DKDBSQNKTW
.MCDQGNTC1DO@Q@SHD
q $DMDUDMSTDDKMNNCY@JDKHIJD
VHIYHFHMF@@MCDDKDJSQHRBGD
GTHRHMRS@KK@SHDNEGDS@@MRKTHSRMNDQ
SDMADGNDUDU@MCDHMRS@KK@SHDU@M
CHS@OO@Q@@SL@FTHSRKTHSDMCCNNQ
DDMC@@QSNDADUNDFCODQRNNM
THSFDUNDQCVNQCDM'DSADSQDEEDMCD
RSNOBNMS@BSCHDMSNNJM@DUDMSTDKD
NMCDQNEHMANTVFDL@JJDKHIJ
ADQDHJA@@QSDYHIM6DQJY@@LGDCDM
VDKJDCNNQODQRNMDMYNMCDQCD
MNNCY@JDKHIJDJDMMHRTHSFDUNDQC
VNQCDMJTMMDMRBG@CDNEKDSRDKSNS
FDUNKFGDAADM
q +@@SHMRODBSHDDMNE
GDQRSDKVDQJY@@LGDCDMTHSUNDQDM
CNNQCD$+$"31.+472$15("$DM
K@@SFDDM@MCDQDC@MNQHFHMDKD
#(231(/ 132NMCDQCDKDMOK@@SRDM
q #HS@OO@Q@@SADU@SJNNKV@SDQRSNEEDM
HMCDJNTCDJQHMFKNNOGDS
NMCDQGNTCDMGDSAHIUTKKDMCHDMS
C@@QNLTHSRKTHSDMCCNNQCNNQGDS
ADCQHIE@@MFDVDYDMCDRJTMCHF
ODQRNMDDKTHSFDUNDQCSDVNQCDM
q 3Q@BGSHMFDU@KU@MRSNQHMFNEDDM
CDEDBSCHS@OO@Q@@SMHDSYDKESD
QDO@QDQDM1DO@Q@SHDRVDKJDCNNQ
MHDSCDRJTMCHFDODQRNMDM
THSFDUNDQCVNQCDMJTMMDMSNS
RBG@CDNEKDSRDKKDHCDM1@@COKDDF
$+$"31.+472$15("$
&DAQTHJ
q 'THRGNTCDKHIJDJNDKDMNE
UQHDR@OO@Q@SDMYHIMTHSRKTHSDMCADCNDKC
UNNQGDSADV@QDMDMNEHMUQHDYDMU@M
DDSNECQHMJA@QDOQNCTBSDM
q #DADRSDQDRTKS@SDMVNQCDMADQDHJSAHI
DDMNLFDUHMFRSDLODQ@STTQSTRRDM
¦"DM¦"JK@RRD3STRRDM
¦"DM¦"JK@RRD23STRRDM
¦"DM¦"JK@RRD-¦"DM
¦"JK@RRD2-CDJK@RRDRS@@SNO
GDSJDMOK@@SIDUDQLDKC
SSDMSHD
TCHDMSMHDS@KKDDMQDJDMHMFSD
GNTCDMLDSCDNLFDUHMFRSDLODQ@STTQ
UNNQCHSSXODOQNCTBSL@@QSDUDMR
LDSCDUNKFDMCD@@MVHIYHMFDM
V@MMDDQCDNLFDUHMFRSDLODQ@STTQ
NMCDQCD@@MFDCTHCDLHMHLTL
V@@QCDC@@KSVNQCSCD
ADV@@QSDLODQ@STTQHMGDSUQHDRU@J
MHDSLDDQFDF@Q@MCDDQCTJTMSCD
ADV@@QCDKDUDMRLHCCDKDMC@MGDS
ADRSDYNRMDKLNFDKHIJMTSSHFDM
q 5NKFCDQ@@CFDUHMFDMU@MCD
E@AQHJ@MSNOLDSADSQDJJHMFSNS
V@@QDMGNDTROHIYDMDMCQ@MJDM
ADV@@QSNEHMUQHDRS.MSCNNHCD
CHDOUQHDROQNCTBSDMLNFDMNL
FDYNMCGDHCRQDCDMDMMHDSVDCDQNL
HMFDUQNQDMVNQCDM
q #DUQHDYDMCDAHMMDMV@MCDMNE
UK@JJDMHMGDS@OO@Q@@SADU@SSDM
JNDKLHCCDK/K@@SRFDDMRBGDQOD
UNNQVDQODMSDFDMYNMV@MCNE
UK@JDMRBGQ@@ODUDMLHMLDS
LDS@KDMUNNQVDQODMQHIONEHIR@E
+DJJ@FDJ@MGDSFDUNKFYHIM
GDSFDDMDDMNMGDQRSDKA@QDRBG@CD
@@MGDS@OO@Q@@SDMADCDQEU@MCD
KDUDMRLHCCDKDMUDQNNQY@@JS
q /K@@SRFDDMJNNKYTTQGNTCDMCDNE
LNTRRDQDMCDCQ@MJDMHMGDS
UQHDRU@JGDSUQHDRFDCDDKSDNECD
UQHDYDQCDAKHJIDRNEEKDRIDRJTMMDM
CNNQADUQHDYHMFU@MCDHMGNTC
DWOKNCDQDM
DKDBSQNKTW
& 1 -3($*4-#$-#($-23
4MRDQD &DQĔSD VDQCDM LHS FQŅSDQ 2NQFE@KS GDQFDRSDKKS 3QNSYCDL
J@MM DR DHML@K YT DHMDL #DEDJS JNLLDM 4MRDQ *TMCDMCHDMRS ŘADQMHLLS @TE
MEQ@FDFDQMDCHD1DO@Q@STQTMCYV@QRNVNGKVĔGQDMCCDR&@Q@MSHDYDHSQ@TLR@KR
@TBGC@M@BG2NHRSFDVĔGQKDHRSDSC@RRDHM#DEDJSMHBGSYTDHMDQ5DQJŘQYTMFCDQ
+DADMRC@TDQCDR&DQĔSREŘGQS
#HD UNQKHDFDMCDM &@Q@MSHDADCHMFTMFDM ADQTGDM @TE CDQ 1HBGSKHMHD CDQ
$TQNOĔHRBGDM 4MHNM $& RNVHD CDM !DRSHLLTMFDM CDR !ŘQFDQKHBGDM
&DRDSYATBGDR #HD CDL *TMCDM @TEFQTMC CHDRDQ &DRDSYD YTRSDGDMCDM 1DBGSD
JŅMMDMCTQBGCHDUNQKHDFDMCDM&@Q@MSHDADCHMFTMFDMMHBGSFDĔMCDQSVDQCDM#HDRD
&@Q@MSHDADCHMFTMFDM YHDGDM JDHMD $HMRBGQĔMJTMF CDQ &@Q@MSHDUDQOEKHBGSTMFDM
CDR5DQJĔTEDQRFDFDMŘADQCDL$MCADMTSYDQM@BGRHBG#HD&@Q@MSHDEŘQC@R&DQĔS
DQENKFSHL1@GLDMTMCTMSDQ!D@BGSTMFENKFDMCDQ!DCHMFTMFDM
!DH!D@BGSTMF CDQ HM CDM ARĔSYDM AHR MHDCDQFDKDFSDM !DRSHLLTMFDM
ADGDADM VHQ JNRSDMKNR IDCDM #DEDJS CDQ VĔGQDMC DHMDR 9DHSQ@TLR UNM
,NM@SDM@ACDL#@STLCDQăADQF@ADCDR&DQĔSR@MCDMDQRSDM$MCJTMCDM
@TESQHSS#HDRD &@Q@MSHDADCHMFTMFDM FDKSDM MHBGS HL %@KKD DHMDQ -TSYTMF CDR
&DQĔSRYTFDVDQAKHBGDMNCDQUDQFKDHBGA@QDM9VDBJDM
#HD&@Q@MSHDKDHRSTMF YHDKS@TEDHMD 6HDCDQGDQRSDKKTMF CDR&DQĔSDYTRS@MCR UNQ
CDL TESQDSDMCDR#DEDJSR@A#HDCDEDJSDM!DRS@MCSDHKDVDQCDM@TRFDS@TRBGS
NCDQQDO@QHDQS*NRSDMKNR@TRFDS@TRBGSD!DRS@MCSDHKDFDGDMHMTMRDQ$HFDMSTL
ŘADQ
4L RBGVDQDQDM 2BGĔCDM UNQYTADTFDM LŘRRDM VHQ ŘADQ CDM #DEDJS
TMUDQYŘFKHBGHM*DMMSMHRFDRDSYSVDQCDM
!DCHMFTMF EŘQ CHD &DVĔGQTMF CDQ &@Q@MSHDKDHRSTMF HRS C@RR CDQ *TMCD CHD
*@TEADKDFDLHSCDL*@TETMCNCDQăADQF@ADC@STLUNQKDFS
#HD&@Q@MSHDFQDHESMHBGSVDMM2BGĔCDM@MDLOEHMCKHBGDM!DRS@MCSDHKDMVHD
Y! &K@R &K@RJDQ@LHJ *TMRSRSNEEDM NCDQ &TLLH @TE TMR@BGFDLĔDM
&DAQ@TBGYTQŘBJYTEŘGQDMRHMC
$HMD (M@MROQTBGM@GLD CDQ &@Q@MSHD HRS MHBGS LŅFKHBG ADH JKDHMDM
5DQĔMCDQTMFDMNGMD TRVHQJTMFDM@TE&DR@LSVDQSTMCRS@AHKHSĔSCDR&DQĔSR
#HD &@Q@MSHDUDQOEKHBGSTMF DQKHRBGS VDMM CDQ #DEDJS @TE DHMD CDQ ENKFDMCDM
4QR@BGDMYTQŘBJYTEŘGQDMHRS
q DHMDBGDLHRBGDNCDQDKDJSQNBGDLHRBGD1D@JSHNMHMENKFDUNM6@RRDQDHMVHQJTMF
q @KKFDLDHM@MNL@KD4LVDKSADCHMFTMFDM
q TMR@BGFDLĔD!DSQHDARADCHMFTMFDM
q *NMS@JSLHS@FFQDRRHUDM2TARS@MYDM
(B)