111111111111111111111111111111111111111111111111
5DG\R# 1111111111111111111111111111111111111111111111111111111111111#<
1111111111111111111111111111111111111111111111111111111111111 #<
5DG\RQXQ#GLQOHQPHVL# 11111111111111111111111111111111111111111#<
*HOLØPLØ#UDG\R#LØOHYOHULQLQ#WDQ×W×OPDV×# 1111111111111#43
<D\×Q#IUHNDQVODU×Q×Q#KDI×]D\D#ND\GHGLOPHVL#
YH#KDI×]DGDQ#JHUL#ÁDÊU×OPDV×# 11111111111111111111111111#43
*ÖÁOÖ#VLQ\DOOHULQ#D\DUODQPDV×# 11111111111111111111111111#43
(Q#JÖÁOÖ#\D\×Q#IUHNDQVODU×Q×Q
KDI×]D\D#ND\GHGLOPHVL# 11111111111111111111111111111111111#44
5'6# 1111111111111111111111111111111111111111111111111111111111111#44
1111111111111111111111111111111111111111111111111111111111111 #44
5'6#LØOHPLQLQ#WDQ×W×OPDV×#111111111111111111111111111111111#44
5'6#JÐVWHUJHVLQLQ#DÁ×O×S#NDSDW×OPDV×#111111111111111#45
$OWHUQDWLI#IUHNDQVODU×Q#VHÁLOPHVL#11111111111111111111111#45
ô 3,#$UDPD#LØOHYLQLQ#NXOODQ×OPDV×
ô °Q#D\DUO×#LVWDV\RQODU#LÁLQ#2WRPDWLN#3,#
$UDPD#LØOHYLQLQ#NXOODQ×OPDV×
ô ·VWDV\RQODU×Q#EÐOJHVHO#SURJUDPODPD#LÁLQ
N×V×WODQPDV×
7UDILN#DQRQVODU×Q×Q#DO×QPDV×#11111111111111111111111111111#46
ô 73#DODUP×QD#NDUØ×O×N#YHULOPHVL
37<#LØOHYOHULQLQ#NXOODQ×OPDV×#111111111111111111111111111#46
ô %LU#5'6#LVWDV\RQXQXQ#37<#ELOJLOHUL\OH#
DUDQPDV×
ô +DEHU#SURJUDP×#\DU×GD#NHVPH#LØOHYLQLQ#
NXOODQ×OPDV×
ô 37<#DODUPO×#\D\×QODU×Q#DO×QPDV×
5DG\R#PHWQLQLQ#NXOODQ×OPDV×#1111111111111111111111111111#47
ô 5DG\R#PHWLQOHULQLQ#JÐUÖQWÖOHQPHVL
ô 5DG\R#PHWLQOHULQLQ#KDI×]D\D#ND\GHGLOPHVL#
YH#KDI×]DGDQ#JHUL#ÁDÊU×OPDV×
37<#OLVWHVL# 11111111111111111111111111111111111111111111111111111111#48
&LKD]×Q#EÖQ\HVLQGHNL#&'#¡DODU#111111111111111111
&LKD]×Q#EÖQ\HVLQGHNL#&'#¡DODU#
111111111111111111 #48
%LU#&'nQLQ#ÁDO×QPDV×# 111111111111111111111111111111111111111 #48
&LKD]×Q#EÖQ\HVLQGHNL#&'#ÁDODU×Q#JHOLØPLØ#
LØOHPOHULQLQ#WDQ×W×OPDV×# 1111111111111111111111111111111111 #49
7HNUDU#ÁDOPD# 1111111111111111111111111111111111111111111111111111 #49
¸DUN×ODU×Q#UDVWJHOH#ELU#V×UDGD#ÁDO×QPDV×# 111111111111 #49
%LU#&'nQLQ#ØDUN×ODU×Q×Q#WDUDQPDV×#11111111111111111111 #4:
&'#ÁDOPD#LØOHYLQLQ#GXUDNODW×OPDV×#1111111111111111111 #4:
'LVN#EDØO×Ê×#LØOHYOHULQLQ#NXOODQ×OPDV×#111111111111111 #4:
ô 'LVN#EDØO×NODU×Q×Q#JLULOPHVL
ô 'LVN#EDØO×NODU×Q×Q#JÐUÖQWÖOHQPHVL
&'#7(;7#LØOHYOHULQLQ#NXOODQ×OPDV×# 111111111111111111 4;
ô &'#7(;7#GLVNOHULQLQ#EDØO×NODU×Q×Q#
JÐUÖQWÖOHQPHVL
ô *ÐVWHUJHGHNL#EDØO×NODU#DUDV×QGD#
JH]LQLOPHVL
0XOWL0&'#¡DODU# 1111111111111111111111111111111111111111111 #4;
%LU#&'nQLQ#ÁDO×QPDV×# 111111111111111111111111111111111111111 #4;
830GLVNOL#PXOWL0&'#ÁDODU# 1111111111111111111111111111111111 #4<
*HOLØPLØ#PXOWL0&'#ÁDODU#LØOHPOHULQLQ#
WDQ×W×OPDV×# 111111111111111111111111111111111111111111111111111111 #4<
7HNUDU#ÁDOPD# 1111111111111111111111111111111111111111111111111111 #4<
¸DUN×ODU×Q#UDVWJHOH#ELU#V×UDGD#ÁDO×QPDV×# 111111111111 #4<
&'nOHULQ#YH#ØDUN×ODU×Q#WDUDQPDV×# 1111111111111111111111 #53
&'#ÁDOPD#LØOHYLQLQ#GXUDNODW×OPDV×#1111111111111111111 #53
,76#ÁDOPD#OLVWHOHULQLQ#NXOODQ×OPDV×# 111111111111111111 #53
ô 76#SURJUDPODPDV×\OD#ELU#ÁDOPD#OLVWHVLQLQ#
ROXØWXUXOPDV×
ô ,76#ÁDOPD#OLVWHVLQGH#NL#ØDUN×ODU×Q#
ÁDO×QPDV×
ô ,76#ÁDOPD#OLVWHVLQGHQ#ELU#ØDUN×Q×Q#
VLOLQPHVL
ô ,76#ÁDOPD#OLVWHVLQGHQ#ELU#&'nQLQ#VLOLQPHVL
'LVN#EDØO×Ê×#LØOHYOHULQLQ#NXOODQ×OPDV×#111111111111111 #55
ô 'LVN#EDØO×NODU×Q×Q#JLULOPHVL
ô 'LVN#EDØO×NODU×Q×Q#JÐUÖQWÖOHQPHVL
ô 'LVN#EDØO×Ê×#OLVWHVLQGHQ#GLVNOHULQ#
VHÁLOPHVL
&'#7(;7#LØOHYOHULQLQ#NXOODQ×OPDV×# 11111111111111111 #56
ô &'#7(;7#GLVNOHULQLQ#EDØO×NODU×Q×Q#
JÐUÖQWÖOHQPHVL
ô *ÐVWHUJHGHNL#EDØO×NODU#DUDV×QGD#
JH]LQLOPHVL
6×N×ØW×UPD#YH#EDV#YXUJXVXQXQ#
NXOODQ×OPDV×# 111111111111111111111111111111111111111111111111111 #56
$XGLR#$\DUODU×# 11111111111111111111111111111111111111111111 #57
$XGLR#D\DUODU×Q×Q#WDQ×W×OPDV×# 111111111111111111111111111 #57
6HV#RGDÊ×#HNROD\]HULQLQ#D\DUODQPDV×# 111111111111111 #57
%DODQV#D\DU×Q×Q#NXOODQ×OPDV×#1111111111111111111111111111 #57
(NROD\]HULQ#NXOODQ×OPDV×#1111111111111111111111111111111111 #58
ô (NROD\]HU#HÊULOHULQLQ#KDI×]DGDQ#
ÁDÊU×OPDV×
ô (NROD\]HU#HÊULOHULQLQ#D\DUODQPDV×
ô (NROD\]HU#HÊULVLQLQ#LQFH#D\DU×
%DV#D\DU×Q×Q#\DS×OPDV×# 1111111111111111111111111111111111111 #59
7L]#VHV#D\DU×Q×Q#\DS×OPDV×#11111111111111111111111111111111 #59
<ÖNVHN#VHV#D\DU×Q×Q#\DS×OPDV×#1111111111111111111111111 #59
6XEZRRIHU#Á×N×Ø×Q×Q#NXOODQ×OPDV×#111111111111111111111 #5:
ô 6XEZRRIHU#D\DUODU×Q×Q#\DS×OPDV×
.D\QDN#GÖ]H\OHULQLQ#D\DUODQPDV×#11111111111111111111 #5:
·ON#$\DUODU# 111111111111111111111111111111111111111111111111111 #5;
·ON#D\DUODU×Q#\DS×OPDV×#11111111111111111111111111111111111111#5;
=DPDQ#D\DU×# 111111111111111111111111111111111111111111111111111111#5;
)0#LVWDV\RQODU×Q×#D\DUODPD#DG×P×Q×Q#
D\DUODQPDV×#1111111111111111111111111111111111111111111111111111#5;
'$%#°QFHOLN#·ØOHYLQLQ#D\DUODQPDV×#11111111111111111#5<
ô $Á×NNHQ
ô .DSDO×\NHQ
2WRPDWLN#3,#$UDPD#LØOHYLQLQ#DÁ×O×S#
NDSDW×OPDV×#11111111111111111111111111111111111111111111111111111#5<
8\DU×#WRQXQXQ#DÁ×O×S#NDSDW×OPDV×# 111111111111111111111#5<
<DUG×PF×#PDO]HPH#D\DU×Q×Q#DÁ×O×S#
NDSDW×OPDV×#11111111111111111111111111111111111111111111111111111#5<
,Ø×N#NRQWUROÖ#D\DU×Q×Q#DÁ×O×S#
NDSDW×OPDV×#11111111111111111111111111111111111111111111111111111#5<
3DUODNO×Ê×Q#VHÁLOPHVL#11111111111111111111111111111111111111111#63
$UND#Á×N×Ø#D\DU×Q×Q#DÁ×O×S#NDSDW×OPDV×# 11111111111111#63
+DQGVIUHH#WHOHIRQ#HWPH#LØOHYLQLQ#DÁ×O×S#
NDSDW×OPDV×#11111111111111111111111111111111111111111111111111111#63
7HOHIRQXQ#6HVLQLQ#.HVLOPHVL2.×V×OPDV×#
LØOHYLQLQ#DÁ×O×S#NDSDW×OPDV×# 1111111111111111111111111111#63
7HOHIRQ#EHNOHPH#LØOHYLQLQ#DÁ×O×S#
NDSDW×OPDV×#11111111111111111111111111111111111111111111111111111#63
'LÊHU#·ØOHYOHU#11111111111111111111111111111111111111111111111
'LÊHU#·ØOHYOHU#11111111111111111111111111111111111111111111111 #64
)DUNO×#HÊOHQFH#JÐVWHUJHOHULQLQ#
NXOODQ×OPDV×# 111111111111111111111111111111111111111111111111111#64
$8;##ND\QDÊ×Q×Q#NXOODQ×OPDV×#1111111111111111111111111#64
ô $8;#LØOHYLQLQ#ND\QDN#RODUDN#VHÁLOPHVL
ô $8;#EDØO×Ê×Q×Q#D\DUODQPDV×
7HOHIRQ#HGHUNHQ#VHVLQ#NHVLOPHVL2N×V×OPDV×#YH#
KDQGVIUHH#WHOHIRQ#HWPH#LØOHYLQLQ#
NXOODQ×OPDV×# 111111111111111111111111111111111111111111111111111#65
ô 7HOHIRQ#HGHUNHQ#VHVLQ#NHVLOPHVL2N×V×OPDV×
ô +DQGVIUHH#WHOHIRQ#HWPH#LØOHYL
'$%#LØOHPLQLQ#WDQ×W×OPDV×#11111111111111111111111111111111#65
ô ¡DO×ØW×UPD#·ØOHPL
ô (WLNHWLQ#'HÊLØWLULOPHVL
ô $QRQVODU×Q#·ØOHY#0HQÖVÖ#LOH#¡DO×ØW×U×OPDV×
ô 0HYFXW#37<#·ØOHYL
ô 37<nQLQ#DUDQPDV×
ô 'LQDPLN#HWLNHWLQ#NXOODQ×OPDV×
ô 'LQDPLN#HWLNHWLQ#JÐUÖQWÖOHQPHVL
ô 'LQDPLN#HWLNHWLQ#KDI×]D\D#ND\GHGLOPHVL#
YH#KDI×]DGDQ#JHUL#ÁDÊU×OPDV×
(N#%LOJLOHU# 111111111111111111111111111111111111111111111111111 #67
&'#ÁDODU#YH#EDN×P×#1111111111111111111111111111111111111111111#67
&'052&'05:#GLVNOHUL# 1111111111111111111111111111111111111#67
&LKD]×Q#EÖQ\HVLQGH#NL#&'#ÁDODU×Q#KDWD#
PHVDMODU×Q×Q#DQODØ×OPDV×# 11111111111111111111111111111111#67
°]HOOLNOHU# 1111111111111111111111111111111111111111111111111111111111#68
7 ¶ 5 .¡ (
7HØHNNÖUOHU# 111111111111111111111111111111111111111111111111111111111#6
%X#FLKD]#KDNN×QGD# 1111111111111111111111111111111111111111111111#6
%X#N×ODYX]#KDNN×QGD# 1111111111111111111111111111111111111111111#6
°Q#X\DU×ODU#1111111111111111111111111111111111111111111111111111111111#6
6RUXQOD#NDUØ×ODØ×OG×Ê×QGD#\DS×ODFDNODU#1111111111111111#6
5
*LULØ
%X#3LRQHHU#ÖUÖQÖQÖ#DOG×Ê×Q×]#LÁLQ#WHØHNNÖUOHU
¶UÖQÖQÖ]Ö#GRÊUX#ÁDO×ØW×UPDN#LÁLQ#OÖWIHQ#EX#ÁDO×ØW×UPD#WDOLPDWODU×Q×#RNX\XQX]1#7DOLPDWODU×#
RNXPD\×#ELWLUGLNWHQ#VRQUD/#LOHUGH#EDØYXUDELOPHN#LÁLQ#HPLQ#ELU#\HUGH#VDNOD\×Q1
°Q#X\DU×ODU
q %LU#&/$66#4#/$6(5#352'8&7#HWLNHWL#EX#FLKD]×Q#DOW×QD#\DS×ØW×U×OP×ØW×U1
%X#FLKD]#KDNN×QGD
q %X#ÖUÖQ#(0&#+;<26692((&/#<52642((&,#YH#&(#0DUNDODPD#<ÐQHUJHOHULQH#+<629;2((&,#
X\JXQGXU
%X#ÖUÖQÖQ#UDG\R#IUHNDQVODU×#%DW×#$YUXSD/#$V\D/#2UWD#'RÊX/#$IULND#YH#2N\DQXV\DnGD#
NXOODQ×OPDN#Ö]HUH#WDKVLV#HGLOPLØWLU1#'LÊHU#EÐOJHOHUGH#NXOODQ×OPDV×#X\JXQ#ROPD\DQ#\D\×Q#
DO×PODU×QD#VHEHS#RODELOLU1#5'6#LØOHYL#VDGHFH#5'6#VLQ\DOOHUL#\D\×QOD\DQ#)0#LVWDV\RQODU×Q×Q#
EXOXQGXÊX#EÐOJHOHUGH#ÁDO×Ø×U1#
%X#N×ODYX]#KDNN×QGD
%X#ÖUÖQ#ÖVW#GÖ]H\GH#ELU#\D\×Q#DO×P×Q×#YH#ÁDO×ØPD\×#JDUDQWL#HGHQ#VRQ#GHUHFH#JHOLØPLØ#ELU#WDN×P#
Ð]HOOLNOHU#LÁHULU1#%X#LØOHYOHULQ#WÖPÖ#HQ#NROD\#NXOODQ×P×#VDÊOD\DFDN#ØHNLOGH#WDVDUODQP×ØW×U#DQFDN#
ÁRÊX#NHQGLQGHQ#DÁ×NODPDO×#GHÊLOGLU1#%X#NXOODQPD#N×ODYX]X#EX#ÖUÖQGHQ#WDP#SHUIRUQDQV#DOPDQ×]×#
YH#GLQOHPH#]HYNLQL]L#HQ#\ÖNVHN#VHYL\H\H#Á×NDUPDQ×]×#VDÊODU1
q 3LRQHHU#&DU6WHUHR03DVV#VDGHFH#$OPDQ\DnGD#NXOODQPDN#LÁLQGLU1#
q %X#N×ODYX]X#ÁDO×ØW×UPD#LØOHPOHUL#YH#ÐQ#X\DU×ODUD#EDNPDN#LÁLQ#HO#DOW×QGD#EXOXQGXUXQ1
q 6HVL#KHU]DPDQ#G×ØDUGD#NL#VHVOHUL#GX\DELOHFHÊLQL]#NDGDU#DÁ×Q1
q ¶UÖQÖ#QHPGHQ#NRUX\XQ1
q $NÖ\Ö#Á×NDU×UVDQ×]#\D#GD#DNÖQÖQ#ØDUM×#ELWHUVH/#ÐQ#D\DU#KDI×]DV×#VLOLQLU#YH#\HQLGHQ#
SURJUDPODQPDO×G×U1#
6RUXQOD#NDUØ×ODØ×OG×Ê×QGD#\DS×ODFDNODU
%Ö#ÖUÖQÖQ#ÁDO×ØPDV×QGD#ELU#VRUXQ#Á×NDUVD/#ED\LLQL]H#\D#GD#HQ#\DN×Q#3LRQHHU#<HWNLOL#6HUYLVLQH#
EDØYXUXQ1
&LKD]×#NXOODQPDGDQ#ÐQFH/#EX#N×ODYX]X#RNX\DUDN#NHQGLQL]L#FLKD]×Q#LØOHYOHULQH#YH#ÁDO×ØPD#
ØHNOLQH#DO×ØW×UPDQ×]×#WDYVL\H#HGL\RUX]1#°]HOOLNOH#EX#VD\IDGD#NL#YH#GLÊHU#EÐOÖPOHUGH#NL#ÐQ#
X\DU×ODU#EÐOÖPÖQÖ#RNXPDQ×]#YH#DQODPDQ×]#ÁRN#ÐQHPOLGLU1
%X#N×ODYX]#DQD#ELULPLQ#ÁDO×ØPD#ØHNOLQL#DÁ×NODU1#$\Q×#LØOHPOHUL#GLUHNVL\RQ#X]DNWDQ#NXPDQGDV×#
LOH#GH#\DSDELOLUVLQL]#+D\U×#VDW×O×U,1#
7 ¶ 5. ¡(
6
0RQWDM
7
&LKD]OD#ELUOLNWH#VDÊODQDQ#ÁHNPH#DQDKWDUODU×Q×#ØHNLOGH#JÐUÖOGÖÊÖ#JLEL#\HUOHULQH#
RWXUXQFD\D#NDGDU#FLKD]×Q#LÁLQH#VRNXQ1#$QDKWDUODU×#ELULPLQ#NHQDUODU×QD#
EDVW×UDUDN#ELULPL#G×ØDU×#Á×NDU×Q1
°Q#SDQHOLQ#\HULQH#WDN×OPDV×
/DVWLN#EXUÁOD#\DS×ODQ#PRQWDM
.RQWURO#SDQHOL
&LKD]×Q#\HULQGHQ#Á×NDU×OPDV×
7XWXFX
7XWXFX\X#NRQWURO#SDQHOLQH#VRNWXNWDQ#VRQUD/#NRQWURO#SDQHOL#
PDO]HPHVLQLQ#NDO×QO×Ê×QD#JÐUH#X\JXQ#NXODNÁ×NODU×#VHÁLS#
EÖNÖQ1
+$OW#YH#ÖVW#NXODNÁ×NODU×#NXOODQDUDN#PÖPNÖQ#ROGXÊXQFD#
VDÊODP#ELU#ØHNLOGH#NXUXQ1#6DÊODPODØW×UPDN#LÁLQ#NXODNÁ×NODU×#
<3Š#EÖNÖQ1,
°Q#3DQHOLQ#6ÐNÖOPHVL#YH#<HULQH#7HNUDU#7DN×OPDV×#·ØOHYLQL##NXOODQP×\RUVDQ×]/#VL]H#VDÊODQDQ#
WDNPD#YLGDODU×Q×#NXOODQDUDN#ÐQ#SDQHOL#EX#FLKD]D#WDN×Q1
41 7XWXFX\X#ÐQ#SDQHOH#WDN×Q1
/DVWLN#EXUÁ
9LGD
51 °Q#SDQHOL#FLKD]D#\HUOHØWLULQ1
61 7DNPD#YLGDODU×Q×#NXOODQDUDN#ÐQ#SDQHOL#
FLKD]D#WDN×Q1
7DNPD#YLGDV×
7 ¶ 5 .¡ (
1RW=
q &LKD]×Q#PRQWDM×Q×#\DSPDGDQ#ÐQFH/#NDEORODU×#JHÁLFL#RODUDN#KHUØH\LQ#GRÊUX#EDÊODQ×S#
EDÊODQPDG×Ê×QGDQ/#FLKD]×Q#YH#VLVWHPLQ#GRÊUX#RODUDN#ÁDO×ØW×Ê×QGDQ#HPLQ#ROPDN#LÁLQ#EDÊOD\×Q1
q .XUXOXPX#GRÊUX#ELU#ØHNLOGH#JHUÁHNOHØWLUPHN#LÁLQ/#VDGHFH#FLKD]OD#ELUOLNWH#JHOHQ#SDUÁDODU×#NXOODQ×Q1#
.XOODQ×OPDV×QD#L]LQ#YHULOPH\HQ#SDUÁDODU×Q#NXOODQ×OPDV×/#DU×]DODUD#\RO#DÁDELOLU1
q &LKD]×#NXUDUNHQ#GHOLN#DÁ×OPDV×#\D#GD#DUDF×Q×]GD#GLÊHU#GHÊLØLNOLNOHULQ#\DS×OPDV×#JHUHNL\RUVD/#VL]H#HQ#
\DN×Q#\HWNLOL#VHUYLVL#DUD\×Q1
q &LKD]×#VÖUÖFÖ\H#HQJHO#ROPD\DFDN#YH#DFLO#GXUPD#JLEL#DQL#GXUPDODUGD#\ROFXQXQ#]DUDU#JÐUPH\HFHÊL#ELU#
ØHNLOGH#NXUXQ1
q <DU×#LOHWNHQ#OD]HU#DØ×U×#×V×Q×UVD#]DUDU#JÐUÖU#EX#\Ö]GHQ#V×FDN#RODQ#\HUOHUH#PRQWH#HWPH\LQ#s#ÐUQHÊLQ#
V×FDN#KDYD#ÖIOH\HQ#NOLPDQ×Q#\DQ×QD#PRQWH#HWPH\LQ1
q 0RQWDM#DÁ×V×#\DWD\#RODUDN#93Šn\L#JHÁHUVH/#ELULPGHQ#HQ#L\L#SHUIRUPDQV×#DODPD\DELOLUVLQL]1
%LULPOHULQ#7DN×OPDV×
%X#ÖUÖQ#\HQL#NDEOR#UHQNOHULQH#X\DU1
1RW=
$UDF×Q#WÖUÖQH#EDÊO×#RODUDN/#6-#YH#8-#LØOHYOHUL#
IDUNO×#RODELOLU1#%Ð\OH#ELU#GXUXPGD/#5-#\L#8-#H#
YH#7-#Ö#GH#6-#H#EDÊODG×Ê×Q×]GDQ#HPLQ#ROXQ1
7(/#WHUPLQDOL
+DQGVIUHH#7HOHIRQXQ#N×ODYX]XQD#EDN×Q#
+D\U×#VDW×O×U,1
°Q#Á×N×Ø
*ÖÁ#DPSOLILNDWÐUÖ
+D\U×#VDW×O×U,
.DEORODU×Q#5&$#SLP#ILØOHUL\OH#
WDN×OPDV×#+D\U×#VDW×O×U,
%X#ÖUÖQ
*ÖÁ#DPSOLILNDWÐUÖ
+D\U×#VDW×O×U,
$QWHQ#MDN×
0XOWL0&'#ÁDODU#
+D\U×#VDW×O×U,
$\Q×#UHQNWHNL#NDEORODU×#ELUELUOHULQH#
WDN×Q1
$UND#Á×N×Ø#\D#
GD#6XEZRRIHU#
Á×N×Ø×
%DØO×N#+4-,
%X#WHUPLQDOL#NXOODQP×\RUVDQ×]/
EDØO×Ê×#Á×NDUPD\×Q1
6LJRUWD
,30%86#JLULØL#
+0DYL,
,30%86#
NDEORVX
,62#NRQQHNWÐUÖQÖQ#SLP#NRQXPX#DUDF×Q#WÖUÖQH#EDÊO×#RODUDN#GHÊLØLU1#
3LP#8#ELU#DQWHQ#NRQWUROÖ#WÖUÖ\VH#9-#YH#:-#m\L#WDN×Q1#%DØND#WÖU#ELU#
DUDÁWD#DVOD#9-#YH#:-n\L#WDNPD\×Q1
0DYL2EH\D]
*ÖÁ#DPSOLILNDWÐUÖQÖQ#VLVWHP#NRQWURO#
WHUPLQDOLQH#WDN×O×U#+PDNV1#633#P$#45#9#'&,1
6LVWHP#X]DNWDQ#NXPDQGDV×
6DU×#+6-, 6DU×#+5-,
<HGHN .RQWDN#DQDKWDU×Q×Q#SR]LV\RQXQD#EDÊO×#
+\D#GD#DNVHVXDU, ROPDNV×]×Q#KHU#]DPDQ#DN×P#YHULOHQ#
WHUPLQDOH#WDN×O×U1
.×UP×]×#+8-, .×UP×]×#+7-,
$NVHVXDU .RQWDN#DQDKWDU×#LOH#NRQWURO#HGLOHQ#
+\D#GD#\HGHN, HOHNWULN#WHUPLQDOLQH#WDN×O×U##+45#9#'&,#
2122))1
7XUXQFX2EH\D]
$\G×QODWPD#DQDKWDU×#WHUPLQDOLQH#WDN×O×U1
0DYL2EH\D]#+:-,
2WR#DQWHQL#UÐOH#NRQWUROÖ#WHUPLQDOLQH1
+0DNV1#633#P$#45#9#'&1,
0DYL2EH\D]#+9-,
°Q#KRSDUOÐU
6RO
$UND#KRSDUOÐU#\D
GD#6XEZRRIHU
6L\DK#+WRSUDNO×,
$UDF×Q#JÐYGHVLQH#+PHWDO,#WDN×O×U1
1RW=
%D]×#DUDÁODUGD#,62#NRQQHNWÐUÖ#LNL\H#D\U×OP×Ø#
RODELOLU1#%Ð\OH#ELU#GXUXPGD#KHU#LNL#NRQQHNWHUHGH#
WDNW×Ê×Q×]GDQ#HPLQ#ROXQ1
6DU×2VL\DK
&HS#WHOHIRQX#NXOODQ×\RUVDQ×]/#FHS#WHOHIRQXQXQ#
6HV#.HVPH#NDEORVX\OD#EDÊOD\×Q1#
.XOODQP×\RUVDQ×]#6HV#.HVPH#NDEORVXQX#KHUKDQJL#
ELU#EDÊODQW×\D#VRNPD\×Q1
6DÊ
$UND#KRSDUOÐU#\D#
GD#6XEZRRIHU
%DØND#ELU#DPSOLILNDWÐU#NXOODQ×UNHQ#EX#
EDÊODQW×ODU×#X\JXOD\×Q#+D\U×#VDW×O×U,1
+RSDUOÐU#NDEORODU×
%H\D]
=#°Q#VRO#ó
%H\D]2VL\DK =#°Q#VRO#ò
*UL
=#°Q#VDÊ#ó
*UL2VL\DK
=#°Q#VDÊ#ò
<HØLO
=#$UND#VRO#óý\D#GD#6XEZRRIHU#ó
<HØLO2VL\DK
=#$UND#VRO#òý\D#GD#6XEZRRIHU#ò
0RU
=#$UND#VDÊ#ó#\D#GD#6XEZRRIHU#ó
0RU2VL\DK
=#$UND#VDÊ#ò#\D#GD#6XEZRRIHU#ò
1RW=
%X#ELULPH#VXEZRRIHUnLQ#KDULFLQGH#ELU#DUND#
KRSDUOÐU#WDN×O×\VD/#%DØODQJ×Á#$\DU×QGD#DUND#
Á×N×Ø#D\DU×Q×#GHÊLØWLULQ1#
%X#ELULPLQ#VXEZRRIHU#Á×N×Ø×#PRQRGXU1
7 ¶ 5. ¡(
,62#NRQQHNWÐUÖ
°Q#KRSDUOÐU
8
%LULPOHULQ#7DN×OPDV×
q %X#FLKD]#45#YROW#DNÖOÖ#YH#QHJDWLI#WRSUDNO×#DUDÁODU#LÁLQGLU1#5HNUHDV\RQHO#DPDÁO×#DUDÁODUD/#NDP\RQ#YH#
RWREÖVOHUH#WDNPDGDQ#ÐQFH/#DNÖQÖQ#YROWDM×Q×#NRQWURO#HGLQ1
q (OHNWULN#VLVWHPLQGHNL#N×VD#GHYUHOHUL#ÐQOHPHN#LÁLQ/#PRQWDMD#EDØODPDGDQ#ÐQFH#òýDNÖ#NDEORVXQX#
q
q
q
q
q
q
q
q
q
q
q
q
q %X#FLKD]/#NRQWDN#DQDKWDU×QGD#ELU#$&&#+DNVHVXDU,#SR]LV\RQX#ROPD\DQ#ELU#DUDFD#WDN×O×UVD/#FLKD]×Q#
N×UP×]×#NDEOR#XFX/#NRQWDN#DQDKWDU×Q×Q#2122))#+DÁ×N2NDSDO×,#RSHUDV\RQODU×#LOH#EDÊODQDQ#ELU#XÁ#ELULPH#
EDÊODQPDO×G×U1#%X#LØOHP#\DS×OPD]VD#DUDEDGDQ#ELU#NDÁ#VDDW#X]DNODØW×Ê×Q×]GD#DNÖ#ELWHELOLU1
7 ¶ 5 .¡ (
q
Á×NDUG×Ê×Q×]GDQ#HPLQ#ROXQ1
*ÖÁ#DPSOLILNDWÐUÖQÖQ#YH#GLÊHU#ELULPOHULQ#EDÊODQPDV×#NRQXVXQGDNL#GHWD\ODU#LÁLQ#N×ODYX]D#EDØYXUXQ#
YH#DUG×QGDQ#EDÊODQW×ODU×#GRÊUX#RODUDN#\DS×Q1
.DEORODU×/#NDEOR#N×VNDÁODU×#YH\D#\DS×ØW×U×F×#EDQWODUOD#VDÊODPODØW×U×Q1#.DEORODU×#NRUXPDN#LÁLQ/#PHWDO#
SDUÁDODUD#GRNXQGXNODU×#\HUGH/#HWUDIODU×Q×#\DS×ØW×U×F×#EDQWOD#NDSOD\×Q1
7ÖP#NDEORODU×#YLWHV#NROX/#HO#IUHQL/#NROWXN#UD\ODU×#JLEL#KDUHNHW#HGHQ#KHUKDQJL#ELU#SDUÁD\D#
GRNXQPD\DFDNODU×#ELU#ØHNLOGH#GÐØH\LQ#YH#VDÊODPODØW×U×Q1#.DEORODU×#V×FDN#KDYD#NOLPDV×Q×Q#\DQ×#JLEL#
×V×QDQ#\HUOHUH#GÐØHPH\LQ1#.DEORQXQ#\DO×W×P#PDO]HPHVL#HULU#\D#GD#\×UW×O×UVD/#DUDF×Q#EÖQ\HVLQGH#N×VD#
GHYUH#ROPD#WHKOLNHVL#ROXØXU1
6DU×#NDEOR#XFXQX#PRWRU#EÐOÖPÖQGHNL#GHOLNWHQ#JHÁLULS#DNÖ\H#EDÊODPD\×Q1#%X#GXUXP#NDEORQXQ#
\DO×W×P×QD#]DUDU#YHULS#ÁRN#WHKOLNHOL#ELU#N×VD#GHYUH\H#VHEHS#ROXU1
.DEORODU×Q#KLÁ#ELULQL#N×VDOWPD\×Q1#.×VDOW×UVDQ×]/#NRUXPD#GHYUHVL#ÁDO×ØPDV×#JHUHNHQ#\HUGH#ÁDO×ØPD]1
$VOD#FLKD]×Q#JÖÁ#VDÊODPD#NDEORVXQXQ#\DO×W×P×Q×#NHVHUHN#YH#NDEORQXQ#XFXQD#EDÊOD\DUDN#GLÊHU#ELU#
FLKD]D#JÖÁ#VDÊODPD\×Q1#.DEORQXQ#DN×P#NDSDVLWHVL#DUWDFDN#YH#DØ×U×#×V×QPD\D#\RO#DÁDFDNW×U1
6LJRUWD\×#\HQLVL\OH#GHÊLØWLULUNHQ/#VDGHFH#VLJRUWD#WXWXFXQXQ#Ö]HULQGH#WDQ×PODQDQ#Ð]HOOLNWH#ELU#VLJRUWD#
NXOODQG×Ê×Q×]GDQ#HPLQ#ROXQ1
7HN#%37/#GHYUHVL#GHYUH\H#JLUGLÊLQGHQ/#KRSDUOÐU#NDEORODU×Q×#GLUHNW#RODUDN#WRSUDNODPD\×Q#\D#GD#
EDÊODQW×#DUDODU×QGD#VRO#YH#VDÊ#ò#KRSDUOÐU#NDEORODU×Q×#RUWDN#EDÊODPD\×Q1
%X#FLKD]D#EDÊODQDQ#KRSDUOÐUOHU#JÖFÖ#\ÖNVHN/#PLQLPXP#83#:nO×N#YH#7r;#RKP#DUDV×#GLUHQÁWH#
ROPDO×G×UODU1#¡×N×Ø#YH2\D#GD#GLUHQÁ#GHÊHUOHUL#EXUDGD#EDKVHGLOHQOHULQ#KDULFLQGH#RODQ#KRSDUOÐUOHULQ#
EDÊODQPDV×#KRSDUOÐUOHUGH#\DQJ×QD/#GXPDQ#Á×NPDV×QD#VHEHS#RODELOLU#\D#GD#KRSDUOÐUOHUH#]DUDU#YHUHELOLU1
%X#ÖUÖQÖQ#ND\QDÊ×#21#NRQXPXQGD\VD/#PDYL2EH\D]#NDEORGDQ#ELU#VLQ\DO#Á×NDU1#+DULFL#ELU#JÖÁ#
DPSOLILNDWÐUÖQÖQ#VLVWHP#X]DNWDQ#NXPDQGDV×QD#\D#GD#2WR#DQWHQLQLQ#UÐOH#NRQWURO#WHUPLQDOLQH#WDN×Q#
+PDNV1#633#P$#45#9#'&,1#$UDEDQ×]×Q#FDP#DQWHQL#YDUVD/#DQWHQH#JÖÁ#VDÊOD\DQ#WHUPLQDOH#WDN×Q1
%X#VLVWHPOH#KDULFL#ELU#JÖÁ#DPSOLILNDWÐUÖ#NXOODQ×O×UVD/#PDYL2EH\D]#XFX#DPSOLILNDWÐUÖQ#JÖÁ#WHUPLQDOLQH#
WDNPDG×Ê×Q×]GDQ#HPLQ#ROXQ1#$\Q×#ØHNLOGH/#PDYL2EH\D]#XFX#RWR#DQWHQLQLQ#JÖÁ#WHUPLQDOLQH#WDNPD\×Q1#
%X#WÖU#ELU#EDÊODQW×#DØ×U×#DN×P#NXOODQ×P×QD#YH#KDVDUD#\RO#DÁDU1
.×VD#GHYUH\L#ÐQOHPHN#LÁLQ#Á×NDUG×Ê×Q×]#NDEOR#XFXQX#\DO×W×P#VDÊOD\DQ#ELU#EDQWOD#NDSOD\×Q1#°]HOOLNOH/#
NXOODQPDG×Ê×Q×]#KRSDUOÐU#NDEORODU×Q×Q#XÁODU×Q×#\DO×WPDNWD#KDWD\D#GÖØPH\LQ1#.DEORODU#\DO×W×OPD]VD#
N×VD#GHYUH#RODELOLU1
<DQO×Ø#ELU#EDÊODQW×\×#ÐQOHPHN#LÁLQ/#,30%86#NRQQHNWÐUÖQÖQ#JLULØ#XFX#PDYLGLU#YH#Á×N×Ø#XFX#GD#VL\DKW×U1#
$\Q×#UHQNWHNL#NRQQHNWÐUOHUL#GRÊUX#ELU#ØHNLOGH#WDN×Q1
9
$&&#SR]LV\RQX
$&&#SR]LV\RQX#\RN
q 6L\DK#NDEOR#WRSUDNO×G×U1#/ÖWIHQ#EX#NDEOR\X#JÖÁ#DPSOLILNDWÐUOHUL#JLEL#\ÖNVHN#DN×PO×#ÖUÖQOHULQ#
WRSUDNODU×QGDQ#D\U×#WRSUDNOD\×Q1¶UÖQOHUL#EHUDEHU#WRSUDNODUVDQ×]#YH#WRSUDNO×#NDEOR#\HULQGHQ#Á×NDUVD/#
ÖUÖQOHUH#]DUDU#YHUPH#\D#GD#\DQJ×Q#ULVNL#RUWD\D#Á×NDU1
q %X#FLKD]×Q#\D#GD#GLÊHU#FLKD]ODU×Q#NDEORODU×Q×Q#LØOHYOHUL#D\Q×#ROVD#ELOH#D\U×#UHQNOHUH#VDKLS#RODELOLUOHU1#
%X#FLKD]×#EDØND#ELU#FLKD]D#WDNDUNHQ/#KHU#LNL#FLKD]×Q#GD#VDÊODQDQ#.XUXOXP#N×ODYX]ODU×QD#EDØYXUXS/#
LØOHYOHUL#D\Q×#RODQ#NDEORODU×#WDN×Q1
%DØODPDGDQ#°QFH#<DS×ODFDNODU
&LKD]×Q#K×UV×]O×NODUD#NDUØ×#NRUXQPDV×
+×UV×]O×NODU×#ÐQOHPHN#LÁLQ#ÐQ#SDQHO#DQD#ELULPGHQ#VÐNÖOÖS#VL]H#VDÊODQDQ#NRUX\XFX#NXWXVXQGD#
VDNODQDELOLU1
q .RQWDN#DQDKWDU×#NDSDW×OG×NWDQ#8#VDQL\H#VRQUD#ÐQ#SDQHO#DQD#ELULPGHQ#VÐNÖOPH]VH/#ELU#X\DU×#
WRQX#GX\XOXU1
q 8\DU×#WRQXQX#NDSDWDELOLUVLQL]1#6D\ID#5<nD#8\DU×#WRQXQXQ#DÁ×OPDV×#EÐOÖPÖQH#EDN×Q×]1
°QHPOL
q °Q#SDQHOL#\HULQGHQ#VÐNHUNHQ#YH\D#\HULQH#WDNDUNHQ#DVOD#]RUODPD\×Q#\D#GD#JÐVWHUJH#YH#GÖÊPHOHUL#V×N×FD#
NDYUDPD\×Q1
q °Q#SDQHOL#DØ×U×#ØRNODUD#PDUX]#E×UDNPD\×Q1
q °Q#SDQHOL#GLUHNW#JÖQHØ#×Ø×Ê×QGDQ#YH#\ÖNVHN#V×FDNO×NODUGDQ#X]DN#WXWXQ1
°Q#SDQHOLQ#VÐNÖOPHVL
41 23(1#GÖÊPHVLQH#EDVDUDN#ÐQ#SDQHOL#DÁ×Q1
51 °Q#SDQHOL#VRO#WDUDI×QGDQ#NDYUD\DUDN#
\DYDØÁD#G×ØDU×#GRÊUX#ÁHNLQ1
)D]OD#V×N×#WXWPDPD\D#YH#GÖØÖUPHPH\H#
Ð]HQ#JÐVWHULQ1
*ÐVWHUL#PRGX#KDNN×QGD
%X#ÖUÖQÖQ#LNL#WDQH#GHPRQVWUDV\RQ#PRGX#YDUG×U1#%LU#WDQHVL#JHUL#PRGXGXU/#GLÊHUL#GH#Ð]HOOLN#
JÐVWHUL#PRGXGXU1
*HUL#PRGX
63#VDQL\H#LÁLQGH#KLÁ#ELU#LØOHP#\DSPD]VDQ×]/#HNUDQ#JÐVWHUJHOHUL#JHUL\H#JLWPH\H#EDØODU#YH#
DUG×QGDQ#KHU#43#VDQL\HGH#ELU#JHUL#JLGHU1#%X#ÖUÖQ#NDSDO×\NHQ#YH#.RQWDN#DQDKWDU×#$&&#\D#GD#
21nGD\NHQ#8#GÖÊPHVLQH#EDV×OPDV×#*HUL#PRGXQX#LSWDO#HGHU1#8#GÖÊPHVLQH#WHNUDU#EDVDUVDQ×]#*HUL#
PRGX#WHNUDU#EDØODU1
°]HOOLN#JÐVWHULVL
%X#ÖUÖQ#NDSDO×\NHQ#YH#NRQWDN#DQDKWDU×#$&&#\D#GD#21nGD\NHQ#Ð]HOOLN#JÐVWHULVL#RWRPDWLN#RODUDN#
EDØODU1#°]HOOLN#JÐVWHULVL#LØOHPL#HVQDV×QGD#9#GÖÊPHVLQH#EDV×OPDV×#EX#PRGX#LSWDO#HGHU1#9#QXPDUDO×#
GÖÊPH\H#WHNUDU#EDVDUDN#Ð]HOOLN#PRGXQX#ÁDO×ØW×U×Q1#$UDEDQ×Q#PRWRUX#NDSDO×\NHQ#Ð]HOOLN#
JÐVWHULVL#PRGX#ÁDO×ØPD\D#GHYDP#HGHUVH/#DUDEDQ×]×Q#DNÖVÖQÖQ#ELWHELOHFHÊLQL#XQXWPD\×Q1
1RW=
q °Q#SDQHO#DÁ×NNHQ#ELU#JÐVWHUL#PRGXQX#LSWDO#HGHPH]VLQL]1
q %X#ÖUÖQÖQ#N×UP×]×#NDEORVX#+$&&,/#NRQWDN#DQDKWDU×Q×Q#DÁPD2NDSDPD#LØOHPOHULQH#EDÊO×#ELU#WHUPLQDOH#
WDN×OPDO×G×U1#7DN×OPD]VD/#DUDF×Q×]×Q#DNÖVÖ#ELWHELOLU1#
61 (PQL\HWLQL#VDÊODPDN#LÁLQ#ÐQ#SDQHOL#NRUX\XFX#NXWXVXQD#NR\XQ1
°Q#SDQHOLQ#WDN×OPDV×
ô °Q#SDQHOL#EX#ÖUÖQH#GLN#WXWDUDN#YH#PRQWDM#
NDQFDODU×QD#VDÊODP#ELU#ØHNLOGH#RWXUWDUDN#
\HULQH#WDN×Q1
7 ¶ 5. ¡(
:
%DØODPDGDQ#°QFH#<DS×ODFDNODU
;
1H#QHGLU
2SVL\RQHO#X]DNWDQ#NXPDQGD
SELECT
'LUHNVL\RQ#X]DNWDQ#NXPDQGDV×#
&'065;3#D\U×#VDW×O×U1#8]DNWDQ#
NXPDQGD#LØOHPOHUL/#DQD#ELULPLQ#
Ö]HULQGHNL#GÖÊPH\L#NXOODQDUDN#
\DS×ODQ#LØOHPOHUOH#D\Q×G×U1#$77#
KDULFLQGH#KHU#GÖÊPHQLQ#LØOHYLQL#
DQODPDN#LÁLQ#DQD#ELULPLQ#
DÁ×NODPDV×QD#EDN×Q1##$77#LØOHYL#
DØDÊ×GD#DÁ×NODQP×ØW×U1
K $77#GÖÊPHVL
6HV#GÖ]H\LQL#\DNODØ×N#<3(#RUDQ×QGD#D]DOWPDN#LÁLQ#EX#GÖÊPH\H#EDV×Q1#2UMLQDO#VHV#VHYL\HVLQH#
GÐQPHN#LÁLQ#ELU#NH]#GDKD#EDV×Q
= 7$#GÖÊPHVL
7UDILN#DQRQVODU×#LØOHYLQL#DÁ×S#NDSDWPDN#
LÁLQ#EDV×Q1
> 92/80(
92/80(nH#EDVW×Ê×Q×]GD#G×ØDU×#GRÊUX#
X]DU/#EÐ\OHFH#ÁHYLUPHVL#NROD\#ROXU1
92/80(nX#\HULQH#JHUL#ÁHNPHN#LÁLQ#
WHNUDU#EDV×Q1
6HVL#DUW×UPDN#\D#GD#D]DOWPDN#LÁLQ#N×Y×U×Q1
? (17(57$,10(17#GÖÊPHVL
(ÊOHQFH#JÐVWHUJHVLQL#GHÊLØWLUPHN#LÁLQ#
EDV×Q1
@ ',63/$<#GÖÊPHVL
)DUNO×#JÐVWHUJHOHUL#VHÁPHN#LÁLQ#EDV×Q1
A 7(;7#GÖÊPHVL
5DG\R#PHWQL#LØOHYLQL#DÁ×S#NDSDWPDN#LÁLQ#
EDV×Q1
B )81&7,21#GÖÊPHVL
·ØOHYOHUL#VHÁPHN#LÁLQ#EDV×Q1#
C 23(1#GÖÊPHVL
°Q#SDQHOL#DÁPDN#LÁLQ#EDV×Q1
D $8',2#GÖÊPHVL
¡HØLWOL#VHV#NDOLWHVL#NRQWUROOHULQL#VHÁPHN#
LÁLQ#EDV×Q1
E çðíðëðéýGÖÊPHOHUL
çðíðëðéýGÖÊPHOHUL
0DQXHO#RODUDN#LVWDV\RQODU×Q#DUDQPDV×/#
K×]O×#LOHUL#VDUG×UPD/#JHUL#VDUG×UPD#YH#ØDUN×#
DUDPD#NRQWUROOHULQL#NXOODQPDN#LÁLQ#EDV×Q1#
$\U×FD#LØOHYOHULQ#NRQWUROÖQGH#
NXOODQ×O×UODU1
F 6)(4#GÖÊPHVL
'RÊDO#ELU#VHV#VHÁPHN#LÁLQ#EDV×Q1
G %$1'2(6&#GÖÊPHVL
)0#YH\D#0:2/:#EDQGODU×QGDQ#ELULQL#
VHÁPHN#YH#LØOHYOHULQ#NRQWURO#PRGXQX#LSWDO#
HWPHN#LÁLQ#EDV×Q1
H 4r9#+35(6(7#781,1*,#GÖÊPHOHUL
°Q#D\DUO×#LVWDV\RQ#D\DU×#\DSPDN#LÁLQ#YH#
ELU#PXOWL0&'#ÁDODU#NXOODQ×UNHQ#GLVN#
QXPDUDV×#DUDPDN#LÁLQ#EDV×Q1
I 6285&(#GÖÊPHVL
%X#FLKD]#ELU#ND\QDN#VHÁLOHUHN#DÁ×O×U1#
0HYFXW#WÖP#ND\QDNODU#DUDV×QGD#JH]LQPHN#
LÁLQ#EDV×Q1
J (4#GÖÊPHVL
¡HØLWOL#HNROD\]HU#HÊULOHULQL#VHÁPHN#LÁLQ#
EDV×Q1
L 92/80(
6HVL#DUW×UPDN#\D#GD#D]DOWPDN#LÁLQ#EDV×Q1#
7 ¶ 5 .¡ (
$QD#%LULP
&LKD]×Q#$ÁLOLS2.DSDWLOPDVL
&LKD]×Q#DÁ×OPDV×
ô 6285&(#GÖÊPHVLQH#EDVDUDN#FLKD]×#DÁ×Q1
%LU#ND\QDN#VHÁWLÊLQL]GH#FLKD]#DÁ×O×U1#
%LU#ND\QDÊ×Q#VHÁLOPHVL
'LQOHPHN#LVWHGLÊLQL]#ELU#ND\QDÊ×#VHÁHELOLUVLQL]1#&LKD]×Q#EÖQ\HVLQGHNL#&'#ÁDODU×#ÁDO×ØW×UPDN#
LÁLQ#FLKD]D#ELU#GLVN#NR\XQ#+VD\ID#48nH#EDN×Q,1
ô 6285&(#GÖÊPHVLQH#EDVDUDN#ELU#ND\QDN#VHÁLQ1
$ØDÊ×GDNL#ND\QDNODU#DUDV×QGD#VHÁLP#\DSPDN#LÁLQ#6285&(#GÖÊPHVLQH#WHNUDU#WHNUDU#EDV×Q=
%XLOW0LQ#&'#SOD\HU#s#79
79#s#7XQHU
7XQHU#s#'$%
'$%#+'LMLWDO#6HV#<D\×Q×,#s#0XOWL0&'#SOD\HU#
0XOWL0&'#SOD\HU#s#
%XLOW0LQ#&'#SOD\HU#
79
7XQHU
'$%
0XOWL0&'#SOD\HU#
([WHUQDO#XQLW#4#s#([WHUQDO#XQLW#5
([WHUQDO#XQLW#5#s#$8;
$8;#s#7HOHSKRQH#6WDQGE\
([WHUQDO#XQLW#4
([WHUQDO#XQLW#5
$8;
7HOHSKRQH#6WDQGE\
1RW=
q $ØDÊ×GDNL#GXUXPODUGD#VHV#ND\QDÊ×#GHÊLØPH]=
s .D\QDNODUD#NDUØ×O×N#JHOHQ#ELU#ÖUÖQ#EX#FLKD]D#WDN×O×#GHÊLOVH1
s &LKD]×Q#LÁLQGH#GLVN#\RNVD1
s 0XOWL0&'#ÁDODU×Q#LÁLQGH#ELU#&'#KD]QHVL#\RNVD1
s $8;#+\DUG×PF×#JLULØ,#NDSDO×#RODUDN#D\DUO×\VD#+VD\ID#5<nD#EDN×Q,1
s 7HOHIRQ#EHNOHPH#LØOHYL#NDSDO×#RODUDN#D\DUO×\VD#+VD\ID#63nD#EDN×Q,1
q '×Ø#ELULP#ELU#ND\QDN#RODUDN#X\XPVX]#ROVD#GD#ED]×#LØOHYOHULQLQ#EX#FLKD]#WDUDI×QGDQ#NRQWUROÖQH#RODQDN#
YHUHQ#ELU#3LRQHHU#ÖUÖQÖ#+JHOHFHNWH#SL\DVDGD#EXOXQDELOHFHN#ELU#ÖUÖQ#JLEL,#DQODP×QD#JHOLU1#%X#ÖUÖQ#
WDUDI×QGDQ#LNL#WDQH#G×Ø#ELULP#NRQWURO#HGLOHELOLU1#·NL#WDQH#G×Ø#ELULP#WDN×O×\NHQ/##ELULPOHULQ#G×Ø#ELULP#4#
YH\D#G×Ø#ELULP#5#GL\H#WD\LQ#HGLOPHVL#EX#FLKD]#WDUDI×QGDQ#RWRPDWLN#RODUDN#JHUÁHNOHØWLULOLU1
q %X#FLKD]×Q#PDYL2VL\DK#NDEORVX#DUDF×Q×]×Q#RWR#DQWHQL#UÐOH#NRQWURO#WHUPLQDOLQH#WDN×O×\VD/#ND\QDNODUGDQ#
ELUL#DÁ×OG×Ê×QGD#DUDF×Q×]×Q#DQWHQL#G×ØDU×#GRÊUX#X]DU1#$QWHQL#\HULQH#JHUL#VRNPDN#LÁLQ#ND\QDÊ×#NDSDW×Q1#
&LKD]×Q#NDSDW×OPDV×
ô 6285&(#GÖÊPHVLQH#EDV×Q#YH#HQ#D]#ELU#VDQL\H#EDV×O×#WXWDUDN#FLKD]×#NDSDW×Q1#
5DG\R
5DG\RQXQ#GLQOHQPHVL
5DG\R\X#ÁDO×ØW×UPDN#LÁLQ#\DS×ODFDN#WHPHO#
LØOHPOHU#EXQODUG×U1#'DKD#JHOLØPLØ#UDG\R#
LØOHPOHUL#VD\ID#43nGDQ#LWLEDUHQ#
DÁ×NODQPDNWDG×U1
%X#ELULPLQ#$)#+DOWHUQDWLI#IUHNDQVODU×Q#
DUDQPDV×,#LØOHYL#DÁ×O×S#NDSDW×ODELOLU1#1RUPDO#
LVWDV\RQ#D\DUODPD#LØOHPL#LÁLQ#$)#NDSDO×#
ROPDO×G×U#+VD\ID#45n\H#EDN×Q,1
= 67(5(2#+67,#JÐVWHUJHVL
6HÁLOHQ#IUHNDQV×Q#VWHUHR#\D\×Q#\DSW×Ê×Q×#JÐVWHULU1
> %$1'#JÐVWHUJHVL
5DG\RQXQ#KDQJL#EDQWWD#ROGXÊXQX#JÐVWHULU/#0:
0:/#/:
)01
0: /:#YH\D#)0
/:
)0
? 35(6(7#180%(5#JÐVWHUJHVL
+DQJL#ÐQ#D\DU×Q#VHÁLOPLØ#ROGXÊXQX#JÐVWHULU1
@ )5(48(1&<#JÐVWHUJHVL
5DG\RQXQ#KDQJL#IUHNDQVWD#ROGXÊXQX#JÐVWHULU1
41 6285&(#GÖÊPHVLQH#EDVDUDN#UDG\R\X#VHÁLQ1
6285&(#GÖÊPHVLQH#7XQHU
7XQHU#JÐUÖQWÖOHQHQH#GHN#EDV×Q1
7XQHU
51 92/80(#GÖÊPHVLQL#NXOODQDUDN#VHV#VHYL\HVLQL#D\DUOD\×Q1
6HVL#DUW×UPDN#\D#GD#D]DOWPDN#LÁLQ#ÁHY×U×Q1
61 %$1'2(6&#GÖÊPHVLQH#EDVDUDN#ELU#EDQW#VHÁLQ1
·VWHQHQ#EDQG#JÐUÖQWÖOHQHQH#GHN#%$1'2(6&#GÖÊPHVLQH#EDV×Q/#)04
)04/#)05
)06/#)0#EDQWODU×#
)04 )05/#)06/
)05 )06/
LÁLQGLU#YH\D#0:2/:1
0:2/:1
7 ¶ 5. ¡(
<
5DG\R
71 0DQXHO#RODUDN#LVWDV\RQ#D\DUODPDN#LÁLQ#
0DQXHO#RODUDN#LVWDV\RQ#D\DUODPDN#LÁLQ#ë
#YH\D#é
ë#YH\D#
é#GÖÊPHOHULQH#ÁDEXN#ÁDEXN#EDV×Q1
)UHNDQVODU#DG×P#DG×P#\XNDU×#\D#GD#DØDÊ×#GRÊUX#KDUHNHW#HGHU1
1RW=
q 6HÁLOHQ#IUHNDQVWD#VWHUHR#\D\×Q#\DS×O×\RUVD#67(5(2#+67
67,#×Ø×Ê×#\DQDU1#
67
*HOLØPLØ#UDG\R#LØOHYOHULQLQ#WDQ×W×OPDV×
= )81&7,21#JÐVWHUJHVL
·ØOHYLQ#GXUXPXQX#JÐVWHULU1
<D\×Q#IUHNDQVODU×Q×Q#KDI×]D\D#ND\GHGLOPHVL#YH#KDI×]DGDQ#JHUL#
ÁDÊU×OPDV×
35(6(7#781,1*#GÖÊPHOHULQLQ#KHUKDQJL#ELULQH#EDVDUVDQ×]/#HQ#ID]OD#9#\D\×Q#IUHNDQV×Q×#GDKD#
VRQUD#GÖÊPH\H#ELU#NH]#EDVDUDUDN#KDI×]DGDQ#JHUL#ÁDÊ×UPDN#Ö]HUH#KDI×]D\D#NROD\O×NOD#
ND\GHGHELOLUVLQL]1
ô +DI×]D\D#ND\GHWPHN#LVWHGLÊLQL]#ELU#IUHNDQV#EXOGXÊXQX]GD/#35(6(7#781,1*#GÖÊPHVLQH#EDV×Q#
YH#ÐQ#D\DU#QXPDUDV×Q×Q#\DQ×S#VÐQPHVL#ELWHQH#GHN#EDV×O×#WXWXQ1
%DVW×Ê×Q×]#QXPDUD#35(6(7#180%(5#JÐVWHUJHVLQGH#\DQ×S#VÐQHU#YH#\DQ×N#RODUDN#NDO×U1#
6HÁLOHQ#UDG\R#IUHNDQV×#KDI×]D\D#ND\GHGLOPLØWLU1
$\Q×#35(6(7#781,1*#QD#GDKD#VRQUD#EDVW×Ê×Q×]GD/#UDG\R#LVWDV\RQX#KDI×]DGDQ#JHUL#ÁDÊU×O×U1
1RW=
q (Q#ÁRN#4;#)0#LVWDV\RQX/#ÖÁ#)0#EDQG×Q×Q#KHU#ELUL#LÁLQ#9#WDQH#YH#9#WDQH#GH#0:2/:#LVWDV\RQX#KDI×]D\D#
DO×QDELOLU1
q 35(6(7#781,1*#GÖÊPHOHULQH#ND\GHGLOHQ#LVWDV\RQ#IUHNDQVODU×Q×#çýYH#í#GÖÊPHOHULQH#EDVDUDN#WD#
KDI×]DGDQ#JHUL#ÁDÊ×UDELOLUVLQL]1#
*ÖÁOÖ#VLQ\DOOHULQ#D\DUODQPDV×
<HUHO#LVWDV\RQODU×Q#D\DUODQPDV×#LØOHYL#UDG\RQX]X#VDGHFH#DO×P×#L\L#VDÊOD\DFDN#GHUHFHGH#JÖÁOÖ#
VLQ\DOOHUH#VDKLS#UDG\R#LVWDV\RQODU×QD#D\DUODPDQ×]×#VDÊODU1
ô ·ØOHY#DGODU×Q×#JÐUÖQWÖOHPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
$ØDÊ×GDNL#LØOHYOHU#DUDV×QGD#JLGLS#JHOPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#WHNUDU#WHNUDU#EDV×Q=
%60#+HQ#L\L#LVWDV\RQODU×Q#KDI×]DV×,#s#5(*
5(*#+EÐOJHVHO,#s#/2&$/
/2&$/#+LVWDV\RQODU×Q#\HUHO#DUDPD#
%60
5(*
/2&$/
\DSDUDN#D\DUODQPDV×,#s#37<
37<#+SURJUDP#WÖUÖ#VHÁLPL,#s#7$#
7$#+WUDILN#DQRQVX#EHNOHPH,#s#$)
$)#
37<
7$#
$)
+DOWHUQDWLI#IUHNDQVODU×Q#DUDQPDV×,#s#1(:6
1(:6#+KDEHU#SURJUDP×Q×#\DU×GD#NHVPH,
1(:6
q )UHNDQV#JÐVWHUJHVLQH#JHUL#GÐQPHN#LÁLQ#%$1'2(6&#GÖÊPHVLQH#EDV×Q1
q 0:2/:#EDQG×#VHÁLOL\VH#VDGHFH#%60
%60#\D#GD#/2&$/
/2&$/#LØOHYOHULQL#VHÁHELOLUVLQL]1
%60
/2&$/
1RW=
q ·ØOHYL#63#VDQL\H#LÁLQGH#ÁDO×ØW×UPD]VDQ×]/#JÐVWHUJH#RWRPDWLN#RODUDN#IUHNDQV#HNUDQ×QD#JHUL#GÐQHU1#
41 /2&$/#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
(NUDQGD#/RFDO#
/RFDO#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQH#EDV×Q1
/RFDO#
51 <HUHO#DUDPD#LØOHYLQL#DÁPDN#LÁLQ#
<HUHO#DUDPD#LØOHYLQL#DÁPDN#LÁLQ#ç
ç#GÖÊPHVLQH#EDV×Q1
(NUDQGD#\HUHO#DUDPD#KDVVDVO×Ê×#+ÐUQ/#/RFDO#5
/RFDO#5,#JÐUÖQWÖOHQLU1#
/RFDO#5
61 +DVVDVO×Ê×#D\DUODPDN#LÁLQ#ë#YH\D#é
#YH\D#é#GÖÊPHVLQH#EDV×Q1
)0#EDQG×#LÁLQ#GÐUW/#0:2/:#EDQG×#LÁLQVH#LNL#WDQH#KDVVDVO×N#GÖ]H\L#YDUG×U=
)0=
/RFDO#4#s#/RFDO#5
/RFDO#5#s#/RFDO#6
/RFDO#6#s#/RFDO#7
/RFDO#4
/RFDO#5
/RFDO#6 /RFDO#7
0:2/:= /RFDO#4#s#/RFDO#5
/RFDO#4
/RFDO#5
/2&$/#7#D\DU×#VDGHFH#HQ#JÖÁOÖ#LVWDV\RQODU×#DO×P×Q×#VDÊODUNHQ#GDKD#GÖØÖN#D\DUODU#GDKD#]D\×I#
\D\×QODU×#DOPDQ×]×#VDÊODU1
71 ·VWDV\RQODU×Q#QRUPDO#DUDQPDV×#LØOHYLQH#GÐQPHN#LÁLQ#
·VWDV\RQODU×Q#QRUPDO#DUDQPDV×#LØOHYLQH#GÐQPHN#LÁLQ#í
í#GÖÊPHVLQH#EDVDUDN#\HUHO#DUDPD#LØOHYLQL#
NDSDW×Q1
/RFDO#=2))#HNUDQGD#JÐUÖQWÖOHQLU1#
/RFDO#=2))
7 ¶ 5 .¡ (
81 2WRPDWLN#RODUDN#DUD\DUDN#LVWDV\RQODU×#D\DUODPDN#LÁLQ#
2WRPDWLN#RODUDN#DUD\DUDN#LVWDV\RQODU×#D\DUODPDN#LÁLQ#ë
#YH\D#é
ë#YH\D#
é#GÖÊPHVLQL#\DNODØ×N#ELU#VDQL\H#
EDV×O×#WXWXS#E×UDN×Q1
5DG\R/#JÖÁOÖ#ELU#\D\×Q#EXODQD#GHN#IUHNDQVODU×#WDUDU1
q ·VWDV\RQODU×#RWRPDWLN#DUD\DUDN#D\DUODPD#LØOHPLQL#ëý
#é#GÖÊPHOHULQGHQ#ELULQH#ÁDEXN#ELU#
ëýYH\D#
ëý
ØHNLOGH#EDVDUDN#LSWDO#HGHELOLUVLQL]1
q <D\×Q#LVWDV\RQODU×Q×#ë
ë#YH\D##é#GÖÊPHVLQL#EDV×O×#WXWDUDN#DWOD\DELOLUVLQL]1#'ÖÊPHOHUH#
EDVPDQ×]#ELWHU#ELWPH]#RWRPDWLN#DUD\DUDN#LVWDV\RQ#D\DUODPD#LØOHPL#EDØODU1
43
5DG\R
(Q#JÖÁOÖ#\D\×Q#IUHNDQVODU×Q×Q#KDI×]D\D#ND\GHGLOPHVL
%60#+HQ#L\L#LVWDV\RQODU×Q#KDI×]DV×,#HQ#JÖÁOÖ#DOW×#\D\×Q#IUHNDQV×Q×#RWRPDWLN#RODUDN#35(6(7#
781,1*#GÖÊPHOHULQH#4r9#ND\GHWPHQL]H#RODQDN#WDQ×U#YH#EX#IUHNDQVODU×#ELU#NH]#ND\GHWWLNWHQ#
VRQUD#GÖÊPH\H#ELU#NH]#GRNXQDUDN#KDI×]DGDQ#JHUL#ÁDÊ×UDELOLUVLQL]1
41 %60#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
(NUDQGD#%60#JÐUÖQHQH#GHN#)81&7,21
)81&7,21#GÖÊPHVLQH#EDV×Q1
)81&7,21
51 %60#LØOHYLQL#DÁPDN#LÁLQ#
%60#LØOHYLQL#DÁPDN#LÁLQ#ç
%60#\DQ×S#VÐQPH\H#EDØODU1#%60
%60#\DQ×S#VÐQHUNHQ#HQ#JÖÁOÖ#DOW×#\D\×Q#IUHNDQV×#VLQ\DO#JÖÁOHULQH#
%60
%60
JÐUH#35(6(7#781,1*#GÖÊPHOHULQH#ND\GHGLOLU1#·ØOHP#ELWWLÊLQGH#%60
%60nLQ#\DQ×S#VÐQPHVL#
%60
GXUXU1
q .D\×W#LØOHPLQL#LSWDO#HWPHN#LÁLQ#íýGÖÊPHVLQH#EDV×Q1
1RW=
q %60#LØOHYL\OH#ND\GHWULÊLQL]#\D\×Q#IUHNDQVODU×#35(6(7#781,1*#LØOHYL\OH#ND\GHWWLÊLQL]#
LVWDV\RQODU×Q#\HULQL#DODELOLU1
5'6
5'6#LØOHPLQLQ#WDQ×W×OPDV×
5'6#+UG\R#YHUL#VLVWHPL,#)0#\D\×QODU×#
DUDV×QGD#ELOJL#VDÊOD\DQ#ELU#VLVWHPGLU1#6HVVL]#
RODQ#EX#YHUL/#SURJUDP#KL]PHW#DG×/#SURJUDP#
WÖUÖ#JÐUÖQWÖVÖ/#WUDILN#DQRQVX#EHNOHPH#
Ð]HOOLÊL/#RWRPDWLN#LVWDV\RQ#D\DUODPDV×/#
SURJUDP#WÖUÖ#D\DUODPDV×/#JLEL#GLQOH\LFLOHULQ#
LVWHQHQ#LVWDV\RQD#D\DUODPDODU×QD#\DUG×P#HGHQ#
ÁHØLWOL#Ð]HOOLNOHU#VXQDU1
= $)#JÐVWHUJHVL
$)#+DOWHUQDWLI#IUHNDQVODU×Q#DUDQPDV×,#LØOHYLQLQ#DÁ×N#ROGXÊXQX#JÐVWHULU1
> 73#+
,#JÐVWHUJHVL
%LU#73#LVWDV\RQXQGD#ROXQGXÊXQX#JÐVWHULU1
? 3URJUDP#VHUYLV#DG×
<D\×Q#SURJUDP×#WÖUÖQÖ#JÐVWHULU1
q $\DUODQDQ#1(:6
1(:6#+KDEHUOHU,#DO×QG×Ê×QGD/#VLPJH#
1(:6
#\DQPD\D#EDØODU1
$ØDÊ×GDNL#LØOHYOHU#DUDV×QGD#VHÁLP#\DSPDN#LÁLQ#)81&7,21#GÖÊPHVLQH#WHNUDU#WHNUDU#EDV×Q=
5(*#+EÐOJHVHO,#s#/2&$/
/2&$/#+LVWDV\RQODU×Q#\HUHO#DUDPD#
%60#+HQ#L\L#LVWDV\RQODU×Q#KDI×]DV×,#s#5(*
5(*
/2&$/
\DSDUDN#D\DUODQPDV×,#s#37<
37<#+SURJUDP#WÖUÖ#VHÁLPL,#s#7$#
7$#+WUDILN#DQRQVX#EHNOHPH,#s#
$)#
$)
37<
7$#
+DOWHUQDWLI#IUHNDQVODU×Q#DUDQPDV×,#s# 1(:6#+KDEHU#SURJUDP×Q×#\DU×GD#NHVPH,
1(:6
q )UHNDQV#JÐVWHUJHVLQH#JHUL#GÐQPHN#LÁLQ#%$1'2(6&#GÖÊPHVLQH#EDV×Q1
q 0:2/:#EDQG×#VHÁLOL\VH#VDGHFH#%60
%60#\D#GD#/2&$/
/2&$/#LØOHYOHULQL#VHÁHELOLUVLQL]1
%60
/2&$/
1RW=
q ·ØOHYL#63#VDQL\H#LÁLQGH#ÁDO×ØW×UPD]VDQ×]/#JÐVWHUJH#RWRPDWLN#RODUDN#IUHNDQV#HNUDQ×QD#JHUL#GÐQHU1#
q 7ÖP#LVWDV\RODU×Q#5'6#KL]PHWL#ROPD\DELOLU1
q $)#YH#7$#LØOHYOHUL#JLEL#LØOHYOHU#VDGHFH#UDG\RQX]#ELU#5'6#LVWDV\RQXQD#D\DUODQP×ØVD#DNWLIWLU1#
7 ¶ 5. ¡(
44
5'6
5'6#JÐVWHUJHVLQLQ#DÁ×O×S#NDSDW×OPDV×
ô ',63/$<#GÖÊPHVLQH#EDV×Q1
$ØDÊ×GDNL#D\DUODU#DUDV×QGD#JLGLS#JHOPHN#LÁLQ#',63/$<#GÖÊPHVLQH#WHNUDU#WHNUDU#EDV×Q=
3URJUDP#VHUYLV#DG×#+$,#s#37<#ELOJLOHUL#YH#IUHNDQV#s#3URJUDP#VHUYLV#DG×#+%,
37<#+SURJUDP#WÖUÖ#.LPOLN#NRGX,#ELOJLOHUL#VD\ID#48nWH#OLVWHOHQPLØWLU1
q *HÁHUOL#LVWDV\RQXQ#37<#ELOJLOHUL#YH#IUHNDQV×#JÐVWHUJHGH#VHNL]#VDQL\H#VÖUH\OH#JÐUÖQWÖOHQLU1
q %LU#LVWDV\RQGDQ#37<#NRGX#V×I×U#RODUDN#DO×Q×UVD/#JÐVWHUJHGH#KLÁ#ELUØH\#JÐUÖQWÖOHQPH]1#%X#R#
LVWDV\RQXQ#SURJUDP#LÁHULNOHULQL#EHOLUWPHGLÊL#DQODP×QD#JHOLU1
q 6LQ\DO#EX#ÖUÖQÖQ#37<#NRGXQX#DODPD\DFDÊ×#NDGDU#]D\×IVD/#37<#ELOJLOHUL#JÐVWHUJHVLQGH#KLÁ#
ELUØH\#JÐUÖQWÖOHQPH]1#
$OWHUQDWLI#IUHNDQVODU×Q#VHÁLOPHVL
%LU#\D\×Q#GLQOHUNHQ#\D\×Q#DO×P×#]D\×IODUVD#\D#GD#GLÊHU#SUREOHPOHU#ROXØXUVD/#ELULP#D\Q×#DÊGD#
GDKD#JÖÁOÖ#\D\×Q#\DSDQ#ELU#IUHNDQV×#RWRPDWLN#RODUDN#DUDPD\D#EDØODU1
q $)#LØOHYL#VWDQGDUW#RODUDN#DÁ×NW×U1
41 $)#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
(NUDQGD#$)
$)#JÐUÖQHQH#GHN#)81&7,21
)81&7,21#GÖÊPHVLQH#EDV×Q1
$)
)81&7,21
51 $)#LØOHYLQL#DÁPDN#LÁLQ#ç
$)#LØOHYLQL#DÁPDN#LÁLQ#ç#GÖÊPHVLQH#EDV×Q1
$)#=21#JÐUÖQWÖOHQLU1
ç#GÖÊPHVLQH#EDVW×Ê×Q×]GD#$)#=21
$)#=21
61 $)#LØOHYLQL#NDSDWPDN#LÁLQ#
$)#LØOHYLQL#NDSDWPDN#LÁLQ#í
í#GÖÊPHVLQH#EDV×Q1
$)#=2))#JÐUÖQWÖOHQLU1
í#GÖÊPHVLQH#EDVW×Ê×Q×]GD#$)#=2))
$)#=2))
1RW=
q $)#LØOHYL#DÁ×NNHQ#LVWDV\RQODU×Q#RWRPDWLN#RODUDN#D\DUODQPDV×#YH\D#%60#LOH#D\DUODQPDV×#HVQDV×QGD#
$)
VDGHFH#5'6#LVWDV\RQODU×#D\DUODQ×U1
q °Q#D\DUO×#ELU#LVWDV\RQX#\HQLGHQ#EXOGXÊXQX]GD/#UDG\RQX]#R#LVWDV\RQXQ#$)#OLVWHVLQGHQ#\HQL#ELU#
IUHNDQVOD#ÐQ#D\DUO×#LVWDV\RQXQ#IUHNDQV×Q×#JÖQFHOOH\HELOLU1#+%X#LØOHYL#VDGHFH#)04#
)04#YH\D#)05
)05#
)04#
)05
EDQWODU×QGD#ÐQ#D\DUO×#LVWDV\RQODU×#NXOODQ×\RUVDQ×]#NXOODQDELOLUVLQL]1,#$O×QDQ#LVWDV\RQXQ#5'6#YHULVL#
RULMLQDO#RODUDN#ND\GHGLOHQ#LVWDV\RQGDQ#IDUNO×#LVH/#ÐQ#D\DU#QXPDUDV×#JÐVWHUJHGH#JÐUÖQWÖOHQPH]1
q $)#IUHNDQV×#DUDPD#LØOHPL#HVQDV×QGD#VHV#EDØND#ELU#SURJUDP#WDUDI×QGDQ#JHÁLFL#RODUDN#NHVLOHELOLU1
q 5DG\R\X#5'6#ROPD\DQ#ELU#LVWDV\RQD#D\DUODUVDQ×]/#$)
$)#JÐVWHUJHVL#\DQ×S#VÐQPH\H#EDØODU1
$)
q $)#LØOHYL#KHU#)0#EDQG×QGDQ#EDÊ×PV×]#RODUDN#DÁ×O×S#NDSDW×ODELOLU1
3,#$UDPD#LØOHYLQLQ#NXOODQ×OPDV×
%LULP#X\JXQ#ELU#DOWHUQDWLI#IUHNDQV#EXODPD]VD#YH\D#ELU#\D\×Q#GLQOHUNHQ#\D\×Q#DO×P×#]D\×IODUVD/#
ELULP#D\Q×#SURJUDPODPD\D#VDKLS#EDØND#ELU#LVWDV\RQX#RWRPDWLN#RODUDN#DUDPD\D#EDØODU1#$UDPD#
DQ×QGD#3,#6HHN
3,#6HHN#JÐUÖQWÖOHQLU#YH#VHV#NHVLOLU1#6HV#NHVLOPHVL#3,#DUDPD#LØOHYL#WDPDPODQG×NWDQ#VRQUD/#
3,#6HHN
EDØND#ELU#LVWDV\RQ#EXOXQXS#EXOXQPDPDV×QD#EDÊO×#ROPDNV×]×Q#VRQD#HUHU1
°Q#D\DUO×#LVWDV\RQODU#LÁLQ#2WRPDWLN#3,#$UDPD#LØOHYLQLQ#NXOODQ×OPDV×
8]XQ#VH\DKDWODU#HVQDV×QGD#ROGXÊX#JLEL#ÐQ#D\DUO×#LVWDV\RQODU#\HQLGHQ#EXOXQDP×\RUVD/#EX#ÖUÖQ#
ÐQ#D\DUO×#LVWDV\RQODU×Q#WHNUDU#EXOXQPDV×#HVQDV×QGD#GD#3,#$UDPDn\D#D\DUODQDELOLU1
q 2WRPDWLN#3,#$UDPD#VWDQGDUW#RODUDN#NDSDO×G×U1#6D\ID#5<nD#2WRPDWLN#3,#$UDPD#LØOHYLQLQ#
DÁ×OPDV×#EÐOÖPÖQH#EDN×Q1
·VWDV\RQODU×Q#EÐOJHVHO#SURJUDPODPD#LÁLQ#N×V×WODQPDV×
)UHNDQVODU×#RWRPDWLN#RODUDN#\HQLGHQ#D\DUODPDN#LÁLQ#$)#NXOODQ×OG×Ê×QGD/#EÐOJHVHO#LØOHY#\D\×Q#
VHÁLPLQL#EÐOJHVHO#SURJUDPODU#\D\×QOD\DQ#LVWDV\RQODU#LÁLQ#N×V×WODU1
41 5(*#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
(NUDQGD#5HJLRQDO#
5HJLRQDO#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQH#EDV×Q1
5HJLRQDO#
51 %ÐOJHVHO#LØOHYL#DÁPDN#LÁLQ#ç
%ÐOJHVHO#LØOHYL#DÁPDN#LÁLQ#ç#GÖÊPHVLQH#EDV×Q1
5HJLRQDO#=21#JÐUÖQWÖOHQLU1
ç#GÖÊPHVLQH#EDVW×Ê×Q×]GD#5HJLRQDO#=21
5HJLRQDO#=21
61 %ÐOJHVHO#LØOHYL#NDSDWPDN#LÁLQ#
%ÐOJHVHO#LØOHYL#NDSDWPDN#LÁLQ#í
5HJLRQDO#=2))#JÐUÖQWÖOHQLU1
í#GÖÊPHVLQH#EDVW×Ê×Q×]GD#5HJLRQDO#=2))
5HJLRQDO#=2))
1RW=
q %ÐOJHVHO#SURJUDPODPD#YH#EÐOJHVHO#DÊODU/#EXOXQXODQ#ÖONH\H#JÐUH#IDUNO×#RODUDN#GÖ]HQOHQLU1#+°UQHÊLQ/#
VDDWH/#H\DOHWH#\D#GD#\D\×Q#DODQ×QD#JÐUH#IDUNO×O×NODU#JÐVWHUHELOLUOHU,1
q 5DG\R#RULMLQDO#RODUDN#D\DUODQDQ#LVWDV\RQGDQ#IDUNO×#ELU#EÐOJHVHO#LVWDV\RQD#D\DUODQ×UVD/#ÐQ#D\DU#
QXPDUDV×#JÐUÖQWÖGHQ#ND\ERODELOLU1
q 5(*#LØOHYL#KHU#)0#EDQG×QGDQ#EDÊ×PV×]#RODUDN#DÁ×O×S#NDSDW×ODELOLU1#
5(*
7 ¶ 5 .¡ (
%LU#5'6#LVWDV\RQXQGD\VDQ×]#SURJUDP#VHUYLV#DG×#JÐUÖQWÖ\H#JHOLU1#)UHNDQV×#ELOPHN#LVWHUVHQL]#
JÐUHELOLUVLQL]1
45
5'6
7UDILN#DQRQVODU×Q×Q#DO×QPDV×
73#DODUP×QD#NDUØ×O×N#YHULOPHVL
7$#+WUDILN#DQRQVX#EHNOHPH,#LØOHYL#KDQJL#ND\QDÊ×#GLQOHGLÊLQL]H#EDNPDNV×]×Q#WUDILN#DQRQVODU×Q×#
RWRPDWLN#RODUDN#DOPDQ×]×#VDÊODU1#7$#LØOHYL##ELU#73#LVWDV\RQX#+WUDILN#ELOJLOHUL#\D\×QOD\DQ#ELU#
LVWDV\RQ,#\D#GD#JHOLØPLØ#EDØND#ELU#DÊ×Q#73#LVWDV\RQX#+73#LVWDV\RQODU\\OD#LOJLOL#ELOJLOHUL#WDØ×\DQ#
ELU#LVWDV\RQ,#LÁLQ#GHYUH\H#VRNXODELOLU1
41 %LU#73#\D#GD#JHOLØPLØ#EDØND#ELU#DÊ×Q#73#LVWDV\RQXQD#D\DUOD\×Q1
%LU#73#\D#GD#JHOLØPLØ#EDØND#ELU#DÊ×Q#73#LVWDV\RQXQD#D\DUODG×Ê×Q×]GD/#73#×Ø×Ê×#+
,#\DQDU1
51 7$#GÖÊPHVLQH#EDVDUDN#WUDILN#DQRQVX#EHNOHPH#LØOHYLQL#DÁ×Q1
(NUDQGD#7$#21
7$#21#JÐUÖQHQH#GHN#7$#GÖÊPHVLQH#EDV×Q1#5DG\R#WUDILN#DQRQVODU×Q×#EHNOHPH\H#
7$#21
EDØODU1
q 7UDILN#DQRQVODU×Q×#EHNOHPH#LØOHYLQL#NDSDWPDN#LÁLQ#WHNUDU#7$#GÖÊPHVLQH#EDV×Q1
61 %LU#WUDILN#DQRQVX#EDØODG×Ê×QGD#92/80(#GÖÊPHVLQL#NXOODQDUDN#7$#VHVLQL#D\DUOD\×Q1
<HQL#D\DUODQDQ#VHV#KDI×]D\D#DO×Q×U#YH#EXQGDQ#VRQUDNL#DQRQVODUGD#EX#VHV#D\DU×#NXOODQ×O×U1
71 $QRQVX#LSWDO#HWPHN#LÁLQ/#DQRQV#DO×Q×UNHQ#7$#GÖÊPHVLQH#EDV×Q1
5DG\R#RULMLQDO#ND\QDÊD#JHUL#GÐQHU#DQFDN#7$#GÖÊPHVLQH#WHNUDU#EDV×O×QFD\D#NDGDU#UDG\R#
EHNOHPH#PRGXQGD#NDO×U1
1RW=
q 7$#LØOHYLQL#D\U×FD#)81&7,21#GÖÊPHVLQH#EDV×QFD#EHOLUHQ#D\DU#PHQÖVÖQGHQ#GH#DÁ×S#NDSDWDELOLUVLQL]1
7$
q 7UDILN#DQRQVX#DO×QG×NWDQ#VRQUD#VLVWHP#RULMLQDO#ND\QDÊD#JHUL#GÐQHU1
q 7$#LØOHYL#DÁ×NNHQ/#RWRPDWLN#DUD\DUDN#LVWDV\RQ#D\DUODPD#\D#GD#%60##PRGXQGD#VDGHFH#73#\D#GD#GLÊHU#
ELU#JHOLØPLØ#DÊ×Q#73#LVWDV\RQX#D\DUODQ×U1
=D\×I#ELU#VLQ\DO#\Ö]ÖQGHQ#73#\D#GD#JHOLØPLØ#EDØND#ELU#DÊ×Q#73#LVWDV\RQX#ND\EROXUVD/#\DNODØ×N#
EHØ#VDQL\H#ER\XQFD#ELU#oELSp#VHVL#GX\XODUDN#EDØND#ELU#73#LVWDV\RQX#\D#GD#JHOLØPLØ#EDØND#ELU#
DÊ×Q#73#LVWDV\RQXQX#VHÁPHQL]L#VL]H#KDW×UODW×U1
ô 5DG\R#GLQOHUNHQ/#GHÊLØLN#ELU#73#\D#GD#JHOLØPLØ#EDØND#ELU#DÊ×Q#73#LVWDV\RQXQD#D\DUOD\×Q1
q 5DG\R#KDULFLQGH#ELU#ND\QDN#GLQOHUNHQ#ELULP#43#YH\D#63#VDQL\H#ELU#JHFLNPHGHQ#VRQUD#
RWRPDWLN#RODUDN#VLQ\DOL#HQ#JÖÁOÖ#ELU#73#LVWDV\RQXQX#DUDPD\D#EDØODU1#7$#DÁ×NNHQ#JHFLNPH#
VÖUHVL#43#VDQL\H/#7$#YH#$)#DÁ×NNHQVH#63#VDQL\HGLU1#
37<##LØOHYOHULQLQ#NXOODQ×OPDV×
37<#ELOJLOHULQL#NXOODQDUDN#ELU#LVWDV\RQ#D\DUOD\DELOLUVLQL]1
%LU#5'6#LVWDV\RQXQXQ#37<#ELOJLOHUL\OH#DUDQPDV×
6D\ID#48nWH#OLVWHOHQHQOHU#JLEL#JHQHO#WÖUOHUGHNL##\D\×Q#SURJUDPODU×Q×#DUD\DELOLUVLQL]1
41 37<#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
(NUDQGD#37<#
37<#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQH#EDV×Q1
37<#
51 %LU#SURJUDP#WÖUÖ#VHÁPHN#LÁLQ#ë#YH\D#
#YH\D#é
é#GÖÊPHVLQH#EDV×Q1
'ÐUW#WDQH#SURJUDP#WÖUÖ#YDUG×U=
1HZV),QI#+KDEHUOHU#YH#ELOJLOHU,#s#3RSXODU
3RSXODU#+SRSÖOHU#PÖ]LN,#s#&ODVVLFV#
&ODVVLFV#+NODVLNOHU,#s#2WKHUV#
2WKHUV#
1HZV),QI
3RSXODU
&ODVVLFV#
+GLÊHUOHUL,
61 $UDPD\D#EDØODPDN#LÁLQ#çý
$UDPD\D#EDØODPDN#LÁLQ#çýGÖÊPHVLQH#EDV×Q1
çýGÖÊPHVLQH#EDV×Q1
3URJUDP#WÖUÖ#DG×#çýGÖÊPHVLQH#EDV×QFD#JÐVWHUJHGH#\DQ×S#VÐQPH\H#EDØODU1#%LULP#LVWHGLÊLQL]#
SURJUDP#WÖUÖQÖ#\D\×QOD\DQ#ELU#LVWDV\RQX#DUDPD\D#EDØODU1#·VWDV\RQ#EXOXQGXÊXQGD#SURJUDP#
VHUYLV#DG×#JÐUÖQWÖOHQLU1
q $UDPD#LØOHYLQL#íýGÖÊPHVLQH#EDVDUDN#GXUGXUDELOLUVLQL]1
1RW=
q %D]×#LVWDV\RQODU×Q#SURJUDPODU×#JÐQGHULOHQ#37<nGH#EHOLUWLOHQGHQ#IDUNO×#RODELOLU1
q $UDG×Ê×Q×]#SURJUDP#WÖUÖQÖ#\D\×QOD\DQ#ELU#LVWDV\RQ#EXOXQPD]VD/#1RW#)RXQG#
1RW#)RXQG#\DNODØ×N#LNL#VDQL\H#
1RW#)RXQG#
JÐUÖQWÖOHQLU#YH#UDG\R#RULMLQDO#LVWDV\RQD#JHUL#GÐQHU1
7 ¶ 5. ¡(
46
5'6
+DEHU#SURJUDP×#\DU×GD#NHVPH#LØOHYLQLQ#NXOODQ×OPDV×
ô 7$#GÖÊPHVLQL#KDEHU#SURJUDP×#\DU×GD#NHVPH#D\DU×#DÁ×ODQD#NDGDU#EDV×O×#WXWXQ1
(NUDQGD#1(:6#21
1(:6#21#JÐUÖQHQH#GHN#7$#GÖÊPHVLQH#EDV×Q1
1(:6#21
1(:6#2))#JÐVWHUJHGH#
q +DEHU#SURJUDP×#\DU×GD#NHVPH#D\DU×Q×#NDSDWPDN#LÁLQ#7$#GÖÊPHVLQH#1(:6#2))
1(:6#2))
JÐUÖQHQH#NDGDU#EDV×Q1
1RW=
q 1(:6#LØOHYLQL#D\U×FD#)81&7,21#GÖÊPHVLQH#EDV×QFD#EHOLUHQ#D\DU#PHQÖVÖQGHQ#GH#DÁ×S#
1(:6
NDSDWDELOLUVLQL]1
37<#DODUPO×#\D\×QODU×Q#DO×QPDV×
37<#DODUP×#GRÊDO#DIHWOHU#JLEL#DFLO#GXUXP#GX\XUXODU×#LÁLQ#RODQ#Ð]HO#ELU#37<#NRGXGXU1#5DG\R/#
UDG\R#DODUP#NRGXQX#DOG×Ê×QGD/#$ODUP
$ODUP#JÐUÖQWÖ\H#JHOLU#YH#VHV#7$#VHVLQH#D\DUODQ×U1#·VWDV\RQ#DFLO#
$ODUP
GXUXP#GX\XUXVXQX#\D\×QODPD\×#ELWLUGLÊLQGH#VLVWHP#ELU#ÐQFHNL#ND\QDÊD#JHUL#GÐQHU1
q %LU#DFLO#GXUXP#DQRQVX#7$#GÖÊPHVLQH#EDV×ODUDN#LSWDO#HGLOHELOLU1#
5DG\R#PHWQLQLQ#NXOODQ×OPDV×
%X#UDG\R#5'6#LVWDV\RQODU×Q×Q#\D\×QODG×Ê×#LVWDV\RQ#ELOJLOHUL/#ÁDOPDNWD#RODQ#ØDUN×Q×Q#YH#
VDQDWÁ×V×Q×Q#DG×#JLEL#UDG\R#PHWQL#YHULOHULQL#JÐUÖQWÖOH\HELOLU1
1RW=
q 5DG\R#PHWQL#DO×QG×Ê×QGD/#7;7
7;7#JÐUÖQWÖOHQLU1
7;7
q 5DG\R#RWRPDWLN#RODUDN#HQ#VRQ#DO×QDQ#ÖÁ#UDG\R#PHWQL#\D\×Q×Q×#KDI×]DV×QD#DO×U#YH#HQ#ÐQFH#DO×QDQ#UDG\R#
PHWQLQL#HQ#\HQL#PHWLQOH#GHÊLØWLULU1
5DG\R#PHWLQOHULQLQ#JÐUÖQWÖOHQPHVL
(Q#VRQ#DOG×Ê×Q×]#YH#GDKD#ÐQFH#DOG×Ê×Q×]#ÖÁ#UDG\R#PHWQLQL#JÐUÖQWÖOH\HELOLUVLQL]1
41 7(;7#GÖÊPHVLQH#EDVDUDN#UDG\R#PHWQLQL#JÐUÖQWÖOH\LQ1
<D\×QGD#RODQ#LVWDV\RQXQ#UDG\R#PHWQL#JÐUÖQWÖOHQLU1
q 5DG\R#PHWQLQLQ#JÐUÖQWÖOHQPHVLQL#7(;7#YH\D#%$1'2(6&#GÖÊPHVLQH#EDVDUDN#LSWDO#
HGHELOLUVLQL]1
q 5DG\R#PHWQL#DO×QPD]VD/#12#7(;7
12#7(;7#JÐUÖQWÖOHQLU1
12#7(;7
51 (Q#VRQ#DO×QDQ#ÖÁ#UDG\R#PHWQLQL#KDI×]DGDQ#JHUL#ÁDÊ×UPDN#LÁLQ#
(Q#VRQ#DO×QDQ#ÖÁ#UDG\R#PHWQLQL#KDI×]DGDQ#JHUL#ÁDÊ×UPDN#LÁLQ#ë
#YH\D#é
ë#YH\D#
(Q#VRQ#DO×QDQ#UDG\R#PHWQL\OH#GDKD#ÐQFH#DO×QDQ#ÖÁ#UDG\R#PHWQL#JÐVWHULPL#DUDV×QGD#JLGLS#JHOPHN#
LÁLQ#ë#YH\D#é#GÖÊPHVLQH#EDV×Q1
q +DI×]DGD#ND\×WO×#ELU#UDG\R#PHWQL#\RNVD#JÐVWHUJH#GHÊLØPH]1
61 *H]LQPHN#LÁLQ#
*H]LQPHN#LÁLQ#ç
#YH\D#í
ç#YH\D#
%DØD#GÐQPHN#LÁLQ#ç#GÖÊPHVLQH#EDV×Q1#5DG\R#PHWQL#YHULVLQLQ#KHU#NDUDNWHULQLQ#WHNHU#WHNHU#
JH]LQPHN#LÁLQ#í#GÖÊPHVLQH#EDV×Q1
1RW=
q 0HWLQ#YHULVL#JÐVWHUJHGH#ÖÁ#NH]#JH]LQLOGLNWHQ#VRQUD/#UDG\R#PHWQLQLQ#JÐVWHULPL#LSWDO#HGLOLU1
q 6HNL]#VDQL\H#LÁLQGH#KLÁ#ELU#LØOHP#\DSPD]VDQ×]/#UDG\R#PHWQL#PRGX#LSWDO#HGLOLU1
5DG\R#PHWLQOHULQLQ#KDI×]D\D#ND\GHGLOPHVL#YH#KDI×]DGDQ#JHUL#ÁDÊU×OPDV×
(Q#ID]OD#9#WDQH#UDG\R#PHWQL#\D\×Q×Q×#4r9#GÖÊPHOHULQH#ND\GHGHELOLUVLQL]1
41 +DI×]D\D#ND\GHWPHN#LVWHGLÊLQL]#UDG\R#PHWQLQL#JÐUÖQWÖOH\LQ1
%X#VD\IDQ×Q#5DG\R#PHWLQOHULQLQ#JÐUÖQWÖOHQPHVL#EÐOÖPÖQH#EDN×Q1
51 6HÁLOL#UDG\R#PHWQLQL#ND\GHWPHN#LÁLQ#4r9#GÖÊPHOHULQGHQ#KHUKDQJL#ELULQH#EDV×Q1
+DI×]D\D#DOG×Ê×Q×]#QXPDUD#JÐVWHUJHGH#JÐUÖQWÖOHQLU#YH#VHÁWLÊLQL]#UDG\R#PHWQL#KDI×]D\D#
ND\GHGLOLU1
%LU#GDKD#NL#VHIHUH#D\Q×#4r 9#GÖÊPHVLQH#EDVW×Ê×Q×]GD/#ND\×WO×#RODQ#UDG\R#PHWQL#KDI×]DGDQ#JHUL#
ÁDÊU×O×U1#
7 ¶ 5 .¡ (
%LU#KDEHU#SURJUDP×#ELU#37<#NRGOX#KDEHU#LVWDV\RQXQGDQ#\D\×QODQ×\RUVD/#ELULP#KHUKDQJL#ELU#
LVWDV\RQGDQ#KDEHU#\D\×Q×#\DSDQ#LVWDV\RQD#JHÁHELOLU1#+DEHU#SURJUDP×#ELWWLÊLQGH/#ELU#ÐQFHNL#
SURJUDP#DO×QPD\D#GHYDP#HGHU1
47
5'6
&LKD]×Q#EÖQ\HVLQGHNL#&'#¡DODU
37<#OLVWHVL
%LU#&'nQLQ#ÁDO×QPDV×
*HQHO
°]HOOLN
3URJUDP#WÖUÖ
1HZV#)#,QI
+DEHUOHU
$IIDLUV
,QIR
6SRUW
:HDWKHU
)LQDQFH
3RS#0XV
5RFN#0XV
(DV\#0XV
2WK#0XV
-D]]
&RXQWU\
1DW#0XV
2OGLHV
)RON#0XV
/1#&ODVV
&ODVVLF
(GXFDWH
'UDPD
&XOWXUH
6FLHQFH
9DULHG
&KLOGUHQ
6RFLDO
5HOLJLRQ
3KRQH#,Q
7RXULQJ
+DEHUOHU
*ÖQOÖN#ROD\ODU
*HQHO#ELOJLOHU#YH#GDQ×ØPDQO×N
6SRU
+DYD#UDSRUODU×2PHWHRURORMLN#ELOJLOHU
%RUVD#KDEHUOHUL/#WLFDUHW/#Y1V1
3RSÖOHU#PÖ]LN
0RGHUQ#PÖ]LN
.ROD\#GLQOHQHQ#PÖ]LN
.DWHJRUL]H#HGLOPH\HQ#PÖ]LN
&D]#PÖ]LÊL#
.RYER\#PÖ]LÊL#
8OXVDO#PÖ]LN
(VNL#PÖ]LNOHU/#DOW×Q#ÁDÊ#PÖ]LNOHUL
+DON#PÖ]LÊL#
+DILI#NODVLN#PÖ]LN
&LGGL#NODVLN#PÖ]LN
(ÊLWLPVHO#SURJUDPODU
7ÖP#UDG\R#R\XQODU×#YH#GL]LOHUL
8OXVDO#\D#GD#EÐOJHVHO#NÖOWÖU
'RÊD/#ELOLP#YH#WHNQRORML
+DILI#HÊOHQFH#SURJUDPODU×#
¡RFXN#SURJUDPODU×#
6RV\DO#ROD\ODU#
'LQL#ROD\ODUOD#LOJLOL#SURJUDPODU#YH#KL]PHWOHU
7HOHIRQ#HGLOHUHN#NDW×O×QDQ#SURJUDPODU#
6H\DKDWOH#LOJLOL#SURJUDPODU/#WUDILN#SUREOHPOHUL#LOH#LOJLOL#GX\XUXODU#LÁLQ#
NXOODQ×OPD]
+RELOHU#YH#UHNUHDV\RQHO#DNWLYLWHOHU
%HOJHVHO#SURJUDPODU#
3RSXODU
&ODVVLFV
2WKHUV
/HLVXUH
'RFXPHQW
%X#DG×PODU#FLKD]×Q#EÖQ\HVLQGHNL#&'#ÁDODUGD#
ELU#&'#ÁDOPDN#LÁLQ#X\JXODQDQ#WHPHO#
DG×PODUG×U1#'DKD#JHOLØPLØ#&'#LØOHPOHUL#VD\ID#
4<nGDQ#LWLEDUHQ#DÁ×NODQPDNWDG×U1
= 75$&.#180%(5#JÐVWHUJHVL
¡DOPDNWD#RODQ#ØDUN×\×#JÐVWHULU1
> 3/$<#7,0(#JÐVWHUJHVL
¡DOPDNWD#RODQ#ØDUN×Q×Q#JHÁHQ#VÖUHVLQL#JÐVWHULU1
41 23(1#GÖÊPHVLQH#EDVDUDN#ÐQ#SDQHOL#DÁ×Q1
&'#NR\PD#\XYDV×#RUWD\D#Á×NDU1
q &'n\L#NR\GXNWDQ#VRQUD#FLKD]×Q#EÖQ\HVLQGHNL#&'#ÁDODU×#VHÁPHN#LÁLQ#6285&(#GÖÊPHVLQH#
EDV×Q1
51 &'#NR\PD#\XYDV×QD#ELU#&'#NR\XQ1
¡DOPD#LØOHPL#RWRPDWLN#RODUDN#EDØODU1
&'#NR\PD#\XYDV×
(-(&7#GÖÊPHVL
q %LU#&'n\L#(-(&7#GÖÊPHVLQH#EDVDUDN#Á×NDUDELOLUVLQL]1
q <DQO×ØO×NODU×#ÐQOHPHN#LÁLQ#ÐQ#SDQHO#DÁ×NNHQ#PHWDO#FLVLPOHULQ#GHÊPHGLÊLQGHQ#HPLQ#ROXQ1
61 %LU#&'#NR\GXNWDQ#VRQUD#ÐQ#SDQHOL#NDSDW×Q1
7 ¶ 5. ¡(
48
91 *HULGH#NL#\D#GD#LOHULGH#NL#ELU#ØDUN×\D#DWODPDN#LÁLQ#
*HULGH#NL#\D#GD#LOHULGH#NL#ELU#ØDUN×\D#DWODPDN#LÁLQ#ëý
ëýYH\D#
ëýYH\D#é#GÖÊPHVLQH#EDV×Q1
%LU#VRQUDNL#ØDUN×Q×Q#EDØODQJ×F×QD#DWODPDN#LÁLQ#é#GÖÊPHVLQH#EDV×Q1#¡DOPDNWD#RODQ#ØDUN×Q×Q#
EDØODQJ×F×QD#DWODPDN#LÁLQ#ë#GÖÊPHVLQH#ELU#NH]#EDV×Q1#%X#GÖÊPH\H#ELU#NH]#GDKD#EDVDUVDQ×]#ELU#
ÐQFHNL#ØDUN×\D#DWODUV×Q×]1
1RW=
q &LKD]×Q#EÖQ\HVLQGHNL#&'#ÁDODU#VWDQGDUW#ELU#450FP#\D#GD#;0FP#+WHN,#&'n\L#ÁDODU1#;0FPnOLN#&'#
ÁDODUNHQ#DGDSWÐU#NXOODQPD\×Q1
q &'#NR\PD#\XYDV×QD#&'nGHQ#EDØND#ELU#ØH\#NR\PD\×Q1
q 'LVNL#WDPDPHQ#VRNDPD]VDQ×]#\D#GD#VRNWXNWDQ#VRQUD#GLVN#ÁDOP×\RUVD/#GLVNLQ#HWLNHWOL#\Ö]ÖQÖQ#\XNDU×#
JHOLS#JHOPHGLÊLQL#NRQWURO#HGLQ1#(-(&7#GÖÊPHVLQH#EDVDUDN#GLVNL#G×ØDU×#Á×NDU×Q#YH#GLVNL#WHNUDU#
NR\PDGDQ#ÐQFH#KDVDUO×#ROXS#ROPDG×Ê×Q×#NRQWURO#HGLQ1
q &LKD]×Q#EÖQ\HVLQGHNL#&'#ÁDODU#GRÊUX#ÁDO×ØP×\RUVD/#(5525044
(5525044#JLEL#ELU#KDWD#PHVDM×#JÐUÖQWÖOHQHELOLU1#
(5525044
6D\ID#67nGHNL#&LKD]×Q#EÖQ\HVLQGHNL#&'#ÁDODU×Q#KDWD#PHVDMODU×Q×Q#DQODØ×OPDV×#EÐOÖPÖQH#EDN×Q1
&LKD]×Q#EÖQ\HVLQGHNL#&'#ÁDODU×Q#JHOLØPLØ#LØOHPOHULQLQ#WDQ×W×OPDV×
7HNUDU#ÁDOPD
7HNUDU#ÁDOPD#D\Q×#ØDUN×\×#WHNUDU#WHNUDU#GLQOHPHQL]L#VDÊODU1
41 537#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
*ÐVWHUJHGH#5HSHDW#
5HSHDW#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQH#EDV×Q1
5HSHDW#
51 7HNUDU#ÁDOPD#LØOHYLQL#DÁPDN#LÁLQ#
7HNUDU#ÁDOPD#LØOHYLQL#DÁPDN#LÁLQ#ç
5HSHDW#=21#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#¡DOPDNWD#RODQ#ØDUN×#VRQD#HUGLNWHQ#VRQUD#WHNUDU#ÁDO×Q×U1
5HSHDW#=21
61 7HNUDU#ÁDOPD#LØOHYLQL#NDSDWPDN#LÁLQ#
7HNUDU#ÁDOPD#LØOHYLQL#NDSDWPDN#LÁLQ#í
5HSHDW#=2))#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#¡DOPDNWD#RODQ#ØDUN×#VRQD#HUHU#DUG×QGDQ#ELU#VRQUDNL#ØDUN×#
5HSHDW#=2))
ÁDO×Q×U1
1RW=
q ¸DUN×#DUDPD#\D#GD#K×]O×#LOHUL2JHUL#VDUG×UPD#LØOHPOHULQL#\DSDUVDQ×]/#WHNUDU#ÁDOPD#RWRPDWLN#RODUDN#LSWDO#
HGLOLU1#
¸DUN×ODU×Q#UDVWJHOH#ELU#V×UDGD#ÁDO×QPDV×
5DVWJHOH#ÁDOPD#LØOHYL#ELU#&'nGHNL#ØDUN×ODU×#UDVWJHOH#ELU#V×UDGD#ÁDOPDQ×]×#VDÊODU1
41 5'0#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
*ÐVWHUJHGH#5DQGRP#
5DQGRP#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQH#EDV×Q1
5DQGRP#
51 5DVWJHOH#ÁDOPD#LØOHYLQL#DÁPDN#LÁLQ#
5DVWJHOH#ÁDOPD#LØOHYLQL#DÁPDN#LÁLQ#ç
5DQGRP#=21#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#¸DUN×ODU#UDVWJHOH#ELU#V×UDGD#ÁDO×Q×U1
5DQGRP#=21
537#+WHNUDU#ÁDOPD,#s#5'0
5'0#+UDVWJHOH#ÁDOPD,#s#716&$1
716&$1#+WDUD\DUDN#ÁDOPD,#s#3$86(
3$86(#
537
5'0
716&$1
3$86(
+GXUDNODPD,
q ¡DOPD#HNUDQ×QD#JHUL#GÐQPHN#LÁLQ#%$1'2(6&#GÖÊPHVLQH#EDV×Q1
1RW=
q ·ØOHYL#63#VDQL\H#LÁLQGH#ÁDO×ØW×UPD]VDQ×]/#JÐVWHUJH#RWRPDWLN#RODUDN#ÁDOPD#HNUDQ×QD#JHUL#GÐQHU1#
61 5DVWJHOH#ÁDOPD#LØOHYLQL#NDSDWPDN#LÁLQ#í
5DVWJHOH#ÁDOPD#LØOHYLQL#NDSDWPDN#LÁLQ#í#GÖÊPHVLQH#EDV×Q1
5DQGRP#=2))#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#¸DUN×ODU#QRUPDO#V×UDODU×QD#JÐUH#ÁDOPD\D#GHYDP#HGHU1#
5DQGRP#=2))
7 ¶ 5 .¡ (
81 ·OHUL#\D#GD#JHUL#VDUG×UPDN#LÁLQ#
·OHUL#\D#GD#JHUL#VDUG×UPDN#LÁLQ#ë
ë#YH\D#éýGÖÊPHVLQL#EDV×O×#WXWXQ1
49
%LU#&'nQLQ#ØDUN×ODU×Q×Q#WDUDQPDV×
7DUD\DUDN#ÁDOPD#LØOHYL#&'#Ö]HULQGHNL#KHU#ØDUN×Q×Q#LON#43#VDQL\HVLQL#GX\PDQ×]×#VDÊODU1
41 716&$1#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
*ÐVWHUJHGH#7UDFN#6FDQ#
7UDFN#6FDQ#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQH#EDV×Q1
7UDFN#6FDQ#
51 7DUD\DUDN#ÁDOPD#LØOHYLQL#DÁPDN#LÁLQ#
7DUD\DUDN#ÁDOPD#LØOHYLQL#DÁPDN#LÁLQ#ç
7UDFN#6FDQ#=21#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#+HU#ØDUN×Q×Q#LON#43#VDQL\HVL#ÁDO×Q×U1
7UDFN#6FDQ#=21
61 ·VWHGLÊLQL]#ØDUN×\×#EXOXQFD#
·VWHGLÊLQL]#ØDUN×\×#EXOXQFD#í
í#GÖÊPHVLQH#EDVDUDN#WDUD\DUDN#ÁDOPD#LØOHYLQL#NDSDW×Q1
7UDFN#6FDQ#=2))#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#¸DUN×#ÁDOPD\D#GHYDP#HGHU1
7UDFN#6FDQ#=2))
q *ÐVWHUJH/#ÁDOPD#JÐVWHUJHVLQH#RWRPDWLN#RODUDN#JHUL#GÐQGÖ\VH#)81&7,21#GÖÊPHVLQH#
EDVDUDN#716&$1
716&$1#LØOHYLQL#WHNUDU#VHÁLQ1
716&$1
1RW=
q %LU#&'nQLQ#WDUDQPDV×#ELWWLNWHQ#VRQUD/#ØDUN×ODU#WHNUDU#QRUPDO#RODUDN#ÁDOPD\D#EDØODU1#
&'#ÁDOPD#LØOHYLQLQ#GXUDNODW×OPDV×
'XUDNODPD#LØOHYL#&'#ÁDO×P×Q×#JHÁLFL#RODUDN#GXUGXUXU1
41 3$86(#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
*ÐVWHUJHGH#3DXVH#
3DXVH#JÐUÖQWÖOHQHQH#GHN#)81&7,21#GÖÊPHVLQH#EDV×Q1
3DXVH#
51 'XUDNODPD#LØOHYLQL#DÁPDN#LÁLQ#ç
'XUDNODPD#LØOHYLQL#DÁPDN#LÁLQ#ç#GÖÊPHVLQH#EDV×Q1
3DXVH#=21#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#¡DOPDNWD#RODQ#ØDUN×#GXUDNODW×O×U1
3DXVH#=21
61 'XUDNODPD#LØOHYLQL#NDSDWPDN#LÁLQ#
'XUDNODPD#LØOHYLQL#NDSDWPDN#LÁLQ#í
3DXVH#=2))#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#¡DOPD#LØOHYL#GXUDNODWW×Ê×Q×]#DQGDQ#LWLEDUHQ#ÁDOPD\D#
3DXVH#=2))
GHYDP#HGHU1#
'LVN#EDØO×Ê×#LØOHYOHULQLQ#NXOODQ×OPDV×
&'#EDØO×NODU×Q×#JLUHELOLU#YH#JÐVWHUJHGH#JÐUÖQWÖOH\HELOLUVLQL]1#%DØO×NODU×#JLUGLNWHQ#VRQUD#ELU#&'#
NR\GXÊXQX]GD#R#&'nQLQ#EDØO×Ê×#JÐUÖQWÖOHQHFHNWLU1#
'LVN#EDØO×NODU×Q×Q#JLULOPHVL
'LVN#EDØO×NODU×Q×Q#JLULOPHVL#LØOHYL#HQ#ID]OD#43#KDUI#X]XQOXÊXQGD#&'#EDØO×Ê×Q×#YH#HQ#ID]OD#7;#
GLVNLQ#EDØO×NODU×Q×#FLKD]×Q#EÖQ\HVLQGHNL#&'#ÁDODUD#JLUPHQL]L#VDÊODU1#
41 %DØO×Ê×Q×#JLUPHN#LVWHGLÊLQL]#ELU#&'n\L#ÁDO×Q1
51 *ÐVWHUJHGH#7,7/(#
*ÐVWHUJHGH#7,7/(#JÐUÖQWÖOHQHQH#GHN#)81&7,21#GÖÊPHVLQL#EDV×O×#WXWXQ1
#GHN#)81&7,21#GÖÊPHVLQL#EDV×O×#WXWXQ1
q &'#7(;7#GLVNL#ÁDO×\RUVDQ×]/#7,7/(#
7,7/(#PRGXQD#JHÁHPH]VLQL]1#'LVN#EDØO×Ê×#&'#7(;7#GLVNLQ#
7,7/(#
Ö]HULQH#ÐQFHGHQ#ND\GHGLOPLØWLU1
61 ·VWHQHQ#NDUDNWHU#WÖUÖQÖ#VHÁPHN#LÁLQ#4#QXPDUDO×#GÖÊPH\H#EDV×Q1
$ØDÊ×GDNL#NDUDNWHU#WÖUOHUL#DUDV×QGD#JLGLS#JHOPHN#LÁLQ#4#QXPDUDO×#GÖÊPH\H#WHNUDU#WHNUDU#EDV×Q=
$OIDEH#+EÖ\ÖN#KDUI,/#1XPDUDODU#YH#6HPEROOHU#s#$OIDEH#+NÖÁÖN#KDUI,#s#$YUXSD#KDUIOHUL/#
DNVDQO×#KDUIOHU#JLEL#+H1J1#»/#º/#¾/#Á,
q 5#GÖÊPHVLQH#EDVDUDN#1XPDUDODU×#YH#6HPEROOHUL#JLUPH\L#VHÁHELOLUVLQL]1#
71 $OIDEHQLQ#ELU#KDUILQL#VHÁPHN#LÁLQ#
$OIDEHQLQ#ELU#KDUILQL#VHÁPHN#LÁLQ#ç
ç#YH\D#
$OIDEHQLQ#KDUIOHUL#ç#GÖÊPHVLQH#KHU#
EDVW×Ê×Q×]GD#$#%#&#111#;#<#=#
$#%#&#111#;#<#=#V×UDV×QGD#
$#%#&#111#;#<#=#
JÐUÖQWÖOHQLU/##UDNDPODU#YH#VHPEROOHU#LVH#4#
#4#
5#6#111###&#?#V×UDV×QGD#JÐUÖQWÖOHQLU1#
5#6#111###&#?
$OIDEHQLQ#KDUIOHUL#í#GÖÊPHVLQH#KHU#
EDVW×Ê×Q×]GD#KDUIOHUL#=#<#;#111#&#%#$
=#<#;#111#&#%#$#JLEL#
=#<#;#111#&#%#$
WHUV#V×UDGD#JÐVWHULU1#
81 ·POHFL#ELU#VRQUDNL#NDUDNWHUH#KDUHNHW#HWWLUPHN#LÁLQ#é
·POHFL#ELU#VRQUDNL#NDUDNWHUH#KDUHNHW#HWWLUPHN#LÁLQ#é#GÖÊPHVLQH#EDV×Q1
·VWHGLÊLQL]#KDUI#JÐUÖQÖQFH#é#GÖÊPHVLQH#EDVDUDN#LPOHFL#ELU#VRQUDNL#SR]LV\RQD#JHWLULS#ELU#
VRQUDNL#KDUIL#VHÁLQ1#(NUDQGD#JHUL#JLWPHN#LÁLQ#ë#GÖÊPHVLQH#EDV×Q1
91 %DØO×Ê×#JLUGLNWHQ#VRQUD#LPOHFL#HQ#VRQ#NRQXPXQD#JHWLUPHN#LÁLQ#
%DØO×Ê×#JLUGLNWHQ#VRQUD#LPOHFL#HQ#VRQ#NRQXPXQD#JHWLUPHN#LÁLQ#é
*LUGLÊLQL]#EDØO×N#é#GÖÊPHVLQH#ELU#NH]#GDKD#EDVW×NWDQ#VRQUD#KDI×]D\D#ND\GHGLOLU1
:1 ¡DOPD#JÐVWHUJHVLQH#JHUL#GÐQPHN#LÁLQ#%$1'2(6&#GÖÊPHVLQH#EDV×Q1
7 ¶ 5. ¡(
1RW=
q 'LVN#FLKD]×Q#EÖQ\HVLQGHNL#&'#ÁDODUGDQ#Á×NDU×OVD#ELOH#EDØO×NODU#KDI×]DGD#NDO×U#YH#GLVN#\HQLGHQ#
NRQXOXQFD#EDØO×NODU#WHNUDU#EXOXQXU1
q 7;#GLVNLQ#YHULOHUL#KDI×]D\D#ND\GHGLOGLNWHQ#VRQUD#HQ#\HQL#GLVNLQ#YHULVL#HQ#HVNL#GLVNLQ#YHULVLQL#JHÁHUVL]#
N×ODU1
q %LU#PXOWL0&'#ÁDODU#WDNDUVDQ×]/#433#WDQH#GLVN#EDØO×Ê×#JLUHELOLUVLQL]1
4:
'LVN#EDØO×NODU×Q×Q#JÐUÖQWÖOHQPHVL
'LVN#EDØO×Ê×#JLULOHQ#KHUKDQJL#ELU#GLVNLQ#EDØO×Ê×Q×#JÐUÖQWÖOH\HELOLUVLQL]1#
3/$<%$&.#02'(#$#+ÁDOPD#VÖUHVØ,#s#'LVF#7LWOH
'LVF#7LWOH#+GLVN#EDØO×Ê×,#s#3/$<%$&.#02'(#%
3/$<%$&.#02'(#%#
3/$<%$&.#02'(#$
'LVF#7LWOH
3/$<%$&.#02'(#%
+ÁDOPD#VÖUHVL#YH#'$%#ELOJLOHUL,
'LVF#7LWOH#LØOHYLQL#VHÁWLÊLQL]GH#ÁDOPDNWD#RODQ#GLVNLQ#EDØO×Ê×#JÐVWHUJHGH#JÐUÖQWÖOHQLU1
'LVF#7LWOH
12#7,7/(#JÐUÖQWÖ\H#JHOLU1
q ¡DODQ#GLVNLQ#EDØO×Ê×#JLULOPHGL\VH/#12#7,7/(
12#7,7/(
q '$%#5DG\RVX#+*(;03:33'$%,#WDN×O×\NHQ#VDGHFH#3/$<%$&.#02'(#%
3/$<%$&.#02'(#%#PRGXQD#
3/$<%$&.#02'(#%
JHÁHELOLUVLQL]1#
&'#7(;7##LØOHYOHULQLQ#NXOODQ×OPDV×
%D]×#GLVNOHUH#LPDODWODU×#HVQDV×QGD#EHOLUOL#ELOJLOHU#NRGODQP×ØW×U1#%X#GLVNOHU#&'#EDØO×Ê×/#VDQDWÁ×#
DG×#YH#ÁDOPD#VÖUHVL#JLEL#ELOJLOHUH#VDKLS#RODELOLU#YH#EX#GLVNOHUH#&'#7(;7#GLVNOHU#GHQLU1#6DGHFH#
EX#Ð]HOOLNOH#NRGODQP×Ø#&'#7(;7#GLVNOHUL#DØDÊ×GDNL#LØOHYOHUL#JHUÁHNOHØWLUHELOLU1
&'#7(;7#GLVNOHULQLQ#EDØO×NODU×Q×Q#JÐUÖQWÖOHQPHVL
ô %LU#&'#7(;7#GLVNL#ÁDODUNHQ#',63/$<#GÖÊPHVLQH#EDV×Q1
3/$<%$&.#02'(#$#+ÁDOPD#VÖUHVL,#s#'LVF#7LWOH
'LVF#7LWOH#+GLVN#EDØO×Ê×,#s#'LVF#$UWLVW#1DPH
'LVF#$UWLVW#1DPH#+GLVN#
3/$<%$&.#02'(#$#
'LVF#7LWOH
'LVF#$UWLVW#1DPH
VDQDWÁ×V×#DG×,#s#7UDFN#7LWOH
7UDFN#7LWOH#+ØDUN×#EDØO×Ê×H,#s#70$UWLVW#1DPH
70$UWLVW#1DPH#+ØDUN×#VDQDWÁ×V×#DG×,#s#
7UDFN#7LWOH
70$UWLVW#1DPH
3/$<%$&.#02'(#%#+ÁDOPD#VÖUHVL#YH#'$%#ELOJLOHUL,
3/$<%$&.#02'(#%
12#;;;;#JÐUÖQWÖOHQLU#+ÐUQ1/#
q %HOLUOL#ELOJLOHU##&'#7(;7#GLVNLQ#Ö]HULQH#ND\GHGLOPHPLØVH/#12#;;;;
12#;;;;
12#7UDFN#7LWOH,1
12#7UDFN#7LWOH
3/$<%$&.#02'(#%#PRGXQD#
3/$<%$&.#02'(#%
JHÁHELOLUVLQL]1
*ÐVWHUJHGHNL#EDØO×NODU#DUDV×QGD#JH]LQLOPHVL
%X#ELULP#'LVF#7LWOH
'LVF#7LWOH/#'LVF#$UWLVW#1DPH
'LVF#$UWLVW#1DPH/#7UDFN#7LWOH#
7UDFN#7LWOH#YH#70$UWLVW#1DPH#
'LVF#7LWOH
'LVF#$UWLVW#1DPH
7UDFN#7LWOH# 70$UWLVW#1DPH#VDGHFH#LON#49#KDUILQL#
70$UWLVW#1DPH#
JÐVWHUHELOLU1#.D\×WO×#ELOJLOHU#49#KDUIWHQ#GDKD#X]XQVD/#PHWQL#VROD#GRÊUX#ND\G×UDUDN#EDØO×Ê×Q#JHUL#
NDODQ#PHWQLQL#JÐUHELOLUVLQL]1
ô ',63/$<#GÖÊPHVLQH#EDØO×N#VROD#ND\PD\D#EDØOD\DQD#NDGDU#EDV×Q1#
%DØO×Ê×Q#JHUL#NDODQ×#JÐVWHUJHGH#JÐUÖQHFHNWLU1#
4;
%LU#&'nQLQ#ÁDO×QPDV×
%X#ELULPL#D\U×#VDW×ODQ#ELU#PXOWL0&'#ÁDODU×#
NRQWURO#HWPHGH#NXOODQDELOLUVLQL]1#
%X#DG×PODU#PXOWL0&'#ÁDODUGD#ELU#&'#ÁDOPDN#
LÁLQ#JHUHNOL#WHPHO#DG×PODUG×U1#'DKD#JHOLØPLØ#
&'#LØOHPOHUL#VD\ID#4<nGDQ#LWLEDUHQ#
DÁ×NODQPDNWDG×U1
= '·6&#180%(5#JÐVWHUJHVL
¡DOPDNWD#RODQ#GLVNL#JÐVWHULU1
> 75$&.#180%(5#JÐVWHUJHVL
¡DOPDNWD#RODQ#ØDUN×\×#JÐVWHULU1
? 3/$<#7,0(#JÐVWHUJHVL
¡DOPDNWD#RODQ#ØDUN×Q×Q#JHÁHQ#VÖUHVLQL#JÐVWHULU1
41 6285&(#GÖÊPHVLQH#EDVDUDN#PXOWL0&'#ÁDODU×#VHÁLQ1
0XOWL0&'#JÐUÖQHQH#GHN#6285&(#GÖÊPHVLQH#EDVPD\D#GHYDP#HGLQ1
0XOWL0&'
61 'LQOHPHN#LVWHGLÊLQL]#GLVNL#4r 9#GÖÊPHOHUL\OH#VHÁLQ1
4#LOH#9#DUDV×QGD#EXOXQDQ#GLVNOHU#LÁLQ#NDUØ×O×N#JHOHQ#GÖÊPH\H#EDV×Q1#
:#LOH#45#DUDV×QGD#EXOXQDQ#ELU#GLVNL#VHÁPHN#LVWHUVHQL]/#NDUØ×O×N#JHOHQ#QXPDUDODU×#:1#GLVN#LÁLQ#4#
GÖÊPHVL#JLEL/#GLVN#QXPDUDV×#JÐVWHUJHGH#JÐUÖQHQH#GHN#EDV×O×#WXWXQ1
q %LU#GLVNL#çðíýGÖÊPHVLQH#EDVDUDN#V×UD\OD#GD#VHÁHELOLUVLQL]1
71 ·OHUL#\D#GD#JHUL#VDUG×UPDN#LÁLQ#
·OHUL#\D#GD#JHUL#VDUG×UPDN#LÁLQ#ë
#YH\D#éý
ë#YH\D#
éýGÖÊPHVLQL#EDV×O×#WXWXQ1
éýGÖÊPHVLQL#EDV×O×#WXWXQ1
81 *HULGHNL#\D#GD#LOHULGHNL#ELU#ØDUN×\D#DWODPDN#LÁLQ#
*HULGHNL#\D#GD#LOHULGHNL#ELU#ØDUN×\D#DWODPDN#LÁLQ#ëý
ëýYH\D#
YH\D#é#GÖÊPHVLQH#EDV×Q1
ëýYH\D#é
%LU#VRQUDNL#ØDUN×Q×Q#EDØODQJ×F×QD#DWODPDN#LÁLQ#é#GÖÊPHVLQH#EDV×Q1#¡DOPDNWD#RODQ#ØDUN×Q×Q#
EDØODQJ×F×QD#DWODPDN#LÁLQ#ë#GÖÊPHVLQH#ELU#NH]#EDV×Q1#%X#GÖÊPH\H#ELU#NH]#GDKD#EDVDUVDQ×]#ELU#
ÐQFHNL#ØDUN×\D#DWODUV×Q×]1
7 ¶ 5 .¡ (
0XOWL0&'#¡DODU
0XOWL0&'#¡DODU
1RW=
q 0XOWL0&'#ÁDODU#KD]×UO×N#DPDÁO×#LØOHPOHU#\DSPD\D#EDØOD\×QFD#5HDG\
5HDG\#JÐUÖQWÖOHQLU1
5HDG\
q 0XOWL0&'#ÁDODU#GRÊUX#ÁDO×ØP×\RUVD/#(5525044
(5525044#JLEL#ELU#KDWD#PHVDM×#JÐUÖQWÖOHQHELOLU1#0XOWL0&'#
(5525044
ÁDODU×Q#NXOODQ×P#N×ODYX]XQD#EDØYXUXQ1
q 0XOWL0&'#ÁDODU×Q#GLVN#KD]QHVLQGH#ELU#GLVN#\RNVD/#12#',6&
12#',6&#JÐUÖQWÖOHQLU1#
12#',6&
830GLVNOL#PXOWL0&'#ÁDODU
6DGHFH#EX#N×ODYX]GD#WDQ×PODQDQ#LØOHYOHU#830GLVNOL#PXOWL#ÁDODUOD#JHUÁHNOHØWLULOHELOLU1#
*HOLØPLØ#PXOWL0&'#ÁDODU#LØOHPOHULQLQ#WDQ×W×OPDV×
7HNUDU#ÁDOPD
0XOWL0&'#ÁDODU×Q#ÖÁ#WDQH#WHNUDU#ÁDOPD#V×UDV×#YDUG×U=#0&'
0&'#+PXOWL0&'#ÁDODU×Q#WHNUDU×,/#75.
75.#+WHN#
0&'
75.
ØDUN×Q×Q#WHNUDU×,/#DQG#'6&
'6&#+GLVNLQ#WHNUDU×,1
'6&
41 302'(#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
*ÐVWHUJHGH#5HSHDW#
5HSHDW#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQH#EDV×Q1
5HSHDW#
51 7HNUDUODPD#V×UDV×Q×#VHÁPHN#LÁLQ#ë
7HNUDUODPD#V×UDV×Q×#VHÁPHN#LÁLQ#ë#YH\D#é
·VWHGLÊLQL]#WHNUDUODPD#V×UDV×#JÐUÖQHQH#GHN#ë#YH\D#é#GÖÊPHVLQH#EDV×Q1
q 0&' s 0XOWL0&'#ÁDODU×Q#LÁLQGHNL#WÖP#GLVNOHUL#WHNUDU#ÁDODU
q 75. s 6DGHFH#ÁDOPDNWD#RODQ#ØDUN×\×#WHNUDU#ÁDODU
q ',6& s ¡DOPDNWD#RODQ#GLVNL#WHNUDU#ÁDODU
302'(#+WHNUDU#ÁDOPD,#s#71/,67#
71/,67#+GLVN#EDØO×N#OLVWHVL,#s#5'0
5'0#+UDVWHJHOH#ÁDOPD,#s#6&$1
6&$1#
302'(
71/,67#
5'0
6&$1
+WDUD\DUDN#ÁDOPD,#s#,7603
,7603#+,76#ÁDOPD,#s#3$86(
3$86(#+GXUDNODPD,#s#&203
&203#+V×N×ØW×UPD#YH#
,7603
3$86(
&203
'%(,
1RW=
q ·ØOHYL#63#VDQL\H#LÁLQGH#ÁDO×ØW×UPD]VDQ×]/#JÐVWHUJH#RWRPDWLN#RODUDN#ÁDOPD#HNUDQ×QD#JHUL#GÐQHU1#
1RW=
q 7HNUDU#ÁDOPD#DQ×QGD#EDØND#GLVNOHUL#VHÁHUVHQL]/#WHNUDU#ÁDOPD#V×UDV×#0&'
0&'#+PXOWL0&'#ÁDODU×Q#WHNUDU×,#
0&'
RODUDN#GHÊLØLU1
q 75.#+WHN#ØDUN×Q×Q#WHNUDU×,#DQ×QGD#ØDUN×#DUDPD#\D#GD#K×]O×#LOHUL2JHUL#VDUG×UPD#LØOHPOHULQGHQ#ELULQL#
75.
\DSDUVDQ×]/#WHNUDU#ÁDOPD#V×UDV×#',6&
',6&#+GLVNLQ#WHNUDU×,#RODUDN#GHÊLØLU1#
',6&
¸DUN×ODU×Q#UDVWJHOH#ELU#V×UDGD#ÁDO×QPDV×
5DVWJHOH#ÁDOPD#LØOHYL#ØDUN×ODU×#WHNUDU#ÁDOPD#V×UDV×#RODQ#5$1'20
5$1'20#+PXOWL0&'#ÁDODU×Q#WHNUDU×,#YH#
5$1'20
'15$1'20#+GLVNLQ#WHNUDU×,#LÁLQGH#UDVWJHOH#ÁDOPDQ×]D#RODQDN#WDQ×U1
'15$1'20
41 7HNUDU#ÁDOPD#V×UDV×Q×#VHÁLQ1
%X#VD\IDQ×Q#7HNUDU#ÁDOPD#EÐOÖPÖQH#EDN×Q1
51 5'0#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
*ÐVWHUJHGH#5DQGRP#
5DQGRP#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQH#EDV×Q1
5DQGRP#
61 5DVWJHOH#ÁDOPD#LØOHYLQL#DÁPDN#LÁLQ#
5DVWJHOH#ÁDOPD#LØOHYLQL#DÁPDN#LÁLQ#ç
5DQGRP#=21#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#¸DUN×ODU#GDKD#ÐQFH#VHÁLOHQ#5$1'20
5$1'20#+PXOWL0&'#
5DQGRP#=21
5$1'20
ÁDODU×Q#WHNUDU×,#YH\D#'15$1'20
'15$1'20#+GLVNLQ#WHNUDU×,#WHNUDUODPD#V×UDODU×#LÁLQGH#UDVWJHOH#ELU#V×UDGD#
'15$1'20
ÁDO×Q×U1
71 5DVWJHOH#ÁDOPD#LØOHYLQL#NDSDWPDN#LÁLQ#í
5DVWJHOH#ÁDOPD#LØOHYLQL#NDSDWPDN#LÁLQ#í#GÖÊPHVLQH#EDV×Q1
5DQGRP#=2))#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#¸DUN×ODU#QRUPDO#V×UDODU×QD#JÐUH#ÁDOPD\D#GHYDP#HGHU1#
5DQGRP#=2))
7 ¶ 5. ¡(
4<
0XOWL0&'#¡DODU
&'nOHULQ#YH#ØDUN×ODU×Q#WDUDQPDV×
6D\ID#4<nGDNL#7HNUDU#ÁDOPD#EÐOÖPÖQH#EDN×Q1
51 6&$1#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
*ÐVWHUJHGH#6FDQ#
6FDQ#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQH#EDV×Q1
6FDQ#
,76#ÁDOPD#OLVWHOHULQLQ#NXOODQ×OPDV×
,76#+ÁDEXN#ØDUN×#VHÁLPL,#LØOHYL#PXOWL0&'#ÁDODU×Q#KD]QHVLQGH#NL#IDYRUL#ØDUN×ODU×Q×]×Q#ELU#OLVWHVLQL#
\DSPDQ×]D#RODQDN#WDQ×U1#)DYRUL#ØDUN×ODU×Q×]×#ÁDOPD#OLVWHVLQH#HNOHGLNWHQ#VRQUD#,76#ÁDOPD#LØOHYLQL#
DÁ×S#VDGHFH#R#ØDUN×ODU×#GLQOH\HELOLUVLQL]1
,76#SURJUDPODPDV×\OD#ELU#ÁDOPD#OLVWHVLQLQ#ROXØWXUXOPDV×
,76#LØOHYL\OH/#HQ#ÁRN#433#GLVN#+GLVN#EDØO×Ê×#LOH#ELUOLNWH,#ROPDN#Ö]HUH#GLVN#EDØ×QD#HQ#ID]OD#<<#
ØDUN×\×#RWRPDWLN#RODUDN#JLUPH\H#YH#ÁDOPD\D#SURJUDPOD\DELOLUVLQL]1#+&';034583#YH#&';0
3983#PRGHOOHULQGHQ#ÐQFH#VDW×ODQ#PXOWL0&'#ÁDODUODUOD#ÁDOPD#OLVWHVLQH#HQ#ID]OD#57#ØDUN×#
ND\GHGLOHELOLU1,
61 7DUD\DUDN#ÁDOPD#LØOHYLQL#DÁPDN#LÁLQ#
7DUD\DUDN#ÁDOPD#LØOHYLQL#DÁPDN#LÁLQ#ç
6FDQ#=21#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#*HÁHUOL#GLVNLQ#KHU#ØDUN×V×Q×Q#+\D#GD#KHU#GLVNLQ#LON#ØDUN×V×Q×Q,#
6FDQ#=21
LON#43#VDQL\HVL##ÁDO×Q×U1
41 3URJUDPODPDN#LVWHGLÊLQL]#ELU#&'n\L#ÁDO×Q1
%LU#&'#VHÁPHN#LÁLQ#ç#\D#GD#í#GÖÊPHVLQH#EDV×Q1
71 ·VWHGLÊLQL]#ØDUN×\×#+\D#GD#GLVNL,#EXOXQFD#
·VWHGLÊLQL]#ØDUN×\×#+\D#GD#GLVNL,#EXOXQFD#í
í#GÖÊPHVLQH#EDVDUDN#WDUD\DUDN#ÁDOPD#LØOHYLQL#NDSDW×Q1
6FDQ#=2))#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#¸DUN×#+\D#GD#GLVN,#ÁDOPD\D#GHYDP#HGHU1
6FDQ#=2))
q *ÐVWHUJH/#ÁDOPD#HNUDQ×QD#RWRPDWLN#RODUDN#JHUL#GÐQGÖ\VH#)81&7,21#GÖÊPHVLQH#EDVDUDN#
6&$1#LØOHYLQL#WHNUDU#VHÁLQ1
6&$1
51 *ÐVWHUJHGH#7,7/(#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQL#EDV×O×#WXWXQ/#DUG×QGDQ#)81&7,21#
GÖÊPHVLQH#EDVDUDN#,76#LØOHYLQL#VHÁLQ1
*ÐVWHUJHGH#7,7/(
7,7/(#JÐUÖQGÖNWHQ#VRQUD/##)81&7,21#GÖÊPHVLQH#WHNUDU#WHNUDU#EDV×Q/#HNUDQGD#
7,7/(
DØDÊ×GDNL#LØOHYOHU#JÐUÖQWÖOHQLU=
1RW=
q ¸DUN×Q×Q#\D#GD#GLVNLQ#WDUDQPDV×#ELWWLNWHQ#VRQUD/#ØDUN×ODU#WHNUDU#QRUPDO#RODUDN#ÁDOPD\D#EDØODU1#
&'#ÁDOPD#LØOHYLQLQ#GXUDNODW×OPDV×
'XUDNODPD#LØOHYL#&'#ÁDO×P×Q×#JHÁLFL#RODUDN#GXUGXUXU1
41 3$86(#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
*ÐVWHUJHGH#3DXVH#
3DXVH#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQH#EDV×Q1
3DXVH#
51 'XUDNODPD#LØOHYLQL#DÁPDN#LÁLQ#ç
'XUDNODPD#LØOHYLQL#DÁPDN#LÁLQ#ç#GÖÊPHVLQH#EDV×Q1
3DXVH#=21#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#¡DOPDNWD#RODQ#ØDUN×#GXUDNODW×O×U1
3DXVH#=21
61 'XUDNODPD#LØOHYLQL#NDSDWPDN#LÁLQ#
'XUDNODPD#LØOHYLQL#NDSDWPDN#LÁLQ#í
3DXVH#=2))#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#¡DOPD#LØOHYL#GXUDNODWW×Ê×Q×]#DQGDQ#LWLEDUHQ#ÁDOPD\D#
3DXVH#=2))
GHYDP#HGHU1#
7,7/(#+GLVN#EDØO×Ê×Q×Q#JLULOPHVL,#s#,76
,76##+,76#SURJUDPODPD,
7,7/(#
,76
61 ·VWHGLÊLQL]#ØDUN×\×#
·VWHGLÊLQL]#ØDUN×\×#ë
#YH\D#éý
ë#YH\D#
éýGÖÊPHVLQH#EDVDUDN#VHÁLQ1
71 ¡DOPDNWD#RODQ#ØDUN×\×#ÁDOPD#OLVWHVLQH#ND\GHWPHN#LÁLQ#
¡DOPDNWD#RODQ#ØDUN×\×#ÁDOPD#OLVWHVLQH#ND\GHWPHN#LÁLQ#ç
.×VDFD#,76#,QSXW
,76#,QSXW#JÐUÖQWÖOHQLU#YH#ÁDOPDNWD#RODQ#ØDUN×#ÁDOPD#OLVWHQL]H#HNOHQPLØWLU1#$UG×QGDQ#
,76#,QSXW
JÐVWHUJHGH#WHNUDU#,76
,76#JÐUÖQWÖOHQLU1
,76
81 ¡DOPD#JÐVWHUJHVLQH#JHUL#GÐQPHN#LÁLQ#%$1'2(6&#GÖÊPHVLQH#EDV×Q1
1RW=
q 433#GLVNLQ#YHULOHUL#KDI×]D\D#ND\GHGLOGLNWHQ#VRQUD#HQ#\HQL#GLVNLQ#YHULVL#HQ#HVNL#GLVNLQ#YHULVLQL#JHÁHUVL]#
N×ODU1
7 ¶ 5 .¡ (
716&$1#+GLVNLQ#WHNUDU×,#PRGXQGD#VHÁLOHQ#GLVNLQ#Ö]HULQGHNL#KHU#ØDUN×Q×Q#EDØODQJ×F×#\DNODØ×N#43#
716&$1
VDQL\H#WDUDQ×U1#'16&$1
'16&$1#+PXOWL0&'#ÁDODU×Q#WHNUDU×,#PRGXQGD#KHU#GLVNLQ#LON#ØDUN×V×Q×Q#EDØODQJ×F×#
'16&$1
\DNODØ×N#43#VDQL\H#RODUDN#WDUDQ×U1
53
0XOWL0&'#¡DODU
,76#ÁDOPD#OLVWHVLQGH#NL#ØDUN×ODU×Q#ÁDO×QPDV×
,76#ÁDOPD#LØOHYL#,76#ÁDOPD#OLVWHQL]H#JLUGLÊLQL]#ØDUN×ODU×#GLQOHPHQL]L#VDÊODU1#,76#ÁDOPD#LØOHYLQL#
DÁW×Ê×Q×]GD#PXOWL0&'#ÁDODU×Q#LÁLQGH#,76#ÁDOPD#OLVWHQL]GH#EXOXQDQ#ØDUN×ODU#ÁDOPD\D#EDØODU1
6D\ID#4<nGDNL#7HNUDU#ÁDOPD#EÐOÖPÖQH#EDN×Q1
51 ,7603#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
)81&7,21#GÖÊPHVLQH#,76#3OD\
,76#3OD\#JÐVWHUJHGH#JÐUÖQHQH#GHN#EDV×Q1
,76#3OD\
61 ,76#ÁDOPD#LØOHYLQL#DÁPDN#LÁLQ#ç
,76#ÁDOPD#LØOHYLQL#DÁPDN#LÁLQ#ç#GÖÊPHVLQH#EDV×Q1
,76#3OD\#=21#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#¡DOPD#OLVWHQL]GHNL#ØDUN×ODU#GDKD#ÐQFH#VHÁLOHQ#0&'
0&'#
,76#3OD\#=21
0&'
+PXOWL0&'#ÁDODU×Q#WHNUDU×,#YH#',6&
',6&#+GLVNLQ#WHNUDU×,#WHNUDUODPD#V×UDODU×#LÁLQGH#ÁDO×QPD\D#EDØODU1
',6&
,76#(PSW\#
q *HÁHUOL#ÁDOPD#V×UDV×QGD#KLÁ#ELU#ØDUN×#,76#¡DOPD#LÁLQ#SURJUDPODQPDG×\VD/#,76#(PSW\
,76#(PSW\
JÐUÖQWÖOHQLU1
71 ,76#ÁDOPD#LØOHYLQL#NDSDWPDN#LÁLQ#
,76#ÁDOPD#LØOHYLQL#NDSDWPDN#LÁLQ#í
,76#3OD\#=2))#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#¡DOPD#LØOHYL#ÁDOPDNWD#RODQ#ØDUN×\OD#YH#&'#LOH#QRUPDO#
,76#3OD\#=2))
RODUDN#GHYDP#HGHU1
,76#ÁDOPD#OLVWHVLQGHQ#ELU#ØDUN×Q×Q#VLOLQPHVL
,76#ÁDOPD#LØOHYL#DÁ×NVD#,76#ÁDOPD#OLVWHQL]GHQ#ELU#ØDUN×\×#VLOHELOLUVLQL]1
,76#ÁDOPD#LØOHYL#]DWHQ#DÁ×NVD/#51#DG×PD#JHÁLQ1#,76#ÁDOPD#LØOHYL#DÁ×N#GHÊLOVH#)81&7,21#
GÖÊPHVLQH#EDV×Q1
41 ,76#ÁDOPD#OLVWHQL]GH#EXOXQDQ#ØDUN×Q×Q#ROGXÊX#&'n\L#ÁDO×Q#YH#DUG×QGDQ#,76#ÁDOPD#LØOHYLQL#DÁ×Q1
%X#VD\IDGDNL#,76#ÁDOPD#OLVWHVLQGHNL#ØDUN×ODU×Q#ÁDO×QPDV×#EÐOÖPÖQH#EDN×Q1
51 (NUDQGD#7,7/(#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQL#EDV×O×#WXWXQ/#DUG×QGDQ#)81&7,21#
(NUDQGD#7,7/(
7,7/(#JÐUÖQGÖNWHQ#VRQUD/##)81&7,21#GÖÊPHVLQH#,76
,76#JÐUÖQHQH#GHN#EDV×Q1
7,7/(
,76
61 ·VWHGLÊLQL]#ØDUN×\×#
·VWHGLÊLQL]#ØDUN×\×#ë
#YH\D#éý
ë#YH\D#
71 ,76#ÁDOPD#OLVWHQL]GHQ#ELU#ØDUN×\×#VLOPHN#LÁLQ
,76#ÁDOPD#OLVWHQL]GHQ#ELU#ØDUN×\×#VLOPHN#LÁLQýíý
ýíýGÖÊPHVLQH#EDV×Q1
¡DOPDNWD#RODQ#ØDUN×#,76#ÁDOPD#OLVWHQL]GHQ#VLOLQLU#YH#OLVWHQL]GH#EXOXQDQ#ELU#VRQUDNL#ØDUN×#
ÁDOPD\D#EDØODU1#
q *HÁHUOL#ÁDOPD#V×UDV×QGD#ÁDOPD#OLVWHQL]GHQ#EDØND#ELU#ØDUN×#\RNVD/#,76#(PSW\
,76#(PSW\#JÐUÖQWÖOHQLU#YH#
,76#(PSW\
QRUPDO#ÁDOPD#GHYDP#HGHU1
81 ¡DOPD#JÐVWHUJHVLQH#JHUL#GÐQPHN#LÁLQ#%$1'2(6&#GÖÊPHVLQH#EDV×Q1
,76#ÁDOPD#OLVWHVLQGHQ#ELU#&'nQLQ#VLOLQPHVL
,76#ÁDOPD#LØOHYL#DÁ×NVD#,76#ÁDOPD#OLVWHQL]GHQ#ELU#&'nQLQ#WÖP#ØDUN×ODU×Q×#VLOHELOLUVLQL]1
41 6LOPHN#LVWHGLÊLQL]#ELU#&'n\L#ÁDO×Q1
51 (NUDQGD#7,7/(#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQL#EDV×O×#WXWXQ/#DUG×QGDQ#)81&7,21#
(NUDQGD#7,7/(
7,7/(#JÐUÖQGÖNWHQ#VRQUD/##)81&7,21#GÖÊPHVLQH#,76
,76#JÐUÖQHQH#GHN#EDV×Q1
7,7/(
,76
61 ,76#ÁDOPD#OLVWHQL]GHQ#ÁDOPDNWD#RODQ#&'nQLQ#WÖP#ØDUN×ODU×Q×#VLOPHN#LÁLQ
,76#ÁDOPD#OLVWHQL]GHQ#ÁDOPDNWD#RODQ#&'nQLQ#WÖP#ØDUN×ODU×Q×#VLOPHN#LÁLQýíý
¡DOPDNWD#RODQ#&'nQLQ#WÖP#ØDUN×ODU×#ÁDOPD#OLVWHQL]GHQ#VLOLQLU#YH#,76#&OHDU
,76#&OHDU#JÐUÖQWÖOHQLU1#
,76#&OHDU
71 ¡DOPD#JÐVWHUJHVLQH#JHUL#GÐQPHN#LÁLQ#%$1'2(6&#GÖÊPHVLQH#EDV×Q1#
7 ¶ 5. ¡(
54
0XOWL0&'#¡DODU
'LVN#EDØO×Ê×#LØOHYOHULQLQ#NXOODQ×OPDV×
'LVN#EDØO×NODU×Q×Q#JLULOPHVL
'LVN#EDØO×NODU×Q×Q#JLULOPHVL#LØOHYL#HQ#ID]OD#43#KDUI#X]XQOXÊXQGD#&'#EDØO×Ê×Q×#YH#HQ#ID]OD#433#
GLVNLQ#EDØO×NODU×Q×#+,76#ÁDOPD#OLVWHVL\OH,#PXOWL0&'#ÁDODUD#JLUPHQL]L#VDÊODU1#
41 %DØO×Ê×Q×#JLUPHN#LVWHGLÊLQL]#ELU#&'n\L#ÁDO×Q1
51 *ÐVWHUJHGH#7,7/(#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQL#EDV×O×#WXWXQ1
*ÐVWHUJHGH#7,7/(
7,7/(#JÐUÖQGÖNWHQ#VRQUD/##)81&7,21#GÖÊPHVLQH#WHNUDU#WHNUDU#EDV×Q/#HNUDQGD#
7,7/(
DØDÊ×GDNL#LØOHYOHU#JÐUÖQWÖOHQLU=
7,7/(#+GLVN#EDØO×Ê×Q×Q#JLULOPHVL,#s#,76
,76##+,76#SURJUDPODPD,
7,7/(#
,76
q &'#7(;7#ÁDOPD#Ð]HOOLÊL#RODQ#ELU#0XOWL0&'#ÁDODUGD#&'#7(;7#ELU#GLVN#ÁDODUNHQ#7,7/(
7,7/(#
7,7/(
PRGXQD#JHÁLØ#\DSDPD]V×Q×]1#'LVN#EDØO×Ê×#&'#7(;7#GLVNLQ#Ö]HULQH#ÐQFHGHQ#ND\GHGLOPLØWLU1
$OIDEH#+%Ö\ÖN#KDUI,/#1XPDUDODU#YH#6HPEROOHU#s#$OIDEH#+.ÖÁÖN#KDUI,#s#$YUXSD#KDUIOHUL/#
DNVDQO×#KDUIOHU#JLEL#+H1J1#»/#º/#¾/#Á,
#YH\D#í
ç#YH\D#
í#
GÖÊPHVLQH#EDV×Q1
EDVW×Ê×Q×]GD#$#%#&#111#;#<#=#
$#%#&#111#;#<#=#V×UDV×QGD#
$#%#&#111#;#<#=#
JÐUÖQWÖOHQLU/##UDNDPODU#YH#VHPEROOHU#LVH#4#5#6#
#4#5#6#
111###&#?#V×UDV×QGD#JÐUÖQWÖOHQLU1#$OIDEHQLQ#
111###&#?
KDUIOHUL#í#GÖÊPHVLQH#KHU#EDVW×Ê×Q×]GD#KDUIOHUL#
=#<#;#111#&#%#$#JLEL#WHUV#V×UDGD#JÐVWHULU1#
=#<#;#111#&#%#$
81 ·POHFL#ELU#VRQUDNL#NDUDNWHUH#KDUHNHW#HWWLUPHN#LÁLQ#
·POHFL#ELU#VRQUDNL#NDUDNWHUH#KDUHNHW#HWWLUPHN#LÁLQ#é
91 %DØO×Ê×#JLUGLNWHQ#VRQUD#LPOHFL#HQ#VRQ#NRQXPXQD#JHWLUPHN#LÁLQ#é#GÖÊPHVLQH#EDV×Q1
:1 ¡DOPD#JÐVWHUJHVLQH#JHUL#GÐQPHN#LÁLQ#%$1'2(6&#GÖÊPHVLQH#EDV×Q1
1RW=
q 'LVN#KD]QHGHQ#Á×NDU×OVD#ELOH#EDØO×NODU#KDI×]DGD#NDO×U#YH#GLVN#\HQLGHQ#NRQXOXQFD#EDØO×NODU#WHNUDU#
EXOXQXU1
q 433#GLVNLQ#YHULOHUL#KDI×]D\D#ND\GHGLOGLNWHQ#VRQUD#HQ#\HQL#GLVNLQ#YHULVL#HQ#HVNL#GLVNLQ#YHULVLQL#JHÁHUVL]#
N×ODU1
'LVN#EDØO×NODU×Q×Q#JÐUÖQWÖOHQPHVL
'LVN#EDØO×Ê×#JLULOHQ#KHUKDQJL#ELU#GLVNLQ#EDØO×Ê×Q×#JÐUÖQWÖOH\HELOLUVLQL]1#
'LVF#7LWOH#+GLVN#EDØO×Ê×,#s#3/$<%$&.#02'(#%
3/$<%$&.#02'(#%#
3/$<%$&.#02'(#$
'LVF#7LWOH
3/$<%$&.#02'(#%
+ÁDOPD#VÖUHVL#YH#'$%#ELOJLOHUL,
'LVF#7LWOH#LØOHYLQL#VHÁWLÊLQL]GH#ÁDOPDNWD#RODQ#GLVNLQ#EDØO×Ê×#JÐVWHUJHGH#JÐUÖQWÖOHQLU1
'LVF#7LWOH
12#7,7/(#JÐUÖQWÖ\H#JHOLU1
q ¡DODQ#GLVNLQ#EDØO×Ê×#JLULOPHGL\VH/#12#7,7/(
12#7,7/(
3/$<%$&.#02'(#%#PRGXQD#
3/$<%$&.#02'(#%
JHÁHELOLUVLQL]1
'LVN#EDØO×Ê×#OLVWHVLQGHQ#GLVNOHULQ#VHÁLOPHVL
'LVN#EDØO×Ê×#OLVWHVL#PXOWL0&'#ÁDODUD#JLULOHQ#GLVN#EDØO×NODU×Q×Q#OLVWHVLQL#JÐUPHQL]L#YH#ÁDOPDQ×]#
LÁLQL#ELULQL#VHÁPHQL]L#VDÊODU1
41 71/,67#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
*ÐVWHUJHGH#GLVN#EDØO×Ê×#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQH#EDV×Q1
51 *LULOHQ#EDØO×NODU×Q#OLVWHVLQGH#JH]LQPHN#LÁLQ#
*LULOHQ#EDØO×NODU×Q#OLVWHVLQGH#JH]LQPHN#LÁLQ#ë
ë#YH\D#é
12#'07,7/(#JÐUÖQWÖ\H#JHOLU1
q %LU#GLVNLQ#EDØO×Ê×#JLULOPHGL\VH/#12#'07,7/(
12#'07,7/(
61 )DYRUL#&'#EDØO×Ê×Q×]×#ÁDOPDN#LÁLQ#
)DYRUL#&'#EDØO×Ê×Q×]×#ÁDOPDN#LÁLQ#ç
6HÁLPLQL]#ÁDO×QPD\D#EDØODU1#
7 ¶ 5 .¡ (
&'#EDØO×NODU×Q×#JLUHELOLU#YH#JÐVWHUJHGH#JÐUÖQWÖOH\HELOLUVLQL]1#$UG×QGDQ#ÁDOPDN#LVWHGLÊLQL]#GLVNL#
NROD\FD#DUD\DELOLU#YH#VHÁHELOLUVLQL]1
55
0XOWL0&'#¡DODU
&'#7(;7##LØOHYOHULQLQ#NXOODQ×OPDV×
%X#LØOHYOHUL#VDGHFH#&'#7(;7#X\XPOX#ELU#PXOWL0&'#ÁDODU#LOH#NXOODQDELOLUVLQL]1
%D]×#GLVNOHUH#LPDODWODU×#HVQDV×QGD#EHOLUOL#ELOJLOHU#NRGODQP×ØW×U1#%X#GLVNOHU#&'#EDØO×Ê×/#VDQDWÁ×#
DG×#YH#ÁDOPD#VÖUHVL#JLEL#ELOJLOHUH#VDKLS#RODELOLU#YH#EX#GLVNOHUH#&'#7(;7#GLVNOHU#GHQLU1#6DGHFH#
EX#Ð]HOOLNOH#NRGODQP×Ø#&'#7(;7#GLVNOHUL#DØDÊ×GDNL#LØOHYOHUL#JHUÁHNOHØWLUHELOLU1
&'#7(;7#GLVNOHULQLQ#EDØO×NODU×Q×Q#JÐUÖQWÖOHQPHVL
ô 0XOWL0&'#ÁDODUGDQ#ELU#&'#7(;7#GLVN#ÁDODUNHQ#',63/$<#GÖÊPHVLQH#EDV×Q1
'LVF#7LWOH#+GLVN#EDØO×Ê×,#s#'LVF#$UWLVW#1DPH
'LVF#$UWLVW#1DPH#+GLVN#
3/$<%$&.#02'(#$#
'LVF#7LWOH
'LVF#$UWLVW#1DPH
VDQDWÁ×V×#DG×,#s#7UDFN#7LWOH
7UDFN#7LWOH#+ØDUN×#EDØO×Ê×H,#s#70$UWLVW#1DPH
70$UWLVW#1DPH#+ØDUN×#VDQDWÁ×V×#DG×,#s#
7UDFN#7LWOH
70$UWLVW#1DPH
3/$<%$&.#02'(#%#+ÁDOPD#VÖUHVL#YH#'$%#ELOJLOHUL,
3/$<%$&.#02'(#%
12#;;;;#JÐUÖQWÖOHQLU#+ÐUQ1/#
q %HOLUOL#ELOJLOHU##&'#7(;7#GLVNLQ#Ö]HULQH#ND\GHGLOPHPLØVH/#12#;;;;
12#;;;;
12#7UDFN#7LWOH,1
12#7UDFN#7LWOH
3/$<%$&.#02'(#%#PRGXQD#
3/$<%$&.#02'(#%
JHÁHELOLUVLQL]1
6×N×ØW×UPD#YH#EDV#YXUJXVXQXQ#NXOODQ×OPDV×
%X#LØOHYOHUL#VDGHFH#EX#LØOHYOHUH#VDKLS#ELU#PXOWL0&'#ÁDODUOD#NXOODQDELOLUVLQL]1
&203#+V×N×ØW×UPD,#YH#'%(#+GLQDPLN#EDV#YXUJXVX,#LØOHYOHULQLQ#NXOODQ×OPDV×#PXOWL0&'#ÁDODU×Q#
VHV#NDOLWHVL#D\DUODU×Q×Q#\DS×OPDV×QD#RODQDN#WDQ×U1#·ØOHYOHULQ#KHU#ELUL#VHV#NDOLWHVL#D\DU×Q×#LNL#
DG×PGD#JHUÁHNOHØWLULU1#&203#LØOHYL/#GDKD#\ÖNVHN#K×]ODUGD#GDKD#\ÖNVHN#YH#\XPXØDN#VHVOHULQ#
Á×N×Ø×Q×#GHQJHOHU1#'%(#EDV#VHYL\HVLQL#DUW×UDUDN#GDKD#GROJXQ#ELU#VHV#ROXØWXUXU1#(IHNWOHULQ#
KHUELULQL#VHÁHUHN#GLQOH\LQ#YH#GLQOHGLÊLQL]#ØDUN×Q×Q#\D#GD#&'nQLQ#ÁDOPDV×Q×#HQ#L\L#VDÊOD\DQ#
HIHNWL#VHÁLQ1
41 &203#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
)81&7,21#GÖÊPHVLQH#&RPS2'%(
&RPS2'%(#JÐVWHUJHGH#JÐUÖQHQH#GHN#EDV×Q1
&RPS2'%(
q 0XOWL0&'#ÁDODU#&2032'%(#LØOHYLQL#GHVWHNOHPL\RUVD/#VHÁPH\H#NDON×ØW×Ê×Q×]GD#1R#&RPS
1R#&RPS#
1R#&RPS
JÐUÖQWÖ\H#JHOLU1
51 )DYRUL#D\DU×Q×]×#VHÁPHN#LÁLQ#ç
#YH\D#í
)DYRUL#D\DU×Q×]×#VHÁPHN#LÁLQ#ç#YH\D#
$ØDÊ×GDNL#D\DUODU#DUDV×QGD#JLGLS#JHOPHN#LÁLQç#YH\D#í#GÖÊPHVLQH#WHNUDU#WHNUDU#EDV×Q=
&RPS#2))#s#&RPS#4#
#&RPS#4#s#&RPS#5#
#&RPS#5#s#&RPS#2))#
#&RPS#2))#s#'%(#4#
#'%(#4#s#'%(#5#
&RPS#2))#
#&RPS#4#
#&RPS#5# #&RPS#2))#
#'%(#4#
#'%(#5#
*ÐVWHUJHGHNL#EDØO×NODU#DUDV×QGD#JH]LQLOPHVL
%X#ELULP#'LVF#7LWOH
'LVF#7LWOH/#'LVF#$UWLVW#1DPH
'LVF#$UWLVW#1DPH/#7UDFN#7LWOH#
7UDFN#7LWOH#YH#70$UWLVW#1DPH#
'LVF#7LWOH
'LVF#$UWLVW#1DPH
7UDFN#7LWOH# 70$UWLVW#1DPH#VDGHFH#LON#49#KDUILQL#
70$UWLVW#1DPH#
JÐVWHUHELOLU1#.D\×WO×#ELOJLOHU#49#KDUIWHQ#GDKD#X]XQVD/#PHWQL#VROD#GRÊUX#ND\G×UDUDN#EDØO×Ê×Q#JHUL#
NDODQ#PHWQLQL#JÐUHELOLUVLQL]1
ô ',63/$<#GÖÊPHVLQH#EDØO×N#VROD#ND\PD\D#EDØOD\DQD#NDGDU#EDV×Q1#
%DØO×Ê×Q#JHUL#NDODQ×#JÐVWHUJHGH#JÐUÖQHFHNWLU1#
7 ¶ 5. ¡(
56
$XGLR#$\DUODU×
$XGLR#D\DUODU×Q×Q#WDQ×W×OPDV×
$XGLR#+VHV,#D\DUODU×Q×Q#GXUXPXQX#
JÐVWHULU1
ô $XGLR#LØOHY#DGODU×Q×#JÐUÖQWÖOHPHN#LÁLQ#$8',2#GÖÊPHVLQH#EDV×Q1
$ØDÊ×GDNL#DXGLR#LØOHYOHUL#DUDV×QGD#JLGLS#JHOPHN#LÁLQ#$8',2#GÖÊPHVLQH#WHNUDU#WHNUDU#EDV×Q=
)DG#+EDODQV#D\DU×,#s#(4#
)DG
(4#+HNROD\]HU#HÊULVLQLQ#D\DU×,#s#%DVV
%DVV#+EDV,#s#7UHEOH
7UHEOH#+WL]#VHV,#s#/RXG
/RXG#
(4#
%DVV
7UHEOH
/RXG
+\ÖNVHN#VH,#s#6XE0:4
6XE0:4#+VXEZRRIHU4,#s#6XE0:5
6XE0:5#+VXEZRRIHU5,#s#6/$
6/$#+ND\QDN#GÖ]H\#D\DU×,
6XE0:4
6XE0:5
6/$
6/$#LØOHYLQL##NXOODQDPD]V×Q×]1
q )0#UDG\RVXQX#ND\QDN#RODUDN#VHÁHUVHQL]/#6/$
6/$
1RW=
q $XGLR#ØOHYLQL#63#VDQL\H#LÁLQGH#ÁDO×ØW×UPD]VDQ×]/#JÐVWHUJH#RWRPDWLN#RODUDN#ND\QDN#HNUDQ×QD#JHUL#GÐQHU1#
q $XGLR#0HQÖVÖQÖQ#LØOHYOHUL#LON#D\DU#PHQÖVÖQGHNL#DUND#Á×N×Ø#D\DUODU×QD#EDÊO×#RODUDN#GHÊLØLU1#6D\ID#
63nGDNL#$UND#Á×N×Ø#D\DU×Q×Q#DÁ×OPDV×#EÐOÖPÖQH#EDØYXUXQ1
6HV#RGDÊ×#HNROD\]HULQLQ#D\DUODQPDV×
9RNDOOHULQ#YH#HQVWUÖPDQODU×Q#VHV#LPDMODU×Q×Q#QHWOHØWLULOPHVL/#GRÊDO#YH#PHPQXQ#HGLFL#ELU#VHV#
RUWDP×Q×Q#NROD\FD#ROXØWXUXOPDV×QD#RODQDN#WDQ×U1
2WXUPD#NRQXPODU×#GLNNDWOLFH#VHÁLOGLÊLQGH#GLQOHPHN#GDKD#]HYNOL#KDOH#JHOLU1
q )574
)574#ÐQ#Á×N×Ø×Q#WL]#VHVOHULQL#DUND#Á×N×Ø×Q#GD#EDV#VHVOHULQL#DUW×U×U1
)575#ÐQ#Á×N×Ø×Q#WL]#YH#EDV#VHVOHULQL#DUND#Á×N×Ø×Q#GD#EDV#VHVOHULQL#DUW×U×U1#+%DV#DUW×UPD/#ÐQ#YH#
q )575
DUND#Á×N×ØODU×Q#KHU#LNLVL#LÁLQ#GH#D\Q×G×U1,
)574#YH#)575
)575#QLQ#KHU#LNLVL#LÁLQGH#/
+#D\DU×/#)574
)574
)575
/#D\DU×QGDQ#GDKD#HWNLOL#ELU#VHV#VDÊODU1
41 6)(4#GÖÊPHVLQH#EDVDUDN#LVWHQHQ#6)(4#PRGXQX#VHÁLQ1
)5740+#+ÁQ40\ÖNVHN,#s#)5740/
)5740/#+ÐQ40GÖØÖN,#s#)5750+
)5750+#+ÐQ50\ÖNVHN,#
)5740+
)5740/
)5750+
s#)5750/
)5750/#+ÐQ50GÖØÖN,#s#&86720
&86720#+Ð]HO,#s#6)(4#2))
6)(4#2))#+NDSDO×,
)5750/
&86720
6)(4#2))
51 ·VWHQHQ#SR]LV\RQX#VHÁPHN#LÁLQ#
·VWHQHQ#SR]LV\RQX#VHÁPHN#LÁLQ#ë
ë#YH\D#é#GÖÊPHVLQH#EDV×Q1
·VWHGLÊLQL]#SR]LV\RQ#JÐUÖQHQH#GHN#ë#YH\D#é#GÖÊPHVLQH#EDV×Q1
/()7#+VRO,#s#&(17(5
/()7
&(17(5#+RUWD,#s#5,*+7
5,*+7#+VDÊ,
&(17(5
5,*+7
1RW=
q %DV×#\D#GD#WL]#VHVL#D\DUODUVDQ×]/#&86720#EDV×#YH#WL]#VHVOHUL#WHUFLKLQL]H#JÐUH#D\DUODG×Ê×Q×]#6)(4#
PRGXQX#KDI×]D\D#ND\GHGHU1#
%DODQV#D\DU×Q×Q#NXOODQ×OPDV×
%X#LØOHY#WÖP#NROWXNODUGD#LGHDO#GLQOHPH#NRØXOODU×Q×#VDÊOD\DQ#ELU#IDGHU2EDODQFH#D\DU×#VHÁPHQL]L#
VDÊODU1#
41 )DG#LØOHYLQL#VHÁPHN#LÁLQ#$8',2#GÖÊPHVLQH#EDV×Q1
*ÐVWHUJHGH#)DG
)DG#JÐUÖQHQH#GHN#$8',2#GÖÊPHVLQH#EDV×Q1
)DG
q %DODQV#D\DU×#ÐQFHGHQ#\DS×OP×ØVD/#%DO
%DO#JÐUÖQWÖ\H#JHOLU1
%DO
51 °Q2DUND#KRSDUOÐU#EDODQV×Q×#D\DUODPDN#LÁLQ#
°Q2DUND#KRSDUOÐU#EDODQV×Q×#D\DUODPDN#LÁLQ#ç
#YH\D#í
ç#YH\D#
°Q2DUND#KRSDUOÐU#EDODQV×#ç#YH\D#í#GÖÊPHVLQH#KHU#EDVW×Ê×Q×]GD#ÐQH#YH\D#DUND\D#GRÊUX#KDUHNHW#
HGHU1#
q °Q2DUND#KRSDUOÐU#EDODQV×#ÐQGHQ#DUND\D#KDUHNHW#HWWLNÁH#)DG#)48#r#)DG#548
)DG#)48#r#)DG#548#JÐUÖQWÖOHQLU1
)DG#)48#r#)DG#548
)DG#3#X\JXQ#RODQ#D\DUG×U1
q 6DGHFH#LNL#KRSDUOÐU#NXOODQ×O×UNHQ#)DG#3#
)DG#3#
)57.6:#RODUDN#D\DUO×\NHQ#ÐQ2DUND#KRSDUOÐU#EDODQV#D\DU×Q×#\DSDPD]V×Q×]1#6D\ID#
q $UND#Á×N×Ø#)57.6:
)57.6:
63nGDNL#$UND#Á×N×Ø#D\DU×Q×Q#DÁ×OPDV×#EÐOÖPÖQH#EDØYXUXQ1
61 6RO2VDÊ#KRSDUOÐU#EDODQV×Q×#D\DUODPDN#LÁLQ#
6RO2VDÊ#KRSDUOÐU#EDODQV×Q×#D\DUODPDN#LÁLQ#ë
#YH\D#é
ë#YH\D#
%DO#3#JÐUÖQWÖOHQLU1#6RO2VDÊ#KRSDUOÐU#EDODQV×#ë#YH\D#é#
ë#YH\D#éýGÖÊPHVLQH#EDVW×Ê×Q×]GD#%DO#3#
%DO#3#
GÖÊPHVLQH#KHU#EDVW×Ê×Q×]GD#VROD#YH\D#VDÊD#GRÊUX#KDUHNHW#HGHU1#
q 6RO2VDÊ#KRSDUOÐU#EDODQV×#VROGDQ#VDÊD#KDUHNHW#HWWLNÁH#%DO#/<#r#%DO#5<
%DO#/<#r#%DO#5<#JÐUÖQWÖOHQLU1#
%DO#/<#r#%DO#5<
7 ¶ 5 .¡ (
= $8',2#JÐVWHUJHVL
57
$XGLR#$\DUODU×
(NROD\]HULQ#NXOODQ×OPDV×
*UDILN#HNROD\]HUL/#DUDEDQ×Q#LÁ#DNXVWLN#Ð]HOOLNOHULQL#LVWHGLÊLQL]#JLEL#HØLWOHPHQL]#LÁLQ/#GHQJH\L#
D\DUODPDQ×]×#VDÊODU1#
(NROD\]HU#HÊULOHULQLQ#KDI×]DGDQ#ÁDÊU×OPDV×
(NROD\]HU#HÊULOHULQLQ#D\DUODQPDV×
6HÁLOL#EXOXQDQ#HNROD\]HU#HÊULVLQLQ#D\DU×Q×#LVWHGLÊLQL]#JLEL#\DSDELOLUVLQL]1#$\DUODQDQ#HNROD\]HU#
HÊULOHUL#&867204
&867204#YH\D#&867205
&867205#WDUDI×QGDQ#KDI×]D\D#DO×Q×U1
&867204
&867205
41 (NROD\]HU#PRGXQX#VHÁPHN#LÁLQ#$8',2#GÖÊPHVLQH#EDV×Q1
$8',2#GÖÊPHVLQH#JÐVWHUJHGH#(4#/RZ2(4#0LG2(4#+LJK
(4#/RZ2(4#0LG2(4#+LJK#JÐUÖQHQH#GHN#EDV×Q1
(4#/RZ2(4#0LG2(4#+LJK
+DI×]D#GD#ND\×WO×#\HGL#WDQH#HNROD\]HU#HÊULVL#LVWHQLOGLÊL#]DPDQ#KDI×]DGDQ#ÁDÊU×ODELOLU1#(NROD\]HU#
HÊULOHUL#ØXQODUG×U=
51 $\DUODPDN#LVWHGLÊLQL]#HNROD\]HU#EDQG×Q×#
$\DUODPDN#LVWHGLÊLQL]#HNROD\]HU#EDQG×Q×#ëðéý
ëðéýGÖÊPHVL\OH#VHÁLQ1
(4#/RZ#+GÖØÖN,#s#(4#0LG
(4#0LG#+RUWD,#s#(4#+LJK
(4#+LJK#+\ÖNVHN,
(4#/RZ
(4#0LG
(4#+LJK
*ÐVWHUJH
(NROD\]HU#HÊULVL
683(5#%$66
32:(5)8/
1$785$/
92&$/
&867204/#5
)/$7
6ÖSHU#EDV
*ÖÁOÖ
1DWÖUHO
9RNDO
°]HO#4/#5
'Ö]
61 (NROD\]HU#HÊULVLQL#D\DUODPDN#LÁLQ#
(NROD\]HU#HÊULVLQL#D\DUODPDN#LÁLQ#çý
YH\D#í
çýYH\D#
çýYH\D#
(NROD\]HU#HÊULVL#ç#YH\D#í#GÖÊPHVLQH#KHU#EDV×OG×Ê×QGD#\ÖNVHOLU#\D#GD#DOÁDO×U1#
.9#s#r 9#
9#HNROD\]HU#HÊULVL#\ÖNVHOLS#DOÁDOG×NÁD#JÐUÖQWÖOHQLU1
q .9
q &867204#
&867204#YH#&867205
&867205#HÊULOHUL#D\DUODQP×Ø#HÊULOHUGLU1
&867205
&867204#HÊULVL#ROXØWXUXODELOLU1#+&LKD]×Q#EÖQ\HVLQGHNL#&'#ÁDODU#
q +HU#ND\QDN#LÁLQ#D\U×#ELU#&867204
&867204
YH#0XOWL#&'#ÁDODU#RWRPDWLN#RODUDN#D\Q×#(NROD\]HU#(ÊULVL#$\DU×QD#D\DUODQ×UODU1,
q &867205#
&867205#KDULFLQGH#ELU#HÊUL#VHÁLOGLÊLQGH#D\DU#\DSDUVDQ×]/#HNROD\]HU#HÊULVLQLQ#D\DUODU×#
&867204#HÊULVLQGH#KDI×]D\D#DO×Q×U1
&867204
&867205#HÊULVL#ROXØWXUXODELOLU1
q 7ÖP#ND\QDNODU#LÁLQ#RUWDN#ELU#&867205
&867205
q &867205#
&867205#HÊULVL#VHÁLOGLÊLQGH#D\DU#\DSDUVDQ×]/#&867205#
&867205#HÊULVL#JÖQFHOOHQLU1
&867205#
)/$7#HNROD\]HU#
q )/$7#HÊULVL#VHÁLOGLÊLQGH#VHVH#GHVWHN#YH\D#GÖ]HOWPHOHU#\DS×OPD]1#%X#LØOHP#)/$7
)/$7
HÊULVL#YH#D\DUO×#ELU#HNROD\]HU#HÊULVL#DUDV×QGD#DOWHUQDWLI#RODUDN#JLGLS#JHOLUNHQ#HNROD\]HU#
HÊULOHULQLQ#HIHNWOHULQL#NRQWURO#HWPHGH#ID\GDO×G×U1
ô (NROD\]HUL#VHÁPHN#LÁLQ#(4#GÖÊPHVLQH#EDV×Q1
$ØDÊ×GDNL#HNROD\]HU#HÊULOHUL#DUDV×QGD#JLGLS#JHOPHN#LÁLQ#(4#GÖÊPHVLQH#WHNUDU#WHNUDU#EDV×Q1#
1RW=
q &867205
&867205#KDULFLQGH#ELU#HÊUL#VHÁLOGLÊLQGH#D\DU#\DSDUVDQ×]/#&867204
&867204#HÊULVL#JÖQFHOOHQLU1#
&867204
(NROD\]HU#HÊULVLQLQ#LQFH#D\DU×
6HÁPLØ#ROGXÊXQX]#HÊUL#EDQG×Q×Q#+(4#/RZ2(4#0LG2(4#+LJK
(4#/RZ2(4#0LG2(4#+LJK,#PHUNH]L#IUHNDQV×Q×#YH#4#
(4#/RZ2(4#0LG2(4#+LJK
IDNWÐUÖQÖ#+HÊUL#NDUDNWHULVWLNOHUL,#D\DUOD\DELOLUVLQL]1
'Ö]H\#+G%,
0HUNH]L#IUHNDQV
)UHNDQV#++],
41 )UHNDQV#YH#4#IDNWÐUÖ#+ÐUQ1/#)#;3#4#4:,#JÐVWHUJHGH#JÐUÖQHQH#GHN#$8',2#GÖÊPHVLQL#EDV×O×#
WXWXQ1
51 $8',2#GÖÊPHVLQH#EDVDUDN#D\DUODQDFDN#EDQG×#VHÁLQ1
/2:#+GÖØÖN,#s#0,'
0,'#+RUWD,#s#+,*+
+,*+#+\ÖNVHN,
/2:
0,'
+,*+
683(5#%$66#s#32:(5)8/
32:(5)8/#s#1$785$/
92&$/#s#&867204
&867204#
683(5#%$66
32:(5)8/ #1$785$/#s#92&$/
#1$785$/
92&$/
&867204
s#&867205
&867205#s#)/$7
)/$7
&867205
7 ¶ 5. ¡(
58
$XGLR#$\DUODU×
61 ·VWHQHQ#IUHNDQV×#
·VWHQHQ#IUHNDQV×#ëðéý
ëðéýGÖÊPHOHUL\OH#VHÁLQ1
·VWHGLÊLQL]#IUHNDQV#JÐUÖQHQH#GHN#ë#YH\D#é#GÖÊPHVLQH#EDV×Q1
71 ·VWHQHQ#4#IDNWÐUÖQÖ#VHÁPHN#LÁLQ#
·VWHQHQ#4#IDNWÐUÖQÖ#VHÁPHN#LÁLQ#çðí
çðí#GÖÊPHVLQH#EDV×Q1
çðí#GÖÊPHVLQH#EDV×Q1
·VWHGLÊLQL]#4#IDNWÐUÖ#JÐUÖQHQH#GHN#ç#YH\D#í#GÖÊPHVLQH#EDV×Q1
5#1#s#4#1
4#1#s#4#:
4#:#s#5#:
5#:
5#1
4#1
4#:
1RW=
q &867205
&867205#KDULFLQGH#ELU#HÊUL#VHÁLOGLÊLQGH#D\DU#\DSDUVDQ×]/#&867204
&867204#HÊULVL#JÖQFHOOHQLU1#
&867204
%DV#D\DU×Q×Q#\DS×OPDV×
.HVPH#IUHNDQV×Q×#YH#EDV#GÖ]H\LQL#D\DUOD\DELOLUVLQL]1
q )574
)574#PRGXQGD#EDV#D\DU×#VDGHFH#DUND#Á×N×Ø×#HWNLOHU=#ÐQ#Á×N×Ø#D\DUODQDPD]1
41 %DV×#VHÁPHN#LÁLQ#$8',2#GÖÊPHVLQH#EDV×Q1
(NUDQGD#%DVV
%DVV#JÐUÖQHQH#GHN#$8',2#GÖÊPHVLQH#EDV×Q1
%DVV
51 ·VWHQHQ#IUHNDQV×#ëðéý
·VWHQHQ#IUHNDQV×#ëðéýGÖÊPHOHUL\OH#VHÁLQ1
73#s#96
96#s#433
433#s#493
493#++],
73
96
433
493
61 %DV#GÖ]H\LQL#D\DUODPDN#LÁLQ#çý
%DV#GÖ]H\LQL#D\DUODPDN#LÁLQ#çýYH\D#
YH\D#í#GÖÊPHVLQH#EDV×Q1
çýYH\D#í
%DV#GÖ]H\L#ç#YH\D#í#GÖÊPHVLQH#KHU#EDV×OG×Ê×QGD#\ÖNVHOLU#\D#GD#DOÁDO×U1#%DV#VHV#GÖ]H\L#
\ÖNVHOLS#DOÁDOG×NÁD#.9
.9#s#r
9#JÐUÖQWÖOHQLU1#
.9
7L]#VHV#D\DU×Q×Q#\DS×OPDV×
.HVPH#IUHNDQV×Q×#YH#7L]#VHV#GÖ]H\LQL#D\DUOD\DELOLUVLQL]1
q )574
)574#YH#)575
)575##PRGODU×QGD#WL]#VHV#D\DU×#VDGHFH#ÐQ#Á×N×Ø×#HWNLOHU=#DUND#Á×N×Ø#D\DUODQDPD]1
)575
41 7L]#VHVL#VHÁPHN#LÁLQ#$8',2#GÖÊPHVLQH#EDV×Q1
(NUDQGD#7UHEOH
7UHEOH#JÐUÖQHQH#GHN#$8',2#GÖÊPHVLQH#EDV×Q1
7UHEOH
51 ·VWHQHQ#IUHNDQV×#ë
·VWHQHQ#IUHNDQV×#ë 2 é#GÖÊPHOHUL\OH#VHÁLQ1
5/8#N#s#7#N
5/8#N 7#N#s#9/6#N
7#N 9/6#N#s#43#N
9/6#N 43#N#++],
43#N
61 7L]#VHV#GÖ]H\LQL#D\DUODPDN#LÁLQ#
7L]#VHV#GÖ]H\LQL#D\DUODPDN#LÁLQ#çý
YH\D#í
çýYH\D#
çýYH\D#
7L]#VHV#GÖ]H\L#ç#YH\D#í#GÖÊPHVLQH#KHU#EDV×OG×Ê×QGD#\ÖNVHOLU#\D#GD#DOÁDO×U1#%DV#VHV#GÖ]H\L#
\ÖNVHOLS#DOÁDOG×NÁD#.9
.9#s#r
9#JÐUÖQWÖOHQLU1#
.9
<ÖNVHN#VHV#D\DU×Q×Q#\DS×OPDV×
<ÖNVHN#VHV#LØOHYL#N×V×N#VHVWH/#\ÖNVHN#YH#GÖØÖN#VHV#V×UDODU×QGDNL#ER]XNOXNODU×#JLGHULU1
41 <ÖNVHN#VHV#LØOHYLQL#VHÁPHN#LÁLQ#$8',2#GÖÊPHVLQH#EDV×Q1
(NUDQGD#/RXG
/RXG#JÐUÖQHQH#GHN#$8',2#GÖÊPHVLQH#EDV×Q1
/RXG
51 <ÖNVHN#VHV#LØOHYLQL#DÁPDN#LÁLQ#
<ÖNVHN#VHV#LØOHYLQL#DÁPDN#LÁLQ#ç
<ÖNVHN#VHV#GÖ]H\L#+ÐUQ1/#/RXG#0LG
/RXG#0LG,#JÐVWHUJHGH#EHOLULU1
/RXG#0LG
61 'Ö]H\L#VHÁPHN#LÁLQ#
'Ö]H\L#VHÁPHN#LÁLQ#ë
#YH\D#é
ë#YH\D#
·VWHGLÊLQL]#GÖ]H\#JÐUÖQHQH#GHN#ë#YH\D#é#GÖÊPHVLQH#EDV×Q1
/RZ#+GÖØÖN,#s#0LG
#0LG#+RUWD,#s#+LJK
+LJK#+\ÖNVHN,
/RZ
#0LG
+LJK
71 <ÖNVHN#VHV#LØOHYLQL#NDSDWPDN#LÁLQ#
<ÖNVHN#VHV#LØOHYLQL#NDSDWPDN#LÁLQ#í
/RXG=2))#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#
/RXG=2))
7 ¶ 5 .¡ (
/2:=#
/2:= 73#s#;3
73 ;3#s#433
493#++],
;3 433#s#493
433
493
833#s#4#N
4#N#s#5#N
0,'=# 533#s#833
533
833
4#N 5#N#++],
5#N
+,*+=#
6/48#N#s#;#N#
;#N#s#43#N
43#N#s#45/8#N
45/8#N#++],
+,*+= 6/48#N
;#N#
43#N
45/8#N
59
$XGLR#$\DUODU×
6XEZRRIHU#Á×N×Ø×Q×Q#NXOODQ×OPDV×
%X#FLKD]×Q#DÁ×O×S#NDSDW×ODELOHQ#ELU#VXEZRRIHU#Á×N×Ø×#YDUG×U1#$UND#Á×N×ØD#ELU#VXEZRRIHU#WDN×O×\VD/#
DUND#Á×N×Ø#D\DU×Q×#VXEZRRIHU#RODUDN#GHÊLØWLULS#VXEZRRIHU#Á×N×Ø×Q×#DÁ×Q1#'DKD#ID]OD#ELOJL#LÁLQ#
VD\ID#63nGDNL#$UND#Á×N×Ø#D\DU×Q×Q#DÁ×OPDV×#EÐOÖPÖQH#EDØYXUXQ1
41 6XE0:4#LØOHYLQL#VHÁPHN#LÁLQ#$8',2#GÖÊPHVLQH#EDV×Q1
$UND#Á×N×Ø#D\DU×#VXEZRRIHU#LNHQ/#6XE0:4
6XE0:4#D\DU×Q×#VHÁHELOLUVLQL]1#$8',2#GÖÊPHVLQH#6XE0:4
6XE0:4#
6XE0:4
6XE0:4
JÐVWHUJHGH#JÐUÖQHQH#GHN#EDV×Q1
51 6XEZRRIHU#Á×N×Ø×Q×#DÁPDN#LÁLQ#ç
6XEZRRIHU#Á×N×Ø×Q×#DÁPDN#LÁLQ#ç#GÖÊPHVLQH#EDV×Q1
*ÐVWHUJHGH#6XE0:4#21
6XE0:4#21#JÐUÖQWÖOHQLU1#6XEZRRIHU#Á×N×Ø×#ØLPGL#DÁ×NW×U1
6XE0:4#21
q íýGÖÊPHVLQH#EDVDUDN#VXEZRRIHU#Á×N×Ø×Q×#NDSDWDELOLUVLQL]1
6XEZRRIHU#D\DUODU×Q×Q#\DS×OPDV×
6XEZRRIHU#Á×N×Ø×#DÁ×NNHQ/#VREZRRIHUn×Q#NHVLOPH#IUHNDQV×Q×#YH#Á×N×Ø#GÖ]H\LQL#D\DUOD\DELOLUVLQL]1
41 6XE0:5#LØOHYLQL#VHÁPHN#LÁLQ#$8',2#GÖÊPHVLQH#EDV×Q1
6XEZRRIHU#Á×N×Ø×#DÁ×NNHQ/#6XE0:5
6XE0:5#D\DU×Q×#VHÁHELOLUVLQL]1#$8',2#GÖÊPHVLQH#6XE0:5#;3
6XE0:5#;3#++],#
6XE0:5
6XE0:5#;3
JÐVWHUJHGH#JÐUÖQHQH#GHN#EDV×Q1
q 6XEZRRIHU#D\DU×#GDKD#ÐQFH#\DS×OP×ØVD/#GDKD#ÐQFH#VHÁLOHQ#D\DU×Q#IUHNDQV×#83
83#++],#YH\D#458
458#
83
458
++],#JLEL#JÐVWHUJHGH#JÐUÖQWÖOHQLU1
.D\QDN#GÖ]H\OHULQLQ#D\DUODQPDV×
6/$#+.D\QDN#GÖ]H\#D\DU×,#ND\QDNODU#DUDV×QGD#JHÁLØ#\DSDUNHQ#VHVWH#ROXØDQ#DQL#V×ÁUDPDODU×#
ÐQOHPHN#LÁLQ#KHU#ND\QDÊ×Q#VHV#GÖ]H\LQL#D\DUODPDQ×]×#VDÊODU1#
q $\DUODU#GHÊLØPHGHQ#NDODQ#)0#VHVLQH#JÐUH#\DS×O×U1
41 )0#UDG\RVXQXQ#VHV#GÖ]H\LQL#D\DUODPDN#LVWHGLÊLQL]#ND\QDÊ×Q#+ÐUQ1/#FLKD]×Q#EÖQ\HVLQGHNL#&'#
ÁDODU,#GÖ]H\L\OH#NDUØ×ODØW×U×Q1
51 6/$#LØOHYLQL#VHÁPHN#LÁLQ#$8',2#GÖÊPHVLQH#EDV×Q1
(NUDQGD#6/$
6/$#JÐUÖQHQH#GHN#$8',2#GÖÊPHVLQH#EDV×Q1
6/$
61 .D\QDN#VHVLQL#D\DUODPDN#LÁLQ#çý
.D\QDN#VHVLQL#D\DUODPDN#LÁLQ#çýYH\D#
çýYH\D#í
.D\QDÊ×Q#VHVL#ç#YH\D#í#GÖÊPHVLQH#KHU#EDV×OG×Ê×QGD#\ÖNVHOLU#\D#GD#DOÁDO×U1#
q .D\QDÊ×Q#VHVL#\ÖNVHOLS#DOÁDOG×NÁD/#6/$#.7#
6/$#.7#s#6/$#r7
#6/$#r7#JÐUÖQWÖOHQLU1
6/$#.7#
#6/$#r7
1RW=
q )0#UDG\R#VHVL#NRQWURO#HGHQ#VHV#ROGXÊXQGDQ#)0#UDG\RVXQD#ND\QDN#GÖ]H\#D\DU×#X\JXODQDPD]1
q 0:2/:#UDG\RVXQXQ#VHV#GÖ]H\L#GH#ND\QDN#GÖ]H\#D\DU×#LOH#D\DUODQDELOLU1
q &LKD]×Q#EÖQ\HVLQGHNL#&'#ÁDODU#YH#PXOWL#&'#ÁDODU#RWRPDWLN#RODUDN#D\Q×#ND\QDN#GÖ]H\#D\DU×#VHVLQH#
D\DUO×G×U1
q '×Ø#%LULP#4#YH#'×Ø#%LULP#5#RWRPDWLN#RODUDN#D\Q×#VHV#VHYL\HVLQH#D\DUODQ×UODU1#
51 .HVPH#IUHNDQV×Q×#VHÁPHN#LÁLQ#
.HVPH#IUHNDQV×Q×#VHÁPHN#LÁLQ#ë
#YH\D#é
ë#YH\D#
83#++],#JÐUÖQWÖOHQLU1#é#GÖÊPHVLQH#EDVW×Ê×Q×]GD#458
458#++],#
ë#GÖÊPHVLQH#EDVW×Ê×Q×]GD#83
83
458
JÐUÖQWÖOHQLU1#6DGHFH#VHÁLOHQ#V×UDGDNL#IUHNDQVODUGDQ#GDKD#GÖØÖN#IUHNDQVODU#VXEZRRIHUnGDQ#
GX\XOXU1
61 6XEZRRIHUn×Q#Á×N×Ø#GÖ]H\LQL#D\DUODPDN#LÁLQ#
6XEZRRIHUn×Q#Á×N×Ø#GÖ]H\LQL#D\DUODPDN#LÁLQ#çý
çýYH\D#
çýYH\D#í
6XEZRRIHU#GÖ]H\L#ç#YH\D#í#GÖÊPHVLQH#KHU#EDV×OG×Ê×QGD#\ÖNVHOLU#\D#GD#DOÁDO×U1
+ÐUQ1/#.9
.9#LOH#r9
r9,1
.9
r9
·VWHGLÊLQL]#GHÊHU#JÐUÖQHQH#GHN#ç#YH\D#í#GÖÊPHVLQH#EDV×Q1#
7 ¶ 5. ¡(
5:
·ON#$\DUODU
·ON#D\DUODU×Q#\DS×OPDV×
41 6285&(#GÖÊPHVLQL#FLKD]#NDSDQDQD#GHN#EDV×O×#WXWXQ1
51 *ÐVWHUJHGH#]DPDQ#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQL#EDV×O×#WXWXQ1
61 )81&7,21#GÖÊPHVLQH#EDVDUDN#LON#D\DUODUGDQ#ELULQL#VHÁLQ1
$ØDÊ×GDNL#D\DUODU#DUDV×QGD#JLGLS#JHOPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#WHNUDU#WHNUDU#EDV×Q=
&/2&.#s#)0
)0#s#'$%
'$%#s#$03,#
$03,#s#:$51
:$51#s#$8;
$8;#s#',0
',0#s#%5,*+7
%5,*+7#
&/2&.
)0
'$%
$03,#
:$51
$8;
',0
%5,*+7
s#6:
6:#s#7(/4
6: 7(/4#s#7(/5
7(/4
7(/5
+HU#D\DU×#ÁDO×ØW×UPDN#LÁLQ#DØDÊ×GDNL#WDOLPDWODU×#X\JXOD\×Q1
q ·ON#D\DUODU×#LSWDO#HWPHN#LÁLQ#%$1'2(6&#GÖÊPHVLQH#EDV×Q1
q ·ON#D\DUODU×#FLKD]#NDSDQDQD#GHN#)81&7,21#GÖÊPHVLQL#EDV×O×#WXWDUDN#WD#LSWDO#HGHELOLUVLQL]1#
=DPDQ#D\DU×
%X#PRG/#ÖUÖQÖQ#VDDW#HNUDQ×QGD#]DPDQ×#D\DUODPDNWD#NXOODQ×O×U1
41 &/2&.#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
(NUDQGD#]DPDQ#JÐUÖQHQH#GHN#)81&7,21#GÖÊPHVLQH#EDV×Q1
51 =DPDQ#JÐVWHUJHVLQLQ#D\DU#\DSPDN#LVWHGLÊLQL]#EÐOÖPÖQÖ#
=DPDQ#JÐVWHUJHVLQLQ#D\DU#\DSPDN#LVWHGLÊLQL]#EÐOÖPÖQÖ#ëðéý
6DDW#JÐVWHUJHVLQLQ#D\DU#\DS×ODFDN#EÐOÖPÖ#ëðé#GÖÊPHVL\OH#VHÁLOLU=
+285#s#0,187(
6DDW#JÐVWHUJHVLQLQ#EÐOÖPOHULQL#VHÁWLNÁH/#
VHÁLOHQ#EÐOÖP#JÐ]#DWPD\D#EDØODU1
61 'RÊUX#]DPDQ×#
'RÊUX#]DPDQ×#çðíý
çðíýGÖÊPHVL\OH#VHÁLQ1
çðíýGÖÊPHVL\OH#VHÁLQ1
6DDW#YH\D#GDNLND#ç#GÖÊPHVLQH#EDVDUDN#DUW×U×O×U1#6DDW#YH\D#GDNLND#í#GÖÊPHVLQH#EDVDUDN#
D]DOW×O×U1
)0#LVWDV\RQODU×Q×#D\DUODPD#DG×P×Q×Q#D\DUODQPDV×
2WRPDWLN#LVWDV\RQ#DUDPD\OD#\DS×ODQ#)0#LVWDV\RQODU×Q×#D\DUODPD#DG×P×#QRUPDOGH#83#N+]nGLU1#
$)#YH\D#7$#LØOHYL#DÁ×NNHQ/#D\DUODPD#DG×P×#RWRPDWLN#RODUDN#433#N+]#RODUDN#GHÊLØLU1#
$)#LØOHYL#DÁ×NNHQ#LVWDV\RQ#D\DUODPD#DG×P×Q×#83#N+]nH#D\DUODPDN#GDKD#L\L#VRQXÁ#YHUHELOLU1
41 )0#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
)81&7,21#GÖÊPHVLQH#)0#6WHS
)0#6WHS#JÐVWHUJHGH#JÐUÖQHQH#GHN#EDV×Q1
)0#6WHS
51 )0#LVWDV\RQX#D\DUODPD#DG×P×Q×#
)0#LVWDV\RQX#D\DUODPD#DG×P×Q×#ëðéý
)0#LVWDV\RQX#D\DUODPD#DG×P×Q×#$)#YH\D#7$#LØOHYL#DÁ×NNHQ#83#N+]nGHQ#433#N+]nH#Á×NDUPDN#
LÁLQ#ëðé#GÖÊPHVLQH#EDV×Q1#6HÁLOHQ#)0#LVWDV\RQX#D\DUODPD#DG×P×#JÐVWHUJHGH#EHOLULU1•
1RW=
q 0DQXHO#D\DUODPD#HVQDV×QGD#LVWDV\RQ#D\DUODPD#DG×P×#83#N+]nH#D\DUO×#NDO×U1#
7 ¶ 5 .¡ (
·ON#D\DUODU#EX#FLKD]×Q#IDUNO×#D\DUODU×Q×Q#
LON#D\DUODU×Q×#\DSPDQ×]D#RODQDN#WDQ×U1
5;
·ON#$\DUODU
'$%#°QFHOLN#·ØOHYLQLQ#D\DUODQPDV×
6DNODQDQ#ELU#'$%#UDG\RVX#+ÐUQ1#*(;03:33'$%,#WDN×O\VD/#ÖUÖQÖ#EX#PRGD#D\DUOD\DELOLUVLQL]#
EÐ\OHFH#VDNODQDQ#'$%#UDG\RVXQXQ#WUDILN#ELOJLOHULQLQ#NHVLOPHVL#Ð]HOOLÊL#EX#ÖUÖQÖQ#5'6#WUDILN#
DQRQVX#LØOHYLQLQ#\HULQL#DO×U1
$Á×NNHQ
'$%#DO×P×#HVQDV×QGD/#VHÁLOHQ#KL]PHW#SDUÁDV×#\RO#WUDILÊL#IODØODU×#YH#XODØ×P#IODØODU×Q×#
GHVWHNOL\RUVD/#\D\×Q×Q#DO×P×#EX#ÖUÖQÖQ#5'6#WUDILN#DQRQVX#LOH#NHVLOPH]1
.DSDO×\NHQ
%X#ÖUÖQÖQ#5'6#YH#VDNODQDQ#'$%#WUDILN#ELOJLOHULQLQ#\D\×QODU×#DUDV×QGDQ#LON#DO×QDQ#KDEHU#IODØ×#
LOH#\D\×Q#NHVLOLU1#
41 '$%#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
)81&7,21#GÖÊPHVLQH#'$%#3ULRULW\
'$%#3ULRULW\#JÐVWHUJHGH#JÐUÖQHQH#GHN#EDV×Q1
'$%#3ULRULW\
51 '$%#LØOHYLQL#
'$%#LØOHYLQL#çðíý
çðíýGÖÊPHVL\OH#DÁ×S#NDSDW×Q1
'$%#3ULRULW\#LØOHYLQL#DÁ×S#NDSDWDELOLUVLQL]#YH#EX#LØOHPLQ#DUG×QGDQ#
çðí#GÖÊPHVLQH#EDVDUDN#'$%#3ULRULW\
'$%#3ULRULW\
LØOHYLQ#GXUXPX#JÐVWHUJHGH#JÐUÖQWÖOHQLU#+ÐUQ1/#'$%#3ULRULW\#=21
'$%#3ULRULW\#=21,1#
'$%#3ULRULW\#=21
2WRPDWLN#3,#$UDPD#LØOHYLQLQ#DÁ×O×S#NDSDW×OPDV×
&LKD]#ÐQ#D\DUO×#LVWDV\RQODU×Q#KDI×]DGDQ#JHUL#ÁDÊU×OPDV×#DQ×QGD#ELOH#SURJUDPODPDV×#D\Q×#DQFDN#
IDUNO×#ELU#LVWDV\RQX#RWRPDWLN#RODUDN#D\DUOD\DELOLU1
41 $03,#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
)81&7,21#GÖÊPHVLQH#$XWR#3,
$XWR#3,#JÐVWHUJHGH#JÐUÖQHQH#GHN#EDV×Q1
$XWR#3,
51 $03,#LØOHYLQL#çðíýGÖÊPHVL\OH#DÁ×S#NDSDW×Q1
$XWR#3,#LØOHYLQL#DÁ×S#NDSDWDELOLUVLQL]#YH#EX#LØOHPLQ#DUG×QGDQ#LØOHYLQ#
çðí#GÖÊPHVLQH#EDVDUDN#$XWR#3,
$XWR#3,
GXUXPX#JÐVWHUJHGH#JÐUÖQWÖOHQLU#+ÐUQ1/#$XWR#3,#=21
$XWR#3,#=21,1#
$XWR#3,#=21
8\DU×#WRQXQXQ#DÁ×O×S#NDSDW×OPDV×
.RQWDN#DQDKWDU×#NDSDW×OG×NWDQ#8#VDQL\H#VRQUD#ÐQ#SDQHO#DQD#ELULPGHQ#VÐNÖOPH]VH/#ELU#X\DU×#WRQX#
GX\XOXU1#8\DU×#WRQXQX#NDSDWDELOLUVLQL]1
41 :$51#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
)81&7,21#GÖÊPHVLQH#:DUQLQJ
:DUQLQJ#JÐVWHUJHGH#JÐUÖQHQH#GHN#EDV×Q1
:DUQLQJ
51 :$51#LØOHYLQL#çðíý
:$51#LØOHYLQL#çðíýGÖÊPHVL\OH#DÁ×S#NDSDW×Q1
:DUQLQJ#LØOHYLQL#DÁ×S#NDSDWDELOLUVLQL]#YH#EX#LØOHPLQ#DUG×QGDQ#LØOHYLQ#
çðí#GÖÊPHVLQH#EDVDUDN#:DUQLQJ
:DUQLQJ
GXUXPX#JÐVWHUJHGH#JÐUÖQWÖOHQLU#+ÐUQ1/#:DUQLQJ#=21
:DUQLQJ#=21,1#
:DUQLQJ#=21
<DUG×PF×#PDO]HPH#D\DU×Q×Q#DÁ×O×S#NDSDW×OPDV×
%X#ÖUÖQOH#\DUG×PF×#PDO]HPHOHULQ#NXOODQ×OPDV×#PÖPNÖQGÖU1#%X#FLKD]D#WDN×O×#\DUG×PF×#ELU#
PDO]HPH#NXOODQ×UNHQ/#\DUG×PF×#PDO]HPH#D\DU×Q×#DÁ×Q1
41 $8;#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
)81&7,21#GÖÊPHVLQH#$8;
$8;#JÐVWHUJHGH#JÐUÖQHQH#GHN#EDV×Q1
$8;
51 $8;#LØOHYLQL#
$8;#LØOHYLQL#çðíý
$8;#LØOHYLQL#DÁ×S#NDSDWDELOLUVLQL]#YH#EX#LØOHPLQ#DUG×QGDQ#LØOHYLQ#
çðí#GÖÊPHVLQH#EDVDUDN#$8;
$8;
GXUXPX#JÐVWHUJHGH#JÐUÖQWÖOHQLU#+ÐUQ1/#$8;#=21
$8;#=21,1#
$8;#=21
,Ø×N#NRQWUROÖ#D\DU×Q×Q#DÁ×O×S#NDSDW×OPDV×
*ÐVWHUJHQLQ#JHFHOHUL#ÁRN#SDUODN#ROPDV×Q×#ÐQOHPHN#LÁLQ/#JÐVJHUJH#×Ø×Ê×#DUDEDQ×Q#IDUODU×#VÐQHU#
VÐQPH]#RWRPDWLN#RODUDN#N×V×O×U1#,Ø×N#NRQWURO#D\DU×Q×#DÁ×S#NDSDWDELOLUVLQL]1
41 ',0#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
)81&7,21#GÖÊPHVLQH#'LPPHU
'LPPHU#JÐVWHUJHGH#JÐUÖQHQH#GHN#EDV×Q1
'LPPHU
51 ',0#LØOHYLQL#
',0#LØOHYLQL#çðíý
'LPPHU#LØOHYLQL#DÁ×S#NDSDWDELOLUVLQL]#YH#EX#LØOHPLQ#DUG×QGDQ#LØOHYLQ#
'LPPHU
ç 2 í#GÖÊPHVLQH#EDVDUDN#'LPPHU
GXUXPX#JÐVWHUJHGH#JÐUÖQWÖOHQLU#+ÐUQ1/#'LPPHU#=21
'LPPHU#=21,1#
'LPPHU#=21
7 ¶ 5. ¡(
5<
·ON#$\DUODU
3DUODNO×Ê×Q#VHÁLOPHVL
51 ·VWHQHQ#SDUODNO×Ê×#
·VWHQHQ#SDUODNO×Ê×#ëðéý
q *ÐVWHUJHGH#3
3#s#48#
48#JÐUÖQWÖOHQLU1#
48#
$UND#Á×N×Ø#D\DU×Q×Q#DÁ×O×S#NDSDW×OPDV×
41 7(/4#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
)81&7,21#GÖÊPHVLQH#+DQGV0)UHH
+DQGV0)UHH#JÐVWHUJHGH#JÐUÖQHQH#GHN#WHNUDU#WHNUDU#EDV×Q1
+DQGV0)UHH
51 7(/4#LØOHYLQL#
7(/4#LØOHYLQL#çðíý
ç 2 í#GÖÊPHVLQH#EDVDUDN#+DQGV0)UHH#LØOHYLQL#DÁ×S#NDSDWDELOLUVLQL]#YH#EX#GXUXP#JÐVWHUJHGH#
JÐUÖQWÖOHQLU#+ÐUQ1/#+DQGV0)UHH=21
+DQGV0)UHH=21,1#
+DQGV0)UHH=21
7HOHIRQXQ#6HVLQLQ#.HVLOPHVL2.×V×OPDV×#LØOHYLQLQ#DÁ×O×S#
NDSDW×OPDV×#
%X#ELULPH#WDN×O×#ELU#FHS#WHOHIRQXQGDQ#ELU#WHOHIRQ#JÐUÖØPHVL#\DS×O×UVD#\D#GD#EX#WHOHIRQ#G×ØDUGDQ#
DUDQ×UVD/#+DQGV)UHH#++DQGV0)UHH=2))
+DQGV0)UHH=2))#VHÁLOL\NHQ,#WHOHIRQX#NXOODQ×UNHQ#ELULPLQ#VHVLQL#NHVHELOLU#
+DQGV0)UHH=2))
\D#GD#N×VDELOLUVLQL]1
%X#ÖUÖQÖQ#DUND#Á×N×Ø×#+DUND#KRSDUOÐU#NDEORODU×Q×Q#Á×N×Ø×#YH#5&$#DUND#Á×N×Ø×,#WDP#GRQDQ×PO×#
KRSDUOÐUOH#YH\D#VXEZRRIHU#WDN×ODUDN#NXOODQ×ODELOLU1#$UND#KRSDUOÐU#NDEORVX#D\DU×Q×#VXEZRRIHU#
D\DU×#RODUDN#GHÊLØWLULUHQL]/#ELU#DUND#KRSDUOÐU#NDEORVXQX#ELU#VXEZRRIHUnD#\DUG×PF×#ELU#
DPSOLILNDWÐU#NXOODQPDGDQ#GRÊUXGDQ#WDNDELOLUVLQL]1
)81&7,21#GÖÊPHVLQH#7HOHSKRQH
7HOHSKRQH#JÐVWHUJHGH#JÐUÖQHQH#GHN#EDV×Q1
7HOHSKRQH
q $UND#Á×N×ØD#ELU#VXEZRRIHU#WDN×O×\VD/#Á×N×Ø#D\DU×Q×#VXEZRRIHUnD#D\DUOD\×Q1
q %X#D\DU×#GHÊLØWLUVHQL]#ELOH#VXEZRRIHU#Á×N×Ø×Q×#DÁPDG×Ê×Q×]#WDNGLUGH#+VD\ID#5:n\H#VXEZRRIHU#
Á×N×Ø×Q×Q#NXOODQ×OPDV×#EÐOÖPÖQH#EDN×Q,#KRSDUOÐUOHUGHQ#VHV#GX\XOPD]1
51 7HOHIRQXQ#VHVLQL#NHVPH2N×VPD#LØOHYLQL#ëðéý
7HOHIRQXQ#VHVLQL#NHVPH2N×VPD#LØOHYLQL#ëðéýGÖÊPHVL\OH#DÁ×S#NDSDW×Q1
ëðéýGÖÊPHVL\OH#DÁ×S#NDSDW×Q1
7HOHSKRQH#=$77#+VHVL#N×VPD,#YH#7HOHSKRQH
=087(#+VHVL#NHVPH,#
7HOHSKRQH#=$77
7HOHSKRQH =087(
ë 2é#GÖÊPHVLQH#EDVDUDN#7HOHSKRQH#=$77
DUDV×QGD#JLGLS#JHOHELOLUVLQL]#YH#EX#GXUXP#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#
q $UND#KRSDUOÐU#NDEORODU×Q×Q#Á×N×Ø×#YH#5&$#DUND#Á×N×Ø×Q×Q#KHU#LNLVL#ELUGHQ#EX#D\DUGD#D\Q×#DQGD#
GHÊLØWLULOHELOLU1
41 6:#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
)81&7,21#GÖÊPHVLQH#)57.5($5
)57.5($5#JÐVWHUJHGH#JÐUÖQHQH#GHN#EDV×Q1
)57.5($5
51 7DP#GRQDQ×PO×#KRSDUOÐU#V×UDV×Q×#YH\D#VXEZRRIHUn×#
7DP#GRQDQ×PO×#KRSDUOÐU#V×UDV×Q×#YH\D#VXEZRRIHUn×#ëðéý
)57.5($5#+WDP#GRQDQ×PO×#KRSDUOÐU,#YH#)57.6:
)57.6:#+VXEZRRIHU,#
)57.5($5
)57.6:
ë 2 é#GÖÊPHVLQH#EDVDUDN#)57.5($5
DUDV×QGD#JLGLS#JHOHELOLUVLQL]#YH#EX#GXUXP#JÐVWHUJHGH#JÐUÖQWÖOHQLU1#
+DQGVIUHH#WHOHIRQ#HWPH#LØOHYLQLQ#DÁ×O×S#NDSDW×OPDV×
.XOODQG×Ê×Q×]#FHS#WHOHIRQX#EDÊODQW×V×QD#JÐUH#KDQGVIUHH#WHOHIRQ#HWPH#LØOHYLQL#DÁ×S#
NDSDWDELOLUVLQL]1
+DQGVIUHH#WHOHIRQX#+D\U×#VDW×O×U,#NXOODQ×UNHQ/#+DQGV0)UHH=21
+DQGV0)UHH=21nX#VHÁLQ1
+DQGV0)UHH=21
7HOHIRQ#EHNOHPH#LØOHYLQLQ#DÁ×O×S#NDSDW×OPDV×#
%X#ÖUÖQÖQ#GLÊHU#ND\QDNODU×Q×#ÁDOPDGDQ#KDQGVIUHH#WHOHIRQX#NXOODQPDN#LVWHUVHQL]/#WHOHIRQ#
EHNOHPH#PRGXQX#GHYUH\H#VRNXQ1
)81&7,21#GÖÊPHVLQH#7(/VWDQGE\
7(/VWDQGE\#JÐVWHUJHGH#JÐUÖQHQH#GHN#EDV×Q1
7(/VWDQGE\
51 7(/5#LØOHYLQL#
7(/5#LØOHYLQL#çðíý
7(/VWDQGE\#LØOHYLQL#DÁ×S#NDSDWDELOLUVLQL]#YH#EX#LØOHPLQ#DUG×QGDQ#
7(/VWDQGE\
ç 2 í#GÖÊPHVLQH#EDVDUDN#7(/VWDQGE\
LØOHYLQ#GXUXPX#JÐVWHUJHGH#JÐUÖQWÖOHQLU#+ÐUQ1/#7(/VWDQGE\#=21
7(/VWDQGE\#=21,1
7(/VWDQGE\#=21
1RW=
q +DQGVIUHH#WHOHIRQ#HWPH#PRGXQGD#+DQGV0)UHH=21
+DQGV0)UHH=21#VHÁLOGLÊLQGH/#WHOHIRQ#EHNOHPH#PRGXQX#
+DQGV0)UHH=21
VHÁHELOLUVLQL]1#
7 ¶ 5 .¡ (
*ÐVWHUJHQLQ#SDUODNO×Ê×Q×#VHÁHELOLUVLQL]1#%DØODQJ×ÁWD#EX#PRG#45n\H#D\DUO×G×U1
41 %5,*+7#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
)81&7,21#GÖÊPHVLQH#%ULJKWQHVV
%ULJKWQHVV#JÐVWHUJHGH#JÐUÖQHQH#GHN#EDV×Q1
%ULJKWQHVV
63
'LÊHU#·ØOHYOHU
)DUNO×#HÊOHQFH#JÐVWHUJHOHULQLQ#NXOODQ×OPDV×#
+HU#VHV#ND\QDÊ×Q×#GLQOHUNHQ#HÊOHQFH#JÐVWHUJHOHULQGHQ#ID\GDODQDELOLUVLQL]1
ô (17(57$,10(17#GÖÊPHVLQH#EDV×Q1
(17(57$,10(17#GÖÊPHVLQH#KHU#EDV×OG×Ê×QGD#JÐVWHUJH#DØDÊ×GDNL#V×UDGD#GHÊLØLU=
6285&(#,&21#',63/$<#s#%*9#4
%*9#4#s#%*9#5#
%*9#5#s#%*9#6
%*9#6#s#%*9#7
%*9#7#
6285&(#,&21#',63/$<
%*9#4
%*9#5#
%*9#6
%*9#7
s#/(9(/
/(9(/#,1',&$725#4
/(9(/#,1',&$725#5#s#029,(#6&5((1#4
029,(#6&5((1#4#
/(9(/ ,1',&$725#4#s#/(9(/#,1',&$725#5
,1',&$725#4
/(9(/#,1',&$725#5
029,(#6&5((1#4
s#029,(#6&5((1#5
029,(#6&5((1#5#s#(17(57$,10(17#&/2&.
029,(#6&5((1#5 (17(57$,10(17#&/2&.
q %*9#$UND#)RQ#*ÐUÖQWÖVÖ#DQODP×QD#JHOLU1#
$8;#ND\QDÊ×Q×Q#NXOODQ×OPDV×
&'05%53#\D#GD#&'05%43#+D\U×#VDW×O×U,#JLEL#ELU#,30%8605&$#DUD#NRQQHNWÐUÖQÖ#NXOODQDUDN#EX#
ÖUÖQÖ#5&$#Á×N×Ø×#RODQ#\DUG×PF×#ELU#HNLSPDQD#EDÊOD\DELOLUVLQL]1#'DKD#ID]OD#GHWD\#LÁLQ#,30%860
5&$#$UD#NRQQHNWÐUÖQÖQ#NXOODQ×P#N×ODYX]XQD#EDN×Q1
$8;#LØOHYLQLQ#ND\QDN#RODUDN#VHÁLOPHVL
ô 6285&(#GÖÊPHVLQH#EDVDUDN#$8;#LØOHYLQL#ELU#ND\QDN#RODUDN#VHÁLQ1
*ÐVWHUJHGH#$8;
$8;#JÐUÖQHQH#GHN#6285&(#GÖÊPHVLQH#EDV×Q1
$8;
q <DUG×PF×#PDO]HPH#D\DU×#DÁ×N#GHÊLOVH/#$8;
$8;#VHÁLOHPH]1#'DKD#ID]OD#ELOJL#LÁLQ#VD\ID#5<nGDNL#
$8;
<DUG×PF×#PDO]HPH#D\DU×Q×Q#DÁ×OPDV×#EÐOÖPÖQH#EDØYXUXQ1
$8;#EDØO×Ê×Q×Q#D\DUODQPDV×
$8;#ND\QDÊ×Q×Q#JÐUÖQWÖOHQHQ#EDØO×Ê×#GHÊLØWLULOHELOLU1
$8;
41 $8;#LØOHYLQL#ELU#ND\QDN#RODUDN#VHÁWLNWHQ#VRQUD/#JÐVWHUJHGH#7,7/(##EHOLUHQH#GHN#)81&7,21#
GÖÊPHVLQL#EDV×O×#WXWXQ1
$OIDEH#+%Ö\ÖN#KDUI,/#1XPDUDODU#YH#6HPEROOHU#s#$OIDEH#+.ÖÁÖN#KDUI,#s#$YUXSD#KDUIOHUL/#
DNVDQO×#KDUIOHU#JLEL#+ÐUQ1/#»/#º/#¾/#Á,
ç#YH\D#
EDVW×Ê×Q×]GD#$#%#&#111#;#<#=#
$#%#&#111#;#<#=#V×UDV×QGD#
$#%#&#111#;#<#=#
JÐUÖQWÖOHQLU/##UDNDPODU#YH#VHPEROOHU#LVH#4#
#4#
5#6#111###&#?#V×UDV×QGD#JÐUÖQWÖOHQLU1#
5#6#111###&#?
$OIDEHQLQ#KDUIOHUL#í#GÖÊPHVLQH#KHU#
EDVW×Ê×Q×]GD#KDUIOHUL#=#<#;#111#&#%#$
=#<#;#111#&#%#$#JLEL#
=#<#;#111#&#%#$
WHUV#V×UDGD#JÐVWHULU1
71 ·POHFL#ELU#VRQUDNL#NDUDNWHUH#KDUHNHW#HWWLUPHN#LÁLQ#é
·POHFL#ELU#VRQUDNL#NDUDNWHUH#KDUHNHW#HWWLUPHN#LÁLQ#é#GÖÊPHVLQH#EDV×Q1
81 %DØO×Ê×#JLUGLNWHQ#VRQUD#LPOHFL#HQ#VRQ#NRQXPXQD#JHWLUPHN#LÁLQ#
%DØO×Ê×#JLUGLNWHQ#VRQUD#LPOHFL#HQ#VRQ#NRQXPXQD#JHWLUPHN#LÁLQ#é
91 ¡DOPD#HNUDQ×QD#JHUL#GÐQPHN#LÁLQ#%$1'2(6&#GÖÊPHVLQH#EDV×Q1#
7 ¶ 5. ¡(
64
'LÊHU#·ØOHYOHU
7HOHIRQ#HGHUNHQ#VHVLQ#NHVLOPHVL2N×V×OPDV×#YH#KDQGVIUHH#WHOHIRQ#
HWPH#LØOHYLQLQ#NXOODQ×OPDV×
= 7(;7#JÐVWHUJHVL
¸X#DQGD#DO×QDQ#KL]PHWLQ#ELU#GLQDPLN#HWLNHWL##YDUG×U1
> (;75$#JÐVWHUJHVL
¸X#DQGD#DO×QDQ#+L]PHWnLQ#·NLQFLO#ELU#6HUYLV#3DUÁDV×#YDU1
%X#ÖUÖQH#EDÊO×#ELU#FHS#WHOHIRQXQGDQ#DUDPD#\DS×OG×Ê×QGD#\D#GD#DUDQ×OG×Ê×QGD#VLVWHPLQ#VHVL#
RWRPDWLN#RODUDN#NHVLOLU#\D#GD#N×V×O×U1
:#+7+5#ë
ë,#JÐVWHUJHVL#? :#+7+5#
·ON#$\DU#0HQÖVÖQGH#KDQGVIUHH#WHOHIRQX#NXOODQPD#PRGXQGD#+DQGV0)UHH=2))
+DQGV0)UHH=2))#VHÁLOGLÊLQGH/#
+DQGV0)UHH=2))
WHOHIRQX#NXOODQ×UNHQ#VHVLQ#NHVLOPHVL2N×V×OPDV×#PRGX#GHYUH\H#JLUHU1#+6D\ID#63nD#EDN×Q1,
$#+11&#ë
ë,#JÐVWHUJHVL#@ $#+11&#
q 6HV#NHVLOLU/#087(
087(#\D#GD#$77
$77#JÐUÖQWÖOHQLU#YH#KLÁ#ELU#VHV#D\DU×#\DSPDN#PÖPNÖQ#ROPD]1#
087(
$77
q 7HOHIRQ#EDÊODQW×V×#VRQD#HUGLÊLQGH#LØOHPOHU#QRUPDOH#GÐQHU1
A 1(7#JÐVWHUJHVL
+DQGVIUHH#WHOHIRQ#HWPH#LØOHYL
+DQGVIUHH#WHOHIRQX#NXOODQDUDN#WHOHIRQ#HWWLÊLQL]GH#\D#GD#WHOHIRQ#JHOGLÊLQGH/#VLVWHPLQ#VHVL#NHVLOLU#
YH#NRQXØWXÊXQX]#NLØLQLQ#VHVL#KRSDUOÐUOHUGHQ#GX\XOXU1
·ON#$\DU#0HQÖVÖQGH#KDQGVIUHH#WHOHIRQX#NXOODQPD#PRGXQGD#+DQGV0)UHH=21#
+DQGV0)UHH=21##VHÁLOGLÊLQGH/#
+DQGV0)UHH=21#
WHOHIRQX#NXOODQ×UNHQ#KDQGVIUHH#WHOHIRQ#PRGX#GHYUH\H#JLUHU1#+6D\ID#63nD#EDN×Q1,
1RW=
q 7HOHIRQ#HGLOGLÊLQGH#\D#GD#JHOGLÊLQGH#ND\QDN#GHÊLØWLUPHN#PÖPNÖQ#ROPD]1
q 7HOHIRQ#HWWLÊLQL]GH#\D#GD#WHOHIRQ#JHOGLÊLQGH#VDGHFH#LNL#D\DU×#+VHV#YH#IDGHU2EDODQFH,#\DSPDN#
PÖPNÖQGÖU1
q 7HOHIRQ#EDÊODQW×V×#VRQD#HUGLÊLQGH#LØOHPOHU#QRUPDOH#GÐQHU1
q ·ON#$\DU#0HQÖVÖQGH#7HOHIRQ#EHNOHPH#PRGXQGD#7(/VWDQGE\=21
7(/VWDQGE\=21#VHÁLOGL\VH/#WHOHIRQ#EHNOHPH#LØOHYL#
7(/VWDQGE\=21
ELU#ND\QDN#RODUDN#VHÁLOHELOLU1#+6D\ID#63nD#EDN×Q1,#
'$%#LØOHPLQLQ#WDQ×W×OPDV×
%X#ÖUÖQÖ#D\U×#VDW×ODQ#VDNODQDELOHQ#ELU#'$%#
UDG\RVX\OD#+*(;03:33'$%,#
NXOODQELOLUVLQL]1#·ØOHPOHUOH#LOJLOL#VRUXODU×Q×]#
LÁLQ#'$%#UDG\RVXQXQ#ÁDO×ØW×UPD#
N×ODYX]ODU×QD#+%X#ÖUÖQ#ELU#DQD#ELULPLQ#41#JUXS#
ELULPLGLU,#EDN×Q1#%X#EÐOÖP#'$%#UDG\RVXQXQ#
NXOODQ×P#N×ODYX]XQGD#EDOLUWLOHQOHUGHQ#
IDUNO×O×N#JÐVWHUHQ/#'$%#UDG\RODU×Q×Q#EX#
ÖUÖQOH#NXOODQ×OPDV×#KDNN×QGD#ELOJLOHU#VDÊODU1
:HDWKHU#+%ÐOJH#+DYD#)ODØ×,#LØOHYL#DÁ×N#ROGXÊXQGD#JÐVWHULU1
$QQRXQFH#+DQRQV,#LØOHYL#DÁ×N#ROGXÊXQGD#JÐVWHULU1
6HUYLFH#)ROORZ#++L]PHW#7DNLEL,#LØOHYL#DÁ×N#ROGXÊXQGD#JÐVWHULU1
- $\DUO×#DQRQV#GHVWHÊL#DO×QG×Ê×QGD/#SDUDQWH]#LÁLGHNL#KDUIOHU#\DQDU1##
1RW=
q $\DUO×#DQRQV#GHVWHÊL#ELOJLOHUL#DO×Q×UVD/#VLPJH#
/#
#\DQDU1
¡DO×ØW×UPD#·ØOHPL
$ØDÊ×GDNL#LØOHYOHUL#EX#ÖUÖQOH#NXOODQDELOLUVLQL]1
q 0HYFXW#37<#·ØOHYL#+6D\ID#66nH#EDN×Q1,
q 'LQDPLN#HWLNHW#LØOHYL#+6D\ID#66nH#EDN×Q1,
$\U×FD#DØDÊ×GDNL#LNL#LØOHYLQ#EX#ÖUÖQOH#ÁDO×ØPDV×#IDUNO×G×U1
q (WLNHWLQ#'HÊLØWLULOPHVL
q $QRQVODU×Q#·ØOHY#0HQÖVÖ#LOH#¡DO×ØW×U×OPDV×
%X#ÖUÖQ#DØDÊ×GDNL#ÖÁ#LØOHYH#VDKLS#GHÊLOGLU1
q +L]PHW#/LVWHVL#·ØOHYL
q 'LO#)LOWUHVL#·ØOHYL#
q 3*0#GÖÊPHVLQLQ#NXOODQ×OPDV×
7 ¶ 5 .¡ (
7HOHIRQ#HGHUNHQ#VHVLQ#NHVLOPHVL2N×V×OPDV×
65
'LÊHU#·ØOHYOHU
(WLNHWLQ#'HÊLØWLULOPHVL
',63/$<#GÖÊPHVLQH#KHU#EDV×OG×Ê×QGD#JÐVWHUJH#DØDÊ×GDNL#V×UDGD#GHÊLØLU=
6HUYLFH#/DEHO#s#6&#/DEHO#
6&#/DEHO#+6HUYLV#SDUÁDV×#HWLNHWL,#s#'$%#7(;7
'$%#7(;7#+'LQDPLN#HWLNHWL,#s#
6HUYLFH#/DEHO
6&#/DEHO#
'$%#7(;7
(QVHPEOH#/DEHO#s#37<
(QVHPEOH#/DEHO# 37<#+37<#HWLNHWL,
37<
1RW=
q 6HUYLV#SDUÁDV×#HWLNHWL#\D#GD#GLQDPLN#HWLNHWL#ROPD\DQ#ELU#VHUYLV#SDUÁDV×#LOH#VHUYLV#SDUÁDV×#HWLNHWLQH#\D#
GD#GLQDPLN#HWLNHWH#JHÁPHN#PÖPNÖQ#GHÊLOGLU1#
q 6HUYLV#HWLNHWL#JÐVWHUJHVL#KDULFLQGHNL#JÐVWHUJHOHUOH#VHNL]#VDQL\H#LÁLQGH#ELU#LØOHP#\DSPD]VDQ×]#\D#GD#
',63/$<#GÖÊPHVLQGHQ#EDØND#ELU#GÖÊPH\H#EDVDUVDQ×]/#JÐVWHUJH#VHUYLV#HWLNHWL#JÐVWHUJHOHULQH#GÐQHU1
$QRQVODU×Q#·ØOHY#0HQÖVÖ#LOH#¡DO×ØW×U×OPDV×
51#DG×PGD#ëðé#GÖÊPHVLQL#NXOODQ×UNHQ/#JÐVWHUJHOHU#DØDÊ×GDNL#V×UDGD#JÐUÖQWÖOHQLU=
:HDWKHU#+%ÐOJH#+DYD#)ODØ×,#s#$QQRXQFH
#$QQRXQFH#+$QRQV,
:HDWKHU
#$QQRXQFH
'LQDPLN#HWLNHWLQ#NXOODQ×OPDV×
'LQDPLN#HWLNHW/#GLQOHPHNWH#ROGXÊXQX]#VHUYLV#SDUÁDV×\OD#LOJLOL#NDUDNWHU#ELOJLOHULQL#VDÊODU1#
*ÐUÖQWÖOHQHQ#ELOJLOHUL#JÐVWHUJHGH#ND\G×UDELOLUVLQL]1#
1RW=
q 5DG\R#RWRPDWLN#RODUDN#HQ#VRQ#DO×QDQ#ÖÁ#GLQDPLN#HWLNHW#ELOJLVLQL#KDI×]DV×QD#DO×U#YH#HQ#ÐQFH#DO×QDQ#PHWQL#
HQ#\HQL#PHWLQOH#GHÊLØWLULU1
q (Q#ID]OD#DOW×#WDQH#GLQDPLN#PHWLQ#LOHWLVLQL#4r9#GÖÊPHOHULQH#ND\GHGHELOLUVLQL]1
'LQDPLN#HWLNHWLQ#JÐUÖQWÖOHQPHVL
41 7(;7#GÖÊPHVLQH#EDVDUDN#GLQDPLN#HWLNHWL#JÐUÖQWÖOH\LQ1
q 7(;7#GÖÊPHVLQH#ELU#NH]#GDKD#EDV×Q#YH\D##%$1'2(6&#GÖÊPHVLQH#EDV×Q#YH#GLQDPLN#HWLNHW#
PRGXQX#LSWDO#HGLQ1
q 'LQDPLN#PHWLQ#YHULOHUL#DO×QP×\RUVD/#12#7(;7
12#7(;7#JÐUÖQWÖOHQLU1
12#7(;7
1RW=
q 7$#GÖÊPHVLQL#EDV×O×#WXWDUDN#1(:6#
1(:6#LØOHYLQL#DÁ×Q1#1(:6
1(:6#LØOHYLQL#NDSDWPDN#LÁLQ#7$#GÖÊPHVLQL#EDV×O×#
1(:6#
1(:6
WXWXQ1
q $QQRXQFH#+DQRQV,#LØOHYL#DÁ×NNHQ/#:DUQLQJ26HUYLFH
:DUQLQJ26HUYLFH#+X\DU×2VHUYLV,/#(YHQW#$QQRXQFHPHQW
(YHQW#$QQRXQFHPHQW#+ROD\#
$QQRXQFH
:DUQLQJ26HUYLFH
(YHQW#$QQRXQFHPHQW
DQRQVX,/#6SHFLDO#(YHQW#
6SHFLDO#(YHQW#+Ð]HO#ROD\,/#)LQDQFH#
)LQDQFH#+ILQDQV,#/#6SRUWV
6SRUWV#+VSRU,#YH#,QIRUPDWLRQ
,QIRUPDWLRQ#+ELOJLOHU,##LØOHYOHUL#
6SHFLDO#(YHQW#
)LQDQFH#
6SRUWV
,QIRUPDWLRQ
GH#DÁ×O×U1
0HYFXW#37<#·ØOHYL
$O×QDELOHFHN#37<#ELOJLOHULQLQ#DUDV×QGDQ#LVWHGLÊLQL]#37<#ELOJLOHULQL#VHÁLQ1
'$%#37<#LØOHYOHUL/#5'6#37<#LØOHYOHULQGHQ#ELUD]#IDUNO×G×U1#'$%#37<#LØOHYOHULQL#5'6#37<#
LØOHYOHUL\OH#NDU×ØW×UPD\×Q1
37<nQLQ#$UDQPDV×
41 37<#LØOHYLQL#VHÁPHN#LÁLQ#)81&7,21#GÖÊPHVLQH#EDV×Q1
51 %LU#SURJUDP#WÖUÖ#VHÁPHN#LÁLQ#ë
#YH\D#é
%LU#SURJUDP#WÖUÖ#VHÁPHN#LÁLQ#ë#YH\D#
61 $UDPD\D#EDØODPDN#LÁLQ#ç
$UDPD\D#EDØODPDN#LÁLQ#ç#GÖÊPHVLQH#EDV×Q1
1RW=
q *ÐUÖQWÖOHQHQ#37<#\ÐQWHPL#'DUnG×U1#*HQLØ#\ÐQWHP#'$%#UDG\RVX#ND\QDN#RODUDN#NXOODQ×OG×Ê×QGD#
VHÁLOHPH]1#+6D\ID#46nH#EDN×Q1,
51 (Q#VRQ#DO×QDQ#ÖÁ#GLQDPLN#HWLNHWL#KDI×]DGDQ#JHUL#ÁDÊ×UPDN#LÁLQ#
(Q#VRQ#DO×QDQ#ÖÁ#GLQDPLN#HWLNHWL#KDI×]DGDQ#JHUL#ÁDÊ×UPDN#LÁLQ#ë
#YH\D#é
ë#YH\D#
(Q#VRQ#DO×QDQ#GLQDPLN#HWLNHW#PHWQL\OH#GDKD#ÐQFH#DO×QDQ#ÖÁ#GLQDPLN#HWLNHW##PHWQL#JÐVWHULPL#
DUDV×QGD#JLGLS#JHOPHN#LÁLQ#ë#YH\D#é#GÖÊPHVLQH#EDV×Q1
q +DI×]DGD#ND\×WO×#ELU#GLQDPLN#HWLNHW#YHULVL##\RNVD#JÐVWHUJH#GHÊLØPH]1
61 'LQDPLN#HWLNHWL#JÐVWHUJHGH#ND\G×UPDN#LÁLQ#
'LQDPLN#HWLNHWL#JÐVWHUJHGH#ND\G×UPDN#LÁLQ#í
q 'LQDPLN#HWLNHWL#JÐUÖQWÖOHUNHQ/#DUDEDQ×]×#HPLQ#ELU#ØHNLOGH#SDUN#HWPHGHQ#ELU#LØOHP#\DSPD\×Q1#
q çýGÖÊPHVLQH#EDVDUVDQ×]/#LON#VDW×UD#JHUL#GÐQHUVLQL]1
q 'LQDPLN#HWLNHW#PRGXQX#LSWDO#HWWLNWHQ#VRQUD#EX#PRGX#WHNUDU#VHÁHUVHQL]/#HQ#VRQ#DOG×Ê×Q×]#
ELOJLOHU#JÐUÖQHELOLU1
'LQDPLN#HWLNHWLQ#KDI×]D\D#ND\GHGLOPHVL#YH#KDI×]DGDQ#JHUL#ÁDÊU×OPDV×
(Q#ID]OD#DOW×#WDQH#GLQDPLN#PHWLQ#LOHWLVLQL#4r9#GÖÊPHOHULQH#ND\GHGHELOLUVLQL]1
41 +DI×]D\D#ND\GHWPHN#LVWHGLÊLQL]#GLQDPLN#HWLNHWL#JÐUÖQWÖOH\LQ1
%X#VD\IDQ×Q#'LQDPLN#HWLNHWLQ#JÐUÖQWÖOHQPHVL#EÐOÖPÖQH#EDN×Q1
51 6HÁLOL#GLQDPLN#HWLNHW##PHWQLQL#ND\GHWPHN#LÁLQ#4r9#GÖÊPHOHULQGHQ#KHUKDQJL#ELULQH#EDV×Q1
+DI×]D\D#DOG×Ê×Q×]#QXPDUD#JÐVWHUJHGH#JÐUÖQWÖOHQLU#YH#VHÁWLÊLQL]#GLQDPLN#HWLNHW#PHWQL#KDI×]D\D#
ND\GHGLOLU1
%LU#GDKD#NL#VHIHUH#D\Q×#4r9#GÖÊPHVLQH#EDVW×Ê×Q×]GD/#ND\×WO×#RODQ#GLQDPLN#HWLNHW#PHWQL#KDI×]DGDQ#
JHUL#ÁDÊU×O×U1#
7 ¶ 5. ¡(
66
(N#%LOJLOHU
&'#ÁDODU#YH#EDN×P×
67
&'052&'05:#GLVNOHUL
q %LU#PÖ]LN#&'#ND\×WÁ×V×\OD#ND\GHGLOPLØ#&'052&'05:#GLVNOHULQLQ#KDULFLQGHNL#&'05#GLVNOHU#
QRUPDO#ÁDO×QDPD\DELOLU1
q 6DGHFH#QRUPDO/#\XYDUODN#&'nOHUL#
NXOODQ×Q1#'Ö]HQVL]/#\XYDUODN#ROPD\DQ#
&'nOHU#&'#ÁDODUGD#V×N×ØDELOLU#YH#GRÊUX#
ÁDO×ØPD\DELOLUOHU1
q %LU#&'052&'05:#GLVN#Ö]HULQH#ND\GHGLOHQ#EDØO×NODU#YH#GLÊHU#PHWLQ#ELOJLOHUL#EX#ÖUÖQOH#
JÐUÖQWÖOHQHPH\HELOLU1
q 7ÖP#&'nOHUL/#ÁDOPDGDQ#ÐFH#ÁDWODN/#ÁL]LN#YH#HÊLN#ROPDG×NODU×Q×#DQODPDN#LÁLQ#NRQWURO#HGLQ1#
¡DWODN/#ÁL]LN#YH#HÊULOPLØ#&'nOHU#GRÊUX#ÁDO×ØPD\DELOLU1#%X#WÖU#GLVNOHUL#NXOODQPD\×Q1
q 'LVNOHUL#WXWDUNHQ#ND\×WO×#\Ö]H\OHULQH#+\D]×O×#ROPD\DQ#\Ö]Ö,#GRNXQPDNWDQ#NDÁ×Q×Q1
q 'LVNOHUL#NXOODQPDG×Ê×Q×]#]DPDQ#NXWXODU×QGD#WXWXQ1
q 'LVNOHUL#GLUHNW#JÖQHØ#×Ø×Ê×QGDQ#YH#DØ×U×#V×FDNO×NODUGDQ#X]DN#WXWXQ1
q 'LVNOHULQ#\Ö]H\LQH#HWLNHW#\DS×ØW×UPD\×Q/#\D]×#\D]PD\×Q#YH\D#NLP\DVDO#PDGGHOHU#
X\JXODPD\×Q1
q %LU#&'n\L#WHPL]OHUNHQ#\XPXØDN#ELU#
EH]OH#RUWDV×QGDQ#NHQDUODU×QD#GRÊUX#
VLOLQ1
q 6RÊXN#KDYDODUGD#NOLPD#DÁ×NVD/#&'#ÁDODU×Q#LÁL#QHPOHQPLØ#RODELOLU1#1HP#&'#ÁDODU×Q#GRÊUX#
ÁDO×ØPDPDV×QD#VHEHS#RODELOLU1#1HPLQ#VRUXQ#Á×NDUG×Ê×Q×#GÖØÖQÖ\RUVDQ×]#&'#ÁDODU×#ELU#VDDW#
IDODQ#NDSDWDUDN#NXUXPDV×Q×#VDÊOD\×Q#YH#QHPOL#GLVNOHUL#\XPXØDN#ELU#EH]OH#NXUXOD\×Q1
q <ROODUGDNL#ØRNODU#&'#ÁDOPDQ×]×#\DU×GD#NHVHELOLU1#
q 0Ö]LN#&'052&'05:#GLVNOHUL#ELU#PÖ]LN#&'#ND\×WÁ×V×\OD#ND\GHGLOPLØ#ROVDODU#ELOH#GLVN#
Ð]HOOLNOHULQGHQ/#GLVNOHULQ#Ö]HULQGHNL#ÁL]LNOHUGHQ#YH#NLUOHUGHQ#GROD\×#EX#ÖUÖQOH#QRUPDO#RODUDN#
ÁDO×QDPD\DELOLU1#¶UÖQÖQ#LÁLQGHNL#OHQVLQ#QHPOHQPHVL#YH\D#NLUOHQPHVL#GH#ÁDOPD\×#D\U×FD#
HQJHOOH\HELOLU1
q %X#ÖUÖQ#&'052&'05:#GLVNLQ#ØDUN×#DWODPD#LØOHYL\OH#X\XPOXGXU1##¸DUN×#DWODPD#ELOJLOHULQL#
LÁHUHQ#ØDUN×ODU#RWRPDWLN#RODUDN#DWODQ×U1
q %X#ELULPH#ELU#&'05:#GLVNL#NR\DUVDQ×]/#EX#GLVNLQ#ÁDO×QPDV×#QRUPDO#&'#YH\D#&'05#GLVNLQ#
ÁDO×QPDV×QGDQ#GDKD#X]XQ#VÖUHGH#EDØODU1
q &'052&'05:#WÖUÖ#GLVNOHUL#NXOODQPDGDQ#ÐQFH#GLVNLQ#ÐQ#X\DU×ODU×Q×#RNX\XQ1#
&LKD]×Q#EÖQ\HVLQGH#NL#&'#ÁDODU×Q#KDWD#PHVDMODU×Q×Q#DQODØ×OPDV×
&'#ÁDODUNHQ#VRUXQODU#ROXØXUVD/#JÐVWHUJHGH#ELU#KDWD#PHVDM×#EHOLUHELOLU1#%LU#KDWD#PHVDM×#
JÐUÖQWÖOHQGLÊLQGH#DØDÊ×GDNL#WDEOR\D#EDØYXUDUDN#SUREOHPLQ#QH#ROGXÊXQX#YH#ÐQHULOHQ#ÁÐ]ÖP#
\ÐQWHPLQL#DQOD\×Q1#+DWD#GÖ]HOWLOHPL\RUVD/#ED\LLQL]H#\D#GD#HQ#\DN×Q#3LRQHHU#<HWNLOL#6HUYLVLQH#
EDØYXUXQ1
0HVDM
(55250
(55250
(55250
(55250
44/#45/#4:/#63
44/#45/#4:/#63
47
43/#44/#45/#47/
4:/#63/#$3
(55250 77
6HEHEL
<DS×ODFDN#LØOHP
.LUOL#GLVN
¡L]LOPLØ#GLVN
%RØ#GLVN
(OHNWULNVHO#\D#GD#PHNDQLN#
SUREOHP
'LVNL#WHPL]OH1
'LVNL#GHÊLØWLU1
'LVNL#NRQWURO#HW1
.RQWDÊ×#DÁ×Q#YH#NDSDW×Q#+21#YH#2)),/#\D#GD#
EDØND#ELU#ND\QDÊD#JHÁLS#DUG×QGDQ#&'#ÁDODUD#
JHÁLQ1
'LVNL#GHÊLØWLU1
7ÖP#ØDUN×ODU#ØDUN×ODU×#DWO×\RU
7 ¶ 5 .¡ (
q 6DGHFH#&RPSDFW#'LVF#'LJLWDO#$XGLR#
LØDUHWL#RODQ#&'nOHUL#NXOODQ×Q1
(N#%LOJLOHU
°]HOOLNOHU
*HQHO
&'#ÁDODU
*ÖÁ#.D\QDÊ×#111111111#47/7#9#'&#+43/;#r#48/4#9#NXOODQ×ODELOLU,
7RSUDNODPD#VLVWHPL# 111111111111111111111111111111111111111111111 #1HJDWLI#WÖU
0DNV1#DN×P#WÖNHWLPL#111111111111111111111111111111111111111111111111111#43/3#$
%R\XWODU#+(#N#%#N#',=
¸DVL#+',1,# 111111111111111111111111111111111111 #4:;#N#83#N#48:#PP
%XUXQ#1111111111111111111111111111111111111111111111 #4;;#N#8;#N#4<#PP
$Ê×UO×N# 111111111111111111111111111111111111111111111111111111111111111111111111 #4/7#NJ
6LVWHP#111111111111111111111111111111111111111#.RPSDNW#GLVN#DXGLR#VLVWHPL
.XOODQ×ODELOLU#GLVNOHU# 11111111111111111111111111111111111111 #.RPSDNW#GLVN
6LQ\DO#IRUPDW×#111111111111111111111111 °UQHNOHPH#IUHNDQV×=#77/4#N+]
.XDQWL]DV\RQ#ELWOHULQLQ#VD\×V×=#49>#OLQHDU
)UHNDQV#Ð]HOOLNOHUL# 1111111111111111111111111111 #8#r#531333#+]#+‹4#G%,
6LQ\DO0JÖUÖOWÖ#RUDQ×# 1111111111 #<7#G%#+4#N+],#+,(&0$#QHWZRUN,
'LQDPLN#V×UD# 111111111111111111111111111111111111111111111111111#<5#G%#+4#N+],
.DQDO#VD\×V×# 11111111111111111111111111111111111111111111111111111111111 #5#+VWHUHR,
$XGLR
)0#UDG\R
)UHNDQV#DUDO×Ê×# 11111111111111111111111111111111111111111 #;:/8#r#43;/3#0+]
.XOODQ×ODELOLU#KDVVDVO×N#1111111111111111111111111111111111111111111111111#<#G%I
+3/;#•92:8#Ω/#PRQR/#621=#63#G%,
83#G%#VHVVL]OHØWLUPH#KDVVDVO×Ê×# 1111111111111111111111111111111111#48#G%I
+4/8#•92:8#Ω/#PRQR,
6LQ\DO#JÖUÖOWÖ#RUDQ×#1111111111111111111111111#:3#G%#+,(&0$#QHWZRUN,
'LVWRUVL\RQ# 111111111111111111111111 #3/6(#+98#G%InGH/#4#N+]/#VWHUHR,
)UHNDQV#WHSNLVL# 1111111111111111111111111111111 #63#r#481333#+]#+‹6#G%,
6WHUHR#D\U×P×# 11111111111111111111111111111111#73#G%#+98#G%InGH/#4#N+],
0:#UDG\R
)UHNDQV#DUDO×Ê×# 1111111111111111111111111111111#864#r#41935#N+]#+<#N+],
.XOODQ×ODELOLU#KDVVDVO×N#11111111111111111111111111#4;#•9#+621=#53#G%,
6HÁLOHELOLUOLN# 111111111111111111111111111111111111111111111111 #83#G%#+‹<#N+],
/:#UDG\R
)UHNDQV#V×UDV×#1111111111111111111111111111111111111111111111111#486#r#5;4#N+]
.XOODQ×ODELOLU#KDVVDVO×N#11111111111111111111111111#63#•9#+621=#53#G%,
6HÁLOHELOLUOLN# 111111111111111111111111111111111111111111111111 #83#G%#+‹<#N+],
1RW=
q &LKD]×Q#JHOLØWLULOPHVL#DPDF×\OD/#Ð]HOOLNOHU#YH#
WDVDU×P#PÖØWHUL\H#ELOGLULOPHGHQ#
GHÊLØLNOLNOHUH#WDELLGLU1
7 ¶ 5. ¡(
0DNVLPXP#JÖÁ#Á×N×Ø×# 11111111111111111111111111111111111111111111 #83#:#×#7
VXEZRRIHU#LÁLQ#+:3#:#[#4#FK25#Ω,
58#:#[#7#+%5,,
'HYDPO×#JÖÁ#Á×N×Ø×#1111111111111111111111111111111111111111111111111 #5:#:#×#7
+',1#78657/#.#%# #47/7#9,
<ÖN#GLUHQFL# 111111111111111111111111111111111111111111111111111111111111111111111 #7#Ω#
+7#r#;#Ω#>5#Ω#IRU#4#FK@#NXOODQ×ODELOLU,
°QÁ×N×Ø#PDNVLPXP#Á×N×Ø×
GÖ]H\L2Á×N×Ø#GLUHQFL# 111111111111111111111111111111111111 #5/5#924#NΩ
(NROD\]HU#+60%DQWO×#3DUDPHWULN#(NROD\]HU,=
+'ÖØÖN,#111111111111111111111111111111#)UHNDQV=#732;324332493#+]
4#)DNWÐUÖ=#31682318<231<824148
+.9#G%#DUW×U×OG×Ê×QGD,
$PSOLILNDV\RQ=#‹45#G%
+2UWD,# 1111111111111111111111111111111#)UHNDQV=#533283324#N25#N#+]
4#)DNWÐUÖ=#31682318<231<824148
+<ÖNVHN,# 1111111111111111#)UHNDQV=#6/48#N2;#N243#N245/8#N#+]
4#)DNWÐUÖ=#31682318<231<824148
#
<ÖNVHN#VHV#NRQWÐUÖ=
+'ÖØÖN,#111111111111111111111111111111111111111111111 #.6/8#G%#+433#+],
.6#G%#+43#N+],
+2UWD,# 1111111111111111111111111111111111111111111111111 #.43#G%#+433#+],
.9/8#G%#+43#N+],
+<ÖNVHN,# 11111111111111111111111111111111111111111111 #.44#G%#+433#+],
.44#G%#+43#N+],
+VHV=#r 63#G%,
7RQ#NRQWUROOHUL=
+%DV,# 1111111111111111111111111111111111#)UHNDQV=#7329624332493#+]
+7L]#VHV,# 111111111111111111111#)UHNDQV=#5/8#N27#N29/6#N243#N#+]
6XEZRRIHU=#
)UHNDQV=# 111111111111111111111111111111111111111111111111111#832;32458#+]
(ÊUL=# 1111111111111111111111111111111111111111111111111111111111111#r45#G%2RFW
$PSOLILNDV\RQ=#11111111111111111111111111111111111111111111111111#‹45#G%
68
3,21((5#&25325$7,21#
704/#0(*852#40&+20(/#0(*8520.8/#72.<2#4860;987/#-$3$1
3,21((5#(/(&7521,&6#+86$,#,1&1#
3121#%R[#4:93/#/RQJ#%HDFK/#&DOLIRUQLD#<3;34/#8161$1#
7(/=#+;33,#75404737
3,21((5#(8523(#1191
+DYHQ#43;:#.HHWEHUJODDQ#4/#%0<453#0HOVHOH/#%HOJLXP#
7(/=#+3,#628:3138144
3,21((5#(/(&7521,&6#$8675$/,$#37<1#/7'1#
4:;04;7#%RXQGDU\#5RDG/#%UDHVLGH/#9LFWRULD#64<8/#$XVWUDOLD#
7(/=#+36,#<8;909633
3,21((5#(/(&7521,&6#2)#&$1$'$/#,1&1#
633#$OOVWDWH#3DUNZD\/#0DUNKDP/#2QWDULR#/65#335/#&DQDGD#
7(/=#+<38,#7:<07744
3,21((5#(/(&7521,&6#'(#0(;,&2/#61$1#GH#&191#
6DQ#/RUHQ]R#1XP#433<#6HU#SLVR#'HVS1#635#
&RO1#'HO#9DOOH/#0H[LFR#'1)1#&131#36433#
7(/=#809;;0850<3
3LRQHHU#&RUSRUDWLRQ#WDUDI×QGDQ#EDV×OP×ØW×U1#
7HOLI#KDNN×#ƒ
ƒ#5334#3LRQHHU#&RUSRUDWLRQnD#DLWWLU1#
7ÖP#KDNODU×#VDNO×G×U1
%HOÁLNDnGD#EDV×OP×ØW×U
0$10'(+0397335078

DEH-P6400R

Transkript

Benzer belgeler

kullanıcı kılavuzu