You are on page 1of 106

<,/',= 7(.1.

h19(567(6 )(1 %/0/(5 (1677h6h

6$175)h- 3203$/$5,1,1 *(1(/ 7$6$5,0/$5,1,1 1&(/(10(6

0DNLQH 0K 2QXU 0$57

)%( .RQVWUNVL\RQ $QDELOLP 'DOQGD 0DNLQH 7HRULVL 9H .RQWURO 3URJUDPQGD +D]UODQDQ

<h.6(. /6$16 7(=

7H] 'DQPDQ

 < 'Ro 'U 0XKDUUHP ( %22d/8

67$1%8/ 

d1'(./(5

6D\ID 60*( /67(6Y .,6$/70$ /67(6 YLL (./ /67(6 YLLL d=(/*( /67(6 L[ g16g= [ g=(7 [L $%675$&7 [LL   *5  6$175)h- 3203$/$5,1 7$1,0, 9( 6,1,)/$1',5,/0$6,

                              

6DQWULIM 3RPSDODUQ 7DQP 6DQWULIM 3RPSDODUQ 6QIODQGUOPDV  .DGHPHOL 3RPSDODU <DWD\ 0LOOL 3RPSDODU 'H\ 0LOOL .DGHPHOL 3RPSDODU  dLIW (PLOL 3RPSDODU 'DOJo 3RPSDODU 7HN .DGHPHOL 1RUP 6DQWULIM 3RPSDODU  <DQJQ 3RPSDODU  )UHNDQV .RQYHUW|UO 6DQWULIM 3RPSDODU  6$175)h- 3203$ (/(0$1/$5, 7HPHO 6DQWULIM 3RPSD (OHPDQODU 6DQWULIM 3RPSD $QD (OHPDQODU  6DO\DQJR]  dDUN 0LO 3RPSDODUGD 6]GUPD]ON (OHPDQODU  <XPXDN 6DOPDVWUDODU  0HNDQLN 6DOPDVWUDODU  <DWDNODU 5XOPDQODUQ 6QIODQGUOPDV 5XOPDQO <DWDNODUGD <DWDN %ROXX YH *HoPHOHU  <DWDNODUQ 0RQWDM  .DSOLQ YH 0LOOHULQ (NVHQHO $\DU  .DSOLQOHULQ 0LOH 7DNOS 6|NOPHVL  .DSOLQ o dDS OH 0LO $UDVQGD %ROXN 6NON 'XUXPX  (NVHQHO $\DU 0HWRGODU  6DQWULIM 3RPSDODUQ .DLGHVL  6DQWULIM 3RPSD $QD (OHPDQODUQQ 'HHUOHQGLULOPHVL  6$175)h- 3203$1,1 7(0(/ %h<h./h./(511 +(6$%,  LL 3RPSD 7LSLQLQ 6DSWDQPDV 

                                

3RPSD 0LO *FQQ +HVDE  3RPSD dDUN *LUL %R\XWODU  dDUNQ dN .RXOODU YH %R\XWODUQQ +HVDSODQPDV 0LQLPXP .DQDW <]H\LQLQ 6DSWDQPDV =/ .RQWURO 'LI]|UQ *HUHNOL 2OXS 2OPDGQQ .RQWURO  6DO\DQJR] +HVDE dDUN .DU *|UQ YH .DQDW dL]LPL  7HN 'DLUH 0HWRGX LOH .DQDW dL]LPL dLIW 'DLUH 0HWRGXQD *|UH .DQDW dL]LPL 1RNWD 1RNWD .DQDW dL]LPL
PLQ

3203$ 25*$1/$5,1,1 +(6$%,

6$175)h- 3203$ /(70( .$5$.7(567./(5

(PPH 'HULQOLL YH .DYLWDV\RQ (PPHGHNL 1HW 3R]LWLI <N 'HHUL (13<  7RSODP .D\SODU YH *HRPHWULN <NVHNOLN .ULWLN +] +HVDE  67(1/(1 g=(//./(5'( 3203$ 0$/ d1 +(6$3/$0$/$5  3RPSD 7LSLQLQ 6DSWDQPDV  3RPSD 0LO *F +HVDE  3RPSD 2UJDQODUQQ +HVDE  3RPSD dDUN *LUL %R\XWODU dDUNQ dN .RXOODU YH %R\XWODUQQ +HVDSODQPDV 0LQLPXP .DQDW <]H\LQLQ =/ PLQ .RQWURO  'LI]|UQ *HUHNOL 2OXS 2OPDGQQ .RQWURO  6DO\DQJR] +HVDE 3RPSD OHWPH .DUDNWHULVWLNOHUL  (PPHGHNL 1HW 3R]LWLI <N 'HHUL (13<  7RSODP .D\SODU YH *HRPHWULN <NVHNOLN .ULWLN +] +HVDE  (NVHQHO WPH .XYYHWLQLQ +HVDSODQPDV  5XOPDQ +HVDE +HVDSODQDQ 'HHUOHULQ 8\JXODQDELOLUOLL  6218d/$5 

.$<1$./$5  (./(5

(N  3RPSD JHQHO YHULPLQLQ |]JO K] YH GHEL\H J|UH GHLLP HULOHUL  (N  (PPH ERUXVXQGDNL K]ODUQ GHEL YH GHYLU VD\V LOH GHLLPL (N  %DVQo NDWVD\VQQ YH ' ' RUDQQQ Q |]JO K]D J|UH GHLLPL (N  g]JO K] YH N YH N JUDILL  (N  +DUHNHWOL GDLUHVHO NDVNDW LoLQ :HLQLJ 'L\DJUDP (N  6DQWULIXM SRPSDODUGD NULWLN NDYLWDV\RQ IDNW|UQQ |]JO K] LOH GHLLPL  (N  (13< GHHUOHULQLQ GHEL YH GHYLU VD\VQD J|UH GHLLPL (N  %RUX EDODQW HOHPDQODU YH ND\S NDWVD\ODU 
  V FP FP

LLL

(N  0LOLQ \DWDNODQPD NRQXPODUQD J|UH VHKLP GHHUOHUL (N  dDUN ER\XWODUQD DLW GHHUOHU  (N  $$ .HVLWL VDO\DQJR] ER\XWODUQD DLW GHHUOHU  (N  7HN GDLUH PHWRGX LOH NDQDW oL]LPL  (N  dLIW GDLUH PHWRGX LOH NDQDW oL]LPL  (N  .DQDW DoODUQQ GHLLPLQLQ VDSWDQPDV (N   1RUP WLS SRPSD WHVW UDSRUX  (N   1RUP WLS SRPSD NDUDNWHULVWLN HULOHUL  (N   1RUP WLS SRPSD oDUN LPDODW UHVPL (N   1RUP WLS SRPSD J|YGHVL LPDODW UHVPL  g=*(d0 

LY

60*( /67(6 E *HQLOLN

&

&X H

0XWODN K] dDS

'G ( J K

0XWODN K]Q oHYUHVHO K] ]HULQGHNL ELOHHQL .DQDW NDOQO 6HKLP

I \R

(ODVWLVLWH PRGO <HU oHNLPL LYPHVL %DVQo \NVHOWLVL $WPRVIHULN EDVQo \NVHOWLVL (PPH \NVHNOLL %DVPD \NVHNOLL

+D +Y +H

+J

+NH +P +V O L +NW

*HRPHWULN \NVHNOLN 7RSODP .D\SODU

(PPH ERUXVXQGDNL ND\SODU 0DQRPHWULN \NVHNOLN $WDOHW PRPHQWL .D\S NDWVD\V 0RPHQW

6WDWLN HPPH \NVHNOLL .DGHPH NDWVD\V

1H 1H Q QNU QV S 3 5

0LO JF (IHNWLI Jo 0RWRU JF '|QPH K] GHYLU VD\V .ULWLN G|QPH K] %DVQo g]JO K] 'HEL\H J|UH WDQPODQP .XYYHW DUON +DFLPVHO GHEL (ULOLN \DUoDS 7HHWVHO K]

4 T

8 9

.D\PD JHULOPHVL 2UWDODPD K]

: = =W

%DO K] L]DIL K] dDUN NDQDW VD\V $oVDO K] 'LI]|U NDQDW VD\V %LULP DUON EDQD ND\S HQHUML %DVQo NDWVD\V g]JO DUON <RXQOXN $oODU

   
J K N P

*HQHO YHULP

+LGUROLN YHULP .DoDN YHULP 0HNDQLN YHULP

7KRPD NDYLWDV\RQ IDNW|U 6FKXO] NDWVD\V 6LUNODV\RQ

YL

.,6$/70$ /67(6 (13< (PPHGHNL 1HW 3R]LWLI <N 'HHUL 0LQLPXP .DQDW <]H\L 3ROLWHWUD IOXRUHWLOHQ

=/ PLQ 37)(

YLL

(./ /67(6

HNLO  <DWD\ PLOOL oRN NDGHPHOL VDQWULIM SRPSDODU  HNLO  'H\ PLOOL oRN NDGHPHOL SRPSDODU  HNLO  'DOJo SRPSDODU  HNLO  dLIW HPLOL SRPSD  HNLO  'DOJo SRPSD IDQ WLSOHUL  HNLO  1RUP WLS VDQWULIM SRPSD  HNLO  (OHNWULN YH GL]HO WDKULNOL \DQJQ SRPSDODU\DQJQ VLVWHPL  HNLO  )UHNDQV NRQYHUW|UO VLVWHP HNLO  0RGHO LoLQ KD]UODQP PDoD HNLO  6DO\DQJR] WHNQLN UHVPL HNLO  7HN JLULOL YH DoN WLS VDQWULIM SRPSD oDUN HNVHQHO NXYYHW D\DU GHOLNOHUL HNLO  0LO oDUN J|YGH HNLO  <XPXDN VDOPDVWUD YH PHNDQLN VDOPDVWUD NHVLW UHVPL HNLO  <XPXDN VDOPDVWUD V]QW \ROODUO  HNLO  0HNDQLN VDOPDVWUD NHVLW UHVPL  HNLO  LP KHVDE HNLO  <DWD\ G]OHPGH DoVDO KDWD  HNLO  'H\ G]OHPGH SDUDOHO ND\PD KDWDV HNLO  .DYLWDV\RQD XUDP SRPSD IDQODU  HNLO  1RUP WLS VDQWULIM SRPSD NHVLWL

HNLO  6DOPDVWUD NHVLP WLSOHUL  HNLO  7HN VUD VDELW ELO\DO UXOPDQQ 

YLLL

d=(/*( /67(6 dL]HOJH  6DQWULIM SRPSD DQD HOHPDQODU  dL]HOJH  <XPXDN VDOPDVWUDODUQ PDO]HPH YH oDOPD DUWODU  dL]HOJH  0HNDQLN VDOPDVWUD |Oo GHHUOHUL YH PRQWDM ER\ WROHUDQVODU  dL]HOJH  3RPSD DQD HOHPDQODUQQ PDO]HPH YH NXOODQP DODQODU  dL]HOJH  3RPSD WLSL dL]HOJH  6FDNONEDVQo dL]HOJH  <NVHNOLNEDVQo  dL]HOJH  <DWDNODPD X]DNONODU

L[

g16g= %X WH]GH WHVLVOHULQ YH NRQXWODUQ VX LKWL\DFQQ NDUODQPDVQGDQ NLP\D VDQD\LVLQH NDGDU ROGXNoD JHQL ELU NXOODQP DODQ EXODQ VDQWULIM SRPSDODU LQFHOHQPLWLU %X oDOPDQQ JLUL E|OPQGH WH]OH LOJLOL JHQHO ELOJLOHU YHULOPLWLU %X oDOPDQQ LNLQFL E|OPQGH JQP]GH HQ oRN NXOODQODQ VDQWULIM SRPSD WLSOHUL KDNNQGD JHQHO ELOJLOHU YHULOPL YH VDQWULIM SRPSDODUQ VQIODQGUPDV \DSOPWU hoQF E|OPGH QRUP WLS VDQWULIM SRPSD HOH DOQDUDN DQD HOHPDQODU WDQWOP HOHPDQODUQ WLSOHUL PDO]HPH \DSV NRQVWUNVL\RQ YH JHQHO WDVDUP LQFHOHQPLWLU

'|UGQF E|OPGH VDQWULIM SRPSDQQ WHPHO E\NONOHULQLQ NODVLN KHVDSODPD \|QWHPL\OH KHVDE \DSOPWU

%HLQFL E|OPGH SRPSD RUJDQODUQQ KHVDSODPD \|QWHPOHUL YH L]OHQHFHN \RO DQODWOPWU +HVDSODPDGDQ VRQUD \DSODFDN oL]LP \|QWHPOHUL oL]LOHUHN DQODWOPWU $OWQF E|OPGH oDOPD NRXOODUQQ WDVDUODQDQ SRPSDQQ NDUDNWHULVWLN E\NONOHUL ]HULQGH ROXWXUDFD HWNLOHU LQFHOHQPLWLU

<HGLQFL YH VRQ E|OPGH SRPSD LPDOL LoLQ JHUHNOL SURMH KHVDSODUQQ WDPDP  GG G|Q K]QD VDKLS  PVV PDQRPHWULN EDVPD \NVHNOLL YH  OWVQ GHEL VDOD\DQ ELU SRPSDQQ oDUN YH VDO\DQJR]XQD DLW |Oo GHHUOHUL KHVDSODQDUDN EX LNL SRPSD RUJDQQD DLW oL]LPOHUGH J|VWHULOPLWLU 6RQXoODU NVPQGD \DSODQ oDOPD\OD LOJLOL GHHUOHQGLUPH \DSOPWU %X WH] oDOPDVQGD WH]LQ EDODQJFQGDQ WDPDPODQPDVQD NDGDU GHHUOL J|UOHULQL ]DPDQQ YH \DUGPODUQ HVLUJHPH\HQ GDQPDQP < 'Ro 'U 0XKDUUHP ( %RRoOX\D WHHNNU HGHULP 7H] oDOPDPGD \DUGPF RODQ YH GHVWHNOHULQL HVLUJHPH\HQ 6'(05 $ GH J|UHY \DSDQ DPLUOHULPH YH oDOPDODUP VUDVQGD NDSODUQ EDQD DoDUDN \DUGPODUQ HVLUJHPH\HQ 0DV 3RPSD 7XUERVDQ YH 6WDQGDUW 3RPSD IDEULNDV \|QHWLFLOHULQH WHHNNU HGHULP

dDOPDODUP VUDVQGD EDQD GHVWHNWH EXOXQDQ DLOHPH YH \DUGPODUQGDQ GROD\ <N 0DN 0K 6HYJLKDQ <OG]D D\UFD WHHNNU HGHULP

g=(7 %X oDOPDGD VX LKWL\DFQQ NDUODQPDVQGD NXOODQODQ VDQWULIM SRPSDODU KDNNQGD JHQHO NDYUDPODU YHULOPL ROXS VDQWULIM SRPSDODUQ WDQP YH VQIODQGUPDV \DSOPWU

dDOPDQQ LoHULVLQGH VDQWULIM SRPSDQQ DQD HOHPDQODU WDQWODUDN HOHPDQODUQ WLSOHUL PDO]HPH \DSV NRQVWUNVL\RQ YH JHQHO WDVDUPODU LQFHOHQLS WHPHO E\NONOHULQLQ NODVLN KHVDSODPD \|QWHPLQGHNL EDQWODU YH SRPSD RUJDQODUQQ KHVDS YH oL]LP \|QWHPOHUL YHULOPLWLU 1RUP WLS VDQWULIM SRPSD HOH DOQDUDN JHUHNOL SURMH KHVDSODUQQ WDPDP  GG G|Q K]QD VDKLS  PVV PDQRPHWULN EDVPD \NVHNOLL YH  OWVQ GHEL VDOD\DQ ELU SRPSDQQ oDUN YH VDO\DQJR]XQD DLW |Oo GHHUOHUL KHVDSODQDUDN EX LNL SRPSD RUJDQQD DLW oL]LPOHUGH J|VWHULOPLWLU 6DQWULIM SRPSDODU KDNNQGD EL]]DW UHWLPL \DSODQ SRPSD IDEULNDODUQGDQ KHUKDQJL ELU ND\QDNWDQ NROD\ONOD HOGH HGLOHPH\HFHN ELOJLOHU EX oDOPD LoHUVLQGH WRSDUODQPWU %X oDOPDGD \DSOP RODQ WHRULN KHVDSODUQ VRQXoODU UHWLPL \DSODQ SRPSD IDEULNDODUQGDQ ELULQGH LQFHOHQHUHN EX WLS SRPSDODUD DLW GHHUOHQGLUPH VRQXoODU NVPQGD \DSOPWU $QDKWDU NHOLPHOHU VDQWULIM SRPSD SRPSD oDUN YH VDO\DQJR]

[L

$%675$&7 7KLV VWXG\ LQFOXGHV PDLQ GHVFULSWLRQ SURSHUWLHV DQG FODVVLILFDWLRQ RI FHQWULIXJDO SXPSV WKDW XVH WR SURYLGH IRU JHQHUDO XVDJH RI ZDWHU

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

3XPS LQIRUPDWLRQ WKDW QRW HDVLO\ JHW IURP D SULQWHG VRXUFH DUH FROOHFWHG IURP SXPS PDQXIDFWXUHUV E\ YLVLWLQJ WKH ZRUN VKRSV DQG GLH KRXVHV

5HVXOWV RI WKHRUHWLFDO FDOFXODWLRQV DQG DVVXPSWLRQV KDG EHHQ FRQFOXGHG DW WKH RQH RI WKH PDQXIDFWXUHUV ZRUN VKRS DQG HYDOXDWHG DW WKH &RQFOXVLRQ SDUW RI WKH SURMHFW .H\ ZRUGV FHQWULIXJDO SRPS SURSHOOHU KRXVLQJ RI WKH SRPS

[LL

  *5

*QP]GH SRPSDODU NHQGLOHULQH ROGXNoD JHQL ELU NXOODQP DODQ EXOPXODUGU 6X WHPLQLQGH WDUPVDO VXODPDGD \DPXUODPDGD NOLPD WHVLVOHULQGH VRXWPD YH VWPD WHVLVOHULQGH HQGVWULGH |]HOOLNOH NLP\D VDQD\LGH JGD YH LoHFHN VDQD\LVLQGH KDP PDGGHQLQ LOHWLOPHVLQGH WHVLVOHULQ YH NRQXWODUQ VX LKWL\DFQQ NDUODQPDVQGD YH ELU oRN DODQODUGD SRPSDODUGDQ \DUDUODQOPDNWDGU (QGVWULGH SRPSD LNL DPDo LoLQ NXOODQOU %XQODU GHYLU GDLP HWWLUPHN YH QDNLO HWPHNWLU

*QP] WHNQRORMLVLQGH HQ oRN NXOODQODQ VDQWULIM SRPSD WLSOHUL JHQHO ELOJLOHUL VDQWULIM SRPSDODUQ VQIODQGUPDV DNNDQ FLQVL LOHWPH NDUDNWHULVWLN GHHUOHUL HOH DOQDUDN GHHUOHQGLULOPHNWHGLU %X GHHUOHU SRPSD IDEULNDODUQGD YH LOHWPHOHUGH \DSODQ J|]OHPOHU

YH DQDOL]OHU VRQXFXQGD \NVHN PKHQGLVOLN WHNQRORMLVL\OH KHU JHoHQ JQ GDKD L\L YHULP HOGH HGLOHFHN HNLOGH DUJH oDOPDODU\OD JHOLWLULOPHNWHGLU %X NDSVDPGD VDQWULIM SRPSDODUGD J|UHY \DSDQ DQD HOHPDQODUQ PDO]HPH \DSV NRQVWUNVL\RQ YH JHQHO WDVDUP LQFHOHQPHNWHGLU

6DQWULIM SRPSDQQ WHPHO E\NONOHUL NODVLN KHVDSODPD \|QWHPL\OH HOGH HGLOPHNWHGLU +HVDSODPDODUGDQ VRQUD \DSODFDN oL]LPOHU YH oDOPD NRXOODUQQ WDVDUODQDQ SRPSDQQ NDUDNWHULVWLN GHHUOHUL ]HULQGH ROXWXUDFD HWNLOHU LQFHOHQPHOLGLU %X oDOPDQQ LoHULVLQGH VDQWULIM SRPSDQQ DQD HOHPDQODU WDQWODUDN HOHPDQODUQ WLSOHUL KHVDSODPD \|QWHPLQGHNL EDQWODU YH

PDO]HPH \DSV NRQVWUNVL\RQ YH JHQHO WDVDUPODU LQFHOHQLS WHPHO E\NONOHULQLQ NODVLN YHULOPLWLU 1RUP WLS VDQWULIM SRPSD HOH DOQDUDN JHUHNOL SURMH KHVDSODUQQ WDPDP  GG G|Q K]QD VDKLS  PVV PDQRPHWULN EDVPD \NVHNOLL YH  OWVQ GHEL VDOD\DQ ELU SRPSDQQ oDUN YH VDO\DQJR]XQD DLW |Oo GHHUOHUL KHVDSODQDUDN EX LNL SRPSD RUJDQQD DLW oL]LPOHU GH J|VWHULOPLWLU %X oDOPDGD \DSOP RODQ WHRULN KHVDSODUQ VRQXoODU UHWLP \DSOPWU \DSODQ SRPSD IDEULNDODUQGDQ ELULQGH LQFHOHQHUHN VDQWULIM SRPSDODUD DLW ELU GHHUOHQGLUPH SRPSD RUJDQODUQQ KHVDS YH oL]LP \|QWHPOHUL

   6$175)h- 3203$/$5,1 7$1,0, 9( 6,1,)/$1',5,/0$6, 6DQWULIM 3RPSDODUQ 7DQP

%LU J|YGH LoLQGH \HU DODQ NDQDWO ELU SHUYDQHGH oDUN ROXDQ EX SRPSDODUGD VY ELU JLULWHQ oDUNQ RUWDVQD LOHWLOLU %DVQo VYQQ oDUNOD G|QGUOPHVL\OH HOGH HGLOLU %LU VDQWULIM SRPSDGD VYQQ L]OHGLL \RO X HNLOGHGLU dDUNQ HPL WDUDIQGD PH\GDQD JHOHQ YDNXP QHGHQL\OH VY oDUNQ NDQDWODU DUDVQD JLUHU dDUN NDQDWODU DUDVQGDQ JHoHQ VY oDUNQ G|Q KDUHNHWOHUL\OH E\N WHHWVHO ELU K] ND]DQU dDUN NDQDWODU LOH oDUNQ |Q YH DUND SURILOL WDUDIQGDQ VQUODQDQ NDQDOODU DUDVQGDNL VY oDUNQ oN WDUDIQD GRUX G|QPH KDUHNHWL HVQDVQGD PH\GDQD JHOHQ VDQWULIM NXYYHWOHU HWNLVL\OH LWLOLU %X HNLOGH ROXDQ KDUHNHW VYQQ GHYDPO DNQ YH SRPSDQQ HPPH WDUDIQGDNL HPLLQL VDODU dDUN NDQDWODUQ E\N ELU WHHWVHO K]OD WHUN HGHQ VYQQ LoHUGLL NLQHWLN HQHUML VDELW GLI]|U NDQDWODU DUDVQGD VDO\DQJR] EROXXQGD EDVQo HQHUMLVLQH oHYULOLU

$UW \HU GHLWLUPHOL SRPSDQQ WHUVLQH VDQWULIM SRPSDQQ EDVPD YDOIL \RNWXU %HOLUOL ELU ROGXX V|\OHQHELOLU %WQ VYODUGD NXOODQOPD\D HOYHULOLGLU 3ODVWLNWHQ EURQ]GDQ WLWDQ\XP YH WDQWDO JLEL PDGGHOHUH NDGDU KHU WUO PDGGHGHQ \DSODELOLU

G|QPH K]\OD HQ \NVHN EDVQo HOGH HGLOLU %X WU ELU SRPSDQQ ELU KLGURGLQDPLN SRPSD

6DQWULIM SRPSDODUQ oHLWOHUL YH IDUNO NRQXPODU YDUGU .DGHPHOL SRPSDODU \DWD\ PLOOL d73 WLS QRUP SRPSDODU YRUWHNV WLS WNDQPD\DQ SRPSDODU GDOJo WLS SRPSDODU GHULQ NX\X VDQWULIM SRPSD oHLWOHULGLU %X SRPSDODUGD NHQGL LoOHULQGH EDODQW

NDGHPHOL SRPSDODU YH GH\ PLOOL NDGHPHOL SRPSDODU ROPDN ]HUH  oHLWWLU dLIW HPLOL SRPSDODU NHQGLQGHQ HPLOL SRPSDODU VLUNODV\RQ SRPSDODU VDO\DQJR] WLS QRUP SRPSDODU NXOODQOGNODU oDUN WLSOHULQH NDGHPHOHULQH EDVWNODU VY oHLWOHULQH YH NRQXPODUQD J|UH DoNODQDFDNWU   HNLOOHULQH

IDUNO WLSOHUH D\UOUODU (Q oRN NXOODQODQ VDQWULIM SRPSD WLSOHUL EX WH] LoHULVLQGH

6DQWULIM 3RPSDODUQ 6QIODQGUOPDV .DGHPHOL 3RPSDODU

%X WLS SRPSDODU LoLQGH DQGUF NDW SDUoDFNODU YH HO\DI EXOXQPD\DQ WHPL] YH\D oRN D]

NLUOL GN YL]NR]LWHOL VYODU EDVPD\D X\JXQGXU 3RPSDODUQ KHU LNL XFXQGD GD DU KL]PHW WLSL ELO\DO YH\D PDVXUDO UXOPDQODU NXOODQOPDNWDGU 5XOPDQODU JUHV YH\D VY \D LOH \DODQPDOGU .DGHPHOL SRPSDODUGD NDW SDUoD ER\XWX YH \]GHVL \NVHN VYODUQ EDVOPDV

 KDOLQGH NXOODQP VUHOHUL NVDOPDNWDGU .DGHPHOL SRPSDODUGD J|YGH SLN G|NP LVH J|YGH EDVQoODU  EDUGU 'DKD ID]OD EDVQo LoLQ J|YGH oHOLN G|NP RODUDN VHoLOLU PDO HGLOHQ KHU X\JXODQPDNWDGU (PPH EDVPD YH NDGHPH J|YGHOHULQLQ V]GUPD]O HNVHQHO KDUHNHWH HQJHO ROPD\DQ R ULQJOHU LOH VDODQPDNWDGU .DGHPHOL SRPSDODU GWDQ X]XQ VDSODPDODUOD ELUELUOHULQH EDODQPDNWDGUODU .DGHPHOL \HQL SRPSD\D NDSDO YDQD EDVQFQQ  NDW VWDWLN EDVQo WHVWL YH SHUIRUPDQV WHVWL

SRPSDODU  GG YH\D  GG K] LOH PRWRUODUOD WDKULN HGLOPHNWHGLU  GG SRPSD KLoELU ]DPDQ  GG ELU PRWRU LOH oDOWUOPD] <LQH NDGHPHOL SRPSDODUGD  GG SRPSD  GG ELU PRWRU LOH oDOWUOPD] oQN SRPSD NDUDNWHULVWLN GHHUOHULQL YHUPH]'|Q \|Q JHQHOGH IDQODUQ HPL D]ODUQD J|UH GHLLU  <DWD\ 0LOOL 3RPSDODU

HNLO  <DWD\ PLOOL oRN NDGHPHOL VDQWULIM SRPSDODU *HQHO VX WHPLQLQGH WDUPVDO VXODPD \DPXUODPD EDVQoO VX WHPLQL KLGURIRU VLVWHPOHUL ND]DQ EHVOHPH YH NRQGHQV VWPD YH VRXWPD WHVLVOHUL VLUNODV\RQ VDQD\L Jo LVWDV\RQODU YH \DQJQ V|QGUPH VLVWHPOHUL NXOODQP \HUOHUL DUDVQGDGU oLQGH DQGUF YH\D NDW SDUoDFNODU YH HO\DI EXOXQPD\DQ WHPL] YH\D oRN D] NLUOL GN YL]NR]LWHOL VYODU EDVPD\D X\JXQGXUODU

<DWD\ PLOOL RUWD YH \NVHN EDVQoO NHQGLQGHQ HPLOL ROPD\DQ VDQWULIM SRPSDODUGU )DQODU

J|YGH LoHULVLQH DUW DUGD VUDODQPODUGU (PPH D] XoWD YH PHUNH]GH EDVPD D] VWWH RODUDN \NVHNOLL LOH GRUX RUDQWOGU )DQ YH NDGHPH VD\V DUWWNoD EDVQF YH EDVDFD \NVHNOLNWH DUWDU %DVQo DUWWNoD GHELVL GH R RUDQGD GHU .DGHPHOL SRPSDODUGD NDSOLQ HPPH D] WDUDIQGDGU g]HO KDOOHUGH HPL WHUV LVWLNDPHWWH RODELOLU %DVPD IODQ JHQHOGH '1  '1 PP DUDOQGDGU

HNVHQGHQ NDoN RODELOLU .DGHPHOL SRPSDODUQ NDGHPH VD\ODU EDVDFDNODU VYQQ PHWUH

 'HEL  P K H NDGDU oNDELOLU




%DVPD \NVHNOLL  P \H NDGDU oNDELOLU +]  GG \D NDGDU oNDELOLU dDOPD VFDNO  & GHQ  & \H NDGDU oNDELOLU
 

*|YGH EDVQF PDNVLPXP  EDUD NDGDU oNDELOLU 0DNVLPXP EDVQo HPPH EDVQF YH NDSDO YDQDGDNL EDVPD \NVHNOLLQLQ WRSODPGU  'H\ 0LOOL .DGHPHOL 3RPSDODU

HNLO  'H\ PLOOL oRN NDGHPHOL SRPSDODU 6X WHPLQLQGH LQDDWODUGD IDEULNDODUGD VHUDODUGD EHOHGL\HOHUGH \DPXUODPD VLVWHPOHULQGH KLGURIRU WHVLVOHULQGH PDGHQ RFDNODUQGD WDUPVDO VXODPDGD NXOODQOU oLQGH DQGUF YH\D NDW SDUoDFNODU YH HO\DI EXOXQPD\DQ WHPL] YH\D oRN D] NLUOL GN YL]NR]LWHOL VYODU EDVPD\D X\JXQGXU %X WLS SRPSDODU KRUL]RQWDO WLS NDGHPHOL SRPSDODUQ NXOODQOG KHU DODQGD L J|UU YH NXOODQOU 9HUWLNDO WLS NDGHPHOL SRPSDODUQ NXOODQOG KHU \HUGH KRUL]RQWDO WLS NXOODQPDN \HU YH G]OHP DoVQGDQ KHPHQ KHPHQ LPNDQV]GU oQN \DWD\ LJDO HGHUOHU PLOOL NDGHPHOL SRPSDODU PRQWH HGLOGLNOHUL \HUH DOWQD ELU DVH PRQWDM LOH EDODQS ID]OD \HU %X SRPSDODU GH\ PLOOL oRN NDGHPHOL NDSDO oDUNO GLI]|UO VDQWULIM SRPSDODUGU *HQHOGH HOHNWULN PRWRUXQD HODVWLN NDYUDPD LOH EDODQU 3RPSD\D JHOHQ HNVHQHO NXYYHW DUND DQPD KDONDVGHQJHOHPH GHOLNOHUL \|QWHPL LOH GHQJHOHQLU 0LO V]GUPD]O \XPXDN

 VDOPDVWUD YH\D PHNDQLN VDOPDVWUD LOH VDODQU 3RPSDODUGD NXOODQODQ PDO]HPHOHU SLN VIHUR SDVODQPD] oHOLN YH EURQ]GXU %DVODQ VYQQ FLQVLQH oDOPD VFDNOQD YH EDVQFQD EDO WHUVL \|QQGHGLU

RODUDN SRPSD PDO]HPHVL GHLLU '|QPH \|Q PRWRU WDUDIQGDQ EDNOGQGD VDDW LEUHVLQLQ %DVPD IODQODU '1 PP '1 PP DUDOQGDGU 'HEL  P K H NDGDU oNDELOLU


%DVPD \NVHNOLL  P \H NDGDU oNDELOLU +]  GG \D NDGDU oNDELOLU dDOPD VFDNO  & GHQ  & \H NDGDU oNDELOLU
 

*|YGH EDVQF PDNVLPXP  EDUD NDGDU oNDELOLU 0DNVLPXP EDVQo HPPH EDVQF YH NDSDO YDQDGDNL EDVPD \NVHNOLLQLQ WRSODPGU   dLIW (PLOL 3RPSDODU

HNLO  dLIW HPLOL SRPSD 6XODPD SRPSD LVWDV\RQODUQGD LoPH VX\X SRPSD WHVLVOHULQGH UDILQHULOHUGH SHWURO ERUX LOHWLP WHVLVOHULQGH VRXWPD VX\X VLUNODV\RQ GHYUHOHULQGH JHQHO LKWL\Do LoLQ oHLWOL SRPSD WHVLVOHULQGH NXOODQOU <DWD\ PLOOL WHN NDGHPHOL VDO\DQJR]OX J|YGHVL HNVHQHO D\UODELOLU oLIW EDVPD\D X\JXQGXU HPLOL NDSDO oDUNO VDQWULIM SRPSDODUGU 7HPL] YH\D oRN D] NLUOL GN YL]NR]LWHOL VYODU dLIW HPLOL SRPSDODU GHELVL ID]OD YH WHN NDGHPHOL SRPSDODUGU %X WLS SRPSDODUGD NXOODQODQ IDQODU |]HO RODUDN LWLQD LOH GL]D\Q HGLOPHNWHGLU *HQHOGH G|QN NDQDWO YH NDSDO WLSOHUGHQGLU

 %XQGDQ GROD\ EHQ]HUOHULQH RUDQOD GDKD \NVHN YHULP HOGH HGLOPHNWH YH GDKD E\N HPPH GHULQOLNOHULQGH NDYLWDV\RQVX] oDOPD LPNDQ VDODQPWU dLIW HPLOL SRPSDODUGD GHEL NDoDNODUQ D]DOWPDN YH X]XQ VUH oDOPD VRQXFXQGD DQDQ NVPODU XFX] YH NROD\FD RQDUDELOPHN LoLQ oDUNODUQ HPPH NVP J|YGH DQPD ELOH]LNOHUL ULQJ \SUDQPD KDONDODU LOH GRQDWOPDNWDGU 3RPSD VW NDSD D\UODELOLU ROGXX LoLQ SRPSD J|YGHVL YH HPPH EDVPD \DSODELOLU <DWDNODU oDOPD DUWODUQD J|UH JUHV YH\D VY \D LOH \DODQPDNWDGU dLIW HPLOL ERUXODU \HULQGHQ V|NOPHGHQ EWQ Lo SDUoDODU NROD\FD GHLWLULOHELOLU YH\D URWRU EDNP SRPSDODUGD QRUPDO RODUDN SDNHW VDOPDVWUD NXOODQOU SRPSDODUQ EDVWNODU VYQQ |]HOOLLQH J|UH VDOPDVWUD VHoLOLU dDUNQ oLIW \|QGHQ HPLOL ROPDV GROD\V LOH HNVHQHO LWPH NXYYHWL GHQJHOHQPLWLU 3RPSD G|Q \|Q QRUPDO RODUDN WDKULN WDUDIQGDQ EDNOGQGD VDDW LEUHVL \|QQGHGLU $QFDN |]HO GXUXPODUGD \HU YH NRQXP LWLEDUL LOH WHUVL GH RODELOLU 'HYLU \|QOHUL GHLWLL VUHFH HPPH YH EDVPD D]ODU GD NRQXPD J|UH VD YH\D VRO GL\H GHLLU 1RUPDO LPDODWWD oDUN YH \SUDQPD KDONDV ULQJOHU YH IHQHU KDONDV EURQ]GDQ LPDO HGLOPHNWHGLU 0LOOHU VW J|YGH VDOPDVWUD NXWXVX \DWDN J|YGHOHUL \DWDN NDSDNODU SLN G|NP PDO]HPHGHQ LPDO 'LHU PHWDO SDUoDODU oHOLN G|NP YH PLO SDVODQPD] oHOLNWHQ LPDO HGLOPHNWHGLU %DVPD IODQODU '1 PP  '1 PP DUDOQGDGU 'HEL  P K H NDGDU oNDELOLU


&  YH\D &  LPDODW oHOLLGLU 6DOPDVWUD EXUFX $,6, SDVODQPD]GDQ UHWLOLU $OW YH HGLOPHNWHGLU g]HO KDOOHUGH oDUN oHOLN G|NP YH\D SDVODQPD] oHOLNWHQ LPDO HGLOPHNWHGLU

%DVPD \NVHNOLL  P \H NDGDU oNDELOLU +]  GG \D NDGDU oNDELOLU dDOPD VFDNO  & GHQ  & \H NDGDU oNDELOLU
 

*|YGH EDVQF PDNVLPXP  EDUD NDGDU oNDELOLU 0DNVLPXP EDVQo HPPH EDVQF YH NDSDO YDQDGDNL EDVPD \NVHNOLLQLQ WRSODPGU

  'DOJo 3RPSDODU

HNLO  'DOJo SRPSDODU (YVHO YH HQGVWUL\HO KDP DWN VXODUQ EDVOPDVQGD DWN VX DUWPD WHVLVOHULQGH \DPXU VXODUQQ EDVOPDVQGD GUHQDM YH WDKOL\H LOHULQGH NXOODQOU 'DOJo SRPSDODUQ WDPDP ELUOLNWH WDPDPHQ VX\D J|PO HNLOGH oDOU *HQHOGH VX DOWQGD oDODFDN HNLOGH PRQWH JHQHOGH PRQREORN WLSL \DQL WHN NDGHPHOL GDOJo WLS SRPSDODUGU %X SRPSDODU PRWRU LOH HGLOLUOHU %X WLS SRPSDODUQ VX ]HULQGH  GDNLNDGDQ ID]OD oDOPDV VDNQFDOGU oQN J|YGH GL\H LNL\H D\UOUODU $ WLSL SRPSDODUQ VX J|YGH LoHULVLQGHQ JHoHU YH J|YGH\L KHU ]DPDQ

VRXWPDV VX DOWQGD ROGXX LoLQ GDUGD oRN ID]OD oDODPD]ODU 'DOJo SRPSDODU $ YH & WLSL VRXWXU %X SRPSDODU KHU ]DPDQ VX DOWQGD GXUPDV JHUHNPH] +HU DUWODUGD YH KHU WUO VX\X

EDVPDNWD NXOODQOUODU & WLSL GDOJo SRPSDV GDLPD VX\D J|PO YD]L\HWWH oDOU dQN SRPSDODU VX DOWQGD oDOPDN LoLQ GL]D\Q HGLOPLOHUGLU

EDVW VX SRPSDQQ J|YGHVLQL VRXWPD] VX\XQ oN KHPHQ VDO\DQJR] ]HULQGHGLU %X 3RPSD PRWRU PLOLQL LNL DGHW ELO\DO UXOPDQ PHUNH]OHU HNVHQHO NXYYHWOHU LNL DGHW HLN ELO\DO UXOPDQOD NDUODQU UXOPDQODU JUHVOH \DODQPWU \D EDQ\RVXQD VX NDoPDV KDOLQGH \D EDQ\RVX LoLQGHNL HOHNWURW VLVWHPL VLQ\DOOH PRWRUX GXUGXUXU E|\OHFH SRPSD PRWRUXQXQ ]DUDU HGLOHQ PRWRUODUQ WDPDP VODN VWDWRUOX RODUDN GL]D\Q HGLOPLWLU 6WDWRU VDUJODU |]HO WHOGHQ \DSOPDNWDGU

J|UPHVL |QOHQLU 5RWRU YH SRPSD IDQ WHN ELU PLO ]HULQGHGLU 'DOJo SRPSDODU LoLQ LPDO

 3RPSDQQ oDUNODUQQ \DSW LH J|UH oHLWOHUL YDUGU %XQODU  D\U JUXED D\UOU % WLSL IDQODU IDQ WLSLGLU7HN YH\D LNL NDQDWO NDSDO WLSLQ KHU LNL WDUDIQGD UDG\DO NDQDWoNODU YDUGU 'DKD E\N ER\XWOX NDW SDUoDODU WNDQPDGDQ EDVDELOHQ JHQL NDQDOO E\N GHELOL NoN EDVQoO oRN  GG LoLQ X\JXQGXU ' WLSL IDQ % WLSLQH EHQ]HU DQFDN  GG LoLQ \DSOPWU .DW SDUoD ER\XWX GDKD NoNWU E\N EDVQo NoN GHEL LoLQ X\JXQGXU 9[ WLSL VHUEHVW YRUWHNV IDQ DoN WLS VDO\DQJR]XQ VW NVPQGD \HU DOU 3RPSD D] oDS ER\XWXQGDNL NDW SDUoDODU JHoLUHELOLU /LIOL VYODU LoLQ X\JXQGXU $QFDN SRPSD JHQHO YHULPL GLHU WLSOHUH J|UH ROGXNoD

NoNWU ) WLSL IDQ SDUoDOD\F EoDNO IDQGU 3RPSD oDUNQQ |QQGH \NVHN NDOLWHOL YH VHUWOHWLULOPL oHOLNWHQ \DSOP SDUoDOD\F EoDN VLVWHPL \HU DOU 6DELW EoDN oRN VD\GD WUQDNO NHVLFL D]ODU LKWLYD HGHU NDW SDUoDODU WUQDNODU\OD WXWPD\D \DUDU '|QHU EoDN oDUNQ

PHUNH]LQH WHVSLW HGLOPLWLU +HUKDQJL ELU NDW PDGGH SRPSD oDUNQD XODDQD NDGDU LNL GHID SDUoDODU oDUND XODDELOLU 3RPSD oDUN \DU DoN WLSWHGLU NoN GHELOL YH \NVHN EDVQoO VLVWHPOHU LoLQ X\JXQGXU %X WLSLQ GH SRPSD JHQHO YHULPL GNWU

EoDNODUQ DUDVQGDQ JHoPHN GXUXPXQGDGU %X VHEHSOH DQFDN L\LFH SDUoDODQP NoN

HNLO  'DOJo SRPSD IDQ WLSOHUL

1RUPDO LPDODWWD GDOJo SRPSDODUQ PRWRU J|YGHVL \D NXWXVX PRWRU NDSD VDO\DQJR] HPPH D] J|YGH oDUN SLN G|NPGU URWRU PLOL PRWRU WDUDI &  SRPSD WDUDI G|QHU EoDNODU VHUWOHWLULOPL YH WDODQP |]HO oHOLNWHQ LPDO HGLOLU SDVODQPD] oHOLNWHQ LPDO HGLOLU &LYDWDODU YH VRPXQODU SDVODQPD] oHOLNWHQ LPDO HGLOLU 6DELW YH

 %DVPD IODQODU '1 PP '1 PP DUDOQGDGU 'HEL  P K H NDGDU oNDELOLU




%DVPD \NVHNOLL  P \H NDGDU oNDELOLU +]  GG \D NDGDU oNDELOLU dDOPD VFDNO PD[  & \H NDGDU oNDELOLU


*|YGH EDVQF PDNVLPXP  EDUD NDGDU oNDELOLU  7HN .DGHPHOL 1RUP 6DQWULIM 3RPSDODU

HNLO  1RUP WLS VDQWULIM SRPSD 1RUP VHULVL SRPSDODU  OWVQ GHEL YH P PDQRPHWULN \NVHNOLN GHHUOHULQLQ SRPSDODUGU $QGUF ROPD\DQ LoLQGH NDW SDUoDFNODU YH HO\DI EXOXQPD\DQ WHPL] YH\D oRN KDILI NLUOL GN YL]NR]LWHOL VYODU EDVPD\D X\JXQ SRPSDODUGU .XOODQPD DODQODU |\OH VUDODQDELOLU 7DUPVDO VXODPD YH \DPXUODPD WHVLVOHULQGH \DQJQ V|QGUPH WHVLVOHULQGH HY ELQD NDVDED HKLU LoPH VX\X WHVLVOHULQGH oHLWOL VDQD\L NROODUQGD GN YL]NR]LWHOL VDQD\L VYODUQQ EDVOPDVQGD VRXWPD VX\X GHYUHOHULQGH GHPLU oHOLN JLEL JQGH  VDDW oDODQ DU VDQD\L WHVLVOHULQGH NXOODQOUODU VQUODG KLGUROLN DODQ LoHULVLQGHNL WP SRPSDM LOHPOHUL LoLQ NXOODQODQ JHQHO DPDoO

 %X SRPSDODU GN RUWD EDVQoO WHN NDGHPHOL VDO\DQJR]OX VDQWULIM SRPSDODU NDSVDPDNWDGU 3RPSDODU 76 ',1  H X\JXQ ER\XW YH |]HOOLNOHUGHNL PRGHOOHUH X\JXQ HNLOGH D]ODU VW RUWDGD RODUDN LPDO HGLOLU .DSDO WLSWH YH G|QN NDQDWO )UDQFLV WLSL oDUNODU NXOODQOPDNWDGU %|\OHFH EHQ]HUOHULQH RUDQOD GDKD \NVHN JHQHO YHULP GDKD ID]OD UHWLOPHNWHGLU g]HO GXUXPODUGD LVWHN ]HULQH SRPSD oN D]ODU 76 H J|UH oN

PDQRPHWULN \NVHNOLN YH GDKD E\N HPPH GHULQOLNOHULQGH NDYLWDV\RQVX] oDOPD LPNDQ VDODQP EXOXQPDNWDGU 3RPSD oDUNODU VWDWLN YH GLQDPLN RODUDN GHQJHOHQPHNWHGLU 'HEL NDoDNODUQ D]DOWPDN X]XQ VUH oDOPD VRQXFXQGD DQDQ NVPODU NROD\FD YH XFX] RODUDN RQDUDELOPHN LoLQ oDUNQ LNL \DQ \SUDQPD KDONDODU LOH GRQDWOPWU

3RPSD PLOOHUL LNL DGHW DU KL]PHW WLSL  VHULVL UXOPDQ LOH \DWDNODQPDNWDGU <DWDNODU JHQHO RODUDN JUHV YH JHUHNHQ KDOOHUGH VY \D LOH \DODQPDNWDGU (NVHQHO LWPH NXYYHWL SDNHW VDOPDVWUD NXOODQOPDNWDGU VYQQ FLQV YH VFDNOQD J|UH |]HO VDOPDVWUD FLQVOHULQGHQ EXUo ]HULQGH oDOPDNWDGU %|\OHFH VDOPDVWUDQQ GHLWLULOPHVL YH\D LODYH HGLOPHVL oRN NROD\ODWUOPWU %DVPD IODQODU '1 PP '1 PP DUDOQGDGU 'HEL  P K H NDGDU oNDELOLU


DQPD ELOH]LL GHQJHOHPH GHOLNOHUL VLVWHPL LOH GHQJHOHQPHNWHGLU 3RPSDODUGD QRUPDO RODUDN ELUL VHoLOPHNWHGLU 3DNHW VDOPDVWUD SDVODQPD] oHOLNWHQ PDPO VHUWOHWLULOPL YH\D WDODQP

%DVPD \NVHNOLL  P \H NDGDU oNDELOLU +]  GG\D NDGDU oNDELOLU dDOPD VFDNO  & GHQ  & \H NDGDU oNDELOLU
 

*|YGH EDVQF PDNVLPXP  EDUD NDGDU oNDELOLU 0DNVLPXP EDVQo HPPH EDVQF YH NDSDO YDQDGDNL EDVPD \NVHNOLLQLQ WRSODPGU

  <DQJQ 3RPSDODU

*HQHOGH NXOODQODQ \DQJQ SRPSDODU WLSOHUL QRUP WLS VDQWULIM oLIW HPLOL VDQWULIM YH oRN

NDGHPHOL VDQWULIM SRPSDODUGU VWHQLOHQ GHEL YH EDVPD \NVHNOLLQH J|UH \DQJQ VLVWHPOHUL YH\D  DGHW VDQWULIM SRPSD LOH HPL EDVQo NROOHNW|UOHUL L]RODV\RQ YDQDODU oHNYDOIOHU YH

EX SRPSDODUGDQ ROXWXUXOXU <DQJQ VLVWHPOHUL JHQHOGH ELU DVH ]HULQH PRQWH HGLOPL  LKWL\Do GX\XODQ GLHU HOHPDQODUGDQ ROXPDNWDGU *HQHOGH VLVWHPGH NXOODQODQ NROOHNW|UOHU PDO]HPHGHQ GH LPDO HGLOHELOLU

UHGNVL\RQODU HOHNWUR JDOYDQL] NDSO oHOLNWHQ ROXPDNWD ROXS LKWL\DFD J|UH SDVODQPD] 3RPSD VLVWHPL 1)3$  VWDQGDUGQD X\JXQ ROPDOGU %X VWDQGDUW \DQJQGDQ NRUXQPD LoLQ

VDELW SRPSDODUQ WHVLVDW LOH LOJLOL JHUHNHQOHUL WDQPOD\DQ YH GQ\DGD EX NRQXGD HQ oRN VWDQGDUWWU 1)3$  VWDQGDUG \DQJQ SRPSDODUQQ VHoLPLQL PRQWDMQ NDEXO GHQH\OHULQL YH LOHWLPLQL NDSVDPDNWDGU 1)3$  VWDQGDUGQQ JHUHNOHUL XQODUGU 

EHQLPVHQPL \DQJQ V|QGUPH VLVWHPOHULQGH NXOODQODQ HQ \D\JQ YH HQ D\UQWO RODQ ELU

3RPSDODU LoLQ D\U NXPDQGD SDQRODU RODFDN HPPH ERUXVXQGD K]ODU  PV GHQ NoN RODFDN 6IU GHELGH EDVQo DQPD GHHULQLQ  NDWQ JHoPH\HFHN  NDW DQPD GHELVLQGH DQPD EDVQFQQ  LQGHQ NoN GHHUOHU GPH\HFHN HOHNWULN PRWRUODUQQ VHUYLV IDNW|U DU \NOHQHELOPH oDUSDQ  NDWQ JHoPH\HFHN SRPSD J|YGHVL **  SLN G|NP

SRPSD oDUN EURQ] SRPSD PLOL $,6,  YH\D $,6,  RODFDNWU 6]GUPD]ON \XPXDN VDOPDVWUD LOH VDODQS \DWDNODPD HQ D]  VDDW |PUO UXOPDQ LOH RODFDNWU )ODQODU ',1 31  RODUDN UHWLOHFHNWLU <DQJQ SRPSDODUQQ EDVPD \NVHNOLNOHUL 1)3$  GH EHOLUWLOPHNWH P ROXS DQPD GHEL GHHUOHUL GH  P K PHYFXWWXU


<DQJQ SRPSDODU HOHNWULN YH GL]HO WDKULNOL RODELOLU 1)3$  \H X\JXQ HOHNWULN WDKULNOL GL]HO WDKULNOL YH ROXWXUXOPX ELU \DQJQ VLVWHPL HNLO  GH J|VWHULOPLWLU



HNLO  (OHNWULN YH GL]HO WDKULNOL \DQJQ SRPSDODU\DQJQ VLVWHPL

  )UHNDQV .RQYHUW|UO 6DQWULIM 3RPSDODU

3RPSDODUQ GHELOHULQLQ DVOQGD PHYVLPOHU LNOLP DUWODU JQG]JHFH oDOPD VDDWOHUL ]RQODU JHUHNPHNWHGLU

DUDVQGDNL IDUNOONODU SURVHV DUWODU YE ELU GL]L G HWNHQH EDO RODUDN GHLNHQ ROPDV 'ROD\V LOH WHVLVDWODUGD NXOODQODQ SRPSDODUQ DVOQGD JFQ \DQL GHEL YH EDVQFQ WHVLVDWQ R DQNL JHUHNVLQLPLQH X\JXQ RODUDN D\DUOD\DELOPHVL JHUHNPHNWHGLU 6DELW GHELOL SRPSD VLVWHPOHULQGH SRPSDODU KHU ]DPDQ QRPLQDO GHYLU K]ODUQGD oDODUDN HQ

\NVHN GHHUGH HOHNWULN WNHWPHNWH YH LOHWPH JLGHUOHULQLQ JHUHNVL] \HUH \NVHOPHVLQLQ \DQ VUD SRPSD YH GLHU WHVLVDW HNLSPDQODUQQ GD HQ \NVHN PHUWHEHGH DQPDVQD VHEHS ROPDNWDGU %X SRPSD VLVWHPOHULQLQ EDOFD DYDQWDMODU HOHNWULN WDVDUUXIX WHVLVDW HNLSPDQODUQGDQ

WDVDUUXI SRPSD YH GLHU HNLSPDQODUQ LOHWLP |PUQQ X]DPDV LOHWLP YH NXOODQP

NRQIRUXQXQ \NVHOPHVL LOHWLP JYHQLOLUOLLQLQ DUWPDV SURMH VHoLP YH X\JXODPD KDWDODUQQ NDWN |PU ER\X PDOL\HWLQLQ GN ROXX EDOFD DYDQWDMODUGU

WHODIL HGLOPHVL HOHNWULN HEHNHVLQLQ KDWDODUQQ G]HOWLOPHVL oHYUH NLUOLOLLQLQ D]DOWOPDVQD )UHNDQV NRQYHUW|UO SRPSD VLVWHPLQL EHOLUOH\HQ DUWODUQ ED]ODU XQODUGU (OHNWULN HEHNHVLQLQ DQD EHVOHPH GHHUOHUL IUHNDQV LQYHUWHU HQWHJUDV\RQOX HOHNWULN NRQWURO GRQDQP HOHNWULN PRWRUX VDQWULIM SRPSD |OoPH YH JHUL EHVOHPH GRQDQP WHVLVDW NXOODQFQQ |]HOOLNOHULGLU ROXWXUDQ HNLSPDQODU WHVLVDWQ LOHWLP NDUDNWHULVWLL ELQD RWRPDV\RQ VLVWHPL oHYUH DUWODU

HNLO  )UHNDQV NRQYHUW|UO VLVWHP

 3RPSD VLVWHPOHULQLQ NRQWUROQGH HQ oRN NXOODQODQ YH NRQWUROH ED] ROXWXUDQ IL]LNVHO GHHUOHU XQODUGU ]DPDQ W  EDVQo S  GLIHUDQV EDVQF S  VFDNON 7  GLIHUDQV VFDNO 7  GHEL 4 

HNLO  6HQV|UOHU $QDORJ DOJOD\FODU $QDORJ DOJOD\FODU EX IL]LNVHO GHHUOHUL |OoS EXQODU JHULOLP JHQHOGH  9 YH\D DNP JF\OH oDODQ  9'& : DUDV FLKD]ODUGU JHQHOGH  P$ GHHUOHULQH G|QWUHQ |OoP KDVVDVL\HWOHUL \NVHN NHQGLOHUL GH HOHNWULN )UHNDQV NRQYHUW|U LOH GHYLU K] NRQWUROX X\JXODPDODUQGD SRPSDPRWRU YH NRQWURO FLKD]QQ HNOL YH NRQXPX LWLEDUL\OH LNL GHLLN VHoHQHNWH VLVWHP YDUGU ]HULQH \HUOHWLULOPL ROGXX SRPSD VLVWHPL )UHNDQV LQYHUWHU HQWHJUDV\RQOX NRQWURO FLKD]QQ YH VHQV|U GRQDQPQQ GLUHNW PRWRUXQ

HNLO  )UHNDQV NRQWURO FLKD]QQ PRWRU ]HULQH \HUOHWLL VLVWHP



HNLO  )UHNDQV NRQWUROQQ SRPSDGDQ EDPV] NXOODQOG VLVWHP

HNLO  )UHNDQV NRQYHUW|U FLKD]

  I  S %HVOHPH JHULOLPLQLQ IUHNDQV  S 0RWRUXQ NXWXS VD\VGU

I +]

   6$175)h- 3203$ (/(0$1/$5, 7HPHO 6DQWULIM 3RPSD (OHPDQODU

'|QHQ ELU oDUNQ NDQDWODU DUDVQD DOQDQ VY WDQHFLNOHULQLQ LYPHOHQGLULOHUHN oHYUH\H VDYUXOPDV SUHQVLELQH J|UH oDODQ VDQWULIM SRPSDODUQ NHVLWL YH SDUoD OLVWHVL HNLO  GH J|VWHULOPHNWHGLU

HNLO  1RUP WLS VDQWULIM SRPSD NHVLWL

 1R 3DUoD VPL          3RPSD PLOL dDUN <SUDQPD KDONDV 6DO\DQJR] 0LO \DWD 6DOPDVWUD NXWXVX dDUN NDPDV )HQHU KDONDV 0LO NOI dL]HOJH  6DQWULIM SRPSD DQD HOHPDQODU 1R             3DUoD VPL <DWDN J|YGHVL dDUN VRPXQX <D NHoHVL 'HVWHN D\DN .DSOLQ NDPDV 0HN VDOPDVWUD EXUFX oLIW 6DOPDVWUD NXWXVX 0HN VDOPDVWUD EXUFX WHN 0HNDQLN VDOPDVWUD 0HNVDOPDVWUD SXOX 6HJPDQ 0HNVDOPDVWUD NDSD

 *OHQ  6X VLSHUL  <DWDN NDSD  5XOPDQ

   6DQWULIM 3RPSD $QD (OHPDQODU 6DO\DQJR]

%X NVPD SRPSDQQ J|YGHVL GH GHQLOPHNWHGLU 6DO\DQJR] NVP oDUNQ EDVP ROGXX VYQQ

DN GRUXOWXVXQGD GHLPHVLQH JLUGDS YH WUEODQVODUQ VHEHS ROGXX ND\SODU D]DOWPDN LoLQ SRPSDQQ J|YGHVL VDO\DQJR] HNOLQGH \DSOPWU 6DO\DQJR] D\UFD oDUNWDQ oNDQ VYODU WRSOD\DUDN VX oN ERUXVXQD J|QGHUHQ GLI]|U ROPD\DQ SRPSDODUGD GLI]|U J|UHYLQL GH J|UHQ NVPGU 6DO\DQJR] SRPSDQQ DQD \DSVQ ROXWXUXU *HQHOGH G|NPH GHPLUGHQ \DSOU

3RPSDQQ GXUXPXQD J|UH WHN SDUoDGDQ LNL SDUoDGDQ YH oRN SDUoDGDQ PH\GDQD JHOHELOLU dRN NDGHPHOL SRPSDODUGDNL VDO\DQJR] VD\V oDUN VD\VQGDQ PXWODND ELU DGHW ID]ODGU dRN NDGHPHOL SRPSDODUGD VDO\DQJR] LoHULVLQH NODYX] FLKD]ODU \HUOHWLULOPLWLU .ODYX] FLKD]ODU WHN NDGHPHOL VDO\DQJR]ODUQ \DSWNODU J|UHYOHUL \DSDUODU .ODYX] FLKD]GD ELULQFL oDUNWDQ


LNLQFL oDUND VX JHoL NVPODU DUDVQGD Do IDUN  & RODUDN \HUOHWLULOPHOLGLU %XGD EDVODQ LoLQ NXOODQOU

VX\XQ JHUL NDoQ HQJHOOHU HNLO  GH J|VWHULOHQ PDoDODU PRGHOLQ LoLQGHNL EROXX DOPDN

HNLO  0RGHO LoLQ KD]UODQP PDoD



HNLO  6DO\DQJR] WHNQLN UHVPL  dDUN

3RPSD PRWRUXQXQ YHUPL ROGXX G|Q KDUHNHWLQL \DQL PHNDQLN HQHUML\L KLGUROLN HQHUML\H FLQVLQH X\JXQ RODUDN G|NPH GHPLUGHQ YH\D EURQ]GDQ LPDO HGLOHELOLUOHU 3RPSDODUGD oDUN VD\V ELUGHQ ID]OD RODELOLU dDUN VD\VQD NDGHPH VD\V GD GHQLU %LUGHQ ID]OD oDUN RODQ %XQODU \DS EDNPQGDQ IDUNO NXOODQ DPDF EDNPQGDQ D\QGU

oHYLUHQ ]HULQGH NDQDWoNODU EXOXQDQ HOHPDQGU dDUNODU SRPSDQQ EDVP ROGXX VYQQ

SRPSDODUD LVH oRN NDGHPHOL SRPSDODU GHQLU 3RPSDODUGD JHQHO RODUDN o WLS oDUN NXOODQOU

+DWD HNLO  7HN JLULOL YH DoN WLS VDQWULIM SRPSD oDUN HNVHQHO NXYYHW D\DU GHOLNOHUL

 3RPSD PRWRUXQ YHUPL ROGXX G|Q KDUHNHWLQL \DQL PHNDQLN HQHUML\L KLGUROLN HQHUML\H FLQVLQH X\JXQ RODUDN G|NPH GHPLUGHQ YH\D EURQ]GDQ LPDO HGLOHELOLUOHU 3RPSDODUGD oDUN VD\V ELUGHQ ID]OD RODELOLUOHU oDUN VD\VQD NDGHPH VD\V GHQLU oHYLUHQ ]HULQGH NDQDWoNODU EXOXQDQ HOHPDQGU dDUNODU SRPSDQQ EDVP ROGXX VYQQ

%LUGHQ ID]OD oDUN RODQ SRPSDODUD LVH oRN NDGHPHOL SRPSDODU GHQLU 3RPSDODUGD JHQHO RODUDN oDUNODU DoN WLS WHN JLULOL YH oLIW JLULOL oDUNODU GL\H VQIODQGUOUODU $oN WLS oDUNODUGD %XUDGD DoN NRQXPGD EXOXQDQ oDUNQ NDQDWoNODU DUDVQD JLUHQ VY oDUSOPDN VXUHWL LOH KDUHNHWH JHoLULOHUHN VDO\DQJR] LoHULVLQGH WRSODQU 7HN JLULOL oDUNODUGD NDQDWoNODU LNL GLVNLQ VD\HVLQGH J|EHNWHNL VYODU PHUNH]NDo NXYYHWLQGHQ GROD\ HWUDID VDYUXODUDN VDO\DQJR]

o WLS oDUN NXOODQOU %XQODU \DS EDNPQGDQ IDUNO NXOODQ DPDF EDNPQGDQ D\QGU %X NDQDWoNODU VDGHFH oDUNQ ELU WDUDIQGD EXOXQDQ GLVNH EDOGU 'LHU WDUDI LVH DoNWDGU

DUDVQD \HUOHWLULOPLWLU dDUNQ J|EHLQH RUWD NVPGDQ VX GROPDNWDGU oDUNQ G|Q KDUHNHWL LoHULVLQGH WRSODQU 6RQUDGD EDVPD ERUXVXQD GRUX J|QGHULOLU dDUNQ G|QPHVL YH oDUNQ J|EHLQGHNL VYODUQ EDVPD ERUXVXQD \ROODQPDV LOH oDUNWD YH VDO\DQJR] LoHULVLQGH PH\GDQD JHOHQ YDNXP VD\HVLQGH VYODUQ SRPSD LoHULVL GROPDV VDODQU 7HN JLULOL oDUNODUGDNL GHEL oLIW JLULOL oDUNODUD QD]DUDQ GDKD D]GU dLIW JLULOL oDUNODUGD VYQQ J|EHH JLULL LNL WDUDIWDQ

ROPDNWDGU dDUNQ RUWD NVPQGD EXOXQDQ NDQDWoNODU LNL \]O RODUDN LNL GLVNLQ DUDVQD \HUOHWLULOPLOHUGLU dDUNODUQ GLVNOHUL DUDVQGDNL NDQDWoNODU GHYDPO VXUHWWH JHUL\H GRUX NYUNWUODU .DQDWODUQ NYUP \|QOHUL oDUNQ oDOPDV \|QQGHQ |QHPOLGLU .DQDWoNODU VD YH VRO NYUPO ROPDN ]HUH LNL\H D\UOU 6D NYUPO NDQDWoNODUGD NDQDWoN NVPQD EDNWP] ]DPDQ NDQDWoNODUQ LVWLNDPHWL \DQL Xo NVPODU VDDW LEUHVL \|QQGH LVH EWQ NDQDWoNODUQ G|Q \|Q VDDW LEUHVLQLQ WHUVL LVH VRO KHOLV YH\D VRO NYUPO NDQDWoN 3RPSDQQ NDQDW YHULPL DUWDUDN EDVQF \NVHOLU $\UFD NDQDWoNODUGDNL VUWQPH ND\SODU GD ELUD] GDKD LQFHOPHVL GDKD ROXPOX QHWLFH YHULU 3RPSD NDQDWoNODUQGD DQPDODUQ PH\GDQD GXUXPODUGD oDUN GHLWLULOPHOLGLU %D] SRPSDODUGD oDUN LOH VDO\DQJR] DUDVQD \HUOHWLUHQ YH NDQDWoNODUD VD KHOLV YH\D VD NYUPO NDQDWoNODU GHQLU 6RO NYUPO NDQDWoNODUGD GHQLUdDUNODUGD NDQDW VD\VQQ DUWPDV LOH VLUNODV\RQ D]DOU <DQL SRPSDQQ GHELVL D]DOU DUWDU 3RPSDQQ VX\X GDKD L\L EDVDELOPHVL LoLQ oDUN NDQDWoNODUQQ Xo NVPODUQD GRUX JHOPHVL GXUXPXQGD SRPSDQQ VY EDVPD NDSDVLWHVL GHU YH SRPSD EDVQF D]DOU %X JLEL oDUNWDQ oNDQ VX\XQ K]Q D]DOWDUDN \NVHN NLQHWLN HQHUMLQLQ ELU NVPQ EDVQo HQHUMLVL KDOLQH G|QWUHQ KDOND HNOLQGHNL NVPD GD GLI]|U GHQLU )DQODUGD HNVHQHO NXYYHWL D\DUODPDN LoLQ GHOLNOHU DoOPDNWDGU $oODQ GHOLNOHU HNLO  GH J|VWHULOPHNWHGLU

  0LO

HNLO  0LO oDUN J|YGH 3RPSDQQ WDKULN RUJDQGU (OHNWULN PRWRUXQGDQ DOQDQ G|Q KDUHNHWLQL oDUND DNWDUDQ YH oRN NDGHPHOL SRPSDODUGD URWRUXQ SDUoDODUQ ]HULQGH WD\DQ NVPGU 3RPSDODUGD LVWHQLOHQ

EDVQF HOGH HGHELOPHN LoLQ PLO ]HULQGH ELUGHQ ID]OD oDUN EXOXQDELOLU 3RPSD PLOL \DWDNODU WDUDIQGDQ KDVVDV RODUDN \DWDNODQPDOGU <DWDNODPD LOHPL KDVVDV RODUDN \DSOPD] LVH PLO ]HULQGH EXOXQDQ oDUNODU VDO\DQJR]D YH\D DQPD YH \SUDQPD KDONDODUQD oDUSDUDN VLVWHPLQ NVD ]DPDQGD KDVDU J|UPHVLQH QHGHQ ROXU 0LOLQ SRPSD J|YGHVLQGHQ GDU oN YH JLUL \HUOHULQGHQ VYODUQ NDoQ SRPSDQQ LoHULVLQH KDYD JLULLQL |QOHPHN DPDF LOH VDOPDVWUDODU NXOODQOPWU 0LO KDUHNHWLQL HOHNWULN PRWRUXQGDQ NDSOLQOHU YDVWDV LOH DOU .oN WLS SRPSDODUGD LVH PLO KDUHNHWLQL GLUHNW RODUDN HOHNWULN PRWRUXQGDQ DODELOLU 3RPSD PLOL oDUND NXOODQOU g]HO GXUXPODUGD $,6,  JLEL SDVODQPD] PDO]HPHGHQ LPDO HGLOLUOHU 0LOOHULQ UXOPDQ LoHULVLQGHQ JHoHQ NVPODU WDODQDUDN KDVVDV LOHQLUOHU  3RPSDODUGD 6]GUPD]ON (OHPDQODU

GRUXGDQ NDPDO ROXS PLO G|QQFH oDUNWD G|QHU *HQHOGH PLO PDO]HPHVL d RODUDN

+DUHNHWVL] PDNLQH SDUoDODU LOH EXQD J|UH KDUHNHWOL YH\D KDUHNHW KDOLQGHNL PDNLQH SDUoDODU

DUDVQGDNL V]GUPD]O VDOD\DQ V]GUPD]ON HOHPDQODUGU 6DOPDVWUDODU NXOODQOGNODU \HUOHUGHNL PDNLQH SDUoDODUQQ HQ D] ELU WDQHVL KDUHNHWOLGLU 6DOPDVWUD PDO]HPHOHUL LVH JHQHO RODUDN \XPXDN JHUHoOLGLU 6DOPDVWUDODUQ FLQVL DNNDQQ FLQVLQH J|UH GHLLU YH\D DNNDQQ FLQVLQH J|UH VDOPDVWUD VHoLPL \DSPDN JHUHNLU 6DOPDVWUD VHoLPLQGH DNNDQQ NLP\DVDO YH IL]LNVHO |]HOOLNOHULQLQ \DQ VUD VFDNO YH LOHWPH EDVQFGD GLNNDWH DOQPDNWDGU *HQHOGH \HUOHWLULOPHOHUL JHUHNLU %XQX VDOD\DQ NVPGD VDOPDVWUD NXWXVXGXU

EWQ VDOPDVWUDODU VDOPDVWUD EDVNV \DSODELOPHVL LoLQ VDOPDVWUD NXWXVXQXQ LoHULVLQH

 GHDO ELU VDOPDVWUD   %DVQo K] VFDNON DNNDQ JLEL NXOODQODFD RUWDP DUWODUQD X\JXQ ROPDOGU 'HLLN DUWODUGD NXOODQODELOPHOL E|\OHFH VWRN oHLWOHUL HQ D]D LQGLULOHELOPHOLGLU RODELOPHOLGLU  ON DOWUPD SHUL\RGXQGD PLO YH VDOPDVWUD \XYDVQD NROD\ YH NVD VUHGH DGDSWH  0LO VDOJVQ KDUHNHW KDOLQGH\NHQ DEVRUEH HGHFHN NDGDU HODVWLN ROPDOGU  )D]OD VUWQPH YH V ROXWXUPDPDOGU  0LOL DQGUPDPDO NRUR]LI HWNLVL ROPDPDOGU  6N VN EDNP YH D\DUODPD JHUHNWLUPHPHOLGLU  VWHQLOHQ oDSWD ENOHELOHFHN NDGDU HVQHN ROPDO ENOGQGH NHVLWLQGH GHIRUPDV\RQ ROPDPDOGU  8]XQ |PUO YH HNRQRPLN ROPDOGU +LoELU VDOPDVWUD EX |]HOOLNOHULQ WPQ ELU DUDGD WDPD] %X QHGHQOH oHLWOL NXOODQP \HUOHUL YH DUWODUQD X\JXQ VDOPDVWUD WLSOHUL JHOLWLULOPLWLU

HNLO  <XPXDN VDOPDVWUD YH PHNDQLN VDOPDVWUD NHVLW UHVPL 6DOPDVWUDODU LNL oHLWWLU <XPXDN VDOPDVWUDODU YH PHNDQLN VDOPDVWUDODU <XPXDN VDOPDVWUDODU WHUFLK HGLOLU VDOPDVWUDODU HNRQRPLN ROGXX LoLQ WHUFLK HGLOLU $NNDQ NDoDNODUQ |QOHPHN LoLQVH PHNDQLN

  <XPXDN 6DOPDVWUDODU

<XPXDN VDOPDVWUDODU |UJ \DSV DQD PDO]HPHVL YH HPSUH\QH PDGGHOHUL DoVQGDQ LQFHOHQLU KDOLQGH GRNXQPX OLIOHULQ VDUOPDV PHUNH]GH ELU oHNLUGHN \DS HWUDIQGD |UPH YH NDOSWDQ

0DO]HPHQLQ \XPXDN VDOPDVWUD NRUGRQX HNOLQH JHWLULOPHVL OLIOHULQ oDSUD] |UJV LOH HULW oHNPH LOH VDODQU 0DO]HPHQLQ |UJ \DSV oDOPD VQUODUQ oDOPD JYHQLUOLLQL NXOODQP VUHVLQL HWNLOHU <XPXDN VDOPDVWUDODUQ DQD PDO]HPHOHUL GRDO OLIOHU SDPXN YH NHWHQ  PLQHUDO OLIOHU EH\D] DVEHVW YH PDYL DVEHVW  \DSD\ OLIOHU SWIH \DSD\ JUDILW GHQ ROXPDNWDGU (PSUH\QH PDGGHOHU |UJ LOHPL VUDVQGD DQD PDO]HPH\H HPGLULOLU (PSUH\QH

PDGGHOHULQ WHUNLEL LOHP VUDVQGD X\JXODQDQ VFDNON LOHP HNOL VUDV YE ELUoRN IDNW|U

\XPXDN VDOPDVWUDQQ NDOLWHVLQL EHOLUOHU *HQHO RODUDN NXUX JUDILW YH PLND JUDILW\D PDGGHOHUL NXOODQOU

NDXoXNJUDILW EH\D] YH NUP] JUHV DVLW YH NRVWLN GLUHQoOL ELOHLPOHU WHIORQ JLEL HPSUH\QH $NNDQQ FLQVLQH J|UH \XPXDN VDOPDVWUDODU  H D\UOUODU  & VFDNOD NDGDU RODQ DVLWVL]
 

YH NXPVX] VXODUGD N|VHOH NDXoXN NHQGLU WLSOL VDOPDVWUDODU NXOODQOU  & VFDNOQ ]HULQGH RODQ \HUOHUGH WHIORQ DVEHVW DP\DQW  JUDILW HPGLULOPL VDOPDVWUDODU NXOODQOU \NVHN VFDNONWD YH EDVQoO RODQ \HUOHUGH NRPELQH HGLOPL VDOPDVWUD YH\D PHWDOLN VDOPDVWUDODU NXOODQOU

HNLO  <XPXDN VDOPDVWUD VDOPDVWUD NXWXVX YH EDVNV NHVLW UHVPL 6DOPDVWUD NXWXVXQXQ J|UHYL NDoDNODU |QOHPHN NDGHPHOL SRPSDODUGD HPPH WDUDIQGD KDYD JLULOHULQL HQJHOOHPHNEDVQoO VX LOH EHVOHQHQ VLVWHPOHUGH NVPHQ PLOL \DWDNODPDN YH

 VRXWPDNWU 6DQWULIM SRPSDQQ LON KDUHNHWL NVPHQ PLOL \DWDNODPDN YH VRXWPDNWU 6DQWULIM SRPSDQQ LON VUDVQGD oDUN LoHULVLQGH KDYD WDQHFLNOHUL YDUGU dDUN VDKLS ROGXX LoLQ EDVODPD] %X QHGHQOH oDUN LoHULVLQH KDYD V]QWVQQ |QOHQPHVL JHUHNLU 6DOPDVWUDODUGDNL V]QWQQ PPNQ RODQ o \ROX YDUGU  0LO PLO EXUFX LOH VDOPDVWUD WHPDV \]H\LQGHQ EX \ROD PLO \]H\LQGH VRXWPD YH \DODPD WHPLQ HWPHN LoLQ ]RUXQOX RODUDN L]LQ YHULOLU 3RPSDODUGD EX V]QW WDPDPHQ GXUGXUXOPD] DQFDN HVDV SUREOHP NRQWURO HGHELOPHNWHGLU

G|QPH K]QGD RQODU oDUN GQD DWDELOHFHN VDQWULIM NXYYHWL X\JXOD\DPD] 6Y HPLOPHGLL

 6DOPDVWUD LOH VDOPDVWUD PXKDID]DV DUDVQGDQHQ DOGDWF RODQ V]QWGU oQN SRPSD

LOHWPH\H DOQGNWDQ VRQUD J|UOHQ V]QWQQ ELU QROX \ROGDQ JHOGLL VDQODELOLU 2\VD RODELOLU 6DOPDVWUD XoODU ULQJ HNOLQGH JHWLULOHUHN D] D]D JHOGLLQGH DoO RODFDN HNLOGH NDOPDPDOGU 6DOPDVWUDODU GRUX NHVLOHUHN ELUELULQH GLN ELU HNLOGH GD\DQPDOGU  6DOPDVWUD GRNXVX DUDVQGDQ JHOHQ V]QWGU EX V]QW \ROX VDOPDVWUD DQD PDO]HPHVLQH X\JXQ \HUOHWLUPH \DSPDN X\JXQ |UJ \DSV YH NDOLWHOL PDO]HPHGHQ \DSOP \XPXDN VDOPDVWUD VHoPHN JHUHNLU

VDOPDVWUD JHUoHNWH NXUX oDO\RUGXU .VD ]DPDQGD YH IDUNQD YDUOPDGDQ VDOPDVWUD WDKULS

HPGLULOHQ NDWN PDGGHOHULQLQ \NDQS JLWPHVLQH QHGHQ ROXU %XQX |QOHPHN LoLQ WDOLPDWODUD

HNLO  <XPXDN VDOPDVWUD V]QW \ROODUO

 6DOPDVWUDODUQ NHVLOPHVL o HNLOGH \DSOPDNWDGU 'LN NHVLW 5DG\DO NHVLW 7DQMDQWLQDO NHVLW 6DOPDVWUD ULQJOHUL WHN WHN NHVLOPHOLGLU ELU PRGHO ]HULQH VDUDUDN KHSVLQL ELUGHQ NHVPHNWH PPNQGU

HNLO  6DOPDVWUD NHVLP WLSOHUL

gUJO <XPXDN 6DOPDVWUDODUQ PDO]HPH YH oDOPD DUWODU\OD LOJLOL |]HOOLNOHUL dL]HOJH  GH EHOLUWLOPHNWHGLU dL]HOJH  GH NXOODQODQ NVDOWPDODU YH |UJOHU DDGD EHOLUWLOPHNWHGLU .VDOWPDODU $ $UDPLG & &DP (O\DI * *UDILW . .DUERQ 1 1RPH[ gUJOHU   PP   NDW GL\DJRQDO  PP   NDW GL\DJRQDO  PP   NDW GL\DJRQDO 3 3ROLDPLG ILEHU 5 5HPLH 6 6HUDPLN 7 37)( 7HIORQ < $P\DQW

 dL]HOJH  <XPXDN VDOPDVWUDODUQ PDO]HPH YH oDOPD DUWODU 0$/=(0(/(5 d$/,0$ $57/$5, 'D\DQP %DVQF 7DYVL\H >EDU@ HGLOHQ HQ 'D\DQP ID]OD 6FDNO 3K oHYUHVHO  & K] 9>PVQ@ 3RPSDODUGD                                           3LVWRQODUGD        

.$7.,

3/.

<$

$0<$17 (6$6/,/$5 < 7   7HIORQOX DP\DQW B < 7   <DO WHIORQOX DP\DQW B < 7*   *UDILWOL WHI\RQOX DP\DQW B   *UDILWOL DP\DQW B 37)( 7HIORQ (6$6/,/$5 7    6DI 37)( B 7    6LQWHUOHQPL VDI WHIORQ B 7   6DI 37)(6OLNRQ \DO B 7 *   *UDILWOL 37)( B 7 *   6LQWHUOHQPL JUDILWOL WHIORQ B *5$)7 (6$6/,/$5 *    6DI JUDILW B *    7HO WDNYL\HOL JUDILW B $5$0' .(9/(5 (6$6/,/$5 $ 7   6DI DUDPLG B $7    .|H DUDPLGVDI 37)( B    $UDPLGVDI 37)( ]LJ]DJ |UJ $7 B $7 *  .|H DUDPLGJUDILWOL 37)(  B $UDPLG JUDILWOL 37)( ]LJ]DJ $7 *   |UJO B &$0 (/<$) (6$6/,/$5 &    &DP HO\DI B &    1LNHO WHO WDNYL\HOL FDP HO\DI B &    1LNHO WHO NDIHVOL FDP HO\DI B & *   *UDILWOL FDP HO\DI B /) (6$6/,/$5 . 7   .DUERQ ILEHU VDOPDVWUD B 5 7   5HPLH VDOPDVWUD B 3 7   3ROLDPLG ILEHU VDOPDVWUD B 6    6HUDPLN VDOPDVWUD B

             

          

           

9DQDODUGD         

<808$. 6$/0$675$ 73

  0HNDQLN 6DOPDVWUDODU

HNLO  0HNDQLN VDOPDVWUD dL]HOJH  0HNDQLN VDOPDVWUD |Oo GHHUOHUL YH PRQWDM ER\ WROHUDQVODU

 dDS GHHUOHUL  PP DUDOQGD  EDU EDVQo DUDOQGD oHYUHVHO K]  PVQ VFDNON GHHUOHUL  & LOH  & DUDVQGD oDODELOHFHN G|QHU HOHPDQ NDUERQ PDO]HPHGHQ VDELW
 

HOHPDQ VHUDPLN PDO]HPHGHQ \DSOP RODQ HODVWRPHU RODUDN (3'0 PDO]HPH NXOODQOP YH oL]HOJH  GH J|VWHULOPHNWHGLU

ELU PHNDQLN VDOPDVWUD\D DLW WHNQLN UHVLPOHU |Oo GHHUOHUL YH PRQWDM WROHUDQVODU HNLO  GD

0HNDQLN VDOPDVWUDODU GLQDPLN HNLSPDQODUGD PLO YH\D PLO EXUFX ERD]QGDNL DNNDQ DNNDQ YH\D SDUoDFNODUQ RUWDPD JLUPHVLQL YH \DWDNODUD V]DUDN \D ND\EQ |QOHU 0HNDQLN VDOPDVWUDODU VX GDPODWPDGDQ oDOUODU YH EX QHGHQGHQ GROD\ D\UFD ELU HQHUML ND\E \DUDWPD]ODU .XOODQODQ NHQGLQGHQ D\DUO \D\O WLS PHNDQLN VDOPDVWUDODUGD LOHWPH VUHVLQFH D\UFD ELU D\DU \DSPDN JHUHNPHPHNWHGLU 0HNDQLN VDOPDVWUDODUQ QRUPDO oDOPD DUWODUQGD

V]QWODUQQ HQJHOOHQPHVL LoLQ NXOODQODQ V]GUPD]ON HOHPDQ ROPDNOD EHUDEHU \DEDQF

 YH\D D]DPL  \O NDGDU ELU LOHWLP |PU YDUGU $NNDQQ NLUOLOLOLL NDWNODU DU VFDNON YH NXUX oDOPD JLEL IDNW|UOHU EX VUH\L |QHPOL |OoGH NVDOWPDNWDGU 0HNDQLN VDOPDVWUDODU D] V]GUPD]ON X]XQ |PU HNRQRPLN PLQLPXP \]H\ JHUHNVLQLPL GN Jo KDUFDQP D] V UHWLPL VHEHEL\OH WHUFLK HGLOPHNWHGLU $NNDQQ FLQVLQH VFDNOQD EDVQFQD YH SRPSD PLOLQLQ G|Q \|QQH EDO RODUDN GHLLN WLSWH PHNDQLN VDOPDVWUDODU GL]D\Q HGLOLUOHU HNLO  GH 0HNDQLN VDOPDVWUDQQ oDOPD SUHQVLEL DoNODQPDNWDGU

HNLO  0HNDQLN VDOPDVWUD NHVLW UHVPL '|QHU <]H\ 'LQDPLN 25LQJ  6DELW <]H\ 6WDWLN 25LQJ <D\ 7DKULN .RYDQGU

 '|QHU HOHPDQ YH PLO EHUDEHU G|QPHNWH ROXS \D\ LOH EDVN DOWQGD WXWXOPDN NRXOX LOH VDELW HOHPDQ SDUoD\D EHOOL ELU NXYYHW LOH EDVPDNWDGU 6DELW HOHPDQ \DWDD RULQJ LOH RWXUPDNWDGU 6DELW HOHPDQ YH VWDWLN 25LQJ G RUWDP LOH WHPDVWD ROGXXQGDQ DWPRVIHU WDUDI RODUDN GD DGODQGUODELOLU 'LQDPLN 25LQJ YH \D\ G|QHU HOHPDQ LOH PLO GHYULQGH G|QPHNWHGLU '|QHU G|QGQGHQ PLOGH ROXXPX NDoQOPD] RODQ ED] KDUHNHWOHUL NRPSDQVH HWPHVL LoLQ UDG\DO YH

HOHPDQ YH VDELW HOHPDQ \]H\OHUL KDVVDV RODUDN OHSOHQPLWLU '|QHU HOHPDQ PLO LOH EHUDEHU DNVL\DO IOH[LELOLWHOHU 25LQJ YH \D\ YDVWDV LOH VDODQU %DVQoO DNNDQ SRPSDQQ oDOPDV GLQDPLN 25LQJ LOH HQJHOOHQLU \XYDGDQ VDELW HOHPDQ GQD V]PD\D oDODQ DNNDQ VWDWLN 2 5LQJ LOH GHQJHOHQHFHNWLU $NNDQQ V]PD\D oDODFD VRQ V]QW \ROX RODUDN G|QHU HOHPDQ YH VDELW HOHPDQ SDUoDODUQQ VUWQPH \]H\L NDOPWU %X \]H\OHU oRN KDVVDV OHSOHQLU %X \]GHQ EDVQoO DNNDQ EX \]H\OHU DUDVQGD \DOQ]FD \DOD\F ELU ILOP WDEDNDV ROXWXUXU +HU QH NDGDU EX \]H\OHULQ WHPDVWD ROGXXQGDQ EDKVHGLOL\RUVD GD DVOQGD EX \]H\OHU KLoELU ]DPDQD NXUX RODUDN oDOPD]ODU <D\Q J|UHYL SRPSDQQ GXUPDV HVQDVQGD G|QHU YH EDVQoO DNNDQ WDUDIQGDQ VDODQPDNWDGU

HVQDVQGD UQ WDUDIQGDQ DWPRVIHU WDUDIQD GRUX NDoPD\D oDODFDNWU 0LO ]HULQGHNL V]QW

DUDVQGD ELU VY ILOP YDUGU %X ILOP \DOD\F J|UHYLQL VWOHQPHNWHGLU 0HNDQLN VDOPDVWUDODU VDELW HOHPDQQ WHPDV KDOOHULQL GHYDP HWWLUPHNWLU dDOPD GXUXPXQGD EX WHPDV EDVQF (Q JHQHO RODUDN PHNDQLN VDOPDVWUDODU LoWHQ PRQWDM YH GWDQ PRQWDM RODUDN LNL\H D\UOUODU dRN |]HO X\JXODPDODU GQGD PHNDQLN VDOPDVWUDODU LoWHQ PRQWDMO RODUDN GL]D\Q HGLOLUOHU HOHPDQQ DoOPDV V|] NRQXVX ROPD] YH EX QHGHQOH oDOPD HPQL\HWL L\LGLU 3DVODQGUF YH DQGUF HWNLVL \NVHN RODQ DNNDQODUGD KLoELU PHWDO SDUoDQQ SRPSDODQDQ DNNDQ LOH WHPDV *HQHOGH SRPSDODUGDNL DNNDQ EDVQF DWPRVIHU EDVQFQGDQ \NVHN ROGXXQGDQ VDELW

HWPHVLQH L]LQ YHULOPH] %X DNNDQODU LoLQ GWDQ PRQWDM PHNDQLN VDOPDVWUDODU NXOODQOU %X GL]D\QGD DNNDQQ \]H\OHU LOH WHPDV PLQLPXPD LQGLULOPLWLU %X X\JXODPDODUGD JHQHOOLNOH NXOODQOU NRUR]\RQD GD\DQNO VHUDPLN DOLPLQ\XP RNVLW YH 37)( SROLWHWUD IOXRUHWLOHQ N|UNOHU

  <DWDNODU

3RPSD PLOLQLQ \DWDN LoHULVLQGH NDODQ NVPQD PX\OX GHQLU 0X\OXODU oHYUHOH\HUHN YHULPLQLQ DUWPDV YH oDOPD G]JQOQQ ]HULQGH \DWDNODUQ HWNLVL E\NWU <DWDNODU \XYDUODQPDO \DWDNODU dDOPD VUDVQGD \DWDQ KHUKDQJL ELU \HUL KDUHNHW HWPL\RU YH PX\OX .D\PDO \DWDNODUGD HQLQH YH ER\XQD ND\PDO \DWDNODU ROPDN ]HUH LNL\H D\UOU 6DQWULIM SRPSDODUGD QDGLU RODUDN NXOODQODQ \DWDN WLSOHULGLU 0X\OXQXQ G|QPHVL LoLQ PX\OX LOH \DWDQ KDUHNHWVL] NVP DUDVQD \XYDUODQDQ SDUoDODU HQ oRN NXOODQODQ \DWDNODU UXOPDQO \DWDNODUGU o ELOH]LN \XYDUODQDQ SDUoDODU NDIHV G ELOH]LN \DWDN NXWXVX UXOPDQO \DWDNODUQ RUWDN NVPODUGU

GHVWHNOH\HQ YH G|QHELOPHOHULQL VDOD\DQ PDNLQH HOHPDQODUGU \DWDNODU 0DNLQH JFQQ oDOPD VUDVQGDNL ROD\D J|UH LNL JUXED D\UODELOLU .D\PDO \DWDNODU YH UXOPDQO \DWDN LoHULVLQGH VUWQHUHN G|QPH KDUHNHWL \DS\RU LVH E|\OH \DWDNODUD ND\PDO \DWDNODU GHQLU

\HUOHWLULOPL RODQ \DWDNODU UXOPDQO \XYDUODQPDO \DWDNODU RODUDN QLWHOHQGLULOLU 3RPSDODUGD

HNLO  7HN VUD VDELW ELO\DO UXOPDQQ o ELOH]LN oHOLNWHQ \DSOU VHUWOHWLULOLU YH WDODQU %LOH]LLQ PX\OX\OD G|QHELOPHVL LoLQ PX\OX\D VNFD JHoLULOLU YH\D VNWUPD NRYDQODU LOH WHVSLW HGLOLU 0X\OX\D VNFD JHoLULOHFHN UXOPDQO \DWDNODUQ Lo ELOH]LNOHUL VLOLQGLULNWLU6NPD NRYDQ NXOODQODQ UXOPDQO \DWDNODUQ Lo ELOH]LNWHNL GHOLNOHUL LVH NRQLN RODUDN \DSOU Lo ELOH]LNWHNL GHOLNOHUL LVH NRQLN RODUDN \DSOU

 <XYDUODQDQ SDUoDODU \DWDN LoLQ VUWQPH GLUHQFLQL D]DOWPDN DPDF LOH NXOODQODQ Lo ELOH]LN LOH G ELOH]LN DUDVQGDNL SDUoDODUGU %X SDUoDODUD UXOPDQ GHQGLLQGHQ EX WU \DWDNODUD GD UXOPDQO \DWDNODU DG YHULOLU 5XOPDQODU PX\OX G|QHUNHQ NHQGL HNVHQLQGH YH Lo ELOH]LLQ ELoLPLQH J|UH ROXU

oHYUHVLQGH \XYDUODQPD KDUHNHWL \DSDUODU 5XOPDQO \DWDNODUQ DGODQGUOPDV UXOPDQQ .DIHV NXOODQOPD] LVH UXOPDQODU ELUELULQH GHHU 0X\OX G|QQFH UXOPDQODU KDUHNHWH JHoLULU

YH UXOPDQODUQ ELUELULQH GHHQ NVPQGDNL G|QPH \|QOHUL WHUV ROGXX LoLQ NVD ]DPDQGD ELUELULQL DQGUUODU NDIHV UXOPDQODU HLW DUDONWD WXWWXX LoLQ ELUELULQL DQGUPDVQ |QOHU YH UXOPDQODUQ D\Q GHHUGH \NOHQPHVLQL VDODU .DIHV UXOPDQODUOD VUHNOL RODUDN VUWQHFHL YH DQPDQQ UXOPDQODU \HULQH NDIHVWH ROPDV LVWHQGLL LoLQ NDIHVOHU \XPXDN JHUHoOHUGHQ \DSOU J|YGHVLQH VNFD JHoPHVL YH\D |]HO ELU NRQVWUNVL\RQ LOH DODQGDQ VNODUDN G|QPHVL |QOHQLU

' ELOH]LN oHOLNWHQ \DSOU YH VHUWOHWLULOLU WDODQU ' ELOH]LLQ \DWDN NXWXVXQD YH\D PDNLQH <DWDN EORNODU \DWDQ NXOODQPD \HULQH J|UH KD]UODQU YH GHLLN \DSODUGD ROXU <DWDD

\DEDQF PDGGHOHULQ JLUPHVLQL |QOHU <DWD WDU YH WHVSLW HGLOPHVLQH \DUDU NL SDUoDO \HNSDUH LNL GHOLNOL IODQO G|UW GHOLNOL IODQO o GHOLNOL IODQO N]DN EDODQWO ROPDN ]HUH oHLWOL \DWDN EORNODU YDUGU 6DQWULIM SRPSDODUGD HQ JHQHO NXOODQODQ LNL SDUoDO \DWDN EORXGXU

 5XOPDQODUQ 6QIODQGUOPDV

 7DG \NOHUH J|UH  UDG\DO HNVHQHO YH NRPELQH RODUDN VQIODQGUOU 5DG\DO \DWDNODU HNVHQLQH GLNH\ RODUDN ]RUODQDQ PX\OXODU GHVWHNOHPHNWH NXOODQOU 5DG\DO \DWDNODU UXOPDQODUQD J|UH WLSOHUH D\UOU 6DELW ELO\DO \DWDNODUGD Lo ELOH]LN YH G ELOH]LNWH \XYDODU PHYFXW ROXS UXOPDQODU EX \XYDODUD

RWXUPDNWDGU%X \DWDNODUQ ELU WDUDI YH\D LNL WDUDI NDSDNO RODUDN \DSODELOLU .DSDNODU \DWDD NRQDQ \D WXWWXX JLEL UXOPDQODU DUDVQD \DEDQF YH ]DUDUO PDGGHOHULQ JLUPHVLQL |QOHU 6DQWULIM SRPSDODUGD HQ oRN NXOODQODQ \DWDN WLSL ROXS HNLO  GH J|VWHULOPHNWHGLU

2\QDN ELO\DO \DWDNODUGD Lo ELOH]LN NDIHV ELO\DODU LOH ELUOLNWH \DWDN PHUNH]L HWUDIQGD \DQD GRUX \DWDELOLU%X \DWDNODUQ EX |]HOOLL oRN |QHPOLGLU<DWDN \XYD HNVHQOHULQLQ HLN ROGXX \DQL PLO HNVHQL LOH oDNPDG KDOOHUGH EX NXVXUX NHQGLOLLQGHQ D\DUODU )D]OD \NWHQ GROD\ ND\E PH\GDQD JHOPH] 

PLO HLOGLLQGH PLOLQ KDUHNHWLQL WDNLS HGHU '|QPH HVQDVQGD EX \]GHQ ID]OD ELU VUWQPH

 2PX]OX \DWDNODUQ VDELW ELO\DO \DWDNODUGDQ IDUN G ELOH]LLQ ELU WDUDIQQ DoN ROXXGXU <N WDPD JF D]GU (LN ELO\DO \DWDNODU WHN \|QGH YH oRN E\N HNVHQHO \NOHUL WDU .DUONO WDNODUDN GDLPD oLIW RODUDN NXOODQOU 6LOLQGLULN PDNDUDO \DWDNODUGD UXOPDQODU NoN VLOLQGLUOHUGLU %X VLOLQGLUOHU \D G ELOH]LLQ YH\D Lo ELOH]LLQ IDWXUDODU WDUDIQGDQ VHYN HGLOLUOHU 6LOLQGLULN PDNDUDO \DWDNODU DU UDG\DO \NOHUL WDUODU 8\JXQ VUWPH DUWODU GROD\V LOH \NVHN G|Q K]ODUQGD NXOODQOU 2\QDN PDNDUDO \DWDNODU R\QDN ELO\DO \DWDQ |]HOOLLQH VDKLSWLU 0DNDUD Io ELoLPLQGHNL UXOPDQODUQ \XYDODUD GDKD ID]OD WHPDV HWPHOHULQGHQ GROD\ R\QDN ELO\DO \DWDNODUGDQ oRN GDKD ID]OD \N NDOGUUODU %X \DWDNODU HQ DU \NOHUL NDUODPD\D HQ HOYHULOL UXOPDQO \DWDNODUGU

HNLO  0DNDUDO UXOPDQ Lo \DSV .RQLN PDNDUDO \DWDNODU UDG\DO NXYYHWOHUL NDUODPDNWDQ EDND HNVHQ \|QQGH WHN WDUDIO ROPDN ]HUH |QHPOL HNVHQHO NXYYHWOHUL GH NDUODU (NVHQHO \DWDNODU HNVHQHO \|QGHQ JHOHQ NXYYHWOHUL NDUODUODU%XQODU UDG\DO \N WDPD]ODU (NVHQHO VDELW ELO\DO \DWDNODUQ ELU VUD ELO\DV YDUGU %LO\DODU PXKDID]DO ELU NDIHVWH EXOXQPDNWD YH LNL NDIHV DUDVQGD G|QPHNWHGLU %X ELOH]LNOHULQ ELUL PLOH GLHUL LVH J|YGH\H JHoLULOLU

 (NVHQHO R\QDN PDNDUDO \DWDNODUQ GLHU HNVHQHO \DWDNODUGDQ VWQO UDG\DO NXYYHWOHUL GH NDUOD\DFDN GXUXPGD ROPDODUGU %X \DWDNODUQ WDPD JF GH ROGXNoD \NVHNWLU UXOPDQODU NRPELQH \DWDN VQIQD GD JLUPHNWHGLU .RPELQH \DWDNODU UDG\DO YH LNL WDUDIO HNVHQHO \N WD\DQ \DWDNODUGU 6DELW ELO\DO  5XOPDQODU \XYDUODQPD HOHPDQODUQD J|UH ELO\DO PDNDUDO LQHOL RODUDN VQIODQGUOU %LO\DO UXOPDQODU 7HPDV QRNWDVDOGU 7HN VUD VDELW ELO\DO UXOPDQODU dLIW VUD VDELW ELO\DO UXOPDQODU 7HN VUD HLN ELO\DO UXOPDQODU dLIW VUD HLN ELO\DO UXOPDQODU 2\QDN ELO\DO UXOPDQODU     VHULVL    VHULVL    VHULVL    VHULVL      VHULVL

(NVHQHO VDELW ELO\DO UXOPDQODU WHN \|QO    VHULVL (NVHQHO VDELW ELO\DO UXOPDQODU oLIW \|QO    VHULVL )HQHU PLOL UXOPDQODU '|UW QRNWD UXOPDQODU 7HVSLW ELOH]LNOL UXOPDQODU   VHULVL  4- 4- VHULVL   % 

0DNDUDO 5XOPDQODU 7HPDV \]H\VHOGLU 7HN VUD VLOLQGLULN PDNDUDO UXOPDQODU dLIW VUD VLOLQGLULN PDNDUDO UXOPDQODU  18 183 1 1- VHULVL  11 118

6LOLQGLULN PDNDUDO UXOPDQODU WHNoLIW VUDVN GL]L  11) 1&) 11& 1- VHULVL .RQLN PDNDUDO UXOPDQODU 7HN VUD R\QDN PDNDUDO UXOPDQODU dLIW VUD R\QDN PDNDUDO UXOPDQODU   VHULVL   VHULVL      VHULVL

(NVHQHO VLOLQGLULN PDNDUDO UXOPDQODU     (NVHQHO R\QDN PDNDUDO UXOPDQODU     VHULVL

 QHOL UXOPDQODU  7HPDV \]H\VHOGLU 7HN YH oLIW VUDO UXOPDQODU  1. 51$ 1.6 1$ 1., VHULVL

 (EDWODUQD J|UH NoN WLS RUWD WLS E\N WLS UXOPDQODU RODUDN DGODQGUOU .oN WLS UXOPDQODU  PP Lo oDSQD RUWD WLS UXOPDQODU  PP Lo oDSQD YH E\N WLS UXOPDQODU PP GHQ E\N Lo oDSD VDKLSWLU 6DQWULIM SRPSDODUGD HQ \D\JQ RODUDN NXOODQODQ \DWDNODU WHN VUD R\QDN ELO\DO oLIW VUD HLN UXOPDQODUGD WHUFLK HGLOLU

ELO\DO YH WHN VUD HLN ELO\DO UXOPDQODUGD |]HO GXUXPODUGD oLIW VUD R\QDN PDNDUDO 5XOPDQO \DWDNODU LNL SDUoDO \HNSDUH J|YGHOL LNL GHOLNOL IODQO \DWDN EORX G|UW GHOLNOL \HUOHWLULOPHNWHGLU 6DQWULIM SRPSDODUGD HQ oRN NXOODQODQ \DWDN EORX LNL SDUoDO \DWDN EORNODUGU HNLO  GH J|VWHULOPHNWHGLU

IODQO o GHOLNOL IODQO N]DN EDODQWO ROPDN ]HUH oHLWOL WLS \DWDN EORNODU LoHULVLQH

HNLO  NL 3DUoDO <DWDN %ORX

  5XOPDQO <DWDNODUGD <DWDN %ROXX YH *HoPHOHU

*HQHO RODUDN \DWDNODUGD ELO\D LOH ELOH]LNOHU DUDVQGD ID]ODFD ELU EROXN EUDNOPWU o ELOH]LL PLOH VN RODUDN WDNWP]GD ELOH]LN LHU ' ELOH]LNWH \DWDN \XYDVQD VN RODUDN WDNOG ]DPDQ ELUD] VNU YH EUDNODQ EROXN NoOGQGHQ JHUL\H ELO\DODUQ ELOH]LNOHU DUDVQGD \XYDUODQPDVQD HQ X\JXQ RODQ KHVDSODQP EXOXQDQ ELU EROXN NDOU D\HW UXOPDQO \DWDNODUQ WROHUDQVODUQD X\XOPD] YH oRN GDKD ELU VN JHoPH NXOODQOUVD ELO\D LOH ELOH]LNOHU DUDVQGDNL EROXN VIUD LQHU YH ELO\D VNU %X \]GHQ JHUHN ELO\DODU JHUHNVH ELOH]LN YH \DWDN \]H\OHUL ER]XOXU <DWDN JUOW \DSPD\D EDODU VDOJ DUWDU YH ER]XOXU 'DKD JHYHN ELU \XYDV LoLQGH G|QPHVL PPNQGU 7ROHUDQVODUD X\JXQ RODUDN \DSODQ JHoPHOHUGH \DWDN JHoPHQLQ GH VHoLOPHVL ]DUDUOGU 2 ]DPDQ PLOLQ Lo ELOH]LN LoLQGH YH G ELOH]LLQGH \DWDN EROXXQXQ QRUPDO RODUDN YHULOHELOPHVL LoLQ PX\OXQXQ Lo ELOH]LNWHQ E\NO YH \DWDN \DSOPDOGU %X PLNWDU ]HULQH LOHWPH DUWODU \DWDQ WLSL JLEL IDNW|UOHU HWNL HGHU +HU

\XYDV oDSQQ G ELOH]LNWHQ NoNO oRXQOXNOD  PP LOH  PP RODUDN UXOPDQO \DWDN D\Q KDVVDVL\HWWH \DQL D\Q GHUHFHGH EROXNOX RODUDN \DSOPD] 5XOPDQO \DWDN 5DNDP GHHUL E\GNoH EROXN PLNWDU DUWDU  <DWDNODUQ 0RQWDM \DSDQ ILUPDODU \DWDN PLNWDUQ VHPERO LOH EHOLUOHUOHU &  & & & UXOPDQODUQ NXOODQU
   

<DWDNODUQ UDQGPDQO oDOPDV YH ]DPDQQGDQ |QFH ER]XOPDPDV LoLQ WDNPD LOHPLQLQ GRUX

YH WHPL] ROPDV DUWWU 7DNPD LOHPL WHPL] ELU \HUGH \DSOPDO YH X\JXQ WDNP VHoLOPHOLGLU 0HYFXW ELU SUHV YDU LVH SUHVWH PRQWDM \DSODELOLU 3UHVOH Lo ELOH]LN DUDVQD NDSDN YH\D WHPL] ELU ERUX SDUoDV NRQXOPDOGU %\N \DWDNODU |QFHGHQ \D EDQ\RVX LoLQGH VWOUVD NROD\FD PRQWH HGLOLU ,VWPD LOHPL 


VWOPDPDOGU 6FDN \DWDQ WXWXOPDV LoLQ WHPL] HOGLYHQ YH\D EH] NXOODQOPDOGU \DWDN VRX\DQD NDGDU GD\DQPD \]H\ LQFH NXYYHWOH EDVWUOPDOGU %X HNLOGH PLOLQ IDWXUDVQD \DWDQ GD\DQPDV VDODQU <XYD LoLQH VN JHoPHOHUGH \DWDN RWXUPD \]H\L KDILIoH \DODQDUDN ERUX SDUoDV \DUGP LOH \DWDN WDNOU EX JLEL GXUXPODUGD ERUX SDUoDV G ELOH]LH GD\DWOPDO YH NXYYHW G ELOH]LH X\JXODQPDOGU

& GHQ ID]OD ROPDPDOGU %LU \DWDN DoNWD DVOD

6LOLQGLULN PDNDUDO \DWDNODUGD \DWDQ LNL ELOH]LL ELUELULQGHQ D\U ROGXX LoLQ |QFH VHUEHVW HVQDGD PLO YH\D \XYD KDILIoH G|QGUOPHOL WXWXNOXN ROPDPDVQD GLNNDW HGLOPHOLGLU

ELOH]LN WDNOU %XQXQ \]H\L KDILIoH \DODQGNWDQ VRQUD PDNDUDODU WD\DQ ELOH]LN WDNOU %X

 .RQLN PDNDUDO \DWDNODUGD PRQWDMD G ELOH]LLQ WDNOPDV LOH EDODQU EXQXQ LoLQ ELU ERUXGDQ YH\D PLO G|QGUOU +DILI IUHQOHQHQH NDGDU VNOU%XQGDQ VRQUD PLO NROD\ G|QQFH\H NDGDU VRPXQ JHYHWLOLU 0LO VRPXQX HPQL\HWH DOQU .RQLN GHOLNOL \DWDNODUGD Lo ELOH]LN PDQRQ ]HULQH VN JHoPH RODUDN WDNOU 0DQRQX V|NHUNHQ LDUHWOHQHQ \HUH NDGDU VUOU 0DQRQ \DUQD ELU WRUQDYLGD WDNODUDN HVQHWLOPHN WHPL]OHQLU <DWDN PDQRQ ]HULQH VUOGNWHQ VRQUD VRPXQ VNOU  .DSOLQ YH 0LOOHULQ (NVHQHO $\DU VXUHWL\OH LOHP NROD\FD \DSOU<DWDN \HULQH WDNOPDGDQ GHOLN \]H\LQGHNL NRUX\XFX PDGGH ID\GDODQOU 6RQUD Lo ELOH]LNOHU WDNOU 0LO VRPXQX \HULQH YLGDODQU YH ELU \DQGDQ GD NDVQDN

%LU VDQWULIM SRPSDQQ NDSOLQ YH PLO HNVHQHO D\DUQGD HQ |QHPOL LNL HWNHQ WLWUHLP YH JHYHNOLN UXOPDQ DU]DV \DODPD KDWDVQGDQ ND\QDNODQDQ DU]DODU HOHNWULN N|NHQOL DU]DODU

EDODQVV]ONWU 7LWUHLPH QHGHQ RODQ DU]DODU EDODQVV]ON HNVHQHO D\DUV]ON PHNDQLN RODELOLU %DODQVV]ON QHGHQOHUL LVH KDWDO PRQWDM PDO]HPH DQPDV NUODQ \D GD GHQ

SDUoDODU PDO]HPHQLQ G|NP HVQDVQGDNL J|UOHPH\HQ QRNWDODUGD ROXDQ EROXN \D GD

EROXNODU NDPD LOH NDPD \ROXQXQ X\XPVX]OXX oHYUHVHO WDNO RODQ FYDWD VRPXQ JLEL QHVQHOHUGHNL DUON IDUNOONODU EDNP HVQDVQGDNL \HQL SDUoDODUQ LODYH HGLOPHVLGLU $\Q HNVHQ ]HULQGHNL PLOOHULQ ELUELUOHUL LOH VN R\QDN YH\D o|]OU NDSDQU HNLOGH ELUOHWLUPHN J|UH VWDQGDUGL]H HGLOPLOHUGLU .DSOLQ EDODQWODUQGD NDSOLQLQ KHU LNL \DQQD ELUHU \DWDN DUWODUQD X\JXQ RODUDN oHLWOL WLSWH \DSOUODU *HQHO RODUDN X HNLOGH JUXSODUD D\UOUODU YH GROD\V LOH Jo YH KDUHNHW LOHWPHN NDSOLQOHULQ GHHULGLU gOoOHUL JHQHOOLNOH PLO oDSODUQD \HUOHWLULOPHOLGLU .DSOLQOHUL \DWDNODUGDQ X]DD \HUOHWLUPHN KDWDOGU .DSOLQOHU oDOPD 6DELW NDSOLQOHU PRWRU YH SRPSD PLOLQL ELUELULQH VDELW RODUDN EDOD\DQ NDSOLQOHUGLU %X WLS DYDQWDM FYDWD YH\D NDSOLQ NHVPHGLNoH ER]XOPDPDODUGU 'H]DYDQWDM LVH VRQ GHUHFH KDVVDV NDoNONODU NHVLQOLNOH NDEXO HGLOPH] 'LOL NDSOLQOHU G|UGH D\UOU )DVWV YH DUD SDUoDO IDVWV NDSOLQOHU \NVHN GHYLUGH Jo LOHWLPL LoLQ X\JXQGXU %X WLS ROPD] <DSVDO |]HOOLNOHUL GROD\V LOH NoN DoVDO HNVHQHO NDSOLQOHU \N PLNWDU YH GHYLU VD\VQD J|UH X\JXQ VHoLOPLOHUVH NUOPD YH V\UOPD SUREOHPL GHQJHOH\HELOGLNOHULQGHQ \DWDN ER]PD YH PLO NHVPH KDGLVHOHUL oRN D] J|UOU 9HULOHQ

NDSOLQOHU L\L D\DUODQGNODUQGD DU]D \DSPD LKWLPDOOHUL oRN GNWU %X NDSOLQOHULQ HQ E\N ELU D\DU JHUHNWLUPHOHULGLU NL PLO ELUELULQH VDELW RODUDN EDODQGNODUQGDQ GROD\ HNVHQ

D\DUV]ONODU

 WROHUDQVODU EDODQOGNODUQGD YLEUDV\RQOX oDOPD] YH VHV \DSPD]ODU 8\JXQ YH VDODP FYDWD NXOODQOS \DODPD \DSOGQGD YH \XNDUGD EHOLUWLOHQ KXVXVODU \HULQH JHWLULOGLLQGH X]XQ ELU VUH DU]D YHUPHGHQ Jo LOHWLPLQL VUGUHELOLUOHU 3ODVWLN ]DUIO NDSOLQOHU oRXQOXNOD KLGUROLN SRPSDPRWRU NDSOLQOHULQGH NXOODQOU 3ODVWLN ]DUI PDNLQDODUQ PHNDQLN RODUDN DU \NOHQPHOHULQL |QOHGLLQGHQ oHOLN PDO]HPHGHQ LPDO HGLOPL RODQ NDSOLQ \DUODU JHQHOOLNOH KDVDUODQPD]ODU =LQFLUOL NDSOLQOHU KHU GHYLUGH NXOODQODELOLU$QFDN \NVHN JoOHUH GDKLOLQGH NDSOLQ D\DU \DSOGQGD YH GHQJHOHPH NXUDOODUQD X\JXQ

GHLOGLUOHUg]HOOLNOH GDUEHOL NDONODU LoLQ X\JXQ GHLOGLUOHU JHOHQ WLWUHLP YH GDUEH WHVLUOHUL D]DOU

GD\DQNO

<D\O NDSOLQOHUGH \DUODU DUDVQGD EDODQW oHOLN ELU \D\ LOH VDODQU %X \D\ YDVWDV LOH (ODVWRPHUOL NDSOLQOHU VUHNOL G|QPH\HQ YH QLVSHWHQ GN RUDQGD Jo LOHWHQ PDNLQH HODVWRPHUOL SHULIOH[ NDSOLQOHU ROPDN ]HUH G|UW oHLWWLU

PLOOHULQL ELUELULQH EDODPDGD NXOODQOUODU ho D]O YH oRN D]O VLOLQGLULN \HNSDUH +LGUROLN NDSOLQOHU VHUW NDONWDQ GROD\ PH\GDQD JHOHQ GDUEHOHULQ VLVWHP ]HULQGHNL

ROXPVX]OXNODUQ RUWDGDQ NDOGUPDN ]HUH NXOODQOUODU %X NDSOLQOHU KDUHNHWL \DYD YH VDUVQWV] RODUDN LoOHULQH GROGXUXOPX RODQ \D YDVWDV LOH LOHWLUOHU  .DSOLQOHULQ 0LOH 7DNOS 6|NOPHVL HGLOPHOLGLU

6DQWULIM SRPSDODUGD .DSOLQOHULQ PLOOHUH WDNOS V|NOPHVLQGH DDGDNL KXVXVODUD GLNNDW .DSOLQOHU oDSQD YH WD\DFD \NH X\JXQ VWDQGDUWWD ELU NDPD LOH PLOH PRQWDM \DSOPDOGU .DSOLQ \DUODU JHQHOOLNOH PLOH oDNODUDN PRQWH HGLOLU DQFDN \DU NDSOLQGHQ |QFH NDSOLQ NHSL PHUNH]OHWLOLU X\JXQ WLSWH ELU JUHV \D VUOGNWHQ VRQUD \HUOL NDSOLQ PLOH WDNOPDOGU PLOH WDNOU GDKD VRQUD \XPXDN ELU PDO]HPHGHQ \DSOP ELU WRNPDN YDVWDV LOH NDPD D\HW NDSOLQ EHOLUOL ELU VNON QHGHQL\OH QRUPDO oDNPD \|QWHPL LOH PLOH WDNODP\RU LVH VWPD LOHPL X\JXODQU %X VWPD LOHPL DORPD LOH GHLO X\JXQ ELU \D NDEQGDNL \D LOH


VWODUDN oDNOU .DSOLQ oDS NoOGNoH D\Q RUDQGD VWPD GHUHFHVL GH GHU gUQHLQ  PP Lo oDSQGDNL ELU NDSOLQ RUWDODPD  & VWODUDN PLOH oDNOU


KRPRMHQ RODUDN JHUoHNOHWLULOPHOLGLU .DSOLQOHU PLOH RUWDP VFDNO GDKLO PDNVLPXP  &

 .DSOLQOHULQ oDNOS V|NOPHVL HVQDVQGD \DWDNODUGDNL PHYFXW UXOPDQ NDSDN JLEL HOHPDQODUQ WDVDUODQPDPDV LoLQ WHGELU DOQPDOGU GDYUDQWDQ NDoQOPDOGU .DSOLQOHULQ WDNOPDV LOHPLQGH JHQHO RODUDN IL]LNL \DSODUQD ]DUDU YHUHELOHFHN KHU WUO

 .DSOLQ o dDS OH 0LO $UDVQGD %ROXN 6NON 'XUXPX

*HQHO RODUDN NDSOLQOHULQ PLOH PRQWDM HVQDVQGD PLO LOH NDSOLQ DUDVQGDNL VNON GXUXPX oDOPD DUWODUQD YH ER\XWODUQD X\JXQ RODUDN WROHUDQV FHWYHOOHULQGHQ WHVSLW HGLOLU %D]HQ %XQXQ VRQXFXQGD GD ROXPVX] KDGLVHOHU \DDQU g]HOOLNOH VFDN oDOPD RUWDPODUQGD \NH PDO]HPH FLQVL \DQ VUD ER\XWODU GD GLNNDWH DOQPDGDQ  PP VNON WROHUDQV EHOLUWLOLU J|UH VNON D] JHOGLLQGH PLO \XYD\D WXWXODPD] YH WP \N NDPD\D ELQHU g]HOOLNOH NDSOLQOHULQ PDO]HPHVL PLO PDO]HPHVLQGHQ IDUNO ROPDNWD YH EXQXQ VRQXFXQGD GD JHQOHPH

KDUHNHWLQ LNL \|QO VD VRO ROGXX GXUXPODUGD NDPD YH oDOW \XYDODU ER]XOXU %D] NDWVD\V IDUNOOQGDQ GROD\ NDSOLQ PLOH \D DU VNONWD \D GD EROXNOX JHoPHNWHGLU dDS E\N oDSO PLOOHU GH E\N \NOHUL WDGNODUQGDQ GROD\ EX PLOOHU ]HULQGH oDODQ NDSOLQOHUH PLO oDS \D]OS X\JXQ |Oo\H J|UH WROHUDQV NRQXU 0LO oDS GDLPD WDP GHHU RODUDN GQOU

IDUODU DoVQGDQ GD GLNNDW HGLOPHVL JHUHNHQ KXVXVODU YDUGU .oN oDSO PLOOHU NoN \NOHUL

 (NVHQHO $\DU 0HWRGODU

.DSOLQOHUGH JHQHO RODUDN PHUNH]OHPH\H oRN |QHP YHULOPHOLGLU 0HUNH]OHPHGHQ PDNVDW

NDSOLQOHULQ ELUELULQH EDODQDFD LNL PLOLQ HNVHQOHULQLQ VW VWH oDNPDVQQ VDODQPDVGU GPHVL VDODQDPD] %|\OHFH PLOOHU G]JQ oDOPD] %XQXQ VRQXFX RODUDN NHQDU VUWQPHOHULQGHQ GROD\ \DWDN PX\OXODU NVD ]DPDQGD ER]XOXUODU .DSOLQ D\DUODU NDED RODUDN VHQWLOOH KDVVDV RODUDN NRPSUDW|UOHUOH \DSOUODU .DSOLQOHUGHNL PXKWHPHO D\DUV]ON GXUXPODU HNLO    GD J|VWHULOPHNWHGLU QHGHQ ROXU %LU PLOLQ GRUXVDOON NRQWURO HQ L\L ELoLPGH DWHO\H DUWODUQGD YH PLO PDNLQDGDQ J|UP \HUOHU HH YH ]PSDUD LOH WHPL]OHQPHOL D\UFD \D YH NLU VLOLQPHOLGLU  0LOLQ GRUXVDOON NRQWURO (ULOPL ELU PLO NDSOLQ YH \DWDNODUGD DU GHUHFHGH DQPD\D

6N NDSOLQOHUGH PHUNH]OHPH L\L ROPD] LVH YH\D KLo \DSOPD] LVH PLO HNVHQOHULQLQ VW VWH

V|NOGNWHQ VRQUD \DSODELOLU 'RUXVDOON NRQWUROQGHQ |QFH PLO ]HULQGHNL oDSDN YH GDUEH .DSOLQ GLNOLLQLQ NRQWURO .DSOLQ SDUoDODUQQ PLOH RODQ GLNOLN NRQWUROOHUL D\U D\U

 LDUHWL LOH LDUHW NRQXOXU 0LO HO LOH G|QGUOU .RPSUDW|UQ G|UW QRNWDGD J|VWHUGLL GHHUOHU HGLOPL RODELOLU PLO NHQGL HNVHQLQGH JHUL\H GRUX \DWDN EROXX NDGDU KDUHNHW HWPHNWHGLU 0LO HULOPL RODELOLU \DWDNODU DQP RODELOLU NDSOLQ GHIRUPH ROPX RODELOLU NDOQO KHVDE HNLO WH J|VWHULOPHNWHGLU $ .DSOLQ \DUPODU DUDV VW |Oo PP % .DSOLQ \DUPODU DUDV DOW |Oo PP & 3RPSDQQ DVH\H EDODQW FLYDWDODUQQ HNVHQOHUL DUDV PHVDIH PP ' $\DUODQPDN LVWHQHQ PLOH EDO NDSOLQ \DUVQQ oDS PP < *HUHNOL LP NDOQO ; .DSOLQ \DUP DUDONODU DUDVQGDNL DOWVW IDUN  $\DUODQDFDN HNLSPDQ HNVHQLQLQ VDELW HNLSPDQ HNVHQL LOH SDUDOHO RODELOPHVL LoLQ JHUHNOL LP \DSOPDOGU %X NRQWURO NRPSUDW|U VDDWL LOH \DSOU .DSOLQ DOQ \]QH WHEHLU LOH  & DUD


QRW HGLOLU .RPSUDW|U VDDWLQLQ J|VWHUGLL GHHUOHU VIUGDQ IDUNO LVH NDSOLQ KDWDO PRQWH

HNLO  LP KHVDE

$!% LVH ; $% GU LP ) \H NRQXU %!$ LVH ; %$ GU LP ) H NRQXOXU 6LQ ;' EXUDGDQ EXOXQXU

< &WDQ

WHRULN LP NDOQO IRUPOGU D\HW ;'  LVH < &;' DOQDELOLU



HNLO  <DWD\ G]OHPGH DoVDO KDWD

HNLO  'H\ G]OHPGH DoVDO KDWD



HNLO  <DWD\ G]OHPGH SDUDOHO ND\PD KDWDV

HNLO  'H\ G]OHPGH SDUDOHO ND\PD KDWDV

  6DQWULIM 3RPSDODUQ .DLGHVL

DVHOL VDQWULIM SRPSDODUQ

SODQODQPDV YH LQDV VRQ GHUHFH |QHPOL ELU IDNW|UGU 'RUX \DSOP ELU NDLGH\H SRPSD

JUOWV] oDODELOPHVL LoLQ SRPSD NDLGHVLQLQ

GRUX

DVHVLQLQ VDODP ELU HNLOGH EDODQPDV YH KHU SRPSD LoLQ D\U ELU NDLGH |QJ|UOPHVL PPNQ ROGXXQFD VHVVL] YH WLWUHLPVL] ELU LOHWLP LoLQ WDYVL\H HGLOPHNWHGLU 7LWUHLPLQ ELQD\D DNWDUOPDVQD HQJHO ROPDN LoLQ NDLGH EHWRQXQXQ ELQD \DSVQGDQ HVQHN ELU L]RODW|U LOH D\UOPDV JHUHNPHNWHGLU .DLGH EHWRQXQXQ G|NOPHVL HVQDVQGD PHNDQLN EDODQW VDOD\DUDN VHV N|SUOHUL ROXPDVQD QHGHQ RODELOHFHN KDUo DNQWV oDNO WXOD SDUoDV LQDDW DUWNODU

YE PDO]HPHOHULQ ELQD LOH NDLGH EHWRQX DUDVQGD EXOXQPDPDVQD GLNNDW HGLOPHOLGLU 3RPSDQQ ERUX EDODQWODUQQ SRPSD J|YGHVLQH \N ELQGLUPH\HFHN HNLOGH PRQWH HGLOPHVLQH GLNNDW HGLOPHOLGLU (PPH YH EDVPD ERUXODUQQ SRPSD IODQODUQD \DNQ E|OJHOHUGHQ NHOHSoHOHU LOH \DSOPDVQGD GLNNDW HGLOPHVL JHUHNHQ QRNWDODU XQODUGU  GHVWHNOHQPHVL WDYVL\H HGLOLU 3RPSD DVHVLQLQ ]HULQH \HUOHWLULOHFHL EHWRQ NDLGHQLQ

HNLO  6DQWULIM SRPSDQQ DVH ]HULQH PRQWDM

.DLGH NDOEQQ HQ DOWQD |QFH  FP NDOQOQGD NoN oDNO WDODUQGDQ ROXPX WHPHO

 oDNO VHULOPHOLGLU .DOEQ LoLQH  PP OLN LQDDW GHPLUL oXEXNODUQGDQ \DSOP VWDELOL]DV\RQ NDIHVL LOHQPHOLGLU .DOEQ LoLQH |]HOOLNOH DQNUDM VDSODPDODUQQ LoLQH \HUOHWLULOHFHL EHKHUL  PP X]XQOXXQGD YH  PP ER\XWXQGD  YH\D  DGHW HUNHN NDOSODU |QJ|UOPHOLGLU %HWRQ L\LFH GRQGXNWDQ VRQUD DQNUDM NDOSODU V|NOPHOLGLU %LU XFX oDWDO \DSOP NRUR]\RQD GD\DQNO DQNUDM FLYDWDODU SRPSD DVHVLQLQ GHOLN |OoOHULQH X\JXQ RODUDN DQNUDM GHOLNOHULQLQ LoLQH \HUOHWLULOPHOL YH GHOLNOHUH EHWRQ HUEHWL G|NOHUHN GRQGXUXOPDOGU 

dL]HOJH  WH LOHWPH NDUDNWHULVWLNOHULQH J|UH SRPSD PDO]HPHOHUL YH NXOODQP DODQODU J|VWHULOPHNWHGLU

6DQWULIM 3RPSD $QD (OHPDQODUQQ 'HHUOHQGLULOPHVL

3RPSD $QD (OHPDQODU

dL]HOJH  3RPSD DQD HOHPDQODUQQ PDO]HPH YH NXOODQP DODQODU 0DO]HPH


*** 6IHUUR '|NP **  3LN '|NP *6  dHOLN '|NP $,6,  3DVODQPD] dHOLN %URQ] d  $,6,  3DVODQPD] dHOLN **  3LN '|NP *6  dHOLN '|NP $,6,  3DVODQPD] dHOLN .|VHOH NDXoXN NHQGLU NRPELQHPHWDOLN

.XOODQP $ODQODU
7HPL] VX VDI VX DWN VX WXIDOO VX $VLW GHULLN o|]HOWLOHU GHQL] VX\X 7HPL] VX VDI VX DWN VX WXIDOO VX 7HPL] VX VDI VX DWN VX WXIDOO VX 7HPL] VX VDI VX DWN VX WXIDOO VX

dDUN

0LO *|YGH

7HPL] VX VDI VX DWN VX WXIDOO VX $VLW GHULLN o|]HOWLOHU GHQL] VX\X
 

$VLW GHULLN o|]HOWLOHU GHQL] VX\X

7HPL] VX VDI VX DWN VX WXIDOO VX

7HPL] VX VDI VX DWN VX WXIDOO VX

<XPXDN 6DOPDVWUDODU 7HIORQ DVEHVW DP\DQW  JUDILW 0HNDQLN 6DOPDVWUDODU (3'0 37)( 6HUDPLN

 & VFDNOD NDGDU DVLWVL] YH NXPVX] VX  & VFDNOQ ]HULQGH DVLWVL] YH NXPVX] VX 7HPL] VX VDI VX DWN VX WXIDOO VX GHHUOL DNNDQODU <NVHN VFDNONWD DVLWVL] YH NXPVX] VX

   6$175)h- 3203$1,1 7(0(/ %h<h./h./(511 +(6$%, 3RPSD 7LSLQLQ 6DSWDQPDV

*HQHO RODUDN VDQWULIM SRPSDODUGD |]JO K] DUWWNoD oDUN UDG\DO KDOGHQ HNVHQHO KDOH G|QHU g]JO K]D J|UH VDQWULIM SRPSDODUQ VQIODQGUOPDV DDGD YHULOPLWLU dL]HOJH  3RPSD WLSL  GHYGDN  GHYGDN  GHYGDN  GHYGDN

7LS 7DP 6DQWULIM 3RPSDODU +HOLNR 6DQWULIM 3RPSDODU <DU (NVHQHO 6DQWULIM 3RPSDODU (NVHQHO 6DQWULIM 3RPSDODU

QV

g]JO K]D J|UH SRPSD WD\LQL LoLQ Q Q


V

+P

 

 




<XNDUGDNL IRUPOGH Q GHYGDN  4 P VQ  + P RODUDN DOQG WDNWLUGH Q GHYGDN RODUDN EXOXQDFDNWU
P V

%D] WHNQLN OLWHUDWUGH |]JO PRGHO SRPSD 4 P VQ +




%X SRPSDQQ GHYLU VD\V Q LOH J|VWHULOPHNWHGLU


VT

PVV GHHUL\OH WDULI HGLOPLWLU

VT

Q4 +P

 

 

ROGXXQGDQ

1  Q EDQWV \D]ODELOLU (HU |]JO K] GHHUL oRN NoN LVH SRPSD NDGHPHOL RODUDN oRN E\N LVH oLIW JLULOL RODUDN WDVDUODQDELOLU
V VT

  3RPSD 0LO *FQQ +HVDE

3RPSD PLOL LOHWHFHL PRPHQW GHYLU VD\V YH PDO]HPH |]HOOLLQH J|UH WD\LQ HGLOLU YH ER\XWODQGUOU 1 Q 4 + P +3 K J 
K J JHQHO SRPSD YHULPL (N 



HPQL\HW NDWVD\V ROPDN ]HUH 1


HI

1



YH 1   N:
H

LoLQ LoLQ LoLQ NJFP

     FP RODUDN EXOXQXU

 1   N:
H

1 ! N:
H

0  G

1 HI Q

PLO

0 FP S W
H PLO

<XNDUGDNL IRUPOGH 1 %*  Q GHYGDN  G

   3203$ 25*$1/$5,1,1 +(6$%, 3RPSD dDUN *LUL %R\XWODU

dDUN SRPSDQQ HQ |QHPOL RUJDQGU +HVDSODPD YH LPDODW VDIKDVQGD E\N |]HQ LWLEDUHQ oDUNQ JLUL D]QQ ER\XWODU YH NDQDW JLUL DoVQQ KHVDSODQPDV JHUHNLU '
H

J|VWHULOPHOLGLU +HVDSODPD HVQDVQGD L]OHQHFHN \ROGD |QFH SRPSDQQ HPPH D]QGDQ (PPH ERUXVX oDS dDUN JLUL D] oDS (PPH ERUXVX oDS dDUN JLUL JHQLOLL .DQDW JLUL DoV

' ' E

'

4 S 9H

P




%X IRUPOGH 4 P VQ  HPPH ERUXVXQGDNL K] YH 9 LVH PVQ GLU 9 LoLQ (N  GHQ GHEL YH GHYLU VD\VQD EDO RODUDN ELU GHHU RNXQXU &
'  G J S
 
H H

4W

 4 \D GD LON \DNODNOD 4  u 4


7

4  dDUNQ LoLQGHQ JHoHQ


7



RODUDN DOQDELOLU '


J

J|EHN oDS  G

PLO

RODUDN DOQDELOLU
 



'  oDUN JLUL RUWDODPD oDSQD DLW NHVLWWHNL & PXWODN K] & K]QD J|UH ELU PLNWDU DUWWUOU


&  &






%X K] DUWWUPDQQ VHEHEL NDQDWODUGDQ GROD\ NHVLWWH ROXDFDN NoOPHGHQ ND\QDNODQU.HVLW GDUDOGQGD K]  RUDQQGD ELU DUW J|VWHULU K]QQ &
 

2SWLPXP oDOPD LoLQ JLUL K] oJHQLQGH


P

PHULG\HQ K]QD HLW DOQPDV JHUHNLU




 DOQGQGD oDUND JLULWHNL




& PXWODN


 LoLQ &

&

P



 ' oDUN JLUL NDQDG RUWDODPD oDS ' oDSQGDQ ELUD] NoN VHoLOHUHN ER\XWODQGUOU
 R

6FKXO] NDWVD\V '


 V

a ROPDN ]HUH 




'

DOQU

NDSDQD GHPH QRNWDV ROPDN ]HUH '


G

'  NDQDW JLUL NHQDUQQ oDUN VW NDSDQD GHPH QRNWDV '  NDQDW JLUL NHQDUQQ oDUN DOW
G

'  a
R

PP PP
X

  JLUL G|QHO

'



'  '


G

NDQDW JLULLQGHNL DNNDQD DLW JLUL DoV RSWLPXP oDOPD QRNWDVQGD & K]QQ VIU ROGXX NDEXO\OH NROD\FD KHVDSODQDELOLU
 



&


X

&

&

P

' Q PVQ




 
 

WJ

& 8
P

Do  ROPDNOD EHUDEHU NDQDW X]XQOXXQXQ E\N YH NDQDW NDQDOODU DUDVQGDNL NRQLNOLN




.DQDW JLUL DoVQQ  LOH  DUDVQGD NDOPDV X\JXQGXU .DYLWDV\RQ EDNPQGDQ HQ X\JXQ EDNPQGDQ HQ X\JXQ Do  GLU


%X DoQQ GLHU ELU \|QGHQ NRQWURO \DSOPDN LVWHQLUVH DDGDNL \RO L]OHQLU 8


' Q


 

8 WJ

G

' Q
G

 

WJ



& 8
P



G

& 8
P

G

6LOLQGLULN NDQDW LPDOL LoLQ




G

 ROPDVQD GLNNDW HGLOPHOLGLU




.DVNDW NDQDW HWNLOHULQGHQ GROD\ DNNDQQ oDUND JLUHELOPHVL LoLQ


  

NDOQO KHQ] KHVDSODQPDGQGDQ \DNODN RODUDN EXOXQXU 'DUDOPD NDWVD\V QQ JHUoHN GHHUL EXOXQGXNWDQ VRQUD E JHUoHN GHHUL GH EXOXQXU DOQU
  

E\WOPHOLGLU  a dDUN JLUL JHQLOLL RODQ E  NDQDW VD\V YH NDQDW VD\V YH NDQDW JLUL LON \DNODN  a  DUDVQGD 

DoV NDGDU

E 4  ' &
7

P

  dDUNQ dN .RXOODU YH %R\XWODUQQ +HVDSODQPDV

.DQDW oN K] oJHQOHULQLQ ROXPD WHRULVLQGHQ ELOLQGLL ]HUH VRQVX] LQFH YH VRQVX] NDQDW VD\VQGDNL oN WHRULN K] oJHQL LOH DNNDQD DLW JHUoHN K] oJHQOHULQLQ VDSWDQPDV YH JHUHNOL ER\XWODUQ KHVDSODQPDV JHUHNLU gQFH ' oDUN oN oDS EXOXQPDOGU


+P

8 J
  



%XUDGD 8 oN oHYUHVHO K] ROXS PVQ GLU  %DVQo NDWVD\V (N  GHQ Q \H EDO RODUDN RNXQXU ' oDS 8 QLQ \DUGP\OD
V  

' Q IRUPOQGHQ oHNLOLU


 X



$\UFD (N  GHQ |]JO K]D EDO RODUDN ELU N EXOXQXU 8




X

J+ P
  



RODQ QRUPODUD X\JXQ KDOH JHWLULOHUHN NXOODQOU %X QRUP oDSD X\JXQ \HQL ELU 8 KHVDSODQPDOGU %\N oDS DOQPDVQQ QHGHQL \DSODFDN RODQ NRQWURO YH GHQH\OHUGHQ

)RUPOQGHQ \HQL ELU 8 YH GROD\V\OD \HQL ELU ' HOGH HGLOLU %XOXQDQ ' DUDVQGD E\N


NoOWOHELOPHVLQLQ PPNQ ROPDVGU NRQWURO HGLOPHOLGLU & GHQ N &


P P   

VRQUD

' oDS EXOXQGXNWDQ VRQUD '  ' RUDQ VQU GHHUOHUL LoLQ (N  GHQ |]JO K]D EDO RODUDN oN PHULG\HQ K] LON \DNODNOD & H HLW YH\D ELUD] NoN DOQDELOLU $\UFD (N
FP

GHHUL |]JO K]D EDO RODUDN RNXQXU J+ P


P

P

FP

 KHVDSODQDELOLU DoVQQ VDSWDQPDV LoLQ ELOLQPHVL JHUHNHQ ELU




)RUPOQGHQ GH & &


X

YH GROD\V LOH NDQDW oN DoV RODQ E\NONWU (XOHU GHQNOHPLQGHQ &


X

WHHWVHO K] ELOHHQL DNNDQQ oDUN WHUN HGHUNHQ WHHW GRUXOWXVX LOH \DSW
N

DoVQQ

 LoLQ


J+  8 
P 

PVQ



 DNNDQD DLW JHUoHN K] oJHQLQGH


K

KLGUROLN YHULPL WDEORODUGDQ




JHUoHN oN DoV IRUPO

H EDO RODUDN RNXQXU %|\OHFH NDVNDW NDQDW KDOLQGH

WJ%

&P  RODUDN \D]ODELOLU 8   &X 


N

 DoV KHVDSODQDQ

$QFDN NDVNDW NDQDW HWNLVL QHGHQL\OH NRQVWUNWLI NDQDW DoV RODQ DoVQGDQ GDKD E\N ROPDOGU <DQL HHU DNNDQQ oDUN NDQDW DoVQ
N   

GHQ E\N VHoPHN ]RUXQGD\]


X

DoV LOH WHUN HWPHVLQL LVWL\RUVDN VDSPD GD J|] |QQH DOQDUDN

N

YDUGU

DoVQQ VDSWDQDELOPHVL LoLQ &

WHRULN WHHWVHO K] ELOHHQLQLQ ELOLQPHVLQH LKWL\Do

WJ% N

&P 8   &X  f
X

 .& EDQWV YDUGU 

7HRULN YH JHUoHN WHHWVHO ELOHHQOHUL DUDVQGD & %XUDGD . VDSPD NDWVD\V XQD HLWWLU .     VLQ E  N = '    ' 

X



(HU ' '




 ROXUVD HNOLQH G|QU 



   VLQ E  N =

= NDQDW VD\VGU YH =  '  ' E  E N  VLQ N RODUDN IRUPOH HGLOPLWLU '  '  &
X



<XNDUGDNL IRUPOOHUGHQ DQODODELOHFHL ]HUH

VHoLOLS LOHPOHUGHQ VRQUD EXOXQDQ PDGGHOHWLULUVHN

VRQUD VDSWDQDELOLU %XUDGD X\JXODQPDV JHUHNHQ \|QWHP LWHUDV\RQ \DUGP\OD ELU


N

DoVQQ ELOLQPHVLQH LKWL\Do YDUGU 'LHU WDUDIWDQ

N

DoV GD DQFDN &

GHHULQL KHVDSOD\DELOPHN LoLQ


X

GHHUL ELOLQGLNWHQ
N

N

LOH NDUODWUOPDVGU(HU \DSODFDN LOHPOHUL

GHHUL

 D
N

  ROPDN ND\G\OD  a 


 

N

DoV NDQDW DoV VHoLOLU

E  QROX IRUPO \DUGP\OD = NDQDW VD\V KHVDSODQU F  QROX IRUPO \DUGP\OD . VDSPD NDWVD\V KHVDSODQU G  QROX IRUPOGHQ &
X

EXOXQXU DoODU NDUODWUU  a DUDVQGD oNDQ IDUNODU


  N

H %XOXQDQ GHHUOHULQ  QROX IRUPOGH \HULQH NRQPDV\OD EXOXQXU%XOXQDQ YH VHoLOHQ |QHPVL]GLU
N

NDQDW DoV

2UWDODPD ELU GHHU DOQDUDN




N

VDSWDQU

dDUN oN JHQLOLL E QLQ EXOXQPDV LoLQ VUHNOLOLN GHQNOHPL oDUN oN LoLQ \D]OUVD 4
7

' E


&

P



%XUDGDQ

E

47 S ' O & P 




 oDUN oNQGD NDQDW NDOQOQGDQ GROD\ oN NHVLWLQLQ GDUDOPDVQ YH GDUDOPD NDWVD\ODUQQ

NDUDNWHUL]H HGHU 'DUDOPD NDWVD\V DGQ DOU JHUoHN GHHUL EXOXQDELOLU

<XNDUGDNL IRUPOGH

$UWN NDQDW VD\V YH JLUL oN NDQDW DoODU ELOLQGLL LoLQ

1HW oN NHVLGL  .DQDWV] oN NHVLGL 



=H S ' 6LQE  N

 

=H S ' 6LQEN




.DQDW NDOQO H  )RQW oDUN LoLQ  PP '|NPH oHOLN EURQ] KDILI DODPO oDUN LoLQ  PP RODUDN DOQU $\UFD SRPSD E\NOQH EDO RODUDN
 

GDUDOPD NDWVD\V  LOH  DUDVQGD GHLLU

+HVDSODPDODUGD H PP RODUDN DOQDFDNWU

  QROX IRUPOGHQ HOGH HGLOHQ \HQL JHUoHN E GHHUL EXOXQDFDNWU


 

GHHUL  QROX IRUPOGH \HULQH NRQXODUDN

%|\OHFH oDUNQ oL]LPL YH LPDOL LoLQ JHUHNOL E\NONOHU KHVDSODQU dDUN oL]LPLQGH LON RODUDN PHULG\HQ NVPQ oL]LPL \DSOU 7DP VDQWULIM SRPSDODUGD DNQ oDUN JLULLQGH HNVHQHO \DSODFDNWU oNQGD LVH UDG\DO \|QGH ROPDV JHUHNLU dDUN oL]LPL YH oDUN NDQDWODUQQ oL]LPL LOHUGH



+HVDSODQDQ = NDQDW VD\V YH / NDQDW X]XQOXX oDUSPQQ PLQLPXP ELU GHHUL YDUGU .RYDWV PHWRGXQD J|UH LV NDVNDW NDQDW HWNLVL GH J|]|QQH DOQDUDN E  NDEXO\OH oDUN NDQDWODUQQ WRSODP \]H\L EXOXQXU LOH KHVDSODQDQ =/ +HVDSODQDQ YH oL]LPGH JHUoHN |Oo NDEXO HGLOHFHN RODQ JHUoHN =/ GHHUL .RYDWV PHWRGX IRUPOL]H HGLOLUVH =/
PLQ

0LQLPXP .DQDW <]H\LQLQ 6DSWDQPDV =/

PLQ

.RQWURO

GHHULQGHQ E\N ROPDOGU 7HRULN DQODWPD JLULOPHGHQ GLUHNW

PLQ

:f S  S


S ' & X 

EDQWV \D]OU



: GHHUL JLULoN EDO K]ODUQQ YHNW|UHO RUWDODPDV ROXS

8  8   & \  FRV E f

HNOLQGH \D]ODELOLU

     H EDO

%XUDGD WJ
EP

& P  GLU 8   8   &X 

EN  E  N 

&
W /

'  '  VLQ E P


S ' y '  =/
P

7P \XNDUGDNL EDQWODU VUDV\OD KHVDSODQGNWDQ VRQUD (N  \DUGP\OD YH W/

 RODUDN NRQXU
 S

 GHHUL RNXQXU (OGH HGLOHQ VRQXoODUQ KHSVL  QROX GHQNOHPGH \HULQH

*HUoHN ER\XWODU =/ GLU =/ ! =/ YH |]HOOLNOH PDQRPHWULN \NVHNOLLQ VDODQDELOPHVLGLU 
PLQ

NRQWURO \DSOPDOGU %X NRQWUROQ WHPHO VHEHEL LOHWPH NDUDNWHULVWLNOHULQLQ

$NNDQD DLW K] oJHQLQGHQ WJ 




'LI]|UQ *HUHNOL 2OXS 2OPDGQQ .RQWURO ! LVH GLI]|UH JHUHN \RNWXU


&P&X LVH YH



6DO\DQJR] KHVDEQGD LON DGP VDO\DQJR] HLW GLOLPOHUH E|OQU YH 4 GHELVLQLQ oHYUH ER\XQFD HLW PLNWDUGD VDO\DQJR]D JLUGLL NDEXO HGLOLU gUQHLQ VDO\DQJR]  NHVLWH E|OQUVH  NHVLWWHQ GHELQLQ WDPDPQQ JHoWLL NDEXO HGLOLU


6DO\DQJR] +HVDE

' VDO\DQJR] JLUL oDS oDUN oDSQGDQ  PP E\N DOQU dN ERUXVXQXQ NRQLNOLL HQ ID]OD   VHoLOLU %DODQJo D]QQ oDS LVH SUDWLNWH
 

6DO\DQJR] GLOLQLQ ' oDSO GDLUH\H X]DNO


 

G  a ' VHoLOPHOLGLU


I 

H '  DOQDELOLU $ODQODU 6DELWHVL $ &  '  YH


X 

  


[

$ U 4 5 W
 [ [ 

HWPL ROXUX] .RQLNOLN DoVQQ  GHQ NoN ROPDV NRQWURO LOH VDO\DQJR] oN IODQ


%DQWV KHU NHVLW LoLQ X\JXODQU YH U OHU EXOXQXUVD E|OGP] NHVLW VD\V NDGDU oDS HOGH DUDVQGDNL X]DNON WHVSLW HGLOLU

   dDUN .DU *|UQ YH .DQDW dL]LPL 7HN 'DLUH 0HWRGX LOH .DQDW dL]LPL


.oN oDSO oDUNODU |UQHLQ '  PP LoLQ NXOODQO ELU PHWRWWXU ' YH ' oDSO GDLUHOHU oL]LOLU ' oDSO GDLUH ]HULQGH KHUKDQJL ELU . QRNWDV VHoLOLU 2. LOH
  

GRUXQXQ ' oDSO GDLUH\L NHVWLL $ QRNWDV NDQDW EDODQJo QRNWDV ROXU (N   2%1
N

N

DoVQ \DSDQ

LOH NHVLP QRNWDVGU NDQDW GDLUH \D\QQ PHUNH]L ROXU %|\OHFH NDQDW oL]LOPL ROXU 


RODFDN HNLOGH %1 oL]LOLUVH * QRNWDV LOH EX LNL QRNWD $% GRUXVXQXQ RUWD GLNPHVL

JLUL QRNWDODU $ $  VDSWDQU R PHUNH]OL YH G ' VLQ


        

' YH ' oDSO GDLUHOHU oL]LOLU ' oDSO GDLUH W


 

dLIW 'DLUH 0HWRGXQD *|UH .DQDW dL]LPL

G] \DUGP\OD ELUELULQL L]OH\HQ NDQDOODUQ


 

NDGDU DOQDUDN ) QRNWDV EXOXQXU )$ QQ RUWD GLNPHVL LOH $ - WHHWLQLQ NHVLP QRNWDV 0
 

oDSO GDLUH\H $ - $ GHQ $ - WHHWOHUL oL]LOLU $ GHQ LWLEDUHQ H NHQDU NDOQO YH

oDSO GDLUH oL]LOLU $ QRNWDVQGDQ G G]

PHUNH]OL YH $ )GHQ JHoHQ GDLUH \D\ oL]LOLUVH NDQDW Lo \]H\LQH DLW NVP EHOLUOHQLU.DQDW NDOQO H GD GRUX YHULOHUHN oL]LP WDPDPODQU (N    1RNWD 1RNWD .DQDW dL]LPL ER\XQFD QRNWD QRNWD


*HUoHNWHNDQDW oL]LPL HQ X\JXQ \RO NDQDW JLULL

\HUOHWLUPHNWLU%X PHWRG \NVHN |]JO K]O YH \DU HNVHQHO SRPSDODUGD GD UDKDWONOD X\JXODQDELOLU $QFDN \NVHN |]JO K]O SRPSDODUGD JHUoHN DoODU EXOPDN LoLQ oRN ]DPDQ NRQLN DoOPODU V|] NRQXVX ROXU$QFDN VDQWULIM SRPSDODUGD NDQDW JLULLQGHNL DoODU JHUoHN KDWD \DSPDNV]Q D\Q NDEXO HGLOHELOLU

DoODUQQ GHHUOHULQL VDSWDPDN YH NDQDG EX DoODUD X\JXQ HNLOGH

DoV LOH oN

N

DoVQD NDGDU NDQDW

GHHULQGHQ ELUD] IDUNO LVH GH NDQDGQ E\N ELU NVPQGD JHUoHN Do LOH L]GP E\N ELU %X PHWRWWD \DSODFDN LON LOHP NDQDW ER\XQFD K] oJHQOHULQL oL]PHN YH DoODUQQ

GHHUOHULQL JLULWHQ oND VDSWDPDNWDGU dL]LP D\UQWODU LOH (N  WH J|VWHULOPLWLU

  6$175)h- 3203$ /(70( .$5$.7(567./(5

%X E|OPGH oDOPD NRXOODUQQ WDVDUODQDQ SRPSDQQ NDUDNWHULVWLN E\NONOHUL ]HULQGH ROXWXUDFD HWNLOHU LQFHOHQHFHNWLU %X WDU] |]HOOLNOHU SURMH KHVDSODUQGD oRN E\N ELU GHLLNOLN PH\GDQD JHWLUPH] 6DGHFH SRPSDQQ HNOLQLQ EHOLUOHQPHVLQGH |QHPOL URO R\QDU  (PPH 'HULQOLL YH .DYLWDV\RQ

3RPSDODUGD HPPH GHULQOLL |QHPOL |]HOOLNOHUGHQGLU OHWPH NDUDNWHULVWLNOHUL LOH ELUOLNWH |Q DUW NRXOXU .DYLWDV\RQ ROD\ LVH EX HPPH GHULQOLLQL VQUOD\DQ HQ E\N HWNHQGLU 6DGHFH HPPH GHULQOLLQL VQUODPDNOD NDOPD] JUOW YH WLWUHLP JLEL \DQ HWNLOHUH EXQODUD EDO RODUDN GD PDO]HPH DQPDV QHGHQL\OH SRPSD |PUQQ NVDOPDVQD \RO DoDU %X QHGHQOH NDYLWDV\RQD L]LQ YHULOPHPHOLGLU g]JO K] DUWWNoD NDYLWDV\RQD NDU RODQ KDVVDVL\HW GH DUWDU %XQXQ \DQ VUD SRPSD GHYLU VD\V GD NDYLWDV\RQ ROD\QGD HWNLOLGLU gUQHLQ D\Q GHEL YH oDODELOLUNHQ \NVHN GHYLUGH oDODQGD NDYLWDV\RQ ROD\ J|UOU $NNDQQ VFDNO PDQRPHWULN \NVHNOLL VDOD\DQ LNL SRPSDGDQ GN GHYLUGH oDODQ NDYLWDV\RQVX] NDYLWDV\RQ ROXXPXQGD GLHU ELU IDNW|UGU 6FDNON DUWWNoD NDYLWDV\RQ ULVNL \NVHOPHNWHGLU %X GXUXP DNNDQQ EXKDUODPD EDVQF LOH LOJLOLGLU $NNDQQ EXKDUODPDPDV LoLQ JHUHNOL RODQ DVJDUL EDVQo DNNDQQ VFDNO LOH ELUOLNWH DUWPDNWDGU

HNLO  .DYLWDV\RQD XUDP SRPSD IDQODU

 6X\XQ VFDNO W %XKDUODPD EDVQF +


Y



dL]HOJH  6FDNONEDVQo 










  





<NVHNOLN P     1P

2UWDODPD DWPRVIHU EDVQF %DU 0EDU    

dL]HOJH  <NVHNOLNEDVQo PP +J     .JIFP    

       

3RPSDQQ NDYLWDV\RQVX] oDODELOPHVL LoLQ


PHYXW

NULWLN

ROPDNWDGU

 

PHYXW

+ D  + V  + Y  + NH +P

<XNDUGDNL IRUPOGH +
D

3RPSDQQ GHQL] VHYL\HVLQGHQ oDOPD \NVHNOLLQH EDO RODUDN dL]HOJH  GHQ PVV 6X VFDNOQD EDO RODUDN VX\XQ EXKDUODPD EDVQF dL]HOJH  GHQ PVV NDYLWDV\RQ IDNW|U |]JO K] GHHULQH EDO RODUDN (N  GDQ EXOXQXUODU 
NULWLN

NULWLN

PHYXW



NH

/H  .V  .G 'H

9H J



 <XNDUGD  QROX IRUPOGH .


V

oHNYDOI YH V]JHo ND\S NDWVD\V (N  'LUVHN ND\E NDWVD\V (N  HPL K] (N  6UHNOL \N ND\S NDWVD\V 0RRG\ GL\DJUDPQGDQ 5 YH .' SU]OON RUDQQD EDO
H

. 9

RODUDN EXOXQXU
NU

DUDWUFODUQ HOGH HWWLL VDQWULIM SRPSDODUQQ GHQH\VHO VRQXoODUQD GD\DQDQ DDGDNL IRUPOOHU NXOODQODELOLU 7HN JLULOL VDQWULIM SRPSDODU LoLQ 
NU

KHVDE LoLQ KHP (N  NXOODQODELOLU KHP GH :LVOLFHQXV :DWVRQ YH .DUDVVLN JLEL

 Q


 V



dLIW JLULOL VDQWULIM SRPSDODU LoLQ 


NU

 Q


 V



%X GHHUOH NULWLN NDYLWDV\RQ IDNW|U RODUDN NDEXO HGLOHELOLUOHU 7DEORGDQ RNXQDQ GHHUL LVH  LOH  HPQL\HW SD\ODU LOH NXOODQPDNWD ID\GD YDUGU 7P EX GHHUOHU \HULQH \D]OGQGD +
VPD[

GHHUL EXOXQDFDNWU

3RPSD VHoLPLQGH YH SRPSDQQ HPL DUWODUQQ EHOLUOHQHUHN \HUOHLP SODQQQ \HUOHLP



(PPHGHNL 1HW 3R]LWLI <N 'HHUL (13<

\DSOPDVQGD |QHPOH GLNNDWH DOQPDV JHUHNHQ ELU KXVXV GD SRPSDQQ SHUIRUPDQV HULOHULQLQ DOW NVPODUQGD J|VWHULOHQ 136+ NDUDNWHULVWLLGLU %X GHHUOHU JD] YH KDYD NDEDUFNODUQGDQ DUQP WHPL] VX LoLQ JHoHUOLGLU 1HW SR]LWLI HPPH EDVQF GL\H LVLPOHQGLULOHQ 136+ GHHUL

ELU SRPSDQQ |QJ|UOHQ LOHWPH GHHULQGH NDYLWDV\RQVX] YH YHULPOL ELU HNLOGH oDODELOPHVL LoLQ SRPSDQQ HPL D]QGD YDUROPDV JHUHNHQ DVJDUL QRPLQDO VX EDVQFQ LIDGH HWPHNWHGLU 9HULOPL ELU SRPSD WHVLVDW LoLQ JHoHUOL (13< GHHUL DDGDNL EDQW\OD EXOXQXU (13< + +
D VPD[

+ +
Y

NH

 GHHUL LOH HPQL\HW DoVQGDQ NDUODWUODELOLU


VPD[

(HU (N  \DUGP\OD ELU (13< GHHUL EXOXQXUVD \HQL ELU + %|\OHFH ELU |QFHNL E|OPGH EXOXQDQ +
VPD[

GHHUL GH HOGH HGLOPL ROXU

  7RSODP .D\SODU YH *HRPHWULN <NVHNOLN

7RSODP ND\S YH JHRPHWULN \NVHNOLN KHVDE GD D\Q HPPH GHULQOLL YH NDYLWDV\RQ KHVDEQGD ROGXX JLEL EHOLUOL ELU WHVLVDW J|] |QQH DOQDUDN \DSOU +

NE

9E /E O '  . G  . Y  . D   J E
E E



%X IRUPOGH / EDVPD ERUXVX X]XQOXX ' LVH EDVPD ERUXVX oDSGU 7RSODP ND\SODU +
NW

+ +
NE

NH



(HU EDVPD GHSRVXQD DNDQ VX\XQ HQHUMLVL GH J|] |QQH DOQUVD +


NW

+ 9 J PVV RODUDN EXOXQXU


 NW 



X KDOGH JHRPHWULN \NVHNOLN + + 


J P

+ P EXOXQXU
NW





.ULWLN K] KHVDEQGD SRPSDQQ QRUPDO oDOPD GHYUL\OH NULWLN GHYLU DUDVQGDNL IDUND EDO RODUDN SRPSDQQ PLOL LoLQ WHKOLNHOL ELU GXUXP ROXXS ROXPDG LQFHOHFHNWLU +HVDE \DSODQ SRPSD WLSLQH X\JXQ \DWDNODPD ELoLPL (N  GDQ VHoLOHFHNWLU7HN NDGHPHOL VDO\DQJR]OX WDP VDQWULIM SRPSDODUGD JHQHOOLNOH PLOLQ ELU XFXQGD oDUN GLHU XFXQGD NDVQDN DUO VLOLQGLULN SDUoDODUGDQ ROXPX JLEL GQOHUHN KHVDSODQPDOGU


.ULWLN +] +HVDE

VLVWHPL EXOXQXU <DWDNODPD LOHPL  UXOPDQ YDVWDV LOH \DSOU .ULWLN K] KHVDE LoLQ oDUNQ 3 ON |QFH oDUND DLW VLOLQGLULN SDUoDODUQ KDFLPOHUL GP FLQVLQGHQ KHVDSODQU 'DKD VRQUD = NDQDW VD\V \DUGP\OD WRSODP NDQDW KDFPL EXOXQDFDNWU %XOXQDQ WRSODP KDFLPGHQ oDUN DUOQD JHoLOHELOLU 7DVDUODQDQ SRPSD WHN NDGHPHOL VDO\DQJR]OX WDP VDQWULIM WLSWH ROGXXQGDQ (N  GDQ VHKLP IRUPO LoLQ
< S /  / / (,

FP RNXQXU



 <XNDUGDNL IRUPOGH / YH / \DWDNODPD PHVDIHOHULGLU (HU KHVDSODUQ VRQXFXQGD NULWLN K] SRPSD QRUPDO GHYULQH \DNQ oNDUVD / YH / PHVDIHOHUL GHLWLULOLU
 


1Q  < GHYGDN RODUDN WDQPODQU



   67(1/(1 g=(//./(5'( 3203$ 0$/ d1 +(6$3/$0$/$5 3RPSD 7LSLQLQ 6DSWDQPDV

3RPSD DDGDNL GHHUOHUH X\JXQ RODUDN WDVDUODQDFDNWU Q  GHYGDN 4  OWVQ  P VQ


 P

3RPSD WLSL LoLQ  QROX IRUPOGHQ Q 


V

 

 

 

 GHYGDN

3RPSD WDP VDQWULIM WHN NDGHPHOL YH WHN JLULOL  3RPSD 0LO *F +HVDE 

3RPSD JHQHO YHULPL  (N  9HULPH DLW HPQL\HW SD\ 9HULP 0LO JF
J



   %* 


 DOQU

0LO JF !  N: ROGXXQGDQ 1   


H

 %*

 N:


3RPSD PLOL LoLQ RUWDODPD ELU ND\PD JHULOPHVL GHHUL DOUVDN & LoLQ  NJFP RODUDN  QROX IRUPOGHQ EXOXQXU 'PLO  

 
P

FP
 PP
P

6WDQGDUW PLO oDS G


J

*|EHN oDS G G

 PP

   3RPSD 2UJDQODUQQ +HVDE 3RPSD dDUN *LUL %R\XWODU

Q  GHYGDN  4  OWVQ LoLQ 9  PVQ (N 


H

 QROX IRUPOGHQ '

 S 
H

 P  PP

' GHHUL QRUPODWUOUVD '  PP ROXU %XQD EDO RODUDN 9  PVQ EXOXQXU
H H

' 'H


 QROX IRUPOGHQ 4   OWVQ


7

 QROX IRUPOGHQ &

 S     


H

 PVQ RODUDN EXOXQXU

&  9 ROPDOGU  9


 H



S  '   




 PVQ


GHQNOHPLQGHQ ' o|]HUVHN

'  P


&  PVQ




 QROX IRUPOGHQ &   PVQ




& &


P

 PVQ


 QROX IRUPOGHQ '   P  QROX IRUPOGHQ '  QROX IRUPOGHQ '
G

  PP  PP RODUDN EXOXQXU



%XOXQDQ GHHUOHU  YH  QROX IRUPOOHUGH \HUOHULQH \D]OUVD 8




  PVQ




WJ

 


%XUDGDQ 8


 


   PVQ

 )RUPO   8
G

   PVQ   




WJ



 


)RUPO   WJ
 G

 
G

G

 


 ROGXXQGDQ X\JXQGXU


 

N

    RODUDN EXOXQXU




)RUPO   E


  P S 



%DVQo .DWVD\V 


 

dDUNQ dN .RXOODU YH %R\XWODUQQ +HVDSODQPDV (N 

 PVQ

)RUPO    ' 


 

%XUDGDQ '  P .RQWURO DPDF\OD .


8

 (N 

)RUPO   8  




 PVQ

'

  P S 


 

%\N ' oDS VHoLOLU(PQL\HW DoVQGDQ '  PP DOQU

 8  PVQ RODUDN EXOXQXU




WHVSLW HGLOLU

Q  YH ' '  LoLQ (N  GHQ NRQWURO \DSODUDN HPQL\HW VQUODU LoHULVLQGH NDOG
V  

)RUPO   &


P

 

 PVQ

 QROX IRUPOGHQ &


8

 

 PVQ RODUDN KHVDSODQU

%XOXQDQ GHHUOHU IRUPO  H WDQUVD WJ




   


 



%XUDGDQ GD
N

  RODUDN EXOXQXU

 QROX IRUPOOHU NXOODQODUDN LOHPOHU JHUoHNOHWLULOHFHNWLU D


N

 DoVQQ EXOXQDELOPHVL LoLQ LWHUDV\RQ \DSOPDV X\JXQGXU        YH  VHoHOLP


E =  F .  G &

      6LQ  =  NDQDW        VLQ   

8

  PVQ    


N N

H WJ

N

 


)DUN E\N ROGXXQGDQ \HQL ELU D


N

VHoLOPHVL JHUHNLU

 VHoHOLP


E =  F . 

      VLQ        VLQ   

  =  NDQDW

 G &
8

  PVQ    


 N N

H WJ

N

 


%X GXUXPGD

 DOQDELOLU =  GLU

 QROX IRUPO \DUGP\OD






 S  VLQ 



 QROX IRUPOGH \HULQH NRQXOXUVD

 S 

 P  PP

 QROX IRUPOGHQ






 S  VLQ 



 S 

 P  PP RODUDN EXOXQXUODU

 0LQLPXP .DQDW <]H\LQLQ =/ PLQ .RQWURO NXOODQODFDNWU WJ :

%|OP WH DoNODQDQ          YH  QROX IRUPOOHU      
      FRV  


 PVQ



   

/  VLQ  P  PP W/ S    


P



W/  YH
 S

 LoLQ


 (N 

 %XOXQDQ EWQ GHHUOHU  QROX IRUPOGH \HULQH \D]OUVD =/


PLQ

S   

*HUoHN ER\XWODUGD =/   ! ROGXXQGDQ X\JXQGXU  WJ




%LOLQHQ GHHUOHU IRUPO  GD \HULQH NRQXOXUVD




'LI]|UQ *HUHNOL 2OXS 2OPDGQQ .RQWURO  




 


! ROGXXQGDQ GLI]|UH JHUHN \RNWXU 6DO\DQJR] +HVDE



)RUPO  GHQ $    P VQ RODUDN EXOXQXU




6DO\DQJR] KHVDE  NHVLW LoLQ \DSODFDNWU D .HVLW LoLQ 4


[

  P VQ RODUDN EXOXQXU


  [

)RUPO  GDQ  U  U


 [ [

U

[

 

 U  

'HQNOHP N|NOHULQH D\UOUVD U


[

 P G  PP


E .HVLW LoLQ 4
[

 P VQ RODUDN EXOXQXU


  [

 U

 U  
[ [

%XUDGDQ U

 P G  PP


F .HVLW LoLQ 4
[

 P VQ RODUDN EXOXQXU




  U
 [

 U  
[ [

%XUDGDQ U

 P G  PP


G .HVLW LoLQ 4
[

 P VQ RODUDN EXOXQXU


  [

 U

 U  
[ [

%XUDGDQ U

 P G  PP


H .HVLW LoLQ 4
[

 P VQ RODUDN EXOXQXU


  [

 U

 U  
[ [

%XUDGDQ U

 P G  PP


I .HVLW LoLQ 4
[

 P VQ RODUDN EXOXQXU


  [

 U

 U  
[ [

%XUDGDQ U

 P G  PP


J .HVLW LoLQ 4
[

 P VQ RODUDN EXOXQXU


  [

 U

 U  
[ [

%XUDGDQ U

 P G  PP


K .HVLW LoLQ 4
[

 P VQ RODUDN EXOXQXU


  [

 U

 U  
[ [

%XUDGDQ U

 P G  PP (N YH (N 


6RQ NHVLWWH VX K] & 4 U


 [

   P VQ




 .RQLNOLN DoVQQ  GHQ NoN ROPDV LoLQ VRQ NHVLW LOH VDO\DQJR] IODQ DUDVQGDNL X]DNON


WJ

  /

 /  P  PP
E

6DO\DQJR] oN IODQ oDS  PP VHoLOLUVH WJ




 /



 /

 P  PP



%X E|OPGH \DSODFDN KHVDSODPDODUGD NXOODQODFDN SRPSD WHVLVDW LOH LOJLOL WP GHHUOHU SODQODPDV \DSOP ELU WHVLVDW ROGXX YDUVD\ODUDN \DSODFDNWU  QROX IRUPOGHQ \ROD oNODUDN +
NH

3RPSD OHWPH .DUDNWHULVWLNOHUL

     PVV




<XNDUGDNL KHVDSODPDGD .  (N 
V

.  (N  %RUX oDS GLUVHN \DU oDSQD EDO RODUDN GHLLU


G

7DEOR  GHQ +  PVV  P \NVHNOLN LoLQ


D

dL]HOJH  GHQ +  PVV 6X VFDNO 


 Y

(N  GHQ

NU

 RODUDN RNXQXU

%X GHHU IRUPO  GH \HULQH \D]OUVD


PHYFXW

 

%WQ EXOXQDQ GHHUOHU  QROX IRUPOGH \HULQH NRQXOXUVD + +


VPD[

  P RODUDN EXOXQXU (PPHGHNL 1HW 3R]LWLI <N 'HHUL (13<

VPD[

 +

(N  GHQ (13<  P RODUDN RNXQXU


VPD[

  P EXOXQXU

  7RSODP .D\SODU YH *HRPHWULN <NVHNOLN


E

(HU /  P'  PP ROGXX YDUVD\OUVD


E

9 4 '  PVQ


  E

.  
G

. 
Y

.  GHHUOHUL  QROX IRUPOH X\JXODQUVD


o

NE

 PVV RODUDN EXOXQXU


NW

7RSODP ND\SODU +

+ +
NE

NH

  PVV

%DVPD GHSRVXQD DNDQ VX\XQ HQHUMLVL LOH ELUOLNWH +


NW

    PVV




*HRPHWULN <NVHNOLN IRUPO  GHQ +


JP

  P .ULWLN +] +HVDE



.ULWLN K] KHVDE (N  \DUGP\OD \DSODFDNWU dDUND DLW VLOLQGLULN SDUoDODUQ KDFLPOHUL GP WU


  

S        S        S       

 GP   GP 

S        

 GP   GP 

$\UFD ELU NDQDGQ KDFPL H / E


[

7RSODP NDQDW KDFPL   GP




7RSODP KDFLP   GP




 dDUN EURQ]GDQ LPDO HGLOHFHLQGHQ


E

 NJGP


%XUDGDQ oDUN DUO 3   NJ NJ (N GDQ \DWDNODPD HNOL VHoLOLU <DWDNODPD PHVDIHOHUL /  FP


/  FP ROVXQ
  

(  NJFP  ,
 

<

      

G 
 P

   FP

 FP

.ULWLN K] IRUPO  1


NU

    GHYGDN RODUDN EXOXQXU

3RPSDQQ QRUPDO oDOPD GHYULQLQ  NDW E\N ROGXXQGDQ PLO EDNPQGDQ WHKOLNHOL ELU GXUXP \RNWXU

 (NVHQHO WPH .XYYHWLQLQ +HVDSODQPDV

%LOLQHQ GHHUOHU  QROX IRUPOGH \HUOHULQH \D]OGNODUQGD


                3       
 

3  NJ EXOXQXU


3 J4 &  NJ


 7 

7RSODP HNVHQHO LWPH NXYYHWL 3   NJ RODUDN EXOXQXU


7

 5XOPDQ +HVDE

5XOPDQ KHVDE LoLQ \DWDNODPD X]DNONODU YH HNLO GDKD |QFHGHQ EXOXQPXWX (N   5XOPDQODUQ KHVDSODUQGD )$* UXOPDQ NDWDORJ GHHUOHUL NXOODQOPWU $\Q \DWDNODPD HNOL ]HULQGH $ YH % \DWDNODUQD JHOHQ NXYYHWOHU KHVDSODQUVD NL EX

KHVDSODPDGD UDG\DO NXYYHW RODQ oDUN DUO LNL \DWDN DUDVQGD SD\ODWUOP HNVHQHO LWPH

 NXYYHWLQLQ LVH $ \DWDQD HWNLGLL J|] |QQH DOQPWU dL]HOJH  <DWDNODPD X]DNONODU (NVHQHO .XYYHW GD1   PP  

5DG\DO .XYYHW GD1 $ %  

0LO dDS

0LO +] GHYGDN  

5XOPDQ |PU LoLQ /  K \HWHUOLGLU


K

% \DWD  & GLQDPLN \N VD\V & ) )

KHV

)/ )% )Q


   )

$%

 GD1  

/K 


 

 Q

 

&

KHV

 GD1  1

5XOPDQ NDWRORXQGDQ % \DWD LoLQ  QROX UXOPDQ VHoLOLU &


WDEOR

 1
$

$ \DWD  )

&) <)
U

gQFH WDEORODUGDQ ELU UXOPDQ VHoLOHUHN HNVHQHO NXYYHWLQ VWDWLN \N NDWVD\VQD RUDQ RODQ H VD\V EXOXQXU 'DKD VRQUD

NXYYHWOHULQ oDUSODFDNODU NDWVD\ODU EXOXQXU

)D d H YH\D )U

)D ! H NRXOODU LOH HNVHQHO YH UDG\DO \|QGHNL )U

)D )U

 



%\N HNVHQHO NXYYHWLQ \DQQGD UDG\DO NXYYHWH GH VDKLS ROGXXQGDQ WHN VUDO oLIW oDODQ

 HLN ELO\DO \DWDNODUGDQ  %* QROX \DWDN VHoLOLU &  1




( ) & 
D R

)D )D  ROGXXQGDQ WDEORGDQ ;  <  RODUDN RNXQXU &  )U


)
$

  1     1  1 %X QHGHQOH $

&

KHV

7DEORGD VHoLOHQ UXOPDQ LoLQ YHULOPL GLQDPLN \N NDWVD\V & \DWD LoLQ  %* QROX UXOPDQ VHoLOLU $ \DWDQQ |PU \|QQGHQ GH NRQWURO \DSOUVD /

WDEOR

  &  U )O

    

 K

3  %LO\DO <DWDNODU 3  0DNDUDO <DWDNODU =DWHQ \D VHoHUNHQ GH  VDDWOLN oDOPD \HWHUOLGLU GHQLOPLWL  +HVDSODQDQ 'HHUOHULQ 8\JXODQDELOLUOLL

 GG G|Q K]QGD  PVV EDVPD \NVHNOLL YH  OWVQ GHEL VDOD\DQ ELU SRPSDQQ oDUN YH VDO\DQJR]XQD DLW |Oo GHHUOHUL KHVDSODQPWU +HVDSODPD \|QWHPL\OH oNDUWODQ EX |QQH DOQDUDN D\Q WLS ELU SRPSDQQ QRUP  WLS SRPSD\D oRN \DNQ GHHUOHU ROGXX WHVSLW HGLOPHNWHGLU hUHWLPL \DSOPDNWD RODQ 1RUP  WLS SRPSD\D DLW LPDODW UHVLPOHULQGHNL GHHUOHU KHVDSODQDQ SRPSDGDNL VD\VDO GHHUOHUH \DNQ GHHUOHU ROGXX J|]OHPOHQPHNWHGLU (N  YH  GH SRPSD IDEULNDVQGDQ HGLQLOHQ GHHUOHULQ JQP]GH WHNQRORMLQLQ JHOLPHVL YH KHVDSODPDODUGD HPQL\HW NDWVD\ODUQQ \NVHN WXWXOPDV JHUHNWLL LPDODW \DSOPDV GRUX ROPDPDNOD EHUDEHU LPDO HGLOHQ SRPSDODUQ ]DPDQ LoHULVLQGH LOHWPH VRQXoODU 7XUER 6DQ IDEULNDVQGD \DSP ROGXXP DUDWUPDODUGD D\Q LOHWPH DUWODU J|]

GQFHVL\OH WHFUEHOHUH GD\DQDUDN HOH DOQPDNWDGU 6DGHFH KHVDSODQDQ VD\VDO GHHUOHUOH DUWODUQGD J|VWHUPL ROGXNODU GDYUDQODU SRPSDODU NRQXVXQGD X]PDQODP PKHQGLVOHU

 WDUDIQGDQ LQFHOHQHUHN JQP] DUWODUQD oDOOPDNWDGU GDKD D] HQHUML WNHWHQ SRPSDODU UHWLOPH\H

+HVDSODQDQ GHHUOHUH VDKLS SRPSD\D H KLGUROLN NRQVWUNVL\RQ |]HOOLNOHUH VDKLS 7XUER  YH (N  GD EXOXQPDNWDGU )DEULND LoHULVLQGH SRPSDODUQ SHUIRUPDQV WHVWOHULQLQ \DSOP HULOHULQH EDNDUDN SRPSDQQ J|VWHUHELOHFHL SHUIRUPDQV GHHUOHUL J|]OHPOHQPHNWHGLU

6DQGD UHWLOPHNWH RODQ 1RUP  WLS ELU VDQWULIM SRPSD\D DLW SHUIRUPDQV GHHUOHUL (N ROGXX NDSDO WLS ELU VLVWHPH VDKLS WHVW VWDQGQGD |OoOPWU3RPSDODUGD SHUIRUPDQV

  6218d/$5

%X oDOPDGD VDQWULIM SRPSDODUQ WDQP VQIODQGUPDV WHPHO E\NONOHULQLQ NODVLN KHVDSODPD \|QWHPL SRPSD RUJDQODUQQ KHVDS YH oL]LP \|QWHPOHUL HOH DOQPWU 1RUP WLS ELU VDQWULIM SRPSDGD G|Q K] EDVPD \NVHNOLL YH GHELVL VD\VDO GHHUOHU EHOLUOHQHUHN oDUN YH VDO\DQJR]XQ DQD ER\XWODU KHVDSODQPWU )DEULNDGD UHWLPL \DSOPDNWD RODQ KHVDSODQDQ GHHUOHUH VDKLS SRPSD LOH D\Q NRQVWUNVL\RQ |]HOOLNOHUH VDKLS ELU VDQWULIM \DSOP ROGXX NDSDO ELU WLS VLVWHPH VDKLS WHVW VWDQGQGD |OoPOHU \DSOPWU

SRPSD HOH DOQDUDN LQFHOHQPLWLU )DEULND LoHULVLQGH SRPSDODUQ SHUIRUPDQV WHVWOHULQLQ 6RQXo RODUDN ELU VDQWULIM SRPSD WDVDUP \DSDUNHQ NODVLN KHVDSODPD \|QWHPOHUL LOH HOGH ROGXX J|UOPHNWHGLU DQFDN NODVLN \|QWHPOHU LOH KHVDSODQDQ ED] GHHUOHULQ SUDWLNWH \HWHUVL] HPQL\HW NDWVD\ODUQQ oRN GDKD \NVHN WXWXOPDVQ JHUHNWLUGLL J|]OHPOHQPLWLU

HGLOHQ GHHUOHU LOH UHWLPL \DSOPDNWD RODQ VDQWULIM SRPSDODUQ LPDODW GHHUOHULQLQ \DNQ ROGXX J|UOPHNWHGLU OHWPH DUWODUQGDQ ND\QDNODQDQ ROXPVX]OXNODUQ SRPSDODUGD .RUR]\RQXQ |]HOOLNOH NRUR]\RQXQ ELU oHLGL RODQ NDYLWDV\RQXQ SRPSDODUD oRN ]DUDU YHUGLL J|UOPHNWHGLU 6DQWULIM SRPSDODUQ VHoLPLQGH NRUR]\RQ HWNLVL J|] |QQH DOQDUDN VHoLOHQ SRPSDODUQ |PUQQ GDKD X]XQ ROGXX oDOPD VUHVLQLQ GH GDKD X]XQ ROGXX J|UOPHNWHGLU (HU ELU VLVWHPGH NXOODQODFDN RODQ SRPSDODUQ NDUDNWHULVWLN |]HOOLNOHUL GRUX WHVSLW HGLOHPH] LVH VDGHFH SRPSDODU ]DUDU J|UPHNOH NDOPDPDNWD D\Q ]DPDQGD VLVWHP GH ]DUDU J|UPHNWHQ NXUWXODPDPDNWDGU

 .$<1$./$5

6|QPH] )   6DQWULIM 3RPSDODU .LSD 'DWPFON VWDQEXO

-DSLNVH ' 0DUVFKHU :')XUVW 5%   &HQWULIXJDO 3XPS 'HVLJQ DQG 3HUIRUPDQFH :LOGHU 9W  86$ %D\VDO %.  7DP 6DQWULIM 3RPSDODU 7h 0DWEDDV 6WHSDQRII $-   &HQWULIXJDO DQG $[LDO )ORZ 3XPS *|NHOLP $7    3RPSDODU %LUVHQ <D\QHYL VWDQEXO HQHO 0   5XOPDQ %LOJLVL 6'(05 (LWLP 0GUO 'HPLUGHOHQ + .XUV 1RWODU 6'(05 (LWLP 0GUO )$* 5XOPDQ .DWDORX VWDQEXO %XUJPDQQ 0HNDQLN 6DOPDVWUD 6HPLQHU 1RWODU VWDQEXO

%XUJPDQQ 6]GUPD]ON (OHPDQODU 7HNQRORMLVLQGH <XPXDN 6DOPDVWUDODU 7HNQLL YH 8\JXODPDODU VWDQEXO 6WDQGDUW 3RPSD .DWDORX 3RPSD .XOODQFODUQD 1RWODU   VWDQEXO 7XUERVDQ 3RPSD .DWDORX   VWDQEXO 3RPSD YH 9DQD .RQJUHVL   VWDQEXO

 (./(5 (N  (N  (N  (N  (N  (N  (N  (N  (N  (N  (N  (N  (N  (N  (N  (N  (N  (N  (N  3RPSD JHQHO YHULPLQLQ |]JO K] YH GHEL\H J|UH GHLLP HULOHUL (PPH ERUXVXQGDNL K]ODUQ GHEL YH GHYLU VD\V LOH GHLLPL g]JO K] YH N YH N


%DVQo NDWVD\VQQ YH ' ' RUDQQQ Q |]JO K]D J|UH GHLLPL +DUHNHWOL GDLUHVHO NDVNDW LoLQ :HLQLJ 'L\DJUDP
FP FP

JUDILL

6DQWULIXM SRPSDODUGD NULWLN NDYLWDV\RQ IDNW|UQQ |]JO K] LOH GHLLPL (13< GHHUOHULQLQ GHEL YH GHYLU VD\VQD J|UH GHLLPL %RUX EDODQW HOHPDQODU YH ND\S NDWVD\ODU dDUN ER\XWODUQD DLW GHHUOHU 0LOLQ \DWDNODQPD NRQXPODUQD J|UH VHKLP GHHUOHUL $$ .HVLWL VDO\DQJR] ER\XWODUQD DLW GHHUOHU %% .HVLWL VDO\DQJR] ER\XWODUQD DLW GHHUOHU 7HN GDLUH PHWRGX LOH NDQDW oL]LPL dLIW GDLUH PHWRGX LOH NDQDW oL]LPL

.DQDW DoODUQQ GHLLPLQLQ VDSWDQPDV  1RUP WLS SRPSD WHVW UDSRUX  1RUP WLS SRPSD NDUDNWHULVWLN HULOHUL  1RUP WLS SRPSD J|YGHVL LPDODW UHVPL  1RUP WLS SRPSD oDUN LPDODW UHVPL

 (N  3RPSD JHQHO YHULPLQLQ |]JO K] YH GHEL\H J|UH GHLLP HULOHUL

 (N  (PPH ERUXVXQGDNL K]ODUQ GHEL YH GHYLU VD\V LOH GHLLPL

 (N  %DVQo NDWVD\VQQ YH ' ' RUDQQQ Q |]JO K]D J|UH GHLLPL


  V

 (N  g]JO K] YH N
FP

YH N

FP

JUDILL

 (N  +DUHNHWOL GDLUHVHO NDVNDW LoLQ :HLQLJ 'L\DJUDP

 (N  6DQWULIXM SRPSDODUGD NULWLN NDYLWDV\RQ IDNW|UQQ |]JO K] LOH GHLLPL

 (N  (13< GHHUOHULQLQ GHEL YH GHYLU VD\VQD J|UH GHLLPL

 (N  %RUX EDODQW HOHPDQODU YH ND\S NDWVD\ODU

 (N  0LOLQ \DWDNODQPD NRQXPODUQD J|UH VHKLP GHHUOHUL

 (N  dDUN ER\XWODUQD DLW GHHUOHU

 (N  $$ .HVLWL VDO\DQJR] ER\XWODUQD DLW GHHUOHU

 (N  %% .HVLWL VDO\DQJR] ER\XWODUQD DLW GHHUOHU

 (N  7HN GDLUH PHWRGX LOH NDQDW oL]LPL

 (N  dLIW GDLUH PHWRGX LOH NDQDW oL]LPL

 (N  .DQDW DoODUQQ GHLLPLQLQ VDSWDQPDV

 (N   1RUP WLS SRPSD WHVW UDSRUX

 (N   1RUP WLS SRPSD NDUDNWHULVWLN HULOHUL

 (N   1RUP WLS SRPSD oDUN LPDODW UHVPL

 (N   1RUP WLS SRPSD J|YGHVL LPDODW UHVPL

 g=*(d0 'RXP WDULKL 'RXP \HUL /LVDQV   .G](UHOL .G](UHOL $QDGROX /LVHVL

2UWDRNXO/LVH



<NVHN /LVDQV



8OXGD hQLYHUVLWHVL 0K0LP )DNOWHVL 0DNLQH 0KHQGLVOLL %|OP

<OG] 7HNQLN hQLYHUVLWHVL )HQ %LOLPOHUL (QVWLWV 0DNLQH 0K $QDELOLP 'DO 0DN7HRULVL YH .RQWURO 3URJUDP

dDOW NXUXPODU

  

9: <D]FROX <HWNLOL 6HUYLVL +X]XU ,VWPD YH 6RXWPD 6'(05 $

You might also like