,167$//$7,21$9,1%<**1$'68*1
81'(5(163,6+b//
5HNRPPHQGDWLRQHU
9LNWLJW1lULQVWDOODWLRQVHOOHU
XQGHUKnOOVDUEHWHQJ|UVPnVWHXJQHQDOOWLG
YDUDVNLOGIUnQHOQlWHW
,QVWDOODWLRQHQPnVWHJ|UDVDYHQNRPSHWHQW
IDFNPDQHQOLJWWLOOYHUNDUHQVDQYLVQLQJDURFKHQOLJW
JlOODQGHEHVWlPPHOVHU
7DDYXJQHQVI|USDFNQLQJRFKNRQWUROOHUDDWW
XJQHQLQWHKDUVNDGDWVXQGHUWUDQVSRUWHQRFKDWW
GHWJnUOlWWDWWVWlQJDXJQVOXFNDQ
2PGXLQWHlU
VlNHUE|UGXYlQGDGLJWLOOGLQnWHUI|UVlOMDUH
HOOHUWLOOQlUPDVWH.XQGWMlQVW
(IWHUDWWHPEDOODJHWKDUWDJLWVDYE|UXJQHQ
SODFHUDVSnXQGHUUHGHWLVW\UHQVNXPVnDWWGHQ
LQWHVNDGDV
9LUHNRPPHQGHUDUDWWVN\GGVKDQGVNDUDQYlQGV
YLGLQVWDOODWLRQHQDYXJQHQ
/\IWDOGULJXJQHQLXJQVOXFNDQVKDQGWDJXWDQ
XWQ\WWMDLVWlOOHW|SSQLQJDUQDSnVLGDQDYXJQHQ
VRPlUDYVHGGDI|UGHWWDlQGDPnO
)|UEHUHGDN|NVVNnSHWI|ULQE\JJQDG
,QVWDOODWLRQDYHQLQE\JJQDGVXJQXQGHUHQ
VSLVKlOO
.|NVVNnSHQVRPVNDOOVWnDOOGHOHVLQWLOOXJQHQ
PnVWHWnODHQWHPSHUDWXUSnPLQVW&
6lWWLQWHXJQHQRFKVSLVKlOOHQSnSODWVI|UUlQGX
lUNODUPHGVnJDUEHWHWGYVLQQDQGXKDUVnJDWXW
GH|SSQLQJDUVRPVNDOOILQQDVLN|NVVNnSHWRFK
ElQNVNLYDQ5HQJ|UQRJJUDQWHIWHUnWRFKVHWLOODWW
GHWLQWHILQQVNYDUVnJVSnQHOOHUIOLVRUVRPVNXOOH
NXQQDVNDGDDSSDUDWHUQDVIXQNWLRQ
8JQHQVRFKN|NVVNnSHWVPnWWIUDPJnUDY
LOOXVWUDWLRQHUQDLILJXU
'HWPnVWHILQQDVHQ|SSQLQJSnERWWHQDY
N|NVVNnSHWI|UDWWNRUUHNWYHQWLODWLRQVNDOONXQQD
JDUDQWHUDV9LONDPnWWGHQQD|SSQLQJVNDOOKD
IUDPJnUDYILJ
$YVWnQGHWPHOODQ|YHUVLGDQDYXJQHQRFK
XQGHUVLGDQDYElQNVNLYDQPnVWHYDUDPLQVWPP
ILJ
'HWWDXWU\PPHPnVWHOlPQDVWRPW
3ODFHUDXJQHQVnDWWXJQVYlJJDUQDLQWHYLGU|U
QlUVWnHQGHN|NVLQUHGQLQJ
2PN|NVVNnSHWGlUXJQHQVNDOOE\JJDVLQLQWHlU
IDVWI|UDQNUDWLYlJJHQPnVWHGHWIlVWDVPHG
NRQVROHUVRPNDQN|SDVLKDQGHOQ*VHILJ
6SLVKlOO
2EVHUYHUD
2PVSLVKlOOHQVNDOOPRQWHUDVLHQ
ElQNVNLYDDYDQQDWPDWHULDOlQWUlPDUPRUSODVW
NHUDPLNPDUPRUQDWXUVWHQHOOHUG\OLNWPnVWHGX
NRPPDLKnJDWWEHVWlOODGHVSHFLHOODNRQVROHUQD
ILJ IUnQ.XQGWMlQVW
%lQNVNLYDQGlUVSLVKlOOHQVNDOOPRQWHUDVVNDOO
YDUDPLQVWPPRFKK|JVWPPWMRFN
'HWInULQWHILQQDVQnJRQWLQJPHOODQVSLVKlOOHQ
RFKXJQHQWH[VNHQRUKnOODUHHOOHUG\OLNW
2PVSLVKlOOHQVNDOOSODFHUDVLQWLOOHWWK|JW
N|NVVNnSPnVWHGHWYDUDPLQVWPPDYVWnQG
PHOODQVSLVKlOOHQRFKN|NVVNnSHWILJ
6nJDXWHQ|SSQLQJLElQNVNLYDQgSSQLQJHQVNDOO
KDGHPnWWVRPDQJHVLSURGXNWEODGHWVRP
PHGI|OMHUVSLVKlOOHQ
9LUHNRPPHQGHUDUDWWLQQHUNDQWHUQDSn
ElQNVNLYDQWlWDVPHGWUlOLPHOOHUVLOLNRQ
2PVSLVKlOOHQLQWHUHGDQKDULVROHULQJVOLVWVlWWHUGX
IDVWGHQPHGI|OMDQGHOLVWHQUXQWKlOOHQ*O|PLQWH
DWWI|UVWQRJJUDQWUHQJ|UD\WDQ GlUOLVWHQVNDOOVLWWD
.RQYHQWLRQHOOHOHNWULVNVSLVKlOO
9LNWLJW7DERUWVN\GGVIROLHQLQQDQGXVlWWHU
VSLVKlOOHQSnSODWV
2PElQNVNLYDQlUDYWUlVNDOOGHVSHFLHOOD
PHGI|OMDQGHIMlGUDUQDRFKVNUXYDUQD
DQYlQGDV
6lWWLGHIMlGUDUQD%ILJ SnDYVHGGSODWV
SnXQGHUVLGDQDYVSLVKlOOHQ
0RQWHUDVSLVKlOOHQLElQNVNLYDQ
2PElQNVNLYDQlUWLOOYHUNDGDYPDUPRU
SODVWNHUDPLNQDWXUVWHQHOOHUG\OLNW
PnVWH
VSLVKlOOHQI|UDQNUDVPHGVSHFLHOODNRQVROHU&
ILJ NRGVRPNDQEHVWlOODV
IUnQ.XQGWMlQVW
)lVWNRQVROHUQDSnDYVHGGSODWVLKnOHQPHGGH
PHGI|OMDQGHVNUXYDUQD
0RQWHUDVSLVKlOOHQLElQNVNLYDQ
*ODVNHUDPLNKlOO
9LNWLJW7DERUWVN\GGVIROLHQLQQDQGXVlWWHU
VSLVKlOOHQSnSODWV
)|UVlNUDGLJRPDWW|SSQLQJHQLElQNVNLYDQGlU
VSLVKlOOHQVNDOOSODFHUDVKDUGHPnWWVRPIUDPJnUDY
ULWQLQJHQLVSLVKlOOHQVSURGXNWEODGRFKDWWLQJD
JUlQVHU|YHUVNULGV
$QYlQGLQWHYnOGQlUGXVlWWHULQVSLVKlOOHQL
ElQNVNLYDQ'HWNDQOHGDWLOODWWGHWEOLUVSULFNRUL
JODVNHUDPLNKlOOHQRFKGHWlULQWHVlNHUWDWW
VNDGRUQDYLVDUVLJRPHGHOEDUW
1Sv00074b.fm Page 17 Tuesday, November 11, 2003 10:42 AM