Sayı 39 Bereket Dergisi 2015 Pdf

Y
$K\FGP
/GNKMɲCJ76-7
)GPGN/ȜFȜT;CTFŠOEŠUŠ
'ROXGROXELU%HUHNHW
*H©HQVD\ÈPÈ]GDEXPDNDOH\LKD]ÈUODUNHQ]DPDQÈQ
¸QHPLQHGHĔLQPLėYHJHULG¸Q¾ė¾P¾ROPD\DQEXQLPHWLQ
L\LGHĔHUOHQGLULOPHVLJHUHNWLĔLQLYXUJXODPÈėWÈNĖėWHDNÈS
JLGHQEX]DPDQVHOLQGH\HQLELUVD\ÈLOHNDUėÈQÈ]GD\È]<HQL
ELUWDNYLP\ÈOÈQDJLUHUNHQ%(5(.(7èLQVD\ÈVÈVL]GHĔHUOL
RNXUODUÈ\ODEXOXėWX'HUJLQL]\LQHGRSGROXEHĔHQLLOH
RNX\DFDĔÈQÈ]P¾NHPPHOELUL©HULNOHVL]OHUHNRQXNROX\RU
%XVD\ÈQÈQNDSDNNRQXVXQGD$OEDUDND*UXS%DėNDQÈ
YH&LGGH7LFDUHW2GDVÈ%DėNDQÈ6KDLNK6DOHK$EGXOODK
.DPHOèLNRQXNHWWLN<ÈOODUÈQELULNLPLQLNHQGLVLQGHQ
VL]OHUL©LQGLQOHGLN$OEDUDND7¾UNè¾Q¸UQHNELU©DOÈėPD
VHUJLOHGLĔLQLEHOLUWHQ6DOHK$EGXOODK.DPHO\ÈOÈQÈLGUDN
HGHQ$OEDUDND7¾UNè¾QNXUXOXėXQXJ¾YHQGD\DQÈėPDYH
EDėDUÈOÈELU©DOÈėPDLOHJHOGLĔLQRNWD\ÈYHJHOHFHĔLLOHLOJLOL
G¾ė¾QFHOHULQLEL]OHUOHSD\ODėWÈ
%XVD\ÈPÈ]GDê\ÈOÈQDGDLUHNRQRPLNEHNOHQWLOHUë
NRQXVXQXLėOHGLN1LėDQWDėȞQLYHUVLWHVL5HNW¸U¾3URI
'U.HUHP$ONLQLOH\DSWÈĔÈPÈ]U¸SRUWDMDEHQGHQL]LQ
J¸]OHPOHULQLGHLODYHHGHUHN\HQL\ÈODGDLUWDKPLQOHULVL]OHU
L©LQVD\IDODUÈPÈ]DWDėÈGÈN
žONHPL]GH\RĔXQELUėHNLOGH\DėDQDQėHKLUOHėPH
YHJHWLUGLĔLVRUXQODULOH©¸]¾P¸QHULOHULQL0DUPDUD
žQLYHUVLWHVL6L\DVDO%LOJLOHU)DN¾OWHVL'HNDQÈYHD\QÈ
]DPDQGDėHKLU\¸QHWLPLX]PDQÈRODQ3URI'U5HFHS
%R]ODĔDQLOHJ¸U¾ėW¾NĖOJLLOHRNX\DFDĔÈQÈ]ÈXPX\RUX]
+DW6DQDWÈE¸O¾P¾Q¾QEXVD\ÈGDNLNRQXĔX+DWWDW6DYDė
‰HYLN+DOL©žQLYHUVLWHVLèQGH¸ĔUHWLP¾\HVLRODUDN
J¸UHYLQLV¾UG¾UHQ<UG'R©'U6DYDė‰HYLNLOHPHVOHĔH
EDėODPDVÈQGDQEXJ¾QH©DOÈėPDODUÈQÈYHKDWVDQDWÈQÈ
NRQXėWXN
ĕHKLUWXUXPX]XQEXVD\ÈGDNLGXUDĔȾ©GLOOLNDUGHėėHKLU
6LLUWĖQDQ©WXUL]PLQLQJHOLėWLĔLYHGRĔDVSRUODUÈLOHDGÈQGDQ
V¸]HWWLUPH\HEDėOD\DQLOLPL]GH¸]HOOLNOH6LLUW)ÈVWÈĔÈ
3HUYDUL%DOÈYH=LY]LN1DUȸQHPOL9DOL0XVWDID7XWXOPD]
6LLUWèL\DSÈODQKL]PHWOHULYHKHGHĆHULQLDQODWWÈ
<XUWGÈėÈJH]LPL]GHLVHEXGHIDĖVSDQ\Dè\DG¾ėW¾\ROXPX]
%LOKDVVD(QG¾O¾V(PHYLOHULQLQK¾N¾PV¾UG¾Ĕ¾
\ÈOODUÈDUDVÈQGDLQėDHGLOHQ\¾NVHNPHGHQL\HWWHQ
J¾Q¾P¾]HLQWLNDOHGHQNÈVPÈJ¸U¾OPH\HGHĔHUP¾FHYKHU
JLEL]L\DUHW©LOHULQLEHNOL\RU
%XVD\ÈGDNLGLNNDW©HNHQNRQXNODUGDQELULVLGHUHQNOL
NLėLOLĔLLOHWDQÈQDQYHKX]XUXĖVODPLDUDėWÈUPDODUGD
EXOGXĔXQXV¸\OH\HQ'UĖUYLQ&HPLO6FKLFN+DUYDUGèGD
WDVDYYXĆDWDQÈėPÈėN¾OW¾UWDULKLQHYHKDWVDQDWÈQDPHUDNOÈ
ELUPDWHPDWLN©LRODQ'U6FKLFNèLQD©ÈNODPDODUÈQÈELU
VROXNWDRNX\DFDNVÈQÈ]
$OEDUDND7¾UN*HQHO0¾G¾U<DUGÈPFÈVÈ$OL7XĔOXLOH
ê7HNQRORMLëNRQXVXQGD\DSÈODQV¸\OHėLQLQGH\HUDOGÈĔÈ
%HUHNHWèLQEXVD\ÈVÈQGDD\UÈFDULWLPXVWDVÈ2ND\7HPL]YH
ĖVWDQEXO%DėDNėHKLUVSRU7HNQLN'LUHNW¸U¾$EGXOODK$YFÈ
LOH\DSÈODQV¸\OHėLOHULEXODELOHFHNVLQL]
%HUHNHWèLQEXVD\ÈVÈQGDê6LQHPDëNRQXVXQGDLVH
VSRQVRUOXĔXQX$OEDUDNDèQÈQ\DSWÈĔÈPHYOLWJHOHQHĔLQL
DQODWDQê0DėXNèXQ1HIHVLëLVLPOLEHOJHVHOWDQÈWÈOÈ\RU
Ė\LRNXPDODUGLOHĔLLOH
$OEDUDND7¾UN.DWóOóP%DQNDVó$GóQD6DKLEL
&T(CJTGVVKP;CJɲK
*HQHO<D\óQ<¸QHWPHQL
/GNKMɲCJ7VMW
<D]óòġOHUL6RUXPOXVX
'MTGOɱCJKP
<D\óQ(GLW¸U¾
$WTCM;GFGM
<D\óQ.XUXOX
0KJCV$Q\6GOGN*C\ŠTQȼNW$ȜNGPV6CDCP
6WTIWV5KOKVȊKQȼNW*ȜUG[KP6WPȊ
1UOCPǯGNGDK5CNKJ7\WP*CUCP#NVWPFCȼ
'DQóġPD.XUXOX
;CNȊŠPǽPGT1UOCP#M[Ȝ\/KVCV#MVCɲ
<¸QHWLP<HUL
5CTC[/CJCNNGUK&T#FPCP$Ȝ[ȜMFGPK\
%CFFGUK0Q
ȁOTCPK[GɋUVCPDWN
DGTGMGVFGTIKUK"CNDCTCMCVWTMEQOVT
MWTWOUCNKNGVKUKO"CNDCTCMCVWTMEQOVT
YYYCNDCTCMCVWTMEQOVT
<D\óQ7¾U¾
;GTGN5ȜTGNK&GTIK
<D\óQ<DSóP
+D\DW$NDGHPL(áLWLP'DQóġPDQOóNYH
2UJDQL]DV\RQ+L]PHWOHUL7LF/WGĠWL
0KɲCPEŠ/CJCNNGUK&CXWVCȼC%CFFGUK
0Q'[ȜRɋUVCPDWN
(CMU
DKNIK"JC[CVCMCFGOKEQO
YYYJC[CVCMCFGOKEQO
<D\óQ.RRUGLQDW¸U¾
*C[CVK$C[TCM
<DSóP(GLW¸U¾
*ȜUG[KP6ȜTMQȼNW
*¸UVHO<¸QHWPHQ
'UTCPWT$Q\FGOKT
žUHWLP6RUXPOXVX
5ȜNG[OCP5C[CP
%DVNó&LOW
ɱCP1HUGV/CVDCCEŠNŠM
*COKFK[G/CJ#PCFQNW%CF0Q
-CȼŠVJCPGɋUVCPDWN6GN
(CZ
5GTVKHKMC0Q
ò©LQGHNLOHU
%HUHNHW_5C[Š
6KDLNK6DOHK$EGXOODK.DPHO
*C[CNKOK\MCVŠNŠO
DCPMCEŠNŠȼŠPŠPGPIȜȊNȜ
VGOUKNEKUKQNOCM
*¾QGHP
-CVŠNŠO$CPMCNCTŠ
ŨVG5ŠȊTCOC;CRCDKNKT
ĠHKLU<DġDP
ɱGJKT/GFGPK[GVVKT
6LLUW
ȁȊ&KNNK-CTFGɲɱGJKT
'UòUYLQ&HPLO6FKLFN
*W\WTWɋUNCOK
#TCɲVŠTOCNCTFC$WNFWO
2ND\7HPL]
*C[CVŠP4KVOKPK
;CMCNC[CP7UVC
<UG'R©'U6DYDġ‰HYLN
*CVɋUVCPDWN
ɋNG$ȜVȜPNGɲOKɲVKT
òVSDQ\D
'PFȜNȜUŨȜPɋ\NGTK
$EGXOODK$YFó
)Ș\Ȝ<KTXGFG
_$K\FGP
_#NDCTCMCŨFCP
_5CȼNŠM
_6GMPQNQLK
_#KNG
_5KPGOC
_-KVCRNŠM
_#NDCTCMCŨFCP
*CDGTNGT
_ɱWDGNGTKOK\
_$WNOCEC
&T(CJTGVVKP;#*ɱɋ
)GPGN/ȜFȜT
%ž<ž0(1Ė1˜7(6Ė
9L]\RQHĔHURUJDQL]DV\RQL©LQ\ROJ¸VWHULFLELUQLWHOLN
WDėÈPÈ\RUVDDQODPVÈ]VDGHFHN¤ĔÈW¾]HULQGHNDOPÈėELU
EHOJHGLUê'¾Q\DQÈQHQL\LNDWÈOÈPEDQNDVÈROPDNëYL]\RQX
$OEDUDNDL©LQ\ROD©DQ©DOÈėDQODUÈQDYHGLĔHUSD\GDėODUÈQD
JHU©HNWHQKH\HFDQYHUHQ\ROJ¸VWHUHQELULONH$VÈO
KH\HFDQYHULFLRODQVDEXLONHQLQV¸]G¾]H\LQGHNDOPD\ÈS
KHUDODQGDKD\DWDJH©PHVL
.XUXPVDOEDėDUÈQÈQHQVRPXWJ¸VWHUJHVLG¸QHP
EDėÈQGDEHOLUOHQHQKHGHIOHULQJHU©HNOHėWLULOPHVL
<ÈOVRQXUDNDPODUÈKHQ¾]NHVLQROPDPDNODELUOLNWH
$OEDUDNDèQÈQ\ÈOÈQGDEHOLUOHQHQKHGHIOHULKHU
DODQGD\DNDODGÈĔÈQÈKDWWDDėWÈĔÈQÈEHOLUWPHNLVWHULP
%LODQ©RPX]\D\ÈPODQGÈĔÈQGDJ¸U¾OHFHĔL¾]HUH
KHGHIOHULPL]EDQNDFÈOÈNVHNW¸U¾Q¾QRUWDODPDVÈQÈQ
¾VW¾QGHKD\OLLGGLDOÈKHGHIOHUGLU+DPGROVXQNLEDQND
RODUDN\ÈOODUGÈUKHGHIOHULPL]LJHU©HNOHėWLUPHGHKHUKDQJL
ELUSUREOHP\DėDPDGÈN6HUPD\H\DSÈPÈ]ÈQEL]H
VDĔODGÈĔÈLPN¤QYHNDSDVLWH\L\¾NVHNELUVRUXPOXOXN
GX\JXVX\ODVRQKDGGLQHNDGDUNXOODQDUDNėXEHDĔÈPÈ]È
KÈ]ODJHOLėWLUGLNĕXEHVD\ÈVÈE¾\¾PHQLQHQ¸QHPOL
GLQDPLNOHULQGHQ'LĔHU\DQGDQKHU\HQLėXEHQLQHQD]
RQNLėL\HLVWLKGDPLPN¤QÈVDĔODGÈĔÈG¾ė¾Q¾OG¾Ĕ¾QGHEX
©DEDQÈQWRSOXPVDOGHĔHULGDKDL\LDQODėÈOÈU
%¾\¾PHYHN¤UOÈOÈNJLELKHGHĆHULQJHU©HNOHėWLULOPHVL
¸QFHOLNOLROPDNODELUOLNWHELUėLUNHWLQNDOLWHVLQLQ
GHĔHUOHQGLULOPHVLL©LQEXQODU\HWHUOL¸O©¾WOHUGHĔLOGLU
6¾UG¾U¾OHELOLUELUSHUIRUPDQVL©LQėLUNHWLQWHNQRORMLN
VHYL\HVLP¾ėWHULOHULQGHĔLėHQEHNOHQWLOHULQLIDUNHWPHVL
YHEXQXKHPHQNDUėÈOD\DFDNHVQHNOLNWHELURUJDQL]DV\RQ
\DSÈVÈQDVDKLSROPDVȾUHWNHQYHYHULPOLNXUXP
N¾OW¾U¾Q¾QYDUOÈĔÈROPD]VDROPD]ėDUWODUGDQGÈU%XėDUWODUÈ
\HULQHJHWLUHPH\HQėLUNHWOHUG¸QHPVHOEDėDUÈODU\DNDODVD
GDEXQXV¾UG¾UPHOHULP¾PN¾QROPD\DELOLU
6¾UG¾U¾OHELOLUELUEDėDUÈL©LQ\XNDUÈGDVÈUDODQDQ
VDKDODUGDGLQDPLNELUWXWXPDOÈQPDVÈQÈQJHUHNOLOLĔLQLQ
IDUNÈQGDRODQ$OEDUDND7¾UNELU\DQGDQSHUIRUPDQV
YHE¾\¾PHKHGHĆHULQLJHU©HNOHėWLULUNHQGLĔHU\DQGDQ
V¸]NRQXVXVDKDODUGDN¸NO¾FHVDUHWOLGHĔLėLPDGÈPODUÈ
DWPDNWDGÈU3D]DUODPDYHVDWÈėNDQDOODUÈPÈ]ÈQ\HQLGHQ
\DSÈODQGÈUÈOPDVÈQÈDUWÈNP¾ėWHULOHULPL]GHNHQGLOHULQH
XODėWÈUÈODQKL]PHWLQNDOLWHVLQLQDUWPDVÈQGDQNROD\OÈNOD
IDUNHWPHNWHGLU(VDVWD]DWHQP¾ėWHULRGDNOÈRODQNXUXP
N¾OW¾U¾P¾]\HQL\DSÈODQPDLOHELUOLNWHEXQLWHOLĔLQL
GDKDGDJ¾©OHQGLUPHIÈUVDWÈQÈ\DNDODPÈėEXOXQPDNWDGÈU
9L]\RQXPX]XQLėDUHWHWWLĔLê'¾Q\DQÈQHQL\LVLROPDNëHQ
E¾\¾NROPDNODHėDQODPOÈGHĔLO$QFDN©DOÈėDQODUD©ÈVÈQGDQ
#NDCTCMCŨFCP
HQ©RNWHUFLKHGLOHQNXUXPROPDNP¾ėWHULOHULPL]LQ
EHNOHQWLOHULQLHQL\LėHNLOGHDQOD\ÈSRQODUDHQL\LKL]PHWL
VXQPDNNHQGLDODQÈQGDHQ\HQLOLN©LROPDNYL]\RQXPX]XQ
EL]HKHGHIRODUDNLėDUHWHWWLĔLKXVXVODU
%XDODQGDNLDVÈON¸NO¾WHNQRORMLNGHĔLėLNOLNLVH
¸Q¾P¾]GHNLJ¾QOHUGHJHU©HNOHėHFHNWLU,QWHUWHFK
ILUPDVÈLOHELUOLNWHJHOLėWLUGLĔLPL]DQDEDQNDFÈOÈN\D]ÈOÈPÈNHQGL
LKWL\D©ODUÈPÈ]ÈNDUėÈODPDQÈQ¸WHVLQGHEDQNDFÈOÈNVHNW¸U¾L©LQ
GH©RNGHĔHUOLELU¾U¾QRODUDNRUWD\D©ÈNPDNWDGÈU%X¾U¾Q¾
D\QÈVHNW¸UGHIDDOL\HWJ¸VWHUHQEDėNDNXOODQÈFÈODUODSD\ODėPD
IÈUVDWODUÈPÈ]ÈQRODFDĔÈQÈGDEHOLUWPHNLVWHULP
ĖėOHWPHOHULQYDUOÈNODUÈQÈV¾UG¾UHELOPHOHULL©LQLėKD\DWÈQÈQ
JHWLUGLĔLEHOLUOLWHVWOHULYDU+HULėOHWPHNHQGLWDULKLQGH
ELUėHNLOGHEXWHVWOHUGHQJH©PHNGXUXPXQGDNDOÈ\RU
%XQODUGDQELULQFLVLLėOHWPHQLQNHQGLGHĔHUOHULQHQHNDGDU
VDGDNDWJ¸VWHUGLĔL‰¾QN¾GHĔHUOHULėOHWPHOHUHGÈėDUÈGDQ
GD\DWÈODELOHQKXVXVODUGHĔLOGLUĖėOHWPH\LNXUDQKLVVHGDUODU
EXGHĔHUOHULNHQGLLUDGHOHUL\OHEHOLUOHU$OEDUDNDèQÈQ
GHĔHUOHULQHEDĔOÈNDOPDGDSHNL\LELUVLFLOLROGXĔXQXEX
NXUXPXWDQÈ\DQE¾W¾QNHVLPOHULQWHVOLPHGHFHĔLQGHQ
NXėNXPX]\RNĖėOHWPHOHUL©LQLNLQFLE¾\¾NWHVWDODQÈ]DPDQD
NDUėÈJ¸VWHUGLNOHULGD\DQÈNOÈOÈN%LULėOHWPHQLQKD\DWL\HWL
L©LQN¤U]RUXQOXOXNROPDNODELUOLNWHV¾UHNOLOLĔLQLQWHPHO
ėDUWODUÈQGDQGHĔLOGLUĖėOHWPHOHUGHLQVDQODUJLELLQLėYH©ÈNÈėODU
J¸VWHUHELOLU'¾Q\DGDEXQXQELU©RN¸UQHĔLYDU$VÈORODQ
LėOHWPHQLQKD\DWWDNDOPDVÈGHĔLėHQėDUWODUNDUėÈVÈQGDNHQGLQL
\HQLOH\LSX\DUOD\DELOPHVLYHP¾ėWHULOHULL©LQNDWPDGHĔHU
¾UHWHELOPHVLGLU%LUGHIDHOGHHGLOPLėEDėDUÈQÈQNDWÈNDOÈSODUÈQD
WDNÈOÈSNDOPDNLėOHWPHOHUL©LQ\RNROPDQÈQGDEDėODQJÈFÈGÈU
%XQXQG¾Q\DGD©RNVD\ÈGD¸UQHĔLYDU%LULėOHWPHQLQGHĔLėHQ
ėDUWODUÈGRĔUXDOJÈOD\ÈSNHQGLVLQLEXQDJ¸UH\HQLOH\HELOPHVLQLQ
VÈUUÈVDKLSROGXĔXLQVDQND\QDNODUÈQÈQNDOLWHYHNDSDVLWHVLQH
EXNDSDVLWH\LKDUHNHWHJH©LUHELOPH\HWHQHĔLQHEDĔOÈ
$OEDUDND7¾UN\ÈOOÈNIDDOL\HWG¸QHPLQLJHULGHEÈUDNWÈ
%LULėOHWPHL©LQD]ÈPVDQPD\DFDNELUV¾UH%XV¾UHGH
NXUXPXPX]EDėODQJÈ©WDEHOLUOHQHQNXUXOXėGHĔHUOHULQH
EDĔOÈNDODUDNG¸QHPLQėDUWODUÈQÈQJHUHNWLUGLĔL©RNVD\ÈGD
GHĔLėLPYH\HQLOHQPH\LKD\DWDJH©LUGL
+L©NXėNXP\RNNLEXQGDQVRQUDGDE¸\OHRODFDN
%XYHVLOHLOHEXJ¾QHNDGDU$OEDUDND7¾UNNLPOLĔLQLQ
ROXėPDVÈQGDHPHĔLJH©HQNDWNÈVÈEXOXQDQE¾W¾Q
DUNDGDėODUÈPÈ]DWHėHNN¾UHGL\RU+DNND\¾U¾\HQOHUL
UDKPHWOHDQÈ\RUXP
6KDLNK6DOHK$EGXOODK.DPHO
.$3$.
$OEDUDND*UXS%DġNDQóYH&LGGH7LFDUHW2GDVó
%DġNDQó6KDLNK6DOHK$EGXOODK.DPHO
+D\DOLPL]NDWóOóP
EDQNDFóOóáóQóQ
HQJ¾©O¾
WHPVLOFLVLROPDN
$OEDUDND7¾UNè¾QJXUXU\ÈOÈQÈNXWODPD\DKD]ÈUODQGÈĔÈQÈ
V¸\OH\HQ6KDLNK6DOHK$EGXOODK.DPHO7HPHOLONHOHULPL]GHQ
ELULVLGHLVWLKGDPRODQDNODUÈROXėWXUDUDNEXOXQGXĔXPX]
¾ONHOHULQHNRQRPLOHULQHID\GDVDĔODPDN$OEDUDNDèQÈQEXJ¾QOHUH
JHOPHVLQGHNDWNÈVÈRODQW¾P\RODUNDGDėODUÈPÈ]DWHėHNN¾UOHULPL
VXQX\RUXP
$
OEDUDND*UXS
%DĕNDQÈYH
&LGGH7LFDUHW
2GDVÈ%DĕNDQÈ
6KDLNK6DOHK
$EGXOODK.D
PHOê$OEDUDND
LOHLOJLOLHQE¾\¾NKD\DOLPL]
EDQNDPÈ]ÈQW¾PG¾Q\DGD
NDWÈOÈPEDQNDFÈOÈĔÈVLVWH
PLQLQHQJ¾©O¾WHPVLOFLVL
ROPDVÈëGHGL
$OEDUDND7¾UNè¾QNXUX
OXĕXQGDQEX\DQDJH©HQ
V¾UHFLGHĔHUOHQGLUHQ$OED
UDND*UXS%DĕNDQÈ6DOHK
$EGXOODK.DPHOĕ¸\OH
NRQXĕWXê\ÈOÈQDDGÈP
DWWÈĔÈPÈ]EXJ¾QOHUGH\HQL
ELU\ÈODGDKDXPXWODJLUPLĕ
ROPDQÈQ\DQÈVÈUDEDPEDĕ
NDELUKH\HFDQÈPÈ]GDKD
YDU\ÈOÈQGD$OEDUDND
7¾UNè¾QGHèXQFX\ÈOÈQÈ
NXWOX\RUX]
˜QFHOLNOH$OEDUDND7¾UNè¾Q
NXUXOPDVÈQGDYHJH©HQ
\ÈOER\XQFDHPHNYHUHUHNEX
J¾QOHUHJHOPHVLQGHSD\ÈRODQ
KHUNHVHJ¸Q¾OGHQWHĕHNN¾U
OHULPLVXQX\RUXP
6D\ÈQ0XVWDID7RSEDĕYH
EHQLP$OEDUDND7¾UNLOHLOJLOL
.$3$.
HQE¾\¾NKD\DOLPL]EDQ
NDPÈ]ÈQ\¾]\ÈOODUER\XQFD
\DĕDPDVÈYHW¾PG¾Q\DGD
NDWÈOÈPEDQNDFÈOÈĔÈVLVWHPLQLQ
HQJ¾©O¾WHPVLOFLVLROPDVÈ
$OEDUDNDDLOHVLQLQHQ¸QHPOL
SDU©DODUÈQGDQELULVLRODQ
$OEDUDND7¾UNX]XQ\ÈOODU
GÈUEDĕDUÈODUÈLOHKHU]DPDQ
EL]OHULJXUXUODQGÈUDQNROODUÈ
PÈ]GDQELUWDQHVLĘONNXUXODQ
EDQNDODUÈPÈ]GDQRODQ$OED
UDND7¾UNEXVLVWHPLQG¾Q
\D\D\D\ÈOPDVÈNRQXVXQGD
KHU]DPDQEDĕDUÈOÈROGX
ĘĕKD\DWÈQGDLVWLKGDPÈQ
¸QHPOLROGXĔXQXYXUJXOD\DQ
.DPHOê$OEDUDNDRODUDN
G¾Q\DGDNLW¾PIDDOL\HWOHUL
PL]L©LQWHPHOLONHOHULPL]GHQ
ELULVLGHLVWLKGDPRODQDNODUÈ
ROXĕWXUDUDNEXOXQGXĔXPX]
©DOÈĕPÈĕDUNDGDĕODUÈPÈ]ÈQGD
E¾\¾NNDWNÈVÈEXOXQX\RU
%XJ¾QJHOGLĔLPL]QRNWDGD
XODĕWÈĔÈPÈ]E¾\¾NO¾Ĕ¾©DOÈ
ĕDQODUÈPÈ]ÈQ\DQÈVÈUD7RS
EDĕDLOHVLQHERU©OX\X]1H
ĕDQVOÈ\È]NLRQODUJLELJ¾©O¾
YHG¾U¾VWELURUWDĔÈPÈ]YDUë
ĕHNOLQGHNRQXĕWX
Ɛ
+D\DOGL
JHU¨HNROGX
$OEDUDNDRODUDN¸QHPOLELU
KD\DOLJHU©HĔHG¸Q¾ĕW¾U
G¾NOHULQLLIDGHHGHQ*UXS
%DĕNDQÈ.DPHOê%XQGDQ
\ÈO¸QFH$OEDUDND7¾UNè¾
NXUDUNHQIDL]VL]EDQNDFÈOÈĔÈQ
KD\DOROGXĔXG¾ĕ¾Q¾O¾\RUGX
LĕELUOLĔLL©LQGHEHOLUOHQHQ
W¾P\DVDODUDX\DUDNE¾\¾
PHPL]LEDĕODWPÈĕROGXN7¾U
NL\HEXNRQXGDGLĔHU¾ONHOHU
GHQD\UÈĕDUDNW¾PEDQNDODUD
X\JXQ\DVDODUROXĕWXUDUDN
EL]OHULQJHOLĕLPOHULQLGHVWHN
OHGL%XVD\HGH$OEDUDNDROD
UDN7¾UNL\Hè\HJ¸Q¾OUDKDWOÈĔÈ
LOHJHOGLN%XNDUDUÈPÈ]GDQH
NDGDUKDNOÈROGXĔXPX]XGD
EL]LWDNLSHGHUHN7¾UNL\Hè\H
JLULĕ\DSDQGLĔHUEDQNDODUÈQ
YDUOÈĔÈLOHDQODPÈĕROGXNëGL\H
NRQXĕWX
.DPHOV¸]OHULQLê6RQRODUDN
$OEDUDND7¾UNè¾QNXUXOPD
VÈQGDJHOLĕPHVLQGHYHE¾\¾
PHVLQGHNDWNÈVÈRODQW¾P\RO
DUNDGDĕODUÈPÈ]DWHĕHNN¾U
OHULPLVXQX\RUXPëGL\HUHN
WDPDPODGÈ
Ɛ
$OEDUDNDRODUDN·QHPOLELUKD\DOL
JHU¨HàHG·Q½ĝW½UG½NOHULQLLIDGHHGHQ
.DPHO%DQNDODUòPò]IDL]VL]EDQNDFòOòN
HQVWU½PDQODUò\ODHOGHHWWLNOHULNDULOHKò]OD
E½\½PH\HGHYDPHGL\RU
¾ONHOHULQHNRQRPLOHULQHID\
GDVDĔODPDN
%DQNDODUÈPÈ]IDL]VL]EDQ
NDFÈOÈNHQVWU¾PDQODUÈ\OD
HOGHHWWLNOHULNDULOHKÈ]OD
E¾\¾PH\HGHYDPHGL\RU%X
E¾\¾PHGH$OEDUDNDE¾Q\H
VLQGHEXJ¾Q©DOÈĕDQDUNDGDĕ
ODUÈPÈ]ÈQ\DQÈVÈUDJH©PLĕWH
.$3$.
$QFDNRJ¾QOHUGHG¸QHPLQ
0DOL\H%DNDQÈRODQ7XUJXW
˜]DOèÈQYL]\RQHUEDNÈĕD©ÈVÈ
LOHYHUPLĕROGXĔXGHVWHNOHU
EXKD\DOLQELUJHU©HĔHG¸
Q¾ĕPHVLQHE¾\¾NNDWNÈODUGD
EXOXQGX
%L]GHEXV¾UH©WHW¾PSD\
GDĕODUODPDNVLPXPG¾]H\GH
.$3$.
Ɛ.DWóOóPEDQNDODUó
˹WHVó©UDPD
\DSDELOLUƑ
*HQHOVH©LPOHUEDUDMWDUWÈėPDODUÈ,UDNYH6XUL\HèGHNLJHOLėPHOHUYH
V¸]GH(UPHQLVR\NÈUÈPÈLGGLDODUÈJLELNRQXODUÈQROXPOXDWODWÈOPDVÈ
KDOLQGH7¾UNL\HHNRQRPLVLQLQQHIHVDODFDĔÈLIDGHHGLOL\RU
*
HOLĕPLĕ¾ONHOHU
EDĕWDROPDN
¾]HUHE¾W¾Q
G¾Q\D\ÈGHULQ
GHQHWNLOH\HQ
JOREDONUL]OH
P¾FDGHOHDUD
OÈNVÈ]GHYDPHGL\RU$%'
EDĕWDROPDN¾]HUHE¾W¾Q
¾ONHOHUNHQGL¸O©HNOHULQ
GH¸QOHPOHU
DODUDNNUL]L
DWODWPD\D
©DOÈ
ĕÈ\RU<DĕDQDQJHOLĕPHOHUL
YHHNRQRPLNEHNOHQ
WLOHULQLPDNURHNRQRPLX]
PDQÈ1LĕDQWDĕȞQLYHUVLWHVL
5HNW¸U¾3URI'U.HUHP
$ONLQèHVRUGXN
\ÈOÈG¾Q\DHNRQRPLVL
L©LQILQDQVDONUL]LQHWNLOHUL
QLQSDUDSROLWLNDODUÈD©ÈVÈQ
GDQ\RĔXQKLVVHGLOGLĔLELU
\ÈOROGX%XQXQèWHELU
QHE]HUDKDWODGÈĔÈQÈJ¸UG¾N
%X©HU©HYHGHL©LQ¸Q
J¸U¾OHULQL]QHOHUGLU"
GLOLPLL©HULVLQGHRG¸QHPGH
\DSWÈĔÈDĕDPDOÈSDUDVDO
JHQLĕOHPH\LWHNNHUHGHYH
DĕDPDGD\DSWÈ<DQLVRQJOREDO
NUL]GHEXQXSDUDVDOJHQLĕ
OHPHNDUDUÈ\ODJHU©HNOHĕWLUGL
9HE¸\OHFH$%'HNRQRPLVL
EXKUDQÈQDEHQ]HUDĔÈUELU
LĕVL]OLNEXQDOÈPÈDĔÈUELUHNRQR
PLNGDUDOPDYHĕLUNHWLĆDVODUÈ
\DĕDPDNWDQNÈVPHQNHQGLVLQL
NXUWDUGÈ$QFDNRG¸QHPOH
NDUĕÈODĕWÈUÈOGÈĔÈQGDWHPHOIDUN
ĕX\GX2G¸QHPGHN¾UHVHOOHĕ
PLĕELUG¾Q\D\RNWX$%'èQLQ
SDUDVDOJHQLĕOHPHDPDFÈ\OD
EDVWÈĔÈNDUĕÈOÈNVÈ]GRODUODUVD
GHFH$%'HNRQRPLVLQHJLUPLĕ
YHR©HU©HYHGHHNRQRPLNWR
SDUODQPD\D\DUGÈPFÈROPXĕWX
'¾Q\DHNRQRPLVLQLQ\DNÈQ
WDULKWHJH©LUGLĔLLONE¾\¾N
ĕRN%¾\¾N%XKUDQèÈ\GÈ
2GD$%'èGHQEDĕODPÈĕWÈYH
\LQHG¾Q\D\ÈVDUVPÈĕWÈ$%'
0HUNH]%DQNDVÈ)('NUL]GHQ
©ÈNDELOPHNL©LQRG¸QHPGH
DĕDPDOÈELUSDUDVDOJHQLĕ
$%'ĝRN½VW½QH
OHPHX\JXODGÈ%XX\JXODPD
$PHULNDèQÈQNUL]LDWODWPDVÈQÈ
ĝRN\DĝDGò
VDĔOD\DPDGÈĔÈL©LQ)('EX
GHIDD\QÈKDWD\ÈWHNUDUOD
%XGHIDN¾UHVHOOHĕHQELUG¾Q
PDGÈYH©RNNÈVDELU]DPDQ
\DROGXĔXL©LQ\DSÈODQSDUDVDO
Ɛ
*ž1'(0
JHQLĕOHPHQLQèWHèVL$%'
GÈĕÈQGDNLHNRQRPLOHUHND\GÈ
<DQL)('WULO\RQGRODUOÈN
SDUDVDOJHQLĕOHPHQLQVDGHFH
èWHèLQLQ$%'èGHNDOGÈĔÈQÈ
IDUNHWWL%X$%'L©LQĕRN
HWNLVL\DSWȉ¾QN¾$%'è\L
NUL]GHQNXUWDUDQLĕVL]OLNUD
NDPODUÈQÈèODUGDQWHNUDU
èODUDJHULLQGLUHQYH$%'
HNRQRPLVLQLQ\HQLGHQE¾\¾
PHVLQLVDĔOD\DQEXSDUDVDO
JHQLĕOHPHGLĔHUWDUDIWDQGD
‰LQEDĕWDROPDN¾]HUHELU©RN
¾ONHGHJD\ULPHQNXOIL\DWODUÈ
QÈQYHN¾UHVHOKLVVHVHQHWOHUL
SL\DVDODUÈQÈQDQRUPDO\¾NVHO
PHVLQHVHEHSROGX<DQLELU
WDUDIWDQNUL]¸QOHQLUNHQGLĔHU
WDUDIWDQ\HQLNUL]OHULQGRĔDEL
OHFHĔLWHKOLNHVLJ¸U¾OG¾
%X\HQLN¾UHVHONUL]OHUHNDSÈ
D©DFDNELUGXUXPRKDOGH
(YHWEL]EXQDê9DUOÈN%D
ORQXëGL\RUX]*D\ULPHQNXO
HPWLDYHKLVVHVHQHWOHULQLQ
IL\DWODUÈQÈQ¸O©¾V¾]DUWPDVÈ
3URI'U.HUHP$ONLQ
DGHWDX©PDVÈDQODPÈQDJH
OL\RUEX%XUDGDNLWHKOLNH\L
J¸UHQ)('èWHSDUDVDO
JHQLĕOHPH\LELWLUPHNDUDUÈ
DOGÈ%XDQLD©ÈNODPDG¾Q\D
HNRQRPLOHULQGH¸O©¾V¾]
ELUĕRN\DĕDQPDVÈQDVHEHS
ROGX3DUDVDOJHQLĕOHPHQLQ
DĕDPDODUKDOLQGHYH
VRQXQDNDGDU\DSÈODFDĔÈQÈQ
LIDGHHGLOPHVLQHUDĔPHQ
N¾UHVHOVLVWHP¸O©¾V¾]ELU
WHSNLJ¸VWHUGL%XQXQVR
QXFXQGDGD5XV\D7¾UNL\H
$UMDQWLQ%UH]LO\D*¾QH\
$IULNDJLELELU©RN¾ONH
DQODPVÈ]ELUG¸YL]©ÈNÈĕÈQD
NRQXROGXODU7¾UNL\HèGHGR
ODUNXUX7/è\HJHOLQFH
7&0HUNH]%DQNDVÈ
2FDND\ÈQGDV¾UHFLVDNLQ
OHĕWLUPHNL©LQ¸QHPOLELUIDL]
DUWÈĕÈ\DSWÈ
)('èLQGXUXPXIDUNHGHUHN
\XPXĕDPDVÈQÈQDUGÈQGDQ
1LVDQèÈQGDRUWDPEL
UD]\XPXĕDPD\DEDĕODGÈ
%XJHOLĕPHLOHELUOLNWHGH
ê'¾Q\DHNRQRPLVL\HWHULQFH
E¾\¾P¾\RUëJLELELUWDUWÈĕPD
EDĕODWÈOGÈê.¾UHVHO9DVDW%¾
\¾PHëGL\H\HQLELUNDYUDPOD
WDQÈĕWÈNEXYHVLOHLOH%XWDU
WÈĕPDGDG¾Q\DHNRQRPLVLQLQ
èWHGHèWHGHKDN
HWWLĔLNDGDUE¾\¾\HPH\HFHĔL
YXUJXODQÈ\RUGX
Ɛ
3HWUROƭ\DWODUò
G½ĝW½
%XQXQDNDELQGHGHSHWURO
IL\DWODUÈKÈ]ODG¾ĕPH\HEDĕ
ODGÈGRODUODUÈWHVWHGHQ
SHWUROIL\DWÈEXJ¾QGR
ODUODUVHYL\HVLQHLQGL<DQL
èOXNELUJHULOHPH\DĕDQGÈ
'¾Q\DGDWDELU\HULQGH\VH
ELUEXODPD©©ÈNWÈ*HOLĕPH
OHU7¾UNL\HJLELNLPL¾ONH\L
PHPQXQHGL\RUNLPLVLQLLVH
HWPL\RU$QFDNJHQHOLWLED
UÈ\ODN¾UHVHOVLVWHPEXQODUÈQ
L©LQGHQKRĕXQDJLGHQPH
VDMODUÈDOPD\ÈWHUFLKHWWLYH
RUWDP\XPXĕDPD\DEDĕODGÈ
3L\DVDODUEXW¾UJHOLĕPHOHUH
ĕRNWHSNLYHUPHPHOHULJH
UHNWLĔLQLJ¸]OHPOHGLOHUYH
VDNLQOHĕPHNDUDUÈDOGÈODU
Ɛ
ƏLQLOND\ò
%XJHOLĕPHOHULQDNDELQGH
\ÈOÈQÈQLOND\ÈQGDEX
VDNLQOHĕHQGXUXĕXQGHYDP
HGHFHĔLWDKPLQHGLOL\RU(ĔHU
RUWDPÈJHUHFHN\HQLWDWVÈ]
OÈNODUROPD]VDEXVDNLQOLN
GHYDPHGHFHNJLEL$QFDN
èLQLNLQFLD\ÈQGDWDEOR
QXQ\HQLGHQGHĔLĕHELOHFHĔL
LKWLPDOLGHJ¸]¾N¾\RU<DQLLON
D\ÈQ7¾UNHNRQRPLVLD©ÈVÈQ
GDQGDKD\XPXĕDNJH©HFHĔL
0D\ÈV$ĔXVWRVG¸QHPLQLQLVH
RNDGDU\XPXĕDNJH©PH\H
ELOHFHĔLG¾ĕ¾Q¾O¾\RU0DOXP
JHQHOVH©LPEDUDMWDUWÈĕPDOD
UÈ,UDNYH6XUL\HèGHNLJHOLĕPH
OHUV¸]GH(UPHQLVR\NÈUÈPÈ
LGGLDODUÈQÈQ\ÈOÈJLEL
NRQXODUYDU'LĔHUWDUDIWDQ
$%'0HUNH]%DQNDVÈèQÈQIDL]
DUWÈUPDLKWLPDOL<DQL)('
©ÈNÈSê$%'HNRQRPLVL©RN
ÈVÈQÈ\RUHQĆDV\RQGDDUWPD\D
EDĕODGÈ%L]\D]RUWDVÈQGDIDL]
*ž1'(0
\ÈOÈQÈQL\LPVHUVHQDU\RODUÈQKD\DWEXOPDVÈKDOLQGHNDWÈOÈP
EDQNDODUÈD©ÈVÈQGDQGDKDFD]LSELU\ÈORODFDĔÈG¾ė¾Q¾OHELOLU
DUWÈUDFDĔÈ]ëGHVHRUWDOÈNELU
DQGDELUELULQHJLUHELOLU
ė¸\OH¸]HWOHUVHNèLQ
1LVDQVRQXQDGRĔUX¾ONH
J¾QGHPLQGHNLNRQXODUÈQKHU
ELULVLROXPOXĕHNLOGHWDPDP
ODQÈUVDL\L\¸QGHKHUELULVL
N¸W¾ĕHNLOGHWDPDPODQÈUVDGD
ROXPVX]\¸QGHELUEHNOHQWL
YDU%XD©ÈGDQ]RUELUèH
JLUL\RUX]=RUELUHWDSRODFDN
$WODWPDPÈ]KDOLQGH
¸Q¾P¾]¾©RND©DFDNWDPLV
WHGLĔLPL]¸O©¾GHDWODWDPDPD
PÈ]KDOLQGHLVHEL]LELUPLNWDU
]RUOD\DFDNELUV¾UH©RODFDN
7¾UNL\HèQLQWDVDUUXĆDUÈQÈ
DUWÈUPD\DLKWL\DFÈYDU
\ÈOÈQGDG¾]H\LQGH
RODQWDVDUUXĆDUÈQPLOOLJHOLUH
RUDQÈPDDOHVHIVRQELUND©
VHQHL©HULVLQGHè\D
NDGDUG¾ĕW¾<DQLSXDQ
JHULOHGLYHEX7¾UNL\HL©LQL\L
ELUĕH\GHĔLO7DVDUUXĆDUÈQ
PLOOLJHOLUHRUDQÈ\OD¾ONH\L
NDONÈQGÈUPDNL©LQ\DSÈOPDVÈ
JHUHNHQ\DWÈUÈPKDUFDPD
ODUÈQÈQPLOOLJHOLUHRUDQÈDUD
VÈQGDNLIDUNE¾\¾G¾N©HEX
IDUNÈG¾Q\DGDQND\QDNEX
ODUDNNDSDWPDNGXUXPXQGD
NDOÈQÈ\RU%XGD
Ɛ
$VòOVRUXQ
UÈQGDQELULVLQLGH7¾UNL\HèQLQ
WDVDUUXĆDUÈQÈDUWÈUPDNROXĕ
WXUX\RU7¾UNL\H\ÈOÈQÈ
NRQWUROO¾ELUE¾\¾PH\OHFDUL
D©ÈĔÈQÈG¾]HOWPH\HGHYDPHW
PHNYHWDVDUUXID©ÈĔÈQÈD]DOW
PDNODJH©LUHFHN\ÈOÈQGD
NÈVDRUWDYHX]XQYDGHGHFDUL
D©ÈĔÈQD]DOPDVÈQDLPNDQVDĔ
OD\DFDNDGÈPODUÈQDWÈOPD\D
GHYDPHGLOGLĔLQLJ¸UHFHĔL]
%XQODU7¾UNL\HèQLQKDP
PDGGHYHHQHUMLGHLWKDODWD
EDĔÈPOÈOÈNWDQNXUWDUÈOPD
VÈ\ODLOJLOLDGÈPODULPDODW
VDQD\LQLQWHNUDU¸Q¾Q¾Q
D©ÈOPDVÈQD\¸QH
OLNDGÈPODU
WDVDUUXID¨òàò
7¾UNL\HèQLQRUWDYHX]XQ
YDGHGH©¸]PHVLJHUHNHQ
HQ¸QHPOLHNRQRPLN
VRUXQODUÈQGDQELULFDUL
D©ÈN%XNRQX\X
EHNOHQWLOHULD©ÈVÈQGDQ
GHĔHUOHQGLULUVHNQHOHU
V¸\OHPHNLVWHUVLQL]"
žONHPL]LQDQDHNRQRPLN
SUREOHPOHULQGHQELULVLWD
VDUUXID©ÈĔÈ2QXQX]DQWÈVÈ
RODUDNGDELUFDULD©ÈNVRUXQX
\DĕÈ\RUX]$VOÈQGDWDVDUUXI
D©ÈĔÈFDULD©ÈĔȾUHWHQELU
VRUXQ&DULD©ÈĔÈWHGDYLHGH
ELOPHNL©LQWDVDUUXID©ÈĔÈQÈQ
WHGDYLHGLOPHVLOD]ÈP%X
NRQXGDELUĕH\OHU\DSÈOÈ\RU
$OEDUDND7¾UNè¾QGHNDWNÈ
\DSWÈĔÈê%LUH\VHO(PHNOL
OLNëV¾UHFL©RN¸QHPOL%X
VLVWHPHNDWÈODQ7¾UNYDWDQ
GDĕODUÈQDVLVWHPGHNDOPD
ODUÈNRĕXOX\ODGHYOHW
NDWNÈVÈ\DSÈOGÈYH©RN¸QHPOL
ELUVÈ©UDPDVDĔODQGȉ¾QN¾
*ž1'(0
7¾UNL\HèQLQ
¾UHWWLĔLYHLKUD©
7¾UNL\HèQLQ
HWWLĔLPDOYHKL]PHWOHULQ
GÈĕERUFXQXDUWÈUÈ\RUYHE¸\
OHFHFDULD©ÈNE¾\¾\RU%XQXQ NDWPDGHĔHULQLDUWÈUPD\D
©¸]¾P¾GH7¾UNL\HèQLQWDVDU \¸QHOLNDGÈPODUYHEHQ]HUL
X\JXODPDODUGÈU
UXĆDUÈQÈNHQGLPHFUDVÈQGD
E¾\¾WPHVLQGHQJH©L\RU
%XVHEHSOH+¾N¾PHWèLQ
KÈ]ODEDĕOÈNEDĕOÈND©ÈNODPD\D
EDĕODGÈĔÈ\HQLELUE¾\¾PH
PRGHOL\OHLOJLOL©DOÈĕPDODUYDU
%XQXQHQ¸QHPOLVDFD\DNOD
Ɛ
ƏWH7½UNL\HƏQLQ
QDVòOELUE½\½PH
J·VWHUPHVL
EHNOHQL\RU"
$]¸QFHVD\GÈĔÈPÈ]XQVXUOD
UDEDĔOÈRODUDNĕXQXV¸\OH\H
ELOLUL]%XXQVXUROXPOX
VRQX©ODQÈUVD7¾UNL\HJHOHFHN
VHQH\Lè¾Q¾]HULQGHELU
E¾\¾PH\OHELOHWDPDPOD
\DELOLUEHNOHGLĔLPL]NDGDU
P¾VSHWVRQX©ODQPDPDVÈ
KDOLQGHLVHYHè¾QELUD]
GDKDDOWÈQGDELUE¾\¾PH\OH
\ÈOÈNDSDWDELOLU%X\¸Q¾\OH
HQWHUHVDQELU\ÈORODFDN
\ÈOÈL©LQHQĆDV\RQWDK
PLQLQL]LDODELOLUPL\L]"
\ÈOÈQGD7¾UNL\HHQI
ODV\RQODLOJLOLWHPHOVÈNÈQWÈ
\DĕDGÈ%XQODUGDQELULVL
G¸YL]NXUODUÈQGDNLNULWLN
VÈ©UDPDLGL%XWDULKLROD\GD
RUWDGDHNRQRPLNYHVL\DVL
ELU©DONDQWÈ\RNNHQ
\ÈOÈQÈQ0D\ÈVD\ÈQGDG¾
]H\LQGHRODQ'RODU7/NXUX
2FDND\ÈQGDROGX
'DKDVRQUD0HUNH]%DQNDVÈ
P¾GDKDOHVL\OHNXUèOHUH
NDGDUG¾ĕVHGHILUPDODUÈQ
èÈGLNNDWHDODUDN\DSWÈĔÈ
]DPODUHQĆDV\RQXSXDQ
FLYDUÈQGDDUWÈUGÈĘNLQFLROD
UDNGDDONROO¾L©HFHNOHUYH
W¾W¾QPDPXOOHULQH0DOL\H
%DNDQOÈĔÈWDUDIÈQGDQ\DSÈODQ
PDNWXYHUJLD\DUODPDVÈ\OD
èOLNELUDUWÈĕPH\GDQDJHO
GL%XQDELUGHNXUDNOÈNYH
GRQDIHWOHULQLHNOHGLĔLQL]GH
SXDQOÈNDUWÈĕGDKDLODYH
ROGXYHHQĆDV\RQèOHU
GHQèODUDGD\DQDQELU
QRNWD\DJHOGL
%XVHQHLNOLPNRĕXOODUÈGDKD
L\LJLGL\RU.XUODUVDNLQOHĕ
WL$NDU\DNÈWIL\DWODUÈQGD
IHYNDODGHELU©¸]¾OPHROGX
%XQODUHQĆDV\RQODP¾FDGH
OHGH7¾UNL\HèQLQOHKLQHRODQ
JHOLĕPHOHUGLU$QFDN7¾UNL\H
KHQ¾]HQĆDV\RQODP¾FDGHOH
NRQXVXQGD\DSÈVDOUHIRUP
ODUÈQÈWDPDPOD\DPDGÈĔÈL©LQ
ED]ÈVHNW¸UOHULQIL\DWEHOLUOH
PHDOÈĕNDQOÈNODUÈ©RNN¸W¾%X
GXUXPODUÈGDGLNNDWHDODUDN
E¾\¾NLKWLPDOOH\ÈOÈQÈQ
RUWDODUÈQDJHOGLĔLQGHHQI
ODV\RQXQèQLQELOHDOWÈQD
G¾ĕW¾Ĕ¾QHĕDKLWRODFDĔÈ]
<DQL\ÈOÈQÈQHQĆDV\RQ
D©ÈVÈQGDQQHĕHPL]LND©ÈUDFDN
ELU\ÈOROPD\DFDĔÈEHNOHQWLVL
QLQNXYYHWOLROGXĔXQXLIDGH
HGHELOLUL]
Ɛ
+HU\òOPLO\RQ
ELQNLĝL\HLĝ
*¾Q¾P¾]G¾Q\DVÈQÈQHQ
¸QHPOLVRUXQODUÈQGDQELULVLGH
LĘVL]OLN
7¾UNLĕG¾Q\DVÈUHNDEHW
EDVNÈVÈEXNDGDUDUWPDVÈQD
UDĔPHQLVWLKGDPÈQÈNRUXPDN
L©LQELUP¾FDGHOHRUWD\D
NR\X\RU7¾UNL\HèQLQN¾UHVHO
UHNDEHWD©ÈVÈQGDQLĕJ¾F¾
PDOL\HWOHULER\XWXQGD©RN
UHNDEHW©LROGXĔXQXV¸\OH
\HPH\L].DPXQXQLĕJ¾F¾
PDOL\HWOHUL¾]HULQGHNL\¾N¾
¾ONHPL]GH©RN\¾NVHN%X
NRQXGDHVQHNELUSL\DVDPÈ]
\RNĘĕ©LDOPDYHLĕWHQ©ÈNDU
PDE¾URNUDVLVL©RNDĔÈU$Q
FDNE¾W¾Q]RUOXNODUDUDĔPHQ
LĕG¾Q\DPÈ]LVWLKGDPHWWLĔLLĕ
J¾F¾Q¾NRUXPDQÈQP¾FDGH
OHVLQLYHUL\RU\ÈOÈQGD
LĕVL]OLNVRUXQXQXQELUPLNWDU
GDKDDUWWÈĔÈQDĕDKLWRODFDĔÈ
PÈ]ÈWDKPLQHGL\RUX]‰¾QN¾
7¾UNL\HHNRQRPLVLKHU\ÈOHQ
D]NLĕLL©LQLVWLKGDP
¾UHWPHVLJHUHNHQELUHNR
QRPL%LUGHPLO\RQD\DNÈQ
LĕVL]LPL]YDU'ROD\ÈVÈ\ODKHU
VHQH\DNODĕÈNPLO\RQ
ELQNLĕL\HLVWLKGDPLPNDQÈ
¾UHWPHPL]JHUHNL\RU%XQXQ
L©LQGHHQD]PLO\DU
GRODUOÈNELU\DWÈUÈP\DSÈOPDVÈ
JHUHNL\RU
%X©HU©HYHGH%Ė67G¸YL]YH
IRQODUODLOJLOLWDKPLQOHULQL]L
DODELOLUPL\L]"
%LUD]¸QFHNRQXĕWXĔXPX]
VHQDU\RODU©HU©HYHVLQGH
\ÈOÈQÈQ]RUOX©DEDODUÈ
P¾VSHWVRQX©ODQÈUVD%RUVD
ĘVWDQEXOèXQ%Ę67EXVHQH
UHNRUODUNÈUDFDĔÈQDLQDQÈ
\RUXPĘ\LPVHUVHQDU\RGD
LOHDUDVÈQGD
\HQLELUUHNRUDLP]DDWDELOLU
.¸W¾PVHUVHQDU\RGDLVH
NLPLX]PDQODUDJ¸UH
SXDQDNDGDUG¾ĕHELOLU+DWWD
ED]ÈODUÈQDJ¸UHGH
SXDQDNDGDUG¾]HOWPHLKWL
PDOLYDU
'¸YL]OHLOJLOLRODUDNGDVHQDU
\RODUÈQROXPOXJLWPHVLKD
OLQGH7/èQLQELUV¾UHGHROVD
èHNDGDUGHĔHUOHQHFHĔLQL
G¾ĕ¾Q¾\RUX].¸W¾PVHUVH
QDU\RGDLVH'RODU7/NXUX
QXQèODUÈWHVWHGHEL
OHFHĔLLKPDOHGLOPHPHOLGLU
Ɛ
.DWòOòPEDQNDODUòQòQ
FD]LEHVLDUWDELOLU
<DWÈUÈPIRQODUÈQDEDNÈOGÈĔÈQ
GDWDKYLOOHULQL\LPVHUVHQDU
\RGD7&0HUNH]%DQNDVÈèQÈQ
SROLWLNDIDL]LQLHQD]SXDQ
GDKDLQGLUPHVLEHNOHQL\RU
%XQHGHQOH+D]LQHNDĔÈWOD
UÈQÈQLNLQFLHOIDL]OHULQLQ
èOHUGHQèOHUHNDGDU
LQHFHĔLĕHNOLQGHL\LPVHU
VHQDU\RODUYDUĘ\LPVHUVH
QDU\RGDKLVVHVHQHGLDĔÈU
OÈNOÈ\DWÈUÈPIRQODUÈQGD©RN
¸QHPOLELU\DWÈUÈPVÈ©UDPDVÈ
RODELOLU%XVHQDU\RGDIDL]OHU
©RNJHYĕH\HFHĔLQGHQYHIDL]
JHOLUOHULD]DODFDĔÈQGDQGROD\È
NDWÈOÈPEDQNDODUÈPÈ]ÈQFD]L
EHVLQLQ©RNDUWDELOHFHĔLELU
RODELOLU
èLEDQNDFÈOÈNVHNW¸U¾
D©ÈVÈQGDHOHDOÈUVDNQHOHUV¸\
OHPHNLVWHUVLQL]"
*¸U¾QHQRNLEDQNDFÈOÈNVHN
W¸U¾Q¾Q©RNID]ODW¾NHWLFL
NUHGLVLYHLKWL\D©NUHGLVL
NXOODQGÈUPDPDVÈLVWHQL\RU
+DONÈQ©RNID]ODSDUDKDU
FDPDPDVÈELUD]WDVDUUXID
\¸QHOPHVLLVWHQL\RU+DQH
KDONÈW¾NHWLPKDUFDPDODUÈ
QÈQGDKD©RNPHYFXWND\
QDNOD\DQLHNVWUDGDQERU©
ODQPDGDQILQDQVHHGLOPHVL
EHNOHQWLVLYDU%XQD\¸QHOLN
ELUSROLWLNDYDU
7¾UNEDQNDFÈOÈNVHNW¸U¾Q¾Q
EXQHGHQOHVDQD\LNUHGLOH
ULQHSURMHNUHGLOHULQHYH
.2%ĘNUHGLOHULQHELUD]GDKD
DĔÈUOÈNYHUPHVLLVWHQL\RU
%XGXUXPGDEDQNDODU
\ÈOÈQGDPXKWHPHOHQPHY
GXDWWRSODPDNDGÈQD©RN
UHNDEHWHWPH\HFHNOHUGLU
0XKWHPHOHQèWHROGX
ĔXJLELèWHGH
DUDVÈQGDE¾\¾\HFHNELUNUH
GLSL\DVDVÈYDU%DQNDFÈOÈN
VHNW¸U¾QGHGDKDGHQJHOLELU
E¾\¾PHRODFDNWÈU
\ÈOÈQGDL\LPVHUVHQDU
\RODUKD\DWEXOXUVDR]DPDQ
NDWÈOÈPEDQNDODUÈD©ÈVÈQGDQ
GDKDFD]LSELU\ÈOÈQRODFDĔÈQÈ
ĕLPGLGHQV¸\OHPHN©RN\DQ
OÈĕROPD]
*ž1'(0
$OEDUDND7¾UN*HQHO0¾G¾U<DUGóPFóVó
0HOLNġDK8WNX
˹WH\DWóUóPODUDUWDFDN
ê+DPPDGGHYHHQHUMLIL\DWODUÈQGDNLJHOLėPHOHU\DEDQFÈVHUPD\H
JLULėOHULQLQGHYDPÈ\HQL\ÈOGDIDL]OHULQG¾ėPHVLQHVHEHSROXUNHQ
W¾NHWLPKDUFDPDODUÈQÈYH\DWÈUÈPODUÈGDDUWÈUDFDNWÈUë
\ÈOÈQÈNÈVDFDGHĔHUOHQ
GLULUPLVLQL]"
\ÈOÈQÈKHPHQKHU
ĕH\LQ\¸QGHĔLĕWLUGLĔLELU\ÈO
RODUDNND\ÈWODUDJH©LUL\RU
RODFDĔÈ]%X\ÈORUWD\D©ÈNDQ
\HQLGLQDPLNOHU¸QFHNL\ÈO
ODUGDEHQLPVHQPLĕVL\DVLYH
LNWLVDGLSROLWLNDODUÈNXUXOPXĕ
NRDOLV\RQODUÈYHVDYXQXODQ
GXUXĕODUÈFLGGLDQODPGD
\ÈSUDWPÈĕNLPL]DPDQ
GHUHFH\HYDUDQ
\¸QGHĔLĕLNOLNOHULQH
VHEHSROPXĕJ¸]¾
N¾\RU
8NUD\QDNUL]LVH
EHEL\OH5XV\DèQÈQ
L]RODV\RQX<XJRV
ODY\DNUL]L\OH¸WH
OHQHQSD[$YUXSD
KD\DOLQHFLGGL
DQODPGDVHNWH
YXUDELOLU,ėĘ'èLQ
DQLYHJDULS\¾N
VHOLĕLQHNDUĕÈ
NXUXODQYHL©LQ
GHKHP$%'
KHPĘUDQèÈKHP
ėLLOHULKHP
.¾UWOHULKHP
7¾UNL\Hè\L
KHPGH0È
VÈUSROLWLNDVÈ
VHEHEL\OH
0HOLNġDK8WNX
7¾UNL\Hè\HEHOOL¸O©¾GHWDYÈU
NR\PXĕNLPL$UDS¾ONH\¸
QHWLPOHULQLELUDUD\DJHWLUHQ
JHYĕHNNRDOLV\RQEXJ¾QHGHN
DOÈĕÈNROPDGÈĔÈPÈ]W¾UGHQYH
JHOHFHNWHE¸OJHGLQDPLNOHULQL
FLGGLDQODPGDHWNLOH\HELOLU
(NRQRPLDODQÈQGD$%'èQLQ
JHYĕHNSDUDSROLWLNDOD
UÈQGDQ©ÈNPDVLQ\DOOHULQH
NDUĕÈQ$YUXSDèQÈQE¾W©H
GLVLSOLQL\DNODĕÈPÈQGDQYD]
JH©HUHNJHQLĕOHPHSROLWLND
ODUÈQȸQFHOHPHVLG¾Q\DQÈQ
EDĕOÈFDLNLJHOLĕPLĕHNRQR
PLVLQGHNL\¸QGHĔLĕLPLQLQ
KDEHUFLVLVD\ÈODELOLU˜WH
\DQGDQ‰LQèLQEDĕWD©HYUH
NLUOLOLĔLEDQNDODUÈQN¸W¾
DNWLINDOLWHVLYH\RĔXQĕH
KLUOHĕPHJLELVHEHSOHUOH
GDKDGHQJHOLELUE¾\¾PH
DGÈQDGDKDG¾ĕ¾NE¾\¾PH
RUDQODUÈQDUÈ]DJ¸VWHUPHVL
GHHWNLOHULD©ÈVÈQGDQ¸QHPOL
ELUSROLWLNDGHĔLĕLNOLĔL'L
ĔHUJHOLĕPHNWHRODQHNRQR
PLOHUL©LQGHELUGH
ĔLĕLPLQKDEHUFLVL.¾UHVHO
NUL]VRQUDVÈ\ÈOGÈ]ÈSDUOD\DQ
EXHNRQRPLOHUVRQ]DPDQ
ODUGD\DYDĕOD\DQVHUPD\H
DNÈPODUÈG¾]HOWLOPH\HQ
\DSÈVDOER]XNOXNODUYHJHUL
OH\HQHPWLDIL\DWODUÈVHEH
EL\OH\ÈOÈQGDJ¸]GHQ
G¾ĕW¾OHUYHFLGGLVÈNÈQWÈODU
\DĕDPD\DEDĕODGÈODU
%XGHĔHUOHQGLUPH\L7¾UNL\H
D©ÈVÈQGDQHOHDOÈUVDNQHOHU
V¸\OHPHNLVWHUVLQL]"
*UDILN.DUĔÈODĔWÈUPDDPDFÈ\ODNXUXQ]LUYH\DSWÈĕÈWDULK
LWLEDUL\OHQRUPDOOHĔWLULOPLĔWLU06&,HQGHNVLQLQWHUVLDOÈQPÈĔWÈU
%XQDJ¸UH\XNDUÈ\¸QJHOLĔPHNWHRODQ¾ONHSDUDELULPOHULYH7/
L©LQGHĕHUND\EÈDQODPÈQDJHOPHNWHGLU
*ž1'(0
*UDILN'¾Q\D%DQNDVÈHPWLDHQGHNVOHULQGHNLJHOLĔPHOHU
$VOÈQGD\ÈOÈQLON\DUÈVÈQÈQ
¾ONHPL]D©ÈVÈQGDQROGXN©D
VÈNÈQWÈOÈJH©WLĔLQLNDEXOHW
PHPL]JHUHNĘ©HULGH\HUHO
YHFXPKXUEDĕNDQOÈĔÈVH©LP
OHUL¸QFHVLQLQGÈĕG¾Q\D\D
ROXPVX]ELUĕHNLOGH\DQVÈ\DQ
VÈNÈQWÈOÈDWPRVIHULYHGÈĕDUÈGD
$%'0HUNH]%DQNDVÈ)('èLQ
¸QFHWDKYLODOÈPSURJUDPÈQÈ
VRQODQGÈUPDDUGÈQGDQGDIDL]
DUWÈĕÈQDJLGHELOHFHĔLVLQ\DOOHUL
VRQUDVÈQGDVHUPD\HKDUHNHW
OHULQLQ\DYDĕODPDVÈYHKDWWD
NLPL]DPDQWHUVLQHG¸QPHVL
VHEHEL\OHFLGGL©DONDQWÈODU
\DĕDQGÈ$UWDQNXUEDVNÈVÈYH
7¾UN/LUDVÈèQÈQGHĔHUND\EÈQÈQ
WHWLNOHGLĔLROGXN©DUDGLNDO
ER\XWODUDYDUDQIDL]DUWÈĕODUÈ
EHOLUVL]OLNRUWDPÈQGD\DWÈUÈP
NDUDUODUÈQÈPHQILELUĕHNLOGH
HWNLOHPLĕL©W¾NHWLPLQGH
G¾ĕ¾N©ÈNPDVÈ\ODLON\DUÈGD
NLE¾\¾PHJH©HQ\ÈOÈQD\QÈ
G¸QHPLQHJ¸UHVHYL\H
VLQGHNDOPÈĕWÈU6¸]NRQXVX
E¾\¾PHGHLON©H\UHĔLQQLV
SHWHQL\LLNLQFL©H\UHĔLQN¸W¾
JHOPLĕROPDVÈè¾Q
JHULNDODQÈL©LQEHNOHQWLOHUL
ROGXN©DN¸W¾OHĕWLUPLĕWL
'LĔHU\DQGDQPHG\DGD
$UDOÈNèODEDĕODGÈĔÈVÈNOÈNODGLOH
JHWLULOHQNXUDUWÈĕODUÈQÈHVD
VÈQGDè¾QVRQLNLD\ÈLOH
è¾Q1LVDQD\ÈDUDVÈQGD
QHUHGH\VHW¾PJHOLĕPHNWH
RODQSDUDELULPOHULQLQGHĔHU
ND\ÈSODUÈ\ODELUOLNWHGHĔHU
OHQGLUPHNJHUHNLU%XG¸QHP
)('èLQWDKYLODOÈPSURJUDPÈQÈ
\ÈOÈL©LQGHG¾ĕ¾UHFHĔLQL
D©ÈNODPDVÈ\ODEDĕODPÈĕJH
OLĕPHNWHRODQHNRQRPLOHULQ
VRUXQODUÈQÈQXOXVODUDUDVÈ
J¾QGHPGHGHULQOHPHVLQHHOH
DOÈQPDVÈ\ODGDGHULQOHĕPLĕ
EXD©ÈNODUÈQÈQILQDQVPDQÈL©LQ
VHUPD\HDNÈPODUÈQDEDĔÈPOÈ
J¸]¾NHQ%UH]LO\D+LQGLVWDQ
(QGRQH]\D*¾QH\$IULNDYH
7¾UNL\HèQLQ$%'JHYĕHNSDUD
SURJUDPÈQÈQVRQODQPDVÈ\OD
ROXĕDFDN\HQLQRUPDOGHFLGGL
VRUXQODUODNDUĕÈODĕDFDNODUÈ
QÈQ¸QHV¾U¾OG¾Ĕ¾KDWÈUOD
WÈOÈ\RUGX+DEHUEXJ¾QED
NÈOGÈĔÈQGDLKUDFDWSD]DUODUÈ
YH¾U¾QOHULQL©HĕLWOHQGLUPLĕ
RODQ7¾UNL\HYH+LQGLVWDQèÈQ
DUWÈNNÈUÈOJDQJ¸U¾OHPH\H
FHĔLQLEXQDNDUĕÈOÈNHPWLD
IL\DWODUÈQDEDĔOÈKDPPDGGH
LKUD©©ÈVÈGLĔHUHNRQRPLOHULQ
GDKDGDN¸W¾GXUXPGDRO
GXNODUÈQÈ\D]È\RUGX
+D]LUDQD\ÈQGDQLWLEDUHQ
EDĕWDSHWUROROPDN¾]HUH
Ɛ
+D]LUDQD\òQGDQLWLEDUHQEDĝWDSHWURO
ROPDN½]HUHHQHUMLV·]OHĝPHOHULQGHNLƭ\DW
JHULOHPHOHUL7½UNL\HJLELHQHUMLLWKDODWòFDUL
D¨òàòQòQ·QHPOLELUE·O½P½Q½WHĝNLOHGHQ
½ONHOHULUDKDWODWDFDNWòU
HQHUMLV¸]OHĕPHOHULQGHNLIL\DW
JHULOHPHOHULHQHUMLLKUD©©ÈVÈ
¾ONHOHULQDOH\KLQHELUV¾UH
FLWHWLNOHUNHQ7¾UNL\HJLEL
HQHUMLLWKDODWÈFDULD©ÈĔÈQÈQ
¸QHPOLELUE¸O¾P¾Q¾WHĕNLO
(QĆDV\RQGDGDFLGGLELUDUWÈĕÈQ HGHQ¾ONHOHULUDKDWODWDFDNWÈU
\DĕDQGÈĔÈEXG¸QHPGHQVRQUD 6¸]NRQXVXIL\DWJHULOHPHOHUL
¸]HOOLNOH(NLPD\ÈQGDQLWLEDUHQ /LE\DYH,UDNJLEL¸QHPOLSHW
7¾UNL\HèQLQGLĔHUJHOLĕPHNWH
UROKDY]DODUÈQGDNLVÈNÈQWÈODUD
RODQHNRQRPLOHUGHQD\UÈĕWÈĔÈQÈ UDĔPHQ\DĕDQPDNWDYHGLĔHU
J¸]OHPOH\HELOL\RUX]
HPWLDIL\DWODUÈQGDNLJHULOHPH
OHUOHSHNLĕPHNWHGLU
1HGHQD\UÈĘÈ\RU7¾UNL\H"
èWH7¾UNL\HL©LQQHOHU
(\O¾OVRQXQGD$PHULNDQ
¸QJ¸U¾\RUVXQX]"
&1%&èGH.ÈUÈOJDQ%HĕOLLOH
LOJLOLELUKDEHUYDUGÈ%XQD
+DPPDGGHYHHQHUMLIL\DWOD
J¸UH\ÈOÈRUWDVÈQGD
UÈQGDNLJHOLĕPHOHU7¾UNL\HèQLQ
¸]HOOLNOHFDULD©ÈN\¾NOHULYH
KHPFDULD©ÈN\¾N¾Q¾KDILI
WL%XG¸QHPGHDUDODUÈQGD
7¾UNL\HèQLQGHEXOXQGXĔXYH
ê.ÈUÈOJDQ%HĕOLëRODUDNQLWHOH
QHQ¾ONHSDUDELULPOHULFLGGL
\DUDDOPÈĕWÈ
OHWHFHNKHPGHHQĆDV\RQLVW
EDVNÈODUÈD]DOWDFDNWÈUžONH
PL]LQGLĔHUJHOLĕPHNWHRODQ
HNRQRPLOHUHQLVSHWOHSR]LWLI
\¸QGHD\UÈĕPDVÈYHVHUPD
\HJLULĕOHULV¾UHUVH7¾UN
/LUDVÈèQÈQJHQHOGHGHĔHUND
]DQPD\DGHYDPHWWLĔLQLJ¸UH
ELOLUL]%XGXUXPIDL]OHULQGH
G¾ĕPHVLQHVHEHSRODFDNWÈU
2UWDPÈQGHYDPHWPHVLGXUX
PXQGDW¾NHWLPKDUFDPDODUÈ
YH\DWÈUÈPODUGDDUWDFDNWÈU
$QFDNEXP¾VSHWĕDUWODU
L©LQWDPDPHQL\LPVHU
ELURUWDPROXĕWXUPX\RU(ĔHU
\DWÈUÈPYHW¾NHWLPKDUFDPDOD
UÈQGDNLDUWÈĕLWKDODWODEHVOHQLU
VHNLNXUEDVNÈVÈQÈQYHIDL]OH
ULQQLVSHWHQG¾ĕ¾NROGXĔXELU
RUWDPGDEX©RNP¾PN¾QEX
GXUXPGDKHPE¾\¾PHRUDQÈ
DĕDĔÈ©HNLOHFHNKHPGHFDUL
D©ÈN\HQLGHQELUHQJHORODUDN
NDUĕÈPÈ]D©ÈNDFDNWÈU'DKDVÈ
V¸]NRQXVXRUWDPÈQL©HULGH
LVWLNUDUYHROXPOXELUDWPRV
IHUOHGHVWHNOHQPHVLJHUHNLU
QHGHROVDELUVH©LP\ÈOÈ
YHVH©LP¸QFHVLYHVRQUDVÈ
\DĕDQDFDNJHOLĕPHOHU¸]HOOLNOH
\DWÈUÈPDWPRVIHULQLGRĔUXGDQ
HWNLOH\HFHNWLUè¾QVRQ
©H\UHĔLQHDLW¸QF¾J¸VWHUJH
OHU¾ONHHNRQRPLVLQLQKHQ¾]
ELUWRSDUODQPDSODWIRUPXQD
©ÈNDPDGÈĔÈQÈJ¸VWHUL\RU
6RQRODUDN¾ONHPL]LQJ¾©O¾
YHV¾UG¾U¾OHELOLUELUE¾\¾PH
VHYL\HVLQH©ÈNDELOPHVLL©LQ
¸Q¾P¾]GHNLP¾VSHWSRWDQ
VL\HOL\DSÈVDOVRUXQODUÈPÈ]È
KDOOHWPHNL©LQNXOODQPDOÈ\È]
(QHUMLGHQWDUÈPDHPHNSL\D
VDVÈQGDQVDQD\LSROLWLNDODUÈ
QDPHY]XDWWDQHĔLWLPHNDGDU
KDOLKD]ÈUGDHNVLNOLĔLPL]RODQ
DODQODUGDNLD©ÈNODUÈPÈ]ÈJLGH
UHELOPHPL]JHUHNL\RU(WNLOL
ELUSDUDSROLWLNDVÈYHJ¾©O¾ELU
PDOL\HSROLWLNDVÈLOHDQFDNELU
\HUHNDGDUJLGLOHELOLU
*ž1'(0
Ǝ
ĠHKLU
PHGHQL\HWWLU
ĕHKLU\¸QHWLPLX]PDQÈ3URI'U5HFHS%R]ODĔDQêĖQVDQODUDUWÈN
KX]XUGHĔLOVDGHFHNRQIRUDUÈ\RUODUĖ©LQGHEHONLNLėLQLQ
\DėDGÈĔÈGHYDVDDSDUWPDQODULQėDHGLOL\RUEXLQVDQODUD\QÈ
NDSÈGDQJLULS©ÈNÈ\RUDPDNLPVHELUELULQLWDQÈPÈ\RUëGL\RU
3URI'U5HFHS%R]ODáDQ

ONHPL]GH
èOL\ÈO
ODUGDQVRQUD
EDĕOD\DQYH
VRQ\ÈOODUGD
DUWDQELULYPH
LOHGHYDPHGHQ
ĕHKLUOHĕPH\HQLVRUXQODUÈGD
EHUDEHULQGHJHWLUL\RU'¾
]HQVL]\DSÈODUODROXĕDQ©DUSÈN
ĕHKLUOHĕPHNRPĕXOXNWDQ
X]DNODĕDQLQVDQÈPÈ]ÈVRĔXN
EHWRQODUDUDVÈQGDPXWVX]
ELU\DĕDPDPDKNXPHGL\RU
DGHWD%L]GHEX¸QHPOL
NRQX\X0DUPDUDžQLYHUVL
WHVL6L\DVDO%LOJLOHU)DN¾OWHVL
'HNDQÈĘVWDQEXO$UDĕWÈU
PDODUÈ%LOLP'DOÈ%DĕNDQÈYH
D\QÈ]DPDQGDĕHKLU\¸QHWLPL
X]PDQÈRODQ3URI'U5HFHS
%R]ODĔDQèDVRUGXN
+RFDPĘHKLUGH\LQFHQH
DQOÈ\RUX]"7DULKLV¾UH©WHQ
J¾Q¾P¾]ĘHKLUOHULQHNÈVDFD
ELUGHĔHUOHQGLUPH\DSDU
PÈVÈQÈ]"
êėHKLUNXUPDNLQVDQÈQHQ
E¾\¾NHUGHPLGLUëGHU(ĆD
WXQ0HUKXP0LPDU7XUJXW
&DQVHYHUGHêĘQVDQÈQJ¸UHYL
G¾Q\D\ÈJ¾]HOOHĕWLUPHNWLUë
GHU'ROD\ÈVÈ\ODĕHKLUGH\DĕD
\DQLQVDQÈQWHPHOJ¸UHYLGH
\DĕDGÈĔÈPHN¤QÈ\DQLĕHKUL
J¾]HOOHĕWLUPHNWLU'LĔHUWD
UDIWDQEDNÈ\RUX]ĘVWDQEXOèXQ
IDWLKL)DWLK6XOWDQ0HKPHW
GHGL\RUNLê+¾QHUELUĕHKLU
E¾Q\¤GHWPHNWLUUH¤\¤
NDOELQ¤E¤GHWPHNWLUë<DQL
ê+DNLNLVDQDWELUĕHKLUNXU
PDNWÈU$PDLQVDQODUÈQPXWOX
YHKX]XUOXROGXĔXELUĕHKLU
NXUPDNJHUHNLUëGL\RU
7DELĕHKULQWDULKLQHEDNWÈ
ĔÈQÈ]GDLONLQVDQWRSOXOXN
ODUÈNDGDUHVNLGLU7DULKWH
ELOLQHQLONĕHKLUOHULQGH
0H]RSRWDP\DèGD0ÈVÈUèGDYH
‰LQèLQ6DUÈ,UPDNE¸OJHVLQGH
NXUXOXROGXĔXQXELOL\RUX]
%XE¸OJHOHULQD\QÈ]DPDQGD
NDGLPPHGHQL\HWPHUNH]OHUL
ROGXĔXGLNNDW©HNPHNWHGLU
2KDOGHĘHKLUYHPHGHQL\HW
ELUEHUDEHUOLNDU]HGL\RU
(OEHWWHĕHKLUYHPHGHQL\HW
¸UW¾ĕ¾U=DWHQPHGHQL\HW
PHGLQHNHOLPHVLQGHQJHOLU
+HSVLQLQN¸NHQLGHDVOÈQGD
êGLQëGLU'LQGH\\DQPHGL
QHPHGHQL\HW0HGHQL\HW
ê'H\\DQÈQ<DUDWÈFÈQÈQNX
UDOODUÈQÈQNDLGHOHULQLQHPLU
OHULQLQYH\DVDNODUÈQÈQKD\DW
EXOGXĔX\HUKD\DWEXOPD
DODQÈëDQODPÈQDJHOLU
%XQRNWDGDJH©PLĘWHQJ¾Q¾
P¾]H\DĘDQDQV¾UHFLGLNNDWH
DOÈUVDNELUĘHKLUQDVÈOROPDOÈ"
%XVRUXQXQFHYDEÈQDNHQGL
N¾OW¾UYHPHGHQL\HWSHUVSHN
WLILPL]D©ÈVÈQGDQEDNPDPÈ]
OD]ÈPĘVODPĕHKULD©ÈVÈQGDQ
EDNWÈĔÈPÈ]GDEXĕHKLUOHULQ
¸]HOOLNOHULQLQ%DWÈOÈĕHKLUOHUGHQ
GDKDIDUNOÈROGXĔXQXJ¸U¾U¾]
+HUĕH\GHQ¸QFHĕHKULQ
NXUXOGXĔXPHN¤Q¸QHPOLGLU
0HN¤QNHOLPHVLVDGHFHELU
\HULLIDGHHWPH]RODQELWHQ
ĕH\OHULQYXNXEXOGXĔX\HUL
KD\DWÈQDNÈĕÈQÈQJH©WLĔL\HUL
LIDGHHGHU%LUGLĔHUKXVXV
ĕHKULQNXUXOGXĔXPHNDQD
NDUĕÈĕHKULQYHĕHKLUOLQLQ
VD\JÈOÈROPDVÈGÈU<DQLPHN¤
QÈQK¾VQ¾PXKDID]DHGLO
PHVLJHUHNLU'LNNDWHGHUVH
QL]ĘVODPLPLPDULGHPLPDUL
HVHUOHUJ¸]WÈUPDODPD]
‰¾QN¾WRSRĔUDI\D\DPHN¤
QÈQK¾VQ¾PXKDID]DVÈQD
GLNNDWHGLOPLĕWLU7RSNDSÈ
6DUD\ÈèQÈQNXUXOGXĔX\HUH
EDNWÈĔÈQÈ]GDVDUD\ÈQRWHSH
\HX\XPOXĕHNLOGHLQĕDHGLO
GLĔLQLJ¸U¾UV¾Q¾]2VPDQOÈ
ĘVWDQEXOèXQDEDNWÈĔÈPÈ]GD
EXX\XPKHSYDUGÈU.XEEH
OHUNXOHOHUDQÈWDĔD©ODUYH
PLQDUHOHUGHQP¾WHĕHNNLO
X\XPOXELUVLO½HWYDUGÈU
%XNRQX\XJ¾Q¾P¾]HX\DU
ODUVDNELUWH]DWROGXĔXQXV¸\
OH\HELOLUL]
(YHWEXJ¾Q©RNE¾\¾NELU
WH]DWYDU%XWH]DWDVÈUGD
/DOH'HYULLOHELUOLNWHEDĕOÈ\RU
2G¸QHPGH$YUXSDè\DJLGHQ
2VPDQOÈE¾URNUDWODUÈRUDGDNL
V¾VO¾YHLULELQDODUGDQHWNLOH
QL\RUODUYHĘVWDQEXOèGDEHQ
]HUOHULQLKDWWDD\QÈODUÈQÈLQĕD
HWPHNLVWL\RUODU%X\DNODĕÈP
]DPDQL©LQE¾W¾QĕHKLUOHUHYH
E¾W¾QWRSOXPVDONHVLPOHUH\D
\ÈOÈ\RU+HUNHVGDKD\¾NVHĔLQL
GDKDE¾\¾Ĕ¾Q¾GDKDV¾VO¾
V¾Q¾YHGDKDJ¸VWHULĕOLVLQL
LQĕDHWPHQLQGHUGLQHG¾ĕ¾\RU
DGHWDELU\DUÈĕEDĕOÈ\RU6HO
©XNOXYH2VPDQOÈĕHKLUOHULQ
GHNLWHYD]XYH¸]J¾Q¸O©HNOHU
VLVWHPLND\EROXSJLGL\RU
6¸]JHOLPL2VPDQOÈPLPDULVLQL
LQFHOHGLĔLQL]GHPHN¤QDVD\JÈ
ĕ(+Ė5<$ĕ$0
QÈQ\DQÈQGDGLQLPHN¤QODUD
NDUĕÈRODĔDQ¾VW¾ELUVD\JÈYH
K¾UPHWLQROGXĔXQXJ¸U¾U
V¾Q¾]3DGLĕDKODUÈQVDUD\ODUÈ
ELOH\DQÈEDĕÈQGDNLFDPLOHUOH
PXND\HVHHGLOGLĔLQGHRODĔD
Q¾VW¾P¾WHYD]ÈGÈU.XEEHOHU
NXOHOHUNDSÈODUYHSHQFHUHOHU
GDKDN¾©¾NW¾UĘEDGHWKDQH
OHUL©HYUHOH\HQPDKDOOHOHUH
EDNWÈĔÈQÈ]GDFDPL\HGRĔUX
\DNODĕWÈN©DNRQDNODUÈQ
N¸ĕNOHULQER\XWODUÈQÈQN¾
©¾OG¾Ĕ¾Q¾J¸U¾\RUX]ĘED
GHWKDQHOHUGHGHNXEEHOHULQ
YHPLQDUHOHULQELUELUOHUL\OH
X\XPOXYHDKHQNL©LQGHRO
GXĔXQXJ¸U¾U¾]
ĕHKLUPHUNH]OHULQDVÈO\DSÈ
ODQPÈĘWÈURG¸QHPOHUGH"
ĘVODPĕHKLUOHULQGHNLELU
EDĕNDKXVXVGDĕHKULQDQD
IRQNVL\RQODUÈQÈQELUELUL\OH
LUWLEDWOÈPDGG°YHPDQHY°
EDNÈPGDQELUELULQLGHVWHN
OH\HQIRUPGDNXUJXODQPÈĕ
ROPDVÈGÈUėHKULQPHUNH
]LQGHELUFXPDFDPLVL\D
QÈQGDSD]DUYHD©ÈN\DGD
NDSDOÈ©DUĕÈODUYDUGÈU7DEL
E¾\¾NFDPLOHULQKHUELULVL
D\UÈFDELUN¾OOL\HĕHNOLQGH
GLU&DPLQLQ\DQÈEDĕÈQGD
PHGUHVHYDUGÈU7LFDUHW
GHHĔLWLPGHD\QÈPDQHYL
LNOLPGHJHU©HNOHĕLU0HG
UHVHQLQ\DQÈQGDELULPDUHW
YDUGÈU%XUDVÈELUVRV\DO
\DUGÈPODĕPDPHUNH]LGLU
<LQHD\QÈ\HUGHELUKDVWD
QHGDU¾ĕĕLIDYHELUKDQ
RWHOROGXĔXQXJ¸U¾UV¾
ĕ(+Ė5<$ĕ$0
Q¾].¾W¾SKDQHYHKDPDP
GDYDUGÈU
ê7DĘÈWRSUDĔÈDOWÈQëRODQĖVWDQ
EXOĘ¾SKHVL]¾ONHPL]LQJ¸]
EHEHĔL$QFDNLQVDQODUDGHWD
EHWRQNXOHOHUHKDSVHGLOL\RU
DUWÈNEXĘHKLUGH6L]EXKXVXV
WDêĖVWDQEXOD]PDQELUĘHKUH
G¸Q¾ĘW¾ëGL\RUVXQX]<DQOÈĘODU
QHOHUYHQHOHU\DSÈOPDOÈ"
ĘVWDQEXO&HQDEÈ$OODKèÈQ
\HU\¾]¾QGH\DUDWWÈĔÈHQ
J¾]HOFRĔUDILPHN¤QGDNXUXO
PXĕELUĕHKLUĘNLNÈWDè\DNX
UXOXYHLNLNÈWDDUDVÈQGD\HU
DODQ\HU\¾]¾QGHNLHQJ¾]HO
WDELDWSDU©DVÈRODQ%RĔD]èD
VDKLS<LQHĕHKUL©HYUHOH\HQ
J¸OOHUYHHWUDIWDNLYDGLOHUGHQ
NÈYUÈPNÈYUÈPDNDQGHUHOHU
YDUėHKULQLNOLPLLQVDQRĔOX
QXQ\DĕD\DELOHFHĔLHQLGHDO
LNOLP'HQL]YHNDUDXODĕÈPÈ
RODUDNG¾Q\DWLFDUHW\ROODUÈ
QÈQNHVLĕWLĔLELUQRNWD
3URI'U(NUHP+DNNÈ$\
YHUGLPHUKXPĕXLIDGH\L
NXOODQPÈĕWÈUWDULK°ĘVWDQEXO
L©LQê7DULKLĘVWDQEXOèGD
WDELDWQHUHGHEDĕOÈ\RUPL
PDULQHUHGHELWL\RUEHOOL
ROPD]GÈë
(VNLĘVWDQEXON¸ĕNOHUOH\DOÈ
ODUODYHNRQDNODUODEH]HOLELU
ĕHKLUGL(QIDNLUDLOHOHUELOH
WHNNDWOÈGDROVDELUNRQDNWD
\DĕDUGÈĘVWDQEXOèD\DSÈODQ
HQE¾\¾NN¸W¾O¾NLĕWHEX
NRQDNODUÈQ]DPDQL©LQGH
\RNROXSJLWPHVLGLU
.DW0¾ONL\HWL.DQXQXèQXQ
©ÈNPDVÈQGDQVRQUDNRQDN
N¸ĕNDGÈQDQHYDUVDELUND©
\ÈOL©HULVLQGHKHSVL\ÈNÈOGÈYH
EXQODUÈQ\HULQHDSDUWPDQ
ODULQĕDHGLOGL%X\DSÈODU
\ÈNÈODQNRQDNYHN¸ĕN¾QDU
VDVÈQÈQ¾]HULQHELUHELULQĕD
HGLOGLĔLL©LQGH\HĕLODODQ
GL\HELUĕH\NDOPDGÈ7DULKL
ĘVWDQEXOèXQVRNDNODUÈ
VHQHL©HULVLQGHDSDUWPDQ
WDEXUODUÈQDWHVOLPROGX(VNL
ĘVWDQEXOèXQê\D\DRGDNOÈë
XODĕÈPVLVWHPLQHJ¸UHGL
]D\QHGLOPLĕ\ROODUGDD\QHQ
NDOGÈĔÈL©LQĕHKLUGHNÈVD]D
PDQGDELUGHWUDILNYHRWR
SDUNVRUXQXRUWD\D©ÈNWÈ
%XJ¾Q¾QĘVWDQEXOèXQGDLVH
ĕHKULQHOGHNDODQVRQGH
ĔHULRODQĘVWDQEXOVLO½HWLQH
NDUĕÈE¾\¾NELUVD\JÈVÈ]OÈN
ROGXĔXQXJ¸U¾\RUX]ėHK
ULQKHU\HULQGHLQĕDHGLOHQ
\¾NVHNELQDODUĕHKULQWD
ULKLVLO½HWLQLWHKGLWHGL\RU
ĘVWDQEXOPDDOHVHIEXJ¾Q
J¸]¾G¸QP¾ĕELU\DSÈODĕ
PDQÈQSHQ©HVLQHG¾ĕP¾ĕ
YD]L\HWWHGLU
%XQDEDĔOÈRODUDNVRQ\ÈO
ODUGD¸QHPND]DQDQêNHQWVHO
G¸Q¾Ę¾PëNRQXVXQXGHĔHU
OHQGLULUPLVLQL]"1DVÈOELU
G¸Q¾Ę¾P"
ODUÈQLQVDQWDELDWÈQDX\JXQ
ROPDGÈĔÈQDLQDQÈ\RU<¾NVHN
NDWOÈELQDODUÈQ]DUDUODUÈQÈ
ELOL\RU6D\ÈQ&XPKXUEDĕ
NDQÈPÈ]ÈQGDEXNRQXGD©RN
FLGGLX\DUÈODUÈYDU
(NRQRPLNVRV\DOYHN¾OW¾UHO
\DSÈ\DĘDQDQV¾UH©WHQHNDGDU
GLNNDWHDOÈQÈ\RU"
.HQWVHOG¸Q¾ĕ¾P\DSÈ
OÈUNHQ©RNGLNNDWOLROPDN
JHUHNLUėXDQGDE¾\¾N
¸O©¾GH\DSÈODQLĕHVNL
ELQD\È\ÈNÈS\HULQHGDKD
VDĔODPROGXĔXYDUVD\ÈODQ
ELUELQDLQĕDHWPHN%LUD]
FÈNGDKDNRQIRUOXDQFDN
VDĔODPOÈĔÈGDPH©KXO‰¾Q
N¾EXJ¾QN¾\DSÈNRQWURO
VLVWHPLLOHVDĔODPELQDLQĕD
HWPHNYHRELQDQÈQLQĕDD
WÈQÈGHQHWOHPHN¸\OH©RN
VDĔOÈNOÈVRQX©ODUYHUPL\RU
'ROD\ÈVÈ\ODĕXDQGDNHQWVHO
G¸Q¾ĕ¾P\DSÈOGÈĔÈLGGLD
HGLOHQED]È\HUOHUGHEHOH
GL\HOHULPL]EDĕODUÈQD
\ÈOOÈNELUGHUWDOÈ\RUODU
+DOLKD]ÈUGDNLELQDODU©¾U¾N
PXWODND\ÈNÈOPDODUÈJHUHNLU
$QFDN\HQLELQDODUGDDUWDQ
NRQIRUXQYHYDUVD\ÈODQVDĔ
ODPOÈĔÈQ\DQÈQGD\HĕLODODQ
DGÈQDVRV\DOPHN¤QODUDGÈ
QDĕHKULQNLPOLNOLELUĕHNLOGH
LQĕDHGLOPHVLDGÈQDQHOHU
\DSÈOÈ\RU"
<DQLNHQWVHOG¸Q¾ĕ¾PELUD]
VRUXQOXJH©L\RU‰HYUHYH
ėHKLUFLOLN%DNDQÈPÈ]VD\ÈQ
ĘGULV*¾OO¾FHè\HEXNRQXGD
©RNLĕG¾ĕ¾\RU=DWHQEHOHGL
\HFLOLNWHQJHOL\RUYHĕHKULQ
\DWD\ROPDVÈJHUHNWLĔLQH
LQDQÈ\RU<¾NVHNNDWOÈELQD
.HQWVHOG¸Q¾ĕ¾P]DWHQ
IDUNOÈER\XWODUÈRODQELU
X\JXODPD%LULQFLVLEXELU
PLPDU°G¸Q¾ĕ¾PG¾U%L
QDODUÈQĕHKULQGRNXVXQD
NLPOLĔLQHN¾OW¾U¾QHX\JXQ
ROPDVÈJHUHNLU%LUPLPDU°YH
HVWHWLNND\JÈROPDVÈOD]ÈP
%XND\JÈQÈQ\HWHULQFHYDU
ROGXĔXQX]DQQHWPL\RUXP
%XELQDODUÈQD\QÈ]DPDQGD
IRQNVL\RQHOROPDVÈOD]ÈP
.RQXWODUÈQL©LQGH\DĕD\DQ
ODUÈQLKWL\D©ODUÈQDFHYDS
YHUPHVLJHUHNLUėXDQNLGDL
UHOHULQELU7¾UNDLOHVLL©LQPL
\RNVDELU$OPDQ\DGD)UDQ
VÈ]DLOHVLL©LQPLLQĕDHGLOGLĔL
EHOOLGHĔLO6RV\DOGRQDWÈODU
PHN¤QODUROPDOÈYHNRPĕX
OXNLOLĕNLOHULQLJHOLĕWLUHFHN
©¸]¾POHUJHOLĕWLULOPHOL
\RUODU%DĕNDODUÈ\ODPXKDWDS
ROPDGDQNHQGLNDIDVÈQDJ¸UH
NHQGLKD\DWÈQÈ\DĕDPDNLVWH\HQ
ELULQVDQWLSLROXĕWX%LUDSDUW
PDQGDEHONLNLĕL\DĕÈ\RU
D\QÈNDSÈGDQJLULS©ÈNÈ\RUDPD
NLPVHELUELULQLWDQÈPÈ\RU.LP
VHELUELULQHVHODPYHUPL\RU
$\UÈFDGDLUHSODQODUÈGDGH
ĔLĕWL0DKUHPL\HWLGLNNDWH
DODQELUSODQ\RNDUWÈN$PH
ULNDQXVXO¾GL\RUODU1HGLU
EX"'ÈĕNDSÈ\ÈD©WÈĔÈQÈ]GD
VDORQDJLULOL\RU6DORQXQELU
NÈVPÈGDPXWIDN0DKUHPL
\HWWDPDPHQNDONPÈĕVDQNL
NRP¾QKD\DWÈ\DĕDQÈ\RU
(VNLGHQJHQLĕDLOHOHUYDUGÈ
VRQUDEXQODUSDU©DODQDUDN
©HNLUGHNDLOH\HG¸Q¾ĕW¾
OHUėLPGL©HNLUGHNDLOHGH
SDU©DODQPDV¾UHFLQHJLUGL
YHDWRPL]HROPXĕELUH\OHU
RUWD\D©ÈNWÈ+ÈVÈPDNUDED
NRQXNRPĕXLOLĕNLOHULQLELU
WDUDIDEÈUDNDOÈPDUWÈNDLOH
L©LLOLĕNLOHUELOHVRQGHPOHULQL
\DĕDPDNWD
.RPĘXOXNLOLĘNLOHULQHGX
UXPGDQHUH\HJLGL\RUX]"
$SDUWPDQODUNRPĕXOXNLOLĕ
NLOHULQL¸OG¾UHQ\DSÈODUGÈUYH
NRPĕXOXNLOLĕNLOHULPL]JLGHUHN
]D\ÈĆÈ\RU‰¾QN¾LQVDQODUDUWÈN
KX]XUGHĔLOVDGHFHNRQIRUDUÈ
\RUODUP¾Q]HYLELUKD\DWLVWL
ĕ(+Ė5<$ĕ$0
ž©GLOOL
NDUGHġġHKLU
6òò57
8OX&DPL%¾\¾N6HO©XNOXĘPSDUDWRUOXĔX
G¸QHPLQGH\ÈOÈQGD\DSÈOPÈĕWÈU&DPL
\ÈO¸QFHVLQLQ©LQLYHWXĔODLĕ©LOLĔLQLJ¸VWHUHQ
PLQDUHVLLOHGLNNDW©HNHU\ÈOÈQGDUHVWRUH
HGLOHQ8OX&DPLPLQDUHVLĘWDO\DèGDNL3LVD.XOHVL
JLELKDILI©H\DQD\DWÈNWÈU
;C\ŠXG(QVQȼTCHNCT$/òò+6$1*ž/&ž
%Ė5ĕ(+Ė5%Ė5ĕ8%(5,
6LLUWELOLQHQVORJDQÈ
LOHꞩ'LOOL.DUGHė
ĕHKLUë+DQJL
HVQDIDJLUHUVHQL]
JLULQJ¾OHU\¾]OH
NDUėÈODQÈU7¾UN©H
$UDS©DYH.¾UW©H
RODUDNLVWHĔLQL]QH
LVH\HULQHJHWLULOLU
6
LLUWWDULKLQHQ
HVNL\HUOHĕLP
PHUNH]OHULQGHQ
ELUL6HO©XNOX
ODUGDQNDOPD
8OX&DPLDGHWD
ĕHKULQVHPERO¾
JLELð.HQGLVLQGHQD\UÈODUDN
LORODQYHQ¾IXVX6LLUWèLJH©HQ
.XUWDODQèÈQDNVLQH6LLUWGDĔ
ODUOD©HYULOLQ¾IXVXELQL
DĕNÈQVHYLPOLELUĕHKULPL]
'DĔODUYHEXQODUÈQDUDVÈQGDQ
JH©HQ%RWDQ‰D\ÈGRĔDVSRU
ODUÈQDGDLPNDQWDQÈ\RU
6LLUWGH\LQFHDNODJHOHQLON¾©
ĕH\6LLUW)ÈVWÈĔÈ3HUYDUL%DOÈ
YH=LY]LN1DUÈð
'RĔXYH*¾QH\'RĔXèQXQRU
WDVÈQGDELUGHQJHĕHKUL6LLUW
˜QHPOLLQDQ©PHUNH]OHULPL]
GHQELUL6LLUW9DOLVL0XVWDID
7XWXOPD]DOWÈD\¸QFHJ¸UHYH
EDĕODPÈĕ$PDLĕHVÈNÈVDUÈO
PÈĕ5¸SRUWDMÈPÈ]GD¸QFHOLĔL
ç6LLUW)ÈVWÈĔÈèQDYHUL\RUYHĕXQ
ODUÈDQODWÈ\RU
PLO\RQIòVWòNƭGDQò
ê&RĔUDILNRQXPXYHWRSUDN
\DSÈVÈLWLEDUL\OH6LLUWIÈV
WÈN\HWLĕWLULFLOLĔLD©ÈVÈQGDQ
¾ONHPL]LQ¸QHPOLE¸OJH
OHULQGHQGLU9DOLOLNRODUDN
LOLPL]LQHNRQRPLNJHOHFHĔL
D©ÈVÈQGDQPLKHQNWDĕÈRODQ
IÈVWÈNDĔDFÈVD\ÈVÈQÈDUWÈUPDN
DPDFÈ\OD©LIW©LOHULPL]H
IÈVWÈNILGDQÈYHWHO¸UJ¾GD
ĔÈWDUDN¾UHWLFLOHUHE¾\¾N
GHVWHNVDĔOÈ\RUX]6RV\DO
$ĔD©ODQGÈUPD3URMHVLNDS
VDPÈQGDEXJ¾QHNDGDU
PLO\RQIÈVWÈNILGDQÈQÈWRS
UDNODEXOXĕWXUXOGXNë
%Ė5ĕ(+Ė5%Ė5ĕ8%(
6LLUWƏLQ½¨J·]GHVL
êĘOLPL]HNRQRPLVLQLQFDQ
GDPDUÈRODUDNJ¸UG¾Ĕ¾P¾]
WDUÈPYHKD\YDQFÈOÈĔÈGDKD
GDJHOLĕWLUPHNL©LQW¾PLPNDQ
ODUÈPÈ]ÈVHIHUEHUHWPLĕGXUXP
GD\È]+HUELULNHQGLDODQÈQGD
PDUNDKDOLQHJHOHQ6LLUW)ÈVWÈĔÈ
3HUYDUL%DOÈYH=LY]LN1DUÈ
L©LQELU©RNSURMHYHPLO\RQ
ODUFDOLUDOÈN\DWÈUÈP\DSÈ\RUX]
6RQ\ÈOODUGD\DSÈODQ©DOÈĕPDODU
VRQXFXQGDEDO¾UHWLPL
WRQGDQWRQDIÈVWÈN¾UH
WLPLELQWRQGDQELQWRQD
QDU¾UHWLPLLVHELQWRQGDQ
ELQWRQD\¾NVHOPLĕWLU
%XGRĔUXOWXGDLOLPL]LQVDKLS
ROGXĔXWDUÈPSRWDQVL\HOLQL
HNRQRPL\HND]DQGÈUPDN
DPDFÈ\OD¸]HOVHNW¸UGH
WHĕYLNHGLOPHNWHGLU%X©D
OÈĕPDODUQHWLFHVLQGHLOLPL]YH
LO©HOHULQGHWDUÈPVDO¾U¾QOHU
LĕOHQPH\HEDĕODQPÈĕWÈUĘOL
PL]GHWDUÈPDGD\DOÈVDQD\L
KÈ]ODJHOLĕLUNHQN¸\OHULPL]GH
GDKL\HQLNXUXODQ¾UHWLP
WHVLVOHULQLJ¸UPHQLQPXWOXOX
ĔXL©LQGH\L]
'LĔHUWDUDIWDQLOLPL]GHKD\
YDQFÈOÈĔÈJHOLĕWLUPHNL©LQ
GHE¾\¾N©DEDKDUFÈ\RUX]
+HGHĆHGLĔLPL]QRNWD\DJH
OHELOPHNL©LQ\HQLSURMHOHUL
KD\DWDJH©LUHFHĔL]
ñQDQ¨WXUL]PL
ê6LLUW¾ONHPL]LQ¸QHPOL
LQDQ©PHUNH]OHULQGHQELU
WDQHVLGLUĘOLPL]LQHNRQRPL
VLQHFLGGLNDWNÈVDĔOD\DFDN
WDQÈWÈP©DOÈĕPDODUÈPÈ]GDOR
NRPRWLIJ¸UHY¾VWOHQHFHĔLQH
LQDQGÈĔÈPÈ]LQDQ©WXUL]PLQ
GHE¾\¾NJHOLĕPHOHUEHNOH
PHNWH\L]ĘVODPG¾Q\DVÈQGD
¸QHPOLELU\HUHVDKLSRODQ
9H\VHO.DUDQL+D]UHWOHULèQLQ
W¾UEHVLLOHE¾\¾NGLQYHDV
WURQRPLELOJLQLRODQĘEUDKLP
+DNNÈ+D]UHWOHULYHKRFDVÈ
+]ĘVPDLO)DNLUXOODKèÈQW¾U
EHOHULQHELQOHUFH]L\DUHW©L
JHOPHNWHGLUĘOLPL]GHWDULKL
&DVHYOHULGHWXUL]PD©ÈVÈQ
GDQGHĔHUOHQGLULOHELOHFHN
¸QHPOLHVHUOHUDUDVÈQGDGÈU
7HUPDOYHPDĔDUDWXUL]PLLOH
GRĔDVSRUODUÈD©ÈVÈQGDQLOL
PL]GH¸QHPOLELUSRWDQVL\HO
PHYFXWWXU%X]HQJLQOLNOHUL
PL]LW¾PG¾Q\D\DWDQÈWPDN
DPDFÈ\ODVRQ\ÈOODUGD¸QHPOL
IXDUODUGDVWDQWD©È\RUX]
¸QHPOLPHUNH]OHUGHWDQÈWÈP
J¾QOHULJHU©HNOHĕWLUL\RUX]ë
6LLUWèLQ%D\NDQLO©HVLQGHNL
9H\VHO.DUDQL7¾UEHVL
(PLWWYH
)HVKDQH*½QOHUL
ê*H©HQ\ÈOG¾Q\DQÈQHQ
¸QHPOLWXUL]PIXDUODUÈQGDQ
RODQ(PLWWèWHVWDQWD©DUDN
WXUL]PSURIHV\RQHOOHULQLQ
GLNNDWOHULQL6LLUWèH©HNPH\L
EDĕDUGÈN)HVKDQHèGHLVH
6LLUWWDULKLQGHLONGHIDWDQÈ
WÈPJ¾QOHULJHU©HNOHĕWLUGLN
'¾Q\D7LFDUHW0HUNH]LèQGH
HNRQRPLG¾Q\DVÈ\OD\DWÈUÈP
]LUYHVLQLJHU©HNOHĕWLUGLN+D
OL©.RQJUH0HUNH]LèQGH
&XPKXUEDĕNDQÈPÈ]6D\ÈQ
5HFHS7D\\LS(UGRĔDQYHHĕL
(PLQH(UGRĔDQ+DQÈPHIHQGL
EDĕWDROPDN¾]HUHELQOHUFH
NLĕLQLQNDWÈOÈPÈ\OD6LLUW.¾OW¾U
*HFHVLG¾]HQOHGLN
'HUJLQL]DUDFÈOÈĔÈ\OD
\ÈOÈQGD\DSDFDĔÈPÈ]LNL
¸QHPOL©DOÈĕPD\ÈYDWDQ
GDĕODUÈPÈ]DP¾MGHOHPHN
LVWL\RUXP$QNDUDèGD6LLUW7D
QÈWÈP*¾QOHULLOLPL]PHUNH
]LQGHLVH.LWDS)XDUÈèQÈG¾
]HQOHPHNL©LQ©DOÈĕPDODUÈPÈ]È
WDPDPODGÈN
7LOORYH\DGLĔHUDGÈ\OD$\GÈQ
ODU6LLUWèLQN¾©¾NELULO©HVL%X
LO©H\LE¾\¾NNÈODQLVHĘEUDKLP
+DNNÈ+D]UHWOHULLOHKRFDVÈĘV
PDLO)DNLUXOODK+D]UHWOHULèQLQ
EXUDGDPHGIXQROPDODUÈ%¾
\¾NP¾UĕLWĘVPDLO)DNLUXOODK
+D]UHWOHUL¸UJHQFLVLĘEUDKLP
+DNNÈL©LQêHQE¾\¾NHVHULPë
GHPLĕĘEUDKLP+DNNÈ+D]UHW
OHULDVWURQRPL©DOÈĕPDODUÈQÈ
VÈUI\D]È\DG¸NPHNOH\HWLQPH
PLĕX\JXODPÈĕGDðê<HQL\ÈOÈQ
LONJ¾QHĕLHĔHUKRFDPÈQEDĕ
XFXQDG¾ĕPH]VHEHQRJ¾QHĕL
QH\OH\LPëGHPLĕYHP¾NHP
PHOELUG¾]HQHNNXUPXĕ
<ÈOODUV¾UHQDUDĕWÈUPDYH
UHVWRUDV\RQ©DOÈĕPDODUÈQGDQ
VRQUDĕLPGLKHU\ÈO0DUWYH
(\O¾OJ¾QOHULELQOHUFH]L\D
UHW©LQLQNDWÈOÈPÈYHL]OHPHVL
LOH\HQL\ÈOÈQLONJ¾QHĕLĘVPDLO
)DNLUXOODK+D]UHWOHULèQLQW¾U
EHVLQGHRQXQNDEULQLQEDĕ
XFXQDGRĔX\RU
NXWODPDNDPDFÈ\ODKHU\ÈO
J¾QV¾UHQ©HĕLWOLN¾OW¾UHOHW
NLQOLNOHUG¾]HQOL\RUX]ë
6LLUW9DOLVL0XVWDID7XWXOPD]
9H\VHO.DUDQL+D]UHWOHULèQLQ
çDQQHèVHYJLVLQHGHGLNNDW©HNL
\RUê9H\VHO.DUDQL+D]UHWOHUL
DQQHVHYJLVLQLQWLPVDOLGLU
3H\JDPEHU(IHQGLPL]LQGHYUL
VDDGHWOHULQGH\DĕDPDOD
UÈQDYHE¾\¾NELULĕWL\DNOD
J¸UPHNLVWHPHVLQHNDUĕÈOÈN
DQQHVLQHVD\JÈYHRQDYHUGLĔL
V¸]\¾]¾QGHQVDKDEHROPDN
ĕHUHILQGHQPDKUXPNDOPÈĕWÈU
ĘOLPL]%D\NDQLO©HVLQGHW¾U
EHVLEXOXQDQ9H\VHO.DUDQL
+D]UHWOHULèQLDQPDNYHGHĔHUOL
DQQHOHULQê$QQHOHU*¾Q¾ëQ¾
ê6LLUWèLQELUEDĕND]HQJLQOLĔL
GHGRĔDVSRUODUÈQDX\JXQ
FRĔUDI\DVÈGÈU%LU©RNW¾UN¾
YHĕLLUHNRQXRODQ%RWDQ
‰D\ÈèQÈQEDKDUD\ODUÈQGDNDU
ODUÈQHULPHVLLOHELUOLNWHGHELVL
DUWDUYHUDIWLQJVSRUXD©ÈVÈQ
GDQLGHDOELURUWDPVDĔODU$G
UHQDOLQLQYHKH\HFDQÈQGRUXN
QRNWDODUÈQÈ%RWDQ9DGLVLèQGH
\DĕD\DELOLUVLQL]7HUWHPL]WHU
PDOKDYDVÈLOH¸QH©ÈNDQ%R
WDQ9DGLVL¾]HULQGHQ\DPD©
SDUDĕ¾W¾LOHX©PDNGR\XPVX]
ELUNH\LIWLU%HQW¾PKDONÈPÈ]È
KHU\¸Q¾\OHEDNLURODQYH
'RàDVSRUODUò
%Ė5ĕ(+Ė5%Ė5ĕ8%(
NHĕIHGLOPH\LEHNOH\HQ6LLUWèH
GDYHWHGL\RUXPë
6LLUWELUPRGHOGLU
6LLUWLQVDQÈQÈQ©RNIDUNOÈELU
\DSÈVÈYDU(WQLN©HĕLWOLOLĔH
UDĔPHQELUELUOHULQHNDUĕÈ
VD\JÈQÈQ]LUYHGHROGXĔXEX
NDUGHĕ©H\DNODĕÈPÈ6LLUW9D
OLVL0XVWDID7XWXOPD]ĕ¸\OH
GHĔHUOHQGLUL\RU
ê0HGHQL\HWG¾Q\DPÈ]ÈQ¾©
GLOOLNDUGHĕĕHKUL6LLUWKHP
0H]RSRWDP\DèQÈQKHPGH
$QDGROXèQXQL]OHULQLWDĕÈ\DQ
YHVD\ÈVÈ]X\JDUOÈĔDHYVDKLS
OLĔL\DSPÈĕLQDQ©YHN¾OW¾U
PHUNH]LGLU6LLUWèWHSHN©RN
IDUNOÈN¾OW¾UPHYFXWWXU
%XUDGD\DĕD\DQYDWDQGDĕOD
UÈPÈ]YDWDQÈQDYHGHYOHWLQH
VRQGHUHFHEDĔOÈGÈUODUë
%RWDQ‰D\ÈUDIWLQJVSRUXYH\DPD©
SDUDĕ¾W¾L©LQROGXN©DHOYHULĕOLGLU
%Ė5ĕ(+Ė5%Ė5ĕ8%(
ê6LLUW©¸]¾PV¾UHFLQGH
GH¸QHPOLELUPLV\RQ¾VW
OHQPLĕGXUXPGDðž©GLOLQ
NRQXĕXOGXĔXNHQWWHLQVDQODU
ELUELULQLVHYLSVD\È\RUYH
KX]XUL©LQGHELUDUDGD\DĕD
PDNWDQPXWOXOXNGX\X\RU
+L©NLPVH\LD\UÈĕWÈUPDGDQ
¸WHNLOHĕWLUPHGHQELUELUOHULQL
NXFDNOÈ\RUODU%X\¸Q¾\OH
6LLUW¾ONHPL]L©LQGHELUPR
GHOGLU<ÈOODUGDQEHULE¸OJH
PL]HYHGROD\ÈVÈ\OD¾ONHPL]H
PDGGLPDQHYL]DUDUYHUHQ
WHU¸UROD\ODUÈLQVDQODUÈPÈ]È
EÈNWÈUGÈĔÈJLELJHOLĕPHQLQ
¸Q¾QGHGHHQE¾\¾NHQJHO
GLU7HU¸UPDGGLPDQHYLHQ
©RNE¸OJHLQVDQÈPÈ]D]DUDU
YHUPLĕWLU+¾N¾PHWLPL]LQ
EDĕODWWÈĔÈ©¸]¾PV¾UHFL
E¸OJHPL]HKX]XUYHJ¾YHQ
JHWLUGL<ÈOODUFDDQDODUÈPÈ]ÈQ
DĔODPDVÈQDQHGHQRODQWHU¸U
ROD\ODUÈD]DOPÈĕJHOHFHN
DGÈQDLQVDQODUÈPÈ]\HQLGHQ
¾PLWOHQPLĕWLUë
ꉸ]¾PV¾UHFLQGHQ6LLUW
GHHWNLOHQPH\HEDĕODPÈĕ
WÈU<DWÈUÈP©HNHPH\HQRU
JDQL]HVDQD\LE¸OJHPL]H
P¾WHĕHEELVOHULPL]LQLOJLVL
DUWPÈĕWÈUSDUVHOHVDKLS
26%èPL]GH\ÈOÈQGD
©¸]¾PV¾UHFLQLQEDĕODGÈĔÈ
WDULKHNDGDUVDGHFH\DWÈ
UÈPFÈ\D\HUWDKVLVL\DSÈOPÈĕ
Wȉ¸]¾PV¾UHFLQGH\DWÈ
UÈPFÈ\DGDKD\HUWDKVLVLQGH
EXOXQGXN<LQHEXG¸QHPGH
KD\YDQVD\ÈVÈQGDGDèH
\DNÈQDUWÈĕVDĔODQPÈĕWÈU%X
YHVLOH\OHEHQELUNH]GDKD
W¾PLĕDGDPODUÈPÈ]ÈLOLPL]
GH\DWÈUÈP\DSPD\DGDYHW
HGL\RUXP<DWÈUÈP\DSPDN
LVWH\HQJLULĕLPFLOHUHE¾W¾Q
NXUXPODUÈPÈ]OD\DUGÈPFÈ
ROPD\DKD]ÈUÈ]ë
ê6LLUWK¾N¾PHWLPL]LQGHV
WHNOHUL\OHVRQ\ÈOODUGDHĔLWLP
EDĕWDROPDN¾]HUHVDĔOÈN
WDUÈPHQHUMLN¾OW¾UYH
VRV\DODODQODUGD\¾U¾W¾OHQ
SURMHOHUOHJHOHFHĔHHPLQ
DGÈPODUODLOHUOL\RU%¸OJHPL
]LQVRUXQODUÈQDLĕVL]OLĔLQH
XPXWVX]OXĔXQD©DUHRODFDN
EXE¾\¾N\DWÈUÈPODUKL©
ĕ¾SKHVL]YDWDQGDĕÈPÈ]ÈQ
\¾]¾Q¾QJ¾OPHVLQHYHUHIDK
G¾]H\LQLQDUWPDVÈQDYHVLOH
ROPDNWDGÈU$QFDNEXNDGDU
¸QHPOL©DOÈĕPDODUDUDĔPHQ
GDKDDODFDN©RN\ROXPX]
YDU<DWÈUÈPODUD©ÈVÈQGDQ
\ÈOODUFDLKPDOHGLOHQ6LLUWèLQ
DOW\DSÈVÈQÈWDPDPODPDNL©LQ
©DOÈĕÈ\RUX]ĘOLPL]HKD\DW
YHUHQ%RWDQ‰D\Ⱦ]HULQGH
\DSÈODQYH\DSÈODFDNEDUD
MÈQ\DQÈVÈUDLOLPL]LQVÈQÈUODUÈ
L©HULVLQGHDGHWEDUDMSUR
MHVLGDKDEXOXQPDNWDGÈUë
6
+DON2QODUó%DáUóQD%DVWó
LLUWèWH$OEDUDND
7¾UNè¾QHQ\HQL
ĕXEHVLQHNRQXN
ROX\RUX]ėXEH
0¾G¾U¾V¸]OHUL
QHWHĕHNN¾UHGH
UHNEDĕOÈ\RU
ê˜QFHOLNOHEXVD\ÈGD6LLUW
LOLPL]LWDQÈWWÈĔÈQÈ]L©LQWH
ĕHNN¾UHGHULP\ÈOOÈN
EDQNDFÈOÈNKD\DWÈPYDU
GRĔPDE¾\¾PH6LLUWOL\LP
ėXEHGHNLĕLLOHKL]PHW
YHUPHNWH\L]ë
6LLUWĕXEHVLĕHKLUGHEDQND
ODUÈQ\RĔXQODĕWÈĔÈDQDFDG
GHGH\HUDOÈ\RU$ĔXVWRV
WDULKLQGHP¾ĕWHUL
NDEXO¾QHEDĕODPÈĕ+DP]D
$FDUJHQ©YHGLQDPLNELU
HNLEHVDKLSROGXNODUÈQÈYXU
JXOD\DUDNNÈVDV¾UHGH\DĕD
$OEDUDND7¾UN6LLUWėXEHVLèQLQ
.XUXFX0¾G¾U¾+DP]D$FDU
GÈNODUÈQÈĕ¸\OHDQODWÈ\RU
êėXEHPL]D©ÈODOÈKHQ¾]D\
ROGX%XV¾UHGH6LLUWKDONÈ
ĕXEHPL]HGHVWHN©ÈNWÈ%X
GHVWHNDUWDUDNGHYDPHW
PHNWHGLU%XQGD¸QHPOLSD\
LVH6LLUWKDONÈQÈQIDL]HNDUĕÈ
FLGGLKDVVDVL\HWLQGHQND\
QDNODQPDNWDGÈUë
ê%L]OHUGHIDL]VL]EDQNDFÈOÈN
\DSÈ\RUX]$PDFÈPÈ]$OED
UDND7¾UNN¾OW¾U¾QHX\JXQ
ELUĕHNLOGHKDUHNHWHGHUHN
IDL]VL]EDQNDFÈOÈĔÈLOLPL]
GH\D\JÈQODĕWÈUPDNYHGDKD
©RNKDQHKDONÈQDYHLĕDGD
PÈQDXODĕDUDN6LLUWHNRQR
PLVLQHGHVWHNYHUPHNWLU
+HGHILPL]6LLUWèWHEDQND
ROPDNWÈU7¾PHNLELPL]EDQ
NDFÈYH6LLUWOLGLUë
0HYFXWGHàHUOHUHELU
\HQLVLQLGDKDNDWò\RUX]
6LLUWèLQELU¸]HOOLĔLYDU+DQ
JLHVQDIDJLUHUVHQL]JLULQ
7¾UN©H$UDS©DYH.¾UW©H
RODUDNELUWDOHSWHEXOXQD
ELOLUYHNDUĕÈOÈNDOÈUVÈQÈ]
+DP]D$FDUEXQX¸]HOOLNOH
YXUJXOX\RUYHĕXQODUÈV¸\
O¾\RU
ê(YOL\DODUGL\DUÈYHGLOOL
NDUGHĕĕHKLURODQ6LLUWèH
$OEDUDND7¾UNĕXEHVLROD
UDNKHU¾©GLOGHGHKL]PHW
YHUL\RUX]$PDFÈPÈ]6LLUW
HNRQRPLVLQLYH6LLUWLĕD
GDPODUÈQÈE¾\¾WHUHN¾ONH
HNRQRPLVLQHND]DQGÈUPDN
YHGHVWHNYHUPHNWLU6LLUW
IÈVWÈĔÈ=LY]LN1DUÈEDWWDQL
\HVLYH%¾U\DQÈNX\XNHED
EÈLOHPHĕKXUGXU(YOL\DODUÈ
LOH¸QH©ÈNDU%XGHĔHUOHUH
ç$OEDUDND7¾UN)DL]VL]
%DQNDFÈOÈNèGHĔHULQLGHHN
OH\LSHNLELPL]OHLOLPL]LUHHO
DQODPGDE¾\¾WPHNWHPHO
DPDFÈPÈ]GÈUë
%Ė5ĕ(+Ė5%Ė5ĕ8%(
'LNNDW
NóġJHOGL
%DáóġóNOóN
VLVWHPLQL]L
J¾©O¾
WXWXQ
%
DĔÈĕÈNOÈNVLVWHPL
LQVDQODUGDYH
FDQOÈODUGDEXOX
QDQKDVWDOÈNODUD
NDUĕÈNRUXPD
\DSDQJHQHWLN
ND\QDNOÈKDVWD
OÈNODUD©HYUHVHOIDNW¸UOHUH
EDNWHULHQIHNVL\RQYLU¾V
DQWLMHQOHUHFDQOÈFDQVÈ]E¾
W¾QPLNURRUJDQL]PDODUDYH
SDWRMHQOHUHNDUĕÈEL]LNRUX
\DQVLVWHPLQJHQHODGÈGÈU
%DĔÈĕÈNOÈNVLVWHPLFDQOÈY¾
FXGXQGDJHQLĕELU©HĕLWOLOL
ĔHYLU¾VOHUGHQSDUD]LWLNVR
OXFDQODUDWRNVLQOHUHNDGDU
Y¾FXGDJLUHQYH\DY¾FXWOD
WHPDVWDEXOXQDQKHU\DEDQFÈ
PDGGH\HNDGDUWDUDPD\D
'U08$00(5<,/',=
SDUYHY¾FXGD]DUDUOÈEXOGX
ĔXRUJDQL]PDYHWRNVLQOHUL
FDQOÈQÈQVDĔOÈNOÈY¾FXWK¾F
UHOHULQGHQYHGRNXODUÈQ
GDQD\ÈUWHGHUHNKHUIDNW¸UH
NDUĕȸ]HOYHP¾NHPPHOELU
VDYXQPDLOHVDYDĕÈU‰RN
EHQ]HU¸]HOOLNWHNLPDGGHOHUL
ELOHELUELULQGHQD\ÈUDELOLU
3HNLEDĔÈĘÈNOÈNVLVWHPLPL]L
]D\ÈĆDWDQQHGLU"
%DĔÈĕÈNOÈNVLVWHPLQGHNL]D
\ÈĆÈNODUER]XNOXNODUKDVWD
OÈNODUDQHGHQRODELOGLĔLJLEL
KDVWDOÈNODUÈQGDEDĔÈĕÈNOÈN
VLVWHPLPL]L]D\ÈĆDWPDODUÈV¸]
NRQXVXGXUYHEXGXUXPGD
EDĔÈĕÈNOÈN\HWPH]OLĔLRUWD\D
©ÈNDU%DĔÈĕÈNOÈN\HWPH]OLĔL
KDVWDOÈNODUÈQELU©RNHQIHNVL
\RQXQRUWD\D©ÈNPDVÈQDYH\D
Y¾FXWWDKDNLPROPDVÈQDVHEHS
ROXU%D]HQGH+,9UHWURYLU¾
V¾Q¾QQHGHQROGXĔX$,'6JLEL
FLGGLELUHQIHNVL\RQXQVRQXFX
RODUDNGDJ¸U¾OHELOLU
ĕÈGRĔXĕWDQJHOHQEDĔÈĕÈNOÈN
VLVWHPLQLQP¾NHPPHOELU
ĕHNLOGH©DOÈĕWÈĔÈ\DĕDUNHQGH
LQVDQÈQEXP¾NHPPHOOLĔLQ
GHYDPÈL©LQELUND©EDVLWDGÈP
DWPDVÈJHUHNWLĔLQHYXUJX
\DSPDNLVWL\RUX]
'RĔXĘWDQJHOHQEDĔÈĘÈNOÈN
VLVWHPL$OODKÈQELUUDKPHWL
6LJDUDW¾NHWLPLQGHQ
%LUFDQOÈ\DEDĕDUÈ\ODJLUHEL
OHQPLNURRUJDQL]PDODUDNDU
$QQHNDUQÈQGDLNHQDQQHQLQ
\DSPDVÈJHUHNHQOHU
6DĔOÈNOÈEHVOHQPH
+DUHNHWVL]NDOPDPDN
PXWODNRODUDNND©ÈQPDN
KDWWDVLJDUDOÈRUWDPGD
EXOXQPDPDN
'RĔDOYHVDĔOÈNOÈVXW¾
NHWPHN
(ĔHUP¾PN¾QLVHKDYDVÈ
WHPL]RNVLMHQLEROELU
RUWDPGDJHEHOLĔLJH©LUH
ELOPHN
'RĔXPGDQVRQUD
$QQHV¾W¾LOHLNL\ÈODND
GDUEHEHĔLEHVOHPHN
'RĔDOSUREL\RWLNOLV¾W
\RĔXUWYHOLĆLJÈGDODU
W¾NHWPHN
‰RFXNKDVWDROGXĔXLON
J¾QDQWLEL\RWLNYHUPHN
WHQND©ÈQPDNDWHĕOHQPH
VLQGHQP¾PN¾QLVHGRĔDO
\¸QWHPOHULOHNRUX\DUDN
EDĔÈĕÈNOÈĔÈQVDYDĕPDGL
UHQFLQLROXĕPDVÈQDP¾VD
DGHHWPHN
6DĔOÈNOÈGRĔDOEHVOHQPHN
6LJDUDYHDONROGHQX]DN
GXUPDN
6WUHVYH©HYUHVHOIDNW¸U
OHUGLNNDWHWPHNĕHNOLQGH
¸]HWOHQHELOLU
%DĔÈĘÈNOÈN6LVWHPLQL*¾©OHQ
GLUPHNĖ©LQ7DYVL\H(GLOHQOHU
Ͳ 0HYVLPLQGHWD]HVHE]H
YHPH\YHEROFDW¾NHWLQL]
Ͳ 6HE]HYHPH\YHOHULQ
YLWDPLQND\EÈQÈHQJHOOH
PHNL©LQHĔHU\HQLOHELOHQ
NDEXĔDVDKLSVHNDEXĔXQX
VR\PDGDQW¾NHWLQL]$\
UÈFDVHE]HOHULD]VXGDYH
NÈVDV¾UHGHKDĕOD\DUDN
W¾NHWLQL]
Ͳ (YGHSUREL\RWLNOLGRĔDO
\RĔXUW\DSÈQ.DGÈQODUGD
YDMLQDOPDQWDUHQIHN
VL\RQODUÈQÈHQJHOOHGLĔL
LVSDWODQPÈĕWÈU
Ͳ <XODI©DYGDUDUSDYE
L©HUHQJÈGDODUÈW¾NHWLQL]
%XQODUEHWDJOXNDQGÈU
EDĔÈĕÈNOÈNVLVWHPLQLGHV
WHNOHU
'U0XDPPHU<óOGó]
Ͳ /LPRQSRUWDNDOEURNROL
©LOHND\YDJLELJÈGDODUW¾
NHWLQ&YLWDPLQLHQIHNVL
\RQODUDNDUĕÈVDYXQPDQÈ]È
J¾©OHQGLULU
Ͳ *UH\IXUWDKXGXGXDOÈ©
Ͳ *¾QO¾NVXW¾NHWLPLQL]LQ
\HWLĕNLQOHUL©LQ\DNODĕÈN
PH\YHVLDUPXWDYRNDGR
OLWUHROPDVÈWDYVL\HHGLOLU
IHVOHĔHQKXUPDNDUD
ODKDQDJLELDQWLRNVLGDQ
HWNLOLPDGGHOHUL©HUHQJÈ .D©ÈQÈOPDVÈ*HUHNHQOHU
GDODUW¾NHWLQL]%DĔÈĕÈNOÈN Ͳ 6LJDUDDONROSDUI¾PYH
GHRGRUDQWODUGDQX]DN
VLVWHPLQL]LJ¾©OHQGLULU
GXUXQX]
VL]LNDQVHUHNDUĕÈNRUXU
Ͳ $GD©D\ÈSURSROLVHEHJ¾
PHFLELEHUL\HJLELDQWL
PLNUREL\DOHWNLOLJÈGDODU
W¾NHWLQL]ĘOWLKDSODUÈNXUX
WXFX¸]HOOLNWHGLUOHU
Ͳ (YLWDPLQLD©ÈVÈQGDQ
]HQJLQ\DĔOÈWRKXPODUÈ
FHYL]IÈQGÈNEDGHPYV
NDYUXOPDPÈĕRODUDND]
PLNWDUGDW¾NHWLQL]
Ͳ %DOÈNNHWHQWRKXPXVHPL
]RWXFHYL]YVEROFDW¾NHWL
QL]2PHJDL©HULUOHU
Ͳ +D]ÈUJÈGDW¾NHWPH\LQL]
Ͳ 6È]PD]H\WLQ\DĔÈYHGRĔDO
WHUH\DĔÈGÈĕÈQGDNLW¾P
\DĔODUGDQYHNÈ]DUWPDODU
GDQX]DNGXUXQX]
.¾U7DYVL\HOHUL
Ͳ *HFHWHUOHPHOHULL©LQ$NĕDP\DWDUNHQ
GLĕVDUÈPVDNN¾UGDQODELUND©\HULQGHQ
GHOLQLSE¾W¾QRODUDN\XWXOXU
Ͳ 6LQ¾]LWYHJHQL]LWDNÈQWÈODUÈL©LQ‰¸UHNRWX
\DĔÈEXUXQDGDPODWÈODUDNGNJHUL\HGRĔUX
\DWÈOÈU%XLĕOHPJ¾QGHGHIDWHNUDUHGLOLU
Ͳ ĖVKDOHNDUĔÈ<DUÈPNDKYHILQFDQÈVLUNH
\DUÈPNDKYHILQFDQÈVX©D\NDĕÈĔÈ
NDUERQDWNDUÈĕWÈUÈOÈSL©LOLU
Ͳ (UNHNOHUGHJ¸U¾OHQLGUDU\ROXHQIHN
VL\RQXL©LQ$WNX\UXĔXYHNHNLNELUHU
WXWDPOLWUHND\QDPÈĕVX\XQL©HULVLQH
DWÈOÈUGNGHPOHQGLNWHQVRQUDV¾]¾
OHUHNJ¾QER\XW¾NHWLOLU
Ͳ $OWVROXQXP\ROODUÈHQIHNVL\RQXL©LQ
(EHJ¾PHFLJDUJDUDVÈWDYVL\HHGLOLU
Ͳ žVWVROXQXP\ROXHQIHNVL\RQXL©LQ3D
SDW\DNHNLN]HQFHILOELUHU\HPHNNDĕÈĔÈ
ELUOLWUHND\QDPÈĕVX\XQL©LQHDWÈODUDN
GNGHPOHQLU$UGÈQGDQV¾]¾O¾SJ¾Q
ER\XQFDL©LOLU
Ͳ .DGÈQODUGDJ¸U¾OHQLGUDU\ROXHQIHN
VL\RQODUÈL©LQ&LYDQSHU©HPLYHÈVÈUJDQ
ELUHUWXWDPOLWUHND\QDPÈĕVX\XQL©H
ULVLQHDWÈOÈUGNGHPOHQGLNWHQVRQUD
V¾]¾OHUHNJ¾QER\XW¾NHWLOLU
Ɛ+X]XUX
òVODPL
DUDġWóUPDODUGD
EXOGXPƑ
8]XQ\ÈOODU
$%'èGHNDOGÈNWDQ
VRQUD7¾UNL\Hè\H
G¸QHQ'U6FKLFN
ê8]XQ\ÈOODURUDGD
NDOPDPDUDĔPHQ
KX]XUEXOGXĔXPX
V¸\OH\HPHP'DKD
GRĔUXVXJ¾QGHOLN
KD\DWUDKDWWÈDPD
GR\XUXFXELUYDUROXė
GHĔLOGL+X]XUX
\D]ÈS©L]PHGH
DUDGÈP©DOÈėPDODUÈPÈ
¸]HOOLNOHĖVO¤P°NLWDS
VDQDWODUȾ]HULQH
\RĔXQODėWÈUGÈPëGL\RU
<$ĕ$0
'UòUYLQ&HPLO6FKLFN
'
UĘUYLQ&HPLO
6FKLFN7¾UNND
PXR\XQXQ\D
NÈQGDQWDQÈGÈĔÈ
UHQNOLELUNLĕLOLN
5REHUWPH]X
QX+DUYDUGèGD
WDVDYYXĆDWDQÈĕPÈĕN¾OW¾U
WDULKLQHYHKDWVDQDWÈQD
PHUDNOÈELUPDWHPDWLN©L
ĘVWDQEXOèGD0XVHYLELUDLOHGH
G¾Q\D\DJHOLS\DĕÈQGD
ĘVODPèODWDQÈĕDQYH\ÈOVRQ
UDLKWLGDHGHQ'U6FKLFNèL
%H\RĔOX*¾P¾ĕVX\X&DGGHVL
¾]HULQGHNLRILVLQGH]L\DUHW
HGL\RUX]%XOXQGXĔXELQDQÈQ
HQ¾VWNDWÈQGD%RĔD]èDQD]ÈU
RILVWHNHGLOHUL'RKDQYHėLULQ
LOHNH\LĆLELU©DOÈĕPDRUWD
PÈQGDEXOGXNNHQGLVLQL
+RFDPIDUNOÈNRQXODUGD
DUDĘWÈUPD\DSDQUHQNOLELU
NLĘLOLNRODUDN¸QFHOLNOHNÈVDFD
NHQGLQL]LWDQÈWÈUPÈVÈQÈ]"
èWHĘVWDQEXOèGD
GRĔGXP/LVHGHQVRQUD
$PHULNDè\DJLWWLPžQLYHUVL
WHWDKVLOLPL0DVVDFKXVHWWV
,QVWLWXWHRI7HFKQRORJ\èGH
WDPDPODGÈP¸QFHP¾KHQ
GLVOLNHĔLWLPLDOGÈPVRQUD
PDWHPDWLNWHQGRNWRUD%X
DUDGD+DUYDUGèGDGDED]È
GHUVOHUHJLUGLPYHWDVDYYXID
PHUDNVDOGÈP+RFDP$Q
QHPDULH6FKLPPHOLGLĘVO¤P
LOHKDWVDQDWÈLOHLOJLOHQPHP
¸\OHEDĕODGÈ6RQUD8ĔXU
'HUPDQKRFDPODWDQÈĕWÈP
RQGDQ©RNĕH\¸ĔUHQGLP
8]XQ\ÈOODU$PHULNDèGDNDO
GÈPJHUHN¾QLYHUVLWHOHUGH
JHUHNVHDUDĕWÈUPDJHOLĕ
WLUPHGH©DOÈĕWÈP1LKD\HW
èGD7¾UNL\Hè\HG¸Q
G¾P%LUND©\ÈOĘVWDQEXO
ėHKLUžQLYHUVLWHVLèQGHGHUV
YHUGLPėXDQGDED]ÈNLWDS
SURMHOHULQLWDPDPODPD\D
©DOÈĕÈ\RUXP
<XUWGÈĘÈ©DOÈĘPDODUÈQÈ]È
GHĔHUOHQGLULUPLVLQL]"%XELU
KX]XUDUD\ÈĘÈPÈGÈUYHVRQX©
QDVÈOWH]DK¾UHWPLĘWLU"
<XUWGÈĕÈPDFHUDP¸\OH
ID]ODG¾ĕ¾QHUHNJHU©HNOHĕ
PHGL5REHUW.ROHMèGHNLL\L
¸ĔUHQFLOHULQ\XUWGÈĕÈQGD
¾QLYHUVLWHWDKVLOLJ¸UPHVL
QHUHGH\VHEHNOHQHQELU
GXUXPGX%HQGHED]È
¾QLYHUVLWHOHUHEDĕYXUGXP
YHNDEXOHGLOLQFHJLWWLP
8]XQ\ÈOODURUDGDNDOPDPD
UDĔPHQKX]XUEXOGXĔXPX
V¸\OH\HPHP'DKDGRĔUXVX
J¾QGHOLNKD\DWUDKDWWÈDPD
GR\XUXFXELUYDUROXĕGHĔLOGL
+X]XUX\D]ÈS©L]PHGHDUD
GÈP©DOÈĕPDODUÈPȸ]HOOLNOH
ĘVO¤P°NLWDSVDQDWODUȾ]HUL
QH\RĔXQODĕWÈUGÈP%XDUDGD
LKWLGDHWWLP%¸\OH
%LUDUNDGDĘÈQÈ]YHVLOHVL\OH
ĖVODPGLQLLOHWDQÈĘWÈĔÈQÈ]ÈEL
OL\RUX].D©\DĘÈQGD\GÈQÈ]YH
QDVÈOELUGX\JX\DĘDGÈQÈ]"
%XX]XQELUV¾UH©ROGXĘVO¤P
LOHWDQÈĕPDPKRFDP$QQH
PDULH6FKLPPHOVD\HVLQGH
ROGXĔXQGD\DĕÈPGD\GÈP
ĘKWLGDHWWLĔLPGHLVH\D
ĕÈPGD%XDUDGDEHQNHQGLPL
GDKD]L\DGHĘVO¤PGLQLQH
YHN¾OW¾U¾QHHQWHOHNW¾HO
EDNÈPGDQLOJLGX\DQELUNLĕL
RODUDNWDQÈPODGÈP'LQ°
D©ÈGDQGD0¾VO¾PDQROGX
ĔXPXQELOLQFLQGHGHĔLOGLP
RQXNHĕIHWPHP/¾EQDQOÈELU
DUNDGDĕÈPÈQ\DUGÈPÈ\ODROGX
7DVDYYXIYHKDWVDQDWÈ\OD
WDQÈĘPDQÈ]ÈDQODWÈUPÈVÈQÈ]"
<XNDUÈGDDQODWWÈPNÈVDFD7D
VDYYXIWDYHKDWVDQDWÈQGDLNL
P¾WKLĕKRFDPROGXKHUĕH\L
RQODUDERU©OX\XPDVOÈQGD
+DWUXKDQLELU
JHRPHWULGLU
+DWVDQDWÈL©LQUXKLKHQGHVH
P¾KHQGLVOLĔLQUXKXGHQLU
0DWHPDWLNYHVDQDWDLOJLE¸\
OHELUQRNWDGDPÈNHVLĘL\RU"
%HQêUXKLKHQGHVHëWHULPLQL
êP¾KHQGLVOLĔLQUXKXëRODUDN
GHĔLOêUXK¤Q°ELUJHRPHWULë
RODUDNDQOÈ\RUXPėDKVHQ
VDQDWODIHQDUDVÈQGDNHVLĕPH
QRNWDODUÈDUDPÈĕELULGHĔLOLP
DPDKDNOÈVÈQÈ]HOEHWWHE¸\OH
<$ĕ$0
'UĘUYLQ&HPLO6FKLFNê.HQGLVLQGHQ©RNĕH\¸ĔUHQGLPëGHGLĔL+DWWDW3URI8ĔXU'HUPDQYH
HĕL0¾]HKKLS3URI'U‰L©HN'HUPDQLOHELUOLNWH
'UĘUYLQ&HPLO6FKLFNèLQĘUDQOÈ
PLPDUOÈNWDULK©LVL0XKDPPHG
*KDULSRXULOHELUOLNWH$OEDUDND7¾UN
VSRQVRUOXĔXQGDJHU©HNOHĕWLUGLĔL
êĘVODP$OHPLQGH+DWYH0LPDULë
HVHULE¾\¾NEHĔHQLWRSODGÈ
<$ĕ$0
QRNWDODUYDU˜UQHĔLQ6XOWDQ
,,0DKPXGGHYULQGHKDWWDW
0XVWDID5¤NÈPèÈQWXĔUD\D
YHUGLĔL\HQLEL©LPLEXJ¾Q
©RNEHĔHQL\RUX]DPDQHGHQ
EHĔHQL\RUX]"8ĔXU%H\'HU
PDQKDWWDW6DPL(IHQGLèGH
GRUXĔXQDXODĕPÈĕRODQWXĔUD
GDJL]OLRODQVD\ÈVÈ]RUDQWÈ\È
VLPHWUL\LLOLĕNL\LRUWD\DNR\
PXĕWXU<DQLEHĔHQPHPL]LQ
QHGHQLQLWHNQLNELUGLOOH
J¸VWHUPLĕWLU%LUOHYKD\DEDN
WÈĔÈPÈ]GDJ¸]¾P¾]HQHGHQ
J¾]HO\DKXW©LUNLQJ¸U¾QG¾
Ĕ¾Q¾QDVÈODQODUÈ]"2UDQWÈODU
HĔULOHUGRĔUXODU\RĔXQOXNODU
QDVÈOJ¾]HOOH©LUNLQLD\ÈUÈU"
%XQODUÈPDWHPDWLNVHORODUDN
LIDGHHWPHNP¾PN¾QROPDOÈ
GÈUDPDEXJ¾QHNDGDUE¸\OH
ELUĕH\\DSÈOPDPÈĕWÈU
%XEDĔODPGDVDQDWÈQHYUHQ
VHOOLĔL\DGD¸WHNLOHĘWLULOPHVL
NRQXVXQGDQHOHUV¸\OHPHN
LVWHUVLQL]"
6DQDWHYUHQVHOROGXĔX¸O
©¾GHHKHPPL\HWYHWDULKVHO
V¾UHNOLOLNND]DQÈU$PD
HYUHQVHOOLĔLQEDĕODQJÈ©
QRNWDVÈKHU]DPDQ\HUHOGLU
<DOQÈ]EXGHPHNGHĔLOGLU
NLKHUNHVVDGHFHNHQGL
WRSOXPXQXQêRWDQWLNëVD
QDWÈQD\RĔXQODĕPDOÈEDĕND
VDQDWODUDEDNPDPDOÈGÈU
%HQFH7¾UNL\HèGHNLVDQDW
NROHNVL\RQFXODUÈQÈQHQ]D\ÈI
QRNWDVÈPHUDNODUÈQÈQGDU
OÈĔÈGÈU0XKDID]DN¤UVDODU
KDWYHWHVELKO¤LN©L\VHOHU
EDWÈWDU]ÈQGD\DĔOÈER\D
\DKXWKH\NHODOÈ\RUODUĘNL
WDUDIÈQRUWDN\DQÈGDĕX
KL©ELUL7¾UNL\HVÈQÈUODUÈQÈQ
GÈĕÈQGD¾UHWLOPLĕHVHUOHUH
LOJLGX\PX\RU‰RNLONHOELU
\DNODĕÈPEX6DQDWHYUHQVHO
ROPDOÈ\VDVDQDWVHYHUGH
HYUHQVHOROPDOÈGÈUê%XEL
]LPGHĔLOëGL\HNRVNRFDELU
G¾Q\D\ÈUHGGHWPHNROPD]
.½OW½UOHUV½UHNOLELU
HWNLOHĝLPL¨LQGHGLUOHU
7DULKLV¾UH©L©HULVLQGHêN¾O
W¾UëNRQXVXQXGHĔHUOHQGLULU
PLVLQL]"1DVÈOELUGHĔLĘLP\D
GDHWNLOHĘLP\DĘDQÈ\RU"
.¾OW¾UNHOLPHVLQLQELUGHQ
ID]ODDQODPÈYDUELOL\RUVXQX]
%D]ÈODUÈEXNHOLPH\LVH©NLQ
WDEDNDQÈQVDQDWYHHGHEL\DWÈ
RODUDN\RUXPODUED]ÈODUÈLVH
LQVDQODUÈQJ¾QGHOLNKD\DWÈQD
GDLUKHUĕH\LQN¾OW¾UEDĕOÈĔÈ
DOWÈQGDHOHDOÈQDELOHFHĔLQLG¾
ĕ¾Q¾U.HOLPH\LLĕWLNDNÈHWL
PRORMLVLD©ÈVÈQGDQHOHDOÈUVDN
N¾OW¾ULQVDQODUÈQ]LKLQVHO
PDQHY°DODQGDê\HWLĕWLUGLĔLë
ĕH\OHUGLUQDVÈOêDJULFXOWXUHë
WDUÈPGHPHNVH%XEDNÈPGDQ
EHQN¾OW¾UHHSH\JHQLĕD©ÈGDQ
EDNÈ\RUXP
'U6FKLFNĘVODPLDUDĕWÈUPDODU\DSDUNHQHQ¸QHPOLXĔUDN\HUOHULQGHQELULVLGHVDKKDĆDU
7DULK°V¾UH©L©HULVLQGHN¾O
W¾UOHUV¾UHNOLELUHWNLOHĕLP
L©LQGHGLUOHUKL©ELUN¾OW¾U
GLĔHUOHULQGHQWDPDPHQ
NRSXNGHĔLOGLU7¾UNL\H
EDĔODPÈQDEDNDFDNROXUVDN
2VPDQOÈODUÈQ\¾]\ÈOGDQ
LWLEDUHQEDWÈN¾OW¾U¾Q¾QHW
NLVLDOWÈQDJLUGLĔLYH\R]ODĕ
WÈĔÈV¸\OHQLU%XQXQLONNÈVPÈ
GRĔUXGXUDPDLNLQFLNÈVPÈ
VDNDWELUGHĔHU\DUJÈVÈGÈU
LOP°ELUEDNÈĕODEDĔGDĕPD]
'DKD¸QFHNLGHYLUOHUGH
2VPDQOÈN¾OW¾U¾EDĕND
N¾OW¾UOHULQHWNLVLDOWÈQGD
GHĔLOPL\GLVDQNL"‰LQĘUDQ
$UDSN¾OW¾UOHULHWNLOHPHPLĕ
PLGLU2VPDQOÈN¾OW¾U¾Q¾"
1HGHQELULPHĕUXGDGLĔHUL
GHĔLO"%XQODULQG°J¸U¾ĕOHU
GLULOP°GHĔLOGLUOHU
(VHUOHULQL]KDNNÈQGDNÈVD
ELUGHĔHUOHQGLUPHULFDHGHEL
OLUPL\L]"
(VHUGHUNHQNLWDSYHPDND
OHOHULPGHQV¸]HGL\RUVXQX]
KHUKDOGH‰¾QN¾VDQDWOD
©RNPHĕJXOROPDNODELUOLNWH
VDQDW©ÈGHĔLOLP‰DOÈĕPD
ODUÈPXPXP°RODUDNN¾OW¾U
NXUDPÈWHRULVLYHN¾OW¾U
WDULKLDODQÈQGDGÈU$PD
EXJHQHOEDĕOÈNODUDOWÈQGD
HSH\IDUNOÈOÈNDU]HGHUOHU
˜UQHĔLQKDWVDQDWȾ]HULQH
GH©RN\D]ÈS©L]HULPWRS
OXPVDOFLQVL\HW¾]HULQHGH
+DWVDQDWȾ]HULQGH©DOÈĕ
PDODUÈQ¸]HOOLNOHEXVDQDWÈQ
DQODPÈYHIHOVHIHVLNRQX
VXQGDGÈU<DQLVDQDWÈQWHN
QLN\¸QOHUL\OHVDQDW©ÈODUÈQ
KD\DWKLN¤\HOHUL\OHID]OD
LOJLOHQPL\RUXP%HQLPL©LQ
¸QHPOLRODQêQHGHQKDW"ë
\DKXWêKDWVDQDWÈQÈQĘVO¤P
WRSOXPODUÈQGDNL\HULYH
DQODPÈQHGLU"ëJLELVRUXODU
GÈU7RSOXPVDOFLQVL\HWDOD
QÈQGDLVH¸]HOOLNOHFLQVL\HW
YHPHN¤QDUDVÈQGDNLLOLĕ
NLOHULOJLPL©HNHU0HVHOD
êKDUHPëWDPRODUDNQHGLU"
2QG¸UWDVÈUER\XQFDIDUNOÈ
IDUNOÈKDUHPOHUROPXĕVD
EXQODUÈQWRSXQDELUGHQ
êKDUHPëGHPHPL]LQDUGÈQ
GDNLKXVXVL\HWOHUQHOHUGLU"
<DNÈQ]DPDQGD0XKDP
PHG*KDULSRXUDGOÈĘUDQOÈ
ELUPLPDUOÈNWDULK©LVL\OH
ELUOLNWHĘVO¤P¤OHPLQGHKDW
YHPLPDUL¾]HULQHELUNLWDS
GHUOHGLN(QG¾O¾VèWHQ‰LQèH
NDGDU©HĕLWOLWRSOXPODUGD
PLPDUL\DSÈODUÈQQDVÈOKDW
VDQDWÈLOHDQODPODQGÈUÈO
GÈĔÈQÈLUGHOHGLN$OEDUDND
7¾UNè¾QVSRQVRUOXĔXVD\H
VLQGH¾©\¾]GHQID]ODUHQN
OLIRWRĔUDIOÈ©RNJ¾]HOELU
NLWDSROXĕWX'LOLĘQJLOL]FH
ĘVO¤PVDQDWODUÈ\OD©RNLOJL
OHQHQ(GLQEXUJKžQLYHUVL
WHVL\D\ÈQODUÈQGDQ©ÈNWÈ
'U6FKLFNèLQ
©RFXNOXNDQÈODUÈ
<$ĕ$0
+D\DWóQULWPLQL
\DNDOD\DQXVWD
=
ā
0
(
7
<
2.$
0¾]LĔLQJHQOHULQGHROGXĔXQXV¸\OH\HQ2ND\7HPL]ê+HUNHVLQELUULWPLYDUGÈU5LWLP¸\OHELU
ėH\NLLQVDQDKX]XUYHUL\RU%L]LPWDNÈP©DOÈėPDODUÈPÈ]GDKD\DWÈQVWUHVLQLXQXWX\RUVXQëGL\RU
+ž6(<ò17ž5.2à/8
%
H\RĔOX7DWDUEH\
6RNDNèWDNLê5L
WLP$W¸O\HVLëQGH
]L\DUHWHWWLĔLPL]
¾QO¾ULWLPXVWDVÈ
2ND\7HPL]
PLVDILUOHUL\OH
SHQWDWRQLNP¾]LN$QDYDWDQÈ
2UWD$V\DRODQVHVOLP¾]LN
KDNNÈQGDVRKEHWHGL\RUYH
NRQX\ODLOJLOLHQVWU¾PDQODUÈ
J¸VWHUL\RUGX2UWD$V\D
$IULNDYH$UDS<DUÈPDGDVÈèQÈ
NDSVD\DQP¾]LNPXKDEEHWL
ROGXN©DLOJLQ©WL
.HQGLQHKDV¸]HOOLNOHUL
RODQIDUNOÈELUVDQDW©È2ND\
7HPL]<ÈOODUER\XQFDWRSOD
GÈĔÈYH\DSWÈĔÈELU©RNIDUNOÈ
HQVWU¾PDQÈNHQGLQH¸]J¾ELU
EL©LPGH\RUXPOD\DELOHQYH
HQEDVLWULWLPOHULELOH©DUSÈFÈ
ELUDQODWÈPDG¸Q¾ĕW¾UHELOHQ
VDQDW©È¾ONHPL]GHYH\XUW
GÈĕÈQGD\¾]OHUFHIHVWLYDOH
NDWÈODUDNELQOHUFHNH]NRQ
VHUYHUGL
ê7¾UNL\HèGHDOÈĕÈODJHOPLĕLQGÈ
ĕÈQGDELUWDU]ÈQÈ]YDUëGL\RUX]
DPDR¸\OHG¾ĕ¾QP¾\RUê%HQ
ĕHNLODOGÈNLKHUNHVSDUDL©LQ
ELUDQGDPHĕKXURODQPHG\D
WLNLQVDQODUROPD\DEDĕODGÈ
+L©ELUN¾OW¾UWXWDQDĔÈ\RN
+L©ELUN¾OW¾UROD\ÈROPD\DQ
DPDFÈWDPDPHQSDUDND]DQÈS
N¸ĕH\LG¸QPHNRODQLQVDQODU
DOÈĕÈOPÈĕÈQGÈĕÈQGDGHĔLOLP
%XDPD©ODUOD\DSÈODQ©DOÈĕPD
2QODUDOÈĕÈOPÈĕÈQGÈĕÈQGD‰¾Q
ODUL©HULVLQGHEL]LP©DOÈĕPD
N¾RNDGDUN¸W¾ROGXNLP¾]LN
ODUÈPÈ]\DGÈUJDQGÈLQVDQODUD
SL\DVDVÈRNDGDULĔUHQ©ELU
\DEDQFÈJHOGLëGL\RU
ĘVYH©èWHĘWDO\DèGD$OPDQ\DèGD
NHQGLVLJLELELUV¾U¾VDQDW©È
ROGXĔXQXLIDGHHGHQ7HPL]
ê$PDEHQRQODUGDQELUDGÈP
GDKD¸QGH\LP‰¾QN¾G¾Q\D
P¾]LĔL©ÈNPDGDQEHQP¾]LN
\DSWÈPG¾Q\DP¾]LĔLQL©DO
GÈPEHQĘVYH©èWH2GDEHQLP
DUDĕWÈUPDFÈOÈĔÈPGDQND\QDN
ODQÈ\RUëĕHNOLQGHNRQXĕX\RU
<DSWÈĔÈLĕLEHĔHQHQELULQVDQ
ROPDGÈĔÈQÈLIDGHHGHQVDQDW©È
ê+HSGDKDL\LVLGDKD\HQLVL
ROVXQGL\HXĔUDĕÈ\RUXP+HS
\HQL\LDUDĕWÈUÈ\RUXP2QXQ
L©LQGHYDPOÈPHĕJXO¾PëLIDGH
OHULQLNXOODQÈ\RU
.DLQDWELOHELU
ULWLPOHG·Q½\RU
ê5LWLPQHLĕH\DUDUQHGHQ
ULWLP"ëGL\RUX]VDQDW©È\D
ĕ¸\OHFHYDSOÈ\RUê+HUNHVLQ
ELUULWPLYDUGÈUDPDD©ÈO
PD\DQULWLPOHUD©ÈOPD\DQ
UHĆHNVOHUYDU5LWLP¸\OHELU
ĕH\NLLQVDQDKX]XUYHUL\RU
%L]LPWDNÈP©DOÈĕPDODUÈPÈ]GD
KD\DWÈQVWUHVLQLXQXWX\RU
VXQ%LUGHWDNÈP©DOÈĕPDVÈQÈ
¸ĔUHQL\RUVXQELUELULQLGLQ
OHPHVDQDWÈ©ÈNÈ\RURUWD\D
ĘQVDQODUÈQ\DUDWÈFÈOÈĔÈQÈJHOLĕ
WLUL\RUX]5HĆHNVLJHOLĕL\RU
'ROD\ÈVÈ\ODEH\LQMLPQDVWLĔL
ROX\RU+HP©DODUDNKHPH]
EHUOH\HUHN+HPH]EHUOHPH
KHPGRĔD©ODPDYDUEXUDGD
+HPL©LQGHQJHOGLĔLJLEL©D
ODFDNVÈQKHPGHED]ÈIRUPODU
YDURQODUÈH]EHUOH\HFHNVLQ
DUNDDUND\D©DODFDNVÈQ
%XQODU©RNGDKDUHHOĕH\OHU
YHEXQODUÈELUSL\DQRNDYDO
VD]GHUVLQGH\DSDPD]VÈQ2
GHUVOHU©RNX]XQV¾UHU$PD
GDYXOGDKHPHQ\DSÈ\RUVXQ
2QXQL©LQEXDOHWOHULNXOOD
QÈ\RUX]%XQXKHUNHVNXOOD
QDELOLUGL\RUXP‰RNNROD\
EDVLWELUEDĕODQJÈFÈYDUDPD
JLWJLGHGH]RUODĕÈ\RU‰¾QN¾
ULWPLQVRQX\RN5LWLPKHU
ĕH\LQ¾]HULQGH%¾W¾QNDLQDW
¸\OHG¸Q¾\RUë
(QVWU½PDQODUòQ
VRQX\RN
0¾]LNHĔLWLPLYHUPHNL©LQ
GHIDODUFD\XUWGÈĕÈQD©ÈN
WÈĔÈQÈDQFDNEXNRQXGD
7¾UNL\HèGHELUWDOHSROPD
GÈĔÈQÈLIDGHHGHQ7HPL]
\DĕDQDQGX\DUVÈ]OÈNWDQVL
WHPOHEDKVHGL\RU6DQDW©È\D
ê1HGHQIDUNOÈHQVWU¾PDQ
ODU"ëGHGLĔLPL]GHLVHJHQLĕ
XIXNOXELUFHYDSDOÈ\RUX]
ê(QVWU¾PDQODUÈQVRQX\RN
‰RNJHQLĕELUG¾Q\D%L]LP
GDKDWDQÈPDGÈĔÈPÈ]ELUV¾U¾
DOHWYDUG¾Q\D¾ONHOHUL
EXQODUÈQL©HULVLQGH$IULND
YDU*¾QH\$PHULNDYDU
+LQGLVWDQYDU-DSRQ\DYDU
%XUDODUGDQ©ÈNDQ\¾]OHUFH
DOHWYDU%XQODUWDELDWWDQ
HVLQOHQHUHN\HUOLOHULQVL\DKL
OHULQ©ÈNDUGÈĔÈDOHWOHU.LPLVL
EXDOHWOHUL\DEDQLKD\YDQODUÈ
NRYPDNNRUNX\DUDWPDNL©LQ
©ÈNDUPÈĕWÈU.LPLVLKDEHUOHĕ
PHDPDFÈ\OD©ÈNDUPÈĕWÈU%LU
GHD\UÈFDWDELDWÈQL©LQGH\D
ĕDGÈNODUÈL©LQEXLQVDQODUWD
ELDWWDQVHVOHUDOÈ\RUODU<DQL
ELUDĔDFÈQU¾]JDUGD©ÈNDUGÈĔÈ
VHVLDOÈ\RUEXQXHQVWU¾PDQ
\DSÈ\RU$OÈ\RUDĔDFÈQ\DS
UDNODUÈQÈELUELULQHHNOL\RU
GLNL\RU\DĕNHQR\DSUDNODUÈ
NXUXWXSVDOOÈ\RU%L]GHNXUX
ELEHUOHUYDUPHVHODNXUX
SDWOÈFDQNXUXEDP\DEHQLP
EXQODUGDQ\DSÈOPÈĕDOHWOH
ULPYDU2QODUGDQ©RNJ¾]HO
VHVOHU©ÈNÈ\RU%XQODU]DWHQ
GLĔHU¾ONHOHUGHYDU%DĕND
¾ONHOHUGHELOLQHQĕH\OHU$ĔD©
NDEXNODUÈN¾W¾NOHUYXUJXOX
©DOJÈODUG¾Q\DVÈ©RNJHQLĕë
0½]LNKHPHQ½UHWLOHQ
YHW½NHWLOHQELUĝH\
žONHPL]GHNLN¾OW¾UVDQDW
©DOÈĕPDODUÈQÈGHĔHUOHQGLU
PHVLQLLVWL\RUX]VDQDW©ÈGDQ
7¾UNL\HèGHUHVLPGHKH\NHO
GHYHJ¸UVHOVDQDWODUGDELU
<$ĕ$0
LOHUOHPHROGXĔXQXDQFDN
P¾]LNWHEXQXQD]ROGXĔXQX
V¸\O¾\RU%XQXGDĕ¸\OHL]DK
HGL\RUVDQDW©ÈꉾQN¾GL
ĔHUOHULQLQNDOLWHVLNROD\NR
OD\ER]XOPX\RUGDP¾]LĔLQ
NDOLWHVL©RNNROD\ER]XOX\RU
0¾]LNKHPHQ¾UHWLOHQYH
W¾NHWLOHQELUĕH\3DGLĕDKODU
]DPDQÈQGDQEHULEX¾ONHGH
P¾]LNGX\XOGXĔX]DPDQ
NDONÈOÈSR\QDQPÈĕWÈU0¾]LN
VDQDWWDQ©RNHĔOHQFHDUDFÈ
RODUDNJ¸U¾OP¾ĕW¾U2WXUXS
GLQOHPH\LELOPL\RUX]+DO
E¸\OHROXQFDGDL\LP¾]LV
\HQOHU\HWLĕPL\RU*¾Q¾
P¾]GHKDONÈHĔOHQGLUHQP¾
]LNOHU¸QSODQGDWXWXOX\RU
$VOÈQGDKHUP¾]LNWHHĔOHQH
ELOLUVLQKD]DOÈUVÈQGLQOHUNHQ
.XYYHWDOÈUVÈQHQHUMLWRS
ODUVÈQ6DQDELUWHUDSLGLUR
$PD©RND]GÈUEXĕHNLOGHNL
P¾]LN©DOÈĕPDVÈë
+HPNX]H\GHNLVRàXàX
KHPJ½QH\GHNLVòFDàò
ELOL\RUXP
6DQDW©È\DEXJ¾QHNDGDU©È
NDUGÈĔÈDOE¾POHUYHNRQVHUOHUL
VRUX\RUX]%XNRQXGDGDRO
GXN©DGHĔLĕLNELU©DOÈĕPDVWLOL
ROGXĔXQXYHèLQ¾]HULQGH
DOE¾P©ÈNDUGÈĔÈQÈV¸\O¾\RU
ė¸\OHGHYDPHGL\RUê%LQ
OHUFHNRQVHUROGX%HQNODVLN
P¾]LN¾]HULQHRNXGXP%DWÈ
NODVLĔLQLELOL\RUXP7¾UNP¾
]LĔLQL\DQLIRONORUX‰DWDOFDèGD
GX\GXP7¾UNNODVLNP¾]LĔLQL
DQQHPGHQGX\PXĕWXP0¾]LN
KD\DWÈQDDWÈOÈQFDGDFD]HQ
E¾\¾NWXWNXPGX0RGHUQFD]È
G¾Q\DQÈQHQE¾\¾NLVLPOHUL\OH
©DOGÈPĘ]PLU'HYOHW6HQIRQL
2UNHVWUDVÈè\ODSODN\DSWÈP
%XUDGDNLGLĔHUVHQIRQLRU
NHVWUDODUÈEHQLPEHVWHOHULPL
©DOGÈODU%XQODUG¾Q\DP¾]LNOH
ULQGHQ¸UQHNOHUGL&D]ODNODVLN
P¾]LNOH$IULNDP¾]LĔLLOH7¾UN
P¾]LĔLLOHVXILP¾]LĔLQLELUOHĕ
WLUL\RUXP%HQVHQHNX]H\
FD]ÈQÈ©DOGÈP$IULNDOÈODUOD
©RNX]XQV¾UH©DOÈĕWÈP$IULND
P¾]LĔLQLELOL\RUXP%XUDGD
KDOD$IULNDULWLPOHUL©DOÈ\RUX]
+HPNX]H\GHNLVRĔXĔXELOL
\RUXPKHPJ¾QH\GHNLVÈFDĔÈ
ELOL\RUXP+HPGHRUWDWDUDIÈ
ELOL\RUXP2UWDGD+LQGLVWDQ
YH7¾UNL\HYDU+LQGLVWDQOÈ
ODUODGD©RN©DOÈĕWÈP%LUV¾U¾
NRQVHUYHUGLPKHP$YUXSDèGD
KHPĘVNDQGLQDY\DèGDKHPGH
7¾UNL\HèGH%DWÈP¾]LĔL+LQW
P¾]LĔL©LQJHQHP¾]LĔL©DOÈ
\RUXP5RPDQODUODELUP¾]LN
\DSWÈP7¾UNL\HèGHGHEXQX
LON\DSDQEHQLP.DUDGHQL]èLQ
HQE¾\¾NP¾]LV\HQOHUL\OH
.DUDGHQL]RUNHVWUDVÈNXUGXP
.DUDGHQL]èLQHQE¾\¾NOHULLOH
IRONORULNFD]©DOÈĕPDVÈ\DSWÈN
)RONORUHOHPHQWOHULQLPRGHUQ
ELUĕHNLOGHFD]DX\JXODGÈN
%LU©RNWHOHYL]\RQSURJUDPÈ
\DSWÈNë
.X]H\GHNL,ĝòN2\XQODUò
VDKQHDOò\RU
<DĕDQDQHNRQRPLNNUL]OHULQ
KHUNRQXGDROGXĔXJLELP¾]LN
©DOÈĕPDODUÈQÈGDROXPVX]HWNL
OHGLĔLQLEHOLUWHQ2ND\7HPL]
ĕXDQGDLVH.X]H\GHNL,ĕÈN
2\XQODUÈ$XURUDERUHDOLV
DOE¾P¾Q¾ELWLUGLNOHULQLLIDGH
HGL\RU<HQLDOE¾POHLOJLOLROD
UDNê'¾Q\DGDNLHQL\LSL\DQLVW
OHUGHQELULVLRODQ$\GÈQ(VHQ
LOHELUOLNWHDOE¾P\DSWÈN%X
UDGDD\UÈFD7¾UNIRONORU¾QGHQ
¸UQHNOHUYDUëGL\RUVDQDW©È
2.$<7(0Ė=.Ė0'Ė5"
&XPKXUEDĘNDQÈ(UGRĔDQèÈQKLPD\HVLQGH
0LVWLN0¾]LN%XOXĘPDVÈ3URMHVL
2
ND\7HPL]\È
OÈQGD\DSPD\ÈDU]X
ODGÈĔÈELU©DOÈĕPDLOH
LOJLOLRODUDNGDĕXQODUÈLIDGH
HGL\RUê'DKDR]DPDQ7D\
\LS%H\ç0HGHQL\HWOHU%X
OXĕPDVÈèLIDGHVLQLNXOODQPD
PÈĕWÈ%HQGHĔLĕLN¾ONHOHUGHQ
YHGHĔLĕLNGLQOHUGHQHQL\L
P¾]LV\HQOHULWRSOD\ÈS
NDGDUP¾]LV\HQOHPLVWLNELU
P¾]LNWRSOXOXĔXROXĕWXUPDN
LVWL\RUGXP+HSVL\OHNRQX
ĕXSSODQODGÈP+HUNHVNHQGL
P¾]LĔLLOHJHOHFHNYHEXUDGD
ELUJUXS©DOÈĕPDVÈLFUDHGLOH
FHN%¾W©HVLGHEHOOLROPXĕWX
2G¸QHPLQ%DĕEDNDQÈ5HFHS
7D\\LS(UGRĔDQ%H\èHSURMH\L
VXQGXPYHE¸\OHELUSURMH\L
KD\DWDJH©LUHOLPGHGLP
%DĕEDNDQç7DELLèGHGL.¾OW¾U
%DNDQOÈĔÈèQDJLWWLNE¾W©H\L
GHDUWÈUGÈODUDQFDNRSDUD
©ÈNPDGÈELUW¾UO¾\ÈO¸QFH
7D\\LS%H\èOHJ¸U¾ĕW¾Ĕ¾P¾]
GHSURMH\LWHNUDUKDWÈUODWWÈP
9HSDUDQÈQ©ÈNPDGÈĔÈQÈV¸\
OHGLPDQFDNKDOHQGHR¸GH
QHN©ÈNPÈĕGHĔLO
%XSURMHXOXVODUDUDVÈDUHQDGD
¾ONHPL]HE¾\¾NELUSUHVWLM
ND]DQGÈUDFDN3URMHL©LQG¾Q\D
OLGHUOHULQGHQELOHWHNOLĆHU
DOÈ\RUX]DQFDNEHQEXND]DQÈ
PÈQ¾ONHPHDLWROPDVÈQÈLVWL\R
UXP.RQ\DèGD6HO©XNèWD0HU
\HP$QD.LOLVHVLLFUDHWPHN
LVWL\RUX]6RQUDGDG¾Q\D\D
D©ÈODFDĔÈ]7HNUDUUDQGHYX
DOÈS&XPKXUEDĕNDQÈ(UGRĔDQ
LOHEXNRQX\XNRQXĕDFDĔÈP
'¾Q\DGDE¾\¾N\DQNÈX\DQGÈ
UDFDĔÈQDLQDQÈ\RUXPë
\ÈOÈQGD
ĘVWDQEXOèGDGRĔDQ
2ND\7HPL]êĘONROD
UDNDQQHNDUQÈQGDP¾]LĔL
GX\GXP$QQHPXG©DODUGÈ
YHEHQLPGHJHQOHULPHLĕOH
GLP¾]LNëGL\RU‰DWDOFDèQÈQ
NÈUODUÈQGDJH©HQ©RFXNOXĔX
QXQDUGÈQGDQNRQVHUYDWXDU
HĔLWLPLDODQ7HPL]ê$QQHP
GHQGROD\È$QNDUD'HYOHW
.RQVHUYDWXDUÈèQDJLWWLP
.RQVHUYDWXDUDNODVLNP¾]LN
¸ĔUHQPHNL©LQJLWWLPIDNDW
FD]©DOPD\DEDĕODGÈP%H
QLPWXWNXPFD]GÈëGL\HHNOL
\RU2G¸QHPGH7¾UNL\HèGH
FD]HĔLWLPLYHULOPHGLĔLL©LQ
NHQGLJD\UHWOHUL\OHNHQ
GLVLQLJHOLĕWLUHQVDQDW©È
èGHĘVYH©èHJLWWL\ÈO
NDOGÈĔÈĘVYH©èLQHQE¾\¾N
P¾]LV\HQOHUL\OHUDG\RVHQ
IRQLRUNHVWUDVÈ\ODELUOLNWH
©DODQVDQDW©Èê%XUDGD$PH
ULNDOÈODUÈWDQÈGÈP%LU©RN
G¾Q\DP¾]LV\HQLQLWDQÈGÈP
\ÈOER\XQFD)LQODQGL\DèGD
NDOGÈPVHQHĘVYH©
K¾N¾PHWLQGHQ\DQL
ĘVNDQGLQDY\DèGDQJHOHQGHV
WHNLOHEHQ7¾UNL\Hè\LWHPVLO
HWWLPëĕHNOLQGHNRQXĕX\RU
\ÈO¸QFH7¾UNL\Hè\HJHOH
UHNĘVWDQEXOèGDULWLPDW¸O\H
VLQLD©WÈĔÈQÈEHOLUWHQ2ND\
7HPL]©DOÈĕPDODUÈ\ODLOJLOL
RODUDNGDĕXQODUÈV¸\O¾\RU
êĘQVDQODUEXUD\DJHOL\RUODU
ILUPDODUJHOL\RUODUULWLP
©DOÈĕÈ\RUODUULWLP¸ĔUHQL
\RUODU7¾UNL\HèGHHNRQRPLN
NUL]OHELUOLNWHHNLS©DOÈĕPD
VÈQÈLOHUOHWPHNL©LQILUPDODU
ULWLP©DOÈĕPDODUÈQÈEDĕODWWÈ
2]DPDQGDQEHULEX©DOÈĕ
PDODUDGHYDPHGL\RUX]ë
<$ĕ$0
$OEDUDND7¾UN*HQHO0¾G¾U<DUGóPFóVó$OL7XáOX
%¾\¾NELUWHNQRORMLN
G¸Q¾ġ¾P\Dġó\RUX]
7¾UNEDQNDFÈOÈNVHNW¸U¾Q¾QWHNQRORML\L
NXOODQPDDQODPÈQGDG¾Q\DGD¸Q
VÈUDODUGDROGXĔXQXV¸\OH\HQ*HQHO
0¾G¾U<DUGÈPFÈVÈ7XĔOXê+HGHILPL]
P¾ėWHULOHULPL]HKD\DWODUÈQÈ
NROD\ODėWÈUDQKÈ]OÈYHJ¾YHQLOLU
EDQNDFÈOÈN©¸]¾POHULVXQDELOPHNëGL\RU
$OEDUDND*HQHO0¾G¾U
<DUGóPFóVó$OL7XáOX
7(.12/2-Ė
$
OEDUDND7¾UN
*HQHO0¾G¾U
<DUGÈPFÈVÈ$OL
7XĔOXNÈVDV¾UH
¸QFHEDĕODGÈĔÈ
J¸UHYLQGHWDELUL
FDL]VHD\DĔÈQÈQ
WR]XLOHVRUXODUÈPÈ]ÈFHYDS
ODQGÈUGÈ7XĔOXLOHWHNQRORMLN
JHOLĕPHOHULYH$OEDUDND
7¾UNè¾QEXNRQXGD\DĕDGÈĔÈ
GHĔLĕLPLNRQXĕWXN
*¾Q¾P¾]GHWHNQRORMLEDĘ
G¸QG¾U¾F¾ELUĘHNLOGHLOHUOL\RU
YHDGHWD©RNKÈ]OÈELU¾UHWLPYH
W¾NHWLPV¾UHFL\DĘÈ\RUX]%LOJL
WHNQRORMLOHULD©ÈVÈQGDQG¾Q
\DPÈ]GD\DĘDQDQJHOLĘPHOHUL
NÈVDFDGHĔHUOHQGLULUPLVLQL]"
ėXDQEL]OHULQJ¾QGHPLQGH
RODQYH¸Q¾P¾]GHNL\ÈOODU
GDNLWHNQRORMLN\DWÈUÈPODUÈ
HWNLOH\HFHĔLQLG¾ĕ¾QG¾Ĕ¾P
¸QHPOLWHNQRORMLNWUHQG
YDU%XQODUê%XOXW%LOLĕLPë
ê%¾\¾N9HULëê0RELOLWHëYH
ê1HVQHOHULQĘQWHUQHWLë
%XOXW%LOLĕLPNXUXPODUÈQ
DOGÈĔÈYHVXQGXĔXKL]PHWOHU
GH\HQLLĕPRGHOOHULJHOLĕWL
UHELOPHOHULQLVDĔOÈ\RU8]XQ
]DPDQGÈUJ¾QGHPGHDQFDN
JHU©HNDQODPGD\D\JÈQODĕ
PDVÈQȸQ¾P¾]GHNL\ÈOODUGD
J¸U¾\RURODFDĔÈ]
PDOL\HWOHULQLQ©RNXFX]
ODPDVÈQDSDUDOHORODUDN
QHUHGH\VHGRNXQGXĔXPX]
KHUĕH\LQELUELULLOHLOHWLĕLP
NXUDELOHFHĔLJHU©HĔLLOH\HS
\HQLWHNQRORMLN\DWÈUÈPODUÈ
WHWLNOH\HFHNJLELJ¸U¾Q¾\RU
7¾PEXJHOLĕPHOHU\HS\HQLLĕ
PRGHOOHULQLKD\DWÈPÈ]DVRND
FDNJLELJ¸U¾Q¾\RU
%XNDSVDPGD7¾UNL\HQHGX
UXPGDG¾Q\DGDNLJHOLĘPHOHUH
¾ONHRODUDND\DNX\GXUDELOL\RU
PX\X]"
7¾UNL\HWHNQRORML\LNXO
ODQPDDQODPÈQGD©RNL\LELU
QRNWDGDGL\HG¾ĕ¾Q¾\RUXP
%¾\¾N9HULDGÈQGDQGDDQ
*HQ©Q¾IXVRUDQÈPÈ]ÈQ\¾N
ODĕÈODFDĔÈJLELELUNXUXPXQ
VHNROPDVÈYHEXQXQVRQXFX
NXOODQDELOHFHĔLNXUXPL©LQ
RODUDN\HQLWHNQRORMLN¾U¾Q
GHNLYHGÈĕÈQGDNLYHUL\ÈĔÈ
QÈQGDQDQODPOÈVRQX©ODUHOGH OHULNXOODQPDPHUDNÈPÈ]GH
PLQEDKVHWWLĔLPWHNQRORMLN
HGHELOPH\LKHGHĆL\RU
WUHQGOHULQ\HQLLĕPRGHOOHUL
0RELOLWHP¾ĕWHULOHULPL]LQGH RODUDNKD\DWÈPÈ]DJLUPHVLQL
\RĔXQRODUDNNXOODQGÈĔÈPR
NROD\ODĕWÈUÈ\RU$QFDNWHNQR
ELOFLKD]ODULOHPHNDQGDQYH ORML\L¾UHWPHDQODPÈQGDKDOD
IL]LNVHORUWDPGDQEDĔÈPVÈ]
JLGHFHN©RNPHVDIHPL]ROGX
RODUDNNXUXPODUFDVXQXODQ
ĔXQXG¾ĕ¾Q¾\RUXP
KL]PHWOHUHHULĕLPLPNDQÈ
VDĔOÈ\RU*L\LOHELOHQWHNQROR $OEDUDND7¾UNRODUDNELOJL
MLOHUPRELOLWHDODQÈQGDNLVRQ WHNQRORMLOHULQGHNL©DOÈĘPD
\HQLOLNYHEDQNDFÈOÈNGDGDKLO ODUÈQÈ]KDNNÈQGDELOJLYHULU
ROPDN¾]HUH©RN¸QHPOLHWNL PLVLQL]"
OHULRODFDĔÈKLVVHGLOL\RU
ėXDQGD$OEDUDND7¾UNRODUDN
6RQRODUDNQHVQHOHULQLQ
E¾\¾NELUG¸Q¾ĕ¾P¾QL©LQGH
WHUQHWLLQWHUQHWHEDĔODQPD \L]YHèWHEXQXQVRQX©
ODUÈQÈDOPD\DEDĕOD\DFDĔÈ]
%L]LPKHGHILPL]P¾ĕWHULOHUL
PL]HKD\DWODUÈQÈNROD\ODĕWÈUDQ
KÈ]OÈYHJ¾YHQLOLUEDQNDFÈOÈN
©¸]¾POHULVXQDELOPHN%XQX
\DSDUNHQGHEDQNDPÈ]LOHRODQ
LOHWLĕLPLKHUDQODPGDNH\LĆL
KDOHJHWLUHELOPHNLVWL\RUX]
'HPLQEDKVHWWLĔLPWUHQGOHUL
GHNXOODQDUDNP¾ĕWHULOHULPL]H
LQRYDWLI©¸]¾POHUVXQPD\È
SODQOÈ\RUX]
7HNQRORMLGH\DĘDQDQKÈ]OÈGHĔL
ĘLPJHUHNWDNLSYHJHUHNVHDOW
\DSÈD©ÈVÈQGDQQHJLELVRUXQODUD
\ROD©È\RUYHUHNDEHWLQHQDFÈPD
VÈ]ELUĘHNLOGHNHQGLVLQLJ¸VWHUGL
ĔLJ¾Q¾P¾]GHEXELUDYDQWDM\D
GDGH]DYDQWDMPH\GDQDJHWLU
PHNWHPLGLU"
'HĔLĕLPGHQKHUGXUXPGD
SR]LWLI©ÈNDUÈPODU\DSPDPÈ]
JHUHNLUGL\HG¾ĕ¾Q¾\RUXP
7HNQRORML\LKHUDQODPGDL\L
NXOODQDQELU¾ONHROGXĔXPX]
NHVLQ%XJ¾QEL]GHNLHGHYOHW
\DSÈVÈQÈQYHHQWHJUDV\RQOD
UÈQÈQEHQ]HULQLQROGXĔX¾ONH
VD\ÈVÈQÈQ©RND]ROGXĔXQX
V¸\OH\HELOLULPPHVHOD
7¾UNEDQNDFÈOÈNVHNW¸U¾GH
D\QÈĕHNLOGHWHNQRORML\LNXO
ODQPDDQODPÈQGDG¾Q\DGD¸Q
VÈUDODUGD%XUDGDNLWHNVRUXQ
WHNQRORML\L¾UHWHQ¾ONHROD
PDGÈĔÈPÈ]V¾UHFHEXJHOLĕLPL
V¾UHNOLWDNLSHGHELOPHQLQPD
OL\HWL˜]HOOLNOH\D]ÈOÈPVHNW¸
U¾P¾]¾GHVWHNOH\HFHNDGÈP
ODUÈQEXDQODPGDFLGGLNDWNÈVÈ
RODFDĔÈQDLQDQÈ\RUXP
7(.12/2-Ė
6L]NHQGLQL]HGóġDUóGDQEDNóSNHġIHWWLQL]PL"
.HQGLPH
Q
D
G
ñ
U
D
ý
Gñ
Q

J
X
E
EDNWñP
.
HQGLPHGÈĘDUÈGDQ
EDNWÈPEXJ¾Q
%HQLPGXUX
PXPGDROXS
WDEHQLP\D
SDPDGÈNODUÈPÈ
\DSDQODUDJÈSWD
HWWLPKHS$QQHPEDEDP
EHQLPEHFHULNVL]ROGXĔX
PXEDĕNDODUÈJLELEDĕDUÈOÈ
RODPD\DFDĔÈPÈV¾UHNOLV¸\
OHGLOHU2QODUDLQDQGÈPYH
SHN©RNĕH\LKL©GHQHPHGLP
'HQHPH\H©DOÈĕWÈNODUÈPÈGD
EHĔHQPH\LSHOLPGHQDOGÈODU
.HQGLPLQ\HWHUVL]ROGXĔXQD
LQDQGÈUÈOGÈP
L©LQX\JXOD\DELOLUOHUGL%HQL
GHVWHNOHPHGLOHUYD]JH©LUGLOHU
EHQLPEHQROPDPÈJHOLĕPHPL
HQJHOOHGLOHU1H\D]ÈNNLEHQ
EXQX\HQL\HQLDQOÈ\RUXP
.HQGLPHGÈĘDUÈGDQEDNWÈP
EXJ¾Q
+L©ELULVWHNNDOPDPÈĕL©LPGH
.HQGLPL©LQLVWHPH\LWDOHS
HWPH\LXQXWPXĕXPYHJHUHNWL
ĔLQGHWHSNLJ¸VWHUPH\LGH‰¾Q
N¾LVWHNOHULPV¾UHNOLêKD\ÈUëOD
NDUĕÈODQGÈ*LGHUHNLVWHPHPH\H
GHDOÈĕWÈPYHêVL]QDVÈOX\JXQ
J¸U¾UVHQL]¸\OHROVXQëGHPH\H
EDĕODGÈP2QODUNHQGLOHULQH
J¸UHG¾ĕ¾Q¾SWDNWLUHWWLOHU7DN
WLUOHULQLNHQGLSHQFHUHOHULQGHQ
EDNDUDNEHOLUOHGLNOHULL©LQEHQL
\HWHUVL]EÈUDNWÈ
<DSPDNLVWHGLNOHULPLEDĕNDOD
UÈQGDQ\DUGÈPDODUDN\DSPD\D
©DOÈĕWÈP‰¾QN¾NHQGLLĕLPL
\DSPD\DDOÈĕWÈUÈOPDPÈĕWÈPNL
+HU]DPDQKHUNHVWHQ\DUGÈP
DODPD\DFDĔÈPL©LQ\DSÈOD
FDNODUÈQ©RĔX\DSÈODPDGDQ
NDOGÈ9HEHQNHQGLPLKHS
ELULOHULQHPXKWD©KLVVHW
WLP%LULOHUL\DQÈPGDRO
GXN©DYHHOLPGHQWXWWXN
©DYDUOÈNJ¸VWHUHELOGLP
.HQGLPHGÈĘDUÈGDQEDN
WÈPEXJ¾Q
1HJ¾]HOKD\DOOHULP
G¾ĕ¾QFHOHULPYDUGÈê%XQ
ODUGDQHëGHGLOHUêEL]HJ¸UH
JHUHNVL]ëGHGLOHU%HQRQODU
GHĔLOGLPNLRQODUNHQGLOHULQH
J¸UHRODQÈDQFDNNHQGLOHUL
$Ė/(
+D\DWÈQF¾POHVLQGHEHQELU
NHOLPH\LP%HQLPJLELQLFH
NHOLPHOHUNHQGLL©LQGHNL
DQODPÈF¾POH\HWDėÈ\DUDN
ELUDQODPODUE¾W¾Q¾
ROXėWXUXU+HUELUKDUIDQODP
SDU©DFÈĔÈGÈUYHVRUXPOXOXN
WDėÈU\DQ\DQDROGXNODUÈQDYH
NHQGLVLQHNDUėÈ
.HQGLPHGÈĘDUÈGDQEDNWÈP
EXJ¾Q
.HQGLPHGÈĘDUÈGDQEDNWÈP
EXJ¾Q
<DSDPD]VÈQGH\LSHOLPGHQ
DOGÈNODUÈQÈ\DSPDPDL]LQ
YHUVHOHUGLWHFU¾EHVDUD\È
NXUDUGÈP+HUĕH\LELOGLNOHUL
QLG¾ĕ¾QHQE¾\¾NOHUHOLPGHQ
DOÈS\DSWÈODUEL]©RFXNODUD
VL]ELOPH]VLQL]GHGLOHUELO
PHPL]HL]LQYHUPHGLNOHULQL
6$/ò+$(5'ò0
ELOHPHGHQE¾\¾G¾NVRQUD
GDKDGLELOLQYH\DSÈQGHGLOHU
'HQHPHPL]HL]LQYHUPHGLN
OHULQLEDĕDUPDPÈ]ÈLVWHGLOHU
%XLĕLQE¸\OH\DSÈOPD\DFDĔÈ
QÈELUW¾UO¾ELOHPHGLOHU)DNDW
EHQDUWÈNELOL\RUXP
.HQGLPHGÈĘDUÈGDQEDNWÈP
EXJ¾Q
%¾\¾NO¾NYHL\LOLN\DSWÈNOD
UÈQÈ]DQQHWWLDQQHEDEDODU
EL]LP\HULPL]HG¾ĕ¾Q¾S
NDUDUODUDOGÈN©D6RQUDGD
EL]L¸ĔUHWPHGLNOHULĕH\GHQ
VRUXPOXWXWWXODUDUDGÈNODUÈQÈ
EXODPD\ÈQFDGDG¾ĕ¾QFHVL]
GHGLOHUYHIDNDWG¾ĕ¾QPH\L
¸ĔUHWPHGLNOHULQLK¤O¤DQOD
\DPDGÈODU
.HQGLPHGÈĘDUÈGDQEDNWÈP
EXJ¾Q
‰HYUHPGHNLOHUKHSELUĕH\OHU
LVWHGLEHQGHQ%XQODUJH
UHNOL\DSGHGLOHU=RUODQVDP
GD\HULQHJHWLUGLPĘ\LROXU
VDQGÈP%HQROXUXPVDQGÈP
2\VDEDĕNDODUÈQÈQLVWHNOHUL
KL©ELWPL\RUGXYHRQODUÈ\DS
PDNWDQELUW¾UO¾NHQGLLVWHNYH
LKWL\D©ODUÈPDVÈUDJHWLUHPH
PLĕWLP%DĕNDODUÈL©LQDWWÈĔÈP
KHUDGÈPNHQGLPOHDUDPÈD©WÈ
.HQGLPGHQX]DNODĕWÈPNHQ
GLPGHQVRĔXGXP.LPVHEDQD
NHQGLPL©LQGHELUĕH\OHU\DS
PDPJHUHNWLĔLQLV¸\OHPHGL
ėLPGLNHQGLPH\DEDQFÈ\ÈP
.HQGLPHGÈĘDUÈGDQEDNWÈP
EXJ¾Q
$FÈLOHGROXJ¸QO¾P%DNWÈN©D
NHQGLPHELUVLOJLLOHVLOHVLP
JHOL\RUNHQGLPL©LQ]LKQLPH
\D]GÈNODUÈPÈ2QODUê%HQ
\DSDPDPëêEHQGHNLPLPNLë
êEHQ\HWHUVL]LPëêEHFHULNVL
]LPëêNLPVHEHQLVHYPL\RUë
êEHQELULĕH\DUDPDPëêNHQ
GLPLVHYPL\RUXPëJLELV¸]
OHUGL.HĕNHE¾\¾NOHUE¸\OH
LQDQPDPÈVDĔOD\DFDNĕHNLOGH
NRQXĕPDVDODUGÈ$\DNODUÈPÈ
EDĔOD\DQ]LQFLUOHUJLELEX
V¸]OHUEHQLLOHUOHWPL\RUODU
DFÈ©HNL\RUXP
.HQGLPHGÈĘDUÈGDQEDNWÈP
EXJ¾Q
$NOÈQÈELOJLLOH¸QHJH©LUHQLQ
¸QHJH©WLĔLQLJ¸UG¾P$NOÈPÈ
E¾\¾WHFHNVRUXODUÈPÈFHYDS
ODPDGÈODUWHUVOHGLOHU<DSD
FDĔÈPKHUĕH\LHQJHOOHGLOHU
PXWVX]ROGXP˜ĔUHQPHLV
WHĔLPF¾FHNDOGÈE¾\¾PHGL
$]ELOHQD]G¾ĕ¾Q¾UD]G¾
ĕ¾QHQ©RNNRQXĕXUYHD]ĕH\
\DSDU3HNLKL©ELUĕH\\DS
PD\DQQDVÈOJHOLĕLUGH\HWLĕ
NLQROXU"%R\XPE¾\¾G¾N©H
DGDPROX\RUXPVDQGÈODUL©L
ERĕRODQÈQNDOÈEÈDGDPDEHQ
]HVHGHDGDPRODPD\DFDĔÈQÈ
DQODPDGÈODU<HWLĕHPHPLĕ
\HWLĕNLQLPĕLPGL'ÈĕDUÈGDQ
EXIRWRĔUDIE¸\OHRNXQX\RU
.HQGLPHGÈĘDUÈGDQEDNWÈP
EXJ¾Q
$ĕDĔÈODPDD\DĔÈLOH¾]HULQH
EDVÈODQODUH]LOPLĕROPDODUÈ
QÈQYHJHOLĕHPHPLĕOLNOHULQLQ
NRPSOHNVL\OHIDWXUD\ÈEHQLP
JLELOHULH]HUHNEL]OHUH¸GHW
PH\H©DOÈĕWÈODU*¸UG¾PNL
©RNH]LOPLĕLP(ĔHUH]PHNYH
DĕDĔÈODPDN\HULQHHOLPL]GHQ
VHYJL\OHWXWXSQH\DSDFDĔÈPÈ]È
YHQDVÈO\DSDFDĔÈPÈ]ÈJ¸VWHU
VHOHUGLEHQLPJLELSHN©RNNLĕL
ĕLPGLGLPGLNRQXUODYHJ¾YHQ
OHKD\DWWDDNWLIRODELOLUGL
.HQGLPHGÈĘDUÈGDQEDNWÈP
EXJ¾Q
.HQGLPLDQODGÈPEXJ¾Q
$\UÈFDEDQDYHEHQLPJLEL
OHUHQHOHU\DSÈOGÈĔÈQÈGD$NÈO
E¾\¾NELUQLPHWPLĕ*¸]
ELOJLQLQJ¸VWHUGLĔLQLJ¸U¾U
P¾ĕ%LOJLVL]DNÈOGDJ¸]GH
VHYJLGH\DQOÈĕDJLWPH\HPH
\LOOL\PLĕĘQVDQÈQG¾ĕ¾QPHVL
NHQGLVLRODUDNJHOLĕPHVLYH
KD\DWWDDNWLIROPDVÈ©RN
¸QHPOL\PLĕ.HQGLVLRODELO
PHNPXWOXROPDQÈQFRĕNXOX
ROPDQÈQVHYHUHN\DSPDQÈQ
YH\DĕDPDQÈQWHPHOL\PLĕ
ėLPGLNHQGLPHJHULG¸Q¾S
\DUÈPEÈUDNWÈĔÈP\HUGHQ
L©LPGHNL\ROFXOXĔD\HQLGHQ
EDĕOD\DFDĔÈP˜QFH¸]J¾Q
YH\HWHUOLELUEHQROXSVRQUD
NHQGLPLQGÈĕÈQD©ÈNDFDĔÈP
%¾W¾Q¾QL©LQGHNL\HULPLJ¸U
G¾P+L©NLPVH\LEHNOHPH
GHQDUWÈNNHQGLPLVHYL\RU
J¾YHQL\RUYHLQDQÈ\RUXP
7RNDODĕWÈPNHQGLPOHYHDIH
ULQVDQDGHGLP+D\DWWDVÈQ
G¾ĕ¾QHELOL\RUVXQYHJD\UHWLQ
YDU.RUNPDGHGLPYHNHQGL
PHHĕOLNHWWLPėLPGL\HNDGDU
NHQGLPHGHVWHNRODPDPÈĕ
WÈPDUWÈNROX\RUXP6L]GH
NHQGLQL]HGHVWHNROX\RU
PXVXQX]"6DKLVL]NHQGLQL]H
GÈĕDUÈGDQEDNÈSNHĕIHWWLQL]
PL".LPELOLUEHONLGHIHWKHW
PLĕVLQL]GLU˜\OH\VHIHWKLQL]
KD\ÈUOÈROVXQ‰¾QN¾G¾Q\D
QÈQIDWLKOHUH©RNLKWL\DFÈYDU
+DWVDQDWóQóQELUKD\DWWDU]ó
ROGXáXQXV¸\OH\HQ
+DWWDW<UG'R©'U6DYDġ‰HYLN
+DW
òVWDQEXOLOH
E¾W¾QOHġPLġWLU
*¾]HO6DQDWODU
$NDGHPLVLèQGH¸ĔUHQFL
LNHQEDĕODGÈĔÈê+DW6DQDWÈë
\ROFXOXĔXQX\ÈOGÈUIDVÈODVÈ]
ELUĕHNLOGHV¾UG¾UHQ‰HYLN
êĘVWDQEXOGHQLQFHKDWVDQDWÈ
KDWVDQDWÈGHQLQFHGHDNOD
ĘVWDQEXOJHOL\RUëGL\RU
+
DWWDW6DYDĕ
‰HYLNLOHU¸
SRUWDM\DSPDN
¾]HUHžVN¾GDU
'RĔDQFÈODU
&DGGHVLèQGH
EXOXQDQRIL
VLQHYDUGÈĔÈPÈ]GDĘVWDQEXO
%RĔD]ÈèQDQD]ÈUSD\LWDKWÈ
WHPDĕDHGHQELU\HUGHEXO
GXNNHQGLPL]L.È].XOHVL
E¾W¾QHQGDPÈ\ODê%RĔD]È
VH\UHWPHNL©LQ¸QFHEHQL
J¸UPHOLVLQëGL\RU]L\D
UHW©LOHULQH%LUOLNWH
L]OL\RUX]¸QFH
ĘVWDQEXOèXQNR\
QXQGDNLHEH
GL\HWX\NX
VXQGD\DWDQ
%RĔD]èÈ
PRWRU
VHVOHULHĕ
OLĔLQGH
6RQUD
VRKEHWL
PL]HEDĕ
OÈ\RUX]
2QODUFD\ÈOÈQ
ELULNLPLQL
KLVVHGL\RUX]
6DYDĕ+RFDèQÈQ
VLO¾HWLQGH$OEDUD
ND7¾UNè¾QG¾]HQOH
GLĔLê+DW<DUÈĕPDVÈëQÈQ
VH©LFLNXUXOXQGDGD\HUDODQ
¾VWDGVRUXODUÈPÈ]ÈVDPLPL
YHL©WHQOLNOHFHYDSOÈ\RUVL]
GHĔHUOLRNX\XFXODUÈL©LQ
¸ĔUHQFLLNHQEDĕODGÈP2
]DPDQNL\D]ÈYHWLSRJUDILKR
FDPÈ]D\QÈ]DPDQGDKDWWDWYH
FLOWXVWDVÈRODQ(PLQ%DUÈQèÈQ
KDWWDWODUODLOJLOLRODUDNDQODWWÈ
ĔÈKLND\HOHULOJLPL©HNWL%XQ
GDQVRQUDKDWLOHLOJLOHQPH\H
EDĕODGÈP%HQLPEXLOJLPL
J¸UHQ(PLQ
+RFD
ê(Y
ODGÈPEL]LP
DW¸O\HPL]GH.HPDO%DWDQD\
+RFDP¸QFHOLNOHKDWVDQD
KDIWDGDELUJ¾QJHOLSKDW
WÈQDQDVÈOEDĘODGÈĔÈQÈ]ÈDQODWÈU
GHUVLYHUL\RUĘVWHUVHQVHQGH
PÈVÈQÈ]".LPOHUGHQGHUVYH
JHOLSGHUVDODELOLUVLQëGHGL%X
LFD]HWDOGÈQÈ]QDVÈOELUV¾UH©WL"
EHQLP©RNKRĕXPDJLWWLYH
E¸\OHFH+DIÈ].HPDO%DWDQD\
+DWVDQDWÈQD\ÈOÈQGD
*¾]HO6DQDWODU$NDGHPLVLèQGH KRFDPGDQGHUVDODUDNKDW
VDQDWÈQȸĔUHQPH\HEDĕODPÈĕ
ROGXP˜QFH5LNèDYH\ÈO
VRQUDGD7DOLNGHUVOHULDOPD\D
EDĕODGÈP<DNODĕÈND\VRQUD
GD]DPDQÈQ¾QO¾KDWWDWÈ+DPLW
$\WD©KRFDQÈQGHUVOHULQHEDĕ
ODGÈPV¾O¾VYHQHVLK\D]ÈODU
PHĕHWPHN¾]HUH7DNULEHQ
\ÈOVRQUD
GD3URI
'HUPDQèGDQGDD\UÈFDLVWLID
GHHWWLP
+DWVDQDWÈKDNNÈQGDJHQHO
ELUGHĔHUOHQGLUPHULFDHWVHN
QHOHUV¸\OHPHNLVWHUVLQL]"
+DW©L]JL\D]ÈPDQDVÈQD
JHOL\RU+DWVDQDWÈGHGL
ĔLPL]GHGHVDGHFH$UDS
KDUĆHUL\OH\DSÈODQJ¾]HO
\D]ÈVDQDWÈQÈLIDGHHGL\RUX]
+¾VQ¾KDWJ¾]HO\D]È
RODUDNLIDGHEXOX\RU
$UDSKDUĆHULQLQJ¾
]HO\D]ÈĕHNOLQGH
HOHDOÈQPDVÈYH
EXQXQODLOJLOL
NRPSR]LV\RQ
\DSÈOPDVÈ
RODUDNDQ
ODĕÈOÈ\RU
7DULKVHOELU
JHOLĕLPLYDU
\D]È©HĕLWOHUL
YDU+DWVD
QDWÈQÈELUG¾]
\D]ÈRODUDN
ELUGHNRPSR
]LV\RQRODUDN
HVWHWLNRODUDN
GL]D\QHGLOPLĕELU
ĕHNLOGHHOHDODELOLUL]
$OL
$OSDUVODQ
KRFDGDQ'LYDQLYH
&HOL'LYDQL\D]ÈODUÈQÈPHĕN
HWPH\HEDĕODGÈP
(PLQKRFDPNLKHPRNXO
GDQKRFDPKHPKDWKRFDP
YHKHPGHWH]GDQÈĕPDQÈP
RODUDNLOHELUOLNWH3URI8ĔXU
7DELKDWVDQDWÈQDHQE¾
\¾NNDWNÈ\È6HO©XNOXODUYH
2VPDQOÈODUèÈQ\DSWÈĔÈQÈV¸\
OH\HELOLUL]%XG¸QHPOHUGH
KDWVDQDWÈJHU©HNQLWHOLĔLQH
NDYXĕPXĕWXU2QGDQ¸QFHHO
EHWWH(PHYLYH$EEDVLOHUèGHQ
ELUJH©LĕG¸QHPLYDUEXG¸
QHPOHUGHGH¸QHPOLKDWWDWODU
\HWLĕPLĕ$QFDNVRQDĕDPD\È
2VPDQOÈVDQDW©ÈODUÈ\DSPÈĕWÈU
+$7
6DYDĕ‰HYLNèLQGHUVDOGÈĔÈ+DPLW$\WD©LOH
\ÈOÈQGD©HNLOGLĔLELUIRWRĔUDI
+DWVDQDWÈQÈQ]LUYH\DSWÈĔÈ
©DOÈĕPDODUÈEDĕODPÈĕ6RQ
2VPDQOÈG¸QHPLQGHKDWWDWODU \ÈOL©HULVLQGHLVHKDW
EXVDQDWD\HQL\D]È©HĕLWOHUL
VDQDWÈQÈQE¾\¾NELUSDWODPD
GHNDWPÈĕODU%XKXVXVWD
\DĕDGÈĔÈQÈLIDGHHGHELOLUL]
ê.XUèDQÈ.HULP0HNNHèGH
6DGHFH7¾UNL\HèGHGHĔLO
QD]LOROGX0ÈVÈUèGDRNXQGXYH E¾W¾QĘVODP¾ONHOHULQGHKDW
ĘVWDQEXOèGD\D]ÈOGÈëĕHNOLQGH
VDQDWÈQDLOJLGHE¾\¾NELUDU
GHELUYHFL]HROXĕPXĕWXU
WÈĕYDU*HQ©OHULQEXNRQXGD
E¾\¾NELULOJLOHULQLQROGXĔX
*HUHN¾ONHPL]GHYHJHUHNVH
QXJ¸U¾\RUX]YHEXLOJLJ¾Q
G¾Q\DJHQHOLQGHKDWVDQDWÈQÈQ
JH©WLN©HGHDUWÈ\RU%XUDGDQ
J¾Q¾P¾]GHNLGXUXPXQXGH
KDUHNHWOHGHKDWVDQDWÈNHQ
ĔHUOHQGLULUPLVLQL]"
GLVLQLNXUWDUGÈGL\HELOLUL]
+DWVDQDWȾONHPL]GH
%XKXVXVWDĕXQXGDLODYH
èGHJHU©HNOHĕWLULOHQ
HWPHOL\LPKDWVDQDWÈQGD
ê+DUILQNÈODEÈëQGDQVRQUD
E¾\¾NELUGDUEH\HPLĕROGX PHUNH]KDOHQĘVWDQEXOĘVODP
¾ONHOHULQGHQELU©RNJHQ©JHOLS
èOHUHNDGDUELU
JH©LĕG¸QHPL\DĕDGÈN<DUÈP ĘVWDQEXOèGDHĔLWLPDOÈ\RU2V
DVÈUOÈNELUGXUJXQOXNG¸QHPL PDQOÈG¸QHPLQGHQNDODQOLGHU
OLNXQYDQÈQÈQKDOHQEL]GHROGX
ROGXèODUDNDGDUWDPD
PHQELUGXUJXQOXN\DĕDQPÈĕ ĔXQXV¸\OH\HELOLULPĘVWDQEXO
DQFDNEX\ÈOODUGDQVRQUDED]È GHQLQFHKDWVDQDWÈKDWVDQDWÈ
NLPVHOHULQLOJLVL\OHKDWVDQDWÈ GHQLQFHGHDNODĘVWDQEXOJH
%(5(.(7.$3,/$5,
6DYDĕ‰HYLN(PLQ%DUÈQRUWDGDYHėHYNHW5DGRLOH
OL\RU%¾W¾QĘVODP¾ONHOHULGH
EXQXE¸\OHNDEXOHGL\RU
ƏGDQID]OD·G½O
0HVOHNL©DOÈĘPDODUÈQÈ]VHU
JLOHULQL]YHDOGÈĔÈQÈ]¸G¾OOHU
NRQXVXQGDELOJLYHULUPLVLQL]"
0LPDU6LQDQ
žQLYHUVLWHVLèQGH\ÈOJ¸UHY
\DSWÈNWDQVRQUDHPHNOL\H
D\UÈOGÈP'RNWRUDPÈRUDGD
\DSWÈPYHĕXDQGDGD+DOL©
žQLYHUVLWHVLèQGH¸ĔUHWLP
¾\HVLRODUDN©DOÈĕPDODUÈPÈ
V¾UG¾U¾\RUXP$NDGHPLN
©DOÈĕPDODUPDNDOHOHUVHP
SR]\XPODUGHYDPHGL\RU
+HPKDWYHKHPGHJUDILN
NRQXVXQGDèXQ¾]HULQ
GH¸G¾O¾PYDU0HVHOD
,5&,&$èQÈQG¾]HQOHGLĔL
ê8OXVODUDUDVÈ+DPLW$\WD©
+DW<DUÈĕPDVÈëQGDELULQFLOLN
YHLNLPDQVL\RQDOPÈĕWÈP
'¾Q\DQÈQ©HĕLWOL\HUOHULQGH
HVHUOHULPEXOXQPDNWDGÈU
<XUWL©LYH\XUWGÈĕÈQGD
NLĕLVHOVHUJLQLQ\DQÈQGD
GDNDUPDVHUJL\HNDWÈOGÈP
6L]LQD\UÈFDELUGHNDOLJUDIL
©DOÈĘPDODUÈQÈ]YDU
(YHWODWLQKDUĆHUL\OHJHU
©HNOHĕWLUGLĔLPL]J¾]HO\D]È
©DOÈĕPDODUÈPÈ]GDYDU7DEL
NDOLJUDIL\D]ÈNDUDNWHULYH
VLVWHPEDNÈPÈQGDQKDWVD
QDWÈQGDQ©RNIDUNOÈ(VWHWLN
¸O©¾OHULIDUNOÈ$QFDNRGD
ELU\D]ÈVDQDWÈRODUDN¸QHPOL
ELUVDQDWGDOÈGÈU2QXQGD
EHOOLELUHĔLWLPGLVLSOLQLYDU
YHX]XQVROXNOXELU©DOÈĕPD
JHUHNWLUL\RU7DELEXGLĔHU
DOIDEHOHUL©LQGHJH©HUOLDQ
FDNĕXQXV¸\OH\HELOLUL]$UDS
KDUĆHULQLQYHKDWVDQDWÈQÈQ
\D]ÈOÈĕNDLGHOHULNRPSR]LV
\RQD©RNGDKDID]ODLPNDQ
YHUPHNWHGLU2UJDQLNELU
\DSÈ\DVDKLSYHKDUĆHU\DQ
\DQDJHOGLĔL]DPDQIDUNOÈ
EL©LPOHUDOÈ\RUODU‰¾QN¾
\DQ\DQDJHOGLĔLQGHEDĕWD
RUWDGDYHVRQGDIDUNOÈELU
ĕHNLODODELOL\RUODU%XGD
NRPSR]LV\RQ]HQJLQOLĔLQL
P¾WKLĕELUĕHNLOGHDUWÈUÈ\RU
%XGXUXPGLĔHUDOIDEHOHUGH
P¾PN¾QGHĔLO
ĕXDQGDQHOHU\DSÈ\RUVXQX]"
ėXDQGDJHUHNVLSDULĕOHU
YHJHUHNVHNHQGLNROHNVL
\RQXPX]X]HQJLQOHĕWLUPHN
DGÈQD\D]È©DOÈĕPDODUÈPÈ]
GHYDPHGL\RU=DPDQ]D
PDQVHUJL©DOÈĕPDODUÈPÈ]
ROX\RU$NDGHPLN©DOÈĕPD
ODUÈPÈ]ÈQ]DWHQGHYDPHWWL
ĔLQLLIDGHHWPLĕWLP'XUPDN
\RNGL\RUX]
%XNRQXGDKDWVDQDWÈQDLOJL
GX\DQJHQ©OHUHQHJLELWDYVL
\HOHULQL]RODFDN"
+DW\D]ÈVÈLQVDQÈQKD\DWÈQÈ
HWNLOH\HQELUROD\'ROD\ÈVÈ\
ODJHQ©OHULPL]LQEDĕODPDGDQ
¸QFH©RNL\LG¾ĕ¾QPHOHULQL
WDYVL\HHGL\RUXP‰¾QN¾
EDĕODGÈNODUÈ]DPDQ¸P¾UOH
ULQLQVRQXQDNDGDUEÈUDNPD
PDODUÈOD]ÈP$NVLWDNGLUGH
YHULOHQHPHNERĕXQDJLGHU
6DEÈUYHV¾UHNOLOLNLVWH\HQ
ELUDODQGÈU%XQXQL©LQGH
¸QFHOLNOHEXVDQDWDNDUĕÈELU
DĕNROPDVÈJHUHNWLĔLQLV¸\
6DYDʉHYLNNLPGLU"
\ÈOÈQGD$NVHNL
$QWDO\DGDGRĖGX
ĔVWDQEXO'HYOHW*¾]HO
6DQDWODU$NDGHPLVL*UDILN
%¸O¾P¾èQGHQ\¾NVHNOLVDQV
GLSORPDVÈQÈDOGÈĖÈ\ÈO
KRFDVÈ3URI(PLQ%DUÈQèÈQ
DVLVWDQÈRODUDND\QÈE¸O¾PGH
¸ĖUHWLPJ¸UHYLQHEDĘODGÈ
/¤WLQ<D]ÈVÈNRQXOXGRNWRUD
©DOÈĘPDVÈQÈèWHWDPDP
ODGÈèGH<UG'R©ROD
UDNê<D]È7DVDUÈPÈëGDOÈQGD
LKWLVDVODĘWÈ
<DUÈĘPDVÈèQGDELULQFLOLNYHLNL
èGDĔVO¤P7DULK6DQDW
YH.¾OW¾U$UDĘWÈUPD0HUNH]L
,5&,&$èQÈQG¾]HQOHGLĖL
8OXVODUDUDVÈ+¤PLW$\WD©+DW
ELOJLOHQGLUPHOHU\D\ÈQODUKDW
PDQVL\RQDOGÈ$\UÈFDKDWYH
JUDILNNRQXODUÈQGD\XUWL©LYH
\XUWGÈĘÈQGDRWX]NDGDUGHĖL
ĘLN¸G¾O¾7¾UNL\HèGHYHGLĖHU
¾ONHOHUGHNL©HĘLWOLNROHNVL\RQ
ODUGDOHYKDKLO\HWXĖUDF¤PL
\D]ÈVÈIHUPDQYEIRUPODUGD
©HĘLWOLHVHUOHULEXOXQPDNWDGÈU
.ODVLNKDW©DOÈĘPDODUÈ\OD
ELUOLNWHNHQGLQH¸]J¾PRGHUQ
X\JXODPDODUGDJHOLĘWLUHQ
6DYDʉHYLND\UÈFDWHRULN
NXUVODUÈM¾UL¾\HOLNOHUL\D]ÈYH
LP]DELOLUNLĘLOLĖLJLELNRQXODU
GDJ¸UHYDOPÈĘWÈU
O¾\RUXP
%(5(.(7.$3,/$5,
0HYOLGJHOHQHáL
ƐEH\D]SHUGHƑGH
$OEDUDNDèQÈQGHVWHĔL\OH©HNLOHQê0DėXNèXQ
1HIHVLëEHOJHVHOILOPLQLQJDODVÈ%DĔODUEDėÈ
.RQJUHYH.¾OW¾U0HUNH]LèQGHJHU©HNOHėWL
$OEDUDND7¾UN*HQHO0¾G¾U¾'U)DKUHWWLQ
<DKėLê6¾OH\PDQ‰HOHELèQLQ\D]GÈĔÈ0HYOLGL
ĕHULI(IHQGLPL]èHPXKDEEHWLQHQVDIKDOL
RODUDN3H\JDPEHUVHYJLVLQL\ÈOGÈU
J¸QO¾P¾]GH\DėDWÈ\RUëGHGL
$
OEDUDND7¾UN
EDQNDFÈOÈNID
DOL\HWOHULQLQ
\DQÈVÈUDN¾OW¾U
YHVDQDWDOD
QÈQGDNLN¸NO¾
PHGHQL\HWLPL]L
JHOHFHĔHWDĕÈPDJD\HVLLOH
\DNODĕÈN\ÈOGÈU©HĕLWOL
IDDOL\HWOHUHGHVWHĔLQLV¾U
G¾U¾\RU%XGHVWHNOHUGHQ
ELULGHXQXWXOPD\D\¾]
WXWDQ\ÈOOÈN0HYOLG
JHOHQHĔLQLWHNUDUFDQODQ
GÈUPDNDPDFÈ\OD\¸QHW
PHQOLĔLQL0XUDW3D\èÈQ
\DSÈPFÈOÈĔÈQÈLVH6HPLK
.DSODQRĔOXèQXQ¾VWOHQGLĔL
ê0DĕXNèXQ1HIHVLëDGOÈ
EHOJHVHOILOPLROGX
ê0DĕXNèXQ1HIHVLëELU
©ÈUDĔÈQXVWDVÈQÈQ¸Q¾QGH
GL]©¸NHUHNJHOHQHNVHO
XVXOGH0HYOLGPHĕNL
\DSPDV¾UHFLQLDQODWÈ\RU
%HOJHVHO.O¤VLN7¾UNPX
6Ė1(0$
VLN°VLQLQ\¾]\ÈOODUD\D\ÈODQ
PHĕNJHOHQHĔLQLXVWD©È
UDNLOLĕNLVL¾]HULQGHQDQOD
WÈUNHQEXJHOHQHĔHEL]]DW
ĕDKLWOLNHGL\RUYHVH\LUFL
VLQH¸]HOELUGHQH\LPYDDW
HGL\RU
*DODJHFHVLQGHNRQXĕPD
\DSDQ.¾OW¾UYH7XUL]P%D
NDQ<DUGÈPFÈVÈ$EGXUUDKPDQ
$UÈFÈê0HYOLGDQOD\ÈĕÈ©DĔODU
ER\XYDUOÈNDQOD\ÈĕÈPÈ]È
DKODNYHELOJLDQOD\ÈĕÈPÈ]È
LQĕDHWPLĕWLU%XEDNÈP
GDQPHYOLWELUPHGHQL\HW
PHWQLGLU<D]ÈOGÈĔÈJ¾QGHQ
LWLEDUHQEXĕDKHVHULWDQÈPDN
WDQÈWPDN\DĕDGÈĔÈPÈ]G¸QHP
L©HULVLQGH\HQLGHQDQODPDN
DQODWPDNYHDQODPODQGÈUPDN
JHUHNPHNWHGLU%XLQDQ©OD
PHYOLGLQVDQDWÈQÈYHPXVLNL
VLQLROXĕWXUGXĔXN¾OW¾U¾DQ
ODPDNL©LQ0DĕXNèXQ1HIHVL
DGOÈILOPLQJDODVÈQGD\È]ëGHGL
0HYOLGELU
DĝNòQWH]DK½U½
$OEDUDND7¾UN*HQHO0¾
G¾U¾'U)DKUHWWLQ<DKĕL
LVHê6HYJLOL(IHQGLPL]LQ
GRĔXPXQXYHKD\DWÈQÈ
EHOOLELUH]JL\OHHGHEL
ELUWDU]GDDQODWÈOPDVÈQÈ
VDĔOD\DQ0HYOLGPDQ]X
PHOHULJ¾Q¾P¾]GHGH
¸]HOOLNOH$QDGROXèGDYH
%DONDQODUèGDGHYDPHGHQ
PDQHYLELUGHĔHUGLUë
GL\HNRQXĕWX7¾P¾\OH
(IHQGLPL]èHGX\XODQVHY
JLQLQYHDĕNÈQELUWH]DK¾U¾
RODQEXJHOHQHĔLQNXĕDN
ODUDDNWDUÈOPDVÈQGDNLNLOLW
NDYUDPÈQPHĕNROGXĔXQX
DNWDUDQ<DKĕLEXILOPLQ
JHOHQHNYHPHĕNNDYUDP
ODUÈQÈQ\HQLGHQJ¾QGHPH
JHOPHVLYHWDUWÈĕÈOPDVÈQD
ELU]HPLQKD]ÈUOD\DFDĔÈQD
LQDQGÈĔÈQÈV¸\OHGL
8VWD¨òUDN
GHUVLQLL]OHGLN
%HOJHVHOLQ\¸QHWPHQL0XUDW
3D\GDNRQXĕPDVÈQGDILOPL
©HNPHILNULQLQGRĔXĕKLND
\HVLQLDQODWWÈ(ĕLLOH)DWLKèWH
JH]LQLUNHQELUVDKDIWDQ
7/è\HELUPHYOLGLĕHULINLWDEÈ
DOGÈNODUÈQÈV¸\OH\HQ3D\ê%LU
V¾UHVRQUDHĕLPDQQHVLQGHQ
GX\GXĔXĕHNLOGHJHFHOHUL
6Ė1(0$
\DWDUNHQ©RFXNODUDPHYOLW
RNXPD\DEDĕODGÈ.È]ÈPÈ]
EXQGDQ©RNOH]]HWDOPÈĕ
ROPDOÈNLKHUDNĕDPDQQHVLQ
GHQPHYOLWRNXPDVÈQÈWDOHS
HWPH\HEDĕODGÈ%XDUDGD
EL]GHGLQOHPH\HEDĕODGÈN
%¸\OHFHEHQGHPHYOLGL
ĕHULILQDQODPÈQÈ©DOÈĕPD\D
EDĕODGÈPëGHGL%XX\JXOD
PDQÈQV¾UHNOLGHYDPHWPHVL
VRQUDVÈQGD©RFXNODUÈEX
NDGDUHWNLOH\HQNRQXQXQ
LFUDHWWLNOHULVLQHPDDODQÈQD
X\DUODQPDVÈILNULQLGRĔXU
GXĔXQXEHOLUWHQ0XUDW
3D\ê%XG¾ĕ¾QFHPL6HPLK
+RFDè\D.DSODQRĔOXLOHW
WLP2GDWHĕYLNHWWLYH\ROD
©ÈNWÈNëGL\HNRQXĕWX
0DĕXNèXQ1HIHVLEHOJHVHO
ILOPLQL\DNODĕÈNVHQHJLEL
ELUV¾UH]DUIÈQGD©HNWLNOHULQL
6Ė1(0$
V¸\OH\HQ3D\ê%L]ELUHĔLWLP
V¾UHFLQHĕDKLWROGXNDVOÈQGD
)LOPLQ\DSÈPÈQGDGD©RN
P¾GDKLOROPDGÈN8VWD©ÈUDN
GHUV\DSDUNHQEL]GHGLQOL
\RUGXN+HUĕH\GRĔDORODUDN
©HNLOGLëĕHNOLQGHNRQXĕWX
%L]ED\UDPò
\DĝDGòN
%HOJHVHOILOPLQLQç8VWDèVÈ
0XVWDID%DĕNDQGDê%D]ÈODUÈ
PHYOLGLQ¸O¾OHUHRNXQGX
ĔXQXV¸\OHU%XUD\DVDĔOÈNOÈ
KX]XUOXELUĕHNLOGHJHOGLN
RWXUGXNYHL]OHGLN'HPHN
NLPHYOLG¸O¾OHUHRNXQPX
\RUPXĕ%L]ED\UDPÈ\DĕD
GÈN%XYHVLOH\OHEL]OHUHEX
JHFH\L\DĕDWDQ$OEDUDNDè\D
QDP¾WHQDKLWHĕHNN¾UHGL\R
UXPëGHGL
˼0DġXN˹XQ1HIHVL
EHQL©RNGX\JXODQGóUGó˽
0
DĕXNèXQ1H
IHVLILOPLQGH
XVWDURO¾Q¾
R\QD\DQ
6¾OH\PD
QL\H&DPLL
HPHNOLP¾
H]]LQL+DIÈ]0XVWDID%DĕNDQ
ILOPLE¾\¾NELUKH\HFDQL©LQ
GH©HNWLNOHULQLV¸\OHGL
)LOPLQNHQGLVLQL©RNGX\
JXODQGÈUGÈĔÈQÈLIDGHHGHQ
%DĕNDQê0HYOLGEL]LP\¾]
\ÈOODUGÈUGHYDPHGHJHOHQ
©RNHVNLELUJHOHQHĔLPL]GLU
%XJLELJHOHQHNOHU¸QFHOLNOH
LQVDQODUÈQELUDUD\DJHOPHVLQL
\HNY¾FXWROPDVÈQÈVDĔOÈ\RU
‰¾QN¾LQVDQODUÈVHEHSVL]ROD
UDNELUDUD\DJHWLUHPH]VLQL]
$QFDNEXJLELGDYHWHLFDEHW
HGLOLUYHLQVDQODUELUDUD\D
JHOLUOHUëGHGL
*H©PLĕWHKDVDWELWWLNWHQ
VRQUDJ¾]PHYVLPLQGH
PHYOLGWHUWLSOHULEDĕODGÈĔÈQÈ
YHNÈĕÈQGDGHYDPHWWLĔLQL
V¸\OH\HQ0XVWDID%DĕNDQ
ĕXQODUÈV¸\OHGLê.¸\OHULPL]
GHNLEXHWNLQOLNOHUHE¾W¾Q
FLYDUN¸\OHUGHGDYHWHGLOLU
GL$GHWDELUED\UDPKDYDVÈ
\DĕDQÈUGÈ%LUKH\HFDQ\DĕD
QÈUGÈ%¾\¾NOHULPL]EXW¾U
HWNLQOLNOHUROGXĔXQGDEL]H
HQJ¾]HONÈ\DIHWOHULPL]LJL\
GLULUOHUGLĘNUDPODUÈQDUGÈQ
GDQPHYOLGRNXWXOXUYHGDKD
VRQUDGDVRKEHWOHUHGLOLUGL
%XYHVLOHLOHKHUNHVLQELU
ELULQGHQKDEHULROXUGX%LU
SUREOHPYDUVDGDJLGHULOPH
\H©DOÈĕÈOÈUGÈë
0HYOLGLQVRQ\ÈOODUGDVDQNL
FHQD]HOHUGHQVRQUDRNXQPDVÈ
JLELELU\RĔXQOXNND]DQGÈĔÈQÈ
LIDGHHGHQ+DIÈ]0XVWDID%Dĕ
NDQê7DELEXDUDGDHVNLPHYOLG
RNX\DQE¾\¾NOHULPL]ELUHUEL
UHUYHIDWHWWLOHU%XQXQVRQXFX
RODUDNGD¸Q¾QHJHOHQRNXPD
\DEDĕODGÈ%XGXUXPGD©RN
\DQOÈĕODUGD\DSÈOPD\DEDĕODGÈ
ĘĕLQPDQHYL\¸Q¾LKPDOHGLO
PH\HYH]DPDQODGDHVNLGHQ
\DĕDQDQKH\HFDQND\EROPD\D
EDĕODGÈëGL\HNRQXĕWX
%DEDPGDQ
·àUHQGLP
%DĕNDQĕXQODUÈV¸\OHGL
ê*H©PLĕWH¸ĔUHQPHNRQX
VXQGDELUXVWD©ÈUDNLOLĕNLVL
YDUGÈNLEL]GHILOPGHEXQX
YXUJXODGÈN‰¾QN¾J¾Q¾P¾]
GHEXLOLĕNLE¾\¾NRUDQGD
VHNWH\HXĔUDGÈ
%HQEXQX¸]HORODUDNELUKR
FDGDQPHĕNHWPHGLP%LUND©
EDKLUKRFDPH]EHUOHWWL%LU
ND©EDKLUUDKPHWOLEDEDFÈĔÈP
H]EHUOHWPLĕWL$QFDNEHQ
KDIÈ]ROGXĔXPYH.XUèDQÈ
.HULP¾]HULQH\RĔXQODĕWÈĔÈP
L©LQKRFDODUÈPEXNRQXGD
EHQL\HWHUOLEXOGXODU
ĘVWDQEXOèDJHOGLĔLPGH.DGÈ
N¸\2VPDQDĔD&DPLLèQGH
PHUKXP+DIÈ]=HNL$OWXQ
LOHWDQÈĕWÈP'DYHWLQHLFDEHW
HWWLPYHGXUXPXPXP¾WDODD
HWWLNPHYOLG¸UQHNOHULVXQ
GXP6RQUDEDQDEXNRQXGD
\HWHUOLROGXĔXPXV¸\OHGLYH
¸\OHGHEDĕODGÈPë
J¾]HOELU©DOÈĕPD\DSWÈĔÈPÈ]È
G¾ĕ¾Q¾\RUXP%¾\¾NELU
PXWOXOXNGX\GXPĘQĕDOODK
WHVLUOLYHNDOÈFÈROXUë
%DĕNDQ0DĕXNèXQ1HIHVLEHO
JHVHOLLOHLOJLOLGHĕXQODUÈND\
GHWWLê%LUJ¾Q6¾OH\PDQL\HèGH
ELUDUNDGDĕÈPÈQRILVLQGH
RWXUXUNHQELUJHQ©JHOGLYH
ç0HYOLG%HOJHVHOLè\DSPDN
LVWHGLĔLQLV¸\OHGL1DVÈOELU
©DOÈĕPD\DSDFDĔÈQÈDQODWWÈYH
EHOJHVHOHEDĕODGÈN7DEL©RN
GX\JXODQGÈPYHç%XLĕEDQD
PÈNDOGÈèGL\HGHELUG¾ĕ¾QFH
\HGHNDSÈOGÈP‰¾QN¾\ÈOODU
¸QFHE¾\¾NOHULPç2ĔOXPEX
LĕDUWÈNVDQDJHOL\RUèGHUOHUGL
2QODUÈQGHGLĔLROGXYHKDG
GLPROPD\DUDNEX©DOÈĕPD\È
\DSWÈN
*HQ©YHROJXQELUNLĕLOLĔH
VDKLS$EGXUUDKPDQ%H\èOH
0XVWDID%DġNDQ
6Ė1(0$
òVSDQ\D\DGD
(QG¾O¾V˹¾QL]OHUL
7DULKLQHQE¾\¾NNDWOLDPYH\DĔPDODUÈQGDQELULVLQH
VDKQHRODQ(PHYLOHULQĕDKHVHUOHULEXJ¾QELOH
J¸UHQOHULKD\UDQEÈUDNÈ\RU
+ž6(<ò17ž5.2à/8
ñ
EHU<DUÈPDGDVÈèQGD
\HUDODQYH\ÈOÈQ
GD$YUXSD%LUOLĔLèQH
2G¸QHPGHNLDGÈ
$(7¾\HRODQĘV
SDQ\D\¾]¸O©¾P¾
LWLEDUÈ\OD)UDQVDèGDQ
VRQUD%DWÈ$YUXSDèQÈQLNLQFL
E¾\¾N¾ONHVLGLU1¾IXVED
NÈPÈQGDQ$%L©HULVLQGH
VÈUDGDEXOXQDQYH$YUXSDèQÈQ
HQHVNLPLOOLGHYOHWOHULQGHQ
ELULVLRODQĘVSDQ\DELU©RN
$YUXSD¾ONHVLJLELNUDOOÈNOD
LGDUHHGLOPHNWHGLUĘVSDQ
\ROĘPSDUDWRUOXĔXèQXQ
\¾]\ÈOGDQ\¾]\ÈODNDGDU
$YUXSDèGDNLHQE¾\¾NJ¾©
ROPDVÈGROD\ÈVÈ\ODGDHYUHQ
VHOELUNLPOLNND]DQPÈĕWÈUYH
EXQXQVRQXFXRODUDNKDOHQ
ĘVSDQ\DGÈĕÈQGDNLPLO
\RQGDQID]ODLQVDQĘVSDQ\RO
FDNRQXĕPDNWDGÈU
ĘVSDQ\DEXJ¾QLWLEDUÈ\OD
DVÈUODUFDE¸OJHGHK¾N¾P
V¾UHQYH$UDJRQOX)HUQDQ
GRLOH.DVWLO\DOÈĘVDEHOèLQ
HYOHQPHVL\OHVDĔODQDQ+È
ULVWL\DQELUOLĔLQLQEDĕODWWÈĔÈ
LĕJDOOHELUOLNWH©RNE¾\¾NELU
NÈVPÈê\RNëHGLOHQê(QG¾O¾Vë
PHGHQL\HWLNDOÈQWÈODUÈ\ODELOH
E¾W¾QG¾Q\DQÈQLOJLRGDĔÈ
NRQXPXQGD0¾VO¾PDQODUÈQ
\ÈOÈQGDEDĕOD\DQYH
\ÈOÈQDNDGDUE¸OJHGHV¾UHQ
YDUOÈĔȸ\OHL]OHUEÈUDNPÈĕ
NLEXJ¾QELOHFDQOÈOÈĔÈQÈNR
UX\DQRKDULNDHVHUOHUVL]L
DGHWDGDYHWHGL\RU%DWÈèGDNL
EXWRSUDNODUDð(QG¾O¾V
(PHYL'HYOHWLèQLQXODĕWÈĔÈ
\¾NVHNPHGHQL\HWEXJ¾Q
ĘVSDQ\DèQÈQ(QG¾OLV\DH\DOHWL
RODUDNLVLPOHQGLULOHQE¸OJHGH
NÈUÈQWÈODUÈ\ODLQVDQODUDVX
QXOX\RU%¸OJHGHĘVODPPH
GHQL\HWLQLQK¾N¾PV¾UG¾Ĕ¾
YLOD\HWOHU$OPHULD(OPDQL\
\H*UDQDGD*ÈUQDWD-HDQ
&H\\DQ&RUGRED.XUWXED
6HYLOODĘĕELO\H+XHOYD9HO
EH0DODJD0DOHNDYH&D
GÈ].DGLVèWHQROXĕPDNWDGÈU
(QG¾O¾VE¸OJHVLQH\¸QHOLN
G¾]HQOHQHQWXUODUNDSVDPÈQ
GD¸]HOOLNOH(O+DPUD6DUD\È
.XUWXED&DPLLYH.¾W¾SKD
QHVL$O.DVDU6DUD\È6HYLOOD
0HUNH]&DPLLJLELHVHUOHU
ELOKDVVDLEUHWQD]DUÈ\ODJ¸
U¾OPH\HGHĔHUð
<½]ELQOHUFHHVHU
LPKDHGLOPLĝ
+DIÈ]DODUGDND]ÈQDQ(O+DP
UD6DUD\ÈLOH.XUWXED&DPLL
YHN¾W¾SKDQHVLQLQDNÈEHWL
LQFHOHQGLĔLQGHLQVDQÈQL©L
DFÈ\RU<¾]\ÈOODUFDKHPHQ
E¾W¾QELOLPGDOODUÈQGDG¾Q
\DQÈQPHUNH]LRODQ*ÈUQDWD
YH.XUWXEDLĕJDOGHQVRQUD
YDKĕLFH\RNHGLOPLĕ.XUWX
ED.¾W¾SKDQHVLèQGHNL\¾]
ELQOHUFHFLOWOLNHVHU\DNÈOPÈĕ
YH\D9DGLHO.HELU1HKULèQH
*XDGDOTXLYLUDWÈOPÈĕ5HK
EHULPL]ÈUPDĔÈQJ¾QOHUFH
P¾UHNNHSDNWÈĔÈQÈQULYD\HW
HGLOGLĔLQLLIDGHHGL\RU<LQH
*ÈUQDWDèGDELUPLO\RQGDQ
ID]ODHO\D]PDVÈHVHU\DNÈOÈU
NHQHQJL]LV\RQPDKNHPH
(O+DPUD6DUD\È
Ė63$1<$
%DĔNHQWL0DGULG
<¾]¸O©¾P¾NP
1¾IXVX
<¸QHWLPėHNOL0HĕUXWL.UDOOÈN
3DUD%LULPL(XUR
.LĔLEDĔÈQDG¾ĔHQ*60+
˜QHPOLĔHKLUOHUL0DGULG%DUFHORQD
9DOHQFLD6HYLOOD=DUDJR]D0DODJD
$OWÈQ.XOH
.XUWXED&DPLL
OHULQLQNDUDUÈ\ODRQELQOHUFH
0¾VO¾PDQVÈUILQDQ©ODUÈQ
GDQ¸W¾U¾\DV¾UJ¾QHGLOPLĕ
\DGDNDWOHGLOPLĕ
ĘĕWHE¸\OHELU¸QELOJLQLQ
DUGÈQGDQEDĕOÈ\RUVXQX](Q
G¾O¾VPHGHQL\HWLQLQL]OHULQL
J¸UPH\H8©DĔÈQÈ]0DODJD
+DYDOLPDQÈèQDLQGLĔLQGH
$NGHQL]VDKLOOHULQGH\DNOD
ĕÈNELQQ¾IXVOXELUĕHKLU
EXOX\RUVXQX]NDUĕÈQÈ]GD
&HEHOLWDUÈN%RĔD]ÈèQÈJH©HQ
(QG¾O¾VRUGXODUÈQÈQ9L]LJRW
.UDOÈ5RGULJRè\XPDĔOXS
HWWLNWHQVRQUDLONIHWKHWWLĔL
\HUOHĕLPELULPOHULQGHQELULVL
RODQVDKLOĕHULGLQGHNLĕHKLU
GHEXJ¾QHQGLNNDW©HNHQ
¸]HOOLNGRĔDO\HĕLODODQODU
ĘVSDQ\DJHQHOLQGHJ¸UH
FHĔLQL]ERWDQLNSDUNODUÈQÈ
L]OHPH\HEXUDGDQEDĕOÈ\RU
VXQX]ėHKULQKHPHQKHU
\HULQGHJHQLĕ\ROODUYH\HĕLO
DODQODUKDNLP6DNLQVRNDN
ODUGDWUDILNNDUPDĕDVÈQÈQ
ROPDPDVÈGLNNDWLQL]L©HNL
\RU<¾NVHNELUQRNWDGDQ
SDQRUDPLNĕHKLUVH\UL\DS
WÈĔÈQÈ]GDOLPDQGDQDUHQD\D
NDGDUE¾W¾QGHWD\ODUÈL]OH
PHIÈUVDWÈEXOX\RUVXQX]
*(=Ė
8¨VX]EXFDNVò]
]H\WLQEDK¨HOHUL
%XUDGDQNDUD\ROX\OD
*UDQDGDè\D*ÈUQDWDJH
©L\RUVXQX]<ROER\XQFD
X©VX]EXFDNVÈ]]H\WLQ
EDK©HOHUL%LQOHUFHRQ
ELQOHUFHG¸Q¾PG¾]HQOL
]H\WLQEDK©HOHULGLNNDWLQL
]L©HNL\RU6DNLQ\ROODUGDNL
\HĕLOWHPDOÈ\ROFXOXĔXQ
DUGÈQGDQELQQ¾IXV
OX(QG¾O¾Vè¾QVRQNDOHVL
*UDQDGDè\DXODĕÈ\RUVXQX]
*ÈUQDWDèQÈQ(QG¾O¾VG¸QH
PLQGHNLVHPERO¾Q¾QQDU
ROGXĔXQX¸ĔUHQL\RUVXQX]
<¾NVHNELUWHSHGHQDNĕDP
VDDWOHULQGHL]OHGLĔLQL](O
+DPUD6DUD\ÈGR\XPVX]
ELUNH\LIVXQX\RU]L\D
UHW©LOHULQH*UDQDGDèGD
EXOXQDQWHNPLQDUHOLĘVODP
.¾OW¾U0HUNH]LèQGHQ\¾N
VHOHQH]DQVHVLUXKXQX]X
RNĕX\RU(O+DPUDè\DED
NDQ\¾NVHNPHNDQGDNLEX
P¾WHYD]ÈPHNDQPDK]XQ
ELUĕHNLOGHNDUĕÈOÈ\RUPLVD
ILUOHULQL
$OODKƏWDQEDĝND
JDOLS\RNWXU
(O+DPUD6DUD\ÈNHQGLVLQGHQ
EDKVHGLOHQE¾W¾Q¸YJ¾OHUL
ID]ODVÈ\ODKDNHGHQELUIHYND
ODGHPHGHQL\HW¾U¾Q¾<¾]GH
èWHQID]ODNÈVPÈLĕJDOGHQ
VRQUD\ÈNÈODQVDUD\YHKHPHQ
ELWLĕLĔLQGHNL&HQQHW¾O$ULILQ
$ULĆHU%DK©HVLRODĔDQ¾VW¾
J¾]HOOLNOHUH
VDKLS'XYDUOD
UÈQV¾WXQODUÈQ
JHOLQOLNNÈ]ODUD
QD]LUH\DSDUFD
VÈQDQDNÈĕQDNÈĕ
LĕOHQPHVLKDWYH
WH]KLSVDQDWÈQÈQ
HQ¾VWVHYL\HGH
LFUDVÈL]OH\HQOHUL
NHQGLVLQGHQ
JH©LUL\RU%LUEL
UL\OHEDĔODQWÈOÈ
©RNVD\ÈGDRGD
YHVDORQODUGDQ
PH\GDQDJHOHQ
VDUD\GDHQGLN
NDW©HNHQGHWD\
LVHKHPHQE¾
W¾QPHN¤QODUD
QDNĕHGLOHQê/DJDOLEHLOODOODK
$OODKèWDQEDĕNDJDOLS\RNWXUë
D\HWLQLQ\DSWÈĔÈYXUJX=DULI
©LQLOHUOHGHEH]HQHQEXJ¾]HO
OLNOHULQDYOXODUGDNLKDYX]ODUOD
]HQJLQOHĕWLULOPHVLELUEDĕND
VDQDW]HYNLQLRUWD\DNR\X\RU
<HĕLOEDQWODUL©LQGHNL\¾U¾PH
DODQODUÈRG¸QHP\¸QHWLFLYH
VDQDWNDUODUÈQÈQLQFHOLĔLQLGH
DQODWÈ\RU]L\DUHW©LOHULQHð
ėHKULĘVSDQ\ROODUDWHVOLP
HGHQVRQ(PLU$EGXOODK
)DVèDG¸QHUNHQVRQWHSHGHQ
(O+DPUDè\DEDNÈSK¾]¾Q
OHQLQFHDQQHVLWDULKHQRW
G¾ĕ¾OHQĕX¾QO¾F¾POH\HVDUI
HWPLĕêžONHQLHUNHNOHUJLEL
VDYXQDPDGÈQĕLPGLNDGÈQODU
JLELDĔOÈ\RUVXQë
HGHELOGLĔLPHWUHHQLYH
PHWUHER\XEXOXQDQ
FDPLQLQJ¾Q¾P¾]HLQWLNDO
HGHELOHQV¾VOHPHVLELOHROD
ĔDQ¾VW¾$OWÈQODLĕOHQHQPLK
UDEÈNRUXPDDOWÈQDDOÈQDUDN
PXKDID]DHGLOPLĕYDQGDOODUÈQ
WDODQHWPHPHVLL©LQ
<HĕLOLQKHURUWDPGDER\J¸V
WHUGLĔLEXĕHKLUGHNLê‰L©HNOL
6RNDNëGDJ¸UPH\HGHĔHU
&RUGRED.XUWXEDLVHNDUD '¾Q\DFD¾QO¾ROGXĔXQX¸ĔUHQ
\ROX\OD]L\DUHWHGHFHĔLQL]
GLĔLPL]GDUDFÈNVRNDNELUEDĕ
(QG¾O¾VPHGHQL\HWLQLQELU
WDQGLĔHUEDĕDNDGDUEDONRQYH
GLĔHU¸QHPOLQRNWDVÈ(QG¾
SHQFHUHOHUGHQVDUNDQUHQJD
O¾VG¸QHPLQGHELQNRQXW UHQN©L©HNOHUOHEH]HQPLĕ
EXOXQGXĔXQX¸ĔUHQGLĔLPL]
.XUWXEDĕXDQGDELQ
FLYDUÈQGDELUQ¾IXVDVDKLS
)XDUNHQWL6HYLOOD
$YUXSDèGDLON¾QLYHUVLWHQLQ
NXUXOGXĔXĕHKLU(QG¾O¾V
ėHKLUFLOLĔLQHQJ¾]HO¸UQHN
ĘVODP'HYOHWLèQH\DNODĕÈN
DVÈUEDĕNHQWOLN\DSPÈĕ9DGL OHULQLQELULVLQLWHPVLOHGHQ
HO.HELUQHKULQLQ¾]HULQGHQ 6HYLOODLVHĘVSDQ\DèQÈQHQ
¸QHPOLIXDUNHQWL%LUPLO\R
JH©WLNWHQVRQUD.XUWXEDèGD
(QG¾O¾VPHGHQL\HWLQLQHĕVL] QD\DNÈQQ¾IXVXRODQĕHKLUGH
HQGLNNDW©HNHQXQVXUJHQLĕ
ĕDKHVHUOHULQGHQ.XUWXED
0HUNH]&DPLLèQL]L\DUHWHGL EXOYDUODUYHPH\GDQODU
\RUVXQX]NDSÈVÈEXOXQDQ .XUWXEDèGDQEDĕOD\DQ9DGL
HO.HELU1HKULĕHKULQRU
YHKDULNDV¾W¾Q¾]HUL
WDVÈQGDQJH©HUHN.DGL]èGH
QHDĕDPDDĕDPDLQĕDHGLOHQ
RN\DQXVDG¸N¾O¾\RU
FDPLQLQEXJ¾QWDPRUWDVÈQ
GDLĕJDOGHQVRQUDRWXUWXO
6HYLOODèGDQHKLUGH\DSDFDĔÈ
PXĕELUNDWHGUDOEXOXQX\RU QÈ]WHNQHWXUXLOHELUOLNWHHQ
<DNODĕÈNELQNLĕLQLQLEDGHW ¸QHPOL]L\DUHWQRNWDODUÈQHK
V½WXQOXFDPL
ULQNHQDUÈQGDNL$OWÈQ.XOH$O
.DVDU6DUD\È6HYLOOD0HUNH]
&DPLL%XJ¾Q\HULQHNDWHG
UDO\DSÈOPÈĕYH6HYLOODėHKLU
0H\GDQÈRODUDNVÈUDODQÈU
6HYLOOD0HUNH]&DPLLèQLQ
\HULQH\DSÈODQ$YUXSDèQÈQHQ
E¾\¾NNDWHGUDOOHULQGHQELULVL
RODQNLOLVHQLQ©DQNXOHVLLVH
(QG¾O¾VPLPDULVLQLQQLĕDQHVL
RODQPLQDUHQLQ¾]HULQHLQĕD
HGLOPLĕ
6HYLOODėHKLU0H\GDQÈLVH
]L\DUHW©LOHULQLE¾\¾OH\HQ
KDULNDELU\DSÈ+LODOĕHNOLQ
GHNLHVHULQLNLXFXQGDLNL
NXOHEXOXQX\RU$UDODUGDNL
VLPHWULN¾©\DSÈ\ODE¾W¾QOH
ĕHQJHQLĕPH\GDQÈQL©HULVLQ
GHLVHLQVDQODUÈQUDKDWYDNLW
JH©LUHFHĔLJH]LYHGRQDWÈODU
G¾ĕ¾Q¾OP¾ĕ
0DGULGHQE½\½NĝHKLU
6HYLOODèGDQKÈ]OÈWUHQOH
VDDWWHEDĕNHQW0DGULGèHJH
©L\RUVXQX]PLO\RQQ¾IX
VDVDKLS0DGULG$YUXSDèQÈQ
HQ\HĕLOEDĕNHQWL*HQLĕ\RO
ODUÈYHE¾\¾NPH\GDQODUÈ\OD
¾ONHQLQHQKDUHNHWOLĕHKUL
RODQ0DGULGèGHNUDOL\HW
VDUD\ÈQÈQ\DQÈQGDG¾Q\DFD
¾QO¾5HDO0DGULGèLQVWDGÈ
WXULVWOHULQXĔUDN\HUOHULQLQ
EDĕÈQGDJHOL\RU%RĔDJ¾UHĕ
OHUL\OH¾QO¾E¾\¾NDUHQDGD
DUWÈNEXJ¸VWHULOHU\DVDNODQ
PÈĕėHKLU3DUNÈL©HULVLQGHNL
'RQ.LĕRWYHDUNDGDĕÈQÈQ
KH\NHOLGHWXULVWOHULQLOJL
RGDĔÈ0DGULG%HOHGL\H
0H\GDQÈLVH¸]HOOLNOHKDIWD
VRQODUÈQGDGROXSWDĕÈ\RU
ĘVSDQ\DèQÈQROLPSL\DWĕHKUL
%DUFHORQDLVH$NGHQL]VDKLO
OHULQHNXUXOPXĕPLO\RQ
Q¾IXVOXELUNHQW‰HYUHVLQGH
©RNPLNWDUGDU¾]JDUSDQHOL
\HUDODQĕHKULQHWUDIÈRU
PDQODUODNXĕDWÈOPÈĕėHKLUGH
WDULKLGRNXQXQNRUXQPDVÈQD
¸]HQJ¸VWHULOPLĕ$\UÈFDV¾
UHNOLRODUDNUHKDELOLWDV\RQYH
WUDQVIRUPDV\RQX\JXODQDQ
ĕHKLUGH\HQLHNRQRPLNDNWL
YLWHDODQODUÈQÈQD©ÈOPDVÈGLN
NDW©HNL\RU)DUNOÈELUWDU]È
RODQ0LPDU$QWRQL*DXGLèQLQ
\DSWÈĔÈPDVDOVÈELQDODUYH
\DUÈPNDODQIDQWDVWLN*¾HOO
3DUNÈLOH¸PU¾Q¾DGDGÈĔÈ
\DSÈPÈKDOHQV¾UHQ6DJUDGD
)DPLOLD.LOLVHVL]L\DUHW©LDNÈ
QÈQDXĔUX\RU
*(=Ė
7DULKHYHLQVDQOòàDPDOROPXĝPHGHQL\HW
(1'/6
7DULK©LELOLPDGDPÈ'R©'U/¾WILĕH\EDQWLWL]
ELU©DOÈėPDLOHDVÈUODUFD0¾VO¾PDQODUÈQ\XUGX
RODQ(QG¾O¾Vè¾QYHRUDGDLQė¤HGLOHQ\¾NVHN
PHGHQL\HWLQKHU\¸Q¾\OHDQODėÈOPDVÈQDNDWNÈ
VDĔOD\DFDNELUHVHUKD]ÈUODGÈ
6
DNDU\DžQLYHUVLWHVL)HQ
(GHEL\DW)DN¾OWHVL7DULK
%¸O¾P¾¸ĔUHWLP¾\HVL
'R©'U/¾WILėH\EDQ
$OEDUDND7¾UNè¾QGHVWHĔL
LOHOLWHUDW¾UH¸QHPOLELUHVHUND
]DQGÈUGÈê(QG¾O¾VëLVLPOLNLWDEÈ
LOHLOJLOLRODUDN'R©ėH\EDQLOH
J¸U¾ĕW¾N
+RFDP(QG¾O¾VLOHLOJLOLNLWDEÈQÈ]È
KD]ÈUODPDILNULQDVÈOGRĔGX"
'R©'U/¾WILėH\EDQ
.Ė7$3/,.
%LOLQGLĔL¾]HUH(QG¾O¾VPHGHQL
\HWLDUWÈN7¾UNL\HèGHGHWDQÈQPD
YH\DELOLQPHLKWL\DFÈGX\XODQELU
NRQXKDOLQHJHOPLĕWLU‰¾QN¾2V
PDQOÈRODUDN\DĕDGÈĔÈPÈ]E¾\¾N
G¾ĕ¾ĕWHQVRQUDEXPLOOHW\DNODĕÈN
ELUDVÈUGÈUELU\HQLGHQGLULOLĕKDP
OHVL\DĕDPDNWDGÈU(OEHWWHNHQGL
WRSOXPVDOĕDUWODUÈJHUHĔLX]XQELU
V¾UH©WHJHU©HNOHĕWLĔLJ¸]OHQHQEX
KDPOHQLQNHQGLN¸NOHUL¾]HULQGH
Y¾FXWEXOPDVÈGRĔDOELU]RUXQOX
OXNWXU%XN¸NOHULDUDĕWÈUGÈĔÈPÈ]GD
LVHNDUĕÈPÈ]D\DNODĕÈNLNLELQ\ÈOGÈU
©DĔODUDNHQGL¸]UHQJLQLYHUHUHN
YDUOÈĔÈQÈV¾UG¾UHQ7¾UNYHĘVODP
N¾OW¾U¾©ÈNPDNWDGÈU%XWDULKVHO
PLUDVÈPÈ]ÈQKHUELU¸ĔHVL©RNGH
ĔHUOLGLUYH\DĕDWÈOPDOÈGÈU)DNDW
EXPLUDVL©LQGH¸]HOOLNOHEXJ¾Q
LQVDQOÈĔÈQWRSOXPVDOVRUXQODUÈQD
©¸]¾PVXQPDQRNWDVÈQGDEL]FHHQ
GLNNDWHGHĔHUYHHQJ¸]DOÈFÈĕHNLO
GHNHQGLQLJ¸VWHUHQKD]LQHLGHDO
PHGHQL\HWLQQXPXQHVLDGGHGLOHQ
(QG¾O¾VWHFU¾EHVLGLU
ĘĕWHEL]EXG¾ĕ¾QFH\OH¾ONHPL]GH
(QG¾O¾VN¾OW¾U¾Q¾KDPDVLYH\D
GX\JXVDO\DNODĕÈPGDQ¸WHELU
QRNWD\DWDĕÈ\DFDN(QG¾O¾VO¾OHUL
HPVDOOHULQGHQIDUNOÈNÈODQQLWHOLN
OHUL\OHHOHDODFDNELUHVHUHLKWL\D©
ROGXĔXQXQIDUNÈQGD\GÈN$QFDN
VRUXQ\D]DFDĔÈPÈ]HVHULVDKLSOHQLS
PLOOHWHP¤OHGHFHNQLWHOLNOLELUP¾
HVVHVHEXOPDNWÈ%XPH\DQGDELU
V¾UHDUDĕWÈUPD\DSÈSG¾ĕ¾QG¾NWHQ
VRQUDNRQX\XELUSURMHIRUPDWÈQGD
$OEDUDND7¾UNèH¸QHUPH\HNDUDU
YHUGLP$OEDUDND7¾UN\¸QHWLPL
GHXPGXĔXPGDQGDKDNÈVDV¾UHGH
EL]HJHULG¸Q¾ĕ\DSWÈYHJHU©HNWHQ
KHPNRQX\DKHPGHELUDND
GHPLV\HQRODUDNĕDKVÈPD
VDPLPLELULOJLYHDODNDJ¸V
WHUGLOHU.HQGLOHULQHWHNUDU
WHĕHNN¾UHGHULP
ˆDàODU½VW½QLWHOLNOHU
.LWDSKDNNÈQGDNÈVDELUGH
ĔHUOHQGLUPH\DSDUPÈVÈQÈ]
L©HULNWHKDQJLGHWD\ODUYDU"
.LWDEÈKD]ÈUODPD\DEDĕODU
NHQ¸QFHPHYFXW\D\ÈQODUÈ
GHĔHUOHQGLULSRQDJ¸UH
IDUNOÈELUL©HULNEHOLUOHPH
\H©DOÈĕWÈP%XPH\DQGD
PHYFXWODUGDQIDUNOÈRODUDN
(QG¾O¾Vè¾YH\D(QG¾O¾V
O¾OHULGLĔHUOHULQGHQD\ÈUW
HGHQYHRQODUÈ©DĔODU¾VW¾
QLWHOLĔHE¾U¾QG¾UHQQLWH
OLNOHUL¸QH©ÈNDUÈFȸ]HOOLNWH
ELUSODQYHL©HULNKD]ÈUOD
PD\DJD\UHWHWWLP
%XUDGD(QG¾O¾VO¾OHUL
GLĔHUOHULQGHQIDUNOÈNÈODQ
WHPHOXQVXUODUQHOHUGL
VRUXVXDNODJHOHELOLU
%L]HJ¸UH(QG¾O¾Vè¾KHU
EDNÈPGDQHPVDOOHULQGHQ
IDUNOÈNÈODQYHRQXGDKDLOHUL
QRNWDODUDWDĕÈ\DQKXVXVL
\HWOHULQEDĕÈQGDĕ¾SKHVL]
(QG¾O¾VO¾OHULQLOLPWDUÈP
WLFDUHWYHVDQDWDODQODUÈQGD
VHUJLOHGLNOHUL¾VW¾QROPD
JD\UHWOHULJHOPHNWHGLU%X
JD\UHWKHP0DĕUÈNĘVODP
¾ONHVLQGHKHPGH$YUXSD
+ÈULVWL\DQG¾Q\DVÈQGDNL
UDNLSOHUL\OHSVLNRVRV\DO
HVDVOÈELUUHNDEHWWL*HU
©HNWHEXUHNDEHWWH(QG¾
O¾VO¾OHULQDYDQWDMODUÈD]
GHĔLOGL(QEDĕWDVDKLSRO
GXNODUÈN¾OW¾UHO©HĕLWOLOLNYH
FRĔUDILVWUDWHMLN]HQJLQOLN
JHOPHNWHGLU1LWHNLPGDKD
HYYHO0DĕUÈNN¾OW¾U¾QGH
YDURODQYHêELUOLNL©LQGH
©HĕLWOLOLNëGL\HQLWHOHQHQ
WRSOXPVDOX]ODĕPDN¾OW¾U¾
(QG¾O¾VèWH&RQYLYHQFLDè\È
GRĔXUPXĕWXU&RQYLYHQ
FLDLVHĘVODPèÈQJHWLUGLĔL
DKO¤NKXNXNNXUDOYH
SUHQVLSOHULQHP¾VWHQLW
GHYOHWYHWRSOXPVLVWHPL
WHPHOLQGHKD\DWEXODQ
]HQJLQN¾OW¾UHO\DSÈQÈQ
¾UHWWLĔLELU]LKQL\HWWLUĘĕWH
EX]LKLQ\DSÈVÈ\ODKD\DWD
EDNDQ(QG¾O¾VO¾OHUP¾VOLP
YH\DJD\ULP¾VOLPKHPHQ
E¾W¾Q©DĔGDĕODUÈQGDQGDKD
GLQDPLNRODUDNG¾Q\DPH
GHQL\HWWDULKLQGHRQODUGDQ
GDKD¾VW¾QELUPHYNLLKDN
HWPLĕOHUGLU
.DPXR\XQGDQDVÈO\DQNÈ
EXOGX(QG¾O¾VNRQXVXQGD
7¾UNL\HWRSOXPXQGDNLEHN
OHQWLOHUKDNNÈQGDQHOHUV¸\
OHPHNLVWHUVLQL]"
7¾UNL\HèGHYH\D7¾UN©H
OLWHUDW¾UGH(QG¾O¾VNRQX
VXQGDNL\HWHUVL]OLNKHPHQ
KHUNHVLQPDOXPXGXU
%¸\OHROXQFDEL]LWDQÈ\DQ
HQWHOHNW¾HOLQVDQODUGRĔDO
RODUDNEL]GHQEX\¸QGHELU
©DOÈĕPDEHNOHQWLOHULROGX
ĔXQXLIDGHHWPHNWH\GLOHU
$OEDUDNDèQÈQGHVWHĔL\OH
RUWD\D©ÈNDQEXNLWDSĕLP
GL\HNDGDU\DSÈODQODUGDQ
IDUNOÈL©HULĔL\OHXPX\RUXP
NLNDPXR\XQGDNLEXEHN
OHQWL\HFHYDSQLWHOLĔLQGH
ELU©DOÈĕPDROPXĕWXU.LWD
EÈQ\D\ÈPODQPDVȾ]HULQ
GHQKHQ¾]©RNNÈVDELUV¾UH
JH©PHVLQHUDĔPHQEX\¸Q
GHNLWHSNLOHUJD\HWROXPOX
\¸QGHROXSEL]OHULPHPQXQ
HGHFHNPDKL\HWWHGLU
%LVN½YLFL'HGHƏQLQ
P½FDGHOHVLNLWDSROGX
6DEULONHUƏLQ
+D\DW+LND\HVL
7
¾UNL\HèGHELVN¾YLVHN
W¸U¾Q¾QGXD\HQLRODQ
PHUKXPLĕDGDPÈ6DEUL
žONHUèLQP¾FDGHOHYHEDĕDUÈ
GROXKD\DWÈNLWDSODĕWÈ
*D]HWHFL\D]DU+XOXVL7XUJXW
WDUDIÈQGDQNDOHPHDOÈQDQYH
'RĔDQ.LWDSèWDQ\D\ÈQODQDQ
HVHUELUD]PLQXODĕWÈĔÈQRN
WDQÈQKLND\HVL\ÈOÈQGD
EDĕOD\ÈSEXJ¾QRQELQOHUFH
NLĕL\LLVWLKGDPHGHQELUGHY
KDOLQHJHOHQžONHUèLQJH©LUGLĔL
PHUKDOHOHUXVWDELUJ¸]OHPOH
NDOHPHDOÈQPÈĕ(VHUVDYDĕOD
UÈQ¾ONHGHQ¾ONH\HVDYXUGXĔX
ELUDLOHQLQ©RFXĔXRODQ6DEUL
žONHUèLQ©RFXNOXNYH©ÈUDN
OÈN\ÈOODUÈQGDQDVNHUOLĔLQH
žONHUèLQNXUXOXĕXQGDQDWODW
WÈĔÈEDGLUHOHUHNDGDUKHPHQ
E¾W¾QGHWD\ODUÈL©HUL\RU
6DEULžONHUèLQWHN©HĕLWOHEDĕ
ODGÈĔÈDQFDNEXJ¾Q\¾]OHUFH
PDUNDVÈ\ODXOXVODUDUDVÈELUJÈGD
GHYLRODQžONHU<ÈOGÈ]+ROGLQJ
©DWÈVÈDOWÈQGDèLQ¾]HULQGH
¾ONH\HLKUDFDWJHU©HNOHĕWLUL\RU
%LUñQVDQ+DNODUò
6RUXQX2ODUDN
*òGD*½YHQOLàL
*
¸UHY\DSWÈĔÈKHU\HUGH
EXKXVXVWDJD\UHWVDUI
HGHQ.D\PDNDP6¾
OH\PDQ(UGRĔDQê%LUĘQVDQ
+DNODUÈ6RUXQX2ODUDN*ÈGD
*¾YHQOLĔLëLVLPOLHVHUL\OH
NDPXR\XQDÈĕÈNWXWX\RU
‰¸POHN¾UHWLPLLOHLOJLOLELU
LQFHOHPHVRQXFXLQVDQVDĔOÈ
ĔÈQÈWHKGLWHGHQPDGGHOHULQ
WHVSLWHGLOPHVL\OHEDĕOD\DQ
KDVVDVL\HWLQNHQGLVLQLE¸\OH
ELUHVHULKD]ÈUODPD\DLWWLĔLQL
LIDGHHGHQ(UGRĔDQêžUHWLP
GHQW¾NHWLPHX]DQDQ]LQFLULQ
KHUDĕDPDVÈQGDEXWHKOLNHOHU
PHYFXW'ROD\ÈVÈ\ODW¾NHWLFL
QLQQH\HGLĔLQGHQKDEHUGDU
ROPDVÈJHUHNLUëGL\RU
(OGHQJH©LULOHUHNEDVNÈVÈ
\DSÈODQ*ÈGD*¾YHQOLĔL\HQL
LODYHOHUOHGDKDGD]HQJLQOHĕ
WLULOPLĕELUĕHNLOGHVXQXOX\RU
RNX\XFXODUÈQD
.Ė7$3/,.
òVWDQEXO%DġDNġHKLUVSRU7HNQLN'LUHNW¸U¾$EGXOODK$YFó˹QóQKHGH̨E¾\¾N
*¸]¾]LUYHGH
0RGHUQWHVLVOHUGHD\DNODUÈ\HUHVDĔODPEDVDQELU
WDNÈPROXėWXUPD\D©DOÈėWÈNODUÈQÈV¸\OH\HQĖVWDQEXO
%DėDNėHKLUVSRU7HNQLN'LUHNW¸U¾$EGXOODK
$YFÈG¾Q\DQÈQJHU©HNOHULQHX\JXQELUG¸Q¾ė¾P
JHU©HNOHėWLUGLNOHULQLND\GHGL\RU
$
EGXOODK$YFÈ
7¾UNIXWEROKD
\DWÈQÈQ¸QHPOL
LVLPOHULQGHQEL
ULVL<ÈOODUFDSUR
IHV\RQHOIXWERO
R\QD\DQ$YFÈ
NDPXR\XWDUDIÈQGDQ¸]HOOLNOH
ĘVWDQEXO%¾\¾NĕHKLU%HOH
GL\HVL)XWERO.XO¾E¾èQGHNL
EDĕDUÈOÈ©DOÈĕPDODUÈ\ODWD
QÈQGȉDOÈĕPDODUÈQÈêVLVWHPë
¾]HULQHELQDHGHQ$EGXOODK
$YFÈ0LOOL7DNÈPGHQH\LPLQ
GHQVRQUDĕXDQGDGDELUDQ
ODPGDĘ%%)XWERO7DNÈPÈèQÈQ
GHYDPÈRODQĘVWDQEXO
%DĕDNĕHKLUVSRUèXQKRFDVÈ
.XO¾E¾Q\HQLYHP¾NHPPHO
WHVLVOHULQGH]L\DUHWHWWLĔLPL]
$YFÈEDĕDUÈVÈQÈQVÈUODUÈQÈYH
KHGHĆHULQLDQODWWÈ
)XWEROFXOXNNDUL\HULQLQ
èGDDPDW¸URODUDN
EDĕODGÈĔÈQÈYH\ÈOVRQUD
EDĕOD\DQSURIHV\RQHOIXWERO
R\XQFXOXĔXQXQLVH\ÈOÈ
QDNDGDUV¾UG¾Ĕ¾Q¾EHOLUWHQ
$YFÈê/LJ/LJėLPGLNL
6325
DGÈ\OD377/LJLYH/LJèGH
6¾SHU/LJIDUNOÈNXO¾SOHUGH
IXWEROR\QDGÈP%XNXO¾SOH
ULQED]ÈODUÈQGDNDSWDQOÈNGD
\DSWÈPYHVHQHVLQGH
=L\D'RĔDQèÈQGHVWHNOHUL\OH
DQWUHQ¸UO¾NPHVOHĔLQHJH©Lĕ
\DSWÈPëGL\RU(YOLYHLNLRĔOX
EXOXQDQ$YFÈLĕLQHRGDNOÈ
ROGXĔXQXDQFDNDLOHVLQLGH
LKPDOHWPHGLĔLQLKDIWDQÈQ
J¾Q¾QGHDLOHVL\OH©RFXN
ODUÈ\ODELUOLNWHROPD\DJD\UHW
J¸VWHUGLĔLQLV¸\O¾\RU<ÈOODU
GÈUĘVWDQEXOèGD©DOÈĕWÈĔÈL©LQ
GHNHQGLVLQLĕDQVOÈKLVVHGL\RU
$EGXOODK+RFD
ê%DĕDUÈOÈROPDNL©LQHQ¸QHP
OLNULWHU©DOÈĕPDNWÈUëGL\HQ
$YFÈĕ¸\OHGHYDPHGL\RU
ê˜]HOOLNOHJHOLĕHQGHĔLĕHQ
YHG¸Q¾ĕHQG¾Q\D\DPHVOHNL
D©ÈGDQD\DNX\GXUPDOÈVÈQÈ]
%XQXGDVRQGHUHFHVDĔOÈNOÈ
ELUĕHNLOGH\DSPDOÈVÈQÈ]%X
QXQ\DQÈQGDR\XQFXVXQGDQ
\¸QHWLFLVLQHE¾W¾QHNLSWHL\L
ELULOHWLĕLPNXUXOPDVÈJHUHNLU
%XQXGDVHYHUHN\DSPDOÈVÈ
QÈ]NLEL]GHLĕLPL]L©RNVHYH
UHN\DSÈ\RUX]ë
7½UNL\HƏQLQ
·UQHNWHVLVOHUL
7¾UNL\HèGH¸UQHNRODELOHFHN
ELUVWDGYHWHVLVHVDKLSRO
GXNODUÈQÈYXUJXOD\DQ$EGXO
ODK$YFÈê<DSÈODQ\DWÈUÈPODUOD
JHOLĕHQNXO¾E¾P¾]J¾]HOELU
¸UQHNWHĕNLOHWPHNWHGLU%X
GDEL]LVRQGHUHFHPXWOXHGL
\RUëĕHNOLQGHNRQXĕX\RU
*UXSHQHUMLVLYHWDNÈPUX
KXQXQ©RN¸QHPOLROGXĔXQX
YXUJXOD\DQ$YFÈEXQXQGD
VSRUFDPLDVÈQÈNDSVD\DQ
E¾W¾QXQVXUODUODP¾PN¾Q
RODFDĔÈQÈV¸\O¾\RU$EGXOODK
$YFÈê2\XQFXVXQGDQ\¸QH
WLFLVLQHWHNQLNNDGURVXQGDQ
WDUDIWDUÈQDNDGDUEX¸QHPOL
.DUDNWHUD©ÈVÈQGDQEDNWÈ
ĔÈQÈ]GDGDHOEHWWHR\XQFX
JUXEXQXQEXJUXSHQHUMLVLQH
X\JXQROPDVÈJHUHNLU*UXS
HQHUMLVLQLQGÈĕÈQGDRODQR\X
QXQYH\DWDNÈPÈQELUSDU©DVÈ
ROPD\DQR\XQFXJUXEXQXQ
EXLĕLQL©LQGHEHVOHQPHVL]D
WHQP¾PN¾QGHĔLOGLUëGL\RU
$YUXSDƏQòQHQD]
JRO\L\HQWDNòPò
$EGXOODK$YFÈKHGHĆHULQL
LVHĕ¸\OH¸]HWOL\RUê7¾UNL\H
/LJLYHXOXVODUDUDVÈOLJOHUL
J¸UP¾ĕELUVSRUDGDPÈROD
UDNEXQODUÈNHQGLWDNÈPÈP
GDX\JXODPD\D©DOÈĕÈ\RUXP
%XJ¾Q/LJèLQNRPSDNWR\XQX
QXHQL\LX\JXOD\DQWDNÈPODUGDQELU
WDQHVL\L]ėXDQGD$YUXSDèGD%D\HUQ
0¾QLKYH%HQILFDèGDQVRQUDHQD]JRO
\L\HQ¾©¾QF¾WDNÈPÈ]%XEL]LPL©LQ
VRQGHUHFH¸QHPOLELUĕH\5DNLSVD
KDODUGDSR]LV\RQDJLUPHVD\ÈVDOYHUL
OHULPL]GHROGXN©DL\L%XQODUÈGLNNDWH
DOGÈĔÈPÈ]GDOLJLQGDKDIDUNOÈEDVDPDN
ODUÈQGDRODFDĔÈPÈ]ÈV¸\OH\HELOLULP
+HGHILPL]NÈVDYDGHGHD\DNODUÈ
VDĔODP\HUHEDVDQELUWDNÈPNXUPDN
G¾Q\DIXWEROXQGDNLR\XQXQJHU©HN
OHULQLX\JXOD\DELOHQELUWDNÈPROXĕWXU
PDNWÈUĘON\DUÈVRQXFXQDEDNWÈĔÈPÈ]GD
GDEXQXEDĕDUGÈĔÈPÈ]ÈJ¸UHELOL\RUX]
2UWDYDGHGHGH7¾UNIXWEROXQGD\D
SÈOPDVÈJHUHNHQSURMHOHULNXO¾E¾P¾]
GHX\JXODPD\D©DOÈĕDFDĔÈ]˜]HOOLNOH
DOW\DSÈPÈ]È(OLW$NDGHPLPL]LWHVLVL\
OHHĔLWLPL\OHGRĔUXELUĕHNLOGHROXĕWXU
PDNYH7¾UNIXWEROXQD¸UQHNROPDN
LVWL\RUX]%¸\OHFHELQQ¾IXVOX
LO©HPL]GHNLJHQ©OHUL©LQGH¸QHPOLELU
\DWÈUÈP\DSPÈĕRODFDĔÈ]%XQODUÈVDĔ
OÈNOÈELUĕHNLOGHJHU©HNOHĕWLUGLĔLPL]GH
GHX]XQYDGHGHOLJLQ]LUYHVLQGH\DUÈ
ĕDQELUWDNÈPROPDNLVWL\RUX]ë
VH]RQXQGDĘ%%)XWERO
.XO¾E¾RODUDN7¾UNL\H.XSDVÈèQGD
ILQDOKH\HFDQÈ\DĕDGÈNODUÈQÈKDWÈU
ODWDQ$YFÈEXVH]RQGDNXSDGDL\L
ELUEDĕODQJÈ©\DSWÈNODUÈQÈYHJHQLĕ
R\XQFXNDGURVX\ODJLGHELOGLĔL\HUH
NDGDUJLWPH\LDU]XODGÈNODUÈQÈV¸\OH
GL$YUXSDè\DD©ÈOPDQÈQHQNHVWLUPH
\ROXQXQ7¾UNL\H.XSDVÈèQÈND]DQPDN
ROGXĔXQDGDLĕDUHWHGHQ$YFÈV¸]
OHULQLê6¾UHNOLJHOLĕHQELUNXO¾E¾]
%XQXL\LGHĔHUOHQGLUPH\H©DOÈĕDFD
ĔÈ]ëGL\HUHNWDPDPOÈ\RU
$/%$5$.$
.2%ò˹/(5/(
.21<$˹'$
%8/8Ġ78
$OEDUDND*HQHO0¾G¾U¾)DKUHWWLQ
<DKėL.RQ\Dè\D\HQLėXEHOHU
D©ÈODFDĔÈP¾MGHVLQLYHUGL
.
2%ĘèOHULN¾UHVHO
UHNDEHWJ¾F¾QH
VDKLSNXUXOXĕODU
KDOLQHJHWLUPH
KHGHIL\OH©DOÈĕDQ
7¾UNL\HèQLQLON
NDWÈOÈPEDQNDVÈ
$OEDUDND7¾UNê.2%ĘèOHUOH
(OHOH<HUHOGHQ.¾UHVHOHë
EXOXĕPDODUÈQÈQLNLQFLVLQL
.RQ\DèGDJHU©HNOHĕWLUGL
ê'¾Q\DQÈQHQL\LNDWÈOÈPEDQ
NDVÈROPDYL]\RQXëLOHKDUH
NHWHGHQ$OEDUDND7¾UNL\H
HNRQRPLVLQLQçFDQGDPDUÈè
RODQ.2%ĘèOHUHGHVWHĔLQLKHU
JH©HQJ¾QDUWWÈUDUDNV¾UG¾
U¾\RUĘONL'HQL]OLèGH\DSÈODQ
EXOXĕPDODUÈQ.RQ\DWRSODQWÈ
VÈQD.RQ\D9DOLVL0XDPPHU
(URO.620HFOLV%DĕNDQÈ
7DKLUėDKLQ.7%%DĕNDQÈ
0XKDPPHW8ĔXU.DOHOL0ž
6Ę$'.RQ\DėXEH%DĕNDQÈ
'U/¾WILėLPĕHN1LĕDQWDĕÈ
žQLYHUVLWHVL5HNW¸U¾3URI'U
.HUHP$ONLQ%DK©HĕHKLUžQL
YHUVLWHVL˜ĔUHWLPž\HVL3URI
'U$OL$WÈI%LU'RĔDQODU<DWÈ
UÈP+ROGLQJ<¸QHWLP.XUXOX
%DĕNDQÈ'DYXW'RĔDQ$OED
UDND*HQHO0¾G¾U¾)DKUHWWLQ
(7.Ė1/Ė.
<DKĕL*HQHO0¾G¾U<DUGÈPFÈ
VÈ%¾OHQW7DEDQYH©RNVD\ÈGD
.2%ĘWHPVLOFLVLNDWÈOGÈ
Ɛ
'DQòĝPDQOòNGD
YHUPH\HKD]òUò]
$OEDUDND*HQHO0¾G¾U¾<DK
ĕL\DSWÈĔÈD©ÈOÈĕNRQXĕPDVÈQGD
.RQ\DèQÈQ7¾UNL\HHNRQRPL
VLQGHR\QDGÈĔÈURO¾YXUJX
ODUNHQUDNDPODUOD.RQ\DèQÈQ
¾ONHPL]L©LQ¸QHPLQHGHĔLQGL
$OEDUDNDRODUDN¾U¾QKL]PHW
WLSLYH©DOÈĕPDSUHQVLSOHUL
X\DUÈQFDUHHOHNRQRPLNIDDOL
\HWOHULIRQODGÈNODUÈQÈDNWDUDQ
<DKĕL\ÈOODUGÈU.2%ĘèOHUOH
©RN\RĔXQELULOLĕNLL©LQGH
ROGXNODUÈQÈKDWÈUODWWÈ7RSOD
GÈNODUÈIRQODUÈUHHOVHNW¸UH
\¸QOHQGLUGLNOHULQLYXUJXOD\DQ
<DKĕLê%X©HU©HYHGHJHOHFHN
G¸QHPGH.2%ĘèOHULQVDGHFH
ILQDQVDOLKWL\D©ODUÈQÈQGHĔLO
D\QÈ]DPDQGDLGDULYHILQDQVDO
GDQÈĕPDQOÈNLKWL\D©ODUÈQÈQGD
DUWDFDĔÈNDQDDWLQGH\L]%X
VHEHSOH\ÈOÈQGD¸]HOOLNOH
E¾\¾W¾OHELOLUYHJHOLĕWLULOHELOLU
.2%ĘèOHUHGDQÈĕPDQOÈNYH
WHFU¾EHDNWDUPD\D\¸QHOLN
©DOÈĕPDODUÈPÈ]ÈV¾UG¾UHFHĔL]ë
ĕHNOLQGHNRQXĕWX
<DKĕL.RQ\DOÈ.2%ĘèOHULQ
EDĕDUÈODUÈQÈQNHQGLOHULQLE¸O
JH\H\DWÈUÈPDWHĕYLNHWWLĔLQL
EXQDLVWLQDGHQ.RQ\DèGD\HQL
ĕXEHOHUD©PD\ÈSODQODGÈNODUÈ
P¾MGHVLQLYHUGL
Ɛ
.2%ñƏOHUH·]HO
SDNHW
.620HFOLV%DĕNDQÈėDKLQ
YH0ž6Ę$'.RQ\DėXEHVL
%DĕNDQÈ'UėLPĕHNèLQNRQXĕ
PDODUÈQGDQVRQUDJH©LOHQSD
QHOLQPRGHUDW¸UO¾Ĕ¾Q¾3URI
%LU\DSWÈ3DQHOGHVXQXPGD
EXOXQDQ$OEDUDND*HQHO0¾
G¾U<DUGÈPFÈVÈ7DEDQNDWÈOÈP
EDQNDFÈOÈĔÈQÈQDQD¾U¾QOHUL
RODQ.XUXPVDO)LQDQVPDQ
'HVWHĔLYH/HDVLQJSDNHWOH
UL\OH.2%ĘèOHULQLKWL\DFÈRODQ
PDNLQHWH©KL]DWKDPPDGGH
DUDPDGGHDOÈPODUÈQÈILQDQVH
HWWLNOHULQLV¸\OHGL3URI$ONLQ
GHê2UWD9DGHOL3ODQ
YH.2%ĘèOHUH(WNLOHULë
DGOÈVXQXPXQGD.RQ\D
VDQD\LFLOHULQHYHUHHOVHNW¸U
WHPVLOFLOHULQH¸QHPOLWDYVL
\HOHUGHEXOXQGX
$OEDUDND\RĔXQLOJLYH
NDWÈOÈPODJHU©HNOHĕHQ
ê.2%ĘèOHUOH(OHOH<HUHOGHQ
.¾UHVHOHëWRSODQWÈODUÈQÈ*D
]LDQWHS$GDQDYH.D\VHULèGH
G¾]HQOHPH\HGHYDPHGHFHN
7
¾UNL\HĘOLPYH(GH
EL\DW(VHUL6DKLSOHUL
0HVOHN%LUOLĔLĘ/(
6$0YH+D\DW<D\ÈQODUÈ
LĕELUOLĔLLOHG¾]HQOHQHQ
ê+D\DW6RKEHWOHULëQHND
WÈODQ$OEDUDND7¾UN*HQHO
0¾G¾U¾'U)DKUHWWLQ<DKĕL
ê%DQNDYH.¾OW¾UëNRQXVXQX
DQODWWÈ+D\DW<D\ÈQODUÈèQÈQ
(\¾SèWHNLPHUNH]LQGHJHU
©HNOHĕHQNDKYDOWÈOÈVRKEHW
WRSODQWÈVÈROGXN©DVDPLPL
ELURUWDPGDJHU©HNOHĕWL
Ę/(6$0ĘVWDQEXOėXEH%Dĕ
NDQÈ&DIHU9D\QLèQLQD©ÈOÈĕ
NRQXĕPDVÈQGDQVRQUDV¸]
DODQ<DKĕLWRSODQWÈQÈQWHU
WLSOHQPHVLQGHQ¸W¾U¾Ę/(
6$0YH+D\DW<D\ÈQODUÈèQD
WHĕHNN¾UHWWL
%DQNDODUÈQKL©ELU\DVDO
]RUXQOXOXĔXROPDGÈĔÈKDO
GHJHOLUOHULQLQELUNÈVPÈQÈ
VRV\DOVRUXPOXOXNSURMHOHUL
NDSVDPÈQGDN¾OW¾UHD\ÈU
GÈNODUÈQÈEHOLUWHQ'U<DKĕL
EXNDSVDPGDNHQGLOHULQLQ
GHJHOHQHNVHOVDQDWODUÈ
PÈ]DNDWNÈVDĔODGÈNODUÈQÈ
¸]HOOLNOHKDWVDQDWÈQÈQJH
<HQL%HUHNHW.DSóVó
7HNLUGDá˹GD
$OEDUDND˹GDQ
+DEHUOHU
˼6DQDWóQYH6DQDW©óQóQ
<DQóQGD2OGXN˽
OLĕPHVLQH\ÈOODUGÈUGHVWHN
ROGXNODUÈQÈV¸\OHGL
+D\DW<D\ÈQ*UXEX<¸QH
WLP.XUXOX%DĕNDQÈ+D\DWL
%D\UDNèÈQHYVDKLSOLĔLQGH
JHU©HNOHĕHQWRSODQWÈGD
HGHEL\DWILQDQVYHG¾ĕ¾QFH
G¾Q\DVÈQGDQ¸QHPOLLVLPOHU
J¾QFHONRQXODUGDILNLUWHDWL
VLQGHEXOXQGXODU
7
¾UNL\HèQLQLONNDWÈOÈP
EDQNDVÈ$OEDUDND
çEHUHNHWNDSÈVÈèRODUDN
LVLPOHQGLUGLĔLĕXEHDĔÈQD
ELU\HQLVLQLGDKDHNOHGL7H
NLUGDĔĕXEHVLQLQD©ÈOÈĕÈQGD
NRQXĕDQ$OEDUDND*HQHO
0¾G¾U¾)DKUHWWLQ<DKĕL
ê7HNLUGDĔèÈQLQVDQÈQDYH
HNRQRPLVLQHKL]PHWHWPHN
L©LQEXUDGDROPDNWDQNÈYDQ©
GX\X\RUX]ëGHGL$OEDUDND
7¾UN.DWÈOÈP%DQNDVÈ7HNLU
GDĔėXEHVLD©ÈOÈĕW¸UHQLQH
7HNLUGDĔ9DOLVL$OL<HUOLND
\D7HNLUGDĔ6¾OH\PDQSDĕD
.D\PDNDPÈ.DPLO.ÈFÈURĔ
OX7HNLUGDĔ7LFDUHW2GDVÈ
<¸QHWLP.XUXOXž\HVL+DOLO
.DUDRĔOXYH©RNVD\ÈGDGD
YHWOLNDWÈOGÈ
$/%$5$.$è'$1+$%(5/(5
$OEDUDND˹GDQ
+DEHUOHU
+DW(VHUOHUL
<HQL&DPL+¾QNDU.DVUó˹QGD
2
VPDQOÈG¸QHPLQGHGRUXNQRNWDVÈQDXOD
ĕDQK¾VQLKDWJHOHQHĔLJ¾Q¾P¾]KDWWDW
ODUÈQÈQHOL\OHJHOHFHĔHDNWDUÈOÈ\RU
$OEDUDND8OXVODUDUDVÈ+DW<DUÈĕPDODUÈLOH
\ÈOÈQGDQLWLEDUHQKDWVDQDWÈQÈQKDNHWWLĔLGHĔHUL
ND]DQPDVÈL©LQP¾WHYD]ÈELUNDWNÈGDEXOXQXQ
$OEDUDNDKDWVDQDWÈQÈQJ¸Q¾OO¾HPHNWDUODUÈQÈ
GHVWHNOHPHNEXP¾VWHVQDVDQDWDGDKDQLFH
HVHUL\HQLKDWWDWODUHOLQGHQND]DQGÈUPDNYH
VDQDWN¤UODUÈQNDOHPLQGHQWDĕDQNXWVLPHWLQOHUL
JHOHFHNQHVLOOHUHXODĕWÈUPDNL©LQ©HĕLWOLIDDOL\HW
OHUGHEXOXQX\RU%XJLULĕLPOHUGHQELULVLGHĘ72LOH
ELUOLNWH\DSÈOGÈĘ72èQXQHYVDKLSOLĔLYH$OEDUDND
7¾UNè¾QVDQDWGHVWHĔLLOHKDWVDQDWÈVDQDWVHYHUOHU
LOHEXOXĕWX$OEDUDND+DW.ROHNVL\RQXèQGD\HU
DODQQDGLGHHVHULQJ¸U¾F¾\H©ÈNWÈĔÈê+¾VQL
+DW%DK©HVLëVHUJLVL<HQL&DPL+¾QN¤U.DVUÈèQGD
D©ÈOGÈ$©ÈOÈĕÈQÈ$OEDUDND7¾UN*HQHO0¾G¾U¾'U
)DKUHWWLQ<DKĕLYHĘ72<¸QHWLP.XUXOX%DĕNDQÈ
ĘEUDKLP‰DĔODUèÈQ\DSWÈĔÈVHUJL$UDOÈNDUD
VÈQGD]L\DUHW©LOHULQLDĔÈUODGÈ
6HUJLGH$OEDUDNDKDW\DUÈĕPDVÈQGD¸G¾ODODQYH
¸]HORODUDNVLSDULĕHGLOHQHVHUOHUDUDVÈQGDQVH©L
OHQKDWHVHULVHUJLOHQGL
$OEDUDND‰DOóġDQODUó
$YUDV\D0DUDWRQX˹QGD
'
¾Q\DQÈQHQ¸QHPOL
PDUDWRQODUÈQGDQ
ELULKDOLQHJHOHQ
$YUDV\D0DUDWRQXèQD
$OEDUDND7¾UN©DOÈĕDQODUÈ
E¾\¾NELULOJLJ¸VWHUGL$\
UÈFDEDQNDQÈQ'RĔD.XO¾E¾
¾\HOHULNLĕLOLNHNLELLOH
PDUDWRQGD\HULQLDOGÈ$OED
UDND'RĔD.XO¾E¾ORJROX
ĕDSNDYHWLĕ¸UWOHULWDNDQ
HNLSEDQNDQÈQWDQÈWÈPÈQD
NDWNÈVDĔODUNHQ\DUÈĕPD\D
J¸UVHOOLND©ÈVÈQGDQGDD\UÈ
ELUJ¾]HOOLNNDWWÈ
$/%$5$.$è'$1+$%(5/(5
˜]HO3D]DU˹óQ
òON<DWóUóPFóVó2OGXN
.
2%ĘèOHUHYH\HQLJLULĕLP
FLOHUHGHVWHĔLQLNHVLQWLVL]
V¾UG¾UHQ$OEDUDNDEXVHJ
PHQWWHIDDOL\HWJ¸VWHUHQĕLUNHWOH
ULGHVWHNOHPHNDPDFÈ\ODNXUXODQ
%RUVDĘVWDQEXO˜]HO3D]DUèÈQLON
\DWÈUÈPFÈODUÈQGDQROGX
$OEDUDND*HQHO0¾G¾U<DUGÈP
FÈVÈ%¾OHQW7DEDQê.2%ĘèOHUYH
\HQLJLULĕLPOHU7¾UNHNRQRPLVL
QLQORNRPRWLILGLU%RUVDĘVWDQEXO
E¾Q\HVLQGHE¸\OHELUSD]DUÈQ
D©ÈOPDVÈDQODPOÈROPXĕWXU$OED
UDNDRODUDNEL]GHEXW¾UĕLUNHW
OHULKHPILQDQVDODUD©ODUODKHP
GHGDQÈĕPDQOÈNKL]PHWOHULPL]OH
GHVWHNOHPH\HGHYDPHGHFHĔL]ë
ĕHNOLQGHNRQXĕWX
$OEDUDND*HQHO
0¾G¾U<DUGóPFóVó
%¾OHQW7DEDQ
$OEDUDND8OXVODUDUDVó
6XNXN.RQIHUDQVóQGD
)
DL]VL]EDQNDFÈOÈNNRQX
VXQGD7¾UNL\HèQLQELOJL
ELULNLPLKHUJH©HQJ¾Q
ELUD]GDKDDUWPD\DGHYDP
HGL\RU7¾UNL\H¸QHPOL
ELUXOXVODUD
UDVÈVHUPD\H
SL\DVDVÈNRQIH
UDQVÈQD
.DVÈP
WDULKOHULQGHHY
VDKLSOLĔL\DS
WÈ2UWD'RĔX
YH7¾UNL\HèGH
\DSÈODQê%RQGV
/RDQVDQG
6XNXNV7XUNH\
ë%RQR
ODU.UHGLOHUYH
6XNXN7¾UNL\H
NRQIHUDQ
VÈ6KDQJUL/D%RVSKRUXV
.RQIHUDQV6DORQXèQGD
JHU©HNOHĕWL.RQIHUDQVÈQ
ê)L\DWODQGÈUPDEHNOHQWLOH
UL\DSÈODQGÈUPDSDNHWOHPH
YHVXNXNGDĔÈWÈPÈëSDQH
OLQGH$OEDUDND)LQDQVDO
.XUXPODU0¾G¾U¾0XVWDID
‰HWLQGHNRQXĕPDFÈRODUDN
\HUDOGÈ
$/%$5$.$è'$1+$%(5/(5
$OEDUDND˹GDQ
+DEHUOHU
$OEDUDND˹\D
7¾NHWLFL+XNXNX˜G¾O¾
+
XNXNDYHKXNXNXQ
¾VW¾QO¾Ĕ¾QHYHU
GLĔL¸QHPOHELOLQHQ
$OEDUDNDW¾NHWLFLOHULQKDNODUÈ
NRQXVXQGDGD©RNWLWL]ELU
EDQNDRODUDNIDDOL\HWJ¸VWHUL
\RU%XWLWL]OLNEDQND\DGDKD
¸QFHP¾ĕWHULĕLN¤\HWOHULQL
HQL\L\¸QHWHQEDQND¸G¾
O¾Q¾ND]DQGÈUÈUNHQEXGHID
W¾NHWLFLOHULQKXNXNXQDVD\JÈ
¸G¾O¾Q¾JHWLUGL
7¾UNL\HèQLQ¸QHPOLKXNXN
SODWIRUPODUÈQGDQ7¾NHWLFL+X
NXNX(QVWLW¾V¾$OEDUDNDè\È
ê7¾NHWLFL+XNXNXQD6D\JÈ
˜G¾O¾ëQHOD\ÈNJ¸UG¾
˜G¾O¾$OEDUDND*HQHO0¾G¾U
<DUGÈPFÈVÈ1LKDW%R]DOGÈ
$OHPOHUH5DKPHW
.óVD)LOP<DUóġPDVó
6
L\HU9DNIÈWDUDIÈQGDQ
ê6Ę<(5<,/,ëHWNLQ
OLNOHULNDSVDPÈQGD
ê6HQL$QODPD\DQ<¾UHN
.DOPDVÈQëVHUOHYKDVÈDOWÈQ
GDG¾]HQOHQHQê„OHPOHUH
5DKPHWëNÈVDILOP\DUÈĕPD
VȸG¾OW¸UHQLYHJDODJHFHVL
$OEDUDNDDQDVSRQVRUOX
ĔXQGDJHU©HNOHĕWL
HVHUVDKLELQLQNDWÈOGÈĔÈ
\DUÈĕPDQÈQJDODJHFHVL)D
WLK$OL(PLUL(IHQGL.¾OW¾U
0HUNH]LèQGHJHU©HNOHĕWL
7¸UHQVRQXQGDW¾PILQD
OLVWOHUM¾ULKH\HWLYHGLĔHU
NDWÈOÈPFÈODULOHKDWÈUDIRWRĔ
UDIÈ©HNWLUGLOHU
$/%$5$.$è'$1+$%(5/(5
˸$ġNó1HE°˹6HUJLVL
:DVKLQJWRQ˹GD
Ę
ONGHID$\DVRI\DèGDD©ÈODQYH
ĘVWDQEXOèGDQVRQUD1HZ\RUNèD
WDĕÈQDQ$ĕNÈ1HE°6HUJLVL
:DVKLQJWRQèGDVDQDWVHYHUOHUOH
EXOXĕWX
:DVKLQJWRQE¾\¾NHO©LOLĔLPL]GH
(NLPèGHD©ÈODQVHUJLGH$OEDUDND
7¾UN¸]HONROHNVL\RQXQGD\HUDODQ
¸QHPOLHVHUOHUOHELUOLNWHJ¾Q¾P¾]
KDWYHWH]KLSVDQDW©ÈODUÈQÈQVRQ
©DOÈĕPDODUÈQGDQELUDUD\DJHWLULOHQ
HVHUVHUJLOHQGL
+DWVDQDWÈQÈQN½ILPXKDNNDN
UH\K¤Q°V¾O¾VFHO°V¾O¾VYHQHVLK
JLELIDUNOÈ\D]ÈWDU]ODUÈQGD\D]ÈO
PÈĕD\HWOHUKDGLVLĕHULĆHUKLO\HL
ĕHULĆHUYHJ¾]HOV¸]OHULPXKWHYL
HVHUOHULQELUDUD\DJHOGLĔL$ĕNÈ
1HE°6HUJLVLG¾Q\DQÈQSHN©RN¾O
NHVLQGHVDQDWVHYHUOHUOHEXOXĕPD\D
GHYDPHGHFHN
$
OEDUDNDèQÈQN¾OW¾UVD
QDWDYHUGLĔLGHVWHĔH
ELU\HQLVLGDKDHNOHQ
GL%XNDSVDPGD¾QO¾VDQDW©È
+DVDQ$\FÈQèÈQHVHUOHUL
(NLPèGH*HQHO0¾G¾UO¾N
ELQDVÈQGDVHUJLOHQGL
+DVDQ$\FóQ˹óQ(VHUOHUL
6HUJLOHQGL
$\FÈQWHEHVV¾PGHQ]L\DGH
G¾ĕ¾QG¾UHQ©L]JLOHUL\OH
NDUĕÈPÈ]D©ÈNÈ\RU˜]HQOL
©L]JLVLKD\DWÈQÈQKHUDODQÈ
QD\DQVÈ\DQ¾VWDG$\FÈQèÈQ
PL]DKÈPL]DKÈQVÈQÈUODUÈQÈ
%DWÈèQÈQYH'RĔXèQXQPL]DK
DQOD\ÈĕODUÈDUDVÈQGDNLIDUNOD
UÈYHĘVODPèÈQNRQX\DLOLĕNLQ
\DNODĕÈPÈQÈ\DQVÈWDQHVHU
OHUL$OEDUDND©DOÈĕDQODUÈQÈQ
EHĔHQLVLQHVXQXOGX
$/%$5$.$è'$1+$%(5/(5
ì
ìXEH$GÜ
7HOHIRQ
*HQHO0ÖGÖUOÖN
7HO)DNV
(UELOìXEHVL
7HO0RELOH
8
%
(
/
ñO
ìXEH$GÜ
7HOHIRQ
ñVWDQEXO
%ÖVDQìXEHVL
7HO)DNV
.RQ\D
%Ö\ÖNÁHNPHFHìXEHVL
7HO)DNV
ñVWDQEXO
&HEHFLìXEHVL
7HO)DNV
$QNDUD
(UELO
ñVWDQEXO$QDGROX
%ÐOJH0ÖGÖUOÖðÖ
7HO)DNV
ñVWDQEXO
ñVWDQEXO$YUXSD
%ÐOJH0ÖGÖUOÖðÖ
7HO)DNV
ñVWDQEXO
ñVWDQEXO$YUXSD
%ÐOJH0ÖGÖUOÖðÖ
7HO)DNV
ñVWDQEXO
ñO
&HQQHWìXEHVL
7HO)DNV
ñVWDQEXO
¡DðOD\DQìXEHVL
7HO)DNV
ñVWDQEXO
¡DNPDNìXEHVL
7HO)DNV
ñVWDQEXO
¡DOOÜìXEHVL
7HO)DNV
$QWDO\D
¡DQDNNDOHìXEHVL
7HO)DNV
¡DQDNNDOH
$QNDUD%ÐOJH
0ÖGÖUOÖðÖ
7HO)DNV
*ÖQH\$QDGROX%ÐOJH
0ÖGÖUOÖðÖ
7HO)DNV
*D]LDQWHS
¡DQNÜUÜìXEHVL
7HO)DNV
¡DQNÜUÜ
$GDQD%DUNDOìXEHVL
7HO)DNV
$GDQD
¡HNPHNÐ\ìXEHVL
7HO)DNV
ñVWDQEXO
$GDQD2UJDQL]H
6DQD\LìXEHVL
7HO)DNV
$GDQD
¡HUNH]NÐ\ìXEHVL
7HO)DNV
7HNLUGDð
¡LðOLìXEHVL
7HO)DNV
ñ]PLU
¡RUOXìXEHVL
7HO)DNV
7HNLUGDð
¡RUXPìXEHVL
7HO)DNV
¡RUXP
¡XNXURYDìXEHVL
7HO)DNV
$GDQD
'HQL]OLìXEHVL
7HO)DNV
'HQL]OL
$GDQDìXEHVL
7HO)DNV
$QNDUD
$GDQD
$GDSD]DUÜìXEHVL
7HO)DNV
6DNDU\D
$GÜ\DPDQìXEHVL
7HO)DNV
$GÜ\DPDQ
$I\RQìXEHVL
7HO)DNV
$I\RQNDUDKLVDU
$NVDUD\ìXEHVL
7HO)DNV
$NVDUD\
$NíHPVHWWLQìXEHVL
7HO)DNV
ñVWDQEXO
$OLEH\NÐ\ìXEHVL
7HO)DNV
ñVWDQEXO
$OWXQL]DGHìXEHVL
7HO)DNV
ñVWDQEXO
$QDGROX.XUXPVDO
ìXEHVL
7HO)DNV
ñVWDQEXO
$QNDUDìXEHVL
7HO)DNV
$QNDUD
$QWDN\DìXEHVL
7HO)DNV
+DWD\
$QWDO\DìXEHVL
7HO)DNV
$QWDO\D
$UQDYXWNÐ\ìXEHVL
7HO)DNV
ñVWDQEXO
$YFÜODUìXEHVL
7HO)DNV
ñVWDQEXO
$YUXSD.XUXPVDO
ìXEHVL
7HO)DNV
ñVWDQEXO
$\GÜQìXEHVL
7HO)DNV
$\GÜQ
%DðFÜODUìXEHVL
7HO)DNV
ñVWDQEXO
%DKÁHOLHYOHUìXEHVL
7HO)DNV
%DNDQOÜNODUìXEHVL
'HQL]OL6DQD\LìXEHVL
7HO)DNV
'HQL]OL
'L\DUEDNÜUìXEHVL
7HO)DNV
'L\DUEDNÜU
'Ö]FHìXEHVL
7HO)DNV
'Ö]FH
(OD]ÜðìXEHVL
7HO)DNV
(OD]Üð
(U]XUXPìXEHVL
7HO)DNV
(U]XUXP
(VHQOHUìXEHVL
7HO)DNV
ñVWDQEXO
(VHQ\XUWìXEHVL
7HO)DNV
ñVWDQEXO
(VNLíHKLUìXEHVL
7HO)DNV
(VNLíHKLU
(WLPHVJXWìXEHVL
7HO)DNV
$QNDUD
(WOLNìXEHVL
7HO)DNV
$QNDUD
)DWLKìXEHVL
7HO)DNV
ñVWDQEXO
)LUX]NÐ\ìXEHVL
7HO)DNV
ñVWDQEXO
)ORU\DìXEHVL
7HO)DNV
ñVWDQEXO
ñVWDQEXO
*DWHPìXEHVL
7HO)DNV
*D]LDQWHS
7HO)DNV
$QNDUD
*D]LDQWHSìXEHVL
7HO)DNV
*D]LDQWHS
%DNÜUNÐ\¡DUíÜìXEHVL
7HO)DNV
ñVWDQEXO
*D]LDQWHS26%
ìXEHVL
7HO)DNV
*D]LDQWHS
%DOJDWìXEHVL
7HO)DNV
$QNDUD
%DOÜNHVLUìXEHVL
7HO)DNV
%DOÜNHVLU
*D]LRVPDQSDíD
ìXEHVL
7HO)DNV
ñVWDQEXO
*HE]H26%ìXEHVL
7HO)DNV
.RFDHOL
*HE]HìXEHVL
7HO)DNV
.RFDHOL
*LUHVXQìXEHVL
7HO)DNV
*LUHVXQ
*ÖQHíOLìXEHVL
7HO)DNV
ñVWDQEXO
%DOPXPFXìXEHVL
7HO)DNV
ñVWDQEXO
%DQGÜUPDìXEHVL
7HO)DNV
%DOÜNHVLU
%DVÜQ(NVSUHV
ñVWDQEXOìXEHVL
7HO)DNV
ñVWDQEXO
%DíNHQW.XUXPVDO
ìXEHVL
7HO)DNV
$QNDUD
*ÖQJÐUHQìXEHVL
7HO)DNV
ñVWDQEXO
%DWPDQìXEHVL
7HO)DNV
%DWPDQ
+DGÜPNÐ\ìXEHVL
7HO)DNV
ñVWDQEXO
%D\UDPSDíDìXEHVL
7HO)DNV
ñVWDQEXO
+DVDQSDíDìXEHVL
7HO)DNV
ñVWDQEXO
%Hí\Ö]HYOHUìXEHVL
7HO)DNV
ñVWDQEXO
,KODPXUNX\XìXEHVL
7HO)DNV
ñVWDQEXO
%H\D]ÜWìXEHVL
7HO)DNV
ñVWDQEXO
,VSDUWDìXEHVL
7HO)DNV
,VSDUWD
%H\OLNGÖ]Ö26%
ìXEHVL
7HO)DNV
ñVWDQEXO
,íÜNNHQWìXEHVL
7HO)DNV
ñ]PLU
ñNLWHOOLìXEHVL
7HO)DNV
ñVWDQEXO
ñPHVìXEHVL
7HO)D[
ñVWDQEXO
ñQFLUOLìXEHVL
7HO)DNV
ñVWDQEXO
ñQHJÐOìXEHVL
7HO)DNV
%XUVD
ñVNHQGHUXQìXEHVL
7HO)DNV
+DWD\
ñVWRÁìXEHVL
7HO)DNV
ñVWDQEXO
ñYHGLNìXEHVL
7HO)DNV
$QNDUD
%H\OLNGÖ]ÖìXEHVL
7HO)DNV
ñVWDQEXO
%ROXìXEHVL
7HO)DNV
%ROX
%RUQRYDìXEHVL
7HO)DNV
ñ]PLU
%XFDNìXEHVL
7HO)DNV
%XUGXU
%XUVD'HPLUWDí
ìXEHVL
7HO)DNV
%XUVD
%XUVDìXEHVL
7HO)DNV
%XUVD
(
5
ìXEH$GÜ
ñ
7HOHIRQ
0
ñO
ñ]PLU*ÜGD¡DUíÜVÜ
ìXEHVL
7HO)DNV
ñ]PLUìXEHVL
7HO)DNV
ñ]PLU
ñ]PLW(ìXEHVL
7HO)DNV
.RFDHOL
ñ]PLU
ñ
ìXEH$GÜ
=
7HOHIRQ
ñO
1HYíHKLUìXEHVL
7HO)DNV
1HYíHKLU
1LOÖIHUìXEHVL
7HO)DNV
%XUVD
2UGXìXEHVL
7HO)DNV
2UGX
7HO)DNV
ñVWDQEXO
2VPDQL\H
ñ]PLWìXEHVL
7HO)DNV
.RFDHOL
2VPDQEH\ìXEHVL
.0DUDíìXEHVL
7HO)DNV
.0DUDí
2VPDQL\HìXEHVL
7HO)DNV
.DGÜNÐ\ìXEHVL
7HO)DNV
ñVWDQEXO
2VWLPìXEHVL
7HO)DNV
$QNDUD
.DUDEDðODUìXEHVL
7HO)DNV
ñ]PLU
3HQGLN(ìXEHVL
ñ67$1%8/7HO)DNV
ñVWDQEXO
.DUDEÖNìXEHVL
7HO)DNV
.DUDEÖN
3HQGLNìXEHVL
7HO)DNV
ñVWDQEXO
3XUVDNODUìXEHVL
7HO)DNV
$QNDUD
.DUDGHQL](UHðOL
ìXEHVL
7HO)DNV
=RQJXOGDN
.DUDNÐ\ìXEHVL
7HO)DNV
ñVWDQEXO
.DUDPDQìXEHVL
7HO)DNV
.DUDPDQ
.DUWDOìXEHVL
7HO)DNV
ñVWDQEXO
.DVWDPRQXìXEHVL
7HO)DNV
.DVWDPRQX
.DYDFÜNìXEHVL
7HO)DNV
ñVWDQEXO
.D\DSÜQDUìXEHVL
7HO)DNV
'L\DUEDNÜU
.D\QDUFDìXEHVL
7HO)DNV
ñVWDQEXO
.D\VHUL26%ìXEHVL
7HO)DNV
.D\VHUL
.D\VHUL6DQD\LìXEHVL
7HO)DNV
.D\VHUL
.D\VHULìXEHVL
7HO)DNV
.D\VHUL
.HÁLÐUHQìXEHVL
7HO)DNV
$QNDUD
.HPDOSDíDìXEHVL
7HO)DNV
ñ]PLU
%XUVD
5L]HìXEHVL
7HO)DNV
5L]H
6DKUD\ÜFHGLWìXEHVL
7HO)DNV
ñVWDQEXO
6DPVXQ6DQD\LìXEHVL
7HO)DNV
6DPVXQ
6DPVXQìXEHVL
7HO)DNV
6DPVXQ
6DQFDNWHSHìXEHVL
7HO)DNV
ñVWDQEXO
6HIDNÐ\ìXEHVL
7HO)DNV
ñVWDQEXO
6LLUWìXEHVL
7HO)DNV
6LLUW
6LOLYULìXEHVL
7HO)DNV
ñVWDQEXO
6LQFDQìXEHVL
7HO)DNV
$QNDUD
6LWHOHUìXEHVL
7HO)DNV
$QNDUD
6LYDVìXEHVL
7HO)DNV
6LYDV
6LYDV&DGGHVLìXEHVL
7HO)DNV
.D\VHUL
6XOWDQEH\OLìXEHVL
7HO)DNV
ñVWDQEXO
6XOWDQÁLIWOLðLìXEHVL
7HO)DNV
ñVWDQEXO
6XOWDQKDPDPìXEHVL
7HO)DNV
ñVWDQEXO
ìDQOÜXUIDìXEHVL
7HO)DNV
ìDQOÜXUID
ìDíPD]ìXEHVL
7HO)DNV
$QNDUD
ìHKLWNDPLOìXEHVL
7HO)DNV
*D]LDQWHS
ìHKUHPLQLìXEHVL
7HO)DNV
ñVWDQEXO
ìLULQHYOHUìXEHVL
7HO)DNV
ñVWDQEXO
7DWYDQìXEHVL
7HO)DNV
%LWOLV
7DYíDQOÜìXEHVL
7HO)DNV
.ÖWDK\D
7HNLUGDð
.HVWHOìXEHVL
7HO)DNV
.RFDPXVWDIDSDíD
ìXEHVL
7HO)DNV
ñVWDQEXO
.RQ\D26%ìXEHVL
7HO)DNV
.RQ\D
.RQ\D6DQD\LìXEHVL
7HO)DNV
.RQ\D
.RQ\DìXEHVL
7HO)DNV
.RQ\D
.RQ\DDOWÜìXEHVL
7HO)DNV
$QWDO\D
.R]\DWDðÜìXEHVL
7HO)DNV
ñVWDQEXO
.ÐUIH]ìXEHVL
7HO)DNV
.RFDHOL
.XUWNÐ\ìXEHVL
7HO)DNV
ñVWDQEXO
.ÖÁÖNEDNNDONÐ\
ìXEHVL
7HO)DNV
ñVWDQEXO
7HNLUGDðìXEHVL
7HO)DNV
.ÖÁÖNNÐ\ìXEHVL
7HO)DNV
ñVWDQEXO
7RNDWìXEHVL
7HO)DNV
7RNDW
.ÖÁÖNVDDWìXEHVL
7HO)DNV
$GDQD
7RSÁXODUìXEHVL
7HO)DNV
ñVWDQEXO
.ÖWDK\DìXEHVL
7HO)DNV
.ÖWDK\D
7RSNDSÜìXEHVL
7HO)DNV
ñVWDQEXO
7UDE]RQ
'HðLUPHQGHUHìXEHVL
7HO)DNV
7UDE]RQ
/DOHOLìXEHVL
7HO)DNV
ñVWDQEXO
/HYHQW6DQD\LìXEHVL
7HO)DNV
ñVWDQEXO
7UDE]RQìXEHVL
7HO)DNV
7UDE]RQ
0DODW\DìXEHVL
7HO)DNV
0DODW\D
7UDN\D.XUXPVDOìXEHVL
7HO)DNV
ñVWDQEXO
0DOWHSHìXEHVL
7HO)DNV
ñVWDQEXO
7XUDQ*ÖQHíìXEHVL
7HO)DNV
$QNDUD
0DQDYJDWìXEHVL
7HO)DNV
$QWDO\D
7XUJXWOXìXEHVL
7HO)DNV
0DQLVD
0DQLVDìXEHVL
7HO)DNV
0DQLVD
7X]OD6DQD\LìXEHVL
7HO)DNV
ñVWDQEXO
0DUGLQìXEHVL
7HO)DNV
0DUGLQ
8OXGDðìXEHVL
7HO)DNV
%XUVD
0DVNRìXEHVL
7HO)DNV
ñVWDQEXO
8OXVìXEHVL
7HO)DNV
$QNDUD
¶PLWNÐ\ìXEHVL
7HO)DNV
$QNDUD
7HO)DNV
ñVWDQEXO
ñVWDQEXO
0DVODNìXEHVL
7HO)DNV
ñVWDQEXO
0HFLGL\HNÐ\ìXEHVL
7HO)DNV
ñVWDQEXO
0HJD&HQWHUìXEHVL
7HO)DNV
ñVWDQEXO
¶PUDQL\HìXEHVL
0HUNH]ìXEH
7HO)DNV
ñVWDQEXO
¶VNÖGDUìXEHVL
7HO)DNV
0HUVLQìXEHVL
7HO)DNV
ñÁHO
9DQìXEHVL
7HO)DNV
9DQ
0HUWHUìXEHVL
7HO)DNV
ñVWDQEXO
<DORYDìXEHVL
7HO)DNV
<DORYD
0HYODQDìXEHVL
7HO)DNV
.RQ\D
<HQL7RSWDQFÜODUìXEHVL
7HO)DNV
.RQ\D
0XíìXEHVL
7HO)DNV
=H\WLQEXUQXìXEHVL
7HO)DNV
ñVWDQEXO
0Xí
%8/0$&$
7LFDUHW
)LOPoHNLP
FLKD]×
,V×QPDNLoLQ
\DN×ODQPDGGH
%LUNDW×O×P
EDQNDV×
.LP\DGD
EURP
$UMDQWLQLQ
VHPERO
+D]ÖUOD\DQ
+VH\LQ7UNR÷OX
%LUWUVX
NDE×
']HQOL
LüOH\HQDN
VDPD\DQ
'RODüPD
)DL]VL]
VLJRUWDF×
O×NWDNL\HQL
GHYSURMH
%LUWU
PEDGHOH
DUDF×
'LQJLO
%H\D]
<HUVL]ERü
<DEDQF×
SDUDODU×Q
GHùHUL
7LFDUHW
PDO×
1HKLU
0HVOHN
oDO×üPD
/DEDGDGD
GHQLOHQELU
ELWNL
ϭϯ
(SLOHSVL
ϰ
+DILI
'HQL]
JHQHUDOL
%LUWUüLP
üLUWDNR]
7DN×P
úQFH\DS×O×
(YHY
KDON×
.LP\DGD
VHOHQ\XP
%RUo
(üOLNHWPH
Ϯ
3H\JDP
EHULPL]LQ
DQQHVLQLQ
LVPL
ϴ
6L\DVL
SROLWLN
%LUQRWD
<HULQH
NXOODQPD
<NJHPLVL
1DNLWSDUD
ϭϭ
%LUVRUX
HNL
7DüWDQ
R\PD
PH]DU
7UNL\HQLQ
VHPERO
%LOLP
ϯ
*HOHQHN
gQGHU
OLGHU
.LP\DGD
RNVLMHQ
8OXVDO
PDGHQ
DUDPD
NXUXPX
.|WIHQD
8GoDODQ
NLPVH
&|PHUWOLN
=DWHQ
|]HOOLNOH
'HYüLUPHN
´.RWDµQ×Q
QV]OHUL
.XüDWPD
<D]×P
úYHùHQ
7|UHELOLPL
ϱ
8WDQPD
GX\JXVX
%LUVD\×
0LOLOLWUH
%LUE|O
JH\HKDV
ELWNL
2VPDQO×
GDDVNHU
PDDü×
%LULOLPL]
3DUDVDO
ϲ
<DVVD
%DV×N
%LUKD\YDQ
%LUWUNDO×Q
NXPDü
0XùODQ×Q
ELULOoHVL
%LVLNOHWL
oHYLUPH
DSDUDW×
ϭϮ
6HVVHGD
<XPXüDN
KRü
úODYH
7DUDPDN
LüL
$GDOHWOL
RODQ
úOJL
(UPHLüL
'X\XUX
1LQH
gGHQWL
.DU×ü×N
UHQNOL
&H\ODQ
6×FDNVXGD
KDüODPD
%LUWU
EDüO×N
%LUFDKLOL\H
SXWX
´<HQLµQLQ
QV]OHUL
ϭ
.LP\DGD
OLW\XP
0HYOLGL
üHULI
EHOJHVHOL
6XQPD
VXQX
ϳ
$UDED
ODPEDV×
úVPLQKDO
OHULQGHQ
ELULVL
&DQODQ
G×UPD
JHOLüWLUPH
1HRQXQ
VHPERO
ϵ
'üQFH
.LP\DGD
oLQNR
ϭϬ
úVSDQ\DQ×Q
VHPERO
$1$+7$5.(/ú0(
ϭ
Ϯ
ϯ
ϰ
ϱ
ϲ
ϳ
ϴ
ϵ
ϭϬ
ϭϭ
ϭϮ
ϭϯ
dHQJHO%XOPDFDQ×]×GRùUXRODUDNo|]SDQDKWDUNHOLPH\LNXUXPVDOLOHWLVLP#DOEDUDNDWXUNFRPWUHSRVWDDGUHVLQH
J|QGHUHQLONNLüL\H(QGOVNLWDE×Q×KHGL\HHGL\RUX]ú\LHùOHQFHOHU