Professional Documents
Culture Documents
KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
DO:kVLWDKED\QDO+DTTZDO.KDOT
>0HGODUHQPHOODQ6DQQLQJHQRFKVNDSHOVHQ@
)|UIDWWDUH6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
gYHUVlWWDUH$E0VDDO$OEkQv
/D\RXW·$EGXOODWHHI$OOXQGv
ZZZGDUXOKDGLWKFRP
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
)|URUG
%HW\GHOVHQDYPHGOLQJ
$YYLVDQGHWDYPHGOLQJ
'HQPRWVDWWDEHW\GHOVHQDYPHGOLQJ
%HW\GHOVHQDYGHQHJHQWOLJDPHGOLQJHQ
0HGOLQJHQVRPOHGHUWLOODYJXGHUL
%|QHQVUHDOLD
0HGODUHQVG\JG
0RQRWHLVPHQVUHDOLD
$YVOXWQLQJ
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
-
)|URUG
/RYRFKSULVWLOONRPPHU$OOkKRFKPnIUHGYDUDPHG+DQVXWYDOGDWMlQDUH
9LGDUH
'HQQD OLOOD ERN KDQGODU RP WYn PlQ VRP KDGH HQ GHEDWW (Q DY GHP VDGH DWW YL PnVWH KD HQ
PHGODUH PHOODQ RVV VMlOYD RFK $OOkK VXEKkQDKX ZD WDkOk W\ YL I|UPnU LQWH NRPPD IUDP WLOO
+RQRPXWDQKRQRP«
6YDUHWO\GHUVRPI|OMDQGH
/RYRFKSULVWLOONRPPHU$OOkKVNDSHOVHUQDV+HUUH
2PKDQPHQDUDWWYLEHK|YHUHQPHGODUHVRPI|UNXQQDUI|URVV$OOkKVWDkOkEHRUGULQJDQVHV
GHWYDUDUlWW6NDSHOVHQNDQLQWHYHWDYDG$OOkKWDkOklOVNDURFKEHKDJDVDYEHRUGUDUI|UEMXGHU
I|UEHUHGHU WLOO 6LQD YlQQHU DY 6LQD XQGHUYHUN ORYDU 6LQD ILHQGHU DY 6LWW VWUDII HOOHU YDG +DQ
WDkOkI|UWMlQDUI|U6LQDVN|QD1DPQRFKXSSK|MGD(JHQVNDSHURFKDQQDWVRPLQWHOOHNWHWLQWH
NODUDUDYDWWKDNXQVNDSRPXWDQVlQGHEXGHQVRP$OOkKVXEKkQDKXZDWDkOkKDUVlQWWLOO6LQD
WMlQDUH«
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
%HW\GHOVHQDYPHGOLQJ
'HVRPWURUSnVlQGHEXGHQRFKI|OMHUGHPlUGHYlJOHGGDVRPlU+RQRPQlUD+DQXSSK|MHU
GHUDVVWDWXVRFKKHGUDUGHPLGHWWDOLYVnYlOVRPLOLYHWHIWHUGHWWD0HQYDGEHWUlIIDUGHPVRP
PRWVlWWHU VLJ VlQGHEXGHQ lU GH I|UEDQQDGH 'H KDU IDULW YLOVH IUnQ GHUDV YlJ RFK GH lU
DYVNlUPDGH$OOkKWDkOkVDGH
µ6|QHUDYÇGDPQlUSURIHWHUNRPPHUWLOOHUXUHUDHJQDOHGRFKIUDPI|U0LQDEXGVNDSEHK|YHU
GHVRPIUXNWDU$OOkKRFKJ|UI|UElWWULQJLQWHNlQQDIUXNWDQRFKLQJHQVRUJVNDOOW\QJDGHP0HQ
GHVRPSnVWnUDWW9nUDEXGVNDSlUO|JQRFKK|JPRGLJWYlQGHUVLJLIUnQGHPGHUDVDUYHGHOlU
(OGHQRFKGlUVNDOOGHI|UEOLWLOOHYLJWLGµ
'HVVXWRPVDGH$OOkKWDkOk
µ0HQRPQLQnVDY0LQYlJOHGQLQJ²RFKQLNRPPHUDWWQnVDYGHQ²VNDOOGHQVRPI|OMHU0LQ
YlJOHGQLQJLQWHJnYLOVHRFKKDQVNDOOEHVSDUDVOLGDQGH0HQGHQVRPYlQGHU\JJHQnW0LJVNDOO
InHWWHOlQGLJWOLYRFKSn'RPHGDJHQVNDOO9LOnWDKRQRPVWLJDIUDPEOLQG2FKKDQVNDOOVlJD
µ+HUUHYDUI|UKDUGXOnWLWPLJVWLJDIUDPEOLQGHIWHUDWWKDYDULWVHHQGH"µ+DQVNDOOVYDUD
µ/LNVRPGXQlUGXILFNO\VVQDWLOO9nUDEXGVNDSJO|PGHGXGHP/LNDVnlUGXJO|PGLGDJµ
,EQ$EEkVVDGH
µ$OOkKKDUWDJLWSn6LJDWWGHQVRPOlVHU4XU·kQHQRFKKDQGODUHQOLJWGHQVNDOOYDUNHQIDUDYLOVHL
GHWWDOLYHOOHUNlQQDVRUJLOLYHWHIWHUGHWWDµ
$OOkKVXEKkQDKXZDWDkOkKDUVDJWRP(OGHQVIRON
µ-DQlUDDWWVSUlQJDVLVW\FNHQDYXUVLQQHRFKYDUMHJnQJHQKRSVW|UWDVQHGLGHWVNDOOYDNWHUQD
IUnJDGHPµ.RPLQJHQWLOOHUI|UDWWYDUQDHU"µ2FKGHVNDOOVYDUDµ-RGHWNRPHQYDUQDUHWLOO
RVVPHQYLEHVN\OOGHKRQRPI|UO|JQRFKVDGHµ$OOkKKDUDOGULJXSSHQEDUDWQnJRW1LPLVVWDU
HUµµ
$OOkKVXEKkQDKXZDWDkOkVDGHRFNVn
µ2FKGHRWURJQDVNDOOGULYDVPRWKHOYHWHWVNDUDHIWHUVNDUDRFKQlUGHQnUIUDP|SSQDVGHVV
SRUWDURFKYlNWDUQDVlJHUWLOOGHPµ+DULQWHVlQGHEXGXUHUDHJQDOHGNRPPLWRFKIUDPI|UWHU
+HUUHVEXGVNDSWLOOHURFKSnPLQWHURPP|WHWGHQQD'DJ"µ'HVNDOOVYDUDµ-R0HQVWUDIIGRP
KDURnWHUNDOOHOLJHQIDOOLW|YHUGHRWURJQDµµ
$OOkKVXEKkQDKXZDWDkOkKDUGHVVXWRPVDJW
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
µ9LVlQGHU9nUDEXGElUDUHHQEDUWVRPI|UNXQQDUHDYKRSSHWVEXGVNDSRFKVRPYDUQDUH'H
VRPWURURFKJ|UERWRFKElWWULQJVNDOOGlUI|ULQWHNlQQDIUXNWDQRFKLQJHQVRUJVNDOOW\QJDGHP
PHQGHVRPSnVWnUDWW9nUDEXGVNDSlUO|JQVNDOOOLGDVWUDIIHWI|UVLWWWURWVRFKVLQRWURµ
µ9LKDUJHWWGLJ9nUXSSHQEDUHOVHOLNVRP9LJDY1KRFKGHSURIHWHUVRPI|OMGHHIWHUKRQRP
9nUXSSHQEDUHOVHRFKOLNVRP9LJDY,EUkKvPRFK,VPkvORFK,VKkTRFK<DTERFKGHUDV
HIWHUNRPPDQGH9nUXSSHQEDUHOVHRFKÍVkRFK$\\ERFK+kUQRFK6XOD\PkQRFKOLNVRP9L
VNlQNWH'kZGHQ6NULIWI\OOGDYYLVGRPVlQGHEXGVRP9LUHGDQKDUEHUlWWDWI|UGLJRPRFK
VlQGHEXGVRP9LLQWHKDUEHUlWWDWRP²RFK0VkVRP$OOkKWDODGHPHGHWWYHUNOLJWWDO²
VlQGHEXGVRPI|UGHPHGVLJHWWJODWWEXGVNDSRPKRSSRFKYDUQDQGHRUGI|UDWWPlQQLVNRUQD
HIWHUVlQGHEXGHQLQWHVNDOOVN\OODSn>RNXQQLJKHW@LQI|U$OOkK$OOkKlUDOOVPlNWLJYLVµ
'HQ1REOD4XU·kQHQLQQHKnOOHUPnQJDOLNQDQGHH[HPSHO'HWWDlUYDG0XVOLPHUQDMXGDUQDRFK
GHNULVWQDlUHQDGHRP$OODEHNUlIWDUGHPHGODUHPHOODQ$OOkKRFK+DQVWMlQDUH'HVVDPHGODUH
lUGHVlQGHEXGVRPKDUI|UNXQQDW$OOkKVWDkOkEHRUGULQJDURFKXQGHUUlWWQLQJDU
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
$YYLVDQGHWDYPHGOLQJ
'HQVRPDYYLVDUGHQQDW\SDYPHGOLQJlUHQOLJWUHOLJLRQHUQDVVDPVWlPPLJKHWRWURJHQ
'HNDSLWHOVRP$OOkKWDkOkXSSHQEDUDGHL0DNNDKVRPµDO$QkPµµDO$UkIµRFKGHNDSLWHO
VRPLQOHGVPHGµ$OLI/kP5kµµ+k0vPµµ7k6vQµRFKG\OLNWLQQHKnOOHUUHOLJLRQHQVSULQFLSHU
VRPWURQSn$OOkKWDkOk+DQVVlQGHEXGRFKGHQ<WWHUVWDGDJHQ
$OOkKVXEKkQDKXZDWDkOkKDUXQGHUUlWWDWRPGHRWURJQDVRPI|UQHNDGHVlQGHEXGHQRFKKXU
+DQI|UJMRUGHGHPRFKKXU+DQKMlOSWHVlQGHEXGHQRFKGHWURHQGH$OOkKWDkOkVDGH
µ9LKDUUHGDQJHWW9nUDWMlQDUHEXGElUDUQD9nUWO|IWHDWWGHVNDOOInKMlOSRFKDWW9nUD
VW\UNRUVNDOOKHPI|UDVHJHUQµ
µ9LVNDOOKHOWYLVVWJH9nUDVlQGHEXGRFKGHWURHQGHKMlOSEnGHLGHWWDOLYRFKGHQ'DJGn
YLWWQHQDUHVHUVLJµ
µ2P9LVlQGHUHWWVlQGHEXGlUGHWI|UDWWKDQPHG$OOkKVKMlOSVNDOOJ|UDVLJnWO\GGµ
µ6lJµ2PQLlOVNDU$OOkKI|OMPLJRFK$OOkKVNDOOlOVNDHUµµ
µ'HVRPWURUSnKRQRPRFKlUDUKRQRPRFKVW|GHUKRQRPRFKOnWHUVLJOHGDVDYGHWOMXVVRP
nWI|OMHUKRQRP²GHPVNDOOGHWJnYlOLKlQGHUµ
µ,$OOkKVVlQGHEXGKDUQLHWWJRWWI|UHG|PHI|UDOODVRPVHUIUDPPRW$OOkKRFKGHQ<WWHUVWD
GDJHQRFKVRPVWlQGLJWKDU$OOkKI|U|JRQHQµ
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
'HQPRWVDWWDEHW\GHOVHQDYPHGOLQJ
2PKDQGlUHPRWPHQDUDWWYLlULEHKRYDYPHGOLQJI|UDWWDQVNDIIDRVVJRWWRFKDYYlUMDRQW
VRPDWWGHWI|UHNRPPHUHQPHGODUHI|UWMlQDUQDVI|UV|UMQLQJVHJHURFKYlJOHGQLQJRFKDWWGHEHU
KRQRPRPGHWRFKKlQYLVDUWLOOKRQRPI|UGHWDQVHVGHWYDUDGHQVW|UVWDW\SHQDYDYJXGHULVRP
$OOkKKDUI|UNODUDWDYJXGDG\UNDUQDYDUDRWURJQDI|U'HWRJWLOOVLJKHOJRQRFKPHGODUHYLGVLGDQ
DY$OOkKRFKI|UV|NHUPHGKMlOSDYGHPDWWInWDJSnJRWWRFKEOLDYPHGRQW'RFNlUPHGOLQJHQ
HWWIDNWXPHQEDUWI|UGHQVRP$OOkKWDkOkWLOOnWHUGHQ$OOkKVXEKkQDKXZDWDkOkVDGH
µ'HWlU$OOkKVRPKDUVNDSDWKLPODUQDRFKMRUGHQRFKDOOWGlUHPHOODQXQGHUVH[GDJDU
'lUHIWHUUHVWH+DQVLJ|YHU7URQHQ1LKDULQJHQEHVN\GGDUHXWRP+RQRPRFKLQJHQVRPNDQ
PHGODI|UHU²YLOOQLLQWHWlQND|YHUGHWWD"µ
µ2FKYDUQDPHGGHQGHPVRPIUXNWDUI|UDWWGHVNDOOVDPODVnWHUWLOOVLQ+HUUHXWDQDQQDQ
EHVN\GGDUHlQ+RQRPRFKXWDQPHGODUHµ
µ0HQYDUQDPHGGHQDWWPlQQLVNDQVW|UWDUVLJLI|UGlUYHWJHQRPVLQDHJQDKDQGOLQJDUKRQ
ILQQHULQJHQEHVN\GGDUHlQ$OOkKRFKLQJHQPHGODUHµ
µ6lJµ$QURSDGHPVRPQLWURU>ILQQDV@YLGVLGDQDY+RQRP'HNDQLQWHEHIULDHUIUnQGHW
RQGDRFKLQWHKHOOHUODVWD|YHUGHWSnDQGUDµ'HVRPGHDQURSDUYLOOVMlOYDYLQQDVLQ+HUUHV
YlOYLOMDRFKNRPPD+RQRPVnQlUDVRPP|MOLJWRFKGHKRSSDVSn+DQVQnGRFKIUXNWDU+DQV
VWUDII²VDQQHUOLJHQVNDOOPDQIUXNWDGLQ+HUUHVVWUDIIµ
µ6lJµcNDOODGHPVRPQLSnVWnU>KDUHQSODWV@YLG$OOkKVVLGD'HKDULQWHPDNWHQV|YHUHWW
VWRIWNRUQYDUHVLJLKLPODUQDHOOHUSnMRUGHQRFKGHKDULQJHQGHOLGHPRFK+DQYlOMHULQJHQDY
GHPWLOOPHGKMlOSDUHµ$OOPHGOLQJLQI|U+RQRPlUIUXNWO|VXWRPI|UGHPVRPKDUHUKnOOLW+DQV
WLOOVWnQGµ
(Q JUXSSEODQG6DODIVDGH
µ9LVVD IRON EDG WLOO 0HVVLDV DO8]D\U RFK lQJODUQD 'n NODUJMRUGH $OOkK WDkOk I|U GHP DWW
YDUNHQlQJODUQDHOOHUSURIHWHUQDI|UPnUDYYlUMDVNDGDIUnQGHPHOOHUlQGUDSnQnJRWRFKDWWGH
VMlOYDV|NHUQlUKHWWLOO$OOkKKRSSDVSn+DQVQnGRFKIUXNWDU+DQVVWUDIIµ
$OOkKVXEKkQDKXZDWDkOkVDGH
µ'HWlURWlQNEDUWDWWHQPlQQLVNDVRP$OOkKKDUJHWWXSSHQEDUHOVHQVJnYDRFKYLVGRPRFK
NDOODWWLOOSURIHWGlUHIWHUVNXOOHVlJDWLOOPlQQLVNRUQDµ7LOOEHPLJYLGVLGDQDY$OOkKµ1HM
µ%OL$OOkKVKlQJLYQDWMlQDUHVRPXQGHUYLVDURFKI|UGMXSDUVLQHJHQNXQVNDSL6NULIWHQµ,QWH
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
KHOOHUEHIDOOHUKDQHUDWWEHWUDNWDlQJODURFKSURIHWHUVRPKHUUDU6NXOOHKDQXSSPDQDHUDWW
nWHUIDOODLRWURVHGDQQLKDUEOLYLW0XVOLPHU"µ
+lUPHGI|UNODUDU$OOkKVXEKkQDKXZDWDkOkDWWGHWlURWURDWWWDWLOOVLJlQJODUQDRFKSURIHWHUQD
VRPKHUUDU'HQVRPGnDQVHUlQJODUQDRFKSURIHWHUQDYDUDPHGODUHVRPGHEHUWLOOI|UOLWDUVLJSn
RFKIUnJDURPDWWInWDJSnJRWWRFKXQGNRPPDRQW²VRPDWWIUnJDGHPRPDWWI|UOnWDV\QGHU
YlJOHGDKMlUWDQDYYlUMDVYnULJKHWHURFKKLQGUDIDWWLJGRP²lUHQOLJW0XVOLPHUQDVVDPVWlPPLJKHW
RWURJHQ$OOkKVXEKkQDKXZDWDkOkVDGH
µ2FKGHVlJHUµ'HQ1nGHULNHKDUHQVRQµ6WRUlU+DQL6LQKlUOLJKHW1HMGHlUKHGUDGH
WMlQDUHGHWDODULQWHI|UUlQ+DQKDUWDODWRFKGHKDQGODUQlU+DQEHIDOOHU+DQKDUNXQVNDS
RPGHWVRPKlQWGHPLGHWWDOLYRFKYDGVRPVNDOOKlQGDGHPLGHWNRPPDQGHOLYHWRFKGHNDQ
LQWHPHGODI|UQnJRQDQQDQlQGHQVRP+DQlUQ|MGPHG2FKGHElYDULQI|U+RQRP2FKRP
QnJRQDYGHPVDGHµ-DJlUHQJXGVLGDYLGVLGDPHG+RQRPµVNXOOH9LVWUDIIDKRQRPPHG
KHOYHWHWVnO|QDU9LGHPVRPEHJnURUlWWµ
µ0HVVLDVKDULQWHKnOOLWVLJI|UJRGDWWYDUD$OOkKVWMlQDUHLQWHKHOOHUlQJODUQDVRPKDUHQSODWVL
+DQVQlUKHW'HYDUVK|JPRGKLQGUDGHGHPDWWWMlQD+RQRPVNDOO+DQVDPODLQI|U6LJµ
µ2FKGHVlJHUµ'HQ1nGHULNHKDUHQVRQµ1LKDU\WWUDWQnJRWRHUK|UWQnJRWVRPVNXOOHNXQQD
VSUlQJDKLPODUQDLVW\FNHQRFKInMRUGHQDWWUlPQDRFKEHUJHQDWWVW|UWDLGMXSHW$WWGHWLOOGHODU
GHQ1nGHULNHHQVRQ)|UHVWlOOQLQJHQDWWGHQ1nGHULNHKDUHQVRQlURI|UHQOLJW,QJHQDYGH
YDUHOVHULKLPODUQDRFKSnMRUGHQNDQQDONDVGHQ1nGHULNHDQQDWlQVRPWMlQDUH+DQYHWGHUDV
DQWDO²YDURFKHQlUUlNQDG²RFKYDURFKHQVNDOOSn'RPHGDJHQVWLJDIUDPHQVDPLQI|U
+RQRPµ
µ9LGVLGDQDY$OOkKG\UNDUGHYDGVRPYDUNHQNDQVNDGDGHPHOOHUJDJQDGHPRFKVlJHUµ'H
lUYnUDPHGODUHLQI|U$OOkKµ6lJµ9LOOQLXQGHUUlWWD$OOkKRPQnJRWLKLPODUQDHOOHUSn
MRUGHQVRP+DQLQWHNlQQHUWLOO"6WRUlU+DQL6LQKlUOLJKHWK|MG|YHUDOOWYDGGHVlWWHUYLG
+DQVVLGDµµ
µ+XUWDOULNDlQJODUQDLKLPOHQlQlUlUGHUDVPHGOLQJWLOOLQJHQQ\WWDRPLQWH$OOkKKDUJHWW
6LWWWLOOVWnQGRFK+DQJHUGHWWLOOI|UPnQI|UGHQ+DQYLOORFKVRPIXQQLWQnGLQI|U+RQRPµ
µ9HPlUGHWVRPYnJDUPHGODLQI|U+RQRPXWDQ+DQVWLOOVWnQG"µ
µ2P$OOkKOnWHUHQRO\FNDGUDEEDGLJlU+DQGHQHQGHVRPNDQDYYlUMDGHQRFKRP+DQYLOO
VNlQNDGLJQnJRWJRWWNDQLQJHQKLQGUDGHWWDJRGDµ
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
µ9DG+DQYLOOVNlQNDPlQQLVNRUQDDY6LQQnGNDQLQJHQXQGDQKnOODGHPRFKYDG+DQ
KnOOHUWLOOEDNDNDQLQJHQOnWDIO|GDLKDQVVWlOOHµ
µ6lJµ+DUQL|YHUYlJWRPGHVRPQLDQURSDUL$OOkKVVWlOOHNDQDYYlUMDHWWRQWVRP$OOkKYLOO
VNDOOGUDEEDPLJ"(OOHURP+DQYLOOEHYLVDPLJ6LQQnGNDQGHKLQGUD+DQVQnGDWWQnPLJ"µ
6lJµ-DJEHK|YHULQJHQXWRP$OOkK7LOO+RQRPOLWDUGHVRPV|NHUVW|Gµµ
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
%HW\GHOVHQDYGHQHJHQWOLJDPHGOLQJHQ
2PPDQDQVHUDWWGHWHIWHUSURIHWHUQDILQQVOlUGDPlQRFKWHRORJHUVRPIXQJHUDUVRPPHGODUH
PHOODQVlQGHEXGHWRFKKDQVVDPIXQGRFKGlUPHGXQGHUUlWWDUGHPOlUGHPXQGHUYLVDUGHPRFK
UlWWDUVLJHIWHUGHPlUGHWKHOWNRUUHNW2PGHVVDPlQHQDVRPQnJRWlUGHUDVVDPVWlPPLJKHW
HWWVOnHQGHEHYLVW\GHNDQLQWHHQDVRPYLOOIDUHOVH6NXOOHGHGlUHPRWVNLOMDVRPQnJRWKlQYLVDU
GHIUnJDQWLOO$OOkKRFKVlQGHEXGHW(QLQGLYLGEODQGGHPlULQWHIHOIULKHOWRFKKnOOHW)DNWXPlU
DWWVDPWOLJDPlQQLVNRUXWRP$OOkKVVlQGHEXGVDOOk$OOkKXDOD\KLZDVDOODPInUVLQDXWWDODQGHQ
DFFHSWHUDGHRFKDYYLVDGH3URIHWHQVDOOk$OOkKXDOD\KLZDVDOODPVDGH
µ'H OlUGD lU SURIHWHUQDVDUYWDJDUH 3URIHWHUQD OlPQDU YDUNHQHIWHU VLJ 'LQDU HOOHU 'LUKDP 'HW
HQGDGHOlPQDUHIWHUVLJlUNXQVNDS'HQVRPGnWDUGHQKDUWDJLWHQYlOGLJDQGHOµ
$QVHUPDQGlUHPRWDWWGHlUPHGODUHPHOODQ$OOkKWDkOkRFK+DQVVNDSHOVHVRPG|UUYDNWHUQD
PHOODQ NXQJHQ RFK PHGERUJDUQD Sn Vn VlWW DWW GH PHGGHODU $OOkK WDkOk RP +DQV VNDSHOVHUV
EHKRY RFK DWW $OOkK VXEKkQDKX ZD WDkOk HQGDVW YlJOHGHU 6LQD WMlQDUH RFK VNlQNHU GHP
XSSHKlOOHJHQRPGHUDVPHGODUH²GHEHUWLOOGHPI|UDWWGHVNDOOEHWLOO$OOkKWDkOkSnVDPPD
VlWW VRP PHGODUH EHU NXQJDUQD DWW I|UUlWWD IRONHWV EHKRY HIWHUVRP GH lU QlUD GHP HOOHU I|U DWW
PHGODUQDVPHGOLQJlUQ\WWLJDUHlQDWWGHVMlOYDEHUNXQJHQHIWHUVRPGHlUQlUPDUHNXQJHQlQGH
Q|GVWlOOGD²lUSHUVRQHQLIUnJDHQDYJXGDG\UNDUH+DQnOlJJVDWWnQJUDVLJRFKRPKDQLQWHJ|U
GHWDYUlWWDVKDQ'HVVDPlQQLVNRUI|UOLNQDU$OOkKVXEKkQDKXZDWDkOkPHGVNDSHOVHQRFKVlWWHU
YHGHUOLNDUYLG$OOkKVWDkOkVLGD
, GHQ1REOD4XU·kQHQI|UHNRPPHUHWWREHUlNQHOLJWVWRUWWDOYHUVHUVRPDYYLVDUGHVVDPlQQLVNRU
0HGOLQJPHOODQNXQJDURFKPHGERUJDUHVNHUSnWUHROLNDVlWW
'HQI|UVWD'HXQGHUUlWWDVRPPHGERUJDUQDVWLOOVWnQGVRPGHVMlOYDLQWHNlQQHUWLOO'HQVRPGn
VlJHUDWW$OOkKLQWHKDUNXQVNDSRP6LQDWMlQDUHVWLOOVWnQGXWRPRPQnJUDlQJODUSURIHWHUHOOHU
QnJRQDQQDQXQGHUUlWWDUKRQRPRPGHWlURWURJHQ)DNWXPlUDWW$OOkKVXEKkQDKXZDWDkOk
YHWGHWGROGDRFKGHWXSSHQEDUD+DQKDUNXQVNDSRPGHWPLQVWDOLOODSnMRUGHQRFKLKLPOHQ
+DQ lU 'HQ +|UDQGH RFK 'HQ 6HHQGH +DQ K|U GH VNULNDQGH U|VWHUQD VRP lU Sn DOOD P|MOLJD
VSUnN RFK VRP KDQGODU RP DOOD P|MOLJD EHKRY +DQ XSSHKnOOV LQWH DY DWW K|UD GHW HQD IUnQ DWW
K|UDGHWDQGUD+DQWDULQWHIHOSnGHPnQJDI|UIUnJQLQJDUQD+DQWUnNDVLQWHXWDYGHLKlUGLJDV
LKlUGLJDE|QHU
'HQ DQGUD .XQJHQ I|UPnU YDUNHQ VW\UD VLQD PHGERUJDUH HOOHU VOn WLOOEDND VLQD ILHQGHU XWDQ
PHGKMlOSDUH VRP KMlOSHU KRQRP 6nOXQGD EHK|YHU KDQ VW|GMDUH RFK PHGKMlOSDUH SJD KDQV
VYDJKHWRFKRI|UPnJDcDQGUDVLGDQKDU$OOkKVXEKkQDKXZDWDkOkYDUNHQQnJRQMlPOLNHOOHU
EHVN\GGDUHPRWVYDJKHW$OOkKVXEKkQDKXZDWDkOkVDGH
µ6lJµcNDOODGHPVRPQLSnVWnU>KDUHQSODWV@YLG$OOkKVVLGD'HKDULQWHPDNWHQV|YHUHWW
VWRIWNRUQYDUHVLJLKLPODUQDHOOHUSnMRUGHQRFKGHKDULQJHQGHOLGHPRFK+DQYlOMHULQJHQDY
GHPWLOOPHGKMlOSDUHµ$OOPHGOLQJLQI|U+RQRPlUIUXNWO|VXWRPI|UGHPVRPKDUHUKnOOLW+DQV
WLOOVWnQGµ
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
µ6lJµ$OOkKVNHORYRFKSULVVRPLQWHKDUHQVRQRFKLYDUVKHUUDYlOGHLQJHQKDUGHORFKVRP
LQJHQVN\GGDUPRWOnJKHWµµ
$OOWVRPNRPPLWWLOOlUVNDSDWDY+RQRP+DQlUGHVV+HUUHRFKbJDUH+DQlUREHURHQGHDYDOOW
RFK DOOD PHGDQ GH DOOD lU L EHKRY DY +RQRP 6n KlU lU GRFN LQWH IDOOHW PHG NXQJDUQD VRP
EHK|YHU VLQD PHGKMlOSDUH )DNWXP lU DWW GH KDU HQ GHO L KHUUDYlOGHW WLOO VNLOOQDG IUnQ $OOkK
VXEKkQDKXZDWDkOkLYDUVKHUUDYlOGHLQJHQKDUGHO'HWILQQVLQJHQVDQQJXGXWRP$OOkKLQJHQ
PHGKMlOSDUHKDU+DQ+RQRPWLOONRPPHUPDNWRFKORYRFK+DQlUNDSDEHOWLOODOOWLQJ
'HQ WUHGMH .XQJHQ YLOO YDUNHQ JDJQD VLQD PHGERUJDUH HOOHU YDUD JRG PRW GHP RP KDQ LQWH
SnYHUNDVDYQnJRQXWLIUnQ2PNXQJHQGnWLOOWDODVDYHQUnGJLYDUHWLOOUlWWDYLVDUHHOOHUQnJRQVRP
KlQYLVDU WLOO KRQRP Sn Vn VlWW DWW KDQ VlWWHU VLWW KRSS L KRQRP HOOHU IUXNWDU KRQRP E|UMDU
NXQJHQV NlQVORU I|U DWW I|UUlWWD PHGERUJDUQDV EHKRY DWW U|UD Sn VLJ 'HWWD VNHU DQWLQJHQ PHG
KMlOS DY UnGJLYDUHQV WLOOUlWWDYLVDUHQV HOOHU XSSO\VDUHQV RUG VRP SnYHUNDU KDQV KMlUWD HOOHU XWDY
KRSSHWRFKIUXNWDQVRPI|UHNRPPHULRUGHQVRPKlUU|UIUnQGHQVRPKlQYLVDUWLOOKRQRP
$OOkK VXEKkQDKX ZD WDkOk lU DOOWHWV +HUUH RFK bJDUH +DQ KDU PHU I|UEDUPHOVH |YHU 6LQD
WMlQDUHlQYDGPRGHUQKDU|YHUVLWWEDUQ$OOWVRPWDUSODWVVNHUXWPHG+DQVYLOMD'HW+DQYLOO
EOLU RFK GHW +DQ LQWH YLOO EOLU LQWH 'n WMlQDUQD KDQGODU J\QQVDPW PRW YDUDQGUD lU JRGD PRW
YDUDQGUDEHUI|UYDUDQGUDPHGODUI|UYDUDQGUDRFKG\OLNWlUGHW+DQ VRPKDUVNDSDWDOOWGHW
'HW lU +DQ VRP KDU VNDSDW YLOMDQ WLOO JRGKHW E|Q RFK PHGOLQJ L GHQ JRGYLOOLJH EHGMDQGH RFK
PHGODQGH PlQQLVNDQV KMlUWD 'HW lU RP|MOLJW DWW QnJRW H[LVWHUDQGH WYLQJDU +RQRP PRW +DQV
YLOMDOlU+RQRPQnJRW+DQLQWHYHWHOOHUDWW+DQVlWWHU6LWWKRSSLQnJRQ HOOHUIUXNWDU'lUI|U
VDGHSURIHWHQVDOOk$OOkKXDOD\KLZDVDOODP
µ,QJHQDYHUVNDOOVlJDµ$OOkKI|UOnWPLJRP'XYLOO$OOkKI|UEDUPD'LJ|YHUPLJRP'XYLOOµ
, VWlOOHWVNDOOPDQEHEHVOXWVDPWW\LQJHQWYLQJDU+RQRPWLOOQnJRWµ
2FKGHPHGODUHVRPPHGODULQI|U+RQRPPHGODUHQGDVWHIWHU+DQVWLOOVWnQG$OOkKVXEKkQDKX
ZDWDkOkVDGH
µ9HPlUGHQVRPYnJDUPHGODLQI|U+RQRPXWDQ+DQVWLOOVWnQG"µ
µ'HNDQLQWHPHGODI|UQnJRQDQQDQlQGHQ+DQlUQ|MGPHGµ
µ6lJµcNDOODGHPVRPQLSnVWnU>KDUHQSODWV@YLG$OOkKVVLGD'HKDULQWHPDNWHQV|YHUHWW
VWRIWNRUQYDUHVLJLKLPODUQDHOOHUSnMRUGHQRFKGHKDULQJHQGHOLGHPRFK+DQYlOMHULQJHQDY
GHPWLOOPHGKMlOSDUHµ$OOPHGOLQJLQI|U+RQRPlUIUXNWO|VXWRPI|UGHPVRPKDUHUKnOOLW+DQV
WLOOVWnQGµ
3nVnVlWWNODUJMRUGH+DQDWWDOOWVRPWLOOEHVLVWlOOHWI|U+RQRPVDNQDUKHUUDYlOGH'HWKDUYDUNHQ
GHOLKHUUDYlOGHWHOOHUQnJRQPHGKMlOSDUH7LOOLNDlUGHUDVPHGOLQJI|UJlYHV XWDQ+DQVWLOOVWnQG
0HQYDGEHU|UNXQJDUQDNDQGHWKlQGDDWWPHGODUHQKDUPDNWHOOHUnWPLQVWRQHHQGHO+DQNDQ
YDUD GHUDV PHGKMlOSDUH VRP KMlOSHU GHP PHG GHUDV KHUUDYlOGH 'HVVD LQGLYLGHU PHGODU LQI|U
NXQJDUQD XWDQ NXQJDUQDV WLOOVWnQG ,EODQG JRGWDU NXQJDUQD GHUDV PHGOLQJ SJD GHQ YlOIlUG VRP
I|UHNRPPHU GlUL LEODQG I|U DWW GH lU UlGGD I|U GHP RFK LEODQG I|U DWW GH EHO|QDU RFK I|UlUDU
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
GHP 'H NDQ GHVVXWRP DFFHSWHUD VLQD EDUQV RFK VLQD KXVWUXUV PHGOLQJ SJD VDPPD RUVDN 'H
EHK|YHUVLQDEDUQRFKVLQDKXVWUXURFKNRPPHUDWWVNDGDVDYDWWGHYlQGHUGHPU\JJHQ/LNDVn
DFFHSWHUDUGHVLQDVODYDUVPHGOLQJDUI|UDWWGHLQWHVNDOOYDUDRO\GLJDPRWGHPHOOHUVNDGDGHP
6n KlU VHU GHW XW QlU WMlQDUH PHGODU I|U WMlQDUH HQGDVW XWDY KRSS RFK IUXNWDQ DFFHSWHUDV HQV
PHGOLQJ$OOkKWDkOkGlUHPRWVlWWHULQWH6LWWKRSSLQnJRQ+DQIUXNWDULQJHQRFKLQWHKHOOHUlU
+DQLEHKRYDYQnJRQ1HM+DQlU6LJQRJ
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
0HGOLQJHQVRPOHGHUWLOODYJXGHUL
$OOkKVXEKkQDKXZDWDkOkVDGH
µ$OODYDUHOVHULKLPODUQDRFKSnMRUGHQWLOOK|U$OOkK0HQYDGI|OMHUGnGHVRPYLGVLGDQDY
$OOkKDQURSDUPHGKMlOSDUH"'HI|OMHULQJHQWLQJDQQDWlQO|VDDQWDJDQGHQRFKI|UPRGDU'HWlU
+DQVRPKDUVNDSDWQDWWHQI|UHUVnDWWQLXQGHUGHQInUYLODRFKGDJHQI|UDWWQLVNDOONXQQD
VHNODUW,GHWWDOLJJHUKHOWNODUWHWWEXGVNDSWLOOGHPVRPO\VVQDU'HVlJHUµ$OOkKKDUHQVRQµ
1HMVWRUlU+DQL6LQKlUOLJKHW+DQlU'HQVRPlU6LJVMlOYQRJDOOWGHWVRPKLPODUQD
U\PPHURFKGHWVRPMRUGHQElUlU+DQV,QJHQWLQJEHP\QGLJDUHUGHWWD1LVlJHUDOOWVnRP$OOkK
GHWVRPQLLQWHNDQYHWD"6lJµ'HWVNDOOLQWHJnGHPYlOLKlQGHUVRPVlWWHULKRSO|JQHURP
$OOkKµµ
$YJXGDG\UNDUQDWDUWLOOVLJPHGODUHIUnQGHPVRPGHDQVHUNXQQDPHGOD$OOkKVXEKkQDKXZD
WDkOkVDGH
µ9LGVLGDQDY$OOkKG\UNDUGHYDGVRPYDUNHQNDQVNDGDGHPHOOHUJDJQDGHPRFKVlJHUµ'H
lUYnUDPHGODUHLQI|U$OOkKµ6lJµ9LOOQLXQGHUUlWWD$OOkKRPQnJRWLKLPODUQDHOOHUSn
MRUGHQVRP+DQLQWHNlQQHUWLOO"6WRUlU+DQL6LQKlUOLJKHWK|MG|YHUDOOWYDGGHVlWWHUYLG
+DQVVLGDµµ
µ9DUI|UILFNGHLQJHQKMlOSDYGHPVRPGHWLOOEDGVRPJXGRPOLJKHWHUYLGVLGDQDY$OOkKI|UDWW
GHVNXOOHI|UDGHPQlUPDUH>+RQRP@"1HMGH|YHUJDYGHPGHWYDUGHUDVO|JQRFKQnJRWVRPGH
KDGHGLNWDWLKRSµ
+DQEHUlWWDGHDWWDYJXGDG\UNDUQDVDGH
µ9LWLOOEHUGHPMXVWI|UDWWGHVNDOOI|UDRVVQlUPDUH$OOkKµ
$OOkKVXEKkQDKXZDWDkOkVDGH
µ,QWHKHOOHUEHIDOOHUKDQHUDWWEHWUDNWDlQJODURFKSURIHWHUVRPKHUUDU6NXOOHKDQXSSPDQDHU
DWWnWHUIDOODLRWURVHGDQQLKDUEOLYLW0XVOLPHU"µ
µ6lJµ$QURSDGHPVRPQLWURU>ILQQDV@YLGVLGDQDY+RQRP'HNDQLQWHEHIULDHUIUnQGHW
RQGDRFKLQWHKHOOHUODVWD|YHUGHWSnDQGUDµ'HVRPGHDQURSDUYLOOVMlOYDYLQQDVLQ+HUUHV
YlOYLOMDRFKNRPPD+RQRPVnQlUDVRPP|MOLJWRFKGHKRSSDVSn+DQVQnGRFKIUXNWDU+DQV
VWUDII²VDQQHUOLJHQVNDOOPDQIUXNWDGLQ+HUUHVVWUDIIµ
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
+DQXQGHUUlWWDURPDWWDOOWVRPWLOOEHVLVWlOOHWI|U+RQRPYDUNHQI|UPnUDWWVNDGDHOOHUlQGUDSn
VNDGDQ 'H VMlOYD KRSSDV Sn +DQV EDUPKlUWLJKHW IUXNWDU I|U +DQV VWUDII RFK V|NHU QlUKHW WLOO
+RQRP +DQ VXEKkQDK QHNDGH GHW GH KDGH EHNUlIWDW nW lQJODUQD RFK SURIHWHUQD I|UXWRP
PHGOLQJHQ VRP +DQ KDU JHWW WLOOVWnQG WLOO 0HGOLQJ lU E|Q RFK DWW VNDSHOVHUQD EHU I|U DQGUD lU
RWYHW\GLJWJDJQDQGHVDPWQnJRW$OOkKKDUEHIDOOW0HQGHQEHGMDQGHPHGODUHQInUHQGDVWEHRFK
PHGODHIWHUDWW+DQWDkOkKDUJHWWWLOOnWHOVHI|UGHW3nVnVlWWPHGODVLQWHGHQI|UEMXGQDIRUPHQ
DYPHGOLQJWH[PHGOLQJI|UDYJXGDG\UNDUQDRFKE|QRPI|UOnWHOVHI|UGHP$OOkKVXEKkQDKX
ZDWDkOkVDGH
µ'HWDQVWnULQWHSURIHWHQRFKLQWHKHOOHUGHWURHQGHDWWEHRPV\QGHUQDVI|UOnWHOVHI|U
DYJXGDG\UNDUQDlYHQRPGHK|UGHWLOOGHUDVQlUDDQI|UYDQWHUVHGDQGHWNODUJMRUWVI|UGHPDWW
(OGHQlUGHUDVDUYHGHO2FK,EUkKvPVE|QDWWKDQVIDGHUVNXOOHI|UOnWDVYDULQJHQWLQJDQQDWlQ
XSSI\OOHOVHQDYHWWO|IWHWLOOKRQRPPHQQlUGHWEOHYNODUWI|UKRQRPDWWIDGHUQYDUHQILHQGHWLOO
$OOkKWRJKDQDYVWnQGIUnQKRQRP,EUkKvPYDU|PVLQWRFKI|UGUDJVDPµ
$OOkKVXEKkQDKXZDWDkOkVDGHRPK\FNODUQD
µ9DGGHPEHWUlIIDUlUGHWOLNJLOWLJWRPGXEHURPI|UOnWHOVHI|UGHPHOOHULQWH²$OOkKNRPPHU
LQWHDWWI|UOnWDGHP$OOkKYlJOHGHULQWHGHPVRPI|UKlUGDVLV\QGRFKWURWVµ
, µDV6DKvKµKDUGHWEHNUlIWDWVDWW$OOkKVXEKkQDKXZDWDkOkI|UEM|G6LQSURIHWIUnQDWWEHRP
I|UOnWHOVHI|UDYJXGDG\UNDUQDRFKK\FNODUQDRFK+DQXQGHUUlWWDGHRPDWW+DQLQWHNRPPHUDWW
I|UOnWDGHP$OOkKVXEKkQDKXZDWDkOkVDGH
µ$OOkKI|UOnWHULQWHGHQVRPVlWWHUPHGKMlOSDUHYLG+DQVVLGDPHQ+DQI|UOnWHUGHQ+DQYLOO
YDGVRPKHOVWXQGHUGHWWDGHQVRPVlWWHUPHGKMlOSDUHYLG$OOkKVVLGDKDUVDQQHUOLJHQJMRUWVLJ
VN\OGLJWLOOHQRHUK|UGV\QGµ
µ%HDOGULJI|UQnJRQDYGHPVRPG|WWRFKVWnLQWHYLGKDQVJUDYGHI|UQHNDGH$OOkKRFK+DQV
VlQGHEXGRFKGHGRJLWURWVRFKRO\GQDGµ
µ9DGGHPEHWUlIIDUlUGHWOLNJLOWLJWRPGXEHURPI|UOnWHOVHI|UGHPHOOHULQWH²$OOkKNRPPHU
LQWHDWWI|UOnWDGHP$OOkKYlJOHGHULQWHGHPVRPI|UKlUGDVLV\QGRFKWURWVµ
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
%|QHQVUHDOLD
$OOkKVXEKkQDKXZDWDkOkVDGH
µcNDOODHU+HUUHLGHWW\VWDPHG|GPMXNWVLQQH+DQlOVNDULQWHGHPVRPJnUWLOO|YHUGULIWµ
7LOO |YHUGULIW LQRP E|QHQ K|U DWW WMlQDUHQ EHU +HUUHQ RP QnJRW +DQ LQWH NRPPHU DWW XWI|UD
([HPSHOSnGHWlUDWWEH+RQRPDWWK|MDKRQRPWLOOSURIHWHUQDVQLYnGnKDQLQWHlUIUnQGHP
I|UOnWD DYJXGDG\UNDUQD RFK G\OLNW (WW DQQDW H[HPSHO lU DWW EH $OOkK RP QnJRW VRP EHVWnU DY
RO\GQDGPRW+RQRPD]]DZDGMDOOWH[DWWEH+RQRPDWWKDQKMlOSHUKRQRPPHGRWURV\QGHU
RFKRO\GQDG0HGODUHQlUDOOWVnGHQVRP$OOkKWLOOnWHUDWWPHGODPHGDQKDQVPHGOLQJLE|QHQlU
WRPSn|YHUGULIW6NXOOHPDQGlUHPRWEHQnJRQDYGHPPHGHQROlPSOLJE|QNRPPHUGHQLQWH
DWW JRGNlQQDV W\ GH lU VN\GGDGH IUnQ DWW JRGNlQQD QnJRW OLNQDQGH SUHFLV VRP 1K DOD\KLV
VDOkPVDGH$OOkKVXEKkQDKXZDWDkOkVDGH
µ2FK1KEDGWLOOVLQ+HUUHRFKVDGHµ+HUUHPLQVRQWLOOK|UGHMXPLQIDPLOMRFK'LWWO|IWH
EHVDQQDVDOOWLG'XlUGHQUlWWYLVDVWHDYGRPDUHµ+DQVDGHµ1KKDQYDULQWHDYGLQIDPLOM
² KDQEHJLFNRUlWW%H0LJLQWHRPVnGDQWVRPGXVDNQDUDOONlQQHGRPRP-DJI|UPDQDUGLJ
I|UDWWGXLQWHVNDOOEOLHQDYGHPVRPLQWHYHWµ+DQVDGHµ+HUUHEHYDUDPLJI|UDWWEH'LJRP
QnJRWVRPMDJLQWHKDUNlQQHGRPRP2P'XLQWHI|UOnWHUPLJRFKI|UEDUPDU'LJ|YHUPLJEOLU
MDJHQDYGHI|UORUDGHµµ
$OO E|Q RFK PHGOLQJ GHQ EHGMDQGH PHGODUHQ EHU $OOkK PHG lJHU I|UVW UXP HIWHU +DQV EHVOXW
I|UXWEHVWlPPHOVHRFKYLOMD'HWlU+DQVRPE|QK|UE|QHQRFKJRGWDUPHGOLQJHQ'HWlU+DQ
VRPVNDSDUPHGOHWRFKUHVXOWDWHW%|QHQK|UWLOOGHPHGHOVRP$OOkKVXEKkQDKXZDWDkOkKDU
I|UXWEHVWlPW2PGHWGnOLJJHUWLOOSnGHWYLVHWDQVHVGHWYDUDDYJXGHULLPRQRWHLVPHQDWWHQEDUW
EHURSnPHGOHQ
$WW DQVH DWW PHGOHQ LQWH XWJ|U QnJRW PHGHO EHW\GHU DWW GHW I|UHNRPPHU HQ EULVW L I|UVWnQGHW
PHGDQ GHW LQQHElU DWW /DJVWLIWQLQJHQ VN\PIDV RP PDQ YlQGHU VDPWOLJD PHGHO U\JJHQ KHOW RFK
KnOOHW)DNWXPlUDWWHQWMlQDUHVI|UOLWDQE|QIUnJDRFKKRSSVNDOOHQEDUWlJQDV$OOkKVXEKkQDKX
ZDWDkOk$OOkKWDkOkEHVWlPPHURFKI|UHVNULYHUGHW\SHUDYPHGHOEODQGVNDSHOVHQVE|QRFK
G\OLNWVnVRP+DQYLOO
'HW lU I|UHVNULYHW DWW GHQ K|JUH EHU I|U GHQ OlJUH RFK YLFH YHUVD 0XVOLPHUQD EUXNDGH EH
SURIHWHQ VDOOk $OOkKX DOD\KL ZD VDOODP RP PHGOLQJ I|U DWW EH RP UHJQ RFK GH EUXNDGH EH
KRQRPDWWEH7LOOLNDJMRUGHGHGHWHIWHUKDQVG|GGn8PDURFKUHVWHQDY0XVOLPHUQDEDGDO
$EEkVDWWEHRPUHJQ/LNDVnNRPPHUPlQQLVNRUQDDWWEH0XKDPPDGVDOOk$OOkKXDOD\KLZD
VDOODP RFK UHVWHQ DY SURIHWHUQD RP PHGOLQJ Sn 'RPHGDJHQ +DQ lU PHGODUQDV PlVWDUH RFK
LQQHKDUVlUVNLOGDW\SHUDYPHGOLQJDU
6RPWLOOlJJWLOOGHWWDKDUGHWEHNUlIWDWVLGHµ7YnDXWHQWLVNDµDWWSURIHWHQVDOOk$OOkKXDOD\KLZD
VDOODPVDGH
µ1lUQLK|UE|QHURSDUHQVNDOOQLXSSUHSDGHWKDQVlJHU'lUHIWHUVNDOOQLVlQGDYlOVLJQHOVH|YHU
PLJ 'HQ VRP HQ JnQJ VlQGHU YlOVLJQHOVH |YHU PLJ NRPPHU $OOkK DWW VlQGD YlOVLJQHOVHU WLR
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
JnQJHU |YHU KRQRP %H GlUHIWHU $OOkK DWW +DQ VNlQNHU PLJ 0HGOHW :DVvODK 'HW lU HQ QLYn L
SDUDGLVHWVRPHQGDVWHQDY$OOkKVWMlQDUHNDQInRFKMDJKRSSDVYDUDGHQQDWMlQDUH'HQVRPEHU
DWWMDJInU0HGOHWNRPPHUDWWInPLQPHGOLQJSn'RPHGDJHQµ
1lU8PDUUDGKL\D$OOkKXDQKVNXOOHJ|UD8PUDKWRJKDQIDUYlODYKRQRPRFKVDGH
µ0LQEURGHUJO|PLQWHDWWEHI|UPLJµ
3URIHWHQVDOOk$OOkKXDOD\KLZDVDOODPEDGVLWWVDPIXQGDWWEHI|UKRQRPPHQLQWHI|UGHUDV
E|QV VNXOO L VLJ XWDQ KDQ EHIDOOGH GHP GHW SUHFLV VRP KDQ EHIDOOGH GHP DOOD DQGUD IRUPHU DY
G\UNDQVRPGHEHO|QDVI|U7URWVDWWKDQVDOOk$OOkKXDOD\KLZDVDOODPInUVDPPDEHO|QLQJVRP
GHPI|UDOOWGHJ|UKDUGHWUDSSRUWHUDWVDXWHQWLVNWDWWKDQVDOOk$OOkKXDOD\KLZDVDOODPVDGH
µ'HQ VRP PDQDU WLOOYlJOHGQLQJ InU OLND VWRU EHO|QLQJ VRP GHQ VRP I|OMHUKRQRP XWDQ DWW GHW
UHGXFHUDVQnJRWDYGHUDVEHO|QLQJDU'HQVRPPDQDUWLOOYLOOIDUHOVHInUOLNDVWRUE|UGDVRPGHQ
I|OMHUKRQRPXWDQDWWGHWUHGXFHUDVQnJRWDYGHUDVE|UGRUµ
+DQVDOOk$OOkKXDOD\KLZDVDOODPPDQDURFKOHGHUVLWWVDPIXQGWLOODOOYlJOHGQLQJRFKInUSnVn
VlWWEHO|QLQJI|UYDURFKHQVRPI|OMHUKRQRPLGHQ6DPPDVDNJlOOHURPGHVlQGHUYlOVLJQHOVH
|YHUKRQRP$OOkKVlQGHUYlOVLJQHOVHU|YHUGHPWLRJnQJHUVDPWLGLJWVRPKDQRFNVnEHO|QDVPHG
GHUDVEHO|QLQJSOXVDWWGHUDVE|QI|UKRQRPE|QK|UV'HQQDE|QKDU$OOkKWDkOkEHO|QDWGHP
I|URFKDOOGHQ\QQHVWVRPI|UHNRPPHUGlULK|UWLOO$OOkKVVXEKkQDKXZDWDkOkI|UlUHOVH|YHU
KRQRP'HWKDUUDSSRUWHUDWVLµDV6DKvKµDWWKDQVDOOk$OOkKXDOD\KLZDVDOODPVDGH
µ%|QHQ VRP HQ 0XVOLPVN SHUVRQ EHU I|U HQ IUnQYDUDQGH EURGHU lU E|QK|UG 9LG KDQV KXYXG
ILQQV HQ DQI|UWURGG lQJHO 9DUMH JnQJ KDQ EHU I|U VLQ EURGHU VlJHU GHQ DQI|UWURGGH lQJHOQ
µÇPvQRFKWLOOGLJPHGµµ
, HQDQQDQKDGvWKVlJVGHW
µ'HQE|QVRPVQDEEDVWE|QK|UVlUGHQIUnQYDUDQGHVE|QI|UGHQIUnQYDUDQGHµ
(QE|QVRPEHVI|UQnJRQDQQDQJDJQDUEnGHGHQEHGMDQGHRFKGHQGHWEHVI|UlYHQRPGHQ
EHGMDQGH lU OlJUH lQ GHQ GHW EHV I|U 2P Gn HQ SHUVRQ VNXOOH EH QnJRQ DWW EH I|U KRQRP
VDPWLGLJW VRP KDQ DYVHU DWW GH EnGD JDJQDV DY GHW VDPDUEHWDU KDQ RFK KDQV EURGHU I|U DWW
EHIUlPMDIURPKHWRFKJXGVIUXNWDQW\KDQKDUXQGHUUlWWDWGHQEHGMDQGHRFKOHWWKRQRPWLOOGHW
VRPJDJQDUGHPEnGDPHGDQGHQEHGMDQGHJ|UGHWVRPJDJQDUGHPRFKEHILQQHUVLJVnOXQGDSn
VDPPDQLYnVRPGHQVRPPDQDUDQGUDWLOOIURPKHWRFKJXGVIUXNWDQ'HQEHRUGUDGHEHO|QDVSn
VnVlWWI|UVLQKDQGOLQJPHGDQEHRUGUDUHQRFNVnEHO|QDVI|UDWWKDQEHIDOOGHKDQGOLQJHQ'HWWD
JlOOHUVlUVNLOWRPE|QHQK|UWLOOGHPWMlQDUHQEHRUGUDVWLOO$OOkKVXEKkQDKXZDWDkOkVDGH
µ%H+RQRPRPI|UOnWHOVHI|UGLQDV\QGHURFKI|UDOODWURHQGHPlQRFKNYLQQRUµ
µ0HQRPGHNRPWLOOGLJHIWHUDWWGHKDGHJMRUWVLJVMlOYDRUlWWPHGVLQV\QGI|UDWWEHRP$OOkKV
I|UOnWHOVHRFKRPVlQGHEXGHWEDGRPI|UOnWHOVHI|UGHPVNXOOHGHILQQDDWW$OOkKL6LQ
EDUPKlUWLJKHWWDUHPRWGHQnQJHUIXOOHVnQJHUµ
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
+DQ VXEKkQDKX ZD WDkOk QlPQGH KXU GH EDG RP I|UOnWHOVH RFK KXU VlQGHEXGHW EDG RP
I|UOnWHOVHI|UGHPW\GHWWDlUQnJRW$OOkKWDkOkEHRUGUDGH6LWWVlQGHEXGPHGGn+DQEHRUGUDGH
KRQRP DWW EH RP I|UOnWHOVH I|U GH WURHQGH PlQQHQ RFK NYLQQRUQD $OOkK WDkOk KDU DOGULJ
EHRUGUDW HQ VNDSHOVH DWW EH HQ DQQDQ VNDSHOVH RP QnJRW VRP $OOkK WDkOk LQWH KDU EHRUGUDW
VNDSHOVHQRP)DNWXPlUDWWGHW$OOkKWDkOkKDUEHIDOOWVNDSHOVHQDQWLQJHQlUREOLJDWRULVNWHOOHU
UHNRPPHQGHUDW 3n Vn VlWW EOLU KDQV KDQGOLQJ HQ G\UNDQ WLOO $OOkK WDkOk O\GQDG PRW $OOkK
WDkOkHWWQlUPDQGHWLOO$OOkKWDkOkYlOJnQJnWKDQGODUHQVDPWEHO|QLQJI|UGHQ
2PKDQGnJMRUGHGHWVNXOOHKDQIn$OOkKVVXEKkQDKXZDWDkOkYlOGLJDVWHI|UPnQRFK\QQHVW
)DNWXP lU DWW GHQ VW|UVWD I|UlUHOVHQ $OOkK VXEKkQDKX ZD WDkOk I|UlUDU 6LJ |YHU 6LQD WMlQDUH
PHGlUMXVWDWW+DQYlJOHGHUGHPWLOOWURQ
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
0HGODUHQVG\JG
7URQEHVWnUDYWDORFKKDQGOLQJ'HQVWLJHUPHGKMlOSDYO\GQDGRFKJRGDKDQGOLQJDU9DUMHJnQJ
WMlQDUHQVJRGDKDQGOLQJDUJnUXSSLDQWDOVWLJHUKDQVWUR'HWWDlUGHQVDQQDG\JGHQVRPQlPQVL
+DQVWDkOk2UG
µ'HQYlJGHYDQGUDWVRP'XKDUYlOVLJQDWPHG'LQDJnYRUµ
µ'HVRPO\GHU$OOkKRFKVlQGHEXGHWVNDOOInHQSODWVYLGVLGDQDYGHPVRP$OOkKYlOVLJQDUPHG
6LQDJnYRUµ
+|U KHOD YlUOGHQV JnYRU I|UXWRP UHOLJLRQ WLOO +DQV JnYRU HOOHU LQWH" 'H OlUGD EODQG YnUD
I|OMHVODJDUHRFKDQGUDKDUWYnYlONlQGDnVLNWHULGHQQDIUnJD)DNWXPlUDWWGHWlUHQJnYDIUnQHQ
V\QYLQNHOlYHQRPGHQLQWHlUIXOONRPOLJ
9DG JlOOHUDWWDQVNDIIDVLJ\QQHVWJHQRPUHOLJLRQHQYLONHWPDQE|UVWUlYDHIWHUDQVHVGHWYDUDGH
SOLNWHU RFK UHNRPPHQGDWLRQHU $OOkK WDkOk KDU EHRUGUDW (QOLJW 0XVOLPHUQDV VDPVWlPPLJKHW
VNDOO GHW VWUlYDV HIWHU DWW In XSSQn GHQQD JRGKHW 'HQQD IUnJD DQVHU $KOXV6XQQDK YDUD GHQ
YHUNOLJD\QQHVWHQ W\ GHDQVHU DWW $OOkK VXEKkQDKX ZD WDkOklU GHQ VRP KDU I|UlUDW PHG JRG
KDQGOLQJPHGDQ4DGDUL\\DKDQVHUDWW+DQKDUI|UlUDWPHGNDSDFLWHWWLOOGHQRFKVRPlUVXQGnW
GHEnGDPRWVDWVHUQD
%HW\GHOVHQKlUDWW$OOkKVXEKkQDKXZDWDkOkHQGDVWKDUEHRUGUDWVNDSHOVHQDWWEHVNDSHOVHQRP
QnJRW YDUL GHW I|UHNRPPHU YlOIlUG nW VNDSHOVHQ 'HWWD lU DQWLQJHQ REOLJDWRULVNW HOOHU
UHNRPPHQGHUDW+DQVXEKkQDKXZDWDkOkNUlYHULQWHWMlQDUHQSnQnJRQWLQJDQQDWlQGHW+XU
NDQ+DQGnEHRUGUDQnJRQDQQDQDWWEHQnJRQRPQnJRWDQQDWlQGHW")DNWXPlUDWW+DQKDU
I|UEMXGLWWMlQDUHQDWWEHHQDQQDQWMlQDUHRPKDQVHJHQGRPRPKDQLQWHlUQ|GVWlOOG2PKDQV
DYVLNW lU DWW JDJQD GHQ EHRUGUDGH HOOHU EnGH VLJ VMlOY RFK GHQ EHRUGUDGH EHO|QDV KDQ I|U GHW
6NXOOH KDQ GlUHPRW HQEDUW DYVH DWW DQVNDIID VLJ GHW EHJlUGD XWDQ DWW DYVH DWW GHQ EHRUGUDGH
JDJQDVInUKDQHQEDUWGHW|QVNDGH$OGULJQnJRQVLQKDU$OOkKWDkOkEHIDOOWHQOLNQDQGHIUnJD
'lUHPRWKDU+DQI|UEMXGLWGHQHIWHUVRPGHQHQEDUWKDQGODURPDWWEHVNDSHOVHQRPQnJRWXWDQ
DWWGHQVMlOYJDJQDVHOOHUJ\QQDV$OOkKVXEKkQDKXZDWDkOkEHIDOOHURVVDWWG\UND+RQRPRFK
OlJJDYnUWKRSSL+RQRPRFK+DQEHRUGUDURVVDWWYDUDJRGDPRW+DQVWMlQDUH'HQQDLQGLYLG
KDU YDUNHQ DYVHWW GHW HQD HOOHU GHW DQGUD +DQ KDU YDUNHQ DYVHWW DWW OlJJD VLWW KRSS L $OOkK
VXEKkQDKXZDWDkOkHOOHUDWWWLOOEH+RQRPGHWYLOOVlJDI|UUlWWQLQJHQDYE|QHQ,QWHKHOOHUKDU
KDQ DYVHWW DWW YDUD JRG PRW VNDSHOVHQ QlPOLJHQ DWW EHWDOD DOOPRVDQ bYHQ RP WMlQDUHQ LQWH
V\QGDUPHGGHQQDW\SDYIUnJDI|UHNRPPHUGHWHQVNLOOQDGPHOODQGHWWMlQDUHQEHRUGUDVRFKGHW
KDQWLOOnWV6HUGXLQWHKRQRPVlJDRPGHVMXWWLRWXVHQPlQQLVNRUQDVRPNRPPHUDWWInWUlGDLQL
SDUDGLVHWXWDQDWWEHWDODUlNQLQJ
µ'H EHULQWHRPDWWKHODVPHGKMlOSDY5XT\DK4XU·kQOlVQLQJHOOHUE|QHUµ
'HWWD WURWV DWW XWI|UDQGHW DY 5XT\DK lU WLOOnWHW 'HWWD KDU YL GRFN JnWW LQ GMXSDUH L YLG DQGUD
WLOOIlOOHQ
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
µ1lU0LQDWMlQDUHIUnJDUGLJ>VYDUDGnDWW@-DJlUQlUD-DJEHVYDUDUGHQEHGMDQGHVE|QQlU
+DQEHUWLOO0LJ2FKXSSPDQDGHPDWWVYDUDQlU-DJNDOODURFKDWWWURSn0LJ²NDQVNHVNDOO
GHOHGDVSnUlWWYlJµ
µ2FKXSSPDQDGHPDWWVYDUDQlU-DJNDOODUSnGHPµEHW\GHUDWWGHVYDUDU0LJQlU-DJNDOODUSn
PHGEHRUGULQJHOOHUI|UEXG
µ«RFKDWWWURSn0LJµEHW\GHUDWW-DJE|QK|UGHUDVE|QHUGHXWI|ULE|QRFK|GPMXNKHW
$OOkKVXEKkQDKXZDWDkOkVDGH
µ6WnXSSQlUGXKDUIXOOJMRUWRFKYlQGGLJPHGKHODGLWWKMlUWDWLOOGLQ+HUUHµ
µ2FKGnHQRO\FNDGUDEEDUHUWLOOKDYVVYLNHUHUGHVRPQLEUXNDGHDQURSDI|UXWRP+DQµ
µ9HPlU'HQVRPE|QK|UGHQEHWU\FNWHVRPURSDUWLOO+RQRPLQ|GRFKEHIULDUGHQQHIUnQGHW
RQGDRFKYHPlU'HQVRPKDUOnWLWHUWDMRUGHQLEHVLWWQLQJ"µ
µ'HLKLPODUQDRFKSnMRUGHQEHU+RQRPYDUMHVWXQGlU+DQYHUNVDPRFKLQJULSHUµ
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
0RQRWHLVPHQVUHDOLD
$OOkK VXEKkQDKX ZD WDkOk KDU NODUJMRUW GHQQD W\S DY PRQRWHLVP L 6LQ %RN RFK VNXULW DY
SRO\WHLVPHQV PDWHULD Vn DWW LQJHQ UlGV QnJRQ DQQDQ lQ $OOkK VXEKkQDKX ZD WDkOk VlWWHU VLWW
KRSS L QnJRQ DQQDQ lQ L +RQRP OLWDU WLOO QnJRQ DQQDQ lQ +RQRP HWF $OOkK VXEKkQDKX ZD
WDkOkVDGH
µ)UXNWDVnOHGHVLQWHPlQQLVNRUQD)UXNWD0LJ2FKVlOMLQWH0LQDEXGVNDSI|UHQ\QNOLJ
VODQWµ
µ'MlYXOHQYLOOVNUlPPDHUPHGVLQDI|UEXQGQD1LVNDOOLQWHIUXNWDGHP²IUXNWD0LJRPQL
lUWURHQGHµ
µ+DUGXLQWHVHWWGHPVRPEOLYLWWLOOVDJGDµ8SSK|UPHGHUWYnOGI|UUlWWDE|QHQRFKHUOlJJ
DOOPRVHVNDWWHQµ"1lUGHInUEHIDOOQLQJDWWNlPSDYLVDUQnJUDDYGHPVnGDQIUXNWDQI|U
PlQQLVNRUQDVRPVNDOOYLVDV$OOkK²MDVW|UUHIUXNWDQµ
µ,QJHQVNDOOEHV|ND$OOkKVPRVNpHUXWRPGHVRPWURUSn$OOkKRFKGHQ<WWHUVWDGDJHQRFKVRP
I|UUlWWDUE|QHQRFKEHWDODUDOOPRVDQRFKLQWHIUXNWDUQnJRQDQQDQlQ$OOkKµ
µ'HVRPO\GHU$OOkKRFK+DQVVlQGHEXGVRPIUXNWDU$OOkKRFKVWlQGLJWKDU+RQRPI|U
|JRQHQGHWlUGHVRPlUGHVHJUDQGHµ
+lUYLVDU+DQKXUO\GQDGlJQDVEnGHPRW$OOkKRFK+DQVVlQGHEXGPHGDQIUXNWDQlJQDVHQGDVW
$OOkKDOOHQD
$OOkKVXEKkQDKXZDWDkOkVDGH
µ'HWYRUHElWWUHRPGHQ|MGHVLJPHGYDG$OOkKRFK+DQVVlQGHEXGKDUJHUGHPRFKVDGHµ9L
OLWDUWLOO$OOkKI|UYnUDEHKRYRFK$OOkKVNDOODYJRGKHWJHRVVRFKGHWVNDOOOLNDVn+DQV
VlQGHEXGµµ
9DG VRPSnPLQQHURPGHWlU+DQVVXEKkQDKXZDWDkOk2UG
µ'HWLOOYLONDPlQQLVNRUVDGHµ6DQQHUOLJHQKDUPlQQLVNRUQDGUDJLWVVDPPDQPRWHURFKGlUI|U
E|UQLIUXNWDGHPµ'HWWDILFNGHUDVWURDWWVWLJDRFKGHVDGHµ9LEHK|YHULQJHQDQQDQKMlOSDUH
lQ$OOkKRFK+DQlU'HQVRPElVWWDUKDQGRPDQJHOlJHQKHWHUQDµµ
3URIHWHQVDOOk$OOkKXDOD\KLZDVDOODPYHUNOLJJMRUGHGHQQDPRQRWHLVPWLOOVLWWVDPIXQGRFKUHY
V|QGHUDOOSRO\WHLVWLVNPDWHULDW\GHWWDlUEHW\GHOVHQDYYnUDRUG
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
µ'HWILQQVLQJHQVDQQJXGXWRP$OOkKµ
(Q JXG lU GHQ KMlUWDQ JXGRPOLJI|UNODUDU PHG IXOOVWlQGLJ NlUOHN K|JDNWQLQJ JORULILHULQJ
XSSVNDWWQLQJKRSSRFKIUXNWDQ+DQVDOOk$OOkKXDOD\KLZDVDOODPVDGHWLOOGHP
µ6lJLQWHµ'HW$OOkKRFK0XKDPPDGYLOOµXWDQVlJµ'HW$OOkKYLOORFKGlUHIWHUGHW0XKDPPDG
YLOOµµ
(QPDQVDGHWLOOKRQRP
µ'HW$OOkKRFKGXYLOOµ
'nVDGHKDQVDOOk$OOkKXDOD\KLZDVDOODP
µ+DUGXOnWLWPLJYDUDHQYHGHUOLNHYLG$OOkKVVLGD"6lJµ'HW$OOkKDOOHQDYLOOµµ
'HVVXWRPVDGHKDQVDOOk$OOkKXDOD\KLZDVDOODP
µ/nWGHQVRPVYlUDQWLQJHQVYlUDYLG$OOkKHOOHUWLJDµ
µ'HQVRPVYlUYLGQnJRQDQQDQlQ$OOkKKDUJMRUWDYJXGHULµ
+DQVDOOk$OOkKXDOD\KLZDVDOODPVDGHWLOO,EQ$EEkV
µ2P GXVNDOOEHEH$OOkKRFKRPGXVNDOOEHRPKMlOSEH$OOkKRPKMlOS%OlFNHWKDUWRUNDW
EHWUlIIDQGHGHWGXJnUWLOOP|WHV2PVNDSHOVHQNlPSDGHI|UDWWJDJQDGLJVNXOOHGHHQEDUWJDJQD
GLJPHGGHW$OOkKKDUEHVWlPWI|UGLJ2PGHNlPSDGHI|UDWWVNDGDGLJVNXOOHGHHQEDUWVNDGD
GLJPHGGHW$OOkKKDUEHVWlPWI|UGLJµ
+DQVDOOk$OOkKXDOD\KLZDVDOODPVDGH
µgYHUGULYLQWHPHGPLJVnVRPGHNULVWQD|YHUGUHYPHGÍVkELQ0DU\DP-DJlULQJHQWLQJDQQDW
lQHQWMlQDUH6lJGlUI|Uµ$OOkKVWMlQDUHRFK+DQVVlQGHEXGµµ
+DQVDOOk$OOkKXDOD\KLZDVDOODPVDGH
µ$OOkKOnWLQWHPLQJUDYEOLWLOOHQG\UNDGDYJXGµ
+DQVDOOk$OOkKXDOD\KLZDVDOODPVDGH
µ*|U LQWH PLQ JUDY WLOO HQ SODWV VRP UHJHOEXQGHW EHV|NV 6lQG YlOVLJQHOVH |YHU PLJ I|U
VDQQHUOLJHQQnUHUYlOVLJQHOVHPLJYDUQLlQEHILQQHUHUµ
+DQVDOOk$OOkKXDOD\KLZDVDOODPVDGH
µ$OOkKV I|UEDQQHOVH YLODU |YHU MXGDUQD RFK GH NULVWQD GH WRJ VLQD SURIHWHUV JUDYDU WLOO
E|QHSODWVHUµ
3n GHWWDYLVYDUQDGHKDQI|UGHUDVYHUNÇ·LVKDKUDGKL\D$OOkKXDQKkVDGH
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
µ+DGHGHWLQWHYDULWI|UGHWVNXOOHKDQVJUDYYDULW|SSHQPHQKDQI|UDNWDGHDWWGHQVNXOOHWDVWLOO
HQE|QHSODWVµ
'HWWDlPQHlUEUHWW7URWVDWWGHQWURHQGHYHWDWW$OOkKVXEKkQDKXZDWDkOklUDOOWHWV+HUUHRFK
bJDUH DYYLVDU KDQ LQWH GH RUVDNHU $OOkK VXEKkQDKX ZD WDkOk KDU VNDSDW 7 H[ KDU +DQ OnWLW
UHJQHWYDUDHQRUVDNWLOOYl[WOLJKHW$OOkKVXEKkQDKXZDWDkOkVDGH
µ,UHJQHWVRP$OOkKVlQGHUQHGRFKGlUPHGJHUQ\WWOLYnWGHQMRUGVRPYDULWG|GRFKOnWHUGMXUDY
DOODGHVODJEHIRONDGHQµ
/LNDVnKDU+DQOnWLWVROHQRFKPnQHQYDUDHQRUVDNWLOOGHW+DQVNDSDUPHGGHP3nVDPPDVlWW
KDU +DQ OnWLW PHGOLQJHQ RFK E|QHQ YDUD HQ RUVDN WLOO GHW VRP IRUGUDU GHW ([HPSHO Sn GHW lU
0XVOLPHUQDVEHJUDYQLQJVE|QI|UGHQDYOLGQH'HQK|UWLOOGHRUVDNHUVRP$OOkKVXEKkQDKXZD
WDkOkI|UEDUPDU6LJ|YHUGHQDYOLGQHPHG'HVVXWRPEHO|QDUKDQGHEHGMDQGHI|UGHQQDE|Q
'lUHPRWPnVWHPDQKDNODUWI|UVLJRPWUHIUnJRUDQJnHQGHRUVDNHUQD
'HQI|UVWD(QVlUVNLOGRUVDNUlFNHULQWHI|UDWWDQVNDIIDVLJGHW|QVNDGHXWDQPDQPnVWHWDWLOO
VLJ DQGUD RUVDNHU 7URWV GHWWD KDU RUVDNHUQD KLQGHU 2P Gn $OOkK VXEKkQDKX ZD WDkOk LQWH
IXOOERUGDURUVDNHUQDRFKDYYlUMHUKLQGUHQDDQVNDIIDVLQWHGHW|QVNDGH'HW+DQVXEKkQDKXZD
WDkOkYLOOVNHUlYHQRPPlQQLVNRUQDLQWHYLOOVnRFKGHWPlQQLVNRUQDYLOOVNHUHQGDVWRP$OOkK
VXEKkQDKXZDWDkOkOLNDVnYLOOGHW
'HQDQGUD'HWlULQWHWLOOnWHWDWWRNXQQLJWWURDWWQnJRWXWJ|UHQRUVDN'HQVRPGnRNXQQLJW
EHNUlIWDUDWWQnJRWlUHQRUVDNHOOHUPRWVlWWHUVLJ6KDUvDKQKDUKDQGODWIUXNWO|VW+DQOLNQDVYLG
GHQVRPWURUDWWWURKHWVO|IWHQlURUVDNHUWLOODWWDYYlUMDRO\FNRURFKDQVNDIIDVLJYlOI|UPnQHU'HW
KDU UDSSRUWHUDWV L GH WYn µ$XWHQWLVNDµ DWW SURIHWHQ VDOOk $OOkKX DOD\KL ZD VDOODP I|UEM|G
WURKHWVO|IWHQRFKVDGH
µ'HWPHGI|ULQJHWJRWW'HWHQGDGHWJ|UlUDWWGHQVQnOHInUEHWDODI|UGHWµ
'HQWUHGMH5HOLJL|VDKDQGOLQJDUInUHQGDVWDQYlQGDVVRPRUVDNHURPGHlUI|UHVNULYQD'\UNDQ
lUE\JJGSn8SSHQEDUHOVHRFKGlUPHGlUGHWLQWHWLOOnWHWI|UPlQQLVNDQDWWVlWWDPHGKMlOSDUHYLG
$OOkKVVXEKkQDKXZDWDkOkVLGDRFKWLOOEHQnJRQDQQDQlQ+DQlYHQRPKRQVNXOOHInI|UVLJ
DWWGHWlUHQRUVDNVRPNDQKMlOSDKHQQHDWWInWDJSnYLVVDDYKHQQHVPnO
ZZZGDUXOKDGLWKFRP
$O:kVLWDKED\QDO+DTTZDO.KDOT
6KD\NKXO,VOkP$KPDGELQ7D\PL\\D
$YVOXWQLQJ
'lUI|UG\UNDVLQWH$OOkKVXEKkQDKXZDWDkOkPHGLQQRYDWLRQHUVRPPRWVWULGHU6KDUvDKQlYHQ
RPPDQVNXOOHNXQQDWURGHW'MlYODUQDKDUMXWURWVDOOWKMlOSPlQQLVNDQDWWXSSQnYLVVDDYVLQD
PnORPGHXWI|UDYJXGHUL9LVVDPlQQLVNRUNDQXSSQnVLQDPnOPHGKMlOSDYRWURV\QGHURFK
RO\GQDGHU 'HWWD lU GRFN LQWH WLOOnWHW W\ VNDGDQ lU VW|UUH lQ Q\WWDQ 6lQGHEXGHW VDOOk $OOkKX
DOD\KL ZD VDOODP VlQGHV I|U DWW IXOOERUGD Q\WWRUQD RFK I|UGHODUQD RFK I|U DWW XWURWD VNDGRUQD
RFKQDFNGHODUQD
'HWVRP$OOkKVXEKkQDKXZDWDkOkKDUEHRUGUDWlUHQGRPLQHUDQGHQ\WWDRFKGHWVRP+DQ
KDUI|UEMXGLWlUHQGRPLQHUDQGHVNDGD
'HVVD PHQLQJDU KDU HJHQWOLJHQ P\FNHW PHU DWW VlJDV RP QnJRW GHVVD EODG LQWH U\PPHU ² RFK
$OOkKVXEKkQDKXZDWDkOkYHWElWWUH
/RYRFKSULVWLOONRPPHU$OOkKDOOHQDIULGRFKYlOVLJQHOVH|YHUYnUPlVWDUH0XKDPPDGRFKKDQV
IDPLOMRFK$OOkKlUWLOOUlFNOLJI|URVVRFK+DQlUGHQVRPElVWKDUKDQGRPDQJHOlJHQKHWHUQD
ZZZGDUXOKDGLWKFRP