Käyttöohje KONICA MINOLTA DI2510

[. . . ] Käyttäjän Käsikirja Di2510/Di3010/Di3510 www. minoltaeurope. com The essentials of imaging 6LVlOO\VOXHWWHOR (VLWWHO\ +DOXDPPH HWWl ROHW W\\W\YlLQHQ DVLDNDV . lVLNLUMDQ PHUNLQW|MHQ VHOLW\NVHW . lVLNLUMD ± SDLQHWWX MD GLJLWDDOLQHQ . lVLNLUMD SDLQHWWX YHUVLR /DDMHPSL NlVLNLUMD GLJLWDDOLQHQ YHUVLR &'5OHY\OOl 3HUXVNlVLWWHLGHQ MD V\PEROLHQ VHOLW\NVHW 3DSHULQ V\|WW| ´/HYH\V´ MD ´3LWXXV´ 3LWNLWWlLQ 3RLNLWWDLQ 3\VW\VXRUD MD YDDNDVXRUD 1l\W|Q NXYDNNHHW 3DSHULQ PllUlQ NXYDNNHHW (QHUJ\ 6WDU 0LNl RQ (1(5*< 67$5 WXRWH" 7DYDUDPHUNLW MD UHNLVWHU|LG\W WDYDUDPHUNLW 2VDW MD QLLGHQ WRLPLQQRW 2VLHQ QLPHW MD QLLGHQ WRLPLQQRW . RSLRNRQH /LVlYDUXVWHHW 7XUYDOOLVXXVWLHWRD 9DURLWXV MD WXUYDWRLPHQSLGHV\PEROLW 6\PEROLHQ PHUNLW\V 9$52, 786 +820$8786 7XUYDWRLPHQSLWHHW WDYDOOLVHVVD Nl\W|VVl . l\WWlMlQ RKMHHW &(PHUNLQWl YDDWLPXVWHQPXNDLVXXVYDNXXWXV /DVHUWXUYDOOLVXXV 6LVlLQHQ ODVHUVlWHLO\ &'5+ 5HJXODWLRQ . l\WWlMLOOH (XURRSDVVD . l\WWlMLOOH 7DQVNDVVD 'L'L'L . l\WWlMLOOH 6XRPHVVD MD 5XRWVLVVD . l\WWlMLOOH 1RUMDVVD /DVHUWXUYDOOLVXXVWDUUD 2WVRQLSllVW|W 0HOX $VHQQXNVHQ WXUYDRKMHHW $VHQQXVSDLNND 9LUWDOlKGH 7LODYDDWLPXNVHW . l\W|Q WXUYDWRLPHW . l\WW|\PSlULVW| 2LNHD Nl\WW| . RSLRNRQHHQ VLLUWR 7DUYLNNHLGHQ NlVLWWHO\ . RSLRLGHQ VlLO\W\V . RSLRLQWLD UDMRLWWDYDW ODLW &' . l\WHWWlYLVVl ROHYDW RPLQDLVXXGHW (QQHQ NXLQ RWDW NRSLRLWD 2KMDXVSDQHHOLQ RVLHQ QLPHW MD QLLGHQ WRLPLQQRW $VHWXVWHQ WDUNLVWDPLQHQ . l\WW0llULW\NVHWWRLPLQQRW . RVNHWXVSDQHHOLQ Ql\WW|MHQ VXXUHQWDPLQHQ . RSLRNRQHHQ YLUUDQ N\WNHQWl MD VDPPXWWDPLQHQ 9LUUDQ N\WNHQWl . XQ NRSLRNRQHHVHHQ N\WNHWllQ YLUWD 9LUUDQ VDPPXWXV . XQ NRSLRNRQH VDPPXWHWDDQ $XWRPDDWWLQHQ SDODXWXV DONXWLODDQ (QHUJLDQVllVW|WLOD /HSRWLOD 2KMDXVSDQHHOLQ NXOPDQ VllWlPLQHQ . RVNHWXVSDQHHOLQ Nl\WWlPLQHQ . RVNHWXVQl\W|Q NXYDXV 3HUXVDVHWXNVHW . RVNHWXVQl\W|Q Nl\WW| 1l\WW|MHQ NXYDXNVHW 7\|OLVWDQl\WW| 0XLVWLQ SDODXWXV 'L'L'L 3HUXVNRSLRLQWLWRLPLQQRW 3HUXVNRSLRLGHQ WHNHPLQHQ . RSLRLQQLQ S\Vl\WWlPLQHQ 7XORVWXVW\|Q S\Vl\WWlPLQHQXXGHOOHHQDORLWWDPLQHQ SRLVWDPLQHQ . RSLRLQWLW\|Q NHVNH\W\V . RSLRLGHQ WHNHPLQHQ Nl\WWlPlOOl WLOHMl &' &' &' /LVlWRLPLQQRW $SXRKMHOPDWLODQ WRLPLQQRW 3llNl\WWlMlQ KDOOLQWDWRLPLQQRW . RSLRSDSHUL 3DSHUHLGHQ YDDWLPXNVHW 3DSHULODDGXW 3DSHULNRRW 3DSHULNDSDVLWHHWWL 6RSLPDWRQ SDSHUL 7XORVWXVDOXH 3DSHULQ VlLO\W\V 3DSHULOlKWHHQ DXWRPDDWWLQHQ YDOLQWD 3DSHULQ DVHWXV 3DSHULQ DVHWWDPLQHQ SDSHULNDVHWWLLQ 3DSHULQ DVHWWDPLQHQ VXXUNDSDVLWHHWWLNDVHWWLLQ 3DSHULQ DVHWWDPLQHQ QLSSXRKLV\|WW|WDVROOH 7DYDOOLVHQ SDSHULQ DVHWWDPLQHQ 3RVWLNRUWWLHQ DVHWWDPLQHQ . LUMHNXRULHQ DVHWWDPLQHQ 3LLUWRKHLWLQNDOYRMHQ DVHWWDPLQHQ 7DUUDDUNNLHQ DVHWWDPLQHQ 9DNLRLPDWWRPDQ RPDYDOLQWDLVHQ SDSHULNRRQ DVHWWDPLQHQ 9DNLRLPDWWRPDQ RPDYDOLQWDLVHQ SDSHULNRRQ WDOOHQWDPLQHQ 7DOOHWHWXQ YDNLRLPDWWRPDQ RPDYDOLQWDLVHQ SDSHULNRRQ YDOLWVHPLQHQ 3DSHULDVHWXNVHQ YDOLQWD 'L'L'L $ONXSHUlLVHW DVLDNLUMDW $VLDNLUMDQ V\|WWlPLQHQ . llQWlYlQ QLSSXV\|WW|ODLWWHHQ Nl\WWlPLQHQ $VLDNLUMDQ W\\SLW 6DPDQNRNRLVHW DVLDNLUMDW ´(ULNRN DONXSHUlLVHW´WRLPLQWR (ULOHY\LVHW DVLDNLUMDW 2KMHLWD DVLDNLUMRLVWD $VLDNLUMDQ V\|WWlPLQHQ NllQWlYlQ QLSSXV\|WW|ODLWWHHQ NDXWWD $VLDNLUMDQ V\|WWlPLQHQ (ULNRNRLVWHQ DVLDNLUMRMHQ DVHWWDPLQHQ ´(ULNRN DONXSHUlLVHW´WRLPLQWR $VLDNLUMRMHQ DVHWWDPLQHQ NRSLRLQWLWDVRQ ODVLOOH $UNNLDVLDNLUMRMHQ DVHWWDPLQHQ 2KXLGHQ WDL OlSLQlN\YLHQ DVLDNLUMRMHQ DVHWWDPLQHQ . LUMRMHQ WDL OHKWLHQ DVHWWDPLQHQ $VLDNLUMRMHQ DVHWWDPLQHQ HULW\LVVRYHOOXNVLVVD 6XXUHW DVLDNLUMDW . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ 9LLPHLVWHO\DVHWXVWHQ PllULWWlPLQHQ . l\WHWWlYLVVl ROHYDW YLLPHLVWHO\DVHWXNVHW +XRPDXWXNVLD ´/DMLWWHOX´ MD ´5\KPLWWHO\´DVHWXVWHQ Nl\W|VWl 6LLUWRODMLWWHOX 5LVWLNNlLVODMLWWHOX 6LLUWRU\KPLWWHO\ 5LVWLNNlLVU\KPLWWHO\ . RSLRLQWL QLGRQWDDVHWXVWD Nl\WWlPlOOl . RSLRLQWL Nl\WWlPlOOl ´5HL LW\V´DVHWXVWD . RSLRLQWL Nl\WWlPlOOl ´7DLWRV´DVHWXVWD +XRPDXWXNVLD QLGRQWDNRKGDVWD +XRPDXWXNVLD QLGRWWDYLHQ VLYXMHQ PllUlVWl +XRPDXWXNVLD UHL LW\NVHQ SDLNDVWD =RRPDXVDVHWXNVHQ PllULW\V =RRPDXVDVHWXNVHQ YDOLWVHPLQHQ 2PDYDOLQWDLVHQ ]RRPDXVVXKWHHQ V\|WWlPLQHQ 2PDYDO ]RRPDXVVXKWHHQ MD 0LQLPL]RRPDXVVXKWHHQ WDOOHQWDPLQHQ 'L'L'L 7DOOHQQHWXQ RPDYDOLQWDLVHQ ]RRPDXVVXKWHHQ KDNX (ULODLVHQ S\VW\VXRUDQ MD YDDNDVXRUDQ =RRPDXVVXKWHHQ PllULWWlPLQHQ ´;< =RRP´ DVHWXV $ONXSHU ! [. . . ] . RSLRWDVHWXVWHQ YDOLQWD´ VLYXOOD 'L'L'L H 3HUXVNRSLRLQWLWRLPLQQRW . XQ KDOXDW YDLKWDD NRSLRQ WXPPXXWWD NRVNHWD >9$/2786@ . XQ KDOXDW OLVlWLHWRMD NDWVR ´. RSLRQ WXPPXXGHQ PllULWWlPLQHQ´ VLYXOOD . XQ KDOXDW SRLVWDD NRSLRQ PDUJLQDDOLQ DVHWWDD YlOLOHKGHQ NXQ NRSLRLW SLLUWRKHLWLQNDOYRLOOH WDL VXRULWWDD PXLWD HULW\LVWRLPLQWRMD NRVNHWD >/, 6b72, 0, @ . XQ KDOXDW OLVlWLHWRMD NDWVR OXNX ³ /LVlWRLPLQQRW´ H . l\Wl QlSSlLPLVW|l V\|WWllNVHVL KDOXDPDVL NRSLRLGHQ PllUlQ H H H 'LPDOOLVVD HQLQWllQ NRSLRWD YRLGDDQ WXORVWDD 'L WDL 'LPDOOHLVVD YRLGDDQ WXORVWDD HQLQWllQ NRSLRWD . XQ KDOXDW YDLKWDD DVHWXNVHQ SDLQD >&@ SRLVWR SDLQLNHWWD MD V\|Wl RLNHD DVHWXV . RSLRLGHQ PllUlOOH DVHWWDYD UDMD YRLGDDQ PllULWWll 3llNl\WWlMlQ KDOOLQWD Ql\W|VVl $SXRKMHOPDWLODVVD . XQ KDOXDW OLVlWLHWRMD NDWVR OXNX ³ 3llNl\WWlMlQ KDOOLQWDWRLPLQQRW´ 3DLQD >67$57@SDLQLNHWWD . RSLRW WXORVWHWDDQ 'L'L'L 3HUXVNRSLRLQWLWRLPLQQRW . RSLRLQQLQ S\Vl\WWlPLQHQ 1RXGDWD DOOD NXYDWWXMD RKMHLWD NXQ KDOXDW SHUXXWWDD NRSLRLQWLW\|Q 7XORVWXVW\|Q S\Vl\WWlPLQHQXXGHOOHHQDORLWWDPLQHQSRLVWDPLQHQ 3DLQD >6723@SDLQLNHWWD NXQ W\| RQ WXORVWXPDVVD . RSLRLQWL S\VlKW\\ 9LHVWL ³. RSLRLQWL WLODSlLVHVWL NHVNH\W\Q\W´ WXOHH QlN\YLLQ >67$57@SDLQLNHWWD . RSLRLQWL MDWNXX . XQ KDOXDW MDWNDD NRSLRLQWLD SDLQD . XQ KDOXDW SRLVWDD S\Vl\WHW\Q NRSLRLQWLW\|Q YDOLWVH VHQ W\|Q SDLQLNH MRQND KDOXDW SRLVWDD 7\| SRLVWHWDDQ . RVNHWD >32, 678@ 'L'L'L . RSLRLQWLW\|Q NHVNH\W\V 3HUXVNRSLRLQWLWRLPLQQRW 1\N\LQHQ NRSLRLQWLW\| YRLGDDQ S\Vl\WWll QLLQ HWWl WRLVHQ DVLDNLUMDQ NRSLRLWD YRLGDDQ WHKGl 7lPl RQ NlWHYll MRV KDOXDW WHKGl QRSHDVWL NRSLRLWD O\K\HVWl DVLDNLUMDVWD VDPDOOD NXQ WXORVWDW VXXUWD W\|Wl . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5OHY\OOl . RSLRLGHQ WHNHPLQHQ Nl\WWlPlOOl WLOHMl -RNDLVHQ UHNLVWHU|LG\Q WLOLQ VDOOLWWXD NRSLRPllUll YRLGDDQ UDMRLWWDD . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5OHY\OOl 'L'L'L /LVlWRLPLQQRW /LVlWRLPLQQRW 7lPl OXNX VLVlOWll NXYDXNVHQ NRSLRLGHQ WHNHPLVHVWl /LVlWRLPLQWRMD Nl\WWlPlOOl . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5OHY\OOl 'L'L'L /LVlWRLPLQQRW 'L'L'L $SXRKMHOPDWLODQ WRLPLQQRW $SXRKMHOPDWLODQ WRLPLQQRW . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5OHY\OOl 'L'L'L $SXRKMHOPDWLODQ WRLPLQQRW 'L'L'L 3llNl\WWlMlQ KDOOLQWDWRLPLQQRW 3llNl\WWlMlQ KDOOLQWDWRLPLQQRW . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5OHY\OOl 'L'L'L 3llNl\WWlMlQ KDOOLQWDWRLPLQQRW 'L'L'L . RSLRSDSHUL . RSLRSDSHUL 3DSHUHLGHQ YDDWLPXNVHW . l\Wl SDSHULD MRND Wl\WWll VHXUDDYDW YDDWLPXNVHW 3DSHULODDGXW 7DYDOOLQHQ SDSHUL 3DSHULOlKGH MQH 2KLV\|WW|WDVR SDSHULNDVHWWL SDSHULNDVHWWL SDSHULNDVHWWL /&&  SDSHULNDVHWWL SDSHULNDVHWWL . DNVLSXROLVHW NRSLRW JP 2 2 2 2 2 2 2 (ULNRLVPDWHUL DDOLW JP 2 ² ² ² ² ² ² 8XVLRSDSHUL JP 2 2 2 2 2 2 2 3RVWLNRUWLW 3DSHULOlKGH MQH 2KLV\|WW|WDVR SDSHULNDVHWWL SDSHULNDVHWWL SDSHULNDVHWWL /&&  SDSHULNDVHWWL SDSHULNDVHWWL . DNVLSXROLVHW NRSLRW 2 ² ² ² ² ² ² 3LLUWRKHL WLQNDOYRW 2 ² ² ² ² ² ² 7DUUDDUNLW 2 ² ² ² ² ² ² . LUMH NXRUHW 2 ² ² ² ² ² ² /&& 6XXUNDSDVLWHHWWLNDVHWWL 2 . l\WHWWlYLVVl ² (L Nl\WHWWlYLVVl 'L'L'L 3DSHULNRRW 9DNLRLPDWWRPDQ NRNRLQHQ SDSHUL 3DSHULDOXVWD 2KLV\|WW|WDVR SDSHULNDVHWWL SDSHULNDVHWWL SDSHULNDVHWWL /&&  SDSHULNDVHWWL SDSHULNDVHWWL 3DSHULQ OHYH\V PP PP ² ² ² ² ² . RSLRSDSHUL 3DSHULQ SLWXXV PP PP ² ² ² ² ² /&& 6XXUNDSDVLWHHWWLNDVHWWL ² (L Nl\WHWWlYLVVl 9DNLRNRNRLQHQ SDSHUL 3DSHULOlKGH MQH 2KLV\|WW|WDVR SDSHULNDVHWWL SDSHULNDVHWWL SDSHULNDVHWWL /&&  SDSHULNDVHWWL SDSHULNDVHWWL . DNVLSXROLVHW NRSLRW 3DSHULOlKGH MQH 2KLV\|WW|WDVR SDSHULNDVHWWL SDSHULNDVHWWL SDSHULNDVHWWL /&&  SDSHULNDVHWWL SDSHULNDVHWWL . DNVLSXROLVHW NRSLRW $ / 2 2 2 ² 2 2 2 % / 2 2 2 ² 2 2 2 $ / 2 2 2 ² 2 2 2 % / 2 ² ² ² ² ² 2 $ & % / 2 2 2 2 2 2 2 2 2 2 ² 2 2 2 % & $ / 2 2 2 ² 2 2 2 2 2 2 ² 2 2 2 $ & 2 ² ² ² ² ² ² . LUMHNXRUHW 2 ² ² ² ² ² ² /&& 6XXUNDSDVLWHHWWLNDVHWWL 2 . l\WHWWlYLVVl ² (L Nl\WHWWlYLVVl 'L'L'L . RSLRSDSHUL 3DSHULNDSDVLWHHWWL 3DSHULW\\SSL 7DYDOOLQHQ SDSHUL JP DUNNLD DUNNLD DUNNLD DUNNLD DUNNLD DUNNLD (ULNRLVPDWHULDDOLW (ULNRLVPD WHULDDOLW DUNNLD ² ² ² ² ² 3RVWLNRUWLW DUNNLD ² ² ² ² ² 7DUUDDUNLW DUNNLD ² ² ² ² ² . LUMH NXRUHW (ULNRLVPDWH ULDDOLW JP DUNNLD ² ² ² ² ² 8XVLRSDSHUL JP DUNNLD DUNNLD DUNNLD DUNNLD DUNNLD DUNNLD 3DSHULOlKGH MQH 2KLV\|WW|WDVR SDSHULNDVHWWL SDSHULNDVHWWL SDSHULNDVHWWL /&&  SDSHULNDVHWWL SDSHULNDVHWWL 3DSHULW\\SSL 3DSHULOlKGH MQH 2KLV\|WW|WDVR SDSHULNDVHWWL SDSHULNDVHWWL SDSHULNDVHWWL /&&  SDSHULNDVHWWL SDSHULNDVHWWL DUNNLD ² ² ² ² ² /&& 6XXUNDSDVLWHHWWLNDVHWWL ² (L Nl\WHWWlYLVVl +XRP SDSHULNDVHWWL VXXUNDSDVLWHHWWLNDVHWWL SDSHULNDVHWWL MD SDSHULNDVHWWL OLVlYDUXVWHLWD -RV NDNVLSXROLVXXV\NVLNN|l Nl\WHWllQ NDNVLSXROLVWHQ NRSLRLGHQ WHNHPLVHHQ WDYDOOLVWD SDSHULD MD XXVLRSDSHULD YRLGDDQ Nl\WWll -RV OLVlYDUXVWHHQD VDDWDYDD YLLPHLVWHOLMll Nl\WHWllQ ODMLWWHOXXQ U\KPLWWHO\\Q UHL LW\NVHHQ MD QLGRQWDDQ WDYDOOLVWD SDSHULD YRLGDDQ Nl\WWll SDSHULNDVHWLQ SDSHULNRNRDVHWXVWD VXXUNDSDVLWHHWWLNDVHWWL YRLGDDQ PXXWWDD MRWWD /HWWHUNRNRLVWD SDSHULD YRLGDDQ Nl\WWll 2WD \KWH\WWl 0, 12/7$ KXROWRRQ SDSHULNRRQ PXXWWDPLVHNVL 'L'L'L 6RSLPDWRQ SDSHUL . RSLRSDSHUL 6HXUDDYLD SDSHUHLWD HL SLWlLVL Nl\WWll PXXWRLQ WXORVWXVODDWX YRL KXRQRQWXD YRL WDSDKWXD SDSHULWXNRNVLD WDL ODLWH YRL YDKLQJRLWWXD G G G G G G G G G G G G G G G G G 3LLUWRKHLWLQNDOYRW MRWND RQ MR V\|WHWW\ ODLWWHHQ OlSL 9DLNND NDOYR ROLVL YLHOl W\KMl lOl Nl\Wl VLWl XXGHOOHHQ 3DSHUL MROOH RQ WXORVWHWWX OlPS|YDKDWXORVWLPHOOD WDL PXVWHVXLKNXWXORVWLPHOOD 3DSHUL MRND RQ MRNR K\YLQ SDNVXD WDL K\YLQ RKXWWD 7DLWHWWX UXOODWWX U\SLVW\Q\W WDL UHSH\W\Q\W SDSHUL 3DSHUL MRND RQ ROOXW LOPDQ NllUHWWl SLWNllQ . RVWHD SDSHUL 3HUIRURLWX WDL UHL LWHWW\ SDSHUL +\YLQ SHKPHl WDL K\YLQ NDUNHD SDSHUL WDL SDSHUL MRVVD RQ HSlWDVDLQHQ SLQWD 3DSHUL MRWD RQ NlVLWHOW\ HVLP KLLOLSDSHUL OlPS| WDL SDLQHKHUNNl SDSHUL 3DSHUL MRND RQ NRULVWHOWX PHWDOOLSDSHULOOD WDL NRKRNXYLRLOOD (ULNRNRLVHW SDSHULW 3DSHUL MRND HL ROH YDNLRPXRWRLQHQ HL VXRUDNXOPDLQHQ 3DSHUL MRND RQ VLGRWWX OLLPDOOD QLLWHLOOl WDL OLLWWLPLOOl 3DSHUL MRKRQ RQ NLLQQLWHWW\ WDUURMD 3DSHUL MRKRQ RQ NLLQQLWHWW\ QDXKRMD NRXNNXMD QDSSHMD WPV 5XOODXWXQXW WDL U\SLVW\Q\W SDSHUL 7DLGHSDSHUL SllOO\VWHWW\ SDSHUL WDL PXVWHVXLKNXSDSHUL 'L'L'L . RSLRSDSHUL 7XORVWXVDOXH 6HXUDDYDVVD HVLWHW\Q DOXHHQ VLVlOOH RVXYDW NXYDQ RVDW HLYlW NRSLRLGX G G G 0DUJLQDDOL PP Wl\GHVWl NRRVWD SDSHULQ HWXUHXQDVWD $ 0DUJLQDDOL PP Wl\GHVWl NRRVWD SDSHULQ WDNDUHXQDVWD % 0DUJLQDDOL PP Wl\GHVWl NRRVWD SDSHULQ PROHPPLVWD VLYXLVWD & 6DDGDNVHVL OLVlWLHWRMD NRSLRNRQHHQ Nl\W|VWl WXORVWHWWDHVVD WLHWRNRQHHOWD NXQ WXORVWLQRKMDLQ RQ DVHQQHWWXQD NDWVR NLUMRLWLQRKMDLPHQ NlVLNLUMDD 3DSHULQ XORVWXORVXXQWD $ PP Wl\GHVWl NRRVWD % PP Wl\GHVWl NRRVWD & PP Wl\GHVWl NRRVWD 3DSHULQ VlLO\W\V 1RXGDWD VHXUDDYLD RKMHLWD SDSHULQ VlLO\W\NVHVVl G H H H H G G 9DUDVWRL SDSHULW SDLNNDDQ MRND Wl\WWll VHXUDDYDW YDDWLPXNVHW (L VXRUDD DXULQJRQYDORD (L DOWLVWXPLVWD WXOHOOH (L DOWLVWXPLVWD NRUNHDOOH NRVWHXGHOOH (L llULPPlLVHQ NRVWHDWD 3DNHWLVWD RWHWWX SDSHUL WXOLVL ODLWWDD PXRYLSXVVLLQ MD VlLO\WWll YLLOHlVVl MD SLPHlVVl SDLNDVVD 6lLO\Wl SDSHUL ODVWHQ XORWWXPDWWRPLVVD 3DSHULOlKWHHQ DXWRPDDWWLQHQ YDOLQWD . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5OHY\OOl 'L'L'L 3DSHULQ DVHWXV . RSLRSDSHUL . XQ DVHWDW SDSHULD YDUPLVWD HWWl WRLPLW VHXUDDYLHQ RKMHLGHQ PXNDDQ G -RV SDSHUL RQ UXOODOOD WDVRLWD VH HQQHQ NXLQ DVHWDW VHQ NDVHWWLLQ G bOl DVHWD QLLQ SDOMRQ SDSHULD HWWl SLQRQ \OlWDVR NRUNHDPPDOOD NXLQ Ä PHUNNL WDL \OLWWll DUNNLHQ PllULWHW\Q UDMDQ G 9DUPLVWD HWWl SDSHULQ RKMDLPHW RQ W\|QQHWW\ SDSHULQ UHXQRMD YDVWHQ G . XQ DVHWDW OLVll SDSHULD RWD NDLNNL NDVHWLVVD ROHYDW SDSHULW SRLV VLMRLWD QH XXGHQ SDSHULQ SllOOH MD NRKGLVWD VLWWHQ SDSHULW SLQRVVD HQQHQ NXLQ DVHWDW QH NDVHWWLLQ 9LQNNL 6XRVLWWHOHPPH HWWl OLVllW SDSHULD YDLQ VLOORLQ NXQ NDLNNL NDVHWLQ SDSHULW RQ Nl\WHWW\ 'L'L'L . RSLRSDSHUL 3DSHULQ DVHWWDPLQHQ SDSHULNDVHWWLLQ $VHWD SDSHUL WDL SDSHULNDVHWWLLQ OLVlYDUXVWHHQD KDQNLWWDYLLQ SDSHULNDVHWWHLKLQ NXWHQ DOOD RQ NXYDWWX 9HGl XORV SDSHULNDVHWWL MRKRQ KDOXDW DVHWWDD SDSHULD /LX XWD SDSHULQ RKMDLPHW SDLNDOOHHQ DVHWHWWDYDQ SDSHULQ NRRQ PXNDDQ 9DUPLVWD HWWl SDSHULQ RKMDLPHW VRSLYDW XULLQVD $VHWD SDSHUL NDVHWWLLQ VLWHQ HWWl SDSHULQ HWXSXROL SXROL MRND ROL \O|VSlLQ NXQ SDNNDXV DYDWWLLQ RQ \O|VSlLQ 2OH KXROHOOLQHQ HWWHW NRVNH P\ODU SLQQRLWWHHVHHQ 0\ODU 6llGl SDSHULQ VLYXRKMDLPHW 6XOMH SDSHULNDVHWWL DVHWHWXQ SDSHULQ NRRQ PXNDLVLNVL 'L'L'L 3DSHULQ DVHWWDPLQHQ VXXUNDSDVLWHHWWLNDVHWWLLQ $VHWD SDSHULD VXXUNDSDVLWHHWWLNDVHWWLLQ DOOD NXYDWXOOD WDYDOOD . RSLRSDSHUL 3DLQD NDVHWLQ YDSDXWXVSDLQLNHWWD $VHWD SDSHUL HQVLQ NDVHWLQ RLNHDOOH SXROHOOH $VHWD SDSHUL NDVHWLQ RLNHDOOH SXROHOOH VLWHQ HWWl SDSHULQ HWXSXROL SXROL MRND ROL \O|VSlLQ NXQ SDNNDXV DYDWWLLQ RQ \O|VSlLQ 2OH KXROHOOLQHQ HWWHW NRVNH P\ODU SLQQRLWWHHVHHQ 0\ODU $VHWD SDSHUL NDVHWLQ YDVHPPDOOH SXROHOOH VLWHQ HWWl SDSHULQ HWXSXROL SXROL MRND ROL \O|VSlLQ NXQ SDNNDXV DYDWWLLQ RQ \O|VSlLQ 0\ODU 'L'L'L . RSLRSDSHUL 3DSHULQ DVHWWDPLQHQ QLSSXRKLV\|WW|WDVROOH . l\Wl QLSSXRKLV\|WW|WDVRD NXQ WXORVWDW WDYDOOLVHOOH SDSHULOOH SRVWLNRUWHLOOH NLUMHNXRULOOH SLLUWRKHLWLQNDOYRLOOH MD WDUUDDUNHLOOH . RSLR WXORVWXX DODVSlLQ ROHYDOOH SXROHOOH 7DYDOOLVHQ SDSHULQ DVHWWDPLQHQ $YDD QLSSXRKLV\|WW|WDVR $YDD ORNHURQ MDWNH NXQ Nl\WlW VXXULNRNRLVWD SDSHULD /RNHURQ MDWNH 6llGl SDSHULQ RKMDLPHW SDSHULQ NRNRRQ VRSLYLNVL MD DVHWD SDSHUL PDKGROOLVLPPDQ K\YLQ V\|WW|DXNNRRQ 3DSHULQ RKMDLPHW +XRP bOl DVHWD QLLQ SDOMRQ SDSHULD HWWl SLQRQ \OlUHXQD RQ NRUNHDPPDOOD NXLQ ÄPHUNNL 9DUPLVWD HWWl SDSHULQ RKMDLPHW RQ W\|QQHWW\ SDSHULQ UHXQRMD YDVWHQ 'L'L'L 3RVWLNRUWWLHQ DVHWWDPLQHQ . RSLRSDSHUL . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5OHY\OOl . LUMHNXRULHQ DVHWWDPLQHQ . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5OHY\OOl 3LLUWRKHLWLQNDOYRMHQ DVHWWDPLQHQ . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5OHY\OOl 7DUUDDUNNLHQ DVHWWDPLQHQ . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5OHY\OOl 9DNLRLPDWWRPDQ RPDYDOLQWDLVHQ SDSHULNRRQ DVHWWDPLQHQ . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5OHY\OOl 9DNLRLPDWWRPDQ RPDYDOLQWDLVHQ SDSHULNRRQ WDOOHQWDPLQHQ . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5OHY\OOl 7DOOHWHWXQ YDNLRLPDWWRPDQ RPDYDOLQWDLVHQ SDSHULNRRQ YDOLWVHPLQHQ . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5OHY\OOl 3DSHULDVHWXNVHQ YDOLQWD 3DSHULNDVHWWLLQ WDL QLSSXRKLV\|WW|WDVROOH DVHWHWWX SDSHUL YRLGDDQ YDOLWD NRSLRLGHQ WHNHPLVHHQ . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5OHY\OOl 'L'L'L $ONXSHUlLVHW DVLDNLUMDW $ONXSHUlLVHW DVLDNLUMDW $VLDNLUMDQ V\|WWlPLQHQ . llQWlYlQ QLSSXV\|WW|ODLWWHHQ Nl\WWlPLQHQ . llQWlYl QLSSXV\|WW|ODLWH DVHWWDD VNDQQDD MD VLWWHQ V\|WWll DXWRPDDWWLVHVWL XORV PRQLVLYXLVHQ DVLDNLUMDQ MRNDLVHQ VLYXQ \NVL VLYX NHUUDOODDQ 2LNHDQ W\\SSLVHW DVLDNLUMDW SLWll DVHWWDD MRWWD NllQWlYl QLSSXV\|WW|ODLWH WRLPLL RLNHDOOD WDYDOOD -RV Nl\WHWllQ YllUll SDSHULW\\SSLl YRL WDSDKWXD SDSHULWXNRV WDL DVLDNLUMD YRL YDKLQJRLWWXD $VLDNLUMDQ W\\SLW <NVLSXROLVHW DVLDNLUMDW . DNVLSXROLVHW DVLDNLUMDW (ULNRNRLVHW DVLDNLUMDW 6DPDQNRNRLVHW DVLDNLUMDW <NVLSXROLVHW DVLDNLUMDW 3DSHULW\\SSL $VLDNLUMDQ NRNR 7DYDOOLQHQ SDSHUL JP . DNVLSXROLVHW DVLDNLUMDW 7DYDOOLQHQ SDSHUL JP $ / % / $ /& % /& $ /& % / ´(ULNRN DONXSHUlLVHW´WRLPLQWR . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl (ULOHY\LVHW DVLDNLUMDW . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl 'L'L'L 2KMHLWD DVLDNLUMRLVWD $ONXSHUlLVHW DVLDNLUMDW 6HXUDDYDQ W\\SSLVLl DVLDNLUMRMD HL WXOLVL DVHWWDD NllQWlYllQ QLSSXV\|WW|ODLWWHHVHHQ NRVND YRL WDSDKWXD SDSHULWXNRV WDL DVLDNLUMD YRL YDKLQJRLWWXD 6HQ VLMDDQ WlOODLVHW DVLDNLUMDW WXOLVL VLMRLWWDD NRSLRLQWLWDVRQ ODVLOOH (ULNRLVSDSHULOOH WXORVWHWXW DVLDNLUMDW G G G G G G G 7DLWHWXW DVLDNLUMDW NDKWHHQ WDL XVHDPSDDQ RVDDQ WDLWHWXW (ULWWlLQ RKXHW WDL OlSLQlN\YlW DVLDNLUMDW NXWHQ HVLPHUNLNVL YDORKHUNNl GLDWVRSDSHUL 5HL LWHW\W DVLDNLUMDW . DQVLRLWD YDUWHQ UHL LWHW\W DVLDNLUMDW MRLVVD XVHLWD UHLNLl 3llOO\VWHW\W DVLDNLUMDW HVLPHUNLNVL YDORKHUNNl SDSHUL WDL KLLOLSDSHUL 0XVWHVXLKNXWXORVWLQSDSHUL 7lOOl NRSLRNRQHHOOD WXORVWHWXW DVLDNLUMDW 5XOODXWXQHHW DVLDNLUMDW 5\SLVW\QHHW WDL UHSH\W\QHHW DVLDNLUMDW 3LLUWRKHLWLQNDOYRW $VLDNLUMDW MRWND RYDW VHOODLVHOOD SDSHULOOD MRWD HL YRL V\|WWll G G G -RV YDNLRLPDWWRPDQ NRNRLQHQ SDSHUL RQ NRROWDDQ OlKHOOl YDNLRNRNRD NRSLRLQWL ³$XWRP SDSHUL´ WDL ³$XWRP NRNR´ DVHWXV RQ PDKGROOLQHQ 'L'L'L $ONXSHUlLVHW DVLDNLUMDW $VLDNLUMDQ V\|WWlPLQHQ NllQWlYlQ QLSSXV\|WW|ODLWWHHQ NDXWWD $VLDNLUMDQ V\|WWlPLQHQ /LX XWD VllGHWWlYl DVLDNLUMDQ RKMDLQ DVLDNLUMRMHQ NRRQ PXNDDQ RLNHDDQ SDLNNDDQ $VHWD DVLDNLUMDQ VLYXW NRSLRLWDYD SXROL \O|VSlLQ NllQWlYllQ QLSSXV\|WW|ODLWWHHVHHQ /DLWWHHVHHQ YRLGDDQ DVHWWDD HQLQWllQ VLYXLQHQ DVLDNLUMD bOl DVHWD QLLQ SDOMRQ SDSHULD HWWl SLQRQ \OlUHXQD RQ NRUNHDPPDOOD NXLQ Ä PHUNNL 6llGl DVLDNLUMDQ RKMDLPLD DVLDNLUMDQ NRRQ PXNDDQ 9DUPLVWD HWWl DVHWDW DVLDNLUMDQ RLNHLQ PXXWHQ VLYXMD HL HKNl V\|WHWl VXRUDDQ 'L'L'L . RVNHWD >$/. 83(5b, 6(1 68817$@ MD YDOLWVH DVLDNLUMDOOHVL VRSLYD DVHWXV -RV DVLDNLUMDQ VXXQWD RQ HULODLQHQ NXLQ YDOLWWX $ONXSHUlLVHQ VXXQWD DVHWXV WLHW\W NRSLRLQWLWRLPLQQRW NXWHQ HVLPHUNLNVL LQ WDL LQ NRSLRLQWL HLYlW WXORVWX RLNHLQ $ONXSHUlLVHW DVLDNLUMDW 3DLQD >67$57@SDLQLNHWWD $VLDNLUMDW V\|WHWllQ SllOOLPPlLVHVWl DVLDNLUMDVWD DONDHQ (ULNRNRLVWHQ DVLDNLUMRMHQ DVHWWDPLQHQ ´(ULNRN DONXSHUlLVHW´ WRLPLQWR . XQ HULOHY\LVWHQ DVLDNLUMRMHQ WXQQLVWXV RQ YDOLWWXQD XVHDW HULODLVHW YDNLRNRNRLVHW DVLDNLUMDW YRLGDDQ VNDQQDWD MD NRSLRLGD VDUMDQD Nl\WWlPlOOl NllQWlYll QLSSXV\|WW|ODLWHWWD . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl 'L'L'L $ONXSHUlLVHW DVLDNLUMDW $VLDNLUMRMHQ DVHWWDPLQHQ NRSLRLQWLWDVRQ ODVLOOH $VLDNLUMRMHQ DVHWWDPLVWDSD ULLSSXX NRSLRLWDYDQ DVLDNLUMDQ W\\SLVWl YDUPLVWD VLNVL HWWl DVLDNLUMD RQ DVHWHWWX RLNHLQ . XQ KDOXDW OLVlWLHWRMD NllQWlYlQ QLSSXV\|WW|ODLWWHHQ Nl\W|VWl NDWVR ³$VLDNLUMDQ V\|WWlPLQHQ NllQWlYlQ QLSSXV\|WW|ODLWWHHQ NDXWWD´ VLYX . XQ VLMRLWDW DVLDNLUMDQ VXRUDDQ NRSLRLQWLWDVRQ ODVLOOH DVHWD VH DOOD NXYDWWXXQ VXXQWDDQ $YDD NRSLRLQWLWDVRQ NDQVL WDL NllQWlYl QLSSXV\|WW|ODLWH MRV VH RQ DVHQQHWWX WDL HQHPPlQ . XQ DVHWHWDDQ SRLNLWWDLQ . XQ DVHWHWDDQ SLWNLWWlLQ 15 15 'L'L'L $UNNLDVLDNLUMRMHQ DVHWWDPLQHQ $ONXSHUlLVHW DVLDNLUMDW 1RXGDWD DOOD NXYDWWXD WDSDD NXQ NRSLRLW WDYDOOLVWD SDSHULD WDL DVLDNLUMRMD MRLWD HL YRL V\|WWll NllQWlYlQ QLSSXV\|WW|ODLWWHHQ OlSL $YDD NRSLRLQWLWDVRQ NDQVL WDL NllQWlYl QLSSXV\|WW|ODLWH MRV VH RQ DVHQQHWWX MD DVHWD DVLDNLUMD NRSLRLWDYD SXROL DODVSlLQ NRSLRLQWLWDVRQ ODVLOOH 6LMRLWD DVLDNLUMD QLLQ HWWl NRKGLVWDW VHQ DVLDNLUMDQ PLWWDNDDYDQ YDVHPPDQ \OlNXOPDQ QXROHQ NDQVVD 6XOMH NRSLRLQWLWDVRQ NDQVL WDL NllQWlYl QLSSXV\|WW|ODLWH MRV VH RQ DVHQQHWWX 2KXLGHQ WDL OlSLQlN\YLHQ DVLDNLUMRMHQ DVHWWDPLQHQ 1RXGDWD DOOD NXYDWWXMD RKMHLWD NXQ NRSLRLW DVLDNLUMRMD NXWHQ NDOYRMD NXXOWRSDSHULD WDL YDORKHUNNll GLDWVRSDSHULD $YDD NRSLRLQWLWDVRQ NDQVL WDL NllQWlYl QLSSXV\|WW|ODLWH MRV VH RQ DVHQQHWWX MD DVHWD DVLDNLUMD NRSLRLWDYD SXROL DODVSlLQ NRSLRLQWLWDVRQ ODVLOOH VHQ DVLDNLUMDQ PLWWDNDDYDQ YDVHPPDQ \OlNXOPDQ QXROHQ NDQVVD NRNRLQHQ W\KMl SDSHULDUNNL DVLDNLUMDQ SllOOH 6LMRLWD DVLDNLUMD QLLQ HWWl NRKGLVWDW $VHWD DONXSHUlLVNDSSDOHHQ 6XOMH NRSLRLQWLWDVRQ NDQVL WDL NllQWlYl QLSSXV\|WW|ODLWH MRV VH RQ DVHQQHWWX 'L'L'L $ONXSHUlLVHW DVLDNLUMDW . LUMRMHQ WDL OHKWLHQ DVHWWDPLQHQ 1RXGDWD DOOD NXYDWWXMD RKMHLWD NXQ NRSLRLW VLGRWWXMD DVLDNLUMRMD NXWHQ HVLPHUNLNVL NLUMRMD MD OHKWLl $YDD NRSLRLQWLWDVRQ NDQVL WDL NllQWlYl QLSSXV\|WW|ODLWH MRV VH RQ DVHQQHWWX NRSLRLQWLWDVROOH VLWHQ HWWl NLUMDQ \OlRVD RQ NRKWL NRSLRNRQHHQ WDNDRVDD MD HWWl DYDWXQ NLUMDQ NHVNLNRKWD RQ NRKGLVWHWWX NLUMDQPHUNNLLQ DVLDNLUMDQ PLWWD DVWHLNROOD DVHQQHWWX $VHWD NLUMD NRSLRLWDYD SXROL DODVSlLQ 6XOMH NRSLRLQWLWDVRQ NDQVL WDL NllQWlYl QLSSXV\|WW|ODLWH MRV VH RQ +XRP . RSLRL SDNVXW DVLDNLUMDW LOPDQ HWWl VXOMHW NRSLRLQWLWDVRQ NDQWWD WDL NllQWlYll QLSSXV\|WW|ODLWHWWD . XQ DVLDNLUMDD VNDQQDWDDQ NRSLRLQWLWDVRQ NDQVL WDL NllQWlYl QLSSXV\|WW|ODLWH DXNL lOl NDWVR VXRUDDQ YDORRQ MRND VDDWWDD ORLVWDD NRSLRLQWLWDVRQ ODVLQ OlSL -RV DVLDNLUMDD HL DVHWHWD RLNHLQ NRSLRLWD HL WXORVWHWD RLNHDVVD MlUMHVW\NVHVVl $YDD NRSLRLQWLWDVRQ NDQVL WDL NllQWlYl QLSSXV\|WW|ODLWH MRV VH RQ DVHQQHWWX WDL HQHPPlQ PXXWHQ DVLDNLUMDQ NRNRD HL WXQQLVWHWD MD RLNHDD SDSHULNRNRD WDL ]RRPDXVVXKGHWWD HL YRL YDOLWD bOl DVHWD NLORD SDLQDYDPSLD HVLQHLWl NRSLRLQWLWDVRQ ODVLOOHMRV NRSLRLQWLWDVROOH RQ DVHWHWWX NLUMD lOl SDLQD VLWl OLLDQ NRYDD PXXWRLQ NRSLRLQWLWDVRQ ODVL YRL YDKLQJRLWWXD 'L'L'L $ONXSHUlLVHW DVLDNLUMDW $VLDNLUMRMHQ DVHWWDPLQHQ HULW\LVVRYHOOXNVLVVD 6RSLYLQ DVLDNLUMDQ V\|WW|WDSD MD NRSLRLQWLDVHWXNVHW HULW\LVVRYHOOXNVLLQ RQ NXYDWWX DOOD . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl 6XXUHW DVLDNLUMDW . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl 'L'L'L . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ 9LLPHLVWHO\DVHWXVWHQ PllULWWlPLQHQ . l\WHWWlYLVVl RQ HULODLVLD YLLPHLVWHO\DVHWXNVLD ODMLWWHOXD WDL U\KPLWWHO\l QLGRQWDD WDL UHL LW\VWl YDUWHQ . RVNHWD NRVNHWXVSDQHHOLVVD >3(5867, /$@ MD NRVNHWD VLWWHQ >9, , 0(, 67(/<@ 1lN\YLLQ WXOHH Ql\WW| MRVVD Ql\WHWllQ Nl\WHWWlYLVVl ROHYDW YLLPHLVWHO\DVHWXNVHW . l\WHWWlYLVVl ROHYDW YLLPHLVWHO\DVHWXNVHW 9LLPHLVWHO\DVHWXNVHW G (L ODMLWW . RSLRW V\|WHWllQ MD SLQRWDDQ WRLVWHQVD SllOOH WXORVWHWWDHVVD G /DMLWWHOX . RSLRW MDHWDDQ DXWRPDDWWLVHVWL SLQRLKLQ MRLVVD MRNDLVHVVD RQ NRSLR MRNDLVHVWD VLYXVWD 'L'L'L G . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ 5\KPLWWHO\ . RSLRW MDHWDDQ DXWRPDDWWLVHVWL SLQRLKLQ MRLVVD RQ NRSLRW VDPDVWD VLYXVWD 9DLQ NXQ YLLPHLVWHOLMl RQ DVHQQHWWX G 1LGRQWD . RSLRW MRWND RQ WXORVWHWWX ³/DMLWWHOX´ WDL ³5\KPLWWHO\´DVHWXNVHOOD QLGRWDDQ DXWRPDDWWLVHVWL \KWHHQ YDVHPPDVWD \OlNXOPDVWD +XRP 3DNVXD SDSHULD NLUMHNXRULD MD SLLUWRKHLWLQNDOYRMD HL YRL QLWRD 9DLQ NXQ YLLPHLVWHOLMl RQ DVHQQHWWX G NRKGDQ QLGRQWD . RSLRW MRWND RQ WXORVWHWWX ³/DMLWWHOX´ WDL ³5\KPLWWHO\´DVHWXNVHOOD QLGRWDDQ DXWRPDDWWLVHVWL \KWHHQ NDKGHVWD NRKWDD YDVHPPDVWD UHXQDVWD +XRP 3DNVXD SDSHULD NLUMHNXRULD MD SLLUWRKHLWLQNDOYRMD HL YRL QLWRD 'L'L'L . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ 9DLQ NXQ YLLPHLVWHOLMl MD UHL LWLQ RYDW DVHQQHWWXLQD G 5HL LW\V . RSLRW UHL LWHWllQ MRWWD QH YRLGDDQ PDSLWWDD 7lPl DVHWXV YRLGDDQ \KGLVWll ³(L ODMLWW´ ³/DMLWWHOX´ ³5\KPLWWHO\´ WDL QLGRQWDDVHWXNVHQ NDQVVD +XRP 3DNVXD SDSHULD NLUMHNXRULD MD SLLUWRKHLWLQNDOYRMD HL YRL UHL LWWll 9LQNNL 3HUXVDVHWXNVHQD RQ YDOLWWX ³(L ODMLWW´ WDL ³/DMLWWHOX´ DXWRPDDWWLVHVWL DVLDNLUMDQ VLYXPllUlVWl ULLSSXHQ 3HUXVDVHWXV RQ ³(L ODMLWW´ 3HUXVDVHWXVWD YRLGDDQ YDLKWDD Nl\WWlPlOOl WRLPLQWRD . l\WWlMlYDOLQQDWQl\W|VVl 9DLQ NXQ YLLPHLVWHOLMl MD VDWXODVLWRMD RYDW DVHQQHWWXLQD G 7DLWRV NRKGDQ QLGRQWD . RSLRW MRWND RQ WXORVWHWWX 9LKNRQ OXRQWL WLODVVD YRLGDDQ DXWRPDDWWLVHVWL WDLWWDD MD QLWRD \KWHHQ NDKGHVWD NRKWDD +XRP 7DLWRVWD NRKGDQ QLGRQWD WRLPLQWDD HL YRL Nl\WWll SDNVXOOH SDSHULOOH NLUMHNXRULOOH MD SLLUWRKHLWLQNDOYRLOOH 'L'L'L +XRPDD VHXUDDYDW NRKGDW G . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ +XRPDXWXNVLD ´/DMLWWHOX´ MD ´5\KPLWWHO\´DVHWXVWHQ Nl\W|VWl -RV NRSLRLQWLWDVRQ ODVLOOH VLMRLWHWWX DVLDNLUMD NRSLRLGDDQ Nl\WWlPlOOl ³/DMLWWHOX´ DVHWXVWD NRSLRLQWL VXRULWHWDDQ DXWRPDDWWLVHVWL Nl\WWlPlOOl ³(ULOOLQHQ NXYDQOXNX´ WRLPLQWRD . XQ KDOXDW OLVlWLHWRMD NDWVR OXNX ³ /LVlWRLPLQQRW´ -RV YLLPHLVWHOLMl WDL SRVWLORNHURQ YLLPHLVWHOLMl RQ DVHQQHWWX MRNDLQHQ NRSLRVDUMD V\|WHWllQ XORV YXRURLQ RLNHDDQ MD YDVHPSDDQ UHXQDDQ -RV W\|ORNHUR RQ DVHQQHWWX PXWWD YLLPHLVWHOLMll WDL SRVWLORNHURQ YLLPHLVWHOLMll HL MRNDLQHQ NRSLRVDUMD V\|WHWllQ XORV YXRURWHOOHQ SLWNLWWlLQ MD SRLNLWWDLQ $NRNRLVWD WDL %NRNRLVWD SDSHULD Wl\W\\ ROOD DVHWHWWXQD YDDNDVXRUDDQ \KWHHQ SDSHULNDVHWWLLQ MD S\VW\VXRUDDQ WRLVHHQ NDVHWWLLQ 6DPDQW\\SSLVWl SDSHULD Wl\W\\ ROOD DVHWHWWXQD YDDNDVXRUDDQ \KWHHQ SDSHULNDVHWWLLQ MD S\VW\VXRUDDQ WRLVHHQ NDVHWWLLQ ³(ULNRN DONXSHUlLVHW´ WRLPLQWRD HL VDD ROOD YDOLWWXQD 0LNllQ VHXUDDYLVWD HL YRL ROOD YDOLWWXQD 9lOLOHKGLW\V MD . DQVL WRLPLQWR 3DSHULNDVHWWL HL YRL ROOD YDOLWWXQD G G 5LVWLNNlLVODMLWWHOXQ HKGRW G G G G G 6LLUWRODMLWWHOX . RSLRVDUMDW VLLUUHWllQ WXORVWHWWDHVVD YXRURLQ WDVRQ RLNHDOOH MD YDVHPPDOOH SXROHOOH 5LVWLNNlLVODMLWWHOX . RSLRVDUMDW V\|WHWllQ YXRURWHOOHQ SLWNLWWlLQ MD SRLNLWWDLQ 'L'L'L . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ 6LLUWRU\KPLWWHO\ -RNDLQHQ VLYX V\|WHWllQ WXORVWHWWDHVVD YXRURLQ WDVRQ RLNHDOOH MD YDVHPPDOOH SXROHOOH 5LVWLNNlLVU\KPLWWHO\ -RNDLQHQ VLYX V\|WHWllQ YXRURWHOOHQ SLWNLWWlLQ MD SRLNLWWDLQ 'L'L'L $VHWD NRSLRLWDYDW DVLDNLUMDW 9DOLWVH ³(L ODMLWW´ ³/DMLWWHOX´ WDL ³5\KPLWWHO\´ MD YDOLWVH VLWWHQ QLGRQWDDVHWXV H H . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ . RSLRLQWL QLGRQWDDVHWXVWD Nl\WWlPlOOl -RV ³1LGRQWD´ ROL YDOLWWXQD VLLUU\ YDLKHHVHHQ -RV ³NRKGDQ QLGRQWD´ ROL YDOLWWXQD MDWND YDLKHHVHHQ . RVNHWD >0887$ . 2+7$@ . RVNHWD KDOXDPDDVL QLGRQWDNRKWDD . RVNHWD >2. @ 3DLQD >67$57@SDLQLNHWWD . RSLRW WXORVWHWDDQ +XRP 1LGRQWDDVHWXVWD HL YRL YDOLWD MRV WRLQHQ W\| RQ NHVNH\WHWW\Ql . XQ WHHW NRSLRLWD MD Nl\W|VVlVL RQ QLGRQWDDVHWXV YDOLWVH QLGRQWDNRKWD KXROHOOLVHVWL . XQ KDOXDW OLVlWLHWRMD NDWVR VLYX -RV ³1LGRQWD´ ROL YDOLWWXQD QLGRQWDNRKWDD HL YRL PllULWWll -RV NXLWHQNLQ ³1LGRQWD´DVHWXVWD Nl\WHWllQ \KGHVVl ³5HL LW\V´DVHWXNVHQ NDQVVD QLGRQWDNRKWD YRLGDDQ PllULWWll 'L'L'L . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ -RV NRSLRLQWLWDVRQ ODVLOOH VLMRLWHWWX DVLDNLUMD NRSLRLGDDQ Nl\WWlPlOOl QLGRQWDDVHWXVWD NRSLRLQWL VXRULWHWDDQ DXWRPDDWWLVHVWL Nl\WWlPlOOl ³(ULOOLQHQ NXYDQOXNX´ WRLPLQWRD . XQ KDOXDW OLVlWLHWRMD NDWVR OXNX ³ /LVlWRLPLQQRW´ . XQ NRSLRLGDDQ Nl\WWlPlOOl QLGRQWDDVHWXVWD YDUPLVWD HWWl QLGRWWDYLHQ VLYXMHQ HQLPPlLVPllUl HL \OLW\ 'L'L'L $VHWD NRSLRLWDYDW DVLDNLUMDW 9DOLWVH ³(L ODMLWW´ ³/DMLWWHOX´ WDL ³5\KPLWWHO\´ MD NRVNHWD VLWWHQ >5(, , 7<6@ . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ . RSLRLQWL Nl\WWlPlOOl ´5HL LW\V´DVHWXVWD . RVNHWD >0887$ . 2+7$@ . RVNHWD KDOXDPDDVL UHL LW\VNRKWDD . XQ KDOXDW HWWl UHL LW\VNRKWD PllULWHWllQ DXWRPDDWWLVHVWL NRVNHWD >3(58@ . RVNHWD >2. @ 3DLQD >67$57@SDLQLNHWWD . RSLRW WXORVWHWDDQ 9LQNNL -RV NRSLRLQWL DORLWHWDDQ LOPDQ HWWl UHL LW\VNRKWDD RQ PllULWHWW\ WDL MRV 3HUX YDOLWWLLQ UHL LW\VNRKWD PllULWHWllQ DXWRPDDWWLVHVWL DVLDNLUMDQ VXXQQDQ PXNDDQ NXWHQ DOOD Ql\WHWllQ . XQ KDOXDW VllWll UHL LWHWWlYLHQ UHLNLHQ NRKWDD RWD \KWH\WWl 0, 12/7$ KXROWRRQ 'L'L'L . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ . RSLRLQWL Nl\WWlPlOOl ´7DLWRV´DVHWXVWD -RV OLVlYDUXVWHHQD KDQNLWWDYD YLLPHLVWHOLMl WDL VDWXODYLLPHLVWHOLMl RQ DVHQQHWWX NRSLRW YRLGDDQ WDLWWDD NDKWLD NXQ ³. LUMDVHQ WHNR´ DVHWXV RQ YDOLWWXQD . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl +XRPDXWXNVLD QLGRQWDNRKGDVWD 3DLNND MRKRQ QLGRQWD YRLGDDQ WHKGl ULLSSXX SDSHULNRRVWD MD SDSHULQ VXXQQDVWD . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl +XRPDXWXNVLD QLGRWWDYLHQ VLYXMHQ PllUlVWl . XQ NRSLRLGDDQ QLGRQWDDVHWXNVHOOD VLYXW VDDWWDYDW PHQQl YLQRRQ WDL SXGRWD 6XRVLWWHOHPPH HWWl HW QLGR HQHPPlQ NXLQ DOOD ROHYDVVD WDXOXNRVVD OXHWHOODDQ 9LLPHLVWHOLMl $ / % & 6LGRWWXMHQ VLYXMHQ PllUl DUNNLD DUNNLD DUNNLD DUNNLD DUNNLD DUNNLD DUNNLD 6DUMRMHQ PDNVLPLPllUl VDUMDD VDUMDD VDUMDD VDUMDD VDUMDD VDUMDD VDUMDD +XRPDXWXNVLD UHL LW\NVHQ SDLNDVWD . XQ NRSLRLW 5HL LW\V DVHWXV YDOLWWXQD ROH KXROHOOLQHQ DVLDNLUMDQ DVHWXNVHVVD . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl 'L'L'L . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ =RRPDXVDVHWXNVHQ PllULW\V $VLDNLUMRMHQ NRSLRW YRLGDDQ VXXUHQWDD WDL SLHQHQWll . RVNHWD NRVNHWXVSDQHHOLVVD >3(5867, /$@ MD NRVNHWD VLWWHQ >=220@ 1lN\YLLQ WXOHH Ql\WW| MRVVD Ql\WHWllQ Nl\WHWWlYLVVl ROHYDW ]RRPDXVDVHWXNVHW =RRPDXVVXKGH RQ PDKGROOLVWD YDLKWDD VHLWVHPlOOl WDYDOOD G $XWRP NRNR 6RSLYLQ ]RRPDXVVXKGH MRND SHUXVWXX DVHWHWXQ DVLDNLUMDQ NRNRRQ MD PllULWHOW\\Q SDSHULNRNRRQ YDOLWDDQ DXWRPDDWWLVHVWL 9DOLWDDQ NRSLR MRND RQ VDPDQNRNRLQHQ NXLQ DVLDNLUMD  6XXUHQQD . l\WHWWlYLVVl RQ ]RRPDXVDVHWXNVLD MRLOOD YRL WHKGl YDNLRNRNRLVLVWD DVLDNLUMRLVWD VXXUHQQHWWXMD NRSLRLWD YDNLRNRNRLVLOOH SDSHUHLOOH (VLPHUNLNVL $NRNRLQHQ DVLDNLUMD YRLGDDQ NRSLRLGD VXXUHPPDOOH $NRNRLVHOOH SDSHULOOH %NRNRLQHQ DVLDNLUMD YRLGDDQ NRSLRLGD VXXUHPPDOOH $NRNRLVHOOH SDSHULOOH 3LHQHQQl . l\WHWWlYLVVl RQ ]RRPDXVDVHWXNVLD MRLOOD YRL WHKGl YDNLRNRNRLVLVWD DVLDNLUMRLVWD SLHQHQQHWW\Ml NRSLRLWD YDNLRNRNRLVLOOH SDSHUHLOOH (VLPHUNLNVL $NRNRLQHQ DVLDNLUMD YRLGDDQ NRSLRLGD SLHQHPPlOOH $NRNRLVHOOH SDSHULOOH %NRNRLQHQ DVLDNLUMD YRLGDDQ NRSLRLGD SLHQHPPlOOH $NRNRLVHOOH SDSHULOOH G G H H G H H 'L'L'L . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ G H H G H 0LQLPL . RSLRWD RQ KLHPDQ SLHQHQQHWW\  . XQ YDOLWDDQ ³0LQLPL´ WlPl DVHWXV YDUPLVWDD HWWl VLYXQ UHXQDOOH DVHWHWWX DONXSHUlLVNXYD HL UDMDXGX SRLV NRSLRVWD ³0LQLPL´DVHWXNVHQ ]RRPDXVVXKGHWWD YRLGDDQ PXXWWDD YlOLOOl MD =RRPDXV 0LNl WDKDQVD ]RRPDXVVXKGH  YRLGDDQ PllULWWll . RVNHWD QXROLSDLQLNNHLWD YDOLWDNVHVL KDOXDPDVL ]RRPDXVVXKWHHQ -RND NHUWD NXQ QXROLSDLQLNHWWD NRVNHWHWDDQ ]RRPDXVVXKGH NDVYDD WDL SLHQHQHH YlOHLQ 2PDY ]RRP 0LQNl WDKDQVD ]RRPDXVVXKGH  YRLGDDQ PllULWWll . l\Wl QlSSlLPLVW|l V\|WWllNVHVL KDOXWXQ ]RRPDXVVXKWHHQ (QLQWllQ NDNVL QlSSlLPLVW|OOl V\|WHWW\l ]RRPDXVVXKGHWWD YRLGDDQ WDOOHQWDD ;< =RRP . RSLRQ NRNRD YRLGDDQ PXXWWDD PllULWWlPlOOl HULODLVLD VNDDODXVVXKWHLWD  YDDNDVXRULOOH MD S\VW\VXRULOOH PLWRLOOH G H H G =RRPDXVDVHWXNVHQ YDOLWVHPLQHQ . RVNHWD >=220@ 1lN\YLLQ WXOHH Ql\WW| MRVVD Ql\WHWllQ Nl\WHWWlYLVVl ROHYDW ]RRPDXVDVHWXNVHW 9DOLWVH KDOXWWX ]RRPDXVDVHWXV 2PDYDOLQWDLVHQ ]RRPDXVVXKWHHQ V\|WWlPLQHQ . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl 2PDYDO ]RRPDXVVXKWHHQ MD 0LQLPL]RRPDXVVXKWHHQ WDOOHQWDPLQHQ . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl 7DOOHQQHWXQ RPDYDOLQWDLVHQ ]RRPDXVVXKWHHQ KDNX . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl 'L'L'L . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ (ULODLVHQ S\VW\VXRUDQ MD YDDNDVXRUDQ =RRPDXVVXKWHHQ PllULWWlPLQHQ ´;< =RRP´ DVHWXV . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl 'L'L'L . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ $ONXSHU !. RSLRWDVHWXVWHQ YDOLQWD . RVNHWD NRVNHWXVSDQHHOLVVD >$/. 83(5 !. 23, 27@ 1lN\YLLQ WXOHH Ql\WW| MRVVD QlN\\ Nl\WHWWlYLVVl ROHYDW DVLDNLUMDQ MD NRSLRLQWLDVHWXNVHW $ONXSHU !. RSLRW DVHWXNVHW $VHWXNVHW G <NVLSXROLQHQ Ö <NVLSXROLQHQ <NVLSXROLQHQ NRSLR WXORVWHWDDQ \NVLSXROLVHVWD DVLDNLUMDVWD G <NVLSXROLQHQ Ö . DNVLSXROLQHQ . DNVLSXROLQHQ NRSLR WXORVWHWDDQ NDNVLSXROLVLVWD DVLDNLUMRLVWD G <NVLSXROLQHQ Ö <NVLSLQ <NVLSXROLQHQ NRSLR WXORVWHWDDQ NDKGHVWD \NVLSXROLVHVWD DVLDNLUMDVWD G <NVLSXROLQHQ Ö . DNVLSLQ . DNVLSXROLQHQ NRSLR WXORVWHWDDQ QHOMlVWl \NVLSXROLVHVWD DVLDNLUMDVWD G . DNVLSXROLQHQ Ö <NVLSXROLQHQ 9DLQ MRV NllQWlYl QLSSXV\|WW|ODLWH RQ DVHQQHWWX . DNVL \NVLSXROLVWD NRSLRWD WXORVWHWDDQ NDNVLSXROLVHVWD DVLDNLUMDVWD . DNVLSXROLQHQ Ö . DNVLSXROLQHQ 9DLQ MRV NllQWlYl QLSSXV\|WW|ODLWH RQ DVHQQHWWX . DNVLSXROLQHQ NRSLR WXORVWHWDDQ NDNVLSXROLVHVWD DVLDNLUMDVWD G 'L'L'L G . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ . DNVLSXROLQHQ Ö <NVLSLQ 9DLQ MRV NllQWlYl QLSSXV\|WW|ODLWH RQ DVHQQHWWX <NVLSXROLQHQ NRSLR WXORVWHWDDQ NDNVLSXROLVHVWD DVLDNLUMDVWD . DNVLSXROLQHQ Ö . DNVLSLQ 9DLQ MRV NllQWlYl QLSSXV\|WW|ODLWH RQ DVHQQHWWX . DNVLSXROLQHQ NRSLR WXORVWHWDDQ NDKGHVWD NDNVLSXROLVHVWD DVLDNLUMDVWD <NVLSXROLQHQ Ö <NVLSLQ <NVLSXROLQHQ NRSLR WXORVWHWDDQ QHOMlVWl \NVLSXROLVHVWD DVLDNLUMDVWD G G G <NVLSXROLQHQ Ö . DNVLSLQ . DNVLSXROLQHQ NRSLR WXORVWHWDDQ NDKGHNVDVWD \NVLSXROLVHVWD DVLDNLUMDVWD G <NVLSXROLQHQ Ö . LUMDVHQ WHNR . DNVLSXROLQHQ NRSLR WXORVWHWDDQ QHOMlVWl \NVLSXROLVHVWD DVLDNLUMDVWD G . DNVLSXROLQHQ Ö <NVLSLQ 9DLQ MRV NllQWlYl QLSSXV\|WW|ODLWH RQ DVHQQHWWX <NVLSXROLQHQ NRSLR WXORVWHWDDQ NDKGHVWD NDNVLSXROLVHVWD DVLDNLUMDVWD 'L'L'L . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ G . DNVLSXROLQHQ Ö . DNVLSLQ 9DLQ MRV NllQWlYl QLSSXV\|WW|ODLWH RQ DVHQQHWWX . DNVLSXROLQHQ NRSLR WXORVWHWDDQ QHOMlVWl NDNVLSXROLVHVWD DVLDNLUMDVWD G . LUMD (ULWWHO\ Ö <NVLSXROLQHQ . DNVL \NVLSXROLVWD NRSLRWD WXORVWHWDDQ VLGRWXVWD DVLDNLUMDVWD G . LUMD /RPDNH Ö <NVLSXROLQHQ <NVLSXROLQHQ NRSLR WXORVWHWDDQ VLGRWXVWD DVLDNLUMDVWD G . LUMD (ULWWHO\ Ö . DNVLSXROLQHQ . DNVLSXROLQHQ NRSLR WXORVWHWDDQ VLGRWXVWD DVLDNLUMDVWD G . LUMD /RPDNH Ö . DNVLSXROLQHQ . DNVLSXROLQHQ NRSLR WXORVWHWDDQ VLGRWXVWD DVLDNLUMDVWD 'L'L'L $VHWD NRSLRLWDYDW DVLDNLUMDW . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ $ONXSHU !. RSLRW DVHWXVWHQ PllULWWlPLQHQ . XQ KDOXDW OLVlWLHWRMD NDWVR OXNX ³ $ONXSHUlLVHW DVLDNLUMDW´ . RVNHWD >$/. 83(5 !. 23, 27@ 9DOLWVH DVHWXV NRSLRLWDYDOOH DVLDNLUMDW\\SLOOH 2LNHDOOD ROHYDQ HVLPHUNLQ PXNDDQ NRVNHWD ><. 6, 382/, 1(1@ 9DOLWVH DVHWXV KDOXDPDVL NRSLRQ W\\SLQ PXNDDQ 2LNHDOOD ROHYDQ HVLPHUNLQ PXNDDQ NRVNHWD >. $. 6, 382/, 1(1@ 'L'L'L . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ . XQ KDOXDW YDOLQWD ³. DNVLSLQ´ ³. LUMDVHQ WHNR´ ³<NVLSLQ´ WDL ³. DNVLSLQ´DVHWXNVHW NRVNHWD >, 1. , 5-$1(1@ . RVNHWD >$/. 83(5b, 6(1 68817$@ 9DOLWVH $ONXSHUlLVHQ VXXQWD DVHWXV MRV DVLDNLUMD RQ DVHWHWWX PXXKXQ NXLQ YDNLRVXXQWDDQ 9DOLWVH VRSLYD DVLDNLUMDQ VXXQQDQ DVHWXV . RVNHWD >2. @ 3DLQD >67$57@SDLQLNHWWD . RSLRW WXORVWHWDDQ 6LGRWXQ DVLDNLUMDQ NRSLRLQWL 6LGRWWXMHQ DVLDNLUMRMHQ NXYDQOXNXVLMDLQWLD YRLGDDQ VllWll . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl . LUMDQ NRSLRLQWL . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl . LUMDQ VLYXMHQ NRSLRLQWL HULOOLVLOOH NDNVLSXROLVLOOH VLYXLOOH . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl 'L'L'L 3HUXVDVHWXVWHQ QRSHD YDOLQWD . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl 'L'L'L . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ . RSLRQ WXPPXXGHQ PllULWWlPLQHQ 7XPPXXVDVHWXNVHQ YDOLQWD . RVNHWD NRVNHWXVSDQHHOLVVD >9$/2786@ 1lN\YLLQ WXOHH Ql\WW| MRVVD Ql\WHWllQ Nl\WHWWlYLVVl ROHYDW WXPPXXVDVHWXNVHW 9DOLWVH NRSLRLWDYDOOH DVLDNLUMDOOH VRSLYD DVHWXV ³7HNVWL´ ³9DORNXYD´ WDL ³7HNVWL9DORNXYD´ 6llGl WXPPXXV VLWWHQ WDUSHHQ PXNDDQ 9LQNNL 7XPPXXVDVHWXV ³$XWRP´ RQ SHUXVDVHWXV 7XPPXXGHQ SHUXVDVHWXVWD YRLGDDQ PXXWWDD . l\WWlMlYDOLQQDWQl\W|VVl ´7HNVWL´DVHWXNVHQ YDOLQWD 9DOLWVH ³7HNVWL´DVHWXV NXQ KDOXDW NRURVWDD llULYLLYRMD MD WXRWWDD WHUlYLl WHNVWLDVLDNLUMRMD ³$XWRP´ WXPPXXV 7XPPXXV VllGHWllQ DXWRPDDWWLVHVWL DVLDNLUMDOOH VRSLYDNVL . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl ´9DORNXYD´DVHWXNVHQ YDOLQWD 9DOLWVH ³9DORNXYD´DVHWXV NXQ NRSLRLW DVLDNLUMRMD MRLVVD RQ SXROLVlY\Ml NXWHQ YDORNXYLVVD . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl ´7HNVWL9DORNXYD´DVHWXNVHQ YDOLQWD 9DOLWVH ³7HNVWL9DORNXYD´DVHWXV NXQ NRSLRLW DVLDNLUMRMD MRLVVD RQ VHNl WHNVWLl HWWl YDORNXYLD . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl 'L'L'L . RSLRLQWLDVHWXVWHQ PllULWWlPLQHQ 'L'L'L . RVNHWXVQl\W|Q YLHVWLW . RVNHWXVQl\W|Q YLHVWLW . XQ YLHVWL ´/LVll YlULl´ WXOHH QlN\YLLQ 9LHVWL ³/LVll YlULl´ WXOHH QlN\YLLQ NXQ YlULDLQHWWD RQ MlOMHOOl HQll YlKlQ 1RLQ NRSLRWD $ YRLGDDQ WHKGl VHQ MlONHHQ NXQ \OOl ROHYD YLHVWL RQ QlN\Q\W 6XRVLWWHOHPPH NXLWHQNLQ HWWl YlULDLQHSXOOR YDLKGHWDDQ QLLQ SLDQ NXLQ PDKGROOLVWD 9LHVWL ³/LVll YlULl´ WXOHH QlN\YLLQ NXQ YlULDLQH RQ ORSSXQXW NRNRQDDQ HWNl HQll YRL DORLWWDD XXWWD NRSLRV\NOLl 9DLKGD YlULDLQHSXOOR XXWHHQ QRXGDWWDPDOOD DOOD NXYDWWXMD RKMHLWD 9lULDLQHSXOORQ YDLKWDPLQHQ $YDD HWXOXXNNX 9HGl YlULDLQHVXSSLOR QLLQ XORV NXLQ PDKGROOLVWD 'L'L'L 1DSVDXWD YlULDLQHSXOORQ SLGLQ \O|V . RVNHWXVQl\W|Q YLHVWLW 9HGl YlULDLQHSXOOR YDURYDVWL XORV bOl KHLWl W\KMll YlULDLQHSXOORD SRLV 6lLO\Wl VH MD SDODXWD 0, 12/7$ KXROWRRQ 1DSDXWD XXGHQ YlULDLQHSXOORQ SllWl NRYDD SLQWDD HVLPHUNLNVL S|\Wll YDVWHQ QHOMl WDL YLLVL NHUWDD MD QDSDXWD WRLVWD SllWl QHOMl WDL YLLVL NHUWDD . RVND YlULDLQH SXOORVVD VDDWWDD SDNNDXWXD YDUPLVWD DLQHHQ KDMRDPLQHQ WlOOl WDYDOOD 5DYLVWD XXWWD YlULDLQHSXOORD \O|V MD DODV QRLQ YLLVL NHUWDD 'L'L'L . RVNHWXVQl\W|Q YLHVWLW $VHWD SXOOR SDLNRLOOHHQ QLLQ HWWl YlULDLQHSXOORQ VLQHWWL RQ \O|VSlLQ 1DSVDXWD YlULDLQHSXOORQ SLGLQ DODV NXQQHV VH OXNLWWXX SDLNDOOHHQ 7DUWX YlULDLQHSXOORQ VLQHWWLLQ MD YHGl VLWl KLWDDVWL LWVHlVL NRKWL . llQQl YlULDLQHSXOORQ SLGLQWl DODVSlLQ MD W\|QQl YlULDLQHVXSSLOR VLVllQ 6XOMH VLWWHQ HWXOXXNNX H H . XQ HWXOXXNNX RQ VXOMHWWX YlULDLQH DONDD Wl\WW\l DXWRPDDWWLVHVWL . XQ YlULDLQHWWD OLVlWllQ lOl VDPPXWD NRSLRNRQHWWD WDL DYDDQ PXLWD OXXNNXMD 9LQNNL -RV WXORVWH RQ KLPPHl KHWL YlULDLQHSXOORQ YDLKWDPLVHQ MlONHHQ OLVll YlULDLQHWWD . DWVR VLYX  'L'L'L . RVNHWXVQl\W|Q YLHVWLW . XQ YLHVWL ´1LLWLW ORSSXQHHW´ WXOHH QlN\YLLQ . XQ QLLWWLNDVHWWL RQ W\KMl DOOD ROHYD YLHVWL WXOHH QlN\YLLQ MD QLGRQWDD HL YRL HQll VXRULWWDD 1RXGDWD DOOD NXYDWWXMD RKMHLWD QLLWWLNDVHWLQ YDLKWDPLVHNVL +XRP 9DUPLVWD HWWl YDLKGDW QLLWWLNDVHWLQ YDVWD VHQ MlONHHQ NXQ YLHVWL RQ WXOOXW QlN\YLLQ /DLWH VDDWWDD YDKLQJRLWWXD MRV QLLWWLNDVHWWL SRLVWHWDDQ HQQHQ NXLQ YLHVWL WXOHH QlN\YLLQ 1LLWWLNDVHWLQ YDLKWDPLQHQ YLLPHLVWHOLMllQ )1 $YDD HWXOXXNNX 'L'L'L . RVNHWXVQl\W|Q YLHVWLW 9HGl QLLWWLNDVHWLQ WHOLQHWWl LWVHlVL NRKWL 3DLQD NRKWDD MRVVD OXNHH ³386+´ DYDWDNVHVL WHOLQHHQ 3RLVWD W\KMl QLLWWLNDVHWWL QLLWWL\NVLN|VWl /DLWD XXVL QLLWWLNDVHWWL QLLWWLWHOLQHHVHHQ MD LUURWD VLWWHQ VLQHWWLQDXKD YDURYDVWL 'L'L'L 7\|QQl Wl\WHWW\l QLLWWLWHOLQHWWl 6XOMH VLWWHQ HWXRYL NXQQHV VH OXNNLXWXX SDLNDOOHHQ . RVNHWXVQl\W|Q YLHVWLW 'L'L'L . RVNHWXVQl\W|Q YLHVWLW 1LLWWLNDVHWLQ YDLKWDPLQHQ VDWXODYLLPHLVWHOLMllQ +820$8786 2OH KXROHOOLQHQ NXQ DVHQQDW QLLWWLNDVHWWLWHOLQHWWl § 9DUPLVWD HWWl QLLWWLNDVHWWLWHOLQH RQ DVHWHWWX RLNHLQ SlLQ 6DPDOOD NXQ SLGlW NLLQQL SDSHULQ XORVWXORWDVRVWD SRLVWD QLLWWLNDVHWWL 3DLQD NRKWDD MRVVD OXNHH ³386+´ DYDWDNVHVL WHOLQHHQ 3RLVWD W\KMl QLLWWLNDVHWWL QLLWWL\NVLN|VWl 'L'L'L $VHWD XXVL QLLWWLNDVHWWL QLLWWLNDVHWWLWHOLQHHVHHQ . RVNHWXVQl\W|Q YLHVWLW 3RLVWD VLQHWWLQDXKD YDURYDVWL 7\|QQl Wl\WHWW\l QLLWWLWHOLQHWWl /DVNH SDSHULQ XORVWXORWDVR NXQQHV VH OXNNLXWXX SDLNDOOHHQ 'L'L'L . RVNHWXVQl\W|Q YLHVWLW . XQ WDSDKWXX SDSHULWXNRV 3DSHULWXNRVWHQ VLMDLQQLW , OPRLWXV . XYDXV 3DSHULWXNRV NllQWlYlVVl QLSSXV\|WW|ODLWWHHVVD VLYX  3DSHULWXNRV NLLQQLW\V\NVLN|VVl VLYX  3DSHULWXNRV NDNVLSXROLVXXV\NVLN|VVl VLYX  3DSHULWXNRV QLSSXRKLV\|WW|WDVROOD VLYX  3DSHULWXNRV WDL SDSHULNDVHWLVVD VLYX  , OPRLWXV . XYDXV 3DSHULWXNRV WDL SDSHULNDVHWLVVD VLYX  3DSHULWXNRV VXXUNDSDVWHHW WLNDVHWLVVD VLYX  3DSHULWXNRV YLLPHLVWHOLMlVVl VLYX  3DSHULWXNRV SRVWLORNHURVVD VLYX  3DSHULWXNRV VDWXODVLWRMDVVD VLYX  'L'L'L . RVNHWXVQl\W|Q YLHVWLW 3DSHULWXNRNVHQ VHOYLWWlPLQHQ NllQWlYlVVl QLSSXV\|WW|ODLWWHHVVD 1RXGDWD NRVNHWXVSDQHHOLVVD QlN\YLl RKMHLWD DVLDNLUMDQ RKMDLPLHQ DYDDPLVHNVL MD SRLVWD SDSHULWXNRNVHW 9HGl WXNRVWHQ VHOYLW\NVHQ NDQQHQ YLYXVWD MD DYDD NDQVL 9HGl YDURYDLVHVWL DVLDNLUMDW XORV +HLODXWD DVLDNLUMDQ RKMDLPHQ YLSX \O|V . llQQl YDOLWVLQWD V\|WWllNVHVL XORV DVLDNLUMDW 'L'L'L . RVNHWXVQl\W|Q YLHVWLW 6DPDOOD NXQ WXHW DVLDNLUMDQ V\|WW|WDVRD RLNHDOOD NlGHOOlVL YHGl WXNNHXPDQ DLKHXWWDQHHW SDSHULW XORV DONXSHUlLVHHQ DVHQWRRQVD MD VXOMH VLWWHQ WXNRVWHQ VHOYLW\NVHQ NDQVL 3DODXWD DVLDNLUMDQ RKMDLQ 'L'L'L 3DSHULWXNRNVHQ VHOYLWWlPLQHQ NLLQQLW\VRVDVVD . RVNHWXVQl\W|Q YLHVWLW +820$8786 . LLQQLW\V\NVLN|Q \PSlULVW| RQ HULWWlLQ NXXPD § 0HUNLWW\MHQ RVLHQ NRVNHWWDPLQHQ VDDWWDD DLKHXWWDD SDORYDPPDQ -RV VDDW SDORYDPPDQ YLLOHQQl LKRD KHWL N\OPlQ YHGHQ DOOD MD Nl\ VLWWHQ OllNlULVVl +820$8786 +XRQRQWXQXW NRSLRODDWX VDDWWDD MRKWXD VLLWl HWWl NXYDQVLLUWRWHODD RQ NRVNHWHWWX § 2OH KXROHOOLQHQ lOlNl NRVNHWD NXYDQVLLUWRWHODQ SLQWDD . XYDQVLLUWRWHOD 'L'L'L . RVNHWXVQl\W|Q YLHVWLW 9HGl RLNHDQSXROHLVHQ OXXNXQ YDSDXWXVYLSX \O|V MD DYDD RLNHDQSXROHLQHQ OXXNNX 9HGl YDURYDLVHVWL WXNRNVHQ DLKHXWWDQHHW SDSHULW XORV $YDD NLLQQLW\V\NVLN|Q RKMDLQ 9HGl YDURYDLVHVWL WXNRNVHQ DLKHXWWDQHHW SDSHULW XORV 'L'L'L $YDD NllQW|RKMDLQ MD YHGl WXNRNVHQ DLKHXWWDQHHW SDSHULW YDURYDLVHVWL SRLV NllQW|\NVLN|VWl . RVNHWXVQl\W|Q YLHVWLW 9HGl WXNRNVHQ DLKHXWWDQHHW SDSHULW YDURYDLVHVWL SRLV NLLQQLW\V\NVLN|VWl 9HGl XORV SDSHULW MRWND RYDW MXXWWXQHHW NXYDQVLLUWRWHODRVLRRQ 9HGl YDURYDLVHVWL WXNRNVHQ DLKHXWWDQHHW SDSHULW XORV 6XOMH RLNHDQSXROHLQHQ OXXNNX 'L'L'L . RVNHWXVQl\W|Q YLHVWLW +XRP -RV SDSHUL RQ MXXWWXQXW DOOD NXYDWXOOD WDYDOOD RWD \KWH\WWl 0LQROWD KXROWRRQ 3DSHUL RQ NLHWRXWXQXW NLLQQLW\V\NVLN|Q \PSlULOOH 3DSHUL RQ WDLWWXQXW WDL NXYDQVLLUWRWHOD RQ UHSLQ\W SDSHULQ 3DSHUL MRWD ROWLLQ SRLVWDPDVVD UHSH\W\L MD RQ HGHOOHHQ NLLQQLW\V\NVLN|VVl 'L'L'L $YDD NDNVLSXROLVXXV\NVLN|Q OXXNNX 9HGl YDURYDLVHVWL WXNRNVHQ DLKHXWWDQHHW SDSHULW XORV . RVNHWXVQl\W|Q YLHVWLW 3DSHULWXNRNVHQ VHOYLWWlPLQHQ NDNVLSXROLVXXV\NVLN|VVl 6XOMH NDNVLSXROLVXXV\NVLN|Q OXXNNX 3DSHULWXNRNVHQ VHOYLWWlPLQHQ QLSSXRKLV\|WW|WDVROOD 9HGl WXNRNVHQ DLKHXWWDQHHQ SDSHULW SRLV QLSSXRKLV\|WW|WDVROWD -RV SDSHUHLWD HL YRL YHWll SRLV YHGl QLSSXRKLV\|WW|WDVRQ OLXNXOHY\Q YLYXVWD MD YHGl OLXNXOHY\ LWVHlVL SlLQ 3DLQD OLXNXOHY\l DODV YDVHPPDOOD NlGHOOlVL MD YHGl WXNRNVHQ DLKHXWWDQHHW SDSHULW YDURYDLVHVWL XORV DONXSHUlLVHHQ DVHQWRRQVD 3DODXWD QLSSXRKLV\|WW|WDVR 'L'L'L . RVNHWXVQl\W|Q YLHVWLW 3DSHULWXNRNVHQ VHOYLWWlPLQHQ WDL SDSHULNDVHWLVVD $YDD QLSSXRKLV\|WW|WDVR 9HGl RLNHDQSXROHLVHQ DODOXXNXQ YDSDXWXVYLSXD \O|V DYDWDNVHVL SDSHULQV\|WW|\NVLN|Q RLNHDQSXROHLVHQ DODOXXNXQ NXWHQ NRVNHWXVSDQHHOLQ YLHVWLVVl LOPRLWHWDDQ 9HGl YDURYDLVHVWL WXNRNVHQ DLKHXWWDQHHW SDSHULW XORV 6XOMH RLNHDQSXROHLQHQ DODOXXNNX 6XOMH QLSSXRKLV\|WW|WDVR 'L'L'L 9HGl RLNHDQSXROHLVHQ DODOXXNXQ . RVNHWXVQl\W|Q YLHVWLW 3DSHULWXNRNVHQ VHOYLWWlPLQHQ WDL SDSHULNDVHWLVVD YDSDXWXVYLSXD \O|V DYDWDNVHVL SDSHULQV\|WW|\NVLN|Q RLNHDQSXROHLVHQ DODOXXNXQ NXWHQ NRVNHWXVSDQHHOLQ YLHVWLVVl LOPRLWHWDDQ 9HGl YDURYDLVHVWL WXNRNVHQ DLKHXWWDQHHW SDSHULW XORV 6XOMH RLNHDQSXROHLQHQ DODOXXNNX 'L'L'L . RVNHWXVQl\W|Q YLHVWLW 3DSHULWXNRNVHQ VHOYLWWlPLQHQ VXXUNDSDVLWHHWWLNDVHWLVVD 9HGl RLNHDQSXROHLVHQ DODOXXNXQ YDSDXWXVYLSXD \O|V DYDWDNVHVL SDSHULQV\|WW|\NVLN|Q RLNHDQSXROHLVHQ DODOXXNXQ NXWHQ NRVNHWXVSDQHHOLQ YLHVWLVVl LOPRLWHWDDQ 9HGl YDURYDLVHVWL WXNRNVHQ DLKHXWWDQHHW SDSHULW XORV 6XOMH RLNHDQSXROHLQHQ DODOXXNNX 'L'L'L $YDD HWXOXXNNX . RVNHWXVQl\W|Q YLHVWLW 3DSHULWXNRNVHQ VHOYLWWlPLQHQ YLLPHLVWHOLMlVVl )1 3DLQD YLSX )1 DODV MD YHGl WXNRNVHQ DLKHXWWDQHHW SDSHULW SRLV . llQQl QXSSLD )1 'L'L'L . RVNHWXVQl\W|Q YLHVWLW -RV UHL LWLQ RQ DVHQQHWWX 9HGl UHL LWLQODDWLNNR XORV 3DLQD YLSX )1 DODV MD YHGl 3DODXWD YLYXW )1 MD )1 -RV UHL LWLQ RQ DVHQQHWWX WXNRNVHQ DLKHXWWDQHHW SDSHULW SRLV DONXSHUlLVLLQ DVHQWRLKLQVD $VHWD UHL LWLQODDWLNNR DONXSHUlLVHHQ SDLNNDDQVD /DVNH YLSX )1 . llQQl YDOLWVLQWD )1 WDL YDOLWVLQWD )1 MD SRLVWD WXNRNVHQ DLKHXWWDQHHW SDSHULW DVHQWRRQVD 3DODXWD YLSX )1 DONXSHUlLVHHQ 6XOMH VLWWHQ HWXOXXNNX 'L'L'L $YDD HWXOXXNNX . RVNHWXVQl\W|Q YLHVWLW 3DSHULWXNRNVHQ VHOYLWWlPLQHQ SRVWLORNHURVVD 0.  . llQQl YDOLWVLQWD )1 WDL YDOLWVLQWD )1 MD SRLVWD WXNRNVHQ DLKHXWWDQHHW SDSHULW 6DPDOOD NXQ SDLQDW DODV YLSXD )1 YHGl XORV WXNRNVHQ DLKHXWWDQHHW SDSHUL 'L'L'L . RVNHWXVQl\W|Q YLHVWLW 9HGl NDKYDD )1 DYDWDNVHVL WXNRVWHQ VHOYLWWlPLVHQ OXXNXQ 9HGl WXNRNVHQ DLKHXWWDQHHW SDSHULW SRVWLORNHURVWD 6XOMH WXNRVWHQ VHOYLWWlPLVHQ OXXNNX 6XOMH VLWWHQ HWXRYL 'L'L'L 3DSHULWXNRNVHQ VHOYLWWlPLQHQ VDWXODVLWRMDVVD . RVNHWXVQl\W|Q YLHVWLW $YDD HWXOXXNNX . llQQl YDOLWVLQWD )1 WDL YDOLWVLQWD )1 MD SRLVWD WXNRNVHQ DLKHXWWDQHHW SDSHULW 3RLVWD NDLNNL SDSHULW XORVWXORWDVROWD $YDD WXNRVWHQ VHOYLWWlPLVHQ OXXNNX MD YHGl XORV WXNRNVHQ DLKHXWWDQHHW SDSHULW 6XOMH WXNRVWHQ VHOYLWWlPLVHQ OXXNNX 6XOMH VLWWHQ HWXRYL 'L'L'L . RVNHWXVQl\W|Q YLHVWLW . XQ YLHVWL ´1LGRQWD HL ROH PDKGROOLVWD´ WXOHH QlN\YLLQ -XXWWXQHLGHQ QLLWWLHQ LUURWWDPLQHQ . XQ YLLPHLVWHOLMl RQ DVHQQHWWX MD QLLWLW MXXWWXYDW DOOD ROHYD YLHVWL WXOHH QlN\YLLQ 1RXGDWD DOOD NXYDWWXMD RKMHLWD QLLWWLHQ LUURWWDPLVHNVL 1RXGDWD DOOD NXYDWWXMD RKMHLWD SDSHULQ MD QLLWWLHQ LUURWWDPLVHNVL +820$8786 1LGRQWD HL ROH PDKGROOLVWD § . XQ YLHVWL ³1LGRQWD HL ROH PDKGROOLVWD´ WXOHH QlN\YLLQ LUURWD MXXWWXQHHW QLLWLW DOOD NXYDWXOOD WDYDOOD § -RV NXYDWWXMD RKMHLWD HL QRXGDWHWD MD SDSHULQ YHWlPLVHHQ Nl\WHWllQ OLLNDD YRLPDD QLLWWL\NVLNN| VDDWWDD YDKLQJRLWWXD 3RLVWD NDLNNL SDSHULW YLLPHLVWHOLMlVWl 'L'L'L $YDD HWXOXXNNX . RVNHWXVQl\W|Q YLHVWLW 3DLQD YLSX )1 DODV MD YHGl WXNRNVHQ DLKHXWWDQHHW SDSHULW SRLV . llQQl YDOLWVLQWD )1 -RV UHL LWLQ RQ DVHQQHWWX 9HGl UHL LWLQODDWLNNR XORV 'L'L'L . RVNHWXVQl\W|Q YLHVWLW 3DLQD YLSX )1 DODV MD YHGl 3DODXWD YLYXW )1 MD )1 -RV UHL LWLQ RQ DVHQQHWWX WXNRNVHQ DLKHXWWDQHHW SDSHULW SRLV DONXSHUlLVLLQ DVHQWRLKLQVD $VHWD UHL LWLQODDWLNNR DONXSHUlLVHHQ SDLNNDDQVD /DVNH YLSX )1 . llQQl YDOLWVLQWD )1 WDL YDOLWVLQWD )1 MD SRLVWD WXNRNVHQ DLKHXWWDQHHW SDSHULW DVHQWRRQVD 3DODXWD YLSX )1 DONXSHUlLVHHQ . llQQl YDOLWVLQWD YDVHPPDOOH VLLUWllNVHVL QLWRMDQ HWHHQ 'L'L'L 9HGl QLLWWLNDVHWLQ WHOLQHWWl LWVHlVL NRKWL . RVNHWXVQl\W|Q YLHVWLW 7\|QQl QLLWWLWHOLQHWWl \O|VSlLQ MD YHGl VLWWHQ \NVL QLLWWLOHY\ XORV DONXSHUlLVHHQ DVHQWRRQVD 3DODXWD RKMDLQ WDNDLVLQ 7\|QQl QLLWWLNDVHWWLD NXQQHV VH OXNNLXWXX SDLNDOOHHQ 6XOMH VLWWHQ HWXRYL +XRP -RV QLGRQWDD HL YLHOlNllQ YRL WHKGl YDLNND ROHW WRLPLQXW \OOl ROHYLHQ RKMHLGHQ PXNDDQ RWD \KWH\WWl 0LQROWDKXROWRRQ 'L'L'L . RVNHWXVQl\W|Q YLHVWLW . XQ YLHVWL ´5HL LW\VODDWLNNR RQ Wl\QQl´ WXOHH QlN\YLLQ -RV UHL LWLQ RQ OLLWHWW\ YLLPHLVWHOLMllQ VHXUDDYD YLHVWL WXOHH QlN\YLLQ NXQ UHL LW\VODDWLNNR RQ Wl\QQl 1RXGDWD DOOD NXYDWWXMD RKMHLWD UHL LW\VODDWLNRQ W\KMHQWlPLVHNVL 5HL LW\VODDWLNRQ W\KMHQWlPLQHQ 7\KMHQQl MD ODLWD UHL LW\VODDWLNNR WDNDLVLQ NXWHQ DOOD RQ NXYDWWX $YDD HWXOXXNNX 9HGl UHL LW\VODDWLNNR XORV 'L'L'L 7\KMHQQl UHL LW\VODDWLNNR /DLWD UHL LW\VODDWLNNR WDNDLVLQ DONXSHUlLVHHQ SDLNNDDQVD . RVNHWXVQl\W|Q YLHVWLW 6XOMH VLWWHQ HWXRYL 'L'L'L 9LDQPllULW\V 9LDQPllULW\V 7lUNHLPPlW YLHVWLW MD QLLGHQ NRUMDXVNHLQRW , OPRLWXV 7RLPLQWDKlLUL| 2WD \KWH\V KXROWRRQ MD LOPRLWD VHXUDDYD NRRGL /LVll YlULl 6\\ . RSLRNRQHHVVD RQ KlLUL|WLOD HLNl VLOOl YRL WXORVWDD . RVND YlULDLQH RQ ORSSXQXW NRSLRLQWLD HL YRL MDWNDD . RVND UXPSX\NVLNN| RQ NXOXQXW ORSSXXQ NRSLRNRQH HL HQll S\VW\ WHNHPllQ NRSLRLWD . RVND NHKLWH\NVLNN| RQ NXOXQXW ORSSXXQ NRSLRNRQH HL HQll S\VW\ WHNHPllQ NRSLRLWD 1LLWLW RYDW ORSSXQHHW . RUMDXVNHLQR 2WD \KWH\WWl KXROWRRQ MD LOPRLWD NRVNHWXVSDQHHOLVVD ROHYD NRRGL 9DLKGD YlULDLQHSXOOR ´. XQ YLHVWL ´/LVll YlULl´ WXOHH QlN\YLLQ´ VLYXOOD  2WD \KWH\WWl 0LQROWD KXROWRRQ 5XPSX\NVLN|Q YDLKGRQ DLND 6RLWD KXROWRRQ . HKLWH\NVLN|Q YDLKGRQ DLND 6RLWD KXROWRRQ 1LLWLW ORSSXQHHW 9DLKGD XXVL QLLWWLSDWUXXQD 2WD \KWH\WWl 0LQROWD KXROWRRQ 9DLKGD QLLWWLNDVHWWL NDWVR ´. XQ YLHVWL ´1LLWLW ORSSXQHHW´ WXOHH QlN\YLLQ´ VLYXOOD  2WD \KWH\WWl 0LQROWD KXROWRRQ . RVNHWD QlKGlNVHVL NRRGLQ . XQ RWDW \KWH\WWl KXROWRRQ NHUUR KHLOOH NRRGL $VHWD RVRLWHWXW DVLDNLUMDQ VLYXW NllQWlYllQ QLSSXV\|WW|ODLWWHHVHHQ 2Q DLND VXRULWWDD NRSLRNRQHHQ PllUlDLNDLVKXROWR $VHWD VHXUDDYD PllUl DVLDNLUMDQ VLYXMD XXGHOOHHQ 22 . XQ SDSHULWXNRV RQ VHOYLWHWW\ QH DVLDNLUMDW MRWND RQ MR V\|WHWW\ NllQWlYlQ QLSSXV\|WW|ODLWWHHQ OlSL SLWll DVHWWDD XXGHOOHHQ . RVND PXLVWL RQ Wl\QQl HQHPSll VLYXD HL YRL VNDQQDWD ;;;;;; HL RQQLVWX /LLDQ YlKlQ PXLVWLD MlOMHOOl 3DLQD 6WDUW MDWNDDNVHVL 7XORVWD VLYXW WDL MRQRVVD ROHYDW W\|W YDSDXWWDDNVHVL PXLVWLD 'L'L'L , OPRLWXV 7RLPLQWRD HL YRL YDOLWD ;;;;;; NDQVVD 3\Vl\W\V 6\\ 7RLPLQQRW MRLWD HL YRL Nl\WWll \KGHVVl RQ YDOLWWX . XQ WHHW LQNRSLRLWD WRLVWD DVLDNLUMDVLYXD HL YRL VNDQQDWD VDPDOOD NXQ VNDQQDWDDQ PDQXDDOLVHVWL 1XROHQ RVRLWWDPD OXXNNX WDL NDQVL RQ DXNL 9LDQPllULW\V . RUMDXVNHLQR . RSLRL Nl\WWlPlOOl YDLQ \KWl WRLPLQWRD $VHWD WRLQHQ DVLDNLUMDVLYX WDL SDLQD >/23(786@ 6XOMH PHUNLQ RVRLWWDPD NRKWD KXROHOOLVHVWL 9DUPLVWD HWWl NDLNNL OXXNXW MD NDQQHW RQ VXOMHWWX KXROHOOLVHVWL 'L'L'L 9LDQPllULW\V . XQ WXORVWXX YLUKHHOOLVLl NRSLRLWD 9LND 0DKGROOLQHQ V\\ . RUMDXVNHLQR 6llGl ³. RSLRQ ROHWXVWXORVWXVWDVRW´ WRLPLQWR . l\WWlMlYDOLQQDW Ql\W|VVl 3HUXXWD PXXWRLQ ³$XWRP´ WXPPXXVDVHWXV MD YDOLWVH VLWWHQ KDOXDPDVL DVHWXV . RVNHWD >9DORWXV@ MD YDOLWVH VLWWHQ WXPPHPSL WXPPXXVDVHWXV 7XORVWXVWXPPXXV ROL WXPPD MD YlULDLQH YlKHQL . l\Wl ³9lULDLQHHQ OLVl\V´ WRLPLQWRD $SXRKMHOPDWLODVVD OLVlWlNVHVL YlULDLQHWWD 9lULDLQHHQ PllUl YlKHQL . l\Wl ³9lULDLQHHQ OLVl\V´ WRLPLQWRD $SXRKMHOPDWLODVVD OLVlWlNVHVL YlULDLQHWWD NXQQHV NRSLRQ WXPPXXV RQ WXPPHPSL 9DLKGD YlULDLQHSXOOR XXWHHQ 7XORVWHHW RYDW OLLDQ YDDOHLWD ³$XWRP´ WXPPXXVDVHWXV RQ DVHWHWWX OLLDQ YDDOHDNVL 2Q YDOLWWX WXPPXXVDVHWXV MRND RQ OLLDQ YDDOHD 7XORVWHWWLLQ PRQLD YDORNXYLD WDL VXXULD WXORVWHWWXMD DOXHLWD VLVlOWlYLl DOXHLWD 9lULDLQHSXOOR RQ MXXUL YDLKGHWWX XXWHHQ 9lULDLQH RQ ORSSX MD YLHVWL ³/LVll YlULl´ WXOHH QlN\YLLQ NRVNHWXVSDQHHOLLQ 3DSHUL RQ NRVWHDD 9DLKGD SDSHULW 'L'L'L 9LND 7XORVWHHW RYDW OLLDQ WXPPLD 0DKGROOLQHQ V\\ ³$XWRP´ WXPPXXVDVHWXV RQ DVHWHWWX OLLDQ WXPPDNVL 9LDQPllULW\V . RUMDXVNHLQR 6llGl ³. RSLRQ ROHWXVWXORVWXVWDVRW´ WRLPLQWR . l\WWlMlYDOLQQDW Ql\W|VVl 3HUXXWD PXXWRLQ ³$XWRP´ WXPPXXVDVHWXV MD YDOLWVH VLWWHQ KDOXDPDVL DVHWXV . RVNHWD >9DORWXV@ MD YDOLWVH VLWWHQ YDDOHDPSL WXPPXXVDVHWXV 3XKGLVWD NRSLRLQWLWDVRQ ODVLSLQWD SHKPHlOOl NXLYDOOD NDQNDDOOD $VHWD DVLDNLUMD VLWHQ HWWl VH RQ WLXNDVWL NRSLRLQWLWDVRD YDVWHQ 9DLKGD SDSHULW $VHWD DVLDNLUMD VLWHQ HWWl VH RQ WLXNDVWL NRSLRLQWLWDVRD YDVWHQ 2Q YDOLWWX WXPPXXVDVHWXV MRND RQ OLLDQ WXPPD . RSLRLQWLWDVRQ ODVL RQ OLNDLQHQ $VLDNLUMDD HL SDLQHWD WDUSHHNVL OlKHOOH NRSLRLQWLWDVRD YDVWHQ 7XORVWHHW RYDW HSlVHOYLl 3DSHUL RQ NRVWHDD $VLDNLUMDD HL SDLQHWD WDUSHHNVL OlKHOOH NRSLRLQWLWDVRD YDVWHQ 'L'L'L 9LDQPllULW\V 9LND 7XORVWHLVVD RQ WXPPLD WlSOLl WDL SLVWHLWl 0DKGROOLQHQ V\\ . RSLRLQWLWDVRQ ODVL RQ OLNDLQHQ $VLDNLUMDQ DOXVWD RQ OLNDLQHQ . RUMDXVNHLQR 3XKGLVWD NRSLRLQWLWDVRQ ODVLSLQWD SHKPHlOOl NXLYDOOD NDQNDDOOD 3XKGLVWD DOXVWD SHKPHlOOl PLHGRVVD SHVXDLQHOLXRNVHVVD NRVWXWHWXOOD NDQNDDOOD $VHWD DONXSHUlLVNDSSDOHHQ SllOOH W\KMl SDSHUL 7XORVWHLVVD RQ YLLUXMD $ONXSHUlLQHQ DVLDNLUMD RQ WXORVWHWWX HULWWlLQ OlSLNXXOWDYDOOH PDWHULDDOLOOH NXWHQ HVLPHUNLNVL YDORKHUNlOOH GLDWVRSDSHULOOH WDL SLLUWRKHLWLQNDOYRLOOH . DNVLSXROLVWD DVLDNLUMDD NRSLRLGDDQ -RV NRSLRLGDDQ RKXWWD NDNVLSXROLVWD DVLDNLUMDD NllQW|SXROHOOD ROHYD LQIRUPDDWLR YRL WRLVWXD NRSLRVVD . RVNHWD >9DORWXV@ MD 9DOLWVH VLWWHQ YDDOHDPSL WXPPXXV WDXVWDOOH 'L'L'L 9LND . RSLRQ NXYD HL ROH RLNHDVVD NRKGDVVD 0DKGROOLQHQ V\\ $VLDNLUMDD HL ROH NRKGLVWHWWX RLNHLQ 9LDQPllULW\V . RUMDXVNHLQR $VHWD DVLDNLUMD RLNHLQ DVLDNLUMDQ PLWWDNDDYDQ QXROLD YDVWHQ -RV NllQWlYl QLSSXV\|WW|ODLWH RQ DVHQQHWWX VllGl DVLDNLUMDQ RKMDLPHW RLNHLQ DVLDNLUMDQ NRNRRQ QlKGHQ $YDD NllQWlYl QLSSXV\|WW|ODLWH MD NRKGLVWD DVLDNLUMD RLNHLQ DVLDNLUMDQ PLWWDNDDYDQ QXROLD YDVWHQ 3XKGLVWD NRSLRLQWLWDVRQ ODVLSLQWD SHKPHlOOl NXLYDOOD NDQNDDOOD /LX XWD RKMDLPLD DVLDNLUMDQ UHXQRMD NRKWL 7DVRLWD SDSHUL HQQHQ VHQ DVHWWDPLVWD 3RLVWD SDSHUL SDSHULNDVHWLVWD NllQQl VH \PSlUL MD DVHWD VH VLWWHQ XXGHOOHHQ 9DLKGD SDSHUL WRLVHHQ SDSHULLQ MRND HL ROH NRVWHD $VLDNLUMD HL ROH RLNHDVVD DVHQQRVVD NllQWlYlVVl QLSSXV\|WW|ODLWWHHVVD . RSLRLQWLWDVR RQ OLNDLQHQ NXQ NllQWlYl QLSSXV\|WW|ODLWH RQ Nl\W|VVl $VLDNLUMDQ RKMDLPLD HL ROH OLX XWHWWX DVLDNLUMDQ UHXQRMD YDVWHQ 3DSHULNDVHWWLLQ DVHWHWWLLQ UXOODXWXQXWWD SDSHULD 7XORVWHWWX SDSHUL RQ UXOODOOD . l\WHWW\ SDSHUL NXWHQ HVLPHUNLNVL XXVLRSDSHUL UXOODXWXX KHOSRVWL 'L'L'L 9LDQPllULW\V 9LND 7XORVWHHQ UHXQD RQ OLNDLQHQ 0DKGROOLQHQ V\\ $VLDNLUMDQ DOXVWD RQ OLNDLQHQ . RUMDXVNHLQR 3XKGLVWD DOXVWD SHKPHlOOl PLHGRVVD SHVXDLQHOLXRNVHVVD NRVWXWHWXOOD NDQNDDOOD 9DOLWVH SDSHULQ NRRNVL VDPD NXLQ DVLDNLUMDQ NRNR $VHWD PXXWRLQ ]RRPDXNVHNVL ³$XWRP NRNR´ VXXUHQWDDNVHVL NRSLRQ YDOLWXQ SDSHULNRRQ PXNDLVHNVL 9DOLWVH SDSHULQ NRRNVL VDPD NXLQ DVLDNLUMDQ NRNR 9DOLWVH PXXWRLQ SDSHULQ VXXQWDXNVHNVL VDPD NXLQ DVLDNLUMDQ VXXQWDXNVHQD RQ 9DOLWVH ]RRPDXVVXKGH MRND VRYLWWDD DVLDNLUMDQ NRRQ YDOLWWXXQ SDSHULNRNRRQ $VHWD PXXWRLQ ]RRPDXNVHNVL ³$XWRP NRNR´ SLHQHQWllNVHVL NRSLRQ YDOLWXQ SDSHULNRRQ PXNDLVHNVL 9DOLWWX SDSHULQ NRNR RQ VXXUHPSL NXLQ DVLDNLUMD NXQ ]RRPDXV DVHWHWWX YDLKWRHKGRNVL ³×´ $VLDNLUMDQ VXXQWDXV RQ HULODLQHQ NXLQ NRSLRQ VXXQWDXV NXQ ]RRPDXV RQ DVHWHWWX YDLKWRHKGRNVL ³×´ . RSLR SLHQHQQHWWLLQ NRNRD SLHQHPPlNVL NXLQ SDSHUL 2PDY ]RRP DVHWXV YDOLWWLLQ -RV RQJHOPD HL NRUMDXGX YDLNND VXRULWDW \OOl NXYDWXW WRLPHW RWD \KWH\WWl KXROWRRQ 'L'L'L . XQ NRSLRNRQH HL WRLPL PRLWWHHWWRPDVWL 9LND . RVNHWXVSDQHHOLVVD HL Ql\ PLWllQ 0DKGROOLQHQ V\\ -RV YDLQ >6WDUW@ SDLQLNNHHQ PHUNNLYDOR SDODD NRSLRNRQH RQ HQHUJLDQVllVW| WDL OHSRWLODVVD . RSLRNRQHWWD HL ROH ODLWHWWX SllOOH 9LDQPllULW\V . RUMDXVNHLQR 3DLQD PLWl WDKDQVD SDLQLNHWWD Nl\WW|SDQHHOLVVD NXQ KDOXDW SHUXXWWDD HQHUJLDQVllVW|WLODQ 7DUNLVWD HWWl NRSLRNRQHHQ SllYLUWDN\WNLQ RQ DVHWHWWX ³, ´DVHQWRRQ MD HWWl WRLQHQ YLUWDN\WNLQ RQ SDLQHWWX VLVllQ . XQ NDWVHOHW NRVNHWXVSDQHHOLD VllGl VHQ NRQWUDVWL VllW|QXSLVWD $VHWD NRSLRNRQHHQ YLUWDN\WNLQ DVHQWRRQ ³2´ MD OLLWl VNDQQHULQ YLUWDMRKWR MD OLLWlQWlNDDSHOL XXGHOOHHQ 6\|Wl WXQQXVNRRGL NRKGDVVD ³. RSLRLGHQ WHNHPLQHQ Nl\WWlPlOOl WLOHMl´ . RVNHWD >7\|MRQR@ WDUNLVWDDNVHVL MRQRVVD ROHYDW W\|W 2GRWD NXQQHV WXORVWXV DONDD . RSLRNRQHHOOD PHQHH QRLQ VHNXQWLD OlPSHQHPLVHHQ Nl\QQLVW\NVHQ MlONHHQ 2GRWD NXQQHV NRSLRNRQH RQ OlPPHQQ\W 6HXUDD YLHVWHMl MRWND WXOHYDW NRVNHWXVSDQHHOLLQ . RQWUDVWLQ VllW|QXSSL NRVNHWXVSDQHHOLVVD RQ DVHWHWWX MRNR OLLDQ YDDOHDNVL WDL OLLDQ WXPPDNVL 6NDQQHULQ YLUWDMRKWR WDL OLLWlQWlNDDSHOL RQ LUWL >6WDUW@SDLQLNNHHQ PHUNNLYDOR HL ROH YLKUHl 7XQQXVNRRGLD HL ROH DQQHWWX 9DLNND >6WDUW@ SDLQLNHWWD RQ SDLQHWWX NRSLRLWD HL WHKGl . RSLRLQWLWXORVWXVW\| RQ MRQRVVD MD RGRWWDD WXORVWXVWD . RSLRNRQH RQ MXXUL Nl\QQLVWHWW\ MD OlPSHQHH YLHOl . RSLRNRQHHVVD RQ WRLPLQWDKlLUL| 'L'L'L 9LDQPllULW\V 9LND /DLWHWWD HL YRL DVHWWDD NRSLRLQWLWLODDQ 0DKGROOLQHQ V\\ /DLWH RQ . HVNH\W\VWLODVVD ³. HVNH\W\V´PHUNNLYDOR SDODD . RUMDXVNHLQR 3DLQD >. HVNH\W\V@ SDLQLNHWWD SHUXXWWDDNVHVL . HVNH\W\VWLODQ /DLWH HL Nl\QQLVW\ 9LUWDMRKWR YRL ROOD LUWL VlKN|SLVWRUDVLDVWD 6lKN|YLUWDSLLULQ VXODNH YRL ROOD SDODQXW . \WNH YLUWDMRKWR VlKN|SLVWRUDVLDDQ 7DUNLVWD YLUWDSLLULQ VXODNNHHW -RV RQJHOPD HL NRUMDDQWXQXW YDLNND NXYDWXW WRLPHW RQ VXRULWHWWX VDPPXWD NRSLRNRQH LUURWD SLVWRNH MD RWD \KWH\WWl KXROWRRQ 'L'L'L 9LDQPllULW\V 'L'L'L /LLWH /LLWH 7HNQLVHW WLHGRW . RSLRNRQH 'L'L'L 7HNQLVHW WLHGRW 7\\SSL . RSLRLQWLWDVR 9DORMRKGH . RSLRLQWLMlUMHVWHOPl . HKLW\VMlUMHVWHOPl . LLQQLW\VMlUMHVWHOPl 5HVROXXWLR $VLDNLUMD 3DSHULODDGXW 3|\WlPDOOL . LLQWHl YDORWXVODVL SHLOLNXYDQOXNX 2UJDDQLQHQ 3&UXPSX 'LJLWDDOLQHQ ODVHUNRSLRLQWL 07+*NHKLW\VMlUMHVWHOPl . XXPDWHODNLLQQLW\VMlUMHVWHOPl GSL SLVWHWWl WXXPDOOD 7\\SLW $UNLW NLUMDW . RNR HQLQWllQ $ / SDLQR NJ 7DYDOOLQHQ SDSHUL JPa JP 8XVLRSDSHUL JPa JP (ULNRLVSDSHULW SDNVX SDSHUL JPa JP SLLUWRKHLWLQNDOYRW SRVWLNRUWLW NLUMHNXRUHW WDUUD DUNLW 9RLGDDQ V\|WWll YDLQ RKLV\|WW|WDVRQ NDXWWD 3DSHULQV\|WW|\NVLNN| 0HWULMlUMHVWHOPl $ / % / $ /& $ / /HYH\V PPa PP 3LWXXV PPa PP 7XXPDMlUMHVWHOPl /HGJHU / × / /HJDO / × / /HWWHU /& × /& /HYH\V WXXPDD 3LWXXV WXXPDD -RV SLWXXGHNVL RQ DVHWHWWX DUYR YlOLOWl PP MD PP DVHWD OHYH\GHNVL DOOH PP -RV OHYH\GHNVL RQ DVHWHWWX DUYR YlOLOWl PP MD PP DVHWD OHYH\GHNVL DOOH PP 2KLV\|WW|WDVR /HYH\V PPa PP SLWXXV PPa PP 3DSHULNRRW 'L'L'L 7HNQLVHW WLHGRW 3DSHULNDSDVLWHHWWL 3DSHULQV\|WW|\NVLNN| 7DYDOOLQHQ SDSHUL XXVLRSDSHUL DUNNLD JP 2KLV\|WW|WDVR 7DYDOOLQHQ SDSHUL XXVLRSDSHUL DUNNLD (ULNRLVSDSHUL DUNNLD . LUMHNXRUHW DUNNLD $OOH VHNXQWLD KXRQHHQOlPS|WLODVVD & 'L DOOH VHNXQWLD $ & SDSHULOOH MRND RQ DVHWHWWX NDVHWWLLQ 'L'L $OOH VHNXQWLD $ & SDSHULOOH MRND RQ DVHWHWWX NDVHWWLLQ 'L $ & SDSHULOOH MRND RQ DVHWHWWX ORNHURRQ DUNNLDPLQ 'L $ & SDSHULOOH MRND RQ DVHWHWWX ORNHURRQ DUNNLDPLQ 'L $ & SDSHULOOH MRND RQ DVHWHWWX ORNHURRQ DUNNLDPLQ î 6XXUHQQXVVXKWHHW î î î MD î 3LHQHQQ\VVXKWHHW î î î î =RRPDXVVXKWHHW î î î YlOHLQ DUNNLD 'L DUNNLD 'L 'L $XWRPDDWWLQHQ PDQXDDOLQHQ MD YDORNXYD PDQXDDOLQHQ <OlUHXQD PP $ODUHXQD PP 7DNDUHXQD PP (WXUHXQD PP 9 $ +] 9lKHPPlQ NXLQ : 'L ZKK 'L ZKK 'L ZKK PP O î PP V î PP N 0W NJ RKPLD GDWDSllWH DVHQQHWWXQD /LLWH /lPSHlPLVDLND (QVLPPlLQHQ NRSLR . RSLRLQWLQRSHXV =RRPDXVVXKWHHW 6DUMDNRSLRLQWL 7XPPXXGHQ VllW| . RSLRLWXPDWRQ NXYD 9LUWDYDDWLPXNVHW 9LUUDQNXOXWXV (QHUJLDQ NXOXWXNVHQ WHKRNNXXV 0LWDW 0XLVWL 3DLQR '&UHVLVWDQVVL (QHUJLDQWHKRNNXXV NXQ HQHUJLDQVllVW|WLODNVL RQ DVHWHWWX PLQXXWWL MD OHSRWLODNVL RQ DVHWHWWX PLQXXWWL 'L'L'L /LLWH . llQWlYl QLSSXV\|WW|ODLWH $)5 7HNQLVHW WLHGRW $VLDNLUMDW 7DYDOOLQHQ SDSHUL <NVLSXROLVHW MD NDNVLSXROLVHW DVLDNLUMDW ³(ULNRN DONXSHUlLVHW´ WRLPLQWR (ULNRNRLVHW \NVL MD NDNVLSXROLVHW DVLDNLUMDW 7DYDOOLQHQ SDSHUL JPa JP ³(ULNRN DONXSHUlLVHW´ WRLPLQWR JPa JP 7DYDOOLQHQ SDSHUL $ / % / $ /& % /& $ & (ULNRNRLVHW DVLDNLUMDNRRW ³(ULNRN DONXSHUlLVHW´ WRLPLQWR (QLQWllQ DUNNLD JP 6\|WHWllQ NRSLRNRQHHVWD $OOH : PP / î PP V î PP N 1RLQ NJ $VLDNLUMDQ SDSHULW\\SLW $VLDNLUMDQ SDSHULNRNR 6\|WW|WDVRQ NDSDVLWHHWWL 9LUWDYDDWLPXNVHW 9LUUDQNXOXWXV 0LWDW 3DLQR . DNVLSXROLVXXV\NVLNN| $' 7HNQLVHW WLHGRW 3DSHULW\\SSL 3DSHULNRNR 9LUWDYDDWLPXNVHW 9LUUDQNXOXWXV 0LWDW 3DLQR 7DYDOOLQHQ SDSHUL JPa JP $ / % / $ /& $ / 6\|WHWllQ NRSLRNRQHHVWD $OOH : PP O î PP V î PP N 1RLQ NJ 'L'L'L . llQW|\NVLNN| 6% 7HNQLVHW WLHGRW 3DSHULW\\SSL 3DSHULNRNR 9LUWDYDDWLPXNVHW 9LUUDQNXOXWXV 0LWDW 3DLQR 7DYDOOLQHQ SDSHUL JPa JP $ / % / $ /& $ / 6\|WHWllQ NRSLRNRQHHVWD $OOH : PP O î PP V î PP N 1RLQ NJ /LLWH 3DSHULQV\|WW|\NVLNN| 3) 7HNQLVHW WLHGRW 3DSHULW\\SSL 3DSHULNRNR 3DSHULNDSDVLWHHWWL 9LUWDYDDWLPXNVHW 9LUUDQNXOXWXV 0LWDW 3DLQR 7DYDOOLQHQ SDSHUL XXVLRSDSHUL JPa JP $ / % / $ /& % /& DUNNLD JP 6\|WHWllQ NRSLRNRQHHVWD $OOH : PP O î PP V î PP N 1RLQ NJ . DKGHQ NDVHWLQ SDSHULNDVHWWL 3) 7HNQLVHW WLHGRW 3DSHULW\\SSL 3DSHULNRNR 3DSHULNDSDVLWHHWWL 9LUWDYDDWLPXNVHW 9LUUDQNXOXWXV 0LWDW 3DLQR 7DYDOOLQHQ SDSHUL XXVLRSDSHUL JPa JP $ / % / $ /& % /& DUNNLD JP î NDVHWWLD 6\|WHWllQ NRSLRNRQHHVWD $OOH : PP O î PP V î PP N 1RLQ NJ 'L'L'L /LLWH 6XXUNDSDVLWHHWWLNDVHWWL 3) 7HNQLVHW WLHGRW 3DSHULW\\SSL 3DSHULNRNR 3DSHULNDSDVLWHHWWL 9LUWDYDDWLPXNVHW 9LUUDQNXOXWXV 0LWDW 3DLQR 7DYDOOLQHQ SDSHUL JPa JP $ & DUNNLD JP 6\|WHWllQ NRSLRNRQHHVWD $OOH : PP O î PP V î PP N 1RLQ NJ 'L'L'L 6LVllQUDNHQQHWWX YLLPHLVWHOLMl )1 7HNQLVHW WLHGRW 8ORVWXORWDVRW $VHWXNVHW /LLWH XORVWXORWDVR \OlWDVR XORVWXORWDVR DODWDVR 1RUPDDOLW WRLPLQQRW ³(L ODMLWW´ ³/DMLWWHOX´ ³/DMLWWHOX´³1LGRQWD´ ³5\KPLWWHO\´ MD ³6DWXODQLGRQWD´DVHWXNVHW 5HL LW\VWRLPLQQRW ³(L ODMLWW´³5HL LW\V´ ³/DMLWWHOX´ ³5HL LW\V´ MD ³/DMLWWHOX´³1LGRQWD´³5HL LW\V´ DVHWXNVHW 7DYDOOLQHQ SDSHUL JPa JP 3RVWLNRUWWL JP . LUMHNXRUHW SLLUWRKHLWLQNDOYRW WDUUDDUNLW $ / % / $ /& % /& $ /& % / $ / XORVWXORWDVR \OlWDVR 7DYDOOLQHQ SDSHUL $ / WDL SLHQHPSL (QLQWllQ DUNNLD 3RVWLNRUWLW NLUMHNXRUHW SLLUWRKHLWLQNDOYRW MD WDUUD DUNLW (QLQWllQ DUNNLD XORVWXORWDVR DODWDVR 7DYDOOLQHQ SDSHUL $ / WDL SLHQHPSL (QLQWllQ DUNNLD % / (QLQWllQ DUNNLD 3RVWLNRUWLW NLUMHNXRUHW SLLUWRKHLWLQNDOYRW MD WDUUD DUNLW (QLQWllQ DUNNLD 7LLYLLVWL SDLQHWWX SDSHUL DUNNLD 5HL LWHWW\MHQ UHLNLHQ PllUl 6\|WHWllQ NRSLRNRQHHVWD $OOH :  PP O î PP V î PP N 6XOXLVVD ROHYDW DUYRW YLLWWDDYDW PLWWRLKLQ NXQ PDWHULDDOLWDVR RQ DVHQQHWWX 1RLQ NJ PXNDDQ OXNLHQ YDDNDNXOMHWXV\NVLNN| QLLWWLNDVHWWL 06' QLLWWLl 3DSHULW\\SSL 3DSHULNRNR 3DSHULNDSDVLWHHWWL ³1LGRQWD´DVHWXV ³5HL LW\V´DVHWXV YDOLQQDLQHQ 9LUWDYDDWLPXNVHW 9LUUDQNXOXWXV 0LWDW 3DLQR /LVlYDUXVWHHW 'L'L'L /LLWH /LVlORNHURVDUMD $. 7HNQLVHW WLHGRW /RNHURLGHQ PllUl 3DSHULNDSDVLWHHWWL ORNHUR 7DYDOOLQHQ SDSHUL JPa JP (QLQWllQ DUNNLD SRVWLNRUWLW NLUMHNXRUHW SLLUWRKHLWLQNDOYRW WDUUD DUNLW (QLQWllQ DUNNLD PP O î PP V î PP N 1RLQ NJ 0LWDW 3DLQR /RNHURYLLPHLVWHOLMl 0. 7HNQLVHW WLHGRW /RNHURLGHQ PllUl 3DSHULW\\SSL 3DSHULNRNR 3DSHULNDSDVLWHHWWL 0LWDW 3DLQR 9LUWDYDDWLPXNVHW ORNHURD 7DYDOOLQHQ SDSHUL XXVLRSDSHUL JPa JP $ & % & $ / (QLQWllQ DUNNLD JP î PP O î PP V î PP N 1RLQ NJ \NVLN|Q SDLQR DOOH NJ EUXWWRSDLQR 6\|WHWllQ YLLPHLVWHOLMlVWl 5HL LWLQ 3. 7HNQLVHW WLHGRW 5HL LWHWW\MHQ UHLNLHQ PllUl 3DSHULNRNR 3DSHULW\\SSL 9LUWDYDDWLPXNVHW 0LWDW 3DLQR UHLNll $ / $ & % / 7DYDOOLQHQ SDSHUL XXVLRSDSHUL JPa JP 6\|WHWllQ YLLPHLVWHOLMlVWl PP O î PP V î PP N 1RLQ NJ 'L'L'L 6DWXODVLWRMD 6. 7HNQLVHW WLHGRW /RNHURLGHQ PllUl 3DSHULW\\SSL 3DSHULNRNR 3DSHULNDSDVLWHHWWL 0LWDW ORNHUR /LLWH 7DYDOOLQHQ SDSHUL XXVLRSDSHUL JPa JP $ / % / $ / % / 7DYDOOLQHQ SDSHUL JPa JP DUNNLD  PP O î  PP V î PP N 6XOXLVVD ROHYDW DUYRW YLLWWDDYDW PLWWRLKLQ NXQ PDWHULDDOLWDVR RQ DVHQQHWWX NJ VXXUL QLLWWLNDVHWWL 1UR QLLWWLl 6\|WHWllQ YLLPHLVWHOLMlVWl 3DLQR /LVlYDUXVWHHW 9LUWDYDDWLPXNVHW 7|LGHQ HURWWHOLMD -6 7HNQLVHW WLHGRW /RNHURLGHQ PllUl 3DSHULW\\SSL 3DSHULNRNR 3DSHULNDSDVLWHHWWL 0LWDW 3DLQR ORNHUR NRSLRNRQHHQ ORNHURW ODVNHWDDQ ORNHURNVL 7DYDOOLQHQ SDSHUL XXVLRSDSHUL JPa JP $ / % / $ /& % /& $ /& -6 DUNNLD . RSLRLGHQ WXORVWXVWDVR DUNNLD PP O î PP V î PP N 1RLQ NJ 'L'L'L /LLWH . RSLRNRQHHQ NXQQRVVDSLWR 3XKGLVWXV $VHWD NRSLRNRQHHQ YLUWDN\WNLQ DVHQWRRQ ³2´ HQQHQ NXLQ SXKGLVWDW VHQ 8ONRNXRUL § 3XKGLVWD XONRNXRUL S\\KNLPlOOl VH PLHGRVVD SHVXDLQHOLXRNVHVVD NRVWXWHWXOOD SHKPHlOOl NDQNDDOOD . RSLRLQWLWDVRQ ODVL § 3XKGLVWD NRSLRLQWLWDVRQ ODVL S\\KNLPlOOl VH SHKPHlOOl NXLYDOOD NDQNDDOOD . l\WW|SDQHHOL § 3XKGLVWD Nl\WW|SDQHHOL S\\KNLPlOOl VH SHKPHlOOl NXLYDOOD NDQNDDOOD +XRP -RV SDLQDW Nl\WW|SDQHHOLD WDL NRVNHWXVSDQHHOLD OLLDQ NRYDD VH YRL YDKLQJRLWWDD QLLWl bOl P\|VNllQ NRVNDDQ Nl\Wl PLHWRD SHVXDLQHOLXRVWD WDL ODVNLQSXKGLVWXVDLQHWWD SXKGLVWDDNVHVL Nl\WW|SDQHHOLQ WDL NRVNHWXVSDQHHOLQ 'L'L'L . RSLRLQWLWDVRQ ODVL /LLWH 3XKGLVWD NRSLRLQWLWDVRQ ODVL S\\KNLPlOOl VH SHKPHlOOl NXLYDOOD NDQNDDOOD 7RLPLQWRMHQ \KGLVWlPLVWDXOXNNR . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl 3DSHULNRNR MD ]RRPDXVVXKGHWDXOXNRW . XQ KDOXDW OLVlWLHWRMD NDWVR ODDMHPPDQ NlVLNLUMDQ OXNX &'5 OHY\OOl 7DUYLNNHHW MD WDYDUDW -RWWD S\VW\LVLW \OOlSLWlPllQ ODLWWHHQ NXQQRVVD WDUYLWVHW VHXUDDYLD WDUYLNNHLWD 3DUKDDQ NRSLRODDGXQ VDDPLVHNVL VXRVLWWHOHPPH PllUlWW\MHQ WXRWWHLGHQ Nl\WW|l . XQ WDUYLWVHW OLVlWLHWRMD WDUYLNNHLGHQ KDQNNLPLVHVWD RWD \KWH\WWl 0LQROWD KXROWRRQ 3DSHUL 7DYDOOLVHQ SDSHULQ OLVlNVL VDDWDYLOOD RQ P\|V SDNVXD SDSHULD MD SLLUWRKHLWLQNDOYRMD +XRP -RWWD VXRMDLVLW SDSHULD NRVWHXGHOWD VlLO\Wl SDSHULW PXRYLSXVVLVVD YDUDVWRLWXQD YLLOHllQ SLPHllQ SDLNNDDQ 'L'L'L /LLWH 9lULDLQHSXOOR 9lULDLQH PXVWDD MDXKHWWD MRWD Nl\WHWllQ OXRPDDQ WHNVWL MD YLLYDW +XRP . l\Wl YDLQ YlULDLQHWWD MRND RQ YDOPLVWHWWX HULW\LVHVWL WlOOH NRSLRNRQHHOOH bOl KHLWl W\KMLl YlULDLQHSXOORMD SRLV 6lLO\Wl QH VHQ VLMDDQ SDNNDXNVLVVDDQ MD S\\Gl 0LQROWDKXROWRD NHUllPllQ QH WDOWHHQ 1LLWWLNDVHWLW 06' YLLPHLVWHOLMlOOH 1LLWLW QLGRQWDDQ 1LLWWLNDVHWLVVD RQ QLLWWLl 6. [. . . ] 6LGRWWX DVLDNLUMD 6LLUWRODMLWWHOX 6LLUWRU\KPLWWHO\ 6LVllQUDNHQQHWWX YLLPHLVWHOLMl 6LVllQUDNHQQHWWX YLLPHLVWHOLMl )1 6XXUNDSDVLWHHWWLNDVHWWL 6XXUNDSDVLWHHWWLNDVHWWL 3) 7 7DLWRVDVHWXV 7DUYLNNHHW MD WDYDUDW 7DVRQ YDSDXWXVSDLQLNH 7HNQLVHW WLHGRW 7LODYDDWLPXNVHW 7RLPLQWRMHQ \KGLVWlPLVWDXOXNNR 7XNRVWHQ VHOYLWWlPLVHQ OXXNNX 7XORVWXNVHQ PHUNNLYDOR 7XORVWXVDOXH 7\KMHQQl UHL LW\VODDWLNNR 'L'L'L /LLWH 7\|OLVWDQl\WW| 7|LGHQ HURWWHOLMD 7|LGHQ HURWWHOLMD -6 8 8ORVWXORWDVRQ NDQVL 9 9DDNDVXRUD 9DNLRLPDWRQ SDSHULNRNR 9DOLWXW DVHWXNVHW 9LHVWLQl\WW| 9LHVWLW 9LLPHLVWHOLMl 9LUWDMRKGRQ SLVWRNH 9LUWDN\WNLQ 9LUWDOlKGH 9lULDLQHSXOOR 9lULDLQHSXOORQ YDLKWDPLQHQ ; ;< =RRPDVHWXV < <NVLSLQ <NVLSLQ <NVLSXROLQHQ = =RRPDXVDVHWXV 'L'L'L /LLWH 'L'L'L [. . . ]