You are on page 1of 8

68<$/,7,0,8<*8/$0$67$1'$5',

 76·H8\JXQ3ROLPHU%LWPOgUWOHUOH 



 *ú5úû
%X VWDQGDUW \DS×ODU×Q WHPHO YH oDW×ODU×QGD 76 ·GH EHOLUWLOHQ VX \DO×W×P
|UWOHULQLQ NXOODQ×OPDV× KDOLQGH X\XOPDV× JHUHNHQ DVJDUL NRüXOODU× |UW NDW
DGHWOHULQLYH\DS×PNXUDOODU×Q×NDSVDU

 7$1,0/$5

7HUDVdDW×ODU
(ùLPLdRODQWHUDVoDW×ODU
 (ùLPOLdDW×ODU
 (ùLPL!RODQoDW×ODU
 (N<HUL (QLQHYH\D%R\XQD %LQGLUPH
<DQ \DQD HQLQH  YH DUG DUGD ER\XQD  JHOHQ VX \DO×W×P |UWOHULQLQ ELU EWQ
WHüNLOHWPHVLLoLQELUELUOHULQLQVWQHELQGLULOHUHN\DS×üW×U×OG×NODU×N×V×PODUG×U
 7DP<DS×üW×UPD
6X\DO×W×P|UWVQQELUDOWWDNLNDWPDQLOHWP\]H\LQFHKLoELUERüOXNYH\D
\DS×üPDP×ü\]H\NDOPD\DFDNüHNLOGH\DS×üW×U×OPDV×G×U ûHNLO 
 ûHULWVHOYH\D1RNWDVDO<DS×üW×UPD
6X\DO×W×P|UWVQQELUDOWWDNLNDWPDQLOH|UWHQLER\XQFDüHULWVHOEDQWODU
üHNOLQGHNL \DS×üW×UPDG×U 1RNWDVDO \DS×üW×UPDGD DOWWD GHOLNOL FDP WO |UW
NXOODQ×OPDO×G×U ûHNLO 
%XKDU.HVLFL
6×FDNNDWPDQODUGDQJHOHQEXKDU×Q76·WHEHOLUWLOHQKHVDSODPD\|QWHPLLOH
PVDDGHHGLOHQPLNWDUGDJHoPHVLQLVDùOD\DQNDWPDQG×U%LWPO|UWPHWDO
IRO\R WDü×\×F×O× ELWPO |UW PLQ  PLNURQ SROLHWLOHQ YH\D PHWDO IRO\RODU
NXOODQ×O×U %LWPO |UW NXOODQ×OPDV× KDOLQGH |UWOHULQ HN \HUOHUL WDP
\DS×üW×UPD DOWWDNL EHWRQ NDWPDQD LVH QRNWDVDO YH\D üHULWVHO \DS×üW×UPD
\|QWHPOHULLOHX\JXODQ×U
%XKDU'HQJHOH\LFL
<RùXüPD SHUL\RGX EX\XQFD ×V× \DO×W×P OHYKDODU× LoLQGH ROXüPDV×QD PVDDGH
HGLOHQ \RùXüPD VX\XQXQ NXUXPD SHUL\RGXQGD EXKDUODüPDV× HVQDV×QGD
VWQGHNL VX \DO×W×P NDWPDQODU×QD QRNWDVDO EDV×Qo \DSPDGDQ EDV×QF×Q× WP
oDW× \]H\LQH \D\PDV×QD LPNDQ YHUHFHN üHNLOGH ×V× \DO×W×P× ]HULQH QRNWDVDO
YH\D üHULWVHO \DS×üW×UPD \|QWHPL LOH \DS×üW×U×ODQ LON NDW VX \DO×W×P |UWVQH
GHQLOLU
)LOWUH.DWPDQ×
hVWHNL NDWPDQODUGDQ JHOHFHN RODQ WR]XQ JHoLüLQL HQJHOOL\HQ NDWPDQG×U
*HQHOGH JUPò SRO\HVWHU YH\D SROLSURSLOHQ NHoHOHU LOH EX LüOHYOHUH \|QHOLN
LPDOHGLOPLü|]HOUQOHUNXOODQ×O×U
$\×U×F×7DEDND
6X \DO×W×P |UWOHULQGHQ IDUNO× ×V×VDO ER\ X]DPDODU×QD VDKLS PDO]HPHOHULQ VX
\DO×W×PNDWPDQODU×QD]DUDUYHUPHVLQL|QOHPHNLoLQDUD\DNRQXODQYH|UWOHUH
\DS×üW×U×OPD\DQ NDWPDQG×U *HQHOGH JUPò SRO\HVWHU YH\D SROLSURSLOHQ
NHoHOHUYH\DPLNURQSROLHWLOHQIRO\RODUNXOODQ×O×U


dDN×O
‘  PP DUDV× \×NDQP×ü HOHQPLü GHUH oDN×O×G×U 3R] % JH]LOHQ oDW×
GHWD\×QGD  HNVWUXGH SROLVWLUHQ ×V× \DO×W×P OHYKDODU× ]HULQH  ‘  PP
DUDO×ù×QGDNLoDN×ONXOODQ×O×U
6X\D'D\DQ×NO×/HYKD
6X\XQ YH QHPLQ WDKULEDW×QD GD\DQ×NO× oDO×üPD\DQ |]HO LPDO HGLOPLü DKüDS
OHYKDODUG×U26%YH\D0DULQ.RQWUDSODNYE
'UHQDM6DùOD\×Fײ.RUX\XFX.DWPDQ
6X \DO×W×P |UWOHULLOHELUOLNWH NXOODQ×ODQVHUW+'3( HVDVO×PHNDQLN HWNLOHUH
NDUü×\DO×W×P×NRUX\DQYHGUHQDMERüOXùXROXüWXUDQPDO]HPHGLU
<HUDOW×6X\X
 <HUDOW× VX\X ]HPLQ WDQHFLNOHUL DUDV×QGDNL ERüOXNODU× WDPDPHQ GROGXUDQ YH
WRSUDNVHYL\HVLDOW×QGDNL\DS×HOHPDQODU×QDKLGURVWDWLNEDV×Qo\DSDQVXGXU
<HUDOW×6X6HYL\HVL
 <HUDOW× VX VHYL\HVLPHYVLPOHUH EDùO× RODUDN ]HPLQGH XODüW×ù× HQ \NVHN VX
VHYL\HVLGLU


 352-(/(1'ú50(.85$//$5,

d$7,<$/,7,0.85$//$5,

(ùLP
7HUDVoDW×ODUGDoDW×HùLPL·GHQD]ROPDPDO×G×U
 dDW× HùLPLQLQ d D] ROPDV× KDOLQGH HQ D] LNL NDWO× VX \DO×W×P×
X\JXODQPDO×G×U
 dDW× HùLPLQLQ ! ROPDV× YH \DS×Q×Q GRQ E|OJHOHUL G×ü×QGD ROPDV×
KDOLQGH WHN NDWO× PP NDO×QO×NWD SRO\HVWHU NHoH WDü×\×F×O× VX \DO×W×P×
X\JXODQDELOLU
6X<DO×W×P.DWPDQODU×
 'HWD\ODUGDEHOLUWLOHQVX\DO×W×P|UWOHUL76·HX\JXQROXSoDW×NXOODQ×P
IRQNVL\RQODU×QD J|UH |UWQQ WDü×\×F× WLS NDO×QO×N YH NDW DGHWOHUL
GHùLüWLULOHELOLU

,V×<DO×W×P.DWPDQ×
76·WH WDQ×PODQDQ GHWD\D X\JXQ \HWHUOL EDV×Qo PXNDYHPHWLQH YH WHNQLN
|]HOOLNOHUH  KDL] UQOHUGLU $üDù×GDNL WDEORGD NXOODQ×P \HUOHULQH X\JXQ ×V×
\DO×W×PUQOHULQLQWHNQLN|]HOOLNOHULYHULOPLüWLU











%DVPD .XOODQÕP'HWD\Õ
%LULP
,VÕ<DOÕWÕP +DFLP 'D\DQÕPÕ
 N3D 

*HOHQHNV
HO7HUDV
dDWÕODU
0DO]HPHVL $÷ÕUOÕ÷Õ  

dDWÕODU
7HUDV
7HUV
NJPñ  

 
  

0LQHUDOYH%LWNLVHO
/LIOL<DOÕWÕP
t t ; 
0DO]HPHOHUL
76 
3ROLVWLUHQ(NVWUXGH
.|SN;36
 ;
 76 
"!#$%&%"')(# * +* # t t
* ,-./* .0 
1 243t
56 7 893: 3; t ; 
3ROLVWLUHQ3DUWLNOHU <>=? @ 7 =A B 
.|SN(36
76  1 243t
56 7 3C6 7 6 A
<>=? @ 7 =A B  t ; 


6XúQLüOHULYH6]JHoOHU
6XLQLüOHU\DWD\GDSDUDSHWOHUGHQELQDG×ü×QDDO×QG×NWDQVRQUDGüH\LQLüOHULVH
SDUDSHW YH EDFD GXYDUODU× JLEL GüH\ GXYDUODUGDQ HQ D] P LoHULGH GLN LQLüOL
RODUDN G]HQOHQPHOLGLU .XOODQ×ODFDN RODQ V]JHoOHU YH ERUXODU×Q oDSODU×
‘·GHQD]ROPD]3UDWLNRODUDNPòoDW×DNODQ×LoLQHQD]DGHW‘·ON
LQLüKHVDSODQPDO×G×U%|OJHQLQ\×OO×N\Dù×üPLNWDUODU×QDJ|UHV]JHoPLNWDUODU×
DUWW×U×O×U
9DNXP VLVWHPL LOH oDO×üDQ JLGHUOHU LoLQ UHWLFL ILUPDODU×Q WHNQLN EURüUOHULQH
EDN×OPDO×G×U
%DVN×3URILOOHUL
 FP JHQLüOLùLQGH PLQPP NDO×QO×ù×QGD DOPLQ\XPGDQ LPDO HGLOPLü G]
ODPDODUG×U )RQNVL\RQD X\JXQ RODUDN GHùLüLN WLS SURILOOHU NXOODQ×ODELOLU 
FP·GHELUYLGDYHGEHOLOHWHVSLWHGLOLUOHUhVWDù×]N×VP×QDSROLVOILGED]O×
YH\DQDWUHOVLOLNRQHVDVO×PDVWLNOHUNXOODQ×O×U
+DYDODQG×UPD%DFDV×
7HVLVDW KDYDODQG×UPD ERUXODU×Q×Q YH GLùHU oDW× SODù×Q× GHOHUHN \XNDU× o×NDQ
HOHPDQODU×Q VX YH ×V× \DO×W×P NDWPDQODU×Q× GHOPHVL KDOLQGH VX \DO×W×P×Q×Q
VUHNOLOLùLQLVDùOD\DQ|]HOHOHPDQODUNXOODQ×OPDO×G×U
7DPLUDW.XUDOODU×
 0HYFXW ELWPO VX \DO×W×P NDWPDQODU× ]HULQH \HQLOHPH DPDF× LOH PHYFXW VX
\DO×W×PNDWPDQODU×QDJHUHNOLWDPLUDWODU\DS×OG×NWDQVRQUDWPoDWׁ]HULQHWHN
NDWO× HQ D] PP NDO×QO×NWD SRO\HVWHU NHoH WDü×\×F×O×  VX \DO×W×P |UWV
X\JXODQ×U

7(0(/<$/,7,0.85$//$5,

 *HQHO.XUDOODU
 <HUDOW× VX\XQGDQ ROXüDQ KLGURVWDWLN EDV×Qo \DO×W×P× V×N×üW×UDQ ELU EDV×Qo
RODUDNNDEXOHGLOPHPHOLGLU
 7HPHO SHUGH GXYDU VX \DO×W×PODU× WRSUDN NRWXQXQ HQ D] FP VWQH
NDGDUGHYDPHWPHOLGLU
 <DO×W×P \DS×ODFDN \]H\OHU G]JQ ROPDO× \DO×W×P× GHOHFHN QRNWDODU YH
ERüOXNODUNDOPDPDO×G×U
 6X \DO×W×P |UWV ELULP DODQ×QD JHOHQ \NOHU WPWHPHO\DWD\ G]OHPLQGH
HüLWROPDO×G×U

 +D]×UO×N.XUDOODU×
 7HPHO oXNXUXQGD WRSUDN ND\PDV×Q× |QOH\HFHN üHNLOGH üHY HPQL\HWL
VDùODQPDO×G×U
 <HUDOW× VX\X X\JXQ \|QWHPOHU LOH WHPHO WDEDQ VHYL\HVLQLQ DOW×QD
GüUOPHOL YH ]HPLQGH WDP NXUXWPD VDùODQPDO×G×U $QFDN WDEDQGD WDP
NXUXWPD VDùODQDPDG×ù× GXUXPODUGD DVWDU WDEDNDV× X\JXODPDV× \HULQH
|UWOHULQ ·DU FP·OLN ELQGLUPHOHU LOH VHUEHVW VHULOPHVL YH HN \HUOHUL LOH
ELQGLUPHOHULQ JHoLULPVL] RODUDN ELUELUOHULQH \DS×üW×U×OPDV×\OD X\JXODPD
\]H\LQLQ NXUX ROPDV× VDùODQPDO×G×U úNLQFL NDW |UW DOWWDNL |UWQQ HN
\HUOHULQLRUWDOD\DFDNüHNLOGHWDP\DS×üW×UPD\|QWHPLLOH\DS×üW×U×OPDO×G×U

 6X%DV×QFD%DùO×.XUDOODU
7HPHO VX \DO×W×PODU×QGD \DS×Q×Q HWNLOHQHFHùL VX EDV×QF×QD J|UH NDW DGHWOHUL
WHVSLWHGLOLU

%LQD<NQGHQ2OXüDQ%DV×QFD%DùO×.XUDOODU
7HPHO VX \DO×W×PODU×QGD \DS×Q×Q ]HPLQH \DSDFDù× EDV×QFD J|UH NDW DGHWOHUL
WHVSLWHGLOLU

D9E FGIHJLKNM KNE OPMJRQ ST
P

PPPP3RO\HVWHU.HoHOLgUW
P

PPPP3RO\HVWHU.HoHOLgUW


P
PP&DP7OgUW%LQDQ×Q
PP3RO\HVWHU.HoHOL
gUW=HPLQH%DV×QF×

1FPò1FPò1FPò
7DEOR

7DEOR¶GHNLNDWDGHWOHULQGHQE\NRODQ×DO×Q×U
gUQHùLQ6XEDV×QF×P]HPLQEDV×QF×1FPòRODQELUWHPHO\DO×W×P×QGD
X\JXODQDFDNRODQGHWD\PPPPSRO\HVWHUNHoHOL|UWGU

7Dü×\×F×6LVWHPGHQ*HOHQ.XUDOODU
%DV×QoO× VXODUD NDUü× \DS×ODFDN RODQ VX \DO×W×PODU×QGD WHPHO VLVWHPLQLQ
PXKDNNDN VXUHWWH UDG\HMHQHUDO ROPDV× JHUHNLU 1HPH NDUü× VX \DO×W×PODU×
PQIHULW YH\D PWHPDGL V|PHOOHU DOW×QGD ROXüWXUXODQGHULQOHüWLUPHoXNXUODU×
\DUG×P×LOHEDùNLULüOHULQLQDOWNRWXQGDX\JXODQ×U6X\DO×W×Pׁ]HULQHEHOOLELU
\NVDùODPDNDPDF×LOHEDùNLULüOHULQLQDUDODU×Q×QKDV×UoHOLNGRQDW×O×EHWRQLOH
NDSODQPDV×JHUHNLU

<DO×W×P×'HOHQ6LVWHPOHU
 %RUXODU NDEORODU YH GLùHU HOHPDQODU RODQDNODU HOYHUL\RUVD \DO×W×P
GHOLQPHGHQX\JXODQPDO×G×U
 <DO×W×P×Q GHOLQPHVL JHUHNOL LVH JHoLü QRNWDV×QGD \DO×W×P oHOLN IODQüODU
DUDV×QGDV×N×üW×U×OPDO×G×U

<NVHNOLN)DUNO×O×NODU×QGD*HoLüOHU
 <NVHNOLNIDUNODU×QGDPHWUH\HNDGDURODQ\NVHNOLNOHUƒPHWUH\H
NDGDURODQ\NVHNOLNOHUƒ·OLNDo×LOHJHoLOPHOLGLU'DKDE\N\NVHNOLNOHUGH
DUD\DWHUVHùLPOL\]H\OHUVRNXOPDO×G×U



6X<DO×W×PgUWOHULQLQ.RUXQPDV×YH,V×<DO×W×P×
6X \DO×W×P |UWOHULQLQ \DWD\GD YH GüH\GH  PXKDNNDN VXUHWWH X\JXQ
PDO]HPHOHU LOH GHOLQPH\H NDUü× NRUXQPDO×G×U *HQHOGH \DWD\GD JUPò
SRO\HVWHU NHoH VWQH NRUXPD EHWRQX GüH\GH LVH GUHQDM VDùOD\×F× NRUX\XFX
NDWPDQODUNRUX\XFXGXYDUYH\DHNVWUXGHSROLVWLUHQ;36×V×\DO×W×PPDO]HPHVL
NXOODQ×O×U
76 ·H J|UH WRSUDN DOW×QGD NDODQ GüH\ SHUGHOHULQ ×V× \DO×W×P KHVDSODU×
\DS×OPDO×G×U
gUWOHULQ NRUXQPDV× YH SHUGHOHULQ ×V× \DO×W×P J|UHYOHULQL ELUOLNWH \DSDELOHFHN
RODQ HNVWUXGH SROLVWLUHQ ;36 ×V× \DO×W×P PDO]HPHVL LOH LOJLOL WHNQLN |]HOOLOHU
DüDù×GDG×U


%DVPD
%LULP+DFLP 'D\DQÕPÕ
,VÕ<DOÕWÕP0DO]HPHVL $÷ÕUOÕ÷Õ
U N3D 
 V W
NJPñ  "X/


3ROLVWUHQ(NVWUXGH.|SN
!;36 76 
#$/&%"'Y(# * +* #* ,"-.* ./0  t t



 8<*8/$0$.85$//$5,

+D]×UO×N.XUDOODU×
 7P GüH\ YH \DWD\ HOHPDQODU×Q ELUOHüLP DUDNHVLWOHUL YH GüH\
HOHPDQODU×Q \|Q GHùLüWLUGLùL DUD NHVLWOHULQGH |UWOHULQ GDKD \XPXüDN G|Qü
\DSPDODU×Q×QVDùODPDNLoLQƒHùLPOL[FPJHQLüOLNWHSDKODU\DS×OPDO×G×U
  6X \DO×W×P× X\JXODQDFDN RODQ \]H\OHU G]JQ SU]V] WHUFLKHQ
DKüDS PDOD SHUGDKO× \Dù PD]RW YE JLEL VX \DO×W×P×QD ]DUDU YHUHELOHFHN
OHNHOHUGHQYH\DELULNLPOHUGHQWHPL]OHQPLüROPDO×G×U

6HULP.XUDOODU×
gUWQQHQLQHELQLOHULFPGLU%R\XQDELQLOHUVL\DK|UWOHUGHFP
PLQHUDONDSO×|UWOHUGHLVHFP·GLU(N\HULQGHNLPLQHUDONDSO×\]H\üDOPR
DOHYL LOH ×V×W×O×S PLQHUDO VWQH PDOD VUOHUHN PLQHUDOOHULQ ELWP LoHULVLQH
J|POPHVLVDùODQG×NWDQVRQUDHN\HUL\DS×üW×UPDV×\DS×OPDO×G×U
 7P|UWNDWPDQODU×D\Q×LVWLNDPHWWHDo×OPDO×G×UODUNDW|UWOHULQ
HQOHULQGHNL HN \HUOHUL üDü×UW×OPDO×G×UhVWH JHOHFHNRODQ  NDW|UWOHUGHLVH
NDW|UWQQER\XQDYHHQLQHHN\HUOHULRUWDODQPDO×G×U ûHNLO 
 dDW×ODUGD|UWOHUHùLPLQHQGüNROGXùXQRNWDODUGDQ VXLQLüQRNWDODU×
GHUH Dù×]ODU×QGDQ  HùLPH GLN RODUDN VHULOLUOHU ·X DüDQ HùLPOHUGH HùLPLQ
JHUHNWLUGLùLWHNQLN|]HOOLNOHUGLNNDWHDO×QDUDN|UWOHUVHULOLUYHX\JXODQ×U


<DS×üW×UPD.XUDOODU×
ûHULWVHO YH\D QRNWDVDO \DS×üW×UPDGD \DS×üW×U×ODQ \]H\OHU DUDV×QGDNL
PHVDIHOHU \DNODü×N RODUDN  FP DUDV×QGD ROPDO×G×U ûHULWVHO \DS×üW×UPD
\DS×ODQ |UWOHULQ GLùHU |UWOHU LOH HQLQH ER\XQD LVWLNDPHWOHULQGHNL HN
\HUOHULQGH WDP \DS×üW×UPD \DS×OPDO×G×U 'HWD\ODUGD DNVL EHOLUWLOPHGLNoH EX
X\JXODPD oDW× EHWRQ \]H\OHU VWQGHNL LON NDW EXKDU NHVLFL  |UWOHU LOH ×V×
\DO×W×PNDWPDQODUׁVWQGHNLLONNDW|UWOHUGH EXKDUGHQJHOH\LFL X\JXODQ×U
dDW× YH WHPHO X\JXODPDODU×QGD VWH JHOHQ LNLQFL NDW |UW WDP \DS×üW×UPD
\|QWHPLLOHYHELULQFLNDW|UWOHULQHN\HUOHULQLRUWDOD\DFDNüHNLOGH\DS×üW×U×O×U
 


35(16ú3'(7$</$5,

dDW×7LSOHULQH*|UH'HWD\ODU
dDW×1RNWD'HWD\ODU×
7HPHO3UHQVLS'HWD\ODU×



























<DUDUODQÕODQ.D\QDNODU

%70%LWPO7HFULW0DGGHOHUL6DQYH7LF$ùWHNQLN\D\ÕQODUÕ
2QGXOLQH$ùWHNQLN\D\ÕQODUÕ
<DOWHNV\DOÕWÕPUQOHULhUHWLPYH3D]DUODPD/WGùWLWHNQLN\D\ÕQODUÕ
ø]RFDP7LFDUHWYH6DQD\LL$ùWHNQLN\D\ÕQODUÕ
0DUGDY<DOÕWÕPYHøQúDDW0DO]HPHOHUL6DQYH7LF$ùWHNQLN\D\ÕQODUÕ
76
76
76
',1
3U(1












































ú=2'(5
<|QHWLP.XUXOX
%DüNDQO×ù×QDúVWDQEXO(NLP
úVWDQEXO


$üDù×GD LVLPOHUL \D]×O× VX \DO×W×P NRPLV\RQX 76  3ROLPHU %LWPO gUWOHU
NXOODQ×ODUDN \DS×ODU×Q WHPHO YH oDW× VX \DO×W×P X\JXODPD VWDQGDUG×Q×Q 76(·\H
VXQXODFDNRODQWDVODù×Q×KD]×UODP×üW×U

%X oDO×üPDQ×Q D\Q× ]DPDQGD ú=2'(5·LQ LQWHUQHW VD\IDV×Q×Q VX \DO×W×P×
E|OPQGHGH\D\×QODQPDV×E\NELUHNVLNOLùLWDPDPOD\DFDNW×U

%X oDO×üPDQ×Q 76 ·WH ROGXùX JLEL ZRUG YH DXWRFDG GLOOHULQGHNL &'·OHULQ
KD]×UODQPDV×YH\DHONLWDSo×NODU×üHNOLQGHEDVW×U×OPDV×PLPDULEURODUDLQüDDWYH
GHQHWLP üLUNHWOHULQH FUHWVL] RODUDN GDù×W×OPDV× ú=2'(5·LQ VD\J×QO×ù×Q× YH
SUHVWLMLQL DUWW×UDFDù× JLEL VX YH ×V× \DO×W×P X\JXODPDODU×Q×Q GRùUX \|QWHPOHUOH
\DS×OPDV×QGDGDNDWN×V×RODFDNW×U

.RQX\XELOJLOHULQL]HVXQDUoDO×üPDODU×Q×]GDEDüDU×ODUGLOHUL]

6D\J×ODU×P×]OD

6X<DO×W×P.RPLV\RQX


%HQDQ(1*ú1&HP*h/7(.ú1*|NKDQ.25.0$=






-R]HI%21)ú/0HOLKú%5$+ú02ø/80HOLK.$0,/






.XELOD\8/8




You might also like