Hp DESKJET 712C, DESKJET 710C User Manual [tr]

HP DeskJet 710C

Series Yazýcý

Kullanýcý
Kýlavuzu

'HVWHN#YH#.D\GHWWLUPH

hU•Q#GHVWH÷L#YH#\D]ÕFÕQÕQ#ND\GÕ#LoLQ#DúD÷ÕGDNL#+3#'HVN-HW#
'HVWHN#:HE#VLWHVLQH#EDúYXUXQ=

KWWS=22ZZZ1GHVNMHW0VXSSRUW1FRP1

+3#VL]H#KÕ]OÕ#YH#GR÷UX#P•úWHUL#GHVWH÷L#YHUPH\H#NHQGLQL#
DGDPÕúWÕU1#6L]H#HQ#L\L#KL]PHWL#VXQDELOPHPL]#LoLQ#O•WIHQ#DúD÷Õ GDNL#
ELOJLOHUL#KD]ÕU#EXOXQGXUXQ=

■

<D] Õ F ÕQÕ]ÕQ #VHUL#QXPDUDVÕ# BBBBBBBBBBBBBBBBBBBB BB
QHGLU"

+6HUL#QXPDUDVÕ#HWLNHWL#\D]ÕFÕQÕQ#DOWÕQGDGÕU1,

#

■

<D] Õ F ÕQÕ]#KDQJL#PRGHOGLU#"

■

%LOJLVD\DUÕQÕ]ÕQ#PDUNDVÕ#YH# BBBBBBBBBBBBBBBBBBBB BB
PRGHOL#QHGLU"

■

<D] Õ F Õ#\D]ÕOÕPÕQÕQ#KDQJL# BBBBBBBBBBBBBBBBBBBB BB
V•U•P•Q•#NXOODQÕ\R UVXQX]"

+6HoLOL#V•U•F•Q•Q#DGÕQÕ#J|UPHN#oLQ#<D]ÕFÕ#
.XUXOXPX#LOHWLúLP#NXWXVXQD#EDNÕQ1,

+3#'HVN-HW#:43&

BBBBBBBBBBBBBBBBBBBB BB

#

+3#'HVN-HW #<D]ÕFÕ#
.XOODQÕFÕ#.ÕODYX]X

7•UNoH

7LFDUL#0DUNDODU

#

0LFURVRIW
PDUNDODUÕGÕU1#:LQGRZV

7UXH7\SH

$ULDO

Š

YH#060'26Š/#0LFURVRIW#&RUSRUDWLRQ¶ÕQ#$%'#WHVFLOOL#WLFDUL#

Œ/#

0LFURVRIW#&RUSRUDWLRQ¶ÕQ#WLFDUL#PDUNDVÕGÕU1

Œ/#

$SSOH#&RPSXWHU/#,QF1¶LQ#WLFDUL#PDUNDVÕGÕU1

Š

#YH#7LPHV#1HZ#5RPDQŠ/#7KH#0RQRW\SH#&RUSRUDWLRQ¶ÕQ#$%'#WHVFLOOL#

WLFDUL#PDUNDODUÕGÕU1

6QRZGULIW

&UHHS\

Œ/

#%D\HU#&RUSRUDWLRQ¶ÕQ#$JID#'LYLVLRQ¶ÕQÕQ#WLFDUL#PDU NDVÕGÕU1#

Œ/

#0RQRW\SH#&RUSRUDWLRQ¶ÕQ#EHOOL#\HWNL#E|OJHOHULQGH#WHVFLOOL#

RODELOHQ#WLFDUL PDUNDVÕGÕU1#

.RGDN/#(DVWPDQ#.RGDN#&RPSDQ\¶QÕQ#WLFDUL#PDUNDVÕGÕU1

'X\XUX

%X#EHOJHGH#\HU#DODQ#ELOJLOHU#|QFHGHQ#ELOGLULPH#JHUHN#ROPDNVÕ]ÕQ#
GH÷LúWLULOHELOLU1

+HZOHWW03DFNDUG#EX#PDWHU\DOOH#LOJLOL#RODUDN/#VDWÕODELOLUOLN#YH#EHOOL#ELU#DPDFD#
X\JXQOXN#NRQXVXQGDNL#]ÕPQL#JDUDQWLOHU#GH#GDKLO#ROPDN#•]HUH/#DQFDN#
EXQODUOD#VÕQÕUOÕ#NDOPDPDN#•]HUH#KLoELU#JDUDQWL#YHUPHPHNWHGLU1

+HZOHWW03DFNDUG#EX#PDWHU\DOGH#\HU#DODQ#KDWDODUGDQ#YH#EX#PDWHU\DOLQ#
VD÷ODQPDVÕ/#SHUIRUPDQVÕ#YH#NXOODQÕPÕ\OD#LOH#LOJLOL#RODUDN#WHVDG•IL#\D#GD#
VRQXoWD#RUWD\D#oÕNDELOHFHN#]DUDUODUGDQ#VRUXPOX#GH÷LOGLU1

%X#EHOJHQLQ#KHUKDQJL#ELU#E|O•P•/#+HZOHWW03DFNDUG#&RPSDQ\¶QLQ#
|QFHGHQ#\D]ÕOÕ#L]QL#ROPDGDQ#IRWRNRSL#\DSÕODPD]/#oR÷DOWÕODPD]#\D#GD#
EDúND#ELU#GLOH#oHYULOHPH]1

%DVNÕ#7DULKoHVL

%DVNÕ#4/##0DUW#4<<;

‹#7H O L I#+DNNÕ#4<<;/#+HZOHWW03DFNDUG#&RPSDQ\

øoLQGHNLOHU

%|O•P#4

%|O•P#5

%|O•P#6

%|O•P#7

7HPHO #%DVNÕ#øúOHPOHUL #4

.D÷ÕW#6HoLPL #5
<D]ÕFÕ\D#.D÷ÕW#.RQXOPDVÕ #6
%DVNÕ#<DSÕOPDVÕ #8
<D]ÕFÕ#<D]ÕOÕPÕ #;

øOHUL#'•]H\GH#øúOHYOHU #46

)DUNOÕ#.D÷ÕW#%R\XWODUÕQD#%DVNÕ #47
.D÷ÕGÕQ#+HU#øNL#<•]•QH#%DVNÕ #49
%HOJHQLQ#dHYULOPHVL #4;
5HQN#+DNNÕQGD #4<
5HVLPOHU#+DNNÕQGD #54
0HWLQ#+DNNÕQGD #56

1HOHU#%DVWÕUDELOLUVLQL] #58

=DUIODU #59
(WLNHWOHU #5<
$VHWDWODU #64
)RWR÷UDIODU #66
.DUWODU #67
3DQNDUWODU #69
hW•\OH#dÕNDUWPDODU #6<

6RUXQODU#dÕNWÕ÷ÕQGD#<DUGÕP#$OÕQPDVÕ #73

d|]•PH#JLGHQ#\ROX#WÕNODWÕQ #73
<D]ÕFÕ#øOHWLúLPOHUL #77
'•÷PHOHU#YH#,úÕNODU #77
0•úWHUL#'HVWH÷L #78

%|O•P#8

<D]ÕFÕQÕ]#+DNNÕQ GD#'DKD#)D]OD#%LOJL #7;

%DVNÕ#NDUWXúODUÕ #7<
<D]ÕOÕPÕQ#EHOOHNWHQ#oÕNDUÕOPDVÕ #88
'26¶WDQ#%DVNÕ #89
g]HOOLNOHU #8:
0DO]HPH#YH#DNVHVXDUODUÕQ#VLSDULúL #93
6LSDULú#ELOJLVL #95
<DVDO#%H\DQODU 96
6ÕQÕUOÕ#*DUDQWL#%LOGLULPL #97

'L]LQ

#98

%|O•P

4

#

7HPHO#%DVNÕ#
øúOHPOHUL

D]ÕFÕQÕ]ÕQ#ELU#WDNÕP#IDQWD]L#LúOHU#

.D÷ÕW#6HoLPL

<D]ÕFÕ\D#.D÷ÕW#

.RQXOPDVÕ

%DVNÕ#<DSÕOPDVÕ

<

ND÷ÕGD#PHWLQ#YH#UHVLP#EDVWÕUPDN#LoLQ#NXOODQÕ\RU#

RODFDNVÕQÕ]1#øúOHP#EDVLWWLU=#gQFH#NXOODQPDN#

LVWHGL÷LQL]#ND÷ÕGÕ#VHoLQ>#ND÷ÕGÕ#\D]ÕFÕ\D#\•NOH\LQ>#

\D]ÕFÕ#\D]ÕOÕPÕQGDQ#EDVNÕ#D\DUODUÕQÕ#VHoLQ>#

NXOODQGÕ÷ÕQÕ]#ELOJLVD\DU#\D]ÕOÕP#SURJUDPÕQGDQ#

EDVWÕUÕQ1

7HPHO#EDVNÕ#LúOHPOHUL#KDNNÕQGD#GDKD#ID]OD#ELOJL#
HGLQPHN#LVWHUVHQL]/#RNXPD\D#GHYDP#HGLQ1#+HU#
VD\IDGD#\HU#DODQ#LSXoODUÕQÕ#RNXPD\Õ#XQXWPD\ÕQ1

\DSDELOPHVLQH#NDUúÕQ/#RQX#oR÷XQOXNOD#

<D]ÕFÕ#<D]ÕOÕPÕ=#

<D]ÕFÕQÕ]ÕQ#

8]DNWDQ#

.XPDQGDVÕ

.D÷ÕW#6HoLPL

.D÷ÕW#<RO#

*|VWHULFLOHUL

'R÷UX#.D÷ÕGÕQ#
6D÷ODQPDVÕ

&DQOÕ#UHQNOHU#YH#oRN#QHW#
J|U•Q•úO•#PHWLQ#LoLQ#
+3#ND÷ÕW#NXOODQÕQ1#
6HoHQHNOHULQL]GHQ#
ED]ÕODUÕ#úXQODUGÕU=

❚

+3#3UHPLXP#,QNMHW#
3DSHU#+.D÷ÕW,1#0DW#
FLODVÕ/#GDKD#J|]#DOÕFÕ#
EHOJHOHU#YH#VXQXODU#LoLQ#
GDKD#SDUODN#UHQNOHUL#YH#
QHW#J|U•QW•OHUL#\DNDODU1

❚

+3#'HOX[H#3KRWR#
3DSHU#0•NHPPHO#FLOW#
UHQN#WRQODUÕ#YH#
JHUoHNoL#GR÷D#
UHQNOHULQL#VD÷ODPDN#
LoLQ#.RGDN#,PDJH#
(QKDQFHPHQWV#+.RGDN#
*|U•QW•#*HOLúWLUPH,#
WHNQRORMLVLQL#NXOODQÕU1

❚

+3#%ULJKW#:KLWH#,QNMHW#
3DSHU#<•NVHN#]ÕWOÕNWD#
UHQNOHU#YH#QHW#PHWLQ#
VD÷ODU1#%X#SDUODN#EH\D]#
LQNMHW#ND÷ÕGÕ/#EDVNÕ#
ND÷ÕGÕQ#GL÷HU#\•]•QGHQ#
J|U•OPH\HFHN#úHNLOGH#
KHU#LNL#\•]H#GH#EDVNÕ#
\DSDELOPH#RODQD÷Õ#
VD÷ODU1

❚

+3#3UHPLXP#3KRWR#
3DSHU#*HOHQHNVHO#
IRWR÷UDI#JLEL#J|U•QHQ#YH#
R#KLVVL#YHUHQ#KDULND#
J|U•Q•úWH#IRWR÷UDIODU#
\DUDWÕU1

+3#ND÷ÕWODU#oR÷X#
NÕUWDVL\HFLOHUGHQ/#
ELOJLVD\DU#PDO]HPHOHUL#
VDWDQ#PD÷D]DODUGDQ#\D#
GD#+3#'LUHFW#DUDQDUDN#
VD÷ODQDELOLU1#+%DNÕQÕ]=#
VD\ID 95,1

dR÷X#G•]#IRW R NRS L#ND÷ÕGÕ/#|]HOOLNOH#LQNMHW#\D]ÕFÕODUGD#
NXOODQÕODELOHFH÷L#EHOLUWLOPLú#RODQODU/#\D]ÕFÕGD#NXOODQÕODELOLU1#(Q#
L\L#VRQXoODUÕ#DODELOPHN#LoLQ /#|]HOOL N OH #+3#P•UHNNHSOHUL#YH#
\D]ÕFÕQÕ]#LoLQ#WDVDUODQP Õú#+HZOHWW03 DFNDUG#N D÷ÕWODUÕQÕ#NXOODQÕQ1#

1HOHU#*|]#gQ•QH#$OÕQPDOÕ

1#<D]ÕFÕQÕQ#ND÷ÕW#D\DUOD\ÕFÕODUÕ#VÕQÕUODUÕ#LoLQH#VÕ÷DQ#KHUKDQJL#

%R\XW

ER\XWWDNL#ELU#ND÷ÕGÕ#NXOODQDELOLUVLQL]1#

ER\# #::#0#689#PP

HQ# #::#0#548#PP

$÷ÕUOÕN

D÷ÕUOÕNODUÕQGDQ#VHoHELOLUVLQL]1#dRN#DPDoOÕ#J•QO•N#NXOODQÕP#LoLQ#:8±<3#
JVP#\D#GD#53±57#SRXQG#G•]#ND÷ÕW#NXOODQÕQ1#

&DQOÕOÕN

FDQOÕ#UHQNOHU#\DUDWÕUODU1#)RWR÷UDIOÕ#EHOJHOHU#LoLQ#+3#'HOX[H#3KRWR#3DSHU#
+.D÷ÕW,#\D#GD#+3#3UHPLXP#3KRWR#3DSHU#NXOODQÕQ>#GL÷HU#UHVLPOHU#LoHUHQ#

EHOJHOHU#LoLQ#+3#%ULJKW#:KLWH#,QNMHW#3DSHU#+&DQOÕ#%H\D]#,QNMHW#.D÷ÕGÕ,#
\D#GD#+3#3UHPLXP#,QNMHW#3DSHU#NXOODQÕQ1

<•]H\LQ#S•U•]V•]O•÷•

•]HULQGH#QH#NDGDU#QHW#J|U•QHFH÷LQL#HWNLOHU1#<•NVHN#SDPXN#LoHULNOL#+(58#
LOH#(433#DUDVÕ,#ND÷ÕGÕQ#\•]H\L#GDKD#S•U•]V•]G•U1#3DUODN#YH#DVWDUOÕ#
ND÷ÕWODU/#UHVLPOHU/#oL]HOJHOHU#+\•NVHN#NDOLWHGH#\R÷XQ#UHQNOL#QHW#oL]JLOHU#
LVWHGL÷LQL]#EHOJHOHU,#YH#IRWRNRSL#LoLQ#X\JXQGXU1

6D\GDPVÕ]OÕN

\•]GHQ#J|U•OPHVLQLQ#HQJHOOHQPH#GHUHFHVL#GHPHNWLU1#øNL#\•]H#EDVNÕ#LoLQ#
VD\GDPVÕ]OÕ÷Õ#\•NVHN#+\D#GD#GDKD#NDOÕQ#ND÷ÕW,#NXOODQÕQ1#+3#3KRWR#
3DSHU#YH#+3#3UHPLXP#+HDY\ZHLJKW#,QNMHW#3DSHU#LNL#\•]H#\DSÕODQ#EDVNÕ#
LúOHUL#LoLQ#LGHDOGLU1

1#VD\ID 8:¶GDNL#OLVWHGH#J|U•OG•÷•#JLEL#JHQLú#NDSVDPOÕ#ND÷ÕW#

1#%D]Õ#ND÷ÕWODU#GL÷HUOHULQH#J|UH#GDKD#EH\D]GÕU#YH#GDKD#QHW#YH#

1#.D÷ÕGÕQ#S•U•]V•]O•÷•#EDVNÕQÕQ#ND÷ÕW#

1#6D\GDPVÕ]OÕN/#ND÷ÕGÕQ#ELU#\•]•QGHNL#EDVNÕQÕQ#GL÷HU#

5

<D]ÕFÕ\D#.D÷ÕW#.RQXOPDVÕ

.D÷ÕGÕ#*ø5øù#J |]•QH #GR÷UX#ELU #úHNL OGH#\HUOHúWLUPHN#LoLQ#ELUD]#
]DPDQ #D\ÕUÕQ1#*|]GHNL#ND÷ÕWODUÕQ#W•P•Q•Q#D\Q Õ#ER\XW#YH#W•U G H#
ROPDVÕQD#YH#ND÷ÕW#D\DUOD\ÕFÕODUÕQÕQ#ND÷ÕGD#VÕ NÕFD#\DVODQPDVÕQD#
GLNNDW#HGLQ1#*HULVL#\D]ÕFÕ#WDUDIÕQGDQ#RWRPDWLN#RODUDN#
\DSÕODFDNWÕU1

.D÷ÕW#<RO#

*|VWHULFLOHUL

ùLPGL#EX#Lú OHPL#DGÕP #DGÕP#\DSDOÕP=

ó .D÷ÕGD#\HU#DoPDN#LoLQ/#\HúLO#UHQNWHNL#ND÷ÕW#HQ#YH#ER\#

D\DUOD\ÕFÕODUÕQÕ#GÕúD#GR÷UX#ND\GÕUÕQ1

.D÷ÕGÕ#GDKD#NROD\#\HUOHúWLUHELOPHN#LoLQ/#*ø5øù#J|]•Q•#ND\GÕUDUDN#
GÕúDUÕ#oHNHELOLUVLQL]1#'DKD#L\L#J|UPHN#LVWHUVHQL]/#d,.,ù#WHSVLVLQL#
\XNDUÕ#NDOGÕUDELOLUVLQL]1#

d,.,ù#WHSVLVL

.D÷ÕW#ER\X#
D\DUOD\ÕFÕVÕ

.D÷ÕW#HQL

D\DUOD\ÕFÕVÕ

ò .D÷ÕWODUÕ#D\ÕUPDN#LoLQ#ND÷ÕW#GHVWHVLQLQ#NHQDUODUÕQÕ#\HOSD]HOHQGLULQ1#

6RQUD#GD#G•]#ELU#G•]H\#•]HULQGH#KDILIoH#YXUDUDN#GHVWH\L#G•]HOWLQ1
%LU#VHIHUGH#43#PP*\H#NDGDU#ND÷ÕGÕ#+433#ND÷ÕW#NDGDU,#NR\DELOLUVLQL]1

ø\L#VRQXo#
YHUPH\HELOHQ#
ND÷ÕWODU

❚

.HWHQ#JLEL#\•NVHN#
GHUHFHGH#GRNXOX#
EDVNÕ#RUWDPÕQD#HúLW#ELU#
úHNLOGH#EDVNÕ#
\DSÕODPD\DELOLU>#EX#
ND÷ÕW#P•UHNNHEL#
HPHELOLU1

❚

øQNMHW#\D]ÕFÕODU#LoLQ#
WDVDUODQPDPÕú#DúÕUÕ#
G•]/#SDUODN#\D#GD#
DVWDUOÕ#ND÷ÕWODU#
\D]ÕFÕGD#VÕNÕúPDODUD#
\RO#DoDELOLU#YH#
P•UHNNHEL#

EDVPD\DELOLU

❚

dRN#SDUoDOÕ#IRUPODU#
+|UQH÷LQ/#oLIW#\D#GD#•o#

NRS\DOÕ#IRUPODU#JLEL,#
\D]ÕFÕQÕQ#LoLQGH#
NÕUÕúDELOLU#\D#GD#
VÕNÕúDELOLU>#
P•UHNNHELQ#GH#
EXODúPD#RODVÕOÕ÷Õ#
GDKD#ID]ODGÕU1#%XQD#
HN#RODUDN#EDVNÕ#
\DOQÕ]#•VWWHNL#VD\ID\D#
oÕNDFDNWÕU1

❚

.|W•#GXUXPGDNL#
ND÷ÕW±\ÕUWÕN/#WR]OX/#
NÕUÕúÕN/#NHQDUODUÕ#
NÕYUÕOPÕú#\D#GD#
E•N•OP•ú/#G•]J•Q#
GXUPD\DQ#ND÷ÕW±
\D]ÕFÕGD#VÕNÕúPDODUD#
\RO#DoDELOLU1

1

6

.D÷ÕW#<RO#

*|VWHULFLOHUL

ñ %DVÕODFDN#\•]•#DúD÷Õ#JHOHFHN#úHNLOGH#ND÷ÕGÕ#*ø5øù#J|]•QH#NR\XQ1

.D÷ÕW#GHVWHVLQL#ND÷ÕW#J|]•Q•Q#DUNDVÕQD#GR÷UX#GXUXQFD\D#NDGDU#LWLQ1

%DVÕODFDN#\•]#DúD÷Õ

dR÷X#ND÷ÕGÕQ#EHOOL#ELU#
\•]•QH#GL÷HU#\•]H#J|UH#
GDKD#L\L#EDVNÕ#\DSÕOÕU1#
%X/#|]HOOLNOH#DVWDUOÕ#\D#
GD#|]HO#LúOHP#J|UP•ú#
ND÷ÕWODU#LoLQ#JHoHUOLGLU1#
%DVNÕ#\•]•#JHQHOOLNOH#
ND÷ÕW#SDNHWLQLQ#

•]HULQGH#EHOLUWLOLU1

%DVNÕ#%|OJHVL

<D]ÕFÕQÕ]#ND÷ÕGÕQ#WDP#
NHQDUÕQD#EDVNÕ#
\DSDPD]1#.HQDU#
ERúOXNODUÕQÕ/#EHOJH#
EDVÕODELOLU#DODQ#
LoHULVLQGH#NDODFDN#
úHNLOGH#D\DUODPD\D#
GLNNDW#HGLQ/#\RNVD#
EHOJHQLQ#ELU#NÕVPÕ#
NHVLOHELOLU1#$\UÕQWÕODU#LoLQ#
VD\ID 8:¶H#EDNÕQ1

*ø5øù#J|]•

ð .D÷ÕW#D\DUOD\ÕFÕODUÕQÕ#ND÷ÕW#GHVWHVLQLQ#NHQDUÕQD#L\LFH#\DVODQDQD#

NDGDU#LWLQ1#
.D÷ÕWODUÕQ#J|]•Q#LoLQGH#KDOD#G•]J•Q#ELU#úHNLOGH#GXUGXNODUÕQGDQ#YH#

ND÷ÕW#ER\X#D\DUOD\ÕFÕVÕ#NXODNoÕ÷ÕQÕQ#DOWÕQD#UDKDWoD#VÕ÷GÕNODUÕQGDQ#
HPLQ#ROXQ1#+.•o•N#ER\XWWD#ND÷ÕW#\•NO•\RUVDQÕ]/#GDKD#ID]OD#ELOJL#LoLQ#
VD\ID 5;¶H#EDNÕQ1,

ï .D÷ÕW#J|]•Q•#\HQLGHQ#LoHUL#LWLQ#YH#d,.,ù#WHSVLVLQL#DúD÷Õ#LQGLULQ1

7

%DVNÕ#<DSÕOPDVÕ

ó +3#SULQW#VHWWLQJV#ER[¶WDNL#+EDVNÕ#D\DUODUÕ#NXWXVX,#EDVNÕ#D\DUODUÕQD#

EDNÕQ1#+%X#NXWX\D#QDVÕO#XODúÕODFD÷Õ#NRQXVXQGD#VD\ID <¶D#EDNÕQ1,
'•]#ND÷ÕGD#GLNH\#\|QGH#ELU#NRS\D#EDVWÕUÕ\RUVDQÕ]/#YDUVD\ÕODQ#

D\DUODU#\HWHUOLGLU1#+%|O•P#5#YH#6¶WH#IDUNOÕ#EDVNÕ#W•UOHUL#LoLQ#D\DUODUÕQ#
GH÷LúWLULOPHVLQLQ#QHGHQOHUL#DoÕNODQPDNWDGÕU1,

+3#SULQW#VHWWLQJV#ER[

$\DUODUÕQÕ]Õ#ND\GHWPHN#
LoLQ#2.#VHoHQH÷LQL#
WÕNODWÕQ1

ò $\DUODUÕQÕ]Õ#ND\GHWPHN#LoLQ#+3#SULQW#VHWWLQJV#ER[¶WD#2. ¶\L#WÕNODWÕQ1
ñ %DVNÕ\Õ#EDúODWPDN#LoLQ#\D]ÕOÕPÕQÕ]ÕQ#3ULQW#+%DVWÕU,#NXWXVXQGD#2.*\L#

WÕNODWÕQ1
+3ULQW#+%DVWÕU,#NXWXVXQXQ#J|U•QW•OHQPHVL#LoLQ#)LOH#+'RV\D,#YH#3ULQW#

+%DVWÕU,*Õ#WÕNODWPDQÕ]#JHUHELOLU1,

<D]ÕOÕP#
SURJUDPÕQGDNL#
+%DVWÕU,#NXWXVX

%DVWÕUPDN#LoLQ#

2.

øúWH#KHSVL#EX#NDGDU1#<D]ÕFÕ#LúL#ELWLULQFH\H#NDGDU#VD\IDODUÕ#ELUHU#ELUHU#
EDVDFDN#YH#EDVÕODQ#KHU#VD\ID\Õ#\D]ÕFÕQÕQ#d,.,ù#WHSVLVLQH#
J|QGHUHFHNWLU1

3ULQW

¶\L#WÕNODWÕQ1

#

<DUDUOÕ#øSXoODUÕ

'26¶WDQ#%DVNÕ

'26#SURJUDPODUÕQGDQ#
EDVNÕ#LoLQ#VD\ID 89¶\H#
JLGLQ1

.D÷ÕW#7•U•#6HoLPL

<D]ÕFÕQÕ]GD#+3#ND÷ÕW#
NXOODQÕ\RUVDQÕ]/#
+3#SULQW#VHWWLQJV#
ER[¶WD#ND÷ÕGÕQÕ]#LoLQ#
GR÷UX#W•U•#VHoLQ1

3ODLQ#3DSHU

❚

.D÷ÕW,#W•U•Q•#úXQODU#
LoLQ#VHoLQ=
‡+3#%ULJKW#:KLWH#

,QNMHW#3DSHU

‡+3#%DQQHU#3DSHU

+3#3UHPLXP#,QN-HW#

❚

3DSHU

LoLQ#VHoLQ=
‡+3#3UHPLXP#,QN-HW#

3DSHU

‡+3#*UHHWLQJ#&DUG#

3DSHU

‡+3#,URQ02Q#

706KLUW#7UDQVIHU

‡+3#3UHPLXP#,QN-HW#

+HDY\ZHLJKW#3DSHU

+3#'HOX[H#3KRWR#

❚

3DSHU

+3#'HOX[H#3KRWR#
3DSHU#LOH#
.RGDN#,PDJH#
(QKDQFHPHQWV#
WHNQRORMLVLQL#
NXOODQPDN#LoLQ#VHoLQ1

+3#3UHPLXP#3KRWR#

❚

3DSHU

3UHPLXP#3KRWR#
3DSHU#LoLQ#VHoLQ1

#+'•]#

#W•U•Q•#úXQODU#

#W•U•Q•/#

#W•U•Q•#+3#

%LOJLVD\DUÕQÕ]ÕQ#LúOHWLP#VLVWHPLQH#ED÷OÕ#RODUDN/#NXWXODUÕQÕ]#HO#

NLWDSODUÕQGD#J|VWHULOHQ#:LQGRZV#<8#NXWXODUÕQGDQ#IDUNOÕ#RODELOLU1

8

1H#<DSPDOÕ

%DVNÕ#6ÕUDVÕQGD

<D]ÕF Õ#ELOJLVD\DUGDQ#ELOJL#DOÕUNHQ#EDVNÕ\D#EDúODPDVÕ#ELUD]#V•UH#DOÕU1#
%DVNÕ\D#EDúODGÕNWDQ#VRQUD#ELOH#GDKD#ID]OD#ELOJL#DOPDN#LoLQ#DUDGD#VÕUDGD#
GXUDNVD\DELOLU1

dÕNWÕODU#OHNHOL#YH#
G•]J•Q#GH÷LO

<HQL #ELU#ND÷ÕW#W•U•#
NXOODQPDQÕ]#EX#VRUXQX#
\DUDWDELOLU1#(Q#L\L#ND÷ÕW#
VHoHQHNOHUL#LoLQ#VD\ID#
5*\H#EDNÕQ1#<RNV D/#
EDVNÕ#NDUWXúODUÕQÕ#
NRQWURO#HGLQ0NLUOL#\D#GD#
P•UHNNHSOHUL#ELWL\RU#
RODELOLU1#7HP L ] O H P H#\D#
GD#GH÷LúWLUPH#LúOHPOHUL#
NRQXVXQGD#ELOJL#LoLQ#+3#
7RROER[¶Õ#DoÕQ#
+VD\ID 44 ¶H#EDNÕQ,#YH#
WHPL]OHPH#ELOJLVL#LoLQ#

3ULQWHU#6HUYLFHV

VHNPHVLQL/#NDUWXú#
GH÷LúWLUPH#LúOHPOHUL#LoLQ#

+RZ#'R#,"

WÕNODWÕQ1

#

#VHNPHVLQL#

6ÕNÕúPÕú#ND÷ÕGÕ#
EXODPÕ\RUVXQX]

6ÕNÕúPD\D#QHGHQ#RODQ#
ND÷ÕGÕ#EXODPÕ\RUVDQÕ]/#
HWLNHW#WDEDNDVÕ#
\D]ÕFÕGDQ#JHoHUNHQ#
HWLNHWLQ#\DSÕúNDQÕQGDQ#
D\UÕOPÕú#ROXS#
ROPDGÕ÷ÕQD#EDNÕQ1

øúLQL]#ELWPHGHQ#|QFH#ND÷ÕW#ELWHUVH

<D]ÕF Õ#GDKD#ND÷ÕW#HNOHPHQL]#LVWHPLQGH#EXOXQXU1#*ø5øù#J|]•QH#ND÷ÕW#
NR\XQ#YH#\D]ÕFÕQÕQ#|Q#NÕVPÕQGD#\HU#DODQ#5HVXPH##+'HYDP,#
G•÷PHVLQH#EDVÕQ1#

<D]ÕFÕGD#ND÷ÕW#VÕNÕúÕUVD

<D]ÕF ÕGD#ND÷ÕW#VÕNÕúÕUVD/#JHQHOOLNOH#ND÷ÕGÕ#\D#*ø5øù#J|]•QGHQ#\D#GD#
d,.,ù#WHSVLVLQGHQ#oHNLS#GÕúDUÕ#oÕNDUDELOLUVLQL]1#6RQUD/#\D]ÕFÕQÕQ#|Q#
NÕVPÕQGD#\HU#DODQ#5HVXPH##+'HYDP,#G•÷PHVLQH#EDVÕQ1#<D ]ÕFÕ#NHQGL#
NHQGLQH#DoÕOÕS#NDSDQDFDNWÕU1#øúLQL]L#\HQLGHQ#\D]ÕFÕ\D#J|QGHUPHQL]#
JHUHNLU1

%D]HQ#ND÷ÕW#\D]ÕFÕQÕQ#DUND#NÕVPÕQGD#VÕNÕúÕU1#6ÕNÕúPÕú#ND÷ÕGD#
XODúDPD]VDQÕ]/#\D]ÕFÕQÕQ#DUNDVÕQGDNL#DUND#HULúLP#NDSD÷ÕQÕQ#•]HULQGHNL#
G•÷PH\L#427#NDGDU#WHUV#\|QGH#+VROD#GR÷UX,#oHYLULQ#YH#NDSD÷Õ#oÕNDUÕQ1

.LOLWOHPH

$oPD

$UND#HULúLP

NDSD÷ÕQÕ

oÕNDUÕQ1

<D]ÕF ÕGDQ #VÕNÕúPÕú#ND÷ÕGÕ#oÕNDUÕQ/#NDSD÷Õ#\HULQH#WDNÕQ/#G•÷PH\L#VD÷D#
GR÷UX#oHYLUHUHN#NDSD÷ÕQ#NLOLWOL#NRQXPD#JHOPHVLQL#VD÷OD\ÕQ1#<D]ÕFÕQÕQ#|Q#
NÕVPÕQGD#\HU#DODQ#5HVXPH##+'HYDP,#G•÷PHVLQH#EDVÕQ#YH#EDVNÕ#LúLQL#
\HQLGHQ#J|QGHULQ1

9

7URXEOHVKRRWLQJ#+6RUXQ#*LGHUPH,

%DVNÕ#VÕUDVÕQGD#ELU#VRUXQ#ROXUVD/#HNUDQGD#VRUXQXQ#QH#ROGX÷X#YH#QDVÕO#
JLGHULOPHVL#JHUHNWL÷LQL#EHOLUWHQ#ELU#LOHWL#J|U•O•U1

øOHWL#J|U•QW•OHQPH]/#IDNDW#VL]#\DQOÕú#ELU#úH\#ROGX÷XQX#IDUNHGHU#\D#GD#
EDVNÕ#oÕNWÕVÕQÕQ#J|U•Q•ú•Q•#EH÷HQPH]VHQL]/#+3#7RROER[¶WDNL#

7URXEOHVKRRWLQJ#VHNPHVLQL#WÕNODWÕQ#YH#HNUDQGDNL#\|QHUJHOHUL#L]OH\LQ1#
++3#7RROER[¶D#QDVÕO#JLGLOHFH÷L#NRQXVXQGD#VD\ID 44¶H#EDNÕQ1,

7URXEOHVKRRWLQJ

VHNPHVLQL#WÕNODWÕQ1

#

1H#<DSPDOÕ

+Lo#LOHWL#oÕNPÕ\RU

%LU#VRUXQ#ROPDVÕQD#
NDUúÕQ#HNUDQGD#ELU#LOHWL#
J|U•QW•OHQ0PH]VH#
EXQXQ#QHGHQL#LNL#\|QO•#
LOHWLúLPLQL]LQ#ROPDPDVÕ#
RODELOLU1#+'DKD#ID]OD#
ELOJL#LoLQ#EDNÕQÕ]=#
VD\ID 771,

<DUDUOÕ#øSXoODUÕ

:RUOG#:LGH#
:HE¶WH#+3

+3¶QLQ#:RUOG#:LGH#
:HE¶WHNL#

KWWS=22ZZZ1KS1FRP#

\D#GD#

KWWS=22ZZZ1KS1FRP2JR2
SHULSKHUDOV#

DGUHVLQGHQ#HQ#\HQL#

•U•Q#ELOJLVLQL/#VRUXQ#
JLGHUPH#\ROODUÕQÕ#
VD÷OD\DELOLU#YH#
J•QFHOOHúWLULOPLú#\D]ÕFÕ#
\D]ÕOÕPÕQÕ#
LQGLUHELOLUVLQL]1

85/#

:

Tiskov˝ software:

D·lkovÈ ovl·d·nÌ vaöÌ tisk·rny

AËkoli je na tisk·rnÏ nÏkolik tlaËÌtek, ovl·d·te ji ve skuteËnosti na d·lku
prost¯ednictvÌm vaöeho aplikaËnÌho software a tiskovÈho software, kter˝ m·te
nainstalov·n na svÈm poËÌtaËi.

NamÌsto tisknutÌ tlaËÌtek d·lkovÈho ovl·d·nÌ prov·dÌte svou volbu v r·meËcÌch
NastavenÌ tisku HP a N·stroje HP. (Ovöem stejnÏ jako ovladaË, i tyhle r·meËky se
nÏkdy tÏûko hledajÌ.)

ÿeknÏte tisk·rnÏ, co chcete

Tiskov˝ software

R·meËek NastavenÌ tisku HP

Jak ho nalÈzt: viz strana 9
K Ëemu ho m˘ûete pouûÌt: viz strana 10

N·stroje HP

Jak je nalÈzt: viz strana 11
K Ëemu je m˘ûete pouûÌt: viz strana 12

PodÌvejte se na
v˝sledek!

8

+3#3ULQW#6HWWLQJV#%R[=#%XO XQPDVÕ

%X#NXWXGD#ND÷ÕW#W•U•/#ER\XWX/#\ |Q• #YH#EDVNÕ#NDOLWHVL#JLE L#D\DUODUÕ#VHoHELOLUVLQL]1#
.XWXQXQ#EX OXQPDVÕ/#NXOO DQGÕ ÷ÕQÕ] #\ D ] ÕOÕP#S URJUDP Õ#YH#LúOHWLP#VLVWHPLQH#J|UH#GH÷LúLU1

%HOJHQL]LQ#'RV\D#+)LOH,#PHQ•V•QGH #DúD÷ÕGDNL#VWUD W H ML OH U L #X\JXOD U V D QÕ]#KHG HIH#
YDUDFD÷ÕQÕ]GDQ#NXúNXQX]#ROPDVÕQ1

ùXQX#'HQH\LQ

ó gQFH#'RV\D¶\Õ#+)LOH,#VRQUD#GD#

%DVWÕU¶Õ#+3ULQW,#WÕNODWÕQ1

ò 6RQUD#GD#úX#G•÷PHOHUGHQ#KDQJLVLQL#

J|U•UVHQL]#WÕNODWÕQ±g]HOOLNOHU#
+3URSHUWLHV,/#$\DUODU#+6HWXS,/#\D#GD#

<D]ÕFÕ#+3ULQWHU,1#>%X#QRNWDGD#
6HoHQHNOHU ¶LQ #+2SWLRQV,#WÕNODWÕOPDVÕ#

ELU#LúH#\DUDPD]1@

ñ .XWX#KDOD#J|U•QPHGL\VH/#$\DUODU#

+6HWXS,/#6HoHQHNOHU#+2SWLRQV,#\D#GD#
g]HOOLNOHU¶L#+3UR SHUWLHV,#WÕNODWÕQ1

«<D#GD#ùXQX#'HQH\ÕQ

File

New...
Open...
Close
Save
Save as...
Save All
Properties
Templates
Page Setup...
Print Preview

Print

Ctrl+N
Ctrl+O

Ctrl+S

Ctrl+P

Copies:

Collate Copies

OK

Cancel

Setup..
Fonts...

Options...

1

ó %DVWÕU#+3ULQW,#VHoHQH÷L#\RNVD/#<D]ÕFÕ#

$\DUODUÕ#+3ULQWHU#6HWXS,#\D#GD#%DVNÕ#
$\DUODUÕ¶QÕ#+3ULQW#6HWXS,#WÕNODWÕQ1

ò 6RQUD#GD#KDQJL#G•÷PH\L#J|U•UVHQL]#

WÕNODWÕQ±$\DUODU#+6HWXS,#\D#GD#
6HoHQHNOHU#+2SWLRQV,1

+HGHI H #
8ODúWÕQ Õ]$

File

New...
Open...
Close
Save
Save as...
Revert
Document setup...
Preferences...

Printer setup...

Print...

Ctrl+N
Ctrl+O
Ctrl+F4
Ctrl+S

Ctrl+P

OK

Cancel

Setup

# +3#3ULQW#6HWWLQJV#%R[#

KDNNÕQGD#GDKD#ID]OD#ELOJL#
LoLQ#o HYULP0 LoL#\DUGÕPD#
EDNÕQ1

<

+3#3ULQW#6HWWLQJV#%R[=#øúOH YOH UL

%ÕU#VHNPH\L#VRQUD#GD#ELU #D\ DUÕ#WÕNODWÕQ1

%LWPLú#LúLQL]L#HQ

L\L#GXUXPXQGD

J|VWHULQ1

#%HVW#+(Q#ø\L,#EDVNÕ

NDOLWHVLQL#WÕNODWÕQ1

8\JXQ#D\DUODUÕ

VHoLQ1

øú#LoLQ#GR÷UX#ND÷ÕW

ER\XWXQX#YH

W•U•Q•#VHoLQ1

3DUDQÕ]Õ#YH#D÷DoODUÕ#NRUX\XQ1

.D÷ÕGÕQ#KHU#LNL#\•]•QH#GH#EDVWÕUÕQ

+2ODVÕ#LVH1,

=DPDQGDQ#YH#
P•UHNNHSWHQ#
ND]DQÕQ1

(FRQR)DVW#SULQW#
TXDOLW\¶\L#+EDVNÕ#
NDOLWHVL,#VHoLQ1

=DPDQGDQ#YH#UHQNOL##
P•UHNNHSWHQ#ND]DQÕQ1

5HQNOL#EHOJHOHULQ#WDVODNODUÕQÕ#JUL#
WRQODUÕ\OD#EDVWÕUPDN#LoLQ
EXUD\Õ#WÕNODWÕQ1

1HW#EDVWÕUÕQ1

5HQNOL#YH#VL\DK#NDUWXúODUÕQÕ]Õ#
KL]DOD\ÕQ#YH#JHUHNWLNoH/#oHYULP0
LoL#WURXEOHVKRRWLQJ¶WH#DQODWÕOGÕ÷Õ#
JLEL#WHPL]OH\LQ1

$\D UODUÕQÕ]Õ#ND\GHWPHN#LoLQ#7DPDP*Õ#WÕNODWÕQ1

43

+3#7RROER[=#%XOXQPDVÕ

+3#7RROER[ /#EDVNÕ#\DSPD#YH#EDVNÕ#VRUXQODUÕQÕ#JLGHUPH#\ROODUÕQÕ#J|VWHULU1#+DWWD#EDVNÕ#
NDUWXúODUÕQÕ#KL]DODPDQÕ]D #YH#WHPL]OHPHQL]H#RODQDN#VD÷ODU1#$úD÷ÕGD/#KHU#
:LQGRZV#VLVWHPL#LoLQ#+3#7RROER[¶ÕQ#EXOXQDELOHFH÷L#\HUOHU#DoÕNODQPÕúWÕU1

:LQGRZV#<8/#:LQGRZV#<;#YH#:LQGRZV#17#713

+3#7RROER[ #NÕVD\ROX

VLPJHVLQL#oLIW#WÕNODWÕQ1

%X#NÕVD\RO

PDVD•VW•QGHGLU1

+3#7RROER[ #VLPJHVLQL

oÕNDUGÕ\VDQÕ]/#%DúODW*Õ

WÕNODWÕQ/#3URJUDPODU*Õ

VHoLQ/#+3#'HVN-HW

8WLOLWLHV*L#++L]PHW

3URJUDPODUÕ,#VHoLQ#YH

+3#'HVN-HW#:43&

7RROER[*Õ#WÕNODWÕQ1

#+3#7RROER[

G•÷PHVLQL

WÕNODWÕQ1%X#G•÷PH

+3#7RROER[#DoÕNNHQ

YH#EDVNÕ#\DSDUNHQ

HNUDQÕQ#DOWÕQGDNL

*|UHY#oXEX÷X

•]HULQGH#EHOLULU1

:LQGRZV#614

+3#7RROER[¶Õ

NDSDWÕUVDQÕ]/#EDVNÕ

\DSWÕ÷ÕQÕ]#]DPDQ#\HQLGHQ

EHOLULU1#+3#7RROER[¶Õ

D\UÕFD#3URJUDP

<|QHWLFLVL¶QGHNL

+3URJUDP#0DQDJHU,

+3#'HVN-HW#<DUG ÕPFÕ

+L]PHW#+3#'HVN-HW

8WLOLWLHV#JUXEXQGDQ#oLIW

WÕNODWDELOLUVLQL]1

[

+3#7RROER[#
VLPJHVLQL#oLIW#
WÕNODWÕQ1#%LOJLVD\DUÕ#
EDúODWWÕ÷ÕQÕ]GD#
PDVD•VW•QGH#\HU#
DOÕU1

44

+3#7RROER[=#øúOHYOH UL

7URXEOHVKRRWLQJ

6RUXQODU#oÕNWÕ÷ÕQGD#o|]•P#\ROXQX#EXOXQ1

+'DKD#ID]OD#ELOJL#LoLQ#VD\ID 73¶D#EDNÕQ1,

+RZ#'R#,"

øVWHGL÷LQL]L#EDVWÕUPDN#LoLQ#DGÕPODUÕ#L]OH\LQ1

3ULQWHU#6HUYLFHV

<D]ÕFÕQÕ]Õ#KHU#DQ#oDOÕúPD\D#KD]ÕU#
GXUXPGD#NRUX\XQ1

45

%|O•P

5

øOHUL#'•]H\GH#
øúOHYOHU

HPHO#EDVNÕ#LúOHPOHULQL#WDPDPODGÕNWDQ#VRQUD/#

)DUNOÕ#.D÷ÕW#
%R\XWODUÕQD#

%DVNÕ

.D÷ÕGÕQ#+HU#øNL#

<•]•QH#%DVNÕ

%HOJHQLQ#

dHYULOPHVL

5HQN#+DNNÕQGD

7

\DSDELOHFH÷LQL#YH#\D]ÕFÕQÕ]ÕQ#W•P#|]HOOLNOHULQGHQ#

QDVÕO#\DUDUODQDELOHFH÷LQL]L#|÷UHQPH\H#KD]ÕUVÕQÕ]1

úLPGL#\D]ÕFÕQÕ]ÕQ#VL]LQ#LoLQ#QHOHU#

5HVLPOHU#

+DNNÕQGD

0HWLQ#+DNNÕQGD

.D÷ÕW#<RO#

*|VWHULFLOHUL

gQEDVNÕOÕ#ND÷ÕW

øQNMHW#\D]ÕFÕODU#LoLQ#
WDVDUODQPÕú#|QEDVNÕOÕ#
oHNOHU#\D#GD#Lú#IRUPODUÕ#
+IDWXUD#YH#UDSRU#JLEL,#
VDWÕQ#DODELOLUVLQL]1#%X#
IRUPODUD#EDVWÕUGÕ÷ÕQÕ]#
]DPDQ#EDVNÕOÕ#\•]•Q#
DúD÷Õ\D#JHOHFH÷LQL#YH#
\D]ÕFÕ\D#VD\IDQÕQ#•VW#
WDUDIÕQÕQ#|QFH#JLUHFH÷LQL#
XQXWPD\ÕQ1

.HQGL#Lú#IRUPODUÕQÕ]ÕQ#
\DUDWÕOPDVÕ

h]HULQGH#NHQGL#
DPEOHPLQL]/#DGÕQÕ]#YH#
DGUHVLQL]LQ#ROGX÷X#|]HO#
Lú#IRUPODUÕQÕ]Õ#\D#GD#
NDUWYL]LWOHULQL]L#
\DUDWDELOLU#YH#JHUHNWLNoH#
EDVWÕUDELOLUVLQL]1#<D]ÕOÕ P#
SURJUDPODUÕ#JHQHOOLNOH#
IRUPODUÕ#WDVDUODPDQÕ]D#
\DUGÕPFÕ#RODELOHFHN#
úDEORQODU#VD÷ODUODU1

)DUNOÕ#.D÷ÕW#%R\XWODUÕQD#%DVNÕ

3ODLQ#SDSHU#+G•]#ND÷ÕW,/#NDUWODU/#HWLNHWOHU#YH#]DUIODUD#EDVNÕ#
\DSWÕ÷ÕQÕ]GD#oR÷X#NH]#+3#SULQW#VHWWLQJV#ER[*ÕQ#++3#EDVNÕ #
D\DUODUÕ#NXWXVX,#6HWXS#+$\DUODU,#VHNPHVLQGHNL#3DSHU#6L]H#
+.D÷ÕW#%R\XWX,#NXWXVXQGD#EX OXQD Q#VWDQG DUW#ER\XWODUGDQ#ELULQL#
VHoHUVLQL]1#)DNDW/#OL VWHGHNL#ER\XW OD UOD#VÕ QÕUOÕ#G H ÷LOVLQL] 1#6DGHFH#
ND÷ÕW#E•\•NO•÷• Q•Q#DúD÷ÕGD#EHOLUWLOHQ#ER\XWODU#DUDOÕ÷ÕQGD#
ROPDVÕQD#G LNNDW#HGLQ#+\RNVD#\D]ÕFÕ#VLOLQGLUOH U L #ND÷ÕGÕ#DODPD],=

::#PP#0#548#PP

(Q=#

#::#PP#0#689#PP

%R\=

6RQUD#GD#úX#DGÕPODUÕ#L]OH\LQ=

ó +3#SULQW#VHWWLQJV#LOHWLúLP#NXWXVXQGD/#6HWXS#VHNPHVLQL#WÕNODWÕQ/#

3DSHU#6L]H#OLVWHVLQGHQ#&XVWRP¶Õ#VHoLQ1#++3#SULQW#VHWWLQJV#ER[¶D#

QDVÕO#JLGLOHFH÷L#NRQXVXQGD#VD\ID <¶D#EDNÕQ1,

&XVWRP

¶Õ#

VHoLQ1

47

ò &XVWRP#3DSHU#6L]H

#NXWXVXQD#ND÷ÕW#ER\XWODUÕQÕ#\D]ÕQ#YH#2.¶\L#

WÕNODWÕQ1

.D÷ÕGÕ#\D]ÕFÕ\D#\•NOH\LQ#YH#QRUPDO#ND÷ÕW#ER\XWX#NXOODQGÕ÷ÕQÕ]GD#

ñ

\DSWÕ÷ÕQÕ]#JLEL#EDVWÕUÕQ1
.•o•N#ER\XWOX#ND÷ÕWODU#LoLQ/#VD\ID 5;¶GH#DQODWÕOGÕ÷Õ#JLEL#ND÷ÕGÕ#

ER\ODPDVÕQD#VÕNÕFD#WXWPDVÕ#LoLQ#ND\DQ#N•o•N#\HúLO#D\DUOD\ÕFÕ\Õ#
GDKD#LOHUL#LWPHQL]#JHUHNHELOLU1

%DVNÕ¶GDQ# VRQUD

3DSHU#6L]H

¶Õ#\HQLGHQ#

#\D#GD#$7¶H#\D#GD#ELU#VRQUD#NXOODQDFD÷ÕQÕ]#

/HWWHU

ND÷ÕW#ER\XWXQD#JHWLULQ1

.D÷ÕW#<RO#

*|VWHULFLOHUL

%LoLPLQ#
GH÷LúWLULOPHVL

%DVNÕQÕQ#G•]#ND÷ÕGD#
\DSÕOPDVÕQD#NDUúÕQ/#
ND÷ÕGÕQ#|\OH#
EÕUDNÕOPDVÕ#LoLQ#ELU#
QHGHQ#\RNWXU1#%LU#
RULJDPL#NLWDEÕ#VDWÕQ#
DODUDN#EDVNÕOÕ#
ND÷ÕGÕQÕ]Õ#
úHNLOOHQGLUPH\L#
|÷UHQHELOLUVLQL]1#<D#GD#
NDUW#GHVWHVLQH#N•o•N#
V•VOHU/#G•÷PHOHU#\D#GD#
NXUX#oLoHNOHU#
\DSÕúWÕUDUDN#EDVNÕQÕ]Õ#
úHNLOOHQGLUHELOLUVLQL]1

48

.D÷ÕW#<RO#

*|VWHULFLOHUL

.D÷ÕGÕQ#+HU#øNL#<•]•QH#%DVNÕ

.D÷ÕW#WDVDUUXIXQXQ#HQ#NROD\#\R OX#N D ÷ÕGÕQ#KHU#LNL#\•]•QH#
EDVWÕUPDNWÕU1#<DSDFD÷ÕQÕ]#WHN#úH\#ND÷ÕGÕ#\D]ÕFÕGDQ#LNL#NH]#
JHoLUPHNWLU=#øNL#\•]H#EDVNÕ#VHoHQH÷LQL#VHoLS#HNUDQGDNL#
\|QHUJHOHUL#L]OH \ L Q 1

$UND#WDUDIÕQÕ#
J|VWHUPH\HQ#ND÷ÕW

%LU#\•]H#EDVÕOPÕú#UHVLP#
YH#PHWQL#GL÷HU#\•]H#
J|VWHUPH\HQ#KHUKDQJL#
ELU#ND÷ÕW#VHoLQ1#*UDPDMÕ#
<3#JVP##\D#GD#GDKD#
ID]OD#ND÷ÕW#|UQHNOHUL#
WRSOD\ÕQ#YH#
VD\GDPVÕ]OÕNODUÕQGDQ#
HPLQ#ROPDN#LoLQ#
GHQH\LQ1

1H#<DSPDOÕ

$UND#\•]#E|\OH#EDVÕOGÕ=

ó .D÷ÕWODUÕ#*ø5øù#J|]•QH#NR\XQ1

d,.,ù#WHSVLVLQGH#KLo#ND÷ÕW#ROPDGÕ÷ÕQGDQ#HPLQ#ROXQ1

ò +3#SULQW#VHWWLQJV#ER[¶WD#)HDWXUHV#VHNPHVLQL#WÕNODWÕQ1#++3#SULQW#

VHWWLQJV#ER[¶D#QDVÕO#JLGLOHFH÷L#NRQXVXQGD#VD\ID <¶D#EDNÕQ1,

ñ 6RQUD#GD#%RRN#\D#GD#7DEOHW ¶L#WÕNODWÕQ1

)HDWXUHV#+g]HOOLNOHU,

VHNPHVLQL#WÕNODWÕQ1

.D÷ÕWODUÕQ#VRO#WDUDIWDQ#
ED÷ODQDELOPHOHUL#LoLQ#

%RRN

¶X#VHoLQ1

.D÷ÕWODUÕQ#•VWWHQ#
ED÷ODQDELOPHOHUL#LoLQ#

7DEOHW¶

L#VHoLQ1

#

❚

+3#SULQW#VHWWLQJV#

%RRN

ER[¶WD#

7DEOHW

RODELOLUVLQL]1#+61#DGÕPD#
EDNÕQ1,

❚

gQ#\•]•QH#
EDVÕOGÕNWDQ#VRQUD#
ND÷ÕGÕ#G|QG•UPH\L#
XQXWPXú#RODELOLUVLQL]1#
(NUDQGDNL#\|QHUJHOHUL#
GLNNDWOH#L]OH\HUHN#
EHOJH\L#\HQLGHQ#
EDVWÕUÕQ1

#\HULQH#

¶L#VHoPLú#

49

ð %HOJHQL]L#EDVWÕUÕQ1

<D]ÕFÕ#RWRPDWLN#RODUDN#WHN#VD\ÕOÕ#VD\IDODUÕ#EDVDU1#'DKD#VRQUD#\D]ÕFÕ/#
ELOJLVD\DU#HNUDQÕQGD/#QDVÕO#ND÷ÕW#\•NOH\HFH÷LQL]L#ELOGLUHQ#ELU#LOHWL#
J|U•QW•OHU1

%DVÕODQ#ND÷ÕWODUÕ#\HQLGHQ#\D]ÕFÕQÕQ#*ø5øù#J|]•QH#NR\XQ1

ï

$úD÷ÕGDNL#oL]LPOHU/#ND÷ÕGÕQ#

%RRN

#YH#

#VHoHQHNOHUL#LoLQ#

7DEOHW

\D]ÕFÕ\D#QDVÕO#JHUL#NRQXODFD÷ÕQÕ#J|VWHUPHNWHGLU1

%RRN#VHoHQH÷L

gQFH#WHN#VD\ÕOÕ#VD\IDODU#EDVÕOÕU1

7DEOHW#VHoHQH÷L

gQFH#WHN#VD\ÕOÕ#VD\IDODU#EDVÕOÕU1

dLIW#VD\ÕOÕ#VD\IDODUÕ#EDVWÕUPDN#LoLQ#ND÷ÕGÕ
\HQLGHQ#\•NOH\LQ1

dLIW#VD\ÕOÕ#VD\IDODUÕ#EDVWÕUPDN#LoLQ#ND÷ÕGÕ#
\HQLGHQ#\•NOH\LQ1

<D]ÕFÕ/#oLIW#VD\ÕODUÕ#WHN#VD\ÕOÕ#VD\IDODUÕQ#DUND#\•]•QH#EDVDU1

.D÷ÕGÕ#KD]ÕUODGÕNWDQ#VRQUD#d,.,ù#WHSVLVLQL#\HQLGHQ#DúD÷Õ\D#oHYLULQ#

î

YH#LOHWL#NXWXVXQGDNL#

&RQWLQXH

#+'HYDP,#G•÷PHVLQL#WÕNODWÕQ1

<D]ÕFÕ/#oLIW#VD\ÕODUÕ#WHN#VD\ÕOÕ#VD\IDODUÕQ#DUND#\•]•QH#EDVDU1

%DVNÕ¶GDQ# VRQUD

7ZR 06LGHG#3ULQWLQJ

#VHoHQH÷LQL#\HQLGHQ#

VHoHQH÷LQH#JHWLULQ1

1RQH#

1H#<DSPDOÕ

+HU#LNL#VD\ID#GD#
ND÷ÕGÕQ#ELU#\•]•QH#
EDVÕOGÕ

.D÷ÕGÕ#\D]ÕFÕ\D#
\HQLGHQ#
\HUOHúWLUGL÷LQL]GH/#
ND÷ÕGÕQ#EDVÕODFDN#
\•]•Q•#DúD÷Õ#
NR\PXúVXQX]1#
(NUDQGDNL#\|QHUJHOHUH#
L\LFH#GLNNDW#HGHUHN#
EHOJHQL]L#\HQLGHQ#
EDVWÕUÕQ1

0•UHNNHS#EXODúWÕ

0•UHNNHS#WDPDPÕ\OD#
NXUXPDPÕú#RODELOLU/#R#
QHGHQOH#DUND#\•]H#
EDVWÕUPDGDQ#|QFH#ELUD]#
GDKD#EHNOH\LQ1#%DVNÕ#
NDOLWHVLQL#D]DOWDUDN#
NXUXPD#V•UHVLQL#
NÕVDOWDELOLUVLQL]>#
|UQH÷LQ/#+3#SULQW#
VHWWLQJV#ER[¶WDNL#6HWXS#
VHNPHVLQGH#1RUPDO#
¶GHQ#(FRQR)DVW#EDVNÕ#
NDOLWHVLQH#GH÷LúWLULQ1

4:

<DUDUOÕ#øSXoODUÕ

%HOJH#QLoLQ#
oHYULOPHOL"

%LU#EHOJH\L/#•W•\OH#
oÕNDUWPD#LúOHPLQL#
\DSWÕ÷ÕQÕ]#]DPDQ#
oHYLUPHN#LVWH\HELOLUVLQL]#
+VD\ID 6<¶D#EDNÕQ,>#
oÕNDUWPD#\DSWÕ÷ÕQÕ]#
J|U•QW•#NXPDúD#

•W•OHQGL÷LQGH#DVÕO#
\|Q•QH#JHUL#oHYULOLU1

$VHWDW#•]HULQH#
EDVWÕUPDGDQ#|QFH#ELU#
EHOJH\L#oHYLUPHN#
LVWH\HELOLUVLQL]>#E|\OHFH#
DVHWDWÕQ#DUNDVÕQD#QRWODU#
DODELOLU#YH#GDKD#VRQUD#
DVHWDWÕ#oL]PHGHQ#
EXQODUÕ#
WHPL]OH\HELOLUVLQL]1

%HOJHQLQ#dHYULOPHVL

dHYULOPLú#ELU#EHOJH\L#ED VWÕUG Õ÷ÕQÕ] #]DPD Q /#ELOJLVD\DU#HNUDQÕQGD#
J|U•OHQ#PHWLQ#YH#UHVLPOHU#HQOHPHVLQH#oHYULOPLú#+WHUV #
J|U•Q•PO•,#RODUDN#oÕNDU1#

dHYULOPLú#EHOJH$VÕO

ó .D÷ÕWODUÕ#*ø5øù#J|]•QH#NR\XQ1

$VHWDWD#EDVNÕ#\DSÕ\RUVDQÕ]#VD\ID 64¶H#EDNÕQ1#hW•\OH#oÕNDUWPD#

•]HULQH#EDVNÕ#\DSÕ\RUVDQÕ]#VD\ID 6<¶D#EDNÕQ1#

ò +3#SULQW#VHWWLQJV#ER[¶WD#)HDWXUHV#VHNPHVLQL#YH#VRQUD#GD#)OLS#

+RUL]RQWDO¶Õ#WÕNODWÕQ1#++3#SULQW#VHWWLQJV#ER[¶D#QDVÕO#JLGLOHFH÷L#

NRQXVXQGD#VD\ID <¶D#EDNÕQ1,

øúÕNWDQ#GDKD#XFX]

<D]ÕFÕQÕ]ÕQ#DoÕN#ROGX÷X#
]DPDQ#oR÷X#DPSXOGHQ#
GDKD#D]±EDVÕ\RUNHQ#
VDGHFH#45#YDW±#HQHUML#
NXOODQGÕ÷ÕQÕ#ELOL\RU#
PX\GXQX]1

4;

)OLS#+RUL]RQWDO#

WÕNODWÕQ1

¶Õ#

ñ %HOJHQL]L#EDVWÕUÕQ1

0HWLQ#YH#UHVLPOHU#WHUV#oHYULOPLúWLU1#dÕNWÕ\Õ#D\QD\D#WXWDUDN#•U•Q•Q#HQ#
VRQ#úHNOLQLQ#J|U•Q•ú•#KDNNÕQGD#ILNLU#HGLQHELOLUVLQL]1

%DVNÕ¶GDQ# VRQUD

■ 6HoLPL#VLOPHN#LoLQ#)OLS#+RUL]RQWDO#NXWXVXQX#\HQLGHQ#WÕNODWÕQ1

■ $VHWDW#\D#GD#•W•\OH#oÕNDUWPD#ND÷ÕGÕ#NXOODQGÕ\VDQÕ]#*ø5øù#J|]•QGHQ#

oÕNDUÕS#\HULQH#G•]#ND÷ÕW#\D#GD#ELU#VRQUD#NXOODQDFD÷ÕQÕ]#ND÷ÕGÕ#
\HUOHúWLULQ1#

5HQN#+DNNÕQGD

%HOJHOHULQL]L#GDKD#QHW#YH#J|U•Q•P#DoÕVÕQGDQ#GDKD#LOJLQo #
\DSPDQÕQ#HQ#NROD\#\ROX#UHQNOL#EDVWÕUPDNWÕU1#<D]ÕFÕ/#PHWLQ#YH#
UHVLPOHULQ#+KDWWD#IRWR÷UDIODUÕQ,#HNUDQGDNL#UHQNOHULQH#X\PDVÕ#LoLQ#
LNL#EDVNÕ#NDUWXúXQGD#G|UW#UHQJL #E LUOHúWLULU=#6L\DK/#GHQL]#PDYLVL/#
VDUÕ#YH#NR\X#NÕUPÕ]Õ1

'HQL]#PDYLVL .R\X#.ÕUPÕ]Õ 6DUÕ 6L\DK

5HQJLQ#.DSDWÕOPDVÕ

%HOJHOHULQL]GH#\DUDWWÕ÷ÕQÕ]#UHQNOL#PHWLQ#YH#UHVLPOHU#RWRPDWLN#RODUDN#
UHQNOL#EDVÕOÕU1#=DPDQGDQ#YH#P•UHNNHSWHQ#ND]DQPDN#LVWHUVHQL]#\D#GD#
VL\DK0EH\D]#IRWRNRSL#\DSDFDNVDQÕ]/#UHQNOL#EHOJHOHULQL]LQ#WDVODNODUÕQÕ#JUL#
WRQODPD#LOH#EDVWÕUDELOLUVLQL]1

+3#SULQW#VHWWLQJV#ER[¶WD/#|QFH#

■

*UD\VFDOH

#VHoHQH÷LQL#WÕNODWÕQ1

5HQNOL#EHOJHOHULQL]/#D\DU#GH÷LúWLULOLQFH\H#NDGDU#JUL#WRQODUÕ\OD#
EDVÕODFDNWÕU1

.XVXUVX]#NDOLWHGH#VL\DK#EH\D]#EHOJHOHU#LVWHGL÷LQL]GH#JUD\VFDOH#+JUL#
WRQODPD,#D\DUÕQGD#

%HVW#+(Q#ø\L,

PRGODUGD#\D]ÕFÕ#ELUD]#UHQNOL#P•UHNNHS#NXOODQDFDNWÕU

#VHNPHVLQL#VRQUD#GD#

&RORU

%X#NXWXGD#³✔´#UHQJLQ#NDSDWÕOGÕ÷Õ#
DQODPÕQD#JHOLU1

#\D#GD#

1RUPDO

#PRGXQX#NXOODQÕQ1#%X#

3ULQW#LQ#

1H#<DSPDOÕ

%DVÕODQ#UHQNOHU#
HNUDQ#UHQNOHUL\OH#
X\XúPX\RU

5HQJLQ#HNUDQGD#
\DUDWÕOPDVÕ#+ÕúÕNOD,#YH#
\D]ÕFÕGD#\DUDWÕOPDVÕ#
+ER\DODU#YH#UHQN#
PDGGHOHUL#LOH,#IDUNOÕOÕ÷Õ#
QHGHQL\OH#KDILI#ELU#
X\XúPD]OÕN#RODELOLU1

5HQNOHU#JHUHNWL÷L#
NDGDU#FDQOÕ#GH÷LO

.D÷ÕGÕQ#\DQOÕú#\•]•QH#
EDVWÕUÕ\RU#RODELOLUVLQL]1#
(÷HU#ND÷ÕGÕ#oHYLUPHN#
ELU#LúH#\DUDPD]VD/#
EDVNÕ#NDOLWHVLQL#%HVW¶H#
GH÷LúWLULQ1#g]HO#ND÷ÕW#
NXOODQÕ\RUVDQÕ]/#3DSHU#
7\S H #D\DUÕQÕ#ND÷ÕGD#
X\DFDN#úHNLOGH#
GH÷LúWLULQ1#+VD\ID 8¶H#
EDNÕQ1,

4<

<DUDUOÕ#øSXoODUÕ

5HQJLQ#$\DUODQPDVÕ

+HU#|]HOOL÷L#WDP#ELU#NDPHUD#JLEL#\D]ÕFÕQÕ]/#HQ#L\L#NDOLWHGH#UHQNOL#EDVNÕ#
VD÷OD\DFDN#D\DUODPDODUÕ#RWRPDWLN#RODUDN#\DSPDN#LoLQ#+3¶QLQ#
&RORU6PDUW#,,#WHNQRORMLVLQL#NXOODQÕU#YH#³RWR#RGDNODPD´#\DSDELOLU1#)DNDW#
LVWHGL÷LQL]#HWNLOHUL#\DUDWPDN#LoLQ#D\DUODUÕ#NHQGLQL]#GH#\DSDELOLUVLQL]=

&RORU6PDUW#,,#
WHNQRORMLVL

<D]ÕFÕQÕ]#|]HOOLNOH#UHQN#
EDVPD#NRQXVXQGD#
XVWDGÕU1#+%X#QHGHQOH#+3#
EX#WHNQRORML\L#
&RORU6PDUW#,,#+5HQN#
8VWDVÕ,#RODUDN#
DGODQGÕUPÕúWÕU$,#%LU#
EHOJH\L#UHQNOL#
EDVWÕUGÕ÷ÕQÕ]GD/#\D]ÕFÕ#
EHOJHGHNL#KHU#XQVXUX±
PHWLQ/#WDP#UHQNOL#
IRWR÷UDIODU#YH#JUDILNOHU#
+|UQH÷LQ/#G•]#UHQN#
EORNODUÕ#LOH#GDLUH#
oL]HOJHOHU,±LúDUHWOHU#YH#
KHU#ELULQL#±KDWWD#øQWHUQHW#

•]HULQGHQ#EDVÕODQODUÕ#
ELOH±HQ#FDQOÕ#UHQNOHUL\OH#
VXQDU1#%LU#IRWRNRSL#
G•NNDQÕQGD#UHQNOL#
NRS\DODU#\DSWÕUPD\D#
J|UH#GDKD#XFX]D#
\•NVHN#NDOLWHOL#UHQNOHU#
HOGH#HGHUVLQL]1

ó +3#SULQW#VHWWLQJV#+EDVNÕ#D\DUODUÕ,#LOHWLúLP#NXWXVXQGD#&RORU#+5HQN,#

VHNPHVLQL#WÕNODWÕQ/#VRQUD#GD#0DQ XDO*Õ#+(OOH,#WÕNODWÕQ1#'DKD#VRQUD#
2SWLRQV*Õ#+6HoHQHNOHU,#WÕNODWÕQ1

5HQN#
VHoHQHNOHULQL]LQ#
J|U•QW•OHQPHVL#
LoLQ#WÕNODWÕQ1

ò #,QWHQVLW\#+<R÷XQOXN,#\D#GD#+DOIWRQLQJ#+<DUÕP #7RQODPD,#D\DUODUÕQÕ#

GH÷LúWLULQ1

%X#D\DUODU#KDNNÕQGD#GDKD#ID]OD#ELOJL#LoLQ#+HOS¶L#WÕNODWÕQ1

53

5HVLPOHU#+DNNÕQGD

1

5HVLP/#JUDILN/#YH#VDQDW/#EHOJHOHULQL]GH#PHWL Q #ROPD\DQ#+|UQH÷LQ/#
oL]HOJH/#oL]LP/#GHNRUDWLI#XQVXUODU#YH#IRWR÷UDI#JLEL,#XQVXUODUÕ#
EHOLUWPHN#Lo L Q #NXOODQÕODQ#JHQHO#WHULPOHUGLU1

<DUDUOÕ#øSXoODUÕ

00,000

80,000

60,000

40,000

20,000

0

1992 1994 1996 2000

dL]LPOHUdL]HOJH#YH#

'HNRUDWLI#XQVXUODU )RWR÷UDIODU

JUDILNOHU

%DVWÕUPDN#LVWHGL÷LQL]#ELU#EHOJH\H#ELU#UHVLP#NR\PDN#LoLQ#|QFH#UHVPL#
HOHNWURQLN#ELoLPH#+ELOJLVD\DU#GRV\DVÕ,#VRNPDQÕ]#JHUHNLU1#2QGDQ#VRQUD#
RQX#EHOJH\H#NRS\DODPDN#EDVLWWLU±NXOODQGÕ÷ÕQÕ]#\D]ÕOÕP#SURJUDPÕQÕQ#
NXOODQÕFÕ#NÕODYX]XQGD#EXQXQ#QDVÕO#\DSÕODFD÷Õ#DQODWÕOPÕúWÕU1#5HVLPOHUL#
HOHNWURQLN#ELoLPH#VRNPDQÕQ#ED]Õ#\ROODUÕ#DúD÷ÕGD#EHOLUWLOPLúWLU1#

%LU#\D]ÕOÕP#SURJUDPÕQGDNL#DUDoODUÕ#NXOODQDUDN#UHVLPOHUL#NHQGLQL]#oL]LQ1

■

+D]ÕU#NOLS#UHVLPOHU#NXOODQÕQ±EXQX#øQWHUQHW#YH#NHQGL#\D]ÕOÕP#

■

SURJUDPÕQÕ]#GD#LoLQGH#ROPDN#•]HUH#oHúLWOL#ND\QDNODUGDQ#
VD÷OD\DELOLUVLQL]1#'H÷LúLN#G•ú•QFHOHU#LoLQ#³5HVLP#PL#JHUHNOL"´#
DoÕNODPDODUÕQD#EDNÕQ1

5HVLP#PL#JHUHNOL"

%LOJLVD\DU#GHUJLOHULQGH#
NOLS#VDQDWÕ#VDWDQ#úLUNHW#
DGODUÕQÕ#DUD\ÕQ1##%X#
úLUNHWOHU#VL]H#JHQLú#
NDSVDPOÕ#VHoHQHNOHULQL#
J|VWHUHQ#WDP#UHQNOL#
UHVLPOHU#
J|QGHUPHNWHQ#PXWOXOXN#
GX\DFDNODUGÕU1#
.LWDSoÕODUÕQ#VDQDW#
E|O•POHULQGH#WHOLI#KDNNÕ#
ROPD\DQ#UHVLP#
NLWDSODUÕQD#J|]#DWÕQ1

%LU#IRWR÷UDIÕQ#DVOÕQÕQ#
VDKLEL#úLUNHW#\D#GD#
NLúLQLQ#L]QL#ROPDGDQ#
IRWR÷UDIÕ#NRS\DODPDQÕQ#
NDQXQD#D\NÕUÕ#ROGX÷XQX#
XQXWPD\ÕQ1

5HVLPOHUL#NHQGLQL]#WDUD\ÕQ1#.HQGL#WDUD\ÕFÕQÕ]Õ#NXOODQÕQ#\D#GD#

■

UHVLPOHULQL]L#ELU#DUD\D#WRSOD\ÕQ#YH#\HUHO#ELU#IRWRNRSLFLGHQ#ELU#WDUD\ÕFÕ#
NLUDOD\ÕQ1

54

1H#<DSPDOÕ

5HVLPOHULQ#EDVÕOPDVÕ#
XPGX÷XQX]GDQ#GDKD#
X]XQ#V•U•\RU

6DEÕUOÕ#ROXQ1#
.DUPDúÕNOÕNODUÕ#
QHGHQL\OH#UHVLPOHULQ/#
|]HOOLNOH#UHQNOL#
IRWR÷UDIODUÕQ/#EDVÕOPDVÕ#
X]XQ#]DPDQ#DODELOLU1

7DVOD N #EDVWÕUÕ\RUVDQÕ]/#
NDOLWHQLQ#HQ#L\LVL#
ROPDPDVÕQD#NDUúÕQ#

(FRQR)DVW

NDOLWHVL#NXOODQDUDN#
+\|QHUJHOHU#

VD\ID 43¶GD,#EDVNÕ\Õ#
KÕ]ODQGÕUDELOLUVLQL]1#<D#
GD#UHQJL#WDPDPÕ\OD#
NDSDWÕS#KÕ]OÕ#YH#XFX]#
VL\DK0EH\D]#WDVODN#
EDVWÕUDELOLUVLQL]1

#EDVNÕ#

■ )RWR÷UDIODUÕQÕ]Õ#\HUHO#IRWR÷UDIoÕQÕ]D#WDUDWÕQ1#$]#ELU#•FUHWOH#ELU#ILOPGHNL#

UHVLPOHUL#&'0520¶D#NR\GXUDELOLUVLQL]1#)RWR÷UDIoÕQÕ]GDQ#&'¶\H#
UHVLPOHULQL]OH#ELUOLNWH#&'#LQFHOHPH#X\JXODPDVÕ#NR\PDVÕQÕ#LVWHPH\L#
XQXWPD\ÕQ1

■ 6D\ÕVDO#+GLJLWDO,#UHVLP#oHNLQ1#6D\ÕVDO#NDPHUD/#ILOPL#WDPDPÕ\OD#DWODU#YH#

UHVPL#ELU#ELOJLVD\DU#GRV\DVÕ#\DSDU1#.DPHUD\Õ#NLUDODPDN#LoLQ#WDP#
GRQDQÕPOÕ#ELU#IRWRNRSLFL\L#\D#GD#NDPHUD#PDO]HPHOHUL#VDWÕFÕVÕQÕ#
DUD\ÕQ1

5HVLPOHU#WDUDQGÕNODUÕ#
DVÕO#NDGDU#QHW#
J|U•QP•\RU

5HVLP/#LQo#EDúÕQD#
\D]ÕFÕQÕ]ÕQ#
EDVDELOHFH÷LQGHQ#GDKD#
\•NVHN#VD\ÕGD#QRNWDGD#
+GSL,#WDUDQPÕúWÕU1#(Q#L\L#
VRQXoODUÕ#HOGH#
HGHELOPHN#LoLQ/#
IRWR÷UDIODUÕ#483#\D#GD#
633#GSL¶GH#WDUD\ÕQ1#
'DKD#\•NVHN#GSL¶GH#
WDUDUVDQÕ]/#EDVNÕ#NDOLWHVL#
\•NVHOPH]#YH#UHVLPOHULQ#
EDVÕOPDVÕ#GDKD#X]XQ#
V•UHU1

55

0HWLQ#+DNNÕQGD

6D\IDGD#V|]F•NOHULQ#E H OOL #ELU#ELoLPGH#J|U•Q•úOHULQ LQ#QHGHQL/#
\D]ÕOÕP#SURJUDPÕQÕ ]GD#PHWQL#\D]DUNHQ#NXOODQGÕ÷ÕQÕ]#
\D]ÕWLSOHULGLU1#<D]ÕWLSOHUL/#NHQGLOHULQ H#|] J• #ELU#oL]LP#YH#
J|U•Q•POHUL#RODQ#NDUDNWHU#GL]LOHULG LU1#+%•\•N#YH#N•o• N#KDUIOHU/#
QXPDUDODU#YH#QRNWDODPD#L úDUHWOHUL1,#+HU#\D]ÕW LS L Q L Q #ELU#DGÕ#
YDUGÕU>#|UQH÷LQ/#7LPHV#1HZ#5RPDQ#\D#GD#&UHHS\#JLEL1

<D]ÕWLSOHULQLQ#6HoLPL

<D]ÕWLSOHULQL#VHoHUNHQ#RQODUÕ#úX#JUXSODU#LoLQGH#G•ú•Q•Q=

6HULI#\D]ÕWLSOHULQLQ#KDUIOHU#•]HULQGH/#J|]•#ELU#NDUDNWHUGHQ#GL÷HULQH#

■

\|QOHQGLUHQ#Xo#oL]JLOHUL#+NX\UXNODU,#YDUGÕU1#6HULI#\D]ÕWLSOHUL#PHWLQ#
EORNODUÕ#LoLQ#X\JXQGXU1

6DQV#VHULI#\D]ÕWLSOHULQLQ#Xo#oL]JLOHUL#\RNWXU1#7H P L ]#oL]JLOHUL#RQODUÕ#

■

EDúOÕNODU#YH#GL÷HU#E•\•N#PHWLQ#LoLQ#LGHDO#\DSDU1
g]HO#DPDoOÕ#\D]ÕWLSOHUL1#%XQODUÕQ#LoLQH/#D]#PLNWDUGD#PHWLQ#LoLQ#E•\•N#

■

ER\XWODUGD/#|]HO#HWNLOHU#\DUDWPDN#LoLQ#NXOODQÕODQ#GHNRUDWLI#YH#HO#\D]ÕVÕ#
\D]ÕWLSOHUL#JLUHU1#

6HULI

6DQV#VHULI

<DUDUOÕ#øSXoODUÕ

%D]Õ#KDUIOHU#UHVLP#
JLEL#J|U•Q•\RU

:LQJGLQJV/#NODY\H#

•]HULQGHNL#KDUI#\D#GD#
QXPDUDODU#NXOODQÕODUDN#
\D]ÕODQ#VLPJH#+\D#GD#
UHVLP,#\D]Õ#WLSOHULGLU1#
%XQODU#GD#PHWLQ#JLEL#
ELoLP#OHQGLULOLU>#|UQH÷LQ/#
UHQN#HNOHQHELOLU/#
E•\•NO•NOHUL#
GH÷LúWLUHELOLU/#Y1E1

$QFDN/#KHUKDQJL#ELU#
UHVLP#LoLQ#KDQJL#KDUI#\D#
GD#QXPDUD\Õ#
\D]DFD÷ÕQÕ]Õ#QDVÕO#
ELOHFHNVLQL]"#%LU#
oL]HOJH#\DSÕQ$#.ODY\H#

•]HULQGHNL#KHU#KDUI#YH#
QXPDUD\Õ#LNL#VDWÕUD#DOW#
DOWD#LNL#NH]#\D]ÕQ1#
5HVLPOHULP#L\LFH#EHOOL#
ROPDVÕ#LoLQ#PHWQL#
\HWHULQFH#E•\•N#\DSÕQ#
±#63#SXQWR#PHWLQ#L\L#
VRQXo#YHULU1#6RQUD#ELUHU#
VDWÕU#DWOD\DUDN#PHWQL#
VHoLQ#YH#:LQJGLQJV#
RODUDN#ELoLPOH\LQ1

g]HO#DPDoOÕ

56

<DUDUOÕ#øSXoODUÕ

<D]ÕWLSOHULQL#\DNÕQGDQ#
J|UPH

dR÷X#\D]ÕOÕP#SURJUDPÕ#
ELU#\D]ÕWLSLQH#VDGHFH#
J|]#DWPDQÕ]D#L]LQ#YHULU1#
)DNDW#:LQGRZV#<8¶WH#
oDOÕúÕ\RUVDQÕ]/#
KHUKDQJL#ELU#\D]ÕWLSLQL#
EDVWÕUPDN#NROD\GÕU1#
<DSDFD÷ÕQÕ]#WHN#LúOHP#

%DúODW

úXGXU=#

$\DUODU
'HQHWLP#0DVDVÕ

WÕNODWÕS#<D]ÕWLSOHUL*QL#oLIW#
WÕNODWÕQ1#6RQUD#GD#
LQFHOHPHN#LVWHGL÷LQL]#
\D]ÕWLSLQL#oLIW#WÕNODWÕQ#YH#
ELU#|UQHN#EDVWÕUPDN#LoLQ#

%DVWÕU

*Õ#WÕNODWÕS#

*Õ#VHoLQ1##

*QÕ#

¶Õ#+3ULQW,#WÕNODWÕQ1#

<D]ÕWLSOHULQLQ#.XOODQÕOPDVÕ

%LUoRN#\D]ÕOÕP#SURJUDPÕQGD#NXOODQÕODELOLU#\D]ÕWLSOHULQL#OLVWHOH\HQ#<D]ÕWLSL#
+)RQW,#NRPXWX#EXOXQXU1#*HQHOGH#PHWQL#VHoHU#YH#\D]ÕWLSLQL#X\JXODUVÕQÕ]#

+\D#GD#\D]ÕWLSLQL#ELoHP#WDQÕPÕQÕQ#ELU#SDUoDVÕ#RODUDN#EHOLUOHUVLQL],1#
0HWQLQL]#LoLQ#\D]ÕWLSLQL#QDVÕO#VHoHFH÷LQL]#NRQXVXQGD#NXOODQGÕ÷ÕQÕ]#
SURJUDPÕQ#NXOODQÕFÕ#NÕODYX]XQD#EDNÕQ1

Times New Roman

Times New Roman

Algerian
Arial
Arial Rounded MT Bold
Artistik
Ashley Inline
AvantGarde
Bahaus 93
Bookman

<D]ÕWLSOHULQLQ#6DWÕQ#$OÕQPDVÕ

<D]ÕWLSOHUL/#VDWÕQ#DOGÕ÷ÕQÕ]#oR÷X#\D]ÕOÕP#SURJUDPÕ#YH#LúOHWLP#VLVWHPL\OH#
ELUOLNWH#JHOLU1#(N#\D]ÕWLSOHUL#VDWÕQ#DODELOLU#YH#ELOJLVD\DUÕQÕ]ÕQ#EHOOH÷LQH#
ND\GHGLOPHN#•]HUH#\•NOH\HELOLUVLQL]1

%LOJLVD\DUÕQÕ]#LoLQ#LNL#W•U#\D]ÕWLSL#VDWÕQ#DODELOLUVLQL]=

■ 7UXH7\SH#\D]ÕWLSOHUL/#IDUNOÕ#E•\•NO•NOHUH#|OoHNOHQHELOHQ#YH#EDVÕOGÕNODUÕ#

ND÷ÕWWD#D\QÕ#ELOJLVD\DU#HNUDQÕQGD#J|U•QG•NOHUL#JLEL#J|U•QHQ#
\D]ÕWLSOHULGLU1

■ 7\SH#4#\D#GD#SRVWVFULSW#\D]ÕWLSOHUL#+WLS#\|QHWLFLVL#+7\SH#0DQDJHU,#

NXOODQÕ\RUVDQÕ],1

57

%|O•P

6

1HOHU#
%DVWÕUDELOLUVLQL]

HPHO#EDVNÕ#LúOHPOHUL#WDPDPODQGÕ÷ÕQD#J|UH/#

=DUIODU

(WLNHWOHU

$VHWDWODU

)RWR÷UDIODU

.DUWODU

7

GH÷LúLN#EDVNÕ#RUWDPODUÕQD#QHOHU#EDVDELOHFH÷L#

KDNNÕQGD#ED]Õ#|QHULOHU#DúD÷ÕGDGÕU=

■ =DUIODU±ELUHU#ELUHU#\D#GD#GHVWH#KDOLQGH1

■ (WLNHWOHU±GRV\DODUÕQÕ]Õ#HWLNHWOH\LQ#\D#GD#D\OÕN#

■ gQHPOL#VXQXODU#LoLQ#DVHWDWODU1

■ )RWR÷UDIODU±|]HO#G•÷PHOHU#+\DND#L÷QHOHUL,#\D#GD#

■ $oÕOÕú#JHFHVLQH#GDYHWL\HOHU/#\HPHN#WDULIOHUL#\D#

■ 6DWÕú#VHUJLQL]H#]L\DUHWoL#oHNPHN#LoLQ#SDQNDUWODU1

úLPGL#VRQXo#J|UPH\H#KD]ÕUVÕQÕ]1#<D]ÕFÕQÕ]ÕQ#

SRVWD#\Õ÷ÕQÕQD#VRQ#YHULQ1

DG#HWLNHWOHUL#\DSÕQ1

GD#NDUWYL]LWOHU1

3DQNDUWODU

hW•\OH#

dÕNDUWPDODU

■ *•QHúOLNOHUH#úLUNHW#DPEOHPLQLQ#EDVÕOGÕ÷Õ#•W•\OH#

oÕNDUWPDODU1

<DUDUOÕ#øSXoODUÕ

<D]ÕOÕPÕQÕ]Õ#L]OH\LQ

<D]ÕOÕP#SURJUDPÕQÕ]ÕQ#
]DUI#EDVPD#|]HOOL÷L#
YDUVD/#EXUDGD#EHOLUWLOHQ#
\RUGDP#\HULQH#
\D]ÕOÕPGDNL#\|QHUJHOHUL#
L]OH\LQ1

.D÷ÕW#<RO#

*|VWHULFLOHUL

ø\L#VRQXo#YHUPH\HQ#
]DUIODU

3DUODN/#NDEDUWPDOÕ/#
NHQHWOL#\D#GD##SHQFHUHOL#
]DUIODUÕ#NXOODQPD\ÕQ1#
+2QXQ#\HULQH#úHIIDI#
HWLNHWOHU#NXOODQÕQ1,#
$\UÕFD/#NDOÕQ/#G•]HQVL]#
YH#NÕYUÕN#NHQDUOÕ#\D#GD#
NÕUÕúÕN/#\ÕUWÕN#YH#ELU#
úHNLOGH#KDVDU#J|UP•ú#
]DUIODU#\D]ÕFÕGD#
VÕNÕúDELOLU1

=DUIODU

<D]ÕFÕQÕ]OD#LNL#GH÷LúL N#\|QWHPOH#]DUI#EDVWÕUDELOLUVLQL]=

■ %LU#WHN#]DUI#EDVWÕUÕ\RUVDQÕ]/#WHN#]DUI#DUDOÕ÷ÕQÕ#NXOODQDELOLU#YH#ND÷ÕGÕ#

*ø5øù#J|]•QGH#EÕUDNDELOLUVLQL]1#%|\OHFH#|QFH#]DUI#VRQUD#GD#PHNWXS#
EDVWÕUDELOLUVLQL]1#

■ =DUI#GHVWHVL#EDVWÕUÕ\RUVDQÕ]/#*ø5øù#J|]•Q•#NXOODQÕQ1

7HN#ELU#=DUID#%DVNÕ

ó +3#SULQW#VHWWLQJV#ER[¶WD/#6HWXS#VHNPHVLQL#WÕNODWÕS#3DSHU#6L]H#

NXWXVXQGD#ELU#]DUI#ER\XWX#VHoLQ1#++3#SULQW#VHWWLQJV#ER[¶D#QDVÕO#
JLGLOGL÷L#NRQXVXQGD#VD\ID <¶D#EDNÕQ1,

%LU#]DUI#VHoLQ1

ò =DUIÕ/#oL]LPGH#J|VWHULOGL÷L#JLEL/#GXUXQFD\D#NDGDU#WHN#]DUI#DUDOÕ÷ÕQGDQ#

LoHUL\H#LWLQ1#

.DSDN#NHQDUÕ#
\XNDUÕ#YH#VROD

ñ =DUIÕ#EDVWÕUÕQ1

%DVNÕ¶GDQ# VRQUD

■ +3#SULQW#VHWWLQJV#ER[¶WD#ND÷ÕW#ER\XWXQX#\HQLGHQ#/HWWHU#\D#GD#$7¶H#\D#

GD#ELU#VRQUD#NXOODQDFD÷ÕQÕ]#ND÷ÕW#ER\XWXQD#GH÷L

59

WLULQ1

ú

=DUI#'HVW HVLQH #%DVNÕ

+3#SULQW#VHWWLQJV#ER[¶WD/#

ó

#VHNPHVLQL#WÕNODWÕS#

6HWXS

3DSHU#6L]H#

NXWXVXQGD#ELU#]DUI#ER\XWX#VHoLQ1#++3#SULQW#VHWWLQJV#ER[¶D#QDVÕO#
JLGLOGL÷L#NRQXVXQGD#VD\ID <¶D#EDNÕQ1,

%LU#]DUI#VHoLQ1

.D÷ÕW#D\DUOD\ÕFÕODUÕQÕQ#KHU#LNLVLQL#GH#GÕúDUÕ\D#GR÷UX#ND\GÕUÕQ1

ò

*ø5øù#J|]•Q•Q#ER

#ROPDVÕQD#GLNNDW#HGLQ1

ú

1H#<DSPDOÕ

<D]ÕFÕ#]DUIL#DOPÕ\RU

7HN#]DUI#DUDOÕ÷ÕQÕ#
NXOODQDUDN#WHN#ELU#]DUI#
EDVWÕUPD\D#
oDOÕúÕ\RUVDQÕ]/#]DUIÕ#
\D]ÕFÕQÕQ#LoLQH#\HWHULQFH#
LWPHPLú#RODELOLUVLQL]1#
=DUI#GHVWHVL#
EDVWÕUÕ\RUVDQÕ]/#GHVWH\H#
JHUH÷LQGHQ#ID]OD#]DUI#
NR\PXú#RODELOLUVLQL]1#
=DUI#VD\ÕVÕQÕ#D]DOWÕS#
\HQLGHQ#GHQH\LQ1

=DUIODUÕQÕ]#E|\OH#
EDVÕOÕ\RU

<D]ÕFÕ\D#HQ#ID]OD#48#DGHWOLN#ELU#]DUI#GHVWHVLQL#DúD÷ÕGD#J|VWHULOGL÷L#

ñ

JLEL#\HUOH

WLULQ1#+.DOÕQ#]DUI#NXOODQÕ\RUVDQÕ]/#GDKD#D]#NR\PDQÕ]#

ú

JHUHNHELOLU1,

.DSDN#NHQDUÕ#\XNDUÕ#YH#
VROD

=DUIÕ#\DQOÕú#\HUOHúWLUPLú#
RODELOLUVLQL]1#<D#GD#+3#
SULQW#VHWWLQJV#+EDVNÕ#
D\DUODUÕ,#NXWXVXQXQ#

6HWXS#+$\DUODU,#

VHNPHVLQGH#ELU#]DUI#
VHoPHPLú#RODELOLUVLQL]1#
<D#GD#V|]F•N#
LúOHPFLQL]LQ#JHUHNWLUGL÷L#
|]HO#ELU#D\DUÕ#\DSPDPÕú#
RODELOLUVLQL]1#
+<|QHUJHOHU#LoLQ#V|]F•N#
LúOHPFLVL#\D]ÕOÕPÕQÕQ#
NXOODQÕFÕ#NÕODYX]XQD#
EDNÕQ1,

5:

.D÷ÕW#<RO#

*|VWHULFLOHUL

(úOHúWLUPH#\DSÕQ

.DUW#\D#GD#
GDYHWL\HOHULQL]L#KD]ÕU#
PRWLIOL#ND÷ÕGD#EDVWÕUPDN#
LVWL\RUVDQÕ]/#EXQXQOD#
NDOPD\ÕQ1#.D÷ÕGD#X\DQ#
PRWLIOL#]DUIODU#VDWÕQ#
DODELOLUVLQL]1#+3#
*UHHWLQJ#&DUG#3DSHU¶Õ#
GHQH\LQ1

0HNWXEX#DPEDODMOD\ÕQ

=DUI/#KHGL\H#DPEDODMÕ#
JLELGLU1#$OÕFÕ\Õ#HWNLOH\LS#
PHUDNÕQÕ#X\DQGÕUDUDN#
DoPD\D#WHúYLN#HGHELOLU1#
=DPDQÕ#JHoPLú#
KDULWDODUGDQ#\D#GD#VDQDW#
GHUJLVL#VD\IDODUÕQGDQ#
JHUL#ND]DQÕODUDN#
\DSÕOPÕú#]DUIODU#VDWÕQ#
DODELOLUVLQL]1#%XQXQ#LoLQ#
E•\•N#ELU#NÕUWDVL\HFL\H#
\D#GD#|]HO#ND÷ÕW#
VDWÕFÕVÕQD#J|]#DWÕQ1

ð .D÷ÕW#D\DUOD\ÕFÕODUÕQÕ#]DUI#NHQDUODUÕQD#L\LFH#\DVODQDFDN#úHNLOGH#

ND\GÕUÕQ1

$5#\D#GD#&9#JLEL#N•o•N#]DUIODU#LoLQ#ND\DQ#D\DUOD\ÕFÕ\Õ#]DUIÕQ#
NHQDUODUÕQD#L\LFH#\DVODQDFDN#úHNLOGH#LWPHQL]#JHUHNHFHNWLU1

.D\DQ#
D\DUOD\ÕFÕ\Õ#LoHUL#
LWLQ1

ï *ø5øù#J|]•Q•#\HQLGHQ#LoHUL#LWLQ#YH#d,.,ù#WHSVLVLQL#DúD÷Õ#oHYLULQ1

î =DUIODUÕ#EDVWÕUÕQ1

%DVNÕ¶GDQ# VRQUD

■ +3#SULQW#VHWWLQJV#ER[¶WD#ND÷ÕW#ER\XWXQX#\HQLGHQ#/HWWHU#\D#GD#$7¶H#\D#

GD#ELU#VRQUD#NXOODQDFD÷ÕQÕ]#ND÷ÕW#ER\XWXQD#GH÷LúWLULQ1

■ $UWDQ#]DUIODUÕ#*ø5øù#J|]•QGHQ#oÕNDUÕQ#YH#RQODUÕQ#\HULQH#G•]#ND÷ÕW#\D#

GD#ELU#VRQUD#NXOODQDFD÷ÕQÕ]#ND÷ÕGÕ#\HUOHúWLULQ1

5;

(WLNHWOHU

+3#'HVN-HW#\D]ÕFÕQÕ]Õ#HWLNHW#WDEDNDODUÕ#EDVWÕUPDN#LoLQ#
NXOODQDELOLUVLQL]1#øQNMHW#\D] ÕFÕQÕ]#LoLQ#WDVDUODQPÕú#$YHU\#LQNMHW#
/DEHOV#|QHULOLU 1

+3#SULQW#VHWWLQJV#ER[*WDNL#++3#EDVNÕ#D\DUODUÕ#NXWXVX,#

ó

VHNPHVLQL#WÕNODWÕQ1#6RQUD/#ND÷ÕW#W•U•#RODUDN#
.D÷ÕW,#YH#EDVNÕ#NDOLWHVL#RODUDN#

1RUPDO

3ODLQ#3DSHU

*L#VHoLQ1#++3#SULQW#VHWWLQJV#

ER[¶D#QDVÕO#JLGLOGL÷L#NRQXVXQGD#VD\ID <¶D#EDNÕQ1,

1RUPDO#

3ODLQ#3DSHU#

%LUELUOHULQGHQ#D\UÕOPDODUÕ#LoLQ#HWLNHW#WDEDNDODUÕQÕQ#NHQDUODUÕQÕ#

ò

\HOSD]HOHQGLULQ1

6HWXS

*Õ#+'•]#

¶L#WÕNODWÕQ1

¶Õ#VHoLQ1

#+$\DUODU,#

.D÷ÕW#<RO#

*|VWHULFLOHUL

ø\L#VRQXo#YHUHQ#
HWLNHWOHU

6DGHFH#$%'#/HWWHU#\D#
GD#$7#ER\XWOX#HWLNHW#
WDEDNDODUÕ#NXOODQÕQ1#(Q#
|QHPOLVL/#|]HOOLNOH#LQNMHW#
\D]ÕFÕODU#LoLQ#\DSÕOPÕú#
HWLNHWOHUL#DOÕQ1#<RNVD/#
HWLNHWOHU#\D]ÕFÕQÕQ#
LoLQGH#WDEDNDGDQ#
D\UÕODELOLU#\D#GD#
P•UHNNHS#
NXUXPD\DELOLU1

ø\L#VRQXo#YHUPH\HQ#
HWLNHWOHU

❚ .DWODQPÕú/#NÕYUÕOPÕú/#

EXUXúPXú#\D#GD#
NÕVPHQ#NXOODQÕOPÕú#
HWLNHW#WDEDNDODUÕ#
\D]ÕFÕGD#VÕNÕúDELOLU1

❚ (VNL#\D#GD#DúÕUÕ#VÕFDN#

RUWDPGD#NDOPÕú#
HWLNHWOHU/#\DSÕúNDQODUÕ#
ER]XOGX÷X#LoLQ#
\DSÕúPD\DELOLU1

5<

.D÷ÕW#<RO#

*|VWHULFLOHUL

ñ *ø5øù#J|]•QGHNL#ND÷ÕWODUÕQ#W•P•Q•#oÕNDUÕS#HQ#ID]OD#53#DGHGH#NDGDU#

HWLNHW#WDEDNDVÕ#\HUOHúWLULQ1

+HU#úH\L#HWLNHWOH\LQ

(WLNHW#\DSPD\Õ#
G•ú•Q•\RUNHQ/#QHGHQ#
\DOQÕ]#]DUI#YH#
GRV\DODUOD#NDODVÕQÕ]"#
9LGHR#YH#WH\S#NDVHWOHUL#
YH#ELOJLVD\DU#GLVNHWOHUL#
LoLQ#HWLNHWOHU#EDVWÕUDUDN#
\D\ÕQ#+PHG\D,#
N•W•SKDQHQL]L#
G•]HQOH\HELOLUVLQL]1

(WLNHWWHQ#WDVDUUXI

(WLNHWWHQ#WDVDUUXI#HWPHN#
LoLQ/#|QFH#KHUKDQJL#ELU#
ND÷ÕW#•]HULQH#GHQHPH#
EDVNÕVÕ#\DSÕQ1#%XQX#
HWLNHWOHULQ#•]HULQH#
NR\DUDN#ÕúÕ÷D#WXWXS#
HWLNHW#•]HULQGH#PHWQLQ#
QDVÕO#KL]DODQGÕ÷ÕQÕ#YH#
DUDODQGÕUPD\Õ#NRQWURO#
HGLQ1#*HUHNLUVH#
D\DUODPDODU#\DSÕQ1

3RVWDGD#NXOODQÕP

$PEOHPLQL]L#WDP#UHQNOL#
RODUDN#WDUD\ÕQ#YH#
úLUNHWLQL]LQ#DGUHVLQH#
HNOH\HUHN#SDNHW#YH#
PDQLOD#]DUIODUD#
\DSÕúWÕUPDN#•]HUH#
oDUSÕFÕ#+YH#XFX]$,#
HWLNHWOHU#EDVWÕUÕQ1#$YHU\/#
LQNMHW#\D]ÕFÕODU#LoLQ#KHP#
EH\D]#KHP#GH#úHIIDI#
HWLNHWOHU#\DSPDNWDGÕU1

(WLNHW#WDUDIÕ#
DúD÷Õ

ð <HúLO#UHQNOL#ND÷ÕW#D\DUOD\ÕFÕODUÕQÕ#GHVWH\H#L\LFH#\DVODQDFDN#úHNLOGH#

ND\GÕUÕQ1

ï *ø5øù#J|]•Q•#\HQLGHQ#LoHUL#LWLQ#YH#d,.,ù#WHSVLVLQL#DúD÷Õ#oHYLULQ1

î (WLNHWOHUL#EDVWÕUÕQ1

%DVNÕ¶GDQ# VRQUD

■ 6RQUD#G•]#ND÷ÕGD#EDVNÕ#\DSDFDNVDQÕ]#D\DUODUÕ#ROGX÷X#JLEL#

EÕUDNDELOLUVLQL]1#

■ (WLNHW#WDEDNDODUÕQÕ#*ø5øù#J|]•QGHQ#oÕNDUÕQ#YH#RQODUÕQ#\HULQH#G•]#

ND÷ÕW#\D#GD#ELU#VRQUD#NXOODQDFD÷ÕQÕ]#ND÷ÕGÕ#\HUOHúWLULQ1

63

$VHWDWODU

7HSHJ|]OH#V X QXQX ]#LoLQ#EHO JHOHUL#E DVWÕUÕUNHQ#HQ#L\L#VRQXoODUÕ#
DOPDN#LoLQ/#+3#3UHPLXP#7UDQVSDUHQF\#)LOP#\D#GD #|]HOOLNOH#
LQNMHW#\D]ÕFÕODU#LoLQ#WDVDUODQPÕú#DVHWDWODU#NXOODQÕQ1

+3#SULQW#VHWWLQJV#ER[*WD#+EDVNÕ#D\DUODUÕ#NXWXVX,/#6HWXS#+$\DUODU,#

ó

VHNPHVLQL#WÕNODWÕQ1#
EDVNÕ#NDOLWHVL#RODUDN#

+3#7UDQVSDUHQF\

*L#+(Q#ø\L,#WÕNODWÕQ1#++3#SULQW#VHWWLQJV#ER[¶D#

%HVW

QDVÕO#JLGLOGL÷L#NRQXVXQGD#VD\ID <¶D#EDNÕQ1,

#EDVNÕ#NDOLWHVLQL#NHVLQOLNOH#NXOODQPDN#JHUHNOL#GH÷LOGLU/#IDNDW#

%HVW

RQXQOD#HQ#L\L#VRQXoODUÕ#DOÕUVÕQÕ]1#$FHOHQL]#YDUVD#
NDOLWHVLQL#NXOODQÕQ1

#*\L#ND÷ÕW#W•U•#RODUDN#VHoLQ#YH#

1RUPDO

¶L#WÕNODWÕQ1

%HVW

+3#7UDQVSDUHQF\

VHoLQ1

#EDVNÕ#

*\L#

.D÷ÕW#<RO#

*|VWHULFLOHUL

(Q#L\L#\RO

+3#3UHPLXP#,QNMHW#
5DSLG0'U\#
7UDQVSDUHQFLHV#++3#
3UHPLXP#dDEXN#
.XUX\DQ#,QNMHW#
$VHWDWODUÕ,#•]HULQGHNL#
DVWDU#WDEDND#|]HOOLNOH#
+3#P•UHNNHSOHULQH#
X\JXQ#RODUDN#YH#HQ#
KÕ]OÕ#NXUXPD#V•UHVL#
LoLQGH#QHW#J|U•QW•OHU#YH#
PHWLQ#VD÷ODPDN#•]HUH#
JHOLúWLULOPLúWLU1#%XQD#HN#
RODUDN/#EX#DVHWDWODU#
\D]ÕFÕQÕ]GD#
VÕNÕúPDODUD#\RO#
DoPD]ODU1#%XQODUÕ#
E•\•N#NÕUWDVL\HFLOHUGH#
DUD\ÕQ#\D#GD#VL]H#HQ#
\DNÕQ#WHOHIRQ#QXPDUDVÕ#
LoLQ#+3#'LUHFW*H#WHOHIRQ#
HGLQ1#+%DNÕQÕ]=#
VD\ID 951,

64

1H#<DSPDOÕ

0•UHNNHS#NXUXPX\RU#
\D#GD#G•]#UHQN#
EORNODUÕQGD#oDWODNODU#
YDU

❚

$VHWDWÕQ#\DQOÕú#\•]•QH#
EDVWÕUPÕú#RODELOLUVLQL]1#
<D]ÕFÕ\D#NR\DUNHQ#PDW#
\•]•Q#DúD÷Õ#
JHOPHVLQH#GLNNDW#HGLQ1

❚

øQNMHW#\D]ÕFÕ#LoLQ#
\DSÕOPDPÕú#DVHWDWD#
EDVWÕUPD\D#oDOÕúÕ\RU#
RODELOLUVLQL]1

.DOÕWH#XPGX÷XQX]#
JÕEÕ#oLNPDGL

'R÷UX#ND÷ÕW#W•U•#YH#
EDVNÕ#NDOLWHVLQL#
VHoPHPLú#RODELOLUVLQL]1#
<XNDUÕGDNL#\|QWHPGH#
EHOLUWLOHQ#DGÕPODUÕ#
L]OH\LS#\HQLGHQ#
EDVWÕUPD\Õ#GHQH\LQ1

ò $VHWDWODUÕ#\D]ÕFÕ\D#PDW#\•]#DúD÷Õ#YH#\DSÕúNDQ#úHULW#LOHULGH#RODFDN#

úHNLOGH#\HUOHúWLULQ1#+<DSÕúNDQ#úHULGL#EDVNÕGDQ#VRQUD#oÕNDUDELOLUVLQL]1,

<DSÕúNDQ#úHULW#LOHUL/#EDQWOÕ#
WDUDI#\XNDUÕ

0DW#\•]#DúD÷Õ

ñ <HúLO#ND÷ÕW#D\DUOD\ÕFÕODUÕ/#G•]#ND÷ÕW#LoLQ#\DSWÕ÷ÕQÕ]#JLEL/#LoHUL#GR÷UX#

ND\GÕUÕQ1#*ø5øù#J|]•Q•#\HQLGHQ#LoHUL#LWLQ#YH#d,.,ù#WHSVLVLQL#DúD÷Õ#
oHYLULQ1

ð $VHWDWÕ#EDVWÕUÕQ1

ï 6DEÕUOÕ#ROXQ1

<D]ÕFÕ#GDKD#ID]OD#P•UHNNHS#NXOODQGÕ÷Õ/#UHQNOHUL#GDKD#\DYDú#EDVWÕ÷Õ#
YH#WDEDNDODU#DUDVÕQGD#GDKD#X]XQ#NXUXPD#V•UHVL#D\ÕUGÕ÷Õ#LoLQ#
DVHWDWODUÕQ#EDVNÕVÕ#ELUD]#]DPDQ#DOÕU1

%DVNÕ¶GDQ# VRQUD

■ +3#SULQW#VHWWLQJV#ER[¶WD#ND÷ÕW#W•U•Q•#\HQLGHQ#3ODLQ#3DSHU#\D#GD#ELU#

VRQUDNL#EDVNÕQÕ]D#X\JXQ#ND÷ÕW#W•U•QH#GH÷LúWLULQ1

■ $UWDQ#DVHWDWODUÕ#*ø5øù#J|]•QGHQ#oÕNDUÕQ#YH#RQODUÕQ#\HULQH#G•]#ND÷ÕW#

\D#GD#ELU#VRQUD#NXOODQDFD÷ÕQÕ]#ND÷ÕGÕ#\HUOHúWLULQ1

<DUDUOÕ#øSXoODUÕ

$VHWDWODUÕQÕ]Õ#NRUX\XQ

.RQXúXUNHQ#DVHWDW#

•]HULQH#QRW#DOPDN#
LVWHUVHQL]/#DVHWDWÕ#
oHYULOPLú#EHOJH#RODUDN#
EDVWÕUÕQ1#+VD\ID 4;¶GH#
DQODWÕOPÕúWÕU1,

65

)RWR÷UDIODU

0•NHPPHO#NDOLWHGH#IRWR÷UDI#J|U•QW•OHUL#YH#HQ #L\ L #VRQXoODU#LoL Q#
+3#'HOX[H#3KR WR#3DSHU/#+3#3UHPLXP#3 KRWR#3DS HU #\D#GD#+3#
3KRWR#3DSHU#NXOODQÕQ1

+3#SULQW#VHWWLQJV#ER[*WD#+EDVNÕ#D\DUODUÕ#NXWXVX,#

ó

VHNPHVLQL#WÕNODWÕQ1#6RQUD#GD#ND÷ÕW#W•U•#RODUDN#NXOODQGÕ÷ÕQÕ]#IRWR÷UDI#
ND÷ÕGÕQÕ#VHoLQ1#%DVNÕ#NDOLWHVL#RWRPDWLN#RODUDN#

%HVW

SULQW#VHWWLQJV#ER[¶D#QDVÕO#JLGLOGL÷L#NRQXVXQGD#VD\ID <¶D#EDNÕQ1,

+3#'HOX[H#3KRWR#3DSHU#

\D#GD

3KRWR#3DSHU

.D÷ÕGÕ#QRUPDO#EDVNÕ#LoLQ#\DSWÕ÷ÕQÕ]#JLEL#\•NOH\LQ1#

ò

.D÷ÕGÕ#SDUODN#\•]#DúD÷Õ#JHOHFHN#úHNLOGH#\HUOHúWLUPH\H#GLNNDW#HGLQ1

%HOJH\L#EDVWÕUÕQ1

ñ

(Q#L\L#VRQXoODUÕ#DOPDN#LoLQ/#KHU#ND÷ÕGÕ#EDVÕOGÕNWDQ#VRQUD#GHUKDO#
\D]ÕFÕGDQ#oÕNDUÕQ#YH#SDUODN#\•]#\XNDUÕ#JHOHFHN#úHNLOGH#NXUXWXQ1#

+.XUXPD#V•UHVL#QHP#RUDQÕQD#ED÷OÕ#RODUDN#GH÷LúLU1,

#+$\DUODU,#

6HWXS

¶H#D\DUODQÕU1#++3#

#+3#3UHPLXP#

¶Õ#VHoLQ1

.D÷ÕW#<RO#

*|VWHULFLOHUL

ø\L#Õ]OHQÕP#
ELUDNLOPDVL

)RWR÷UDILN#J|U•QW•OHUL#
EDVWÕUÕUNHQ#HQ#L\L#
VRQXFX#DOPDN#LoLQ#+3#
'HOX[H#3KRWR#3DSHU#
NXOODQÕQ>#EX#ND÷ÕGÕQ#
SDUODN#\•]H\L#QHW#YH#
FDQOÕ#J|U•QW•OHU#VD÷ODU1#
+3#SULQW#VHWWLQJ#ER[¶WD#
EX#ND÷ÕGÕ#VHoWL÷LQL]GH/#
\D]ÕFÕ/#•VW•Q#FLOW#UHQN#
WRQODUÕ#YH#JHUoH÷H#
X\JXQ#GR÷D#UHQNOHUL#
VD÷OD\DQ#.RGDN#,PDJH#
(QKDQFHPHQWV#
WHNQRORMLVLQL#NXOODQÕU1

*HOHQHNVHO#IRWR÷UDIODU#
JLEL#J|U•QHQ#YH#R#KLVVL#
YHUHQ#KDULND#
J|U•Q•PO•#IRWR÷UDIODU#
\DUDWPDN#LoLQ#+3#
3UHPLXP#3KRWR#3DSHU#
+)RWR÷UDI#.D÷ÕGÕ,#
NXOODQÕQ1

øNL#\•]H#IRWR÷UDI#EDVNÕVÕ#
LúOHULQL]GH#+3#3KRWR#
3DSHU#NXOODQÕQ1#
)RWR÷UDIODUÕ#SDUODN#
\•]H/#PHWLQ#YH#JUDILNOHUL#
PDW#\•]H#EDVWÕUÕQ1

%DVNÕ¶GDQ# VRQUD

+3#SULQW#VHWWLQJV#ER[¶WD#ND÷ÕW#W•U•Q•#\HQLGHQ#

■

3ODLQ#3DSHU

#\D#GD#ELU#

VRQUDNL#EDVNÕQÕ]D#X\JXQ#ND÷ÕW#W•U•QH#GH÷LúWLULQ1
)RWR÷UDI#ND÷ÕGÕQÕ#*ø5øù#J|]•QGHQ#oÕNDUÕQ#YH#RQODUÕQ#\HULQH#G•]#ND÷ÕW#

■

\D#GD#ELU#VRQUD#NXOODQDFD÷ÕQÕ]#ND÷ÕGÕ#\HUOHúWLULQ1

66

.D÷ÕW#<RO#

*|VWHULFLOHUL

6WDQGDUW#ROPD\DQ#
NDUWODUD#EDVNÕ

.DUWÕQÕ]ÕQ#ER\XWODUÕ#

3DSHU#6L]H

%R\XWX,#NXWXVXQGD#
OLVWHOHQPHPLúVH/#

&XVWRP

)DUNOÕ#ND÷ÕW#ER\XWODUÕQD#
EDVNÕ#KDNNÕQGD#ELOJL#LoLQ#
EDNÕQÕ]=#VD\ID 471

(Q#ID]OD#NDUW#NDOÕQOÕ÷Õ

gQHULOHQ#EDVNÕ#RUWDPÕ#
JUDPDMODUÕQÕ#VD\ID 8:¶GD#
EXODFDNVÕQÕ]1#'DKD#
EDúND#JUDPDMOÕ#NDUW#
NXOODQPD\Õ#GD#
GHQH\HELOLUVLQL]1

.DUW#VHoHQHNOHUL

+HU#W•UO•#ROD\D#X\JXQ#
PRWLIOHUL#|QFHGHQ#
EDVÕOPÕú/#NHOLPHQLQ#
JHUoHN#DQODPÕ\OD/#
\•]OHUFH#NDUW#DUDVÕQGDQ#
VHoHELOLUVLQL]±VL]LQ#WHN#
\DSDFD÷ÕQÕ]#NHQGL#|]HO#
PHVDMÕQÕ]Õ#HNOHPHNWLU1#
$\UÕFD/#NDUWYL]LWOHULQ#
GHOLNOHUOH#D\UÕOGÕ÷Õ#OHWWHU#
ER\XWOX#NDUWYL]LW#
WDEDNDODUÕ#GD#
EXODELOLUVLQL]1#$\QÕ#úHNLOGH#
NDUWSRVWDOODU#GD#
EXOXQDELOLU1#%D]Õ#NDUWODU#
VWLO#HNOHPHN#LoLQ#PRWLI#
EDVNÕOÕ#RODUDN#JHOLU1

.DUWODUÕQÕ]Õ#\DQ#
EDVWÕUPDN#LVWHUVHQL]

<D]ÕOÕP#SURJUDPÕQÕ]GD#
VD\ID#\|Q•Q•Q#
ROPDVÕQD#GLNNDW#HGLQ1#
+<D]ÕOÕP#SURJUDPÕQÕQ#
NXOODQÕFÕ#NÕODYX]XQGD#
EXQXQ#QDVÕO#\DSÕODFD÷Õ#
DQODWÕOPÕúWÕU1,

#+.D÷ÕW#

*Õ#+g]HO,#VHoLQ1#

<DWD\

#

.DUWODU

<D]ÕFÕQÕ]Õ/#GL]LQ#NDUWÕQD#+LQGH[#FDUGV,/#\HPHN#WDULIL#NDUWÕQD#
+UHFLSH#FDUGV,/#NDUWSRVWDOD#+SRVWFDUGV,/#ND U W Y L] LW H #+EXVLQHVV#
FDUGV,±DúD÷ÕGD#J|VWHULOHQ#
OLVWHVLQGHNL#KHUKDQJL#EL U#ER\XWWDNL#NDUWD±EDVWÕUPDN#LoLQ#
NXOODQÕQ1#+6D\ID 47¶WH #DoÕ NODQGÕ÷Õ#JLEL/#GL÷HU#ER\X WODUGD NL #
NDUWODUD#GD#EDVWÕU D ELOLUVLQL]1,

ó +3#SULQW#VHWWLQJV#ER[¶WDNL#6HWXS#VHNPHVLQL#WÕNODWÕQ#YH#3DSHU#6L]H#

NXWXVXQGD#ELU#NDUW#ER\XWX#VHoLQ1#++3#SULQW#VHWWLQJV#ER[¶D#QDVÕO#
JLGLOGL÷L#NRQXVXQGD#VD\ID <¶D#EDNÕQ1,

ò *ø5øù#J|]•Q•#ND\GÕUDUDN#GÕúDUÕ#oHNLQ/#\HúLO#ND÷ÕW#D\DUOD\ÕFÕODUÕ#

GÕúDUÕ\D#GR÷UX#ND\GÕUÕQ#YH#d,.,ù#WHSVLVLQL#\XNDUÕ#NDOGÕUÕQ1

ñ *|]•Q#LoLQH#HQ#ID]OD#63#DGHGH#NDGDU#ELU#NDUW#GHVWHVLQL#+9#PP,#

\HUOHúWLULQ1
.DUWODUÕQ#\|Q•Q•Q#\D]ÕOÕP#SURJUDPÕQÕ]GD#VHoPLú#ROGX÷XQX]#\|QH#

X\PDVÕQD#GLNNDW#HGLQ1

6HWXS

#VHNPHVLQGHNL#

3DSHU #6L]H

%LU#NDUW#ER\XWX#
VHoLQ1

#

67

<HúLO#UHQNOL#ND÷ÕW#D\DUOD\ÕFÕODUÕQÕ#GHVWH\H#L\LFH#\DVODQDFDN#úHNLOGH#

ð

ND\GÕUÕQ1
.D÷ÕW#HQL#D\DUOD\ÕFÕVÕQÕ#VD÷D#GR÷UX#ND\GÕUDUDN#ND÷ÕW#GHVWHVLQLQ#

*ø5øù#J|]•Q•Q#VD÷#NHQDUÕQD#L\LFH#\DVODQPDVÕQÕ#VD÷OD\ÕQ1#.DUWODU#
ND÷ÕW#HQL#D\DUOD\ÕFÕVÕ\OD#VÕNÕFD#WXWXODPD\DFDN#NDGDU#N•o•NVH/#\HúLO#
ND\DQ#D\DUOD\ÕFÕ\Õ#GHVWHQLQ#NHQDUÕQD#L\LFH#\DVODQÕQFD\D#NDGDU#LoHUL#
GR÷UX#LWLQ1

*ø5øù#J|]•Q•#LoHUL#LWLQ#YH#d,.,ù#WHSVLVLQL#DúD÷Õ\D#oHYLULQ1

ï

.DUWODUÕ#EDVWÕUÕQ1

î

%DVNÕ¶GDQ# VRQUD

+3#SULQW#VHWWLQJV#ER[¶WD#ND÷ÕW#W•U•Q•#\HQLGHQ#

■

#\D#GD#$7#\D#GD#

/HWWHU

ELU#VRQUDNL#EDVNÕQÕ]D#X\JXQ#ND÷ÕW#W•U•QH#GH÷LúWLULQ1
*HUL\H#NDODQ#NDUWODUÕ#*ø5øù#J|]•QGHQ#oÕNDUÕQ#YH#RQODUÕQ#\HULQH#G•]#

■

ND÷ÕW#\D#GD#ELU#VRQUD#NXOODQDFD÷ÕQÕ]#ND÷ÕGÕ#\HUOHúWLULQ1

.D÷ÕW#<RO#

*|VWHULFLOHUL

.DWODQDQ#NDUWODUÕQ#
\DSÕPÕ

ú

68

#EH\D]#

ú

DQ#

ú

HNN•U#

ú

DQ#

+3/#53#DGHW#ER
WDEDNDGDQ#ROX
*UHHWLQJ#&DUG#3DSHU#YH#
RQODUD#X\DQ#]DUIODU#
VD÷ODU1#.DWODQDQ#NDUWODUÕ#
ELoLPOHQGLUHELOHQ#ELU#
SURJUDPOD#NHQGL#
PRWLILQL]L#YH#PHVDMÕQÕ]Õ#
\DUDWÕQ1#

+3#*ORVV\#*UHHWLQJ#
&DUG#3DSHU#LOH#
SURIHV\RQHO#J|U•Q•PO•#
YH#EX#KLVVL#\DUDWDQ#
NHQGL#\DUÕ\D#NDWODQÕU#
NDUWODUÕQÕ]Õ#\DSÕQ1#%•W•Q#
|]HO#ROD\ODUÕQÕ]#LoLQ#
P•NHPPHOGLU1#3DUODN#
FLOD#HQ#VHYGL÷LQL]#
IRWR÷UDIODU#LoLQ#KDULNDGÕU1#
%XQD#HN#RODUDN#X\X
]DUIODUOD#ELUOLNWH#JHOLUOHU1

+3#*UHHWLQJ#&DUG#
3DSHU#LOH#|]HO#NDUWODU#
EDVWÕUPDN#NROD\GÕU1#%X#
G|UGH#NDWODQÕU#GDKD#
N•o•N#NDUWODU#WH
QRWODUÕ/#GDYHWOHU#YH#
GR÷XP#J•Q•#NDUWÕ#LoLQ#
LGHDOGLU1#$VWDUOÕ/#PDW#
FLOD#JUDILNOHULQL]LQ#
KDULND#J|U•QPHOHULQL#
VD÷ODU1#%XQODU#GD#

ú

X\X

DQ#]DUIODUOD#ELUOLNWH#

JHOLUOHU1
6D\ID#8¶WHNL#QRUPDO#

ND÷ÕGD#EDVNÕ#
\|QHUJHOHULQL#L]OH\HUHN#
ND÷ÕGÕ#EDVWÕUÕQ1#6RQUD#
GD#ND÷ÕGÕ#NDWOD\DUDN#

ú

NDUW#

HNOLQH#VRNXQ1#+3#
*UHHWLQJ#&DUG#3DSHU*L#
E•\•N#NÕUWDVL\HOHUGH#\D#
GD#ELOJLVD\DU#
PDO]HPHOHUL#VDWDQ#
PD÷D]DODUGD#DUD\ÕQ#\D#
GD#+3#'LUHFW*H#WHOHIRQ#
HGLQ1#+%DNÕQÕ]=#
VD\ID 95,1

<DUDUOÕ#øSXoODUÕ

<D]ÕOÕPÕQÕ]Õ#L]OH\LQ

<D]ÕFÕQÕ]GD#SDQNDUWODUÕQ#
GR÷UX#EDVÕOPDVÕ#LoLQ/#
NXOODQGÕ÷ÕQÕ]#\D]ÕOÕP#
SURJUDPÕQGD#ELU#WDNÕP#
|]HO#D\DUODPDODU#
\DSÕOPDVÕ#JHUHNHELOLU1#
.HQGL#\D]ÕOÕP#
SURJUDPÕQÕ]D#LOLúNLQ#
SDQNDUW#+EDQQHU,#ELOJLVL#
LoLQ#+3#7RROER[*WDNL#

GR#,"#

#+1DVÕO#<DSÕOÕU",##

VHNPHVLQH#\D#GD#

7URXEOHVKRRWLQJ

*LGHUPH,#VHNPHVLQH#
EDNÕQ1

+RZ#

#+6RUXQ#

.D÷ÕW#<RO#

*|VWHULFLOHUL

3DQNDUWODU

(Q#L\L#VRQXoO DUÕ#DOPDN#LoLQ /#+3#%DQQHU#3DSHU#NXOODQPDQÕ]Õ#VDOÕN#
YHULUL]1#$QFDN/#SDQNDUWODUÕQÕ]#LoL Q#ELOJLVD\DU#ND÷ÕGÕ#\D#GD#

]0úHNOLQGH#NDWODQÕU#ND÷ÕW#NXOODQÕUVDQÕ]#:8#J2P
NXOODQPDQÕ]Õ#|QHULUL]1#+HU#]DPDQ#LoLQ #ND÷ÕGÕ#\•NOHPHGHQ#|QF H#
L\LFH#\HOSD]HOHQGLULQ1

ó +3#SULQW#VHWWLQJV#ER[¶WDNL#6HWXS#VHNPHVLQL#WÕNODWÕQ#YH#%DQQHU¶Õ#

VHoLQ1#3DSHU#6L]H#NXWXVXQGD#/HWWHU#\D#GD#$7#ER\XWXQX#VHoLQ1#++3#
SULQW#VHWWLQJV#ER[¶D#QDVÕO#JLGLOGL÷L#NRQXVXQGD#VD\ID <¶D#EDNÕQ1,

5

#D÷ÕUOÕNWD #ND÷ ÕW#

%DQQHU¶

Õ#WÕNODWÕQ1

(Q#L\L#\RO

+3#%DQQHU#3DSHU#
NXOODQÕUVDQÕ]/#
SDQNDUWODUÕQÕ]#GDKD#D]#
ND÷ÕW#VÕNÕúPDODUÕ/#GDKD#
SDUODN#UHQNOHU#YH#NR\X#
VL\DK#UHQNOHUOH#EDVÕOÕU1#
.XOODQPDVÕ#GD#NROD\GÕU±
FDQ#VÕNÕFÕ#GHOLNOL#úHULWOHUL#
\ÕUWPDN#]RUXQGD#
NDOPD]VÕQÕ]$#%XQODUÕ#
E•\•N#NÕUWDVL\HFLOHUGH#
DUD\ÕQ#\D#GD#+3#'LUHFW¶H#
WHOHIRQ#HGLQ1#
+VD\ID 95¶H#EDNÕQ1,

ø\L#VRQXo#YHUPH\HQ#
%DQQHU#+SDQNDUW,#
ND÷ÕGÕ

$VWDUOÕ#ND÷ÕW±|UQH÷LQ#
ELU#\•]•#UHQNOL#GL÷HU#
\•]•#UHQNVL]#ND÷ÕW±
NXOODQPD\ÕQ1

69

ò %DQQHU#+SDQNDUW,#DQDKWDUÕQÕ#\XNDUÕ#NDOGÕUÕQ1#

%DQQHU#+SDQNDUW,#ХъХчХ#\DQDU#YH#d,.,ù#WHSVLVL/#\D]ÕFÕQÕQ#EDQQHU#
+SDQNDUW,#ND÷ÕGÕQÕ#\DNDODPDVÕQÕ#VD÷ODPDN#LoLQ#KDILIoH#\XNDUÕ#NDONDU1

%DQQHU

+3DQNDUW,

ХъХчХ#DoÕN

%DQQHU#+3DQNDUW,

DQDKWDUÕQÕ##\XNDUÕ

NDOGÕUÕQ1

ñ *ø5øù#J|]•QGHNL#W•P#ND÷ÕWODUÕ#oÕNDUÕQ1

ð <D]ÕFÕ#LoLQ#EDQQHU#+SDQNDUW,#ND÷ÕGÕQÕ#KD]ÕUOD\ÕQ=

■ %DQQHU#+SDQNDUW,#ND÷ÕGÕ#GHVWHVLQGHQ#SDQNDUWÕ#EDVPD\D#JHUHNHQ#

VD\ÕGD#ND÷ÕGÕ#D\ÕUÕQ1#+'HVWHGH#HQ#D]#EHú#ND÷ÕW#ROPDOÕGÕU1,

■ 'HOLNOL#úHULWOHU#YDUVD#\ÕUWÕQ1

■ <D]ÕFÕQÕQ#LoLQGH#VD\IDODUÕQ#ELUELULQH#\DSÕúPDPDVÕ#LoLQ#GHVWH\L#

\HOSD]HOHQGLULQ1

ï .D÷ÕGÕ#*ø5øù#J|]•QH/#VHUEHVW#Xo#GHVWHQLQ#•VW#NÕVPÕQD#JHOHFHN#

úHNLOGH#\HUOHúWLULQ1#'HVWH\L#*ø5øù#J|]•QH#NHQDU#NÕVPÕ#|QFH#JLUHFHN#
úHNLOGH#VRNXS#GXUDQD#NDGDU#LWLQ1

6HUEHVW#NHQDU

î .D÷ÕW#D\DUOD\ÕFÕODUÕQÕ#ND÷ÕW#GHVWHVLQLQ#NHQDUODUÕQD#L\LFH#\DVODQDFDN#

úHNLOGH#ND\GÕUÕQ1

í *ø5øù#J|]•Q•#\HQLGHQ#LoHUL#LWLQ1

ì 3DQNDUWÕ#EDVWÕUÕQ1

%DVNÕ#EDúODUNHQ#\D]ÕFÕ#YH#EDQQHU#+SDQNDUW,#ND÷ÕGÕQÕQ#ELU#WDNÕP#
EDúODPD#KDUHNHWOHULQGHQ#JHoWL÷LQL#IDUNHGHFHNVLQL]1#$\UÕFD/#SDQNDUW#
EDVÕPÕ#ELUD]#]DPDQ#DOÕU>#VRQXoODUÕ#J|UPHGHQ#|QFH#ELUD]#
EHNOHPHQL]#JHUHNHELOLU1

1H#<DSPDOÕ

3DQNDUWWD#
XPXOPDGÕN#ELU#\HUGH#
E•\•N#ELU#DUDOÕN#\D#GD#
NDW#\HUL#YDU

<D]ÕFÕ#ELU#NHUHGH#ELUGHQ#
ID]OD#ND÷ÕW#DOÕ\RU#
RODELOLU1#.D÷ÕW#GHVWHVLQL#
GÕúDUÕ#oÕNDUÕS#
\HOSD]HOHQGLULQ1#$\UÕFD/#
EDQQHU#+SDQNDUW,#
SURJUDPÕQÕ]GD#•VW#YH#
DOW#NHQDU#ERúOXNODUÕQÕQ#
VÕIÕUD#D\DUODQPÕú#
ROGX÷XQGDQ#HPLQ#ROXQ1#
3DQNDUWÕ#\HQLGHQ#
EDVWÕUÕQ1

%DQQHU#+SDQNDUW,#
ND÷ÕGÕ#\D]ÕFÕGD#
VÕNÕúÕ\RU

❚

+3#SULQW#VHWWLQJV#

6HWXS

ER[¶WD#
VHNPHVLQGH#
WÕNODWPDPÕú#
RODELOLUVLQL]1

❚

%HúWHQ#ID]OD#IDNDW#53#
DGHWWHQ#D]#ND÷ÕW#
NR\PD\Õ#GHQH\LQ1

❚

%DQQHU#+3DQNDUW,#
DQDKWDUÕQÕQ#\XNDUÕGD#
ROPDVÕQD#GLNNDW#HGLQ1

❚

%HOOL#\D]ÕOÕP#
SURJUDPODUÕQD#X\JXQ#
D\DUODU#LoLQ#oHYULP0LoL#
VRUXQ#JLGHULOPHVLQH#
+WURXEOHVKRRWLQJ,#
EDNÕQ1

❚

%DQQHU#ND÷ÕGÕQÕ#
\•NOHPHGHQ#|QFH#
E•W•Q#ND÷ÕWODUÕ#
\D]ÕFÕGDQ#oÕNDUÕQ1

#

%DQQHU

¶Õ#

6:

1H#<DSPDOÕ

3DQNDUW#EDVÕOGÕNWDQ#VRQUD/#5HVXPH#+'HYDP,#ХъХчХ#\DQÕS#V|Q•\RUVD/#

ë

W•P#EDQQHU#+SDQNDUW,#ND÷ÕGÕ#\D]ÕFÕGDQ#oÕNÕQFD\D#NDGDU#JHUHNWLNoH#
5HVXPH##G•÷PHVLQH#EDVÕQ1

.D÷ÕW#ROPDVÕQD#NDUúÕQ#
ND÷ÕW#ELWWL#LOHWLVL#oÕNÕ\RU

.D÷ÕW#HQL#D\DUOD\ÕFÕVÕQÕ#
VRQXQD#NDGDU#LWPHPLú#
RODELOLUVLQL]1#.D÷ÕGD#
L\LFH#\DVODQPDVÕQÕ#
VD÷OD\ÕQ#YH#\HQLGHQ#
EDVWÕUPD\Õ#GHQH\LQ1

3DQNDUWÕ#EDVWÕUGÕNWDQ#
VRQUD#PHWLQ#QHW#GH÷LO

%DVNÕ#NDOLWHVL#|]HOOLNOH#
SDQNDUW#EDVNÕVÕQGDQ#
VRQUD#N|W•OHúL\RUVD/#
\D]ÕFÕ\Õ#QRUPDO#EDVNÕ#
LoLQ#VÕIÕUODPD\Õ#XQXWPXú#
RODELOLUVLQL]1

5HVXPH#+'HYDP,# #
G•÷PHVL

%DVNÕ¶GDQ# VRQUD

+3#SULQW#VHWWLQJV#ER[¶WD#

■

,úÕ÷ÕQ#V|QPHVL#LoLQ#EDQQHU#+SDQNDUW,#DQDKWDUÕQÕ#DúD÷Õ#LQGLULQ1

■

*ø5øù#J|]•QH#ND÷ÕW#NR\XQ1

■

&XW06KHHW

¶L#WÕNODWÕQ1

6;

hW•\OH#dÕNDUWPDODU

øú#J|U•Q W•#EDVNÕVÕQD#JHOLQFH/#ND÷ÕWOD#\HWLQPHQL]#JHUHNPH]1#
*|U•QW•OHUL#ELOJLVD\DU#EHOJHVLQGHQ#NXPDú#•]HULQH#DNWDUPDN#
LoLQ#oÕ NDUWPD#ND÷ÕGÕ#NXOODQÕQ1#%X#LúO H P#LoLQ#úXQODU#JHUHNOLGLU=

J|U•QW•\•#oÕNDUWPDN#LVWHGL÷LQL]#WLú|UW#\D#GD#EDúND#ELU#NXPDú

■

EDVWÕUPDN#LVWHGL÷LQL]#UHVLP#\D#GD#PHWQL#LoHUHQ#EHOJH

■

ELOJLVD\DU#PDO]HPHVL#VDWÕFÕVÕ#\D#GD#NÕUWDVL\HFLGHQ#VDWÕQ#

■

DODELOHFH÷LQL]#•W•\OH#oÕNDUWPD#ND÷ÕGÕ1

ù|\OH#\DSÕOÕU

%LOJLVD\DUÕQÕ]GD/#WLú|UWH#oÕNDUWPDN#LVWHGL÷LQL]#PHWQL#\D#GD#UHVPL#

ó

LoHUHQ#EHOJH\L#DoÕQ1

+3#SULQW#VHWWLQJV#ER[¶WD/#

ò

,QNMHW#3DSHU

0HWQLQ#\D#GD#UHVPLQ#WLúRUW•Q•]GH#HNUDQGD#J|UG•÷•Q•]#JLEL#

ñ

¶Õ#ND÷ÕW#W•U•#RODUDN#VHoLQ1

ROPDVÕQÕ#LVWHUVHQL]/#EHOJH\L#

+RUL]RQWDO#

dÕNDUWPD#ND÷ÕGÕQÕ#úHIIDI#\•]#DúD÷Õ#JHOHFHN#úHNLOGH#\D]ÕFÕ\D#

ð

*Õ#+(QOHPHVLQH#dHYLU,#WÕNODWDUDN#oHYLULQ1

\•NOH\LQ1

#VHNPHVLQL#WÕNODWÕQ1#

6HWXS

)HDWXUHV

#+3#3UHPLXP#

#+g]HOOLNOHU,#VHNPHVLQGHNL#)OLS

.D÷ÕW#<RO#

*|VWHULFLOHUL

7Lú|UWOHULQ#\DQÕVÕUD

hW•\OH#oÕNDUWPDODUGD#
(433#SDPXNOX#

WLú|UWOHULQ#SRS•OHU#VHoLP#
ROPDVÕQD#NDUYÕQ/#
EXQXQOD#VÕQÕUODQPDQÕ]#
JHUHNPH]1#%LU#IRWR÷UDIÕ#
|QO•÷H#oÕNDUWDELOLU#\D#GD#
úLUNHW#DPEOHPLQL#
EH\]ERO#úDSNDODUÕQD/#
J•QHúOLNOHUH#\D#GD#
úLUNHW#SLNQL÷L#LoLQ#HO#
oDQWDODUÕQD#
HNOH\HELOLUVLQL]1

#

dÕNDUWPD\D#EDVWÕUÕQ1

ï

*|U•QW•\•#WLú|UWH#oÕNDUWPDN#LoLQ#•W•\OH#oÕNDUWPD#ND÷ÕGÕ#LOH#ELUOLNWH#

î

JHOHQ#\|QHUJHOHUL#L]OH\LQ1

%DVNÕ¶GDQ# VRQUD

3ULQW#VHWWLQJV#ER[¶WD#

■

dÕNDUWPD#ND÷ÕGÕQÕ#J•QO•N#NXOODQGÕ÷ÕQÕ]#ND÷ÕWOD#GH÷LúWLULQ1

■

)OLS#+RUL]RQWDO

#NXWXVXQX#WÕNODWDUDN#LúDUHWL#VLOLQ1

(O#HOH#oDOÕúPD

+3#LURQ02Q#706KLUW#
7UDQVIHUV/#\D]ÕFÕQÕ]OD#YH#
+3#P•UHNNHSOH#HO#HOH#
oDOÕúDUDN#VL]H#
SURIHV\RQHO#LSHN#WDEDND#
J|U•QW•V•Q•#VD÷ODPDN#
LoLQ#WDVDUODQPÕúWÕU1

6<

%|O•P

7

6RUXQODU#
dÕNWÕ÷ÕQGD#
<DUGÕP#$OÕQPDVÕ

dHYULP0LoL#

6RUXQ#*LGHUPH#

+7URXEOH0

VKRRWLQJ,

6ÕN#*|U•OHQ#

6RUXQODU

<D]ÕFÕ#

øOHWLúLPOHUL

'•÷PHOHU#YH#

,úÕNODU

0•úWHUL#'HVWH÷L

RUXQODUOD#NDUúÕODúÕOGÕ÷ÕQGD#HQ#oDEXN#o|]•P#

6

JLGHUPH,#|]HOOL÷LQL#NXOODQPDNWÕU1#)DUH#G•÷PHVLQLQ#
ELU#NDo#NH]#WÕNODWÕOPDVÕ#LOH#VRUXQXQX]X#HNUDQGD#
J|UHFHN#YH#RQXQ#JLGHULOPHVLQH#LOLúNLQ#D\UÕQWÕOÕ#
ELOJL\L#EXODFDNVÕQÕ]1#d|]•PH#JLGHQ#\ROX#WÕNODWÕQ1

EXOPD#\ROX#oHYULP0LoL#WURXEOHVKRRWLQJ#+VRUXQ#

d|]•PH#JLGHQ#\ROX#WÕNODWÕQ

gQFH#PDVD•VW•QGHNL#

ó

7RROER[#NÕVD#\ROXQX#
+\D#GD#VLPJHVLQL,#oLIW#

WÕNODWÕQ1#++3#7RROER[¶Õ#
EXODPD]VDQÕ]#
VD\ID 44¶H#EDNÕQ1,

ò 7URXEOHVKRRWLQJ

#

VHNPHVLQL#WÕNODWÕQ1

8\JXQ#NDWHJRUL\L#WÕNODWÕQ1#

ñ

+ø]OH\HQ#VD\IDODUGD#KHU#
NDWHJRULGH#VÕN#J|U•OHQ#
VRUXQODUD#JHQHO#ELU#EDNÕú#
\HU#DOPDNWDGÕU1,

6RUXQ#QHGLU"

ð

1H#<DSPDOÕ

<HQL#NDUWXú#WDNWÕNWDQ#
VRQUD#SULQW#FDUWULGJH#
+EDVNÕ#NDUWXúX,#ХъХчХ##
\DQÕS#V|QPH\H#GHYDP#
HGHUVH/#NDUWXúODUÕQ#

•]HULQGHNL#SDUoD#
QXPDUDODUÕQÕ#NRQWURO#
HGLQ1#

❚ 6L\DK=#

+384978*#

❚ %•\•N#6L\DK=

+384978$

❚ ho#5HQNOL=#

+3&4;56$

2ODVÕOÕNODUÕ#DUDúWÕUÕQ1

ï

74

1H#\DSPDOÕ"

<D]ÕFÕGDQ#KLo#VD\ID#
oÕNPDGÕ

6DEÕUOÕ#ROXQ1

EHOJHOHULQ#EDVÕOPDVÕ#ELUD]#]DPDQ#DOÕU1#3RZHU#

#+*•o,#ХъХчХQD#EDNХQ>#\DQХS#V|Q•\RUVD/#

\D]ÕFÕ#ELOJL#LúOL\RU#GHPHNWLU1

*•o1

#<D]ÕFÕQÕQ#DoÕN#+\D]ÕFÕQÕ]ÕQ#|Q#
WDUDIÕQGDNL#3RZHU##+*•o,#ХъХчХ#DoÕN#ROPDOÕ,#
YH#W•P#ED÷ODQWÕODUÕQ#VÕNÕ#ROGX÷XQGDQ#HPLQ#
ROXQ1#

.DSDN1

ROGX÷XQGDQ#HPLQ#ROXQ1#

.D÷ÕW1

NR\GX÷XQX]GDQ#HPLQ#ROXQ1

#5HQNOL#IRWR÷UDIODU#JLEL#NDUPDúÕN#

#<D]ÕFÕQÕQ#•VW#NDSD÷ÕQÕQ#NDSDOÕ#

#*ø5øù#J|]•QH#ND÷ÕGÕ#GR÷UX#

øOHWLúLPOHU1

+³3ULQWHU#1RW#5HVSRQGLQJ´,#LOHWLVL#oÕNDUVD/#
\DQOÕú#NDEOR#NXOODQÕ\RU#RODELOLUVLQL]1#+dLIW#\|QO•#
+3#,(((045;7#8\XPOX#3DUDOHO#$UDELULP#
.DEORVX#|QHULOLU1,

%DVNÕ#NDUWXúODUÕ1

LNLVLQGH#GH#GR÷UX#SDUoD#QXPDUDOÕ#YH#GR÷UX#
WDNÕOPÕú#NDUWXúODU#EXOXQGX÷XQGDQ#HPLQ#ROXQ1

.D÷ÕW#VÕNÕúPDVÕ1

ROPDGÕ÷ÕQGDQ#HPLQ#ROXQ1#'DKD#ID]OD#ELOJL#LoLQ#
VD\ID 9¶\D#EDNÕQ1,

#(NUDQGD#³<D]ÕFÕ#<DQÕW#9HUPL\RU´#

#%DVNÕ#NDUWXú#\XYDODUÕQÕQ#KHU#

#<D]ÕFÕGD#VÕNÕúPÕú#ND÷ÕW#

#'DKD#ID]OD#\DUGÕP#LoLQ#oHYULP0LoL#VRUXQ#

JLGHUPH*\H#+WURXEOHVKRRWLQJ,#EDNÕQ1

<D]ÕFÕGDQ#ERú#ELU#ND÷ÕW#
oÕNWÕ

%DQW1

#%DVNÕ#NDUWXúODUÕ#•]HULQGHNL#NRUX\XFX#

EDQW#SDUoDODUÕQÕ#oÕNDUGÕ÷ÕQÕ]GDQ#HPLQ#ROXQ1

9DUVD\ÕODQ#\D]ÕFÕ1

\D]ÕFÕ\Õ#YDUVD\ÕODQ#\D]ÕFÕ#RODUDN#VHoWL÷LQL]GHQ#
HPLQ#ROXQ1#9DUVD\ÕODQ#\D]ÕFÕ\D#EDNPDN#LoLQ#
+3#7RROER[¶WDNL#7URXEOHVKRRWLQJ#VHNPHVLQL#
YH#$#EODQN#SDJH#FDPH#RXW¶Õ#WÕNODWÕQ1#:URQJ#
SULQWHU#VHOHFWHG*LQ#+<DQOÕú#\D]ÕFÕ#VHoLOGL,#
DOWÕQGD/#YDUVD\ÕODQ#\D]ÕFÕ\Õ#EHOLUOHPH#
\|QHUJHOHUL#LoLQ#G•÷PH\L#WÕNODWÕQ#YH#HNUDQGDNL#
\|QHUJHOHUL#L]OH\LQ1

#+3#'HVN-HW#:43&#6HULHV#

0HWLQ#\D#GD#JUDILNOHU#
\DQOÕú#\HUGH

.D÷ÕW#\|Q•

oÕNWÕ\VD/#+3#SULQW#VHWWLQJV#ER[*ÕQ#+EDVNÕ#
D\DUODUÕ#NXWXVX,#)HDWXUHV#+g]HOOLNOHU,#
VHNPHVLQGH#GR÷UX#\|Q•#+'LNH\#\D#GD#<DWD\,#
VHoPLú#ROGX÷XQX]GDQ#HPLQ#ROXQ1

+L]DODPD1

VD\IDGD#D\QÕ#KL]DGD#GH÷LOVH/#EDVNÕ#
NDUWXúODUÕQÕ#KL]DODPDQÕ]#JHUHNHELOLU1#+3#
7RROER[¶WD/#3ULQWHU#6HUYLFHV#VHNPHVLQL#YH#
VRQUD#GD#$OLJQ#WKH#SULQW#FDUWULGJHV¶Õ#WÕNODWÕQ1

<HUOHúWLUPH1

\HQLGHQ#\HUOHúWLUPH\L#GHQH\LQ#YH#DUND#HULúLP#
NDSD÷ÕQÕQ#VD\ID 9¶GD#DQODWÕOGÕ÷Õ#JLEL#GR÷UX#ELU#
úHNLOGH#NLOLWOHQPLú#ROGX÷XQGDQ#HPLQ#ROXQ1

#%DVNÕ#VD\ID\D#\DQOÕú#NRQXPGD#

1

#5HQNOL#YH#VL\DK#P•UHNNHS#EDVÕOÕ#

#%DVNÕ#H÷LPOL#YH#oDUSÕNVD/#ND÷ÕGÕ#

0•UHNNHS1

NÕODYX]XQGD#71#DGÕPGD#J|VWHULOGL÷L#JLEL#
NDUWXúODUÕ#GH÷LúWLULQ1

)DNVODU

JHOGL\VH#YH#IDNVÕ#EDVWÕUPD\D#oDOÕúWÕ÷ÕQÕ]GD#
\D]ÕFÕ#ERú#ELU#VD\ID#EDVÕ\RUVD/#IDNVÕ#JUDILN#
ELoLPGH#+|UQH÷LQ#7,)#JLEL,#ND\GHWPH\L#
GHQH\LQ1#6RQUD#GD#ELU#V|]F•N#LúOHPH#
EHOJHVLQH#NR\XS#RUDGDQ#EDVWÕUÕQ1#%DúND#ELU#
VHoHQHN#GH/#o|]•P#LoLQ#oHYULP0LoL#
WURXEOHVKRRWLQJ¶H#EDNÕQ1

.HQDU#ERúOXNODUÕ#D\DUÕ1

NHQDUÕQGDQ#GÕúDUÕ#WDúÕ\RUVD=

■ <D]ÕOÕP#SURJUDPÕQÕ]GD#NHQDU#

ERúOXNODUÕQÕQ#GR÷UX#D\DUODQPÕú#
ROGX÷XQGDQ#HPLQ#ROXQ1

■ %HOJHQL]GHNL#XQVXUODUÕQ#VD\IDQÕQ#EDVÕODELOLU#

DODQÕ#LoLQH#VÕ÷GÕ÷ÕQGDQ#HPLQ#ROXQ#
+VD\ID 8:,1

■ +3#SULQW#VHWWLQJV#ER[¶WDNL#6HWXS#

VHNPHVLQGH#GR÷UX#ND÷ÕW#ER\XWXQX#
VHoWL÷LQL]GHQ#HPLQ#ROXQ1

#0•UHNNHS#ELWPLú#RODELOLU1#.XUXOXP#

1#%LOJLVD\DUÕQÕ]D#HOHNWURQLN#ELU#IDNV#

#'DKD#ID]OD#\DUGÕP#LoLQ#oHYULP0LoL#VRUXQ#

JLGHUPH*\H#+WURXEOHVKRRWLQJ,#EDNÕQ1

#0HWLQ#VD\IDQÕQ#

#'DKD#ID]OD#\DUGÕP#LoLQ#oHYULP0LoL#VRUXQ#

JLGHUPH*\H#+WURXEOHVKRRWLQJ,#EDNÕQ1

75

%DVNÕ#NDOLWHVL#N|W•

%DQQHU#+SDQNDUW,#DQDKWDUÕ1#

EDVWÕUPÕ\RUVDQÕ]/#EDQQHU#+SDQNDUW,#
DQDKWDUÕQÕQ#DúD÷ÕGD#ROPDVÕQD#GLNNDW#HGLQ1

.D÷ÕW1

#%DVNÕ#VROXN/#UHQNOHU#FDQOÕ#GH÷LO#YH#
ELUELULQH#NDUÕúÕ\RUVD/#LQNMHW#\D]ÕFÕODU#LoLQ#
WDVDUODQPÕú#ND÷ÕGÕ#NXOODQGÕ÷ÕQÕ]GDQ/#
\D]ÕOÕPGD#GR÷UX#ND÷ÕW#D\DUÕQÕQ#VHoLOGL÷LQGHQ#
YH#ND÷ÕGÕQ#EDVÕODFDN#\•]•Q•#DúD÷Õ\D#
EDNDFDN#úHNLOGH#\HUOHúWLUGL÷LQL]GHQ#HPLQ#
ROXQ1

.DUWXúODU1

#0•UHNNHS#EXODúÕ\RU#\D#GD#

EHQHNOL\VH=

■ 0•UHNNHS#NDUWXúODUÕQÕ#WHPL]OHPHQL]#

JHUHNHELOLU1#+3#7RROER[*WD#|QFH/#3ULQWHU#
6HUYLFHV#+<D]ÕFÕ#+L]PHWOHUL,#VHNPHVLQL/#

VRQUD#GD#&OHDQ#WKH#SULQW#FDUWULGJHV#+EDVNÕ#
NDUWXúODUÕQÕ#WHPL]OH,#VHoHQH÷LQL#WÕNODWÕQ1

3DQNDUW#

6D\IDGD#ELU#úH\#HNVLN#
\D#GD#\DQOÕú

.HQDU#ERúOXNODUÕ#D\DUÕ1

NHVLOL\RUVD/#\D]ÕOÕP#SURJUDPÕQÕ]GD#
DúD÷ÕGDNLOHULQ#\DSÕOGÕ÷ÕQGDQ#HPLQ#ROXQ=

■ .HQDU#ERúOXNODUÕ#GR÷UX#D\DUODQPÕú1

■ 8QVXUODU#GR÷UX#|OoHNOHQPLú1

5HQNOHU1

■ 5HQNOL#EDVNÕ#NDUWXúXQX#WHPL]OHPHQL]#

#5HQNOHU#\DQOÕú#\D#GD#HNVLNVH=

JHUHNHELOLU1#7RROER[¶WD/#3ULQWHU#6HUYLFHV#
VHNPHVLQL#YH#VRQUD#GD#&OHDQ#WKH#SULQW#
FDUWULGJHV¶Õ#WÕNODWÕQ1

■ .XUXOXP#NÕODYX]XQGD#71#DGÕPGD#DQODWÕOGÕ÷Õ#

JLEL#UHQNOL#P•UHNNHS#NDUWXúXQX#
GH÷LúWLUPHQL]#JHUHNHELOLU1

#%DVNÕ#NHQDUODUGD#

■ .XUXOXP#NÕODYX]XQXQ#71#DGÕPÕQGD#

DQODWÕOGÕ÷Õ#JLEL#P•UHNNHS#NDUWXúODUÕQÕ#
GH÷LúWLUPHQL]#JHUHNHELOLU1

0•UHNNHS1

#%DVNÕ#NDOLWHVLQL#GH÷LúWLUHUHN#++3#
SULQW#VHWWLQJV#ER[¶WDNL#6HWXS#VHNPHVLQGH,#
VD\IDGDNL#P•UHNNHS#PLNWDUÕQÕ#NRQWURO#
HGHELOLUVLQL]1

■ %DVNÕ#VROXN/#UHQNOHU#FDQOÕ#GH÷LOVH/#

(FRQR)DVW#\HULQH#1RUPDO#\D#GD#%HVW¶L#
WÕNODWÕQ1

■ 5HQNOHU#ELUELULQH#NDUÕúÕ\RU#\D#GD#P•UHNNHS#

VD\ID\D#GD÷ÕOÕ\RUVD/#%HVW#\HULQH#1RUPDO#\D#
GD#(FRQR)DVW¶Õ#VHoLQ1

■ 0•UHNNHS#D]DOPÕú#RODELOLU1#.XUXOXP#

NÕODYX]XQXQ#71#DGÕPÕQGD#DQODWÕOGÕ÷Õ#JLEL#
NDUWXúODUÕ#GH÷LúWLULQ1

#'DKD#ID]OD#\DUGÕP#LoLQ#oHYULP0LoL#VRUXQ#

JLGHUPH*\H#+WURXEOHVKRRWLQJ,#EDNÕQ1

■ +3#SULQW#VHWWLQJV#ER[¶WD#6HWXS#VHNPHVLQGH#

3ULQW#LQ#*UD\VFDOH¶L#VHoPHPLú#

ROGX÷XQX]GDQ#HPLQ#ROXQ1

øOHWLúLPOHU1

#6D\IDGD#DQODPVÕ]#NDUDNWHUOHU#
EDVÕOÕ\RUVD/#ELOJLVD\DU#\D]ÕFÕ\OD#LOHWLúLPL#
ND\EHWPLú#RODELOLU1#%•W•Q#NDEORODUÕQ#VÕNÕFÕ#
WDNÕOPÕú#ROGXNODUÕQGDQ#HPLQ#ROXQ1#dLIW#\|QO•#
NDEOR#NXOODQGÕ÷ÕQÕ]GDQ#HPLQ#ROXQ1#.DEOR\X#
VÕQDPDN#LoLQ/#+3#7RROER[¶WD/#3ULQWHU#6HUYLFHV#
VHNPHVLQL#VRQUD#GD#7H V W#WKH#SULQWHU#
FRPPXQLFDWLRQ¶Õ#WÕNODWÕQ1#

#'DKD#ID]OD#\DUGÕP#LoLQ#oHYULP0LoL#VRUXQ#

JLGHUPH*\H#+WURXEOHVKRRWLQJ,#EDNÕQ1

3DQNDUW#EDVWÕUÕUNHQ#
VRUXQ#oÕNÕ\RU

%DVNÕ#D\DUODUÕ1

VHoPHGL\VHQL]#ND÷ÕW#X\XúPD]OÕ÷Õ#KDWD#LOHWLVL#
DOÕUVÕQÕ]1#øúL#LSWDO#HGLQ#YH#+3#SULQW#VHWWLQJV#
ER[¶WD#6HWXS#VHNPHVLQGH#%DQQHU¶Õ#
WÕNODWWÕ÷ÕQÕ]GDQ#HPLQ#ROXQ1#øúLQL]L#\D]ÕFÕ\D#
\HQLGHQ#J|QGHULQ1

%DQQHU#+SDQNDUW,#DQDKWDUÕ1

#'R÷UX#EDVNÕ#D\DUÕQÕ#

#.D÷ÕW#VÕNÕúÕ\RUVD/#

<HUOHúWLUPH1

#<D]ÕFÕ\D#ELUoRN#ND÷ÕW#D\QÕ#DQGD#
EHVOHQL\RUVD/#ND÷ÕWODUÕ#E•N•S#DoDUDN#
DUDODUÕQD#GDKD#ID]OD#KDYD#JLUPHVLQL#VD÷OD\ÕQ1#

.D÷ÕW1

#<D]ÕFÕGDQ#JHoHUNHQ#NDWODQÕ\RUVD#ND÷ÕW#
SDQNDUW#EDVÕPÕ#LoLQ#X\JXQ#ROPD\DELOLU1#+3#
%DQQHU#3DSHU#|QHULOLU1

.HQDU#ERúOX÷XQGD#DUDOÕN1

#.D÷ÕWODUÕQ#XoODUÕQGD#
EDVNÕGD#DUDOÕNODU#YDUVD/#\D]ÕOÕP#
SURJUDPÕQÕ]GD#ELU#VRUXQ#RODELOLU1#'DKD#ID]OD#
ELOJL#LoLQ#oHYULP0LoL#WURXEOHVKRRWLQJ¶H#EDNÕQ1

EDQQHU#+SDQNDUW,#DQDKWDUÕQÕ#\XNDUÕ#LWWL÷LQL]GHQ#
YH#ND÷ÕGÕ#VRQXQD#NDGDU#*ø5øù#J|]•QH#
VRNWX÷XQX]GDQ#HPLQ#ROXQ1

#dHYUÕP0LoL#VRUXQ#JLGHUPH*\H#+WURXEOHVKRRWLQJ,#QDVÕO#JLGLOHFH÷L#NRQXVXQGD#VD\ID#

73074*H#EDNÕQ1

#'DKD#ID]OD#\DUGÕP#LoLQ#oHYULP0LoL#VRUXQ#

JLGHUPH*\H#+WURXEOHVKRRWLQJ,#EDNÕQ1

76

<D]ÕFÕ#øOHWLúLPOHUL

<D]ÕFÕ#NDEORVX#\D]ÕFÕ#LOH#ELUO LNWH#JHOPH]1#+3#,(((045;7#8\XPOX#
3DUDOH O#$UDELUL P#.DEORVX#\D]ÕFÕQÕ]#LoLQ #HQ#L\L V LG L U1#.DEORQXQ#
oLIW#\|QO•#ROP DVÕ QD/#\DQL/#\D]ÕFÕQÕ] OD #ELOJLVD\DU#DUDVÕQGD#LNL#
WDUDIOÕ#LOHWLúLPH#RODQDN#VD÷ODPDVÕQD#GLNNDW#HGLQ1#%X #W•U#NDE OR#
\D]ÕFÕQÕ]ÕQ#W•P#|]HOOLNOHULQH#HULúPHQL]H#RODQDN#VD÷O DU1

<D]ÕFÕ#NDEORQX] XQ #oLIW#\|QO•#ROXS#ROPDGÕ÷ÕQGDQ#HPLQ#
GH÷LOVHQL]/#DúD÷ÕGDNL#DGÕPODUÕ#X\JXOD\DUDN#|÷UHQHELOLUVLQL]=

ó <D]ÕFÕ#NDEORVXQXQ#\D]ÕFÕ#YH#ELOJLVD\DUD#VÕNÕFD#ED÷OÕ#ROGX÷XQGDQ#

HPLQ#ROXQ1

ò <D]ÕFÕ#YH#ELOJLVD\DUÕQ#DoÕN#ROGXNODUÕQGDQ#HPLQ#ROXQ1

ñ +3#7RROER[¶WDNL#3ULQWHU#6HUYLFHV#VHNPHVLQL#WÕNODWÕQ1

ð 7HVW#SULQWHU#FRPPXQLFD WLRQ¶Õ#WÕNODWÕQ1

<D]ÕFÕ#\D]ÕOÕPÕ/#ELOJLVD\DU#LOH#\D]ÕFÕ#DUDVÕQGDNL#LOHWLúLPL#VÕQD\DUDN#
oLIW#\|QO•#ROXS#ROPDGÕ÷ÕQÕ#ELOGLULU1#

.DEOR#oLIW#\|QO•\VH#+3#'HVN-HW#\D]ÕFÕQÕ]ÕQ#E•W•Q#|]HOOLNOHULQH#
HULúLPLQL]#RODFDNWÕU1#

.DEOR#oLIW#\|QO•#GH÷LOVH/#\D]ÕFÕ#ELOJLVD\DU#HNUDQÕQD#LOHWL#
J|QGHUHPH\HELOLU#IDNDW#\LQH#GH#EDVNÕ#\DSDELOLU1#

%X#EHOJHQLQ#EDVNÕVÕ#VÕUDVÕQGD#oLIW#\|QO•#LOHWLúLP#:LQGRZV#17#713*WH#
NXOODQÕODPÕ\RUGX1

'•÷PHOHU#YH#,úÕNODU

<D]ÕFÕQÕQ#|Q#WDUDIÕQGD#LNL#G•÷PH#YH#•o#ÕúÕN#EXOXQXU1#,úÕNO DU #
\D]ÕFÕQÕQ#QH#]DPDQ#GR÷UX#oDOÕúWÕ÷Õ QÕ#\D#GD#QH#]DPDQ#VL]LQ#DUD\D#
JLUPHQL]#JH U HN W L÷LQL#J|VWHULU1#'•÷PHOHU#\D]ÕFÕ\Õ#NXPDQGD#
HWPHN#LoLQ #NXOODQÕOÕU1

*•o#+3RZHU,#

'•÷PHVL#YH#,úÕ÷Õ %X#ХъХчХQ#\DQPDVÕ#\D]ÕFÕQÕQ#DoÕN#ROGX÷XQX#

J|VWHULU1

5HVXPH#+'HYDP,#

'•÷PHVL#YH#,úÕ÷Õ .D÷ÕWOD#LOJLOL#ELU#VRUXQ#ROGX÷XQGD#EX#ÕúÕN#

\DQÕS#V|QHU1#6RUXQX#JLGHULS#G•÷PH\H#EDVÕQ1

3ULQW#&DUWULGJH#

+%DVNÕ#.DUWXúX,#,úÕ÷Õ %DVNÕ#NDUWXúX\OD#LOJLOL#ELU#VRUXQ#ROGX÷XQGD#

\DQÕS#V|QHU1#6RUXQX#JLGHULQ1#6RUXQ#
JLGHULOGL÷LQGH#YH#•VW#NDSDN#NDSDWÕOGÕ÷ÕQGD#
ХъХчХQ#\DQÕS#V|QPHVL#GXUXU1

øNL#\D#GD#GDKD#ID]OD#ÕúÕN#D\QÕ#DQGD#\DQÕS#V|Q•\RUVD/#\D]ÕFÕ\OD#LOJLOL#ELU#
VRUXQ#YDU#GHPHNWLU1#6RUXQX#JLGHULQ#YH#\D]ÕFÕ\Õ#NDSDWÕS#\HQLGHQ#DoÕQ1#
d|]•POHU#LoLQ#+3#7RROER[¶WD#7URXEOHVKRRWLQJ#+6RUXQ#*LGHUPH,#

77

VHNPHVLQH#EDNÕQ1

0•úWHUL#'HVWH÷L

<D]ÕFÕQÕ]ÕQ #QDVÕO#oDOÕúWÕ÷ÕQD#LOL ú N LQ#JHQH O#\D#GD#NDUúÕODúWÕ÷ÕQÕ]#
ELU#VRUXQOD#LOJLOL#|]HO#VRUXODUÕQÕ]#ROGX÷XQGD #\DQÕW#DOPDN#LoLQ#
oHúLWOL#\ROODU#YDUGÕU1#

7RROER[#.XOODQÕODUDN#6RUXQ#*LGHULOPHVL

g]HO#ELU#VRUXQXQX]#ROGX÷XQGD/#HQ#oDEXN#o|]•P#EXOPD#\ROX#SDUPDN#
XoODUÕQÕ]GD#RODELOLU1#+3#7RROER[¶WD#\HU#DODQ#oHYULP0LoL#WURXEOHVKRRWLQJ#
|]HOOL÷LQH#EDNÕQ1#+7RROER[¶D#QDVÕO#JLGLOGL÷L#NRQXVXQGD#VD\ID 44¶H#
EDNÕQ1,#7RROER[¶WDNL#|QHULOHU#VRUXQXQX]X#o|]PH]VH/#DúD÷ÕGDNL#
SDUDJUDIODUGD#DQODWÕOGÕ÷Õ#JLEL/#KDOD#ELU#oRN#VHoHQH÷LQL]#YDUGÕU1

(OHNWURQLN#'HVWHN#%LOJLVL

%LOJLVD\DUÕQÕ]D#ED÷OÕ#ELU#PRGHPLQL]#YDUVD#YH#ELU#oHYULP0LoL#KL]PHWLQH#
DERQH\VHQL]#\D#GD#øQWHUQHW¶H#GR÷UXGDQ#HULúLPLQL]#YDUVD/#\D]ÕFÕQÕ]#
KDNNÕQGD#JHQLú#NDSVDPOÕ#ELOJL#HOGH#HGHELOLUVLQL]=

.XOODQÕFÕ#)RUXPODUÕ

&RPSX6HUYH#+*R#+33(5,#YH#$PHULFD#2QOLQH#+DQDKWDU#V|]F•N=#+3,#
NXOODQÕFÕ#IRUXPODUÕQGD#ELOJLOL#NXOODQÕFÕODU#\D#GD#VLVWHP#LúOHWPHQOHULQGHQ#
\DUGÕP#DODELOLUVLQL]1#.XOODQÕFÕ#IRUXPODUÕQGD#VRUXQX]X#EÕUDNDELOLU#YH#GDKD#
VRQUD#\HQLGHQ#NRQWURO#HGHUHN#GL÷HU#NXOODQÕFÕODUÕQ#|QHUGLNOHUL#o|]•P#
\ROODUÕ#YH#G•ú•QFHOHULQH#EDNDELOLUVLQL]1#'L÷HU#NXOODQÕFÕODU#WDUDIÕQGDQ#
EÕUDNÕODQ#HVNL#PHVDMODUÕ#RNX\XS#EDúND#ELU#NLPVHQLQ#VL]LQNLQH#EHQ]HU#ELU#
VRUXQOD#NDUúÕODúPÕú#YH#o|]•P•Q•#VD÷ODPÕú#ROXS#ROPDGÕ÷ÕQÕ#
J|UHELOLUVLQL]1

+3#:HE#$GUHVL

øQWHUQHW¶H#HULúLPLQL]#YDUVD/#GHVWHN#EHOJHOHU#YH#+3¶GHQ#HQ#\HQL#KDEHUOHU#
LoLQ#+3¶QLQ#

SHULSKHUDOV

KWWS=22ZZZ1KS1FRP

#ZHE#85/#DGUHVLQH#EDNÕQ1

<D]ÕFÕ#<D]ÕOÕPÕ

<D]ÕF Õ#\D]ÕOÕPÕ#+D\QÕ#]DPDQGD#\D]ÕFÕ#V•U•F•V•#RODUDN#WD#DGODQGÕUÕOÕU,#
\D]ÕFÕQÕ]ÕQ#ELOJLVD\DUOD#LOHWLúLPLQH#RODQDN#VD÷ODU1#+3/#:LQGRZV#YH#
:LQGRZV#17#713#LoLQ#\D]ÕFÕ#\D]ÕOÕPÕ#YH#\D]ÕOÕP#\•NVHOWPHOHULQL#VD÷ODU1#
'26#\D]ÕFÕ#\D]ÕOÕPÕ#LoLQ#\D]ÕOÕP#SURJUDPÕQÕ]ÕQ#•UHWLFLVLQH#GDQÕúÕQ1#
<D]ÕOÕ PÕ#GH÷LúLN#\ROODUGDQ#HOGH#HGHELOLUVLQL]1

&RPSX6HUYH/#$PHULFD#2QOLQH#\D#GD#+3¶QLQ#:HE#\HULQH#+\XNDUÕGD#

■

EHOLUWLOHQ#:HE#DGUHVLQH#EDNÕQ,#HULúLP#VD÷OD\DUDN#V•U•F•\•#NDUúÕGDQ#
LQGLULQ2\•NOH\LQ1
$%'¶GH#LVHQL]/#\D]ÕFÕQÕ]Õ#LON#NH]#NXUX\RUVDQÕ]#YH#&'0520#

■

V•U•F•Q•]#\RNVD/#\D]ÕFÕ#\D]ÕOÕPÕQÕQ#&'#NDEÕQÕQ#•]HULQGH#\D]ÕOÕ#

•FUHWVL]#DUDQDELOHQ#WHOHIRQ#QXPDUDVÕQÕ#DUD\DUDN#\D]ÕOÕPÕ#6#425%OLN#
GLVNHWOHUGH#VLSDULú#HGHELOLUVLQL]1#'LVNHWOHU#ELU#VRQUDNL#J•Q#•FUHWVL]#
RODUDN#VL]H#WHVOLP#HGLOLU1

$%'¶GH#LVHQL]#YH#\D]ÕOÕP#\•NVHOWPHVLQH#JHUHNVLQLPLQL]#YDUVD/#

■

406360:6<0733<#QXPDUDOÕ#WHOHIRQX#DUD\DUDN#VLSDULú#YHUHELOLUVLQL]1#
<D]ÕOÕP#\•NVHOWPHOHULQGH#GLVNHWOHU#YH#SRVWD#LoLQ#•FUHW#VL]H#DLWWLU1
$%'#GÕúÕQGD#LVHQL]#0•úWHUL#'HVWH÷L¶QL#DUD\ÕQ1

■

#\D#GD#

KWWS=22ZZZ1KS1FRP2JR2

<DUDUOÕ#øSXoODUÕ

.XOODQÕFÕ#)RUXPODUÕ

+HU#LNL#IRUXPGD#GD#
LSXoODUÕ#LoLQ#
LQFHOH\HELOHFH÷LQL]#ELU#
)$4#+6ÕN#6RUXODQ#
6RUXODU,#OLVWHVL#EXOXQXU1

&RPSX6HUYH=

+3#3HULSKHUDOV#+<DQ#
'RQDQÕPODU,#IRUXPXQD#
HULúLQ1#+*R#+33(5,

$PHULFD#2QOLQH=

+3#IRUXPXQD#HULúLQ1#
³*R#7R´ #+*LW,#
PHQ•V•QGH#³NH\ZRUG´#
+DQDKWDU#V|]F•N,#WÕNODWÕS/#
³+3´#\D]ÕQ#YH#+3#IRUXP#
EDúODQJÕo#VD\IDVÕQÕ#
GR÷UX#HNUDQÕQÕ]D#
JHWLUPHN#LoLQ#HQWHU#
WXúXQD#EDVÕQ1

<D]ÕFÕQÕ]ÕQ#2QDUÕPÕ

<D]ÕFÕQÕ]ÕQ#RQDUÕPD#
JHUHNVLQLPL#ROGX÷XQGDQ#
HPLQ#ROPDN#LoLQ#
+3#7H O H I R Q O D #'HVWHN#
0HUNH]L¶QL#DUD\ÕQ1#
<D]ÕFÕQÕ]ÕQ#RQDUÕPD#
JHUHNVLQLPL#YDUVD#
+3#'HVWHN#0•PHVVLOL#
LúOHPL#G•]HQOHU1#%X#
KL]PHW/#\D]ÕFÕQÕ]ÕQ#
JDUDQWL#V•UHVL#GROPDGDQ#
|QFH#•FUHWVL]GLU1#
*DUDQWL#V•UHVL#GROGXNWDQ#
VRQUD#RQDUÕPODU/#
DOGÕNODUÕ#]DPDQ#YH#
NXOODQÕODQ#PDO]HPH\H#
J|UH#•FUHWOHQGLULOLU1

#

#

78

'RNVDQ#*•Q#hFUHWVL]#
'HVWHN

6DWÕQ#DOÕP#WDULKLQGHQ#
VRQUDNL#<3#J•Q#LoLQGH#
WHOHIRQ#GHVWH÷L#•FUHWVL]#
RODUDN#YHULOLU1#7H OH I R Q O D #
DUDPDGDQ#|QFH/#O•WIHQ#
úXQODUÕ#\DSÕQ=

❚ NXUXOXP#YH#VRUXQ#

JLGHULPL#LSXoODUÕ#LoLQ#
NXOODQÕFÕ#HO#NLWDEÕQD#YH#
oHYULP0LoL#
WURXEOHVKRRWLQJ¶H#
EDNÕQ

❚ ELOJLVD\DUÕQÕ]ÕQ#|Q•QH#

\D]ÕFÕQÕ]D#\DNÕQ#ELU#
\HUGH#RWXUXQ

❚ ùX#ELOJL\L#KD]ÕU#

EXOXQGXUXQ=
‡ \D]ÕFÕQÕ]ÕQ#VHUL#

QXPDUDVÕ#+HWLNHW#
\D]ÕFÕQÕQ#
DUNDVÕQGDGÕU,

‡ \D]ÕFÕQÕ]ÕQ#PRGHO#

QXPDUDVÕ#+HWLNHW#

\D]ÕFÕQÕQ#|Q•QGHGLU,
‡ ELOJLVD\DUÕQ#PRGHOL
‡\D]ÕFÕ#V•U•F•V•Q•Q#

YH#\D]ÕOÕP#

X\JXODPDVÕQÕQ#

V•U•P•#+JHoHUOL#LVH,1

0HNWXS#<D]ÕOPDVÕ#
KDNNÕQGD#1RW

7HNQL N #GHVWHN#
HOHPDQÕQÕQ#WHNQLN#
GHVWH÷LQH#
JHUHNVLQLPLQL]#YDUVD/#
PHNWXS#\D]PDN#\HULQH#
EL]L/#ELOJLVD\DUÕQ#YH#
\D]ÕFÕQÕQ#|Q•QGH#
RWXUXUNHQ#WHOHIRQOD#
DUDPDQÕ]Õ#|QHULUL]1#
%|\OHFH#VRUXODUÕQÕ]D#
DQÕQGD#\DUGÕPFÕ#
RODELOLUL]$

79

+3#0•úWHUL#'HVWH÷L¶QLQ#$UDQPDVÕ

+DWWD#WHNQLN#\DUGÕP#LoLQ#ELU#NLPVH\OH#NRQXúPDN#•]HUH#DúD÷ÕGDNL#
QXPDUDODUGDQ#ELULQL#DUD\ÕQ1#<D]ÕFÕQÕ]ÕQ#JDUDQWL#V•UHVL#ER\XQFD#EX#
KL]PHW#•FUHWVL]GLU1#$QFDN/#úHKLUOHU#DUDVÕ#DUÕ\RUVDQÕ]#EXQXQ#•FUHWL#
X\JXODQÕU1#

$%' +53;,#67707464

■

$IULND22UWD#'R÷X 74#552:;3#:4#44

■

$OPDQ\D 7<#+3,#4;3#858;#476

■

$UMDQWLQ 874:;40739429<

■

$YXVWUDO\D 94#6#<5:5;333

■

$YXVWXU\D 76#+3,993#96;9

■

%HOoLND#+$OPDQFD, 65#+3,5#959;;#39

■

%HOoLND#+)UDQVÕ]FD, 65#+3,5#959;;#3:

■

%UH]LO\D 88#44#:3<04777

■

dHN#&XPKXUL\HWL 75#+5,#7:4#:654

■

dLQ ;9#43#9838#6;;;08<8<

■

'DQLPDUND 78#+3,6<#5<73<<

■

(QGRQH]\D 9554#683#673;

■

)LOLSLQOHU 98#5:5#8633

■

)LQODQGL\D# 6;8#+3,536#7:5;;

■

)UDQVD 66#+3,#476956767

■

+LQGLVWDQ <4#44#9;5#93#68

■

+ROODQGD 64#+3,53#939#;:84

■

+RQJ#.RQJ +;33,#<9#::5<

■

øQJLOWHUH 77#+3,#4:4#845#8535

■

øUODQGD 686#+3,#4995#8858

■

øVSDQ\D 67#+<,#35654#456

■

øVYHo 79#+3,;#94<54:3

■

øVYLoUH 74#+3,;7#;;34444

■

øWDO\D 6<#+3,5#597#43683

■

-DSRQ\D/#7RN\R ;4#6#66680;666

■

-DSRQ\D/#2VDND ;4#9#;6;#4488

■

.DQDGD#+øQJLOL]FH, +53;,#67707464#

■

.DQDGD#+)UDQVÕ]FD, +<38,#539076;6#

■

.RUH ;5#5#65:3#3:33

■

0DFDULVWDQ 69#+4,#585#7838

■

0DOH]\D 3605<85899

■

0HNVLND#'1)1 659#79#33

■

0HNVLND/#*XDGDODMDUD 99<#<8#33

■

0HNVLND/#0RQWHUUH\ 6:;#75#73

■

1RUYHo 7:#+3,55#4495<<

■

2UWD#'R÷X2$IULND 74#552:;3#:4#44

■

3RORQ\D 7;#55#6:#83#98

■

3RUWHNL] 684#+3,#477#4:#4<<

■

5XV\D :3<8#<56#83#34

■

6LQJDSXU 98#5:5#8633

■

7D\YDQ ;;9#505:4:03388

■

7D\ODQG +9905,#994#7344

■

7•UNL\H <3#4#557#8<#58

■

9HQH]XHOD 8;#5#56<#8997

■

<HQL #=HODQGD +3<,#68909973

■

<XQDQLVWDQ 63#4#9;<#97#44

■

*DUDQWL#6•UHVLQLQ#%LWLPLQGHQ#6RQUD

%LU#•FUHW#NDUúÕOÕ÷Õ#+3¶GHQ#\DUGÕP#DOPD\Õ#V•UG•UHELOLUVLQL]1#hFUHWOHU/#

|QFHGHQ#KDEHU#YHULOPHGHQ#GH÷LúWLULOHELOLU1#+dHYULP0LoL#\DUGÕP#•FUHWVL]#

RODUDN#GHYDP#HGHU$,

■ $FHOH#VRUXODU#LoLQ#\DOQÕ]#$%'¶GH#+<33,#88804833#QXPDUDOÕ#WHOHIRQX#

DUD\ÕQ1#hFUHW#GDNLND#EDúÕQD#5/8#GRODUGÕU#YH#ELU#GHVWHN#WHNQLV\HQLQH#
ED÷ODQGÕNWDQ#VRQUD#LúOHPH\H#EDúODU1

■ $%'¶GHQ#\DSWÕ÷ÕQÕ]#YH#RQ#GDNLNDGDQ#X]XQ#V•UHFH÷LQL#KHVDSODGÕ÷ÕQÕ]#

\D#GD#.DQDGD¶GDQ#\DSWÕ÷ÕQÕ]#NRQXúPDODU#LoLQ/#+;33,#<<<0447;#
QXPDUDOÕ#WHOHIRQX#DUD\ÕQ1#hFUHW#KHU#DUDPD#EDúÕQD#58#$%'#'RODUÕ#
ROXS#9LVD#\D#GD#0DVWHU&DUG#IDWXUDQÕ]D#HNOHQLU1

■ 7H OH IRQ #NRQXúPDVÕ#VÕUDVÕQGD#\D]ÕFÕQÕ]ÕQ#RQDUÕP#JHUHNVLQLPL#ROGX÷X#

VDSWDQÕUVD#YH#GRQDQÕP#JDUDQWL#V•UHVL#GROPDGÕ\VD/#\XNDUÕGDNL#

•FUHWOHU#VL]H#JHUL#YHULOLU1

7:

%|O•P

5

6LVWHP#

*HUHNVLQLPOHUL#

%DVNÕ#

NDUWXúODUÕ

<D]ÕFÕQÕ]#
+DNNÕQGD#'DKD#
)D]OD#%LOJL

PGL\H#NDGDU/#\D]ÕFÕQÕ]ÕQ#QH#JLEL#|]HOOLNOHUL#

L

ù

ROGX÷X/#QHUHGH/#QDVÕO#NXOODQÕODFD÷Õ#KDNNÕQGD#

ELOJL#YHULOGL1#<D]ÕFÕ#YH#PDO]HPHOHUL#KDNNÕQGD#

<D]ÕOÕPÕQ#

%HOOHNWHQ#

dÕNDUÕOPDVÕ

'26¶WDQ#%DVNÕ#

(Q#$]#%DVNÕ#

.HQDU#%RúOX÷X#

g]HOOLNOHU

(N#6LPJH#

.•PHOHUL#YH#

<D]ÕWLSOHUL

0DO]HPH#

6LSDULúL#YH#

$NVHVXDUODU

6LSDULú#%LOJLVL#

'•]HQOH\LFL#

øODQODU

WHPHO#ELOJLOHU#LoLQ#KD]ÕUVDQÕ]/#RQODU#GD#EXUDGD#

DoÕNODQPDNWDGÕU1

6LVWHP#*HUHNVLQLPOHUL

0LFURVRIW#:LQGRZV#614[/#:LQGRZV#<8/#:LQGRZV#<;/#\D#GD#

■

:LQGRZV#17#713

6LVWHP#*HUHNVLQLPOHUL=

■

:LQGRZV#614[/#:LQGRZV#<8/#YH#:LQGRZV#<;# :LQGRZV#17#713
‡ ;37;9299#0+]#&38# ‡ 3HQWLXP#&38
‡ ;#0%#5$0#+49#gQHULOLU, ‡ 49#0%#5$0#+65#gQHULOLU,

:LQGRZV#614[/#:LQGRZV#<8/#YH#:LQGRZV#<;*GHQ#060'26Š#

■

EDVNÕVÕQD#RODQDN#VD÷ODU
$÷#EDVNÕVÕ#GHVWHNOHQPH]

■

1RW

+3#'HVN-HW#:43&#6HULHV#\D]ÕFÕ/#:LQGRZVŠ*OD#NXOODQÕODQ#|]HO#
\D]ÕFÕGÕU1

:LQGRZV#17#713#+DNNÕQGD#'X\XUX

%X#NÕODYX]XQ#EDVÕOGÕ÷Õ#VÕUDGD#:LQGRZV#17#713#RUWDPÕQGD#úX#|]HOOLNOHU#
NXOODQÕODPÕ\RUGX=

dLIW#\|QO•#LOHWLúLPOHU

■

060'26¶WDQ#EDVNÕ

■

*DUDQWL#

%LOGLULVL

%DVNÕ#NDUWXúODUÕ

<D]ÕFÕQÕ]GDQ#HQ#L\L#SHUIRUPDQVÕ#DOPDN#LoLQ/#+HZOHWW03DFNDUG/#+3#LQNMHW#

\D]ÕFÕODUGD#\DOQÕ]#+3#PDUND#PDO]HPHOHUL#NXOODQPDQÕ]Õ#|QHULU1#%XQODUÕQ#

LoLQH#+3#EDVNÕ#NDUWXúODUÕ#GD#JLUHU1#+3#EDVNÕ#NDUWXúODUÕQÕQ#\HQLGHQ#

GROGXUXOPDVÕ#\D#GD#•]HUOHULQGH#GH÷LúLNOLN#\DSÕOPDVÕ#VRQXFX#GR÷DQ#

KDVDUODU/#|]HOOLNOH#+3#\D]ÕFÕ#JDUDQWL#NDSVDPODUÕ#GÕúÕQGD#EÕUDNÕOPÕúWÕU1

+3#EDVNÕ#NDUWXúXQXQ#\HQLGHQ#GROGXUXOPDVÕ/#NDUWXúXQ#HOHNWURQLN#YH#

PHNDQLN#SDUoDODUÕQÕ#QRUPDO#|P•U#GHYUHOHULQLQ#|WHVLQH#]RUOD\DUDN#ELU#

oRN#VRUXQ#RODVÕOÕ÷Õ#\DUDWÕU/#|UQH÷LQ=

.|W•#EDVNÕ#NDOLWHVL

■ +3#PDUND#ROPD\DQ#P•UHNNHS/#S•VN•UW•F•OHULQ#WÕNDQPDVÕQD#YH#

EXQXQ#VRQXFXQGD#oL]JLOL#EDVNÕ#YH#JUL#\D#GD#QHW#ROPD\DQ#NDUDNWHUOHUH#
\RO#DoDELOHFHN#ELU#WDNÕP#SDUoDODU#LoHUHELOLU1

■ +3#PDUND#ROPD\DQ#P•UHNNHSOHU/#NDUWXúXQ#HOHNWULNOL#SDUoDODUÕQÕ#

DúÕQGÕUDFDN#YH#EXQXQ#VRQXFXQGD#N|W•#oÕNWÕODUD#QHGHQ#RODELOHFHN#
PDGGHOHU#LoHUHELOLUOHU1

2ODELOHFHN#KDVDU

■ <HQLGHQ#GROGXUXOPXú#NDUWXúWDQ#P•UHNNHS#VÕ]DUVD/#WDúDQ#P•UHNNHS/#

\D]ÕFÕQÕQ#LoLQGH#NXOODQÕOPDGÕ÷Õ#]DPDQ#NDUWXúX#|UWHQ#VHUYLV#
LVWDV\RQXQD#KDVDU#YHUHELOLU1#%X#VHUYLV#LVWDV\RQX#NDUWXúXQ#
NRUXQPDVÕQÕ#VD÷ODGÕ÷ÕQGDQ#EX#NDUWXúWD#NDOLWH#VRUXQODUÕ#RUWD\D#
oÕNDELOLU1

■ <HQLGHQ#GROGXUXOPXú#NDUWXúWDQ#P•UHNNHS#\D]ÕFÕQÕ]ÕQ#LoLQGHNL#

HOHNWULNOL#SDUoDODUÕQ#•]HULQH#VÕ]DUVD/#\D]ÕFÕGD/#]DPDQ#ND\EÕ#YH#
RQDUÕP#PDVUDIODUÕQD#\RO#DoDELOHFHN#|QHPOL#KDVDU#RODELOLU1

'LNNDW

1RW

+3#EDVNÕ#NDUWXúODUÕQÕQ#\HQLGHQ#GROGXUXOPDVÕ#\D#GD#

•]HUOHULQGH#GH÷LúLNOLN#\DSÕOPDVÕ#VRQXFX#GR÷DQ#KDVDUODU/#
|]HOOLNOH#+3#\D]ÕFÕ#JDUDQWL#NDSVDPODUÕ#GÕúÕQGD#
EÕUDNÕOPÕúWÕU1

<HG HN#EDVNÕ#NDUWXúX#DOÕUNHQ#\D]ÕFÕQÕ]#LoLQ#GR÷UX#NDUWXúX#DOPDN#
LoLQ#SDUoD#QXPDUDODUÕQÕ#GLNNDWOH#NRQWURO#HGLQ=

6L\DK# %•\•N#6L\DK ho#5HQNOL
+3#84978*+3#84978$+3#&4;56$

%DVNÕ#NDUWXúODUÕQÕQ#VDNODQPDVÕ#YH#

NXOODQÕOPDVÕ

%DVNÕ#NDUWXúODUÕQÕQ#NXVXUVX]#EDVNÕ#NDOLWHVLQL#V•UG•UPHN#LoLQ=

■ %DVNÕ#NDUWXúODUÕQÕ#NXOODQÕQFD\D#NDGDU#NDSDOÕ#SDNHWOHULQGH/#RGD#

VÕFDNOÕ÷ÕQGD#+48/9059/9

■ (OHNWULN#NDEORVXQX#oHNPHGHQ#\D#GD#ED÷OÕ#KHUKDQJL#ELU#HOHNWULN#

ED÷ODQWÕVÕQÕ#NDSDWPDGDQ#|QFH#\D]ÕFÕ\Õ#NDSDWÕQ#YH#S•VN•UW•F•OHULQ#
X\JXQ#ELU#úHNLOGH#|UW•OPHOHUL#LoLQ#EDVNÕ#NDUWXúODUÕQÕQ#\D]ÕFÕQÕQ#GR÷UX#
WDUDIÕQD#JLWPHOHULQH#L]LQ#YHULQ1

6L\DK#\D#GD#•o#UHQNOL#EDVNÕ#NDUWXúXQXQ#P•UHNNHEL#ELWLQFH#

1RW

GH÷LúWLULQ1#<HQL#ELU#EDVNÕ#NDUWXúXQX]#\RNVD#ERú#NDUWXúX#
GH÷LúWLULQFH\H#NDGDU#\XYDVÕQGD#EÕUDNÕQ1#<D]ÕFÕ#\DOQÕ]#ELU#EDVNÕ#
NDUWXúX#WDNÕOÕ\NHQ#EDVNÕ#\DSDPD]1

R

#&,#VDNOD\ÕQ1

7<

'LNNDW

%DVNÕ#NDUWXúODUÕQÕ#\D]ÕFÕQÕ]D#WDNPDN#LoLQ#.XUXOXP#.ÕODYX]X*QGDNL#

.DUWXúODUÕQÕQ#7DN ÕOPDVÕ

%DVNÕ#NDUWXúX#+SULQW#FDUWULGJH,# #ХъХчХ#\HQL#NDUWXúODUÕ#WDNWÕNWDQ#VRQUD#
\DQÕS#V|QPH\H#GHYDP#HGHUVH#NDUWXúODUÕQ#SDUoD#QXPDUDODUÕQÕ#NRQWURO#
HGLQ1

1RW

%DVNÕ#NDUWXúODUÕQGDNL#P•UHNNHS#+HZOHWW03DFNDUG#
WDUDIÕQGDQ#•VW•Q#EDVNÕ#NDOLWHVLQL#YH#\D]ÕFÕ\OD#X\XPX#
JDUDQWLOHPHN#•]HUH#IRUP•OH#HGLOPLúWLU1#%DVNÕ#NDUWXúXQX#
\HQLGHQ#GROGXUPD\Õ#GHQHPH\LQ>#EDVNÕ#NDUWXúODUÕQÕQ#
\HQLGHQ#GROGXUXOPDVÕ#\D#GD#•]HUOHULQGH#GH÷LúLNOLN#
\DSÕOPDVÕ#VRQXFX#GR÷DQ#KDVDUODU#+HZOHWW03DFNDUG*ÕQ#
VRUXPOXOX÷X#GH÷LOGLU1

%DVNÕ#

#\|QWHPLQL#L]OH\LQ1

0•UHNNHS#S•VN•UW•F•OHULQH#YH#EDNÕU#N RQW DN ODUD#GRN XQPDPD\D#
|]HQ#J|VWHULQ1#%X/#WÕNDQPDODUD#\D#GD#N|W•#HOHNWULN#ED÷ODQW ÕODUÕQD#
\RO#DoDELOLU1

%DVNÕ#NDUWXúODUÕQÕQ#oÕNDUÕOPDVÕ

<D]ÕFÕ#DoÕNNHQ#•VW#NDSD÷Õ#DoÕQ1

ó

%LUNDo#GDNLND#LoLQGH#EDVNÕ#NDUWXú#\XYDODUÕ#NHQGLOL÷LQGHQ#\D]ÕFÕQÕQ#
RUWDVÕQD#GR÷UX#LOHUOHU#YH#EDVNÕ#NDUWXúX#+SULQW#FDUWULGJH,# #ХъХчХ#

\DQÕS#V|QHU1

<XYD#PDQGDOÕQÕ#GH÷LúWLULOHFHN#EDVNÕ#NDUWXúXQXQ#•VW•QGHQ#\XNDUÕ#

ò

NDOGÕUÕQ1

%DVNÕ#NDUWXúXQX#NDOGÕUDUDN#\XYDGDQ#oÕNDUÕQ1

ñ

.XOODQÕOPÕú#EDVNÕ#NDUWXúXQX#DWÕQ1#

ð

8<$5,

<HQL#YH#NXOODQÕOPÕú#EDVN Õ#NDUWXúODUÕQÕ#oRFXNODUÕQ#
XODúDPD\DFDNODUÕ#\HUOHUGH#VDNOD\ÕQ1

%DVNÕ#NDUWXúODUÕQÕQ#KL]DODQPDVÕ

%DVNÕ#NDUWXúXQX#KHU#GH÷LúWLUGL÷LQL]GH#\D#GD#\HQLGHQ#WDNWÕ÷ÕQÕ]GD#VL\DK#
YH#•o#UHQNOL#NDUWXúODUÕ#KL]DODPDQÕ]#JHUHNLU1#%X/#PHWQLQ#D\QÕ#VDWÕUÕQGD#\D#
GD#D\QÕ#UHVLPGH#ELUOLNWH#NXOODQÕOGÕNODUÕQGD#VL\DK#YH#•o#UHQNOL#P•UHNNHELQ#
KL]DODQPDVÕQÕ#VD÷ODU1#øúOHPOHU#LoLQ#.XUXOXP#.ÕODYX]X*QD#EDNÕQ1

'26#NXOODQÕFÕODUÕ/#EDVNÕ#NDUWXúODUÕQÕ#'26#LoLQ#+3#'HVN-HW#'HQHWLP#
0DVDVÕ*QGDQ#+&RQWURO#3DQHO,#KL]DOD\DELOLUOHU1#$\UÕQWÕODU#LoLQ#³'26¶WDQ#
%DVNÕ´#VD\ID 89#EDNÕQ1

83

%DVNÕ#NDUWXúODUÕQÕQ#WHPL]OHQPHVL

%DVNÕ#NDUWXúODUÕQÕ#WHPL]OHPHN#EDVNÕ#NDOLWHVLQL#DUWWÕUDELOLU1

%DVÕODQ#VD\IDGD#oL]JLOHU#\D#GD#QRNWDODU#HNVLNVH#DúD÷ÕGDNL#<|QWHP#4*L#

X\JXOD\ÕQ1#%DVÕODQ#VD\IDGD#P•UHNNHS#oL]JLOHUL#\HU#DOÕ\RUVD#<|QWHP#5*\L#

X\JXOD\ÕQ1

<|QWHP#4=#(NVLN#oL]JLOHULQ#\D#GD#
QRNWDODUÕQ#G•]HOWLOPHVL

6ROGD#J|VWHULOGL÷L#JLEL#EDVÕODQ#PHWLQ#\D#GD#
JUDILNOHUGH#oL]JL#\D#GD#QRNWDODUÕQ#HNVLN#ROGX÷XQX#
J|U•UVHQL]/#EDVNÕ#NDUWXúODUÕQÕ#WHPL]OH\LQ1#%DVNÕ#
NDUWXúODUÕ#+3#7RROER[*WDQ#WHPL]OHQHELOLU1

øúOHP#P•UHNNHS#KDUFD\DFD÷Õ QGDQ#YH#EDVNÕ#NDUWXúXQXQ#|PU•Q•#

1RW

NÕVDOWDFD÷ÕQGDQ#NDUWXúODUÕ#JHUHNVL]#\HUH#WHPL]OHPH\ LQ1

'26#NXOODQÕFÕODUÕ/#EDVNÕ#NDUWXúODUÕQÕ#'26#LoLQ#+3#'HVN-HW#

1RW

'HQHWLP#0DVDVÕ*QGDQ#+&RQWURO#3DQHO,#KL]DOD\DELOLUOHU1#$\UÕQWÕODU#
LoLQ#³'26¶WDQ#%DVNÕ´#VD\ID 89#EDNÕQ1

%DVNÕ#NDUWXúODUÕQÕ#+3#7RROER[*WDQ#WHPL]OHPHN#LoLQ=

ó %LOJLVD\DU#HNUDQÕQGDNL#+3#7RROER[#VLPJHVLQL#WÕNODWÕQ1

ò 3ULQWHU#6HUYLFHV#+<D ]ÕFÕ#+L]PHWOHUL,#VHNPHVLQL#WÕNODWÕQ1

%DVNÕ#
NDUWXúODUÕQÕ#
WHPL]OHPHN#LoLQ#
EXUD\Õ#WÕNODWÕQ

84

ñ &OHDQ#WKH#3ULQW#&DUWULGJHV*L#+%DVNÕ#.DUWXúODUÕQÕ#7HPL ]OH ,#WÕNODWÕQ#YH#

ut labore qusft vo

HNUDQGDNL#\|QHUJHOHUL#X\JXOD\ÕQ1

%X#LúOHPOHUL#ELU#NH]#X\JXODGÕNWDQ#VRQUD#EDVNÕ#NDOLWHVL#ELUD]#G•]HOLU#IDNDW#
\LQH#GH#\HWHULQFH#L\L#ROPD]VD#\|QWHPL#\HQLGHQ#X\JXODPD\Õ#GHQH\LQ1#41#
$GÕP*GDQ#EDúOD\ÕQ#\D#GD#VRQ#WHPL]OHPH#SHQFHUHVLQGH#³,QWHUPHGLDWH#
&OHDQ´#+2UWD#7HPL ]OH PH ,#G•÷PHVLQH#EDVÕQ1#%XQGDQ#ELU#]DUDU#JHOPH]/#
\DOQÕ]#ELUD]#]DPDQ#YH#P•UHNNHS#KDUFDQÕU1

)DNDW#EX#DGÕPODU#EDVNÕ#NDOLWHVLQL#DUWWÕUPD]VD/#EDVNÕ#NDUWXúODUÕQGDNL#
P•UHNNHS#D]DOPÕú#RODELOLU1#%DVNÕ#NDUWXúODUÕQÕ#GH÷LúWLULQ1

$\UÕFD#WR]#OLIOHUL#ED]HQ#ÕVODN#P•UHNNHSWH#V•U•NOHQHUHN#oL]LNOHULQ#RUWD\D#
oÕNPDVÕQD#\RO#DoDU1#6RUXQODU#GHYDP#HGHUVH/#<|QWHP#5*\H#JHoLQ1

<|QWHP#5=#0•UHNNHS#oL]LNOHULQLQ#

85

JLGHULOPHVL

+3#'HVN-HW#\D]ÕFÕODUÕQÕ#WR]OX#RUWDPODUGD#NXOODQDQ#
P•úWHULOHU/#\D]ÕFÕQÕQ#LoLQGH#WR]#SDUoDFÕNODUÕQÕQ#
WRSODQPDVÕ#VRQXFX#EDVNÕODUGD#]DPDQ#]DPDQ#
P•UHNNHS#oL]LNOHUL#J|UHELOLUOHU1#%X#WR]#
SDUoDFÕNODUÕQÕQ#LoLQGH#WR]/#VDo/#KDOÕ#\D#GD#NXPDú#
OLIOHUL#\HU#DODELOLU1#0•UHNNHS#oL]LNOHUL#EDVNÕ#
NDUWXúODUÕ#YH#EDVNÕ#NDUWXú#\DWD÷Õ#WHPL]OHQHUHN#
NROD\OÕNOD#|QOHQHELOLU#\D#GD#JLGHULOHELOLU1

<D]ÕFÕQÕ]Õ#WHPL]OHPHN#LoLQ#JHUHNOL#PDO]HPHOHU

%DúODPDGDQ#|QFH#DúD÷ÕGDNL#PDO]HPHOHULQ#ROGX÷XQGDQ#HPLQ#ROXQ=

■ %LUNDo#SDUoD#SDPXN#\D#GD#GD÷ÕOPD\DQ#YH#LSOLN#EÕUDNPD\DQ#KHUKDQJL#

ELU#\XPXúDN#PDWHU\DO#+|UQH÷LQ/#WHPL]#ELU#SDPXNOX#EH]#SDUoDVÕ,1

■ 'DPÕWÕOPÕú/#V•]•OP•ú#VX#\D#GD#úLúH#VX\X#+oHúPH#VX\X#EDVNÕ#

NDUWXúODUÕQÕ]GD#KDVDUD#\RO#DoDELOHFHN#NLUOHWLFLOHU#LoHUHELOLU,1

■ h]HUOHULQGH#oDOÕúWÕ÷ÕQÕ]#V•UH#LoLQGH#EDVNÕ#NDUWXúODUÕQÕ#NR\DELOHFH÷LQL]#

ELU#SDUoD#ND÷ÕW#\D#GD#ND÷ÕW#KDYOX1

'LNNDW

(OOHULQL]H#\D#GD#JL\VLQL]H#P•UHNNHS#EXODúPDPDVÕQD#
GLNNDW#HGLQ1

<D]ÕFÕQÕ]Õ#WHPL]OHPH#LúOHPOHUL

ó %DVNÕ#NDUWXúODUÕQÕ#oÕNDUÕQ

D1 <D]ÕFÕ\Õ#

%DVNÕ#NDUWXúODUÕ#\D]ÕFÕQÕQ#RUWDVÕQD#GR÷UX#LOHUOHU1

E1 %DVNÕ#NDUWXúODUÕ#\D]ÕFÕQÕQ#RUWDVÕQD#JHOGLNWHQ#VRQUD#HOHNWULN#

NDEORVXQX#\D]ÕFÕQÕQ#DUNDVÕQGDQ#

F1 %DVNÕ#NDUWXúODUÕQÕ#oÕNDUDUDN#\DQ#WDUDIODUÕQÕQ#•]HULQH#RWXUDFDN#

úHNLOGH#ND÷ÕW#SDUoDVÕQÕQ#•VW•QH#NR\XQ1

#YH#•VW#NDSD÷Õ#NDOGÕUÕQ1#

DoÕQ

oÕNDUÕQ

1

8<$5,

<HQL#YH#NXOODQÕOPÕú#E DVNÕ#NDUWXúODUÕQÕ#oRFXNODUÕQ#
HULúHPH\HFHNOHUL#\HUOHUGH#VDNOD\ÕQ1

'LNNDW

%DVNÕ#NDUWXúODUÕQÕ#oÕNDUWWÕNWDQ#VRQUD#\D]ÕFÕQÕQ#GÕúÕQGD#
63#GDNLNDGDQ#ID]OD#NDOPDPDODUÕQD#|]HQ#J|VWHULQ1

ò %DVNÕ#NDUWXúODUÕQÕ#WHPL]OH\LQ

D1 7HPL ]#ELU#SDPXN#SDUoDVÕQÕ#GDPÕWÕOPÕú#VX\D#EDWÕUÕS#oÕNDUÕQ#YH#

SDPXNWDQ#ID]OD#VX\X#
E1 6L\DK#EDVNÕ#NDUWXúXQX#•VW#WDUDIÕQGDQ#NDYUD\ÕQ1
F1 %DVNÕ#NDUWXúXQXQ#

WHPL]OH\LQ1#3•VN•UW•F•#OHYKDODUÕQÕ#

%XUD\Õ#
WHPL]OH\LQ1

VÕNÕQ1

\•]•Q•

#YH#

NHQDUODUÕQÕ

#úHNLOGH#J|VWHULOGL÷L#JLEL#

6ø/0(<ø1

1

%XUD\Õ#

7(0ø=/(0(<ø11

86

G1 <•]OHUGH#YH#NHQDUODUGD#OLIOHU#ROXS#ROPDGÕ÷ÕQÕ#LQFHOHPHN#LoLQ#

EDVNÕ#NDUWXúXQX#ÕúÕ÷D#GR÷UX#WXWXQ1#+DOD#OLIOHU#YDUVD#5E#YH#5F#
DGÕPODUÕQÕ#\HQLGHQ#X\JXOD\ÕQ1

H1 .LUOHQPH\L#|QOHPHN#LoLQ#WHPL]/#QHPOHQGLULOPLú#ELU#SDPXN#SDUoDVÕ#

NXOODQDUDN#5D*GDQ#5G*QLQ#VRQXQD#NDGDU#RODQ#DGÕPODUÕ#GL÷HU#EDVNÕ#
NDUWXúXQGD#X\JXOD\ÕQ1

ñ %DVNÕ#NDUWXú#\XYDVÕQÕ#WHPL]OH\LQ

D1 .HQGLQL]L#\D]ÕFÕ#J|]•Q•]•Q#KL]DVÕQD#JHOHFHN#úHNLOGH#

NRQXPOD\ÕQ1
E1 %DVNÕ#NDUWXúODUÕQÕ#WXWDQ#\XYD\Õ#EXOXQ1
F1 7H PL ]#QHPOL#SDPXN#SDUoDODUÕ#NXOODQDUDN#NÕ]D÷ÕQ#LSOLN#

WRSODQDELOHFHN#YH#ND÷ÕWÕQ#GH÷HELOHFH÷L#KHU#ELU#NHQDUÕQÕQ#DOWÕQÕ#

VLOLQ1#øúOHPL/#WHPL]#ELU#SDPXN#SDUoDVÕQGD#P•UHNNHS#L]L#

J|U•QPH\LQFH\H#NDGDU#\LQHOH\LQ1

ð %DVNÕ#NDUWXúODUÕQÕ#\HQLGHQ#WDNÕQ

D1 %DVNÕ#NDUWXúODUÕQÕ#\HQLGHQ#WDNÕQ#YH#\D]ÕFÕQÕQ#•VW#NDSD÷ÕQÕ#

NDSDWÕQ1
E1 (OHNWULN#NDEORVXQX#\D]ÕFÕQÕQ#DUNDVÕQD#JHUL#WDNÕQ1
F1 +3#7RROER[*WDNL#3ULQWHU#6HUYLFHV#+<D]ÕFÕ#+L]PHWOHUL,#VHNPHVLQH#

JLGLQ#YH#3ULQW#D#VHOI0WHVW#SDJH*L#+.HQGLQL#VÕQDPD#VD\IDVÕ#EDV,#

WÕNODWÕQ1
G1 dÕNWÕGD#P•UHNNHS#oL]LNOHUL#ROXS#ROPDGÕ÷ÕQÕ#LQFHOH\LQ1

%X#LúOHPLQ#EDVNÕGD#P•UHNNHS#oL]LNOHULQH#\RO#DoDQ#E•W•Q#OLIOHUL#

1RW

WHPL]OHPHVL#JHUHNLU1#$QFDN#ED]Õ#OLIOHU#J|]GHQ#NDoDELOLU1#
dÕNWÕGD#KDOD#oL]LNOHU#YDUVD/#GHQHPH#oÕNWÕVÕ#WHPL]#YH#QHW#RODQD#
NDGDU#LúOHPL#\LQHOH\LQ1#%X#LúOHP#YH#HN#EDNÕP#|QHULOHUL#:RUOG#
:LGH#:HE*WH#

PDLQWHQDQFH

87

KWWS=22ZZZ1GHVNMHW0VXSSRUW1FRP2

#DGUHVLQGH#\HU#DOÕU1

<D]ÕOÕPÕQ#EHOOHNWHQ#oÕNDUÕOPDVÕ

+3#'HVN-HW#\D]ÕFÕQÕ]ÕQ#V•U•F•V•Q•#KHUKDQJL#ELU#QHGHQOH#EHOOHNWHQ#
oÕNDUPDQÕ]#JHUHNLUVH/#LúOHWLP#VLVWHPLQL]#LoLQ#OLVWHOHQHQ#DGÕPODUGDQ#ELULQL#
X\JXOD\ÕQ1#<•NOHPH#VÕUDVÕQGD#EHNOHQPH\HQ#ELUúH\#ROXUVD/#HQ#J•YHQOL#
\|QWHP/#EHOOHNWHQ#oÕNDUPD#SURJUDPÕQÕ#VDELW#GLVNLQL]H#\HUOHúWLULOHQ#
EHOOHNWHQ#oÕNDUPD#SURJUDPÕQGDQ#GH÷LO#GH#GR÷UXGDQ#&'#\D#GD#
GLVNHWOHUGHQ#oDOÕúWÕUPDNWÕU1

:LQGRZV#614[#LoLQ#DúD÷ÕGDNL#LúOHPOHUGHQ#

ELULQL

■ 3URJUDP#<|QHWLFLVL*QGH/#+3#'HVN-HW#6HULHV#JUXEXQX#EXOXQ1#<D ]ÕFÕ#

\D]ÕOÕPÕQÕ#EHOOHNWHQ#oÕNDUPDN#LoLQ#8QLQVWDOO#+%HOOHNWHQ#dÕNDU,#
VLPJHVLQL#oLIW#WÕNODWÕQ1

<$#'$

■ %LOJLVD\DUÕQÕ]D#V•U•F•#GLVNHWLQL#+\D#4#QXPDUDOÕ#GLVNHWL#\D#GD#&'*\L,#

\HUOHúWLUHUHN#6HWXS1H[H*\L#oDOÕúWÕUÕQ1#<D]ÕOÕP Õ #ELOJLVD\DUÕQÕ]GDQ#
oÕNDUPDN#LoLQ#•o•QF•#VHoHQHN#RODQ#³5HPRYH#WKH#+3#'HVN-HW#:43&#
6HULHV#VRIWZDUH#IURP#\RXU#3&´\L#++3#'HVN-HW#:43&#6HULHV#\D]ÕOÕPÕQÕ#
ELOJLVD\DUGDQ#oÕNDU,#VHoLQ1

#X\JXOD\ÕQ =

:LQGRZV#<8/#:LQGRZV#<;#YH#:LQGRZV#
17#713#LoLQ#DúD÷ÕGDNL#LúOHPOHUGHQ#

ELULQL

#

X\JXOD\ÕQ=

■ %DúODW#PHQ•V•QGHQ#VÕUDVÕ\OD#3URJUDPODU/#+3#'HVN-HW#:43&#6HULHV#

YH#+3#'HVN-HW#:43&#6HULHV#8QLQVWDOOHU*Õ#+%HOOHNWHQ#dÕNDUÕFÕ,#WÕNODWÕQ1

<$#'$

■ %DúODW#PHQ•V•QGHQ#VÕUDVÕ\OD#$\DUODU/#'HQHWLP#0DVDVÕ#YH#3URJUDP#

(NOH2.DOGÕU*Õ#WÕNODWÕQ1#+3#'HVN-HW#:43&#6HULHV#+5HPRYH#RQO\,*L#

+<DOQÕ]#.DOGÕUPD,#VHoLQ1

<$#'$

■ %LOJLVD\DUÕQÕ]D#V•U•F•#GLVNHWLQL#+\D#4#QXPDUDOÕ#GLVNHWL#\D#GD#&'*\L,#

\HUOHúWLUHUHN#6HWXS1H[H*\L#oDOÕúWÕUÕQ1##<D]ÕOÕ P Õ#ELOJLVD\DUÕQÕ]GDQ#
oÕNDUPDN#LoLQ#•o•QF•#VHoHQHN#RODQ#³5HPRYH#WKH#+3#'HVN-HW#:43&#
6HULHV#VRIWZDUH#IURP#\RXU#3&´\L#++3#'HVN-HW#:43&#6HULHV#\D]ÕOÕPÕQÕ#
ELOJLVD\DUGDQ#oÕNDU,#VHoLQ1

88

'26¶WDQ#%DVNÕ

+3#'HVN-HW#\D]ÕFÕ#EDúOÕFD#ELU#:LQGRZV#\D]ÕFÕVÕ#ROPDVÕQD#NDUúÕQ/#
SURJUDPÕ#:LQGRZV#614[/#:LQGRZV#<8/#\D#GD#:LQGRZV#<;*GHQ#
oDOÕúWÕUGÕ÷ÕQÕ]GD#ELU#'26#\D]ÕOÕP#SURJUDPÕQGDQ#GD#EDVWÕUDELOLUVLQL]1#%X#
EHOJHQLQ#EDVÕPÕ#VÕUDVÕQGD#EX#|]HOOLN#:LQGRZV#17#713#RUWDPÕQGD#
NXOODQÕODPÕ\RUGX1

'26¶WDQ#EDVNÕ=

ó +3#'HVN-HW#:43&#6HULHV#\D]ÕFÕ#V•U•F•V•Q•Q#:LQGRZV*GD#

YDUVD\ÕODQ#RODUDN#EHOLUOHQPLú#ROPDVÕQD#GLNNDW#HGLQ1

ò '26#X\JXODPDVÕQÕ#:LQGRZV¶GDQ#oDOÕúWÕUÕQ1
ñ '26#X\JXODPDVÕQGD/#'HVN-HW#993&#\D#GD#'HVN-HW#883&¶\L#\D]ÕFÕ#

RODUDN#VHoLQ1#+%XQXQ#LoLQ/#\D]ÕOÕP#VDWÕFÕVÕQGDQ#VD÷OD\DELOHFH÷LQL]#
ELU#V•U•F•#JHUHNHELOLU1,

ð %HOJH\L#EDVWÕUÕQ1

'26*WDQ#EDVNÕ#LoLQ#NXOODQÕODQ#EDVNÕ#D\DUODUÕ#+3#SULQW#VHWWLQJV#ER[*WDNL#
++3#EDVNÕ#D\DUODUÕ#NXWXVX,#'26#VHNPHVLQGH#EXOXQXU1#.XWXGDNL#GL÷HU#

VHNPHOHUGH#\HU#DODQ#D\DUODU#'26¶WDQ#EDVNÕ\Õ#HWNLOHPH]1
:LQGRZV#<8#YH#:LQGRZV#<;*GHQ#GR÷UX#'26#EDVNÕVÕQÕ#VD÷ODPDN#LoLQ#

<D]ÕF Õ#NODV|U•QGHNL#\D]ÕFÕ#VLPJHVLQLQ#DGÕQÕ#GH÷LúWLUPH\LQ1#$úD÷ÕGDNL#
D\DUODUÕ#GR÷UXOD\ÕQ=

■ +3#SULQW#VHWWLQJV#ER[*WDNL#++3#EDVNÕ#D\DUODUÕ#NXWXVX,#'HWDLOV#

+$\UÕQWÕODU,#VHNPHVLQGHQ#6SRRO#6HWWLQJV*L#+.X\UXNODPD#$\DUODUÕ,#

VHoLQ1##³(QDEOH#ELGLUHFWLRQDO#VXSSRUW#IRU#WKLV#SULQWHU´#+%X#\D]ÕFÕ#LoLQ#oLIW#
\|QO•#LOHWLúLPH#RODQDN#VD÷OD,#VHoHQH÷LQLQ#VHoLOPLú#ROPDVÕQD#GLNNDW#
HGLQ1

■ +3#SULQW#VHWWLQJV#ER[*WDNL#++3#EDVNÕ#D\DUODUÕ#NXWXVX,#'HWDLOV#

+$\UÕQWÕODU,#VHNPHVLQGHQ#3RUW#6HWWLQJV*L#+%D÷ODQWÕ#1RNWDVÕ#$\DUODUÕ,#

VHoLQ1#³6SRRO#060'26#SULQW#MREV´#+060'26#EDVNÕ#LúOHULQL#NX\UXNOD,#
VHoHQH÷LQLQ#VHoLOPLú#YH#³&KHFN#SRUW#VWDWH#EHIRUH#SULQWLQJ´#+%DVNÕGDQ#
|QFH#ED÷ODQWÕ#QRNWDVÕ#GXUXPXQX#NRQWURO#HW,#VHoHQH÷LQLQ#
6(dø/0(0øù#ROPDVÕQD#GLNNDW#HGLQ1

$úD÷ÕGDNL#D\DUODU#NXOODQÕODELOLU=

■

.D÷ÕW#%R\XWX1

ER\XWXQX#VHoLQ1

■

.DUDNWHU#.•PHVL1

X\JXQ#Lo#NDUDNWHU#N•PHVL#+|\N•QP•ú,#VHoLQ1

■

)RUP#)HHG#+6D\ID#%HVOHPH,1

|QFH#VRQ#YHUL#JUXEXQX#DOGÕNWDQ#VRQUD#NDo#VDQL\H#EHNOHPHVL#
JHUHNWL÷LQL#EHOLUWLQ1#6DQL\H#VD\ÕVÕQÕ#\D#6HFRQGV#+6DQL\H,#NXWXVXQD#
\D]ÕQ#\D#GD#ELU#VD\Õ#VHoPHN#LoLQ#\XNDUÕ#\D#GD#DúD÷Õ#RNXQX#WÕNODWÕQ1

✼

:LQGRZV#<8#\D#GD#:LQGRZV#<;*GH#+3#SULQW#VHWWLQJV#++3#EDVNÕ#D\DUODUÕ,#LOHWLúLP#NXWXVXQD#
JLWPHN#LoLQ=

<D]ÕFÕODU

VLPJHVLQL#VHoLQ1#

+3URSHUWLHV,#VHoLQ

:LQGRZV#61 4[*WH#+3#SULQW#VHWW LQJV#++3#EDVNÕ#D\DUODUÕ,#LOHWLúLP#NXWXVXQD#JLWPHN#LoLQ#=

<|QHWLFLVL¶QGH#+3URJUDP#0DQDJHU,#'HQHWLP#0DVDVÕ#+&RQWURO#3DQHO
'HQHWLP#0DVDVÕ¶QGD#+&RQWURO#3DQHO,#<D]ÕFÕODU¶Õ#+3ULQWHUV,#oLIW#WÕNODWÕQ1#<D] Õ FÕOD U#+3ULQWHUV,#

89

NXWXVXQGD#+3#'HVN-HW#:43&#6HULHV¶L#VHoLQ#

6HWXS,

+

3ULQWHUV,#WÕNODWÕQ1#<D]ÕFÕODU#+3ULQWHUV

¶Õ#+

#G•÷PHVLQL#WÕNODWÕQ1

#3DSHU#6L]H#+.D÷ÕW#%R\XWX,#NXWXVXQGD#X\JXQ#ND÷ÕW#

#&KDUDFWHU#6HW#+.DUDNWHU#.•PHVL,#NXWXVXQGD#

#<D]ÕFÕ\D/#ND÷ÕGÕ#GÕúDUÕ#oÕNDUPDGDQ#

#*|UHY#oXEX÷XQGD#%DúODW*Õ#WÕNODWÕQ1#øPOHFL#

'RV\D#+)LOH,

1

#PHQ•V•QGH/#+3#SULQW#VHWWLQJV#ER[¶Õ#J|U•QW•OHPHN#LoLQ#

YH#+3#SULQW#VHWWLQJV#ER[¶Õ#J|U•QW•OHPHN#LoLQ#$\DUODU#

$\DUODU¶D#+6HWWLQJV

,#NXWXVXQGD#

+3#'HVN-HW#:43&#6HULHV

,#VLPJHVLQL#oLIW#WÕNODWÕQ1#

,#JHWLULQ/#VRQUD#GD#

#\D]ÕFÕ#

g]HOOLNOHU¶

3URJUDP#

#

,#

(Q#D]#EDVNÕ#NHQDU #

g]HOOLNOHU

ERúOXNODUÕ

<D]ÕF Õ#VD\IDQÕQ#EHOOL#ELU#DODQÕQÕQ#GÕúÕQD#
EDVDPD]/#EX#\•]GHQ#EHOJHQL]LQ#LoHUL÷LQLQ#
EDVÕODELOLU#DODQ#LoLQGH/#\DQL#EDVWÕUGÕ÷ÕQÕ]#ND÷ÕW#
ER\XWX#LoLQ#NXOODQÕODELOLU#•VW/#DOW/#VRO#YH#VD÷#
NHQDU#ERúOXNODUÕ#NDSVDPÕQGD#NDOPDVÕQD#
GLNNDW#HGLQ1
6WDQGDUW#ROPD\DQ#ER\XWWD#ND÷ÕW#
NXOODQGÕ÷ÕQÕ]GD#YH#+3#SULQW#VHWWLQJV#ER[¶WD#
&XVWRP#3DSHU#6L]H#D\DUÕQÕ#VHoWL÷LQL]GH/#ND÷ÕW#
HQL#::#LOH#548#PP#YH#ND÷ÕW#ER\X#GD#::#LOH#689#
PP#DUDVÕQGD#ROPDOÕGÕU1

6RO26D÷ $OW#

.D÷ÕW#%R\XWX %RúOX÷X %RúOX÷X#

$%'#/HWWHU#549#PP#;#5:<#PP#9#PP 45#PP
$%'#OHWWHU#EDQQHU##

#######549#PP#;#5:<#PP#9#PP 3/33#PP
$%'#OHJDO#549#PP#;#689#PP#9#PP 45#PP
$7#VL]H#543#;#5<:#PP 6/5#PP 44 / : #PP
$7#EDQQHU#543#;#5<:#PP 6/5#PP 3/33#PP
$8#VL]H#47;#;#543#PP#6/5#PP 44/: #PP
%8#VL]H#4;5#;#58:#PP 6/5#PP 44 / : #PP
([HFXWLYH#4;7#;#59:#PP 9#PP 45#PP
$%'#NDUWODU#434/8#;#485/8#PP#6#PP 45#PP
$%'#NDUWODU#:9#[#45:#PP 6#PP 45#PP
$%'#NDUWODU#45:#[#536#PP 6#PP 45#PP
$9#NDUWODU#438#;#47;#PP 6/5#PP 44 /:#PP
+DJDNL#NDUWSRVWDOODU##

#####433#[#47;#PP 6/5#PP 44 / : #PP

1RW=# %•W•Q#ND÷ÕW#ER\XWODUÕ#+SDQNDUW#ND÷ÕGÕ#GÕúÕQGD,#

LoLQ#•VW#NHQDU#ERúOX÷X#4#PP*GLU1#

=DUI#%R\XWX %RúOX÷X %RúOX÷X

$%'#1R1#43##7/45#[#</8#LQo 3/37#LQo 3/79#LQo
'/#553#;#443#PP 4#PP 44/:#PP
&9#447#;#495#PP 4#PP 44/:#PP

1RW=# %•W•Q#]DUI#ER\XWODUÕ#LoLQ#•VW#YH#DOW#NHQDU#

ERúOXNODUÕ#6/5#PP*GLU1

'26#LoLQ#NHQDU#ERúOXNODUÕ#IDUNOÕ#RODELOLU1#

1RW

'DKD#ID]OD#ELOJL#LoLQ#'26#SURJUDP ÕQ ÕQ#
NHQGL#HO#NLWDEÕQD#EDNÕQ1

.HQDU# .HQDU#

6RO# 6D÷#
.HQDU .HQDU#

<D]ÕFÕODU

+3#'HVN-HW#:43&#\D]ÕFÕ#PRGHO#QXPDUDVÕ#&8;<7$
+3#'HVN-HW#:45&#\D]ÕFÕ#PRGHO#QXPDUDVÕ#&8;<7%

%DVNÕ#7HNQRORMLVL

2WRPDWLN#RODUDN#P•UHNNHS#S•VN•UWHQ#WHUPLN#LQNMHW#EDVNÕ

6L\DK0%H\D]#%DVNÕ#+Õ]Õ

(FRQR)DVW=# GDNLNDGD#9#VD\ID
1RUPDO#PRGX=# GDNLNDGD#7#VD\ID
%HVW#PRGX=# GDNLNDGD#7#VD\ID

✼

5HQNOL#%DVNÕ#+Õ]Õ#+PHWLQ#YH#JUDILN#
NDUÕúÕPÕ,

(FRQR)DVW=# GDNLNDGD#6#VD\ID
1RUPDO#PRGX=# GDNLNDGD#4#VD\ID
%HVW#PRGX=# GDNLNDGD#3/8#VD\ID

5HQNOL#%DVNÕ#+Õ]Õ#+WDP#UHQNOL#VD\ID,

(FRQR)DVW=# GDNLNDGD#4#VD\ID
1RUPDO#PRGX=# GDNLNDGD#3/6#VD\ID
%HVW#PRGX=# GDNLNDGD#3/5#VD\ID

6L\DK0%H\D]#d|]•Q•UO•N

(FRQR)DVW=# 633#[#633#GSL
1RUPDO#PRGX=# 933#[#933#GSL
%HVW#PRGX=# 933#[#933#GSL

✼

✼

✼✼

5HQNOL#d|]•Q•UO•N#+ND÷ÕW#W•U•QH#ED÷OÕGÕU,

(FRQR)DVW=# 633#[#633#GSL
1RUPDO#PRGX=# 933#[#633#GSL
%HVW#PRGX=# 933#[#933#GSL

<D]ÕOÕP#8\XPOXOX÷X

06#:LQGRZV#X\XPOX#+614[/#<8/#<;/#DQG#17#713,
<DOQÕ]#:LQGRZV#614[/#<8/#<;#DUDFÕOÕ÷Õ\OD#'26#
X\JXODPDVÕ#GHVWH÷L

øú#'HYUL

$\GD#4333#VD\ID

'•÷PHOHU2,úÕNODU

5HVXPH/#3RZHU/#%DQQHU/#YH#3ULQW#&DUWULGJH#ÕúÕNODUÕ

*2d#$UDELULPL

45;70%#GX\OX#,(((#45;7#X\XPOX#&HQWURQLFV#SDUDOHO

%R\XWODU

4:/8#LQo#JHQLúOLN#[#:/6#LQo#\•NVHNOLN#[#47#LQo#GHULQOLN
779#PP#JHQLúOLN#[#4;8#PP#\•NVHNOLN#[#688#PP#GHULQOLN

$÷ÕUOÕN

8/8#NJ

gQHULOHQ#%DVNÕ#2UWDPÕ#*UDPDMODUÕ

.D÷ÕW=# 49#0#443#OE#HQGHNV

=DUIODU=# 53#0#57#OE

.DUWODU=# 443#OE#HQGHNV#PDNVLPXP>#

%DQQHU#3DSHU#+3DQNDUW#ND÷ÕGÕ,=:8#J2P

✼

# <D NO Dú ÕN #VD\ÕODU1#*HUoHN#KÕ]/#VLVWHP#\DSÕODQGÕUPDVÕQD/#\D]ÕOÕP#

SURJUDPÕQD#YH#EHOJHQLQ#NDUPDúÕNOÕ÷ÕQD#J|UH#GH÷LúLU1

✼✼

øQo#EDúÕQD#DGUHVOHQHELOLU#WDUDPD#QRNWDVÕ#RODUDN#|Oo•OP•úW•U1#633#'3,#
oRNG•]H\OL#YHUL/#&05(W#NXOODQÕODUDN#LVWHQLOHQ#o|]•Q•UO•÷H#JHOLúWLULOLU1

93#0#533#J2P

:8#WR#<3#J2P

3/345#LQo#HQ#ID]OD#NDOÕQOÕN
443#0#533#J2P

NDOÕQOÕN

5

5

5

>#3/6#PP#HQ#ID]OD

5

✼✼

8:

%DVNÕ#2UWDPÕ#%R\XWODUÕ

g]HO#ER\XW=# (Q= ::#0#548#PP#

$%'#OHWWHU#;/8#[#44#LQo
%DQQHU#$%'#OHWWHU#;/8#[#44#LQo
$%'#OHJDO#;/8#[#47#LQo
([HFXWLYH#:/58#[#43/8#LQo
$%'#1R1#43#HQYHORSH#7/46#[#</8#LQo
,QYLWDWLRQ#$5#HQYHORSH
######+'DYHWL\H#$5#]DUIÕ,7/6:#[#8/:8#LQo
,QGH[#FDUG#+'L]LQ#NDUWÕ,# ::#[#45:#PP
,QGH[#FDUG#+'L]LQ#NDUWÕ,# 435#[#485#PP
,QGH[#FDUG#+'L]LQ#NDUWÕ,# 45:#[#536#PP
$YUXSD#$7# 543#[#5<:#PP
$YUXSD#$8# 47;#[#543#PP
%DQQHU#+3DQNDUW,#$YUXSD#$7# 543#[#5<:#PP
%80-,6#4;5#[#58:#PP
$YUXSD#'/#]DUI#553#[#443#PP
$YUXSD#&9#]DUI#447#[#495#PP
$YUXSD#$9#NDUW#438#[#47;#PP

-DSRQ#+DJDNL#NDUWSRVWDO#433#[#47;#PP

%R\= ::#0#689#PP

%DVNÕ#2UWDPÕ#.XOODQÕPÕ

.D÷ÕWODU=# 433#DGHGH#NDGDU
%DQQHUV=# 53#DGHGH#NDGDU
=DUIODU=# 48#DGHGH#NDGDU
.DUWODU=# 63#DGHGH#NDGDU
$VHWDWODU=# 58#DGHGH#NDGDU
(WLNHWOHU=# 53#DGHWH#NDGDU#$YHU\#HWLNHW#

d,.,ù#WHSVLVL#
NDSDVLWHVL=83#DGHGH#NDGDU

WDEDNDVÕ1#<DOQÕ ]#$%'#OHWWHU#\D#GD#
$7#ER\XWOX#WDEDNDODUÕ#NXOODQÕQ1#
g]HOOLNOH#+3#LQNMHW#\D]ÕFÕODUGD#
NXOODQÕOPDN#•]HUH#WDVDUODQPÕú#
$YHU\#HWLNHW#WDEDNDODUÕQÕ#NXOODQÕQ1

*•o#*HUHNVLQLPOHUL

*•o#$GDSW|U•#+HYUHQVHO#JLULú,
*LULú#9ROWDMÕ=# 433#0#573#9$&#+“(43,
*LULú#)UHNDQVÕ=# 83#0#93#+]#+“6#+],
'•Q\D#oDSÕQGDNL#$&#YROWDM#YH#IUHNDQV#DUDOÕNODUÕQD#
RWRPDWLN#RODUDN#X\XP#VD÷ODU1#$GDSW|U#•]HULQGH#
DoPD2NDSDPD#DQDKWDUÕ#\RNWXU1

*•o#7•NHWLPL

.DSDOÕ\NHQ#HQ#ID]OD#8#YDW
%DVNÕ#\DSPD]NHQ#HQ#ID]OD#8#YDW
%DVNÕ#\DSDUNHQ#HQ#ID]OD#63#YDW

dDOÕúPD#2UWDPÕ

(Q#\•NVHN#oDOÕúPD#ÕVÕVÕ=
8ž&#0#73ž&

1HP#2UDQÕ=#(#48#0#(#;3#5+#\R÷XQODúPD\DQ
(Q#L\L#EDVNÕ#NDOLWHVL#LoLQ#|QHULOHQ#oDOÕúPD#NRúXOODUÕ=#

48ž�#68ž&#
(#53#0#(#;3#5+#\R÷XQODúPD\DQ

'HSRODPD#ÕVÕVÕ=#073ž&#0#93ž&

,62#<5<9¶\D#X\JXQ#J•U•OW•#G•]H\L=

1RUPDO

0RGX

6HV#J•o#G•]H\L/#
6HV#EDVÕQo#G•]H\L/#

NRQXPXQGD,=

/

+4% 43G%,= #8/8#%

:

$G#

/

#+EHNOHPH#######

S

$P

75#G%

(N#VLPJH#N•PHOHUL#YH#
\D]LWLSOHUL

(N#VLPJH#N•PHOHUL#YH#\D]ÕWLSOHUL/#D\UÕ#'26#
.DUDNWHU#.•PHOHUL#<•NOHPH#GLVNHWOHULQGH#
\D]ÕFÕQÕ]OD#ELUOLNWH#VD÷ODQPÕú#RODELOLU1#

%LOJLVD\DUÕQÕ]D#|]HO#ELU#
VLPJH#N•PHVL#\D#GD#
\D]ÕWLSLQLQ#\•NOHQPHVL

ó

gQFH#NXUXOXP#NÕODYX]XQGD#DQODWÕOGÕ÷Õ#
úHNLOGH#\D]ÕFÕ#\D]ÕOÕPÕQÕ#\•NOH\LQ1

ò

%LOJLVD\DUÕQ#GLVNHW#V•U•F•V•QH#LON#NXUXOXP#
GLVNHWLQL#NR\XQ1

ñ

:LQGRZV#<8#\D#GD#:LQGRZV#<;#
oDOÕúWÕUÕ\RUVDQÕ]/#

%DúODW

:LQGRZV#61[#oDOÕúWÕUÕ\RUVDQÕ]/#3URJUDP#
<|QHWLFLVL*QGH#

'RV\D

WÕNODWÕQ1

ð

%LOJLVD\DUÕQ#GLVNHW#V•U•F•V•Q•Q#KDUILQL#
+JHQHOOLNOH#$=?#\D#GD#%=?,#3&/6(783#

L]OH\HFHN#úHNLOGH#\D]ÕQ#YH#HQWHU#WXúXQD#
EDVÕQ1#gUQH÷LQ=

&=?!$=?3&/6(783

ï

%LOJLVD\DU#HNUDQÕQGDNL#\|QHUJHOHUL#L]OH\LQ1

î

<•NOHPH#WDPDPODQGÕNWDQ#VRQUD#ELOJLVD\DUÕQ#
GLVNHW#V•U•F•V•QGHQ#VRQ#GLVNHWL#oÕNDUÕQ1

.XOODQÕODELOLU#VLPJH#
N•PHOHUL#YH#\D]ÕWLSOHUL

$úD÷ÕGDNL#OLVWHGH#X\JXQ#GLO#VHoHQH÷LQH#EDNÕQ1

øEUDQLFH

6LPJH#.•PHOHUL=

<D]ÕWLSOHUL=
2UDQWÕOÕ#$UDOÕNOÕ 3XQWR#%R\ODUÕ

'DYLG#36 8/#9/#:/#;/#43/#45/#47
1DUNLV7DP 8/#9/#:/#;/#43/#45/#47
0LULDP#36 8/#9/#:/#;/#43/#45/#47
0LULDP#36#,WDOLF 8/#9/#43/#45

6DELW#$UDOÕN 3XQWR#%R\ODUÕ 6ÕNOÕNODU

&RXULHU 9/#45/#57 8/#43/#49/9:/#53
&RXULHU#,WDOLF 9/#45/#57 8/#43/#53
0LULDP 9/#45/#57 9/#45/#57
0LULDP#,WDOLF 9/#45/#57 9/#45/#57
'DYLG 9/#45/#57 8/#43/#49/9:/#53

/DWLQ2+HEUHZ#+,620;;8<2;,
3&#+HEUHZ#+&30;95,

dDOÕúWÕU

#YH#

*\Õ/#VRQUD#GD#

*Õ#WÕNODWÕQ1#

dDOÕúWÕU

*Õ#

8;

$UDSoD

6LPJH#.•PHOHUL=

<D] ÕWLSOHU L=
2UDQWÕOÕ#$UDOÕNOÕ 3XQWR#%R\ODUÕ

5\DGK 8/#9/#:/#;/#43/#45/#47

6DELW#$UDOÕN 3XQWR#%R\ODUÕ 6ÕNOÕNODU

1DVNK 9/#45/#57 8/#43/#53
1DVNK :/#47/#5; ;/8/#4:
.RXIL 9/#45/#57 9/#45/#57

+3#$UDELF0;
3&#$UDELF#+&30;97,

øVODY

6LPJH#.•PHOHUL=

<D] ÕWLSOHU L=
2UDQWÕOÕ#$UDOÕNOÕ 3XQWR#%R\ODUÕ

&*#7LPHV 8/#9/#:/#;/#43/#45/#47
&*#7LPHV#,WDOLF 8/#9/#:/#;/#43/#45/#47
8QLYHUV 8/#9/#:/#;/#43/#45/#47
8QLYHUV#,WDOLF 8/#9/#43/#45

6DELW#$UDOÕN 3XQWR#%R\ODUÕ 6ÕNOÕNODU

&RXULHU 9/#45/#57 8/#43/#49/9:/#53
&RXULHU#,WDOLF 9/#45/#57 8/#43/#53
/HWWHU#*RWKLF 9/#45/#57 9/#45/#57
/HWWHU#*RWKLF#,WDOLF 9/#45/#57 9/#45/#57

3&0&\ULOOLF#+&30;99,
/DWLQ#&\ULOOLF#+,620;;8<28,

7D\

6LPJH#.•PHOHUL=
<D]ÕWLSOHUL=

6DELW#$UDOÕN 3XQWR#%R\ODUÕ 6ÕNOÕNODU

7KDL#&RXULHU/#&RXULHU#%ROG/45 43
&RXULHU#,WDOLF/#DQG#%ROG#,WDOLF
7KDL#&RXULHU/#&RXULHU#%ROG/#DQG 43 45
&RXULHU#,WDOLF
7KDL#&RXULHU/#&RXULHU#%ROG/#DQG 57 9
&RXULHU#,WDOLF
7KDL#/LQH#3ULQWHU ;/8 49

7,6#+7$3,&56,

<XQDQFD

6LPJH#.•PHOHUL=

<D] ÕWLSOHU L=
2UDQWÕOÕ#$UDOÕNOÕ 3XQWR#%R\ODUÕ

&*#7LPHV 8/#9/#:/#;/#43/#45/#47
&*#7LPHV#,WDOLF 8/#9/#:/#;/#43/#45/#47
8QLYHUV 8/#9/#:/#;/#43/#45/#47
8QLYHUV#,WDOLF 8/#9/#43/#45

6DELW#$UDOÕN 3XQWR#%R\ODUÕ 6ÕNOÕNODU

&RXULHU 9/#45/#57 8/#43/#49/9:/#53
&RXULHU#,WDOLF 9/#45/#57 8/#43/#53
/HWWHU#*RWKLF 9/#45/#57 9/#45/#57
/HWWHU#*RWKLF#,WDOLF 9/#45/#57 9/#45/#57

3&0;#*UHHN#+&30;99,
/DWLQ2*UHHN#+,620;;8<2:,

%DOWÕN

6LPJH#.•PHOHUL=

<D] ÕWLSOHU L=
2UDQWÕOÕ#$UDOÕNOÕ 3XQWR#%R\ODUÕ

&*#7LPHV 8/#9/#:/#;/#43/#45/#47
&*#7LPHV#,WDOLF 8/#9/#:/#;/#43/#45/#47
8QLYHUV 8/#9/#:/#;/#43/#45/#47
8QLYHUV#,WDOLF 8/#9/#43/#45

6DELW#$UDOÕN 3XQWR#%R\ODUÕ 6ÕNOÕNODU

&RXULHU 9/#45/#57 8/#43/#49/9:/#53
&RXULHU#,WDOLF 9/#45/#57 8/#43/#53
/HWWHU#*RWKLF 9/#45/#57 9/#45/#57
/HWWHU#*RWKLF#,WDOLF 9/#45/#57 9/#45/#57

3&#/DWYLDQ25XVVLDQ
3&#/LWKXDQLDQ25XVVLDQ
3&#/LWKXDQLDQ#&30::5

8<

0DO]HPH#YH#
DNVHVXDUODUÕQ#VLSDULúL

3DUoDODU2 +3#6LSDULú#
0DO]HPHOHU2$NVHVXDUODU 1XPDUDVÕ

+3#,(((045;7#8\XPOX#3DUDOHO#$UDELULP#.DEORVX#

+ELOJLVD\DU#ED÷ODQWÕ#QRNWDVÕ#LoLQ#ELU#WDQH#45;70$#
ED÷ODQWÕ#SDUoDVÕ#YH#\D]ÕFÕ#ED÷ODQWÕ#QRNWDVÕ#LoLQ#ELU#
WDQH#45;70%#ED÷ODQWÕ#SDUoDVÕ,

5#PHWUH#X]XQOXNWD &5<83$
6#PHWUH#X]XQOXNWD &5<84$

*•o#$GDSW|U•#+G•Q\D#oDSÕQGD,
(OHNWULN#.DEORODUÕ

$%'/#.DQDGD/#%UH]LO\D/#/DWLQ ;4530;663
$PHULND/#6XXGL#$UDELVWDQ

-DSRQ\D ;4530;669
øQJLOWHUH/#6LQJDSXU/#0DOH]\D ;4530;674
2UWD#'R÷X/#+RQJ#.RQJ
*•QH\#$IULND ;4530;67:
+LQGLVWDQ ;4530;678
$YXVWUDO\D/#$UMDQWLQ ;4530;66:
dLQ/#7D \ Y D Q /#)LOLSLQOHU ;4530;679
.RUH ;4530;66<
$YUXSD/#hUG•Q/#/•EQDQ/ ;4530;673
.X]H\#$IULND/#øVUDLO/#5XV\D/#%DOWÕN

•ONHOHUL/#7D\ODQG/#(QGRQH]\D/
.DUD\LS#$GDODUÕ/#/DWLQ#$PHULND

%DVNÕ#.DUWXúX

6L\DK#EDVNÕ#NDUWXúX# 84978$#\D#GD#

5HQNOL#EDVNÕ#NDUWXúX# &4;56$

&973<093347

84978*

3DUoDODU2 +3#6LSDULú#
0DO]HPHOHU2$NVHVXDUODU 1XPDUDVÕ

✼

##

.D÷ÕW

+3#%DQQHU#3DSHU

$%'#OHWWHU/#433#DGHW &4;53$
543#[#5<:#PP/#433#DGHW &4;54$

+3#3UHPLXP#,QNMHW#7UDQVSDUHQF\#)LOP

$%'#OHWWHU/#83#DGHW &6;67$
$%'#OHWWHU/#53#DGHW &6;5;$
$YUXSD#$7/#83#DGHW &6;68$
$YUXSD#$7/#53#DGHW &6;65$

+3#3UHPLXP#,QNMHW#5DSLG0'U\#7UDQVSDUHQFLHV

$%'#OHWWHU/#83#DGHW#DVHWDW &9384$
$YUXSD#$7/#83#DGHW#DVHWDW &9386$

+3#3UHPLXP#,QN-HW#+HDY\ZHLJKW#3DSHU

$%'#OHWWHU/#433#DGHW &4;85$
$YUXSD#$7/#433#DGHW &4;86$

+3#3UHPLXP#,QN-HW#3DSHU

$%'#OHWWHU/#533#DGHW 84967<
$YUXSD#$7/#533#DGHW 84967=

+3#*UHHWLQJ#&DUG#3DSHU

'|UGH#NDWODPDN#LoLQ#|QFHGHQ#KD]ÕUODQPÕú
$%'#OHWWHU/#53#DGHW#ND÷ÕW/#53#DGHW#]DUI &4;45$
(XURSHDQ#$7/#53#DGHW#ND÷ÕW/#

#############53#DGHW#]DUI &9375$

+3#*ORVV\#*UHHWLQJ#&DUG#3DSHU

øNL\H#NDWODPDN#LoLQ#|QFHGHQ#KD]ÕUODQPÕú
$%'#OHWWHU/#43#DGHW#ND÷ÕW/#43#DGHW#]DUI &9377$
$YUXSD/#43#DGHW#ND÷ÕW/#43#DGHW#]DUI &9378$

+3#'HOX[H#3KRWR#3DSHU

$%'#OHWWHU/#53#DGHW &9388$
$YUXSD#$7/#53#DGHW &938:$

+3#3UHPLXP#3KRWR#3DSHU

$%'#OHWWHU/#48#DGHW &936<$
$V\D#$7/#48#DGHW &9376$
$YUXSD#$7/#48#DGHW &9373$

+3#3KRWR#3DSHU

$%'#OHWWHU/#53#DGHW &4;79$
$V\D#$7/#53#DGHW &9:98$
$YUXSD#$7/#53#DGHW &4;7:$

+3#%ULJKW#:KLWH#,QNMHW#3DSHU

$%'#OHWWHU/#833#DGHW &4;57$
$%'#OHWWHU/#533#DGHW &8<:9$
$YUXSD#$7/#833#DGHW &4;58$
$YUXSD#$7/#533#DGHW &8<::$

dÕNDUWPD#%DVNÕ#2UWDPÕ#

+3#,URQ02Q#706KLUW#7UDQVIHU

$%'#OHWWHU/#43#DGHW &937<$
$V\D#$7/#43#DGHW &9398$
$YUXSD#$7/#43#DGHW &9383$

✼

g]HO#EDVNÕ#RUWDPODUÕQÕQ#EXOXQDELOLUOL÷L#•ONHGHQ#

✼

•ONH\H#GH÷LúLU1

93

'H÷LúWLULOHELOLU#3DUoDODU 1XPDUDVÕ

+3#6LSDULú#

+3#'HVN-HW#:43&#6HULHV (O#.LWDEÕ#
<D]ÕFÕ#%HOJH#.LWOHUL .LWOHUL

$UDSFD &8;<7093347
$OPDQFD &8;<709334<
%DVLWOHúWLULOPLú#dLQFH &8;<709335;
dHNoH &8;<7093348
'DQLPDUNDFD &8;<7093349
)LQFH &8;<709334;
)OHPHQNoH &8;<709334:
)UDQVÕ]FD &8;<7093337
*HOHQHNVHO#dLQFH &8;<7093363
,EUDQLFH &8;<7093354
øQJLOL]FH &8;<7093336
øVSDQ\ROFD &8;<709333:
øVYHooH &8;<709335<
øWDO\DQFD &8;<7093356

-DSRQFD &8;<7093338
.RUHFH &8;<7093357
/HKoH &8;<7093359
0DFDUFD &8;<7093355
1RUYHooH &8;<7093359
3RUWHNL]FH &8;<7093339
5XVoD &8;<709335:
7D\FD &8;<7093364
7•UNoH &8;<7093365
<XQDQFD &8;<7093353

hVW#.DSDN#+(ULúLP#.DSD÷Õ#7D N Õ P Õ,
.DEOR#(ULúLP#.DSD÷Õ#+*2d#.DSD÷Õ,
$UND#(ULúLP#.DSD÷Õ#7D NÕ P Õ

&788:073385
&788:073434
&788:0933:9

94

6LSDULú#ELOJLVL

<D]ÕF Õ#PDO]HPH#YH#DNVHVXDUODUÕQÕQ#VLSDULúL#
LoLQ/#HQ#\DNÕQ#+3#VDWÕFÕVÕ#\D#GD#DúD÷ÕGDNL#
QXPDUDODUGD#KÕ]OÕ#J|QGHUPH#KL]PHWOL#+3#
',5(&7¶L#DUD\ÕQ1

■

$OPDQ\D=

)DNV=#3:36404746<8
+HZOHWW03DFNDUG#*PE+/#+3#([SUHVV#6XSSRUW
(UVDW]WHLO09HUND XI/#+HUUHQEHUJHU#6WU1#46 3
:4367#%2(%/,1*(1

■

$PHULND#%LUOHúLN#'HYOHWOHUL=

■

$UMDQWLQ=

)DNV=#+87#4,#:;:0:546#
+HZOHWW03DFNDUG#$UJHQWLQD/#0RQWDxHVHV#5483
475;#%XHQRV#$LUHV/#$UJHQWLQD

■

$YXVWXU\D2*•QH\0'R÷X#%|OJHVL=

+7603555,#58#333/#H[W1#:88
)DNV=#+760355 5,#58#333/#H[W1#943
+HZOHWW03DFNDUG#*HV1P1E1+1
(UVDWW]WHLOYHUNDXI
/LHEOJ1#4
$04555#:LHQ

■

$YXVWUDO\D2<HQL#=HODQGD=

&KLQD#5HVRXUFHV#%OGJ1
59#+DUERXU#5RDG
:DQFKDL/#+RQJ#.RQJ

■

%HOoLND=

)DNV=#352::;#63:9
+HZOHWW03DFNDUG#%HOJLXP#6$219

433#EG1# GH#OD#:ROXZH2:ROXZHGDO
4533#%58;(//(6

■

%UH]LO\D=

)DNV=#880440:5<907<9:#
(GLVD#+HZOHWW03DFNDUG#6$/#51#$UXDQD#458/#7DPE R UH /#
%DUXHUL/#6mR#3DXOR/#%UD]LO/#397930343

■

'DQLPDUND=

)DNV=#75#;4#8;#43
+HZOHWW03DFNDUG#$26
.RQJHYHMHQ#58/#6793#%,5.(52'

■

)LQODQGL\D=

)DNV=#+<3,#;;:5#5953
+HZOHWW03DFNDUG#2\
9DUDRVDP\\QWL/#3LLVSDQNDOOLRQWLH#4:
35533#(6322

■

)UDQVD=

)DNV=#+4,#7:#<;#59#3;
(XUR3DUWV/#::#434#DYHQXH#GX#9LHX[#&KHPLQ#GH#6DLQW0'HQLV
<5958#*(11(9,//,(56

■

+ROODQGD=

)DNV=#3#66#789#3;<4
+HZOHWW03DFNDUG#1HGHUODQG#%1#91/#3DUWV#'LUHFW#6HUYLFH
%DVLFZHJ#43
6;54#%5#$0(56)2257

■

øQJLOWHUH=

.77#4:98#9<3394/#)DNV=#.77#4:98#9<3:64
([SUHVV#7HU P L QD OV/#7:#$OOKDOORZJDWH
5LSRQ/#1RUWK#<RUNV KL U H
.77#4;4#89;#:433/#)DNV=#.77#4;4#89;#:377
3DUWV#)LUVW/#5LYHUVLGH#:RUNV
,VOHZRUWK/#0LGGOHVH[/#7::#:%<
.77#4:67#8548;:/#)DNV=#.77#4:67#854:45
:HVWFRDVW/#5;063#5LFKILHOG#$YHQXH
5HDGLQJ/#%HUNVKLUH/#5*4#;%-

#3:3640478777

#+;33,#55:0;497#

#+87#4,#:;:0:433#

#

#+36,#;<805;<8#

#352::;#63<5#+\D#GD#63<3/#63<4,

#880440:5<907<<4 #

#78#<<#47#5<

#+<3,#;;:5#56<:

#+4,#73#;8 #:4#45

#3#66#783#4;3;

■

øVSDQ\D=

)DNV=#4#9#64#45#:7
+HZOHWW03DFNDUG#(VSDQROD#61$1
'HSDUWDPHQWR#GH#9HQWD#GH#3LH]DV
&WUD#109,/#.P1#49/833
5;563#/$6#52=$6/#0DGULG

■

øVYHo=

)DNV=#;07775449
+HZOHWW03DFNDUG#6YHULJH#$%
6NDOKROWVJDWDQ#</#%R[#4<
497#<6#.,67$

■

øVYLoUH=

)DNV=#38925:<#5;3
(OEDWH[#'DWHQWHFKQLN#$*
6FKZLPPEDVWUDVVH#78/#8763#:(77,1*(1

■

øWDO\D=

)DNV=#352<5434:8:
+HZOHWW03DFNDUG#,WDOLDQD#61#31#$1
8IILFLR#3DUWL#GL#ULFDPELR
9LD#*1#'L#9LWWRULR/#<
53396#&HUQXVFR#V21#+0,,

■

-DSRQ\D=

+HZOHWW03DFNDUG#-DSDQ#/WG1
5<054#7D N D L GR 0+LJDVKL#60FKRQH/#VXJQLQDPL0NX
7R N \ R#49;0;8;8

■

.DQDGD=

)DNV=#+<38,#539067;8206:6<
+HZOHWW03DFNDUG#+&DQDGD,#/WG1/#8483#6SHFWUXP#:D\
0LVVLVVDXJD/#2QWDULR#/7:#8*4

7RURQWR=

■

/DWLQ#$PHULND#0HUNH]#%•URVX=

)DNV=#+638,#59:0757:#
8533#%OXH#/DJRRQ#'ULYH/# 6XLWH#<83
0LDPL/#)/#66459

■

0HNVLND=

)DNV=#+87#4,#58;07695#
+HZOHWW03DFNDUG#GH#0p[LFR/#61$1#GH#&19
3URORQJDFLyQ#5HIRUPD#&:33
&RORQLD#/RPDV#GH#6DQWD#)H/#&131#34543#0p[LFR/#'1)1

■

1RUYHo=

)DNV=#55:68944
+HZOHWW03DFNDUG#1RUJH#$26/#([SUHVV#6XSSRUW
'UDPPHQVYHLHQ#49<04:4
3545#2VOR

■

ùLOL=

)DNV=#+89#5,#53606567#
+HZOHWW03DFNDUG#GH#&KLOH#6$
$Y1#$QGUHV#%HOOR#5::: /#2ILFLQD#4635#
/RV#&RQGHV/#6DQWLDJR/#&KLOH

■

8OXVODUDUDVÕ#6DWÕú#úXEHVL=

)DNV=#+74,#55#:;307::3
+HZOHWW03DFNDUG#61#$1/#,6%

6</#UXH#GH#9H\UR W
454:#0(<5,1#4/#*(1(9(#0#68,66(

■

9HQH]XHOD=

)DNV=#+8;#5,#53:0;347
+HZOHWW03DFNDUG#GH#9HQH]XHOD#&1$1
7H U F HU D #7UDQVYHUVDO#GH#/RV#5XLFHV#1RUWH/#(GLILFLR
6HJUH/#&DUDFDV#43:4/#9HQH]XHOD
$SDUWDGR#3RVWDO#83<66/#&DUDFDV#4383

#4#9#64#47#;4

#;0777556<

#38925:<#5;9

#352<54515669257:8

#+36,#66680;666

#+;33,#6;:06487/#+<38,#53907:58

#+749,#9:40;6;6

#+638,#59:07553#

#+85#8,#58;07933

#55:68<59

#+89#5,#536 06566#

#+74,#55#:;3#7444

#+8;#5,#56<0757727466

'L÷HU#•ONHOHU#LoLQ

■

+HZOHWW03DFNDUG#&RPSDQ\/

,QWHUFRQWLQHQWDO#+HDGTXDUWHUV/
67<8#'HHU#&UHHN#5RDG/
3DOR#$OWR/#&$#<7637/#8161$1

95

<DVDO#%H\DQODU

)&&#VWDWHPHQW#+86$,

7KH#8QLWHG#6WDWHV#)HGHUDO#&RPPXQLFDWLRQV#&RPPLVVLRQ#+LQ#7:#&)5#481438,#KDV#VSHFLILHG#WKDW#WKH#IROORZLQJ#QRWLFH#EH#
EURXJKW#WR#WKH#DWWHQWLRQ#RI#XVHUV#RI#WKLV#SURGXFW=
7KLV#HTXLSPHQW#KDV#EHHQ#WHVWHG#DQG#IRXQG#WR#FRPSO\#ZLWK#WKH#OLPLWV#IRU#D#&ODVV#%#GLJLWDO#GHYLFH/#SXUVXDQW#WR#SDUW#48#RI#
WKH#)&&#5XOHV1#7KHVH#OLPLWV#DUH#GHVLJQHG#WR#SURYLGH#UHDVRQDEOH#SURWHFWLRQ#DJDLQVW#KDUPIXO#LQWHUIHUHQFH#LQ#D#UHVLGHQWLDO#
LQVWDOODWLRQ1#7KLV#HTXLSPHQW#JHQHUDWHV/#XVHV/#DQG#FDQ#UDGLDWH#UDGLR#IUHTXHQF\#HQHUJ\#DQG/#LI#QRW#LQVWDOOHG#DQG#XVHG#LQ#
DFFRUGDQFH#ZLWK#WKH#LQVWUXFWLRQV/#PD\#FDXVH#KDUPIXO#LQWHUIHUHQFH#WR#UDGLR#FRPPXQLFDWLRQV1#+RZHYHU/#WKHUH#LV#QR#
JXDUDQWHH#WKDW#LQWHUIHUHQFH#ZLOO#QRW#RFFXU#LQ#D#SDUWLFXODU#LQVWDOODWLRQ1#,I#WKLV#HTXLSPHQW#GRHV#FDXVH#KDUPIXO#LQWHUIHUHQFH#WR#
UDGLR#RU#WHOHYLVLRQ#UHFHSWLRQ/#ZKLFK#FDQ#EH#GHWHUPLQHG#E\#WXUQLQJ#WKH#HTXLSPHQW#RII#DQG#RQ/#WKH#XVHU#LV#HQFRXUDJHG#WR#
WU\#WR#FRUUHFW#WKH#LQWHUIHUHQFH¶V#E\#RQH#RU#PRUH#RI#WKH#IROORZLQJ#PHDVXUHV=
5HRULHQW#RU#UHORFDWH#WKH#UHFHLYLQJ#DQWHQQD1
,QFUHDVH#WKH#VHSDUDWLRQ#EHWZHHQ#WKH#HTXLSPHQW#DQG#WKH#UHFHLYHU1
&RQQHFW#WKH#HTXLSPHQW#LQWR#DQ#RXWOHW#RQ#D#FLUFXLW#GLIIHUHQW#IURP#WKDW#WR#ZKLFK#WKH#UHFHLYHU#LVFRQQHFWHG1
&RQVXOW#WKH#GHDOHU#RU#DQ#H[SHULHQFHG#UDGLR279#WHFKQLFLDQ#IRU#KHOS1
8VH#RI#D#VKLHOGHG#FDEOH#LV#UHTXLUHG#WR#FRPSO\#ZLWKLQ#&ODVV#%#OLPLWV#RI#3DUW#48#RI#)&&#5XOHV1
3XUVXDQW#WR#3DUW#48154#RI#WKH#)&&#5XOHV/#DQ\#FKDQJHV#RU#PRGLILFDWLRQV#WR#WKLV#HTXLSPHQW#QRW#H[SUHVVO\#DSSURYHG#E\#
+HZOHWW03DFNDUG#&RPSDQ\#PD\#FDXVH#KDUPIXO#LQWHUIHUHQFH#DQG#YRLG#WKH#)&&#DXWKRUL]DWLRQ#WR#RSHUDWH#WKLV#HTXLSPHQW1

/('#*|VWHUJH#%LOGLULVL

*|VWHUJH#/('¶OHUL#(1#93;5804#úDUWQDPHVLQH#X\JXQGXU1

*•o#0RG•O•#%LOGLULVL

*•o#PRG•O•#RQDUÕODPD]1#%R]XNVD#DWÕOPDOÕ#\D#GD#VDWÕFÕ\D#JHUL#YHULOPHOLGLU1

96

6ÕQÕUOÕ#*DUDQWL#%H\DQÕ#

+3#hU•Q•# 6ÕQÕUOÕ#*DUDQWL#6•UHVL##

<D]ÕOÕP <3#*•Q
0•UHNNHS#.DUWXúODUÕ <3#*•Q
%DVNÕ#.DIDODUÕ#4#<ÕO
<D]ÕFÕ#YH#LOJLOL#+3#'RQDQÕPÕ 4#<ÕO

$1 6ÕQÕUOÕ#*DUDQWLQLQ#.DSVDPÕ

41 +HZOHWW03DFNDUG#+%XQGDQ#E|\OH#³+3´#RODUDN#

DQÕODFDNWÕU1,/#P•úWHUL#WDUDIÕQGDQ#VDWÕQ#DOÕQGÕNODUÕ#
WDULKWHQ#EDúOD\DUDN#\XNDUÕGD#DGu#JHoHQ#+3#

•U•QOHULQGH#\XNDUÕGD#EHOLUWLOHQ#V•UH#ER\XQFD#PDO]HPH#
YH#LúoLOLN#NXVXUODUÕQÕQ#EXOXQPD\DFD÷ÕQÕ#VRQ#
NXOODQÕFÕ\D#JDUDQWL#HGHU1#0•úWHUL/#VDWÕQ#DOPD#WDULKLQLQ#
NDQÕWÕQÕ#EXOXQGXUPDNWDQ#VRUXPOXGXU1

51 <D]ÕOÕP##•U•QOHUL#LoLQ/#+3*QLQ#VÕQÕUOÕ#JDUDQWLVL#VDGHFH#

SURJUDPODPD#WDOLPDWODUuQuQ#\HULQH#JHWLULOPHPHVL#
GXUXPX#LoLQ#JHoHUOLGLU1#+3#KHUKDQJL#ELU#•U•Q•Q#
NHVLQWLVL]#YH\D#KDWDVu]#oDOÕúDFD÷ÕQÕ#JDUDQWL#HWPH]1#

61 +3*QLQ#VÕQÕUOÕ#JDUDQWLVL#VDGHFH#•U•Q•Q#ROD÷DQ#

NXOODQÕPÕ#VRQXFX#RUWD\D#oÕNDQ#NXVXUODUÕ#NDSVDU#YH#
DúD÷ÕGDNLOHULQ#VRQXFXQGD#RUWD\D#oÕNDQ#NXVXUODUD#
X\JXODQPD]=

D1<DQOÕú #YH\D#\HWHUVL]#EDNÕP#YH\D#WDGLODW>
E1#+3*QLQ#VD÷ODPDGÕ÷Õ#YH#GHVWHNOHPHGL÷L#\D]ÕOÕP/#

DUDELULP/#RUWDP/#SDUoD#YH\D#PDO]HPHOHU#YH#
F1hU•Q•Q#|]HOOLNOHUL#GÕúÕQGD#oDOÕúWÕUÕOPDVÕ1

71 +3#\D]ÕFÕ#•U•QOHUL#LoLQ/#+3#GÕúÕ#ELU#NDUWXúXQ#YH\D#

\HQLGHQ#GROGXUXOPXú#ELU#NDUWXúXQ#NXOODQÕOPDVÕ#
P•úWHUL\H#YHULOHQ#JDUDQWL\L#YH#P•úWHUL#LOH#\DSÕOPÕú#
RODELOHFHN#+3#GHVWHN#V|]OHúPHVLQL#HWNLOHPH]1##$QFDN/#
\D]ÕFÕGDNL#DUÕ]D#YH\D#KDVDU#+3#GÕúÕ#YH\D#\HQLGHQ#
GROGXUXOPXú#ELU#NDUWXúXQ#NXOODQÕOPDVÕQGDQ#
ND\QDNODQÕ\RUVD/#+3#V|]NRQXVX#DUÕ]D#YH\D#KDVDU#
QHGHQL\OH#\D]ÕFÕ\D#\DSÕODQ#VHUYLV#NDUúÕOÕ÷ÕQGD#
VWDQGDUW#V•UH#YH#PDO]HPH#•FUHWOHULQL#X\JXOD\DFDNWÕU1

81#+3*QLQ#JDUDQWLVL#NDSVDPÕQGDNL#KHUKDQJL#ELU#\D]ÕOÕP/#

RUWDP#YH\D#P•UHNNHS#NDUWXúX#LOH#LOJLOL#ELU#NXVXU#
ELOGLULPL/#X\JXODQDQ#JDUDQWL#V•UHVL#LoLQGH#+3*\H#
XODúÕUVD#+3#NXVXUOX#•U•Q•#\HQLVL\OH#GH÷LúWLULU1#+3*QLQ#
JDUDQWLVL#NDSVDPÕQGDNL#KHUKDQJL#ELU#GRQDQÕP#•U•Q•#
LOH#LOJLOL#ELU#NXVXU#ELOGLULPL/#X\JXODQDQ#JDUDQWL#V•UHVL#
LoLQGH#+3*\H#XODúÕUVD#+3#NHQGL#VHoLPLQH#ED÷OÕ#RODUDN#
NXVXUOX#•U•Q•#\D#RQDUuU#\D#GD#\HQLVL\OH#GH÷LúWLULU1#
0DOÕQ>

±#WHVOLP#WDULKLQGHQ#LWLEDUHQ#JDUDQWL#V•UHVL##LoLQGH#NDOPDN#

ND\GÕ\OD#4#+#ELU,#\ÕO#LoHULVLQGH/##D\QÕ#DUÕ]D\Õ##LNLGHQ##
ID]OD#WHNUDUODQPDVÕ##YH\D#IDUNOÕ#DUÕ]DODUÕQ#G|UWWHQ#ID]OD#
RUWD\D#oÕNPDVÕ#VRQXFX/#PDOGDQ##\DUDUODQDPDPDQÕQ##
V•UHNOLOLN#ND]DQPDVÕ/

±#7D P L U L #LoLQ##JHUHNHQ#D]DPL##V•UHQLQ##DúÕOPDVÕ#KDOLQGH##

•FUHWVL]#RODUDN#GH÷LúWLUPH#LúOHPL##\DSÕODFDNWÕU1

#
91 +3/#NHQGL#JDUDQWLVL#NDSVDPÕQGDNL#NXVXUOX#ELU#•U•Q•/#

GXUXPXQ#JHUH÷LQH#J|UH#RQDUDPD]#YH\D#\HQLVL\OH#
GH÷LúWLUHPH]VH/#NXVXUXQ#NHQGLVLQH#ELOGLULOPHVLQGHQ#
LWLEDUHQ#PDNXO#ELU#V•UH#LoLQGH#•U•Q•Q#VDWÕú#EHGHOLQL#
LDGH#HGHU1#

:1 0•úWHUL#NXVXUOX#•U•Q•#+3*\H#JHUL#J|QGHULQFH\H#NDGDU#

+3*QLQ#RQDUÕP/#GH÷LúWLUPH#YH#SDUD#LDGHVL#NRQXVXQGD#
KLoELU#\•N•PO•O•÷•#\RNWXU1#

97

;1 'H÷LúWLUPH#DPDFÕ\OD#NXOODQÕODQ#KHUKDQJL#ELU#•U•Q/#

GH÷LúWLULOHQ#•U•QOHU#HQ#D]ÕQGDQ#HúLW#LúOHYVHOOL÷H#VDKLS#
ROPDVÕ#NRúXOX\OD#\HQL#\D#GD#\HQL#JLEL#RODELOLU1#

<1 +3*QLQ#VÕQÕUOÕ#JDUDQWLVL/#2UWD#'R÷X/#$IULND/#$UMDQWLQ/#

%UH]LO\D/#0HNVLND#YH#9HQH]XHOOD#LOH#)UDQVD*QuQ#
%'HQL]DúÕUÕ#•ONHOHUL%#KDULo#ROPDN#•]HUH#\XNDUuGD#

EHOLUWLOHQ#+3#•U•QOHULQLQ#GDžuWuPuQuQ#+3#WDUDIuQGDQ#
\DSuOGu÷u#KHU#•ONHGH#JHoHUOLGLU>#KDULo#WXWXODQ#V|]#
NRQXVX#\HUOHUGH#LVH#JDUDQWL#VDGHFH#•U•Q•Q#VDWuQ#
DOuQGu÷u#•ONHGH#JHoHUOLGLU1#gUQH÷LQ/#\HULQGH#VHUYLV#
V|]OH¦PHOHUL#JLEL#HN#JDUDQWL#KL]PHWOHUL#V|]OHúPHOHUL/#
EHOLUWLOHQ#+3#•U•Q•Q•Q#+3#YH\D#\HWNLOL#ELU#LWKDODWou#
WDUDIuQGDQ#GDžuWuOGužu#GXUXPODUGD#KHUKDQJL#ELU#\HWNLOL#
+3#VHUYLV#NXUXOXúX#LOH#\DSuODELOLU1

%1 *DUDQWL#6ÕQÕUODPDODUÕ#

41 h/.(#<$6$/$5,1,1#ø=ø1#9(5'øöø#g/dh'(/#+3#

9(#+3*<(#0$/=(0(#6$/$<$1#hdh1&h#

3$+,6/$ 5/#+3#h5h1/(5ø#ø/(#ø/*ø/ø#2/$5$.#

*(5(.#$d,.d$#*(5(.#=,01(1/#%$ù.$#+ød%ø5#

7h5'(#*$5$17ø#9(50(0(.7(#9(#%$ù.$#

+ød%ø5#ù$57#%(<$1#(70(0(.7(#2/83#

6$7,/$%ø/ø5/ø./#7$70ø1.$5#.$/ø7(#9(#%(//ø#

%ø5#$0$&$#8<*81/8ö8#.$36$<$1#=,01,#

*$5$17ø/(5ø#9(50('ø./(5ø1ø#9(#%8#

.218/$5'$#+ød%ø5#3$57#%(<$1#

(70('ø./(5ø1ø#g=(//ø./(#%(/ø57ø5/(51

&1 6RUXPOXOXN#6ÕQÕUODPDODUÕ

41 hONH#\DVDODUÕQÕQ#L]LQ#YHUGL÷L#|Oo•GH/#EX#*DUDQWL#

%H\DQÕ\OD#VD÷ODQDQ#KDNODU#P•úWHULQLQ#\HJDQH#YH#W•P#

KDNODUÕGÕU1#

51 h/.(#<$6$/$5,1,1#ø=ø1#9(5'øöø#g/dh'(/#+3#

9(#21$#0$/=(0(#6$ö/$<$1#hdh1&h#

ù$+,6/$5#%8#*$5$17ø#%(<$1,1'$#g=(/#

2/$5$.#g1*g5h/(1#<h.h0/h/h./(5#

',ù,1'$/#6g=/(ù0('(1/#+$.6,=#)øø/'(1#9(<$#

%$ù.$#%ø5#+8.8.#.85$0,1'$1#

.$<1$./$1',ö,1$#9(#%8#7h5#=$5$5#

2/$6,/,ö,1,1#%ø/'ø5ø/0øù#2/83#2/0$',ö,1$#

%$.,/0$.6,=,1#'2/$<6,=/#'2/$</,/#g=(//#

$5,=¹#9(#%$ö/$17,/,#=$5$5/$5'$1#+ød%ø5#

'8580'$#62580/8#'(öø/'ø5/(51

'1 hONH#<DVDODUÕ

41 %X#*DUDQWL#%H\DQÕ#P•úWHUL\H#EHOLUOL#\DVDO#KDNODU#YHULU1#

0•úWHUL/#%LUOHúLN#'HYOHWOHU#LOH#.DQDGD*GD#H\DOHWWHQ#

H\DOHWH/#G•Q\DQÕQ#GL÷HU#\HUOHULQGH#LVH#•ONHGHQ#•ONH\H#

GH÷LúHQ#EDúND#KDNODUD#GD#VDKLS#RODELOLU1

51 %X#*DUDQWL#%H\DQÕ/#•ONH#\DVDODUÕ#LOH#ED÷GDúPDGÕ÷Õ#

|Oo•GH#V|]#NRQXVX#•ONH#\DVDODUu#LOH#ED÷GDúDFDN#

úHNLOGH#WDGLO#HGLOPLú#VD\ÕOÕU1#6|]NRQXVX#•ONH#\DVDODUÕ#

oHUoHYHVLQGH#EX#*DUDQWL#%H\DQuQGDNL#EHOLUOL#

VRUXPVX]OXN#ELOGLULPOHUL#YH#VÕQÕUODPDODU#P•úWHUL\H#

X\JXODQPÕ\RU#RODELOLU1#gUQH÷LQ/#%LUOHúLN#'HYOHWOHU*GHNL#

ED]Õ#H\DOHWOHU#LOH#+.DQDGD*GDNL#H\DOHWOHU#GDKLO,#%LUOHúLN#

'HYOHWOHU#GÕúÕQGDGDNL#ED]Õ#K•N•PHWOHU=

D1 %X#*DUDQWL#%H\DQÕ*QGDNL#VRUXPVX]OXN#ELOGLULPOHUL#YH#

VÕQÕUODPDODUÕQ#W•NHWLFLQLQ#NDQXQL#KDNODUÕQÕ#
VÕQÕUODPDVÕQÕ#NDEXO#HWPH\HELOLUOHU#+|UQH÷LQ/#%LUOHúLN#
.UDOOÕN,>

E1 hUHWLFLQLQ#EX#JLEL#VRUXPVX]OXN#ELOGLULPOHUL#YH#

VÕQÕUODPDODU#NR\DELOPHVLQL#ED¦ND#ELoLPGH#
NÕVÕWOD\DELOLUOHU#YH\D

F1 0•úWHUL\H#LODYH#JDUDQWL#KDNODUÕ#WDQÕ\DELOLUOHU/#

•UHWLFLQLQ#UHGGHGHPH\HFH÷L#]ÕPQL#JDUDQWLOHULQ#
V•UHVLQL#EHOLUOH\HELOLUOHU#YH\D#]ÕPQL#JDUDQWLOHULQ#
V•UHVLQLQ#NÕVÕWODQPDVÕQD#L]LQ#YHUPH\HELOLUOHU1

'L]LQ

6HPEROOHU

õ6L\DK#NDUWXú,###7<

+*•o#G•÷PHVL,###75/#77

õ%DVNÕ#NDUWXúX#

ХъХчХ,###77/#83

õ5HVXPH#0#'HYDP#0#G•÷PHVL,###

9/#6;/#77
õho#5HQNOL#NDUWXú,###7</#83

$

D÷ÕUOÕN

|QHULOHQ#EDVNÕ#RUWDPÕ 8;

ND÷ÕW 5/#8;
D÷ODúPD 7<
DNVHVXDUODU/#VLSDULú 94
$PHULFD#2QOLQH 79
DQDKWDU/#EDQQHU#

+SDQNDUW,69/#77
DUND#HULúLP#NDSD÷Õ 9
DVHWDWODU

•]HULQH#\D]PD 65
EDVNÕ 64±65
EDVNÕ#D\DUODUÕ 64
EDVNÕ#NDOLWHVL 64
NXOODQÕODFDN#W•UOHULQ#VHoLPL 64
VRUXQODU 65

\DSÕúNDQ#úHULW 65
DVWDUOÕ#ND÷ÕW 5
D\DUODU/#EDVNÕ

D\DUODUÕ

D\DUOD\ÕFÕODU/#ND÷ÕW 6/#7

$\UÕFD#EDNÕQÕ]=#ND÷ÕW#VÕNÕúPDODUÕ

#%DNÕQÕ]=#EDVNÕ#

%

EDQQHU#+SDQNDUW,#ХъХчХ 69
EDQQHU#+SDQNDUW,#

DQDKWDUÕ 69/#77

EDVNÕ

oHYULOPLú 4;
EHOOL#EDúOÕ#VRUXQODU 9±:
'26*WDQ 7</#8:
LNL#\•]H 49
WDVODNODU 43
WHPHO#LúOHPOHU 8±:
WHUV#J|U•Q•PO• 4;

EDVNÕ#D\DUODUÕ 8

•W•\OH#oÕNDUWPDODU 8
DVHWDWODU 64
HWLNHWOHU 5<
)OLS#+RUL]RQWDO#+(QOHPHVLQH#

dHYLU,4;
IRWR÷UDIODU 8
LNL#\•]H#EDVNÕ <±43/#49
NDUWODU 8/#67
SDQNDUWODU 8/#69
YDUVD\ÕODQ 8
]DUIODU 59

EDVNÕ#D\DUODUÕ

IRWR÷UDIODU 66

EDVNÕ#KÕ]Õ

|]HOOÕNOHU 8;
IRWR÷UDIODU 76
UHQNOL 8;
UHVLPOHU 76
VL\DK0EH\D] 8;

EDVNÕ#NDOLWHVL

DVHWDWODU 64
%HVW#+(Q#ø\L,43
(FRQR)DVW 43
VRUXQODU 77
VRUXQODUÕ 83
YH#\HQLGHQ#GROGXUXODQ#

NDUWXúODU 83

EDVNÕ#NDUWXúODUÕ

ХъХчХ 75
GH÷LúWLULOPHVL 77
KL]DODPD 43
KL]DODQPDVÕ 76
VDWÕQ#DOPD 94
VRUXQODUÕ 9/#75/#76
WHPL]OHPH 43/#77
\HQLGHQ#GROGXUPD 83

EDVNÕ#NDUWXúODUÕQÕQ#

GH÷LúWLULOPHVL 77

EDVNÕ#NDUWXúODUÕQÕQ#

KL]DODQPDVÕ 43/#76

EDVNÕ#NDUWXúODUÕQÕQ#

WHPL]OHQPHVL 43/#77
EDVNÕ#NHQDU#ERúOXNODUÕ 7/#8;
EDVNÕ#RUWDPÕ 8<
EDVNÕ#RUWDPÕ#JUDPDMODUÕ/#

|QHULOHQ 8;
EDVNÕ#WHNQRORMLVL 8;
EHQHNOL#oÕNWÕODU 77
%HVW#+(Q#ø\L,#EDVNÕ#NDOLWHVL 43
%HVW#+(Q#ø\L,#PRGX#EDVNÕ#KÕ]Õ 8;
%RRN#+NLWDS#úHNOLQGH#ED÷ODPD,#

VHoHQH÷L 49
ER\XW

|]HOOÕNOHU 8;
EDVNÕ#RUWDPÕ 8<
ND÷ÕW 5

EXODúDQ#P•UHNNHS 4:/#77

&

o|]•Q•UO•N 8;
oÕNDUWPDODU/#•W•\OH 6<
oDOÕúPD#RUWDPÕ 8<
oHYULOPLú#EDVNÕ 4;
oHYULP0LoL#VRUXQ#JLGHUPH#

+WURXEOHVKRRWLQJ,74
oLIW#\|QO•#

LOHWLúLPOHU :/#77/#78/#7<
oLIW#\•]O•#EDVNÕ#

EDVNÕ

oL]HOJHOHU 5
oL]LNOHQHQ#P•UHNNHS 88
oRN#SDUoDOÕ#IRUPODU 6
oRN#VD\ÕGD#NRS\D <±43
oRN#VD\ÕGD#]DUI 5:
&'0520#GLVN 55
d,.,ù#WHSVLVL 6/#8<
&RORU6PDUW#WHNQRORMLVL 53
&RPSX6HUYH 79
FXVWRP#+|]HO,#ND÷ÕW#ER\XWODUÕ 47
&XW06KHHW#+.HVLN#.D÷ÕW,#

VHoHQH÷L 6;

#%DNÕQÕ]=#øNL#\•]H#

98

'

G•÷PH

*•o#+3RZHU,76

5HVXPH#+'HYDP,9/#6;
G•]HQOH\LFL#LODQODU 97
G•]J•Q#EDVÕOPD\DQ#oÕNWÕODU 9
GHVWHN

P•úWHUL 79
GLNH\#\|Q 76
GL]LQ#NDUWODUÕ#+LQGH[#FDUGV,67
GRNXOX#ND÷ÕW 5/#6
'26

EDVNÕVÕ 7</#8:

VLVWHP#JHUHNVLQLPOHUL 7<
'26#.DUDNWHU#.•PHVL 8<
GRV\DODU/#HOHNWURQLN 54±55
GSL/#UHVLPOHUGH 55

(

(FRQR)DVW#PRGX

EDVNÕ#KÕ]Õ 8;

QH#]DPDQ#

NXOODQPDOÕ 43/#77
HNVLN#oL]JLOHU 85
HO#NLWDSODUÕ/#VLSDULú 95
HOHNWULN#NDEORVX 94
HOHNWULN#W•NHWLPL 4;
HOHNWURQLN#GHVWHN 79
HOHNWURQLN#GRV\DODU/#

\DUDWÕOPDVÕ 54±55
HPLOHQ#P•UHNNHS 6/#77
HQHUML#NXOODQÕPÕ 4;/#8<
HWLNHWOHU

EDVNÕ 5<±63
EDVNÕ#D\DUODUÕ 5<
ELoLPOHQGLULOPHOHUL 63
NXOODQÕODFDN#W•U#VHoLPL 8<
NXOODQÕODFDN#W•UOHULQ#VHoLPL 5<
NXOODQÕOPDPDVÕ#JHUHNHQ#

W•UOHU 5<

WDEDNDODUÕQ#\HUOHúWLULOPHVL 63

)

IDNVODU 76
)$4*OHU#+6ÕN#6ÕN#6RUXODQ#

6RUXODU,79
IDUNOÕ#ND÷ÕW#ER\XWX 47
IDWXUDODU 47
)OLS#+RUL]RQWDO#+(QOHPHVLQH#dHYLU,

LURQ0RQ#WUDQVIHUV#+•W•\OH#

oÕNDUWPDODU,6<

SULQW#VHWWLQJ#+EDVNÕ#D\DUÕ,4;

IRUPODU/#oRN#SDUoDOÕ 6

IRWR÷UDIODU

EDVÕOPD#KÕ]Õ 76
LoLQ#ND÷ÕW 5
ND÷ÕW 66
VD\ÕVDO 55

*

*ø5øù#J|]•

NDSDVLWHVL 6/#8<

NXOODQÕPÕ 7
J|UHY#oXEX÷X/#:LQGRZV 44
J|]

*ø5øù 6/#7/#8<

ND÷ÕW 8<
J•o#DGDSW|U•

VDWÕQ#DOPD 94
J•o#JHUHNVLQLPOHUL 8<
J•o#W•NHWLPL 8<
JHUHNVLQLPOHU/#VLVWHP 7<
JUD\VFDOH#+JUL#WRQODPD,

DoPD#NDSDWPD 4<

WDVODNODU 4<
JUL#WRQODPD

EDVNÕ 43
JUL#WRQODPD#+JUD\VFDOH,

\DQOÕúOÕNOD#NXOODQÕPÕ 77
JUL#WRQODPD#LOH#EDVNÕ 43

+

KÕ]/#EDVNÕ 76/#8;
KDWD#LOHWLOHUL :
+HZOHWW03DFNDUG#ND÷ÕWODUÕ 5

+3*GHQ#VLSDULú 94
+RZ#'R#,"#VHNPHVL#++3#

7RROER[,45

+3#%DQQHU#3DSHU#+3DQNDUW#

.D÷ÕGÕ,69
+3#%ULJKW#:KLWH#,QNMHW#3DSHU 5
+3#'HOX[H#3KRWR#

3DSHU 5/#8/#66
+3#'HVN-HW#8WLOLWLHV#++L]PHW#

3URJUDPODUÕ,44
+3#'LUHFW 5
+3#*UHHWLQJ#&DUG#3DSHU 68
+3#,QNMHW#EDVNÕ#NDUWXúODUÕ#%DNÕQÕ]=#

EDVNÕ#NDUWXúODUÕ
+3#3UHPLXP#,QN-HW#3DSHU 5
+3#3UHPLXP#7UDQVSDUHQF\#

)LOP 64
+3#SULQW#VHWWLQJV#ER[ ;

DPDFÕ 43

$\UÕFD#EDNÕQÕ]=#EDVNÕ#D\DUODUÕ

EXOXQPDVÕ <

+3#6SHFLDO#3DSHU#+g]HO#.D÷ÕW,#

D\DUÕ 8

+3#7R R OE R[

EXOXQPDVÕ 44
KDNNÕQGD ;/#45

+3#ZHE#VLWHVL 79

,

LNL#\|QO•#LOHWLúLPOHU :/#77/#78
LNL#\•]H#EDVNÕ <±43/#49

LoLQ#ND÷ÕW 5
VRUXQODU 49/#4:

LOHWLúLP#NXWXODUÕ#%DNÕQÕ]=#+3#SULQW#

VHWWLQJV#ER[#YH#+3#7RROE R[

LOHWLúLPOHU 78

oLIW#\|QO• 76/#77/#7<
LNL#\|QO• 76/#77
VRUXQODU :

\D]ÕFÕ 78
LOHWLOHU/#KDWD :
LQN

\DQOÕú#KL]DODQDQ#UHQNOHU 76
,QWHUQHW/#+3tQLQ#VLWHVLQH#

HULúLP 79
Lú#GHYUL 8;
Lú#IRUPODUÕ 47
ÕúÕNODU

%DQQHU#+3DQNDUW,69
%DVNÕ#.DUWXúX 75/#78
*•o#+3RZHU,76/#78
5HVXPH#+'HYDP,9/#6;/#78

LúOHWLP#RUWDPÕ 7<

.

ND÷ÕGÕQ#EDVÕODFDN#\•]• 7
ND÷ÕGÕQ#FDQOÕOÕ÷Õ 5
ND÷ÕGÕQ#S•U•]V•]O•÷• 5
ND÷ÕGÕQ#VD\GDPVÕ]OÕ÷Õ 5
ND÷ÕGÕQ#\HUOHúWLULOPHVL

•W•\OH#oÕNDUWPD#ND÷ÕGÕ#+LURQ0RQ#
WUDQVIHU#SDSHU,6<

DVHWDWODU 64±65
HWLNHW#WDEDNDODUÕ 5<±63
IRWR÷UDI#ND÷ÕGÕ 66
NDUW#VHoHQHNOHUÕ 67±68
SDQNDUW#+EDQQHU,#ND÷ÕGÕ

69±6;

WHPHO#LúOHPOHU 6±7
]DUIODU 59±5;

ND÷ÕW

|QEDVNÕOÕ 47
|]HOOLNOHU 8;±8<
D÷ÕUOÕ÷Õ 5
DVWDUOÕ 5

$\UÕFD#EDNÕQÕ]=#SDQNDUWODU/#

NDUWODU/#•W•\OH#oÕNDUWPDODU/#
HWLNHWOHU

99

EDVÕODFDN#\•] 7
FDQOÕOÕ÷Õ 5
GRNXOX 6
GXUXPX 6
IRWR÷UDIODU#LoLQ 5
IRWRNRSL#LoLQ 5
JUDPDMÕ 8;
+HZOHWW03DFNDUG 5
LNL#\•]H#EDVNÕ 5/#49
LQNMHW#\D]ÕFÕODU#LoLQ 6
NXOODQÕODFDN#W•UOHU 5
NXOODQÕOPDPDVÕ#JHUHNHQ#

W•UOHU 6
UHVLP#LoLQ 5
VD\GDPVÕ]OÕ÷Õ 5
VHoLPL 5/#77
\|Q• 76
\HUOHúWLUPH 6±7

ND÷ÕW#D\DUOD\ÕFÕODUÕ 6/#7
ND÷ÕW#ER\X#D\DUOD\ÕFÕVÕ 6
ND÷ÕW#ER\XWX

D\DUÕ 43
ER\XW#VHoHQHNOHUL 5/#8;
IDUNOÕ 47

ND÷ÕW#HQL#D\DUOD\ÕFÕVÕ 6
ND÷ÕW#J|]•#NDSDVLWHVL 6/#8<
ND÷ÕW#NDSDVLWHVL 6
ND÷ÕW#VÕNÕúPDODUÕ

|QFHNL#GXUXPXQD#G|QPH 9
ND÷ÕGÕQ#N|W•#GXUXPX#

QHGHQL\OH 6
ND÷ÕW#EXOXQDPÕ\RU 9
SDQNDUWODU 6:/#77

ND÷ÕW#VHoLPL 5/#77
ND÷ÕW#W•U•

+3#'HOX[H#3KRWR#3DSHU 8
+3#6SHFLDO#3DSHU 8
3ODLQ#3DSHU#+'•]#.D÷ÕW,8

ND÷ÕW#W•UOHUL 5
ND÷ÕW#\•NOHQPHVL

ELWWLNWHQ#VRQUD 9

NDEOR 78
NDOLWH#%DNÕQÕ]=#EDVNÕ#NDOLWHVL
NDSDN

•VW#NDSDN 95
DUND#HULúLP 9

NDUWODU

EDVNÕ 67±68
EDVNÕ#D\DUODUÕ 67
GHVWHOHPH 67
ND÷ÕW#VHoLPL 67/#8<
\|Q 67

NDUWSRVWDOODU#+SRVWFDUGV,67
NDUWXúODU#•]HULQGHNL#OLIOHU 86
NDUWXúODU#%DNÕQÕ]=#EDVNÕ#NDUWXúODUÕ

NDUWXúODUÕQ#\HQLGHQ#

GROGXUXOPDVÕ 83
NDUWYL]LWHOHU#+EXVLQHVV#FDUGV,67
NHQDU#ERúOXNODUÕ 76/#77

EDVÕODELOLU#DODQ 7
HQ#D]#EDVNÕ 8;
ND÷ÕW#ER\XWX 76
SDQNDUWODU 77

VRUXQODU 76/#77
NOLS#VDQDWÕ 54
.RGDN#,PDJH#(QKDQFHPHQWV#

+.RGDN#*|U•QW•#*HOLúWLUPH,66

NXOODQÕFÕ#IRUXPODUÕ/#RQOLQH 79

/

OHNHOL#EDVNÕODU 9

0

P•úWHUL#GHVWH÷L 79
P•UHNNHS

EDVÕOPD\DQ 6

EXODúÕ\RU 77

EXODúPDVÕ 4:

HPLOL\RU 77

HPLOPHVL 6

+3#PDUND#ROPD\DQ 83

NDUWXúODUÕQ#\HQLGHQ#

GROGXUXOPDVÕ 83

PLNWDUÕQÕQ#NRQWUROX 77
P•UHNNHS#oL]LNOHUL 86
PDO]HPH#YH#DNVHVXDUODU

VLSDULú 94
PHWLQ/#KDNNÕQGD 56
0LFURVRIW#:LQGRZV#614 7<
0LFURVRIW#:LQGRZV#<8 7<
0LFURVRIW#

:LQGRZV#17#713 7<
0LOHVWRQHV#\D]ÕWLSL 56
PRGODU/#EDVNÕ

$\UÕFD#EDNÕQÕ]=#EDVNÕ#NDOLWHVL

EDVNÕ#KÕ]ODUÕ 8;
%HVW#+(Q#ø\L,8;
(FRQR)DVW 77/#8;
1RUPDO 8;
WDVODN#+GUDIW,43

060'26#%DNÕQÕ]=#'26

1

QHW#ROPD\DQ#EDVNÕ 6;
1RUPDO#PRGX#EDVNÕ#KÕ]Õ 8;

2

RQOLQH#NXOODQÕFÕ#IRUXPODUÕ 79
RULJDPL 48

RUWDP/#oDOÕúPD 8<
RUWDP/#LúOHWLP 7<
2XW#RI#3DSHU#+.D÷ÕW#<RN,#LOHWLVL 9
|QEDVNÕOÕ#ND÷ÕW 47
|]HO#DPDoOÕ#\D]ÕWLSOHUL 56
|]HOOLNOHU 8;±8<

3

SDQNDUWODU

EDVNÕ 69±6;
EDVNÕ#D\DUODUÕ 69
ND÷ÕGÕQ#KD]ÕUODQPDVÕ 6:
ND÷ÕW#VÕNÕúPDODUÕ 6:/#77
ND÷ÕW#VHoLPL 8<
NHQDU#ERúOX÷X#VRUXQODUÕ 77
VRUXQODU 6;/#77
\HUOHúWLUPH#VRUXQODUÕ 77

SDQNDUWODU#+EDQQHUV,

ND÷ÕW#VHoLPL 69
NXOODQÕOPDPDVÕ#JHUHNHQ#ND÷ÕW#

W•UOHUL 69

SDSHU#VL]H#+ND÷ÕW#ER\XWX,

FXVWRP#+|]HO,47

3DSHU#7\ SH#+.D÷ÕW#7•U•,#

D\DUÕ 43
SDUODN#ND÷ÕW 5
SHQFHUHOL#]DUIODU 59
3ODLQ#3DSHU#+'•]#.D÷ÕW,#D\DUÕ 8
3RZHU#+*•o,#ХъХчХ 76
3ULQW#LQ#*UD\VFDOH#+*UL#7RQODPDGD#

%DVWÕU,#D\DUÕ 4<
SULQW#VHWWLQJV#ER[#+EDVNÕ#D\DUODUÕ#

NXWXVX,#%DNÕQÕ]=#+3#SULQW#

VHWWLQJV#ER[

3ULQWHU#6HUYLFHV#+<D]ÕFÕ#

+L]PHWOHUL,#VHNPHVL#++3#

7RROER[,45

5

UDSRU/#Lú 47
UHQN

D\DUODPD 53
HNVLN 77
KDNNÕQGD 4<
NDSDWPD 4<
VHoHQHNOHUL 53
VRUXQODUÕ 4</#77
X\XúWXUPD 4<

\DQOÕú 77
UHQNOHULQ#X\XúWXUXOPDVÕ 4<
UHQNOL

EDVNÕ 5

ND÷ÕW#VHoHQHNOHUL 5
UHQNOL#o|]•Q•UO•N 8;
UHQNOL#EDVNÕ#KÕ]Õ 8;

9:

UHVLPOHU

oL]PH 54
EDVÕOPD#KÕ]Õ 76
ELOJLVD\DU#GRV\DODUÕ#

RODUDN 54±55
LoLQ#ND÷ÕW 5
ND\QDNODUÕ 54
WDUDPD 54

UHVLPOHULQ#WDUDQPDVÕ 54
5HVXPH#+'HYDP,#G•÷PHVL 9

6;

/#

6

V•U•F•

\D]ÕFÕ#\D]ÕOÕPÕ 79

VÕNÕúDQ#ND÷ÕW#%DNÕQÕ]=#ND÷ÕW#

VÕNÕúPDODUÕ

VÕNÕúPÕú#ND÷ÕGÕQ#oÕNDUÕOPDVÕ 9
VÕNÕúPDODU#%DNÕQÕ]=#ND÷ÕW#

VÕNÕúPDODUÕ

VDQDW/#EDVNÕ 54±55
VD\ÕVDO#IRWR÷UDIODU 55
6HoHQHNOHU/#UHQN#$\UÕFD#EDNÕQÕ]=#

SULQW#VHWWLQJV#+EDVNÕ#D\DUODUÕ,

VHULI#\D]ÕWLSOHUL 56
VLPJH#N•PHOHUL 8<

NXOODQÕODELOLU 8<

VLSDULú

DGUHVOHU 96
HO#NLWDSODUÕ 95
PDO]HPH#YH#DNVHVXDUODU 94

VLSDULú#LoLQ#DGUHVOHU 96
VLVWHP#JHUHNVLQLPOHUL 7<
VL\DK0EH\D]#o|]•Q•UO•N 8;
VL\DK0EH\D]#EDVNÕ 43
VL\DK0EH\D]#EDVNÕ#KÕ]Õ 8;
VRUXQ#JLGHUPH#

+WURXEOHVKRRWLQJ,74±7:

oHYULP0LoL 74
EDVNÕ#NDUWXúODUÕ 77
JHQHO#LúOHPOHU 74
NHQDU#ERúOXNODUÕ 76/#77
SDQNDUWODU 77
\DQOÕú#KL]DODQDQ#

P•UHNNHSOHU 76

7

7DEOHW#+EORNQRW#úHNOLQGH#ED÷ODPD,#

VHoHQH÷L 49
WDVODN#+GUDIW,#PRGX 43
WHN#]DUI 59
WHN#]DUI#DUDOÕ÷Õ 59
WHNQLN#GHVWHN 79
WHOLI#KDNNÕ#\DVDVÕ 54
WHSVL/#d,.,ù 8<

WHUFLKOHU#+SUHIHUHQFHV,#%DNÕQÕ]=#

+3#SULQW#VHWWLQJV#ER[

WHUV#J|U•Q•PO•#EDVNÕ 4;
WLú|UWOHU/#•W•\OH#oÕNDUWPDODU 6<
7RROER[#%DNÕQÕ]=#+3#7RROER [
WURXEOHVKRRWLQJ#+VRUXQ#JLGHUPH,

EDVNÕ#NDUWXúODUÕ 9/#76
EDVNÕ#VÕUDVÕQGD 9
JHQHO#LúOHPOHU :
LOHWLúLPOHU :
N|W•#EDVNÕ#NDOLWHVL 83
ND÷ÕGÕQ#GÕúDUÕ#DWÕOPDVÕ 9
OHNHOL 9
SDQNDUWODU 6:
SDSHU#W\SHV#WR#DYRLG 6
:LQGRZV#17#713 7<
]DUIODU 5:

7URXEOHVKRRWLQJ#VHNPHVL#

++3#7R R OE R[ ,45
7UXH7\SH#\D]ÕWLSOHUL 57
7\SH#4#\D]ÕWLSOHUL 57

8

•W•\OH#oÕNDUWPDODU

EDVNÕ 6<

•W•\OH#oÕNDUWPDODU#+LURQ0RQ#

WUDQVIHUV,

NXOODQÕPODUÕ 6<

9

YDUVD\ÕODQ#EDVNÕ#D\DUODUÕ 8
YDUVD\ÕODQ#\D]ÕFÕ 76

:

ZDUUDQW\#VWDWHPHQW 98
ZHE#VLWHVL 79
:LQGRZV#614 7<
:LQGRZV#<8 7<
:LQGRZV#J|UHY#oXEX÷X 44
:LQGRZV#17#713 7<

úX#DQGDNL#VHoHQHNOHU 7<
:LQJGLQJV#\D]ÕWLSL 56
:::#GHVWH÷L 79

<

\|Q/#ND÷ÕW 76
\DUGÕP

oHYULP0LoL 74

+3#7RR O ER [ 44

WHNQLN#GHVWHN 79
\DWD\#\|Q 76
\D]ÕFÕ

d,.,ù#WHSVLVL 6

|]HOOLNOHU 8;

*ø5øù#J|]• 7

LoLQ#NDEOR 78
LOHWLúLPOHU :/#78
ND÷ÕGÕQ#\HUOHúWLULOPHVL 6±7
ND÷ÕW#J|]• 8<
ND÷ÕW#NDSDVLWHVL 6

YDUVD\ÕODQ 76
\D]ÕFÕ#NDEORVXQXQ#VÕQDQPDVÕ 78
\D]ÕFÕ#V•U•F•OHUL 89
\D]ÕFÕ#\D]ÕOÕPÕ ;/#79
\D]ÕOÕP

\D]ÕFÕ ;/#79
\D]ÕOÕP#X\XPOXOX÷X 7</#8;
\D]ÕWLSOHUL 56

|]HO#DPDo 56

HN#\D]ÕWLSOHULQLQ#

\•NOHQPHVL 8<
LQFHOHPH 57
NXOODQÕOPDVÕ 57
VDQV#VHULI 56
VDWÕQ#DOPD 57
VHoLPL 56
VHULI 56
7UXH7\SH 57
7\SH#4 57

\HPHN#WDULIL#NDUWODUÕ#

+UHFLSH#FDUGV,67

=

]DUIODU

oHYLUPH 5:
oRN#VD\ÕGD 5:
EDVNÕ 59±5;
EDVNÕ#D\DUODUÕ 59/#5:
ER\XWODU 5:
LOJLOL#VRUXQODU 5:
NXOODQÕOPDPDVÕ#JHUHNHQ#

W•UOHU 59
VHoLPL 59/#8<
WHN#]DUI#DUDOÕ÷Õ 59
\DUDWPD 5;

9;

.XOODQÕPÕ#$]DOWPD/#<HQLGHQ#.XOODQPD/#*HUL#

.D]DQGÕUPD

dHYUH#.RUXPD

+HZOHWW03DFNDUG/#+3#'HVN-HW#YH#'HVN:ULWHU#
\D]ÕFÕODUÕQÕQ#E•UR#RUWDPÕ#YH#\D]ÕFÕODUÕQ#

•UHWLOGL÷L/#XODúWÕUÕ OGÕ÷Õ#YH#NXOODQÕOGÕ÷Õ#WRSOXPODU#

•]HULQGHNL#ROXPVX]#HWNLOHULQL#DQ#D]D#
LQGLUJHPHN#LoLQ#WDVDUÕP#YH#•UHWLP#LúOHPOHULQL#
V•UHNOL#RODUDN#LOHUOHWPHNWHGLU1#+HZOHWW03DFNDUG/#
D\UÕFD/#EDVNÕ#\DúDPODUÕQÕQ#VRQXQGD#\D]ÕFÕODUÕQ#
DWÕOPDVÕQÕQ#ROXPVX]#HWNLOHULQL#HQ#D]D#LQGLUPHN#
LoLQ#GH#ELU#WDNÕP#LúOHPOHU#JHOLúWLUPLúWLU1

$]DOWPD#YH#.XOODQÕPGDQ#dÕNDUPD

<D] Õ F Õ#$PEDODMÕ=

N|S•NOHU/#DNVHVXDUODU#YH#NXWXODUÕQ#NXOODQÕPÕ#
D]DOWÕODUDN#\DNÕWWDQ#\DNODúÕN#(#83#
ND]DQÕOPDNWD#YH#GROD\ÕVÕ\OD#\DNÕW#DWÕNODUÕ#
D]DOWÕOPDNWDGÕU1#<D]Õ FÕODUÕ #GD÷ÕWÕP#
PHUNH]OHULQGHQ#QDNOHWPHN #LoLQ#NXOODQÕODQ#
NXWXODU# NORU#NXOODQÕOPDGDQ#EH\D]ODWÕOPÕúWÕU1

#7•P#R]RQD#]DUDUOÕ#NLP\DVDO#PDGGHOHU#

2]RQ=

+|UQH÷LQ/#&)&¶OHU,#+HZOHWW03DFNDUG#•UHWLP#
LúOHPOHULQGHQ#oÕNDUÕOPÕúWÕU1

#$PEDODM#PDGGHOHUL/#

$]DOWPD#YH#<HQLGHQ#.XOODQPD

0•UHNNHS#3DNHWOHPH=

NDUWXúODUÕQÕQ#SDNHW#PDWHU\DOL#|QHPOL#
GHUHFHGH#D]DOWÕOPÕú#YH JHUL#ND]DQÕPD#X\JXQ#
\DSÕOPÕúWÕU1

#0•UHNNHS#

(QHUML#7•NHWLPL

+3#'HVN-HW#YH#'HVN:ULWHU/#EHNOHPH#
PRGXQGD#\DOQÕ]FD#7/8#YDW#NXOODQDUDN#
NROD\OÕNOD#$%'#(QYLURQPHQWDO#3 U RWH FWLRQ#
$JHQF\¶QLQ#+(3$/#dHYUH#.RUXPD#.XUXPX,#
(QHUJ\#6WDU#%LOJLVD\DUODU#SURJUDPÕQD#X\JXQ#
QLWHOLNOL#ELOJLVD\DU#\D]ÕFÕODUÕ#ROPD\D#KDN#
ND]DQÕUODU1#(3$#WDKPL QOHULQH #J|UH/#$%'¶GHNL#
W•P#ELOJLVD\DUODU#YH#\DQ#GRQDQÕPODUÕ#X\JXQ#
QLWHOLNOL#ROVD/#JHQHO#HOHNWULN#ND]DQÕPÕ#KHU#\ÕO#
4 PLO\DU#GRODUÕQ#•]HULQGH#RODELOLU1#%X/#D\QÕ#
]DPDQGD/#53#PLO\RQ#WRQ#NDUERQGLRNVLWLQ#
DWÕOPDVÕQÕQ#|QOHQPHVL#GHPHNWLU1#+8#PLO\RQ#
DUDEDQÕQ#oÕNDUGÕ÷ÕQD#HúLW,#

(QHUJ\#6WDU#DPEOHPL#(3$¶ QÕ Q#KHUKDQJL#ELU#•U•Q#
\D#GD#KL]PHWL#RQD\ODGÕ÷ÕQÕQ#VLPJHVL#GH÷LOGLU1

*HUL#.D]DQÕP

<D] Õ F Õ#$PEDODMÕ=#

PHUNH]OHULQGHQ#VHYNHWPHN#LoLQ#NXOODQÕODQ#
NXWXODU/#JHQOHúWLULOPLú#SROL VWUHQ#+N|S•N,#
DPEDODM#SDUoDODUÕ#YH#\D]ÕFÕ#V•U•F•OHULQLQ#
NRQXOGX÷X#úHIIDI#SROLHWLOHQ#WRUEDODU#(#433#
JHUL#ND]DQÕODELOLU1#

3ODVWLN#3DUoDODU=#

SDUoDODUÕQ#SODVWLN#LoHULNOHUL#•U•Q#JHUL#
ND]DQÕPÕQÕ#DUWWÕUPDN#LoLQ#LúDUHWOHQPLúWLU1

(O#.LWDSODUÕ=#

ND]DQÕOPÕú#ND÷ÕGD#EDVÕOPÕúWÕU1

<D]ÕFÕODUÕ#GD÷ÕWÕP#

%DúOÕFD#•UHWLOHQ#SODVWLN#

%X#SDNHWWHNL#HO#NLWDSODUÕ#JHUL#

Geri kazanýlmýþ kaðýda basýlmýþtýr.

Türkçe

Sipariþ Numarasý C5894-60032

Stok Numarasý C5894-90046

Almanya’da basýlmýþtýr 5/98

DeskJet Baðlantýnýz!*

Baský Olasýlýklarý:

http://www.deskjet.com

Diðer ürünler hakkýnda bilgi:

http://www.hp.com

Müþteri Desteði:

http://www.hp.com/support/deskjet

*Bu web sitesindeki bilgiler yalnýz Ýngilizce olabilir.

*C5894-60032*