You are on page 1of 24

s/







5UHWK1HVK
www.AlbanianAlliance.com

Quarterly Publication of the Albanian American Alliance, October 2010

DE

5UHWK1HVK

s/

d)$5321'2'+

5UHWK1HVK
5UHWK1HVK 


'5(-7927,0(9(71(1725,7
(NRQRPLDVKTHWsVLPLNU\HVRULYRWXHVYH
DPHULNDQs

ds/










W
&

sE 



s
<
<
 


:



d^

W

<W
^
d<
D^>
>WW^
> 

< 

<
^,^,:
 


:
E>

Z


 

>



Z
^^









(GLWRULDO%RDUG

$OHNVL0'XND.3DSD]LVL'6KNXUWL$

E
66XPPLW$YH6WH
2DNEURRN7HUUDFH,/



d



'LVFODLPHU7KHYLHZVJUDSKLFDOFRQWHQWDQG
RSLQLRQV H[SUHVVHG LQ WKLV 3XEOLVKHG LQ
5UHWK 1HVK DUH WKRVH RI WKH PRGHUDWRUV
DQG FRQWULEXWRUV DQG GR QRW QHFHVVDULO\ UHI
OHFW WKH YLHZV DQG RSLQLRQV RI $OEDQLDQ
$PHULFDQ $OOLDQFH (GLWRULDO %RDUG 0HPEHUV
DQGRULWVVXEVLGLDULHV



$PHULNDQsWGRWs GDOLQQsYRWLPH PsQsQWRU SsU


Ws ]JMHGKXU  SMHVsWDUsW H 'KRPsV Vs
3sUIDTsVXHVYH GKH PEL QMs Ws WUHWsQ H 6HQDWLW 
DQsWDUsVK(YHoDQWDHNsVDMIXVKDWHHOHNWRUDOHsVKWs
IDNWL VH GHPRNUDWsW GXDQ Ws UXDMQs VWDWXV TXR
NRQWUROOLQHWHG\GKRPDYHWsHN]HNXWLYLWQGsUNRKsTs
SsUJMDWs G\ YMsWsYs Ts DWD NDQs THQs Qs IXTL YHQGL
QGRGKHW HQGH Qs PHV Ws QMs XGKsNU\TL PH QMs
HNRQRPL Qs SsUSsOLWMH GROODU Ws SDTHQGUXHVKsP Qs
WUHJMHW PRQHWDUH UHNRUG ELODQFL QHJDWLYH Qs EX[KHW
UHNRUG VKSHQ]LPHVK SXEOLNH MRSURGKXHVH UHNRUG
ELODQFL QHJDWLYH Qs WUHJWLQH H MDVKWPH ILQDQFLPL L
YD]GXHVKsPLQMs/XIWHMRHIIHNWLYHQGDM7HUURUL]PLWQs
,UDN GKH $IJDQLVWDQ PH DGPLQLVWUDWD ORNDOH Ts Qs
VKXPsUDVWQXNMDQsQsJMHQGMHWsSDJXDMQsPsVXHVLW
GKHSROLFLQsGKHPHSUREOHPLQHHPLJUDFLRQLWWsOsQs
HQGH SH]XOO 1s DQNHWD DPHULNDQsW UDGKLVLQ
HNRQRPLQs VL VKTHWsVLPLQ H W\UH SDUsVRU PD
GMHPEsVKWHVLQNDQGLGDWs Ts GR Ws Q[LVLQ KDSMHQ H
YHQGHYHWsSXQsVGKHGRWsULNWKHMQsEHJDWLQs
1GsUNRKs Ts SDSXQsVLD ND DUULWXU Qs  Qs
VKNDOOs NRPEsWDUH GKH Qs JDWL  YHWsP Qs
.DOLIRUQL YRWXHVLW WKRQs VH DPHULNDQsYH X QHYRMLWHQ
YHQGH SXQH 3UHVLGHQWL 2EDPD GKH H VKRTMD H WLM
0LFKHOHSRPDUULQSMHVsDNWLYHQsIXVKDWsQHOHNWRUDOH
QsPEsVKWHWMHWsNDQGLGDWsYHWsSDUWLVsGHPRNUDWH
1s ]JMHGKMHW SsU VHQDWRULQ H .DOLIRUQLVs
GHPRNUDWMDQsGHW\Us%DUEDUD%RNVsUWKRWsVHKDSMDH
YHQGHYH Ws SXQsV sVKWs SsUJMHJMsVLD NU\HVRUH H
THYHULVs $MR VKSUHVRQ Ws SsUNUDKs EL]QHVHW H
NXMGHVVKPH QGDM PMHGLVLW GXNH SsUGRUXU Q[LWMH
SsUPHV WDNVDYH 6ILGXHVMD UHSXEOLNDQH .DUOL )LRULQD
LVKVKHIMD HN]HNXWLYH H NRPSDQLVs +ZHOOHW3DFNDUG
GsVKLURQ Ws VKNXUWRMs WDNVDW Ws WNXUUs VKSHQ]LPHW
THYHULWDUHGKH WsOHMRMsVHNWRULQSULYDWWsKDSsYHQGH
SXQH
, QMsMWL GHEDW SR QGRGK HGKH Qs JDUsQ SsU
JXYHUQDWRU NX LVKVKHIMD HNH]HNXWLYH H (%D\ 0HJ
:KLWPDQ QGHVKHW PH LVKJXYHUQDWRULQ GHPRNUDW
-HUU\%URZQ
0s  SDPXQGsVLD H KXDPDUUsVYH Qs PEDUs
YHQGLQ SsU Ws ODUs ERU[KHW VKNDNWRL NUL]s Qs WUHJXQ H
KXDYH Ts MHSHVKLQ PH NDPDWD Ws SDYROLWVKPH GXNH
oXDUQsUHFHVLRQLQPsWsUsQGsQsYMHW1sT\WHWLQ
6WRNWRQSDSXQsVLDNDDUULWXUQsSsUTLQGGKHQsQMs
ODJMH SHULIHULNH Ws TXDMWXU 8HVWRQ 5HQo JDWL QMs H
WUHWD H SURQDUsYH QXN MDQs Qs JMHQGMH Ws SDJXDMQs
NUHGLQsSsUVKWsSLWsHW\UH
.UL]DQsWUHJXQHVKWHSLYHVKNDNWRLUULWMHQsQXPULW
Ws SDSXQsVLVs GKH ]RQD DNRPD QXN sVKWs
ULPsNsPEXUWKRWsHNRQRPLVWL;KHI0DMNsOO
6HNWRUL L QGsUWLPLW GKH L ]KYLOOLPLW XUEDQ LVKWH
SXQsGKsQsV L UsQGsVLVKsP Qs NsWs ]RQs 7DQL DL ND
VKsQXDUQMsUsQLHPHSsUSsUTLQG3RWKXDMVHsVKWs
VKXDU IDUH 'KH NMR ND SDVXU QGLNLP Qs Ws DUGKXUDW
QJD WDNVDW H VKWHWLW GKH DWR ORNDOH ND VKNDNWXDU
SDSXQsVLWsODUWsGKHNDSUHNXUWKHOOsHNRQRPLQs
1s 6DQ )UDQFLVNR RUJDQL]DWDW MRTHYHULWDUH VL
.DULWDVL .DWROLN SsUGRULQ IRQGH SULYDWH GKH JUDQWH
THYHULWDUH SsU Ws QGLKPXDU Ws SDSXQsW GXNH X RIUXDU
VWUHKLP DIDWVKNXUWsU GKH GXNH X RIUXDU WUDMQLPH
SURIHVLRQDOH

 YW

d
2UJDQL]DWD EDPLUsVH SR DVKWX RIURQ XVKTLP GKH
PEsVKWHWMH Qs IRUPD Ws WMHUD $MR PELNsT\U QMs
QGsUWHVs EDQLPL Qs THQGsU Ws 6DQ )UDQFLVNRV NX
PXQGsVRQ TLUD Ws VXEYHQFLRQXDUD Ts SsUIVKLMQs
NXMGHVSsUIsPLMsWSDVRUDULWWsVKNROOsV.ULV.DODQGULOR
L .DULWDVLW .DWROLN VKTHWsVRKHW VH JMHQGMD H GREsW
HNRQRPLNH GR Ws oRMs Qs VKNXUWLPLQ H VKSHQ]LPHYH
SXEOLNH
3sU VKNDN VH VKNXUWRKHQ SURJUDPHW QGsUSULWHW
ILQDQFLPL L SURJUDPHYH Ts X RIURMQs QMHUs]YH
PEsVKWHWMH Ts QGLKPRMQs IDPLOMHW PH Ws DUGKXUD Ws
XOWD PEsVKWHVLQ QMHUs]LW Ts NsUNRMQs YHQG SXQH RVH
WUDMQLPSsUSXQsNXMGHVHQSsUIsPLMsWHSULQGsUYHNXU
DWD MDQs Qs SXQs SUD Ws JMLWKD NsWR UUH]LNRKHQ QJD
JMHQGMDHHNRQRPLVs
1s .DOLIRUQL ND Ps VKXPs GHPRNUDWs VH
UHSXEOLNDQs 3RU QMs Qs SHVs YRWXHV Ws VKWHWLW sVKWs L
SDYDUXU GKH 0DUN %DOOGDVDUL L ,QVWLWXWLW SsU 3ROLWLND
3XEOLNH L .DOLIRUQLVs WKRWs VH NsWD YRWXHV PXQG Ws
SsUFDNWRMQsUH]XOWDWLQH]JMHGKMHYH
9RWXHVLW H SDYDUXU GR Ws GsJMRMQs PH Ps VKXPs
NXMGHV ]JMLGKMHW ]JMLGKMHW DNWXDOH H MR NULWLNDW Ts
NDQGLGDWsW EsMQs GXNH IROXU SsU JMHQGMHQ H WDQLVKHP
GKH SsU SXQsW Ts MDQs EsUs SRU Ts VNDQs GKsQs
UH]XOWDW 7s SDYDUXULW S\HVLQ NXVK ND LGH Ws PLUD VH
oIDUsGXKHWEsUsQsWsDUGKPHQ"
5HSXEOLNDQL 0DMNsOO 6WLOO GKH GHPRNUDWL 7LP .HLQ L
EsQs NRPHQWHW Qs SURJUDPH Ws YHoDQWD WHOHYL]LYH
5HSXEOLNDQL6WHHOHWKDVHEHVRQVHUHSXEOLNDQsWGRWs
ILWRMQsPHVLJXULVKXPLFsQHYHQGHYHQs'KRPsQ
H 3sUIDTsVXHVYH GKH SDUDVKLNRL VH PXQG Ws ILWRMQs
HGKH YHQGH Qs 6HQDW NX Qs NsWR ]JMHGKMH GR Ws
YRWRKHWSsUOLJMYsQsV$LWKDVHPHQGRQTsYRWXHVLW
MDQs Ws ORGKXU PH PsQ\UsQ VH VL SR H GUHMWRMQs
THYHULQsIHGHUDOHGHPRNUDWsW
1GsUVD GHPRNUDWL .DLQH WKD VH EHVRQ Ts
GHPRNUDWsWGRWsPEDMQsVKXPLFsQQsWsG\MDGKRPDW
H .RQJUHVLW $L WKD VH ]JMHGKMHW H KHUVKPH GKH
PEsVKWHWMD SsU NDQGLGDWsW GHPRNUDWs Qs PLWLQJMHW
SROLWLNHWUHJRMQsVHGHPRNUDWsWQXNGRWsNHQsVKXPs
KXPEMH Qs ]JMHGKMHW H  QsQWRULW VLo SDUDVKLNRMQs
DQNHWDW
$QDOLVWsW WKRQs VH YRWXHVLW MDQs Ws VKTHWsVXDU GKH
Ws LQGLQMXDU JMs Ts GR Ws PXQG Ws oRQWH Qs NDOLPLQ H
NRQWUROOLW Ws .RQJUHVLW DSR Ws 6HQDWLW QJD GHPRNUDWsW
WHN UHSXEOLNDQsW 3DG\VKLP Ts NRPXQLWHWL VKTLSWDU ,
,OOLQRLV GR Ws PEDMs THQGULP DNWLY Qs ]JMHGKMHW H
1sQGRULW 5UHWK 1HVK L LQNXUDMRQ Ws JMLWKs
EDVKNDWGKHWDUsWWsPDUULQSMHVsQsYRWLPH1sVKWHWLQ
WRQHSR]KYLOORKHWIXVKDWDHOHNWRUDOHsVKWsSsUTHQGUXDU
QsG\IXVKD6sSDULJDUDSsUSRVWLQH*XYHUQDWRULWWs
VKWHWLW NX SR SsUEDOOHQ 3DWULF 4XLQQ 'HPRNUDW  %LOO
%UDGOH] 5HSXEOLFDQ GKH5LFK:KLWQH] ,*MHOEsUW 6s
G\WLQsTHQGsUWsYsPHQGMHVsVKWsJDUDSsUNDUULJHQH
6HQDWRULW Ts ND GLNXU PEDQWH 3UHVLGHQWL 2EDPD
.DQGLGDWsWSsUWsMDQsDGPLQLVWUDWRULWKHVDULWWs6KWHWLW
$OH[LV *LDQQRXOLDV '  L FLOL PEsVKWHWHW SHUVRQDOLVKW
QJD3UHVLGHQWL2EDPDGKHNRQJUHVPHQL0DUN.LUN 5 



5UHWK1HVK
0$57,1&$0$-6+.5,07$5,/$57(6,9(




d

s/

QJD,VPDLO.DGDUH

 1GMHVLD H SDUs Ts SURYRQ OH[XHVL NXU K\Q Qs ERWsQ


OHWUDUH Ws 0DUWLQ &DPDMW sVKWs DMR H ODUWsVLVs 3D
SsUMDVKWXDU SsUIWLPLQ HXIHPLN Ws VKSUHKMHV DWs Ts ND
OLGKMHPHJMLWKsVKNULPWDUsWHPsGKHQMWsQMsOHWsUVLHWH
&DPDMVKSUHKMDPHUUQMsNXSWLPWsPLUsILOOWs
1s VKXPLFsQ H YHSUDYH Ws WLM Qs PMHGLVHW H
SsUVKNUXDUD Qs NOLPsQ H W\UH WH SHUVRQD]KHW DMUL
PDGMH GHKMHW H VKsQGHWVKPH DSR Ws WXUEXOOWD Ts YLMQs
SUHMWLMMDQsDWRWsDOSHYH
6LSDV (UQHVW .ROLTLW DGKXUXHV H QMsKHUsVK PHQWRU L
VKNULPWDULW N\ OXNV JMHRJUDILN OLGKHW PH ]DQDILOOsQ H
VKNULPWDULW/DUWsVLWsHEMHVKNsYHPsVDNWs'XNDJMLQL
NX DL NLVKWH OLQGXU NLVKLQ JMHWXU Ps Qs IXQG WH ELUL L
W\UHPMHWLQHYHWVKSUHKsV
VKWs QMs PHQGLP L ILVsP QJD DWD Ts VD oNXSWRKHQ
PHOHKWsVLDTHGKHNDQsQHYRMsSsUSORWsVLPVKWsH
YsUWHWsVHYLVRUHWGKHNOLPDQs
YHSUsQ H &DPDMW Ws NXMWRMQs VKSHVK DWR Ws YHQGHYH
YHULRUH PDGMH WHSsU Ws VNDMVKPH VL ,VODQGD SRU DWR
DIURKHQoXGLWsULVKWPHNOLPsQHWHDWULWJUHNQsSsUPMHW
WsQMsMWLWILOOWsSDGXNVKsPTsVLoHNDYsQsUHIUDQFH]L
-HDQ3LHUUH)D\HNXOWXUDSDUDNHVKTLSWDUHSsUNLWHMPH
DQWLNLWHWLQ
5UXJsWLPHW H EUHQGVKPH Ws QGMHVKPsULVs DUWLVWLNH
PEHWHQ VKSHVK Ws SD]EXOXDUD SUHM QHVK 3RU NMR QXN
SHQJRQTsQsQMsWMHWsUKDUWsDWRWsNU\Ts]RKHQDVKWX
VLo QGRGK PH VDJDW LVODQGH]H GRNHW H YMHWUD
EDOONDQDVHGKHDUWLQDQWLN
.D JMDVs Ts Ps VKXPs VH WH NsWR WH YHWPLD H
VKNULPWDULWWsJMHQGHWVKNDNXLWKHOOsLNsWLMPsQMDQLPL
0DUWLQ &DPDM ND THQs SD G\VKLP VKNULPWDUL Ps L
YHWPXDU VKTLSWDU L JM\VPsV Vs G\Ws Ws VKHNXOOLW Ws
QMs]HWs 'XNH L VWUHKXDU QJMDUMHW GKH SHUVRQD]KHW H
YHWD Qs QMs ODUWsVL Ts LX VLJXURQWH SDYDUsVLQs ND
NXMWXDUQGRVKWDVHGRWDPEURQWHDUWLQHWLMSUHMQGLNLPLW
Ws NDWUDKXUsV VKTLSWDUH DVDM Vs FLOsV NXMWRQWH VH L
NLVKWHOsQsODPWXPLUsQ
, ODUJXDU WHSsU L UL QJD DWGKHX L FLOL oGR GLWs H Ps
WHSsUEsKHMLKXDMSsUWsSsUVKNDNWsNRPXQL]PLWND
NXMWXDUVHDWsoNDKXPEXUHNDJMHWXUGLVLQs.RVRYs
SRUN\QXNPXQGWsLVKWHYHoVHQMsLOX]LRQ.DQGsUUXDU
WUXDOOSsUVsULPDGMHHNDOsQs*DGLVKXOOLQGUDPDWLNWs
%DOONDQLWSsUQMsWMHWsUJDGLVKXOOPsSDNWsWLOOsDWsWs
$SHQLQHYH JMHUVD HGKH SUHM DQGHM sVKWs ODUJXDU
SsUVsUL 3R Ws NLVKWH THQs PX]LNDQW RVH SLNWRU Ps
OHKWsQGRVKWDGRWDNLVKWHVKNsSXWMHQSRUDUWLLWLMOLGKHM
PH JMXKsQ VKTLSH DWs YDUJRU Ws UsQGs Ws FLOsQ DV
PXQGWHHQGRVKWDDVGRQWHWDQGsUURQWHGRW7HYLVHWH
DUEsUHVKsYH NX DVKWX VL .ROLTL VKNRQWH VKSHVK
JMHQWHYsUWHWQMsVSLNDPsWsERWsVVKTLSWDUHSRUNLVKWH
JMDVsTsQGRQsVHHSDEH]GLVVKPHSUHMGRNWULQsVDMR
VSLNDPsH]EHKWsPsVKXPsVH]sYHQGsVXHVHLVKWH
WKMHVKWQMsWULVKWLP
(NDNXSWXDUVHSsUGHULVDSRHWL=HI6NLURLQGRQsVHL
OLQGXUQsNsWRYLVHLNLVKWHTXDMWXUPHJMLWKDWsWHGKHXL
KXDMDTPsWHSsUGRWsLVKLQWsWLOODSsUWs1MsWMHWsU
=HIDLL6HUHPEHVQMsVKHNXOOHFDPsSDUsHNLVKWH
VKSMHJXDUWsIVKHKWsQ
$UEsULDTsSUDSDGHWLWQDNXMWRQ
6HQHWsKXDMMHPLWHN\GKp
,VKWH JMLWKPRQs DMR 6KTLSsULD Ts Qs HSRND Ws
QGU\VKPHUUH]DWRQWHWsQMsMWLQWUD]LP
,YHQGRVXUPsQsIXQGQs/HQJJULHVWs%DYDULVsQs
NsPEs Ws DOSHYH JMHUPDQLNH Ts L NXMWRQLQ EMHVKNsW H
'XNDJMLQLW H ND QGLHU VH DWR Qs IXQG Ws IXQGLW QXN
LVKLQYHoVHSDPMH(NDQGLHUSsUIXQGLPLVKWVHDVKWXVL

)LORNWHWLDQWLNPHSODJRVMHQHWLMWs SDVKsUXHVKPH DL


JMLWKDVKWX QXN GR WD NDSsUFHQWH GRW PXQJHVsQ H
DWGKHXW'KHDWsKHUsGXNHHSDUsVHQXNLODUJRKHMGRW
Ps ND EsUs DWs SsU Ws FLOsQ PH VLJXUL ND NXMWXDU VH
VGRWsQGRGKWHNXUUsWsGsJMRQWHODMPHTsYLQLQDQGHM
SLNsULVKWSUHMNDWUDKXUsVVsFLOsVLLVKWHODUJXDUPHDT
QJXOP 7s GsJMRQWH oQGRGKWH PH DWs SRSXOO PH
]KXUPDWHWLMPHNDPEDQDWTsSRKHVKWQLQPHEXUUDW
Ts NLVKLQ XOXU NU\HW PH JUDWs H KLMVKPH Vs IXQGL PH
JMXKsQ VKTLSH GKH PH VKNULPWDUsW GKH IDWLQ H W\UH
]LSORW
1Ms THUWKXOO QJD DWD Ts GXNHW VH NULMRKHQ SUHM
KDUPRQLYH Ws HSsUPH SR PE\OOHM Ps Qs IXQG SsU Ws
VTDUXDU UDSRUWHW H QGsUOLNXDUD Ws VKNULPWDULW PH OLULQs
GKHPHYHQGLQHYHW/LULDGKH6KTLSsULDLVKLQWsQGDUD
6sEDVKNXQJMDQLQHQGHWsSDPXQGXUD
0DUWLQ &DPDM DVKWX VLo LX TsOORQ UUDOOsKHUs
VKNULPWDUsYH X UUHN Ws NDSsUFHMs SLNsULVKW Ws
SDPXQGXUsQ ,VKWH N\ HSLORJ Ts Qs WUDMWs
WHVWDPHQWDUH X VKSUHK Qs IMDOsW H WLM GUHMWXDU JMLWKs
VKTLSWDUsYH H QDW\ULVKW NROHJsYH Ws
WLM SDN NRKs SsUSDUD VH WL OLQWH

ODPWXPLUsQ NsVDM ERWH 1GRQsVH Ws
QGDPs SsU QMs JM\VPs VKHNXOOL XQs
MDPLMXHMLHMXMHQLWsPLMWs
/HWsUVLD VKTLSH sVKWs NUDKDVXDU
GLVD KHUs PH QMs QJUHKLQs Ws UUHSWs
HWsIWRKWsJM\VPsNsVKWMHOOsJM\VPs
PDQDVWLU )LOOLPHW H VDM VL OHWsUVL
PXUJMLVK H NDQs Q[LWXU QGRVKWD QMs
SsUIWLPWsWLOOs
( SDNWs H WNXUUXU WUDJMLNLVKW SsU
VKNDTH GKH UUHWKDQD Ts GLKHQ PH
QMs QGDOLP Ws JMDWs VKXPsVKHNXOORU
PH QMs SHULXGKs G\JMXKsVKH ODWLQH
GKHVKTLSHPHDOIDEHWWsSDGDVKXU
PDGMH Ws GHPRQL]XDU Qs FHUHPRQL
]\UWDUH ITLQMsVK ND PEsUULWXU Qs
VKHNXOOLQ H QMs]HWs NX Qs
NXQGsUVKWLPPHVKSUHVsQHNDSULWXUQMs]H]RQsHUH
FHQVXUDGKHYHWsFHQVXUDIDMWRUHSsUWsFLODWQXNLVKWH
DVNXVKWMHWsUYHoYHWs6KTLSsULVs
1GRQsVHHWLOOsHQJXVKWsSsUKHUsHSDPMDIWXHVKPH
VSDUWLDWH H SD PDGKsVKWL Ws MDVKWPH VL JMLWKs YOHUDW
VKSLUWsURUH Ws NULMXDUD SsUPHV YsVKWLUsVLVK H
UUH]DWRQWH PHJMLWKDWs QMs KLMH Ws UsQGs 1GsUNDT SsU
QMsSDUDGRNVWsPDGK QsYHQGTsWsLVKWHPLNSULWsVH
QGDMVKNULPWDUsYHTsGRWsSORWsVRQLQPXQJHVDWHVDM
EsQWH Ws NXQGsUWsQ 3RUWDW H VDM UULQLQ Ps VKXPs
PE\OOXUVHKDSXU3UHMW\UHLVKLQQ[MHUUsSsUGKXQVKsP
SHUVRQD]KH Ws PsGKD LNMD H Ws FLODYH EsQWH Ts Ws
QJMDQLQHGKHPsWs]EUD]sWDKDMDWHWGKHTHODWHVDM
3sUSDUDNsW\UHSRUWDYHXJMHQGQMsGLWs0DUWLQ&DPDM
1XN LVKWH L Q[MHUUs MDVKWs PXUHYH VL )LVKWD .RQLFD
.ROLTL SRU NMR QXN H EsQWH Ps SDN Ws QGsUOLNXDU
SUREOHPLQ H WLM .LVKWH THQs WKMHVKW QsQVKWHWDV L DWLM
YHQGL Ts TXKHM 6KTLSsUL SRU DVQMsKHUs EUHQGD NXOOsV
OHWUDUH .D JMDVs Ts SsU QMs NRKs Ws JMDWs Qs
QsQYHWsGLMHQ H WLM VKHVWRKHM H SDDUULWVKPMD Ws EsQWH
SMHVsQMsGLWsQsDWsILVDSRQsDWsXUGKsUWULOODQ
%UHQGD NXOOsV SsUYHo KLMHYH Ws PsGKD LVKLQ
VKNULPWDUs Ws JMDOOs Ws QJMDVKsP PH WD SRU Ws
SDGDVKXUVL/DVJXVK3RUDGHFLRVH0LWUXVK.XWHOL6Lo
LVKLQ Ws SDNXSWXHVKsP SsU HSRNsQ EUHQGD Vs FLOsV X
JMHQGsQ DVKWX GR Ws LVKLQ Ps SDV NXU HSRND Ws
QGsUURKHM 6WXGLXHVLW GR WD NLVKLQ Ps Ws OHKWs Ws
SRKRQLQVHPHTHQsVHQsQMsHSRNsWsWLOOsPL]RUHQXN
PXQG Ws NULMRKHM OHWsUVL DWD H NLVKLQ EUDNWLVXU NULMLPLQ
OHWUDU 1GsUNDT SLNsULVKW Qs NRKsQ H YsVKWLUs LVKLQ
NULMXDU GLVD QJD SHUODW Ps Ws oPXDUD Ws Ws JMLWKD

HSRNDYH VL YMHUVKDW *UHPLQD GKH )ODND Ws


3RUDGHFLW RVH ( PDGKH sVKWs JMsPD H PsNDWLW H
.XWHOLW H QGRVKWD Ws WMHUD YOHUD Ts GR Ws ]EXORKHVKLQ
Ps SDV 3\HWMH Ws VKXPWD GR Ws OLQGQLQ oGR Ws EsKHM
PH NsWR SHUOD" 'R Ws PRKRKHVKLQ QJDTs EH]GLVQLQ
NOLVKHWsGKHPHQGMHWHQJXVKWDDSRPDVKWUXHVKsPGR
WsNDORQLQQsWMHWsUNRKs"
(GKHPsWsYsVKWLUDGRWsLVKLQS\HWMHWSsUDUDGKHQH
VKNULPWDUsYHTsNLVKLQOLQGXURVHLVKLQUULWXUQsHSRNsQ
TsTXKHMHJDEXDU3sUVKNDNWsVDMHSDVUUs]LPLWWs
VDM DWD GR Ws TXKHVKLQ JMLWKDVKWX Ws JDEXDU H GR Ws
ELQLQEDVKNsPHHSRNsQDSRIDWLLW\UHGRWsYHQGRVHM
SDVOLJMHVKWsWMHUDHQJDQMsWMHWsUYHUGLNW"
0DUWLQ &DPDM QXN L OHMRL YHWHV DVQMsKHUs Ts GXNH
SsUILWXDU SUHM OLULVs Ts L MHSWH PsUJLPL Ws VKNUXDQWH
NXQGsUVLYsOOH]sUYHWsWLMQs6KTLSsUL,VKWHHYsUWHWsVH
QsNRKsQTsDLNXMWRKHMHEsKHMPHUDNSsUWDDWDQXNX
NXMWXDQNXUUs SsUWsSRUNMRQXNHVKW\XDVQMsKHUs WX
PEDQWH PsUL SsU VKSsUILOOMHQ DSR KDUUHVsQ H W\UH Ws
JMDWs ,VKWH L QGMHVKsP SsU JMHQGMHQ H W\UH SsU
RSWLPL]PLQ H UUHPs H SsU
DQNWKLQ H IVKHKXU PH NXMGHV
PLGLVIHVWsVSRDTWsUUHPH
1sYHWPLUUDOOsKHUsLNXSWXDU
QJDQMHUs]LW&DPDMYD]KGRQWH
YHSUsQ H WLM GXNH X SsUSMHNXU
WsUXDQWHGULWsVLPLQHVDMDOSLQ
TRIWs Qs SRH]LWs TRIWs Qs
SUR]sQ H WLM ,VKWH SDNWL L WLM L
SDQGU\VKXHVKsPPHDUWLQPH
ODUWsVLWs H EMHVKNsYH QJD
NLVKWH GDOs H NX QMs GLWs
VKSUHVRQWHVHGRWsNWKHKHM
6GXH PH THQs VL PRWL L OLJ
NXPWRQWH Qs QMs QJD YMHUVKDW
GXNH
VKSDOOXU
NsVKWX
NWKMHOOWsVLQs H ILVPH PEL
SDVLRQHW SROLWLNH H VLGRPRV
PEL POOHIHW SD Ws FLODW LVKWH
YsVKWLUsWsSsUIWRKHMERWDVKTLSWDUH
3RH]LD VKLKHW VL IRUPXOs SsU QJDGKsQMLPLQ H
WUDJMLNHVVKNUXDQWHSsUYHSUsQHWLMSRHWLNHVWXGLXHVMD
JMHUPDQH ( *ODVHU $L YHWs GR Ws VTDURQWH VH SUHM
OHWsUVLVs NDP SDVs JMLWKoND HGKH YXOOQHWLQ SsU Ws
MHWXH 4s QJD SsUPEOHGKMD H SDUs 1Ms I\HOO QGsU
PDOHHYLWLWQs3ULVKWLQsHJMHUWH3DOLPSVHVWL
L ERWXDU Ps  Qs 0XQLK H 1MX-RUN SDN NRKs
SsUSDUD YGHNMHV VKWULKHQ G\]HW YLWH NULMLPWDULH Ws
SDQGsUSUHUs SRHWLNH 3RH]LVs Vs WLM QGRQsVH H QMs
GUHMWLPL Ts JDELPLVKW GXNHM L KXDM Qs OHWUDW VKTLSH
PRGHUQL]PLW HXURSLDQ NU\HVLVKW KHUPHWL]PLW
SsUNXQGsU SDUDJM\NLPHYH VKNROODUHVNH L VKNRQ
QDW\UVKsP NRVWXPL VKTLSWDU $UWL L PDGK sVKWs
QMsKHUsVKLNRKsVHLJMLWKsNRKsV.sQJsWH0LORVDRV
H'H5DGsVHFLODGLVDYLWHPsSDVGRWsPEXVKsG\
VKHNXMMHWsQDWLQJsOORQSRDTHIUHVNsWHPRGHUQHVRW
VDQsYLWHWNXUXVKNUXD
1sDUWDVJMsHHSsUPHQXNsVKWsHSsUMDVKWXDUHDT
Ps SDN SsUMDVKWXHVH .sVKWX MDQs SRH]LWs H &DPDMW
URPDQLLVKNXUWsU'MHOODPHVKRTsULPLQSRHWLNTsVL
QMsSDVT\UsLXKDSXGKsUUHVKWDYHWsSUR]sVYHSUDWH
WMHUDVL'UDQMDGKH.DUSDNXQsWsSDUsQXUUHNWs
VHQGsUJMRMs IDWDOLWHWLQDPDOONLPLQPHIMDOsWsWMHUDWs
UURNsWsSDUURNVKPHQHWsVKSUHKsWsSDVKSUHKVKPHQ
WXQGLPMRLUUDOOsLVKNULPWDUsYH1GsUNRKsQsWsG\WsQ
SsUSLTHW Ws VKNRMs HGKH Ps ODUJ L QGMHOOs SUHM QMs
PDJMLVWDUHMH ORMFDNH JMXKsV VKTLSH SUHM SsUGRULPLW Ws
Vs FLOsV VLo WKRWs YHWs H NDP QGLH YHWHQ VKSHVK
YLUWXR] GPWK MDP Qs JMHQGMH Ws WKRP VKTLS JMLWKoND
GXH

YW

5UHWK1HVK
(SRNsVKWXYLMQsYHSUDWHWMHUDVLURPDQL5UDWKsW
G\ GUDPDW H SsUNRUD SsU Ws PEsUULWXU WH QRYHODW H
JMDWD3LVKWDUsWHQDWsVGKH5UXQJDMDWQsPDUVDWR
IOHWs Ws OXPH Qs OHWUDW VKTLSH SR Ws SsUGRUQLP
VKSUHKMHQ H .ROLTLW H Ts QGRVKWD SsUEsMQs PDMsQ Ps
WsODUWsWsDUWLWWsWLM
1sWHWRULQHYLWLWQMsQJDVWLQsWPsWs]\PWDWs
WLUDQLVs VKTLSWDUH UUHWKDQDW H VROOsQ Ws WDNRM 0DUWLQ
&DPDMQ,VKDLIWXDUQs3DQDLULQQGsUNRPEsWDUWsOLEULW
Qs)UDQNIXUWNXUQsPEDULPWsQMsNRQIHUHQFHVKW\SL
JMDWs Vs FLOsV LX LVKD SsUJMLJMXU S\HWMHYH MR Ws OHKWD Ws
JD]HWDUsYH PXDIUXDQMsEXUUsLJMDWsHLKLMVKsPTs
PH QMsIDUs PsG\VKMHMH Ps IROL VKTLS TXKHP 0DUWLQ
&DPDM D PXQG WMX IODV" ( NLVKD GsJMXDU HPULQ H WLM
PDGMH GLoND NLVKD OH[XDU SUHM WLM Qs UHYLVWsQ 6KrM]DW
Ws.ROLTLWTsERWRKHMQs5RPsHJMHQGHMPHYsVKWLUsVL
Qs7LUDQs,WKDVKsQDW\ULVKWTsPXQGWsIOLVQLPGKHDL
VKWRL VH NLVKWH DUGKXU HQNDV QJD 0XQLKX SsU Ws Ps
GsJMXDU
1MsPLNLWLMVKTLSWDUTsHVKRTsURQWHNDSsUVKNUXDU
YLWHPsSDVQsVKW\SLQHGLDVSRUsV DWRSDNPLQXWDWs
WDNLPLW NU\HVLVKW PsG\VKMHQ GKH VKTHWsVLPLQ H WLM VH
PRVGXNHPsIROXUPsGsPWRQWH
,VKLPDW\QsDWsVDOOsWs]KXUPVKPHVKNULPWDUsWsWs
QMsMWLW YHQG H Ws Vs QMsMWsV JMXKs SRU Ws ODUJsW VL G\
THQLH Ps VDNWs G\ IDQWD]PD Ws SODQHWsYH Ws
QGU\VKsP ,VKLP G\ )LORNWHWs JMLWKPRQs PH Ws QMsMWsQ
SODJRVMH Ws QMRKXU Ws SDVKsUXHVKPH QMsUL Ts H NLVKWH
DWGKHXQSRUMROLULQsWMHWULPHOLULSRUSDDWGKH
)ROsPGLoNDQsYsVKWULPWsSDUsWsUsQGRPWsSRUTs
PHVLJXULQXNNLVKWHWsEsQWHPHDWsoNDGRWsGXKHM
Ws IOLVQLP 5UHWK GKMHWs YLWH Ps SDV :HUQHU 'DXP
LQWHOHNWXDO GKH GLSORPDW L VKNsOT\HU JMHUPDQ PLN L
SsUEDVKNsWLLPLGKHLWLMSHUVRQD]KLGRUsVVsSDUsQs
QJMDUMHW GUDPDWLNH Ws 7LUDQsV  Ps ND WDNXDU Qs
3DULVSsUWsPsVMHOOsQGsUWsWMHUDSsUVKsQGHWMHQJD
0DUWLQ&DPDM0HQGsUPMHWsVLQsHGLSORPDWLWXYHQGRV
PLGLVQHVKQMsVKNsPELPLSsUNRUsPHVD]KHVKPDGMH
XFDNWXDGKHQMsWDNLPQs0XQLKNXGRWsXGKsWRMDG\
PXDM Ps SDV Qs PDUV Ws YLWLW  Qs QMs IRUXP
QGsUNRPEsWDUVKNULPWDUsVK
.\WDNLPQXNQGRGKLNXUUsSsUVKNDNWsLNMHVVsWLMWs
SDUDNRKVKPHSLNsULVKWQsPXDMLQPDUVWsDWLMYLWL6Ps
PEHWHM YHoVH PH QGLKPsQ H VKRTsUXHVHV VLPH
JD]HWDUHVVs)UDQNIXUWHU 5XQGVFKWDX9HUHQD 1ROWH
Ts H QMLKWH GKH H oPRQWH Ws NsUNRMD YDUUH]sQ NX
SXVKRQWHSsUWsYsQsQMsWXIsOXOHVKVLSsUWLM
1sSsUPMHW:HUQHU'DXPLWNLVKDDUULWXUWLWHMoRMGLVD
PHQGLPHSsUYHSUsQHWLM3RUDWRLVKLQWHSsUWsSDNWD
Qs NUDKDVLP PH DWs oND GR Ws GXKHM Ws WKXKHM 1Ms
SMHVs H W\UH MDQs VKSUHKXU Qs NsWs K\UMH Ws ERWLPLW Ws
YHSUDYH Ws WLM Ws SORWD WHWsPEsGKMHWs YLWH Ps SDV H
JMLWKPRQs MDQs SDN 7s WMHUDW H NDQs NRKsQ H W\UH
SsUSDUD DWsKHUs NXU YHSUD H VKNULPWDULW GR Ws NHWs
TDVMHQ H VDM Ws SORWs Ws OH[XHVLW DWMH NX QLV QMs MHWs
WMHWsU H DUWLW Ws OHWUDYH DMR Ts SsUWsULWHW SURUH Qs
SDIXQGsVL
(SRNDW GKH SRSXMW ]DNRQLVKW QXN EsMQs JDELPH Qs
YOHUsVLPLQHDUWLWWsPDGK(GKHNXUJDELPHWQGRGKLQ
QXNMDQsYHoVHWsSsUNRKVKPH*MLWKPRQsYMHQRUDNXU
WsYRQXDULWPEsUULMQsGKHWsPXQJXDULWVKIDTHQ.sVKWX
NDQs SsU Ws ]sQs YHQGHW H W\UH $QWRQ 3DVKNX L
.RVRYsVGKH=HI=RUEDLKHVKWXUGKHWsWMHUsQGRVKWD
WsFLOsWSUHMUDVWLWRVHUUHWKDQDYHMDQsSHQJXDUGLNX
7LUDQLWs NUDKDV QHUYR]L]PLW GKH VWXKLYH NDOLPWDUH
MDQsSsUSMHNXUWsNULMRMQsSRUWDWHUUHPHHWsJDEXDUD
1sQJUHKLQsQHSsUNRUsWsOHWUDYHVKTLSHDWMHNXsVKWs
GXNH]sQsYHQGLQHYHW0DUWLQ&DPDMDVKWXVLQsoGR
SDQWHRQK\KHWYHWsPSUHMQMsSRUWHDVDMWsPDGKHV(

s/
DMR SRUWs VLo H WUHJRQ HPUL QXN QMHK YHoVH DUV\HW H
PsGKD
6Lo sVKWs WKsQs GLNXU 'H 5DGD L SDKDUUXHVKsP Qs
QMs SsUVKNULP Ws QDWsV Vs SDVKNsYH ND UUsI\HU SsU
HQJMsMW Ts H EsMQs YHo JRVWLQs H W\UH 1s WU\H]sQ H
HSsUPH NX NDQs ]sQs YHQG NUHQDMDW H OHWsUVLVs QXN
QJMLWHQ ]KXUPDW H YRJOD H DV DIURKHQ SURILOHW H
UsQGRPWD$WMHNDSsUKHUsPLUsNXSWLPHKDUPRQLQGDM
HNUHPWMDYD]KGRQSsUKHUsGKHQGULoLPLLVKDQGDQsYH
QXNVRV

$NWXDOLWHWH
$NWXDOLWHWH

./,17216+%$'+(%(7
35.86+78$5$357'+1
1',+01(7<5(1',$/2*81
35,6+7,1%(2*5$'

6HNUHWDUMD DPHULNDQH H 6KWHWLW +LOODUL .OLQWRQ GR Ws


VKNRMs Qs %DOONDQ Qs PHV Ws WHWRULW PH QGDOHVD Qs
6DUDMHYs %HRJUDG 3ULVKWLQs GKH %UXNVHO =RQMD
.OLQWRQXWDNXDVRWPHVKHIHQHSROLWLNsVVsMDVKWPHWs
%DVKNLPLW (YURSLDQ .HWKULQ $VKWRQ SsU Ws GLVNXWXDU
QMs VsUs osVKWMHVK SsUIVKL HGKH DQJD]KLPLQ H
6KWHWHYHWs%DVKNXDUDGKH%(VsSsUWsQGLKPXDUQs
ELVHGLPHWPHV3ULVKWLQsVGKH%HRJUDGLW
6HNUHWDUMD .OLQWRQ WKD VH 6KWHWHW H %DVKNXDUD
YOHUsVRMQsEDVKNsSXQLPLQPH%DVKNLPLQ(YURSLDQGKH
H NRQVLGHURMQs DWs VL JXUWKHPHO Ws SDTHV JOREDOH
=RQMD .OLQWRQ WKHNVRL VH Ws G\ SDOsW PEHWHQ Ws
SsUNXVKWXDUD QGDM LQWHJULPLW HXURDWODQWLN Ws %DOONDQLW
GKH MDQs Ws JDWVKPH Ws QGLKPRMQs Qs GLDORJXQ
3ULVKWLQs%HRJUDG
6KWHWHWH%DVKNXDUDLPLUsSUHVLQSsUSMHNMHWH%(
Vs SsU Ws QGLKPXDU 6HUELQs GKH .RVRYsQ Ws
]JMLGKLQosVKWMHWHW\UHSUDNWLNH8QsGRWsXGKsWRM
QsUDMRQSDVGLWsVKGKHQHNHPLGLVNXWXDUVHVL
PXQG WL ]JMHURMPs PDUUsGKsQLHW MR YHWsP Qs
QLYHOHWHODUWDSRUHGKHQsWHUUHQ
6KHIMDHSROLWLNsVVsMDVKWPHQs%(.HWKULQ$VKWRQWKD
VH%DOONDQLNDGLVDosVKWMHTsNsUNRMQsYsPHQGMH
'XDP Ws VKRKLP SsUSDULP Qs PDUUsGKsQLHW PHV
6HUELVs GKH .RVRYsV 5sQGsVLD H QGU\VKLPLW Ws
UH]ROXWsVQJDSUHVLGHQWL7DGLoGKHPEsVKWHWMDSsU
NsWs UH]ROXWs QJD NU\HPLQLVWUL 7KDoL sVKWs
YOHUsVXDU QJD 6KWHWHW H %DVKNXDUD GKH %DVKNLPL
(YURSLDQ
=RQMD $VKWRQ WKD VH sVKWs VKXPs H UsQGsVLVKPH Ts
%HRJUDGLGKH3ULVKWLQDWsHFLQSsUSDUD
1HWsJMLWKsGXKHWWsDQJD]KRKHPLQsNsWsSURFHV
GKH Ws NHPL QMs GLDORJ NRQVWXNWLY SsU Ws JMHWXU
UUXJsQQsWsFLOsQGRWsHFLPSsUSDUD'KHSsUPXD
NMR UUXJs SsU Ws G\ SDOsW sVKWs H DUGKPMD
HYURSLDQH 6HNUHWDUMD .OLQWRQ WKD VH 6+%$ GKH %(
MDQs Ws SsUNXVKWXDUD SsU Ws GKsQs QGLKPsQ H W\UH Qs
GLDORJXQ3ULVKWLQs%HRJUDG
.DosVKWMHWsYsVKWLUDSsUWX]JMLGKXU3RU6KWHWHW
H %DVKNXDUD GKH %DVKNLPL (YURSLDQ MDQs Ws
JDWVKPH Ws QGLKPRMQs GKH Ws QGsUPMHWsVRMQs
ELVHGLPHWSsUWXJMHWXU]JMLGKMHNsW\UHosVKWMHYH
6HNUHWDUMD.OLQWRQWKDVHsVKWsHUsQGsVLVKPHTsWsG\
SDOsW Ws NHQs Qs PHQGMH Ws DUGKPHQ HYURSLDQH VL
REMHNWLYLQ NU\HVRU 3DOsW GXKHW Ws VKPDQJLP
PRVPDUUsYHVKMHW WKD ]RQMD .OLQWRQ GKH Ws
SsUTHQGURKHQ WHN H DUGKPMD 8 WDNRQ XGKsKHTsVYH
GKH SRSXMYH Ws YHQGRVLQ Ws HFLQ SsUSDUD 6HNUHWDUMD
.OLQWRQGRWsXGKsWRMsQsUDMRQSDVGLWsVK

 YW


d

35(6,'(17,2%$0$0(35232=,0(7
5(-$35(.2120,1
3UHVLGHQWL2EDPDSRSURSR]RQVKNXUWLPHWsUHMDWs
WDNVDYH GXNH VKSUHVXDU Ws SsUPLUsVRMs HNRQRPLQs
DPHULNDQHHFLODSRSsUEDOOHWPHYsVKWLUsVL6LoQMRIWRQ
QJD 6KWsSLD H %DUGKs NRUUHVSRQGHQWL .HQW .ODMQ
SUHVLGHQWL sVKWs GXNH EsUs IXVKDWs SsU SODQLQ H WLM
HNRQRPLN QGsUVD HNVSHUWsW SDUDVKRKLQ KXPEMH Ws
PsGKD SsU 3DUWLQs H WLM 'HPRNUDWLNH Qs ]JMHGKMHW SsU
.RQJUHVWsPXDMLWQsQWRU
3UHVLGHQWL 2EDPD VKSDORVL LGHWs SsU UHIRUPsQ
HNRQRPLNH Qs .OLYOHQG 2KDMR T\WHW Qs SMHVsQ
THQGURUH Ws YHQGLW Ts sVKWs JRGLWXU UsQGs QJD
UHFHVRQL
3UHVLGHQWLV\QRQWsVKNXUWRMsWDNVDWSsUPLOLDUG
GROODUs SsU EL]QHVHW Ts VKSHQ]RMQs SsU SURMHNWH
LQIUDVWUXNWXURUH$LWKDVHVKNXUWLPHWHWDNVDYHGRWXD
PXQGsVRQLQ NRPSDQLYH DPHULNDQH Ws PDUULQ Qs SXQs
PsVKXPsSXQsWRUs
1sYHQGWsWDNVDYHTsQ[LVLQLQYHVWLPHQsYHQGHWs
KXDMDSURSR]RMVKNXUWLPHWsWDNVDYHSsUNRPSDQLWsTs
GRWs]KYLOORMQsKXOXPWLPHGKHGRWsVMHOOLQULVLMDNsWX
Qs2KDMRQs6KWHWHWH%DVKNXDUDWs$PHULNsV
6KNDOOD H SDSXQsVLVs sVKWs  SsUTLQG Qs PEDUs
YHQGLQQGsUVDQs2KDMRDMRDUULQQsPELSsUTLQG
=RWL 2EDPD WKD JMLWKDVKWX VH sVKWs NXQGsU
YD]KGLPLW Ws VKNXUWLPHYH Ws WDNVDYH Ts LVK3UHVLGHQWL
;KRU[K %XVK NLVKWH YHQGRVXU SsU DPHULNDQsW PH Ws
K\UDW Ps Ws ODUWD 1s YHQG Ws NsVDM DL GsVKLURQ Ws
VKNXUWRMs WDNVDW SsU WDNVDSDJXHVLW PH Ws DUGKXUD Ws
XOWDGKHPHVDWDUH
$L LX NXQGsUSsUJMLJM XGKsKHTsVLW UHSXEOLNDQ Qs
'KRPsQ H 3sUIDTsVXHVYH ;KRQ %HMQsU L FLOL NLVKWH
NULWLNXDU SROLWLNDW HNRQRPLNH Ws ]RWLW 2EDPD JMDWs QMs
IMDOLPLWQs.OLYOHQGSDUDG\MDYsVK
1XN SDWL SURSR]LPH Ws UHMD SUHM ]RWLW %HMQsU 1XN
SDWL LGH Ws UHMD ,VKWH SR DMR ILOR]RIL Ws FLOsQ H NHPL
SURYXDUJMDWsGHNDGsVVDLVKLQQsSXVKWHWDWDSRDMR
ILOR]RILTsQDHVROOLNsWsSsVKWMHOOLPQsUDGKsWsSDUs
$MR ILOR]RIL WKRWs VKNXUWRQL VD Ps VKXPs WDNVD SsU
PLOLRQHUsW GKH KLTQL VD Ps VKXPs UUHJXOOD SsU
NRUSRUDWDW
1s QMs LQWHUYLVWs Ts L GKD GMH WHOHYL]LRQLW $%& ]RWL
%HMQsUWKDVHGKsQLDIXQGVKNXUWLPHYHWsWDNVDYHSsU
T\WHWDUsW PH Ws DUGKXUD Ws ODUWD GR Ws GsPWRQWH
HNRQRPLQs
dsVKWMHQHGHILFLWLWQXNPXQGWD]JMLGKLPGHULVDWs
MHPL Ws JDWVKsP Ws NRQWUROORMPs VKSHQ]LPHW GKH Ws
NHPLHNRQRPLWsIRUWs'KHQXNPXQGWsNHPLHNRQRPL
WsIRUWsSsUGHULVDXDUULVQLWDNVDWPXDW\UHQMHUs]YHTs
SULVQL Ws LQYHVWRMQs Qs HNRQRPL GKH Ws PXQGsVRMQs
KDSMHQ H YHQGHYH Ws SXQsV =RWL %HMQsU L ND SULUs
SsUSMHNMHYHWsRSR]LWsVUHSXEOLNDQHQs.RQJUHVSsUWs
QGDOXDU DJMHQGsQ HNRQRPLNH Ws SUHVLGHQWLW GKH ]RWL
2EDPD VsULVK DNX]RL UHSXEOLNDQsW VH SR YsQs
SHQJHVD$WD SR EsMQs Ws QMsMWDW OORJDULWMH Ts EsQLQ
SDUD LQDXJXULPLW WLP QsVH XQs GsVKWRM DWD ILWRMQs
1HMVHPEDVHNXMWRMQsVHNMRGRWLoRMsDW\NXGXDQWs
DUULMQsQsQsQWRU3RUQXNGRWDoRMsYHQGLQWRQsNXND
QHYRMsWsDUULMsQsSODQLQDIDWJMDWs
$QNHWD Ps H IXQGLW QJD $%& 1MX] GKH 8DVKLQJWRQ
3RVW WUHJRQ VH  SsUTLQG Ws DPHULNDQsYH QXN
SsUNUDKLQGUHMWLPLQHHNRQRPLVsQJDSUHVLGHQWL$QNHWD
Ws WMHUD WUHJRMQs VH QMs SsUTLQGMH Qs UULWMH H YRWXHVYH
SODQLILNRMQs Ws PEsVKWHVLQ NDQGLGDWs UHSXEOLNDQs SsU
.RQJUHVQs]JMHGKMHWHQsQWRULW

5UHWK1HVK
dsVKWMD.RPEsWDUH
dsVKWMD.RPEsWDUH

H VWDWXVLW ,GHWs GKH SURSR]LPHW H DSOLNLPLW Ws


IRUPXOsV Vs G\ *MHUPDQLYH DPEDVDGRUL
.2629$(3$9$585'+(/9,=-(7(
JMHUPDQ L SDUDVKWURL Qs JD]HWsQ 7KH *HUPDQ
4$54(9(',3/20$7,.((8523,$1(
WLPHVNXEsQWKLUUMHTsMRYHWsPWsSsUGRUHWNMR

IRUPXOHJMHUPDQHSRUHGKHTs*MHUPDQLDGXKHW
'HIHNWHW H IRUPXOsV Vs G\ *MHUPDQLYH 
Ws VLJXURMs Ts %( Ws PEDMs SsUJMHJMsVLQs H VDM
$QDOL]sQJD3(75,7+$/,7,

SsU SDTHQ GKH VWDELOLWHWLQ Qs UDMRQLQ H %DOONDQLW
'LSORPDFLD JMHUPDQH ND ULPDUUs QMs KRY Ws UL GKH W
L LQNXUDMRMs 6HUELQs GKH .RVRYsQ Ts Ws
LQWHUHVLPL Qs oHVKWMHW H %DOONDQLW JMs H FLOD VKNRMQsSsUSDUDVsEDVKNX6LJXULVKWDNWLYL]LPLL
SDG\VKLP SDUDTHW QMs VNHQDU Ps LQWHUHVDQW GLSORPDFLVs JMHUPDQH L QMs VKWHWL Ws IXTLVKsP
]KYLOOLPHVK Ws SULWVKPH Qs UDMRQLQ WRQH 3DV HXURSLDQTsHNDQMRKXU.RVRYsQGKHTsQGLNRL
VXNVHVLW Ws DUULWXU QJD GLSORPDFLD JMHUPDQH VKXPs Ts 6HUELD Ws SUDQRQWH Qs QMs IRUPs DSR
EDVKNs PH DWs DQJOH]H SsU WDGHW\UXDU 6HUELQs WMHWsU YHQGLPLQ H *M\NDWsV 1GsUNRPEsWDUH Ws
Ws KHTs GRUs QJD UH]ROXWD REVWUXNVLRQLVWH VHUEH 'UHMWsVLVs SsU .RVRYsQ PH UH]ROXWsQ H UH Ws
Qs 2.% NXQGsU YHQGLPLW Ws *-1' Qs IDYRU Ws PLUDWXDU QJD 2.% Ps  VKWDWRU  SDUDTHW QMs
SDYDUsVLVs Vs .RVRYsV GKH SUDQLPLW QJD HOHPHQWGKHIDNWRUSR]LWLYSsUKDSMHQHUUXJsVVs
%HRJUDGL Ws UH]ROXWsV Vs KDUWXDU QJD *MHUPDQLD PDUUsGKsQLHYHWsUHMDPHV6HUELVsGKH.RVRYsV
GKH%ULWDQLDH0DGKHQsHPsUWs%(VsVKHQMDW GKH SsU VWDELOL]LPLQ H UDMRQLW 3RU SsUVD L SsUNHW
MDQsVH%HUOLQLSULWHWWsQGsUPDUUsKDSDWsUHMDQs LGHVsGKHIRUPXOsVVsG\*MHUPDQLYHsVKWsPH
%DOONDQ'KHGXNHTHQsVHVXNVHVLLGLSORPDFLVs YHQG Ws EsKHW QMs EDOODIDTLP VH VD SsUTDVHW DMR
JMHUPDQHQsoHVKWMHQHNRQIOLNWLW6HUEL.RVRYsH PH NRKsQ WHUUHQLQ GKH VLWXDWDW NRQNUHWH Ws
ND LQNXUDMXDU Ps VKXPs *MHUPDQLQs Ts Ws PDUUsGKsQLHYH PHV 6HUELVs GKH .RVRYsV
VKNDOOs]RMs YHSULPWDULQs H VDM Qs (XURSsQ 0DUUsGKsQLHW GKH PDUUsYHVKMD H YLWLW  PHV
-XJOLQGRUH GXNHW VH DMR GR Ws RIURMs QLVPD GKH G\ *MHUPDQLYH NLVKWH Ws EsQWH PH PDUUsGKHQLHW
SURSR]LPHWsUHMDQsoHVKWMHQPHWsFLOsQHILOORL PHV G\ SMHVsYH Ws Ws QMHMWLW VKWHW L QGDUs
RIHQVLYsQ H VDM EDOONDQLNH Qs oEOORNLPLQ H SDGUHMWsVLVKW QJD KLVWRULD GKH QJD IDNWRUsW
PDUUsGKsQLHYHPHV.RVRYsVGKH6HUELVs3HVKD QGsUNRPEsWDUs ,VKLQ PDUUsGKsQLHV PHV G\
MDVKWs]DNRQLVKWHPDGKHSROLWLNHGKHHNRQRPLNH SMHVsYH Ws Ws QMHMWLW SRSXOO L FLOL NLVKWH Ws QMHMsQ
H*MHUPDQLVsQs%DVKNLPLQ(XURSLDQSsUEsQQMs JMXKs Ws QMHMWsQ UDFs GKH Ws QMHMWsQ KLVWRUL GKH
IDNWRU WHSsU QGLNXHV VL Qs 6HUEL DVKWX GKH Qs PsQ\Us MHWHVH SRU Ts SXVKWLPL VRYMHWLN H NLVKWH
.RVRYs Ws FLODW MDQs G\ VKWHWH Ts NDQs NsUNXDU VKNsSXWXUQMsSMHVsGKHNLVKWHNULMXDUUHDOLWHWLQH
]\UWDULVKW Ws EsKHQ DQsWDUH Ws %(Vs 1Ms IDNWRU G\ HQWLWHWHYH VKWHWsURUH 'DOOLPHW GKH
TsPHVDGXNHWQXNSROLKHWMDVKWsYsPHQGMHVVs PRVPDUUsYHVKMHW PHV G\ *MHUPDQLYH LVKLQ Ws
GLSORPDFLVs JMHUPDQH sVKWs HGKH SsUYRMD NDUDNWHULWLGHRORJMLNNX*MHUPDQLD3HUsQGLPRUHL
KLVWRULNH Ts *MHUPDQLD ND Qs KLVWRULQs H VKWHWLW SsUNLVWH ERWsV Vs OLUs GHPRNUDWLNH Ws NDPSLW
GKH Ws NRPELW JMHUPDQ VL Qs PDUUsGKsQLHW H SHUsQGLPRU QGsUVD *MHUPDQLD /LQGRUH ERWsV Vs
YsVKWLUD PHV *MHUPDQLVs 3HUsQGLPRUH GKH PE\OOXU Ws SHUGHV Vs KHNXUW Ws NDPSLW NRPXQLVW
*MHUPDQLVs /LQGRUH DVKWX GKH Qs PDUUsGKsQLHW 7KHOELGKHREMHNWLYLLPDUUsYHVKMHVQGsUJMHUPDQH
DNRPD Ps Ws YsVKWLUD PHV *MHUPDQLVs LVKWH Ts Ws NDSsU[HKHVKLQ PRVPDUUsYHVKMHW
3HUsQGLPRUH PH LVK%DVKNLPLQ 6RYMHWLN LGHRORJMLNHGKHWsYHQGRVHVKLQPDUUsGKHQLHPHV
1sPsQ\UsWsYHoDQWsSsUYRMDHPDUUsGKsQLHYH G\ VKWHWHYH *MHUPDQLD 3HUsQGLPRUH GKH
PHV G\ VKWHWHYH JMHUPDQH Qs YLWHW 
 SR *MHUPDQLD /LQGRUH QXN NLVKLQ GKH QXN PXQG Ws
YHoRKHWQsTDUTHWHGLSORPDFLVsJMHUPDQHVLQMs NLVKLQPRVPDUUsYHVKMHWHUULWRUHVKGKHHWQLNHPH
PDQXDO L PXQGVKsP L FLOL PXQG Ws VKsUEHMs SsU QMHUD WMHWUsQ 1XN PXQG Ws JMHVK GRW DVQMs SLNs
Ws oOLUXDU EOORNLPLQ H PDUUsGKsQLHYH PHV SsU Ws NULMXDU TRIWs HGKH PH ]RU SDUDOHOH PH
.RVRYsVGKH6HUELVsGKHSsUW
LKDSXUUUXJsQQMs VLWXDWDW VHUERVKTLSWDUH 6HUELD GKH .RVRYD
EDVKNsSXQLPLNRQNUHWGKHQMsQMRKMHMHVKWHWsURUH SDUDTHVLQ G\ SRSXM NUHMW Ws QGU\VKsP PH QMHUL
UHFLSURNH1sNsWsNOLPsWsDNWLYL]LPLWEDOONDQLNWs WMHWULQ PH JMXKs UDFs GKH KLVWRUL NUHMW Ws
GLSORPDFLVs JMHUPDQH SR TDUNXOORQ Qs TDUTHW QGU\VKPH ( SsUEDVKNsW sVKWs IDNWRUL L KXDM
HXURSLDQH Ws LQWHUHVXDUD SsU UDMRQLQ GKH SXVKWXHV Ts *MHUPDQLQs H QGDX Ps G\VK
VLGRPRV Ws LQWHUHVXDUD SsU oHVKWMHQ H NRQIOLNWLW QGsUVD Qs UDVWLQ H .RVRYsV IDNWRUL L KXDM
6HUEL.RVRYs HGKH LGHD H IRUPXOsV V G\ SXVKWXHV6HUELDHDQHNVRLPHGKXQsGKHWHUURU
*MHUPDQLYH SUD DSOLNLPL L PHWRGsV Vs QGMHNXU Qs YLWLQ  1JD DQD WMHWsU Qs UDVWLQ H G\
SsUUUHJXOOLPLQHPDUUsGKsQLHYHGKHDUULWMHQHQMs *MHUPDQLYH NHPL QMs VKWHW GKH QMs SRSXOO Ts X
PDUUsYHVKMHMH Qs YLWLQ  PHV VKWHWLW Ws QGDQsG\VKWHWHGKHQsG\SRSXMNXUVHQsUDVWLQ
*MHUPDQLVs 3HUsQGLPRUH DQsWDUH H NDPSLW H .RVRYsV GKH Ws 6HUELVs NHPL QMs IHGHUDWs
DWOODQWLN GKH VKWHWLW Ws *MHUPDQLVs /LQGRUH DUWLILFLDOH VKXPsNRPEsVKH MXJRVOODYH H FLOD X
DQsWDUH H NDPSLW NRPXQLVW VRYMHWLN 1Ms EDOORQs VKSsUEs GKH X QGD Qs VKWDWs VKWHWH Ws SDYDUXU
SURYHOsVKRLQsSXEOLNOLGKXUPHNsWsIRUPXOsLVK GKH
Qs
VKWDWs
SRSXM
Ws
OLUs
DPEDVDGRUL JMHUPDQ 9ROIJDQJ ,VKLQJHU L FLOL ND 6XJMHULPL SsU DSOLNLPLQ H IRUPXOsV Vs G\
THQs GKH SsUIDTsVXHV L %DVKNLPLW (XURSLDQ Qs *MHUPDQLYH SsUPEDQ JMWKDVKWX QMs QGU\VKLP
QHJRFLDWDW H WURMNsV %(6+%$5XVL PH WKHOEsVRUPHVLWXDWsQPHV6HUELVsGKH.RVRYsV
.RVRYsQGKH6HUELQsQsYLWLQSsUoHVKWMHQ QGU\VKLPLFLOLPXQGWsSsUPEDMsEUHQGDIDUsQH

d

s/

QMs UUH]LNX VKXPs Ws PDGK Qs Ws DUGKPHQ


'LSORPDWsW GKH DUNLWHNWHW H VWUDWHJMLVs Vs DIULPLW
GKH Ws PDUUsYHVKMHV PHV *MHUPDQLVs
3HUsQGLPRUHGKH*MHUPDQLVs/LQGRUHHNLVKLQWs
TDUWs SHUSVHNWLYsQ KLVWRULNH Ws Vs DUGKPHV Vs
EDVKNLPLWWsWsG\VKWHWHYHJMHUPDQHQsQMsVKWHW
WsYHWsPVLoQGRGKLYMHWPsYRQs'LVWHQVLRQL
PHV NDPSLW DWOODQWLN PH Qs NU\H 6+%$ GKH
NDPSLWNRPXQLVWPHQsNU\H%DVKNLPLQ6RYMHWLN
NLVKWH ILOOXDU GKH DWD Ts QMLKQLQ GKH GUHMWRQLQ
SXQsW ERWsURUH LVKLQ Ws QGsUJMHJMVKsP VH
VWUDWHJMLD H XOMHV Vs WHQVLRQLW GR Ws oRQWH Qs
KXPEMHQHEHWHMsVHSRNDOHQJDNDPSLNRPXQLVW
.XVKWHWXWD H SDUs H 5HSXEOLNsV )HGHUDOH Ws
*MHUPDQLVsSDV/XIWsVVs'\Ws%RWsURUHHNLVKWH
WsVDQNVLRQXDUSHUVSHNWLYsQHEDVKNLPLWWsVKWHWLW
XQLNJMHUPDQ.MRLVKWHHGUHMWsGKHNsWsHSURYRL
KLVWRULD
0LUSRQsUDVWLQH6HUELVsGKH.RVRYsVoGROORM
DQDORJMLHVDGRDQsVRUHDSRoGROORMSLNHUHIHULPL
SsU IRUPXOsQ H G\ *MHUPDQLYH GR Ws PEDQWH
JMDOOsGKHGRWsLQNXUDMRQWHWHN6HUELDsQGUUsQH
QMs EDVKNLPL Ws DUGKVKsP PH .RVRYsQ .MR
sQGsUUGKHQMsSURJUDPVKWHWsURUQsED]sWsDVDM
sQGUUH HNVSDQVLRQLVWH sVKWs H IRUWs Qs NODVsQ
GUHMWXHVH Qs %HRJUDG GKH NXVKWHWXWD H 6HUELVs
Qs IXTL H IRUPXORQ .RVRYsQ VL SMHVs Ws VDM
(GKHNRKDH]JMHGKXUSsUWsRIUXDULGHGKHQLVPD
PEL ED]sQ H IRUPXOsV Vs G\ *MHUPDQLYH QXN
GXNHWVKXPsHTsOOXDU9HWsDPEDVDGRULJMHUPDQ
,VKLQJHU SRKRQ VH QMs GUDIW L QMs PDUUsYHVKMHMH
PEL OLQMDW H IRUPXOsV Vs G\ *MHUPDQLYH L sVKWs
GKsQs6HUELVsGKH .RVRYsVQs YLWLQJMDWs
QHJRFLDWDYH QGsUNRPEsWDUH Ws WURMNsV SsU
VWDWXVLQH.RVRYHV$MRQXNSDWVXNVHVDWsKHUH
1MsIRUPXOsHRIUXDUSDVXNVHVQsNRKsQHSDUD
VWDWXVLW QXN Ws ELQG VH PXQG Ws MHWs H YOHIVKPH
SsUNRKsQHWDQLVKPHNXU.RVRYDsVKWsVKSDOOXU
VKWHWLSDYDUXUQJDLQVWLWXFLRQHWHVDMWs]JMHGKXUD
GHPRNUDWLNH NXU .RVRYsQ H NDQs QMRKXU 
VKWHWH Ws ERWsV QJD Ws FLODW  VKWHWH Ws
%DVKNLPLW (XURSLDQ GKH VKWDWs VKWHWHW Ps Ws
]KYLOOXDUDWsERWsVWsJUXSLW*(GKHDUJXPHQWL
SDULPRU Ts MHSHW VH oGR LGH GKH SURSR]LP Ts
PXQG Ws DIURMs THQGULPHW H 6HUELVs GKH Ws
.RVRYsVsVKWsLPLUsSULWXUQXNHIRUFRQSR]LWsQ
H IRUPXOsV Vs G\ *MHUPDQLYH 6HSVH QsVH
IRUPXOD H G\ *MHUPDQLYH NLVKWH EUHQGD VDM
VWUDWHJMLQs GKH OLJMsVKPsULQH H KLVWRULNH Ws
EDVKNLPLW Qs QMs VKWHW Ws YHWsP JMHUPDQ DMR
PXQG Ws SURGKRMs HIHNWH Ws NXQGsUWD Qs
SsUSMHNMHW GLSORPDWLNH SsU Ws ELQGXU 6HUELQs GKH
.RVRYsQ Ws LPLWRMQs G\ *MHUPDQLWs
PDUUH QJD *D]HWD 6KTLSWDUH%DONDQ:HE 

YW




5UHWK1HVK
5HDOLWHWL$PHULNDQ
5HDOLWHWL$PHULNDQ



d

s/

d6+7-$((0,*5$&,21,71-d6+7-((
',7616+245,1$0(5,.$1(


/LJMLLULL$UL]RQsVSRSsUoDQNDPSLQ
UHSXEOLNDQQsSUDJWs]JMHGKMHYHWs1HQWRULW


1Ms OLJM L UL Qs VKWHWLQ NXILWDU Ws $UL]RQsV Qs
MXJ Ws 6KWHWHYH Ws %DVKNXDUD SROLFLD NsUNRQ
WX NRQWUROORMs QMHUs]YH VWDWXVLQ H LPLJUDQWLW
NUDKDV]EDWLPLWWsOLJMHYHWsWMHUD1MsYHQGLPL
QMs JM\NDWsVL IHGHUDO EOORNRQ GLVSR]LWDW
NU\HVRUHWsOLJMLWSRUNMRPEHWHWQMsosVKWMHH
GHEDWXHVKPH VLGRPRV EUHQGD NRPXQLWHWLW
KLVSDQLNWs$UL]RQsVQsSUDJWs]JMHGKMHYHWs
DUGKVKPHVKWHWsURUHGKHIHGHUDOH
1s ILOOLP Ws YLWLW JXYHUQDWRUMD H $UL]RQsV -DQ
%UHZHU QsQVKNURL Qs OLJM SURMHNWOLJMLQ H
GHEDWXHVKsPWsVKWHWLWSsULPLJUDFLRQLQWsQMRKXU
VL/LJML0HJMLWKsVHJXYHUQDWRUMD%UHZHUND
SDWXUPMDIWSsUNUDKMHVLSDVDQNHWLPHYHOLJMLHND
SsUoDUsNRPXQLWHWLQKLVSDQLNWsNsWLMVKWHWL
;KHVL +HUQHQGH] sVKWs NU\HWDU L 6KRTDWsV Vs
5HSXEOLNDQsYH +LVSDQLNs Ws $UL]RQsV $L H
PEsVKWHWOLJMLQHULWsLPLJUDFLRQLW
-DQ%UHZHUGRWDYHUsQs]EDWLPOLJMLQ
QGsUVD ULYDOL L VDM GHPRNUDW QXN GR WD EsQWH
QMsJMsWsWLOOs+HUQDQGH]GKHSsUNUDKsVLWHWLM
WKRQsVHOLJMLV\QRQWsSDUDQGDORMsGLVNULPLQLPLQ
SRU VKXPs KLVSDQLNs WKRQs VH OLJML sVKWs
GLVNULPLQXHV GKH VH DWD GR WD FLOsVRQLQ DWs VL

WUDGGKsWL$WDGRWsQDWKRQsVHMHPLUDFLVWsVH
MHP
PLNWK\HUNXQGsUSRSXOOLWGXNHQDVKDUsPH
QRIINsQ DUUs NRNRVL QJM\Us NDIH QJD MDVKWs
GKHH L EDUGKs QJD EUHQGD 'KH NMR WUHJRQ
SLNssULVKW VH VD LQMRUDQWs GKH Ws SDDUVLPXDU
MDQss
'HHH 'HH *DUFLD%ODVH NU\HVRQ JUXSLQ 6RPRV
5HSSXEOLFDQV 1H MHPL UHSXEOLNDQs $MR sVKWs
PHVV DW\UH KLVSDQLNsYH UHSXEOLNDQs Ws FLOsW H
NXQGsUVKWRMQs OLJMLQ H LPLJUDFLRQLW GKH MDQs Ws
SDNNsQDTXUPHGUHMWXHVLWSDUWLDNsWsVKWHWLW
=RQQMD %ODVH SR SsUSLTHW Ws VKWRMs UDGKsW H
RUJDDQL]DWsVVsVDMPHUHSXEOLNDQsKLVSDQLNsQJD
LJMLWWKsYHQGL
-HPL NRQVHUYDWRUs QJD SLNsSDPMD VRFLDOH
GKHH MHPL NUHQDUs SsU NsWs QH MHPL SsU QMs
THYYHULWsYRJsOSsUSDNsVLPLQHWDNVDYHSRU
OLJMLL L 6HQDWLW  sVKWs VL QMs SURYs PH
ODNP
PXV QGsUVD QH YD]KGRMPs Ws Q[LVLP
VKWLLPLQHQXPULWWsUHSXEOLNDQsYHKLVSDQLNs
$YRRNDWL SsU LPLJUDFLRQLQ +R]H 3HQDORVD WKRWs
VH3
3DUWLD5HSXEOLNDQHSREsQQMsJDELPWsPDGK
GXNNHLDUPLTsVXDUKLVSDQLNsW
)XXTLD H YRWsV Vs KLVSDQLNsYH GR Ws NHWs
QGLNNLPGKHSDUWLDUHSXEOLNDQHGRWLKHGKsQMs
YsVVKWULPVsNDOXDUsVGKHGRWDNXSWRMsVHND
EsUUsQMsOORMYHWYUDVMHMHJMDWs]JMHGKMHYHGXNH
PRVVMXGUHMWXDUEUH]LWWsULWsKLVSDQLNsYH
$QNNHWLPHW H RSLQLRQLW IODVLQ SsU PEsVKWHWMH Ws
PDGGKH SsU /LJMLQ  SUDQGDM UHSXEOLNDQsW
PXQQG Ws GDOLQ PLUs Qs ]JMHGKMHW H QsQWRULW 3RU
PH UULWMHQ H QXPULW Ws ED]sV Vs YRWXHVYH

KLVSDQLNsSDDUDVKLNLPHWSsU]JMHGKMHWHDUGKVKPH
PXQGWsQGU\\VKRMQs
9RWXHVLW KLVSSDQLNs PEsVKWHWsQ GHPRNUDWsW Qs
UDSRUWLQPHHQs]JMHGKMHWHNRKsYHWsIXQGLWQs
$UL]RQDGKH QGsUVDUULWHWED]DHNRPXQLWHWLWGKH
H YRWXHVYH ]sGKsQsVMD H 3DUWLVs 'HPRNUDWH
-HQQLIHU -RKQQVRQ WKRWs VH SDUWLD H VDM PXQG WL
ILWRMs]JMHGKMHHW
6KRKLP QMs
Q
UULWMH Ws LQWHUHVLPLW Qs
UHJMLVWULPLQ H QMHUs]YH SsU Ws YRWXDU 1s
NRPXQLWHWLQ HODWLQsYHNDSDWXUPMDIWDNWLYLWHW
SsUVD L SsUUNHW UHJMLVWULPLW Ws YRWXHVYH Qs
SsUSMHNMH SssU WX GKsQsQMHUs]YH QMs PMHW SsU
Ws VKSUHKXUU VKTHWsVLPLQ GKH ]HPsULPLQ Ts
QGMHMQs3RUVKXPsIDPLOMHKLVSDQLNHPEHWHQWs
QGDUD OLGKXU PH osVKWMHQ GKH -HVVH +HUQDQGHV
WKRWs VH NMR JMHQGMH SDVT\URKHW WHN GsVKWLPL L
THYHULVs IHGHHUDOH SsU WL GKsQs IXQG LPLJUDFLRQLW
WsSDOLJMVKsP
PQsNXIL

 YW


5UHWK1HVK
RIHAPET PROGRAMI I
LLOTARISE AMERIKANE
DV-2012


.N\ SURJUDP L DXWRUL]XDU QJD .RQJUHVL


$PHULNDQEsQWsYOHIWVKPHoGRYLWPLMsYL]DWs
GLYHUVLWHWLW Ws Q[MHUUD QJD SsU]JMHGKMH Ws
UDVWsVLVKPH PH NRPSLXWsU SsU SsUVRQD QJD
YHQGHPHHPLJUDFLRQWsXOsWQs6+%$
.\ SURJUDP X MHS  PLMs LQGLYLGsYH Ws
]DNRQVKsPPXQGsVLSsUWsHPLJUXDUGKHSsU
WsQGsUWXDUQMsMHWsWsUH1HMHPLNsWXSsUWs
SXEOLNXDUILOOLPLQH/RWDULVs'9GKHWs
EsMPs Ws GLWXUD GLVD QJD UUHJXOODW GKH
SURFHGXUDW3URFHVLNDQGU\VKXDUQsPsQ\Us
Ws NRQVLGHUXHVKPH SsU YLWLQ  GKH QH
VKSUHVRMPs Ts NsWR QGU\VKLPH WD
SsUPLUsVRMQsNsWsSURFHVSsUWsJMLWKs
=HYHQGsV NRQVXOOMD DPHULNDQH WKD VH
sVKWs H UsQGsVLVKPH Ws QGLTHQ TDUWD]L
UUHJXOODWHDSOLNLPLWWsFLODWPXQGWsJMHQGHQ
Qs IDTHQ H LQWHUQHWLW WH $PEDVDGsV
$PHULNDQH
5UHJXOOL Ps L UsQGsVLVKsP SsU DSOLNLP
sVKWs Ts Ws QGLTQL UUHJXOODW 0EDVH MX SR
PHQGRQL VH FLOL sVKWs QGU\VKLPL" (
QGU\VKLPHW MDQH Qs UUHJMLVWULP GKH Qs
SURFHVLQ H QMRIWLPLW )LOOLPLVKW SHULXGKD H
UUHJMLVWULPLW SsU /RWDULQs $PHULNDQH '9 
 GR Ws NHWs QMs NRKs]JMDWMH SUHM 
GLWsVK

d

s/

=HYHQGsV NRQVXOOMD WKD VH Qs QGU\VKLP QJD


YLWHWHPsSDUVKPHHUsQGsVLVKPHsVKWsTsSDV
DSOLNLPLW Qs LQWHUQHW Ws UXKHW IDTMD SsUVRQDOH H
NRQILUPLPLW GKH QXPUL XQLN L WLM .\ QXPsU L
PXQGsVRQ DSOLNXHVLW Ws VKLNRMs SsUPHV LQWHUQHWLW
QsVH sVKWs SsU]JMHGKXU DSR MR VL ILWXHV QJD
/RWDULD$PHULNDQH'9
$SOLNLPHWSsU/RWDULQs$PHULNDQH'9GR

Ws QLVLQ Qs RUsQ  Ws SDVGLWHV Ws GDWsV  WHWRU


 SsU W
X PE\GKXU Qs RUsQ  Ws SDVGLWHV Ws
GDWsV

QsQWRU

=HYHQGsV NRQVXOOMD DPHULNDQH WKD VH  DVKWX VL
HGKHYLWHWHPsSDUVKPHVKTLSWDUsWNDQsVKDQVH
WsODUWDSsUW
XSsU]JMHGKXUVLILWXHVSsUVKNDNWs
QXPULW Ws PDGK Ws SsUVRQDYH Ts DSOLNRMQs SsU
/RWDULQs$PHULNDQH

>^Z



YW

5UHWK1HVK
NRQRPLD
(NRQRPLD

-$36('8+(71-(
02'(/,5,
(.2120,.


QJD
'U.RoR%URND


'HEDWLTsSR]KYLOORKHW
Qs JD]HWsQ 6KTLS PH LQLFLDWLYsQ H UHNWRULW Ws
8QLYHUVLWHWLW 0HVGKHWDU SURIGU$QDVWDV $QJMHOL
VKsQRQ QMs VWDG Ws UsQGsVLVKsP Ws GLVNXWLPHYH
UUHWK NsVDM osVKWMHMH Ts PHULWRQ SsUVKsQGHWMH
GKHXULPHSsUVXNVHV
6sSDULGXDWsQsQYL]RMVHQsYHWYHWHN\GHEDW
QXN sVKWs QMs GHEDW L VWLVXU 3\HWMD VH oIDUs
PRGHOL HNRQRPLN GXKHW QGMHNXU Qs Ws DUGKPHQ
QsWKHPHONDQsUDGKsWsSDUsGLVNXWLPLQREMHNWLY
PELGLDJQR]sQPELIDWHWHPRGHOLWHNRQRPLNTs
ND QGMHNXU H QGMHN 6KTLSsULD JMDWs YLWHYH Ws
WUDQ]LFLRQLW.sVKWXWDQLSDVYMHWsVKMRYHWsP
sVKWsLQHYRMVKsPSRUPXQGWsWKXKHWVHsVKWsL
YRQXDUQMsGLVNXWLPLWLOOsVHULR]
$W\ QJD YLWHW  X Es QMs GHEDW
PEDUsERWsURU
Qs
GLVD
NRQIHUHQFD
QGsUNRPEsWDUHNXMDQsIWXDUGKHQJDLQVWLWXFLRQH
Ws YHQGLW WRQs  PEL NRQOX]LRQHW GKH PsVLPHW H
Q[MHUUDQJD]EDWLPLLUHNRPDQGLPHYHWs)01Vs
GKH LQVWLWXFLRQHYH Ws WMHUD QGsUNRPEsWDUH PEL
WUDQVIRUPLPLQHYHQGHYHWs(XURSsV/LQGRUHQJD
HNRQRPL Ws NRPDQGXDUD Qs HNRQRPL WUHJX Ws
QMRKXUD VL .RQVHQVXVL L 8DVKLQJWRQLW 3URFHVL L
Q[MHUUMHV Vs PsVLPHYH QJD H NDOXDUD sVKWs GKH
GXKHWWsMHWsQMsSURFHVPsVHLQDW\UVKsPVKWs
DNRPD Ps PLUs NXU N\ SURFHV VKRTsURKHW PH
NRQWXULPLQ GKH UDYLMs]LPLQ H PRGHOLW GKH UUXJsV
Ts GXKHW QGMHNXU PH V\QLPHW REMHNWLYDW
VWUDWHJMLQs DIDWPHVPH DSR DIDWJMDWs PEL
]KYLOOLPLQHNRQRPLNHVKRTsURUQsWsDUGKPHQ
6s SDUL Ps GXKHW Ws WKHNVRM VH SHULXGKD 
YMHoDUH H WUDQ]LFLRQLW HNRQRPLN Ws YHQGLW sVKWs
VKRTsUXDU PH QMs QXPsU Ws PDGK VWUDWHJMLVK
UUHWKSVHMRGKHPsVKXPsSsUIDNWLQVH
GLVD SUHM W\UH MDQs ULFLNOXDU 6LNXU N\ IRUXP PEL
PRGHOLQHNRQRPLNWsEsQWHWsPXQGXUTRIWsGKH
YHWsPLQYHQWDUL]LPLQGKHSXEOLNLPLQVLVWHPDWLNWs
W\UH Qs LQWHUQHW SDG\VKLP DL GR Ws UH]XOWRQWH
PMDIW L GRELVKsP 1sVH 6WUDWHJMLD .RPEsWDUH H
=KYLOOLPLW (NRQRPLN 6RFLDO 3,3 3URJUDPL L
,QYHVWLPHYH 3XEOLNH  HWM GR Ws ULSXEOLNRKHVKLQ
SD G\VKLP Ts GKH 3URJUDPHW %X[KHWRUH
$IDWPHVPH DSR 6WUDWHJMLD .RPEsWDUH SsU
=KYLOOLP GKH ,QWHJULP GR Ws VKsUEHQLQ UHDOLVKW VL
LQVWUXPHQWH]KYLOOLPLGKHQXNGRLVKLQQsUDGKsWs
SDUs H PEL Ws JMLWKD VL GRNXPHQWH Ts YHWsP
GXKHVKLQKDUWXDU
.MRGRWsHYLGHQWRQWHMRWKMHVKWVHVDOHWsUHVD
SDUHMDQsKDU[KXDUSsUVKNULPLQGKHUDYLMs]LPLQH
V\QLPHYH GKH REMHNWLYDYH SsU NX GXKHW HFXU Qs
NsWs VHNWRU DSR PEDUs HNRQRPLQs H VKRTsULVs
WRQsSRUGRWsQ[LUUHMQsSDKVHVLYD]KGRKHWWs
SXQRKHWVRWSsUVRW SsUSsUILWLPHWsQJXVKWDQJD
VKNUXHVLW H 6WUDWHJMLYH 6HNWRULDOH Ws =KYLOOLPLW 

s/

SRU NsWs UDGKs GXNH GXDUWURNLWXU SsU PRGHOH H


]KYLOOLPHVWUDWHJMLNH"
1GsUNRKsYOHUDHSsUSXQLPLWWs
PRGHOHYH VWUDWHJMLNH Ws ]KYLOOLPLW
TsGXKHQQGMHNXUHUHDOL]XDUQXN
PXQG Ws ]KEsKHW TRIWs GKH QJD
SUDNWLND Ws WLOOD SsU IDNWLQ VH NsWR
PDWHULDOH Qs QMs PsQ\Us RVH Qs
QMs WMHWsU NDQs GKsQs HIHNWH Qs PRV HIHNWHW H
SULWXUDGLVDHIHNWHTRIVKLQDWRWsSMHVVKPHDSR
DQsVRUH NDQs QGU\VKXDU NRQFHSWH OsQGsW PEL
SURJUDPLPLQVWUDWHJMLNMDQsEsUsWDVKPsOsQGsWs
NRQVROLGXDUD Qs XQLYHUVLWHW WRQD GKH VWUDWHJMLWs
DIDWPHVPHGKHDIDWJMDWDMDQsEsUsGKHSREsKHQ
LQVWUXPHQWHWs]DNRQVKPHSXQH
6sG\WLGXKHWWKHNVXDUVHQsILOOLPWsYLWHYH
ND SDVXU GLVNXWLPH SsU PRGHOLQ HNRQRPLN Ts
GXKHWWsQGLTQLPVLYHQGLFLOLSsUPRPHQWLQGKH
VKNDOOsQ H QMRKMHV Qs DWs NRKsGXNHW VH WUDMWLPL
GLVNXWLPL LWLMQXNPRULQMsSsUKDSMHWsJMHUsHWs
WKHOOs.MRHGKHSsUGLVDDUV\HVLWUDGLWDQsNsWs
IXVKs SDYDUsVLVKW QJD SUDNWLND H KDUWLPLW Ws
SODQHYH SHVsYMHoDUH DSR SURJQR]H  1JD YHQGL
\Qs LVKLQ Ws UUDOOs DWD Ts QGRTsQ WDNLPHW
QGsUNRPEsWDUH Ws YLWHYH  NX VKWUXDQ
SODWIRUPD UUXJs PRGHOH Ts PXQG Ws QGLTHVKLQ
SsU NDOLPLQ QJD HNRQRPLD H FHQWUDOL]XDU H
YHQGHYH Ws (XURSsV /LQGRUH GKH LVK%6 Qs
HNRQRPLQsHWUHJXW
1GsUNRKs SDYDUsVLVKW QJD QMRKXULWs H
YHoDQWD ]RU VH PXQG Ws WKXKHW VH NLVK
SHUVRQDOLWHWHSROLWLNHDSRVKNHQFRUHTsNLVKLQQMs
QMRKMH Ws SORWs Ws HNRQRPLVs Vs WUHJXW GKH
GHPRNUDFLVs SHUsQGLPRUH H MR Ps Ws NLVKLQ QMs
YL]LRQWsSORWsHWsDUJXPHQWXDUSsUNsWRosVKWMH
1DW\ULVKW HWMD QXN PXQJRQWH /LEUL L =ELJQLHY
%UH]H]KLQVNLW'sVKWLPLLPDGKOLQGMDGKHYGHNMD
HNRPXQL]PLWQsVKHNXOOLQHQMs]HWs  PEL
GsVKWLPLQ H HNRQRPLVs Vs NRPDQGXDU QGDM DVDM
Ws WUHJXW DSR DUWLNXM Ws YHoDQWs VHULR]s VL DL L
IUDQFH]LW /LRQHO 6WRUHO SsUFLOOHVKLQ QJD GRUD Qs
GRUsQJDJRMDQsJRMs(QMsMWDJMsQGRGKWHGKH
PH IDVKLNXMW H PDWHULDOHW H NRQIHUHQFDYH
QGsUNRPEsWDUHNXWUDMWRKHVKLQNsWRosVKWMH3sU
KLU Ws Vs YsUWHWsV DWR X SsUNWK\HQ GKH X
VKSsUQGDQs VKXPs PXDM SDUD QJMDUMHYH Ws
'KMHWRULW  PH ILQDQFLPH ]\UWDUH 3sU HOLWsQ
SROLWLNH Ws DVDM NRKH LVKWH EsUs L TDUWs VD
SUDNWLNLVKWDTHGKHWHRULNLVKWGsVKWLPLLVLVWHPLW
PRQLVW 'KH QsVH QGRGKL oXGLD DMR H NDOLPLW
SDTsVRU QJD VLVWHPL L NDOXDU Qs VLVWHPLQ Ts SR
QGsUWRMPs VRW NMR L GHGLNRKHW NXSWLPLW GKH
SUDQLPLWWsNsWLMUHDOLWHWL
3RUJMLWKVHVLGHEDWLQHVXQGRLLGHMDVHQGsUVD
GLKHWVHVLEsKHWVXSDHSHVKNXWQXNGLKHWVHVL
PXQGWs]KEsKHWDMR
3sU Ps WHSsU QXN PXQG Ws PRKRKHW VH HQGH
VRW QXN MDQs Q[MHUUs PsVLPH Ws SORWD GKH Ws
GXKXUD PEL DWs VH VLVWHPL L HNRQRPLVs Vs
NRPDQGXDU GsVKWRL SDUD HNRQRPLVs Vs WUHJXW
GKH NMR osVKWMH NRQVLGHURKHW RVH VL QMs OXIWs
SROLWLNH VKWHUSs RVH WUDMWRKHW PH NOLVKH QJD
LQWHUHVDWsQJXVKWDNDUULHUH

 YW


d

6LGRTRIWs GHEDWL SsU PRGHOLQ Ts GR QGLTWH


6KTLSsULD PXQG Ws WKXKHW VH ND PEHWXU L YDNsW
.sWX QXN sVKWs osVKWMD VH PXQJXDQ DUWLNXM Ws
QGU\VKsPSsU1HZ'HDO(NRQRPLQsVRFLDOHWs
WUHJXW 3sUYRMDW H WLJUDYH Ws $]LVs 5UXJsQ
MDSRQH]H Ws ]KYLOOLPLW HWM DWs Ws YHQGHYH Ws
(XURSsV -XJRUH VL 6SDQMD 3RUWXJDOLD *UHTLD
GUHMWGHPRNUDFLVsGKH%(VsHWM0HYHQGRVMHQH
GLNWDWXUsV Vs NDUWRQLW MHVKLO UUXJD Ts GXKHM
QGMHNXU X VHPSOLILNXD TRIWs HGKH QsSsUPMHW
VORJDQLW VD Ws GUHMWs DT HGKH DNWXDO 7D EsMPs
6KTLSsULQs VL JMLWKs (XURSD PH SUHWHQGLPLQ VH
]KYLOOLPL UHDOL]RKHW YHWYHWLX PMDIWRQ Ws
OLNXLGRKHVKLQ LQVWLWXFLRQHW H UHQGLW Ts ODPs SDV
1GsUVD Qs SUDNWLNs SDWL QMs NRUUHODFLRQ Ws GREsW
PLGLV SsUSXQLPLW Ws PRGHOLW Ws ]KYLOOLPLW L FLOL Qs
WKHPHO PRUL YXOsQ H UHNRPDQGLPHYH Ws )01Vs
GKH %DQNsV %RWsURUH ,GHWs H VKWUXDUD Qs
SURJUDPLQHTHYHULVsWsSDV]JMHGKMHYHWsPDUVLW
 PEL DWs VH SDJLPL L WDWLPWDNVDYH sVKWs
VKSUHKMHHFLYLOL]LPLWPEHWHWDNWXDOVKWsosVKWMH
WMHWsU VH GKH QGDM NsW\UH PRGHOHYH Ws
UHNRPDQGXDUD MDQs PEDMWXU QJD TsQGULPHW H
VWXGHQWLW Ps Ws ELQGXU GHUL WHN DWR Ws GMDOLW
SODQJSULVKsV6KNXUWPRGHOHWHUHNRPDQGXDUDX
VKDUWXDQ PH PHQWDOLWHWLQ GKH TsQGULPHW
SHUVRQDOHWsDNWRUsYHNU\HVRUsWsSROLWLNsV
1sNXDGULQHNsWLMGLVNXWLPLPHQGRMVHPHULWRQ
YsPHQGMHQHQHYRMVKPHPHQGLPLLVKSDOOXUQGDM
NsWLM GHEDWL VLSDV Ws FLOLW GXD Ws YsUHM VH
6KTLSsULD QXN ND QHYRMs SsU PRGHOH 8Qs GR
IOLVMD SsU SsUSDUsVL EUHQGD PRGHOLW HNRQRPLN NX
JMHQGHPL VRW Ws FLODW MDQs Vs SDUL UHIRUPDW
VWUXNWXURUH H G\WD THYHULVMH H NXMGHVVKPH H
ILQDQFDYH Ws VKWHWLW H WUHWD LQWHJULP HXURSLDQ H
NDWsUWD ]KYLOOLP UDMRQDO DSR TsQGULPHW NX
YsPHQGMDSsUTHQGURKHWQs]KYLOOLPLQHNsVDMDSR
DVDM GHJH WXUL]PL EXMTsVLD HWM  GKH VWUXNWXUsV
VsHNRQRPLVs
3RUDNHPLYsUWHWQHYRMsSsUSsUSXQLPLQHQMs
PRGHOLWsULHNRQRPLN"
.MRosVKWMHOLQGLQDW\UVKsPJMDWsYLWLWWsNDOXDU
(IHNWHWHNUL]sVJOREDOHQsYHQGLQWRQsXQGMHQs
Qs PMDIW GUHMWLPH NX QJD Ps Ws VSLNDWXUDW LVKWH
UsQLDHGHSR]LWDYHEDQNDUH1sNRUULNQLYHOL
L GHSR]LWDYH EDQNDUH LVKWH  PLOLDUGs OHNs
QJD  PLOLDUGs OHNs Ts LVKWH Qs NRUULNXQ
 Qs QMs NRKs NXU SDUD ILOOLPLW Ws UsQLHV Ws
GHSR]LWDYH VL UH]XOWDW L QGLNLPLW Ws NUL]sV
ILQDQFLDUH JOREDOH VKWHVD H W\UH VKWDWRU 
VKWDWRU  LVKWH PEL  PLOLDUGs OHNs Qs YLW
RVHPsWHSsUVHVDVKWHVDYMHWRUHH*'3Vs
1s NsWR UUHWKDQD OLQGL QDW\UVKsP S\HWMD $
PXQGWsYD]KGRKHMPsWHMPHWsQMsMWLQPRGHOWs
]KYLOOLPLW HNRQRPLN VL DL SDUD NUL]sV JOREDOH
HNRQRPLNH NXU NDUEXUDQWL PRWRUL L ]KYLOOLPLW
HNRQRPLN Ts LVKLQ Ws DUGKXUDW QJD HPLJUDFLRQL
DSR QJD EXULPH Ws WMHUD Ws MDVKWPH GKH NX
QGsUWLPL LVKWH GHJD XGKsKHTsVH H NsVDM UULWMHMH
HNRQRPLNH" $ PXQG Ws YD]KGRKHW Ps WHM Qs
PEsVKWHWMHQ WHN HPLJUDFLRQL TRIWs VL Ws DUGKXUD
DSR VL SXQsVLP GKH NX Ws ULQMWs WD VKRKLQ Ws
DUGKPHQ H W\UH Qs ODUJLPLQ QJD 6KTLSsULD" .MR

5UHWK1HVK
S\HWMH QXN PXQG Ws PRV OLQGWH GKH OLQGs
QDW\UVKsP NXU UHWRULND H SUHPWLPHYH HOHNWRUDOH
Ws ]KQGUXDU GKH Qs SURJUDPH THYHULH  IOHW SsU
SXQs]sQLH SUHM  PLMs YHWDVK  EUHQGD 
YMHWsVK DSR  PLMs YHWDVK Qs YLWLQ 
QGsUVDQXNWKXKHWRVHQXNMHSHWDVQMsVKSMHJLP
VHULR] QJD DXWRULWHWHW THYHULVsVH UUHWK DVDM VH
VLSDV,167$7QGsUVDQs YLWLQQsVHNWRULQ
VKWHWsURU GKH DWs SULYDW MREXMTsVRU LVKLQ Ws
SXQsVXDUYHWDQsIXQGWsYLWLWLVKLQ
YHWsPYHWD3UDSsUYMHWVKWHVDHWs
SXQsVXDUYH Qs VHNWRULQ MREXMTsVRU Qs QMs NRKs
NXUPLJULPLLYUXOOVKsPLEUHQGVKsPQJDIVKDWLQs
T\WHW ND THQs YHWsP  $ LD YOHQ Ws
YD]KGRKHW PH QMs PRGHO HNRQRPLH Ws RULHQWXDU
QJDLPSRUWLNXUQXNMHSHWVKSMHJLPLPLQLPDOQJD
DXWRULWHWHW ]\UWDUH PEL DWs VH VD sVKWs GLQDPLND
QDW\UDOH H SRSXOOVLVs Qs PRVKs SXQH GKH
SXQs]sQsVLD H VDM Qs 6KTLSsUL GKH VD Qs
HPLJUDFLRQJMDWsYMHWsYH"
-DSVHosVKWMDHSsUSXQLPLWWsQMsPRGHOLWsUL
HNRQRPLNsVKWsMRYHWsPHQHYRMVKPHSRUHGKH
H GRPRVGRVKPH 1sVH IRUFDW SROLWLNH Ts HUGKsQ
Qs THYHULVMH Qs SXVKWHW PH VORJDQLQ 3XQsVLP
3XQsVLP3XQsVLPQXNWKRQsDVJMsVHULR]HUUHWK
NsVDM VLWXDWH NsWX QXN VKWURKHW osVKWMD SsU
SROLWL]LPVHMHSURDQsWDUDSRNXQGsUNsVDMIRUFH
THYHULVsVH6LLULGKHHUHTsPEDURQVKNROOsQH
ODUWsDSRWsPHVPHVLSULQGMHSsUEDOOsSUREOHPLW
Ws SXQs]sQLHV QsVH YDM]D DSR GMDOL WsQG GR Ws
SXQsVRKHQ Qs 6KTLSsUL DSR MDQs Ws GHW\UXDU Ws
HPLJURMQs"

d

s/

3DYDUsVLVKW QJD GHEDWHW SsU PRGHOLQ H


]KYLOOLPLWHNRQRPLNPHPLMsUDSULQGsUGKHWsULQM
HVKRKLQSXQs]sQLHQGKHWsQHVsUPHQHIsPLMsYH
Ws W\UH Qs 6KTLSsUL .sWs TsQGULP QXN PXQG WD
HNOLSVRMs DV DL GMDWKs VRMH Ts TXKHW OLEHUDOL]LP L
YL]DYHSsUNXQGUD]LHSsUIRUFRQDWs)DULWDVKPsL
]JMHGKXU7DEsMPs6KTLSsULQsVLJMLWKs(XURSD
sVKWs L SDNWK\HVKsP 3sU Ps WHSsU sVKWs Qs
YHWsQGHULQH%(VsWsPRVHVKHVsOLEHUDOL]LPLQ
H YL]DYH VL GMDWKs VRMH SRU VL QMs Ws GUHMWs Ts X
WDNRQ VKTLSWDUsYH GKH 6KTLSsULVs Ts L SsUNHW
(XURSsV
3RUNMRSUHVXSR]RQGKHNsUNRQTsWsNHWsQMs
PRGHO HNRQRPLN Ts PLVKsURQ NsUNHVDW ED]s Ws
.RSHQKDJHQLW QMs HNRQRPL IXQNVLRQDOH WUHJX H
DIWs WL EsMs EDOOs NRQNXUUHQFsV UDMRQDOH
HXURSLDQH GKH ERWsURUH Ts Ws PRV HNVSRUWRMs
WKMHVKW IXTL SXQsWRUH NUDK SXQH SRU SDUD Vs
JMLWKDVKHPELWsJMLWKDSURGXNWHHVKsUELPHRVH
HNVSHUWsWsVSHFLDOL]XDU
.sWLM TsOOLPL GXKHW WL VKsUEHMs HGKH ]KYLOOLPL L
DUVLPLWWsODUWsQsYHQGLQWRQs3RUSsUIDWWsNHT
GLVD KHUs UH]XOWDWHW H DUVLPLW Ws ODUWs Qs YHQG Ws
PDWHQHVWLPXORKHQPHDWsVHoIDUsMHSHWUHDOLVKW
Qs SURGKLP VKsUELP QGsUWLP SsU WD EsUs
HNRQRPLQs WRQs VD Ps NRQNXUUXHVH H MR Ws
PEHWHW H RULHQWXDU QJD LPSRUWL SR PDWHQ H SsU
Ps WHSsU VWLPXORKHQ PH PDVWHURPDQLQs
GRNWRURPDQLQs SD EsUs IMDOs SsU LQIODFLRQLQ H
GLSORPDYH
SDYDUsVLVKW
QJD
UH]XOWDWL
SsUIXQGLPWDU 8 QGDOD YHWsP Qs NsWs DVSHNW SD
SDVXULOX]LRQVHQMsQGsUDYDQWD]KHWNRQNXUUXHVH

Ws 6KTLSsULVs DNWXDOLVKW sVKWs GDVKXULD GKH


LQYHVWLPL L SULQGsUYH SRU GKH Ws ULQMYH VKTLSWDUs
SsU DUVLPLQ SsU DUVLPLQ EDVKNsNRKRU Ts QXN Ws
MHSWKMHVKWGLSORPsSRUGLMHSsUWsPXQGsVXDUQMs
HNRQRPL NRQNXUUXHVH .\ DYDQWD]K NRQNXUUXHV
QJDPsWsPsGKHQMWsQsYHQGTsWsEsKHWKDOOND
NU\HVRUH H PRGHOLW Ws UL HNRQRPLN SR ]KEsKHW
QsSsUPMHW
LQIODFLRQLW
Ws
GLSORPDYH
PDVWHURPDQLVsDSRGRNWRURPDQLVs
3HUVRQDOLVKW PHQGRM VH PRGHOL DSR Ps VDNWs
IDUL Ts GXKHW QGMHNXU sVKWs DL Ts WDVKPs sVKWs
SsU]JMHGKXU QsSsUPMHW 06$Vs DSR NsUNHVsV
SsU WX EsUs NDQGLGDW L %(Vs 7D EsMPs
6KTLSsULQs VL JMLWKs (XURSD 1GsUVD PRGHOL MR
YHWsPQsNXSWLPLQHREMHNWLYDYHSRUGKHUUXJsYH
TsGXKHQUHDOL]XDUSsUDUULWMHQHW\UH QXNsVKWs
LGHQWLNPHDWsWs%UD]LOLW.LQsVDSR,QGLVsWsFLODW
NDQs PRGHOLQ H W\UH HNRQRPLNVKRTsURU Ws
]KYLOOLPLW 3RU SR NsVKWX HGKH YHQGHW H %(Vs
*MHUPDQLD%ULWDQLDH0DGKH)UDQFD,WDOLDDSR
YHQGHW H WMHUD HXURSLDQH VL =YLFUD DSR VKWHWHW
VNDQGLQDYHQXNSsUIDTsVRMQsQMsPRGHOXQLNQs
YHWYHWH $WR PLVKsURMQs GKH NDQs JMXUPsW H
KLVWRULVs NXOWXUsV HNRQRPLVs SRU GKH
VKWUsQJHVDYH H ]JMLGKMHYH UHVSHNWLYH GXNH
SsUIDTsVXDU PRGHOH GKH UUXJs Ws QGU\VKPH SsU
]JMLGKMHQHosVKWMHYHIRQGDPHQWDOHWsHNRQRPLVs
GKHVKRTsULVs
-DSVHGHEDWLGKHGLVNXWLPLLKDSXUSsUPRGHOLQ
H UL HNRQRPLN QGRQsVH L YRQXDU sVKWs WHSsU L
QHYRMVKsP GKH L GRPRVGRVKsP 3MHVsPDUUMD MR
YHWsPHHNRQRPLVWsYHSRUGKHILOR]RIsYH



YW

5UHWK1HVK



s/


 YW

d

5UHWK1HVK

d

s/

VRFLRORJsYH SROLWLNDQsYH VSHFLDOLVWsYH Ws Ws


JMLWKD IXVKDYH SsUIVKLUs GHPRJUDIsW sVKWs
JMLWKDVKWXHPLUsSULWXU-RPsSDNLUsQGsVLVKsP
sVKWsVKQGsUULPLL,167$7LWQsV\ULGKHWUXULTsL
SDUDSULQ NsWLM SURFHVL 1GsUVD NRQIHUHQFD
VKNHQFRUH PH WHPs 0RGHOL L UL HNRQRPLN SRVW
WUDQ]LFLRQL6KTLSsULVsTsSULWHWWs]KYLOORKHWQs
SsUIXQGLP Ws NsWLM GHEDWL QJD LQLFLDWRUsW H NsWLM
)2580, VL VDPLW L NsWLM GLVNXWLPL XURMPs Ws
VKsQRMs QMs JXU Ws UsQGsVLVKsP NLORPHWULN Qs
UDYLMs]LPLQNRQNUHWWsWLMQsIXQNVLRQWsQGsUWLPLW
Ws QMs HNRQRPLH IXQNVLRQDOH H NRQNXUUXHVH
WUHJX


7HPD6KRTsURUH
7HPD6KRTsURUH


$6+702'(51(6+245,$3$
025$/"$1$/,=6+24525(



QJD*s]LP7XVKL

6KRTsULDVKTLSWDUHSRQGHVKHWPHSUREOHPHH
GHIRUPLPHYH PRUDOH Ws PsQ\UsVMHOOMHV Vs
QMHUs]YH7sJMLWKsMHPLWsVKTHWsVXDUSsUNXUVLQ
Ts ND PDUUs VKRTsULD MRQs 6KTHWsVLPHW H
VMHOOMHVWsGHIRUPLPLWWsPRUDOLW ]JMHULPLLNULPLW
SURVWLWXFLRQLW GURJsV DONRROLW VKWLPL NDWDVWURILN L
GLYRUFHYH YUDVMHYH GKH YHWsYUDVMHYH UULWMD H
LQWHQVLWHWLW Ws GKXQsV Qs IDPLOMH VLGRPRV PEL
IsPLMsW GKH JUDWs VMHOOMHW H SDFLSD Qs UUXJs
GKXQLPHW GKH SsUGKXQLPHW H VKWXDUD NRKsW H
IXQGLWEUXWDOLWHWLQsUUXJsPXQJHVDWsT\WHWsULPLW
Qs DPELHQWHW SXEOLNH MDQs WUHJXHV Ws VLWXDWsV
PRUDOHWsVKRTsULVsWRQs1XNPXQGWsPRKRKHW
IDNWLTsVKRTsULDMRQsMRYHWsPsVKWsHVsPXUs
SRU PH VD GXNHW DNRPD QXN MHPL ELQGXU Ts
PHUUHPL VL GXKHW PH Ws 6KXPs SUREOHPH Ws
VMHOOMHVLQGLYLGXDOHGKHVRFLDOHMDQsWsOLGKXUDPH
PXQJHVsQ DSR Ps PLUs EUDNWLVMHQ Qs PsQ\Us
DEVXUGH Ws SXQsV HGXNDWLYH IRUPLPLW
T\WHWDU Ws QMHUs]YH WDQs YHoDQsULVKW Ws
ULQLVs
(GXNLPL PRUDO L Ws ULQMYH QXN EsKHW PH
PRGXOH Ws YMHWUD $L QXN sVKWs ]RWsULPL
PHNDQLN VKNROODUHVN L QMs VDVLH UUHJXOODVK
WsSUDQXDUDNRQVHQVXDOLVKWQJDVKRTsULDVL
PsQ\Us VMHOOMH VRFLDOH H LQGLYLGLW 1H GXKHW
WsQGU\VKRMPsVWUDWHJMLQsHSXQsVHGXNDWLYH
SsUNULMLPLQHNDUDNWHULWVKRTsURUWsQMHULXW
PH PMHWH NXOWXURUH Ws T\WHWsULPLW PRGHUQ
1JD VD NDP PXQGXU Ts W
L VWXGLRM NsWR
GHIHNWH PRUDOH Ws LQVWLWXFLRQHYH HGXNDWLYH
GXNHW VH VKNDNX NU\HVRU GXKHW NsUNXDU Qs
GREsVLPLQ H NRPSRQHQWLW PRUDO Ws SXQsV
HGXNDWLYH Qs IDPLOMH VKNROOs GKH VKRTsUL
6KNROOD VKTLSWDUH H GLWsYH WRQD sVKWs
GKsQs H WsUD SDV PsVLPGKsQLHV GKH
PsVLPQ[sQLHV)DPLOMDsVKWsHRNXSXDUQJD
QHYRMDWPDWHULDOHWsVLJXULPLWWsMHWsVDSRWs
PELMHWHVsV $WR NDQs KDUUXDU Ws YsQs Qs
SsUGRULP DWs NRG PRUDO Ts GXKHW SsU Ws
IRUPXDU NDUDNWHULQ VKRTsURU Ws QMHUs]YH
WDQs YHoDQsULVKW Ws PRVKDYH Ws UHMD 'KH

N\GHIHNWVKIDTHWSLNsULVKWQsDWRLQVWLWXFLRQHTs
WUDMWRMQsWsULQMSLNsULVKWQsPRVKsQDGHNXDWHNXU
SURFHVL L IRUPLPLW Ws NDUDNWHULW GKH SHUVRQDOLWHWLW
sVKWs JMXUPsOsQsV Qs MHWsQ H QMHULXW 1XN GXKHW
Ws MHPL Ws THWs PH IDNWLQ Ts VKRTsULD VKTLSWDUH
NDSULVKXURVHNDWsoRURGLWXUNRGLQPRUDOVLGKH
PsQ\UDWPHWsFLODWDMRGXKHWWsEsMsSURFHVLQH
QDW\UVKsP Ws SsUFMHOOMHV Vs YOHUDYH PRUDOH Qs
EUH]LQHUL.\GHIHNWsVKWsHGKHQsVKNROOsGKH
Qs IDPLOMHQ VKTLSWDUH QJDTs SULQGsULW GKH
PsVXHVLW QXN MDQs VL GXKHW Qs UROLQ H
QGsUPMHWsVXHVLW DSR Ws SsUFMHOOsVLW Ws QRUPDYH
VRFLDOH Ws VMHOOMHV $WD SR SXQRMQs JMLWKQMs H Ps
SDNSsUVNDOLWMHQPRUDOHWsWsULQMYHQGDMGKHMDQs
VKWXDUNDTVKXPsVKTHWsVLPHWHVMHOOMHVDPRUDOH
Qs VKRTsULQs VKTLSWDUH +XPEMD H PLVLRQLW
HGXNDWLYWsVKNROOsVGKHIDPLOMHVsVKWsQMsGsPL
PDGK PH SDVRMD Ws UsQGD SsU QGsUWLPLQ GKH
IXQNVLRQLPLQHVKRTsULVsVRQsVLSDVSDUDPHWUDYH
Ws MHWsV PRGHUQH 1XN ND PHNDQL]PD oXGLEsUsV
SsUHGXNLPLQPRUDOWsQMHULXWSsUYHoIXQNVLRQLPLW
PHSsUJMHJMsVLWsLQVWLWXFLRQHYHED]sWsHGXNLPLW
1sVH GXDP Ws QGU\VKRMPs UHDOLWHWLQ PRUDO Ws
GHIRUPXDU Ws VKRTsULVs VRQs GXKHW Ws
ULYOHUsVRMPsUROLQHSD]sYHQGsVXHVKsPHGXNDWLY
Ws VKNROOsV IDPLOMHV GKH NRPXQLWHWLW 1XN sVKWs
QRUPDOHTsQsVKNROOsGKHIDPLOMHSRLPsVKRKHW
Ps VKXPs ]KYLOOLPLW Ws DIWsVLYH QDW\URUH Ws
LQVWLQNWHYHWsSsUVKWDWMHVSsUVXNVHVSHUVRQDOWs
DGRSWLPLW PH MHWsQ PRGHUQH GXNH QHJOL]KXDU
QHYRMsQ H ]KYLOOLPLW Ws WLSDUHYH KXPDQH GKH
VRFLDOHWsQMHULXW
.RKD NsUNRQ Ts VKRTsULD MRQs YHoDQsULVKW
IDPLOMDVKNROODGKHNRPXQLWHWLWsNWKHMQsV\WsQJD
HGXNLPL GXNH PRV H OHMXDU VKRTsULQs WRQs Ws
GHIRUPRKHWQsLQJUDQD]KHWHSHUFHSWLPLWDQDUNLVW
Ws OLULVs PRUDOH 6KRTsULD MRQs GR Ws EsKHW
PRGHUQHNXUQMHUs]LWWDQsWsYHWHGXNRKHQGKHWs
PsVRKHQPHMHWsQVRFLDOHNXUSDULPHWGKHLGHWs

PRUDOH Ws VKRTsULVs Ws SsUWKLWKHQ RUJDQLNLVKW Ws


EsKHQSMHVsHSHUVRQDOLWHWLWWsW\UH6KRTsULDMRQs
ND VRW Ps VKXPs VH NXUUs QHYRMs Ts
NRQVHQVXDOLVKW Ws SUDQRMs Ws SsUSXQRMs GKH Ws
WUDQVPHWRMs WHN QMHUs]LW QMs VDVL QRUPDVK GKH
UUHJXOODVKPRUDOHSDWsFLODWQXNPXQGWsNULMRKHW
NRKH]LRQ GKH VKRTsULD QXN PXQG Ws EsKHW
PRGHUQH
6KHNXOOL0DM

*5((.,6/$1'6
*5((.,6/$1'6
5(67$85$17



^,^

K^dD
K&^

>
^>

K^d
K&^D

YW

5UHWK1HVK
7UDVKsJLPLD.XOWXURUH
7UDVKsJLPLD.XOWXURUH

/$6*86+325$'(&,
36(6+.58$-" 

3VHSDUDSsOTHMWsVKNUXDMYDUJMHGKHMRSUR]s"
.XU WKHP YDUJMH NXSWRM Ts GXKHW Ws MHQs Ws
SsUVRVXUQJDDUWL9HWsPNsWRWsSsUVRVXULWUURMQs
GKH PH]L GKH NsWR  7s SDSsUVRVXULW YGHVLQ
6HSVH JMXKD QGU\VKRQ SDV  YMHW $MR Ps
VsVKWs VLo LVKWH VKWs OLJML L VDM IL]LRORJMLN GKH
VKSLUWsURU VLo sVKWs ]KYLOOLPL L QMHULXW  %LEOD H
/XWKHULW SsU VKHPEXOO H VKNURMWXU SDUD 
YMHWsYH Ps VGR PXQGWH Ws SsUGRUHM SUHM
JMHUPDQsYH SD LX EsUs SsUSXQLPH JMXKH
*MLWKDVKWXGKHSsUNWKLPHWHSsUVRVXUDPMDIWRMQs
SsU QMs NRKs Ws JMDWs SR GKH NMR NRKs H JMDWs
QMsKHU PEDURQ 9HWsP Ts NXU SsUNWKLPL RVH QMs
YHSsU RULJMLQDOH MDQs Ws PLUD NDQs PXQGsVL Ws
TsQGURMQs Ps JMDWs 3VH" 6HSVH G\NH TsQs Ws
SsUVRVXUD Ws GHUGKXUD VL Qs PHUPHU SDV
PEDULPLWWsNRKsVVDTsQGURQJMXKDHW\UH SVK
 YMHW  DWR PXQG Ws ULSXQRKHQ Qs WKHPHO Ws
IRUPsVWsGHUGKMHVVsW\UHWsSDUsSDoIRUPXDU
GHUGKMHQHSDUs3RH]LMDNDPXQGsVLWsTsQGURMs
PsVKXPsVH
VD
SUR]D
VHSVHSRH]LMD
ND QMs IRUPs
Ps
VNXOSWXUDOH
QMs GHUGKMH
Ps
Ws
SDQGU\VKXDU
3sUVDLSsUNHWWRVNsULVKWHVNMRVLoGXNHWQMs
KHUs PXQG Ws PsQMDQRKHW SUHM JMXKsV Vs
PHVPH H FLOD H PHVPH VsVKWs YHoVH QMs
JHJsULVKWH H ]EXWXU  H ]EXWXU QJD LQIOXHQFLPL
DUPRQLRV
L
WRVNsULVKWHV 
*HJsULVKWMDNDHQHUJMLIL]LNHWRVNsULVKWMDsPEsOVL
VKSLUWsURUH '\NH EDVKNXDU JHJsULVKWHQ PH
WRVNsULVKWHQ JHJsULVKWMD JMLWK G\NH PRV KXPEXU
IRUFsQ HQHUJMLQs ILWRQ GKH KDUPRQL sPEsOVL VL
JMXKs H PHVPH PH NDUDNWHU JHJ  /XIWRQ SUD
IRUFD IL]LNH PH KDUPRQLQs VKSLUWsURUH WUXSL PH
VKSLUWLQ )RUFD VL QMs JMs EUXWDOH GR Ws ILWRMs
OsQGsULVKW SsUPLVKSLUWLQGRWsPEHWHW PEDVH 
JMXKDHPHVPHJHJHVHSVHJMLWKQMsIRUFDILWRQ
SsUPL VKSLUWLQ .\ ILWLP sVKWs OsQGRU /sQGsULVKW
GRNHPLVLJMXKsJHJsULVKWHQ HPHVPH 3RQMs
JHJsULVKWH Ws VKSLUWs]XDU PH LQIOXHQFsQ H
WRVNsULVKWHV 6KSLUWsULVKW WRVNsULVKWMD QXN KXPE
VKSLUWL GR GXNHW Qs sPEsOVLQs KDUPRQLQs
EXNXULQs H JHJsULVKWHV VH PHVPH
6D Ps H IRUWs Ps H IXTLVKPH Ps H
VKXPDQVKPHWsMHWsWRVNsULVKWMDQsKDUPRQLQsH
VDM DT Ps VKXPs GR Ws QGMHKHW IU\PD H VDM
PLUsEsUsVH Qs JHJsULVKWHQ H PHVPH 
(GKHXQsPXQGRKHPPHIXTLWsHPLMDWLDQ[MHUU
Qs VKHVK WRVNsULVKWHV SRWHQFLDOLWHWLQ H VDM
VKSLUWsURUEHNLPLQHKDUPRQLYHWsVDMG\NHEsUs
YDUJMH
Ws
SsUVRVXU
Qs
KDUPRQL
+DUPRQL QXN sVKWs IRUPD IRUPD H SsUVRVXU
VsVKWsNXUUsDUWPXQGWsMHWs]HMWDULSRMRDUW 

+DUPRQLMD LPH sVKWs PDQLIHVWLPL PH DQs Ws


YDUJXW LYHWsMHWsVGKHLYHWsERWsVVKTLSWDUHVs
NULVWDOL]XDU
Qs IRUPD
Ws
GXNVKPH
VKSLUWsURUH
 Ws FLODW
MDQs
VLPEROH Ws
MHWsVGKHWsERWsV3UDQGDMULPDLPHLGHQWLILNRKHW
PH IRQGLQ SUDQGDM IRUPs H IRQG MDQs QMs MDQs
UHDOLWHWLVKSLUWsURULVKIDTXULGHQWLNsULVKWPHDQsQ
H SRH]LVs 3UDQGDM ULPD LPH QXN NXSWRKHW NXUUs
TssVKWsULPsSRWUHWHWQsVLPEROLQHMHWsVWsFLOLQ
DMRHVKSUHKPHDWsVLPEROWsSsUVRVXU.\sVKWs
DUWL LP QMs DUW VKTLSWDU .XU WKHP ULPs H
EDVKNXDUPHIRQGLQQXNNXSWRMYHWsPULPsQSRU
GKH ULWPLQ GKH PDVsQ PH VWLOLQ H MHWsV Ws MHWsV
VKTLSWDUH VKWs MHWD VKTLSWDUH PRUDOL HWKLN
VKTLSWDU Ts oIDTHW PH DWs VLPERO SRHWLN VHSVH
YHWsP JMXKD VKTLSH H GHUGKXU Qs SRH]L  PH
WLQJXMWIU\PRUsGKHOsQGRUsWsVDMNDPXQGsVLWs
VKSUHKs KDUPRQLQs VSHFLILNH Vs SRH]LVs VLPH
6D Ps H SsUVRVXU sVKWs QMs SRH]L DMR sVKWs
QMsNRKsVLVKW GKHDTPsHIXTLVKPHGRPHWKsQs
DT Ps VKXPs SsUPEDQ SRWHQFLDOLQ H PRUDOLW
IU\PRUVKTLSWDU4sGXDWsGDOLSRH]LDLPH HFLOD
sVKWs KDUPRQLMD LPH Qs NXSWLPLQ H UUsI\HU Ps
VLSsU  VD Ps SRWHQFLDOH NMR QXN VKNDNWRKHW SUHM
YROOHV WLPH LQGLYLGRUH SR SUHM YHW SRWHQFLDOLW Ws
MHWsVGKHERWsVLFLOLPHYLWDOLWHWLQHWLMWsSORWsH
VKW\Q YHWYHWHQ Ts WD oIDTL WD VKSUHKL Ps
SORWsULVKW 6KSUHKMHQ N\ YLWDOLWHW H GL QJD YHW
QDW\UDHWLM HGRWsMHWsQMsMWPHSRWHQFLDOLWHWLQH
YHWWsWLM1XNNDSRWHQFLDOPsWsPDGKRVHPsWs
YRJsO Qs SRH]LQs H SsUVRVXU SR ND YHWsP
SRWHQFLDO Ws SORWs GRPHWKsQs YHWsP JUDGsQ
VXSUHPH Ws SRWHQFLDOLWHWLW YLWDO Ws MHWsV Vs UDFsV
-HWD SVK Qs PDQLIHVWLPLQ H VDM VL GDVKXUL  ND
YHWsP QMs SRWHQFLDO GRPHWKsQs DMR sVKWs H

VHTHYHULDsVKWsVLDLKDMYDQLLPDGKTs
VKNRQUUXJsVGKHLVKNHOPDUDX]KJDWPHNsPEs
SDLYsQsUH
SDLYsQsUH
/DVJXVK

 YW


d

s/

SsUVRVXUGRPHWKsQsHIRUWsDEVROXWLVKW3UDQGDM
GKH SRH]LD GXKHW Ws VKSUHKL MHWsQ PH VLPEROLQ
SRHWLN Qs PDNVLPXPLQ H VDM Qs SRWHQFLDOLQ
DEVROXWWsVDM$WsKHUHSRH]LDsVKWsHSsUVRVXU
SHUIHNWH.XUVsVKWsHSsUVRVXUNXUVNDIXTLQs
VXSUHPH SRH]LD QXN VH sVKW H PHWs SR VL
SsUVKWDWHWVLSsUSXWKHWSRWHQFLDOLWPRUDOWsMHWsV
SUD VsVKWs SRH]L QXN SsUIDTsVRQ YLWDOLWHWLQ
LQWHJUDOWsMHWsVGKHWsERWsVSRWHQFLDOLQDEVROXW
1XNNDSUDSRH]LWsPDGKHRVHWsYRJsOWsPLUs
RVH Ws NHTH SR YHWsP SRH]L Ts L SsUVKWDWHW
SORWsVLVKW SRWHQFLDOLW MHWsVRU GKH SRH]L Ts VL
SsUVKWDWHW 3RH]LMD Ts L SsUVKWDWHW sVKWs
32(=,-$DMRTsVLSsUVKWDWHW18.sVKWsSRH]L
GKH SUD GXKHW Ws YGHVs Ws PRV UURMsVLNXQGsU
GKHVUURQSRKXPEHW3VHGXKHWWsMHWsSRH]LDH
IRUWsSRWHQFLDOHHSsUVRVXU"6HSVHYHWsPG\NH
TsQs SRWHQFLDOH ND IXTLQs PH YHWH Ts Ws
WUDQVPHWRKHW Ps WHM Ts Ws WUDQVIRUPRMs
SRWHQFLDOLWHWLQ H MHWsV Ps WHM Qs Ws DUGKPHQ
QMHUs]RUH
7UDQVPHWLPLPRUDOLMHWsV PHDQsWsVLPEROHYH
SRHWLNH ORWQMsURODNWLYGKHMRDEVROXW9sUWHWVH
JMLWKs SRH]LD VDGR H IRUWs KXPEHW HGKH
SsUNWKLPL L EXNXU L 6KDNHVSHDUHLW SUHM 6FKO\HO
7LHFN RVH SsUNWKLPL L %LEOsV SUHM /XWKHULW  QXN
UURQ SsUMHWs VDGR L SsUVRVXU Ts Ws MHWs 6HSVH
JMXKDQGU\VKRQPHNDOLPLQHNRKsVGKHJMXKDVL
GKH VWLOL L oGR SsUNWKLPL GXKHW QGUHTXU VLo QJMHW
PH JMHUPDQLVKWHQ H %LEOsV Vs /XWKHULW Ts VRW H
YMHWSsUSDUD



Kush ta fali bukurin


Kush ta fali bukurin
Q t' m trerosh t zin!
Kur t pash per t vluar,
Pllumbesh pend-shkruar,
Bubu!plumb n kraharuar,
Plumb qe vret duke gjmuar!
Mbledhur shoqet me nj qoshe,
Di, m'ju flisje,di m'ju thoshe,
Gushe-e-ller-e-gji-bardhoshe.
Pa me sykzat e tua,
Sy-larme!'m fole mua.
Leshrave t'ju binte hija,
Yll i ndezur me shkndija,
Ndezur mun n mes n ball,
T m vesh n dhe te gjall.

5UHWK1HVK

/$6*86+,14<7(7,1(7,-




d

s/

1DXP3ULIWL.XMWLPH 

1JD THUVKRUL GHUL Qs IXQG Ws QsQWRULW


/DVJXVKLYHURQWHQs3RJUDGHF QsPMHGLVLQ NX
LVKWH OLQGXU GKH UULWXU 1s T\WHW DL NLVKWH QMs
VKWsSLWsYRJsOWsPRGHOLWWsYMHWsUQGsUWXDUQJD
EDEDLRVHJM\VKLLWLMPHFLOsQHOLGKQLQVKXPs
NXMWLPH 3sU VKNDN VH YXDQWH QJD QMs KHUQLH
NURQLNH /DVJXVKL L SsUEDOORQWH PH YsVKWLUsVL
XGKsWLPHW H JMDWD SRU DL H PLUUWH Qs V\
VDNULILFsQ NXU PHQGRQWH VH SDV QMs GLWH Ws
ORGKVKPHGRWsSXVKRQWHGLVDPXDMQsNOLPsQH
PUHNXOOXHVKPH Ws YHQGOLQGMHV $L X EHVRQWH
IL]LRORJsYH PRGHUQs VH NOLPD H YHQGOLQGMHV ND
YHWL ULJMHQHUXHVH SsU THOL]DW H WUXSLW
3RJUDGHFDUsW NUHQRKHVKLQ PH Ws VHSVH DL LVKWH
OHJMHQGsHJMDOOsSRHWPHIDPsSDYDUsVLVKWQJD
WUDMWLPL THYHULWDU 1JD DQD WMHWsU /DJXVKL LVKWH
QMHUL L WKMHVKWs L GDVKXU L VMHOOVKsP $L WDNRKHM
SsU]HPsUVLVKW PH QMHUs]LW Ts QMLKWH PH
SsUMDVKWLP Ws Ws DUGKXUYH DL L QMLKWH Ws JMLWKs
YHQGDVLW GKHS\HVWHSsUVKsQGHWLQHW\UHGKHWs
QMHUs]YH Ws IDPLOMHV 3R TH VH /DVJXVKL YRQRKHM
SsU QGRQMs VKNDN IDPLOMDU D SUREOHP WUDQVSRUWL
SRJUDGHFDUsW ILOORQLQ Ws VKTHWsVRKHVKLQ 8 GXNHM
VLNXUYHUDSD/DVJXVKLQQXNHNLVKWHKLMHVKLQsH
SsUYLWVKPH VLNXU T\WHWLW GLoND L PXQJRQWH
'DVKDPLUsVLWHWLMSsUNXMGHVHVKLQWLJMHQLQQGRQMs
YHWXUsTsWDVLOOQLQQJD7LUDQDQs3RJUDGHF$WDH
GLQLQPLUsILOOLVHJMHQGMDILQDQFLDUHQXNLDOHMRQWH
OXNVLQ Ws DQJD]KRQWH QGRQMs WDNVL SUDQGDM X
OXWHVKLQ GUHMWRUsYH Ws QGsUPDUUMHYH WD WDNRQLQ
/DVJXVKLQNXUWsYLQLQQs7LUDQsGKHPXQGsVLVKW
WD PLUUQLQ Qs PDNLQDW H W\UH 6KSHVK /DVJXVKL
XGKsWRQWH HGKH PH NDPLRQs 6KRIHUsW H NLVKLQ
SsU QGHU Ws NLVKLQ Qs NDELQs QMs SDVDJMHU Ws
QGHUXDU GKH EDVKNsXGKsWDU Ws NsQGVKsP VL
/DVJXVKL $VQMsKHUs QXN SUDQRQLQ Ws PHUUQLQ Ws
KROOD SUHM WLM 3sUNXQGUD]L NXGR Ts QGDORQLQ
SsUSLTHVKLQ WD THUDVQLQ 7s QHVsUPHQ T\VK Qs
PsQJMHVODMPLLJs]XDUVH/DVJXVKLNLVKWHDUULUs
Qs 3RJUDGHF SsUKDSHM JRMs Ps JRMs/DVJXVKLQ
H WUDMWRQLQ PH UHVSHNW Ws DIsUPLW PRVKDWDUsW
DUVLPWDUsW LQWHOHNWXDOsW H ULQM PH QMs IMDOs JMLWKs
VKWUHVDW H EDVKNsT\WHWDUsYH PH SsUMDVKWLP Ws
DXWRULWHWHYH
ORNDOH
6RW
GXNHW
H
SDNRQFHSWXHVKPH VH VL DWD QXN RUJDQL]XDQ
NXUUs QGRQMs FHUHPRQL Ws WKMHVKWs SsU Ws QMs
PEUsPMH OHWUDUH PH UHFLWLPH SRH]LVK QMs
SURPRYLP OLEUL D IHVWLPLQ H GLWsOLQGMHV Vs WLM 6D
SsU WD IWXDU Qs SULWMHW ]\UWDUH ORNDOH NMR DV Ts
PLUUHM Qs NRQVLGHUDWs (GKH SD QGRQMs XGKs]LP
WsSRVDosPDWDHGLQLQTsQGULPLQHUHYHUYXDUTs
PEDQWH XGKsKHTMD H SDUWLVs GKH /LGKMD H
6KNULPWDUsYHQGDMWLMoNDPXQGWsSsUPEOLGKHMQs
G\IMDOsPRVSsUILOOMHHKDSXUGKHPsQMDQLP1XN
PXQG WLD IDOQLQ PsNDWLQ VH SRHWL L QMRKXU QXN H
SsUTDIRL PHWRGsQ H UHDOL]PLW VRFLDOLVW QGU\VKH
QJD NROHJsW H WLM Ts X NRQIRUPXDQ VKSHMW
1GsUNRKs DV /DVJXVKL QXN X DIURKHM G\HUYH Ws
.RPLWHWLWWs3DUWLVsRVHWs.RPLWHWLW(N]HNXWLYWs

3RJUDGHFLW SsU
Ws WDNXDU DWD Ts
QMLKWH D SsU WX
NsUNXDU QGRQMs
QGHU
0H
EDVWXQLQ
Qs
GRUs PH QMs
NDSHOH Ws YMHWsU
UHSXEOLNs
Qs
NRNs
GLOWH
VKsWLVWH DQsV
OLTHQLW RVH ODUW
QJDYUHVKWDWVKSHVKKHUsLYHWPXDUGXNHSDWXU
VKRNPHQGLPHWHWLM7H7XUL]PL L9MHWsUVKNRQWH
SsU Ws WDNXDU PLTWs H YHW GKH LQWHOHNWXDOsW Ts
YLQLQ QJD 7LUDQD ELVHGRQWH PH WD SsU WHPD Ws
QGU\VKPHSDSUDQXDUDVQMsOORMTHUDVMHHGKHNXU
Ws WMHUsW QJXOPRQLQ 1JD QDW\UD /DVJXVKL LVKWH
DEVHQWLVWQXNHSLQWHDVGXKDQLQDVNDIHQsGKH
DVQMsOORMDONRKROL$LLVILGRLDXWRULWHWHWORNDOHPH
QMs PsQ\Us RULJMLQDOH ODVJXVKLDQH GR Ws
WKRVKQLP GXNH X VKRTsUXDU PH +DUL] %HUEHULQ
Ws FLOLQ SRJUDGHFDUsW H NXQGURQLQ VL QMHUL MR
QRUPDO1MHUs]LWS\HVQLQVLLVKWHHPXQGXUTsQMs
SRHW PH IDPs NRPEsWDUH SsOTHQWH VKRTsULQs H
QMs PRQRPDQLDNX" 'DVKDPLUsW H MXVWLILNRQLQ VL
WULOO Ws /DVJXVKLW SR QGRVKWD QXN LVKWH WDPDP
DVKWX+DUL]LTHLXUWsLSsUNRUsLVKNXHVKsP(
PHWDHWLMTHQMsOORMSVLNRPDQLHOHWUDUHVHLVKWH
SRHWLPDGKDNRPDLSDQMRKXUSRUYsOOLPLSRHWLN
Ts GR Ws ERWRQWH Vs VKSHMWL GR WL HNOLSVRQWH
SRHWsW H WMHUs 1GsUNRKs +DUL]L QXN H IVKLKWH
DVSDN VH SRH]LWs Ts NLVKWH GsUJXDU QsSsU
UHGDNVLWsHQGU\VKPHLDNLVKLQ KHGKXUQsNRVK
3DWD UDVW WD QMLKMD +DUL]LQ GKH Ws GsJMRMD SUHM
JRMsVVsWLMVHLJXIRQLQVKXPsPRWLYHSsUEUHQGD
GKH DL QXN GR Ws UHVKWWH Vs GsUJXDUL NULMLPH Ws
WMHUD QsSsU UHGDNVLWs VD Ws ELQGHVKLQ Ts LVKWH
SRHW /DVJXVKL GXNHM VLNXU H NLVKWH ]JMHGKXU
TsOOLPLVKW RVH QGRVKWD GKH L YLQWH NHT SsU Ws
+DUL]L LVKWH PH UDSRUW Ws JMDWs SDDIWsVLH QJD
NRPLVLRQLPHGLNROHJDOLSDDQJD]KXDUPHQGRQMs
SXQsSUDHGKHPsLQJHVKsPVHWsWMHUsWSsUWs
VKRTsUXDU/DVJXVKLQGKHNsGRWMHWsUTsSUDQRQWH
VKRTsULQsHWLM%DVKNsELVHGXHVLWoPHULWHVKLQNXU
/DVJXVKL GHNODURQWH PLNX LP +DUL] %HUEHUL
WKRWsQsQMsNRKsNXULWKWDUsWHSDUWLVsSsUWX
PEXUUXUDSsUWsVKLWXUPHQGSsUPHQGQLQFLWDWHW
H (QYHU +R[KsV 7s YOHUsVRMH WKsQLHW H QMs
PDQLDNXGKHWLDVHUYLUMHVKRTsULVsDVKWXVLNXUVH
YHSURQWH/DVJXVKLLVKWHQMsOORMVLWsWDOOHVKHPH
SROLWLNsQ H SDUWLVs 'DVKDPLUsW H WLM EHVRQLQ VH
/DVJXVKL QXN H WKRVKWH PH TsOOLP SRU QJD
QDLYLWHWL ,URQLD H /DVJXVKLW LVKWH SMHVs RUJDQLNH
TsEXURQWHQsPsQ\UsWsQDW\UVKPHQJDVKSLUWLL
WLM DT VD NXVKGR Ts H GsJMRQWH QXN PXQG Ws
GDOORQWH NXILULQ PLGLV VLQTHULWHWLW GKH VKIU\UMHV
6\WsHWLMWs]JMXDUGKHI\W\UDHTHVKXUJMLWKPRQs
UXDQLQ Ws SDSULWXUD SsU EDVKNsELVHGXHVLW
/DVJXVKL VKSHVK OsVKRQWH NULWLND Ws IRUWD SsU
UDSRUWLQ VKWHWLQGLYLG VD PXQG Ws DNX]RKHM SsU
SLNsSDPMH HN]LVWHQFLDOLVWH $L WKRVKWH VH
THYHULD sVKWs VL DL KDMYDQL L PDGK Ts VKNRQ Qs

s

^
,
<
'

<
d

Y

^
E
D
E

d

Z


D
&
W
Y

Y
^
K
W

W
^
^
W

UUXJs GKH VKNHO PH NsPEs PDUDX]KJDW


>PLOLQJRQDW@ SD L YsQs UH .UDKDVLPL L THYHULVs
PHQMsPXVKNsDNDOsTsHFsQVKWHJXWSDYsQs
UHNXVKNHOLVKWHVNDQGDOR]SsUQsSsUNsPEMHQH
QMHUs]YHWsWKMHVKWsSUHMoGRSXVKWHWLSDNXUUIDUs
GDOOLPLPLGLVVLVWHPLWVRFLDOLVWGKHNDSLWDOLVW


32(7,/$5*32/,7,.6

1sNRKsQH=RJXWXQGH]QMsGLVNXWLPLKDSXU
UUHWK YOHUDYH Ws /DVJXVKLW VL SRHW 1s UHYLVWsQ
OHWUDUH -DYD Qs PRV JDERKHP X ERWXD Ps
 QMs VKNULP NULWLN L HVWHWLW .ULV 0DORNX PH
WLWXOOLQG\VKXHV$sVKWsSRHW/DVJXVK3RUDGHFL"
'XNHUHSOLNXDUPH0LWUXVK.XWHOLQTsQJULQWHODUW
PHULWDWDUWLVWLNHWsSRHWLW.ULV0DORNXUURSDWHMWD
XOWH ILJXUsQ H WLM PH QMs VWUDWDJMHPs MR IRUW Ws

YW

5UHWK1HVK

d

s/

]JMXDU6LSDVHWDORQLWWsWLM/DVJXVKLQXNPXQGWs
EDUD]RKHM PH +RPHULQ 'DQWHQ *sWHQ +DMQHQ
GKH VL SsUIXQGLP QXN PXQG Ws FLOsVRKHM SRHW $L
QXN EsQWH DVQMs GDOOLP PLGLV SRHWsYH PH
PDGKsVL NRPEsWDUH GKH ERWsURUH 4H QMs NULWLNs
HVWHWL]DQWH NX DXWRUL Ps VKXPs UURSDWHM Ws
VKSDORVWH GLMHQLWs H WLM WHRULNH Qs IXVKsQ H
OHWsUVLVs VH VD Ws DUJXPHQWRQWH YOHUDW H
/DVJXVKLW3UHWHQGLPHWHWLMQXNJMHWsQSsUNUDKsV
SsUDUV\HQHWKMHVKWsVHYsOOLPLSRHWLNL/DVJXVKLW
9DOOMDH<MHYH  GKH<OOLL=HPUsV  H
NLVKLQODUWsVXDUHPULQHWLMQsVKNDOOsQHSRHWLW
NRPEsWDU PH ULVLQs PRWLYHW GKH JMXKsQ
SRHWLNHTsVROOL3RH]LDHWLMQJDoGRDQsLVKWHPs
PRGHUQH Ps DIsU SRH]LVs HXURSLDQH VH H oGR
SRHWLVKTLSWDUGHULQsDWsNRKs/DVJXVKL
JMLWKPRQs NLVKWH TsQGUXDU ODUJ SROLWLNsV GKH
SROLWLNDQsYH 1s NRKsQ H PEUHWsULVs /DVJXVKL
QXN L WKXUL ODYGH PEUHWLW VL GLVD VKNULPWDUs Ws
NRKsVSRUQXNXEDVKNXDDVPHNUDKXQPHSULUMH
UHYROXFLRQDUH RVH PDMWLVWH 3XVKWLPLQ H
6KTLSsULVs QJD ,WDOLD IDVKLVWH H SULWL PH XUUHMWMH
SsUVKNDNVHYHQGLKXPELSDYDUsVLQsGKHUUH]LNX
L NRORQL]LPLW GXNHM LPHGLDW *MDWs OXIWsV VL PMDIW
LQWHOHNWXDOsWsWMHUsTsQGURLQHXWUDO$VQsNRKsQ
HSXVKWLPLWJMHUPDQQXNXYXQsVKsUELPWsW\UH
HGKHSVHDWDXSsUSRTsQWsDIURQLQLQWHOHNWXDOsW
VKTLSWDUs Ts NLVKLQ VWXGLXDU Qs *MHUPDQL RVH
$XVWUL GKH FLOsVRKHVKLQ PH NXOWXUs JMHUPDQLNH
SUD GRMoNXOWXU /DVJXVKL UXDMWL SDYDUsVLQs H WLM
GXNH LX NXVKWXDU SXQsYH OHWUDUH GKH NXOWXURUH
0HJMLWKDWs SsU QGRQMs NHTNXSWLP D VKSLIMH
NRPXQLVWsW H DNX]XDQ VLNXU DL SR L NsQGRQWH
ODYGH IDVKL]PLW 1s VKW\SLQ LOHJDO Ws )URQWLW

1DFLRQDOoOLULPWDUWRNPHDUWLNXMWSURSDJDQGLVWLNs
ERWRKHVKLQHGKHFRSDWsYRJODOHWUDUHVLYMHUVKD
H 0HPR 0HWRV -DP QMs YDM]s VKTLSsWDUH

SRHWL OLULN NLVKWH VKNDUs Qs NDPSLQ NXQGsUVKWDU


3RH]LD ILOORQWH PH YDUJXQ 7s EOHQs PH SDUD R
]RJOLTHQLGKHPsWHMYLQLQYDUJMHWVHELOELOLQH
NLVKLQ IXWXU Qs NXYOL Ts WD GHW\URQLQ Ws NsQGRQWH
SsU WD 3RH]LD Qs YHWYHWH LVKWH H EXNXU GKH
PHQGLPL L TDUWs SR LQIRUPDFLRQL VH /DVJXVKL
NLVKWH VKNUXDU QMs SRH]L SsU 0XVROLQLQ 9LNWRU
(PDQXHOLQ ,,, D IDVKL]PLQ LVKWH L SDVDNWs 1XN
GLKHW DV VRW VH QJD NXVK H VL X SsUKDS NMR
OHJMHQGs 1GRVKWD LWKWDUsW H IDVKL]PLW H VDMXDQ
PHTsOOLPWsMRVKQLQLQWHOHNWXDOsWVKTLSWDUsVHQs
DQsQHW\UHLVKWHUUHVKWXDUQMsILJXUsHPDGKHH
NXOWXUsV VL /DVJXVKL RVH SsUQGU\VKH GXKHW
EHVXDUVHLVKWHQMsVDMHVsQMsWKDVKHWKHPHQJD
DWR Ts TDUNXOORMQs GHQGXU Qs NRKs Ws WUD]XDUD
3DV OXIWH /DVJXVKL L NsUNRL 3URI 6HIXOOD
0DOsVKRYsV WL WUHJRQWH VH NX H NLVKWH JMHWXU
SRH]LQs H WLM SsU 0XVROLQLQ D SsU IDVKL]PLQ Qs
FLOsQ JD]HWs Qs FLOsQ UHYLVWs VHSVH DL YHWs VL
DXWRUQXNGLQWHDVJMsdsVKWMDXPE\OOQsKHVKWMH
PEDVLQsDWsNRKs6HIXOODLLVKWH0LQLVWsUL$UVLPLW
/DVJXVKL QXN LVKWH SRHW RERUUL 3sU Ws PLVRQL L
SRH]LVs LVKWH K\MQRU SUDQGDM DL DV QXN H
NRQFHSWRQWH VL PXQG Ws VKNUXDQWH SRH]L SROLWLNH
GKHDTPsNHTWXNsQGRQWHGLNWDWRUsYH


13/(180,1(.5,7,.6

SRHPWKL (SRSHMD H %DOOLW .RPEsWDU H 6KHYTHW


0XVDUDMW HWM 1s QMs QJD EXOHWLQHW H
VKDSWLORJUDIXDUDXERWXDYMHUVKDH/DPH.RGUsV
NXVKWXDU /DVJXVKLW NX DL VKIDTWH NHTDUGKMHQ Ts

1JD PHVL L YLWLW  /LGKMD H 6KNULPWDUHYH


RUJDQL]RL QMs SOHQXP SsU NULWLNsQ PH V\QLPLQ Ws
DQDOL]RQWH Ws PHWDW GXNH VXJMHUXDU GLVD UUXJs
HIHNWLYHSsUWDVKSsQsSsUSDUDDWsJMLQLWsYDUIsU
OHWUDUH5HIHUDWLQLDQJDUNXDQ4DPLO%X[KHOLW$LX
UURSDW PMDIW Ts Ws KDUPRQL]RQWH PHQGLPHW H WLM
PHDWRWsVKHIDYHSsUSUREOHPHWHNULWLNsVQGDMX

.RPXQLWHW
.RPXQLWHW
SHSHA-JA U NDERUA ME MIRNJOHJE NGA THESARI I QYTETIT IKAGO
2GD(NRQRPLNHGKHVKRTDWDWsWMHUDQJDIXVKDHEL]QHVLWGKHHLQYHVWLPHYHNDQsSsUJDWLWXUD[KHQGsQSsU
.RQIHUHQFsQTsNDWsEsMsPHLQYHVWLPHWQs.RVRYsGKH6KTLSsUL
1s ORNDOHW H %DVKNsVLVs Vs 4\WHWLW Qs dLNDJR X PEDMW WDNLPL
WDVKPs WUDGLFLRQDO Ps Ws JMLWKs SsUIDTsVXHVLW H NRPXQLWHWHYH
QJD PEDUs ERWD Ts MHWRMQs GKH SXQRMQs Qs VKWHWLQ H ,OOLQRLVLW
'XNH MX GsVKLUXDU PLUsVHDUGKMH 0DULD 3DSDV NU\HWDUH H
7KHVDULW Ws %DVKNsVLVs Vs 4\WHWLW Qs dLNDJR WKHNVRL VH
NRPXQLWHWHWHWsJMLWKsSRSXMYHTsWDVKPsMHWRMQsGKHNULMRMQsWs
PLUDWPDWULDOHSsU6+%$GKHIDPLOMHWHW\UHHEsMQsNROD]KLQH
PUHNXOOLYH Qs Ws JMLWKD UUMHGKDW H MHWsV Qs HNRQRPLEL]QHV GKH
QsIXVKDWWMHUD
.RPXQLWHWL6KTLSWDUR$PHULNDQTsHUGKsQQGsUYLWHQJDSMHVsW
HWQLNH WDVKPs MDQs UUHVKWXDU Qs Ws JMLWKD UUMHGKDW H MHWsV
DPHULNDQH$WD Ps SsUNXVKWLPLQ H W\UH SR WUHJRMQs UH]XOWDWH Ws
PLUDQsIXVKsQHNRQRPLNHGKHWsEL]QHVLWQsUUXJsQHSsUVRVMHV
Vs GLMHV QsSsU XQLYHUVLWHWH GXNH NULMXDU NDKH Ws UHMD
GHPRNUDWLNH9HWsPQsVKWHWLQH ,OOLQRLVLWMHWRMQsPsVHPLMs
VKTLSWDUs
1sWDNLPHWH7KHVDULWPRULSMHVs0DKPXW6NHQGHULVHNUHWDUL

6KRTDWsV 6KTLSWDUR$PHULNDQH GKH QMsKHUsVK DQsWDU L 2GsV


(NRQRPLNHQsdLNDJR3sUDNWLYLWHWLQSROLWLNRNRPEsWDUGKHWs
EDVKNsSXQLPLW PH Ws JMLWKD LQVWLWXFLRQHW GHPRNUDWLNH Ws NsWLM
VKWHWL .sVKLOOL L 7KHVDULW Ws %DVKNsVLVs Vs 4\WHWLW dLNDJR H
QGHURL PH 0LUsQMRKH 6+6+$Qs Ts LVKWH Qs PHVLQ H 
PLUsQMRKMHYHSXEOLNHSsUNRPXQLWHWHWQJDPEDUsERWD0HNsWs
UDVW VKXPs SsUIDTsVXHV Ws NRPXQLWHWHYH GKH NRUL GLSORPDWLN
VKSUHKsQ LQWHUHVLPLQ SsU VKWHWLQ H UL Ws .RVRYsV VL GKH SsU
VHJPHQWHWMHUDWsEDVKNsSXQLPLWHNRQRPLNGKHWsIXVKDYHWs
EL]QHVLWPHHNRQRPLQsVKTLSWDUH
'R WKHNVXDU VH SsUIDTsVXHVL L VKWHWLW ,]UDHOLW $PEDVDGD Qs
dLNDJR  'DQHLO 6KDUH PH NsQDTsVL PLUsSULWL WDNLPLQ PH
SsUIDTsVXHVLQ H 6+6+$Vs ]0DKPXW 6NHQGHUL PH Ws FLOLQ
ELVHGXDQ SsUNLWD]L PH Ws GKsQDW WDVKPs Ws QMRKXUD VH VL
SRSXOOLVKTLSWDUsQs.RVRYsGKH6KTLSsULLVKSsWXDQKHEUHQMWs
QJDVKIDURVMDNROHNWLYHTsHEsQWHPHUHFHWsQHQMRKXU1D]L
)DVKL]PL JMDWs /XIWsV Vs '\Ws %RWsURUH 'LSORPDWL ,]UDHOLW
VKSUHKX JDGLVKPHULQs Ts SsUPHV LQVWLWXFLRQHYH UHOHYDQWH
HNRQRPLNH GKH Ws IXVKDYH WMHUD Ws EDVKNsSXQLPLW Ws DIURMs

 YW


5UHWK1HVK
GHW\UXDWDULSXQRQWHUHIHUDWLQWULKHUs0EOHGKMDX
]KYLOOXD Qs VDOOsQ H /LGKMHV Vs 6KNULPWDUsYH
*MDWs SXVKLPLW SDV OH[LPLW Ws UHIHUDWLW QMHUs]LW
EDVKNRKHVKLQ PH VKRNsW H W\UH WH
WU\H]DW H YRJOD SsU ELVHGD VKRTsURUH
/DVJXVKL X DIUXD WH WU\H]D MRQs NX
QGRGKHM )DWRV $UDSL .LQ 'XVKL GKH
XQs )DWRVL H S\HWL VL LX GXN UHIHUDWL
0MDIW L PLUs X SsUJMHJM /DVJXVKL SRU
KDELWHPVHVL4DPLOLQXNQDWKDDVQMs
FLWDWQJD%MHOLQVNL"
.RPHQWL L WLM LURQLN TH L PSUHKWs 6D
SD X SULVKXU DOHDQFD SROLWLNH PH
%DVKNLPLQ 6RYMHWLN oGR DUWLNXOO WHRULN
NULWLNs D UHFHQVLRQ PEXVKHM PH FLWDWH
QJD
%MHOLQVNL
'REUROMXERYL
dHUQLVKHYVNL 3OHKDQRYL Ws FLODW
DXWRUsW L VLOOQLQ VL PEsVKWHWMH SsU
DUJXPHQWHWHW\UHGKHQMsNRKsVLVKWSsU
WsWUHJXDUVDWKHOOsH]RWsURQLQNXOWXUsQ
UXVRVRYMHWLNH 3DV YLWLW  DVQMHUL
QXN JX[RQWH Ws SsUPHQGHWH NULWLNsW
UXVs H VRYMHWLNs QJD GURMWMD VH FLWLPL L
W\UH PXQG Ws NHTNXSWRKHM VL
NXQGsUYsQLH QGDM LGHRORJMLVs GKH SROLWLNsV Ts
QGLTWH3DUWLDH3XQsV3OHQXPLLNULWLNsVQXNSDWL
DVQMs OORM QGLNLPL PEL MHWsQ NXOWXURUH VKTLSWDUH
GKHDVPXQGWsNLVKWHQsNXVKWHWHFHQVXUsV


0$55'+1,(7(7,-0(
5('$.7257


/DVJXVKL H QMLKWH PLUs OHWsUVLQs NODVLNH


ERWsURUH H QGsUPMHW W\UH HGKH OHWsUVLQs UXVH $L
SsUNWKHX PH VXNVHV URPDQLQ Qs YDUJMH (YJMHQL
2QHJLQWs3XVKNLQLWGXNHUXDMWXUOLUL]PLQHSRHWLW
Ws PDGK UXV (GKH SVH H NULWLNXDQ SsU IU\PsQ
ODVJXVKLDQH Ts X NLVKWH GKsQs YDUJMHYH
SsUNWKLPL HGKH VRW oPRKHW SsU YOHUDW H WLM
3sU]sQs UUH]HVK SDUsYHUH1JD PDOHW ITLQM
GsERUD VKNRQ( WDWsSMHWs PH SRWHUH0EL IXVKD
XMUDW L YsUVKRQ .sVKWX KDSHW URPDQL Qs YDUJMH
GKH IDNWL Ts SR L NXMWRM YDUJMHW HGKH SDV GLVD
GHNDGDVK WUHJRQ PEUHVDW H IRUWD Ts Ps OD
SsUNWKLPL9HoDQsULVKWWsEXNXUDTHQsSsUNWKLPHW
H NDSLWXMYH /HWUD H 7DWMDQsV GsUJXDU 2QHJLQLW
GKH *M\VKMD 1Ms QGLKPHVs Ws oPXDU SsU
UHGDNWLPLQ H YHSUsV Vs 3XVKNLQLW GKD SRHWL
'ULWsUR $JROOL /DVJXVKL Qs NXSWLPLQ H PLUs Ws
IMDOsV LVKWH VTLPsWDU SsU YDUJMHW $L H ]JMLGKWH
IMDOsQ PH NXMGHV GKH L OsPRQWH SsU Ws SDWXU
NDGHQFs GKH PX]LNDOLWHW QGDM PsU]LWHM H
QHUYR]RKHMNXUUHGDNWRUsWYLQLQGRUsPELYDUJMHWH
SsUNWK\HUD SUHM WLM .MR H VKW\UL /DVJXVKLQ Ws
KDUWRQWH QMs VDWLUs Ws PSUHKWs H FLOD TDUNXOORL
JRMs Ps JRMs Qs PMHGLVHW OHWUDUH Ws 7LUDQsV
5HGDNWRUsW
WUXNRNDOOs5HGDNWRMQs
YMHUVKsWRUsW3DPsWKRQLVHNXVKYDOOs5HGDNWRQ
UHGDNWRUsW"


.20(17(

d

s/

35

'5,1,1

3/$.

*MDWsNRKsVTsSXQRMDWHUHYLVWD<OOL/DVJXVKL
YLQWHKHUsSDVKHUsTRIWsSsUWsVMHOOsSsUNWKLPHW

Ts L QJDUNRQWH UHGDNVLD TRIWs DWR Ts VLOOWH YHWs


QLVXU QJD PHQGLPL VH YOHQLQ Ws ERWRKHVKLQ $L
oPRQWH YHoDQsULVKW SRHWsW JMHUPDQs DQJOH]s

IUDQFH]s NODVLNs GKH NRQWHPSRUDQs )OLVWH PH


DGPLULP SsU *sWHQ +DMQHQ %sUQVLQ %HUWROW
%UHKWLQ HWM +RUL]RQWL L WLM NXOWXURU LVKWH PMDIW L
JMHUs Qs IXVKsQ H OHWsUVLVs GKH Ws ILORORJMLVs
/DVJXVKL LVKWH QJD VWXGHQWsW H UUDOOs VKTLSWDUs
QsPRVLYHWPLTsQGRTLHGKHQMsNXUVWsJMXKsV
VDQVNULWH JMDWs VWXGLPHYH Qs 8QLYHUVLWHWLQ H
*UDFLW $XVWUL %HVRKHW VH NXUVLQ H PRUL L Q[LWXU
QJDDOEDQRORJXLQMRKXU1RUEHUW-RNOPHWsFLOLQ
NLVKWH PLTsVL -RNOL EHVRQWH VH QMRKMD H
VDQVNULVKWHV VL UUsQMD H JMXKsYH LQGRHYURSLDQH
GR WD VKW\QWH /DVJXVKLQ Ws PLUUHM PH ILORORJML
PLUsSR VKSLUWLQ H WLM H NLVKWH SXVKWXDU WsUsVLVKW
SRH]LD $V NXU LVKWH L UL DV NXU X PRVKXD
/DVJXVKL QXN WUHJRL QGRQMs LQWHUHV SsU VWXGLPH
Qs IXVKsQ H SUHMDUGKMHV Vs JMXKsV VKTLSH 9Ho
GXNHWVHQsVKSLUWLQHWLMODYUDJsOH[LPLLYHGDYH
WsODVKWDLQGLDQHQsJMXKsQVDQVNULWHTsNXUVHOD
GRUsVKNULP SRHPsQ .DPDGHYD K\MQL H
GDVKXULVs Qs PLWHW LQGLDQH oND H GsVKPRQLQ Ws
DIsUPLW H WLM 3RHPD H SD GULWsQ H ERWLPLW SDV
YGHNMHVVsWLM/DVJXVKLHNWKHXEXNXULQsIL]LNHWs
YHQGOLQGMHVQsREMHNWDUWLVWLNGXNHLIDOXUSRH]LVs
VKTLSHNULMLPHMDVKWs]DNRQLVKWWsEXNXUD1GsUVD
1DLPL L NsQGRQ EXNXULVs IL]LNH Ws 6KTLSsULVs PH
PDOH NRGUD oXND H S\MH Qs WsUsVL GKH Qs
PsQ\Us SsUJMLWKsVXHVH /DVJXVKL sVKWs NRQNUHW
PHHPUDHWRSRORJML0DOLL7KDWs/LTHQLL2KULW
'ULQL6KsQ1DXPLNDQs]sQsYHQGQsSRH]LWsH
WLM /LTHQL RVH /LTHUL VLNXUVH H WRVNsUL]RQWH
/DVJXVKL  VL QMs PHGDOMRQ L NDOWsUW PHV PDOHYH
XMsUDW PH WHMSDPVKPsUL Ws MDVKWs]DNRQVKPH
SsUIODNMHWTsPHUUOLTHQLNXUGLHOOLQGULoRQUHWsQJD
SRVKWsTHWsVLDHDPsVKXDUTsELHPELWsQDWsQ
IOXWXURQ Qs 0DOWs7KDWs)XWHW ]HPU H
YHWsPXDU PXQ Qs IXQG Ws VKSLUWLW WLP7sUs ILVL
WsUsMHWDUDXGHUJMH]XULJMXPL=RWsURLPs
NDWsU DQs HUUsVLUD3R WDVKL '\NH QLVXU

XGKsWLPLQPHVSsUPHVQs6KTLSsUL'ULQLSODNHL
SsUUDOOVKsPSRPEXURQSUHM6KsQGDXPL
/DVJXVKLQMsGLWsHUGKLQsUHGDNVLL]HPsUXDUVL
UUDOOs KHUs 6KNDNXQ QD H ]EXORL VKSHMW
.LVKWHPDUUsYHVKVH3URI=LMDXGLQ.RGUD
SHGDJRJ Qs )DNXOWHWLQ H /HWsUVLVs 6KTLSH
GXNH NRPHQWXDU YDUJXQ SsU 'ULQLQ SODN Ts
VKNRQPHVSsUPHV6KTLSsULVsHNRPHQWRL
VH NMR LVKWH OLFHQFs SRHWLNH LQWHUSUHWLP L
SRHWLW Ts QXN PHUU SDUDV\VK JMHRJUDILQs
IDNWLNH PEDVL Qs IDNW 'ULQL VKNRQ DQDVK
QJMDWNXILULWWs6KTLSsULVs/DVJXVKLHGLQWH
VH HGKH VLNXU Ws GsUJRQWH SURWHVWD SsU
NRPHQWLQ H SDVDNWs Ws 3URI .RGUsV DVQMs
JD]HWsVNLVKWHSsUWLDERWXDUSUDQGDMJMHWL
UUXJsQ Ps SUDNWLNH WXD VKSUHKWH
SDNsQDTsVLQs PH JRMs VKNULPWDUsYH
VWXGLXHVYH DW\UH Ts EHVRQWH VH PXQG WD
NXSWRQLQ ,VKD EDVKNs PH SRHWLQ 9HKEL
6NsQGHUL NXU DL H FHNX DWs WHPs ( NDP
PLN3URIHVRU=LMDXGLQLQGKHHGXDQDWKD
SRUQXNMDPDVSDNGDNRUGPHNRPHQWLPLQ
TsXNDEsUsYDUJMHYHWsPLDSsU'ULQLQ
.XUHOH[RLNsWsSRH]LDOEDQRORJX1RUEHUW
-RNO WKD -D VD EXNXU SRHWL X Os WUDVKsJLP
EUH]DYH Ws DUGKVKsP 6KTLSsULQs HWQLNH QGsUVD
QMsSURIHVRUVKTLSWDUHTXDQOLFHQFsSRHWLNHVLNXU
XQs Ws PRV GLMD GUDPsQ H FRSsWLPLW Ws YLVHYH
VKTLSWDUH Ps  -R QXN H YXUD SsU KDWsU Ws
ULPsVHWsULWPLWSRVHSVHDVKWXsVKWsHYsUWHWD
$QGHM PDWDQs NXILULW sVKWs JM\VPD WMHWsU H
6KTLSsULVs GKH 'ULQL VKNRQ PHVSsUPHV VDM
QGsUVD OXPHQMWs H WMHUs WKXDMVH SD SsUMDVKWLP
VKNRMQsQJDOLQGMDQsSHUsQGLP
$VNXVK WMHWsU QXN L NsQGRL DT EXNXU GKH DT
SRHWLNLVKW QDW\UsV VKTLSWDUH VD DL WH SRH]LD
0EDULP 9MHVKWH )OXWXURL GKH VKWsUJ L IXQGLW
PDGKsVKWRU PH VKSLUW Ws JMRUs'\NH LNXU Ts
PHQDWs VLSsU PDOHVK PH GsERUs,NX UsQG H L
SsUPDOOVKPs GKH PH VTHS Ws WL Ws IRUWs=RWsULXW
T L OD IROH]sQ L WURNLWL PX Qs SRUWs3UD Ps
VGXNHW VKSHV L IDWLW SUDSD EXMTsVK HGKH
SORUsVK3UDSD EUD]GsV Vs Us[XDU KDSPHKDS
SUHM TH PDORUsVK0s VGsJMRKHW QsU XJDUH Ws
NsUFDVs PLX L KLUWs9GLT QHSsUND SLNsORUH QGDM
EODWLVKWHVKNUHWsWLUWs


.2629$5755)(1,11'(5,07
-$6+7=$.216+0357

1GHULPLTsUUsIHQLQNRVRYDUsWSsU/DVJXVKLQQD
OLQWH PEUHVs Ws YHoDQWs .XVKGR Ts YLQWH SUHM
DQGHM SHGDJRJ JD]HWDU VKNULPWDU VWXGLXHV
NsUNRQWH Ws WDNRKHM PH SRHWLQ H GsJMXDU GKH H
TXDQWH QJMDUMH Ws UsQGsVLVKPH WDNLPLQ PH Ws
6KXPs SUHM W\UH PEDQLQ VKsQLP oGR IMDOs Ts
WKRVKWHSRHWLVHSVHSsUWDLVKWHOHJMHQGsHJMDOOs
QGsUVD QH GXNH H SDWXU SsUGLWsPHV QHVK UUDOOs
NXMWRKHVKLP Ws VKsQRQLP PHQGLPHW Ts VKIDTWH
/DVJXVKLLVKWHSRHWLPsLPDGKOLULNXUDTsOLGKWH
OHWsUVLQsH5LOLQGMHVPHDWsWsSDYDUsVLVsSRUNMR
PHULWsQXNLXQMRKQJDUUHWKHW]\UWDUHHSsU

YW

5UHWK1HVK

s/

d

D'/>
d&



'&'t'W

&K
KK^
W
>
d',

'

>'&'t
'WE^




>

'
d
d/

^,Wtddt
Kd

^>/
t^
t^

Kt
K
K>ZE

^

t^

Kt
K
K>ZE
^
 YW


5UHWK1HVK
SDVRMsDVQJDVWXGLXHVLW.ULMLPHWHWLMSRHWLNHX
PsQMDQXDQ QJD DQWRORJMLWs H VKNROODYH
WHWsYMHoDUH GKH QJD WHNVWHW H VKNROODYH Ws
PHVPH .U\HVLD H /LGKMHV Vs 6KNULPWDUsYH H
JM\NRQWH Qs PsQ\Us Ws QMsDQVKPH /DVJXVKLQ VL
SRHW Ws OXOHYH GKH Ws \MHYH VH /DVJXVKL QXNX
WUHJXD L JDWVKsP WD SsUTDIRQWH PHWRGsQ H
UHDOL]PLW VRFLDOLVW VL VKNULPWDUsW H WMHUs 'HUL Qs
YHUsQ H YLWLW  DL QXN ERWRL DVQMs NULMLP
RULJMLQDOQsRUJDQHWHSsUNRKVKPHOHWUDUH$WsYLW
L VKW\Us QJD VKRNsW H YHW RVH QJD NULWLNDW
VKRTsURUH Ts GsJMRQWH DL GsUJRL WH UHYLVWD
1sQGRUL G\ SRH]L Ws VKNXUWsUD SsU WUHQLQ GKH
KHNXUXGKsQ H SDUs Ts SR QGsUWRKHM QJD 'XUUsVL
Qs 5URJR]KLQs 3RH]LWs QJMDOOsQ NXUHVKWMH WH
OH[XHVLW SRU MHKRQD H W\UH QXN TH H IDYRUVKPH
QsUDGKsWsSDUsVHDWRPRWLYHLVKLQODUJHWRVLWWs
SRHWLWQGsUVDQLYHOLDUWLVWLNODUJNULMLPHYHWsWLMWs
PsSDUVKPH 0H SUHWHNVWLQ SsU Ws PRV H
GLVNUHGLWXDU /DVJXVKLW QXN L ERWXDQ Ps VKNULPH
QsDVQMsRUJDQGXNHHGHW\UXDUWsKLTWHGRUsSUHM
NULMLPHYHRULJMLQDOH3sUPsVHWULGKMHWsYMHWJMLWKs
IRUFsQ H WLM SRHWLNH /DVJXVKL XD NXVKWRL
SsUNWKLPHYH (GKH SVH SRH]LWs H /DVJXVKLW X
KRTsQQJDDQWRORJMLWsHVKNROODYHWHWsYMHoDUHGKH
Ws PHVPH VL Ws GHPRGXDUD VH PRWLYHW H WLM QXN
SsUNRQLQ PH NsUNHVDW H UHDOL]PLW VRFLDOLVW
DXUHROsQ Ts Js]RQWH VL SRHW QXN PXQGsQ WLD
KLTQLQ.URLLIVKDWLWWRQsNRPSR]XDUSUHM.RQRV
D SUHM 7UDNRV ]XUL YHQG Qs UHSHUWRULQ H
NsQJsWDUsYH OLULNs Ws 2SHUDV GKH %DOHWLW SsU
GHNDGD PH UDGKs PDGMH YD]KGRQ Ws NsQGRKHW
HGKH WDQL 0MDIW Ws ULQM QJD UUHWKHW OHWUDUH GKH
LQWHOHNWXDOH H GRQLQ /DVJXVKLQ SsU NULMLPHW H WLM
OLULNRILOR]RILNH GKH SsU YHWLWs H WLM Ws NDUDNWHULW
VHSVHDLLVKWHQMHULPHFLOsVLWsUUDOOD.XWHOLGKH
DUNLWHNWL 3HWUDT .ROHYLFD SsUNWK\HV L WDOHQWXDU L
SRH]LYH JMHUPDQH LVKLQ QJD PLTWs H WLM Ps Ws
QJXVKWs1JD/DVJXVKLGsJMRYDSsUKHUsWsSDUs
VHQWHQFsQVKNULPWDUsWMDQsDUWLVWsWsIMDOsVGKH
DL YsUWHW LVKWH PMHVKWsU L SsUGRULPLW Ws IMDOsV Qs
SRH]LWs H WLM $L H SDVXURL SRH]LQs VKTLSWDUH PH
IMDOsHVKSUHKMHPHQDW\UsQGKHNRQFHSWLPLQHWLM
SRHWLNVHSVHHEXNXUDSsUWsLVKWHHSDQGDVKPH
QsoGRNULMLPWDULDUWLVWLNH3RKLPLLWLMSsUIRUPsQ
H ODUWs DUWLVWLNH Ws SRH]LVs ELQWH QGHVK PH
WHRULQs H YLMsV Vs PDVDYH Ts oPRQWH YHWsP
WHPDWHLGHWsHFLODSR]EDWRKHMQs6KTLSsULGXNH
LPLWXDUUHYROXFLRQLQNXOWXURUNLQH]


1*$%//2.8,6+1,0(9(70,$

1sPsQ\UsWsWKMHVKWsVXDUYHSULPWDULDOHWUDUHH
/DVJXVKLW SsUEsKHW QJD G\ EOORTH 7s SDULQ H
SsUEsMQs SRH]LWs H WLM PHGLWDWLYH H ILORVRILNH
NXUVH WMHWULQ SRH]LWs PH IU\Ps SRSXOORUH VLSDV
WUDGLWsVVLNXUVH.URLLIVKDWLWWRQs9LMQsYDVKDW
UDGKsUDGKs HWM 7DQL YRQs JMHWD QMs VKsQLP
PEDMWXU Ps  THUVKRU  Qs 3RJUDGHF QJD
WDNLPLTsSDWDPH/DVJXVKLQ8Js]RYDTsNLVKD
KHGKXU Qs OHWsU ELVHGsQ Ts SDWD PH Ws VHSVH
SsUQGU\VKH GR Ws Ps LVKWH IVKLUs QJD
NXMWHVD/DVJXVKL QXN IOLVWH PH VXSHUODWLYD SsU
IRONORULQ QXN SsUNXOHM SsUSDUD oGR NULMLPL Ts

d

s/

PEDQWH YXOsQ H
DQRQLPDWLW
SRU
JM\NRQWH
PH
UHDOL]sP YOHUDW H
WLM *MDWs ELVHGsV
DLPsWUHJRLVHVLH
WsKDUUWH IRONORULQ
VH VL JMXDQWH
PRGHOHWsUUDOODPH
YOHUs DUWLVWLNH 
7DNRYDQMsODEGKH
H OXWD Ws Ps
WKRVKWH GLVD QJD
NsQJsW H NUDKLQsV
Vs WLM  Ps UUsIHX
/DVJXVKL$LNsQGRQWHGKHXQsHGsJMRMD1MsUD
SUHMW\UHPsODPEUHVsWsYHoDQWs4DMHTDMPRM
.sQGUHYLFs( ODUWD PEL PDOH JMLWKs 9DUJMHW H
WMHUD Ts YLQLQ SDV W\UH LVKLQ Ws ]DNRQVKPH QXN
NLVKLQ DVQMs YOHUs VH IRONORULQ H EsMQs
DQDOIDEHWsWQMHUs]SDVKNROOsSRUSRHWLHNDSsU
PLVLRQ WL QMRKs GKH Ws TsPWRMs DQsW H PLUD VH
DWR GLVD KHUs SsUPEDMQs [KHYDKLUH )RUPD H
UUDOOs H QGsUWLPLW VLQWDNVLNRU NX PELHPUL GHO
SsUSDUDHPULW(ODUWDPELPDOHJMLWKsLMHSQMs
EXNXUL SRHWLNH Ws MDVKWs]DNRQVKPH YDUJXW
SUDQGDM PRGHOLQ H VDM H VKWLYD Qs SRH]LQs WLPH
9DVKD GKH WULPL 9DWH SULOO L WULPsULVs0s ]X
PDM L GDVKXULVs0X VKIDT YDVKs]D Qs JMXPs
(sPEODPELVKRTHVKXPs%sULQMsSXVKLPWs
VKNXUWsUPHGLWDWLYHSDVWDMYD]KGRL7DQLSURYR
WD WKXDVK PHQGLPLQ Ts VKSUHKHW Qs NsWR G\
YDUJMHQsQGRQMsIRUPsWMHWsUYD]KGRL/DVJXVKL
VLSsUVKHPEXOOVHYDVKs]DLVKWHPsHsPEsOVH
VKRTHW H VDM VH QGsU VKRTHW H VDM LVKWH Ps H
sPEsO VH sPEsOVL VL Ws VDMQs VH NLVKWH DVQMs
VKRTHPLUsSRDVJMsNXQGLQXNHNDILQHVsQGKH
EXNXULQs SRHWLNH Ws VLQWDJPsV H sPEOD PEL
VKRTH VKXPs *sWMD +RPHUL 6KHNVSLUL GKH
'DQWHMD NDQs PDUUs QJD IRONORUL DWs Ts X sVKWs
GXNXUPsHPLUsGKHSDVWDMHNDQsQJULWXUQsDUW
6KNULPWDULVKTXKHWSsUNXOWXUsQHWLMWsJMHUs1Ms
VKNULPWDU LQMRUDQW QXN YOHQ HGKH NXU H TXDQ
YHWHQ VKNULPWDU HGKH NXU Ws WMHUsW H ODYGsURMQs
SsUWLEsUsTHMILQ3DVWDMVKSDORVLQMsPHQGLPTs
LVKWH VL WKLNs PH G\ SUHVD 0XQG WD NXQGURMH VL
LURQL SsU XGKs]LPHW Ts OsVKRQWH SDUWLD RVH VL
ODYGsULP SsU ]RWsVLWs H XGKsKHTsVLW  -X WDQL H
NHQL OHKWs VH X PsVRQ (QYHUL SR PXD VNLVKWH
NXVKWsPsPsVRQWHQsDWsNRKs7sJMLWKDLNDP
EsUs YHWs 7KsQLH Ws WLOOD HNXLYRNH PXQG Ws
GsJMRMHVKSHVKQsELVHGDWPH/DVJXVKLQVHDWR
LVKLQ Qs QDW\UsQ H WLM +DELD WMHWsU LVKWH VH
/DVJXVKL Ts NLVKWH VKNUXDU G\ YsOOLPH SRHWLNH L
GLQWH SsUPHQGsVK Ws JMLWKD SRH]LWs H WLM PDGMH
GKHPHYDULDQWHWHW\UH1MsKHUsX]HPsUXDNHT
PH QMs SRHW Ts GHNODURL VH DL QXN PXQG WL
NXMWRQWH YDUJMHW Ts NLVKWH VKNUXDU dIDUs SRHW
sVKWs DL Ts QXN NXMWRQ YDUJMHW H WLM" S\HWL PH
]HPsULP .MR QGRGKWH VH /DVJXVKL MHWRQWH PHV
SRH]LVsVsWLMGKHLVLOOWHNXUGRKHUsQsSsUPHQG
0LNURNR]PRVLLWLMLVKWHSRH]LD


9/(5$(.21&(37(9(

1Ms GLWs WMHWsU SR DWs MDYs THUVKRUL H SDVKs


GXNHHFXUPsVKSHMWVH]DNRQLVKWQsEXOHYDUGLQH
3RJUDGHFLW DQsV OLTHQLW 0s S\HWL QsVH H NLVKD
SDUs3URI6NsQGHU/XDUDVLQPHWsFLOLQPEDQWH
PLTsVLT\VKNXULVKLQVWXGHQWsQs$XVWUL,WKDVKs
VHVDSRLVKDQGDUsPHWsGKHPXQGWDJMHQWHWH
7XUL]PL0sHUGKLQsVKWsSLSRXQsVPXQGDWD
SULVMDVHLVKDLSDYHVKXU7DQLPsGXKHWWDWDNRM
SDWMHWsU .sWX WHN QH PLNX VS\HW Ws YMHQ Qs
VKWsSLNXULPEXVKHWPHQGMD1HVHNHPLWUDGLWs
Ws OHPs SLNsSMHNMH D RUDU YL]LWH 1s *UDF XQs
QGHQMWD GKMHWs YMHW Qs QMs VKWsSL $WMH KDMD DWMH
SLMDDWMHIOLMDVLSMHVsWDULVDM+\UDGMDOsYMHoDU
GKHGRODEXUUsYMHoDU1XNHKDUURMNXUUsQMs
NDUWSRVWDOH Ts Ps WUHJRL H ]RQMD H VKWsSLVs 0s
WKD VH LD GsUJRQWH L YsOODL GKH H S\HVWH QsVH
PXQGWsYLQWHWsSUHPWHQQsRUDSHVsSDVGLWH,W
KDVKsVHYsOODLPXQGWsYLQWHHGKHSDGsUJXDU
ODMPsULPPLUsSRDMRPDSULWL0XQGWsYLMsGKHWs
PRV Ps JMHMs PXQG Ws NHP QMs SODQ WMHWsU DWs
SDVGLWH'KHYsOODLLVDMEDQRQWHSRQs*UDFQs
QMsT\WHWSUHMEDQRUsVK1XNsVKWsT\WHW
LPDGKSRUNDQMsQJD8QLYHUVLWHWHWPsWsYMHWUD
Ws(YURSsV3DUDGLVDNRKHIHVWXDQYMHWRULQH
WLM1HNHPLQRUPDWsWMHUDPRUDOH(GLVLWKRQs
PLTWsHPLQJD9sUGRYD"0LNXQQGDMHNHPLPLN
Ws QD PXQGRMs GKH WD PXQGRMPs 1MHULX SsVRQ
QGU\VKLPH QJD YHQGL NX MHWRQ QJD SVLNRORJMLD H
VKRTsULVs Ts H UUHWKRQ  YD]KGRL PHQGLPLQ
/D]JXVKL  .XU NWKHKHVKLP QJD $XVWULD SsU
SXVKLPHW YHURUH Qs 6KTLSsUL QD PLUUWH SsUSDUD
UXWLQD H MHWsV Vs SsUGLWVKPH GKH JMLWKs GLWsQ H
NDORQLP NDIHQHYH GXNH ORMWXU OHWUD RVH GXNH
oDSUDVKLWXU NRW 6DSR YLQWH YMHVKWD GKH
NWKHKHVKLP Qs $XVWUL QH VWXGHQWsW VKTLSWDUs
WMHWsUVRKHVKLP XOQLP NRNsQ PEL OLEUDW YL]LWRQLP
PX]HXPHW YHQGHW KLVWRULNH QGLTQLP NRQFHUWHW
PX]LNRUHGKHMHWsQDUWLVWLNHHWM3VH"6HSVHNMR
LVKWH MHWD GKH SVLNRORJMLD H DWMHVKPH (GKH Qs
WUDPHGKHQsSDUNQMHUs]LWLVKLKMHPHOLEUDQGsU
GXDU (GKH DWD VKNRMQs NOXEHYH VD SsU Ws SLUs
NDIHDoDMSRUDVQMsQXNHNDORQJMLWKsGLWsQNRW
NDIHQHYH /DVJXVKL X MHSWH UsQGsVL Ws YHoDQWs
NRQFHSWHYH ]JMHULPLW Ws KRUL]RQWLW Ws NXOWXUsV
T\WHWDUH 1s DQsQ OLQGRUH Ws T\WHWLW Qs IXQG Ws
EXOHYDUGLW NX QGDKHW UUXJD H 'ULORQLW PH DWs Ws

YW

5UHWK1HVK
.RUosVGDOORKHVKLQG\QGsUWHVDWsUHMDQMsNDWVKH
PH WXOOD /DVJXVKL QGDORL KDSLQ GKH GUHMWRL
EDVWXQLQ GUHMW W\UH  , VKHK DWR G\ QGsUWHVD Qs
NsQGLQ PLGLV UUXJsYH" 'LNXU DW\ LVKLQ G\ EDUDND
GUXULWsVKsPWXDUDTsQXNVKLKHVKLQPHV\1MsUD
VKsUEHQWHSsUVKLWMHYDMJXULWMHWUDQXNHGLSsUVH
.XULVKWHVHNUHWDULSDUs3LUUR*XVKRGKDXUGKsU
Ws SULVKHVKLQ GKH PLUs EsUL SR VKLK VH oND
QGsUWXDU 1s YHQG Ws QJULQWH QMs QGsUWHVH Ws
EXNXU Ws ODUWs Ts PXQG Ws KLMHVKRQWH T\WHWLQ
QGsUWRLG\NROLEHWsYRJODSUHMWXOODVK3VH"6HDT
GLQWH VH NRQFHSWL L WLM QXN VKNRQWH SsUWHM
XVWDOODUsYHWs0RNUsV8Qs3LUURQHNDPQLSGKH
H GXD SR QXN PXQG Ws PRV H NULWLNRM SsU NsWs
VKsPWL Ts L OD T\WHWLW Qs QMs QJD SLNDW Ps Ws
EXNXUD3DSDWXUNRQFHSWHSsUWsDUGKPHQGLMHQL
SsU XUEDQLVWLNsQ D PXQG Ws UUHJXOORKHW T\WHWL"
)OLVWH PH GXI GKH GXNHM L ]HPsUXDU VHSVH Qs
T\WHWGHULQsDWsNRKsQXNYLKHMUHDVQMsQGsUWLP
PRGHUQ 3LUUR *XVKRMD SDWL QMs IXQG WUDJMLN SUHM
DWLM UHJMLPL Ts L VKsUEHX PH ]HOO 8 GHW\UXD Ws
YULVWH YHWHQ NXU LVKWH 6HNUHWDU , Qs )LHU SDVL X
DNX]XD QJD XGKsKHTMD VL SMHVsWDU L JUXSLW Ws
VDERWDWRUsYHWsQDIWsV 


*-<1$+2=274-(.$85

1s9sUGRYs/DVJXVKLNLVKWHPLTWsHWLM$WDYLW
SsUYLWHIWRQLQWsNDORQWHGLVDGLWsPHVW\UH'KH
NXUGRKHUs DVKWX VLNXUVH XD NsUNRQWH QGHUL LD
GsUJRQLQ VKRTsUXHVLQ GKH NDOLQ GHUL WH GHUD H
VKWsSLVsHGKHSVH9sUGRYDLVKWHDIsUDVQMsRUs
Qs NsPEs 1MsKHUs WUHJRQWH /DVJXVKL Ps
GsUJXDQ QMs NDOs QMs PXVKNs GKH QMs JRPDU
VWROLVXU PH YHOsQ[D Ws NXTH GKH MDVWsNs Ws
THQGLVXU VL SsU NUXVKT VHSVH LVKLP WUH YHWs
9MHKUUDGKHXQsVKNXDPNDOXDUNXUVHLPHVKRTH
QXN SUDQRL VH VNLVKWH KLSXU NXUUs PEL QGRQMs
NDIVKs GKH G\VKRQWH VH PXQG WL PLUUHVKLQ
PHQGWH 6L SsUIXQGLP HUGKL Qs NsPEs 1Ms
YHUsPHQGRYDWsTsQGURMDSDNPsJMDWsQs
IVKDW YD]KGRL /DVJXVKL SUDQGDM PRUD PH
YHWH QMs WRJ OLEUDVK )VKDWDUL L PsVXDU Ws
QJDUNRQWH EDUUs PH NDVKWs PH EDU PH
GXVKN PH PROOs SR MR PH OLEUD H VKSUHKX
KDELQsHYHWQsQMsIRUPsRULJMLQDOHVKXPsWs
VLQTHUWs/DVJXVKLTHVKWHVDKHUsHNXMWRQWH
( GL oPs WKD" *M\QDK R ]RWL /DVJXVK Ts MH
NDXU 7s LVKH P\VOLPDQ .XU H S\HWD SVH
PXSsUJMHJMVHDVKR[KDDVP\IWLXQXNNLVKLQ
DTOLEUD,WKDVKsVHHGKH1DLP)UDVKsULGKH
6DPL )UDVKsUL GKH +R[KD 7DKVLQL P\VOLPDQs
LVKLQSROLEUDNLVKLQSDWXUPsVKXPsVHXQs


s/

NRKsQ NXU NU\HWDU L /LGKMHV X HPsUXD 'ULWsUR


$JRROOL $L PEHWL SsUNWK\HV PH QMs UURJs Ws YRJsO
GKHH SHQVLRQLVW L WKMHVKWs QGsUVD GLVD Ws WMHUs
VKXPsPsSDNWsY\HUVHDLJs]XDQSHQVLRQHWs
YHoDQWD SsU VKsUELPH Ws VKTXDUD Qs IXVKsQ H
NXOWXUsV 1s NLVKWH QGRQMs QMHUL Ts H PHULWRQWH
DWs PRWLYLPDLLVKWH/DVJXVK3RUDGHFL'KLPLWsU
6KXXWHULTL YLQWH VKSHVK Qs 3RJUDGHF SsU Ws
SXVVKXDU GKH SsU Ws SXQXDU 1MsKHUs /DVJXVKL H
SD Qs QMs NDIH Ws YRJsO GXNH ELVHGXDU PH G\
JDEEHOsSRUSDQGHKX
VH UDVWsVLVKW NLVKLQ TsOOXDU EDVKNs 7s
QHVVsUPHQ H QMsMWD VNHQs Qs Ws QMsMWsQ NDIHQH
JDEEHOsW GXNH IROXU H 'KLPLWUL GXNH PEDMWXU
VKsQLPH /DVJXVKL X Es NXUHVKWDU GKH H S\HWL
6KXXWHULTLQ FLOL TH VKNDNX Ts SR THUDVWH SsUGLWs
FLJDDQsW$LLXSsUJMHJMVHJMXKDFLJDQHNLVKWHGLVD
IRQHHPD Ws YHoDQWD GKH DL SR PEOLGKWH IMDOs QJD
JRMDDHW\UHGKHSsUUDOODPHTsOOLPWsKDUWRQWHQMs
JUDP
PDWLNs Ws DVDM JMXKH SDN Ws QMRKXU .RW
PXQQGRKHVK  L SUHX /DVJXVKL *UDPDWLNsQ H
JMXKKsV FLJDQH H NDQs KDUWXDU ILORORJsW JMHUPDQs
T\VK Qs ILOOLP Ws VKHNXOOLW 1Ms NRSMH H OLEULW
QGRRGKHW Qs %LEOLRWHNsQ WRQs .RPEsWDUH 3R Ws
GRQQLXDMDSGKHQXPsULQHVNHGsV3sUJMXKsQH
FLJDDQsYHWs6KTLSsULVsNDVKNUXDUDQJOH]L6WMXDUW
0DQQ Qs UHYLVWsQ *LSV\ (GKH NRSMHW H DVDM
UHYLVWHLNHQs%LEOLRWHNs6KXWHULTLNLVKWHQJHOXU
QJXXVKWs SD GLWXU oIDUs Ws EsQWH PH FLJDQsW Ts
NLVKKWH DQJD]KXDU SsU TsOOLPH JMXKsVRUH 0H G\
IMDOss/DVJXVKLLWUHJRLVHSRVKT\HQWHQMsGHUsWs
KDSSXU  0s HUGKL NHT VH SR PXQGRKHM NRW 
NRP
PHQWRQWH/DVJXVKL


6
6),'$()81',7

/DVVJXVKL X PDUWXD PH QMs YDM]s P\VOLPDQH


WLUDQQDVH PH DUVLP Ws PHVsP 1DILMD QXN NLVKWH

0266+.<(-1-'(57+$385

0DUUsGKsQLHWHWLMPH.U\HWDULQH/LGKMHVVs
6KNULPWDUsYH 'KLPLWsU 6KXWHULTLQ Qs GXNMH
LVKLQ QRUPDOH SRU Ws IWRKWD /LGKMD PXQG WLD
NLVKWHGKsQs/DVJXVKLWVWDWXVLQ HVKNULPWDULW
Qs SURIHVLRQ Ws OLUs VLNXU EUHQGD NU\HVLVs Ws
PRV YHSURQWH QMs NRUHQW L IRUWs GRJPDWLN Ws
FLOsWHQsQoPRQLQVLSRHWDSROLWLNTsLSsUNLVWH
Vs NDOXDUsV *MHQGMD QXN QGU\VKRL DV Qs

 YW


d

DVQMs OORM SUHHWHQGLPL SsU WX GXNXU GKH DV QXN


ODYGsURKHMPHNULMLPWDULQsHEDVKNsVKRUWLWWsVDM
$MRLVKWHDUVLPWDUHHFLNOLWWsXOsWWsVKNROODYHGKH
QMs DPYLVs H
H VKNsOT\HU Ts JMLWKs MHWsQ SXQRL LD
NXVKWRLNXMGHHVLWSsUIDPLOMHQGKHEXUULQHVDM0H
Ws /DVJXVKL SDWL
S G\ YDM]D Ws FLODW THQs Js]LPL L
MHWsV Vs WLM (
( VKRTMD YGLT QJD QMs VsPXQGMH H
SDVKsUXHVKP
PH QJD PHVL L YLWHWH  0LTWs
IDUHILVLWsQMRRKXULWH/DVJXVKLWGKHWsUUHWKLWWsVDM
HSsUFROOsQSSsUQsYDUUH]DW.RUWH]KLXEsPMDIWL
JMDWs 7s DIssUPYH X YLQWH NHT VL SsU 1DILMHQ Ts
YGLTQsPRVKKsUHODWLYLVKWWsUHSsUG\YDM]DWTsOD
MHWLPH DVKWXX HGKH SsU /DVJXVKLQ Ts PEHWL SD
EDVKNsVKRUWHHQQsSOHTsULDWsKHUsNXULGXKHMPs
VKXPs.XUP
PEDURLFHUHPRQLDIXQHEUH/DVJXVKL
VKNRL PEL YDUULQ H VDM EsUL NU\TLQ WUL KHUs GKH X
SsUNXOSsUWs SXWKXUNXURUDWPHOXOH%HVQLNQGDM
LGHDOHYH GKHH SDULPHYH Ws WLM QXN X PHUDNRV
DVSDNVHoGRRWsWKRVKQLQDXWRULWHWHWGKHVLGRWD
NRPHQWRQLQ YHSULPLQ H WLM Qs QMs NRKs Ts
6KTLSsULD LVKKWH GHNODUXDU YHQGL L SDUs DWHLVW Qs
ERWs$XWRULWHWHWXGHW\UXDQWDMXVWLILNRQLQVILGsQ
SXEOLNHWs/DVJXVKLWVLWURQGLWMHSDVGKLPEMHVTs
NLVKWHSsVXDUUSRUDWDTsHQMLKQLQQJDDIsUNLVKLQ
PHQGLP WMHWssU /DVJXVKL DV QXN GLQWH DV QXN
GRQWHWsVKWLKKHM$LNLVKWHSHUVRQDOLWHWLQHWLMGKH
DWs H UXDMWL PH
P GLQMLWHW JMDWs JMLWKs MHWsV Vs WLM
.sWRYLWHWHIIXQGLWPLTWsH/DVJXVKLWNDQsQJULWXU
]sULQ SsU UHHVWDXULPLQ H VKWsSLVs Vs WLM Qs
3RJUDGHF VHHSVH ND UUH]LN Ws VKHPEHW SR TH VH
QXN YLKHW GRRUs PEL Ws 'R Ws MHWs Qs QGHULQ H
T\WHWLW Ws 3RJUDGHFLW GKH Ws /LGKMHV Vs
6KNULPWDUsYHHTsVKWsSLDHSRHWLWWsNWKHKHWQsQMs
PX]HXPWsYYRJsO4\WHWLWGRWLVKWRKHWQMsREMHNW
NXOWXUH L FLOL oGR YLW GR Ws WsUKHTs PH PLMsUD
YL]LWRUsVH/DDVJXVKLNDYHQGLQHWLMQsSDQWHRQLQ
HNXOWXUsVNRP
PEsWDUHVKTLSWDUH

5UHWK1HVK

d

s/

^KE/^WKZd/sDz>>dDDK/KEd>Zd
DD<
^

+2&.(<
7LIR]HW ORNDOH WH &KLFDJRV SDWHQ NHQDTHVLQH WH
VKLNRMQHQMHQJDVNXDGUDW HW\UHWH VKSDOOHWNDPSLRQH

KLVWRULWUHORMWDUHWPHWHPLUHTHNLVKLQWHGUHMWHQOLJMRUH
JMDWH NHVDM YHUH WH QGHUURQLQ VNXDGUHQ ILUPRVHQ PH
0LDPL +HDW GXNH JDOYDQL]XDU QMHNRKHVLVKW JH]LPLQ H
WLIR]DYH QH 6RXWK %HDFK GKH XUUHMWMHQ H FGR WLIR]L WH
VNXDGUDYHWHWMHUD.HVKWX/H%URQ7KH.LQJ-DPHV
'ZD\QH :DGH GKH &KULV %RVK GR WH OXDMQH YLWLQ H
DUGKVKHP PH 0LDPL +HDW GKH GR WH NHQH QH NXUUL]
VKHQMHVWHUQHFGRVNXDGUHWMHWHUTHQJDGLWDHSDUHH
NDPSLRQDWLW

'\VNXDGUDWTHNDQHVKNUXDUKLVWRULQHH1%$

QH PXDMLQ 4HUVKRU .HVKWX VNXDGUD %ODFNKDZNV X


VKSDOOILWXHVHHNDPSRLQDWLWWHLFHKRFNH\GXNHPXQGXU
)LODGHOILDQ QH  QGHVKMH .MR ILWRUH LVKWH VKXPH H
HPEHO SHU JMLWKH WLIR]HW H KRFNH\ SDVL HUGKL PEDV 
YLWHVKSUHMNXU%ODFNKDZNVLVKLQVKSDOOXUNDPSLRQHSHU
KHUHWHIXQGLW1HSDUDGHQHPEDMWXUSHUSDUDNXOOHVVH
JD]HWHV7ULEXQHWHSDNWHQPLOLRQWLIR]HGROHQSHU
WH SHUVKHQGHWXU VNXDGUHQ H W\UH 3RU DGPLQLVWUDWD H
NOXELW QXN SDWL SODQH SHU WH PEDMWXU NHWH VNXDGHU VH
EDVKNX SHU QMH NRKH WH JMDWH VH EUHQGD QMH PXDML H
JM\VHP  ORMWDUH QJD NMR VNXDGHU GXNH SHUIVKLUH GKH
SRUWMHULQ KHUR ILQODQGH] $QWLL 1LHPL X VKLWHQ RVH
VKNHPE\HQQHVNXDGUDWHWMHUD0HJMLWKDWHEHUWKDPDH
%ODFNKDZNVYD]KGRQPHVNXDGUHQGKHIDNWLTHG\QJD
ORMWDUHWPHWH PLUHQH JMLWKHNDPSLRQDWLQOXDMQHPHWD
GKHMDQHPHSDNVHYMHFGRWHWKRWHVHKRFNH\GR
MHWH QH UDGDULQ H WLIR]HYH WH &KLFDJRV SHU YLWH PH
UUDGKH




&+$03,216/($*8(
3HU KHUH WH SDUH QH KLVWRULQH H IXWEROOLW HYURSLDQ QMH
VNXDGHU LWDOLDQH GROL NDPSLRQH H WUHILVKWH ILWXHVH H
6HULD $ &RSSD ,WDOLD GKH &KDPSLRQV /HDJXH
3DG\VKLP IDNWL TH NMR VNXDGHU LVKWH ,QWHU 0LODQ SDWL
GRPHWKHQMH WH PDGKH SHU JMLWKH ,QWHULVWDW TH PH VH
IXQGLPXQGWHNUHQRKHQGKHWHWKRQHTHVNXDGUDHW\UH
PHULWRQ WH MHWH PHV HOLWHV (YURSLDQH )LWRUMD LVKWH
DNRPD GKH PH H HPEOH SDVL QH JM\VHP ILQDOH ,QWHUL
HOHPLQRL %DUFHORQHQ QGRVKWD QMH QJD VNXDGUDW PH WH
PLUD QH JMLWKH KLVWRULQH H IXWEROOLW TH JMDWH VH]RQLW WH
PHSDUVKHPSDWLPDUUHWHQMHMWHWWUHWLWXM PHOLJHQGKH
NXSHQ 6SDQMROOH  VL GKH WUH VXSHUNXSDW 6SDQMROOH
(YURSLDQH GKH ERWHURUH .MR ILWRUH NXOPLQRQ QMH
SURJUHVNRQVWDQWWH,QWHULWTHNDILWXDUSHVH6HULD$WLWXM
UUMHVKW TH PH SODVMHQ H VNDQGDOLW &DOFLRSROL PH 
0HULWDWSHUNHWHDUULWMHWHWUHILVKWHMXNXVKWXDQWUDQMHULW
SRUWXJH] -RVH 0XULQKR TH QXN KDUU[KRL VKXPH NRKH
SDV ILWRUHV GKH QGHUURL VNXDGUD GXNH PDUH SHUVLSHU
GUHMWLPLQ 5HDOLQ H 0DGULGLW TH QGRQHVH VKSHQ]RL
PLOLRQ QH ORMWDUH WH ULQM SDUD NHWLM VH]RQL GKH ND
PHV WH WMHUHYH &ULVWLDQR 5RQDOGR GKH .DND SD PH
GHVKSHULP VH VL %DUFHORQD X VKSDOO HGKH QMH KHUH
ILWXHVH H /LJHV 6SDQMROOH GKH VH VL ,QWHUL ILWRL
&KDPSLRQV/HDJXHQH0DGULGQHVWDGLXPLQ%HUQDEHX

%ODFNKDZNV IHVWRMQH PH .XSHQ H /RUG 6WDQOH\ QH


3KLODGHOSKLD




XUXJXDMDQLW 'LHJR )RUODQ TH VKHQRL JMDVKWH JROD QH


(XURSD /HDJXH G\ QJD WH FLOHW QH QGHVKMHQ ILQDOH
)RUODQLSDWLQMHYLWVSHNWDNRODUQHSHUJMLWKHVLSDVLDLX
VKSDOOGKHORMWDULPHLPLUHL.DPSLRQDWLW%RWHURU
GKHPRULGKH7RSLQH$UWHGXNHXGKHKHTXUVNXDGUHQH
8UXJXDMLW QH YHQGLQ H NDWHUW SDV QMH QGHVKMH
HPRFLRQXHVHPH*MHUPDQLQHHFLODILWRLPHQMHUH]XOWDW
THPXQGWHLVKWHSHUPE\VXUQHVHJMXDMWMDHIXQGLWH
QGHVKMHV QJD)RUODQL GRWHNLVKWHWXQGXUUUMHWHQGKH
MR QH WUDYHUVHQ H SRUWHV 0HJMLWKDWH IDWL L EX]HTHVKL
)RUODQLWHGKHQMHKHUHSDVLJROLLWLMQHWHQMHMWHQQGHVKMH
NXQGHU *MHUPDQLVH GKH L SHVWL QH DWH %RWHURU  X
VKSDOOQJD),)$VLJROLPHLEXNXULNDPSLRQDWLW


)RUODQLPHWURIHXQ8()$




.83$(%27(6

3DG\VKLPHYHQLPHQWLPHLUHQGHVLVKHPNHWHYLWQH
ERWHQVSRUWLYHLVKWH.DPSLRQDWLL%RWHURUL)XWEROOLW
THXRUJDQL]XDSHUKHUHWHSDUHQHNRQWLQHQWLQ$IULNDQ
QH$IULNHQH-XJXWQJD4HUVKRULGHULPH.RUULN
)LWXHVHGROL6SDQMDSHUKHUHWHSDUHQHKLVWRULQHHVDM
PHUH]XOWDWLQSDVQMHILQDOHMHWHSHUJMDNVKPHGKH
PHNRKHVKWHVHNXQGHU+ROODQGHVTHSDWLPXQGXUQH
FHUHNILQDOHVNXDGUHQIDYRULWHWH%D]LOLW6NXDGUD
6SDQMROOHNHVKWXYD]KGRQGRPLQDQFHQQHQLYHOLQ
QGHUNRPEHWDUPHQMHEHUWKDPHWHWKHNVXDUNDWDODQDVH
NXQHILQDOHH%RWHURULWXSDUDTLWPHVKWDWHORMWDUHWH
%DUFHORQHV3DVILWRUHVVH(YURSLDQLWG\YLWHPHSDUH
6SDQMDGXKHWWHJMHMHPRWLYDFLRQSHUWHPEURMWXUG\
WLWXMWTH]RWHURQVRWVLVNXDGUDPHHPLUHQH(YURSH
GKHQHERWH


%$6.(7%$//
1H EDVNHWEDOO /RV $QJHOHV GKH %RVWRQ GLVNXWXDQ
ILQDOHQNXWULXPIXDQ/DNHUVQHVKWDWHQGHVKMH)LQDOMD
QGHUPMHW NHWXUH G\ VNXDGUDYH NLVKWH GRPHWKHQLH
KLVWRULNH SDVL /DNHUV GKH &HOWLFV NDQH GDOH QH ILQDOH
NXQGHU QMHUD WMHWUHV  KHUH PH VKXPH VH FGR G\
VNXDGUD WH WMHUD QH KLVWRULQH H 1%$ 3HU PH WHSHU
&HOWLFV NDQH ILWXDU NDPSLRQDWLQ H 1%$  KHUH NXUVH
/DNHUV  KHUH 6H EDVKNX NHWR G\ VNXDGUD NDQH
ILWXDU  NDPSLRQDWH PH VKXPH VH JM\VPHQ H JMLWKH
NDPSLRQDWHYHWH1%$WHRUJDQL]XDUGHULQPHVRW  
)LWRUMDH/DNHUVJMLWKDVKWXLGKDXQD]HQHSHVWH.REH
%U\DQWTHYD]GKRQWHGRPLQRMHVSRUWLQGKHNDWUHJXDU
VHHVKWHQMHQJDORMWDUHWPHWHPLUHWHJMLWKDNRKHUDYH
3RU SD X QJULWXU PLUH NXSD QJD /DNHUV LQWULJD SHU
VH]RQLQHDUGKVKHPGROLQHIRNXV3HUKHUHWHSDUHQH

0RXULQKRVMHOOJH]LPJMLWKH,QWHULVWDYH



(8523$/($*8(

.\ YLW VSRUWLY VROOL GKH QMH NXSH WH UH PHV IXWEROOLW WH
NOXEHYH HXURSMDQH .HVKWX 8HID (XURSD /HDJXH
]HYHQGHVRL.XSHQ8()$GKHXRUJDQL]XDSHUKHUHWH
SDUH QH KLVWRUL PH QMH IRUPDW WH QJMDVKHP PH
&KDPSLRQV /HDJXH 'HEXWLPL L (XURSD /HDJXH X
NRQVLGHUXD L VXNVHVKHP QH YLWLQ H SDUH WH VDM GKH
ILWXHVH GROL VNXDGUD H $WOHWLNR 0DGULG TH PXQGL QH
ILQDOH )XOKDPLQ H /RQGUHV IDOH KHURL]PDYH WH

6NXDGUD6SDQMROOHQJUH.XSHQH%RWHV




QJD$QDVWDV6KNXUWL

YW

5UHWK1HVK
352029,0,

1JD0LQHOOD$OHNVL


3sUPXDLVKWHPHQGXDUGKHXUHDOL]XDQMsFHUHPRQL
Ts Qs GLWsW H VRWPH TXKHQ PH HPsUWHVsQ SURPRYLP
OLEUL
0HQGRYDQMsQGU\VKLPQJDSUDNWLNDH]DNRQVKPHH
SURPRYLPHYHWsPsSDUVKPH'XNHTsQsVHWsWMHUsWH
SURPRYRMQs OLEULQ ILOOLPLVKW Qs YHQG GKH SDVWDM
NDSsUFHMQsQsSsUGLDVSRUsXQsGR EsMDWsNXQGsUWsQ
0XQGsVLD H OsYL]MHV GKH IDPLOMDUsW Qs GLDVSRUs Ps
MHSQLQNsWsPXQGsVLTsQGULPLWsJMDWs
3sUSDUD VH Ws QLVHVKD NLVKD PXQGsVL Ts Ws VKLKMD
HGKH QMs NRSMH Ws OLEULW SRWKXDM Ws PEDUXDU GKH
SsUFDNWXDP HGKH GDWsQ H SURPRYLPLW GXNH OsQs NRKs
Ws PMDIWXHVKPH UH]HUYs SsU WUDQVSRUWLQ H OLEUDYH H Ws
VLJXUWsSsUGDWsQHSURPRYLPLW
.XUPsQMRIWXDQSsUFHUHPRQLQsG\PXDMPsSDUsX
SsUIVKLYDQJDQMsQGMHQMsHYHoDQWsQJD]sOOLPLTsKHUs
SDV KHUH Ps VLOOWH QMs OsPVK Qs OXNWK VD KHUs NXMWRMD
PRPHQWLQNXUPsGKDQsoHNXQPHVKXPsQHGHVWLQXDU
SsUVKSHQ]LPHWHERWLPLWWsOLEULW
$T LVKWH SXQD GKH JMXPL L QDWsV PRUL Ws NULVXUsQ H
SDUs H FLOD X SDVXD QJD GHJs]LPH Ws WMHUD
JMXPsSULVKsVH JMDUSsUXHVH SsUUHWK H WKHOOs PDVsV
WUXQRUH 0s UULKWH VL oHNDQ S\HWMD YsUWHWs sVKWs IMDOD
SsUQMsYOHUsDSRWKMHVKWsQMsULWXDOFHUHPRQLHUXWLQsTs
Qs NRKsQ H VRWPH sVKWs EsUs PRGs" 8Qs PXQG WD
NLVKD VKNUXDU OLEULQ Qs JMsQGMH GHKMHMH JMLWKsIDUsOORMH L
HQWX]LD]PXDU QJD YHWNsQDTVLD SRU RUJDQL]DWRUsW H
SURPRYLPLWGXKHMWsJM\NRQLQGKHWDOH[RQLQDWsGXNH
TsQs HVsOO .LVKD PDUUs SMHVs Qs GLVD SURPRYLPH Ws
QMRKXULVK GKH THWsVRKHVKD NXU PHQGRMD VH LVKWH QMs
ULNWKLPPLUsQMRKMHMH
3DVWDMYLQWHVLNOHWRVMDWMHWsU3RTHVHHRUJDQL]RMQs
VL ULNWKLP PLUsQMRKMHMH DWsKHUH  GKH NsWX Ps
WKXPERQWHQMsVKNULPTsHNLVKDOH[XDUSDNNRKs Ps
SDUs PH WLWXOO 6KNULPWDUsW IL]LRORJMLD H VXNVHVLW
9HWsP IDNWL VH Qs NsWs WLWXOO LVKWH IMDOD )L]LRORJML
WXUEXOORKHVKDGHULQsSUDJYMHOOMH
.MRIMDOsPsNXMWRQWHQMsSURoHVLFLOLNLVKWHQMsILOOLP
K\UMHPDUUMHOsQGHWsQHYRMVKPHSsUMHWHVsSsUSXQLP
H DEVRUELP Ws QMs SMHVH Ws VDM GKH SsUIXQGRQWH PH
Q[MHUUMH HUsNHTH QsSsUPMHW QMs SRUWH Ts GLNXU QJMDOOWH
QHYHUL QGsUVD SsU PRGsQ VRW LVKWH H SUHIHUXDU SsU Ws
K\Us
0s NU\Ts]RKHVKLQ PHQGLPHW SsU WLWXOOLQ GHUL Qs DWs
PDVsVDSsUSXQRMDPHYHWHWsWMHUsWLWXMTsLPHQGRMD
Ps Ws SUDQXHVKsP Ps NRPRG VLSDV DUV\HWLPLW WLP
3VKVLNXUVKNULPLWsWLWXOORKHM6KNULPWDUsWNDSVOOsNXL
VXNVHVLW $Ws Ts H PHQGRYD SsU PLUs SUDSs LVKWH NHT
VHSVH NLVKWH Ws EsQWH PH EOORNLP Ws PHQGLPLW H Ws
VXNVHVLWVKRTsURUJUXPEXOOLPHUsNHTQsSUDJWsSRUWsV
Vs SUDSPH GKH KHOPRQWH JMLWKsoND EUHQGD DVDM Ts
TXKHW TsQLH QMHUs]RUH 3DOH PHQGRMD NDSVOOsNXQ H
VKWsSLYH ERWXHVH GKH DWs Ws NDT VKXPs OLEUDYH Ts
SURGKRKHQ oGR GLWs H SURPRYRKHQ oGR MDYs .MR LGH
PsoDUPDWRVLIDUHNDULNDWRULQHPHQGLPHYHSRUQXNH
VKPDQJLD GRW QMs WLWXOO Ws UL SsU Ws FLOLQ PXQG Ws Ps
ODYGsURQLQ6KNULPWDULGLDUUHMDHVXNVHVLW

s/
6LSsUWHUVOOsNPHQGLPLYD]KGRQWHWsWXUEXOORKHMQJD
QMs SRKLP Ts H GsJMRYD SDUD GLVD GLWsVK Qs UDGLR Ws
WKsQs SUHM QMs VKNULPWDUHMH SURPRYXHVH 6KNULPWDUsW
PHGLRNsU VKNUXDMQs QGsUVD VKNULPWDUsW H  PsGKHQM
SsUVKNUXDMQs 1XN KDUURL Ws WKHNVRQWH JMLWKDVKWX VH
DUWLVWsW
PHGLRNsU
DGPLURKHQ
UHFLSURNLVKW
1JDWsUURKHVKD PHV NsW\UH WKsQLHYH GKH DMR Ts Ps
EsQWH Ws PDOONRMD GLWsQ NXU QLVD Ws VKNUXDM LVKWH QMs
VKSUHKMH Ts Ps TsQGURQWH JMLWKs NRKsQ SDUD V\YH
QMsVRMVLSDUUXOODOHQLQLVWHQsHNUDQLQWHOHYL]LYVKWHWsURU
UXVs 3UROHWDUs Ws Ws JMLWKD YsQGHYH 1D )DOQL
6LNXUOLEULLPWsLQMRURKHWVLPHGLRNsUEsMGRWPEUDSD
XQs H Ws WKHP  /H[XHV Ws VKLMHYH OHWUDUH Ws PLUD Ps
IDOQL 0LUs UXVsW PH NsWs VKSUHKMH X YHWsJM\NXDQ
DGPLUXHVKsP GKH X WDOOsQ GHUL Qs PDGKsVKWL PH
LGHDOLQ NRPXQLVW SRU VKSUHKMD Ts Ps VKW\QWH Ws
PDOONRMDYHWHQLVKWHYHWPXQGXHVHGKHVDPsVKXPsH
NXMWRMDPsVKXPsPsYLQWHWDWKRMDPH]sWsODUWsHWD
VKNUXDMDPHJsUPDNDSLWDOH0HJMLWKDWsSsUDWDTsGLQs
Ws OH[RMQs SR H VKNUXDM VL ]DNRQLVKW 6XNVHVL L NDT
VKXPs OLEUDYH ED]RKHW Qs PDUUsYHVKMHQ PLGLV
PHGLRNULWHWLW Ws LGHYH Ws DXWRUsYH GKH PHGLRNULWHWLW Ws
LGHYHWsSXEOLNXW
1s NsWR QJDWsUUHVD PHQGLPHVK Ps JMHWL DIULPL L
GLWsV Vs SURPRYLPLW Ws OLEULW 0s WKDQs VH GHUL HGKH
VDOOD H YsQs Qs GLVSR]LFLRQ VsEDVKNX PH PH]HoNDW
LVKWH PE\OOXU VL KHVDS IDOs EXMDULVs Vs SURQDULW Ws VDM
6KNXUWJMLWKsoNDLVKWHNXUGLVXUGKHSROsYL]WHGLWsSDV
QDWH VL Qs QMs SURoHV NX GRPLQRQWH )L]LRORJMLD H
6XNVHVLW
1sNsWRHVLSsUQMsGLWsSDUDSURPRYLPLWPHQMsNDIH
SsUSDUDRUJDQL]DWRULPHVKSUHKMHNsQDTVLHTsVKIDTHM
UUMHGKVKsPVsEUHQGsVKPLPHQMsJM\VsPEX]sTHVKMH
H IMDOs Ws VKSUHKXUD QJDGDOs PH QMs ]s  Ts PHUUWH
QXDQFsPHORGLHPsWKRWsPRVKDUURVHWLNHHGKHQMs
DYDQWD]KWMHWsUWsPDGKQsNsWsSURPRYLPOLEULQHNH
Ws VSRQVRUL]XDU QXN NH KDU[KXDU DVJMs QJD [KHSL \W
1GsUVDQJDDWDTsGRMHQsWsSUDQLVKsPQsFHUHPRQL
VKXPLFDNDQsQJDOLEUDWsERWXDUGKHWsWsUDPH
VKSHQ]LPHW H W\UH 'KH NsWR IMDOs L WKD GXNH OsNXQGXU
NRNsQQJDGDOsVDPDMWDVGMDWKWDVQsDWsPsQ\UsVLNXU
WsLVKDXQsVKNDNWDULLQ[LWMHVQGDMW\UHSsUVKSHQ]LPHW
H OLEUDYH 7KHOOs EUHQGD YHWHV QGMHYD Ts PX IRUPXD
GKH Ps GROL MDVKWs EX]sYH IMDOLD PRV MDP GXNH EsUs
JDELP PH NsWs FHUHPRQL SDVL XQs Ws YHWPLQ OLEsU
NsWsNDP
'LWsW H IXQGLW SDUD FHUHPRQLVs HUGKsQ GXNH Ps
VKWXDU HGKH DQNWKLQ +DOODNDWMD H PHQGLPHYH OXKDWHM
Qs GLDSD]RQLQ VL PLGLV G\ QRIXOODYH Ws QMs PRUVH
PHGLRNULWHWLW GKH VXNVHVLW *MLWKsoND H PHQGRMD Ws
OLGKXUPHNRKsQVLSDVVKSUHKMHVVHYHSUDWHDUWLWNDQs
G\DQsQMsUsQWsGUHMWXDUNRKsVVsWDQLVKPHGKHWMHWUsQ
NRKsV Vs DUGKPH .sWX WH NRKD H DUGKPH Ps
PXQGRQWH NRKs]JMDWMD H LQWHUHVLW SsUGRULPLW GKH
GRELVs Ws OLEULW 0H NsWR WXUEXOOLUD VKSLUW EUHMWsVH X
JMsQGD GLWsQ H SURPRYLPLW .RSMHW H OLEULW HUGKsQ QMs
GLWs Ps SDUs GKH SHUVRQL Ts L KDSL Ps EsUL Ws GLWXU
PEsUULWMHQ .DT $VQMs IMDOs Ps VKXPs .MR Ps VKWRL
DQNWKLQ GKH PHUDNXQ 3sUVH DVQMs SsUJMLJMH Js]XHVH
SsUWsQHVsUPHQ*MXPLLQDWsVPsLNXIDUH0sVKXPs
GKLPEMHNRNHGKHWHODVKVHVDNsQDTVL

 YW


d
.DSDNX L OLEULW PEL WDYROLQs NLVKWH QMs DVSHNW
LPSUHVLRQXHV9sVKWURMDWsSUDQLVKPLWGKHDWDGXNHMTs
LEUHQJRVWHWKHOOsGLoND3LNsOOLPLLW\UHNLVKWHOLGKMHPH
QMsJDELPTsLVKWHEsUsJMDWsVKW\SMHVVsOLEULW

6SRQVRUL L OLEULW LVKWH IDUPDFLVW PLNX LP Ts SUHM
YLWHYH Ws VKNROOsV L FLOL Qs NXDGULQ H IXVKDWsV Vs
NsVKLOODYH Qs VKTLS Ws SsUGRULPLW Ws LODoHYH NLVKWH
SRURVLWXU GLVD Ws WLOOD Qs Ws QMsMWsQ VKW\SVKNURQMs NX X
SsUJDWLWOLEUL7sNXSWRKHPLJDELPLQMHUs]RUDVQMsKHUs
QXN PXQG Ws MHWs ]HUR .sVKWX SsUJMDWs SURoHVLW Ws
VKW\SMHVVsOLEULWJDELPLQMHUs]RUEsULTsQsNRPSMXWHU
Ws NDORQWH QMs SRURVL H IDUPDFLVWLW VL SMHVs LQWHJUDOH H
OLEULW7DVKPsQsIDTHQHSDUDIXQGLWWsOLEULWEUHQGDVDM
LVKWH VKsQXDU GDWD H SURGKLPLW GKH DIDWL L VNDGLPLW
1MsVRMVLPHLODoHWTsNDQsGDWsSURGKLPLGKHGDWsQH
VNDGLPLW DSR VL QMs NXWL NRQVHUYH VDUGHOHVK 6L DIDW
VNDGLPLWsOLEULWVKsQRKHMGDWDHSURPRYLPLWWsOLEULW.MR
LVKWH DMR QGMHQMs SLNsOOLPL Ts NLVKWH QJsUWK\HU Ws
SUDQLVKPLW
1GsUVD XQs SRUVD H NRQVWDWRYD NsWs JDELP
PHQGRYDVHLVKDIDWOXP7sJMLWKDWRUWXUDWVKSLUWsURUH
PHQGLPHWNRQWUDGLNWRUHWsSUDJSURPRYLPLWSsVXDQQMs
SDVWULP PH oOLULP Ws WUXULW GXNH Ps GKsQs Qs GRUs
YDULDQWLQUH]HUYsWsWLWXOOLWLGHDO )L]LRORJMLDHVXNVHVLW
PHDIDWVNDGLPL
3DVIMDOsYHSsUVKsQGHWsVHWsVKNULPWDUsYHPHQMs
SURGKLPWDUL PEL  OLEUD Ws FLOsW NUDKDVLPHW SsU VWLOLQ
PH GLVD HPUD VKNULPWDUsVK NODVLNs L WKDQs PH ]s Ws
ODUWsNXUVHQGRQMsYsUMHWMHHODWXDQ TsWsPRVVKWRQWH
PsVKXPsSLNsOOLPLQHDXWRULWQXNGXURYDGRW PsGKH
SORW KDUH ILOORYD Ws IODV 1GMHKHVKD Qs QMs oOLULP
HQHUJMLVK VL DL Ts ND NDOXDU QMs SURYLP Ws
VWsUPXQGXHVKsP$MRTsDWDLSLNsOORQWHPXDPsVROOL
oDVWHWPsWsEXNXUDWsDVDMMHWHTsNLVKDKDU[KXDUGHUL
PsWDQL
'HNODURYDPHSDWKRV-DPLOXPWXUSsUERWLPLQH
OLEULWGKHQGDMOH[XHVLWYHoDQsULVKWSsUQMsGHW\ULP
PDGKRUWsFLOLQPHQGRMVHHNDPSsUPEXVKXU
SORWsVLVKW.sQDTVLDHPDGKHTsQGLHMQJDIMDOsWHWs
SUDQLVKPsYHQXNPs]EHKGsVKLUsQHSDSsUPEDMWXUTs
WsWKHPPHSORWJRMsQVHQsUDVWVHPEDVGDWsVVs
VRWPHNXUsVKWsHGKHGLWDHIXQGLWHVNDGLPLWWsOLEULW
SsVKSsULWHQ]sUDDSRVKNUXKHQDUWLNXMSsUQLYHOLQ
PHGLRNsUWsOLEULWDWsKHUHXQsUH]HUYRMWsGUHMWsQTsWs
KHGKSsUWRNsWsJMLWKDRSLQLRQHWQsQYOHUsVXHVHQGDM
OLEULW.DPWsGUHMWsQHDXWRULWDWsPRUDOHGKHOLJMRUHTs
WsGHNODURMVHQXNsVKWsIDMLLDXWRULWTsMXEOLQL
UHNRPDQGRQLGLVNXWRQLSsUJsQMHVKWURQLIMDOsWHPLUDWs
WKsQDPsSDUsSsUDWsOLEsUWHNLFLOLNHQLQsQVKNUXDU
SDUDWKsQLHQNRPHQWHWODYGsUXHVHQsIDTHWHIXQGLW
SDVLDXWRULSURGKXHVLXNDGDOsERU[KLW$LNDVKsQXDU
VLGDWsQHSURGKLPLWDVKWXHGKHGDWsQHVNDGLPLWWs
OLEULWGKHQsVHMXNsUNRQLWDNRQVXPRQLPEDVDIDWLWWs
VNDGLPLWSUDPEDVSURPRYLPLWDWsKHUHQXN
VKTHWsVRKHPGXDUWLNDPODUsSsUSDUDJM\TLWPRUDOWs
VKRTsULVs9XDQLDWsKHUHVKHQMDWHNRQVXPLWWsQMs
SURGXNWLWsVNDGXDU
 9LMRQQsIDTHQ 

5UHWK1HVK


-835(6353,.1(3$5
75$.,6(


d

s/

1JD.RVWDT'XND

9MHQ YMHVKWD GKH PHUDNOOLQMWs H YHUsV GKH UDNLVs Qs


6KTLSsUL SsUYHVKLQ OOsUsW GKH PHUUHQ PH WUDGLWsQ H
ODVKWsWsSsUSXQLPLWWsUUXVKLW5sQNRMQsEXWHWHYHUsV
GKH GMHUVLWLQ ND]DQsW H UDNLVs $ QXN sVKWs H SDUD
SRURVL SsU GLNs Ts VKNRQ Qs 6KTLSsUL VMHOOMD H QMs
VKLVKHPHUDNLUUXVKLHNXPEXOOH]MHUsG\KHUs"3RDWD
Ts H NDQs SDVLRQ Q[MHUUMHQ H YHUsV GKH UDNLVs Qs
PsQ\Us WUDGLFLRQDOH HGKH NsWX Qs $PHULNs YHSUXDQ
VKTLSWDULVKW(SVHMRNXUUUXVKLQHJMHQGDoWsEDUGKs
H GDo Ws NXT NXGR Qs WUHJ GKH SsU Ps WHSsU HGKH

WKMHVVKW OsQJ Ws SsUIWXDU QJD VKWU\GKMD 1XN ND QHYRMs


SsU HPUD6KsPEXMWLJMHQNXGRNXEDQRMQsVKTLSWDUsW
9HoDQsULVKW  SR  JMHQ VKWULUMH SURGKLPL  SsU QHYRMD
IDPLLOMDUH L YHUsV 3R UDNLD" $K NMR H XUXDU H GR
ND]DDQLQ (GKH PHUDNXQ H SXQsQ H ND Ps Ws PDGKH
0s Ws ]HOOVKPLW LD GROsQ PEDQs GKH SR H VKLMRMQs
UDNLQQs H VKWsSLVs MD DVKWX VL Qs 6KTLSsUL .D HGKH
GXDUUDUWs VL +DMUL 0XVWDIDM 5LNMD  Ts SR VKLKQL Qs IRWR
Ts YYHWs SR SURGKRQ ND]DQLQ H UDNLVs 3sU VKXPs YLWH
PH UDGKsGRUDHWLMSUHMPMHVKWULVDOGDWRUsVKWsQGMHUs
Qs IIDEULNDW H ELUUsV YHUsV GKH NRQMDNXW Qs .RUos
=DQDWLQ VH OD Qs 6KTLSsUL H XVKWURQ HGKH NsWX Qs
$PHHULNs  .sWX L JMHQ Ws JMLWKD ]HOO Ws NHVK WKRWs
EX]DDJD]+DMULX3REsMQMsND]DQPHIOHWsLQRNVLNX
GRSSsUJDWLWPHTHIUDNLQsHVLYMHWPH3RUDNLDGRHGKH

PLT6KWsSLQsHNDPKDSXULXSUHVSsUSLNsQHSDUsWs
UDNLVs


Z


2XUQXUVLQJDQGUHKDELOLWDWLRQFHQWHUVRIIHU
WKHKLJKHVWTXDOLW\RIVNLOOHGQXUVLQJFDUHLQ
EHDXWLIXOKRPHOLNHHQYLURQPHQWV2XU
PHGLFDODQGUHKDELOLWDWLRQWHDPVRIIHUVWDWH
RIWKHDUWSK\VLFDORFFXSDWLRQDODQGVSHHFK
WKHUDSLHVWRJHW\RXUORYHGRQHRQWKHURDG
WRUHFRYHU\2XUPDQ\IHDWXUHVDW

0HDGRZEURRN0DQRULQFOXGH
+HPRGLDO\VLV,Q6XLWH
0HGLFDUHDQG0HGLFDLG$SSURYHG
3K\VLFDO2FFXSDWLRQDO 6SHHFK7KHUDSLHV
$O]KHLPHUV&DUHLQD6HFXUHG8QLW
6WURNH5HKDELOLWDWLRQ
3DLQ0DQDJHPHQW
:RXQG&DUH
6KRUW7HUP7KHUDS\&DUH
5HVSLWH +ROLGD\&DUH
+RVSLFH&DUH
'DLO\$FWLYLWLHV'D\VD:HHN
+RXU'D\VD:HHN$GPLVVLRQV
3OHDVHFDOORXU$GPLVVLRQ'LUHFWRUVIRU
PRUHLQIRUPDWLRQDQGDSHUVRQDOWRXU
%ROLQJEURRNORFDWLRQ
:5HPLQJWRQ%OYG
%ROLQJEURRN,/
ID[
1DSHUYLOOHORFDWLRQ
5D\PRQG'ULYH
1DSHUYLOOH,/
ID[
/D*UDQJHORFDWLRQ
6WK$YHQXH

















$OEDQLDQ5DNL
5DNL LV DQQ $OEDQLDQ DOFRKROLF EHYHUDJH FRQWDLQLQJ
 YYRO  $OFRKRO VLPLODU WR WKH UDNLD IRXQG LQ
RWKHUIRUP
PHUWHUULWRULHVRIWKH2WWRPDQ(PSLUHVWLOO
ZLWKLWVRZ
ZQQDWLRQDOSHFXOLDULWLHV
+LVWRU\ ,Q WKH 2WWRPDQ (PSLUH XQWLO WKH WK
PH\KDQHVZRXOGPDLQO\VHUYHZLQHDORQJ
FHQWXU\P
ZLWKPH]HHGXHWRUHOLJLRXVUHVWULFWLRQVLPSRVHGE\
YDULRXV 6XOWDQV
6
$OWKRXJK WKHUH ZHUH PDQ\
0XVOLPV DPRQJ PH\KDQH DWWHQGDQWV VKDULD
DXWKRULWLHVV FRXOG DW WLPHV SURVHFXWH WKHP :LWK
WKH UHODWLYYHO\ OLEHUDO DWPRVSKHUH RI WKH 7DQ]LPDW
3HULRG   PH\KDQH DWWHQGDQFH DPRQJ
0XVOLPV URVH
U
FRQVLGHUDEO\ DQG 5DNL EHFDPH D
IDYRXULWHDDPRQJPH\KDQHJRHUV%\WKHHQGRIWKH
FHQWXU\5
5DNLWRRNLWVFXUUHQWVWDQGDUGIRUPDQGLWV
FRQVXPSWLRQVXUSDVVHGWKDWRIZLQH
3UHSDUDWLR
RQ 7KH $OEDQLDQ UDNL LV PDGH IURP
IHUPHQWHG DQGGLVWLOOHGIUXLWSDUWLFXODUO\JUDSHVDQG
SOXPV $OEEDQLDQ UDNL FRQWDLQV QR DQLVHHG DQG LWV
WDVWH YDULHHV DFFRUGLQJ WR WKH IUXLW XVHG WR PDNH LW
7KHSURFHVVRIPDNLQJUDNLLVH[FHSWLRQDOO\GLIILFXOW
UHTXLULQJ PXFK
P
ODERU WR PDVK WKH IUXLW IHUPHQW LW
XQGHU WKHH SURSHU FRQGLWLRQV HQVXUH WKH FRUUHFW
DPRXQW RI
R ILUH XQGHU WKH GLVWLOOHU\ EDUUHO 7KH
VOLJKWHVWP
PLVWDNHWXUQVDSRWHQWLDOO\SHUIHFWEDWFKRI
UDNL LQWR ZKDW LV NQRZQ DV
VRIW UDNL
 ZKLFK LV
FRQVLGHUHGGE\PDQ\WRQRWEHZRUWKGULQNLQJ
'LVWULEXWLR
RQ DQG &RQVXPSWLRQ $OEDQLDQ UDNL LV

W\SLFDOO\GLVWULEXWHGLQOLTXRUVWRUHVLQPORU
POFOHDUJOODVVERWWOHV,WLVVHUYHVWREHVLSSHGIURP
DVKRWJODVVV WHNH ODUJHJODVV GRSLR RULQLWVRZQ
VPDOO SRFNHW VL]H IODVN IDTRUH  7KH UHJLRQV WKDW
KDYHEHHQQQRWRULRXVIRUWKHEHVW5DNLDUH6NUDSDUL
DQG3sUPHHWL

Y
W


5UHWK1HVK
.sVKLOOD3URIHVLRQDOH
.sVKLOOD3URIHVLRQDOH


6$(0$'+('8+(77-(76+73,$
-8$-"


QJD)LOLS,WHOODUL


+HUsW D YRQs Ws JMLWKs GXDQ Ws EOHMQs VKWsSL


VKWsQMsQJDYHQGLPHWPsWsUsQGsVLVKPHPHWH
FLOLQ GXKHW Ws SsUEDOOHW VKXPLFD H QMHUs]YH Qs
MHWs3DVRMDWHNsWLMYHQGLPLSsUPLUsDSsUNHT
GR Ws QGLNRMQs Qs HNRQRPLQs GKH OXPWXULQs WXDM
SsU QMs NRKs Ws JMDWs 'sVKLUDW sQGUDW HJRL]PL
HXIRULD PXQJHVD H HNVSHULHQFsV GKH VKXPs
IDNWRUs Ws WMHUs IXWHQ Qs PHV GKH QXN Ws OHQs Ws
JM\NRVK VLo GXKHW 7s JMLWKs S\HVLQ YHWHQ dIDUs
GXKHWEsUs"6DHPDGKHGXKHWWsMHWsVKWsSLDH
UH" 6D GXKHW Ws NXVKWRMs" $ H SsUEDOORMPs GRW
ILQDQFLDULVKW" 3R VLNXU Ws QD SDNsVRKHQ Ws
DUGKXUDWSsUQMsIDUsNRKHDSRWsILWRMPsPsSDN
Qs Ws DUGKPHQ D GR Ws MHPL Qs JMHQGMH WL
SsUEDOORMPH SDJHVDW" $ GR WD UXDMs YOHUsQ H YHW
NMREDQHVsDSRGRWsMHWsYsVKWLUsWDVKHVLPQsWs
DUGKPHQ"1soIDUsYHQGLGXDPWsMHWRMPs"6LGR
Ws QGLNRMs DPELHQWL VKRTsURU Qs MHWsQ GKH
VLJXULQsHIDPLOMHVGKHYHoDQsULVKWQsHGXNLPLQH
IsPLMsYH"$GRWLSORWsVRMsGRWNMRVKWsSLQHYRMDW
GKH NsUNHVDW H Ws DUGKPHV" 'R Ws MHWRMPs GLVD
YMHWVDWsNDSsUFHMPsQHYRMDWHPRPHQWLWDSRGR
Ws QJXOHPL DW\ QMs KHUs H SsUJMLWKPRQs" 'R Ws
QGLKHPLWsoOLUXDUDSRWsEXUJRVXUQsVKWsSLQsH
UH"
VKWsVKXPsYsVKWLUsWsYHQGRVLPYHWsVHQXN
PXQGWLSDUDVKLNRMPsGRWWsJMLWKD1JDDQDWMHWsU
QGLKPD H QMs SURIHVLRQLVWL Ts H QMHK WUHJXQ GKH
]RQsQ NX GXDP Ws EOHMPs ND Ws EsMs VKXPs VH
QXNPXQGWsPEsVKWHWHPLWHNLQIRUPDFLRQLTsQD
MDSLQVKLWsVLW1MsLQVSHNWLPSURIHVLRQDOLVKWsSLVs
Vs DUGKPH sVKWs L GRPRVGRVKsP SsU Ws
VKPDQJXU UH]LTHW H IVKHKXUD Ts PXQG Ws QD
GsPWRMQsQsWsDUGKPHQ6DPsVKXPsWsGLPs
SsUSDUD EOHUMHV DT Ps SDN UH]LNRMPs 6H SR H
ILUPRVsP NRQWUDWsQ H EOHUMHV QXN NWKHKHPL GRW
PEUDSD(HHK
6DPsHPDGKHWsMHWsVKWsSLDDTPsVKXPs
GRWsNXVKWRMs
3DJHVDWHNUHGLVsGRMHQsPsWsPsGKD
7DNVDW GR MHQs Ps Ws ODUWD GKH VLJXULPL
LQVKXUDQFD GRMHWsPsVKWUHQMWs
)DWXUDW H VKsUELPHYH XMs GULWD QJURKMH
HWM GRMHQsPsWsPsGKD
'R GXKHW Ws PRELORMPs Ps VKXPs GKRPD
GKHPRELOMHWNXVKWRMQs
.sUNRQPsVKXPsNRKsGKHVKSHQ]LPHSsU
WXPLUsPEDMWXUHSDVWUXDU(WM
1JD DQD WMHWsU VKWsSLD H YRJsO PXQG Ws MHWs
HNRQRPLNHSRU
1XNNDKDSsVLUsQHQHYRMVKPHSsUWsMHWXDU
QRUPDOLVKW GKH EDQRUsW PXQG Ws QGMHKHQ VLNXU
MHWRMQsQsNXUUL]WsQMsULWMHWULW
%sKHW HGKH Ps H QJXVKWs PH OLQGMHQ H QMs
IsPLMHWMHWsU
1XN ND YHQG Ws PMDIWXHVKsP SsU GROODSH H

GHSR
$W\QXNPXQGWsSUHVsVKGRWPLTHIDPLOMDUs
QJDTssVKWsVKXPsQJXVKWs(WM
VKWsHTDUWsTsQMsVKWsSLVKXPsHPDGKHND
VKSHQ]LPH NXUVH QMs H YRJsO IDUH QD EsQ PH
GKLPEMHNRNH3RVLWDJMHMPsVDVKWsSLQDGXKHW"
3sU Ps WHSsU NXU QXN ND UHFHWD Ws SsUFDNWXDUD
GKH SUREOHPL ]JMLGKMH Ws ODUPLVKPH 1s NsWs UDVW
sVKWs PLUs Ws NRQVLGHURKHQ GLVD IDNWRUs Ts
QGLNRMQsQsPDUUMHQHYHQGLPLWSsUVKHPEXOO
0sQ\UD H MHWHVsV .D QHYRMs SsU DPELHQWH
SXQHDSR]\UHQsVKWsSL"$QDQGRGKVKSHVKWs
MHWRMPs SsU NRKs Ws JMDWs ODUJ VKWsSLVs
$UJsWRKHPLGXNHSULWXUHSsUFMHOOsPLTHWM
)DPLOMD .D IsPLMs Qs IDPLOMH DSR SULWHQ Ws
WMHUs"3RWsPRVKXDUDSRWsDIsUPTsMHWRMQsDSR
TsPXQGWsMHWRMQsDW\QsWsDUGKPHQ"(WM
3DVLRQHW GKH DUJsWLPHW WXDMD (GKH Ws
VKRKsVKWHOHYL]RUHWsJDWXDVKSsUVKXPsQMHUs]
GXKHWWsNHVKKDSsVLUsQHQHYRMVKPH
3ODQHWSsUWsDUGKPHQ0HQGRQLWsEDQRQL
JMDWs Qs NsWs VKWsSL DSR GRQL WD SsUGRUQL VL
LQYHVWLP D NHQL QGsUPHQG Ws EsQL SXQLPH GKH
ULSDULPH QMHUs]LW Qs SsUJMLWKVL L QHJOL]KRMQs
ULSDULPHW GKH DWR NXVKWRMQs Ps VKXPs QJD
oSDUDVKLNRKHQ PHoIDUsULWPLPHQGRQLWLVKWRQL
NXUVLPHWWXDMDQsWsDUGKPHQHWM
1GRVKWD GR Ws MHWs Ps OHKWs Ws JM\NRQL SsU
PDGKsVLQs H VKWsSLVs GXNH X QLVXU QJD
DPELHQWHW NX MHWRQL 9OHUsVRQL DWR Ts NHQL Qs
DPELHQWHW NX EDQRQL GKH oIDUs GR Ws GsVKLURQLW
Ps VKXPs" dIDUH sVKWs H GRPRVGRVKPH SsU MX
GKH oIDUs PXQG Ws OLKHW PsQMDQs" 6D PHWUD
NDWURUs MX GXKHW SsU VHLFLOLQ DPELHQW 6D GKRPD
GR WMX GXKHQ Qs Ws DUGKPHQ 6D VLSsUIDTH MX
GXKHWSsUJDWLP$NHQLQHYRMsSsUQMsGKRPsWs
YHoDQWs QJUsQLH DSR H PHQGRQL NX]KLQsQ GKH
QJUsQLHQ VL QMs DPELHQW Ws SsUEDVKNsW" 'R Ws
SsUGRUHW WDYROLQD H QJUsQLHV HGKH SsU SXQs
VWXGLP HWM" $ GR Ws NHWs GKRPD H GLWsV
KDSsVLUsQHQHYRMVKPHTsWsQGMHKHQUHKDWDW\Ws
JMLWKs SMHVWDUsW H IDPLOMHV" 6D GROODSH DSR GHSR
MXQHYRMLWHQ".XGRWDYLQLELFLNOHWsQPDNLQsQ"$
NHQL QHYRMs SsU Ps VKXPs VH QMs EDQMs" 6D H
PDGKHGXKHWWsMHWsDMR"dIDUsVLSsUIDTHGXKHWWs
NHWs NRUULGRUL Ts GR WL EDVKNRMs NsWR DPELHQWH"
dIDUsSDMLVMHVKSsUQJURKMHIWRKMHODUMHHWMGRWs
SsUGRUQL GKH VD YHQG NsUNRMQH DWR" 1s NsWs
PsQ\UsGRWsDUULQLQsQMsVLSsUIDTHWsFDNWXDU 
PHWsU NDWURU DSR 6T IHHW  SsU VHLFLOLQ DPELHQW
GKH GR Ws JMHQL VLSsUIDTHQ WRWDOH Ts MX QHYRMLWHW
0HNsWsQXPXUQsPHQGMHVKNRQLQsQMsSDUNDSR
IXVKs GKH UHWKRQL QMs VLSsUIDTH Ws EDUDEDUWs
WUXDOOL SsU Ws SDUs PH V\ VH VD VLSsUIDTH MX
QHYRMLWHW 5HWKRQL JM\VPsQ H VLSsUIDTHV QsVH
PHQGRQLTsVKWHSLDGRWsMHWsPHG\NDWH3DVWDM
PHQGRQLSsURERUJDUD]KHWM
.LQLSDUDV\VKTsVDPsSDNNRKsWsVKSHQ]RQL
SsU Ws SDVWUXDU GKRPDW SUHUs EDULQ DSR SsU Ws
KHTXU ERUsQ HWM DT Ps VKXPs NRKs GR Ws NHQL
SsUWXPDUUsPHJMsUDWsWMHUDTsNDQsPsVKXPs
UsQGsVLSsUMXGKHIDPLOMHQWXDM

 YW


d

s/


352029,0, YLMLP,IDTHV 

0DGMH PH WsUs IRUFsQ Ts Ps MHS )L]LRORJMLD H


VXNVHVLW Ws OLEULW GR X EsM WKLUUMH Ws JMLWKs VKNULPWDUYH
SXEOLFLVWsYH SRHWsYH HVHLVWsYH DQDOLVWsYH
WUHJLPWDUsYH SDPIOHWLVWsYH HWM Ts Ws ILOORMQs Ws
YHQGRVLQ GDWsQ H SURGKLPLW GKH DWs Ws VNDGLPLW Qs
SURGXNWHW H W\UH OHWUDUH VL NsUNHVD Ps HOHPHQWDUH VL
GHW\ULP PRUDO H OLJMRU Ts UHVSHNWRQ NRQVXPDWRULQ H
QGHUVKsPGDVKDPLUsVWsSURGXNWHYHOHWUDUH
.DT GKH SDV NsW\UH IMDOsYH SDV NsWLM VKWsU]LPL
VKSLUWsURUPsPEXORLHQWX]LD]PLLWsSUDQLVKPsYH



.RPXQLWHWL


1./$61(Ws7',3/208$51*$
/2<2/$$&$'(0<


/R\ROD$FDGHP\QMLKHWVLQMsQJDLQVWLWXFLRQHWPs
WsQMRKXUDWsDUVLPLWWsSsUJMLWKVKsPWsQ[sQsVYH
Qs &KLFDJR GKH UUHWKLQDW ( WKHPHOXDU Qs 
SORW SDV QMs VKHNXOOL DNWLYLWHWL PsVLPRU GKH
HGXNDWLYQJDEDQNDWHVDMXGLSORPXDPHKRQRUV
VKTLSWDULLSDUs(QML3DSD]LVLLOLQGXUQs7LUDQsL
ELUL L 0DQXHOsV GKH 'ULWDQ 3DSD]LVL 3sUSDUD
PHMH  WKRWs (QML  DVNXVK QXN H  GLQWH NX
QGRGKHW 6KTLSsULD  7DQL MR YHWsP Ts VKRNsW H
PLM H GLQs WD JMHMQs 6KTLSsULQs Qs KDUWs GKH Ws
QMRKLQ IODPXULQ WRQs NXT H ]L SRU DWD JMLWKDVKWX
PEDMQH PHQG PEL Ws JMLWKD UDNLQs Vs UUXVKLW
7DVKPs (QML YD]KGRQ VWXGLPHW H ODUWD Qs
LQ[KLQLHUL 3ULQGsULW JM\VKHULW WH]HW GKH [KD[KDL
GKHWsJMLWsWsDIsUPLWHWMHUsLXURMQsDWLMVXNVHVH
WsPsWHMVKPHQsVWXGLPHWHWLM

5UHWK1HVK

d

s/



5HYLVWD5UHWK1HVKYD]GRQWsQGLTHWPHLQWHUHVQJDOH[XHVLWQsYLWLQHWUHWsWsERWLPLWWsVDM1HMHPL
NUHQDUHTsGKHMXMHQLSMHVsHNsVDMOsYL]MHMHQsSsUPMHWPEsVKWHWMHVVXDMILQDQFLDUH*UXSL\Qs
SXEOLNXHVIDOHQGHURQWsJMLWKsDWDTsMDQsDERQXDUGHULPHVRWQs5UHWK1HVKGKHMXOXWHWJMLWKsWs
WMHUsYHWsQGMHNLQDWsVKsPEXOOTsFLOsVLDHUHYLVWsVVRQsWsUULWHWYD]KGLPLVKW5HYLVWDSRSXEOLNRKHW
PHVHULWsNXIL]XDUGKHLMHSSULRULWHWVKSsUQGDUMHMHDERQXHVYHWsVDM4s5UHWK1HVKWsYLMHWHNMXSD
QGsUSUHUMHMXOXWHPLQDNRQWDNWRQLQHSHUPMHWWHOHIRQLWQs  RVHHPDLOWHN
LQIR#DOEDQLDQDOOLDQFHFRP
$OHDQFD6KTLSWDUH$PHULNDQHERWRQUHYLVWsQ5UHWK1HVKTsWsUHIOHNWRMsLQWHUHVWDWHSsUEDVKNsWDWs
VKTLSWDUsYHPEDUsGLDVSRUsV$QsWDUsWWDQsMDQsYXOOQHWDUsTsGHGLNRMQsNRKsQGKHWsDUGKXUDWHW\UH
SURJUDPLWWRQs%XMDULDMXDMILQDQFLDUHGRWsVKNRMsJMLWKDVKWXGUHMWPXQGsVLPLWWsYHSULPWDULYHWs
ODUPLVKPHQsVKsUELPWsGLDVSRUsV1sSsUPMHWYHSULPWDULYHWsVDM$OHDQFDV\QRQWsJUXPEXOORMsGKH
VKSsUQGDMsHQHUJMLEDVKNsNRKRUHPHVQHVKGXNHPXQGsVXDUUXDMWMHQHKLVWRULVsNXOWXUsVWUDGLWDYH
GKHYOHUDYHWRQDNRPEsWDUH3sUPsVKXPsLQIRUPDFLRQPEL$OHDQFsQYL]LWRQL
ZZZ$OEDQLDQ$OOLDQFHFRP

3XEOLNLPLL5UHWK1HVKYD]KGRQSDQGsUSUHUMHGKHSRVWRKHWNXGRQs
6+%$$ERQLPLYMHWRUsVKWsYHWsP

D^
d



D^
^

0HSRHPsQHPsSRVKWPH,VPDLO.DGDUHNDVKNHOXUSUHPWLPLQHGKsQsPs$VRNRKHSDVLVKNURLSRH]LQs.ULVKWOLQGMHQs1MX-RUN
,VPDLO.DGDUHGHNODURLVHDMRLVKWHSRH]LDHWLMHIXQGLW0HVDGXNHWPX]DSRHWLNHHNsVKsURQHQGH.DGDUHQsoNDHEsQWLULNWKHKHWVsULVK
WHNSDVLRQLWWsKHUVKsP

<ZEh<DE

Kdd/D/E,!E!



7LUDQDQsGLPsU


0DHVWRVR


3DVWLMNXUHWsULWWDQsQMsYMHVKWsGROsQSsUSUH
1MsVKNDEsUUsPE\HQQsWURMHWHPsGKD
0sOHKWsXPHUUMHVKSLUWLQVHDWsVKSHQG
1GDMERWDXORGKHVKNDEsQXDOD


)U\QHUsHGLPULWILVKNsOOHQVLELVKs

4sQJD*M\NDWsH/DUWsQs3DUODPHQW
7LUDQDJGKLQDTSDEHVLVKWHKLMVKPH
6DV
GLo
WDPDUUsVKGHOLUDSRT\WHW

.UHQDUsTs5RPsQH%L]DQWLQ]KYDWsQ
-RQMsNDVROOHYOODKXQs%DOONDQ
(YXQsQsIODPXUWsW\UHVKNDEsQ
'KHELMWsVDMXVKSDOOsQDQHPEDQs

=JMRKHWVsULVKPHDWsHPsUWsWPHUUVKsP
4sQMsPLMsYLWHUUHKWDKHTsPsNRW
9sUWHWLQJMHWKHWGDQWHDOLJHUVKsP
6LVKSLUWUDTsQXNSDWsQWUXSDGRW

.sVKWXQsNDIHQHNMRSXQsPHUUTDVMH
0HNXQGUDHSURWsEXMVKPHQDW\ULVKW
2NHMSsUWULPLMsHXURWKRWsYUDVsVL
3sUGXNsQGKHGXNHVKsQEDVKNsG\ILVK 

3sUEDOOsW\UH]\UWDUsWsSDVKSLUW
1sYDUJYHWXUDVKUHQGLQV
GLKHWNX
(YHUEsUVLWsWMHUDWQJMDQNMRGLWs
1JDTsDVNXVKV
EHVRQDVNsQGDVNXQG


1sQMsPsQJMHVWsWLOOso
WsEsVKPsPLUs
6HVDWsVKNRVKQsNOXELQ'DYLGRII"
7s]sVKQMsNsQGPXWHTHOTQDMsHQJULUs
'KHPHQGMHQPXQGsVLVKWWDoRVKQsRII


0HVGLWDLDEHKVLJUXDHGHKXUWDSs
7HPSHUDWXUDHGROODUL]EUHVLQSUDS
3RVKT\KHQFHOXODUsWRNHMVKNsUGKDWs
5URIVKMH\OOERWHHWXQJHWRSH 

$VKTLSsVKWsNMROODKWDUsDSRGUHTQLVKW"
3sUJMLWKoNDIOLWHWKHVKWHWSsUJMLWKoND
-DWsG\SDOsW[KHODWsYLNWLPDHLVK
.XMWLPHVKNUXDMQsQHWsYHPHPOOHIHWsPsGKD


1sNDIHQHNDSsUoGRSXQsQMsTDVMH
7sWLOOsTsNXUUNsQGQXNHJMHQGRW
3sUWULPLMsHXURSRURVLWQMsYUDVMH
3sUNDWsUPLMsWLWXOOLQYLNRQW

3Ro
sVKWsN\SRSXOOTsQsJURSsLVKWULUs
.XMWRQDTNUHQDULVKWVHsVKWsQsPDMs"
'KHNXUSsUNXQsUQJDJURSDGHOLOLUs
-DPLUUs]XDU.OLWKPHWKLUUDYDM"

3sUJMLWKoNDIOLWHWSURQDWDVJMsNXQGLQ
dPLPLQ1REHODQMsYHWXUsWsUH
3sU]JMHGKMHWGKHGHNUHWHWNUHMWWsIXQGLW
7s]RWLWSUHVLGHQWPHHPsUKHEUH

1MsPDNWKLGDOsQJDQMsJMXPsLPDUUs
0sL]EsUWK\HVKsPVHN\NRPEGRWsTH
&DWUXPED]RJMVKPHFXUOHHFHOXODUs
4sQsSsUPMHJXOONOLWKLQQsSsUUH

)OLWHWSsUPOOHIHSsUNXSsQTsXPEXVK
3sU-H]X.ULVKWLQDQGMHVsQILOOSDVNRELW
1sQMsUsQQJDWU\H]DWVKSDOOGLNXVK
1MsVNLFsWsUHWsKLVWRULVsVsNRPELW

3VHJMHWKHWEHIDVSUDULPNXURUHPDUULQ
7HNVKWURKHQVLTLOLPPELEXOHYDUG"
.DPEDQDHNDWHGUDOHVVs6KsQ3DOLW
7ULVKWXHVKsPELHVLPHSHQJHDKW

d
QXNSMHOON\YHQGKRUUDVKHQMWRUsHWPHUU 6KNRGUDQMHWL"d
SOHQXPL]LWsSROOL"
0sQJULWLLG\WLLJMDVKWLPsUUs]RL
=RQMD0DNEHWKHSUDQJDHSHUODHKHNXUD

'KHMDWDQLQMsUDSDVWMHWUsVQ[MHUU
1Ms]sJMsPRQNsQGHMSOHQXPLLNDWsUW
'\PEUHWsUHVKDTsWsG\MDWsYGHNXUD
3LNWRUsWDQGHMLSHVWLUUHWKXPEXVK

6KNULPWDUVSLXQMHWL"5HQGWHLVKWDWL
1XNTHQsURELQDMRUUsPE\HUYRQs
1sV
GRWsGLJMHVKWHLWHWLVKNUXPE
3DVGRNHYHNUHVKQLNHDQsSULWs

.DQsDUGKXUYHWsQGRQsVHTHQsQsIURQ
5HQGQLIDW]LQMPsVKLUsSsUMXQXNND
(SDUDYHoQMsYLWHG\WDDVQMsGLWs
$VKWXVLoMXQXNSDWsWSsUDVNsQG

6
NDYHQGQGsUNDTWH7PHUUHWH0sGKD
'KHNDWHGUDOMDLSsUFMHOOPHYDM
$VWH3ROLWE\URMDQXNNDYHQG
'\PMHOOPDWHJDEXDUDWsPHNXUD

$WRTsV
HUGKsQSsUNXURUsYHoSsUYDUU
0HQJXWSRVKWRKHWQMs*URSsH+RQL5L
7sEULVKWDW]RQMDPEUHWsUHVKDWHYGHNXUD %UL/XJMH]H]sVQMsWMHWsU/XJMH]H]s

,QsQWLUUHWKSRPEXVKHWGKHDL
1sNOXELQ'DYLGRIITHOTQDMsHQJULUs
6
NDPEHWXUYHoQMsYHQGSsU=RQMsQH=H]s
'UHPLWMHGLWHVMHOOV
GLVHQJDNX

1MsVLPDGRQsHORGKXUPssVKWsSsUKLUs
1sNDIHQHNDUsQsQMsIDUsTHWsVLPL
4sLWDOLVKWMDJMXKsPXQGW
LVKWHJMLWKDVKWX 
6KSLUWLSXVKLPNsUNRQHQGRVKWDPDOO

$QsGHWHEOXSOD]KHWsVKNUHWDGLPUL
/HKRQsH]EHKWsSDVOLQGMHVVsNDOWsUHPH
+RWHOHNXQXNPEsUULQLIWRKWLLPDGK
1sWsQMsPLMWLQHWUHTLQGLQYLW

0sVKXPsVH.ULVKWLPDGRQsQNMRSRHPs
1MsJUXDHPMHJXOOWVKIDTXUWHTHOTQDMD
(ORGKLQGRVKWDJMXKsQLWDOLVKW
0
XGXNVHPsNXMWRQWHQMsSUHPWLP

9GHNMDV
PsODDWsSUHPWLPWsPEDMD
2NsWRSDPMHLQMRKGKHQXNLQMRK
,WKDVKsPsQsIXQGSORWSLNsOOLP
.sWRWULNDWHUUDGKsWDVKHQVRUsW

.XK\SLQ]GU\SLQNOLWKLQRERER
$MRPsSDKDELWVKsPTsSDVTHOTLW
5XIMDQsWPsNDWDUsWGKHPL]RUsW
1XNWsPDUUYHVKNMRJMXKsPsEsQXMHP

1sTRIWsVHWLVLoWKXDMHLYGHNXU
7sJMLWKsMDQsDW\UUDKLQPsNRW
7sQGsUURMQsNDWHWSRUNDWHWV
QGsUURKHQNXUUs$WsKHUHPXDo
PsPEHWHWTsWsMHP"
7s]HVQsPMHJXOOVKW\KHQVLQGR]RW
6
HGLLWKDVKsPHKDELWsIWRKWs
,VKNRUEDWHVs]H]sVGLNWDWXUs
7HNVKSLUWLSUDSsPHSLNsOOLPP
XPEXVK

'LNXVKQJDQHWsG\V
sVKWsPsQsERWs
1JDELHGDOMD".XQGRGKHW3XUJDWRUL"
3RFLOLDFLODNsWsV
HGLDVNXVK

1JDS\HWMHWVKHVKLJXPs]KLQVL]JMRL

1MsFRSsKHUsPHVKHQMDPRUsPHGKDPs
6
NXSWRKHVKLPYHoNLVKLPPDOOHPXQG
*MHUVDDMRXWUHWWHTHOTLLPDGK
'KHXQsPEHWDVKNUHWQsNXQGDVNXQG

0EUsPMDSRELH7LUDQDUURWXOOEOORNXW
1LVWsVWROLVHWSsUEDOORDSsURUJML
1MsIRVKQMHHUDVWLWHSDOLJMVKPHH1MX
-RUNXW
1MssQGsUU[KX[KHDVKNsUELPLWLM

1sERU[KHHJM\THUURNDTLHMWYsUWLWLQ
'ULWDGKHEDUHUURWXOOXHVHODUW
3RVKWsW\UHOXDQHVKDWsSsUJMXPXUDQs
SULWs
$PHULNDQ5DLIIHLVHQH&UHGLQ
V
%DQN

3RUV
GRW
LDGLMsDVNXVKSsUERU[KHDJM\T
7sGHKXUTHMILWNUHMWDPDUUMDHKDNXW
,JMDWsVLQDWsHDQNWKVKPHQ
XGKsNU\T
6KIDTHWPHVEU\PsVNU\HEDVKNLDNX 

.XOOH6DKDWLWSRWUHJRQQMsRUs
4sQGRVKWDNXQGsUVKWRKHWVLoGRJMs
1sVDOODWHPX]HXWWsIXQGLWYL]LWRUs
-DPX]JXVLQsNXUWKEHIDVL]L

3DULVPDUVSULOO


YW

Albanian
American Alliance

1 S 450 Summit Ave, Suite 180
Oakbrook Terrace, IL 60181



3565767'
863267$*(3$,'
0,/:$8.((:,
3(50,71R


EE
          '   
      
<

^D<
   
      W            

DD

E

5HYLVWD5UHWK1HVKYD]GRQWsQGLTHWPHLQWHUHVQJDOH[XHVLWQsYLWLQHHWUHWsWsERWLPLWWsVDM1HMHPLNUHQDUHTsGKHMXMHQLSMHVsHNsVDMOsYL]MHMHQssSsUPMHWPEsVKWHWMHVVXDMILQDQFLDUH*UXSL
\QsSXEOLNXHVIDOHQGHURQWsJMLWKsDWDTsMDQsDERQXDUGHULPHVRWQss5UHWK1HVKGKHMXOXWHWJMLWKsWsWMHUsYHWsQGMHNLQDWsVKsPEXOOTsFLOsVLDHUHYYLVWsVVRQsWsUULWHWYD]KGLPLVKW5HYLVWDSR
SXEOLNRKHWPHHVHULWsNXIL]XDUGKHLMHSSULRULWHWVKSsUQGDUMHMHDERQXHVYHWsVDM
3XEOLNLPLL5UHWK1HVKYD]KGRQSDQG
GsUSUHUMHGKHSRVWRKHWNXGRQs6+%$$ERQLPLYMHWRUsVKWsYHWsP

You might also like