mühendislik mimarlık öyküleri 6

Upload: adem-ceran

Post on 08-Jan-2016

34 views

Category:

Documents


0 download

DESCRIPTION

Bu öyküleri okurken mühendislerimizin ve mimarlarımızın geçmişteki serüvenine tanıklık etmekle kalmayacak, aynı zaman da da kalkınma tarihimizden de kesitler göreceksiniz.

TRANSCRIPT

  • 0KHQGLVOLN0LPDUON\NOHUL9,

  • 0KHQGLVOLN0LPDUON\NOHUL9,%DVN

    0D\V,6%1

    7DVDUP'LMOH*NVR\.RQXN

    7HNQLN+D]UON3DWLND$MDQV0DW5HN2UJ7LF/WGWL0HUXWL\HW&DG.]OD\$QNDUD

    7HO)DNV

    %DVN(IODO$MDQV0DWEDDFON6DQ7LF/WGWL

    $GUHV.D]P.DUDEHNLU&DG.R\XQOXKDQ1R$VNLWOHU$QNDUD6HUWLILND1R

    7UN0KHQGLVYH0LPDU2GDODU%LUOLL6HODQLN&DG1R

  • 1'(./(56XQXQV] nODUGD0KHQGLV.LPOLL0HOLKDKLQON$U*HnOHU0DKPXW.LSHU9HFLKLnQLQ8DNODUVPDLO
  • 0KHQGLVOLN0LPDUON\NOHUL9,

    68187002%mQLQ\OGROD\V\ODEDODWODQYHDOPD'QHPLQGHQEX\DQDNDUODQo0KHQGLVOLN0LPDUON\NOHULpQLQDOWQFVQRNX\XFX\ODEXOXWXUPDQQKDNOJXUXQX\D\RUX]&XPKXUL\HWLQLON\OODUQGDQLWLEDUHQELUONHQLQWDULKLQLPKHQGLVOLNPLPDUONX\JXODPDODUQQSHQFHUHVLQGHQDQODWDQ\NOHURNDGDU\RXQLOJLJUGNLEXJQHOLQL]GHDOWQFVQWXWWXXQX]ELUVHULKDOLQHJHOGL.LWDS\DOQ]PHVOHNWDODUP]QGHLOKHUNHVLPGHQLQVDQQLOJLVLQLHNWL%L]OHULHQRNVHYLQGLUHQVHJHOHFHLQPKHQGLVPLPDUYHHKLUSODQFVUHQFLNDUGHOHULPL]LQLOJLVLROGX7002%

  • 70KHQGLVOLN0LPDUON\NOHUL9,

    16=7002%nQLQ \O \D\QODUQGDQ RODUDN n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

  • 80KHQGLVOLN0LPDUON\NOHUL9,

    QHULOHULQL EL]H DQODWPDVQ EHNOHGLLPL] ELOLPVHO RUWDPODU NDEXNODUQDHNLOPLROXQFDGD WDUWPD NLUOL VL\DVHWPH\GDQODUQD WDQPDNWDGU %XNDUPDDGQHPOHULQGHXUDGP]ED]ND\SODU\HULQHNR\PDNQH\D]NNLPPNQROPD\DFDN2ODQELWHQHEDNDOGURODUDN]HWOH\HELOHFHLPL]+D]LUDQ nGH NL *H]L ROD\ODUQGD ND\EHWWLNOHULPL]L DQODUP]GD KHS\DDWDFD]8PXW YDUVD KHU H\ YDUGU *HPLWHQ XPXW RODUDN QP]HNR\DELOHFHNOHULPL]L\RNHGHUHNXPXGXQVDGHFHNHQGLOHULRODELOHFHNOHULQLGD\DWPD\DDODQODUDo*H]LpEDNDOGUWDULKVHOELUFHYDSQLWHOLLQGHGLU9H D\HW NDYUDPODUQ LLQL \HQLGHQ HYUHQVHO WDQPODUOD GROGXUDELOLU YHVQIVDO \DS YH GHHUOHUL \HUOL \HULQH RWXUWDELOLUVHN R ]DPDQ YHULOHQ EXPFDGHOHOHULQERDJLWPHGLLQLV\OH\HELOHFHL]7P EX \DNQ GQHP \DDQDQODU LLQGH o0KHQGLVOLN0LPDUON\NOHULpQLQPLV\RQXLVHEDPV]NHQGLJFP]OHYHNHQGLPKHQGLVYHPLPDUP]OD KHPGHHQ ]RU NRXOODUGDQHOHULQ \DSODELOHFHLQHGDLUVWUWOPH\HYH\RNHGLOPH\HDOODQSHNRNUQHLKDONP]DYH\HQLQHVLOOHUHDNWDUPDNROGX%X VD\P]Q onODUGD0KHQGLV .LPOLLp EDONO LON \NVQGH GHYXUJXODQGJLEL0KHQGLVGDYDDGDPGU0KHQGLVOLNIRUPDV\RQYHNOWUJHUHNWLULU9HEX\N\GHUOH\HQ0HOLKDKLQnLQYHnGHNL\D]ODUQGDQDOQWODU\DSW 0HKPHW $OL 2NVDOnGDQ DNWDUG X WHVSLW QHPOLGLU oD\HWPKHQGLVLQ WRSOXPGDNL URO NOWOUVH G]HQLQ JFUWODU DUWDUp 2GQHP\DSODQEXWHVSLWGDKDJOHNLOGHEXGQHPGHJHHUOLGLU$U*HPKHQGLVOHULQQHPOLIRQNVL\RQODUQGDQELULGLU&XPKXUL\HWLQoON$U*HnOHULpLOH2VPDQOGDQEX\DQDHVNLPH\HQD\DNNDEODU\DSDQo%H\NR].XQGXUDpQQ\NVGHEXVD\GD\HUDOG%LU QFHNL VD\GD 7UNL\HnQLQ XDN IDEULNDODUQ DQODWDQ VPDLO

  • 90KHQGLVOLN0LPDUON\NOHUL9,

    o6DUDFROX0DKDOOHVLpEDONO\NVLOHEXVD\GD\HUDOG%XVHULQLQELUGLHUHPHNWDU (NUHP0XUDW=DPDQo.RQXDQ)DEULND%DFDVpQEL]OHUOHSD\ODW'6SHNRN\Q\OH&XPKXUL\HWLQHQQHPOLNXUXPODUQGDQGU%XNXUXPXQ\NVQ'XUVXQ

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    7002%nQLQ EX DOPDVQGD EDQGDQ LWLEDUHQ 7002%nQLQ

  • n/$5'$0+(1'6.0/

    0HOLKDKLQ0DNLQD0KHQGLVL

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    n/$5'$0+(1'6.0/

    QVDQOQ RUWDN PLUDV RODQ ELOLP YH WHNQRORMLQLQ WRSOXPVDO LKWL\DODUGRUXOWXVXQGD JHOLWLULOPHVL YH NXOODQOPDVQGDPKHQGLVOHU QHPOL UROR\QDPDNWDGU 0KHQGLVOHULQ DPDF LQVDQQ PXWOXOXX \DDP NDOLWHVLYH WRSOXPVDO UHIDKQ \NVHOWLOPHVL ROXWXUXODQ ]HQJLQOLNOHULQ WRSOXPVDOID\GD\DGQWUOPHVLQLVDODPDNWU0KHQGLVOLN0KHQGLVNLPOLLVUHNOLJQGHPROPXROPD\DGDGHYDPHWPHNWHGLU'QHPHDLWEDNDVQ0DNLQD0KHQGLVOHUL\D\QRUJDQRODQ0KHQGLVYH0DNLQDGHUJLVLQGHO\OODUGD\D\QODQDQ0HKPHW$OL2NVDOnQNDOHPHDOG\D]ODUDUDFOLOH\DQVWPD\DDODFD]0HKPHW $OL 2NVDO 1LVDQ GH0KHQGLV YH0DNLQD GHUJLVLQLQ 6D\VQGD \D\QODQDQ o0KHQGLV NLPGLUp LVLPOL \D]VQD 7HYILN )LNUHWnLQo%LU JQ

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    EDNDOPELUNHUH%XQODUNLPOHUGLU"0KHQGLVmOHUGHLOPL"KWL\DODUP]DUWS GHLWLNH PKHQGLVOLN GH JLWWLNH GDOEXGDN VDODQ NRPSOHNV ELUPHVOHN KDOLQH JHOPHNWH 'ROD\V\OD 0KHQGLVnLQ NLPOLLQL WDQPODPDNJOHL\RU WH VD\GP]EX NXVXUODUP]Q ]QW YH VWUDSODUP]QYH GDKD ELU RN QHGHQOHULQ VHEHS YH FHYDSODUQ DUD\S EXOPDN GDKDGRUX YH NVDFDV NLPOLLPL]L \RNODPDN LLQ 0KHQGLV NLPGLU" GL\HVRUX\RUX])DNDW2nQXQLQDQ\HPLQLRQXQNLPROGXXQXHQL\LHNLOGHWDQWDELOLU.LPQH\HLQDQGQDQFDNNHQGLVLELOLU2QXQLLQEL]GHQH\HLQDQGQ EL]]DW 0KHQGLVnWHQ GLQOH\HOLP o0KHQGLV QDQp EDONO\D]GDE\OHOLNOH0KHQGLVNLPGLU"6RUXVXQDYHULOHQELUFHYDEEXOPXRODFDNVQ]e

    p0KHQGLVLQQDQp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

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    PHVOHLPLQJHQ\HOHULQLQPHVOHLQEWQPDKDUHWYHJHOHQHNOHULQGHQKDEHUOLROPDODUQDYDNIHGHFHLP%L]LP]HOLKWLVDVDGDPROXXPX]XQWDPELUVDPLPL\HWOHKL]PHWHWPHJHUHNOLOLLQL WDGQ GDLPD DQODP ELU NLPVH RODUDN DUNDGDODUPDRQODUGDQGD NDUON RODUDN EHNOHGLLP D\Q WDPO LLQGH GRUXOXNYH DGLO PXDPHOH +RJUUON YH VD\J YH PHVOHLPL]LQ YDNDU YHVWDQGDUWODUQDEDOONV]YHUL\RUXP0HKPHW$OL2NVDO.DVPGH0KHQGLVYH0DNLQDGHUJLVLQLQ6D\VQGD o7RSOXPYH0KHQGLVp NRQXVXQXHOH DODFDNWU0KHQGLVnLQWRSOXPLLQGHNLUROYHVRUXPOXOXNODUDDGDNLLIDGHOHUOH\HUDOU\D]GDoeee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

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    0KHQGLVOLN VD\HVLQGH WRSOXP KD\DW RN NRPSOLNH ELU G]HQHNDYXPXWXU%\OHELUG]HQLQYHULPOLRODELOPHVL\LQHPKHQGLVOLNLLGLU%X \]GHQ \HQL \HQLPKHQGLVOLN GDOODU GRPXWXU D\HWPKHQGLVLQWRSOXPGDNL URO NOWOUVH G]HQLQ JFUWODU DUWDU EHONL GH LQLOWLOHUEDODU]HOOLNOH JHOLPH DEDV LLQGHNL ELU WRSOXPGD PKHQGLVLQ QGHUOLNWDUDIODUE\NID\GDODUVDODUeee0HGHQLDUDODUQWHNQLN]HOOLNOHULDUWWNDRQODUQNXOODQOPDYHLGDUHOHULGHWHNQLNOHPHNWHGLU%X \]GHQ LNWLVDG YH VRV\DO NDONQPD HQ RN PKHQGLVOLN WHNQLLQHQHPYHUPHN]RUXQOXOXXQGDGU *GD VDON JL\LPEDUQDN YHGLHUPHGHQLKWL\DODUQJLGHULOPHVLQGHLQVDQROXQXQHQYHIDO\DUGPFV\LQHPKHQGLVWLU*HOLPHQLQ JHOLLJ]HO RODPD\DFDQ HQ L\LPKHQGLV ELOLU2QXQ SOQDQOD\QGDVSHNOV\RQ\RNWXUQNPKHQGLVOLNUDV\RQHOGQYHGDYUDQODUPHVOHLGLU7RSOXPNDONQPDVQQPD\DVLWHEXUDGDGU)DNDWPKHQGLVLQ EX NXGUHWLQGHQ WRSOXPXQ KDEHUL YDUP" 6DQNL JL]OHQHFHNWDUDIYDUPJLELGX\XOPDPWUEXJHUHN%XSHLQGHQELUHUELUHUELQHUELQHUNRDELOHFHLPL]ELUGYDGU%L]LPROGXXNDGDUEL]LPJLELOHULQGHGYDV

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    EX \ROGD RN ID\GDO YH O]XPOXGXU2QXQ \DSPDN NDGDU LVWHPHNOH YHKDWWDVRUPDNODHYUHVLQGHG]HOWHELOHFHLNRQXODUP\RN"6] \LQH PKHQGLVOHUL JHUL LWPHN LVWH\HQOHUH JHWLUHOLP 2QODU GDKD\DNQGDQWDQPDP] O]PGUQNRQODUWX]DNODDYODQDQFLQVWHQGLUOHU.HQGLOHULQL JVWHUPH]OHU NROD\ NROD\

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    DUONODUQ L\LFH KLVVHWWLUHELOHFHNOHUL ELU NXYYHW ROPDODU NHQGLOLLQGHQRUWD\D NPDNWDGU0KHQGLVRGDODUQQPHVOHN WHHNNOOHULRODUDNEXDODQGDE\NLPNQODUPHYFXWWXUeePHPOHNHWLPL]GHNL SDUWLOHULQ NXUXOX SURJUDP LOH\L SHUVRQHO YHSDUODPHQWR IDDOL\HWOHUL KDNNQGD ELOJLPL] ROPDOGU 'XUXPODU X\JXQRODQPHVOHNWDODUP]QSDUWL IDDOL\HWOHULQHNDWOPDODUKHUH\GHQQFHPHVOHNWDODUQDNDUELUERUVD\OPDOGU$QFDNEXVD\HGHPKHQGLVOHULQLVWHNYHWHNOLIOHUL\HUOHULQHJHWLULOHELOLU.DPXR\XLOHSDUWL\ROXGDLPDDNWXWXOPDOGU%\OHFHNHQGLLQDQYHND\QDNODUQPLOOHWYHGHYOHWLQHPULQHNR\PD\ONHGLQPLELUPKHQGLVWRSOXOXXGDKDID\GDOYHYHULPOLROXU0HKPHW$OL2NVDO XEDWGH0KHQGLV YH0DNLQDGHUJLVLQLQ6D\VQGDGDo0KHQGLVnOLNYHOHULVLp\D]VLOH0KHQGLVNLPOLLQHEDNDELU DGDQ EDNPDNWDGU

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    9DUOQ VUGUHELOPHN LLQ PKHQGLVOLN EDND PHPOHNHWOHUOH \DSWLELUOLLQGHNLSD\QVRUXPOXOXNYHQGHUOLNDODQODUQGDGDDUWWUPDOGUee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o0KHQGLV .LPGLU"p o7RSOXP YH0KHQGLVp o0KHQGLV YH 3ROLWLNDp YH o0KHQGLVOLN YH OHULVLp NRQXOX\D]ODUGD\DSWP]\ROFXOXNOD\DQWDUDGNo0KHQGLV .LPGLU"p \D]VQGD \HU DODQ o0KHQGLV

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    DGQD RODQ UROQQ NVWODQPDVQQ ROXPVX] VRQXODU RN \QO HOHDOQPDNWDGU %XJQP] LVH 6HYJLOL %DNDQP] 7HRPDQ ]WUNnQV]OHUL DQODW\RU o

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    nODUQEDNDVQ\DQVWDQWHVSLWOHUWDUWOUROVDELOHEXJQGHE\NOGHJHHUOLOLLQLNRUX\RU0KHQGLVOLNYHPKHQGLVLQHYUHQVHOOLLGHEXGXUXPXEL]HDNO\RU

    .D\QDND0DNLQD0KHQGLVOHUL2GDV0KHQGLVYH0DNLQD'HUJLVL$ULYL

  • /.$5*(n/(5

    0DKPXW.LSHU0HWDOXUML0KHQGLVL

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    /.$5*(n/(5

    .DYUDPVDOHUHYHYH.VD%LU7DULK7XUX

    .RQX\ODLOJLOLWHPHOGRNPDQODUGD$UDWUPDYHGHQH\VHOJHOLWLUPH$U*HoLQVDQNOWUYHWRSOXPXQELOJLVLQGHQROXDQELOJLGDDUFQQDUWUOPDVYH EX GDDUFQ \HQL X\JXODPDODU WDVDUODPDN ]HUH NXOODQOPDV LLQVLVWHPDWLNWHPHOGH\UWOHQ\DUDWFDOPDODUpRODUDNWDQPODQPDNWDGU*HQHOOLNOH ELOLP DGDPODUQFD JHUHNOHWLULOHQ o7HPHO $UDWUPDpODUQNWODUQGDQ\DUDUODQODUDNDUONODPKHQGLVOHULQ\HUDOGo8\JXODPDO$UDWUPDp YH DUWV YH \LQH PKHQGLVOHULQ EDURO R\QDGNODUo'HQH\VHO *HOLWLUPHp DOPDODU $U*H NDYUDPQQ DQD VUHOHUL RODUDNDGODQGUOPDNWDGU7DULKLQHUHGH\VHLQVDQONNDGDUHVNLRODQ$U*HnQLQDQDJGOH\LFLXQVXUXLVHJHQHOOLNOHVDYDODUYHKDUSVDQD\LROPXWXU\OHNL*DOLOHRWHOHVNRSXQFH WDO\D9HQHGLNnGHNL 0HGLFL VODOHVLQLQ KDUS DPDO QL\HWOHUL YH]HOOLNOHGH0DKNHPHVDORQODUQJ]OHPHOHULLLQJHOLWLUPLGDKDVRQUDJHHYLUPLWLU$QFDNJQP]GHHQQHPOLJHOLPLOLNNVWDVODUQGDQELULRODQ$U*Hn\HD\UODQND\QDNPLNWDUYHXOXVDO$U*HVWUDWHMLOHULQGHNL\HWNLQOLNXQVXUODU\DQLNXUXPVDOVLVWHPDWLNYHXOXVDOELUSROLWLNDRODUDN$U*HnQLQQHNPDV]HOOLNOHVDQD\LGHYULPLQHEXDQODP\NOH\HQJHOLPHOHUGHYHDUGQGDQGDGQ\DVDYDODUGQHPLQGHJHUHNOHPLWLU,'Q\DVDYDoNLP\DFODUQVDYDp,,'Q\D6DYDLVHoIL]LNLOHULQVDYDpRODUDNGDDQOU,'Q\D 6DYDnQGD NLP\DFODUFD JHOLWLULOHQ DUVHQLN YH KLGURMHQ VL\DQUELOHLNOHULYHGLHU]HKLUOLJD]ODUYH\LQHEXVDYDWDNHIHGLOHQKDUGDOJD]J]\DDUWFJD]YHGLHU]DUDUOJD]ODUYHEXQODUQVRQXODUEXKDUELQoNLP\DFODUQ VDYDp RODUDN ,,'Q\D VDYDQGD LVH KDUELQ JLGLDWQGDRNHWNLOLROPXRODQUDGDUQDWRPERPEDVQQJHOLWLULOPHVLYHEHQ]HULSURMHOHUGHEXLNLQFLFLKDQKDUELQLQoIL]LNLOHULQVDYDpHNOLQGHDQOPDVQKDNONODUONHPL] LVH NUHVHO $U*H VDYDODUQGD ROGXND JHULGH NDOP ROPDVQDYH EX QLWHOLL\OH SHN ELOLQPHPHVLQH UDPHQ ]HOOLNOH VRQ GQHPOHUGHPH\GDQODUD X\JXODG JD] VDYDODUQGD DUWN WP GQ\DQQ L\L WDQGONHOHUGHQELULGLU

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    $QFDN 2VPDQOnQQ \NVHOL GQHPOHULQGH KDUS VDQD\LQGH VRQGQHPOHULQGH LVH KDONQ EDOFD JHLP ND\QDNODUQGDQ RODQ KD\YDQFONYH EXQODUQ KDVWDONODU DODQQGD QHPOL $UJH VD\ODELOHFHN JLULLP YHEDDUODUDUDVWODQU+DUSVDQD\LELOLQGLLJLEL2VPDQOnQQHQQHPYHUGLLDODQODUGDQELULGLUYHJHOLPH\NV2VPDQO PSDUDWRUOXXnQXQ\NVHOPHGHYUL\OHSDUDOHOOLNJVWHULU2GQHPOHUGHWRSYHVDYDJHPLOHULJLELDQHQQHPOLKDUSDUD YH JHUHOHUL WDPDPHQ \HUOL LPNDQODUOD UHWLOPLWLU %X GQHPGHo7RSKDQHL+PD\XQp PSDUDWRUOXNVLODKVDQD\LLQLQ WHPHOLQLROXWXUPXYHELUGHIDGDWRSGNPYHD\GDNJEDUXWUHWLPNDSDVLWHVLQHXODOPWU $\UFD VDYD JHPLVL UHWLP NDSDVLWHVL YH WHNQRORMLN G]H\GH$YUXSDONHOHULQLQRNLOHULVLQGHROPXWXUQHEDKW6DYDQGDQVRQUDWDPDPHQ \RN RODQ PSDUDWRUOXN'RQDQPDVQQ EH D\ON ELU GQHPGH JHPL RODUDN \HQLGHQ LQD HGLOPHVL 2VPDQO 7HUVDQHOHULQLQ UHWLPNDSDVLWHVLQLQER\XWXQXRUWD\DNR\PDNWDGU%LOLQGLL JLEL VLYLO DODQGD NXOODQODQ SHN RN JHOLPH QFHOLNOH VDYDVDQD\L DPDO $U*H DOPDODUQQ VRQXODUQGDQ GRPDNWDGU )DNDW2VPDQOnQQ VDYD DODQQGDNL JHOLPHOHULQL VLYLO \DDPD JHLUGLL ID]ODUQHHUDVWODQPDPDNWDGU7UN VDYXQPD VDQD\LL \]\OGDQ LWLEDUHQ ]HOOLNOH VDQD\L GHYULPL\OHJHOHQ $YUXSDnGDNL WHNQRORMLN JHOLPHOHULQ GQGD NDOPD\D EDODPYH%LULQFL'Q\D 6DYD VUDVQGDHWNLQOLLQL E\NOGH \LWLUPLWLU %XQHGHQOH &XPKXUL\HWLQ LON \OODUQGD VDYXQPD VDQD\LLQH LOLNLQ FLGGL ELUDOW\DS GHYUDOQPDP EX DODQGDNL IDDOL\HWOHU .XUWXOX 6DYD VUDVQGDNXUXODQELUNDUHWLPWHVLVLLOHVQUONDOPWU2VPDQOnQQ DQDJHLPND\QDNODUQGDQKD\YDQFOQJHOLPHVL ]HOOLNOHGHVDOJQKDVWDONODU LOHLOJLOLED]EDDUODULVH3URI)D]LOHW9DUGDU6XNDQYH DUNDGDODUQFD NDOHPH DOQDQ o7UNL\HnGH (QGVWUL\HO %L\RWHNQRORMLpEDONODOPDGD\OHDNWDUOPWUoenGH $OH[DQGHU =RHURV 3DD YH 9HWHULQHU +HNLPL +VQ %H\VWDQEXOnGD 'DONHOS 7HGDYLKDQHVLnQL NXUPX YH GQ\DGD NXUXOXRODUDNNXGX]DVUHWLPLQLJHUHNOHWLUPLnGH LVH+VH\LQ5HP]LWDUDIQGDQPRGHUQELULHNDVNXUXOXX7HONLKKDQHLDKDQHDOPWU%XQODU3HQGLNYH(WOLN9HWHULQHU.RQWURO$UDWUPD(QVWLWOHULnQGHnGH

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    0RULV1LNRO$OL5]D8XU1LNRODNL0DYUROXYH$GLO0XVWDIDHK]DGHEDWDUDIQGDQ SROLNORQDO VU YHEDV VHUXPX LON NH] UHWLP YH X\JXODPDnGH1LNRODNL0DYUROXWDUDIQGDQ%RUUHOXVXOLHNDVUHWLPLWDNLSHWPLWLUp&XPKXUL\HWLQON$U*HnOHUL

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    ONHPL]HJHOLQFHSHNRNEDDUO$U*H\NP]QVRQXK]QOHELWPLEDDUDQODUVDQNLEDDUODUQHGHQL\OHFH]DODQGUOPODUGU.LPELOLUEHONLGHEXQHGHQOHONHPL]GH$UJHSHNVHYLOPH]$PD\LQHGHEXDOPDGDNHQGLVLQGHQSHNRNDOQW\D\HUYHULOHQONHPL]LQLONPHWDOXUMLPKHQGLVLRODUDNELOGLLPL]6HODKDWWLQDQEDROXnQXQGHGLLJLELo%DDUQQ GO \DOQ]ONWU $QFDN EX GO \HQL EDDUODUHQJHOOHPHPHOLGLUepDNLU=PUH%RPED)DEULNDV&XPKXUL\HWLQNXUXOPDVDUGQGDQKHP]HOJLULLPOHUGHYHKHPGHGHYOHWWHVLVOHULQGHQHPOLYHGHHUOL$U*HVD\ODELOHFHNIDDOL\HWOHUEDODWOPWU%XLONDUJHnOHULQDUONODND]DQOPEDPV]OQYHONHQLQNRUXQPDVJLELQHGHQOHUOHDVNHULDODQODUGDROPDVDUWFGHLOGLU7UNL\HnQLQ LON YH HQ E\N ]HO VHNWU VDYXQPD VDQD\L IDEULNDVQQWHPHOOHUL \OQGD DNLU =PUH WDUDIQGDQ WDPDP \HUOL VHUPD\H LOHVWDQEXO+DOLnWHDWOPWU=PUH]DGH$KPHWDNLU\DGDELOLQHQLVPL\OHDNLU=PUHnQLQKXNXNXOXX\DQQGD &XPKXUL\HWGQHPLQLQ LON VDQD\LFLVL VWLNODO 6DYDnQQ LON7UN]HOoXDNERPEDVpIDEULNDVQQNXUXFXVXJLELQYDQODUDGDVDKLSROGXXEHOLUWLOLU9DUQDGRXPOXDNLU=PUHnGH&HQHYUHKXNXNIDNOWHVLQGHQPH]XQROXU , 'Q\D 6DYD VUDVQGD 9DUQD 7UN PLOOHWYHNLOL RODUDN %XOJDU3DUODPHQWRVXnQD 7UN WHPVLOFLGHQ ELUL RODUDN JLUHU 0DUHDO )HY]LDNPDNnQ\DNQDNUDEDVRODQDNLU=PUHD\Q\OODUGD6RI\DnGD

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    NDODQ\NQWODUQ]HULQH\OQGD7UNL\HnQLQVDYXQPDVDQD\LVLQLQLON]HOVHNWUIDEULNDVQNXUDUONUHWLPOHU%XOJDULVWDQnGDQJHWLULOHQ\DEDQFWHNQLNNDGURLOH\DSOUNHQ]DPDQOD\HWLWLULOHQ7UNLLOHUnOX\OODUGD%XOJDUWHNQLV\HQOHULQ\HULQLDOU7UN+DYD.XYYHWOHULnQLQYH7UN.DUD.XYYHWOHULnQLQLKWL\DFRODQLONVLODKYH FHSKDQHOHU LON 7UN GHQL]DOW VX ERPEDODU DNLU =PUH )DEULNDVWDUDIQGDQJHOLWLULOLUYHUHWLOLUDNLU =PUHnQLQ IDEULNDVQGD NDGQHUNHN RN VD\GD LL DOPDNWD YHIDEULNDQQFLGGLELUGHVSRUWDNPEXOXQPDNWDGU3HND]ELOLQVHGHDNLU=PUHIDEULNDVQGDNLHQQHPOL$U*HnOHUGHQELULLON7UNPRWRUXROPXYHEXEDDUVGQHPLQNWLVDW'HUJLVLnQHoPD]RWLOHPWHKDUULNPRWRUEHEH\JLUNXYYHWLQGHYHGHYUHOLGLU$UDED]HULQHELQGLULOPLROGXXQGDQN\OHULPL]LLQLGHDOELUHQHUMLND\QDGUpFPOHOHUL\OH\DQVPWU.VDVUHLLQGH

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    YXUXU %X \DUGP HUHYHVLQGHEROPLNWDUGD WDUP DOHWOHUL LWKDO HGLOLU YHDNLU=PUH\DSW\DWUPGDQE\N]DUDUJUUDNLU=PUHIDEULNDVNDSDQG\OQDNDGDUQFHOHULXDNERPEDODUWRS PHUPLVL HO ERPEDV DUGQGDQ FDQDYDU GG %DQNDVnQQ RPHKXUNXPEDUDVQYHHLWOL WDUPDOHWOHULQLYHHQVRQXQGDGDRSHNELOLQHQYHUDEHWJUHQGHLLNWLSWHNLVREDODUUHWLU

    $VNHUL)DEULNDODUGDON$U*HnOHU&XPKXUL\HWLQ JHOHFHLQLQ ELLPOHQPHVLQGH YH LON GQHPOHUGHNL K]ONDONQPDVQGD RNHWNLOL RODQ m\XUWGQGDKHU DODQGDNHQGLX]PDQODUQ\HWLWLUPHn SURMHVLQLQ QHPOL JHWLULOHULQGHQ ELUL GH EX X]PDQODUFDJHUHNOHWLULOHQQHPOL$U*HIDDOL\HWOHULROPXWXU*HUHNWHQGHGHLLN]DPDQODUGD\XUWGQGDUHQLPJUHQEXLQVDQODUQSHN RXONHOHULQH GQPOHU E\N VRUXPOXOXNODU DOPODU KHSVLQLQDOWQGDQE\NEDDUODUODNPODUGU

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    %X X]PDQODUGDQ ELUL GH 0XVWDID .HPDOnLQ $QNDUD *DUnQGDQ XXUODGNDILOHGH \HU DODQ 6HODKDWWLQ DQEDROXnGXU DQEDROX QFH %HUOLQnGH0DNLQH 0KHQGLVOLL HLWLPLQH EDODU VRQUD 0HWDOXUML GL\H ELU DODQROGXXQXUHQLQFHPHPOHNHWHJHUHNOLGLUGL\HEXEOPHJHHU*HUHNWHQ GH R GQHPOHUGH ONHOHULQ JHOLPLOLNOHULQLQ OW DUVDQD\LGLU YH EX VDQD\LQLQ ORNRPRWLIOHULQGHQ ELUL GH GHPLUHOLNWLU WHPHWDOXUMLGHPHWDOUHWLPLQLQYHHNLOOHQGLULOPHVLQLQELOLPLGLUnGHRNXOXQXELWLULS\XUGDGQHUYHLONYHR]DPDQWHNHOLNWHVLVLRODUDND\Q\ODODQ.UNNDOHHOLNIDEULNDVQGDLED\DSDU6DGHFH6HODKDWWLQ%H\LLQGHLO7UNL\HLLQGHHOLLQ\NVE\OHFHEDODU.UNNDOHnQLQYHEXUDGDNLLON$U*HnOHULQ\NVQNHQGLVLQGHQGLQOH\HOLPoVHQHVLQGH.UNNDOHnGHNLHOLNIDEULNDVQQWHPHOLDWOG%XIDEULNDnQLQ EDQGD ELWWL )DEULNDGD LNL WDQH nDU WRQOXN 6LHPHQV0DUWLQRFDELUWDQHWRQOXNHOHNWULNOLDUNRFDYHLNLWDQHGHNXSRORFDLOHEHUDEHU GNPKDQH KDGGHKDQH GHPLUKDQH WDPLUKDQH YDUG nGH$OPDQODUGDQ ELU KH\HW JHOGL EXQODU DOWUPD\D EDODGN .UNNDOHnQLQHVDVJUHYL YDVIO HOLNWLU %XQGDGDEDDUO ROXQPXWXU LON NXPD HOLNGNPGH.UNNDOHnGH\DSOGHOLNGNPNXPXWDQQP\RUGXEHQWRQLWKL ELOLQPH]GL QHUHGHQ JHOHFHLQL GH ELOPL\RUGXN 2 YDNLW \DSWP]H\DPRWXWHUHNGNPNXPX\ODNDUWUDUDNHOLNGNPLLQNDOSNXPXLPDOHWPHNWL ON\DSODQH\OHU WRSODUQWHNHUOHNEDODUROPXWXU9HRQGDQVRQUDGDHQWHUHVDQLNLGNP\DSOGEXQODUHVNL(UNLQGHQL]DOWSHUVRQHOJHPLVLQLQERGRVODPDODUYHPHUPLHOLNOHULQLQHNPHKDONDODULLQLNVPEH\D]GNPGNVPODUJULGNPKDONDODUGp+HUH\LQLONL]RUGXU8]XQDUDWUPDODUXUDODUE\NND\QDNODUJHUHNLU7UNL\HnGH LVH LOHUGDKD]RUGXUDPD LQDQYHEDDUPDD]PL\RNODU YDUHWPHNWHGLU1DVOP"6HODKDWWLQ%H\nLGLQOHPH\HGHYDPHGHOLPo%L]LHQRNPNODWDXUDWDQ ILHN LLQSODWLQDGHGLLPL]RNGNNDUERQOXYHVLOLVVL]PDO]HPHLPDOHWPHNWL.UNNDOHnGHGRORPLW\RNWX DPD PDQ\H]LW YDUG PDQ\H]LWLQ \DNOPDV YH NDWOPDV LON GHIDEXUDGDROGXp.UNNDOHHOLN )DEULNDVEXQGDQVRQUDGDQHPOL$UJHDOPDODUQDHYVDKLSOLL\DSDFDNW6]\LQH6HODKDWWLQ%H\GH

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    o%X WHVLVWHDUDVHLWHOLN\DSOPWU%XJQNHQGLVL\OHV\OHL\DSWP]\OLLQ0.PDDOHVHIEXQXQGUWWHELUL\DSOP\RU8DNHOLLQNR]DPDQODU7UNL\HnQLQXDNIDEULNDODUYDUGU NDOHPHOLLSDVODQPD]HOLNNURPYDQDG\XPOXNURPPROLEGHQOLWDNPHOLNOHULVFDNLHOLNOHULNREDOWOYROIUDPOHOLNOHU\NVHNK]HOLNOHULWPGLOLHOLNOHUL VHPHQWDV\RQHOLLNVDFDKHU WUOYDVIO HOLNEXUDGD\DSOG.DSDVLWH WRQOXN ELU HOHNWULN DUN RFDQGDQ LEDUHWWL .HQGL LKWL\DFP]7&''

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    JLUHU ONH WRSUDNODUQGDQHOGHHGLOHQNURPFHYKHULQLQHOGHNL LNL WRQOXNDUN RFDQGD L]DEHVLQL EDDUUODU 7UNL\HnGH LON IHUURNURP UHWLPLQLJHUHNOHWLULUOHU YH WDNP HOLL VRUXQXQX ]HUHN RUGXQXQ LGGHWOHLKWL\DGX\GXXVLODKODUQYHPKLPPDWQUHWLPLQLGHYDPHWWLULUOHUnON5D\%XQRNWDGDKDWUODWPDNWD\DUDUYDU

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    ON

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    $UDWUPDODUPGD QH EX WDQNOD YH QH GH RQX \DSDQODUOD LOJLOL RN ID]ODELOJL\HUDVWOD\DPDGP7UNL\HnGHSHNRNQHPOLLONLQDNEHWLQLELOHQELUNLLRODUDNEXEHQLID]ODFDGDDUWPDGGRUXVX6DGHFHDQEDROXnQXQLONWDQNQWDVDUPQ\DSWQEHOLUWWLL.DPLO1HFDWLLOHD\QNLLROGXXQXGQGPEDNDELU.DPLO1HFDWL\NVQHXEDW nGH (UGDO SHNHHQnLQ +UUL\HW *D]HWHVLnQGHNL ELU \D]VQGDUDVWODGP

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    ON+]O7UHQLQ5HVPL2OGXX6DQOPDNWDGU.D\QDNZZZZRZ7XUNH\FRP

    HNHULQ7DGQ$QDGROXn\DUHWHQ)DEULNDODU.XUXOXVUHFLGHYOHWLQ LONHNHU IDEULNDV$OSXOOX LOHH]DPDQOEDOD\DQYHGHYUH\HDOQPDVLWLEDUL\OH7UNL\HnQLQLNLQFLHNHUIDEULNDVRODQ8DNHNHU )DEULNDV EX LH FXPKXUL\HWWHQ HYYHO JQO YHUHQ 1XUL HNHUnLQRODDQVWJD\UHWOHULLOHNXUXOPXWXU1XULHNHUnLGH7UNL\HnQLQLON$U*HnFLOHULDUDVQDUDKDWONODVRNDELOLUL]8DNO 0ROOD PHU 2OX 1XUL HNHU WD 2VPDQO ]DPDQQGD HNHULQ+LQGLVWDQGDNDPWDQ$YUXSDGDLVHSDQFDUGDQHOGHHGLOGLLQLGX\PXWXU$YUXSDGDQJHWLUWWLLSDQFDUWRKXPODUQHNHUHNSDQFDUUHWPLYHEXQODUUHQGHOH\HUHN HUEHW EX HUEHWWHQ GH SHNPH] EXODPD NSN KHOYDODU\DSSEXQODUSD]DUODUGDVDWPWU2GQHPOHUGHONH\HHNHUJHOPH]GLVDGHFHD]PLNWDUGDKDONQLQVDQNHPLLQGHQ \DSOGQ VDQG 5XV\DnGDQ NHOOH HNHUOHUL JHOLUGL ]DWHQKDONQEXQODUDODFDNSDUDVGD\RNWX1XUL HNHUnLQ IDEULND VHYGDV0KHQGLVOLN0LPDUON\NOHUL NLWDEQGD\HU DODQ YH EUDKLP *QD\GQ WDUDIQGDQ NDOHPH DOQDQ \D]GD \OHDQODWOPDNWDGU

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    m.XUWXOXVDYDDUGQGDQKHPHKULOHUL\OHm8DN7HUDNNLYH=LUDDW$nQLNXUPX2UWDNODUGDQDNLWROPDG LLQEXGD\DUSD WDYXNNR\XQKDWWDWDYXN \XPXUWDV WRSODQS GHHU IL\DWODU\OD VDWODUDN RUWDNON SD\ODUQDLOHQPL%XQHGHQOHN\OOHU1XULHNHUIDEULND\\XPXUWDSDUDV\ODNXUGXGHUOHUPL&XPKXUL\HWKNPHWLQLQVDODGDUD]LQDNLWJLELWHYLNOHUOHGH8DNHNHU)DEULNDVKDWWDWHPHOL$OSXOOXnGDQGDQFHDWODUDN$OSXOOXnGDQ\DNODND\VRQUDUHWLPHJHPLn*DOLED EXJHFLNPHGH LON IDEULNDROPDRQXUXQXQELU GHYOHW LOHWPHVLQHYHULOPHNLVWHQPHVLGHHWNLOLROPX%X\NGHHNHUUHWLPLQHQDVONHQGLQLDGDGYHNDUDUOO1XULHNHUnLQKDWUDODUQGD\OHDNWDUOPWUmELUJQDLOHHIUDGPWRSODGPRQODUDNDWnLELUOLVDQODXQODUV\OHGLPVL] GH ELOLUVLQL] NL EHQ EDODGP ELU LWHQ DVOD GQPHP (HU EHQOVH\GLPVL]QH\DSDFDNQH\OHJHLQHFHNWLQL]"

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    DEDODUYHJLULLPFLUXKXRXO0XKVLQHNHU\OHLIDGHHGHUm EDEDP IDEULND\ NXUPDGDQ HYYHO HNHUL HYLPL]GH LPDO HWPH\LEDDUPW .\GH \HWLWLUGLL SDQFDUODU HYLPL]GH ND]DQODUD NR\XSND\QDW\RUNDEXNODUQVR\XSUHQGHOHWL\RUDDWDQ\DSOPPDNLQDP]GDVNSHOGHHGLOHQHUEHWHNLUHD\UDQNDW\RUVDEDKDNDGDU\OHEUDN\RUGX6RQUDDOWQDNPHUEHWLEXODQGUPDGDQEDNDND]DQODUDDNWDU\RUYHEXQGDQ NSN KHOYDV \DS\RUGX %HQ GH EX KHOYDODU SD]DUD JWUSVDWDUGPHKLUOLVLN\OVNDSNDSDOUG%DEDPEXQXQOD\HWLQPHGL6D\V]GHQH\OHUGHQVRQUDSDQFDUNRNXVXQGDQDUQGUOPNR\X HUEHWLHOLQHDOSGNNDQGNNDQJH]GLUGLmLWHGHGLEXHNHULQNR\XHUEHWLGLU%LU HNHU IDEULNDV \DSWUDOP WDUODODUD mNQGUn HNHOLP+HPSDUDP]$YUXSDn\DJLWPHVLQKHPROXNRFXNPLOOHWLPL]EROHNHU\HVLQn$OSXOOXYH8DNHNHUIDEULNDODULOHONHHNHUVDQD\LJHOLPH\HEDODPSDQFDUWDUPYHHNHULOHWPHFLOLLQGHROGXNDLOHUOHPHVDODQPW0HULQRVXQ.R\XQXeHNHU \NVQGHQ JUOHFHL JLEL VDGHFH VDQD\L DODQODUQGD GHLO KHUDODQGD $U*H QHPOLGLU 7DELL KD\YDQFON DODQQGD GD $DGDNL \NEDQDNDOUVDEXDODQGDNL LON$UJHnOHU LLQ]HOOLNOHGH$U*HnQLQGHQHPH\DQOPD\DQHGHQOLDNROGXXQDGDLUJ]HOELUUQHNWLU.D\QDN\LQH0KHQGLVOLN0LPDUON\NOHUL6HULQLQ.LWDE

    1DGLU $YDUROX .\ (QVWLWVPH]XQX RODQ EUDKLP 7UNnND\QDN JVWHUHUHN DQODW\RUo%XUVD 0HULQRV )DEULNDVNXUXOXQFD \HWHUOL \QROPDGQ JUHQ R ]DPDQNL\QHWLFLOHU NDGDU PHULQRVNR\XQX LWKDO HGLOPHVLQH NDUDUYHULU +DONDO =LUDDW 2NXOXnQDJHWLULOHQ NR\XQODUQ EDQD ELUREDQ YHULOLU REDQQ \D\OPDNDUG NR\XQODUQ WR\QDNODU\DUDODQU\U\HPH]KDOHJHOLU

    0XVWDID .HPDO ON 0HULQRV

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    'HLLN\RUXPODU\DSOU6RQXQGDNDUDUYHULOLUNLNR\XQODUQ\D\OPDNWRWODNODUQ WRSUDNODU \DUDODQPD\D VHEHS ROPDNWDGU DUH RODUDN 5DPLL]PH)DEULNDVnQGDNR\XQODUDL]PHGLNWLULOLUL]PHJL\GLULOHQNR\XQODUELOHNOHULQGHQNUOPD\DEDODUNR\XQVD\VK]ODD]DOURNVD\GDNR\XQWHOHIHGLOGLNWHQVRQUDDQODOUNLPHULQRVNR\XQX\D\OPDNPD]VDELWEHVOHQLUnno%LU*ULSLQ$O%LUH\LQNDOPD]p$XVWRVWDULKOL7XUNLVKWLPHnGH\HUDODQDIDN$OWXQnXQPDNDOHVLQGH(F]DF1HFLS$NDUnQ\DSWNODUGDDQODWOU\OQGDHF]DFRNXOXQGDQPH]XQRODQ1HFLS%H\$DEH\L&HPLO$NDULOHQFHoDPSXDQ&HPLOpo1HFLS%H\.UHPLp YH1HFLS%H\'LPDFXQXPVWDK]DUODUQUHWPH\H

    EDODU nGH GL PDFXQXQXQIRUPOQ GHLWLULS \HQL ELU IRUPOJHOLWLULU YH EHOOL ELU \DWDNLOHULQKDWUOD\DFDo5DG\ROLQpLVLPOL\HQLELUGL PDFXQX LPDO HGHU YH 7UNL\HwGHLON DIL UHNODPQ EX UQOH EDODWU$NDU nWH R N EWQ ONH\LNDVS NDYXUDQ JULS VDOJQQD DUHRODUDN WHN DPEDODM KDOLQGH VDWODQ*ULSLQnL JHOLWLUHUHN SL\DVD\D VUHU*ULSLQnLQ JULS QH]OH VRXN DOJQOURPDWL]PDYHEHQ]HULGXUXPODUGDKHUWUODU\GLQGLULFL]HOOLLEXUQNVDVUHGHPHKXUNODU'DKDVRQUDLWKDO VDEXQODUQ \HULQHKDONQ LKWL\DFROGXXQX GQG HO YH YFXWVDEXQX JHOLWLULU YH o3XUR 7HPL]OLN6DEXQXpGDSL\DVDGDRNWXWXOXU'DKDVRQUDLON\HUOLRFXNPDPDVo3DURpYHDU NHVLFL YH NDQ VXODQGUF ]HOOLLRODQ 2SRQnXQ IRUPOOHULQL JHOLWLULUEX UQOHU GH SL\DVDGD RN WXWXOXUON \HUOL WHPL]OHPH WR]X RODQ )D\wGDRNDUU3DURYH3XURnQXQUHNODP

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    DILOHULQLYHYHNN3XURVDEXQSDNHWLNOHULQLGHKDYDGDQXD\OD9HFLKL+UNXDWDU%XWDQWP\ODGD\LQHUHNODPNRQXVXQGDELULONHGDKDLP]DDWDQ1HFLS$NDUnQUQOHULQLQ WLFDUL EDDUVQGD RN \DUDWF YHONHPL]LLQLONUQHNOHURODQUHNODPWDVDUPODUE\NUROR\QDPWU(NLPWDULKOL+UUL\HW*D]HWHVLnQGH\HUDODQ\D]VQGD*UOW$NDUUQOHULLOHLOJLOLUHNODPEDDUODUQDQODWUNHQGQHPLQQONDGQDUWLVWOHULQLQYH 7UNL\H*]HOOHULQLQ3XUR6DEXQX UHNODPDILOHULQGH\HUDOGQYHEXQXQQHPOLELUWLFDULEDDUJHWLUGLLQLEHOLUWLU

    3XUR5HNODPODUQGD)LOP

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    oPU

  • 0KHQGLVOLN0LPDUON\NOHUL9,

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    DPDUPDNLQDVQJHOLWLULU%LUUQHL.R0]HVLQGHRODQEXDPDUPDNLQDVQQND]DQVDQWULIMYHNDSDNODUVDIEDNUGDQ\DSOPWU'Q\D8DN$WODVODUQGD7UN8DNODUVPDLO

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    7+.$PEXODQV8D'DQLVK5HJLVWHURI&LYLO$LUFUDIWVLWHVLQGH2

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    OJLQWLU VPDLO

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    %XIDEULNDGD\OQGDPKHQGLVYHWHNQLV\HQYHLLLOHWRSODP\DNODNRODQDODQVD\VnHJHOLQGLLQGHWRSODPn\HXODU)DEULNDGDXDNWDVDUPODUQQJHOLWLULOGLLYHL]LPOHULQLQ\DSOGELUo(WW$U*H%URVXpGHEXOXQPDNWDGU

    7+.(WLPHVJXW8DNIDEULNDV(WW0HUNH]L.D\QDNVPDLO

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    6HULQLQELUQFHNLNLWDEQGD\HUDODQYH1XUL'HPLUD8DN)DEULNDVnQGDJUHY\DSPD\Q]DPDQGDONHPL]LQLONXDNPKHQGLVOHULQGHQ0HKPHW.XPnXQGX\JXODUGDEHQ]HUGLU6DGHFHEXL\LPKHQGLVOHULQGHLORQODUODELUOLNWHONHQLQGHRNGHHUOLEXLKWLVDVDODQ\RNHGLOPLWLU1H\D]Ne9HFLKL+UNXnDJUHHHUIDEULNDODU IDDOL\HWLQLVUGUHELOVH\GL ,,'Q\D6DYD VUDVQGD XDN VDWDFDN RODQ 7UNL\HnQLQ Q NHVLOHPH]GL 2\VD7UNL\HnGHQKHPHQQFH6RY\HWOHU%LUOLLnQGH-XQNHUVWDUDIQGDQNXUXODQIDEULNDKHEDHGLOPHPL 5XVODU EX IDEULND\ GDKDGDJHOLWLUHUHN 6RY\HWKDYDVDQD\LQLQWHPHOLQLDWPODUGU.XELVKHYnGHNXUXODQEXIDEULND0LJYH7XSROHYJLELKDYDFONWDULKLQLQHIVDQHOHULQGRXP\HULRODFDN-XQNHUVPKHQGLVOHULQLQ JHOLWLUGLL MHW PRWRUODU 6RY\HW5XV WHNQRORMLVLQLQWHPHOLQLROXWXUDFDNW

    1XUL'HPLUD8DN)DEULNDVnQGDUHWLOHQ1X'

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    2'QHPOHUGH'Q\D8DNODUQYH]HOOLNOHULQL6HUJLOH\HQo-DQHnV$OO7KH:RUOGVn$LUFUDIWVp8DN$WODVQGD8]XQ

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    6IHURn\XNLPEXOGX"0KHQGLVOLN0LPDUONVHULVLQLQLONVD\VQGD%XUKDQ2X]nXQGNPFONDQODUQDGD\HUYHULOPLWL%XDQODUQELU\HULQGH%XUKDQ2X]LOJLQELUEXOXWDQ\OHV]HGHUoee6DQD\LDN\ODDUNDGDODUPQ6XODU GDUHVLnQGHQDOGNODUSDUDQQGD \DUV\OD 1XUL 3DDnQQ 6WOFH IDEULNDVQQ GNPKDQH HIOLLQHEDODGP'NPKDNNQGD KLELU ELOJLP \RNWX DPD NVD VUHGH LHKNLPROGXP*HFHOHULHOLPHEXNRQXODUGDQHJHLUGL\VHPRNX\RUGXP2 KDUS ]DPDQODUQQ SLN GHPLULQL VDGHFH .DUDEN VDO\RU YH NLORVXIDEULND\DNXUXDPDOROX\RUGX3DDn\DDVNHUL\HGHQWRQ5XV+DUELnQGHQ NDOPD JOOH YHUPLOHU NLORVX SDUDGDQ NXUXWDQ3DDQQ NH\LIWHQ D] NXODNODUQD YDU\RUGX 2 LVH NL ID]OD HUNHQVHYLQPLWL\DSWP LONGHQHPHDODELOGLLQHROXPVX]VRQXYHUPLWL\OHNLPDOGDKDRFDQD]QGDQDNDUNHQDGHWKDPXUODDQFDPJLELVHUWQHHHWXWDQQHNDOHPOHNHVLOHQVDIVHPHQWLWWHQEH\D]GNPHGHPLU LEDUHWWL%XQODU.DUDENSLNLQHD]DUD]DU\HGLUHUHNNXOODQPD\GHQHGLPPDOWPGHQER]GX

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    VDQPWP.HQGLPHJHOLQFHoNLPVH\HELUH\ROGXPX"pGL\HEDUGP2OPDPW +DOLnH EDNDQ NDSODU GD DWUGP VLV GDOG

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    nGHQVRQUDEXONHQLQKDUSWDOLKLGQPKHUJQGDKD]RUJQOHUELUELULQL L]OHU ROPXWX +HU JHHQ JQ GDKD DU ERPEDUGPDQODU\DDPYHEXDUDGDQLYHUVLWH\DDPQ]HPLQOLNOHUHLQGLUPLWL%X DUNDGDODU KHUNHVLQ FDQ GHUGLQH GW ELU RUWDPGD GRNWRUDWH]OHULQL SURIHVUOHULQH NDEXO HWWLULS \XUGD GQPOHUGL 2 ]DPDQDNDGDU EXQFD GHHUOL KRFD GRHQWOHULQ KLELULQLQ GRNWRUDV \RNWX%XQODUoGRNWRUpVIDWODU\ODNNGDODU\DUDW\RUODUGo*IWDUDV]HJHOLSV\OHVHOHUFHKOLPUHNNHSpWH EX ERPEDUGPDQ GRNWRUODUQGDQ LNLVL EHQLP NDUPD GLNLOLSoOKDPL%H\GRNWRUROPDGLLQVDQDGRNWRUD\DSWUDPD]%L]UHIHUDQVROXUX] 2 ROVD ROVD FRUHIHUHQW RODELOLUp GHPLOHUGL %HQ GH oKDGLRUDGDQVL]JHOLQEDQDGRNWRUDYHULQpGL\HNSJLWWLP

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    (VNLHKLU&HU$WO\HVLnQGHUHWLOHQELUORNRPRWLILQUD\DLQGLUPHWUHQL

    \OQGD7UNL\HnGHLONPHNDQLNNDQWDULPDODWOLVDQVYH\DNQRZKRZDOQPDNV]QEX$WO\HGHJHUHNOHWLULOLU

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    o(IHQGL EXKDU ND]DQ EXEXKDU ND]DQ ORNRPRWLILQ@ NDOEL m&HUn QHGHPHNWLU ELOLU PLVLQ" m&HUnNXYYHW >ORNRPRWLILQ HNLHNPH JF@ GHPHNWLU &HU$WO\HVLQGH mFHUnLQ NHQGLVLQL\DSDFD] LPGL DQOD\DFDQ%HQRQDOW\DQGD\PHIHQGLRVUD.D]DQODIGX\XOGX\DPDKDOOHGH>(VNLHKLUnLQHVNLNHQWPHUNH]L@2GXQSD]DUnQQDUNDVQGD RWXUX\RUX] R VUD\HWLNLQXVWDPXDPHOHVL\DSOUROGX EDQD %XKDU ND]DQ EXHIHQGLVWQGH*UXS .UXSS\D]P\RU 7VHQ 7K\VVHQ\D]P\RUm&HUn\D]\RU&HUp&HU oNXYYHWp GHPHNWLU DPDD\Q ]DPDQGD RQX \DSDQ)DEULNDQQ LVPLGLU 2 LVLPD\Q ]DPDQGDEDDUDELOPHQLQJF GHPHNWLU FXPKXUL\HW

    GHPHNWLUEDPV]ONGHPHNWLUYHJHOHFHHXPXWODEDNDELOPHNGHPHNWLURNXDQJ]QGH)DEULNDQQHUHIDQW.$5$.857/RNRPRWLIL \OQD JHOLQGLLQGH LVH 7UN LL YH PKHQGLVOHULQLQ HUHI DQW)DEULNDGD LVWLP WXWDU %X EH\JLU JFQGH WRQ DUOQGD NPKK]\DSDELOHQLON7UNEXKDUOORNRPRWLILGLUYHDGm.$5$.857nWXU(YHWJHQH\OQGDYHEXLOHWPHGH\DSODQLON7UNEXKDUOORNRPRWLIL.DUDNXUW(NLPJHFHVLD\Q\OJHQHEXIDEULNDQQDWHO\HVLQGHWDVDUODQSKD\DWEXODQYH7UNPKHQGLVOLNELULNLPLQLQJHOGLLQRNWD\WPGQ\D\DJVWHUHQEDNDELU LONL LON7UN2WRPRELOL DGHW m'HYULPnL&XPKXUL\HW%D\UDPWUHQOHULLLQ$QNDUDn\DWDPDNWDGU

    ONHPL]GHUHWLOHQON/RNRPRWLIOHU

  • 0KHQGLVOLN0LPDUON\NOHUL9,

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    'HYULP 'HYULP 'HYULP QHPVHQPH\HELOLU $U VDQD\L\H VDKLSROPDQQWHPHOJVWHUJHVLRODQo\HUOLPRWRUUHWLPLpFHVXUDPDRFXNVXELUJLULLPRODUDNGHHUOHQGLULOHELOLU3URWRWLS\DSPQQNROD\OQDNDUONVHUL UHWLPLQ VRUXQODU VWQH KDNO WHNQLN YH HNRQRPLN DNODPDODUVUDODQDELOLU%XGL]LGHEXQODUWDUWDFDNGHLOL]%L] 7UNL\HVLnQGH LQDQO DGDPQ\NVQDQODWPDN LVWL\RUX]o%LU \HUOL RWRPRELO \DSQ] oHPULQL HPULQ WHVLQGH ELUPH\GDQ RNXPDONHQLQELUJJVWHULVLRODUDNNDYUD\DQ\NVHNPKHQGLVLQrHNLSWHPKHQGLVYHPLPDU\HUDOPDNWDGU0.p'HPLU\ROFXpQXQ\NVQ$OPDQ\DnGDVYLUHnGH$PHULNDmGDHLWLPJUPYHoL\LpGHLOoRNL\Lo\HWLPLNH\LNROD\FDGQHELOHFHNNHQNROODQPDNLVWH\HQ7UNL\HnQLQVDQD\LOHPH VDYDPQD RPX] YHUPH\L \HOHPL PKHQGLVLQ JQQ DQODWPDN LVWL\RUX] LQVDQODUQ oUHSR o NX\UXNODUQGD EHNOHWLLEDQND IDL]OHULQGHQV]HGLSGYL]NXUODUVWQHVRKEHWHWWLLEXJQQ7UNL\HVLnQGHE\OHVL\NOHUHHNPHNNDGDUVXNDGDUJHUHNVLQLPROGXXNDQVQGD\]'HYULPRWRPRELOLQL LQDQO DGDP\DSW'HYULPGQ\D\GHLWLUPHNRQXGDKDKDNOGDKD\DDQDVGDKD]JUNOPDNVDHHUGHYULPLQDQODGDPODUQ LL LQDQFQ \LWLUHQOHULQ GHLO 'HYULP RWRPRELOL NN ELUWRS\Dn\GWRS\DVROPD\DQODUWRS\DODUQ\LWLUHQOHU'HYULP\DSDPD]ODU7RSOX LQH ELOH \DSODPD\DQ ELU GQHPGH ELU ONHGHPRWRUX GDKLO KHUH\L\HUOLELURWRPRELO\DSPDNLLQJHUHNOL]JYHQYHLQDQLOHGQ\D\GHLWLUPHNRQXGDKD\DDQDVGDKD]JUNOPDNVPUV]ELU'Q\D\DXODPDNLLQJHUHNOL]JYHQYHLQDQDUDVQGDGDODU\RN(NLPVDEDKPRWRUODUGDKLOWP\OH\HUOLLNLRWRPRELO'HYULPYH 'HYULP NHQGLOHULQL (VNLHKLUnGHQ $QNDUDn\D WD\DQ ]HO WUHQNDWDUQGDQ LQGLULOGLOHU .DODEDON ELU SROLV HVNRUWX\OD 7%00n\H JLWWLOHU2UDGD &XPKXUEDNDQ &HPDO *UVHO VL\DK 'HYULP RWRPRELOLQH ELQGL'HYULPPHWUHNDGDUJLWWLYHGXUGX%HQ]LQELWPLWL*UVHOWDULKVHOV]Q V\OHGL o%DW NDIDV LOH RWRPRELO \DSWN 'RX NDIDV LOH EHQ]LQNR\PD\XQXWWXNp$] WHGH EHNOH\HQ LNLQFL 'HYULP RWRPRELOL DUOG 2 EHQ]LQ LNPDOLQL\DSPW *UVHO VL\DK 'HYULPnGHQ EHM 'HYULPnH JHWL YH \ROD NW&XPKXUL\HW%D\UDP WUHQLQLQG]HQOHQGLL+LSRGURPnD*UVHO'HYULP

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    DUDEDV\OD JLUGL 'HYULP GDKD VRQUD JHLW WUHQLQH GH NDWOG YH D\VUHQEXHQGVWULPDFHUDVELWWL(UWHVL JQN JD]HWHOHU o'HYULP \ROGD NDOGp o'HYULPnLQ EHQ]LQL ELWWLpo'HYULP\UPHGLpo'HYULPDQFDNPHWUH\UGpEDONODU\ODNWODU'HYULPLQGHIWHULGUOPW+HU LNLDUDEDGD(VNLHKLUnHGQGOHU2UDGDXQXWXOPD\DYHUPH\HWHUNHGLOGLOHU8QXWXOGXODUGDep%D] ND\QDNODUGD RWRPRELOOHULQPHUNH]H LVWHQGLL YH EXUDGD SUHVOHUGHH]LOGLL EXJQH NDODQ VRQ GHYULPLQ LVH DU]DO ROGXX EHOLUWHUHNJQGHULOPHGLLYHVDNODQGDQODWOPDNWDGU0.

    6RQ.DODQ'HYULP

    ***o*D]HWHFL RFXNOXXQGD o$O ELU )RUGRO ELU ORUGpp$O ELU 'R 'RGJHNDOPDVQERUo$OELU&KU\VOHUQLNDKGDLUHVLSDUDLVWHUpJLELVLQGHQRFXNDWHNHUOHPHOHU GLQOHGL *HQFHFLN ELU QLYHUVLWH UHQFLVL LNHQ XOXVODUDUDVSHWURO WHNHOOHULQLQ ONH\L QDVO \DPDODGQD LOLNLQ \D\ODQ KH\HFDQODRNXGX 2 JQOHUGH \HQL \HQL NXUXODQ RWRPRWLY VDQD\LLQH o%X JHUHNDUVDQD\LGHLO$PEDODMVDQD\LLEXpGL\HNDUNW

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    9H JD]HWHOHUGH o'HYULP \UPHGL 'HYULP \ROGD NDOGp PDQHWOHULQLRNXGXX(NLPVDEDKNHGHUOHQGL

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    7UN2WRPRELOLQGH7UNH.DGUDQODUe

    *QP]GH$UJHo0KHQGLVOLN0LPDUON\NOHULpVHULVLQGHVRQUDNL]DPDQODUDGDLUQHPOL$U*HDOPDODUQDUQHNRODELOHFHN\NOHUHGH\HUYHULOPLWLU'U)LNUHW

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    $QFDN]HOOLNOH

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    YXUXOGXXQGDGXUXPXQRNSDUODNROPDGDNWU'Q\D(NRQRPLN)RUXPX.UHVHO5HNDEHWLOLN(QGHNVLVUDODPDVQDJUH7UNL\HqQRYDV\RQ.DSDVLWHVLQGHq%LOLPVHODUDWUPDNXUXPODUQQNDOLWHVLQGHq$U*HnGHQLYHUVLWHHQGVWULELUOLLQGHq(LWLPVLVWHPLNDOLWHVLQGHq)HQ%LOLPOHULYH0DWHPDWLNHLWLPNDOLWHVLQGHq*LULLP6HUPD\HVLLPNDQQGDVUDGDGU,16($'o.UHVHO

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    X V]OHU 0XVWDID .HPDOnH DLWWLU oeHVNL WHNQRORMLOHUL EL]H NROD\ONODUWDQ\DUDNJHWLUHQ\DEDQFGHYOHWOHULQNXUQD]ONODUQDQODPDPDNLLQLQVDQQNU\DGDDSWDOROPDVJHUHNLU'Q\DVDYDELWHUELWPH]WPVLODKODUELUGHQGHPRGHROXYHUGL$OPDQODU)UDQV]ODU QJLOL]OHU$PHULNDOODUHOOHULQGHNLEXVLODKIDEULNDODUQX]XQYDGHOHUOHJHULNDOPONHOHUHVDWPD\DDO\RU1HGHQ"QNRQODU GDKDPRGHUQOHULQL GDKDHWNLOL RODQODU \DSDELOHFHNIDEULNDODUNXUPDNODPHJXOOHU%L]\HQLJHQELU7UNL\HNXUX\RUX]'RVWGPDQ ONHOHULQ JHULGH NDOP WHNQRORMLOHULQH JHUHNVLQPHPL] \RN

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    2VPDQOnGDQ PLUDV NDODQ 3HQGLN YH (WOLN 9HWHULQHU .RQWURO $UDWUPD(QVWLWOHULnQGH nGH NR\XQ LHL DV NR\XQ LHL VHUXPX NHLLHLDVVUYHEDVDVYHVHUXPX\OQGDLHN6PDOOSR[DVYH\OQGD6HPSOHWLSL.XGX]WLIVDVYHnOHUGHQIOXHQ]DJULSDVYHYLUDOELUDRODQDSDODUQQJHOLWLULOPHVLEDDUOPWUnOL\OODUGD5HILN6D\GDP+I]6KKD(QVWLWVEHHULDODUQUHWLPLQHEDODP YH 'Q\D 6DON UJW '6 WDUDIQGDQ UHVPL RODUDN 8OXVDOQIOXHQ]D0HUNH]LRODUDNNDEXOHGLOPLWLU$FDEDEXJQEXHQVWLWP]EXDODUKDODUHWHELOL\RUPX"nGH(OD]9HWHULQHU.RQWUROYH$UDWUPD(QVWLWVnQGHDWYHEDVDVUHWLPLDUDVFDQOYLUV1HZFDVWOHDVUHWLPLJHUHNOHWLULOPLWLUnGH5HILN6D\GDP+I]6KKD(QVWLWVnQGHNXUXLHNDVUHWLPLQHJHLOPLWLU$QODQDOPD\DJUHELUGQHPGHVDGHFHWDUPYHKD\YDQFONDODQQGDHWNLQELU HNLOGH DODQ NDGDU DUDWUPDPHUNH]L YDUG %XQODUQ nLWDUPVDOnVXUQOHULYHnLGHYHWHULQHUYHKD\YDQFON]HULQH\GL%X JQ EL\RWHNQRORMLQLQ RN QH NPDVQD SDUDOHO RODUDN EX DODQGDONHPL]LQ RN KHP GH RN GHHUOL KDPPDGGH ND\QDNODU RODUDNGHHUOHQGLULOHELOHFHNHQGHPLNWEELDURPDWLNELWNLJHQND\QDNODU\DEDQKD\DW]HQJLQOLLYH\HQLOHQHELOLUHQHUMLND\QDNODUGLNNDWHDOQGQGDEXWU$U*HPHUNH]OHULQLQ\HQLGHQYHJOHNLOGHKD\DWEXOPDVQQNULWLNQHPLGDKDL\LDQODODFDNWU*HPLWH EHQ]HUL $U*HPHUNH]OHULQLQEDND NXUXPODU DWV DOWQGDGDNXUXOGXXYHQHPOLEDDUODUVDODGELOLQPHNWHGLU$\UFD ]DPDQOD NXUXOXODU EQ\HVLQGH QFHOHUL o(WW %URODUp YH GDKDVRQUDODUGDo$UDWUPD3ODQODPDYH.RRUGLQDV\RQ'DLUHOHULp\DGDELOLQHQNVD LVPL\OH$3.nODUROXWXUXOPX YHEX \DSODU GHHUOL $UJH DOPDODUYH NXUXPD LOJLOL NRQXGD ELULNLP YH \HWNLQOLN ND]DQGUDQ IDDOL\HWOHU\UWPOHUGLU%X JHOLPHQLQ ]HOOLNOH nOHUGHQ LWLEDUHQ VQPOHQPH\H YH VRQUDGD EXPHUNH] YH GDLUHOHULQ \D NDSDQGQD \D GD LOHYVL] EUDNOGQD

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    WDQN ROXQPDNWDGU\OH NL $3.'DLUHOHUL VUJQ \HUOHUL ROPX YH NLPLNXUXPODUGDo$O3DUDQ.RQXPDp'DLUHOHULRODUDNDQOPD\DEDODQPWUONHQLQ ]RUOXNOD ROXWXUGXX $U*H ELULNLPOHULQLQ \RN HGLOPHVLQGH]HOOHWLUPH X\JXODPDODUQQ NDWNV GD E\NWU 1(7$ 7HOHWD YHEHQ]HUL]HOOHWLUPHOHUGHVDWQDODQ\XUWGILUPDODUQLON\DSWLOHU$U*HELULPOHULQLNDSDWPDNROPXWXU7HPHOVRUXQJLULWHEHOLUWLOGLLYHEXVHULGHNLSHNRN\NGHQJUOHFHLJLELEDDUODUQFH]DODQGUOPDVXPXWODUQNUOPDVYH$U*HVRQXODUQQVHULUHWLPHDOQPDVLLQJHUHNOLDUWODUQGHYOHW\HWNLOLOHULQFHr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nLQ GHGLL JLEL o2 JQ R NRXOODUGD \DSODQODUQEXJQ\DSOPDPDVQQPD]HUHWLRODPD]ep

  • 9(&+n118$./$5,

    VPDLO

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    9(&+n118$./$5,

    9HFLKL+UNX

    .XUWXOX6DYDP]Q.DKUDPDQSLORWODUQGDQ9HFLKL +UNX rVWDQEXOnGD GRPXWXU %HEHNnWH ONRNXOXVNGDUnGD)\X]DWL2VPDQL\H5WL\HnVLQGHYHVNGDU3DDNDSVGDGLnVLQGHRNXPXWXU6DQDWD RODQ \HWHQHLQGHQ 7RSKDQH 6DQDW2NXOXnQDJLWPLYHELWLUPLWLU \OQGD VWDQEXO.DKLUH VHIHULQGH)HWKL %H\ 1XUL %H\ YH 6DGN %H\nOHULQ HKLWROPDODUQGDQ RN HWNLOHQPL YH WD\\DUHFLROPD\D NDUDU YHUPLWLU

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    (VLU RODUDN +D]DU 'HQL]LnQGHNL 1DUJLQ $GDVnQD JQGHULOLU \OQGD$]HUL 7UNOHULQLQ \DUGP LOH DGDGDQ \]HUHN NDDU \U\HUHN 0XVXOnDRUDGDQGDVWDQEXOnDGQHU

    VWDQEXOnXQ LJDOLQGH .XYYDL+DYDL\HFL DUNDGDODU LOHELUOLNWH +D]LUDQ nGH$QDGROXn\DXDNNDUPD\DDOP IDNDW XDNODUQ\HWHUVL] EDNPODUQGDQ GROD\EDDUO RODPDPWU $OWWD\\DUHFL DUNDGD LOH ELUOLNWH0DOWD DGDVQGDQ HVDUHWWHQGQHQ DVNHUOHULQ DUDVQGDJL]OLFH +DUHPnGHQ NDONDQ ELUJHPL\OH 0XGDQ\Dn\D NDPRUDGDQ %XUVD YH (VNLHKLU]HULQGHQ .RQ\Dn\D JLGHUHN.XUWXOX 6DYDnQD NDWOPWU.XUWXOX 6DYDnQGD 0XVWDID.HPDOnLQ RUGXVXQGD 9HFLKLo6LYLO 7D\\DUHFLp RODUDNND\WODUDJLUPLWLU , QQ,,QQYH6DNDU\DVDYDODUQGD7D\\DUHFL )D]O LOHELUOLNWH RNQHPOL NHLI JUHYOHULQGHEXOXQPXWXU ]HOOLNOH ,,QQ VDYDODUQGD \DSWNHLI XXXQGD

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    $XVWRVJQ.RQ\D$ODHKLU]HULQGH.XUWXOX6DYDnQQLONXXXQXYH$ODHKLUnHJLUPHNWHRODQ

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    %\OHFH +D]LUDQ nWH KHQ] FXPKXUL\HWLPL] LODQ HGLOPHGHQ7D\\DUHFL9HFLKLDOWQFSURMHVLRODQ9HFLKL.9,XDQWDVDUODUYHWHNQLNL]LPOHULQL NVD ]DPDQGD WDPDPODU $UNDGDODU LOH ELUOLNWH +DONDSQDU7D\\DUH$WO\HVLnQGHPRWRUXVDYDWDQNDODQ

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    EXOXQPDGQGDQ LOHP JHFLNPLWLU 6RQXQGD WHNQLN KH\HWLQ EDNDQo9HFLKLEL]VDQDEXOLVDQVYHUHPH\L]XDQDJYHQL\RUVDQDWODXEL]LGHNXUWDUpGHU%XV]]HULQH9HFLKL2FDNWDULKLQGHSD]DUJQVDDWnWHXD9HFLKL.9,nQQ LOH LONYHVRQRODQWHFUEHXXXQXGDNLNDKDYDGDNDODUDN\DSDUYHHPQL\HWOLELUHNLOGH\HUHLQHU88QXWXOPDPDOGU NL 9HFLKL \OQGD JHUHNOHWLUGLL 9HFLKL .9,XDQQWHFUEHXXXHVQDVQGD+DYD.XYYHWOHULQLQWHFUEHSLORWXGXUYH .XUWXOX 6DYD HVQDVQGD ELURN WHFUEH XXX JHUHNOHWLUPLWLU%XWHFUEHXXXQXQR]DPDQNLVWDQGDUWODUDX\JXQOXXQXDQODWPDNYH\DSODQ LLQ E\NOQ DQODPDP] LLQ 9HFLKL +UNXnXQ NLWDEQGDQD\QHQDNWDU\RUXPo2FDN6H\GLN\7D\\DUH0H\GDQOVXNXWXLLQGH\GLPH\GDQGDQHELU WD\\DUH VHVLQHGHELUPRWRU VHVL+DQJDUNDSDO \DOQ]ELUNDQEHWLGHQEDNDNLPVH\RNWX+DQJDUDJHOGLLPLJUHQPDNLQLVWLP(NUHPNRDUDN\DQPDJHOGLEHQGDKDNHQGLVLQHELUH\ V\OHPHGHQ R m7D\\DUHPL]L NDUD\PP KRFDP"n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nLQ\]QHEDNWPRVHYLQLLQGHJO\RUGX%HQLPV]PEHNOHPHGHQHLOGL WHNHUOHNOHULQQOHULQGHNLWDNR]ODUHNWLYHVRQUDNRDUDN\DQPDVUDGm%HQLGHDOKRFDPnGHGL)DNDWEXLVWHL\HULQHJHWLUHPH]GLPQN\HQLELUWLSLQLONWHFUEHVLQL\DS\RUGXPEXD\Q]DPDQGDEH\QHOPLOHOELUWHDPOXOXVODUDUDVKDYDFONNXUDOELUPHFEXUL\HWWL

    +UNXDJHV

  • 0KHQGLVOLN0LPDUON\NOHUL9,

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p8XGDNLNDVUHUQNXOXVODUDUDVVWDQGDUWODUGDELUXDQLONWHFUEHXXXGDNLNDGU'Q\DKDYDFOKHQ]WHNQLNYHELOLPVHODUDWUPDODUGHYUHVLQGHDYXDNODUQGDVUDWrNP LNHQ9HFLKL.9,nQQVUDWLLVHNPLGL8DQPRWRUX%HQ]PDUNDVLOLQGLUVXVRXWPDO%*JFQGHX]XQOXXPNDQDWJHQLOLLP\NVHNOLLPNDONDUONJGU9HFLKLXDQQ\DSPHVQDVQGD$UDONLOH0D\VWDULKOHULDUDVQGD+DYD0IHWWLL$OED\0X]DIIHU%H\%QE)HVD%H\

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    HI$OED\0X]DIIHU%H\.DSWDQ%DUERWHQ%QE)HVD%H\

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    7UN PLOOHWLQLQ QHOHU \DSDELOHFHLQL LVSDW HWPHN LLQ XPDN ]RUXQGDNDOPWU +DYDFON VDQD\LQL ONHPL]GH NXUPD LGHDOLQL )UDQVD WDO\D$OPDQ\DYHQJLOWHUHJLELONHOHUGHDUDUNHQDVOQGD\DQEDQGDNL9HFLKLELOHUHN YH\D ELOPH\HUHN JUOPHPLWLU %HONL GH NVNDQONOD JUQPHNLVWHQPHPLWLU+DNNQGDDOQDQEX\DQONDUDUQHWLFHVLQGHLVWLIDHGHUHN+DYD .XYYHWOHULQGHQ D\UOU ]PLUnGHQ $QNDUDn\D JLGHU NXUXOPDNWD RODQ7UN7D\\DUH&HPL\HWLnQH77D&LPGLNL7UN+DYD.XUXPXNDWOU7UN+DYD .XUXPXQXQ NXUXFX EH \HVLQGHQ ELULGLU 7UN 7D\\DUH &HPL\HWL1L]DPQDPHnVLQLQ 7+. 7] KD]UODQPDVQGD QF URO DOU 0DUWnWH%ROX0LOOHWYHNLOL&HYDW$EEDVWDUDIQGDQ7%00nQHVXQXODQW]NNDEXO HGLOLU YH 7UN +DYD .XUXPX .XUXOPX ROXU 9HFLKL )HQ XEHVLQLRUJDQL]HHWPHNOHJUHYOHQGLULOLU$PDF*D]L0XVWDID.HPDOnLQoVWLNEDO*NOHUGHGLUp\QHUJHVL\OHKDYDFELUNXDN\HWLWLUPHNLLQELURNXODPDNPLOOLELUKDYDVDQD\LNXUXOPDVQDNDWNGDEXOXQPDNWU+UNX \DSW 9HFLKL .9, XDQ JHUL DOS 77D&nQLQ ED WRSODPDIDDOL\HWOHULQGHNXOODQPDNYHKDONDKDYDFONVHYJLVLQLDODPDNLVWHUIDNDWXDQJHULDOPD\KLELU]DPDQEDDUDPD]

    o9(&+.9,pON7UN8D*QO+UNXDULYL

    &XPKXUL\HWLPL]LQ KHQ] ELULQFL \OQGD WDVDUP 7D\\DUHFL 9HFLKL+5.8 WDUDIQGDQ \DSOP SURMHOHQGLULOHUHN 6H\GLN\ +DYD0H\GDQ .RPXWDQO )HQ PHPXUOXXQD VXQXOPX WHWNLN HGLOHUHNRQD\ODQPWU 'DKD VRQUD SURMH EWHOHQGLULOHUHN \DSOPDV X\JXQJUOPWU

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    o9(&+.9,pON7UN8D*QO+UNXDULYL

    2FDNWDULKLQGHLONYHWHNWHVWXXX9HFLKL+UNXWDUDIQGDQ\DSOPGDNLNDKDYDGDNDOPYHHPQL\HWOLRODUDN\HUH LQPLWLU)RWRUDIWDEDDUOXXWDQVRQUDNXUEDQNHVLOGLLJUOPHNWHGLU

    9(&+.9,ON7UN8DQQ7HNQLN]HOOLNOHUL

    7D\\DUHWLSL 9HFLKL.9,.HLI8D0RWRU %HQ]PDUND6LOLQGLUOLVXVRXWPDO%*(EDWODU7DPJHQLOLN 07DPX]XQOXN 07DP\NVHNOLN 0.DQDWWDPDVDWK 0

    +UNX9HFLKL%LU7D\\DUHFLQLQ$QODU

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    $UONODU%RDUON .J0UHWWHEDW .JNLNLLOLN$NDU\DNW .J7DPXXDUO .J.DQDGDGHQDUON .J00RWRUNXYYHWHGHQDUON .J%*(Q\NVHNVUDWL .PVDDW6H\DKDWVUDWL .PVDDW$VNVUDWL .PVDDW3HUYDQHDS 0P3HYDQHKDWYHVL 0P

    7D\\DUHFL9HFLKL0]HVL'HUQHL$ULYL\OQGD7UN+DYD.XUXPXDPEOHPLQGHNL

    9HFLKL.9,8DDPEOHP9HFLKL+UNXWDUDIQGDQL]LOPLWLU8]XQ\OODU7UN+DYD.XUXPXEXDPEOHPL

    NXOODQPWU

  • 77

    0KHQGLVOLN0LPDUON\NOHUL9,

    9HFLKL)DKDP7D\\DUHQDD)DEULNDV9HFLKLr;,96SRU(LWLP8D9HFLKL+UNX*D]LHPLUnGH9HFLKL.XDQ\DSWNWDQVRQUD$QNDUDn\DJHOPL YH 7UN +DYD .XUXPXnQXQ 7+. NXUXOPDVQGD URO DOPWU7207$nQ WHVWSLORWOXXQXGD \DSDQ9HFLKL+UNX 7207$nQnGDNDSDQPDVQQDUGQGDQWHNUDU7+.nGDNLHVNLYD]LIHVLRODQWHNQLNXEHGHDOPD\D EDODPWU $QFDN \O QFHNL DOPD RUWDPQ EXODPD]nLQLOND\ODUQGDELUWD\\DUHSURMHVLKD]UODUIDNDW7+.nGDXDN\DSPDIUVDWEXODPDGJLEL\DSPDPDVLLQGHX\DUOU%XQXQ]HULQHL]LPLQLWDPDPODGSURMHVLQLNHQGLLPNQODULOH\DSPD\DNDUDUYHULUDOWNXUXPGDKD\DWDJHLUPHIUVDWEXODPDGSURMHVLQLJHOLWLUHUHN \HQL ELU SURMH RODUDN 9HFLKL ;,9n KD]UODU op UDNDPQQDQODP 9HFLKL +UNXnXQ \OQD NDGDU JHOLWLUGLL SURMHOHULQ RQGUGQFVROPDVQGDQJHOPHNWHGLU9HFLKLL]GLLSURMHOHUGHQYHnQFVQJHUHNOHWLUPH\LEDDUPWU9HFLKL+UNXLON7UNVSRUHLWLPXDRODQo9(&+r;,9nQ\DSPQDPDNLQLVW+DPLGPDNLQLVW

  • 78

    0KHQGLVOLN0LPDUON\NOHUL9,

    ROPXWX0HVDLVUHVLVHNL]GHLORQLNLVDDWROX\RUYHKLELUHOHPDQPEXQGDQ LN\HW HWPL\RUGX ]HOOLNOHPDNLQLVWLP+DPLW EHQLPOHPDUDWRQ\DUPDVQGD\PJLELSD\GRVHWPL\RUYH\DQPGDQD\UOP\RUGXp

    9HFLKLXDQ\OQGDELUEXXND\ON\OONL]QLQGH\DSPD\SODQODUIDNDWEXVUH\HWHUVL]GLU%XQHGHQOHVUH\LELUEXXND\GDKDX]DWUYHXDQ D\ LLQGH ELWLUPH\HPHFEXU NDOU %\OHFH \O +D]LUDQnWHQLWLEDUHQL]QLQLDODUDNSURMHVLQLKLELUHNVLNEUDNPDGDQWDPDPODPRODUDNVWDQEXOnDKDUHNHWHGHU(YL.DGN\nGHROGXXQGDQNHQGLQHXDQ\DSPDNLLQ.HUHVWHFLOHU6RNDQGDELUPDD]DQQVWNDWQGDELU\HUEXOXUYHEXUD\NLUDODUONLNLJQLKWL\DFRODQPDO]HPHOHULKD]UODGNWDQVRQUDQFJQLNLPDUDQJR]ELUK]DUFELUWHVYL\HFLYHPDNLQLVW+DPLWYH

  • 79

    0KHQGLVOLN0LPDUON\NOHUL9,

    $QDGROX\DUPDGDVQNDSOD\DQRUPDQODUP]GDNLDDODUQGQFHOHULPLWDWPLQHNILJHOGLLQLJUPWP

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    WDULKWH1LVDQnGH*XOIVWUHDP$HURVSDFHLUNHWLQLQ\HQL\DSW*WLSLQGHNL XDN RWX] ELULQFL WHVW XXXQX JHUHNOHWLUPHN ]HUH NDONWDQGDVDDHNHUHN\HUHDNOPWU1H\D]NNLEXROD\GDLNLSLORWYHLNLWHVWPKHQGLVLKD\DWQND\EHWPLWLU%X HVQDGD 9HFLKLn\L VDGHFH ELU SLORW RODUDN GHHUOHQGLULOHFHN ROXUVD RWDULKWHGQ\DQQVD\OSLORWODUQGDQROGXXQXV\OH\HELOLUL]\OQGD+DYD 0IHWWLL 0X]DIIHU (UJGHU LOH +DYD .XYYHWOHUL \OQGD GD%DNDQ &HYDW $EEDV LOH 7UN +DYD .XUXPX NDGURVXQGD LNHQ $OPDQ\D)UDQVD QJLOWHUH YH WDO\Dn\D X]XQ VUHOL VH\DKDWOHU \DSPWU $PDF7UN KDYDFOQQ NXUXOX DOPDODU LLQ LQFHOHPH VH\DKDWOHUL RODQEX JH]LOHUGH 9HFLKL LON GHID JUGXDNODUOD \]OHUFH WHFUEHXXX\DSPYH$YUXSDOODUQE\NKD\UDQOQWRSODPWU$OPDQ\DnGD5REDFKYH-XQNHUV)UDQVDnGD0RUDQ1LHXSRUW'HZRLWRQ3RWH]%UHJXH+HQULRW*DXGURQ*ROLDWJLELLUNHWOHULQXDNODUQWHVWHWPLYH]HOOLNOH)UDQVDnGDJD]HWHOHUGHo7UN$VpRODUDNKDEHU\DSODUDNE\NLOJLWRSODPWU3RWH] WLSLQGHNLXDQ WHVWXXXQGD\DSWDNUREDVLGHQHWNLOHQHQIDEULND\HWNLOLOHUL9HFLKLn\H$XVWRVnWH$WODQWLNXXXQXWHNOLIHWPLOHUGLU%XQDHNLSHIL&HYDW$EEDV%H\L]LQYHUPHGLLJLEL)UDQV]$HUR.XOEGHELU7UNnQE\OHELUXXDOD\NJUOPHVLQHNDUNPWU%XXXGDKDVRQUD$PHULNDO&KDUOHV$/LQGEHUJKWDUDIQGDQ1HZ

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    %\OHFH 9HFLKL E\N XPXWODUOD \DSW XD 7UNL\HnGH U DDFDN]DQQHGHUNHQ7UNKDYDFONPDNDPODUQFDRQD\ODQPDPKDWWDXDQDHONRQXODUDNXPDVQDPVDDGHHGLOPHPLWLU2\VDXDQDHURGLQDPLN]HOOLNOHULQL OHFHN DOHWOHULQ ROPD\ EX PDNDPODUQ HNVLNOLLGLU EXVRUXQX]PHOHULJHUHNPH]PL\GL"9HFLKL EX NRQXGD NLWDEQGD XQODU V\O\RU o2 WDULKWH 7UN KDYDWHNLODWQGDWD\\DUHPKHQGLVL\RNWX+DWWDKDYDFONLOPLQHYDNIDUNDGDGD\RNWX+DYD8PXUX8PXP0IHWWLOLN%HLQFLXEHVLQLQYD]LIHVLVDWQDOQDQ WD\\DUHOHULQ QRUPDO LOHPOHULQL \DSPDNWDQ LEDUHWWL 6DWQ DOQDQWD\\DUHOHU JHOLU (VNLHKLUnGH NRPLV\RQ KX]XUXQGD XXUXOXU YH NDEXOUDSRUXJHOLQFHIHQXEHVLEXPXDPHOH\LWHNPOHWWLULUGLp*QOP] LVWHU NL EXJQ 9HFLKLn\H DUWN KHU H\LPL] WDP GL\HELOHOLP$PDQH\D]NNLGL\HPL\RUX]YHD\QVNQWODU\D\RUX]$QFDN(NLPnGH7UN+DYDFOLLQRNQHPOLYHDY+DYDFOLLQVHYLQGLULFLELUJHOLPH ROGX 0LOOL 6DYXQPD %DNDQO LOH 8ODWUPD %DNDQO DUDVQGD\DSODQELUSURWRNROOHJUH786$WDUDIQGDQWDVDUODQDUDN\DSOPDNWDRODQ\HUOL+UNXHLWLPXDSURMHVL]HULQGHQ($6$ $YUXSD6LYLO+DYDFON2WRULWHVLLOHVHUWLILNDV\RQLOHPOHULJHUHNOHWLUHFHN

    +UNXDJHV

    7D\\DUHFL9HFLKL%H\7UN7D\\DUH&HPL\HWL$QNDUD

    9HFLKL;,9WLSLWD\\DUHKHUQHNDGDUWHFUEHXXODUQGDYHWDNLEHQVWDQEXOnGDQNDONDUDN$QNDUDn\DNDGDUKDYD\ROX\OD\DSWXXODUODXX NDELOL\HWLQLQ \HULQGH ROGXX DQODOP LVH GH WD\\DUHQLQDHURGLQDPLN YDVIODUQ WHVSLW HGHFHN HOLPL]GH KL ELU YDVWDEXOXQPDGQGDQ IHQQHQPXD\HQHVLQH LPNQ JUOPHPL YH EXVXUHWOHLFDSHGHQVH\UVHIHUYHVLNDVYHULOHPHPLWLU

    P]D009+DYD8PXUX8PXP6LYLO+DYFON*HQHO0GUO0IHWWLL

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    P]D WUHQLQGH NRQXDQ 8ODWUPD %DNDQ %LQDOL

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    (HU KDNLNDWHQ )HQ XEHVL EX WD\\DUHQLQPXD\HQHVLQHPXNWHGLU GHLOVHEXPXD\HQHQLQELUGRVWGHYOHWVHUYLV WHNQLLQGH\DSWUOPDVE\N(UNDQ+DUEL\HnPL]LLQPPNQROPD\DQELUPHVHOHGHLOGLU0HVHODKNPHWLPL]LQVRQ WD\\DUH VDWQ DOG HNRVORYDN\D KNPHWL VHUYLV WHNQLLQH EX IHQQLPXD\HQH\L WHYGL HWPHVL KL JD\UL WDELL ELU H\ ROPD] +XVXVX LOH HNWD\\DUHFLOLLYHWHNQLL\NVHN$YUXSDGHYOHWOHULQLQLLQGHHQ\DNQRODQGU%XVXUHWOHEXPLOOLHVHULQKDNLNLN\PHWLWDPRODUDNPH\GDQDNPROXUp%LUND JQ VRQUD )XDW %XOFDnQQ GD JLULLPOHUL QHWLFHVLQGH 7UN +DYD.XUXPXnQGDQ .DVP WDULK YH QXPDUDO L]LQ EHOJHVL JHOLU*HQHONXUPD\ %DNDQ )HY]L DNPDN WDUDIQGDQ LP]DO EHOJHGH o9HFLKL%H\nLQPLOOLPFDGHOHGHRNKL]PHWLJUOPGHHUOLELUWD\\DUHFLROPDVQWDNGLUHQp 9HFLKL;,9 XDQQ HNRVORYDN\DnGD VHUWLILNDODQPDV LLQ JHUHNOLPVDDGH YHULOPLWLU )HY]LDNPDN 9HFLKLn\L .XUWXOX 6DYDnQGDJVWHUGLLEDDUGDQGH\LP\HULQGH\VHJ]NDUDSLORWOXXQGDQWDQPDNWDGU%X VHIHU 9HFLKL *D]LHPLUnGH NDODQ XDQQ DNVLQH XDQ NXUWDUPWU8DQ $QNDUDnGD VNP YHULOHQ YDJRQD \HUOHWLUPL YH GHPLU\ROX LOH+D\GDUSDDn\D RUDGDQ GD 3UDJnD JQGHUPL NHQGLVL GH YL]H LOHPOHULQLWDPDPODGNWDQVRQUDEDNDELUWUHQOH3UDJnDJLWPLWLU3UDJnGD LON L RODUDN HNRVORYDN\D 8ODWUPD %DNDQO +DYDFON 'DLUHVLnQHPUDFDDW HGHU .HQGLVLQH 'U 0K 6W\KD HOLN HGHU YH GHYOHWL DGQD RN\DUGPFROXU HNKNPHWL 7UN%\NHOLOLLQLQJLULLPOHUL LOH 9HFLKLnQLQXDQQVHUWLILNDODQPDVQELUGHYOHWLLRODUDNNDEXOHWPLYHJHUHNOLNROD\OVDODPWU %XUDGD XQX DQO\RUX] NL 7UNL\H &XPKXUL\HWL 'HYOHWLQGHQED] \HWNLOLOHU 9HFLKLn\H VDKLS NP YH 7UN %\NHOLOLLQL EX NRQXGDJUHYOHQGLUPLWLU9HFLKL;,9 XD 8OXVODU DUDV 6LYLO +DYDFON .RPLV\RQX &,1$ &RPPLWWH,QWHUQDWLRQDOGH1DYLJDWLRQ$HULHQWDUDIQGDQNWKDYDDUWODUQQDOWQGDr1LVDQWDULKOHULDUDVQGDDOWWHVWXXXQDWDELWXWXOPXWXU

    %XWHVWOHUYHPHWUHRODUDNJHUHNOHWLULOPL PHWUHGH VFDNON & GHUHFH\H GW KDOGH EDDU\ODJHUHNOHWLULOPLWLU8DN\DSVQGDNXOODQODQWPPDO]HPHOHULQLQVHUWOLNYHVDODPONWHVWNRQWUROOHULQHWLFHVLQGHo'Q\DQQHQL\LVSRUWD\\DUHOHULQGHQELULGLUpGL\H3UDJnGDVHUWLILNDODQGUOPWU

    +UNXDJHV

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    %X WHVWOHUL \LQH 9HFLKLnQLQ NLWDEQGDQ DOQW \DSDUDN DNWDUPDPQ HQ GRUXLROGXXQXGQ\RUXPQNRQXQLLQGHHQQHPOLNRQXHNWLLELUVU]RUOXNWDQ]L\DGHXDQQVHUWLILNDODQPDVLGL%HQLPLLQLVHHOLPGHELUNRS\DVEXOXQDQVD\IDON\OQGDYHULOPL9HFLKL;,9XDQDDLWVWDWLNKHVDSUDSRUXQXQQHPLQLDQODWPDNWU%XVHUWLILNDEDVLWELUPDUDQJR]KDQHGH\DSODQ EX XDQ DVOQGD GQ\D VWDQGDUWODUQGD ROGXXQXQ NDQWGU %XD\Q]DPDQGDR\OODUGD9HFLKLnQLQWHNQLV\HQYHSLORWRODUDNNHQGLGH\LPLLOHKDYDFONLOPLQGHQHUGHROGXXQXQGDJVWHUJHVLGLU7UNL\HEXVUDGD\XUWGQGDQXDNDOPDNWDYH.D\VHUL7D\\DUH)DEULNDVnQGDGD OLVDQV DOWQGDXDNUHWPH\H DOPDNWD DQFDN \DQ EDQGDNL 9HFLKLn\LJUHPHPHNWHGLU *QP]GH GH D\Q KDWDODUQ \DSOPDPDV DGQD EXNRQX\XJHQLYHQHWRODUDNDQODWPD\DDOPDNWD\P3UDJn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

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    HGHUHNLNLQFLNLORPHWUH\LGH\DSWNWDQVRQUDOLPDQDLQGLP1HWLFH $UDGDNL LQL NDON GD GKLO ROPDN ]HUH \DSODQ KHVDED JUHWD\\DUHQLQ VH\DKDW VUDWL RUWDODPD RODUDN VDDWWH NLORPHWUH RODUDNWHVSLWHGLOGL'UGQF7HVW8XX1LVDQ(Q\NVHNVUDWLQYHHQGNWXWXQPDVUDWLQLQWHVSLWLWHFUEHVLLGL)HQDKDYD VHEHEL\OHPRWRU GHYUL XINL XXWD QRUPDOGH LNHQ n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

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    EUDNP YH EHQL EX VDPLPL EH\DQ\ODPHPQXQ HWPLWL +HPHQ WD\\DUHPLQ\DQQDJHOHUHNLLQGHNLID]ODDUONODUNDUGPYHKDYDODQGP

  • 87

    0KHQGLVOLN0LPDUON\NOHUL9,

    'DKDVRQUD9HFLKLXDLOH7UN+DYD.XUXPXQDPQDLNLWXUQH\DSPWUO LO ELQOHUFH NLORPHWUH XDUDN 7+.n\ WDQWP YH ELURN 7UN JHQFLQLXXUDUDNRQODUDKDYDFOVHYGLUPLWLU7UN +DYD .XUXPX QDPQD ELULQFL WXUQH .]OFDKDPDP *HUHGH %ROX(UHOL=RQJXOGDN&LGH6LQRS6DPVXQ7UDE]RQ6DUNOD$NGDPDGHQL6RUJXQ

  • 88

    0KHQGLVOLN0LPDUON\NOHUL9,

    1XUL 'HPLUD \OQGD KDYDFON VDQD\LQL NXUPD DEDODU LLQGH]L\DUHWHWWLLIDEULNDVQGD9HFLKLn\Ho2NXOXQX]DQDVO\DUGPHGHELOLULP"pGL\HVRUDU9HFLKLo1XUL%H\RNXOXPX]D\DSODFDNHQJ]HO\DUGPXXDUDODUP]DELUXDNGDKDNDWPDNODPPNQGUpGHU'HPLUDnQo*]HOELUXDQPDOL\HWLQL YHQHNDGDU ]DPDQGD \DSOGQEDQD V\OH\HELOLUPLVLQL]"pVRUXVXQDo(YHWHIHQGLPDWO\HPL]GHELUXDQ\DSP\DNODNRODUDNJQONVUHYHPDOL\HWGHOLUDFLYDUQGDROX\RUpFHYDEQYHULU

  • 89

    0KHQGLVOLN0LPDUON\NOHUL9,

    RQXQPXWOXOXX ROXU 1H \D]N NL (NLP nGD N] JLEL E\WW\HHQL(ULEHnQLQSDUDWQQDOPDPDVQHGHQL\OHGPHVLYH(NLPJQHKLWROPDVRQXRN]PWU\OQGD$WDWUNnQWDOLPDW]HULQH7+.WDUDIQGDQ$OPDQ\Dn\D:HLPDU0KHQGLVOLN0HNWHELnQH LKWLVDV VQIQGDHLWLPLQHJQGHULOLU%LUEXXN\O VRQUDPH]XQ ROPX XEDW nGD 7D\\DUH0DNLQH0KHQGLVOLLGLSORPDVQDOPWU

    7UNL\Hn\H GQGQGH %D\QGUON%DNDQOQD EDYXUDUDN o7D\\DUH0KHQGLVOLL 5XKVDWQDPHVLQLp DOPDNLVWHPL DQFDN \HWNLOLOHU oLNL \OGDPKHQGLV ROXQPD]p GL\H ELU JHUHNHLOH WDOHELQL NDEXO HWPHPLOHUGLU0KHQGLVOLLQL 'DQWD\ NDUDU LOHNDEXO HWWLULU2\VD 7UNL\Hn\H RN E\NPLWOHUOH GQPWU $WDWUNnQ OPLOH \OQGD 7UN +DYD .XUXPXnQGDGD NDGURODU GHLWLULOPLWLU GROD\V LOH\QHWLP DQOD\ GD GHLPLWLU 7+.\QHWLPL RQX 9DQ HKULQH WD\LQ HGHUEXQXQ ]HULQH 7+.nGDQ ELU NH] GDKDLVWLIDHWPHN]RUXQGDEUDNOU$\QWDULKOHUGH$YUXSDYH$%'+DYDFON

    6DQD\LQLQ JHOLPHVL LLQ 9HFLKLnOHUH E\N GHVWHNOHU YHULOPLWLU %XQXQQHWUQHL,JRU6LNRUVN\nGLU\OQGD5XV\DnGDQ$PHULNDn\DJHGHQ6LNRUVN\$PHULNDQKNPHWLQGHQGHVWHNJUPYH\OQGD\DSWXDNODRN\DQXVXJHPLWLU9HFLKL $OPDQ -XQNHUV ILUPDV LOH 7207$ GQHPLQGH DOP -X $XDNODUQQXXNXPDQGDVLVWHPOHULQGH\DSWPRGLILNDV\RQODUOD3URIHVU-XQNHUV WDUDIQGDQ E\N WDNGLU WRSODPWU 3URIHVU -XQNHUV 9HFLKLnQLQIDEULNDVQGDQX]DNODPDVQ LVWHPHGLLQL EHOLUWPL IDNDW 9HFLKL KLELU]DPDQPHPOHNHWLQGHQD\UOPD\GQPHPLWLU

    ON7UNED\DQKDYDFHKLGLPL]GLU.DEUL$QNDUD&HEHFLHKLWOLLQGHGLU+UNXDJHV

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    2QXQHQE\NDU]XVXYHKHGHIL$WDWUNnQ7UN+DYD.XUXPXnQXQNXUXOPDVQVDOD\DUDN JVWHUGLL KHGHI RODQ o8DN YH PRWRUODUQQ PHPOHNHWLPL]GH\DSOPDVpV\OHPLQLKD\DWDJHLUPHNROPXWXUQNREXQXQVNQWODUQ.XUWXOX 6DYD HVQDVQGD \DDPWU YH PDO]HPH HNVLNOLLQGHQ NUN NNNDQDWODUODXPDQQQHGHPHNROGXXQXRNL\LELOLU%XJQEDNWP]GD9HFLKL+UNXnXQ0XVWDID.HPDOnLQQHGHPHNLVWHGLLQLHQL\LDQOD\DQLONHYHGHYULPOHULQLHQL\LX\JXOD\DQ7UNVWLNODOLYH&XPKXUL\HWLLLQ\OPDGDQDODQELUNLLROGXXQXQHWRODUDNDQO\RUX]

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    %XQD UDPHQ HOLQGH NDODQ VRQ XDQ 7&(5. GD0DGHQ 7HWNLN $UDPD(QVWLWVnQQHPULQGHNXOODQDUDN*QH\'RX$QDGROXnGDWRU\XPXUDQ\XPYHIRVIDWDUD\DUDN]RUGRDNRXOODUQGDDOU+D\DWQQ VRQODUQGD RN VNQW HNPL ERUODQGUOP XDPD\DFDNGXUXPDGUOHQXDNODUQQVLJRUWDJLGHUOHULYHEXQODUQIDL]OHULERUFXQDHNOHQPL LFUD WDNLSOHUL GDYDODU QHGHQL LOH YDWDQD KL]PHW WHUWLELQGHQNHQGLVLQHEDODQDQRN\HWHUVL]PDDQDELOHKDFL]NRQPXWXU$QNDUDnGD DQODUQ \D]DUNHQ EH\LQ NDQDPDVQGDQ NRPD\D JLUHU *]OHULYH NDOEL JNOHUGH RODQ 9HFLKL +UNX LQVDQODUQ D\D D\DN EDVPDN ]HUHGQ\DGDQ D\UOG JQ RODQ 7HPPX] WDULKLQGH *OKDQH $VNHUL7S$NDGHPLVL+DVWDQHVLnQGHKD\DWDJ]OHULQL \XPDU$QNDUD&HEHFL$VUL0H]DUOnQGDHEHGLLVWLUDKDWLQHGHIQHGLOLU

    o9(&+;,9nnON7UNVSRUHLWLPXDQQPRQWDM

    *QO+UNXDULYL

    9HFLKLnQLQ\DSWLLQXOXVODUDUDVVWDQGDUWODUVHYL\HVLQGHROGXXQXLNL IRWRUDIQ N\DVODQPDV LOH D\Q WHNQLLQ NXOODQG RN NROD\DQODODELOLU

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    786$.77(LWLP8DQQ0RQWDMKDWW

    9(&+;,9ON7UNVSRUHLWLPXDQQPRQWDM*QO+UNXDULYL

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    o9(&+;,9nn

    ON7UN6SRU(LWLP8D

    *QO+UNDULYL

    9HFLKL ;,9 XDQQ &,1$ VWDWLN KHVDSODPD UDSRUXQD JUH ER\XWODU YHWHNQLN]HOOLNOHUL7DPJHQLOLN P7DPX]XQOXN P7DP\NVHNOLN P.DQDWWDPDVDWK PNDUH$UONODU%RDUON NJ%LQHQOHU NJNLNLLOLN$NDU\DNW NJ%DJDM NJ7DPXXDUO NJ.DQDGDGHQDUON NJ0RWUGHNXYYHWHGHQDUON NJ8XYDVIODU6SHFLILFDWLRQ

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    7XWXQPDK] NPVDDWQLVUDWL NPVDDW+]ND\G 9ULONPVDDW7DPXXDUOLOHNDONPHVDIHVLPQLPHVDIHVL P7DPDUONODPPQLDONDON PQLPPQLDOLQL P3HUYDQH DS PP+DWYHX]XQOXX PP

    o9(&+;,9nnON7UN6SRU(LWLP8D*QO+UNDULYL

    8DQDVNHUOHUWDUDIQGDQHONRQXODUDNXXXQDPVDDGHHGLOPH\LL

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    o9(&+;,9nnON7UN6SRU(LWLP8D*QO+UNDULYL

    9HFLKL+5.8

    \O7UNL\HWXUQHVL0XOD

    9HFLKL+5.8YH0DNLQLVWL+DPLG7UN7D\\DUH&HPL\HWL

    7+.QDPQD\OQGDLNLNH]7UNL\HWXUX\DSDUDN7UN+DYD.XUXPXnQXYHKDYDFO

    7UNKDONQDWDQWPWU

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    o9(&+;,9nnON7UN6SRU(LWLP8D*QO+UNDULYL8OXV*HQOLNSDUNNDUVQGD'HYOHW7L\DWURELQDVQQ]HULQGH

    7UN+DYD.XUXPXQDPQDELULQFLWXUQH.]OFDKDPDP*HUHGH%ROX(UHOL=RQJXOGDN&LGH

    6LQRS6DPVXQ7UDE]RQ6DUNOD$NGDPDGHQL6RUJXQ

  • 97

    0KHQGLVOLN0LPDUON\NOHUL9,

    o9(&+;9o(LWLP8D*QO+UNDULYL9HFLKL6LYLO7D\\DUH0HNWHELUHQFLVL7UNL\HnQLQONVLYLO%D\DQSLORWX

    %HGUL\H7DKLU*NPHQ

    o9(&+;9nn(LWLP8D79+0'HQHL

    DULYL

    $OWWDQWHNNDQDWOWHNPRWRUOXLNLNLLOLNYHDKDSSHUYDQHOLNRQVWUNVL\RQXPHWDODKDS0RWRUJF+3$]DPL

    VUDWLNPKUWLIDVPHWUHLGL

  • 98

    0KHQGLVOLN0LPDUON\NOHUL9,

    9(&+r;9nn(LWLP8D(WLPHVJXW79+0'HQHLDULYL

    9HFLKL+UNX\OQGD7UN.XXQXNXUPXYHNHQGL\DSW9HFLKLXDLOHHLWLPOHUYHUPLWLU2XXODUGDQELULQGH

    o9(&+;9,p

  • 99

    0KHQGLVOLN0LPDUON\NOHUL9,

    8$.02725/868.,=$,9(&+6.;

    *QP]GH +RZHUFUDIW RODUDN DGODQGUODQ 'HQL] N]D \OQGDLFDWNDU NLLOLN 9HFLKL WDUDIQGDQ \DSOP 'HQL] .XYYHWOHULQH VDWOPD\DDOOPIDNDW'HQL]NXYYHWOHULVLSDULYHUPHPLWLU1H\D]NNL9HFLKLnQLQEXPNHPPHOWDVDUPGDJHUHNOLGHHULQLYH\HULQLEXODPDPWUo%RGXUPDNRNNWLGL'Q\RUXPKLROPD]VDPXDVUWHNPOHX\JXQ ELU H\ \DSDUDN PLOOHWLPL]LQ PXKWD ROGXX K] VDOD\DQ ELUDUDPH\GDQDJHWLUH\LP %XGQFH LOH SODQODUQ KD]UODGP YH NWLVDW9HNOHWLQGHQ SDWHQWLQL GH DOPWP r \OODU XDPQ NDEXOPFDGHOHP RQX WDNLS HGHQ \XUW XXODUP DWP RNXOXQ NXUXOXXDOPDODUYHRNXODXDNODU\DSPLOHULJLELDU LOHUEXHVHUL\DSPD\DLPNQYHUPHPLWLIDNDW\OQGDD\UELUHNLSWHNLOHGHUHNDWO\HPLQDOPDODU DUDVQD EX LQDDW GD LODYH HWPLWLP QDDWWDQ VRQUD GHQL]HLQGLUHUHN \DSWP WHFUEHOHUGH NXOODQ YH VUDW EDNPQGDQ GHHUOHULD\QHQEXOPXWXP6UDWNPVHQPH\HFHNELUGHUHFHPLOGL]HOOLNOHVH\LUKDOLQGHVXNHVLPLQLQGPHQOHUDOWGKLOFPROXXGHQL]FLOHULPL]LQQHPOHGLNNDWLQL HNPLWL EX VXNHVLPD]O HQ V \HUOHUHJLUHELOPHNYDVIQDPDOLNELUGHQL]DUDFROPXWX%L]EXRNXOXXJUHYOHULQGHGHQL]DFLOVHUYLVLRODUDNNXOODQ\RUGXNp

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    9HFLKL+UNXnXQ\DSW8DNODUYH'HQL].]DOLVWHVL1. 9HFLKL .9, ..DUD2. 9HFLKL ;,9 3. 9HFLKL ;9 4. 9HFLKL ;,9' ''HQL]5. 9HFLKL ;9, 6. 9HFLKL ;9,' 7. 9HFLKL 6.; 6.6X.]D

    'H+DZLOODQG8D+UNX+DYD

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    7UN KDYDFO LLQ E\N ]YHUL LOH DODQ 9HFLKLnQLQ DW EX \ROGDLOHUOHPH\H DODQ ELUL RODUDN RQXQ RN GHHUOL V]OHULQH WDPDP\ODNDWODUDNEXNVPQRNWDO\RUXP

    o)DNDWXQXWPDPDNOD]PGUNLE\N$WDnQQ\DUDWWELU\XUWYHELUFXPKXUL\HWLGDUHVLLLQGH\D\RUX]$WDP]QXV]HQJYHQOL

    NXYYHWLPL]GLU(\7UNJHQOLLPXKWDROGXXQNXGUHWGDPDUODUQGDNLDVLONDQGD

    PHYFXWWXUWHEXV]LLQLQDQ\RUXPNL7UN&XPKXUL\HWNOWUEXJQGHLOVHELOH\DUQKHULPNQKD]UOD\DFDNYHPLOOL\HWVHYJLVLEDQNXUDFDNYH

    LQNOSNOWUQNXUDFDNWUp%DVQGD9HFLKL+UNXZZZWD\\DUHFLYHFLKLFRP

  • 0KHQGLVOLN0LPDUON\NOHUL9,

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    (N%DEDNDQON&XPKXUL\HW$ULYL9HFLKL+UNXnXQ&XPKXUL\HW+DON)UNDV*HQHO6HNUHWHULQH8X2NXOXnQD9HFLKL6LYLO7D\\DUH0HNWHEL\DUGP\DSOPDVLLQ\D]GNLQFLPHNWXEX

  • 0KHQGLVOLN0LPDUON\NOHUL9,

  • 5$
  • 0KHQGLVOLN0LPDUON\NOHUL9,

    5$

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    WH.DUDNXUWYH%R]NXUWNDUGHOHULQEDDU\NVGHEXVUSUL]OHUDUDVQGDGUNL NDUGH ORNRPRWLILQ RUWD\D N R WDULKOHU LLQ ONHQLQ EXKDU D LOHWDQPDVUHFLRODUDNGHHUOHQGLULOHELOLU'HPLU\ROFXOXXQELUNHQDUDLWLOPH\HEDODQGEX]DPDQGLOLPLQGH(VNLHKLU&HU$WO\HVLQGHUHWLOHQLNLNNEXKDUO ORNRPRWLI o0HKPHWLNp YH o(IHp \DUDWWNODU PKHQGLVOLN ELULNLPLLOHE\NEXKDUO ORNRPRWLIOHULQLQDUJHGQHPLROPXODUGU%XGXUXP&HUDWO\HVLQLQJXUXUXRODUDNLIDGHEXOXUNHQ.DUDNXUWYH%R]NXUWnXQGRXXLLQXPXWROPXWXU.DUDNXUW %XKDUO /RNRPRWLILQLQ GRXP \HUL (VNLHKLU &HU $WO\HVLnQLQNVD WDULKHVL 7UNL\H /RNRPRWLI YH0RWRU 6DQD\LL $nQLQ 7/206$ZHEVD\IDVQGDQGHUOHQHQELOJLOHUHJUH\OHGLU(VNLHKLUnLQ GHPLU\ROX\OD WDQPDV nGH VWDQEXO%DGDW GHPLU\ROXKDWWQQNHQWWHQJHPHVL\OHEDODU$\QWDULKWH$OPDQODUWDUDIQGDQ$QDGROX%DGDW GHPLU\ROX\OD LOJLOL EXKDUO ORNRPRWLI YH YDJRQ WDPLUL LKWL\DFQNDUODPDN]HUH(VNLHKLUnGH$QDGROX2VPDQO.XPSDQ\DVDGYHULOHQNN

    DWO\H NXUXODUDN EXJQN7/206$nQ WHPHOLDWOU $QDGROX2VPDQO.XPSDQ\DVnQQ DG 0DUWnGH.XYDL0LOOL\HWDUDIQGDQDGo(VNLHKLU&HU$WO\HVLp RODUDN GHLWLULOLU(VNLHKLU &HU $WO\HVLnQGH\OODUQGD.SU'HPLU\ROX 0DNDV .DQWDUYH \RO HPQL\HWL LOH LOJLOLPDO]HPHOHU UHWHFHN.D]DQKDQH DUNKDQH0DUDQJR]KDQH JLELELULPOHU KL]PHWH JLUHUHNGD EDPOOQ NUOPDVDGQDQHPOL\RONDWHGLOLU%X VXUHWOH WDPLUDW YDVI\DQQGD LPDOWON YDVIGDKD EDUL] ELU KYL\HWDOPWU&HU$WO\HVL.D]DQKDQH

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    8VWD DLU 1D]P VDQNL FHU DWO\HVLQGH DODQ 6DEUL 8VWDQQ D]QGDQDQODWU VDQD\LOHPH\L \OQGD \D]G o0DNLQDODPDN VWL\RUXPpLLULQGHWUUUUXPWUUUUXPWUUUUXPWUDNWLNLWDNPDNLQDODPDNLVWL\RUXPEH\QLPGHQHWLPGHQLVNHOHWLPGHQJHOL\RUEXKHUGLQDPR\XDOWPDDOPDNLLQOGU\RUXPWNUNOGLOLPEDNUWHOOHUL\DO\RUGDPDUODUPGDNRYDO\RURWRGLUH]LQOHUORNRPRWLIOHULWUUUUXPWUUUUXPWUDNWLNLWDNPDNLQDODPDNLVWL\RUXPPXWODNEXQDELUDUHEXODFDPYHEHQDQFDNEDKWL\DURODFDPNDUQPDELUWUELQRWXUWXSNX\UXXPDLIWXVNXUXWDNWPJQWUUUUXPWUUUUXPWUDNWLNLWDNPDNLQDODPDNLVWL\RUXP$\GQ(QJLQ7UN7DULK9DNI

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    HNLHNPHJF@GHPHNWLU&HU$WO\HVLQGHmFHUnLQNHQGLVLQL\DSDFD]LPGLDQOD\DFDQ%HQRQDOW\DQGD\PHIHQGLRVUD.D]DQODIGX\XOGX \DPDKDOOHGH >(VNLHKLUnLQ HVNL NHQWPHUNH]L@ 2GXQSD]DUnQQDUNDVQGD RWXUX\RUX] R VUD \HWLNLQ XVWDPXDPHOHVL \DSOU ROGX EDQD%XKDUND]DQEXHIHQGLVWQGH*UXS.UXSS\D]P\RU7VHQ7K\VVHQ\D]P\RU m&HUn\D]\RU&HUp&HUoNXYYHWpGHPHNWLUDPDD\Q]DPDQGDRQX\DSDQ)DEULNDQQLVPLGLU2LVLPD\Q]DPDQGDEDDUDELOPHQLQJFGHPHNWLUFXPKXUL\HWGHPHNWLUEDPV]ONGHPHNWLUYHJHOHFHHXPXWODEDNDELOPHNGHPHNWLURNXDQJ]QGH2UWD$QDGROX0DNLQHYH$NVDPODUKUDFDWODU%LUOLL\D\Q0RPHQW(NLP6$

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    \OQGD ,, 'Q\D6DYDVRQDHULSVHIHUEHUOLNNDOGUOQFD JHUL GQHQLLOHUOHELUOLNWHDUWDQUHWLPNDSDVLWHVL LOH &HU $WO\HVLDG KO DWO\H ROVD GD ELUIDEULND KDOLQH JHOPLWL

  • 0KHQGLVOLN0LPDUON\NOHUL9,

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    7HNQLN]HOOLNOHULDDGD\HUDODQ.DUDNXUW\ORODUDNQJUOHQKL]PHWVUHVLQGHQ \O HUNHQ \OQGD GHPLU\ROODUQD YHGD HWWL +DOHQ(VNLHKLUnGH EXJQ 7/206$ DGQ DODQ (VNLHKLU &HU $WO\HVLnQGH7UNL\HnQLQ \HUOL WHNQRORML JHOLWLUPH DEDODUQQ ELU DQW RODUDN D\QGQHPLQUQ'HYULPRWRPRELOL\OHELUOLNWHVHUJLOHQPHNWHGLU

    0KHQGLVYH0DNLQDGD.DUDNXUWYH%R]NXUW

    .DUDNXUW7HNQLN]HOOLNOHU

    .DUDNXUW\ROODUGD

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    0DNLQD0KHQGLVOHUL2GDVWDUDIQGDQED\UDPWHEULNLQGHNXOODQODQ.DUDNXUWIRWRUDI

    .DUDNXUWLVWLUDKDWJDKQGD

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    .DUDNXUWnXQLNL]L%R]NXUW%R]NXUW %XKDUO /RNRPRWLILQLQ GRXP \HUL 6LYDV &HU $WO\HVLnQLQ NVDWDULKHVL 7UNL\H 'HPLU\ROX 0DNLQDODU 6DQD\LL $ 7'(06$ZHEVD\IDVYHGLHUND\QDNODUGDQGHUOHQHQELOJLOHUHJUH\OHGLU7UNL\H 'HPLU\ROX 0DNLQDODU 6DQD\LL $ 7'(06$ 7&''nQLQNXOODQPDNWD ROGXX EXKDUO ORNRPRWLI YH \N YDJRQODUQQ RQDUPQ\DSPDNJD\HVLLOH\OQGDo6LYDV&HU$WHO\HVLpDGDOWQGDLOHWPH\HDOPWU 6LYDV&HU$WHO\HVLn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

    %R]NXUW

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    .DUDNXUWnXQ LNL]L RODUDN \OQGD6LYDV &HU $WO\HVLnQGH VHULQXPDUDV\OD LPDO HGLOHQ %R]NXUWORNRPRWLILGH\OGROXGROXKL]PHWHWWLNWHQ VRQUD \OQGD HPHNOL\HD\UOG %R]NXUW GD .DUDNXUW JLELGRGXX \HUGH 6LYDVnWD UHWLOGLLIDEULND QQGH 7UN VDQD\LVLQLQJHOLLPLQL JVWHUHQ ELU DELGH RODUDNVHUJLOHQL\RU

    %R]NXUWLVWLUDKDWJDKQGD

    %R]NXUW WHNQLN ]HOOLNOHULQLQ GH \HU DOG WDEHODGD UHWLOGLL JQGHQEXJQHNDGDUJHHQ]DPDQNHQGLGX\JXODU\OD\OHGHHUOHQGLUL\RU

    %R]NXUWYH.DUDNXUWLVLPOLLNLEXKDUOORNRPRWLILQSODNDV

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    %HQ6LYDVGHPLU\ROXIDEULNDODUQGD7UNLLYHPKHQGLVLQLQHOELUOLLLOHLPDOHWWLL%R]NXUWLVLPOLQROXWDPDPHQ\HUOLLONORNRPRWLILP.DVPWDULKLQGH 7&''nQLQKL]PHWLQHJLUGLP*]HO \XUGXPXDUNDPGDELQOHUFHWRQ\NOHGRXGDQEDW\DNX]H\GHQJQH\H\]OHUFHNH]JHWLP+L]PHWVUDVQGDJHLUGLLPVD\V]KDVWDONGHPLU \ROXSHUVRQHOLQFH L\LOHWLULOGL

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    ]DPDQLVUDIHGLOPHNWHGLU%XVHEHSWHQEXLNLORNRPRWLILQLPDOLYHDU]DV]DOPDVPDQHYEDNPGDQE\NID\GDODUVDODPWU+DOEXNLEL]GHLONEXKDUOORNRPRWLILPDOHGLOGLL]DPDQODUGD$PHULNDYH$YUXSDnQQELURNPHPOHNHWOHULQGHEXKDUGHYULNDSDQPYH\DNDSDQPDN]HUHLGLeeepoee%X LPDODWQ QHPOL ELU FHSKHVL GH YDU \OH NL EX ORNRPRWLILQLPDOL'LHVHO ORNRPRWLIL LPDOLQLQSURJUDPDDOQPDVQDPXKDNNDN NL RN\DUGP HWPLWLU D\HW EX LNL ORNRPRWLI LPDO HGLOPHPL ROVD\G GL]HOORNRPRWLILLPDOLQLQNDEXOHGLOPHVLRN]RURODFDNYHEHONLGHKLPPNQROPD\DFDNW

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    .D\QDND

    0020KHQGLVYH0DNLQD'HUJLVL$ULYLKWWSZZZWXORPVDVFRPWUKWWSZZZWXGHPVDVJRYWUKWWSZZZWUDLQVRIWXUNH\FRPZSPZLNLSKS6WHDP6WHDPo'HPLU$ODUGDQUPFHN$ODUQDpPLW6DUDVODQ2WRSVLoONHPL]GHUHWLOHQON%XKDUO/RNRPRWLIOHU0HKPHWLNYH(IHp0DKPXW.LSHU0KHQGLVOLN0LPDUON\NOHUL9o&XPKXUL\HW'HPLU\ROXnQXQ.XYYHWVV(VNLHKLU&HU$WHO\HVLp0DKPXW.LSHU0KHQGLVOLN0LPDUON\NOHUL9o7UNL\HQLQON/RNRPRWLIL.DUDNXUWp0RPHQW(NLP6$

  • 0857$=$n1,1)$%5.$6,

    1DGLU$YDUROX0DGHQ0KHQGLVL

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    0857$=$n1,1)$%5.$6,RFXNOXXPXQ GHOLNDQOOPQ JHQOLLPLQ NHQWLGLU $GDQD $QFDNEHQVRNDNODUWXUXQNRNDQNHQWLPGHQD\UODO\OROGX$LOHPLQKDOD$GDQDnGDLNDPHWHWPHVLQHGHQL\OHIUVDWEXOGXNDJLGHURFXNOXXPXQYHJHQOLLPLQJHWLLVRNDNODUGDJH]HULP(Q VRQ LNL \O QFH JHPLWLP R IDEULNDQQ QQGHQ RFXNOXN\OODUPGDNL JLEL VWDV\RQ 0H\GDQnQQ \DQQGDQ JHWLP 'HPH0DKDOOHVLnQHJHOGLP )DEULNDQQGHYDVDEDKHVLQLQQQGHNL VDKDGDHVNLGHQ ROGXX JLEL GXYDUQ VWQH RWXUGXP YH \O QFHVLQL\HQLGHQ\DDPD\DDOWP$PDROPDG%XJHQLDODQGDLNLE\NELUGHNNIXWEROVDKDVYDUG+HOH\D]D\ODUJHOGLPL$GDQDnGDNLWPPDKDOOHWDNPODUEXUDGDPDKDOOHPD\DSPDNLLQVUD\DJLUHUGL$GDQDnQQRFHKHQQHPJLEL\D]VFDNODUQGDR WRSUDN VDKDGD WRS R\QDU EL]OHUL L]OHPH\H JHOHQOHUH NHQGLPL]LJVWHUPHNLVWHUGLN+LGHEDDUORODPD]GN\DYDUVQROVXQ%L]LPPDKDOOHGHNLRFXNODUVWDV\RQ0H\GDQnQGDQVDKD\DJLWPHOHULQHUDPHQ EHQ LIWH 0LQDUHnQLQ QQGHQ JHHU IXWERO R\QD\DFDP]VDKD\DJLGHUGLP$PD=HKUDnQQHYLQLQQQGHQJHPHNWL%LOLUGLP\D]D\ODUJHOGLPLKHPHQ\D\ODGDNLHYOHULQHJLGHUOHUGLDPDELUXPXW\DJLWPHPLVH%HONLSHQFHUHGHQJUUGP%\NODU\HQL WHUOHPL\DQGDNL ELU GHOLNDQOQQ XPXWODU\OD KHU VHIHULQGH DQVP GHQHUPRUDOLPLER]PDGDQ\ROXPDGHYDPHGHUGLP7XUXQNRNDQVRNDNODUGDQJHHUNHQR\OODUGDVRQGHPOHULQL\DDGQELOHPHGLLPRJ]HOLP0LOOL0HQVXFDWIDEULNDVQQQQGHQJHHUGLP%HQLP NXDPGD NLPH VRUVDQ] X QO UHSOLL ELOLU oEHQ JUGPNXUV DOGP VN WHUEL\H E\NOHULPGHQ *UVH\GLQ NXUV DOVD\GQ VNWHUEL\HE\NOHULQGHQNRQXPD]GQE\OHFDKLOV]OHU%LOLUGLQ\NVHNWLUELU YD]LIH KHU H\GHQp 2UKDQ .HPDOnLQ EX V]OHUOH VUHNOL JUHYLQ\FHOLLQLQHNDUDQoYD]LIHDGDPpNDKUDPDQ%HNL0XUWD]D0ILN.HQWHUnGHQ0MGDW*H]HQnHVD\V]R\XQFXQXQUROOHUL\OHVDKQHOHQHQYHRNVD\GD

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    NDOHPOHULQGHQ 2UKDQ .HPDO $GDQDnGDNL 0LOOL 0HQVXFDW IDEULNDVQGDDOPYHEXIDEULNDGDNDWLSOLN\DSP$QDGROXnQXQHLWOLEOJHOHULQGHQXNXURYDnQQEHUHNHWOLWRSUDNODUQDDOPDNLLQJHOHQYHRNXPD\D]PDELOPH\HQELURN$QDGROXRFXX0LOOL0HQVXFDWIDEULNDVQGDDOUNHQEURNUDWLNVRUXQODUQQ]PLLQIDEULNDNDWLEL2UKDQ.HPDOnLQ\DQQDJHOPHNWH YH 2UKDQ .HPDO GH EX LQVDQODUD \DUGPF ROXUNHQ RQODU GDJ]OHPHYHL]OHPHDQVQDVDKLSROXU%HONLGHEXJ]OHPOHUVRQXFXQGDo%HUHNHWOL 7RSUDNODU]HULQGHp YH0LOOL0HQVXFDW IDEULNDVQGDJHHQYHXOXVDOHGHEL\DWP]ODWL\DWURPX]XQXQXWXOPD]ODUDUDVQGD\HUDODQo%HNL0XUWD]DpDGOHVHUOHULQL\DUDWU.XUXOGXX \OODU RODQ nOHULQ EDQGD $GDQD NHQW PHUNH]LnQLQ RNGQGDRODQDQFDNE\\HQYHJHOLHQNHQWLOHELUOLNWHXDQGD'HPH0DKDOOHVLQGHNL NRQXPX LOH ELUOLNWH $GDQDnQQ WDP RUWDVQGD NDODQ0LOOL0HQVXFDW IDEULNDV \OQGD (UPHQL 6LP\RQROX HYODWODUQGDQ

    $ULVWLGL .R]PD WDUDIQGDQo6LP\RQROX)DEULNDVpDG\ODNXUXOPX 'DKD VRQUDKD]LQH\H JHHQ IDEULNDQQDG WWLKDW YH 7HUDNNL\QHWLPL WDUDIQGDQ o0LOOL)DEULNDp RODUDN GHLWLULOPL%LULQFL'Q\D6DYDVRQXQGD$GDQDn\LJDOHGHQ)UDQV]ODUIDEULND\ HVNL VDKLSOHULQHYHUPLOHU

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    .XUWXOX 6DYDnQQ DUGQGDQ WP $QDGROXnGD EDODWODQ VDQD\LOHPHKDPOHVLLOHELUOLNWHEXIDEULNDGDHWNLOHQPL0XVWDID.HPDOnLQo$GDQDnGDNLVDKLSVL] IDEULNDODU \HQLGHQ FDQODQGUPD WDOLPDWp ]HULQH DVOHQ WFFDURODQYHR \OODUGD$GDQDPLOOHWYHNLOOLL \DSDQ1XK1DFL

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    %UDNQ %HNL0XUWD]Dn\ ELU NHQDUD o2UKDQ.HPDOnL ELOH0LOOL0HQVXFDWIDEULNDV \DUDWPWUpJLEL LGGLDOELU V] V\OHVHPQHGHUHFHGRUXROXUELOPL\RUXP $QFDN2UKDQ .HPDOnLQ KD\DWQGD VRQ GHUHFH QHPOLGLU EXIDEULND0HVHOD RFXNODUQQ DQDV YH HL 1XUL\H +DQPnOD EX IDEULNDGDWDQU 2UKDQ .HPDO EX IDEULNDGD NWLS PVWDNEHO HL GH GRNXPDEOPQGHLLGLU2UKDQ.HPDOELU7UNL\HKLN\HVLGLUDVOQGD%WQHVHUOHULQGHn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n\ DUDFNR\DUDN LVWHWLU $VOQGD ]]HW8VWDn\ VL] GH WDQUVQ] NLWDSODUQQ E\NNDKUDPDQODUYDUGU]]HW8VWDO\DV8VWD%XXVWDODUGDELULVLQLVHPEROL]HHGHURXURPDQQGD2UKDQ.HPDOEXXVWDODUGDWDULIHWPHNWHGLURX%DONDQJPHQLPXKDFLUOHUJLELoVDUVDOPDYLJ]Op$PDRo8VWDpODUKLELU ]DPDQ VORJDQF GHLOGLU RN DNO EDQGDGUODU UQHLQ oNLWDSRNX\XQpGHUo$YDUH

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    NLLGLU o

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    IDEULND$GDQD.OWUYH7DELDW9DUONODUQ.RUXPD%OJH0GUOnQQDOGNDUDUODoNOWUYDUOHQGVWULPLUDVpRODUDNWHVFLOHGLOLU*HWLLPL]\OODUGD$GDQDnGDHNLPOHUL\DSODQo-DPHV%RQGoILOPLQLQVRQVHULVL RODQ o6N\IDOOpXQ DNVL\RQ VDKQHOHULQGH NXOODQODQ YH KDVDU JUHQRWRPRELOOHUWDULKL0LOOL0HQVXFDW)DEULNDVnQGD\DEDQFYH7UNWDPLUFLOHUWDUDIQGDQWDPLUHGLOLU$GDQDmQQLONVDQD\LWHVLVOHULQGHQRODQ\OQGDUHWLPGXUGXNWDQVRQUDUPH\HWHUNHGLOHQYHGDKDVRQUD$GDQD.OWUYH7DELDW9DUONODUQ.RUXPD%OJH.XUXOX0GUOWDUDIQGDQoNOWUYDUOHQGVWULPLUDVpRODUDNWHVFLOOHQHQDVUON0LOOL0HQVXFDW)DEULNDVEXNH]$GDQDmGDHNLPOHUL\DSODQo-DPHV%RQGoILOPLQLQVRQVHULVLRODQo6N\IDOOnXQWDPLUKDQHVLROXUnOL \OODUQ KHPHQ DUGQGDQ NHQWLQ RUWDVQGD QO \D]DU 2UKDQ.HPDOLQ o%HNL 0XUWD]Dp LVLPOL HVHULQLQ JHWLL \HU RODQ YH KHUNHVLQLWDKQ NDEDUWDQ GQP DUD]LVL LLQ $GDQD 7LFDUHW 2GDV $72QLYHUVLWHNXUPDNLLQPUDFDDWHGHU$GDQDnQQLONVDQD\LWHVLVOHULQGHQRODQ\OQGDUHWLPGXUGXNWDQVRQUDUPH\HWHUNHGLOHQYHGDKDVRQUD$GDQD.OWUYH7DELDW9DUONODUQ.RUXPD%OJH.XUXOX0GUOWDUDIQGDQ o.OWU YDUO HQGVWUL PLUDVp RODUDN WHVFLOOHQHQ DVUON 0LOOL0HQVXFDW)DEULNDVQQHLWLPDPDONXOODQOPDVSODQODQU%LUGQHPo2UKDQ.HPDO.OWU0HUNH]LpYH\Do2UKDQ.HPDO0]HVLpQHGQWUOPHVLJQGHPHJHOHQIDEULNDQQ'HPH0DKDOOHVLnQGHNLELQPHWUHNDUHOLNDUD]LVLQGHo]HOQLYHUVLWHDODQpROXWXUXOPDVQD\QHOLNLPDUSODQX\JXODPDVWHNOLIL$GDQD%\NHKLU%HOHGL\H0HFOLVLnQFHNDEXOHGLOLU%\OHFHDVUON0LOOL0HQVXFDW)DEULNDVnQQJHUHNOLL]LQOHUDOQGNWDQVRQUD$GDQD7LFDUHW2GDV$729DNIQLYHUVLWHVLRODUDNKL]PHWYHUPHVLSODQODQU $QFDN EX JHUHNOHPH] YH EX \HULQ ELU NOWUPHNDQ RODUDNNXOODQOPDVJHUHNWLLQLGQHQOHUND]DQU%LU V\OHLVLQGH 0LOOL 0HQVXFDWnQ NHQGLVLQH NDWWNODUQ \OH GLOHJHWLUPLWL 2UKDQ .HPDO o*XUEHWH NDQ $GDQDn\D LQHQ N\OOHUOH EXIDEULNDGDWDQWPUULLOHUL\OHSDPXNLLOHUL\OH2QODUQPHNWXSODUQGLOHNHOHULQL \D]GP +DON RFXNODUQQ HKLU PDGUDED]ODU HOLQGH QDVOVPUOGNOHULQL JUGPp

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    2UKDQ.HPDOnLQROX,NWEDNQQHGL\RUo6DQD\LQVDQDWQLLHROGXXE\OHELUPHNDQKHUKDOGHELUEDNDONHGHROVDLPGL\HNDGDURNWDQELUNOWUPHUNH]L\DGDP]HROXULQVDQODUNXFDNODUG%L]GHLVHNDGHULQHWHUNHGLOLSPWHDKKLWOHULEHNOL\RUp*HPLLPL]HDQODUP]DEXGHQOLPL\DEDQFROGXN"6RQ RODUDN \OQGD .OWU %DNDQOnQQ DOG ELU NDUDUOD $GDQD YH7UNL\HnQLQHQHVNLVDQD\LNXUXOXODUQGDQELULRODQ0LOOL0HQVXFDWIDEULNDVo.OWU0HUNH]LYH0]HpROPDVNDUDUDOQU0]HROPDVNDUDUODWUODQWDULKLELQDQQNXUWDUOPDVYHPLV\RQXQDX\JXQHNLOGHNXOODQOPDVEHQLPLLQVRQGHUHFHVHYLQGLULFL.OWUYH7XUL]P%DNDQOQQ0LOOL0HQVXFDWIDEULNDVLOHLOJLOLSURMHVLQGHIDUNOELUP]HDQOD\QSODQDNDUWO\RU0LOOL0HQVXFDW)DEULNDVnQQEXOXQGXX EOJH\H LQD HGLOHFHN RODQ P]HGH HKULQ GRDO WDULKLNOWUHO VDQD\L VSRU YH GLHU DODQODUGDNL WDULKVHO JHPLL \HGL D\UEUDQWDG]HQOHQHFHN]HQJLQELUNRQVHSWWHJHUHNOHWLULOPHVLSODQODQ\RUo7UNL\HnQLQVDDW\DD\DQLONP]HVLpNDYUDPLOHROXWXUXODFDNSURMH7UNL\HnGHELULONRODFDND\HW\DSOUVD

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    7UNL\HnGH HPVDOLEXOXQPD\DQ ]HOOLNWHNLEX P]HGH $GDQDnQQGRDO WDULKL NOWUHOVSRU VDQD\L YHSRSOHU DODQGD QHNDQ ]HOOLNOHULQLQVHUJLOHQHFHL NRQVHSWP]HOHU D\Q DODQGDDQFDN IDUNO EORNODUGD

    ]L\DUHWLOHUL\OH EXOXWXUXODFDN IDUNO EUDQ DOWQGD G]HQOHQHFHNP]HQLQ JHL \ROODUQGD HKULQ VHPERO ELWNL ]HQJLQOLLQH GH \HUYHULOPHVLSODQODQ\RU0LOOL0HQVXFDW0]HVLn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o%HNL 0XUWD]Dp 2UKDQ .HPDOnLQ 0LOOL 0HQVXFDW IDEULNDVQGD WDQGJ]OHGLL YH URPDQQ NDKUDPDQ \DSW \DD\DQELU NDUDNWHUGLU 5XPHOLJPHQLGLU0LOOL0HQVXFDWIDEULNDVQGDJHFHEHNLOLL\DSPDNWDGULQHRNDGDUEDOGUNL oIDEULNDVDKLELpELOHRQXQJHULVLQGHNDOU LONEDNWDoLLGPDQpYHoSDWURQXDpJLELJUQVHGHDVOQGDGHLOGLU\OHVLQHLJ]DUGU \OHVLQH NXUDOFGU NL DPLUOHULQL ELOH JHULGH EUDNU QN

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    o*UPWUNXUVDOPWUDPLUOHULQGHQWDNGLUp3DWURQ NSHNOLL \DSPDNWD \DUDQODUOD RQXQ \DSWNODU ELUELUOHUL\OHEDGDPD]o%HNL0XUWD]DpQQ\DDPGRUXOXNDQOD\GHHU\DUJODUYHJUHYDKODNRQODUGDQD\UGULNDQDODVDELOHHYODGQQKDVWDOQGDELOHNHQGLNXUDOODUQGDQDPD]%XNDWOLJ]DUO\]QGHQROXQXQJ]QGHELOHoHPHNLGPDQSDWURQ\DQGDVpGU3HNLo%HNL0XUWD]DpEXNDGDUSDWURQ\DUGDNVGUGDD\OQDFUHWLQH NXUX ]DP DOU P" $VOD R EWQ EXQODU NHQGLVL LLQ GHLO G]HQLLQ \DSPDNWDGU VPUG]HQLQLQ IDUNQGDELOHGHLOGLU2QXQJUHYLIDEULNDQQ UHWLPLQL GUPHPHN LLQ L JFQH QEHWLOLN \DSPDNWU.DIDVQGDWHNGRUXYDUGURGDEX7XWWXXQEHWLQKDQJLVQIQLLQHJHOGLLQLQNDUODUQNRUXGXXQXQIDUNQGDELOHGHLOGLUQNE\OHELUGQPH\HWHQHLELOH\RNWXU2UKDQ .HPDOnLQ E\N XVWDO UJDWED NWLS RGDF JLEL VHUPD\H\DUGDNODUQGDQ o%HNL 0XUWD]Dp\ D\UDELOPHVLGLU 2UKDQ .HPDOnLQURPDQODUQGDNL WRSUDN YH IDEULND LLOHUL L EXOPD ]RUOXX LOH KHU H\HJV JHUHQ VQI DWODPDN LLQ KHU HLW GDODYHUH\H NDWOPDNWD VDNQFDJUPH\HQ VWHOLN EX GDODYHUHOHUH NRDUDN JLGHQOHUGLU WH EXQODUQ\DQQGDo%HNL0XUWD]Dp\OHVDI\OHVLQHWHPL]GLUNLEX]HOOLNOHULRQXVHYLPOL\DSDU

    RFXNOXXPXQGHOLNDQOOPQJHQOLLPLQ NHQWLGLU $GDQD6RNDNODU WXUXQ NRNDU

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    %HQLP JHQOLN KD\DOOHULPL ELU NHQDUD EUDNU 0LOOL 0HQVXFDW JLEL \OONELU WDULK DELGHVLQLPHUDNHGHUVHQL] VL]GH'HPH0DKDOOHVLQGHQJHHUNHQ GQS ELU EDNQ2 DWO\H WLSL GRNXPD EOPOHULQL JHWLNWHQVRQUDNKQHPLSDVODQPGHYJLELELUNDSJUUVQ]%XHVNLPLYH\OODUGU NXOODQOPD\DQ NRUXQDNO NDSQQ KHPHQ \DQQGD %HNL 0XUWD]DKDODJHFHYDUGL\DVQGDGUQN 0XUWD]DnQQ R QO UHSOLLQGH GH GHGLL JLEL o\XNDUGD $OODK$QNDUDnGDGHYOHWKHPGHKNPHWEXUDGDGDEHQp'RUXGXU]HULQGHQ\OODU JHHU LQVDQODU OU IDEULNDODU UU GXYDUODU GNOU NDSODUSDVODQU$PD0LOOL0HQVXFDWIDEULNDVLOH%HNL0XUWD]DELUEWQGUYHKDODRUDGDGU

  • .218$1)$%5.$%$&$6,

    (NUHP0XUDW=DPDQ0DGHQ0KHQGLVL

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    .218$1)$%5.$%$&$6, (NLP WDULKLQGH &HODO %D\DUnQo %DQNDV KDY]D\D D\DN DWPDNVXUHWL\OH PLOOL WHNQLLQ GLHUOHULQH QXPXQH UQHN RODFDN GHUHFHGH\NVHNROPDNOL\DNDWLQL\HWHUOLOLLQLYHHVHULQLJVWHUPLWLU%DQNDVnQQNPULVWLKVDOLQGHNLUHWLPLQGHNLWHNQLNPXYDIIDNL\HWLGLUEDDUVGUNLEL]HLVWLNEDOJHOHFHNLLQGDKDNXYYHWOLDGPODUDWPDNPLWYHLPNQQJVWHUPLWLULPGLJLUGLLPL]NVPYHKHGHINPUVDQD\L]HULQHGLU9HRNPUVDQD\L]HULQGHDWODQDGPQLONPPHVVLOLWHPVLOFLVLLONSLGDUQFVEXJUGQ]IDEULNDGUpV]OHUL\OHDO\DSODQYHLQDGQDWHNEDQDD\DNWDGXUDQ&XPKXUL\HWnLQLONNRNIDEULNDVEDFDVQDIRWRUDIQHNPHN]HUH\DNODWPYHVRUGXPr1HGHQER\QXQXENWQ"p.HQWLQQDE]Q\RNOX\RUXPpGL\HFHYDSODGVRUXPX)RWRUDIPDNLQHVLQHSR]YHULUNHQRGDEDQDVRUGXo1HGHQNLPVHEHQLNRQXPX\RU"1HGHQED]ODUEDQDEDN\RUDPDJ]J]HJHOHPL\RUXP"p

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    o%DNPD LPGLOHUGH \OH WHN EDQD GXUGXXPDe'DKD (UHOL .PUOHULOHWPHVL(.NXUXOPDGDQQFH%DQNDVnQQUXKVDWQXPDUDORFDNWDNXUGXX0DGHQ .PU OHUL 7$ 75. WDUDIQGDQ \DSODQ ]OPH].RN )DEULNDVQQ PHWUH X]XQOXXQGDNL EDFDV\Pp GL\H EDODGDQODWPD\Deo%HQGHQQFH)UDQV]ODUQ\DQL(UHOLLUNHWLnQLQ=RQJXOGDNVDKLOLQGHELUNRNYHEULNHWWHVLVLYDUGDPDRQXQONH\H\DUDU\RNWXpGHGLYHDUGQGDQo$XVWRVnWH%DEDNDQVPHWQQYHNWLVDW%DNDQ&HODO

    %D\DU WDUDIQGDQ DWOGWHVLVOHULPLQ WHPHOLP.RSSHUV &RPSDQ\ ,QFWDUDIQGDQ \DSOGP

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    ]OPH].RN)DEULNDV'DKDVRQUDEDFDNPUKDY]DVQGDQUHWLOHQWHPL]WYHQDQQ\DQVUDYHNULEOHNPUQVDWDVXQXOGXXQXEHOLUWWL$\UFD\NDQPNPUQHQDOWUQRODUDNODYXDUGDQJHOHQWRQJQNPUH JUH DODQ]OPH] .RN IDEULNDV KDNNQGD X ELOJLOHUL YHUGLo%HQLP)DEULNDPKD]UODPDIUQODUYHWDNWLUKDQHOHUGDPWPDQLWHOHULROPDN]HUHNVPGDQROXXU )DEULNDGDNPU NXUXWPD LOHPLQGHQVRQUD GHLUPHQOHUGH LQFH WOU .XUXWXOPX YH WOP RODUDNLOHQHQNPUQV NRNNPUQHGQWUOU )UQODUGDNL WDNWLUVKXQHWLGDPWPDRUWDPVV\NVHNROPDGQGDQNRNLLQGHELUPLNWDUXXFXPDGGHEUDNOPDNWDYHEXQHGHQOHNRNNROD\ONOD\DQDELOPHNWH\GLoGHGLNWHQ VRQUD UQOHUL KDNNQGD LVH X ELOJLOHUL GH YHUGL o.PUQNDSDO ELU \HUGH NXUX NXUX\D WDNWLULQGHQ GDPWOPDVQGDQ VUDV\OD+DYDJD] +LGURMHQPHWDQNDUERQPRQRNVLWGR\PDPKLGURNDUERQODUNDUERQGLRNVLW YH D]RW .DWUDQ 0XKWHOLI FLQV KLGURNDUERQODU IHQROOHUQDIWDOLQDQWUHVDQ*D]VX\X$PRQ\DNNNUWOKLGURMHQVL\DQUDVLGLYV YH VRQUD GD .RN NWQ \DQL JHUL NDODQ NVPQ NRNp ROGXXQXV\OHGLo%LUWRQNPUGHQNJNRNNJNDWUDQOLWUHEHQ]ROPKDYDJD]HOGHHGLOLUGLpGL\HHNOHGL%XQODUDQODWUNHQELU\DQGDQGDEXUXPX\RUJXQHOOHUL\OHDQODWWNODUQDDQODPND]DQGUDQNPUWUHYOHULQLJVWHUHQDDFL]L\RUGX

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    .PUGHQrRUDQQGDHOGHHGLOHQNDWUDQGDPWODUDNLLQGHEXOXQDQPXKWHOLI PDGGHOHULQ ND\QDPD QRNWDODUQQ IDUNQGDQ \DUDUODQODUDN EXPDGGHOHULQ ELUELULQGHQ D\UOGQ EHOLUWWL 6]OHULQH \OH GHYDP HWWL

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    o.DWUDQQGDPWOPDVQGDQKDILI\DEHQ]ROWXOXHQGLHUKLGURNDUERQODURUWD \D IHQROOHU NUHR]ROOHU QDIWDOLQ GLHU KLGURNDUERQODU DU \DQDIWDOQ DU IHQROOHU KLGURNDUERQODU YH DQWUDVHQ \D DQWUDVHQIHQDQWUHQ KLGURNDUERQODU HOGH HGLOLU %XQODUGDQ JHUL\H NDODQ NVP GDNDUERQYHDU\DODUEQ\HVLQGHEXOXQGXUDQ]LIWnWLUp%DFD.RN)DEULNDVWHVLVOHULKDNNQGDGDXELOJL\LYHUGLo)DEULNDGD\DQ\DQDGL]LOPLELUEDWDU\DHNOLQGHDGHWNRNIUQPHYFXWWX%XIUQODUQKHUELULWRQNPUDOPDNWD\G*HQLOLLFPX]XQOXXP\NVHNOLLPRODQ IUQODUQ VD YH VROXQGD VWPD NDPDUDODUPHYFXWWX )UQ YHVWPD NDPDUDODU \NVHN VKXQHWH V\D PWHKDPPLO GD\DQNO DWHWXODVQGDQ\DSOPW+HUIUQQQYHDNDVQGDQLNLNDSDYDUG)UQODU]HOWHUWLEDWG]HQHNLOHGROGXUXOXUGX'ROGXUXOGXNWDQVDDWGDNLNDVRQUDNRNROXXUGX%XDUDGDKDYDJD]NDWUDQJLELXXFXPDGGHOHUJD]KDOLQGH\NVHNV\OD]HOELUEDFDDUDFO\ODJHQLELUERUXGDWRSODQUG%XUDGDVRXNVX\DUGP\ODrGHUHFH\HNDGDUVRXWXOXUNDWUDQPD\LVY KDOLQH JHHU YH GHSR\D DNDUG 'LHU PDGGHOHUGH VRXWXOPD\DGHYDPHGLOGLNHVYKDOLQHJHOLUYH]HOGHSRODUGDWRSODQUG+DYDJD]ERUXODUGDQ WXOXPEDODUOD HPLOLU YH \NDPD LOHPLQH DOQUG

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    %ULNHW KDNNQGD LVH o.XUXWXOPX YH WOP NPUH RUDQQGD]LIWnLQNDWOPDV\ODHOGHHGLOHQNDUPSUHVOHQHUHNNDOSODUKDOLQGHUQHOGHHGLOLUVDDWWHHOGHHGLOHQEULNHWWRQnGXUpELOJLVLQLYHUGLoON VDW YH QDNLO LOHPLQH WDULKLQGH EDODGQp EHOLUWWLNWHQVRQUDUHWLPOHULKDNNQGDXELOJLOHULYHUGLor\OODUDUDVQGD WRQVPLNRNUHWWLP=RQJXOGDNVPLNRNXQXQNDORULVL VWDQEXO*D]KDQH NRNXQD QD]DUDQ YH $OPDQ NRNXQD RUDQOD \NVHNROGXXUHVPL]POHPHOHUOHDQODOPWU%ULNHWLPDOLQHLVH\OQQVRQXQGDEDODQGYH\OVRQXQDNDGDUWRQGDEULNHWUHWWLPp

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    0D\VWDULKLQGH.RN)DEULNDV.DSDWOGnEDOLOHo'HPLUrHOLNIDEULNDODUQQNRNODPDQLWHOLLRODQNPUHLKWL\DFQQDUWWELUGQHPGHDOQDQ NDSDWPD NDUDUQD JHUHNH RODUDN IDEULNDQQ WDPLULQH KDUFDQDFDNSDUDQQID]ODWXWWXXJHUHNHJVWHULOL\RU)DEULNDQQIUQQGDQVLQLQDOWDODQIUQGDGDEDNPDLKWL\DGX\XOGXXEX\]GHQLLOHULQ\NVHNVGDDOWELOGLULOL\RU)DEULNDQQNDSDWOPDVQGDQVRQUDLLOHULQHVNL LOHULQH X\JXQ (.nQLQ GLHU L \HUOHULQH QDNOHGLOHFHL DNODQ\RUHNOLQGHNLDNODPDODUODJD]HWHOHULQQHPOLNRQXVX\GXPpGHGL8]XQ \OODU WHN EDQD D\DNWD GXUPD DEDV QHGHQL\OH \RUJXQ YHWHVLVOHULQQFH\NPDWHUNHGLOPHVLQGHQVRQUDGD\NOS\RNROPDVQGDQ]QWO\Go*LGLQEDNQ'Q\DnGDNLHPVDOOHULQHpGHGL]QW\OHer]OPH&XPKXUL\HWLNXUDQODUVHQL]OPHVLQGL\H]OPH]nHNR\PXODUGHGLP%R ELU WHVHOOL\GL EHQLPNL (Q RN GLNNDWLPL HNHQ NRQX LVH WHNQLNWHULPOHULQ YH \DEDF V]FNOHULQ ] 7UNH NDUONODUQ GD EDQD YHUPLROPDV\G o.PUQ EXUDGD \DD\DQODU GR\XUGXX \OODUQ ]HOOLL EXpGHGLr1DIWDOLQJLELEH\D]ODPVDNDOQGHGLPo1DIWDOLQGHGLQGHDNOPDJHOGLVRQRODUDNVDQDQDIWDOLQLQDVOUHWLUGLPRQX GD DQODWD\Pp GHGL YH XQODU DQODWW o2UWD \DODUGD EXOXQDQ r DUDVQGDNL QDIWDOLQ E\N WDYDODUGD NHQGL KDOLQH EUDNODUDNELOOXUODWUOUG

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    VDKLSOHQHQLQ \D GD RQXQ EXOXQGXX \HUGH EXJQ \DD\DQODUQ GHLOEWQLQVDQODUQRUWDNYDUOJHPLLGLUpGL\HHNOHGL.RQXDQEDFDGDQ]QW\OHD\UOGNWDQVRQUD1DIWDOLQLVRUXQFD*RRJOHnDX ELOJL\L YHUGL EDQD onGD LON GHID NPU NDWUDQQGDQ HOGH HGLOHQQDIWDOLQ PDGHQ NPU NDWUDQQQ IUDNVL\RQOX GHVWLQDV\RQXQGDQVDIODWUOPDVQGDQHOGHHGLOHQ]HONRNXOXEH\D]\RXQOXXQGDFnGHHUJL\HQFnGHND\QD\DQVXGDHUJLPH\HQDONROEHQ]ROYHHWHUGH NROD\ONOD HUL\HQ DQWLVHSWLN ELU KLGURNDUERQGXU 1DIWDOLQ &+JQP]GH SHWUROQ NDWDOL]U \DUGP LOH SDUDODQPDVQGDQ HOGHHGLOPHNWHGLUep

  • '6n11
  • 0KHQGLVOLN0LPDUON\NOHUL9,

    '6n11

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    7UNL\H5HLVLFXPKXUX*D]L0XVWDID.HPDO%DYHNLO VPHW 0GDIDL 0ONL\H 9HNLOL 5HFHE $GOL\H 9HNLOL0DKPXG (VDW 'DKLOL\H 9HNDOHWL 9HNLOL KVDQ 0DOL\H 9HNDOHWL9HNLOL $OL &HQDQL 1DID 9HNLOL 6OH\PDQ 6UU %DKUL\H 9HNLOLKVDQ7LFDUHW9HNLOL$OL&HQDQL+DULFL\H9HNLOL'RNWRU7HYILN5W0DDULI9HNLOL +DPGXOODK 6XSKL 6KKDW YH 0XDYHQHW FWLPDL\H 9HNLOL 6OH\PDQ6UU=LUDDW9HNLOL0HKPHG6DEUL6XODU)HQ+H\HWL0GUO

    'DKD VRQUD \XNDUGDYHULOHQ 7DOLPDWQDPH LOH \OQGD o8PXUX1DID 0GUL\HWL8PXPL\HVLpQH EDOELU o6XODU )HQ +H\HWL0GUOp NXUXODUDN7UNL\H 'DLUH\HEOQU %XUVD $GDQD$QNDUD (GLUQH YH ]PLU6X OHUL 0GUONOHULROXWXUXOXU %X WDULK&XPKXUL\HW GQHPL LLQ

    VXLOHULQLQEDODQJQRNWDVRODUDNNDEXOHGLOPHNWHGLU$UWN2VPDQOnGDQNDODQPLUDV]HULQGHQ&XPKXUL\HWnLQVX\QHWLPL\ROFXOXXEDODPWU%LULQFL6XOHUL'DLUHVL%XUVDnGDNXUXOXU$QFDNJHUHNJ]OHP\HWHUVL]OLLJHUHNVH GHQHN D]O LOHULQ EHNOHQHQ OGH JHOLPHVLQH LPNQYHUPHPLWLUDNDGDULVHDQFDNWDQHVLIDDOL\HWHJHHELOPLWLU$QFDNVXWHPLQLDOPDODUQHVDYDQHGHEDNDLOHULEHNOHU\OQGDLVHRUWD\DNDQLGGHWOLNXUDNONYHNWONVXLOHULQLQQHPLQL\HQLGHQYHRNDFELUHNLOGHKDWUODWU

    'U&H\KXQ]HOLNo7UNL\HnGH6X+L]PHWOHULYH6X+XNXNXnQXQ*HOLLPLp'67HNQLN%OWHQL6D\2FDN$QNDUD$JH

    6H\GLHKLUQFHVX5HJODWU.RQ\D

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    nGD0XVWDID.HPDO$WDWUNEXNRQXGDDNODPD\DSDUo6X OHUL 7HNLODW (WG KHQ] EDODQJFQGDGU NWLVDGL\DWP]Q DQDWHGELUOHULQGHQRODQVXLOHULXPXPLLGDUHVLnQLQIHQQLNDELOL\HWYHNXGUHWLRNVDODPNXUXOPDOGUp%XLIDGHELUEDNPD6XODU8PXP0GUOnQQNXUXOXHPULGLUR\Oo6XODU8PXP0GUOpNXUXOXU&XPKXUL\HWGQHPLQGHELU WDUDIWDQLPWL\D]OVXLUNHWOHULQLQVXKL]PHWOHULNRQXVXQGDNL DNVDPDODUOD XUDUNHQ GLHU WDUDIWDQ EX LUNHWOHUH YHULOHQLPWL\D]ODUQ *HQ &XPKXUL\HWnH HQ D] PDOL\HWOH VRQODQGUOPDVQDDOOPWU$QFDNQFHOLNVX\QHWLPLQLQ\HQL\DVDOYHNXUXPVDO\DSVQQROXWXUXOPDVQDYHULOPLWLUXEDWWDULKLQGH0HGHQL.DQXQnXQNDEXO\OHELUOLNWHVXKXNXNXQGDPRGHUQKXNXNNXUDOODUQQLOHGLL\HQLELUGQHPEDODU\OQGDVD\Oo6XODU+DNNQGD.DQXQpDGOELUNDQXQNDUOPYHVX\DWUPODUQD]HOELUQHPYHULOPLWLU \OODUDUDVQGDNXUDNONEDJVWHULU6WPDVDOJQJUOU \OQGDNL7HYLNL6DQD\L.DQXQXnQGDHWNLVL\OHEH\D]XQHNHUSDPXNYHVL\DKQNPUGHPLUDNDU\DNWDQFHOLNYHULOPHVLGRUXOWXVXQGDVXND\QDNODUSODQODPDVGDQHPND]DQU

    \OQGD \OGDKDUFDQPDN]HUHPLO\RQ OLUD GHQHND\UOU 7/ %XGHQHNOH XEXN ,EDUDM $QNDUD 2YDVVXODPDV %XUVDVXODPDV1D]LOOL2YDVDQD NDQDO DOPDV&HOODW *OnQQNXUXWXOPDV 7DUVXV$\QD] EDWDNOQQ

    NXUXWXOPDVLOHULQHEDODQU$QFDNGQ\DNUL]LQHGHQL\OHEXGHQHLQRND]ELUNVPNXOODQOU

    $EGXOODK'HPLU6XYH'67DULKL'69DNI

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    6X(WGOHULQH%DODQ\RU0HUNH]L

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    %XQHGHQOHX]XQVUHWDUWPDNRQXVXRODQEDWDNONODUQNXUXWXOPDVQQ\DQO]FD GRDO GHQJHQLQ ER]XOPDV DVQGDQ HOH DOQPDVQQ \DQOWDUWPDODUD QHGHQ ROXU =LUD EX WDUWPD JQP]GH $YUXSD %LUOLL LOH\DSODQ NDQXQ WDUDPDODUQGD GD V]NRQXVX ROPDNWDGU UQHLQ 0D\VD\QGDNLWDEQ\D]DUODUQGDQ]GHPLU]ED\nQNDWOG%UNVHOnGHNLWRSODQWGD3RUWHNL]WHPVLOFLVLVD\O

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    $\UFDED]JOOHULQWDQ]LPSURMHOHULGHHOHDOQPYH,VSDUWDnGD*OFN9DQnGD .HL'RQL YH (UPHQLV'HQL]OLnGH ,NO0DQLVDnGD0DUPDUD YH$QNDUDnGD(\PLUJOOHUL]HULQGHEXNDSVDPGDDOOPWU%XGQHPGHVXKL]PHWOHULQLQILQDQVPDQ\QGHHOHDOQP\OQGDLPHVX\XYHNDQDOL]DV\RQKL]PHWOHULLLQEHOHGL\HOHUH\DUGPDPDF\ODEHOHGL\HOHUEDQNDVNXUXOPXWXU%XNXUXOXGDKDVRQUDDGQGHOOHU%DQNDVRODUDN GHLWLUPL YH ODUGD 7RUWXP NL]GHUH .RYDGD , 6]U YEWHVLVOHU\DSPWU\OQGDo6XGDUHOHULQLQ7DNVLPDW7HNLODWYH9H]DLIL+DNNQGD7DOLDWpDGO.DQXQ.DEXOHGLOPLWLU\OODUQGDSHSHHJHOHQNXUDNONONH LLQ ELU IHODNHW ROPXWXU $QFDN NXUXPVDO \DS\ ROXWXUPD DEDVLLQGHRODQYHILQDQVPDQEXOPDNRQXVXQGD]RUOXNODU\DD\DQ&XPKXUL\HWGQHPLEXNRQXGDNLSODQODUQQLONVRQXODUQnGDQLWLEDUHQDOPD\DEDODPWUON VXODPD HEHNHOHUL LLQ \OQGD $GDQD 6H\KDQ 5HJODWU GH(PLUOHP$GDOD5HJODWU$OHPGDU*NVXYH3RUVXN5HJODWUOHULELWLULOPLWLU WHQ VRQUD ELWLULOHQ *HGL] (PLUOHP POHNL $GDOD)HVOHN6H\KDQ%HUGDQ*PHQHN%H\HKLU*O3RVWDOF$OHPGDU*NVXYH3RUVXNUHJODWUOHULYHVXODPDHEHNHOHULVXODPDDOW\DSVQQQHPOLNLORPHWUHWDODUROPXWXU$PDV\D&D]LEHVXODPDVGHWDPDPODQPWU%XJQN*$3SURMHVLQLQEWQ]HOOLNOHULQLWD\DQELUPRGHORODUDNGL]D\QHGLOPLWLU+D]LUDQGDVD\O.DQXQLOHHOWLNHNLPL

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    \HUOL ND\QDNODUOD EDODQS ELWLULOHQ $OPXV .HVLNNSU EDUDMODU 6H\KDQ$KPHWOL.SUD\0DUDQHPOLVXODPDSURMHOHULGLU%XSURMHOHUWDPDPODQUNHQNLQFL'Q\D6DYDELWPLVDYDQQJHWLUGLL\NPODUWHPL]OH\HUHNVDYDQL]OHULQLVLOPHNYHK]ONDONQPD\VDODPDNLLQWPGQ\DGDELU\DUEDODPWU%XGDOJD7UNL\Hn\LGHOHUGHRNDPDOVXND\QDNODUJHOLWLUPHSURMHOHULQH\QHOWLU&XPKXUL\HWWHQRJQHNDGDUROXWXUXODQVX\QHWLPLNDPXNXUXPVDO\DSVDUWNGDKDK]ODOPDN]RUXQGDGU

    07

  • 0KHQGLVOLN0LPDUON\NOHUL9,

    \OODU DUDVQGD 7UN HNRQRPLVLQGH DUWDQ GHYOHW PGDKDOHVLQLQWH]DKU ELLPOHULQLQ EWQ HQ JHQHO DQODPGD GHYOHWLOLN WHULPL\OHQLWHOHQGLULOPLWLU9 %X \OODU LLQGH NHQWVHO KL]PHWOHU DODQQGD GHYOHWLQPGDKDOHVL LNL HNLOGH NHQGLQL JVWHUPLWLU %LULQFLVL \DEDQF LUNHWOHULQHOLQGHRODQLPWL\D]ODUQDOQPDVYHLUNHWOHULQEHOHGL\HOHUHGHYUHGLOPHVLGLUNLQFL \RO EHOHGL\HOHULQ NHQWVHO KL]PHWOHUL ]HOOLNOH HOHNWULN KL]PHWOHUL\HULQHJHWLUPHNLLQNXUGXNODULUNHWOHULQEHOHGL\HUJWOHULLLQGHLOHWPHOHUKDOLQHGQWUOPHVLGLU'HYOHW EX VUHWH \DSW ELU WDNP G]HQOHPHOHU L