Page 1

7 Temmuz 2018 CUMARTESฤฐ

Resmรฎ Gazete

Sayฤฑ: 30471

g=(/(รถรธ7รธ0+รธ=0(7/(5รธ<g1(70(/รธรถรธ %รธ5รธ1&รธ.,6,0 *HQHO+ยNยPOHU %รธ5รธ1&รธ%g/h0 $PDo.DSVDP'D\DQDNYH7DQร•PODU $PDo 0$''(ยฑ  %X<|QHWPHOLรทLQDPDFร•7ยUN0LOOv(รทLWLPLQLQJHQHODPDoODUร•YHWHPHOLONHOHULGRรทUXOWXVXQGD|]HO HรทLWLPLKWL\DFร•RODQELUH\OHULQHรทLWLPKDNODUร•QGDQ\DUDUODQPDODUร•Qร•VDรทODPD\D\|QHOLNXVXOYHHVDVODUร•Gย]HQOHPHNWLU .DSVDP 0$''(  ยฑ   %X <|QHWPHOLN |]HO HรทLWLP LKWL\DFร• RODQ ELUH\OHUH VXQXODFDN HรทLWLP YH |รทUHWLP KL]PHWOHULQLQ \ยUยWยOPHVLQH\|QHOLNKยNยPOHULNDSVDU 'D\DQDN 0$''(ยฑ  %X<|QHWPHOLNWDULKOLYHVD\ร•Oร•รธON|รทUHWLPYH(รทLWLP.DQXQXWDULKOLYH VD\ร•Oร• 0LOOv (รทLWLP 7HPHO .DQXQX  WDULKOL YH  VD\ร•Oร• 0HVOHNL (รทLWLP .DQXQX  WDULKOL YH  VD\ร•Oร• (QJHOOLOHU+DNNร•QGD.DQXQWDULKOLYHVD\ร•Oร•รธรบ6DรทOร•รทร•YH*ยYHQOLรทL.DQXQXWDULKOLYHVD\ร•Oร• g]HO(รทLWLP+DNNร•QGD.DQXQ+ยNPยQGH.DUDUQDPHLOHWDULKOLYHVD\ร•Oร•0LOOv(รทLWLP%DNDQOร•รทร•Qร•Q7HรบNLODWYH *|UHYOHUL+DNNร•QGD.DQXQ+ยNPยQGH.DUDUQDPHKยNยPOHULQHGD\DQร•ODUDNKD]ร•UODQPร•รบWร•U 7DQร•PODUYHNร•VDOWPDODU 0$''(ยฑ  %X<|QHWPHOLรทLQX\JXODQPDVร•QGD D $รทร•UGย]H\GHRWL]PLRODQELUH\6RV\DOHWNLOHรบLPV|]HOYHV|]HOROPD\DQLOHWLรบLPLOJLYHHWNLQOLNOHUGHNLVร•Qร•UOร•Oร•NODUร• QHGHQL\OH\RรทXQ|]HOHรทLWLPYHGHVWHNHรทLWLPKL]PHWLQHLKWL\DFร•RODQELUH\L E $รทร•UGย]H\GH]LKLQVHOHQJHOOLELUH\=LKLQVHOLรบOHYOHULOHNDYUDPVDOVRV\DOSUDWLNX\XPYH|]EDNร•PEHFHULOHULQGHNL HNVLNOLNOHULQHGHQL\OH\DรบDPER\XVยUHQ\RรทXQ|]HOHรทLWLPYHGHVWHNHรทLWLPKL]PHWLQHLKWL\DFร•RODQELUH\L F %DNDQOร•N0LOOv(รทLWLP%DNDQOร•รทร•Qร• o  %HGHQVHO HQJHOOL ELUH\ .DV LVNHOHW YH VLQLU VLVWHPLQGHNL ER]XNOXNODU QHGHQL\OH |]HO HรทLWLP YH GHVWHN HรทLWLP KL]PHWLQHLKWL\DFร•RODQELUH\L G %LOLPYHVDQDWPHUNH]LgUJยQHรทLWLPNXUXPODUร•QDGHYDPHGHQJHQHO]LKLQVHOJ|UVHOVDQDWODUYH\DPย]LN\HWHQHN DODQODUร•QGD|]HO\HWHQHNOLRODQ|รทUHQFLOHUH\HWHQHNOHULQLJHOLรบWLUHUHNNDSDVLWHOHULQLHQยVWGย]H\GHNXOODQPDODUร•Qร•VDรทODPDN DPDFร•\ODGHVWHNHรทLWLPKL]PHWLYHUPHNย]HUHDoร•ODQNXUXPX H %LOLPYHVDQDWPHUNH]LND\ร•WE|OJHVL%LUGHQID]ODELOLPYHVDQDWPHUNH]LEXOXQDQLOYHLOoHOHUGHELOLPYHVDQDW PHUNH]OHULQLQ|รทUHQFLND\ร•WYHQDNLOLรบOHPOHULQLJHUoHNOHรบWLUHFHNOHULE|OJH\L I %LUH\VHO\HWHQHNOHULIDUNHWWLUPHSURJUDPร•*HQHO]LKLQVHO\HWHQHNDODQร•QGDQWDQร•ODQDQYHGHVWHNHรทLWLPSURJUDPร•Qร• WDPDPOD\DQ|รทUHQFLOHULQELUH\VHO\HWHQHNOHULQLIDUNHWPHOHULDPDFร•\OD\ยUยWยOHQHรทLWLPSURJUDPร•Qร• J %LUH\VHOOHรบWLULOPLรบHรทLWLPSURJUDPร•g]HOHรทLWLPLKWL\DFร•RODQELUH\OHULQWDNLSHWWLNOHULSURJUDPHVDVDOร•QDUDNJHOLรบLP |]HOOLNOHULHรทLWLPLKWL\DoODUร•YHSHUIRUPDQVODUร•GRรทUXOWXVXQGDKHGHIOHQHQDPDoODUDXODรบPD\D\|QHOLNKD]ร•UODQDQYHEXELUH\OHUH YHULOHFHNGHVWHNHรทLWLPKL]PHWOHULQLGHLoHUHQ|]HOHรทLWLPSURJUDPร•Qร• รท dRNDรทร•UGย]H\GH]LKLQVHOHQJHOOLELUH\=LKLQVHO\HWHUVL]OLรทL\DQร•QGD|]EDNร•PJยQOยN\DรบDPYHWHPHODNDGHPLN EHFHULOHULND]DQDPD\DQ\DรบDPER\XEDNร•PYHJ|]HWLPHLKWL\DFร•RODQELUH\L K 'DQร•รบPDQ|รทUHWPHQgรทUHQFLQLQSURMHยUHWLPLYH\|QHWLPLSURJUDPร•DรบDPDVร•QGDELUOLNWHoDOร•รบWร•รทร•|รทUHWPHQL ร• 'HVWHNHรทLWLPKL]PHWLg]HOHรทLWLPLKWL\DFร•RODQELUH\OHULQHรทLWLPLKWL\DoODUร•GRรทUXOWXVXQGDNHQGLOHULQHDLOHOHULQH |รทUHWPHQOHULQHYHRNXOGDNLGLรทHUSHUVRQHOHX]PDQSHUVRQHOYHJHUHNOLDUDoJHUHoOHUOHVXQXODQGDQร•รบPDQOร•NKL]PHWOHULQL L 'HVWHNHรทLWLPRGDVร•7DP]DPDQOร•ND\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLPOHULQHGHYDPHGHQ|รทUHQFLOHULOH|]HO \HWHQHNOL|รทUHQFLOHUHLKWL\DoGX\GXNODUร•DODQODUGDGHVWHNHรทLWLPKL]PHWOHULYHULOPHVLLoLQGย]HQOHQPLรบRUWDPร• M 'HVWHN HรทLWLP SURJUDPร• *HQHO ]LKLQVHO \HWHQHN DODQร•QGDQ WDQร•ODQDQ |รทUHQFLOHULQ WยP DODQ YH GLVLSOLQOHUOH LOLรบNLOHQGLULOHUHNDOร•QGร•NODUร•HรทLWLPSURJUDPร•Qร• N *HQHOPยGยUOยN0LOOv(รทLWLP%DNDQOร•รทร•g]HO(รทLWLPYH5HKEHUOLN+L]PHWOHUL*HQHO0ยGยUOยรทยQย O *|UPHHQJHOOLELUH\*|UPHJยFยQยQNร•VPHQ\DGDWDPDPHQND\Eร•QGDQGROD\ร•|]HOHรทLWLPYHGHVWHNHรทLWLPKL]PHWLQH LKWL\DFร•RODQELUH\L P +DILI Gย]H\GH RWL]PL RODQ ELUH\ 6RV\DO HWNLOHรบLP V|]HO YH V|]HO ROPD\DQ LOHWLรบLP LOJL YH HWNLQOLNOHUGHNL KDILI Gย]H\GHNLVร•Qร•UOร•Oร•รทร•QHGHQL\OH|]HOHรทLWLPLOHGHVWHNHรทLWLPKL]PHWLQHLKWL\DFร•RODQELUH\L Q +DILI Gย]H\GH ]LKLQVHO HQJHOOL ELUH\ =LKLQVHO LรบOHYOHU LOH NDYUDPVDO VRV\DO YH SUDWLN X\XP EHFHULOHULQGH KDILI Gย]H\GHNL\HWHUVL]OLรทLQHGHQL\OH|]HOHรทLWLPYHGHVWHNHรทLWLPKL]PHWLQHVร•Qร•UOร•Gย]H\GHLKWL\DFร•RODQELUH\L R รธรบLWPH HQJHOOL ELUH\ รธรบLWPH GX\DUOร•Oร•รทร•Qร•Q Nร•VPHQ YH\D WDPDPHQ ND\Eร•QGDQ GROD\ร• |]HO HรทLWLP YH GHVWHN HรทLWLP KL]PHWLQHLKWL\DFร•RODQELUH\L


| .D\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLPX\JXODPDODUร•g]HOHรทLWLPLKWL\DFร•RODQELUH\OHULQKHUWยUYHNDGHPHGH GLรทHUELUH\OHUOHNDUรบร•Oร•NOร•HWNLOHรบLPLoLQGHEXOXQPDODUร•Qร•YHHรทLWLPDPDoODUร•Qร•HQยVWGย]H\GHJHUoHNOHรบWLUPHOHULQLVDรทODPDN DPDFร•\ODEXELUH\OHUHGHVWHNHรทLWLPKL]PHWOHULGHVXQXODUDNDNUDQODUร•\ODELUOLNWHWDP]DPDQOร•\DGD|]HOHรทLWLPVร•Qร•IODUร•QGD\DUร• ]DPDQOร•RODUDNYHULOHQHรทLWLPL S  0LOOv(รทLWLP %DNDQOร•รทร• %LOLรบLP 6LVWHPOHUL 5HKEHUOLN YH $UDรบWร•UPD 0HUNH]L 0RGยOย g]HO HรทLWLP LKWL\DFร• ROGXรทX |QJ|UยOHQ ELUH\OHUH LOLรบNLQ HรทLWVHO GHรทHUOHQGLUPH YH WDQร•ODPD KL]PHWOHULQH \|QHOLN Lรบ YH LรบOHPOHULQ HOHNWURQLN RUWDPGD \ยUยWยOGยรทยYHELOJLOHULQVDNODQGร•รทร•VLVWHPL U 2UWDGย]H\GHRWL]PLRODQELUH\6RV\DOHWNLOHรบLPV|]HOYHV|]HOROPD\DQLOHWLรบLPLOJLYHHWNLQOLNOHUGHNLVร•Qร•UOร•Oร•NODUร• QHGHQL\OH|]HOHรทLWLPLOHGHVWHNHรทLWLPKL]PHWLQH\RรทXQรบHNLOGHLKWL\DFร•RODQELUH\L V 2UWDGย]H\GH]LKLQVHOHQJHOOLELUH\=LKLQVHOLรบOHYOHULOHNDYUDPVDOVRV\DOYHSUDWLNX\XPEHFHULOHULQGHNLVร•Qร•UOร•Oร•N QHGHQL\OHWHPHODNDGHPLNJยQOยN\DรบDPYHLรบEHFHULOHULQLQND]DQร•OPDVร•QGD|]HOHรทLWLPLOHGHVWHNHรทLWLPKL]PHWLQH\RรทXQ รบHNLOGHLKWL\DFร•RODQELUH\L รบ g]HOHรทLWLP%LUH\VHOYHJHOLรบLP|]HOOLNOHULLOHHรทLWLP\HWHUOLOLNOHULDoร•Vร•QGDQDNUDQODUร•QGDQDQODPOร•Gย]H\GHIDUNOร•Oร•N J|VWHUHQELUH\OHULQHรทLWLPYHVRV\DOLKWL\DoODUร•Qร•NDUรบร•ODPDNย]HUHJHOLรบWLULOPLรบHรทLWLPSURJUDPODUร•YH|]HORODUDN\HWLรบWLULOPLรบ SHUVRQHOLOHX\JXQRUWDPODUGDVยUGยUยOHQHรทLWLPL W g]HOHรทLWLPLKWL\DFร•RODQELUH\%LUH\VHOYHJHOLรบLP|]HOOLNOHULLOHHรทLWLP\HWHUOLOLNOHULDoร•Vร•QGDQDNUDQODUร•QGDQDQODPOร• Gย]H\GHIDUNOร•Oร•NJ|VWHUHQELUH\L X g]HO\HWHQHNOLELUH\<Dรบร•WODUร•QDJ|UHGDKDKร•]Oร•|รทUHQHQ\DUDWร•Fร•Oร•NVDQDWOLGHUOLรทHLOLรบNLQNDSDVLWHGH|QGHRODQ |]HODNDGHPLN\HWHQHรทHVDKLSVR\XWILNLUOHULDQOD\DELOHQLOJLDODQODUร•QGDEDรทร•PVร•]KDUHNHWHWPH\LVHYHQYH\ยNVHNGย]H\GH SHUIRUPDQVJ|VWHUHQELUH\L ย g]HO\HWHQHNOHULJHOLรบWLUPHSURJUDPร•0ย]LNYHJ|UVHOVDQDWODU\HWHQHNDODQร•QGDQX\XPSURJUDPร•Qร•JHQHO]LKLQVHO \HWHQHN DODQร•QGDQ LVH ELUH\VHO \HWHQHNOHUL IDUN HWWLUPH SURJUDPร•Qร• WDPDPOD\DQ |รทUHQFLOHULQ |]HO \HWHQHNOHULQL JHOLรบWLUPHN DPDFร•\OD\ยUยWยOHQSURJUDPร• Y 3URMHยUHWLPLYH\|QHWLPLSURJUDPร•gรทUHQFLOHULQLOJLLVWHNYH\HWHQHNOHULGRรทUXOWXVXQGDELUDODQGDYH\DGLVLSOLQGH GDQร•รบPDQ|รทUHWPHQUHKEHUOLรทLQGHELUH\VHOYH\DJUXSOD\ยUยWWยNOHULHรทLWLPSURJUDPร•Qร• \ 5HKEHUOLNVHUYLVL(รทLWLPNXUXPODUร•QGDUHKEHUOLNKL]PHWOHULQLQ\ยUยWยOGยรทยELULPL ] 5HKEHUOLNYHDUDรบWร•UPDPHUNH]L5HKEHUOLNKL]PHWOHULLOH|]HOHรทLWLPKL]PHWOHULQLSODQOD\DUDNKL]PHWOHULQNRRUGLQHOL ELUรบHNLOGH\ยUยWยOPHVLQLVDรทOD\DQNXUXPX DD 7DPDPOD\ร•Fร•HรทLWLPIDDOL\HWL5HVPv|]HOHรทLWLPRNXOODUร•QGD|UJยQHรทLWLPVDDWOHULGร•รบร•QGDKDIWDLoLYH\DKDIWDVRQX |รทUHQFLOHUOH\ยUยWยOHQHรทLWLPIDDOL\HWOHULQL EE  8\JXODPD Vร•Qร•Iร• g]HO HรทLWLP X\JXODPD RNXOXQGD ,,, NDGHPH  Lรบ EHFHULOHULQH\|QHOLN X\JXODPDODUร•Q\DSร•OGร•รทร• RUWDPร• FF 8\XPSURJUDPร•%LOLPYHVDQDWPHUNH]LQH\HQLND\Gร•\DSร•ODQ|รทUHQFLOHULQVRV\DOYHSVLNRORMLNJHOLรบLPOHULKDNNร•QGD ELOJLVDKLELROPDNYHNXUXPXWDQร•WPDNLoLQ\ยUยWยOHQHรทLWLPSURJUDPร•Qร• oo 9HOLgรทUHQFLQLQDQQHVLEDEDVร•YH\D\DVDOVRUXPOXOXรทXQXยVWOHQHQNLรบL\L GG <HWHQHNDODQร•g]HO\HWHQHNOL|รทUHQFLQLQWDQร•ODQGร•รทร•JHQHO]LKLQVHO\HWHQHNDODQร•J|UVHOVDQDWODU\HWHQHNDODQร•YH Pย]LN\HWHQHNDODQร•Qร• HH =RUXQOX|รทUHQLPg]HOHรทLWLPLKWL\DFร•RODQELUH\OHULoLQRNXO|QFHVLQGHQEDรบOD\ร•SRUWD|รทUHWLPVยUHVLQLGHNDSVD\DQ HรทLWLPYH|รทUHWLPVยUHFLQL II %(3%LUH\VHOOHรบWLULOPLรบHรทLWLPSURJUDPร•Qร• JJ %รธ/6(0%LOLPYHVDQDWPHUNH]LQL รทรท %รธ/6(00RGยOย%LOLPYHVDQDWPHUNH]L\|QHWLPELOJLVLVWHPLQL KK 5$05HKEHUOLNYHDUDรบWร•UPDPHUNH]LQL ร•ร• 0(%%รธ65$00RGยOย0LOOv(รทLWLP%DNDQOร•รทร•%LOLรบLP6LVWHPOHUL5HKEHUOLNYH$UDรบWร•UPD0HUNH]L0RGยOยQย LIDGHHGHU รธ.รธ1&รธ%g/h0 7HPHOรธONHOHUYH$PDoODU g]HOHรทLWLPLQWHPHOLONHOHUL 0$''(ยฑ  7ยUN0LOOv(รทLWLPLQLQJHQHODPDoYHWHPHOLONHOHULGRรทUXOWXVXQGD|รทUHQFLOHUH D %LUH\VHOIDUNOร•Oร•NODUร•JHOLรบLP|]HOOLNOHULYHHรทLWLPLKWL\DoODUร•GLNNDWHDOร•QDUDNHรทLWLPKL]PHWLVXQXOPDVร• E g]HOHรทLWLPLKWL\DFร•RODQELUH\OHULQLOJLLVWHN\HWHUOLOLNYH\HWHQHNOHULGRรทUXOWXVXQGD|]HOHรทLWLPKL]PHWOHULQGHQ \DUDUODQGร•Uร•OPDVร• F g]HOHรทLWLPKL]PHWOHULQHHUNHQG|QHPGHEDรบODQPDVร• o g]HOHรทLWLPKL]PHWOHULQLQ|]HOHรทLWLPLKWL\DFร•RODQELUH\OHULVRV\DOYHIL]LNVHOoHYUHOHULQGHQPยPNยQROGXรทXNDGDU D\ร•UPDGDQWRSOXPODHWNLOHรบLPYHNDUรบร•Oร•NOร•X\XPVDรทODPDVยUHFLQLNDSVD\DFDNรบHNLOGHSODQODQร•S\ยUยWยOPHVL G  g]HO HรทLWLP LKWL\DFร• RODQ ELUH\OHULQ HรทLWVHO SHUIRUPDQVODUร• GRรทUXOWXVXQGD DPDo LoHULN YH |รทUHWLP VยUHoOHULQGH X\DUODPDODU\DSร•ODUDNGLรทHUELUH\OHUOHELUOLNWHHรทLWLPJ|UPHOHULQH|QFHOLNYHULOPHVL 




H g]HOHรทLWLPLKWL\DFร•RODQELUH\OHULQKHUWยUYHNDGHPHGHNLHรทLWLPOHULQLVยUGยUHELOPHOHULLoLQNXUXPYHNXUXOXรบODUOD LรบELUOLรทL\DSร•OPDVร• I g]HOHรทLWLPLKWL\DFร•RODQELUH\OHULoLQ%(3JHOLรบWLULOPHVLYHHรทLWLPSURJUDPODUร•Qร•QELUH\VHOOHรบWLULOHUHNX\JXODQPDVร• J $LOHOHULQ|]HOHรทLWLPVยUHFLQLQKHUDรบDPDVร•QDDNWLINDWร•OPDODUร•Qร•QVDรทODQPDVร• รท  g]HO HรทLWLP SROLWLNDODUร•Qร•Q JHOLรบWLULOPHVLQGH ยQLYHUVLWHOHULQ LOJLOL E|OยPOHUL YH |]HO HรทLWLP LKWL\DFร• RODQ ELUH\OHUH \|QHOLNIDDOL\HWWHEXOXQDQVLYLOWRSOXPNXUXOXรบODUร•LOHLรบELUOLรทLLoLQGHoDOร•รบร•OPDVร• HVDVWร•U g]HOHรทLWLPKL]PHWOHULQLQDPDoODUร• 0$''(ยฑ  7ยUN0LOOv(รทLWLPLQLQJHQHODPDoYHWHPHOLONHOHULHVDVDOร•QDUDN|]HOHรทLWLPLKWL\DFร•RODQELUH\OHULQ HรทLWLP LKWL\DoODUร•\HWHUOLOLNOHULLOJL YH\HWHQHNOHUL GRรทUXOWXVXQGD NDSDVLWHOHULQLHQ ยVW Gย]H\GH NXOODQPDODUร• ยVW|รทUHQLPH PHVOHNKD\DWร•QDYHWRSOXPVDO\DรบDPDKD]ร•UODQPDODUร•Qร•DPDoODU รธ.รธ1&รธ.,6,0 g]HO(รทLWLP+L]PHWOHUL  %รธ5รธ1&รธ%g/h0 (รทLWVHO'HรทHUOHQGLUPHYH7DQร•ODPDLOHรธ]OHPH6ยUHFL (รทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDHVDVODUร• 0$''(ยฑ  %LUH\OHULQHรทLWVHOGHรทHUOHQGLUPHVLYHWDQร•ODPDVร•LOHLOJLOLLรบYHLรบOHPOHU5$0ยถODUGDROXรบWXUXODQ|]HO HรทLWLPGHรทHUOHQGLUPHNXUXOXWDUDIร•QGDQ\DSร•Oร•U   %LUH\OHULQ HรทLWVHO GHรทHUOHQGLUPHVL YH WDQร•ODPDVร•\OD LOJLOL LON EDรบYXUX RNXO \|QHWLPL YHOL \D GD ]LKLQVHO HQJHOL ROPD\DQ\Dรบร•QGDQEย\ยNELUH\LQNHQGLVLWDUDIร•QGDQUHVPvNXUXPODUGDEDNร•PYHEDUร•QPDKL]PHWLQGHQ\DUDUODQDQELUH\OHU LoLQNXUXPXQUHVPv\D]ร•LOHJ|UHYOHQGLUHFHรทLSHUVRQHOWDUDIร•QGDQ5$0ยถD\DSร•Oร•U  (รทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDVยUHFLQGHDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D  (รทLWVHO GHรทHUOHQGLUPH YH WDQร•ODPD X\JXQ RUWDPGD ELUH\LQ |]HOOLNOHULQH X\JXQ |OoPH DUDoODUร•\OD \DSร•Oร•U 6DรทOร•N VRUXQODUร• QHGHQL\OH 5$0ยถD JHOHPH\HFHN GXUXPGD RODQODUร•Q HรทLWVHO GHรทHUOHQGLUPH YH WDQร•ODPDVร•\OD LOJLOL Lรบ YH LรบOHPOHU EX ELUH\OHULQEXOXQGXรทXRUWDPODUGD\DSร•Oร•U E  (รทLWVHO GHรทHUOHQGLUPH YH WDQร•ODPD VRQXFXQGD |]HO HรทLWLP LKWL\DFร• ROGXรทX WHVSLW HGLOHQ ELUH\OHU g]HO (รทLWLP 'HรทHUOHQGLUPH .XUXOX 5DSRUX Gย]HQOHQHUHN X\JXQ HรทLWLP RUWDPร•QD YH |]HO HรทLWLP KL]PHWLQH \|QOHQGLULOLUOHU 5HVPv |]HO HรทLWLPRNXOXQD|]HOHรทLWLPVร•Qร•Iร•QD\DGDWDP]DPDQOร•ND\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLPH\|QOHQGLULOHQ|รทUHQFLOHULoLQ (.  5DSRU  WDULKOL YH  VD\ร•Oร• g]HO gรทUHWLP .XUXPODUร• .DQXQX NDSVDPร•QGD KL]PHW VXQDQ |]HO HรทLWLP NXUXPODUร•QGDGHVWHNHรทLWLPDOPDVร•QDNDUDUYHULOHQ|รทUHQFLOHULoLQ (. 5DSRUGย]HQOHQLU F  g]HO gรทUHWLP .XUXPODUร• .DQXQX NDSVDPร•QGD KL]PHW VXQDQ NXUXPODUGD GHVWHN HรทLWLP DOPDVร•QD NDUDU YHULOHQ |รทUHQFLOHULoLQHQID]ODELU\ร•OOร•NHรทLWLPSODQร•KD]ร•UODQร•U6ยUHVLELWHQSODQODULKWL\DoKkOLQGH\HQLOHQHELOLU o (รทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDKL]PHWOHULQHLOLรบNLQLรบYHLรบOHPOHU0(%%รธ65$00RGยOยย]HULQGHQ\DSร•Oร•U   (รทLWVHO GHรทHUOHQGLUPH YH WDQร•ODPD LรบOHPOHUL RNXOD ND\ร•WOร• |รทUHQFLOHU LoLQ RNXOXQ EXOXQGXรทX E|OJHGHNL 5$0 WDUDIร•QGDQ KHUKDQJL ELU RNXOD ND\ร•WOร• ROPD\DQODU LoLQ LVH LNDPHW DGUHVL \D GD EDNร•P YH EDUร•QPD KL]PHWLQGHQ \DUDUODQGร•รทร• NXUXPXQEXOXQGXรทXE|OJHGHNL5$0WDUDIร•QGDQ\DSร•Oร•U  (รทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDELUH\LQWยPJHOLรบLPDODQODUร•QGDNL|]HOOLNOHULYHDNDGHPLNGLVLSOLQDODQODUร•QGDNL \HWHUOLOLNOHUL LOH HรทLWLP LKWL\DoODUร• ELUOLNWH GHรทHUOHQGLULOHUHN HรทLWLPLQ KHU WยU YH NDGHPHVLQGHNL JHoLรบOHUGH \DSร•Oร•U $\Uร•FD ELUH\OHULQHรทLWLPSHUIRUPDQVร•YHHรทLWLPLKWL\DoODUร•GRรทUXOWXVXQGDYHOL\DGDRNXOXQ\D]ร•Oร•WDOHELย]HULQHJHUHNWLรทLQGHWHNUDUODQร•U   %DNDQOร•รทD EDรทOร• \XUWGร•รบร•QGDNL 7ยUN RNXOODUร•QGD HรทLWLPOHULQL VยUGยUHQ |]HO HรทLWLP LKWL\DFร• RODQ ELUH\OHUH 7ยUNL\HยถGHNL5$0ยถODUGDHรทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDKL]PHWLVXQXOXU   7ยUNL\HยถGH HรทLWLPLQH GHYDP HGHQ YH\D HGHFHN RODQ \DEDQFร• X\UXNOX ELUH\OHU 5$0ยถODUGD VXQXODQ HรทLWVHO GHรทHUOHQGLUPHYHWDQร•ODPDKL]PHWOHULQGHQ\DUDUODQร•U%XELUH\OHUGHQHรทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDVRQXFXQGD|]HOHรทLWLP LKWL\DFร•ROGXรทXWHVSLWHGLOHQOHULoLQg]HO(รทLWLP'HรทHUOHQGLUPH.XUXOX5DSRUX (. Gย]HQOHQLU  g]HO\HWHQHNOLRODUDN%รธ/6(0ยถHDGD\J|VWHULOHQ|รทUHQFLOHULQHรทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDVร•LOHLOJLOLLรบYH LรบOHPOHU%DNDQOร•NoD\D\ร•PODQDQNร•ODYX]GDDoร•NODQDQWDNYLPGRรทUXOWXVXQGD\DSร•Oร•U  (รทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDVยUHFLLOHLOJLOL\DSร•ODFDNLรบYHLรบOHPOHUGHELUH\LQYH\DYHOLQLQJ|UยรบยDOร•Qร•U (รทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDLoLQJHUHNOLEHOJHOHU 0$''(ยฑ  (รทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDLoLQ D %LUH\LQYHOLVLQLQ\DGDRNXO\|QHWLPLQLQ\D]ร•Oร•WDOHEL E .RUX\XFXDLOH\DQร•QGDNDODQELUH\OHULoLQ\DSร•ODQEDรบYXUXODUGDNRUX\XFXDLOHEHOJHVL F 2NXODND\ร•WOร•RODQ|รทUHQFLOHULoLQ(รทLWVHO'HรทHUOHQGLUPHรธVWHN)RUPX (.  o %LUH\LoLQX\JXQHรทLWLPRUWDPร•QD\|QOHQGLULOPHVLDPDoOร•EDรบYXUXODUGDJHUHNWLรทLQGH(QJHOOL6DรทOร•N.XUXOX5DSRUX G g]HOgรทUHWLP.XUXPODUร•.DQXQXNDSVDPร•QGDKL]PHWVXQDQNXUXPODUGDGHVWHNHรทLWLPKL]PHWLDOPDNย]HUH\DSร•ODQ EDรบYXUXODUGD(QJHOOL6DรทOร•N.XUXOX5DSRUX






H  g]HO gรทUHWLP .XUXPODUร• .DQXQX NDSVDPร•QGD KL]PHW VXQDQ NXUXPODUGD GHVWHN HรทLWLP KL]PHWL DODQ ELUH\OHULQ UDSRUODUร•Qร•Q \HQLOHQPHVL LoLQ \DSร•ODQ EDรบYXUXODUGD LOJLOL NXUXPFD Gย]HQOHQHFHN '|QHP 6RQX %LUH\VHO 3HUIRUPDQV 'HรทHUOHQGLUPH)RUPX (.  LVWHQLU .DGHPHOHUDUDVร•JHoLรบOHU 0$''(ยฑ  g]HOHรทLWLPLKWL\DFร•RODQ|รทUHQFLOHULQRNXO|QFHVLLONRNXORUWDRNXOYH\DOLVHNDGHPHOHULQGHNLHรทLWLPH JHoLรบVยUHoOHULQGHDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D (รทLWLPLQKHUWยUYHNDGHPHVLQGHNLJHoLรบOHUGHHรทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPD\DSร•Oร•U E รธOYH\DLOoH|]HOHรทLWLPKL]PHWOHULNXUXOXWDUDIร•QGDQ\HUOHรบWLUPHNDUDUร•DOร•QDQ|รทUHQFLOHULQGHYDPHGHFHรทLRNXOODUGD 5$0ยถร•QSODQODPDVร•GRรทUXOWXVXQGDRNXOUHKEHUOLNVHUYLVLLOHLรบELUOLรทLLoHULVLQGH|รทUHQFLQLQRNXODX\XPXYHHรทLWLPHHULรบLPLLOH LOJLOLJHUHNOLWHGELUOHUDOร•QDUDNX\JXODPDWDNLSHGLOLU F 5$0ยถร•QSODQODPDVร•GRรทUXOWXVXQGDRNXOUHKEHUOLNVHUYLVLLOHLรบELUOLรทLLoHULVLQGH|รทUHWPHQOHU\|QHWLFLOHUDLOHOHUYH |รทUHQFLOHULoLQJHUHNOLELOJLOHQGLUPHoDOร•รบPDODUร•\DSร•Oร•U o  g]HO HรทLWLP LKWL\DFร• RODQ |รทUHQFLOHUGHQ GHUV \ร•Oร• VRQXQGD NDGHPHOHU DUDVร• JHoLรบ \DSDFDNODUร•Q ND\ร•WOร• EXOXQGXรทX RNXOODUGDRNXO\|QHWLPOHUL|รทUHQFLOHULQ5$0ยถD\|QOHQGLULOPHVLLOHLOJLOLLรบYHLรบOHPOHUL\ยUยWยU รธ]OHPH 0$''(ยฑ  g]HOHรทLWLPKL]PHWOHULQLQSODQODQPDVร•YHHรทLWLPGHVยUHNOLOLรทLQVDรทODQPDVร•DPDFร•\ODHUNHQoRFXNOXN G|QHPLQGHQLWLEDUHQHรทLWLPLQKHUNDGHPHVLQGH|]HOHรทLWLPLKWL\DFร•RODQELUH\OHULQJHOLรบLPOHULQLQLOJLOLRNXOYHNXUXPODUFDWDNLS HGLOHUHNND\ร•WDOWร•QDDOร•QPDVร•HVDVWร•U รธ.รธ1&รธ%g/h0 (รทLWLP7ยUYH.DGHPHOHULQGHNLg]HO(รทLWLP+L]PHWOHUL (รทLWLPWยUYHNDGHPHOHULQGHNL|]HOHรทLWLPKL]PHWOHUL 0$''(ยฑ  g]HOHรทLWLPLKWL\DFร•RODQELUH\OHUHKL]PHWYHULOHQKHUWยUYHNDGHPHGHNLRNXOYH\DNXUXPGDHรทLWLP DPDoODUร•Qร•QHQยVWGย]H\GHJHUoHNOHรบWLULOPHVLLoLQDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D D\Oร•N|]HOHรทLWLPLKWL\DFร•RODQoRFXNODULoLQHUNHQoRFXNOXNG|QHPLKL]PHWOHULDLOHQLQELOJLOHQGLULOPHVLQLYH GHVWHNOHQPHVLQLGHLoHUHFHNรบHNLOGH\ยUยWยOยU E D\ร•Qร•WDPDPOD\DQ|]HOHรทLWLPLKWL\DFร•RODQoRFXNODULoLQRNXO|QFHVLHรทLWLP]RUXQOXGXUdRFXNODUร•QJHOLรบLPLYH |]HOOLNOHULGLNNDWHDOร•QDUDNRNXO|QFHVLG|QHPGHHรทLWLPVยUHVLX]DWร•ODELOLU F  g]HO HรทLWLP LKWL\DFร• RODQ ELUH\OHULQ KHU WยU YH NDGHPHGHNL HรทLWLPOHULQL ND\QDรบWร•UPDEยWยQOHรบWLUPH \ROX\OD VยUGยUPHOHULHVDVROPDNODELUOLNWHEXELUH\OHUH\|QHOLN|]HOHรทLWLPNXUXPODUร•YH\D|]HOHรทLWLPVร•Qร•IODUร•GDDoร•ODELOLU o 5HVPv|]HOHรทLWLPRNXOODUร•QGD|รทUHQLPJ|UHQ|]HOHรทLWLPLKWL\DFร•RODQ|รทUHQFLOHULoLQ|UJยQHรทLWLPVDDWOHULGร•รบร•QGDNL ]DPDQODUGDWDPDPOD\ร•Fร•HรทLWLPIDDOL\HWOHULGย]HQOHQHELOLU G  รธON|รทUHWLP YH\D RUWD|รทUHWLP SURJUDPODUร•Qร• WDNLS HGHQ |]HO HรทLWLP LKWL\DFร• RODQ |รทUHQFLOHUGHQ |รทUHQLPOHULQL WDPDPOD\DPD\DQODU\DGD|รทUHQLPoDรทร•Gร•รบร•QDoร•NDQODULOH|UJยQHรทLWLPNXUXPODUร•QGDNL|รทUHQLPKDNNร•Qร•NXOODQDQODUร•QND\ร•WODUร• Doร•N|รทUHWLPRNXOODUร•QD\DSร•Oร•U H g]HOHรทLWLPLKWL\DFร•RODQELUH\OHULQPHVOHNLWHNQLNVRV\DOYH\DNยOWยUHODODQODUGDELOJLYHEHFHULOHUOHGRQDWร•OPDVร• RQODUร•QKD\DWDND]DQGร•Uร•OPDVร•ยUHWNHQELUH\OHUKkOLQHJHWLULOPHVLDPDFร•\ODEXELUH\OHUH\D\Jร•QHรทLWLPKL]PHWOHULYHULOLU I  gUJยQ HรทLWLP KL]PHWLQGHQ GRรทUXGDQ \DUDUODQDPD\DFDN |รทUHQFLOHULQ X]DNWDQ HรทLWLP \ROX\OD GHUVOHULQL WDNLS HGHELOPHOHULQLVDรทODPDNDPDFร•\ODEX|รทUHQFLOHUH%DNDQOร•รทร•QLOJLOLELULPOHULQFHWHNQRORMLNGHVWHNGHGkKLOROPDNย]HUHJHUHNOL KL]PHWOHUVXQXOXU J %DNDQOร•NoDGย]HQOHQHQPHUNH]vVLVWHPVร•QDYODUร•LOHSURWRNROOH\DSร•ODQVร•QDYODUGD|]HOHรทLWLPLKWL\DFร•RODQ|รทUHQFLOHU LoLQJHUHNOLWHGELUOHUDOร•Qร•U รท  g]HO \HWHQHNOL ELUH\OHUH KHU WยU YH NDGHPHGH ND\ร•WOร• EXOXQGXNODUร• RNXOODUร•Q GHVWHN HรทLWLP RGDODUร•QGD YH %รธ/6(0ยถOHUGHGHVWHNHรทLWLPKL]PHWLYHULOLU hdh1&h%g/h0 (UNHQdRFXNOXN'|QHPL(รทLWLPL%LUGHQ)D]OD<HWHUVL]OLรทL2ODQ%LUH\OHULQ(รทLWLPL (YGHYH\D+DVWDQHGH(รทLWLP*UXS(รทLWLPLQH+D]ร•UOร•N$LOH(รทLWLPL (UNHQoRFXNOXNG|QHPLHรทLWLPL 0$''(ยฑ  D\Oร•N|]HOHรทLWLPLKWL\DFร•RODQoRFXNODULoLQHUNHQoRFXNOXNG|QHPLHรทLWLPKL]PHWOHULLOYH\D LOoH|]HOHรทLWLPKL]PHWOHULNXUXONDUDUร•LOH|]HOHรทLWLPRNXOODUร•RNXO|QFHVLHรทLWLPNXUXPODUร•EยQ\HVLQGHDQDVร•Qร•Iร•EXOXQDQ HรทLWLPNXUXPODUร•LOHoRFXNYHDLOHQLQLKWL\DoODUร•GRรทUXOWXVXQGDHYOHUGHGH\ยUยWยOยU  (UNHQoRFXNOXNG|QHPLHรทLWLPKL]PHWOHULQLQ\ยUยWยOPHVLQGHDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D %XKL]PHWYHOLQLQ\D]ร•Oร•WDOHELย]HULQHg]HO(รทLWLP'HรทHUOHQGLUPH.XUXOX5DSRUXGRรทUXOWXVXQGDLOYH\DLOoH|]HO HรทLWLPKL]PHWOHULNXUXOXQFDSODQODQร•U E  %DNDQOร•NoD KD]ร•UODQDQ HรทLWLP SURJUDPร• HVDV DOร•QDUDN |]HO HรทLWLP LKWL\DFร• RODQ oRFXN LoLQ %(3 KD]ร•UODQDUDN DLOH HรทLWLPL\ROX\ODKL]PHWYHULOLU 




F (UNHQoRFXNOXNG|QHPLHรทLWLPKL]PHWOHULDLOHOHULQoRFXNODUร•Qร•QHรทLWLPLQHNDWร•Oร•PVDรทOD\DFDNODUร•รบHNLOGHNXUXPGD YH\DHYGH\ยUยWยOยU o (รทLWLPIDDOL\HWOHULKHUELUoRFXNLoLQKDIWDGDJยQLNLรบHUHรทLWLPVDDWLRODFDNรบHNLOGHRNXOXQGHUVVDDWOHULLoLQGH YH\DGร•รบร•QGDLKWL\DoKDOLQGHKDIWDVRQXGDSODQODQDELOLU%LUHรทLWLPVDDWLGDNLNDGร•U G (UNHQoRFXNOXNG|QHPLQGHVXQXODFDNHรทLWLPKL]PHWOHUL|]HOHรทLWLP|รทUHWPHQOHULRNXO|QFHVL|รทUHWPHQOHULoRFXN JHOLรบLPLYHHรทLWLPL|รทUHWPHQOHULWDUDIร•QGDQ\ยUยWยOยU %LUGHQID]OD\HWHUVL]OLรทLRODQELUH\OHULQHรทLWLPL 0$''(  ยฑ   =RUXQOX |รทUHQLP oDรทร•QGD ROXS ELUGHQ ID]OD \HWHUVL]OLรทL QHGHQL\OH LON|รทUHWLP YH\D RUWD|รทUHWLP SURJUDPODUร•QDGHYDPHGHPH\HFHNGXUXPGDNL|รทUHQFLOHULoLQ|QFHOLNOH|]HOHรทLWLPRNXOODUร•QGD|]HOHรทLWLPRNXOXEXOXQPD\DQ \HUOHรบLP\HUOHULQGHGLรทHURNXOODUEยQ\HVLQGHLOYH\DLOoH|]HOHรทLWLPKL]PHWOHULNXUXOXQXQWHNOLILGRรทUXOWXVXQGDYDOLOLNROXUX LOHVร•Qร•IDoร•Oร•U%XVร•Qร•IODUGDHรทLWLPKL]PHWOHULQLQ\ยUยWยOPHVLQGHDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D 6ร•Qร•IODUGD|]HOHรทLWLPSURJUDPร•X\JXODQร•UgรทUHQFLOHULQEDรบDUร•ODUร•Qร•QGHรทHUOHQGLULOPHVLWDNLSHWWLNOHUL|]HOHรทLWLP SURJUDPร•HVDVDOร•QDUDNKD]ร•UODQDQ%(3ยถHJ|UH\DSร•Oร•U E %XVร•Qร•IODUGDELUOHรบWLULOPLรบVร•Qร•IX\JXODPDVร•LOHHรทLWLP\DSร•Oร•U F 6ร•Qร•IODUร•QPHYFXGXHQID]OD|รทUHQFLGHQROXรบXU o 'HUVOHU|]HOHรทLWLP|รทUHWPHQOHULWDUDIร•QGDQRNXWXOXUรธONRNXOODUGDKDIWDOร•NGHUVoL]HOJHVLQGH\HUDODQGLQNยOWยUยYH DKODNELOJLVLGLรทHUNDGHPHOHUGHGLQNยOWยUยYHDKODNELOJLVLJ|UVHOVDQDWODUPย]LNYHEHGHQHรทLWLPLDODQODUร•QDLOLรบNLQGHUVOHU LOH PHVOHN GHUVOHUL LOJLOL DODQ |รทUHWPHQOHUL WDUDIร•QGDQ RNXWXOXU $ODQ |รทUHWPHQL WDUDIร•QGDQ RNXWXODQ GHUVOHUH |]HO HรทLWLP |รทUHWPHQOHULGHUVLQLรบOHQLรบLQHGHVWHNYHUPHNย]HUHNDWร•Oร•U G  %X Vร•Qร•IODU GHUV WHQHIIยV \HPHN YH GLรทHU HWNLQOLN VDDWOHUL EDNร•Pร•QGDQ EยQ\HVLQGH Doร•OGร•รทร• RNXOGD X\JXODQDQ SURJUDPDX\DUODU H g]HOHรทLWLPPHVOHNRNXOXYH\D|]HOHรทLWLPX\JXODPDRNXOX ,,,NDGHPH SURJUDPร•Qร•WDPDPOD\DQ|รทUHQFLOHUHWDNLS HWWLNOHULHรทLWLPSURJUDPร•QDX\JXQGLSORPD (.YH\D(. Gย]HQOHQLU (YGHHรทLWLPKL]PHWL 0$''(ยฑ  =RUXQOX|รทUHQLPoDรทร•QGDNL|]HOHรทLWLPLKWL\DFร•RODQ|รทUHQFLOHUGHQVDรทOร•NSUREOHPLQHGHQL\OHHQD] RQ LNL KDIWD VยUH\OH |UJยQ HรทLWLP NXUXPODUร•QGDQ \DUDUODQDPD\DFDรทร• \D GD \DUDUODQPDVร• GXUXPXQGD VDรทOร•รทร• Doร•Vร•QGDQ ULVN ROXรบWXUDFDรทร• HQ D] ELULVL LOJLOL GDOGDQ ROPDN ย]HUH ยo X]PDQ WDELS WDUDIร•QGDQ Gย]HQOHQPLรบ 'XUXP %LOGLULU 6DรทOร•N .XUXOX 5DSRUXยถQGDEHOLUWLOHQ|รทUHQFLOHUHYHOLQLQ\D]ร•Oร•WDOHELYHg]HO(รทLWLP'HรทHUOHQGLUPH.XUXOX5DSRUXLOHLOYH\DLOoH|]HOHรทLWLP KL]PHWOHULNXUXOXQXQSODQODPDVร•GRรทUXOWXVXQGDGHUV\ร•Oร•LoLQGHHYGHHรทLWLPKL]PHWLYHULOHELOLU  (YGHHรทLWLPKL]PHWOHULQLQVXQXOPDVร•QGDDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D gรทUHQFLQLQHYGHHรทLWLPKL]PHWLNDSVDPร•QGDDODFDรทร•KDIWDOร•NGHUVVDDWLVRUXPOXROGXรทXHรทLWLPSURJUDPร•HVDVDOร•QDUDN LON|รทUHWLPNDGHPHVLQGHYH\D|]HOHรทLWLPSURJUDPร•X\JXODQDQRUWD|รทUHWLPNDGHPHVLQGHELURNXODND\ร•WOร•RODQODULoLQKDIWDGD GHUVVDDWLQGHQGLรทHURUWD|รทUHWLPNDGHPHVLQGHELURNXODND\ร•WOร•RODQODULoLQLVHKDIWDGDGHUVVDDWLQGHQD]ROPD\DFDN รบHNLOGHSODQODQร•U E  รธON|รทUHWLP SURJUDPร•Qร• WDNLS HGHQ |รทUHQFLOHU LoLQ RNXWXODFDN GHUVOHU EHOLUOHQLUNHQ PHUNH]L VLVWHP Vร•QDYODUร•QGD VRUXPOXRODFDNODUร•GHUVOHURUWD|รทUHWLPSURJUDPODUร•Qร•WDNLSHGHQ|รทUHQFLOHULoLQRNXWXODFDNGHUVOHUEHOLUOHQLUNHQLVH|รทUHQFLQLQ VHoWLรทLGHUV\RรทXQOXรทXGLNNDWHDOร•QDUDNSODQODPD\DSร•Oร•U F g]HOHรทLWLPSURJUDPร•Qร•WDNLSHGHQ|รทUHQFLOHULoLQRNXWXODFDNGHUVOHUEHOLUOHQLUNHQ|รทUHQFLOHULQHรทLWLPLKWL\DoODUร•YH |]HOOLNOHULGLNNDWHDOร•QDUDNSODQODPD\DSร•Oร•U o  2UWD|รทUHWLP NDGHPHVLQGH |]HO HรทLWLP SURJUDPร•QGDQ VRUXPOX RODQ |รทUHQFLOHU LoLQ HรทLWLP SURJUDPร•QGD \HU DODQ PHVOHNGHUVOHULGร•รบร•QGDNLGHUVOHULoLQHYGHHรทLWLPKL]PHWLSODQODQร•U G (YGHHรทLWLPKL]PHWOHULQGH|รทUHQFLOHULQHรทLWLPLKWL\DoODUร•LOHWDNLSHGHFHNOHULHรทLWLPSURJUDPร•HVDVDOร•QDUDN|]HO HรทLWLP|รทUHWPHQOHULRNXO|QFHVL|รทUHWPHQOHULVร•Qร•IYHGLรทHUDODQ|รทUHWPHQOHULJ|UHYOHQGLULOLUgรทUHWPHQJ|UHYOHQGLUPHVLQGH |QFHOLNOH |รทUHQFLQLQ ND\ร•WOร• EXOXQGXรทX RNXOGD YH\D R \HUOHรบLP \HULQGHNL HรทLWLP NXUXPODUร•QGD J|UHY \DSDQ NDGUROX |รทUHWPHQOHUGHQ LVWHNOL RODQODU DUDVร•QGDQ LKWL\DFร•Q EX \ROOD NDUรบร•ODQDPDPDVร• GXUXPXQGD LVH R \HUOHรบLP \HULQGHNL HรทLWLP NXUXPODUร•QGDYH\D5$0ยถODUGDJ|UHY\DSDQNDGUROX|รทUHWPHQOHUDUDVร•QGDQUHVHQJ|UHYOHQGLUPH\DSร•Oร•U H  gรทUHQFLOHULQ EDรบDUร• GXUXPODUร•Qร•Q GHรทHUOHQGLULOPHVL VRUXPOX ROGXรทX HรทLWLP SURJUDPร•Qร•Q X\JXODQGร•รทร• RNXOODUGDNL GHรทHUOHQGLUPH|OoยWOHULQHJ|UH\DSร•Oร•U2NXWXODQGHUVOHULQSXDQODUร•H2NXO6LVWHPLQHLรบOHQLUgรทUHQFLRNXWXOPD\DQGHUVOHUGHQ PXDIWXWXOXU I  %LUH\OHULQ EDรบDUร• GHรทHUOHQGLUPH VRQXoODUร• |รทUHWPHQOHU WDUDIร•QGDQ |รทUHQFLQLQ ND\ร•WOร• EXOXQGXรทX RNXO \|QHWLPLQH ELOGLULOLU6ร•Qร•IJHoPHYHGLรทHULรบOHPOHUND\ร•WOร•ROXQDQRNXO\|QHWLPLWDUDIร•QGDQ\ยUยWยOยU J  (YGH HรทLWLP KL]PHWL VยUHVLQFH EX |รทUHQFLOHULQ RNXOD GHYDP ]RUXQOXOXรทX DUDQPD] YH GHYDP ]RUXQOXOXรทX DUDQPDPDVร•QD\|QHOLNH2NXO6LVWHPLQGHLรบOHP\DSร•Oร•U รท  (YGH HรทLWLP KL]PHWLQGHQ \DUDUODQDQ |รทUHQFLOHUH YHULOHQ HรทLWLP KL]PHWOHUL ELOLรบLP WHNQRORMLOHUL GH NXOODQร•ODUDN GHVWHNOHQLU K (YGHHรทLWLPKL]PHWLKDIWDLoLYHULOHELOHFHรทLJLELKDIWDVRQODUร•GDYHULOHELOLU   0HVOHNL YH WHNQLN HรทLWLP SURJUDPODUร•Qร•Q X\JXODQGร•รทร• RNXOODUGD ND\ร•WOร• RODQ |รทUHQFLOHUGHQ VDGHFH  XQFX Vร•Qร•I |รทUHQFLOHULLoLQHYGHHรทLWLPKL]PHWLVXQXOXU 




+DVWDQHGHHรทLWLPKL]PHWL 0$''(ยฑ  =RUXQOX|รทUHQLPoDรทร•QGDNL|]HOHรทLWLPLKWL\DFร•RODQ|รทUHQFLOHUGHQVDรทOร•NSUREOHPLQHGHQL\OHVDรทOร•N NXUXOXรบODUร•QGD\DWDUDNWHGDYLJ|UHQ|รทUHQFLOHULQHรทLWLPOHULQLVยUGยUPHOHULLoLQKDVWDQHOHUEยQ\HVLQGHLOYH\DLOoH|]HOHรทLWLP KL]PHWOHULNXUXOXQXQWHNOLILYH6DรทOร•N%DNDQOร•รทร•Qร•QX\JXQJ|Uยรบยย]HULQH9DOLOLN2OXUยถXLOHKDVWDQHVร•Qร•IODUร•Doร•Oร•U%XVร•Qร•IODUGD HรทLWLPKL]PHWOHULQLQ\ยUยWยOPHVLQGHDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D (รทLWLPKL]PHWLYHOLQLQ\D]ร•Oร•WDOHELYH|รทUHQFLQLQWHGDYLVLQGHQVRUXPOXKHNLPLQ\D]ร•Oร•J|UยรบยLOHVDรทODQร•U E %XVร•Qร•IODUGDELUOHรบWLULOPLรบVร•Qร•IX\JXODPDVร•LOHHรทLWLP\DSร•Oร•U F 6ร•Qร•IDJHOHPH\HFHNGXUXPGDRODQ|รทUHQFLOHUHRGDODUร•QGDHรทLWLPYHULOLU o (รทLWLPDODFDN|รทUHQFLOHULQKDVWDOร•รทร•YHHรทLWLPRUWDPร•QDLOLรบNLQรบDUWODUGLNNDWHDOร•QDUDNLON|รทUHWLPYH\D|]HOHรทLWLP SURJUDPร• X\JXODQDQ RUWD|รทUHWLP NDGHPHVLQGH |รทUHQFLOHULQ KDIWDOร•N GHUV VDDWL KDIWDGD  GHUV VDDWLQGHQ GLรทHU RUWD|รทUHWLP NDGHPHVLQGHRODQODULoLQLVHKDIWDGDGHUVVDDWLQGHQD]ROPD\DFDNรบHNLOGHSODQODQร•U G 'HUVHEDรบODPDYHELWLรบVDDWOHULLOHGHUVOHULQVยUHVLHรทLWLPDODFDN|รทUHQFLQLQVDรทOร•NGXUXPXYHKDVWDQHรบDUWODUร•GLNNDWH DOร•QDUDNLOYH\DLOoH|]HOHรทLWLPKL]PHWOHULNXUXOXWDUDIร•QGDQEHOLUOHQLU H  +DVWDQH Vร•Qร•IODUร•QGDHรทLWLPOHULQL VยUGยUHQ |รทUHQFLOHUH ND\ร•WOร• EXOXQGXNODUร• Vร•Qร•IWD X\JXODQDQ |รทUHWLP SURJUDPODUร• X\JXODQร•U I  gรทUHQFLOHULQ EDรบDUร• GXUXPODUร•Qร•Q GHรทHUOHQGLULOPHVL ND\ร•WOร• EXOXQGXNODUร• Vร•Qร•IWDNL GHรทHUOHQGLUPH |OoยWOHULQH J|UH KDVWDQHVร•Qร•Iร•QGDRNXWXODQGHUVOHULoLQ\DSร•Oร•U2NXWXODQEXGHUVOHULQSXDQODUร•H2NXO6LVWHPLQHLรบOHQLUgรทUHQFLRNXWXOPD\DQ GHUVOHUGHQPXDIWXWXOXU J  +DVWDQH Vร•Qร•Iร•QGDNL |รทUHQFLOHULQ EDรบDUร• GHรทHUOHQGLUPH VRQXoODUร• |รทUHWPHQOHU WDUDIร•QGDQ |รทUHQFLOHULQ ND\ร•WOร• EXOXQGXNODUร•RNXO\|QHWLPLQHELOGLULOLU6ร•Qร•IJHoPHGLรทHULรบYHLรบOHPOHUND\ร•WOร•ROGXNODUร•RNXO\|QHWLPLWDUDIร•QGDQ\ยUยWยOยU รท +DVWDQHGHHรทLWLPKL]PHWLVยUHVLQFHEX|รทUHQFLOHULQRNXODGHYDP]RUXQOXOXรทXDUDQPD]YHH2NXO6LVWHPLQGHGHYDP ]RUXQOXOXรทXDUDQPDPDVร•QD\|QHOLNLรบOHP\DSร•Oร•U K  +DVWDQH Vร•Qร•Iร• QRUPXQGD EXOXQDQ Vร•Qร•I |รทUHWPHQOHUL EX Vร•Qร•IWD HรทLWLP DODFDN |รทUHQFLOHUOH LOJLOL Lรบ YH LรบOHPOHUL \ยUยWPHNย]HUHLOYH\DLOoH|]HOHรทLWLPKL]PHWOHULNXUXOXLOHLรบELUOLรทLLoLQGHoDOร•รบร•U ร• +DVWDQHVร•Qร•Iร•QGDHรทLWLPDODQ|รทUHQFLOHULQHรทLWLPLKWL\DoODUร•LOHWDNLSHGHFHNOHULSURJUDPHVDVDOร•QDUDN|]HOHรทLWLP |รทUHWPHQOHULRNXO|QFHVL|รทUHWPHQOHULVร•Qร•IYHGLรทHUDODQ|รทUHWPHQOHULJ|UHYOHQGLULOLUgรทUHWPHQJ|UHYOHQGLUPHVLQGH KDVWDQH Vร•Qร•Iร•Qร•Q EXOXQGXรทX HรทLWLP E|OJHVLQGHNL HรทLWLP NXUXPODUร•QGD J|UHY \DSDQ NDGUROX |รทUHWPHQOHUGHQ LVWHNOL RODQODU DUDVร•QGDQLKWL\DFร•QEX\ROODNDUรบร•ODQDPDPDVร•GXUXPXQGDLVHEXHรทLWLPNXUXPODUร•QGDNLYH\D5$0ยถODUGDJ|UHY\DSDQNDGUROX |รทUHWPHQOHUDUDVร•QGDQUHVHQJ|UHYOHQGLUPH\DSร•Oร•U L +DVWDQHGHELUD\GDQGDKDD]VยUH\DWDUDNWHGDYLJ|UHQELUH\OHULQHรทLWLPOHULWDNLSHWWLNOHUL|รทUHWLPSURJUDPODUร•HVDV DOร•QDUDNYHULOLU%XGXUXPGDKDVWDQHVร•Qร•Iร•QGDYHULOHQHรทLWLPLQEDรบDUร•GHรทHUOHQGLUPHVL\DSร•OPD] M +DVWDQHGHHรทLWLPKL]PHWLQGHQ\DUDUODQDQ|รทUHQFLOHUHYHULOHQHรทLWLPKL]PHWOHULELOLรบLPWHNQRORMLOHULGHNXOODQร•ODUDN GHVWHNOHQLU N  รธON|รทUHWLP SURJUDPร•Qร• WDNLS HGHQ |รทUHQFLOHU LoLQ RNXWXODFDN GHUVOHU EHOLUOHQLUNHQ PHUNH]v VLVWHP Vร•QDYODUร•QGD VRUXPOXRODFDNODUร•GHUVOHURUWD|รทUHWLPSURJUDPODUร•Qร•WDNLSHGHQ|รทUHQFLOHULoLQRNXWXODFDNGHUVOHUEHOLUOHQLUNHQLVH|รทUHQFLQLQ VHoWLรทLGHUV\RรทXQOXรทXGLNNDWHDOร•QDUDNSODQODPD\DSร•Oร•U O g]HOHรทLWLPSURJUDPร•Qร•WDNLSHGHQ|รทUHQFLOHULoLQRNXWXODFDNGHUVOHUEHOLUOHQLUNHQ|รทUHQFLOHULQHรทLWLPLKWL\DoODUร•YH |]HOOLNOHULGLNNDWHDOร•QDUDNSODQODPD\DSร•Oร•U P  2UWD|รทUHWLP NDGHPHVLQGH |]HO HรทLWLP SURJUDPร•QGDQ VRUXPOX RODQ |รทUHQFLOHU LoLQ HรทLWLP SURJUDPร•QGD \HU DODQ PHVOHNGHUVOHULGร•รบร•QGDNLGHUVOHULoLQKDVWDQHGHHรทLWLPKL]PHWLSODQODQร•U   0HVOHNL YH WHNQLN HรทLWLP SURJUDPODUร•Qร•Q X\JXODQGร•รทร• RNXOODUGD ND\ร•WOร• RODQ |รทUHQFLOHUGHQ VDGHFH  XQFX Vร•Qร•I |รทUHQFLOHULLoLQKDVWDQHGHHรทLWLPKL]PHWLVXQXOXU *UXSHรทLWLPLQHKD]ร•UOร•NX\JXODPDVร• 0$''(ยฑ  g]HOHรทLWLPSURJUDPODUร•X\JXODQDQ|]HOHรทLWLPRNXOODUร•LOHEXSURJUDPODUร•QX\JXODQGร•รทร•Vร•Qร•IODUGD WXYDOHWHรทLWLPLQLND]DQDPDPร•รบ\RรทXQGDYUDQร•รบSUREOHPOHULJ|VWHUHQYHJUXSHรทLWLPLQHX\XPVDรทOD\DPD\DQ|รทUHQFLOHULQJUXS HรทLWLPLQHKD]ร•UODQPDVร•DPDFร•\ODELUHELUHรทLWLPX\JXODPDVร•\DSร•Oร•U%XX\JXODPDQร•Q\ยUยWยOPHVLQGHDรบDรทร•GDNLKXVXVODUGLNNDWH DOร•Qร•U D 8\JXODPDGHUVVDDWOHULLoHULVLQGHRNXO\|QHWLPLQFHEHOLUOHQHQX\JXQELURUWDPGD\DSร•Oร•U E %XHรทLWLPLDODFDN|รทUHQFLOHULQWHVSLWLLOH|รทUHQFLOHULQDODFDรทร•KDIWDOร•NGHUVVDDWLYH\ยUยWยOHFHNHรทLWLPIDDOL\HWOHULQH LOLรบNLQSODQODPDKDIWDOร•NWRSODPGHUVVDDWLQLQยถร•Qร•DรบPD\DFDNรบHNLOGH%(3JHOLรบWLUPHELULPLQFH\DSร•Oร•U F gรทUHQFLOHUEXX\JXODPDQร•QGร•รบร•QGDNDODQVยUHOHUGH%(3JHOLรบWLUPHELULPLQLQSODQODPDVร•GRรทUXOWXVXQGDHรทLWLPOHULQH Vร•Qร•IODUร•QGDGHYDPHGHELOLUOHU%XNDSVDPGDJUXSHรทLWLPLQHNDWร•ODPD\DQ|รทUHQFLOHULoLQGHYDP]RUXQOXOXรทXDUDQPD]YHH2NXO 6LVWHPLQGHGHYDP]RUXQOXOXรทXDUDQPDPDVร•QD\|QHOLNLรบOHP\DSร•Oร•U o *UXSHรทLWLPLQHKD]ร•UOร•NX\JXODPDODUร•Qร•|]HOHรทLWLP|รทUHWPHQOHUL\ยUยWยU 7DPDPOD\ร•Fร•HรทLWLPIDDOL\HWOHUL 0$''(ยฑ  7DPDPOD\ร•Fร•HรทLWLPIDDOL\HWOHULQLQ\ยUยWยOPHVLQGHDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D (รทLWLPIDDOL\HWLYHOLQLQ\D]ร•Oร•WDOHELYH%(3JHOLรบWLUPHELULPLQLQNDUDUร•GRรทUXOWXVXQGDRNXO\|QHWLPLQFHSODQODQร•U E (รทLWLPIDDOL\HWLELUHELU\DGDD\Qร•WยU\HWHUVL]OLรทHVDKLSHQID]OD|รทUHQFLLOH\ยUยWยOยU 




F (รทLWLPIDDOL\HWLKHUELU|รทUHQFLLoLQKDIWDOร•NGHUVVDDWLRODFDNรบHNLOGHSODQODQร•U o  (รทLWLP IDDOL\HWL |รทUHQFLQLQ WยP JHOLรบLP DODQODUร•QGDNL |]HOOLNOHUL YH HรทLWLP LKWL\DoODUร• LOH DNDGHPLN \HWHUOLNOHUL GRรทUXOWXVXQGD\ยUยWยOยU G (รทLWLPIDDOL\HWL|]HOHรทLWLP|รทUHWPHQOHULWDUDIร•QGDQ\ยUยWยOยU(รทLWLPIDDOL\HWLQLQ\ยUยWยOPHVLQGHELU|]HOHรทLWLP |รทUHWPHQLJ|UHYOHQGLULOLU $LOHHรทLWLPLKL]PHWOHUL 0$''(ยฑ  $LOHHรทLWLPLKHUWยUYHNDGHPHGHNL|]HOHรทLWLPLKWL\DFร•RODQ|รทUHQFLOHULQHรทLWLPLQHNDWNร•VDรทODPDN DPDFร•\OD DLOH\H YHULOHFHN KHU WยUOย UHKEHUOLN YH HรทLWLP KL]PHWOHULQL LoHULU %X KL]PHWOHU %DNDQOร•NoD KD]ร•UODQDQ DLOH HรทLWLPL SURJUDPร•GRรทUXOWXVXQGDRNXOYHNXUXPODUGD\ยUยWยOยU 'g5'h1&h%g/h0 (รทLWLP3URJUDPODUร• (รทLWLPSURJUDPODUร•Qร•QHVDVODUร• 0$''(  ยฑ   g]HO HรทLWLP LKWL\DFร• RODQ ELUH\OHULQ GHYDP HWWLรทL |]HO HรทLWLP RNXOODUร• YH |]HO HรทLWLP Vร•Qร•IODUร•QGD %DNDQOร•NoDKD]ร•UODQDQLON|รทUHWLPYH\DPHVOHNLYHWHNQLNHรทLWLPSURJUDPODUร•LOH|รทUHQFLOHULQHรทLWLPLKWL\DoODUร•YH|]HOOLNOHULQH J|UHKD]ร•UODQPร•รบ|]HOHรทLWLPSURJUDPODUร•X\JXODQร•U   g]HO \HWHQHNOL ELUH\OHULQ HรทLWLPLQGH HรทLWLP DOGร•NODUร• DODQODUOD LOJLOL ยVW Gย]H\ EHFHULOHUL ND]DQGร•UDFDN ]HQJLQOHรบWLUPHOHUH\HUYHULOPHVLHVDVWร•U %LUH\VHOOHรบWLULOPLรบHรทLWLPSURJUDPร• 0$''(  ยฑ   g]HO HรทLWLP LKWL\DFร• RODQ ELUH\OHU LoLQ WDNLS HGHFHNOHUL HรทLWLP SURJUDPร• WHPHO DOร•QDUDN %(3 KD]ร•UODQPDVร•HVDVWร•U%XSURJUDPGD D (รทLWLPSODQร•QGD\HUDODQ\ร•OOร•NDPDoODUDYHNร•VDG|QHPOLDPDoODUD E 6XQXODFDNGHVWHNHรทLWLPKL]PHWLQLQWยUยQHVยUHVLQHYHKL]PHWLQNLPOHUWDUDIร•QGDQQDVร•OVDรทODQDFDรทร•QD F gรทUHWLPYHGHรทHUOHQGLUPHGHNXOODQร•ODFDN\|QWHPYHWHNQLNOHULOH|รทUHWLPPDWHU\DOOHULQH o (รทLWLPRUWDPร•QDLOLรบNLQGย]HQOHPHOHUH G  'DYUDQร•รบ SUREOHPOHULQL |QOHPH\H \D GD D]DOWPD\D \|QHOLN WHGELUOHU LOH ROXPOX GDYUDQร•รบ ND]DQGร•UPD\D \|QHOLN X\JXODQDFDN\|QWHPYHWHNQLNOHUH H gรทUHQFLQLQNLรบLVHOELOJLOHULQH \HUYHULOLU %LOLPYHVDQDWPHUNH]OHULQLQHรทLWLPSURJUDPODUร• 0$''(ยฑ  %รธ/6(0ยถHND\ร•WODUร•\DSร•ODQ|รทUHQFLOHU D 8\XP E 'HVWHNHรทLWLP F %LUH\VHO\HWHQHNOHULIDUNHWWLUPH o g]HO\HWHQHNOHULJHOLรบWLUPH G 3URMHยUHWLPLYH\|QHWLPL SURJUDPร•QDDOร•Qร•UODU  3URJUDPODUร•WDPDPOD\DQ|รทUHQFLOHUHWDPDPODGร•รทร•KHUSURJUDPร•QVRQXQGDELOLPYHVDQDWPHUNH]LPยGยUOยรทยQFH ยณ3URJUDP7DPDPODPD%HOJHVLยด (.ยฑ YHULOLU %(รนรธ1&รธ%g/h0 .D\QDรบWร•UPD%ยWยQOHรบWLUPH<ROX\OD(รทLWLP8\JXODPDODUร• .D\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLP 0$''(ยฑ  g]HOHรทLWLPLKWL\DFร•RODQELUH\OHUg]HO(รทLWLP'HรทHUOHQGLUPH.XUXOX5DSRUXGRรทUXOWXVXQGDKHUWยU YHNDGHPHGHNLHรทLWLPOHULQLND\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODVยUGยUHELOLUOHU  g]HOHรทLWLPLKWL\DFร•RODQELUH\OHUND\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLPOHULQLDNUDQODUร•LOHELUOLNWHD\Qร•Vร•Qร•IWD WDP]DPDQOร•YH\D|]HOHรทLWLPVร•Qร•IODUร•QGD\DUร•]DPDQOร•RODUDNVยUGยUHELOLUOHU  2NXO|QFHVLHรทLWLPLON|รทUHWLP\DGDPHVOHNLYHWHNQLNHรทLWLPSURJUDPODUร•Qร•QX\JXODQGร•รทร•|]HOHรทLWLPRNXOODUร•QGD ND\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLPYHULOHELOLU  .D\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLP\DSร•ODQRNXOODUGD%(3JHOLรบWLUPHELULPLROXรบWXUXOPDVร•]RUXQOXGXU  gรทUHQFL'DYUDQร•รบODUร•Qร•'HรทHUOHQGLUPH.XUXOXLOHgGยOYH'LVLSOLQ.XUXOXยถQGDND\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\OD HรทLWLPOHULQHGHYDPHGHQ|รทUHQFLOHUOHLOJLOLDOร•QDFDNNDUDUODUGD%(3JHOLรบWLUPHELULPL\OHLรบELUOLรทL\DSร•Oร•U 7DP]DPDQOร•ND\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLP 0$''(  ยฑ   7DP ]DPDQOร• ND\QDรบWร•UPDEยWยQOHรบWLUPH \ROX\OD HรทLWLP KL]PHWOHULQLQ VXQXOPDVร•QGD DรบDรทร•GDNL KXVXVODUGLNNDWHDOร•Qร•U D  gรทUHQFLOHU ND\ร•WOร• EXOXQGXNODUร• RNXOGD X\JXODQDQ HรทLWLP SURJUDPร•Qร• WDNLS HGHUOHU gรทUHQFLOHULQ WDNLS HWWLNOHUL SURJUDPODUWHPHODOร•QDUDN%(3KD]ร•UODQร•U E 2UWD|รทUHWLPLWDPDPOD\DQ|รทUHQFLOHUHDNUDQODUร•QDYHULOHQGLSORPDGย]HQOHQLU 




F 7DP]DPDQOร•ND\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLP\DSร•ODQRNXOODUGD|]HOHรทLWLPLKWL\DFร•RODQ|รทUHQFLOHULoLQ X\JXQRUWDPGย]HQOHPHOHUL\DSร•Oร•UYHGHVWHNHรทLWLPRGDVร•Doร•Oร•U o  7DP ]DPDQOร• ND\QDรบWร•UPDEยWยQOHรบWLUPH \ROX\OD HรทLWLP X\JXODPDVร• \DSร•ODQ RNXOODUGD |]HO HรทLWLP LKWL\DFร• RODQ ELUH\OHU JHOLรบLP |]HOOLNOHUL GH GLNNDWH DOร•QDUDN Vร•Qร•IODUD HรบLW VD\ร•GD YH KHU ELU รบXEHGH  |รทUHQFL\L JHoPH\HFHN รบHNLOGH \HUOHรบWLULOLU$QFDNEXVD\ร•ELUOHรบWLULOPLรบVร•Qร•IX\JXODPDVร•\DSร•ODQRNXOODUGDLKWL\DoGRรทUXOWXVXQGDDUWร•Uร•ODELOLU G .D\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLP\DSร•ODQ|]HOHรทLWLPRNXOODUร•QGDVร•Qร•IPHYFXWODUร•ยถL|]HOHรทLWLPLKWL\DFร• RODQELUH\ROPDNย]HUHRNXO|QFHVLHรทLWLPGHHQID]ODGLรทHUNDGHPHOHUGH|รทUHQFLRODFDNรบHNLOGHROXรบWXUXOXU 7DP]DPDQOร•ND\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLPX\JXODPDODUร•QGDEDรบDUร•Qร•QGHรทHUOHQGLULOPHVL 0$''(ยฑ  7DP]DPDQOร•ND\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLPOHULQHGHYDPHGHQ|รทUHQFLOHULQEDรบDUร•ODUร•Qร•Q GHรทHUOHQGLULOPHVLQGHND\ร•WOร•ROGXรทXRNXOGDX\JXODQDQPHY]XDWร•Q\DQร•QGDDรบDรทร•GDNLKXVXVODUGDGLNNDWHDOร•Qร•U D gรทUHQFLOHULQEDรบDUร•ODUร•%(3ยถOHULQHJ|UHGHรทHUOHQGLULOLU E 7ยP|OoPHYHGHรทHUOHQGLUPHVยUHoOHULQGH|รทUHQFLOHULQ\HWHUVL]OLNWยUยJHOLรบLP|]HOOLNOHULYHHรทLWLPSHUIRUPDQVODUร• GRรทUXOWXVXQGDVยUHRUWDP\|QWHPFLKD]YHPDWHU\DOOHUGHGย]HQOHPHOHU\DSร•ODUDNJHUHNOLWHGELUOHUDOร•Qร•U F g]HOHรทLWLPLKWL\DFร•RODQ|รทUHQFLOHULoLQPHUNH]LVLVWHPVร•QDYODUร•QGDJHUHNOLWHGELUOHUDOร•Qร•U o รธรบLWPH\HWHUVL]OLรทL]LKLQVHO\HWHUVL]OLรทLYH\DRWL]PLRODQ|รทUHQFLOHUKHUWยUYHNDGHPHGHYHOLQLQ\D]ร•Oร•WDOHELYH%(3 JHOLรบWLUPHELULPLQLQNDUDUร•GRรทUXOWXVXQGD\DEDQFร•GLOGHUVLQGHQPXDIWXWXODELOLUOHU%X|รทUHQFLOHUPHUNH]LVLVWHPVร•QDYODUร•QGD \DEDQFร•GLOGHUVLVร•QDYร•QGDQPXDIWXWXOXUODUgรทUHQFLOHULQ\DEDQFร•GLOGHUVLQGHQPXDIROPDGXUXPXRNXO\|QHWLPLWDUDIร•QGDQ H2NXOVLVWHPLQHLรบOHQLU G *|UPH\HWHUVL]OLรทLRODQ|รทUHQFLOHULoLQUHVLPรบHNLOYHJUDILNLoHUHQVRUXODUNDEDUWPDRODUDNEHWLPOHQHUHNYH\DEX VRUXODUร•Q\HULQHHรบGHรทHUVRUXODUKD]ร•UODQDUDNGHรทHUOHQGLUPH\DSร•Oร•U H 0RWRUEHFHULOHUGH\HWHUVL]OLรทLRODQ|รทUHQFLOHUYHOLQLQ\D]ร•Oร•WDOHELGRรทUXOWXVXQGDPRWRUEHFHULJHUHNWLUHQGHUVOHULQ X\JXODPDOร•E|OยPOHULQGHQPXDIWXWXOXUODU I  gรทUHQFLOHUH YHOLQLQ \D]ร•Oร• WDOHEL YH %(3 JHOLรบWLUPH ELULPLQLQ NDUDUร• GRรทUXOWXVXQGD LONRNXOGD ELU GHID\D PDKVXV ROPDNย]HUHVร•Qร•IWHNUDUร•\DSWร•Uร•ODELOLU 'HVWHNHรทLWLPRGDVร• 0$''(  ยฑ   2NXO |QFHVL LON|รทUHWLP YH RUWD|รทUHWLP NDGHPHVLQGH HรทLWLP YHUHQ RNXOODUGD WDP ]DPDQOร• ND\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLPOHULQLVยUGยUHQ|รทUHQFLOHULoLQLOYH\DLOoH|]HOHรทLWLPKL]PHWOHULNXUXOXQXQWHNOLIL GRรทUXOWXVXQGDLOYH\DLOoHPLOOLHรทLWLPPยGยUOยNOHULQFHGHVWHNHรทLWLPRGDVร•Doร•Oร•U'HVWHNHรทLWLPRGDVร•QGDHรทLWLPKL]PHWOHULQLQ \ยUยWยOPHVLQGHDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D (รทLWLPDODFDN|รทUHQFLOHUEX|รทUHQFLOHUHRNXWXODFDNGHUVOHULOH|รทUHQFLOHULQDODFDรทร•KDIWDOร•NGHUVVDDWL%(3JHOLรบWLUPH ELULPLQLQNDUDUร•GRรทUXOWXVXQGDEHOLUOHQLU%XSODQODPDKDIWDOร•NWRSODPGHUVVDDWLQLQยถร•Qร•DรบPD\DFDNรบHNLOGH\DSร•Oร•U E 'HVWHNHรทLWLPRGDVร•QGDJ|UHYDODFDN|รทUHWPHQOHULQoDOร•รบPDSURJUDPODUร•RNXO\|QHWLPLQFH\DSร•Oร•U F 'HVWHNHรทLWLPDODFDN|รทUHQFLVD\ร•Vร•QDJ|UHRNXOODUGDELUGHQID]ODGHVWHNHรทLWLPRGDVร•Doร•ODELOLU o  'HVWHN HรทLWLP RGDVร•QGD |รทUHQFLOHULQ HรทLWLP SHUIRUPDQVODUร• GLNNDWH DOร•QDUDN ELUH ELU HรทLWLP \DSร•Oร•U $QFDN %(3 JHOLรบWLUPH ELULPLQLQ NDUDUร• GRรทUXOWXVXQGD JHUHNWLรทLQGH HรทLWLP SHUIRUPDQVร• D\Qร• VHYL\HGH RODQ |รทUHQFLOHUOH ELUH ELU HรทLWLPLQ \DQร•QGDHQID]OD|รทUHQFLQLQELUDUDGDHรทLWLPDODFDรทร•JUXSHรทLWLPLGH\DSร•ODELOLU G 'HVWHNHรทLWLP%(3JHOLรบWLUPHELULPLQLQSODQODPDVร•GRรทUXOWXVXQGDRNXOXQGHUVVDDWOHULLoLQGHYH\DGร•รบร•QGDLKWL\Do KDOLQGH KDIWDVRQX GD SODQODQDELOLU gรทUHQFL\H GHUV VDDWOHUL LoLQGH HรทLWLP YHULOHFHNVH GHVWHN HรทLWLP DOPDVร• SODQODQDQ GHUVLQ VDDWLQGHRGHUVHLOLรบNLQHรทLWLPYHULOLU H  g]HO \HWHQHNOL |รทUHQFLOHULQ \HWHQHN DODQODUร• GRรทUXOWXVXQGD WDNLS HWWLNOHUL GHUVOHU GHVWHN HรทLWLP RGDVร•QGD ]HQJLQOHรบWLUPH YH Kร•]ODQGร•UPD \ROX\OD IDUNOร•ODรบWร•Uร•ODUDN YHULOLU %X SURJUDPODU |รทUHQFLOHULQ GHYDP HWWLNOHUL |UJยQ HรทLWLP NXUXPODUร•QGDX\JXODQDQHรทLWLPSURJUDPร•LOHEยWยQOยNROXรบWXUDFDNรบHNLOGHSOkQODQร•UYH\ยUยWยOยU I 'HVWHNHรทLWLPRGDVร•QGD|รทUHQFLOHULQHรทLWLPLKWL\DoODUร•WDNLSHWWLNOHULHรทLWLPSURJUDPร•YH|รทUHQFLOHULQND\ร•WOร•ROGXNODUร• NDGHPHHVDVDOร•QDUDN|]HOHรทLWLP|รทUHWPHQOHULRNXO|QFHVL|รทUHWPHQOHULVร•Qร•IYHGLรทHUDODQ|รทUHWPHQOHULRNXO\|QHWLPLQLQ WHNOLILGRรทUXOWXVXQGDLOYH\DLOoHPLOOvHรทLWLPPยGยUOยNOHULQFHJ|UHYOHQGLULOLU J รธONRNXOYHRUWDRNXOODUGDNLGHVWHNHรทLWLPRGDODUร•QGD|]HO\HWHQHNOL|รทUHQFLOHUHHรทLWLPYHUPHNย]HUHยVWNDGHPHOHUGH J|UHY\DSDQDODQ|รทUHWPHQOHULGHJ|UHYOHQGLULOHELOLU รท 2NXOPยGยUยYHPยGยU\DUGร•PFร•ODUร•GHVWHNHรทLWLPRGDODUร•QGDJ|UHYOHQGLULOPH] g]HOHรทLWLPVร•Qร•IODUร•Qร•QDoร•OPDVร• 0$''(ยฑ  g]HO(รทLWLP'HรทHUOHQGLUPH.XUXOX5DSRUXGRรทUXOWXVXQGDD\Uร•ELUVร•Qร•IWDHรทLWLPDOPDODUร•QDNDUDU YHULOHQ|]HOHรทLWLPLKWL\DFร•RODQ|รทUHQFLOHULoLQUHVPvYH|]HORNXOODUGDLOYH\DLOoH|]HOHรทLWLPKL]PHWOHULNXUXOXQXQWHNOLIL GRรทUXOWXVXQGD 9DOLOLN 2OXUX LOH |]HO HรทLWLP Vร•Qร•IODUร• Doร•Oร•U $oร•ODQ |]HO HรทLWLP Vร•Qร•Iร•QD LOLรบNLQ ELOJLOHU %DNDQOร•รทร•Q NXUXP ELOJLOHULQLQYHULJLULรบL\DSร•ODQVLVWHPLQHLรบOHQLU  g]HOHรทLWLPVร•Qร•Iร•Doร•OPDVร•LoLQGย]HQOHQHFHN9DOLOLN2OXUXQGDEยQ\HVLQGH|]HOHรทLWLPVร•Qร•Iร•Doร•ODFDNRODQRNXOXQ DGร•Doร•ODFDN|]HOHรทLWLPVร•Qร•Iร•Qร•QNDGHPHVLVร•Qร•IWDX\JXODQDFDNHรทLWLPSURJUDPร•YHHรทLWLPYHULOHFHN\HWHUVL]OLNWยUยQHGDLU ELOJLOHU\HUDOร•U  g]HOHรทLWLPVร•Qร•Iร•Doร•OPDVร•VยUHFLQGH\HUOHรบLP\HULQGH<|QHWPHOLรทLQQFLYHLQFLPDGGHOHULGRรทUXOWXVXQGD Doร•OPร•รบRODQPHYFXW|]HOHรทLWLPVร•Qร•IODUร•Qร•QHรทLWLPKL]PHWLYHUGLรทLNDGHPHVร•Qร•IODUDND\ร•WOร•RODQ|รทUHQFLOHULQ\HWHUVL]OLNWยUย 




Vร•Qร•IODUร•QNDSDVLWHVLQLQD]DPLVD\ร•\DXODรบร•SXODรบPDGร•รทร•YHEXVร•Qร•IODUDWDรบร•PD\ROX\ODHรทLWLPHHULรบLPVDรทODQร•SVDรทODQDPD\DFDรทร• LOH\HUOHรบLP\HULQGHEXOXQDQ|]HOHรทLWLPRNXOODUร•Qร•Q|รทUHQFLNDSDVLWHOHULQLQGHรทHUOHQGLULOHUHNLKWL\DoROPDVร•KDOLQGH\HQLELU Vร•Qร•IDoร•OPDVร•LOHLOJLOLLรบYHLรบOHPOHUEDรบODWร•Oร•U รธON|รทUHWLPSURJUDPร•X\JXOD\DQ|]HOHรทLWLPVร•Qร•IODUร• 0$''(  ยฑ   *|UPH YH\D LรบLWPH HQJHOOL |รทUHQFLOHU LoLQ LONRNXOODUGD |]HO HรทLWLP Vร•Qร•IODUร• Doร•Oร•U รธONRNXOX WDPDPOD\DQ |รทUHQFLOHULQ  LQFL Vร•Qร•IWDQ LWLEDUHQ \HWHUVL]OLรทL ROPD\DQ DNUDQODUร•\OD WDP ]DPDQOร• ND\QDรบWร•UPDEยWยQOHรบWLUPH X\JXODPDVร•\ROX\ODD\Qร•Vร•Qร•IWDHรทLWLPJ|UPHOHULVDรทODQร•U  รธPDP+DWLS2UWDRNXOODUร•KDULFLQGHNLGLรทHURUWDRNXOODULOHLONRNXOODUEยQ\HVLQGHKDILIGย]H\GH]LKLQVHOHQJHOLRODQ |รทUHQFLOHUYH\DKDILIGย]H\GHRWL]PLRODQ|รทUHQFLOHULoLQ|]HOHรทLWLPVร•Qร•IODUร•Doร•Oร•U  %XVร•Qร•IODUGDHรทLWLPKL]PHWOHULQLQ\ยUยWยOPHVLQGHDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D $\Qร•WยU\HWHUVL]OLรทLRODQ|รทUHQFLOHUHELUOHรบWLULOPLรบVร•Qร•IX\JXODPDVร•LOHHรทLWLP\DSร•Oร•U E  gรทUHQFLOHU LON|รทUHWLP SURJUDPร•Qร• WDNLS HGHUOHU gรทUHQFLOHULQ WDNLS HWWLNOHUL SURJUDPODU WHPHO DOร•QDUDN %(3 KD]ร•UODQร•U F 6ร•Qร•IODUร•QPHYFXGXHQID]OD|รทUHQFLGHQROXรบXU$QFDNRWL]PLRODQ|รทUHQFLOHULoLQVร•Qร•IPHYFXWODUร•HQID]ODยถWยU o gรทUHQFLOHU%(3JHOLรบWLUPHELULPLQLQNDUDUร•GRรทUXOWXVXQGDED]ร•GHUVOHULYHVRV\DOHWNLQOLNOHULGLรทHUDNUDQODUร•LOHELU DUDGD\DSDUODU G *|UPHYH\DLรบLWPH\HWHUVL]OLรทLRODQ|รทUHQFLOHULoLQDoร•ODQVร•Qร•IODUGDELULQFLVร•Qร•IWDQG|UGยQFยVร•Qร•IDNDGDUGHUVOHU |]HOHรทLWLP|รทUHWPHQLWDUDIร•QGDQRNXWXOXU$QFDN\DEDQFร•GLOLOHGLQNยOWยUยYHDKODNELOJLVLGHUVOHULDODQ|รทUHWPHQOHULQFH RNXWXOXU$ODQ|รทUHWPHQLWDUDIร•QGDQRNXWXODQGHUVOHUH|]HOHรทLWLP|รทUHWPHQLGHUVLรบOHQLรบLQHGHVWHNYHUPHNย]HUHNDWร•Oร•U H +DILIGย]H\GH]LKLQVHO\HWHUVL]OLรทLYH\DKDILIGย]H\GHRWL]PLRODQ|รทUHQFLOHULoLQDoร•ODQVร•Qร•IODUGDELULQFLVร•Qร•IWDQ G|UGยQFยVร•Qร•IDNDGDUYHEHรบLQFLVร•Qร•IWDQVHNL]LQFLVร•Qร•IDNDGDUGHUVOHU|]HOHรทLWLP|รทUHWPHQLWDUDIร•QGDQRNXWXOXUรธONRNXOGD Doร•ODQVร•Qร•IODUGDGLQNยOWยUยYHDKODNELOJLVLRUWDRNXOGDDoร•ODQVร•Qร•IODUGDGLQNยOWยUยYHDKODNELOJLVLJ|UVHOVDQDWODUPย]LNYH EHGHQ HรทLWLPL DODQODUร•QD LOLรบNLQ GHUVOHU LOH PHVOHN GHUVOHUL LOJLOL DODQ |รทUHWPHQOHUL WDUDIร•QGDQ RNXWXOXU $ODQ |รทUHWPHQL WDUDIร•QGDQRNXWXODQGHUVOHUH|]HOHรทLWLP|รทUHWPHQLGHGHUVLรบOHQLรบLQHGHVWHNYHUPHNย]HUHNDWร•Oร•U I รธรบLWPH\HWHUVL]OLรทL]LKLQVHO\HWHUVL]OLรทLYH\DRWL]PLRODQ|รทUHQFLOHULoLQ\DEDQFร•GLOGHUVL]RUXQOXGHUVOHUDUDVร•QGD\HU DOPD]%X|รทUHQFLOHUPHUNH]LVLVWHPVร•QDYร•QGD\DEDQFร•GLOGHUVVร•QDYร•QGDQPXDIWXWXOXUODU J  *|UPH YH\D LรบLWPH \HWHUVL]OLรทL RODQ |รทUHQFLOHU LoLQ Doร•ODQ |]HO HรทLWLP Vร•Qร•IODUร•QGD J|UPH YH\D LรบLWPH HQJHOOLOHU LONRNXOODUร•KDIWDOร•NGHUVoL]HOJHVLX\JXODQร•U+DILIGย]H\GH]LKLQVHO\HWHUVL]OLรทLYH\DKDILIGย]H\GHRWL]PLRODQ|รทUHQFLOHULoLQ Doร•ODQ|]HOHรทLWLPVร•Qร•IODUร•QGDEXHQJHOWยUOHULQHJ|UHKD]ร•UODQDQKDIWDOร•NGHUVoL]HOJHVLX\JXODQร•U รท  %X Vร•Qร•IODU GHUV WHQHIIยV \HPHN YH GLรทHU HWNLQOLN VDDWOHUL EDNร•Pร•QGDQ EยQ\HVLQGH Doร•OGร•รทร• RNXOGD X\JXODQDQ SURJUDPDX\DUODU K *|UPH\HWHUVL]OLรทLRODQ|รทUHQFLOHULoLQUHVLPรบHNLOYHJUDILNLoHUHQVRUXODUNDEDUWPDRODUDNEHWLPOHQHUHNYH\DEX VRUXODUร•Q\HULQHHรบGHรทHUVRUXODUKD]ร•UODQDUDNGHรทHUOHQGLUPH\DSร•Oร•U g]HOHรทLWLPSURJUDPร•X\JXOD\DQ|]HOHรทLWLPVร•Qร•IODUร• 0$''(  ยฑ   2NXO |QFHVL LONRNXO RUWDRNXO YH PHVOHNL HรทLWLP YHUHQ RUWD|รทUHWLP NXUXPODUร•QGD |]HO HรทLWLP SURJUDPร• X\JXOD\DQ |]HO HรทLWLP Vร•Qร•IODUร• Doร•ODELOLU %X Vร•Qร•IODUGD HรทLWLP KL]PHWOHULQLQ \ยUยWยOPHVLQGH DรบDรทร•GDNL KXVXVODU GLNNDWHDOร•Qร•U D $\Qร•WยU\HWHUVL]OLรทLRODQ|รทUHQFLOHUHELUOHรบWLULOPLรบVร•Qร•IX\JXODPDVร•LOHHรทLWLP\DSร•Oร•U E 6ร•Qร•IODUร•QPHYFXWODUร•ROXรบWXUXOXUNHQWDNLSHGLOHQ|]HOHรทLWLPSURJUDPร•Qร•QX\JXODQGร•รทร•RNXOODUGDNLVร•Qร•IPHYFXWODUร• HVDVDOร•Qร•U F <HWHUVL]OLNWยUยQHJ|UHKD]ร•UODQPร•รบ|]HOHรทLWLPSURJUDPODUร•X\JXODQร•U o 2UWDYH\DDรทร•UGย]H\GH]LKLQVHO\HWHUVL]OLรทLRODQ|รทUHQFLOHULOHRUWDYH\DDรทร•UGย]H\GHRWL]PLRODQ|รทUHQFLOHULoLQ Doร•ODQVร•Qร•IODUGDLON|รทUHWLPNDGHPHVLQGH|]HOHรทLWLPX\JXODPDRNXOXKDIWDOร•NGHUVoL]HOJHVLRUWD|รทUHWLPNDGHPHVLQGH|]HO HรทLWLPX\JXODPDRNXOX ,,,NDGHPH KDIWDOร•NGHUVoL]HOJHVLX\JXODQร•U G *|UPHLรบLWPHYH\DKDILIGย]H\GH]LKLQVHO\HWHUVL]OLรทLRODQ|รทUHQFLOHULOHKDILIGย]H\GHRWL]PLRODQ|รทUHQFLOHULoLQ RUWD|รทUHWLPNDGHPHVLQGHDoร•ODQVร•Qร•IODUGD|]HOHรทLWLPPHVOHNRNXOXKDIWDOร•NGHUVoL]HOJHVLX\JXODQร•U H +DILIGย]H\GH]LKLQVHO\HWHUVL]OLรทLYH\DKDILIGย]H\GHRWL]PLRODQ|รทUHQFLOHUHRUWD|รทUHWLPNDGHPHVLQGH|]HOHรทLWLP Vร•Qร•Iร•Doร•ODELOPHVLLoLQEXRNXOODUGDLรบHรทLWLPLYHPHVOHNDKODNร•GHUVLNDSVDPร•QGDRNXWXODFDNPHVOHNLHรทLWLPSURJUDPODUร•Qร•Q X\JXODQDELOHFHรทLDODQYHGDOODUร•QROPDVร•]RUXQOXGXU$oร•ODQVร•Qร•IODUDGHYDPHGHQ|รทUHQFLOHULoLQRNXOGDEXOXQDQDODQODULoLQGHQ WHNELUDODQD\|QOHQGLUPH\DSร•Oร•U$\Qร•RNXOGDELUGHQID]OD|]HOHรทLWLPVร•Qร•Iร•EXOXQPDVร•KDOLQGHLVHVร•Qร•IODULoLQELUGHQID]OD DODQD\|QOHQGLUPH\DSร•ODELOLU I  gรทUHQFLOHULQ EDรบDUร•ODUร•Qร•Q GHรทHUOHQGLULOPHVL WDNLS HWWLNOHUL SURJUDPร•Q X\JXODQGร•รทร• |]HO HรทLWLP RNXOODUร•QGDNL GHรทHUOHQGLUPH|OoยWOHULQHJ|UH\DSร•Oร•U J 2NXO|QFHVLNDGHPHVLQGHDoร•ODQVร•Qร•IODUGDHWNLQOLNOHURNXO|QFHVL|รทUHWPHQLLOH|]HOHรทLWLP|รทUHWPHQLWDUDIร•QGDQ RNXWXOXU รท รธONRNXORUWDRNXOYHOLVHNDGHPHOHULQGHDoร•ODQVร•Qร•IODUGDGHUVOHU|]HOHรทLWLP|รทUHWPHQOHULWDUDIร•QGDQRNXWXOXU$QFDN LONRNXOODUGDKDIWDOร•NGHUVoL]HOJHVLQGH\HUDODQGLQNยOWยUยYHDKODNELOJLVLLOHGLรทHUNDGHPHOHUGHNLGLQNยOWยUยYHDKODNELOJLVL






J|UVHOVDQDWODUPย]LNYHEHGHQHรทLWLPLDODQODUร•QDLOLรบNLQGHUVOHULOHPHVOHNGHUVOHULLOJLOLDODQ|รทUHWPHQOHULWDUDIร•QGDQRNXWXOXU $ODQ|รทUHWPHQLWDUDIร•QGDQRNXWXODQGHUVOHUH|]HOHรทLWLP|รทUHWPHQOHULGHUVLรบOHQLรบLQHGHVWHNYHUPHNย]HUHNDWร•Oร•U K  %X Vร•Qร•IODU GHUV WHQHIIยV \HPHN YH GLรทHU HWNLQOLN VDDWOHUL EDNร•Pร•QGDQ EยQ\HVLQGH Doร•OGร•รทร• RNXOGD X\JXODQDQ SURJUDPDX\DUODU ร• g]HOHรทLWLPPHVOHNRNXOXYH|]HOHรทLWLPX\JXODPDRNXOX ,,,NDGHPH SURJUDPร•Qร•WDPDPOD\DQ|รทUHQFLOHUHWDNLS HWWLNOHULHรทLWLPSURJUDPร•QDX\JXQGLSORPD (.YH\D(. Gย]HQOHQLU L gรทUHQFLOHU%(3JHOLรบWLUPHELULPLQLQSODQODPDVร•GRรทUXOWXVXQGDED]ร•GHUVOHULYHVRV\DOHWNLQOLNOHULGLรทHUDNUDQODUร•LOH ELUDUDGD\DSDELOLUOHU M *|UPH\HWHUVL]OLรทLRODQ|รทUHQFLOHULoLQUHVLPรบHNLOYHJUDILNLoHUHQVRUXODUNDEDUWPDRODUDNEHWLPOHQHUHNYH\DEX VRUXODUร•Q\HULQHHรบGHรทHUVRUXODUKD]ร•UODQDUDNGHรทHUOHQGLUPH\DSร•Oร•U $/7,1&,%g/h0 g]HO(รทLWLP2NXOYH.XUXPODUร• g]HOHรทLWLPRNXOYHNXUXPODUร•Qร•QDoร•OPDVร• 0$''(ยฑ  g]HOHรทLWLPLKWL\DFร•RODQELUH\OHULQHรทLWLPHHULรบLPOHULQLVDรทODPDNย]HUH\HUOHรบLP\HULQLQ|]HOOLNOHUL XODรบร•PLPNkQODUร•YHELUH\OHULQVD\ร•Vร•GLNNDWHDOร•QDUDN%DNDQOร•NoD|]HOHรทLWLPRNXOYHNXUXPODUร•Doร•Oร•U  g]HOHรทLWLPLKWL\DFร•RODQELUH\OHULQHรทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDVร•LOHEXELUH\OHUHVXQXODQHรทLWLPLQQLWHOLรทLQL DUWร•UPDNLoLQDUDรบWร•UPDJHOLรบWLUPHLQFHOHPHX\JXODPDYHL]OHPH\DSPDNย]HUH%DNDQOร•NoD$UDรบWร•UPD*HOLรบWLUPH(รทLWLPYH 8\JXODPD 0HUNH]L YH PHUNH] EยQ\HVLQGH RNXO Doร•ODELOLU $UDรบWร•UPD *HOLรบWLUPH (รทLWLP YH 8\JXODPD 0HUNH]L YH PHUNH] EยQ\HVLQGHDoร•ODFDNRNXOXQLรบOH\LรบLLOHLOJLOLXVXOYHHVDVODU%DNDQOร•NoD\D\ร•PODQDQ\|QHWPHOLNOHGย]HQOHQLU g]HOHรทLWLPLKWL\DFร•RODQELUH\OHULoLQDoร•ODQRNXO|QFHVLHรทLWLPNXUXPODUร• 0$''(ยฑ  D\ร•Qร•WDPDPOD\DQYHD\ร•Qร•GROGXUPD\DQoRFXNODULoLQ|]HOHรทLWLPDQDRNXOXDoร•ODELOHFHรทLJLEL EXoRFXNODULoLQLONRNXONDGHPHVLQGHHรทLWLPYHUHQ|]HOHรทLWLPRNXOODUร•EDรทร•PVร•]DQDRNXOODUร•YHGLรทHULONRNXOODUEยQ\HVLQGH |]HOHรทLWLPDQDVร•Qร•IODUร•GDDoร•Oร•U  (รทLWLPKL]PHWOHULQLQ\ยUยWยOPHVLQGHDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D 6ร•Qร•IPHYFXWODUร•HQID]OD|รทUHQFLGHQROXรบXU%XVร•Qร•IODUGD\HWHUVL]OLรทLROPD\DQoRFXNODUGD|รทUHQLPJ|UHELOLU%X GXUXPGDยถL|]HOHรทLWLPLKWL\DFร•RODQ|รทUHQFLROPDNย]HUHVร•Qร•IPHYFXWODUร•HQID]OD|รทUHQFLGHQROXรบXU E  6ร•Qร•IODU ROXรบWXUXOXUNHQ |QFHOLNOH D\Qร• WยU \HWHUVL]OLรทL RODQ oRFXNODU D\Qร• Vร•Qร•IWD RODFDN รบHNLOGH SODQODPD \DSร•Oร•U $QFDN]RUXQOXKkOOHUGHIDUNOร•WยU\HWHUVL]OLรทLRODQoRFXNODUGDELUDUDGDHรทLWLPJ|UHELOLU F  %DNDQOร•NoD KD]ร•UODQDQ HรทLWLP SURJUDPร• X\JXODQร•U %X SURJUDP HVDV DOร•QDUDN KD]ร•UODQDQ oRFXรทD \|QHOLN JHOLรบLP UDSRUXKHUG|QHPVRQXQGDH2NXOVLVWHPLQHLรบOHQHUHNELU|UQHรทLYHOL\HYHULOLU o 2NXO\|QHWLPLQFHGย]HQOHQHQ]DPDQoL]HOJHVLQHJ|UH|รทUHWPHQOHULQJยQOยNoDOร•รบPDGHUVVDDWLVยUHVLQLDรบPD\DFDN ELoLPGHHรทLWLP\DSร•Oร•U G  g]HO HรทLWLP RNXOODUร• EยQ\HVLQGH IDDOL\HW J|VWHUHQ |]HO HรทLWLP DQDVร•Qร•IODUร• EXOXQGXNODUร• RNXOODUร•Q JยQOยN ]DPDQ oL]HOJHVLQHX\DUODU H g]HOHรทLWLPDQDRNXOXLOH|]HOHรทLWLPDQDVร•Qร•IODUร•QGDJยQGHยถรบHUGDNLNDOร•NHWNLQOLNVDDWLVยUHLOHHรทLWLPYHULOLU $QFDN|]HOHรทLWLPDQDVร•Qร•IODUร•QGDHรทLWLPYH|รทUHWLPHEDรบODPDYHELWLรบVDDWLLOH|รทOH\HPHรทLVDDWLEยQ\HVLQGHDoร•OGร•รทร•RNXOXQ JยQOยN]DPDQoL]HOJHVLQHJ|UHSODQODQร•U I (WNLQOLNOHURNXO|QFHVL|รทUHWPHQLLOH|]HOHรทLWLP|รทUHWPHQLWDUDIร•QGDQ\ยUยWยOยU g]HOHรทLWLPLKWL\DFร•RODQELUH\OHULoLQDoร•ODQLON|รทUHWLPNXUXPODUร• 0$''(  ยฑ   รธรบLWPH J|UPH YH\D EHGHQVHO \HWHUVL]OLรทL RODQ ELUH\OHU LoLQ JยQGย]Oย \D GD \DWร•Oร• |]HO HรทLWLP LONRNXOODUร•LOH|]HOHรทLWLPRUWDRNXOODUร•KDILIGย]H\GH]LKLQVHO\HWHUVL]OLรทLRODQELUH\OHULoLQJยQGย]Oย|]HOHรทLWLPLONRNXOODUร•YH |]HOHรทLWLPRUWDRNXOODUร•Doร•Oร•U%XRNXOODUGDHรทLWLPKL]PHWOHULQLQ\ยUยWยOPHVLQGHDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D  gรทUHQFLOHU LON|รทUHWLP SURJUDPร•Qร• WDNLS HGHUOHU gรทUHQFLOHULQ WDNLS HWWLNOHUL SURJUDPODU WHPHO DOร•QDUDN %(3 KD]ร•UODQร•U E  %LU GHUV VDDWL VยUHVL  GDNLND ROXS GHUV VDDWL YH GHUVOHULQ GDรทร•Oร•Pร• WDNLS HGLOHQ KDIWDOร•N GHUV oL]HOJHVLQH J|UH X\JXODQร•U F  รธรบLWPH HQJHOOL |รทUHQFLOHU YH\D KDILI Gย]H\GH ]LKLQVHO HQJHOOL |รทUHQFLOHUH HรทLWLP YHULOHQ LONRNXO YH RUWDRNXOODUGD \DEDQFร•GLOGHUVL]RUXQOXGHUVOHUDUDVร•QGD\HUDOPD] o +DILIGย]H\GH]LKLQVHO\HWHUVL]OLรทLRODQ|รทUHQFLOHULoLQDoร•OPร•รบRNXOODUGDKDILIGย]H\GHRWL]PLRODQ|รทUHQFLOHULoLQ รบXEHDoร•ODUDNHรทLWLPYHULOLU G  6ร•Qร•I PHYFXWODUร• HQ ID]OD  |รทUHQFLGHQ ROXรบXU $QFDN RWL]PL RODQ |รทUHQFLOHU LoLQ Vร•Qร•I PHYFXWODUร• HQ ID]OD  |รทUHQFLGHQROXรบXU H รธรบLWPHYH\DJ|UPHHQJHOOL|รทUHQFLOHUHHรทLWLPYHULOHQLONRNXOODUGDGHUVOHU|]HOHรทLWLP|รทUHWPHQLRUWDRNXOODUGDLVH GHUVOHUDODQ|รทUHWPHQOHULWDUDIร•QGDQRNXWXOXUรธONRNXOODUGDGLQNยOWยUยYHDKODNELOJLVLLOH\DEDQFร•GLOGHUVLDODQ|รทUHWPHQOHUL WDUDIร•QGDQRNXWXOXU$ODQ|รทUHWPHQLWDUDIร•QGDQRNXWXODQGHUVOHUH|]HOHรทLWLP|รทUHWPHQLGHGHUVLรบOHQLรบLQHGHVWHNYHUPHNย]HUH NDWร•Oร•U






I +DILIGย]H\GH]LKLQVHO\HWHUVL]OLรทLYH\DKDILIGย]H\GHRWL]PLRODQ|รทUHQFLOHUHHรทLWLPYHULOHQLONRNXOYHRUWDRNXOODUGD GHUVOHU|]HOHรทLWLP|รทUHWPHQLWDUDIร•QGDQRNXWXOXUรธONRNXOODUGDGLQNยOWยUยYHDKODNELOJLVLGLรทHUNDGHPHOHUGHNLGLQNยOWยUยYH DKODN ELOJLVL J|UVHO VDQDWODU Pย]LN YH EHGHQ HรทLWLPL DODQODUร•QD LOLรบNLQ GHUVOHU LOH PHVOHN GHUVOHUL LOJLOL DODQ |รทUHWPHQOHUL WDUDIร•QGDQRNXWXOXU$ODQ|รทUHWPHQLWDUDIร•QGDQRNXWXODQGHUVOHUH|]HOHรทLWLP|รทUHWPHQLGHGHUVLรบOHQLรบLQHGHVWHNYHUPHNย]HUH NDWร•Oร•U J g]HOHรทLWLPLONRNXOODUร•YHRUWDRNXOODUร•QGDRUWDYH\DDรทร•UGย]H\GH]LKLQVHO\HWHUVL]OLรทLRODQ|รทUHQFLOHUHRUWDYH\DDรทร•U Gย]H\GH RWL]PL RODQ |รทUHQFLOHUH YH ELUGHQ ID]OD \HWHUVL]OLรทL RODQ |รทUHQFLOHUH EX NDGHPHOHUGH HรทLWLP YHULOHFHN |]HO HรทLWLP SURJUDPร•X\JXOD\DQVร•Qร•IODUDoร•ODELOLU%XVร•Qร•IODUGDHรทLWLPYH|รทUHWLPLOHLOJLOLLรบYHLรบOHPOHUยQFยYHLQFLPDGGHOHU GRรทUXOWXVXQGD\ยUยWยOยU รท '|QHPVRQODUร•QGD|รทUHQFLOHUHNDUQHYHULOLU   2UWD YH\D Dรทร•U Gย]H\GH ]LKLQVHO \HWHUVL]OLรทL RODQ ELUH\OHU LOH RUWD YH\D Dรทร•U Gย]H\GH RWL]PL RODQ ELUH\OHU LoLQ JยQGย]Oย |]HOHรทLWLP X\JXODPDRNXOX , NDGHPH  YH |]HOHรทLWLPX\JXODPD RNXOX ,, NDGHPH  Doร•Oร•U %X RNXOODUGD HรทLWLP KL]PHWOHULQLQ\ยUยWยOPHVLQGHDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D %DNDQOร•NoDKD]ร•UODQDQ|]HOHรทLWLPSURJUDPร•X\JXODQร•UgรทUHQFLOHULQWDNLSHWWLNOHULSURJUDPODUWHPHODOร•QDUDN%(3 KD]ร•UODQร•U E %XRNXOODUGDRUWDYH\DDรทร•U]LKLQVHO\HWHUVL]OLรทLRODQ|รทUHQFLOHULOHRUWDYH\DDรทร•UGย]H\GHRWL]PLRODQ|รทUHQFLOHUD\Uร• รบXEHOHUGH HรทLWLP J|UยUOHU 6ร•Qร•IODUร•Q PHYFXWODUร• HQ ID]OD ]LKLQVHO \HWHUVL]OLรทL RODQODU LoLQ  RWL]PL RODQ |รทUHQFLOHU LoLQ  |รทUHQFLGHQROXรบXU F  %LU GHUV VDDWL VยUHVL  GDNLND ROXS GHUV VDDWL YH GHUVOHULQ GDรทร•Oร•Pร• |]HO HรทLWLP X\JXODPD RNXOX KDIWDOร•N GHUV oL]HOJHVLQHJ|UHX\JXODQร•U o 'HUVOHU|]HOHรทLWLP|รทUHWPHQOHULWDUDIร•QGDQRNXWXOXU$QFDNLONRNXOODUGDGLQNยOWยUยYHDKODNELOJLVLRUWDRNXOGDGLQ NยOWยUยYHDKODNELOJLVLJ|UVHOVDQDWODUPย]LNYHEHGHQHรทLWLPLDODQODUร•QDLOLรบNLQGHUVOHULOJLOLDODQ|รทUHWPHQOHULWDUDIร•QGDQ RNXWXOXU$ODQ|รทUHWPHQLWDUDIร•QGDQRNXWXODQGHUVOHUH|]HOHรทLWLP|รทUHWPHQOHULGHGHUVLรบOHQLรบLQHGHVWHNYHUPHNย]HUHNDWร•Oร•U G '|QHPVRQODUร•QGD|รทUHQFLOHUHNDUQHYHELUH\VHOJHOLรบLPUDSRUXYHULOLU g]HOHรทLWLPLKWL\DFร•RODQELUH\OHULoLQDoร•ODQRUWD|รทUHWLPNXUXPODUร• 0$''(ยฑ  g]HOHรทLWLPLKWL\DFร•RODQELUH\OHULoLQPHVOHNLHรทLWLPYHUHQRNXOODUDoร•ODELOLU  รธON|รทUHWLPSURJUDPODUร•Qร•WDPDPOD\DQLรบLWPHYH\DEHGHQVHO\HWHUVL]OLรทLRODQELUH\OHULoLQJยQGย]OยYH\D\DWร•Oร•|]HO HรทLWLPPHVOHNOLVHOHULDoร•Oร•U%XRNXOODUGDHรทLWLPKL]PHWOHULQLQ\ยUยWยOPHVLQGHDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D  %DNDQOร•NoD KD]ร•UODQDQ PHVOHN SURJUDPODUร• X\JXODQร•U gรทUHQFLOHULQ WDNLS HWWLNOHUL SURJUDPODU WHPHO DOร•QDUDN %(3 KD]ร•UODQร•U E  %LU GHUV VDDWL VยUHVL  GDNLND ROXS GHUV VDDWL YH GHUVOHULQ GDรทร•Oร•Pร• PHVOHN SURJUDPร• WยUยQGHNL KDIWDOร•N GHUV oL]HOJHVLQHJ|UHX\JXODQร•U F 6ร•Qร•IPHYFXWODUร•HQID]OD|รทUHQFLGHQROXรบXUg]HOHรทLWLPPHVOHNOLVHOHULQGHDW|O\HYHODERUDWXYDUODUGDRNXWXODQ X\JXODPDOร•PHVOHNGHUVOHULQGHJUXSODUHQID]OD|รทUHQFLGHQROXรบXU o รธรบLWPHHQJHOOL|รทUHQFLOHU\DEDQFร•GLOGHUVLQGHQPXDIWXWXOXUODUgรทUHQFLOHULQ\DEDQFร•GLOGHUVLQGHQPXDIROPDGXUXPX RNXO\|QHWLPLWDUDIร•QGDQH2NXO6LVWHPLQHLรบOHQLU G %XRNXOODUGDGHUVOHUDODQ|รทUHWPHQOHULWDUDIร•QGDQRNXWXOXU H %XRNXOODUGDQPH]XQRODQ|รทUHQFLOHUHWDPDPODGร•NODUร•DODQYHGDODDLWGLSORPDYHULOLU I รธรบLWPHHQJHOOLELUH\OHULoLQDoร•ODQRNXOODUGDKDILIGย]H\GH]LKLQVHO\HWHUVL]OLรทLYH\DRWL]PLRODQ|รทUHQFLOHULOHJ|UPH YH\DLรบLWPH\HWHUVL]OLรทLRODQ|รทUHQFLOHULoLQ|]HOHรทLWLPPHVOHNRNXOXSURJUDPร•X\JXOD\DQRUWDYH\DDรทร•UGย]H\GH]LKLQVHO \HWHUVL]OLรทLYH\DRWL]PLRODQ|รทUHQFLOHULoLQ|]HOHรทLWLPX\JXODPDRNXOX ,,,NDGHPH SURJUDPร•X\JXOD\DQVร•Qร•IODUDoร•ODELOLU %XVร•Qร•IODUGDHรทLWLPYH|รทUHWLPLOHLOJLOLLรบYHLรบOHPOHUEX<|QHWPHOLรทLQLOJLOLPDGGHOHULGRรทUXOWXVXQGD\ยUยWยOยUYHJยQGย]Oย RODUDNHรทLWLPKL]PHWLYHULOLU  รธON|รทUHWLPSURJUDPODUร•Qร•WDPDPOD\DQJHQHOYH\DPHVOHNLYHWHNQLNRUWD|รทUHWLPSURJUDPODUร•QDGHYDPHGHPH\HFHN GXUXPGDNLKDILIGย]H\GH]LKLQVHO\HWHUVL]OLรทLRODQ|รทUHQFLOHUYHKDILIGย]H\GHRWL]PLRODQ|รทUHQFLOHULOHJ|UPHYH\DLรบLWPH \HWHUVL]OLรทLRODQ|รทUHQFLOHULoLQLรบYHPHVOHรทH\|QHOLNELOJLYHEHFHULOHUND]DQGร•UPDNDPDFร•\ODJยQGย]Oย|]HOHรทLWLPPHVOHN RNXOODUร•Doร•Oร•U%XRNXOODUGDHรทLWLPKL]PHWOHULQLQ\ยUยWยOPHVLQGHDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D 2NXOODUGDDNDGHPLNELOJLYHEHFHULOHULLoHUHQ|]HOHรทLWLPSURJUDPร•LOHPHVOHNDODQODUร•YHGDOODUร•QD\|QHOLNPHVOHNL HรทLWLPSURJUDPร•X\JXODQร•U E  *|UPH YH\D LรบLWPH \HWHUVL]OLรทL RODQ |รทUHQFLOHU LoLQ D\Uร• RNXOODU Doร•Oร•U +DILI Gย]H\GH ]LKLQVHO \HWHUVL]OLรทL RODQ |รทUHQFLOHULOHKDILIGย]H\GHRWL]PLRODQ|รทUHQFLOHUD\Qร•RNXOGDD\Uร•รบXEHOHUGHHรทLWLPJ|UยUOHU6ร•Qร•IPHYFXWODUร•HQID]ODRWL]P RODQ ELUH\OHU LoLQ  GLรทHU HQJHO WยUOHUL LoLQ  |รทUHQFLGHQ ROXรบXU $W|O\H YH ODERUDWXYDUODUGD RNXWXODQ X\JXODPDOร• PHVOHN GHUVOHULQGHJUXSVD\ร•ODUร•Qร•QROXรบWXUXOPDVร•QGDVร•Qร•IPHYFXWODUร•HVDVDOร•Qร•U F 'HUVOHU|]HOHรทLWLP|รทUHWPHQLWDUDIร•QGDQRNXWXOXU$QFDNGLQNยOWยUยYHDKODNELOJLVLJ|UVHOVDQDWODUPย]LNEHGHQ HรทLWLPL DODQODUร•QD LOLรบNLQ GHUVOHU LOH PHVOHN GHUVOHUL LOJLOL DODQ |รทUHWPHQOHUL WDUDIร•QGDQ RNXWXOXU $ODQ |รทUHWPHQL WDUDIร•QGDQ RNXWXODQGHUVOHUH|]HOHรทLWLP|รทUHWPHQLGHGHUVLรบOHQLรบLQHGHVWHNYHUPHNย]HUHNDWร•Oร•U o %LUGHUVVDDWLVยUHVLGDNLNDROXSGHUVVDDWLYHGHUVOHULQGDรทร•Oร•Pร•KDIWDOร•NGHUVoL]HOJHVLQHJ|UHX\JXODQร•U






G 2NXOODUGDDODQYHGDOODUร•QDoร•OPDVร•YHNDSDWร•OPDVร•LOHLOJLOLNDUDUODULOLVWLKGDPYHPHVOHNLHรทLWLPNXUXOXWDUDIร•QGDQ DOร•QDUDNYDOLOLNOHUFH%DNDQOร•รทD|QHULOLU$ODQYHGDODoร•OPDVร•YHNDSDWร•OPDVร•LOHLOJLOLLรบYHLรบOHPOHU%DNDQOร•NoD\DSร•Oร•U H XQFXVร•Qร•IWDPHVOHNDODQODUร•QD\|QHOLNDW|O\HYHODERUDWXYDUODUGDRNXWXODQX\JXODPDOร•PHVOHNGHUVOHULQGHNLWHPHO EHFHULOHULQ|รทUHWLPLQLQ\DQร•Vร•UDPHVOHNDODQODUร•YHGDOODUร•KDNNร•QGDJHQHOELOJLOHQGLUPH\DSร•Oร•U I %(3JHOLรบWLUPHELULPLQLQNDUDUร•GRรทUXOWXVXQGD|รทUHQFLOHULoLQXQFXVร•Qร•Iร•QVRQXQGDDODQYHGDOVHoLPL\DSร•Oร•U J  รธO LVWLKGDP YH PHVOHNL HรทLWLP NXUXOXQFD  VD\ร•Oร• 0HVOHNL (รทLWLP .DQXQX NDSVDPร•QD DOร•QDQ PHVOHN DODQ YH GDOODUร•QGD|รทUHQLPJ|UHQ|รทUHQFLOHULQQFLVร•Qร•IWDLรบOHWPHOHUGHPHVOHNLHรทLWLPJ|UPHOHULHVDVWร•UรธOLVWLKGDPYHPHVOHNLHรทLWLP NXUXOXNDUDUร•\ODLOJLOLDODQYHGDOร•QPRGยOHUHรทLWLPSURJUDPODUร•Qร•X\JXODPD\DHOYHULรบOLHรทLWLPELULPLEXOXQDQLรบOHWPHOHUH LQFLVร•Qร•I|รทUHQFLOHULGHPHVOHNLHรทLWLPLoLQJ|QGHULOHELOLU รท รธรบOHWPHOHUGHPHVOHNLHรทLWLPLOHLOJLOLLรบOHPOHUWDULKOLYHVD\ร•Oร•5HVPv*D]HWHยถGH\D\ร•PODQDQ0LOOv (รทLWLP%DNDQOร•รทร•2UWD|รทUHWLP.XUXPODUร•<|QHWPHOLรทLKยNยPOHULGRรทUXOWXVXQGD\ยUยWยOยU K  รธรบOHWPHOHUGH PHVOHNL HรทLWLPH GHYDP HGHPH\HQ |รทUHQFLOHU WHRULN YH X\JXODPDOร• HรทLWLPOHULQL SURJUDPODU WHPHO DOร•QDUDNRNXOGDVยUGยUยUOHU ร•  รธรบOHWPHOHUGH PHVOHNL HรทLWLPH GHYDP HGHQ |รทUHQFLOHU  VD\ร•Oร• 0HVOHNL (รทLWLP .DQXQXQXQ YHUGLรทL KDNODUGDQ \DUDUODQร•UODU L รธรบOHWPHOHUGHPHVOHNLHรทLWLPHEDรบODQGร•รทร•WDULKWHQLWLEDUHQ|รทUHQFLOHULQVLJRUWDOร•Oร•NODLOJLOLLรบYHLรบOHPOHUL\DSร•Oร•U M รธรบOHWPHOHUGHPHVOHNLHรทLWLPHJ|QGHULOHFHN|รทUHQFLOHULQYHOLVLQGHQ9HOL0XYDIDNDW%HOJHVL (. DOร•Qร•U N รธรบOHWPHOHUGHPHVOHNLHรทLWLPHJLGHQ|รทUHQFLOHULQL]OHQPHVLDPDFร•\ODNRRUGLQDW|U|รทUHWPHQWDUDIร•QGDQรธรบ<HUL*|]OHP YHรธ]OHPH)RUPX (. LรบYHUHQWDUDIร•QGDQgรทUHQFL'HYDP7DNLSdL]HOJHVL (. GROGXUXOXU O รธรบOHWPHOHUGHPHVOHNLHรทLWLPHJLGHQ|รทUHQFLOHULQLรบH\DGDLรบ\HULQHX\XPVDรทODPDODUร•DPDFร•\ODJHUHNOLGย]HQOHPHOHU \DSร•ODUDN WHGELUOHU DOร•Qร•U $Oร•QDQ WHGELUOHUH UDรทPHQ X\XP VRUXQX \DรบD\DQ |รทUHQFLOHU NRRUGLQDW|U |รทUHWPHQ WDUDIร•QGDQ %(3 JHOLรบWLUPHELULPLQHELOGLULOLU%X|รทUHQFLOHU\HQLELULรบOHWPHGH\DGDRNXOGDHรทLWLPOHULQHGHYDPHGHUOHU P '|QHPVRQODUร•QGD|รทUHQFLOHUHNDUQHYHULOLUgรทUHQFLOHUHPH]XQROGXNODUร•QGDg]HO(รทLWLP0HVOHN2NXOX'LSORPDVร• (. Gย]HQOHQLU%XGLSORPD|]HOHรทLWLPPHVOHNRNXOXPH]XQXRODQELUH\OHUH\ยNVHN|รทUHWLPHGHYDPHWPHYHEDรทร•PVร•]Lรบ \HULDoPDKDNNร•VDรทODPD]$QFDNELUH\OHULQNDPXGDELULรบWHLVWLKGDPHGLOPHVLGXUXPXQGDEXGLSORPDELUH\OHULQPHVOHNOLVHVL PH]XQODUร•QDWDQร•QDQ|]OยNKDNODUร•QGDQ\DUDUODQPDODUร•Qร•VDรทODU Q  *|UPH YH\D LรบLWPH \HWHUVL]OLรทL RODQ |รทUHQFLOHU LoLQ Doร•ODQ RNXOODUGD KDILI Gย]H\GH ]LKLQVHO \HWHUVL]OLรทL LOH KDILI Gย]H\GH RWL]PL RODQ |รทUHQFLOHU LoLQ KDILI Gย]H\GH ]LKLQVHO \HWHUVL]OLรทL LOH KDILI Gย]H\GH RWL]PL RODQ |รทUHQFLOHU LoLQ Doร•ODQ RNXOODUGDJ|UPHYH\DLรบLWPH\HWHUVL]OLรทLRODQ|รทUHQFLOHULoLQ|]HOHรทLWLPPHVOHNRNXOXSURJUDPร•X\JXOD\DQVร•Qร•IODUDoร•ODELOLU R %XRNXOODUGDRUWDYH\DDรทร•UGย]H\GH]LKLQVHO\HWHUVL]OLรทLLOHRUWDYH\DDรทร•UGย]H\GHRWL]PLRODQ|รทUHQFLOHULoLQ|]HO HรทLWLP X\JXODPD RNXOX ,,, NDGHPH  SURJUDPร• X\JXOD\DQ Vร•Qร•IODU GD Doร•ODELOLU %X Vร•Qร•IODUGD HรทLWLP KL]PHWOHULQLQ \ยUยWยOPHVLQGHEXPDGGHQLQG|UGยQFยIร•NUDVร•QGDNLKยNยPOHUGLNNDWHDOร•Qร•U  g]HOHรทLWLPX\JXODPDRNXOXQGD ,,NDGHPH YH\DEXRNXOXQSURJUDPร•Qร•X\JXOD\DQ|]HOHรทLWLPVร•Qร•Iร•QGDHรทLWLPLQL WDPDPOD\DQ |รทUHQFLOHU LOH RUWD|รทUHWLP SURJUDPODUร•QD GHYDP HGHPH\HFHN GXUXPGDNL RUWD YH\D Dรทร•U Gย]H\GH ]LKLQVHO \HWHUVL]OLรทL RODQ |รทUHQFLOHU LOH RUWD YH\D Dรทร•U Gย]H\GH RWL]PL RODQ |รทUHQFLOHUH JยQGย]Oย |]HO HรทLWLP X\JXODPD RNXOX ,,, NDGHPH Doร•Oร•U%XRNXOODUGDHรทLWLPKL]PHWOHULQLQ\ยUยWยOPHVLQGHDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D %DNDQOร•NoDKD]ร•UODQDQ|]HOHรทLWLPSURJUDPร•X\JXODQร•U E  3URJUDPGD \HU DODQ Lรบ EHFHULOHULQH \|QHOLN ND]DQร•PODUD LOLรบNLQ X\JXODPDODU GHUVOLNWH YH X\JXODPD Vร•Qร•Iร•QGD \ยUยWยOยU F 2UWDYH\DDรทร•UGย]H\GH]LKLQVHO\HWHUVL]OLรทLRODQ|รทUHQFLOHULOHRUWDYH\DDรทร•URWL]PLRODQ|รทUHQFLOHUD\Uร•รบXEHOHUGH HรทLWLP J|UยUOHU 6ร•Qร•IODUร•Q PHYFXWODUร• HQ ID]OD ]LKLQVHO \HWHUVL]OLรทL RODQODU LoLQ  RWL]PL RODQ |รทUHQFLOHU LoLQ  |รทUHQFLGHQ ROXรบXU8\JXODPDVร•Qร•IODUร•QGDJUXSVD\ร•ODUร•Qร•QROXรบWXUXOPDVร•QGDVร•Qร•IPHYFXWODUร•HVDVDOร•Qร•U o 'HUVOHU|]HOHรทLWLP|รทUHWPHQLWDUDIร•QGDQRNXWXOXU$QFDNJ|UVHOVDQDWODUPย]LNEHGHQHรทLWLPLDODQODUร•QDLOLรบNLQ GHUVOHUGLQNยOWยUยYHDKODNELOJLVLGHUVLLOHLรบEHFHULOHULQH\|QHOLNGHUVOHULOJLOLDODQ|รทUHWPHQOHULWDUDIร•QGDQRNXWXOXU$ODQ |รทUHWPHQLWDUDIร•QGDQRNXWXODQGHUVOHUH|]HOHรทLWLP|รทUHWPHQLGHGHUVLรบOHQLรบLQHGHVWHNYHUPHNย]HUHNDWร•Oร•U G %LUGHUVVDDWLVยUHVLGDNLNDROXSGHUVVDDWLYHGHUVOHULQGDรทร•Oร•Pร•KDIWDOร•NGHUVoL]HOJHVLQHJ|UHX\JXODQร•U H '|QHPVRQODUร•QGD|รทUHQFLOHUHNDUQHYHELUH\VHOJHOLรบLPUDSRUXYHULOLUgรทUHQFLOHUHPH]XQROGXNODUร•QGDg]HO(รทLWLP 8\JXODPD2NXOX ,,,.DGHPH 'LSORPDVร• (. Gย]HQOHQLU%XGLSORPD|]HOHรทLWLPX\JXODPDRNXOXPH]XQXRODQELUH\OHUH \ยNVHN|รทUHWLPHGHYDPHWPHYHEDรทร•PVร•]Lรบ\HULDoPDKDNNร•VDรทODPD]$QFDNELUH\OHULQNDPXGDELULรบWHLVWLKGDPHGLOPHVL GXUXPXQGDEXGLSORPDELUH\OHULQPHVOHNOLVHVLPH]XQODUร•QDWDQร•QDQ|]OยNKDNODUร•QGDQ\DUDUODQPDODUร•Qร•VDรทODU g]HO\HWHQHNOLELUH\OHULQHรทLWLPLDPDFร•\ODDoร•ODQNXUXPODU 0$''(  ยฑ   gUJยQ HรทLWLP NXUXPODUร•QD GHYDP HGHQ YH JHQHO ]LKLQVHO J|UVHO VDQDWODU YH\D Pย]LN \HWHQHN DODQODUร•QGDQ|]HO\HWHQHNOLRODUDNWDQร•ODQDQ|รทUHQFLOHUH\HWHQHNOHULQLJHOLรบWLUHUHNNDSDVLWHOHULQLHQยVWGย]H\GHNXOODQPDODUร•Qร• VDรทODPDN DPDFร•\OD GHVWHN HรทLWLP YHUPHN ย]HUH %รธ/6(0ยถOHU Doร•Oร•U %รธ/6(0ยถOHUGH HรทLWLP KL]PHWOHULQLQ \ยUยWยOPHVLQGH DรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D (รทLWLPYH|รทUHWLPHWNLQOLNOHUL%รธ/6(0ยถOHUGH|รทUHQFLQLQ|UJยQHรทLWLPVDDWOHULGร•รบร•QGDNL]DPDQODUGDKDIWDLoLYH\D KDIWDVRQXSODQODQDELOLU






E %รธ/6(0ยถOHUGH|]JยQยUยQSURMHYHยUHWLPOHULQJHUoHNOHรบPHVLLoLQ|รทUHQFLOHULQ\HWHQHNOHULQHX\JXQ]HQJLQOHรบWLUPH YH Kร•]ODQGร•UPD \ROX\OD IDUNOร•ODรบWร•Uร•ODUDN SURMH WDEDQOร• GLVLSOLQOHU DUDVร• HรทLWLP SURJUDPร• X\JXODQร•U YH HรทLWLP HWNLQOLNOHUL Gย]HQOHQLU F  %รธ/6(0ยถOHUGH X\JXODQDQ HรทLWLP SURJUDPODUร• HVDV DOร•QDUDN |รทUHQFLOHULQ HรทLWLP LKWL\DoODUร• GRรทUXOWXVXQGD %(3 KD]ร•UODQร•UYHHรทLWLPKL]PHWLELUHELUYH\DJUXSHรทLWLPLรบHNOLQGH\ยUยWยOยU o (รทLWLPYH|รทUHWLPHWNLQOLNOHULHรทLWLPYH|รทUHWLP\ร•Oร•LoHULVLQGH%DNDQOร•NoDKD]ร•UODQDQ\ร•OOร•NoDOร•รบPDWDNYLPLQHJ|UH \ยUยWยOยU$\Uร•FD\DUร•\ร•OYH\D]WDWLOOHULQGH\D]RNXOXYHNร•รบRNXOXLOH|รทUHQFLNDPSODUร•GD\DSร•ODELOLU(รทLWLPYH|รทUHWLP\ร•Oร• LoHULVLQGHNLKHUG|QHPVRQXQGD%รธ/6(0ยถOHUWDUDIร•QGDQKD]ร•UODQDQGHรทHUOHQGLUPHUDSRUODUร•YDOLOLNOHUFH%DNDQOร•รทDJ|QGHULOLU  %รธ/6(0ยถH|รทUHQFLDOร•Pร•%DNDQOร•NoD\D\ร•PODQDQNร•ODYX]GDEHOLUWLOHQWDNYLPoHUoHYHVLQGHJHUoHNOHรบWLULOLU.D\ร•W KDNNร•ND]DQDQ|รทUHQFLOHUH%รธ/6(0ยถOHUGHYHGHVWHNHรทLWLPRGDODUร•QGDHรทLWLPYHULOLU  %รธ/6(0ยถH|รทUHQFLDOร•PWDNYLPLGร•รบร•QGDJHQHO]LKLQVHOJ|UVHOVDQDWODUYHPย]LN\HWHQHNDODQODUร•QGD|]HO\HWHQHNOL ROGXรทXEHOLUOHQHQ|รทUHQFLOHUHGHVWHNHรทLWLPRGDODUร•QGDHรทLWLPYHULOLU%รธ/6(0ยถH|รทUHQFLDOร•PWDNYLPLGร•รบร•QGDJ|UVHOVDQDWODU YHPย]LN\HWHQHNDODQODUร•QGDDGD\J|VWHULOHFHN|รทUHQFLOHULQWDOHELLOJLOLOHUFHLOWDQร•ODPDVร•QDYNRPLV\RQXQD\DSร•Oร•U  %รธ/6(0ยถH|รทUHWPHQVHoLPLLOHLOJLOLLรบYHLรบOHPOHU%DNDQOร•NoD\D\ร•PODQDQNร•ODYX]KยNยPOHULQHJ|UH\ยUยWยOยU  %รธ/6(0ยถH|รทUHWPHQVHoLPLLOHLOJLOLLรบYHLรบOHPOHULQ\ยUยWยOPHVLQHGDLUNXUXONRPLV\RQYHJ|UHYOHU%DNDQOร•NoD \D\ร•PODQDQ<|QHUJHLOHGย]HQOHQLU   gรทUHQFL WDQร•ODPD ND\ร•W NDEXO QDNLO GHYDP GHYDPVร•]Oร•N YH LOLรบLN NHVPH LรบOHPOHUL %รธ/6(0 0RGยOย ย]HULQGHQ \ยUยWยOยU <('รธ1&รธ%g/h0 gรทUHQFLรธรบOHUL.D\ร•W.DEXO1DNLOYH%DรบDUร•Qร•Q'HรทHUOHQGLULOPHVL .D\ร•WNDEXOYHQDNLOLรบOHPOHUL 0$''(  ยฑ   2NXO |QFHVL HรทLWLP NXUXPODUร• LONRNXOODU LOH |]HO HรทLWLP SURJUDPร• X\JXOD\DQ RUWD|รทUHWLP NDGHPHVLQGHNLRNXOODUD|]HOHรทLWLPLKWL\DFร•RODQELUH\OHULQND\Gร•\ร•OOร•NoDOร•รบPDWDNYLPLQGHEHOLUOHQHQVยUH\HEDNร•OPDNVร•]ร•Q \DSร•Oร•U  g]HOHรทLWLPLKWL\DFร•RODQELUH\OHULQRNXO|QFHVLHรทLWLPNXUXPODUร•YHLONRNXOODUDND\ร•WODUร•QGDLOYH\DLOoH|]HOHรทLWLP KL]PHWOHULNXUXOXWDUDIร•QGDQ\HUOHรบWLUPHNDUDUร•DOร•QPร•รบROPDVร•รบDUWร•DUDQPD]$QFDNEXELUH\OHULoLQ\HUOHรบWLUPHNDUDUร•DOร•QPDVร• NRQXVXQGD RNXO \|QHWLPL JHUHNOL LรบOHPOHUL EDรบODWร•U gรทUHQFLQLQND\ร•WOร• ROGXรทX RNXO \HUOHรบWLUPH NDUDUร•QD X\JXQ LVH |รทUHQFL EXOXQGXรทXRNXOGD|รทUHQLPLQHGHYDPHGHU)DUNOร•ELU\HUOHรบWLUPHNDUDUร•ROPDVร•KkOLQGH|รทUHQFLQLQ\HUOHรบWLUPHNDUDUร•QDX\JXQ RNXODQDNOL\DGDJHoLรบLNRQXVXQGDJHUHNOLLรบOHPOHU\DSร•Oร•U   0HFEXUL LON|รทUHWLP oDรทร•QGD ROXS XOXVDO DGUHV YHUL WDEDQร•QGDNL ELOJLOHU HVDV DOร•QDUDN H2NXO 6LVWHPL ย]HULQGHQ RNXOODUD ND\Gร• \DSร•OPร•รบ RODQ |]HO HรทLWLP LKWL\DFร• RODQ |รทUHQFLOHULQ LO YH\D LOoH |]HO HรทLWLP KL]PHWOHUL NXUXOX NDUDUร• GRรทUXOWXVXQGDGLรทHURNXOODUDQDNLO\ROX\ODJHoLรบOHULVDรทODQร•U  .D\ร•WODUร•Q\DSร•OGร•รทร•\ร•Oร•QH\OยOD\ร•VRQXLWLEDUร•\ODD\ร•Qร•WDPDPOD\DQYHD\ร•Qร•GROGXUPD\DQoRFXNODUร•QND\Gร• |]HOHรทLWLPDQDRNXOXQD\DGD|]HOHรทLWLPDQDVร•Qร•IODUร•QD\DSร•Oร•U  g]HOHรทLWLPLKWL\DFร•RODQELUH\OHUGHQND\ร•WODUร•Q\DSร•OGร•รทร•\ร•Oร•QH\OยOD\ร•VRQXLWLEDUร•\ODYHD\Oร•NRODQODUร•Q YHOLVLQLQ\D]ร•Oร•WDOHEL\OHH\OยOD\ร•VRQXLWLEDUร•\ODD\ร•Qร•WDPDPODPร•รบD\GDQJยQDOPDPร•รบRODQYHLONRNXODEDรบODPD\DKD]ร•U ROPDGร•NODUร•Qร•'XUXP%LOGLULU7HN+HNLP6DรทOร•N5DSRUXLOHEHOJHOH\HQ|รทUHQFLOHULQg]HO(รทLWLP'HรทHUOHQGLUPH.XUXOX5DSRUX GRรทUXOWXVXQGD RNXO |QFHVL HรทLWLPH \ร•O GDKD GHYDPODUร• VDรทODQร•U H2NXO 6LVWHPL ย]HULQGHQ LONRNXOD ND\Gร•\DSร•ODQ YH RNXO |QFHVL HรทLWLP VยUHVL X]DWร•ODQ oRFXNODU LO YH\D LOoH |]HO HรทLWLP KL]PHWOHUL NXUXOX NDUDUร• LOH RNXO |QFHVL HรทLWLP NXUXPXQGD HรทLWLPOHULQLVยUGยUยUOHU  g]HOHรทLWLPLKWL\DFร•RODQELUH\OHULoLQJยQGย]Oย|]HOHรทLWLPRNXOODUร•QDND\ร•WWDWXYDOHWHรทLWLPLQLND]DQPร•รบROPDรบDUWร• DUDQPD]  +DVWDQHVร•Qร•Iร•QGDELUD\YHGDKDX]XQVยUHHรทLWLPDODFDNELUH\OHULOHHYGHHรทLWLPKL]PHWLDODFDNELUH\OHULQKHUKDQJL ELURNXOGDND\ร•WODUร•Qร•QEXOXQPDPDVร•KkOLQGHLOYH\DLOoH|]HOHรทLWLPKL]PHWOHULNXUXOXQXQ\HUOHรบWLUPHNDUDUร•LOHX\JXQWยUGHYH NDGHPHGHNLRNXODND\Gร•\DSร•Oร•U   $\Qร• WยU YH NDGHPHGH D\Qร• SURJUDPร• X\JXOD\DQ |]HO HรทLWLP RNXOODUร• DUDVร•QGDNL QDNLOOHU LOH EX RNXOODUGDQ D\Qร• SURJUDPร• X\JXOD\DQ |]HO HรทLWLP Vร•Qร•IODUร•QD \D GD |]HO HรทLWLP Vร•Qร•IODUร•QGDQ D\Qร• SURJUDPร• X\JXOD\DQ |]HO HรทLWLP RNXOODUร•QD QDNLOOHULoLQ\HQLELUHรทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPD\DSร•OPD]9HOLOHUHLOYH\DLOoH|]HOHรทLWLPKL]PHWOHULNXUXOXWDUDIร•QGDQ QDNLO\ROX\ODJLGLOHFHNRNXOODUODLOJLOLELOJLOHQGLUPH\DSร•ODUDN\HQLELU\HUOHรบWLUPHNDUDUร•DOร•Qร•U   g]HO HรทLWLP LKWL\DFร• RODQ |รทUHQFLOHULQ HรทLWLP NXUXPODUร• DUDVร•QGDNL QDNLO YH\D JHoLรบ LรบOHPOHUL ]DPDQD EDรทOร• ROPDNVร•]ร•Q\DSร•Oร•U  2UWD|รทUHWLPSURJUDPร•X\JXODQDQRNXOODUGDQ|]HOHรทLWLPPHVOHNRNXOXQDKHUVร•Qร•IVHYL\HVLQGHQJHoLรบLVDรทODQDQ |รทUHQFLOHULQHรทLWLPOHULQHXQFXVร•Qร•IWDQGHYDPHWPHOHULVDรทODQร•Ug]HOHรทLWLPPHVOHNRNXOXQDND\ร•WOร•RODQYH\DรบLWLEDUL\OH |UJยQ RUWD|รทUHWLP NXUXPODUร•QD ND\ร•W รบDUWODUร•Qร• WDรบร•\DQ |รทUHQFLOHULQ KHU Vร•Qร•I VHYL\HVLQGHQ RUWD|รทUHWLP SURJUDPร• X\JXODQDQ RNXOODUDJHoLรบOHULQGHHรทLWLPOHULQHXQFXVร•Qร•IWDQGHYDPHWPHOHULVDรทODQร•U  g]HOHรทLWLPPHVOHNRNXOODUร•LOHEXSURJUDPร•QX\JXODQGร•รทร•|]HOHรทLWLPVร•Qร•IODUร•DUDVร•QGDNLQDNLOLรบOHPOHULDODQYH GDOEXOXQPDNND\Gร•\ODKHUVร•Qร•IVHYL\HVLQGHVยUHNOLND\ร•WOร•EXOXQGXรทXRNXOGDDODQYHGDOVHoLPLQL\DSPร•รบ|รทUHQFLOHULQJLGHFHรทL 




RNXOGDD\Qร•DODQYHGDOEXOXQPDPDVร•KkOLQGHKHUVร•Qร•IVHYL\HVLQGHNLJHoLรบOHUGHDODQYHGDOGHรทLรบWLUHUHN|รทUHQFLQLQHรทLWLPLQH XQFXVร•Qร•IWDQGHYDPร•VDรทODQร•U$QFDNQDNLOJLGHFHรทLRNXOGDD\Qร•DODQEXOXQXSGDOEXOXQPDPDVร•KDOLQGHLVHLQFLVร•Qร•Iร•Q ELULQFLG|QHPLVRQXQDNDGDUD\Qร•DODQGDGDOGHรทLรบWLUHUHNJHoLรบLVDรทODQร•U   2UWD|รทUHWLP NDGHPHVLQGH EXOXQGXรทX LOGH UHVPv ELU RNXOD \HUOHรบWLULOHPH\HQ |รทUHQFLOHULQ |]HO HรทLWLP PHVOHN OLVHOHULQH\DWร•Oร•RODUDN\HUOHรบWLULOPHOHULLOH LOJLOLLรบ YHLรบOHPOHU %DNDQOร•NoD GLรทHUNDGHPHOHUGH |รทUHQLP J|UHFHN |รทUHQFLOHUOH LOJLOLLรบYHLรบOHPOHUYDOLOLNOHUFH\ยUยWยOยU  )DUNOร•VHEHSOHUOHRNXODEDรบODPDVร•JHFLNPLรบELUH\OHUGHQLON|รทUHWLPNDGHPHVLQGH|]HOHรทLWLPSURJUDPร•X\JXOD\DQ |]HO HรทLWLP RNXOODUร• \D GD EX SURJUDPODUร•Q X\JXODQGร•รทร• |]HO HรทLWLP Vร•Qร•IODUร•QD GHYDP HGHFHNOHULQ ND\Gร• %(3 JHOLรบWLUPH ELULPLQLQJ|UยรบยGRรทUXOWXVXQGD\DรบJHOLรบLP|]HOOLNOHULYHHรทLWLPSHUIRUPDQVร•QDX\JXQNDGHPHGHNLVร•Qร•IDRNXO\|QHWLPLQFH \DSร•Oร•U  g]HOHรทLWLPSURJUDPร•X\JXOD\DQRUWD|รทUHWLPNXUXPODUร•LOHEXSURJUDPODUร•QX\JXODQGร•รทร•|]HOHรทLWLPVร•Qร•IODUร•QD \Dรบร•QGDQJยQDOPDPร•รบ|]HOHรทLWLPLKWL\DFร•RODQELUH\OHULQND\Gร•\DSร•Oร•U  %รธ/6(0ยถH\HUOHรบWLUPHNDUDUร•DOร•QDQ|รทUHQFLOHULQND\ร•WODUร•%DNDQOร•NoD\D\ร•PODQDQWDQร•ODPDNร•ODYX]XQGDEHOLUWLOHQ WDNYLPHJ|UHYHOLOHULWDUDIร•QGDQ\DSWร•Uร•Oร•U.D\Gร•\DSWร•Uร•OPD\DQ|รทUHQFLOHUND\ร•WKDNODUร•Qร•ND\EHGHU  %รธ/6(0ยถHND\ร•WOร•|รทUHQFLQLQQDNLOLรบYHLรบOHPOHULYHOLQLQLNDPHWDGUHVLYH\D|รทUHQFLQLQGHYDPHWWLรทL|UJยQHรทLWLP RNXOXQDJ|UH%รธ/6(0.D\ร•W%|OJHVLยถQGHNL%รธ/6(0ยถH\DSร•Oร•U1DNLOLVWHรทLYHOLQLQ\D]ร•Oร•WDOHELLOH%รธ/6(00RGยOยย]HULQGHQ JHUoHNOHรบWLULOLU 1DNLO WDOHEL DOร•QDQ |รทUHQFLQLQ GRV\DVร• QDNOHGLOHQ %รธ/6(0ยถH  JยQ LoLQGH J|QGHULOLU %รธ/6(0ยถOHU DUDVร• QDNLOOHUGHHQID]OD\HGLJยQOยNVยUHGHYDPVร•]Oร•NWDQVD\ร•OPD]  %รธ/6(0ยถHND\ร•WOร•|รทUHQFLOHULQYHOLOHULWDUDIร•QGDQKHU\ร•OH\OยOD\ร•Qร•QLONKDIWDVร•Qร•QVRQXQDNDGDUND\ร•WJยQFHOOHPH LรบOHPOHULQLQ \DSร•OPDVร• JHUHNLU .DGHPHOHU DUDVร• JHoLรบOHUGH |รทUHQFLOHULQ \DSร•ODQ ND\ร•W JยQFHOOHPH YH QDNLO LรบOHPOHUL |UJยQ HรทLWLPLQGHNL \HUOHรบWLUPH LรบOHPOHUL WDPDPODQGร•NWDQ VRQUD JHUoHNOHรบWLULOLU .D\ร•W JยQFHOOHPH LรบOHPOHUL |รทUHQFLOHULQ ND\ร•WOร• EXOXQGXNODUร•RNXOGDNLH2NXOND\Gร•HVDVDOร•QDUDN%รธ/6(00RGยOยย]HULQGHQ\DSร•Oร•U   gรทUHQFLOHULQ LNDPHW DGUHVOHULQLQ GHรทLรบPHVL QHGHQL\OH JLWWLรทL LO YH\D LOoHGH %รธ/6(0 ROPDPDVร• GXUXPXQGD %รธ/6(0|รทUHQFLVLROPDKDNNร•VDNOร•NDOร•U%XKยNยPEย\ยNรบHKLUPHUNH]LOoHOHULLoLQX\JXODQPD]%XGXUXPGDNL|รทUHQFLOHULQ ND\ร•WJยQFHOOHPHLรบOHPOHUL|รทUHQFLOHULQND\ร•WOร•EXOXQGXNODUร•RNXOGDNLH2NXOND\Gร•HVDVDOร•QDUDN\DSร•Oร•U .D\ร•WLoLQJHUHNOLEHOJHOHU 0$''(ยฑ  g]HOHรทLWLPRNXOODUร•QDND\ร•WODUGD D <DWร•Oร•RNX\DFDN|รทUHQFLOHULoLQ\DWร•Oร•RNXPDVร•QDHQJHORODFDNELUKDVWDOร•รทร•EXOXQPDGร•รทร•QDGDLU'XUXP%LOGLULU7HN +HNLP6DรทOร•N5DSRUX E <HUOHรบWLUPHNDUDUร•DOร•QPร•รบ|รทUHQFLOHULoLQLOYH\DLOoH|]HOHรทLWLPKL]PHWOHULNXUXOXNDUDUร•Qร•QVXUHWL LVWHQLU  %รธ/6(0ยถHND\ร•WODUGD D .D\ร•WIRUPX (.  E 9HOLPXYDIDNDWEHOJHVL (.  F gรทUHQFLQLQND\ร•WOร•EXOXQGXรทXRNXOGDQDOร•QDQ|รทUHQFLEHOJHVL LVWHQLU 'HYDPGHYDPVร•]Oร•NYHLOLรบLNNHVPH 0$''(ยฑ  g]HOHรทLWLPNXUXPODUร•QDND\ร•WOร•|รทUHQFLOHULQRNXODGHYDPODUร•]RUXQOXROXSGHYDPYHGHYDPVร•]Oร•N GXUXPX H2NXO 6LVWHPLQH LรบOHQLU gรทUHQFLOHULQ PD]HUHW J|VWHUPHNVL]LQ GHYDPVร•]Oร•N \DSPDODUร• GXUXPXQGD NXUXPODUD GHYDPODUร•Qร•QVDรทODQPDVร•\ODLOJLOLWHGELUOHUNXUXP\|QHWLPLQFHDOร•Qร•U  g]HOHรทLWLPSURJUDPร•X\JXODQDQ|]HOHรทLWLPRNXOODUร•QGDYH\DEXSURJUDPODUร•QX\JXODQGร•รทร•|]HOHรทLWLPVร•Qร•IODUร•QGD ND\ร•WOร•|รทUHQFLOHUHRNXO\|QHWLPLQLQHQD]LNLGHID\D]ร•Oร•X\DUร•Vร•QDUDรทPHQ|]ยUVย]GHYDPVร•]Oร•NVยUHVLJยQยJHoPHPHN ND\Gร•\ODWRSODPLรบJยQยGHYDPVร•]Oร•N\DSPDODUร•GXUXPXQGDVร•Qร•IWHNUDUร•\DSWร•Uร•Oร•U  g]HOHรทLWLPX\JXODPD ,.DGHPH YH|]HOHรทLWLPX\JXODPD ,,.DGHPH RNXOODUร•LOHEXRNXOODUร•QSURJUDPODUร•Qร•Q X\JXODQGร•รทร•|]HOHรทLWLPVร•Qร•IODUร•QGDELU\DGDGDKDID]ODHรทLWLPYH|รทUHWLP\ร•Oร•VยUHNOLGHYDPVร•]Oร•N\DSDQ|รทUHQFLOHULQND\ร•WODUร• RNXOODUร•QGD VDNOร• WXWXOPDN ND\Gร•\OD GXUXPODUร• ERรบ NRQWHQMDQ RODUDN GHรทHUOHQGLULOLS \HUOHULQH EDรบND |รทUHQFL DOร•QDELOLU %X |รทUHQFLOHU RNXOD G|QGยNOHULQGH %(3 JHOLรบWLUPH ELULPLQLQ J|Uยรบย GRรทUXOWXVXQGD \DรบODUร•QD X\JXQ Vร•Qร•I YH\D NDGHPHGHQ |รทUHQLPOHULQHGHYDPHGHUOHU   g]HO HรทLWLP PHVOHN RNXOX YH\D |]HO HรทLWLP X\JXODPD RNXOX ,,, NDGHPH  LOH EX RNXOODUร•Q SURJUDPODUร•Qร•Q X\JXODQGร•รทร•|]HOHรทLWLPVร•Qร•IODUร•QGDELU\DGDGDKDID]ODHรทLWLPYH|รทUHWLP\ร•Oร•VยUHNOLGHYDPVร•]Oร•N\DSDQ|รทUHQFLOHULQND\ร•WODUร• RNXOODUร•QGD VDNOร• WXWXOPDN ND\Gร•\OD GXUXPODUร• ERรบ NRQWHQMDQ RODUDN GHรทHUOHQGLULOLS \HUOHULQH EDรบND |รทUHQFL DOร•QDELOLU %X |รทUHQFLOHURNXODG|QGยNOHULQGHND\ร•WOร•EXOXQGXNODUร•Vร•Qร•IVHYL\HVLQGHQ|รทUHQLPOHULQHGHYDPHGHUOHU   g]HO HรทLWLP PHVOHN RNXOX YH\D |]HO HรทLWLP X\JXODPD RNXOX ,,, NDGHPH  LOH EX RNXOODUร•Q SURJUDPODUร•Qร•Q X\JXODQGร•รทร• |]HO HรทLWLP Vร•Qร•IODUร•QGD LNL HรทLWLP YH |รทUHWLP \ร•Oร• VยUHNOL GHYDPVร•]Oร•N \DSDQ |รทUHQFLOHUGHQ  \Dรบร•QGDQ JยQ DOPDPร•รบ RODQ |รทUHQFLOHULQ ND\ร•WODUร• RNXOODUร•QGD VDNOร• WXWXOPDN ND\Gร•\OD GXUXPODUร• ERรบ NRQWHQMDQ RODUDN GHรทHUOHQGLULOLU YH \HUOHULQH |รทUHQFL DOร•QDELOLU  \Dรบร•QGDQ JยQ DOPร•รบ RODQODUร•Q ND\ร•WODUร• VLOLQHUHN EX |รทUHQFLOHU \D\Jร•Q HรทLWLP KL]PHWOHULQH \|QOHQGLULOLU






  =RUXQOX |รทUHQLP oDรทร•QGD ROXS |UJยQ HรทLWLP NXUXPODUร•QD GHYDP HGHPH\HFHN \D GD HYGH HรทLWLP KL]PHWLQGHQ \DUDUODQDPD\DFDN ELUH\OHU LoLQ RNXOD GHYDP ]RUXQOXOXรทX DUDQPD] %X GXUXPGD RODQ ELUH\LQ YHOLVL WDUDIร•QGDQ ELUH\ LoLQ Gย]HQOHQPLรบg]HO(รทLWLP'HรทHUOHQGLUPH.XUXOX5DSRUXYH(QJHOOL6DรทOร•N.XUXOX5DSRUXLOHLOYH\DLOoH|]HOHรทLWLPKL]PHWOHUL NXUXOXQD\DSร•ODFDN\D]ร•Oร•WDOHELGRรทUXOWXVXQGDH2NXO6LVWHPLQGHGHYDP]RUXQOXOXรทXDUDQPDPDVร•QD\|QHOLNLรบOHP\DSร•Oร•U  %รธ/6(0ยถOHUGHHรทLWLPYH|รทUHWLP\ร•Oร•ER\XQFDGHYDPVร•]Oร•NVยUHVLHรทLWLPVยUHVLQLQยถXQXJHoHPH]0D]HUHWVL] RODUDNEXVยUH\LDรบDQYH\DSURJUDPDNDWร•OPD\DQODUร•QND\Gร•VLOLQLUgรทUHQFLQLQLNDPHWDGUHVLQLQGHรทLรบPHVLQHGHQL\OHJLWWLรทLLO YH\D LOoHGH %รธ/6(0 ROPDPDVร• GXUXPXQGD \D GD ]RUXQOX QHGHQOHUOH \XUW Gร•รบร•QD oร•NPร•รบ |รทUHQFLOHUH YHOLVLQLQ \D]ร•Oร• WDOHEL GRรทUXOWXVXQGDEXKยNยPX\JXODQPD]  %รธ/6(0ยถHND\ร•WOร•ROXSND\Gร•Qร•JยQFHOOHPH\HQ|รทUHQFLOHULQ%รธ/6(0LOHLOLรบLรทLNHVLOLU  g]HO\HWHQHNOL|รทUHQFLOHUKHUSURJUDPVRQXQGD%รธ/6(0|รทUHWPHQOHUNXUXOXQGDGHรทHUOHQGLULOLU%XGHรทHUOHQGLUPH VRQXQGD |รทUHQFLQLQ %รธ/6(0ยถGHNL HรทLWLPLQH GHYDPร•Qร•Q \DUDUOร• RODPD\DFDรทร• NDUDUร• DOร•Qร•UVD EX NDUDU YHOL\H ELOGLULOLU gรทUHWPHQOHUNXUXOXQFDYHOLQLQGHNDWร•Oร•Pร•LOH\DSร•ODFDNRODQWRSODQWร•GDGXUXPWHNUDUGHรทHUOHQGLULOLUYHR\oRNOXรทXLOHDOร•QDQ NDUDUGRรทUXOWXVXQGD|รทUHQFLQLQND\Gร•VLOLQLU gรทUHQFLNDUQHVLYHELUH\VHOJHOLรบLPUDSRUX 0$''(ยฑ  g]HOHรทLWLPSURJUDPODUร•X\JXODQDQRNXOODULOHEXSURJUDPODUร•QX\JXODQGร•รทร•|]HOHรทLWLPVร•Qร•IODUร•QGD HรทLWLPOHULQLVยUGยUHQ|รทUHQFLOHUH%(3ยถOHULQGH\HUDODQYHKHUG|QHPGHND]DQGร•Uร•OPDVร•KHGHIOHQHQELOJLYHEHFHULOHULQND]DQร•P Gย]H\LQLQD\Uร•QWร•Oร•RODUDN\D]ร•OGร•รทร•ELUH\VHOJHOLรบLPUDSRUXH2NXO6LVWHPLย]HULQGHQGย]HQOHQLUYHG|QHPVRQXQGDNDUQH\OH ELUOLNWHYHULOLU  .DUQHOHUYHELUH\VHOJHOLรบLPUDSRUODUร•|]HOHรทLWLP|รทUHWPHQOHULYH\DDODQ|รทUHWPHQLWDUDIร•QGDQGROGXUXOXU gรทUHQFLEDรบDUร•Vร•Qร•QGHรทHUOHQGLULOPHVL 0$''(  ยฑ   g]HO HรทLWLP RNXOODUร• LOH |]HO HรทLWLP Vร•Qร•IODUร•QD GHYDP HGHQ |รทUHQFLOHULQ EDรบDUร•ODUร•Qร•Q GHรทHUOHQGLULOPHVLQGHDรบDรทร•GDNLKXVXVODUGLNNDWHDOร•Qร•U D 7ยP|OoPHYHGHรทHUOHQGLUPHVยUHoOHULQGH|รทUHQFLOHULQ\HWHUVL]OLNWยUยJHOLรบLP|]HOOLNOHULYHHรทLWLPSHUIRUPDQVODUร• GRรทUXOWXVXQGDVยUHRUWDP\|QWHPFLKD]YHPDWHU\DOOHUGHGย]HQOHPHOHU\DSร•ODUDNJHUHNOLWHGELUOHUDOร•Qร•U E 0HUNH]vVLVWHPVร•QDYODUร•QDJLUHFHN|รทUHQFLOHULoLQVร•QDYODUGDJHUHNOLWHGELUOHUDOร•Qร•U F *|UPH\HWHUVL]OLรทLRODQ|รทUHQFLOHULoLQUHVLPรบHNLOYHJUDILNLoHUHQVRUXODUNDEDUWPDRODUDNEHWLPOHQHUHNYH\DEX VRUXODUร•Q\HULQHHรบGHรทHUVRUXODUKD]ร•UODQDUDNGHรทHUOHQGLUPH\DSร•Oร•U o 0RWRUEHFHULOHUGH\HWHUVL]OLรทLRODQ|รทUHQFLOHUYHOLQLQ\D]ร•Oร•WDOHELGRรทUXOWXVXQGDPRWRUEHFHULJHUHNWLUHQGHUVOHULQ X\JXODPDOร•E|OยPOHULQGHQPXDIWXWXOXUODU G 9HOLQLQ\D]ร•Oร•WDOHELYH%(3JHOLรบWLUPHELULPLQLQNDUDUร•GRรทUXOWXVXQGDLON|รทUHWLPSURJUDPร•X\JXODQDQ|]HOHรทLWLP RNXOODUร•QGDYHEXSURJUDPร•QX\JXODQGร•รทร•|]HOHรทLWLPVร•Qร•IODUร•QGD|รทUHQFLOHUHLONRNXONDGHPHVLQGHELUGHID\DPDKVXVROPDN ย]HUHVร•Qร•IWHNUDUร•\DSWร•Uร•ODELOLU H  g]HO HรทLWLP SURJUDPร• X\JXODQDQ RNXOODU LOH EX SURJUDPODUร•Q X\JXODQGร•รทร• |]HO HรทLWLP Vร•Qร•IODUร•QGD |รทUHQFLOHU LoLQ EยWยQ GHUVOHUGH KHU G|QHPGH ND]DQGร•Uร•OPDVร• KHGHIOHQHQ DPDoODUD LOLรบNLQ GDYUDQร•รบODUร•Q \HU DOGร•รทร• oL]HOJHOHU KD]ร•UODQDUDN ELUH\VHOJHOLรบLPUDSRUXGย]HQOHQLU%XoL]HOJHGHELUG|QHPLoLQEHOLUOHQHQGDYUDQร•รบODUร•QWRSODPร•SXDQRODFDNรบHNLOGHKHU ELUGDYUDQร•รบSXDQODQร•U I  g]HO HรทLWLP SURJUDPร• X\JXODQDQ RNXOODU LOH EX SURJUDPODUร•Q X\JXODQGร•รทร• |]HO HรทLWLP Vร•Qร•IODUร•QGD GHYDP รบDUWร•Qร• VDรทOD\DQ|รทUHQFLOHUEDรบDUร•Vร•]RODUDNGHรทHUOHQGLULOPH]gรทUHQFLOHULQEDรบDUร•ODUร•DรบDรทร•GDNLรบHNLOGHGHรทHUOHQGLULOLU '(5(&(38$1/$0$ 3HNL\L รธ\L 2UWD *HoHU J g]HOHรทLWLPX\JXODPDRNXOXQGD ,,NDGHPH YHEXRNXOGDX\JXODQDQ|]HOHรทLWLPSURJUDPODUร•Qร•QRNXWXOGXรทX|]HO HรทLWLPVร•Qร•IODUร•QGD|รทUHQLPOHULQHGHYDPHGHQ|รทUHQFLOHUPHUNH]LVLVWHPVร•QDYODUร•QGDQPXDIWXWXOXUODU 6(.รธ=รธ1&รธ%g/h0 g]HO(รทLWLP+L]PHWOHUL.XUXOXYHg]HO(รทLWLP'HรทHUOHQGLUPH .XUXOXQXQ*|UHYOHULdDOร•รบPD8VXOYH(VDVODUร• g]HOHรทLWLPKL]PHWOHULNXUXOX 0$''(  ยฑ   g]HO HรทLWLP KL]PHWOHUL NXUXOX LO PLOOv HรทLWLP PยGยUOยNOHUL LOH 5$0 EXOXQDQ LOoH PLOOv HรทLWLP PยGยUOยNOHULQGHROXรบWXUXOXU  %XNXUXO|]HOHรทLWLPYHUHKEHUOLNKL]PHWOHULรบXEHPยGยUยQยQEDรบNDQOร•รทร•QGD D (QD]ELU|]HOHรทLWLPGHรทHUOHQGLUPHNXUXOXEDรบNDQร• E (QD]ELUUHVPv|]HOHรทLWLPNXUXPPยGยUยYH\DND\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLP\DSร•ODQNXUXPODUGDQELU PยGยU F (QD]ELUUHKEHUOLN|รทUHWPHQL o (QD]ELU|]HOHรทLWLP|รทUHWPHQLQGHQ 




ROXรบXU   *HUHNWLรทLQGH J|UยรบOHULQH EDรบYXUXOPDN ย]HUH ELUH\LQ YHOLVLQLQ YH LOJLOL NXUXPODUGDQ SHUVRQHOLQ NXUXOD NDWร•Oร•Pร• VDรทODQร•U  g]HOHรทLWLPKL]PHWOHULNXUXOXROXรบWXUXOXUNHQKHUย\HLoLQELU\HGHNย\HEHOLUOHQLU g]HOHรทLWLPKL]PHWOHULNXUXOXQXQJ|UHYOHUL 0$''(ยฑ  g]HOHรทLWLPKL]PHWOHULNXUXOXQXQJ|UHYOHULรบXQODUGร•U D  รธOJLOL NLรบL NXUXP YH NXUXOXรบODUOD Lรบ ELUOLรทL \DSDUDN |]HO HรทLWLP KL]PHWOHULQLQ SODQODQPDVร•Qร• \ยUยWยOPHVLQL YH L]OHQPHVLQLVDรทODPDN E g]HO(รทLWLP'HรทHUOHQGLUPH.XUXOX5DSRUXGRรทUXOWXVXQGDYHYHOLQLQ\D]ร•Oร•WDOHELGLNNDWHDOร•QDUDNELUH\LQUHVPvELU RNXOD\HUOHรบWLULOPHVLQHNDUDUYHUPHNYHJHUHNOL|]HOHรทLWLPWHGELUOHULQLDOPDN F  .D\QDรบWร•UPDEยWยQOHรบWLUPH \ROX\OD HรทLWLP DODFDN |รทUHQFLOHULQ RUWD|รทUHWLP NDGHPHVLQGH UHVPv ELU RNXOD \HUOHรบWLULOPHVLLOHLOJLOLLรบYHLรบOHPOHUGH|รทUHQFL\HUOHรบWLUPHYHQDNLONRPLV\RQXLOHLรบELUOLรทL\DSPDN o  g]HO gรทUHWLP .XUXPODUร• .DQXQX NDSVDPร•QGD HรทLWLP IDDOL\HWOHULQL \ยUยWHQ |]HO RNXOODUGD HรทLWLPOHULQL VยUGยUHQ |รทUHQFLOHULoLQRNXO\|QHWLPLYH\DYHOLQLQ\D]ร•Oร•WDOHELLOHg]HO(รทLWLP'HรทHUOHQGLUPH.XUXOX5DSRUXGRรทUXOWXVXQGDND\ร•WOร• EXOXQGXNODUร•RNXOGDND\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLPHGHYDPNDUDUร•DOPDN G  %XOXQGXรทX LOGH ELU RNXOD \HUOHรบWLULOHPH\HQ |รทUHQFLOHUGHQ \DWร•Oร• LON|รทUHWLP NXUXPXQD YH\D |]HO HรทLWLP PHVOHN OLVHVLQH\HUOHรบWLULOHFHN|รทUHQFLOHUHLOLรบNLQELOJLOHULLOPLOOvHรทLWLPPยGยUOยรทยQHJ|QGHUPHN H  (รทLWVHO GHรทHUOHQGLUPH YH WDQร•ODPD LOH \HUOHรบWLUPH NDUDUร•QD \DSร•ODQ LWLUD]ODUร• \HQLGHQ GHรทHUOHQGLULOPHVL DPDFร•\OD 5$0ยถDJ|QGHUPHN I 5HVPvYH|]HORNXOODUDND\ร•WOร•RODQ|รทUHQFLOHUGHQHYGHYH\DKDVWDQHGHHรทLWLPKL]PHWLQGHQ\DUDUODQDFDNODUDNDUDU YHUPHN J  (UNHQ oRFXNOXN G|QHPL HรทLWLPL KL]PHWOHULQGHQ \DUDUODQDFDN oRFXNODUD NDUDU YHUPHNรท  g]HO HรทLWLP GHรทHUOHQGLUPH NXUXOX WDUDIร•QGDQ HYGH YH\D KDVWDQHGH HรทLWLP KL]PHWL NDUDUร•Qร•Q YHULOGLรทLWDULKWHQLWLEDUHQ HQ JHoRQ Lรบ JยQย LoLQGHEX|รทUHQFLOHULoLQHรทLWLPKL]PHWOHULQLSODQODPDN K (รทLWLPYH|รทUHWLP\ร•Oร•Qร•QEDรบODPDVร•QGDQRQLรบJยQย|QFHHYGHHรทLWLPLJHUHNOLNร•ODQรบDUWODUร•\HQLGHQGHรทHUOHQGLUHUHN |รทUHQFLQLQ\HQLHรทLWLPYH|รทUHWLP\ร•Oร•QGDGDHYGHHรทLWLPKL]PHWLQGHQ\DUDUODQร•S\DUDUODQDPD\DFDรทร•QDNDUDUYHUPHN ร• (YGHYH\DKDVWDQHGHHรทLWLPLOHHUNHQoRFXNOXNG|QHPLHรทLWLPLKL]PHWOHULQHLOLรบNLQVยUHFLSODQODPDNYHEXLรบOHPOHULQ \ยUยWยOPHVLLoLQLOYH\DLOoHPLOOvHรทLWLPPยGยUOยรทยLOHLรบELUOLรทL\DSPDN L 9HOLQLQ\D]ร•Oร•WDOHELYHELUH\LQWHGDYLVLQGHQVRUXPOXKHNLPLQ\D]ร•Oร•J|UยรบยGRรทUXOWXVXQGDKDVWDQHVร•Qร•Iร•QGDHรทLWLPLQ EDรบODPDVร•QDYH\DVRQODQGร•Uร•OPDVร•QDNDUDUYHUPHN M 9HOLQLQ\D]ร•Oร•WDOHELYHg]HO(รทLWLP'HรทHUOHQGLUPH.XUXOX5DSRUXGRรทUXOWXVXQGD|]HOHรทLWLPLKWL\DFร•RODQ|รทUHQFLQLQ RNXO|QFHVLHรทLWLPVยUHVLQLQX]DWร•OPDVร•QDNDUDUYHUPHN N 'HVWHNHรทLWLPRGDVร•Doร•OPDVร•LoLQLOYH\DLOoHPLOOvHรทLWLPPยGยUOยรทยQHWHNOLIWHEXOXQPDN O  $oร•OPDVร• SODQODQDQ |]HO HรทLWLP Vร•Qร•Iร•Qร•Q HรทLWLP YHUHFHรทL NDGHPH KL]PHW YHULOHFHN HQJHO WยUย YH EX Vร•Qร•IWD X\JXODQDFDN HรทLWLP SURJUDPร•QD LOLรบNLQ KXVXVODUD NDUDU YHUHUHN |]HO HรทLWLP Vร•Qร•Iร• Doร•OPDVร• LoLQ LO YH\D LOoH PLOOv HรทLWLP PยGยUOยรทยQHWHNOLIWHEXOXQPDN P  =RUXQOX |รทUHQLP oDรทร•QGD ROXS |UJยQ HรทLWLP NXUXPODUร•QD GHYDP HGHPH\HFHรทLQL \D GD HYGH HรทLWLP KL]PHWLQGHQ \DUDUODQDPD\DFDรทร•Qร•EHOJHOHQGLUHQ|รทUHQFLOHULoLQYHOLVLQLQ\D]ร•Oร•WDOHELGRรทUXOWXVXQGDND\ร•WOร•EXOXQGXNODUร•RNXODEX|รทUHQFLOHU LoLQRNXODGHYDPHWPH]RUXQOXOXรทXDUDQPD\DFDรทร•QDLOLรบNLQNDUDUร•ELOGLUPHN Q รธOoH|]HOHรทLWLPKL]PHWOHULNXUXOXWDUDIร•QGDQ\HUOHรบWLUPHNDUDUร•DOร•QDPD\DQ|รทUHQFLOHULoLQLO|]HOHรทLWLPKL]PHWOHUL NXUXOXWDUDIร•QGDQJHUHNOLLรบOHPOHULQ\DSร•OPDVร•\ROX\ODV|]NRQXVX|รทUHQFLOHULQHรทLWLPHHULรบLPOHULQLVDรทODPDN R %DNDQOร•NoD|]HO\HWHQHNOLRODUDNWDQร•ODQDQ|รทUHQFLOHULQ%รธ/6(0ยถH\HUOHรบWLULOPHVLLOHLOJLOLNDUDUร•DOPDN |  รธON|รทUHWLP SURJUDPร•Qร• WDNLS HGHQ |]HO HรทLWLP LKWL\DFร• RODQ |รทUHQFLOHU LOH RUWD|รทUHWLP SURJUDPODUร•Qร• WDNLS HGHQ |รทUHQFLOHUGHQ|รทUHQLPOHULQLWDPDPOD\DPD\DQODU\DGD|รทUHQLPoDรทร•Gร•รบร•QDoร•NDQODULOH|UJยQHรทLWLPNXUXPODUร•QGDNL|รทUHQLP KDNNร•Qร•NXOODQDQ|รทUHQFLOHULg]HO(รทLWLP'HรทHUOHQGLUPH.XUXOX5DSRUXGRรทUXOWXVXQGDDoร•N|รทUHWLPRNXOODUร•QD\|QOHQGLUPHN g]HOHรทLWLPKL]PHWOHULNXUXOXoDOร•รบPDXVXOYHHVDVODUร• 0$''(ยฑ  g]HOHรทLWLPKL]PHWOHULNXUXOXQXQoDOร•รบPDXVXOYHHVDVODUร•รบXQODUGร•U D .XUXOย\HOHULQLQJ|UHYVยUHVLLNL\ร•OGร•U6ยUHVLELWHQย\H\HQLGHQJ|UHYOHQGLULOHELOLU E .XUXOย\HOHULQLQJ|UHYGHQD\Uร•OPDVร•KkOLQGHHQJHoRQLรบJยQยLoLQGH\HUOHULQHJ|UHYOHQGLUPH\DSร•Oร•U F .XUXONDUDUODUร•R\oRNOXรทXLOHDOร•Qร•U2\ODUร•QHรบLWROPDVร•GXUXPXQGDEDรบNDQร•QNXOODQGร•รทร•R\\|QยQGHNDUDUDOร•QPร•รบ VD\ร•Oร•U o .XUXOKDIWDGDELUNH]WRSODQร•U$QFDNNXUXOEDรบNDQร•Qร•QJHUHNOLJ|UGยรทยGXUXPODUGDNXUXOEHOLUOHQHQVยUH\HEDรทOร• NDOร•QPDNVร•]ร•QGDWRSODQDELOLU G g]HOHรทLWLPKL]PHWOHULNXUXOXWDUDIร•QGDQg]HO(รทLWLP'HรทHUOHQGLUPH.XUXOX5DSRUXLQFHOHQHUHNHQJHoRQLรบJยQย LoLQGHNDUDUDEDรทODQร•UYHEXNDUDUELUH\LQYHOLVLQHLOJLOLRNXODYH5$0ยถD\D]ร•Oร•RODUDNELOGLULOLU H .XUXOย\HOHULQGHQELULQLQL]LQOL\DGDUDSRUOXROPDVร•GXUXPXQGD\HULQH\HGHNย\HJ|UHYOHQGLULOLU g]HOHรทLWLPKL]PHWOHULNXUXOXQD\DSร•ODFDNLWLUD]ODU






0$''(  ยฑ   g]HO HรทLWLP KL]PHWOHUL NXUXOXQD \DSร•ODFDN LWLUD]ODUร•Q GHรทHUOHQGLULOPHVLQH LOLรบNLQ Lรบ YH LรบOHPOHU DรบDรทร•GDNLKXVXVODUDJ|UH\ยUยWยOยU D  9HOL HรทLWVHO GHรทHUOHQGLUPH YH WDQร•ODPD \D GD \HUOHรบWLUPH NDUDUODUร•QD NDUDUร•Q NHQGLVLQH WHEOLรท HGLOGLรทL WDULKWHQ LWLEDUHQRWX]LรบJยQยLoLQGHLWLUD]HGHELOLU E <HUOHรบWLUPHNDUDUร•YHULOHQRNXO\|QHWLPL|รทUHQFLOHULQRNXODND\ร•WWDULKLQGHQLWLEDUHQHQD]RWX]LรบJยQยL]OHPHVยUHFL VRQXQGD|รทUHQFL\OHLOJLOLHรทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPD\DGD\HUOHรบWLUPHNDUDUร•QDLWLUD]HGHELOLU F รธOYH\DLOoH|]HOHรทLWLPKL]PHWOHULNXUXOXQD\DSร•ODFDNLWLUD]ODULWLUD]ร•QNXUXODXODรบWร•รทร•JยQGHQLWLEDUHQHQJHoRWX]Lรบ JยQยLoHULVLQGHVRQXoODQGร•Uร•Oร•U6RQXoYHOL\HRNXODYH5$0ยถD\D]ร•Oร•RODUDNELOGLULOLU g]HOHรทLWLPGHรทHUOHQGLUPHNXUXOX 0$''(  ยฑ   g]HO HรทLWLP GHรทHUOHQGLUPH NXUXOX 5$0 PยGยUOยรทยQยQ WHNOLIL YH LO YH\D LOoH PLOOv HรทLWLP PยGยUOยรทยQยQRQD\ร•LOH5$0ยถODUGDROXรบWXUXOXU  %XNXUXOPยGยU\DUGร•PFร•Vร•EDรบNDQOร•รทร•QGD D g]HOHรทLWLPKL]PHWOHULE|OยPEDรบNDQร• E (QD]ELUUHKEHUOLN|รทUHWPHQL F (QD]ELU|]HOHรทLWLP|รทUHWPHQLQGHQ ROXรบXU  %XNXUXODLOJLOLELUH\LQYHOLVLYH\DNHQGLVLย\HRODUDNNDWร•Oร•U  *HUHNWLรทLQGHJ|UยรบOHULQHEDรบYXUXOPDNย]HUHLOJLOLNXUXPYHNXUXOXรบODUร•QSHUVRQHOOHULQLQNXUXODNDWร•Oร•Pร•VDรทODQร•U  g]HOHรทLWLPGHรทHUOHQGLUPHNXUXOXROXรบWXUXOXUNHQLNLQFLIร•NUDQร•Q D  E YH F EHQWOHULQGHNLKHUย\HLoLQELU\HGHN ย\HEHOLUOHQLU g]HOHรทLWLPGHรทHUOHQGLUPHNXUXOXQXQJ|UHYOHUL 0$''(ยฑ  g]HOHรทLWLPGHรทHUOHQGLUPHNXUXOXQXQJ|UHYOHULรบXQODUGร•U D %LUH\OHULQHรทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDVร•Qร•\DSDUDN|]HOHรทLWLPLKWL\DFร•QDNDUDUYHUPHN E (รทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDVร•\DSร•ODQELUH\OHULoLQg]HO(รทLWLP'HรทHUOHQGLUPH.XUXOX5DSRUXGย]HQOH\HUHN 5$0PยGยUยQยQRQD\ร•QDVXQPDN F %LUH\LQHรทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDVร•QDLOLรบNLQELOJLYHEHOJHOHULQ\HUDOGร•รทร•GRV\D\ร•LQFHOHPHN o  รธWLUD]ODUร•Q GHรทHUOHQGLULOPHVL DPDFร•\OD \|QOHQGLULOHQ ELUH\OHULQ \HQLGHQ HรทLWVHO GHรทHUOHQGLUPH YH WDQร•ODPDVร•Qร• \DSPDN G (รทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDVRQXFXQXGLNNDWHDODUDNELUH\LoLQHQD]Vร•Qร•UODQGร•Uร•OPร•รบHรทLWLPRUWDPร•YH|]HO HรทLWLPKL]PHWLQHLOLรบNLQ|QHULGHEXOXQPDN H $LOHQLQHรทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDVยUHFLQHNDWร•Oร•Pร•Qร•YHELOJLOHQGLULOPHVLQLVDรทODPDN I  $LOHOHULQ LKWL\DoODUร• GRรทUXOWXVXQGD UHKEHUOLN KL]PHWOHUL E|OยPย LOH LรบELUOLรทL LoHULVLQGH DLOH HรทLWLP SURJUDPODUร• Gย]HQOHPHNGLรทHUNXUXPYHNXUXOXรบODUGDGย]HQOHQHQDLOHHรทLWLPSURJUDPODUร•KDNNร•QGDDLOH\LELOJLOHQGLUPHN J (รทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPDVRQXFXg]HOgรทUHWLP.XUXPODUร•.DQXQXNDSVDPร•QGDHรทLWLPIDDOL\HWOHULQL\ยUยWHQ NXUXPODUGDGHVWHNHรทLWLPKL]PHWLDOPDVร•X\JXQJ|UยOHQ|รทUHQFLOHULQHรทLWLPSODQODUร•Qร•\DSPDN รท %DNDQOร•NoDWDQร•ODQDQ|]HO\HWHQHNOL|รทUHQFLOHUL%รธ/6(0ยถH\|QOHQGLUPHN K %รธ/6(0ยถH|รทUHQFLDOร•Pร•LOHLOJLOL%DNDQOร•NoD\D\ร•PODQDQNร•ODYX]GDEHOLUWLOHQWDNYLPGร•รบร•QGDJHQHO]LKLQVHO\HWHQHN DODQร•QGD |]HO HรทLWLP GHรทHUOHQGLUPH NXUXOXQFD J|UVHO VDQDWODU YH Pย]LN \HWHQHN DODQODUร•QGD รธO WDQร•ODPD NRPLV\RQXQFD WDQร•ODPDVร•\DSร•ODQ|รทUHQFLOHULGHVWHNHรทLWLPRGDODUร•QD\|QOHQGLUPHN g]HOHรทLWLPGHรทHUOHQGLUPHNXUXOXoDOร•รบPDXVXOYHHVDVODUร• 0$''(ยฑ  g]HOHรทLWLPGHรทHUOHQGLUPHNXUXOXoDOร•รบPDXVXOYHHVDVODUร•รบXQODUGร•U D .XUXOย\HOHULQLQJ|UHYVยUHVLLNL\ร•OGร•U6ยUHVLELWHQย\H\HQLGHQJ|UHYOHQGLULOHELOLU E .XUXOย\HOHULQLQJ|UHYGHQD\Uร•OPDVร•KkOLQGHHQJHoEHรบLรบJยQยLoLQGH\HUOHULQHJ|UHYOHQGLUPH\DSร•Oร•U F .XUXONDUDUODUร•R\oRNOXรทXLOHDOร•Qร•U2\ODUร•QHรบLWROPDVร•GXUXPXQGDEDรบNDQร•QNXOODQGร•รทร•R\\|QยQGHNDUDUDOร•QPร•รบ VD\ร•Oร•U o .XUXOD\DSร•ODQHรทLWVHOGHรทHUOHQGLUPHYHWDQร•ODPD\DLOLรบNLQ\DSร•ODQEDรบYXUXODULQFHOHPHWDULKLQGHQLWLEDUHQHQJHo RWX]LรบJยQยLoLQGHNDUDUDEDรทODQร•UKD]ร•UODQDQg]HO(รทLWLP'HรทHUOHQGLUPH.XUXOX5DSRUX (. ]LKLQVHOHQJHOLROPD\DQ \Dรบร•QGDQEย\ยNELUH\LQNHQGLVLQHELUH\LQYHOLVLQH\DGD\D]ร•Oร•GLOHNoHLOH\HWNLOHQGLUGLรทLNLรบL\HLP]DNDUรบร•Oร•รทร•YHULOLU G .XUXOย\HOHULQGHQELULVLQLQL]LQOL\DGDUDSRUOXROPDVร•GXUXPXQGD\HULQH\HGHNย\HJ|UHYOHQGLULOLU '2.8=81&8%g/h0 2NXOYH.XUXPODUGDNL.XUXOODU.RPLV\RQODU%LULPOHU %LOLPYHVDQDWPHUNH]L|รทUHWPHQOHUNXUXOX 0$''(  ยฑ   %รธ/6(0 |รทUHWPHQOHU NXUXOX %รธ/6(0ยถOHUGH HรทLWLP YH |รทUHWLP IDDOL\HWOHULQLQ ELOLP YH VDQDW PHUNH]LQLQDPDoODUร•QDX\JXQรบHNLOGH\ยUยWยOPHVLDPDFร•\OD%รธ/6(0PยGยUยEDรบNDQOร•รทร•QGD%รธ/6(0PยGยU\DUGร•PFร•ODUร•YH %รธ/6(0|รทUHWPHQOHULQGHQROXรบXU  %รธ/6(0|รทUHWPHQOHUNXUXOXHรทLWLPYH|รทUHWLPG|QHPLQLQEDรบร•QGDYHVRQXQGDWRSODQร•U$QFDNEXNXUXO%รธ/6(0 PยGยUยQยQJHUHNOLJ|UGยรทยGXUXPODUGDEHOLUOHQHQG|QHPGร•รบร•QGDGDWRSODQDELOLU






  %รธ/6(0ยถOHUGH HรทLWLP YH |รทUHWLP \ร•Oร• EDรบร•QGD \DSร•ODQ |รทUHWPHQOHU NXUXOXQGD DUDรบWร•UPD YH JHOLรบWLUPH HNLEL ROXรบWXUXOXU%LUHรทLWLPYH|รทUHWLP\ร•Oร•VยUHVLQFHJ|UHY\DSDFDNLKWL\DoGX\XODQGLรทHUHNLSYHNRPLV\RQODUร•QEHOLUOHQPHVLYH ย\HOHULQVHoLPL\DSร•Oร•U  %รธ/6(0|รทUHWPHQOHUNXUXOXQFDROXรบWXUXODQNXUXO\DGDNRPLV\RQXQoDOร•รบPDXVXOYHHVDVODUร•LOHJ|UHYOHULSODQODQร•U  *HUHNWLรทLQGHJ|UยรบOHULQHEDรบYXUXOPDNย]HUHLOJLOLNXUXPYHNXUXOXรบODUGDNLSHUVRQHOLQNXUXODNDWร•Oร•Pร•VDรทODQร•U  .XUXONDUDUODUร•R\oRNOXรทXLOHDOร•Qร•U2\ODUร•QHรบLWROPDVร•GXUXPXQGDEDรบNDQร•QNXOODQGร•รทร•R\\|QยQGHNDUDUDOร•QPร•รบ VD\ร•Oร•U  %รธ/6(0|รทUHWPHQOHUNXUXOXNDUDUODUร•WXWDQDNODLP]DDOWร•QDDOร•Qร•U %LUH\VHOOHรบWLULOPLรบHรทLWLPSURJUDPร•JHOLรบWLUPHELULPL 0$''(ยฑ  g]HOHรทLWLPLKWL\DFร•RODQ|รทUHQFLOHULoLQRNXOGD%(3KD]ร•UODPDNDPDFร•\OD%(3JHOLรบWLUPHELULPL ROXรบWXUXOXU  %(3JHOLรบWLUPHELULPLRNXOPยGยUยYH\DJ|UHYOHQGLUHFHรทLELUPยGยU\DUGร•PFร•Vร•Qร•QEDรบNDQOร•รทร•QGD D 5HKEHUOLN|รทUHWPHQL E gรทUHQFLQLQVร•Qร•I|รทUHWPHQL F gรทUHQFLQLQGHUVLQLRNXWDQDODQ|รทUHWPHQOHUL o gรทUHQFLQLQYHOLVL G gรทUHQFLGHQROXรบXU   *HUHNWLรทLQGH J|UยรบOHULQH EDรบYXUXOPDN ย]HUH |]HO HรทLWLP GHรทHUOHQGLUPH NXUXOXQGDQ ELU ย\HQLQ %(3 JHOLรบWLUPH ELULPLQHNDWร•Oร•Pร•VDรทODQร•U  0HVOHNLHรทLWLPYHUHQ|]HOHรทLWLPRNXOODUร•QGDHรทLWLPYH|รทUHWLPKL]PHWOHULQLSODQODPDNL]OHPHNYHGHรทHUOHQGLUPHN DPDFร•\OD%(3JHOLรบWLUPHELULPLQHPHVOHNGHUVOHULQLRNXWDQELUDODQ|รทUHWPHQLNDWร•Oร•U  %XELULPLQoDOร•รบPDXVXOYHHVDVODUร•RNXO\|QHWLPLQFHEHOLUOHQLU %LUH\VHOOHรบWLULOPLรบHรทLWLPSURJUDPร•JHOLรบWLUPHELULPLQLQJ|UHYOHUL 0$''(ยฑ  %(3JHOLรบWLUPHELULPLQLQJ|UHYOHULรบXQODUGร•U D %(3ยถLQKD]ร•UODQPDVร•X\JXODQPDVร•L]OHQPHVLYHGHรทHUOHQGLULOPHVLLOHLOJLOLoDOร•รบPDODUGDNRRUGLQDV\RQXVDรทODPDN E  gรทUHQFLQLQ WยP JHOLรบLP DODQODUร•QGDNL |]HOOLNOHUL LOH HรทLWLP LKWL\DoODUร• GRรทUXOWXVXQGD %(3ยถLQGH GHรทLรบLNOLN YH Gย]HQOHPHOHU\DSPDN F (รทLWLPRUWDPODUร•Qร•QGย]HQOHQPHVLPDWHU\DOJHOLรบWLULOPHVLYHWHPLQLNRQXVXQGDRNXO\|QHWLPLQHYH|รทUHWPHQOHUH |QHULOHUGHEXOXQPDN o 2NXOGDNLGLรทHUELULPYHNXUXOODUODLรบELUOLรทL\DSPDN G  .D\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLPOHULQH GHYDP HGHQ|รทUHQFLOHUGHQ GHVWHN HรทLWLP RGDVร•QGD HรทLWLP DODFDN |รทUHQFLOHULHรทLWLPKL]PHWLVXQXODFDNGHUVOHULYHKDIWDOร•NGHUVVDDWLVD\ร•Vร•Qร•EHOLUOHPHN H  รธON|รทUHWLP \D GD PHVOHNL YH WHNQLN RUWD|รทUHWLP SURJUDPODUร•Qร•Q X\JXODQGร•รทร• |]HO HรทLWLP RNXOODUร•QGD \D GD EX SURJUDPODUร•QX\JXODQGร•รทร•|]HOHรทLWLPVร•Qร•IODUร•QGDHรทLWLPOHULQLVยUGยUHQ|รทUHQFLOHUGHQWDP]DPDQOร•ND\QDรบWร•UPDEยWยQOHรบWLUPH \ROX\ODHรทLWLPHX\JXQRODQODUร•EHOLUOHPHNYHRNXO\|QHWLPLQHELOGLUPHN I gรทUHWLPYHGHรทHUOHQGLUPHGHNXOODQร•ODFDN\|QWHPYHWHNQLNOHULOH|รทUHWLPPDWHU\DOOHULQLEHOLUOHPHN J g]HOHรทLWLPVร•Qร•IODUร•QDND\ร•WOร•|รทUHQFLOHUGHQ\HWHUVL]OLรทLROPD\DQDNUDQODUร•\ODELUDUDGDHรทLWLPDODFDN|รทUHQFLOHUL EHOLUOHPHNYHNDWร•ODFDNODUร•GHUVOHULOHVDDWOHULQLSODQODPDN รท g]HOHรทLWLPLKWL\DFร•RODQ|รทUHQFLOHUGHQVร•QDYODUGDUHIDNDWHGLOPHVLJHUHNHQOHULEHOLUOHPHN K g]HOHรทLWLPSURJUDPร•X\JXOD\DQRNXOODUGDNL|รทUHQFLOHUGHQJUXSHรทLWLPLQHX\XPVDรทOD\DPD\DQODUร•QJUXSHรทLWLPLQH KD]ร•UODQPDVร•DPDFร•\ODELUHELUHรทLWLPHEDรบODPDVร•QDYHELUHELUHรทLWLPLQVRQDHUGLULOPHVLQHNDUDUYHUPHN ร•  9HOLQLQ\D]ร•Oร• WDOHEL ย]HULQH LONRNXOGD |รทUHQFLOHULQ ELU GHID\D PDKVXV ROPDNย]HUH Vร•Qร•I WHNUDUร•\DSPDVร•QD NDUDU YHUPHN L )DUNOร•VHEHSOHUOHRNXODEDรบODPDVร•JHFLNPLรบRODQYHLOYH\DLOoH|]HOHรทLWLPKL]PHWOHULNXUXOXNDUDUร•\ODLON|รทUHWLP NDGHPHVLQGH|]HOHรทLWLPSURJUDPร•X\JXOD\DQRNXO\DGDEXSURJUDPODUร•QX\JXODQGร•รทร•|]HOHรทLWLPVร•Qร•IODUร•QDGHYDPHWPHVLQH NDUDUYHULOHQ|รทUHQFLOHULQ\DรบJHOLรบLP|]HOOLNOHULYHHรทLWLPSHUIRUPDQVร•QDX\JXQNDGHPHGHNLVร•Qร•ID\HUOHรบWLULOPHVLQHNDUDU YHUPHN M 2NXOGDNLGLรทHUNXUXOYHELULPOHUOHLรบELUOLรทLLoLQGHoDOร•รบPDN  g]HOHรทLWLPPHVOHNRNXOODUร•QGDROXรบWXUXODQ%(3JHOLรบWLUPHELULPLGLรทHUJ|UHYOHULQLQ\DQร•Vร•UDDรบDรทร•GDNLJ|UHYOHUL GH\HULQHJHWLULU D gรทUHQFLOHULDODQYHGDOD\|QOHQGLUPHN E 0HVOHNGHUVOHULQLRNXWDQDODQ|รทUHWPHQOHULDUDVร•QGDQNRRUGLQDW|U|รทUHWPHQOHULEHOLUOHPHN F .RRUGLQDW|U|รทUHWPHQLQJ|UยรบOHULGRรทUXOWXVXQGDPHVOHNLHรทLWLP\DSร•ODFDNLรบOHWPHOHULEHOLUOHPHN o รธรบOHWPHOHUGHX\XPJยoOยรทย\DรบD\DQ|รทUHQFLOHULQ\HQLELULรบOHWPH\H\HUOHรบWLULOPHVLQHNDUDUYHUPHN G .RRUGLQDW|U|รทUHWPHQOHULQoDOร•รบPDSODQODUร•Qร•KD]ร•UODPDN H รธรบOHWPHOHUGHNLoDOร•รบPDODUร•\ODLOJLOLNRRUGLQDW|U|รทUHWPHQOHUFHKD]ร•UODQDQUDSRUODUGRรทUXOWXVXQGD|รทUHQFLOHULQHรทLWLP SODQODUร•QGDGHรทLรบLNOLNYHGย]HQOHPHOHU\DSDUDNJHUHNOLWHGELUOHULDOPDN






I 0H]XQRODFDN|รทUHQFLOHULQHรทLWLPDOGร•รทร•PHVOHNDODQร•QGDLVWLKGDPHGLOHELOPHOHULLoLQLOJLOLNLรบLNXUXPYHNXUXOXรบODUOD LรบELUOLรทL\DSPDN hdh1&h.,6,0 3HUVRQHO*|UHYYH6RUXPOXOXNODUร•  %รธ5รธ1&รธ%g/h0 2NXOYH.XUXPODUGD*|UHYOL3HUVRQHOLQ*|UHYYH6RUXPOXOXNODUร• 2NXOPยGยUยQยQJ|UHYYHVRUXPOXOXNODUร• 0$''(  ยฑ   0ยGยU 7ยUN0LOOv (รทLWLPLQLQ JHQHO DPDoODUร•YH WHPHO LONHOHUL GRรทUXOWXVXQGDRNXOXQDPDoODUร•QD X\JXQ RODUDN \|QHWLOPHVLQGHQ YH JHOLรบWLULOPHVLQGHQ VRUXPOXGXU 2NXO PยGยUยQยQ |]HO HรทLWLP KL]PHWOHULQLQ \ยUยWยOPHVLQH LOLรบNLQJ|UHYYHVRUXPOXOXNODUร•รบXQODUGร•U D  g]HO HรทLWLP LKWL\DFร• RODQ |รทUHQFLOHU LOH DLOHOHULQH \|QHOLN |]HO HรทLWLP KL]PHWOHULQLQ VXQXOPDVร•QD LOLรบNLQ JHUHNOL WHGELUOHULDOร•U E  g]HO HรทLWLP KL]PHWOHULQLQ \ยUยWยOPHVL LoLQ JHUHNOL NXUXOODUร•Q ELULPOHULQ ROXรบXPX LOH J|UHY YH VRUXPOXOXNODUร•Qร• \HULQHJHWLUPHOHULQLVDรทODU F 2NXOGDNL|รทUHWPHQOHULQ|]HOHรทLWLPKL]PHWOHULNDSVDPร•QGDLรบELUOLรทLLoLQGHoDOร•รบPDODUร•Qร•VDรทODU o 2NXOGDNLSHUVRQHOLQLรบOHLOJLOLVDรทOร•NYHJยYHQOLรทLQLVDรทODU 0ยGยUEDรบ\DUGร•PFร•Vร•Qร•QJ|UHYYHVRUXPOXOXNODUร• 0$''(  ยฑ   0ยGยU EDรบ\DUGร•PFร•Vร• J|UHYOHULQL EXOXQGXรทXRNXOXQ |]HOOLNOHULQL GLNNDWH DODUDN\DSDU 0ยGยUยQ ROPDGร•รทร•]DPDQODUGDPยGยUHYHNkOHWHGHU  0ยGยUEDรบ\DUGร•PFร•Vร•RNXOXQKHUWยUOยHรทLWLP|รทUHWLPYH\|QHWLPLรบOHUL\OHLOJLOLRODUDNRNXOPยGยUยWDUDIร•QGDQ YHULOHQJ|UHYOHUL\DSDU%XJ|UHYOHULQ\DSร•OPDVร•QGDQYHRNXODPDoODUร•QDX\JXQRODUDNLรบOH\LรบLQGHQPยGยUHNDUรบร•VRUXPOXGXU  g]HOHรทLWLPKL]PHWOHULQLQYHULPOL\ยUยWยOPHVLQGHLOJLOLWDUDIODUDUDVร•QGDNRRUGLQDV\RQXVDรทODUYHEXKL]PHWOHUOH LOJLOLRNXOPยGยUยQยQYHUHFHรทLJ|UHYOHUL\HULQHJHWLULU  *|UHYWDQร•Pร•QGDEHOLUWLOHQGLรทHUJ|UHYOHULOHPยGยUWDUDIร•QGDQYHULOHQJ|UHYOHUL\DSDU 0ยGยU\DUGร•PFร•Vร•Qร•QJ|UHYYHVRUXPOXOXNODUร• 0$''(ยฑ  0ยGยU\DUGร•PFร•Vร•J|UHYOHULQLEXOXQGXรทXRNXOXQ|]HOOLNOHULQLGLNNDWHDODUDN\DSDU  0ยGยU\DUGร•PFร•Vร•RNXOXQKHUWยUOยHรทLWLP|รทUHWLPYH\|QHWLPLรบOHUL\OHLOJLOLRODUDNRNXOPยGยUยWDUDIร•QGDQYHULOHQ J|UHYOHUL\DSDU%XJ|UHYOHULQ\DSร•OPDVร•QGDQYHRNXODPDoODUร•QDX\JXQRODUDNLรบOH\LรบLQGHQPยGยUHNDUรบร•VRUXPOXGXU  g]HOHรทLWLPKL]PHWOHULQLQYHULPOL\ยUยWยOPHVLQGHLOJLOLWDUDIODUDUDVร•QGDNRRUGLQDV\RQXVDรทODUYHEXKL]PHWOHUOH LOJLOLRNXOPยGยUยQยQYHUHFHรทLJ|UHYOHUL\HULQHJHWLULU   .HQGLVLQH YHULOHQ Q|EHW J|UHYLQL \ยUยWยU Q|EHWoL |รทUHWPHQ YH |รทUHQFLOHUL L]OHU Q|EHW UDSRUODUร•Qร• LQFHOHU YDUVD VRUXQODUร•PยGยUEDรบ\DUGร•PFร•Vร•QDYHPยGยUHLOHWLU  *|UHYWDQร•Pร•QGDEHOLUWLOHQGLรทHUJ|UHYOHULOHPยGยUWDUDIร•QGDQYHULOHQJ|UHYOHUL\DSDU 7HNQLNPยGยU\DUGร•PFร•Vร•Qร•QJ|UHYYHVRUXPOXOXNODUร• 0$''(  ยฑ   '|QHU VHUPD\HVL EXOXQDQ |]HO HรทLWLP RNXOODUร•QGD PยGยU \DUGร•PFร•ODUร•QGDQ ELUL LOJLOL PHY]XDW KยNยPOHULQHJ|UHWHNQLNPยGยU\DUGร•PFร•Vร•RODUDNJ|UHYOHQGLULOLU7HNQLNPยGยU\DUGร•PFร•Vร•PยGยUYHVD\PDQLOHELUOLNWHG|QHU VHUPD\HLรบOHWPHVLoDOร•รบPDODUร•Qร•QWยPยQGHQVRUXPOXGXU  0ยGยUWDUDIร•QGDQYHULOHQJ|UHYLQJHUHNWLUGLรทLGLรทHUJ|UHYYHVRUXPOXOXNODUร•\HULQHJHWLULU $ODQE|OยPDW|O\HYHODERUDWXYDUรบHIOHULQLQJ|UHYYHVRUXPOXOXNODUร• 0$''(ยฑ  g]HOHรทLWLPPHVOHNOLVHOHULYH|]HOHรทLWLPPHVOHNRNXOODUร•QGDRNXOXQIL]LNLรบDUWODUร•YHDW|O\HVD\ร•Vร• GLNNDWHDOร•QDUDNDODQE|OยPDW|O\HYHODERUDWXYDUรบHIOLNOHULQHDW|O\HODERUDWXYDUYHPHVOHNGHUVOHUL|รทUHWPHQOHULDUDVร•QGDQ LOJLOLPHY]XDWKยNยPOHULQHJ|UHJ|UHYOHQGLULOHUHNJ|UHYYHVRUXPOXOXNODUร•Qร•\HULQHJHWLULUOHU *UXSJ|]HWLPLYHHรทLWLPLJ|UHYLYHULOHQ|]HOHรทLWLP|รทUHWPHQLQLQJ|UHYYHVRUXPOXOXNODUร• 0$''(  ยฑ   <DWร•Oร• |]HO HรทLWLP RNXOODUร•QGD JUXS J|]HWLPL YH HรทLWLPL J|UHYL YHULOHQ |รทUHWPHQLQ J|UHYOHUL YH VRUXPOXOXNODUร•รบXQODUGร•U D 'HUVVDDWLELWLPLQGHQGDNLND|QFHRNXOGDEXOXQXUYHVDDWVยUH\OHRNXOGDNLJ|UHYLQLVยUGยUยU E *UXEXQGDNL|รทUHQFLOHULoLQHรทLWLPKL]PHWOHULLOHVRV\DOYHNยOWยUHOIDDOL\HWOHULSODQOD\DUDN\ยUยWยU F  *UXEXQGDNL |รทUHQFLOHULQ HWยWOHUGH GHUV oDOร•รบPDODUร•Qร• VDรทODU YH RQODUร•Q oDOร•รบPD Vร•UDVร•QGD GHUVOHUGH NDUรบร•ODรบWร•NODUร• JยoOยNOHULQo|]ยPยQH\DUGร•PFร•ROXU o gรทUHQFLOHULQNLรบLVHOVRUXQYHLKWL\DoODUร•LOHLOJLOHQLUJHUHNOLGXUXPODUGDRNXO\|QHWLPLYHGLรทHULOJLOLSHUVRQHOHELOJL YHULU G gรทUHQFLOHULQJHOLรบLPLYHGDYUDQร•รบODUร•Qร•GHรทHUOHQGLULUJHUHNOLELOJLOHUL|รทUHQFLJ|]OHPGHIWHULQHND\GHGHU H *UXSJ|]HWLPLYHHรทLWLPLLOHLOJLOL\DSWร•รทร•oDOร•รบPDODUร•JยQOยNRODUDNSODQODUYHGHUVGHIWHULQHLรบOHU 0HVOHNGHUVOHULQLRNXWDQDODQ|รทUHWPHQOHULQLQJ|UHYYHVRUXPOXOXNODUร• 0$''(ยฑ  รธรบH\|QHOLNEHFHULOHULOHPHVOHNDODQODUร•QD\|QHOLNX\JXODPDOร•PHVOHNGHUVOHULDODQ|รทUHWPHQOHULQFH RNXWXOXU%X|รทUHWPHQOHUGLรทHUJ|UHYOHULQLQ\DQร•QGDDรบDรทร•GDNLJ|UHYOHUL\ยUยWยUOHU 




D  8\JXODPDOร• PHVOHNL HรทLWLPLQ Gย]HQOL RODUDN VยUGยUยOHELOPHVL LoLQ |รทUHQFLOHULQ |]HOOLNOHULQH X\JXQ DW|O\H YH\D X\JXODPDVร•Qร•Iร•RUWDPร•Qร•KD]ร•UODUYHJยYHQOLNWHGELUOHULQLDOร•U E $ODQE|OยPDW|O\HYHODERUDWXYDUรบHIOHULLOHLรบELUOLรทLLoLQGHoDOร•รบร•U F 2NXOGDNLNXUXOODUYHELULPOHUOHLรบELUOLรทL\DSDU o $ODQร•LOHLOJLOLELOLPVHOYHWHNQRORMLN\HQLOLNOHULL]OH\HUHN|รทUHWLPVยUHFLQGHX\JXODU G '|QHUVHUPD\HGHQ\DSร•ODQยUHWLPoDOร•รบPDODUร•QDNDWร•Oร•U H $W|O\HYH\DX\JXODPDVร•Qร•Iร•QGDNLoDOร•รบPDODUร•GLรทHU|รทUHWPHQOHUOHELUOLNWH\ยUยWยU I $W|O\HYH\DX\JXODPDVร•Qร•Iร•QGDNLWDรบร•Qร•UODUร•QND\Gร•Qร•\DSDUDNEXQODUร•NXOODQร•PDKD]ร•UKkOGHEXOXQGXUXU .RRUGLQDW|U|รทUHWPHQLQJ|UHYYHVRUXPOXOXNODUร• 0$''(  ยฑ   g]HO HรทLWLP PHVOHN OLVHOHUL YH |]HO HรทLWLP PHVOHN RNXOODUร•QGD PHVOHN GHUVOHULQL RNXWDQ DODQ |รทUHWPHQOHULDUDVร•QGDQLOJLOLPHY]XDWKยNยPOHULQHJ|UHNRRUGLQDW|U|รทUHWPHQJ|UHYOHQGLULOLULOJLOLPHY]XDWWDEHOLUWLOHQJ|UHY YHVRUXPOXOXNODUร•\HULQHJHWLULU%X|รทUHWPHQOHU D (QID]OD|รทUHQFLGHQVRUXPOXGXU E 0LOOv(รทLWLP%DNDQOร•รทร•2UWD|รทUHWLP.XUXPODUร•<|QHWPHOLรทLQGH\HUDODQJ|UHYYHVRUXPOXOXNODULOH%(3JHOLรบWLUPH ELULPLWDUDIร•QGDQEHOLUOHQHQJ|UHYOHUL\HULQHJHWLULUOHU F  .RRUGLQDW|U |รทUHWPHQOHU %(3 JHOLรบWLUPH ELULPL WDUDIร•QGDQ KD]ร•UODQDQ SURJUDP GRรทUXOWXVXQGD KDIWDGD LNL JยQ RNXOGDยoJยQLรบOHWPHOHUGHJ|UHY\DSDUODU gรทUHWPHQOHULQJ|UHYYHVRUXPOXOXNODUร• 0$''(ยฑ  gรทUHWPHQOHUNHQGLOHULQHYHULOHQรบXEHQLQGHUVOHULQLSURJUDPGDEHOLUWLOHQHVDVODUDJ|UHSODQODPDN RNXWPDNEXQODUODLOJLOLX\JXODPDYHGHQH\OHUL\DSPDNGHUVGร•รบร•QGDRNXOXQHรทLWLP|รทUHWLPYHVRV\DOHWNLQOLNOHULQHNDWร•OPDN YHEXNRQXODUGDLOJLOLPHY]XDWKยNยPOHULQGHEHOLUWLOHQJ|UHYOHUL\HULQHJHWLUPHNOH\ยNยPOยGยUOHU  gรทUHWPHQOHUEXJ|UHYOHULQLQ\DQร•QGDDรบDรทร•GDNLJ|UHYOHULGH\ยUยWยUOHU D %(3ยถLQKD]ร•UODQPDVร•QGD%(3JHOLรบWLUPHELULPLLOHLรบELUOLรทL\DSDU E %(3ยถLX\JXODUYHGHรทHUOHQGLULU F  2NXOGDNL DLOH HรทLWLP oDOร•รบPDODUร•QD NDWร•Oร•U Vร•Qร•Iร•QGDNL |รทUHQFLOHULQLQ DLOHOHULQH \|QHOLN DLOH HรทLWLP oDOร•รบPDODUร•Qร• SODQODUYH\ยUยWยU o gรทUHQFLOHULQHรทLWLPSHUIRUPDQVODUร•GRรทUXOWXVXQGDEDรบNDELURNXOD\|QOHQGLULOPHVLQGH%(3JHOLรบWLUPHELULPL\OHLรบ ELUOLรทL\DSDU G  gรทUHQFLOHULQ |]HO JHUHNVLQLPOHULQGHQ GROD\ร• NXOODQGร•รทร• NLรบLVHO FLKD] YH DOHWOHULQ EDNร•Pร• YH NRQWUROยQH LOLรบNLQ WHGELUOHULDOร•U H g]HOHรทLWLPRNXOODUร•LOH|]HOHรทLWLPVร•Qร•IODUร•QGDJUXSHรทLWLPLHVDVWร•U$QFDN|รทUHQFLOHULQHรทLWLPSHUIRUPDQVODUร•YH LKWL\DoODUร•GRรทUXOWXVXQGDELUHELUHรทLWLPGH\DSDU I 6ร•Qร•I|รทUHWPHQOLรทLQLQHVDVROGXรทXRNXOODUGDDODQ|รทUHWPHQOHULWDUDIร•QGDQRNXWXODQWHRULNYHX\JXODPDOร•GHUVOHULQ LรบOHQLรบLQHGHVWHNYHUPHNย]HUHGHUVOHUHNDWร•Oร•U J %LUH\VHOJHOLรบLPUDSRUXHรทLWVHOGHรทHUOHQGLUPHLVWHNIRUPXQXQGย]HQOHQPHVLQGHGLรทHU|รทUHWPHQOHULOHLรบELUOLรทL\DSDU รท g]HO\HWHQHNOL|รทUHQFLOHULQGDQร•รบPDQUHKEHU|รทUHWPHQLYH\D|รทUHWPHQOHUL\OHLรบELUOLรทLLoLQGHJHOLรบLPLQLWDNLSHGHU  *|UHYDODQร•LOHLOJLOLPยGยUยQYHUHFHรทLGLรทHUJ|UHYOHUL\DSDU 8VWD|รทUHWLFLQLQJ|UHYYHVRUXPOXOXNODUร• 0$''(  ยฑ   8VWD |รทUHWLFLOHU  WDULKOL YH  VD\ร•Oร• 5HVPv *D]HWHยถGH \D\ร•PODQDQ 0LOOv (รทLWLP %DNDQOร•รทร• .XUXPODUร•QGD 6|]OHรบPHOL YH\D (N 'HUV *|UHYL LOH *|UHYOHQGLULOHFHN 8]PDQ YH 8VWD gรทUHWLFLOHU +DNNร•QGD <|QHWPHOLNKยNยPOHULQHJ|UHoDOร•รบร•U g]HOHรทLWLPNXUXPODUร•QGDJ|UHY\DSDQGLรทHUSHUVRQHO 0$''(  ยฑ   g]HO HรทLWLP NXUXPODUร•QGD oRFXN JHOLรบLPL YH HรทLWLPFLVL GLO YH NRQXรบPD WHUDSLVWL HUJRWHUDSLVW IL]\RWHUDSLVWVRV\DOoDOร•รบPDFร•YHLKWL\DoGX\XOPDVร•KDOLQGHGLรทHUPHVOHNOHUGHQGHSHUVRQHOLKWL\DFDJ|UHDWDQDELOLUYH\DGLรทHU NXUXPYHNXUXOXรบODULOHLรบELUOLรทL\DSร•ODUDNWDULKOLYHVD\ร•Oร•'HYOHW0HPXUODUร•.DQXQXQXQHNLQFLPDGGHVLQGHNL KยNยPOHUGRรทUXOWXVXQGDJ|UHYOHQGLULOHELOLU  %XSHUVRQHOLOJLOLPHY]XDWWDEHOLUWLOHQJ|UHYOHUL\HULQHJHWLUPHNOHVRUXPOXGXU 'g5'h1&h.,6,0 dHรบLWOLYH6RQ+ยNยPOHU  %รธ5รธ1&รธ%g/h0 dHรบLWOL+ยNยPOHU gรทUHWPHQOHULQQ|EHWL 0$''(ยฑ  gรทUHWPHQOHULQRNXOPยGยUOยNOHULQFHGย]HQOHQHQQ|EHWoL]HOJHVLQHJ|UHQ|EHWWXWPDODUร•VDรทODQร•U g]HOHรทLWLPDQDRNXOODUร•|]HOHรทLWLPDQDVร•Qร•IODUร•LOH|]HOHรทLWLPVร•Qร•IODUร•QGDJ|UHYOL|]HOHรทLWLP|รทUHWPHQOHULQ|EHWJ|UHYOHULQL WHQHIIยVYH\HPHNVDDWOHULQGHVร•Qร•IODUร•QDND\ร•WOร•|รทUHQFLOHULQJ|]HWLPLQHGHYDPHGHUHN\HULQHJHWLULUOHU  1|EHWJ|UHYLLONGHUVEDรบODPDGDQGDNLND|QFHEDรบODUVRQGHUVELWLPLQGHQGDNLNDVRQUDVRQDHUHU 




 1|EHWJ|UHYLQH|]ยUVย]RODUDNJHOPH\HQ|รทUHWPHQKDNNร•QGDGHUVH|]ยUVย]RODUDNJHOPH\HQ|รทUHWPHQJLELLรบOHP \DSร•Oร•U  1|EHWOHUGHX\XOPDVร•JHUHNHQHVDVODU|รทUHWPHQOHUNXUXOXQGDJ|UยรบยOHUHNRNXO\|QHWLPLQFHQ|EHWoL|รทUHWPHQJ|UHY WDOLPDWQDPHVLKD]ร•UODQร•UgรทUHWPHQOHUH\D]ร•Oร•RODUDNGX\XUXOXU   (QJHOOL oRFXรทX EXOXQDQ |รทUHWPHQOHULQ KDIWDOร•N GHUV SURJUDPODUร• LOH Q|EHWOHULQLQ EHOLUOHQPHVLQGH JยQ YH VDDW WHUFLKOHULQH|QFHOLNYHULOHUHNGย]HQOHPH\DSร•Oร•U .ร•Oร•NNร•\DIHW 0$''(ยฑ  gรทUHQFLOHURNXOODUGDWDULKOLYHVD\ร•Oร•%DNDQODU.XUXOX.DUDUร•\OD\ยUยUOยรทH NRQXODQ0LOOv(รทLWLP%DNDQOร•รทร•QD%DรทOร•2NXOgรทUHQFLOHULQLQ.ร•Oร•NYH.ร•\DIHWOHULQH'DLU<|QHWPHOLNSHUVRQHOLVH WDULKOLYHVD\ร•Oร•%DNDQODU.XUXOX.DUDUร•\OD\ยUยUOยรทHNRQXODQ.DPX.XUXPYH.XUXOXรบODUร•QGDdDOร•รบDQ3HUVRQHOLQ.ร•Oร•N YH.ร•\DIHWLQH'DLU<|QHWPHOLNKยNยPOHULQHX\DU   7|UHQ YH WRSODQWร•ODU Gร•รบร•QGD UHVPv |]HO HรทLWLP RNXOODUร• LOH |]HO HรทLWLP Vร•Qร•IODUร•QGD J|UHYOL |รทUHWPHQOHU HรทLWLP HWNLQOLNOHULQGHUDKDWKDUHNHWHGHELOPHOHULQHLPNkQVDรทOD\DFDNVHUEHVWNร•\DIHWJL\HELOLUOHU g]HOHรทLWLPDUDoJHUHoOHUL 0$''(  ยฑ   5HVPv |]HO HรทLWLP NXUXPODUร•Qร•Q |]HO HรทLWLP Vร•Qร•IODUร•Qร•Q GHVWHN HรทLWLP RGDODUร•Qร•Q |รทUHWLP PDWHU\DOOHUL|]HODUDoJHUHoOHULLOHGRQDWร•PLKWL\DoODUร•YDOLOLNOHUFHYH\D%DNDQOร•รทร•QLOJLOLELULPLQFHNDUรบร•ODQร•U hFUHWVL]WDรบร•PD 0$''(  ยฑ   5HVPv |]HO HรทLWLP RNXOODUร•QGDNL |รทUHQFLOHU |]HO HรทLWLP Vร•Qร•IODUร•QGDNL |รทUHQFLOHU \D\Jร•Q HรทLWLP KL]PHWOHULQGHQ\DUDUODQDQ|]HOHรทLWLPLKWL\DFร•RODQNXUVL\HUOHULQNXUXPODUDXODรบร•PODUร•WDULKOLYHVD\ร•Oร•5HVPv *D]HWHยถGH\D\ร•PODQDQ0LOOv(รทLWLP%DNDQOร•รทร•7Dรบร•PD<ROX\OD(รทLWLPH(ULรบLP<|QHWPHOLรทLKยNยPOHULGRรทUXOWXVXQGDยFUHWVL] VDรทODQร•U hFUHWVL]|รทOH\HPHรทL 0$''(  ยฑ   5HVPv |]HO HรทLWLP RNXOODUร•QGD JยQGย]Oย RODUDN HรทLWLPOHULQL VยUGยUHQ |รทUHQFLOHUH ยFUHWVL] |รทOH \HPHรทLJHQHOEยWoHGHQNDUรบร•ODQDQ|GHQHNOH*HQHO0ยGยUOยNoHYHULOLU 6HoPHOLGHUVOHUYHGHUVGร•รบร•HรทLWLPoDOร•รบPDODUร• 0$''(ยฑ  g]HOHรทLWLPRNXOODUร•QGDYH|]HOHรทLWLPVร•Qร•IODUร•QGDVHoPHOLGHUVOHULOHGHUVGร•รบร•HรทLWLPoDOร•รบPDODUร•QGD JUXSROXรบWXUXOPDVร•QGDVD\ร•รบDUWร•DUDQPD]Vร•Qร•IPHYFXGXHVDVDOร•Qร•U dDOร•รบPDWDNYLPL 0$''(ยฑ  'HUV\ร•Oร•LNLG|QHPHD\Uร•Oร•U'HUV\ร•Oร•Qร•QEDรบODPDVร•ELULQFL\DUร•\ร•OLNLQFL\DUร•\ร•OYH\D]WDWLOOHUL\OH GHUVNHVLPLWDULKOHUL%DNDQOร•NoDEHOLUOHQLU'HUV\ร•Oร•Qร•QLรบJยQยQGHQD]ROPDPDVร•HVDVWร•U$QFDNLQFLLรบJยQยQยQKDIWD DUDVร•QD UDVWODPDVร• GXUXPXQGD GHUV \ร•Oร•Qร•Q ELWLP WDULKL KDIWDQร•Q VRQ Lรบ JยQยQH NDGDU X]DWร•Oร•U 'HUV \ร•Oร•Qร•Q VยUHVL GHUVOHULQ EDรบODGร•รทร• JยQGHQ NHVLOGLรทL JยQH NDGDU RNXOXQ Doร•N EXOXQGXรทX JยQOHUOH |รทUHQFLOHULQ W|UHQOHUH NDWร•OGร•NODUร• UHVPL YH PDKDOOL ED\UDPJยQOHULVD\ร•ODUDNKHVDSODQร•U%XWDULKOHUJ|]|QยQGHEXOXQGXUXODUDNPLOOLHรทLWLPPยGยUOยNOHULQFHKD]ร•UODQDFDNoDOร•รบPD WDNYLPLYDOLOLNRQD\ร•LOH\ยUยUOยรทHNRQXOXU รธ.รธ1&รธ%g/h0 6RQ+ยNยPOHU <|QHWPHOLNWHKยNยPEXOXQPD\DQKkOOHU 0$''(ยฑ  %X<|QHWPHOLNWHKยNยPEXOXQPD\DQKXVXVODUGD0LOOv(รทLWLP7HPHO.DQXQXWDULKOLYH  VD\ร•Oร• (QJHOOLOHU +DNNร•QGD .DQXQ YH  WDULKOL YH  VD\ร•Oร• g]HO (รทLWLP +DNNร•QGD .DQXQ +ยNPยQGH .DUDUQDPH\HGD\DQร•ODUDNoร•NDUร•ODQ\|QHWPHOLNKยNยPOHULLOHLOJLOLGLรทHUNDQXQYH\|QHWPHOLNKยNยPOHULX\JXODQร•U  5HVPv|]HOHรทLWLPRNXOODUร•YHND\QDรบWร•UPDEยWยQOHรบWLUPH\ROX\ODHรทLWLP\DSร•ODQRNXOODUGDNLLรบYHLรบOHPOHUGHRNXOXQ WยUยYHNDGHPHVLQHJ|UH%DNDQOร•NoD\D\ร•PODQDQGLรทHUPHY]XDWKยNยPOHULELUOLNWHX\JXODQร•U <ยUยUOยNWHQNDOGร•Uร•ODQ\|QHWPHOLN 0$''(ยฑ  WDULKOLYHVD\ร•Oร•5HVPv*D]HWHยถGH\D\ร•PODQDQg]HO(รทLWLP+L]PHWOHUL<|QHWPHOLรทL \ยUยUOยNWHQNDOGร•Uร•OPร•รบWร•U <ยUยUOยN 0$''(ยฑ  %X<|QHWPHOLN\D\ร•Pร•WDULKLQGH\ยUยUOยรทHJLUHU <ยUยWPH 0$''(ยฑ  %X<|QHWPHOLรทLQ D  (รทLWVHO GHรทHUOHQGLUPH WDQร•ODPD YH g]HO (รทLWLP 'HรทHUOHQGLUPH .XUXOX LOH LOJLOL KยNยPOHULQL $LOH YH 6RV\DO 3ROLWLNDODU%DNDQร•LOH0LOOv(รทLWLP%DNDQร•ELUOLNWH E (รทLWVHOGHรทHUOHQGLUPHWDQร•ODPDLOHg]HO(รทLWLP'HรทHUOHQGLUPH.XUXOXLOJLOLKยNยPOHULGร•รบร•QGDNLKยNยPOHULQL0LOOv (รทLWLP%DNDQร• \ยUยWยU








Yönetmelik Özel Eğitim Disket, ekler film 55 - 31


Yönetmelik Özel Eğitim Disket, ekler film 55 - 32


Yönetmelik Özel Eğitim Disket, ekler film 55 - 33


Yönetmelik Özel Eğitim Disket, ekler film 55 - 34


Yönetmelik Özel Eğitim Disket, ekler film 55 - 35


Yönetmelik Özel Eğitim Disket, ekler film 55 - 36


Yönetmelik Özel Eğitim Disket, ekler film 55 - 37


Yönetmelik Özel Eğitim Disket, ekler film 55 - 38


Yönetmelik Özel Eğitim Disket, ekler film 55 - 39


Yönetmelik Özel Eğitim Disket, ekler film 55 - 40


Yönetmelik Özel Eğitim Disket, ekler film 55 - 41


Yönetmelik Özel Eğitim Disket, ekler film 55 - 42


Yönetmelik Özel Eğitim Disket, ekler film 55 - 43


Yönetmelik Özel Eğitim Disket, ekler film 55 - 44


Yönetmelik Özel Eğitim Disket, ekler film 55 - 45


Yönetmelik Özel Eğitim Disket, ekler film 55 - 46


Yönetmelik Özel Eğitim Disket, ekler film 55 - 47


Yönetmelik Özel Eğitim Disket, ekler film 55 - 48


Yönetmelik Özel Eğitim Disket, ekler film 55 - 49


Yönetmelik Özel Eğitim Disket, ekler film 55 - 50


Yönetmelik Özel Eğitim Disket, ekler film 55 - 51


Yönetmelik Özel Eğitim Disket, ekler film 55 - 52


Yönetmelik Özel Eğitim Disket, ekler film 55 - 53


Yönetmelik Özel Eğitim Disket, ekler film 55 - 54


Yönetmelik Özel Eğitim Disket, ekler film 55 - 55

Profile for kara09

Yönetmelik  

Yönetmelik  

Profile for kara09
Advertisement