7+((1'2)(7(51,7<62168=/8à816218

,6$$&$6,029 XQURPDQóW¾UN©HOHġWLUHQDOSHUHQNHOHġ
,6$$&$6,029
)DZFHWW&UHVW1HZ<RUN&HS.LWDSODUó,VWDQEXOk'RXEOHGD\LQF.HVLP$MDQV
&HS.LWDSODUóòVWDQEXO
62168=/8à816218

7¾UN©HVL$/3(5(1.(/(Ġ

)DZFHWW&UHVWEDVNóVóQGDQHNVLNVL]RODUDNW¾UN©HOHġWLULOPLġWLU

,6%1

&HSNLWDSODUó%LOLPNXUJX%LULQFLEDVNóĠXEDWòNLQFLEDVN󞩾QF¾EDVNó

2IVHWKD]óUOóN&HS.LWDSODUó2IVHWEDVNó0DUW0DWEDDVó

3L\HUORWL&DG‰HPEHUOLWDVòVWDQEXO

+RUDFH/*ROG D
 

7(.1ò6<(1
$QGUHZ +DUODQ E¾\¾N ELU WHQFHUH\L DQGóUDQ PDGHQL DUDFD JLUGL $UD© \XNDUó\D GRáUX X]DQDQ
+DUODQ óQEDġó¾]HULQGH\DNODġóNLNLPHWUHNDGDU\¾NVHNOLNWHNLJDULSJ¸U¾Q¾ġO¾ELUVLVWDEDNDVóL©LQGH
ND\ERODQ ©XEXNODUGDQ PH\GDQD JHOHQ GLNH\ ġDIWD VHUEHVW ELU EL©LPGH \HUOHġWLULOPLġWL YH NHQDUODUó
\XYDUODNWó%LUWDNóPG¾áPHOHUHEDVWóYHKDUHNHWPDQLYHODVóQó\DYDġ©D©HNWL
$UD©KDUHNHWHWPHGL
$VOóQGD +DUODQ GD ELOLQHQ DQODPGD ELU KDUHNHW EHNOHPL\RUGX $ġDáó \XNDUó VDáD VROD \D GD LOHUL
JHUL )DNDW PDGGHVHO ROPDGóNODUó KDOGH GRNXQXOGXáXQGD KLVVHGLOHELOHQ YH GLNH\ ġDIWó ROXġWXUDQ
©XEXNODU DUDVóQGDNL ERġOXN J¾P¾ġL UHQNWH ELU J¸U¾Q¾P DOGó $\Qó DQGD EDġOD\DQ PLGHVLQGHNL KDILI
ELUUDKDWVó]OóNYHSVLNRVRPDWLNEDġG¸QPHVLRQDDUD©OD6RQVX]OXN WD¾VW]DPDQODUDGRáUX\ROFXOXáXQ
EDġODGóáóQóDQODWó\RUGX
òNL\óO¸QFHNHQGLVLQHYHULOHQJ¸UHYLQ¾VV¾RODQDUDFD\¾]\óOGDELQPLġWL2]DPDQODUR
J¾QHGHNJLWWLáLHQX]DN¾VW]DPDQGóĠLPGL\¾]\óODJLGL\RUGX
1RUPDORODUDNEXOXQGXáXGXUXPGDELUND\EROPXġOXNKLVVLL©LQGHROPDVóJHUHNLUGL<HUOLVLROGXáX
<¾]\óO X]DN DOW ]DPDQGD  \¾]\óOGó  DWRP J¾F¾Q¾Q ġLGGHWOH VóQóUODQGóUóOGóáó N¸\ KD\DWó
\DġDQDQJHQHOOLNOHWDKWDQóQ\DSóPDO]HPHVLRODUDNNXOODQóOGóáóGDPóWóOPóġL©NLOHULKUD©HGLOLS\RQFD
WRKXPODUóQóQLWKDOHGLOGLáLELU\¾]\óOGó+HUQHNDGDU+DUODQKHQ¾]RQEHġ\DġóQGD\NHQ¸]HOHáLWLPH
JLULS ©óUDN ROGX\VD GD NLġL HYGHQ Góġ ]DPDQD KDUHNHW HWWLáLQGH EX ND\EROPXġOXN KLVVLQL \DġDUGó
 GDRGRáXP]DPDQóQGDQ\DNODġóNLNL\¾]NóUNELQ\óOX]DNWDRODFDNWóYHEXNDWóELUVRQVX]L©LQ
ELOHROGXN©DE¾\¾NELUX]DNOóNWóU
1RUPDORODUDNGXUXPE¸\OHRODFDNWó
)DNDW ġX DQGD +DUODQ FHELQGH DáóUOóáóQó KLVVHWWLáL EHOJHOHUGHQ EDġND ELU ġH\ G¾ġ¾QHFHN GXUXPGD
GHáLOGL%LUD]¾UNHNELUD]VLQLUOLELUD]ġDġNóQGó
 \DJHOGLáLQGHHOOHULNHQGLOLNOHULQGHQKDUHNHWHGHUHNJHUHNHQL\DSóSDUDFóGXUGXUGX
*DULSWLU DPD ELU WHNQLV\HQ KL©ELU NRQXGD VLQLUOL GDYUDQDPD] %LU ]DPDQODU (áLWPHQ <DUURZ QH
GHPLġWL"
+HUġH\GHQHYYHOELU7HNQLV\HQVRáXNNDQOóROPDOóGóU<DSDFDáó*HU©HNOLN'HáLġLNOLáLHOOLPLO\DU
LQVDQóQ KD\DWóQó HWNLOH\HELOLU %XQXQ ELU PLO\RQ EHONL GH GDKD ID]ODVóQóQ KD\DWODUó LVH ¸\OHVLQH
HWNLOHQLU NL KHPHQ KHPHQ \HQL ELUH\OHU KDOLQH JHOLUOHU %X ġDUWODU DOWóQGD GX\JXVDO ELU GDYUDQóġ
KRġJ¸U¾OHPH]
+DUODQEDġóQóVHUW©HVDOOD\óS¸áUHWPHQLQLQNXSNXUXVHVL\OHFDQODQDQKDWóUDVóQóELUNHQDUDEóUDNWó
2 J¾QOHUGH EX U¾WEH L©LQ JHUHNOL \HWHQHáH VDKLS ROGXáX DNOóQóQ XFXQGDQ ELOH JH©PHPLġWL )DNDW
GX\JXVDOGDYUDQó\RUGX(OOLPLO\DULQVDQL©LQGHáLO(OOLPLO\DULQVDQXPXUXQGDELOHGHáLOGL<DOQó]FD
ELULYDUGó%LUNLġL
%LUGHQ DUDFóQ GXUGXáXQX IDUN HWWL YH G¾ġ¾QFHOHULQL ELU DUD\D WRSODPDN L©LQ ELU DQ GXUDNODUNHQ
7HNQLV\HQOHUH¸]J¾VRáXNGX\JXVX]KDOLQHE¾U¾QG¾DUD©WDQ©óNWó7HUNHWWLáLDUD©WDELLNLELUD]¸QFH
ELQPLġ ROGXáX\OD D\Qó GHáLOGL DUWóN D\Qó DWRPODUGDQ PH\GDQD JHOPL\RUGX $QFDN EX VRQVX] L©LQ
¾]HULQGHGXUXODFDNELUNRQXGHáLOGL9DUROGXáXJHU©HáLQGHQ]L\DGH]DPDQL©LQGHVH\DKDWLQVóUODUó\OD
LOJLOHQPHNELU©óUDáD\DGDVRQVX]OXáD\HQLJHOPLġELULQH\DNóġóUGó
%LUWDUDIóQGDVRQVX]OXNELUWDUDIóQGDQRUPDO]DPDQóQEXOXQGXáXVRQGHUHFHLQFHRODQ]DPDQVó]OóN
YHPHN¤QVó]OóNSHUGHVLQLQ¸Q¾QGHWHNUDUGXUDNODGó
%XUDVóNHQGLVLL©LQVRQVX]OXáXQWDPDPHQ\HQLELUNóVPó\Gó=DPDQ5HKEHUL QGHQJHUHNOLKHUġH\L
¸áUHQPLġWL <LQH GH L©LQGH \DġDPDQóQ \HULQL WXWDPD]Gó YH NHQGLVLQL X\XP VDáODPDQóQ LON ġRNXQD
KD]óUODGó
*HUHNOL D\DUODPDODUó \DSWó =DPDQGDQ VRQVX]OXáD JH©Lġ ©RN NROD\ ROPDVóQD UDáPHQ ©RN GDKD
VH\UHN \DSóODQ ]DPDQD JH©Lġ NDUPDġóN ELU ROD\Gó 3HUGH\L JH©WL YH NHQGLQL J¸] NDPDġWóUDQ ELU óġóN
F¾PE¾ġ¾L©LQGHEXOGX*¸]OHULQLNRUXPDNL©LQHOOHULQL\¾]¾QHJ¸W¾UG¾
.DUġóVóQGDVDGHFHELUNLġLYDUGó2QXDQFDNEXODQóNELUEL©LPGHJ¸UHELOL\RUGX
$GDP%HQ6RV\RORJ.DQWRU9R\6DQóUóPVL]7HNQLV\HQ+DUODQ VóQó]GHGL
+DUODQEDġóPVDOOD\DUDNRQD\ODGóYH=DPDQ%DED%XWDU]JL\LQPH\LGHáLġWLUPHNP¾PN¾QGHáLO
PL"
9R\ġ¸\OHELUNHQGLVLQHEDNWóYHDQOD\óġOóELUWDU]GD0ROHN¾OHUILOPOHULPLNDVWHGL\RUVXQX]"
(YHW GHGL +DUODQ 5HKEHUGH EDKVL JH©L\RUGX DPD EX GHUHFH ©óOJóQFD óġóN \DQVóWWóáóQGDQ V¸]
HWPL\RUGX
+DUODQWHGLUJLQOLáLQLQRUPDONDUġóOó\RUGX%LU©RN\¾]\óOJLEL\¾]\óOGDPDGGHN¸NHQOL\GLR
\¾]GHQX\XPVDáOD\DELOPH\L¾PLWHWPH\HKDNNóYDUGó OHULQHQHUMLJLUGDSODUó\DGD OHULQDODQ
GLQDPLáLPDGGHN¸NHQOLELU\¾]\óODDLWLQVDQODUóġDġóUWDELOLUGLDPD\¾]\óOGDEXROPDPDOó\Gó%X
\¾]\óOGDEDVLWELUVRQVX]L©LQGDKLNRQIRUGXYDUODUGDQ©LYLOHUHNDGDUG¾ġ¾Q¾OP¾ġKD]óUODQPóġWó
$VOóQGD KHU ġH\ PDGGHVHOGL (QHUML N¸NHQOL ELU \¾]\óOGDQ RODQODU EXQX DQOD\DPD]Gó 2QODUD EX
J¸U¾Q¾ġDáóUNDEDYHEDUEDUFDJHOLUGL$PDPDGGHN¸NHQOL+DUODQ DJ¸UHKHUWDUDIWDKWDFLQVFLQV
PHWDOSODVWLNVLOLNDWEHWRQGHULYELGL
)DNDWPDGGHQLQKHUW¾U¾D\QDJ¸UHYLJ¸U¾\RUGX
 GD J¸]H ©DUSDQ LON EX ROX\RUGX %¾W¾Q \¾]H\OHU SDUODNWó YH óġóáó \DQVóWó\RUGX 0ROHN¾OHU
ILOPOHUGHQ GROD\ó KHU \HU S¾U¾]V¾] ELU J¸U¾Q¾P DU] HGL\RUGX .HQGLVLQLQ 6RV\RORJ 9R\ XQ
J¸UHELOGLáL KHU ġH\LQ KHU WDUDIWDQ E¾W¾QOHU \D GD SDU©DODU KDOLQGH KHU D©óGDQ GHIDODUFD \DQVó\DQ
J¸U¾QW¾OHULLQVDQóNDUPDġD\DLWHQELUUDKDWVó]OóáD\ROD©ó\RUGX.DUóġóNOóNJ¸]NDPDġWóUó\RUYHPLGH
EXODQGóUó\RUGX
˜]¾U GLOHULP GHGL 9R\ %X \¾]\óOóPó]óQ DGHWOHULQGHQGLU YH EX LġOHUH EDNDQ NóVóP GD ]DPDQó
JHOGLáLQGHDGHWOHULX\JXODPDNJHUHNWLáLQHLQDQó\RU%LUV¾UHVRQUDDOóġóUVóQó]
9R\ Kó]Oó YH J¸U¾QW¾V¾ ELUELULQH NDUóġDQ DGóPODUOD \¾U¾G¾ <¾U¾UNHQ WHSHWDNODN ROX\RU X]XQ
DGóPODUó\HULQDOWóQDJLGL\RUPXġJLELJ¸U¾Q¾\RUGX%LU\HUHX]DQGóYHELUGHYUH\LNDSDWWó
<DQVóPDODUNHVLOGLVXQLóġóNODU¸OJ¾QOHġWL+DUODQWHNUDUNHQGLQHJHOGLáLQLKLVVHWWL
/¾WIHQEHQLPOHJHOLQGHGL9R\
+DUODQELUND©GDNLND¸QFHóġóNODUYH\DQVóPDODUL©LQGHRODQERġNRULGRUODUGDDGDPóWDNLSHWWL%LU
DQWUHER\XQFD\XNDUóGRáUXWóUPDQGóNWDQVRQUDELU©DOóġPDRGDVóQDJLUGLOHU
 .óVD \¾U¾\¾ġOHUL VóUDVóQGD KL© NLPVH\H UDVWODPDPóġODUGó $VOóQGD +DUODQ EX GXUXPD R NDGDU
DOóġóNWó NL HáHU ELU LQVDQD UDVWODVDODU ©RN ġDġóUDFDNWó +L© ġ¾SKHVL] ELU WHNQLV\HQLQ JHOGLáL KDEHUL
\D\óOPóġ ROPDOó\Gó +DWWD 9R\ ELOH V¾UHNOL DUDODUóQGD PHVDIH EóUDNPD\D ©DOóġó\RU YH HáHU ND]DUD
+DUODQ óQHOLHOELVHVLQHELOHGHáHFHNROVDJ¸]OHJ¸U¾O¾UELUEL©LPGHX]DáD©HNLOL\RUGX
+DUODQ EX GXUXPXQ L©LQGH ELU EXUXNOXN KLVVL X\DQGóUGóáóQó IDUN HGLQFH ġDġóUGó (áHU L©LQGH
E¾\¾G¾á¾NDEXN\HWHULQFHNDOóQVDGX\JXVDOGDYUDQPDPDVóJHUHNLUGL(áHU¸\OHGHáLOVHNDEXáXGDKD
LQFHNDOPóġVDEXQXQELUWHNVHEHELRODELOLUGL1R\V
6RV\RORJ.DQWRU9R\DUNDGDġ©DJ¸]¾NHQELUWDYóUODWHNQLV\HQHGRáUXHáLOGLDPD+DUODQROGXN©D
E¾\¾NELUPDVDQóQLNLX]DNXFXQGDRWXUGXNODUóQóIDUNHWWL
9R\6L]LQJLEL¾QO¾ELUWHNQLV\HQLQEL]LPN¾©¾NVRUXQXPX]ODLOJLOHQPLġROPDVóQD©RNVHYLQGLP
+DUODQ ©HYUHVLQGHNLOHULQ KHU ]DPDQ NHQGLVLQGHQ EHNOHGLNOHUL VRáXN WDYóUOD (YHW GHGL òOJL
©HNLFL\¸QOHULYDU <HWHULQFHVRáXNYHGX\JXVX]GDYUDQó\RUPX\GXDFDED"6X©XQXRUWD\DNR\DQWHU
GDPODODUóDOQóQGDJ¸U¾Q¾\RUROPDOó\Gó
ò©FHELQGHQUXORKDOLQGHNLJHU©HNOLNGHáLġWLUPHVL¸]HWLQL©óNDUGó%XELUD\¸QFH%¾W¾Q]DPDQODU
0HFOLVL QH J¸QGHULOHQ NRS\D\Gó .óGHPOL %LOJLVD\DU 7ZLVVHOO OH RODQ \DNóQOóáó GROD\óVó\OD EXQX HOH
JH©LUPHNWHJ¾©O¾N©HNPHPLġWL
+DUODQUXOR\XD©óSPDVDQóQ¾]HULQGHNL\XPXġDNSDUDPDQ\HWLNDODQD\D\PDGDQELUDQEHNOHGL
0DVD\óNDSOD\DQLQFHPROHN¾OHUWDEDND\XPXġDPóġIDNDWKHQ¾]WDPDPHQND\EROPDPóġWó0DVDGDQ
\DQVó\DQNROXQXQKDUHNHWLELUGHQGLNNDWLQL©HNWLYHELUDQL©LQPDVDGDNHQGL\¾]¾Q¾QDNVLQLJ¸UG¾
2WX] LNL \DġóQGD\Gó DPD GDKD \DġOó J¸VWHUL\RUGX %X RQD NLPVHQLQ V¸\OHPHVLQL JHUHNWLUPH\HFHN
NDGDUD©óNWó2QDVRQVX]ODUóQNDIDVóQGDNLWHNQLV\HQLPDMó\ODE¾W¾QOHġPLġRODQDġDáóOD\óFóWDYóUODUóYH
NHVNLQ VRáXN QD]DUODUó ND]DQGóUDQ X]XQ \¾]¾ YH NR\X UHQN J¸]OHULQLQ ¾]HULQGHNL VL\DK NDġODUó
ROPDOó\Gó=DWHQNHQGLVLGHELUWHNQLV\HQROGXáXQXEX¸]HOOLNOHULQGHQDQOó\RUGX
5XOR\XPDVDQóQ¾]HULQHD©WóYHNRQX\DJLUGL
%HQELUVRV\RORJGHáLOLPED\óP
9R\ J¾O¾PVHGL òġWH EX IHQD 1H ]DPDQ ELULVL EHOLUOL ELU DODQGD WDP ELOJL VDKLEL ROPDGóáóQó
EHOLUWHUHNNRQX\DJLUVHDUNDVóQGDQRNRQXGD©RND©óNELUEL©LPGHILNULQLEHOLUWHFHNGHPHNWLU
+D\óUGHGL+DUODQ)LNLUGHáLO<DOQó]FDELUULFD$FDEDEXQRWODUóWHNUDUJ¸]GHQJH©LULSN¾©¾N
GH ROVD ELU KDWD \DSóS \DSPDGóáóQó]ó NRQWURO HWPHN LVWHU PL\GLQL] GL\H VRUDFDNWóP 9R\ ELUGHQ
YDNXU ELU WDYóU WDNóQGó 8PDUóP KD\óU GHGL +DUODQ óQ ELU NROX RWXUGXáX VDQGDO\HQLQ DUNDVóQD
VDUNPóġGLáHULLVHNXFDáóQGD\Gó%RġWDNDODQSDUPDNODUóQóQVLQLUOLKDUHNHWOHU\DSPDVóQóLVWHPL\RUGX
'XGDNODUóQóóVóUPDPDOó\Gó'X\JXODUóQóD©óáDYXUPDPDOó\Gó
ĠLPGL\H GHN ġLPGL\H NDGDU KD\DWóQóQ \¸Q¾ %¾W¾Q]DPDQODU 0HFOLVL QLQ ¸á¾W¾F¾ LGDUL
PHNDQL]PDODUóQGDQ JH©HQ *HU©HNOLN 'HáLġWLUPHVL SURMHOHULQL LQFHOH\H LQFHOH\H ¸\OHVLQH GHáLġPLġWL
NL .óGHPOL %LOJLVD\DU 7ZLVVHOO LQ NLġLVHO RODUDN DWDGóáó WHNQLV\HQL RODUDN SURIHV\RQHOFH ROD\ODUó
EDVLW GHáLġWLUPHOHUOH D\DUOD\DELOLUGL ˜]HOOLNOH NHQGLVL E¾\¾N SURMHVL 7ZLVVHOO LQ GLNNDWLQL ¾]HULQH
©HNPLġNHQ +DUODQ óQEXUXQNDQDWODUóD©óOGóNDSDQGóĠLPGLEXSURMHQLQ\DSóVóKDNNóQGDELUġH\OHU
ELOL\RUGXN
+DUODQ PDQWóNOó ELU V¾UH ]DUIóQGD QH\L DUDGóáóQó EXODFDáóQGDQ HPLQ GHáLOGL 9 VHUL QROX 
 *HU©HNOLN 'HáLġWLUPHVL SURMHVLQH LON EDNWóáóQGD PDQWóN J¾F¾Q¾Q KLVOHU YH DU]XODUOD
VDSWóUóOGóáóQó KLVVHWPLġWL %¾W¾Q ELU J¾Q WHNUDU WHNUDU ED]ó HġLWOLN YH GHQNOHPOHUL NDUPDġóN ELU
EHOLUVL]OLNL©LQGHNRQWUROHWPLġDUWDQELUKH\HFDQL©LQGHNHQGLVLQHKL©ROPD]VDWHPHOSVLNRPDWHPDWLN
¸áUHWLOGLáLQHġ¾NUHWPLġWL
9R\D\QóNRQXODUó\DUóġDġNóQ\DUóHQGLġHOLJ¸]OHUOHWHNUDUJ¸]GHQJH©LUGL
%DQD¸\OHJHOL\RUNL\DQLEDQD¸\OHJHOL\RUNLE¾W¾QKHUġH\P¾NHPPHOELUEL©LPGHJHUHNWLáL
JLEL \DSóOPóġ +DUODQ %X \¾]\óOóQ KDOLKD]óUGDNL JHU©HNOLáLQGHNL NLġLOHULQ NXU \DSPD ġHNLOOHUL
NRQXVX L©LQ VL]H EDġYXUGXP %X VRV\RORML\H JLUHU YH VL]LQ VRUXPOXOXáXQX]GDGóU VDQóUóP òġWH EX
\¾]GHQJHOGLáLPGHVL]LQOHEDġNDVó\ODGHáLOGHVL]LQOHJ¸U¾ġPHNLVWHGLP
9R\ XQNDġODUó©DWóOGó+¤O¤QD]LNWLIDNDWDUWóNVRáXNGDYUDQó\RUGX%¸O¾P¾P¾]GHNLJ¸]OHPFLOHU
ROGXN©DHKLONLġLOHUGLU%XNRQX\DDWDQDQODUóQGDGRáUXYHULOHUWRSODGóáóQDLWLPDGóPVRQVX]GXU$NVL
\¸QGHELUGHOLOLQL]PLYDU"
+D\óU \RN 6RV\RORJ 9R\ 9HULOHULQL NDEXO HGL\RUXP %HQLP VRUPDN LVWHGLáLP YHULOHULQ
GHáHUOHQGLULOLġL(áHUNXU\DSPDODUODLOJLOLYHULOHUGRáUXELUEL©LPGHGHáHUOHQGLULOVH\GLEXQRNWDGD
IDUNOóELU\ROEXOXQDPD]Pó\Gó"
9R\EDNWóYHVRQUDEDNóġODUóQDEHOLUJLQELUUDKDWOóNLIDGHVL\HUOHġWL7DELLWHNQLV\HQWDELLIDNDWEX
NHQGLQLELUEHQ]HUOLNL©LQGH©¸]HU+HULNLWDUDIWDQGD¸G¾QYHUHQLROPD\DQN¾©¾NER\XWOXELUGDLUH
V¸]NRQXVX6DQóUóPNDWóPDWHPDWLNVHOLIDGHOHU\HULQHPDQ]DUDOóELUGLONXOODQPDPóKRġJ¸U¾UV¾Q¾]
$QODUóP GHGL +DUODQ NXUX ELU VHV WRQX\OD %HQ GH ELU VRV\RORJGDQ GDKD ID]OD ELOJLVD\DU
GHáLOLP
‰RN J¾]HO R KDOGH %DKVHWWLáLQL] IDUNOó \RO \D GD EXQD ©DWDOODġPD GD GL\HELOLUL] ¸QHPOL GHáLO
‰DWDOODġPDODU VRQX©WD D\Qó QRNWDGD ELUOHġLU YH WHN ELU \RO KDOLQL DOóU 7HNOLIOHULPL] DUDVóQGD
GHáLQPH\HGHáHUEXOPDPóġWóN
˜\OH GL\RUVDQó] ED\óP EHQGH VL]LQ NDUDUóQó]D X\DFDáóP %XQXQOD ELUOLNWH \LQH GH *$'
PHVHOHVLYDU
6RV\RORJ+DUODQ óQGDEHNOHGLáLJLELELUGHQLUNLOGL*$'*HUHNOL$VJDUL'HáLġLNOLN2NRQXGD
WHNQLV\HQ SDWURQGX %LU VRV\RORJ ]DPDQ L©LQGHNL VóQóUVó] PXKWHPHO JHU©HNOHU NRQXVXQGD WDUWóġPD
NDEXOHWPH\HELOLUGLDPD*$'NRQXVXQXQ¾VWDGóWHNQLV\HQGL
0HNDQLN KHVDSODPDODU EXQX \DSDPD] (Q \HWHQHNOL YH WHFU¾EHOL NóGHPOL ELOJLVD\DU WDUDIóQGDQ
\¸QHWLOHQ JHOPLġ JH©PLġ HQ E¾\¾N KHVDS NRPSOHNVL DQFDN *$' \DSóODFDN DODQóQ VóQóUODUóQó
VDSWD\DELOLU 9HULOHUL LQFHOH\LS NDUDU YHUHQ YH VDSWDQDQ VóQóUODU DUDVóQGD WDP QRNWD\ó WHVSLW HGHQ
WHNQLV\HQGLUò\LELUWHNQLV\HQ©RNHQGHU\DQóOóU%LULQFLVóQóIELUWHNQLV\HQKL©ELU]DPDQ\DQóOPD]
+DUODQGDKL©ELU]DPDQ\DQóOPD]Gó
ĠLPGL ¸QHULOHQ *$' GHGL +DUODQ 6DNLQ WHN WHN YH WDP 6WDQGDUW =DPDQODUDUDVó /LVDQ
KHFHOHULQL NXOODQDUDN NRQXġX\RUGX  \DQL VL]LQ ¸QHUGLáLQL] X]D\GD ELU ND]DQóQ EDġODQJóFóQó YH ELU
G¾]LQHEHONLGHGDKDID]ODLQVDQóQGHUKDO¸O¾P¾Q¾L©HUL\RU
.D©óQóOPD]GHGL9R\RPX]VLONHUHN
<DOQó] GHGL +DUODQ %HQ *$' QLQ VDGHFH ELU NXWXQXQ ELU UDIWDQ GLáHULQH DNWDUóOPDVó\OD
\DSóODELOHFHáL NDQóVóQGD\óP òġWH 3DUPDáó\OD J¸VWHUGL òġDUHW SDUPDáóQóQ EH\D] EDNóPOó WóUQDáó
ELUWDNóPGHOLNOLLġDUHWOHUH\¸QHOGL
9R\ GXUXPD L©LQL DFó\OD GROGXUDQ IDNDW VHVVL] ELU \RáXQOXNOD EDNWó +DUODQ %X VL]LQ ġX GLNNDWH
GHáHU EXOPDGóáóQó] ©DWDOODġPD\D EDáOó RODUDN GXUXPX GHáLġWLUPH] PL" 7DP HPQL\HW VDáODQóS
VRQX©WDGDGHUNHQ+DUODQ<DQLòVWHQHQ$]DPL6RQX©
9R\EDġóQóNDOGóUGó+DUODQ DEDNWó.R\XUHQNJ¸]OHUL¸INHYHNóUJóQOóNGROX\GX+DUODQV¸]OHULQLQ
H]LFL J¾F¾ DOWóQGDNL DGDPóQ ¸Q GLġOHULQLQ D\UóN ROGXáXQX YH RQD WDYġDQD EHQ]H\HQ ELU J¸U¾Q¾P
YHUGLáLQLIDUNHWWL
9R\6DQóUóP%¾W¾Q]DPDQODU0HFOLVL QGHQELUD]ODILġLWHFHáLPGHGL
6DQPó\RUXP %LOGLáLP NDGDUó\OD %¾W¾Q]DPDQODU 0HFOLVL QLQ EX GXUXPGDQ KDEHUL \RN (Q
D]óQGDQ *HU©HNOLN 'HáLġWLUPH SURMHOHUL HOLPH JH©WLáLQGH ¾]HULQGH KHUKDQJL ELU J¸U¾ġ
EHOLUWLOPHPLġWL+DUODQHOLPHJH©WLNHOLPHOHULQLL]DKHWPHGL9R\GDVRUPDGó
+DWD\óVL]EXOGXQX]RKDOGH¸\OHPL"
(YHW
9H%¾W¾Q]DPDQODU0HFOLVL QHELOGLUPHGLQL]PL"
+D\óUELOGLUPHGLP
9R\UDKDWODGóIDNDWPHUDNODQPóġWó
1HGHQELOGLUPHGLQL]"
‰RND]LQVDQEXW¾UKDWDODUGDQND©óQDELOLU'XUXPXJHU©HNOHġPHGHQG¾]HOWHELOHFHáLPLG¾ġ¾QG¾P
YH¸\OHGHROGX$UWóNPHVHOH\LX]DWPDQóQELUDQODPó\RNGHáLOPL"
ĠH\ WHġHNN¾U HGHULP 7HNQLV\HQ +DUODQ $UNDGDġ©D GDYUDQGóQó] 'HGLáLQL] JLEL E¸O¾P¾P¾]
NDSDVLWHVLLWLEDUó\ODEXKDWDGDQND©óQDPD]Gó+DNVó]\HUHVLFLOLPL]HJH©HFHNWL
%LU DQ L©LQ GXUDNODGó YH GHYDP HWWL 7DELL NL EX GHáLġLNOLNOH DUWóN ¸QFH ED]ó NLġLOHULQ ¸OPHVL
JHUHNOLROPDNWDQ©óNWó
+DUODQ NHQGL NHQGLQH G¾ġ¾QG¾ *HU©HNWHQ PLQQHWWDU NDOPóġD EHQ]HPL\RU %HONL GH IHQD KDOGH
J¾FHQGL ĠX DQGDNL G¾ġ¾QFHOHULQGHQ Vó\UóOóQFD WHSHVLQH \HPHN ¾]HUH ROGXáX GDUEHGHQ ELU WHNQLV\HQ
WDUDIóQGDQ NXUWDUóOPóġ ROPDN RQX GDKD GD \óNDFDN (áHU EHQ ELU VRV\RORJ ROVD\GóPġLPGL HOLPL
VóNDUGóDPDWHNQLV\HQHKL©ELU]DPDQE¸\OHGDYUDQPD]%LUG¾]LQHLQVDQó¸OG¾UPHNWHQVDQóNROPD\ó
WHUFLKHGHUGLEHONLGH
9H NóUJóQOóáóQ DUWPDVóQó EHNOHPHN WHKOLNHOL RODFDáóQGDQ +DUODQ V¸]H JLUGL 8PDUóP ġ¾NUDQ
GX\JXODUóQó]E¸O¾P¾Q¾]¾QEHQLPL©LQN¾©¾NELUġH\\DSPDVóQóVDáODU
.¾©¾NELUġH\PL"
%LU <DġDPĠHPDVó PHVHOHVL *HUHNOL YHULOHU \DQóPGD $\Qó ]DPDQGD  L©LQ WHNOLI HGLOPLġ ELU
*HU©HNOLN'HáLġWLUPHVL QLQYHULOHULGHYDU'HáLġLNOLáLQEHOLUOLELUNLġL¾]HULQGHNLPXKWHPHOHWNLVLQL
ELOPHNLVWL\RUXP
6L]L DQODGóáóPGDQ SHN HPLQ GHáLOLP GHGL VRV\RORJ %XQX \DSPDN L©LQ JHUHNOL KHU ġH\ NHQGL
E¸O¾P¾Q¾]GHYDUGóUPXWODND"
*D\HWWDELL<LQHGHEXEHQLPNLġLVHORODUDNLOJLOHQGLáLPELUNRQXROGXáXQGDQKHQ¾]ND\óWODUGD
J¸U¾QPHVLQLLVWHPL\RUXP.HQGLND\QDNODUóPGDQEXNRQX\XND\óWODUDJH©PHGHQ¸áUHQPHN<DUóP
NDODQF¾POHVLL©LQQHGHPHNLVWHGLáLDQODWDQELUKDUHNHW\DSWó
<DQLEXLġLQUHVPLNDQDOODUGDQJH©HUHN\DSóOPDVóQóLVWHPL\RUVXQX]
*¾YHQLOLUROPDVóQóLVWL\RUXP*¾YHQLOLUELUFHYDSLVWL\RUXP
 (HHġLPGLEXNXUDOODUDD\NóUó.DEXOHGHPHP
+DUODQ NDġODUóQó ©DWWó +DWDQó]ó %¾W¾Q]DPDQODU 0HFOLVL QH UDSRU HWPHPHPGHQ GDKD D\NóUó GHáLO
2QDKL©LWLUD]HWPHPLġWLQL](áHUELUNRQXGDNXUDOODUDNDWóELUEL©LPGHEDáOóNDODFDNVDNGLáHULQGHGH
D\QóġHNLOGHNDWóYHNXUDOFóROPDPó]JHUHNLU$QOó\RUVXQX]EHQLVDQóUóP
9R\ XQ\¾]¾QGHNLLIDGHD©óN©DDQODGóáóQóEHOOLHGL\RUGX(OLQLX]DWWó%HOJHOHULJ¸UHELOLUPL\LP"
+DUODQ ELUD] UDKDWODGó (Q ¸QHPOL HQJHO JH©LOPLġWL 6RV\RORJ JHWLUGLáL GRV\D\ó LQFHOHUNHQ
KH\HFDQODRQXL]OHGL
6RV\RORJ=DPDQL©LQEXN¾©¾NELU*HU©HNOLN'HáLġWLUPHVLGHGL
+DUODQIóUVDWóND©óUPDGóYHV¸]HJLUGL˜\OH‰RNN¾©¾NVDQóUóP=DWHQEX\¾]GHQJL]OLNDOPDVóQó
LVWL\RUXP %LU NLġL\L GHQHN RODUDN DOGóP YH KDNOó ROGXáXPD HPLQ RODQD NDGDU EL]LP E¸O¾P¾Q
JHUH©OHULQGHQ\DUDUODQPDNX\JXQG¾ġPH\HFHN
9R\ XQ \¾]¾QGHQ QH G¾ġ¾QG¾á¾Q¾ DQODPDN P¾PN¾Q GHáLOGL +DUODQ GD VXVWX òġL WHKOLNH\H DWDFDN
QRNWD\DNDGDU¾VWHOHPH\HJHUHN\RNWX
9R\D\DáDNDONWó%XQX<DġDPĠHPDFóODUóPGDQELULQHYHUHFHáLP*L]OLNDODFDN*HU©LDQODUVóQó]
DPDEXQXQGDKDVRQUDODUóHPVDOWHġNLOHWPHVLQLLVWHPL\RUXP
*D\HWWDELL
9H VL]FH ELU VDNóQFDVó \RNVD *HU©HNOLN 'HáLġWLUPHVL QL VH\UHWPHN LVWL\RUXP 6DQóUóP *$' \L
EL]]DWNHQGLQL]\¸QHWPHġHUHILQLEL]GHQHVLUJHPH]VLQL]
+DUODQEDġó\ODRQD\ODGó%¾W¾QVRUXPOXOXáXDODFDáóP
ò©HULJLUGLNOHULQGHJ¸]OHPRGDVóQóQLNLHNUDQóGD©DOóġó\RUGX0¾KHQGLVOHUHNUDQODUó=DPDQGDYH
0HN¤QGD JHUHNOL NRRUGLQDWODUD EDáODPóġ ©óNPóġODUGó +DUODQ YH 9R\ SDUODN óġóNODU L©LQGHNL RGDGD
\DOQó]GóODU
+DUODQHNUDQODUDEDNWó+HULNLJ¸U¾QW¾GHKDUHNHWVL]GL˜O¾PVDKQHOHULJLEL\GL
6DKQHOHUGHQELULQGHNHVNLQWDELLUHQNOHULL©LQGHELUPDNLQHGDLUHVLYDUGó+DUODQEXQXQELUGHQHPH
X]D\JHPLVLROGXáXQXELOL\RUGX*¸U¾QW¾GHELUNDSóNDSDQPDNWD\GóKHQ¾]DUDOóNRODQNóVóPGDQGD
\DUó ġHIIDI NóUPó]ó ELU PDGGHGHQ \DSóOPóġ ELU D\DNNDEó J¸U¾Q¾\RUGX +L©ELU KDUHNHW \RNWX (áHU
KDYDGDNLWR]]HUUHFLNOHULJ¸U¾OHELOVH\GLRQODUóQELOHNóPóOGDPDGóáóQDġDKLWROPDNP¾PN¾QRODFDNWó
9R\ *¸U¾QW¾GHNL GXUXPGDQ LNL VDDW YH RWX] DOWó GDNLND VRQUD EX PDNLQH RGDVóQGD NLPVH
EXOXQPD\DFDN+DOLKD]óUGDNL*HU©HNOLNWHGXUXPEX
%LOL\RUXPGL\HPóUóOGDQGó+DUODQ%LU\DQGDQHOGLYHQOHULQLJL\L\RUELU\DQGDQGDJ¸U¾QW¾GHNL
UDIWD GXUDQ EDKLV NRQXVX NXWXQXQ SR]LV\RQXQX NDIDVóQD \HUOHġWLUL\RU RQD YDUPDN L©LQ JHUHNOL
DGóPODUó¸O©¾\RUYHSODQóQDJ¸UH\HULQLQGHáLġWLULOHELOHFHáLHQL\LSR]LV\RQXKHVDSHGL\RUGX˜E¾U
HNUDQDELUJ¸]DWWó
6RQVX]OXáXQġXDQGDEXOXQGXNODUóE¸O¾P¾Q¾Q]DPDQó\ODNDUġóODġWóUóOGóáóQGDġLPGLNL]DPDQGL\H
DGODQGóUóODQHNUDQGDNLPDNLQHGDLUHVLQHNDGDUVDIYHGRáDOUHQNOHUL©LQGH\VHJHOHFHNL©LQROPDVó
JHUHNWLáL JLEL \LUPL EHġ \¾]\óO NDGDU JHOHFHN ]DPDQó J¸VWHUHQ ¸E¾U HNUDQGD GD R NDGDU PDYL
UHQJLQKDNLPROGXáXJ¸U¾O¾\RUGX
%LU X]D\ OLPDQó J¸U¾QW¾GH\GL .R\X PDYL ELU J¸N\¾]¾ \HġLOLPVL PDYL ]HPLQ ¾]HULQGH ©óSODN
PHWDOGHQ PDYL ELQDODU ˜Q SODQGD ġLġNLQ WDEDQOó WXKDI ELU EL©LPL RODQ PDYL ELU VLOLQGLU GXUX\RUGX
$\QóVóQGDQLNLWDQHGHDUNDSODQGDGXUX\RUGXž©¾Q¾QGH\DUóNEXUXQODUó\XNDUó\DEDNó\RUYHX]D\
JHPLOHULGHEX\DUóNODUDRWXUWXOPXġYD]L\HWWHGXUX\RUODUGó
+DUODQNDġODUóQó©DWWó1HJDULSġH\OHU
(OHNWUR©HNLP GHGL 9R\ (OHNWUR©HNLPOH X]D\ VH\DKDWL \DSóODQ WHN \¾]\óO  GLU 3HUYDQHOHU
Q¾NOHRQODU \RNWXU (VWHWLN RODUDN KRġ ELU DUD©WóU 1H \D]óN NL ELU 'HáLġWLUPH LOH EXQGDQ \RNVXQ
NDOPDN]RUXQGD\ó]‰RN\D]óN‰RNEDUL]ELUKRġQXWVX]OXNODJ¸]OHUL+DUODQ DGLNLOPLġWL
+DUODQGXGDNODUóQóELUELULQHEDVWóUGó+RġQXWVX]OXNWDELL1HGHQROPDVóQ"2ELU7HNQLV\HQGL
'RáUXVX X\XġWXUXFX PDGGH DOóġNDQOóáó\OD LOJLOL YHULOHUL JHWLUHQ ELU *¸]OHPFL \GL 6RQ
GHáLġLNOLNOHULQ LQVDQOóN ]DPDQóQóQ KDOLKD]óUGDNL JHU©HNOLNWHNL HQ \¾NVHN RUDQGD X\XġWXUXFX PDGGH
NXOODQPD DOóġNDQOóáóQóQ JHU©HNOHġPHVLQH VHEHS ROGXáXQX LVWDWLVWLN©LOHU ©óNDUWPóġ ED]ó VRV\RORJODU
GD EHONL 9R\ ELOH EXQXQ WRSOXPXQ SVLNL\DWULN \DSóVó ¾]HULQGHNL ROXPVX] HWNLOHULQL L]DK HWPLġWL
%¸\OHFH ED]ó %LOJLVD\DUODU EX DOóġNDQOóáóQ HQ D]D LQGLULOHELOPHVL L©LQ JHU©HNOLN GHáLġWLUPHOHUL
¾]HULQGH ©DOóġPóġ YH HOHNWUR ©HNLPOH \DSóODQ X]D\ VH\DKDWOHULQGHQ YD]JH©LOHELOHFHáLQL EXOPXġODUGó
%XNDUDUGD6RQVX]OXN WDNLKHUNDGHPHGHQELUG¾]LQHEHONLGH\¾]NLġLQLQNDWNóVóYDUGó
$QFDN HQ VRQXQGD ELUDUD\D JHWLULOPLġ YHUL YH WDOLPDWODUó WDNLS HGHUHN JHU©HNOLN GHáLġWLUPHVLQL
\DSDFDN RODQ NLġLQLQ NHQGLVL JLEL ELU WHNQLV\HQLQ VDKQH\H ©óNPDVó JHUHNL\RUGX 9H VRQUD KHUNHV
ODQHWOH\HQ EDNóġODUOD RQX VX©OD\DFDNWó %DNóġODUó\OD VHQ EL] GHáLO VHQ PDKYHWWLQ EX J¾]HOLP ġH\L
GL\HFHNOHUGL
%X \¾]GHQ RQX NDIDODUóQGD PDKN½P HGHFHN YH \DQóQD \DNODġPD\DFDNODGó +HUNHV VX©XQX RQXQ
RPX]ODUóQD\¾NOH\HFHNYHDOD\HGHFHNWL
+DUODQVHUWELUVHVOH˜QHPOLRODQJHPLOHUGHáLOEXġH\OHUHEDNDOóPEL]GHGL
*¸U¾QW¾GHNL ġH\OHU LQVDQODUGó 8]D\ JHPLVLQLQ \DQóQGD F¾FH JLEL GXUX\RUODUGó 8]D\
VH\DKDWOHULQLQIL]LNLER\XWODUóNDUġóVóQGD\HU\¾]¾YH\HU\¾]¾WRSOXPXKHU]DPDQF¾FHJLELNDOPóġWó
%X LQVDQODU N¾PHOHQPLġ N¾©¾N NXNODODU JLEL\GL =DPDQóQ EX GRQPXġ DQóQGD LQFHFLN NROODUó YH
EDFDNODUóVXQLELUJ¸U¾QW¾\DUDWó\RUGX
9R\RPX]VLONWL
+DUODQVROELOHáLQGHNLN¾©¾NDODQMHQHUDW¸U¾Q¾D\DUOó\RUGX
+D\GLELWLUHOLPġXLġL
%LUGDNLND%XLġLQQHNDGDUV¾UHFHáLQL¸áUHQPHNL©LQ\DġDPġHPDFóVó\ODLUWLEDWNXUDFDáóP%HQ
GHEXLġLQELWLULOPHVLQLLVWL\RUXP
.¾©¾N ELU G¾áPH\H EDVWó YH NXUQD] ELU LIDGH\OH JHOHFHN ©óWóUWóODUó EHNOHGL +DUODQ EX VRQVX]OXN
E¸O¾P¾Q¾QGLáHUELU¸]HOOLáLQLQGHNRGODQPóġVHVOHUROGXáXQXG¾ġ¾QG¾$NóOOóIDNDWVDKWHN¤UD\Qó
PROHN¾OHUILOPOHUJLEL
ž© VDDWWHQ ID]OD V¾UPH\HFHN GL\RU %LU GH NRQX\OD LOJLOL ġDKVóQ DGóQD GX\GXáX KD\UDQOóáó
EHOLUWL\RU1R\V/DPEHQW%LUGLġLGHáLOPL"
+DUODQ óQERáD]óNXUXPXġWX(YHW
9R\ XQ KDILI ELU J¾O¾PVHPH\OH GXGDNODUó NóYUóOGó ‰RN LOJLQ© .HQGLVLQL J¸UPHN LVWHUGLP
$\ODUGóUEXE¸O¾PGHELUNDGóQODNDUġóODġPDGóN
+DUODQFHYDSYHUPH\HFHVDUHWHGHPHGL%LUDQL©LQVRV\RORJDEDNWóYHKó]ODG¸QG¾
 (áHU VRQVX]OXNWD ELU DNVDNOóN YDUVD R GD NDGóQODUGó %X DNVDNOóáó VRQVX]OXáD LON JLUGLáLQGH
ELOL\RUGX DPD NLġLVHO RODUDN LON GHID 1R\V OD NDUġóODġWóáó J¾Q KLVVHWPLġWL 2 DQGDQ LWLEDUHQ LQDQGóáó
KHUġH\HYHELUVRQVX]RODUDNHWWLáL\HPLQHELOH\DEDQFóKDOHJHOPLġWL1HL©LQ"
1R\VL©LQ
9H XWDQPó\RUGX *HU©HNWH RQX ġDġóUWDQ GD EX\GX 8WDQPó\RUGX <DSWóNODUóQGDQ KL© VX©OXOXN
GX\PX\RUGX +DWWD \DġDPġHPDFóVóQóQ XVXOV¾] NXOODQóPóQóQ VX© ROGXáXQX ELOGLáL KDOGHEX ELOH RQX
UDKDWVó]HWPL\RUGX
0HFEXUNDOóUVDGDKDN¸W¾V¾Q¾GH\DSDFDNWó
òONGHIDD©óN©DYHNHVLQOLNOHNDUDUYHUPLġWL.RUNX\ODNDIDVóQGDQDWPD\D©DOóġWó\VDGDELOL\RUGXNL
DUWóNNDIDVóQóQL©LQH\HUOHġWLáLQHJ¸UH]DPDQóJHOGLáLQGHEXNDUDUóQóJHU©HNOHġWLUHFHNWL
.DUDUġX\GX0HFEXUNDOóUEDġND©DUHEXODPD]VDVRQVX]OXáX\óNDFDNWó
(QN¸W¾V¾GHEXQX\DSDELOHFHNJ¾FHVDKLSROGXáXQXELOL\RUGX
 

*˜=/(0&ò
+DUODQ ]DPDQD JH©Lġ NDSóVóQóQ ¸Q¾QGH GXUGX YH NHQGLVLQL G¾ġ¾QG¾ %LU ]DPDQODU KHU ġH\ ©RN
EDVLWWL 8áUXQGD \DġDQDFDN V¸]OHU ¾ON¾OHU YDUGó %LU VRQVX]XQ \DġDPóQóQ KHU HYUHVLQLQ ELU DPDFó
YDUGó7HPHOòONHOHUQDVóOEDġOó\RUGX"
%LUVRQVX]XQ\DġDPóQóQG¸UWHYUHVLYDUGóU
+HUġH\WHPL]YHPDVXPGXDQFDNNHQGLVLL©LQKHSVLGHáLġPLġWLYHSDU©DODUKDOLQHJHOPLġġH\OHUL
WHNUDUELUDUD\DJHWLUHELOPHNP¾PN¾QGHáLOGL
%LU VRQVX]XQ \DġDPóQGDNL G¸UW HYUH\L VDGDNDWOH JH©LUPLġWL ˜QFH KHQ¾] ELU VRQVX] GHáLONHQ
]DPDQGD ELU ¸O¾PO¾ RODUDN RQ EHġ \óO \DġDPóġWó 6RQVX]ODU ]DPDQGD \DġD\DQODUGDQ VH©LOLU \RNVD
VRQVX]RODUDNGRáPDNGL\HELUġH\\RNWXU
2QEHġ\DġóQGD\NHQGLNNDWOLELUHOHPHYHLQFHOHPHV¾UHFLVRQXQGDVH©LOPLġWLNLR]DPDQODUE¸\OH
ELUġH\LQYDUOóáóQGDQELOHKDEHUL\RNWX6RQELUDFóNOóD\UóOPDVDKQHVLQGHQVRQUDDLOHVLQGHQD\UóOPóġ
YH VRQVX]OXáXQ VLVOL SHUGHVLQLQ ¸WHVLQH J¸W¾U¾OP¾ġW¾ 7D R ]DPDQODUGD NHQGLVLQH DUWóN QH ROXUVD
ROVXQJHULG¸QHPH\HFHáLDQODWóOPóġWó%XQXQJHU©HNQHGHQLQLLVHDQFDN©RNVRQUDODUó¸áUHQHELOPLġWL
6RQVX]OXáD JHOGLáL DQGDQ LWLEDUHQ RQ \óO V¾UH\OH ELU ©óUDN RODUDN J¾QOHUL RNXOGD JH©WL YH VRQUD
\DġDPóQóQ ELU J¸]OHPFL RODUDN JH©HFHN ¾©¾QF¾ HYUHVLQH EDġODPDN ¾]HUH PH]XQ ROGX $QFDN RQGDQ
VRQUD ELU X]PDQ YH JHU©HN ELU VRQVX] ROGX =DWHQ ELU VRQVX]XQ G¸UG¾QF¾ YH VRQ HYUHVL EXGXU
˜O¾PO¾‰óUDN*¸]OHPFLYH8]PDQ
+DUODQ EX HYUHOHUL VRQ GHUHFH QRUPDO JH©LUPLġWL +DWWD EDġDUóOó ELU EL©LPGH JH©LUGLáLQL ELOH
V¸\OH\HELOLUGL
‰óUDNOóáóQóWDPDPODGóáóDQó©RNL\LKDWóUOó\RUGX2DQ©óUDNODUóQVRQVX]OXáXQEDáóPVó]ELUHU¾\HVL
KDOLQH JHOLġOHUL GHPHNWL .HQGLOHULQH KHQ¾] ELU NRQXGD X]PDQODġPóġ ROPDPDODUóQD UDáPHQ \DVDO
6RQVX]¾QYDQóYHULOL\RUGX
+DWóUOó\RUGX 2NXO ELWPLġ ©óUDNOóN VRQD HUPLġ NHQGLVL\OH ELUOLNWH HáLWLPOHULQL WDPDPODPóġ RODQ
EHġNLġLHOOHUDUNDGDELUOHġLNEDFDNODULNL\DQGDGLPGLNJ¸]OHULOHUGHGLQOL\RUGX
(áLWPHQ <DUURZ ELU PDVDQóQ DUNDVóQGDQ RQODUD KLWDS HGL\RUGX +DUODQ <DUURZ X ©RN L\L
KDWóUOó\RUGX+L©WDUDQPD\DQNó]óOVD©ODUó©LOOHUOHGROXHOOHULYHNROODUóYHLQVDQDERġOXNKLVVLYHUHQ
EDNóġODUó\OD WDQóQDQ XIDN WHIHN ¸INHOL ELU DGDPGó $VOóQGD EX ERġOXN ND\EROPXġOXN KLVVL YHUHQ
EDNóġODUD KHU 6RQVX] GD UDVWODPDN P¾PN¾QG¾U HYLQL YH N¸NOHULQL ND\EHWPLġ ROPDN ELU GDKD KL©
J¸UHPH\HFHáLRELUWHN\¾]\óODGX\XODQYHLWLUDIHGLOHPH\HQ¸]OHP
'RáDONL<DUURZ XQNRQXġPDVóQóNHOLPHNHOLPHKDWóUODPó\RUGXDPDDQDILNLU©RND©óNELUEL©LPGH
EHOOHáLQHND]óQPóġWó
<DUURZ ¸]HWOH ġ¸\OH GHPLġWL ĠX DQGDQ LWLEDUHQ ELUHU J¸]OHPFL RODFDNVóQó] *HQHOOLNOH EX ©RN
¸QHPOL ELU PHYNL RODUDN NDEXO HGLOPH] %LOKDVVD X]PDQODU ©RFXNODUD J¸UH ELU Lġ RODUDN
GHáHUOHQGLULUOHU %HONL VL] VRQVX]ODU GD EX NHOLPHGHQ VRQUD ELU DQ L©LQ GXUXS NDUġóVóQGDNL JHQ©
DGDPODUD J¸á¾VOHULQL NDEDUWPDN YH JXUXUODQPDN IóUVDWó WDQóGó  E¸\OH G¾ġ¾Q¾\RUVXQX]GXU (áHU
¸\OH\VHVL]OHUJ¸]OHPFLROPDKDNNóND]DQPD\DOD\óNROPD\DQDSWDOODUVóQó]GHPHNWLU
*¸]OHPFLOHU ROPDVD ELOJLVD\DUODU KHVDSOD\DFDN \DġDPġHPDFóODUó ġHPDVóQó KD]óUOD\DFDN
VRV\RORJODU LQFHOH\HFHN KL©ELU ġH\ EXODPD]ODUGó +L©ELU X]PDQóQ X]PDQOóáó LġH \DUDPD]Gó %XQODUó
GDKD¸QFHGHGX\GXáXQX]XELOL\RUXPDPDJHU©HNOLáLQHLQDQPDQó]óYHHPLQROPDQó]óLVWL\RUXP
*D\UHWOL ©DOóġPDODUOD JHU©HNOHUL JHWLUPHN L©LQ ]DPDQD JLGHFHN RODQ VL] JHQ©OHUVLQL] 6RáXN
WDUDIVó] ILNLU YH KLVOHULQL] EXODQGóUóOPDPóġ JHU©HNOHUL DQOó\RU PXVXQX]" +HVDS PDNLQHOHULQH
YHULOHELOHFHN GRáUXOXNWD JHU©HNOHU 6RV\DO HġLWOLNOHUL NXUDELOHFHN D©óNOóNWD JHU©HNOHU *HU©HNOLN
GHáLġWLUPHOHULL©LQWHPHOWHġNLOHGHELOHFHNG¾U¾VWO¾NWHJHU©HNOHU
9HġXQXGDKL©XQXWPD\óQ*¸]OHPFLRODUDNJH©HFHNJ¾QOHULQL]P¾PN¾QROGXáXQFD©DEXNYHVX\D
VDEXQD GRNXQPDGDQ KDUFDQDPD] %X V¾UH ]DUIóQGD \DSDFDáóQó] ©DOóġPDODU VL]LQ VRQUDNL KD\DWóQó]ó
HWNLOH\HFHNWLU 8]PDQOóN GDOóQó]óQ QH RODFDáóQó YH EUDQġóQó]GD QH NDGDU \¾NVHN NDGHPHOHUH
©óNDELOHFHáLQL]L EXJ¾QH GHN RNXOGD QH \DSWóáóQó] GHáLO J¸]OHPFL RODUDN RUWD\D NR\GXNODUóQó]
EHOLUOH\HFHN6RQVX]ODUEXVL]LQPH]XQL\HWVRQUDVóHáLWLPLQL]GLUYHġXDQGDQHNDGDUP¾NHPPHOELU
SRWDQVL\HOH VDKLSPLġ JLEL J¸U¾QVHQL] GH ELU KDWDQó] ©RN N¾©¾N GH ROVD JHUL KL]PHWOHUGH
J¸UHYOHQGLULOPHQL]HVHEHSRODFDNWóU+HSVLEXNDGDU
+HSVL\OH WHN WHN HO VóNóġWó YH +DUODQ DáóUEDġOó PDáUXU ELU WDYóU WDNóQPóġ JH©PLġ YH JHOHFHN W¾P
LQVDQODUD\DUGóPHGHELOPHNL©LQJHUHNOLD\UóFDOóNODUDVDKLSROPDQóQ¾USHUWLOLKD\DOLQL\Dġó\RUGX
+DUODQ óQ LON J¸UHYOHUL EDVLW N¾©¾N YH ©RN GLNNDWOH L]OHQHQ NRQXODUGó )DNDW R \HWHQHNOHUL
VD\HVLQGH ELU G¾]LQH NDGDU JHU©HNOLN GHáLġWLUPHVL LġOHPLQGH J¸VWHUGLáL EDġDUó\OD NóVD ]DPDQGD
SDUODGó
*¸]OHPFLOLáLQLQEHġLQFL\óOóQGDELUNóGHPOLQLQHPUL\OH \HJ¸QGHULOGLòONGHIDGHQHWOHQPHGHQ
©DOóġDFDNWó YH EX JHU©HáLQ ELOLQFLQGH RODUDN LOJLOL NóVóP DPLUL ELOJLVD\DUD LON UDSRUX YHUGLáLQGH
FHVDUHWLNóUóOóYHUGL
2QXQNL JLEL ELU \¾]GH EXUXġXN ġ¾SKHFL Dá]ó YH ©DWóN NDġODU WXKDI NRPLN J¸U¾QHQ EX DGDP
$VLVWDQ %LOJLVD\DU +REEH )LQJH GL <XYDUODN G¾áPH JLEL ELU EXUQX GDKD E¾\¾N LNL G¾áPH\H
EHQ]H\HQ\DQDNODUóYDUGó3RUWUH\LòONHO=DPDQODUóQHIVDQHYL6W1LFKRODV óQD©HYLUPHNL©LQ\DOQó]FD
ELUD]NóUPó]óUHQNYHEH\D]VD©ODUDLKWL\D©YDUGó<DGD1RHO%DEDYH\D.ULVV.ULQJOH+DUODQEX¾©
LVPL GH ELOL\RUGX 6RQVX]ODUóQ \¾] ELQGH ELUL ELOH EX LVLPOHULQ KHUKDQJL ELULQL ELOPH]GL %¸\OH
HVUDUHQJL]ġH\OHULELOGLáLL©LQ+DUODQJL]OLELUJXUXUGX\X\RUGX2NXOGDNLLONJ¾QOHULQGHQEHULòONHO
=DPDQODU 7DULKL RQXQ KREL RODUDN LOJLOHQGLáL ELU NRQX ROPXġ (áLWPHQ <DUURZ GD EX NRQXGD RQX
GHVWHNOHPLġWL<DOQó]FDVRQVX]OXáXQEDġODGóáó GHQGHáLO=DPDQ$ODQó QóQNHġIHGLOGLáL GHQGH
¸QFHNL ]DPDQGD X]DQDQ D] VD\óGD YH KDNODUóQGD GRáUX G¾U¾VW ELOJL HGLQLOHPH\HQ \¾]\óOODUD E¾\¾N
LOJL GX\PXġWX ‰DOóġPDODUóQGD HVNL NLWDS YH GHUJLOHUL LQFHOHPLġWL +DWWD X]DN DOW]DPDQGDNL
VRQVX]OXáXQLON\¾]\óOODUóQDVH\DKDWOHU\DSPóġWóò]LQDODELOGLáLNDGDUGDKDL\LND\QDNODUEXOPDNL©LQ
XáUDġPóġWó 2Q EHġ \óOó DġNóQ ELU ]DPDQ VRQXQGD KHPHQ KHSVL N¤áóW ¾]HULQH \D]óOó KDULND ELU
N¾W¾SKDQHPH\GDQDJHWLUPLġWL+*:HOOVGL\HELULQHDLWELUFLOW:6KDNHVSHDUHDGOóDGDPDDLWELU
GLáHUFLOWNRSXNNRSXNWDULKSDU©DODUóò©OHULQGHHQP¾NHPPHOLòONHO=DPDQ DDLWELUKDIWDOóNKDEHU
GHUJLVLQLQFLOWOLVD\óODUóQGDQROXġDQNóVóPGóYH©RN\HUWXWPDVóQDUDáPHQNó\DPDPóġEXQODUóPLNUR
ILOPH©HNPHPLġWL
)óUVDW EXOGXN©D \DġDPóQ \DOQó]FD KD\DW YH ¸O¾PGHQ LEDUHW ROGXáX LQVDQRáOXQXQ NDUDUODUóQD
P¾GDKDOHQLQ P¾PN¾Q ROPDGóáó N¸W¾O¾á¾Q ¸QOHQHPHGLáL L\LOLáLQ \¾FHOWLOHPHGLáL JDOLELQ GH
PDáOXEXQGDND\EHWWLáL:DWHUORR6DYDġó QóQEXOXQGXáXELUG¾Q\D\DGDODUYHDGHWDNHQGLQGHQJH©HUGL
+DWWD KD]LQHVLQGH KDUHNHW HGHQ ELU SDUPDN ELU GHID \D]Gó Pó JHUL G¸Q¾S EX GHID RQX \D]PDPD\D
LNQDHWPHQLQP¾PN¾QROPDGóáóQóJ¸VWHUHQġLLUOHUELOHYDUGó
9HVRQUD6RQVX]OXNODLOJLOLG¾ġ¾QFHOHULQH*HU©HNOLáLQġHNLOHQGLULOHELOLSRUWDGDQNDOGóUóODELOGLáL
LQVDQóQHOOHUL\OHWXWXSGDKDL\LELUġHNOHVRNPDNL©LQVDOOD\DELOGLáLELUROJXPXDPHOHVLJ¸UG¾á¾ELU
DOHPHG¸QPHN©RN]RUROX\RUDGHWDġRNJH©LUL\RUGX
+REEH )LQJH LQ QHġHOL NDUDUOó VHVL\OH 6W 1LFKRODV óQ KD\DOL ND\EROGX <DUóQ KDOLKD]óUGDNL
JHU©HNOLáLLQFHOH\HUHNLġHEDġOD\DELOLUVLQ.HVLQWDPYHJHUHNOLQRNWD\D\¸QHOLNROPDVóQóLVWL\RUXP
(Q XIDN ELU LKPDOH WDKDPP¾O¾P¾] \RN òON ]DPDQPHN¤Q FHWYHOL \DUóQ VDEDKD KD]óUODQPóġ RODFDN
$QODġóOGóPó"
(YHW ELOJLVD\DU GHGL +DUODQ 'DKD R DQGD $VLVWDQ %LOJLVD\DU +REEH )LQJH OH
JH©LQHPH\HFHNOHULQLDQODGóYHFDQóVóNóOGó
(UWHVL VDEDK KHVDS NRPSOHNVLQGHQ ©óNPóġ YH ¾]HUL ELUWDNóP NDUóġóN GHOLNOHUOH GROX FHWYHOLQL DOGó
%XGHOLNOHULQQHDQODPDJHOGLáLQLEXOPDNL©LQ6WDQGDUW=DPDQODUDUDVó'LO H©HYLULUNHQXIDNGDROVD
ELU KDWD \DSDELOHFHáL HQGLġHVL\OH FHSWH WDġóQDELOHQ ELU ġLIUH ©¸]¾F¾V¾ NXOODQGó $VOóQGD EX LġDUHWOHUL
ġLIUH ©¸]¾F¾V¾ NXOODQPDGDQ GD DQOD\DELOHFHN VHYL\H\H HULġPLġWL DPD \LQH GH WHGELUOL GDYUDQPDNWD
\DUDUYDUGó
&HWYHO  \¾]\óOóQ G¾Q\DVóQGD QHUHOHUH JLWPHVL \D GD JLWPHPHVL JHUHNWLáLQL QHOHU \DSóS QHOHU
\DSDPD\DFDáóQó QHOHUGHQ ND©óQPDVó JHUHNWLáLQL DQODWó\RUGX <DOQó]FD YDUOóáó\OD *HU©HNOLáL
LVWHQPH\HQEL©LPGHHWNLOHPH\HFHáL\HUYH]DPDQODUGDEXOXQDELOLUGL
NHQGLVLL©LQUDKDWELU\¾]\óOGHáLOGL.HQGLVLQLQVHUWYHWXWXFXGRáXP]DPDQóQDEHQ]HPL\RUGX
$OóġNóQROGXáXDKODNGHáHUOHULYHLONHOHUGHQ\RNVXQELU©DáGó(áOHQFHG¾ġN¾Q¾\G¾OHUPDGGHFL\GLOHU
YHDQDHUNLOELUDLOH\DSóODUóYDUGó(NWRMHQLNGRáXPROD\ODUóQóQDUWWóáóYHHQ\¾NVHNRUDQDHULġWLáLELU
©DáGó .DGóQODUóQ \¾]GH  óQGD FHQLQ UDKLP \HULQH \XPXUWDOóNWD ROXġX\RUGX <DOQó]FD NDUġóOóNOó
DQODġPDN VXUHWL\OH HYOHQLOL\RU \D GD ERġDQóODELOL\RU YH HYOLOLN VóQóUOD\óFó NDQXQ K¾N¾POHULQH WDEL
ROPD\DQEDVLWELUNDUDURODUDNJ¸U¾O¾\RUGX‰RFXNGRáXUPDROD\óHYOLOLáLQVRV\DOLġOHYOHULQGHQD\Uó
HOH DOPó\RU YH \DOQó]FD LQVDQ óUNóQóQ P¾NHPPHOOHġWLULOPHVL L©LQ FLQVHO \DNóQODġPDODUóQ NRQWURO
HGLOGLáL LONHOHUH J¸UH D\DUODQó\RUGX +DUODQ D J¸UH \¾]OHUFH D©óGDQ KDVWD ELU WRSOXPGX YH ELU
*HU©HNOLN 'HáLġWLUPHVL QH LKWL\DFó YDUGó 2 ]DPDQD DLW ROPD\DQ ELUL RODUDN \DOQó]FD EX <¾]\óO GD
EXOXQXġXELOHWDULKLNDUóġWóUDELOLUGL(áHUNHQGLVLQLQYDUOóáóNLOLWELUQRNWDGD\HWHULQFHUDKDWVó]HGLFL
RODELOVH EHONL GH IDUNOó ELU LKWLPDO JHU©HNOHġHELOLU YH DU]X LKWLUDV DġN DUD\DQ PLO\RQODUFD NDGóQ
JHU©HN VDI \¾UHNOL DQQHOHU KDOLQH JHOHELOLUOHUGL =LKLQOHUL YH DQóODUó EDġND ELU *HU©HNOLN OH GRODU
GDKD¸QFHOHULQHROGXNODUóQóG¾ġ¾QHPH]KD\DOELOHHGHPH]OHUGL
1H\D]óNNLE¸\OHELUGXUXPL©LQNHQGLVLQHYHULOHQ]DPDQPHN¤QFHWYHOLQLQVóQóUODUóGóġóQD©óNPDVó
JHUHNLUGLEX\VDG¾ġ¾Q¾OHPH]GL(áHU\DVDODUó©LáQH\LSNHQGLG¾ġ¾QG¾á¾Q¾X\JXODVD*HU©HNOLN©RN
GHáLġLN ġHNLOOHUGH GHáLġHELOLUGL %HONL GH GXUXP ġX DQGDNLQGHQ GH GDKD N¸W¾ ELU KDO DODELOLUGL
<DOQó]FDGLNNDWOLDQDOL]YHKHVDSODPDODUELU*HU©HNOLN'HáLġWLUPHKDUHNHWLQLEDġDUó\DXODġWóUDELOLUGL
6RQX© RODUDN NHQGL ILNLUOHUL QH ROXUVD ROVXQ +DUODQ ELU J¸]OHPFL \GL YH LGHDO ELU *¸]OHPFL
GX\JXODUó DOJóOD\DQ VLQLU \ROODUó UDSRUODUó YHUHQ PHNDQL]PDVóQD EDáOó ELU \DSó GHPHNWL 5DSRUOD
DOJóODQDQJHU©HNOHUDUDVóQDKLVOHUJLUPHPHOL\GL
%XD©óGDQ+DUODQ óQUDSRUODUóP¾NHPPHOOLáHHULġPLġWL
òNLQFLKDIWDOóNUDSRUXQGDQVRQUD$VLVWDQ%LOJLVD\DU)LQJHRQX©DáóUGó
7HEULNHGHULP*¸]OHPFLGHGL6óFDNOóNGX\JXVXQGDQ\RNVXQELUVHVOHNRQXġX\RUGX5DSRUODUóQ
D©óNVH©LNYHJ¾]HORUJDQL]HHGLOPLġ)DNDWEXNRQXGDVHQLQILNULQQHGLU"
 +DUODQ\¾]\óODáD©ODUóQGDQ¸]HQOH\RQWXOPXġDEHQ]H\HQERġELULIDGHQLQDUNDVóQDVóáóQGó%X
NRQXGDNHQGLPKL©ELUġH\G¾ġ¾QPHGLP
+DGLFDQóP6HQ\¾]\óOGDQVóQYHEXQXQQHGHPHNROGXáXQXKHULNLPL]GHJD\HWL\LELOL\RUX]
(PLQLPEX\¾]\óOVHQLID]ODVó\ODUDKDWVó]KDWWDDOW¾VWHWWL
+DUODQRPX]VLONWL5DSRUODUóPGDNLELUġH\\¾]¾QGHQPLDOW¾VWROGXáXPDK¾NPHWWLQL]"
%X G¾SHG¾] N¾VWDKOóNWó YH PDVDVóQóQ ¾]HULQGH WUDPSHW ©DODQ SDUPDNODUó )LQJH LQ GH D\Qó ġH\L
G¾ġ¾QG¾á¾Q¾J¸VWHUL\RUGX6RUXPDFHYDSYHU
+DUODQ 6RV\RORMLN RODUDN \¾]\óO ELU©RN NRQXGD DġóUó ¸]HOOLNOHUH VDKLS 6RQ ¾© *HU©HNOLN
'HáLġWLUPHVLGHROXPVX]VRQX©ODU\DUDWPóġ9HVDQó\RUXPELUóVODKDWġDUW$ġóUóX©ODUKL©ELU]DPDQ
VDáOóNOóRODPD]
˜\OH\VHVHQNRQX\X\¾]\óOóQJH©PLġ*HU©HNOLNOHULQLLQFHOHPHNL©LQDOGóQ
%LU*¸]OHPFLRODUDNEHQE¾W¾Q*HU©HNOLNOHULLQFHOHPHN]RUXQGD\óP
$UWóNDUDODUóD©óOPóġWó(OEHWWHNLE¾W¾QEXEDKLVNRQXVX*HU©HNOLNOHULLQFHOHPHN+DUODQ óQKDNNó\Gó
KDWWD GDKD LOHUL JLGHUHN J¸UHYL\GL %XQX )LQJH GH ELOL\RUGX %¾W¾Q \¾]\óOODU *HU©HNOLN
'HáLġWLUPHOHUL\OH VDUVóOó\RUGX 1H NDGDU L\L \DSóOPóġ ROVD GD KHPHQ KHU *¸]OHP ©RN JH©PHGHQ
\HQLGHQ LQFHOHQL\RUGX 9H GRáUX ELU *¸]OHP \DSóODELOPHVL L©LQ KDOLKD]óUGDNL *HU©HNOLáLQ
LQFHOHQPHVL \HWPL\RU D\Qó ]DPDQGD JH©PLġ *HU©HNOLNOHUOH RODQ LOLġNLOHULQLQ GH DUDġWóUóOPDVó
JHUHNL\RUGX
)LQJH L ILNLUOHULQL NóOó NóUN \DUDUDN HOHġWLUHQ ELUL RODUDN GHáHUOHQGLUPHN +DUODQ D \HWPHGL )LQJH
G¾SHG¾]G¾ġPDQFDGDYUDQó\RUGX
%DġNDELUJ¾Q)LQJH+DUODQ óQN¾©¾NE¾URVXQDJHOGL5DSRUODUóQ%¾W¾Q]DPDQODU0HFOLVL QGH©RN
ROXPOXHWNLOHU\DSó\RU
+DUODQELUDQL©LQGXUDNODGóNDUDUVó]OóNODPóUóOGDQGó7HġHNN¾UHGHULP
+HSVLVHQLQNRQX\DX\XPVDáODPDNWDDOóġóOPDPóġELUG¾]H\HXODġWóáóQGDELUOHġL\RU
<DSDELOHFHáLPLQHQL\LVLQL\DSó\RUXP
)LQJHELUGHQVRUGX.óGHPOL%LOJLVD\DU7ZLVVHOO LWDQó\RUPXVXQ"
%LOJLVD\DU7ZLVVHOO"+DUODQ óQJ¸]OHULE¾\¾G¾+D\óUHIHQGLP1HGHQVRUGXQX]"
˜]HOOLNOH R UDSRUODUóQOD \DNóQGDQ LOJLOHQL\RU )LQJH VRPXUWWX YH NRQX\X GHáLġWLUGL %DQD ¸\OH
JHOL\RUNLWDULKOHLOJLOLRODUDNNHQGLQH¸]J¾ELUEDNóġD©óVóELUIHOVHIHJHOLġWLUPLġVLQ
+DUODQ IHQD KDOGH WDKULN ROPXġWX *XUXU YH WHGELU ©DUSWó YH LONL ND]DQGó òONHO WDULKOH LOJLOL
©DOóġPDODUóPYDUHIHQGLP
òONHOWDULKPL"2NXOGDPó"
3HN GHáLO %LOJLVD\DU .HQGL NHQGLPH %HQLP KRELP %X VDELW GXUDQ WDULKL VH\UHWPHN JLEL ELU
ġH\GLUGRQGXUXOPXġRODUDN6RQVX]OXNWDNL\¾]\óOODUGXUPDNVó]óQGHáLġLUNHQRQODUóVDELWKDOOHULQGH
GHWD\ODUó\OD LQFHOHPHN P¾PN¾QG¾U G¾ġ¾QFHVL\OH KDUDUHWOHQGL ELUD] %X ILOP ġHULWOHULQL GLNNDWOH
L]OHPH\H GH EHQ]HU (áHU ILOPL \DOQó]FD J¸]GHQ JH©LULUVHN ELU©RN D\UóQWó\ó ND©óUGóáóPó]ó UDKDW©D
J¸UHELOLUL]6DQó\RUXPEXIHOVHIH©DOóġPDODUóPGDEDQD©RN\DUGóPFóROGX
)LQJHKD\UHWL©LQGHRQDEDNWó*¸]OHULE¾\¾P¾ġW¾YHKL©ELUġH\V¸\OHPHGHQ©óNWóJLWWL
 'DKDVRQUDODUóIóUVDWEXOGXN©DòONHOWDULKNRQXVXQXWHNUDUJ¾QGHPHJHWLUGLYH+DUODQ QóQLVWHNVL]
\RUXPODUóQóWRPEXO\¾]¾QGHNDUDUDYDUGóáóQóJ¸VWHUHQKHUKDQJLELULIDGHROPDNVó]óQGLQOHGL
+DUODQ EX NRQX\X WDPDPHQ ELU NHQDUD EóUDNPDNOD \¾NVHOPHVL L©LQ NXOODQPDN DUDVóQGD
ERFDOó\RUGX
%LU J¾Q $ NRULGRUXQGD NDUġóODġWóNODUóQGD )LQJH HWUDIWDNLOHULQ GH GX\DELOHFHáL ELU VHVOH %¾\¾N
=DPDQ+DUODQVHQKL©J¾O¾PVHPH]PLVLQ"GL\HVHVOHQLQFHELULQFLVH©HQHáLQGDKDGRáUXRODFDáóQD
NDUDUYHUGL
+DUODQ D J¸UH )LQJH RQGDQ QHIUHW HGL\RUGX 'DKD VRQUDODUó NHQGLVL GH )LQJH GHQ WLNVLQPH\H
EDġODGó
 GH JH©HQ ¾© D\ VRQXQGD \DSDFDN ID]OD ELU ġH\ NDOPDPóġWó YH +DUODQ )LQJH LQ RQX RILVLQH
©DáóUGóáóQó ¸áUHQGLáLQGH ġDġóUPDGó *¸UHYGH ELU GHáLġLNOLN EHNOL\RUGX 6RQ UDSRUXQX J¾QOHU ¸QFH
ELWLUPLġWL GHNLOHUDáD©ODUóROPD\DQJLEL\¾]\óOODUDVHO¾OR]N¸NHQOLWHNVWLO¾U¾QOHULQLGDKD
©RN LKUD© HWPH NRQXVXQGD DU]XOX\GX DQFDN EXQXQ NDUġóOóáóQGD W¾WV¾OHQPLġ EDOóN DOPDN
LVWHPL\RUODUGó%XQDEHQ]HUġH\OHUKDNNóQGDNLJHUHNOLLQFHOHPHOHUGHUDSRUDHNOHQPLġWL
7DVODN©DOóġPDODUóQóGD\DQóQDDOGó
)DNDW  GHQ EDKVHGLOPHGL ELOH )LQJH RQX VROXN NXUX EXUXġXN \¾]O¾ ELU DGDPOD WDQóġWóUGó
'DáóQóN EH\D] VD©Oó ]HEDQL VXUDWOó DGDP LON WDQóġPDODUó HVQDVóQGD GHYDPOó RODUDN VóUóWó\RUGX %X
VóUóWNDQLIDGHNLPL]DPDQKH\HFDQNLPL]DPDQQHġH\LVLPJHOL\RUIDNDWKL©ND\EROPX\RUGX6DSVDUó
NHVLOPLġLNLSDUPDáóQóQDUDVóQGD\DQDQELUVLJDUDGXUX\RUGX
+DUODQ óQ KD\DWóQGD J¸UG¾á¾ LON VLJDUD\Gó EX \RNVD DGDPD GDKD ©RN GLNNDW HGLS )LQJH LQ
WDQóġWóUPDVóQDGDKDL\LNHQGLQLKD]óUOD\DELOLUGL
)LQJH.óGHPOL%LOJLVD\DU7ZLVVHOOLġWHEXJHQ©*¸]OHPFL$QGUHZ+DUODQGHGL
+DUODQ óQJ¸]OHULGHKġHWWHQD©óOPóġELUKDOGHXIDNWHIHNDGDPóQVLJDUDVóQGDQ\¾]¾QHND\Gó
.óGHPOL %LOJLVD\DU 7ZLVVHOO \¾NVHN SHUGHGHQ ELU VHVOH 1DVóOVóQ" 2 P¾NHPPHO UDSRUODUó \D]DQ
JHQ©DGDPGHáLOPL"GHGL
+DUODQ NRQXġPDN LVWL\RUGX DPD VHVL ©óNPDGó /DEDQ 7ZLVVHOO ELU PDVDO NDKUDPDQó \DġD\DQ ELU
HIVDQH\GL 6RQVX]OXáXQ ELU QXPDUDOó %LOJLVD\DU ó ELU EDġND GH\LġOH KD\DWWD RODQ HQ \¾NVHN
PHUWHEHGHNL 6RQVX] GX %¾W¾Q]DPDQODU 0HFOLVL QLQ EDġNDQó\Gó 6RQVX]OXáXQ WDULKLQGH HQ ©RN
*HU©HNOLN'HáLġWLUPHVL\¸QHWPLġNLġL\GL2¸\OH
+DUODQ óQDNOóNDUóġWó<¾]¾QGHDKPDN©DELUJ¾O¾PVHPH\OHHYHWDQODPóQGDEDġóQóVDOODGóYHWHNELU
NHOLPHELOHV¸\OH\HPHGL
7ZLVVHOO VLJDUDVóQó GXGDNODUóQD J¸W¾UG¾ ©DEXN©D ELU QHIHV ©HNWL YH WHNUDU GXGDNODUóQGDQ
X]DNODġWóUGó%L]L\DOQó]EóUDN)LQJH‰RFXNODNRQXġPDNLVWL\RUXP
)LQJHD\DáDNDONWóELUġH\OHUPóUóOGDQGóYH©óNWó
7ZLVVHOO6LQLUOLJ¸U¾Q¾\RUVXQRáOXP+H\HFDQODQDFDNELUġH\\RN
)DNDW7ZLVVHOO OHE¸\OHNDUġóODġPDN+DUODQ óġRNDVRNPXġWX%LUGHYRODUDNG¾ġ¾QG¾á¾Q¾]NLġLQLQ
JHU©HNWH ELU PHWUH DOWPóġ VDQWLPGHQ GDKD XIDN ELU DGDP ROGXáXQX J¸UPHN KHU ]DPDQ ġDġóUWóFó ELU
ROD\GóU%LUG¤KLQLQEH\QLJHU©HNWHQLQ]LYD\D©HNLOPLġHEHQ]H\HQEXDGDPóQVD©Vó]YHG¾]J¾QDOQóQóQ
DUNDVóQGD RODELOLU PL" %LQOHUFH NóUóġóNOóáóQ L©LQH R\XOPXġ JLEL GXUDQ ġX N¾©¾N J¸]OHUGHQ IóġNóUDQ
NRUNXQ©]HN¤Pó\RNVD\DOQó]FDWDWOóKX\OXEDNóġODUPó\Gó"
 +DUODQ QH G¾ġ¾QHFHáLQL ELOHPL\RUGX ĠX VLJDUD G¾ġ¾QHELOPH \HWHQHáLQL HQJHOOL\RU JLEL\GL %LU
GXPDQEXOXWX¾]HULQHGRáUXJHOLQFHLUNLOGL
7ZLVVHOO GXPDQ EXOXWXQGDQ ¸WH\L J¸UPH\H ©DOóġó\RUPXġ©DVóQD J¸]OHULQL NóVWó YH EHUEDW ELU 
\¾]\óODNVDQó\OD6HQLQ]DPDQGLOL\OHNRQXġVDPL\LROXUPX"GHGL
˜QFH NUL] JH©LULU JLEL ELU NDKNDKD DWDQ +DUODQ NHQGLQH JHOGL YH V¸]OHULQL GLNNDWOH VH©HUHN
6WDQGDUG =DPDQODUDUDVó 'LO L L\L NRQXġXUXP HIHQGLP GHGL 6RQVX]OXáD LON JHOGLáLQGHQ EHUL
NHQGLVLQLQYH©HYUHVLQGHNLOHULQNXOODQGóáóGLOOHNRQXġPXġWX
$QODPVó] GHGL 7ZLVVHOO D]DPHGL ELU VHVOH =DPDQODUDUDVó Qó NRQXġDFDáóP GL\H NHQGLPL
]RUODPDP2QELQLQFL\óOOLVDQóP©RNL\LGLU
+DUODQ7ZLVVHOO LQNóUN\óOóDġNóQELUV¾UHGLU\HUHOGLOOHULNRQXġDELOGLáLQLWDKPLQHWWL
7ZLVVHOO ELUD] ¸QFHNL J¸VWHUL\OH \HWHULQFH WDWPLQ ROPXġ RODFDNWó NL WHNUDU =DPDQODUDUDVó GLOOH
NRQXġPD\D EDġODGó 6DQD ELU VLJDUD LNUDP HGHUGLP DPD HPLQLP L©PL\RUVXQGXU 7DULKLQ KL©ELU
E¸O¾P¾QGHVLJDUDL©PHNWDVYLSHGLOPHPLġWLU*HU©HNWHL\LVLJDUDODU\DOQó]FDGH\DSóOóUYHEHQLP
VLJDUDODUóP GD ¸]HO RODUDN R ]DPDQGDQ JHOLU (áHU ELU J¾Q L©PH\H EDġODUVDQ ELOJLQ ROVXQ GL\H ELU
LSXFXQX YHUL\RUXP ‰RN N¸W¾ ROX\RU *H©HQ KDIWD LNL J¾Q L©LQ  GH NDOPóġóP 6LJDUD L©LOPL\RU
\DQL 6RQVX]OXN WDNL E¸O¾PGH GH L©LOPL\RU 2UDGDNL 6RQVX]ODU EX DOóġNDQOóáó WDPDPHQ NDOGóUPóġODU
%LUVLJDUD\DNVDPKHUKDOGHJ¸NWHSHOHULQHG¾ġW¾VDQDFDNODUGó%D]HQGL\RUXPE¾\¾NELU*HU©HNOLN
'HáLġWLUPHVL KD]óUOD\D\óP YH VDYDġD VHEHS RODQ  \OH  GHNL HVLU WRSOXP GóġóQGDNL E¾W¾Q
\¾]\óOODUGDVLJDUDL©PHWDEXODUóQó\RNHGH\LP
+DUODQ ¸QFH ġDġóUGó VRQUD PHUDNODQPD\D EDġODGó 0XKDNNDN NL EX JDULS YH LOJLVL] NRQXġPDQóQ
DUGóQGDELUġH\OHUJL]OL\GL
%RáD]óQóQNXUXGXáXQXKLVVHWWL%HQLQHGHQJ¸UPHNLVWHGLáLQL]LVRUDELOLUPL\LPHIHQGLP"
5DSRUODUóQóEHáHQGLPRáOXP
+DUODQ óQJ¸]OHULVHYLQ©SóUóOWóODUó\ODGROGXIDNDWJ¾O¾PVHPHGL7HġHNN¾UHGHULPHIHQGLP
%LU VDQDW©óQóQ HOLQGHQ ©óNPóġ KDYDVó WDġó\RU *¾©O¾ VH]JLOHULQ YDU +LVVHGHELOL\RUVXQ 6HQLQ
6RQVX]OXN WDNLJHU©HN\HULQLELOGLáLPLVDQó\RUXPYHVDQDRQXWHNOLIHWPH\HJHOGLP
+DUODQG¾ġ¾QG¾òQDQDPó\RUXP
6HVLQGHNL]DIHULIDGHVLQLJL]OHPH\H©DOóġDUDN%HQLPL©LQE¾\¾NġHUHIHIHQGLPGHGL
%XDUDGD.óGHPOL%LOJLVD\DU7ZLVVHOOELWHQVLJDUDVóQóQ\HULQHHO©DEXNOXáXQXPDUDVó\DSDUFDVóQD
ELU KDUHNHWOH VRO HOLQGH EHOLUHQ ELU GLáHULQL \DNWó 'XPDQó ¾IOHUNHQ WHNUDU NRQXġWX =DPDQ DġNóQD
RáOXP H]EHUOHQPLġ VDWóUODUó WHNUDUODU JLEL NRQXġX\RUVXQ %¾\¾N ġHUHI S¸K ò©LQGHQ JHOGLáL JLEL
V¸\OH0HPQXQROGXQPXKD"
+DUODQWHGELUL\LQHGHHOGHQEóUDNPDGDQ(YHWHIHQGLPGHGL
7DPDP0HPQXQROPDQOD]óP%LUWHNQLV\HQROPD\DQHGHUVLQ"
%LUWHNQLV\HQGL\HEDáóUGó+DUODQ2WXUGXáX\HUGHQIóUODPóġWó
2WXURWXU%HNOHPL\RUGXQJDOLED
%LU7HNQLV\HQRODELOHFHáLPLXPPX\RUGXP%LOJLVD\DU7ZLVVHOO
+D\óU GHGL 7ZLVVHOO NXUX ELU VHV WRQX\OD +L© NLPVH XPDPD] %X PHUWHEHGHQ EDġND KHU \HU
¾PLW HGLOHELOLU DPD WHNQLV\HQOLáL NLPVH EHNOH\HPH] 7HNQLV\HQ RODELOHFHN ©RN D] VD\óGD DGDP
EXODELOL\RUX]YH©RNGDLKWL\DFóPó]YDU
%XQDX\JXQROGXáXPXVDQPó\RUXP
'HUWOL ELU PHVOHN L©LQ X\JXQ ROPDGóáóQó V¸\OHPHN LVWL\RUVXQ =DPDQ L©LQ HáHU NHQGLQL
6RQVX]OXáD YDNIHWPLġVHQ NL EHQ ¸\OH ROGXáXQD LQDQó\RUXP VHQLQ L©LQ IDUN HWPH\HFHNWLU $UWóN
DSWDOODU VHQL GóġOD\DFDN YH V¾UJ¾QGH\PLġVLQ JLEL JHOHFHN $OóġDFDNVóQ 6DQD LKWL\D© GX\XOGXáXQX
ELOPHQLQKD]]óQóWDGDFDNVóQ+HPGH©RNLKWL\D©GX\XOGXáXQX%HQLPWDUDIóPGDQ
6L]LQWDUDIóQó]GDQPóHIHQGLP"˜]HOOLNOHVL]LQWDUDIóQó]GDQPó"
(YHW <DġOó DGDP NXUQD]FD J¾O¾PVHGL <DOQó]FD EDVLW ELU 7HNQLV\HQ GHáLO EHQLP ¸]HO
7HNQLV\HQ LPRODFDNVóQ˜]HOELUPHYNLQRODFDNĠLPGLQHGL\RUVXQ"
%LOPL\RUXPHIHQGLP8\JXQROPD\DELOLULP7ZLVVHOOVHUW©HEDġóQóVDOODGó6DQDLKWL\DFóPYDU
<DOQó]FD VDQD LKWL\DFóP YDU 5DSRUODUóQ JHUHNOL KHU ġH\LQ VHQGH YDU ROGXáXQD EHQL LNQD HWWL
3DUPDáó\OD DOQóQD GRNXQGX %LU ‰óUDN RODUDN VLFLOLQ L\L J¸]OHPOHU \DSWóáóQ %¸O¾POHU GH ROXPOX
UDSRUODUYHUGLOHU6RQRODUDN)LQJH LQUDSRUXGDX\JXQROGXáXQXRUWD\DNR\GX
+DUODQġDġNóQDG¸QP¾ġW¾%LOJLVD\DU)LQJH LQUDSRUXOHKLPGHPL\GL"
˜\OHROPDVóQóEHNOHPL\RUPX\GXQ"
%LOPHP
(HH RáOXP OHKLQGH ROGXáXQX V¸\OHPHGLP 8\JXQ ROGXáXQX RUWD\D NR\GX GHGLP $VOóQD
EDNDUVDQ)LQJHVHQLQKDNNóQGDROXPOXUDSRUYHUPHGL6HQLQ*HU©HNOLN'HáLġWLUPHLġOHPOHULLOHLOJLOL
W¾P J¸UHYOHUGHQ X]DN WXWXOPDQó ¸QHUGL 6DQD *HUL +L]PHWOHU GHQ EDġND ELU \HUGH J¸UHY YHUPHQLQ
WHKOLNHOLRODFDáóQóVDYXQGX
+DUODQNóSNóUPó]óNHVLOGL+DQJLVHEHSOHUGHQ¸W¾U¾E¸\OHV¸\O¾\RUHIHQGLP
%LUKRELQYDUPóġJDOLEDRáOXPòONHOWDULKOHLOJLOHQL\RUPXġVXQKD"6LJDUDVóQGDQGHULQELUQHIHV
©HNLS¾IOHGLYH+DUODQVLQLULQGHQQHIHVLQLNRQWUROHWPH\LXQXWXQFDNDOóQELUGXPDQEXOXWXFLáHUOHULQH
GROGX©óUSóQDUDN¸NV¾UPH\HEDġODGó
7ZLVVHOOġHINDWOLELUVHVOHWHNUDUVRUGX˜\OHGHáLOPL"
+DUODQ%LOJLVD\DU)LQJH LQKL©KDNNó\RNGL\HV¸]HJLUGL
%LUGDNLNDELUGDNLND6DQDUDSRUGD\D]óOóRODQODUóDQODWWóP©¾QN¾VHQLóVUDUODLVWH\LġLPLQVHEHEL
EX*HU©HNWHUDSRUGDNLOHUWDNGLUHGHáHUġH\OHUGLYHEXQODUóVDQDDQODWWóáóPóXQXWPDOóVóQ+HPGHELU
GDKDKL©KDWóUODPDPDN¾]HUHRáOXP
)DNDWLONHOWDULKOHLOJLOHQPHQLQN¸W¾WDUDIóQH"
)LQJH VHQLQ EX PHUDNóQóQ DOWóQGD J¾©O¾ ELU =DPDQ ˜]OHPL \DWWóáóQó VDQó\RU $QODWDELOGLP PL
RáOXP"
'RáDO NL DQODPóġWó +DUODQ 5XKVDO ELU ER]XNOXN DQODPóQD JHOHQ EX GH\LPL DQODPDPDN P¾PN¾Q
GHáLOGL 6RQVX]OXáXQ KHU ¾\HVLQGH UHVPHQ \DVDNODQPóġ ROGXáXQGDQ GDKD GD J¾©OHQHQ NHQGL
]DPDQóQD ROPDVD ELOH KL© GHáLOVH EHOLUOL ELU ]DPDQD G¸QPHN DUDODUóQGD GRODġóS GXUPDN \HULQH
\¾]\óOODUGDQ ELULQLQ ELU SDU©DVó ROPDN ġHNOLQGH ¸]OHPOHU EXOXQGXáXQD LQDQóOó\RUGX 7DELL KHPHQ
KHSVLQGHEX¸]OHPOHU¸]HQOHELOLQ©DOWóQGDVDNODQó\RUGX
0HVHOHQLQEXROGXáXQXVDQPó\RUXPGHGL+DUODQ
%HQGHD\QóILNLUGH\LP$VOóQDEDNDUVDQEHQFHVHQLQKRELQLOJLQ©YHGHáHUOL'HGLáLPJLELVHQL
LVWH\LġLPLQ VHEHEL GH R 6DQD JHWLUHFHáLP ELU ‰óUDáD òONHO WDULKOH LOJLOL E¾W¾Q ELOGLNOHULQL YH
¸áUHQHELOGLNOHULQL¸áUHWPHQLLVWL\RUXP%XDUDGDD\Qó]DPDQGD¸]HO7HNQLV\HQLPRODFDNVóQ%LUND©
J¾QL©LQGHEDġOD\DFDNVóQ$QODġWóNPó"
$QODġWóNPó"6RQVX]OXNWDQ¸QFHNLJ¾QOHUOHLOJLOLKHUġH\L¸áUHQPHNL©LQUHVPLL]LQVDKLELROPDN
*HOPLġJH©PLġHQE¾\¾N6RQVX] ODNLġLVHOWHPDVODU\DSDELOPHN%XġDUWODUDOWóQGDWHNQLV\HQOLáLQHQ
EHUEDW\DQODUóELOH©HNLOHELOLUKDOHJHOLU
<LQHGHWHGELULWDPDPHQHOGHQEóUDNPDGó(áHU6RQVX]OXáXQ\DUDUóQDRODFDNVDHIHQGLP
6RQVX]OXáXQ \DUDUóQD Pó" GL\H EDáóUGó E¾\¾N %LOJLVD\DU KH\HFDQODQPóġWó 6LJDUDVóQó NXYYHWOL
ELU ILVNH\OH X]DN GXYDUD IóUODWWó YH VLJDUD ELU NóYóOFóP \DáPXUX DUDVóQGD \HUH G¾ġW¾ %HQLP VDQD
6RQVX]OXáXQYDUROXġX\DġDPDVóL©LQLKWL\DFóPYDU
 

‰,5$.
%ULQVOH\6KHULGDQ&RRSHU ODNDUġóODġPDGDQ¸QFH+DUODQ GHELUND©KDIWDJH©LUPLġWL‰HYUHVLQH
YH FDP YH SRUVHOHQ WHPL]OLáLQH DOóġPD IóUVDWó EXOPXġWX 7HNQLV\HQ ¾QLIRUPD YH LġDUHWLQL ID]OD
NDVóOPDGDQ WDġóPD\ó ¸áUHQPLġWL 7DġóGóáó U¾WEHQLQ DUNDVóQD VóáóQóS LQVDQODUó UDKDWVó] HWPHPH\H
©DOóġó\RUGX‰¾QN¾U¾WEHDUNDVóQDVDNODQDQODUDNDUġóLQVDQODUROGXNODUóQGDQIDUNOóVDKWHEDKDQHOHUOH
VRáXNGDYUDQó\RUODUGó
.óGHPOL %LOJLVD\DU 7ZLVVHOO SUREOHPOHUL J¾QO¾N RODUDN JHWLUL\RUGX +DUODQ EXQODUó LQFHOL\RU
J¸U¾ġOHULQL GDKD ¸QFHOHUL HQ D] G¸UW GHID GDKD \D]óOPóġ ġH\OHUL P¾VYHGGHOHUH JH©LUL\RU YH VRQ
ġHNOLQLWHVOLPHGL\RUGX
7ZLVVHOO RQODUó LQFHOH\HFHN EDġóQó VDOOD\DUDN RQD\OD\óS ò\L L\L GL\HFHNWL 6RQUD \DġOó PDYL
J¸]OHULQL+DUODQ D©HYLUHFHNYHJ¾O¾PVH\HUHN%XWDKPLQLKHVDSNRPSOHNVLQGHGHáHUOHQGLUHFHáLP
GL\HFHNWL
$QDOL]OHUH WDKPLQ GL\RUGX +L©ELU ]DPDQ KHVDS NRPSOHNVLQGHQ ©óNDQ VRQX©ODUó +DUODQ D
V¸\OHPH]GL +DUODQ GD VRUPDPD\ó WHUFLK HGL\RUGX .HQGL DQDOL]OHULQL JHU©HNOHġWLUPH IóUVDWó
YHULOHFHáLQGHQ¾PLGLQLNHVPHN¾]HUH\GL$FDEDKHVDSNRPSOHNVLJ¸U¾ġOHULQLGRáUXODPó\RUPX\GX
DUDFóOóáó\OD*HU©HNOLN'HáLġWLUPHVL\DSóODFDNġH\L\DQOóġPóVH©L\RUGX*HUHNOL$VJDUL'HáLġLNOLáLQ
\DSóOPDVóJHUHNWLáL¸QJ¸U¾OHQ]DPDQDUDOóáóQóQGóġóQDPó©óNó\RUGX"
%LU J¾Q 7ZLVVHOO \DQóQGD EDġóQó NDOGóUóS +DUODQ óQ \¾]¾QH ELOH EDNDPD\DQ XWDQJD© ELUL\OH
©óNDJHOGL
7ZLVVHOO7HNQLV\HQ+DUODQEX©óUDN%6&RRSHUGHGL+DUODQ0HUKDEDGHGL$GDPóġ¸\OHELU
WDUWWó KL© GH HWNLOH\LFL EXODPDGó .óVD ER\OX D©óN NDKYHUHQJL J¸]O¾ ELUD] E¾\¾N©H NXODNOó\Gó YH
WóUQDNODUóNHPLULOPLġWL
7ZLVVHOO òONHO WDULKL ¸áUHWHFHáLQ JHQ© EX LġWH GHGL %¾\¾N =DPDQ GHGL +DUODQ %LUGHQ LOJLVL
DUWPóġWó%XLġLKHPHQKHPHQXQXWPXġWX
7ZLVVHOO .HQGLQH X\JXQ ELU SURJUDP \DS +DUODQ +DIWDGD LNL J¾Q ¸áOHGHQ VRQUDODUóQó
D\óUDELOLUVHQEHQFH\HWHU˜áUHWLUNHQNHQGL\¸QWHPOHULQLNXOODQ6DQDEóUDNó\RUXP)LOPNLWDSODUHVNL
GRN¾PDQODUYHEHQ]HULLVWHNOHULQLEDQDELOGLU(áHU6RQVX]OXN WD\DGD=DPDQ óQXODġóODELOHQKHUKDQJL
ELU\HULQGHEXOXQXUVDVDQDJHWLULOHFHNWLUWDPDPPóRáOXP"
1HUHGHQ©óNWóáóEHOOLROPD\DQELUVLJDUDHOLQGHEHOLUGL KHU]DPDQNLJLEL YHKDYDGXPDQODGROGX
+DUODQ¸NV¾UG¾Dá]óQóQDOGóáóġHNOHEDNóOóUVDFHVDUHWHGHELOVH¸E¾U¾GHD\QóġH\L\DSDFDNWó
7ZLVVHOOJLWWLNWHQVRQUD+DUODQ(YHWRWXUELUDQL©LQGXUDNODGóVRQUDNDUDUOóELUWDYóUOD2WXU
RáOXP ‰DOóġPD RGDP SHN E¾\¾N GHáLO DPD EHUDEHU ROGXáXPX] ]DPDQODU VHQLQPLġ JLEL UDKDW
HGHELOLUVLQ
+DUODQ DU]XOX ELU FRġNXQOXN GX\X\RUGX %X SURMH E¾W¾Q¾\OH NHQGLVLQLQGL òONHO WDULK E¾W¾Q¾\OH
NHQGLVLQHDLWRODQELUġH\GL
‰óUDN EDġóQó NDOGóUóS +DUODQ D JHU©HN DQODPGD LON GHID EDNWó YH GDPGDQ G¾ġHUFHVLQH 6L] ELU
7HNQLV\HQ VLQL]GHGL
+DUODQ óQKH\HFDQYHVóFDNOóáóQóQE¾\¾NELUNóVPóELUGHQ¸OG¾1HROPXġ"
+L©GHGL‰óUDN%HQVDGHFH
%LOJLVD\DU7ZLVVHOO LQEDQD7HNQLV\HQGL\HKLWDSHWWLáLQLGX\PDGóQPó"
(YHWHIHQGLP
$á]óQGDQND©WóáóQóPóG¾ġ¾QG¾Q"'RáUXROPDVó©RNN¸W¾ELUġH\PLġJLEL"
+D\óUHIHQGLP
6HQLQ NRQXġPDQGD ELU ER]XNOXN PX YDU" +DUODQ EXQX ¸\OH DFóPDVó] ELU WDYóUOD VRUPXġWX NL
NHQGLVLXWDQGó
&RRSHUNóSNóUPó]óNHVLOGL6WDQGDUW=DPDQODUDUDVó QóL\LNRQXġDPó\RUXP
1HGHQ"1HNDGDU]DPDQGóU‰óUDN VóQ"
%LU\óOGDQGDKDD]ELU]DPDQGóUHIHQGLP
%LU\óOPó".D©\DġóQGDVóQVHQ=DPDQDġNóQD"
<LUPLG¸UW\DġóQGD\óPHIHQGLP
<DQLVHQL6RQVX]OXáD\LUPL¾©\DġóQGD\NHQPLDOGóODU"
(YHWHIHQGLP
+DUODQ NROWXáXQD RWXUGX YH HOOHULQL RYXġWXUGX %¸\OH ELU ġH\ GDKD ¸QFH KL© \DSóOPDPóġWó
6RQVX]OXáDJLUPH\DġóRQEHġRQDOWóGóU%XQHGHPHNROX\RUGX"<RNVD7ZLVVHOORQXGHQHPHNL©LQ
\HQLELUPHWRGPXNXOODQó\RUGX"
2WXUYHEDġOD\DOóP7DPDGóQYHGRáXP]DPDQóQ
‰óUDNNHNHOHPH\HEDġODGó%ULQVOH\6KHULGDQ&RRSHU GHQLPHIHQGLP
+DUODQ ELUGHQ \XPXġDGó ‰RN \DNóQGó .HQGL GRáXP ]DPDQóQGDQ \DOQó]FD  \¾]\óO JH©PLġWHQ
JHOL\RUGX%LU]DPDQNRPġXVXGDGHQHELOLUGL
òONHOWDULKOHLOJLOHQL\RUPXVXQ"
%LOJLVD\DU7ZLVVHOO¸áUHQPHPLLVWHGL3HNID]ODELUġH\ELOPL\RUXP
%DġNDQHOHU¸áUHQL\RUVXQ"
0DWHPDWLN =DPDQ 0¾KHQGLVOLáL +HQ¾] WHPHO ELOJLOHUL ¸áUHQL\RUXP  GH ELU 6SHHG\YDF
WDPLUFLVL\GLP
6SHHG\YDF óQ QH ROGXáXQX VRUPDQóQ ELU DQODPó \RNWX (PHUHN WHPL]OH\HQ ELU PDNLQH ELU
KHVDSOD\óFóDOHWELU©HġLWER\DS¾VN¾UW¾F¾V¾\DGDKHUKDQJLELUEDġNDELUġH\RODELOLUGL+DUODQ óQSHN
LOJLVLQL©HNPHGL
7DULKOHLOJLOLELUġH\ELOL\RUPXVXQ"1H©HġLWWDULKROXUVDROVXQ
$YUXSDWDULKLRNXPXġWXP
6HQLQSROLWLNELOLPOHUGDOóQGDNLNRQXQKHUKDOGH
%HQ $YUXSD GD GRáGXP (YHW 7DELL GDKD ©RN PRGHUQ WDULKL ¸áUHWLUOHUGL  GHYULPOHULQGHQ
VRQUDVóQó\óOó\DQL
3HNLòONLġEXQODUóXQXWDFDNVóQ+L©ELUDQODPó\RNWXU=DPDQ GD˜O¾PO¾OHUH¸áUHWPH\H©DOóġWóNODUó
WDULK KHU *HU©HNOLN 'HáLġWLUPHVL \OH GHáLġLU %XQX IDUN HGHPH]OHU +HU *HU©HNOLNWH RQODUD J¸UH WHN
WDULKNHQGLWDULKOHULGLUòONHOWDULKWHIDUNOóRODQEXLġWH*¾]HOOLáLGHRUDGD2QDP¾GDKDOHHGHPH\L]
QDVóOVD¸\OHGLU.RORPE:DVKLQJWRQ0XVVROLQLYH+HUHIRUGKHSD\QóGóU&RRSHUKDILI©HJ¾O¾PVHGL
.¾©¾N SDUPDáóQó ¾VW GXGDáóQGD JH]GLUGL YH +DUODQ ‰óUDN óQ Eó\óN EóUDNPDNWD ROGXáXQX IDUN HWWL
&RRSHU%LUW¾UO¾DOóġDPDGóPEXUDGDROGXáXPV¾UH]DUIóQGDGHGL
1H\HDOóġDPDGóQ"
'RáXP ]DPDQóPGDQ EHġ \¾]\óO X]DNWD ROXġXPD %HQ GH KHPHQ KHPHQ R NDGDU X]DNWD\óP
 GHQLP%LUGHRYDU6L]EHQGHQE¾\¾NV¾Q¾]DPDEHQVL]GHQ\¾]\óOGDKD\DġOó\óP%HONLGH
VL]LQE¾\¾NE¾\¾NE¾\¾NE¾\¾NEDEDQó]RODELOLULP
1HIDUNHGHUNL"7XWNL¸\OHVLQ"
ĠH\DOóġPDNJHUHNL\RU‰óUDáóQVHVLQGHELULV\DQKDYDVóVH]LOL\RUGX
+HSLPL]L©LQD\QóġH\JH©HUOLGHGL+DUODQYHòONHO]DPDQODUODLOJLOLġH\OHUKDNNóQGDNRQXġPD\D
EDġODGóž©VDDWJH©WLNWHQVRQUD\¾]\óOGDQ¸QFHGH\¾]\óOODUóQROGXáXQXDQODWPD\D©DOóġó\RUGX
&RRSHULQVDQóGHOLHGHQELUVDIOóNOD)DNDWO LQFL\¾]\óOLON\¾]\óOROPX\RUPX"GL\HVRUPXġWX
+DUODQ VRQXQGD SHN L\L ROPDVD GD EDġODQJó© L©LQ \HWHUOL VD\óODELOHFHN ELU NLWDS YHUHUHN NRQX\X
EDáODGó
òOHUOHGLN©H VDQD GDKD L\L ġH\OHU EXOXS YHUHFHáLP GHGL %LU KDIWDQóQ VRQXQGD &RRSHU óQ Eó\óáó
J¾UOHġPLġ YH RQ \Dġ GDKD E¾\¾N J¸VWHUPH\H EDġODPóġWó ©HQHVL GH GDKD GDU ELU J¸U¾Q¾PH VDKLSWL
ġLPGL+DUODQ DNDOóUVDEXEó\óáóQSHNE¾\¾NELUJHOLġPHVDáODGóáóV¸\OHQHPH]GL
&RRSHU.LWDEóQó]óELWLUGLPGHGL
1DVóOEXOGXQ"
%LU EDNóPD 8]XQFD ELU V¾UH GXUDNODGó YH WHNUDU EDġWDQ EDġODGó òONHO ]DPDQODUóQ VRQODUó ED]ó
\¸QOHUGHQ \HEHQ]L\RUGX%DQDHYLPLKDWóUODWWó%LUGHNDUóPDNOóPDJHOGL
+DUODQGHKġHWL©HULVLQGHKD\NóUGó.DUóQPó"
%XUD\DJHOPHGHQ¸QFHHYOL\GLPEHQ
%¾\¾N=DPDQ.DUóQóGDEXUD\DJHWLUGLOHUPL"
&RRSHU KD\óU DQODPóQGD EDġóQó VDOODGó 6RQ ELU \óOGóU GHáLġLS GHáLġPHGLáLQL ELOH ELOPL\RUXP
(áHUGHáLġWL\VHEHQLPNDUóPELOHGHáLODUWóN
+DUODQNHQGLQHJHOGL(OEHWWHEX‰óUDN6RQVX]OXáDJHWLULOGLáLQGH\LUPL¾©\DġóQGD\Gó\VDHYOHQPLġ
ROPDVóVRQGHUHFHQRUPDO+HU\HQL¸áUHQGLáLġH\ELUGLáHULQLRUWD\D©óNDUó\RUGX
1HOHU ROX\RUGX" .XUDOODUGD ELU GHID GHáLġLNOLN \DSóOGó Pó KHU ġH\GH E¾\¾N ELU NDUPDġDQóQ
PH\GDQD JHOPHVL ND©óQóOPD] ROXU 6RQVX]OXN GHáLġLNOLNOHUH WDKDPP¾O J¸VWHUPH\HFHN GHQJHOHU
¾]HULQHNXUXOPXġWX
(OLQGHROPDGDQVLQLUOLELUKDYD\ODV¸\OHGLNOHULDUWóNEHONLGH6RQVX]OXáXQVHODPHWLL©LQVLQLUOHQPLġ
ROPDVóQGDQGó8PDUóP \HJLGLSRQXġ¸\OHELU\RNODPD\óG¾ġ¾QP¾\RUVXQGXU
‰óUDNEDġóQóNDOGóUGóGRQXNYHNóSóUGDPD\DQJ¸]OHUOHEDNWó+D\óU
 +DUODQ KX]XUVX]ODQDUDN NRQX\X GHáLġWLUGL ò\L 6HQLQ ELU DLOHQ \RN +L©ELU ġH\LQ \RN 6HQ ELU
6RQVX] VXQYH=DPDQ GD\NHQWDQóGóáóQNLġLOHULG¾ġ¾QPH\LEóUDN
&RRSHU óQGXGDNODUóJHULOGLYHNHQGLDNVDQó\OD©HNLQPH\LELUWDUDIDEóUDNDUDN%LU7HNQLV\HQJLEL
NRQXġX\RUVXQGHGL
%LUGHQ+DUODQ óQVóNóOPóġ\XPUXNODUóPDVDQóQ¾VW¾QHLQGL%RáXNELUVHVOH1HGHPHNLVWL\RUVXQ
VHQ" %LU 7HNQLV\HQ LP YH 'HáLġLNOLNOHUL EHQ \DSó\RUXP GHáLO PL" 6RQUD RQODUó VDYXQXS VHQLQ GH
NDEXOOHQPHQL LVWL\RUXP" %DN ©RFXN GDKD EXUDGD ELU \óO ELOH JH©LUPHGLQ =DPDQODUDUDVó Qó
NRQXġDPó\RUVXQ =DPDQ YH *HU©HáLQ E¾W¾Q ©DUNODUó VHQLQ \¾]¾QGHQ DOW¾VW RODELOLU IDNDW
VHQ 7HNQLV\HQOHU KDNNóQGD KHU ġH\L YH KDWWD Dáó]ODUóQóQ RUWDVóQD QDVóO HGLOHFHáLQL ELOH ELOGLáLQL
VDQó\RUVXQ
˜]¾UGLOHULPGHGL&RRSHUDFHOH\OH6L]LNóUPDNLVWHPHPLġWLP
+D\óU KD\óU NLP NóUDU NL ELU 7HNQLV\HQ L ]DWHQ" +HUNHVLQ V¸\OHGLáLQL GX\GXQ GHáLO PL" %LU
7HNQLV\HQ LQ NDOEL NDGDU VRáXN GHUOHU GHáLO PL" %LU WULO\RQ LQVDQ NLġLOLáL ELU 7HNQLV\HQ LQ
HVQHPHVLQH EDNDU GHUOHU %HONL EXQXQ JLEL EDġND ġH\OHU GH V¸\OHQLU &HYDEóQó] QHGLU %D\ &RRSHU"
.DWóOPDNVL]L\¾FHOWL\RUPX"6L]L©RNE¾\¾NELUDGDPPó\DSó\RU"6RQVX]OXN WDNLSDWURQODUGDQELUL
PL"
˜]¾UGLOHGLP
7DPDP %LU D\GDQ GDKD D] ELU ]DPDQGóU 7HNQLV\HQ ¾QLIRUPDVóQó WDġóGóáóPó YH KHQ¾] NLġLVHO
RODUDNKL©*HU©HNOLN'HáLġWLUPHVL\DSPDGóáóPóELOPHQLLVWL\RUXPĠLPGLLġLPL]HGHYDPHGHOLP
(UWHVLJ¾Q.óGHPOL%LOJLVD\DU7ZLVVHOO$QGUHZ+DUODQ óE¾URVXQD©DáóUGó
%LU*$'\DSPD\DQHGHUVLQHYODW"GHGL
òġWH EX ©RN J¾]HOGL 2 J¾Q VDEDKWDQ EHUL +DUODQ ELU NRUNDN JLEL 7HNQLV\HQOHULQ \DSWóáó LġOHUGH
KHQ¾]\HUDOPDGóáóQóV¸\OHPLġROPDNWDQEHQKHQ¾]\DQOóġELULġ\DSPDGóPRQXQL©LQEHQLVX©ODPD
DQODPóQDJHOHQ©RFXN©DVó]ODQóġóQGDQSLġPDQOóNGX\X\RUGX
6¸\OHGLNOHUL VDQNL 7HNQLV\HQOHULQ J¸UHYOHULQGH JHU©HNWHQ ELU N¸W¾O¾N YDUPóġ DPD NHQGLVL
VX©ODQDPD]Póġ ©¾QN¾ KHQ¾] ©RN \HQL\PLġ YH ELU VX© LġOHPH\H ELOH YDNWL ROPDPóġ JLEL ELU LWLUDID
G¸Q¾ġP¾ġW¾
%XPD]HUHWLRUWDGDQNDOGóUPDIóUVDWóQóPHPQXQOXNODNDUġóODGó+HPHQKHPHQELUNHIDUHWRODFDNWó
EX$UWóN&RRSHU D(YHWELUġH\OHU\DSWóáóPL©LQġXNDGDUPLO\RQLQVDQDUWóN\HQLELUHUNLġLOLNKDOLQH
JHOGLOHUIDNDWEXJHUHNOL\GLYHEHQVHEHSROGXáXPL©LQJXUXUOX\XPGL\HELOHFHNWL
+DUODQQHġH\OH%HQKD]óUóPHIHQGLPGHGL
ò\L ò\L %LOPHN VHQL VHYLQGLUHFHNWLU VDQóUóP RáOXP %LU QHIHV ©HNWL YH VLJDUDQóQ XFX SDUODGó
%¾W¾QDQDOL]OHULQLQGRáUXROGXáXVDSWDQGó
7HġHNN¾UHGHULPHIHQGLP $UWóN WDKPLQOHU GHáLOGL\HG¾ġ¾QG¾+DUODQ DQDOL]OHU ROGX
‰RN \HWHQHNOLVLQ 2ODáDQ¾VW¾ RáOXP 6HQGHQ E¾\¾N ġH\OHU EHNOL\RUXP 9H ġX  LOH
EDġOD\DELOLUL]5DSRUXQGDEHOLUWWLáLQELUYDVóWDQóQGHEUL\DMóQóQER]XOPDVó\ODLVWHQPH\HQKL©ELU\DQ
HWNLROXġPDGDQJHUHNOLP¾GDKDOHQLQ\DSóODELOHFHáLQHGDLUJ¸U¾ġ¾QWDPDPHQGRáUX%XLġLVHQ\DSDU
PóVóQ"
7DELLHIHQGLP
 %X+DUODQ óQ7HNQLV\HQOLáHJHU©HNEDġODQJóFó\Gó$UWóN\DOQó]FDNóUPó]óJ¾OUHQJLUR]HWWDġó\DQELU
DGDPGHáLOGL*HU©HNOLN'HáLġWLUPHVL\DSPóġWó GHJH©HQELUND©GDNLNDL©LQGHELUPHNDQL]PD\ó
NXUFDODPóġ YH VRQX© RODUDN JHQ© ELU DGDP KD]óU EXOXQPDVó JHUHNHQ ELU PHNDQLN GHUVLQH
\HWLġHPHPLġWL *¾QHġ P¾KHQGLVOLáL\OH LOJLOL VóQóID KL© JLGHPHPLġ YH EX \¾]GHQ ©RN EDVLW ELU DUDFóQ
JHOLġWLULOPHVLRQ\óOJHFLNHUHN GHNLE¾\¾NELUVDYDġ*HU©HNOLNWHQVLOLQPLġWL
ò\LELULġ\DSPDPóġPó\Gó".LġLOLNOHUGHáLġPLġVHQHROPXġWX\DQL"<HQLNLġLOLNOHUGHHQD]HVNLOHU
NDGDULQVDQGóYH\DġDPD\DOD\óNWó%D]óKD\DWODUNóVDOWóOPóġVDGDGDKDID]ODVóX]DWóOPóġYHGDKDPXWOX
KDOH JHWLULOPLġWL (VNL *HU©HNOLNWH \HU DODQ LQVDQóQ ]HN¤ YH GX\JXODUóQóQ ELU DQóWó RODQ E¾\¾N ELU
HGHEL HVHU \HQL *HU©HNOLNWH \D]óOPD\DFDNWó DPD EXQXQ ELU©RN NRS\DVó 6RQVX]OXáXQ
N¾W¾SKDQHOHULQGHPXKDID]DHGLOPL\RUPX\GX"
<LQHGH+DUODQRJHFHX\NX\ODX\DQóNOóNDUDVóQGDóVWóUDSOóVDDWOHUJH©LUGLYHVRQXQGDKDOVL]OLNWHQ
ELWDSG¾ġ¾SX\NX\DGDODUNHQ\óOODUGóU\DSPDGóáóELUġH\\DSWó
$QQHVLQLG¾ġ¾QG¾
%¸\OHVLQH ]DDIODUOD GROX ELU EDġODQJóFD UDáPHQ +DUODQ óQ E¾W¾Q 6RQVX]OXN WD 7ZLVVHOO LQ
WHNQLV\HQLRODUDNLVLP\DSPDVóL©LQELU\óO\HWPLġWL+DWWD+DULND‰RFXN<DQóOPD]JLELLVLPOHU
WDNDQODUGDYDUGó
&RRSHU ODGD©RNUDKDWELULOLġNLVLYDUGó+L©ELU]DPDQ\DNóQDUNDGDġROPDGóODU (áHU&RRSHUL\LFH
LOHUOHUVH +DUODQ QDVóO GDYUDQPDVó JHUHNWLáLQL ELOHPL\RUGX  <LQH GH ELUOLNWH L\L ©DOóġó\RUODUGó YH
&RRSHU óQòONHOWDULKHRODQLOJLVLKHPHQKHPHQ+DUODQ óQNLQH\DNODġPóġWó
%LUJ¾Q+DUODQ&RRSHU D%DN&RRSHU\DUóQJHOVHQROPD]Pó"%XKDIWDL©LQGH OHUGHELU
]DPDQDJLGLSELU*¸]OHP OHLOJLOLYHULOHULNRQWUROHWPHPJHUHNL\RUYHEXLġL©LQJ¸U¾ġPHNLVWHGLáLP
NLġLGH\DOQó]FDEXJ¾Q¸áOHGHQVRQUDVHUEHVWPLġ
&RRSHU óQJ¸]OHULLVWHNOHSDUODGó%HQGHJHOHPH]PL\LP"
òVWHUPL\GLQ"
(OEHWWH+D\DWóPGD\DOQó]FDELUGHIDEHQL GHQEXUD\DJHWLULUOHUNHQELUVH\DKDWDUDFóQDELQGLP
IDNDWR]DPDQODUGDQHOHUROXSELWWLáLQLDQOD\DFDNGXUXPGDGHáLOGLP
+DUODQ KHS & ġDIWóQGDNL DUDFó NXOODQóUGó NL EX ġDIW \D]óOó WDOLPDWODUOD GHáLOVH ELOH DOóġNDQOóNODU
VRQXFX 7HNQLV\HQOHUH D\UóOPóġWó YH \¾]\óOODUGD VóQóUVó] VH\DKDWH X\JXQGX &RRSHU ©RN UDKDWWó
'XUDNODPDNVó]óQDUDFDJLUGLYHRWXUGXNWDQVRQUDEHGHQLQġHNOLQLDODQNROWXNODUGDQELULQH\HUOHġWL
+DUODQ DODQ D\DUODPDODUóQó KDUHNHWH JH©LULS DUDFó ¾VW]DPDQD GRáUX \¸QHOWWLNWHQ VRQUD &RRSHU
\¾]¾QGHE¾\¾NELUġDġNóQOóNLIDGHVL\OHVRUGX+L©ELUġH\KLVVHWPL\RUXP%LUDNVDNOóNPóYDU"
+L©ELU DNVDNOóN \RN 6HQ KL©ELU ġH\ KLVVHWPL\RUVXQ ©¾QN¾ JHU©HNWH KDUHNHW HWPL\RUVXQ $UDFóQ
]DPDQ X]DQWóODUóQD IóUODWóOPóġ GXUXPGDVóQ $VOóQGD +DUODQ ¸áUHWPHQ KDYDVóQD E¾U¾QP¾ġW¾ ĠX
DQGDVHQYHEHQJHU©HNELUHUPDGGHVHOYDUOóNGHáLOJ¸U¾QW¾OHUGHQLEDUHWL]$\QóDQGD\¾]OHUFHNLġL
EXDUDFóNXOODQDELOLUYHGHáLġLNKó]ODUGD=DPDQ óQKHU\¸Q¾QHELUELUOHULQLQL©LQGHQJH©HUHNVH\DKDW
HGHELOLU%DVLWGRáDNDQXQODUóEXDUDFóQġDIWODUóL©LQJH©HUOLGHáLOGLU
&RRSHU óQGXGDNODUóP¾VWHK]LELULIDGH\OHNóYUóOGóYH+DUODQKX]XUVX]ODQGó'¾ġ¾QPH\HEDġODGó%X
©RFXN]DPDQP¾KHQGLVOLáLHáLWLPLJ¸U¾\RUYHEXNRQXGDEHQGHQ©RNELOGLáLPXKDNNDN1HGHQVXVXS
NHQGLPLDSWDO\HULQHNR\PDNWDQYD]JH©PL\RUXP"
6HVVL]OLáL WHUFLK HGHUHN VXVWX YH HQGLġHOL ELU WDYóUOD &RRSHU D EDNWó *HQ© DGDPóQ Eó\óáó D\ODUGóU
ED\Dáó J¾UOHġPLġWL 0DOODQVRKQ WLSL GL\H DQóODQ ġHNLOGH DġDáó WDUDQPóġWó %X W¾U Eó\óáóQ EX LVLPOH
WDQóQPDVóQóQVHEHEL=DPDQ$ODQó QóQPXFLGLRODQ0DOODQVRKQ XQHOHJH©LULOHELOPLġWHNIRWRáUDIóQGD
D\QóWLSELUEó\óáóROPDVóQGDQGó
&RRSHUGLNNDWOHJ¸VWHUJHGHGXUPDGDQDUWDQ\¾]\óOODUóEHOLUWHQUDNDPODUDEDNó\RUGX%LUGHQVRUGX
%XQHNDGDU¾VW]DPDQDJLGHELOLU"
%XNRQX\XVDQD¸áUHWPHGLOHUPL"
6H\DKDWDUD©ODUóQGDQSHNEDKVHWPHGLOHU
+DUODQRPX]VLONWL6RQVX]OXNWDELUELWLġQRNWDVó\RNWXU%XDUDFóQXODġDELOHFHáLELUVRQQRNWDGD
\RNWXU
6HQLQJLWWLáLQHQX]DN¾VW]DPDQQHGLU"
ĠXVH\DKDWHQX]DáóRODFDN'U7ZLVVHOO OHUHNDGDUJLWPLġ
%¾\¾N=DPDQGL\HIóVóOGDGó&RRSHU
%XELUġH\GHáLONL%D]ó6RQVX]ODU OHULELOHJH©PLġOHU
1H\HEHQ]HUEX"
+L©ELUġH\H%LU©RN\DġDPEL©LPLYDUIDNDWKL©ELULLQVDQGHáLOòQVDQ\RN
˜OP¾ġOHUPL"6LOLQPLġOHUPL"
+L©NLPVHQLQWDPELUELOJLVDKLELROGXáXQXVDQPó\RUXP
%XQXGHáLġWLUPHNL©LQELUġH\OHU\DSóODPD]Pó"
ĠH\  GHQ VRQUD GL\H EDġODGó +DUODQ VRQUD ELUGHQ VXVWX 1H\VH ERġYHU .RQX\X
GHáLġWLUHOLP
%X6RQVX]ODUóQWHNEDWóOLWLNDGó\ODLOJLOLELUGXUXPGXLOHDUDVóQGDNL]DPDQ*L]OL
<¾]\óOODU GL\H JH©L\RUGX .LPVH EX NRQXGD NRQXġPD]Gó +DUODQ óQ ELOGLáL EDVLW ELUND© ġH\ GH
7ZLVVHOO LOH RODQ \DNóQ LOLġNLVLQGHQ ND\QDNODQó\RUGX +HU QDVóOVD EX \¾]\óOODU DUDVóQGD VRQVX]ODU
=DPDQ D JH©HPL\RUGX %X NóVóPGD 6RQVX]OXNOD =DPDQ DUDVóQGDNL NDSóODU JH©LOHPL\RUGX 1HGHQ"
.LPVHELOPL\RUGX
+DUODQ 7ZLVVHOO GHQ GX\GXNODUóQD GD\DQDUDN  GHQ KHPHQ DOWWDNL ED]ó <¾]\óOODUGD
'HáLġWLUPHOHU \DSóOPD\D ©DOóġóOGóáóQó WDKPLQ HGL\RUGX DPD  GHQ VRQUDNL ]DPDQGD \HWHUOL
J¸]OHP\DSóOPDLPN¤QóQDVDKLSROPDGDQID]ODELUġH\\DSPDNP¾PN¾QGHáLOGL
%LU J¾Q 7ZLVVHOO J¾OP¾ġ YH ġ¸\OH GHPLġWL %LU J¾Q RUDODUD GD JH©HUL] %X DUDGD ¾]HULQGH
XáUDġóODFDNWDQH<¾]\óO]DWHQD]VD\óOPD]
+DUODQEXQX\HWHULQFHLQDQGóUóFóEXOPDPóġWó
 GHQVRQUD6RQVX]OXNQHROX\RU"GL\HVRUGX&RRSHU
+DUODQ GHULQ ELU QHIHV DOGó .RQX\X GHáLġWLUPH\L EDġDUDPDPóġWó +L© GHGL +HU \¾]\óOóQ
E¸O¾POHUL \HULQGH GXUX\RU IDNDW  GHQ VRQUDNL E¸O¾POHUGH 6RQVX] J¸UHYOL EXOXQPX\RU
%¸O¾POHU KD\DWóQ KHU EL©LPL ND\ERODQD J¾QHġ ELU QRYD KDOLQH JHOHQH NDGDU YH VRQUDVóQGD GD
PLO\RQODUFD \¾]\óO GHYDP HGLS JLGL\RU 6RQVX]OXNWD ELU VRQ QRNWD \RNWXU 6RQVX]OXN GL\H
DGODQGóUóOPóġROXġXQXQQHGHQLGHEX]DWHQ
<DQLJ¾QHġELUQRYDKDOLQHJHOL\RU¸\OHPL"
 (OEHWWH =DWHQ ¸\OH ROPDVD 6RQVX]OXN GD PHYFXW ROPD]Gó 3DWOD\DQ J¾QHġ EL]LP J¾©
ND\QDáóPó]GóU 'LQOH ELU =DPDQ $ODQó ROXġWXUDELOPHN L©LQ JHUHNOL J¾© PLNWDUó KDNNóQGD ELU ILNULQ
YDU Pó" 0DOODQVRKQ XQ LON $ODQ ó ¾VW]DPDQ XFX\OD DOW]DPDQ XFX DUDVóQGDNL \DOQó]FD LNL VDQL\HOLN
PHVDIHGHDQFDNELUNLEULW©¸S¾Q¾QEDġóE¾\¾NO¾á¾QGHELUFLVPLWDġó\DELOL\RUGXYHEXLġL\DSDELOPHN
L©LQNRVNRFDELUQ¾NOHHUJ¾©VDQWUDOLQLQE¾W¾QELUJ¾Q©DOóġPDVóJHUHNL\RUGX%LUVD©NóOóNDOóQOóáóQGD
ELU =DPDQ $ODQó \DSóS EXQX QRYDQóQ óġóQODPD J¾F¾QH HULġWLUGLNWHQ VRQUDGóU NL $ODQ LQVDQ
WDġó\DELOHFHNNDGDUE¾\¾W¾OHELOPLġWLU%XLġGH\DNODġóN\¾]VHQHV¾UP¾ġW¾U
&RRSHUGHULQELUQHIHVDOGó$UWóNEDQDHġLWOLNOHULYHDODQPHNDQLáLQL¸áUHWPH\LELWLULSED]óLOJLQ©
NRQXODUDJH©PHOHULQLLVWHUGLP(áHUġLPGL0DOODQVRKQ XQ]DPDQóQGD\Dġó\RUROVD\GóP
+L©ELUġH\¸áUHQHPH\HFHNWLQ2 GH\DġDGóIDNDW QLQVRQODUóQDNDGDU6RQVX]OXNGL\HELUġH\
\RNWX=DPDQ$ODQó QóNHġIHWPHNOH6RQVX]OXáXNXUPDND\QóġH\GHáLOELOL\RUVXQ+DWWD GH\DġD\DQ
LQVDQODU0DOODQVRKQ XQEXOXġXQXQVRQX©WDQHUH\HYDUDFDáóQóELOHNHVWLUHPHPLġWL
‰DáóQóQ¸WHVLQGHELUDGDPGóGHPHNNLGHáLOPL"
+HPGH©RN<DOQó]FD=DPDQ$ODQó QóEXOPDNODNDOPDGó6RQVX]OXáXQNXUXOPDVóQóP¾PN¾QNóODQ
ED]óWHPHOLOLġNLYHLONHOHULGHD©óNODGó*HU©HNOLNGHáLġLNOLNOHULGóġóQGDKHUġH\LHQXIDND\UóQWóVóQD
NDGDU¸QJ¸UP¾ġW¾+DWWDQH\VH&RRSHUJHOGLNDUWóN©óNEDNDOóP
$UD©WDQ©óNWóODU
+DUODQ .óGHPOL %LOJLVD\DU /DEDQ 7ZLVVHOO L GDKD ¸QFH KL© Nó]JóQ KDOL\OH J¸UPHPLġWL +HU W¾UO¾
GX\JXGDQ DUóQPóġ GRáXP ]DPDQóQó ELOH XQXWPXġ 6RQVX]OXáXQ ELU GHPLUEDġó ROGXáX V¸\OHQLUGL
+DWWDN¾©¾N\DġODUGDNDOELQLQUDKDWVó]ODQGóáóQóYH\HULQHWóSNóKHU]DPDQFHELQGHWDġóGóáóJLELXIDN
ELUKHVDSPDNLQHVLWDNóOGóáóQóV¸\OH\HQOHUELOHYDUGó
7ZLVVHOO EX V¸]OHUL \DODQODPDN L©LQ NóOóQó ELOH NóSóUGDWPD]Gó $VOóQGD EDKLV NRQXVX ġH\OHUH
NHQGLVLQLQELOHLQDQGóáóVDQóOó\RUGX
%X \¾]GHQ NHQGLVLQH \¸QHOWLOHQ ġLGGHWH PDUX] NDOGóáóQGD KD\UHWOHU L©LQGH 7ZLVVHOO LQ GH
Nó]DELOHFHáLQHWDQóNROX\RUGX
7ZLVVHOODGHWDJóFóUGD\DQELUVHVOH6HQ%¾W¾Q]DPDQODU0HFOLVL QLQ¾\HVLPLVLQEHDGDP"%XUDGD
HPLUOHUL VHQ PL YHUL\RUVXQ" 1H \DSóODFDáóQó VHQ PL EDQD V¸\OH\HFHNVLQ \RNVD EHQ PL VDQD
V¸\OH\HFHáLP"%XE¸O¾P¾QDUD©VH\DKDWOHULQLVHQPLG¾]HQOL\RUVXQ"6H\DKDWOHUL©LQVHQLQL]QLQHPL
WDELRODFDáó]ġLPGL"
%LU\DQGDQELUND©F¾POHGHELUGXUXS&HYDSYHUGL\HEDáóUó\RUVRQUDVRUX\DáPXUXQDGHYDP
HGL\RUGX
(QVRQXQGD%LUGDKDE¸\OHER\XQGDQE¾\¾NLġOHU\DSDUVDQVHQLPDKYHGHULP$QODGóQPó"GHGL
+DUODQ XWDQ© YH ġDġNóQOóNWDQ VDSVDUó NHVLOPLġWL ‰óUDN &RRSHU óQ DUD©ODUD ELQGLULOPHPHVL
KXVXVXQGDEDQDNLPVHELUġH\V¸\OHPHPLġWL
$©óNODPD\XPXġDWóFóELUUROR\QDPDPóġWó%XQHEL©LPEDKDQHEH6DQDRQXQVDUKRġHGLOPHPHVL
JHUHNWLáL GH V¸\OHQPHGL .DIDVóQó VóIóU QXPDUD\D WUDġ HWWLUPHPHQ JHUHNWLáL GH V¸\OHQPHGL ĠLġH
JH©LULSNó]DUWPDPDQJHUHNWLáLV¸\OHQPHGL=DPDQDġNóQDRáOXPVDQDRQXQODQH\DSPDQJHUHNWLáL
V¸\OHQGL"
òONHOWDULKL¸áUHWHFHNWLP
˜\OH\DSRKDOGH%DġNDGDKL©ELUġH\\DSPD7ZLVVHOOVLJDUDVóQó\HUHDWWóYHFDQG¾ġPDQó\Póġ
JLELD\DáóQóQDOWóQGDKóUVODH]GL
%LOPHQL]L LVWHULP NL %LOJLVD\DU GHGL +DUODQ +DOLKD]óUGDNL *HU©HNOLN WH ED]ó \¾]\óOODU òONHO
WDULKH EHQ]HU GXUXPODUD VDKLSOHU %LU DODQ JH]LVL ġHNOLQGH GLNNDWOL ]DPDQ YH PHN¤Q SURJUDPó
\DSóODUDNSODQOóELUJH]L\DSWóUGóP
1H"'LQOHVóUóWóNVXUDWOóKL©ELUġH\L©LQL]LQDOPDNDNOóQDJHOPHGLPL"<HWHU6HQ\DOQó]FDòONHO
WDULKL¸áUHWRQD$ODQJH]LOHULGHáLO/DERUDWXYDUGHQH\OHULGH%LUGDKDNLVHIHUHVDGHFHJ¸UV¾QGL\H
ELU*HU©HNOLN'HáLġWLUPHVL\DSDFDNVóQ
+DUODQN¾VN¾QELUNDEXOOHQPH\OHELUġH\OHUPóUóOGDQDUDN©óNWó
=HGHOHQHQGX\JXODUóQóQWRSDUODQPDVóKDIWDODUV¾UG¾
 

%ò/*ò6$<$5
òON NH] 7ZLVVHOO OH ELUOLNWH D\UóOGóáóQGDQ EHUL  \H \HQLGHQ JLUHUNHQ DUWóN LNL \óOOóN ELU
7HNQLV\HQ GL+DUODQ1HUHGH\VHWDQó\DPD\DFDNWó
<¾]\óOGHáLġPHPLġWL'HáLġHQNHQGLVL\GL
òNL \óOOóN 7HNQLV\HQOLN ©RN ġH\ LIDGH HGHU %LU DQODPGD RQX GXUJXQODġWóUPóġWó $UWóN RQXQ L©LQ
¸áUHQLOPHVLJHUHNHQ\HQLELUGLOKHU\HQLJ¸]OHPSURMHVL\OHGHáLġHFHNJL\VLYH\DġDPEL©LPOHULQH
DOóġPDN JLEL VRUXQODU \RNWX 6RQVX]OXáXQ E¾W¾Q X]PDQODUóQó ELU DUDGD WXWDQ D\Qó \ROXQ \ROFXVX
ROGXNODUóILNULQLELOHXQXWPXġJ¸U¾Q¾\RUGX
+HSVLQGHQ¸QHPOLVLELU7HNQLV\HQROPDQóQYHUGLáLJ¾F¾L©LQGHKLVVHGL\RUGX0LO\RQODUóQNDGHULQL
SDUPDNODUóQóQ XFX\OD WXWX\RU LVWHGLáLQL \DOQó] \¾U¾PH\H PDKN½P HWPH\H LVWHGLáLQL \¾FHOWPH\H
J¾F¾\HWL\RUGX
 QLQ GDQóġPD PDVDVóQGD RWXUDQ DGDPD VRáXN VRáXN EDNWó YH NHOLPHOHULQ ¾VW¾QH EDVD EDVD
NHQGLQLWDQóWWó$QGUHZ+DUODQ7HNQLV\HQ GHJH©LFLJ¸UHY%LOJLVD\DU)LQJH HUDSRUYHULOHFHN
$GDPóQEDNóġODUóQóND©óUPD\D©DOóġWóáóQóIDUNHWWLDPDDOGóUPDGó
òQVDQODUóQ7HNQLV\HQ HEDNóġGHGLNOHULELUKDUHNHWYDUGóU2PX]GDEXOXQDQNóUPó]óJ¾OUHQJLQGHNL
DPEOHPH©DEXFDNELUEDNóġIóUODWóOóUYHELUGDKDEDNóOPDPD\D©DOóġóOóU
+DUODQNDUġóVóQGDNLQLQRPX]DPEOHPLQHEDNWó%LU%LOJLVDYDU óQVDUóELU<DġDPĠHPDFó VóQóQ\HġLO
%LU6RV\RORJ XQPDYL\DGDELU*¸]OHPFL QLQEH\D]DPEOHPOHULQGHQKL©ELULGHáLOGL
8]PDQODUóQWHNUHQNOLDPEOHPOHULQGHQELULGHGHáLOGL%H\D]]HPLQ¾]HULQHPDYLELU©L]JL$GDP
JHULKL]PHWNROODUóQGDQKDEHUOHġPHGH©DOóġó\RUGX%LU8]PDQGHáLOGL
9HRGD7HNQLV\HQ HEDNóġW¾U¾QGHQELUJ¸]DWWóDGDPD
%LUD]EH]JLQELUWDYóUOD(HH"GHGL
+DEHUOHġPHHOHPDQóKó]OóKó]OóNRQXġDUDN%LOJLVD\DU)LQJH LDUó\RUXPHIHQGLP
+DUODQ \LNDWóYH\RáXQRODUDNKDWóUOó\RUGXIDNDWġLPGLKHPHQKHPHQIDNLUYHV¾QHSHEXOGX
 QLQ FDP YH SRUVHOHQLQH YH PXD]]DP WHPL]OLáLQH DOóġPóġWó 3DVWHO UHQNOHULQ EH\D]OóN YH
WHPL]OLáLQKDNLPROGXáXELU©HYUH\HDOóġPóġWó
 QLQDáóUVóYDODUó©DPXUOXSLJPHQWOHULER\DOóPHWDOOHULLWLFLYHVHYLPVL]J¸U¾Q¾\RUGX
+DWWD )LQJH ELOH J¸]¾QH IDUNOó J¸U¾QG¾ òNL \óO ¸QFHVLQLQ *¸]OHPFL +DUODQ ó L©LQ )LQJH LQ KHU
KDUHNHWLJ¾©O¾YHPHġXPJ¸U¾Q¾UG¾
ĠLPGL LVH 7HNQLV\HQOLáLQ \¾FH YH D\UóFDOóNOó NDWóQGDQ EDNóOGóáóQGD VLOLN YH KDVWDOóNOó\Póġ JLEL
JHOL\RUGX +DUODQ ELUWDNóP EHOJHOHUL LQFHOHGLNWHQ VRQUD PLVDILULQL \HWHULQFH EHNOHWWLáLQH NDUDU
YHUPLġ©HVLQHEDġóQóNDOGóUóQFD\DNDGDUVH\UHWWL
)LQJH OHULQHQHUMLN¸NHQOL\¾]\óOODUóQGDQELULQGHQGL%XQXRQD7ZLVVHOOV¸\OHPLġYHHWUDIOóFD
L]DK HWPLġWL )LQJH LQ DQL KDUHNHWOHUL DODQ J¾©OHULQLQ NDWóOóáóQD DOóġPóġ LQVDQODUGD J¸U¾OHQ GRáDO
J¾YHQVL]OLáLQ YH KHS ¸QHPVL] LġOHUOH XáUDġWóáó L©LQ GX\GXáX PXWVX]OXáXQ ELU VRQXFX RODELOLUGL
3DUPDNODUóQóQXFXQDEDVDUDN\¾U¾\¾ġ¾ +DUODQ)LQJH LQNHGLOHULQNLQHEHQ]H\HQ\¾U¾PHVLQLKDWóUODGó
JHQHOOLNOH PDVDVóQGDQ EDġóQó NDOGóUGóáóQGD )LQJH L NDUġóVóQD GLNLOPLġ RQD EDNDUNHQ EXOXU JHOGLáLQL
KL©GX\DPD]Gó DUWóNVLQVLYHġH\WDQFDGHáLOGLGDKD©RNELOLQ©VL]FHELOHROVDEDVWóáó\HULQDáóUOóáóQó
©HNHPH\LS©¸NHFHáLQGHQNRUNDQELULQVDQóQ¾UNHN©HNLQJHQWDYUóQó\DQVóWó\RUGX
+DUODQ O¾WIHGHUFHVLQH EX DGDPóQ EXOXQGXáX SR]LV\RQD X\PDGóáóQó YH JHUL KL]PHWOHUH
©HNLOPHVLQLQKDNNóQGDGDKDKD\óUOóRODFDáóQóG¾ġ¾QG¾
)LQJH6HODPODU7HNQLV\HQ+DUODQGHGL
6HODPODU%LOJLVD\DUGHGL+DUODQ
6DQóUóPLNL\óOGDQEHUL
òNLIL]\R\óOGDQEHULGL\HG¾]HOWWL+DUODQ
)LQJHġDġNóQġDġNóQEDNWóòNLIL]\R\óOGDQEHULWDELL
6RQVX]OXN WD HYUHQGHNL DQODPó\OD ELU ]DPDQ NDYUDPó \RNWXU IDNDW Y¾FXWODU \DġODQóU YH EX GD
]DPDQóQ JH©WLáLQLQ ND©óQóOPD] NDQóWóGóU )L]\RORMLN RODUDN ]DPDQ JH©HU YH 6RQVX]OXN WD JH©HQ ELU
IL]\R\óOL©LQGHLQVDQ=DPDQ GDNLELU\óOGDQGDKDKó]Oó\DġODQóU
<LQHGHHQ©RNELOJL©OLNWDVOD\DQ6RQVX]ODUELOHEXD\UóPDSHNGLNNDWHWPH]GL*HU©HNWHIL]\RORMLN
DQODPóQóQ¸WHVLQGHELU\DUóQELUG¾Q\DGDELUJH©HQKDIWDROPDVóQDUDáPHQ6RQVX]ODUELUELUOHULQH
\DUóQJ¸U¾ġ¾U¾]6HQLG¾Q©RNDUDGóP\DGDKDIWD\DJ¸U¾ġ¾U¾]GL\HKLWDSHGHUGL9HLQVDQOóáóQ
L©J¾G¾OHUL 6RQVX]OXN WDNL KDUHNHWOHUL \LUPL G¸UW IL]\RVDDW OL J¾QOHUH J¾Q YH JHFHOHUH EXJ¾Q YH
\DUóQODUDJ¸UHD\DUODUGó
)LQJH (Q VRQ J¸U¾ġW¾á¾P¾]GHQ VRQUD JH©HQ LNL IL]\R \óOGDQ EHUL  GH ELU NUL] \DġDQó\RU
7XKDI LOJLQ© KHPHQ KHPHQ EHQ]HUL J¸U¾OPHPLġ ELU ġH\ 'DKD ¸QFH \DSóOPDPóġ ¸O©¾GH GX\DUOó
*¸]OHPOHUHLKWL\DFóPó]YDUGHGL
9HEX*¸]OHPOHULEHQLP\DSPDPóPóLVWL\RUVXQX]"
(YHW %LU EDNóPD ELU 7HNQLV\HQ GHQ *¸]OHP \DSPDVóQó LVWHPHN \HWHQHNOHULQL ERġD NXOODQPDN
ROX\RU DPD VHQLQ HVNL *¸]OHPOHULQ P¾NHPPHOGL %XQD WHNUDU LKWL\DFóPó] YDU ĠLPGL VDQD ED]ó
D\UóQWóODUóDQODWD\óP
)LQJHNRQXġXUNHQNDSóD©óOGóYH+DUODQDUWóNRQXGX\PD]ROGXò©HULJLUHQHEDNó\RUGX
6RQVX]OXNWDKL©Nó]J¸UPHPLġGHáLOGL‰RNHQGHUGHROVDGDKD¸QFHELUWDNóPNó]ODUDUDVWODPóġWó
)DNDWE¸\OHELUNó]žVWHOLN6RQVX]OXN WD
+DUODQ =¤PDQ D JH©LġOHULQGH ELU©RN NDGóQOD NDUġóODġPóġWó DPD ]DPDQ L©HULVLQGH RQODUó \DOQó]FD
ELUHUQHVQHRODUDNJ¸U¾UG¾%LUGXYDUGDQWRSWDQHODUDEDVóQGDQWóUPóNWDQNHGL\DYUXVXQGDQ\DGD
ELUHOGLYHQGHQGDKDIDUNOóRODUDNDOJóODPD]Gó2QODULQFHOHQPHVLJHUHNHQJHU©HNOHUGHQLEDUHWWL
6RQVX]OXNWDELUNó]EDPEDġNDELUġH\GL+HOHE¸\OHELUL
*L\VLVL QLQ¾VWVóQóIODUóQDDLWROGXáXQXJ¸VWHUL\RUGX%HOLQGHQ¾VWWDUDIWDY¾FXGXQXE¾W¾Q¾\OH
VDUDQġHIIDIELUEOX]YHDOWóQGDGDGL]ER\XQGD©RNLQFHELUPDGGHGHQ\DSóOPóġELUSDQWRORQ3DQWRORQ
GD\HWHULQFHġHIIDIWóYHNDO©DODUóQóQNóYUóPODUóQóJ¸]OHU¸Q¾QHVHUL\RUGX
3DUODNVL\DKUHQNWHNLVD©ODUóRPX]KL]DVóQGDQNHVLOPLġWL'XGDNODUóNóUPó]ó\DER\DQPóġ¾VWGXGDáó
\DOQó]FD LQFHFLN ©L]LOPLġ DOW GXGDáó LVH DEDUWóOPóġ ELU KDOGH\GL *¸] NDSDNODQ YH NXODN PHPHOHUL
KDILI©H J¾O SHPEHVL\OH UHQNOHQGLULOPLġ YH \¾]¾Q¾Q JHUL NDODQ NóVPóQGD ġDġóUWóFó ELU V¾W EH\D]Oóáó
KDNLPGL0¾FHYKHUOLN¾SHOHULRPX]ODUóQGDQDġDáóVDUNó\RUYHNLPL]DPDQGLULJ¸á¾VOHULQH©DUSDUDN
GLNNDWLRUD\D©HNL\RUGX
)LQJH LQ E¾URVXQXQ N¸ġHVLQGHNL ELU PDVD\D VDQGDO\HVLQL ©HNWL YH \DOQó]FD ELU GHID NLUSLNOHULQL
NDOGóUGóNR\XUHQNJ¸]OHUL+DUODQ óQ\¾]¾QGHGRODġWó
+DUODQ )LQJH LQ VHVLQL WHNUDU GX\GXáXQGD %LOJLVD\DU %¾W¾Q EXQODU VDQD UHVPL ELU UDSRUOD GD
YHULOHFHNEXDUDGDHVNL\DWDNYH©DOóġPDRGDODUóQóNXOODQDELOLUVLQGL\RUGX
+DUODQQDVóO©óNWóáóQóELOHDQOD\DPDGDQNHQGLQL)LQJH LQ©DOóġPDRGDVóQóQGóġóQGDEXOGX
'X\JXODUóQóQ DUDVóQGD HQ NROD\ VDSWD\DELOGLáL ¸INH\GL )LQJH LQ EXQX \DSPDVóQD L]LQ
YHULOPHPHOL\GL$KODNER]XFXELUġH\GL$OD\Fó
'XUGX VóNóOó \XPUXNODUóQó JHYġHWWL GLġOHULQL JóFóUGDWPD\ó EóUDNWó ĠLPGL J¸U¾U¾] 0DVDQóQ
DUNDVóQGDNLKDEHUOHġPHPHPXUXQDGRáUX\¾U¾UNHQNHQGLD\DNVHVOHULNXODNODUóQGD©óQOó\RUGX
0HPXUEDġóQóNDOGóUGóJ¸]OHULQHEDNPD\D©DOóġDUDNWHGELUOLELULIDGH\OH(YHWHIHQGLP
%LOJLVD\DU)LQJH LQRGDVóQGDNLELUPDVDGDELUNDGóQYDU%XUD\D\HQLPLJHOGL"
‰RN WDELL ELU LIDGH\OH VRUPDN LVWHPLġWL 6óNóFó UXWLQ ELU VRUX KDYDVó YHUPH\H ©DOóġPóġWó )DNDW
NHOLPHOHUDá]óQGDQ¸\OHELU©óNWóNLGX\DQODU]LOOHU©DOó\RUVDQDELOLUGL
0HPXUGXUXPXIDUNHWWL%DNóġODUóQGDE¾W¾QHUNHNOHULD\QóNHIH\HNR\DQELUġH\OHUYDUGó$UWóNEX
WLS GXUXPODUGD 7HNQLV\HQ0HPXU IDUNó RUWDGDQ NDONó\RUGX $GDP 2 \DYUX\X PX NDVWHGL\RUVXQ"
2II1HILVGHáLOPL"
+DUODQNHNHOHPH\HEDġODGó6RUXPDFHYDSYHU
$GDPóQELUGHQ\¾]¾VDUDUGó<HQLJHOGL%LU¸O¾PO¾
*¸UHYLQHGLU"
0HPXU\HQLGHQVóUóWPD\DEDġODGó3DWURQ XQVHNUHWHUL$Gó1R\V/DPEHQW
3HNL+DUODQWRSXNODUóQóQ¾VW¾QGHG¸QG¾YHRUDGDQD\UóOGó
+DUODQ óQ  \H LON J¸]OHP VH\DKDWL HUWHVL J¾Q JHU©HNOHġWL IDNDW VDGHFH RWX] GDNLND V¾UG¾
<DOQó]FDGXUXPDġ¸\OHELUEDNPD\óDPD©OD\DQELUWHVSLWJH]LVL\GL'DKDVRQUDNLJ¾QELUEX©XNVDDW
NDGDUV¾UHQELUJH]LGDKD\DSWóYHDUWóN¾©¾QF¾ELUJLULġ\DSPDGó
9DNWLQL HVNL UDSRUODUó LQFHOHPH\H D\óUGó %LOGLNOHULQL \HQLGHQ J¸]GHQ JH©LUL\RU ]DPDQóQ GLOLQL
LQFHOL\RUYHNHQGLQL\HUHOJL\VLOHUHDOóġWóUó\RUGX
 GHELU*HU©HNOLN'HáLġWLUPHVL\DSóOPóġWóIDNDW©RNHWNLVL]NDOPóġWó(VNLJHU©HNWHYDURODQELU
SROLWLNOLNġLPGL\RNWXDPDWRSOXPGDND\GDGHáHUEDġNDELUGHáLġLNOLNROPDPóġWó
)DUNóQGD ROPDGDQ DULVWRNUDVL KDNNóQGDNL ELOJLOHULQL WD]HOHPHN L©LQ HVNL UDSRUODUóQó NDUóġWóUPD\D
EDġODGó7DELLNLEXNRQXGDJ¸]OHPOHU\DSPóġWó
<DSPóġWó DPD EXQODU NLġLOHUOH LOJLOL GHáLOGL 2QODUó ELU VóQóI RODUDN HOH DOPóġWó ELUH\OHU KDOLQGH
GHáLO
2 ]DPDQODU NHQGLVLQH YHULOHQ ]DPDQPHN¤Q FHWYHOOHUL DULVWRNUDVL\L L©HULGHQ LQFHOHPHVLQL
JHUHNWLUPHPLġ KDWWD L]LQ YHUPHPLġWL 1HGHQ E¸\OH ROGXáXQX PHUDN HWPHN GH ELU *¸]OHPFL \H
G¾ġPH]GLĠLPGLEXNRQX\ODLOJLOHQHELOPHIóUVDWóEXOPXġROPDQóQVDEóUVó]KH\HFDQóQóWDġó\RUGX
 2¾©J¾QER\XQFDG¸UWNH]1R\V/DPEHQW LQEDNóġODUóQó\DNDODPóġWó%DġODQJó©WD\DOQó]FDJL\VLOHUL
YH V¾V L©LQ NXOODQGóáó DN VHVXDUó  OLN ER\X LQFHOLáL ]DULIOLáL YH GLPGLN GXUXġX\OD ELUD] GDKD
X]XQPXġ JLEL JHOL\RUGX òON J¸UG¾á¾QGH ]DQQHWWLáL NDGDU N¾©¾N GH GHáLOGL RWX] GHáLOVH ELOH UDKDW
\LUPLEHġ\DġODUóQGDROPDOó\Gó
6HVVL]YH©HNLQJHQGLELUGHIDVóQGDNRULGRUGDNDUġóODġWóNODUóQGDKDILI©HJ¾O¾PVHPLġYHEDġóQó¸QH
HáPLġWL+DUODQRQDGHáPHPHNL©LQNHQDUD©HNLOPLġVRQUDGD¸INH\OH\¾U¾P¾ġW¾
ž©¾QF¾ J¾Q VRQD HUHUNHQ +DUODQ ELU 6RQVX] RODUDN J¸UHYLQLQ JHUHNWLUGLáLQL \DSPDN L©LQ WHN
\ROXQNDOGóáóQDNDUDUYHUPLġWLĠ¾SKHVL]Nó]óQGXUXPXNHQGLVLL©LQ©RNX\JXQYHUDKDWWóĠ¾SKHVL]
)LQJH GH NXUDOODUD X\JXQ R\QX\RUGX <LQH GH EX NRQXGD )LQJH LQ VD\JóVó]Oóáó XPXUVDPD]Oóáó
NXUDOODUDWHPHOGHQD\NóUó\GóYHPXWODNDELUġH\OHU\DSóOPDOó\Gó
6RQXQGD +DUODQ )LQJH GHQ GDKD ©RN QHIUHW HWWLáL NLPVH EXOXQPDGóáóQD NDUDU YHUGL %LUND© J¾Q
¸QFHEXDGDPL©LQEXOGXáXEDKDQHOHULQKHSVLJH©HUOLOLNOHULQLND\EHWPLġWL
'¸UG¾QF¾J¾Q¾QVDEDKó)LQJHLOH¸]HOJ¸U¾ġPH\DSPDNLVWHGLáLQLELOGLUGLYHNDEXOHGLOGL.DUDUOó
DGóPODUOD L©HUL JLUGL YH NHQGLVLQLQ GH KL© EHNOHPHGLáL ELU ġHNLOGH G¾ġ¾QG¾NOHULQL GRVGRáUX
NHOLPHOHUHG¸N¾YHUGL%LOJLVD\DU)LQJH%D\DQ/DPEHUW LQ=DPDQ DJ¸QGHULOPHVLQL¸QHUL\RUXP
)LQJH LQJ¸]OHULNóVóOGó%Dġó\ODELUVDQGDO\H\LLġDUHWHWWL\XPXġDN\XYDUODN©HQHVLQLLNLDYXFXQXQ
DUDVóQD D]ó GLġOHULQL J¸V WHUHQ ELU J¾O¾PVHPH\OH (YHW RWXU %D\DQ /DPEHQW L \HWHUVL] PL EXOGXQ"
8\JXQGHáLOPL"GHGL
<HWHUOLOLáL YH X\JXQOXáX L©LQ ELU ġH\ GL\HPHP %LOJLVD\DU %X RQXQ GHQHQGLáL NRQX YH VDKD\D
EDáOóELUġH\EHQGHKHUKDQJLELUNRQXGDGHQHPLġGHáLOLP<DOQó]RQXQEX%¸O¾P ¾QDKODND©óVóQGDQ
]DUDUOóROGXáXQXELOPHQL]JHUHNLU
)LQJH VRáXN VRáXN EDNWó EDVLW ELU 6RQVX] XQ DNOóQóQ DODPD\DFDáó VR\XWODPDODUó %LOJLVD\DU
NDIDVóQGDWDUWó\RUJLEL\GL$KODNóEXNó]KDQJL\¸QGHQER]X\RU7HNQLV\HQ"
%XQX VRUPDQó] ELOH DQODPVó] GHGL +DUODQ L\LFH VLQLUOHQPLġWL (OELVHOHUL ELU WHġKLUFLQLQNLOHUH
EHQ]L\RU2Nó]óQ
'XU 'XU %LUD] GXU EDNDOóP +DUODQ 6HQ EX ©DáGD *¸]OHPFLOLN \DSPóġWóQ %LOL\RUVXQ NL RQXQ
HOELVHOHUL QLQNODVLNJL\VLOHULGLU
.HQGL©HYUHVLQGHNHQGLN¾OW¾UHORUWDPóQGD\NHQQRUPDOGLUNDOGóNLEXQXQJL\GLNOHULL©LQELOH
©RN DEDUWóOPóġ VD\óOóU ò]LQ YHULUVHQL] EX NDGDUóQó GD GHáHUOHQGLUHELOH\LP DUWóN %XQXQ JLEL ELULQLQ
EXUDGD6RQVX]OXN WDNHVLQOLNOH\HULRODPD]
)LQJH \DYDġ KDUHNHWOHUOH EDġóQó VDOODGó ‰RN HáOHQL\RUPXġ JLEL ELU KDYDVó YDUGó +DUODQ NDVNDWó
NHVLOGL
2 EXUDGD EHOLUOL ELU DPD© L©LQ EXOXQX\RU 7HPHO ELU LġOHYL \HULQH JHWLUL\RU *H©LFL RODUDN 2QD
ELUD]WDKDPP¾OHWPH\H©DOóġ
+DUODQ óQ ©HQHOHUL WLWUHPH\H EDġODGó %LU SURWHVWR\OD RUWD\D DWóOPóġ YH NHQDUD LWLOLYHUPLġWL
7HGELUOLFH '¾ġ¾QG¾ %X NDGóQóQ WHPHO LġOHYLQLQ QH ROGXáXQX WDKPLQ HGHELOL\RUXP %X LġL E¸\OH
D©óNWDQD©óáD\DSPDVóQDL]LQYHULOHPH]
6HUWELUEL©LPGHG¸QG¾NDSó\D\¾U¾G¾)LQJH LQVHVLRQXGXUGXUGX
7HNQLV\HQ GHGL )LQJH 7ZLVVHOO OH RODQ LOLġNLQ ¸QHPLQ KDNNóQGD VDQD \DQOóġ ELU ILNLU YHUPLġ
RODELOLU %XQX G¾]HOW %X VóUDGD V¸\OH EDND\óP 7HNQLV\HQ VHQLQ KL© NHOLPHOHUL VH©HUFHVLQH
GXUDNODGó ELUNó]DUNDGDġóQROGXPX"
+DUODQ K¤O¤ DUNDVó G¸Q¾N RODUDN ¸]HQOH YH WDKNLU HGHQ NHVLQ ELU LIDGH\OH NRQXġWX =DPDQ GD
PH\GDQD JHOHELOHFHN ED]ó GX\JXVDO NDUóġóNOóNODUGDQ ND©óQPDN L©LQ ELU 6RQVX] HYOHQPH] $LOH GH
PH\GDQDJHOHELOHFHNED]óGX\JXVDONDUóġóNOóNODUGDQND©óQPDNL©LQELU6RQVX]©RFXNVDKLELROPD]
%LOJLVD\DUYDNXUELULIDGH\OH%HQHYOLOLNWHQ\DGD©RFXNODUGDQEDKVHWPL\RUXPGHGL
+DUODQ GHYDP HWWL ˜O¾PO¾OHUOH JH©LFL LOLġNLOHU \DOQó]FD %¾W¾Q]DPDQODU 0HFOLVL QLQ ĠHPDFóOóN
0HUNH]+H\HWLQHV¸]NRQXVX˜O¾PO¾ Q¾QWDPELU<DġDPĠHPDVóQóQ©óNDUóOPDVóL©LQP¾UDFDDWHWWLNWHQ
VRQUDJHU©HNOHġHELOLUòOLġNLQLQ\DOQó]FD¸]HO]DPDQPHN¤QFHWYHOOHULQLQHPUHWWLáLġHNLOGH\¾U¾W¾OPHVL
GH]RUXQOXGXU
'RáUX%LUJH©LFLLOLġNLL©LQKL©P¾UDFDDWHWWLQPL7HNQLV\HQ"
+D\óU%LOJLVD\DU
'¾ġ¾Q¾UP¾V¾Q"
+D\óU%LOJLVD\DU
%HONL GH G¾ġ¾QVHQ L\L HGHUVLQ 6DQD GDKD JHQLġ ELU EDNóġ D©óVó VDáODU %LU NDGóQóQ HOELVHOHUL\OH
XáUDġPDNWDQ YD]JH©HU EDġND 6RQVX]ODUOD RODELOHFHN PXKWHPHO LOLġNLOHULQGHQ UDKDWVó] ROPDPD\ó
¸áUHQLUVLQ
+DUODQ¸INHL©LQGHWHNNHOLPHELOHV¸\OHPHGHQRGDGDQ©óNWó
òNLVDDWOLNPHVDIHQLQDOWóQGDNDODQHQX]XQG¸QHPRODQ \HKHPHQKHUJ¾Q\DSWóáó]L\DUHWHEX
NH]RODQDNEXODPDGó
$OW¾VWROPXġWXYHQHGHQLQLGHELOL\RUGX)LQJHYH˜O¾PO¾OHUOHLOLġNLNXUPDVóQDDLWED\Dáó¸QHULVL
òOLġNLOHU YDUGó %XQX KHUNHV ELOL\RUGX 6RQVX]OXN KHU ]DPDQ LQVDQ LKWL\D©ODUóQóQ IDUNóQGD\Gó EX
LEDUH+DUODQ D©RNLáUHQ©JHOL\RUGX IDNDWPHWUHVWXWPDQóQNXUDOODUDEDáODQPDVó\ODEXLġ\DOQó]FDELU
UDKDWODPD\DOQó]FDELUF¸PHUWOLNJ¸VWHULVLQGHQLEDUHWELUKDOHJHWLULOPLġWL9HE¸\OHELUD\DUODPDL©LQ
X\JXQ EXOXQDFDN NDGDU ġDQVOó RODQODUGDQ JHQHO J¸UJ¾ NXUDOODUóQD YH ©RáXQOXáXQ DQOD\óġóQD X\JXQ
GDYUDQPDODUó©RNGLNNDWOLROPDODUóLVWHQLUGL
6RQVX]OXáXQG¾ġ¾NG¾]H\OLVóQóIODUó¸]HOOLNOHJHULKL]PHWOHUDUDVóQGDKHU]DPDQġXYH\DEXV¾UH
L©LQ ELOLQHQ QHGHQOHUGHQ ˜O¾PO¾OHU DUDVóQGDQ NDGóQ JHWLUWLOGLáLQH GDLU V¸\OHQWLOHU GRODġóUGó
6¸\OHQWLOHU JHQHOOLNOH %LOJLVD\DUODU YH <DġDPĠHPDFóODUó JLEL EX LġWHQ ID\GDODQDELOHFHN ¾VW VóQóIODUó
KHGHI DOóUGó 2QODU \DOQó]FD RQODU *HU©HNOLN 'HáLġWLUPHOHUL QL GH J¸] ¸Q¾QH DODUDN ˜O¾PO¾OHU
DUDVóQGDQKDQJLNDGóQODUóQJHWLULOHELOHFHáLQHNDUDUYHUHELOLUGL
+HU E¸O¾P¾Q EDVLW \HPHN SLġLUPH WHPL]OLN YH DáóU LġOHU L©LQ JH©LFL RODUDN ˜O¾PO¾OHU
©DOóġWóUGóáóQDGDLUKLN¤\HOHUDQODWDQODUGDYDUGóDPDEXSHN¸QHPOLGHáLOGL
)DNDW ELU ˜O¾PO¾ \¾ KHP GH E¸\OH ELU ˜O¾PO¾ \¾ VHNUHWHU RODUDN J¸UHYOHQGLUPHN )LQJH LQ
6RQVX]OXáX6RQVX]OXN\DSDQKHUġH\HEXUXQNóYóUPDVóQGDQEDġNDELUDQODPDJHOHPH]GL
+D\DWóQJHU©HNOHULQLKL©HVD\DUDNND\óWVó]ġDUWVó]ELULWDDWDQOD\óġóL©HULVLQGHEXOXQDQ6RQVX]OXáXQ
¾\HOHULL©LQLGHDOELU6RQVX]J¸UHYLQHJHU©HNOHULQL\LOHġWLULOPHVLQHYHW¾PLQVDQOóáóQPXWOXOXáXQD
NHQGLQL DGDPóġ NLPVHGLU 6RQVX]OXáX òONHO ]DPDQODUóQ PDQDVWóUODUóQD EHQ]HWPHN +DUODQ óQ KRġXQD
JLGL\RUGX
2 JHFH 7ZLVVHOO OH EX NRQX\X NRQXġWXáXQX 7ZLVVHOO LQ GH R LGHDO 6RQVX] XQGD GX\GXáX GHKġHWL
SD\ODġWóáóQó U¾\DVóQGD J¸UG¾ <LQH U¾\DVóQGD U¾WEHOHUL V¸N¾OP¾ġ \óNóOPóġ )LQJH L J¸UG¾ .HQGLVLQL
%LOJLVD\DU óQVDUóDPEOHPLQLWDġó\DQ¾QLIRUPDQóQL©LQGH \H\HQLELUG¾]HQJHWLULUNHQ)LQJH LGH
JHUL KL]PHWOHUH V¾UHUNHQ J¸UG¾ 7ZLVVHOO \DQóQGD RWXUX\RU RQD KD\UDQ KD\UDQ EDNó\RU
J¾O¾PV¾\RUGX+D]óUODGóáó\HQLRUJDQL]DV\RQġHPDVóQóGDáóWPDVóL©LQ1R\V/DPEHQW HYHUL\RUGX
)DNDW1R\V/DPEHQW©óUóO©óSODNWóWLWUH\HUHNYH©RNXWDQPóġELUKDOGHX\DQGó+DUODQ
%LU J¾Q \LQH NRULGRUGD NDUġóODġWóODU +DUODQ NHQDUD ©HNLOGL EDġND WDUDID EDNDUDN JH©PHVLQL
EHNOHGL
)DNDW Nó] NDUġóVóQGD GXUGX +DUODQ \¾]¾QH EDNDQD NDGDU EHNOHGL <¾]¾QGHQ UHQN YH KD\DW
IóġNóUó\RUGXYH+DUODQ óQEXUQXQDKDILIL©JóFóNOD\óFóELUSDUI¾PNRNXVXJHOGL
6L]7HNQLV\HQ+DUODQ VóQó]GHáLOPL"
2UDGDQ ND©PDN LVWL\RUGX IDNDW E¾W¾Q EXQODUGD Nó]óQ ELU VX©X \RN NL GL\H G¾ġ¾QG¾ =DWHQ JH©LS
JLWPHNL©LQNó]DGRNXQPDVóGHáPHVLJHUHNHFHNWL
%DġóQóVDOOD\DUDNRQD\ODGó(YHWGHGL
'X\GXáXPDJ¸UHEL]LP]DPDQóPó]NRQXVXQGDX]PDQPóġVóQó]
2UDGDEXOXQPXġWXP
%LUJ¾QEXNRQXGDVL]LQOHVRKEHWHWPH\L©RNLVWHUGLP
‰RNPHġJXO¾P=DPDQóPRODFDáóQóSHNVDQPó\RUXP
)DNDW%D\+DUODQELUJ¾QELUD]]DPDQD\óUDELOLUVLQL]KHUKDOGH
.ó]RQDJ¾O¾PV¾\RUGX
+DUODQ DQFDN IóVóOGD\DUDN NRQXġDELOGL *H©HU PLVLQL] O¾WIHQ" <D GD EHQLP JH©PHPH L]LQ YHULQ
/¾WIHQ
.HQGLVLQL XWDQGóUGóáó L©LQ RQD Nó]JóQGó XWDQGóáó L©LQ NHQGLVLQH Nó]JóQGó HQ ©RN GD KHU ġH\ L©LQ
)LQJH HNóUJóQGó
òNLKDIWDQóQELWLPLQGH)LQJH LQ©DáUóVóQóDOGó0DVDVóQóQ¾]HULQGHELUWDNóPGHOLNOLLġDUHWOHUEXOXQDQ
VD\GDPELUILOPGXUX\RUGX%LUDUD+DUODQ DEDKVHWWLáL\DUóPVDDWWHQELOHD]V¾UHFHáLWDKPLQHGLOHQ
ELU=DPDQVH\DKDWL\OHLOJLOLPHVHOHROGXáXEHOOL\GL
)LQJH2WXU+DUODQYHġXQXELULQFHOHEDNDOóPGHGL+D\óUJ¸]OHGHáLO0DNLQH\LNXOODQ
+DUODQ ILOPL GLNNDWOH LQFHOH\LFLQLQ Dá]óQD \HUOHġWLUGL 0DNLQHQLQ D\DUODUóQó \DSWó YH GHOLNOHULQ
DQODPóHNUDQ¾]HULQGHNHOLPHOHUKDOLQHG¸Q¾ġHUHNVóUDODQPD\DEDġODGó
2UWDODUóQGDQELU\HUHJHOGLáLQGH+DUODQELUGHQLQFHOH\LFL\LNDSDWWó)LOPLPDNLQHGHQ\óUWDUFDVóQD
©HNLSDOGó
)LQJHV¾N½QHWOH%HQGHELUNRS\DGDKDYDUGHGL
)DNDW +DUODQ ILOPL SDWODPDVóQGDQ NRUNX\RUPXġ JLEL EDġSDUPDáó\OD LġDUHW SDUPDáó DUDVóQGD
WXWX\RUGX %LOJLVD\DU )LQJH ELU \DQOóġOóN ROPDOó %HQGHQ \DNODġóN ELU KDIWD V¾UHFHN ELU =DPDQ
VH\DKDWLER\XQFDEXNDGóQóQHYLQL¾VRODUDNNXOODQPDPEHNOHQHPH]
%LOJLVD\DU GXGDNODUóQó E¾NW¾ =DPDQPHN¤Q VDSWDPDODUó EXQX X\JXQ EXOGX\VD QHGHQ ROPDVóQ"
(áHUVHQOH%D\DQ/DPEHQWDUDVóQGDNLġLVHOELUVRUXQYDUVD
 +L©ELUNLġLVHOVRUXQ\RNGL\HEDáóUGó+DUODQ
%LU VRUXQ ROGXáX PXKDNNDN %XQXQ J¸]OHPOHUL HWNLOH\HELOHFHáLQL GH ¸QJ¸UHELOLUL] )DNDW EX
GRáDONL¸QFHOLNOHG¾ġ¾Q¾OHPH]
+DUODQ NóSóUGDPDGDQ RWXUX\RUGX +ó]OD G¾ġ¾Q¾\RUGX 1RUPDO RODUDN J¸UHYOHU KDNNóQGD ELOJL
LVWHPHN SURIHV\RQHOOLáLQ JXUXU DQOD\óġóQD X\PD]Gó %LU *¸]OHPFL ELU 7HNQLV\HQ J¸UHYLQL VRUX
VRUPDGDQ\DSDUGó%LU%LOJLVD\DUGDD©óNODPD\DSDFDáóQóDNOóQóQXFXQGDQELOHJH©LUPH]GL
)DNDWEXGXUXPGDDOóġóODJHOPLġLQGóġóQGDELUġH\OHUYDUGó+DUODQNó]ODġXPDO½PVHNUHWHUOHLOJLOL
RODUDNLWLUD]ODUGDEXOXQPXġWX)LQJHGHWDUWóġPDQóQX]DPDVóQGDQ©HNLQPLġWL
2KDOGH)LQJH LQWDNWLáL©RND©óNWó+DUODQ óEXJ¸UHYL©LQNDGóQóQHYLQH\HUOHġWLUHFHNYHE¸\OHFH
ED]ó NR]ODU HOGH HGHFHN EX NDGóQOD RODQ LOLġNLVL NRQXVXQGD +DUODQ ¾]HULQH JHOLUVH R GD NDUġó
VX©ODPDODUGDEXOXQDUDNVXVWXUPD\ROXQDJLGHFHNWL
+DUODQ¸INHYHQHIUHWOHGLQOHGL
%LOGLáLQ JLEL ELU©RN \¾]\óO 6RQVX]OXáXQ YDUOóáóQGDQ KDEHUGDU =DPDQODUDUDVó WLFDUHWL EL]LP
\¸QHWWLáLPL]L ELOLUOHU %XQX EL]LP WHPHO J¸UHY YH LġOHULPL] ]DQQHGHUOHU EX GD \DUDUóPó]D ELU
GXUXPGXU%L]LPD\Qó]DPDQGDLQVDQOóáóQE¾\¾NIHODNHWOHUGHQNRUXQPDVóL©LQ©DOóġWóáóPó]NRQXVXQGD
©RN D] ELU ELOJL\H VDKLSWLUOHU %X GXUXP RQODU L©LQ GDKD ©RN ELU HIVDQH QLWHOLáL WDġóU NL EX GD
\DUDUóPó]DGóU %L] RQODUD ELU J¾YHQOLN GX\JXVX VDáODU YH ELU EDED LPDMó WDġóUó] %¾W¾Q EXQODUó
ELOL\RUVXQGHáLOPL"
+DUODQG¾ġ¾QG¾%XDGDPEHQLK¤O¤ELU‰óUDNVDQó\RUJDOLED
<LQHGHHYHWDQODPóQGDEDġóQóVDOODGó
)LQJHGHYDPHWWL)DNDWED]óġH\OHUYDUGóUNLRQODUóQELOPHPHVLJHUHNLU%XQODUóQEDġWDJHOHQLGH
EL]LP JHUHNWLáLQGH *HU©HNOLáL GHáLġWLUGLáLPL]GLU %X ELOJLQLQ \DUDWDFDáó J¾YHQVL]OLN ©RN ]DUDUOó
RODELOLU%XW¾UELOJLOHULQ\D\óOPD\DEDġODGóáóELUGXUXPV¸]NRQXVXROXUVDR*HU©HNOLáLGHáLġWLUPHN
JHUHNLUNLEDġóPó]GHUGHJLUPHVLQ
%XQXQODEHUDEHU]DPDQ]DPDQġXYH\DEX\¾]\óOGD6RQVX]OXNODLOJLOLED]óDU]XHGLOPH\HQLQDQ©
YH V¸\OHQWLOHU ©óNDELOLU *HQHOOLNOH WHKOLNHOL LQDQóġODU ©DáóQ \¸QHWHQ NHVLPL ¾]HULQGH \RáXQODġóU %X
NHVLPOHUEL]LPOHHQID]ODWHPDVWDEXOXQDQNLġLOHULQROXġWXUGXáXLQVDQODUGDQPH\GDQDJHOLUYHNDPX
J¸U¾ġ¾Q¾\DQVóWPDODUóD©óVóQGDQ¸QHPWDġóU
)LQJH NRQXġPDVóQóQ EXUDVóQGD +DUODQ óQ ELU ġH\OHU VRUPDVóQó EHNOHUFHVLQH GXUDNODGó +DUODQ
VHVVL]FHGLQOL\RUGX
)LQJH GHYDP HWWL %LU \óOELU IL]\R\óO NDGDU ¸QFH \DSóOPóġ RODQ  VHUL QXPDUDVó )
*HU©HNOLN 'HáLġWLUPHVL QGHQ EHUL E¸\OH ELU LVWHQPH\HQ LQDQóġóQ RUWD\D ©óNWóáóQD GDLU EHOLUWLOHU
J¸U¾OPH\H EDġODGó %X LQDQóġóQ \DSóVó\OD LOJLOL ED]ó NDUDUODUD YDUGóP YH GXUXPX %¾W¾Q]DPDQODU
0HFOLVL QHVXQGXP)DNDWKHVDSODPD\¸QWHPOHUL\OHLOJLOLRODUDNYHULOHQELOJLOHULQGXUXPX©RNN¾©¾N
RODVóOóNODUOD D©óNODPDVó RQODUó SHN WDWPLQ HWPHGL YH NDEXOOHQPHNWH LVWHNVL] J¸U¾Q¾\RUODU %HQLP
¸QHULOHULPLX\JXODPD\DNR\PDGDQ¸QFHGRáUXRODQJ¸]OHPOHU\DSóOPDVóQóLVWL\RUODU‰RNJ¾]HOELU
J¸UHY EX 6HQL ©DáóUPDQóQ YH %LOJLVD\DU 7ZLVVHOO LQ GH ©DáóUPDPD L]LQ YHULġLQLQ QHGHQL LġWH EX
<DSWóáóP ELU EDġND ġH\ GH KDOLKD]óUGDNL WRSOXPXQ DULVWRNUDWODUóQGDQ 6RQVX]OXN WD ©DOóġPD\ó LOJLQ©
EXODFDN ELULQL EXUD\D \HUOHġWLUPHN ROGX 2 Nó]ó EX E¾UR\D \HUOHġWLUGLP YH DPDFóPó]D X\JXQ ROXS
ROPDGóáóQóDQOD\DELOPHNL©LQ\DNóQGDQJ¸]OHGLP
+DUODQG¾ġ¾QG¾<DNóQGDQJ¸]OHPHN(YHHW
 ˜INHVLWHNUDUNDGóQGDQ©RN)LQJH¾]HULQGH\RáXQODġWó
)LQJH K¤O¤ NRQXġX\RUGX %¾W¾Q ¸]HOOLNOHUL X\JXQ ĠLPGL RQX NHQGL ©HYUHVLQH =DPDQ D
J¸QGHUHFHáL](YLQL¾VRODUDNNXOODQóSVRV\DO\DġDQWóVóQóLQFHOHPHRODQDáóQDVDKLSRODFDNVóQĠLPGL
QHGHQNó]óEXUDGDWXWWXáXPXYHVHQLQGHRQXQHYLQH\HUOHġPHQLLVWHGLáLPLDQODGóQPó"
+DUODQDOD\HGHUJLELELUVHVWRQX\OD‰RNL\LDQODGóPHPLQRODELOLUVLQL]GL\HFHYDSYHUGL
+DUODQ J¸áV¾QGH \DQDQ VDYDġ DWHġL\OH RUDGDQ D\UóOGó )LQJH RQX NDQGóUDPD\DFDNWó 2QXQ DSWDO
\HULQHNR\DPD\DFDNWó
0XKDNNDN  \H WHNUDU JLWPH ILNULQLQ YHUGLáL KHYHV YH ]HYN )LQJH L DOW HWPH G¾ġ¾QFHVL YH
J¸áV¾QGH\DQDQVDYDġDWHġLQGHQND\QDNODQó\RUGX
˜\OHROPDVóJHUHNLUGLEDġNDQHRODELOLUGLNL"
 

˜/ž0/ž
1R\V /DPEHQW LQ HYL \¾]\óOóQ E¾\¾N ġHKLUOHULQGHQ ELULQH \DNóQ ELU \HUGH EXOXQX\RUGX <DNóQ
©HYUHVLQGHSHNID]ODELQD\RNWX+DUODQEXġHKULR*HU©HNOLN WH\DġD\DQODUGDQELOHGDKDL\LWDQó\RUGX
$UDġWóUPDJ¸]OHPOHULVóUDVóQGDġHKULQKHUE¸O¾P¾QHYHKHUVHQHVLQHJH]LOHU\DSPóġWó
ĠHKUL\HUHOYH]DPDQVDORODUDNL\LWDQó\RUGX%XUD\ó\DġD\DQYHE¾\¾\HQELURUJDQL]PD\PóġJLEL
GHUWOHULYH©¸]¾POHUL\OHVHYLQ©OHULYH¾]¾QW¾OHUL\OHELUE¾W¾QRODUDNLQFHOH\HELOLUGLĠXDQGD©HOLNYH
EHWRQXQ \DYDġ ©HNLPOL ELU ILOPH EHQ]H\HQ \DġDPóQóQ GRQGXUXOPXġ ELU DQóQGDQ IDUNVó] ELU KDIWDOóN
V¾UHL©LQEXUDGDEXOXQX\RUGX
òONLQFHOHPHOHULGDKD©RNSHULRHFLOHU¾]HULQGH\RáXQODġPóġWó%XQODUġHKULQLOHULJHOHQOHUL\GLYH
ġHKLUGóġóQGDGDKD©RN\DOQó]ELUKD\DWV¾UG¾U¾\RUODUGó
 JHOLU GDáóOóPóQóQ HġLW ROPDGóáó ELU©RN \¾]\óOGDQ ELUL\GL 6RV\RORJODUóQ EXQXQOD LOJLOL ELU
IRUP¾OOHULYDUGó +DUODQEXQXJ¸UP¾ġDPDSHNELUġH\DQODPDPóġWó %XIRUP¾OLQFHOHQHQ\¾]\óOóQ
¾© LOLġNLVL ¾]HULQH NXUXOX\RUGX YH  GH EX LOLġNLOHU WDQóQDQ VóQóUODUóQ VRQXQD GD\DQPóġWó %X
GXUXPX LQFHOH\HQ VRV\RORJODU EDġODUóQó VDOODPóġ YH +DUODQ ELU WDQHVLQLQ \DSóODFDN \HQL *HU©HNOLN
'HáLġWLUPHOHUL QGHQ ¸QFH PXWODND HQ VóNó J¸]OHP OHULQ \DSóOPDVó JHUHNWLáLQGHQ EDKVHWWLáLQL
GX\PXġWX
*HOLU GDáóOóPóQGDNL ROXPVX] LOLġNLOHU L©LQ ġX V¸\OHQHELOLUGL òġL J¾F¾ ROPD\DQ ELU VóQóIóQ YDUOóáó
V¸]NRQXVX\GXYHEXQODUóQWDWOóKD\DWODUóN¾OW¾UHOJHOLġPH\LYHPXWOXOXáXVDáOD\DELOLUGL
7RSOXPVDO VóQóIODQGóUPDGD GLáHU X©WD NDODQ NHVLP ©RN N¸W¾ GXUXPGD ROPDGóáó YH PXWOX D]óQOóN
D\UóFDOóNODUóQóQ VDUKRġOXáX L©LQGH VRUXPOXOXNODUóP WDPDPHQ XQXWPD GXUXPXQGDQ NHQGLOHULQL
NXUWDUDELOGLáL V¾UHFH \D GD N¾OW¾UHO GHáHUOHU D©óN ELU EL©LPGH \R]ODġPDGóáó V¾UHFH 6RQVX]OXNWD
P¾NHPPHOGHQEXXIDNVDSóġDJ¸]\XPPDHáLOLPLROXġXUYHE¾\¾NGHáLġWLUPHOHUHJLULġLOPH]GL
+DUODQ EXQX LVWHU LVWHPH] DQODPD\D EDġODPóġWó =DPDQGD JH©LUGLáL JHFHOHUGH IDNLU NHVLPGHNL
RWHOOHUGH NDOPóġWó %XUDODUGD LQVDQóQ LVPLQL GDKL YHUPHVL JHUHNPL\RUGX <DEDQFóODUó XPXUVD\DQ
\RNWX +DWWD ED]HQ EXUDGD NLġL NHQGLQL HPQL\HWWH KLVVHGHPH] YH NóUGD ELU ©LWLQ DOWóQGD JHFHOHPH\L
WHUFLKHGHUGL
ĠLPGLLVH+DUODQELU©HġLWHQHUMLDODQóQDEHQ]HUELUġH\OHNDSOóELU\DWDNWD\DWó\RUGX%XW¾UPDGGH
LOHHQHUMLQLQNHQGLQHKDVND\QDġPDVó\ODROXġPXġDUD©ODU\DOQó]FDWRSOXPXQ¾VWWDEDNDODUóQDDLWRODQ
NLPVHOHUGHYDUGó%XVLVWHP\DWDUNHQY¾FXGXQXQġHNOLQLDOó\RUKDUHNHWHGLQFH\DGD\DWDNWDG¸QHUNHQ
X\JXQġHNLOGHGHáLġLPHXáUX\RUGX
ò©LQGHQ JHOPL\RUGX DPD \LQH GH EX WLS ġH\OHULQ ©HNLFL ROGXáXQX LWLUDI HWWL YH 6RQVX]OXN E¸O¾P
PHQVXSODUóQóQ HWNL DODQODUó L©LQGH EXOXQDQ \¾]\óOODUGDQ HQ UDKDW RODQó \HULQH RUWD KDOOL RODQODUóQ
ġDUWODUóQGD \DġDPD\ó WHUFLK HWPHOHULQGHNL PDQWóáó GRáUX EXOGX %¸\OHFH =DPDQ óQ GX\JXODUóQó
VRUXQODUóQóDQODPDODUóP¾PN¾QROX\RUYHVRV\RORMLNHNVWUHPOHUGHNDEXNODUóQD©HNLOPHOHULQHHQJHO
ROX\RUGX
%XLONJHFHGH+DUODQDULVWRNUDWODUOD\DġDPDQóQNROD\ROGXáXQXG¾ġ¾QG¾
9HX\NX\DGDOPDGDQ¸QFH1R\V XG¾ġ¾QG¾
 5¾\DVóQGD NHQGLQL %¾W¾Q]DPDQODU 0HFOLVL QGH J¸UG¾ VHUW ELU WDYóU WDNóQPóġ HOOHUL ¸QGH
ELUOHġWLULOPLġWL .DUġóVóQGDNL N¾©¾N PLQQDFóN )LQJH H EDNó\RU RQX ©RN ¾VW]DPDQODUóQ ELOLQPH\HQ
\¾]\óOODUóQD HEHGL J¸UHYOH J¸QGHUHQ NHQGL HPULQL YDKġL ELU LIDGH\OH GLQOL\RUGX %X ]DOLP V¾UJ¾Q
HPULQL GLOH JHWLUHQ NHOLPHOHU +DUODQ óQ NHQGL Dá]óQGDQ ©óNó\RU YH KHPHQ VDáóQGD 1R\V /DPEHQW
RWXUX\RUGX
%DġODQJó©WDRQXIDUNHWPHPLġWLIDNDWJ¸]OHULVDáDND\óQFDJ¸UG¾YHNHNHOHPH\HEDġODGó
%DġND NLPVH RQX J¸UP¾ġ P¾\G¾ DFDED" 7ZLVVHOO GHQ EDġND GLáHU E¾W¾Q ¾\HOHUL LOHUL\H GRáUX
EDNó\RUODUGó 2 LVH +DUODQ D G¸QG¾ YH J¾O¾PVHGL Nó]óQ EXOXQGXáX \HUH VDQNL NLPVH \RNPXġ©DVóQD
ERġEDNó\RUGX
+DUODQNó]DJLWPHVLQLHPUHWPHNLVWHGLIDNDWDUWóNVHVL©óNPó\RUGX'RNXQDUDNDQODWPDNLVWHGLNROX
©RN\DYDġKDUHNHWHGL\RUGXYH1R\VNóSóUGDPDGó(WLEX]JLEL\GL
)LQJHJ¾O¾\RUJ¾U¾OW¾O¾NDKNDKDODUDWó\RUGXJ¾U¾OW¾O¾GDKDJ¾U¾OW¾O¾YHJ¾OHQ1R\V/DPEHQW WL
+DUODQSDUODNJ¾QHġóġóáó\ODJ¸]OHULQLD©WóYHELUDQL©LQGHKġHWOHNDUġóVóQGDGXUDQNó]DEDNWóRQXQ
YHNHQGLVLQLQQHUHGHROGXáXQXNHVWLUPH\H©DOóġó\RUGX
.ó]òQOL\RUYH\DVWóáóQó]ODERáXġX\RUGXQX].¸W¾ELUU¾\DPóJ¸UG¾Q¾]"GHGL
+DUODQFHYDSYHUPHGL
%DQ\RQX] KD]óU (OELVHOHULQL] GH %LU DNġDPNL WRSODQWó\D NDWóOPDQó]ó GD D\DUODGóP 6RQVX]OXNWD
JH©HQX]XQV¾UHGHQVRQUDQRUPDOJ¾QO¾NKD\DWDG¸QPHN]RUROX\RU
+DUODQJHQ©Nó]óQUDKDWWDYóUODUóQGDQYHV¸]OHULQGHQUDKDWVó]ROGX6DQóUóPRQODUDNLPROGXáXPX
DQODWPDGóQó](OEHWWHKD\óU
(OEHWWHKD\óU)LQJHHáHUJHUHNOLJ¸UG¾\VHEXWLSXIDND\UóQWóODUGDELUKDWD\DSóOPDPDVóL©LQNó]D
QDUNR]DOWóQGDSVLNRORMLNWHONLQ\DSWóUPóġRODELOLUGL*HU©LEXQXJHUHNOLJ¸UPHPLġGHRODELOLUGL+HU
ġH\GHQ¸QFHNó]ó\DNóQGDQJ¸]OHPLġWL
%XG¾ġ¾QFH+DUODQ óKX]XUVX]HWWL0¾PN¾QROGXáXNDGDU\DOQó]NDOPD\óWHUFLKHGHULPGHGL
.ó]RQDELUDQL©LQWHUHGG¾WOHEDNWóYHRGDGDQ©óNWó
+DUODQ QRUPDO J¾QO¾N WHPL]OLáLQL \DSóS JL\LQLUNHQ VóNóQWóOó YH NóUJóQGó ¾]¾O¾\RUGX $NġDPóQ
KL©ELUHáOHQFHOL\DQóROPD\DFDNWó0¾PN¾QROGXáXNDGDUD]NRQXġDFDNP¾PN¾QROGXáXNDGDUD]ġH\
\DSDFDNYHP¾PN¾QROGXáXNDGDUHWUDIODUóQó©HYLUHQGXYDUODUóQELUSDU©DVó\PóġJLELGDYUDQDFDNWó2
JHFHELU©LIWJ¸]ELU©LIWNXODNNHVLOHFHNGHPHNWL*¸U¾SGX\GXNODUóQóNDIDVóQGDNLOHUOHELUOHġWLULSVRQ
UDSRUXQDDNWDUPDNWDQEDġNDELULġJ¸UPHVLP¾PN¾QGHáLOGL
$VOóQGD ELU *¸]OHPFL RODUDN QH\L DUDGóáóQó ELOPHPHVL RQX SHN UDKDWVó] HWPL\RUGX ‰óUDNOóáó
V¾UHVLQFH NHQGLVLQH ¸áUHWLOHQOHUH J¸UH ELU *¸]OHPFL EHNOHQHQ VRQX©ODU \D GD DU]X HGLOHQ YHULOHU
ġHNOLQGH NDYUDPODU JHOLġWLUPHOL YH ¸Q \DUJó\OD GDYUDQPDPDOó\Gó <RNVD QH NDGDU YLFGDQóQD GDQóġóS
WDUDIVó]ROPD\D©DOóġVDGDJ¸U¾ġ¾EXODQóUGó
)DNDW EX ġDUWODU DOWóQGD LOJLVL] NDOPDN VRQ GHUHFH KX]XUVX] HGLFL\GL +DUODQ E¾\¾N ELU RODVóOóNOD
VDSWDQDFDN¸QHPOLELUġH\EXOXQPDGóáóQóWDKPLQHGL\RU)LQJH LQR\XQXQXV¾UG¾UPHNWHQ¸WHELUġH\
\DSPDGóáóQóG¾ġ¾Q¾\RUGX%XQXQOD1R\VDUDVóQGD
+óUVOD \DUóP PHWUH ¸WHVLQGH GXUDQ ¾© ER\XWOX \DQVóWóFóGDNL J¸U¾QW¾V¾QH EDNWó  QLQ GLNLġVL]
SDUODNUHQNOLY¾FXGXVDUDQHOELVHOHULQLQNHQGLVLQLNRPLNJ¸VWHUGLáLQLG¾ġ¾QG¾
 %LU 0HNNDQR QXQ JHWLUGLáL NDKYDOWóVóQó \DOQó] EDġóQD WDPDPODGóNWDQ KHPHQ VRQUD 1R\V /DPEHQW
NRġDUDNL©HULJLUGL
1HIHVQHIHVH+D]LUDQGD\ó]7HNQLV\HQ+DUODQGHGL
+DUODQVHUW©H+LWDSHGHUNHQ¾QYDQóPóNXOODQPD1HROPXġKD]LUDQGD\VDN"
$PDEHQġXEDWWDNDWóOGóPWHUHGG¾WHGHUHNGXUDNODGó R\HUH YH\DOQó]FDELUD\HYYHOGL 
+DUODQNDġODUóQó©DWWóĠLPGLKDQJL\óOGD\ó]"
ĠH\\óOD\Qó
(PLQPLVLQ"
(YHW WDELL %LU \DQOóġOóN Pó ROGX" %X Nó]óQ NRQXġXUNHQ ©RN \DNODġPDN JLEL UDKDWVó] HGLFL ELU
DOóġNDQOóáóYDUGóYHKDILISHOWHNNRQXġPDVó EX\DOQó]FDRQXQGHáLO\¾]\óOóQGDNLKHUNHVLQEHOLUJLQELU
¸]HOOLáL\GL RQDN¾©¾NYH\DUGóPDPXKWD©ELU©RFXNKDYDVóYHUL\RUGX+DUODQNHQGLQLNDSWóUPDGóYH
JHUL©HNLOHUHNELUD]X]DNODġWó
<DQOóġOóN \RN %X ]DPDQGD G¾Q\D\D LQGLULOGLQ ©¾QN¾ GDKD X\JXQGX $VOóQGD =DPDQ L©LQGH VHQ
KHSEXUDGD\GóQ
$PDQDVóOEXUDGDRODELOLULP"ĠLPGLGDKDGDNRUNPXġJ¸U¾Q¾\RUGX$UDGDJH©HQ]DPDQODLOJLOL
KL©ELUġH\KDWóUODPó\RUXPòNLWDQHPLEHQYDU"
+DUODQ KX]XUVX]ODQGó 2QD \¾]\óOóQ W¾P¾\OH E¾\¾N ELU GHáLġLNOLáH VHEHS ROPDGDQ =DPDQ D KHU
JLULġ ©óNóġóQ ELUH\OHULQ KD\DWODUóQGD N¾©¾N GHáLġLNOLNOHU PH\GDQD JHWLUGLáLQL QDVóO L]DK HGHELOLUGL
%D]HQ 6RQVX]ODU ELOH PLNURGHáLġLNOLNOHUOH N¾©¾N G  'HáLġWLUPHOHU E¾\¾N '  DUDVóQGDNL IDUNó
XQXWDELOLUOHU
6RQVX]OXNQH\DSWóáóQóELOL\RU6RUXVRUPDNWDQYD]JH©%XQX¸\OHJXUXUOXELUWDYóUODV¸\OHPLġWL
NLVDQNLNHQGLVLELU.óGHPOL%LOJLVD\DU GóYHKD]LUDQóQ=DPDQ GDHQX\JXQDQROXSND\ERODQ¾©D\óQ
¸QHPOLELUGHáLġLNOLáHVHEHSROPD\DFDáóQDNLġLVHORODUDNNDUDUYHUPLġWL
ò\LDPDEXGXUXPGDEHQKD\DWóPóQ¾©D\óQóND\EHWWLP
+DUODQGHULQELUQHIHVDOGó=DPDQ GDKDUHNHWHWPHQVHQLQIL]LNVHO\DġóQóHWNLOHPH]
3HNLġLPGLEHQND\EHWWLPPLND\EHWPHGLPPL"
1H\LND\EHWWLQPL\DGDND\EHWPHGLQPL"
<RNRODQ¾©D\ó
=DPDQ DġNóQD NDGóQ VDQD P¾PN¾Q ROGXáX NDGDU D©óN YH EDVLW L]DK HWPH\H ©DOóġó\RUXP
+D\DWóQGDQND\EHWWLáLQKHUKDQJLELU]DPDQ\RN.D\EHGHPH]VLQ]DWHQ
+DUODQ óQVHVLQL\¾NVHOWPHVL¾]HULQHNó]ELUDGóPJHULOHGL\óOóġóNELUWDYóUODVóUóWDUDN‰RNNRPLN
ELUDNVDQóQó]YDU%LOKDVVDNó]óQFDGDKDKRġROX\RU
.ó]GóġDUó©óNDUNHQ+DUODQ óQNDġODUó©DWóOGó1HDNVDQóEH"2ġLPGLL©LQGHEXOXQGXNODUó=DPDQ óQ
GLOLQLHQD]%¸O¾P GHNLKHUKDQJLELULNDGDUNRQXġDELOLUGL%HONLGDKDGDL\L
$SWDONó]
.HQGLQLWHNUDU¾©ER\XWOX\DQVóWóFó\DEDNDUEXOGXJ¸U¾QW¾V¾GHRQDEDNó\RUGX.DġODUóQóQDUDVóQGD
GLNH\©L]JLOHUEHOLUPLġWL
 ‰L]JLOHUL \XPXġDWWó YH G¾ġ¾QG¾ <DNóġóNOó GHáLOLP *¸]OHULP ©RN N¾©¾N NXODNODUóP NDIDPD
\DSóġWóUóOPóġJLELGXUX\RUYH©HQHPGH©RNE¾\¾N
'DKD ¸QFHOHUL KL© EX W¾U ġH\OHU G¾ġ¾QPHPLġWL DPD ġLPGL ROPXġWX LġWH KHP GH ELUGHQ DNOóQD
JHOPLġWLYHKDWWD\DNóġóNOóROPD\ó©RNLVWHPLġWL
+DUODQ JHFHQLQ JH© VDDWOHULQGH DNġDP \DSWóáó VRKEHWOHUL KHQ¾] DNOóQGD WD]HOLáLQL NRUXUNHQ
QRWODUóQDHNOHGL
%X LġOHU L©LQ KHU ]DPDQ  \¾]\óO PDOó ELU PROHN¾OHU ND\óW FLKD]ó NXOODQóUGó ĠHNLO RODUDN 
VDQWLP©DSóQGDVDQWLPX]XQOXáXQGDLQFHELUVLOLQGLUHEHQ]L\RUGX.R\XNDKYHUHQJLELUPDGGHGHQ
\DSóOPóġWó *L\LOHQ HOELVH\H J¸UH FHSWH NRO \HQLQGH DVWDU L©LQGH NROD\FD WDġóQDELOLU \D GD ELU
ELOHNOLáHG¾áPH\HYH\DNHPHUHWDNóODELOLU\DGDDVóODELOLUGL
ž©PROHN¾OHUHQHUMLWDEDNDVóQóQKHUELUL\LUPLPLO\RQNHOLPHND\óWNDSDVLWHVLQHVDKLSWL6LOLQGLULQ
ELU XFXQD NXODáD EDáODQDQ ELU SDU©D WDNóOó\RU GLáHU XFX GD PLNURIRQ YD]LIHVL J¸U¾\RUGX %¸\OHFH
+DUODQKHPNRQXġXSKHPGHGLQOH\HELOL\RUGX
$NġDPWRSODQWóVóUDVóQGDNRQXġXOPXġRODQKHUġH\ġLPGLDOHWWHQ\DQNóODQó\RUYHEXDUDGDGLQOHUNHQ
ELU \DQGDQ NRQXġDQ +DUODQ óQ VHVL LNLQFL NDGHPH\H ND\GHGLOL\RUGX òNLQFL NDGHPH VDDWOHU ER\X
VHVOHULND\GHWPLġEXOXQDQELULQFLNDGHPH\OHNRRUGLQHOL©DOóġó\RUYHIDNDWġLPGLD\UóND\óW\DSó\RUGX
%X NDGHPH\H NHQGL ILNLU YH \RUXPODUóQó ¸QHPOL ġH\OHUL DNWDUó\RU YH NRUHODV\RQODUó EHOLUWL\RUGX
6RQX© RODUDN EX PROHN¾OHU ND\óW FLKD]óQó UDSRU KD]óUODPDNWD NXOODQó\RU YH QRWODU KDOLQH G¸N¾OHQ
GHáHUOHQGLUPHOHULL©LQ\DUDUODQó\RUGX
1R\V/DPEHQWL©HULJLUGL*LUHUNHQKL©ELUX\DUóGDEXOXQPDPóġWó
+DUODQVLQLUOLKDUHNHWOHUOHNXODáDYHDá]DWDNóODQSDU©DODUó\HUOHULQGHQDOóSFLKD]DWDNWóNXWXVXQD
NR\GXYHNDSDWWó
%DQDNDUġóQHGHQE¸\OHNó]JóQKDUHNHWOHU\DSó\RUVXQX]"GHGL1R\V.ROODUóYHRPX]ODUó©óSODNWó
X]XQEDFDNODUó¸OJ¾QóġóNODUDOWóQGDSDUOó\RUGX
.ó]JóQGHáLOLP6DQDNDUġóKL©ELUGX\JXVDOGDYUDQóġL©LQGHGHáLOLP
+¤O¤©DOóġó\RUPXVXQX]"<RUXOPXġVXQX]GXUKHUKDOGH
+DUODQKX\VX]ODQDUDN%XUDGDROGXáXQV¾UHFH©DOóġDPDPGHGL
6L]EDQDNó]JóQVóQó]%¾W¾QJHFHEHQLPOHWHNELUNHOLPHELOHNRQXġPDGóQó]
+HUNHVOHP¾PN¾QROGXáXQFDD]NRQXġWXP2UDGDEXOXQPDPóQQHGHQLJHYH]HOLNHWPHNGHáLOGL
.ó]óQ©óNPDVóL©LQEHNOHGL
)DNDWNó]6L]HELUL©NLGDKDJHWLUGLP7RSODQWóGDEXQGDQELUWDQHL©PLġWLQL]YHKRġXQX]DJLWPLġWL
%LUWDQH\HWPH]+HOH©DOóġDFDNVDQó]GHGL
2]DPDQNó]óQDUNDVóQGDELUJ¾©DODQóQóQ¾]HULQGH\¾]HQN¾©¾N0HNNDQR \XIDUNHWWL
$NġDP VDNóQDUDN \HPLġWL ‰RN ID]OD \HPHN LVWHPHPLġWL <L QH GH \HPHNOHUL ©RN VHYPLġWL
òVWHNVL]OLáLQHUDáPHQEX=DPDQ óQPRGDVóRODQN¸S¾NO¾D©óN\HġLOUHQNOLELEHUOLELUWDGóRODQL©NL\L
GH©RNVHYPLġWLòNLIL]\R\óO¸QFHVRQ*HU©HNOLNGHáLġWLUPHVL\DSóOPDGDQ¸QFHEX\¾]\óOGDE¸\OH
ELUL©HFHN\RNWX
1R\V DGRáUXEDġó\ODFLGGLELUWHġHNN¾ULġDUHWL\DSDUDN0HNNDQR GDQLNLQFLL©NLVLQLDOGó
<¾]\óO GD \HQL ELU L©NLQLQ RUWD\D ©óNPDVóQD QHGHQ ROPDNWDQ EDġND IL]LNVHO ELU HWNLQOLáL ROPD\DQ
VRQ *HU©HNOLN 'HáLġWLUPHVL QH DPD©OD \DSóOPóġWó DFDED $VOóQGD ELU %LOJLVD\DU ROPDGóáóQD J¸UH
NHQGLVLQH E¸\OH ELU VRUX VRUPDVóQGD DQODP \RNWX =DWHQ HQ D\UóQWóOó LKWLPDO KHVDSODUó ELOH E¾W¾Q
NRQWURO HGLOHPH\HQ IDNW¸UOHUL ġDQV YH ULVN HWNLQOLNOHULQL \RN HGHPL\RUGX =DWHQ E¸\OH ROPDVD
*¸]OHPFLOHUHQHO¾]XPYDUGó
1R\V OD EHUDEHU HYGH \DOQó]GóODU *H©HQ \LUPL \óOGDQ EHUL 0HNNDQRODU ©RN UDáEHWWH\GL YH
KDOLKD]óUGDNL *HU©HNOLN WH ¸QHPOHULQL RQ \óO GDKD ND\EHWPH\HFHNOHUGL HYGH LQVDQ KL]PHW©LOHU GH
\RNWX
$VOóQGD HNRQRPLN D©óGDQ HQ D] HUNHN NDGDU EDáóPVó] RODQ EX ©DáóQ NDGóQóQóQ ©RFXN GRáXUPD
VRUXQXELOHROPDGDQELUHUNHNOHELUOLNWHROPDVóQGDKL©ELUVDNóQFD\RNWX
<LQHGH+DUODQ]RUGXUXPGDNDOGóáóQóKLVVHWWL
.ó]NDUġóVóQGDNLGLYDQDGLUVHáLQHGD\DQDUDNX]DQPóġWó*L\VLVLY¾FXGXQXNXFDNODUJLEL\GLĠHIIDI
D\DNNDEóODUóQó ELU D\DN GDUEHVL\OH IóUODWóS DWPóġ SDKDOó ELU NHGLQLQ \XPXġDN SHQ©HOHULQH EHQ]H\HQ
D\DNODUó\XPXN\XPXNGXUX\RUGX
.ó] EDġóP VDOODGó YH VD©ODUóQó \XNDUóGD WRSX] KDOLQGH WXWDQ ġH\ ©¸]¾OG¾ ĠLPGL ©óSODN RPX]ODUó
ER\QXQGDQ DġDáó\D GRáUX G¸N¾OHQ VD©ODUóQóQ VL\DKó\OD WH]DW ROXġWXUX\RU YH GDKD GD J¾]HO
J¸U¾Q¾\RUGX
.D©\DġóQGDVóQ"GL\HPóUóOGDQGóJHQ©Nó]
%XVRUX\DFHYDSYHUPHPHOL\GL.LġLVHOELUVRUX\GXYHRQXQ¾VW¾QHYD]LIHGHáLOGLĠXDQGDYHUPHVL
JHUHNHQ FHYDEóQ QH]DNHWOH WHUVOH\HUHN %HQL LġLPOH EDġ EDġD EóUDNóU PóVóQ"  ROPDVó JHUHNOLáLQL
G¾ġ¾Q¾UNHQGXGDNODUóQGDQ2WX]¾©\DġóQGD\óPNHOLPHOHULQLQG¸N¾OG¾á¾Q¾GX\GX
%HQ VHQGHQ GDKD JHQFLP <LUPL \HGL \DġóQGD\óP )DNDW VDQóUóP EHQLP KHU ]DPDQ VHQGHQ GDKD
JHQ©J¸U¾QPHPP¾PN¾QGHáLO%HQ\DġOóELUNDGóQROGXáXPGDGDVHQ\LQHD\QóNDODFDNVóQ6HQLRWX]
¾©\DġóQGDROPDNDUDUóQóYHUPH\HLWHQQHGLU"òVWHUVHQGHáLġWLUHELOPHNHOLQGHPL"'DKDJHQ©ROPDN
LVWHPH]PL\GLQ"
1HOHUV¸\O¾\RUVXQVHQ"+DUODQHOL\OHDOQóQóRYXġWXUGX
6HQVRQVX]DNDGDU\DġD\DFDNVóQ6HQELU6RQVX] VXQGHGL\XPXġDNELUVHVOHNRQXġDQ1R\V
1HGL\RUGXEXNó]"
6HQGHOLVLQ%L]GH\DġODQóUYHKHUNHVJLEL¸O¾U¾]
.ó]$QODWVDQDEDQDGHGL6HVLDO©DNSHUGHGHQ©óNó\RUGXYHLQVDQóWDKULNHWPHNL©LQELUHELUGL2
J¾QHNDGDUQDKRġYHNDEDEXOGXáXEXELQ\óOGLOLġLPGLVRQGHUHFHDKHQNOLYH\XPXġDNJHOL\RUGX
<RNVDGROXPLGHVLYHHWUDIóQóVDUDQQHILVNRNXODUóQR\XQXQDPóJHOL\RUGX"
6L]E¾W¾Q]DPDQODUóJ¸UHELOLUKHU\HULJH]HELOLUVLQL]%HQEX\¾]GHQ6RQVX]OXN WD©DOóġPD\óDU]X
HWWLP %HQL ELU 6RQVX] \DSDFDNODUóQó ]DQQHWWLP YH VRQX©WD \DOQó]FD HUNHNOHULQ EXOXQGXáX ELU \HUOH
NDUġóODġWóP .LPLVL VDGHFH NDGóQ ROGXáXP L©LQ EHQLPOH NRQXġPX\RUGX ELOH 6HQ GH EHQLPOH
NRQXġPD\DFDNWóQ
+HSLPL] ©RN PHġJXO¾] GL\H PóUóOGDQGó +DUODQ 8\XġPDN WD ROGXáXQX KLVVHGL\RU X\DQóN
NDODELOPHNL©LQ©DEDVDUIHGL\RUGX%HQGH©RNPHġJXOG¾P
)DNDWQHGHQRUDGDNDGóQ6RQVX]ODU\RN"
+DUODQNRQXġDFDNWóDPDNHQGLQHJ¾YHQHPL\RUGX1HV¸\OH\HELOLUGLNL"
 6RQVX]OXáXQ¾\HOHULQLQLNLNRġXODUDQDUDNGLNNDWOHVH©LOGLáLQL%LULQFLVLQLQLġLQJHUHNOHULQHFHYDS
YHUHELOHFHN\HWHQHNWHROPDNROGXáXQXLNLQFLVLQLQ=DPDQ GDQNRSDUóOPóġROPDQóQ*HU©HNOLN WHN¸W¾
HWNLOHU\DSPDPDVóROGXáXQX
*HU©HNOLN %X KL©ELU ġHNLOGH GHáLQPHPHVL JHUHNHQ NHOLPH\GL %DġóQóQ G¸QG¾á¾Q¾ KLVVHWWL YH
NHQGLQHJHOHELOPHNL©LQELUDQJ¸]OHULQLNDSDGó
6RQVX]OXáD DOóQPDODUó ©RFXNODUóQ GRáPDPDVó HUNHN YH NDGóQODUóQ ¸OPHPHVL HYOHQPHOHULQ
ROPDPDVó YH ELU©RN ġH\LQ \HULQH JHOPHPHVL GHPHN RODFDáóQGDQ QH P¾NHPPHO NLġLOLNOHU
GRNXQXOPDGDQ=DPDQ GDEóUDNóOPóġWó
%XQODUóQ KHUKDQJL ELULQL DQODWDELOLU PL\GL RQD" 'RáDO NL KD\óU 2QD NDGóQODUóQ KL©ELU ]DPDQ
6RQVX]OXN L©LQ X\JXQ EXOXQPDGóáóQó ©¾QN¾ DQOD\DPDGóáó ELU QHGHQGHQ EHONL %LOJLVD\DUODU
DQOD\DELOL\RUGXU DPD NHQGLVL KL© DQOD\DPDPóġWó  =DPDQ GDQ ©HNLOLS DOóQPDODUóQó ELU HUNHáLQNLQH
Nó\DVOD RQ LOD \¾] NDW GDKD ID]OD ELU RODVóOóNOD *HU©HNOLáL ROXPVX] \¸QGH HWNLOHGLáLQL DQODWDELOLU
PL\GL"
.DIDVóQGD E¾W¾Q G¾ġ¾QFHOHU ELUELULQH JLUL\RU G¸QHUHN ND\EROX\RU ELU NDUPDġD L©LQGH WXKDI
KHPHQ KHPHQ NRPLN GHQHELOHFHN IDNDW WDPDPó\OD UDKDWVó] HGLFL ROPD\DQ VRQX©ODU GRáXUX\RUGX
ĠLPGL1R\VGDKD\DNóQDJHOPLġWLJ¾O¾PV¾\RUGX
.ó]óQVHVLKRUWXPODUPH\GDQDJHWLUHQELUU¾]J¤UóDQGóUó\RUGX$KVL]6RQVX]ODU6óUN¾S¾V¾Q¾]
+L©ELUġH\V¸\OHPH]VLQL]%HQLELU6RQVX]\DSVDQD
.ó]óQVHVLQLNHOLPHOHUGHQROXġDQELUE¾W¾QKDOLQGHDOJóOD\DPó\RUGX6DGHFHEH\QLQLRNġD\DQWDWOó
ELUVHVWLRNDGDU
2QD V¸\OHPHN DQODWPDN LVWL\RUGX +DQóPHIHQGL 6RQVX]OXN WD EL]OHU R\XQ R\QDPó\RUX]
‰DOóġó\RUX] 6RQVX]OXáXQ EDġODQJóFóQGDQ G¾Q\D ¾]HULQGH NLPVHQLQ NDOPDGóáó ]DPDQODUD NDGDU
JH©HQ E¾W¾Q =DPDQ óQ KHU D\UóQWóVóQó VDSWDPDN L©LQ ©DOóġóUó] 6RQVX] VD\óGD RODVóOóNODU DUDVóQGDQ
\DġDQDQ*HU©HNOLN WHQGDKDL\LRODQODUóVH©HU=DPDQ GDELUGHáLġLNOLN\DSóODELOHFHNHQX\JXQDQL©LQ
NDUDU YHULU YH \HQL \DġDQDQ *HU©HNOLáL YH VRQUDVóQGDNL \HQL VRQVX] VD\óGDNL RODVóOóNODUó L]OHUL] 7D
 GH 9LNNRU 0DOODQVRKQ XQ ]DPDQ DODQóQó NHġILQGHQ EHUL E¸\OHRODJHOPLġWLU YH E¸\OH JLGHU  GH
6RQVX]OXáXQ NXUXOXġX P¾PN¾Q ROPXġWXU NLPVH NLPLQ EDġODWWóáóQó ELOPHPHNWHGLU \HQL RODVóOóNODU
VRQVX]DNDGDUYHVRQVX]DNDGDUYHVRQVX]DNDGDUYHVRQVX]DNDGDUYH
%DġóQó VDOODGó IDNDW DNOóQó NDUóġWóUDQ G¾ġ¾QFH JLUGDEó WHNUDU KDUHNHWOHQGL YH ELUGHQ ELU QRNWD\D
\¸QHOGLELUDQL©LQD\GóQODQPDROGX\HQLGHQKHUġH\ELUELULQHJLUGL
'XUGXELUD]¸QFHNLG¾ġ¾QFHOHULQLWHNUDUODPD\D©DOóġWó\DSDPDGó
%LEHUOLL©NL"
1R\VGDKDGD\DNóQóQGD\GóRQXQHWRODUDNJ¸UHPL\RUGX.ó]óQVD©ODUóQó\DQDNODUóQGDKLVVHGL\RU
óOóNQHIHVLQLGX\X\RUGX.HQGLQL©HNPHVLJHUHNLUGLDPDKD\UHW©HNLOPHNLVWHPHGLáLQLIDUNHWWL
(áHU ELU 6RQVX] ROVD\GóP .ó] QHUHGH\VH NXODáóQóQ GLELQGH QHIHV DOó\RUGX YH NHQGL NDOS
DWóġODUóQóQ J¾U¾OW¾V¾ DUDVóQGD QH V¸\OHGLáLQL ELOH DQOD\DPó\RUGX 'XGDNODUó óVODNWó YH DUDODQPóġWó
òVWHPH]PL\GLQ"
.ó]óQ QH GHPHN LVWHGLáLQL SHN DQOD\DPDGó IDNDW DUWóN KL©ELU ġH\L XPXUVDPó\RUGX $OHY DOHY
\DQó\RUGX %HFHULNVL] ELU KDUHNHWOH VDUóOGó .ó] GD GLUHQPHGL JHYġHGL YH ELUGHQ WHN ELU Y¾FXW
ROXYHUGLOHU
5¾\DJLEL\GLVDQNLROD\ó\DġD\DQODUEDġNDODUó\GóGD+DUODQGóġDUGDQVH\UHGL\RUGX
 +HU ]DPDQ G¾ġ¾QG¾á¾Q¾Q DNVLQH KL© GH LWLFL LáUHQ© ELU ġH\ GHáLOGL ĠRN JH©LUL\RU JLEL\GL DPD
NHVLQOLNOHLáUHQ©GHáLOGL
.ó] \DQóQD X]DQGóáóQGD L©LQGHQ JHOHUHN QHPOL VD©ODUóQó RN ġDPD\D EDġODGó .HQGLVL L©LQ DQODPó
WDPDPHQGHáLġPLġWL$UWóNRQXELUNDGóQKDWWDIDUNOóELUELUH\RODUDNJ¸UHPL\RUGX.HQGLQGHQELU
SDU©DKDOLQHJHOPLġWL*DULSWLKL©XPPD]GóDPDNHQGLVLQLQELUSDU©DVó\GóLġWH
=DPDQPHN¤Q FHWYHOLQH D\NóUó ELU GXUXPGX EX DPD +DUODQ KL© VX©OXOXN GX\PX\RUGX +DUODQ óQ
J¸áV¾QGH\¾UHáLQLNDEDUWDQ\DOQó]FD)LQJHLOHLOJLOLG¾ġ¾QFHOHUL\GL9HEXGDVX©GHáLOGL.HVLQOLNOH
GHáLOGL
%XWDWPLQGLKDWWD]DIHU
<DWDNWD X\X\DPDGó 6DUKRġOXáX JH©PLġWL DPD K¤O¤ DOóġDPDGóáó \HWLġNLQ ELU LQVDQ RODUDN LON GHID
\DWDáóQóELUNDGóQODSD\ODġWóáóJHU©HáL\OH\¾]\¾]H\GL
<DQóQGD KDILI VROXN DOóS YHULġOHULQL GX\X\RU YH GXYDUODUGDQ WDYDQGDQ JHOHQ ¸OJ¾Q óġóNODU DOWóQGD
Y¾FXGXQXELUJ¸OJHKDOLQGHJ¸UHELOL\RUGX
7HQLQLQ VóFDNOóáóQó YH \XPXġDNOóáóQó KLVVHGHELOPHN L©LQ HOLQL X]DWPDVó \HWHUGL IDNDW \DSPDGó
EHONLGHJ¸UPHNWHROGXáXELUU¾\D\óER]DELOLUGL6DQNLNó]KHULNLVLL©LQGHU¾\DJ¸U¾\RUGXNHQGLVL
L©LQ+DUODQL©LQROXSELWHQOHUL©LQX\DQóUVDKHUġH\ELUDQGD\RNRODELOLUGL
%XGDELUD]¸QFHQHROGXáXQXDQOD\DPDGóáó\DNDOD\DPDGóáóJDULSG¾ġ¾QFHOHULQHEHQ]L\RUGX
<HQLGHQ NHQGLQL ]RUODGó ROPX\RUGX G¾ġ¾QHPL\RUGX %LU GHQ PXWODND KDWóUODPDVó JHUHNWLáLQL
KLVVHWWL%LUD]¸QFHD\UóQWóODUóQóWDPRODUDNVDáOD\DPDGó\VDGDELUDQL©LQED]óġH\OHULDQODPóġWó
%D]óġH\OHULQQHROGXáXQXSHNDQOD\DPó\RUGXIDNDWRODáDQ¾VW¾ELUġH\OHUG¾ġ¾QP¾ġW¾
ò\LFHPHUDNODQGó1HGHQKDWóUOD\DPó\RUGX"+DOEXNLELUDUD©RN\DNODġWóáóQóL\LELOL\RUGX
%LUDQL©LQ\DQóQGD\DWDQNó]ELOHX]DNODUGDNDOPóġWó
'¾ġ¾QG¾ %LU QRNWDGDQ \ROD ©óNDUVDN *HU©HNOLáL YH 6RQVX]OXáX G¾ġ¾Q¾\RUGXP HYHW
0DOODQVRKQYHR‰óUDN
'XUGX1HGHQR‰óUDN"1HGHQ&RRSHU"2QXKL©G¾ġ¾QPHPLġWLNL
$PDHáHUKL©G¾ġ¾QPHGL\VHQHGHQġLPGL%ULQVOH\6KHULGDQ&RRSHUDNOóQDJHOPLġWL"
.DġODUóQó ©DWWó %¾W¾Q EXQODUó EDáOD\DQ ġH\ QH\GL DFDED" 1H\L EXOPD\D ©DOóġó\RUGX" 2QX
EXOXQDFDNELUġH\OHUROGXáXQDLQDQGóUDQQH\GL"
%LOLQFLQLQXIXNODUóQGDQSDUODPD\DEDġOD\DQġH\OHU\¾]¾QGHQ¾USHUGLáLQLKLVVHWWL
1HIHVLQLWXWWXEóUDNPDGó$QOó\RUGX
$QOó\RUGX
9H JHFHQLQ KD\DWóQóQ HQ ¸QHPOL JHFHVLQLQ VHVVL]OLáLQGH ROD\ODUóQ E¾W¾Q D©óNODPDODUóQó YH
\RUXPODUóQóġHNLOOHQGLUGL
%DġND ELU ]DPDQ ROVD KL©ELU ġH\ LIDGH HWPH\HFHN \¾]OHUFH QRNWDQóQ ELUELULQH EDáODQDUDN
D©óNODQPDVóQóG¾ġ¾QFHVLQLQWRPXUFXNODQóS©L©HND©óġóQóVH\UHWWL
6RQVX]OXáD G¸QG¾á¾QGH EXQX DUDġWóUóS NRQWURO HGHFHNWL DPD ELOPHPHVL JHUHNHQ ELU VóUUó
©¸]G¾á¾QGHQHPLQGL
˜\OHELUVóUNLE¾W¾Q6RQVX]OXáXNXFDNOó\RUGX
 

<$Ġ$0Ġ(0$&,6,
%LU©RNġH\LDQODGóáó GHNLRJHFHGHQVRQUDIL]\R]DPDQRODUDNELUD\JH©PLġWLĠXDQGD]DPDQ
L©LQGH\DNODġóN\¾]\óONDGDUJHOHFHNWHU¾ġYHWYHGLOG¸NPHNDUóġóPóELUġH\OHU\DSDUDN\HQLELU
*HU©HNOLNL©LQGH1R\V/DPEHQW LQGXUXPXQXQQHRODFDáóQó¸áUHQPH\H©DOóġó\RUGX
<DSWóáó DKODNVó]OóNWDQ GD ¸WH ELU ġH\GL DPD DOGóUPó\RUGX *H©HQ ELU D\GDQ EHUL DUWóN NHQGLQL ELU
VX©OX RODUDN J¸U¾\RUGX ]DWHQ *HU©HNOHUL JL]OHPHN P¾PN¾Q GHáLOGL %XQGDQ E¸\OH GHYDP HWPHN
RQXGDKDID]ODVX©OX\DSDPD]GóDPD©RNġH\ND]DQDELOLUGL
ĠLPGLKDLQFHSODQODUóQóQELUSDU©DVóRODQ GDKD\XPXġDNELUGH\LPNXOODQPD\DO¾]XPKLVVHWPHGL
 GD=DPDQ DJH©HFHáL\HUGHGXUX\RUGX=DPDQ DJH©Lġ6RQVX]OXN WDQVH\DKDWDUD©ODUóQDJH©LġWHQ
GDKD NDUPDġóN ELU ROD\GóU =DPDQ D JH©HELOPHN L©LQ '¾Q\D ¾]HULQGH LVWHQHQ QRNWD\ó EHOLUWHQ
NRRUGLQDWODUóQ ¸]HQOH VDSWDQPóġ YH LVWHQHQ DQóQ WDP D\DUODQPóġ ROPDVó JHUHNLU )DNDW +DUODQ
KH\HFDQOó ROPDVóQD UDáPHQ \HWHQHNOL YH GHQH\LPOL LQVDQODUD PDKVXV J¾YHQ YHULFL KDUHNHWOHUOH
JHUHNOLD\DUODPDODUó\DSóYHUGL
+DUODQ NHQGLQL GDKD ¸QFH 6RQVX]OXN WDNL HNUDQGD J¸UG¾á¾ PDNLQH GDLUHVLQGH EXOGX ĠX DQGD
6RV\RORJ 9R\ HNUDQóQ ¸Q¾QGH RWXUPXġ 7HNQLV\HQ LQ \DSDFDáó P¾GDKDOHQLQ HWNLVLQL EHNOL\RU
ROPDOó\Gó
+DUODQKL©DFHOHHWPHGL'DKDGDNLNDER\XQFDEXRGD\DNLPVHJLUPH\HFHNWL(PLQRODELOPHN
L©LQ]DPDQPHN¤QFHWYHOLRQDGDNLNDWDQóPóġNDODQGDNLND\óJHOHQHNVHO\¾]GHNóUNKDWDSD\ó
RODUDNNDEXOHWPLġWL%XSD\JHUHNOLROXUGL\H¸QJ¸U¾O¾UG¾IDNDWELU7HNQLV\HQ GHQEXSD\óNXOODQPD
GXUXPXQDG¾ġPHVLEHNOHQPH]GL%XSD\óNXOODQDQODUSHNX]XQV¾UH8]PDQRODUDN©DOóġDPD]ODUGó
+DUODQ]DWHQEX XQ\DOQó]FDGDNLNDVóQóNXOODQPD\óG¾ġ¾Q¾\RUGX%LOHáLQHDODQMHQHUDW¸U¾Q¾
WDNWóE¸\OHFH*HU©HNOLN'HáLġWLUPHVL QLQHWNLOHULQGHQNRUXQPXġRODFDNWó'XYDUDGRáUXELUDGóPDWWó
žVWUDIWDNLELUNXWX\XDOóSDOWUDIWDNLGLNNDWOHVDSWDQPóġQRNWD\D\HUOHġWLUGL
%XQX\DSWóNWDQVRQUDWHNUDUVDQNLQRUPDOELUNDSóGDQJH©L\RUPXġ©DVóQD6RQVX]OXáDG¸QG¾(áHU
RDQGDELU¸O¾PO¾EXQXJ¸UVH+DUODQL©LQUDKDWOóNOD ND\EROGX NHOLPHVLQLNXOODQóUGó
.¾©¾NNXWXRQXQNR\GXáX\HUGHGXUX\RUGX'¾Q\DWDULKLQGHDQLELUUROR\QDPDGó6DDWOHUVRQUD
ELUHONXWX\DX]DQGóYHHVNL\HULQGHEXODPDGó$QFDN\DUóPVDDWOLNELUDUDPDGDQVRQUDEXOXQDELOGL
IDNDWEXDUDGDELUJ¾©DODQóND\EROGXELUDGDPVDNLQOHġWL˜QFHNL*HU©HNOLN WHYHULOPH\HQELUNDUDU
VLQLUOHQLOHUHN YHULOGL %LU J¸U¾ġPH JHU©HNOHġHPHGL ¸OPHVL JHUHNHQ ELUL ELU \óO GDKD \DġDGó ELUD]
GDKD¸PU¾RODQELUGLáHULLVHGDKDNóVDELUV¾UHL©LQGH¸OG¾
0¾GDKDOHQLQ HWNLVL  \¾]\óO ¾VW]DPDQGDNL  \H NDGDU DUWDUDN LOHUOHGL YH D]DPL\H XODġWó
<DSóODQ*HU©HNOLN'HáLġWLUPHVL QLQ¸QHPLGDKDVRQUDD]DOGó.XUDPFóODUDJ¸UH'HáLġWLUPH QLQHWNLVL
VóQóUVó] JHOHFHNWH GDKL VóIóUD LQPH] IDNDW P¾GDKDOHGHQ  \¾]\óO VRQUD DQFDN P¾NHPPHO
KHVDSODPDODUODIDUNHGLOHELOHFHNNDGDUD]DOóU]DWHQEXGDSUDWLNVóQóURODUDN¸QJ¸U¾OP¾ġW¾U
(OEHWWH =DPDQ L©LQGH \DġD\DQODU ELU 'HáLġWLUPH \DSóOGóáóQó IDUN HGHPL\RUODUGó 0DGGHOHU JLEL
]LKLQOHUGHGHáLġL\RUYHDQFDN6RQVX]ODUROD\óGóġDUóGDQWDNLSHGLSJ¸]OH\HELOL\RUGX
6RV\RORJ 9R\  GHNL GDKD ¸QFH NDODEDOóN ELU X]D\ OLPDQóQGDNL W¾P FDQOóOóáóQ VHUJLOHQGLáL
PDYL HNUDQD EDNó\RUGX +DUODQ \DQóQD JHOGLáLQGH ġ¸\OH ELU EDNWó YH VHODPODPD DQODPóQD JHOHQ ELU
ġH\OHUPóUóOGDQGó
%LUGHáLġLNOLNX]D\OLPDQóQóWDPDQODPó\ODPDKYHWPLġWL3DUODNOóáóQGDQHVHUNDOPDPóġELQDODUR
HVNLJ¸UNHPOLJ¸U¾Q¾POHULQLND\EHWPLġOHUGL2UWDGDSDVODQPóġELUX]D\JHPLVLGXUX\RUGX+L©NLPVH
\RNWX+L©KDUHNHW\RNWX
+DUODQ óQ \¾]¾QGH ELU DQ L©LQ ELU J¾O¾PVHPH EHOLUGL YH ND\EROGX (YHW ò$6 WDPDPGó òVWHQHQ
$]DPL 6RQX© 9H ELU DQGD ROPXġWX 'HáLġLNOLáLQ 7HNQLV\HQ LQ P¾GDKDOHVL DQóQGD ROPDVó
JHUHNPL\RUGX+HVDSODPDODUDJ¸UHGHáLġHELOLUDVóOGHáLġLNOLNROXġXQDNDGDUVDDWOHUEHONLGHJ¾QOHU
JH©HELOLUGL <DOQó]FD E¾W¾Q LVWDWLVWLNVHO RODVóOóNODU RUWDGDQ NDONóQFD GHáLġLNOLáLQ HWNLVL J¸U¾OHELOLUGL
(áHUPDWHPDWLNVHORODUDNELUEDġNDLKWLPDOROXġXUVDGHáLġLNOLNROPD\DELOLUGL
òġWH EX GD +DUODQ óQ JXUXU GX\GXáX ELU QRNWD\Gó 1H ]DPDQ NHQGLVL ELU *$' KHVDSODVD
P¾GDKDOH\LQH]DPDQNHQGLVL\DSVDE¾W¾QLVWDWLVWLNLRODVóOóNODUDQóQGD\RNROXUYHGHáLġLNOLNGHUKDO
JHU©HNOHġLUGL
9R\NHQGLNHQGLQHNRQXġXUJLEL‰RNJ¾]HOGLGHGL
%X V¸]OHU +DUODQ óQ NXODNODUóQó WóUPDODGó J¸VWHUGLáL SHUIRUPDQV XPXUVDQPó\RUPXġ JLEL JHOGL
8]D\VH\DKDWOHULQLW¾P¾\OH*HU©HNOLN WHQVLOLS\RNHWVHPGHSLġPDQOóNGX\PDPGHGL
6DKLPL"
1H \DUDUó YDU NL" %LU \D GD LNL ELQ \óOGDQ GDKD ©RN V¾UP¾\RU òQVDQODU \RUJXQOXNWDQ SHULġDQ
ROX\RU(YOHULQHG¸QG¾NOHULQGHE¾W¾QV¾ODOHOHULQL¸OP¾ġ\RNROPXġEXOX\RUODU6RQUDELUEDġNDG¸UW
\D GD EHġ ELQ \óO \D GD NóUN YH\D HOOL ELQ \óO VRQUD WHNUDU GHQL\RU YH \LQH EDġDUó\D XODġDPó\RUODU
òQVDQ]HN¤VóQóQYH©DEDODUóQóQERġDKDUFDQPDVóQGDQEDġNDELUġH\GHáLO
9R\NXSNXUXELUVHVOH6L]ELUILOR]RIVXQX]GHGL
+DUODQ NóSNóUPó]ó NHVLOGL '¾ġ¾QG¾ %XQODUó QH GL\H DQODWó\RUXP NL" ˜INHOHQPLġWL .RQX\X
GHáLġWLUHUHN<DġDPĠHPDFóVó QGDQQHKDEHU"GHGL
1HROPXġRQD"
$GDPóDUDPD\DFDNPóVóQ"+HUKDOGHDUWóNELUD]LOHUOHPHND\GHWPLġWLU
6RV\RORJXQ \¾]¾QGH ELU KRġQXWVX]OXN LIDGHVL EHOLUGL $VOóQGD 6DEóUVó]ODQó\RUVXQ GHáLO PL"
GHPHNLVWHUGLDPD\¾NVHNVHVOH%X\UXQELUOLNWHJLGLSEDNDOóPGHGL
2ILVLQ NDSóVóQGD 1HURQ )HUXTXH \D]óOó\Gó +DUODQ óQ ¸]HOOLNOH GLNNDWLQL ©HNPLġWL ©¾QN¾ òONHO
]DPDQODUóQ $NGHQL] E¸OJHVL FLYDUóQGD \DġD\DQ ELU GLNWDW¸U¾Q¾Q LVPL\OH JDULS ELU EHQ]HUOLáL YDUGó
&RRSHU OD\DSPóġROGXáXKDIWDOóN©DOóġPDODUóQNHQGLGDáDUFóáóQDGDE¾\¾NNDWNóVóROPXġWX
)DNDWDGDP+DUODQ óQKDWóUOD\DELOGLáLGLNWDW¸UOHUHKL©EHQ]HPL\RUGX.DGDYUDJLEL]D\óIWó¾]HULQGH
GHULVL JHULOPLġ JLEL GXUDQ NHPHUOL ELU EXUQX X]XQ SDUPDNODUó EXGDNOó ELOHNOHUL YDUGó .¾©¾N
KHVDSODPDDOHWLQLNXFDNODGóáó]DPDQELUUXKXQGHáHULQLWDUWDQ˜O¾P ¾DQGóUó\RUGX
+DUODQ+HVDSOD\óFó \D\L\HFHNPLġJLELEDNWóáóQóKLVVHWWL<DġDPġHPDVóLġOHPLQLQNDOELYHNDQó\Gó
EX GHULVL YH NHPLNOHUL VLQLUOHUL NDVODUó YH E¾W¾Q KHU ġH\L %LU LQVDQóQ JH©PLġL\OH LOJLOL JHUHNOL
YHULOHULYH\DSóODQ*HU©HNOLN'HáLġWLUPHVL QLQHġLWOLNOHULQLJLUGLRODUDNDOó\RUHQ©RNELUJ¾QL©LQGH
V¸] NRQXVX NLġLQLQ \HQL *HU©HNOLN WHNL \DġDP EL©LPOHULQL KHU ELUL RODVóOóN \¾]GHOHUL\OH VDSWDQPóġ
RODUDN©óNDUó\RUGX
6RV\RORJ 9R\ +DUODQ ó WDNGLP HWWL )HUXTXH QHIUHWLQL JL]OHPH\H JHUHN ELOH GX\PDGDQ7HNQLV\HQ
DUPDVóQDEDNWóEDġóQóVDOODGóYHWHNUDULġLQHG¸QG¾
+DUODQ2JHQ©KDQóPóQ<DġDPĠHPDVóGDKDELWPHGLPL"GHGL
+D\óU+D]óUROGXáXQGDVL]HKDEHUYHULULPòġLNDEDOóáDJ¸W¾UHFHNNDGDU7HNQLV\HQOHUGHQQHIUHW
HGHQOHUGHQELUL\GL)HUXTXH
9R\6DNLQRO<DġDPĠHPDFóVóGHGL
)HUXTXH XQ NDġODUó QHUHGH\VH J¸U¾QPH\HFHN NDGDU D©óN UHQNWL %XQGDQ GROD\ó \¾]¾ ELU
NXUXNDIDQóQNLQHEHQ]L\RUGX8]D\JHPLOHUL¸OG¾U¾OG¾P¾"GHGL
9R\EDġó\ODRQD\ODGó%LU\¾]\óONóVDOWóOGó
)HUXTXH XQGXGDNODUóNóPóOGDGóYHELUNHOLPHIóVóOGDGó
+DUODQNROODUóQóJ¸áV¾QGHNDYXġWXUGXYHH]LOPLġ\HQLNG¾ġP¾ġ<DġDPĠHPDFóVó QDEDNWó
'¾ġ¾QG¾$\Qó]DPDQGDNHQGLVLQLQGHVX©OXROGXáXQXELOL\RU
)HUXTXH 9R\ D KLWDEHQ %DNóQ VL] EXUDGD GXUGXN©D =DPDQ DġNóQD EHQ DQWLNDQVHU VHUXPX
WDOHSOHULQHQDVóOFHYDSYHUHELOLULP$QWLNDQVHUVHUXPXQXQEXOXQGXáXWHN\¾]\óOEL]GHáLOL]NL1HGHQ
E¾W¾QEDġYXUXODUEL]H\DSóOó\RU"
'LáHU\¾]\óOODUDGDD\QóġHNLOGHQRUPDOLQ¾VW¾QGHEDġYXUX\DSóOó\RUELOL\RUVXQ
%DULKL©GHáLOVHVóUD\ODEDġYXUVXQODUKHSELUOLNWHK¾FXPHGL\RUODU
%XQXQDVóOVDáOD\DELOLUL]"
.ROD\%¾W¾Q]DPDQODU0HFOLVL \OHWHPDVóP\RNNL
òKWL\DUODWHPDVóQó]YDUDPD
+DUODQ EX NRQXġPD\ó ERġ EDNóġODUOD L]OL\RU KL© LOJLVLQL ©HNPL\RUGX <DOQó]FD +HVDSOD\óFó QóQ
WóNóUWóODUóQGDQ YH DNOóQó PHġJXO HGHQ PDQWóNVó]OóNODUGDQ ELUD] NXUWXOPDVóQó VDáOó\RUGX R NDGDU
òKWL\DUGL\HEDKVHWWLNOHULQLQE¸O¾P¾QVRUXPOXVX%LOJLVD\DUROGXáXQXELOL\RUGX
òKWL\DUODNRQXġWXPGHGL6RV\RORJYHRGD0HFOLV HLOHWWL
%RġYHUVHQL]H0DO½PUDSRUODUóQGDQELULQLJ¸QGHUPLġWLU8áUDġPDVóJHUHNLU%XELUWHPHOSROLWLND
PHVHOHVL
%XJ¾QOHUGH %¾W¾Q]DPDQODU 0HFOLVL WHPHO SROLWLNDODUGD GHáLġLNOLN \DSPD\ó G¾ġ¾QHPH\HFHN NDGDU
PHġJXO'HGLNRGXODUóELOL\RUVXQ
7DELL WDELL ‰RN ¸QHPOL ELU ġH\OH XáUDġó\RUODU =DWHQ QH ]DPDQ VóYóġPDN JHUHNVH 0HFOLV LQ ©RN
¸QHPOLELUġH\OHXáUDġWóáó V¸\OHQWLOHUL\D\óOóU
(áHU+DUODQ óQNHQGLGHUWOHULROPDVDġXDQGDHQD]óQGDQJ¾O¾PVHUGL 
)HUXTXH ELUND© GDNLND NóPóOGDPDGDQ GXUGX YH VRQUD ELUGHQ SDWODGó òQVDQODU DQWLNDQVHU
VHUXPXQXQ DáD© WRKXPX \D GD ELU DODQ PRWRUX ROPDGóáóQó DQODPó\RUODU %LU DáDFóQ KHU GDOóQóQ
*HU©HNOLáH D\NóUó G¾ġHELOHFHN HWNLOHU \¾]¾QGHQ L\LFH LQFHOHQPHVL JHUHNWLáLQL ELOL\RUXP DPD
DQWLNDQVHULQVDQKD\DWóQóLOJLOHQGLULUYH\¾]OHUFHGHIDGDKDNDUóġóNWóU
'¾ġ¾Q¾QĠXYH\DEXFLQVELUDQWLNDQVHUVHUXPXEXODPDGóNODUóQGDQKHU\¾]\óOóQKHUVHQHVLQGHND©
LQVDQ NDQVHUGHQ ¸O¾\RU +DVWDODUóQ ND©ó ¸OPHN LVWHU %X \¾]GHQ KHU \¾]\óOGDNL ˜O¾PO¾
+¾N¾PHWOHULQGHQ 6RQVX]OXáD GXUPDGDQ O¾WIHQ QH ROXU ©RN FLGGL ELU EL©LPGH KDVWD RODQ YH
WRSOXPODUóL©LQKD\DWL¸QHPWDġó\DQLQVDQODUDGóQD\HWPLġEHġELQVHUXPDPSXO¾J¸QGHULQEL\RJUDILN
YHULOHUHNWHGLU ġHNOLQGHEDġYXUXODUJHOL\RU
9R\VóNóOGóáóQóJ¸VWHUHQELUKDUHNHWOHEDġóQóVDOODGó%LOL\RUXPELOL\RUXP
)DNDW )HUXTXH XPXUVDPDGó 9H EL\RJUDILN YHULOHUL RNXUVDQó] KHU QDVóOVD OLVWHGHNL KHUNHV ELUHU
NDKUDPDQGóU +HU ġDKóV G¾Q\DVó L©LQ \HULQH NRQPDVó P¾PN¾Q ROPD\DQ ELU ND\óSWóU 0HFEXUHQ
LQFHOHUVLQL] 2WXUXU HáHU EX LQVDQODUóQ KHSVL \DġDUVD *HU©HNOLN WH QHOHU ROXU GL\H EDNDU YH ]DPDQ
DġNóQDDGDPODUóQGHáLġLNNRPELQDV\RQODUó\DġDUVDQHROXUGL\HDUDġWóUóUVóQó]
*H©HQ D\ EDQD  NDQVHU ROD\ó JHOGL %XQODUGDQ RQ \HGLVL \DOQó]FD RQ \HGLVL <DġDPĠHPDVó
VRQXQGD JHUHNOL ROPD\DQ *HU©HNOLN 'HáLġWLUPHVL QH LKWL\D© J¸VWHUGL %LU WHN JHUHNOL *HU©HNOLN
'HáLġWLUPHVL VRQXFX ©óNPDGó )DNDW 0HFOLV H EDNDUVDQó] JHUHNOL ROPDVD GD ELU *HU©HNOLN
'HáLġWLUPHVL QH LKWL\D© J¸VWHUHQOHU VHUXPX DOó\RU 0DO½P \D LQVDQOóN 9H EX D\ WDP RQ \HGL NLġL
¾ONHOHULQHJ¸UHWDVQLIHGLOHUHNWHGDYLHGLOGL
9HEXGXUXPGDQHROX\RU"<¾]\óOODUPXWOXPXVDQNL"$\Qó¾ONHGHYHD\Qó]DPDQGDELUNLġLWHGDYL
HGLOLUNHQELUG¾]LQHVLNDGHULQHWHUNHGLOL\RU+HUNHV 1HGHQR" GL\HVRUX\RU%HONLGHEL]LP¾]HULQH
HáLOPHGLáLPL] GDKD L\L LQVDQODU %HONL GH EL]LP WHGDYL HWWLáLPL] DGDP ©RFXNODUóQó G¸YPHNWHQ
\RUXOXQFD \DġOó DQDVóQó WHNPHOH\HQ ELUL\NHQ NDGHULQH WHUN HWWLNOHULPL] KHUNHVLQ KD\UDQOóáóQó
ND]DQPóġVHYLOHQSHPEH\DQDNOóKD\óUVHYHUNLġLOHUGLU*HU©HNOLN'HáLġWLUPHOHULKDNNóQGDKL©ELUġH\
ELOPL\RUODUYHEL]GHDQODWDPó\RUX]
%¾W¾Q]DPDQODU 0HFOLVL E¾W¾Q X\JXODPDODUó LQFHOH\LS \DOQó]FD JHUHNOL *HU©HNOLN 'HáLġWLUPHVL
VRQXFX ©óNDQ <DġDPĠHPDODUó\OD LOJLOL ROD\ODUó NDEXO HGLS JHULVLQL NDGHUOHULQH WHUN HWPHGLN©H EL]
EDġóPó]ó GHUGH VRNPDNWDQ EDġND ELU ġH\ \DSPóġ RODPD\ó] +HSVL EX 7HGDYL \DOQó]FD LQVDQOóáóQ
\DUDUóQDRODFDNROD\ODUGDG¾ġ¾Q¾OPHOL\RNVDNLPVH\HX\JXODQPDPDOó6HQR &DQóPNLPHQH]DUDUó
YDU" GL\HQOHUHGHERġYHU
6RV\RORJXQ\¾]¾QGHWDWVó]ELULIDGHEHOLUPLġWL(áHUVHQNDQVHUH\DNDODQVD\GóQ
%X©RNVD©PDELUV¸]9R\.DUDUODUóPó]óEXW¾UġH\OHUHGD\DQDUDNPóYHUL\RUX]"%HQLPOHLOJLOL
ELU ROD\ ROVD\Gó *HU©HNOLN 'HáLġWLUPHVL \DSóOPD]Gó .DEDN KHU ]DPDQ ELULQLQ EDġóQD SDWOD\DFDNWóU
EXQGDQND©DPD\ó]<DVHQROVD\GóQ"
%LU ġH\ GDKD YDU +HU *HU©HNOLN 'HáLġWLUPHVL QGHQ VRQUD ©óNDFDN DNVDNOóáó G¾]HOWHFHN \HQL
*HU©HNOLN'HáLġWLUPHVL QL\DSPDNGDKDGDJ¾©OHġL\RU+HUGHIDVóQGDLġOHUELUD]GDKDNDUóġó\RU
$UWóN NRQXġXODQODU +DUODQ ó KL© LOJLOHQGLUPL\RUGX %X J¸UHYOH LOJLOL RODUDN RUWD\D ©óNDQ ELU ©HġLW
WXWXFXOXNGX\JXVX\GX6RQVX]OXNWDNLED]ó©DOóġPDODUóQGDSVLNRORJYHVRV\RORJODUEXQX¸]GHġOHġPH
RODUDN WDQóPOó\RUGX òQVDQODU NHQGL ©DOóġPD DODQODUóQD JLUHQ \¾]\óOODUOD NHQGLOHULQL ¸]GHġOHġWLUL\RU
RUDGDYHULOHQVDYDġóPODUóNHQGLOHULQLQPLġJLELVDYXQX\RUODUGó
6RQVX]OXN EX GX\JXODUOD HOLQGHQ JHOGLáLQFH XáUDġó\RUGX +L© NLPVH NHQGL GRáXP ]DPDQóQóQ LNL
\¾]\óO GDQ GDKD \DNóQóQGDNL ELU E¸O¾PH DWDQPD]Gó $WDPDODU GDKD ©RN NLġLQLQ NHQGL \¾]\óOóQGDNL
WRSOXPYHN¾OW¾UGHáHU\DUJóODUóQóQWDPDPHQWHUVL\DSóGDNL\¾]\óOODUODLOJLOHQHQE¸O¾POHUH\DSóOóUGó
+DUODQ)LQJH LYH \LG¾ġ¾QG¾ 'DKDGD¸WH\HJLGHUHNHQXIDNELUNXġNXGX\XOGXáXQGDGHUKDO
J¸UHY\HUOHULGHáLġWLULOGL
9H E¾W¾Q EXQODUD NDUġóQ LQVDQODU \LQH GH =DPDQ GD ELU \HU ELU HY ¸]OHPL\OH \DQóS WXWXġX\RUGX
=DPDQ KDVUHWL KHUNHV GH EXQX ELOL\RUGX  +HU QHGHQVH EX ¸]HOOLNOH X]D\ VH\DKDWOHUL \DSóODQ
\¾]\óOODU L©LQ GDKD GD ©RN JH©HUOL\GL %X LQFHOHQPHVL JHUHNHQ ELU NRQX\GX YH PXWODND ELU J¾Q
\DSóODFDNWóIDNDW6RQVX]OXNKHQ¾]EXNRQXGDLVWHNVL]YHWHPEHOJ¸U¾Q¾\RUGX
 %LUD\¸QFHROVD+DUODQ)HUXTXH X\D\JDUDFóGX\JXVDOELULRODUDNJ¸U¾SQHIUHWHGHUYH\HQLELU
*HU©HNOLN WH HOHNWUR©HNLPLQ ND\EROXġXQX VH\UHWPHQLQ YHUGLáL óVWóUDEó DQWLNDQVHU VHUXPX L©LQ
\DOYDUDQGLáHU\¾]\óOODUODDOD\HGHUHNKDILIOHWPH\H©DOóġPDNODVX©ODUGó
2QXUDSRUHGHUGL=DWHQE¸\OH\DSPDNRQXQJ¸UHYL\GL$UWóNEXDGDPDJ¾YHQLOHPH]GL
ĠLPGLLVHE¸\OHELUġH\\DSDPD]Gó+DWWDDGDPDELUD]\DNóQOóNELOHGX\GXáXV¸\OHQHELOLUGL.HQGL
VX©X©RNGDKDE¾\¾NW¾
1R\V ODLOJLOLG¾ġ¾QFHOHUHG¸QPHNQHNDGDUNROD\ROX\RUGXDUWóN
2JHFHQLKD\HWX\X\DELOPLġYHJ¾Qóġóáó\ODX\DQPóġWó<DUóġHIIDIGXYDUODUóQD\GóQODWWóáóRGDGDELU
EXOXWXQ¾]HULQGHJ¸]OHULQLD©PóġJLEL\GL
1R\VEDġXFXQGDJ¾O¾\RUGX=DPDQL\LOLáLQLYHUVLQVHQLX\DQGóUPDNQH]RUPXġ
+DUODQ DNOó EDġóQD JHOLU JHOPH] KHPHQ ¾]HULQGH ROPDVó JHUHNHQ \DWDN Nó\DIHWLQL \RNODGó +L©ELU
ġH\ EXODPDGó ©óSODNWó 6RQUD KDWóUODGó Nó]D E¸Q E¸Q EDNWó .XODNODUóQD NDGDU Nó]DUGó 1H
G¾ġ¾QHFHáLQLELOHPHGL
6RQUD ELUGHQ NHQGLQH JHOGL YH GRáUXOXS \DWDNWD RWXUGX 6DDW ELUL JH©PHGL GHáLO PL" %¾\¾N
]DPDQ
+HQ¾]VDDWRQELU.DKYDOWóQVHQLEHNOL\RUYHGDKDYDNWLQYDU
7HġHNN¾UHGHULPGL\HPóUóOGDQGó+DUODQ
'XġXQXD\DUODGóPJL\VLOHULQGHKD]óU
1HGL\HELOLUGLNL"7HġHNN¾UHGHULPGL\HPóUóOGDQGó
.DKYDOWó ER\XQFD Nó]óQ J¸]OHULQGHQ ND©PD\D ©DOóġWó .DUġóVóQD RWXUPXġ \HPL\RU ©HQHVLQL ELU
DYXFXQDJ¸PP¾ġVH\UHGL\RUGX6D©óELU\DQDGRáUXVóNóFDWDUDQPóġWóNLUSLNOHULGHQRUPDOGHQ©RN
X]XQGX
2 J¸]OHULQL PDVD\D GLNPLġ GX\GXáX WDWOó XWDQJD©OóáóQ ]HYNLQH YDUóUNHQ Nó] GD KHU KDUHNHWLQL
GLNNDWOHL]OL\RUGX
%LUGHQHUH\HJLGHFHNVLQ"
+DYDWRSXPD©óQDGL\HPóUóOGDQGó%LOHWDOPóġWóPGD
ò\LELUVSRUGXU%¾W¾QVH]RQXGDND©óUGóP0DO½P¾©D\óPóND\EHWWLP\D.LPND]DQDFDNGHUVLQ
$QGUHZ"
òONLVPL\OH©DáUóOGóáóQóGX\XQFDL\LFHE¾]¾OG¾%LOPL\RUXPDQODPóQGDEDġóQóVDOODGó
1DVóOROXUELOPHQOD]óP%¾W¾QEXG¸QHPLLQFHOHPLġWLQGHáLOPL"
2ODáDQNRġXOODUGDVRáXNYHVHUWELUWDYóUODEXVRUX\DROXPVX]ELUFHYDSYHUPHVLJHUHNLUGLDPD
]D\óIELUVHVWRQX\ODL]DKHWWL.DSVDQDQ\HUYH]DPDQ©RNJHQLġWLPD©VNRUODUóJLELXIDND\UóQWóODUó
ELOPHP
+D\GLKD\GLEDQDV¸\OHPHNLVWHPL\RUVXQ
+DUODQFHYDSYHUPHGL‰DWDORODUDNNXOODQóODQDOHWLVXOXELUPH\YH\HVDSODGóDá]óQDJ¸W¾UG¾
%LUD]VRQUD1R\VWHNUDUNRQXġWX6HQJHOPHGHQ¸QFHEXE¸OJHGHQHOHUROGXáXQXJ¸UG¾QP¾"
$\UóQWóVóQDNDGDUGHáLO1R\V òVPLQLV¸\OH\HELOPHNL©LQNHQGLQL]RUODPóġWó
 .ó]\XPXġDNELUVHVOHVRUGX%L]LJ¸UPHGLQPL"%XUDGDRODQODUóELOHPL
+DUODQ NHNHOHPH\H EDġODGó +D\óU KD\óU EHQ NHQGLPL J¸UHPH]GLP %HQ ġH\GH \RNXP NL *HU
\DQL EXUD\D JHOHQH NDGDU EXUDGD GHáLOGLP ò]DK HGHPHP ò\LFH ġDġóUPóġ DOW¾VW ROPXġWX .ó] ©RN
¾VWHOL\RUGX9HD]GDKD¸O¾PO¾OHUOHNRQXġXUNHQNXOODQóOPDVó\DVDNODQPóġRODQODUóQHQEDġWDJHOHQL
*HU©HNOLNNHOLPHVLQLDá]óQGDQND©óUó\RUGX
.ó]NDġODUóQóNDOGóUGóJ¸]OHULQLNRFDPDQNRFDPDQD©DUDN8WDQó\RUPXVXQVHQ"GHGL
<DSWóáóPó]GRáUXGHáLOGL
1HGHQ" \HDLWELULQVDQóQDQODPDVóP¾PN¾QGHáLOGL6RQVX]ODUDL]LQYHULOPL\RUPX"˜\OH
DOD\Fó ELU LIDGH NXOODQPóġWó NL 6RQVX]ODUóQ \HPHN \HPHOHULQH L]LQ YHULOLS YHULOPHGLáLQL VRUDU
JLEL\GL
2NHOLPH\LNXOODQPDGHGL+DUODQ$VOóQDEDNDUVDQEL]ELUEDNóPD\DSDPD\ó]
2]DPDQRQODUDV¸\OHPH%HQGHV¸\OHPH\HFHáLP
<HULQGHQ NDONWó PDVDQóQ HWUDIóQGDQ GRODġóS JHOGL +DUODQ óQ NXFDáóQD RWXUGX 0DVD\ó ELU NDO©D
GDUEHVL\OHLWWL
+DUODQNDVNDWóNHVLOGL.ó]óX]DNODġWóUPDNL©LQNROODUóQóNDOGóUGó<DSDPDGó
.ó] HáLOGL YH GXGDNODUóQGDQ ¸SW¾ DUWóN EX XWDQóODFDN ELU ġH\ GHáLOGL 1R\V X YH NHQGLVLQL
LOJLOHQGLUHQKL©ELUġH\GHQXWDQPó\RUGX
%LU J¸]OHPFLQLQ DKODNL D©óGDQ KDNNó ROPD\DQ ġH\OHU \DSPD\D EDġODGóáóQGD SHN HPLQ GHáLOGL
<DġDQDQ *HU©HNOLN YH SODQODQDQ *HU©HNOLN 'HáLġWLUPHVL QL NDSVD\DQ VRUXQXQ \DSóVó ¾]HULQGH
G¾ġ¾QPH\H EDġODGó 6RQVX]OXáX UDKDWVó] HGHQ EX \¾]\óOóQ G¾ġ¾N DKODN GHáHUOHUL VDNDW ©RFXN
GRáXPODUó \D GD DQDHUNLO WRSOXP \DSóVó GHáLOGL ‰¾QN¾ E¾W¾Q EXQODU D\Qó HVNL *HU©HNOLN WH ROGXáX
JLELGHYDPHGL\RUGX¸\OH\VH%¾W¾Q]DPDQODU0HFOLVL QLQ¾]HULQGH¸QHPOHGXUGXáXQRNWDODUGHáLOGL
)LQJHEXQXQ©RND\UóQWóGDNDODQELUġH\ROGXáXQXV¸\OHPLġWL
2KDOGHGHáLġLNOLNXIDNELUD\UóQWóGD\DSóODFDNYHġXDQGDJ¸]OHGLáLVRV\DOVóQóIODLOJLOLRODFDNWó
%XUD\DNDGDUóQóD©óN©DJ¸UHELOL\RUGX
$ULVWRNUDVL\LPXWOXD]óQOóáó¾VWVóQóIODUóLOJLOHQGLUHQELU'HáLġWLUPH\DSóODFDNWó
+DWWDE¾\¾NELURODVóOóNODGHáLġWLUPHQLQ1R\V ODLOJLOLRODELOHFHáLRQX©RNUDKDWVó]HGL\RUGX
.DODQ¾©J¾QER\XQFD1R\V XQQHġHOLDUNDGDġOóáóELOHEXOXWODUóQWRSODQPDVóQóHQJHOOH\HPHPLġWL
.ó] 1H ROGX" %LU V¾UH 6RQV KHU QH LVH R \HUGHNLQGHQ ©RN IDUNOó\GóQ .DWó NLġLOLáLQGHQ
Vó\UóOPóġWóQĠLPGL\LQHHVNL+DUODQROGXQ'¸QPHN]RUXQGDROGXáXQL©LQPL"
%LUD]
'¸QPHN]RUXQGDPóVóQ"
0HFEXUXP
3HNLELUD]JHFLNVHQQHROXU"
+DUODQ EX VRUX\D J¾O¾PVHPHGL *H© NDOPDPó SHN KRġ NDUġóODPD\DFDNODUGóU GHGL <LQH GH
HSH\GLUFHWYHOLQNHQGLVLQHWDQóGóáóLNLJ¾QO¾NPDUMóNXOODQPDNILNULDNOóQóNXUFDOó\RUGX
1R\V NHQGLQH KDV \DUDWóFó WHOOHULQGHQ UDVWJHOH QRWD YH DNRUWODUOD \XPXġDN YH NDUPDġóN P¾]LN
SDU©DODUó ©óNDUDQ ELU ©DOJóQóQ NRQWUROOHULQL D\DUODGó %X UDVWJHOH VH©LOHQ QRWDODUóQ X\XPOX ELU
E¾W¾QO¾N L©LQGH P¾]LáL ROXġWXUDELOPHVL L©LQ NDUóġóN PDWHPDWLN IRUP¾OOHUL NXOODQóOó\RUGX %¸\OHFH
P¾]LáLQNDUWDQHOHULJLELWHNUDUHGLSGXUPDPDVóVDáODQó\RUJ¾]HOOLNND]DQGóUóOó\RUGX
6HVOHULQ E¾\¾OH\LFL HWNLVL DOWóQGD 1R\V X VH\UHGHQ +DUODQ ©RN ¾]J¾QG¾ <HQL GXUXP ROXġWXáXQGD
EXNó]DQHRODFDNWó"%LUEDOóN©óQóQNDUóVóELUIDEULNDLġ©LVLDOWó©RFXNDQDVóġLġPDQ©LUNLQKDVWDOóNOó
QH RODFDNWó DFDED" +HU QH ROXUVD ROVXQ +DUODQ ó KDWóUODPD\DFDNWó <HQL ELU *HU©HNOLN WH Nó]óQ
KD\DWóQGD\HULROPD\DFDNWó=DWHQNLPROXUVDROVXQDUWóNR1R\VROPD\DFDNWó
2QXQNLVL \DOQó]FD ELU Nó]ó VHYPHNWHQ ¸WH ELU ġH\GL *DULSWLU LON NH] G¾ġ¾QFHOHULQLQ DUDVóQD
VHYPHN NHOLPHVL NDUóġó\RUGX YH KL© \DGóUJDPó\RUGX  .ó]óQ HOELVH VH©LPLQGHNL ]HYNLQH
\¾U¾\¾ġ¾QHNRQXġPDWDU]óQDLIDGHJ¾]HOOLáLQHNóVDFDVóELUHWNHQOHUE¾W¾Q¾QHDġóNROPXġWX<DġDQDQ
*HU©HNOLN WHNL ©H\UHN \¾]\óOOóN KD\DW YH GHQH\LPLQ ¾U¾Q¾\G¾ EX %LU \óO ¸QFHNL *HU©HNOLN
'HáLġWLUPHVL QGHQ¸QFHNL*HU©HNOLN OHEXNó]RQXQ1R\V XGHáLOGL<DSóODFDNGHáLġLNOLNWHQVRQUDGD
DUWóNRQXQ1R\V XROPD\DFDNWó
<HQL 1R\V EHONL ELU©RN \¸QGHQ GDKD P¾NHPPHO ELU LQVDQ RODFDNWó DPD +DUODQ QH LVWHGLáLQL L\L
ELOL\RUGX 2 EXUDGDNL ġX DQGD J¸]OHUL\OH J¸UG¾á¾ EX *HU©HNOLN WH \DġD\DQ 1R\V X LVWL\RUGX
.XVXUODUóYDUVDRQODUóGDLVWL\RUGX
1H\DSDELOLUGL"
%LU©RN ġH\ DNOóQD JHOL\RUGX DPD KHSVL GH NXUDOODUD D\NóUó\Gó ˜UQHáLQ EXQODUGDQ ELUL
GHáLġWLUPHQLQ\DSóVóQó¸áUHQLS1R\V XQDVóOHWNLOH\HFHáLQLWDPRODUDNVDSWDPDNWó+HUġH\GHQ¸QFH
LQVDQHPLQRODPD]GóNL
%LUGHQ ©¸NHQ VHVVL]OLN +DUODQ ó GDOGóáó KD\DO DOHPLQGHQ D\óUGó 7HNUDU <DġDPĠHPDFóVó QóQ
E¾URVXQGD\Gó6RV\RORJ9R\J¸]XFX\ODRQXL]OL\RUGX)HUHTXH XQELU¸O¾Q¾QNLQHEHQ]H\HQ\¾]¾GH
RQXV¾]¾\RUGX
9HVHVVL]OLNLQVDQóQL©LQHLġOL\RUGX
%LUGHQEXQXQDQODPóġLPġHNJLEL©DNóYHUGL+HVDSOD\óFóQóQWóNóUWóODUóNHVLOPLġWL
+DUODQDWóOGó&HYDSJHOGL<DġDPĠHPDFóVó
)HUXTXHHOLQGHNLILOPHEHQ]H\HQġH\OHUHEDNWó(YHHHW7DELL$FD\LS
%DNDELOLUPL\LP"+DUODQHOLQLX]DWWó*¸]OHJ¸U¾O¾UELUEL©LPGHWLWUL\RUGX
*¸U¾QHQELUġH\\RN=DWHQDFD\LSRODQGDEX\D
%LUġH\\RNGDQHGHPHN"+DUODQ)HUXTXH DGHKġHWGROXELUEDNóġIóUODWWó
<DġDPĠHPDFóVó DFóPDVó]FD WDQH WDQH NRQXġWX %X KDQóP \HQL *HU©HNOLN WH \RN +L©ELU NLġLOLN
KDUHNHWLQHUDVWODQPó\RU<RNKHSVLEX.D\EROPXġ2ODVóOóNODUóEDVDPDáóQDNDGDULQGLUJHGLP
+L©ELU \HUGH RUWD\D ©óNPó\RU $VOóQD EDNDUVDQó] DOQóQGD ELULNHQ WHUL X]XQ SDUPDNODUó\OD VLOGL
YHUGLáLQL] HWNHQOHULQ ROXġWXUGXáX ELUOHġLPOH EX KDQóPóQ HVNL *HU©HNOLN WH ELOH QDVóO \HU DOGóáóQó
DQOD\DPDGóP
+DUODQ óQNXODNODUóXáXOGX\RUGX)DNDWIDNDW'HáLġLNOLNRNDGDUN¾©¾NNL
%LOL\RUXP(WNHQOHULQELUOHġLPLELUDFD\LS%X\UXQJ¸UPHNLVWHUPLVLQL]"
+DUODQVRQX©ODUóDOGó1R\V\RN"1R\V\DġDPó\RU"1DVóOROXUGXEX"
2PX]XQD ELU HOLQ GRNXQGXáXQX KLVVHWWL YH NXODNODUóQGD 9R\ XQ VHVL ©óQODGó 5DKDWVó] PóVóQó]
7HNQLV\HQ" 7HVDG¾I GH ROVD ELU 7HNQLV\HQ LQ Y¾FXGXQD GRNXQPXġ ROPDNWDQ SLġPDQ ROPXġ©DVóQD
HOLQL©HNWL
+DUODQ E¾W¾Q \¾] KDWODUóQó R\QDWDQ ELU JD\UHWOH \XWNXQGX 2OGXN©D L\L\LP %HQL VH\DKDW DUDFóQD
J¸W¾U¾UP¾V¾Q"
'X\JXODUóQó D©óáD YXUPDPDOó\Gó +HU ]DPDQ \DSWóáó DNDGHPLN DUDġWóUPDODUGDQ ELULQL GDKD
WDPDPODPóġ JLEL GDYUDQPDOó\Gó 1R\V XQ \HQL *HU©HNOLN WH EXOXQPD\óġóQóQ RQXQ ELU GX\JX VHOLQH
ERáGXáXJHU©HáLQLVDNODPDOó\Gó
 

68‰$+$=,5/,.
 GD+DUODQVH\DKDWDUDFóQDJLUGLYHDUDFó6RQVX]OXN WDQD\óUDQSHUGHQLQJHUHNWLáLQFHNDSDQóS
NDSDQPDGóáóQD EDNPDN L©LQ EDġóQó ©HYLUGL DVOóQGD 9R\ XQ RQX J¸]HWOHPHGLáLQGHQ HPLQ ROPDN
LVWL\RUGX 6RQ KDIWDODUGD VH\DKDW DUD©ODUóQD ELQGLáLQH NLPVHQLQ L]OHPHGLáLQGHQ HPLQ ROPDN L©LQ
G¸Q¾SDUNDVóQDELUJ¸]DWPD\óDOóġNDQOóNKDOLQHJHWLUPLġWL
9H VRQUD ]DWHQ WD  GD ROPDVóQD UDáPHQ NXPDQGDODUó GDKD GD ¾VW]DPDQODUD GRáUX D\DUODGó
=DPDQPHWUHGHNL UDNDPODUóQ DUWóġóQó VH\UH NR\XOGX 5DNDPODU V¾UDWOH DUWó\RUGX DPD G¾ġ¾QHELOPHN
L©LQ]DPDQóYDUGó
<DġDPĠHPDFóVó QóQ EXOJXODUó GXUXPX QDVóO GD GHáLġWLUPLġWL 6X©XQXQ JHQHO \DSóVó QDVóO GD
GHáLġLYHUPLġWL
9HE¾W¾QEXQODU)LQJH GHG¾á¾POHQL\RUGX(YHWRQGDG¾á¾POHQL\RUGX
 GH1R\V ODELUOLNWHJH©HQJ¾QOHUGHQVRQUD6RQVX]OXáDG¸QG¾á¾QGH)LQJH OHNLġLVHOWHPDVODUGD
EXOXQPDNWDQ ND©óQPóġWó  GH\NHQ KL©ELU DQODPó \RNWX DPD \HPLQLQH EDáOó NDOPDPóġ ROPDVó
6RQVX]OXN WDNRUNXQ©ELUġH\GL
5DSRUXQX NHQGLVL J¸W¾UPHPLġ JHUHNOL NDQDOODUó NXOODQDUDN \ROODPóġ YH GDLUHVLQH NDSDQPóġWó
'¾ġ¾QPHNYHNHQGLVLQH©L]GLáL\HQL\ROXL\LFHEHQLPVH\LSDOóġPDNL©LQ]DPDQDLKWL\DFóYDUGó
)LQJHEXQDL]LQYHUPHPLġWL5DSRUXDOGóNWDQVRQUDELUVDDWELOHJH©PHGHQ+DUODQ ODWHPDVDJH©WL
7HOHIRQHNUDQóQGD%LOJLVD\DU óQVLOXHWLEHOLUGL%¾URQGDROXUVXQVDQPóġWóP
5DSRUXPXJ¸QGHUGLPHIHQGLP<HQLELUJ¸UHYL©LQQHUHGHEHNOHGLáLPLQELU¸QHPL\RN
˜\OH PL" )LQJH HOLQGH WXWWXáX UDSRUX ġDġó J¸]OHUL\OH LQFHOL\RUGX %DQD WDPDP GHáLOPLġ JLEL
JHOGLGL\HGHYDPHWWL2GDQDJHOHELOLUPL\LP"
+DUODQELUDQL©LQWHUHGG¾WHWWL$GDPRQXQDPLUL\GLYHNHQGLVLQLQGDYHWLQLJHUL©HYLUPHNVHUNHġ©H
ELULWDDWVL]OLNRODFDNWL6X©XQXQRUWD\D©óNPDVóQDQHGHQRODELOLUGLYHYLFGDQóEXQDL]LQYHUPH]GL
0HPQXQL\HWOHEX\UXQ%LOJLVD\DUGL\HUHNNDWóELULIDGH\OHNDEXOHWWL
)LQJH LQ \XPXġDN GDYUDQóġODUó +DUODQ óQ RGDVóQD EXQDOWóFó ELU VDKWH QHġH KDYDVó JHWLUPLġWL
+DUODQ óQ GRáXP ]DPDQó RODQ  GH 6SDUWD PRGDVó KDNLPGL YH NHQGLVL GH KHS EX WDU]GD G¸ġHPHOHU
NXOODQó\RUGX0HWDOERUXOXVDQGDO\HOHULQNDSODPDODUóDáD©KDYDVóYHULOPHN¾]HUHFLODODQPóġWó SHNGH
EDġDUóOó RODPDPóġWó \D  2GDQóQ ELU N¸ġHVLQGH NHQGL ]DPDQóQóQ HQ ¸QHPOL WHPVLOFLVL RODQ ELU Hġ\D
\HUOHġWLULOPLġWL
)LQJH LQKHPHQGLNNDWLQL©HNWL
<DSóVóQóDQODPD\D©DOóġóUFDVóQDERGXUSDUPDNODUó\OD\RNOD\DUDN%XPDGGHQLQFLQVLQHGLU"
$áD©HIHQGLPGHGL+DUODQ
2ULMLQDO PL" *HU©HN DáD© Pó \DQL" ‰RN ġDġóUWóFó 6HQLQ GRáXP \¾]\óOóQGD KHS DáD©
NXOODQóOó\RUGXGHáLOPL"
 (YHW
$QOó\RUXP 1H\VH FDQóP EX NXUDOODUD D\NóUó ELU ġH\ GHáLO 7HNQLV\HQ GRNXQGXáX ġH\GHQ
WR]ODQDQSDUPDáóQóSDQWRORQXQXQ\DQWDUDIóQDVLOGLIDNDWGRáXP]DPDQóQóQELULQVDQóHWNLOHPHVLQH
L]LQYHUPHNRQD\ODQóUPóELOPHP*HU©HNELU6RQVX]EXOXQGXáXWRSOXPYHN¾OW¾UGHáHUOHULQHX\XP
VDáODU 0HVHOD EHQ EHġ \óOGD WRSODP LNL GHIDGDQ ID]OD HQHUML WHQFHUHOHULQGH SLġPLġ \HPHNOHUGHQ
\HPHP 'HULQGHQ ELU L© ©HNWL 9H \HPHáLQ PDGGH\H WHPDVó KL© WHPL] ELU ġH\ GHáLOGLU )DNDW QH
\DSDOóP1H\DSDOóP
*¸]OHULQL WHNUDU DáD©WDQ \DSóOPóġ Hġ\D\D ©HYLUGL IDNDW EX GHID HOOHULQL DUNDVóQGD ELUOHġWLUPLġWL
1HGLUEX"1H\H\DUDU"
%LUNLWDSOóNGHGL+DUODQ$VOóQGDġXDQGD)LQJH HHOOHULDUNDVóQGD\NHQNHQGLQLGDKDL\LKLVVHGLS
KLVVHWPHGLáLQL VRUPDN LVWL\RUGX +DWWD JL\VLOHUL VDI HQHUMLGHQ \DSóOPóġ ROVD NHQGLQL GDKD GD WHPL]
KLVVHGHUGLKHUKDOGH
)LQJHNDġODUóQóNDOGóUGó%LUNLWDSOóN2KDOGHUDIODUGDGXUDQġH\OHUGHNLWDSROPDOó'RáUXPX"
(YHWHIHQGLP
6DKLFL¸UQHNOHUPL"
7¾P¾\OH %LOJLVD\DU  GHQ WRSODGóP %LUND©ó LVH  GHQ (áHU ELU J¸] DWPD\óG¾ġ¾Q¾\RUVDQó]
GLNNDWOL ROPDQó]ó ULFD HGHFHáLP +HU QH NDGDU VD\IDODQ UHVWRUH HGLOPLġ YH DġóODQPóġVD GD
NDSODQPDGóNODUóL©LQ©RNGLNNDWOLPXDPHOHHWPHNJHUHNL\RU
'RNXQPD\DFDáóP 'RNXQPD\ó G¾ġ¾QP¾\RUXP ž]HUOHULQGH  \¾]\óOGDQ JHOPH WR]ODU YDUGóU
VDQóUóP*HU©HNNLWDSODU*¾OG¾6D\IDODUóGDVHO¾OR]GDQWDELL%¸\OHV¸\OHPLġWLQGHáLOPL"
+DUODQEDġó\ODRQD\ODGó'DKDX]XQV¾UHGD\DQPDODUóL©LQDġóODQPDDPHOL\DWODUóJH©LUGLOHUDPD
HYHW VHO¾OR]GDQ \DSóOPóġWóU $á]óQó D©Wó V¾N½QHWLQL NRUX\DELOPHN L©LQ GHULQ ELU QHIHV DOGó %X
NLWDSODUODNHQGLVLQL¸]GHġOHġWLUPHN©RNNRPLNWL
6¸\OHPHGHQ \DSDPD\DFDáóP GHGL )LQJH K¤O¤ D\Qó NRQX ¾]HULQGH GXUX\RUGX %X NLWDSODUGDNL
KHU ġH\ LNL PHWUHOLN ELU ILOPH ND\GHGLOLS ELU SDUPDáóQ XFX NDGDU \HUGH VDNODQDELOLU 1HOHUGHQ
EDKVHGL\RUEXQODU"
 \HDLWELUGHUJLQLQFLOWOHQPLġVD\óODUó
6HQRNXGXQPXEXQODUó"
+DUODQ JXUXUOD NRQXġWX %XQODU EHQLP NROHNVL\RQXPXQ ELUND© FLOGL 6RQVX]OXN WDNL EDġND KL©ELU
N¾W¾SKDQHGHEHQ]HUL\RNWXU
(YHWġXVHQLQKRELQ%LU]DPDQODUòONHO HRODQPHUDNóQGDQEDKVHWWLáLQLKDWóUOó\RUXP1DVóOROGXGD
(áLWPHQ LQE¸\OHġH\OHUOHLOJLOHQPHQHL]LQYHUGL(QHUMLLVUDIóQGDQEDġNDELUġH\GHáLO
+DUODQ óQ GXGDNODUó JHULOGL %X DGDPóQ RQX VLQLUOHQGLUHUHN PDQWóN Góġó GDYUDQóġODUGD EXOXQPD\D
]RUODGóáóQDNDUDUYHUGL(áHU¸\OH\VHEXQXEDġDUDPD\DFDNWó
6DQóUóPUDSRUXPKDNNóQGDJ¸UPHNLVWHPLġWLQL]
(YHW ¸\OH %LOJLVD\DU ġ¸\OH ELU HWUDIóQD EDNóQGó ELU VDQGDO\H\H JH©WL LKWL\DWOó KDUHNHWOHUOH
RWXUGX+DEHUOHġPHFLKD]ó\ODJ¸U¾ġW¾á¾P¾]GHGHV¸\OHGLáLPJLELWDPDPGHáLO
1H\¸QGHQHIHQGLP" 6DNLQRO6DNLQRO
)LQJHVLQLUOLVLQLUOLJ¾O¾PVHGL+L©GHáLQPHGLáLQELUġH\ROGXPX+DUODQ"
 +L©ELU ġH\ HIHQGLP +HU QH NDGDU D\DNWD GLPGLN GXUX\RUVD GD EDġóQGDQ DġDáó ND\QDU VXODU
G¸N¾OP¾ġW¾VDQNL
+D\GL 7HNQLV\HQ 2 JHQ© ED\DQóQ WRSOXPXQGD ELU V¾U¾ ]DPDQ KDUFDGóQ (áHU ]DPDQPHN¤Q
FHWYHOLQLLQFHOHUVHQJ¸U¾UV¾Q&HWYHOHX\JXQKDUHNHWHWWLQGHáLOPL"
+DUODQ\DOQó]FD8\JXQKDUHNHWHWWLPGL\HELOGL
9HQHROGX".DGóQODRODQNLġLVHOLOLġNLOHULQGHQKL©V¸]HWPHPLġVLQ
˜QHPOLVD\óODFDNELUġH\\RNWX+DUODQ óQGXGDNODUóNXUXPXġWX
òġWHEX©RNNRPLN6HQLQ\DġóQGDYHVHQLQGHQH\LPLQHVDKLSELULQHQH\LQ¸QHPOLQH\LQ¸QHPVL]
ROGXáXQXELU*¸]OHPFL QLQ\DUJóOD\DPD\DFDáóQóDQODWPDPDJHUHN\RNVDQóUóP
)LQJH LQ J¸]OHUL LġWDKOD +DUODQ D GLNLOPLġWL <XPXġDN VRUJXODPD WDU]óQD NDUġóQ ©RN GDKD NDWó YH
KóUVGROX\GX
+DUODQEXQXIDUNHWWL)LQJH LQQD]LNV¸]OHULQHDOGDQPD\DFDNWóIDNDWLġDKODNóGDELU\DQGDQEDVNó
\DSó\RUGX%LU*¸]OHPFLKHUġH\LUDSRUHWPHNOHJ¸UHYOLGLU*¸]OHPFL6RQVX]OXNWDUDIóQGDQ=DPDQ D
X]DWóOPóġWHSNLOHULDOJóOD\DQELUGX\DUJDGDQLEDUHWWLU‰HYUHVLQLJ¸]OHUYHJHUL©HNLOLUòġOHYLQL\HULQH
JHWLULUNHQGHNLġLOLáLRODQELULKDWWDELULQVDQRODUDNG¾ġ¾Q¾OPH]
+DUODQ UDSRUXQD JH©LUPHGLáL ġH\OHUL ELU ND\óW FLKD]ó JLEL DQODWPD\D EDġODGó %XQX ELU
*¸]OHPFL QLQHáLWLOPLġEHOOHáLQGHQ©óNDUDNGLOHJHWLUL\RUNHOLPHNHOLPHNRQXġXODQODUóDQODWó\RUVHV
WRQXQD YH KDUHNHWOHUH YDUóQFD\D NDGDU \DġDQDQ ROD\ODUó DNWDUó\RUGX $QODWóUNHQ WHNUDU \DġDGóáó L©LQ
EX LġL VHYHUHN \DSó\RUGX DPD )LQJH LQ V¾]¾ġ¾ YH NHQGLVLQLQ UDKDWODPDVóQGDQ ROXġDQ ELOHġLPLQ RQX
QHUHGH\VHVX©XQXLWLUDIHGHFHáLELUQRNWD\DGRáUXV¾U¾NOHGLáLQLQIDUNóQGDGHáLOGL
$QFDNEXX]XQNRQXġPDQóQVRQXQD\DNODġWóáóQGDNHNHOHPH\HYHELU*¸]OHPFL QLQRVXNDWóOPDGóN
WDUDIVó]OóáóQGDQVDSPDODUJ¸VWHUPH\HEDġODGó
'DKD D\UóQWó\D JLUPHNWHQ )LQJH LQ ELU HO KDUHNHWL YH VHUW VHV WRQX\ODNXUWXOGX 7HġHNN¾U HGHULP
%XNDGDUó\HWHU1HUHGH\VHNDGóQODQDVóOVHYLġWLáLQLDQODWPD\DEDġOD\DFDNWóQ
+DUODQVLQLUOHQGL)LQJHJHU©HáL\DOóQELUEL©LPGHGLOHJHWLUPLġWLDPDVHVWRQXROD\óġHKHY°NDED
YHGDKDN¸W¾V¾EDVLWDOHODGHELUKDOHVRNX\RUGX+DOEXNLEXLġL©LQKHUġH\V¸\OHQHELOLUGLGHDOHODGH
RODUDNGHáHUOHQGLULOHPH]GL
+DUODQ)LQJH LQDFHOH\OHV¸]¾Q¾NHVLġLQLQVHEHELQLEXOGX)LQJHNóVNDQó\RUGX+DUODQ\HPLQELOH
HGHELOLUGL2QDDLWELUNDGóQóHOLQGHQDOPóġWó
+DUODQ ELU ]DIHU ND]DQGóáóQó KLVVHGL\RUGX YH EX GX\JX KRġXQD JLWWL +D\DWóQGD LON NH]
6RQVX]OXN WDNLVRáXNGX\JXODUGDQEDġNDELUġH\OHULWDGó\RUGX)LQJHDUWóNKHSNóVNDQPDN]RUXQGD\Gó
©¾QN¾1R\VEXQGDQE¸\OHNHQGLVLQLQRODUDNNDODFDNWó
.D]DQPóġ ROPDQóQ KH\HFDQó\OD GDKD ¸QFHGHQ G¸UW EHġ VóNóFó J¾QGHQ VRQUD \DSPD\ó SODQODGóáó
EDġYXUX\XKHPHQ\DSPD\DNDUDUYHUGL
=DPDQ GDQELULQVDQODLOLġNLNXUPDL]QLDOPDNL©LQEDġYXUDFDáóP
)LQJHGDOGóáóKD\DODOHPLQGHQX\DQPóġJLELEDġóQóNDOGóUGó6DQóUóP1R\V/DPEHQW OHGHGL
(YHWHIHQGLP%¸O¾P ¾QVRUXPOXVX%LOJLVD\DURODUDNVL]HEDġYXUXOPDVóJHUHNL\RU
+DUODQEXEDġYXUXQXQ)LQJH H\DSóOPDVóJHUHNWLáLQH©RNVHYLQL\RUGX2QDDFó©HNWLUPHNLVWL\RUGX
(áHU Nó]ó NHQGLVL LVWL\RUVD +DUODQ D V¸\OHPHN ]RUXQGD\Gó YH R GD 1R\V D WHUFLKLQLQ ROGXáXQXQ
VRUXOPDVóQóWDOHSHGHFHNWL
1RUPDO RODUDN ELU 7HNQLV\HQ ELU %LOJLVD\DU óQ LVWHNOHULQLQ JHU©HNOHġPHVLQL EX W¾U ġH\OHUOH
HQJHOOH\HPH]GL DPD +DUODQ 7ZLVVHOO H J¾YHQL\RUGX )LQJH GHQ ©RN ¸QFH J¸U¾ġ¾S RQX
NDQGóUDELOHFHáLQLG¾ġ¾Q¾\RUGX
)LQJHDġóUóELUWHSNLJ¸VWHUPHGL˜\OHJ¸U¾Q¾\RUNLGL\HV¸]HEDġODGóVHQ]DWHQEXNó]ODJD\UL
PHġUXRODUDNWHPDVWDEXOXQPXġVXQ
+DUODQ NóSNóUPó]ó NHVLOGL YH FDQVó] ELU KDOGH NHQGLQL VDYXQPD\D \HOWHQGL =DPDQPHN¤Q FHWYHOL
EL]LP V¾UHNOL ELUOLNWH ROPDPó] L©LQ ©RN óVUDUOó\Gó 2ODQODUóQ KL©ELUL \DVDNODQPóġ ġH\OHU GHáLO
6X©OXOXNGX\PX\RUXP
<DODQGóYH)LQJH LQJ¾O¾PVH\HQ\¾]¾QGHQEXQXQ\DODQROGXáXQXELOGLáLD©óN©DRNXQX\RUGX
%LU*HU©HNOLN'HáLġWLUPHVL\DSóODFDNGHGL
˜\OH\VHEHQGH%D\DQ/DPEHQW OHLOJLOLEDġYXUXPX\HU*HU©HNOLN WH\DSDUóP
%DQDNDOóUVDSHNDNóOOóFDROPD]˜QFHGHQQDVóOEXNDGDUHPLQRODELOLUVLQ"<HQL*HU©HNOLN WHEHONL
GHRHYOLELUNDGóQRODFDNEHONLGHEL©LPVL]ELUL$VOóQGDġXQXUDKDW©DV¸\OH\HELOLULPNLRNó]\HQL
*HU©HNOLN WHVHQLLVWHPH\HFHNWLU6HQLLVWHPH\HFHNWLU
+DUODQWLUWLUWLWUL\RUGX%XQXELOHPH]VLQL]
6DKL PL" %X E¾\¾N DġNóQó] UXKODUóQó]óQ WHPDVóQGDQ Pó ROXġX\RU VDQó\RUVXQ" 'óġWDQ JHOHQ
HWNLOHULQW¾P¾GHáLġVHGHD\QóNDODFDN¸\OHPL"=DPDQODLOJLOLURPDQODUPóRNX\RUVXQVHQ"
+DUODQIHQDKDOGHWDKULNHGLOPLġWLVD\Jó\óIDODQXQXWWX%LUNHUHEHQVDQDLQDQPó\RUXP
)LQJHEX]JLELVHVOH1HGHGLQ"GL\HVRUGX
<DODQ V¸\O¾\RUVXQ $UWóN Dá]óQGDQ ©óNDQó NXODáó GX\PX\RUGX .óVNDQó\RUVXQ 1R\V OD LOJLOL
EDġNDSODQODUóQYDUGóDPDNó]EHQLVH©WL
)DUNóQGDPóVóQ"
+HU ġH\LQ IDUNóQGD\óP $SWDO GHáLOLP %LU %LOJLVD\DU ROPD\DELOLULP IDNDW FDKLO GH GHáLOLP
1R\V XQ \HQL *HU©HNOLN WH EHQL LVWHPH\HFHáLQL V¸\O¾\RUVXQ 1HUHGHQ ELOL\RUVXQ" 6HQLQ KHQ¾] \HQL
*HU©HNOLáLQ QDVóO ELU ġH\ RODFDáóQGDQ ELOH KDEHULQ \RN $VOóQGD \HQL ELU *HU©HNOLáH LKWL\D© ROXS
ROPDGóáóQGDQ ELOH KDEHULQ \RN 6HQ VDGHFH EHQGHQ ELU UDSRU DOGóQ R NDGDU %LU *HU©HNOLN
'HáLġWLUPHVL L©LQ D\UóQWóOó LQFHOHPHOHU KHVDSODU \DSóOPDVó JHUHNLU +DGL RQX GD EóUDN RQD\ L©LQ
VXQXOPDOóGóU 6HQ QH ]DPDQ GHáLġLNOLáLQ \DSóVóQó ¸áUHQPH IóUVDWó EXOGXQ V¸\OHU PLVLQ" <DODQ
V¸\O¾\RUVXQVHQ
)LQJHELU©RNġHNLOGHWHSNLJ¸VWHUHELOLUGL+DUODQGDEXQODUóQ©RáXQXG¾ġ¾QHELOL\RUGX1HġHNLOGH
GDYUDQDFDáó XPXUXQGD ELOH GHáLOGL ˜INH\OH ©óNóS JLGHELOLU ELU J¾YHQOLN J¸UHYOLVLQL ©DáóUóS HPUH
LWDDWVL]OLNWHQ KDSVH DWWóUDELOLU D\Qó +DUODQ JLEL DYD]ó ©óNWóáó NDGDU EDáóUóS WDUWóġPD\ó V¾UG¾UHELOLU
LYHGLOLNOH 7ZLVVHOO OH ELU J¸U¾ġPH WDOHELQGH EXOXQXS UHVPHQ ġLN¤\HW HGHELOLU \D GD KHUKDQJL EDġND
ELUġH\\DSDELOLUGL
)LQJHEXQODUóQKL©ELULQL\DSPDGó
6¾N½QHWOHYH\XPXġDNELUVHVWRQX\OD2WXU+DUODQ%XNRQXGDELUD]NRQXġDOóPGHGL
9H E¸\OH ELU GDYUDQóġó KL© XPPD\DQ +DUODQ ġDġNóQOóNWDQ Dá]ó ELU NDUóġ D©óOPóġ RODUDN RWXUGX
%XOGXáX©¸]¾PVX\DG¾ġP¾ġW¾1HGHPHNROX\RUGXEX"
 +DWóUODUVóQ GHGL )LQJH VDQD  LOH RODQ VRUXQXPX]XQ KDOLKD]óUGDNL *HU©HNOLN WH \DġD\DQ
˜O¾PO¾OHULQ ED]óODUóQóQ 6RQVX]OXáD NDUġó LVWHQPH\HQ GDYUDQóġODUó\OD LOJLOL ROGXáXQX DQODWPóġWóP
+DWóUOó\RUVXQ GHáLO PL" *HUL NDOPóġ ELU ¸áUHQFLVL\OH NRQXġDQ ELU ¸áUHWPHQLQ \XPXġDN LIDGHVL\OH
KLWDSHGL\RUGXDPD+DUODQJ¸]OHULQGHNLELUWDNóPSóUóOWóODUóGDND©óUPDPóġWó
7DELLGHGL+DUODQ
.HVLQ GHVWHN VDáOD\DFDN J¸]OHPOHU ROPDGDQ %¾W¾Q]DPDQODU 0HFOLVL QLQ LQFHOHPHOHULPL
NDEXOOHQPHN LVWHPHGLáLQL GH V¸\OHPLġWLP %¾W¾Q EXQODU VHQL JHUHNOL *HU©HNOLN 'HáLġWLUPHVL QL
KHVDSODGóáóPDLNQDHGHPL\RUPX"
)DNDWJHUHNOLGHVWHáLEHQLP\DSWóáóPJ¸]OHPOHUVDáOó\RUGHáLOPL"
(YHWRQODUVDáOó\RU
9HEXQODUóHQGRáUXEL©LPGHGHáHUOHQGLUPHNL©LQLQFHOHPHN]DPDQDOóU
6D©PD 5DSRUXQ KL©ELU ġH\ LIDGH HWPL\RU 'HVWHNOH\LFL QRNWDODU ELUD] ¸QFH V¸]O¾ RODUDN
DQODWWóNODUóQGDVDNOó
1HGHPHNLVWHGLáLQLDQOD\DPDGóP
%DN+DUODQ6DQD \OHLOJLOLVRUXQXDQODWD\óP%X\¾]\óOóQ\¾NVHNVóQóIODUóELOKDVVDNDGóQODUó
DUDVóQGD VRQVX]ODUóQ JHU©HNWHQ VRQODUó ROPD\DQ NLġLOHU ROGXNODUó LQDQFó \D\óOPóġ GXUXPGD <DQL
JHU©HNDQODPGDVRQVX]DGHN\DġDGóNODUó¸OPHGLNOHUL%¾\¾N=DPDQRáOXP1R\V/DPEHQWGHVDQD
EXQXV¸\OHPLġWL\DGDKD\LUPLGDNLND¸QFHVHQEDQDRQXQV¸]OHULQLWHNUDUODPDGóQPó"
+DUODQ )LQJH H ERġ ERġ EDNWó 1R\V XQ \DQóQD X]DQGóáóQGD NDUD J¸]OHUL\OH EDNóġóQó YH \XPXġDN
RNġD\DQVHVLQLKDWóUOó\RUGX6HQVRQVX]DGHN\DġD\DFDNVóQ6HQELU6RQVX] VXQ
)LQJH GHYDP HWWL ĠLPGL E¸\OH ELU LQDQóġ L\L ELU ġH\ GHáLO IDNDW DVOóQGD ©RN N¸W¾ GH GHQHPH]
8\XPVX]OXNODUD \RO D©DELOLU %¸O¾P L©LQ ED]ó VRUXQODU ©óNDUDELOLU IDODQ DPD KHVDSODUD J¸UH EX
ROD\ODUóQ©RND]ó*HU©HNOLN'HáLġWLUPHVL QHLKWL\D©J¸VWHUL\RU<LQHGHELU'HáLġWLUPHJHUHNOL\VH
\¾]\óOóQNRQX\ODLOJLOLġDKóVODUóQóQ\DQLEXLQDQóġDVDKLSRODQODUóQ'HáLġLNOLN WHQHQ©RNHWNLOHQHFHN
NLPVHOHUROPDVóGRáDO%DġNDELUGH\LġOHDULVWRNUDWNDGóQODUóQ1R\V XQ
2ODELOLUDPDEHQġDQVóPóGHQHPHNLVWL\RUXPGHGL+DUODQ
+L© ġDQVóQ \RN 6HQLQ \DNóġóNOóOóáóQ YH ©HNLFLOLáLQ PL WDWOó DULVWRNUDWó EDVLW ELU 7HNQLV\HQ LQ
NROODUóQDDWWóVDQó\RUVXQ"+DGL+DUODQELUD]JHU©HN©LRO
+DUODQVDEóUODGLQOL\RUGX+L©ELUġH\V¸\OHPHGL
)LQJH %X LQVDQODUóQ 6RQVX]ODUóQ ¸O¾PV¾] VDQGóNODUó \DġDPODUó\OD LOJLOL LQDQ©ODUóQD HNOHGLNOHUL
EDWóO LWLNDGó WDKPLQ HGHPL\RU PXVXQ" .DGóQODUóQ ©RáX ELU 6RQVX] OD LOLġNL NXUGXNODUó WDNGLUGH
VRQVX]DGHN\DġD\DFDNODUóQDLQDQó\RUODU
+DUODQ WHUHGG¾W L©LQGH\GL 1R\V XQ NXODNODUóQD GRODQ VHVL R NDGDU EHUUDNWó NL (áHU ELU 6RQVX]
ROVD\GóP
9HVRQUD¸S¾F¾NOHUL
)LQJH GHYDP HWWL %¸\OH ELU EDWóO LWLNDGóQ YDUOóáóQD LQDQPDN ©RN J¾©W¾ +DUODQ +L© E¸\OHVL\OH
NDUġóODġPDPóġWóN +DWD SD\ó VóQóUODUóQGD NDOGóáó L©LQ ELU ¸QFHNL 'HáLġWLUPH QLQ KHVDSODPDODUó
HVQDVóQGDGDRUWD\D©óNPDGó%¾W¾Q]DPDQODU0HFOLVLNHVLQNDQóWODUKDNLNL¸UQHNOHULVWL\RUGX%HQGH
VóQóIóQóQ HQ L\L ¸UQHNOHULQGHQ ELUL RODQ %D\DQ /DPEHQW L VH©WLP 'HQH\LQ ¸E¾U HOHPDQó RODUDN GD
VHQL
+DUODQD\DáDIóUODGó%HQLVH©WLQKD"%LUGHQH\HOHPDQóRODUDN"
˜]¾UGLOHULPGHGL)LQJHDPDJHUHNOL\GL6HQL\LELU¸UQHNWLQ
+DUODQGRVGRáUXDGDPóQJ¸]OHULQLQL©LQHEDNó\RUGX
)LQJH EX VHVVL] EDNóġ NDUġóVóQGD NXUQD]FD JHUL ©HNLOPH\H JH©WL $QODPó\RU PXVXQ" +D\óU K¤O¤
DQODPó\RUVXQ%DN+DUODQVHQ6RQVX]OXáXQGRQGXUXOPXġEDOóNWDQIDUNVó]ELU¾U¾Q¾V¾Q%LUNDGóQD
EDNDPD]VP .DGóQODUó DKO¤N Góġó ġH\OHU RODUDN J¸U¾UV¾Q +D\óU GDKD L\L ELU NHOLPH YDU 2QODUó
J¾QDKN¤UOóN RODUDN NDEXO HGHUVLQ %X KHU KDOLQGHQ EHOOL ROX\RU YH KL©ELU NDGóQ VDQD ELU D\ ¸QFH
JHEHUPLġELUXVNXPUXGDQGDKDVHNVLJHOHPH]˜WH\DQGDQHOLPL]GHELUNDGóQYDUVHIDKDWHG¾ġP¾ġELU
WRSOXPXQ ġDKDQH ELU ¾U¾Q¾ VHQL LON JHFHQL]GH EDġWDQ ©óNDUóS NHQGLVLQH VDKLS ROPDQó VDáODPD\D
©DOóġDQELU\DUDWóN$QODPó\RUPXVXQNLEX©RNNRPLNLPN¤QVó]WDNLQH\VHLġWHEL]LPDUDGóáóPó]
GHVWHNOH\LFLXQVXUEX\GX
+DUODQNRQXġPDNWDJ¾©O¾N©HNL\RUGX'L\RUVXQNLEXNHQGLQLVDWWó
1HGHQ EX LIDGH\L NXOODQó\RUVXQ" %X \¾]\óOGD VHNVLQ XWDQóODFDN ELU WDUDIó \RN 'HáLġLN RODQ
\DOQó]FDNDUġóWDUDIRODUDNVHQL¸O¾PV¾]RODELOPHNL©LQVH©PLġROPDVó6RQGHUHFHQRUPDO
9H +DUODQ NROODUó KDYDGD HOOHUL SHQ©H ġHNOLQGH NDVóOPóġ EH\QL GXUPXġ \D GD DNOó )LQJH QLQ
JóUWODáóQóVóNóSERáPDNWDEDġNDKL©ELUġH\LDODPD\DFDNGXUXPGDRODUDNVDOGóUGó
)LQJH ©DEXFDN JHUL ©HNLOGL %LUGHQ HOLQGH EHOLUHQ ELU VLODKó +DUODQ D GRáUXOWWX 'RNXQPD EDQD
‰HNLO
+DUODQ KHQ¾] GXUPD\ó DNóO HGHELOHFHN GXUXPGD\Gó 6D©ODUó GLPGLN ROPXġWX *¸POHáL WHUGHQ
VóUóOVóNODPGó'DUDOPóġEXUXQGHOLNOHULQGHQQHIHVLóVOóN©DODUDN©óNó\RUGX
)LQJH LQ VHVL WLWUL\RUGX *¸UG¾á¾Q JLEL VHQL ©RN L\L WDQó\RUXP YH WHSNLQLQ YDKġLFH RODELOHFHáLQL
WDKPLQHWPLġWLP0HFEXUNDOóUVDP©HNLQPHGHQDWHġHGHULP
+DUODQ'HIROGHGL
7DPDPJLGHFHáLP$PD¸QFHEHQLGLQOH\HFHNVLQ%LU%LOJLVD\DU DVDOGóUPDNVX©XQGDQU¾WEHOHULQL
V¸NW¾UHELOLULP IDNDW EHQ ROD\ó E¾\¾WPH\HFHáLP 1DVóO ROVD ELU J¾Q \DODQ V¸\OHPHGLáLPL
DQOD\DFDNVóQ<HQL*HU©HNOLáLQ1R\V/DPEHQW LQLQEXEDWóOLQDQ©KDNNóQGDKL©ELUELOJLVLROPD\DFDN
'HáLġLNOLN \DOQó]FD EX LQDQóġó VLOPHN DPDFóQD \¸QHOLN RODFDN 9H EX LQDQóġ ROPDGDQ +DUODQ
NRQXġPDNWDQ©RNKóUODUJLEL\GLKL©1R\VJLELELUNDGóQVHQLQJLELELULQLLVWHUPL"
%RGXU%LOJLVD\DUK¤O¤VLODK+DUODQ DG¸Q¾NRODUDNJHULJHULNDSó\DGRáUX\¾U¾G¾
‰óNPDGDQ ¸QFH \¾]¾QGH DFóPDVó] ELU PXWOXOXNOD GXUDNODGó 7DELL RQX ġLPGL EXODELOLUVHQ WDGóQó
©óNDUDELOLUVLQ+DUODQòOLġNLQLUHVPLKDOHGHJHWLUHELOLUVLQ$PDġLPGLEXODELOLUVHQ)DNDW'HáLġLNOLáH
©RND]NDOGó+DUODQYHVRQUDRQXHOGHHGHPH\HFHNVLQ1H\D]óNNL6RQVX]OXN WDELOHġLPGLNL]DPDQ
JH©LSJLGL\RUGHáLOPL+DUODQ"
+DUODQDUWóNRQDEDNPó\RUGX+HUġH\HUDáPHQ)LQJHND]DQPóġVDKD\óJDOLSWHUNHGL\RUGX%DġóQó
HáGLD\DNODUóQDGRáUXEDNó\RUIDNDWJ¸]OHULKL©ELUġH\J¸UP¾\RUGX%DġóQóNDOGóUGóáóQGDEHġGDNLND
PóRQEHġGDNLNDPóJH©PLġWLIDUNóQGDGHáLOGL)LQJHJLWPLġWL
*H©HQ VDDWOHU óVWóUDSOD GROX\GX YH +DUODQ NDSDQD NóVóOGóáóQó KLVVHGL\RUGX )LQJH LQ E¾W¾Q
V¸\OHGLNOHUL WDUWóġPD J¸W¾UPH\HFHN NDGDU GRáUX\GX +DUODQ JHUL\H G¸Q¾S EDNWóáóQGD DUWóN NóVD
RODáDQGóġóLOLġNLOHULQLGDKDEDġNDELUJ¸]OHJ¸U¾\RUGX
 %XELUDQOóN©óOJóQOóNGHáLOGL1DVóOGDE¸\OHELUġH\HLQDQDELOPLġWL2QXQJLELELULL©LQE¸\OHVLQH
ELU]DDIJ¸VWHUPHNP¾PN¾QP¾\G¾"
(OEHWWH KD\óU *¸]\DġODUó J¸]OHULQL DFóWó\RUGX YH XWDQó\RUGX 'HPHN EX GX\JXVDO LOLġNL E¸\OHVLQH
VLQVL ELU KHVDED GD\DQó\RUGX .ó]óQ LQN¤U HGLOHPH\HFHN IL]LNVHO ¸]HOOLNOHUL YDUGó YH EXQODUó
DKODNVó]FDNXOODQPDVóQDHQJHORODELOHFHNKL©ELUGHáHU\DUJóVóEXOXQPX\RUGX9HEXQODUóNXOODQPóġ
NXOODQóUNHQ GH $QGUHZ +DUODQ ó NDUġóVóQGD ELU LQVDQ RODUDN J¸UPHPLġWL .ó]óQ NDIDVóQGDNL WDKULI
HGLOPLġ6RQVX]OXNLPDMóPWHPVLOHWPHNWHQ¸WHKL©ELUGHáHUL\RNWX
+DUODQ óQ X]XQ SDUPDNODUó N¾©¾N NLWDSOóáóP ELU URERW JLEL WDUDGó %LU NLWDEó ©HNLS DOGó D©Wó
EDNó\RUGXDPDJ¸UP¾\RUGX
<D]óODUEXODQóNJ¸U¾Q¾\RUGX5HVLPOHULQVROXNUHQNOHUL©LUNLQDQODPVó]NDEDUFóNODUODEHQ]L\RUGX
1HGHQ)LQJHE¾W¾QEXQODUóDQODWPDN]DKPHWLQHNDWODQPóġWóDFDED%¸\OHGDYUDQPDVóL©LQELUQHGHQ
\RNWX %LU *¸]OHPFL QLQ \D GD *¸]OHPFL J¸UHYL \DSDQ ELULQLQ J¸]OHPOHULQLQ VRQX©WD QHUHOHUH
YDUDFDáóQóELOPHPHVLJHUHNLUGL‰¾QN¾EXLQVDQóLGHDOWDUDIVó]OóNWDQX]DNODġWóUDELOLUGL
2QX\óNPDNL©LQGLGRáDONLNóVNDQ©Oóáó\¾]¾QGHQLQWLNDPDOPDNL©LQ
(OLQGHNL GHUJLQLQ D©óN GXUDQ VD\IDVóQóQ ¾]HULQGH SDUPDáóQó JH]GLUGL .HQGLQL òONHO GH ROGXáX
NDGDUYH GHGHUHYD©WDRODQELUNDUDWDġóPDDUDFóQóQSDUODNNóUPó]óUHQNOLUHVPLQH
EDNDU EXOGX ò©WHQ SDWODPDOó PRWRUOD ©DOóġDQ ELU DUD©Wó EX òONHO ©DáGD J¾© ND\QDáó RODUDN EX DUD©WD
SHWURO W¾UHYOHUL NXOODQóOó\RU YH GRáDO NDX©XNWDQ WHNHUOHNOHU ¾]HULQGH KDUHNHW HGL\RUGX 'LáHU
\¾]\óOODUGDEXW¾UġH\OHUNXOODQóOPó\RUGXGRáDORODUDN
+DUODQ EXQX &RRSHU D GD J¸VWHUPLġWL ‰RN LOJLVLQL ©HNPLġWL %LUD] GD ġX PXWVX] GDNLNDODUóQ
VóNóQWóVóQGDQX]DNODġPDNL©LQRJ¾QOHULG¾ġ¾QG¾
%X UHNODPODU GHPLġWL EL]H òONHO =DPDQ OD LOJLOL ELOJL YHUPHN D©óVóQGDQ D\Qó GHUJLGHNL KDEHU
V¾WXQODUóQGDQ GDKD ID\GDOóGóUODU ‰¾QN¾ KDEHU V¾WXQODUóQGD NXOODQóODQ ELU©RN GH\LP YH NHOLPHOHUL
DQODPDNEDġOóEDġóQDELUSUREOHPGLU *ROIWRSX GHUPHVHODIDNDWQHGLUEXDQOD\DPD]VóQ
+DUODQ E¸\OH IóUVDWODU ©óNWóáóQGD ]HYNOH NXOODQGóáó ¸áUHWPH WDYUó\OD $VOóQGD \D]ó\ó LQFHOH\HUHN
EXQXQ ELU W¾U N¾©¾N WRS ROGXáXQX ©óNDUDELOLUL] %LU VSRU ROD\óQGD NXOODQóOGóáóQó ELOLUL] ©¾QN¾ VSRU
VD\IDVóQGDNLELUNRQXGDJH©PHNWHGLU+DWWDEXQDX]XQELUVRSD\ODYXUXOGXáXQXYHDPDFóQ\HUGHNLELU
GHOLáH VRNPDN ROGXáXQX GD EXODELOLUL] )DNDW E¸\OH XáUDġPDNWD DQODP \RN %DN ġX UHNODPD 7HN
DPDFóRNX\XFXODUóQEXWRSXDOPDVóQóVDáODPDNDPDEXDUDGDE¾W¾Q¾\OHELUOLNWH\DSóVóQóGDJ¸VWHUHQ
ELUNHVLWLYHUPHNOHEL]HW¾P¸]HOOLNOHULVHUJLOL\RU
&RRSHU UHNODP ROD\óQóQ òONHO ]DPDQODUGDNL NDGDU \RáXQ ROPDGóáó ELU \¾]\óOGDQ JHOGLáL L©LQ
DQODPDNWD J¾©O¾N ©HNL\RUGX %X ELUD] VD©PD GHáLO PL" GHPLġWL .LP NHQGL PDOóQóQ GDKD L\L
ROGXáXQXV¸\OH\HQELULQHLQDQDFDNNDGDUHQD\LRODELOLU"$GDPPDOóQóN¸W¾OH\HFHNGHáLO\D%LUV¾U¾
DEDUWPD\DSPDVóQDHQJHOROXQDELOLUPL"
.HQGL ]DPDQGD J¸UHFH GDKD ©RN UHNODP NXOODQóODQ +DUODQ NDġODUóQó NDOGóUGó YH %XQX ROGXáX
JLEL NDEXO HWPHN ]RUXQGDVóQ %X RQODUóQ VRUXQX YH EL] LQVDQOóáóQ W¾P¾QH FLGGL ELU ġHNLOGH ]DUDU
YHUPHGLN©HKL©ELU\¾]\óOóQYHWRSOXPXQLġLQHNDUóġPD\ó]
%LUGHQWHNUDUKD\DOOHULQGHQVó\UóOGóġLPGL\LQHGHUJLGHNLUHNODPDEDNó\RUGX%LUGHQKH\HFDQODQGó
YHNHQGLNHQGLQHVRUGX%LUD]¸QFHG¾ġ¾QG¾NOHULWDPDPHQLOJLVL]ġH\OHUPL\GL"<RNVDEXNDUDQOóNWDQ
NXUWXOXS1R\V DNDYXġDELOPHNL©LQELU\ROPXDUó\RUGX"
5HNODPòVWHNVL]LKDUHNHWHJH©LUPHDUDFó%LUNDUDDUDFó¾UHWLFLVLL©LQELUP¾ġWHULQLQPDOóQDNDUġó
HVNLGHQ EHUL LOJL GX\X\RU ROPDVó \D GD R DQGD ELUGHQ KHYHVOHQPHVL IDUN HGHU PL\GL" (áHU P¾ġWHUL
ED]ó\¸QWHPOHUOHPDOóDOPD\DLWLOVHDVOóQGDLVWHNVL]ROXġXQHDQODPLIDGHHGHUGL"
˜\OH\VH 1R\V XQ VHYJLVLQLQ GX\GXáX DġNWDQ LOHUL JHOPHVL\OH ELUWDNóP KHVDSODUD GD\DQPDVó
DUDVóQGD GD ELU IDUN \RNWX <HWHULQFH X]XQ ELU V¾UH ELUOLNWH RODELOLUOHUVH Nó] RQX JHU©HN DQODPGD
VHYHELOLUGL.ó]óQNHQGLVLQLVHYPHVLQLVDáOD\DELOLUGL.HġNHELUD]¸QFHNLWDUWóġPDHVQDVóQGD)LQJH LQ
DOD\HGHUHNEDKVHWWLáL=DPDQ ODLOJLOLURPDQODUGDQELUND©óQóRNXPXġROVD\GóPGL\HG¾ġ¾QG¾
%LUGHQ DNOóQD JHOLYHUHQ ELU G¾ġ¾QFH\OH \XPUXNODUóQó VóNWó (áHU 1R\V RQD ¸O¾PV¾]O¾N L©LQ
\DNODġWó\VD KHQ¾] E¸\OH ELU PHUWHEH\H XODġDFDN ELU ġH\ \DSPDPóġ GHPHNWLU 'DKD ¸QFH KL©ELU
6RQVX] OD DġN \DSPDPóġ GHPHNWLU )LQJH OH RODQ LOLġNLVL GH \DOQó]FD DVW¾VW LOLġNLVL ġHNOLQGH NDOPóġ
GHPHNWLU<RNVDE¸\OHELUDPD©L©LQ+DUODQ D\DNODġóUPó\Gó"
7DELL)LQJHGHQHPLġROPDOó\HOWHQPLġROPDOó %XG¾ġ¾QFHQLQVRQXQXNHQGLELOHEXODPDGó )LQJH
EXEDWóOLQDQFóELOL\RUGX1R\V XQGDEXQDLQDQGóáóQóEXOPXġWXU˜\OH\VHNó]RQXUHGGHWPLġROPDOó\Gó
+DUODQ óNXOODQPDN]RUXQGDNDOPóġYH+DUODQEDġDUPóġWó)LQJHEX\¾]GHQNóVNDQ©OóNWDQNXGXUPXġ
YH GXUXPX DQODWóS Nó]D KL©ELU ]DPDQ VDKLS RODPD\DFDáóQó V¸\OH\HUHN +DUODQ D LġNHQFH HWPH\H
©DOóġPóġWó
)DNDW QH ROXUVD ROVXQ 1R\V )LQJH L UHGGHWPLġ YH +DUODQ ó WHUFLK HWPLġWL 7HUFLKLQL +DUODQ OHKLQH
NXOODQPóġWó'HPHNNLPHVHOH\DOQó]FDEDVLWKHVDSODUGDQLEDUHWGHáLOGLGX\JXODUGDUROR\QDPóġWó
+DUODQ óQNDIDVóQGDNLOHUYDKġLFHG¾ġ¾QFHOHUGLNDUPDNDUóġóNWóYHKHUDQGDKDGDNó]óġó\RUGX
.ó]ó DOPDOó\Gó KHP GH ġLPGL %LU *HU©HNOLN 'HáLġWLUPHVL \DSóOPDGDQ )LQJH GDOJD JH©HUHN QH
GHPLġWL6RQVX]OXNWDELOHġLPGLNL]DPDQJH©LSJLGL\RU
'RáUX\GX\D'HáLOPL"
+DUODQ QH \DSPDVó JHUHNWLáLQL ELOL\RUGX DUWóN )LQJH LQ DOD\Fó GDYUDQóġODUó RQX WDKULN HGLS VX©
LġOHPH\H KD]óU KDOH JHWLUPLġ YH VRQ V¸]OHUL GH EDUGDáó WDġóUDUDN ©RNWDQGóU G¾ġ¾QG¾NOHULQL QDVóO
JHU©HNOHġWLUHFHáLQHóġóNWXWPXġHVLQND\QDáóROPXġWX
%LUGDNLND\óELOHKDUFD\DPD]Gó2GDVóQGDQKHYHVOHQHġH\OH©óNWó1HUHGH\VHNRġDFDNWó6RQVX]OXáD
NDUġóE¾\¾NELUVX©LġOHPH\HJLGL\RUGX
 

68‰
.LPVH ELU ġH\ VRUPDPóġWó .LPVH GXUGXUPDPóġWó %LU 7HNQLV\HQ LQ WRSOXPGDQ VR\XWODQPóġ
\DġDPóQóQGDEX¾VW¾QO¾á¾YDUGóLġWH$UDFóNXOODQóS=DPDQ DJH©LġL©LQNXOODQóODQELUNDSó\DYDUGó
$VOóQGD ELULVLQLQ UHVPL ELU Lġ L©LQ WHVDG¾IHQ EX NDSó\D JHOPHVL YH QHGHQ NXOODQóOPDNWD ROGXáXQX
PHUDN HWPHVL RODVóOóáó \RN GHáLOGL WDELL %LU DQ L©LQ GXUDNVDGó YH VRQUD DUPDVóQó NDSó\D WDNPD\D
NDUDU YHUGL ž]HULQGH ELU 7HNQLV\HQ LQ DUPDVó EXOXQXQFD NDSó SHN GLNNDWL ©HNPH]GL $UPDVóQó
NR\PD]VDNXOODQóOPDNWDRODQNDSóE¾W¾QKHUNHVLEDġóQDWRSOD\DELOLUGL
.DSó)LQJH LQGHGLNNDWLQL©HNHELOLUGL%XRODVóOóNYDUGó
1R\VD\QóD\UóOGóáó]DPDQNL\HULQGHD\DNWDGXUX\RUGX$VOóQGD GHQD\UóOGóáóQGDQEHULVDDWOHU
JH©PLġWL DPD R ELUND© VDQL\H IDUNOD WHNUDU D\Qó ]DPDQD G¸QP¾ġW¾ 1R\V XQ VD©óQóQ WHOL ELOH
NóSóUGDPDGó
%LUD]ġDġóUPóġWó%LUġH\PLXQXWWXQ$QGUHZ"
+DUODQ Nó]D LVWHNOH EDNWó IDNDW GRNXQPDN L©LQ WHġHEE¾V HWPHGL )LQJH LQ V¸]OHULQL KDWóUODGó YH
UHGGHGLOPHNULVNLQLJ¸]HDODPDGó6HUEHVW©H1HGL\RUVDPRQX\DSPDOóVóQGHGL
%LU\DQOóġOóNPóROGX"<HQLJLWPLġWLQ+HQ¾]D\UóOPóġWóQ
0HUDN HGLOHFHN ELU ġH\ \RN GHGL .ó]óQ HOOHULQL WXWXS KHU ġH\L DQODWPDGDQ E¾W¾Q \DSDELOHFHáL
EX\GX%XQXQ\HULQHNDEDFDWDYóUODUWDNóQGó+HUġH\LEHUEDWHWPHNL©LQġH\WDQóQR\XQXQDJHOL\RUGX
VDQNL1HGL\HKHPHQD\UóOGóáóDQDJHULG¸QP¾ġW¾NL"%XDQLG¸Q¾ġ¾Nó]óUDKDWVó]HWPHNWHQEDġNDELU
LġH\DUDPDPóġWó
$VOóQGD EX VRUXQXQ FHYDEóQó ELOL\RUGX =DPDQPHN¤Q FHWYHOLQFH WDQóQPóġ LNL J¾QO¾N ELU PDUM
YDUGó %X PDUMóQ LON NóVóPODUóQGD \DNDODQPD RODVóOóáó GDKD D]Gó 2QXQ L©LQ LġOHUL EX LON VDDWOHUH
VóNóġWóUPDHáLOLPLQRUPDOGL*HU©LEXD\Qó]DPDQGDDSWDOFDULVNHDWóOPDNWó8IDNELUKHVDSKDWDVóRQX
D\UóOGóáó ]DPDQGDQ VDDWOHU ¸QFHVLQGH =DPDQ D VRNDELOLUGL 2 ]DPDQ QH \DSDUGó" *¸]OHPFLOLN
\óOODUóQGD¸áUHQGLáLLONNXUDOODUGDQELULġX\GX$\Qó=DPDQ óQD\Qó*HU©HáLQGH=DPDQ GDLNLQRNWD\ó
ELUGHQLġJDOHGHQELULQVDQNHQGLVL\OHNDUġóODġPDNULVNLQHPDUX]NDOóU
+HU QHGHQVH EX ND©óQóOPDVó JHUHNHQ ELU ġH\GL 1HGHQ" +DUODQ \DOQó]FD NHQGLVL\OH NDUġóODġPDN
LVWHPHGLáLQL ELOL\RUGX%LU EDġND ¸QFHNL \D GD VRQUDNL  +DUODQ óQ J¸]OHULQLQ L©LQH EDNPDN
LVWHPL\RUGX =DWHQ EX ELU ©HOLġNL ROXġWXUXUGX YH 7ZLVVHOO LQ KHU IóUVDWWD V¸\OHPH\H ED\óOGóáó JLEL
=DPDQ GD©HOLġNLOHU\RNWXU©¾QN¾=DPDQ¸]HQOH©HOLġNLOHUGHQND©óQóUGó
1R\V ]HN¤ IóġNóUDQ J¸]OHULQL NRFDPDQ D©Póġ NHQGLVLQH EDNDUNHQ +DUODQ GD VHUVHP JLEL EXQODUó
G¾ġ¾Q¾\RUGX
6RQUD Nó] \DNODġWó YH \XPXġDN ELU KDUHNHWOH HOOHULQL +DUODQ óQ DWHġ JLEL \DQDQ \¾]¾QH GHáGLUGL
6HQLQELUġH\HFDQóQVóNóOó\RU
%DNóġODUó+DUODQ DVHYJLGROX\PXġJLELJHOGL$PDEXQDVóOROXUGX"òVWHGLáLQLHOGHHWPLġWL%DġND
QH NDOPóġWó" .ó]óQ ELOHNOHULQL \DNDODGó YH ERáXN ELU VHVOH %HQLPOH JHOLU PLVLQ" ĠLPGL" +L© VRUX
VRUPDGDQ"1HGHUVHPRQX\DSDUDN"
 *HUHNOLPL"
<DSPDOóVóQ1R\V‰RN¸QHPOL
˜\OH\VH JHOLULP 2 NDGDU GRáDO ELU LIDGH\OH V¸\OHPLġWL NL VDQNL E¸\OH WHNOLIOHUOH KHU J¾Q
NDUġóODġó\RUGXYHNDEXOHWPHVLQGHGHELUVDNóQFD\RNWX
1R\VVH\DKDWDUDFóQDELQHUNHQELUDQL©LQGXUDNODGóYHVRQUDL©HULJLUGL
žVW]DPDQ DJLGL\RUX]1R\V
<DQLJHOHFHáHGHáLOPL"
.ó]L©HULJLUGLáLQGHDUD©]DWHQNDONPD\DKD]óUGóYHRWXUXURWXUPD]+DUODQNXPDQGDQODUóD\DUODGó
KDUHNHWHWWLOHU
=DPDQ ER\XQFD KDUHNHWH JH©PLġ ROPDQóQ WDULIVL] GX\JXODUó\OD Nó]óQ PLGH EXODQWóODUó IDODQ
JH©LUHFHáLQGHQNRUNDQ+DUODQ\DQóOPóġWó1R\VVRQGHUHFHGRáDOGDYUDQó\RUGX
6HVVL] VHGDVó] RWXUX\RUGX òQVDQóQ L©LQL EXUNDFDN NDGDU J¾]HOGL YH +DUODQ 6RQVX]OXáD L]LQVL]
RODUDNELU˜O¾PO¾JHWLUPHQLQQHNDGDUDO©DN©DELUVX©ROGXáXQXDUWóNKL©XPXUVDPó\RUGX
*¸VWHUJHGHNLOHUJH©HQ\óOODUPó$QGUHZ"
<¾]\óOODU
%LQ\óOJHOHFHNWHPL\L]\DQL"+HQ¾]"
˜\OH
%LUġH\KLVVHGLOPL\RU
%LOL\RUXP
.ó]ġDġNóQġDġNóQEDNWóò\LGHEL]QDVóOKDUHNHWHGL\RUX]"
%LOPL\RUXP1R\V
%LOPL\RUPXVXQ"
6RQVX]OXN WDDQODġóOPDVóJ¾©RODQ©RNġH\YDUGóU
=DPDQPHWUHGHNL UDNDPODU Kó]OD LOHUOL\RUGX *LWJLGH Kó]ODQGó YH VRQXQGD RNXQDPD\DFDN NDGDU
Kó]Oó JH©PH\H EDġODGó +DUODQ Kó] NROXQX VRQXQD GD\DPóġWó %X DUDFóQ ©HNWLáL HQHUML J¾©
VDQWUDOOHULQGHNLOHUL KD\UHWH G¾ġ¾UP¾ġ ROPDOó\Gó DPD IDUN HWPH]GL 1R\V OD ELUOLNWH 6RQVX]OXáD
G¸QG¾á¾QGH RQX NLPVH EHNOHPHPLġWL YH EX GD ]DWHQ VDYDġóQóQ RQGD GRNX]X\GX ĠLPGL VDGHFH Nó]ó
HPQL\HWOLELU\HUHJ¸W¾UPHNNDOPóġWó
+DUODQWHNUDUNó]DG¸QG¾6RQVX]ODUKHUġH\LELOPH]
%HQELU6RQVX]ELOHGHáLOLPGL\HPóUóOGDQGó1R\VRKDOGHKL©ELUġH\ELOHPHP
+DUODQ óQNDOSDWóġODUóELUGHQKó]ODQGó+¤O¤ELU6RQVX]GHáLOPL"$PD)LQJHGHPLġWLNL
%RġYHUGL\HG¾ġ¾QG¾%RġYHU6HQLQOHJHOL\RU6DQDJ¾O¾PV¾\RU'DKDQHLVWL\RUVXQ"
)DNDW \LQH GH NRQXġPDNWDQ NHQGLQL DODPDGó %LU 6RQVX] VRQVX]D NDGDU \DġDU VDQó\RUVXQ GHáLO
PL"
ĠH\DGóQD6RQVX]GHPLġOHUELOL\RUVXQYHKHUNHVGH¸\OHROGXáXQXV¸\O¾\RU*¾O¾PVHGL)DNDW
\DġDPó\RUODUGHáLOPL"
 6HQ¸\OHROGXáXQXG¾ġ¾QP¾\RUVXQRKDOGH"
6RQVX]OXNWDJH©LUGLáLPJ¾QOHUGHQVRQUD¸\OHG¾ġ¾QPHPHPP¾PN¾QGHáLO2UDGDLQVDQODUKL©GH
¸O¾PV¾]JLELGDYUDQPó\RUODUD\UóFDED\Dáó\DġOóNLġLOHUGHYDU
<LQHGHEDQDVRQVX]DGHN\DġDGóáóPóV¸\OHGLQRJHFH
.ó]\DQóQDVRNXOGXJ¾O¾PV¾\RUGX˜\OHG¾ġ¾QG¾PNLPELOLU"
+DUODQ L©LQGH EXOXQGXáX JHUJLQOLáLQ VHVLQL HWNLOHPHVLQH HQJHO RODPó\RUGX %LU ¸O¾PO¾ QDVóO
6RQVX]ROXU"GL\HVRUGX
%LUGHQNó]óQ\¾]¾QGHNLJ¾O¾PVHPHND\EROGXYHEHONLGHRQD
¸\OHJHOPLġWLDPD\DQDNODUóGDNó]DUóUJLELROPXġWX1HGHQVRUGXQ"
%LOPHNLVWL\RUXP
$SWDOFD ELU ġH\ EX GHGL %X NRQXGD NRQXġPDPD\ó WHUFLK HGHULP $UDFóQ ORġ óġóNODUó DOWóQGD
EDġóQó¸QHHáPLġHOOHULQHEDNó\RUSDUPDNODUó\ODR\QX\RUGX
%HQLPOHQHGHQVHYLġWLQ"
.ó]VD©ODQQóDUND\DDWDUDNEDġóQóNDOGóUGó\¾]¾EHPEH\D]Gó
(áHUPXWODNDELOPHQJHUHNL\RUVDNóVPHQEX\ROODELU6RQVX]RODELOHFHáLQHLQDQGóáóPL©LQGL
6DQóUóPEXQDLQDQPDGóáóQóV¸\OHPLġWLQ
òQDQPó\RUGXPDPDġDQVóPóGHQHVHPQHND\EHGHUGLP"˜]HOOLNOH
+DUODQGRQXSNDOPóġWó.HQGLGRáXP]DPDQóQóQDKODNGHáHUOHULQHWDEDQWDEDQD]óWEXGXUXPGDQYH
NóUóODQNDOELQLQDFóVóQGDQNXUWXOPDNL©LQELU©óNóġ\ROXDUó\RUGX(YHW"
˜]HOOLNOH\DSPDNLVWHGLáLPELUDQGD
%HQLPOHVHYLġPHNPLLVWHGLQ"
(YHW
1HGHQEHQ"
‰¾QN¾VHQGHQKRġODQGóP‰¾QN¾VHQL©RNKRġEXOX\RUGXP
+RġPX"
<DGDGHáLġLNGL\HOLPLVWHUVHQ%DQDEDNPDPDNL©LQE¾\¾NELUJD\UHWVDUIHWWLQDPD\LQHGHKHS
EHQLJ¸]OHGLQ%HQGHQQHIUHWHWPHNL©LQXáUDġó\RUGXQDPDEHQLLVWHGLáLQD©óN©DJ¸U¾O¾\RUGX6HQLQ
KHVDEóQDELUD]¾]¾O¾\RUGXPJDOLED
%HQLPQH\LPH¾]¾OHFHNVLQ"<¾]¾Q¾Q\DQGóáóQóKLVVHWWL
%HQLDU]XOX\RUYHEXQXPHVHOH\DSó\RUGXQ6HQ\DOQó]FDELUNó]ODELUOLNWHROPDNLVWL\RUGXQ%X
©RNEDVLWELUġH\'HUWHWPH\HGHáHUPL"
+DUODQEDġó\ODRQD\ODGó GHEXVRQGHUHFHGRáDOGó
%XUXNELUVHVOHVRUGX3HNLġLPGLEHQLPKDNNóPGDQHG¾ġ¾Q¾\RUVXQ"
6HQLQ ©RN WDWOó ROGXáXQX GHGL \XPXġDN ELU VHVOH YH HáHU ELUD] NHQGLQL UDKDW EóUDNóUVDQ
J¾O¾PVHEDND\óP
 *¾OHFHNELUġH\\RN1R\V
/¾WIHQ %DNDOóP \¾] KDWODUóQóQ ¸\OH ELU ġH\GHQ KDEHUL YDU Pó" GXU EDND\óP 3DUPDNODUóQó
+DUODQ óQ Dá]óQóQ NHQDUODUóQD EDVWóUóS JHUL\H GRáUX LWWL %LUD] JHUL ©HNLOLS ġDġóUPóġ JLEL EDNWó
J¾OPHNWHQNHQGLQLDODPDGó
*¸UG¾QP¾\DQDNODUóQDELU]DUDUYHUPHGL<DNóġWóGD%LUD]HJ]HUVL]\DSVDQEXLġRODFDN
)DNDWHOOHULQL©HNLQFHJ¾O¾PVHPHGHND\EROGX
%DġóPó]GHUWWHGHáLOPL"
(YHW¸\OH1R\V+HPGH©RNE¾\¾NGHUWWH
<DSWóáóPó]GDQGROD\óPó"6HQYHEHQLP"2JHFH"
3HNVD\óOPD]
%HQLPKDWDPGóELOL\RUVXQòVWHUVHQRQODUDDQODWóUóP
+D\óU GHGL +DUODQ ELUGHQ FDQODQGó %X NRQXGD KL©ELU VX©X ¾VW¾QH DOPD 6HQ KL©ELU ġH\ VX©OX
VD\óODFDáóQKL©ELUġH\\DSPDGóQ0HVHOHWDPDPHQEDġND
1R\VKX]XUVX]ODQDUDN]DPDQPHWUH\HEDNWó1HUHGH\L]"5DNDPODURNXQPX\RU
+DQJL ]DPDQGD\ó]" GL\H G¾]HOWWL +DUODQ +ó]ó D]DOWWó YH UDNDPODU WHNUDU RNXQDELOHFHN ELU Kó]OD
DUWPD\DGHYDPHWWL
.ó]óQJ¾]HOJ¸]OHULGHKġHWOHD©óOGó'RáUXPXEX"
+DUODQJ¸VWHUJH\Hġ¸\OHELUEDNWó OHUGH\GL(YHWGRáUX
ò\LGHQHUH\HJLGL\RUX]"
8]DN¾VW]DPDQDGHGL<HWHULQFHX]DáD6HQLEXODPD\DFDNODUóELU]DPDQD
9H VHVVL]FH UDNDPODUóQ DUWóġóQó VH\UHWWLOHU %X VHVVL]OLN HVQDVóQGD +DUODQ GHIDODUFD NHQGLQH
)LQJH LQ V¸\OHGLNOHUL \¾]¾QGHQ Nó]óQ VX©ODQDPD\DFDáóQó WHNUDU HWWL +HU ġH\L E¾\¾N L©WHQOLNOH LWLUDI
HWPLġ YH J¸VWHUGLáL \DNóQOóáóQ R ELOLQHQ NXUDPóQ \DQó VóUD GX\JXVDO ELUWDNóP WHPHOOHUH GH
GD\DQGóáóQóD©óN©DEHOLUWPLġKL©ELUġH\LJL]OHPHPLġWL
1R\V XQNóSóUGDQGóáóQóKLVVHWWLYHRQDGRáUXG¸QG¾.HQGLRWXUGXáXWDUDID©HNLOHQNó]JD\HWVDNLQ
ELUEL©LPGHNXPDQGDNROXQDX]DQGóYHKó]ODKDUHNHWHGHQDUDFóELUGHQGXUGXUGX
+DUODQ EX DQL GXUXġXQ HWNLVL\OH PLGHVLQH JLUHQ DáUóQóQ JH©PHVL L©LQ J¸]OHULQL NDSDGó ELU DQ
EHNOHGL%LUġH\PLYDU"GHGL
1R\V XQ\¾]¾N¾OJLEL\GLYHELUDQL©LQFHYDSYHUHPHGL6RQUD'DKD¸WH\HJLWPHNLVWHPL\RUXP
5DNDPODU©RNDUWWóGHGL
=DPDQPHWUHGHUDNDPóRNXQX\RUGX
+DUODQ%XNDGDUó\HWHU]DWHQGHGL
(OLQLX]DWWó*HO1R\V%XUDVóELUV¾UHL©LQVHQLQHYLQRODFDN
.RULGRUODUGDQ ©RFXNODU JLEL NRġDUDN JH©WLOHU HO HOH\GLOHU $QD JH©LWOHU D\GóQOóNWó YH ©HYUHGHNL
NDUDQOóN GXUDQ RGDODUó óġóNODQGóUPDN L©LQ ELU G¾áPH\H GRNXQPDN \HWHUOL\GL +DYD WHPL]GL YH EX
FDQOóOóNLġDUHWL\GLIDNDW\LQHGHKDYDODQGóUPDQóQ\DSD\ROGXáXVH]LOL\RUGX
 1R\VIóVóOGD\DUDN.LPVHYDUPóEXUDGD"GL\HVRUGX
+L©NLPVH\RNGHGL+DUODQ.HQGLQGHQHPLQELUEL©LPGHYH\¾NVHNVHVOHV¸\OHPH\H©DOóġPóġWó
%LU *L]OL <¾]\óOGD EXOXQPDQóQ YHUGLáL NRUNXGDQ NXUWXOPDN L©LQ E¸\OH \DSPDN LVWHPLġWL IDNDW
V¸]OHUDá]óQGDQIóVóOWóKDOLQGH©óNWó
%XNDGDUX]DN¾VW]DPDQGDQH\LQQDVóO\DSóODFDáóQóELOHELOPL\RUGX%XOXQGXáX]DPDQóV¸\OHPHN
L©LQ<¾]RQELUELQ¾©\¾]GRNVDQG¸UWGHPHNELOHDFD\LSJHOL\RUGX%X]DPDQODUó <¾]ELQLQFLOHU
GL\HDGODQGóUPóġWóKHS
$VOóQGD G¾ġ¾QPHN ELOH DSWDOFD\Gó DPD ġLPGL EX NDGDU X]DáD JHOPLġ ROPDQóQ JXUXUX \HULQH
6RQVX]OXN WDNLPVHQLQD\DNEDVPDGóáóELUE¸O¾PGHGRODġPDQóQ\DOQó]OóáóQóGX\X\RUKL©GHKRġXQD
JLWPL\RUGX8WDQó\RUGX1R\V XQġDKLWROPDVóGDXWDQFóQóELUNDWGDKDDUWWóUó\RUGX8WDQó\RUGX©¾QN¾
VRáXNWDQWLWUL\RUPXġJLELJ¸U¾QPHVLQHUDáPHQNRUNXGDQWLWUHGLáLQLELOL\RUGX
1R\V+HU\HUWHUWHPL]+L©WR]\RN
.HQGLNHQGLQHWHPL]OHQL\RUGHGL+DUODQ%¾\¾NJD\UHWVDUIHGHUHNQRUPDOH\DNóQELUVHVWRQX\OD
NRQXġWX)DNDWKL©NLPVH\RNžVWYHDOW]DPDQDGRáUXELQOHUFH\¾]\óOER\XQFDNLPVHEXOXQPX\RU
1R\V EXQX UDKDW©D NDEXOOHQPLġ J¸U¾Q¾\RUGX 9H KHU ġH\ \HUOL \HULQGH ¸\OH PL" )DUNóQGD\VDQ
ELUD]¸QFHHU]DNE¸O¾POHULQLYHELUILOPN¾W¾SKDQHVLQLJH©WLN
*¸UG¾P+HU\HUWDPDPHQG¸ġHQPLġWLU+HSVLQGHKHUE¸O¾PGHEXE¸\OHGLU
3HNLQHGHQEXUD\DKL©NLPVHJHOPH\HFHNVH"
%XQXQELUPDQWóNVDOD©óNODPDVóYDUHOEHWWHGHGL+DUODQ.RQXġPDNNRUNXOXKDYD\óGDáóWPDNWD
\DUDUOóROX\RUGX6RQVX]OXáXQLON]DPDQODUóQGD OHUGHELU\¾]\óOGDELUE¾\¾N©RáDOWóFóRUWD\D
©óNDUóOGó1HGLUEXELOL\RUPXVXQ"<DQVóWóFóELUDODQROXġWXUXODUDNDWRPGDQGDKDN¾©¾NSDU©DODUóQD
D\UóODQPDGGH¸QFHHQHUMLKDOLQHJHWLULOLUYHVRQUDWHNUDUPDGGH\HG¸Q¾ġW¾U¾O¾U6RQX©WDP¾NHPPHO
ELUNRS\DRUWD\D©óNDU
%L] EX DUD©WDQ 6RQVX]OXN OD LOJLOL NHQGL DPD©ODUóPó] GRáUXOWXVXQGD \DUDUODQGóN 2 ]DPDQODU
KHQ¾]\DOQó]FDDOWó\¾]\HGL\¾]NDGDU%¸O¾PLQġDHGLOPLġWL*HQLġOHPH©DOóġPDODUóGDSODQKHGHIOHUL
GRáUXOWXVXQGD GXUPDNVó]óQ LOHUOL\RUGX %X N¾WOH ©RáDOWóFó E¾W¾Q ©DOóġPDODUó ELUGHQ JHUHNVL] KDOH
JHWLUGL <L\HFHN GHSRODUó J¾© VDQWUDOOHUL VX\X YH HQ P¾NHPPHO RWRPDWLN ¸áHOHUL\OH ¸UQHN ELU
%¸O¾P LQġD HWWLN PDNLQH\L NXUGXN YH 6RQVX]OXN ER\XQFD KHU \¾]\óOD D\Qó %¸O¾P¾ EX \ROOD LQġD
HGHUHN©RáDOWWóN1HNDGDUX]DáDJLWWLáLQLEHQGHELOPL\RUXP%HONLPLO\RQODUFD\¾]\óO¸WHOHUHNDGDU
JLGL\RU
+HSVLEXUDQóQD\QóPó$QGUHZ"
+HSVLKHUġH\L\OHEXUDQóQELUHġLGLU9HVRQVX]OXNJHQLġOHGLN©HEL]GHED]óHNOHU\DSó\RUX]$LW
ROGXáX \¾]\óOOD LOJLOL ED]ó ¸]HO HNOHQWLOHU <DOQó] ELU HQHUML N¸NHQOL \¾]\óOOD NDUġóODġóUVDN ED]ó
VRUXQODU ©óNDELOLU +HQ¾] E¸\OH ELU GXUXPOD GD NDUġóODġPDGóN 6RQVX]ODUóQ EXUDVó JLEL JL]OL
\¾]\óOODUGDQ]DPDQDJH©HPHGLNOHULQLDQODWPDQóQELUDQODPó\RNWX1HIDUNHGHUGLNL"
.ó]DEDNWó1R\VUDKDWVó]ROPXġDEHQ]L\RUGX
‰DEXN ©DEXN NRQXġWX %¸O¾POHU LQġD HGLOLUNHQ KL©ELU DUWóN PDGGH V¸] NRQXVX GHáLOGLU 6DGHFH
HQHUMLKDUFDQóUKHSVLEXYHQRYDQóQ©HNLPJ¾F¾GHYDPHWWLáLV¾UHFH
.ó]V¸]¾Q¾NHVWL+D\óU%HQE¸\OHELUġH\KDWóUODPó\RUXP
1H\LKDWóUODPó\RUVXQ"
 ‰RáDOWóFó OHUGHELU]DPDQGDRUWD\D©óNWóGHGLQ%HQ GHQLPYHEL]GHE¸\OHELUġH\\RNWX
+DWWDWDULKLPL]GHUDVWODGóáóPóGDVDQPó\RUXP
+DUODQG¾ġ¾QFH\HGDOGó+HUQHNDGDUNó]ER\FDRQGDQWRSXWRSXEHġVDQWLPNóVD\VDGDġXGXUXPGD
NHQGLVLQLELUGHYHEHQ]HWWL2ELU©RFXNWXELUEHEHNWLYHNHQGLVL6RQVX]OXN WDQJHOHQELUWDQUó\Gó2QD
¸áUHWPHOLGRáUX\XJ¸VWHUPHOL\GL
1R\VFDQóPJHOELU\HUHRWXUDOóPYH©¾QN¾VDQDELUġH\L]DKHWPHPJHUHNHFHN
'HáLġHELOHQ *HU©HNOLN NDYUDPó JHU©HNOLáLQ VDELW YH VRQVX] YH GHáLġPH] ROPDGóáó KHUKDQJL
ELULQLQNROD\OóNODDQOD\óSJD\HWQRUPDONDUġóOD\DELOHFHáLELUġH\GHáLOGL
+DUODQ ED]HQ X\NXVX DUDVóQGD ©óUDNOóáóQóQ LON J¾QOHULQL \¾]\óOóQGDQ YH ]DPDQGDQ NRSDUóOóġóQó
KDWóUODUGó
1RUPDO RODUDN ©óUDNODUóQ KDNLNDWL ¸áUHQPHVL YH KL©ELU ]DPDQ WHNUDU HYOHULQH G¸QHPH\HFHNOHULQL
DQODPDODUó \DNODġóN DOWó D\ V¾UHUGL 2QODUó GXUGXUDQ \DOQó]FD 6RQVX]OXáXQ \DVDODUó GHáLO D\Qó
]DPDQGD ELOGLNOHUL HYOHULQLQ DUWóN RUWDGD EXOXQPDPDVó RODVóOóáóQóQ ©óSODN ELU KDNLNDW RODUDN
NDIDODUóQDVRNXOPXġROPDVó\Gó%LUDQODPGDKL©HYOHULROPDPóġWó
%Xߩ ©óUDNODUóQ KHU ELULQL GHáLġLN EL©LPGH HWNLOHPLġWL +DUODQ %RQN\ /DWRXUHWWH LQ (áLWPHQ
<DUURZ XQ*HU©HNOLNKDNNóQGDNLND©óQóOPD]VRQV¸]OHULQGHQVRQUDEHPEH\D]RODQ\¾]¾Q¾KDWóUODGó
‰óUDNODUóQ KL©ELUL R JHFH \HPHN \L\HPHGL %LU DUD\D JHOLS ELUELUOHULQGHQ PDQHYL GHVWHN DOPD\D
©DOóġWóODU %LU WHN /DWRXUHWWH \RNWX RUWDGDQ ND\EROPXġWX 6DKWH NDKNDKDODU YH FóOó] EDVLW HVSULOHUOH
R\DODQPD\D©DOóġó\RUODUGó
ò©OHULQGHQELULWLWUHNYHNDUDUVó]ELUVHVOH6DQóUóPEHQLPKL©ELU]DPDQELUDQQHPROPDGó(áHU
 \H G¸QVHP KHUKDOGH EDQD .LPVLQ VHQ" %L] VHQL WDQóPó\RUX] 6HQLQOH LOJLOL ELU ND\óW \RN 6HQ
\DġDPó\RUVXQ GL\HFHNOHUGHPLġWL
+HSVL ¾UNHN ¾UNHN J¾O¾PVHPLġ EDġODUóQó VDOOD\DUDN RQD\ODPóġWó 6RQVX]OXN WDQ EDġND KL©ELU \HUH
DLWROPD\DQ\DOQó]©RFXNODUGóKHSVLGH
<DWPD YDNWL JHOGLáLQGH /DWRXUHWWH L EXOGXODU ‰RFXN GHULQ ELU X\NX\D GDOPóġWó 6RO NROXQGDNL
NóSNóUPó]ó L]GHQ VóNWóáó VSUH\LQ \DSWóáó WDKULEDW D©óN©D DQODġóOó\RUGX QH\VH NL WDP ]DPDQóQGD
EXOXQPXġWX
<DUURZ ©DáUóOGó YH EX ‰óUDáóQ HáLWLPGHQ ©óNDUóODFDáó VDQóOGó )DNDW ELU KDIWD VRQUD /DWRXUHWWH
WHNUDUDUDODUóQGD\Gó2XáXUVX]JHFHQLQKDWóUDVóQóELUNLġLOLNQLġDQóJLELKHSWDġóGó
9H ġLPGL +DUODQ *HU©HNOLN OH LOJLOL KHU ġH\L 1R\V /DPEHQW H DQODWPDN ]RUXQGD\Gó EX Nó] GD R
©óUDNODUGDQ SHN E¾\¾N GHáLOGL YH DQODPDVóQó VDáODPDN L©LQ ID]OD ]DPDQ \RNWX <DSPDOó\Gó %DġND
VH©HQHáL\RNWX2QODUóQH\LQEHNOHGLáLQLYHQH\DSPDVóJHUHNWLáLQLWDPRODUDNELOPHOL\GL
$QODWWó2QLNLNLġLOLNELUNRQIHUDQVPDVDVóQGDNRQVHUYHHWVRáXNPH\YH\L\LSV¾WL©WLOHUYHRUDGD
KHUġH\LDQODWWó
0¾PN¾Q ROGXáXQFD QD]LN ELU EL©LPGH DQODWWó DPD SHN GH E¸\OH GDYUDQPDVóQD JHUHN \RNWX .ó]
DQODWWóNODUóQóKHPHQNDYUó\RUYHKHQ¾]NRQX\XWDPDPODPDGDQD©óNNDODQQRNWDODUóNHQGLPDQWóáó\OD
ELUOHġWLULYHUL\RUGX‰RNġDġóUGóDPD1R\VN¸W¾J¸U¾QP¾\RUGX.RUNPDPóġWóĠDġóUPDPóġWó<DOQó]FD
¸INHOHQPLġJLEL\GL
<¾]¾Nó]DUGóYHNR\XUHQNJ¸]OHULġLPGLGDKDGDNR\XODġPóġWó
)DNDWEXG¾SHG¾]VX©GHGL6RQVX]ODUNLPROX\RUODUGDEXQX\DSDELOL\RUODU"
 òQVDQOóáóQ L\LOLáL L©LQ \DSóOó\RU GHGL +DUODQ (OEHWWH Nó] EXQX NROD\ NROD\ DQOD\DPD]Gó %LU
˜O¾PO¾ Q¾Q]DPDQDEDáóPOóG¾ġ¾QHQNDID\DSóVó\¾]¾QGHQRQDDFóGó
˜\OHPL"6DQóUóPN¾WOH©RáDOWóFóVóQóQRUWDGDQND\EHGLOLġLGHEXVHEHSWHQ¸W¾U¾
%L]GHNRS\DODUóYDU0HUDNHWPH6DNOó\RUX]
6L]VDNOó\RUVXQX]3HNL\DEL]" GHEL]NXOODQDELOLUGLN<XPUXNODUóQóVDOOD\DUDNNRQXġX\RUGX
%LU\DUDUóROPD]%DNKH\HFDQODQPDFDQóPYHGLQOH.ó]óQHOOHULQLDYX©ODUóDUDVóQDDOGó
%LUDQL©LQ1R\VNXUWXOPD\D©DOóġWóYHVRQUDVDNLQOHġWL+DWWDJ¾OPH\HEDġODGó+DGLFDQóP%óUDN
¾]¾OPH\L6HQLVX©ODPó\RUXP
+L©NLPVH\LVX©ODPDPDOóVóQ%LUVX©ODPDV¸]NRQXVXRODPD]<DSóOPDVóJHUHNHQL\DSDUó]EL]ĠX
N¾WOH ©RáDOWóFóVó GD WLSLN ELU ¸UQHN %X NRQX\X RNXOGD LQFHOHGLP .¾WOH\L ©RáDOWDELOLUVHQ EXQX
LQVDQODUL©LQGH\DSDELOLUVLQ‰RNNDUPDġóNVRUXQODU©óNDELOLU
6RUXQODUóWRSOXPODUNHQGLOHUL©¸]PHOL
˜\OHDPDEL]EX¸UQHNWHNLWRSOXPX]DPDQL©LQGHLQFHOHGLNYHJ¸UG¾NNLVRUXQXWDWPLQHGLFLELU
EL©LPGH ©¸]HPL\RUODU (áHU ELU WRSOXP KDWD \DSDUVD VRQUDNL WRSOXPODUóQ GD EXQGDQ HWNLOHQHFHáLQL
XQXWPD$VOóQGD©RáDOWóFóVRUXQXQDWDWPLQHGLFLELU©¸]¾PEXOPDNP¾PN¾QGHáLO
1DVóOEXNDGDUHPLQRODELOLUVLQ"
.HQGL KHVDSODPD PDNLQHOHULPL] YDU 1R\V KHVDS NRPSOHNVOHUL KHUKDQJL ELU JHU©HNOLNWHNL HQ
P¾NHPPHO EHQ]HUOHULQGHQ GDKD GD JHOLġPLġ DUD©ODUGóU %LQOHUFH GHáLġNHQL KHVDED NDWDUDN RODVó
JHU©HNOLNOHULYHEXQODUóQNDEXOHGLOHELOLUOLNGHUHFHOHULQLVDSWDUODU
0DNLQHOHU .ó] EXQX KDNDUHW HGHUFHVLQH V¸\OHGL +DUODQ NDġODUóQó ©DWWó VRQUD WHNUDU \XPXġDGó
1HGHQ E¸\OH \DSó\RUVXQ" 'RáDO RODUDN KD\DWóQ VHQLQ VDQGóáóQ NDGDU VDELW GHáLġPH] ROPDGóáóQó
¸áUHQPHN YH NDEXOOHQPHN ]RUGXU 6HQ YH \DġDGóáóQ G¾Q\D EHONL GH ELU \óO ¸QFH ELU RODVóOóNWDQ
LEDUHWWLQL]DPDQHIDUNHGHU"$QóODUóQYDUGHáLOPL"‰RFXNOXáXQXYHDLOHQLKDWóUOó\RUVXQ"
7DELLKDWóUOó\RUXP
˜\OH\VHRJ¾QOHUL\DġDPóġJLELVLQGHáLOPL"˜\OHGHáLOPL"<DQL\DġDGóQYH\D\DġDPDGóQ6HQ
¸\OHKDWóUOó\RUVXQ\D\HWPH]PL"
%LOPL\RUXP%XNRQX¾]HULQGHG¾ġ¾QPHPOD]óP<D\DUóQGDELUU¾\D¤OHPL\VHJ¸OJH\VH\DGD
QDVóODGODQGóUó\RUVDQó]¸\OHELUġH\VH"
2 ]DPDQ IDUNOó DQóODUD VDKLS \HQL ELU VHQ YH \HQL ELU JHU©HNOLN RODFDNWóU òQVDQODU GDKD PXWOX
ROVXQGL\HELUġH\OHU\DSóOPóġWóUYHNLPVHEXQXQIDUNóQDYDUDPD]7DWPLQHGLFLELUD©óNODPDGHáLO
EHQFH=DWHQGHGL+DUODQDFHOH\OHġLPGLVDQDKL©ELUġH\ROPD]<HQLELUJHU©HNOLNROXġDFDNIDNDW
VHQ6RQVX]OXN WDVóQ6HQGHáLġPH\HFHNVLQ
)DNDWKL©IDUNHWPH\HFHáLQLV¸\OHPLġWLQGHGL1R\VDQODPDNWDJ¾©O¾N©HNWLáLEHOOL\GL%XNDGDU
VóNóQWó\DJLUPHQLQQHO¾]XPXYDU"
‰¾QN¾ VHQL ROGXáXQ JLEL LVWL\RUXP ĠX DQGD ROGXáXQ JLEL 'HáLġPHQL LVWHPL\RUXP +L©ELU
ġHNLOGH
.ó]ELUD]NRUNPXġDEHQ]L\RUGX<DQLKHSEXUDGDPóNDODFDáóP"<DOQó]EDġóPD"
+D\óUKD\óU2QXG¾ġ¾QPH+DUODQ óQYDKġLFHKDUHNHWOHULYHNROODUóQóVóNPDVóNó]óL\LFHNRUNXWWX
˜QFH  GHNL \HQL JHU©HNOLNWH VDQD QH ROGXáXQX ¸áUHQH\LP VRQUD NóOóáóQó GHáLġWLULS WHNUDU JHUL
J¸W¾UHFHáLP 6HQL NROOD\DFDáóP 5HVPL ELU LOLġNL L©LQ P¾UDFDDW HGHFHáLP YH GDKD VRQUDNL
GHáLġWLUPHOHUGHQ HWNLOHQPHPHQ L©LQ DUDġWóUPDODU \DSDFDáóP %HQ ELU 7HNQLV\HQLP KHP GH HQ
L\LOHULQGHQELULYHGHáLġWLUPHOHULL\LELOLULP$FóPDVó]ELUJ¾O¾PVHPH\OHHNOHGL9HD\Qó]DPDQGD
ED]óEDġNDġH\OHUGHELOL\RUXPYHVXVWX
1R\V 3HNL EX \DVDN GHáLO PL" <DQL VHQ ELU LQVDQó DOóS VRQVX]OXNWD WXWDUDN GHáLġWLUPHGHQ
HWNLOHQPHPHVLQLVDáOD\DELOLUPLVLQ"6RQVX]OXNODLOJLOLE¾W¾QEXDQODWWóNODUóQGDQVRQUDSHNGRáUXELU
LġJLELJHOPHGL
%LU DQ L©LQ +DUODQ EXOXQGXNODUó ]DPDQGDQ DġDáó\D YH \XNDUó\D GRáUX X]DQDQ ELQOHUFH \¾]\óOóQ
©HYUHOHULQLVDUDQJHQLġERġOXáXQGD¾ġ¾G¾á¾Q¾E¾]¾OG¾á¾Q¾KLVVHWWL%LUDQL©LQ\HJ¤QHVDGóNGRVWX
\HJ¤QH HYL RODQ 6RQVX]OXN WDQ ©HNLOLS NRSDUóOGóáóQó \DQóQGD \DOQó]FD XáUXQGD KHU ġH\L IHGD HWWLáL
NDGóQNDODFDNġHNLOGHKHP6RQVX]OXN WDQKHPGH=DPDQ GDQNRSDUóOGóáóQóKLVVHWWL
.HOLPHOHUH JHUHNOL YXUJXODUOD DQODP ND]DQGóUDUDN NRQXġWX +D\óU EX ELU VX©WXU .RUNXQ© ELU
VX©WXUYH©RNXWDQó\RUXP)DNDWELUGDKD\DSPDN]RUXQGDNDOVDP\LQH\DSDUóP
%HQLPL©LQPL$QGUHZ"%HQLPL©LQPL"
*¸]OHULQLNDOGóUóSNó]óQNLOHUHEDNDPDGó+D\óU1R\VNHQGLPL©LQ6HQLND\EHWPH\HGD\DQDPDP
.ó]9HHáHU\DNDODQóUVDN"GHGL
+DUODQ EX VRUXQXQ FHYDEóQó ELOL\RUGX &HYDEó  GH JH©LUGLáL JHFH NHQGL NHQGLQH ELU V¾U¾ ġH\
G¾ġ¾QG¾á¾DQGDQEHULELOL\RUGX)DNDWDFóJHU©HáLG¾ġ¾QPHNELOHLVWHPL\RUGX
+L© NLPVHGHQ NRUNPX\RUXP .HQGLPL NRUX\DELOLULP 1H NDGDU ©RN ġH\ ELOGLáLPL KD\DO ELOH
HGHPH]OHU
 

*(/òĠ0(/(5
Ġ¸\OH ELU JHUL\H G¸Q¾S EDNóQFD SHN GH X]XQ ELU V¾UH JH©PHPLġWL $UDGD JH©HQ KDIWDODU L©LQGH
\¾]OHUFH ġH\ ROPXġ YH +DUODQ D ROGXáXQGDQ GDKD X]XQPXġ JLEL JHOPLġWL %XQODUóQ L©LQGH HQ ġLLUVHO
RODQó HOEHWWH NL 1R\V OD ELUOLNWH JH©LUPH IóUVDWó HOGH HGHELOGLáL VDDWOHUGL 9H E¾W¾Q GLáHU ROD\ODUó
SHUGHOL\RUGX
%LU  GHNL NLġLVHO Hġ\DODUóQóQ ©RáX LONHO ]DPDQGDQ JHOPH VHYJLOL GHUJLOHULQLQ NLWDSODUóQóQ
HOELVHOHULQLQ ILOPOHULQLQ WRSODQóS NHQGLVLQLQ DVóO RWXUGXáX  GHNL LVWDV\RQD WDġóQPDVóQD QH]DUHW
HWWL
6RQHġ\DODUóWDġóPDDUDFóQD\¾NOHQLUNHQ)LQJH\DQóQDJHOGL
6¸]OHULQLGLNNDWOHVH©HUHN%DNó\RUXPEL]GHQD\UóOó\RUVXQGHGL*¾O¾PV¾\RUGXDPDGXGDNODQóQ
VóNWóáó L©LQ GLġOHUL DQFDN ELU ©L]JL KDOLQGH J¸U¾Q¾\RUGX (OOHULQL DUNDVóQGD ELUOHġWLUPLġ ERGXU
J¸YGHVLġLġPDQEDFDNODUóQóQ¾]HULQGH¸QHGRáUXHáLOPLġWL
+DUODQEDġóQó©HYLULSDPLULQHEDNPDGóELOH0RQRWRQELUVHVOH(YHWHIHQGLPGL\HPóUóOGDQGó
 GHNL J¸]OHPOHULQLQ VRQ GHUHFH WDWPLQN¤U VRQX©ODUó\OD LOJLOL RODUDN .óGHPOL %LOJLVD\DU
7ZLVVHOO HUDSRUYHUHFHáLP
+DUODQEDVLWELUWHġHNN¾UNHOLPHVLL©LQELOHDá]óQóD©PDNLVWHPL\RUGX6HV©óNDUPDPD\ó\HáOHGL
)LQJH ELUGHQ VHVLQL DO©DOWDUDN GHYDP HWWL ĠX DQ L©LQ EDQD NDUġó RODQ R GDYUDQóġóQó GD
ELOGLUPH\HFHáLP +HU QH NDGDU \XPXġDN EDNóġODUOD J¾O¾PV¾\RUVD GD ]DOLPFH ELU WDWPLQ GX\JXVX
L©LQGHROGXáXDQODġóOó\RUGX
+DUODQEDġóQóNDOGóUGóGLNGLNEDNWóYH1DVóODU]XHGHUVHQL]%LOJLVD\DUGHGL
òNLWHNUDU GHNL\HULQH\HUOHġWL
òON Lġ RODUDN 7ZLVVHOO L J¸UPH\H JLWWL %X ]HEDQL VXUDWOó ELU NDIDQóQ RWXUWXOGXáX N¾©¾N Y¾FXGX
¸]OHGLáLQLIDUNHWWL+DWWDLNLSDUPDáóDUDVóQDVóNóġWóUGóáóGXPDQOóVLOLQGLULQLDá]óQDJ¸W¾U¾ġ¾Q¾ELOH
¸]OHPLġWL
%LOJLVD\DUGHGL
2GDVóQGDQ ©óNPDNWD RODQ 7ZLVVHOO ELU DQ J¸UPH\HQ WDQóPD\DQ EDNóġODUOD RQX V¾]G¾ <¾]¾QGH
¾UNHNELULIDGHYDUGóYH\RUJXQOXNWDQJ¸]OHULġDġóEDNó\RUGX
$K7HNQLV\HQ+DUODQ GHNLLġLQELWWLPL"
(YHWHIHQGLP
7ZLVVHOO ELU WXKDI GDYUDQó\RUGX %LUGHQ VDDWLQH EDNWó 7DP KHGHI RáOXP WDP KHGHI +DULND
+DULND
+DUODQNDOSDWóġODUóQóQKó]ODQGóáóQóKLVVHWWL7ZLVVHOO OHGDKD¸QFHNLVRQJ¸U¾ġPHVLQGHEXV¸]OHUH
ELU DQODP YHUHPH]GL ĠLPGL LVH \DġOó DGDPóQ QH GHPHN LVWHGLáLQL DQODGóáóQó G¾ġ¾QG¾ 7ZLVVHOO
\RUJXQGXKHUKDOGH\RNVDVRUXQXQFDQDOóFóQRNWDVóQDGHáLQHQE¸\OHġH\OHULDá]óQGDQND©óUPD]Gó<D
GDELOJLVD\DUNXOODQGóáóJDULSNHOLPHOHUGHQELUġH\DQODġóOPD\DFDáóQóG¾ġ¾QP¾ġW¾
+DUODQELUD]¸QFH7ZLVVHOO LQV¸]OHULQHWDNóOPDGóáóQóKLVVHWWLULUFHVLQH%HQLP‰óUDNQDVóO"GL\H
VRUGX
ò\LL\LGHGL7ZLVVHOO%HOOLNLEXVRUX\DLOJLJ¸VWHUPHPLġWL$NOóEDġNDġH\OHUGH\GLò]PDULWKDOLQH
JHOPLġVLJDUDVóQGDQDFHOHELUQHIHV©HNWLEDġó\ODELULġDUHW\DSDUDNYHGDHWWLYHKó]OD\¾U¾G¾JLWWL
ž©‰óUDN
'DKD \DġOó J¸U¾Q¾\RUGX (OLQL X]DWóS '¸QG¾á¾QH VHYLQGLP +DUODQ GHUNHQ JH©HQ NóVD V¾UH
L©LQGHED\DáóROJXQODġWóáóKLVVLQLX\DQGóUó\RUGX
%HONLGHRQXGDKD¸QFHOHUL\DOQó]FDELU¸áUHQFLRODUDNJ¸UG¾á¾R\VDNLġLPGLELU‰óUDN WDQ©RN
¸WHGH ELU DQODPó ROGXáX L©LQ ¸\OH VDQPóġWó $GDP ġLPGL 6RQVX]ODUóQ HOLQGHNL GHYDVD ELU DUDFD
EHQ]L\RUGX'RáDORODUDN+DUODQ óQJ¸]¾QHEDPEDġNDJ¸U¾Q¾\RUGX
+DUODQ EXQX KLVVHWWLUPHPH\H ©DOóġWó +DUODQ óQ RGDVóQGD\GóODU YH 7HNQLV\HQ  QLQ V¾VO¾
©LUNHILQGHQ NXUWXOPXġ ©HYUHVLQL VDUDQ ]HQJLQ SRUVHOHQ \¾]H\OHULQ J¾]HOOLáLQH NDYXġPXġ ROPDNWDQ
PXWOX\GX  QLQ YDKġL EDURNXQX 1R\V OD \DġDPD\D ©DOóġóUNHQ )LQJH OH SD\ODġPDN GXUXPXQGD
NDOPóġWó1R\V ODSD\ODġDELOGLáLLVHJDULSWLUJL]OL\¾]\óOODUóQSHPEHVDWHQGHQġDIDáóYH\DOQó]Oóáó\Gó
%X WHKOLNHOL ġH\OHUL JL]OHPHN LVWHUFHVLQH ©DEXN ©DEXN NRQXġWX (HH &RRSHU EHQ X]DNODUGD\NHQ
VHQLQOHQDVóOLOJLOHQGLOHUEDNDOóP"
&RRSHU J¾OG¾ L\LFH X]DPóġ RODQ Eó\óáó\OD R\QD\DUDN 'DKD ID]OD PDWHPDWLN +HS PDWHPDWLN
GHGL
<DD"ĠLPGL\HNDGDUHSH\LOHUOHPLġVLQGLUKHUKDOGH
2OGXN©D
1DVóOEXOX\RUVXQ"
ĠLPGLOLN GD\DQDELOL\RUXP .ROD\ ]DWHQ ELOL\RUVXQ +RġXPD JLGL\RU )DNDW EX DUD HSH\
\¾NOHQGLOHU
+DUODQ EDġó\OD RQD\ODGó YH WDWPLQ ROGXáXQX KLVVHWWL =DPDQ DODQó PDWULVOHUL YH EXQXQOD LOJLOL
ġH\OHUGHáLOPL"
)DNDW &RRSHU NLWDSOóáóQ UDIODUóQGDNL FLOWOHUH G¸QHUHN òONHO OH LOJLOL ġH\OHUGHQ NRQXġDOóP ELUD]
6RUDFDNODUóPYDUGHGL
1HKDNNóQGD"
 GHNLġHKLUKD\DWó˜]HOOLNOH/RV$QJHOHV
òOJL©HNLFLELUġHKLU6HQGH¸\OHG¾ġ¾QP¾\RUPXVXQ"GHGL
&RRSHU
˜\OHIDNDW \HNDGDUELUX]DQVDN2WDULKWHHQLOJLQ©J¾QOHULQL\Dġó\RUGX
<RN\RNEHQ \OHLOJLOHQL\RUXP
3HNLQHGHQROPDVóQ"GHGL+DUODQ
<¾]¾QGH KL©ELU LIDGH \RNWX )DNDW EX LIDGHVL] NóVóP VR\XOD ELOVH DOWóQGDQ +DUODQ óQ ]HYNOH
J¾O¾PVH\HQ\¾]¾©óNDFDNWó6H]JLOHULQHGD\DQDQWDKPLQOHULQLQGRáUXOXáXNDQóWODQó\RUGX+HUġH\ELU
ELUD\GóQODQó\RUGX
'¸UW$UDġWóUPD‰LIWNDWDUDġWóUPD
˜QFH NHQGLVL L©LQ +HU J¾Q 7ZLVVHOO LQ PDVDVóQD NRQDQ UDSRUODUD JL]OLFH J¸] JH]GLUL\RUGX
3URJUDPD DOóQPóġ \D GD WHNOLI RODUDN VXQXODQ *HU©HNOLN 'HáLġWLUPHOHULQH DLW UDSRUODUGó EXQODU
%¾W¾Q]DPDQODU 0HFOLVL ¾\HVL ROGXáX L©LQ KHU UDSRUXQ ELU NRS\DVó GD 7ZLVVHOO H J¸QGHULOLUGL YH
+DUODQGDEXQODUGDQ¸]HOOLNOHELULQLND©óUPDNLVWHPL\RUGX˜QFHOLNOHVóUDVó\DNODġDQ \OHLOJLOL
GHáLġWLUPHQLQUDSRUXQXDUó\RUGX$\QFDVDNDWOóN©óNDUDELOHFHNEDġNDELUGHáLġWLUPHROXSROPDGóáóQó
GD¸áUHQPH\H©DOóġó\RUGX
$VOóQGD HOEHWWH NL EXQODUó RNXPDVó GRáUX GHáLOGL IDNDW EX DUDODU 7ZLVVHOO E¾URVXQD QDGLUHQ
XáUX\RUGX YH ¸]HO 7HNQLV\HQL QLQ RQXQ RGDVóQGD QH \DSWóáóQó VRUPDN GD NLPVHQLQ ¾VW¾QH YD]LIH
GHáLOGL
%X DUDġWóUPDODUóQóQ ELU SDU©DVó\Gó ˜WH \DQGDQ  QLQ NHQGLVLQH DLW GHVWHOHUL KHU JHU©HNOLNWH
ELUD]GDKDGHáLġPLġFRáUDI\DVóQóWDULKLQLVRV\RORMLVLQLWDPDQODPó\ODLONNH]J¸]O¾\RUGX*¸]OH\HQ
YH KHVDSOD\DQ VRQVX]ODUóQ \D]Góáó UDSRUODU GHáLOGL EXQODU ¸O¾PO¾OHU WDUDIóQGDQ KD]óUODQPóġ
\DSóWODUGó
$OWHUQDWLI GHáLġLNOLNOHULQ GHáHUL ¾]HULQGH E¾\¾N WDUWóġPDODU ©óNPDVóQD \RO D©DQ  QLQ ¾U¾Q¾
HGHELHVHUOHUYDUGóEXUDGD%XEDġ\DSóWGHáLġWLUPHNDSVDPóQDDOóQPDOóPó\Gó\RNVDGHáLġWLULOPHPHOL
PL\GL" (áHU GHáLġWLULOHFHNVH QH ġHNLOGH \DSóOPDOó\Gó" *H©PLġ GHáLġWLUPHOHU VDQDW HVHUOHULQL QH
ġHNLOGHHWNLOHPLġWL"
6DQDWOD LOJLOL RODUDN JHQHO ELU ILNLU ELUOLáLQH YDUPDN RODQDNOó Pó\Gó" +HVDS PDNLQHOHUL\OH NDUDU
YHUHELOPHNL©LQEXNRQX¸O©¾OHELOLUġH\OHUKDOLQHJHWLUHELOLUPL\GL"
%XW¾UġH\OHULGH$XJXVW6HQQRULVLPOLELU%LOJLVD\DU7ZLVVHOO LQEDġNDUġóWó\Gó7ZLVVHOO LQLQVDQ
YH G¾Q\DVó KDNNóQGD LOJLQ© D©óNODPDODUó +DUODQ óQ LOJLVLQL ©HNWLáLQGHQ RWXUXS 6HQQRU XQ ED]ó
PDNDOHOHULQLRNXPXġYHIDNDW¾UN¾W¾F¾EXOPXġWX
6HQQRU D©óN©D KDWWD +DUODQ D J¸UH UDKDWVó] HGLFL ELU WDU]GD \HQL ELU *HU©HNOLNWH GDKD ¸QFHGHQ
6RQVX]OXáDDOóQPóġRODQNLġLOHULQELUHġLQLQEXOXQXSEXOXQPD\DFDáóQóVRUX\RUGX%XQRNWDGDQ\ROD
©óNDUDN ELU 6RQVX] XQ ]DPDQ L©LQGH ELOHUHN YH\D ELOPH\HUHN NHQGLVL\OH NDUġóODġPD RODVóOóáóQó
LQFHOL\RU YH KHU ROD\óQ LSX©ODUó ¾]HULQGH \RUXPODU \DSó\RUGX %X 6RQVX]OXN WD HQ ©RN  NRUNXODQ
ġH\OHUGHQELUL\GLYH+DUODQRNXUNHQWLWUHGLáLQLKLVVHWWL 9HWDELLNRQX\X*HU©HNOLN'HáLġWLUPHOHUL QLQ
FLQVYHVóQóIODQGóUPDODUóER\XWXQGDVDQDWYHHGHEL\DWóQNDGHUL\OHLOJLOLRODUDNGDWDUWóġó\RUGX
)DNDW7ZLVVHOOEXVRQXQFXNRQX¾]HULQGHWDUWóġPDNLVWHPL\RUGX(áHUVDQDWóQGHáHUL¸O©¾OHELOHQ
ELUQHVQHGHáLOVHGL\H6HQQRU DEDáóUDUDNQHVLQLWDUWóġDFDáó]"GHPLġNHVWLULSDWPóġWó
9H7ZLVVHOO LQJ¸U¾ġ¾%¾W¾Q]DPDQODU0HFOLVL QGH©RáXQOXNWDUDIóQGDQEHQLPVHQPLġWL
+DUODQ (ULF /LQNROOHZ XQ EX DGDP  QLQ HQ P¾NHPPHO \D]DUó RODUDN WDQóQó\RUGX
URPDQODUóQD D\UóOPóġ NóVPD JHOLQFH GXUGX YH KD\UHW HWWL 2Q EHġ GHáLġLN %¾W¾Q (VHUOHUL
NROHNVL\RQX YDUGó YH ġ¾SKHVL] KHSVL IDUNOó\Gó ˜UQHáLQ L©OHULQGHQ ELUL GLáHUOHULQH QD]DUDQ GLNNDWL
©HNHFHNNDGDUD]HVHUGHQROXġX\RUGX+HUKDOGHHQD]\¾]VRV\RORJKHUELUJHU©HNOLNWHNLVRV\RORMLN
JH©PLġOHUL D©óVóQGDQ EX HVHUOHU DUDVóQGDNL IDUNODUó LQFHOH\HQ DQDOL]OHU NDOHPH DOPóġ YH ¾QH
NDYXġPXġWXUGL\HG¾ġ¾QG¾
.¾W¾SKDQHQLQ IDUNOó  OHULQLQ DUD© YH JHUH©OHULQH D\UóOPóġ NóVPóQD JH©WL %X NóVóPGDNLOHULQ
©RáX ]DPDQGDQ ©óNDUóOPóġWó YH LQVDQ ]HN¤VóQóQ ¾U¾QOHULQL WHPVLO HWPHOHUL EDNóPóQGDQ VRQVX]OXNWD
PXKDID]DHGLOL\RUGXòQVDQRáOXQXQNHQGLDġóUóYHULPOLWHNQLN]HN¤VóQGDQGDNRUXQPDVóJHUHNL\RUGX
+HPHQ KHU \óO ]DPDQóQ KHUKDQJL ELU \HULQGH Q¾NOHHU HQHUMLQLQ WHKOLNHOL \¸QOHUH GRáUX JHOLġWLáL
RUWD\D©óNó\RUGX'RáDORODUDNEXQODUDP¾GDKDOHHGLOL\RUGX
.¾W¾SKDQHQLQ PDWHPDWLN YH PDWHPDWLN WDULKLQH D\UóOPóġ NóVPóQD G¸QG¾ òVLP VóUDVóQD J¸UH
KD]óUODQPóġ UDIODUD J¸] JH]GLU GL %LUD] G¾ġ¾QG¾NWHQ VRQUD \DUóP G¾]LQH NDGDUóQó VH©WL ©óNDUPDN
L©LQLP]DODGó
%Hġ1R\V
*HOLġPHOHULQJHU©HNWHQHQ¸QHPOLNóVPóEX\GX+HPGHġLLUVHORODQó
&RRSHUJLWWLNWHQVRQUDNHQGLQHNDODQYH\DOQó]OóNL©LQGH\HPHN\HPHNRNXPDNX\XPDNYHHUWHVL
J¾Q¾EHNOHPHNL©LQNXOODQóOPDVóJHUHNHQERġVDDWOHULQGHVH\DKDWDUD©ODUóQóQ\ROXQXWXWWX
%LU WHNQLV\HQLQ WRSOXPGDNL NRQXPXQX PLQQHWOH DQó\RUGX %LU J¾Q JHOLS GH E¸\OH G¾ġ¾QHFHáLQL
V¸\OHVHOHULQDQPD]GóDPDNLPVHQLQNHQGLVL\OHLOJLOHQPHPHVLQHġ¾NUHGL\RUGX
$UD©WD QH LġL ROGXáXQX ¾VW]DPDQD Pó DġDáóODUD Pó JLWWLáLQL NLPVH VRUPX\RUGX +L©ELU PHUDNOó
J¸]L]OHPL\RU\DUGóPHOLX]DQPó\RUJHYH]H©HQHODIDWXWPX\RUGX
&DQóQóQLVWHGLáL\HUYH]DPDQDJLGHELOLUGL
1R\V'HáLġWLQ$QGUHZ+D\UHWWLUGHáLġWLQGHGL
.ó]DJ¾O¾PVH\HUHNEDNWó+DQJLD©óGDQ1R\V"
*¾O¾PV¾\RUVXQGHáLOPL"%LULVLEX¸UQHáLQ+L©D\QDGDNHQGLQLJ¾O¾PVHUNHQJ¸UG¾QP¾"
%DNDPó\RUVXQ NL NRUNX\RUXP %HQLP EX NDGDU PXWOX ROPDPD LPN¤Q \RN +DVWD\óP KHUKDOGH
6D\óNOó\RUROPDOó\óP.HQGLPGHGHáLOLP%LUU¾\DJ¸U¾\RUROPDNWDQNRUNX\RUXP
1R\VL\LFHVRNXOXSELU©LPGLNDWWó%LUġH\KLVVHWWLQPL"
.ó]óQEDġóQóNHQGLQHGRáUX©HNWL\¾]¾Q¾Q\XPXġDNVL\DKVD©ODUDJ¸P¾OG¾á¾Q¾KLVVHWWL
$\UóOGóNODUóQGD1R\VQHIHVQHIHVH%XLġWHGH©RNGHáLġWLQ%D\DáóL\LVLQ
‰RN L\L ELU ¸áUHWPHQLP YDU GL\H V¸]H EDġODGó +DUODQ IDNDW ELUGHQ VXVWX <DQOóġ ELU ġH\
V¸\OHPHNWHQNRUNPXġWX
)DNDWNó]óQNDKNDKDVóHQGLġHOHQPHQLQ\HUVL]ROGXáXQXJ¸VWHUL\RUGX<HPHN\HGLOHUYHRQXQL©LQ
JHWLUGLáLJL\VLOHULQL©LQGH1R\V XQóOóN\XPXġDNOóáóQóVH\UHWWL
.ó] J¸]OHULQL WDNLS HWWL YH HWHáLQL LġDUHW HGHUHN .HġNH \DSPDVD\GóQ $QGUHZ +L© JHUHN \RNWX
GHGL
+DUODQXPXUVDPD]ELUWDYóUOD%LUWHKOLNHVL\RNGHGL
1DVóO\RN‰RFXNROPD6HQLġOHULQLD\DUOD\DQDNDGDUEHQEXUDGDNLOHUOHLGDUHHGHELOLULP
1HGHQNHQGLHOELVHOHULQLWDNóODUóQóNXOODQPD\DVóQ"
‰¾QN¾ EHQLP ]DPDQGDNL HYLPH JLGLS \DNDODQPDQD GHáPH] GH RQGDQ <D VHQ RUDGD\NHQ
GHáLġWLUPHJHU©HNOHġWLULOLUVH"
%DQD ELU ġH\ ROPD] ‰¾QN¾ ELOHáLPGHNL MHQHUDW¸U EHQL IL]\R]DPDQGD WXWDU YH GHáLġLNOLNWHQ
HWNLOHQPHP
1R\VL©©HNWL1HELOH\LP%HQEXLġOHULKL©DQOD\DPD\DFDáóPJDOLED
 $QODPD\DFDN ELU ġH\ \RN NL +DUODQ E¾\¾N ELU KHYHVOH DQODWWó DQODWWó YH 1R\V HáOHQL\RU PX
LOJLOHQL\RUPXSHNDQODġóOPD\DQELUWDYóUODGLQOHGL
%X+DUODQL©LQ©RNE¾\¾NELUġH\GL.RQXġDELOHFHáLELULYDUGóKD\DWóQóDU]XODUóQóG¾ġ¾QFHOHULQL
WDUWóġDELOHFHáLELUL1R\VRQXQELUSDU©DVóJLEL\GL+HPGH\DOQó]FDG¾ġ¾QFHOHU\ROX\ODGHáLOD\Qó
]DPDQGDNRQXġDUDNLOHWLġLPNXUDELOGLáLNHQGLQGHQD\UóELUSDU©DVóJLEL.HQGLQLQROPDVóQDUDáPHQ
IDUNOóELUG¾ġ¾QFH\DSóVó\ODFHYDSYHUHELOHQELUSDU©DVóJLEL+DUODQELULQVDQQDVóOROXUGDHYOLOLN
JLELELUVRV\DOROJX\XJ¸]OHUNHQL©HULáLQGHNL\DġDPVDOJHU©HNOHULQIDUNóQDYDUDPD]GL\HG¾ġ¾QG¾
.ó]L\LFHVRNXOGXNROWXáXQXQDOWóQDVóNóġWó0DWHPDWLN©DOóġPDODUóQQDVóOJLGL\RU"
%LUJ¸]DWPDNLVWHUPLVLQ"
<DQóQGDJH]GLUGLáLQLV¸\OHPHVDNóQ
1HGHQROPDVóQ"$UD©JH]LOHUL]DPDQDOó\RU%X]DPDQERġJH©LULOLUPL"
.ó]GDQD\UóOGóFHELQGHQN¾©¾NHNUDQOóELUDOHW©óNDUGóILOPLWDNWóYHJ¸]OHULQLHNUDQDGLNHQ1R\V D
ġHINDWOHJ¾O¾PVHGL
.ó]DOHWLQHNUDQó+DUODQ DEDNDFDNġHNLOGHWXWXS©HYLUGL
%DġóQóVDOOD\DUDN+L©EXNDGDUNDUóġóNELUġH\J¸UPHGLP.HġNH=DPDQODUDUDVóELOVH\GLP
$VOóQGDGHGL+DUODQVHQLQ=DPDQODUDUDVóGLOGH\D]óOó]DQQHWWLáLQEXHáULE¾áU¾LġDUHWOHULQ©RáX
PDWHPDWLNVHOVLPJHOHUGLU
6HQDQOD\DELOL\RUVXQDPDGHáLOPL"
+DUODQ Nó]óQ J¸]OHULQGHNL KD\UDQOóN LIDGHVLQH ED\óOó\RUGX IDNDW PHFEXUHQ <HWHUL NDGDU GHáLO
$U]XODGóáóPQRNWD\DJHOHELOPHNL©LQK¤O¤PDWHPDWLN©DOóġó\RUXPGHPHN]RUXQGDNDOGó
$OHWLKDYD\DDWWóYHWHNUDU\DNDOD\óS¸QOHULQGHGXUDQPDVDQóQ¾]HULQHNR\GX
1R\V XQJ¸]OHULEXKDUHNHWLWDNLSHGHUNHQELUGHQ+DUODQ óQDNOóEDġóQDJHOGL
=DPDQ%DED6HQ]DPDQODUDUDVóELOPL\RUVXQ
+D\óU7DELLELOPL\RUXP
2 KDOGH EX E¸O¾P¾Q N¾W¾SKDQHVL KL© LġLQH \DUDPD] %X KL© DNOóPD JHOPHPLġWL  GHQ NHQGL
ILOPOHULQLJHWLUPHNOD]óP
.ó]ELUGHQWHODġODQGó+D\óUòVWHPHP
7DPDPJHWLUHFHáLP
%DN©RNFLGGL\LPLVWHPL\RUXP%¸\OHELUġH\L©LQULVNHJLUPHNDSWDOFD
*HWLUHFHáLP
7HNUDU1R\V XQ GHNLHYLQLQVRQVX]OXNWDQD\UóOGóáóSHUGHQLQ¸Q¾QGHGXUX\RUGX*H©HQGHIDNL
JH©LġLQLQVRQRODFDáóQóG¾ġ¾QP¾ġW¾ĠLPGLDUWóN'HáLġWLUPH\DSóOPDN¾]HUH\GLYHROD\©óNDUPDPDVó
L©LQEXQX1R\V DV¸\OHPHPLġWL
%X VRQ \ROFXOXáX \DSPDN L©LQ NDUDU YHUPHNWH ID]OD ]RUOXN ©HNPHPLġWL %LU EDNóPD EX ILOPOHUL
DVODQóQDá]óQGDQDOóSJHWLUHUHN1R\V XQJ¸]¾QGHE¾\¾PHNL©LQ\DSóOPóġELUNDEDGD\óOóNJ¸VWHULVLELU
EDNóPDGDRòONHO GHNXOODQóODQGH\LPGHNLġDKVóQ\HULQH)LQJH LNR\DUDNòVSDQ\D.UDOó QóQVDNDOóQó
\DNPDNJLELELUġH\RODFDNWó
 $\Qó]DPDQGDPDKN½PELUHYLQVLKLUOL©HNLFLOLáLQLWHNUDUWDGDELOHFHNWL
(YH ELU ¸QFHNL JLULġLQGH GH EXQX \DġDPóġWó 2GDODUó GRODġóS HOELVHOHUL XIDN VDQDW HVHUOHULQL NDS
ND©DáóYH1R\V XQPDN\DMWDNóPODUóQóWRSODUNHQKHSEXJDULSKLVOHUOHGROX\GX
0DKN½PELUJHU©HNOLáLQKL©J¾U¾OW¾©óNDUPDGDQ\RNROXġXQ]DOLPVHVVL]OLáL©HYUHVLQLVDUó\RUGX
<HQLJHU©HNOLNWHEXUDQóQQHRODFDáóQóNHVWLUPHN+DUODQL©LQELOHP¾PN¾QGHáLOGL'óġPDNLQHOHULQ
ELU N¾©¾N NXO¾EHVL \D GD ġHKULQ HQ LġOHN FDGGHVLQGHNL ELU DSDUWPDQ RODELOLUGL ĠX DQGD J¾]HO ELU
SDUNóQEXOXQGXáXEXE¸OJHEHONLGH©¸SO¾NRODUDNNXOODQóODFDNWó+L©GHáLġPH\HELOLUGLGH9HEXUDGD
1R\V XQELUEHQ]HULRWXUDELOLU\DGDRWXUPD\DELOLUGL
+DUODQ L©LQ HY WDP DQODPó\OD \RN ROPDGDQ ¸QFH J¸U¾Q¾S ND\ERODQ ELU KD\DOHWWHQ LEDUHWWL 9H
NHQGLVLL©LQD\UóELU\HULROGXáXQGDQEXFDQ©HNLġPH\HEHQ]H\HQKDOLQL©LQLEXUNWXáXQXKLVVHWWL
7HNUDU ELU ¸QFHNL JLULġLQL KDWóUODGó .LOHUH JLUPLġ KL]PHW©LOHUL YH GROD\óVó\OD E¾\¾N ELU VRUXQX
RUWDGDQNDOGóUPóġRODQEX*HU©HNOLNYH\¾]\óOóQWHNQRORMLVLQHġ¾NUHWPLġWL*¸W¾UHELOHFHáLNDGDUKD]óU
\HPHN NRQVHUYHOHULQGHQ WRSODUNHQ 1R\V XQ \DSD\DOQó] EHNOHGLáL E¸O¾PGH EXQODUó J¸U¾QFH ©RN
VHYLQHFHáLQL G¾ġ¾QP¾ġW¾ +DWóUODGóNODUó NH\LIOHQPHVLQL VDáODGó YH KDWWD J¾U¾OW¾O¾ ELU NDKNDKD DWWó
7DPNDKNDKDQóQ\DUóVóQGD©DUSDQELUġH\LQ©óNDUWWóáóELUVHVGX\GX'RQXSNDOGó
6HV DUNDVóQGDQ ELU \HUGHQ JHOPLġWL %LQD\ó \óNó\RU RODELOLUOHUGL \D GD HWUDIWD VRQ DUDġWóUPDODUó
\DSDQELU6RQVX]GRODġó\RUGXEXLNLQFLVL©RNGDKDWHKOLNHOL\GL
%XELQD\óNDQODUóQLġLRODPD]Gó=DPDQPHN¤QFHWYHOLQGHNLE¾W¾QG¸QHPNULWLNNóVóPODUóGDGDKLO
GLNNDWOH LQFHOHQPLġ YH EHQ]HUOHUL DUDVóQGDQ HWNHQ RODELOHFHN IDNW¸UOHULQ HQ D] ROGXáX EX ]DPDQ
GLOLPLVH©LOPLġWL
.DOEL©DUSDUDNNHQGLQL]RUODGóYH\DYDġ\DYDġG¸QG¾$UNDVóQGDGXUDQNDSóQóQNDSDQGóáóVRQDQó
J¸UP¾ġJLELJHOGL*LGLSNDSó\óD©PDNHYLDUDPDNLVWHGL)DNDW\DSDPDGó7RSOD\DELOGLáLHġ\DODUOD
ELUOLNWH6RQVX]OXáDG¸QG¾YHX]DN¾VW]DPDQDGRáUXKDUHNHWHWPHGHQ¸QFHLNLJ¾QEHNOHGL+HUKDQJL
ELUJHOLġPHROPD\óQFDGDEXROD\óXQXWPXġWX
)DNDW ġLPGL ]DPDQD EX VRQ JLULġL L©LQ JHUHNOL D\DUODPDODUó \DSDUNHQ \HQLGHQ DNOóQD JHOL\RUGX
%HONLGHDUWóNJHU©HNOHġPH]DPDQóJHOPLġRODQ'HáLġWLUPH QLQRQXELUDYJLELEHNOHGLáLG¾ġ¾QFHVL
NDIDVóQó NDUóġWóUó\RUGX 'DKD VRQUDODUó G¾ġ¾QG¾á¾QGH LġWH EX UXK KDOLQLQ NRQWUROOHUL \DQOóġ
D\DUODPDVóQDVHEHSROGXáXQDNDUDUYHUHFHNWL%DġNDW¾UO¾¸\OHELUKDWD\DSPDVóLPN¤QVó]Gó
<DSWóáóKDWDQóQIDUNóQDYDUDPDGó'RáUXRGD\óQLġDQODGóYH1R\V XQN¾W¾SKDQHVLQHJLUGL
$UWóN WDQóGóáó ILOP NXWXODUóQóQ GL]D\QóQGDNL Lġ©LOLN HVNLVL NDGDU NHQGLQL ]DYDOOó JHUL NDOPóġ
KLVVHWPHVLQH \RO D©Pó\RUGX 'RáUX G¾U¾VW RNX\DPDGóáó NLWDSODUGDNL EDġOóNODU QHILV LQFHFLN
LġOHPHOHUOHV¾VOHQPLġWL.¾W¾SKDQHGHHVWHWLáLQID\GDFóOóNYHVDGHOLáH]DIHULNROJH]L\RUGX
+DUODQ UDIODUGDQ UDVWJHOH ELUND© WDQHVLQL ©HNLS DOGó ĠDġóUGó %DġOóNWD =DPDQODUóPó]óQ 6RV\DO YH
(NRQRPLN7DULKL\D]ó\RUGX
1R\V XQ EX WLS ġH\OHUOH XáUDġDFDáó KL© DNOóQD JHOPHPLġWL.ó]óQ DSWDO ROPDGóáóQó ELOL\RUGX DPD
GRáUXVX E¸\OH DáóU HVHUOHUOH LOJLOHQHELOHFHáLQL GH WDKPLQ HWPHPLġWL =DPDQODUóPó]óQ 6RV\DO YH
(NRQRPLN 7DULKL  DGOó ġX NLWDED ELU J¸] DWPDN L©LQ GD\DQóOPD] ELU DU]X GX\X\RUGX IDNDW NHQGLQL
WXWWX ‰RN LVWHUVH EX NL WDEóQ ELU NRS\DVóQó  QLQ E¸O¾P N¾W¾SKDQHVLQGH EXODELOLUGL )LQJH
6RQVX]OXáXQ ND\óWODUó L©LQ KDOLKD]óUGDNL EX *HU©HNOLáLQ E¾W¾Q N¾W¾SKDQHOHULQLQ DOWóQó ¾VW¾QH
JHWLUPLġWLUQDVóOROVDGL\HG¾ġ¾QG¾
(OLQGHNLQLEóUDNWó‰DEXFDNGLáHUOHULQLJ¸]GHQJH©LULSURPDQYHEHQ]HULġH\OHULVH©WLòNLWDQHGH
FHSJ¸VWHULFLVLDOGó+HSVLQLELUVóUW©DQWDVóQD\HUOHġWLUGL
7DP R DQGD ELU NHUH GDKD HYLQ L©LQGHQ JHOHQ ELU VHV GX\GX %X GHID \DQóOPó\RUGX %X VHIHUNL
ND\QDáóQó DQOD\DPDGóáó ELU J¾U¾OW¾ GH GHáLOGL %LU NDKNDKD\Gó %LU HUNHN NDKNDKDVó (YGH \DOQó]
GHáLOGL
6óUW©DQWDVóQóQHOLQGHQG¾ġW¾á¾Q¾ELOHIDUNHGHPHGL<DOQó]FDNDSDQDNóVóOGóáóQóG¾ġ¾QHELOL\RUGX
 

.$3$1'$
+HU ġH\ ©RN D©óNWó (Q NDWóVóQGDQ GUDPDWLN ELU LURQL\GL EX =DPDQD VRQ GHID JLUPLġ VRQ ELU GHID
GDKD)LQJH LQEXUQXQXNóVWóUPóġWHVWL\LNX\X\DVRQGHIDJHWLUPLġWL9H\DNDODQPóġWó
.DKNDKD\óDWDQ)LQJHPL\GLDFDED"
%DġND NLP RQX L]OH\HFHN VDNODQóS EHNOH\HFHN YH VRQUD GD \DQGDNL RGDGD NH\LIWHQ SDWODUFDVóQD
NDKNDKDDWDFDNWó
(HHRKDOGHKHUġH\ERġDPóJLGL\RUGX"9HDUWóNKHUġH\LQELWWLáLQHHPLQROGXáXġXLQVDQóGHOL
HGHQ GDNLNDGD NDUDUóQó YHUGL %X VHIHU ND©PD\DFDN \D GD ELU NH] GDKD 6RQVX]OXáD VóáóQPD \D
WHġHEE¾VHWPH\HFHNWL)LQJH OH\¾]OHġPHNLVWL\RUGX
*HUHNLUVH RQX ¸OG¾UHFHNWL +DUODQ NDKNDKDQóQ JHOGLáL \DQGDNL RGDQóQ NDSóVóQD GRáUX VH\LUWWL
3ODQODGóáó FLQD\HWL LġOHPH\H JLGHQ ELU NDWLOLQ NDUDUOó DGóPODUó\OD LOHUOL\RUGX %LU G¾áPH\L WXWDUDN
NDSó\ó RWRPDWLN G¾]HQLQGHQ NXUWDUGó YH HOL\OH D©PD\D EDġODGó òNL VDQWLP ž© .DSó VHVVL]FH KDUHNHW
HWWL
<DQRGDGDGXUDQDGDPóQDUNDVóG¸Q¾NW¾%R\XGD)LQJH HJ¸UH©RNX]XQGXYHEXJHU©HNNDUġóVóQGD
+DUODQROGXáX\HUGHNDODNDOGó
6RQUDIHOFHXáUDPóġ©DVóQDNDVNDWóGXUDQVDKQHKDUHNHWOHQGLYHDGDP\DYDġKDUHNHWOHUOHG¸QG¾
+DUODQ EX G¸Q¾ġ¾Q WDPDPODQPDVóQó J¸UHPHGL 6RQ ELU JD\UHWOH NHQGLQL GHKġHW L©LQGH NDSóGDQ
JHUL\H GRáUX IóUODWWóáóQGD NDUġóVóQGDNL KHQ¾] WDP RODUDN G¸QPHPLġWL 0HNDQL]PDVó VHUEHVW NDODQ
NDSóNHQGLNHQGLQHNDSDQGó
*¸]OHUL NDUDUGó \HUH \XYDUODQGó 1HIHV DODELOPHN L©LQ RODáDQ¾VW¾ ELU ©DED VDUI HGL\RU NDOEL
\HULQGHQIóUOD\DFDNPóġJLEL©óUSó\RUGX
)LQJH 7ZLVVHOO YH KDWWD E¾W¾Q PHFOLV ¾\HOHUL KHS ELUOLNWH NDUġóVóQD ©óNVD ELOH E¸\OH GHKġHWH
G¾ġPH]GL 2QX ¾UN¾WHQ IL]LNVHO HOOH WXWXOXU ELU ġH\ GHáLOGL 'DKD ©RN EDġóQD JHOHQLQ \DSóVóQGDNL
PLGHEXODQGóUDQGXUXPGDQ¸W¾U¾DOW¾VWROPXġWX
.LWDS ILOPOHULQL \óáóQ KDOLQGH NXFDNODGó YH LNL EDġDUóVó] JLULġLPGHQ VRQUD 6RQVX]OXáD JH©HFHáL
NDSóQóQ D\DUODUóQó \DSPD\ó EDġDUDELOGL ‰DEXFDN JH©WL EDFDNODUó NHQGLOLáLQGHQ KDUHNHW HGL\RUGX
'RáUX GHNLE¸O¾PHJLWWLYHRGDVóQóQ\ROXQXWXWWX<HQL\HQLGHáHULQLDQOD\DELOGLáL7HNQLV\HQOLáL
RQXELUNH]GDKDNXUWDUGó.DUġóODġWóáóELUND©6RQVX]RQXJ¸U¾QFHEDġODUóQó¸WH\H©HYLULSKHU]DPDQ
\DSWóNODUóJLELJ¸]OHULQLND©óUGóODU
ò\LNLE¸\OHGDYUDQó\RUODUGó©¾QN¾ġXDQGD\¾]¾QGHELU¸O¾Q¾QNLQHEHQ]H\HQLIDGH\LGHáLġWLUPHVL
\D GD \¾]¾QH UHQN JHOPHVLQL VDáODPDVó P¾PN¾Q GHáLOGL )DNDW NLPVH RQD EDNPDGó YH +DUODQ
=DPDQ D6RQVX]OXáDYHNLPVH\LRQDEDNWóUPD\DQNDGHUHġ¾NUHWWL
1R\V XQHYLQGHNDUġóODġWóáóDGDPóQ\¾]¾Q¾WDPRODUDNJ¸UHPHPLġWLDPDNLPROGXáXQXDQODPóġWó
*H©HQ GHID HYH JLUGLáLQGH \DQ RGDGDQ ©DUSDQ ELU ġH\LQ VHVLQL GX\GXáXQXQ KHPHQ ¸QFHVLQGH
J¾U¾OW¾O¾ELUNDKNDKDDWPóġWó%XGHIDLVH\DQRGDGDQELUNDKNDKDDWóOGóáóQóGX\PXġYHEXQXQ¾]HULQH
HOLQGHNL VóUW ©DQWDVóQó \HUH G¾ġ¾UP¾ġW¾ òON GHIDVóQGD VHVH GRáUX G¸QG¾á¾QGH NDSóQóQ NDSDQGóáóQó
J¸UP¾ġEXVHIHUGHNDUġóVóQGDNLG¸QHUNHQNDSó\óNDSDWPóġWó
.HQGLVL\OHNDUġóODġPóġWó
$\Qó]DPDQYHKHPHQKHPHQD\Qó\HUGHNHQGLVLYHELUND©IL]\RJ¾Q¸QFHVLQGHNLNHQGLVL\¾]\¾]H
JHOPLġOHUGL <DQOóġ D\DUODPD \DSPóġ ]DPDQóQ GDKD ¸QFH NXOODQGóáó ELU DQóQD GHQN JHWLUPLġ YH
+DUODQNHQGLVLQL+DUODQ óJ¸UP¾ġW¾
2J¾QGHQVRQUDLġOHUL\OHXáUDġóUNHQGHKġHWLQJ¸OJHVLQLKHS¾]HULQGHKLVVHWWL.HQGLQLNRUNDNOóNOD
VX©OX\RUGXDPDELULġH\DUDPó\RUGX
$VOóQGD R J¾QGHQ VRQUD LġOHU KHS N¸W¾\H JLWWL %¾\¾N %¸O¾QPH\H SDUPDáóQó EDVDELOLUGL  \H
VRQ JLULġLQGH \DQOóġ D\DUODPD \DSPóġ KHU ġH\L EHUEDW HWPLġWL $UWóN LġOHU N¸W¾\H KHS N¸W¾\H
JLGL\RUGX
žPLWVL]OLNYH\HLVL©LQGHJH©HQELUV¾UH]DUIóQGD GHNLGHáLġWLUPHGH\DSóOPóġELWPLġWL*H©HQ
LNL KDIWD\ó ¸QHULOHQ ¾© JHU©HNOLN GHáLġWLUPHVLQL LQFHOH\HUHN KDUFDGó %X EDVLW SURMHOHU GHQ ELULQL
VH©WLIDNDWKDUHNHWHJH©PHNL©LQJHUHNOLJ¾F¾ELUW¾UO¾NHQGLQGHEXODPó\RUGX
%LUND© QHGHQGHQ GROD\ó  9 NRG QXPDUDOó *HU©HNOLN 'HáLġLNOLáL SURMHVLQL VH©PLġWL
%LU NHUH X]DN ¾VW]DPDQODUOD LOJLOL\GL HSH\ X]DNWD\Gó 6RQUD LQVDQOóN L©LQ KD\DWL ¸QHPH KDL]GL DPD
©RN EDVLWWL KDWD \DSPD LKWLPDOL ©RN D]Gó $\UóFD ELU XIDN ġDQWDMOD 1R\V XQ \HQL *HU©HNOLNWHNL
EHQ]HULQLEXODELOPHġDQVóYDUGó
)DNDWJH©LUGLáLVRQNRUNXQ©GHQH\LPRQXDOW¾VWHWPLġWL$UWóNKL©ELUġH\HVNLVLNDGDUEDVLWNROD\
JHOPL\RUGX 9H GL\HOLP NL 1R\V XQ EHQ]HULQL EXOPXġWX QH RODFDNWó" +HUKDOGH 1R\V X RQXQ \HULQH
KL]PHW©LWHU]L\DGDLġ©LIDODQJLELELUJ¸UHYOH\HUOHġWLUHFHNWL%DġNDQH\DSDFDNWó)DNDWNó]óQEHQ]HUL
QHRODFDNWó"<DHYOL\VH"$LOHVL"‰RFXNODUó"
'DKD¸QFHEXQODUóKL©G¾ġ¾QPHPLġWL'¾ġ¾QPHNLVWHPHPLġWL+HOHELURJ¾QJHOVLQGL\HNHQGLQL
DYXWPXġWX
)DNDWDUWóNEDġNDKL©ELUġH\G¾ġ¾QHPL\RUGX
òġWH 7ZLVVHOO LQ HQGLġHOL YH ELUD] GD ġDġNóQ VHVL RQX ©DáóUGóáóQGD RGDVóQGD E¸\OH E¾]¾OP¾ġ YH
NHQGLQGHQQHIUHWHGHUHNRWXUX\RUGX
+DUODQKDVWDPóVóQRáOXP"&RRSHU GDQGX\GXáXPDJ¸UHHSH\GLUGHUVYHUPL\RUPXġVXQ
+DUODQ\¾]¾QGHNLLIDGH\L\XPXġDWPD\D©DOóġWó+D\óU%LOJLVD\DU7ZLVVHOO%LUD]\RUJXQXPKHSVL
EX
ĠH\EXDIIHGLOPH\HFHNELUGXUXPGHáLORáOXP9HJ¾O¾PVH\HQ\¾]¾QGHNLLIDGHELUD]FLGGLOHġWL
 QLQ'HáLġWLUPHVL QLQ\DSóOGóáóQóGX\GXQPX"
+DUODQNóVDFD(YHWGL\HFHY¤SYHUGL
)LQJH DUDGó GHGL 7ZLVVHOO YH 'HáLġWLUPH QLQ VRQ GHUHFH EDġDUóOó JHU©HNOHġWLULOGLáLQL VDQD
ELOGLUPHPLULFDHWWL
+DUODQ RPX] VLONWL VRQUD WHOHIRQ FLKD]óQóQ HNUDQóQGDQ 7ZLVVHOO LQ NHQGLVLQH EDNWóáóQó KDWóUODGó
7RSDUODQDUDN(YHW%LOJLVD\DU"GHGL
+HSVL EX GHGL 7ZLVVHOO 2PX]ODUóQGDQ DġDáó\D GRáUX DáóUODġDQ \DġOóOóNWDQGó EHONL DPD KHU
QHGHQVHNRQXġXUNHQóVWóUDSGX\DUJLEL\GL6¸\OH\HFHNELUġH\OHULQRODELOLUGL\HG¾ġ¾QP¾ġW¾P
+D\óUGHGL+DUODQ6¸\OH\HFHNELUġH\LP\RN
 3HNL R KDOGH \DUóQ VDEDK D©óOPD VDDWLQGH KHVDSODPD RGDVóQGD J¸U¾ġ¾U¾] RáOXP 6DQD
DQODWDFDNODUóPYDU
2OXUHIHQGLPGHGL+DUODQ7ZLVVHOO LQJ¸U¾QW¾V¾Q¾QND\EROGXáXHNUDQDELUV¾UHGDKDEDNWó
7HKGLWHGLOGLáLQLKLVVHWWL)LQJH7ZLVVHOO LDUDPóġWóGHPHN"1HOHUDQODWPóġWóDFDED"
)DNDW]DWHQE¸\OHELUWHKGLGHLKWL\DFóYDUGóòQVDQóQNHQGLUXKKDOL\OHLOJLOLELUVRUXQODXáUDġPDVó
EDWDNOóáD G¾ġ¾S VRQUD GD NXUWXOPDN L©LQ ©DPXUX VRSD\OD G¸YPHVLQH EHQ]L\RUGX +DOEXNL )LQJH OH
P¾FDGHOH HWPHN EDPEDġND ELU GX\JX\GX *¾QOHUGLU LON NH] ELUD] ROVXQ NHQGLQH J¾YHQ GX\JXVXQD
NDYXġWXáXQXKLVVHGL\RUGX
6DQNLELUNDSóNDSDQPóġYHELUGLáHULD©óOPóġWóž]HULQH©¸NHQEH]JLQOLNWHQNXUWXOXSKXPPDOóELU
IDDOL\HWHJH©WL \DJLWWLYHVRV\RORJ9R\ XNHQGLLVWHNOHULGRáUXOWXVXQGDNXOODQGó
%XQXHQP¾NHPPHOġHNLOGHEDġDUGóòVWHGLáLQLHOGHHWWL
+DWWDDUDGóáóQGDQGDID]ODVóQóEXOGX‰RNGDKDID]ODVóQó
.D]DQGóáóNHQGLQHJ¾YHQGX\JXVXJ¸]OHJ¸U¾O¾UELUEL©LPGH¸G¾OOHQGLULOPLġWL'RáXP]DPDQóQóQ
©RN NXOODQóODQ ELU GH\LPL YDUGó 6HQ óVóUJDQ RWXQX JHUHNWLáLQFH VóNó NDYUD R G¾ġPDQó UDKDW©D
H]HELOHFHáLQNDOóQELUVRSDKDOLQHJHOLU
.óVDFDVó \HQL *HU©HNOLNWH 1R\V XQ ELU EHQ]HUL \RNWX $UWóN EX Nó] WHNUDU WRSOXPGD J¸]H
©DUSPD\DFDN YH X\JXQ ELU EL©LPGH \HULQL DODELOLU KDWWD 6RQVX]OXNWD ELOH NDODELOLUGL +DUODQ óQ
LOLġNLVLQL \DGVóPDVóQD JHUHN \RNWX DUWóN 2QX \DOQó]FD NXUDPVDO RODUDN \DVDODUD NDUġó JHOPHNOH
VX©OD\DELOLUOHUGLNLEXWDUWóġPDGDQQDVóOJDOLS©óNDFDáóQóJD\HWL\LELOL\RUGX
%X P¾NHPPHO KDEHUOHUL 1R\V D XODġWóUPDN L©LQ KHPHQ \ROD ©óNWó %LUND© J¾Q ¸QFHVLQLQ D©óN
EDġDUóVó]OóNODUó GROD\óVó\OD G¾ġW¾á¾ GHKġHW RUWDPóQGDQ VRQUD KD\DO ELOH HGHPH\HFHáL EX EDġDUóQóQ
PXWOXOXáXQXSD\ODġPD\DJLGL\RUGX
7DPRDQGDELQGLáLDUD©GXUXYHUGL
+D\óU \DYDġODPDPóġWó '¾SHG¾] GXUPXġWX ž© ER\XWOX X]D\GD ROVD EX GXUXġ X]D\JHPLVLQLQ
PHWDOGHQ\DSóVóQóNRUKDOLQGHELU\XPDáD©HYLULUL©LQGHNLLQVDQóGDXIDODQPóġóVODNYHH]LOPLġHWWHQ
YHNHPLNWHQELU\óáóQKDOLQHJHWLULUGL
1RUPDORODUDNPLGHVLQHJLUHQNUDPSODLNLE¾NO¾PROGXJ¸áV¾Q¾QH]LOGLáLQLKLVVHWWL
7RSDUODQóSWHNUDUJ¸UPHGX\XVXQDNDYXġWXáXQGDNDGUDQDEDNWóUDNDPóRNXQX\RUGX
1HGHQVHELUGHQNRUNWXáXQXKLVVHWWL
$UDFóQNRQWUROOHULQLHOGHQJH©LUGL1HUGH\DQOóġOóNYDUGóDFDED"
%X GHID GDKD GD ©RN NRUNWX ‰¾QN¾ KDWDOó KL©ELU ġH\ EXODPDGó KHU ġH\ VRQ GHUHFH P¾NHPPHO
LġOL\RUGX+DUHNHWPDQLYHODVó\DQOóġOóNODJHUL©HNLOPLġIDODQGHáLOGL+¤O¤¾VW]DPDQODUDGRáUXDUDFó
KDUHNHWHWWLUHFHNġHNLOGH©HNLOLGXUXPGD\Gó.óVDGHYUH\DSDQELU\HUGH\RNWX%¾W¾QJ¸VWHUJHOHUGH
VL\DK J¾YHQOLN LIDGH HGHQ GHáHUOHU YDUGó *¾©WH GH D]DOPD \RNWX $UD© VDQNL KDUHNHW
HGL\RUPXġ©DVóQDQRUPDOHQHUMLW¾NHWLPLQHGHYDPHGL\RUGX
3HNLRKDOGHEXDUDFóGXUGXUDQQH\GL"
òVWHNVL]ELUKDUHNHWOH\DYDġ©DKDUHNHWNROXQDX]DQGóYHJHULDOGó*¾©J¸VWHUJHVLVóIóUDLQGL$UDFó
JHUL\H GRáUX KDUHNHW HWWLUGL 5DNDPODU G¾ġPH\H EDġODGó ĠLPGL ]DPDQGD JHUL JLGL\RUGX 

 <LQHGXUPXġWXO \LJH©HPL\RUGX
7HNUDUJHULJLWWL+ó]ODLOHULDWóOGó+D\óU
'LġOHUL NHQHWOHQPLġ GXGDNODUó JHULOPLġ EXUQXQGDQ VROX\RUGX +DSLVKDQHQLQ SDUPDNOóNODUóQD
VDOGóUDQELUPDKN½PDEHQ]L\RUGX
'HIDODUFDGHQHGLYHVRQXQGDELWNLQELUKDOGHNROWXáXQD\óáóOGó$UD©O GHGXUX\RUGX%XUD\D
NDGDU%LUDGóPGDKD¸WH\HJLGHPL\RUGX
%DġNDELUDUDFDELQPH\LG¾ġ¾QG¾ %LU\DUDUóRODFDáóQóVDQPó\RUGXDPD
 GHNLE¸O¾P¾QERPERġVHVVL]OLáLQGHDUD©WDQ©óNWóYHUDVWJHOHELUEDġNDVóQDELQGL
%LU GDNLND VRQUD EX GHID \HQL ELQGLáL DUD©WD KDUHNHW NROXQD E¾W¾Q J¾F¾\OH DVóOPóġ YH J¸]OHUL
GHáLġPH\HQUDNDPóQDGLNLOLKDOGHRWXUX\RUGX
˜INHGHQ NXGXUDFDNWó 1DVóO ROXU GD WDP ġLPGL WDP KHU ġH\ OHKLQH G¸QP¾ġNHQ E¸\OH ELU IHODNHW
EDġóQDJHOHELOLUGL \HJLUHUNHQ\DSWóáóKDWDWHNUDUDNOóQDJHOGL
+óUVOD NROX DOW]DPDQODUD GRáUX LWWL 6RQXQD NDGDU EDVWóUGó YH ¸\OH WXWWX +L© GHáLOVH ELU \¸QGH
VHUEHVWKDUHNHWHGHELOL\RUGX1R\V DXODġPDVóQóLPN¤QVó]KDOHJHWLUHQEXHQJHOYDUNHQRQDGDKDQH
\DSDELOLUOHUGLNL".RUNDFDNGDKDEDġNDQHRODELOLUGL"
 \H JHOLQFH NHQGLQL DUD©WDQ GóġDUó DWWó +L© NLPVH\H PHWHOLN YHUPHGHQ KL© NLPVH\OH PXKDWDS
ROPDGDQGRáUXFDE¸O¾PN¾W¾SKDQHVLQHJLWWL.LPVHQLQRQXL]OH\LSL]OHPHGLáLQHGLNNDWELOHHWPHGHQ
LVWHGLáLQLDOGó1HIDUNHGHUGL
$UDFDG¸QG¾YHGDKDDOW]DPDQODUDGRáUXKDUHNHWHWWL1H\DSDFDáóQóJD\HWL\LELOL\RUGX=DPDQGD
LOHUOHUNHQ VWDQGDUW IL]\R]DPDQóQ J¾QOHULQL YH J¾Q¾Q ¾© ©DOóġPD YDUGL\DVóQó J¸VWHUHQ E¾\¾N VDDWH
EDNWóĠXDQGD)LQJHNHQGL¸]HOGDLUHVLQGHROPDOó\GóNLEX©RNGDKDL\L\GL
 \H JHOGLáLQGH DWHġLQLQ \¾NVHOGLáLQL KLVVHWWL $á]ó NXUXPXġ NH©HOHġPLġWL *¸áV¾ DáUó\RUGX
)DNDW ġX DQGD \DOQó]FD NROXQX EDVWóUGóáóQGD J¸POHáLQLQ DOWóQGDQ VHUW EL©LPL EHOLUHQ VLODKó
KLVVHGHELOL\RUGX
$VLVWDQ %LOJLVD\DU +REEH )LQJH EDġóQó NDOGóUóS +DUODQ ó KD\UHW GROX EDNóġODUOD V¾]G¾ )DNDW EX
KD\UHWLIDGHVL\DYDġ\DYDġHQGLġH\HG¸Q¾ġW¾
+DUODQ ELU V¾UH VHVVL]FH EHNOHGL *¸]OHUGHNL HQGLġHQLQ NRUNX\D G¸Q¾ġPHVLQL J¸UPHN LVWL\RUGX
<DYDġ©DLOHUOHGLYH)LQJHLOHHNUDQOóWHOHIRQXQDUDVóQGDELU\HUHJHOLQFHGXUGX
)LQJH LQ EHOGHQ \XNDUóVó ©óSODNWó *¸áV¾ SHN NóOOó GHáLOGL E¾\¾N DGHWD NDGóQODUóQNLQH EHQ]H\HQ
J¸á¾VOHULYDUGó.RFDJ¸EHáLNHPHULQLQ¾VW¾QGHQVDUNó\RUGX
%RġEDNóġODUOD+DUODQ óL]OHGL+L©ELUġH\DQOD\DPDPóġWó
+DUODQVDáHOLQLJ¸POHáLQGHQL©HULVRNWXYHVLODKóVóNóFDNDYUDGó%HQLNLPVHJ¸UPHGL)LQJHR
\¾]GHQKL©NDSó\DEDNóSGXUPD)DUNóQGD\VDQELU7HNQLV\HQ OHEDġóQEHODGD%XQHGHPHNWLUELOL\RU
PXVXQ"
.XSNXUX ELU VHVOH NRQXġX\RUGX )LQJH LQ EDNóġODUóQGDNL HQGLġHQLQ K¤O¤ \HULQL NRUNX\D WHUN
HWPHPLġROXġXRQXNó]GóUGó+DWWD)LQJHX]DQóSJ¸POHáLQLDOPóġWHNNHOLPHELOHHWPHGHQJL\LQPH\H
EDġODPóġWó
+DUODQGHYDPHWWL%LU7HNQLV\HQROPDQóQD\UóFDOóNODUóQóELOL\RUPXVXQ)LQJH"6HQKL©ELU]DPDQ
ELU 7HNQLV\HQ ROPDGóQ RQXQ L©LQ ELOHPH]VLQ 1HUH\H JLGHUVHQ JLW QH \DSDUVDQ \DS NLPVH VHQL
L]OHPH]%DġODUóQó¸WH\DQD©HYLULUVHQLJ¸UPHPHNL©LQP¾PN¾QROGXáXQFDLġOHULQHGDKDFDQODEDġOD
VDUóOóUODU˜UQHáLQEHQE¸O¾PN¾W¾SKDQHVLQHJLGLSNLWDS©óND\óWODUóQDGDOPóġYHKL©ELUġH\J¸UPH\H
QL\HWOHQPH]NHQ PHUDN HWWLáLP KHUKDQJL ELU ġH\L DUD\DELOLULP  QLQ E¸O¾P NRULGRUODUóQGD
\¾U¾G¾P 2UDGDQ JH©PHNWH RODQODU \ROXPD ©óNPDPDN L©LQ HOOHULQGHQ JHOHQL \DSDU YH VRQUD GD
NLPVH\L J¸UPHGLNOHULQH \HPLQ HGHUOHU %¸\OHGLU EX LġOHU <DQL DQOD\DFDáóQ LVWHGLáLPL \DSDU
LVWHGLáLP \HUH JLGHELOLULP %LU $VLVWDQ %LOJLVD\DU óQ ¸]HO GDLUHVLQH HOLPL NROXPX VDOOD\D VDOOD\D
JLUHUVLODK©HNLSGRáUX\XV¸\OHPH\H]RUOD\DELOLULPYHEHQLGXUGXUDFDNELUNLġL©óNPD]
)LQJHLONGHIDNRQXġWX1HYDUVHQLQHOLQGH"
%LU VLODK GHGL +DUODQ YH VDNODGóáó \HUGHQ ©óNDUGó *¸UHELOL\RU PXVXQ" 6LODKóQ QDPOXVX SóUóO
SóUóOSDUOó\RUGX
%HQL¸OG¾U¾UVHQGL\HV¸]HJLUGL)LQJH
6HQL¸OG¾UPH\HFHáLPGHGL+DUODQ6RQNDUġóODġPDODUóPó]GDQELULQGHVHQGHSDWOD\óFóELUVLODK
YDUGó%X¸\OHELUVLODKGHáLO QLQHVNLJHU©HNOLNOHULQGHQELULQHDLWELUEXOXġ%HONLGHGDKD¸QFH
KL©J¸UPHPLġVLQGLU+DOLKD]óUGDNL*HU©HNOLNGH\RN%HUEDWELUġH\˜OG¾UHELOLUIDNDWD\DQNóVóOóUVD
VLQLU VLVWHPLQLQ DFó\ó DOJóOD\DQ G¾á¾POHULQL HWNLOL\RU YH IHO©HGL\RU $Gó GD 6LQLU .óUEDFó ĠX DQGD
GROX %LU SDUPDN ¾]HULQGH GHQHGLP 6RO HOLQLQ NDWóOóS NDOPóġ N¾©¾N SDUPDáóQó J¸VWHUGL òQDQ KL©
KRġGHáLOGL
)LQJHKX]XUVX]ODQDUDNNóSóUGDQGó=DPDQDġNóQDE¾W¾QEXQODUQHGHPHNROX\RU"
 GHNLDUD©ġDUWODUóDUDVóQGDELUW¾UHQJHOYDU.DOGóUóOPDVóQóLVWL\RUXP
ĠDIWODUóQDUDVóQGDHQJHOPLYDU"
+L©ġDġóUPóġQXPDUDVó\DSPD'¾Q7ZLVVHOO OHJ¸U¾ġW¾Q%XJ¾QRUDGDELUHQJHOSH\GDKROGX1H
KDOWNDUóġWóUGóáóQó]óYHQH\DSPD\óSODQODGóáóQó]ó¸áUHQPHNLVWL\RUXP%DN%LOJLVD\DU\DDQODWóUVóQ
\DGDEXDOHWLNXOODQDFDáóPòQDQPD]VDQELUGHQH
%DN ġLPGL GLQOH )LQJH LQ GLOL GRODġó\RUGX NRUNX EHOLUWLOHUL J¸VWHUPH\H EDġODPóġWó YH ¾PLWVL]
ELU¸INHL©LQGH\GLGRáUXVXġX6HQLQOH1R\VKDNNóQGDNLKHUġH\LELOL\RUX]
1H\PLġREHQLPOH1R\VKDNNóQGDELOGLNOHULQL]"
5DKDW©DKHULVWHGLáLQL\DSDELOHFHáLQLPLVDQGóQ"%LOJLVD\DUJ¸]OHULQLVLODKDGLNPLġDOQóQGDWHU
GDPODFóNODUó SDUODPD\D EDġODPóġWó =DPDQ $ġNóQD *¸]OHPFLOLáLQ HVQDVóQGD YH VRQUDVóQGD
\DSWóNODUóQó ELOH ELOH VHQL WDNLS HWPH\HFHáLPL]L PL VDQGóQ" %¸\OH \DSPDVDP ELU %LOJLVD\DU RODUDN
J¸UHYLPL \HULQH JHWLUPHPLġ ROXUGXP 1R\V X VRQVX]OXáD JHWLUGLáLQL ELOL\RUX] %DġWDQ EHUL
ELOL\RUGXN*HU©HáL¸áUHQPHNLVWHGLQòġWHJHU©HN
+DUODQNHQGLDSWDOOóáóQDODQHWHWWL%LOL\RUPX\GXQX]"
(YHW2QXJL]OL\¾]\óOODUDJ¸W¾UG¾á¾Q¾ELOL\RUX] \HKHUJLULġLQGHRQDNRQIRUVDáODPDNL©LQ
JHUHNOLġH\OHUDOGóáóQó6RQVX]OXNODLOJLOL\HPLQLQLXQXWDUDNR\QDGóáóQE¾W¾QR\XQODUóELOL\RUX]
0DGHP¸\OHQHGHQHQJHOROPDGóQó]"
+¤O¤JHU©HáLLVWL\RUPXVXQ")LQJHROD\ODUóKDWóUODPDNL©LQJH©PLġLG¾ġ¾Q¾UNHQFHVDUHWLDUWó\RU
YH+DUODQGDKHUVDQL\HELUD]GDKDDFóL©LQHG¾ġ¾\RUGX
'HYDPHW
˜\OH\VHL]QLQOHEDġWDQEHULVHQLQL\LELU6RQVX]RODPD\DFDáóQDNDUDUYHUGLáLPLV¸\OHPHOL\LP
%HONL SDUODN ELU *¸]OHPFL YH ROD\ODUD HJHPHQ ELU 7HNQLV\HQ RODELOLUGLQ DPD KL©ELU ]DPDQ G¸UW
G¸UWO¾NELU6RQVX]ROPDQP¾PN¾QGHáLOGLĠXVRQLġWHVHQLEXUD\DJHWLUGLáLP]DPDQ\DOQó]FDNó]óQ
1R\V XQ ġDKVóQGD R WRSOXPX GHáLO D\Qó ]DPDQGD VHQL GH GHQL\RUGXP 9H EHQL KDNOó ©óNDUDUDN ELU
V¾U¾KDWD\DSWóQĠLPGLRVLODKóNóUED©PóKHUQH\VHRQXEóUDNYHGHIROJLW
9H ELU GHIDVóQGD RGDPD JHOLS GHGL +DUODQ ]RUOXNOD QHIHV DODUDN VDQD ¸\OH GDYUDQPDP L©LQ
EHQLWDKULNHWWLQ
(YHW¸\OHROGX%DġNDELUGH\LġOHVHQLNDQGóUGóP+HUġH\E¾W¾Q©óSODNOóáó\ODDQODWWóPNL1R\V X
JH©HQ*HU©HNOLNWHNLKDOL\OHWXWPDNL©LQ©óUSóQDVóQ6HQGHWDELLELU6RQVX]JLELGHáLOGHV¾P¾NO¾ELU
EHEHNJLELGDYUDQGóQ6HQGHQEDġNDELUġH\EHNOHQHPH]]DWHQ
ĠLPGLGHROVDD\QóVóQó\DSDUóPGHGL+DUODQERáXNELUVHVOHYHPDGHPNLKHUġH\D©óáD©óNWó
ND\EHGHFHN KL©ELU ġH\LP \RN 6LODKó )LQJH LQ WRPEXO J¸EHáLQH GRáUXOWWX VóNóOPóġ GLġOHU YH
EHPEH\D]GXGDNODUóDUDVóQGDQNRQXġWX1R\V DQHROGX"
+L©ELUILNULP\RN
3DODYUDDWPD1R\V DQHROGX"
%LOPHGLáLPLV¸\OHGLP
+DUODQ óQVLODKóWXWDQHOLNDVóOGóDO©DNELUVHVOH˜QFHEDFDáóQ(SH\DFó\DFDN
=DPDQDġNóQDGLQOH'XU
(YHW1HROGXRQD"
+D\óU GLQOH %DN ġLPGL\H NDGDU \DSWóNODUóQ \DOQó]FD GLVLSOLQL ER]XFX KDUHNHWOHU RODUDN
QLWHOHQGLUHELOLU *HU©HNOLN ID]OD HWNLOHQPHPLġ $\UóQWóODUó LQFHOHGLP ELU VRUXQ ©óNPDGó <DOQó]FD
U¾WEHQLQGLULOHFHNRNDGDU(áHUEHQL¸OG¾U¾UVHQ\DGD¸OG¾UPHNDVWó\OD\DUDODUVDQEXDPLUHNDUġó
ILLOLWHFDY¾]HJLUHU&H]DVó¸O¾PG¾U
+DUODQWHKGLGLQDEHVOLáLNDUġóVóQGDJ¾O¾PVHPHNWHQNHQGLQLDODPDGó%¾W¾QROXSELWHQOHUGHQVRQUD
¸O¾PDQFDNHġLEHQ]HULEXOXQPD\DQEDVLWYHVRQX©JHWLULFLELUNXUWXOXġ\ROXRODELOLUGL
)LQJHEXJ¾O¾PVHPH\LEDġNDġH\H\RUGX6HQKL©J¸UPHGLQGL\H6RQVX]OXN WD¸O¾PFH]DVó\RN
VDQPD %L] YDU ROGXáXQX ELOL\RUX] EL] %LOJLVD\DUODU +DWWD ED]óODUóQóQ LQID] HGLOLġLQH EL]]DW ġDKLW
ROGXP‰RáX*HU©HNOLNOHUGHY¾FXWODUóQGDKLEXOXQDPDGóáóNRUNXQ©ND]DODUYDUGóU5RNHWOHUKDYDGD
SDWODUX]D\JHPLOHULRN\DQXVDJ¸P¾O¾U\DGDGDáODUD©DUSóSWR]ROXUODU.DWLOEXJHPLOHUGHQELULQH
ROD\GDQELUND©GDNLND\DGDELUND©VDQL\H¸QFHNRQXUYHLġELWHU6HQFHġX\DSWóáóQEXQDGHáHUPL"
+DUODQ NóSóUGDQGó (áHU NXUWXOPD XPXGX\OD ¸W¾S GXUX\RUVDQ ELOHVLQ NL ELU LġH \DUDPD] ĠXQX
NDIDQD VRN &H]DODQGóUóOPDN XPXUXPGD GHáLO 'DKDVó 1R\V D VDKLS ROPD\ó DNOóPD NR\GXP 2QX
ġLPGL LVWL\RUXP ĠX DQGDNL *HU©HNOLNWH EHQ]HUL GH \RN 5HVPL LOLġNL NXUDELOPHPL]H HQJHO RODFDN
KHUKDQJLELUġH\J¸UHPL\RUXP
.XUDOODUDD\NóUóGóU%LU7HNQLV\HQ
2QD%¾W¾Q]DPDQODU0HFOLVLNDUDUYHUHFHN2OXPVX]ELUNDUDU©óNDFDáóQóGDKL©VDQPó\RUXP%HQ
EDVLWELU7HNQLV\HQGHáLOLP
7ZLVVHOO LQ7HNQLV\HQ LROGXáXQL©LQPL"ĠLPGL)LQJH LQ\XYDUODNWHUL©LQGHNDOPóġRODQ\¾]¾QGH
QHIUHWPL]DIHUPL\RNVDKHULNLGX\JXQXQNDUóġóPóPóROGXáXSHNDQODġóODPD\DQELULIDGHYDUGó
2QGDQ©RNGDKD¸QHPOLġH\OHUYDU9HġLPGL
 $FóPDVó]ELUNDUDUOóOóNODVLODKóQG¾áPHVLQHEDVWóUPD\DEDġODGó
0DGHP¸\OH0HFOLV HJLWEDáóUGó)LQJH%¾W¾Q]DPDQODU0HFOLVL QHRQODUELOL\RUODU0DGHPVHQ
EXNDGDU¸QHPOLELUDGDPVóQ'DKDID]ODNRQXġDPDGóQHIHVQHIHVHNDOPóġWó
+DUODQ óQPHNDQL]PD\óDWHġOH\HFHNG¾áPH\HEDVPDNWDRODQSDUPDáóWHUHGG¾WOHGXUGX1H"
%¸\OHELUNRQXGDWHNEDġóPDPóKDUHNHWHGHFHNWLP"'HáLġWLUPH QLQ]DPDQODPDVó\ODELUOLNWHKHU
ġH\L0HFOLV HUDSRUHWWLPòġWHòġWHNRS\DODUó
'XUNóPóOGDPD
)DNDW)LQJHEXHPUHX\PDGó.D]DQPóġROPDQóQKóUVó\ODIóUODGóYHND\óWODUóQGXUGXáX\HUHXODġWó
%LUHOL\OHV¸]NRQXVXND\GóQNRGNRPELQDV\RQXQXPDNLQH\H\¾NO¾\RUGLáHUL\OHGHWXġODU¾]HULQGH
JHUHNOL ELOJLOHUL DNWDUó\RUGX %DQW J¾P¾ġ° UHQNWH ELU \óODQ JLEL NóYUóODUDN PDNLQHGHQ ©óNPD\D
EDġODGóž]HULQGHNLLġDUHWOHU©óSODNJ¸]OHELOHJ¸U¾OHELOL\RUGX
6HVOHQGLUHOLPLVWHUVHQ"GHGL)LQJH6RQUDGDFHYDEóEHNOHPHGHQEDQGóVHVOHQGLULFL\HVRNXYHUGL
+DUODQ GLQOHGL NDVNDWó NHVLOPLġWL ‰RN D©óNWó )LQJH KHU ġH\L UDSRU HWPLġWL +DUODQ óQ VH\DKDW
DUD©ODUóQGDNLKHUKDUHNHWLD\UóQWóODUó\ODDQODWó\RUGX
5DSRU VRQD HUGLáLQGH )LQJH EDáóUGó ĠLPGL JLW EDNDOóP 0HFOLV H %HQ ]DPDQD HQJHO IDODQ
NR\PDGóP %¸\OH ELU ġH\ QDVóO \DSóOóU ELOPL\RUXP ]DWHQ )DNDW 0HFOLVWHNLOHU ELOLU '¾Q 7ZLVVHOO OH
J¸U¾ġW¾á¾Q¾V¸\OHGLQ+DNOóVóQ$PDDUD\DQEHQGHáLOGLPREHQL©DáóUGó2QXQL©LQJLW7ZLVVHOO H
VRU 1DVóO ¸QHPOL ELU 7HNQLV\HQ ROGXáXQX RQD DQODW 9H EHQL YXUDFDNVDQ YXU DPD VRQUD NHQGLQL GH
¸OG¾U
+DUODQ%LOJLVD\DU óQVHVLQGHNLPXWOXOXáXQIDUNóQGD\Gó˜\OHKLVVHWWLNLDUWóNDWHġHWVHELOH\LQHGH
)LQJHND]DQPóġWó
1HGHQ"+DUODQ óH]PHNQL\HRQXEXNDGDUPXWOXHGL\RUGX"1R\VL©LQGX\GXáXNóVNDQ©OóNEXNDGDU
GHULQRODELOLUPL\GL"
+DUODQEXVRUXODUóQFHYDEóQóEXODPó\RUGX%LUGHQKHUġH\)LQJHYHGLáHUOHULDQODPóQó\LWLUPLġWL
6LODKóFHELQHNR\GXNDSóGDQGóġDUóIóUODGóYHHQ\DNóQVH\DKDWDUDFóQD\¸QHOGL
˜\OH\VH 0HFOLV LQ PDULIHWL\GL EX \D GD HQ D]óQGDQ 7ZLVVHOO LQ +L©ELULQGHQ NRUNPX\RUGX KHS
ELUOLNWHNDUġóVóQD©óNVDODUELOHIDUNHWPH]GL
ĠX JH©HQ LQDQóOPD] D\óQ KHU J¾Q¾ NHQGLVLQLQ YD]JH©LOPH]OLáLQH RODQ LQDQFó ELUD] GDKD
J¾©OHQPLġWL%DVLWELUNó]DNDUġó6RQVX]OXáXQ\DġDPDVóV¸]NRQXVXROXQFD0HFOLV LQ\RODJHOPHNWHQ
EDġND©DUHVL\RNWX
 

.$3$/,‰(0%(5
7HNQLV\HQ $QGUHZ +DUODQ JHFH YDUGL\DVóQóQ EDġODPóġ ROGXáXQX IDUN HGLQFH ġDġóUGó 6H\DKDW
DUD©ODUóQóQELULQGHQ¸WHNLQHPHNLNGRNXUNHQ]DPDQóQQDVóOJH©WLáLQLDQOD\DPDPóġWó/RġNRULGRUODUD
EDNWóJHFHYDNWLQLQJHOGLáLE¸\OHEHOOLROX\RUGX
)DNDW¸INHQLQSHQ©HVLQGHNL+DUODQEXO¾]XPVX]EDNóġDID]OD]DPDQD\óUDELOHFHNGXUXPGDGHáLOGL
˜]HOGDLUHOHUWDUDIóQD\¸QHOGL%LOJLVD\DUODUDDLWNDWWDEXOXQDQ7ZLVVHOO LQRGDVóQDJLGL\RUGXYHD\Qó
)LQJH HJLGHUNHQROGXáXJLELJ¸U¾OPHNWHQ\DGDGXUGXUXOPDNWDQ\DQDELUNRUNXVX\RNWX
7ZLVVHOO LQ NDSóVóQD JHOLQFH GXUGX 6LODKóQó \RNODGó \HULQGH GXUX\RUGX .DSóGDNL VLQ\DOL
L©HUGHNLQLX\DUPDN¾]HUHKDUHNHWHJH©LUGL6HVLQ\DQNóODQóġóQóGLQOHGL
$UNDVóQGDQ JHOHQ YH \DNODġDQ ELU D\DN VHVL GX\GX +L© XPXUVDPDGó 1DVóO ROVD JHOHQ KHU NLPVH
RQDEDNPD\DELOHFHVDUHWHGHPH\HFHNWL .óUPó]óWHNQLV\HQDUPDVóVDáROVXQGL\HG¾ġ¾QG¾
)DNDWD\DNVHVOHUL\DNODġWó\DNODġWóYHGXUGX%LUVHV7HNQLV\HQ+DUODQ"GL\HVRUGX
+DUODQKó]ODG¸QG¾%XELU.óGHPVL]%LOJLVD\DUGó%¸O¾P H\HQLJHOPLġWL+DUODQL©LQGHQN¾IUHWWL
%XUDVó  \H EHQ]HPH] GL 2 EXUDGD \DOQó]FD EDVLW ELU 7HNQLV\HQ GHáLO 7ZLVVHOO LQ ¸]HO
7HNQLV\HQL \GLYHJHQ©%LOJLVD\DUODU7ZLVVHOO H\DUDQPDNL©LQ7HNQLV\HQL QHL\LGDYUDQPDN]RUXQGD
ROGXNODUóQóG¾ġ¾Q¾UOHUGL
%LOJLVD\DU.óGHPOL%LOJLVD\DU7ZLVVHOO LPLJ¸UPHNLVWL\RUVXQX]"
+DUODQWHGELUOLGDYUDQPDN]RUXQGD\Gó(YHWHIHQGLPGHGL 6DODNKHULI˜\OHROPDVDEXUDGDQH
LġLPYDU"
.RUNDUóPJ¸UHPH\HFHNVLQL]GHGL%LOJLVD\DU
.HQGLOHULQLX\DQGóUPD\DGHáHFHNNDGDU¸QHPOLDPD
2ODELOLUDPDNHQGLOHULEXUDGDGHáLOOHU
1HUH\HJLWWLOHUDFDED"
%LOJLVD\DU óQVDIEDNóġODUóNLELUGROX\GXġLPGL%LOPL\RUXP
)DNDWVDEDKHUNHQGHQJHOPHPLLVWHPLġWL
˜\OHPLGHGL%LOJLVD\DU*¾OPH\HEDġODGó%LUD]ID]ODHUNHQFLVLQL]
%Dġó\ODVHODPOD\óS\¾U¾G¾*H©HUNHQGRNXQPDPDNL©LQ¸]HOELUJD\UHWVDUIHWPLġWL
+DUODQ\XPUXNODUóQóVóNWó8PXWVX]OXNL©LQGHX]DNODġDQDGDPóQDUNDVóQGDQEDNWó<DSDFDNELUġH\
\RNWX'¸QG¾\¾U¾PH\HEDġODGó(WUDIóQóJ¸UP¾\RUGXELOH2GDVóQóQ\ROXQXWXWWX
+DUODQX\NXVXQGDQ¸EHWOHUL©LQGHNóYUDQGó8\XPDVóJHUHNWLáLQLWHONLQHWPLġWL=RUODVDNLQOHġPH\H
©DOóġPóġYHWDELLNLEDġDUDPDPóġWó*¾\DX\X\RUGXDPDNDIDVóNDUPDNDUóġóNG¾ġ¾QFHOHUOHGROX\GX
+HUġH\GHQHYYHO1R\VYDUGó
2QD]DUDUYHUHFHNELUġH\\DSPD\DFHVDUHWHGHPH]OHUGL<HQL*HU©HNOLNWHPH\GDQDJHWLUHELOHFHáL
GHáLġLNOLáLKHVDSODPDGDQRQX=DPDQ DJHULJ¸QGHUPHOHULP¾PN¾QGHáLOGLNLEXGDJ¾QOHUEHONLGH
KDIWDODU V¾UHUGL <DOQó] ELU VH©HQHN RODUDN Nó]D )LQJH LQ NHQGLVLQL WHKGLW HGHUHN DQODWWóáó ġHNOL
X\JXOD\óSELUND]D\D\HUOHġWLULUYHE¸\OHFH\RNHGHELOLUOHUGL
%¸\OH \DSDELOHFHNOHULQL VDQPó\RUGX %X NDGDU NDWó ELU \RO VH©PHN L©LQ ¸QHPOL ELU VHEHS ROPDVó
JHUHNLUGL $\UóFD +DUODQ óQ QHIUHWLQL ND]DQPD ULVNLQL J¸]H DOPDODUó JHUHNHFHNWL .DUDQOóN \DWDN
RGDVóQóQ VHVVL]OLáLQGH YH EX WLONL X\NXVX KDOL L©LQGH LQVDQ JDULS ġH\OHU G¾ġ¾QHELOL\RUGX +DUODQ D
J¸UH %¾W¾Q]DPDQODU 0HFOLVL QLQ ELU 7HNQLV\HQ LQ QHIUHWLQL ND]DQPD ULVNLQL J¸]H DODPD\DFDáó
KDNNóQGDNLNHVLQNDUDUóQóQJ¾O¾QHFHNELU\DQó\RNWX
'RáDO NL KDSVH NDSDWóOPóġ ELU NDGóQóQ ED]ó \DUDUODU VDáOD\DFDáóQó G¾ġ¾QPHN GH P¾PN¾QG¾
6HIDKDWHG¾ġN¾Q\¾]\óOODUGDNLELUJHU©HNOLNWHQJHOHQJ¾]HOELUNDGóQ
+DUODQE¸\OHG¾ġ¾QPHPH\H©DOóġWó%¸\OHELUġH\LJ¸UPHNWHQVH¸OPH\L\HáOHUGL
7ZLVVHOO LG¾ġ¾QG¾
òKWL\DU GHGHáLOGL8\NXGDROPDVóJHUHNHQEXVDDWOHUGHKDQJLFHKHQQHPHJLWPLġWLDFDED"2QXQ
\DġóQGD ELUL X\NXVXQGDQ IHUDJDW HGHPH]GL +DUODQ EX VRUXQXQ FHYDEóQó ELOL\RUGX 0HFOLV LQ
WRSODQWóVóQDNDWóOPóġROPDOó\Gó+DUODQKDNNóQGDNL1R\VKDNNóQGDNL.LPVHQLQELUW¾UO¾GRNXQPD\D
FHVDUHWHGHPHGLáLEXYD]JH©LOPH]7HNQLV\HQ OHQDVóOEDġD©óNóODELOHFHáLQLQWDUWóġóOGóáóWRSODQWó\D
+DUODQ óQ GXGDNODUó JHULOGL )LQJH +DUODQ óQ R JHFHNL VDOGóUóVóQó UDSRU HWPLġ ROVD ELOH EX ID]OD
HWNLOH\LFL RODPD]Gó ĠLPGL\H NDGDU LġOHGLáL VX©ODUóQ \DQóQGD EX KDUHNHWLQLQ ©RFXN R\XQFDáóQ GDQ
IDUNó\RNWX9D]JH©LOPH]OLáLEXROD\GDRUWDGDQNDONDPD]Gó
$VOóQGD )LQJH LQ EX ROD\ó UDSRU HGHFHáLQL GH SHN VDQPó\RUGX %LU 7HNQLV\HQ LQ ¸Q¾QGH PLQQHW
HWPH\H]RUODQGóáóQóLWLUDIHWPHNELU$VLVWDQ%LOJLVD\DU óJ¾O¾Q©GXUXPDG¾ġ¾U¾UG¾YH)LQJH LQEXQX
J¸]HDODELOHFHáLQHSHNLKWLPDOYHUPL\RUGX
‰RNWDQGóU \DSPDGóáó ELU ġH\L \DSWó YH 7HNQLV\HQOHUL \HNY¾FXW RODUDN G¾ġ¾QG¾ $VOóQGD ELUD]
NXUDOODUD D\NóUó RODQ 7ZLVVHOO LQ DGDPó YH <DUó(áLWPHQ NRQXPX \¾]¾QGHQ GLáHU 7HNQLV\HQOHUH
DUDVóQD PHVDIH JLUPLġWL )DNDW E¸\OH ROPDVD GD ]DWHQ 7HNQLV\HQOHU SHN ND\QDġPóġ GD\DQóġPD
KDOLQGHRODQELUJUXSGHáLOGLOHU1L\HE¸\OHROX\RUGXDFDED"
 \D GD  \H JLWWLáLQGH GLáHU ELU 7HNQLV\HQ L DUD\óS NRQXġDPD] Pó\Gó" %LUELUOHULQGHQ ELOH
ND©PDN ]RUXQGDODU Pó\Gó" *HOHQHN YH LQDQ©ODUóQ JHWLUGLáL \DOQó]OóNODUóQó KL© GHáLOVH NHQGL
DUDODUóQGDELUD]ROVXQ\XPXġDWDPD]ODUPó\Gó"
0HFOLVWHQ WRUSLOOL ROGXáXQX YDUVD\ó\RU ġLPGL GH HN GHVWHNOHU DUó\RUGX ‰¾QN¾ LġLQ L©LQGH 1R\V
YDUGó 7HNQLV\HQOHUH NHQGLOHULQH DLW ELU ¸UJ¾W NXUPD KDNNó WDQóQPDOó G¾]HQOL WRSODQWóODU \DSóOPDOó
\DNóQDUNDGDġOóNODUNXUXOXSELUELUOHULQHGDKDL\LGDYUDQPDODUóVDáODQPDOó\Gó
%XVRQG¾ġ¾QFHVLGHULQELUX\NX\DGDOPDGDQ¸QFH\DQóQGD1R\V XJ¸UHUHN\DSWóáóELUWRSOXPVDO
GHYULPVD\óOóUGó
.DSóGDNLVLQ\DOLQVHVL\OHX\DQGó,VUDUOD©DOó\RUGX<DWDáóQEDġXFXQGDNLN¾©¾NVDDWHEDNWóJ¸UG¾á¾
UDNDPODUDKD\UHWHWWL
=DPDQ%DED%¾W¾QRODQODUGDQVRQUDQDVóOEXNDGDU©RNX\X\DELOPLġWL
<DWWóáó\HUGHQELUG¾áPH\HX]DQGóYHNDSóQóQ¾VW¾QGHNLHNUDQUHQNOHQGL$GDPóWDQó\DPDGóIDNDW
KHUNLPVH©RNFLGGLELUKDOLYDUGó
.DSó\óD©WóYH¾QLIRUPDVóQGDòGDULòġOHU LQDUPDVóEXOXQDQDGDPL©HULJLUGL
 7HNQLV\HQ$QGUHZ+DUODQ"
(YHWòGDUHFL1HLVWL\RUVXQ"
òGDUL òġOHU LQ DGDPó \¸QHOWLOHQ VRUXQXQ VHUW YH NDYJDFó DQODPóQó ¸QHPVHPHPLġ JLEL GDYUDQGó
.óGHPOL%LOJLVD\DU7ZLVVHOO OHELUUDQGHYXQX]YDUPó\Gó"
(HHQHROPXġ"
*HFLNWLáLQL]LELOGLUPH\HJHOGLP
+DUODQDGDPDGLNGLNEDNWó1HGHPHNROX\RUEX"6HQ GHQGHáLOVLQJDOLED"
%HQLP E¸O¾P¾Q  GH $GóP $VLVWDQ òGDUHFL $UEXW /HPP 5DQGHYXODUGDQ VRUXPOX\XP YH
UHVPLELOGLULOHUGHNLKDWDODU\¾]¾QGHQPH\GDQDJHOHELOHFHNJHUHNVL]WHODġó¸QOHPH\H©DOóġó\RUXP
1HUDQGHYXVX"1HWHODġó"%¾W¾QEXQODUQHGHPHNROX\RU"'LQOH7ZLVVHOO OHGDKD¸QFHGHELU©RN
J¸U¾ġPH\DSWóP.HQGLVLEHQLPDPLULPGLU7HODġIDODQGL\HELUġH\V¸]NRQXVXGHáLO
$GDPóQEDġWDQEHULNRUXGXáXLIDGHVL]\¾]KDWODUóġLPGLġDġNóQOóNODGROX\GX+DEHULQL]\RNPX"
1HGHQ"
1HGHQ%¾W¾Q]DPDQODU0HFOLVL QLQEXUDGD GHELUDOWNRPLWHWRSODQWóVó\DSWóáóQGDQ6DDWOHUGLU
KHUNHVEXQXNRQXġX\RU
9H EHQL PL J¸UPHN LVWL\RUODU" +DUODQ EX VRUX\X VRUGXNWDQ VRQUD G¾ġ¾QG¾ 7DELL EHQL J¸UPHN
LVWHUOHU%HQGHQEDġNDQHKDNNóQGDJ¸U¾ġHFHNOHU"
ĠLPGL G¾Q DNġDP 7ZLVVHOO LQ RGDVóQóQ ¸Q¾QGH NDUġóODġWóáó %LOJLVD\DUóQ QHGHQ NH\LIOL ROGXáXQX
GDKDL\LDQOó\RUGX%LOJLVD\DUNDUDUODġWóUóOPóġRODQEXNRPLWHWRSODQWóVóQGDQKDEHUGDUGóYHRVDDWWH
ELU 7HNQLV\HQ LQ 7ZLVVHOO L J¸UHELOPHN L©LQ ©óUSóQPDVó RQX HSH\ HáOHQGLUPLġ ROPDOó\Gó +DUODQ L©L
EXUNXODUDN©RNNRPLNGL\HG¾ġ¾QG¾
òGDUHFL %HQ YHULOHQ HPLUOHUL \HULQH JHWLUL\RUXP %DġND ELU ġH\GHQ KDEHULP \RN GHGL 6RQUD
PHUDNóQó\HQHPH\HUHNVRUGX6L]LQEXQGDQKDEHULQL]\RNPX\GX"
7HNQLV\HQOHUGHGL+DUODQDOD\FóELULIDGH\OHNDEXNODUóL©LQGH\DġDUODU
7ZLVVHOO GHQ EDġND EHġ NLġL GDKD YDUGó +HSVL GH .óGHPOL %LOJLVD\DU U¾WEHVLQH VDKLSWLOHU YH HQ
N¾©¾á¾RWX]EHġ\óOOóN6RQVX] GX
$OWó KDIWD ¸QFH +DUODQ E¸\OH ELU JUXSOD ELUOLNWH \HPHáH GDYHW HGLOVH WHPVLO HWWLNOHUL J¾© YH
VRUXPOXOXNODUNDUġóVóQGDH]LOLUGLOLGDPDáóNXUXUHULġWLáLEXRQXUX\XGXP\XGXPWDGDUGó+HSVLGH
HQD]óQGDQRQXQLNLNDWóNDGDU\DġDPóġJ¾QJ¸UP¾ġNLġLOHUGL
)DNDW ġLPGL NDUġóVóQGDNLOHU RQXQ NDUġóWODUó KDWWD GDKD N¸W¾V¾ NDUDU YHUHFHN KDNLPOHUGL (WNL
DOWóQGDNDOóQDFDN]DPDQGHáLOGL%LUVWUDWHMLKD]óUODPDN]RUXQGD\Gó
1R\V X HOH JH©LUGLNOHULQL ELOGLáLQGHQ KDEHUOHUL ROPD\DELOLUGL )LQJH VRQ NDUġóODġPDODUóQó
DQODWPDGó\VDQHUHGHQELOHFHNOHUGL$UWóN)LQJH LQRUWD\D©óNóSELU7HNQLV\HQWDUDIóQGDQWHKGLWHGLOLS
NRUNXWXOGXáXQXV¸\OHPH\HFHáLQHL\LFHHPLQROPXġWX
2 KDOGH ġLPGLOLN EX RODVó DYDQWDMó L\L NXOODQDELOPHN L©LQ LON RQODUóQ KDUHNHWH JH©PHVLQL DVóO
PXKDUHEHEDġODPDGDQ¸QFHLONF¾POH\LRQODUóQV¸\OHPHVLQLEHNOHPHNGDKDDNóOOóFDRODFDNWó
+L©DFHOHOHUL\RNPXġJLELGDYUDQó\RUODUGó%LU\DQGDQ\HPHNOHULQL\HUNHQRQDVDQNL©RNLOJLQ©
ELUFDQOóW¾U¾\OHNDUġóODġPóġJLELEDNWóODU+DUODQGD©DUHVL]OLNL©LQGHRQODUDEDNó\RUGX
 žQOHUL GROD\óVó\OD YH D\OóN HáLWLP ILOPOHULQGHNL ¾© ER\XWOX UHSURG¾NVL\RQODUóQGDQ KHSVLQL
WDQó\RUGX %XQODU 6RQVX]OXáXQ ©HġLWOL E¸O¾POHULQGH GHYDPOó \D\óQODQDQ YH *¸]OHPFL YH GDKD ¾VW
U¾WEHGHNLOHULQL]OHPHN]RUXQGDROGXNODUóHáLWLPSURJUDPODUóQGD\HUDODQNLġLOHUGL
(Q©RNLOJLVLQLNDIDVóNHORODQ EXDGDPóQNDġODUóYHNLUSLNOHULGH\RNWX $XJXVW6HQQRU©HNPLġWL
‰óSODNJ¸]NDSDNODUóQóQDUGóQGDQEDNDQNDUDJ¸]OHUYHSHNVóNUDVWODQPD\DFDNNDGDUJHQLġELUDOóQ
7ZLVVHOO OHRODQ©HNLġPHOHULYHġXDQGDGD+DUODQ OD\¾]¾QHEDNPDGDQVHUWELUEL©LPGHNRQXġPDVó
E¾W¾QGLNNDWLQLRQXQ¾]HULQGHWRSODPDVóQDVHEHSROGX'XUPDNVó]óQVRUXODUVRUX\RUGX
6RUXODUóQóQ ©RáX QHW ELU EL©LPGH FHYDSODQGóUóODFDN FLQVWHQ ġH\OHU GHáLOGL ˜UQHáLQ 6HQL òONHO
WDULKOHLOJLOHQPH\HLWHQQH\GLJHQ©DGDP"%XW¾UġH\OHUL©DOóġPD\DGHáHUPLVHQFHGHOLNDQOó"JLEL
ġH\OHUVRUX\RUGX
(Q VRQXQGD GR\PXġ RODFDN NL WDEDáóQó VDNLQ ELU KDUHNHWOH LPKD NDEóQD GRáUX LWWL YH N¾W
SDUPDNODUóQó¸Q¾QGHELUOHġWLUGL (OLQLQWHUVLQGHELOHKL©NóO\RNWX
+HSPHUDNHWPLġLPGLU%HONLVHQEDQD\DUGóPFóRODELOLUVLQ
+DUODQWDPDPEDġOó\RUX]GL\HG¾ġ¾QG¾
<¾NVHNSHUGHGHQELUVHVOH%LOGLáLPELUġH\VHHIHQGLP
6RQVX]OXN WD EXOXQDQ ED]óODUóPó] KHSLPL] \D GD \HWHULQFH E¾\¾N ELU ©RáXQOXáXPX]
GL\HPH\HFHáLP 7ZLVVHOO LQ \RUJXQ \¾]¾QH ELU EDNóġ IóUODWWó GLáHUOHUL GDKD FDQOó ELU LIDGH\OH
GLQOL\RUGX  IDNDW ED]óODUóPó] =DPDQ óQ IHOVHIHVL\OH LOJLOHQL\RUX] %HONL QH GHPHN LVWHGLáLPL
DQOó\RUVXQ
=DPDQGDVH\DKDWLQ©HOLġNLOHULPLHIHQGLP"
(HHPHORGUDPDWLNELUKDYDYHUPHNLVWHUVHQHYHW)DNDWWDPDQODPó\ODE¸\OHGHáLO*HU©HNOLáLQ
DVóO \DSóVó VRUXQX YDU *HU©HNOLN 'HáLġWLUPHOHUL \DSóOóUNHQ N¾WOH HQHUMLVLQLQ NRUXQPDVó VRUXQX YDU
%XQD EHQ]HU ED]ó EDġND ġH\OHU GH YDU ĠLPGL EL]OHU 6RQVX]OXN WD =DPDQ GD VH\DKDWLQ D\UóQWóODUóQó
ELOGLáLPL] L©LQ EDNóġ D©óODUóPó] HWNLOHQL\RU 6HQLQ òONHO GHNL \DUDWóNODUóQ =DPDQ GD VH\DKDWL
ELOPH]OHU%XW¾UVRUXQODUNDUġóVóQGDRQODUóQG¾ġ¾QFHWDU]óQHGLU"
7ZLVVHOO LQGXGDNODUóQGDQ©óNDQIóVóOWóPDVD\óGRODġWó˜U¾PFHNDáODUó
)DNDW6HQQRUDOGóUPDGó6RUXPDFHYDSYHULUPLVLQ7HNQLV\HQ"
òONHOOHULQ=DPDQ GDVH\DKDWHLOLġNLQKHUKDQJLELUG¾ġ¾QFHOHUL\RNHIHQGLP
%¸\OHELUġH\LQP¾PN¾QRODELOHFHáLQLG¾ġ¾QP¾\RUODU\DQL"
6DQóUóP¸\OH
+D\DOELOHHGHPL\RUODUPó"
ĠH\ KD\DO ¾U¾QOHULQLQ VHUJLOHQGLáL ED]ó HGHEL HVHUOHU YDUGó VDQóUóP %X NRQX\OD SHN
LOJLOHQPHGLP )DNDW =DPDQ GD JHUL G¸QHUHN GHGHVLQL KHQ¾] ELU ©RFXNNHQ ¸OG¾UPH\L SODQOD\DQ
ELUL\OHLOJLOLELU¸\N¾YDU
6HQQRU LVWHGLáLQL HOH HWPLġH EHQ]L\RUGX +DULND +DULND +HU ġH\GHQ ¸QFH VDELW *HU©HNOLN
NDYUDPóQó J¸] ¸Q¾QH DOóUVDN EX =DPDQ GD VH\DKDWLQ WHPHO ©HOLġNLVLQL RUWD\D NR\DQ ELU ¸UQHNWLU
ĠLPGLVHQLQġXòONHOOHUGHáLġPH]VDELWYHWHNELU*HU©HNOLNROGXáXQXVDQó\RUODU'RáUXPX"
+DUODQFHYDSYHUPHGHQ¸QFHELUD]EHNOHGL%XVRKEHWLQQHUH\HYDUDFDáóQó\DGD6HQQRU XQSHUGH
DUNDVóQGDNLDPDFóQóDQOD\DPó\RUGXYHEXGDVLQLUOHULQLER]PXġWX%XNRQX\XVL]LWDWPLQHGHFHNELU
FHYDS YHUHELOHFHN NDGDU L\L ELOPL\RUXP HIHQGLP )DUNOó RODQ JHU©HNOLNOHU KDNNóQGD ED]ó
VSHN¾ODV\RQODUYDUGóKHUKDOGH%LOPL\RUXP
6HQQRU DOW GXGDáóQó VDUNóWWó (PLQLP NL \DQóOó\RUVXQ .HQGL \RUXPODUóQOD DNOóQó NDUóġWóUPóġVóQ
+D\óUWDPDQODPó\ODELU=DPDQ GDVH\DKDWGHQH\LPL\DġDPDGDQLQVDQEH\QLJHU©HNOLáLQIHOVHIHVLQL
NDEXO HGHPH] ˜UQHáLQ QHGHQ *HU©HNOLN DWDOHW ND]DQóU" %¸\OH ROGXáXQX ELOL\RUX] %LU 'HáLġLNOLN
WDP DQODPó\OD ELU 'HáLġLNOLN ROPDVó L©LQ DNóġ L©HULVLQGH \HWHULQFH E¾\¾N ELU P¾GDKDOH HWNLVL
ROPDOóGóU+DWWD\LQHGH*HU©HNOLN WHNHQGL¸]J¾QKDOLQHG¸QPHHáLOLPLPHYFXWWXU
˜UQHáLQ EXUDGD  GH ELU 'HáLġWLUPH \DSWóáóPó]ó G¾ġ¾QHOLP *HU©HN  \H NDGDU EHOLUWLOHUL
J¸U¾OHFHN ġHNLOGH HWNLOHQHFHNWLU )DNDW EX 'HáLġWLUPH QLQ RQGDQ VRQUD KL©ELU HWNLVL NDOPD] %XQXQ
E¸\OHROGXáXQXKHSLPL]ELOL\RUX]IDNDWQHGHQLKDNNóQGDELUILNULRODQYDUPó"0DQWóN\DSóODFDNELU
P¾GDKDOHQLQ=DPDQ óVóQóUVó]ELUEL©LPGHHWNLOHPHVLJHUHNWLáLQLV¸\O¾\RUIDNDW¸\OHROPX\RULġWH
%LUEDġNDD©óGDQEDNDOóP%LOGLáLPNDGDUó\OD7HNQLV\HQ+DUODQJHUHNOLHQN¾©¾NP¾GDKDOHOHULQ
VH©LPLQGH UDNLSVL]PLġ òGGLD\D JLUHULP EX VH©LPL QH\H J¸UH \DSWóáóQó VRPXW ELU EL©LPGH
D©óNOD\DPD]
ĠXòONHOOHULQQHNDGDU]DYDOOóROGXáXQXELUG¾ġ¾Q¾Q%LULQVDQóQNHQGLGHGHVLQL¸OG¾UHELOHFHáLQL
G¾ġ¾QHELOL\RUODU ©¾QN¾ *HU©HNOLN OH LOJLOL KL©ELU ġH\ ELOPL\RUODU 'DKD RODELOLU JLEL J¸U¾QHQ GDKD
NROD\©¸]¾POHQHELOHFHNELUGXUXPXHOHDODOóPYHELULQVDQóQ=DPDQ GDVH\DKDWLHVQDVóQGDNHQGLVL\OH
NDUġóODġWóáóQó
+DUODQELOLQ©VL]FHDWóOGó.HQGLVL\OHNDUġóODġDQELULQVDQDQHROXUNL"
+DUODQ óQELU%LOJLVD\DU óQV¸]¾Q¾NHVPHVL]DWHQ\DQOóġELUGDYUDQóġWó6HVWRQXGDWX]ELEHUHNPLġ
YHELUVNDQGDO\DUDWPóġWó%¾W¾QJ¸]OHUD\óSOD\DQEDNóġODUOD7HNQLV\HQ H©HYULOGL
6HQQRU DOGóUPDPóġ JLEL GDYUDQGó YH VD\óVó] J¾©O¾NOHUH UDáPHQ \LQH GH QH]DNHWL ER]PDPD\D
NDUDUOó ELU LQVDQóQ NHQGLVLQL ]RUODGóáóQó EHOLUWHQ VHV WRQX\OD NRQXġPDVóQó V¾UG¾UG¾ <¸QHOWLOHQ
QH]DNHWVL]VRUX\DGRáUXGDQFHYDSYHUGLáLQLEHOOLHWPHNWHQND©óQDUDNNDOGóáó\HUGHQGHYDPHWWL
9HE¸\OHELUGXUXPGDQHOHURODELOHFHáLQLG¾ġ¾QHOLP.RQXG¸UWDOWJUXSWDLQFHOHQHELOLU)L]LNVHO
DQODPGDNL ]DPDQ L©LQGH ¸QFHNL DGDPD $ VRQUDNLQH GH % GL\HOLP %LULQFL DOW JUXSWD $ YH %
ELUELUOHULQL J¸UPH\HELOLUOHU \D GD ELUELUOHULQL ¸QHPOL ELU EL©LPGH HWNLOH\HFHN KHUKDQJL ELU ġH\
\DSPD]ODUJHU©HNDQODPGDNDUġóODġPDPóġODUGóUYHEXRODVóOóáó¸QHPVL]VD\DELOLUL]
<D GD % VRQUDNL ELUH\ $ \ó J¸UP¾ġ RODELOLU IDNDW $ RQX J¸UPHPLġWLU %X RODVóOóN GD FLGGL
VRQX©ODU PH\GDQD JHOPH\HFHáLQL NDEXO HGHELOLUL] % $ \ó NHQGLVLQLQ GDKD ¸QFH \DSPóġ ROGXáX ELU
KDUHNHWHVQDVóQGDJ¸UP¾ġW¾U%LU¸QFHNLQGHQIDUNOó\DGD¸QHPOLELUGXUXP\RNWXUGHQHELOLU
ž©¾QF¾YHG¸UG¾QF¾RODVóOóNODUGD$% \LJ¸UHELOLUDPD%$ \óJ¸UPHPLġWLU<DGDKHULNLVLGH
ELUELUOHULQL J¸U¾UOHU +HU LNL RODVóOóNWD ¸QHPOL RODQ QRNWD $ QóQ % \L J¸U¾ġ¾G¾U EXUDGD ELU LQVDQ
IL]LNLYDUOóáóQóQGDKD¸QFHNLELUKDOLQGH\NHQNHQGLVLQLVRQUDNLKDOL\OHJ¸UPHNWHGLU'¾ġ¾Q¾QNL$%
KDOLQGHNL \DġóQD JHOHELOHFHáLQL R ]DPDQD NDGDU FDQOó NDODELOHFHáLQL ¸áUHQPHNWHGLU 7DQóN ROGXáX
DQDNDGDU\DġD\DFDáóQóELOPHNWHGLUĠLPGLNHQGLJHOHFHáLQLHQXIDND\UóQWóVóQDNDGDUELOHQELULEX
ELOJLOHUGHQ\ROD©óNóSJHOHFHáLQLGHáLġWLUHELOLU%XGXUXPGD*HU©HNOLN$YH% QLQNDUġóODġPD\DFDáó
\D GD HQ D]óQGDQ $ QóQ % \L J¸UPHVLQH HQJHO ROXQDFDN EL©LPGH GHáLġWLULOPHOLGLU *HU©HNOLN WH ELU
GHáLġLNOLN \DSóOGóáóQGD EX \DġD\DQODUFD IDUN HGLOHPH\HFHáLQGHQ $ YH % QLQ NDUġóODġPDPóġ ROGXáX
V¸\OHQHELOLU $\Qó ġHNLOGH =DPDQ GD VH\DKDW NRQXVXQGD RUWD\D ©óNDFDN ©HOLġNLOHU GH GHáLġWLUPHOHUOH
\RNHGLOLUYHEX\¾]GHQ©HOLġNLGL\HELUġH\LQROPDGóáóYHRODPD\DFDáóVRQXFXQDYDUóUó]
6HQQRU\DSWóáóD©óNODPDODUGDQJXUXUGX\GXáXQXEHOLUWHQPXWOXELUWDYóUL©LQGH\GLIDNDW7ZLVVHOO
D\DáDNDONWó
ž]J¾Q¾PEH\OHUV¾UHPL]GROGX
<HPHN +DUODQ óQ G¾ġ¾QHELOHFHáLQGHQ ©RN GDKD NóVD ELU V¾UHGH VRQD HUPLġWL $OW NRPLWH ¾\HOHUL
EDġODUó\OD VHODPOD\DUDN ©óNWóODU 0HUDN HWWLNOHUL ġH\OHUL ¸áUHQPLġ WDWPLQ ROPXġD EHQ]L\RUODUGó
L©OHULQGHQ\DOQó]FD6HQQRUEDġVHODPóQDHNRODUDNHOLQLX]DWWóYHERáXNELUVHVOHò\LJ¾QOHUJHQ©
DGDPGHGL
+DUODQNDUPDNDUóġóNKLVOHUOHDUNDODQQGDQEDNDNDOGó%X\HPHáLQDPDFóQH\GLDFDED"%XDGDPODUó
ELU DUD\D JHWLUHQ ġH\ QH\GL" 1R\V GDQ KL© EDKVHWPHPLġOHUGL <RNVD \DOQó]FD RQX LQFHOHPHN PL
LVWHPLġOHUGL"7HSHGHQWóUQDáDLQFHOH\LSVRQUDGD7ZLVVHOO LQNDUDUóQDPóWHUNHWPLġOHUGL"
7ZLVVHOO DUWóN ¾]HULQGH \HPHN WDNóPODUóQóQ YH \L\HFHNOHULQ EXOXQPDGóáó PDVD\D G¸QG¾ ĠLPGL
+DUODQ OD \DOQó]GóODU YH DUWóN QHUHGH\VH RQX VHPEROL]H HGHQ VLJDUDODUóQGDQ ELU \HQLVL HOLQGH
EHOLUPLġWL
ĠLPGLELUD]GDLġLPL]HEDNDOóP+DUODQ<DSDFDNELUV¾U¾ġH\YDU
)DNDW+DUODQDUWóNGDKDID]ODEHNOH\HPH\HFHNWLEHNOH\HPHGL0óUóOGDQóUJLELNRQXġWX+HUKDQJL
ELULġHEDġODPDGDQ¸QFHVL]HV¸\OHPHPJHUHNHQELUġH\YDU
7ZLVVHOOġDġóUPóġJ¸U¾Q¾\RUGX<¾]¾Q¾QE¾W¾QKDWODUóEXUXġWXYHG¾ġ¾QFHOLELUWDYóUODVLJDUDVóQóQ
N¾OO¾NóVPóQóELUNDEDEDVWóUóSH]GL
òVWL\RUVDQNRQXġDPD¸QFHRWXURWXURáOXP
7HNQLV\HQ $QGUHZ +DUODQ RWXUPDGó &¾POHOHUL ND\QD\óS NDUóġPDODUóQD ]RUOD HQJHO ROXUFDVóQD
GLġOHULQLQDUDVóQGDH]L\RUNRQXġXUNHQELU\DQGDQGDPDVDER\XQFDX]XQDGóPODUODJLGLSJHOL\RUGX
.óGHPOL%LOJLVD\DU7ZLVVHOO LQL\LFHROJXQODġPóġVDSVDUóELUHOPD\DEHQ]H\HQEDġóELURWDUDIDELU
EXWDUDIDG¸QHUHN+DUODQ QóQVLQLUOLKDUHNHWOHULQLL]OL\RUGX
+DIWDODUGóU PDWHPDWLNOH LOJLOL ILOPOHUL LQFHOL\RUXP  QLQ GHáLġLN JHU©HNOLNOHUL\OH LOJLOL
NLWDSODU *HU©HNOLNOHUL ERġYHULQ 0DWHPDWLN GHáLġPL\RU *HOLġLPLQGH L]OHGLáL VóUD GD GHáLġPL\RU
*HU©HNOLNOHUOH LVWHGLáLQL] NDGDU R\QD\óQ 0DWHPDWLáLQ WDULKL D\Qó NDOó\RU 'HáLġHQ \DOQó]FD
0DWHPDWLN©LOHUIDUNOóEXOXġODUóGHáLġWLUPLġOHUIDNDWVRQX©ODUó1H\VHEXNRQXGDNDIDPGD©RNġH\
YDU%XV¸\OHGLNOHULPVL]LQL©LQELUDQODPLIDGHHGL\RUPX"
7ZLVVHOONDġODUóQó©DWWó%LU7HNQLV\HQL©LQJDULSELUXáUDġJLELJHOGLEDQD
)DNDWEHQ\DOQó]FDEDVLWELU7HNQLV\HQGHáLOLP%XQXELOL\RUVXQX]
'HYDP HW GHGL 7ZLVVHOO YH NROXQGDNL ]DPDQó J¸VWHUHQ DUDFD EDNWó SDUPDNODQ DUDVóQGDNL
VLJDUD\ODDOóġóOPDPóġVLQLUOLELUWDYóUODR\QX\RUGX
\¾]\óOGD\DġDPóġ9LNNRU0DOODQVRKQDGOóELUDGDPYDUGó%LOL\RUVXQX]EX]DPDQGLOLPLòONHO
©DáóQ ELU SDU©DVóGóU %X DGDPóQ ¸]HOOLáL ELU =DPDQ $ODQó Qó EDġDUó\OD NXUDELOHQ LON LQVDQ ROXġX
'RáDO NL EX 6RQVX]OXáX GD R EXOGX GHPHNWLU ©¾QN¾ 6RQVX]OXN ELOGLáLPL] QRUPDO ]DPDQ L©LQGH
]DPDQóQ VóQóUODPDODUóQGDQ EDáóPVó] RODUDN ]DPDQ L©LQGH NóVD GHYUHOHU ROXġWXUDQ NRFDPDQ ELU
=DPDQ$ODQó GóU
%XQODUVDQDKHQ¾]ELU©óUDNNHQ¸áUHWLOPLġġH\OHURáOXP
)DNDW  \¾]\óOGD 9LNNRU 0DOODQVRKQ XQ =DPDQ $ODQó Qó EXOPDVóQD RODQDN ROPDGóáó
¸áUHWLOPHPLġWL\¾]\óOGDRGHáLOKL©NLPVHEXODPD]Gó*HUHNOLPDWHPDWLNWHPHO\RNWXNL7HPHO
/HIHEYUHGHQNOHPOHUL\RNWXYH]DWHQ\¾]\óOGDNL-DQ9HUGHHU LQDUDġWóUPDODUóQGDQ¸QFHRODPD]Gó
GD
.óGHPOL %LOJLVD\DU 7ZLVVHOO ġDġóUPóġWó VLJDUDVóQóQ HOLQGHQ G¾ġW¾á¾Q¾Q ELOH IDUNóQGD GHáLOGL
<¾]¾QGHNLJ¾O¾PVHPHX©XSJLWPLġWL
6DQD/HIHEYUHGHQNOHPOHULQL¸áUHWWLOHUPLNLRáOXP"
+D\óU9HDQODGóáóPóGDV¸\OH\HPHP$PD=DPDQ$ODQóL©LQJHUHNOLROGXáXQXELOL\RUXP%XQX
¸áUHQGLP9HEXHġLWOLNOHU\¾]\óODNDGDUGDNHġIHGLOPHPLġWL%XQXGDELOL\RUXP
7ZLVVHOOVLJDUDVóQóDOPDNL©LQHáLOGLELU\DQGDQGD+DUODQ óQ\¾U¾WW¾á¾PDQWóáó©¾U¾WPHNJD\UHWL
L©LQGHNRQXġX\RUGX<D0DOODQVRKQPDWHPDWLNVHOGD\DQDNODUóQGDQKDEHUVL]RODUDN=DPDQ$ODQó QD
LOLġNLQ VRUXQODUó UDVWODQWó\OD ©¸]G¾\VH" <D EX \DOQó]FD J¸]OHP YH GHQH\OHUH GD\DQDQ ELU EXOXġVD"
%XQDEHQ]HUġH\OHUHVóNUDVWODQPó\RUPX"
%XQX GD G¾ġ¾QG¾P )DNDW $ODQ NHġIHGLOGLNWHQ VRQUD ©DOóġPDODU ¾© \¾]\óO V¾UG¾ YH EX V¾UH
VRQXQGDK¤O¤0DOODQVRKQ XQ$ODQó \ODLOJLOLKHVDSODUóGD\DQGóUPóġRODELOHFHáLELUWHN\ROELOH\RNWX
(áHU EXQODUó ELOL\RUGX\VD \D GD 9HUGHHU LQ ©DOóġPDODUó ROPDGDQ JHOLġWLUGL\VH NL EX RODPD]
QRWODUóQGDQHGHQEDKVHWPHGL"
%LU0DWHPDWLN©LJLELNRQXġPDNWDóVUDUHGL\RUVXQGHPHN.LPDQODWWóE¾W¾QEXQODUóVDQD"
)LOPOHULLQFHOHGLP
%DġND"
9HG¾ġ¾QG¾P
<¾NVHN PDWHPDWLN HáLWLPLQ ROPDGóáó KDOGH ¸\OH PL" 6HQL \óOODUGóU \DNóQGDQ LQFHOHULP RáOXP
DPDEX¸]HO\HWHQHáLQLIDUNHWPHPLġWLP'HYDPHW
0DOODQVRKQ XQ=DPDQ$ODQóNHġILROPDGDQ6RQVX]OXáXQNXUXOPDVóQDLPN¤Q\RNWX0DOODQVRKQ XQ
GDEXLġLNHQGLVLQHJ¸UHJHOHFHNWHEXOXQDQELUPDWHPDWLNELOJLVLQLNXOODQPDGDQEDġDUPóġROPDVóQD
RODQDN\RNWX%XELULQFLVL$\Qó]DPDQGDġXVóUDODUEXUDGD6RQVX]OXN WDE¾W¾QNXUDOODU©LáQHQHUHN
\DġóJH©PLġYHHYOLROPDVóQDUDáPHQ6RQVX]RODUDNVH©LOPLġELU‰óUDNYDU2QXPDWHPDWLNYHLONHO
VRV\RORML¾]HULQHHáLWL\RUVXQX]%XGDLNLQFLVL
(HH"
%HQGL\RUXPNLRQXġXYH\DEXġHNLOGH=DPDQ DJHUL6RQVX]OXáXQHQDOWLVWDV\RQXQD\¾]\óOD
J¸QGHUPH\L SODQOó\RUVXQX] *¸U¾\RUVXQX] NL EHQLP òONHO =DPDQODU NRQXVXQGD ELU X]PDQ RODUDN
NRQXPXPYHEXNRQXPXPXQELOLQFLQGHROXġXPEDQD¸]HOPXDPHOHLVWHPHKDNNóND]DQGóUó\RU
%¾\¾N=DPDQGL\HPóUóOGDQGó7ZLVVHOO
'RáUX GHáLO PL" ‰HPEHUL E¸\OHFH NDSDWóUó] EHQLP \DUGóPóPOD <DUGóPóP ROPD]VD .DVWHQ
F¾POHVLQLWDPDPODGó
*HU©HáH ©RN \DNODġPóġVóQ GHGL 7ZLVVHOO )DNDW \HPLQ HGHELOLULP NL &¾POHVLQL \DUóGD NHVWL
'HULQELUG¾ġ¾QFH\HGDOPóġJLEL\GL
+DUODQ WHODġOD NRQXġWX 1H GHPHN \DNODġWóQ *HU©HáLQ WD NHQGLVLQL \DNDODGóP 1HGHQ EX NDGDU
NHVLQ NRQXġWXáXQX NHQGL GH D©óNOD\DELOHFHN GXUXPGD GHáLOGL DPD JHU©HNWHQ ELUD] IDUNOó GD ROVD
\DNDODGóáóQóQGHáHUOLELUġH\ROGXáXQXġLGGHWOHXPX\RUGX
+D\óUKD\óU*HU©HNEXGHáLO‰óUDN&RRSHU\¾]\óOD0DOODQVRKQ DKHUKDQJLELUġH\¸áUHWPHN
L©LQJLWPL\RU
 6DQDLQDQPó\RUXP
ò\LDPDLQDQPDN]RUXQGDVóQ%XQXQ¸QHPLQLDQODPDOóVóQ3URMHQLQJHULNDODQNóVPóL©LQ\DUGóPóQD
LKWL\DFóP YDU 'XUXP VHQLQ KD\DO HGHELOGLáLQGHQ ©RN GDKD NDUóġóN RáOXP ‰óUDN %ULQVOH\ 6KHULGDQ
&RRSHU9LNNRU0DOODQVRKQ XQWDNHQGLVLGLU
 

62168=/8à81%$Ġ/$1*,&,
+DUODQ R DQ L©LQ 7ZLVVHOO LQ NHQGLVLQL ġDġóUWDFDN KHUKDQJL ELU ġH\ V¸\OH\HELOHFHáLQL KL©
G¾ġ¾QPHPLġWL<DQóOó\RUGX
0DOODQVRKQPX"2
7ZLVVHOO VRQXQD NDGDU L©WLáL VLJDUDQóQ \HULQH ELU \HQLVLQL \DNWó YH (YHW 0DOODQVRKQ
0DOODQVRKQ XQKD\DWóQóQNóVDELU¸]HWLQLLVWHUPLVLQ"'LQOH GHGRáGXELUV¾UH6RQVX]OXN WD\DġDGó
YH GH¸OG¾GHGL
7ZLVVHOO XIDFóN HOL\OH +DUODQ óQ NROXQX WXWWX ELU ]HEDQL\L DQGóUDQ \¾]¾Q¾Q KDWODUó NHQGLQH ¸]J¾
J¾O¾PVHPHVL\OH \XPXġDPóġWó +D\GL RáOXP IL]LNVHO ]DPDQ EL]LP L©LQ ELOH JH©L\RU YH EXJ¾Q WDP
DQODPó\ODNHQGLPL]LQELOHHJHPHQLGHáLOL]*HO©DOóġPDRGDPDJLGHOLP
˜QHG¾ġW¾YH+DUODQRQXWDNLSHWWL$©óODQNDSóODUóQKDUHNHWHGHQ\ROODUóQIDUNóQGDELOHGHáLOGL
%X\HQLELOJL\LNHQGLSUREOHPLYHKDUHNHWSODQó\ODEDáGDġWóUPD\DLOLġNLNXUPD\D©DOóġó\RUGXòON
DQóQġDġNóQOóáóJH©LQFHWHNUDUVDáOóNOóG¾ġ¾QPH\HEDġODPóġWó1DVóOROX\RUGXGDEXGXUXPROD\ODUó
RQXQ 6RQVX]OXN L©LQ WDġóGóáó ¸QHPL GDKD E¾\¾WHUHN GHáHULQL GDKD GD DUWWóUDUDN LVWHNOHULQLQ \HULQH
JHWLULOPHVLQLGDKDP¾PN¾QNóODFDNYH1R\V XQNHQGLVLQHJHULYHULOPHVLQLLVWHPHNL©LQRQXGDKDGD
J¾©OHQGLUHFHNEL©LPGHHWNLOL\RUGX"
1R\V
=DPDQ $ġNóQD RQD ]DUDU YHUPHPHOL\GLOHU +D\DWóQGD JHU©HN RODQ ELU WHN R NDOPóġWó 6RQVX]OXN
ELOHDUWóN\DOP]FDELUIDQWD]L¸QHPVL]ELUROJXGDQEDġNDELUġH\GHáLOGL
.HQGLVLQL %LOJLVD\DU 7ZLVVHOO LQ E¾URVXQGD EXOGXáXQGD EXUD\D QDVóO JHOGLáLQL KDWóUOD\DPDGóáóQó
IDUNHWWL
7ZLVVHOO LQ E¾URVX WHPL] YH \DOQó]FD SRUVHOHQGHQ \DSóOPóġ ġH\OHULQ WDġó\DELOHFHáL DVHSWLN
¸]HOOLNOHUHVDKLSXSX]XQELURGD\Gó2GDQóQELUGXYDUóWDPDPHQPLNURKHVDS¾QLWHOHUL\OHNDSODQPóġWó
%X ¾QLWHOHU ELUOHġWLULOGLáLQGH 6RQVX]OXáXQ HQ E¾\¾N NLġLVHO +HVDSNRPSOHNVLQL ROXġWXUX\RUODUGó
.DUġóGXYDUWóNOóPWóNOóPUHIHUDQVILOPOHUL\OHGROX\GX%XLNLGXYDUóQDUDVóQGDDQFDNELUNRULGRUGDQ
ELUD]GDKDJHQLġ©HELUERġOXNYDUGóYHEXUD\DGDELUPDVDLNLVDQGDO\HSURMHNVL\RQDOHWOHULYHELUGH
+DUODQ óQ 7ZLVVHOO L©LQH VLJDUD L]PDULWLQL DWDQD NDGDU QH LġH \DUDGóáóQó DQOD\DPDGóáó YH GDKD ¸QFH
KL©J¸UPHGLáLJDULSELU©DQDN\HUOHġWLULOPLġWL
7ZLVVHOONHQGLQHKDVHO©DEXNOXáXQXPDUDODUóQDEHQ]HUELUKDUHNHWOH\HQLELUVLJDUD\DNWó
+DUODQG¾ġ¾QG¾ĠLPGLWDP]DPDQó
<¾NVHN SHUGHGHQ KDWWD YDKġLFH GHQHELOHFHN ELU VHV WRQX\OD NRQXġPD\D EDġODGó  GH ELU Nó]
YDU
7ZLVVHOONDġODUóQó©DWWóKRġXQDJLWPH\HQELUġH\LNHQDUDLWL\RUPXġ©DVóQDHOLQLVDOODGó%LOL\RUXP
ELOL\RUXP.ó]UDKDWVó]HGLOPH\HFHNVHQGH¸\OH+HUġH\\ROXQDJLUHFHN2LġOHLOJLOHQHFHáLP
<DQL
 0HVHOH\LELOGLáLPLV¸\O¾\RUXP%XNRQXVHQL¾]G¾\VHDUWóNG¾ġ¾QPHQHJHUHN\RN¾]¾OPH
+DUODQ \DġOó DGDPD EDNDNDOGó L\LFH DIDOODPóġWó +HSVL EX PX\GX \DQL" *HU©L DUWóN VDKLS ROGXáX
J¾F¾Q E¾\¾NO¾á¾QH L©WHQOLNOH LQDQó\RUGX DPD E¸\OHVLQH D©óN©D NDEXO J¸UHFHáLQL GH EHNOHPHPLġWL
GRáUXVX
7ZLVVHOOWHNUDUNRQXġWX
'LQOH EDN VDQD ELU ¸\N¾ DQODWDFDáóP 6RQVX]OXáD \HQL NDWóOPóġ ELU ‰óUDN D GHUV YHULU JLEL
GDYUDQó\RUGX6DQDEXQODUóDQODWPD\DJHUHNGX\DELOHFHáLPDNOóPDJHOPHPLġWLEHONLGHK¤O¤JHUHN
\RNDPDNLġLVHODUDġWóUPDODUóQYHNHQGLNHQGLQH¸áUHQGLNOHULQOHEXQXKDNHWWLQ
+DUODQ D NLQD\HOL ELU EDNóġ IóUODWWó %LOL\RUVXQ ġX EDQD DQODWWóNODUóQó NHQGL NHQGLQH EXOXS
©óNDUGóáóQDK¤O¤SHNLQDQPó\RUXPGHGLYHGHYDPHWWL
6RQVX]OXNWDNLOHULQ©RáXWDUDIóQGDQ9LNNRU0DOODQVRKQRODUDNELOLQHQDGDP¸OG¾á¾QGHDUNDVóQGD
KD\DWó\ODLOJLOLND\óWODUEóUDNWó%XND\óWODUóDQóODU\DGDEL\RJUDILRODUDNDGODQGóUPDN]RU'DKD©RN
ELUJ¾QYDURODFDNODUóQóELOGLáL6RQVX]ODUDYDVL\HWLQLLOHWHQELUUHKEHUGLGL\HELOLUL]'XUJXQ=DPDQ OD
LOJLOLELUGL]LNLWDSFLOGLQGHQELULQGHEXOXQX\RUGXYH\DOQó]FD6RQVX]OXáXQ%LOJLVD\DUODUóWDUDIóQGDQ
D©óODELOHFHNWLòġWHEX\¾]GHQ¸O¾P¾QGHQVRQUD¾©\óONLPVHHOLQLV¾UPHGL6RQUD6RQVX]OXNNXUXOGX
YH E¾\¾N 6RQVX]ODUóQ LONL .óGHPOL %LOJLVD\DU +HQU\ :DGVPDQ EX YDVL\HWL D©Wó %DQD JHOHQH NDGDU
.óGHPOL %LOJLVD\DUODU EX EHOJH\L VRQ GHUHFH JL]OL WXWWX YH ELUELUOHULQH GHYUHWWL %XQD EL]
0DOODQVRKQ XQ$QóODUóGL\RUX]
$QóODUGD  \¾]\óOGD GRáDQ \LUPL ¾© \DġóQGD 6RQVX]OXáD ‰óUDN RODUDN DOóQDQ HYOL ©RFXNVX]
%ULQVOH\6KHULGDQ&RRSHUDGOóELUDGDPóQ¸\N¾V¾DQODWóOó\RU6RQVX]OXáDNDWóOGóNWDQVRQUD&RRSHU
/DEDQ 7ZLVVHOO GL\H ELU %LOJLVD\DU WDUDIóQGDQ 0DWHPDWLN YH $QGUHZ +DUODQ GL\H ELU 7HNQLV\HQ
WDUDIóQGDQ GD òONHO 6RV\RORML NRQXODUóQGD HáLWLPH WDELL WXWXOXU +HU LNL NRQXGD GD \HWLġWLNWHQ VRQUD
=DPDQ0¾KHQGLVOLáLYHEHQ]HULNRQXODUGDGDEHOLUOLELUG¾]H\HJHWLULOHQEXDGDP9LNWRU0DOODQVRKQ
DGOóELUELOLPDGDPóQDJHUHNOLWHNQLNOHUL¸áUHWPHN¾]HUH\¾]\óODJ¸QGHULOLU
 \H YDUGóNWDQ VRQUD ¸QFHOLNOH NHQGLQL L©LQGH EXOXQGXáX WRSOXPD X\GXUPD V¾UHFLQH JLUHU %X
V¾UH©ER\XQFDNDUġóODġDFDáóSUREOHPOHULELOL\RUPXġ©DVóQDRQXHáLWPLġEXOXQDQ7HNQLV\HQ+DUODQ óQ
YH%LOJLVD\DU7ZLVVHOO LQD\UóQWóOóWDYVL\HOHULQGHQ©RN\DUDUODQóU
òNL \óO JH©WLNWHQ VRQUD &RRSHU .DOLIRUQL\D RUPDQODUóQGD \DOQó] \DġD\DQ DUNDGDġó YH DNUDEDVó
EXOXQPD\DQIDNDWF¾UHWN¤UYHDOóġóOPóġóQGóġóQGDELU]HN¤\DVDKLSRODQ9LNNRU0DOODQVRKQDGOóġDKVó
EXOXU &RRSHU \DYDġ \DYDġ EX DGDPOD DUNDGDġOóN NXUDU YH VRQ GHUHFH GLNNDWOL GDYUDQDUDN RQX
JHOHFHNWHQJHOHQELUVH\\DKODNDUġóODġPóġROGXáXG¾ġ¾QFHVLQLQġRNXQDDOóġWóUóUYH0DWHPDWLN OHLOJLOL
ELOPHVLJHUHNHQKHUġH\LRQD¸áUHWLU
)DNDW]DPDQJH©PHNWHJHOLġPHVRQGHUHFH\DYDġROPDNWDGóU&RRSHU]DPDQ]DPDQP¾NHPPHO
ELU¸áUHWPHQROPDGóáóG¾ġ¾QFHVLQHNDSóOPD\DEDġODU0DOODQVRKQKX\VX]LġELUOLáLQH\DQDġPD\DQELU
WXWXP L©HULVLQH JLUPLġWLU YH ELU J¾Q KL© EHNOHQPH GLN ELU ġHNLOGH ¸O¾U <DġDGóNODUó YDKġL ND\DOóN
E¸OJHGHNL ELU NDQ\RQD G¾ġP¾ġW¾U &RRSHU KD\DWóQóQ HQ ¸QHPOL J¸UHYLQLQ YH EHONL GH W¾P
6RQVX]OXáXQ PDKYROGXáX G¾ġ¾QFHVLQLQ YHUGLáL DFó YH ¾PLWVL]OLNOH KDIWDODUFD NóYUDQóU YH VRQUD ELU
J¾Q ©óOJóQFD ELU JLULġLPGH EXOXQPD\D NDUDU YHULU 0DOODQVRKQ XQ ¸O¾P¾Q¾ UDSRU HWPH] (OGHNL VRQ
GHUHFHVóQóUOóRODQDNODUOD\DYDġ\DYDġELU=DPDQ$ODQóNXUPD\DEDġODU
$\UóQWóODUóQ¸QHPL\RN'DáODUJLELJ¾©O¾NOHUVHIDOHWHNVLNOLNOHUYHNHQGL\HWHUVL]OLáLQHUDáPHQ
LġL ELWLULU YH DVOóQGD \óOODU ¸QFH JHU©HN 0DOODQVRKQ XQ \DSPóġ ROPDVó JHUHNWLáL JLEL MHQHUDW¸U¾
.DOLIRUQL\D7HNQLNžQLYHUVLWHVL QHJ¸W¾U¾U
 %XQGDQ VRQUD ¸\N¾Q¾Q VHQLQ ©DOóġPDODUóQD JLUHQ NóVPóQó ELOL\RUVXQ .DUġóODġWóáó LON ROXPVX]
WHSNLOHUL ELU V¾UH J¸]DOWóQD DOóQóġóQó MHQHUDW¸U¾Q QHUHGH\VH ND\EHGLOGLáL ROD\ó DGóQó KL©ELU ]DPDQ
¸áUHQHPHGLáLPL] DGDPóQ \DUGóPODUóQó NLPOLáL ELOLQPHGLáL KDOGH EX DGDP EXJ¾Q 6RQVX]OXáXQ
NDKUDPDQODUóQGDQ ELUL RODUDN NDEXO HGLOPHNWHGLU  YH ELU EH\D] IDUH\L =DPDQ GD LOHUL JHUL KDUHNHW
HWWLUHQ3URIHV¸U=LPEDOLVW LQVRQGHQH\LQLKHSELOL\RUVXQ%XQODUODVHQLVóNPDNLVWHPL\RUXP
&RRSHUE¾W¾QEXLġOHUL\DSDUNHQKHS9LNNRU0DOODQVRKQDGóQóNXOODQGó©¾QN¾DQFDNEXVD\HGH
\¾]\óODDLWPLġJLELJ¸U¾Q¾SNDQóWOD\DELOHFHáLELUJH©PLġHVDKLSRODELOL\RUGX*HU©HN0DOODQVRKQ XQ
FHVHGLKL©ELU]DPDQEXOXQPDGó
+D\DWóQóQ JHUL NDODQ NóVPóQGD MHQHUDW¸U¾Q¾ KLPD\H HWWL YH DUDFóQ ©RáDOWóOPDVó KXVXVXQGD
žQLYHUVLWHGHNL ELOLP DGDPODUó\OD LġELUOLáL \DSWó %DġND ġH\OHU \DSPD\D FHVDUHW HGHPHGL ˜Q¾QGH
X]DQDQ ¾© \¾]\óOóQ JHWLUHFHáL PDWHPDWLNVHO JHOLġPHOHU VRQXQGD RUWD\D ©óNDFDN RODQ /HIHEYUH
GHQNOHPOHULQL EX V¾UH\L ELU NHQDUD LWLS KHPHQ D©óNOD\DPD]Gó *HU©HN NLPOLáLQL D©óNOD\DPD]Gó
*HU©HN 9LNNRU 0DOODQVRKQ XQ VDKLS ROPDVó JHUHNHQ ELOJL\OH \DSDELOHFHNOHULQGHQ GDKD ID]ODVóQó
\DSPD\DF¾UHWHGHPH]GL
%LUOLNWH ©DOóġWóáó NLPVHOHU EX VRQ GHUHFH ]HNL DGDPóQ NXUDPODUóQó D©óNODPDNWD QHGHQ EX NDGDU
DFL]NDOGóáóQóELUW¾UO¾DQOD\DPó\RUODUGó.HQGLVLGHEXQDOóPL©LQGH\GL©¾QN¾EDġODWWóáó©DOóġPDODUóQ
DGóP DGóP LOHUOH\HUHN -DQ 9HUGHHU LQ NODVLN GHQH\OHULQL \DSPDVóQD QDVóO GD\DQDN WHġNLO HGHFHáLQL
GDKDVRQUDE¾\¾N$QWRLQH/HIHEYUH LQJHU©HáLQWHPHOGHQNOHPOHULQLQDVóONXUDFDáóQóYHVRQX©WDGD
6RQVX]OXáXQQDVóORUWD\D©óNDFDáóQóELOL\RUIDNDWEXROD\ODU]LQFLULQLKó]ODQGóUDELOPHNL©LQHOLQGHQ
ELUġH\JHOPL\RUGX
<DOQó]KD\DWóQóQVRQJ¾QOHULQGH&RRSHUELUJ¾Q3DVLILN WHJXUXEXVH\UHGHUNHQ DQóODUGDEXVDKQH
ROGXN©D D\UóQWóOó ELU EL©LPGH \HU DOó\RU  ELUGHQ NHQGLVLQLQ RQXQ \HULQL DOPD\óS 9LNWRU
0DOODQVRKQ XQWDNHQGLVLRODUDNND\óWODUDJH©HELOHFHáLQLG¾ġ¾QG¾òVLPNHQGLVLQLQROPD\DELOLUGLDPD
WDULKLQ0DOODQVRKQRODUDNELOGLáLNLġLUDKDWOóNOD%ULQVOH\6KHULGDQ&RRSHURODELOLUGL
%X G¾ġ¾QFH\OH KDUHNHWH JH©WL YH 6RQVX]OXáXQ NXUXOXġ V¾UHFLQLQ Kó]ODQGóUóODELOPHVL
JHOLġWLULOHELOPHVL YH GDKD J¾YHQOL ELU KDOH JHWLULOHELOPHVL L©LQ V¸] NRQXVX DQóODUó \D]óS ©DOóġPD
RGDVóQGDNL'XUJXQ=DPDQ DDLWELUNLWDSFLOGLQLQL©LQH\HUOHġWLUGL
9H E¸\OHFH  ©HPEHU WDPDPODQGó &RRSHU 0DOODQVRKQ XQ DQóODUóQó EX QHGHQOH \D]Góáó NDEXO
HGLOPHGL&RRSHUQRUPDOGHKD\DWóQóQDVóOV¾UG¾UG¾\VH\LQHD\QóVóJHU©HNOHġPHOLGLUòONHOJHU©HNOLN
GHáLġLPH L]LQ YHUPH] )L]LNVHO ]DPDQóQ ġX DQGDNL &RRSHU ó ELOGLáLQ JLEL NHQGLQL QHOHULQ
EHNOHGLáLQGHQ KDEHUVL] 2 0DOODQVRKQ D ELOJL YHULS G¸QHFHáLQL VDQó\RU <óOODU RQD GXUXPXQ E¸\OH
ROPDGóáóQó¸áUHWHQHNDGDUGDE¸\OHG¾ġ¾QPH\HGHYDPHGHFHNYHVRQUDRWXUXSDQóODUóQó\D]DFDN
=DPDQ L©LQGHNL EX ©HPEHULQ DPDFó QRUPDO V¾UHVLQGHQ ¸QFH 6RQVX]OXáXQ NXUXODELOPHVL L©LQ
JHUHNOL]DPDQGDVH\DKDWHYHJHU©HNOLáLQ\DSóVóQDLOLġNLQELOJLOHULQGHUOHQPHVLGLU%XUDGDV¸]NRQXVX
RODQ V¾UH© NHQGL KDOLQH EóUDNóOóUVD LQVDQOóN WHNQRORMLN JHOLġPHOHU VRQXFXQGD NHQGL NHQGLQL \RN
HWPHGHQ¸QFH]DPDQDLOLġNLQJHU©HáL¸áUHQHPH\HFHNWLU
+DUODQ E¾\¾N ELU GLNNDWOH GLQOHGL 6RQVX]OXáXQ RUWDVóQGDQ JH©HQ YH ¾]HULQGH NDSDQDQ J¾©O¾ ELU
©HPEHULQYDUOóáóV¸]NRQXVX\GXòONRODUDNELUDQL©LQ1R\V XKHPHQKHPHQXQXWPXġWX
˜\OH\VHQH\DSPDQó]JHUHNWLáLQLEHQLPQH\DSPDPJHUHNWLáLQLYHġXDQDNDGDUQHOHU\DSWóáóPó
ELOL\RUVXQX]GHGL
$QODWWóáó ¸\N¾Q¾Q HWNLVL\OH NHQGLVLQGHQ JH©PLġH EHQ]H\HQ 7ZLVVHOO LQ PDYLVL W¾W¾Q GXPDQóQGDQ
ELU EXOXWXQ DUNDVóQGDQ EDNDQ J¸]OHUL \DYDġ \DYDġ FDQODQGó <DġOó ]HN¤ IóġNóUDQ J¸]OHUL +DUODQ D
GLNLOGL YH VX© LġOHPLġ JLEL ELU LIDGH\OH NRQXġWX +D\óU GRáDOGóU NL ELOPL\RUXP 7DNGLU HGHUVLQ NL
&RRSHU óQ 6RQVX]OXN WD JH©LUGLáL V¾UH LOH DQóODUóQó NDOHPH DOGóáó DQ DUDVóQGD ED\Dáó ]DPDQ YDU
$QFDNEXNDGDUóPYHWDQóNROGXNODUóQóKDWóUOó\RU
7ZLVVHOO L©LQL ©HNWL YH SDUPDáó KDYDGDNL GXPDQ EXOXWXQGD JLUGDSODU PH\GDQD JHWLUHFHN ġHNLOGH
HOLQL KDUHNHW HWWLUGL =DPDQ JH©LS GH ELU .óGHPOL %LOJLVD\DU ROGXáXPGD DQóODUó YHUGLOHU YH EX
NRQXQXQ WHN VRUXPOXVX ROGXáXPX V¸\OHGLOHU %¸\OH ROGX ©¾QN¾ DQóODUGD E¸\OH ROPDVó JHUHNWLáL
\D]óOó\Gó<LQHELUV¾UHVRQUDGHáLġWLULOLSGXUDQ*HU©HNOLNOHUGHQELULQGHVHQRUWD\D©óNWóQ VHQLQGDKD
¸QFHNLEHQ]HUOHULQLGLNNDWOHJ¸]OHPLġWLN YHVRQRODUDNGD&RRSHU+HVDSNRPSOHNVLQHVDáGX\XPXQ
V¸\OHGLNOHULQL GH NDWDUDN D\UóQWóODUó EHQ KD]óUODGóP ˜UQHáLQ GXUXPX D©óNODPDNVó]óQ URO¾Q¾ L\L
R\QD\DELOPHVLL©LQHáLWPHQ<DUURZ X\¸QOHQGLULUNHQE¾\¾N©DEDYHGLNNDWVDUIHWWLN2GDVRQGHUHFH
E¾\¾NELUWLWL]OLNOHVHQLòONHOWDULKOHLOJLOHQPHQL©LQWHġYLNHWWL.HQGLVLQHELU©RNġH\LQDQóODUGDQ\ROD
©óNóODUDN ¸áUHWLOGLáLQL NDQóWOD\DPDVóQ GL\H &RRSHU óQ ELU ġH\ ¸áUHQPHPHVL L©LQ DGHWD ©óUSóQGóN
7ZLVVHOODFóDFóJ¾O¾PVHGL6HQQRUE¾W¾QEX©DOóġPDODUóPóDOD\DDOó\RU(WNLYHWHSNLQLQELUELUOHULQL
\RNHGLġLRODUDNDGODQGóUó\RU7HSNLQLQQHROGXáXELOLQLUVHHWNL\LD\DUODPDNLQVDQóQHOLQGHRODQELU
ġH\GLU‰RNġ¾N¾UEHQ6HQQRUJLELDá¸UHQELU¸U¾PFHNGHáLOLP
6HQLQ JHUHN ELU *¸]OHPFL JHUHNVH 7HNQLV\HQ RODUDN J¸VWHUGLáLQ SHUIRUPDQV EHQL ©RN
VHYLQGLUPLġWL &RRSHU VHQLQ ©DOóġPDODUóQó L]OHPH YH GHáHUOHQGLUPH RODQDáóQD VDKLS ROPDGóáóQGDQ
DQóODUGDNL NDGDUó\OD VHQLQ QH GHUHFH EDġDUóOó ELUL ROGXáXQX DQODPDN ©RN ]RUGX )DNDW NHQGL
J¸]OHPOHULPGHQ VRQUD GXUXPXQXQ ©RN X\JXQ ROGXáXQX DQODGóP 6HQL GDKD VóUDGDQ RODáDQ ELU
J¸UHYH DWD\óS DVóO J¸UHYLQLQ JL]OL NDOPDVóQó VDáODPDP JHUHNL\RUGX %LOJLVD\DU )LQJH OH ELUOLNWH
ROGXáXQ VRQ J¸UHYLQ LġWH E¸\OH ELU G¾ġ¾QFHQLQ ¾U¾Q¾G¾U <DOQó] &RRSHU óQ PDWHPDWLN NRQXVXQGD
ROGXN©D E¾\¾N JHOLġPHOHU ND\GHWWLáL YH VHQLQOH J¸U¾ġPH\L ©RN DU]X HWWLáL VóUDODUGD RUWDGDQ
ND\EROGXQòġWHR]DPDQ©RNNRUNWXP
+DUODQ 7ZLVVHOO LQ V¸]¾Q¾ NHVWL &RRSHU ó VH\DKDW DUD©ODUóQD J¸W¾UG¾á¾P ]DPDQó Pó
NDVWHGL\RUVXQX]"
1HUGHQDQODGóQ"GL\HEXGHID7ZLVVHOOVRUGX
6L] EHQL KHS KRġ WXWDUGóQó] R\VDNL R J¾Q LON GHID EDQD JHU©HNWHQ ©RN Nó]JóQGóQó] 6DQóUóP EX
0DOODQVRKQ XQDQóODUóQDWHUVG¾ġHQELUROD\Gó
3HNGHáLO˜QHPOLRODQġX$QóODUGDVH\DKDWDUD©ODUóQGDQV¸]HGLOPL\RU0DOODQVRKQ XQDQóODUóQGD
6RQVX]OXáXQHQ¸QHPOLSDU©DODUóQGDQELULRODQEXDUD©ODUGDQEDKVHWPHPHVLEHQGHRQXQEXNRQXGD
SHN ELOJLVL ROPDGóáó NXġNXVXQX X\DQGóUPóġWó %X \¾]GHQ &RRSHU ó P¾PN¾Q ROGXáX NDGDU EX
DUD©ODUGDQ X]DN WXWPD\ó SODQODPóġWóP 2 J¾Q VHQLQ RQD DUD©ODUOD ELU VH\DKDW \DSWóUGóáóQó GX\XQFD
G¾Q\DEDġóPD\óNóOGó)DNDWVRQUDKL©ELUDQRUPDOGXUXPPH\GDQDJHOPHGL2OD\ODUQDVóOJHOLġPHOHUL
JHUHNL\RUVD¸\OHJHOLġWL2KDOGHVRUXQ\RNGL\HG¾ġ¾QG¾P
<DġOó %LOJLVD\DU ġDġNóQ YH PHUDNOó ELU LIDGH\OH JHQ© 7HNQLV\HQ H EDNDUDN \DYDġ KDUHNHWOHUOH
HOOHULQLRYXġWXUGX9HE¾W¾QEXQODUROXUNHQVHQELUġH\OHUG¸QG¾á¾Q¾VH]L\RUGXQĠDġóUGóPGRáUXVX
ò\LHáLWLOPLġELU%LOJLVD\DU óQELOHVHQLQELOGLáLQNDGDUó\ODROD\GDQġ¾SKHOHQHPH\HFHáLQHGDLU\HPLQ
HGHELOLUGLP %LU 7HNQLV\HQ L©LQ LVH EX HVUDUHQJL] GHQHELOHFHN NDGDU DQODġóOPDVó J¾© ELU ġH\ òOHUL
GRáUX X]DQGó YH +DUODQ óQ GL]LQH RNġDU JLEL KDILI©H YXUGX 'RáDOGóU NL 0DOODQVRKQ XQ $QóODUóQGD
VHQLQ&RRSHUJLWWLNWHQVRQUDNLKD\DWóQKDNNóQGDELUġH\\RN
$QOó\RUXPHIHQGLP
%X Lġ ELWWLNWHQ VRQUD ¸]J¾U RODFDáó] 6HQGH KDUFDQPDPDVó JHUHNHQ HUGHPOHU YDU 6DQóUóP
7HNQLV\HQOLN WHQ GDKD \XNDUóGD ED]ó J¸UHYOHU VHQL EHNOL\RU ĠX DQGD KHUKDQJL ELU ġH\ L©LQ V¸]
YHUPL\RUXPDPDWDKPLQHGL\RUXP%LOJLVD\DUOóNL©LQDWDQPDQV¸]NRQXVX
+DUODQL©LQ\¾]¾Q¾LIDGHVL]KDOGHWXWPDNVRUXQGHáLOGL%XNRQXGD\óOODUóQGHQH\LPLQHVDKLSWL
'¾ġ¾QG¾5HVPHQU¾ġYHWEX
)DNDWDUWóN\DOQó]FDG¾ġ¾QFHOHUYHWDKPLQOHUOH\HWLQHPH]GL%DġODQJó©WDGD\DQDNVó]YHKDWWDYDKġL
RODUDNQLWHOHQGLULOHELOHFHNVH]JLOHULDOóġóOPDPóġWDKULNHGLFLELUJHFHGHPHUDNVRQXFXROJXQODġPóġ
VRQUDGDELUN¾W¾SKDQHDUDġWóUPDVóVRQXQGDPDQWóNOóELUROD\ODU]LQFLULQLQKDONDODUóQóROXġWXUPXġWX
ĠLPGL LVH 7ZLVVHOO LQ ¸\N¾V¾Q¾ GLQOHGLNWHQ VRQUD KHU ġH\ \HUOL \HULQH RWXUX\RUGX 7HN ELU
GHáLġLNOLNOH&RRSHU0DOODQVRKQ GX
ĠLPGL GXUXPX L\LFH J¾©OHQPLġWL IDNDW EX NRQXGD \DQóODELOL\RU RODELOLUGL +L©ELU ġH\L ġDQVD
EóUDNDPD]Gó+HPHQġLPGL¸áUHQPHOLHPLQROPDOó\Gó
6DNLQVDNLQV¸]HJLUGL6RUXPOXOXáXP©RNE¾\¾NKHPDUWóNJHU©HáLGHELOL\RUXP
(YHWJHU©HNWHQ¸\OH
6RUXQXQ ¸QHP GHUHFHVL QHGLU" 'L\HOLP NL EHNOHQPH\HQ ELU ġH\ ROGX YH &RRSHU D E¾\¾N ¸QHPL
RODQELUġH\OHU¸áUHWPHPJHUHNHQELUJ¾QGHUVHJHOPHGLP
1HGHPHNLVWHGLáLQLDQOD\DPDGóP
+DUODQ DPó¸\OHJHOPLġWL\RNVDR\DġOó\RUJXQJ¸]OHUGHJHU©HNWHQELUNóYóOFóPPóSDUODPóġWó"
<DQLEX©HPEHUNHVLOHELOLUPLGHPHNLVWL\RUXP<DGDġ¸\OHV¸\OH\H\LP$QóODUGDVóKKDWOLYHDNWLI
RODUDNEHOLUWLOGLáLPVóUDGDEHNOHQPHGLNELUEL©LPGHVDáOóáóPER]XOVDE¾W¾QKHUġH\\RNROXUPX"<D
GDġXYH\DEXQHGHQGHQDQóODUDX\JXQKDUHNHWHWPH\LUHGGHWWLáLPLG¾ġ¾Q¾Q1HROXUR]DPDQ"
)DNDWE¸\OHG¾ġ¾QPH\HVHQLLWHQQHGLU"
0DQWóNOó GHáLO PL" ˜\OH VDQó\RUXP NL GLNNDWVL]OLN VRQXFX \D GD NDVóWOó ELU KDUHNHWLPOH EHQ EX
©HPEHUL NRSDUDELOLULP HHH VRQUD" 6RQVX]OXN \RN ROXU PX" %DQD ¸\OH JLEL JHOL\RU (áHU ¸\OH\VH
ELOH\LPNL\DQOóġELUWXWXPYHGDYUDQóġWDEXOXQPDNWDQND©óQD\óP
7ZLVVHOOJ¾OG¾IDNDWDWWóáóNDKNDKD+DUODQ óHWNLOHPHGLNDQGóUDPDGó%XWDPDPHQDNDGHPLNELU
NRQXRáOXP6¸\OHGLNOHULQJHU©HNOHġPHGLáLQHJ¸UHKL©ELUġH\ROPD\DFDNWóU‰HPEHUNRSPD\DFDN
.RSDUDELOLUGHGL+DUODQ GHNLNó]
*¾YHQFHGHGLUYH7ZLVVHOO+ó]ODD\DáDNDONWó%XW¾UNRQXġPDODUóQELUVRQX\RNWXUYH]DWHQDOW
NRPLWHQLQGLáHU¾\HOHULQLQPDQWóNR\XQODUó\OD\HWHULQFHXáUDġWóP%XDUDGDKHQ¾]VHQL©DáóUóġóPóQ
DVóOQHGHQLQLDQODWDPDGóP‰RNYDNLWND\EHWWLN%HQLPOHJHOLUPLVLQ"
+DUODQWDWPLQROPXġWX6RUXQXQJL]OLELU\DQóNDOPDPóġWóYHJ¾F¾\DGVóQDPD\DFDNNDGDUE¾\¾NW¾
7ZLVVHOO +DUODQ óQ &RRSHU OD \DSDFDN KL©ELU ġH\LP \RN GL\HELOHFHáLQL ELOL\RUGX 7ZLVVHOO
+DUODQ óQ&RRSHU DDQóODUGDQELUD]ELUġH\OHUDQODWDUDN6RQVX]OXáX\RNHGHELOHFHáLQLELOL\RUGX
$VOóQGD +DUODQ ELU J¾Q ¸QFH J¾F¾Q¾Q E¾\¾NO¾á¾Q¾ ¸áUHQPLġWL ĠLPGL 7ZLVVHOO RQD J¸UHYLQLQ
¸QHPLQH LOLġNLQ ELOJL YHUHUHN J¸]¾Q¾ ER\DPD\D ©DOóġó\RU RODELOLUGL DPD HáHU ¸\OH\VH ©RN
\DQóOó\RUGX
+DUODQ 1R\V GDQ EDKVHGHUNHQ D©óN©D WHKGLW VDYXUPXġ 7ZLVVHOO GH *¾YHQFHGH GL\HUHN EX
WHKGLGLQIDUNóQGDROGXáXQXRUWD\DNR\PXġWX
$\DáDNDONWóYH7ZLVVHOO LWDNLSHWWL
 +DUODQġLPGLJLUGLNOHULRGD\óGDKD¸QFHKL©J¸UPHPLġWL
%¾\¾N ELU RGD\Gó 'DU ELU NRULGRUXQ VRQXQGDNL J¾© DODQó SHUGHVLQLQ DUNDVóQGD EXOXQX\RUGX YH
RWRPDWLND\JóWODU7ZLVVHOO LQJ¸U¾QW¾V¾Q¾DOJóODPDGDQEXSHUGHD©óOPó\RUGX
2GDQóQE¾\¾NELUNóVPóQó¾VW¾QHUHGH\VHWDYDQDGHáHQELUN¾UHGROGXUX\RUGX˜QWDUDIóQGDD©óN
GXUDQELUNDSóYDUGóYHL©HULVLQGHELUSODWIRUPDWóUPDQDQG¸UWN¾©¾NEDVDPDNJ¸U¾Q¾\RUGX
ò©HULGHQELUWDNóPVHVOHUJHOGLYHNDSó\DEDNDQ+DUODQL©HULGHQELULQLQ©óNWóáóQóDUNDVóQGDQELU©LIW
EDFDáóQGDKDRQXL]OHGLáLQLJ¸UG¾˜QGHNLE¾W¾Q]DPDQODUPHFOLVL¾\HVL6HQQRUDUNDGDNLGHNDKYDOWó
PDVDVóQGDNL¸E¾U%LOJLVD\DUODUGDQELUL\GL
%X GXUXP 7ZLVVHOO LQ SHN KRġXQD JLWPHPLġWL <LQH GH NRQWUROO¾ ELU VHV WRQX\OD .RPLWH K¤O¤
EXUDGDPó"GHGL
8PXUVDPD]ELULIDGH\OH6HQQRU<DOQó]FDLNLPL]5LFHYHEHQYDUó]%X©RNJ¾]HOELUDUD©Póġ%LU
X]D\JHPLVLNDGDUNDUPDġóN¸]HOOLNOHULYDU
5LFHKDNOóROGXáXKDOGHWDUWóġPDODUGDKHSND\EHGHQWDUDIWDRODQLQVDQODUóQġDġNóQWDYóUODUóQDVDKLS
J¸EHNOLELUDGDPGó.RFDPDQEXUQXQXVLOGLYH6RQJ¾QOHUGH6HQQRUDNOóQóX]D\VH\DKDWOHULQHWDNWó
GHGL
6HQQRU XQ NHO NDIDVó óġóNODU DOWóQGD SDUOó\RUGX òOJLQ© ELU QRNWD 7ZLVVHOO V¸\OH EDNDOóP GHGL
*HU©HNOLáLQKHVDSODQPDVóQGDX]D\VH\DKDWLSR]LWLIELUIDNW¸UP¾G¾U\RNVDQHJDWLIPL"
$QODPVó] ELU VRUX GHGL 7ZLVVHOO L\LFH VóNóOPóġWó +DQJL NRġXOODU DOWóQGD KDQJL WRSOXPGD QH
©HġLWELUX]D\VH\DKDWL"
+DGLFDQóP8]D\VH\DKDWOHUL\OHLOJLOLV¸\OHQHFHNED]óVR\XWġH\OHUYDUGóU
6R\XWRODUDN\DOQó]FDNHQGLNHQGLQLNóVóWODGóáóV¸\OHQHELOLU.HQGLNHQGLQHVRQDHUHUYHELWHU
6HQQRUDOGóáóFHYDSWDQWDWPLQROPXġDEHQ]L\RUGX˜\OH\VH©RNJHUHNVL]YHEX\¾]GHQGHQHJDWLI
ELUIDNW¸U6¸\OHPHNLVWHGLáLPGHEX]DWHQ
ò]LQYHULUVHQL]GHGL7ZLVVHOO%LUD]GDQ&RRSHUJHOHFHN%XUDGD\DOQó]NDOPDPó]JHUHNL\RU
*D\HW WDELL 6HQQRU 5LFH óQ NROXQD JLUGL YH NDSó\D GRáUX \¸QHOGLOHU ‰óNDUNHQ K¤O¤ RQODUD
GX\XUDUDNQXWXNDWDUFDVPDNRQXġX\RUGX6HYJLOL5LFHSHUL\RGLNRODUDN]DPDQER\XQFDLQVDQOóáóQ
DNóO J¾F¾ GRáDOOóNOD WDWPLQ HGLFL ELU VRQXFD XODġDPD\DQ X]D\ VH\DKDWOHULQH \¸QHOLU %XQX VHQ GH
ELOL\RUVXQ $NOó ILNUL X]D\D \¸QHOLN ROXQFD LQVDQOóNG¾Q\D QLPHWOHULQL GHáHUOHQGLUPH\L LKPDO HGHU
ĠX DQGD EHQ WDULK L©LQGHNL W¾P X]D\ VH\DKDWL ©DOóġPDODUóQó RUWDGDQ NDOGóUDFDN ġHNLOGH *HU©HNOLN
'HáLġWLUPHOHUL\DSóOPDVó¾]HULQHELUWH]KD]óUOó\RUXP
%XGHID5LFH óQVHVLGX\XOGX$PDEXNDGDUNDWóRODPD]VóQ%D]óWRSOXPODUGDX]D\VH\DKDWOHUL©RN
GHáHUOLHPQL\HWV¾EDSODUóRODUDNGHáHUOHQGLULOPLġWLUYH \LG¾ġ¾Q2\¾]\óOODUGD
6HVOHUDUWóNGX\XOPX\RUGXYH7ZLVVHOO%X6HQQRU©RNJDULSELUDGDP=HN¤D©óVóQGDQPHFOLVWHNL
GLáHU ¾\HOHULQ HQ D] LNLVLQH EHGHOGLU IDNDW JDULS WXWNXODUó \¾]¾QGHQ GHáHULQL G¾ġ¾U¾\RU GL\H
V¸\OHQGL
+DUODQPHUDNODQPóġWó6L]FHKDNOóRODELOLUPL"8]D\VH\DKDWOHULKDNNóQGD\DQL
%LOHPL\RUXP %DNDOóP EDKVHWWLáL WH]L KD]óUODUVD GDKD D\UóQWóOó G¾ġ¾QHELOPH RODQDáóQó EXOXUX]
)DNDW ELOL\RUXP NL E¸\OH ELU WH] KD]óUODPD\DFDN 'DKD LġLQ \DUóVóQGD\NHQ GDKD GHáLġLN ELU NRQX\D
HáLOHFHNYHEXQXGDXQXWDFDN1H\VHERġYHU(OLQLDá]óQDJ¸W¾U¾SVLJDUDVóQóGXGDNODUóQGDQ©HNWL%X
J¸UG¾á¾QQHGLUVHQFH7HNQLV\HQ"
%LU]DPDQVH\DKDWLDUDFóQDEHQ]L\RUGHGL+DUODQ
'RáUX*HOL©LQHJLUHOLP
+DUODQ N¾UHQLQ L©LQH JLUHQ 7ZLVVHOO L L]OHGL '¸UW EHġ NLġL DODELOHFHN NDGDU JHQLġWL IDNDW L©LQGH
KHPHQKL©ELUġH\\RNWX'¾]ELU]HPLQ\XYDUODNGXYDUODUGDLNLSHQFHUHKHSVLEXNDGDUGó
+DUODQ.XPDQGDDOHWOHUL\RNPX"GL\HVRUGX
8]DNWDQ NRQWUROO¾G¾U GHGL 7ZLVVHOO (OLQL GXYDUóQ S¾U¾]V¾] \¾]H\LQGH JH]GLUHUHN GHYDP HWWL
'XYDUODU©LIWFLGDUOóGóUò©GXYDUODUDUDVóQGDNDODQKDFLPNHQGLL©LQGHELU]DPDQDODQóGóU%XDUD©
ġDIWODUGDQ EDáóPVó] VH\DKDW HWPH LPN¤QóQD VDKLSWLU YH 6RQVX]OXáXQ HQ DOW LVWDV\RQXQGDQ GD GDKD
JHUL\H JLGHELOLU 'L]D\Qó YH \DSóVó 0DOODQVRKQ XQ DQóODUóQGDNL GHáHUOL ELOJLOHUH GD\DQóODUDN
JHOLġWLULOPLġWLU*HOEHQLPOH
$UDFóQ NRQWURO RGDVó L©LQGH EXOXQGXNODUó E¾\¾N RGDQóQ GLáHU XFXQGD\Gó +DUODQ L©HUL JLUGL YH
PXD]]DPNXPDQGDNROODUóQóLQFHOHPH\HEDġODGó
7ZLVVHOO%HQLGX\X\RUPXVXQRáOXP"GL\HVHVOHQGL
+DUODQEDġóPNDOGóUGóYH7ZLVVHOO HGRáUXEDNWó2QXQODELUOLNWHL©HULJLUPHPLġROGXáXQXR]DPDQ
IDUNHWWL7ZLVVHOONHQGLVLQHHOVDOOó\RUGX'X\X\RUXPHIHQGLP<DQóQó]DPóJHOH\LP"
+D\óU2UD\DNLOLWOHQPLġEXOXQX\RUVXQ
+DUODQ NDSó\D DWóOGó YH J¸áV¾Q¾Q GDUDOGóáóQó KLVVHWWL 7ZLVVHOO GRáUX V¸\O¾\RUGX ò\L GH QHOHU
ROX\RUGXDFDED"
7ZLVVHOO $UWóN ¸áUHQHELOLUVLQ RáOXP VRUXPOXOXáXQ VRQD HUGL GHGL %X VRUXPOXOXáXQOD LOJLOL
HQGLġHOHULQ YDUGó PHUDNOó VRUXODU VRUX\RUGXQ YH VDQóUóP QH GHPHN LVWHGLáLQL ELOL\RUGXP %X LġWH
VHQLQ VRUXPOXOXáXQGD RODQ KL©ELU ġH\ ROPDPDOó\Gó 7HN EDġóPD \DSPDOó\GóP 1H \D]óN NL VHQ R
NXPDQGDRGDVóQGDEXOXQPDN]RUXQGDVóQ©¾QN¾DQóODUGDRUDGDEXOXQGXáXQYHDUD©NXPDQGDHWWLáLQ
EHOLUWLOPLġ&RRSHUVHQLSHQFHUHGHQJ¸UHFHNYHEXGXUXPRQXUDKDWODWDFDN
'DKDVóVHQGHQYHUHFHáLPWDOLPDWODUDJ¸UHVRQEDáODQWóODUó\DSPDQóLVWH\HFHáLP%XQXQGDVHQLQ
L©LQ ID]OD DáóU ELU VRUXPOXOXN ROGXáXQX G¾ġ¾Q¾\RUVDQ ¸QHPOL GHáLO 6HQLQNLQH SDUDOHO EDáOó ELU
PHNDQL]PD\OD GXUXPD EDġND ELUL WDUDIóQGDQ P¾GDKDOH HGLOHELOLU (áHU KHUKDQJL ELU QHGHQGHQ
EDáODQWóODUó\DSDPD]VDQGLáHUġDKóVJHUHNHQL\DSDFDNWóU$\UóFDUDG\REDáODQWóVóQóNHVHFHáLP˜\OH
NL VHQ EL]L GX\DFDN IDNDW GóġDUó\D VHVLQL LOHWHPH\HFHNVLQ 2 \¾]GHQ DNVL ELU UDVWODQWóQóQ ©HPEHUL
NRSDUPDVóQGDQHQGLġHGX\PDQDKL©JHUHN\RN
+DUODQ©DUHVL]OLNL©LQGHSHQFHUHGHQGóġDUó\DEDNWó
7ZLVVHOOGHYDPHWWL%LUD]VRQUD&RRSHUEXUDGDRODFDNYHòONHO]DPDQODUD\DSDFDáóVH\DKDWLLNL
IL]LNVHOVDDWL©LQGHJHU©HNOHġHFHN%XLġELWWLNWHQVRQUDRáOXPSURMHWDPDPODQDFDNYHVHQGHEHQGH
¸]J¾URODFDáó]
+DUODQ LQVDQó X\NXGDQ X\DQGóUDQ ELU N¤EXVXQ JLUGDEóQGD ©DONDODQó\RUGX 7ZLVVHOO RQX R\XQD Pó
JHWLUPLġWL" +HU ġH\ VRQXQGD +DUODQ ó NLOLWOL ELU NXPDQGD RGDVóQD VRNPDN L©LQ PL WH]J¤KODPóġWó"
+DUODQ óQ ¸QHPLQL NDYUDGóáó ¸áUHQLOLQFH ġH\WDQFD R\XQODUOD GLNNDWL GDáóWóOóS VRKEHWOHUOH PHġJXO
HGLOHUHN NHOLPH R\XQODUó\OD GX\JXODUó HWNLVL] KDOH JHWLULOPLġ YH NLOLWOHQPH ]DPDQó JHOLQFH\H NDGDU
RUD\DEXUD\DJ¸W¾U¾O¾SR\DODQPóġPó\Gó\DQL"
1R\VNRQXVXQGDGDQHNDGDUNROD\NDQGóUóOPóġWó2QDGRNXQXOPD\DFDNGHPLġWL7ZLVVHOO+HUġH\
\ROXQDJLUHFHNGHPLġWL
1DVóOLQDQDELOPLġWLEXQD(áHURQD]DUDUYHULOPH\HFHNVHGRNXQXOPD\DFDNVD GHNLHQJHOLQ
DQODPóQH\GL"6óUIEXELOHRQXX\DQGóUDELOLUGL
+D\DWL¸QHPLELUDQGD\RNROPXġWX%¾W¾QNR]ODUóXVWDFDPDQHYUDODUODGHáHUVL]KDOHJHWLULOPLġYH
1R\VVRQVX]DGHNRQGDQX]DNODġWóUóOPóġWó
.HQGLVLQLEHNOH\HQFH]DODUXPXUXQGDELOHGHáLOGL1R\V\RNWXDUWóN
7ZLVVHOO LQGHULQGHQJHOHQVHVLQLGX\GXĠXDQGDQLWLEDUHQW¾PEDáODQWóODUNHVLOPLġWLURáOXP
+DUODQ\DOQó]©DUHVL]JHUHNVL]ELULQVDQGó
 

(1$/7ò67$6<2181˜7(6ò1'(
%ULQVOH\ &RRSHU L©HUL JLUGL òQFH \DSóOó \¾]¾ KH\HFDQGDQ Nó]DUPóġ YH ¾VW GXGDáóQó ¸UWHQ NDOóQ
0DOODQVRKQEó\óáóQDUDáPHQRQD©RFXNVXELUKDYDYHUPLġWL
+DUODQ RQX SHQFHUHGHQ J¸UHELOL\RU YH VHVLQL GH L©HUGHNL KRSDUO¸UGHQ GX\X\RUGX ,VWóUDS
L©LQGH\GL%LU0DOODQVRKQEó\óáó7DELL\DD
&RRSHUDGóPODUóQóE¾\¾NE¾\¾NDWDUDN7ZLVVHOO HGRáUX\¾U¾G¾ĠXDQDNDGDUL©HULJLUPHPHL]LQ
YHUPHGLOHU%LOJLVD\DU
7DPDPGHGL7ZLVVHOO2QODUHPLUOHUL\HULQHJHWLUGLOHU
˜\OH\VHYDNLWWDPDP*LGL\RUPX\XP"
+HPHQKHPHQWDPDPVD\óOóU
9HJHULG¸QHFHáLPGHáLOPL"6RQVX]OXáXWHNUDUJ¸UHELOHFHáLP
&RRSHUNHQGLQGHQHPLQJ¸U¾Q¾\RUGXDPD\LQHGHVHVWRQXQGDELUWHUHGG¾WYDUGó
.XPDQGD RGDVóQGDNL +DUODQ VóNóOPóġ \XPUXNODUóQó SHQFHUHQLQ NóUóOPD] FDPODUóQD GD\DGó
EDáóUPDNLVWL\RUGX'XUXQ<DLVWHNOHULPL\HULQHJHWLULUVLQL]\DGD1HLġH\DUD\DFDNWóNL"
&RRSHUVRUGXáXVRUX\D7ZLVVHOO LQFHYDSYHUPHGLáLQLELOHIDUNHWPHPLġPHUDNOóJ¸]OHUOHRGD\ó
LQFHOL\RUGX%DNóġODUó+DUODQ óQEXOXQGXáXNXPDQGDRGDVóQóQSHQFHUHVLQHJHOLQFHGXUGX
1HġH\OHHOVDOODGó7HNQLV\HQ+DUODQ'óġDUóJHOVHQL]H*LWPHGHQ¸QFHHOLQL]LVóNPDNLVWL\RUXP
7ZLVVHOOP¾GDKDOHHWWLĠLPGLGHáLORáOXPġLPGLROPD]6RQNRQWUROOHUL\DSó\RU
<DD¸\OHPL"%LOL\RUPXVXQX]SHNL\LJ¸U¾QP¾\RU
3URMHQLQ JHU©HN \DSóVóQó NHQGLVLQH DQODWWóP .RUNDUóP \DOQó]FD EX NDGDUó ELOH ELU LQVDQó VLQLUOL
\DSPD\D\HWHU
%¾\¾N]DPDQHYHW%HQGXUXPXKDIWDODUGóUELOL\RUXPDPDK¤O¤DOóġDPDGóP*¾O¾\RUGXDPDEX
¸\OH ELU J¾O¾ġW¾ NL J¸UHQOHU RQXQ ELU LVWHUL NUL]L JH©LUPHN ¾]HUH ROGXáXQX VDQDELOLUOHUGL %X LġLQ
\DOQó]FDEDQDDLWROGXáXQXġXNDOóQNDIDPDK¤O¤VRNDPDGóP%LELUD]GDNRUNX\RUXP
%XQXQL©LQVHQLVX©OD\DPDP
'DKD©RNPLGHPDQODWDELOL\RUPX\XP"(QPXWVX]RUJDQóPR
(HH EX ©RN GRáDO DPD JH©HFHNWLU %X DUDGD \ROD ©óNóġ ]DPDQóQ EHOLUOHQGL YH NDODQ NóVD V¾UH
L©LQGH VDQD VRQ ELOJLOHULQ GH YHULOPHVL JHUHNL\RU ˜UQHáLQ NXOODQDFDáóQ VH\DKDW DUDFóQó JHU©HN
DQODPGDKL©J¸UPHGLQ
*H©HQ LNL VDDW ER\XQFD +DUODQ KHS GLQOHGL .LPL ]DPDQ RQODUó J¸UHELOL\RU NLPL ]DPDQ
J¸UHPH\HFHáLN¸ġHOHUHJLGL\RUODUGó7ZLVVHOOROPD\DFDNGHUHFHGHDEDUWóOPóġWDYóUODUODELOJLYHUL\RU
YH+DUODQEXQXQQHGHQLQLELOL\RUGX&RRSHU óQE¾W¾QGHWD\ODUó0DOODQVRKQ XQDQóODUóQGD\D]DELOPHVL
L©LQE¸\OHDEDUWóOPóġELUEL©LPGHHáLWLOPHVLJHUHNL\RUGX
 7DPDPODQDQ ELU ©HPEHU 7DPDPODQDQ ELU ©HPEHU 9H +DUODQ EX ©HPEHUL J¾©O¾ WDSóQDNODU
GHYLUHQ6DPVRQ\XPUXáX\ODNRSDUDELOPHRODQDáóQGDQ\RNVXQGX%X©HPEHUG¸QHG¸QHGHYDPHGLS
JLGHFHNWL
7ZLVVHOO LQ VHVL WHNUDU GX\XOGX %LOGLáLPL] QRUPDO VH\DKDW DUD©ODUó =DPDQODUDUDVó J¾©OHU
D©óVóQGDQ HOH DOóUVDN KHP LWLOLU KHP GH ©HNLOLUOHU 6RQVX]OXN L©HULVLQGHNL ELU ; \¾]\óOóQGDQ ELU <
\¾]\óOóQDJLGHUNHQWDPJ¾©OH\¾NOHQPLġELU©óNóġQRNWDVóYHWDPJ¾©OH\¾NOHQPLġELUYDUóġQRNWDVó
V¸]NRQXVXGXU
+DOEXNLġXDQGDNLGXUXPGDHOLPL]GHJ¾©\¾NO¾ELU©óNóġQRNWDVóEXOXQDQIDNDWYDUóġQRNWDVóQGD
JHUHNOL J¾© EXOXQPD\DQ ELU VH\DKDW DUDFó V¸] NRQXVX %X \¾]GHQ KHU \¸Q¾\OH HQHUML DOóġóODJHOPLġ
DUD©ODUGDQGDKDID]ODNXOODQPDN]RUXQGD
*¾© WUDQVIHULQL JHU©HNOHġWLUHQ ¸]HO ¾QLWHOHU VH\DKDW DUD©ODUóQóQ \ROODUóQD SDWOD\DQ J¾QHġWHQ
1RYD6RO JHUHNOLYH\HWHUOL\RáXQOXNWDHQHUMLHPHFHNEL©LPGH\HUOHġWLULOPHOLGLU
%X ¸]HO DUD© NXPDQGD WHUWLEDWó YH J¾© ¾QLWHOHUL PXD]]DP ELU ELOJL ELULNLPL YH ELU©RN WHNQLN
¸]HOOLáLQELOHġLPLQLQELU¾U¾Q¾G¾U%LU©RN\¾]\óOóQGHáLġLNJHU©HNOLNOHULJHUHNOL¸]HONDUóġóPODUYH
¸]HO WHNQLNOHU L©LQ GLNNDWOH WDUDQPóġWóU  QLQ  *HU©HNOLáL DQDKWDU J¸UHYL J¸UP¾ġW¾U =DPDQ
SRPSDVóRUDGDJHU©HNOHġWLULOPLġYHRQVX]EXDUD©\DSóODPD] QLQ*HU©HNOLáL6RQF¾POHOHUL
¾VWOHULQH EDVD EDVD V¸\OHPLġWL +DUODQ G¾ġ¾QG¾ +DWóUOD EXQX &RRSHU +DWóUOD NL  QLQ 
*HU©HNOLáLQL 0DOODQVRKQ XQ $QóODUóQD \D]DVóQ YH E¸\OHFH 6RQVX]ODU QHUH\H EDNDFDNODUóQó
ELOHELOVLQOHUYHE¸\OHFHVDQDQHV¸\OHPHOHULJHUHNWLáLQLDQODVóQODUYHE¸\OHFHVHQGHDQóODUD‰HPEHU
WDPDPODQó\RUGXG¸Q¾SGXUDFDNWó
7ZLVVHOO$UD©HQDOWLVWDV\RQGDQGDKD¸WH\HJLWPHNRQXVXQGDKL©GHQHQPHPLġWLUIDNDW6RQVX]OXN
E¾Q\HVLQGHELU©RN\ROFXOXN\DSPóġWóU%XGHQHPHOHUEL]LKHUKDQJLELUDNVDNOóNROPD\DFDáóQDGDLU
LNQDHWPLġGXUXPGD
&RRSHU+HUKDQJLELUDNVDNOóNRODPD]GHáLOPL"<DQLEHQRUD\DYDUDPD]VDP0DOODQVRKQDODQóQó
NXUPD\óEDġDUDPD]KDOEXNL6RQVX]OXNEXJ¾QYDUROGXáXQDJ¸UHEXLġLEDġDUPóġGHPHNWLUGL\HUHN
NHQGLQLWDWPLQHWPH\H©DOóġWó
+DNOóVóQ$PHULND%LUOHġLN'HYOHWOHUL QLQJ¾QH\EDWóVóQGDQSHNLQVDQ\DġDPD\DQVR\XWODQPóġELU
E¸OJHGH]DPDQDJLUHFHNVLQ
$PHULNDGL\HG¾]HOWWL&RRSHU
$PHULND WDELL <¾]\óO  G¾U \D GD WDP RODUDN  6DQóUóP  \óO RODUDN WDQóPODPDN GD
P¾PN¾Q *¸UG¾á¾Q JLEL DUD© E¾\¾NW¾U KDWWD VDQD JHUHNOL RODQGDQ GD E¾\¾N ĠLPGL \L\HFHN VX
NRUXQPD YH EDUóQPD L©LQ JHUHNOL DUD© YH JHUH©OHUOH GROGXUXODFDN $\UóQWóOó WDOLPDWODU GD YHULOHFHN
IDNDW GRáDO NL EXQODU VHQGHQ EDġND NLPVHQLQ DQOD\DPD\DFDáó ġHNLOGH KD]óUODQPóġWóU ĠXQX DNOóQGDQ
©óNDUPD LON LġLQ VHQ RUDGDNLOHUOH NDUġóODġPD\D KD]óU ROPDGDQ RUDQóQ VDNLQOHULQLQ VHQL
EXOPDPDODUóQó VDáODPDN RODFDNWóU %LU ND\DOóáD VDNODQDELOHFHNELU PDáDUD KD]óUODPDQ L©LQ JHUHNOL
J¾©ND]óFóVóYHULOHFHN2UD\óKD]óUODUKD]óUODPD]DUD©WDNLKHUġH\LL©LQHWDġó\DFDNVóQ%XLġLNROD\FD
\DSDELOPHQL©LQKHUġH\X\JXQEL©LPGHSDNHWOHQPLġWLU
+DUODQG¾ġ¾QG¾7HNUDUOD7HNUDUOD%¾W¾QEXQODURQDGHIDODUFDDQODWóOPDOóYHDQóODUD\D]óOPDODUó
VDáODQPDOó\Gó
7ZLVVHOOGDNLNDGDERġDOWPDLġOHPLQLELWLUPHOLVLQ6RQUDDUD©RWRPDWLNRODUDNNHQGLOLáLQGHQ
©óNóġQRNWDVóQD\DQLEXUD\DJHULG¸QHFHNWLU$UD©G¸QG¾NWHQVRQUDDUWóN\DOQó]EDġóQDRODFDNVóQ
&RRSHU$UDFóQEXNDGDU©DEXNG¸QPHVLġDUWPó"GL\HVRUGX
 ‰DEXNG¸Q¾ġEDġDUóġDQVóQóDUWWóUDFDNWóU
+DUODQG¾ġ¾QG¾$UD©GDNLNDGDG¸QPHOL©¾QN¾¸\OHROGXáX\D]óOó
7ZLVVHOO DFHOH HGL\RUGX $OóġYHULġOHULQGH NXOODQGóNODUó N¤áóWODUó WDNOLW HGHPH\L] 6DQD N¾©¾N
N¾O©HOHU KDOLQGH DOWóQ YHUHFHáL] $\UóQWóOó WDOLPDW DUDVóQGD EX DOWóQODUó QDVóO HOGH HWWLáLQL
D©óNOD\DELOPHQL©LQJHUHNOLELOJLOHULEXODFDNVóQ=DPDQDYH\HUHX\JXQJL\VLOHUGHYHULOHFHN
7DPDPGHGL&RRSHU
ĠLPGL VDNóQ XQXWPD $FHOH\H JHUHN \RN *HUHNLUVH KDIWDODUFD EHNOH 7HGELUOL GDYUDQ7HNQLV\HQ
+DUODQ óQ¸áUHWWLNOHULVDQDL\LELUWHPHOWHġNLOHGHFHNWLUIDNDW\HWHUOLGLUGHQHPH]6DQDELUWHOVL]DOóFó
YHUHFHáL]NLEXGD\¾]\óOLONHOHULQHJ¸UH\DSóOPóġWóU%XVD\HGHJ¾QO¾NROD\ODUóLQFHOH\HELOHFHN
YH GDKD ¸QHPOLVL ]DPDQóQ OLVDQóQó GDKD L\L WHODIIX] HWPH\L ¸áUHQHELOHFHNVLQ %XQX LKPDO HWPH
+DUODQ óQòQJLOL]FHELOJLVLQLQP¾NHPPHOROGXáXQGDQNXġNXP\RNDPD\HULQGH¸áUHQLOHQWHODIIX]XQ
\HULQLKL©ELUġH\WXWPD]
&RRSHU7DPLVWHQHQQRNWD\DYDUDPD]VDPQHRODFDN \HGHPHNLVWL\RUXP
7LWL]OLNOHNRQWUROHWWDELL)DNDWEXNRQXGDELUVRUXQ©óNPD]
+DUODQG¾ġ¾QG¾‰óNPD]WDELL©¾QN¾©óNPDGóáó\D]óOó\Gó
7ZLVVHOOGHYDPHWWLòVWHQHQQRNWD¾]HULQGHVDELWOHġWLUPHLġOHPLGLNNDWOH\DSóOPóġWóU%HQGHVDQD
\¸QWHPLPL]GHQ EDKVHWPHN LVWL\RUGXP ġLPGL WDP ]DPDQó +DUODQ óQ GD NXPDQGDODUó DQODPDVóQD
\DUGóPóRODFDNWóU
%LUGHQ +DUODQ EDġóQó ©HYLUGL YH J¸]OHUL NXPDQGD NROODUóQD WDNóOGó žPLWVL]OLN SHUGHVLQLQ ELU
N¸ġHVLNDONPóġWó$FDED
7ZLVVHOOK¤O¤&RRSHU DLVWHNOLELU¸áUHWPHQLQDġóUóGLNN¤WOLKDYDVó\ODGHUVYHUPH\HGHYDPHGL\RU
YH+DUODQGDDNOóQóQ\DUóVóRUDGDGLQOL\RUGX
7ZLVVHOO%LOLQHQELUVRUXQYDUNLRGDEHOLUOLELUHQHUMLLWPHVLX\JXODGóNWDQVRQUDELUQHVQHQLQ
LONHO]DPDQODUGDQHNDGDUX]DáDJ¸QGHULOHELOHFHáL%XVRUXQD©¸]¾PRODUDNLONDNODJHOHQ\¸QWHP
ELU LQVDQó EX DUD©ODUD DOW ]DPDQODUD J¸QGHULUNHQ GLNNDWOH VH©LOPLġ LWPH G¾]H\OHUL NXOODQPDNWóU
<DOQó] EX \¸QWHPGHQ VRQX© DODELOPHN L©LQ LVWHQHQ ]DPDQóQ EXOXQXS EXOXQPDGóáóQó DQODPDN ¾]HUH
DGDPóQ KHU GHIDVóQGD DVWURQRPLN J¸]OHPOHU \DSPDVó \D GD WHOVL] DOóFó \DUGóPó\OD ELOJL WRSODPDVó
JHUHNLU NL KHU GHIDVóQGD EX ©DOóġPDODU L©LQ ELU V¾U¾ YDNLW ND\EHGLOHFHNWLU òġOHU ©RN \DYDġ
LOHUOH\HFHNWLUYHGDKDN¸W¾V¾ULVNLE¾\¾NW¾U‰¾QN¾DGDPEXWHVSLW©DOóġPDODUóQóQELULQGHEXOXQGXáX
\HULQVDNLQOHULQFHIDUNHGLOLUVHVRQXFXQQHRODFDáóPNHVWLUHPH\L]
%X \¾]GHQ EL]LP WHUFLK HWWLáLPL] \RO ġX 1LRELXP  GL\H DQóODQ YH EHWD SDUWLN¾OOHUL \D\DUDN
VRQX©WD 0ROLEGHQXP  GXUJXQ L]RWRSXQD G¸Q¾ġHQ UDG\RDNWLI L]RWRSWDQ EHOOL ELU N¾WOH\L ]DPDQGD
JHUL J¸QGHUGLN %X L]RWRSXQ GXUJXQODġPD V¾UHFLQLQ \DUóODQPDVó \DNODġóN  \¾]\óO V¾U¾\RU
.¾WOHQLQ EDġODQJó©WDNL UDG\DV\RQ ġLGGHWLQL ELOL\RUX] =DPDQOD D]DODQ EX ġLGGHW PLNWDUó NLQHWLNWH
JH©HQPHWRGODUOD©RNGX\DUOóRODUDN¸O©¾OHELOLU
6H\DKDWDUDFóòONHO]DPDQODUGDNLKHGHILQHXODġWóáóQGDL©LQGHV¸]NRQXVXL]RWRSXQEXOXQGXáXELU
DPSXO WRSUDáD J¸P¾O¾U YH DUD© 6RQVX]OXáD JHUL G¸QHU )L]LNVHO ]DPDQ GD DPSXO WRSUDáD
J¸P¾OG¾á¾ DQGDQ LWLEDUHQ R ]DPDQóQ JHU©HNOLáLQGH EHOLULU  \¾]\óOGD ]DPDQD JH©HQ ELU
7HNQLV\HQ DPSXO¾ J¸P¾OG¾á¾ \HUGHQ DOóU 5DG\DV\RQ \D\Góáó L©LQ EXOXQGXáX \HUL VDSWDPDN VRQ
GHUHFHNROD\GóU
5DG\DV\RQ PLNWDUó ¸O©¾O¾U YH E¸\OHFH J¸P¾O¾ ROGXáX \HUGH NDOGóáó V¾UH VDSWDQóU $\Qó ġHNLOGH
GHáLġLN LWPH G¾]H\OHULQGH G¾]LQHOHUOH DPSXO ]DPDQGD JHUL J¸QGHULOLU YH ELU NDOLEUDV\RQ HáULVL
ROXġWXUXOXU $PSXOOHU \DOQó]FD òONHO ]DPDQODUD GHáLO D\Qó ]DPDQGD JLGLS GRáUXOXáXQX NRQWURO
HGHELOHFHáLPL]6RQVX]OXáXQLON\¾]\óOODUóQDGDJ¸QGHULOLUNLRUWD\D©óNDQHáUL\LGRáUXOD\DELOHOLP
'RáDO RODUDN ELUWDNóP DNVDNOóNODUOD NDUġóODġWóN ˜UQHáLQ  \H JHOHQH NDGDU JH©HFHN
\¾]\óOODUGD PH\GDQD JHOHELOHFHN MHRORMLN GHáLġLNOLNOHUL KHVDED NDWPDGóáóPó]GDQ LON ELUND© DPSXO
RUWDGDQ ND\EROGX ž© WDQHVLQL KL© EXODPDGóN (Q VRQXQGD GHQHPHOHULPL] VD\óVDO RODUDN L\LFH
ID]ODODġóS ©HYUHGH \DġD\DQODUóQ IDUNóQD YDUDELOHFHNOHUL NDGDU ID]OD UDG\RDNWLI PDGGH \HUOHġWLUPH
GXUXPXQD JHOLQFH EX LġL GXUGXUGXN )DNDW DPDFóPó] L©LQ JHUHNOL PLNWDUGD GHQHPH YH LQFHOHPH
\DSWóáóPó] L©LQ NHVLQOLNOH ELOL\RUX] NL òONHO ©DáODUóQ LVWHGLáLPL] ELU \¾]\óOóQD KHUKDQJL ELULQL KDWD
\DSPDGDQJ¸QGHUHELOLUL]
%¾W¾QEXQODUóDQODGóQGHáLOPL&RRSHU"
7DPDPHQ %LOJLVD\DU 7ZLVVHOO .DOLEUDV\RQ HáULVLQL LON J¸UG¾á¾PGH NXOODQPD DPDFóQó SHN
DQOD\DPDPóġWóPDPDġLPGLKHSVLD©óNOóáDNDYXġWX
%X GHID +DUODQ ]L\DGHVL\OH PHUDNODQPóġWó <¾]\óOODUó J¸VWHUHQ NDGUDQD EDNWó *¸VWHUJHGH  GHQ
 \H NDGDU RODQ \¾]\óOODU GHVL\¾]\óO YH VDQWL\¾]\óOODUóQD NDGDU EHOLUOHQPLġWL YH LEUH  GH
GXUX\RUGX
'DKD ¸QFH GH EHQ]HU ]DPDQ ¸O©HUOHU J¸UP¾ġW¾ '¾ġ¾QPHNVL]LQ EDVóQ© NRQWURO NROXQD X]DQGó
‰HNWL.RONóSóUGDPDGóELOH
òEUHGHD\Qó\HUGHGXUX\RUGX
7ZLVVHOO LQNHQGLVLQHVHVOHQGLáLQLGX\XQFDELUGHQKH\HFDQODQGó
7HNQLV\HQ+DUODQ
(YHW %LOJLVD\DU GL\H EDáóUGó 6RQUD NHQGLVLQ GX\DPD\DFDáó DNOóQD JHOGL 3HQFHUH\H\¾U¾G¾ YH
EDġó\OD GX\GXáXQX EHOLUWWL 7ZLVVHOO VDQNL DNOóQGDQ JH©HQOHUL RNX\RUPXġ©DVóQD NRQXġX \RUGX
=DPDQ˜O©HU LQFL\H\DSóODFDNLWPHL©LQD\DUODQPóġWóU+HUKDQJLEDġNDELUD\DU\DSPD\DJHUHN
\RN 7HN \DSDFDáóQ Lġ IL]LNVHO ]DPDQ RODUDN YDNLW JHOGLáLQGH JHUHNOL HQHUML\L YHUPHN .DGUDQóQ
\DQóQGDELUNURQRPHWUHYDU*¸U¾QFHEDġóQóVDOOD
+DUODQEDġóQóVDOODGó
òEUH VóIóUD JHOHFHN 6óIóUD \DNODġóUNHQ HNVL RQ EHġ VDQL\H QRNWDVóQGD GHYUH\L NDSDWDFDNVóQ %X
NDGDUEDVLW1DVóO\DSDFDáóQóDQODGóQPó"
+DUODQWHNUDUEDġóQóVDOODGó
7ZLVVHOOGHYDPHWWL7DPHNVLRQEHġQRNWDVóQóWXWWXUPDQGDRNDGDU¸QHPOLGHáLO(NVLKDWWD
 GHGHEXLġL\DSVDQROXU)DNDWHPQL\HWOLROPDVóL©LQVHQ\LQHGHHNVL GDQ¸QFHNROX©HNPH\HEDN
6HQ NRQWDáó NDSDWWóNWDQ VRQUD VHQNURQL]H ELU J¾© YLWHVL JHUL NDODQó KDOOHGHFHN %X DUDGD VHQ VRQ
HQHUMLLWPHVLQLQWDPVóIóUGD\DSóOóS\DSóOPDGóáóQDGLNNDWHW$QODGóQPó"
+DUODQ EDġóP VDOOD\óS GXUX\RUGX 7ZLVVHOO LQ V¸\OHGLáLQGHQ GH ID]ODVóQó DQODPóġWó 2 JHUHNOL
KDUHNHWOHUL\DSPDVDELOHSDUDOHOEDáOóEDġNDELUNXPDQGDWHUWLEDWóQóQEDġóQGDNLDGDPJ¸UHYL\HULQH
JHWLUHFHNWL
7ZLVVHOO 2WX] GDNLNDPó] NDOGó %HQ &RRSHU OD ELUOLNWH JHUHNOL Hġ\DODUó NRQWUROH JLGL\RUXP
GL\HUHNNRQXġPDVóQóELWLUGL
‰óNWóODU .DSó DUNDODUóQGDQ NDSDQGó +DUODQ NXPDQGD NROX\OD ġLPGLGHQ VóIóUD GRáUX LQHQ
=DPDQ ODYH\DSóOPDVóJHUHNOLáLQLQNHVLQELOLQFL\OHEDġEDġDNDOGó
+DUODQ SHQFHUHGHQ D\UóOGó (OLQL FHELQH VRNWX YH K¤O¤ RUDGD GXUDQ VLODKó WXWWX %¾W¾Q EX ROD\ODU
ER\XQFDVLODKFHELQGHNDOPóġWó%LUDQL©LQHOOHULWLWUHGL
%LUD]¸QFHDNOóQDJHOHQELUF¾POH\LWHNUDUG¾ġ¾QG¾7DSóQDNODU\óNDQELU6DPVRQ\XPUXáX
.D©VRQVX]6DPVRQKDNNóQGDELOJLVDKLELRODELOLUGL"1DVóO¸OG¾á¾Q¾ND©6RQVX]ELOL\RUGXDFDED"
<DOQó]FD \LUPL EHġ GDNLND NDOPóġWó <DSDFDNODUóQóQ QH NDGDU ]DPDQ DODFDáóQó NHVWLUHPL\RUGX
òVWHGLáLJLEL©DOóġóS©DOóġPD\DFDáóQGDQGDSHNHPLQGHáLOGL
)DNDW EDġND VH©HQHáL \RNWX 6LODKóQ L©LQL D©óS SDU©DODUóQó D\óUóUNHQ HOOHUL WHUGHQ VóUóOVóNODP
ROPXġWX
6¾UDWOHG¾ġ¾QG¾á¾PHNDQL]PD\óNXUGXĠX\DSWóáó\¾]¾QGHQNHQGLVLQLQGH\RNRODELOHFHáLLKWLPDOL
XPXUXQGDELOHGHáLOGL
(NVLELULQFLGDNLNDJHOGLáLQGH+DUODQNXPDQGDODUóQEDġóQGD\Gó
+D\DWóQóQVRQGDNLNDVóQó\Dġó\RURODELOHFHáLQLG¾ġ¾QG¾
*¸]OHULJH©HQVDQL\HOHULJ¸VWHUHQNóUPó]óLEUHGHQEDġNDELUġH\LJ¸UP¾\RUGX
(NVLRWX]VDQL\H
'¾ġ¾QG¾+L©FDQóPDFóPD\DFDN%X¸O¾PGHáLO
<DOQó]FD1R\V XG¾ġ¾QPH\H©DOóġWó
(NVLRQEHġVDQL\H
1R\V
.RQWDáóNDSDWPDNL©LQVROHOL\OHELUNROXDġDáó\DGRáUX©HNWL
(NVLRQLNLVDQL\H
.ROXEDVWóUóSGHYUH\LNDSDWWó
*¾©YLWHVLLġLGHYUDOó\RUGXDUWóNòWPHLEUHVóIóUDJHOGLáLQGHYHULOHFHNWLĠLPGL+DUODQVRQNR]XQX
R\QD\DFDNWó6DPVRQ\XPUXáX
6DáHOLNóPóOGDGó(OLQHEDNDPó\RUGX
(NVLEHġVDQL\H1R\V
6DáHOLWHNUDUEXGHIDVDUVóODUDNNóPóO6óIóUGDGó*¸]OHULQL\XPGX
<RNROXġEXPX\GX"
+D\óU+HQ¾]KL©ELUġH\\RNROPDPóġWó
3HQFHUHGHQ GóġDUó EDNWó <HULQGHQ NóPóOGD\DPó\RUGX ]DPDQ JH©L\RUGX DPD RQX ELOH IDUN HGHFHN
GXUXPGDGHáLOGL
2GDERġWX2NRFDPDQN¾UHQLQ\HULQGH\HOOHUHVL\RUGX
2GDGDKDUHNHWHGHQWHNġH\D\DNODUóQóV¾U¾NOH\HUHNELUDġDáóELU\XNDUóGRODġDQ7ZLVVHOO LQXIDFóN
ERGXUY¾FXGX\GX
+DUODQELUV¾UHRQXL]OHGLVRQUDYD]JH©WL
 'HUNHQDUD©ELUD]¸QFHVHVVL]FHD\UóOGóáóUDPSDVóQGDWHNUDUEHOLUGL<LQHVHVVL]FH
2DQL©LQDUDFóQNRFDJ¸YGHVLQLQDUNDVóQGDNDOPóġRODQ7ZLVVHOOWHNUDU¸QH©óNWó.RġX\RUGX
+DUODQ óQ KDSLV EXOXQGXáX NXPDQGD RGDVóQóQ NDSóVóQó D©PDN L©LQ ELU HO KDUHNHWL \HWPLġWL ò©HUL
GDOGó +H\HFDQOD EDáóUó\RUGX 2OGX 2OGX ‰HPEHUL WDPDPODGóN 1HIHVL NHVLOPLġWL %DġND ELU ġH\
V¸\OHPHGL
+DUODQFHYDSYHUPHGL
7ZLVVHOO HOOHULQL FDPD \DSóġWóUPóġ GóġDUó RGDQóQ L©LQH EDNó\RUGX +DUODQ EX HOOHULQ \DġOóOóNWDQ
¸W¾U¾©LOOHUOHGROXROGXáXQXIDUNHWWL7ZLVVHOO LQHOOHULJ¸]OHJ¸U¾OHFHNġHNLOGHWLWUL\RUGX
%LWNLQELUKDOGHG¾ġ¾QG¾1HIDUNHGHU"$UWóNQHIDUNHGHU"
7ZLVVHOO NRQXġPD\D EDġODGó +DUODQ ]RUOXNOD GX\X\RUGX  'L\HELOLULP NL LWLUDI HGHELOGLáLPGHQ
©RNGDKDHQGLġHOL\GLP%LUGHIDVóQGD6HQQRUE¾W¾QEXQODUó\DSPDQóQRODQDNVó]ROGXáXQXV¸\OHPLġWL
%LUġH\LQ\DSóODFDNODUóHQJHOOH\HFHáLKXVXVXQGD©RNóVUDUHWPLġWL1H\LQYDU"
+DUODQ GDQ©óNDQKóUóOWóOóVHVOHUGLNNDWLQL©HNPLġWL
+DUODQEDġóQóVDOODGó¸NV¾UHUHNJHQ]LQLWHPL]OHGLò\L\LP
7ZLVVHOO ¾VW¾QGH GXUPDGó YH ¸E¾U WDUDID G¸QG¾ +DUODQ D Pó GXYDUD Pó DQODWWóáó EHOOL GHáLOGL
<óOODUóQELULNPLġW¾PJHUJLQOLáLNHOLPHOHUKDOLQHG¸Q¾ġ¾\RUGX
6HQQRUGHGL©RNġ¾SKHFL\GL'XUXPXEHUDEHUFHLUGHOHGLNYHWDUWóġWóN6RQVX]OXN WDEL]GHQ¸QFH
\DSóOPóġ W¾P DUDġWóUPDODUóQ VRQX©ODUóQó RUWD\D NR\GXN KHVDSODU \DSWóN 2 E¾W¾Q EXQODUó ELU NHQDUD
EóUDNóS NHQGLVL\OH NDUġóODġDQ LQVDQ ©HOLġNLVLQLQ ¾]HULQH JLWWL 6DQD GD EDKVHWPLġWL $NOóQó EX LġOH
ER]GX
6HQQRU D J¸UH EX GXUXPGD EHQ ROGXN©D \DġOó ELU LQVDQ ROPDPD YH KHU DQ ¸O¾POH NDUġóODġPDP
PXKWHPHOROPDVóQDUDáPHQHQD]óQGDQ&RRSHUġXELOLQHQVH\DKDWLQL\DSóQFD\DNDGDU\DġD\DFDáóPó
¸áUHQPLġROX\RUXP+DWWDDQóODUGDEHQLPOHLOJLOLELOJLOHUROGXáXQDJ¸UHEDġNDD\UóQWóODUKDNNóQGD
GDELOJLVDKLELROPDGXUXPXQGD\óP
òġWH 6HQQRU D J¸UH EX LPN¤QVó] +DWWD ©HPEHULQ KL© WDPDPODQDPDPDVó YH 6RQVX]OXáXQ
NXUXODPDPDVó DQODPóQD JHOVH ELOH *HU©HNOLN ROPDVó JHUHNWLáL JLEL JHOLġHFHNWLU YH SODQODU \DSDUDN
ROD\ODUóNRQWUROHWPHPL]P¾PN¾QGHáLOGLU
%¸\OH ELU WDUWóġPD\ó QHGHQ V¾UG¾UG¾ ELOPL\RUXP %HONL E¾W¾Q NDOEL\OH LQDQó\RUGX EHONL EXQX
NHQGLVL L©LQ ]HYNOL ELU R\XQ KDOLQH JHWLUPLġWL EHONL GH EL]L ġDġóUWDFDN QRNWDODU EXOXS ©óNDUPD\ó
VHYL\RUGX +HU QH KDO LVH SURMH V¾UG¾U¾OG¾ YH DQóODUGD RODQODU ELUHU ELUHU JHU©HNOHġPH\H EDġODGó
˜UQHáLQ &RRSHU ó DQóODUGD EHOLUWLOHQ \¾]\óOóQ V¸\OHQHQ *HU©HNOLáL QGH EXOGXN 7HN EDġóQD EX ROD\
ELOH6HQQRU XQWDPDPHQJH©HUOLOLáLQLRUWDGDQNDOGóUó\RUGXDPDRKL©XPXUVDPDGó%XDUDGDEDġNDELU
NRQX\DPHUDNVDUPóġWó
)DNDW IDNDW \LQH GH UDKDW HGHPL\RUGXP %LU ġH\OHU RODELOLUGL %D]ó JHFHOHU X\NX WXWPD]Gó YH
QHUHGH\VH6HQQRU XQKDNOóROGXáXQDLQDQDVóPJHOLUGLYHġLPGLKHUġH\KDOOROGXYHEXQDNDSWDOODUD
\DNóġDFDNNRUNXODUóPDNDKNDKDODUODJ¾O¾\RUXP
+DUODQVRQGHUHFH]D\óIELUVHVOH%LOJLVD\DU6HQQRUKDNOó\GóGHGL
7ZLVVHOOKó]ODRQDGRáUXG¸QG¾1HGHGLQ"
3URMHEDġDUóVó]OóNODVRQX©ODQGó‰HPEHUNDSDQDPDGó
 1HOHU V¸\O¾\RUVXQ VHQ" 7ZLVVHOO LQ \DġOó HOOHUL +DUODQ óQ RPX]ODUóQD \DSóġWó ġDġóODFDN NDGDU
J¾©O¾\G¾6HQKDVWDVóQRáOXP6LQLUOHULQER]XOPXġ
+DVWDIDODQGHáLOLP*¸VWHUJH\HEDNóQ
*¸VWHUJH PL" òEUH  \¾]\óOó J¸VWHUL\RUGX 1H ROGX" <¾]¾QGHNL VHYLQ© ELU DQGD GHKġHWH
G¸Q¾ġW¾
+DUODQV¾N½QHWOHFHYDSYHUGL.LOLWOHPHPHNDQL]PDVóQóHULWWLPòWPHNXPDQGDODUóNRQWUROGHQ©óNWó
<DQLGóġDUóGDNLEDáODQWóGDQNXUWDUGóP
6HQEXQXQDVóO
%LU VLODKóP YDUGó ò©LQL D©WóP YH HQHUML E¸O¾P¾Q¾ WHN ELU DWóġ \DSDFDN ġHNLOGH GHáLġWLUGLP òġWH
JHUL\H NDODQODU GD EXQODU <HUGH GDáóQóN YD]L\HWWH GXUDQ PHWDO SDU©DODUóQó D\DáóQóQ XFX\OD GXYDUD
GRáUXLWWL
7ZLVVHOOELUW¾UO¾DQOD\DPó\RUGX GHPL"&RRSHU\¾]\óOGDPó"
+DUODQ7ZLVVHOO HERġERġEDNWó1HUHGHROGXáXQXELOPL\RUXPòWPHNXPDQGDODUóQóDġDáóGRáUX
©HNWLP  GHQ GH GDKD DOW ]DPDQD %DNDPDGóP 6RQUD WHNUDU HVNL \HULQH JHWLUGLP %DN PD\D
NRUNWXP
7ZLVVHOO+DUODQ DEDNWó<¾]¾Q¾QUHQJLX©PXġVDUDUPóġWóGXGDNODUóWLWUL\RUGX
+DUODQWHNUDUNRQXġWXĠXDQGDQHUHGHGLUELOPL\RUXPòONHO=DPDQ GDND\EROGX%XLġL\DSDUNHQ
KHU ġH\ \RN RODFDN VDQGóP 6óIóU ]DPDQóQGD KHU ġH\ ELWHFHNPLġ JLEL JHOGL $SWDOFD G¾ġ¾QP¾ġ¾P
%HNOHPHPL] JHUHNL\RU %LU DQ JHOHFHN YH &RRSHU \DQOóġ \¾]\óOGD ROGXáXQX IDUN HGHFHN DQóODUD
D\NóUóELUġH\\DSDFDN\DSóQFDGD
6XVWX VRQUD ELU NDKNDKD DWóS GHYDP HWWL 1H IDUN HGHU" &RRSHU ©HPEHUL NRSDUóQFD\D NDGDU
EHNOH\HFHáL] 'XUGXUPDN P¾PN¾Q GHáLO DUWóN 'DNLNDODU VDDWOHU J¾QOHU +L© IDUN HWPH] &RRSHU
\DQOóġ ELU DGóP DWWóáó DQGD DUWóN 6RQVX]OXN GL\H ELU ġH\ ROPD\DFDN %HQL GX\X\RU PXVXQ" %X
6RQVX]OXáXQVRQXRODFDN
 

'$+$˜1&(.ò68‰
1HGHQ"1HGHQ"
6HVLQGHNLELWNLQOLNYH©DUHVL]OLáL\DQVóWDQJ¸]OHULQLJ¸VWHUJHGHQ+DUODQ D©HYLUGL
+DUODQEDġóQóNDOGóUGó6¸\OH\HELOHFHáLELUWHNNHOLPHYDUGó1R\V
6RQVX]OXáDJHWLUGLáLQNDGóQPó"
+DUODQ\DOQó]FDDFóDFóJ¾O¾PVHGLFHYDSYHUPHGL
2 QXQEXLġOHQHLOJLVLYDU"=DPDQ$ġNóQDDQOD\DPó\RUXPRáOXP
1H\L DQODPó\RUVXQ" GHGL +DUODQ GRNXQVDODU DáOD\DFDNWó %HQLP ELU NDGóQóP YDUGó LNLPL] GH
PXWOX\GXN.LPH]DUDUóPó]GRNXQGX<HQL*HU©HNOLNWH\RNWX\VDQHIDUNHWWLNL"
7ZLVVHOO¾PLWVL]OLNL©LQGHV¸]¾Q¾NHVPH\H©DOóġWó+DUODQEXGHIDVHVLQLL\LFH\¾NVHOWWL%DáóUPD\D
EDġODGó $PD 6RQVX]OXáXQ NXUDOODUó YDU GHáLO PL" +HSVLQL ELOL\RUXP 5HVPL ELUOHġPHOHU L]LQ
JHUHNWLULU UHVPL ELUOHġPHOHU KHVDSODPDODU JHUHNWLULU UHVPL ELUOHġPHOHU PHYNL JHUHNWLULU UHVPL
ELUOHġPHOHUELOHJHUHNWLULUòġLQL]ELWLQFH1R\V DQH\DSPD\óG¾ġ¾Q¾\RUGXQX]"2QDSDU©DODQDFDNELU
URNHWWHUDKDWELUNROWXNPXWDKVLVHWPLġWLQL]"<RNVDGHáHUOL%LOJLVD\DUODUóPó]óQLVWLIDGHVLQHVXQXODFDN
ELUPHWUHVPLRODFDNWó"$UWóNKL©ELUġH\\DSDPD]VóQó]VDQóUóP
6¸]OHULQLELWLUGL$Fó©HNL\RUGXELWNLQGL7ZLVVHOONRġDUDNKDEHUOHġPHD\JóWóQóQ\DQóQDJLWWL$\JóW
WHNUDU©LIWWDUDIOó©DOóġPD\DEDġODPóġWó
%LUFHYDSDODQDNDGDUPLNURIRQDEDVEDVEDáóUGó6RQUD%HQ7ZLVVHOO%XUD\DNLPVHJLUPH\HFHN
.LPVH +L© NLPVH $QODGóQó] Pó" %¾W¾Q]DPDQODU 0HFOLVL ¾\HOHUL GH EX HPUH GDKLOGLU %X HPLU
¸]HOOLNOHRQODUL©LQJH©HUOLGLU
+DUODQ D G¸QG¾ %HQLP ]DYDOOó YH DSWDO ROGXáXPX G¾ġ¾Q¾\RUODU %LU DQ L©LQ VXVWX 6RQUD WHNUDU
NRQXġWX6HQGHPLEHQLPDSWDOROGXáXPXG¾ġ¾Q¾\RUVXQ"
+DUODQG¾ġ¾QG¾(\YDKEXDGDPGHOLĠRNXQHWNLVL\OHGHOLUGL
%LU DGóP JHUL JLWWL %LU GHOL\OH ELUOLNWH NDSDWóOPóġ ROPDNWDQ ¾UNP¾ġW¾ 6RQUD VDNLQOHġWL 'HOL ELOH
ROVDNDUġóVóQGDNLDGDPVRQGHUHFH]D\óIYH©HOLPVL]GL¾VWHOLNELUD]VRQUDDUWóNGHOLROPDVDGDIDUN
HWPH]GL%LUD]VRQUD"6DKLGHQQL\HKHPHQGHáLO"6RQVX]OXáXQVRQXQHGHQJHFLNPLġWLDFDED"
7ZLVVHOO DUWóNVLJDUDL©PL\RUGX &HYDSYHUPHGLQ$SWDOROGXáXPXPXG¾ġ¾Q¾\RUVXQ"6DQóUóP
¸\OH 0XKDWDS ROPD\D NRQXġPD\D GHáPH\HFHN NDGDU DSWDO KHP GH %HQL NDSULVOL ELU PRUXN JLEL
GHáLO GH ELU DUNDGDġ RODUDN NDEXO HWVH\GLQ HQGLġHOHULQL DQODWóUGóQ ĠX \DSWóNODUóQD GD KL© JHUHN
NDOPD]Gó
+DUODQ NDġODUóQó ©DWWó +D\óU KD\óU EX DGDP GHOL IDODQ GHáLOGL DPD +DUODQ óQ GHOLUPLġ ROGXáXQX
VDQó\RUGX
6LQLUOHQPLġWL<DSWóáóPGRáUX\GX$NOóPEDġóPGDEHQLP
7ZLVVHOO%LOL\RUVXQVDQDNó]óQWHKOLNHGHROPDGóáóQóV¸\OHPLġWLPGHGL
 %XQDELUDQL©LQLQDQPDNDSWDOOóáóQóJ¸VWHUGLP]DWHQ0HFOLVLQEDVLWELU7HNQLV\HQL©LQELUġH\OHU
\DSDELOHFHáLQHLQDQPóġWóP1HDSWDOPóġóP
0HFOLV LQEXNRQXGDQKDEHULROGXáXQXQHELOL\RUVXQ"
)LQJHELOL\RUGXYH0HFOLV HGXUXPODLOJLOLELUUDSRUJ¸QGHUGL
%XQXQHUGHQELOL\RUVXQ"
%LUVLODKQDPOXVXVD\HVLQGHKHUġH\LDQODWWó6LODKODU©RNġH\\DSWóUóU
%X LġL GH D\Qó VLODKOD Pó \DSWóQ" (OL\OH PHNDQL]PDVóQóQ PHWDO NóVóPODUó HULPLġ EXOXQDQ
J¸VWHUJH\LLġDUHWHWWL
(YHW
1H VLODKPóġ EH 6RQUD ELUGHQ VRUGX )LQJH NRQX\X NHQGLVL HOH DOPDN \HULQH QHGHQ 0HFOLV H
JHWLUGLELOL\RUPXVXQ"
‰¾QN¾EHQGHQQHIUHWHGL\RUYHE¾W¾QKHUġH\LPLND\EHWPHPL©LQXáUDġó\RU1R\V XLVWL\RU
=DYDOOóVóQòVWHVH\GLRNó]ODKHPHQELUUHVPLLOLġNLD\DUOD\DELOLUGL2QXQ\ROXQXQ¾]HULQGHGXUDQ
ELU 7HNQLV\HQ GHáLO 2 EHQGHQ QHIUHW HGL\RU RáOXP +¤O¤ ELUVLJDUD \DNPDPóġWó YH VLJDUDVó] KDOL
RQDKL©\DNóġPó\RUGX
6HQ"
0HFOLV SROLWLNDVó GL\H ELU ġH\ YDUGóU RáOXP +HU %LOJLVD\DU 0HFOLV H JLUHPH] )LQJH 0HFOLV H
DWDQPDNLVWL\RUGX‰RNKóUVOóGóUYHEXLġPXWODNDROVXQLVWL\RUGX2QXQ0HFOLV HJLUPHVLQLGX\JXVDO
D©óGDQGHQJHVL]ROGXáXJHUHN©HVL\OHEHQHQJHOOHGLP+DNOóROXSROPDGóáóPKXVXVXQGDNHVLQELUġH\
V¸\OH\HPHP%DNRáOXP6HQLQKLPD\HPDOWóQGDROGXáXQXELOL\RUGX6HQLEDVLWELU*¸]OHPFL\NHQ
DOóSLOHULJHOHQ7HNQLV\HQOHUGHQELULRODUDNDWD\óġóPDġDKLWROPXġWX6¾UHNOLEHQLPL©LQ©DOóġó\RUGXQ
%HQLP GDKD EDġND QDVóO VóUWóPó \HUH JHWLULS HWNLVL] EóUDNDELOLUGL" (áHU ¸]HO 7HNQLV\HQL PLQ
6RQVX]OXáDNDUġóE¾\¾NELUVX©LġOHGLáLQLNDQóWOD\DELOLUVHD\DáóPóND\GóUPDLPN¤QóEXOPXġRODFDNWó
%HONLGHEX\¾]GHQLVWLID\D]RUODQDFDNWóPYHELOEDNDOóPERġDODQ¾\HOLáHNLPJHWLULOHFHNWL"
%Rġ HOL GXGDNODUóQD JLWWL YH ROPD\DQ VLJDUDVóQó L©PH\H ©DOóġWó VRQUD GD ġDġNóQ ġDġNóQ DUDODUóQGD
ELUVLJDUDWDġó\RUROPDODUóJHUHNHQHOLQLQLġDUHWSDUPDáó\ODRUWDSDUPDáóQDEDNWó
+DUODQ G¾ġ¾QG¾  *¸U¾QPH\H ©DOóġWóáó NDGDU VDNLQ RODPD] ò\L GH E¾W¾Q EX ]óUYDODUó ġLPGL
DQODWPDVóQóQVHEHELQH"6RQVX]OXNVRQDHUHUNHQ"
)DNDWQHGHQK¤O¤VRQDHUPHPLġWLDFDED"7ZLVVHOOWHNUDUNRQXġWX6HQLQ)LQJH OHJ¸U¾ġPHNL©LQVRQ
JLGLġLQHL]LQYHUGLáLPGHELUWHKOLNHQLQYDUOóáóQóVH]L\RUGXP)DNDW0DOODQVRKQ XQDQóODUóQGDVRQD\
RUWDODUGDQND\EROGXáXQYHEXND\EROXġXQXQPDQWóNOóELUVHEHELROPDGóáó\D]óOó\Gó1H\VHNL)LQJH
NR]ODUóQóGHáHUOHQGLUHPHGL
+DQJLD©óGDQ"GL\HVRUGX+DUODQ$VOóQGDDODFDáóFHYDEóSHNXPXUVDGóáó\RNWXDPDGLQOHPHPHN
L©LQ©DEDVDUIHWPHNWHQVHVRKEHWHNDWóOPDNGDKDR\DOD\óFóROXUGL\HG¾ġ¾QP¾ġW¾
)LQJH LQ KD]óUODGóáó UDSRUXQ NDSDáóQGD ġXQODU \D]óOó\Gó 7HNQLV\HQ $QGUHZ +DUODQ óQ PHVOHáH
D\NóUó \HQL GDYUDQóġODUó KDNNóQGD  1DPXVOX 6RQVX] URO¾ R\QX\RUGX 6DNLQ WDUDIVó] YH PDQWóNOó
˜INHOHQPH\L PHFOLVH EóUDNó\RU YH ¾VW¾PH VDOGóUPDODUó L©LQ HOLQGHQ JHOHQL DUGóQD NR\PX\RUGX
<DOQó] EX NRQXGD KL© ġDQVó \RNWX ©¾QN¾ VHQLQ JHU©HN ¸QHPLQL ELOPL\RUGX 6HQLQ KDNNóQGD JHOHFHN
KHU UDSRUXQ \DOQó]FD ¸QHPOL KXVXVODUóQ DOWóQó ©L]PHN L©LQ \DSóODFDN EDVLW ELU LQFHOHPHGHQ VRQUD
GHUKDOEDQDKDYDOHHGLOGLáLQGHQKDEHUVL]GL
 %DQDEXQODUGDQKL©V¸]HWPHPLġWLQL]
1DVóO V¸] HGHELOLUGLP NL" (OLPL]GHNL SURMHGHQ HWNLOHQPHQH VHEHS RODELOHFHN KHUKDQJL ELU ġH\
\DSPDNWDQóVUDUODND©óQó\RUGXP3UREOHPOHULQLEDQDJHWLUHVLQGL\HVDQDKHUIóUVDWóYHUGLP
+HUIóUVDWKD"+DUODQGXGDNODUóQóE¾NW¾LQDQPó\RUGXIDNDWVRQUDKDEHUOHġPHFLKD]óQóQHNUDQóQGD
7ZLVVHOO LQ ELU ġH\ V¸\OHPHN LVWH\LS LVWHPHGLáLQL VRUDQ \¾]¾ J¸]¾Q¾Q ¸Q¾QH JHOGL $PD EX G¾QG¾
<DOQó]FDG¾Q
+DUODQEDġó\ODRQD\ODGóIDNDWEXGHID\¾]¾Q¾EDġNDWDUDID©HYLUGL
7ZLVVHOOWDWOóELUVHVOHGHYDPHWWL6HQLRQDVDOGóUDVóQGL\HNDVWHQNóġNóUWWóáóQóIDUNHWWLP
+DUODQRQDGRáUXG¸QG¾%XQXELOL\RUPX\GXQX]"
‰RN PX ġDġóUGóQ" )LQJH LQ WHSHPH ELQPHN L©LQ IóUVDW NROODGóáóQó ELOL\RUGXP ‰RNWDQGóU
ELOL\RUGXP %HQ \DġOó ELU DGDPóP RáOXP %X LġOHUL ELOLULP )DNDW NXġNX GX\XODQ %LOJLVD\DUODUó
J¸]DOWóQGD WXWPDQóQ \ROODUó YDUGóU =DPDQGDQ VH©LOPLġ ED]ó NRUX\XFX DOHWOHU YDUGóU NL EXQODU
P¾]HOHUGHVHUJLOHQPH]%D]óODUó\DOQó]FD0HFOLV¾\HOHULQFHELOLQLU
+DUODQL©LEXUNXODUDNO GHNL]DPDQHQJHOLQLG¾ġ¾QG¾
5DSRUGDQYHD\UóFDEHQLPELOGLNOHULPGHQQHOHURODFDáóQó©óNDUPDNSHNJ¾©GHáLOGL
+DUODQ ELUGHQ VRUGX 6DQóUóP )LQJH VL]LQ FDVXV NXOODQGóáóQó]GDQ ġ¾SKHOHQL\RUGX 2ODELOLU
ĠDġPDP
+DUODQ EDġODQJó©WD 7ZLVVHOO LQ JHQ© ELU *¸]OHPFL \H DQRUPDO ELU LOJL J¸VWHUGLáL ]DPDQODUGD
)LQJH OHELUOLNWHROGXáXJ¾QOHULG¾ġ¾QG¾'HPHNNL)LQJH LQ0DOODQVRKQSURMHVLQGHQKDEHUL\RNWXYH
EX \DNóQ LOJLQLQ QHGHQLQL PHUDN HWPLġWL '¾ġ¾QG¾N©H 'DKD ¸QFH .óGHPOL %LOJLVD\DU 7ZLVVHOO L KL©
J¸UG¾Q P¾" GL\H VRUDQ )LQJH LQ VHV WRQXQGDNL D©óN KX]XUVX]OXáX R ]DPDQODU IDUN HGHPHPLġ
ROGXáXQX KDWóUOó\RUGX 7D R ]DPDQODUGDQ EHUL )LQJH +DUODQ óQ 7ZLVVHOO LQ FDVXVX ROGXáXQGDQ
ġ¾SKHOHQL\RUROPDOó\Gó'¾ġPDQFDKLVOHULYHQHIUHWLRJ¾QOHUGHEDġODPóġWó
+DUODQ EDġODQJó©WD 7ZLVVHOO LQ JHQ© ELU *¸]OHPFL \H DQRUPDO ELU LOJL J¸VWHUGLáL ]DPDQODUGD
)LQJH OHELUOLNWHROGXáXJ¾QOHULG¾ġ¾QG¾'HPHNNL)LQJH LQ0DOODQVRKQSURMHVLQGHQKDEHUL\RNWX
YHEX\DNóQLOJLQLQQHGHQLQLPHUDNHWPLġWL'¾ġ¾QG¾N©HJ¸UPH\HJHOPLġOHUGL%LUJ¾QGDKDYHVRQUD
SURMHVRQDHUHFHNWL%HNOHGLNOHUL\DUóQóELUJ¾Q¸QFHGHQJ¸UPHNL©LQJHOGLOHU
2áOXPE¸\OHELUġH\\RN<DOQó]FDLQVDQROGXNODUóL©LQVHQLJ¸UPHNLVWHGLOHU0HFOLV¾\HOHULGH
LQVDQ 0DOODQVRKQ DQóODUó RQODUD VDKQHGH URO YHUPHGLáL L©LQ VH\DKDWLQ \DSóOGóáó DQó
J¸UHPH\HFHNOHUGL$QóODUGD\HUDOPDGóáóL©LQEXNRQXGD&RRSHU ODGDJ¸U¾ġ¾OHPH]GLòġWHEX\¾]GHQ
EX NDUġóODġPD\ó DU]X HWWLOHU =DPDQ DġNóQD RáOXP EX NDGDUFóN ELU ġH\ LVWHGLOHU YH VHQL \DNóQGDQ
J¸UPHNL©LQRUD\D©DáóUGóODU
6DQDLQDQPó\RUXP
$PDJHU©HNEX
6DKL PL" 9H NDKYDOWóGD PHFOLV ¾\HVL 6HQQRU NHQGLVL\OH NDUġóODġDQ ELU LQVDQGDQ EDKVHWWL  \H
\DSWóáóP VH\DKDWOHUL YH QHUHGH\VH NHQGLPOH NDUġóODġPD GXUXPXQD JHOGLáLP ROD\ó ELOGLáL DġLN¤U
%HQLPOHDOD\HGLSHáOHQGL
6HQQRUPX"6HQQRU XPXGHUWHGL\RUVXQ"2QXQQHDFóQDFDNELUKDOGHROGXáXQGDQKDEHULQYDUPó"
2]DPDQL©LQGHLQVDQRáOXQXQHVWHWLN¸]HOOLNOHUD©óVóQGDQHQ]D\óIROGXáX\¾]\óOGRáXPOXGXU
%X\¾]\óOóQLQVDQODUóQóQGDKDEXOXá©DáóQDHUHUNHQVD©ODUóG¸N¾O¾U
 %X LQVDQOóáóQ GHYDPó D©óVóQGDQ QH DQODPD JHOLU ELOL\RU PXVXQ" %LOPHQ JHUHN =D\óI HVWHWLN
¸]HOOLNOHUH VDKLS ROXġODUó GROD\óVó\OD DWDODUóQGDQ GD WRUXQODUóQGDQ GD D\Uó G¾ġHUOHU  GHQ
6RQVX]OXáD VH©LOPHN RODQDNVó] JLEL ELU ġH\GLU 6HQQRU EX \¾]\óOóQ PHFOLV ¾\HOLáL ND]DQPóġ WHN
WHPVLOFLVLGLU
%XQXQ RQX QDVóO HWNLOHGLáLQL J¸UPHGLQ PL" *¾YHQVL]OLN NHOLPHVLQLQ DQODPóQó ELOL\RUVXQGXU
VDQóUóP%LUPHFOLV¾\HVLQLQJ¾YHQVL]OLNKLVVHGHELOHFHáLDNOóQDJHOLUPL\GL"
)HOVHIH\DSPD\óVóáóQDNRODUDNNXOODQóU7DUWóġPDODUGDKHUNHV©HELOLQPH\HQYHJHQHOOLNOHNDEXO
J¸UPH\HQ QRNWDODUó NDVóWOó RODUDN DEDUWóS ¸Q SODQD ©óNPD\D ©DOóġóU .HQGLVL\OH NDUġóODġDQ LQVDQ
©HOLġNLVLQLQ ¾VW¾QGH GXUPDVó GD EHQ]HU ELU GDYUDQóġóQ ¾U¾Q¾ 3URMHQLQ EDġóQD ELU ġH\OHU JHOHFHáLQL
LGGLDHGHUNHQWHNDPDFóEL]LPHFOLV¾\HOHULQLKX]XUVX]HWPHNWL6HQLQOHKL©LOJLVL\RN+L©
7ZLVVHOODWHġOHQPLġDQODWó\RUDQODWó\RUGXò©LQGHEXOXQGXNODUóGXUXPXXQXWPXġDEHQ]L\RUGX
)DNDWELUGHQGXUGXG¸QG¾YH+DUODQ DEDNWó6DQNL+DUODQ óQELUD]¸QFHV¸\OHGLNOHULQL\HQLGX\PXġ
YHSHNDQOD\DPDPóġJLEL\GL
1HUHGH\VHNHQGLPOHNDUġóODġPDGXUXPXQDJHOGLáLPROD\GHUNHQQH\LNDVWHWWLQ"
+DUODQE¾W¾QROD\ó¸]HWOHGLNWHQVRQUDVRUGX6L]EXQXELOPL\RUPX\GXQX]"
+D\óU
6HVVL]ELUND©GDNLNDJH©WLYH+DUODQEDġóQGDQDġDáóEX]JLELVXODUóQG¸N¾OG¾á¾Q¾KLVVHWWL
7ZLVVHOOVRUGX.HQGLQOHNDUġóODġPóġROVD\GóQQHROXUGX"
.DUġóODġPDGóPELOHPHP
7ZLVVHOO FHYDEó GX\PDPóġ JLEL\GL 5DVWODQWóVDO VDSPDODU KHU ]DPDQ L©LQ P¾PN¾QG¾U 6óQóUVó]
VD\óGD *HU©HNOLN V¸] NRQXVX ROGXáXQGD NHVLQ ©¸]¾P GL\H ELU ġH\ G¾ġ¾Q¾OHPH] 0DOODQVRKQ
*HU©HNOLáL QLG¾ġ¾Q‰HPEHULQELU¸QFHNLWDPDPODQóġóQGD
‰HPEHUOHUV¾UHNOLNDSDQó\RUPX"
6HQ VDGHFH LNL GHID Pó VDQPóġWóQ" òNL VLKLUOL ELU UDNDP Pó" 6óQóUVó] VD\óGD ©HPEHUOHU V¸]
NRQXVXGXU %LU N¤áóW ¾]HULQH NDOHPOH ©HPEHU ©L]PH\H EHQ]HU ‰HPEHULQ ¸QFHNL G¸Q¾ġOHULQGH VHQ
NHQGLQOH NDUġóODġPó\RUGXQ %X GHID LVWDWLVWLNL EHOLUVL]OLNOHU EX UDVWODQWóQóQ JHU©HNOHġPHVLQH QHGHQ
ROGXYHNHQGLQOHNDUġóODġWóQ*HU©HN\DQOóġOóNODUóNHQGLNHQGLQHG¾]HOWHFHáLQGHQ\HQLJHU©HNOLNWHVHQ
&RRSHU ó \HJ¸QGHUPHGLQIDNDW
+DUODQELUGHQKD\NóUGó%¾W¾QEXNRQXġPDODUóQELUDQODPó\RN1HDQODWó\RUVXQ"2ODQROGX+HU
ġH\ELWWL5DKDWEóUDNDUWóNEHQL5DKDWEóUDN
<DQOóġELULġ\DSWóáóQóELOPHQLLVWL\RUXP<DSWóáóQóQ\DQOóġROGXáXQXNDYUDPDQóLVWL\RUXP
<DQOóġGHáLOGL$\UóFD\DQOóġELOHROVDIDUNHWPH]ROGXELUNHUH
+D\óU¸\OHGHáLOLġWH%LUD]GDKDGLQOHEHQL7ZLVVHOODGHWD\DOYDUó\RUVHVLLQOHUJLEL©óNó\RUGX
2Nó]VHQLQRODFDN6¸]YHUPLġWLP+¤O¤V¸]¾PGH\LP2QDKL©NLPVHELUIHQDOóN\DSPD\DFDN6DQD
GDNLPVHGRNXQPD\DFDN6¸]YHUL\RUXP
+DUODQIDOWDġóJLELD©óOPóġJ¸]OHUOH\DġOóDGDPDEDNWó)DNDWDUWóN©RNJH©1HLġH\DUDUNL"
‰RN JH© GHáLO +HU ġH\LQ ©DUHVL EXOXQXU <DUGóP HGHUVHQ K¤O¤ EDġDUPD ġDQVóPó] YDU $PD
\DUGóPóQDLKWL\DFóPYDU<DQOóġELULġ\DSWóáóQóDQODPDQOD]óP6DQDEXQXDQODWPD\D©DOóġó\RUXPĠX
\DSWóáóQó\DSPDPD\óLVWHPHQJHUHNL\RU
 +DUODQ NXUX GLOL\OH GXGDNODUóQó óVODWPD\D ©DOóġWó '¾ġ¾Q¾\RUGX (YHW NHVLQOLNOH GHOLUGL EX DGDP
2ODQODUóDNOóDOPó\RU<RNVD0HFOLV LQELOGLáLEDġNDġH\OHULPLYDU"
=DPDQ óGXUGXUDELOLU\DGDWHUVLQH©HYLUHELOLUPL\GLDFDED"
%HQLNXPDQGDRGDVóQDNLOLWOHGLQL]YHDNOóQó]FDKHUġH\ELWHQHNDGDUHOLPLNROXPXEDáODGóQó]
òġLQ VHQOH LOJLOL NóVPóQGD ELU DNVDNOóN ROPDVóQGDQ NRUNWXáXQX V¸\OHGLQ %X GD \DSDFDNODUóQó
P¾NHPPHOHQEDġDUDPD\DELOHFHáLQDQODPóQDJHOL\RUGX
%HQLPV¸]OHULPWHKGLWQLWHOLáLQGH\GL
%HQEDġNDW¾UO¾DQODPóġóP%DáóġOD<DUGóPóQDLKWL\DFóPYDU
1HEL©LPLġWLEXE¸\OH0XWODND+DUODQ óQ\DUGóPóJHUHNL\RUGX7ZLVVHOOJHU©HNWHQGHOLUPLġPL\GL
DFDED"<RNVDGHOLUHQ+DUODQPó\Gó"<DGDGHOLOLáLQELUDQODPóYDUPó\Gó"
0HFOLV \DUGóPóQD LKWL\D© GX\X\RUGX %X \DUGóPóQD NDUġóOóN RQD KHU ġH\L YHUHELOLUOHUGL 1R\V
%LOJLVD\DUOóNU¾WEHVL)DNDWV¸]OHUELUDQODPWDġóPó\RUGXòġELWLQFHV¸]OHULQLWXWPD]ODUVDQHRODFDNWó
+D\óURQXLNLQFLELUGHIDGDKDNDQGóUDPD\DFDNODUGó
+D\óUGHGL
1R\VVHQLQRODFDN
<DQL0HFOLVWHKOLNHJH©HQHNDGDU6RQVX]OXáXQNXUDOODUóQó©LáQHPH\HUD]óRODFDNGHáLOPL"6DQD
LQDQPó\RUXP*HU©HNWHQEXGXUXPXQDWODWóOPDVóP¾PN¾QRODELOLUPL\GLNL"1DVóOROXUGX"
0HFOLV LQKDEHULROPD\DFDN
6HQ NHQGLQ PL NXUDOODUóQ ©LáQHQPHVLQH Uó]D J¸VWHUHFHNVLQ" 6HQ LGHDO ELU 6RQVX] VXQ 7HKOLNH
JH©HUJH©PH]\LQHNXUDOODUDX\DUVóQ%DġNDW¾UO¾GDYUDQDPD]VóQ
7ZLVVHOO LQ \¾]¾ J¸]OHULQH NDGDU Nó]DUPóġWó <DġOó \¾]¾QGHNL NXUQD] YH J¾©O¾ LIDGHQLQ \HULQGH
\HOOHUHVL\RUGX'óġDUó\D\DQVó\DQ\DOQó]FDGX\GXáXóVWóUDSWó
7DKPLQ ELOH HGHPH\HFHáLQ ELU QHGHQGHQ ¸W¾U¾ NXUDOODUó ©LáQH\HFHNWLP 6¸] YHUL\RUXP
6RQVX]OXáXQ \RN ROPDVóQGDQ ¸QFH QH NDGDU YDNWLPL] YDU ELOHPL\RUXP 6DDWOHU GH NDOPóġ RODELOLU
D\ODUGD)DNDWVHQLPDQWóáDGDYHWHWPHNL©LQEXNDGDUYDNLWND\EHWWLNWHQVRQUDELUD]GDKDXáUDġPD\D
GHáHU%HQLGLQOH\HFHNPLVLQ"/¾WIHQ"
+DUODQELUDQL©LQWHUHGG¾WHWWL6RQUDEDġND\DSDFDNELUġH\LROPDGóáóQóG¾ġ¾QHUHN'HYDPHW
GHGL
<DġOó RODUDN GRáGXáXPX KHVDS PDNLQHVL \HUNHQ GLġLPL NóUGóáóPó X\XUNHQ SLMDPDPóQ FHELQGH
EXOXQGXUGXáXPELUKHVDSPDNLQHVLQHVDUóOGóáóPóGDPDUODUóPGDPDNLQH\DáóGRODġWóáóQóV¸\OHUOHU
%X W¾U ġH\OHU DUDGD VóUDGD NXODáóPD JHOLU YH VDQóUóP ELUD] GD KRġXPD JLGHU %HONL EHQLP ELOH
LQDQDVóPJHOLUòONEDNóġWD\DġOóELUDGDPL©LQDSWDOFDġH\OHUPLġJLELJHOL\RUVDGDKD\DWóELUD]GDKD
©HNLOLUKDOHJHWLULULġWH
%XVHQLġDġóUWWóPó"%HQLPJLELELUDGDPóQKD\DWóGDKD©HNLOLUKDOHJHWLUPH\ROODUóQóDUD\óġó\DQL"
.óGHPOL%LOJLVD\DU7ZLVVHOO LQ%¾W¾Q]DPDQODU0HFOLVL QLNóGHPOL¾\HVLQLQ"
%HONL VLJDUD\ó GD EX \¾]GHQ L©L\RUXPGXU" +L© G¾ġ¾QPHGLP %LU QHGHQL ROPDOó =DPDQóQ E¾\¾N
ELU NóVPó YH 6RQVX]OXáXQ WDPDPó VLJDUD GL\H ELU ġH\L WDQóPD] %D]HQ EXQXQ 6RQVX]OXáD ELU
EDġNDOGóUPD \ROX ROGXáXQX G¾ġ¾Q¾U¾P %DġND ELU NRQXGD WDWPLQ HGLOHPH\HQ ELU LV\DQ DU]XVXQXQ
NHQGLQLJ¸VWHUPHVL
 <RN \RN L\L\LP %LU LNL J¸]\DġóQóQ ELU ]DUDUó \RNWXU <DOQó]FD EX NRQXODUó ©RNWDQGóU DNOóPGDQ
VLOPLġWLP+RġġH\OHUGHáLO
òġLQ L©LQGH D\Qó VHQLQNLQGH ROGXáX JLEL ELU NDGóQ YDUGó 5DVWODQWó GHáLO .D©óQóOPD] ELU GXUXP
DVOóQGDEX$LOHKD\DWóQóQWDWPLQOHULQLELUWDNóPGHOLNOLN¤áóWODUóQXáUXQDEóUDNPDN]RUXQGDNDOPóġ
RODQ ELU 6RQVX] ]DWHQ E¸\OH ELU KDVWDOóáD \DNDODQPDN L©LQ X\JXQ GXUXPGDGóU òġWH 6RQVX]OXáXQ
KDOLKD]óUGDJH©HUOLRODQNXUDOODUóGDEX\¾]GHQ\¾U¾UO¾áHNRQPXġWXU'RáDORODUDNELU©RN6RQVX]EX
NXUDOODUóQD©óNQRNWDODUóQGDQ\DUDUODQPDNL©LQDNODKD\DOHJHOPHGLN\¸QWHPOHUEXOGX
.DGóQóPó KDWóUOó\RUXP %HONL ©RN DSWDOFD ELU ġH\ EX 2 J¾QOHUH DLW EDġND KL©ELU ġH\ DNOóPD
JHOPL\RU %HQLP DNUDQODUóPóQ ©RáX ġLPGL NLWDSODUGD ND\óWOó DQóODUGDQ LEDUHWOHU <DSWóáóP W¾P
*HU©HNOLN'HáLġWLUPHOHULELULGóġóQGDKHVDSNRPSOHNVLQGHND\óWOóGóU.DGóQJ¸]¾P¾Q¸Q¾QHJHOL\RU
6HQEXQXDQOD\DELOLUVLQVDQóUóP
5HVPLELULOLġNLL©LQX]XQV¾UHXáUDġWóPYHVRQXQGD%LOJLVD\DUOóáDLONDWDQGóáóPJ¾QOHUGHJHUHNOL
L]LQ YHULOGL %X \¾]\óOD  \H DLW ELU Nó]Gó ò]LQ ©óNDQD NDGDU RQX J¸UHPHGLP $NóOOó YH QD]LNWL
*¾]HO\DGDġLULQGHáLOGLIDNDWJHQ©NHQ VHQV¸\OHQHQOHUHEDNPDEHQGHELU]DPDQODUJHQ©WLP EHQLP
GHáHU\DUJóODUóPDX\X\RUGX%LUELULPL]L©LQ\DUDGóOPóġWóNVDQNLYHHáHUELU¸O¾PO¾ROVD\GóPNDUóP
ROPDVóEHQL©RNPXWOXHGHUGL%XQXRQDGHIDODUFDDQODWWóP6DQóUóPDQOó\RUGXYHPXWOX\GX*HU©HN
EX+HU6RQVX]EXNDGDUġDQVOóRODPó\RU
ò©LQGH EXOXQGXáX *HU©HNOLNWH JHQ© \DġWD ¸OPHVL JHUHNL\RUGX YH VRQUDNL *HU©HNOLNOHUGH RUWD\D
©óNDQEHQ]HUOHULQLQKL©ELULUHVPLLOLġNLL©LQX\JXQGHáLOGL%DġODQJó©WDILOR]RI©DG¾ġ¾QPH\H©DOóġWóP
1HROXUVDROVXQKHUġH\GHQ¸QFH*HU©HáL]DUDUOóELUEL©LPGHHWNLOHPHGHQEHQLPOHPXWOXROPDVóQóQ
VHEHELKD\DWóQóQNóVDROXġX\GX
ĠLPGL E¸\OH G¾ġ¾QP¾ġ ROGXáXP L©LQ KD\DWóQóQ NóVD ROXġXQD VHYLQGLáLP L©LQ NHQGLPGHQ
XWDQó\RUXP<DOQó]FDEDġODQJó©WDEXE¸\OH\GL<DOQó]FDEDġODQJó©WD
=DPDQPHN¤QFHWYHOLQLQKHUL]LQYHUGLáLQGH]L\DUHWLQHJLGHUGLP+HUGDNLNDQóQWDGóQó©óNDUóUERġD
JLWPHVLQGL\HNLPL]DPDQ\HPHN\HPHNOH\DGDX\XPDNODYDNLWJH©LUPH]GLP2NDGDUL\LKX\OX\GX
NLLġOHUEHQLPWDKPLQOHULPLQ¸WHVLQHJLWWLYH¤ġóNROGXP%HONL©RNNDEDFDYHEDVLWLIDGHHGL\RUXP
6HYJLNRQXVXQGDSHNGHQH\LPLP\RNYHEXNRQX\X\DġDPDGDQNDYUD\DELOPHN©RN]RU%LOGLáLPYH
DQODGóáóP NDGDUó\OD KLVVHWWLNOHULPLQ ¤ġóN ROPXġ ELU LQVDQóQ GX\JXODUó ROPDVó JHUHNL\RUGX ¤ġóN
ROPXġWXP
'X\JXVDOYHIL]LNVHOLKWL\D©ODUóQWDWPLQLDPDFó\ODEDġODPóġRODQLOLġNLDUWóN©RNGDKDID]ODDQODP
WDġó\RUGX*LWJLGH\DNODġPDNWDRODQ¸O¾P¾DUWóNEHQLPL©LQND©óQóOPD]ELUROD\QLWHOLáLQGHGHáLOGL
P¾WKLġ KX]XUVX] ROX\RUGXP 2QXQ \DġDP ġHPDVóQóQ KHVDSODUóQó EL]]DW NHQGLP \DSWóP 6DQóUóP
ġDġóUGóQ%XNRUNXQ©ELUġH\DPDGDKDVRQUDLġOHGLáLPVX©ODUóQ\DQóQGDKL©NDOóU(YHWEHQ/DEDQ
7ZLVVHOO.óGHPOL%LOJLVD\DU7ZLVVHOOž©GHIDRQXQ¸]HOJHU©HNOLáLQLGHáLġWLUPHNL©LQHOLPHIóUVDW
JH©WL 7DELL NL NXUDOODUD D\NóUó ROGXáXQGDQ E¸\OH ELU ġH\ \DSPDPD PHFOLV L]LQ YHUPH]GL YH EHQ GH
KL©ELUġH\\DSDPDGóP˜O¾P¾QGHQNHQGLPLVRUXPOXWXWPD\DEDġODPóġWóP
+DPLOH NDOGó $VOóQGD EX NRQX\OD LOJLOHQPHOL\GLP DPD DOGóUPDGóP 2QXQ \DġDP ġHPDVóQó
NHQGLP \DSPóġWóP %HQLPOH LOLġNL\H JLUPHVLQL VDáOD\DFDN ġHNLOGH GXUXPX D\DUODPóġWóP YH KDPLOH
NDOPDLKWLPDOLQLQPHYFXWROGXáXQXELOL\RUGXP%HONLELOL\RUVXQGXUNLPL]DPDQ¸O¾PO¾NDGóQODUóQ
DOóQDQ ¸QOHPOHUH UDáPHQ 6RQVX]ODUGDQ KDPLOH NDOGóáó ROXU 1RUPDOGLU $QFDN 6RQVX]ODUóQ ©RFXN
VDKLEL ROPDODUó \DVDNODQGóáóQGDQ EX LVWHQPH\HQ KDPLOHOLNOHU DFóVó] YH HPLQ ELU©RN \¸QWHPOH
KDOOHGLOLU
+HVDSODUóPD J¸UH Nó] GRáXP ]DPDQó JHOPHGHQ ¸QFH ¸OHFHNWL RQXQ L©LQ KHUKDQJL ELU ¸QOHP
DOPDGóP +DPLOHOLáLQGHQ PXWOX\GX YH EHQ GH RQX PXWOX J¸UPHN LVWL\RUGXP %LUOLNWH ROGXáXPX]
]DPDQODU L©LQGH KD\DWóQ NóSóUGDGóáóQó KLVVHWWLáLQL V¸\O¾\RU EHQ GH J¾O¾PVHPH\H ©DOóġó\RU YH RQX
VH\UHGL\RUGXP
9HVRQUDKL©EHNOHQPHGLNELUġH\ROGX'RáXPROD\óQRUPDOGHQ¸QFHJHU©HNOHġWLYH©RFXNHUNHQ
GRáGX
<¾]¾PHE¸\OHEDNPDQDġDġóUPDGóP%LU©RFXáXPROPXġWX%XF¾POH\LNXOODQDELOHFHNELU6RQVX]
GDKDEXODPD]VóQ%XIHODNHWWHQGH¸WHELUROD\Gó%XG¾SHG¾]DO©DNOóNWóDPDEXELOHELUġH\VD\óOPD]
+L© XPPDPóġWóP 'RáXP YH EHUDEHULQGH JHWLUGLáL VRUXQODU HOLPL D\DáóPD GRODġWóUGó 3DQLN L©LQGH
<DġDP ĠHPDVó E¸O¾P¾QH JLWWLP YH J¸]GHQ ND©óUPóġ ROGXáXP ©RN N¾©¾N ELU LKWLPDOLQ VRQXFX RODQ
\DġD\DQELU©RFXNODNDUġóNDUġó\DNDOGóP$VOóQGDPHVOHáHYDNóIELU<DġDPĠHPDFóVóE¸\OHELUKDWD
\DSPD]Gó IDNDW NRQX\OD EL]]DW EHQ LOJLOHQLUNHQ \HWHQHNOHULPH ID]OD J¾YHQPHN JLEL ELU KDWD\D
G¾ġP¾ġW¾P ĠLPGL QH \DSDELOLUGLP" ‰RFXáX ¸OG¾UHPH]GLP $QQHVLQLQ GH ¸O¾P¾QH LNL KDIWD
NDOPóġWó%óUDNEHUDEHU\DġDVóQODUGL\HG¾ġ¾QG¾PòNLKDIWDOóNPXWOXOXNE¾\¾NELUKHGL\HVD\óOPD]Gó
2OPDVó JHUHNWLáL JLEL DQQH ¸OG¾ <¾UHáLP SDU©DODQDUDN ]DPDQPHN¤Q FHWYHOLQLQ L]LQ YHUGLáL
E¾W¾QV¾UHER\XQFDRGDVóQGDRWXUGXP.ROODUóPGDLNLPL]LQ©RFXáXQXWXWX\RUGXP
(YHW\DġDPDVóQDL]LQYHUGLP1HGHQ¸\OH©óáOóNDWWóQ"%DQDFH]DPóYHUGLUHFHNVLQ.HQGLQGHQELU
SDU©D\ó NROODUóQGD WDġóPDQóQ QH GHPHN ROGXáXQX ELOL\RU PXVXQ VHQ 'DPDUODUóPGD PDNLQH \Dáó
GRODġWóáóQóLGGLDHGHELOLUOHUDPDEHQEXGX\JX\XL\LELOL\RUXP
<DġDPDVóQD L]LQ YHUGLP %X VX©X GD LġOHGLP 8\JXQ ELU \HUH HPDQHW HWWLP YH JHUHNOL ¸GHPHOHUL
\DSDELOHFHNGXUXPDJHOLQFH©RFXáXQXJ¸UPHNL©LQWHNUDUG¸QG¾P
%¸\OHOLNOHLNL\óOJH©WL=DPDQ]DPDQ©RFXáXQ\DġDPġHPDVóQóLQFHOHGLP DUWóNNXUDOODUDD\NóUó
GDYUDQPD\D L\LFH DOóġPóġWóP  YH VHYLQHUHN J¸UG¾P NL  VHYL\HVLQGH ELU RODVóOóNOD ELOH
*HU©HNOLNWH ELU HWNL \DUDWPó\RUGX 2áODQ \¾U¾PH\L ¸áUHQGL YH ©DW SDW NRQXġPD\D EDġODGó %DQD
EDEDGHPHVL¸áUHWLOPHPLġWL.DOGóáó\XYDGDNLLQVDQODUEHQLPL©LQQHG¾ġ¾Q¾\RUODUGóELOPL\RUXP
3DUDODUóQóDOó\RUYHKL©ELUġH\VRUPX\RUODUGó
òNLQFL \óOóQ VRQXQD GRáUX  \L GH NDSVD\DQ ED]ó 'HáLġWLUPHOHUOH LOJLOL ELU UDSRU PHFOLVH
VXQXOGX%XUDSRUXQVRUXPOXOXáXEDQDYHULOGL2J¾QOHUGH$VLVWDQ%LOJLVD\DUU¾WEHVLQH\¾NVHOPLġWLP
YHEX\DOQó]EDġóPD\¸QHWHFHáLPLON*HU©HNOLN'HáLġWLUPHVLSURMHVL\GL
*XUXUGX\X\RUGXPGRáDORODUDNDPDELUD]GD©HNLQL\RUGXP%DKLVNRQXVX*HU©HNOLNWHRáOXP
\Dġó\RUGXYHDVOóQGD\DġDPDPDVóJHUHNLUGL2\¾]GHQ\HQL*HU©HNOLNWHE¾\¾NELURODVóOóNODEHQ]HUL
EXOXQPD\DFDNWó<RNRODFDáóG¾ġ¾QFHVL\OHNDKUROX\RUGXP
'HáLġWLUPH¾]HULQGHGLNNDWOH©DOóġWóPYHNHQGLPHJ¸UHNXVXUVX]ELULġEDġDUGóPòONLġLPGL)DNDW
NHQGL NHQGLPL NDQGóUGóP ‰RN GD NROD\ ROGX ©¾QN¾ EHQ ELU VX©OX ELU VX© P¾SWHODVó\GóP <HQL
*HU©HNOLNWHNLRáOXPXQ\DġDPġHPDVóQó\DSWóPVRQX©XPGXáXPJLEL\GL
)DNDW \LQH GH \LUPL G¸UW VDDW GDKD \HPHGHQ L©PHGHQ ©DOóġPDODUóPó J¸]GHQ JH©LUGLP %LU KDWD
ROPDVóQóLVWHPL\RUGXP
+L©ELUKDWD\RNWX
(UWHVLJ¾Q'HáLġLNOLáHDLW©¸]¾P¾POHELUOLNWHELU]DPDQPHN¤QFHWYHOLKD]óUODGóPYH©RFXáXPXQ
GRáXPXQGDQRWX]\óONDGDUVRQUDVóQGD]DPDQDJLUGLP
%HQ \DġODUGD\Gó RWX] G¸UW \DġóQD JHOPLġWL .HQGLPL DQQHVLQLQ DLOHVL\OH LOJLOL ELOGLNOHULPL
NXOODQDUDNX]DNELUDNUDEDGL\HWDQóWWóP%DEDVó\ODLOJLOLKL©ELUġH\ELOPL\RUGX%HEHNOLáLQGHRQXQOD
LOJLOHQPHNL©LQ\DSWóáóP]L\DUHWOHULGHKDWóUODPó\RUGX
+DYDFóOóN P¾KHQGLVL ROPXġWX 7RSOXPXQ EDġDUóOó ELU ¾\HVL\GL YH PXWOX\GX .HQGLVLQL ©RN VHYHQ
ELU Nó]OD HYOHQPLġWL IDNDW ©RFXNODUó \RNWX 2 *HU©HNOLNWH RáOXP \DġDPDVó\Gó EX Nó] GD NLPVH\OH
HYOHQPH\HFHNWL %¾W¾Q EXQODUó WD EDġWDQ EHUL ELOL\RUGXP *HU©HNOLNWH ¸QHPOL ELU HWNL
\DUDWPD\DFDNODUóQóGDELOL\RUGXP˜\OHROPDVD©RFXáXQXQ\DġDPDVóQDHQJHOROXUGXP
2 J¾Q¾ RáOXPOD JH©LUGLP .HQGLVL\OH UHVPL ELU KDYDGD NRQXġX\RU QH]DNHWOH J¾O¾PV¾\RUGXP
+HUELUKDUHNHWLQLGLNNDWOHL]OL\RUEHQOLáLPLRQXQODGROGXUPD\D©DOóġó\RUGXP<DUóQKHUġH\RUWDGDQ
ND\ERODFDNWó
$\QóġHNLOGHNDUóPóGDJ¸UHELOPLġROPD\óQHNDGDULVWHUGLP)DNDWR]DPDQEDQDWDQóQDQV¾UHQLQ
WDPDPóQóKDUFDPóġ=DPDQ DJH©PH\HELOHIóUVDWEXODPDPóġWóP
6RQVX]OXáD G¸QG¾P YH EHUEDW ELU JHFH GDKD JH©LUGLP (UWHVL VDEDK WDYVL\HOHULPL GH L©HUHQ
KHVDSODPDODUóPó'HáLġWLUPH QLQ\DSóODELOPHVLL©LQWHVOLPHWWLP
7ZLVVHOO LQ VHVL JLWJLGH ]D\óIODPóġ YH VRQ F¾POHOHU Dá]óQGD DGHWD IóVóOWó KDOLQGH ©óNPóġWó ĠLPGL
VXVX\RUGX2PX]ODUó©¸N¾NEDNóġODUóGL]OHULQLQDUDVóQGDQ\HUHGLNLOLELWNLQGL
+DUODQ \DġOó DGDPóQ V¸]OHULQH GHYDP HWPHVL L©LQ EHNOHUNHQ ¸NV¾UHUHN JHQ]LQL WHPL]OHGL
$Fó\RUGXLġOHGLáLEXQFDVX©DUDáPHQRQDDFóGóáóQóKLVVHGL\RUGX+HSVLEXPX"
7ZLVVHOO IóVóOGDGó +D\óU HQ N¸W¾V¾ HQ N¸W¾V¾ RáOXPXQ ELU EHQ]HUL \HQL *HU©HNOLNWH RUWD\D
©óNWó'¸UW\DġóQGD©RFXNIHOFLJH©LUHQELULRODUDN%DFDNODUóWXWPX\RUGX<DWDNWDJH©HQNóUNLNL\óOOóN
ELU KD\DWó YDUGó žVWHOLN  GH EX KDVWDOóáóQ WHGDYLVL L©LQ JHUHNOL KHU ġH\ YDUGó DPD P¾GDKDOH
HGHPL\RUGXP +DWWD DFóVó] ELU ġHNLOGH KD\DWóQó VRQD HUGLUPHP ELOH P¾PN¾Q GHáLOGL HOLP NROXP
EDáOó\Gó
ĠX DQGD K¤O¤ EX *HU©HNOLN PHYFXW 'DKD VRQUD EDġND ELU 'HáLġWLUPH \DSóOPDGó 2áOXP RUDGD
<¾]\óOóQóQDLWEXOXQGXáXNóVPóQGD\Dġó\RU%XQXRQDEHQ\DSWóP%XKD\DWDQHGHQRODQEHQLPNDIDP
YH KHVDSODUóPGó 9H 'HáLġWLUPH EHQLP HPLUOHULPOH \DSóOGó 2QXQ L©LQ DQQHVL XáUXQD ELU V¾U¾ VX©
LġOHGLPDPDEXVRQXQFXVXHQE¾\¾á¾DVóOVX©XPGX
6¸\OHQHFHNKL©ELUġH\\RNWXYH+DUODQGDNRQXġPDGó
ĠLPGL DQOó\RU PXVXQ QHGHQ R Nó]ó DOPDQó VDáODPD\D LVWHNOL ROGXáXPX QDVóO ROXS GD VHQL
DQOD\DELOGLáLPL" 6RQVX]OXáXQ EXQGDQ ELU ]DUDU J¸UPH\HFHáLQL VDQó\RUXP $\Qó ]DPDQGD VX©XPXQ
NHIDUHWLQLGH¸GHPLġRODFDáóP
9H+DUODQLQDQGó<¾UHNWHQLQDQGó%H\QLXáXOGX\RUGX
'L]OHULQLQ ¾VW¾QH ©¸NW¾ VóNóOó \XPUXNODUóQó KDYD\D NDOGóUGó %DġóQó ¸QH HáGL YH \¾UHáLQL H]HQ
óVWóUDSODLNLE¾NO¾PROGX
%LULQL NXUWDUPD RQXUXQD NDYXġXS GLáHULQH GH VDKLS RODELOHFHNNHQ KHP 6RQVX]OXáX IóUODWóS ELU
NHQDUDDWPóġKHPGH1R\V XND\EHWPLġWL
 

ò/.(/‰$à/$5'$$5$Ġ7,50$
7ZLVVHOO+DUODQ óQRPX]ODUóQGDQWXWPXġVDUVó\RUGX7HODġODQPóġWó
+DUODQ+DUODQ=DPDQDġNóQDRáOXP
+DUODQ\DYDġ\DYDġNHQGLQHJHOGL1H\DSDELOLUL]"
+HUKDOGHġXVHQLQ\DSWóáóQóGHáLOžPLWVL]OLáHNDSóOPDN\RN%DġODQJó©RODUDNEHQLGLQOH\HFHNVLQ
6RQVX]OXáX ELU 7HNQLV\HQ LQ J¸]¾\OH J¸UPH\L ELU \DQD EóUDN %LU %LOJLVD\DU JLEL G¾ġ¾QPH\H ©DOóġ
.DUġóODġDFDáóQġH\OHU©RNGDKDNDUPDġóNWóU=DPDQGDKHUġH\LGHáLġWLULSELU*HU©HNOLN'HáLġWLUPHVL
PH\GDQDJHWLUGLáLQDQGD\HQLGXUXPGHUKDOHVNLVLQLQ\HULQLDOóU%XQHGHQE¸\OHROX\RU"
+DUODQKH\HFDQODDWóOGó‰¾QN¾GHáLġWLUGLáLġH\GROD\óVó\OD*HU©HNOLN'HáLġLNOLáLND©óQóOPD]KDOH
JHOPLġWLU
$FDED"*HULG¸Q¾S\DSWóáóQGHáLġLNOLáLGHGHáLġWLUHELOLUVLQGHáLOPL"
+HUKDOGH*HU©LEHQKL©E¸\OHELUġH\\DSPDGóPDPD+DWWDEDġNDVóQóQGD\DSWóáóQóGX\PDGóP
'RáUX %LU GHáLġLNOLáL WHNUDU GHáLġWLUPHN KL© G¾ġ¾Q¾OPHPLġWLU EX \¾]GHQ LġOHU KHS SODQODQGóáó
JLEL\¾U¾W¾O¾U)DNDWġLPGLIDUNOóELUGXUXPOD\¾]\¾]H\L]$NODJHOPHPLġUDVWODQWóVDOELUGHáLġLNOLN
ROGX 6HQ &RRSHU ó \DQOóġ ELU \¾]\óOD J¸QGHUGLQ YH EHQ GH LġOHUL WHUVLQH ©HYLULS RQX WHNUDU EXUD\D
JHWLUPH\LG¾ġ¾Q¾\RUXP
=DPDQDġNóQDQDVóO\DSDFDNVóQó]EXQX"
+HQ¾]SHNHPLQGHáLOLPDPDELU\ROXROPDOó(áHUELU©¸]¾P\ROXROPDVD\DSWóáóQGHáLġLNOLN
WHUVH ©HYULOHPH\HFHN ELU ġH\ ROPDOó\Gó YH JHU©HNOLN GHáLġWLUPHVL GHUKDO HVNL GXUXPXQ \HULQL
DOPDOó\Gó )DNDW K¤O¤ HVNL *HU©HNOLNWH \Dġó\RUX] +¤O¤ 0DOODQVRKQ XQ DQóODUóQGDNL *HU©HNOLNWH \L]
'HáLġLNOLáLJHUL©HYLUPHġDQVóPó]YDUGHPHNWLU
1H"+DUODQ óQL©LQHG¾ġW¾á¾N¤EXVGDKDGDGHULQOHġL\RUJLUGDSODUóGDKDELUJ¾©OHQL\RUGX
‰HPEHUL ]DPDQ L©LQGH WHNUDU EDáODPDQóQ ELU \ROX ROPDOó YH \HWHQHNOHULPL] VD\HVLQGH EX \ROX
EXODFDáóPó]D LQDQó\RUXP ò©LQGH EXOXQGXáXPX] *HU©HNOLN \RN ROPDGóáó V¾UHFH K¤O¤ ġDQVóPó] YDU
GHPHNWLU(áHUVHQ\DGDEHQġXDQGDQLWLEDUHQWHNELU\DQOóġNDUDUDGDKLYDUVDNGHUKDO6RQVX]OXN
\RNRODFDNND\ERODFDNWóU$QOó\RUPXVXQ"
+DUODQDQODGóáóQGDQSHNHPLQGHáLOGL<DYDġ©DD\DáDNDONWóYHELUVDQGDO\H\HGRáUX\¾U¾G¾
<DQLVL]FH&RRSHU óJHULJHWLUHELOLUL]
9HVRQUDGRáUX\HUHJ¸QGHUHELOLUL]HYHW$UDFóWHUNHGHFHáLDQGD\DNDOD\óS GHNLGRáUX\HUH
J¸QGHUGLáLPL]GH DQFDN ELUND© VDDW \D GD J¾Q GDKD \DġOó RODFDNWóU (OEHWWHNL EX GD ELU GHáLġLNOLN
VD\óOóUIDNDW©RN¸QHPOLVD\óOPD]*HU©HNOLNELUD]VDUVóOóUDPDDOW¾VWROPD]
ò\LGHRQXQDVóOEXODFDáó]"
+HPHQġXDQGDDNOóPó]DJHOPH\HQDPDPXWODNDYDURODQELU\ROROPDOó\RNVD6RQVX]OXNġXDQGD
\RNROXUGX%X\ROXQQHRODELOHFHáLQHJHOLQFHLġWHEXNRQXGDVDQDLKWL\DFóPYDUVHQLNHQGLWDUDIóPD
©HNHELOPHNL©LQXáUDġPDPóQVHEHELEXòONHO]DPDQ¾]HULQGHX]PDQRODQVHQVLQ%XVRUXQXQFHYDEóQó
VHQEXO
<DSDPDPGL\HLQOHGL
7ZLVVHOOóVUDUHGL\RUGX<DSDELOLUVLQ
<DġOóDGDPóQVHVLKH\HFDQYHKD\DWGROX\GX*¸]OHULKóUVODSDUOó\RUVLJDUDVóQóELUVDYDġ©óPó]UDáó
JLELWXWX\RUGX+DWWDEXR\XQXQKRġXQDJLWWLáLELOHV¸\OHQHELOLUGL
2OD\ó WHNUDU \DġD\DELOLUL] GHGL òġWH LWPH NXPDQGDODUó %DġóQGD GXUX\RU YH JHOHFHN LġDUHWL
EHNOL\RUVXQòġDUHWLDOó\RUVXQ
'HYUH\LNDSDWóSJ¾©NROXQXDġDáóGRáUX©HNL\RUVXQ1HNDGDUDġDáó"
6¸\OHGLPVL]HELOPL\RUXP%LOPL\RUXP6HQELOPL\RUVXQDPDNDVODUóQELOL\RUGXU2UDGDGXU
YHNXPDQGDNROXQXWXW+DGLNHQGLQHJHODUWóN7XWNROXòġDUHWLEHNOL\RUVXQ%HQGHQQHIUHWHGL\RUVXQ
0HFOLVWHQ QHIUHW HGL\RUVXQ 6RQVX]OXNWDQ QHIUHW HGL\RUVXQ <¾UHáLQ 1R\V OD GROX 7HNUDU R DQó
\DġDGóáóQó NDEXO HW 1HOHU KLVVHWWL\VHQ WHNUDUOD ĠLPGL VDDWL \HQLGHQ D\DUOó\RUXP %LU GDNLND YDNWLQ
YDU %¾W¾Q EHQOLáLQOH R DQD JHUL G¸QHFHNVLQ 6RQUD VóIóUD \DNODġóQFD EóUDN VDá HOLQ GDKD ¸QFHNL
KDUHNHWLQLWHNUDUODVóQ6RQUDWHNUDUHOLQL©HNYHGDKD¸QFH\DSWóáóQJLELKDUHNHWVL]NDO+D]óUPóVóQ"
<DSDELOHFHáLPLVDQPó\RUXP
'¾ġ¾QVHQHEDġNDVH©HQHáLQ\RN2Nó]óWHNUDUHOGHHWPHQLQEDġNDELU\ROXYDUPó"
<RNWX +DUODQ NHQGLQL ]RUOD\DUDN NXPDQGDODUóQ EDġóQD JH©WL YH R DQó \DġDPD\D ©DOóġWó 6DDWLQ
¾]HULQGHNLNóUPó]óLEUHKDUHNHWHJH©PLġWL
+D\DWóQóQVRQGDNLNDVóQó\Dġó\RURODELOHFHáLQLG¾ġ¾QG¾
(NVLRWX]VDQL\H
'¾ġ¾QG¾+L©FDQóPDFóPD\DFDN%X¸O¾PGHáLO
<DOQó]FD1R\V XG¾ġ¾QPH\H©DOóġWó
(NVLRQEHġVDQL\H
1R\V
.RQWDáóNDSDWPDNL©LQVROHOL\OHELUNROXDġDáó\DGRáUX©HNWL
(NVLRQLNLVDQL\H
.ROXEDVWóUóSGHYUH\LNDSDWWó
*¾©YLWHVLLġLGHYUDOó\RUGXDUWóN
6DáHOLNóPóOGDGó
(NVLEHġVDQL\H
1R\V
6DáHOLWHNUDUEXGHIDVDUVóODUDNNóPóOGDGó
6ó©UD\óSNHQDUD©HNLOGL
7ZLVVHOO ©DEXFDN \DQóQD JHOGL HáLOLS UDNDPODUó RNXGX <LUPLQFL \¾]\óO GHGL 7DP RODUDN

 +DUODQ QHIHV DODPó\RUGX %LOPL\RUXP $\Qó DQó \DġDPD\D ©DOóġWóP DPD IDUNOó\Gó 1H \DSWóáóPó
ELOL\RUGXP6RQX©GDKDGHáLġLNROPXġRODELOLU
%LOL\RUXP ELOL\RUXP %HONL WDPDPHQ \DQOóġWóU %X LON \DNODġóPGó GL\HOLP %LU DQ L©LQ GXUGX
NDIDVóQGDQ ELU ġH\OHU JH©L\RUGX &HELQGHQ ELU KHVDS PDNLQHVL ©óNDUGó VRQUD KHUKDQJL ELU LġOHP
\DSPDGDQ WHNUDU \HULQH NR\GX 1RNWDGDQ VRQUDNL UDNDPODU L©LQ G¾ġ¾QHOLP  RODVóOóNOD RQX
 LQFLQLQLNLQFL©H\UHáLQHJ¸QGHUGLQGL\HOLP OHDUDVóQGDELU\HUH1HGHUVLQ"
%LOPL\RUXP
(HHġLPGLEDN(áHUEHQòONHO©DáODUóQEXE¸O¾P¾\OHLOJLOLNHVLQELUNDUDUDYDUóUVDPYHNDUDUóP
\DQOóġ ©óNDUVD ]DPDQ L©LQGHNL ©HPEHUL NDSDWPD ġDQVóPó]ó ND\EHWPLġ RODFDáó] YH 6RQVX]OXN \RN
RODFDN˜QHPOLRODQQRNWDNDUDUóQNHQGLVLQGH.DUDUóPóYHUL\RUXP.HVLQRODUDNHPLQLPNL
+DUODQ VDQNL JHU©HNOLN VRQ GHUHFH QD]LN YH NóUóOJDQPóġ YH DQL ELU EDġ KDUHNHWL\OH NóUóOóS
SDU©DODQDELOLUPLġJLELEDġóQó\DYDġ©D©HYLUHUHNHWUDIóQDEDNóQGó
6RQVX]OXáXQ\RNROGXáXIDODQ\RN 7ZLVVHOO LQGDYUDQóġODUóRQXGDHWNLOHPLġWL.HQGLQGHQHPLQ
ELUVHVWRQX\ODNRQXġWXáXQXIDUNHWWL
6RQVX]OXNGHYDPHGL\RUVDEL]GRáUXNDUDUYHUGLNGHPHNWLUĠLPGLOLN\DSDFDNEDġNDELUġH\\RN
2GDPD JLGHOLP %óUDNDOóP EXUD\ó NRPLWH ¾\HOHUL LVWLOD HWVLQOHU %X RGDGD QHIHV DOPDN ELOH RQODUó
PXWOX HGHFHNWLU 2QODUD J¸UH SURMH EDġDUó\OD WDPDPODQGó (áHU LġLPL]L KDOOHGHPH]VHN QH ROGXáXQX
KL©ELU]DPDQ¸áUHQHPH\HFHNOHU%L]GH¸\OHWDELL
7ZLVVHOO VLJDUDVóQó LQFHOH\HUHN ĠLPGL FHYDSODQGóUPDPó] JHUHNHQ VRUX ġX &RRSHU NHQGLVLQL
\DQOóġELU\¾]\óOGDEXOXQFDQH\DSDFDN"
%LOPHP
%LUNHUHNHVLQOLNOHHPLQL]NL]HNLKD\DOLJHQLġYHDNóOOóELUGHOLNDQOóGóUVHQFHGH¸\OHGHáLOPL"
(HH ġH\ EX DGDP KHU ġH\GHQ HYYHO 0DOODQVRKQ 'RáUX 9H \DQOóġ ELU \HUH JHOLS JHOPHGLáLQL
PHUDNHGHFHNWLU+DWóUOó\RUPXVXQ"7DPLVWHQHQQRNWD\DYDUDPD]VDPQHRODFDNGL\HVRUPXġWX
(HH"+DUODQEXPDQWóN\¾U¾WPHQLQQHUH\HYDUDFDáóQóNHVWLUHPL\RUGX
%X \¾]GHQ NHQGLQL =DPDQ GD \DQOóġ ELU \HUGH EXOPD\D NDUġó KD]óUOóNOó\Gó %LU ġH\OHU \DSDFDN
EL]H XODġPD\D ©DOóġDFDNWóU 7DNLS HGHELOHFHáLPL] ELUWDNóP L]OHU EóUDNDFDNWóU 8QXWPD NL EX DGDP
\DġDPóQóQELUE¸O¾P¾QGHELU6RQVX] GX7ZLVVHOOVLJDUDVóQGDQELUQHIHV©HNWLYHKDYD\DGXPDQGDQ
ELU KDOND ¾IOHGL 3DUPDáó\OD EX KDOND\ó ER]GX YH NRSXS GDáóOóġóQó VH\UHWWL =DPDQGD KDEHUOHġPH
ILNULQHDOóġNóQGóU=DPDQL©LQGHND\EROGXáXG¾ġ¾QFHVLQHNDSóODFDáóQóVDQPó\RUXP2QXDUDGóáóPó]ó
ELOPHVLJHUHNLU
ò\LDPD\¾]\óOGDVH\DKDWDUD©ODUóPó]GD6RQVX]OXNGD\RN%L]LPOHQDVóOWHPDVNXUDELOLU"
6HQLQOH7HNQLV\HQVHQLQOH%L]LPOHGHáLOòONHO©DáODUX]PDQóRODQVHQVLQ=DPDQ óQRE¸O¾P¾Q¾
&RRSHU DVHQ¸áUHWWLQ%óUDNDFDáóL]OHULEXODELOHFHáLQL¾PLWHGHFHáLWHNLQVDQVHQVLQ+DQJLL]OHUL
%LOJLVD\DU" 7ZLVVHOO LQ \DġOó \¾]¾ +DUODQ D G¸QG¾ %¾W¾Q KDWODUó EXUXġPXġWX &RRSHU óQ òONHO
=DPDQ GD EóUDNóOPDVó SODQODQGóáóQGDQ =DPDQ L©LQGH RQX NRUX\XS ¸UWHFHN ELU NDONDQ G¾ġ¾Q¾OPHGL
%XUDGDQD\UóOGóNWDQVRQUDJHULNDODQKD\DWóEL]GXUXPXWHUVLQH©HYLULQFH\HNDGDU=DPDQL©LQGHELU
\HUNDSOD\DFDN%XNDSODGóáó]DPDQL©HULVLQGHEL]HELUPHVDMLġDUHW\DGDEXOXQGXáX]DPDQDX\JXQ
ROPD\DQGLNNDWL©HNHFHNELUġH\EóUDNDELOLU\¾]\óOóLQFHOHUNHQNXOODQGóáóQ¸]HOND\QDNODUYDUGóU
KHUKDOGH '¸N¾PDQODU DUġLYOHU ILOPOHU UHIHUDQV ©DOóġPDODUó =DPDQ óQ L©LQGH EXOXQDQ WHPHO
ND\QDNODUóNDVWHGL\RUXP
 (YHW
%XQODUóVHQLQOHELUOLNWHRGDLQFHOHPLġPL\GL"
(YHW
%XQODUóQ L©LQGH VHQLQ ©RN EHáHQGLáLQ ¸]HO ELU ġH\ \RN PX" 6HQLQ \DNóQGDQ WDQóGóáóQD L\L
ELOGLáLQHHPLQROGXáXELUUHIHUDQVóNXOODQDELOLU
ĠLPGLQHGHPHNLVWHGLáLQLDQODGóP+DUODQG¾ġ¾QPH\HEDġODGó
(HH"7ZLVVHOOVDEóUVó]ODQó\RUGX
7DPDPJ¾QFHOROD\ODUó\DQVóWDQGHUJLOHULP%XGHUJLOHU QLQLON\DUóVóQGD©RNNXOODQóOóU+HOH
EXW¾UGHUJLOHUGHQELULQLQ\¾]\óOóQEDġODUóQGDQ\¾]\óODNDGDUNLE¾W¾QVD\óODUóWDULKVóUDVóQD
J¸UHEHQGHYDU
ò\LĠLPGLVHQFH&RRSHU óQEXKDEHUGHUJLVLQGHQELUPHVDMóLOHWPHN¾]HUHKHUKDQJLELUġHNLOGH
\DUDUODQPDVóRODQDNOóPó"
%LOPHP+DUODQEDġóQóVDOODGó%DKVHWWLáLPGHUJLQLQJDULSELUVLVWHPLYDUGóU2UDGDELU\D]óQóQ
\D\óQODQPDVóQó SODQOD\DUDN \ROD ©óNPDN \DQOóġ ROXU ‰¾QN¾ NHQGLOHUL VH©LS \D\óQOó\RUODU +DWWD
&RRSHU EX GHUJLQLQ \D]ó DLOHVLQH NDWóOPD\ó D\DUODVD ELOH NL EX ©RN ]RU \LQH GH \D]óVóQóQ ELU V¾U¾
HGLW¸UGHQNHQGLLVWHGLáLJLELJH©HELOHFHáLQLVDQPó\RUXPòġLPL]H\DUD\DFDNELUġH\DNOóPDJHOPL\RU
%LOJLVD\DU
=DPDQ DġNóQD G¾ġ¾Q ĠX GHUJL PHVHOHVLQH ELUD] GDKD NDID \RU  \¾]\óOGDVóQ YH RQXQ DOGóáó
HáLWLPYHVDKLSROGXáXJH©PLġOH&RRSHUVHQVLQ‰RFXáDVHQ¸áUHWWLQ+DUODQ2 QXQG¾ġ¾QFH\DSóVóQó
VHQ ġHNLOOHQGLUGLQ ĠLPGL QH \DSDU EX DGDP G¾ġ¾Q 7DP LVWHGLáL NHOLPHOHUOH EX GHUJL\H ELU ġH\OHU
\D]GóUDPD]Pó"
+DUODQ óQJ¸]OHULIDOWDġóJLELD©óOGó%LULODQ
1H"
%LU LODQ 3DUDVóQó ¸GH\HUHN ELU ġH\L WDP LVWHGLáLQL] JLEL \D]GóUDELOLUVLQL] &RRSHU OD EX NRQXGD
HSH\NRQXġPXġWXN
+DDHYHW GDGDE¸\OHELUġH\OHURODFDNGHGL7ZLVVHOO
\¾]\óOGDNLELUD]GDKDIDUNOóGóU%XNRQXGD\¾]\óOWHN¸UQHNWLU.¾OW¾UHOELU
ĠLPGLEXLODQGL\HUHNV¸]¾Q¾NHVWL7ZLVVHOOKH\HFDQODQPóġWóQDVóOELUġH\RODELOLU"
1HUGHQELOH\LP"
7ZLVVHOOVLJDUDVóQóQ\DQDQXFXQDEDNWóLOKDPJHOPHVLQLEHNOHUJLELELUKDOLYDUGó'HUGLQLD©óN©D
DQODWDPD]˜UQHáLQ \¾]\óOGDQ&RRSHU\¾]\óODNDUD\DRWXUGXYHVRQVX]OXáXDUó\RU GL\HFHN
KDOL\RN
1DVóOE¸\OHHPLQRODELOLUVLQL]"
2ODQDNVó]  \¾]\óOD RQODUóQ ELOPHGLáL ġH\OHUL V¸\OHPHN 0DWWDQVRKQ XQ DQóODUóQD ]DUDU YHULS
©HPEHULNRSDUPDND©óVóQGDQHQD]EL]LPEXUDGD\DSDFDáóPó]ELUKDWDNDGDUN¸W¾VRQX©ODUGRáXUXU
%L]K¤O¤EXUDGD\ó]YHYDUó]RKDOGHòONHO=DPDQODUóQġXDQGDNLJHU©HNOLáLQGHEXOXQDQ&RRSHUE¸\OH
]DUDUYHUHFHNELUġH\\DSPóġRODPD]
+DUODQ V¸]¾ GHYUDOGó $VOóQGD EDKVHWWLáLP GHUJL VD©PD \D GD DQODPó DQODġóOPD\DQ ELU ġH\L
\D\óQODPD\óNDEXOHWPH]+LOHOLELUGXUXPGDQ\DGDNDQXQVX]ELUġH\OHUROGXáXQGDQġ¾SKHOHQHFHNYH
DQODPDGóNODUó LġOHUH NDUóġPDNWDQ ND©óQDFDNODUGóU %X \¾]GHQ &RRSHU PHVDMóQGD 6WDQGDUG
=DPDQODUDUDVó/LVDQ óNXOODQDPD]
7HNUDU 7ZLVVHOO NRQXġWX .XUQD]FD ELU ġH\OHU NXOODQPDVó OD]óP 'ROD\Oó \ROODUGDQ DQODWPD\D
©DOóġóU KHUKDOGH òODQóQGD LONHO LQVDQD \DEDQFó JHOPH\HFHN ELU ġH\OHU \D]PDOó %L]H GH KLWDS
HGHELOPHOL+HPGHLONEDNóġWDJ¸UHELOHFHáLPL]ELUġH\ROPDOóDNVLWDNGLUGHVD\óODPD\DFDNNDGDU©RN
\D]óQóQL©LQGHQEXOXS©óNDUPDNLPNDQVó]ODġóU1HE¾\¾NO¾NWHELUġH\ROXUDFDED+DUODQ"%XLODQODU
SDKDOóPóGóU"
2OGXN©DSDKDOóGóUVDQóUóP
&RRSHU óQ SDUDVóQóQ PLNWDUóQó GD EHOOL HWPHPHVL OD]óP =DWHQ \DQOóġ ELU ġHNLOGH EDġNDODUóQóQ
GLNNDWLQL©HNPHPHNL©LQN¾©¾NELULODQYHULUKHUKDOGH'¾ġ¾QEDNDOóP6HQFHQHE¾\¾NO¾NWHELUġH\
ROXU"
+DUODQWDKPLQ\¾U¾WPHQLQJ¾©O¾á¾Q¾DQODWPDNL©LQHOOHULQLD©DUDN<DUóPV¾WXQ"GHGL
6¾WXQPX"
%X GHUJLOHU ELOL\RUVXQX] EDVNóGDQ ©óNó\RU .¤áóW ¾]HULQH EDVóOó\RU <D]óODU V¾WXQODU KDOLQGH
KD]óUODQó\RU
+DDDQODGóPĠLPGLEDġNDW¾UO¾ELU\DNODġóPGDEXOXQDOóP˜\OHELU\DUóPV¾WXQLODQóDUD\DFDáó]
NLEDNDUEDNPD]LODQóYHUHQLQLOHUNL\¾]\óOODUGDQJHOGLáLD©óN©DDQODġóODFDNYH©RNQRUPDOġH\OHUGHQ
EDKVHWWLáLL©LQGHR\¾]\óOóQLQVDQODUóKHUKDQJLELUġH\GHQġ¾SKHOHQPH\HFHN
<DE¸\OHELUġH\EXODPD]VDP"
%XODFDNVóQ6RQVX]OXNK¤O¤GHYDPHGL\RUGHáLOPL"'HYDPHWWLáLV¾UHFHGRáUX\ROGD\ó]GHPHNWLU
6¸\OH EDND\óP &RRSHU OD ©DOóġóUNHQ E¸\OH ELU LODQGDQ EDKVHWPLġ PL\GLQ" *¸]H ©DUSDFDN
DOóġóOPDPóġNXUQD]FDELUġH\
+D\óU
+HPHQFHYDSYHUPH'¾ġ¾QELUD]
+D\óU&RRSHU ODELUOLNWHEXGHUJLOHULLQFHOHUNHQR\¾]\óOGDGHáLOGLNL
/¾WIHQ RáOXP NDIDQó NXOODQ &RRSHU óQ  \H J¸QGHULOGLáL DQ V¸] NRQXVX LODQ GHUJLQLQ LOJLOL
VD\óVóQGD EHOLUPLġWLU %LU ¸QFHNL *HU©HNOLNWH EX GHUJL\H EDNDUNHQ VDQD VDQNL E¸\OH ELU ġH\ \RNPXġ
JLELJHOPLġWLU$QODGóQPó"
.HQGLVLQL]DPDQVDOPDQWóáóQRUWDPóQDVRNDQ7ZLVVHOO LQNDUġóVóQGD+DUODQELUNHUHGDKDġDġNóQD
G¸QP¾ġW¾%DġóQóVDOODGó+L©E¸\OHELUġH\KDWóUODPó\RUXP
3HNLQHUHGHVDNOó\RUVXQEXGHUJLOHUL
&RRSHU GDQ¸W¾U¾WDQóQDQD\UóFDOóNVD\HVLQGHLNLQFLNDGHPHGHNXUGXáXPELUN¾W¾SKDQHGH
*¾]HOGHGL7ZLVVHOO+D\GLRUD\DJLGHOLP+HPHQ
+DUODQ 7ZLVVHOO LQ N¾W¾SKDQHGHNL HVNL FLOWOL NLWDSODUD GLNNDWOH EDNóġóQó YH VRQUD GD L©OHULQGHQ
ELULQLUDVWJHOH©HNLSDOóġóQóVH\UHWWL%XNLWDSODURNDGDUHVNL\GLOHUNLN¤áóWWDQ\DSóOPóġVD\IDODU¸]HO
\¸QWHPOHUOH NRUXQPDVD XQ XIDN RODELOLUGL 2\VD ġX DQGD 7ZLVVHOO LQ EXQX KL© XPXUVDGóáó \RNWX YH
HOLQGHNLNLWDEDKL©GHQD]LNGDYUDQPó\RUGX
+DUODQ óQ L©L JLGL\RUGX %DġND ]DPDQ ROVD ELU .óGHPOL %LOJLVD\DU ROPDVóQD UDáPHQ 7ZLVVHOO H
NLWDSODUGDQX]DNGXUPDVóQóV¸\OHUGL
<DġOó DGDP HOLQLQ DOWóQGD ©DWóUGD\DQ VD\IDODUD J¸] JH]GLUGL YH \D]óODQODUó RNXPD\D ©DOóġWó %X
GLOELOLPFLOHULQ GXUPDGDQ EDKVHWWLNOHUL òQJLOL]FH GHáLO PL" GL\H VRUGX %LU \DQGDQ GD LġDUHW
SDUPDáó\ODNLWDEDYXUX\RUGX
(YHWòQJLOL]FHGL\HKRPXUGDQGó+DUODQ
7ZLVVHOOFLOGL\HULQHNR\GX$áóUYHNDED
+DUODQ RPX] VLONWL +HU QH NDGDU N¤áóW YH EDVNó GX\XOPDPóġ ELU ġH\ GHáLOVH GH 6RQVX]OXáXQ
NDSVDPóQGDNL \¾]\óOODUóQ ELU NóVPóQGD PROHN¾OHU ND\óW FLKD]ODUó JHUL NDODQ KHPHQ KHSVLQGH GH
ILOPOHUNXOODQóOó\RUGX
.LWDSODUILOPOHUNDGDUID]ODWHNQRORMLN\DWóUóPJHUHNWLUPL\RUGHGL
7ZLVVHOO©HQHVLQLRYXġWXUGX˜\OH%DġOó\RUPX\X]"
%DġNDELUFLOGLHOLQHDOGóYHUDVJHOHD©WóáóELUVD\ID\DEDNPD\DEDġODGó
+DUODQG¾ġ¾QG¾%XDGDP©¸]¾P¾UDVWJHOHD©WóáóELUVD\IDGDġDQVHVHULEXODFDáóQóVDQó\RUJDOLED
%HONL GH 7ZLVVHOO JHU©HNWHQ ¸\OH G¾ġ¾Q¾\RUGX ©¾QN¾ EDġóQó NDOGóUóS GD +DUODQ óQ DFD\LS DFD\LS
NHQGLVLQHEDNDQJ¸]OHUL\OHNDUġóODġóQFDNó]DUGóYHNLWDEóELUNHQDUDEóUDNWó
+DUODQ  QLQ LON FLOGLQL DOGó YH VD\IDODUó ELUHU ELUHU ©HYLUPH\H EDġODGó <DOQó]FD VDá HOL LOH
J¸]OHULKDUHNHWHGL\RUGX9¾FXGXQXQJHULNDODQNóVóPODUóKHSELUGHQGLNNDWNHVLOPLġNóSóUGDPó\RUGX
ELOH
<DOQó]FD\HQLELUFLOWDODFDáó]DPDQQHIHVDOó\RUJLEL\GL.DKYHVDQGYL©YHGLáHULKWL\D©ODUL©LQGH
\DOQó]FDEXGXUDNODPDODUNXOODQóOó\RUGX
+DUODQ\RUJXQELUVHVOH%XUDGDGXUXSEHNOHPHQL]LQELUDQODPó\RNGHGL
6HQLUDKDWVó]HGL\RUPX\XP"+D\óU
˜\OH\VH NDOó\RUXP GL\H PóUóOGDQGó 7ZLVVHOO 5DIODUó GRODġó\RU ©DUHVL]OLN L©LQGH FLOWOHUL
VH\UHGL\RUGX2©óOJóQVLJDUDODUóNLPL]DPDQSDUPDNODUóQó\DNó\RUIDNDWKL©DOGóUPó\RUGX
2J¾Q¸\OHELWWL
*¾\DX\XGXODUDPDX\NXQXQ]DPDQóGHáLOGL6DEDKVDDWOHULQGHNLLNLFLOWDUDVóPRODODUGDQELULQGH
7ZLVVHOO NDKYHVLQGHQ VRQ \XGXPX DOGó YH NRQXġPD\D EDġODGó %D]HQ ġX EHQLP VRUXQGDQ VRQUD
%LOJLVD\DUOóáóPóQHGHQELUNHQDUDIóUODWóSDWPDGóáóPDġDġDUóP
+DUODQEDġóQóVDOODGó
<DġOóDGDPGHYDPHWWL%óUDNDFDNWóP$\ODUFD¸Q¾PHELU'HáLġWLUPHLġL©óNPDVóQGL\HGXDHWWLP
0LGHPL EXODQGóUó\RUGX %X 'HáLġWLUPHOHUL \DSó\RUX] DPD \DSWóáóPó] GRáUX ELU ġH\ PL GL\H
G¾ġ¾QPH\HEDġODGóPòQVDQóQDNOóQDW¾UO¾©HġLWġH\JHOL\RU
6HQ LONHO WDULKL L\L ELOLUVLQ +DUODQ 1DVóO ELU ġH\ ROGXáXQX ELOLUVLQ òONHO ©DáóQ *HU©HNOLáL
UDVWODQWóODUD J¸UH N¸UOHPHVLQH DNóS JLGHU (áHU NDGHUGH ELU VDOJóQ KDVWDOóN YDUVD \D GD RQ \¾] \óO
V¾UHFHNELUHNRQRPLNEDáóPOóOóNKD\DWó\DġDQDFDNWHNQRORMLNELU©¸N¾ġV¸]NRQXVX\VDYHKDWWDELU
ELU¸UQHáLQHQN¸W¾V¾QHGLUKDWWDELUDWRPVDYDġóRODFDNVDROXU%XQXQKL©NLPVH¸Q¾QHJH©HPH]
)DNDW6RQVX]OXáXQEDġODQJóFóQGDQLWLEDUHQRODQ\¾]\óOODUGDEXQODUóQKHSVLQHGXUGHQLOGL GHQ
VRQUDNL \¾]\óOODUGD ġX VD\GóNODUóPóQ KL©ELUL RODPD] %L] LQVDQOóáD LONHO ©DáODUóQ KD\DO ELOH
HGHPH\HFHáLUHIDKóVDáODGóNJ¾YHQFH\LYHUGLN
+DUODQ XWDQDUDN G¾ġ¾QG¾ 1H \DSPD\D ©DOóġó\RU NL EX" %HQL JD\UHWH PL JHWLUPH\H ©DOóġó\RU"
(OLPGHQJHOHQL\DSó\RUXPEHQ
7ZLVVHOO GHYDP HGL\RUGX ĠLPGL ġDQVóPó]ó NXOODQPD]VDN 6RQVX]OXN ND\ERODFDN EHONL GH E¾W¾Q
IL]LNVHO]DPDQER\XQFD9HPXKWHPHOELUDWRPVDYDġóVRQXQGDLQVDQVR\XRUWDGDQNDONDFDN
+DUODQPóUóOGDQGó%LUVRQUDNLFLOGHEDġODVDPL\LRODFDN
%LUVRQUDNLPRODGD7ZLVVHOO©DUHVL]OLNL©LQGHVRUGX%XE¸\OHELWHFHNJLELGHáLO'DKDKó]OóELU
\ROX\RNPX"
9DUVDVL]V¸\OH\LQ%DQDNDOóUVDKHUELUVD\ID\óWHNWHNLQFHOHPHPJHUHNL\RU%XLġEXQGDQGDKD
Kó]OóQDVóO\DSóOóUELOPHP
6D\IDODUó©HYLUPH\HGHYDPHWWL
6RQXQGD GHGL +DUODQ KDUIOHU J¸]¾P¾Q ¸Q¾QGH X©XġPD \D EDġODGó %X GHPHNWLU NL ELUD]
X\XPDPJHUHNL\RU%¸\OHFHLNLQFLJ¾QGHELWWL
ž©¾QF¾J¾QVDEDK GH+DUODQELUVD\ID\DJ¸]OHULQLGLNWLġDġNóQEDNWóYHòġWHEXGHGL
7ZLVVHOO¸QFHDQOD\DPDGó1H"
+DUODQ EDġóQó NDOGóUGó \DġOó %LOJLVD\DU D EDNWó KDUHNHWOHULQ GHQ ©RN ġDġóUGóáó DQODġóOó\RUGX
%LOL\RUPXVXQX]LQDQPDPóġWóP6L]LQGHUJLOHUYHLODQODUODLOJLOLDQODWWóNODUóQó]óGHOLVD©PDVóNDEXO
HGL\RUJHU©HNWHQLQDQPó\RUGXP
7ZLVVHOODQFDNġLPGLGXUXPXNDYUD\DELOPLġWL%XOGXQ
+DUODQ óQHOLQGHNLFLOGHVDOGóUGóWLWUH\HQHOOHUL\OHNLWDEóDOPDNL©LQX]DQGó
+DUODQNLWDEóRQGDQX]DNODġWóUGóYHELUGHQNDSDWWó
%LUGDNLND6L]HVD\ID\óJ¸VWHUVHPELOH\LQHGHEXODPD]VóQó]
1H\DSó\RUVXQ"GL\HELU©óáOóNDWWó7ZLVVHOO<HULQLND\EHWWLQ
.D\EROPD] 1HUHGH ROGXáXQX ELOL\RUXP $PD ¸QFH ˜QFH QH" %LU KXVXVX D©óNOóáD
NDYXġWXUDOóP%LOJLVD\DU1R\V XDODELOHFHáLPLV¸\OHGLQL]*HWLULQRQXEXUD\DRKDOGH2QXJ¸UPHPL
VDáOD\óQ
7ZLVVHOO+DUODQ DGLNGLNEDNWóVH\UHNEH\D]VD©ODUóNDUPDNDUóġóNWóĠDNDPóHGL\RUVXQ"
+D\óU GHGL +DUODQ LIDGHVL VHUWOHġPLġWL ĠDND \DSPó\RUXP %DQD EX LġL D\DUOD\DFDáóQó]D GDLU
JDUDQWLYHUGLQL]6L]PLġDND\DSó\RUVXQX]"1R\V ODEHQEHUDEHURODFDNWóN6¸]YHUPLġWLQL]
(YHWYHUGLP2LġWDPDP
2KDOGHJHWLULQRQXEXUD\DKHPGHFDQOóVDáOóNOóYHHOV¾U¾OPHPLġRODUDN
)DNDWVHQLDQOD\DPó\RUXP%HQGHGHáLONL+L©NLPVHQLQHOLQGHGHáLO+¤O¤R¾VW]DPDQODUGDELU
\HUGHGXUX\RU.LPVHQLQHOLQLV¾UG¾á¾\RN=DPDQDġNóQDVDQDRHPQL\HWWHGL\RUXP
+DUODQ \DġOó DGDPD EDNWó VLQLUOHUL L\LFH JHULOPLġWL .RQXġPDNWD J¾©O¾N ©HNL\RUGX 6L] NHOLPH
R\XQX\DSó\RUVXQX]7DPDPNó]RX]DN¾VW]DPDQODUGDELU\HUGHIDNDWEXQXQEDQDQHID\GDVóYDU"
 GHNLHQJHOLNDOGóUóQ
1H\L"
 (QJHOL$UD©JH©HPL\RU
7ZLVVHOOELUGHQKH\HFDQODQGó'DKD¸QFHE¸\OHELUġH\GHQEDKVHWPHPLġWLQ
%DKVHWPHPLġ PL\GLP" +DUODQ ġDġóUPóġWó +D\UHW *HU©HNWHQ GH 7ZLVVHOO H EX NRQXGDQ V¸] HGLS
HWPHGLáLQLKDWóUODPó\RUGX)DNDWġLPGLEXQXG¾ġ¾QPHQLQ]DPDQóGHáLOGL'¾ġ¾QPHNWHQYD]JH©WL
+HUQH\VHĠLPGLV¸\O¾\RUXPLġWH.DOGóUóQRQXRUGDQ
$PDEXRODQDNVó]$UDFóQ\ROXQXNHVHQELUHQJHO¸\OHPL"=DPDQVDOELUHQJHOPL"
ĠLPGLVL]EDQDRġH\LRUD\DVL]LQNR\PDGóáóQó]óPóV¸\O¾\RUVXQX]"
%HQ\DSPDGóP=DPDQDGóQD\HPLQHGHULP
2KDOGHRKDOGH+DUODQY¾FXGXQGDQNDQóQ©HNLOGLáLQLKLVVHWWL2KDOGH0HFOLV LQLġLEX+HU
ġH\LELOL\RUODUGóYHEXLġLVL]GHQKDEHUVL]WH]J¤KODGóODUYHPDGHP¸\OHLODQODUóQóGD&RRSHUODUóQó
GD0DOODQVRKQODUóQóGD6RQVX]OXNODUóQóGDND\EHWWLOHUGHPHNWLU.D\EHWWLOHU+HSVLQL
'XU'XU7ZLVVHOO¾PLWVL]OLNL©LQGH+DUODQ óQNROXQD\DSóġWó.HQGLQHK¤NLPRO'¾ġ¾QRáOXP
G¾ġ¾Q0HFOLVHQJHOIDODQNR\PD]
2UDGDELUHQJHOYDUDPD
ò\L GH RQODU E¸\OH ELU HQJHO NR\DPD]ODU NL +L© NLPVH NR\DPD] %¸\OH ELU ġH\ NXUDPVDO RODUDN
LPN¤QVó]GóU
$PDYDULġWH
)DNDWHáHUR
9H +DUODQ 7ZLVVHOO LQ J¸]OHULQGH &RRSHU óQ \DQOóġ \HUH J¸QGHULOGLáLQL YH 6RQVX]OXáXQ VRQD
HUPHN¾]HUHROGXáXQX¸áUHQGLáLQGHELOHJ¸UPHGLáLNDGDUD©óNELUNRUNXYHGHKġHWLRNX\RUGXġLPGL
 

*ò=/ò<ž=<,//$5
$QGUHZ +DUODQ GDOJóQ EDNóġODUOD DGDPODUóQ ©DOóġPDVóQó VH\UHWWL 2QODU KL© EDNPó\RU LġOHUL\OH
LOJLOHQL\RUODUGó ‰¾QN¾ +DUODQ ELU 7HNQLV\HQ RQODUVD EDVLW EDNóP LġOHUL\OH XáUDġDQ HOHPDQODUGó
)DNDWġXDQGD+DUODQRQODUóVH\UHGHUNHQQHUHGH\VHNóVNDQGóáóQóKLVVHWWL
=DPDQODUDUDVó 7DġóPDFóOóN .óVPóQóQ VHUYLV HOHPDQODUó\GóODU *UL ¾QLIRUPDODUóQóQ RPX]ODUóQGD
VL\DK ]HPLQ ¾]HULQH NóUPó]ó LNL EDġOó ELU RNWDQ ROXġDQ DPEOHPOHUL GLNNDWL ©HNL\RUGX $UD©
PRWRUODUóQóQ WHVWOHULQL \DSWóODU DUD© \ROODUóQóQ GXUXPXQX DOHWOHUOH NRQWURO HWWLOHU =DPDQ
P¾KHQGLVOLáL LOH LOJLOL SHN ID]OD NXUDPVDO ELOJLOHUL \RNWX KHUKDOGH IDNDW NRQX\OD LOJLOL SUDWLNOHULQH
GL\HFHN\RNWX
+DUODQ ‰óUDNOóáó VóUDVóQGD EDNóPOD LOJLOL SHN ID]OD ELU ġH\ ¸áUHQHPHPLġWL 'DKD GRáUXVX
¸áUHQPHN L©LQ SHN ID]OD ELU JD\UHW J¸VWHUPHPLġWL <¾NVHN SXDQODU WXWWXUDPD\DQ ©óUDNODUD J¸UH ELU
NóVóPGóEDNóPNóVPó
)DNDW ġLPGL ©DOóġóUODUNHQ EDNó\RUGX GD EXQODU VHVVL] VDNLQ IDNDW LġOHULQLQ HKOL YH PXWOX
LQVDQODUGó
1HGHQ ROPDVóQ" +HU ELU 8]PDQ 6RQVX] D NDUġóOóN EX W¾U DOW NDGHPH SHUVRQHOLQGHQ RQ NLġL YDUGó
.HQGLOHULQH J¸UH ELU ©HYUHOHUL \DġDP WDU]ODUó GHáHU \DUJóODUó YDUGó òġ VDDWOHUL EHOOL\GL YH ERġ
]DPDQODUóQGD X]PDQOóN GDOODUóQGD ID]ODGDQ ©DOóġPDODU \DSPDODUó L©LQ RQODUó ]RUOD\DQ KHUKDQJL ELU
WRSOXPVDO EDVNó V¸] NRQXVX GHáLOGL8]PDQODġDQ 6RQVX]ODUGDQ NDW NDW ID]OD NHQGLOHULQH D\óUDFDN
]DPDQODUóYDUGóYHEX]DPDQODUóQóLVWHGLNOHULJLELHGHEL\DWGHáLġLNJHU©HNOLNOHUHDLWILOPJ¸VWHULOHUL
YHEHQ]HULNRQXODUODLOJLOHQHUHNGHáHUOHQGLUHELOLUOHUGL
'DKD ROXPOX NLġLOLNOHUH VDKLS ROGXNODUó NHVLQGL %X JHUL KL]PHW LQVDQODUóQóQ WDWOó YH EDVLW
\DġDQWóODUó\OD Nó\DVODQGóáóQGD X]PDQODġPóġ VRQVX]ODUóQ \DġDPODUó \óSUDQPóġ ]HGHOHQPLġ YH \DSD\
ELUJ¸U¾Q¾PDU]HGL\RUGX
*HUL KL]PHWOHU 6RQVX]OXáXQ WHPHOLQL WHġNLO HGL\RUGX 'DKD ¸QFH EX D©óN JHU©HáL SHN GH
XPXUVDPDPóġ ROGXáXQX IDUN HWWL =DPDQ GDQ \L\HFHNOHULQ YH VX\XQ JHWLULOLġLQL ©¸SOHULQ LPKDVóQó
J¾© PHUNH]OHULQLQ \¸QHWLPLQL KHS RQODU ¾VWOHQPLġWL 6RQVX]OXNWDNL E¾W¾Q PDNLQHOHULQ NXVXUVX] ELU
P¾NHPPHOOLNWH LġOH\LġL RQODUóQ HVHUL\GL %LU ND]D VRQXFX W¾P X]PDQODU WRSWDQ \DġDPODUóQó \LWLUVH
ELOHEXLQVDQODU6RQVX]OXáXQWHNG¾]HYDUOóáóQóV¾UG¾UPHVLQLVDáODUGó)DNDWKHUKDQJLELUQHGHQGHQEX
NHVLPRUWDGDQNDONVDX]PDQODUELUND©J¾QL©LQGH\D6RQVX]OXáXQDOWóQó¾VW¾QHJHWLULU\DGD\RNOXN
YHEDNóPVó]OóNWDQELUHUELUHU¸O¾SJLGHUGL
*HUL KL]PHWOHUGH ©DOóġDQODU NDGóQVó] ©RFXNVX] YH GRáXP \HUOHULQGHQ NRSXN V¾UG¾UG¾NOHUL EX
KD\DWó VHYHELOL\RUODU Pó\Gó DFDED" 6HIDOHWWHQ KDVWDOóNWDQ YH ELWPHN W¾NHQPHN ELOPH\HQ *HU©HNOLN
'HáLġWLUPHOHULQGHQSD©D\óNXUWDUPóġROPDN\HWHUOLELUND]DQ©VD\óODELOLUPL\GL"˜QHPYHUGLNOHULELU
ġH\YDUPó\Gó"+DUODQL©LQGHELUVRV\DOUHIRUPDWHġLQLQFDQODQGóáóQóKLVVHWWL
.óGHPOL%LOJLVD\DU7ZLVVHOO LQKó]OóDGóPODUODJHOGLáLQLJ¸U¾QFHG¾ġ¾QPH\LELU\DQDEóUDNWó<DġOó
DGDPD\UóNDOGóNODUóELUVDDWL©LQGHVDQNLELUD]GDKD©¸NP¾ġV¾]¾OP¾ġW¾
+DUODQG¾ġ¾QG¾1DVóOGD\DQDELOL\RU"‰RN\DġOó
 ‰DOóġPDNWD RODQ DGDPODU GRáUXOXS EHNOHGLOHU 7ZLVVHOO GH GXUXPX GHáHUOHQGLULUFHVLQH HWUDIó
V¾]¾\RUGX
$UD©\ROODUóQHDOHPGH"GL\HVRUGX
$GDPODUGDQELULFHYDSYHUGL+HUġH\\ROXQGDHIHQGLP<ROODUD©óNYHWHPL]HQHUMLDODQODUóGD
DNVDNVó]©DOóġó\RU
+HUġH\LNRQWUROHWWLQL]PL"
(YHWHIHQGLPòVWDV\RQODUóQJLGHELOGLáLHQ¾VW]DPDQODUDNDGDUKHUQRNWD\óLQFHOHGLN
˜\OH\VHJLGLQ
%X NDED LIDGH YH GDYUDQóġóQ \DQOóġ RODQ ELU WDUDIó \RNWX %¸\OH ROPDVó JHUHNL\RUGX 6D\Jó\OD
HáLOGLOHUG¸Q¾SKó]OóDGóPODUODX]DNODġWóODU
7ZLVVHOOYH+DUODQ\DOQó]NDOPóġODUGó
7ZLVVHOORQDGRáUXG¸QG¾6HQEXUDGDNDODFDNVóQ/¾WIHQ
+DUODQEDġóQóVDOOD\DUDNLWLUD]HWWL*LWPHN]RUXQGD\óP
$QODEHQL%DQDELUġH\ROXUVDVHQ\LQHGH&RRSHU óQDVóONXUWDUDFDáóQóELOL\RUVXQ6DQDELUġH\
ROXUVDEHQ\DGDEDġNDELU6RQVX]\DGDE¾W¾Q6RQVX]ODUELUDUD\DJHOLSKHSEHUDEHUKDUHNHWHJH©VH
VHQVL]KL©ELUġH\\DSóODPD]
+DUODQWHNUDUEDġóQóVDOODGó
7ZLVVHOO GXGDNODUóQóQ DUDVóQD ELU VLJDUD \HUOHġWLUGL 6HQQRU ©RN ġ¾SKHFL ELU LQVDQGóU 6RQ LNL
J¾QG¾U GHIDODUFD EHQLPOH J¸U¾ġPHN LVWHGL 1HGHQ LQ]LYD\D ©HNLOGLáLPL ELOPHN LVWL\RU %¾W¾Q DUD©
\ROODUóQó DOW¾VW HGLS LQFHOHWWLUGLáLPL ¸áUHQLUVH QH\VH DUWóN JLWPHP JHUHNL\RU +DUODQ
*HFLNPHPHOL\LP
%HQLPNLPVH\LJHFLNWLUGLáLP\RN%HQKD]óUóP
0XWODNDJHOHFHNVLQ¸\OHPL"
(QJHO \RNVD WHKOLNH GH ROPD\DFDNWóU 9DUVD ELOH GDKD ¸QFH EHQ EXQXQOD NDUġóODġWóP YH JHUL
G¸QG¾P.RUNDFDNQHYDU%LOJLVD\DU"
*HUHNVL]\HUHULVNHDWóOPDQóQDQODPó\RNNL
˜\OH\VH DNOóQó NXOODQ %LOJLVD\DU 6HQLQOH JHOPHP L©LQ NDUDU YHU %X NDUDUó YHUGLNWHQ VRQUD
6RQVX]OXNK¤O¤YDUOóáóQóV¾UG¾UHELOLUVH©HPEHUGHK¤O¤NDSDWóODELOLUGHPHNWLU%XGDKHQ¾]ġDQVóPó]
YDU DQODPóQD JHOLU (áHU EX \DQOóġ ELU NDUDUVD 6RQVX]OXN R DQGD \RN ROXU IDNDW KL© IDUN HWPH]
VHQLQOH JHOPH]VHP KHUKDOGH \RN RODFDN ©¾QN¾ 1R\V X HOGH HWPHGHQ &RRSHU D XODġPDN L©LQ
SDUPDáóPóELOHR\QDWPD\DFDáóPGDQHPLQRODELOLUVLQ+HUġH\¾]HULQH\HPLQHGHULP
2QXVDQDJHWLUHFHáLPDPD
(áHUEXLġEXNDGDUEDVLWVHEHQLPGHJHOPHPGHELUVDNóQFDRODPD]
7ZLVVHOOELUW¾UO¾NDUDUYHUHPL\RUGX(QVRQXQGDERáXNELUVHVOH(HHPDGHP¸\OHVHQGHJHO
EDNDOóPGHGL9H6RQVX]OXNGHYDPHWWL
$UDFD ELQGLNWHQ VRQUD GD 7ZLVVHOO LQ \¾]¾QGHNL V¾]J¾Q LIDGH ND\EROPDPóġWó %LU V¾UH
=DPDQPHWUHGHDNóSJLGHQUDNDPODUDEDNWó
 *HOPHPHQJHUHNLUGL
+DUODQRPX]VLONWL1HGHQ"
%HQL UDKDWVó] HGL\RU 0DQWóNOó ELU D©óNODPDVó \RN %LU EDWóO LWLNDW RODUDN GD DGODQGóUóODELOLU
+X]XUVX]XP(OOHULQLELUELULQHNHQHWOHGL
6HQLDQODPó\RUXP
7ZLVVHOO NDIDVóQóQ L©LQGHNL ġH\WDQó NRYDELOPHN ¾PLGL\OH NRQXġPD\D DU]XOX\GX %HONL EXQX VHQ
DQOD\DELOLUVLQ òONHO =DPDQODU NRQXVXQGD X]PDQVóQ òONHO ]DPDQ GD QH NDGDU V¾UH\OH LQVDQ
\DġDPóġWóU"
2QELQ\¾]\óO%HONLGHRQEHġ
(YHWòONHOYHPD\PXQDEHQ]H\HQELU\DUDWóNRODUDNEDġODUYH+RPR6DSLHQV OHVRQEXOXU'RáUX
PX"
+HUNHVLQELOGLáLELUġH\EX(YHW
2 KDOGH HYULPLQ ROGXN©D Kó]Oó ELU ġHNLOGH JHU©HNOHġWLáLQL NDEXO HWPHPL] JHUHNLU 2Q EHġ ELQ
\¾]\óOGDQPD\PXQGDQ+RPR6DSLHQV HXODġóOó\RU
(HH"
(HHEHQ OHUGHELU\¾]\óOGDQóP
+DUODQ LUNLOPHNWHQ NHQGLQL DODPDGó 7ZLVVHOO LQ GRáXP ]DPDQóQó EXJ¾QH GHN ELOPL\RUGX YH
NLPVHQLQGHELOGLáLQLVDQPó\RUGX
%HQ  OHUGH ELU \¾]\óOGDQóP GL\H 7ZLVVHOO WHNUDUODGó YH VHQ  GHQVLQ 'RáXP
]DPDQODUóPó] DUDVóQGDNL ]DPDQ IDUNó LQVDQRáOXQXQ òONHO ©DáODUGD JH©LUGLáL V¾UHQLQ KHPHQ KHPHQ
LNLNDWóDPDVHQOHEHQLPDUDPGDQHIDUNYDU"%HQLPDá]óPGDVHQGHQG¸UWWDQHGDKDHNVLNGLġYDU
VHQLQ JLEL VRQUDGDQ \LUPL \Dġ GLġLP GH ©óNPó\RU $UDPó]GD EXQGDQ EDġND ELU IL]\RORMLN IDUN \RN
0HWDEROL]PDPó]KHPHQKHPHQD\Qó7HNE¾\¾NIDUNVHQLQY¾FXGXQVWHURLGL©¸]¾POH\HELOL\RUEHQLP
Y¾FXGXP EXQX \DSDPó\RU %X \¾]GHQ EHQ NROHVWHURO NXOODQPDN ]RUXQGD\óP VHQ EXQD LKWL\D©
GX\XPVX\RUVXQ<DQLEXQFDX]XQV¾UHGHW¾U¾P¾]IDUNOóODġPDPóġVD\óODELOLU
+DUODQ SHN HWNLOHQPHPLġWL òQVDQóQ \¾]\óOODU ER\XQFD V¾UP¾ġ RODQ NLPOLáL\OH KL© LOJLOHQPHPLġWL
%X ROGXáX JLEL NDEXO HGLOHQ QHGHQL DUDġWóUóOPD\DQ ELU ġH\GL &HYDS RODUDN 0LO\RQODUFD \¾]\óO
KL©ELUGHáLġLNOLáHXáUDPDGDQ\DġD\DQW¾UOHUYDUGHGL
$PDVD\óODUó©RNGHáLO9HġXELUJHU©HNNLLQVDQHYULPLQLQVRQDHULġL\OH6RQVX]OXáXQNXUXOXġX
D\Qó]DPDQDUDVWOó\RU%XVDGHFHELUUDVWODQWóPó"$VOóQGDEX6HQQRUJLELLQVDQODUóQPHUDNHGHFHáL
ELU ġH\ YH EHQ GH 6HQQRU GHáLOLP 6SHN¾ODV\RQ \DSPDQóQ \DQOóġ ROGXáXQD LQDQóUóP +HVDS
NRPSOHNVL\OHNRQWUROHGLOHPH\HQELUNRQXGDELU%LOJLVD\DU óQYDNLWKDUFDPDVóGRáUXGHáLOGLU)DNDW
\LQHGHJHQ©OLáLPGHED]HQG¾ġ¾Q¾UG¾P
1H\L"GL\HNHQGLNHQGLQHVRUGX+DUODQ1H\VHGLQOHPHNWHQEDġND\DSDFDNELUġH\\RNWX]DWHQ
%D]HQ 6RQVX]OXáX LON NXUXOGXáX ]DPDQODUGDNL KDOL\OH G¾ġ¾Q¾UG¾P <DOQó]FD   \¾]\óOODUD
NDGDU JLGLOHELOLUPLġ YH ©RáXQOXNOD WLFDUHW DPDFó\OD KDUHNHW HGLOLUPLġ 7D]H VX JHUHNOL NLP\DVDO
PDGGHOHUJ¾EUHYHEHQ]HULELU©RNġH\R\¾]\óOGDQEX\¾]\óODWDġóQóUGXUXUPXġ7DWOóEDVLWJ¾QOHUPLġ
RQODU
6RQUD *HU©HNOLN 'HáLġWLUPHOHULQL NHġIHWWLN +HSLPL]LQ ELOGLáL JLEL .óGHPOL %LOJLVD\DU +HQU\
:DGVPDQELUNRQJUH¾\HVLQLQDUDEDVóQGDNLIUHQLER]XSELUVDYDġó¸QOHGL'DKDVRQUD6RQVX]OXáXQ
DPDFóKHUJH©HQJ¾QELUD]GDKDWLFDUHWWHQ*HU©HNOLN'HáLġWLUPHOHULQHGRáUXND\Gó1HGHQ"
+DUODQ7ZLVVHOO PV¸]¾Q¾NHVWL1HGHQL©RND©óNòQVDQOóáóQVHODPHWLL©LQ
(YHW (YHW 1RUPDO RODUDN EHQ GH ¸\OH G¾ġ¾Q¾\RUXP )DNDW \D EDġND KL© EDKVL JH©PH\HQ
NLPVHQLQ IDUNóQGD ROPDGóáó ELU QHGHQL YDUVD 6óQóUVó] JHOHFHáH VH\DKDW HGHQ ELU LQVDQ ©RN
X]DN ¾VW]DPDQODUGD NDUġóODUóQGD ELU PD\PXQ NDGDU LONHO GXUXPD G¾ġHFHáL NLġLOHUOH NDUġóODġDELOLU
%¸\OHROPDPDVóL©LQELUQHGHQYDUPó"
2ODELOLU$PDLQVDQLQVDQGóU
+DWWD GHELOHGHáLOPL"(YHWELOL\RUXP9HEL]LP\DSWóáóPó]JHU©HNOLNGHáLġWLUPHOHULQLQ
GH EXQGD URO¾ RODELOLU PL" 1RUPDO ROPD\DQ DOóġóOPóġóQ GóġóQGDNL KHU ġH\L RUWDGDQ NDOGóUóUó] +DWWD
KHPHQ KHPHQ ]DUDUVó] GL\HELOHFHáLPL] 6HQQRU XQ GRáXP ]DPDQóQGDNL VD©Vó] LQVDQODU ELOH V¾UHNOL
WDUWóġPDNRQXVXGXU%HONLGHNHQGLNHQGLPL]HELOHLWLUDIHGHPL\RUX]DPDEL]LQVDQRáOXQXQHYULPLQL
NDVóWOóRODUDNHQJHOOL\RUX]©¾QN¾LOHULGHV¾SHULQVDQODUODNDUġóODġPDNLVWHPL\RUX]
.RQXġXODQODUK¤O¤+DUODQ óSHNHWNLOHPHPLġWL˜\OHGL\HOLP1HIDUNHGHU"
7D EX V¸] NRQXVX V¾SHU LQVDQ NRQWURO¾P¾] DOWóQGDNLQGHQ GDKD ¸WHGHNL ]DPDQODUGD KHU ġH\H
UDáPHQ\LQHGH\Dġó\RUVD"EL] \HNDGDUNRQWUROHGHELOL\RUX]2QXQ¸WHVL*L]OL\¾]\óOODUGL\H
JH©L\RU 1HGHQ JL]OL" *HOLġPLġ LQVDQ EL]LPOH WHPDV HWPHN LVWHPL\RU GD NHQGL \¾]\óOODUóQD
JH©PHPL]LHQJHOOL\RUPX\RNVD"1HGHQJL]OLRODUDNNDOPDVóQóNDEXOOHQL\RUX]"òON\DSóODQGHQHPH
EDġDUóVó]OóNOD VRQX©ODQGóNWDQ VRQUD EDġND GHQHPHOHU \DSPDGDQ EX LġWHQ YD]JH©PHPL]LQ JHU©HN
QHGHQL EL]LP GH RQODUOD NDUġóODġPDN LVWHPH\LġLPL] ROPDVóQ" %XQX ELOLQ©OL RODUDN \DSó\RUX]
GHPL\RUXPIDNDWELOLQ©OL\DGDELOLQ©VL]QHGHQEXRODELOLU
+DUODQKX]XUVX]ODQGó%RġYHU%L]RQODUDXODġDPó\RUX]RQODUGDEL]H6HQ\DġDPDQDEDNEóUDN
RQODUGDELOGLNOHULJLEL\DġDVóQODUGHGL
7DPDP \DġD EóUDN \DġDVóQODU $PD EL] UDKDW GXUPX\RUX] NL 'HáLġWLUPHOHU \DSó\RUX] *HU©L
GHáLġWLUPHOHULQWDPDQODPó\ODHWNLOHULQLJ¸VWHUGLNOHULV¾UHELUND©\¾]\óOGDQID]ODGHáLO+DWóUODUVDQR
NDKYDOWóGD6HQQRU XQGRáUXG¾U¾VWFHYDEóROPD\DQ]DPDQODLOJLOLVRUXQODUóQGDQELULGHEXGXUXPOD
LOJLOL\GL %XQXQ ELU LVWDWLVWLN VRUXQX ROGXáXQGDQ V¸] HWPLġWL %D]ó GHáLġWLUPHOHULQ HWNLOHUL
GLáHUOHULQGHQ GDKD ¸WHOHUH X]DQóU +DWWD NXUDPVDO RODUDN \DSóODFDN ELU GHáLġWLUPHGHQ \¾]\óOODU
VóQóUVó]RODUDNHWNLOHQLU*L]OL\¾]\óOODUóQJHOLġPLġLQVDQóEXGXUXPXQIDUNóQGDGóUKHUKDOGH%LUJ¾Q
\DSóODFDNELUGHáLġWLUPHQLQ \HXODġPDRODVóOóáóQGDQUDKDWVó]ROGXNODUóQóG¾ġ¾Q
%¸\OH ġH\OHUOH NDID \RUPDQóQ ELU DQODPó \RN +DUODQ EX V¸]OHUL GHUW HGHFHN ©RN GDKD ¸QHPOL
VRUXQODUóRODQELULQVDQD¸]J¾WDYóUODUODVDUIHWPLġWL
)DNDW G¾ġ¾Q NL 7ZLVVHOO ġLPGL DGHWD IóVóOGD\DUDN NRQXġX\RUGX EL] JL]OL \¾]\óOODUGDNL
E¸O¾POHULPL]L ERġ EóUDNWóáóPó] V¾UHFH VHVOHULQL ©óNDUPó\RU RODELOLUOHU <DQL V¾UW¾ġPH\H
JLUPHGLáLPL] V¾UHFH ELU VRUXQ ©óNPD\DELOLU 'L\HOLP NL EX DQODġPD \D GD QDVóO DGODQGóUóUVDQ
DGODQGóU EX GXUXP ER]XOGX YH L©LPL]GHQ ELUL  GHQ GDKD ¸WHGHNL E¸O¾POHULPL]GHQ ELULQGH
GHYDPOó RWXUPD\D EDġODGó 2QODU GD EXQX FLGGL ELU LVWLOD KDUHN¤WóQóQ EDġODQJóFó RODUDN
GHáHUOHQGLUGLOHU7HNQRORMLND©óGDQEL]GHQ©RNLOHUGHROGXNODUóQóYDUVD\DUVDNGHUKDODUD\DELUHQJHO
NR\XSRQODUDXODġPDPó]ó\DVDNODPóġ
9HEXGHID+DUODQD\DáDIóUODGóGHKġHWL©LQGH\GL1R\V XHOOHULQHJH©LUGLOHU
%LOHPHP%HQLPNLVL\DOQó]FDELUWDKPLQ%HONLGHRUDGDELUHQJHO\RNWXU%HONLVHQLQNXOODQGóáóQ
DUD©
 2UDGD ELU HQJHO YDUGó +DUODQ YDUJ¾F¾\OH EDáóUó\RUGX %DġND QDVóO DQODWD\óP" 1HGHQ EXQODUó
GDKD¸QFHDQODWPDGóQ"
6DQD LQDQPDPóġWóP GL\H LQOHGL 7ZLVVHOO +¤O¤ GD LQDQDPó\RUXP %X DSWDOFD NXUXQWXODUóPGDQ
NHġNHVDQDKL©EDKVHWPHVH\GLP.HQGLVRUXQODUóPODQH\VHELUND©GDNLNDGDKDVDEUHW
=DPDQPHWUH\LLġDUHWHWWL OHUOH OHUDUDVóQGDELU\HUOHUHJHOPLġOHUGL
7ZLVVHOODUDFó\DYDġODWWó \LGHJH©WLOHUĠLPGLJ¸VWHUJHGH\¾]\óOODUELUELURNXQDELOL\RUGX
1H\DSDFDáó]"GL\HPóUóOGDQGó+DUODQ
7ZLVVHOOKDILI©HEDġóQóVDOODGó%XKDUHNHWL¾PLWPLYHUL\RUGX\RNVD©DUHVL]OLáLQLPLDQODWó\RUGX
EHOOLGHáLOGL

+DUODQ HQJHOLQ \DUDWDFDáó ġRND KD]óUOóNOó RODELOPHN L©LQ E¾W¾Q Y¾FXGXQX NDVWó G¾ġ¾Q¾\RUGX
6RQVX]OXáX JL]OL \¾]\óOODUóQ \DUDWóNODUó\OD ERáXġPDN ¾]HUH ]DPDQ ND]DQPDN L©LQ PL NXUWDUDFDNWó"
1R\V XEDġNDQDVóOHOGHHGHELOLUGL"'¸QJHUL\HJLW\¾]\óODXáUDġGLGLQ

+DUODQQHIHVLQLWXWWX7ZLVVHOODUDFóL\LFH\DYDġODWPóġWó
+DUODQNRQXġWXáXQXQIDUNóQGDELOHROPDGDQPóUóOGDQGó+D\óUġLPGLġLPGL

5DNDPODUDUWPD\DGHYDPHGL\RUVHVVL]OLNL©LQGHNLLNLDGDPJ¸]OHULQLJ¸VWHUJHGHQD\óUDPó\RUGX
%LUGHQ7ZLVVHOOEDáóUGó(QJHOIDODQ\RNLġWH
9H+DUODQFHYDSYHUGL9DUGó9DUGó6RQUDFDQ©HNLġLUJLELELUKDOGHHNOHGL%HONLGHRQXDOGóODU
YHHQJHOHLKWL\D©ODUóNDOPDGó

+DUODQDUD©WDQGóġDUóIóUODGóYHEDáóUPD\DEDġODGó1R\V1R\V
6HVLERġE¸O¾P¾QGXYDUODUóQGD\DQNóODQGó
$UD©WDQ\DYDġ\DYDġ©óNDQ7ZLVVHOODUNDVóQGDQVHVOHQGL%HNOH+DUODQ
+DUODQ ó GXUGXUPDN P¾PN¾Q GHáLOGL 'DKD ¸QFHOHUL ELU HY ġHNOLQGH KD]óUODGóNODUó E¸O¾P¾Q
NRULGRUODUóQGDGHOLJLELNRġX\RUGX
7ZLVVHOO LQV¸]HWWLáLJHOLġPLġLQVDQODUGDQELUL\OHNDUġóODġPDNRODVóOóáóDNOóQDJHOLQFHW¾\OHULGLNHQ
GLNHQROGX)DNDW1R\V XEXOPDVóJHUHNL\RUGXRJDULSG¾ġ¾QFH\LNDIDVóQGDQVLOGL
9H ELUGHQELUH GRáUX G¾U¾VW \¾]¾Q¾ ELOH J¸UHPHGHQ Nó] NROODUóQD DWóOGó 2QXQOD\Gó NROODUóQGD
VóFDNOóáóQóGX\X\RUJ¸áV¾QH\DVODQDQ\¾]¾Q¾QYHVL\DKVD©ODUóQóQ\XPXġDNOóáóQóKLVVHGL\RUGX
$QGUHZQHUHOHUGH\GLQ"*¾QOHUJH©WL©RNNRUNWXP
+DUODQNó]óQNROODUóQGDQWXWDUDNNHQGLQGHQD\óUGó\¾]¾QHEDNWóò\LPLVLQ"
ò\L\LP 6DQD ELU ġH\ ROGX GL\H ©RN NRUNWXP =DQQHWWLP NL ELUGHQ VXVWX NRUNXGDQ WLWUH\HUHN
+DUODQ óQVóUWóQóQG¸Q¾NROGXáXWDUDIDEDNDUDNIóVóOGDGó$QGUHZ
+DUODQELUGHQG¸QG¾
 *HOHQ7ZLVVHOO GL
.ó]+DUODQ óQLIDGHVLQGHQ¸QHPOLELUġH\ROPDGóáóPDQOD\DUDNGDKDVDNLQELUVHVOHVRUGX2QX
WDQó\RUPXVXQ$QGUHZ"+HUġH\\ROXQGDPó"
.RUNDFDNELUġH\\RN2EHQLPDPLULP.óGHPOL%LOJLVD\DU/DEDQ7ZLVVHOO6HQLELOL\RU
%LU.óGHPOL%LOJLVD\DU¸\OHPL"1R\VL\LFHE¾]¾OG¾
7ZLVVHOO \DYDġ \DYDġ \DNODġWó 6L]H \DUGóP HGHFHáLP HYODGóP+HU LNLQL]H GH \DUGóPHGHFHáLP
7HNQLV\HQHV¸]YHUGLPLQDQó\RUVDGRáDONL
%DáóġOD\óQ EHQL %LOJLVD\DU GHGL +DUODQ )DNDW EX V¸]OHUL V¸\OHUNHQ LIDGHVL VHUWWL YH KL© GH
SLġPDQOóNGX\PXġDEHQ]HPL\RUGX
%DáóġODQGóQ GHGL 7ZLVVHOO (OLQL X]DWóS Nó]óQ LVWHNVL] HOLQL WXWWX $QODW EDNDOóP Nó]óP %XUDGD
L\LYDNLWJH©LUGLQPL"
0HUDNL©LQGHNóYUDQGóP
+DUODQD\UóOGóNWDQVRQUDEXUDGDEDġNDNLPVH\HUDVWODGóQPó"
+D+D\óUHIHQGLP
+L©NLPVH"+L©ELUġH\"
.ó]EDġóQóVDOODGó.R\XUHQNJ¸]OHUL+DUODQ óDUó\RUGX1HGHQVRUGXQX]"
+L©Nó]óP6D©PDELUN¤EXV*HOVHQL \HJHULJ¸W¾UHFHáL]
*HUL G¸QHUNHQ $QGUHZ +DUODQ  \L J¸UPHN L©LQ J¸VWHUJH\H EDNPD\D FHVDUHW HGHPHGL
$UWDQYHGHULQOHġHQELUVHVVL]OLNL©LQGHRWXUGXáX\HUHE¾]¾OP¾ġW¾O \LJH©LQFH7ZLVVHOOGHELU
RK©HNWL
1R\V ODHOHOHVH\DKDWLWDPDPODGóODU
1R\VEDġNDELURGDGDX\XUNHQLNLDGDPWHNUDUELUDUD\DJHOGL$UWóN7ZLVVHOO LQKX]XUVX]OXáXGD
GRUXNQRNWDVóQDXODġPóġWó
òODQRáOXP6HQNDGóQóQDNDYXġWXQ$QODġPDQóQEDQDDLWRODQWDUDIó\HULQHJHWLULOGL
6HVVL]FH YH GDOJóQ ELU LIDGH\OH +DUODQ PDVDQóQ ¾]HULQGH GXUDQ FLOGLQ VD\IDODUóQó ©HYLUGL òOJLOL
VD\ID\óEXOGX
‰RNEDVLWGHGLIDNDWòQJLOL]FH6L]HRNX\DFDáóPVRQUDGDWHUF¾PHHGHULP
 QXPDUDOó VD\IDQóQ VRO ¾VW N¸ġHVLQGH \HU DODQ N¾©¾N ELU LODQGó 'HáLġLN ELU ġHNLO PH\GDQD
JHWLUHFHNEL©LPGHSHNELUDQODPWDġóPD\DQNHOLPHOHUE¾\¾NKDUIOHUOH\D]óOPóġWó
$//7+(7$/.2)7+(0$5.(7
$OWóQGDN¾©¾NKDUIOHUOH<DWóUóP+DEHU%¾OWHQL3.'HQYHU&RORUDGR\D]óOó\Gó
+DUODQ NHOLPHOHULQ DQODPóQó WHUF¾PH HGHUNHQ 7ZLVVHOO E¾\¾N ELU GLNNDWOH GLQOHGL KL©ELU ġH\
DQODPDGóáóYHġDġóUGóáóEHOOLROX\RUGX0DUNHWQHGLU"%XQXQODQHGHPHNLVWL\RUODU"
+DUODQ VDEóUVó]ODQGó %RUVD ˜]HO VHUPD\HQLQ Lġ VDKDODUóQD DNWDUóOGóáó ELU VLVWHP )DNDW ¸QHPOL
RODQRGHáLOòODQóQKD]óUODQóġġHNOLQLJ¸UP¾\RUPXVXQX]"
(YHW %LU $WRP ERPEDVóQóQ SDWODPD VRQUDVóQGDNL PDQWDUD EHQ]H\HQ ġHNOLQL DQGóUó\RU 1H YDU
EXQGD"
+DUODQ L\LFH VLQLUOHQPLġWL EDáóUDUDN =DPDQ DġNóQD ELOJLVD\DU QH\LQL] YDU" 'HUJLQLQ WDULKLQH
EDNVDQó]D
6D\IDQXPDUDVóQóQ\DQóQGDNLVD\óODQSDUPDáó\ODJ¸VWHUGL0DUW\D]ó\RUGX
%XQXWHUF¾PHHWPHPHJHUHN\RN5DNDPODUVWDQGDUW=DPDQODUDUDVóOLVDQGDGDD\QóGóU2WDULKWH
ELU $WRP ERPEDVóPQ SDWODPDVó LOH RUWD\D ©óNDQ PDQWDUó NLP J¸UP¾ġ RODELOLU %XQX E¸\OHVLQH
P¾NHPPHOUHVPHGHELOPHNL©LQDQFDNJ¸UP¾ġROPDNJHUHNLU
ĠLPGLELUGDNLND%X\DOQó]FDELUġHNLO%XPDQWDUEL©LPLUDVWODQWó\ODGDRUWD\D©óNPóġRODELOLU
˜\OH PL GHUVLQL]" .HOLPHOHUH ELU NH] GDKD EDNDU PóVóQó]" +DUODQ SDUPDáóQóQ XFX\OD WDNLS
HGHUHN NóVD VDWóUODUó ELU NH] GDKD RNXGX $O WKHWDONRI WKHPDUNHW 6DWóUODUGDNL LON KDUIOHU ELU DUDGD
DWRPNHOLPHVLQLROXġWXUX\RUNLEXGD$WRP XQòQJLOL]FHVLGLU%XGDPóUDVWODQWó"%¸\OHUDVWODQWóROXU
PX"
%LOJLVD\DU EX LODQóQ VL]LQ G¾ġ¾QG¾á¾Q¾] ġDUWODUD QDVóO P¾NHPPHOHQ X\GXáXQX J¸UP¾\RU
PXVXQX]" %DNDU EDNPD] KHPHQ J¸]¾PH ©DUSWó &RRSHU EXQXQ ©RN D©óN ELU WDULKVHO \DQOóġOóN
ROGXáXQXELOL\RU$\Qó]DPDQGDEL]HYHUGLáLPHVDMóQGóġóQGDKL©ELUDQODPó\RN GHQELULQLQEX
LODQODLOJLOHQPHVLRODQDNVó]
2KDOGHEX&RRSHUROPDOó2QXQPHVDMóEXĠLPGLHOLPL]GHNHVLQWDULKYDU$GUHVLQLGHELOL\RUX]
<DSóODFDNWHNġH\SHġLQGHQJLGLSRQXEXOPDNYHEXLġLLONHO©DáODUGDD\DUOD\DELOHFHNWHNNLġLEHQLP
3HNLJLGHUPLVLQ"7ZLVVHOO©RFXNODUJLELVHYLQ©OL\GL
*LGHULPDPDELUġDUWOD
7ZLVVHOO LQNDġODUó©DWóOGó<LQHPLġDUWODU"
$\Qó ġDUW <HQL ELU ġH\ HNOHPL\RUXP 1R\V HPQL\HWWH ROPDOó 2QXQ GD EHQLPOH JHOPHVLQL
LVWL\RUXP%XUDGDEóUDNDPDP
+¤O¤EDQDLQDQPó\RUPXVXQ"6HQLKL©DOGDWWóPPó"6HQLK¤O¤UDKDWVó]HGHQQHGLU"
7HN ELU ġH\ %LOJLVD\DU GHGL +DUODQ G¾ġ¾QFHOL ELU KDOL YDUGL %LU ġH\L K¤O¤ ©¸]HPHGLP
O GHELUHQJHOYDUGó1HGHQ"%HQLUDKDWVó]HGHQEXLġWH
 

7$0$0/$1$1‰(0%(5
5DKDWVó] HWPHNWH GHYDP HGL\RUGX +D]óUOóNOD JH©HQ J¾QOHU LOHUOHGLN©H NDIDVóQóQ L©LQGH GDKD GD
E¾\¾\RUL\LGHQL\L\HKX]XUVX]HGLFLELUKDODOó\RUGX%LU7ZLVVHOO OHELU1R\V ODDUDVóQDJLUL\RUGX
+DUHNHWJ¾Q¾JHOLS©DWWóáóQGDEXVRUXQXQFHYDEóQóKHPHQKHPHQEXOPXġWX
7ZLVVHOONDWóOGóáóPHFOLVWRSODQWóVóQGDQG¸Q¾QFH+DUODQPHUDNODVRUGX1DVóOJLWWL"
7ZLVVHOOEóNNóQELULIDGH\OHFHYDSYHUGL+D\DWóPóQHQWDWOóNRQXġPDVóQó\DSWóáóPóV¸\OH\HPHP
8PDUóPELUġH\V¸\OHPHGLQL]ĠXEL]LP
<RN \RN KD\óU GL\H V¸]¾Q¾ NHVWL 7ZLVVHOO .ó]OD LOJLOL RODUDN \D GD &RRSHU óQ \DQOóġ \HUH
J¸QGHULOPHVLQGHNLURO¾QKDNNóQGDELUġH\V¸\OHPHGLPĠDQVVó]ELUKDWDELUPHNDQLNDNVLOLNWLGHGLP
%¾W¾QVRUXPOXOXáX¾]HULPHDOGóP
+DUODQ D] GD ROVD L©LQLQ EXUNXOGXáXQX KLVVHWWL %X VL]LQ GXUXPXQX]X SHN ID]OD HWNLOHPH]
GL\HELOGL
(OOHULQGHQ ELU ġH\ JHOPH] NL %DQD GRNXQPDGDQ ¸QFH G¾]HOWPHQLQ \DSóOPDVóQó EHNOHPHN
]RUXQGDODU%DġDUDPD]VDN]DWHQNLPVHEL]LNXUWDUDPD]%XLġLKDOOHGHELOLUVHNEDġDUPóġROPDNEHQL
NRUX\DFDNWóU (áHU NRUX\DPD]VD \DġOó DGDP XPXUVDPD]OóNOD RPX] VLONWL 6RQVX]OXNWDNL IDDO
J¸UHYOHULPGHQD\UóOóSHPHNOLROPD\óG¾ġ¾Q¾\RUXP]DWHQ6LJDUDVóQóEóUDNWóáó\HUGHQDOGóYHKHQ¾]
\DUóPNHQHOL\OHEDVWóUóSV¸QG¾UG¾
+DUODQ DUNDVóQó G¸QG¾ .DIDVóQóQ L©LQGH KHU ġH\ ELUELULQH NDUóġPóġWó 7ZLVVHOO LQ NHQGLVLQH
VHVOHQGLáLQLGX\GXIDNDWDQFDN\DġOóDGDPVRUXVXQXWHNUDUODGóNWDQVRQUD(IHQGLP"GL\HELOGL
ĠXVHQLQNDGóQGL\RUXPKD]óUOóNOóPóRáOXP"1HOHURODFDáóQGDQKDEHULYDUPó"
2KD]óU+HUġH\LDQODWWóP
1DVóONDUġóODGó"
1H"ĠH\HYHWEHNOHGLáLPġHNLOGHGDYUDQGó.RUNPX\RU
ž©VDDWWHQGDKDD]ELU]DPDQóQó]NDOGó
%LOL\RUXP
2DQL©LQNRQXġDFDNEDġNDELUġH\NDOPDPóġWóYHDUWóN+DUODQG¾ġ¾QFHOHUL\OHYH\DSPDVóJHUHNHQL
EXOPXġROPDQóQUDKDWVó]OóáóL©LQGH\DSD\DOQó]Gó
$UDFóQ \¾NOHQPHVL YH VRQ NRQWUROOHU WDPDPODQóUNHQ +DUODQ YH 1R\V  \¾]\óO JL\VLOHUL L©LQGH
©óNóSJHOGLOHU
1R\VJL\HFHáLJL\VLOHUNRQXVXQGD+DUODQ óQWHNOLIOHULQLNDEXOHWPHPLġJL\LPYHHVWHWLN¾]HULQH
\DOQó]NDGóQODUóQVDKLSROGXáXQXLGGLDHWWLáLED]óL©J¾G¾OHUHJ¸UHKD]óUODQPDNLVWHPLġWL&LGGLFLGGL
GHUJLOHULLQFHOHPLġYHX\JXQHOELVHOHULNHQGLVLVH©PLġWL6RQUDGDELUG¾]LQHNDGDUGHáLġLN\¾]\óOGDQ
JHWLULOHQHġ\DODUóWLWL]OLNOHHOGHQJH©LUPLġYHKD]óUOóNODUóQóWDPDPODPóġWó
%LUDUD+DUODQ óQILNULQLDOPDNL©LQ1DVóOEXOX\RUVXQ"GL\HVRUGX
 +DUODQGDRPX]VLONLS0DGHPNLEXLġL©J¾G¾VHOELUVRUXQVDQDEóUDNó\RUXP
1H EL©LP NRQXġX\RUVXQ $QGUHZ ©RN JDULS GDYUDQPD\D EDġODGóQ 1H\LQ YDU" .HQGLQGH GHáLO
JLELVLQ*¾QOHUGLUEXKHSE¸\OH
+DUODQGDOJóQGDOJóQFHYDSYHUGLò\L\LP
7ZLVVHOO RQODUó  \¾]\óO VDNLQOHUL URO¾QGH J¸U¾QFH LVWHNVL] ELU WDYóUOD ġDND \DSPD\D ©DOóġWó
=DPDQ DġNóQD QH ©LUNLQ HOELVHOHU IDNDW EX NRUNXQ© ġH\OHU ELOH VHQLQ J¾]HOOLáLQL SHUGHOH\HPL\RU
FDQóP
1R\V QH]DNHWOH J¾O¾PVHGL YH VHVVL]FH D\DNWD GXUDQ +DUODQ GD 7ZLVVHOO LQ EX ]DYDOOó QH]DNHW
J¸VWHULVLQGHJHU©HNSD\óEXOXQGXáXQXNHQGLNHQGLQHLWLUDIHWWL(OELVHOHULKHU\DQóQó¸UWHFHNġHNLOGH
VDUóS VDUPDOó\RUGX 0DN\DMó \DQDNODUóQGD YH GXGDNODUóQGD DNOD KD\DOH JHOPHGLN UHQNOHU YH
NDġODUóQD \DSóOPóġ ©LUNLQ ©L]JLOHUOH GROX\GX *¾]HOLP VD©ODUó NL HQ N¸W¾V¾ GH EX\GX  DFóPDVó]FD
NHVLOPLġWL%¾W¾QEXQODUDUDáPHQNó]\LQHGH©RNJ¾]HOGL
+DUODQ Nó]óQ LQVDQó EXQDOWDQ NHPHULQH NROWXN DOWODUóQó VóNDQ IDUH GHULVL JLEL UHQNWHQ QDVLELP
DOPDPóġNDEDNXPDġWDQHOELVHVLQHKHPHQKHPHQDOóġPóġWó<¾]\óOODUDX\DELOPHNL©LQJDULSHOELVHOHU
JL\PHN\DEDQFóVóROGXáXELUġH\GHáLOGL
7ZLVVHOO NRQXġWX $UDFóQ L©LQH NHQGLQL] NXPDQGD HGHELOHVLQL] GL\H DOHWOHU NR\PDN LVWHGLP DPD
EXQX \DSPDQóQ ELU \ROXQX EXODPDGóN =DPDQVDO \HU GHáLġWLUPHOHU L©LQ \HWHULQFH E¾\¾N ELU J¾©
ND\QDáóJHUHNL\RUNLEXGDVRQVX]OXáXQVóQóUóGóġóQGDPDDOHVHIPHYFXWGHáLO%¾W¾Q\DSDELOGLáLPL]
òONHO ]DPDQGD \HU DOóQDQ V¾UH ER\XQFD NXOODQóODELOHFHN ]DPDQVDO ELU JHULOLP +DWWD EXQXQ ELOH ELU
VóQóUóYDU
2QODUó DUDFD VRNWX <óáóQODU KDOLQGH GXUDQ PDO]HPHOHULQ DUDVóQGDQ J¾©O¾NOH JH©HELOL\RUODUGó
$UDFóQL©GXYDUóQóQS¾U¾]V¾]J¸U¾QW¾V¾Q¾ER]DQELUPDGHQL©óNóQWó\óJ¸VWHUGL
%DVLW ELU V¾YL© DQDKWDU WDNWóUGóN $UD© RWRPDWLN RODUDN VRQVX]OXáD G¸QPH\HFHN òONHO ]DPDQGD
LVWHQLOGLáLNDGDUNDODELOHFHN*HULG¸Q¾ġL©LQEXDQDKWDUóNXOODQDFDNVóQó]2QGDQVRQUDLġLNLQFLYH
XPDUóPVRQVH\DKDWH
%XLNLQFLELUVH\DKDWPL"GL\HDWóOGó1R\V
%XGHID+DUODQV¸]HNDUóġWó%XQXDQODWPDPóġWóP%DNEXLONVH\DKDWLQDPDFó&RRSHU óQWDPYDUóġ
]DPDQóQó VDSWDPDN %XOXQGXáX \HUH YDUóġó\OD LODQóQ \D\óQODQGóáó WDULK DUDVóQGD QH NDGDU V¾UH
JH©WLáLQL ELOPL\RUX] 3RVWD NXWXVX DUDFóOóáó\OD RQD XODġóS P¾PN¾QVH RUD\D YDUóġóQóQ WDP \D GD
P¾PN¾Q ROGXáXQFD \DNóQ GDNLNDODUóQó ¸áUHQHFHáL] 6RQUD R ¸áUHQGLáLPL] DQ DUWó RQ EHġ GDNLND
]DPDQóQDG¸Q¾S&RRSHU óQDUD©WDQD\UóOGóáó
7ZLVVHOO V¸]¾Q¾ NHVWL %LOL\RUVXQ DUDFóQ LNL GHáLġLN ]DPDQGD D\Qó \HU YH DQGD EXOXQPDVó
P¾PN¾QGHáLO*¾O¾PVHPH\H©DOóġWó
1R\VGXUXPXNDYUDPóġDEHQ]L\RUGX3HNHPLQELUWDYóUODROPDVDELOH$QOó\RUXPGHGL
7ZLVVHOONó]DKLWDSHGHUHN&RRSHU óQWDPYDUóġDQóQGD\DNDODQPDVó\ODE¾W¾QGHáLġLNOLNOHURUWDGDQ
NDONDFDN $WRP ERPEDVó LODQó \RN RODFDN YH &RRSHU \DOQó]FD RUWDGDQ ND\ERODFDáóQó V¸\OHGLáLPL]
DUDFóQ XPXOPDGóN ELU EL©LPGH \HQLGHQ EHOLUGLáLQL J¸UHFHN <DQOóġ ELU \¾]\óOD JHOPLġ ROGXáXQX
ELOPH\HFHN YH EX NRQXGD NLPVH RQD ELU ġH\ V¸\OHPH\HFHN 2QD YHULOPHVL JHUHNHQ ©RN ¸QHPOL ELU
ELOJL\LXQXWWXáXPX]XV¸\OH\HFHáL] ELUġH\OHUX\GXUDFDáó] YHEXNRQX\D¸QHPYHUPH\LSLNLQFLNH]
J¸QGHULOGLáLQLJ¾QO¾á¾QGHEHOLUWPHPHVLQL¾PLWHGHUHNEHNOH\HFHáL]
1R\V\ROXQDUDNLQFHOWLOPLġNDġODUóQóNDOGóUGó$PPDNDUóġóNLġ
 1H \D]óN NL ¸\OH 7ZLVVHOO HOOHULQL RYXġWXUGX YH NDUġóVóQGDNLOHUH EDNWó 6RQUD EDġóQó GLNOHġWLUGL
\HQL ELU VLJDUD ©óNDUGó YH QHġHOL ELU WDYóU WDNóQDUDN 9H ġLPGL ©RFXáXP L\L ġDQVODU 7ZLVVHOO
+DUODQ óQHOLQHGRNXQGX1R\V XEDġó\ODVHODPODGóYHDUD©WDQGóġDUó©óNWó
<DOQó]NDOóQFD1R\VVRUGX*LGL\RUPX\X]"
%LUND©GDNLND\DNDGDUGL\HFHYDSYHUGL+DUODQ
1R\V Xġ¸\OHELUV¾]G¾.ó]GDRQDEDNó\RUGXJ¾O¾PVH\HUHNNRUNPDGDQ%XGDYUDQóġNDUġóVóQGD
ELUGHQNHQGLQLRQD©RN\DNóQKLVVHWWL)DNDWEX\DOQó]FDGX\JXVDOD©óGDQJH©HUOL\GLPDQWóNVDOD©óGDQ
GHáLO'¾ġ¾QHUHNGHáLOL©J¾G¾VHORODUDN%DNóġODUóQóEDġND\DQD©HYLUGL
6H\DKDWLQ QRUPDO DUD©ODUOD \DSWóNODUóQGDQ ELU IDUNó \RNWX <ROFXOXáXQ RUWDODUóQD GRáUX HQ DOW
LVWDV\RQX JH©HUNHQ ROVD JHUHN ELU DQ L©LQ DUDFóQ KDILI©H VDUVóOGóáóQó KLVVHWWLOHU YH EHONL GH EX
WDPDPHQSVLNRVRPDWLNELUGXUXPGX<DOQó]FDKLVVHGHUJLELROPXġODUGó
9HVRQUDòONHO©DáDYDUGóODUYHDUD©WDQ©óNWóODU.D\DOóNYH\DOQó]G¾Q\DPXKWHġHPELU¸áOHVRQUDVó
J¾QHġLQLQóġóNODUó\ODSóUóOSóUóOSDUOó\RUGX+DILIELUU¾]J¤UHVL\RUGXYHKHU\HUGHVHVVL]OLNK¤NLPGL
*¾©O¾ E¾\¾N ©óSODN ND\DODU GHPLU EDNóU YH NURPGDQ ROXġDQ NR\X UHQNOL ELU J¸NNXġDáóQó
DQGóUó\RUGXòQVDQVó]YHFDQVó]PóġJLELJ¸U¾QHQ©HYUHQLQJ¸UNHPLNDUġóVóQGD+DUODQNHQGLVLQLQ©RN
N¾©¾N NDOGóáóQó KLVVHWWL 0DGGHVHO G¾Q\D LOH LUWLEDWó ROPD\DQ 6RQVX]OXNWD J¾QHġ \RNWX KDYD GD
=DPDQ GDQSRPSDODQó\RUGX'RáXP]DPDQóQóQG¾Q\DVóQóGDGRáUXG¾U¾VWKDWóUOD\DPó\RUGX'HáLġLN
\¾]\óOODUGD \DSWóáó *¸]OHPOHUL HVQDVóQGD KHS LQVDQODU YH NHQWOHUL\OH XáUDġPóġWó %¸\OH ELU ġH\L LON
NH]\Dġó\RUGX
1R\VNROXQDGRNXQGX
$QGUHZžġ¾G¾P5¾\DGDQX\DQóUFDVóQDVLONLQLSNó]DG¸QG¾
.ó],VóWóFó\óNXUVDNL\LRODFDNGHGL
(YHW&RRSHU óQPDáDUDVóQGDEXLġL\DSDELOLUL]
1HUHGHROGXáXQXELOL\RUPXVXQ"
7DPEXUDGDGHGLNóVDFD
+L©NXġNXVX\RNWX*¾QO¾NWH\HULDQODWóOó\RUGXYH¸QFH&RRSHUġLPGLGHNHQGLVLQLQRUD\óHOOHUL\OH
NR\PXġJLELEXOPDODUóJHUHNLUGL
7D‰óUDNOóNJ¾QOHULQGHQEHUL=DPDQ GD\DSWóáóVH\DKDWOHUGHWDPLVWHQHQQRNWD\óEXOPDKXVXVXQGD
KL© NXġNX GX\PDPóġWó (áLWPHQ <DUURZ XQ FLGGL ELU LIDGH\OH DQODWWóNODUóQó KDWóUODGó )DNDW '¾Q\D
J¾QHġLQ HWUDIóQGD J¾QHġ GH JDODNWLN PHUNH]LQ HWUDIóQGD G¸QHU YH GRáDOOóNOD JDODNVL GH KDUHNHW
KDOLQGHGLU(áHU'¾Q\D¾]HULQGHELUQRNWDGDQ\ROD©óNóS\¾]\óOJHULJLGHUVHQL]NHQGLQL]LERġOXNWD
EXOXUVXQX]‰¾QN¾'¾Q\D QóQRQRNWD\DJHOPHVLQHGDKD\¾]\óOYDUGóU %LU\¾]\óOó\¾]\óORODUDN
DOJóODGóáóJ¾QOHUGLRQODU
7HNUDU<DUURZ XKDWóUODGó=DPDQóPHN¤QGDQVR\XWOD\DPD]VóQó]=DPDQER\XQFDKDUHNHWHGHUNHQ
'¾Q\D QóQKDUHNHWOHULQLSD\ODġóUVóQó]<RNVDKDYDGDX©DQELUNXġELUGHQELUHNHQGLQLERġOXNWDEXOXU
©¾QN¾ '¾Q\D *¾QHġ LQ HWUDIóQGD VDQL\HGH RQ VHNL] PLO Kó]OD G¸QPHNWHGLU YH EX \DUDWóáóQ DOWóQGDQ
ND©DUJLGHUGL\HPLG¾ġ¾Q¾\RUVXQX]"
%HQ]HWPHOHUGHQ\DUDUODQDUDNWDUWóġPDNVDáOóNOóELU\¸QWHPGHáLOGLUIDNDW+DUODQġXVRQJ¾QOHUGH
GDKD VRPXW GHOLOOHU HOGH HWPLġWL YH ġX \DSWóáó HġLQH HQGHU UDVWODQDQ FLQVWHQ VH\DKDWWHQ VRQUD J¾YHQ
L©LQGHG¸Q¾SPDáDUDQóQDá]óQóEXODELOLUYHEXGDRQXKL©ġDġóUWPD]Gó
 7DġYH©DNóOODUGDQROXġDQ¸UW¾\¾NDOGóUGóYHL©HULJLUGL
.DUDQOóáóEó©DNJLEL\DUDQIHQHULQLQóġóáó\ODL©HUL\LDUDġWóUPD\DEDġODGó'XYDUODUóQWDYDQóQ\HULQ
KHUVDQWLPLQLX]XQX]XQLQFHOHGL
+HPHQDUNDVóQGDQRQXWDNLSHGHQ1R\VIóVóOGDGó%LUġH\PLDUó\RUVXQ"
%LUġH\+HUKDQJLELUġH\
9HEXOGX'¾]ELUWDġOD¸UW¾OP¾ġ\HġLOLPVLUHQNOLG¾]J¾QġHNLOOLN¤áóWSDU©DODUó\GóEXQODU
7Dġó¾]HUOHULQGHQDOóSELUNHQDUDDWWóYHN¤áóWODUóDYX©ODGó
1HGLUEXQODU"GL\HVRUGX1R\V
%DQNQRWODU$OóġYHULġDUD©ODUó3DUD
%XUDGDROGXNODUóQóELOL\RUPX\GXQ"
+L©ELUġH\ELOPL\RUGXP<DOP]FDXPX\RUGXP
%X \DOQó]FD 7ZLVVHOO LQ WHUV PDQWóáóQó NXOODQPD PHVHOHVL\GL VRQX©WDQ \ROD ©óNóOóS XODġóOó\RUGX
6RQVX]OXNV¾UG¾á¾QHJ¸UH&RRSHUGDGRáUXNDUDUODUYHUPH\HGHYDPHGL\RUGHPHNWLòODQóQ+DUODQ ó
GRáUX ]DPDQD ©HNHFHáL YDUVD\óOóUNHQ PDáDUDQóQ GD ID]ODGDQ ELU KDEHUOHġPH DUDFó ROPD GXUXPX
RUWD\D©óNó\RUGX
$VOóQGD EX RQXQ XPGXáXQGDQ ID]OD\Gó òONHO ]DPDQD \DSDFDáó VH\DKDWLQ KD]óUOóNODUó V¾UHUNHQ
+DUODQ KHS ¸Q¾QH ©óNDFDN ELU \HUOHġPH PHUNH]LQH KL©ELU ġH\L ROPDGDQ JLWPHVLQLQ ġ¾SKH
X\DQGóUDFDáóQóG¾ġ¾QP¾ġW¾
&RRSHU GDD\QóVRUXQOD\¾]\¾]HJHOPLġROPDOó\GóDPDRQXQYDNWLX\JXQGX+DUODQSDUDGHPHWLQL
NXFDNOD\óS NDOGóUGó 9DNWLQL EX SDUDODUó ELULNWLUPHN L©LQ NXOODQPóġ ROPDOó\Gó L\L Lġ EDġDUPóġWó
XIDNOóNKHPGH©RNL\L
9H©HPEHUNDSDQó\RUGX
%DWPDNWD RODQ J¾QHġLQ Nó]óO óġóNODUó DOWóQGD PDO]HPHOHU PDáDUD\D WDġóQGó $UD© ©RN \DNóQóQD
JHOPHGHQ J¸U¾OPHVL P¾PN¾Q ROPD\DFDN ġHNLOGH \DQVóWóFó ¸]HOOLáL RODQ ELU PDGGH\OH NDSODQPóġWó
*¸UHELOHFHNNDGDU\DNóQDJHOHQOHULGH+DUODQ óQWDġóGóáóVLODKKDOOHGHFHNWL,VóWóFó\óNXUGXODUòQFHELU
\DUóNWDQIóġNóUDQSDUODNOóNODKHPD\GóQODQó\RUKHPGHóVóQPDJHUHNVLQLPOHULQLNDUġóOó\RUODUGó
'óġDUóGDVHULQELUPDUWDNġDPóK¾N¾PV¾U¾\RUGX
1R\VG¾ġ¾QFHOLELUWDYóUODóVóWóFóGDQ©óNDQóġóáDEDNWóYH$QGUHZSODQóQQHGLU"GL\HVRUGX
<DUóQVDEDKHQ\DNóQ\HUOHġPHPHUNH]LQHJLGHFHáLP1HUHGHROGXáXQX\DGDROPDVóJHUHNWLáLQL
ELOL\RUXP <LQH7ZLVVHOO LQPDQWóáóQóG¾ġ¾QG¾%LUVRUXQ©óNPDVóRODQDNVó]Gó
%HQGHVHQLQOHJHOHFHáLPGHáLOPL"
+DUODQKD\óUDQODPóQGDEDġóQóVDOODGó%LUNHUHNRQXġXODQGLOLELOPL\RUVXQ9HD\UóFDEXJH]LELU
LNLQFLNLġL\OHSD\ODġóOPD\DFDNNDGDUGD]RU
1R\V XQ NóVD VD©ODUó\OD DQWLND JLEL ELU J¸U¾Q¾ġ¾ YDUGó YH J¸]OHULQGHQ WDġDQ ¸INH +DUODQ óQ
EDNóġODUóQóND©óUPDVóQDVHEHSROGX
%HQ DSWDO GHáLOLP $QGUHZ %HQLPOH QHUHGH\VH O¾WIHQ NRQXġX\RUVXQ <¾]¾PH ELOH EDNPó\RUVXQ
1HGHPHNROX\RUE¾W¾QEXQODU"<LQHGRáXP]DPDQóQóQDKODNGHáHUOHULPLDNOóQDJHOGL"6RQVX]OXáD
LKDQHWHWWLáLQLG¾ġ¾Q¾SEXQGDQEHQLPLVRUXPOXWXWX\RUVXQ"1HGLUEXKDOLQ"
 1HOHUKLVVHWWLáLPLELOHPH]VLQ
$QODWRKDOGH<DSDELOLUVLQEXQXĠXDQGDNLQGHQGDKDX\JXQELUIóUVDWEXODPD]VóQ+LVVHWWLáLQġH\
DġNPó"%HQLPL©LQPL"*¾QDKODUóQóQDFóVóQóEHQGHQ©óNDUDPD]VóQ©óNDUPDPDOóVóQ1HGL\HJHWLUGLQ
EHQLEXUD\D"6¸\OHEDQD%DQDLKWL\DFóQ\RNWXGD\¾]¾P¾J¸UPH\HELOHWDKDPP¾OHGHPH\HFHNWLQGH
QHGHQEHQL6RQVX]OXNWDEóUDNPDGóQ"
+DUODQPóUóOGDQGó7HKOLNHOLROXUGX
+D\GLFDQóPVHQGH
7HKOLNHGHQGH¸WHELUġH\%LUN¤EXV%LOJLVD\DU7ZLVVHOO LQN¤EXVXGHGL+DUODQ*L]OL\¾]\óOODUD
SDQLN L©LQGH \DSWóáóPó] VRQ VH\DKDWWH R \¾]\óOODUD DLW G¾ġ¾QFHOHULQL DQODWWó EDQD òQVDQRáOXQXQ
HYULPOHġPLġ W¾UOHUL\OH LOJLOL RODVóOóNODUGDQ EDKVHWWL 8]DN ¾VW]DPDQODUGD \DġD\DQ DUDODUóQD
NDUóġPDPó]ó HQJHOOHU NR\DUDN ¸QOH\HQ YH *HU©HNOLNOHUH \DSWóáóPó] P¾GDKDOHOHUH ELU VRQ YHUPH\L
SODQOD\DQ\HQLW¾UOHUGHQV¾SHULQVDQODUGDQO GHNLHQJHOLGHRQODUóQNR\GXáXQXG¾ġ¾Q¾\RUGX
6RQUD VHQL EXOGXN YH %LOJLVD\DU 7ZLVVHOO NDEXVX\OD XáUDġPD\ó ELU NHQDUD EóUDNWó 2UDGD KL©ELU
]DPDQ ELU HQJHOLQ YDUROPDGóáóQD K¾NPHWWL ‰RN GDKD LYHGL ELU VRUXQ RODQ 6RQVX]OXáX NXUWDUPD
PHVHOHVLQHGDOGó
)DNDWEHQJ¸UG¾á¾QJLELRQXQN¤EXVXQGDQHWNLOHQPLġEXOXQX\RUXP(QJHOOHEHQNDUġóODġPóġWóP
R \¾]GHQ YDUROGXáXQX ELOL\RUXP 7ZLVVHOO EXQXQ NXUDPVDO RODUDN RODQDNVó]ROGXáXQXV¸\OHGLáLQH
J¸UH ELU VRQVX]XQ LġL GHáLOGL %HONL GH 6RQVX]OXNWDNL NXUDPODU \HWHULQFH JHOLġPHPLġWL 2UDGD ELU
HQJHOYDUGó2QXRUD\DELULVLNR\PXġWX<DGDELUġH\
'RáDONL7ZLVVHOO LQ\DQóOGóáóED]óQRNWDODUYDUGó2LQVDQRáOXQXQJHOLġPHVLJHUHNWLáLQGHQ\ROD
©óNó\RUGX IDNDW \DQOóġ G¾ġ¾Q¾\RUGX 3DOHRQWRORML 6RQVX]ODUóQ LOJLOHQGLáL ELOLP GDOODUóQGDQ ELUL
GHáLOGLU DPD òONHO GH JH©HUOLGLU R \¾]GHQ EHQ GH ELUD] LQFHOHGLP ĠX NDGDUóQó ELOL\RUXP 7¾UOHU
\DOQó]FD\HQL©HYUHOHULQHWNLOHULQHNDUġóNR\PDN]RUXQOXOXáXVHEHEL\OHHYULPOHġLUOHU'XUDáDQ©HYUH
ġDUWODUóL©LQGHELUFDQOóW¾U¾PLO\RQODUFD\¾]\óOGHáLġPHGHQNDODELOLUòONHOLQVDQV¾UDWOHHYULPOHġWL
©¾QN¾ DFóPDVó] YH V¾UHNOL GHáLġHQ ©HYUH ġDUWODUó L©LQGH \Dġó\RUGX %LU GHID LQVDQRáOX ©HYUHVLQL
\DUDWPD\ó¸áUHQGLNWHQVRQUDRQXUDKDWYHGXUDáDQELUKDOHJHWLUGLYHGRáDORODUDNHYULPOHġPHVLGH
VRQDHUGL
1HGHQV¸]HWWLáLQLDQODPó\RUXPGHGL1R\V\XPXġDPóġJLELELUKDOL\RNWX%HQLNLPL]OHLOJLOL
ġH\OHUGHQNRQXġPDNLVWL\RUXP%XNRQXGDWHNELUNHOLPHELOHHWWLáLQ\RN
+DUODQ KLVOHULQL EHOOL HWPHPH\H ©DOóġWó ĠLPGL QHGHQ  GH ELU HQJHO YDUGó" 1H LġH
\DUó\RUGX" 6DQD ]DUDU YHULOPHPLġWL %DġND QH L©LQ NRQPXġ RODELOLUGL" .HQGL NHQGLPH VRUGXP 2
HQJHOLQYDUROXġX\¾]¾QGHQPH\GDQDJHOHQYHHáHURUDGDROPDVDJHU©HNOHġPH\HFHNRODQELUġH\YDU
Pó"
%LUDQL©LQVXVWXJHU©HNGHULGHQLPDOHGLOPLġDáóUYHKDQWDOD\DNNDEóODUóQDX]XQX]XQEDNWó+L©
GHáLOVHDNġDPOH\LQD\DáóQGDQ©óNDUóSUDKDWHGHELOHFHáLQLG¾ġ¾QG¾IDNDWġLPGLEXQXQ]DPDQóGHáLOGL
]DPDQóGHáLOGL
'HYDP HWWL %X VRUXQXQ ELU WHN FHYDEó YDUGó 2 HQJHOLQ YDUOóáó EHQL ©óOJóQODU JLEL JHUL G¸Q¾S
)LQJH HVDOGóUPDNL©LQELUVLODKHGLQPH\HVRQUDGDEXVLODKODVHQLWHNUDUHOGHHWPHNL©LQ6RQVX]OXáX
ULVNHVRNPD\DYHEDġDUDPDGóáóPóG¾ġ¾Q¾QFHGH6RQVX]OXáX\óNPD\DLWWL$QOó\RUPXVXQ"
1R\V LQDQPDN LVWHPH\HQ NRUNXOX J¸]OHUOH RQD EDNWó <DQL E¾W¾Q EXQODUó \DSPDP
¾VW]DPDQODUGDNLLQVDQODUPóLVWHGL"2QODUPóSODQODGó"
(YHW %DQD ¸\OH EDNPD (YHW 9H EXQXQ KHU ġH\L QDVóO GHáLġWLUGLáLQL J¸UP¾\RU PXVXQ" .HQGL
EDġóPD NHQGL PDQWóáóPOD KDUHNHW HWWLáLPGH PDGGL PDQHYL E¾W¾Q VRQX©ODUD NDWODQóUóP $PD
GX\JXODUóPó ELUWDNóP GHOLNOL NDUWODU YDVóWDVó\OD \¸QHWLOHQ ELU KHVDS PDNLQHVL JLEL NRQWURO HGLS
HWNLOH\HQLQVDQODUWDUDIóQGDQNDQGóUóOóSDSWDO\HULQHNRQPXġROPDN
+DUODQEDáóUPDNWDROGXáXQXIDUNHWWLYHVXVWX%LUND©GDNLNDNRQXġPDGDQEHNOHGLYHWHNUDUGHYDP
HWWL %LU W¾UO¾ NDEXO HGHPL\RUXP %HQL NXNOD JLEL R\QDWóS \DSWóUGóNODUóQó \DSPDPóġ KDOH JHOPHP
ġDUW$QFDNR]DPDQKX]XUDNDYXġDELOLULP
9H R GXUXPD JHOHFHNWL RODQDNOó\VD ˜Q¾QGH X]DQDQ YH DUNDGD NDOPóġ RODQ NRUNXQ© WUDMHGLGHQ
VRQUD]DIHUHXODġPDN¾]HUHROGXáXQXKLVVHGL\RUGX‰HPEHUNDSDQó\RUGX
1R\V+DUODQ óQNDVNDWóNHVLOPLġHOLQLWXWPDNL©LQX]DQGó
<LQH GX\JXODUóQó VDNOD\DUDN JHUL ©HNLOGL +HU ġH\ D\DUODQPóġWó 6HQLQOH NDUġóODġPDP +HSVL
'X\JXVDO\DSóPL\LFHLQFHOHQPLġWL‰RNEDVLW(WNLYHWHSNLĠXG¾áPH\HEDVDGDPġ¸\OH\DSVóQ%X
G¾áPH\HEDVDGDPE¸\OH\DSVóQ
+DUODQ NRQXġPDNWD J¾©O¾N ©HNL\RUGX XWDQFóQGDQ \HULQ GLELQH JLUHFHNWL 6XGDQ ©óNPóġ ELU N¸SHN
JLELEDġóQóVDOOD\óSNHQGLQHJHOPH\H©DOóġWóYHGHYDPHWWL%DġODQJó©WDELUQRNWD\óDQOD\DPDPóġWóP
1DVóO ROXS GD &RRSHU óQ òONHO ‰Dá D J¸QGHULOHFHáLQL WDKPLQ HGHELOPLġWLP %¸\OH ELU WDKPLQGH
EXOXQPDPDLPN¤Q\RNWX%XNRQX\ODLOJLOLKL©ELUġH\ELOPL\RUGXPNL%XQX7ZLVVHOOGHDQOD\DPDGó
0DWHPDWLNELOJLPLQEXGHQOLD]ROPDVóQDUDáPHQEXQXQDVóO\DSWóáóPDDNóOHUGLUHPHGL
$PDELOPLġWLPLġWHòONNH]RRJHFHROGX6HQX\X\RUGXQEHQKHQ¾]X\XPDPóġWóP+DWóUODPDP
JHUHNHQ ELU ġH\ ROGXáXQX KLVVHWPLġWLP ELU LġDUHW ELU ILNLU JHFHQLQ ]HYN YH KH\HFDQó DUDVóQGD
\DNDODPóġ ROGXáXP ELU ġH\ '¾ġ¾QG¾N©H &RRSHU óQ ¸QHPL E¾W¾Q ER\XWODUó\OD NDIDPGD EHOLUGL YH
6RQVX]OXáX \óNDFDN ELU NRQXPGD EXOXQGXáXPX IDUN HWWLP 'DKD VRQUD PDWHPDWLáLQ WDULKLQL
LQFHOH\HUHN G¾ġ¾QG¾NOHULPL J¸]GHQ JH©LULS NRQWURO HWWLP DPD DVOóQGD EXQD ELOH JHUHN \RNWX %HQ
]DWHQELOL\RUGXP.HVLQOLNOHHPLQGLP1DVóO"1DVóO"
1R\V GLNNDWOH +DUODQ D EDNó\RUGX %X NH] RQD GRNXQPD\D ©DOóġPDGó 6HQFH EXQX GD *L]OL
\¾]\óOODUóQLQVDQODUóPóWH]J¤KODGó"+HUġH\LNDIDQDGROGXUXSVHQL\¸QHWWLOHU¸\OHPL"
(YHW (YHW )DNDW KHQ¾] LġOHUL ELWPHGL %LUD] GDKD LġOHUL YDUGó ‰HPEHU NDSDQDELOLU DPD KHQ¾]
NDSDQPDGó
ĠLPGLDUWóNQH\DSDELOLUOHUNL"%XUDGD\RNODU
<RNODUPó"%XNHOLPH\L¸\OHVLQHGHULQGHQJHOHQELUVHVOHV¸\OHGLNL1R\V XQ\¾]¾EHPEH\D]ROGX
*¸U¾QPH\HQV¾SHUġH\OHU"GL\HIóVóOGDGó
6¾SHUġH\OHUGHáLO*¸U¾QPH]GHGHáLO6DQDLQVDQRáOXQXQ©HYUHġDUWODUóQóNRQWURODOWóQGDWXWWXáX
V¾UHFH HYULPOHġPH JHUHáL GX\PD\DFDáóQó DQODWWóP *L]OL \¾]\óOODUóQ LQVDQODUó GD +RPR 6DSLHQV
%LOGLáLPL]QRUPDOLQVDQODU
2KDOGHNHVLQOLNOHEXUDGDGHáLOOHU
+DUODQ¾]¾QW¾L©LQGH6HQEXUDGDVóQ1R\VGHGL
(YHW9HVHQ9HEDġNDNLPVHGH\RN
6HQYHEHQYHEDġNDNLPVHGH\RNWDELL*L]OL\¾]\óOODUGDQELUNDGóQYHEHQ$UWóNR\XQR\QDPD\ó
EóUDN1R\V/¾WIHQ
.ó]NRUNXL©LQGH+DUODQ DEDNWó1HOHUV¸\O¾\RUVXQVHQ$QGUHZ"
 6¸\OHPHP JHUHNHQL 2 JHFH EDQD L©NL YHULUNHQ QHOHU DQODWó\RUGXQ" %HQLPOH NRQXġX\RUGXQ
<XPXġDN VHVLQ WDWOó NHOLPHOHU KL©ELU ġH\ GX\PDGóP ELOLQ©OL RODUDN IDNDW IóVóOGD\DQ WDWOó VHVLQL
KDWóUOó\RUXP 1HOHUGHQ EDKVHGL\RUGXQ" &RRSHU óQ DOW]DPDQD \DSDFDáó VH\DKDW 6RQVX]OXáX \óNDFDN
6DPVRQGDUEHVL%XQODUPó\Gó"
1R\V%HQ6DPVRQGDUEHVLQLQQHGHPHNROGXáXQXELOHELOPL\RUXPGHGL
5DKDWOóNOD WDKPLQ HGHELOLUVLQ 1R\V 6¸\OH EDNDOóP  \H QH ]DPDQ JLUGLQ" .LPLQOH \HU
GHáLġWLUGLQ" <RNVD ID]ODGDQ ¸\OHVLQH PL JLULYHUGLQ"  GDNL ELU X]PDQD \DġDP ġHPDQó
©óNDUWWóUGóP<HQL*HU©HNOLNWH\RNVXQ%HQ]HULQRODQELULGH\HUDOPó\RU2ODQDNVó]GHáLOEHONLDPD
XIDFóN ELU GHáLġWLUPH L©LQ JDULS ELU GXUXP EX 9H VRQUD \DġDP ġHPDFóVóQóQ ELU ODIó YDU NL RQX
NDOELPOH GHáLO \DOQó]FD NXODNODUóPOD GLQOHPLġLP ĠX DQGD KDWóUOD\DELOPHP ELOH ġDġóUWóFó %HONL WD R
]DPDQDNOóPEDġóPDJHOHFHNWLDPDE¾W¾QEHQOLáLP¸\OHVLQHVHQLQOHGROX\GXNL$GDPġ¸\OHGHPLġWL
9HUGLáLQL] IDNW¸UOHULQ ROXġWXUGXáX ELOHġLPOH EX KDQóPóQ HVNL *HU©HNOLNWH ELOH QDVóO \HU DOGóáóQó
DQOD\DPDGóP
$GDP KDNOó\Gó 2UD\D DLW GHáLOGLQ 8]DN ¾VW]DPDQODUGDQ JHOLS VDQD NDSóOPDPó] L©LQ EHQL GH
)LQJH LGHHWNLVLDOWóQDDODQYHR*HU©HNOLNWH\HULROPD\DQELUL\GLQVHQ
$QGUHZ
+HUġH\DSD©óNRUWDGDDPDJ¸]OHULPJ¸UP¾\RUGX(YLQGH 6RV\DOYH(NRQRPLN7DULK LVLPOLELU
NLWDS YDUGó òON J¸UG¾á¾PGH ©RN ġDġóUPóġWóP +DOEXNL \¾]\óOD X\JXQ ELU NDGóQ ROPD\ó ¸áUHWPHVL
EDNóPóQGDQ EX W¾U ġH\OHUH LKWL\DFóQ YDUGó GHáLO PL" 6RQUD *L]OL \¾]\óOODUD \DSWóáóPó] LON VH\DKDWL
KDWóUODUVóQ $UDFó  GH VHQ GXUGXUPXġWXQ =DULI ELU EL©LPGH XVWDFD \DSPóġWóQ EX LġL 6H\DKDW
DUDFó NXOODQPD\ó QHUHGHQ ¸áUHQGLQ *¸U¾QG¾á¾Q JLEL ELUL ROVD\GóQ EX VHQLQ DUD©OD LON VH\DKDWLQ
ROPDVóJHUHNLUGL6RQUDQHGHQ"'RáXP]DPDQóQPó\RNVD"
1R\VVDNLQYH\XPXġDNELUVHVOHVRUGX%HQLòONHO]DPDQODUDQHGHQJHWLUGLQ$QGUHZ"
+DUODQELUGHQEDáóUGó6RQVX]OXáXNRUXPDNL©LQ2UDGDNLPELOLUQHN¸W¾O¾NOHU\DSDUGóQ%XUDGD
HOLQNROXQEDáOó©¾QN¾NLPROGXáXQXELOL\RUXP%¾W¾QEXDQODWWóNODUóPóQGRáUXROGXáXQXLWLUDIHW
òWLUDIHW
˜INH\OH GRáUXOGX WLWUL\RUGX NROX KDYD\D NDONWó .ó] KL© NóSóUGDPDGó 6RQ GHUHFH VDNLQGL ,OóN
J¾]HOELUPXPKH\NHOLDQGóUó\RUGX+DUODQEDġODGóáóKDUHNHWLWDPDPODPDGó
òWLUDIHW
%¾W¾Q EX ©óNDUGóáóQ VRQX©ODUD UDáPHQ HPLQ GHáLO PLVLQ" òWLUDI HWPLġLP HWPHPLġLP QH IDUN
HGHU"
+HUġH\HUDáPHQLWLUDIHWNLDFóGX\PDPDJHUHNNDOPDVóQ
$FóPó"
‰¾QN¾ELUVLODKóPYDU1R\VYHVHQL¸OG¾UPH\LG¾ġ¾Q¾\RUXP
 

6,1,56,=/,à,1%$Ġ/$1*,&,
%HOLUVL]OLNYHNDUDUVó]OóN+DUODQ óQ\L\LSELWLUL\RUGX6LODKóQó©óNDUGó1R\V DGRáUXOWWX
)DNDWQHGHQEXNó]KL©ELUġH\V¸\OHPL\RUGX"1HGHQóVUDUODEXHGLOJHQWXWXPXQXV¾UG¾U¾\RUGX"
2QXQDVóO¸OG¾UHELOLUGL"
%RáXNELUVHVOH(HH"GHGL
.ó] NóSóUGDQGó IDNDW EX KDUHNHWL HOOHULQL NXFDáóQD NR\XS GDKD UDKDW GDKD PDVXP J¸U¾QHELOPHN
L©LQ \DSPóġWó VDQNL .RQXġPD\D EDġODGó YH VHVL LQVDQ VHVLQGHQ IDUNOó ¸]HOOLNOHUH VDKLS JLEL\GL %LU
VLODKóQQDPOXVXQDEDNó\RUROPDVóQDUDáPHQJDULSELUJ¾©VD\HVLQGHV¾N½QHWLPNRUX\RUGHQHELOLUGL
<DOQó]FD6RQVX]OXáXNRUXPDNDPDFó\ODEHQL¸OG¾UPHNLVWL\RURODPD]VóQ7HNGHUGLQ6RQVX]OXáX
NRUXPDN ROVD\Gó EHQL ED\óOWóS VóNóFD EDáODU EX PDáDUD\D KDSVHGHU YH JHUHNOL JH]LOHULQL
\DSDELOLUGLQ <D GD %LOJLVD\DU 7ZLVVHOO H VHQ òONHO =DPDQ GD\NHQ EHQL WHFULW DOWóQD DOPDVóQó
V¸\OH\HELOLUGLQ<DGDELUOLNWHJ¸W¾U¾UGDáODUGDGRODġóUNHQND\EROPDPóVDáODUGóQ(áHUVHQLWDWPLQ
HGHFHNWHNġH\¸OG¾UPHNVHEXQXVHEHELVHQLNDQGóUPóġ¸QFH¤ġóNHGLSVRQUDGDLKDQHWHV¾U¾NOHPLġ
ROGXáXPX G¾ġ¾QPHQGLU %¸\OH \DSDUDN V¸\OHGLáLQ ġH\OHULQ KL©ELULQL JHU©HNOHġWLUHFHN GHáLOVLQ
\DOQó]FDLQFLQHQJXUXUXQXWHGDYLHGHFHáLQHLQDQó\RUVXQ
+DUODQNóYUDQó\RUGX*L]OL\¾]\óOODUGDQPóVóQ"6¸\OH
(YHW$WHġHGHFHNPLVLQġLPGL"
+DUODQ óQ DWHġOHPH G¾áPHVLQH WHPDV HGHQ SDUPDáó WLWUHGL 7HUHGG¾W L©LQGH\GL .DIDVóQóQ L©LQGH
Nó]óQ GDYDVóQó ELU W¾UO¾ VRQD HUGLUHPL\RU EH\KXGH DġNóQóQ YH ¸]OHPLQLQ VRQ NóUóQWóODUó RQD HQJHO
ROX\RUGX $FDED +DUODQ WDUDIóQGDQ UHGGHGLOPLġ ROPDN Pó RQX E¸\OH ¾]P¾ġW¾" %X \¾]GHQ \DODQ
V¸\OH\LS NDVWHQ NHQGLVLQL ¸OG¾UWPHN LVWL\RU RODELOLU PL\GL" +DUODQ NHQGLVLQGHQ ġ¾SKHOHQGL GL\H
¾PLWVL]OLáHNDSóOóSVD©PDELUNDKUDPDQOóNJ¸VWHULVL\DSó\RURODELOLUPL\GL"
+D\óU
%¸\OH ġH\OHU DQFDN  QXQ DFóNOó DġN URPDQODUóQGD RODELOLU 1R\V JLEL ELU Nó] L©LQ JH©HUOL
GHáLOGLU 2 VDKWH ¤ġóáó WDUDIóQGDQ \DUDODQPóġ Y¾FXGXQGDQ DNDQ NDQD PD]RġLVW ELU ]HYNOH EDNDUDN
¸O¾P¾EHNOH\HQELULRODPD]
2 KDOGH +DUODQ óQ RQX ¸OG¾UHELOHFHáLQH LQDQPó\RUGX DPD QHGHQ" ĠX DQGD ELOH K¤O¤ +DUODQ óQ
NHQGLVLQL©HNLFLEXOGXáXQXELOL\RUYHEX¸]HOOLáLQLQRQXHQJHOOH\HFHáLQHPLJ¾YHQL\RUGX"
3DUPDáóQóQG¾áPHQLQ¾]HULQGHNLEDVNóVóELUD]GDKDDUWWó
1R\V WHNUDU NRQXġWX %HNOL\RUVXQ .HQGLPL VDYXQPDN L©LQ D©óNODPD \DSDFDáóPó Pó ¾PLW
HGL\RUVXQ"
1HVDYXQPDVó"+DUODQDOD\FóELULIDGHNXOODQPD\D©DOóġPóġWóDPD\LQHGHNó]óQELUNRQXD©Póġ
ROPDVóQD VHYLQGL %X Nó]óQ SDU©DODQPóġ Y¾FXGXQD NDQOó HW SDU©DVó NDOóQWóODUóQD EDNPDN ]RUXQGD
NDODFDáó YH J¾]HO 1R\V XQXQ EX KDOLQH NHQGL HOOHULQLQ VHEHS ROGXáXQX G¾ġ¾Q¾S NDKURODFDáó
GDNLNDODUóP¾PN¾QROGXáXNDGDUJHFLNWLUHFHNWL
 +¤O¤LġLELWLUHPHPLġROXġXQDEDKDQHOHUDUó\RUGX+H\HFDQODG¾ġ¾QG¾%óUDNNRQXġVXQ%óUDNJL]OL
\¾]\óOODU L©LQ DQODWDELOHFHáL KHU ġH\L DQODWVóQ 1H NDGDU ©RN DQODWóUVD 6RQVX]OXáX R NDGDU L\L
NRUXPDNP¾PN¾QROXU
%XG¾ġ¾QFHWDU]óKDUHNHWLQLQ¸Q¾QHNDWóELUSROLWLNDNR\GXYHELUDQL©LQNó]DKHPHQKHPHQRQXQ
NDGDUVDNLQELU\¾]OHEDNWó
1R\VNDIDVóQGDQJH©HQOHULRNXUFDVóQDVRUGX*L]OL\¾]\óOODUDDLWELOJLPLHOGHHWPHNLVWL\RUVXQ"
%X ELU VDYXQPD \HULQH JH©HFHNVH NROD\ ˜UQHáLQ  GHQ VRQUD QHGHQ \HU\¾]¾QGH LQVDQRáOX
\RN¸áUHQPHNLVWHUPLVLQ"òOJLQL©HNHUPL"
+DUODQ ELOJL SHġLQGH GHáLOGL ¸áUHQPHN GH LVWHPL\RUGX )DNDW VLODKó WXWDQ R\GX =D\óIOóN
J¸VWHUPHPHVLJHUHNL\RUGX
.RQXġGHGL)HU\DWHGHUFHVLQHV¸\OHGLáLEXNHOLPH1R\V XQJ¾O¾PVHPHVLQHVHEHSROGX
6RQVX]OXN KHQ¾] ID]OD ¾VW]DPDQODUD KDWWD GDKD  \H ELOH XODġPDGDQ ¸QFH \¾]\óOóQGDNL
EL]OHU KDNOóVóQ EHQ  GHQLP  EX ROD\ó IDUN HWWLN %L]GH GH ]DPDQ VH\DKDWOHUL YDU IDNDW
VL]LQNLQGHQ ©RN GDKD IDUNOó LONHOHUH GD\DQóU .HQGLPL] N¾WOHVHO RODUDN ]DPDQGD JH]PH\L] ]DPDQó
¸Q¾P¾]GHQJH©LULUL]%L]\DOQó]FDJH©PLġLPL]OHDOW]DPDQODUóPó]ODLOJLOHQLUL]
6RQVX]OXáX GROD\Oó ELU \ROGDQ NHġIHWWLN ˜QFH *HU©HNOLNOHULQ KHVDSODUóQó JHOLġWLUGLN YH
©óNDUGóáóPó] VRQX©ODUó NHQGL *HU©HNOLáLPL]H X\JXOD\DUDN VóQDGóN 9DUGóáóPó] QRNWD EL]L GHKġHWH
G¾ġ¾UG¾ ‰RN N¾©¾N ELU RODVóOóáóQ VRQXFX RODQ ELU *HU©HNOLNWH \Dġó\RUGXN ‰RN FLGGL ELU VRUXQOD
NDUġó NDUġó\D\GóN 1HGHQ E¸\OH\GL" %XUDGD GHáLOPLġ JLELVLQ $QGUHZ +¤O¤ DQODWPDPó LVWL\RU
PXVXQ"
+DUODQNó]óQNHQGLVLQHJH©PLġWHDOóġWóáóVóFDNġHINDWOLWDYUó\ODVHVOHQGLáLQLGX\GXĠXDQGDE¸\OH
ELUGDYUDQóġóQRQX¸INHOHQGLUPHVLJHUHNLUGLDPDHOLQGHQJHOPL\RUGX
žPLWVL]OLNL©LQGH'HYDPHWYHELWLUNDGóQGL\HUHN\DODQGDQWHUVOHQGL
.ó]óQ KLWDS HGHUNHQ NXOODQGóáó $QGUHZXQGDNL VóFDNOóáó VRáXN ELU NDGóQ NHOLPHVL\OH NDUġóOóN
YHUHUHNJLGHUPH\H©DOóġPóġWóDPDR\LQHGHVROJXQELU\¾]OHJ¾O¾PVHGL
=DPDQ ó JHUL\H GRáUX LQFHOHGLN YH JHOLġPHNWH RODQ 6RQVX]OXNOD NDUġóODġWóN =DPDQ L©LQGH EDġND
ELU *HU©HNOLN EL]GH GH D\Qó NDYUDP YDUGóU DPD DGó EDġNDGóU  GDKD EXOXQGXáXQX KHPHQ DQODGóN
%¾\¾N ELU RODVóOóNOD ROXġDQ GLáHU JHU©HNOLáH 7HPHO +DO GHGLN 7HPHO +DO ELU LKWLPDOGH EL]L GH
NDSVDPóġ ROPDOó\Gó \D GD HQ D]óQGDQ EL]LP EHQ]HUOHULPL]L +L©ELU ]DPDQ EX 7HPHO +DO LQ \DSóVóQó
L]DKHGHPHGLN%LOHPL\RUX]
<DOQó] ELOGLáLPL] ELU ġH\ YDUVD R GD X]DN DOW]DPDQODUGD 6RQVX]OXN WDUDIóQGDQ \DSóODQ ELU
'HáLġWLUPH QLQ 7HPHO +DO L EL]LP \¾]\óOODUóPó]D YH ¸WHVLQH GH X]DQDFDN ġHNLOGH IDUNOóODġWóUPóġ
ROGXáX\GX 7HPHO +DO LQ \DSóVóQó DUDġWóUPD\D EDġODGóN (áHU ELU \DQOóġOóN \DSóOGó\VD EXQX
G¾]HOWPHPL] JHUHNL\RUGX ˜QFHOLNOH DġDáó ]DPDQODUóPó]GD  GHQ \XNDUóGD \HU DODQ JL]OL
\¾]\óOODU GHGLáLPL] NóVPó NDUDQWLQD\D DOGóN ‰RN E¾\¾N ELU RODVóOóNOD EX EL]L \DSóODFDN
'HáLġWLUPHOHULQ HWNLOHULQGHQ NRUX\DFDNWó 0¾NHPPHO ELU J¾YHQOLN ¸QOHPL\GL GL\HPHP DPD EL]H
]DPDQND]DQGóUPDVóD©óVóQGDQGHáHUOL\GL
6RQUD QRUPDOGH N¾OW¾U YH GHáHUOHULPL]LQ L]LQ YHUPH\HFHáL ELU ġH\ \DSWóN žVW]DPDQODUóPó]ó
JHOHFHáLPL]LDUDġWóUGóNò©LQGHEXOXQGXáXPX]*HU©HNOLNWHNLLQVDQóQNDGHULQL¸áUHQGLN GHQ
NóVDELUV¾UHVRQUDLQVDQRáOX\óOGó]ODUDUDVóVH\DKDWLQVóUODUóQó©¸]¾\RU8]D\ERġOXáXQGDVó©UDPDODU
\DSPD\óEDġDUó\RU6RQX©WDGD\óOGó]ODUDXODġó\RU
 +DUODQ JLWWLN©H DUWDQ ELU LOJL\OH Nó]óQ WDWOó YH ¸O©¾O¾ NRQXġPDVóQó GLQOL\RUGX $QODWWóNODUóQóQ QH
NDGDQ GRáUX\GX DFDED" 1H NDGDUó RQX DOGDWPD\D \¸QHOLNWL" .ó]óQ V¸]¾Q¾ NHVHUHN 9H \óOGó]ODUD
XODġPDLPN¤QóQDVDKLSROXQFDGDG¾Q\D\óWHUNHGLSD\UóOGóODU%D]óODUóPó]EXQXWDKPLQHGL\RUGX
˜\OH\VHRED]óODUóQó]\DQOóġWDKPLQHWPLġOHUòQVDQRáOXG¾Q\D\óWHUNHWPH\H©DOóġWó1H\D]óNNL
*DODNVL GH\DOQó]GHáLOL]%DġNDG¾Q\DODUóRODQ\óOGó]ODU\DUELOL\RUVXQ+DWWDEDġND]HN¤ODU$VOóQGD
HQ D]óQGDQ EL]LP *DODNVLPL]GH KL©ELUL LQVDQOóN NDGDU HVNL GHáLO DPD  \¾]\óO ER\XQFD
LQVDQRáOX G¾Q\DGDQ ©óNPDGó 'DKD JHQ© ]HN¤ODU EL]LP G¾]H\LPL]H JHOLS JH©WLOHU <óOGó]ODUDUDVó
VH\DKDWLJHOLġWLULS*DODNVL \LNRORQLOHġWLUGLOHU
%L]LP WRUXQODUóPó] X]D\D ©óNWóáóQGD KHU WDUDIWDQ JHOHQ ELUWDNóP PHVDMODUOD NDUġóODġWó 'ROX
*H©PHN \DVDNWóU <DNODġPD\óQ òQVDQRáOX DUDġWóUPDFóODUóQó JHUL ©HNWL YH \XYD\D G¸QG¾ )DNDW DUWóN
G¾Q\DQóQQHROGXáXQXELOL\RUGX˜]J¾UO¾á¾QVóQóUVó]Oóáó\ODNXġDWóOPóġELUKDSLVKDQHYHLQVDQVR\X
\RNROGX%LUDQGD\RNROGX¸\OHPL"6D©PD%LUDQGD\RNROPDGó%LQOHUFH\¾]\óOV¾UG¾òQLġ
©óNóġODU ROGX DPD VRQX© RODUDN ELU DPD©Vó]OóN EH\KXGHOLN ¾PLWVL]OLN LQVDQRáOXQX HWNLVL DOWóQD
DOPóġWó YH EDġD ©óNDPDGóODU (Q VRQXQGD ELU DUD GRáXP RUDQó G¾ġW¾ YH VRQUD KHU ġH\ ELWWL 6HQLQ
6RQVX]OXáX QXQPDULIHWLEX
+DUODQġLPGL6RQVX]OXáXVDYXQDELOLUGLGDKDġLGGHWOHGDKDWXWXFXRODUDN
*L]OL \¾]\óOODUD JH©PHPL]H L]LQ YHULQ G¾]HOWHOLP 8ODġDELOGLáLPL] \¾]\óOODUGD HQ L\LVLQL
EDġDUGóN
(QL\LVLPL"1R\V+DUODQ óWDNOLWHGHUHNJDULSELUVHVWRQX\ODRQXDOD\DDOGó1H\PLġR"%XQX
VL]HV¸\OH\HQPDNLQHOHULQL]+HVDSNRPSOHNOHULQL]3HNLPDNLQHOHULQD\DUóQó\DSóSRQODUDQH\HJ¸UH
NDUġóODġWóUPD \DSDFDNODUóQó V¸\OH\HQ NLP" 0DNLQHOHU SUREOHP ©¸]¾P¾QGH LQVDQODUGDNL ]HN¤
NóYUDNOóáóQD HULġHPH]OHU \DOQó]FD Kó]OóGóUODU 6DGHFH Kó]Oó 2 KDOGH 6RQVX]ODUóQ HQ L\LVL  GHGLNOHUL
QHGLU"%HQVDQDV¸\OH\H\LP(PQL\HWYHJ¾YHQOLN$ġóUóOóáDND©PDPDN$ġóUóX©ODUGDEXOXQPDPDN
*HULG¸Q¾ġ¾JDUDQWLOHPHGHQKL©ELUULVNHJLUPHPHN
+DUODQ \XWNXQGX $UD©WD\NHQ 7ZLVVHOO LQ *L]OL <¾]\óOODUóQ HYULPOHġPLġ LQVDQó\OD LOJLOL V¸]OHUL
DNOóQDJHOGL1HGHPLġWL1RUPDOROPD\DQDOóġóOPóġóQGóġóQGDNLKHUġH\LRUWDGDQNDOGóUóUó]
9HJHU©HNWHQGH¸\OHGHáLOPL\GL"
(HH GHGL 1R\V G¾ġ¾QFHOL J¸U¾Q¾\RUVXQ 0DGHP ¸\OH ELUD] GD ġXQX G¾ġ¾Q ĠX DQGD \DġDQDQ
*HU©HNOLNWH QHGHQ LQVDQRáOX V¾UHNOL X]D\ VH\DKDWOHUL \DSDELOPHN L©LQ ©óUSóQó\RU YH KHU GHIDVóQGD
EDġDUóVó]OóáD XáUX\RU" +HU X]D\ VH\DKDWL SURMHVLQL EDġODWDQ JH©PLġWHNL EDġDUóVó]OóNODUGDQ KDEHUGDU
ROVDJHUHN2KDOGHQHGHQWHNUDUWHNUDUGHQL\RUODU"
%XNRQX\XGHULQOHPHVLQHLQFHOHPLġGHáLOLP<LQHGHLVWHULVWHPH]0DUV WDKHUGHIDVóQGDNXUXODQ
YH ELU W¾UO¾ EDġDUó\D XODġóODPD\DQ NRORQL ©DOóġPDODUó DNOóQD JHOGL 6RQVX]ODU L©LQ ELOH KHU ]DPDQ
©HNLFLOLáLQL NRUXPXġ RODQ X]D\ X©XġODUóQó G¾ġ¾QG¾ 6RV\RORJ .DQWRU 9R\ XQ VHVL K¤O¤
NXODNODUóQGD\Gó$GDPHOHNWUR©HNLPOH\DSóODQX]D\VH\DKDWOHULQGHQ\RNVXQNDOPDNRQXVXQGDGHULQ
GHULQL©©HNPLġYH©RNJ¾]HOGLGHPLġWL
*HU©HNWHQE¸\OHELUġH\RODELOLUPL\GL"=HNLELUWDNóP\DUDWóNODUóQGóġDD©óOóS\óOGó]ODUDXODġDUDN
\HU\¾]¾QGHNLOHUL EXOXQGXNODUó \HUH KDSVHWPHOHUL V¸] NRQXVX RODELOLU PL\GL" òQVDQODUó GHIDODUFD
JH]HJHQOHUDUDVó VH\DKDWOHU G¾]HQOHPH\H L©OHULQGH \DOQó]FD '¾Q\D QóQ \DġDQDELOLU ELU \HU ROGXáX
JHU©HáLQH UDáPHQ EX ¸O¾ JH]HJHQOHUH WHNUDU WHNUDU JLWPH\H ]RUOD\DQ QHGHQ EX RODELOLU PL\GL"
6RQVX]OXáXQGXUPDGDQXáUDġWóáó\DQOóġX\JXODPDODUDQHGHQRODQEXND©óQóOPD]EDġDUóVó]OóNLQVDQóQ
KHU ġH\H UDáPHQ EX KDSLVKDQH\H G¸QPHN ]RUXQGD ROGXáXQXQ ELOLQFLQGH ROPDVó Pó\Gó" +DUODQ
HOHNWUR©HNLPLQJHOLġWLUGLáL\¾]\óOODUGDNLX\XġWXUXFXPDGGHNXOODQPDDOóġNDQOóáóQóG¾ġ¾QG¾
6RQVX]OXNJHU©HNOLNOHUGHNLIHODNHWOHUL¸QOHUNHQD\Qó]DPDQGD]DIHUOHULGH\RNHGL\RUòQVDQOóáóQ
\¾FHOHELOPHVL L©LQ E¾\¾N VóQDYODU YHULOPHOLGLU 7HKOLNH YH KX]XUVX]OXN J¾YHQVL]OLáH \RO D©DU YH
LQVDQOóáó GDKD \HQL GDKD J¸UNHPOL ]DIHUOHU ND]DQPD\D LWHU %XQX DQOD\DELOL\RU PXVXQ" 6RQVX]OXN
LQVDQóNXġDWDQWX]DNODUóYHVHIDOHWLEHUWDUDIHWPHNOHRQXGDKDL\LYHGDKDHWNLOL©¸]¾POHULQLND©PDN
\HULQHJ¾©O¾á¾\HQHUHNHOHJH©LUHFHáLDVóO©¸]¾P\ROODUóQóEXOPDNWDQDOóNR\X\RU
+DUODQWHNUDUV¸]HJLUPHNLVWH\HUHN%LU©RNP¾NHPPHOLġGHGL
1R\VV¸]¾Q¾NHVWL6RQVX]OXáXQNXUXOPDPóġROGXáXQXG¾ġ¾Q
(HH"
1HOHU RODFDáóQó VDQD DQODWD\óP =DPDQ P¾KHQGLVOLáL L©LQ KDUFDQDQ HQHUML ©HNLUGHN LOPLQLQ
JHOLġPHVLQGHNXOODQóODFDNWó6RQVX]OXNNXUXODPD\DFDNWóDPD<óOGó]ODUDUDVóVH\DKDWJHU©HNOHġHFHNWL
òQVDQRáOX ġLPGLNL *HU©HNOLNOHUL QGHQ \¾] ELQ \¾]\óO EHONL GH GDKD ¸QFH \óOGó]ODUD XODġDELOHFHNWL
<óOGó]ODU KHQ¾] LġJDO HGLOPHPLġ ROGXáXQGDQ LQVDQRáOX JDODNVL ER\XQFD \D\óODELOHFHNWL ˜QFH
GDYUDQPóġRODFDNWóN
9HEXEL]HQHND]DQGóUDFDNWó"GL\HVRUGX+DUODQ'DKDPXWOXRODELOHFHNPL\GLN"
%L] GHUNHQ NLPL NDVWHGL\RUVXQ" òQVDQóQ WHN ELU G¾Q\DVó ROPD\DFDNWó 0LO\RQODUFD PLO\DUODUFD
G¾Q\DGD\DġD\DFDNWóN6óQóUWDQóPD\DFDNWóN+HUG¾Q\DNHQGLVLQHDLW\¾]\óOODUDGHáHUOHUHNHQGLVLQLQ
RODQ ELU ©HYUHGH PXWOXOXáX DUDPD IóUVDWóQD VDKLS RODFDNWó %LU ©RN PXWOXOXNODU J¾]HO ġH\OHU ©RN
©HġLWOLòQVDQQHVOLQLQ7HPHO+DO LEXLġWH
%XVDGHFHELUWDKPLQGHGL+DUODQYHNó]óQ©L]GLáLWDEOR\DLOJLGX\PD\DEDġODGóáóL©LQVLQLUOHQGL
1HOHURODFDáóQóQDVóOELOHELOLUVLQ"
<DOQó]FD ELU WHN *HU©HNOLNWHQ KDEHUGDU RODQ ¸O¾PO¾OHU VDQD NRPLN JHOLU GHáLO PL" %L]GH GH
ELU©RN *HU©HNOLN PHYFXWWXU DPD EHOOL ELU DQGD EXQODUóQ \DOQó]FD ELUL JH©HUOLGLU GL\H G¾ġ¾QHQ
6RQVX]ODUóQFHKDOHWLNDUġóVóQGDJ¾O¾PVHPHNWHQNHQGLPL]LDODPD\ó]
1HOHUVD©PDOó\RUVXQ"
%L] DOWHUQDWLI ELUWDNóP *HU©HNOLNOHU KHVDSODPD\ó] +HSVLQL L]OHUL] <DġDQDELOHFHN *HU©HNOHUGHQ
ELULJH©HUOLGLUGLáHUOHULVH©HQHNWLU%L]W¾P¾Q¾LQFHOHUL]
2UWDGDROPD\DQKD\DOHW*HU©HNOHU¸\OHPL"
(YHW
3HNLEXQXQDVóO\DSó\RUVXQX]"
1R\VELUDQL©LQWHUHGG¾WHWWLVRQUDWHNUDUNRQXġWX6DQDQDVóOD©óNODVDPELOPHPNL$QGUHZ"$\Qó
VHQLQ JLEL ELU©RN ġH\L QDVóO ROGXNODUóQó SHN DQOD\DPDGDQ ¸áUHQGLP %LU KHVDS NRPSOHNVL QLQ
©DOóġPDODUóQóD©óNOD\DELOLUPLVLQ"+DOEXNLNXOODQóUVóQYH‰DOóġóU
(HH\DQL"
'DKD¸QFHDQODWWóáóPJLEL*HU©HNOLNOHULJ¸]OHPH\L¸áUHQGLNYH7HPHO+DORUWD\D©óNWó%X7HPHO
+DO L \DġDQDQ *HU©HNOLN ROPDNWDQ ©óNDUDQ GHáLġLNOLáLQ QH ROGXáXQX GD EXOPDN ]RU ROPDGó
'HáLġLNOLáLQ QHGHQL 6RQVX]OXNWDNLOHULQ \DSWóáó ELU 'HáLġWLUPH LġOHPL GHáLO EL]]DW 6RQVX]OXáXQ
NHQGLVL\GL RQXQ YDUOóáó\Gó òQVDQODUD NHQGL JHOHFHNOHULQL VH©PH RODQDáó VDáOD\DQ 6RQVX]OXN JLEL
VLVWHPOHUJ¾YHQOLNYHV¾N½QHWLWHUFLKHGHUYHE¸\OHELU*HU©HNOLNWH\óOGó]ODUDXODġPDNRODQDNVó]GóU
6RQVX]OXáXQYDUOóáóJDODNVLLPSDUDWRUOXáXQXQNXUXOPDVóQóHQJHOOHGL'XUXPXQG¾]HOWLOHELOPHVLL©LQ
6RQVX]OXáXQRUWDGDQNDONPDVóJHUHNL\RU
6óQóUVó]VD\óGD*HU©HNOLNYDUGóU*HU©HNOLNOHULQDOWJUXSODUóGDVóQóUVó]VD\óGDGóU˜UQHáLQL©LQGH
6RQVX]OXNEXOXQDQ*HU©HNOLNOHUVóQóUVó]VD\óGDGóU6RQVX]OXáXQEXOXQPDGóáó*HU©HNOLNOHUGHVóQóUVó]
VD\óGDGóUD\Qó]DPDQGD6RQVX]OXáXQYDUROGXáXIDNDWVRQUDGDQRUWDGDQNDOGóUóOGóáó*HU©HNOLNOHUGH
VóQóUVó] VD\óGDGóU )DNDW EHQLP LQVDQODUóP EX VóQóUVó] *HU©HNOLNOHU DUDVóQGDQ EHQLP EXOXQGXáXPX
VH©WLOHU
%HQLP ELU VX©XP \RN 7ZLVVHOO YH VHQ &RRSHU ó QDVóO HáLWWL\VHQL] RQODU GD J¸UHYLPL \HULQH
JHWLUPHP L©LQ EHQL HáLWWLOHU )DNDW EHQLP 6RQVX]OXáX RUWDGDQ NDOGóUDQ DMDQ GXUXPXQGD ROGXáXP
*HU©HNOLNOHUGHVóQóUVó]VD\óGDGóU(QD]NDUóġóNRODQEHġVH©HQHNWHQELULQLVH©PHPLLVWHGLOHU%HQGH
ġXDQGD\DġDPDNWDROGXáXPX]L©LQGHVHQLQEXOXQGXáXQVH©HQHáLVH©WLP
1HGHQEXQXVH©WLQ"
1R\V EDNóġODUóP EDġND WDUDID ©HYLUGL ‰¾QN¾ VHQL VHYL\RUXP 6HQLQOH NDUġóODġPDGDQ ©RN ¸QFH
VDQD¤ġóNWóPEHQ
+DUODQL\LFHġDġóUPóġWó'RáUXV¸\O¾\RUJLEL\GL'¾ġ¾QG¾%XNó]ELUR\XQFX
$PDEXROGXN©DNRPLNGL\HELOGL
˜\OHPL"*HU©HNOLNOHULE¾\¾NELUGLNNDWOHLQFHOHGLP \HJLGLS¸QFH)LQJH OHVRQUDGDVHQLQOH
NDUġóODġWóáóP *HU©HNOLáL LQFHOHGLP %DQD JHOGLáLQ EHQL VHYGLáLQ 6RQVX]OXáD YH VRQUD GD X]DN
¾VW]DPDQODUGDNL NHQGL \¾]\óOóPD J¸W¾UG¾á¾Q &RRSHU ó \DQOóġ \HUH J¸QGHUGLáLQ YH ELUOLNWH òONHO
=DPDQ DJLWWLáLPL]*HU©HNOLáL+D\DWóPó]óQJHULNDODQJ¾QOHULQLòONHO=DPDQ GDJH©LUGLN%LUOLNWHYH
PXWOX ROGXáXPX]X J¸UG¾P YH VHQL VHYGLP 2QXQ L©LQ KL© GH NRPLN GHáLO $ġNóPó] JHU©HN RODELOLU
GL\HEXQXVH©WLP
%¾W¾Q EXQODU KHS DOGDWPDFD '¾]HQED]OóN %HQL NDQGóUDELOHFHáLQL PL VDQó\RUVXQ" %LUGHQ VXVWX
VRQUD R DQGD DNOóQD JHOPLġ JLEL VRUGX 'XU %¾W¾Q RODFDNODUó ¸QFHGHQ ELOGLáLQL V¸\O¾\RUVXQ +HU
ġH\LELOL\RUGXQGHáLOPL"
(YHW
<DODQ V¸\OHGLáLQ EHOOL LġWH %XUDGD ELU VLODKOD NDUġóODġDFDáóQó GD ELOPHQ JHUHNLUGL
%DġDUDPD\DFDáóQóGDELOPHQJHUHNLUGL&HYDSYHUEDNDOóP
*HU©HNOLN DOW JUXSODUóQóQ VóQóUVó] VD\óGD ROGXáXQX V¸\OHPLġWLP (OH DOGóáóPó] ELU *HU©HNOLáL QH
NDGDU L\L LQFHOHVHN GH EXQXQ ELU©RN EHQ]HULQL \LQH GH WDP RODUDN VDSWD\DPD\ó] %XODQóN QRNWDODU
YDUGóU 6DSWDPD LġOHPL QH NDGDU L\L \DSóOóUVD EXODQóN QRNWDODUóQ VD\óVó R NDGDU D]DOWóODELOLU %XODQóN
QRNWDODUóQVD\óVóQóQD]DOWóOGóáóRUDQGDUDVWODQWó\ODPH\GDQDJHOHFHNGHáLġLNOLNOHULQVRQXFXHWNLOHPH
RODVóOóáóGDD]DOPóġROXU)DNDWRODVóOóNODUóQW¾P¾Q¾Q\RNHGLOPHVLRODQDNVó]GóU%LUEXODQóNQRNWDLġL
ER]GX+DQJLVL"
O GHNL HQJHO RUWDGDQ NDOGóUóOGóNWDQ VRQUD X]DN ¾VW]DPDQODUD ELU NH] GDKD JHOPHQ
JHUHNL\RUGX YH JHOGLQ )DNDW \DOQó] JHOPHQ JHUHNL\RUGX %LOJLVD\DU 7ZLVVHOO L J¸U¾QFH LġWH EX
\¾]GHQ©RNNRUNWXP
+DUODQ\LQH©óNPD]DJLUPLġWL1DVóOGDKHUġH\L\HUOL\HULQHRWXUWX\RUGXEXNó]
(áHUEXIDUNOóGXUXPXQJHU©HN¸QHPLQLNDYUD\DELOVH\GLPGDKDGD©RNNRUNDUGóP<DOQó]JHOPLġ
ROVD\GóQġLPGLROGXáXJLEL\LQHEHQLòONHO=DPDQ DJHWLUHFHNWLQ6RQUDGDLQVDQOóNDġNóL©LQEDQD
GX\GXáXQ VHYJL L©LQ &RRSHU OD WHPDVD JH©PH\HFHNWLQ ‰HPEHU NRSDFDN 6RQVX]OXN VRQD HUHFHN YH
VHQOHEHQEXUDGDJ¾YHQOLNL©LQGH\DġD\DFDNWóN
)DNDW UDVWODQWóVDO ELU GHáLġLNOLN JHU©HNOHġWL YH VHQ 7ZLVVHOO OH ELUOLNWH JHOGLQ <ROGD VDQD *L]OL
\¾]\óOODUOD LOJLOL G¾ġ¾QFHOHULQGHQ EDKVHWWL YH EDQD RODQ J¾YHQLQLQ VDUVóOPDVóQD \RO D©DQ VRQX©ODUD
XODġPDQDVHEHSROGX9HġLPGLGHDUDPó]DġXVLODKJLUGLYHLġWH$QGUHZ¸\N¾EX%HQLYXUDELOLUVLQ
+L©ELUġH\VHQLGXUGXUDPD]
6LODKóVóNPDNWDQ+DUODQ óQHOLDáUó\RUGX˜E¾UHOLQHDOGó.ó]óQ¸\N¾V¾QGHWXWDUVó]ELUQRNWD\RN
PX\GX" ĠLPGL RQXQ *L]OL \¾]\óOODUGDQ JHOGLáLQH NXġNXVX NDOPDGóáóQD J¸UH QH \DSPDOó\Gó"
‰HOLġNLOHUL©LQGHNóYUDQó\RUGXYHJ¾QHġGRáPDN¾]HUH\GL
6RQVX]OXáXQVRQDHUPHVLL©LQEHQLP&RRSHU ó \HJ¸QGHULġLP\HWHUOL\GL1HGHQELUGHEHQLP
EXUD\DJHOPHPLLVWHGLQL]"1HJHUHáLYDUGó"
‰¾QN¾ GHGL 1R\V 6RQVX]OXáXQ VRQD HUPLġ ROPDVó \HWHUOL GHáLO 6RQVX]OXáXQ ELU EDġND
EL©LPGHWHNUDUNXUXOPDRODVóOóáóQóGDP¾PN¾QROGXáXNDGDUD]DOWPDOó\GóN2QXQL©LQEXUDGDLONHO
]DPDQGD\DSóOPDVóJHUHNHQELUġH\GDKDYDU%LUN¾©¾N'HáLġWLUPH©RNEDVLWELUġH\*HUHNOL$VJDUL
'HáLġLNOLáLQKD\DWL¸QHPLQLELOL\RUVXQ%XUDGD\¾]\óOGDòWDO\DGHQHQELU\DUóPDGD\DELUPHNWXS
JLGHFHN ĠLPGL  GH\L] %LUND© \óO VRQUD J¸QGHUHFHáLP PHNWXSWDQ \DUDUODQDUDN òWDO\D GD ELU
DGDPXUDQ\XPXQ¸WURQERPEDUGóPDQóQDWDELWXWWXáXGHQH\OHULQHEDġOD\DFDN
+DUODQNRUNWXáXQXKLVVHWWLòONHO7DULK WHGHáLġLNOLNPL\DUDWDFDNVóQó]"
(YHW 3ODQóPó] EX <HQL QLKDL *HU©HNOLNWH LON Q¾NOHHU SDWODPD  \¾]\óOGD GHáLO  GH
PH\GDQDJHOHFHN
)DNDWEXQXQQHNDGDUWHKOLNHOLROGXáXQXELOL\RUPXVXQX]"'¾ġ¾QHELOL\RUPXVXQX]"
7HKOLNHQLQ IDUNóQGD\ó] 6RQX©WD RUWD\D ©óNDQ JHU©HNOHU GHPHWLQL LQFHOHGLN ‰RN N¾©¾N ELU
RODVóOóNODG¾Q\DUDG\RDNWLIELU¸UW¾\OHNDSODQDELOLUIDNDWEXQGDQ©RNGDKDE¾\¾NELURODVóOóNOD
%XULVNHGHáHFHNELUġH\YDUPó"
%LU*DODNVLòPSDUDWRUOXáX7HPHO+DO LQEL]]DWNHQGLVLQLQ\DġDPDJH©LġL
ĠX\DSPD\óG¾ġ¾QG¾á¾Q¾]ġH\HUDáPHQK¤O¤6RQVX]ODUóP¾GDKDOHHWPHNOHVX©OX\RUVXQX]
%L]RQODUóLQVDQVR\XQXJ¾YHQOLNL©LQGHELUKDSLVKDQHGHWXWPDNL©LQGHIDODUFDP¾GDKDOHHWPHNOH
VX©OX\RUX] %L] \DOQó]FD ELU NH] P¾GDKDOH HGHFHáL] NL Q¾NOHHU J¾FH \¸QHOVLQ YH ELU GDKD KL©ELU
]DPDQ6RQVX]OXáXNXUDPDVóQODU
+D\óUGHGL+DUODQ¾PLWVL]OLNOH%LU6RQVX]OXNROPDOó
6HQ LVWHUVHQ ROXU 6H©HFHN RODQ VHQVLQ LQVDQOóáD JHOHFHNOHULQL GLNWH HWWLUHQ SVLNRSDWODU ROPDOó
GL\RUVDQ3VLNRSDWODUGL\HJ¾UOHGL+DUODQ'HáLOOHUPL"6HQRQODUóL\LWDQóUVóQ'¾ġ¾Q+DUODQ
Nó]DVDOGóUPDN¾]HUH\GLDPD\LQHGHG¾ġ¾QPHNWHQNHQGLQLDODPDGó‰óUDNODUóQ*HU©HNOLáLQHVDVODUóQó
¸áUHQLġL YH ‰óUDN /DWRXUHWWH LQ NHQGLQL ¸OG¾UPHN LVWHPHVL DNOóQD JHOGL /DWRXUHWWH ¸OPHPLġ YH ELU
6RQVX]RODELOPHNL©LQJD\UHWVDUIHWPLġWLDPDNLPELOLU\¾UHáLQGHQH\DUDODUD©óOPóġWó
6RQVX]OXN WDNLKL\HUDUġLNG¾]HQLG¾ġ¾QG¾+HUNHVLQGX\GXáXVX©OXOXáX¸INHYHQHIUHWHG¸Q¾ġW¾U¾S
7HNQLV\HQOHULQ VóUWóQD \¾NOHPH\H ©DOóġWóáó DQRUPDO KD\DWó G¾ġ¾QG¾ %LUELUOHUL\OH ERáXġDQ
%LOJLVD\DUODUó G¾ġ¾QG¾ )LQJH LQ 7ZLVVHOO LQ DUNDVóQGDQ ©HYLUGLáL GRODSODUó 7ZLVVHOO LQ GH RQX
J¸]OH\LġLQL G¾ġ¾QG¾ 6HQQRU XQ 6RQVX]OXNODUOD P¾FDGHOH HGHUNHQ DVOóQGD NHQGL NHO NDIDVó\OD
XáUDġWóáóQóG¾ġ¾QG¾.HQGLVLQLG¾ġ¾QG¾
6RQUD7ZLVVHOO LG¾ġ¾QG¾E¾\¾N7ZLVVHOO LNHQGLJLELNXUDOODUó©LáQH\HQ7ZLVVHOO L
 òġWH6RQVX]OXáXE¸\OHWDQó\RUGX<RNVDRQX\óNPDNL©LQEXNDGDULVWHNOLRODELOLUPL\GL"<LQHGH
ġLPGL\HNDGDUEXQXNHQGLNHQGLQHLWLUDIHGHPHPLġWLVRQDEXNDGDU\DNóQROPDPóġWó
9H 6RQVX]OXáXQ JLWJLGH GHULQOHġHQ SVLNR]ODU L©LQH J¸P¾OG¾á¾Q¾ G¾ġ¾QG¾ $QRUPDO G¾UW¾OHULQ
NóYUDQGóáóELUNX\X¾PLWVL]KD\DWODUóQ\HUOHULQGHQDFóPDVó]FDNRSDUóOPDVó\ODPH\GDQDJHWLULOHQELU
N¾WOH
+L©ELU DQODP WDġóPD\DQ ERġ J¸]OHUOH 1R\V D EDNWó .ó]óQ WDWOó \XPXġDN VHVL NXODNODUóQó RNġDGó
$QOó\RUPXVXQ"*HOPDáDUDQóQ¸Q¾QH©óNDOóP$QGUHZ
<HS\HQLELUJ¸U¾ġD©óVóND]DQPóġROPDQóQDáóUOóáó\ODVHUVHPOHPLġE¾\¾OHQPLġJLELNó]óQSHġLQGHQ
JLWWL8]XQELU]DPDQGóUNHQGLVL\OH1R\V XQNDOELDUDVóQGDNLELU©L]JLGH\HUDOPóġRODQVLODKHOLQGHQ
G¾ġW¾
*¾QHġ GRáX\RUGX J¸N\¾]¾ JUL ELU UHQJH E¾U¾QP¾ġW¾ YH PDáDUDQóQ KHPHQ ¸Q¾QGH GXUDQ DUDFóQ
J¸YGHVL VROXN óġóNODU DOWóQGD J¸OJH JLEL GXUX\RUGX ž]HULQL NDSOD\DQ ¸UW¾ KDWODUóQó
EXODQóNODġWóUó\RUGX
1R\V NRQXġWX %X '¾Q\D LġWH 1H VRQVX] QH GH LQVDQOóáóQ WHN \XYDVó \DOQó]FD VóQóUVó] ELU
PDFHUDQóQ EDġODQJó© QRNWDVó %¾W¾Q \DSDFDáóQ NDUDU YHUPHN 6DQD NDOPóġ 6HQ EHQ YH
PDáDUDGDNLOHU ELU IL]LNVHO ]DPDQ DODQó\OD 'HáLġLNOLáLQ HWNLVLQGHQ NRUXQDFDáó] &RRSHU LODQó\OD
EHUDEHU\RNRODFDN6RQVX]OXNYHEHQLP\¾]\óOóPóQġXDQGDNL*HU©HNOLáLRUWDGDQNDONDFDNIDNDWEL]
©RFXNODU WRUXQODU J¸UPHN ¾]HUH EXUDGD RODFDáó] YH LQVDQOóN \óOGó]ODUD XODġPDN ¾]HUH YDUOóáóQó
V¾UG¾UHFHN
.ó]óQ \¾]¾Q¾ J¸UPHN L©LQ G¸QG¾ R GD +DUODQ D EDNó\RU J¾O¾PV¾\RUGX 1R\V GX KHU ]DPDQNL
1R\VYHNHQGLNDOELGHD\QóHVNLGHQROGXáXJLEL©DUSó\RUGX
$UD©RUWDGDQND\EROXS¾]HUOHULQHG¾ġHQJ¸OJHVL\HULQLJ¾QóġóáóQDEóUDNDQDNDGDUNDUDUYHUPLġ
ROGXáXQXQNHQGLELOHIDUNóQGDGHáLOGL
%XND\EROXġ1R\VNROODUóQóQDUDVóQDND\DUNHQRQDVRQXQJHOGLáLQLDQODWó\RUGX6RQVX]OXáX QXQ
VRQXQXQ
9HEXVóQóUVó]OóáóQEDġODQJóFó\Gó