6¿/ 6 - Ayaş Vakfı

<(6¿/
6
'HÿHUOLRNXUODU
$\DĂYHdHYUHVLQLQ)LNLU6DQDWYH(GHEL\DW'HUJLVLGLU
6DKLEL
$1.$5$Ā/Ā$<$āĀ/d(6Ā.h/7h5.$/.,10$9(
<$5',0/$ā0$9$.),
DG×QD
%DĂNDQ
0ĂWHED<(5787$1
<D]×ĀĂOHUL0GU
0HKPHW<DPDQ
7HNQLN0GU
ĀVPDLO<DĂDU$.7$ā
ĀNWLVDGLĀĂOHWPH6RUXPOXVX
1HFDWL$..$<$
<D\×Q.XUXOX
3URI'U6DG×N&Ā+$1<DUG'Ro+DWLFH'2þ582/
11DFL'2þ87(3(ĀVPDLO'85/8
Ā<DĂDU$.7$ā(UYDKL0$9Ā%8/87
+DWLFH$7,/*$1%HKFHWd$/,ā.$1
1]KHW6$5,.$<$+D\DWL$..$<$
<|QHWLP<HUL
*0.%XOYDU×0DOWHSH$1.$5$
7HO
ĀQWHUQHW$GUHVL
ZZZD\DVYDNÀFRPWU
HPDLOD\DVGHU#KRWPDLOFRP
D\DVYDNÀ#KRWPDLOFRP
%DVN×
6|]NHVHQ0DWEDDF×O×N
%DV×Q<D\×Q/WGāWL
<XYD<ROX0DWEDDF×ODU6DQD\L6LWHVL
<HQLPDKDOOH$1.$5$
7HO
<HUHO6UHOL<D\×Q
%DV×P7DULKL+D]LUDQ
‡*|QGHULOHQ\D]×YHUHVLPOHU\D\×QODQV×Q
\D\×QODQPDV×QJHULYHULOPH]
‡'HUJLGHNL\D]×ODULoLQWHOLI|GHQPH]
‡'HUJLGH\D\×PODQDQ\D]×ODUND\QDNJ|VWHULOHUHN
NXOODQ×ODELOLU
‡%XGHUJLEDV×QDKODN\DVDV×QDX\DU
%LUOLNWHOLÿLPL]LQ EX ·LQFL VD\×V× LOH
NDUĂ×Q×]GD\×] 2NXU YH \D]DU NDGURPX]
LOHQLFHVD\×ODUDXODĂPDP×]×GLOL\RUXP
%X VD\×P×]GD LOoHPL] N|\OHULQGHQ
ĀOKDQ N|\Q WDQ×W×UNHQ ELU GLÿHU N|\P]Q GHUQHÿL YH IRON
ORU HNLELQGHQ EDKVHGL\RUX] ĀOKDQ N|\QQ oDO×ĂNDQ LQVDQODU×
GDN|\OHULQL|QFHNL\×OODUGDERĂDOW×S<XUWG×Ă×QDYHNHQWOHUHJ|o
YHUPLĂNHQEXJQOHUGHN|\OHULQHG|QSVDÿO×NO×\DĂDQDELOLUNR
QXWODULOH\D]D\ODU×QGDKHPWRSUDNODU×QGDUHWLP\DS×SKHPGH
\HĂLOOLNYHJ]HOOLNOHULGR\DGR\D\DĂ×\RUODU
*HoHQVD\×P×]GDHPHNOL9DOL0XDYLQLKHPĂHULPL]6Q7HYÀN
.DUDEDO×N·×QNDOHPLQGHQ$\DĂ·×QGQYHJHOHFHÿLLOHLOJLOLELU\D]×
\D\×QODP×ĂYHLOoHPL]LQJHOHFHÿLQLWDUW×ĂPD\DDoP×ĂW×N'DKDVRQ
UD$QNDUD9DOLVL6Q$ODDGGLQ<NVHOLOoHPL]L]L\DUHWLQGHNDON×QPD
NRQXVXQXJQGHPHJHWLUGL%L]OHUGHVLYLOWRSOXP|UJWRODUDN
YH´dHYUHVLQGHNLVRUXQODUDGX\DUV×]NDODQo|]PUHWLPLQHNDWN×YHUPH\HQLQVDQ\DWHPEHOGLU\DEHQFLOGLU\DGDNRUNDNW×Uµ
GĂQFHVLLOHD\Q×NRQX\DGX\DUV×]NDOPDG×N'HÿLĂLNSODWIRUPODU
GDLOJLOLYHELOJLOLOHUOHJ|UĂWNWHQVRQUDELUUDSRUKDOLQHJHWLUGLN
<LQH LOJLOL YH \HWNLOLOHULQ ELOJLVLQH VXQXOPDN ]HUH EX VD\×P×]GD
\D\×QO×\RUX]%XUDGDQNDWN×YHUHQOHUHWHĂHNNUHGL\RUX]
ĀOoHPL]LQ NDON×QPDV×QGD LQVDQODU×P×]×Q GDKD PUHɛHK
\DĂDPDV×QGD ]HULPL]H J|UHYOHU GĂWÿQQ IDUN×QGD YH ELOLQ
FLQGH\L] *oOHULPL]L ELUOHĂWLUHUHN GDKD JoO ROPDP×] JHUHN
WLÿLQH LQDQ×\RU oDO×ĂPD DUNDGDĂODU×P×]OD EX \|QGH JD\UHW VDUI
HGL\RUX]
%L]OHUL\DOQ×]E×UDNPD\DQJ|QOGHQ$\DĂ6HYGDO×ODU×Q×VL]OH
UHWDQ×WPD\DGHYDPHGL\RUX]%XVD\×P×]GD$\DĂ·WDLONOHUHLP]D
DWDQāNUg]\|UN·WDQ×W×\RUX]
%L]OHUHGHVWHÿLQLVUGUHQKHPĂHULOHULPL]HGH\HUYHUL\RU
RQODU×QEL]HWHVOLPHWWLNOHULD\QLYHQDNGL\DUG×PODU×HOLPL]GHQ
JHOGLÿL |OoGH HQ L\L ELoLPGH GHÿHUOHQGLUPH WDDKKGQGH EX
OXQX\RUX]
%LU KHPĂHULPL]LQ 'HUJLPL] YH :HE VLWHPL] LOH LOJLOL |YJ
GROXV|]OHULQHGH\HUYHUL\RUX]
9DNI×P×]×Q VHoLPOL *HQHO .XUXOX \DS×OG× 9DN×I \|QHWLP
NXUXOXQD LNL \HQL \HPL] NDW×OG× <HQL NDGURPX]OD GDKD E\N
KL]PHWOHU\DSPDNLVWL\RUX]%XUDGDQELUKXVXVXQDOW×Q×oL]PHN
LVWL\RUX]%L]OHULQGH\DSPDP×]JHUHNHQNHQGL|]HOLĂOHULPL]GH
YDUEXQODUODELUOLNWH'HUQHNYH9DN×I)DDOL\HWOHULQLGH\UWPH
\HoDO×Ă×\RUX]7DELLNLHNVLNYHKDWDODU×P×]RODFDNW×U6L]OHUGHQ
EL]H NDWN× YHUPHQL]L PDGGL YH PDQHYL \DUG×PGD EXOXQPDQ×]×
EHNOL\RUX]
%DĂDU×ODU×QYHELUOLNWHOLNOHULQKHUNRQXGDDUWDUDNGHYDP×Q×
YHGH9DN×I²'HUQHNoDW×V×DOW×QGD\HQLELUOLNWHOLNOHUHYHEDĂDU×
ODUDLP]DDWPDNGLOHÿL\OHVD\J×ODU×P×VXQX\RUXP
0ĂWHED<(5787$1
<(āĀ/$<$ā'(5*Ā6Ā
1
$\DĂ·WD2NXOgQFHVLāHQOLÿL']HQOHQGL
.D\PDNDP×P×] +DVDQ %$/&, KHU \×O
PD\×V D\×Q×Q VRQ KDIWDV× JHOHQHNVHO RODUDN
NXWODQDQ$\DĂ2NXOgQFHVLāHQOLÿLQHNDW×OG×
&HPLO0HULo$QDRNXOXQXQEDKoHVLQGHG]HQ
OHQHQĂHQOLÿHWP$\DĂDQDV×Q×I×|ÿUHQFLOHUL
QLQNDW×O×P×VDÿODQG×āHQOLN.D\PDNDP×P×]
+DVDQ %$/&, ĀOoH 0LOOL (ÿLWLP 0GU 0XV
WDID'2þ$1āXEH0GU(UGRÿDQ7(.Ā1YH
WPLOoHRNXOPGUOHULQLQNDW×O×P×\ODEDĂOD
G× āHQOLN R\XQ SDUNXUODU× SDO\DoRODU oL]JL
ÀOP NDUDNWHUOHUL NXNOD YH VLKLUED] J|VWHUL
OHUL\OH ROGXNoD FRĂNXOX NH\LÁL YH KDUHNHWOL
JHoWL āHQOLN V×UDV×QGD oRFXNODU×Q PXWOXOXN
ODU×J|UOPH\HGHÿHUGL*QER\XQFDGHYDP
HGHQ$\DĂ2NXOgQFHVLāHQOLÿLQGH|ÿUHWPHQ
OHUWDUDI×QGDQRNXO|QFHVLQLQ|QHPLDQODW×OD
UDNIDUN×QGDO×N\DUDW×OPD\DoDO×Ă×OG×
$\U×FD7UNL\H·GHELULONRODQ&HPLO0H
ULo$QDRNXOX$o×N+DYD*QHĂ6×Q×I×Q×QDo×O×Ă×
.D\PDNDP×P×] YH SURWRNRO \HOHUL WDUDI×Q
GDQ \DS×ODUDN |ÿUHQFLOHULQ NXOODQ×P×QD VX
QXOGX
$YUXSDO×.XUVL\HUOHULPL]LQ.XUVX6RQD(UGL
+DON (ÿLWLP 0HUNH]LPL]LQ $YUXSD %LUOL
ÿL SURMHOHUL NDSVDP×QGD 0D\×V WDULK
OHULQGH JHUoHNOHĂWLULOHQ *UXQGWYLJ :RUN
VKRS .XDI|UON 0HVOHÿL .XUVXQD$YUXSD·Q×Q
ONHVLQGHQ (VWRQ\D ĀVSDQ\D 5RPDQ\D
%XOJDULVWDQ/HWRQ\D/LWYDQ\D<XQDQLVWDQ
JHOHQNDW×O×PF×JQON\RÿXQELUNXUV
SURJUDP×Q×QDUG×QGDQG]HQOHQHQW|UHQLOH
VHUWLÀNDODU×Q×DOG×.D\PDNDPO×ÿ×P×]×GD]L
\DUHWHGHQNXUVL\HUOHUNOWUJH]LOHULLOHGH
$\DĂYHoHYUHVLQLQNOWUQWDQ×PDLPNDQ×
EXOGX
2
<(āĀ/$<$ā'(5*Ā6Ā
%HOHGL\H%DĂNDQ×Q×Q0HVDM×
6HYJLOL +HPĂHK
ULOHULP
$\DĂ
LQVDQO×N
WDULKL NDGDU HVNL ELU
\HUOHĂLP PHUNH]L
GLU 'RÿDV× J]HO
LQVDQ× J]HO NOW
U GH ]HQJLQ ROXQFD
$\DĂ·WD \DĂDPDQ×Q
WDG× ELU EDĂND ROXU
'Q LOH EXJQ DUD
V×QGD ELU N|SUGU
$\DĂh]HULQGHWDULK
YH X\JDUO×ÿ×Q ELULNL
PLYDU%XELULNLPLQJHWLUPLĂROGXÿXELUoRN
VRUXQODUYDU%XVRUXQODU×QKHSVLQLQGHELOLQ
FLQGH\LPYHo|]PLoLQ$\DĂO×KHPĂHULOHULP
EDQDJYHQHUHNEHOHGL\HEDĂNDQO×ÿ×J|UHYLQL
YHUGL%HQGHKDON×PDKDNHWWLÿLJ]HOOLNOHUH
NDYXĂPDV× LoLQ V|] YHUGLP 9HUGLÿLP V|]Q
DUNDV×QGDGXUGXPYHSURMHOHULPLJHUoHNOHĂ
WLUGLP
$\DĂ·×P×]D ELUOLN YH EWQON LoHULVLQ
GH VDKLS o×N×S KDN HWWLÿL EWQ J]HOOLNOHUH
NDYXĂPDV×Q× VDÿODPDN LoLQ YDU JFPOH oD
O×ĂPD\D GHYDP HGHFHÿLP ĀĂWH EX ELUOLN YH
EHUDEHUOLÿL VDÿODPDN LoLQ GDKD |QFHNL \×O
ODUGD'XWED\UDP×RODUDNNXWODQ×ODQYHX]XQ
ELUG|QHPGHKLoNXWODQPD\DQ)HVWLYDOLPL]LQ
DG×Q× ´'87 7$5Ā+Ā (9/(5 9( (/ 6$1$7/$5,
)(67Ā9$/Ā´RODUDNGHÿLĂWLULSJHOHQHNVHOKDOH
JHWLUGLN%X\×OGD+D]LUDQWDULKLQGH
)HVWLYDOLPL]LQ VXQX NXWODPDQ×Q PXWOXOX
ÿXQXKHSELUOLNWH\DĂD\DFDÿ×]
*QHĂLQ YH WHPL] KDYDQ×Q GR\DV×\D WD
G×QD YDUDELOHFHÿLQL] GRÿDO J]HOOLNOHU *|OHW
<(āĀ/$<$ā'(5*Ā6Ā
0HYNLLQGHJHUoHNOHĂWLUHFHÿLPL]IHVWLYDOLPL]H
UHQNNDWDFDN'Q\DFDQO$QDGROX5RFN0
]LÿLQ|QGHJHOHQLVPL(GLS$NED\UDP·×QĂDUN×
ODU×\ODFRĂNXOXYHGDKDUHQNOLJHoHFHN2\XQ
KDYDODU×QGD$QNDUD·GDQ\RODo×N×S7UNL\H·QLQ
\HQLSDUOD\DQ\×OG×]×RODQ+VH\LQ.Dÿ×WYHĀER
&DQ
ODHÿOHQPHQLQPXWOXOXÿXQX\DĂD\DFDÿ×]
$\DĂ*|NOHU(NLELYH,O×FD.|\6H\PHQ(NLEL
YH.DUDĂDU'HUQHÿL]H\EHNHNLELYH<HQLPDKDO
OH%HOHGL\HVL7XELO+DONGDQVODU×WRSOXOXÿXLOH
GH NOWUP] \DĂDWDFDÿ×]'XW *]HOL'XW
<HPH YH (Q Ā\L 'XW hUHWLFLVL \DU×ĂPDODU× \D
SDUDN |GOOHULQL YHUHFHÿL]*HOHFHÿLPL] RODQ
oRFXNODU×P×]×GDXQXWPDG×NWDELNL
dHYUH ĀOoH %HOHGL\HOHULQ (O 6DQDWODU×
VWDQWODU×\OD <|UHVHO \HPHNOHULPL] RODQ K|Ă
PHULPJ|]OHPHEDNODYDJYHoNDSDPDHĂ
VL] OH]]HWOHULQL VL] VHYJLOL PLVDÀUOHULPL] YH
$\DĂO×ODU×QEHÿHQLVLQHVXQDFDÿ×]
$\DĂ·×Q GRÿDO J]HOOLÿL YH WDULKL GRNX
VXQXQ KHS |Q SODQGD WXWXOPDV× JHUHNWLÿLQL
GĂQHUHN ĂHKLU VWUHVLQGHQ JUOWGHQ YH
NDODEDO×ÿ×QGDQ ELUD] ROVXQ X]DNODĂW×UPDN
DPDF×\OD JHFH JHo VDDWOHUH NDGDU VUHFHN
RODQ +D]LUDQ WDULKLQGH JHUoHNOHĂWL
UHFHÿLPL] ´'XW7DULKL (YOHU YH (O 6DQDWODU×
)HVWLYDOLµPL]H WP PLVDÀUOHULPL]L VHYJL YH
VD\J×ODU×PODGDYHWHGL\RUXP
$OL%$ā.$5$$þ$d
$\DĂ%HOHGL\H%DĂNDQ×
&+3$QNDUD%\NāHKLU%HO%ĂN$$GD\×
3
<UG'Ro'U%LODO$.
7DULKoHVL
&RÿUDÀ'XUXP
ĀOKDQ N|\QQ KDON× 6XOWDQ $OSDVODQ
×Q
\×O×QGD0DOD]JLUW6DYDĂ×QGD'RÿX5RPD
ĀPSDUDWRUOXÿX
QX \HQPHVLQGHQ VRQUD \×O×QGD 6XOWDQ $OSDVODQ
×Q EDĂ NRPXWDQ× 6
OH\PDQ āDK NRPXWDV×QGD 2ÿX]ODU
×Q %R]RN
NROX*QKDQRÿXOODU×Q×Q%D\DWER\XQDEDÿO×
$\DĂ7UNPHQDĂLUHWOHULQLQ$\DĂYHoHYUHVLQH
\HUOHĂWLUGLÿL7UNPHQOHUGHQGLU%X7UNPHQ
KDON×\×O×QGDQEX\DQD\HUOHĂLNG]HQGH
ĀOKDQ N|\QGH \DĂDPDNWDG×UODU %XJQ ĀOKDQ
.|\KDON×.DUDJOOHĀVPLKDQRÿXOODU×$NND
ID8]XQJLOOHUdRSXUODU6LPVDUODU$NWHSHOHU
YE VODOHOHULQGHQ ROXĂPDNWDG×U ĀOKDQ LVPL
KDQODUKDQ×Q×QRWDÿ×DQODP×QDJHOPHNWHGLU
%\N6HOoXNOX$QDGROX6HOoXNOXODU×ĀO
KDQO×ODU$KL&XPKXUL\HWLYH2VPDQO×'HYOHWL
G|QHPOHULQLJ|UHQĀOKDQN|\OOHUL&XPKXUL
\HW G|QHPLQGH GH ONHQLQ PXDVV×U PHGHQL
\HWOHUVHYL\HVLQH\NVHOPHVLLoLQWPJoOHUL
LOH oDO×ĂP×ĂODUG×UODU ĀOKDQ N|\QQ DG×Q×Q
&HQJL]+DQLVWLODV×QGDQVRQUDNXUXODQĀOKDQ
O×ODUG|QHPLQGHQNDOG×ÿ×NRQXVXQGDKHUKDQJL
ELUELOJLEXOXQPDPDNWDG×U
2VPDQO× G|QHPLQGH $QNDUD 7DKULU GHI
WHUOHULQGH
O\×OODUDDLW$\DĂ·WDEXOXQDQ
N|\OHUN|\OOHUGHÿLUPHQOHUEDÿYHEDKoH
OHULQGHNL$\DÁ]PDVPDVD\×ODUׁUHWLOHQ
EXÿGD\DUSDYEUQOHULQUHWLPPLNWDUODU×
YHDO×QDQYHUJLOHUNRQXVXQGDELOJLOHU\HUDO
PDNWDG×U
ĀOKDQ N|\ ,O×FD .|\ *|NoHEDÿ 7LVNH
.|\ %D\UDP .|\ <DÿPXUGHGH 'DVWDUO×
N|\OHULYH*GOLOoHVLQLQ$IĂDU.DG×REDV×<|
UNYHdDÿ.DVDEDV×YH*QH\FHLOHNRPĂXGXU
ĀOKDQ .|\$QNDUD·\D $\DĂ·D YH
$\DĂ*GO \ROXQD GD NP X]DNO×NWDG×U
<|UN N|\ ]HULQGHQ *GO·H YH <DÿPXU
GHGH.|\]HULQGHQGH$\DĂ$QNDUD<ROXQD
EDÿODQW×\ROODU×YDUG×UYH\ROODU×DVIDOWW×U
ĀOKDQ'Dÿ×PHĂHOLNWLUdHYUHGH6LYULWHSH
VL<|UN'D]ODN7HSHVL<|UNNDĂ×(NNHUNDĂ×
oHYUHQLQ |QHPOL \NVHOWLOHULGLU ĀOKDQ dD\×
ĀOKDQ2YDV×QDEHUHNHWYHUPHNWHGLUĀOKDQdD
\×Q×Q dDQ×OO× V×Q×UODU× LoLQGH$VDUWHSH %DUDM×
4
<(āĀ/$<$ā'(5*Ā6Ā
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
EXOXQPDNWDG×U .DUDEHQW PHYNLLQGH VXODPD
NDQDO× VX WHY]L J|OHWL YH RYD\× EDĂWDQ VRQD
NDWHGHQVXODPDNDQDOODU×EXOXQPDNWDG×UĀO
KDQ'Dÿ×·Q×QĀOKDQ2YDV×·Q×QELUOHĂWLÿL.DUD
GXW PHYNLLQGH ×O×FD ND\QDÿ× EXOXQPDNWDG×U
.DUDVDOLNOLPKNPVUPHNWHGLU
1IXVYH$OW<DS×
ĀOKDQ .|\ 9DGLGH NXUXOX KDQH YH
QIXVOX WRSOX ELU N|\GU $OPDQ\D·GD
oDO×ĂDQ|QHPOLELUQIXVEXOXQPDNWDG×U.|\
HYOHUL DYOX LoLQGH DOWWD DK×U VWWH \DĂDP
\HUOHULRODQNODVLNN|\PLPDULVLQGHHYOHUGLU
.|\GH WDĂ×PDO× HÿLWLP \DS×OPDNWDG×U %LU LO
N|ÿUHWLP RNXOX YH oRN J]HO ELU FDPLVL YH
N|\NRQDÿ×EXOXQPDNWDG×U.|\GHLoPHVX\X
YHNDQDOL]DV\RQLOHHOHNWULNYHWHOHIRQĂHEH
NHOHULEXOXQPDNWDG×UĀOKDQ.|\7(0$9DNI×
WDUDI×QGDQ|UQHNN|\VHoLOPLĂWLU
7DU×PYH(NRQRPL
.|\Q HNRQRPLVL WDU×P YH KD\YDQF×O×ÿD
GD\DO×G×U.|\GH\D\J×QRODUDNVXOXYHHNROR
MLNWDU×P\DS×ODUDNGRPDWHVSDWO×FDQODKDQD
IDVXO\HELEHUVDODWDO×NJLELVHE]HOHU]P
ND\×V×HOPDDUPXWFHYL]GXWHULNYHNLUD]
JLELPH\YHOHU\HWLĂWLULOPHNWHGLU(VNLGHQoHO
WLN WDU×P× YH ĀOKDQ SLULQoOHUL oRN |QHPOL LGL
$WDWUN·Q ĀOKDQ N|\ SDWO×FDQ×QGDQ \DS×ODQ
\HPHNOHULoRNVHYGLÿLV|\OHQLU)DWLK0HKPHW
+DQ·×Q LVH $\DĂ ]P \HGLÿL 6DUD\ 0XWIDN
ND\×WODU×QGD \D]×OPDNWDG×U $\DĂ·×Q HQ J]HO
]POHULĀOKDQN|\QGH\HWLĂLU(VNLGHQN|\Q
NDG×Q SDUPDÿ× ]P VDNDO ×VODWDQ DUPXGX
YH LUL YH VL\DK HULÿL oHYUHGH DUDQDQ PH\YH
OHUGL$\DĂGRPDWHVLoRNPHĂKXUGXUYHN|\GH
VHUWLÀNDO×oLIWoLOHUFHHNRORMLNRODUDNUHWLOHQ
GRPDWHVOHU7(0$9DNI×DUDF×O×ÿ×LOH$QNDUD·GD
<(āĀ/$<$ā'(5*Ā6Ā
E\N $O×ĂYHULĂ 0HUNH]OHULQGH VDW×OPDNWDG×U
'RPDWHV SDNHWOHULQ ]HULQGH UQQ UHWLP
WDULKL YH KDQJL oLIWoLQLQ UHWWLÿL \D]×OPDNWD
G×U 7DULKL NDUDGXW DÿDF× YH o×QDU DÿDF× DEL
GHDÿDoODUG×U+D\YDQF×O×NRODUDNNHoLNR\XQ
\HWLĂWLULOPHNWHGLUYHVWLQHNoLOLÿLYHDU×F×O×N
\DS×OPDNWDG×U
.OWUHO(ÿLWLPYH6RV\DO<DS×
ĀOKDQN|\QGH\HUOHĂLN7UNPHQDGHWOH
UL NOWU YH \DĂDQW×V× V|] NRQXVXGXU '
ÿQOHUGH HVNL ELQGDOO× JL\LPOHUL JPĂ NH
PHUOHU|QDOW×QV×UDO×EDĂO×NODU\HPHQLDG×
YHULOHQ D\DNNDE×ODU JL\LOPHNWH GDYXO ]XUQD
LOH GÿQ \DS×OPDNWD VLQVLQ R\QDQPDNWD
R\XQRODUDNLVH$\DĂ<ROODU×$QNDUD]H\EHÿL
.DUDĂDU ]H\EHÿL dD\NXĂX )LGD\GD 0LVNHW
JLEL$QNDUDR\XQODU×R\QDQPDNWDG×U
+DON DUDV×QGD ELU QHYL WL\DWUR R\XQODU×
VHUJLOHQPHNWHGLU%XRUWDR\XQXJLELWL\DWURGD
NDELOL\HWOL NLĂLOHU oHĂLWOL WDNOLWOHU \DSPDNWD
EDĂODU×QD EDONDEDÿ× YH RQD WDN×OP×Ă ER\QX]
ODU× EXOXQDQ ĂDSND\× JL\PHNWH YH HĂHÿH WHUV
ELQHUHNoHĂLWOLĂDNODEDQO×NODU\DSPDNWDG×UODU
%D]×ODU×GDoHOWLNVDSODU×Q×YFXGXQDVDUDUDN
D\× N×O×ÿ×QD JLUPHNWH YH D\× WDNOLWOHUL \DS
PDNWDD\×\×R\QDWPDNWDYH´ND\QDQDQQDV×O
ED\×O×UµGHQLOHUHNWDNOLWOHU\DS×OPDNWDG×U'
ÿQOHUGHWHIoDODQ\DĂO×ELUQLQHQLQV|\OHGLÿL
WUNOHUOHNDG×QODUD\U×R\QDPDNWDG×UODU
$\ WXWXOPDV×QGD WHQHNH oDODUDN YH\D
WIHN DWDUDN D\
×Q NXUWDU×OPDV×QD oDO×Ă×OPDN
WDG×U .XUDN JHoHQ JQOHUGH N|\GH EXOXQDQ
'HGH\DW×U×]L\DUHWHGLOHUHN<|UNWHSHVLQGH
'D]ODNGHQLOHQ\HUGHEXOXQDQGHGHQLQPH]D
U×QDJLGLOPHNWHRUDGDGXDODUHGLOPHNWHNXU
EDQODUNHVLOLS\HPHNOHUSLĂLULOLS\HQLOPHNWH
GLU$\U×FD oRFXNODU×Q KDWLP W|UHQOHULQGH YH
K×G×UHOOH]GH GH NXUEDQODU NHVLOPHNWH HWOHU
YHSLODYODUSLĂLULOPHNWHWRSOXFD\HPHN\HQLS
YHGXDODUHGLOPHNWHYHLODKLOHURNXQPDNWDG×U
%D\UDPODU |]HO |QHPH VDKLSWLU YH ED\
UDP QDPD]×QGDQ VRQUD KHPHQ FDPLQLQ \D
Q×QGD WRSODQDQ KDON HQ \DĂO×GDQ EDĂODQDUDN
YH \DĂ V×UDV×QD J|UH ED\UDPODĂ×U ED\UDP
ODĂPDGDoRFXNODUDĂHNHUSDUDYH\HUI×VW×ÿ×
YHULOLU%XQHGHQOHoRFXNODUED\UDPODĂPD\D
HOOHULQGHWRUEDODUODJHOLUOHU$VNHUHJ|QGHU
PHKDFFDJLWPHN×QDJHFHVLVQQHWPHUD
VLPOHUL|]HO|QHPHVDKLSWLU
.|\GH\HPHNEDN×P×QGDQWDUKDQDoRUED
V× PDQFDU oRUEDV× RYPDo oRUEDV× ELOKDVVD
SDWO×FDQNHEDE×HWYHVHE]H\HPHNOHULNHQGL
5
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
\HWLĂULUGLNOHULSLULQoWHQSLULQoSLODY×NEHFLN
NHEDE×SDWO×FDQVDODWDV×J|PPHĂHELWJ|]
OHPHK|ĂPHULPKRĂDIoD\EDO×ÿ×|QHPOLGLU
2NXPD\D]PDoRN|QHPVHQLU.|\GHQ|ÿ
UHWLP \HOHUL SLORWODU GQ\D oDS×QGD SDUD
ÁWoOHU7UNL\H SDUDÁW ĂDPSL\RQX YH7U
NL\HPRGHOXoDNĂDPSL\RQXPRGHOXoDNo×ODU
KDNLPOHU PKHQGLVOHU GRNWRUODU \NVHN \|
QHWLFLOHU|ÿUHWPHQOHUHF]DF×ODU\HWLĂPLĂWLU
7XUL]PĀPNDQODU×
ì8%(/(5
ĀOKDQN|\WXUL]PDo×V×QGDQELUoRNLPNDQ
ODUDVDKLSWLU$QNDUD·GDĂHKLU\DĂDQW×V×QGDV×
N×ODQNLĂLOHULQoLIW\|QO\ROODUGDQ$\DĂ*GO
\ROXLOHN|\HELUVDDWWHXODĂPDV×PPNQGU
ĀOKDQoD\×NHQDU×QGDYHEDÿEDKoHOHULQGHN×U
JH]LVL\DSPDODU×PPNQGU7DUODODUGDQVHE
]H YH PH\YH\L NHQGLOHUL VHoHUHN VDW×Q DOPD
LPNDQ×QDVDKLSWLUOHUdD\GDQEDO×NWXWXODELOL
QLU,UPDNNHQDU×QGDEXOXQDQDODEDO×NWHVLVOHUL
YHGLQOHQPHWHVLVOHULQGHQFDQO×FDQO×DODEDO×N
DOPDYHRUDGDSLĂLUHUHN\HPHYHN|\GHQVW
\RÿXUW\XPXUWDED]ODPDVDW×QDOPDLPNDQOD
U×EXOXQPDNWDG×U
.|\NHQDU×QGDLoLQGHGXYDUUHVLPOHULEX
OXQDQPDÿDUD\×J|UPHĀOKDQ'Dÿ×·QD\U\Ă
\DSPD'Dÿ×Q$NWHSHN×VP×QGDQ\DPDoSDUD
ÁWLOHXoXĂ\DSPDRODQDÿ×EXOXQPDNWDG×U
%DĂNHQW +DYDF×O×ÿ×Q 3DUDJOLGLQJ oDO×ĂPDODU×
YHXoXĂODU×LoLQĀOKDQ.|\ĀOKDQ'Dÿ×·Q×Q$N
WHSHVLQGHƒ
.ƒ
(KD
YDQ×Q$\DĂ·DJ|UHoRNGDKDX\JXQROGXÿXQX
oRNL\LWHUPLNOHUROGXÿXQXWHVSLWHWPLĂYHEX
DODQODUGD\DPDoSDUDÁWXoXĂODU×\DSPD\D
EDĂODP×ĂODUG×U
$QNDUDO×ODU×YHWPKHPĂHKULOHULPL]LKX
]XUEXOPDNVDNLQOHĂPHNNXĂYHE|FHNVHV
OHULDUDV×QGD×UPDNEDÿEDKoHYHGDÿED\×U
KDYDV× VROXPDN YH WDUODGDQ DÿDF×QGDQ
VX\XQGDQ WD]H WD]H VHE]H PH\YH YH EDO×N
DO×ĂYHULĂL \DSPDN SLNQLN \DSPDN LoLQ ĀOKDQ
N|\QHKDQODUKDQ×Q×QRWDÿ×QDEHNOL\RUX]
6
<(āĀ/$<$ā'(5*Ā6Ā
$\WDo6HoNLQDQODW×\RU
%DW× &HSKHVL .RPXWDQO×ÿ× 6DNDU\D
6DYDĂ×
QGDGĂPDQ×Q3RODWO×\DN×QODU×QDNDGDU
LOHUOHPHVL]HULQH$QNDUD3RODWO×DUDV×QGDNL
$ODJ|].|\
Q&HSKH.DUDUJkK×RODUDNVHo
PLĂWLU%XN|\KDON×QGDQ7UNRÿOX$OL$ÿD
\D
DLWoLIWOLNHYLNDUDUJkKRODUDNNXOODQ×OP×ĂW×U
+DOHQ$ODJ|].DUDUJkK0]HVLRODUDNNXO
ODQ×OPDNWDG×U
7UNRÿOX $OL $ÿD VDGHFH oLIWOLN HYLQL
NDUDUJkK RODUDN WDKVLV HWPHNOH NDOPDP×Ă
WP LPNkQODU×Q× VHIHUEHU HGHUHN VUOHULQL
DPEDUODU×Q×DVNHULQHPULQHYHUPLĂWLU
$OL$ÿD
Q×Q EX KL]PHW YH IHGDNkUO×NODU×
GHÿHUELOLU$WDWUNWDUDI×QGDQKLoXQXWXOPD
P×ĂYHGHYDPO×WDNGLUHGLOPLĂWLU
&XPKXUEDĂNDQ× ROGXNWDQ VRQUD WHNUDU
$ODJ|]
HJLGHUHN7UNRÿOX$OL$ÿD
\DWDNGLU
OHULQLELOGLUPLĂYHNHQGLVLQLdDQND\D.|ĂN
QH
GDYHWHWPLĂWLU
%XRQXUOXGDYHWWHQPXWOXRODQ7UNRÿOX
$OL$ÿDGHYOHWLQEXQFDLĂLDUDV×QGD$WDWUN

PHĂJXOYHUDKDWV×]HGHFHÿLND\J×V×\OD]L\DUH
WLQLKHPHQJHUoHNOHĂWLUPHPLĂWLU
%XDUDGD7UNRÿOX$OL$ÿD
Q×QRÿOXNHQ
GLOHULQHDLWELUVUQQoREDQ×Q×YXUXUYHWX
WXNODQ×U
$OL $ÿD oDUHVL] RÿOXQX NXUWDUPD \ROOD
U× DUDU YH VRQXQGD dDQND\D .|ĂN
QH JLGLS
&XPKXUEDĂNDQ× 0XVWDID .HPDO $WDWUN
WHQ
\DUG×PLVWHPH\HNDUDUYHULU
7UNRÿOX $OL $ÿD dDQND\D .|ĂN
QGH
*D]L WDUDI×QGDQ NDEXO HGLOLU .HQGLVL JD\HW
<(āĀ/$<$ā'(5*Ā6Ā
L\LNDUĂ×ODQ×U$OL$ÿDROD\×DQODW×S$WDWUN
WHQ
\DUG×PLVWHU
.DGLU YH GHÿHU ELOLU $WDWUN \DUJ× ED
ÿ×PV×]O×ÿ×YHDGDOHWHYHUGLÿL|QHPQHGHQL\OH
7UN.XUWXOXĂ6DYDĂ×
Q×QG|QPQRNWDV×7UN
PLOOHWL LoLQ ELU |OP NDO×P VDYDĂ× RODQ E|\
OH |QHPOL VDYDĂWD WP LPNkQODU×Q× VHIHUEHU
HGHQ7UNRÿOX$OL$ÿD
\DĂXQODU×V|\OHU
%HQL 7UN DGDOHWLQH PGDKDOH HWWLU
PH $QFDN L\L ELU KDSLVKDQHGH \DWPDV×Q×
WHPLQHGHOLP
2<$237ø.
)(11ø*g=/h.
9DKGHWW৻Q$<<,/',=
7DODWSDúD%XOYDUÕ1R$
&HEHF൴$1.$5$
Tel: 7
%X VD\×P×]GD āNU g]\|UN
 WD
Q×WPDNLVWHGLN.HQGLVLQL\DN×QGDQWD
Q×\DQODURQXQ$\DĂ
WDELUoRNLON
HLP]D
DWW×ÿ×Q×ELOLUOHU
.HQGLQL]GHQEDKVHGHUPLVLQL]"
<XNDU×.RQDNDLOHQL]YHoRFXNOXÿX
QX]LOHWDKVLOKD\DW×Q×]QDV×OJHoWL"
<×O×QGD$\DöWDGRÿGXPĀO
NRNXOX$\DĂ·WDELWLUGLNWHQVRQUD2UWD
RNXOYH/LVHWDKVLOLLoLQ$QNDUDYHĀVWDQEXO·GD
EXOXQGXP'DKDVRQUD'7&)DNOWHVLQGHLNL
\×O RNXGXP$LOHYL VHEHSOHUGHQ WDKVLOLPL \D
U×PE×UDNPDN]RUXQGDNDOG×P
<XNDU×NRQDN DG× YHULOHQ EDEDRFDÿ×P R
]DPDQ×Q$QDGROX|UIYHDGHWOHULQLQ\DĂDQG×
ÿ×ĂLPGLOHUGHRDQ×ODU×EHOOHÿLPGH\DĂDG×ÿ×P
V×FDNELU\XYDLGL%XLVLPDLOHPL]LQODNDE×YH
VLPJHVLROPXĂWXU
ĀOoHPL]GH%HOHGL\H%DĂNDQO×ÿ×\DSW×Q×]
6L\DVHWHQDV×OEDĂODG×Q×]EDKVHGHUPLVLQL]"
$WD 0HVOHÿLPL]L KHU \|QGHQ FDQODQG×U
PDN]HUH\×O×QGD$\DĂ·DG|QGÿP]
GH\HUHOVHoLPOHULQU]JDU×HVL\RUGX3DUWLQLQ
RJQNLOoH\|QHWLFLOHULQLQRQXUOX|QHULOHUL
YHKDON×P×]×QJYHQYHWHYHFFKLOHEHOHGL
\H%DĂNDQO×ÿ×VHoLPLQHNDW×OG×PVRQUD
V×LONVLYLO%HOHGL\H%DĂNDQ×RODUDNVHoLOGLP
$UDO×ND\×QGD%HOHGL\H%DĂNDQO×ÿ×J|UH
YLQHEDĂODG×ÿ×PGDoRNE\NLGHDOOHULPYDU
G×%XLGHDOOHULPLJHUoHNOHĂWLUPHNLoLQSODQ
YH SURMHOHUH LKWL\Do YDUG× gQFHOLNOH ĂHKLU
LPDUSODQ×Q×JQGHPHJHWLUGLÿLPL]GHELULOHUL
EL]HSODQGHÿLOSLODYJHWLUGHGLOHU«
%HOHGL\H %DĂNDQO×ÿ× G|QHPLQGHNL KL]
PHWOHULQL]GHQ YH EDĂ×Q×]GDQ JHoHQ LOJLQo
ROD\ODUGDQ ELUNDo×Q× DQODWDELOLU PLVLQL]"
$\DĂ
WDLON'XW)HVWLYDOLVL]LQ]DPDQ×Q×]GD
G]HQOHQGLEDKVHGHULVLQL]"
+L]PHWOHULPL]LVRUX\RUVXQX]āRY\DSPD\×
R]DPDQGDGĂQPHGLPĂLPGLGHGĂQPHP
6RUGXÿXQX]LoLQELULNLFPOHDNWDUPDNLVWHULP
ĀQVDQ \DĂDP×QGD LKWL\DoODU×Q ROPD]VD ROPD]×
RODUDNHOHNWULNYHVXLOHEDĂOD\DQSURMHOHULPL
]LQ E\N ELU N×VP×Q× WDPDPODG×N gQFHOLNOH
KD\YDQODUOD\DS×ODQWHPL]OLNKL]PHWOHULQLPR
8
WRUL]H\H oHYLUGLN (OHNWULN MHQDUDW|U
LOH DNĂDPODU× JQGH VDDW NXOODQ×
ODELOLUGLG|QHPLPL]GHXOXVDOHOHNWULN
Dÿ×QD EDÿODQ×OG× ĀoPH VX\X PDKDOOH
oHĂPHOHULQGHQ NXOODQ×O×UG× '|QHPL
PL]GHNRQXWODU×QE\NELUN×VP×QDVX
EDÿODQG×.DVDEDGD\DQJ×QODUDWXOXP
ED LOH PGDKDOH HGLOLUNHQ EXQX GD
PRWRUL]H HWWLN .DON×QPDQ×Q WHPHOL
RODUDNGĂQGÿP]ĂHKLULPDUSODQ×
LOHDIHWOHU\DVDV×LPNDQODU×Q×ELUOHĂWLUHUHNLOoH
PL]LQLPDU×Q×|QSODQDDOP×ĂKDWWDEXNRQXGD
\DS×ODQLKDOHVRQUDV×DW×ODQWHPHOHUDÿPHQoD
O×ĂPDODU×P×]GXUGXUXOPXĂWXU
%X DUDGD SHN oRN DQ×P DUDV×QGD oRN
|QHPVHGLÿLP ELU DQ×P× DNWDUPDN LVWL\RUXP
ĀVWDQEXO·GDEDÿ×ĂODQDQPLUDV×QUHVPLGDLUHOHU
GHNLLĂOHULQLV×UDGDQELUYDWDQGDĂRODUDNWDNLS
HGHUNHQ)DWLKLOoHVLg]HOĀGDUHVLQGHELUED\DQ
PHPXUHRJQHNDGDUKLoELUGHYOHWGDLUHVLQGH
J|UPHGLÿLPLOJLYHLOWLIDWLOHNDUĂ×ODĂW×P%HQL
EDQNRGDQLoHULDODUDN\DQ×QDRWXUWXSLNUDPGD
EXOXQGX %X LOJLQLQ QHUHGHQ ND\QDNODQG×ÿ×Q×
VRUGXÿXPGDNHQGLVLQLQGH$\DĂO×ROGXÿXQXV|\
OHGL8]DNODUGDELU\HUGHWDQ×ĂELULVLQHUDVWOD
PDNYHLĂOHULQW×N×UW×N×UYHGH|QFHOLNOLRODUDN
\UWOPHVLEHQLoRNPXWOXHWWL
ĀOoHQLQWXUL]PSRWDQVL\HOLQLQJHOLĂPHVLQ
GH E\N URO R\QD\DQ ¶·$\DĂ 'XW )HVWLYDOL··
G|QHPLPL]GHLONGHIDX\JXODQG×
%HOHGL\H %DĂNDQO×ÿ× G|QHPLQGH \DSW×NOD
U×P×]× |YQo ND\QDÿ× \DSPDN LVWHPL\RUXP
=LUDEXQXEXJ|UHYHJHOHQKHUNHV\DSDELOLUGL
ĀOoHPL]GH KD\YDQ UQOHUL VDGHFH JQFHO
LKWL\DoODULoLQNXOODQ×O×UG×2\VDEXUQOHUWRS
ODQ×SGDKDE\NoDSWDGHÿHUOHQGLULOPHN]H
UHWNHWLPPHUNH]OHULQHXODĂW×U×O×SSD]DUODQD
UDN LOoH KDON× HY HNRQRPLVLQH NDWN× VDÿODQG×
%XJQPQIHULWRODUDN\DS×OPD\DGHYDPHGL
OHQ VWoON oDO×ĂPDODU R JQOHUGHQ EX JQH
ER\XWXGDKDID]ODJHOLĂWLULOLSE\WOPHVLJH
UHNLUNHQEHNOHQHQJHOLĂPHRODPDP×ĂW×U
6DGXOODK 3DĂD VODOHVLQGHQ ĀVWDQEXO
GD
\DĂD\DQ YDULVOHULQGHQ (PLQH 7HYÀND
+DQ×PHIHQGL
QLQ $\DĂ %HOHGL\HVL
QH VL]LQ
<(āĀ/$<$ā'(5*Ā6Ā
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
G|QHPLQL]GH EDÿ×Ă \DSW×ÿ×Q× ELOL\RUX] 2
JQOHUGHQ\DSW×ÿ×Q×]oDO×ĂPDODUGDQEDÿ×Ă
ODUGDQ YH EXQODU×Q EXJQN GXUXPXQGDQ
EDKVHGHUPLVLQL]"
6DGXOODK 3DĂD·Q×Q WRUXQX (PLQH 7HYÀND
+DQ×PHIHQGL·QLQ EDÿ×ĂODU× oRN D] EHOGH\H
QDVLSRODQ$\DĂ%HOHGL\HVLQLQEDĂ×QDNRQDQ
ELU WDOLK NXĂXGXU 5DKPHWOLQLQ PLUDV× Q×Q
\]GH \LUPLEHĂLQH \DVDO PLUDVF×ODU VDKLSWL
%XQXGDUELUEWoHYH$\DĂHVQDI×Q×QEHOHGL
\H\H YHUGLNOHUL GHVWHN LOH EHOHGL\HPL]H ND
]DQG×UG×N%XNRQXGDĀVWDQEXO%H\RÿOX·QGD
NL KDQ×Q EXJQN GHÿHULQL ELOHQOHU VDQ×U×P
|QHPLQLNDYUD\DFDNODUG×U
hONHPYDUVDEHQGHYDU×P
GL\HQQO
ELULĂDGDP×JLELVL]GH
$\DĂYDUVDEL]GH
YDU×]
GHGLÿLQL]LGX\DUJLEL\L]dQN$\DĂ
YH$\DĂO×LOHLOJLOLKHUNRQXGDVL]LRUDGDJ|
U\RUX] 5DKPHWOL DEODQ×] (PLQH .|NWHQ
g]\|UNKDQ×PHIHQGLQLQ9DNI×P×]DNXUX
OXĂG|QHPLQGHGHÿHUOLELUDUVDEDÿ×Ă×QGDQ
VRQUDYHIDW×VRQUDV×\HQLDo×NODQDQ9DVL\H
WLLOHYDNI×P×]DJD\ULPHQNXOOHUEDÿ×ĂODG×ÿ×
Q×EXUDGDQDo×NODUP×V×Q×]"
¶·$\DĂ 9DUVD EL] GH YDU×]·· V|\OHPLQL]L
NDEXOHGL\RUYHWHNUDUO×\RUXP$\DĂYDUVDEL]
GH YDU×]$EODP UDKPHWOL\H ELU VRKEHW V×UD
V×QGD 9DN×ID LON DUVD\× GHÿHUOHQGLUPH NRQX
VXQGD|QHULPL]ROGX6RQRODUDNQRWHUGHQE×
UDNW×ÿ×YHUDVHWLQGHGHUHVPLYDULVOHULEL]OHULQ
DUDV×QD$\DĂ9DNI×Q×GDGDKLOHWWLĀVWL\RUGXNL
$\DĂ YH$\DĂO×ODUD NDU×QFD NDUDU×QFD NDWN×P
ROVXQ 2QXQ EDÿ×ĂODU×Q×Q$\DĂ YH$\DĂO× LoLQ
DQODPO×NXOODQ×OPDV×Q×GLOL\RUXP
<(āĀ/$<$ā'(5*Ā6Ā
$\DĂ
×QNDON×QPDV×QGDWDU×PVDOIDDOL\HWOH
ULQoRN|QHPOLROGXÿXQXQJQGHPGHROGXÿX
ĂXJQOHUGHVL]LQEXNRQXQXQ|QHPLQL
\×O|QFHIDUNHWWLÿLQL]LYHEXQX$\DĂ
WDLONGHID
VWFON\DSDUDNVWWRSOD\×SWNHWLPPHU
NH]LQH XODĂW×UG×ÿ×Q×]× ELOL\RUX] 2 JQOHUGHQ
EXJQHQHOHUROGXEDKVHGHUPLVLQL]"
$\DĂ·WD VWFON NRQXVXQGD HVNL DQ×ODU×P×
|QFHNLVRUXODU×Q×]GD\DQ×WODP×ĂW×P%XJQIHUGL
RODUDN\DS×ODQNoNoDSO×VWWRSODPDYHSD
]DUODPDIDDOL\HWOHULQLJ|]OHPOL\RUXP*|QOP
GHQEXNDUGHĂOHULPL]LQELUDUD\DJHOHUHNNoN
oDSO×V|]JHOLPLWRQNDSDVLWHOLVWLĂOHPH
WHVLVLNXUXOPDV×Q×YHDÿ×]WDG×QDKLWDSHGHFHN
VWUQOHUL\RÿXUWSH\QLUYEUHWLPLQLGLOL\R
UXP7NHWLPPHUNH]LRODUDN%DĂNHQWGLNNDWH
DO×QG×ÿ×QGD EDĂDU×O× RODPDPD JLEL ELU NRQXQXQ
RODPD\DFDÿ×Q× ]DQQHWPL\RUXP <HWHU NL ELU
ROXSJoELUOLÿL\DS×OV×Q
gWH \DQGDQ ĀVWDQEXO 3ROHQH]N|\ |UQH
ÿLQGHROGXÿXJLELJQONWXUL]PLoLQ$\DĂ·×Q
GRNXVX \D\OD YH N|\OHUL LOH$VDUWHSH EDUDM×
YH oHYUHVLQL .DUDGHUH 2YDEDÿODU×$U×NODU
.LUD]GLELEDÿODU×Q×WXUL]PHDoPDNJHUHNWLÿL
QHLQDQ×\RUXP
6RQRODUDN$\DĂO×JHQoOHULPL]HPHVDM×
Q×]×DODELOLUPL\L]"
*HQoOHUHQDFL]DQHPHVDM×P+HPĂHULOLN
GX\JXVXQX V|]ONWH GHÿLO \UHNWH WDĂ×PDOD
U×Q×VHYHUHNVD\DUDNYHLQDQDUDNELUELUOHULQH
GHVWHNROPDODU×Q×ELUOLNWHoRNJoRODFDNODU×
Q×XQXWPDPDODU×Q×GLOL\RUXP
6L]HYHDLOHQL]HVDÿO×NO×|PUGLOL\RUX]
9
$QNDUD (PQL\HW 0GUOÿ 'HUQHNOHU
0DVDV×E|OPQGHoDO×ĂPDNWDLNHQELUN|\
OVQQ |OPQGHQ VRQUD 1XPXQH +DVWD
QHVLQGHVDKLSVL]NDOG×ÿ×Q×|ÿUHQPHVL]HULQH
KDUHNHWH JHoHQ PHUKXP +DF× ĀEUDKLP <,/
0$= |QFOÿQGH WDULKLQGH NX
UXOPXĂWXU$QNDUDLOLQGHNXUXODQLONN|\GHU
QHÿL ROGXÿX LoLQ 'HUQHNOHU 0DVDV×·QD NRGQXPDUDV×LOHND\GHGLOPLĂWLU
'HUQHN NXUXOGXÿX JQGHQ EX \DQD oD
O×ĂPDODU×Q× DUDO×NV×] VUGUPHNWHGLU 'HU
QHN$WDWUN 0DK 0HOHN 6RN *UVR\ 3DVD
M× 1R 6LQFDQ$QNDUD DGUHVLQGH NHQGL
PON RODQ ELQDGD KL]PHWLQL VUGUPHNWH
GLU7HO
DerQH÷LQ6LQFDQ¶GDNLPHUNH]L
'HUQHÿLQoDO×ĂPDODU×Q×QEDĂO×FDODU×Ă|\OH
V×UDODQDELOLU
+HPHQ KHPHQ KHU \×O ´*|NOHU *HFHVLµ
G]HQOH\HUHN *|NOHUOLOHULQ ELU DUD\D
JHOPHOHULQH YH ND\QDĂPDODU×QD NDWN×
VDÿODG×
´*|NOHULQ6HVLµDG×\ODELUJD]HWHo×NDU×O
G×´*|NOHUOLOHU7HOHIRQ5HKEHULµEDV×OG×
.|\GHVDÿO×NHYLN|\FDPLVLVXGHSRVXYH
N|\\ROXQXQ\DS×P×QDNDWN×GDEXOXQGX
<NVHN|ÿUHQLP|ÿUHQFLOHULQHEXUVYHULO
PHVLQLVDÿODG×
'HUQHN GHQHWLPLQGH Do×ODQ ORNDO LOH
IDUNO× E|OJHOHUGH \DĂD\DQ *|NOHUOLOHULQ
EXOXĂPDV× ND\QDĂPDV× YH GD\DQ×ĂPDV×
LoLQoDEDJ|VWHULOGL
<(āĀ/$<$ā'(5*Ā6Ā
'ÿQ QLĂDQ |OP YE
ROD\ODUHPDLO\ROX\OD*|N
OHUOLOHUHXODĂW×U×OPDNWDG×U
=HNDL.2d\|QHWLPLQGH
NL´$<*g.+DON2\XQOD
U×(NLELµQLQ*|NOHUOLOHULQ
JXUXUXROPDV×VDÿODQG×
$QNDUD·GDLONN|\NWS
KDQHVLQLQ \×O×QGD
NXUXOPDV×VDÿODQG×.WSKDQHQLQLONPH
PXUX RODQ $KPHW h16$/·×Q oDEDODU×\OD
NWSKDQHGH ELQOHUFH NLWDE×Q EXOXQPDV×
VDÿODQP×ĂW×U.WSKDQHKDOHQDo×NW×U
WDULKLQGH
0×V×U
%\NHOoLVL·QLQ RWX] NLĂLOLN ELU KH\HWOH
N|\]L\DUHWHGHUHND\Q×JQGHFHQD]H
QDPD]×QD |ÿOH \HPHÿLQH YH DNĂDP GD
N|\GÿQQHNDW×OPDV×VDÿODQG×
\×O×QGD SURMHVL LQĂDDW PKHQGLVL
1DFL 6R\OX WDUDI×QGDQ \DS×ODQ ´.|\ .R
QDÿ×µ PXKWDU PHUKXP 6OH\PDQ 6×UU×
(UGHP |QFOÿQGH YH GHUQHN NDWN×OD
U×\ODWDPDPODQP×ĂW×U
.|\ .RQDÿ× ERGUXP NDW RODUDN \DS×O
P×Ă ROXS ERGUXP NDW× \HPHN VDORQX RODUDN
G]HQOHQPLĂWLU *LULĂ NDW×QGD EXOXQDQ ´.|\
2GDV×µQGD QLĂDQ GÿQ YH oHĂLWOL WRSODQW×ODU
\DS×OPDNWDVWNDWWDLVHPXKWDUO×NRGDV×PL
VDÀUKDQHYHNRRSHUDWLIRGDODU×\HUDOPDNWDG×U
$<*g.
.|\ 'HUQHÿL J|]HWLPLQGH YH 6H]DL .2d
OLGHUOLÿLQGH oDO×ĂPDODU×Q× VUGUHQ $<*g.
+DON 2\XQODU× (NLEL |QHPOL JQOHUOH GÿQ
YH IHVWLYDOOHULQ DUDQDQ PDUNDV× KDOLQH JHO
PLĂWLU$<*g.\×O×QGD.OWU%DNDQO×
ÿ×+DON2\XQODU×$UDĂW×UPD*HOLĂWLUPH*HQHO
0GUOÿQFH+$*(0G]HQOHQHQ´%LULQFL
0DKDOOv+DON2\XQODU×<DU×ĂPDV×µQGDELULQFL
OLN|GOQND]DQPDEDĂDU×V×J|VWHUPLĂWLU
*|NOHU+DON2\XQODU×(NLELPDKDOOvKDON
R\XQODU×DODQ×QGD.OWU%DNDQO×ÿ×QFDWHVFLOL
\DS×OP×ĂWHNHNLSWLU
$<*g.\×O×QGDONHQLQNDW×OG×ÿ×
%XUJD] %XOJDULVWDQ RWDQWLN KDON R\XQODU×
IHVWLYDOLQGHONHPL]LWHPVLOHWPLĂWLU
11
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
(NLSoRÿX$QNDUD\|UHVLQHDLWROPDN]H
UHGROD\×QGDR\XQVHUJLOHPHNWHGLU%X
R\XQODU×Q ED]×ODU× ĂXQODUG×U $W×P $UDS 6DU×
.×]dLIWHWHOOL+GD\GD0LVNHW.R]DQ'Dÿ×
$\DĂ<ROODU×<×OG×]&H]D\LU%DG×6DEDK<D
EDQ(OOHULd|]GH$O=H\EHNdD\.XĂX
ø0$/$7d,
$.02%ø/<$
+VH\৻Q$.%2/
/DP৻QDW$KúDS0XWIDN
'RODSODUÕ*|PPH'RODS
9HVW৻\HU/DPEU৻
0RE৻O\D.DSÕ'HNRUDV\RQ
.DUSX]OX6RN6൴WHOHU$1.$5$
Tel: Cep: 12
<(āĀ/$<$ā'(5*Ā6Ā
ĀEUDKLP'85/8
(PHNOLgÿUHWPHQ$YXNDW
'HUJLPL]LQ|QFHNLVD\×V×QGDVD\×Q7HYÀN
.$5$%$/,.·×Q $\DĂ·×Q NDON×QPDV×QD \|QHOLN |QH
ULOHUL\HUDOG×%X|QHULOHULQKHPĂHKULOHULPL]FHGH
GHVWHNOHQGLÿLQL YH SD\ODĂ×OG×ÿ×Q× GĂQ\RUXP
%HQ GH ELUNDo QRNWD G×Ă×QGD VD\×Q .DUDEDO×N·×Q
J|UĂOHULQL SD\ODĂ×\RU YH GHVWHNOL\RUXP *HWLULOHQ
J|UĂOHULQ$\DĂ LoLQ \HQL KH\HFDQODU \DUDWDFDÿ×QD
LQDQ×\RUXP
$\DĂ·×Q E\NĂHKLU EHOHGL\HVL V×Q×UODU× LoLQH
DO×QPDV× VRQXFXQGD RUWD\D o×NDQ DGOL\HQLQ ND
SDW×OPDV×ED]×NDPXELULPOHULQLQ6LQFDQYH%H\
SD]DU× JLEL LOoHOHUH ND\G×U×OPDV× JLEL JHOLĂPHOHU
KHQ] ELU EDĂODQJ×o« %X VUHFLQ LOHULNL \×OODUGD
GDKD ROXPVX] VRQXoODU JHWLUHFHÿL YH$\DĂ·×Q JL
GHUHNNoOHFHÿLVRQXFXQXGRÿXUDFDÿ×NRQXVXQ
GDNXĂNXGX\PDPDNPPNQGHÿLO«
$\DĂ·×Q X]XQ \×OODUGDQ EX \DQD HNRQRPLN YH
VRV\DO DW×O×PODU \DSDPDG×ÿ× GD D\U× ELU JHUoHN
$QNDUD·\DoRN\DN×QROPDJHUHNoHVLQLQ|WHVLQGH
EXVRQXFD\RODoDQHWNHQOHULQGHÿHUOHQGLULOHFHÿL
ELU VHPSR]\XP YE HWNLQOLN \DS×ODUDN EX VUHFH
\RODoDQQHGHQOHULQRUWD\DNRQXOPDV×Q×QYHJHUH
NHQ|QOHPOHULQDO×QPDV×Q×Q\DUDUO×RODFDÿ×NDQ×V×Q
GD\×P
.DQ×PFD $\DĂ·×Q E\PHVLQLQ |QQGHNL HQ
|QHPOL HWNHQ \DĂDPD EDN×Ă Do×P×]« %X EDN×Ă
Do×V×QGD JHOLĂPH NDYUDP×Q×Q JQFHO \DĂDP×P×]
GD JHUHNOL |QHPL ND]DQDPDG×ÿ×Q× GĂQ\RUXP
%XQXQVRQXFXRODUDNPHYFXWODLGDUHHWPHYDU
RODQOD\HWLQPHJLELGHÿHUOHULQN×V×UELUG|QJ\D
UDWW×ÿ×NDQ×V×QGD\×PĀĂLQHQ]RU\DQ×YDURODQGDQ
GDKDL\LVLQLLVWHPHNRQXVXQGDNLLUDGHHNVLNOLÿLQLQ
JLGHULOPHVLQGHNL JoON JLEL JHOL\RU EDQD« %LU
oHĂLW´NDGHULQHUD]×ROPDµGXUXPXV|]NRQXVX«
%X GXUXP NDGHULPL]L EHOOL |OoGH NHQGLPL]LQ
\D]G×ÿ× NRQXVXQGDNL ELOLQFLPL]LQ HNVLN ROPDV×Q
GDQP×ND\QDNODQ×\RUDFDED«
$\DĂ·×Q&XPKXUL\HWLQLON\×OODU×QGDQEX\DQD
VUHJHOHQ ´RNX\XS GHYOHW GDLUHVLQGH PHPXU
ROPDµGĂQFHVLGH$\DĂ·×QGDUNDO×SODULoLQHV×
N×Ă×SNDOPDV×QD\RODoDQELUEDĂNDHWNHQROVDJH
UHN«%XHWNHQROD\ODUD\DGDVRUXQODUDPHPXUL
\HWDQOD\×Ă×\OD\DNODĂ×PVRQXFXQXGRÿXUX\RU5LVNL
J|]HDOPD\DQYHVWDW\VUGUPHNWHQ\DQDRODQ
ELU DQOD\×Ă %X DQOD\×Ă E\PH\L YH JHOLĂPH\L
<(āĀ/$<$ā'(5*Ā6Ā
VDÿOD\DFDN´WLFDUvDQOD\×õLoLQHOIUHQLLĂOHYL\D
S×\RU%XQHGHQOH$\DĂO×RODUDNHNVLNRODQ|]HOOLN
OHULPL]GHQELULGHWLFDUvDQOD\×ĂDX]DNNDOPDP×]«
gWH \DQGDQ LĂVL]OLN RUDQ×Q×Q \NVHN ROGXÿX
\HUOHUGH GHGLNRGX EHQ]HUL V|\OHĂLOHULQ \D\J×Q
ROPDV× NDo×Q×OPD]G×U %X GXUXP ELUOLNWHOLÿLQ HO
ELUOLÿL \DSPDQ×Q |QQH o×NDQ HQ |QHPOL HWNHQ
OHUGHQELULGLU%|\OHRUWDPODUGDDLOHER\XNoN
LĂOHWPHOHULOHELUH\VHOJLULĂLPOHU\D\J×QG×U.oN
LĂOHWPHOHULQGĂNNkUO×O×NSD\ODU×LOHoDO×ĂW×ÿ×Q×
D\DNWD]RUGXUGXÿXQXYHKHUDQE\NOHUWDUDI×Q
GDQRUWDGDQNDOG×U×OPDRODV×O×ÿ×ROGXÿXQXKHSLPL]
WDNGLUHGHUL]%XQXQGRÿDOVRQXFXRODUDNEDNNDO
ODU×QPDUNHWHWHU]LOHULQNRQIHNVL\RQD\HQLNGĂ
WNOHULQL]OHUHNL]OHUL]
1H YDU NL V×NO×NOD NDUĂ×ODĂW×ÿ×P×] EX GXUXP
ODU×Q EL]L KDUHNHWH JHoLUPHN LoLQ \HWHUOL ROPDG×
ÿ×Qׁ]OHUHNJ|U\RUX]%XQHGHQOHGLUNLEHQ]HU
DODQODUGDoDO×ĂDQODUEDĂWDROPDN]HUHKHPHQKHU
DODQGD Jo ELUOLÿL HPHNVHUPD\H \DSDUDN GDKD
E\N LĂOHWPHOHUH \|QHOPHN HNRQRPLN VLVWHP
GHQND\QDNODQDQELU]RUXQOXOXNWXUhUQNDOLWHVLQL
DUW×UPDNPDOL\HWLGĂUPHNYHPDUNDROXĂWXUPDN
EX]RUXQOXOXÿXNDo×Q×OPD]N×ODQQHGHQOHUGLU$\DĂ
O×RODUDNEHQ]HUELUJHOLĂLPVUHFLQLJHUoHNOHĂWLUH
PHGLÿLPL] WDNGLUGH \HULPL]GH VD\PDN GXUXPXQ
GDQNDo×QDPD\×]
6*.ĂHPVL\HVLDOW×QGDDoO×NV×Q×U×Q×QoRNDO
W×QGD VDÿODQDQ HPHNOL PDDĂODU×Q× \DĂDP×Q VU
GUOHELOLUOLÿL Do×V×QGDQ \HWHUOL J|UPHN LQVDQ×Q
NHQGLQHLKDQHWHWPHVLJLELQLWHOHQHELOLUdQN
LQVDQGRÿDV×JHUHÿLDoJ|]OONGX\JXVXQDNDS×O
13
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
PDGDQGDKDL\L\LDUDPDN]RUXQGDG×UĀQVDQODU×Q
JHOLUG]H\OHULQHEDÿO×RODUDN\DĂDPNDOLWHOHULQLQ
DUWW×ÿ× KLo NLPVHQLQ J|UPH]GHQ JHOHPH\HFHÿL
ELUROJXGXU%XQHGHQOHN×VPHQ6*.·QLQHPHNOL
PDDĂ× JYHQFHVLQGHQ ND\QDNODQDQ ]HULPL]GH
NL |O WRSUDÿ×Q× DWPDP×] YH \DĂDP NDOLWHPL]LQ
\NVHOPHVL LoLQ oDED J|VWHUPHPL] JHUHNWLÿL ND
Q×V×QGD\×P %X JHUHNOLOLN \DOQ×]FD NHQGLPL] LoLQ
GHÿLOoRFXNODU×P×]YHJHOHFHNNXĂDNODU×P×]LoLQ
GHJHoHUOLGLU
6D\×Q.DUDEDO×N·×QGDoRN\HULQGHRODUDNYXU
JXODG×ÿ×JLELGHYOHW\DW×U×PODU×Q×oHNHELOPHNLoLQ
JoELUOLÿLĂDUWW×U$QFDNEXJoELUOLÿLQLQGLÿHU
VL\DVL SDUWLOHULQ VL\DVL LNWLGDU \DQ×QGD \HU DOPD
ODU× ĂHNOLQGH GĂQOPHVLQLQ EDĂDU×O× ELU VRQXo
YHUHFHÿLQL VDQP×\RUXP *QP]GH LQVDQODU×Q
VL\DVL NLPOLNOHULQL J|] DUG× HWPHOHULQL EHNOHPH
QLQID]ODL\LPVHUOLNROGXÿXQXGĂQ\RUXP%DQD
J|UH DV×O RODQ VL\DVL NLPOLÿLQL NRUXVD GD RUWDN
QRNWDODUGD DVJDUL PĂWHUHNWH J|UĂ ELUOLÿLQH
YDUDUDN JHQLĂ WDEDQO× ELU ]HPLQ ROXĂWXUPDNW×U
%X]HPLQGHNLĂLVHOEHNOHQWLOHUH\HUYHUPHGHQYH
LQFLULQ oHNLUGHÿL ]PQ o|S GHPHGHQ HOGHQ
JHOHQ\DS×OPDO×G×U
6D\×Q.DUDEDO×N·×QLNLJ|UĂQHGDKDNDW×OP×
\RUXP(OVDQDWODU×Q×QJHOLĂWLULOHUHNEHEHNLÿQH
R\DV×ELEOR\DS×P×JLELNRQXODU×QSL\DVDNRĂXOOD
U×QGDJHOHFHÿLQLQROGXÿXQXGĂQP\RUXPdQ
N JHOLĂHQ WHNQRORML QHGHQL\OH PDNLQHOHĂPLĂ
VHUL YH XFX] EHQ]HU UHWLPOHU NDUĂ×V×QGD EHOLU
WLOHQ UQOHULQ SD]DU SD\×Q×Q ROPDV× oRN ]RUGXU
.DOG×NLVWJHOLUJUXEXQGD\HUDODQODU×QEXWU
UQOHUHLOJLVL\RNGHQHFHNNDGDUD]G×U$OWJHOLU
JUXSODU×QGD\HUDODQODUGD\DNHQGLVLUHWPHNWH
\DGDUQOHUHD\×UDFDNEWoHVLEXOXQPDPDNWD
G×U
gWH \DQGDQ KHOYD YH ORNXP UHWHQ \HUHO
UHWLFLOHUH KDQJL RODQDÿ× VDÿODUVDN VDÿOD\DO×P
E\N UHWLFL ROPDODU× KHPHQ KHPHQ RODQDNV×]
G×U dQN D\Q× UQOHUL UHWHQ \DN×Q oHYUHGHNL
oRN E\N UHWLFLOHULQ À\DW UHNDEHWL NDUĂ×V×QGD
E\N LĂOHWPH RODELOPHOHUL PPNQ GHÿLOGLU
%|\OHLĂOHWPHOHUDQFDN\HUHOWNHWLPSRWDQVL\H
OLQGHQ ND\QDNODQDQ GHVWHNOH D\DNWD NDODELOLU YH
YDUO×NODU×Q×VUGUHELOLUOHU
3D]DUD JLUGLÿLQGH WDOHS EXODFDN UQOHULQ
UDNLSVL] ROPDV× E\N DYDQWDM VDÿODU %X UQ
OHU$\DĂLoLQĂLPGLOLNGRPDWHVYHGXWWXU2UJDQLN
RODUDNUHWLOHFHNJHUoHN$\DĂGRPDWHVLQLQSL\D
VDNRĂXOODU×QGDUDNLELRODPD]$\Q×GXUXPEHQ
]HUVL]WDWODU×QHGHQL\OHGXWSHNPH]LLOHNDUDGXW
UHoHOL\DGDĂXUXEXUHWLPOHULLoLQGHJHoHUOLGLU
$\DĂ·WD JHUoHNOHĂWLULOHELOHFHN SURMHOHULQ
WDU×P YH WXUL]P Dÿ×UO×NO× ROPDV× \|UHPL]LQ |]HO
OLNOHUL QHGHQL\OH NDo×Q×OPD] JLEL JHOL\RU %HOLUWL
OHQ DODQODUGD JHOLĂWLULOHFHN SURMHOHUH .DON×QPD
$MDQV×·Q×Q NDUĂ×O×NV×] \D GD X]XQ YDGHOL IDL]VL]
NUHGLGHVWHNOHULYHUGLÿLELOLQPHNWHGLUdHYUHPL]
GHNLLOoHOHUGHQoRNVD\×GDSURMHQLQEXRODQDNWDQ
\DUDUODQG×ÿ× J|] |QQH DO×Q×UVD $\DĂ RODUDN EX
NRQXGDJHFLNWLÿLPL]YHJHULGHNDOG×ÿ×P×]NROD\FD
DQODĂ×O×U
$\DĂ·×Q NDON×QPDV×QD NDWN×GD EXOXQDELOHFHN
14
GHYOHWGHVWHNOLSURMHOHULQ$\DĂ·DND]DQG×U×OPDV×
SURMHOHUH |QFON HGLOPHVL KDON×Q JLULĂLPFLOLN
UXKXQXQ FDQODQG×U×OPDV× YE HWNLQOLNOHUGH $\DĂ
.D\PDNDPO×ÿ×QD YH $\DĂ %HOHGL\H %DĂNDQO×ÿ×QD
GD|QHPOLJ|UHYOHUGĂWÿ\DGV×QDPD]
<XNDU×GDEHOLUWLOHQRODQDNODU×J|]|QQHDOD
UDN$\DĂLoLQJHOLĂWLULOHELOHFHNSURMHEDĂO×NODU×Q
GDQED]×ODU×Q×KHPĂHKULOHULPLQJ|UĂQHVXQPD\×
GĂQGP (VLQ ND\QDÿ× ROXĂWXUDELOHFHN VRPXW
|QHULOHUDĂDÿ×GDEDĂO×NODUKDOLQGHYHULOPLĂWLU
(Q |QFHOLNOL \DW×U×P×Q$\DĂ·WD ELU \D GD
ELUNDo IDNOWH Do×OPDV× RODELOHFHÿL NRQXVXQGD
KHPHQKHU$\DĂO×Q×QJ|UĂELUOLÿLLoLQGHROGXÿXQX
GĂQ\RUXP =LUDDW )DNOWHVL )L]LN 7HGDYL YH
5HKDELOLWDV\RQ )DNOWHVL JLEL ELULPOHULQ |ÿUHQFL NDSDVLWHVLQH VDKLS ROPDV× GXUXPXQGD
$\DĂ HNRQRPLVLQH |QHPOL NDWN×ODU VDÿOD\DFDÿ×
NXĂNXVX]GXU %X RNXOODUD $QNDUD G×Ă×QGDQ ND
\×W \DSW×UDQ |ÿUHQFLOHULQ |QHPOL ELU E|OPQQ
$\DĂ·WDNDODFDNODU×Q×YHEXVRQXFXQ$\DĂ·D|QHP
OLHNRQRPLNNDWN×ODUVDÿOD\DFDÿ×Q×GĂQ\RUXP
6L\DVL LUDGHQLQ HWNLOHQPHVLQL JHUHNWLUHQ EX SUR
MHQLQJHUoHNOHĂPHVLSDUWLOHUVWELU\DNODĂ×PYH
$\DĂ·×QNHQHWOHQPHVLQHEDÿO×G×U
63$ āLIDO× VXODUOD VDÿODQDQ EDN×P YH
VDÿO×N RODUDN WDQ×PODQDELOLU VRQ \×OODUGD |QHP
ND]DQDQ YH JLGHUHN \D\J×QODĂDQ ELU VHNW|U ROPD
\ROXQGDG×U 3HN oRN ONHGH YH \XUGXPX]XQ WHU
PDO ND\QDNODU×Q×Q EXOXQGXÿX \HUOHUGH EX DODQD
E\N\DW×U×PODU\DS×OPDNWDG×U
7H U P D O
VX ND\QDNOD
U×Q×Q \HWHUOL
ROPDV× GXUX
PXQGD JHQLĂ
N D S D V L W H O L
EHĂ \×OG×]O×
ELU WHUPDO
WHVLV
$\DĂ
HNRQRPLVLQL
FDQODQG×U×U
%X WHVLVWH
HQ D] \DWDN NDSDVLWHOL NRQDNODPD Do×N YH NDSDO×
\]PH KDYX]ODU× VDXQD UHVWRUDQ YH NLĂLOLNNRQIHUDQVVDORQXJLELELULPOHUEXOXQPDO×G×U
%|\OHELUWHVLVLQNDOLWHGHQ|GQYHUPHGLÿLVUHFH
|]HOOLNOH\XUWG×Ă×QGDQDODFDÿ×WDOHSOHUOH\×OER\X
GROX ROPDV× E\N RODV×O×NW×U %LUNDo JQ VUHFHN
ELOLPVHONRQJUHOHULQoHNLPPHUNH]LROPDPDV×LoLQ
ELUQHGHQ\RNWXU.DOG×NLVWJHOLUJUXEXQDVDKLS
$QNDUDO×ODUWDUDI×QGDQN×ĂPHYVLPLQGHGDKLKDIWD
VRQX E\N UDÿEHW J|UHFHÿL YH KDIWDQ×Q LNL JQ
WDPNDSDVLWHKL]PHWYHUHFHÿLEHNOHQHELOLU
%|\OHELUWHVLVLQ\]OHUFH$\DĂO×Q×QNXUDFDÿ×
ELU DQRQLP ĂLUNHW YH NUHGL WHĂYLN YH GHVWHÿL LOH
\DĂDPDJHoLULOHELOHFHÿLYH$\DĂLoLQ$YUXSDG]H
\LQGHELUPDUNDGHÿHULROXĂWXUDELOHFHÿLGĂQFH
VLQLQKHSLPL]LJXUXUODQG×UDFDÿ×Q×VDQ×\RUXP
7DU×PVDOUHWLPYHSD]DUODPDNRRSHUD
WLÁHULN|\OHULPL]LoLQHQX\JXQNDON×QPDPRGH
OLGLU %X NRRSHUDWLÁHU \ROX\OD UHWLOHFHN UQ
OHULQ NDOLWH YH PLNWDUODU×QGDNL DUW×Ă×Q \DQ× V×UD
<(āĀ/$<$ā'(5*Ā6Ā
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
UQoHĂLWOLOLÿLVDÿODPDV×GDEHNOHQHQELUVRQXo
WXU %LU NLORJUDP GRPDWHVWHQ NXUXĂ ND]DQDQ
ELU oLIWoLPL]H NLORJUDP GRPDWHV WXUĂXVXQGDQ
NXUXĂELUNLORJUDPVDOoDGDQNXUXĂ
ND]DQDELOHFHÿLELOLQFLND]DQG×U×OPDO×D\Q×VRQX
FXQ LĂOHQPLĂ VW UQOHUL LoLQ JHoHUOL ROGXÿX EL
OLQPHOLGLUhUQOHULQLĂOHQHUHNNDWPDGHÿHUVDÿ
ODQPDV×KDOLQGHoLIWoLQLQJHOLUG]H\LQLQDUWDFDÿ×
GĂQFHVLEHQLPVHWLOPHOLGLU$\Q×GXUXPXQVWQ
LĂOHQPHPLĂRODUDNVDW×Ă×\HULQH\RÿXUWYHSH\
QLUJLELVWUQOHULQHG|QĂWUOHUHNSD]DUODQ
PDV×QGD GD JHoHUOL RODFDÿ× XQXWXOPDPDO×G×U %X
UHWLPOHULQ RUJDQLN UQOHUOH \DS×OPDV×Q×Q PR
GDV×Q×Q JHoPH\HFHÿL YH VUHNOLG]HQOL ELU JHOLU
VDÿOD\DFDÿ× NRQXVXQGD oLIWoLOHULPL] ELOLQoOHQGL
ULOPHOLGLU
<D] G|QH
PLQGH WXYDOHW
OHUL EDĂWD ROPDN
]HUH oHNL G]HQ
YHULOPHVL JHUHNHQ
SLNQLN DODQODU×QGD
JHUoHNOHĂWLULOPHN
]HUH
VDWUDQo
ELULo WDYOD YE
Ă D P S L \ R Q D O D U ×
G]HQOHQHELOLU
Ā\L ELU WDQ×W×POD YH \HWHUOL NDW×O×P×Q VDÿODQ
PDV×GXUXPXQGDKDIWDVUPHVLEHNOHQHELOHFHN
E|\OHELUHWNLQOLNWHNDW×O×PF×ODUDFUHWNDUĂ×O×ÿ×Q
GD|ÿOH\HPHÿLLOHG|QĂWHPH\YHVHE]HSDNHWL
ELULQFLOHUH VHPEROLN |GOOHU YHULOHELOLU %|\OH ELU
G]HQOHPHQLQIHVWLYDOKDYDV×QGDVUHNOLOLNND]DQ
PDV×EHNOHQHELOLU
<XNDU×GDNLHWNLQOLNOHUSLNQLNDODQODU×\DGD
X\JXQEDÿYHEDKoHOHULEXOXQDQN|\OHULPL]GHGH
JHUoHNOHĂWLULOHELOLU .|\ \XPXUWDV× N|\ WHUH\Dÿ×
GRÿDOEDOED]ODPDLoHULNOLN|\NDKYDOW×V×LOHJ|]
OHPHN|\\RÿXUGXN|\WDYXÿXJYHoK|ĂPHULP
YE\L\HFHNOHULoHUHQN|\VRIUDV×E|\OHWXUODULoLQ
oHNLFLRODELOLU
.XUXODFDNELUNRRSHUDWLILQX]PDQNLĂLOHU
FH\|QOHQGLULOGLÿLYH\|QHWLOGLÿLWDNGLUGH$\DĂYH
N|\OHULQLQWDU×PVDOUQOHULQLQNDOLWHVLQLQL\LOHĂ
WLULOPHVLUHWLPLQDUW×U×OPDV×GDKDL\LNRĂXOODU
GD SD]DUODQPDV× Do×V×QGDQ E\N \DUDU VDÿOD\D
FDÿ×Q× YH UHWLFLOHULPL]LQ HOLQL JoOHQGLUHFHÿLQL
GĂQ\RUXP
hUHWLFLQLQ DO×F×\D NDUĂ× JoO ROPDV×Q×Q \R
OXQXQ oRN ROPDV×QGDQ GHÿLO WHN ROPDV×QGDQ
JHoWLÿL XQXWXOPDPDO×G×U %X GRÿUXOWXGD |UQHN
VD\×ODELOHFHN$NND\D·GDNLVDOoDIDEULNDV×YH2O
WDQ·GDNL$\DĂO×*UXSWDUDI×QGDQJHUoHNOHĂWLULOHQ
$\DĂGRPDWHVLUHWLPLJLULĂLPOHULQHJHUHNHQGHV
WHNVDÿODQPDO×G×U
%XÿGD\ YH GRPDWHV EHQ]HUL JHOHQHNVHO
WDU×PUQOHULUHWLPLQGHQ\NVHNRUDQO×ND]DQo
HOGHHGLOPHVLoRN]RUGXUdQND\QׁUQOHUHĂ
]DPDQO×RODUDNSL\DVD\DoRNPLNWDUGDJLUGLÿLQGHQ
GĂNÀ\DWODVDW×OPDNWDG×U%XQHGHQOHEXUQ
OHULQ À\DW×Q×Q UHWLFL WDUDI×QGDQ EHOLUOHQPHVL
PPNQROPDPDNWDSL\DVDERUVD\DGDGHYOHW
WDUDI×QGDQ EHOLUOHQHQ À\DWODU×Q GĂN ROXĂX QH
<(āĀ/$<$ā'(5*Ā6Ā
GHQL\OH oLIWoL HPHÿLQLQ NDUĂ×O×ÿ×Q× DODPDPDNWD
]DPDQ]DPDQUQQKLoNDOG×UPDPDNWD\DGD
WRSODG×ÿ× UQ oUPH\H WHUN HWPHNWHGLU %X
GXUXPGRPDWHVSDWDWHVYHVRÿDQJLELUQOHUGH
V×NV×N\DĂDQPDNWDG×U
%LU \×O |QFH SL\DVDGD L\L VD\×ODELOHFHN EHGHO
OHUOHVDW×ODQUQOHULQELUVRQUDNL\×OGDUHWLPLQGHQ
NDo×Q×OPDO×G×UdQNR\×OSL\DVD\×HWNLOH\HQ|]HO
NRĂXOXQ HUWHVL \×OGD GD JHoHUOL RODFDÿ× EHNOHQPH
PHOLGLU gUQHÿLQ VRÿDQ×Q OLUDGDQ VDW×OG×ÿ× VH
]RQGDQVRQUDNL\×OGDOLUD\DDO×F×EXOPDNWD]RU
ODQG×ÿ×V×NoDUDVWODQDQELUGXUXPGXU%XGXUXPXQ
WHUVLQH oLIWoLPL]LQ ELU |QFHNL \×O GĂN EHGHOOH
VDW×ODQ UQQ HNLPLQGHQ NDo×QG×ÿ× GD ELOLQHQ ELU
JHUoHNWLU%|\OH\×OODUGDUQQUHWLPLGĂPHNWH
SL\DVD\DJLUHQUQPLNWDU×D]DOPDNWDEXQDEDÿO×
RODUDNGDUQQVDW×ĂÀ\DW×DUWPDNWDG×U%XQHGHQ
OH UHWLFLOHULPL]LQ SL\DVDODUGDNL GDOJDODQPDODU×
L\LL]OHPHVLYHGRÿUXDOJ×ODPDV×NRQXVXQGDGHVWHN
YHULOPHOLGLU
$\DĂYHN|\OHULQLQLNOLPNRĂXOODU×J|]|Q
QH DO×QDUDN VHoLOHFHN YH RUJDQLN RODUDN UHWLOH
FHNEHVLQGHÿHUL\NVHNEXÿGD\oDYGDUYEELWNL
WUOHULEHOLUOHQPHOLGLU%XWUOHULQ\HWLĂWLULOPHVL
QHGD\DO×YH\DOQ×]FD\|UHPL]H|]JXQHNPHN
VLPLWYEUQOHULQ+DON(NPHN|UQHÿLQGHNLJLEL
UHWLPLGĂQOHELOLU
$\DĂHNPHÿL$\DĂVLPLGLJLELPDUNDODU×Q\D
UDW×OPDV×LoLQJHUHNOLoDEDJ|VWHULOPHOLGLU%XYH
EHQ]HUL JLULĂLPOHULQ E\N |OoHNOL ROPDV× EXQD
EDÿO× RODUDN GD UHWLPGHQ SD]DUODPD VUHFLQH
NDGDU WHN oDW× DOW×QGD |UJWOHQPH JHUHNWLUGLÿL
DN×OGDQo×NDU×OPDPDO×G×U
hUHWLFLOHULPL]LQDOWHUQDWLIUQOHUH\|Q
OHQGLULOPHVL\DGDEHOOLUQOHULQPHYVLPLG×Ă×QGD
UHWLOPHVL NRQXVXQGD ELOLQoOHQGLULOPHOHUL YH EX
\|QGH WHĂYLN HGLOPHOHUL VDÿODQPDO×G×U gUQHÿLQ
GRPDWHV ELEHU IDVXO\H YE UHWLPOHUGH VHUDF×
O×N GHQHQPHOLGLU 6HUDF×O×N RUJDQLN QLWHOLNWH \D
S×OPDO×G×U6HUDODUGDNHVPHoLoHNoLOHNERVWDQ
YE DOWHUQDWLI UHWLPOHU GĂQOPHOLGLU %\N
oDSWD JHUoHNOHĂWLULOHFHN DU×F×O×N YH EDÿF×O×N JLEL
VHoHQHNOHU J|] |QQGH WXWXOPDO×G×U hUHWLOHFHN
UQOHULQ PDUND GHÿHUL ND]DQPDV× WHPHO DPDo
ROPDO×G×U
6HUD LoLQ JH
UHNOL
HQHUMLQLQ
JQHĂ
HQHUMLVL
VLVWHPOHUL LOH NDU
Ă×ODQDELOHFHÿL YH
VHUDODU×Q DUD]LOH
ULQ NXOODQ×OPD\DQ
E|OPOHULQH NXUX
ODUDN HN HNLOHELOLU DODQODU ND]DQ×ODELOHFHÿL XQX
WXOPDPDO×G×U
6HUDODU LoLQ JHUHNOL HQHUMLQLQ WHUPDO DW×N VX
ODUOD \D GD WHUPDO
NX\X VXODU× LOH GH
V D ÿ O D Q D E L O P H V L
RODQDNO×G×U <DN×Q
oHYUHPL]GHEHQ]HU
X\JXODPD |UQHNOH
ULEXOXQPDNWDG×U
15
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
$\DĂYHN|\OHULQHELUJQONWXUODUG
]HQOHQHELOLU%XWXUGDN|\NDKYDOW×V×|ÿOH\HPH
ÿLELU\DGDLNLN|\]L\DUHWL'HQL]*H]PLĂHYL
QLQ'*QLQGRÿGXÿXHYG]HQOHQLUVHJ|UOPHVL
JLELHWNLQOLNOHU\HUDODELOLU$\DĂ0]HVL·QLQ\D
ĂDPDJHoLULOPHVLGXUXPXQGDJQONWXUXQ|QHPOL
oHNLPPHUNH]LROPDV×GDEHNOHQHELOLU
<D] D\ODU×QGD SLNQLN Dÿ×UO×NO× ]L\DUHWOHU
RUJDQL]H HGLOPHOLGLU %X RUJDQL]DV\RQ Do×V×QGDQ
SLNQLNDODQODU×oHNLFLKDOHJHWLULOPHOLJHUHNEX
DODQODUGDNLJHUHNVHPHUNH]GHNLWXYDOHWOHULQS×U×O
S×U×O ROPDV× YH NDOPDV× NHVLQOLNOH VDÿODQPDO×G×U
%|\OH ELU NDPSDQ\DGD JYHo YH K|ĂPHULP JLEL
\HPHNOHULPL]OH|ÿOH\HPHÿLSDNHWOHULKD]×UODQD
ELOLU|ÿOHGHQVRQUDGDO×QGDQPH\YH\HPHHWNLQOL
ÿLG]HQOHQHELOLU
g]HOOLNOH .DUDGHUH %DÿODU×·QGD NHQGL
KDOLQH WHUN HGLOPLĂ NRPĂX ELUNDo EDÿ ELU DUD\D
JHWLULOHUHNEXQJDORHYOHUVLWHVL\DS×ODELOLU6LWH
GHNLHYOHUGH\×OER\XQFDPHYVLPOLNJQONWDP
SDQVL\RQ NRQDNODPD KL]PHWL YHULOHELOLU <HĂLOOLN
OHULoLQGHNLRUWDNELU\]PHKDYX]XE|\OHELUWD
VDU×Q×QGDKDoHNLFLROPDV×QDNDWN×GDEXOXQXU
$QNDUD·GDKHUVHPWWHQNROD\XODĂ×ODEL
OHFHN ELU QRNWDGD N|\OHULPL]LQ RUJDQLN UQOH
ULQLQ VDW×ĂD VXQXODFDÿ× NoN ELU LĂ\HUL Do×ODEL
OLU hUQOHULQ DUDF×V×] SD]DUODPDV×Q× VDÿOD\DFDN
EX \|QWHP LoLQ NRRSHUDWLI \D GD OLPLWHG ĂLUNHW
ĂHNOLQGH |UJWOHQPHQLQ JHUHNOL ROGXÿX NDQ×V×Q
GD\×P %XQXQ DOW \DS×V×Q× N|\ GHUQHNOHULQLQ \D
GD PXKWDUODU×Q LĂELUOLÿL VDÿOD\DELOLU %|\OH ELU
\DS×ODQPDQ×QRUJDQLNPH\YHVHE]HVWYHVW
UQOHULQL SDNHWOHQPLĂ RODUDN PHYVLPOLN DERQH
OHUHdD\\ROX%DW×NHQW(U\DPDQJLELE|OJHOHUGH
DGUHVHWHVOLPĂHNOL\OHGHSD]DUOD\DELOHFHÿLQLROD
QDNO×J|U\RUXP
.XPOXGRUXN$\DĂ·×QSDUOD\DQ\]GU
.XPOXGRUXN·WDNL \DPDo SDUDÁW HWNLQOLÿL JHOLĂ
16
PH\HoRN\DWN×QG×UgQFHOLNOHWHSH\H\DS×ODFDN
YHWHPHOJHUHNVLQLPOHULNDUĂ×OD\DFDNELUWHVLVLOH
G]JQELU\ROYHLQLĂOHUGHQVRQUDWHSH\HXODĂ×P
NROD\O×ÿ×VDÿODQPDO×G×U%XSRWDQVL\HOLQL\LELUWD
Q×W×P×LOHKDIWDVRQODU×HQD]NLĂLQLQEHN
OHQHELOHFHÿLQLGĂQ\RUXP
'DO×QGDQ NRSDU×ODUDN \HQLOHFHN PH\YH
YH VHE]HQLQ NHQWWH \DĂD\DQ SHN oRN LQVDQ LoLQ
|]OHP GX\XODQ ELU HWNLQOLN ROGXÿXQX GĂQ\R
UXP =DPDQ ]DPDQ $QNDUD·GDNL DUNDGDĂODU×Q
GDQ NRPĂXODU×QGDQ \D GD PHVOHNWDĂODU×QGDQ
JHOHQ EX WDOHS NDUĂ×V×QGD WDOHEL NDUĂ×OD\DFDN
EDÿEDKoH EXODPDPDQ×Q V×N×QW×V×Q× \DĂD\DQ
KHPĂHK ULOHULPLQ D] ROPDG×ÿ×Q× GĂQ\RUXP
%Dÿ WXUL]PL LĂOHUOLN ND]DQG×ÿ× WDNGLUGH EDÿOD
U×P×]×Q GDKD oRN \HĂHUHFHÿL YH EX G]HQOHPH
\HNDW×ODFDNEDÿVDKLSOHULQHGHHNRQRPLNNDWN×
VDÿOD\DFDÿ×RUWDGDG×U
$\DĂO×ODURODUDN|QHPVHPHGLÿLPL]\DGDED
ĂDUDPDG×ÿ×P×] ELU NRQX GD \DS×ODQ HWNLQOLNOHULQ
WDQ×W×P×Q×Q \HWHULQFH \DS×ODPDPDV׫ 'XW IHVWL
YDOLQGHQ WXWXQ GD GHUQHN YH GLÿHU VLYLO WRSOXP
|UJWOHULQLQ HWNLQOLNOHULQLQ WHOHYL]\RQ JD]HWH
YEEDV×QRUJDQODU×QGD\HWHULQFH\HUDOPDV×Q×YH
$\DĂ·×Q WDQ×W×P×Q×Q \DS×OPDV×Q× VDÿODPD NRQX
VXQGD\HWHUVL]NDO×\RUX]āXXQXWXOPDPDO×G×UNL
SL\DVDNRĂXOODU×QGDUQQ]QHNDGDUPNHP
PHOROXUVDROVXQWDQ×W×P×UHNODP×L\L\DS×OPD
G×ÿ×VUHFHSD]DUODUGDDO×F×EXOPDV×oRN]RUGXU
<XNDU×GDNL NRQX EDĂO×NODU×Q×Q YH EHQ]HUOH
ULQLQ UHWLFLOHULQ \HUHO \|QHWLFLOHULQ ]LUDDW
YH HVQDI RGDODU× EDĂNDQODU×Q×Q \HWNLOL YH LOJLOL
NLĂLOHULQYHEURNUDWODU×QNDW×O×P×\ODROXĂWXUXOD
FDNJHQLĂELU|OoHNWH$\DĂ*HOLĂLP3ODWIRUPX
WDUW×Ă×OPDV× VRQXFXQGD SURMHOHUH G|QĂHELOHFH
ÿLQL GĂQ\RUXP %|\OH ELU SODWIRUPGD IDUNO×
SURMHOHULQJQGHPHJHOHFHÿLYHJLULĂLPFLOLNPR
GHOOHULQLQ RUWD\D o×NDFDÿ× NRQXVXQGD KLo NXĂNX
GX\PX\RUXP
$\DĂ·×QNDON×QPDV×Q×QE\N|OoGHWDU×PYH
WXUL]P SRWDQVL\HOLQLQ GHÿHUOHQGLULOPHVLQH EDÿO×
ROGXÿXQDLQDQ×\RUXP%XEDÿODPGDLOJLOLNHVLP
OHULQELOLQoOHQGLULOPHVLQLQYHHÿLWLPLQLQ\DĂDPVDO
|QHPHVDKLSROGXÿXQXGĂQ\RUXP(VQDI×P×]D
HVQDÁ×ÿ×QYHWLFDUHWLQWHPHONXUDOODU×EHQLPVHWLO
PHGHQoLIWoLPL]HPRGHUQWDU×P\|QWHPYHDUDo
ODU× WDQ×W×OPDGDQ YH SL\DVD HNRQRPLVLQLQ WHPHO
NXUDOODU× ND]DQG×U×OPDGDQ \DS×ODFDN JLULĂLPOHULQ
HNVLNNDODFDÿ×NRQXVXQGDFLGGLNXĂNXODU×PEXOXQ
PDNWDG×U
ĀoLERĂVORJDQODUWHNEDĂ×QDKLoELUĂH\LIDGH
HWPH]OHU%XVORJDQODU×QLoLQLGROGXUDFDNDOW\D
S×ODUKD]×UODQPDGDQEX\DS×ODUDUDV×QGDRUJDQLN
EDÿNXUXOPDGDQYHWDEDQGDJHUHNOLELOLQoROXĂWX
UXOPDGDQ\DS×ODFDNKHUV|\OHPYHJLULĂLPKDYD
GD NDOPD\D PDKNXPGXU %XQXQ LoLQ JQQ NR
ĂXOODU×QD X\JXQ SURMHOHUL WDUW×ĂDUDN JHOLĂWLUPHN
NHQWOLN|\O$\DĂO×RODUDNELUDUD\DJHOLSHOLPL]L
WDĂ×Q DOW×QD VRNPDN ]RUXQGD\×]$QFDN R ]DPDQ
EHNOHQHQ VRQXFX DODELOLUL] YH VRQXo DOG×ÿ×P×]GD
JXUXUODQPDRODQDÿ×EXODELOLUL]
<(āĀ/$<$ā'(5*Ā6Ā
%LU$Q×YHāLLU
$/ā8'2/0$.$/(0/(<$=
0LOOL (ÿLWLP %DNDQO×ÿ×QD WD\LQ LoLQ \×O×QGDPUDFDDWHWWLP%LUKDIWDVRQUD$Q
NDUDLOLQHGHSRWD\LQLRODUDNYHULOGLP
$PDF×P $\DĂ
WD |ÿUHWPHQ RODUDN oDO×Ă
PDNW×7D\LQLPLQ$QNDUD
Q×QEDĂNDLOoHOHULQH
o×NPDPDV× LoLQ $\DĂ
WD ERĂ EXOXQDQ |ÿUHW
PHQ Do×ÿ×Q×Q *|NOHU .|\ *HQoDOL .|\ YH
2OWDQ.|\OHULQGHEXOXQGXÿXQX|ÿUHQGLP
$\DĂ
D WD\LQLPL \DSW×UPDN LoLQEX LĂOHUL
VHYHVHYH\DSDQUDKPHWOL|ÿUHWPHQLP0XV
WDID āHQ
LQ ,Ă×NODU FDGGHVL
QGHNL gÿUHWPHQ
PDWEDDV×QDJLWWLP
gÿUHWPHQLPOHKDOYHKDW×UVXDOHWWLNWHQ
VRQUDGXUXPXDQODWW×P
gÿUHWPHQLPEHQLGLQOHGLNWHQVRQUD0LO
OL(ÿLWLP0GUOÿQQ\ROXQXWXWWXN
0GUONWH WD\LQ LĂOHULQH EDNDQ 0GU
0XDYLQL $OL <Do×Q|]
Q PDNDP×QD |ÿUHWPH
QLP|QGHEHQGHDUNDV×QGDJLUGLN
gÿUHWPHQLP EHQL 0GU EH\OH WDQ×ĂW×U
G× YH PGUP (UYDKL EHQLP WDOHEHP ELU
LVWHÿLYDULVWHÿLQL\DS×YHULUVHQL]VHYLQHFHN
GL\HUHNULFDGDEXOXQGX
0GUEH\|QQGHNLOLVWH\HEDNDUDNNXU
ĂXQ NDOHPOH LĂOHUNHQ 0XVWDID āHQ 0GU
%H\
HFHELQGHQo×NDUG×ÿ×GROPDNDOHPLX]DW
W×
(UYDKL
QLQWD\LQLQLGROPDNDOHPOH\D]×YHULQL].XUĂXQNDOHPOH\D]×ODQVLOLQLUDPDGROPDNDOHPOH \D]×ODQ \D]×ODU ]RU VLOLQLU
GL\H
HVSLUL\DSW×
0GU EH\LQ RGDV×QGDQ D\U×OG×N gÿUHW
PHQLPOHLĂ\HULQHJHOGLN
gÿUHWPHQLPGHQL]LQDODUDNHOLQL|SHUHN
D\U×OG×P
\×O×Q×Q (NLP *Q$QNDUD 9DOL
OLÿLQGHQ $\DĂ
D WD\LQ \D]×V×Q× HOGHQ DOG×P
$\DĂ
×Q\ROXQXWXWWXPĀOoH0LOOL(ÿLWLPHXÿ
UDG×P ĀOoH (ÿLWLP 0GU UDKPHWOL 2VPDQ
g]VR\ EHQL J|UHYH EDĂODWW× 2 JQ \DU×P
JQ YH UHVPL WDWLO LGL (NLP JQ ĀOoHGH
&XPKXUL\HW %D\UDP× W|UHQOHULQH NDW×OG×P
(NLPWDULKLQGHDLOHFHWUDNW|UOHN|\H
JLWWLN*|NOHU.|\QGHJ|UHYHEDĂOD\×S
\×O×Q×Q(NLPLQHNDGDU\×O|ÿUHWPHQYHED
Ă|ÿUHWPHQRODUDNJ|UHY\DSW×P\×O×Q×Q
(NLP*Q$\DĂ6DGXOODKSDĂDĀONRNXOXQGD
J|UHYH EDĂODG×P \×O×Q×Q VRQXQD NDGDU
6DGXOODKSDĂD
GDoDO×ĂDUDNHPHNOLROGXP
18
%Ā5Ā&Ā.$1$0,1$5',1'$1
\×O×$QQHOHU*Q2QXUXQD
%DED\]J|UPHGHQ'Q\D\DJHOGLQ
gNV]NDO×QFDDQQHQOHNHQGLQL$\DĂ·WDEXOGXQ
0DQHYLEDED\DQ×QGDR\QDG×QJOGQ
<D]×Q|\OH\D]×OP×ĂJ]HODQDP
6×S\DQPHNWHELQHāHNHUSDUHGHEDĂODP×Ă
$OODKNHODP×Q×KRFDV×+DI×]ĀEUDKLP·GHQDOP×Ă
+DI×]ĀEUDKLPKRFDV×Q×QJ|]EHEHÿLROPXĂ
ĀOPLQLDUNDGDĂODU×QDDĂ×OD\DQDQDP
(YOHQPH]DPDQ×JHOLQFHYHULOPLĂ
$QQHVLQLQ\DUG×P×LOHJHOLQN×]ROPXĂ
(YOLOLNWHQLNLN×]×ELURÿOXROPXĂ
dRFXNODU×QDNRONDQDWJHUHQDQDP
+DOLPHDG×QJ]HO\HUOHUGHQDO×QP×Ă
%DED\DGLJDU×WDN×Q×HOOHUWDN×QP×Ă
$QQHQ$\ĂH·GHEXROD\DJ|]\XPPXĂ
+DNN×Q×\L\HQOHULDɛHWPH\HQDQDP
%LQELU]DKPHWOHEL]OHUHGQ\D\DJHWLUGLQ
6×FDNEHVOH\LFLVWQDÿODPDGDQ\HWLĂWLUGLQ
6DO×QFDNODU×P×]×EHVOHPHLOHVDOODUG×Q
(PHNOHULQERĂDJLWPHVLQJ]HODQDP
6L]OHUGHELUDQDELUEDEDROXQGHUGLQ
*]HOGLOLQOHEL]OHUH|ÿWYHUGLQ
gOHQHNDGDUHYODWODU×QDJ|ÿVJHUGLQ
(ĂLQEHQ]HULQEXOXQPD\DQJ]HODQDP
(UYDKL0DYLEXOXW
(PHNOLgÿUHWPHQ
(502%
(P৻Q<$5,ù
/DP৻QDW0XWIDN'RODSODUÕYH
0RE৻O\DhUQOHU৻
0HUNH]$OWÕQD\&DG1R
6൴WHOHU$1.$5$
Tel: Cep: ùXEHdDUúÕøo൴1R$<$ù
Tel: <(āĀ/$<$ā'(5*Ā6Ā
$QNDUD©QÇQ<DQÇ%DêÇQGD
+X]XUXQYH2NVLMHQLQ%RO2OGXçXéLID&HQQHWL
1HGHQNHQGLQL]HKX]XUOX
ERORNVLMHQOLYHêLIDGROXELUNDo
JQD\ÇUPÇ\RUVXQX]"
$<$éèd0(&(9(
.$3/,&$/$5,
NDSÇQÇ]ÇQ|QNDGDU\DNÇQ
éLIDOÇèoPHFHYH.DSOÇFDODUÇ.DSDOÇ
<]PH+DYX]X6DXQD7UN+DPDPÇ
.RQGLV\RQ6DORQX&DQOÇ0]LN
İçme olarak: Safra kesesi,böbrek kum ve taşlarını döker • Hormon ifrazatını ve cinsel
gücü artırır • Kabızlığı, hazımsızlığı önler • İdrar yolu iltihaplarını tedavi eder • Mide ve
bağırsakları, solucan, şerit ve kıl kurdundan temizler • Mide, bağısak ve safra kesesi
tembelliklerine iyi gelir • Cilt rahatsızlıklarının tedavisinde yardımcı olur.
Kaplıca olarak: Romatizma • Kireçlenme • Lumbago • Siyatik • Nevralji • Üriner sistem
hastalıkları • Kadın hastalıkları • Kırık ve çıkık sonrası mafsal yapışıklıkları.
%ø/*ø9(5(=(59$6<21ødø1
$<$ù
0 312
ZZZD\DVඈFPHFHFRPWU
ඈoPHFHOHU0HYNඈ$\Dú$1.$5$
7HO)DNV
*VP
3URI'U6DG×N&,+$1
(PHNOLgÿUHWLPh\HVL
7RSOXPGD JLGHUHN VDE×UV×]O×ÿ×Q KRĂJ|
UV]OÿQ YH WDKDPPOV]OÿQ DUWW×ÿ×Q×
HQ NoN V×N×QW×GDQ UDKDWV×] HGLFL ELU ĂH\
GHQKHPHQ|INHOHQLSNDUĂ×V×QGDNLNLĂL\LYH\D
oHYUHVLQGHNLLQVDQODU×N×UG×ÿ×Q×NDYJDHWWLÿL
QLKDWWDKDNV×]ROGXÿXKDOGHKDNO×LPLĂJLEL
GDYUDQ×ĂODU VHUJLOH\HUHN PXKDWDE×Q× KDNV×]
GXUXPDGĂUPH\HoDO×ĂW×ÿ×Q×J|UPHNWH\L]
7UDÀNWH\ROYHUPH\LSNDYJDHGHQYHELU
ELULQL E×oDNOD\DQ DLOH LoL oDW×ĂPDODU×Q KH
PHQNDYJD\DG|QĂSKDQ×P×Q×oRFXNODU×Q×
|OGUHQ LQVDQODUD UDVWO×\RUX] (YODG×Q DQQH
YH\D EDEDV×Q× NDWOHWWLÿLQL ERĂDQG×ÿ× KDOGH
ERĂDQDQNLPVHOHULQELUELUL]HULQGHELUKDN
N×ROPDPDV×QDUDÿPHQERĂDQDQNRFDLVWHÿL
\HULQH JHOPHGLÿL ]DPDQ KDQ×P×Q× YH KDWWD
oRFXNODU×Q× |OGUPHNWHGLU +HU JQ J|UVHO
\D\×QODUGD J|UGÿP] YH PHG\DGD RNXGX
ÿXPX] EX oHĂLW KDEHUOHUL oRÿDOWPDN PP
NQGU
ĀĂWH WRSOXPGD EX GDYUDQ×ĂODU DUWW×NoD
KX]XUXQVD\J×YHVHYJLQLQROPDV×GĂQOH
PH]7RSOXPVDO o×N×Ă \ROX IHUWOHULQ HQ J]HO
DKODNODJ|QGHULOHQYHDKODN×.XU·DQRODQ+]
3H\JDPEHUL |UQHN DOPDV×G×U +DOEXNL EXJQ
EL] 2QX \DOQ×] DQPDNOD |]H LQPHGHQ ĂHNOL
ELUWDN×PKDUHNHWOHULQL\DSDUDNJHUoHNDK
ODNLWDY×UODU×Q×J|]DUG×HGL\RUX]
ĀQVDQWRSOXPVDOELUYDUO×NROGXÿXQDJ|UH
WRSOXPLoLQGHNDEDYHVHUWRODUDNGHÿLO\X
PXĂDNELUWDY×UODKDUHNHWHWPHOLGLU.DEDKD
UHNHW HGHQOHULQ GXUXPXQX$OODK 7HDOD +]
3H\JDPEHULQ ĂDKV×QGD Ă|\OH Do×NODP×ĂW×U
´$OODK·×Q UDKPHWL VHEHEL\OH NL VHQ RQODUD
\XPXĂDNGDYUDQG×Q(ÿHUNDEDNDW×\UHNOL
ROVD\G×QoHYUHQGHQGDÿ×OJLGHUOHUGL2KDOGH
RQODU×EDÿ×ĂODEDÿ×ĂODQPDODU×Q×GLOHµ1
+] 3H\JDPEHU·GH Ă|\OH EX\XUPXĂWXU
´$OODK7HDODUHÀNWLU\XPXĂDNO×ÿ×VHYHU.DW×O×NODVHUWOLNOHYHEDĂNDLĂOHUHYHUPHGLÿLVHYDE×\XPXĂDNO×NOD\DS×ODQLĂOHUHYHULU%DĂND
ELUKDGLVWHGH´.LP\XPXĂDNROPD]VDGDYUDQ
PD]VDKD\×UGDQPDKUXPROXUGHPLĂWLU
<XPXĂDNO×N YDVI×Q× ND]DQDQ LQVDQ×Q LOHUL
VDIKDV×KRĂJ|UOROPDV×G×U+RĂJ|ULQVDQ×Q
NHQGLQGHQ\DSW×ÿ×ELUIHGDNDUO×NW×U<DQLNDU
Ă×V×QGDNL LQVDQD L\OLN \DSDELOGLÿL JLEL RQXQ
\DSW×ÿ×KDWDODU×QDVDEUHGHELOPHNYHDɛHGH
ELOPHNWLU 1LWHNLP .XU·DQ× .HULP·GH Ă|\OH
EX\XUXOPXĂWXU2QODU´WDNYDVDKLSOHULµEROOXNWDYHGDUO×NWD$OODKLoLQKDUFDUODU|INHOHULQL\HQHUOHULQVDQODU×DɜHGHUOHU$OODK·GD
J]HO GDYUDQDQODU× VHYHU2 +] 3H\JDPEHU
GH DUNDGDĂODU×QD HVDV JoO SHKOLYDQ NLP
GLU"GL\HVRUDU$UNDGDĂODU×FHYDSRODUDNKHU
NHVLJUHĂWH\HQHQNLPVHGLUGHUOHU+]3H\
JDPEHUKD\×URGHÿLOGLUEX\XUXU$UNDGDĂODU×
NLPGLUH\$OODK×Q5HVXO"%XQXQ]HULQH+]
3H\JDPEHUĂ|\OHFHYDSYHULU´(VDVSHKOLYDQ
KHUNHVL JUHĂWH \HQHQ GHÿLO $V×O SHKOLYDQ
|INHDQ×QGD|INHVLQHKDNLPRODQNLPVHGLUµ
ĀQVDQ VDE×UO× YH KRĂJ|UO ROPDNOD LQ
VDQODU×Q NDOELQL YH VHYJLVLQL ND]DQ×U $\Q×
]DPDQGDJHOHFHNWHSNLOHULYHN|WONOHULGH
RUWDGDQNDOG×U×U1LWHNLP&DELU·GHQQDNOHGL
OHQ KDGLVWH Ă|\OH GHQLOPLĂWLU ´6DWW×ÿ×QGD
VDW×Q DOG×ÿ×QGD YH KNPHWWLÿLQGH VDE×UO× YH
KRĂJ|UORODQNLĂL\H$OODKUDKPHWHGHUµ
1
2
$OඈøPUDQ
$OඈøPUDQ
<(āĀ/$<$ā'(5*Ā6Ā
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
*OHU \]O YH KRĂJ|UO RODQ YH\D RO
PD\DQ NLPVHQLQ GXUXPXQX +] 3H\JDPEHU
´<XPXĂDNO×N EXOXQGXÿX ĂH\L VVOHU EXOXQPDG×ÿ×ĂH\LLVHoLUNLQN×ODUµEX\XUPXĂWXU
ĀQVDQODU ELUELULQH NLQ EHVOHPHPHOL YH
GĂPDQROPDPDO×G×U=LUD$OODKNHQGLVLQHĂLUN
G×Ă×QGDJQDKODU×DɛHWWLÿLKDOGH\DOQ×]ELUEL
ULQHGĂPDQRODQODU×QJQDKODU×Q×DɛHWPH\H
FHÿLQL(EX+UH\UH·GHQUDQDNOHGLOHQĂXKD
GLVEHOLUWLU´ĀQVDQODU×QDPHOOHULKHUKDIWDLNL
GHIDSD]DUWHVLYHSHUĂHPEHJQ$OODKDDU]
HGLOLU+HUP·PLQNXODɜHGLOLU$QFDNNDUGHĂLLOHDUDV×QGDGĂPDQO×NRODQDɜHGLOPH]%X
LNLNLĂL\LGĂPDQO×NODU×QGDQG|QQFH\HNDGDU
E×UDN×Q×]YHEHNOHWLQL]GHQLOLUµ
+] $\ĂH UD +] 3H\JDPEHU·LQ VD
KRĂJ|UVQDQODW×UNHQĂDKVLELUPHVHOHGHQ
XÿUDG×ÿ×]DUDUODUGDQGROD\×NLPVH\LLQFLWPH
GLÿLQLYHNLPVHGHQDVODLQWLNDPDOPD\DNDON
PDG×ÿ×Q×EHOLUWWLNWHQVRQUDGHUNL$OODKDDLW
ELUKDNoLÿQHQLUVHRQXKLoDɛHWPH]GL
0VOPDQODUQDV×OELUELULQHNDUĂ×KRĂJ|U
OGDYUDQPDV×JHUHNL\RUVDNHQGLG×Ă×QGDNLLQ
VDQODUD GD KRĂJ|UO GDYUDQPDO×G×U 1LWHNLP
ĀVODP RUGXODU× oHĂLWOL E|OJHOHUL IHWKHWWLNOHUL
]DPDQ KDOLIH +] (EX %HNLU·LQ V|\OHGLÿL ĂX
V|]OHUEXQXHQJ]HOĂHNLOGHDo×NODU +LoELU
NoNoRFXÿX\DĂO×\×YHNDG×Q×|OGUPH\LQL]
+LoELUDÿDF×NHVPH\LQL]<HPHLKWL\DF×G×Ă×QGDKLoELUNR\XQXV×ÿ×U×NHVPH\LQL]6L]NLOLVHOHUGHYHKDYUDODUGDLEDGHWHGHQELUWDN×P
WRSOXOXNODUODNDUĂ×ODĂDFDNV×Q×]RQODU×NHQGLOHUL\OHEDĂEDĂDE×UDN×Q×]GRNXQPD\×Q×]
<(āĀ/$<$ā'(5*Ā6Ā
+] 3HJDPEHU·LQ DɛHGLFL YH KRĂJ|UO
ROGXÿXQXDo×NOD\DQELUoRN|UQHNYDUG×U$GD
P×Q ELUL HYH JLUPHN LoLQ 5HVXOXOODK·WDQ L]LQ
LVWHGL 2 GD PVDDGH HWWL IDNDW DLOHVLQH GH
EXDGDP×QNDELOHVLQLQL\LELUIHUGLRODUDNEL
OLQPHGLÿLQLV|\OHGL$GDPHYHJLUGLÿLQGH+]
3H\JDPEHURQXoRNL\LYHKRĂJ|UONDUĂ×ODG×
+]$\ĂHEXQDĂDĂ×UP×ĂW×0LVDÀUJLWWLÿLQGHEX
ĂDKV×QL\LELULVLROPDG×ÿ×Q×ELOPHVLQHUDÿPHQ
RQDQLoLQEXNDGDUL\LGDYUDQG×ÿ×Q×VRUGX5H
VXOXOODKVD´$OODK‹\DQ×QGDHQN|WLQVDQ
NVWDKYHN|WV|]V|\OHGLÿLLoLQLQVDQODU×Q
J|UĂPH\LNHVWLÿLLQVDQG×UGHPLĂWLU
5HVXOXOODK7DLIKDON×Q×ĀVODPDGDYHWLoLQ
JLWPLĂWLIDNDWKDONĀVODP·ODDOD\HWPLĂKD
NDUHWHWPLĂYH2QX\DUDOD\DUDNNDQODULoLQGH
E×UDNP×ĂODUG× %X GXUXPGD ELU EDKoH\H V×
ÿ×QG×ÿ×QGDELUPHOHNJHOPLĂYHHÿHULVWHUVHQ
GDÿׁVWOHULQH\×NDUDN7DLIKDON×Q×\RNHGHELO
FHÿLQLV|\OHPLĂWLU$OHPOHUHUDKPHWRODUDN
J|QGHULOHQ +] 3H\JDPEHU +D\×U RQODU×Q
oRFXNODU× $OODKD NXOOXN HGHELOLUOHU FHYDE×
Q×YHUPLĂYHGXUXPXKRĂJ|ULOHNDUĂ×OD\DUDN
DɛHWPLĂWLU%|\OHFHRQODUGDQ0VOPDQROD
FDNQHVLOOHULQ\RNROPDV×Q×HQJHOOHPLĂWLU
1HWLFH RODUDN WRSOXP LoLQGH \DĂD\DQ
IHUWOHURODUDNGLQLYH|UÀKXVXVODUDQHNDGDU
X\DUVDNYH+]3H\JDPEHULQDKODNLLOH|]GH
DKODNODQ×UVDNR]DPDQELUELULPL]HNDUĂ×VD\
J×O× YH KRĂJ|UO ROXUX] NL KX]XU YH UDKDW
LoLQGH\DĂDPDLPNDQ×QDHULĂLUL]$NVLLVHKX
]XUVX]OXNYHPXWVX]OXNROXU
21
6818ā
<HĂLO $\DĂ 'HUJLVLQLQ VD\×V×QGD (PHNOL 9DOL
<DUG×PF×V×6Q7HYÀN.$5$%$/,.´9HQHGLN·WHgOGUOHQ$\DĂO×YH$\DĂ·×Q*HOHFHÿLµNRQXOX\D]×V×LOH
$\DĂ·×Q*HOHFHÿLYH.DON×QPDV×NRQXVXQXJQGHPH
JHWLUPLĂWLU.DON×QPDNRQXVXĀOoHPL]L]L\DUHWHGHQ
$QNDUD9DOLVL6Q$ODDWWLQ<h.6(/·LQ$\DĂ.D\PD
NDP×6Q+DVDQ%$/&,YH%HOHGL\H%DĂNDQ×6Q$OL
%$ā.$5$$þ$d·WDQELOJLDO×SKDON×P×]NDQDDW|QGHU
OHUL VLYLO WRSOXP WHPVLOFLOHUL YH PXKWDUODUOD \DS
W×ÿ×WRSODQW×Q×QDUG×QGDQ\HQLGHQJQGHPHJHOPLĂ
YHWDUW×ĂPD\DDo×OP×ĂW×U'HUJLPL]LQ\HQLVD\×V×QGD
(PHNOL |ÿUHWPHQ$YXNDW KHPĂHULPL] 6Q ĀEUDKLP
'85/8LOoHPL]LQNDON×QPDV×LOHLOJLOLWDUW×ĂPD\×ER
\XWODQG×UP×ĂYHJ|UĂOHULQLDo×NODP×ĂW×U
'HUQHNYH9DN×IRODUDNNRQX\X|QHPVHGLNYH
GHÿLĂLN WRSODQW×ODUGD LOJLOL YH ELOJLOLOHUOH NRQXĂ
WXN7RSODQW×ODUGDQGHUOHGLÿLPL]ELOJLOHULLOJLOLOHU
LOHNDPXR\XQDVXQPD\DNDUDUYHUGLN
<LQH'HUQHNYH9DN×IRODUDNEXJ|UĂOHULPL]
GHQ]HULPL]HGĂHQOHULQLQX\JXOD\×F×V×YHWDNLS
oLVLRODFDÿ×P×]×KDON×P×]DGX\XUXUX]
.RQXQXQWDUW×ĂPD\DDo×OPDV×Q×VDÿOD\DQKHP
ĂHULPL]6Q7HYÀN.$5$%$/,.·D$QNDUD9DOLVL6Q
$ODDWWLQ <NVHO·H YH GHÿLĂLN WRSODQW×ODUGD J|UĂ
OHULQLDNWDUDQD\U×FDEX\D]×GD$\DĂKDNN×QGDYH
NUHGLEDÿ×Ă GHVWHNOHU NRQXVXQGD ELOJLOHU YHUHQ
<UG'Ro'U%LODO$.·DYHNDWN×YHUHQGLÿHUGH
ÿHUOLKHPĂHULOHULPL]HÁNUDQODU×P×]×VXQDU×]
$<$ā+$..,1'$*(1(/%Ā/*Ā/(5*
Ā'$5Ā'8580
$\DĂ$QNDUD·\DNPROXS\]|OoP
NP
GLU$\DĂ\HQLo×NDQVD\×O×\DVDJHUHÿLQ
FH$QNDUD%\NāHKLU%HOHGL\HVLV×Q×UODU×LoHULVL
QHJLUPLĂROXS·VĀ2UPDQ.|\6WDWVQGH.|\
ROPDN]HUH.|\EXOXQPDNWDG×U%X\DVDJH
UHÿLQFH$\DĂ%\NĂHKLUĀOoH%HOHGL\HVL6LQDQO×
YH dDQ×OO× %HOHGL\HOHULQLQ %HOHGL\HOLNOHUL NDSDW×
ODUDN 0DKDOOHOHUL LOH ELUOLNWH $\DĂ %HOHGL\HVLQH
EDÿODQP×ĂODUG×U
ĀOoH0HUNH]LYH1%HOGHGHROPDN]HUH2%H
OHGL\HPHYFXWROXS.|\EXOXQPDNWDG×UĀOoH
0HUNH]LQGH2OWDQ%HOGHVLQGH3ROPDN]HUH
WRSODPPDKDOOHPHYFXWWXU
&2þ5$)Ā<$3,
$\DĂ $QNDUD·Q×Q NP NX]H\EDW×V×QGD
*
$\DúKDNNÕQGDEඈOJඈOHUYHNUHGඈNXUXOXúODUÕඈOHඈOJඈOඈEඈOJඈOHUKHPúHUඈPඈ]6Q<UG'Ro'U%ඈODO$.WDUDIÕQGDQKD]ÕUODQPÕúWÕU
22
ROXSNP2
OLNELUDODQD\D\×OP×ĂW×U'RÿXVXQ
GD 6LQFDQ YH .D]DQ %DW×V×QGD %H\SD]DU× .X]H
\LQGH*GOYH.×]×OFDKDPDP*QH\LQGH3RODWO×
ĀOoHOHUL\OHoHYULOLGLUĀOoHQLQHQJHEHOLELUNRQXPX
YDUG×U ĀOoH V×Q×UODU× LoHULVLQGH JHQLĂ \HU WXWDQ
YH \NVHNOLNOHUL P DUDV×QGD GHÿLĂHQ
$\DĂ·WDNL GDÿODU .X]H\*QH\ GRÿUXOWXVXQGD
ELUELULQH SDUDOHO GDÿ V×UDV× WHĂNLO HGHU$\DĂ·×
.D]DQĀOoHVLQGHQD\×UDQ'RÿXGDÿV×UDV×%DW×GDÿ
V×UDV×QDJ|UHGDKD\NVHNROXS.X]H\GHQ*QH
\HGRÿUXX]DQDQ8\NX*]HO$KPDĂ×KYH$EGV
VHODPGDÿODU×Q×LoLQHDO×U%XGDÿODU×QHQ\NVHÿL
PHWUHOLN$EGVVHODPGDÿ×G×U
$\DĂ·WDNDUDLNOLPLQLQWLSLN|]HOOLNOHULJ|UO
PHNWHROXSN×ĂODU×VRÿXN\D]D\ODU×V×FDNYHNX
UDNJHoHU5DN×PPHWUHROXS\×OO×NRUWDODPD
V×FDNO×N&2UWDODPD%Dÿ×O1HP54<×OO×N
RUWDODPD\Dÿ×ĂPLNWDU×PP
GLU
626<$/<$3,9(1h)86
1IXVXQ ·L ĀOoH 0HUNH]LQGH ·X N×U
VDO NHVLPGH \DĂDPDNWDG×U 0HUNH]GHNL KDON×P×
]×Q oRÿX HVQDÁ×N \DSPDNWD HPHNOL YH\D NDPX
VHNW|UQGHoDO×ĂPDNWDG×U.|\OHUGHLVHJHQHOOLNOH
7DU×PYH+D\YDQF×O×NLOHXÿUDĂ×OPDNWDG×U
\×O×QGD \DS×ODQ $GUHVH 'D\DO× 1IXV
VLVWHPL VRQXFXQD J|UH $\DĂ ĀOoH 0HUNH] 1IX
VXROXSHUNHNQIXVNDG×QQIXVLVH
·GU.|\OHULQWRSODPQIXVXROXSHU
NHNQIXVNDG×QQIXVLVH·GXU7RSODP
QIXVROXS7RSODPHUNHNQIXVND
G×QQIXV·GLU$GUHVH'D\DO×1IXVND\×W6LV
WHPLQHJ|UHQIXVXQ·LPHUNH]GH·XN×U
VDONHVLPGH\DĂDPDNWDG×U1IXVDUW×Ă×·GLU
(þĀ7Ā0.h/7h59(785Ā=0
$\DĂ·WDĀONRNXO2UWDRNXOĀPDP+DWLS
2UWDRNXOX%Dÿ×PV×]$QDRNXOXg]HO$QDRNXOX
dRN3URJUDPO×/LVH$QDGROX/LVHVLNRQ
WHQMDQ+DON(ÿLWLP0HUNH]L|]HOVUFNXUVX
YH|]HOGHUQHNOHUHDLWHUNHNN×]|ÿUHQFL\XU
GXEXOXQPDNWDG×U2NXOODUGDĀON|ÿUHWLPGH
2UWD|ÿUHWLPGH |ÿUHQFL HÿLWLP J|UPHNWHGLU
|ÿUHWPHQ LOH HÿLWLP YHULOPHNWHGLU 0HUNH]
6LQDQO×YH*|NOHUPDKDOOHVLQGHELUHU+DON.WS
KDQHVL EXOXQPDNWDG×U (ÿLWLP .XUXPODU× EQ\H
VLQGHIRONORUHNLSOHULYH+DON(ÿLWLP0HUNH]L·QGH
J|VWHULVDORQXEXOXQPDNWDG×U
785Ā=0
$\DĂ·WD \×O×QGD \DS×ODQ YH KDOD LEDGH
WH Do×N RODQ 8OX FDPLL $KĂDS 6HOoXNOX \DS×V×
<(āĀ/$<$ā'(5*Ā6Ā
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
.LOOLN &DPL 0LODGL āH\K 0XKLGGLQ &DPLL
$KĂDS $NWDĂ &DPLL \\ %Q\DPLQ
$\DĂL &DPLL JLEL WDULKL ELUoRN FDPL JLEL
HVHUOHU WUEHOHU .OWU %DNDQO×ÿ× WDUDI×QGDQ
NRUXPD DOW×QD DO×QP×Ă YH UHVWRUDV\RQX \DS×OP×Ă
|]HOPONL\HWHWDELYHDGHWWHVFLOKDULFLWDUL
KLDKĂDSHYOHUYH6DGXODK3DĂD.RQDÿ×oHĂPHOHU
KDQODU WDULKL SDĂD KDPDP× PHVLUH \HUOHUL ROD
UDN $VDUWHSH %DUDM× oHYUHVL YH $OD\ PHYNLLQGH
%HOHGL\HQLQ SLNQLN DODQODU× .DUDND\D NDSO×FDV×
YH$\DĂĀoPHYHNDSO×FDODU×%DĂNHQWhQLYHUVLWHVL
$\DĂ )L]LN YH 7HGDYL 0HUNH]L JQON WXUL]P LoLQ
|QHPOL PHNDQODUG×U +HU \×O +D]LUDQ D\×Q×Q VRQ
KDIWDV×QGDJHOHQHNVHOGXWIHVWLYDOL|QHPOLELUWD
Q×W×PYHWXUL]PHWNLQOLÿLGLU
7$5,06$/9(+$<9$16$/327$16Ā<(/
$\DĂPHUNH]LQGHYHN|\OHULQGHHNRQRPLWD
U×P YH KD\YDQF×O×ÿD GD\DQPDNWD ROXS \DĂ PH\
YH YH VHE]H \HWLĂWLULFLOLÿL |QHPOL ELU SRWDQVL\HOH
VDKLSWLUĀOoH0HUNH]LYHN|\OHULQGHWRSODP2198
DLOHoLIWoLOLNOHXÿUDĂPDNWDG×U7DU×PGDDLOHEDĂ×QD
GĂHQ DUD]L 251 GHNDU ROXS KHU WUO KXEXEDW
EDNOL\DWVHE]HPH\YHYHĂHNHUSDQFDUׁUHWLPLQH
X\JXQWRSUDNYHLNOLPĂDUWODU×LOoHPL]GHPHYFXW
WXU$\DĂ·WDVHE]HYHPH\YHUHWLPL|QHPOLPLN
WDUODUDXODĂP×ĂGRPDWHVNDYXQNDUSX]KDYXo
ELEHU IDVXO\H NLUD] GXW HOPDDUPXW YLĂQH
ĂHIWDOL]PJLELUQOHU|QHPOLJHOLUND\QDNOD
U×QGDQG×U$QNDUD·Q×QEDĂWDGRPDWHVROPDN]HUH
VHE]H YH PH\YH LKWL\DF×Q×Q |QHPOL ELU E|OP
$\DĂ·WDQ NDUĂ×ODQPDNWDG×U 6HUDF×O×N IDDOL\HWOHUL
GH\D\J×QODĂPDNWDG×U
+D\YDQF×O×NSRWDQVL\HOLDo×V×QGDQEDN×OG×ÿ×Q
GD$\DĂ·×Q.oNEDĂKD\YDQVD\×V×%\N
EDĂKD\YDQVD\×V×LVH·GLU*QONVWUH
WLPL WRQGXU %XQXQOD ELUOLNWH UHWLOHQ VWQ
SD]DUODPDV× NRQXVXQGD RUJDQL]H ROXQDPDP×ĂW×U
%X NRQXGD NRRSHUDWLI YH\D ĂLUNHWOHĂPH \RNWXU
·H\DN×QVWDUDEDV×LOH$QNDUD·GDVRNDNVW
oOÿ \DS×OPDNWDG×U YH$QNDUD·Q×Q WD]H VW LK
WL\DF×Q×Q ·×Q×Q $\DĂ WDUDI×QGDQ NDUĂ×ODQG×ÿ×
WDKPLQHGLOPHNWHGLU
7DU×PVDO DODQGD \DS×ODFDN LON LĂ KD]×UODQD
FDNELUSURMHLOH$\DĂYHN|\OHULQLQWRSUDNDQDOL]
OHULQLQ\DS×OPDV×G×U
<×OODU
$QNDUD
0H\YH9HUHQ$ÿDo6D\×V×DGHW
hUHWLPWRQ
'87h5(7Ā0Ā
7UNL\H YH$QNDUD·GD 'XW hUHWLP7NHWLP
$QDOL]LYH3D]DUODPDV×hUHWLPYHhUHWLP7UHQGL
<×OODU LWLEDUL\OH GXW UHWLPLQGH D]DOPDODU
J|UOPĂ\×O×QGDLVHGXWUHWLPLWHNUDUDUW
PD\DEDĂODP×ĂW×UĀOLPL]$\DĂLOoHVLGXWXLOHPHĂ
KXUGXU ĀUL WDWO× VXOX PH\YHOHUL LOH VRQ \×OODUGD
GXWDRODQWDOHSDUWP×ĂW×U%XDUW×ĂWDLOoHQLQNDW
N×V× E\NWU ĀOoHGH GXW ÀGDQF×O×ÿ×Q×Q JHOLĂPHVL
HNRQRPL\HD\U×FDNDWN×VDÿODPDNWDG×U
ĀOLPL]GHVRQ\×ODJ|UHKD]×UODQDQSURMHN
VL\RQKHVDSODPDV×QGDPH\GDQDJHOHQDÿDoVD\×
V×QGDNLDUW×Ă×QRODFDÿׁUHWLPGHLVH·OLN
ELUD]DOPDRODFDÿ×GĂQOPHNWHGLU
'87$<$āĀdĀ1g1(0/Ā%Ā5h5h1'h5
ĀOoHPL]LQNDON×QPDV×Q×
,7DU×PVDO.DON×QPD
,,7HUPDOYH7XUL]POH.DON×QPD
,,,'HYOHWHOL\OHNDON×QPD
2ODUDN WDVQLI HGHELOLUL] %X NRQXODUGDNL J|
UĂOHULPL]LDĂDÿ×GDVXQX\RUX]
,Ā/d(0Ā=Ā17$5,06$/.$/.,10$6,
ĀOoHPL]LQWDU×PVDONDON×QPDV×QGDUHWLFLoLIW
oLOHULQ PXKWHOLI NUHGL NXUXOXĂODU×QGDQ NUHGLKLEH
WHPLQ HGHELOPHVL V|]NRQXVXGXU .UHGLGHVWHN
KLEHYHUHQNXUXOXĂODULQFHOHQGLÿLQGHGHYOHWGL
ÿHUNXUXPODUGDQNUHGLKLEHNXOODQDQKHPĂHULPL
]LQVD\×V×GLÿHULOoHOHUHJ|UHoRND]G×U%XNRQXGD
ELOJLOHQGLUPHYHWHNQLNGHVWHNVDÿODQPDO×G×U
ĀOoHPL] Dÿ×UO×NO× RODUDN WDU×PD GD\DO× JHoLPLQL
VDÿOD\DQ ELU QIXVD VDKLSWLU 7DU×P DUD]LOHUL PLUDV
\ROXLOHE|OQHUHNNoOPHNWHGLU.oNWDU×PDUD]L
OHULQLQLĂOHWLOPHVLLOHoLIWoLQLQND]DQF×D]ROPDNWDG×U
.×UVDOGDQNHQWHELUJ|oV|]NRQXVXGXU*HQHOOLNOHN|\
GHNDODQQIXV\DĂO×ODUGDQROXĂPDNWDG×UdRÿXQOXNOD
DWDGDQ J|UGNOHUL LOH \HWLQHQ ELU WDU×P \DSPDNWD
G×UODU .LPL oLIWoLOHU LVH NoOHQ WDU×P DUD]LOHULQH
UDÿPHQWDU×PDOHWYHHNLSPDQODU×QGDQERUoODQDUDN
HGLQPHNWHGLUOHU (OGH HWWLNOHUL JHOLUOHU LOH ERUoODU×
NDUĂ×ODQPDPDNWDG×U%|\OHFHLODYHERUoODQPDVRQX
FXLoLQGHQo×N×ODPD]GXUXPDGĂPHNWHGLUOHU
7DU×P UQOHUL oHĂLWOHQGLULOHUHN DOWHUQDWLI
WDU×PVHUDF×O×NVXODPDWHNQLNOHULYHL\LWDU×P
RUJDQLNWDU×PNRQXODU×QGDoLIWoLOHUELOLQoOHQGLULO
PHOLGLUĀOoHWDU×PWHĂNLODW×PDVDEDĂ×QGDQNDON
PDO×EL]]DWUHWLFLQLQ\DQ×QGDROPDO×G×U
7UNL\H
0H\YH9HUHQ$ÿDo6D\×V×DGHW
hUHWLPWRQ
7DEOR$QNDUD7UNL\H'XW$ÿDo6D\×V×YHhUHWLP7RQ'HÿHUOHUL
<(āĀ/$<$ā'(5*Ā6Ā
23
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
<×OODU
$QNDUD
0H\YH9HUHQ$ÿDo6D\×V×DGHW
hUHWLPWRQ
7UNL\H
0H\YH9HUHQ$ÿDo6D\×V×DGHW
hUHWLPWRQ
7DEOR7UNL\H'XW$U]YH7DOHS3URMHNVL\RQX
=LUDDWRGDV×NDWN×V×\ODNoNWDU×PDUD]LOHULQLQLĂOHQHELOPHVLLoLQRUWDNLĂOHWLOHFHNWDU×PHNLSPDQ
ODU×ELUOLNWHOLÿLNRRSHUDWLÁHULNXUXOPDO×G×U
6WUDWHML
'XWhUHWLPLYH3D]DUODPD
0HYFXW'XUXP
6RQ\×OODUGDGXWDÿDF×GLNLPLQGHE\NDUW×ĂROPXĂWXU
'XWOXNODUDUD]LUDDWL\DS×ODFDNEDKoH\DGDWDUODNHQDU×QGDoLWWLSLEDKoHĂHNOLQGH
'ĂN×V×GHUHFHOHULQGHNXUDNYH\HWHUVL]ĂDUWODUGDGDKL\HWLĂWLULOHELOPHNWHGLU
3UREOHPOHU
(NRQRPLNDQODPGDGHÿHUOHQGLULOPH\ROXQDJLGLOPHPHNWH
'DKDoRNWD]HRODUDNWNHWLOPHNWHRODQGXWPH\YHVLQLQELUN×VP×GHÿHUOHQGLULOPHGHQ]L\DQROPDNWD
)×UVDWODU
'XW\HWLĂWLULFLOLÿLID]ODRODQ|]HOOLNOH$\DĂĀOoHVLQGHD]\DW×U×PODSHĂLQSDUDYH\NVHNJHOLU
JHWLUHQNROD\ND]DQoO×KHU\DĂWDYHNHVLPGHQLQVDQODU×Q\DSDELOHFHÿLJQVUHOLELULĂRODQ
LSHNE|FHNoLOLÿLHNRQRPLNRODUDN\DS×ODELOLU
0H\YHVLoRN\|QOGXWNXUXVXSHNPH]LJLELGHÿHUOHQGLULOHELOLU
.HUHVWHVLN×\PHWOLGLU
7HKOLNHOHU
0H\YHHWL\XPXĂDNYHVXOXROGXÿXQGDQKDVDWYHSD]DUODPDHVQDV×QGDPH\GDQDJHOHQ]HGHOHQPH
OHUWD]HPH\YHNDOLWHVLQLGĂUPHNWHGLU
dRNX]XQ|PUOROXSWDEDQVX\X\NVHN\HUOHUGHN|NoUNOÿQHNDUĂ×KDVVDVW×U
7DEOR7UNL\HYH$QNDUD'XW3D]DUODPDV×*=)7$QDOL]L
ĀOoHPL]GHUHWLOHQEDĂWDGXWGRPDWHVNLUD]YE
WDU×PVDO UQOHU D]×PVDQPD\DFDN ER\XW YH E\N
ONWHGLU$QFDNEXUQOHUUHWLFLGHQNDE]×PDO
WDUDI×QGDQ EHOLUOHQHQ À\DW DUDO×ÿ× LOH DO×QPDNWDG×U
.DE]×PDOODU×QEHOLUOH\HFHÿLÀ\DWDUDO×ÿ×GĂQGU
FROGXÿXJLEL|GHPHOHULGHELURNDGDUHQGLĂHYH
ULFLGLUā|\OHNLKHUUHWLFLVH]RQVRQXQGDELUPLNWDU
DODFDÿ×QD NDOHP oHNPHN ]RUXQGD NDOPDNWDG×U %LU
UHWLFLLoLQ|QHPVHQPH\HQGHÿHUWRS\HNXQUHWLFL
OHUED]×QGDGĂQOGÿQGHE\NELUUDNDPDXOD
ĂDFDNW×U$\U×FD \UWOHQ EX JD\UL UHVPL LĂOHPOHU
VRQXFXGHYOHWLQGHND\E×V|]NRQXVXGXU
'XWGRPDWHVYEWDU×PUQOHULLOHKD\YDQVDO
UQOHUGHUHWLFLQLQELUOLNWHNXUDFDÿ×NRRSHUDWLI
OHUĂLUNHWOHU\DUG×P×\ODSD]DUODQPDO×0DUNDROXĂ
WXUXOXS PDUNDQ×Q NRUXQPDV×QD oDO×Ă×OPDO×G×U %X
NRQXGD\HQLG]HQOHQHQ¶·3D]DUODUYH7RSWDQF×+DO
\DVDV×··LQFHOHQHUHNUHWLFLOHUD\G×QODW×OPDO×G×U
24
7DU×PDODQODU×Q×QLĂOHQPHVLQGHGRÿDOKD\DW×Q
NRUXQPDV×QD |]HQ J|VWHULOPHOL GRÿDO ]HQJLQOLN
OHULPL]LQNRUXQPDV×QDD]DPLJD\UHWJ|VWHULOPHOL
GLUāHKULQJQH\LQGHNL$EGVVHODPGDÿ×WDĂRFDÿ×
KDOLQHJHWLULOPLĂKHUJQGLQDPLWOHQHUHNoHYUH\H
JUOWWR]YHPHYFXWVXND\QDNODU×Q×Q\|QGHÿLĂ
WLUPHVLND\EROPDV×YH\DEDQLKD\YDQNXĂSRS
ODV\RQXQXQ\RNROPDV×JLEL]DUDUODUYHUPHNWHGLU
'RÿD\DYHULOHQ]DUDUODU×QWHODÀVLPPNQROPD\D
FDNKDOHJHOPHGHQWHGELUDO×QPDV×JHUHNPHNWHGLU
ĀOoHPL]GH KD\YDQF×O×N SRWDQVL\HOL GH JLWJLGH
D]DOPDNWD GDUDODQ PHUDODU LOH ELUOLNWH VWQH
VWON¶·%\NĂHKLU<DVDV×··EXSRWDQVL\HOLQWDPD
PHQ\RNROPDV×QDQHGHQRODFDNW×U=DWHQoEHĂ
NPHV KD\YDQ× \D GD NoNEDĂ KD\YDQ LOH NHQGL
JQON LKWL\DoODU×Q× NDUĂ×OD\DQ NoN oLIWoLOHU LOH
ELUOLNWH RUWD E\NONWH KD\YDQF×O×N \DSDQODU GD
RUWDGDQNDONPDNWDG×U%XQXQVRQXFXRODUDN\|UH
<(āĀ/$<$ā'(5*Ā6Ā
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
QLQVLPJHVLRODQ¶·7LIWLN.HoLVL¶·EDĂWDROPDN]HUH
KD\YDQF×O×ÿ×QWNHQPHVLWHKOLNHVLYDUG×U
ĀOoHPL]GH KD\YDQF×O×N NRQXVXQGD GDKD GLN
NDWOL ELU SROLWLND UHWLOPHOL KD\YDQ UQOHULQLQ
GHÿHUOHQGLULOPHVLQGH GHYOHW GHVWHNOL LĂOHWPHOHU
NXUXOPDO×YHWDU×P×QVDQD\LOHĂWLULOPHVLQGHGHYOHW
|QFONHWPHOLGLUgUQHÿLQE|OJH\HoRNDFLOVW
LĂOHPHWHVLVLNXUXOPDO×G×U
,,7(50$/9(785Ā=0Ā/(.$/.,10$
ĀOoHPL]$QNDUD·\DoRN\DN×QWDULKLNOWUHO
YHWHUPDOGRNX\DVDKLSELULOoHGLU%XVWQONOH
ULPL]LQNXOODQ×OPDV×LoLQoDO×ĂPDODU\DS×OPDO×G×U
.RPĂXLOoH%H\SD]DU×NHQGLQLDĂP×ĂQHUHGH\
VH XOXVODU DUDV× WDQ×Q×U KDOH JHOPLĂWLU <LQH GLÿHU
NRPĂXODU×P×]GDWDULKLGHÿHULRODQNRQXWODU×UHVWR
UDV\RQHWWLUHUHNWXUL]PGHQSD\DOPD\DU×Ă×QGDG×U
ĀOJLQoRODQLOoHPL]GHQKDIWDLoLKHUJQ\]
OHUFH DUDo KDIWD VRQODU× LVH EXQXQ ELUNDo PLVOL
DUDo LOH LQVDQODU JHoPHNWH EL]OHU VH\UHWPHNWH
\L]%XQFDLQVDQ×QELUN×VP×Q×QDV×O$\DĂ·DXÿUDW×
U×]"$UD\×Ă×QGDROPDO×\×]
$EGVVHODP GDÿ×QGDNL WDĂRFDÿ× LĂOHWPHVL
WDKULSHWWLÿLDODQODU×QEHGHOLRODUDNRE|OJHGHN×Ă
WXUL]PLQH G|QN ELU WHVLV LoLQ NDWN× YHUPHOLGLU
%7&H\KDQ%RUXKDWW×Q×G|ĂH\HQ\XUWG×Ă×RUWDNO×
ÀUPDKDWW×QJHoWLÿL\HUOHUGHNLHNRORMLNGHQJH\L
NRUXPDNLoLQWLWL]oDO×ĂPDODU\DSP×ĂEXQXdHYUH
0KHQGLVOHULQFHNRQWUROHWWLUPLĂWLU
ĀOoHPL]LQLPDU×QGDGRNXVXNRUXQDUDN ´6HVL]
āHKLU··RODUDNJQONWXUL]PHDo×OPDO×G×U
ĀOoHPL]LQX\JXQ\HUOHULQH+RELEDKoHOHULNX
UXOPDO×EX\ROODWXUL]PLQ|QDo×OPDO×G×U
ĀOoHPL]DPDW|UVSRUNXOE$\DĂVSRUNXOE
GHVWHNOHQPHOLGLU$\U×FD GLÿHU DPDW|U VSRU GDO
ODU× LoLQ WDN×PODU NXUXOPDO× 2NXOODUGDQ VSRUXQ
GHÿLĂLNGDOODU×QGDDWOHWL]PYEEDĂDU×O×|ÿUHQFLOHU
VHoLOLS |]HO HÿLWLP X\JXODQDUDN JHOLĂWLULOPHOLGLU
6SRUPVDEDNDODU×Q×QLOoHPL]GH\DS×OPDV×WXUL]
PLJHOLĂWLUHFHNWLU
$\DĂ .XPOXGRUXN·WD EDĂODW×ODQ <DPDo 3DUD
ÁW X\JXODPDV× LOoHPL] LoLQ E\N ELU ĂDQVW×U
<DPDoSDUDÁWX\JXODPDV×LoLQRUWDP×QG]HQ
OHQPHVLQGHQ EX VSRUX \DSDQODU×Q LKWL\DoODU×Q×Q
JLGHULOPHVLQHNDGDUNLJHUHNOLoDO×ĂPDODU×Q\DS×O
PDV×JHUHNPHNWHGLU
2NXOODUGDQEDĂODQDUDNWXUL]PELOLQFLKLWDS
L\L KL]PHW YH EHQ \HULQH EL] NDYUDP× YHULOPHOL
%LUOLNWH oDO×ĂPD SURMH UHWPH PWHĂHEELVOLN
UXKX YHULOPHOL +DON×P×]D WXUL]PLQ WHPL]OLN YH
G]HQLOHJHOLĂHFHÿLQLNRQXNODU×QPLVDÀUJ|]\OH
EDN×O×S RQODU×Q ELU GHID\D PDKVXV JHOVHOHU ELOH
LOHULGHWXUL]PHOoLVLRODFDNODU×GĂQFHVL\HUOHĂ
WLULOPHOLGLU %X NRQXGD HVQDI RGDODU×Q×Q NDWN×V×
DO×QPDO×G×U
+DON(ÿLWLP0HUNH]OHULQGHQKHU\×O\]OHUFH
NXUVL\HU \HWLĂPHNWH EXQODU×Q ND]DQG×NODU× \H
<(āĀ/$<$ā'(5*Ā6Ā
WHQHNOHU DW×O NDOPDNWDG×U hUHWLPH G|QN NXUV
ODUGDQ EDĂDU×O× RODQODU UHWLPH GHYDP HWWLULOLS
UQOHULQLQ SD]DUODQPDV× \|QQGH oDO×ĂPD \D
S×OPDO×G×U gUQHÿLQ WHVWL WRSUDÿ× YH VHUDPLN HO
LĂOHPHOHULHVNLWPH\|QWHPLYHER\DPDYE
āHKLUJLULĂLQGHNLKDONSD]DU×GHQHWLPOLYHKHU
\|QLOHG]HQOLROPDO×G×U
.RQXNODU×Q PHPQXQL\HWL HVDV ROPDO× EXQD
\|QHOLN \HQL WHVLVOHULQ Do×OPDV×QD |QFON HGLO
PHOLGLU
%DURODU %LUOLÿLQFH \DS×ODQ WHVLVLQ LĂOHWPH\H
Do×OPDV×KDOLQGHWXUL]PYHWLFDUHWWHLOoHPL]HE
\NNDWN×V×RODFDNW×U
ĀOoHPL]GH \HWHUOL VD\× YH NDOLWHGH WXYDOHW
\RNWXU0HYFXWODUNDSDVLWHYHoDO×ĂDQ×LOHDFLOHQ
J|]GHQJHoLULOPHOLGLU
gWH\DQGDQ7HUPDOVX\|QQGHQ]HQJLQRODQ
\|UHPL]GH \DW×U×PF×ODU GHÿLĂLN ER\XWOX WHUPDO
WHVLVOHU NXUPDNWDG×UODU ĀOoH\H EXQODU×Q NDWN×V×
DUDĂW×U×O×SWHGELUDO×QPDO×G×U
.DUDND\D·GDNL.DSO×FDKHUPHYVLPLĂOHWPH\H
Do×NROPDO×Do×N\]PHKDYX]XKHUVH]RQoHYUHVL
LOH ELUOLNWH \HQLGHQ J|]GHQ JHoLULOLS LĂOHWPHFL
QLQWHPL]OLNYHG]HQLOHLOJLOLHNVLNOLNOHULNRQWURO
HGLOHUHNG]HOWLOPHVLWDNLSHGLOPHOLGLU
'HUQHN YH YDNI×P×] KDON×P×]×Q |]YHULOL JD\
UHWOHUL LOH ROXĂWXUXODQ P]H YH NOWU HYL oDO×Ă
PDODU×Q×PHYFXGXJHOLĂWLUHUHN\HQLOHULLOHELUOLN
WHWXUL]PHVXQPD\DKD]×UG×U
,,,'(9/(7(/Ā</(.$/.,10$
ĀOoHPL] GHYOHW ND\QDNODU×QD \HWHULQFH XOD
ĂDPDPDNWDG×U ĀOoHPL]GHNL GHYOHW ELULPOHULQLQ
ELUHU ELUHU PHUNH]GH WRSODQPDV× DG×QD NDSDW×O
PDV×Q× ]QW LOH VH\UHWPHNWH\L] 'HYOHWLQ EX
SROLWLNDV×\ODV|]JHOLPLE|OJHPL]HELULKWLVDVKDV
WDQHVLNXUXODELOLU<DGDKHUKDQJLELUhQLYHUVLWH
QLQ KLo ROPD]VD ELU )DNOWHVL \NVHN RNXO JH
WLULOHELOLU$QNDUD LOoHOHUL LoHULVLQGH<NVHN 2NXO
EXOXQPD\DQ QDGLU LOoHOHUGHQ ELULVL ĀOoHPL]GLU
hQLYHUVLWHOHUGHQLOoHPL]GHKLoROPD]VDELU<N
VHN RNXO DoPDODU× LoLQ JLULĂLPGH EXOXQXOPDO×G×U
%XNRQXGDND\EHGLOHFHN]DPDQ×P×]\RNWXU
72.Ā·QLQ LNLQFL 7RSOX NRQXW \DS×P×Q× GDKD
ONVRODUDNSODQOD\×S\LQHELUNRQVHSWRODUDNX\
JXODPDV×
6RQXo
ĀOoHPL]GH \Dÿ YDU WX] YDU XQ YDU EXQODU
GDQ KHOYD \DS×ODPDPDV× LOJLQoWLU ĀOJLOLOHULQ YH
\HWNLOLOHULQ ELU DUD\D JHOHUHN KDON×P×]OD ELUOLN
WH ¶·+HUNHVLQ$\DĂ×P×] LoLQ <DSDELOHFHÿL %LU ĂH\
YDUG×U··VORJDQ×\OD oDO×Ă×OPDV× JHUHNWLÿL GĂQFH
VLQGH\L]
6D\J×ODU×P×]OD
$\DĂ9DNI×YH$\DĂ'HUQHÿL<|QHWLP.XUXOX
25
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
+$\ELNH$.
1HYĂHKLUhQLYHUVLWHVL
*]HO6DQDWODU)DNOWHVL
6HUDPLNYH&DP7DVDU×P×%|OP
$UDĂW×UPD*|UHYOLVL
ĀONoDÿGD\DĂDP×ĂPHGHQL\HWOHULQJHoPLĂLQH
EDN×OG×ÿ×QGD LQVDQRÿOX LKWL\DoODU× GRÿUXOWXVXQGD
LON |QFH VX\X GDKD VRQUD WRSUDÿ× YH DWHĂL NXO
ODQP×ĂW×U *QON NXOODQ×PGD RUWD\D o×NDQ NDS
JHUHNVLQLPOHULQL NDUĂ×ODPDN LoLQ LONHO WRSXPODU
NLO YH DWHĂL EXOXĂWXUDUDN VHUDPLN NDSODU× RUWD\D
o×NDUP×ĂODUG×U YH JQP] VHUDPLN VDQDW×Q×Q LON
WHPHOOHULQLIDUN×QGDROPDGDQDWP×ĂODUG×U
ĀKWL\DoWDQ RUWD\D o×NDQ YH LON RODUDN NDS
NDFDN RODUDN NXOODQ×ODQ VHUDPLN WDULK ER\XQFD
NLPL ]DPDQ GLQVHO ÀJUOHU RODUDN NLPL ]DPDQ
\D]×Q×QNXOODQ×OG×ÿ×WDEOHWOHUNLPL]DPDQPLPDUL
ELU|ÿHNLPL]DPDQGDGHNRUDWLIELUREMHRODUDN
LQVDQO×ÿ×QNDUĂ×V×QDoRNoHĂLWOLELoLPOHUGHo×NP×Ă
W×U6HUDPLNVDQDW×GRÿXĂXQGDQJQP]HVUHNOL
JHOLĂPLĂYHNHQGLQL\HQLOHPLĂWLU.LOLQLQVDQHOL\OH
EXOXĂWXÿXYHDOG×ÿׁoQFER\XWNXOODQ×P\HU
OHULYHQHGHQOHULLOHVDQDWGDOODU×Q×QHQHVNLVLROD
UDNQLWHOHQGLULOHELOLU3UHKLVWRULNG|QHPHDLWLONHO
VHUDPLNEXOXQWXODUEXJ|UĂGHVWHNOHPHNWHGLU
8\JDUO×NWDULKLER\XQFDoDQDNo|POHN\DGDSLĂ
PLĂ WRSUDNWDQ \DS×ODQ VHUDPLN ELoLPOHULQH J|]
DW×ODFDNROXQXUVDEXVUHFLQLQVDQRÿOXQXQJHOL
ĂLPLQLYHX\JDUO×NWDULKLQLRUWD\DNR\GXÿXDo×NoD
J|UOHELOLU
6HUDPLÿLQ LON KDPPDGGHVL EDOo×N DG× LOH
WDQ×QDQ oRN LQFH WDQHOL NR\XFD N×YDPO× oDPXU
ELULNLQWLOHULGLU ĀON VHUDPLN NDSODU LVH EDOo×N LOH
V×YDQP×Ă VHSHWOHUGLU %X EDOo×N V×YDO× VHSHWOHULQ
DWHĂLOHEXOXĂXSVHUWOLNND]DQPDODU×VRQXFXROX
ĂDQVHUDPLNNDSODUGD\DQ×NO×ROPDV×YHNXOODQ×ĂO×
ROPDODU×QHGHQLLOHX]XQVUHNXOODQ×OP×ĂODUG×U
<(āĀ/$<$ā'(5*Ā6Ā
ĀON oDPXU ĂHNLOOHQGLUPH \|QWHPL HO LOH VHU
EHVWĂHNLOOHQGLUPH\GL'DKDVRQUDoDUN×QEXOXQ
PDV×LOHoDUNLOHĂHNLOOHQGLUPHEDĂODG×ĀONRODUDN
HOLOHoHYULOHQoDUNGDKDVRQUDV×QGDLVHD\DNLOH
oHYULOHQ oDUN RODUDN GHYDPO×O×ÿ×Q× VUGUG 6H
UDPLNSLĂLULPLLVHDo×NDODQGDDWHĂ\DN×ODUDN\D
S×OPDNWD\G×7DULKLQHUNHQG|QHPOHULQGHVHUDPLN
\DS×P×QGDNXOODQ×ODQEXLONHO\|QWHPOHUGRÿDOO×N
ODU×QHGHQLLOHJQP]GHGHNXOODQ×OPDNWDG×UODU
$QDGROXHQHVNLNOWUHOWRSOXPODUDHYVD
KLSOLÿL\DSPDV×Q×Q\DQ×V×UDVHUDPLNVDQDW×Q×QGD
LONEXOXQWXODU×QDĂDKLWOLNHWPLĂWLU7DULKWHND\GH
GLOPLĂHQHVNLVHUDPLNEXOXQWXODU×QD$QDGROX·GD
UDVWODQP×ĂW×U(QHVNL\HUOHĂLP\HUOHULRODQ+DF×
ODU YH$ODFDK|\N·WH EXOXQDQ oDQDNODU 0g \×O×Q×QL]OHULQLWDĂ×PDNWDG×U
*HoPLĂWHQ JQP]H GHYDPO×O×ÿ×Q× VUG
UHQ VHUDPLN VDQDW× JQP] VDQDW×QGD |QHPOL
ELU \HUH VDKLSWLU *HOLĂHQ WRSOXPODU YH DUDo JH
UHoNXOODQ×P×Q×Q|QSODQDo×NPDV×LOHJHoPLĂLQ
PWHYD]L NXOODQ×P PDO]HPHVL JQP] oDÿGDĂ
VHUDPLN IRUPODU×QD \DYDĂ \DYDĂ G|QĂPĂWU
ĀVWHU VDQDWVDO EDÿODPGD LVWHUVH GH HQGVWUL\HO
NXOODQ×PD \|QHOLN ROVXQ VHUDPLN oRN JHQLĂ ELU
NXOODQ×P DODQ×QD VDKLS RODQ JQP] WRSOXPX
QXQYD]JHoLOPH]ELU|ÿHVLGLU
1HYĂHKLUhQLYHUVLWHVL*]HO6DQDWODU)DNOWHVL6HUD
PLNYH&DP7DVDU×P×%|OP$UDĂW×UPD*|UHYOLVL$\ELNH
$. WDULKLQGH +DFHWWHSH hQLYHUVLWHVL *]HO
6DQDWODU (QVWLWV
QGH \UWWÿ \NVHN OLVDQV |ÿUHQLP
YHHÿLWLPLQLWDPDPOD\DUDN7H]-ULVL|QQGHVDYXQPDV×
Q×EDĂDU×LOH\DSP×ĂYHNRQXVXQGDX]PDQROPXĂWXU
27
<UG'Ro'U+XGD\DU&,+$1*h1*g5
<×OG×U×P%H\D]×WhQLYHUVLWHVL
ĀQVDQYH7RSOXP%LOLPOHUL)DNOWHVL
3VLNRORML%|OP
dRFXNEWQFDQO×ODULoLQGHHQX]XQVUH
EDN×P×NRUXQPD\×YHVHYJL\LJHUHNWLUHQELU
YDUO×NW×UdRFXN \HWLĂWLUPHVUHFLQGH DLOHOHU
ELOHUHN\DGDELOPH\HUHNoRFXNODU×Q×QJHOLĂL
PLQLROXPVX]\|QGHHWNLOH\HFHNNLPL]DPDQ
LVWLVPDUNLPL]DPDQGDLKPDOĂHNOLQGHGDY
UDQ×ĂODU J|VWHUHELOPHNWHGLUOHU %X QHGHQOH
LVWLVPDUYHLKPDOLQWDQ×QPDV×|QOHQPHVLYH
DLOHOHULQEXNRQXGDIDUN×QGDO×NODU×Q×QDUW×U×O
PDV×|QHPOLGLU
'LVLSOLQ DPDF×\OD oRFXÿD \|QHOLN ĂLGGHW
WPNOWUOHUGHV×NUDVWODQDQELUGXUXPGXU
hONHPL]GH NOWUHO |]HOOLNOHU oRFXÿX G|Y
PHJLELÀ]LNVHOLVWLVPDURODUDNNDEXOHGLOHQ
GDYUDQ×ĂODU×Q WRSOXP WDUDI×QGDQ NDEXO HGLO
GLÿLQL J|VWHUPHNWHGLU ´'D\DN FHQQHWWHQ
o×NPDG×Uµ´.×]×Q×G|YPH\HQGL]LQLG|YHUµ
´gÿUHWPHQLQYXUGXÿX\HUGHJOELWHUµJLEL
DWDV|]OHULPL]EXQODUD|UQHNWLUĀVWLVPDUWU
OHULQGHQ ELUL RODQ À]LNVHO LVWLVPDU DLOHQLQ
oRFXÿD\HWHULQFHGLNNDWHWPHPHVLVRQXFXQ
GDROXĂDQ\DUDODQPDODUYHND]DG×Ă×\DUDODQ
PDODU×NDSVDU*HQHOOLNOHDQQHEDEDoRFXÿX
FH]DODQG×UPDN LVWHGLÿLQGH HQ V×N RUWD\D o×
NDQÀ]LNVHOLVWLVPDUWUG|YPHGLU'|YPH
WRNDW\XPUXNWHNPHVDUVPDJLELKHUKDQJL
ELU DOHW NXOODQPDGDQ JHUoHNOHĂWLULOHELOHFHÿL
JLELNHPHUV×FDNVXWEDVPDKRUWXPVL
JDUD JLEL REMHOHU NXOODQ×ODUDN GD JHUoHNOHĂ
WLULOHELOLU
āLGGHW LoHUHQ ELU RUWDPGD E\\HQ oR
FXNODU\HWLĂNLQROGXNODU×QGDVDÿO×NO×YH\DN×Q
LOLĂNLOHUNXUPDGD]RUOXNoHNHELOLUOHU'X\JX
ODU×Q×YHNHQGLOHULQLLIDGHHWPHNWH]RUODQDEL
OLULOLĂNLOHULQGHJHUoHNoLROPD\DQEHNOHQWLOHU
LoLQH JLUHELOLUOHU %X oRFXNODUGD PXWVX]OXN
GHSUHV\RQ RNXO VRUXQODU× HYGHQ NDoPD
PDGGHNXOODQ×P×NHQGLQHJYHQVL]OLNYHVDO
G×UJDQO×NV×NUDVWODQDQVRUXQODUG×U
ĀNLQFLLVWLVPDUWUGX\JXVDOLVWLVPDUG×U
dRFXÿDEDÿ×UPDUHGGHWPHDĂDÿ×ODPDNI
28
UHWPH\DOQ×]E×UDNPDNRUNXWPD\×OG×UPD
WHKGLW HWPH GX\JXVDO LKWL\DoODU×Q× NDUĂ×OD
PDPD \DĂ×Q×Q ]HULQGH VRUXPOXOXNODU EHN
OHPH NDUGHĂ D\×U×P× \DSPD GHÿHU YHUPH
PH |QHPVHPHPH NoN GĂUPH DOD\O×
NRQXĂPDDĂ×U×EDVN×YHRWRULWHNXUPDODNDS
WDNPDEDÿ×PO×N×OPDYHDĂ×U×NRUXPDJ|U
OHQGX\JXVDOLVWLVPDUWUOHULGLU
dRFXNLVWLVPDU×WUOHULLoHULVLQGHVDSWDQ
PDV×HQ]RURODQoQFLVWLVPDUWUFLQVHO
LVWLVPDUG×U 3VLNRVRV\DO JHOLĂLPLQL WDPDP
ODPDP×ĂYH\DĂ×NoNRODQELUoRFXÿXQELU
HULĂNLQWDUDI×QGDQFLQVHOGR\XPLoLQNXOODQ×O
PDV×G×U 7HFDY] HQVHVW WHĂKLUFLOLN oRFXN
SRUQRJUDÀVLFLQVHOOLÿLN×ĂN×UWDQNRQXĂPDODU
SRUQRJUDÀNÀOPVH\UHWWLUPHFLQVHORUJDQOD
U×RNĂDPDYHRUDOVHNVHNDGDUGHÿLĂHQH\OHP
OHULLoHULU
dRFXÿDLOLĂNLQLKPDOWUOHULLVHÀ]LNVHO
GX\JXVDO HÿLWLPVHO YH W×EEL LKPDO RODUDN
NDUĂ×P×]D o×NDELOLU ĀVWLVPDU YH LKPDOL D\×
UDQ |QHPOL QRNWD LVWLVPDU×Q DNWLI LKPDOLQ
LVH SDVLI ELU GXUXP ROPDV×G×U dRFXÿXQ HQ
VW G]H\GH JHOLĂLPLQL VDÿOD\DFDN GX\JXVDO
SD\ODĂ×P×Q ROPDPDV× GX\JXVDO LKPDO oRFX
ÿXQVDÿO×NO×JHOLĂPHVLQLROXPVX]\|QGHHWNL
OH\HFHN ĂHNLOGH W×EEL EDN×P×Q× \DSW×UPDPD
JHFLNWLUPH\DGD|QHULOHUHX\PDPDW×EELLK
PDOoRFXÿXQ\HWHQHNYHEHFHULOHULQHX\JXQ
HÿLWLP RODQDNODU×QGDQ \DUDUODQDPDPDV× \D
GDGHVWHNOHQPHPHVLHÿLWLPLKPDOLGLU
&LQVHO LVWLVPDUD XÿUD\DQ oRFXNODUGD LV
WLVPDU×QGX\JXVDOYHGDYUDQ×ĂVDOJ|VWHUJHOH
ULQH \HWLĂNLQOHULQ GLNNDW HWPHVL YH oRFXÿXQ
V|\OHPOHULQLYHGDYUDQ×ĂODU×Q×GLNNDWHDOPDV×
|QHPOLGLU%XQODUoRFXÿXQNHQGLVLQHEDNDQ
NLĂLQLQ HWHÿLQH \DS×ĂPD \D GD DĂ×U× EDÿ×PO×
ELU KDOH JHOPHVL X\NX ER]XNOXNODU× NDEXV
ODU\DWDÿD JLWPHNWHQ NRUNPDo×ÿO×NDWDUDN
X\DQPD IRELOHU LĂWDKWD GHÿLĂLNOLN GDKD
|QFHWDQ×G×ÿ×ELUNLĂL\OH\DOQ×]NDOPD\DDĂ×U×
<(āĀ/$<$ā'(5*Ā6Ā
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
WHSNLJ|VWHUPHRUWDGDJ|UQHQELUQHGHQRO
PDNV×]×QELUDNUDEDQ×Q\DGDDUNDGDĂ×QHYLQH
JLWPH\L UHGGHWPH \DĂ×\OD RUDQW×O× ROPD\DQ
FLQVHOGDYUDQ×ĂODUR\XQODU\DGDNRQXĂPDODU
VHUJLOHPHFLQVHOLoHULNOLUHVLPOHUoL]PHÀ
]LNVHO ELU QHGHQ ROPDNV×]×Q EDĂ DÿU×V×QGDQ
PLGH EXODQW×V×QGDQ ĂLND\HW HWPH DQL KX\
GHÿLĂLNOLNOHULQLQ ROPDV× J|] |QQH DO×QPDV×
JHUHNHQJ|VWHUJHOHUGLU
(ÿHUoRFXÿXQGX\JXVDOÀ]LNVHOYHFLQVHO
LVWLVPDUD XÿUDG×ÿ×Q× GĂQ\RUVDQ×] VL]LQOH
\D GD JYHQLOLU ELU \HWLĂNLQOH NRQXĂPDV×Q×
VDÿODPDNDPDF×\ODJYHQOLELURUWDPROXĂWX
UXQ <DĂDG×NODU×Q× DQODWPDV× NRQXVXQGD RQX
FHVDUHWOHQGLULUNHQ YH oRFXÿXQ DQODWPDV×Q×
HQJHOOH\HFHNGX\JXVDOWHSNLOHUGHQNDo×Q×Q
d2&8./$5,1&Ā16(/Ā67Ā60$5'$1
.25810$6,.218681'$
9(5Ā/(%Ā/(&(.%Ā/*Ā/(5
dRFXNODUD L\L YH N|W GRNXQPD |ÿUHWLO
PHOLGLU Ā\L GRNXQPDQ×Q DLOHPL]LQ DUND
GDĂODU×P×]×Q YH GLÿHU WDQ×G×NODU×P×]×Q EL]L
|QHPVHGLÿLQL DQODWDQ NHQGLPL]L L\L YH HP
QL\HWWH KLVVHWPHPL]L VDÿOD\DQ GRNXQPDODU
ROGXÿX LIDGH HGLOLU .|W GRNXQPDODU×Q LVH
NHQGLPL]L|INHOLUDKDWV×]YHPXWVX]KLVVHW
PHPL]HQHGHQROGXÿXĂHNOLQGHDQODW×ODELOLU
dRFXNODUD DĂDÿ×GDNL ELOJLOHULQ YHULOPHVL GH
|QHPOLGLU%XQODU
%HGHQOHULQLNRUXPD\×|ÿUHWPHN
dRFXNODU×Q EHGHQOHULQLQ NHQGLOHULQH DLW
ROGXÿX|]HOOLNOHLooDPDĂ×UODU×LOHNDSDW×ODQ
E|OJHOHULQoRN|]HOE|OJHOHUROGXÿXYHNLP
VHQLQEXE|OJHOHUHGRNXQPDKDNN×Q×QROPD
G×ÿ×DQODW×O×U
+D\×U
GHPH\L|ÿUHWPHN
dRFXNODUDKHUKDQJLELULVLRQODU×LQFLWPH
\HNDONDUVDKD\×UGHPHOHULJHUHNWLÿLQLV|\OH
\LQ %X WDU] GXUXPODUGD R H\OHPL \DSPD\D
oDO×ĂDQ \HWLĂNLQLQ V|]QH LWDDW HWPHPHOHUL
JHUHNWLÿLLIDGHHGLOLU
<DUG×PLVWHPH\L|ÿUHWPHN
%LUL RQODUD N|W UDKDWV×] HGLFL ELU ĂH\
\DSDUVD DUNDGDĂODU×QGDQ \D GD E\NOHULQ
GHQ\DUG×PLVWHPH\L|ÿUHWLOLU
+HU]DPDQV×UVDNODQPD\DFDÿ×Q×|ÿ
UHWPHN
dRFXNODUDED]×V×UODU×QKLoELU]DPDQVDN
ODQPDPDV× JHUHNWLÿL V|\OHQLU %LULVLQLQ VHQ
GHQ |]HO \HUOHULQH GRNXQPDQ× LVWHPHVL \D
GD VHQLQNLQH GRNXQPDV× VDNODQDFDN ELU V×U
<(āĀ/$<$ā'(5*Ā6Ā
GHÿLOGLU$QODWPDPDV|]YHUPLĂROVDQELOH
DQODW×UVDQ EDĂ×QD oRN N|W ĂH\OHU JHOHFHÿL
V|\OHQPLĂROVDELOHE|\OHELUĂH\ROXUVDDQ
ODWPDO×V×QEXQXQVDNODQPDPDV×JHUHNHQELU
GXUXPROGXÿXoRFXNODNRQXĂXOPDO×G×U
dRFXNĀKPDOYHĀVWLVPDU×ĀOH.DUĂ×ODĂ×OG×
ÿ×QGD%DĂYXUDELOHFHÿLQL]<HUOHU
3ROLVPHUNH]OHUL
6DYF×O×NODU
ĀOOHUGHNL (PQL\HWLQ dRFXN āXEH 0GU
ONOHUL
$LOH YH 6RV\DO 3ROLWLNDODU %DNDQO×ÿ×$/2
7PKDVWDQHOHU
6DÿO×N %DNDQO×ÿ×QD EDÿO× NXUXODQ dRFXN
Ā]OHP0HUNH]OHULdĀ0
dRFXN ĀVWLVPDU×Q× YH ĀKPDOLQL gQOHPH
'HUQHÿL
hQLYHUVLWH+DVWDQHOHUL%Q\HVLQGH.XUX
ODQdRFXNĀVWLVPDU×Q×gQOHPH$UDĂW×UPD
YH8\JXODPD0HUNH]OHUL
.D\QDNODU
=DJH3DJH$dRFXNFLQVHOLVWLVPDU×
&LQVHOLVWLVPDUDQHGHQRODQHWNHQOHUYHFLQ
VHO LVWLVPDU×Q oRFXNODU ]HULQGHNL HWNLOHUL
7UN3VLNRORML<D]×ODU×
<FHO+dRFXÿD\|QHOLNLVWLVPDUYH
LKPDO.OWHJLQgJHO(G5LVNOLGDYUDQ×ĂODU
J|VWHUHQoRFXNYHHUJHQOHU$ODQGDoDO×ĂDQ
ODULoLQELOJLOHUSSĀVWDQEXO<HQL
GHQ6DÿO×NYH(ÿLWLP'HUQHÿL
.$5$.$<$
$/,ù9(5øù0(5.(=ø
$O৻øKVDQ$7$2/
+৻]PHW৻Q৻]GH\৻]
<HQ൴\RO1R$\Dú$1.$5$
Tel: 29
8þ85/8
+,5'$9$7
&XPKXUL\HW0H\GDQ×
7HO
$\DĂ$1.$5$
*h/(5
Ā1ā$$70$/=(0(/(5Ā
)HUDKIDNL0DKDOOHVL$UGL\HOHU0HYNLL
7HO$\DĂ$1.$5$
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
%DĂDU×.|ĂHVL
0HOLVVD%LULQFLOLÿL.LPVH\H
%×UDNP×\RU
*×GD7DU×PYH+D\YDQF×O×N%DNDQO×ÿ×Q×QLOJLOL
NXUXOXĂXRODQ7RSUDN0DKVXOOHUL2ÀVLQFHGLOH
JHWLULOHQ 8OXVDO ELU GX\DUO×O×N \DUDWPD\×
WRSOXPXQ WP NHVLPOHULQL ELOLQoOHQGLUPH\L
LVUDI DO×ĂNDQO×ÿ×Q× GHÿLĂWLUPH\L HNPHN LVUD
I×\ODELUOLNWHGLÿHULVUDÁDUDGDGLNNDWoHNPH
\L YH ND\QDNODU×P×]×Q KHED ROPDPDV×Q× KH
GHÁH\HQ %DĂEDNDQ×P×] 6D\×Q 5HFHS 7D\\LS
(5'2þ$1·×QEDĂODWW×ÿ×´(NPHNĀVUDI×Q×gQOH
PH.DPSDQ\DV×µNDSVDP×QGD0LOOL(ÿLWLP%D
NDQO×ÿ×LOH*×GD7DU×PYH+D\YDQF×O×N%DNDQ
O×ÿ× LĂELUOLÿL\OH ONH JHQHOLQGHNL LON RUWD YH
OLVH G]H\L RNXOODUGD UHVLP YH NRPSR]LV\RQ
\DU×ĂPDV×G]HQOHQGL
62<'$1'gù(0(
+HUWUONDQHSHNROWXN
৻PDODWÕYHWDP৻UDWÕ\DSÕOÕU(VN৻
PRE৻O\DODUÕQÕ]ÕQUHQNGH÷৻ú৻P৻YH
F৻ODVÕ৻W৻QD৻OH\DSÕOÕU
ĀONRNXO G]H\L UHVLP\DU×ĂPDV×QGD ĀOoH
PL] *D]L ĀONRNXOX 6×Q×I |ÿUHQFLVL 0HOLVVD
d$þ/$5 WP UDNLSOHULQL JHULGH E×UDNDUDN
7UNL\HELULQFLVLROGX.D\PDNDP×P×]+DVDQ
%$/&,·Q×Q GD NDW×OG×ÿ× G]HQOHQHQ |GO W|
UHQLQGH0HOLVVD|GORODQWDEOHWELOJLVD\D
U×Q× *×GD7DU×P YH +D\YDQF×O×N %DNDQ× 6D\×Q
0HKPHW0HKGL(.(5·GHQDOG×
)(75(.$1
'ø1/(10(
7(6ø6/(5ø
$KPHW62<'$1
7DúWRS6RN1R
ø1ù$$76$1$<ø7$$+h79(
7ø&$5(7/7'ù7ø
6൴WHOHU$1.$5$
Tel: Cep: .DUDND\D0DK2WRSDUN&DG$\Dú$1.$5$
Tel: <(āĀ/$<$ā'(5*Ā6Ā
31
2NXOXPX]XQ ĀONRNXO N×VP× \×O×QGD
V×Q×Á× RODUDN HÿLWLP |ÿUHWLPH EDĂODP×ĂW×U
<×O×QGD \×OO×N HÿLWLP |ÿUHWLPH JHoLO
PLĂWLU \×O×QGD LVH RUWDRNXO EQ\HVLQH
DO×QDUDNĀON|ÿUHWLP2NXOXROPXĂWXU
,.DGHPH%LQDVײHÿLWLP|ÿUH
WLP\×O×QGDKL]PHWHJLUPLĂWLU
,,.DGHPH %LQDV× ² HÿLWLP |ÿ
UHWLP\×O×QGDKL]PHWHJLUPLĂWLU
,.DGHPH (N %LQDV× ² HÿLWLP
|ÿUHWLP\×O×QGDKL]PHWHJLUPLĂWLU
2NXOXPX]LONRNXON×VP×QGDV×Q×I|ÿUHW
PHQLRNXO|QFHVL|ÿUHWPHQLPGU\DU
G×PF×V×J|UHY\DSPDNWDG×UdDQ×OO×ĀONRNXOXQ
GD|ÿUHQFLPL]HÿLWLPJ|UPHNWHGLU
2NXOXPX]RUWDRNXON×VP×QGD0DWHPDWLN
7UNoH6RV\DO%LOJLOHUĀQJLOL]FH%HGHQ(ÿL
WLPL'LQ.OWUYH$KODN%LOJLVLYH7HNQRORML
7DVDU×PDODQODU×QGDELUHU|ÿUHWPHQYHP
GULOHKL]PHWOLSHUVRQHOJ|UHY\DSPDNWD
G×UdDQ×OO×2UWDRNXOXQGD|ÿUHQFLPL]HÿL
WLPJ|UPHNWHGLU
2NXOXPX]GD HÿLWLP J|UHQ |ÿUHQFLOHULQ
VRV\DOOHĂPHOHULQH NDWN×GD EXOXQPDN DPDF×
LOHoRNVD\×GDĂHKLULoLYHĂHKLUOHUDUDV×JH]L
G]HQOHQPHNWHGLU
(ÿLWLP|ÿUHWLP \×O×QGD 7RS
ODP.DOLWH<|QHWLPLoDO×ĂPDODU×NDSVDP×QGD
2NXO*HOLĂLP<|QHWLP(NLEL\HVL|ÿUHWPHQ
OHULPL]WDUDI×QGDQKD]×UODQDQ.XUXP5DSRUX
LOHĀOoHoQFVROGXN
32
<(āĀ/$<$ā'(5*Ā6Ā
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
2NXOXPX]GDQ.DUHOHU
3RIXGXN SDQGD X\NXVXQGDQ GDKD \HQL NDON
P×ĂW×$QQHVLGHWDPRQXX\DQG×UPD\DJHOPLĂWL
6RQUDDQQHYHEDEDV×NDKYDOW×\DSW×ODU.DKYDOW×
\DSW×NWDQVRQUDG×ĂDU×o×NW×
$UNDGDĂ×WRPELĂÀOLQ\DQ×QDJLWWLĀNLVLWRSR\
QDPD\DEDĂODG×6DDWOHUFHR\QDG×ODUgÿOH\HPH
ÿL\HPHNLoLQLNLVLQLQGHDQQHOHULoDÿ×UG×$NĂDP
\LQHEXOXĂWXODU$PDWRPELĂÀODUNDGDĂODU×\ODEH
UDEHUJHOPLĂWL+HSEHUDEHUVDNODPEDoR\QDPD\×
GĂQPĂOHU VD\×ĂPD\D EDĂODG×ODU YH HEH SRIX
GXN SDQGD HEH ROGX 6DNODPEDo R\QDPD\D EDĂ
ODG×ODU 3RIXGXN SDQGD VD\PD\D EDĂODG× +HUNHV
VDNODQG×3RIXGXNSDQGDRQODU×DUDPD\DEDĂODG×
$UDG× DUDG× DPD RQODU× ELU WUO EXODPDG× 7DP
HYHJLGHFHNNHQED]×ODU×RQXHEHOHPH\HEDĂODG×
%|\OHROXQFDSRIXGXNSDQGDHEHEDĂ×QGDQKLoD\
U×OPDG× (EH EDĂ×QGDQ ED]HQ D\U×O×\RUGX$PD R
]DPDQKHPHQRQXHEHOL\RUODUG×3RIXGXNSDQGD
E|\OHDUGDUGDHEHROGX3RIXGXNSDQGDEXQGDQ
oRNV×N×OG×YHĂ|\OHGHGL
$UW×NEHQHEHROPDPKHSEHQROGXPELUD]
GD HEH VL] ROXQ GHGL +Lo NLPVH HEH ROPDN LV
WHPHGL dQN HEH R\GX KHUNHV R E|\OH \DSW×ÿ×
LoLQ RQD N×]G×ODU 2 GD RQODUD NVS JLWWL 3RIX
GXN SDQGD KHS P×]×No×O×N \DS×\RUGX EXQXQ LoLQ
DUNDGDĂODU× RQD oRN N×]P×ĂODUG× $UDGDQ JQOHU
JHoWLSRIXGXNSDQGD\DOQ×]NDOP×ĂW×$UW×NEXGX
UXPXQGDQV×N×OPD\DEDĂODP×ĂW×*LGLSDUNDGDĂOD
U×QGDQ|]UGLOHPH\LGĂQGYHDUNDGDĂODU×QGDQ
|]UGLOHGL$UNDGDĂODU×Q×QWHNĂDUW×SRIXGXNSDQ
GDQ×QP×]×No×O×N\DSPDPDV×\G×9HDUW×NELUGDKD
P×]×No×O×N\DSPDP×Ă
0×]×No×O×N \DSPDN KLo NLPVHQLQ LĂLQH \DUD
PD] %|\OH \DSPDN QH EL]LP \DUDU×P×]D \D GD
EDĂNDV×Q×Q\DUDU×QD\DUDU+HU]DPDQHQoRNEL]
]DUDUJ|UU]YH]OU]
<DÿPXU7235$.
$1R
<(āĀ/$<$ā'(5*Ā6Ā
2NXOGDQ HYH JHOLUNHQ \LQH RQX J|UGP <LQH ED
Ă×Q×Q VWQGHNL VLPLW WHSVLVL YH KDVWD \]\OH NDUĂ×PGD
GXUX\RUGX PEDUHN \DĂO× DGDP +HPHQ DGDP×Q \DQ×QD
JLWWLP<]GQHJ|UHVROJXQGX%LUGHUGLYDUG×PXWODND
´$PFDµGHGLP´%DQDELUWDQHVLPLWYHULUPLVLQ"··
GHGLP$PFD´WDEL··GHGL3DUDP×YHUGLP´$PFD··GH
GLP´6HQLQELUGHUGLQPLYDU\RNVD"(ÿHUELUGHUGLQYDUVD
EHQLPOHSD\ODĂDELOLUVLQ··GHGLP´$PFDVROJXQN×UJ×QYH
]QWO ELU VHVOH ´$K N×]×P EHQLP GHUGLPL ĂX GDÿODUD
DQODWVDPRGDÿODUGHUGLQGHQRUWDGDQLNL\HD\U×O×U2\]
GHQDQODW×SVHQLGH]PH\H\LPN×]×PµGHGL$PDDPFDQ×Q
E|\OH\DSPDV×EHQLGDKDoRN]\RUGX´$PFDDV×OGHU
GLQLDQODWPD]VDQGDKDoRN]OUP$WDODU×P×]QHGH
PLĂGHUGLQLV|\OHPH\HQGHUPDQEXODPD]6HULQH]DPDQ
J|UVHPELU|QFHNLJQGHQGDKD]JQJ|U\RUXP··$PFD
RNDGDUGROX\GXNLJ|]OHULQGHQLNLGDPOD\DĂJHOGL··%HQ
NDU×PODHYOHQGLÿLPGH\LUPLo\DĂ×QGD\G×P2QXRNDGDU
VHYPLĂWLPNLDQODWDPDP$OWP×ĂG|UWVHQHQHNDGDUoD
EXNJHoPLĂIDUN×QDELOHYDUPDG×PāLPGLVHNVHQ\HGL\D
Ă×QGD\×P$PDNDU×PDGR\DPDGDQNDU×PYHIDWHWWL2QX
RNDGDU|]O\RUXPNL´GHGLµ$PFDoRFXNODU×Q\RNPX"µ
´$KRNRQX\XKLoKDW×UODWPDhoN×]LNLRÿODQoRFXÿXP
ROGX%L]GHQXWDQDQEHĂoRFXN%L]LDQD\HULQHNR\PDG×
ODU.DU×PODLNLPL]\DOQ×]NDOP×ĂW×NDPDĂLND\HWoLGHÿLO
GLN%HQRQDREDQD\UHNWHQEDÿO×\G×N´LNLPL]EHUDEHU
RODO×P GD \DOQ×] RODO×Pµ GL\H GĂQ\RUGXNĀNLPL] ND
]DQG×ÿ×PoNXUXĂSDUD\ODJHoLQL\RUGXN$PDNDU×PKDV
WDODQ×QFD EWQ GQ\D EDĂ×PD o|NPĂW 2QX SDUDP×Q
\HWWLÿL NDGDU×\OD J|WUPHGLN KDVWDQH E×UDNPDG×P$PD
KLoELU ID\GDV× ROPDG×.DU×P\UHÿLPLQ \DU×V× J|]PQ
|QQGHHUL\RUGX9HEHQKLoELUĂH\\DSDPDPDQ×QDF×V×\OD
RQXL]OHPHNWHQEDĂNDELUĂH\\DSDP×\RUGXPµ'HGLNWHQ
VRQUDELUGHQEDQDEDNW×%HQLPGHDÿODG×ÿ×P×J|UUJ|U
PH]\DQ×PGDQX]DNODĂW×%HQGHDUNDV×QGDQ\DĂO×J|]OHUOH
EDNPDNWDQEDĂNDELUĂH\\DSDPDG×P
(UWHVL JQ RNXOGDQ HYH JHOLUNHQ RQX EHNOHGLP
KHPGHDNĂDPDNDGDU$PDRRJQGHQVRQUDELUGDKD
QHRVRNDÿDXÿUDG×QHELUGDKDJ|UHQROGX
.HYVHUĀ1$1$
33
+DWLFH$7,/*$1
.Ā.Ā5'(./Ād25%$$<$āXVXO.LĂLOLN
dRUEDLoLQPDO]HPHOHU
VXEDUGDÿ×HWVX\XYH\DVX
VXEDUGDÿ×WHĂLOPHUFLPHN
VXEDUGDÿ×HULĂWH
\HPHNNDĂ×ÿ×XQ
\HPHNNDĂ×ÿ×WHUH\Dÿ×
VXEDUGDÿ×V]PH\RÿXUW
GLĂVDU×PVDN
DGHWHWVX(WVX\XLOH\DSP×\RUVDQ×]
.LNLUGHNLoLQPDO]HPHOHU
VXEDUGDÿ×XQ
<XPXUWD
<HPHNNDĂ×ÿ×]H\WLQ\Dÿ×
+DPXUXQVHUWOLÿLLoLQELUD]VXYHWX]
Q×QLoLQHNDW×O×SNDYUXOXUNLNLUGHN.DVHOHUH
DO×QDQ oRUEDODU×Q ]HULQH V×FDN V×FDN LODYH
HGLOLU
$À\HWROVXQ
1RW
$QNDUD<|UHVLQHKDVELUoRUEDG×Uh]H
ULQH LODYH HGLOHQ NLNLUGHNWHQ GROD\× ´.Ā.Ā5
'(./Ā d25%$µ DG×Q× DOP×ĂW×U$\DĂ·WD \DS×OD
Q×QG×Ă×QGDGHÿLĂLNĂHNLOOHUGH\DS×OPDNWDG×U
D<DÿLOHVRÿDQNDYUXOXSVDOoDLODYHHGL
OLU<RÿXUWNRQXOPD]
E(ULĂWHNRQXOPD]NDUHKDPXUNRQXOXU
%X \HPHÿLQ WDULÀ $GLQ 'RÿXWHSH·GHQ
DO×QP×ĂW×U
<DS×O×Ă×
0HUFLPHN VX LOH KDĂODQ×U SLĂPHVLQH \D
N×QLoLQHHULĂWHYHHWVX\XLODYHHGLOLU
%LU \HPHN NDĂ×ÿ× XQ VX LOH NDU×ĂW×U×ODUDN
LODYHHGLOLU3LĂLQFHRFDNNDSDW×O×U
'] ELU ]HPLQH G|NOHQ XQ ]HULQH \X
PXUWDYH]H\WLQ\Dÿ×NRQXODUDNPDQW×KDPX
UX VHUWOLÿLQGH ELU KDPXU HOGH HGLOLU2NODYD
YH\D PHUGDQH LOH Do×ODUDN ELU VDQWLPHWUH
NDUH E\NOÿQGH NDUHOHU KDOLQGH NHVLOLU
]HULQHXQVHUSLOLU
3LĂLULOHQ NDU×Ă×P ×O×G×ÿ×QGD |]HQHQ VD
U×PVDNO×\RÿXUWLoLQHLODYHHGLOLU.DUHKDPXU
ODU×QXQXNHYJLUGHQHOHQLUHULWLOHQWHUH\Dÿ×
34
<(āĀ/$<$ā'(5*Ā6Ā
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
*H]LOHULPL]
9DN×IYH'HUQHN\HVLKHPĂHULOHULPL]EX
\×O×QLONEHĂD\×QGDG|UWD\U×JH]LLOHELUDUD\D
JHOGLOHUYH\XUGXPX]XQG|UWD\U×E|OJHVLQGH
WXULVWLNWDULKL YH GRÿDO J]HOOLNOHUL \HULQGH
J|UHUHNELUDUDGDKRĂoD]DPDQJHoLUGLOHU
.DUWHSH%ROX WHUPDO JH]LVL %X LON JH]L
LOH6DSDQFD.DUWHSH·GHND\DNPHUNH]LQH
o×N×OG×0HYVLPLQ\HWHUOLNDU×ROPDPDV×QD
UDÿPHQĀVWDQEXOYHĀ]PLW\|UHVLQGHQND
\DNo×ODU×QSLVWoHYUHVLQGHE\NELU\R
ÿXQOXNJ|]OHQGL'DKDVRQUD0DĂXNL\H·GH
|ÿOH\HPHÿLQGHEDO×N\HQGLYH%ROXWHU
PDO WHVLVOHULQH KDUHNHW HGLOGL7HVLWHNL
DNĂDP\HPHÿLQGH%ROX·GDJ|UHYOLEURN
UDWKHPĂHULPL]6DPL$UO×LOHELUOLNWHRO
GXN<HPHNWHQVRQUDP]LNHĂOLÿLQGHJHo
VDDWOHUHNDGDUHÿOHQLOGL
(UWHVLJQ$EDQW*|OoHYUHVLQGH\DS×ODQ
JH]LQLQDUG×QGDQ|ÿOH\HPHÿLQGH\LQHEDO×N
\HQHUHN$QNDUD·\DG|QOG
.DVWDPRQX&LGH$PDVUD JH]LVL 0DUW .DVWDPRQX·QXQ WDULKL YH WXULVWLN
\HUOHUL JH]LOGL&LGH·\H JLGLOGL.DU \Dÿ×Ă×
DOW×QGDRUPDQLoLQGH\DS×ODQ\ROFXOXNWDQ
VRQUD&LGH·GH NRQDNODQG×(UWHVL JQ 5×
IDW,OJD]·×QP]HKDOLQHJHWLULOHQNRQXWX
JH]LOGL%LOJL DO×QG×NWDQ VRQUD$PDVUD·\D
JHoLOGL%XUDGD GLÿHU JUXS KHPĂHULOHUL
PL]OH ELUOLNWH |ÿOH \HPHÿL \HQGL9H ĂH
KLUWXUXQGDQVRQUD6DIUDQEROX]HULQGHQ
$QNDUD·\DG|QOG
.WDK\D(VNLĂHKLU JH]LVL 1LVDQ
'LUHNW .WDK\D·\D JLGLOHUHN WDULKL YH
WXULVWLN \HUOHUL YH .WDK\D .DOHVL JH]LO
GLNWHQVRQUD<RQFDO×7HUPDO7HVLVOHULQGH
6$<,12.85808=(99(Āā<(5Ā$'5(6
9(7(/()21'(þĀāĀ./Ā./(5Ā1Ā/(0$Ā/
$'5(6/(5Ā1Ā=Ā
9$.,)0(5.(=Ā1(%Ā/'Ā5Ā1Ā=
$<$ā9$.),$<$ā'(51(þĀ
*D]L0XVWDID.HPDO%XO
0DOWHSH$QNDUD
7HO
<(āĀ/$<$ā'(5*Ā6Ā
NRQDNODQ×OG× 7HVLVLQ WHUPDO LPNDQODU×Q
GDQ \DUDUODQDQ NRQXNODU DNĂDP \HPH
ÿLQLQ DUG×QGDQ P]LNOH FRĂWXODU(UWHVL
JQ .WDK\D·GD VHUDPLN IDEULNDODU×Q×
JH]HQ NRQXNODU J|QOOHULQFH DO×ĂYHULĂ
GH\DSW×ODU$UG×QGDQ(VNLĂHKLU·HJHoLOGL
gÿOH \HPHÿL LoLQ DQODĂ×ODQ WHVLVWH (VNL
ĂHKLU%\NĂHKLU%HOHGL\H%DĂNDQ×3URI
'U<×OPD] %h<h.(5ā(1 LOH NDUĂ×ODĂ×OG×
.HQGLVLLOHKDW×UDUHVLPLoHNWLUPHRODQD
ÿ×EXOGXN
'RÿX .DUDGHQL] JH]LVL \HOHULPL]GHQ
E\N LOJL J|UG 0D\×V WDULKOH
UL DUDV×QGD \DS×ODQ JH]LQLQ LON GXUDÿ×
*LUHVXQ·GDVDÿDQDN\Dÿ×ĂLOHNDUĂ×ODĂ×O×S
EXUDGDQ 7UDE]RQ·D JHoLOGL%XUDGD UHK
EHU )DWPD āDQO× LOH$\DVRI\D P]HVL YH
DUG×QGDQ$WDWUN(YLJH]LOGL'DKDVRQUD
6PHODPDQDVW×U×JH]LOGL0DoND·GDRWHO
GH NRQDNODQ×OG×(UWHVL JQ 8]XQ\D\OD·\×
JH]GLNWHQ VRQUD 5L]H PHUNH]GH P]H
OHUJH]LOGLNWHQVRQUD+RSD6DUS2WHO·GH
NRQDNODQ×OG×$NĂDP \HPHÿLQLQ DUG×QGDQ
\LQH .DUDGHQL] YH $QNDUD R\XQ KDYD
ODU× LOH FRĂXOGX(UWHVL JQ NRPĂX ONH
*UFLVWDQ·D6DUSNDS×V×QGDQJHoLĂ\DS×O×S
%DWXP·GDELUJQJHoLULOGL7HNUDUG|QĂ
VRQUDV× $\GHU \D\ODV×QGD WDELDW×Q EDK
ĂHWWLÿLJ]HOOLNOHUELUOLNWH\DĂDQ×SRWHOL
PL]HG|QOG(UWHVLJQG|QĂ\ROXQGD
.DUDGHQL]LQJ]HOOLNOHULGRODĂ×O×SJH]LOGL
6DPVXQ·GDRDQODPO×JQGH0D\×V·WD
$WDWUN· JHWLUHQ %DQG×UPD 9DSXUXQX
JH]PHĂDQV×Q×EXOGXN'|QĂ\ROXQGDdR
UXP]HULQGHQ$QNDUD·\DG|QGN
35
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
+D\PDQD·GD)DUNO×O×N<DUDWDQ2WHOOHU=LQFLUL0Ā'$6
+D\PDQD·GD)DUNO×O×N<DUDWDQ%LU2WHOOHU=LQFLUL0Ā'$6
6LPWXU 7XUL]P·H DLW 0Ā'$6 RWHOOHU ]LQFLULQLQ oQ
FĂXEHVLRODQ\×OG×]O×0Ā'$6+RWHO+D\PDQD7HUPDO
63$·Q×Q UHVPL Do×O×Ă× 6DO× JQ 7XUL]P %DNDQ
<DUG×PF×V×'U$EGXUUDKPDQ$U×F×$QNDUDĀO.OWUYH7X
UL]P 0GU 'RÿDQ $FDU +D\PDQD .D\PDNDP× +VH\LQ
.DUDPHĂH+D\PDQD%HOHGL\H%DĂNDQ×+DF×$\VX+D\PD
QD 'HYOHW +DVWDQHVL %DĂKHNLPL 0HKPHW (UNDQ <XPXĂDN
7h56$%7UNL\H6H\DKDW$FHQWDODU×%LUOLÿL%DĂNDQ×(UFDQ
'XUPXĂ YH 7UNL\H 6DÿO×N 7XUL]PLQL *HOLĂWLUPH .RQVH\L
7HUPDO*UXS%DĂNDQ×<XQXV*UNDQ·×QWHĂULÁHULLOHJHUoHN
OHĂWLULOGL7XUL]P%DNDQ<DUG×PF×V×6D\×Q'U$EGXUUDKPDQ
$U×F×ELUKHNLPRODUDNVDÿO×NYHNOWUWXUL]PLQLQ|QHPLQL
YXUJXODG×YH7XUL]P%DNDQO×ÿ×·Q×Q$QNDUD·GDNLNDSO×FDYH
VDÿO×N WXUL]PL \DW×U×PODU×Q× KHU ]DPDQ GHVWHNOH\HFHÿLQL
DNWDUG× +D\PDQD .D\PDNDP× 6D\×Q +VH\LQ .DUDPHĂH
LVH6LPWXU\|QHWLPNXUXOXQD+D\PDQD·GDNLWHUPDOVX\XQ
|QHPLQLQGX\XUXOPDV×QDYHE|OJHQLQFDQODQPDV×QDNDWN×
GDEXOXQGXÿXLoLQWHĂHNNUOHULQLLOHWWL6LPWXU7XUL]P<|
QHWLP.XUXOX%DĂNDQ×6D\×Q0HKPHWg]OLVH\DW×U×PODU×Q×Q
+D\PDQD·Q×Q|QQDoPDV×Q×WHPHQQLHWWLÿLQLDo×NODG×
$QNDUDYH+D\PDQD·Q×QHQVHoNLQEURNUDWLĂDGD
P×67.DFHQWHYHVDÿO×NWHPVLOFLOHULYHEDV×QPHQVXSOD
U×QGDQ\DNODĂ×NNLĂLQLQNDW×OG×ÿ×Do×O×Ă2VPDQO×ĂHUEHWL
YHoLNRODWDO×PH\YHLNUDP×LOHEDĂODG×$o×O×ĂNRQXĂPDOD
U× YH NXUGHOH NHVLPLQGHQ VRQUD RUJDQL]DV\RQ G|UW NLĂLOLN
FDQO× RUNHVWUDQ×Q H]JLOHUL HĂOLÿLQGH EDKoH LoLQGHNL KDYX]
EDĂ× NRNWH\O DODQ×QGD GHYDP HWWL 0LGDV 2WHO·LQ XVWDOD
U×Q×Q PDKDUHWOHULQL WDGDQ NRQXNODU GRÿD LoLQGH UDKDWOD
PDQ×Q NH\ÀQH YDUG×ODU 2WHOLQ RGDODU×Q× VDORQODU×Q× YH
63$ PHUNH]LQL JH]HQ PLVDÀUOHU HQ N×VD ]DPDQGD RWHOGH
NRQDNODPDN YH WHUPDO KDYX]ODU× NXOODQPDN LVWHGLNOHULQL
DNWDUG×ODU
6LPWXU7XUL]PN×\×YHĂHKLURWHOFLOLÿLQGHQVRQUDWHUPDO
RWHO\DW×U×P×Q×VDÿO×NWXUL]PLQGHNLJHOLĂPHOHU+D\PDQD·GD
NLVXNDOLWHVLLOoHQLQ$QNDUD·\D\DN×QO×ÿ×YH\|UHQLQJHOLĂ
<(āĀ/$<$ā'(5*Ā6Ā
PHSRWDQVL\HOLVHEHEL\OHEXE|OJHGH\DSPD\DNDUDUYHUGL
+D\PDQD·GDNL GLÿHU RWHOOHU GH NHQGLOHULQL \HQLOHPHNWH
YH E|OJHGH \×OG×]O× RWHO \DW×U×PODU× \DS×OPDNWDG×U %X
VHEHSOHUOH +D\PDQD·Q×Q \DN×Q ]DPDQGD YD]JHoLOPH] ELU
NDSO×FD E|OJHVL KDOLQH JHOPHVL NDo×Q×OPD]G×U 0LGDV +RWHO
+D\PDQD$QNDUD·Q×QWHUPDOYHVDÿO×NWXUL]PLDo×ÿ×Q×NDSD
W×UNHQWXUL]PLQ\NVHOHQDN×P×RODQ63$PHUNH]LLOHVDÿO×N
YH J]HOOLN KL]PHWL GH VXQPDNWDG×U 'RÿDOD G|QĂ IHOVH
IHVLQL EHQLPVH\HQ LĂOHWPH WHUPDO VX YH PDVDM WHUDSLOHUL
GRÿD\U\ĂOHULVDÿO×NO×EHVOHQPHYH]D\×ÁDPDSDNHWOHUL
LOHĂHKULQ\RUJXQOXÿXQGDQDU×QPD\×KHGHÁL\RU7RSODQW×VD
ORQODU×LOHNRQJUHWXUL]PLQHGHNDWN×GDEXOXQDQ0LGDV2WHO
VHoNLQWRSODQW×ODUDKL]PHWYHUL\RU%DNDQO×NODUVDÿO×NNXUX
OXĂODU×YHGHUQHNOHULWXUL]PELUOLNOHULYHVHNW|U|QFOHULLOH
ELUOLNWHoDO×ĂDQRWHOE|OJH\HĂLPGLGHQFDQO×O×NJHWLUGL
3DUN 6LGH +RWHO YH 0LGDV +RWHO $QNDUD·GDQ VRQUD
6LPWXU 7XUL]P·LQ oQF RWHO \DW×U×P× RODQ 0Ā'$6 +RWHO
+D\PDQD·Q×Q WHUPDO VX\X 8OXVODUDUDV× āLIDO× 6X .D\QDNODU×
$UDĂW×UPD 0HUNH]L·QLQ ONH\L NDSVD\DQ DUDĂW×UPDV×QD
J|UH GQ\DQ×Q HQ L\L WHUPDO VXODU×QGDQ ELULGLU %LU EHQ]H
ULQLQ )UDQVD·Q×Q 9LĂL 9LFK\ NDVDEDV×QGD EXOXQGXÿX DNWD
U×OPDNWDG×U +D\PDQD WHUPDO VX\XQ V×FDNO×ÿ× GLUHN WHPDVD
X\JXQ ROGXÿXQGDQ ND\QDÿ×QGDQ o×NW×ÿ× JLEL ×V×W×OPDGDQ YH
VRÿXWXOPDGDQ NXOODQ×PD VXQXOXU YH oRN GHÿHUOLGLU 2WHOGH
VXV×FDNO×ÿ׃&ND\QDNDN×PGHÿHULOWVQ3KGHÿHUL
GROD\×QGDG×U6X\XQELOHĂLPLELNDUERQDWNDOVL\XPVRG\XP
VHOHQ\XP PDJQH]\XP YH NDUERQGLRNVLWWHQ ROXĂPDNWDG×U
KWWSZZZNDSOLFDUHKEHULFRP+D\PDQD.DSO×FDODU×EL
NDUERQDWEDN×P×QGDQ]HQJLQYHLoHUVLQGHEXOXQDQUDG\RDNWLI
]HQJLQOLNQHGHQL\OH|]HOOLNOHHNOHPYHNDVVLVWHPLKDVWDO×NOD
U×Q×QWHGDYLVLQGHoRNHWNLOLGLU*HOHQNRQXNODU0LGDV+RWHO
+D\PDQD·Q×QJHUoHNWHUPDOVXODU×\ODURPDWL]PDOKDVWDO×N
ODUGDQ VROXQXP UDKDWV×]O×NODU×QD Q|URORMLN KDVWDO×NODUGDQ
FLOWGRODĂ×PYHNDG×QUDKDWV×]O×NODU×QDNDGDUELUoRNVRUXQD
ĂLIDEXOXUNHQEHQGHQVHOYHUXKVDORODUDN\HQLOHQPHQLQNH\
ÀQLVUHELOLUOHU
37
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
0Ā'$6 +RWHO +D\PDQD 7HUPDO 63$ WHUPDO WDWLO
WXUL]PLQH IDUNO× ELU DQOD\×Ă JHWLUPHN DPDF×\OD NXUXOPXĂ
EHGHQVHO UXKVDO \HQLOHQPH\L YH GLQOHQPH\L HVDV DODQ
ELUVDÿO×NRWHOLGLU$QNDUD\DVDGHFHNPRODQ·LVXLW
ROPDN ]HUH RGDO× RWHO EXWLN LĂOHWLOHQ ELU NRQVHSWH
VDKLSWLU YH NLĂL\H |]HO KL]PHW DQOD\×Ă×Q× HVDV DO×U 'RÿD
LoLQGH\HUDODQRWHOGHWHUPDOKDYX]ODUDo×NYHNDSDO×JH
QHO \]PH KDYX]ODU× VXOWDQ KDQ×PODU LoLQ D\U× KDYX]ODU
oRFXN KDYX]X KDPDP ÀQ KDPDP× VDXQD YH MDNX]LOHU
NRQXNODU×LoLQ|]HORODUDNWDVDUODQP×ĂW×U0LGDV+RWHOVW
G]H\KLM\HQLNNRĂXOODU×VSRUPHUNH]LFUHWVL]LQWHUQHW
$QNDUD·GDQFUHWVL]VHUYLVRWRSDUNYHYDOHVHUYLVL\N
VHNKL]PHWVWDQGDUG×HQVRQWHNQRORMLNLPNkQODU×YHJ
YHQOLNGRQDQ×PODU×LOHNRQXNODU×Q×QEHNOHQWLOHULQLHQ|]HO
ĂHNLOGHNDUĂ×ODU
2WHOLQEQ\HVLQGHNL0Ā'$663$:HOOQHVVNLĂL\H|]HO
RGDODU×WHUDSLVHDQVODU×VDÿO×NO×\DĂDPYHEHVOHQPHSDNHW
OHULLOHĂHKULQ\RUJXQOXÿXQXDWDUNHQWDPDPHQ\HQLOHQPHYH
JHQoOHĂPH LPNDQ× VXQDU +HU ELUL D\U× WDVDUODQP×Ă WRSODP
RGDGD)LQKDPDP×EXKDURGDV×NXUQDO×7UN+DPDP×
VDXQDYHMDNX]LVHoHQHNOHULVXQXOXSLĂOHPYHPDVDM
oHĂLGLX\JXODQPDNWDG×U0Ā'$663$YHJ]HOOLNPHUNH]LVRQ
WHNQRORMLLOHGRQDW×OP×ĂHNLSPDQODU×DODQ×QGDX]PDQHNLEL
YHNLĂL\H|]HOWHUDSLOHUL\OHPLVDÀUOHULQH\HQLGHQGRÿXĂ\D
ĂDWDFDNELUPHNDQG×U(J]HUVL]YHVDÿO×NO×\DĂDP\U\ĂOHUL
\DS×ODELOHQVSRUPHUNH]LYHDo×NKDYD\U\ĂSDUNXUODU×GD
KL]PHWHVXQXOPDNWDG×U<DU×PSDQVL\RQKL]PHWYHUHQRWHOGH
VDÿO×NYHOH]]HWLEXOXĂWXUDQDo×NEIHYHDODNDUWUHVWRUDQODU
LOH9LWDPLQ%DUVHoHQHNOHULPHYFXWWXU%XQXQ\DQ×QGDDo×N
YHNDSDO×VDORQODU×NLĂLGHQNLĂL\HNDGDUWRSODQW×EDOR
YHGLÿHURUJDQL]DV\RQODUDKL]PHWYHUPHNWHGLU
9DN×IYH'HUQHÿLPL]H%Dÿ×ĂODU
'DKD |QFHOHUL 9DNI×P×]D DUVD EDÿ×Ă×QGD EXOXQDQ
KHPĂHULOHULPL]\HQLGHQ9DN×IYH'HUQHÿLPL]HEDÿ×ĂODUGD
EXOXQPD\DGHYDPHGL\RUODU
LWLUD] V|] NRQXVX ROPDP×ĂW×U.RQX |QP]GHNL JQ
OHUGH PDKNHPHFH NDUDUD EDÿODQ×QFD DG× JHoHQ PLUDV
9DNI×P×]DG×QDWDSXGDLUHOHULQFHND\GDJHoLOHFHNWLU
$\DĂ·WDLPDUO×PDUVDEDÿ×Ă×QGDQVRQUDJHo
WLÿLPL]\×OKDNN×QUDKPHWLQHNDYXĂDQ(PLQHg]\|UN
.|NWHQ DEODP×]×Q WHUHNHVLQGHQ 9DNI×P×]D $\DĂ·WD G|QPELUDUD]LLOH<HQLNHQW·WHG|QPONELUEDĂND
DUD]Lo×NW×1RWHUHE×UDNW×ÿ×PLUDVWDNVLPLQGHUHVPLKDN
VDKLSOHULQLQ \DQ× V×UD 9DNI×P×]× GD GĂQPHVL EL]OHUL
GX\JXODQG×UP×ĂW×U
'LÿHUWDUDIWDQ\LQHJHoWLÿLPL]\×OODUGD9DNI×P×]D
DUVDEDÿ×Ă×QGDEXOXQDQ+DWLFHYH2VPDQ'RÿUXRONDU
GHĂOHUEXNH]GH]HUOHULQHND\×WO×PHVNHQL´5HVWRUH
HWLULOHUHN$\DĂ$GYL\H2VPDQ'RÿUXRO.OWU(YLµROD
UDNNXOODQ×PDDo×OPDV×ND\G×LOH'HUQHÿLPL]HYHULOPHN
]HUHSURWRNROLP]DODP×ĂODUG×U
<DVDOKDNVDKLSOHULQLQKHUKDQJLELULWLUD]ODU×ROXS
ROPDG×ÿ× PDKNHPHFH VRUJXODQPDV×QGD KHUKDQJL ELU
$G× JHoHQ KHPĂHULOHULPL]LQ EDÿ×ĂODU× LoLQ 'HUQHN
YH9DN×IRODUDNÁNUDQODU×P×]×VXQDU\DSW×NODU×\DUG×P×Q
DPDF×QDG|QNYHYHULPOLNXOODQ×ODFDÿ×Q×WDDKKWHGHUL]
'LUHNOL0DÿDUDV×
.DKUDPDQPDUDĂ·WD ELU VHPSR]\XP LoLQ EXOXQDQ
KHPĂHULOHULPL]<UG'Ro'U+DWLFH'2þ582/LOH1]
KHW6$5,.$<$WRSODQW×VRQUDV×]L\DUHWHWWLNOHULĂHKLUDU
NHRORMLP]HVLQGHKRĂELUVUSUL]LOHNDUĂ×ODĂW×ODU0
]HGH\HUDODQGLUHNOLPDÿDUDV×Q×QELU|UQHÿL]HULQGH
EXOXQDQ WDEHODGD PDÿDUDQ×Q 9DNI×P×]DDUVDYHWDUOD
EDÿ×Ă×QGD EXOXQDQ UDKPHWOL (PLQH .|NWHQ g]\|UN
DEODP×]×QHĂL3URI'U.×O×o.|NWHQ·LQHPHÿLYHNDWN×
V×Q×QEXOXQGXÿXQXJ|UQFHoRNGX\JXODQG×ODU
38
<(āĀ/$<$ā'(5*Ā6Ā
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
9DN×I*HQHO.XUXOX<DS×OG×
$\DĂ9DNI×·Q×QRODÿDQJHQHONXUXOX1L
VDQJQ\DS×OG×
1XK1DFL'2þ87(3(·QLQGLYDQEDĂNDQO×
ÿ×\DSW×ÿ×JHQHONXUXOGD\|QHWLPNXUXOXID
DOL\HWUDSRUXELODQoRJHOLUJLGHUWDEORVXLOH
GHQHWLPNXUXOXUDSRUODU×RNXQGX9H\DS×ODQ
R\ODPDGDKHUELULVLD\U×D\U×LEUDHGLOGL
<DS×ODQVHoLPOHUGH\|QHWLPNXUXOXQDLNL
WD]HNDQDO×QP×ĂYH\|QHWLPNXUXOXDĂDÿ×GDNL
JLELROXĂPXĂWXU
0ĂWHED<(5787$1 %DĂNDQ1XUVDO &(<
+$1YH0HKPHW.(6.Ā1/Ā%DĂNDQ<DUG×PF×V×
2VPDQ$/'(0Ā50XKDVLSh\H6DɛHW(5(1
*HQHO6HNUHWHUĀVPDLO<DĂDU$.7$ā0X]DɛHU
7h5.(1āLIDg=0(1YH6DW×OP×Ă<$0$1h\H
RODUDNJ|UHYDOP×ĂODUG×U
'DKDVRQUDGLOHNYHWHPHQQLOHUGLOHJHWLULO
PLĂ\HQL\|QHWLPNXUXOXQDEDĂDU×ODUGLOHQPLĂWLU
<HĂLO$\DĂ GHUJLVL RODUDN EL] GH \HQL \|
QHWLPNXUXOXQDJ|UHYOHULQGHEDĂDU×ODUGLOHUL]
'HUQHN.RQJUHVL<DS×OG×
$\DĂ ĀOoHVL YH .|\OHUL .OWU .DON×QPD
*]HOOHĂWLUPH YH <DUG×PODĂPD GHUQHÿLQLQ 1LVDQ JQ \DS×ODQ VHoLPVL] RODÿDQVW JHQHO
NXUXOXQGDGHUQHÿHELQDDO×QPDV×LoLQ\HOHUGHQ
\HWNLLVWHQGL*HQHONXUXOR\ELUOLÿL\OH\|QHWLP
NXUXOXQD GHUQHÿLQ NHQGL PON ELQDGD J|UHY
\DSPDV× LoLQ \HWNL YHUPLĂ PDGGL YH PDQHYL
NDWN×ODU×Q×VUGUHFHNOHULQLV|\OHPLĂOHUGLU
%LQD$O×P×ĀoLQ<DS×ODQdDO×ĂPDODU
2ODÿDQVW JHQHO NXUXOGD GHUQHÿH ELU
ELQDDO×QPDV×LoLQ\HWNLDODQ\|QHWLPNXUXOX
IDOL\HWOHULQLK×]ODQG×UG×$\Q×DPDoOD7UNL\H
ĀĂ%DQNDV×1HFDWLEH\ĂXEHVLQGHDo×ODQKHVD
E×QLVWHQLOHQVHYL\H\HXODĂPDV×QGDJD\UHWOH
ULQLVUGUPHNWHGLU
%XJQH NDGDU ELQD DO×P×QD NDWN× YH
UHQ KHPĂHULOHULPL]0HKPHW .(6.Ā1/Ā 6DFLW
%g.(ĀEUDKLP'85/8$\WDo6(d.Ā1)LUGHYV
g=/h(UWDQ*g.681HFGHW6Ā1$12þ/8&D
QDQ <(5787$1 +DVDQ 7<,/',5,0 1]KHW
6$5,.$<$ĀVPDLO<(5787$1YDULVOHUL+DWLFH
$7,/*$10ĂHUUHI0XVWDID '(0Ā5(5 *OWH
NLQ7h5.(5Ā*OĂHQ(5*81$GLQ'2þ87(
3(11DFL'2þ87(3(*UFDQ6$9&,1LKDW
ā(1 9DULVOHUL *OVHUHQ g=.$1 YH 'HUQHN
<|QHWLP.XUXOXh\HOHUL
%LQD DO×QPDV× LoLQ .DWN× YHUHQ KHPĂH
ULOHULPL]H WHĂHNNU HGL\RU \DUG×P \DSPDN
LVWH\HQ KHPĂHULOHULPL] YH RNXUODU×P×]GDQ ĀĂ
%DQNDV×·Q×Q 1HFDWLEH\ āXEHVL QROXKHVDE×QD\DUG×P\DSPDODU×Q×EHNOL\RUX]
0]HPL](VHUOHULQGHQ%LU.×VP×
$QNDUD·GD6HUJLOHQGL
*D]L hQ7HNQLN %LOLPOHU )DNOWHVL |ÿ
UHWLP\HOHULQLQ9DN×I*HQHO0GUOÿQQ
VHUJLVDORQXQGDG]HQOHGLÿLVHUJLGHLOoHPL]
<(āĀ/$<$ā'(5*Ā6Ā
.OWUHYL 0]HVLQGH EXOXQDQ HWQRORMLN
GHÿHUOHUGHQ KDON JL\VLOHULQGHQ ELU N×VP×
\HUDOG×
39
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
*HOLQLQLQ*|]\OH1LKDWā(1
%LULQL U\DP×]GD J|UGÿP]GH ¶· KD\
UROVXQ··GHUL].D\EHWWLÿLPL]ELULQLU\DP×]
GDJ|UGÿP]GHPXWOXROXURQX\DQ×P×]GD
KLVVHGHU\UHÿLPL]LQDF×V×Q×ELUD]GLQGLULUL]
%HQ VL]OHUH ND\×QEDEDPGDQ EDKVHGHFH
ÿLP*|UHPHGLPU\DPGD«DPDKHUDQKDW×
U×P×]GD5DPD]DQ\DNODĂW×NoDLoLPL]V×]O×\RU
.XUEDQ ED\UDP×QGD RQXQ NHVHFHÿL NXUEDQ×
GĂQGNoH ED\UDP \DNODĂPDV×Q GL\RUX]
2ÿOXPKHUFXPDGHGHVL\OHQDPD]DJLWPHWH
ODĂ×\DĂDG×ÿ×LoLQĂLPGLNDo×\RUFXPDODUGDQ«
6XVX\RUX]« $Q×ODU ED]HQ JHOLS GÿPO\RU
ERÿD]×P×]× (Q oRN GD 'HUQHÿLPL]H RODQ
VHYJLVL YH $\DĂ·D LOJLVL DNO×P×]GD« 1DV×OGD
KH\HFDQODNH\LÁHJLGHUGL
6×FDF×N ELU \XYD\G× RUD (ĂLP GHUQHÿH
JLGLSoRNJ]HOGX\JXODUODJHOGLÿLQGHEDED
P×QRUD\×QHGHQEXNDGDUoRNVHYGLÿLQLĂLPGL
GDKD oRN L\L DQO×\RUXP 2 \]GHQ GHUQHÿL
PL]HDLWKHUĂH\KHUGHUJLKHUVDW×UKHUoD
O×ĂPDEL]LPLoLQEDEDP×QGX\JXODU×Q×\UHÿL
PL]GHWDĂ×\DQELUN|SU«
%DEDP VHVVL] ELU LQVDQG× ĀoLQGH
NLOHUL G×ĂDU× DN×WPD] YH V|\OH\HPH]GL
6HYLQFLQLN×]J×QO×ÿ×Q× JL]OH\HQ L\L ELU LQVDQ
G×$NUDEDODU×Q× VHYHU$\DĂ GHQLQFH J|]OHUL
SDUODUG×%LUOLNWHJLWWLÿLPL]KHUWHUDYLKQDPD
]×QGD ELU $\DĂ |\NV GLQOHU YH EX DQ×OD
U× ELULNWLULUGLP EL]LPNLOHUH DQODWD\×P GL\H
āLPGL PH]DU×Q×Q ROGXÿX \HUGH DQQHVLQLQ
NROODU×QGD DÿDoODU×Q J|OJHVL YXUX\RU VX\D
1HĂHOLLQVDQODU×QNDKNDKDODU×GROGXUX\RUE
WQJ|N\]Q
%HQLP EDEDP NLPVH\H \N ROPDN LVWH
PH]GL+HSR\]GHQNLPVHGHQELUĂH\LVWH
PH]GL YH \RUJXQOXÿX \UGÿ R \ROODU «
2WREVOHU«$QNDUDGDNLFDPLOHU«VHVVL]OLÿL«
LoLQH DWW×ÿ× R NRFDPDQ GQ\D«ELU HOPDQ×Q
N×UP×]×O×ÿ׫0HYVLPOHU«dDUHVL]OLNOHU«.D\EH
GLOHQOHU«
$F×P×] \DYDĂ \DYDĂ RWXUX\RU J|]OHULPL
]HJHFHNDUDU×U«5\DODUJHOLUNLUSLNOHULPL
]H«+D\UROVXQ
1XUGDQā(1
66$\DĂ(VQDIYH6DQDWNDUODU.UHGL.HIDOHW.RRSHUDWLÀ
.XUXOXĂ7DULKL
$GUHV&XPKXUL\HW0H\GDQ×%HOHGL\HĀĂ0HUNH]L$\DĂ$QNDUD
.RRSHUDWLÀPL]YHUJLPNHOOHÀRODQ(VQDIYH6DQDWNDUODUD'HYOHWGHVWHNOL+DON%DQNDV×
DUDF×O×ÿ×\ODD\O×NIDL]YHD\DNDGDUYDGHOLIDL]OHNUHGLNXOODQG×U×OPDNWDG×U
.RRSHUDWLÀPL]KHURUWDÿ×LoLQ7/·\HNDGDUNUHGLNXOODQDELOPHNWHGLU$\U×FDWLFDUL
LĂ\HULYHWLFDULDUDoDO×PODU×QGDD\YDGHOL7/·\HNDGDUNUHGLYHUPHNWHGLU.RRSH
UDWLÀPL]LQDNWLIRUWDÿ×EXOXQPDNWDROXSRUWDNODU×P×]DKDOLKD]×UGD7/LĂOHWPH
NUHGLVLNXOODQG×U×OP×ĂW×U
$\DĂ·WD +DON %DQNDV× \×O×QGD NDSDW×OP×ĂW×U .DSDW×OG×NWDQ VRQUD 6LQFDQ +DON %DQ
NDV×\ODX\XPOXĂHNLOGHoDO×ĂPDNWD\×]2UWDNODU×P×]×QNUHGLLĂOHPOHUL.RRSHUDWLÀPL]WDUDI×Q
GDQ KD]×UODQDUDN NUHGLOHUL KHVDSODU×QD JHoWLNWHQ VRQUD NUHGLOHULQL DOPDN LoLQ 6LQFDQ +DON
%DQNDV×·QDJLWPHNWHGLUOHU%DQNDGDNLLĂOHPOHULKLoEHNOHWLPHGHQ\DS×OPDNWDG×U
<|QHWLP.XUXOX$G×QD
%DĂNDQ
$ULI=HND7HNJQG]
<(āĀ/$<$ā'(5*Ā6Ā
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
.DG×QODU×P×]×Q%XOXĂPDV×&RĂNXOX*HoWL
%X \×O LNLQFLVL JHUoHNOHĂHQ JHOHQHNVHO
´.DG×QODU EXOXĂX\RUµ HWNLQOLÿLQH EHNOHQH
QLQoRNVWQGHNDW×O×PROGX$QNDUD0Ā'$6
+RWHO·GH 2FDN WDULKLQGH \DS×ODQ
WRSODQW× 'HUQHN EDĂNDQ×P×] 6D\×Q 0ĂWHED
<HUWXWDQ YH %HOHGL\H %DĂNDQ×P×] 6D\×Q $OL
%DĂNDUDDÿDo· ×Q NRQXĂPDODULQLQ DUGLQGDQ
<(āĀ/$<$ā'(5*Ā6Ā
\HPHN YH P]LNOL HÿOHQFH LOH VDDW D
NDGDUVUG
6DORQYHVDKQHRODUDN|QFHNL\×OGDQGDKD
UDKDWELURUWDPGDJ|QOQFHHÿOHQHQNRQXN
ODU\HQLGHQEXOXĂPDN]HUHV|]OHĂWLOHU
5HVLPOHUGHWRSODQW×GDQNDUHOHUJ|UO\RU
41
'2þ80
+HPĂHULPL] gPHU 1DFL g]FDQ LOH HĂL &HUHQ
g]FDQ·×QāXEDW·WHELUN×]ODU×ROGXYHLON
oRFXNODU×$EGXUUDKPDQ5]JDUg]FDQGDDÿD
EH\ROGX
g]FDQDLOHVLQLWHEULNHGHU&HPUH6XDG×YHUL
OHQ\DYUX\DVDÿO×NO×YHPXWOX|PUGLOHUL]
&HPUH6XLOHDÿDEH\L$EGXUUDKPDQ5]JDU
+HPĂHULPL] 0ĀONHU g]GHQ LOH HĂL %XUFX g]GHQ·LQ 0DUW ·WH LNLQFL
oRFXNODU× ROGX %HUND\ DÿDEH\ ROGX%DEDDQQH 1D]LUH +DQ×P·D LNLQFL
WRUXQ$OODKNROD\O×NYHUVLQ
g]GHQDLOHVLQLWHEULNHGHU&HUHQDG×YHULOHQ\DYUX\DVDÿO×NO×X]XQ|PU
GLOHUL]
&HUHQDÿDEH\L%HUND\LOH
+HPĂHULPL]11DFL6DG×o·×QWRUXQXYH%XUDN%HVWH6$',doLI
WLQLQELUoRFXNODU×ROGX%XUDN$OSDG×YHULOHQ\DYUX\DVDÿO×NO×
X]XQ|PUGLOL\RU1DFLGHGH$\ĂHEDEDDQQHLOHDQQHYHED
ED\×WHEULNHGL\RUX]
6h11(7
9DNI×P×]\HOHULQGHQ7XQFD\<DOG×U·×QRÿOX0(PUH<DOG×U0D\×VWDULKLQGH\DS×ODQ
W|UHQLVQQHWROGX
<DOG×UDLOHVLQLWHEULNHGHU0(PUH·\HJHoPLĂROVXQGHUL]
%HJP$\VHUW
1HĂHW6DNDU\D
42
1Āā$1
+HPĂHULPL]7D\IXQ6DNDU\D·Q×Q
RÿOX 1HĂHW 6DNDU\D 0D\×V
·WH %HJP $\VHUW LOH QL
ĂDQODQG×
*HQoOHUL YH DLOHOHULQL WHEULN
HGHUGDU×V×GÿQHGHUL]
+HPĂHULPL] 0PLQ <NVHO·LQ
N×]×(VUD<NVHOLOH\LQHKHPĂHUL
PL]$OL&DQ·×QRÿOX+VH\LQ&DQ
DLOHDUDV×QGDG]HQOHQHQW|UHQ
OHHYOLOLÿHLONDG×PODU×Q×DWW×ODU
*HQoOHUL YH DLOHOHULQL WHEULN
HGHUGDU×V×GÿQHGHUL]
(VUD<NVHO
+VH\LQ&DQ
<(āĀ/$<$ā'(5*Ā6Ā
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
'hþh1
+HPĂHULPL]<UG'Ro'U%LODO$NLOH=KDO$\ĂH$N·×QN×]ODU×$\ELNH$N0
ĂHUUHI.XGGXVL .DUDNXUW oLIWLQLQ RÿXOODU× 0HOLK .DUDNXUW LOH$QNDUD hQLYHU
VLWHVL7DQGRÿDQ<HUOHĂNHVL$NDGHPL5HVWRUDQ·GD+D]LUDQ&XPDUWHVLJQ
\DS×ODQW|UHQLOHHYOHQGLOHU
$NYH.DUDNXUWDLOHOHULQLWHEULNHGHUJHQoHYOLOHUH\DĂDPER\XVDÿO×NYHPXW
OXOXNGLOHUL]
9DNI×P×]|QFHNL%DĂNDQODU×QGDQ1HFGHW(UHQOHULOH$\VHO(UHQOHU·LQN×]ODU×=KDO(UHQOHU
0D\×VJQ$QNDUD9HGDW'DORND\1LNDK6DORQXQGD\DS×ODQW|UHQOH$\ĂH&HPDO6DoW×
oLIWLQLQRÿXOODU×+DNDQLOHQLNDKODQG×dLIWLQGÿQ0D\×VJQ7RNDW·WDJHUoHNOHĂWL
(UHQOHULOH6DoW×DLOHOHULQLWHEULNHGHUJHQoOHUHX]XQPXWOX|PUGLOHUL]
+HPĂHULPL]$OL.D\PD]·×QRÿOX+VH\LQ.D\PD]+D]LUDQWDULKLQGH*|OEDĂ×$NDO×Q
6DORQXQGD\DS×ODQGÿQW|UHQLLOH$GQDQ'XPDQ·×QN×]×'X\JX'XPDQLOHHYOHQGL
.D\PD]YH'XPDQDLOHOHULQLWHEULNHGHUJHQoOHUHX]XQPXWOX|PUGLOHUL]
+HPĂHULOHULPL]$GQDQYH6DIXURÿOX*|NKDQ$.LOH0HUDOYH6H]DLN×]×'X\JXā$+Ā17HP
PX]WDULKLQGHHYOHQHFHNOHU
9()$7
<XVXI%$/
$ELGLQd(7Ā1
$KPHW*h/.g.
.D]×P'(0Ā5%$ā
āNU.$5$7$ā
gPHU62<6$/
+DWLFH.g.6$/2þ/8
&HPLOH$<'2þ$1
(UEDNL.2d
)D]×O%Ā/*Ā1
)HUDPXV*h1$<',1
*|QO6$5,.$<$
+DOLO(5(þ/Ā
+VH\LQ$/3$5
.D]×P$6/$1
0XNDGGHU9$52/
0XVWDID(52þ/8
0UVHO)Āā(.
6DDGHW(5(1/(5
6HPLKD<$ā$5
6LQDQ'(0Ā5/Ād$.0$.
āDEDQg=%$<5$0
9H\VHO$7$6(9(1
6$<,1+(0ā(+5Ā/(5Ā0Ā='(51(þĀ0Ā=9(9$.),0,=6Ā=/(5Ā10$''Ā9(
0$1(9Ā.$7.,/$5,Ā/(%h<h<(&(.7Ā5Ā/*Ā9(.$7.,1,=,'(9$0(77Ā5Ā1Ā=
<(āĀ/$<$ā'(5*Ā6Ā
43
6$+ø/<2//$5,1'$
+ø=0(7ø1ø='(<ø=
$<9$/,.
6$50,6$./,
$/7,12/8.
'ø.ø/ø
d$1'$5/,
%g/*(úû/(70(6ú
0HUNH].D]ÕP.DUDEHN൴U&DG.R\XQOX+DQ
1RøVN൴WOHU$1.$5$
Tel: Gsm: øVPD৻O6(0ø=
6(0ø=272027ø9
7ø&/7'ù7ø
0HUNH].D]ÕP.DUDEHN൴U&DG.R\XQOX+DQ
1RøVN൴WOHU$1.$5$
Tel: Gsm: dHYUH<ROX
.DUDFXOKD0HYN৻৻
)HWK৻\H08ö/$
$/70,ā/,<,//$5'$1%Ā5$1,
$\DĂVSRU·XQ·O×\×OODUGDLGDUHFLYHVSRUFXODU×WRSOXKDOGH(OLPL]HJHoHQEXUHVLPGHNL\|QHWLFLYHIXWEROFXODU×QELUN×VP×Q×QLVLPOHULQLWHVSLWHWWLN6L]
RNXUODU×P×]×QKDI×]DV×Q×WD]HOHPHN]HUH\D\×QO×\RUX]«
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
6$<,1+(0ā(+5Ā/(5Ā0Ā='(51(þĀ0Ā=9(9$.),0,=ĀdĀ1%h52$/0$.
h=(5(<2/$d,.7,..$7.,'$%8/810$.Ā67(<(1/(5Ā1
Āā%$1.$6,1(&$7Ā%(<ā8%(6Ā·1'($d,/$1
+(6$312
,%$11275
+(6$%$%$þ,ā7$%8/810$/$5,5Ā&$2/8185
46
$<$ā9$.),9('(51(þĀ1(
%$þ,ā/$5,1,=ĀdĀ1
7&=Ā5$$7%$1.$6,
0$/7(3($1.$5$ā8%(6Ā
9$.,)+(6$312
'(51(.+(6$312$.%$1.7$1'2þ$1ā8%(6Ā
=Ā5$$7%$1.$6,0$/7(3(ā8%(6Ā
<(āĀ/$<$ā'(5*Ā6Ā
$<$ā9(d(95(6Ā1Ā1)Ā.Ā56$1$79(('(%Ā<$7'(5*Ā6Ā'Ā5
0DKDOOHOHU
&DPLDWLN0
'HUYLĂLPDP0
(PLQH7$\DĂO×0
)HUDKIDNL0
+DF×PHPL0
+DF×UHFHS0
+DF×YHOL0
gPHURÿOX0
ā×KPXKLWWLQ0
$NND\D
%DĂD\DĂ
%DĂEHUHNHW
%D\DW
%D\UDP
dDQ×OO×dLÿGHPFL
dDQ×OO×8OX\RO
(YFL
)HUX]
*HQFDOL
*|NoHEDÿ
*|NOHU
,O×FD
ĀOKDQ
2UWDEHUHNHW
2OWDQ.DUDKDVDQ
2OWDQāHKLWOHU
2OWDQ<HQLPDKDOOH
3×QDU\DND
6LQDQO×&XPD
6LQDQO×+RFDVLQDQ
6LQDQO×0DKNHPH
7HNNH
8ÿXUoD\×U×
8OXS×QDU
<DÿPXUGHGH
0XKWDU
ĀKVDQĀÿGHFL
ĀKVDQg]O
1HUPLQ.D\D
āDNLUg]ED\UDP
2VPDQ.DSODQ
6HODPLĀQGHUH
+DNDQg]EDĂ
$OL,UPDN
$OL7DQU×VHYHU
0XVWDID8ÿXU
ĀO\DV$OW×QVR\
6OH\PDQ'XUOX
<XVXIĀ]]HWWLQ2NWD\
&DKLW&DQ
7DQ\HUL*UPDQ
'XUKDGL6DUDo
&HOLOgQGHU
$KPHW'RÿDQD\
(UGDO(UWXUXQ
$]L]6DFLG
0XKWHUHPg]GHPLU
$OL7RSUDN
gPHUĀOKDQ
$KPHW&RĂNXQ
ĀEUDKLP1DUĂDS
<FHO*|NPHQ
(UNDQ$\DQ
/DWLIdHOHEL
+VH\LQg]GRÿDQ
+LGD\HW<DYX]
$KPHW<NVHO
0DKPXWdDP|]
āNU%DOoLoHN
0XVWDID$\D]
2VPDQ.DUDoDP
7HOHIRQ
&HS7HOHIRQX
9$.),0,='$+(53(5ā(0%(6$$7/(5Ā$5$6,1'$62+%(7723/$17,6,<$3,/0$.7$',5
723/$17,0,=+(5.(6($d,.7,5
7(/
*0.%8/9$5,120$/7(3($1.$5$
<(āĀ/$<$ā'(5*Ā6Ā
47
7(.67ø/$ù
.$<$/,7(.67Ā/$ā
0HUNH]d×NU×No×ODU<RNXĂX1R8OXV$QNDUD
7HO
7O3HUGH6DUDoODUdDUĂ×V×1R'
6DPDQSD]DU×$QNDUD
7HO
+DF0DUNHW6DUDoODUdDUĂ×V×1R6DPDQSD]DU×$QNDUD
7HO
ZZZND\DOLWHNVWLOFRPLQIR#ND\DOLWHNVWLOFRP