/LWYDQ\D NDPX Ð]HO VHNWÐU PRGHOLQGH GÖQ\D OLGHUL
GàĀàQGDQ JHWLULOLS VDWàODFDN FLKD]ODUàQ ½UH WLP \HULQGH GHQHWLPLQLQ \DSàODELOHFHØLQL EHOLUWWL .XUXQ V½UHNOL GHØLĀWLØLQL EXQD NDUĀàQ '02 Ņ\DWODUàQàQ VDELW NDOGàØàQD LĀDUHW HGHQ ŅUPDODU Ņ\DWODUàQ D\OàN ED]GD UHYL]H HGLOPHVLQL WDOHS HWWL
6ñ3 \HULQH 2))6(7
7RSODQWàGD J½QGHPH JHOHQ ELU EDĀND NRQX LVH 6DQD\L ßĀELUOLØL 3URJUDPà 6ß3 ROGX ĥ6ß3 \HULQH 2))6(7 X\JXODQPDOà Ħ GL \HQ PHGLNDO VDQD\LFLOHUL 6DØOàN %DNDQ OàØà 7%ß7$. %LOLP 6DQD\L YH 7HNQR ORML %DNDQOàØà YH (NRQRPL %DNDQOàØà JLEL NXUXPODUàQ NRQWURO½QGH DOàP JDUDQWLOL 7½UNL\HģGH YH\D G½Q\DGD ROPD\DQ PHGL NDO FLKD] PHGLNDO \D]àOàP YH LOD¨ NRQXOX SURMHOHULQ GHØHUOHQGLULOPHVLQL LVWHGL
6ß3 EDĀOàØà DOWàQGD WHNQRORML WUDQVIHU VH YL\HVL YH \·QWHPOHULQLQ EHOLUOHQPHVL GH JHQHO NXUXOGD NRQXĀXOGX 6ß3 NDSVDPàQGD DQD WHGDULN¨L ŅUPDODUOD RUWDN SURMH \½ U½WPH\HQ \HUOL ½UHWLFLOHULQ \RN ROPD WHK OLNHVL \DĀDGàØàQà LIDGH HGHQ NDWàOàPFàODU WHNQRORML WUDQVIHULQLQ PLOOLOHĀWLULOPHVL L¨LQ \·QWHP RODUDN ½QLYHUVLWHOHULQ 6ß3ģH RUWDN OàØàQà WDYVL\H HWWL
6ß3ģOH LOJLOL GLØHU ·QHULOHU LVH Ā·\OH 2)) 6(7 NDSDPD \·QWHPOHULQGHQ ELUL RODQ 7½UN PDOODUàQàQ VDWàOPDVà NDSVDPàQGD PDO VDWàĀà PHGLNDO ½U½QOHUGHQ \DSàOPDOà 'LMLWDO U·QWJHQ YH KDVWD EDĀà PRQLW·U 6ß3 NDSVDPàQGDQ ¨àNDUàOPDOà .DELOL\HWL RODQ ŅUPDODU EHOLUOHQPHOL
*HQHO .XUXOGD SD\ODĀàODQ GLØHU WDOHSOHU LVH ĀX EDĀOàNODUGDQ ROXĀWX
Ī QLYHUVLWH VDQD\L LĀ ELUOLØL GHYOHW WDUD IàQGDQ \·QOHQGLULOPHOL YH WHĀYLN HGLO PHOL 6DØOàN 8\JXODPD 7HEOLØL 687 Ņ\DWODU YH ĀDUWODU D¨àVàQGDQ \HQLGHQ \D SàODQGàUàOPDOà
&D]LEH 0HUNH]OHULQGH \HQL G½]HQOHPH OHU \DSàOPDOà 6DØOàN (QG½VWULOHUL <·Q OHQGLUPH .RPLWHVL 6(<. L¨HULVLQGH VHNW·U WHPVLOFLOHUL EXOXQPDOà 7àEEL FL KD] ½UHWLFLOHULQLQ N½PHOHQHELOHFHØL LKWL VDV 26%ģOHU HNVLN EXQD \·QHOLN GHYOHW GHVWHNOHUL DUWàUàOPDOà
Ī 76( YE DNUHGLWH EHOJHOHQGLUPH NXUX OXĀODUàQGDQ DOàQDQ VWDQGDUW GRN½PDQOD UàQ Ņ\DWODUà \½NVHN YH EX NXUXOXĀODUàQ \HWHUVL] VD\àGD GHQHWLP SHUVRQHOLQH VDKLS (WLN NXUXO SUREOHPOHUL ¨·]½OPHOL YH NOLQLN ¨DOàĀPDODU NRQXVXQGD G½]HQ OHPHOHU JHWLULOPHOL 0.<6ģGH 0DO]H
Ī PH .D\QDN <·QHWLP 6LVWHPL ½U½Q L¨H ULØL YH ĀDUWQDPHOHULQLQ J·U½Q½U ROPDVà JHUHNOLGLU ßKDOH LĀWLUDN¨LVL ŅUPDODU GHPRODUD JLUH ELOPHOL ßKDOHOHUGH SXDQODPD \·QWHPL X\JXODQPDOà .ß.ģH \DSàODQ LWLUD]ODUGD DOàQDQ KDU¨ODU G½]HQOHQPHOL
*HQHO .XUXOGD \DSàODQ VH¨LPGH <·QHWLP .XUXOX ½\HOLNOHULQH )DWLQ 'DبàQDU 0HK PHW $\GàQJ½Q (UVXQ 1DVàUOàRØOX 7XUDEL QDO <àOPD] 6DOàN ßEUDKLP <DUVDQ 2V PDQ %DĀKDQ $GHP 8\DQàN $OL .XOHRØ OX 'HQHWLP .XUXOX ½\HOLNOHULQH %HK]DW =H\GDQ 7XQFHU 2NXU YH 6½OH\PDQ .àUD¨ VH¨LOGL
Ī 'ÖQ\D %DQNDVÜ WDUDIÜQGDQ \D\ÜPODQDQ .DPX °]HO 2UWDNOÜðÜ 5DSRUXQGD /LWYDQ\D NDPX Ð]HO VHNWÐU RUWDNOÜðÜ SURMHOHULQLQ KD]ÜUODQPDVÜ YH WHGDULðLQGH GÖQ\D OLGHUOLðLQL NRUXGX 5DSRUD JÐUH /LWYDQ\D DQÜODQ SURMHOHULQ WHGDULðL NDWHJRULVLQGH SXDQ Ð]HULQGH
DOGÜ
%X \ÜO \HQL ÖONH\L GDKD GHðHUOHQGLUPH\H DODQ 'ÖQ\D %DQNDVÜ WRSODP ÖONH HNRQRPLVLQLQ GÖ]HQOH\LFL DOW\DSÜVÜQÜ LQFHOHGL ñQFHOHPH NDSVDPÜQGD NDPX Ð]HO VHNWÐU RUWDNOÜðÜ PRGHOLQGHNL DíDPD HOH DOÜQGÜ 3URMHQLQ KD]ÜUODQPDVÜ
WHGDULðL VÐ]OHíPH \ÐQHWLPL YH WHNOLI \ÐQHWLPL