ID Rancangan Model Penilaian Portofolio Di

+VSOBM*MNJBI%*%",5*,"'FCSVBSJ
70-9**/0
3"/$"/("/.0%&-1&/*-"*"/10350'0-*0
%*4&,0-")

+BJMBOJ
%PTFO',*16OJWFSTJUBT4FSBNCJ.FLLBI 64.
#BOEB"DFI
"CTUSBDU
5IFSF BSF B MPU PG DSJUJDJTN PO UIF JNQMFNFOUBUJPO PG UIF MFBSOJOH PVUDPNF FWBMVBUJPO
TZTUFNJOTDIPPMTBUUIFNPNFOU5IFDSJUJDJTNJTEJSFDUFEQSJNBSJMZUPUIFTVCTUBODFBOE
BNCJHVJUZCFUXFFOUIFJEFBMJTNUBSHFUFEJOUIFQFSTQFDUJWFMFBSOJOHFTTFODF5IJTBSUJDMF
USJFTUPQSFTFOUBOFWBMVBUJPONPEFMUPBOTXFSUIFDSJUJDJTNT5IFXSJUFSUSJFTUPJOUSPEVDF
QPSUGPMJP BTTFTTNFOU JO EFUBJM *U JT B DPMMFDUJPO PG EPDVNFOUT PS PQUJPOT QSPWJEJOH
JOGPSNBUJPO PG BTTFTTNFOU *U DPOUBJOT UIF XPSL PG UIF TUVEFOUT EVSJOH B HJWFO UJNF
QSPWJEJOHJOGPSNBUJPOPOPCKFDUJWFBTTFTTNFOUXIJDIQSFTFOUPGXIBUDBOCFEPOFCZUIF
TUVEFOUT JO UIFJS MFBSOJOH FYQFSJFODFT 5IF SFTVMUTBSF JOUFOEFE UP CF B NFBTVSF PG IPX
XFMM UIF UBTL HJWFO UP TUVEFOUT JO BDDPSEBODF XJUI UIF DVSSJDVMVN MFBSOJOH PCKFDUJWFT
1PSUGPMJP BTTFTTNFOU JT CBTFE PO B DPMMFDUJPO PS TFU PG XPSL TFU CZ UIF UFBDIFS UP UIF
TUVEFOUTBDDPSEJOHUPUIFMFBSOJOHPCKFDUJWFT5ISPVHIQPSUGPMJPBTTFTTNFOUTUVEFOUTDBO
EFNPOTUSBUF EJGGFSFODFT BCJMJUZ UP DPNQMFUF UIF UBTLT HJWFO CZ UIF UFBDIFS GSPN UJNF UP
UJNFBOEPSJODPNQBSJTPOXJUIPUIFSTUVEFOUThXPSL*OQPSUGPMJPBTTFTTNFOUTUVEFOUTBSF
HJWFO NPSF PQQPSUVOJUJFT UP BTTFTT UIFNTFMWFT GSPN UJNF UP UJNF 5IFSF BSF UISFF
JNQPSUBOUFMFNFOUTJOUIFQPSUGPMJPBTTFTTNFOU OBNFMZ
TUPSJOH
TPSUJOH BOE

EBUJOHPGBUBTL

"CTUSBL
4FMBNB JOJ CBOZBL LSJUJL UFSIBEBQ TJTUFN FWBMVBTJ IBTJM CFMBKBS ZBOH EJUFSBQLBO EJ
TFLPMBI,SJUJLUFSTFCVUEJUVKVLBOUFSVUBNBUFSIBEBQTJTJTVCTUBOTJOZBEBOLFUJEBLKFMBTBO
BOUBSB JEFBMJTNF ZBOH EJUBSHFULBO EJUJOKBV EBSJ IBLFLBU QFNCFMBKBSBO "SUJLFM JOJ
NFODPCB VOUVL NFOHFUFOHBILBO TBMBI TBUV NPEFM FWBMVBTJ ZBOH EBQBU NFOKBXBC
LSJUJLBO UFSTFCVU 1FOVMJT NFODPCB NFNQFSLFOBMLBO MFCJI EFUBJM UFOUBOH QFOJMBJBO
QPSUPGPMJP 1PSUPGPMJP BEBMBI TVBUV LVNQVMBO BUBV CFSLBT QJMJIBO ZBOH EBQBU
NFNCFSJLBO JOGPSNBTJ CBHJ TVBUV QFOJMBJBO ,VNQVMBO BUBV IBTJM LFSKB UFSTFCVU CFSJTJ
QFLFSKBBO TJTXB TFMBNB XBLUV UFSUFOUV ZBOH EBQBU NFNCFSJ JOGPSNBTJ CBHJ TVBUV
QFOJMBJBO ZBOH PCKFLUJG ZBOH NFOVOKVLLBO BQB ZBOH EBQBU EJMBLVLBO TJTXB EBMBN
MJOHLVOHBO EBO TVBTBOB CFMBKBS ZBOH BMBNJ )BTJM LFSKB EJNBLTVE NFOKBEJ VLVSBO
UFOUBOH TFCFSBQB CBJL UVHBT ZBOH EJCFSJLBO LFQBEB TJTXB UFMBI EJMBLTBOBLBO TFTVBJ
EFOHBOUVKVBOQFNCFMBKBSBOZBOHBEBEBMBNLVSJLVMVN1FOJMBJBOQPSUPGPMJPEJEBTBSLBO
QBEBLPMFLTJBUBVLVNQVMBOQFLFSKBBOZBOHEJCFSJLBOHVSVLFQBEBTJTXBTFTVBJEFOHBO
UVKVBOQFNCFMBKBSBO.FMBMVJQFOJMBJBOQPSUPGPMJPTJTXBEBQBUNFOVOKVLLBOQFSCFEBBO
LFNBNQVBOEBMBNNFOZFMFTBJLBOUVHBTZBOHEJCFSJLBOPMFIHVSVEBSJXBLUVLFXBLUV
EBOBUBVEJCBOEJOHLBOEFOHBOIBTJMLBSZBTJTXBMBJO%BMBNQFOJMBJBOQPSUPGPMJPTJTXB
NFNJMJLJLFTFNQBUBOZBOHMFCJICBOZBLVOUVLNFOJMBJEJSJTFOEJSJEBSJXBLUVLFXBLUV
+BJMBOJ
5FSEBQBU UJHB VOTVS QFOUJOH EJ EBMBN QFOJMBJBO QPSUPGPMJP ZBJUV

QFOHVNQVMBO

QFNJMJIBO EBO
QFOFUBQBOEBSJTVBUVUVHBT

,BUB,VODJQFOJMBJBO QPSUPGPMJP TFLPMBI
1&/%")6-6"/
1FOZFNQVSOBBO LVSJLVMVN EJMBLVLBO TFCBHBJ SFTQPO UFSIBEBQ UVOUVUBO

QFSLFNCBOHBO JOGPSNBTJ JMNV QFOHFUBIVBO UFLOPMPHJ TFOJ UVOUVUBO
EFTFOUSBMJTBTJ EBO IBL BTBTJ NBOVTJB 0MFI LBSFOB JUV CBIBO LBKJBO ZBOH IBSVT
EJLVBTBJ PMFI TJTXB EJTFTVBJLBO EFOHBO UVOUVUBOUVOUVUBO UFSTFCVU 4FMBJO JUV
CVLBO IBOZB CBIBO LBKJBO TBKB ZBOH IBSVT EJLVBTJ PMFI TJTXB UFUBQJ KVHB
LPNQFUFOTJ VOUVL NFOHHBMJ NFOZFMFLTJ NFOHPMBI EBO NFOHLPNVOJLBTJLBO
CBIBO LBKJBO ZBOH UFMBI EJQFSPMFI NFTLJQVO NFSFLB UFMBI NFOZFMFTBJLBO
QFOEJEJLBOOZB %FOHBO EFNJLJBO TJTXB NFNJMJLJ CFLBM CFSVQB QPUFOTJ VOUVL
CFMBKBS TFQBOKBOH IBZBU TFSUB LFNBNQVBO NFNFDBILBO TFUJBQ NBTBMBI ZBOH
EJIBEBQJOZB
(VSV TFCBHBJ VKVOH UPNCBL QFMBLTBOBBO QFOEJEJLBO ZBOH DVLVQ CFSQFSBO

NFOFOUVLBO LVBMJUBT MVMVTBO /BNVO HVSV JUV TFOEJSJ KVHB EBMBN EJMFNB
QFSNBTBMBIBO CBJL EBSJ TVEVU LVBMJUBT NBVQVO LFTFKBIUFSBBO ,BSFOB JUV
JNQMFNFOUBTJ LVSJLVMVN IBSVT EBQBU NFOKFNCBUBOJ JUV TFNVB EBMBN SBOHLB
NFOHHBQBJLFNBKVBOZBOHCFSCVEBZBUBOQBBEBZBOHEJLPSCBOLBO
4BMBI TBUV CBHJBO ZBOH UBL UFSQJTBILBO EFOHBO UVHBT HVSV EBMBN QSPTFT
QFNCFMBKBSBOEJTFLPMBIBEBMBIQFOJMBJBOBUBVFWBMVBTJ1FOJMBJBONFSVQBLBOTVBUV
QSPTFT QFOHVNQVMBO QFMBQPSBO EBO QFOHHVOBBO JOGPSNBTJ UFOUBOH IBTJM CFMBKBS
TJTXB ZBOH EJQFSPMFI NFMBMVJ QFOHVLVSBO VOUVL NFOHBOBMJTJT BUBV NFOKFMBTLBO
VOKVL LFSKB BUBV QSFTUBTJ TJTXB EBMBN NFOHFSKBLBO UVHBTUVHBT ZBOH UFSLBJU
5FSEBQBU CFCFSBQB NFUPEF QFOJMBJBO ZBOH EBQBU EJUFSBQLBO QBEB QFNCFMBKBSBO
TFQFSUJ QFOJMBJBO LJOFSKB QFOJMBJBO QPSUPGPMJP QFOJMBJBO QSPZFL EBO QFOJMBJBO
QSPEVL
1FOJMBJBO ZBOH EJLFNCBOHLBO NFODBLVQ UFLOJL CFOUVL EBO JOTUSVNFO

ZBOH EJHVOBLBO .PEFM QFOJMBJBO JOJ EJTFTVBJLBO EFOHBO QFOJMBJBO CFSCBTJT LFMBT

1VTBU,VSJLVMVN ,VSJLVMVN#FSCBTJT,PNQFUFOTJ #BMJUCBOH%FQEJLOBT IBM

%JNZBUJEBO.VEKJPOP #FMBKBSEBO1FNCFMBKBSBO +BLBSUB3JOFLB$JQUB IBM
+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ]

3"/$"/("/.0%&-1&/*-"*"/10350'0-*0%*4&,0-")
QBEB 4UBOEBS ,PNQFUFOTJ EBO ,PNQFUFOTJ %BTBS 0CKFL QFOJMBJBO NFODBLVQ

QFOJMBJBOLJOFSKBEBOQPSUPGPMJPQFTFSUBEJEJL
1&.#")"4"/
1FOJMBJBO1PSUPGPMJP
1FOJMBJBO 1PSUPGPMJP TBBU JOJ NVMBJ CBOZBL EJQFSLFOBMLBO EBMBN EVOJB

QFOEJEJLBO EJ *OEPOFTJB %J CFCFSBQB OFHBSB NBKV NFUPEF JOJ UFMBI CBOZBL
EJHVOBLBO CBJL TFCBHBJ NFUPEF QFOJMBJBO EJ LFMBT EBFSBI NBVQVO OBTJPOBM
4FDBSB VNVN QPSUPGPMJP BEBMBI TVBUV LVNQVMBO BUBV CFSLBT QJMJIBO ZBOH EBQBU
NFNCFSJLBO JOGPSNBTJ CBHJ TVBUV QFOJMBJBO ,VNQVMBO BUBV IBTJM LFSKB UFSTFCVU
CFSJTJ QFLFSKBBO TJTXB TFMBNB XBLUV UFSUFOUV ZBOH EBQBU NFNCFSJ JOGPSNBTJ CBHJ
TVBUVQFOJMBJBOZBOHPCKFLUJG ZBOHNFOVOKVLLBOBQBZBOHEBQBUEJMBLVLBOTJTXB
EBMBNMJOHLVOHBOEBOTVBTBOBCFMBKBSZBOHBMBNJ)BTJMLFSKBEJNBLTVENFOKBEJ
VLVSBO UFOUBOH TFCFSBQB CBJL UVHBT ZBOH EJCFSJLBO LFQBEB TJTXB UFMBI
EJMBLTBOBLBOTFTVBJEFOHBOUVKVBOQFNCFMBKBSBOZBOHBEBEBMBNLVSJLVMVN
1FOJMBJBOQPSUPGPMJPEJEBTBSLBOQBEBLPMFLTJBUBVLVNQVMBOQFLFSKBBOZBOH
EJCFSJLBOHVSVLFQBEBTJTXBTFTVBJEFOHBOUVKVBOQFNCFMBKBSBO.FMBMVJQFOJMBJBO
QPSUPGPMJPTJTXBEBQBUNFOVOKVLLBOQFSCFEBBOLFNBNQVBOEBMBNNFOZFMFTBJLBO
UVHBTZBOHEJCFSJLBOPMFIHVSVEBSJXBLUVLFXBLUVEBOBUBVEJCBOEJOHLBOEFOHBO
IBTJMLBSZBTJTXBMBJO%BMBNQFOJMBJBOQPSUPGPMJPTJTXBNFNJMJLJLFTFNQBUBOZBOH
MFCJICBOZBLVOUVLNFOJMBJEJSJTFOEJSJEBSJXBLUVLFXBLUV
4FDBSBHBSJTCFTBSUFSEBQBUUJHBVOTVSQFOUJOHEJEBMBNQFOJMBJBOQPSUPGPMJP
ZBJUV
QFOHVNQVMBO TUPSJOH

QFNJMJIBO TPSUJOH
EBO
QFOFUBQBO
EBUJOH
EBSJTVBUVUVHBT UBTL

1BEB XBLUV NFOFSBQLBO QFOJMBJBO QPSUPGPMJP IFOEBLOZB EJQFSIBUJLBO

CFCFSBQBIBMCFSJLVU
NFNQFSIBUJLBOQFSLFNCBOHBOQFNBIBNBOTJTXBQBEBQFSJPEFUFSUFOUV

"INBE3PIBOJ 1FOHFMPMBBO1FOHBKBSBO +BLBSUB3JOFLB$JQUB IBM

"OPOJNPVT i*OEPOFTJB 5FBDIFS 5SBJOJOH 1SPKFD w 5IF 8BTIJOHUPO 4UBUF $POTPSUJVN GPS
$POUFYUVBM5FBDIJOHBOE-FBSOJOH IBM
]+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ

+BJMBOJ
NFOVOKVLLBO TVBUV QFNBIBNBO EBSJ CBOZBL LPOTFQ EBO UPQJL ZBOH

EJCFSJLBO NJTBMOZB QPSUPGPMJP NFMJQVUJ CFCFSBQB UVMJTBO QFOEFL VSBJBO
TJOHLBU

NFOEFNPOTUSBTJLBO QFSCFEBBO CBLBU NJTBMOZB QPSUPGPMJP NFMJQVUJ IBTJM
JMVTUSBTJLFNBNQVBONFOVMJT LPNCJOBTJDFUBL EBOCVLBODFUBL

NFOEFNPOTUSBTJLBO LFNBNQVBO VOUVL NFOVOKVLLBO QFLFSKBBO ZBOH
PSJTJOJM
NFOEFNPOTUSBTJLBO LFHJBUBO TFMBNB QFSJPEF XBLUV UFSUFOUV EBO
NFSBOHLVNBSUJEBSJLFHJBUBOUFSTFCVU
NFOEFNPOTUSBTJLBO LFNBNQVBO NFOBNQJMLBO EBMBN TVBUV WBSJBTJ
LPOUFLTUFNQBUUFSUFOUV
NFOEFNPOTUSBTJLBO LFNBNQVBO VOUVL NFOHJOUFHSBTJLBO UFPSJ EBO
QSBLUFL
NFSFGMFLTJLBO OJMBJOJMBJ JOEJWJEV QBOEBOHBO EVOJB CBSV BUBV PSJFOUBTJ
GJMPTPGJ
%BMBNQFOHHVOBBOOZB UFSEBQBUQVMBCFCFSBQBQSJOTJQZBOHIBSVTEJKBEJLBO
QFEPNBO ZBJUV
4BMJOHQFSDBZB NVUVBMUSVTU

BOUBSBHVSVEBOTJTXB
(VSV EBO TJTXB IBSVT NFNJMJLJ SBTB TBMJOH QFSDBZB TBMJOH KVKVS EBO
UFSCVLB TFSUBTBMJOHNFNFSMVLBOTFDBSBXBKBS
,FSBIBTJBBOCFSTBNB DPOGJEFOUJBMJUZ
BOUBSBHVSVEBOTJTXB
.BTJOHNBTJOH QJIBL NFOKBHB LFSBIBTJBBO EBSJ QPSUPGPMJP TFCBHBJ CFOUVL
QFOHIBSHBBOUFSIBEBQIBTJMLBSZB
.JMJLCFSTBNB KPJOUPXOFSTIJQ
BOUBSBTJTXBEBOHVSV
3BTB NFNJMJLJ UFSIBEBQ QPSUPGPMJP EJUVNCVILBO CBJL EJ TJTXB NBVQVO
HVSV TFIJOHHBUJNCVMUBOHHVOHKBXBCEBOTFNBOHBUCFSLSFBTJ
,FQVBTBO TBUJTGBDUJPO

1PSUPGPMJP NFODFSNJOLBO LFQVBTBO TJTXB EBO HVSV UFSIBEBQ LFTVLTFTBO
IBTJMQFNCFMBKBSBO
,FTFTVBJBO SFMFWBODF

)BTJMLFSKBZBOHEJLVNQVMLBOBEBMBIIBTJMLFSKBZBOHCFSIVCVOHBOEFOHBO
UVKVBO QFNCFMBKBSBO ZBOH SFMFWBO EFOHBO UVKVBO QFNCFMBKBSBO EBMBN
LVSJLVMVN
QFOJMBJBOQSPTFTEBOIBTJM
1FOJMBJBO QPSUPGPMJP NFOFSBQLBO QSJOTJQ QSPTFT EBO IBTJM 4FMBJO NFOJMBJ
QSPTFTQFODJQUBBOTVBUVQSPEVLKVHBLVBMJUBTQSPEVLZBOHEJIBTJMLBO

3"/$"/("/.0%&-1&/*-"*"/10350'0-*0%*4&,0-")
5FSEBQBUCFCFSBQBQFSCFEBBOBOUBSBUFTEBOQPSUPGPMJPUFSVUBNBQBEBBTQFL
PCKFLUJGJUBT1FSCFEBBOBOUBSBUFTEFOHBOQPSUPGPMJPEJTBKJLBOQBEBUBCFMCFSJLVU

5BCFM1FSCFEBBO5FTEBO1PSUPGPMJP
5FT 1PSUPGPMJP
.FOJMBJTJTXBCFSEBTBSLBO .FOJMBJTJTXBCFSEBTBSLBOTFMVSVIUVHBTEBO
TFKVNMBIUVHBTZBOHUFSCBUBT IBTJMLFSKBZBOHCFSLBJUBOEFOHBOLJOFSKBZBOH
EJOJMBJ
:BOHNFOJMBJIBOZBHVSV 4JTXBUVSVUTFSUBEBMBNNFOJMBJLFNBKVBOZBOH
CFSEBTBSLBONBTVLBOZBOH EJDBQBJEBMBNQFOZFMFTBJBOCFSCBHBJUVHBT EBO
UFSCBUBT QFSLFNCBOHBOZBOHCFSMBOHTVOHTFMBNBQSPTFT
QFNCFMBKBSBO
.FOJMBJTFNVBTJTXBEFOHBO .FOJMBJTFUJBQTJTXBCFSEBTBSLBOQFODBQBJBO
NFOHHVOBLBOTBUVLSJUFSJB NBTJOHNBTJOH EFOHBONFNQFSUJNCBOHLBO
KVHBGBLUPSQFSCFEBBOJOEJWJEVBM
1SPTFTQFOJMBJBOUJEBLLPMBCPSBUJG .FXVKVELBOQSPTFTQFOJMBJBOZBOHLPMBCPBSBUJG
UJEBLBEBLFSKBTBNBUFSVUBNB
BOUBSBHVSV TJTXB EBOPSBOH
UVB

1FOJMBJBOEJSJPMFITJTXBCVLBO 4JTXBNFOJMBJEJSJOZBTFOEJSJNFOKBEJTVBUV
NFSVQBLBOTVBUVUVKVBO UVKVBO
:BOHNFOEBQBUQFSIBUJBOEBMBN :BOHNFOEBQBUQFSIBUJBOEBMBNQFOJMBJBO
QFOJMBJBOIBOZBQFODBQBJBO NFMJQVUJLFNBKVBO VTBIB EBOQFODBQBJBO
5FSQJTBIBOUBSBLFHJBUBO 5FSLBJUFSBUBOUBSBLFHJBUBOQFOJMBJBO
QFNCFMBKBSBO UFTUJOH EBO QFOHBKBSBOB EBOQFNCFMBKBSBO
QFOHBKBSBO

#FSEBTBSLBO GVOHTJOZB 1PSUPGPMJP EBQBU EJCFEBLBO NFOKBEJ UJHB NBDBN
QPSUPGPMJP ZBJUV QPSUPGPMJP LFSKB QPSUPGPMJP EPLVNFOUBTJ EBO QPSUPGPMJP
QFOBNQJMBO
B 1PSUPGPMJPLFSKB
1PSUPGPMJP LFSKB XPSLJOH QPSUGPMJP

TBOHBU JEFOUJL EFOHBO QFLFSKBBO CBJL JUV
DBUBUBO ESBGU TFUFOHBI KBEJ EBO QFLFSKBBO ZBOH UFSCBJL ZBOH EJHVOBLBO VOUVL
NFNPOJUPS QFSLFNCBOHBO EBO NFOJMBJ DBSB TJTXB NFOHBUVS BUBV NFOHFMPMB
CFMBKBSNFSFLB1PSUPGPMJPLFSKBNFOZFEJBLBOEBUBUFOUBOH

DBSBTJTXBNFOHPSHBOJTBTJLBOEBONFOHFMPMBLFSKB

+BJMBOJ

EJUVOKVLLBOPMFIQSFTUBTJCFMBKBSTJTXB BDIJFWFNFOU
)BTJMLFSKBTJTXBEBMBNQFOJMBJBOQPSUPGPMJPKFOJTJOJEJHVOBLBOEBMBNEJTLVTJ
BOUBSBTJTXBEBOHVSV*OJBLBONFNCVBUHVSVNFOHFOBMUFOUBOHLFNBKVBOTJTXB
EBO NFNVOHLJOLBO HVSV NFOPMPOH TJTXB VOUVL NFOHJEFOUJGJLBTJ LFMFNBIBO
LFMFCJIBO TFSUB LFMBZBLBO EBMBN NFSBODBOH EBO NFOJOHLBULBO QFNCFMBKBSBO
#FCFSBQBLFVOUVOHBOQPSUPGPMJPLFSKBBOUBSBMBJO
#BHJTJTXBNFOEPSPOHVOUVL
B NFOHFOEBMJLBOQFLFSKBBONFSFLB
C NFSBTBCBOHHBBUBTQFLFSKBBONFSFLB
D NFSFGMFLTJLBOTUSBUFHJ
E NFSBODBOHUVKVBOEBO
F NFNBOUBVQFSLFNCBOHBO
#BHJHVSVNFOEPSPOHVOUVL
B LFTFNQBUBOVOUVLNFNJLJSLBOLFNCBMJBSUJTVBUVIBTJMQFLFSKBBO
C NFOJOHLBULBONPUJWBTJEBO
D NFNQFSCBJLJLPNJUNFOUFSIBEBQQFOHBKBSBO
1FSUFNVBO BOUBSB HVSVEBO TJTXB CFSUVKVBOVOUVL NFMJIBU QFSLFNCBOHBO
TJTXBMFCJIBXBMEBONFNCFSJLBONBTVLBOLFQBEBTJTXBBQBCJMBEJQBOEBOHQFSMV
4FMBNBQFSUFNVBO HVSVNFNCFSJLBOQFSIBUJBOQFOVIQBEBQFNJMJIBOIBTJMLFSKB
TJTXB%BMBNQSPTFTJOJEBQBUKVHBEJBKVLBOQFSUBOZBBOQFSUBOZBBO
1FSIBUJBOHVSVKVHBQFSMVEJCFSJLBOQBEBLFNBNQVBOEBOQSPTFT4JTXB
QFSMV EJNPUJWBTJ UFOUBOH BQB ZBOH IBSVT NFSFLB MBLVLBO 1FSUFNVBO QPSUPGPMJP
NFNVOHLJOLBO VOUVL NFSBODBOH QSJPSJUBT UVKVBO "QB ZBOH IBSVT EJMBLVLBO
LFNVEJBO BQBZBOHIBSVTEJQFMBKBSJLFNVEJBO
1SPTFTQFOHVNQVMBO DPMMFDUJOH
SFGMFLTJ SFGMFDUJOH
EBOEJTLVTJUJEBLTFMBMV
NFOKBNJO LVBMJUBT QPSUPGPMJP ZBOH EJIBTJMLBO 1PSUPGPMJP LFSKB NFOPMPOH HVSV
VOUVL TFDBSB UFSVT NFOFSVT NFMBLVLBO QFOJMBJBO JOGPSNBM UFOUBOH LFNBKVBO
CFMBKBS TJTXB /BNVO IBM UFSTFCVU CFSHBOUVOH LFQBEB LVBMJUBT JTJ QPSUPGPMJP ZBOH
NFOHHBNCBSLBOIBTJMCFMBKBS,BSFOBJUVUBOUBOHBOVOUVLHVSVBEBMBICBHBJNBOB
NFOHFNCBOHLBOQPSUPGPMJPLFSKBZBOHNFOZBKJLBOIBTJMLFSKBUFOUBOHIBTJMCFMBKBS
ZBOH SFMFWBO VOUVL NFOHFNCBOHLBO LFHJBUBO CFMBKBS LFMBT
ZBOH EJEFGJOJTJLBO

3"/$"/("/.0%&-1&/*-"*"/10350'0-*0%*4&,0-")
TFDBSB MVBT ZBOH NFNVOHLJOLBO TJTXB EBQBU NFOHFNCBOHLBO LFNBNQVBO

NFSFLB TFDBSB PQUJNVN 4FMBJO JUV QPSUPGPMJP LFSKB ZBOH EJIBTJMLBO IFOEBLOZB
NFNVOHLJOLBOTJTXBVOUVLNFNJMJLJKVNMBIUVHBTZBOHDVLVQVOUVLNFNBOUBV
QFSLFNCBOHBOLFNBNQVBOTJTXB
(VSV CJBTBOZB NFOZFEJBLBO QFOJMBJBO EJSJ TFMG BTTFTTNFOU

EBO LVFTJPOFS
ZBOHEJHVOBLBOCBJLPMFIHVSVNBVQVOPMFITJTXB1FOJMBJBOEJSJBEBMBIQFOJMBJBO
ZBOH EJHVOBLBO TJTXB VOUVL NFOJMBJ IBTJM LFSKB NFSFLB 4JTXB IBSVT NFNJMJLJ
LFNBNQVBO TLJMM
QFOHFUBIVBO LOPXMFEHF
EBO LFZBLJOBO EJSJ DPOGJEFODF

VOUVL NFOHFWBMVBTJ LFHJBUBO ZBOH TFEBOH NFSFLB LFSKBLBO LFSKB EBO
QFSLFNCBOHBOIBTJMLFSKBOZBLFUJLBNFSFLBCFLFSKBTFCBHBJQFMBKBSZBOHNBOEJSJ
C 1PSUPGPMJP%PLVNFOUBTJ
1PSUPGPMJP EPLVNFOUBTJ BEBMBI LPMFLTJ IBTJM LFSKB TJTXB ZBOH LIVTVT

EJHVOBLBO VOUVL QFOJMBJBO 5JEBL TFQFSUJ QPSUPGPMJP LFSKB ZBOH QFOHLPMFLTJBOOZB
EJMBLVLBOEBSJIBSJLFIBSJ EPLVNFOUBSJQPSUPGPMJPBEBMBITFMFLTJIBTJMLFSKBUFSCBJL
TJTXB ZBOH BLBO EJBKVLBO EBMBN QFOJMBJBO %FOHBO EFNJLJBO QPSUPGPMJP
EPLVNFOUBTJBEBMBILPMFLTJEBSJTFLVNQVMBOIBTJMLFSKBTJTXBTFMBNBLVSVOXBLUV
UFSUFOUV
,FHVOBBOQPSUPGPMJPEPLVNFOUBTJTFCBHBJTVNCFSQPSUPGPMJPCFSHBOUVOH

#BHBJNBOBIBTJMLBSZBTJTXBCFSIVCVOHBOEFOHBOJOEJLBUPSIBTJMCFMBKBSZBOH
UFMBIEJUFSBQLBOEBO

*TJ QFOJMBJBO QPSUPGPMJP ZBOH EJIBTJMLBO TJTXB ZBOH NFOVOKVLBO LFMFNBIBO
EBOLFMFCJIBOTJTXB
+JLB TUBOEBS LPNQFUFOTJ TVBUV QFNCFMBKBSBO TBOHBU MVBT NBLB IBTJM LFSKB
ZBOHEJQFSMVLBOKVHBTBOHBUMVBT4UBOEBSLPNQFUFOTJUFSLBEBOHUFSNBTVLUVKVBO
QFNCFMBKBSBO ZBOH MFCJI MVBT LFUJNCBOH IBOZB LFNBNQVBO EBO QFOHFUBIVBO
%FOHBOEFNJLJBO QPSUPGPMJPEPLVNFOUBTJKVHBNFODBLVQVTBIBTJTXBEBOBQMJLBTJ
TFQFSUJ
B 1FSJMBLV
C 1BSUJTJQBTJEBMBNLFHJBUBOEJLFMBT
D *OJTJBUJG
E ,FSKBTBNB
F ,FUFLVOBONFOHFSKBLBOUVHBT

+BJMBOJ
D1PSUPGPMJP1FSUVOKVLBO
1PSUPGPMJP QFSUVOKVLLBO TIPX GPSUGPMJP

EJHVOBLBO VOUVL NFNJMJI IBMIBM
ZBOH QBMJOH CBJL ZBOH NFOVOKVLBO CBIBOQFLFSKBBO UFSCBJL ZBOH EJIBTJMLBO PMFI
TJTXB 1PSUPGPMJP QFSUVOKVLBO CFSUVKVBO VOUVL NFOZFMFLTJ QFLFSKBBO UFSCBJL ZBOH
EJMBLVLBOPMFITJTXB5JEBLTFQFSUJQPSUPGPMJPEPLVNBOUBTJ QPSUPGPMJPQFSUVOKVLBO
IBOZB CFSJTJ QFLFSKBBO TJTXB ZBOH UFMBI TFMFTBJ 1PSUPGPMJP QFSUVOKVLBO UJEBL
NFODBLVQ QSPTFT QFLFSKBBO QFSCBJLBO EBO QFOZFNQVSOBBO QFLFSKBBO TJTXB
1PSUPGPMJPQFSUVOKVLBOEJHVOBLBOVOUVLUVKVBOTFQFSUJTFMFLTJ TFSUJGJLBTJ NBVQVO
QFOJMBJBO LFMBT 6OUVL UVKVBO ZBOH MFCJI SVNJU ZBOH TBOHBU NFNFSMVLBO
QFSCBOEJOHBO WBMJEJUBT QFSCBOEJOHBO IBSVTMBI CFOBSCFOBS EJQFSIBUJLBO PMFI
CFCFSBQB QFOJMBJ BEBMBI QFSMVOZB SFMJBCJMJUBT ZBJUV BQBLBI TLPS ZBOH EJCFSJLBO
LFQBEBIBTJMLFSKBTJTXBLPOTJTUFO
)BMQFOUJOHZBOHQFSMVEJQFSIBUJLBOEBMBNQPSUPGPMJPQFSUVOKVLBOBEBMBI
1PSUPGPMJP QFSUVOKVLBO IBOZB NFOVOKVLBO IBTJM LFSKB UFSCBJL EBO IBOZB
NFOVOKVLLBOIBTJMBLIJS
1PSUPGPMJPQFSUVOKVLBOIBSVTNFOHHBNCBSLBOLVSJLVMVNEBONFOVOKVLBO
IBTJMLFSKBTFOEJSJZBOHBTMJ
1FEPNBO1FOFSBQBO
#FCFSBQBIBMCFSJLVUJOJQFSMVEJQFSIBUJLBOEBMBNQFOFSBQBOQPSUPGPMJP
B
.FOFSBQLBOQFNCFMBKBSBOTJTXB
C
.FNQFSKFMBTBQBZBOHEJLFSKBLBOPMFITJTXB
D
.FNJTBILBOEBONFNCFEBLBOEPLVVNFOLPNVMBUJGTJTXB
E
.FOHBNBUJQFLFSKBBOTJTXBZBOHUFSTJSBUEBOUFSTVSBUEBMBNLFHJBUBO
F
.FSBTJPOBMJTBTJLBOUVKVBOKBOHLBQFOEFLEBOKBOHLBQBOKBOHTFLPMBIZBOH
UFSUVBOHTFDBSBBLUVBMEBOTUBOEBSEBMBNNFOJMBJLVBMJUBTTFLPMBI
G
.FMBZBOJ QFSCFEBBO UVKVBO NFNJMJLM UVKVBO CFSHBOEB UVKVBO LFJOHJOBO
TJTXB NJOBUPSBOHUVBEBOHVSV
H
.FOHBOEVOH JOGPSNBTJ ZFOUBOH QFSUVNCVIBO TFQFSUJ LFCFSIBTJMBO TJTXB
DBUBUBONJOBU SFLBNBOEJMVBSLFHJBUBO EBOQFOJMBJBOTJLBQ
-BOHLBIMBOHLBILFHJBUBO
-BOHLBIMBOHLBI LVODJ ZBOH QFSMV EJQFSIBUJLBO EBO EJMBLVLBO PMFI HVSV

EBMBNQFOHHVOBBOQFOJMBJBOQPSUPGPMJPEJTFLPMBITFCBHBJCFSJLVU

1VTBU,VSJLVMVN ,VSJLVMVN#FSCBTJT,PNQFUFOTJ #BMJUCBOH%FQEJLOBT IBM

3"/$"/("/.0%&-1&/*-"*"/10350'0-*0%*4&,0-")
B .FNBTUJLBOCBIXBTJTXBNFNJMJLJCFSLBTQPSUPGPMJP

.FOFOUVLBO CFOUVL EPLVNFO BUBV IBTJM QFLFSKBBO ZBOH QFSMV
EJLVNQVMLBO

4JTXBNFOHVNQVMLBOEBONFOZJNQBOEPLVNFOEBOIBTJMQFLFSKBBOOZB

.FOFOUVLBOLSJUFSJBQFOJMBJBOZBOHEJHVOBLBO

.FOHIBSVTLBO TJTXB NFOJMBJ IBTJM QFLFSKBBOOZB TFOEJSJ TFDBSB
CFSLFMBOKVUBO

.FOFOUVLBOXBLUVEBONFOZFMFOHHBSBLBOQFSUFNVBOQPSUPGPMJP

.FMJCBULBOPSBOHUVBEBMBNQSPTFTQFOJMBJBOQPSUPGPMJP
C #BIBO1FOJMBJBO
)BMIBM ZBOH EBQBU EJKBEJLBO TFCBHBJ CBIBO QFOJMBJBO QPSUPGPMJP EJ TFLPMBI
BOUBSBMBJOTFCBHBJCFSJLVU

1FOHIBSHBBOUFSUVMJT

1FOHIBSHBBOMJTBO

)BTJMLFSKBCJBTBEBOIBTJMQFMBLTBOBBOUVHBTUVHBTPMFITJTXB

%BGUBSSJOHLBTBOIBTJMQFLFSKBBO

$BUBUBOTFCBHBJQFTFSUBEBMBNTVBUVLFSKBLFMPNQPL

$POUPIIBTJMQFLFSKBBO

$BUBUBOMBQPSBOEBSJQJIBLZBOHSFMFWBO

%BGUBSLFIBEJSBO

)BTJMVKJBOUFT

1SFTFOUBTJUVHBTZBOHUFMBITFMFTBJEJLFSKBLBO

$BUBUBO UFOUBOH QFSJOHBUBO ZBOH EJCFSJLBO HVSV NBOBLBMB TJTXB
NFMBLVLBOLFTBMBIBO
1FOHVNQVMBOCBIBO
4FUFMBI EJUFOUVLBO EBO EJQBTUJLBO CBIXB TFUJBQ TJTXB UFMBI NFNCVBU EBO
NFNJMJI CFSLBT QPSUPGPMJP TFMBOKVUOZB QFSMV EJUFOUVLBO DBSB NFOHVNQVMLBO EBO
NFOZVTVOOZB EBMBN CFSLBT QPSUPGPMJP ZBOH UFMBI EJTFEJBLBO LFNVEJBO
NFOFOUVLBOEJNBOBEBOCBHBJNBOBNFOZJNQBOOZB
8BLUV QFOHVNQVMBO CBIBO QFSMV KVHB EJUFOUVLBO EFOHBO KFMBT LBQBO

EJNVMBJ EBO LBQBO CFSBLIJS 4FQBOKBOH XBLUV UFSTFCVU TJTXB EJNJOUB VOUVL
NFOHVNQVMLBOCBIBOZBOHEBQBUEJQFSPMFIOZBTFDBSBUFSVTNFOFSVT)BTJMLFSKB

+BJMBOJ
TJTXB BUBV CBIBO ZBOH EBQBU EJQFSPMFIOZB TVQBZB TFOBOUJBTB EJCFSJ LFUFSBOHBO
XBLUVEBOUBOHHBMOZB)BM JOJQFOUJOH TVQBZB TFUJBQQFSLFNCBOHBO ZBOHEJDBQBJ
TJTXBEBSJXBLUVLFXBLUVEBQBUUFSBNBUJEFOHBOCBJL
1FMBQPSBO1PSUPGPMJP
-BQPSBO IBTJM BOBMJTJT QFOJMBJBO QPSUPGPMJP EBQBU EJNBOGBBULBO CBJL PMFI

HVSV TJTXBNBVQVOXBMJNVSJE.BOGBBUZBOHEBQBUEJBNCJMPMFINBTJOHNBTJOH
QJIBLTFCBHBJCFSJLVU

-BQPSBO6OUVL4JTXB
1FOJMBJBOQPSUPGPMJPTBOHBUCFSHVOBCBHJTJTXBVOUVLNFOHFUBIVJLFNBNQVBO
EBOLFNBKVBOCFMBKBSOZBUFSVUBNBEBMBNIBM
B
6NQBOCBMJLLFNBNQVBOQFNBIBNBOEBOQFOHVBTBBOTJTXBUFOUBOHUVHBT
ZBOHEJCFSJLBOHVSVTFMBNBLVSVOXBLUVUFSUFOUV
C
.FOEPSPOH TJTXB VOUVL NFOJOHLBULBO QSPTFT QFNCFMBKBSBO BHBS MFCJI
NFOHVBTBJNBUFSJUFSUFOUVZBOHEJBOHHBQNBTJIMFNBILIVTVTOZBNFMBMVJ
CBIBOCBIBOZBOHUFMBIEJLVNQVMLBOOZB
D
6NQBOCBMJLEBMBNNFNQFSUBIBOLBOQSFTUBTJZBOHUFMBIEJDBQBJOZB
E
.FNBIBNJ LFUFSCBUBTBO LFNBNQVBO VOUVL NFOHVBTBJ NBUFSJ UFSUFOUV
BUBVCJEBOHLBKJBOUFSUFOUV

-BQPSBO6OUVL(VSV
1FOJMBJBO1PSUPGPMJPTBOHBUCFSHVOBCBHJHVSVVOUVLNFOHFUBIVJLFNBKVBOEBO
LFNBNQVBOCFMBKBSTJTXBOZBUFSVUBNBEBMBNIBM
B
6NQBOCBMJLLFNBNQVBOQFNBIBNBOEBOQFOHVBTBBOTJTXBUFOUBOHUVHBT
ZBOHEJCFSJLBOHVSVTFMBNBLVSVOXBLUVUFSUFOUV
C
.FOHFUBIVJCBHJBOZBOHCFMVNEJLFUBIVJTJTXB
D
.FNQFSPMFI HBNCBSBO UJOHLBU QFODBQBJBO LFCFSIBTJMBO QSPTFT CFMBKBS
NFOHBKBSZBOHUFMBIEJMBLTBOBLBOOZB
E
.FOFOUVLBO TUSBUFHJ QFOHBKBSBO CBJL EBMBN NFOZBQBJLBO NBUFSJ NBVQVO
QFNCFSJBOUVHBTEBOQFOJMBJBOLFQBEBTJTXB

3"/$"/("/.0%&-1&/*-"*"/10350'0-*0%*4&,0-")
F
.FOFOUVLBO QFOFNQBUBO TJTXB EBMBN QSPHSBN TUVEJ CBJL EBMBN JOEJWJEV
NBVQVOLFMPNQPLEBO
G
.FNQFSPMFI LFDFOEFSVOHBO QSJMBLV CFMBKBS TJTXB UFSVUBNB EJLFMBT TBBU
CFSJOUFSBLTJEFOHBOHVSVEBOTJTXBMBJOOZB

-BQPSBOVOUVLPSBOHUVBXBMJTJTXB
1FOJMBJBO QPSUPGPMJP TBOHBU CFSHVOB CBHJ PSBOH UVB TJTXB VOUVL NFOHFUBIVJ
LFNBKVBOEBOLFNBNQVBOCFMBKBSQVUFSBQVUFSJOZBBOUBSBMBJOEBMBNIBM
B
1FNBIBNBO UFOUBOH LFMFCJIBO EBO LFMFNBIBO QVUFSBQVUFSJOZB EBMBN
CFMBKBS
C
1FOFOUVBO QSPHSBN TUVEJ EBO QFOEJEJLBO MBOKVUBO ZBOH NVOHLJO CJTB
EJNBTVLJQVUFSBQVUFSJOZB
D
1FOJOHLBUBO CJNCJOHBO ZBOH IFOEBL EJMBLVLBO PSBOH UVB TJTXB VOUVL
NFSBJIQSFTUBTJBOBLEBO
E
1FOJOHLBUBO LPNVOJLBTJ EFOHBO QJIBL TFLPMBI EBMBN NFOEJEJL QVUFSB
QVUFSJOZB

4*.16-"/
4JTUFN QFOJMBJBO EFOHBO NFOHHVOBLBO UFT NFSVQBLBO TJTUFN QFOJMBJBO

LPOWFOTJPOBM4JTUFNJOJLVSBOHEBQBUNFOHHBNCBSLBOLFNBNQVBOQFTFSUBEJEJL
TFDBSB NFOZFMVSVI TFCBC IBTJM CFMBKBS EJHBNCBSLBO EBMBN CFOUVL BOHLB ZBOH
HBNCBSBONBLOBOZBTBOHBUBCTUSBL0MFILBSFOBJUVVOUVLNFMFOHLBQJHBNCBSBO
LFNBKVBO CFMBKBS TFDBSB NFOZFMVSVI NBLB EJMFOHLBQJ EFOHBO OPOUFT TFQFSUJ
QFOJMBJBOQPSUPGPMJP
(VSV EBQBU NFNQSBLUJLLBO CFCFSBQB UFLOJL QFOJMBJBO CBJL ZBOH UFSNBTVL

EBMBN SBOBI LPHOJUJG BGFLUJL NBVQVO QTJLPNPUPS 5VHBT CFSVQB MBQPSBO CBJL
TFDBSB JOEJWJEV NBVQVO LFMPNQPL TFCBJLOZB CFSVQB UVHBT BQMJLBTJ NJTBMOZB
NFSVQBLBO IBTJM QFOHBNBUBO EJ MVBS LFMBT %BQBU QVMB CFSVQB UVHBT TJOUFTJT EBO
FWBMVBTJ NJTBMOZB UVHBT QFNFDBIBO NBTBMBI MJOHLVOHBO EBO VTVMBO DBSB
QFOBOHHVMBOHBOOZB .FMBMVJ QFOVHBTBO JOJ NBLB LFNBNQVBO CFSQJLJS EBO
LFQFLBBO QFTFSUB EJEJL BLBO UFSBTBI 1FOJMBJBO QPSUPGPMJP EJEBTBSLBO QBEB LPMFLTJ
BUBVLVNQVMBOQFLFSKBBOZBOHEJCFSJLBOHVSVLFQBEBTJTXBTFTVBJEFOHBOUVKVBO

+BJMBOJ
QFNCFMBKBSBO .FMBMVJ QFOJMBJBO QPSUPGPMJP TJTXB EBQBU NFOVOKVLLBO QFSCFEBBO

LFNBNQVBO EBMBN NFOZFMFTBJLBO UVHBT ZBOH EJCFSJLBO PMFI HVSV EBSJ XBLUV LF
XBLUV EBO BUBV EJCBOEJOHLBO EFOHBO IBTJM LBSZB TJTXB MBJO %BMBN QFOJMBJBO
QPSUPGPMJPTJTXBNFNJMJLJLFTFNQBUBOZBOHMFCJICBOZBLVOUVLNFOJMBJEJSJTFOEJSJ
EBSJ XBLUV LF XBLUV 6OUVL LFQFSMVBO QFMBQPSBO IBTJM QFOJMBJBO HVSV EBQBU
NFNCFSJLBOCPCPUCBHJTFUJBQUVHBTZBOHEJCFSJLBOUFSHBOUVOHQBEBQFSUJNCBOHBO
HVSVTFTVBJEFOHBOLBSBLUFSJTUJLUVHBT


3"/$"/("/.0%&-1&/*-"*"/10350'0-*0%*4&,0-")
%"'5"31645","
"OPOJNPVT i*OEPOFTJB 5FBDIFS 5SBJOJOH 1SPKFDU w 5IF 8BTIJOHUPO 4UBUF

$POTPSUJVNGPS$POUFYUVBM5FBDIJOHBOE-FBSOJOH
%FQEJLOBT %JSKFO %JLEBTNFO %JSFLUPSBU 1-1 .BOBKFNFO 1FOJOHLBUBO .VUV
#FSCBTJT4FLPMBI #VLV1FNCFMBKBSBOEBO1FOHBKBSBO,POUFLTUVBM
%JNZBUJEBO.VEKJPOP #FMBKBSEBO1FNCFMBKBSBO +BLBSUB3JOFLB$JQUB
1VTBU,VSJLVMVN ,VSJLVMVN#FSCBTJT,PNQFUFOTJ #BMJUCBOH%FQEJLOBT
3PIBOJ "INBE 1FOHFMPMBBO1FOHBKBSBO +BLBSUB3JOFLB$JQUB

ID Rancangan Model Penilaian Portofolio Di

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

ID Rancangan Model Penilaian Portofolio Di

Uploaded by

Copyright:

Available Formats

+VSOBM*MNJBI%*%",5*,"'FCSVBSJ

5FSEBQBU UJHB VOTVS QFOUJOH EJ EBMBN QFOJMBJBO QPSUPGPMJP ZBJUV 

1FOZFNQVSOBBO LVSJLVMVN EJMBLVLBO TFCBHBJ SFTQPO UFSIBEBQ UVOUVUBO

(VSV TFCBHBJ VKVOH UPNCBL QFMBLTBOBBO QFOEJEJLBO ZBOH DVLVQ CFSQFSBO

1FOJMBJBO ZBOH EJLFNCBOHLBO NFODBLVQ UFLOJL CFOUVL EBO JOTUSVNFO

+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ]

QBEB 4UBOEBS ,PNQFUFOTJ EBO ,PNQFUFOTJ %BTBS 0CKFL QFOJMBJBO NFODBLVQ

1FOJMBJBO 1PSUPGPMJP TBBU JOJ NVMBJ CBOZBL EJQFSLFOBMLBO EBMBN EVOJB

1BEB XBLUV NFOFSBQLBO QFOJMBJBO QPSUPGPMJP IFOEBLOZB EJQFSIBUJLBO

]+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ

 NFOVOKVLLBO TVBUV QFNBIBNBO EBSJ CBOZBL LPOTFQ EBO UPQJL ZBOH

 4BMJOHQFSDBZB NVUVBMUSVTU

+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ]

1PSUPGPMJP LFSKB XPSLJOH QPSUGPMJP

]+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ

+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ]

TFDBSB MVBT ZBOH NFNVOHLJOLBO TJTXB EBQBU NFOHFNCBOHLBO LFNBNQVBO

(VSV CJBTBOZB NFOZFEJBLBO QFOJMBJBO EJSJ TFMG BTTFTTNFOU

1PSUPGPMJP EPLVNFOUBTJ BEBMBI LPMFLTJ IBTJM LFSKB TJTXB ZBOH LIVTVT

]+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ

1PSUPGPMJP QFSUVOKVLLBO TIPX GPSUGPMJP

-BOHLBIMBOHLBI LVODJ ZBOH QFSMV EJQFSIBUJLBO EBO EJMBLVLBO PMFI HVSV

+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ]

8BLUV QFOHVNQVMBO CBIBO QFSMV KVHB EJUFOUVLBO EFOHBO KFMBT LBQBO

]+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ

-BQPSBO IBTJM BOBMJTJT QFOJMBJBO QPSUPGPMJP EBQBU EJNBOGBBULBO CBJL PMFI

+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ]

4JTUFN QFOJMBJBO EFOHBO NFOHHVOBLBO UFT NFSVQBLBO TJTUFN QFOJMBJBO

(VSV EBQBU NFNQSBLUJLLBO CFCFSBQB UFLOJL QFOJMBJBO CBJL ZBOH UFSNBTVL

]+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ

QFNCFMBKBSBO .FMBMVJ QFOJMBJBO QPSUPGPMJP TJTXB EBQBU NFOVOKVLLBO QFSCFEBBO

+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ]

"OPOJNPVT i*OEPOFTJB 5FBDIFS 5SBJOJOH 1SPKFDU w 5IF 8BTIJOHUPO 4UBUF

]+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ

You might also like

+VSOBMMNJBI%%",5*,"'FCSVBSJ

5FSEBQBU UJHB VOTVS QFOUJOH EJ EBMBN QFOJMBJBO QPSUPGPMJP ZBJUV

+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ]

QBEB 4UBOEBS ,PNQFUFOTJ EBO ,PNQFUFOTJ %BTBS 0CKFL QFOJMBJBO NFODBLVQ

]+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ

NFOVOKVLLBO TVBUV QFNBIBNBO EBSJ CBOZBL LPOTFQ EBO UPQJL ZBOH

4BMJOHQFSDBZB NVUVBMUSVTU

+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ]

]+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ

+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ]

]+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ

-BOHLBIMBOHLBI LVODJ ZBOH QFSMV EJQFSIBUJLBO EBO EJMBLVLBO PMFI HVSV

+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ]

]+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ

+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ]

]+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ

QFNCFMBKBSBO .FMBMVJ QFOJMBJBO QPSUPGPMJP TJTXB EBQBU NFOVOKVLLBO QFSCFEBBO

+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ]

]+VSOBM*MNJBI%JEBLUJLB7PM9** /P 'FCSVBSJ