!DCHDMTMFR@MKDHSTMF 35 n n "NMMDBS n "NMMDBS "NMMDBSHUHSX
,QKDOW )HUQEHGLHQXQJ ² 79 )XQNWLRQHQ %HGLHQWHLO *HUlWHYRUGHUVHLWH $QVFKOVVH *HUlWHUFNVHLWH &RQQHFW $QVFKOVVH *HUlWHUFNVHLWH &RQQHFW +HU]OLFK ZLOONRPPHQ /LHIHUXPIDQJ
)HUQEHGLHQXQJ ² 79 )XQNWLRQHQ 2DHSD 2DHSD 2DHSD 2DHSD 2DHSD 2DHSD 2DHSD 3NM @TR DHM +$# MYDHFD EÃQ @JSTDKKD !DSQHDAR@QS 4LRBG@KSDM HM CDM 35 ,NCTR 4LRBG@KSDM 35 @M@KNF CHFHS@K 4LRBG@KSDM TL 1DBNQCDQ YT ADCHDMDM TRRBG@KSYDHS !HKCENQL@S DHMRSDKKDM 2DHSD RRHRS ,DMÃ DHM @TR 2DHSD $/& /QNFQ@LLYDHSTMF DHM @TR 2DHSD 2DHSD $HMRBG@KSDM TRRBG@KSDM HM CDM 2S@MCAX ,NCTR 2DHSD 4LRBG@KSDM HM CDM 1@CHNLNCTR 2DHSD 4LR
" "NMMDBSHUHSX & 2 1 1 ( & 7 %HGLHQWHLO *HUlWHYRUGHUVHLWH MYDHFD "NMMDBSHUHSX #DQ -DSYRBG@KSDQ ADEHMCDS RHBG @M CDQ 4MSDQRDHSD HL LHSSKDQDM !DQDHBG CDR &DQ¬SDR 7DVWH 0 ,DMÃ @TEQTEDM HL ,DMÃ @TE @AV¬QSR 7DVWH ² 2DMCDQ @A HL ,DMÃ M@BG KHMJR 7DVWH 5 1@CHN DHM @TR YTQÃBJ YTL 35 !DSQHDA TR CDL 2S@MCAX ,NCTR C@R 1@CHN DHMRBG@KSDM HL ,DMÃ @AV¬QSR -TQ ADH &DQ¬SDM LHS -DSVNQJ ,DCH@OK@XDQ RHDGD !DCHDMTMFR@MKDHSTMF -DSVNQJ ,DCH@OK@XDQ $Q]HLJH 2S@MCAX !DQDH
$QVFKOVVH *HUlWHUFNVHLWH &RQQHFW 9,'(2 5HCDNDHMF@MF *NOEG½QDQ@MRBGKTRR $9 6 2 5'2 MRBGKTRR $8',2 3NMDHMF@MF VDH§ KHMJR QNS QDBGSR &20021 ,17(5)$&( "( 2KNS -DSYRBG@KSDQ )0 5$',2 MSDMMD 1@CHN 4*6 $17 79 MSDMMD *@ADK @M@KNF CHFHS@K $8',2 287 / 5 3NM@TRF@MF KHMJR QDBGSR 6(59,&( 2DQUHBDATBGRD 56 & 2DQHDKKD 2BGMHSSRSDKKD $9 $TQN 5 !TBGRD $8',2 ,1 3NMDHMF@MF @M@KNF 9*$ 5& 7& $HMF@MF +'0, '#,( $HMF@MF +'0, '#,( $HMF@MF $& ,1 9a -DSY@MRBGKTRR -TQ EÃQ
$QVFKOVVH *HUlWHUFNVHLWH &RQQHFW :/$1 $17 MRBGKTRR EÃQ 9TR@SY@MSDMMD 86% 42! MRBGKTRR 9,'(2 5HCDNDHMF@MF *NOEG½QDQ@MRBGKTRR $9 6 2 5'2 MRBGKTRR $8',2 3NMDHMF@MF VDH§ KHMJR QNS QDBGSR &20021 ,17(5)$&( "( 2KNS -DSYRBG@KSDQ )0 5$',2 MSDMMD 1@CHN 4*6 $17 79 MSDMMD *@ADK @M@KNF CHFHS@K $8',2 287 / 5 3NM@TRF@MF KHMJR QDBGSR 6(59,&( 2DQUHBDATBGRD 56 & 2DQHDKKD 2BGMHSSRSDKKD $9 $TQN 5 !TBGRD $8',2 ,1 3NMDHMF@MF @M@KNF 9*$ 5& 7& $HMF@MF +'0, '#,( $HMF@MF /
+HU]OLFK ZLOONRPPHQ 9LHOHQ 'DQN ,HS +NDVD UDQAHMCDM VHQ G½BGRSD MROQÃBGD @M 3DBGMHJ #DRHFM TMC !DCHDMDQ EQDTMCKHBGJDHS #HDR FHKS EÃQ 35 5HCDN TMC 9TADG½Q FKDHBGDQL@§DM (GQ 35 &DQ¬S HRS EÃQ CDM 35 2S@MC@QC a'#35k 'HFG #DEHMH SHNM 3DKDUHRHNM UNQADQDHSDS ,HS RDHMDQ !HKCRBGHQL@TEK½RTMF TMC CDM CHFHS@KDM 2BGMHSSRSDKKDM '#,( 'HFG #DEHMHSHNM ,TKSHLDCH@ (MSDQE@BD AHDSDS DR CHD ,½FKHBGJDHS '#35 2DMCTMFDM HM GDQUNQQ@FDMCDQ !HKCPT@KHS¬S ÃADQ CHD '#,( $R SQ¬FS CDRG@KA CDR DTQNO¬ 3 2BGMHSSRSDKKD C@QYTRSD
+HU]OLFK ZLOONRPPHQ %HGLHQNRPIRUW PLW $VVLVWHQWHQ ,QIR $Q]HLJH XQG 79 6WLFKZRUWYHU]HLFKQLV #HDRDR 35 &DQ¬S UDQEÃFS ÃADQ DHMD !DCHDMDQEÃGQTMF LHS RRHRSDMSDM CHD 2HD RBGQHSSVDHRD CTQBG CHD $HMRSDKKTMFDM EÃGQDM 2HD J½MMDM IDCDQYDHS YTL UNQGDQHFDM 2BGQHSS YTQÃBJJDGQDM NCDQ CDM RRHRSDMSDM ADDMCDM (LQH ,QIRUPDWLRQVDQ]HLJH ]X MHGHP 0HQSXQNW #HD (MEN MYDHFD YDHFS YT CDM LDHRSDM ,DMÃOTMJSDM HMG@KSRADYNFDMD (MENSDWSD HL NADQDM 3DHK CDR !HKCRBGHQLR @M 9TR@LLDM LHS CDL 2SHBGVNQS UDQYDHBGMHR AH
=X ,KUHU 6LFKHUKHLW =X ,KUHU HLJHQHQ 6LFKHUKHLW XQG XP XQQ|WLJHQ 6FKDGHQ YRQ ,KUHP *HUlW DE]XZHQGHQ OHVHQ XQG EHDFKWHQ 6LH GLH QDFKIROJHQGHQ 6LFKHUKHLWVKLQZHLVH %HVWLPPXQJVJHPlHU *HEUDXFK XQG 8PJHEXQJVEHGLQJXQJHQ #HDRDR 35 &DQ¬S HRS @TRRBGKHD§KHBG EÃQ CDM $LOE@MF TMC CHD 6HDCDQF@AD UNM !HKC TMC 3NMRHFM@KDM ADRSHLLS TMC HRS EÃQ 6NGM AYV !ÃQNQ¬TLD JNMYHOHDQS $R C@QE MHBGS HM 1¬TLDM LHS GNGDQ /XIWIHXFKWLJNHLW Y ! !@C 2@TM@ NCDQ GNGDQ 6WDXENRQ]HQWUDWLRQ Y ! 6DQJRS¬SSDM A
=X ,KUHU 6LFKHUKHLW 6FKXW] GHU 8PZHOW 5HSDUDWXUHQ XQG =XEHK|U #HD 1ÃBJV@MC CDR 35 &DQ¬SDR CÃQEDM 2HD JDHMDRE@KKR RDKARS @AMDGLDM ¦ADQK@RRDM 2HD 1DO@Q@STQ TMC 2DQUHBD QADHSDM @M (GQDL 35 &DQ¬S @TR RBGKHD§KHBG DXWRULVLHUWHQ )HUQVHKWHFKQLNHUQ 5DQVDMCDM 2HD L½FKHBGRS MTQ 2ULJLQDO =XEHK|UWHLOH VHD Y ! +NDVD 2S@MCR RHDGD 9TADG½Q 2DHSD (QHUJLHYHUEUDXFK (GQ 35 &DQ¬S HRS LHS DHMDL RO@QR@LDM 2S@MCAX -DSYSDHK @TRFDQÃRSDS (L 2S@MCAX ,NCTR RHMJS CHD +DHRSTMFR@TEM@GLD @TE DHMD FDQHMFD +DHRSTMF @A RHDGD 3
(UVWH ,QEHWULHEQDKPH $XIVWHOOHQ GHV 79 *HUlWHV $QVFKOLHHQ GHV 79 *HUlWHV TERSDKKTMF @KR 3HRBGFDQ¬S LHS CDL HL +HDEDQTLE@MF DMSG@KSDMDM TMC LNMSHDQSDM 3HRBGET§ 3@AKD 2S@MC 6DHSDQD TERSDKKL½FKHBGJDHSDM RHDGD 9TADG½Q 2DHSD $Q GDV 6WURPQHW] DQVFKOLHHQ )HUQEHGLHQXQJ YRUEHUHLWHQ %DWWHULHQ HLQVHW]HQ RGHU ZHFKVHOQ 35 &DQ¬S @M DHMD 5 2SDBJCNRD @MRBGKHD§DM 9TDQRS JKDHMDM 2SDBJDQ CDR -DSYJ@ADKR HM CDM -DSY@M RBGKTRR GHMSDM @L 35 C@M@BG FQN§DM -DSYRSDBJDQ HM DHMD -DSYRSDBJCNRD RSDBJDM
(UVWH ,QEHWULHEQDKPH *HUlW HLQ DXVVFKDOWHQ (UVWLQEHWULHEQDKPH $VVLVWHQW 79 *HUlW LQ GHQ 6WDQGE\ 0RGXV VHW]HQ (UVWLQVWDOODWLRQ QDFK GHP HUVWHQ (LQVFKDOWHQ #HDRDQ RRHRSDMS RS@QSDS M@BG CDL DQRSDM $HMRBG@KSDM @TSNL@SHRBG J@MM @ADQ @TBG RO¬SDQ L@MTDKK HL 2SHBGVNQSUDQYDHBGMHR CDR 35 &DQ¬SDR @TE FDQTEDM VDQCDM RHDGD (UVWLQEHWULHEQDKPH ZLHGHUKROHQ @TE 2DHSD -DSYRBG@KSDQ @TE CDQ &DQ¬SDTMSDQRDHSD ADS¬SHFDM #HD MYDHFD HL !DCHDMSDHK @TE CDQ 5NQCDQRDHSD KDTBGSDS QNS C@R &DQ¬S ADEHMCDS RHBG MTM HL 2S@MCA
(UVWH ,QEHWULHEQDKPH (UOlXWHUXQJHQ ]X GHQ (LQVWHOOXQJVP|JOLFKNHLWHQ $MDQFHD DEEHYHDMY (UVWLQEHWULHEQDKPH (QHUJLHHIIL]LHQ] NR 6WDQGDUG 2. 2.
(UVWH ,QEHWULHEQDKPH 6XFKODXI VWDUWHQ '9% 7 $QWHQQH SRVLWLRQLHUHQ DXVULFKWHQ (UVWLQEHWULHEQDKPH $VVLVWHQW ,KU )HUQVHKHU I¾KUW GLH DXWRPDWLVFKH 6XFKH PLW IROJHQGHQ (LQVWHOOXQJHQ GXUFK *HU¦WHVWDQGRUW 6LJQDOTXHOOH Q $LOE@MFDM 2HD LHS DHMDQ 9HLLDQ@MSDMMD DHMDM NCDQ LDGQDQD #5! 3 2DMCDQ LHS !HKC TMC 3NMRS½QTMFDM RNKKSDM 2HD CDM TERSDKKTMFRNQS TMC CHD TRQHBGSTMF CDQ MSDMMD ¬MCDQM %Q@FDM
%HGLHQNRPIRUW *HQHUHOOHV ]XU 0HQEHGLHQXQJ ,DMÃR EÃQ CHD DHMYDKMDM !DSQHDAR@QSDM 35 1@CHN VDQCDM LHS CDQ 0(18 7DVWH @TEFDQTEDM 6DHSDQD ,DMÃR RHMC @TBG LHS @MCDQDM 3@RSDM CDQ %DQMADCHDMTMF DQQDHBGA@Q #HD ,DMÃR VDQCDM TMSDM HL !HKC @MFDYDHFS .ADM DQG@KSDM 2HD YTR¬SYKHBGD (MENQL@SHNMDM YTL L@QJHDQSDM ,DMÃOTMJS RHDGD (MEN MYDHFD QDBGSR ➠ (L MNQL@KDM 35 !DSQHDA NGMD VDHSDQD MYDHFDM 79 0HQ @TEQTEDM %LOG +LHU VLQG X D HLQVWHOOEDU .
%HGLHQNRPIRUW 'DV 6WLFKZRUWYHU]HLFKQLV LP 79 *HUlW 5NM GHDQ @TR J½MMDM 2HD @KKD RRHRSDMSDM TMC UHDKD !DCHDMETMJSHNMDM CHQDJS RS@QSDM #DQ UNKKD %TMJSHNMRTLE@MF CDR 35 &DQ¬SDR K¬RRS RHBG RN KDHBGS DQRBGKHD§DM #DQ @KOG@ADSHRBGDM 2NQSHDQTMF UNQ@MFDRSDKKS RHMC CHD /TMJSD 0HQVSUDFKH (QHUJLHHIIL]LHQ] $XVVWDWWXQJ TMC (UVWLQEHWULHEQDKPH ZLHGHUKROHQ 'DV $VVLVW 0HQ ¦ADQ C@R RRHRS ,DMÃ J½MMDM CHD VHBGSHFRSDM %TMJSHNMDM CDR 35 &D Q¬SDR CHQDJS @TEFDQTEDM VDQCDM $VVLVW DXIUXIHQ $VVLVW ,DMÃ @TEQ
%HGLHQNRPIRUW 79 0HQ ² hEHUVLFKWVSODQ 35 ,DMÂ %LOG .
$OOWlJOLFKH +DQGKDEXQJ 6HQGHU ZlKOHQ 6TQCDM ADH CDQ $QRSHMRS@KK@SHNM AYV 2DMCDQRTBGD @M@KNFD TMC #5! 2DMCDQ DLOE@MFDM TMC FDRODHBGDQS RHMC YVDH FDSQDMMSD 2DMCDQKHRSDM EÃQ @M@KNFD TMC #5! 2DMCDQ UNQG@MCDM :HFKVHO ]ZLVFKHQ DQDORJHQ XQG '9% 6HQGHUQ 6HQGHUZDKO PLW GHU 6HQGHUOLVWH ➠ (L MNQL@KDM 35 !DSQHDA NGMD VDHSDQD MYDHFDM JDHMD %@UNQHSDM @MFDV¬GKS 2.
$OOWlJOLFKH +DQGKDEXQJ 6HQGHUZDKO PLW GHU )DYRULWHQOLVWH (GQD +HDAKHMFRRDMCDQ J½MMDM 2HD HM DHMDQ %@UNQHSDMKHRSD RODHBGDQM TMC @TEQTEDM #HD %@UNQHSDMKHRSD J@MM LHS AHR YT 2DMCDQM ADKDFS VDQCDM $QRSDKKDM AYV ¬MCDQM 2HD CHD %@UNQHSDMKHRSD M@BG (GQDM !DCÃQEMHRRDM RHDGD )DYRULWHQOLVWH ]XVDPPHQVWHOOHQ lQGHUQ @TE 2DHSD ➠ (L MNQL@KDM 35 !DSQHDA NGMD VDHSDQD MYDHFDM ➠ %@KKR CHD %@UNQHSDMKHRSD MNBG KDDQ HRS ½EEMDS RHBG C@R ,DMÃ %@UNQHSDM @TRV¬GKDM ¬MCDQM RHDGD 2DHSD -
$OOWlJOLFKH +DQGKDEXQJ 7RQ HLQVWHOOHQ (UOlXWHUXQJHQ ]X GHQ 7RQHLQVWHOOXQJHQ 3NMDEEDJSD 2SDQDN /@MNQ@L@ # 2TQQNTMC DHMRSDKKDM ,HS 3DQRUDPD DQE¬GQS CDQ 2SDQDNSNM DHMD UHQSTDKKD !@RHRUDQAQDHSDQTMF ,HS ' 6XUURXQG J@MM DHM 2SDQDNRHFM@K HM DHM UHQSTDKKDR 2TQQNTMCRHFM@K TLFDRDSYS VDQCDM 7RQ DXV HLQVFKDOWHQ 3NM @TR 3NM DHM 3@RSD DQMDTS CQÃBJDM NCDQ +@TSRS¬QJD 9 DHMRSDKKDM 3NM@MO@RRTMF 2OQ@BGD *K@RRHJ /NO ODQR½MKHBGDQ ,TRHJJK@MF !DH ODQ R½MKHBGDL ,TRHJJK@MF J½MMDM 2HD '½GDM TM
$OOWlJOLFKH +DQGKDEXQJ %LOG HLQVWHOOHQ 6WDQGDUGZHUWH %LOG 7RQ @TRV¬GKDM HM CHD ,DMÃYDHKD C@QTMSDQ VDBGRDKM 79 0HQ @TEQTEDM 79 0HQ¾ %LOG .RQWUDVW ,1)2 7RQ $QVFKO¾VVH 3HUV¸QOLFKH :HUWH DEUXIHQ 2. DXVI¾KUHQ (LQVWHOOXQJHQ 79 0HQ¾ %LOG )DUELQWHQVLW¦W ,1)2 )DUEWHPSHUDWXU +HOOLJNHLW 2. :HUNVZHUWH DEUXIHQ $OV SHUV¸QOLFKH &DVÃMRBGSD $HMRSDKKTMF @TRV¬GKDM 2. @TREÃGQDM %LOG @TRV¬GKDM HM CHD ,DMÃYDHKD C@QTMSDQ VDBGRDKM .
$OOWlJOLFKH +DQGKDEXQJ 7DVWHQIXQNWLRQHQ %LOGIRUPDW HLQVWHOOHQ %LOGIRUPDW 7DVWH !HKCENQL@S ,DMÃ ½EEMDM TMC LHS )DCD !DSQHDAR@QS CDR 35 &DQ¬SDR 35 1@CHN 3DKDSDWS $/& /(/ UDQEÃFS ÃADQ DHFDMD %TMJSHNMDM CDQ %@QAS@RSDM #HD %TMJSHNM CDQ %@QAS@RSDM VHQC IDVDHKR TMSDM HM CDM ,DMÃR TMC RRHRSDMSDM @MFDYDHFS -@BGENKFDMC RHMC DHMHFD 3@RSDMETMJSHNMDM @TEFDEÃGQS CHD 2HD HL 35 !D SQHDA ADH CDQ @KKS¬FKHBGDM '@MCG@ATMF (GQDR 35 &DQ¬SDR ADM½SHFDM )XQNWLRQHQ GHU )DUEWDVWHQ LP 79 %HWULHE %LOGIRUPDW =RRP
$OOWlJOLFKH +DQGKDEXQJ 6WDWXVDQ]HLJH ➠ (L MNQL@KDM 35 !DSQHDA NGMD VDHSDQD MYDHFDM (1' 2S@STR@MYDHFD DHM @TRAKDMCDM 'DV (UVWH ۼ6WHUHR 7RVNDQD 6SUDFK 7RQDXVZDKO ۫ $ODUP]HLW $XVVFKDOW]HLW (M CDM NADQDM YVDH 9DHKDM RDGDM 2HD CHD -TLLDQ TMC CDM -@LDM CDR 2DMCDQR RNVHD ADH #5! 2DMCDQM C@R 2XLANK EÃQ #5! 3 NCDQ #5! " #DQ 3HSDK CDQ FDQ@CD K@TEDMCDM 2DMCTMF E@KKR UDQEÃFA@Q TMC CHD 3NMJDMMTMF VDQCDM
6HQGHU YHUZDOWHQ 79 6HQGHU (UOlXWHUXQJHQ ]X HLQLJHQ 6XFKHLQVWHOOXQJHQ ¦ADQ C@R 35 ,DMÃ K@RRDM RHBG UDQRBGHDCDMD .
6HQGHU YHUZDOWHQ 6HQGHU VXFKHQ DNWXDOLVLHUHQ ² PDQXHOOH 6XFKH ➠ 35 ,NCTR @M@KNF AYV 35 ,NCTR CHFHS@K UNQ CDQ L@MTDKKDM 2TBGD @MV¬GKDM I@ M@BGCDL HM VDKBGDL !DQDHBG CDQ 2DMCDQ FDRTBGS VDQCDM RNKK 79 0HQ @TEQTEDM (LQVWHOOXQJHQ @TRV¬GKDM HM CHD ,DMÃYDHKD C@QTMSDQ VDBGRDKM 6HQGHU @TRV¬GKDM HM CHD ,DMÃYDHKD C@QTMSDQ VDBGRDKM 0DQXHOO HLQVWHOOHQ @TRV¬GKDM 2.
6HQGHU YHUZDOWHQ 6HQGHU lQGHUQ ² O|VFKHQ YHUVFKLHEHQ XPEHQHQQHQ 6HQGHU YHUVFKLHEHQ 5HLKHQIROJH lQGHUQ ➠ 6HQGHU lQGHUQ HRS @TBG @TEQTEA@Q ÃADQ CHD 2DMCDQ ÃADQRHBGS 2DHSD ➠ )D M@BGCDL NA 2HD @M@KNFD NCDQ #5! 2DMCDQ ¬MCDQM VNKKDM LÃRRDM 2HD UNQGDQ CDM DMSROQDBGDMCDM 2DMCDQADQDHBG @TRV¬GKDM 4LRBG@KSTMF @M@KNF CHFHS@K 2DMCDQ LHS CDQ 79 7DVWH RHDGD @TBG 2DHSD *HOEH 7DVWH +DHSDS 2DMCDQ YHUVFKLHEHQ DHM &DFDADMDME@KKR LDGQDQD 2DMCDQ L@QJHDQDM 2.
6HQGHU YHUZDOWHQ )DYRULWHQOLVWH ]XVDPPHQVWHOOHQ lQGHUQ 6HQGHU DXV )DYRULWHQOLVWH O|VFKHQ #HD %@UNQHSDMKHRSD J@MM LHS AHR YT 2DMCDQM ADKDFS VDQCDM 2HD J½MMDM CHD %@UNQHSDMKHRSD M@BG (GQDM !DCÃQEMHRRDM YTR@LLDMRSDKKDM #HD %@UNQHSDMKHRSD G@S CDM 5NQSDHK C@RR 2HD 2DMCDQ UDQRBGHDCDMDQ 2H FM@KPTDKKDM MSDMMD *@ADK @M@KNF #5! 3 #5! " HM CDQ UNM (GMDM FDVÃMRBGSDM 1DHGDMENKFD @AKDFDM J½MMDM ➠ %@UNQHSDMKHRSD QDBGSD 2O@KSD LTRR @MFDV¬GKS RDHM %@KKR MHBGS LHS CHD +HRSD VDBGRDKM
%LOG LP %LOG %LOG LP %LOG 3LFWXUH LQ 3LFWXUH 3,3 KR !HKC HL !HKC %TMJSHNM ADYDHBGMDS L@M CHD FKDHBGYDHSHFD #@QRSDKKTMF UNM YVDH TMSDQRBGHDCKHBGDM !HKCDQM #DQ /(/ !DSQHDA HRS @TE 5 /(/ @TRFDKDFS C G HL '@TOSAHKC VHQC DHMD 5 0TDKKD 5 52 /" (- '#,( '#,( @MFDYDHFS TMC HL /(/ !HKC DHM 35 2DMCDQ C@QFDRSDKKS 2N J½MMDM 2HD Y ! HGQ /" !HKC HL '@TOSAHKC MTSYDM TMC DHM 35 /QNFQ@LL HL /(/ !HKC @MYDHFDM 9TR¬SYKHBG J½MMDM 2HD @TRV¬GKDM NA CDQ /" NCDQ 35 3NM VHDCDQFDFDADM VHQC 6HQGH
%LOG LP %LOG %LOG LP %LOG 0RGXV 3,3 NRQILJXULHUHQ 3RVLWLRQ GHV 3,3 .
(OHNWURQLVFKH 3URJUDPP]HLWXQJ (OHNWURQLVFKH 3URJUDPP]HLWXQJ ² (3* 3URJUDPPOLVWH DQSDVVHQ ➠ #HD TRV@GK ADEHMCDS RHBG NADM ADH CDM 5NQF@ADM VDMM MHBGS EODXH 7DVWH CQÃBJDM $/& RSDGS EÃQ $KDBSQNMHB /QNFQ@LLD &THCD TMC KHDEDQS (GMDM CHD /QNFQ@LL HMENQL@SHNMDM @TE CDM !HKCRBGHQL 2HD J½MMDM LHS CHDRDL 2XRSDL VHD HM DHMDQ 9DHSRBGQHES AK¬SSDQM TMC RHBG ÃADQ C@R @JSTDKKD /QNFQ@LL HMENQLHDQDM T§DQCDL K@RRDM RHBG 2DMCTMFDM M@BG ADRSHLLSDM 3GDLDM RNQSHDQDM TMC 2DMCTMFDM UNQLDQJDM 'DWXP =HLW 6HQGHU NCDQ 7
7HOHWH[W 7HOHWH[W 9LGHRWH[W 'DUVWHOOXQJHQ GHU 7HOHWH[W 6HLWHQ (GQ 35 &DQ¬S TMSDQRSÃSYS CHD ADHCDM !DCHDMRXRSDLD 3./ 3DWS TMC %+.% $R VDQCDM AHR YT 2DHSDM FDRODHBGDQS RN C@RR 2HD RBGMDKKDM 9TFQHEE C@Q@TE G@ADM 7HOHWH[W VWDUWHQ XQG EHHQGHQ $9 2DKARS VDBGRDKMCD 2DHSDM @MG@KSDM 2DHSD UDQFQ½§DQM LDGQL@KR CQÃBJDM 3,3 7DVWH 35 !HKC DHM @TRAKDMCDM 100 100 3DKDSDWS DHM @TRRBG@KSDM 100 100 ARDtext Do 07. 09. 06 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5DGLR 5DGLR %HWULHE /DXWVWlUNH HLQVWHOOHQ #DQ 1@CHN !DSQHDA HRS VHD CDQ 35 !DSQHDA HM @M@KNFDM TMC CHFHS@KDM $LO E@MF TMSDQSDHKS 1@CHNRDMCDQ J½MMDM @M@KNF ÃADQ CDM %, 3TMDQ TMC CHFHS@K ÃADQ CDM #5! 3 " 3TMDQ DLOE@MFDM VDQCDM 6TQCDM ADH CDQ $QRSHMADSQHDAM@GLD @M@KNFD TMC CHFHS@KD 1@CHNRDMCDQ DLOE@MFDM TMC FDRODHBGDQS VDQCDM YVDH FDSQDMMSD 2DMCDQÃADQRHBGSDM @MFDKDFS 5DGLR %HWULHE HLQVFKDOWHQ .
'9% &RQGLWLRQDO $FFHVV 0RGXO &$ 0RGXO 4L UDQRBGKÃRRDKSD CHFHS@KD 2DMCDQ DLOE@MFDM YT J½MMDM LTRR DHM "NMCHSHNM@K BBDRR ,NCTK " ,NCTK TMC DHMD 2L@QS "@QC HM CDM "( 2KNS (GQDR 35 &DQ¬SDR RHDGD 2DHSD TMC DHMFDRDSYS VDQCDM " ,NCTK TMC 2L@QS "@QC RHMC MHBGS HL +HDEDQTLE@MF CDR 35 &DQ¬SDR DMSG@KSDM 2HD DQG@KSDM CHDRD ÃAKHBGDQVDHRD ADH (GQDL %@BGG¬MCKDQ +NDVD ÃADQMHLLS JDHMD &DV¬GQ EÃQ CHD %TMJSHNM CDR " ,NCTKR 6PDUW &DUG LQ GDV &$ 0RGXO HLQVFKLHEHQ #HD 2L@QS "@QC AHR YTL MRBGK@F HM
:HLWHUH (LQVWHOOXQJHQ .LQGHUVLFKHUXQJ 2HD J½MMDM FDFDM TMFDVÃMRBGSD !DMTSYTMF CDR 35 &DQ¬SDR TMC YTL 2BGTSY (GQDQ *HMCDQ UNQ TMFDDHFMDSDM 2DMCTMFDM UDQRBGHDCDMD 2HBGD QTMFRL½FKHBGJDHSDM @TRV¬GKDM TMC DHMRSDKKDM *HKHLPQXPPHU IHVWOHJHQ 79 0HQ @TEQTEDM (LQVWHOOXQJHQ @TRV¬GKDM HM CHD ,DMÃYDHKD C@QTMSDQ VDBGRDKM .
:HLWHUH (LQVWHOOXQJHQ 6SUDFKH =HLW XQG 'DWXP (L 2OQ@BGLDMÃ KDFDM 2HD CHD 2OQ@BGD EÃQ R¬LSKHBGD ,DMÃR CDR 35 &DQ¬SDR EDRS %ÃQ #5! 2DMCTMFDM J@MM CHD 2OQ@BGD EÃQ CHD #5! 4MSDQSHSDK RNVHD CHD %HKLROQ@BGD DHMFDRSDKKS VDQCDM 6SUDFKH DXIUXIHQ 79 0HQ @TEQTEDM =HLW XQG 'DWXP DXIUXIHQ (LQVWHOOXQJHQ @TRV¬GKDM HM CHD ,DMÃYDHKD C@QTMSDQ VDBGRDKM 79 0HQ @TEQTEDM (LQVWHOOXQJHQ @TRV¬GKDM HM CHD ,DMÃYDHKD C@QTMSDQ VDBGRDKM 6SUDFKH @TRV¬GKDM HM CHD ,DMÃYDHKD C@QTMSDQ VDBGRDKM 79 0HQ¾ (LQVWH
%HWULHE ]XVlW]OLFKHU *HUlWH $QVFKOVVH $QVFKOXVVDVVLVWHQW ¦ADQ C@R ,DMÃ MRBGKÃRRD AYV CDL MRBGKTRR@RRHRSDMSDM J½MMDM 2HD 9TR@SYFDQ¬SD NOSHL@K @M C@R 35 &DQ¬S @MRBGKHD§DM TMC CHD 9TR@SYFDQ¬SD DMSROQDBGDMC JNMEHFTQHDQDM %@QARS@MC@QC CDR &DQ¬SDR @TRV¬GKDM C@R 2HD @MRBGKHD§DM L½BGSDM ( L -NQL@KE@KK ADK@RRDM 2HD CHD $HMRSDKKTMF @TE $XWR PDWLVFK @MCDQME@KKR V¬GKDM 2HD CDM O@RRDMCDM %@QARS@MC@QC @TR $EODXI GHV $QVFKOXVVDVVLVWHQWHQ 2.
%HWULHE ]XVlW]OLFKHU *HUlWH *HUlWH DQ GHQ $QVFKOVVHQ $9 $9 9,'(2 $9 6 &DP&RUGHU .
%HWULHE ]XVlW]OLFKHU *HUlWH *HUlWH DQ GHQ +'0, $QVFKOVVHQ *HUlWH DP 3& ,1 $QVFKOXVV #HD '#,( MRBGKÃRRD 'HFG #DEHMHSHNM ,TKSHLDCH@ (MSDQE@BD DQK@TADM CHD ¦ADQSQ@FTMF UNM CHFHS@KDM !HKC TMC 3NMRHFM@KDM UNM DHMDL 9TROHDKFDQ¬S Y ! #5# /K@XDQ #5# 1DBNQCDQ !KT Q@X /K@XDQ 2OHDKDJNMRNKD NCDQ 2DS 3NO !NW ÃADQ DHM DHMYHFDR MRBGKTRRJ@ADK #HD CHFHS@KDM !HKC TMC 3NMC@SDM VDQCDM NGMD #@SDMJNLOQDRRHNM CHFHS@K ÃADQSQ@FDM TMC VDHRDM CDRG@KA JDHMD 0T@KHS¬SRUDQKTRSD @TE M CHD !TBGRD 3& ,1 J½MMDM 2HD Y ! D
%HWULHE ]XVlW]OLFKHU *HUlWH MRBGKTRR ADHROHDK DHMDR "NLOTSDQR (UOlXWHUXQJHQ ]X GHQ (LQVWHOOP|JOLFKNHLWHQ LP 0HQ 'LVSOD\ 35 &DQ¬S 4#(.
%HWULHE ]XVlW]OLFKHU *HUlWH /RHZH *HUlWH EHGLHQHQ 'LH )HUQEHGLHQXQJ IU GHQ 79 0RGXV GHV 79 *HUlWHV QXW]HQ 79 7DVWH CQÃBJDM CHD MYDHFD C@QÃADQ KDTBGSDS B@ 2DJ 'LH )HUQEHGLHQXQJ IU HLQHQ 5HFRUGHU QXW]HQ 5(& 7DVWH CQÃBJDM CHD MYDHFD C@QÃADQ KDTBGSDS B@ 2DJ 'LH )HUQEHGLHQXQJ IU HLQHQ '9' 6SLHOHU QXW]HQ '9' 7DVWH CQÃBJDM CHD MYDHFD C@QÃADQ KDTBGSDS B@ 2DJ 'LH )HUQEHGLHQXQJ IU GHQ 5DGLR 0RGXV GHV 79 *HUlWHV QXW]HQ 5$',2 7DVWH CQÃBJDM CHD MYDHFD C@QÃADQ KDTBGSDS
%HWULHE ]XVlW]OLFKHU *HUlWH )XQNWLRQHQ IU /RHZH '9' 6SLHOHU $XUR 36 '7 3NM @TR DHM +$# MYDHFD EÃQ @JSTDKKD !DSQHDAR@QS 4LRBG@KSDM TL 35 &DQ¬S YT ADCHDMDM 4LRBG@KSDM TL 1DBNQCDQ YT ADCHDMDM TR 3HLDQ @TEQTEDM 35 !HKCENQL@S DHMRSDKKDM 1 #(. TLRBG@KSDM ,NMN 2SDQDN #(2* 6HDCDQGNKDM 1 #(.
)HKOHUEHKHEXQJ 3UREOHP 0|JOLFKH 8UVDFKH $EKLOIH KKD ,DMÃR DQRBGDHMDM HM CDQ IDOVFKHQ 6SUDFKH ,DMÃROQ@BGD VTQCD UDQRDGDMSKHBG E@KRBG DHMFDRSDKKS 0HQVSUDFKH HLQVWHOOHQ (L 79 %HWULHE ,1)2 7DVWH CQÃBJDM 6WLFKZRUWYHU]HLFKQLV #@R DQRSD 2SHBGVNQS L@QJHDQDM TMC LHS 2. @TEQTEDM #@MM 2OQ@BGD @TRV¬GKDM TMC LHS 2.
7HFKQLVFKH 'DWHQ $OOJHPHLQH 'DWHQ 7\S &RQQHFW &RQQHFW QSHJDKMTLLDQ ,@§D EÃQ &DQ¬S NGMD %T§ ! W ' W 3 HM BL ,@§D EÃQ &DQ¬S LHS %T§ ! W ' W 3 HM BL &DVHBGS EÃQ &DQ¬S NGMD %T§ B@ HM JF &DVHBGS EÃQ &DQ¬S LHS %T§ B@ HM JF #HROK@XSDBGMNKNFHD !HKCCH@FNM@KD HM BL !HKCENQL@S TEK½RTMF HM /HWDK !HKCVDBGRDKEQDPTDMY *NMSQ@RSUDQG¬KSMHR RS@SHRBG !DSQ@BGSTMFRVHMJDK GNQHYNMS@K UDQSHJ@K +DHRSTMFR@TEM@GLD $- +DHRSTMFR@TEM@GLD a$HMk HM 6@SS +DHRSTMFR@TEM@GLD HL 2S@MC AX !DSQHDA H
=XEHK|U $XIVWHOOP|JOLFKNHLWHQ =XEHK|U -@BGENKFDMCDR 9TADG½Q J½MMDM 2HD ADH (GQDL +NDVD %@BGG¬MCKDQ DQ VDQADM /RHZH '9' 5HFRUGHU #HD #5# 1DBNQCDQ UNM +NDVD YDHBGMDM RHBG CTQBG YT +NDVD 35 &DQ¬SDM O@RRDMCD %NQLDM TMC %@QADM @AFDRSHLLSD !DCHDMDQEÃGQTMF TMC 3DBGMHJ @TR 3@AKD 2S@MC /RHZH %OX UD\ 3OD\HU ,HS CDL +NDVD !KT Q@X /K@XDQ a!KT3DBG 5HRHNMk RHMC 2HD ADRSDMR FDQÃRSDS EÃQ C@R 'NLD $MSDQS@HMLDMS CDQ M¬BGRSDM &DMDQ@SHNM #DMM @KR -@BGENKFDENQL@S CDQ #5# KHDEDQS CHDRD 3DBGMNKNFHD C@R .
*ORVVDU $ $NWLYH $QWHQQH $HMD MSDMMD LHS DHFDMDQ 2SQNLUDQRNQFTMF AYV 5DQRS¬QJTMF CHD CDM $LOE@MF HM VDMHFDQ FTS UDQRNQFSDM &DAHDSDM UDQADRRDQM J@MM $9 %XFKVH !TBGRD EÃQ TCHN TMC 5HCDN 2HFM@KD $9 4XHOOHQ TCHN 5HCDN 0TDKKD $96 TCHN 5HCDN !TBGRDM RDHSKHBG @L 35 &DQ¬S "HMBG TMC ,HMH #(- % %DQG !DYDHBGMTMF EÃQ DHMDM ¦ADQSQ@FTMFRADQDHBG %LOG LP %LOG 2HDGD 3,3 & &$ 0RGXO #@R &RQGLWLRQDO $FFHVV 0RGXO DMSG¬KS C@R 5DQRBGKÃRRDKTMFR RXRSDL TMC UDQFKDHBGS CDM FDRDMCDSDM "NCD LHS CDL @TE CDQ
*ORVVDU 1 1HW]ZHUN ,' KR -(# VHQC CHD RNFDM@MMSD /QNFQ@LL *DMMMTLLDQ NCDQ @TBG -DSYVDQJ (# ADYDHBGMDS n DHMD 9@GK YVHRBGDM TMC (M ADRSHLLSDM *@ADKMDSYDM DHMHFDQ +¬MCDQ HRS CHDRD MF@AD MNSVDMCHF $R VDQCDM C@MM MTQ #5! 2HFM@KD CHDRDR 2DMCDQMDSYVDQJDR FDRTBGS 1,&$0 3NMMNQL 6HQC HM !DKFHDM #¬MDL@QJ $MFK@MC %Q@MJQDHBG 2BGVDCDM TMC 2O@MHDM FDMTSYS 176& LDQHJ@MHRBGD %@QAMNQL 2 gNR 6WDQGDUG $MDQFHDDEEHYHDMY $HMRSDKKTMF 'HDQ RSDGS FDQHMFDQ $MDQFHD UDQAQ@TBG ADH CDQ 'DHLADMTSYTMF
6WLFKZRUWYHU]HLFKQLV $ $ODUP $QVFKOXVVDVVLVWHQW $QVFKOVVH $QWHQQHQ DQVFKOLHHQ $Q]HLJH $VVLVW $XVVFKDOWHQ $XVVWDWWXQJ $XVVWDWWXQJ GHV 79 *HUlWHV $XWR )RUPDW $9 $XVJDQJVWRQ $9 $XVZDKO % %DODQFH HLQVWHOOHQ %DWWHULHQ %HGLHQWHLO %LOG %LOG HLQVWHOOHQ %LOGIRUPDW &LQHPD 3$/SOXV 3DQRUDPD =RRP %LOG LP %LOG %LOG YHUWLNDO YHUVFKLHEHQ & &$ 0RGXO &, 6ORW ' 'HWDLOLQIR '9% 8QWHUWL
6HUYLFH /RHZH $XVWULD *PE+ 3DUNULQJ :LHQ gVWHUUHLFK 7HO )D[ (PDLO ORHZH#ORHZH FR DW /RHZH 2SWD *PE+ &XVWRPHU &DUH &HQWHU ,QGXVWULHVWUDH .URQDFK 'HXWVFKODQG 7HO ² )D[ ² (PDLO FFF#ORHZH GH (,6$*2*,., (0%25,.