*HEUXLNVDDQZLM]LQJ G WRHVWHO 9R[ 'D9R
$/*(0((1 2YHU GH]H JHEUXLNVDDQZLM]LQJ 'H ODEHOV YDQ KHW G WRHVWHO 'H PXLVWRHWVHQ
:$1'0217$*( *HEUXLNVDDQZLM]LQJ G 9R[ 'D9R
$OJHPHHQ 2YHU GH]H JHEUXLNVDDQZLM]LQJ %LM KHW G WRHVWHO ZRUGW HHQ ³6QHO DDQ GH VODJ´ KDQGOHLGLQJ PHHJHOHYHUG ,Q GH PHHVWH JHYDOOHQ LV GH]H YHUNRUWH KDQGOHLGLQJ YROGRHQGH ,Q RQGHUVWDDQGH JHEUXLNVDDQZLM]LQJ VWDDQ DOOH PRJHOLMNKHGHQ XLWJHEUHLG EHVFKUHYHQ 2QGHUVWDDQGH JHEUXLNVDDQZLM]LQJ ZRUGW VWDQGDDUG DOOppQ PHHJHOHYHUG RS GH ELM GH 9R[ 'D9R PHHJHOHYHUGH FG URP +HW GLJLWDOH IRUPDDW YDQ GH JHEUXLNVDDQZLM]LQJ LV 3') 0HW EHKXOS YDQ KHW RS GH FG URP PHHJHOHYHUGH SURJUDPPD ³$GREH´ NXQW X GH]
'H PXLVWRHWVHQ 2PKRRJ /LQNHU PXLVWRHWV 5HFKWHU PXLVWRHWV 2PODDJ 'H WRHWVHQ GLH GLUHFW RQGHU KHW GLVSOD\ ]LMQ JHSODDWVW ZRUGHQ LQ GH]H KDQGOHLGLQJ PXLVWRHWVHQ JHQRHPG 'H SLMOWMHVWRHWVHQ PDNHQ KHW PRJHOLMN RP GRRU GH RSWLHV UHJHOV GLVSOD\ KHHQ WH EODGHUHQ (QNHOH RSWLHV KHEEHQ PHHUGHUH QLYHDXV ' P Y GH SLMOWMHVWRHWVHQ NXQW X ]LHQ RI HU PHHUGHUH QLYHDXV EHVFKLNEDDU ]LMQ 'H OLQNHU HQ UHFKWHUWRHWVHQ RRN ZHO VRIWNH\V JHQRHPG ]LMQ YRRU KHW VHOHFWHUHQ YDQ GH HUERYHQ YHUPHOGH
'H SURJUDPPHHUEDUH IXQFWLHWRHWVHQ +HW G WRHVWHO KHHIW SURJUDPPHHUEDUH IXQFWLHWRHWVHQ PHW ODPSMH 'H]H IXQFWLHWRHWVHQ ]LMQ VWDQGDDUG IDEULHNVLQVWHOOLQJ DO YRRU]LHQ YDQ GH PHHVW JHEUXLNWH IDFLOLWHLWHQ PDDU ]LMQ HHQYRXGLJ DDQ WH SDVVHQ DDQ XZ SHUVRRQOLMNH ZHQVHQ /,-1 767 /,-1 767 /,-1 767 /,-1 767 /,-1 767 /,-1 767 &21)(5 +(5+$$/ 3,&.83 3$5.
*HEUXLNVNODDU PDNHQ ,Q GLW KRRIGVWXN ZRUGHQ DOOH EHODQJULMNH LQVWHOOLQJHQ EHVSURNHQ HQ LV XZ WRHVWHO JHUHHG YRRU GDJHOLMNV JHEUXLN 2RN ZHHW X QD KHW GRRUQHPHQ YDQ GLW KRRIGVWXN KRH X XZ WRHVWHO NXQW DDQSDVVHQ DDQ XZ VSHFLILHNH ZHQVHQ 0HW EHKXOS YDQ GH PXLVWRHWVHQ HQ KHW GLVSOD\ YDQ GH G NXQW X RS VQHOOH HQ HHQYRXGLJH ZLM]H SURJUDPPHULQJHQ ZLM]LJHQ 'H PHHVWH SURJUDPPHULQJHQ VSUHNHQ YRRU ]LFK HQ ]XOW X JHHQ XLWOHJ YRRU QRGLJ KHEEHQ %LM LHGHU SURJUDPPHHUYRRUEHHOG ZRUGHQ GH VWDSSHQ RP LQ GH JH
1LHXZ VQHONLHVQXPPHU SURJUDPPHUHQ 2P LQ GH RQGHUVWDDQGH SURJUDPPHULQJ WH NRPHQ KDQGHOW X DOV YROJW 'UXN RS ³0HQX´ %ODGHU PHW ´n np´ QDDU 3ULYH WHO ERHN HQ GUXN RS ³.LHV´ %ODGHU PHW ´n np´ QDDU ³1LHXZH LQYRHU´ HQ GUXN RS ³.LHV´ y / H H J / H H J / H H J . L H V 7 H U X J n p %ODGHU PHW ´n np´ QDDU HHQ VQHONLHVFRGH HQ GUXN RS ³.
6QHONLHVQXPPHU ZLM]LJHQ 0HW EHKXOS YDQ GH RSWLH µZLM]LJ LQYRHU¶ NXQQHQ EHVWDDQGH VQHONLHVQXPPHU XLW KHW SHUVRRQOLMN WHOHIRRQERHN ZRUGHQ DDQJHSDVW 2P LQ GH RQGHUVWDDQGH SURJUDPPHULQJ WH NRPHQ KDQGHOW X DOV YROJW 'UXN RS ³0HQX´ %ODGHU PHW ´n np´ QDDU ³3ULYp WHO ERHN´ HQ GUXN RS ³.LHV´ %ODGHU PHW ´n np´ QDDU ³:LM]LJ LQYRHU´ HQ GUXN RS ³.LHV´ y - D Q 6 P L W - D Q $ O O H P D Q 3 L H W H U V H Q . L H V 7 H U X J n p %ODGHU PHW ´n np´ QDDU HHQ VQHONLHVFRGH HQ GUXN RS ³.
'H V\VWHHPEHKHHUGHU NDQ HHQ DDQWDO LQVWHOOLQJHQ SURJUDPPHUHQ ]RDOV GH WLMG YRRUGDW GH DXWRPDWLVFKH WHOHIRQLVWH KHW JHVSUHN EHDQWZRRUG GH WLMG ZDQQHHU KHW ZDFKWVWDQGEHULFKW ZRUGW KHUKDDOG HQ YRRU ZHONH OLMQHQ GH DXWRPDWLVFKH WHOHIRQLVWH GH RSURHS PRHW EHDQWZRRUGHQ 0HW RQGHUVWDDQGH SURJUDPPHULQJ NXQW X GH EHULFKWHQ RSQHPHQ HQ ZLM]LJHQ 9RRU HHQ XLWJHEUHLGH EHVFKULMYLQJ NXQW X NLMNHQ LQ GH JHEUXLNVDDQZLM]LQJ 9R[ 'D9R 2P LQ GH SURJUDPPHULQJ WH NRPHQ KDQGHOW X DOV YROJW 'UXN RS ³0HQX´ %ODGHU PHW ³
7RHVWHOLQVWHOOLQJHQ 8 NXQW LQ XZ G WRHVWHO GLYHUVH LQVWHOOLQJHQ ZLM]LJHQ EHNLMNHQ x 9ROXPH EHOVLJQDDO x 9ROXPH KRRUQ x 9ROXPH VSHDNHU x 9ROXPH KHDGVHW x &RQWUDVW GLVSOD\ x 7DDO ZLM]LJHQ x )XQFWLHWRHWVHQ x 7RHWVVLJQDOHQ x 6RIWZDUHYHUVLH x 2PURHSHQ RQWYDQJHQ x 1XPPHU:HHUJDYH x :LM]LJHQ SLQFRGH +HW ZLM]LJHQ YDQ XZ WRHVWHOLQVWHOOLQJHQ 6WDUWGLVSOD\ 0D 7 R H V W H O 0 H Q X 'UXN RS µPHQX¶ n p 7 H O E R H N 3 U L Y H W H O E R H N ' R R U V F K D N H O H Q y7 R
7,3 8 NXQW KHW YROXPH WHVWHQ GRRU GH QLHXZ LQJHVWHOGH ZDDUGH ppQ VHFRQGH WH ODWHQ VWDDQ 9ROXPH VSHDNHU OXLGVSUHNHU 8 EHQW QX LQ KHW PHQX YDQ GH WRHVWHOLQVWHOOLQJHQ HQ JDDW KHW YROXPH YDQ GH OXLGVSUHNHU LQVWHOOHQ 'H LQVWHOOLQJ ZRUGW JUDILVFK ZHHUJHJHYHQ ]RDOV LQ KHW RQGHUVWDDQGH GLVSOD\ 9 R O X P H V S H D N H U . L H V 7 H U X J n p %ODGHU PHW ³n np´ RP KHW YROXPH DDQ WH SDVVHQ HQ 'UXN RS µ.
9DQXLW KHW RQGHUVWDDQGH GLVSOD\ ]DO KHW LQGLFDWLH ODPSMH YDQ GH HHUVW SURJUDPPHHUEDUH IXQFWLHWRHWV NQLSSHUHQ ,Q GLW YRRUEHHOG GXV KHW ODPSMH YDQ OLMQ 7 R H W V H Q Z L M ] L J H Q y / L M Q 7 V W . L H V 7 H U X J n p %ODGHU PHW ³n np´ QDDU GH WH SURJUDPPHUHQ WRHWV RI GUXN GLUHFW RS GH WH SURJUDPPHUHQ IXQFWLHWRHWV ,Q RQGHUVWDDQG YRRUEHHOG WRHWV ³ ´ 7 R H W V H Q Z L M ] L J H Q y / L M Q - D Q $ O O H P D Q .
7RHVWHOWRHWV $OV X NLHVW YRRU GH IXQFWLH µWRHVWHOWRHWV¶ GDQ YHUVFKLMQW DOV X GH WRHVWHOOHQ HHQ QDDP KHHIW JHJHYHQ HHQ DOIDEHWLVFKH OLMVW PHW GH LQWHUQH WRHVWHOQXPPHUV +HHIW X GH WRHVWHOOHQ JHHQ QDDP JHJHYHQ GDQ NULMJW X HHQ OLMVW PHW WRHVWHOQXPPHUV 1D KHW NLH]HQ YDQ KHW JHZHQVWH WRHVWHOQXPPHU NHHUW X WHUXJ QDDU KHW YRULJH PHQX 7 R H y- D 7 R .
9RRU GH IDEULHNVLQVWHOOLQJHQ =LH +IGVW 7RHWVVLJQDOHQ 0LGGHOV KHW PHQX YDQ GH WRHVWHOLQVWHOOLQJHQ NXQW GH WRHWVVLJQDOHQ LQ RI XLWVFKDNHOHQ 'H WRHWVVLJQDOHQ ]LMQ SLHSWRQHQ GLH X KRRUW DOV X RS GH WRHWVHQ YDQ KHW G WRHVWHO GUXNW 7 R H W V V L J Q D O H Q y, Q J H V F K D N H O G 8 L W J H V F K D N H O G . L H V 7 H U X J n p %ODGHU PHW ³n np´QDDU GH JHZHQVWH NHX]H HQ GUXN RS µ.
%HVFKULMYLQJ )DFLOLWHLWHQ 9ROXPH DDQSDVVHQ WLMGHQV HHQ JHVSUHN ,Q GLW KRRIGVWXN VWDDQ GH IDFLOLWHLWHQ PRJHOLMNKHGHQ EHVFKUHYHQ GLH X NXQW JHEUXLNHQ PHW XZ G WRHVWHO 9RRU KHW JHEUXLNHQ YDQ GH IDFLOLWHLWHQ NXQW X RRN JHEUXLN PDNHQ YDQ GH]HOIGH FRGHV DOV GH VWDQGDDUG WRHVWHOOHQ 8 YLQGW HHQ WDEHO PHW GH IDFLOLWHLWHQFRGHV LQ +IGVW YDQ GH]H JHEUXLNVDDQZLM]LQJ +HW LV PRJHOLMN RP WLMGHQV HHQ JHVSUHN KHW YROXPH DDQ WH SDVVHQ 0 H Q X n p % H H L Q G L J
3ULYp WHO ERHN 0HW EHKXOS YDQ GLW WHOHIRRQERHN KHHIW X WRHJDQJ WRW HLJHQ YHUNRUW NLH]HQQXPPHUV 8 KHHIW GH PRJHOLMNKHLG RP PD[LPDDO QXPPHUV WH SURJUDPPHUHQ $OJHPHHQ WHO ERHN 0HW EHKXOS YDQ GLW WHOHIRRQERHN KHHIW X WRHJDQJ WRW DOJHPHQH VQHONLHVQXPPHUV GLH GRRU GH EHKHHUGHU YRRU DOJHPHHQ JHEUXLN ]LMQ DDQJHPDDNW +HW DOJHPHQH WHOHIRRQERHN KHHIW GH PRJHOLMNKHLG RP PD[LPDDO QXPPHUV RS WH VODDQ 7RHVWHOOLMVW ,Q GH]H OLMVW VWDDQ DOOH LQWHUQH WRHVWHOOHQ YDQ GH 9R[ 'D9R 0DDN XZ NHX]H HQ YROJ
'UXN RS GH WRHWV ³%HULFKW´ * H P L V W H R S y . L H V n U R H S H Q 7 H U X J p %ODGHU PHW ³n np´ GRRU GH OLMVW HQ GUXN RS ³.LHV´ 8 KHHIW GH YROJHQGH PRJHOLMNKHGHQ y% H O O H Q 7 L M G V W L S 2 S V O D D Q : L V V H Q .
(HQ JHVSUHN XLW GH ZDFKW KDOHQ 8 NXQW HHQ JHVSUHN RS YHUVFKLOOHQGH PDQLHUHQ XLW GH ZDFKW KDOHQ , Q W H U Q N L H ] H Q :D F K W 0 H Q X 8 L W :D F K W n p 'RRU KHW NLH]HQ YDQ GH RSWLH ³8LW:DFKW´ YDQXLW KHW GLVSOD\ 'RRU KHW NLH]HQ YDQ GH´ OLMQWRHWV´ OLMQ GLH LQ ZDFKW VWDDW 'RRU KHW NLH]HQ YDQ GH IXQFWLHWRHWV ´ ZDFKW´ 'RRU GH YHUELQGLQJ WH ³YHUEUHNHQ´ +LHUGRRU NRPW KHW JHVSUHN DXWRPDWLVFK ELM X WHUXJ 0HHUGHUH JHVSUHNNHQ LQ GH ZDFKW ]HWWHQ 8 NULMJW QD KHW LQ GH ZDFKW SODD
2SPHUNLQJ 7RHVWHOJHEUXLNHUV GLH ELM HHQ LQWHUQ JHVSUHN LQ GH ZDFKW ZRUGHQ JHSODDWVW NULMJHQ PX]LHN LQ GH ZDFKWVWDQG DIKDQNHOLMN YDQ GH SURJUDPPHULQJ WH KRUHQ $OV X HHQ G WRHVWHO KHHIW HQ LQ GH ZDFKWVWDQG ZRUGW JHSODDWVW YHUDQGHUW KHW GLVSOD\ QLHW 7 V W 0 H Q X 'RRUYHUELQGHQ n p % H H L Q G L J (U ]LMQ WZHH PDQLHUHQ RP JHVSUHNNHQ GRRU WH YHUELQGHQ PHW HQ ]RQGHU DDQNRQGLJLQJ 2RN NXQW X HHQ H[WHUQ JHVSUHN GRRUYHUELQGHQ QDDU GH YRLFHPDLO YDQ HHQ WRHVWHOJHEUXLNHU GLH
'RRUYHUELQGHQ QDDU GH YRLFHPDLO YDQ HHQ WRHVWHO $OV X HHQ JHVSUHN ZLOW GRRUYHUELQGHQ QDDU HHQ WRHVWHO GDW JHHQ DQWZRRUG JHHIW NXQW X GLW JHVSUHN RRN GRRUYHUELQGHQ QDDU GH YRLFHPDLO YDQ KHW EHWUHIIHQGH WRHVWHO 9RRUEHHOG GRRUYHUELQGHQ QDDU YRLFHPDLO 8 KHHIW HHQ H[WHUQ JHVSUHN HQ SUREHHUW GLW GRRU WH YHUELQGHQ PHW WRHVWHO 7RHVWHO JHHIW JHHQ DQWZRRUG 7V O :R U G W J H E H O G :D F K W 0 H Q X 6 W R S n p .
(HQ JHSDUNHHUG JHVSUHN RSSDNNHQ YLD XZ GLVSOD\ %ODGHU PHW ´n np´ QDDU ³8LW3DUN´ HQ GUXN RS ³8LW3DUN´ ,Q XZ GLVSOD\ YHUVFKLMQHQ ppQ RI PHHU JHSDUNHHUGH OLMQHQ iOOH JHSDUNHHUGH OLMQHQ %ODGHU PHW ³n np´QDDU GH OLMQ GLH X ZLOW RSSDNNHQ HQ GUXN RS ³.LHV´ (HQ JHSDUNHHUG JHVSUHN RSSDNNHQ YLD GH IXQFWLHWRHWV 'UXN RS GH IXQFWLHWRHWV ³3DUNHUHQ´ ,Q XZ GLVSOD\ YHUVFKLMQHQ ppQ RI PHHU JHSDUNHHUGH OLMQHQ %ODGHU PHW ³n np´QDDU GH OLMQ GLH X ZLOW RSSDNNHQ HQ GUXN RS ³.
&RQIHUHQWLH YLD XZ GLVSOD\ 8 NXQW HHQ IXQFWLHWRHWV SURJUDPPHUHQ PHW GH IDFLOLWHLW FRQIHUHQWLH =LH YRRU KHW SURJUDPPHUHQ YDQ HHQ IXQFWLHWRHWV +IGVW 0HW GH]H IXQFWLHWRHWV KRHIW KHW WZHHGH JHVSUHN QLHW LQ GH ZDFKW WH ZRUGHQ JHSODDWVW 1D KHW RS]HWWHQ YDQ GLW WZHHGH JHVSUHN NDQ GLUHFW GH FRQIHUHQWLHWRHWV ZRUGHQ JHEUXLNW 8LWJDQJVVLWXDWLH 8 KHHIW ppQ H[WHUQH OLMQ LQ GH ZDFKWVWDQG VWDDQ HQ ppQ DFWLHI JHVSUHN :D F K W 0 H Q X % H H L Q G L J n p n
(HQ FRQIHUHQWLH EHsLQGLJHQ 8 NXQW DOV X HHQ FRQIHUHQWLH KHHIW RSJH]HW NXQW X GH]H RS YLHU PDQLHUHQ EHsLQGLJHQ 'RRU GH KRRUQ QHHU WH OHJJHQ +LHUGRRU ZRUGW GH H SDUWLM YHUEURNHQ HQ NULMJW X HHQ RSURHS YDQ GH HHUVWH SDUWLM $OV X GH KRRUQ RSQHHPW ZRUGW X PHW GH HHUVWH SDUWLM YHUERQGHQ 'RRU KHW NLH]HQ YDQ GH RSWLH ³8LW FRQIHU´ LQ KHW GLVSOD\ +LHUGRRU ZRUGW GH HHUVWH SDUWLM LQ GH ZDFKW JHSODDWVW HQ ZRUGW X YHUERQGHQ PHW GH WZHHGH SDUWLM 'RRU PHW ´n np´ WH EODGHUHQ QDDU ³EHsLQGLJ´ +LHUGRRU Z
/HW RS $OV X HHQ WRHVWHO EHOW GDW H RSURHSHQ KHHIW LQJHVFKDNHOG GDQ KRRUW X YULMWRRQ 8 NXQW ZDFKWHQ WRW XZ RSURHS ZRUGW EHDQWZRRUG 2SVFKDNHOHQ LV GDQ QLHW PRJHOLMN 2SVFKDNHOHQ QLHW PRJHOLMN $OV X ZLO RSVFKDNHOHQ HQ GLW PLVOXNW GDQ YHUVFKLMQW KHW RQGHUVWDDQGH GLVSOD\ 2 S V F K D N H O H Q 0 H Q X n p P L V O X N W 1 Z H R S U 7HUXJEHOOHQ ELM EH]HW LQWHUQ 'H IDFLOLWHLW WHUXJEHOOHQ ELM EH]HW JHHIW X GH PRJHOLMNKHLG RP JHZDDUVFKXZG WH ZRUGHQ DOV HHQ LQWHUQ EH]HW WRHVWHO ZHHU YULM LV /H
H RSURHS EHDQWZRRUGHQ $OV HU HHQ H RSURHS ELQQHQNRPW YHUVFKLMQW KHW YROJHQGH GLVSOD\ :D F K W 0 H Q X $ Q W Z R R U G n p 'UXN RS µ$QWZRRUG¶ HQ GH H RSURHS ZRUGW EHDQWZRRUG 'H HHUVWH SDUWLM ZRUGW LQ GH ZDFKW JHSODDWVW 0 H Q :D F K W X % H H L Q G L J n p 1HHUOHJJHQ ELM DOHUWWRRQ $OV X DOHUWWRRQ WLMGHQV HHQ JHVSUHN KRRUW HQ KHW DFWLHYH JHVSUHN EHsLQGLJW GDQ VLJQDOHHUW XZ WRHVWHO YHUYR
$OV HU PHHUGHUH JHVSUHNNHQ LQ GH ZDFKW VWDDQ RI DOV HU WZHH JHVSUHNNHQ ELQQHQNRPHQ GDQ YHUVFKLMQW KHW RQGHUVWDDQGH GLVSOD\ 0 H L Q Q G H ZD F K W X % H H L Q G L J n p 'DJVWDQG 1DFKWVWDQG 'H 9R[ 'D9R NDQ DXWRPDWLVFK RYHUVFKDNHOHQ RS GH GDJ RI GH QDFKWVWDQG %LMYRRUEHHOG DOV KHW EHGULMI ELMYRRUEHHOG LHGHUH GDJ RP VOXLW HQ GH JHVSUHNNHQ GDQ PRHWHQ ZRUGHQ RPJHOHLG QDDU 9RLFH0DLO ,Q WRWDDO NXQQHQ YHUVFKLOOHQGH JHVSUHNVDIKDQGHOLQJHQ ZRUGHQ JHFRQILJ
0RELHOH YHUNHHUVNODVVH LQVFKDNHOHQ RS HHQ DQGHU WRHVWHO np´QDDU ³0RELHOH YHUNHHUVNODVVH´ HQ GUXN RS µ.LHV¶ 'UXN RS ³0HQX´ EODGHU PHW ³n 0R E L H O H Y H U N H H U V N O y, Q J H V F K D N H O G 8 L W J H V F K D N H O G . L H V 7 H U X J n p %ODGHU PHW ³n np´QDDU ,QJHVFKDNHOG´ HQ GUXN RS µ.
' R R U V F K G L U H N W y7 R H V W H O O L M V W 3 U L Y H W H O E R H N . L H V 7 H U X J n p %ODGHU PHW n np QDDU ³([WHUQ QXPPHU´ HQ GUXN RS ³.
2P LQ GH RQGHUVWDDQGH SURJUDPPHULQJ WH NRPHQ KDQGHOW X DOV YROJW 'UXN RS ³0HQX´ %ODGHU PHW n np QDDU ³'RRUVFKDNHOHQ´ HQ GUXN RS ³.LHV´ %ODGHU PHW n np QDDU ³'RRUVFK YHUWUDDJG´ HQ GUXN RS ³.LHV´ %ODGHU PHW n np QDDU ³,QJHVFKDNHOG´ HQ GUXN RS ³.LHV´ /HW RS 1DGDW X KHHIW GRRUJHVFKDNHOG ]DO GH HHUVWYROJHQGH NHHU KHW ODDWVWH LQWHUQH RI H[WHUQH QXPPHU ZDDUQDDU X KHHIW GRRUJHVFKDNHOG RRN LQ KHW GLVSOD\ YHUVFKLMQHQ ' R R U V F K Y H U W U D D J G y ( [ W H U Q Q X PP H U .
9RLFH0DLO GRRUVFKDNHOHQ XLWOXLVWHUHQ $OV GH RSWLH 9RLFH0DLO LQ GH 9R[ 'D9R LV JHwQVWDOOHHUG HQ GH V\VWHHPEHKHHUGHU KHHIW X WRHVWHPPLQJ JHJHYHQ 9RLFH0DLO WH JHEUXLNHQ NULMJW X HHQ DDQWDO PRJHOLMNKHGHQ 8 NULMJW HHQ SHUVRRQOLMNH ³9RLFH0DLO%R[´ ZDDULQ LQWHUQH HQ RI H[WHUQH SHUVRQHQ HHQ EHULFKW 9RLFH0DLO NXQQHQ DFKWHUODWHQ 8 NXQW GH]H IXQFWLH ]LHQ DOV HHQ SHUVRRQOLMN DQWZRRUGDSSDUDDW 8 NXQW LQ XZ 9RLFH0DLO%R[ HHQ ZHONRPVWERRGVFKDS LQVSUHNHQ GLH RSURHSHUV KRUHQ DOV ]LM ZRUGHQ GRRUJHVFKDNHOG
6 W R S 7 H U X J 8 KHHIW RS ³VWRS´ JHGUXNW HQ ]LHW QX RQGHUVWDDQG GLVSOD\ % H J U R H W L Q J $ I V S H O H Q 'UXN RS ³$ISHOHQ´ 7 H U X J 'H WLPHU ORRSW WHUXJ HQ X KRRUW GH RSJHQRPHQ EHJURHWLQJ $OV GH EHJURHWLQJ QDDU ZHQV LV RSJHQRPHQ GUXNW X RS ³2SVODDQ´ $OV GH EHJURHWLQJ QLHW QDDU ZHQV LV RSJHQRPHQ GUXNW X RS ³$IZLM]HQ´ X NRPW WHUXJ LQ KHW NHX]HPHQX RP GH EHJURHWLQJ RSQLHXZ RS WH QHPHQ % H J U R H W L Q J 2 S V O D D Q n p 'UXN RS ³2SVODDQ´ $ I Z L M
7 V W . L H V 7 H U X J n p 8 NULMJW HHQ RYHU]LFKW YDQ GH ELQQHQJHNRPHQ EHULFKWHQ HQ NXQW PHW GH WRHWVHQ ´n np´ HHQ EHULFKW VHOHFWHUHQ 8 ]LHW YDQ LHGHU EHULFKW KHW HYHQWXHHO ELQQHQJHNRPHQ WHOHIRRQQXPPHU GH WLMGVGXXU YDQ KHW EHULFKW HQ HHQ WHQ WHNHQ GDW X GLW EHULFKW QRJ QLHW KHHIW EHOXLVWHUG %ODGHU PHW ´n np´ QDDU KHW JHZHQVWH EHULFKW HQ GUXN RS ³.
2SURHSHQ GLUHFW QDDU 9RLFH0DLO LQVFKDNHOHQ $OOH ELQQHQNRPHQGH RSURHSHQ ZRUGHQ GLUHFW QDDU 9RLFH0DLO JH]RQGHQ 'UXN RS GH YDVWH IXQFWLHWRHWV ³9ROJVWDQG´ 8 ]LHW KHW YROJHQGH PHQX ' R R U V F K G 7 R H V W H O O L y3 U L Y H W H O . L H V n L U H N W M V W E R H N 7 H U X J p (Q DOV X YHUGHU EODGHUW ' R R U V F K G L U H N W $ O J H P H H Q W H O E R H N y( [ W H U Q Q X PP H U . L H V 7 H U X J n p %ODGHU PHW ´n np´ QDDU ³9RLFH0DLO´ HQ GUXN RS ³.LHV´ ' R y9 .
2SURHSHQ GRRUVFKDNHOHQ ELM EH]HW QDDU XZ 9RLFH0DLO LQVFKDNHOHQ 8 ZLOW ELQQHQNRPHQGH RSURHSHQ DOOppQ GRRUVFKDNHOHQ QDDU XZ 9RLFH0DLO DOV X LQ JHVSUHN EHQW +HW SURJUDPPHUHQ YDQ GH]H RSWLH LV JHOLMN DDQ GH RSWLH ³9HUWUDDJG GRRUVFKDNHOHQ´ 9RRU KHW SURJUDPPHUHQ HUYDQ ]LH YRRUJDDQGH XLWOHJ 7LS 2PURHSHQ 8 NXQW RPURHSHQ QDDU HHQ H[WHUQH RPURHS LQVWDOODWLH RI YLD GH OXLGVSUHNHU YDQ ppQ RI DOOH G WRHVWHOOHQ 8 NXQW RRN HHQ FRGH JHEUXLNHQ ]LH GH YHUNRUWH JHEUXLNVDDQZLM]LQJ KIGVW 9LD KHW PHQX Y
2PU R H S H Q 7LS 0 H Q X $ Q W Z R R U G n p /DDW GH KRRUQ RS KHW WRHVWHO OLJJHQ HQ GUXN RS ³$QWZRRUG´ 8 KHHIW QX HHQ KDQGVIUHH YHUELQGLQJ 1HHP LQGLHQ JHZHQVW GH KRRUQ RS $OV X GH KRRUQ RSSDNW WLMGHQV HHQ RPURHS ZLMVW X GH RPURHS DI HQ NXQW X HHQ QLHXZ JHVSUHN VWDUWHQ (HQ RPURHS ZHLJHUHQ :DQQHHU X ZRUGW RPJHURHSHQ HQ GLW JHVSUHN QLHW ZLOW EHDQWZRRUGHQ NXQW X GH]H RSURHS RRN ZHLJHUHQ 8Z WRHVWHO JDDW WHUXJ QDDU GH UXVWVWDQG 8 ZRUGW RPJHURHSHQ HQ ZLOW GH RPURHS ZHLJHUHQ - D D S - D Q V H Q 2PU
1XPPHUKHUKDOHQ 8 NXQW PHW GH G GH ODDWVWH JHNR]HQ WHOHIRRQQXPPHUV KHUKDOHQ 'UXN RS GH IXQFWLHWRHWV ³ +HUKDDO´ + H U K D D O y . L H ] H Q 7 H U X J n p %ODGHU PHW ³n np´ QDDU KHW JHZHQVWH QXPPHU HQ GUXN RS ³.
1XPPHU:HHUJDYH 0HW GH]H SURJUDPPHULQJ NXQW X DDQJHYHQ RI X XZ WHOHIRRQQXPPHU ZLOW YHUVWXUHQ DDQ DQGHUHQ RI QLHW 6WDUWVLWXDWLH 0D 7 R H V W H O 0 H Q X 2P U R H S H Q n p 'UXN RS ³0HQX´ %ODGHU PHW ³n np´ QDDU ³7RHVWHO LQVW´ 'UXN RS ³.LHV´ %ODGHU PHW ³n np´ QDDU ³1XPPHUZHHUJDYH´ 'UXN RS ³.LHV´ 8 ]LHW KHW RQGHUVWDDQGH GLVSOD\ 1 X PP H U :H H U J D Y H y, Q J H V F K D N H O G 8 L W J H V F K D N H O G .
9RRUEHHOGHQ DOV XZ 9RLFH0DLO EHDQWZRRUG 8Z GRRUVFKDNHOLQJ XLWVFKDNHOHQ 7HO 1U ]DDN SLQFRGH ± ± ± X KRRUW DFFHSWDWLHWRRQ 'RRUVFKDNHOHQ QDDU XZ 9RLFH0DLO 7HO 1U ]DDN SLQFRGH ± ± ± X KRRUW DFFHSWDWLHWRRQ 'RRUVFKDNHOHQ QDDU KHW WHOHIRRQQXPPHU ZDDU YDQDI X EHOW 7HO 1U ]DDN SLQFRGH ± ± ± X KRRUW DFFHSWDWLHWRRQ 8 WRHWVW KHW WHOHIRRQQXPPHU LQ ZDDUQDDU X ZLOW GRRUVFKDNHOHQ 7HO 1U ]DDN SLQFRGH ± ± ± WHOHIRRQQXPPHU X KRRUW DFFHSWDWLHWRRQ 9RRUEHHOGHQ DOV GH DXWR
9HUNRUWH JHEUXLNVDDQZLM]LQJ ,Q RQGHUVWDDQGH WDEHO ]LHW X HHQ RYHU]LFKW YDQ GH FRGHV GLH X NXQW JHEUXLNHQ YRRU KHW SURJUDPPHUHQ RI LQVFKDNHOHQ YDQ IDFLOLWHLWHQ $OV X YHHO JHEUXLN PDDNW YDQ GH]HOIGH IDFLOLWHLW NDQ KHW KDQGLJHU ]LMQ YDQ HHQ FRGH JHEUXLN WH PDNHQ $OV X ELMYRRUEHHOG YDDN PRHW RPURHSHQ QDDU HHQ RPURHSLQVWDOODWLH NXQW X JHEUXLN PDNHQ YDQ GH FRGH )DFLOLWHLWHQFRGH W P WRHVWHOQXPPHU! ! H[WHUQ QXPPHU!
:DQGPRQWDJH +HW G WRHVWHO NDQ LQGLHQ JHZHQVW DDQ GH ZDQG ZRUGHQ RSJHKDQJHQ ,Q GH YHUSDNNLQJ YDQ GH 9R[ 'D9R ZRUGW YRRU ppQ G WRHVWHO HHQ VHW VFKURHYHQ HQ SOXJJHQ PHHJHOHYHUG 9RRU SODDWVLQJ DDQ GH ZDQG PRHW X GH SOLQW DDQ GH RQGHU]LMGH YDQ KHW WRHVWHO ORVPDNHQ HQ RPJHNHHUG DDQ GH RQGHU]LMGH YDQ KHW WRHVWHO SODDWVHQ 'RRU GH WZHH OLSMHV RQGHU GH SOLQW LQ WH GUXNNHQ ]RDOV KLHURQGHU ZHHUJHJHYHQ ODDW GH SOLQW ]LFK JHPDNNHOLMN YHUZLMGHUHQ $DQ GH DFKWHU]LMGH YDQ KHW WRHVWHO LV HHQ VOHXIJDW DDQ
0HW EHKXOS YDQ GH RQGHUVWDDQGH WHNHQLQJ HQ PDDWYRHULQJ NXQW X GH WH ERUHQ JDWHQ YRRUDI DIWHNHQHQ RS GH PXXU 2QGHUVWDDQGH RSKDQJEHXJHO EHYLQG ]LFK DDQ GH RQGHU]LMGH YDQ GH SOLQW 8 NXQW GH]H RSKDQJEHXJHO QDDVW KHW G WRHVWHO DDQ GH ZDQG SODDWVHQ 'H RSKDQJEHXJHO LV EHVWHPG RP GH KRRUQ YDQ KHW WRHVWHO WLMGHOLMN RS WH KDQJHQ DOV X HHQ DFWLHI JHVSUHN KHHIW HQ XZ KDQGHQ HYHQ YULM ZLOW KHEEHQ RP ELMYRRUEHHOG LHWV RS WH ]RHNHQ *HEUXLNVDDQZLM]LQJ G 9R[ 'D9R