%RUWV]YHJ

$ YLOJKU MDSQ PGV]HU IRUUDGDOPDVWRWWD D UHQGUDNVW D]

RWWKRQRNEDQ0DULH.RQGRWPXWDWLEOPUDPLOOLSOGQ\NHOW
HOQ\HOYHQ

$ UHQGUDNV V]DNUWMQHN NQ\YH QONO]KHWHWOHQ NDODX] DKKR]

KRJ\ HJ\V]HUEE WOWKDWEE V HJ\WWDO EROGRJDEE WHJ\N
PLQGHQQDSMDLQNDW$NLPHJIRJDGMDWDQFVDLWQHPFVDNRWWKRQEDQ
GHVDMWOHWEHQLVIHOV]PROKDWMDDNRV]WVDUHQGHWOHQVJHW
0DULH.RQGRWIRJWPXWDWVWQ\MWD]HJV]ODNVEDQDNRQ\KDL
HV]N]N KREELNHOONHN IQ\NSHN WDNDUWHV]N]N WHUOHWQ
HJ\DUQW (ONDODX]RO D WNOHWHVHQ UHQGH]HWW ILNRN V V]HNUQ\HN
YLOJEDVOSVUOOSVUHHJ\V]HULOOXV]WUFLNNDOPXWDWMDEHD]
LQJHN QDGUJRN V ]RNQLN KDMWRJDWVQDN PHVWHUL IRUWO\DLW
8J\DQDNNRU D]W LV PHJWDQWMD KRJ\DQ LVPHUMN IHO D]RNDW D
WUJ\DNDW DPHO\HN PU QHP V]HUH]QHN UPHW V YDOMEDQ PU
QLQFVV]NVJQNUMXN

$ .RQ0DUL QYHQ HOKUHVOW HJ\V]HU PGV]HUUHO PLQGHQNL

V]PUD HOUKHW OHV] D UHQGH]HWW RWWKRQ D] WOWKDW WUROV V D
KWN]QDSLWLV]WDUP
 
$IRUGWVDODSMXOV]ROJONLDGV
0DULH.RQGR6SDUN-R\$QLOOXVWUDWHGPDVWHUFODVV
RQWKHDUWRIRUJDQL]LQJDQGWLG\LQJXS
2ULJLQDOO\SXEOLVKHGLQWZRVHSHUDWHYROXPHV
LQ-DSDQLQ-LQVHLJD7RNLPHNR.DWD]XNHQR0DKRDQG
,UDVXWRGH7RNLPHNX.DWD]XNHQR0DKR
E\6XQPDUN3XEOLVKLQJ,QF7RN\RLQDQG

&RS\ULJKWkE\0DULH.RQGR
(QJOLVKWUDQVODWLRQE\&DWK\+LUDQR
+XQJDULDQ(QJOLVKWUDQVODWLRQULJKWVDUUDQJHGZLWK
6XQPDUN3XEOLVKLQJ,QFWKRUXJK,QWHU5LJKWV,QF
7RN\R-DSDQDQG*XGRYLW] &RPSDQ\/LWHUDU\$JHQF\
1HZ<RUN86$LQFRRSHUDWLRQZLWK/H[&RS\ULJKW2IILFH%XGDSHVW+XQJDU\
+XQJDULDQWUDQVODWLRQk.XUGLQ0RKFVL*DEULHOOD
,OOXVWUDWLRQVDQGFRYHULOOXVWUDWLRQ
FRS\ULJKWkE\0DVDNR,QRXH
0DJ\DUNLDGVk/LEUL.Q\YNLDG%XGDSHVW

,6%1

)HOHOVNLDGD/LEUL.LDGJ\YH]HWMH
)HOHOVV]HUNHV]W+DXOLWXV$QLN
2OYDVV]HUNHV]W/LJHWL6]LOYLD
%RUWWHUY2OK*ERU
0V]DNLV]HUNHV]W.RYFV%DO]V6QGRU
$]HOHNWURQLNXVYHU]LWNV]WHWWHD]H.Q\Y0DJ\DURUV]J.IW
ZZZHNRQ\YKX
 7DUWDORP
(OV]

%HYH]HWV$.RQ0DULPGV]HU
$UHQGUDNVKDWDODSV]DEO\D

,56=.210$5,0(67(57,33(.
+2*<$1,60(5+(7(')(/(*<5(.11<(%%(1+2*<0,
7/7(/500(/"
$UHQGUDNVVDMWPDJDGDWDNDUWVDWHUPV]HWOHJ\]VH
+DQHPYDJ\EL]WRVEHQQHPLYOWNLUPHWEHOOHGNH]GGDV]YHGKH]N]HOOO
KROPLNNDO
(]PJMOHV]YDODPLNRUPRVWDQWOWLORV
1]GPHJPLUHDMNDV]NVJHVGHPUUPHWQHPDGWUJ\DN
7DUWVGPHJDIXUDPDVNDUNDWRWWKRQUD
1HWYHV]GVV]HD]WPHQHWLUHQGHWOHQVJHWD]OODQGVXOWIHOIRUGXOVVDO
$PLNRUPUIHODGQG
)RWDUHQGHWOHQVJUOVRNNROJ\J\PG
1HWDUWVV]QHWHWQHKDJ\GDEEDVQHDGGIHODOHJQDJ\REEQDNWQ
UHQGHWOHQVJEHQVHP
+DERU]DV]WYDJ\DUHQGUDNVEDQDOHJGUPDLEEYOWR]VWOHGPDMGW

+2*<$17/7+(7('0(*$=277+212'500(/"
.S]HOGHODWNOHWHVOHWWHUHWHJ\HJ\V]HUIRWDODSMQ
%QMMODV]UNH]QEDNHUOWUJ\DNNDO
$]UPWHOLRWWKRQDWHVDMWV]HPO\HVPYV]HWLP]HXPRG
6]QHVWVGPHJD]OHWHG
+RJ\DQYOKDWDKDV]RQWDODQQDNWQKROPLNHJ\UV]HUPIRUUVV"
$ODNWVGNLD]WDKHO\HWPDJDGQDNDKROIHOWOWGKHWV]

0,1'(1$0,7$=507(/,752/65/78'12'.(//
$UHQGUDNVDODWWDWUROVFVDNLGHLJOHQHV
5HQGH]GD]DQ\DJXNV]HULQWDWUJ\DNDW
3DNROGJ\DILNRGPLQWHJ\MDSQEHQWRWHOGRER]W
 $WUROVQJ\DODSHOYH
+DMWRJDVGJ\DUXKNDWPLQWD]RULJDPLW
0LQGHQDPLWD.RQ0DULKDMWRJDWVLPGV]HUUOWXGQRGNHOO
.H]GGDWUROVPHJWHUYH]VWD]]DOKRJ\PHJV]DEDGXOV]DWUROVUDKDV]QOW
EWRURNWO
$WNOHWHVWUROVIQ\WYLV]D]RWWKRQRGED

,,56=$5(1'5$.6(1&,./23',-$
$58+.5(1'-(
)HOVN
$OVN
5XKNVV]RNQ\N
)HODNDV]WKDWUXKN
=RNQLNVKDULVQ\N
$OVQHPN
$UXKVV]HNUQ\DPLUHUPUQ]QL
7VNN
5XK]DWLNLHJV]WN
&LSN
7LSSHND]XWD]WVNDEHFVRPDJROVKR]

$.1<9(.5(1'%(77(/(
7DQFVRND]RNQDNDNLNQHPWXGQDNOHPRQGDQLDNQ\YHNUO
6RUR]DWRN
0DJD]LQRNVQDJ\PUHWDOEXPRN
$NQ\YHNOWYQ\RVWUROVD

$3$35)/.5(1'-(
$ODSV]DEO\GREMNLPLQGHQW
/HJ\HQHJ\HOLQW]QLYDONIHOLUDWGRER]RG
7DQDQ\DJRN
+LWHONUW\DNLYRQDWRN
-WOOVRNJDUDQFLN
.]LNQ\YHNKDV]QODWLXWDVWVRN
GY]OODSRN
.LYJVRNFHWOLN
-HOOMNLHJ\QDSRWD]HOLQW]HQGGROJRNUD
$.20212$=$356*2.5(1'-(
&'NV'9'N
UV]HUHNSDSUUXN
(OHNWURPRVNW\NNRPRQR
%USROV]HUHNVNR]PHWLNXPRN
5HOD[FLVWHUPNHN
*\J\V]HUHN
UWNWUJ\DN
9DUUHV]N]N
6]HUV]PRN
+REELDSUVJRN
*\MWHPQ\HN
+ROPLNDPLNHWFVDNJ\PHJWDUWRWWO
J\QHPN
7UON]N
3OVVMWNRN
6]UDNR]VVDONDSFVRODWRVGROJRN
QQHSLGHNRUFLN
)HOV]HUHOVYV]KHO\]HWUH
9GHOHPHVHOOHQ
.RQ\KDLDSUVJRN
7DNDUWV]HUHN
$PRVNRQ\KDIHOV]HUHOVH
)UGV]REDLDSUVJRN

+2/0,.$0,.+(=5=(/0,/(*.7'6=
$]U]HOPLOHJIRQWRVGROJRNUHQGEHWWHOYHOUHQGH]HGDPOWDWLV
,VNRODLHPONHN
5JLV]HUHOPHNHPONHL
6]HQWLPHQWOLVIHOYWHOHN
$J\HUPHNHLGDONRWVDL
(PONLUDWRNIHOMHJ\]VHN
/HYHOHN
$IQ\NSHNUHQGV]HUH]VH
DIRO\DPDWXWROVOSVH
,,,56=$=/(7(70(*9/72=7$79$5=6/$7
277+21$0,50(768*52=
(OV]RED
1DSSDOL
.RQ\KD
'ROJR]V]RED
+OV]RED
)UGV]RED

9/72=62.$0(/<(.(7$5(1'+2=0$*9$/
5DNMUHQGHWVDV]HUHOPLOHWHGLVUHQGEHQOHV]
$UHQGUDNVN]SSRQWEDKR]]DDNDSFVRODWRNDW
+D]DYDUQDNDFVDOGRGKROPLMDL
OJ\RO\DQPLQWDQDS
1HNQ\V]HUWVGDUHQGUDNVUDD]RNDWDNLNQHPDNDUMN
7DQWVGPHJDJ\HUHNHLGHWDKDMWRJDWVUD
+DHOLVEXNV]QKDQHDJJGM
QHPGOVV]HDYLOJ
$]UPWDGGROJRNPDJXNEDQU]LND]UWNHVHPONHNHW

8WV]

=UV].V]OMOHWHGNYHWNH]OORPVUD

.V]QHWQ\LOYQWV

$V]HU]UO

 (OV]

$]OHWHGYDOMEDQD]XWQNH]GGLNPLXWQUHQGHWWHUHPWHWWOD]
RWWKRQRGEDQ(]UWLVV]HQWHOWHPD]OHWHPQDJ\UV]WDUHQGUDNV
WDQXOPQ\R]VQDN 6]HUHWQN DQQ\L HPEHUQHN VHJWHQL D
UHQGUDNVEDQDPHQQ\LQHNFVDNOHKHW
(] D]RQEDQ WYROUO VHP MHOHQWL D]W KRJ\ EUPLW YDJ\ PLQGHQW
HJ\V]HUHQ FVDN NL NHOO KDMWDQL ,QNEE D]W PXWDWMD PHJ KRJ\DQ
YODV]WKDWRGNLD]RNDWDGROJRNDWDPLNUPPHOWOWHQHNHOKRJ\
OWDOXNPHJYDOVWKDVGDV]PRGUDLGHOLVOHWWHUHW
+D EL]WRV YDJ\ DEEDQ KRJ\ YDODPHO\ WUJ\ UPHW RNR]
V]PRGUDWDUWVGPHJQHWUGMD]]DONLPLWJRQGRO0JKDQHPLV
WNOHWHVEUPLO\HQLVOHJ\HQKDMOVWLV]WHOHWWHOEQV]YHOHD]]DO
UWNHVV YOLN D NH]HLG N]WW $KRJ\ IRO\WDWRG D YORJDWVW D
KROPLN N]WW J\ OHV]HO HJ\UH U]NHQ\HEE D] LO\HQIDMWD
UPU]V IHOLVPHUVUH (]]HO QHPFVDN D UHQGUDNVEDQ KDODGV]
QDJ\REEOSWHNNHOHOUHGHD]OHWPLQGHQWHUOHWQDGQWVKR]
NSHVVJHGLVIHMOGLN
+DMOEQV]DKROPLMDLGGDOMOIRJV]EQQLPDJDGGDOLV
0LNHOWEHQQHGUPU]VW"VPLD]DPLQHP"
$IHQWLNUGVHNUHDGRWWYODV]RNMIRJG]WDGQDNDKKR]KRJ\
PHJLVPHUG PDJDG PLQW D] OHW DMQGNQDN EHIRJDGMW %L]WRV
YDJ\RN DEEDQ KRJ\ D IRO\DPDW VRUQ NLDODNXOW OWVPG D]W D
KDMWHUWNSYLVHOLDPLVHJWKRJ\D]OHWWHUQNVPDJDD]OHWQN
LVUPHWVXJUR]]RQ
1KQ\DQ HOPHVOWN QHNHP KRJ\ PLXWQ PHJV]DEDGXOWDN
PLQGHQQHPNHGYHOWKROPLWODOLJPDUDGWYDODPLMNVHOV]UD]W
VHP WXGWN PLKH] NH]GMHQHN J\ WQLN H] NOQVHQ J\DNRUL
PLNRUDUXKLNVHOHMWH]VYHOYJH]QHND]HPEHUHN+DH]YHOHGLV
HOIRUGXOQD QH WQWRUWVRQ HO $] D IRQWRV KRJ\ WXGDWRVWRWWDG H]W
PDJDGEDQ $] LJD]L WUDJGLD D] OHQQH KD J\ OQG OH D] HJV]
OHWHG KRJ\ VHPPL QHP NHOW UPU]VW EHQQHG V U VHP
GEEHQV] HUUH $WWO D SLOODQDWWO NH]GYH KRJ\ EHIHMH]WHG D
UHQGUDNVWMV]QWYLKHWV]D]OHWHGEHVD]RWWKRQRGED
0LQGVV]H NW DGRWWVJJDO NHOO UHQGHONH]QHG DKKR] KRJ\
VLNHUHVHQUHQGEHQWDUWVGD]RWWKRQRGOHJ\ONSHVFVDND]UPW
DG WUJ\DNDW PHJWDUWDQL V PHJYOQL D WEELWO YDODPLQW NSHV
OHJ\OHOGQWHQLKROWDUWRGH]HNHWDGROJRNDWVPLQGLJDKHO\NUH
WHGGYLVV]DNHW
$ UHQGUDNVEDQ QHP D] D IRQWRV KRJ\ PLW GREV] NL LQNEE D]
KRJ\ PLW DNDUV] PHJWDUWDQL KRJ\ D] OHWHG UV]H PDUDGMRQ
5HPOHPKRJ\DUHQGWHUHPWVYDU]VDVHJWDEEDQKRJ\IQ\HVV
UPWHOLMYWIRUPOMPDJDGQDN
 %HYH]HWV
$.RQ0DULPGV]HU

 .RQ0DUL YDQ RO\DQ LOOXV]WUOW WPXWDW DPL XJ\DQJ\

PDJ\DU]]D HO D UHQGWHUHPW PGV]HUHGHW PLQW DKRJ\ WH D
WDQIRO\DPDLGRQ"
1HPLVWXGRPKQ\V]RUKDOORWWDPPUH]WDNUGVW$YODV]RP
PLQGLJXJ\DQD]
 1LQFV U V]NVJHG PLYHO D VLNHU  V]]DONEDQ D] HOPG
EHOOWRWWVJQPOLN
7XGRP KRJ\ QHP D] V]PW KRJ\ PHQQ\L LVPHUHWHW J\MWHV]
PHUW KD QHP YOWR]WDWV] D JRQGRONRGVPGRGRQ QHP IRJ
VLNHUOQL$PLWUHQGWHUHPWWDQFVDGNQWPHJSUEORNWDGQLD]
QHP FVXSQ HJ\ UHQGUDN PGV]HU KDQHP LQNEE HJ\
V]HPOOHWPG DPL VHJW DEEDQ KRJ\ NSHV OHJ\O UHQGHW
WHUHPWHQL  V KLV]HN DEEDQ KRJ\ HQQHN D] HOUVKH] HJ\
VRNNWHUSLKR]KDVRQOGRORJV]NVJHV
8J\DQDNNRUYLV]RQWD]LVLJD]KDHJ\V]HUYDODNLHONWHOH]LPDJW
DUHQGUDNVPHOOHWWOHKHWKRJ\V]NVJHOHV]UV]OHWHVXWDVWVRNUD
$ UHQGWHUHPWV N]HSHWWH PL PV OHKHW KDV]QRVDEE PLQW HJ\
LOOXV]WUOWWPXWDW"$]RNV]PUDYLV]RQWDNLNPJQHPV]QWN
U PDJXNDW HJ\ LO\HQ NQ\Y FVDN URQW D KHO\]HWHQ (EEHQ D]
UWHOHPEHQ HJ\ LO\HQ LOOXV]WUOW WPXWDW NLDGVD HJ\ WLOWRWW
LVPHUHWHNHWWDUWDOPD]NQ\YPHJRV]WVKR]KDVRQOWKDW
1RV KDGG NUGH]]HP PHJ NHUHN SHUHF (OV]QWDG PDJDG KRJ\
YJLJFVLQORG D UHQGUDNV HJ\V]HU D] OHWEHQ NOQOHJHV
HVHPQ\W"+DDYODV]RGLJHQDNNRUNUOHNIRO\WDVGVROYDVGHO
H]W D NQ\YHW +D PU YJH]WO LV D UHQGWHUHPWVVHO D] UPWHOL
RWWKRQ NLDODNWVUD YRQDWNR] WOHWHN PJ KDV]QRVDN OHKHWQHN
V]PRGUD+DQHPPHOYODV]ROWONUOHND]HOVNQ\YHPD5HQGD
OHONHPLQGHQQHN^`ROYDVVYDONH]GG+DPUROYDVWDGGHPJQHP
V]QWDGHOPDJDGNUOHNROYDVGHOMUDPHUWYDODPLWDOQYDODPL
HJV]HQDSUGRORJWDUWRWWYLVV]DHGGLJDUHQGUDNVWO
(] D] LOOXV]WUOW WPXWDW WIRJ J\MWHPQ\H D .RQ0DUL
PGV]HUQHN5HQGNYOKDV]QRVOHKHWD]RNV]PUDDNLNHJ\V]HUV
PLQGHQNRUUD HOKDWUR]WN KRJ\ UHQGHW WHV]QHN 2O\DQ PLQW HJ\
N]DPLDYLV]NHWKWDGPHJYDNDUMDVUHPOHPKRJ\D]XWROV
EHWLJ HOROYDVRG PDMG $]RNQDN DNLN EL]RQ\RV IRNLJ HOMXWRWWDN D
UHQGUDNVEDQ GH WRYEEL UV]OHWHNUH NYQFVLDN H] D NQ\Y D
5HQGUDNVHQFLNORSGLMDOHKHW+DEUPLNRUPHJHUVWVUHYDQ
V]NVJHG DUUO KRJ\DQ NHOO EL]RQ\RV IHODGDWRNDW HOYJH]QL
Q\XJRGWDQXJRUMD]DNWXOLVUV]KH]
$]HOVNQ\YHPPHONDSFVRODWRVNUGVHNUHDGRWWYODV]DLPDWLV
ROYDVKDWRG HEEHQ D NQ\YEHQ $NLN SHGLJ V]HUHWQN WXJUDQL D
V]HPO\HV WUWQHWHLPHW V WUHOPHWOHQO HO DNDUQDN MXWQL D
UHQGUDNV UV]OHWNUGVHLKH] D]RNQDN H] D NQ\Y HJ\HGO LV HOJ
OHV]
1RV NV]HQ OOV]" 1H IHOHGG D UHQGUDNV LVWHQH PLQGLJ D WH
ROGDODGRQ OO PLQGDGGLJ PJ NHOOHQ HOV]QW YDJ\ KRJ\
PHJFVLQORG

$UHQGUDNVKDWDODSV]DEO\D

$UHQGUDNVDPLEHPRVWDNDUV]EHOHYJQLQHPDUUOV]OKRJ\HJ\
SLOODQDW DODWW UHQGEH NDSRG YDJ\ NLFVLQRVWRG D ODNVRGDW D
OWRJDWNQDN $ UHQGUDNV OQ\HJH KRJ\ RO\DQ PGRQ WHV]HO
UHQGHWDPLUPHWVUNNWDUWYOWR]VWYLV]D]OHWHGEH
$PLNRU D .RQ0DULPGV]HUUHO UDNV] UHQGHW QKQ\ YOWR]VW
IRJV] WDSDV]WDOQL (OV]U LV KD HJ\V]HU V PLQGHQNRUUD YJH]WO D
UHQGUDNVVDO VRKD WEE QHP IRJV] YLVV]DHVQL 7LV]WED NHUOV] D]
UWNHLGGHO V D]]DO KRJ\ PLW DNDUV] FVLQOQL - JD]GMD OHV]HO D
WXODMGRQRGQDN YDODPLQW PHJWDSDV]WDORG PLQGHQ QDS D
PHJHOJHGHWWVJU]VW$VLNHUNXOFVDDJ\RUVVWHOMHVHJ\V]HUUH
WUWQUHQGUDNV
$PLQW PHJWDSDV]WDOWDG PLO\HQ U]V D WNOHWHVHQ UHQGH]HWW
RWWKRQ D V] LJD] UWHOPEHQ VRVHP DNDUV] PDMG YLVV]DWUQL D
NRV]KR]VH]D]U]VDGPDMGHUWDKKR]KRJ\UHQGHWWDUWV

.WHOH]GHOPDJDGDUHQGUDNVPHOOHWW

$ .RQ0DULPGV]HU NLVV QHK]QHN WQKHW ,GW V HUIHV]WVW

LJQ\HO 'H PLYHO D]]DO D V]QGNNDO YHWWHG N]EH H]W D NQ\YHW
KRJ\ NRPRO\DQ UHQGHW WHV]HO NUOHN ROYDVV WRYEE V KLJJ\
PDJDGEDQ +D HOV]QWDG PDJDG FVDN DQQ\LW NHOO WHQQHG KRJ\ D
KHO\HVPGV]HUWDONDOPD]RG

.S]HOGHOD]V]PRGUDLGHOLVOHWWHUHW

*RQGRONR]] HO PLO\HQ K]EDQ V]HUHWQO OQL V KRJ\DQ V]HUHWQO

EHQQHODNQL0VV]DYDNNDOUGNUOPLO\HQDV]PRGUDOHJLQNEE
PHJIHOHOOHWWU+DV]HUHWV]UDM]ROQLVNLFFHOGOHKRJ\DQLVQ]QH
NL+DLQNEEUQLV]HUHWV]UGOHHJ\QRWHV]EH)RWNDWLVYJKDWV]NL
PDJD]LQRNEO
,QNEE D]RQQDO QHNLIRJQO D UHQGUDNVQDN" 3RQWRVDQ H] D] DPL
PLDWWRO\DQVRNDQYLVV]DHVQHNDUHQGUDNVXWQ$PLNRUHONS]HOHG
DV]PRGUDLGHOLVOHWWHUHWD]]DOOHWLV]W]RGPLUWLVDNDUV]UHQGHW
V YLOJRVV WHV]HG KRJ\ PLO\HQ OHWHW LV DNDUV] OQL PLXWQ
YJH]WO $ UHQGUDNV IRO\DPDWD H]OWDO ULVL IRUGXOSRQWRW
NSYLVHO D] HJ\Q OHWEHQ J\KRJ\ IRQWROG PHJ NRPRO\DQ
PLO\HQOHWWUUHYJ\V]

(OV]UYJH]]DVHOHMWH]VVHO

$]RNUD D] HPEHUHNUH DNLN VRVHP IHMH]LN EH D UHQGUDNVW D] D

MHOOHP]KRJ\J\SUEOQDNPHJPLQGHQWHOSDNROQLKRJ\VHPPLW
VHP GREQDN NL $PLNRU HOSDNROMN D KROPLNDW D] RWWKRQXN D
IHOV]QHQ UHQGH]HWWQHN OWV]LN 'H KD D WUROKHO\HN V]NVJWHOHQ
GROJRNNDO YDQQDN WHOH OHKHWHWOHQ OHV] UHQGEHQ WDUWDQL NHW J\
HONHUOKHWHWOHQOHV]DYLVV]DHVV
$ VLNHU NXOFVD KRJ\ HOEE YJH]] D VHOHMWH]VVHO &VDN DNNRU
WXGRGPHJWHUYH]QLKRJ\KROVPLEHQWUROGDKROPLMDLGDWKDPU
HOGQWWWHG PLW WDUWDV] PHJ N]ON V PLWO YOV] PHJ &VDN J\
NDSKDWV]SRQWRVNSHWDUUOKRJ\PHQQ\LPLQGHQWNHOOWUROQRG
+DD]RQWSUHQJV]KROIRJRGPDMGWUROQLDGROJRNDWYDJ\D]RQ
DJJGV] KRJ\ HOIUQHNH H] FVDN PHJDNDV]W D VHOHMWH]VEHQ V
VRVHPIRJRGEHIHMH]QL(]QDJ\NUOHQQHJ\KRJ\PLQGHQWUROVL
PHJROGVW DPL VHOHMWH]V N]EHQ DGGLN WHNLQWV LGHLJOHQHVQHN V
WHOMHV ILJ\HOPHGGHO IRUGXOM D NYHWNH] WWHO NLYORJDWVUD (] D
WLWNDKRJ\J\RUVDQYJH]]DPXQNYDO

5HQGH]]NDWHJULQNQWIDMWQNQWQHDKHO\V]HULQW

$] HJ\LN OHJOWDOQRVDEE KLED KRJ\ D] HPEHUHN V]REUO V]REUD

SUEOQDN UHQGHW WHQQL (] D IDMWD PHJN]HOWV QHP PNGLN
PLYHO D]W KLV]LN KRJ\ UHQG YDQ 9DOMEDQ FVDN HJ\LN KHO\UO D
PVLNUD UDNWN W D KROPLNDW YDJ\ FVDN V]WSDNROWN D K]EDQ
H]UW VRVHP NDSQDN YDOV NSHW DUUO KRJ\ PHQQ\L KROPLMXN LV
YDQ
$] D M PHJN]HOWV KD NDWHJULQNQW WHV]HO UHQGHW (] D]W
MHOHQWLKRJ\PLQGHQRO\DQKROPLYDODPLHJ\NDWHJULEDWDUWR]LN
HJ\V]HUUH IRJODONR]RO 3OGXO DPLNRU D UXKNDW NH]GHG
UHQGV]HUH]QL D] D] HOV OSV KRJ\ D] VV]HV UXKW D ODNVEO HJ\
KHO\UH KRUGRG VV]H (] OHKHWY WHV]L KRJ\ REMHNWYHQ OVG
PHQQ\L UXKG LV YDQ $PLQW V]HPEHVOV] D KDWDOPDV
UXKDKDORPPDOEHNHOOLVPHUQHGPLO\HQURVV]XOEQWODMDYDLGGDO
1DJ\RQ IRQWRV KRJ\ SRQWRV NSHW NDSM PLQGHQ NDWHJULD YDOV
PUHWUO

.YHVGDPHJIHOHOVRUUHQGHW

1HPFVDN D] D OQ\HJHV KRJ\ NDWHJULQNQW UHQGV]HUH]] KDQHP

KRJ\ EHWDUWVG D PHJIHOHO VRUUHQGHW DPL D NYHWNH] UXKN
NQ\YHN NRPRQR YHJ\HV DSUVJRN V OHJYJO D] U]HOPLOHJ
IRQWRVKROPLN
3UEOWDGPUYDODKDUHQGUDNVN]EHQDUJLIRWNDWWQ]QLV
D]RQ YHWWHG V]UH PDJDG KRJ\ PU UN WD Q]HJHWHG NHW" (]
QDJ\RQ J\DNRUL KLED V YLOJRVDQ UPXWDW DUUD KRJ\ FVDN D
PHJIHOHOVRUUHQGEHWDUWVDVHJWKRJ\WLV]WEDNHUOMD]]DOPHO\LN
WUJ\ WOW HO UPPHO $ UXKDQHPN YORJDWVD M WHUHS D
J\DNRUOVUDPJDIRWNVPVRO\DQWUJ\DNDPLNKH]U]HOPLOHJ
NWGV] FVDN D]W EL]RQ\WMN KRJ\ PJ QHP WNOHWHVWHWWHG H]W D
NSHVVJHGDGGLJQHPUGHPHVN]EHYHQQLNHW

7HGGIHODNUGVWPDJDGQDNUPPHOWOWHDWUJ\

$]HJ\HWOHQV]HPSRQWDGQWVQOKRJ\PHJWDUWDV]HYDODPLWYDJ\
PHJYOV]WOHKRJ\D]DWUJ\UPPHOWOWHHOYDJ\VHP$PLNRU
GQWVW KR]RO IRQWRV KRJ\ N]EH YHGG D WUJ\DW  H]W J\ UWHP
KRJ\NWN]]HOIRJGPHJHUVHQPLQWKDEHV]OJHWQLDNDUQOYHOH
)LJ\HOG PHJ DODSRVDQ KRJ\DQ UHDJO D WHVWHG N]EHQ +D YDODPL
UPHWYOWNLEHOOHGHQ\KHL]JDOPDWU]HOPLQWKDDWHVWHGVHMWMHL
EL]VHUHJQQHN +D YDODPL RO\DW YHV]HO N]EH DPL QHP WOW HO
UPPHOD]WIRJRGUH]QLKRJ\HOQHKH]ODWHVWHG
1HIHOHMWVGHOQHPD]WNHOONLYODV]WDQRGKRJ\PLWGREMNLKDQHP
D]WKRJ\PLWWDUWVPHJ&VDND]WWDUWVGPHJDPLLJD]LUPU]VW
YOWMDNLEHOOHGVYDODKQ\V]RUNLGREV]YDODPLWDPLPUQHPWOW
HO UPPHO QH IHOHMWV HO NV]QHWHW PRQGDQL QHNL PLHOWW
PHJYOV] WOH +D D KOD U]VYHO HQJHGHG WMUD DPL DGGLJ D]
OHWHG UV]H YROW D]]DO HOVHJWHG KRJ\ MREEDQ PHJEHFVOG V
MREEDQEQMD]OHWHGEHQMHOHQOYGROJRNNDO

1(+$*<'$5(1'5$.67$./7=68715$

$PLNRUD]WNUGH]LNWOHPPLNRUUGHPHVDNOW]VHOWWYDJ\
XWQUHQGHWWHQQLPLQGLJD]WIHOHOHP(OWWH+DPJQHPWDOOWDG
PHJD]MK]DWIRJMKR]]PRVWD]RQQDODUHQGUDNVKR]0LUW"
0HUWH]DK]DPLEHQPRVWOV]H]IRJHOYH]HWQLWJHGD]MKR]
1KDJ\JRQGRORPKRJ\D]VV]HVK]YDODPLIOHKO]DWEDQ
NDSFVROGLN VV]H HJ\PVVDO $PLNRU UHQGHW WHV]HO D]
RWWKRQRGEDQ D K]DG PLQWKD WXGDWQ D KO]DWWDO KRJ\ MO
YLVHOHGJRQGMWD]RWWKRQRGQDNVH]]HOHJ\PVLNDWYRQ]KR]]G
/HJDOEELVV]HULQWHPH]J\PNGLN
6]PWDODQ WDQWYQ\RP PHVOWH KRJ\ PLXWQ UHQGHW WHWWHN
PHJWDOOWNDWNOHWHVRWWKRQWVHJV]HQEPXODWRVD]DKRJ\
UWDOOWDN 9DJ\LV KD U DNDUV] OHOQL HJ\ V]S RWWKRQUD DPL SS
QHNHGYDODNNRUYLVHOGJRQGMWMODQQDNDPLEHQPRVWOV]
 ,56=

.RQ0DULPHVWHUWLSSHN
 
+RJ\DQLVPHUKHWHGIHO
HJ\UHNQQ\HEEHQKRJ\
PLWOWHOUPPHO"

$UHQGUDNVVDMWPDJDGDWDNDUWVDWHUPV]HW
OHJ\]VH

 0RVW D]WQ WQ\OHJ QHNLOORN %HOHYHWHP PDJDP D] Y YJL

WDNDUWVED
-DSQEDQ D] Y YJL LGV]DN KDJ\RPQ\RVDQ D QDJ\WDNDUWV
LGHMH DPL D] MYUH YDO IHONV]OVQN UV]H RO\DVPL PLQW D
WDYDV]L QDJ\WDNDUWV PV RUV]JRNEDQ  0LQGHQ GHFHPEHUL
KQDSEDQ WHOHY]LV DGVRN V PDJD]LQFLNNHN JDUPDGMD DG
WDNDUWVL WDQFVRNDW D] ]OHWHN SROFDLW SHGLJ UHQJHWHJ WLV]WWV]HU
VWDNDUWHV]N]UDV]WMDHO
$] HPEHUHN J\ YHWLN EHOH PDJXNDW HEEH D] Y YJL
WDNDUWPR]JDORPED PLQWKD YDODPLO\HQ VV]QSL HVHPQ\ OHQQH
HPLDWW VRNV]RU D] MXW HV]HPEH KRJ\ H]W EL]WRVDQ EHOHNGROWN D
MDSQRN'16EH
$PLNRUSHGLJYJHWUPHJOHSKQ\HPEHUYDOOMDEH
 7Q\OHJ UHQJHWHJHW WDNDUWRWWDP D] Y YJQ PJVHP WXGWDP
EHIHMH]QL D] MYUH 0LNRU UNUGH]HN PLW LV FVLQOWDN WHOMHVHQ
YLOJRVV YOLN KRJ\ J\ WHWWHN UHQGHW KRJ\ WDNDUWRWWDN 0V
V]YDOWOHWV]HUHQNLGREWDNSUV]NVJWHOHQKROPLWDPLDNH]N
J\EH NHUOW IHOWUOWN D SDGOW WPRVWN D IDODNDW DKRO
NLOWV]RWWDN D KROPLN NXSDFDL DOO GRER]V]P DMQGNR]WDN HO
NQ\YHNHWOHWUOWNDSROFRNDWDPLNHQH]HNDNQ\YHNYROWDN
+DGG OHJ\HN WHOMHVHQ YLOJRV (]]HO D PHJN]HOWVVHO D] HJV]
KWUDOYOHWHGHWUHQGUDNVVDOIRJRGWOWHQL7HUPV]HWHVKRJ\D]
LO\HVIDMWD Y YJL QDJ\WDNDUWV VRVHP OHV] NV] V]LQWH OHV]HN
YHNHQ W D FVDOGRP V Q LV XJ\DQJ\ FVLQOWXN V HJ\HWOHQ
HJ\V]HUVHPOHWWDODNVXQNWLSWRSD]MYUH
$ UHQGUDNV V D WDNDUWV V]DYDNDW VRNV]RU HJ\PV
V]LQRQLPMDNQWKDV]QOMXNSHGLJNWWHOMHVHQNOQE]IRJDORP
+DQHPLVPHUHGIHOH]WD]DODSYHWLJD]VJRWDNNRUVRVHPOHV]D]
RWWKRQRG YDOEDQ WLV]WD  (OV]U LV Q]]N D NOQEVJHW
$ UHQGUDNV D WUJ\DNKR] NDSFVROKDW D WDNDUWV D NRV]KR]
0LQGNHWW FOMD KRJ\ D WU WLV]WD OHJ\HQ GH PJ D UHQGUDNVQO
WUJ\DNDWPR]JDWV]VSDNROV]HODWDNDUWVNRUDNRV]WWUOGOHV
VSUGIHO
$ UHQGHWOHQVJUW V NRV]UW V]] V]]DONLJ D] HJ\Q IHOHOV
$ WUJ\DN QHP PDJXNWO VRNV]RUR]GQDN FVDN DNNRU OHV] EHOON
WEE KD WH PHJYVURORG YDJ\ PVWO DMQGNED NDSRG D]RNDW
$ NRV] DNNRU NH]G HOXUDONRGQL DPLNRU QHP WHV]HG YLVV]D D
WUJ\DNDW D KHO\NUH +D HJ\ V]RED J\ YOLN UHQGHWOHQQ KRJ\
V]UH VHP YHV]HG D]UW FVDN WH YDJ\ D IHOHOV 0V V]YDO D
UHQGUDNVNRUVDMWPDJDGDWNHOOOHJ\]QG
(]]HOV]HPEHQDNRV]PDJWOMQOWUH7HUPV]HWLWUYQ\KRJ\
D NRV] V SRU LGYHO IHOJ\OLN (]UW D WDNDUWVNRU D WHUPV]HWHW
NHOO OHJ\]QL 7DNDUWDQL UHQGV]HUHVHQ NHOO KRJ\ D WHUPV]HWHVHQ
IHOJ\OHPO NRV]W HOWYROWVXN 3RQWRVDQ H]UW D] Y YJL HVHPQ\
-DSQEDQQHPQHYH]KHWUHQGUDNVLPR]JDORPQDNKDQHPLQNEE
WDNDUWVL PR]JDORPQDN $NL HUHGPQ\HV DNDU OHQQL D] Y YJL
WDNDUWVEDQDQQDNHOEEWONHOOHVQLHHJ\PDUDWRQLUHQGUDNVRQ
 $] HO] NQ\YHPEHQ HOPDJ\DU]WDP KRJ\ D PDUDWRQL
UHQGUDNVRQ D]W UWHP KRJ\ PLXWQ D VHOHMWH]VW J\RUVDQ V
WNOHWHVHQHOYJH]WHGHONHOOGQWHQHGKRJ\KROWURORGD]RNDWD
KROPLNDW DPLNHW PHJWDUWRWWO (]W FVDN HJ\V]HU NHOO HOYJH]QL +D
HOKDWUR]RG PDJDG V UHQGHW UDNV] XWQD NSHV OHV]HO DUUD KRJ\
WHOMHV HJV]EHQ D WDNDUWVUD NRQFHQWUOM *\DNUDQ D]RN D]
HPEHUHN DNLN D]W KLV]LN KRJ\ QHP MN D WDNDUWVEDQ YDOMEDQ
D]]DO QLQFVHQHN WLV]WEDQ KRJ\DQ NHOO UHQGHW WHUHPWHQL
$ WDQWYQ\DLP DNLN PU YJH]WHN D UHQGUDNVVDO J\DNUDQ
V]PROQDN EH DUUO KRJ\ D WDNDUWVVDO V]LQWH SLOODQDWRN DODWW
HONV]OQHN 9DOMEDQ PRVW V]HUHWLN LV H]W D WHYNHQ\VJHW PJ
NRUEEDQHUUHWHOMHVHQDONDOPDWODQQDNWDUWRWWNPDJXNDW
$ WHPSORP PHJWLV]WWVD D EXGGKLVWD OHW UV]H GH D WHPSORP
UHQGEHWWHOH QHP 7DNDUWV N]EHQ NLUWKHWMN D] HOPQNHW
PLN]EHQ MU D NH]QN GH D UHQGUDNV N]EHQ PXV]M
JRQGRONRGQXQN PLW GREMXQN NL PLW WDUWVXQN PHJ V D]W KRY
WHJ\N 0RQGKDWQG KRJ\ D UHQGUDNV UHQGH]L D] HOPW D
WDNDUWV PHJWLV]WWMD +D MYUH PHJ DNDURG WLV]WWDQL D]
RWWKRQRG NH]GG D UHQGUDN PDUDWRQQDO 1HP V]PW PHQQ\LUH
NHPQ\HQ SUEONR]RO D K] VRVHP OHV] LJD]Q WLV]WD PJ QHP
YJ]HOHOEEDUHQGUDNVVDO

+DQHPYDJ\EL]WRVEHQQHPLYOWNLUPHW
EHOOHGNH]GGDV]YHGKH]N]HOOOKROPLNNDO

U]HNKPPPYDODPLUPHWQKD]WKLV]HPU]HNWDOQ
UPHWU]HNYDODPLWDPLWDOQUPGHOHKHWKRJ\QHP
$WDQWYQ\RPD]HOVUQGHUPHGWHQODUXKVNXSDFHOWW(J\
IHKU SOW WDUW D NH]EHQ D V]HPHWHV]VN PHOOHWWH IHNV]LN
9LVV]DWHV]LDSOWDKDORPWHWHMUHVPHJIRJHJ\V]UNHNDUGLJQW
7]PVRGSHUFLJPHUHGUPDMGODVVDQOHKXQ\MDDV]HPW
 1HP WXGRP KRJ\DQ NHOOHQH UH]QHP D] UPHW  PRQGMD
YJO
$KRJ\ PRVWDQUD PU WH LV WLV]WEDQ YDJ\ YHOH D] Q
PHJJ\]GVHPD]KRJ\FVDND]RNDWDKROPLNDWWDUWVGPHJDPLN
UPPHOWOWHQHNHODWEELWQHUPPHOWOWHOKDPHJULQWHG"
0J QKQ\DQ H]W QDJ\RQ NQQ\HQ PHJUWLN PVRN D]RQ
WQGQHN KRJ\ PLW LV MHOHQW H] V H]DOO D WDQWYQ\DLP VHP
NLYWHOHN
9ODV]G NL D KURP V]PRGUD OHJNHGYHVHEE GDUDERW D KDORPEO
+URPSHUFHGYDQU
$IHQWLHVHWEHQDWDQWYQ\RPHJ\SLOODQDWUDHOJRQGRONR]RWW
$KURPOHJNHGYHVHEEHWPRUPRJWD
$]WQIHOWUWDDNXSDFRWNLK]RWWWGDUDERWVVRUEDUDNWDNHW
0LXWQ QKQ\V]RU WUHQGH]WH D VRUUHQGHW NHWWW YLVV]DWHWW D
KDORPEDPDMGPLXWQOHMUWD]LGHMHKDWUR]RWWDQNLMHOHQWHWWH
(]D]DKURPMREEUOEDOUD
(J\]OGYLUJRVIHKUUXKDHJ\E]VV]QPRKHUSXOYHUVHJ\
NNYLUJRVV]RNQ\DIHNGWHOWWH
(]D]PRQGWDP(]D]UP
7HOMHVHQ NRPRO\DQ JRQGROWDP $ OHJMREE PGMD DQQDN KRJ\
UMMM PHO\LN KROPL YOW NL UPHW V PHO\LN QHP KD
VV]HPUHG NHW HJ\PVVDO .H]GHWEHQ KDFVDN D] U]VHLG QHP
SXV]WQIHNHWHIHKUHNQHK]HOGQWHQLKRJ\YDODPLUPHWRNR]
HKDFVDNQPDJEDQQ]HG+DHJ\FVRPPVLNGRORJJDOPUHG
VV]HD]U]VHLGNLWLV]WXOQDN(]UWLVRO\DQIRQWRVKRJ\HJ\V]HUUH
FVDNHJ\NDWHJULWV]RUWUR]]DUXKNNDONH]GYH
(] D KURP OHJNHGYHVHEE WUJ\ PGV]HU PV NDWHJULNQO LV
DONDOPD]KDW +D UDJDV]NRGV] D NQ\YHNKH] YDJ\ D
KREELWUJ\DNKR] WHJ\O HJ\ SUEW $PJ XJ\DQDQQO D
NDWHJULQO PDUDGV] D]W YHV]HG V]UH KRJ\ QHPFVDN D KURP
OHJMREEDWYDJ\NSHVNLYODV]WDQLGHNSHVYDJ\UDQJVRUWLVOOWDQL
7HUPV]HWHVHQ PLQGHQ HJ\HV GDUDERW UDQJVRUED OOWDQL KRVV]
LGEH WHOLN GH PLUH D OHJMREE W]HW YDJ\ KV]DW NLYODV]WRG OWQL
IRJRG KRJ\ EUPL DPL QHP UL HO D]W D EL]RQ\RV V]LQWHW D] PU
WEEQHPKDV]QRVV]PRGUD
$ VDMW V]HPO\HV UPNV]EG IHOIHGH]VH IDQWDV]WLNXV
IRO\DPDW
+DGGRVV]DNPHJYHOHGHJ\PVLNNOQOHJHVWUNNWDUUDKRJ\
PLNQW WXGRG EHD]RQRVWDQL KRJ\ PL WOW HO UPPHO PLNRU D
UXKLGDW HONH]GHG YORJDWQL NH]GG D]RNNDO DPLNHW D V]YHGKH]
N]HOYLVHOV].LWDOORGPLUW"0HUWD]UPHWDV]YHGEHQU]HGV
QHPDIHMHGEHQ0LQON]HOHEEYDQDUXKDQHPDV]YHGKH]DQQO
NQQ\HEE OHV] GQWHQL UOD 3OGXO D QDGUJRNDW V D V]RNQ\NDW
VRNNDONQQ\HEENLYORJDWQLPLQWD]RNQLNDWDIHOVNHWDEO]RNDW
V LQJHNHW LV NQQ\HEE PLQW D] DOVNDW )HKUQHPEO
PHOOWDUWEO V NRPELQEO DPLNHW D V]YQNK] OHJN]HOHEE
KRUGXQN D OHJWEEQNQHN QLQFV DQQ\L KRJ\ M VV]HKDVRQOWVW
YJH]KHVVQN (]UW D] Q J\DNRUODWRP DODSMQ D]W WDQFVRORP
KRJ\NH]GGDIHOVNNHO
+DEL]RQ\WDODQQDNU]HGPDJDGHJ\UXKDQHPYHONDSFVRODWEDQ
QH FVDN PHJULQWVG KDQHP OHOG LV PDJDGKR] +D D V]YHGKH]
V]RUWRGD]U]VDKRJ\DWHVWHGUHDJOVHJWIHOLVPHUQLKRJ\U]HO
H UPHW YHOH NDSFVRODWEDQ ULQWVG PHJ OHOG PDJDGKR] Q]G
PHJ N]HOUO D]W D KROPLW DPLYHO NDSFVRODWEDQ QHP YDJ\ EL]WRV
PDJDGEDQ 9JV PHJROGVNQW IHO LV SUEOKDWRG +D VRN RO\DQ
UXKGYDQDPLWIHODNDUV]SUEOQLKDWNRQ\DEEOHKHWV]KDNOQ
KDORPEDJ\MWGVFVDNDNNRUSUEORGIHONHWHJ\PHQHWEHQKD
YJH]WODWEELUXKDV]RUWUR]VYDO
(OV]U QHK] OHKHW IHOLVPHUQL PHO\LN UXKD WOW HO UPPHO $]
HJ\LN WDQWYQ\RPQDN  SHUFEH WHOOHWW D] HOV UXKDGDUDEEDO
NDSFVRODWRVU]VHLQHNDIHOLVPHUVH
0JKDJ\LVYOHGKRJ\H]VRNLGGEHWHOLNQHDJJGM$]KRJ\
PHQQ\LUH J\RUV YDJ\ D J\DNRUODWWO IJJ +D NH]GHWEHQ HOHJHQG
LGW V]QV] DUUD KRJ\ PHJLVPHUG D VDMW U]NHQ\VJHGHW NVEE
HJ\UH J\RUVDEE OHV]HO D GQWVHLGEHQ J\KRJ\ QH DGG IHO +D
IRO\DPDWRVDQJ\DNRUROV]KDPDURVDQHOUHGH]W

(]PJMOHV]YDODPLNRUPRVWDQWOWLORV

$WDQWYQ\DLPHJ\LNOHJJ\DNRULEENUGVH
 0L OHJ\HQ D]RNNDO D KROPLNNDO DPLNUH V]NVJHP YDQ GH QHP
U]HNUPHWYHONNDSFVRODWEDQ"
6RNDQ ]DYDUED MQQHN KD RO\DQ UXKDQHPUO NHOO GQWHQLN
DPLN FVXSQ SUDNWLNXVDN PLQW SOGXO D KRVV] WOL DOVQHPN
DPLNHWFVDND]YOHJKLGHJHEEQDSMDLQKRUGXQN+DVRQODKHO\]HW
PLNRU RO\DQ HV]N]NHW YORJDWQDN PLQW D] ROON YDJ\
FVDYDUK]N
(]QHPKR]L]JDORPEDGHV]NVJHPYDQUQHP"
(]DOHJJ\DNRULEEUHDNFLGHDYODV]RPPLQGLJDNYHWNH]+D
QHP U]HG D] UPHW J\HUQN GREG NL +D H]HQ D SRQWRQ D
WDQWYQ\RPD]WPRQGMD
+PPPLUWLVQH"9OMXQNPHJWOHDNNRUM
*\DNRULEED]RQEDQKRJ\HOOHQNH]QHN
1HPYUMXQN(]PJNHOOQHNHP
9DJ\
 'HQKDPJKDV]QORP+DH]WKDOORPDNNRUDUUDEL]WDWRP
NHWWDUWVNPHJQ\XJRGWDQ
%UH]DNLMHOHQWVIHOHOWOHQOKDQJR]KDWWEEYWDSDV]WDODWDOO
PJWWH $NNRU NH]GWHP D UHQGUDNVVDO NRPRO\DEEDQ IRJODONR]QL
PLNRUDN]SLVNROWNH]GWHP0LXWQWPHQWHPHJ\RO\DQI]LVRQ
KRJ\ PLQGHQW NLGREOWDP PLQW HJ\ JS IHOIHGH]WHP DQQDN D
IRQWRVVJW KRJ\ FVDN RO\DVPLW V]DEDG PHJWDUWDQL DPL UPPHO
WOWHO$]WDLVH]WYDOORP
%FVW LQWHWWHP HJ\ VRU RO\DQ GRORJQDN OHJDOEELV LGHLJOHQHVHQ
DPLNQHPWOWWWHNHOUPPHOVKRJ\V]LQWHOHJ\HNDKLQ\XN
VRVHP RNR]RWW SUREOPW 0LQGLJ YROW YDODPL RO\DQ D K]QO
DPLYHOKHO\HWWHVWHQLWXGWDPNHW
3OGXO HJ\LN QDS NLGREWDP HJ\ Y]W DPLQHN D V]OH OHSDWWDQW
PVQDSSHUV]HV]NVJHPOHWWYROQDU7NOHWHVHQKHO\HWWHVWHWWH
HJ\ PDQ\DJ SDODFN DPLW NUEHWHNHUWHP HJ\ GDUDE WH[WLOOHO
0LXWQNLVHOHMWH]WHPDNDODSFVRPDWPLYHODQ\HOHHOKDV]QOGRWW
DVHUSHQ\PHWKDV]QOWDPDUUDKRJ\EHYHUMHPDV]JHNHW$PLNRU
DV]WHUHKDQJV]ULPWOPHJYOWDPPHUWOHVVDUNXNYROWVPU
QHP OHOWHP UPPHW EHQQN D IHMKDOOJDWPDW KDV]QOWDP
KDQJV]UNQW
3HUV]HKDYDODPLUHQDJ\RQV]NVJHPYDQDNNRUYHV]HNMDWGH
H]LGLJQHPYHWWHPPHJVHPPLWFVDND]UWKRJ\YHJ\HNYDODPLW
,QNEE DODSRVDQ PHJIRQWRORN PLQGHQ V]PRPUD OQ\HJHV
V]HPSRQWRW D IRUPW D] U]VW D NQ\HOPHVVJHW DPJ U QHP
WDOORN DUUD DPLEH WQ\OHJ EHOHV]HUHWHN (] D]W MHOHQWL KRJ\ J\ D
OHKHW OHJHVOHJMREEDW YODV]WRP DPLW HJV] OHWHPEHQ V]HUHWQL
IRJRN
$ UHQGUDNV MYDO WEE DQQO PLQW HOGQWHQL PLW GREMXQN NL V
PLW WDUWVXQN PHJ ,QNEE HJ\ WDQXOVL OHKHWVJ DPLQHN VRUQ
IHOPUKHWHG V ILQRPUD KDQJROKDWRG D YLV]RQ\RG D WXODMGRQRGEDQ
OY WUJ\DNNDO V RO\DQ OHWWHUHW KR]KDWV] OWUH DKRO D OHJMREEDQ
U]HGPDJDG1HPH]WHV]LDUHQGUDNVWPJOYH]KHWEE"
'UDV]WLNXVQDN KDQJ]LN GH PHJ YDJ\RN J\]GYH DUUO KRJ\ KD
OHJDOEE HJ\V]HU PLQGHQWO PHJV]DEDGXOV] DPL QHP WOW HO
UPPHO PHJWDSDV]WDOKDWRG PLO\HQ U]V FVDN RO\DQ WUJ\DNNDO
NUEHYHQQLPDJDGDPLNUPHWRNR]QDN
0JMOMKHWYDODPLNRU
+LGG HO QHNHP VRVHP OHV] U V]NVJHG 0LQGLJ PHJOHV]HO
QONOH $NLN EHOHYJWDN D UHQGUDN PDUDWRQED D]RNQDN H] D
PRQGDWPRVWDQWOWLORV

1]GPHJPLUHDMNDV]NVJHVGHPUUPHW
QHPDGWUJ\DN

$KRJ\D]HOEEUWDPUODHJ\PDQ\DJSDODFNNDOKHO\HWWHVWHWWHP
D NLGRERWW Y]PDW .QQ\ WUKHWHWOHQ YROW V QHP LJQ\HOW
WUROKHO\HW VHP (J\V]HUHQ MUDKDV]QRVWRWWDP PLNRU QHP YROW
PUUV]NVJHP/HYJKDWWDPDUUDDPUHWUHDPLNHOOHWWMDEE
V MDEE IRUPNDW SUEOKDWWDP NL D]]DO KRJ\ NLFVHUOWHP UDMWD D
WH[WLOERUWVW %U D]WD PU YHWWHP HJ\ YHJY]W DPLW LJD]Q
V]HUHWHN D]RQEDQ PJ PLQGLJ KDV]QORN SDODFNRW KD WEE PLQW
HJ\Y]UDYDOYLUJRPYDQ
$]KRJ\DIHMKDOOJDWPDWKDQJV]UNQWKDV]QOWDPV]LQWQHJ\
UHPHN PHJROGV YROW D] Q HJ\V]HU OHWIHOIRJVRP V]HULQW 2O\DQ
PDJDVUD WHNHUWHP D KDQJHUW KRJ\ MO KDOOMDP D ]HQW DQONO LV
KRJ\IHOYHQQP$]HQHUDMRQJNPRVWLV]RQ\RGYDERU]RQJDQQDN
PHJ GH V]PRPUD D KDQJHU V D KDQJ]V PLQVJH WEE PLQW
NLHOJW YROW RWW D V]REPEDQ V WNOHWHVHQ HOJHGHWW YROWDP
VV]H VHP WXGRP V]PROQL D]RNDW D] M UPNHW DPLNHW D
V]HOHNWOVUYQIHGH]WHPIHO
$KRJ\H]WPRQGRPKR]]NHOOWHQQHPD]UWYROWQKQ\NLYWHO
LV9HJ\NSOGXODSRUV]YW.LGREWDPPHUWLGHMWPOWWSXVYROW
V H]XWQ SDSUWUOYHO V URQJ\RNNDO WUOJHWWHP V]RUJDOPDVDQ D
SDGOW 'H H] YJO RO\DQ VRN LGPHW YHWWH HO KRJ\ NQ\WHOHQ
YROWDPYHQQLHJ\MSRUV]YW
VRWWYROWDFVDYDUK]PHVHWH0LXWQNLGREWDPPHJSUEOWDP
HJ\ NLOD]XOW FVDYDUW D YRQDO]PPDO EHKDMWDQL DPL HWWO IOEHWUW
0DMGQHPVUYDIDNDGWDPDQQ\LUDV]HUHWWHP
(]HN D] HVHWHN D ILDWDONRUL WDSDV]WDODWODQVJRPEO V
PHJJRQGRODWODQVJRPEO IDNDGWDN $]W PXWDWMN KRJ\ D
NSHVVJHP PJ QHP HOJJ FVLV]ROGRWW DQQDN D IHOLVPHUVUH
KRJ\ PHO\LN WUJ\ Q\MW V]PRPUD UPHW 0HJWYHV]WHWW D]
HJ\V]HUVJNJ\QHPWXGDWRVRGRWWEHQQHPKRJ\V]HUHWHPNHW
J\ YOWHP KD HJ\ WUJ\ UPW WDUWRJDW V]PRPUD DNNRU RO\DQ
L]JDWRWWVJRW NHOOHQH UH]QHP DPLWO D V]YHP LV J\RUVDEEDQ YHU
0DPUPVNSSJRQGRORP
$] HOUDJDGWDWV D] L]JDORP YDJ\ D YRQ]GV U]VH QHP D]
HJ\HWOHQMHOHD]UPQHN$]HJ\V]HUIRUPDDPLMU]VVHOWOW
HODIXQNFLRQDOLWVPDJDVIRNDDPLHJ\V]HUEEWHV]LD]OHWHW
DMRJRVVJU]VHYDJ\DQQDNIHOLVPHUVHKRJ\DELUWRNXQNEDQ
OY WUJ\ KDV]QXQNUD YDQ D KWN]QDSRNEDQ H]HN PLQG D]
UPUHXWDOQDN
+D HJ\ WUJ\ HJ\OWDOQ QHP WOW HO M U]VVHO WHUPV]HWHVHQ
PLQGHQ WRYEEL QONO NQQ\HQ PHJYOXQN WOH +D IHOGOWQDN
UH]]N PDJXQNDW DPLDWW KRJ\ PHJYOMXQNH YDODPLWO DQQDN
KURP OHKHWVJHV RND OHKHW D WUJ\ YDODPLNRU UPHW RNR]RWW GH
PUOHMUWD]LGHMHUPPHOWOWHOFVDNQHPMWWQNPJUYDJ\
PHJNHOOWDUWDQXQNDWWOIJJHWOHQOKRJ\UPHWWXGHDGQLYDJ\
VHP
$ KDUPDGLN OHKHWVJKH] WDUWR]QDN D V]HU]GVHN D]
HJ\HQUXKN J\V]UXKN NOQIOH HVNYL WHPHWVL YDJ\ HJ\E
HVHPQ\KH] NDSFVROG GROJRN V D]RN D WUJ\DN DPLNQHN D
NLGREVDURVV]DOOVWYOWNLPVRNEOIOHJDFVDOGWDJRNEO
9DQ HJ\ WLWNRP KRJ\ KRJ\DQ WHNLQWKHWQN QDJ\REE UPPHO
D]RNUD D WUJ\DNUD DPLNHW V]NVJHV PHJWDUWDQXQN P QHP
MYQN O]ED WON OGMXN PHJ NHW 7XGDVVXN YHON KRJ\ KD
QHP LV WOWHQHN HO EHQQQNHW UPPHO WQ\OHJ V]NVJQN YDQ
UMXN
9DODKRJ\J\
+1]]PDJDGUDWHNRPELQ7HYDJ\DOHJMREE.RURPIHNHWH
VVLPDPLQWDV]DWQWNOHWHVNLHJV]WVHDUXKLPQDNDQONO
KRJ\ PDJDGUD YRQQG D ILJ\HOPHW 0LO\HQ EMRV NHFVHVVJ V
HOHJDQFLD&VDNJ\WRYEE
9DJ\PLWV]OV]HKKH]"
 .HGYHV UHJ FVDYDUK]P OHKHW QHP KDV]QOODN WO J\DNUDQ
GH DPLNRU V]NVJHP YDQ UG PLQGLJ ]VHQLOLV YDJ\ +OD QHNHG
UYLGLGDODWWVLNHUOWVV]HV]HUHOQHPH]WDSROFRW0HJNPOWHGD
NUPHLPHW LV 7QNUHWHKHWWHP YROQD NHW KD D]RNNDO SUEORP
PHJ EHKDMWDQL D FVDYDURNDW V PLO\HQ WNOHWHV D IRUPG 6]LOUG
VHUWHOMHVMN]EHIRJQLPRGHUQDPLLJD]QNLHPHONHGYWHV]
%UH]J\SDSURQQDJ\RQU]HOJVQHNWQKHWHJ\NLVWO]VFVDN
PJPNVDEEWHV]L$OQ\HJDWUJ\DNDPLNUHV]NVJQNYDQ
IHOWWOHQO EROGRJDEE WHV]LN D] OHWQNHW (]UW XJ\DQJ\ NHOO
EQQXQNYHONPLQWD]RNNDODPLNEROGRJJWHV]QHN
$ UHQGV]HUHV WDQIRO\DPDLPRQ D] HJ\LN WPD D] KRJ\ PLNQW
EHFVOMN PHJ D]RNDW D WUJ\DNDW DPLNHW KDV]QOXQN (] QDJ\RQ
KDWNRQ\ PGMD WONSHVVJQN FVLV]ROVQDN 0LUH D
WDQWYQ\DLP RO\DQ WUJ\DNDW YHV]QHN N]EH PLQW SOGXO D
NRQ\KDL HV]N]N DGGLJUD EUWDQ NLMHOHQWKHWLN KRJ\ HJ\
MHOHQWNWHOHQVHUSHQ\YDJ\HJ\HJ\V]HUKDEYHULVUPPHOWOWL
HO NHW 9DJ\ D] HOOHQNH]MH LV HOIRUGXOKDW 9ROW SU WDQWYQ\RP
DNLN IHOIHGH]WN KRJ\ HJ\HWOHQ PXQNDUXKMXN VHP YOW NL
UPU]VW EHOON $PLNRU UMWWHN HQQHN D] RNUD PHJUWHWWN
KRJ\ D PXQNMXNNDO YDQ JRQG 7HKW YDQQDN RO\DQ WUJ\DN
DPLUOD]WKLVV]NQHPWOWHQHNHOUPPHOPPJLVD]RQEDQ
QKD HQQHN D] U]VQHN D KLQ\D MHO]L D EHOV KDQJRW (] LV D]W
PXWDWMD KRJ\ PLO\HQ V]RURV D NDSFVRODW N]WWQN V D WUJ\DLQN
N]WW
$KRJ\ D UHQGUDNV VRUQ ILQRPRGLN D] D] U]NHOVQN DUUD
KRJ\ PHO\LN WUJ\ WOW HO UPPHO J\ PDJXQNDW LV MREEDQ
PHJLVPHUMN(]DUHQGUDNVYJVFOMD

7DUWVGPHJDIXUDPDVNDUNDWRWWKRQUD

(]DUXKDUPPHOWOWHOGHWXGRPKRJ\VRVHPIRJRPIHOYHQQL
MUD *RQGRORP MREE KD PHJYORN WOH XJ\H"  PRQGWD D
WDQWYQ\RPQ\LOYQYDOWWRY]VVDO
2GDQ]WHP DPHUUH PXWDWRWW V HJ\ DUDQQ\DO V]HJHWW OQN NN
YLUJRV UXKW OWWDP $] XMMDL SXIIRVDN YROWDN D V]RNQ\W W VRU
IRGRU GV]WHWWH ,JD]D YROW .LVV WO ULNW YROW KWN]QDSL
YLVHOHWQHN (OPDJ\DU]WD KRJ\ HODGVRNRQ YLVHOWH PLNRU
WQFOHFNNHWYHWW0JKDYLVV]DLVWUWYROQDDWQFKR]DNNRUVHP
YLVHOKHWWH YROQD H]W MUD PLYHO M UXKUD OHWW YROQD V]NVJH D]
HODGVUD
 0LQGLJ L]JDORPED KR] KD UQ]HN GH OHKHW KRJ\ PHJ NQH
YOQRPWOHPRQGWD9RQDNRGYDDV]HPHWHV]VNUWQ\OW
 9UMNLOWRWWDP0LUWQHPWDUWRGPHJVYHV]HGIHOLWWKRQ"
0HJOHSHWWHQQ]HWWUPPDMGNRPROO\YOWD]DUFD
1HPOHQQHD]IXUFVD"
V]V]HUYROWDNUGV
'HUPPHOWOWHOQHP"IRUV]UR]WDP
3USLOODQDWLJKDOOJDWRWWPDMGD]WPRQGWD
+DGGSUEOMDPIHOVPHJOWMXN0RVWD]RQQDOIHOYHV]HP
)RJWD D UXKW V WPHQW D V]RPV]G V]REED +URP SHUFFHO
NVEEQ\OWD]DMWVEHVWOWWHOMHVHQWDODNXOYD1\RPDVHPYROW
DKWN]QDSLIDUPHUMQDNVSOMQDN1HPFVDNDNNUXKWYHWWH
IHOKDQHPHJ\DUDQ\IOEHYDOWLVVHJ\VUJDYLUJGV]WLVW]WWD
KDMED .L LV VPLQNHOWH PDJW (NNRU UDMWDP YROW D VRU KRJ\
PHJOHSGMHN$]WDODNXOVIHOOPOWDDYUDNR]VRPDW$KRJ\RWW
V]WODQXOOWHPQ]WHPDJWDWNUEHQVPRVRO\JRWW
 1HP LV URVV] XJ\H" $]W KLV]HP HEEHQ PDUDGRN D] UQN
YJLJ
%U H] HJ\ H[WUP SOGD PHJOHSHQ VRN WDQWYQ\RPQDN YDQ
MHOPH]KH] KDVRQO UXKMD +RJ\ FVDN QKQ\DW HPOWVHN NQDL
OW]HW V]REDOQ\UXKD KDVWQFRVUXKD +D D WDQWYQ\RP V]HUHWL
DNNRUQHK]PHJYOQLH]HNWO
+D V]HUHWHG GH XWFUD QHP YHQQG PU IHO PLUW LV QH
KRUGKDWQGRWWKRQ"
0J KD ]DYDUEDQ LV U]HG PDJDG D]W WDQFVRORP OHJDOEE
SUEOGIHO +D J\ U]HG DWNUEH Q]YH WO QHYHWVJHV OWYQ\W
Q\MWDV] DNNRU WQ\OHJ IRJDGG HO KRJ\ LWW D] LGHMH KRJ\ PHJYOM
WOH+DSHGLJMREEDQQ]HONLEHQQHPLQWDKRJ\YUWDGOYH]GNL
V GREG IHO YHOH D KWN]QDSRNDW 'H QH IHOHMWV HO V]OQL HOEE D
FVDOGQDN
$PLNRU RO\DQ UXKNDW YLVHOV] V RO\DQ GROJRNNDO YHV]HG NUEH
PDJDG DPLNHW V]HUHWV] DNNRU D] RWWKRQRG D VDMW V]HPO\HV
SDUDGLFVRPRGG YOLN 1H GREM HO RO\DQ WUJ\DNDW DPLN UPPHO
WOWHQHN HO FVDN D]UW PHUW QHP KDV]QORG NHW (]]HO PLQGHQ
UPHWHOWYROWDV]DODNVEO(KHO\HWWLQNEEOJ\NUHDWYVWDOOG
PHJ D PGMW KRJ\DQ KDV]QRVWKDWRG D OWV]ODJ KDV]RQWDODQ
KROPLNDW 7DSW]G NL D JDUGUEV]HNUQ\ IDOW NHGYHQF ]HQV]HLG
IRWLYDO KRJ\ HJ\ UPVDUNRW NUHOM PDJDGQDN 9DJ\ ERUWVG EH
V]S NSHVODSRNNDO HJ\ ILN WOWV] PDQ\DJ HOODSMW KRJ\
HOWDNDUG D ILN WDUWDOPW .LWDOOQL KRJ\ PLUH KDV]QOKDWRG IHO D
V]PRGUD NHGYHV WUJ\DNDW PJ V]UDNR]WDWEE WHV]L D
UHQGUDNVW

1HWYHV]GVV]HD]WPHQHWLUHQGHWOHQVJHWD]
OODQGVXOWIHOIRUGXOVVDO

$QQ\LUDVDMQORP9LVV]DHVWHP
(OOOW D OOHJ]HWHP PLNRU D WDQWYQ\RP HPDLOMQHN HOV VRUW
HOROYDVWDP
+WH]YDQJRQGROWDP9JOPHJWUWQW
0LWD HONH]GWHP PDJQUNDW DGQL D WDQWYQ\DLP RWWKRQEDQ
PJQHPYROWRO\DQN]WNDNLYLVV]DHVHWWYROQDDUJLKLELED$]
HPEHUHNQKDQHYHWQHNVD]WPRQGMN
(]WQHPKLV]HPHO1HPOWH]LNKRJ\VHQNLVHP
9DJ\
1HPKDPLVWRWWDGPHJD]DGDWRW"
'H WQ\OHJ J\ LJD] 1HP NHOOHQH KRJ\ H] HQQ\LUH PHJOHS
OHJ\HQ %UNL DNL KHO\HVHQ WDQXOMD PHJ D UHQGUDNVW D] VRVHP
NYHWLHOMUDDUJLKLELW
   JRQGROWDP  0RVWDQWO D]W NHOO PRQGDQRP PDMG KRJ\ D
PGV]HUHPKDV]QOLN]WWHGGLJQHPYROWYLVV]DHV'HHOV]ULV
HOQ]VWNHOONUQHPWOHVIHODMQODQLKRJ\MUDWYHV]HPYHOHD
WXGQLYDONDW
,GHJHVHQUQ]WHPDNOGQHYUHVMDEEPHJOHSHWVUW1HP
RO\DQ YDODNL YROW DNL PU HOYJH]WH D NXU]XVW KDQHP HJ\ RO\DQ
KOJ\ DNLQHN PJ KWUDYROW D NRPRQR D] DSU GROJRN V D]
U]HOPLOHJ N]HO OO KROPLN UHQGMQHN WDQXOPQ\R]VD $]
XWROV OHFNMH D KQDS YJUH YROW EHWHUYH]YH 0JLV D NXU]XV
N]HSQ MUN N]O VHP YROW PJ VHQNL DNL D]W OOWRWWD YROQD
KRJ\ YLVV]DHVHWW 1\LOYQYDODQ YDODPLQHN WUWQQLH NHOOHWW
7XGWDP KRJ\ GROJR] DQ\DNQW NW NLFVL J\HUHNNHO UHWWHQHWHVHQ
HOIRJODOWVDIUMQHNDNLV]LQWQWHOMHVOOVEDQGROJR]RWWQHPVRN
LGHMHYROWKRJ\VHJWVHQQHNL
0LNRU D] XWROV UQNUD PHQWHP D KOJ\ LVPW PHQWHJHW]QL
NH]GHWW
 ,JD]Q VDMQORP $ GROJRN LVPW J\ OOQDN PLQW DKRJ\DQ D]
HOVOHFNQNLGHMQ
$ QDSSDOL VDUNEDQ HJ\PVUD GREOW UXKN OWYQ\D IRJDGRWW D
WDWDPLV]Q\HJHV V]REEDQ MWNRN KHYHUWHN V]WV]UYD D
NRQ\KDSXOWRQSHGLJKDORPEDQOOWDND]HGQ\HN$KOJ\QHPYROW
DEEDQD]OODSRWEDQKRJ\UWWDUWVXQN
/HJDOEED]RNDWDKROPLNDWWHJ\NHODPLNQHNPUYDQNLMHOOW
KHO\N
 - WOHW 7XGRG D PXQNDKHO\L DV]WDORPRQ LV VLNHUOW HJ\ NLV
UHQGHWUDNQRPPRQGWD
%HV]OJHWWQN HUUODUUO PLN]EHQ HOSDNROWD D KHO\NUH D
WUJ\DNDW VV]HKDMWRJDWWD D UXKNDW V YLVV]DWHWWH NHW D JDUGUE
ILNMDLED PDQ\DJ GRER]ED WHWWH D MWNRNDW UDWWDQNRVUED
J\PV]OWHDSOVVMWNRNDWDSDSURNDWSHGLJDPLYHODJ\HUHNHN
MWV]RWWDN D V]HOHNWY J\MWEH WHWWH $ IV]HUHN YLVV]DNHUOWHN D
NRQ\KDSROFUDDWLV]WDHGQ\HNSHGLJDV]HNUQ\EH+DUPLQFSHUFHQ
EHOODODNVMUDJ\Q]HWWNLPLQWD]HO]OHFNHLGHMQVHPPL
QHPPDUDGWHOOD]DV]WDORQYDJ\DSDGOQ
 /WRG DOLJ IOUD DODWW HO WXGRN SDNROQL  PRQGWD  'H DPLNRU
QLQFV LGP LQNEE HOO KDJ\RP D GROJRNDW +DYRQWD NWKURP
DONDORPPDOHOIRUGXOKRJ\YLVV]DHVHN
9DOMEDQ H] QHP V]PW YLVV]DHVVQHN (] FVDN WPHQHWL
UHQGHWOHQVJ DPLQHN D] D] RND KRJ\ QDSL V]LQWHQ QHP WHV]QN
YLVV]DPLQGHQWDKHO\UH$YLVV]DHVVVD]OODQGIHOIRUGXOVNW
WHOMHVHQ NOQE] GRORJ $ YLVV]DHVV D]W D] OODSRWRW MHOHQWL
DPLNRU D WUJ\DN NLMHOOW WUROKHO\ KLQ\EDQ MUD HOUDV]WMN D
ODNVW PJ KD HJ\V]HU V PLQGHQNRUUD UHQGEH LV UDNWXN $PJ
PLQGHQWUJ\QDNPHJYDQDPDJDKHO\HDGGLJDNLVHEEIHOIRUGXOV
QHPJRQG
%H NHOO KRJ\ YDOOMDP PLNRU QDJ\RQ HOIRJODOW YDJ\RN UHJJHO
HOURKDQRN RWWKRQUO HVWH SHGLJ KXOODIUDGWDQ HVHN KD]D $ PRVRWW
UXKD KDORPEDQ OO KDMWRJDWVUD YUYD 'H QHP SQLNRORN PHUW
WXGRP KD OHV] LGP NQQ\HQ V J\RUVDQ UHQGEH WHV]HP D
GROJRNDW +LKHWHWOHQ PHJNQQ\HEEOV KRJ\ WXGRP KRJ\ IO UD
DODWWVV]HNDSRPDODNVW
6RVH JRQGROG KRJ\ YLVV]DHVWO 0U D JRQGRODW LV NLROWMD D
PRWLYFLW+DYDODPHQQ\LUHQGHWOHQVJHWWDSDV]WDOV]LVDUHQGUDN
PDUDWRQDODWWQHWQWRUWVRQHO7HGGYLVV]DDWUJ\DNDWDKHO\NUH
DPLNRU LGG YDQ U V IRO\WDVG WRYEE 1H IHOHGG D PDUDWRQ
EHIHMH]VH HOWW D WUROVW QHP OHKHW YJOHJHVWHQL J\KRJ\
HJ\V]HUHQ WHGG D GROJRNDW RGD DKRYD V]HULQWHG WDUWR]QDN 0LQO
WRYEE KDODGV] DQQO NHYHVHEE LGGEH WHOLN PDMG J\ QLQFV RN D]
DJJRGDORPUD
$NXOFVD]KRJ\WUMYLVV]DD]DODSRNKR]&VDNDNNRUIRJRGHOUQL
DYJVFORGDWKDPUPLQGHQDKHO\UHNHUOW7DUWVNLHPHOOHWW
E]]DEEDQKRJ\QHPHVHOYLVV]DKDYJOEHUWODFOED

$PLNRUPUIHODGQG

(ONH]GWHGDUHQGUDNPDUDWRQWVD]WYHWWHGV]UHPDJDGRQKRJ\
GHUPHGWHQ OV] D V]RED N]HSQ DQONO KRJ\ OWQG D YJW" 1H
DJJGM 0DMGQHP PLQGHQNL WHVLN H]HQ D] HOHMQ 1KD HJ\
WDQWYQ\RPJ\NLOWIHO
.RQ0DULJ\U]HPIHODGRP$UXKLPPDONH]GWHPGHH]HJ\
UNNYDOVJLJWDUW
$]DJJRGDORPDEEOIDNDGKRJ\QHPOWMXNDWHOMHVNSHW+D
H]YHOHGLVHOIRUGXOQDNV]WVOHOWUWDOHKHWVJHVWUROKHO\HNUO
/SM HJ\ OSVW KWUD V Q]G REMHNWYHQ 5DM]ROM DODSUDM]RW
NV]WV UDM]RNDW YDJ\ UM OLVWW DUUO KRJ\ PLO\HQ SROFRN V
WUROKHO\HN YDQQDN D K]EDQ V PLO\HQ KROPLNDW WDUWDV] RWW
$ WUJ\DN RWW IRJQDN IHOEXNNDQQL DKRO D OHJNHYVE V]PWDV]
UMXNKDYLVV]DWUV]DSDNROVKR]J\KRJ\QHPNHOOUV]OHWHVOLVWW
UQL1DJ\MEOGQWVGHOKRJ\PLO\HQIDMWDGROJRNDWKROIRJV]PDMG
WDUWDQL
$PLNRU HOV]U MURN YDODNLQHN D] RWWKRQEDQ VRVHP XJURN
IHMHVW D UXKN YORJDWVED (KHO\HWW HONH]GHP IHOPUQL D WUROVL
OHKHWVJHNHWMUDVMUDIHOWHV]HPDNUGVW
0LYDQHEEHQ"7DUWDV]PJPVKROLVLO\HQKROPLW"
0HJMHJ\]HP PLQGHQ WUROKHO\W V PUHWW PHJEHFVOP
PHQQ\LLGHLJWDUWPDMGDUHQGUDNVVHONS]HOHPDYJHUHGPQ\W
EHOHUWYHKRJ\PLQHNKROOHV]PDMGDYJOHJHVKHO\H
(]W FVLQORP Q PLQW RNWDW $ WH GROJRG KRJ\ HJ\V]HUHQ HJ\
WWHNLQW NSHW V]HUH]] D MHOHQOHJL OODSRWUO V YLVV]DQ\HUG D
KLJJDGWVJRG1HWOWVWOVRNLGWYHOHSHUFQHNHOJHQGQHN
NHOOOHQQLH
$ OHOWUR]V IRO\DPDWD DG HJ\ NLV SLKHQW QHNHG $ ODNVRG
PLQGHQ HJ\HV WUROKHO\QHN V]PEDYWHOH KHO\UHOOWMD D
WUJ\LODJRVVJRG+DPHQHWN]EHQUMVV]KRJ\QHPPRVWYDQD]
LGHMH D OHOWUQDN WUM YLVV]D Q\XJRGWDQ D UHQGUDNVKR]  +D
PHJWHUKHOQHN U]HG D OHOWUR]VW V PHJDNDGO\R] D
UHQGUDNVEDQDNNRUOOWVIHOIRQWRVVJLVRUUHQGHW
0VUV]W KD V]HUHWV] MHJ\]HWHNHW V Q\LOYQWDUWVRNDW NV]WHQL
OJ\DQQ\LUDDSUONRVDPHQQ\LUHFVDNV]HUHWQG
(OOHQU] OLVWW LV NV]WKHWV] PLQGHQ HJ\HV WURO WDUWDOPUO
(J\LNWDQWYQ\RPUHQGUDNQDSOWYH]HW$]HOVROGDOUDNHUOWD]
,GHOLV OHWWU (]W NYHWWH D] D UV] DPL D -HOHQOHJL KHO\]HW
UHQGUDNVL SUREOPN WUROHJ\VJHN WUJ\DN OLVWMD NDWHJULD
V]HULQW FPHW YLVHOWH $] XWROV UV] YROW D 5HQGUDNV PHQHWH
DPLEHQ PLQGHQ RO\DQ GROJRW PHJHPOWHWW DPLUH D UHQGUDNVVDO
NDSFVRODWEDQ UMWW HJV]HQ D IHOKDV]QOW V]HPHWHV]DFVNN
V]PLJ
6]HUHWHPPLNRUVLNHUHVHQYJ]HNHJ\NDWHJULYDOVDOLVWP
WHOHYDQNLSLSOWWWHOHNNHOPRQGWD
+D D OLVWDNV]WV LO\HQ UPPHO WOW HO DNNRU WOWV YHOH DQQ\L
LGWDPHQQ\LWFVDNDNDUV]VKDPULWWWDUWXQNPLUWQHPWDOOV]
NLPVPGRNDWKRJ\OYH]HWHVHEEWHGGDUHQGUDNVW"

)RWDUHQGHWOHQVJUOVRNNROJ\J\PG

$] HOV DONDORP 7YHO D]RQ D KWHQ YROW PLNRU D] DOEEL HPDLOW
NDSWDP (OVDMWWRWWD D UHQGUDNV DODSMDLW HONS]HOWH D V]PUD
LGHOLV OHWWHUHW V J\ WQW PLQGHQWO PHJYOW KRJ\ M OHWHW
NH]GKHVVHQGHJ\WQWDOHONHVHGVHHOV]OOW
 $QQ\LUD HONHVHUW D UHQGHWOHQVJ KRJ\ HJ\OWDOQ QHP U]HP
D]WKRJ\DUHQGUDNVQQHSOHQQHUWD1HPWXGRPOHONHVWHQL
PDJDP
$PDJDPGMQV]PEDYHWWHD]DNDGO\RNDWJ\PLQWD]HJ\LN
V]REQNEO WURO OHWW GH D NW J\HUHNHP OODQGDQ V]WGOMD D]W
DPLW PU HJ\V]HU PHJFVLQOWDP (]W PJ WHW]WH D]]DO KRJ\
VRVHPOHV]HNNSHVUHQGHWWHQQLPHUW%VYUFVRSRUWRPYDQ
-DSQEDQ V]OHV NUEHQ HOWHUMHGW D] D Q]HW KRJ\ D YUFVRSRUW
EHIRO\VROMD D V]HPO\LVJHW V D] $ YUFVRSRUW HPEHUHNQHN
QDJ\REE LJQ\H YDQ D WLV]WDVJUD V D UHQGUH PLQW D %
YUFVRSRUWDNQDN
6]YHPV]HULQWD]WPRQGWDPYROQD
+DJ\GDEEDDQ\DIRJVWVOVVPXQNKR]
7XGRP KRJ\ D SDQDV]NRGV EL]RQ\WN DUUD KRJ\ D] LOOHWQHN
YDQ PJ HQHUJLMD IRO\WDWQL D UHQGUDNVW $ WUNN D] KRJ\ D
MHOHQOHJL UHQGHWOHQVJHW DPL KDPDURVDQ HOWQLN YOWR]WDVVXN
V]UDNR]WDWIRUUVV
+RJ\DQ" .V]WV IRWNDW D UHQGHWOHQ V]RENUO J\ YDQ $UUD
EL]WDWODN KRJ\ NV]WV SDQRUPDNSHW D V]RED HJV]UO V
N]HOLHNHWLVPLQGHQHJ\HVILNWDUWDOPUO(J\SLOODQWVH]HNUHD
IRWNUD V NLGHUOKHW KRJ\ D KHO\ VRNNDO UHQGHWOHQHEE PLQW
DKRJ\DQ JRQGROWDG /HKHWQHN V]HQQ\HV UXKDKDOPRN YDJ\
KHYHUKHWQHN SDSURN V]WV]UYD YDJ\ DNU RO\DQ WUJ\DN LV
DPLNUO D]W VHP WXGRG KRJ\ NHUOWHN RGD $] RWWKRQRG LO\HQ
WUJ\LODJRVV]HPUHYWHOHVRNNROOHKHWDPLHONHVHUWKHW
'H PLUW LV GUJOQP H]W D] RUURG DO V PLUW DNDUQP KRJ\
PJ URVV]DEEXO UH]G PDJDG" +LGG HO QHP DNDUODN PHJEQWDQL
7XGRP PHQQ\LUH QHK] PRWLYOQL PDJDG PLNRU SS VHPPLKH]
VLQFVNHGYHG$V]HPO\HVWDSDV]WDODWRPV]HULQWVRNNDOKDWVRVDEE
KD HOMXWRN D PO\SRQWUD PLQW IRO\WRQ DUUD EL]WDWQL PDJDP KRJ\
SUEONR]]DN PJ NHPQ\HEEHQ +D PU HJ\V]HU RWW YDJ\RN OHQW
VXQRPPUDFVJJHGVWJ\RUVDEEDQVV]HV]HGHPPDJDP
(] D PGV]HU QHPFVDN D UHQGUDNV HONH]GVH HOWW PNGLN MO
GHDNNRULVKDPHQHWN]EHQJ\U]HGNLJWOOYH]GNLDNSHNHW
WHOMHVPUWNEHQ
0XWDVG PHJ D EDUWDLGQDN KRJ\ MW QHYHVVHWHN V KDVRQOWVG
VV]HDNSHNHWDUHQGUDNPDUDWRQHOWWVXWQ$KRJ\DK]EDQ
HJ\UH QDJ\REE OHV] D UHQG NQQ\ OHV] HOIHOHGQL PLO\HQ YROW
UHQGHWOHQO (J\ SLOODQWV D IRWNUD V PHJPXWDWMN PLO\HQ
PHVV]LUHMXWRWWOVDUUDV]WQ]KRJ\IRO\WDVGWRYEE$PLNRUD
WDQWYQ\DLP UQ]QHN D NSHNUH D UHQGUDNV XWQ J\ NLOWDQDN
IHO
.LH]DUHQGHWOHQK]"

1HWDUWVV]QHWHWQHKDJ\GDEEDVQHDGGIHOD
OHJQDJ\REEQDNWQUHQGHWOHQVJEHQVHP

- SU Y WHOW HO D] HOV LO\HQ PXQNP WD $ VRN UHQGHWOHQ
RWWKRQEDQ OWRWW IHOIRUGXOV EUPLO\HQ QDJ\ LV YROW ULWNQ KR]RWW
]DYDUED +URP YDJ\ QJ\ NXSDF UXKD D IOGQ PJ QRUPOLV
$PLNRUDSDSURNHOQWLNDV]REWVERNLJMUV]EHQQHVNLIRO\LN
D] DMWQ PLNRU EHQ\LWRN V FVDN NDUWRQGRER]RNDW OWRN HJ\PVUD
SDNROYDNV]YDJ\RNHOIRJDGQL0JLVPLNRU.K]EDEHOSWHPD
OWYQ\WO IRURJQL NH]GHWW YHOHP D YLOJ V EL]WRV YROWDP EHQQH
KRJ\ D] UGJ WDQ\MQ MURN . K]QDN HOV HPHOHWQ YROW D]
LURGMD D PVRGLN V KDUPDGLN HPHOHWHQ SHGLJ D ODNVD
WPHQWQN D] LURGD IRO\RVMQ DPL QDJ\MEO UHV YROW V
IHOPHQWQN D OSFVQ 0LNRU D ODNUV] EHMUDWL DMWDMD NLQ\OW J\
UH]WHPPLQWKDD]$ONRQ\]QD^`ILOPEHFVSSHQWHPYROQD
(J\ FLFDDOPRV GRER] IRJDGRWW D] DMW PVLN ROGDOQ 0DFVND
V]UD]HOHGHOGDUDENN KHYHUWHN V]DQDV]W D SDGOQ DPLN N]WW
QHK] YROW J\ KDODGQL KRJ\ QH OSMHN UMXN (J\ NYV]HP
PUHWW HJ\EO V]WWDSRVWDP $KRJ\ D]RQ JRQGRONR]WDP PLW
FVLQOMDNDFLSPUHWDSDGWPRU]VDONNDOIHOQ]WHPVUJWQNLLV
PHQWD]HJV]DIHMHPEO
(J\ NQ\YOSFV HOWW OOWDP 9DJ\LV KRJ\ SRQWRVWVDP PLQGHQ
OSFVIRNRQKURPQJ\NQ\YOOWKDORPEDQJ\KRJ\DIDOSFV
QHPOWV]RWWNLDOOXN.QHPWUGYHD]]DOKRJ\DV]DYDPLVHOOOW
D]WPRQGWD
2O\DQVRNNQ\YHPYDQ6]V]HULQWWHOHYDQYHONDSDGOV
%HV]G N]EHQ RO\DQ NQQ\HGQ V]NHOOW IHO D OSFVIRNRNRQ
PLQWHJ\NV]OLNHFVNHDQQDNHOOHQUHKRJ\J\WQWDNQ\YHN
EUPLNRU NLFVV]KDWQDN D OED DOO Q SHGLJ NDSDV]NRGWDP D
NRUOWED V YDWRVDQ OSNHGWHP IHOIHO HJ\V]HUUH FVDN HJ\ IRNRW
PHUW EL]WRV YROWDP EHQQH KD OHHVQN D IHMHP D FLFDDOPRV
GRER]EDQ ODQGROQD 1HP WXGWDP NLYHUQL D IHMHPEO KRJ\ PLQGH]
PLO\HQ M FVDSGD OHKHWQH KRJ\ HOULDVV]D D] HVHWOHJHV EHWUNHW
6LNHUOW HJ\ GDUDEEDQ IHOMXWQL D PVRGLN HPHOHWUH V SNHUDUFFDO
NHUHV]WOPHQQL D QDSSDOLQ DKRO D] HJ\LN WHOMHV IDODW NQ\YHN
ERUWRWWN.KOV]REMDV]V]HULQWHJ\UXKVEDUODQJYROW$V]RED
PLQGNW ROGDOW EHERUW UXGDNUO UXKDQHPN OJWDN DPLN
OHV]NWHWWNDOWPH]WVHOYHWWNDIQ\W
. UL DPLNEO H] YROW D] HOV PJ PLQGLJ WDUWDQDN +RJ\
V]LQWH OHJ\HN KRVV] LGEH WHOLN V EUPHO\LN WDQWYQ\RP
WDQXOLGHMWIHOOPOMD
'H D] RWWKRQD D NLLQGXOSRQWKR] NSHVW PU WHOMHVHQ WDODNXOW
0YV]HWNHGYHONQWKDYRQWDNWKURPDONDORPPDONLOOWVRNRQ
YHV]UV]W5HQGUDNVN]EHQVRNV]SNHUPLDNHUOWHOVKUHV
IHVWPQ\HN Q\RPDWDL LV $KRJ\ D UHQGHWOHQVJ HJ\UH FVNNHQW V
D IDODN LV NH]GWHN MUD HOWQQL HONH]GWH IHODNDV]WDQL D NSHNHW
0RQHWV5HQRLUPXQNLGV]WHWWNDV]REMQDNHJ\LNVDUNWHJ\
NOQOHJHVJDOULYYOWR]WDWYDD]W$]UGJWDQ\QDNQ\RPDVHP
PDUDGW
0JJ\LV.LGQNQWIHOWHV]LDNUGVW
 7XGRP KRJ\ D]RN D KHO\HN DPLNNHO PU YJH]WHP D]RN
UHQGEHQYDQQDNGHEL]WRVYDJ\EHQQHKRJ\HKKH]HQQ\LLGUHYDQ
V]NVJ"
 ,JHQ  YODV]RORP LO\HQNRU PLYHO D UHQGUDNV EL]WRVDQ KDODG
HOUH
1HP V]PW PHQQ\LUH UHQGHWOHQ D ODNVRG D UHQGUDNV IL]LNDL
WUJ\DNUOV]O1HPV]PWPHQQ\LKROPLGYDQDPHQQ\LVJN
YJHV +D HO WXGRG GQWHQL PHO\ WUJ\DN WOWHQHN HO UPPHO V
D]RNDW KRO IRJRG WDUWDQL D UHQGUDNV HJ\V]HU FVDN YJHW IRJ UQL
0LQOWRYEEFVLQORGDQQON]HOHEEMXWV]D]UPWHOLRWWKRQKR]
(]UW VHPPL VHP QDJ\REE NQQ\HOPVJ PLQW PHQHW N]EHQ
IHODGQL
+D PHJWHWWHG D] HOV OSVW D UHQGUDN PDUDWRQEDQ QH WDUWV
V]QHWHWQHKDJ\GDEEDVQHDGGIHO1HPV]PWKRJ\PLO\HQD
SLOODQDWQ\L KHO\]HWHG D] RWWKRQRGDW RO\DQ KHOO\ YDU]VROKDWRG
DKRO EROGRJ OHKHWV] (]W JDUDQWORP PHUW D UHQGUDNV VRVHP
KD]XGLN(QQHND]HOOHQNH]MHLVLJD]+DIOEHKDJ\RGDUHQGUDN
PDUDWRQRGQDNVRVHPOHV]YJH
J\KRJ\ KD IOEHKDJ\WDG QH K]GKDODV]G WRYEE ,GHMH
YLVV]DWUQLDPXQNKR]
+DERU]DV]WYDJ\DUHQGUDNVEDQDOHJGUPDLEE
YOWR]VWOHGPDMGW

0LHOWWEHOHYJXQNPHJNUGH]HPDWDQWYQ\DLPWO
5RVV]YDJ\LQNEEMYDJ\DUHQGUDNVEDQ"
OWDOEDQKURPIOHYODV]WNDSRNMQHPURVV]YDJ\ERU]DV]W
$]DUQ\NUOEHOO
$]RNQDN DNLN D]W YODV]ROMN KRJ\ M UHQGUDNN OWDOEDQ HOJ
UHQGH]HWW D] RWWKRQXN $ NUGVHLN UHQGNYO OQ\HJUH WUHN
PLYHOPUWEEIOHPGV]HUWLVNLSUEOWDN(J\V]HUHQYODV]RORN
DVSHFLOLVNUGVHLNUHPLQWSOGXO
 -REE KD D SRUV]YW D JDUGUEEDQ WDUWRP YDJ\ LQNEE D
NDPUEDQ"
$WUON]NHWDIUGV]REEDQWDUWRPJ\JRQGRORGKRJ\J\
M"
6]LQWQ MN D]RNQDN D WUJ\DNQDN D NLYORJDWVEDQ DPLN
UPHW V]HUH]QHN QHNLN V D PXQND J\ HOJ J\RUVDQ KDODG
*\DNUDQFVDNDUUDYDQV]NVJNKRJ\WQ]]HPKRJ\DQWUROMN
DGROJDLNDWVH]]HOYJH]WQNLV
$]RNDNLNJ\YOLNQHPURVV]DNDUHQGUDNVEDQOWDOEDQDMO
EHYOWVDMWPGV]HUNHWDONDOPD]]NVHOJMOEROGRJXOQDNYHOH
0LYHO QDJ\RQ NHPQ\HQ SUEONR]QDN NU KRJ\ QHP LJD]Q
KDWNRQ\DND]HUIHV]WVHLN0LN]EHQOHKHWKRJ\PUNLMHOOWHN
KHO\HNHW DKRO D GROJDLNDW WUROMN PJLV UHQJHWHJ RO\DQ KROPLMXN
YDQ DPLN QHP WOWLN HO NHW UPPHO V D WUROV LV NH]G
PHJOHKHWVHQ ]DYDURVV YOQL D] RO\DQ WUJ\DN PLDWW DPLN
XJ\DQDEEDDNDWHJULEDWDUWR]QDNGHV]DQDV]WYDQQDNDK]EDQ
9JO YDQQDN RO\DQRN DNLN UHWWHQHWHVHN D UHQGUDNVEDQ $]
UHQGUDN PDUDWRQMXN DNNRU NH]GGLN HO PLNRU EHOSHN KR]]MXN
$PLNRU PHJOWRP PHQQ\L KROPLMXN KHYHU V]DQDV]W QKD
HOJRQGRONRGRPKRJ\QHPHD]QV]UDNR]WDWVRPUDFVLQOWNH]W
DIHOIRUGXOVWWXGYQKRJ\HJ\UHQGUDNFVRGDERJUYDJ\RN(J\LN
WDQWYQ\RP NLMHOHQWHWWH KRJ\ J\ JRQGROWD KRJ\ D V]REMD FVDN
DUUD V]ROJO KRJ\ KROPLNDW WUROMRQ EHQQH 7EEV]U IRUGXO HO
PLQWVHP D] KRJ\ H]HN D WDQWYQ\DLP PLHOWW HONH]GKHWQN
D YORJDWVW PHJ NHOO WLV]WWDQXQN HJ\ KHO\HW D SDGOQ V
IHOSRUV]Y]QXQN KRJ\ OHJ\HQ KRYD SDNROQXQN D] VV]HV
UXKDQHPW
1HP V]PW KRJ\ YDODNL M YDJ\ URVV] D UHQGUDNVEDQ NSHV
PHJWDQXOQL D]W 'H D]RN DNL WHOMHVHQ UHPQ\WHOHQQHN WDUWMN
PDJXNDW D]RN PHQQHN W D OHJQDJ\REE YOWR]VRQ $PLNRU
PHJWDQXOMN D PLNQWMW HONSHV]W NLWDUWVVDO IRO\WDWMN D]W $]
KRJ\ PLO\HQ UHQGUDNQDN WDUWMXN PDJXQNDW YJV VRURQ FVDN
HOIRJXOW IHOWWHOH]V $]RN DNLN SRFVN UHQGUDNQDN WDUWMN
PDJXNDW HJ\V]HUHQ FVDN VRVHP LVPHUWN D KHO\HV PGV]HUW V
HPLDWWVRVHPWDSDV]WDOKDWWNPHJPLO\HQDUHQGH]HWWRWWKRQ
(J\V]HU NDSWDP HJ\ HPDLOW HJ\LN WDQWYQ\RP IUMWO DPLEHQ
D]W UWD KRJ\ D IHOHVJH PLQWKD WHOMHVHQ PV V]HPO\ OHQQH (GGLJ
D]DWSXVYROWDNLVRKDVHPPOWDWWDLJD]QILJ\HOHPUHDGROJRNDWD
V]MVDURVV]UWHOPEHQ
 6RVHP Q]HWW OHIHO VRVHP IRUGXOW YLVV]D VRVHP WHWW YLVV]D
VHPPLW D KHO\UH (] HJ\OWDOQ QHP ]DYDUWD Q YROWDP D] DNL
PLQGHQW UHQGEH UDNRWW GH PRVW PLQWKD HJ\ PVLN HPEHU OHQQH
DQQ\LUDLJ\HNYOHWWDUHQGUDNVWHUQ
.S]HOG HO KRJ\ HJ\ LO\HQ YOWR]V PLO\HQ KDWVVDO OHQQH D]
OHWHGUH $ UHQGUDNV LVWHQH VHQNLW QHP KDJ\ PDJUD D]RNDW
VHPDNLNQHPKLV]QHNEHQQH'HHOV]UHONHOOKDWUR]QRGKRJ\
QHNLOWV] &VDN DNNRU DODNWKDWMXN W D] OHWQNHW KD V]LQWQ
DNDUMXN V KD YJH]WQN D UHQGUDNV LVWHQH EL]WRVDQ
PHJMXWDOPD]EHQQQNHW
 
+RJ\DQWOWKHWHGPHJ
D]RWWKRQRGUPPHO"

.S]HOGHODWNOHWHVOHWWHUHWHJ\HJ\V]HUIRW
DODSMQ

(OV]UIHMH]GEHDVHOHMWH]VW
%L]WRV YDJ\RN EHQQH KRJ\ PRVWDQUD PU WH LV WXGRG KRJ\ H] D
.RQ0DULPGV]HU OHJIEE V]DEO\D +D D]RQ NH]GHV] HO
JRQGRONRGQLPLHOWWPJEHIHMH]WHGYROQDDV]HOHNWOVWKRJ\KRO
IRJRG H]W YDJ\ D]W WDUWDQL QHP MXWV] PHVV]LUH  (]UW LV V]NVJHV
KRJ\HOV]UNL]UODJDVHOHMWH]VUHVV]SRQWRVWVXQN
$NLN N]OHWHN PU QHNLIRJWDN D UHQGUDN PDUDWRQQDN D]RN
WXGMN KRJ\ KD WWRY]YD LV OOWDN QHNL D V]HOHNWOVQDN DPLNRU
EHOHMQQHNPUOYH]HW
(] PLQGDPHOOHWW HJ\ YV]FVHQJ LV &VDN PHUW M U]V QHP NHOO
VHOHMWH]JSS YOQXQN $ KROPLN NLGREOVD QPDJEDQ QHP
KR]UPHWD]OHWHGEH
1HP D] D OQ\HJ KRJ\ PHJYOMXQN D WUJ\DNWO LQNEE DQQDN
YDQMHOHQWVJHKRJ\DPLWPHJWDUWXQND]UPPHOWOWVQHO+D
PLQGHQW NLGREV] PJ YJO WHOMHVHQ UHV OHV] D K]  QHP
JRQGRORP KRJ\ EROGRJ OHKHWV] EHQQH $ UHQGUDNVVDO D]W D FOW
NHOOHQH HOUQQN KRJ\ RO\DQ NUQ\H]HWHW WHUHPWVQN DKRO RO\DQ
WUJ\DNYHV]QHNNUODPLNHWV]HUHWQN
(]UW LV DQQ\LUD IRQWRV KRJ\ D] HJV] IRO\DPDWRW D]]DO NH]GMN
KRJ\IRQWROUDYHVV]NPLO\HQDV]PXQNUDPHJIHOHOOHWWU(UUH
YRQDWNR]DQOHQQHHJ\NUVHP.UOHNQHDGGIHOD]OPDLGDW$]
ORPNSHGQLQFVNEHYVYHQHPLVNWHOH]MHOOHJH]UWQHIRJG
YLVV]D PDJDG (UHV]G V]DEDGMUD D IDQW]LGDW 6]HUHWQO J\ OQL
PLQW HJ\ KHUFHJQ KIHKU J\WDNDUN V EWRURN N]WW"
6]HUHWQO JD]GDJ V IQ\] KHO\HW V]S IHVWPQ\HNNHO D IDODNRQ"
9DJ\ WDOQ RO\DQ V]REW DPL WHOH YDQ QYQ\HNNHO V DKRO J\
UH]QGPDJDGPLQWHJ\HUGEHQ"
/HKHW QKQ\DWRN V]PUD QHK] PHJKDWUR]QL SRQWRVDQ
PLO\HQ OHWWHUHW V]HUHWQH (EEHQ D] HVHWEHQ D]W WDQFVRORP KRJ\
NHUHVVHWHN HJ\ NSHW DPL PHJWHVWHVWL V]PRWRNUD D] LGHOLVDW
7HUPV]HWHVHQ IHMEHQ LV PHJDONRWKDWMWRN H]W D NSHW GH KD YDQ
HJ\IRWDPLUHKDUQ]WHND]WU]LWHNKRJ\LJHQH]D]DKHO\
DKRO V]HUHWQN OQL D] WHOMHVHQ PHJYOWR]WDWMD D UHQGUDNV LUQWL
U]VHLWHNHW
$PLNRU LO\HQ NSHW NHUHVWHN IRQWRV KRJ\ HJ\V]HUUH OHJ\HWHN
DODSRVDN V J\RUVDN +D D]W JRQGROMWRN +D HJ\ NSHW NHOO
WDOOQRP DNNRU YURN PJ HJ\ PHJIHOHO D] XWDPED NHUO (]
VRVHPIRJPHJWUWQQL
$ WUNN D] KRJ\ WHUWV PDJDG HO HJ\ VRU ODNEHUHQGH]VL
PDJD]LQW V Q]G W NHW HJ\V]HUUH - V]UDNR]V OHKHW QDSRQWD
HJ\PDJD]LQWYJLJODSR]QLGHKDJ\WHV]HODNNRUD]WNRFN]WDWRG
KRJ\ QHP OHV]HO NSHV GQWHQL $ YOHPQ\HG QDSRQWD YOWR]KDW
DPLPJMREEDQPHJQHKH]WLKRJ\UMMMV]PRGUDPLO\HQOHWWU
OHQQH D PHJIHOHO $ ODNVRN DPLNHW D PDJD]LQRN EHPXWDWQDN
PLQGIDQWDV]WLNXVDQQ]QHNNL(J\LNQDSHJ\MDSQVWOXVODNVED
V]HUHWV] EHOH PVLN QDS HJ\ Q\DUDO WHWV]LN PHJ .QQ\HEE
UMQQLKRJ\PLDV]PRGUDYRQ]EHQQNKDHJ\V]HUUHQ]HGW
NHW3OGXOIHOIHGH]KHWHGKRJ\LQNEEDIHKUV]RENYRQ]DQDN
YDJ\PLQGHQQOMREEDQWHWV]HQHNDQYQ\HNNHOWHOLV]REN
 .OFVQ]] NL HJ\ UDNV ODNEHUHQGH]VL PDJD]LQW D NQ\YWUEO
YDJ\ YHGG PHJ D]RNDW HJ\ NQ\YHVEROWEDQ V ODSR]G W NHW
J\RUVDQ+DRO\DQNSHWWDOOV]DPLPHJV]OWWDUWVGDQRWHV]RGEDQ
YDJ\D]UDV]WDORGRQKRJ\EUPLNRUUQ]KHVV

%QMMODV]UNH]QEDNHUOWUJ\DNNDO

$ UHQGUDNVEDQ WDSDV]WDOWDN D]W WDQFVROMN KRJ\ WHJ\N HJ\

GRER]EDD]RNDWDWUJ\DNDWDPHO\HNNHONDSFVRODWEDQQHPHJV]HQ
YDJ\XQN EL]WRVDN +D QHP KDV]QOMXN KURP KQDS POYD VHP
DNNRUPHJYOKDWXQNWON
(]MWOHWQHNWQLNVHJ\V]HUQHNLV$.RQ0DULPGV]HUEHQQ
PJLVSRQWD]HOOHQNH]MWNUHPWOHGWDOQPHUWQODPH]VRVHP
PNGWWKLEDLVSUEONR]WDPH]]HONWVIOYHQW
$PLNRUHOV]UWDOONR]WDPH]]HODPHJROGVVDOQHPFVDNQDJ\RQ
HJ\V]HUQHNVORJLNXVQDNWQWGHMNLIRJVQDNLVKRJ\QHNHOOMHQ
NLGREQRPDKROPLNDW
 - QHP KDV]QOWDP KURP KQDSLJ DNNRU JRQGRORP
PHQWKHWHWOHQ
$NNRUWMWERORQGXOWDPEHOHWHOMHVHQDUHQGUDNVEDDQQ\LUDKRJ\
PJD]WLVDOLJIRJWDPIHOKRJ\WOVRNPLQGHQWGRERNNLVH]D]
HOPOHW WNOHWHVHQ SDVV]ROW D EQWXGDWRPKR] 7DOQ H]UW LV
UDJDV]NRGWDP KR]] NW V IO YHQ W DPL HJ\ J\HV PXWDWYQ\
YROWWOHP
$] HOV OSV D] YROW KRJ\ PLQGHQ RO\DQ WUJ\DW DPL D V]UNH
]QED HVHWW  YDJ\LV DPLN QHP KR]WDN LJD]Q O]ED  EHOHWHWWHP
HJ\SDSU]DFVNEDVD]WDJDUGUEMREEN]UHHVROGDOQDSDGOQ
WUROWDP )HO NHOOHWW YROQD FPN]QHP PLQGHQ HJ\HV GDUDERW D]
WOHWQDSMDGWXPYDOGHH]WDOSVWNLKDJ\WDPPLYHOQHPYROW
RO\DQ VRN EHOON $ NYHWNH] KURP KQDSEDQ OWHP D
PHJV]RNRWWOHWHPHW
(J\V]HU VHP KDV]QOWDP D]RNDW D WUJ\DNDW DPLNHW D ]DFVNED
WHWWHP $PL EHOHNHUOW D]W D] PHQWHWWH PHJ D YJ]HWWO KRJ\
VHOHMWHV YROW (] EROGRJJ NHOOHWW YROQD KRJ\ WHJ\HQ GH YDOMEDQ
DKQ\V]RU FVDN UQ]WHP OHONLLVPHUHWIXUGDOVW UH]WHP
$ UXKLPDW D IHOV UV]HQ MREEUD UHQGH]WHP HO D JDUGUEEDQ DPL
MREE NHGYUH GHUWKHWHWW YROQD GH D ]DFVN OWYQ\D PLQGLJ
OHKDQJROW
$UUDJRQGROWDPKWKDVHJWKDWUDNRPD]DFVNWDJDUGUEEDO
ROGDOUDGHVHPPLVHPYOWR]RWW
.LYHWWHP HJ\ DMQGNED NDSRWW EDPEXV]NVW 1HP LV YROW U
LJD]Q V]NVJHP GH QKD D OHYHOHLPHW V]RNWDP IHOERQWDQL YHOH
(OK]WDPHJ\MHJ\]HWWPEWDPLQUDM]ILOPILJXUNYROWDNVDPLW
WYHGVEO YHWWHP PHJ QHP LV V]HUHWWHP V PLQGVV]H HJ\V]HU
NWV]HU KDV]QOWDP 0U DNNRU WEE MHJ\]HWWPEP YROW PLQW
DPHQQ\LUH HJV] OHWHPEHQ V]NVJHP OHWW YROQD GH QDJ\RQ
V]HUHWWHP D]RNDW 0LQGH] D]UW YROW PHUW IRO\DPDWRVDQ D]W
JRQGROWDP
+DPDURVDQLWWD]WOHWQDSMD
$OLJ EUWDP NLYUQL KRJ\ YJHW UMHQ H] D KURP KQDS $KRJ\
YJUH N]HOHGHWW D QDS HONH]GWHP RVWRUR]QL PDJDP KRJ\ QHP
KDV]QORP D ]DFVNEDQ OY GROJRNDW 9JO KURPV]RU DNNRUD
EQWXGDWRP YROW PLNRU NLGREWDP NHW PLQW DPLNRU D ]DFVNED
NHUOWHN/HJXWROMUDPLNRUEHWHWWHPDKROPLNDWHJ\WHOMHVIOYUH
HOIHOHGNH]WHPUOXN
(]]HODWDSDV]WDODWWDODELUWRNRPEDQV]HUHWQPKDOHOKHWQND]
DNNRULQHPPHOVDGKDWQNQHNLSUWDQFVRW
 +DOOJDVV LGH  PRQGDQP QHNL  +D NSWHOHQ YDJ\ NLGREQL
DNNRUWDUWVGPHJEQWXGDWQONO1LQFVV]NVJDUUDKRJ\NOQ
]DFVNEDSDNROGDGROJRNDW
$KHO\HWW KRJ\ D]W Q]HG KDV]QOV]H H]HN N]O YDODPLW D]
HONYHWNH]KURPKQDSEDQPLUWQHPD]HOPOWKURPKQDSRW
YL]VJORGPHJVGQWHV]PRVW"
3UEOGD]DFVNEDQOYWUJ\DNV]HPV]JEOQ]QLDGROJRNDW
/Q\HJEHQH]WPRQGWDGQHNLN
 7XGMWRN QHP LJD]Q YDJ\RN RGD WOHWHN V NWOHP KRJ\
YDODKD LV MUD KDV]QOQL IRJODN EHQQHWHNHW GH FVDN PDUDGMDWRN LWW
V]SHQKURPKQDSLJ
$]]DO KRJ\ HOXWDVWRWWDG V HONOQWHWWHG NHW DQQDN D
PHJDO]WDWVQDN WHWV]HG NL NHW KRJ\ KURP KQDS POYD H]W
PRQGRG
+PPSRQWJ\YDQDKRJ\JRQGROWDP1HPGRERJWDWMWRNPHJ
DV]YHPHW
VNLGRERGNHW(]J\FVDNNQV]HQYHGV
$ NQ\YHPEHQ EQFVHOHNPQ\QHN WDUWRP KD RO\DQ WUJ\DNDW
WDUWDV]YLVV]DDPLNUOHOWXGRGGQWHQLKRJ\NHOOHQHNH)OUHWHQQL
NHW RO\DQ PLQWKD NLWDUWDQO D]RN PHOOHWW D WUJ\DN PHOOHWW
DPLNQHN QHP UOV] .W OHKHWVJ YDQ YDJ\ PHJWDUWRG YDJ\
NLGRERGVKDPHJWDUWRGWDUWVGEHFVEHQ
+DJ\GQWHV]KRJ\PHJWDUWDV]YDODPLWDV]UNHVYEDQNH]HOG
UWNHVNQW PLQWVHP KRJ\ HJ\ OOHNWHOHQ KURP KQDSRW DGV]
QHNL(]PHQWHVWDEQWXGDWWOVPLQGHQYHJ\HVU]HOHPWO7HGG
RO\DQ MO OWKDW KHO\UH DKRO QHP IHOHGNH]HO HO D OWH]VUO
'QWKHWV]J\SOGXOKRJ\PHJYOV]YDODPLWOKDQHPKDV]QORG
D Q\U IRO\DPQ GH DGGLJ DPJ D] RWWKRQRGEDQ YDQ EQM YHOH
V]HUHWHWWHOMHV KOYDO +D YJO UMVV] KRJ\ WEE PU QHP OHOHG
UPHGEHQQHDGMKOWPLQGHQUWDPLWQHNLNV]QKHWV]VYOM
PHJWOH
 +RJ\ YLOJRV OHJ\HQ KDGG LVPWHOMHP PHJ 6RNNDO MREE KD D
V]UNH ]QED WDUWR] WUJ\DNDW QHP GXJRG HO D V]HP HOO
KDQHP Q\OWDQ V QNQW WDUWRG PHJ  UL]G NLQFVNQW DKRJ\
EUPLPVWLVDPLUPPHOWOWHO

$]UPWHOLRWWKRQDWHVDMWV]HPO\HVPYV]HWL
P]HXPRG

$] OHWHP OHJQDJ\REE UV]W D]]DO WOWWWHP KRJ\ PLQGHQIOH

WUJ\DW Q]HJHWWHP N]WN D WDQWYQ\DLP ODNVEDQ OYNHW
)HOIHGH]WHPKRJ\DWUJ\DNYRQ]HUHMHKURPHJ\V]HUHOHPEOOO
VV]H PDJD D WUJ\ V]SVJH WHUPV]HWHV YRQ]HU D] D V]HUHWHW
DPLW EHOHWOWWWHN V]HU]HWW YRQ]HU V D WUWQHWH YDJ\ D
MHOHQWVJHDPLWV]HU]HWWWDSDV]WDODWLUWN
%U QDJ\RQ NHYV GRORJ UGHNHO D UHQGUDNVRQ NYO V]HUHWHN D
PYV]HWL P]HXPRNEDQ LG]QL OYH]HP Q]QL D IRWNDW V
IHVWPQ\HNHW LV GH D NHGYHQF NLOOWVL WUJ\DLP D KWN]QDSL
OHWWHO NDSFVRODWRV WUJ\DN N]O NHUOQHN NL PLQW SOGXO D]
HGQ\HNVNDQQN
+LV]HPKRJ\HJ\VRNDNOWDOPHJEHFVOWPDONRWVVN]PYHV
WUJ\DYDOVUWNQOVRNNDOWEEHWU1KDOWRNDP]HXPEDQ
HJV]HQ WODJRVQDN WQ PDONRWVRNDW DPLNQHN PJLV
HOOHQOOKDWDWODQ YRQ]HUHMH YDQ /HJWEEV]U V]HULQWHP H] D
PJQHVHVHUDEEOIDNDGKRJ\DWXODMGRQRVDLNGGHOJHWLNNHW
+DVRQO WUJ\DNUD EXNNDQRN D WDQWYQ\DLP RWWKRQEDQ LV 1
SOGXOHJ\HOHJQVK]EDQODNRWWDPLEHQQJ\JHQHUFLWDOWD
FVDOGVUHQJHWHJHGQ\NYROW$WODOV]HNUQ\D]WNH]EHQVD
NRQ\KDV]HNUQ\ WHOH YROW YHON V PJ YROW EHOON M QKQ\
EHGRER]ROYDDWUROEDQLV
$PLNRU HJ\EHJ\MWWWN PLQGHW V OHUDNWXN D SDGOUD KURP
WDWDPLV]Q\HJQ\LFPWHUOHWHWERUWRWWDNEHDSDGOEO
(GGLJUH1PUEHIHMH]WHDNRPRQRYHJ\HVDSUVJRNVHOHMWH]VW
VHJV]J\HVYROWD]WYL]VJOVEDQ(J\GDUDELJFVDND]HGQ\HN
FVUJVW OHKHWHWW KDOODQL DKRJ\ IHOYHWWH V OHWHWWH NHW V DKRJ\
PRUPRJRWWKR]]
(]WDWQ\UWV]HUHWHP(]WDFVV]WQHP
.]EHQOWDOEDQDWDQWYQ\DLPNH]EHQOHYWUJ\DNRQWDUWRP
D V]HPHP V D]RQ WQGP KRJ\DQ ROGMXN PHJ D WUROVXNDW
+LUWHOHQHJ\SLFLWQ\UWYHWWHPV]UHDV]HUHWHPVDURNEDQ
(]QDJ\RQNOQOHJHVGDUDEXJ\H"NUGH]WHP
1PHJOHSHWWHQQ]HWWUP
 1HP QHP LJD]Q $] LJD]DW PHJYDOOYD PU HO LV IHOHMWNH]WHP
UOD KRJ\ YDQ $ IRUPMW VHP V]HUHWHP GH YDODPL PJLV
PHJIRJRWWEHQQH
(J\ GV]WHOHQ NLVV YDVNRV HJ\V]HU V]UNH WQ\U YROW DPL
HOJJ QHP LOOHWW D] HGGLJ NLYODV]WRWW WEEQ\LUH PLQWV GDUDERN
N]
$] UD XWQ NOGWW HJ\ HPDLOW DPLEHQ PHJUWD KRJ\
PHJNUGH]WH D] DQ\XNMW D WQ\UNUO .LGHUOW KRJ\ 1
QDJ\SDSMD NV]WHWWH D]W D IHOHVJQHN 1 QDJ\PDPMD HJV]
OHWEHQNLQFVNQWUL]WH
2O\DQUGHNHVUWD$QQDNHOOHQUHKRJ\VRVHPKDOORWWDPH]W
DWUWQHWHWDWQ\UNDPJLVPLQGLJUPPHOWOWWWHO
V WRYEEL UV]OHWHNHW RV]WRWW PHJ YHOHP D WQ\UUDO
NDSFVRODWEDQ /HJN]HOHEE DPLNRU 1QO MUWDP
GHVVJHVWONDNQW OWWDP YLV]RQW D EXGGKLVWD ROWURQ V D] D
PHOHJVJ DPLW D KHO\QHN V D NUQ\H]HWQHN WDGRWW PO\
EHQ\RPVWWHWWUP
 0HJ YDJ\RN J\]GYH DUUO KRJ\ D]RN D WUJ\DN DPLNHW
V]HUHWQHNVGGHOJHWQHNH]OWDOHOHJDQFLWVHJ\QLVJHWQ\HUQHN
+D FVDN RO\DQ GROJRNNDO YHVV]N NUEH PDJXQNDW DPLNUH
UPPHOQ]QNVV]HUHWHWQNEHQIUV]WMNDNNRURWWKRQXQNDW
RO\DQ KHOO\ YOWR]WDWKDWMXN W DPL NOQOHJHV PDONRWVRNEDQ
JD]GDJVDPLDVDMWPYV]HWLP]HXPXQNOHV]

6]QHVWVGPHJD]OHWHG

 9JH]WHP D UHQGUDNVVDO WLV]WD V FVRGV D ODNV 'H YDODKRJ\

PJVHPU]HPD]WKRJ\YJH]WHPYROQD
$NLN J\ U]HQHN D]RNQDN D] RWWKRQD HJ\ GRORJEDQ KDVRQOW
QLQFVEHQQNV]Q$PLNRUYJHWUDVHOHMWH]VLGV]DNDLWWD]LGHMH
KRJ\ HJ\ NLV V]QW YLJ\QN D] RWWKRQXQNED (]W HJ\V]HUHQ
PHJYDOVWKDWMXN J\ KRJ\ D] HGGLJ QHP KDV]QRVWRWW KROPLNNDO
GHNRUOMXN D WHUHW 'H D]RN D] HPEHUHN DNLN PJ QHP LJD]Q
MUWDVDN D V]PXNUD UPHW RNR] WUJ\DN NLYODV]WVEDQ
D]RNQDN NHUHVJOQLN NHOO H]HNHW $ OHJJ\DNRULEE KRJ\ D V]Q
KLQ\]LND]OHWNEO0JD]LGHOLVPHJROGVD]OHQQHKRJ\YHV]HO
HJ\ M IJJQ\W YDJ\ J\WDNDUW D NHGYHQF V]QHGEHQ H] QHP
PLQGHQNLV]PUDYDOVWKDWPHJD]RQQDO
(]HNEHQ D KHO\]HWHNEHQ D OHJHJ\V]HUEE PHJROGV D YLUJ +D
PDFHUVQDN WDOORG D YJRWW YLUJRN UHQGH]JHWVW DNNRU
XJ\DQRO\DQMOPHJIHOHOQHNDFVHUHSHVQYQ\HN0LNRUJLPQD]LVWD
YROWDPDNNRUNH]GWHPGHUVHEEWHQQLDV]REPDWYLUJRNNDO
9DJ\ KRJ\ SRQWRV OHJ\HN HJ\HWOHQ JHUEHUYDO DPL PLQGVV]H
\HQEHYDJ\LVIRULQWRPEDNHUOW
0LQGLJ LV NYQFVLVJJDO WOWWW HO KRJ\ PLUW LV RO\DQ IRQWRVDN
V]PRPUDDV]QHNVHJ\QDSEHOPQ\LODOOWKRJ\H]D]RNEDQD]
WHOHNEHQ J\NHUH]KHW DPLNHW D] GHVDQ\P NV]WHWW 0LQGHQ
WNH]VUHHJ\VRUWHOWI]WWVDYJHUHGPQ\QDJ\RQV]QHVYROW
+D WO VRN WHO YROW D]RQRV V]Q SOGXO SUROW FVLUNH
ERMWRUMQJ\NUUHO SLUWRWW GLV]QKV JRPEYDO SDGOL]VQRV
PLVROHYHV V KLGHJ WRIX KQUQWHWWHO UQ]HWW D] DV]WDOUD V D]W
PRQGWD
7OVRNDEDUQD7EEV]QNHOOHQH
VHJ\WOV]HOHWHOWSDUDGLFVRPRWWHWWD]DV]WDOUD0HJOHSGHH]D]
HJ\ YOWR]WDWV PLQGMUW GHUVHEE WHWWH D] DV]WDOXQNDW V
OYH]HWHVHEE D] WHOQNHW $] RWWKRQXQN LV XJ\DQLO\HQ +D HJ\
V]REEO J\ U]HG PJ KLQ\]LN YDODPL HJ\ V]O YLUJ FVRGW
WHKHW
(J\V]HU IHONHUHVWHP HJ\ KUHVVJHW KRJ\ RWWKRQEDQ HJ\
WYPVRUQDN DGMDN WDQFVRNDW $ KOJ\ HJ\ NWV]LQWHV ODNVEDQ
OW D] LURGMD D] HPHOHWHQ YROW D ODNV]REN IHOHWW $] LURGD
YLV]RQ\ODJ WDNDURV V UHQGHV YROW FVDN HJ\ LUDWRNNDO WHOL
NDUWRQGRER] YROW D IOGQ (J\ J\RUV WWHNLQWV XWQ OHPHQWQN D
KOV]REMEDDKROHJ\VRNNRODQPVNUQ\H]HWIRJDGRWW
$] HOV GRORJ DPL D IHOWQW KDW IOLSSHUKH] KDVRQO SQ]EHGRE
MWNJSYROWD]HJ\LNIDOPHOOHWWOONQ\YV]HNUQ\WHWHMQVRUEDQ
OOWYD $] ROGDODLNDW UDM]ILOPILJXUN ERUWRWWN DPLN YLEUODQ
YLOORJWDNVDV]REWEHWOWWWHDJSHN]JVD%UWDOONR]WDPPU
RO\DQRNNDODNLNGDUWVVPDG]VRQJWEONNDOOWHNHJ\WWGHRO\DQ
ODNVEDQQHPMUWDPDPLWMWNJSHNGHNRUOWDN
VPJYROWNHWWEHOONKDV]QODWRQNYODJDUGUESDGOMQ
 (]HN DGQDN D OHJWEE UPHW  PDJ\DU]WD EL]DOPDVDQ
PRVRO\RJYD
$ MWNJSHN RO\DQRN QHNL PLQW QHNHP D YLUJ JRQGROWDP
$PLNRU EHIHMH]WN D UHQGUDNVW D YLOORJ MWNJSHNHW J\
UHQGH]WH HO NUEHQ D V]REMEDQ KRJ\ J\ WQKHWHWW H] D]
UPWHOLSDUDGLFVRPD
0LQGHQQO IRQWRVDEE KRJ\ D] RWWKRQRGDW V]PRGUD NHGYHV
WUJ\DNNDO GV]WVG VHPPLQW RO\DQ UHV PDUDGMRQ DPLEHQ
HJ\HWOHQ UPHW VXJU] WUJ\ VLQFV $PLNRU YJH D PDUDWRQL
UHQGUDNVQDN D OHJWEE PHJE]P ODNVD HJV]HQ UHVQHN WQLN
GHH]J\RUVDQPHJYOWR]LNVWDODNXO(J\YYHONVEEV]HPPHO
OWKDW D YOWR]V $ V]HUHWHWW KROPLN HOWUEH NHUOQHN V
OHJJ\DNUDEEDQDIJJQ\NHWVD]J\WDNDUWFVHUOLNOHDNHGYHQF
V]QHLNUH  +D D]W JRQGRORG KRJ\ D UHQGUDNV SXV]WQ D]W MHOHQWL
KRJ\PHJV]DEDGXOV]DIHOIRUGXOVWODNNRUWYHGV]7DUWVGV]EHQ
KRJ\D]LJD]LFOD]KRJ\PHJWDOOGVPHJWDUWVGD]RNDWDKROPLNDW
DPLNHW V]HUHWV] WHGG N]V]HPOUH EV]NQ D ODNVRGEDQ V OM
UPWHOLOHWHW

+RJ\DQYOKDWDKDV]RQWDODQQDNWQKROPLNHJ\
UV]HUPIRUUVV"

 1HP KLV]HP KRJ\ H] PJ EUPLUH KDV]QOKDW 'H KD FVDN
UQ]HNUPHWU]HN(QQ\LHOJKRJ\PHJWDUWVDP
OWDOEDQ D WDQWYQ\RP H]W PRQGMD PLN]EHQ YOHWOHQV]HUHQ
IHOPXWDW QKQ\ WUJ\DW DPLNQHN OWKDWDQ PU QLQFV VHPPL
IXQNFLMXNPLQWHJ\UXKDGDUDENDYDJ\HJ\WUWWEURVV
+DHJ\WUJ\EROGRJJWHV]DNNRUDMGQWVD]KDPHJWDUWRG
EUPLWLVPRQGMDQDNPVRN
0J KD FVDN HJ\ GRER]EDQ LV WDUWRG PDMG DNNRU LV UOV] PDMG
DPLNRU HOYHV]HG KRJ\ YHVV U HJ\ SLOODQWVW 'H KD PU J\
GQWWWOKRJ\PHJWDUWRGPLUWQHPKR]RGNLEHOOHDOHJWEEHW"
$]RNDWUJ\DNDPLNPVRNV]PUDUWHOPHWOHQHNVDPLNHWFVDN
WH YDJ\ NSHV UWNHOQL  QRV SRQWRVDQ H]HN DPLNHW UGHPHV
NLOOWDQL
OWDOEDQ QJ\IOH PGMD YDQ D] LO\HQIDMWD KROPLN
ODNVGHNRUFLNQW YDO KDV]QRVWVQDN WHGG U YDODPLUH
PLQLDWU WUJ\DN SOVVN VWE DNDV]G IHO NXOFVWDUWN NHQGN
VWE W]G NL YDJ\ UDJDV]G IHO NSHVODSRN FVRPDJROSDSURN VWE
YDJ\ KDV]QOG NHW FVRPDJRONQW YDJ\ ERUWVNQW EUPL DPL
KDMWRJDWKDWPLQWHJ\GDUDEWH[WLOWUON]VWE
.H]GMND]HOVFVRSRUWWDOD]RO\DQWUJ\DNNDODPLNHWUWHKHWV]
YDODPLUH(]QHPFVDNDGV]HNUHVDILJXUNUDYRQDWNR]KDWGHVRN
PLQGHQ PVUD LV +D HJ\ NXSDFEDQ D SROF WHWHMUH WHVV]N H]HNHW
LQNEE UHQGHWOHQVJ OWV]DWW NHOWLN H]UW D]W MDYDVORP KRJ\
NHUHWH]G EH H]HNHW PRQGMXN HJ\ FVRSRUWEDQ HJ\ WOUD WOFUD
HJ\V]SWHUWUHYDJ\NRVUEDKHO\H]YH1HPFVDNV]HEEJ\KDQHP
NQQ\HEE LV WLV]WQ WDUWDQL 'H KD PJLV LQNEE OH]VHUHEEHQ HJ\
SROFUDKDOPR]QGNHWUDMWDQHIRJGYLVV]DPDJDG9LV]RQWKDYDQ
HJ\YHJHVYLWULQHGD]WLVKDV]QOKDWRGHUUHDFOUD
$]RQNYOKRJ\V]HPHOWWYDQQDNH]HNDWUJ\DND]LVMPND
OHKHWKDWUROEDWHV]HGNHW
(J\LN WDQWYQ\RP SOGXO IRJRWW HJ\ NLV FVRNURW V HJ\
VWUDVV]NYHV ENDEURVVW W]WW D N]HSEH J\ KRJ\ D END IHMH
NLNXNXFVNOW EHOOH $]WQ H]W EHWHWWH D PHOOWDUWL N] D ILNED
6RVHPIHOHMWHPHODPRVRO\WPLNRUHOPHVOWH
 0U D] LV EROGRJJ WHV] KD OWRP D NLV SRIMW NLNXNXFVNOQL
DKQ\V]RUFVDNNLK]RPDILNRW
$ PVRGLN FVRSRUWED WDUWR]QDN D] RO\DQ IHODNDV]WKDW WUJ\DN
PLQW D VODN V NXOFVWDUWN +D D IRJDVUD NDQ\DUWRG NHW
KDQJVO\RV SRQWMDL OHKHWQHN D UXKVV]HNUQ\HGQHN $ YOOID
Q\DNUD KRVV]DEE GROJRNDW LV FVDYDUKDWV] PLQW SOGXO
DMQGNNW] V]DODJRNDW YDJ\ HJ\ Q\DNOQFRW DPLW PU QHP
V]YHVHQ YLVHOV] 'H IHOIJJHV]WKHWV] GROJRNDW IDOL IRJDVRNUD
IJJQ\UGYJHLUHYDJ\EUKRYDKROH]NLYLWHOH]KHW+DHVHWOHJ
WOVJRVDQ KRVV] OHQQH D GRORJ YDJ\ HVHWOHQO Q] NL OHYJKDWV]
EHOOHYDJ\PHJNWKHWHGKRJ\DKRVV]WNLLJD]WVG
+D WO VRN IHOOJDWKDW KROPLG YDQ V NLIRJ\WO D OHKHWVJHV
KHO\HNEO SUEOG PHJ NHW HJ\ NWHJEH IRJQL GV]QHN (J\LN
WDQWYQ\RP PRELOWHOHIRQUD DNDV]WKDW NDEDONDW I]WW IHO D
]VLQUMXNQO IRJYD IJJQ\QHN V D EHMUDWD HO DNDV]WRWWD %U D
V]OEHQ OHQJHGH] NDEDODILJXUDDUFRN EL]DUU OWYQ\W Q\MWRWWDN D
WXODMGRQRV NLMHOHQWHWWH KRJ\ H]]HO D] DMWW D SDUDGLFVRP
EHMUDWYYOWR]WDWWD
(]]HO HOUNH]WQN D WUJ\DN KDUPDGLN FVRSRUWMKR] DPLNHW
IHOUDJDV]WXQN YDJ\ IHOW]QN $ V]HNUQ\HG EHOVHMW SRV]WHUHLGGHO
GHNRUOQLH]VHKROPVKROQHPEHYHWWJ\DNRUODWPLQWD.RQ0DUL
PGV]HUEHQ(]NSHVIHOGREQLEUPLO\HQWUROKHO\HWEHOHUWYHD
NRQ\KDV]HNUQ\ROGDODLWVV]HNUQ\DMWNDWDSROFRNKWROGDOWV
DILNRNDOMW
$] XWEEL LGEHQ D]W YHWWHP V]UH KRJ\ D WDQWYQ\DLP N]O
VRNDQ V]HPO\UH V]DERWW IDOLMVJRW NV]WHQHN RO\DQ LQVSLUO
NSHNEO PLQW SOGXO D WNOHWHV ODNV YDJ\ D IHONHUHVQL YJ\RWW
RUV]JRNIRWL(]HNRO\DQRNPLQWHJ\NROO]VD]RNEODWUJ\DNEO
DPLN UPPHO WOWLN HO NHW +D WHWV]LN D GRORJ V]DNWV LGW DUUD
KRJ\NV]WVHJ\LJD]QNHGYHGUHYDOWPDJDGQDN
$] XWROV FVRSRUWED D]RN D ODNVGHNRUFLQDN LV DONDOPDV
NHGYHQFWUJ\DLGWDUWR]QDNDPLNHWFVRPDJROVNQWKDV]QRVWKDWV]
,GHUWHQG EUPL DPL UXJDOPDV SOGXO D PDUDGN WH[WLOHN
N]WUON WVNN D]RN D UXKN DPLNQHN V]S D PLQWMD V M D]
DQ\DJD DPLNHW EU V]HUHWV] GH PU QHP MN UG $] LO\HQHNNHO
VV]HNWKHWHGDNEHOHNHWDPLNURQGQQ]QHNNLVWOKRVV]DN
YDJ\ SRUIRJ KX]DWNQW LV EHYHWKHWHG D KDV]QODWRQ NYOL
K]WDUWVL HV]N]NQO PLQW SOGXO D YHQWLOWRURNQO WOUH
$WDNDUNDWDPLNHWV]H]RQRQNYOQHPKDV]QOV]IHOFVDYDUKDWRG
KRJ\NLV]RUWVGEHOONDOHYHJWVHJ\YV]RQWVNEDQWDUWKDWRG
/HJDOEERO\DQMOPNGLNPLQWDYNXXPRVWUROWDVDNRN
+D V]HUHWV] YDUUQL QDJ\V]HU FVRPDJROVW NV]WKHWV] HJ\
V]WERQWRWW UXKEO DPLQHN EHV]HJHG D V]OHLW KRJ\ QH
IRV]OGMDQDN $]]DO KRJ\ WUJ\DNDW EXUNROV] V]S PLQWV
DQ\DJRNEDNHOOHPHVWHUHWNUHOKDWV]
0LUH PLQGHQQHO YJ]HO EUKRY LV WHNLQWHV] FVXSD RO\DQ
GROJRW OWV] DPLW NHGYHOV] $PLNRU NLK]RO HJ\ ILNRW YDJ\
NLQ\LWV]HJ\V]HNUQ\WDPLNRUD]DMWPJQ]HOYDJ\DSROFUDD
V]YHGWOFVRUGXOD]UPWO
(] HOUKHWHWOHQ ORPQDN WQKHW GH D OHKHWVJ D NH]HGEHQ YDQ
+D PLQGHQIOH KDV]RQWDODQQDN WQ KROPLG YDQ DPLNHW PJLV
V]HUHWV] DGM QHNLN HJ\ HVO\W KRJ\ MUD UHIOHNWRUIQ\EH
NHUOKHVVHQHN 9DODPL RND FVDN YROW KRJ\ YDODPLNRU KD]DYLWWHG
PDJDGGDO NHW (JV]HQ EL]WRV YDJ\RN EHQQH KRJ\ PLQGHQ WUJ\
YJ\LNDUUDKRJ\KDV]QOMDDWXODMGRQRVD
+D WUWQHWHVHQ D VHOHMWH]VQO RO\DVPL NHUO D NH]HGEH DPL
NHGYHV D V]PRGUD GH J\ U]HG PU QHP YHV]HG KDV]QW D]W
DMQORPWHGGIOUHDGHNRUFLFVRSRUWEDPJYJ]HO+DPLQGHQ
DONDORPPDO KD WDOOV] YDODPLW PHJOOV] GHNRUOQL V KD PJ
GQWVHNHWLVKR]ROD]]DOPHJV]DNWRGDYORJDWVIRO\DPDWW0LUH
D UHQGUDN PDUDWRQQDO YJ]HO D GHNRUFLV WOHWHN FVDN J\
]QOHQHN PDMG V PLYHO D K] WLV]WD V UHQGHV D KDQJXODWRG D
WHWIRNQOHV]

$ODNWVGNLD]WDKHO\HWPDJDGQDNDKRO
IHOWOWGKHWV]

(J\LN WDQWYQ\RP UHQGEH WHWW HJ\ NLV WUROKHO\LVJHW V VDMW

NXFNQDN UHQGH]WH EH (J\ KDV]QODWRQ NYOL NQ\HOPHV NLV
NDQDSYDO EWRUR]WD EH SU UJL SROFRW V]WIUV]HOW V HJ\
DODFVRQ\ NQ\YHVSROFRW GRERWW VV]H EHOON D IDODNDW WDSWD
KHO\HWW D NHGYHQF WH[WLOMYHO ERUWRWWD V HJ\ FVLOOUKR] KDVRQO
OPSW DONRWRWW NDUFVRQ\L GHNRUFLNEO 0LQGHQW PDJD FVLQOW
+URP KQDSMED WHOOHWW GH D YJHUHGPQ\ HJ\ UHPHN NLV
EYKHO\OHWW%UPLNRUKDD]XQRNMDWMQKR]]HOEMQDNRWWV
HOVHPNHUOQHNMLGHLJ
2O\DQEROGRJJWHV]KDLWWROYDVJDWKDWRNYDJ\]HQWKDOOJDWRN
PRQGWD
)RQWRVKRJ\D]RWWKRQRGEDQOHJ\HQHJ\VDMWKHO\HGDPLFVDNLVD
WLG DKRO RO\DQ GROJRN YHV]QHN NUO DPLNHW V]HUHWV] +D QHP
YDOVWKDW PHJ KRJ\ HJ\ HJV] V]REG OHJ\HQ VDMWWVG NL D
JDUGUE HJ\ UV]W +D YDQ VDMW DV]WDORG D] LV OHKHW D V]HPO\HV
WHUHG +D IOOV V]O YDJ\ V D] LGG QDJ\ UV]W D NRQ\KEDQ
WOWGDODNWVGWDQQDND]HJ\LNVDUNWRO\DQQDPLUHKDUQ]HO
UPPHO WOW HO $] HJ\LN WDQWYQ\RP SOGXO HJ\ SDUDID WEOW
KHO\H]HWW LWW HO DPLUH D J\HUHNHL IRWLW N]OHQ\RPDWXNDW V DQ\N
QDSLDMQGNDLWW]WHIHO
 -REEDQ OYH]HP D I]VW PLQW NRUEEDQ EUPLNRU  PRQGWD
QHNHPQ\LOYQYDOPHJHOJHGVVHO
+D PHJWHUHPWHG D VDMW V]HPO\HV WHUHGHW DQQDN
IHOEHFVOKHWHWOHQ KDWVD YDQ D PUHWWO V D] HOKHO\H]NHGVWO
IJJHWOHQO+DYDQHJ\KHO\HGDKROMOU]HGPDJDGIHOUD]]DOD]
U]VVHO PLQW PLNRU HJ\ WOL IDJ\RV QDSRQ D ]VHEHGEHQ D NH]HGEH
IRJV]HJ\N]PHOHJWW
(J\LN WDQWYQ\RP NHGYHOWH D JRPEDPRWYXPRW 9ROWDN V]QHV
JRPEVNSHVODSMDLJRPEDILJXULNXOFVWDUWLDPLNUOSLFLJRPEN
OJWDN IOWLV]WW SOFLNL DPLNQHN D V]UW JRPEN GV]WHWWN V
JRPEDDODNUDGUMDL
 /WRG PLO\HQ OWYQ\RV H] D IRUPD" )HOO NLJPEO\GLN DOXO
NDUFV V D V]HUQ\VJN LV ILJ\HOHPUH POW D QDJ\ IN
UQ\NEDQQQHN
(OUDJDGWDWRWW DUFNLIHMH]VVHO EHV]OW D JRPEN V]SVJUO V M
YROW OWQL PHQQ\L UPH WHOLN EHQQN GH VDMQRV QHP OWKDW
KHO\HNHQ HOGXJYD WDUWRWWD NHW $ NSHVODSRN QHMORQERUWEDQ D
ILJXUNPJD]HUHGHWLFVRPDJROVXNEDQYROWDNVPLQGH]HJ\UJL
QDJ\IPVWHPQ\HVGRER]EDYROWEHOH]VIROYD
0LNRUUNUGH]WHPKRJ\PLO\HQJ\DNUDQQ\LWMDNLDGRER]WKRJ\
PHJQ]]H NHW D]W YODV]ROWD KRJ\ HJ\V]HU HJ\ KQDSEDQ +D
PLQGHQDONDORPPDONWUQNHUHV]WOQ]HJHWLNHWDNNRULVFVDN
UQ\LUPHWOKHWWHJV]YEHQ,O\HQJ\DNRULVJPHOOHWWD]
UWNHVJRPELWPHJLVHKHWQDSHQV],O\HQNRUUNH]HWWHOD]LG
DUUD KRJ\ NLDODNWVG D V]HPO\HV WHUHG V D V]YHGQHN NHGYHV
WUJ\DNNDOQSHVWVGEH
(] D EL]RQ\RV WDQWYQ\RP OWUHKR]WD D VDMW JRPEV NXFNMW D
JDUGUEV]REMEDQ $] WOWV] PDQ\DJ WURO GRER]RN HOHMW
JRPEV NSHVODSRNNDO GHNRUOWD D WDUWDON J\QHPNHW
JRPEDPLQWV WH[WLOOHO WDNDUWD OH D YOOILUD JRPEV NXOFVWDUWNDW
DNDV]WRWWDILJXULWSHGLJNLVNRVUNEDQD]HJ\LNSROFUDKHO\H]WH
.S]HOG FVDN HO PLO\HQ U]V HJ\ KRVV] PXQNEDQ HOWOWWW
IUDV]WQDSXWQKD]DUNH]QLHJ\RO\DQKHO\UHDPLHQHUJLYDOWOW
IHO +D PU OHFVNNHQWHWWHG D WUJ\DLG PHQQ\LVJW GH PJVHP
U]HG PDJDG RWWKRQ SUEOG PHJ HJ\ KHO\UH VV]HJ\MWHQL D
V]PRGUD NHGYHV NLYODV]WRWW KROPLNDW KRJ\ NLDODNWV PDJDGQDN
HJ\V]HPO\HVNXFNW(]OWDOVRNNDOMREEDQOYH]HGPDMGD]RWWKRQ
HOWOWWWLGW
 
0LQGHQDPLWD]UPWHOL
WUROVUOWXGQRGNHOO

$UHQGUDNVDODWWDWUROVFVDNLGHLJOHQHV

$PLNRU J\ WQLN KRJ\ MO KDODG D UHQGV]HUH]V KLUWHOHQ

Q\XJWDODQVJ NHUWKHW KDWDOPED 'UDV]WLNXVDQ NLVHOHMWH]WHG PU D
KROPLMDLGDW GH PJ QHP GQWWWHG HO KRYD WHV]HG D]W DPL
PHJPDUDGWUDGVXOJ\Q]NLPLQWKDPLQGHQWMUDHOERUWDQDD
NRV](]FVDNYHOHGIRUGXOKDWHO"
1HP LO\HQ U]VHL PVRNQDN LV YDQQDN 6RNDQ WDSDV]WDOMN PHJ
XJ\DQH]W IOHJ DPLNRU YJH]WHN D UXKDQHPN V NQ\YHN
NLYORJDWVYDOVSSDN]HSQMUQDNDNRPRQRYHJ\HVWUJ\DN
WYL]VJOVQDN
YHNLJQLVXJ\DQJ\DJJGWDPHPLDWW'HQ\XJRGMPHJWHOMHVHQ
WHUPV]HWHV KD HJ\ V]REEDQ UHQGUDNV N]EHQ NRV] YDQ
$ NRPRQR FVRSRUWMD NOQVHQ VRN WUJ\DW OHO IHO J\ M NLV
UHQGHWOHQVJDODNXOKDWNLPLUHYJ]HO
5JHEEHQUDJDV]NRGWDPDKKR]KRJ\DWDQWYQ\DLPN]YHWOHQO
D]XWQKRJ\WYORJDWWDNPLQGHQHJ\HVNRPRQRFVRSRUWRWGQWVN
HOUJWQKROIRJMNWDUWDQLDWUJ\DNDW
 $] LURGDV]HUHNHW LGH WHGG HEEH D ILNED D V]HUV]PRNDW RGD
DEEDDWUROEDKDYJH]WOVJ\WRYEE
$]]DOKRJ\HOSDNROWXNDKROPLNDWDV]REEDQD]RQQDOUHQGOHWW
VW PL WEE Q LV QDJ\RQ SURILQDN WQWHP HWWO J\ YDQ PHJ
DNDUWDPPXWDWQLQHNLN
'H ERU]DV]WDQ QHK] WHOMHV NSHW NDSQL D NRPRQR WUJ\DLGUO
DPJ QHP YJ]HO D NLYORJDWVXNNDO $ FVRSRUWRN V]PD
PHJOHKHWVHQVRNVD]KRJ\NLQHNPLO\HQDSUWUJ\DNYDQQDND
ELUWRNEDQ HJ\QHQNQW QDJ\RQ YOWR] OHKHW +RJ\ PJ
ERQ\ROXOWDEEOHJ\HQDWDQWYQ\DLPJ\DNUDQHOWUHQVRUROMNEHD
GROJRNDW 9DQ DNLQHN HJ\ GRER]Q\LW D] LURGDV]HUFVRSRUWED
WDUWR]LNPVRNQOLQNEEDN]PYHVNDWHJULED(OIRUGXOKRJ\
HJ\HVHN DKRJ\ KDODGQDN HOUH D YORJDWVEDQ HJ\ NDWHJULD
WDUWDOPWIHOOYL]VJOMNYDJ\NLEYWLN
 7DOQ H] D ]VHEEH YDO N]PHOHJW PJLV LQNEE D] RUYRVL
NV]OHWEHWDUWR]LN
$PLNRUD]WNUWHPD]WDQWYQ\DLPWOKRJ\D]RQQDOSDNROMNHOD
KROPLNDW DPLNHW NLYORJDWWDN D] DGGLJ WNOHWHVHQ UHQGH]HWW
ILNRN KDPDU WOFVRUGXOWDN V D] XJ\DQDEED D FVRSRUWED WDUWR]
KROPLN YJO VV]HYLVV]D WEEIHO NWWWHN NL D K]EDQ 3QLNED
HVWHP V D] DJ\DP OHEORNNROW 9JO J\DNUDQ D]W NHOOHWW
PRQGDQRP
(OQ]VWQHPEQQGKDMUDHOV]HGQPDNRPRQRWUJ\DNDW
DPLNHWD]LPQWUDNWXQNHOVYHWQNUMXNPJHJ\SLOODQWVW"
$NNRU MUD W NHOOHWW YORJDWQRP D NDWHJULNDW $KHO\HWW KRJ\
LGWVSUROWDPYROQDQHNLNHOYHV]WHJHWWHPD]LGHMNHW
0LXWQ SUV]RU HONYHWWHP H]W D KLEW YJO UMWWHP KRJ\ D]
HOSDNROV FVDN D OHJYJQ OHKHWVJHV &VDN PLXWQ PLQGHQW
WYORJDWWO DNNRU WXGRG IHOPUQL KRJ\ PLEO PHQQ\L YDQ V
DNNRU WXGRG FVDN EHD]RQRVWDQL KHO\HVHQ NDWHJULNDW (]UW
PLQGHQIDMWD WUROV FVDN WPHQHWLQHN WHNLQWKHW PLQGDGGLJ DPJ
QHPYJ]HO
1DJ\RQ IRQWRV HQQO D IRO\DPDWQO KRJ\ PLQGHQ HJ\ FVRSRUWED
WDUWR]GRORJOHJ\HQD]LURGDV]HUYDJ\HJV]VJJ\LIHOV]HUHOV
LQNEE HJ\ GRER]IOEH NHUOMQ PLQW SDSU YDJ\
QHMORQ]DFVNNED DPLNEHQ QHP OWRG D WDUWDOPXNDW J\ MREEDQ
OWRGPHQQ\LPLQGHQWDNDUV]PHJWDUWDQL
$PLQW EHIHMH]WHG D NRPRQR WUJ\DN UPWHV]WHOVW PU FVDN
DQQ\LDGROJRGKRJ\HOGQWVGPHO\LNFVRSRUWRWKROIRJRGWDUWDQL
/HKHW KRJ\ RO\DQ VRN KROPLG YDQ KRJ\ HJ\HWOHQ QDS DODWW QHP
YJ]HO D] WYORJDWVXNNDO (EEHQ D] HVHWEHQ QHP SUREOPD KD D
GRER]RNDW D NRQ\KDV]HNUQ\EH WHV]HG DUUD D] LGUH DPJ KHO\HW
FVLQOV]QHNLN
+D J\ DODNXO KRJ\ D UHQGV]HUH]V VRUQ IHOHVOHJHV UHV
PDQ\DJ GRER]DLG PDUDGQDN PJ QH GREG NL WHGG IOUH NHW V
WDUWVG RO\DQ KHO\HQ DPLW WUROVUD MHOOWO NL 0DMG D UHQGV]HUH]V
YJQ MUD EHYHWKHWHG KD PJ SOXV]WUROUD OHQQH V]NVJHG
3HUV]H KD RO\DQ VRN PLQGHQW NLVHOHMWH]WO KRJ\ OQ\HJHVHQ WEE
GRER]RG YDQ PLQW DPLUH V]NVJHG OHQQH Q\XJRGWDQ V]DEDGXOM
PHJWON

5HQGH]GD]DQ\DJXNV]HULQWDWUJ\DNDW

+RJ\ V]LQWH OHJ\HN HOJJ WOHWV]HUHQ GQWN DUUO KRO IRJRP

WUROQLDGROJRNDWGHDYJHUHGPQ\PJLVHJ\VJHVOWYQ\PHUW
D WUJ\DN DQ\DJW LV ILJ\HOHPEH YHV]HP $PLNRU HOWHUYH]HP D
WUROKHO\HN EHUHQGH]VW YJLJJRQGRORP D]W LV KRJ\ D] RGD
NHUO WUJ\DN PLEO NV]OWHN WH[WLOEO SDSUEO YDJ\ DJ\DJEO
VD]D]RQRVDODSDQ\DJGROJRNDWHJ\PVN]HOEHWHV]HP
QV]HPO\V]HULQWKURPIDODSDQ\DJNDWHJULEDVRURORPD
GROJRNDW WH[WLO SDSU V HOHNWURPRV HJ\V]HUHQ D]UW PHUW
H]HNHW D OHJHJ\V]HUEE EHD]RQRVWDQL H]HNEO YDQ D OHJWEE V
OHJJ\DNUDEEDQH]HNKHYHUQHNV]DQDV]WDODNVEDQ$WH[WLOHNN]
WDUWR]QDN D NWQ\HN WH[WLOWVNN V J\QHPN DPLNHW D
UXKDQHPN PHOOHWW WDUWRN PHUW H]HN NSYLVHOLN OHJLQNEE H]W D
FVRSRUWRW $] RO\DQ GROJRN PLQW D] LUDWRN MHJ\]HWI]HWHN
NSHVODSRN V ERUWNRN D NQ\YHVSROFRP PHOOHWW NDSQDN KHO\HW
PLYHO D NQ\Y D SDSUION NLUO\D $] HOHNWURPRV NDWHJULED
HJ\HEHN N]WW D] HOHNWURPRV NW\NHW HV]N]NHW YH]HWNHNHW
PHPULDNUW\NDW VRURORP $ NUPHNHW V WHVWSRONDW D
IRO\DGNRND]WHOHNHWD]OHOPLV]HUHNFVRSRUWMEDVRUROMXND]
HGQ\HNHWSHGLJNVEEDNHUPLNVYHJHNN]WWRV]WKDWMXN
IHO
7HUPV]HWHVHQ QHP OHKHW PLQGHQW FVXSQFVDN D] DQ\DJW
ILJ\HOHPEH YYH EHVRUROQL YDODKRY (J\UV]W PHUW YDQ RO\DQ
GDUDE DPL WEEIOH DQ\DJEO NV]OW PVUV]W XJ\DQDEED D
FVRSRUWED WDUWR] KROPLN LV NV]OKHWQHN HOWU DQ\DJRNEO
$OQ\HJKRJ\WDUWVGIHMEHQD]DQ\DJRNDWPLNRUSDNROV](]VRNNDO
UHQGH]HWWHEE WHV]L D YJV NSHW V NQQ\HEE LV J\ WUROQL D
KROPLNDW
$NNRU DODNWRWWDP NL H]W D PHJN]HOWVW PLNRU PU UHQJHWHJ
PGV]HUW NLSUEOWDP V J\ WDOOWDP KRJ\ H] WHOMHVHQ M V]LQWUH
HPHOL D WDNDURV UHQG IRJDOPW KD YJO PLQGHQ D KHO\UH NHUOW
0LQGHQ DQ\DJQDN PHJYDQ D VDMW HJ\HGL NLVXJU]VD
$ UXKDQHPN V D SDSUION DPLN QYQ\HNEO NV]OQHN
OOHJH]QHN V PHOHJHW VXJUR]QDN $ PDQ\DJRN XJ\DQDNNRU
VRNNDO VUEEQHN KDWQDN (]HN QHP OOHJH]QHN V VV]HV]RUXO D
PHOONDVXQN WON $ WHOHY]LNQDN D] HOHNWURPRV NEHOHNQHN V
KDVRQONQDNV]UVHOHNWURPRVV]DJXNYDQ$]]DOKRJ\DKDVRQO
NLVXJU]V KROPLNDW HJ\PV N]HOEHQ WUROMXN D UHQGH]HWWVJ
EHQ\RPVW HUVWMN WDOQ PHUW D] DXUMXNNDO HUVWLN HJ\PVW
(]]HOPLQGHQWDQWYQ\RPHJ\HWUWDNLNDQ\DJXNV]HULQWWUROMND
GROJDLNDW
7HOMHVHQ PV U]V RO\DQ K]DNEDQ OQL DKRO D IDODN V D
WUROKHO\HN QDJ\UV]W IEO V QHP IPEO NV]OWHN 8J\DQH]
LJD] D]RNUD D V]RENUD LV DKRO VRN NQ\Y YDQ VV]HKDVRQOWYD
D]RNNDO DKRO VRN D] HOHNWURPRV HV]N] $ WUJ\DN DQ\DJD
QDJ\PUWNEHQ EHIRO\VROMD D]W KRJ\ KRJ\DQ UH]]N PDJXQNDW
HJ\ KHO\HQ (]UW LV DQQ\LUD IRQWRV KRJ\ ILJ\HOHPEH YHJ\N D]W
PLNRU PHJWHUYH]]N D WUJ\DN YJV HOKHO\H]VW *\HUHNNQW
QDJ\RQ V]HUHWWHP D UDPHQOHYHVHP WHWHMQ V] RODMFVHSSHNHW
HJ\HWOHQ ULVL FVHSS ROYDV]WDQL PLXWQ PLQGHQ WV]WW NLHWWHP
EHOOH 8J\DQD]W D] HOJHGHWWVJHW UH]WHP PLNRU HJ\HWOHQ
RODMIROWNRQWLQHQV V]RWW D OHYHVHP WHQJHUQ PLQW DPLNRU D] D
NHOOHPHV U]V NHUW KDWDOPED KD D] D]RQRV DQ\DJ GROJRN HJ\
KHO\UHNHUOQHN

3DNROGJ\DILNRGPLQWHJ\MDSQEHQWR
WHOGRER]W

 6RNDW NLVHOHMWH]WHP GH PJ QHP U]HP KRJ\ NV] OHQQN 0J

NQHVHOHMWH]QHPXJ\H"
(]W D NUGVW V]HJH]WH QHNHP . D KDUPDGLN OWRJDWVRP
DONDOPYDO6RNDWKDODGWHOUHDUHQGUDNVEDQGHJ\UH]WHKRJ\
PJNRUQWVHPYJ]HWW
$UHQGV]HUH]VN]EHQHOMQD]DSLOODQDWPLNRUJ\U]HGSSHQ
HOJKROPLGYDQ(]WKYRPQDIHOLVPHUVSLOODQDWQDN0LXWQD
V]PRGUD NHGYHV KROPLNDW NLYYH PLQGHQ PVWO PHJYOWO
DNNRUMQHOD]DSLOODQDWDPLNRUHOJHGHWWVJHWNHOOHQHUH]QHG
$] HOV NQ\YHP PHJMHOHQVH XWQ M QKQ\ ]HQHWHW NDSWDP
DPLEHQL]JDWRWWDQMVJROWNHOKRJ\HOUWNH]WDSLOODQDWRW
2O\DQ HVHWHNEHQ PLQW . D] RN HJ\EO UWKHWY YOLN PLNRU
WYL]VJORP D WUROKHO\HN WDUWDOPW .LK]RP D ILNRW V
WNOHWHVHQVV]HKDMWRJDWRWWDV]OKH]UHQGH]HWWUXKNDWOWRNGH
PJOHJDOEEWQHNHOHJHQGKHO\PDUDGWEHQQH$NYHWNH]ILN
FVDNIOLJYDQWHOH,JD]EOPLQGHJ\LNLQNEEUHVQHNWQLN
$QQ\LPLQGHQWNLGREWDPKRJ\DUUDJRQGROWDPNHOOHQHHJ\NLV
KHO\HWKDJ\QRPKDHVHWOHJMDNDWYHQQNPDJ\DU]]D
,VPHUHP H]W D] U]VW GH H] HJ\ UHMWHWW FVDSGD $ EHYHWW
J\DNRUODW D WUROVQO D  V]]DONRV KHO\NLKDV]QOV  +D
NLYORJDWWDG D GROJRNDW DPLNHW V]HUHWV] DGGLJ WOWVG PHJ D
ILNMDLGDWPJWHOHQHPOHV]QHNGHPJQHPWO]VIROWDN
$] HPEHUL WHUPV]HWEO IDNDG KRJ\ D] UHV KHO\HNHW NL DNDUMD
WOWHQL +D FVDN  V]]DONRVDQ YDJ\ OHYHJVHQ WOWMN NL D
KHO\HNHW QHP UH]]N PDMG D IHOLVPHUV SLOODQDWW UDGVXO
PLHOWW V]EH NDSQQN HONH]GMN IHOKDOPR]QL D QHP V]HUHWHP
KROPLNDW M WUROGRER]RNDW YVUROXQN V YJO XJ\DQRGD
MXWXQN PLQW DKRO HONH]GWN +D QHP MXWRWWO HO D IHOLVPHUV
SLOODQDWKR] D] D M PHJROGV KD HONH]GHG IHOWOWHQL D ILNRNDW V
V]HNUQ\HNHWDPHJIHOHOPUWNLJ*\DNUDQQPDJEDQPUH]LV
HOJKRJ\UEUHGMSRQWHOJKROPLGYDQ
(]PNGWW.QOLVWUHQGH]WHJ\DUXKLWKRJ\WHOHOHWWHND
ILNRN V D] J\ PHJPDUDGW UHV KHO\HNUH UV]HUHLW V D
J\QJ\]VKH]V]NVJHVNHOONHLWWHWWH0LHOWWV]UHYHWWHYROQDD
V]REMD SDGOMQ WDUWRWW NW PDQ\DJ GRER] NLUOW V PLQGHQ
V]SHQHOIUWDJDUGUEEDQ
$PLNRU SDNROV] JRQGROM D MDSQ EHQWR WHOGRER]RNUD (] D
KDJ\RPQ\RV MDSQ NRQ\KD UV]H V J\ YOHP HJ\HWOHQ PV
NXOWUEDQVHPYHV]LNDQQ\LUDNRPRO\DQPLQWDMDSQRN$WODOV
QDJ\RQ IRQWRV V D V]QHV WHOHNHW NLV UHNHV]HNEHQ KHO\H]LN HO
6]PWDODQ UHFHSWHW N]OQHN PLQGHQ YEHQ NLPRQGRWWDQ D EHQWR
GRER]KR] V RUV]JRV YHUVHQ\W LV KLUGHWQHN KRJ\ PHJWDOOMN D
OHJMREEEHQWRWHOVRUW
$ EHQWR KHQ WNU]L D MDSQRN NOQOHJHV WUUHQGH]VL
HV]WWLNMW.XOFVIRQWRVVJD]]HNNOQYODV]WVDDV]SWODOV
V D V]RURV HOUHQGH]V +D D] ]HN NOQYODV]WVD KHO\UH
EHKHO\HWWHVWHGD]WKRJ\D]DQ\DJWSXVRNV]WYODV]WVDDNNRUD
ILNED YDO EHSDNROV XJ\DQD]RQ D] HOYHQ PNGLN PLQW D] WHO
HOUHQGH]VHDEHQWRGRER]EDQ
$ PVLN OHJJ\DNRULEE KLED DPLW D] HPEHUHN D ILNRN
UHQGH]VQOHONYHWQHND]KRJ\WOVRNHOYODV]WWKDV]QOQDN-
D SDPXW V J\DSMUXKNDW NOQYODV]WDQL HJ\ ILNRQ EHOO GH
QLQFV V]NVJ HJ\ EHOV GRER]UD YDJ\ HOYODV]WUD $ FO KRJ\ D
UXKDQHPN V]SHQ V]RURVDQ EHIUMHQHN 0LYHO D UXKN QYQ\L
V]ODNEO NV]OQHN V]NVJN YDQ EL]RQ\RV WUUH KRJ\
OOHJH]KHVVHQHN GH QHP RO\DQ VRNUD KRJ\ HOYHV]WVN D
PHOHJVJNHW .S]HOG PDJDG HO PLNRU HOUDNRG NHW KRJ\
HJ\PV NH]W IRJMN YDJ\ D] DUFXNNDO VLPXOQDN HJ\PVKR] V
QDJ\NQQ\HEEVJHWIRJV]UH]QL
$PLNRU]RNQLNDWYDJ\DOVQHPNHWUHQGH]HOQHPNHOOHQHNRO\DQ
VSHFLOLV WURON DPHO\HNEHQ PLQGHQ GDUDEQDN NOQ KHO\H YDQ
PLQWDVHO\HPKHUQ\UHNHV]HL+DWOVJRVDQVRNKHO\HGYDQDNNRU
H]QHPNUGVGHDUHNHV]HVPGV]HUQHPWOKHO\WDNDUNRVPLYHO
UHQJHWHJUHVKHO\PDUDGN]WWN0JURVV]DEEKDWOVRNKHO\HW
KDJ\V]DUXKLGN]WWPHUWDNNRUNQ\HOPHWOHQOU]LNPDJXNDW
VERU]RQJDQDN.HUOGDWOV]RURV]VIROWVJRWLVPHUWDNNRUQHP
MXWQDNOHYHJK]
.LYWHO D YNRQ\ V J\HQJH V]LQWHWLNXV DQ\DJRN PLQW SOGXO D
SROLV]WHUDPLNHWKDWOV]RURVDQKDMWRJDWV]NLQ\OKDWQDN(]HNHW
WDUWVG HJ\ NOQ GRER]EDQ D]UW LV KRJ\ HONOQWVG D WEEL
DQ\DJWO 1KQ\ HVHWEHQ D] RO\DQ QHP WH[WLOEO NV]OW NRPRQR
WUJ\DNPLQWSOGXOD]YHNMREEDQQ]QHNNLKDHOYODV]WNNDO
WURORGNHW
+DHJ\HWOHQSLOODQWVVDOIHOWXGRGPUQLPLYDQDILNEDQDNNRU
MOFVLQORG+DNQQ\HGQHOLVWXGRGYHQQLDGROJRNDWDILNEO
D]WRYEELHOQ\GHQHPIHOWWOHQOV]NVJHV

$WUROVQJ\DODSHOYH

$PLNRUPLQGHQHJ\NDWHJULEDWDUWR]KROPLWHJ\KHO\UHJ\MWHV]
VV]H D] D UHQGUDN IHV]WLYO OHJQQHSO\HVHEE UV]H $ UXKNNDO
NH]GGLN 0LNRU D WDQWYQ\DLP ULVL KDORPED UDNMN D
UXKDQHPNHW D SDGOQ V HONH]GLN WYORJDWQL KRJ\ PHO\LN D]
DPHO\LNPJUPHWRNR]D]L]JDWRWWVJXNV]UHYHKHWHQPHJQ
(]ULVL.H]GHNUUH]QLPLO\HQD]UP
'HPLUHHOMXWXQNDYJUHVNV]HQOOXQNDSDNROVUDNLIXWXQN
D]LGEO
PUPHQQHPNHOODJ\HUHNHNUW
6]YHPV]HULQWQPJIRO\WDWQPPLYHOPJDN]HSQYDJ\XQN
D PNQDN GH KHO\HWWH HJ\ NLV K]L IHODGDWRW DGRN QHNLN $]W
PRQGRP QHNLN KRJ\ D NYHWNH] UQNLJ GROJR]]DQDN D WUROV
IHODGDWQ V EL]RQ\RVRGMDQDN PHJ DUUO KRJ\ LVPHULN D QJ\
DODSV]DEO\WKDMWRJDVGOOWVGIHOWUROGHJ\KHO\HQVRV]GIHO
D WUROKHO\HW QJ\]HWHV UHNHV]HNUH (]HNHW D V]DEO\RNDW
QHPFVDNDUXKDQHPNWUROVQOKDQHPPLQGHQPVFVRSRUWQO
LVDONDOPD]]XN
%UPL DPL SXKD V UXJDOPDV D]W KDMWRJDWQL NHOO (] UYQ\HV D
UXKDQHPN PHOOHWW D NHV]W\NUH D WH[WLO NRPRQR WUJ\DNUD D
PDQ\DJ WVNNUD V D PRVKONUD LV +D YDODPLW SXKQDN V
UXJDOPDVQDN U]QN DNNRU OHYHJ YDQ EHQQH $ KDMWRJDWVVDO
NLV]RUWMXNEHOOHDOHYHJW(]OWDOFVNNHQDWUIRJDWDVWEEIUHO
EHOON
0LQGHQW DPL NSHV PHJOOQL PDJWO DQONO KRJ\ IHOERUXOQD
D]WLQNEEOOWYDPLQWIHNWHWYHNHOOWUROQLDILNEDQEHOHUWYHD]
VV]HKDMWRJDWRWW UXKNDW LURGDV]HUHNHW RUYRVVJRNDW V D
]VHENHQGV FVRPDJRNDW (]]HO WHOMHV HJV]EHQ NLKDV]QOKDWRG D
ILNRGPDJDVVJWVD]WLVHJ\SLOODQWVVDOIHOPUKHWHGPLKROYDQ
$] D]RQRV FVRSRUWED WDUWR] KROPLNDW WUROG HJ\ KHO\HQ +D
FVDOGEDQOV]HOV]UV]HPO\HQNQWYORJDVVPDMGFVRSRUWYJO
D] DODSDQ\DJ V]HULQW .YHVG H]W D VRUUHQGHW V OHHJ\V]HUVGLN D
WUROV
$]XWROVV]DEO\KRJ\DWUROWRV]GIHOQJ\]HWHVUHNHV]HNUH$]
RWWKRQRN OWDOEDQ QJ\]HWHV WHUHNEO SOQHN IHO H]UW D
QJ\V]JOHW WURON V D]RNRQ EHOO D QJ\]HWHV UHNHV]HN D
OHJSUDNWLNXVDEEDN +D UHV GRER]RNDW KDV]QOV] WUROVUD D]RN
MREEDQEHYOQDNPLQWDNHUHNGRER]RN
$ YORJDWV PXQNMD WOVJRVDQ OHIRJODOKDW PLN]EHQ PJ D
V]DEO\RNDW LV IHMEHQ NHOOHQH WDUWDQRG VV]SRQWRVWV LO\HQNRU D]
HOVNHWWUH
+DVV]HKDMWRPUHQGEHQOHV]+DIHOOOWRPUHQGEHQOHV]
(] OHJ\HQ D PDQWUG DPLW LVPWHOJHWKHWV] V EL]WRV OHKHWV]
EHQQH KRJ\ VRNNDO NHYHVHEE KHO\UH OHV] V]NVJHG V D ILNRG
SLOODQDWRNDODWWUHQGEHQOHV]

+DMWRJDVGJ\DUXKNDWPLQWD]RULJDPLW
( D UXKLYDO IRJODONR]RWW SS EHIHMH]WH D] UPWHV]WHW V D]
DODSRNHOVDMWWVDXWQQHNLOOWDKDMWRJDWVQDNOWDOQRVV]DEO\
KRJ\DWDQWYQ\DLPPDJXNKDMWRJDWMNDUXKLNDWGHKDWOQDJ\D
KDORP EHVHJWHN QHNLN &VHQGEHQ GROJR]WXQN HJ\PV PHOOHWW
OWQNDV]REMDSDGOMQDPLWHOHYROWD]RNNDODUXKNNDODPLNHW
PHJ DNDUW WDUWDQL V WVNNNDO DPLN OHJWEEMWO V]QGNR]RWW
PHJYOQL
VV]HKDMWRWWDP HJ\ NDSXFQLV SDUNW HJ\ SOW DPLQHN D] HOHMH
UQFROW YROW V HJ\ V]DODJ GV]WHWWH HJ\ G]VU]IHOVW IRGURV XMMDO
HJ\ NWWW IHOVW MDSQ V]DEV XMMDO DPL UHSO PNXVUD
HPONH]WHWHWWHJ\NDUGLJQWKRVV]WRWWKURPV]JOHWXMMDNNDOV
H] J\ PHQW YDJ\ W] SHUFHQ W PLUH UGEEHQWHP YDODPL QHP
VWLPPHOJ\WQWUHQJHWHJIXUDV]DEVUXKMDYDQ)RO\WDWWDPD
KDMWRJDWVW GH D V]HPHPHW (Q WDUWRWWDP KRJ\ PLW FVLQO
VV]HKDMWRWW HJ\ HJ\V]HU SOW PDMG HJ\ FVWRSRW GH PLNRU HJ\
DV]LPPHWULNXVNWWWEROHUNHUOWDNH]EHD]WD]QNXSDFRPUD
FVV]WDWWD 6]YDO J\ PHJ\ H] 0LQGHQ IXUD DODN V QHKH]HQ
VV]HKDMWKDWUXKMDQODPNWWWNL
(J\SLOODQDWNLOWRWWDP
 6DMQORP  PRQGWD  1HP WXGRN VHJWHQL 6RVHP OHV]HN NSHV
LO\HWVV]HKDMWDQL
$ PRGHUQ GLYDWRV UXKNUD HJ\UH WEE V]RNDWODQ V]HJO\ V XMM
MHOOHP] $PLNRU HJ\ PRVW GLYDWRV V]OHV Q\DN IXUD V]DEV
NDUGLJQQDO WDOONR]RO DUUD JRQGROKDWV] KRJ\ D FVXGED OHKHW H]W
VV]HKDMWRJDWQL $] XMMDL OWW\HGWHQ OJQDN PLQW D KQU V DNNRU
OHJV]YHVHEEHQEHGREQGDWUON]W
$IXUDV]DEVUXKNKDMWRJDWVQDNWLWNDKRJ\VRKDQHDGGIHO
0LQGHQ UXKDGDUDE QJ\]HW DODN WH[WLOHNEO OO 7HNLQWHW QONO
DUUD KRJ\ Q] NL PLQGHJ\LN VV]HKDMWKDW WJODODSUD +D HJ\
V]RNDWODQ DODN UXKD NHUO D NH]HGEH YJ\ HJ\ PO\ OHYHJW V
Q\XJRGMPHJ7HUWVGNLDSDGOQYDJ\PVVLPDIHOOHWHQKRJ\OVG
DIRUPMWJ\PHJILJ\HOKHWHGKROWROGRWWNPHJSOXV]DQ\DJJDOV
KRJ\DQOOWRWWNVV]H(EEODQ]SRQWEODIRUPDWEEUWHOPHW
Q\HUVPUQHPRO\DQUPLV]W
+D PU WLV]WEDQ YDJ\ D IRUPYDO NYHVG D V]DEO\RNDW D]
XMMDNDW KDMWVG EH D N]HSH IHO KRJ\ NLDODNXOMRQ D WJODODS +D D]
XMMDNNOQVHQKRVV]DNKDMWVGEHWEEV]UQHKRJ\WOOJMDQDND
WJODODSV]OHLQ+DVLNHUOWKRVV]NVWJODODSIRUPEDKDMWDQLDKRO
LV D WHVWUV] N]SUH HVLN KDMWVG IOEH PDMG PJ HJ\V]HU YDJ\
NWV]HU
$KDMWRJDWVDNNRUPNGLNDOHJMREEDQKDJ\WHNLQWHV]U
PLQWD]RULJDPLUD0LQGHQKDMWVXWQVLPWVYJLJNQQ\HGQD]
HJV] UXKQ FVDN H]XWQ WUM U D NYHWNH] KDMWVUD %U QLQFV
V]NVJ DUUD KRJ\ YJLJK]G D NUPG D] OHNHQ PLQW D]
RULJDPLQO  KD KDWUR]RWWDQ OHVLPWRG D UXKD KRVV] LGQ W
PHJWDUWMD D IRUPMW 2O\DQ VRN PXQNQDN WQLN KRJ\ IHODGQG
IOWRQ"1HDJJGM&VDNWJ\HJ\SUEW+DHJ\V]HUPUJRQGRVDQ
V PHJIHOHOHQ VV]HKDMWRWWDG D UXKLGDW D NYHWNH] DONDORP
VRNNDO NQQ\HEE OHV]  PLQWKD D UXKLG HPONH]QQHN DUUD D
IRUPUD
+DHJ\KQDSRQWJ\KDMWRJDWV]WEEPUQHPOHV]V]NVJHG
VLPD IHOOHWUH V NSHV OHV]HO VV]HKDMWDQL D UXKLGDW D WUGHLGHQ
YDJ\DNUDOHYHJEHQLV9JOLVDOHJWEEMDSQHPEHUJ\NSHV
KDMWRJDWQLSDSUGDUXPDGDUDWPLQWKDD]RO\DQHJ\V]HUOHQQH
$ WHQ\HUHG D WLWRN +D FVDN D] XMMDLGDW KDV]QOWDG HGGLJ SUEOG
PHJ D WHQ\HUHGGHO DPL HJ\IDMWD PHOHJVJHW UDV]W (WWO D
PHOHJVJWODUXKDV]ODLNLHJ\HQHVHGQHNVPHJIHV]OQHNPLQWD
SDSUVHWWOJ\KDMWKDWRGVV]HDUXKLGDWPLQWD]RULJDPLW+DD
WHQ\HUHGGHO YJLJVLPWRG D UXKW V J\ KDMWRG VV]H PLQW D]
RULJDPLWHJV]HQDGGLJPJDYUWQONLVHEEOHV]DPUHWHDUXKLG
QPDJXNEDQLVPHJOOQDNPDMGVJ\OOWYDWUROKDWRGD]RNDW
$ J\HUHNUXKNDW QHP OHKHW J\ KDMWRJDWQL PLQW D IHOQWWHNW
PLYHO YDVWDJ NLV EDW\X OHV] EHOON V QHP PDUDGQDN PHJ
VV]HKDMWYD(KHO\HWWKDMWVGNHWNHYHVHEEV]HUPJJ\QHPU]HG
KRJ\DV]JOHWHVIRUPDMOWDUW

0LQGHQDPLWD.RQ0DULKDMWRJDWVLPGV]HUUO
WXGQRGNHOO

+D NSHV YDJ\ WJODODSRW NV]WHQL D UXKEO D V]OHN N]SUH

KDMWVYDO DNNRU D .RQ0DULPGV]HU  V]]DONW PU
HOVDMWWRWWDG1HPV]PWPLO\HQDUXKDQHPH]DFO
$ UXKN KDMWRJDWVD J\DNUDQ D]RNUD D V]HU]HWHVHNUH HPONH]WHW
DNLNEXGGKLVWDV]REURNDWIDUDJQDN)HV]OWHQPHUHGQHNDIUDPJ
PHJQHPOWMNEHQQHDILJXUWVDGGLJIDUDJMNPJD]HOQHP
EXNNDQ EHOOH %U WXGRP H] WHOMHVHQ PV GH D] HOY D] KDVRQO
7HUWVGNLDUXKWQ]GHUVHQVKDPHJOWWDGEHQQHDWJODODSRWD
UDMWDNYOHVUV]HNHWKDMWVGEHOOUH


$+$-72*$76$/$30'6=(5(

+DMWVGEHDUXKDPLQGNWV]OWN]SUHKRJ\WJODODSIRUPW
NDSM
+DMWVGIOEHDWJODODSRWKRVV]EDQ
+DMWVGIOEHYDJ\KURPUV]UH

 $] HOV WJODODS HOJJ KRVV] )OEHKDMWVVDO PHJHUVWKHWHG D
IRUPW $PLNRU KDMWRG IRJG PHJ D YNRQ\DEE YDJ\ J\HQJEE
UV]WDPLDIHOVNQODQ\DNUV]DQDGUJRNQODV]UDN$KHO\HWW
KRJ\ HJV]HQ D] DOV UWHJ V]OLJ KDMWDQG H]HNHW KDJ\M HJ\ NLV
UV]WV]DEDGRQ$FOKRJ\KDWUR]RWWDEEWLV]WEEIRUPWDODNWVNL
J\KRJ\ NUOHN LJD]WVG D NH]HGEHQ WDUWRWW UV] V D V]DEDGRQ
KDJ\RWWUV]V]OHVVJWDUXKKR](]XWQPUFVDNDKRVV]QNHOO
LJD]WDQL NHWW YDJ\ KURP KDMWVVDO .OQVHQ KRVV] UXKNQO
QJ\ YDJ\ W KDMWVUD LV V]NVJ OHKHW 6RN DSU WUNNMH YDQ D
KDMWRJDWVQDN GH DODSYHWHQ MO FVLQORG KD D YJHUHGPQ\ HJ\
VLPDWJODIRUPD
(]HNHW D WJONDW OOWYD WUROG PDMG D ILNRNEDQ GH PLHOWW
HOWHV]HG NHW EL]RQ\RVRGM PHJ UOD KRJ\ PHJOOQDNH PDJXNEDQ
KDOHWHV]HG D SDGOUD +DQHPGOQHN HO DPLNRU HOHQJHGHG DNNRU
WPHQWHN D YL]VJQ V QHP IRJQDN VV]HHVQL DPLNRU EHWHV]HG D
ILNED PJ DNNRU VHP KD PV GDUDERNDW NLYHV]HO PHOOON YDJ\
EHWHV]HOPHOOMN+DVV]HURJ\LNDNNRUMUDNHOOKDMWRJDWQL/HKHW
KRJ\ D WJODIRUPD WO V]OHV YDJ\ D KDMWVRN KRVV]D D  V 
OSVQO WOVJRVDQ UYLG YDJ\ KRVV] DPLWO D WJODIRUPD
YDVWDJDEE D NHOOHWQO 1KQ\ UXKDQHPQO MREE KD D  OSVW
NLKDJ\RGVHJ\EOKURPEDKDMWRG$KRJ\J\DNRUORWWDEEOHV]HOU
IRJV]UH]QLKRJ\PHO\LNUXKQOPHO\LNDOHJMREEPGV]HUDPLW
QDKDMWRJDWVDUDQ\SRQWMQDNKYRN
7HUPV]HWHVHQ PLQGLJ YDQQDN NLYWHOHN 3OGXO QKQ\
UXKDIOQO D] HOV OSV D KRVV]DQWL IOEHKDMWV OHKHW  $ N]SHQ
OY KDMWVRNWO J\UWWQHN OWV]LN D UXKD $]RNDW D GDUDERNDW
DPLNQHN MO OO D N]SV KDMWV IOEHKDMWKDWRG KRVV]EDQ
,GHWDUWR]QDN D ERUG]RWW V HOHYH J\UW DQ\DJRN DPLNHQ QHP
OWV]DQDN D J\UGVHN D NDUGLJQRN V PV RO\DQ UXKDQHPN
DPLNHW J\ WHUYH]WHN KRJ\ HJ\ YRQDO IXW OH D N]SYRQDOXNRQ
$J\UGVHNDVSRUWUXK]DWQOVHPOQ\HJHVHN
 9DQQDN RO\DQ UXKDGDUDERN LV DPLNHW KLED KDMWDV] VV]H
HOUVV]HUHQ PJVHP OOQDN PHJ PDJXNEDQ $ YNRQ\ V
J\HQJH DQ\DJRN PLQW D SROLV]WHU YDJ\ DPLN SXKN V YDVWDJRN
PLQW D SROU V D OD]Q NWWW GDUDERN QHP WDUWMN PHJ D
IRUPMXNDWKDVV]HKDMWRGNHW
1H HUOWHVG KRJ\ H]HN PDJXNWO PHJOOMDQDN LQNEE IHNWHWYH
WUROG NHW KDMWRJDWV XWQ $ NOQOHJHV GDUDERN KDMWRJDWVKR]
ODSR]GIHODIHMH]HWHW

.H]GGDWUROVPHJWHUYH]VWD]]DOKRJ\
PHJV]DEDGXOV]DWUROVUDKDV]QOWEWRURNWO

%UDILQRPDEEUV]OHWHNOHJLQNEEDK]DGNLDODNWVWOIJJHQHN
YDQ NW NEH YVHWW V]DEO\D DQQDN KRJ\ KRO WUROG D WUJ\DNDW
HOV]U D QDJ\ EHSWHWW WURONED SDNROM V HOV]U D QDJ\
GROJRNDWWHGGHO
.H]GMN D]]DO KRJ\ PHJQ]]N KRJ\DQ KDV]QOMXN D EHSWHWW
WURONDW (OV]U LV HPONH]] YLVV]D KRJ\ PLO\HQ LGHOLV OHWWHUHW
NS]HOWO HO PDJDGQDN PLNRU EHOHNH]GWO D UHQGUDN PDUDWRQED
+D YDQQDN IRWLG YDJ\ MVJNLYJVDLG Q]G PHJ NHW DODSRVDQ
%L]WRVYDJ\RNDEEDQKRJ\VRNDQUMQQHNKRJ\MYDOWJDVDEEV
UHQGH]HWWHEE WHUHW OPRGWDN PHJ PDJXNQDN PLQW DPL
SLOODQDWQ\LODJ NUEHYHV]L NHW $NNRU PJLV KRJ\DQ WHKHWQG D]
RWWKRQRG WJDVDEE" (J\V]HU D YODV] YOM PHJ D EWRURNWO
$ EWRU DODWW QHP D] J\DW YDJ\ NDQDSW UWHP KDQHP D]RNDW
DPLNHWWUROVUDKDV]QOV]
6]LQWHKDOORPLVDKRJ\D]HPEHUHND]WPRQGMN
/HKHWHWOHQ
 'H EL]WRVWDODN UOD KRJ\ LJHQLV OHKHWVJHV $PLNRU UNDW DGRN
QHP OO V]QGNRPEDQ PV WUROW KDV]QOQL FVDNLV D]W DPL
V]RURVDQDK]KR]WDUWR]LN
1HP V]PW PLO\HQ OODSRWEDQ YDQ D K] PHUW DPLNRU
HONS]HOHPKRJ\IRJNLQ]QLDUHQGUDNVXWQJ\OWRPPDJDP
HOWW D V]RENDW DKRJ\DQ DNNRU Q]WHN NL PLNRU D] SOHW DQQDN
LGHMQHONV]OW(ONS]HOHPKRJ\IRJNLQ]QLPLXWQDSDGOUOD]
VV]HV WOWV] PDQ\DJ GRER] V NQ\YHV GRER] D KHO\UH D
JDUGUEED NHUO V D K] YDGRQDWMQDN OWV]LN $ WDQWYQ\DLP
QHKH]HQ WXGMN HOKLQQL PLNRU EL]RQ\JDWRP KRJ\ J\ IRJ PDMG
NLQ]QL D] RWWKRQXN GH PDMGQHP PLQGLJ LJD]DP YDQ (OIRUGXO
KRJ\ D WDQWYQ\RPQDN YJO WEE RO\DQ KROPLMD YDQ DPL
UPPHO WOWL HO V D YJHUHGPQ\ HPLDWW NLFVLW PV PLQW DPLW
NRUEEDQ HONS]HOWHP $NUKRJ\ LV YDQ DPJ NLWDUWRN D PHOOHWW D
NS PHOOHWW KRJ\ PLO\HQ YROW D K] M NRUEDQ D YJHUHGPQ\
MYDOPDJDVDEEV]QYRQDOOHV]
$VLNHUNXOFVDD]KRJ\D]]DODIHOWWHOH]VVHOIRJMQHNLDEHSWHWW
WURON IHOWOWVQHN KRJ\ PLQGHQ KROPLGDW HO WXGRG KHO\H]QL
EHQQN $ JDUGUERNRQ V D V]HNUQ\HNHQ NYO EHSWHWW
WURONQW JRQGRORN D EWRURN WDUWR]NDLUD SOGXO D] J\ DODWWL
ILNRNUD YDJ\ D WYOOYQ\ SROFDLUD ,GHWDUWR]LN PLQGHQ RO\DQ
EWRUDPLWOQHPDNDUV]PHJYOQLSOGXOHJ\OW]DV]WDONDYDJ\
HJ\ FVDOGL UNVJEO V]UPD] EWRUGDUDE +D D] RWWKRQRGEDQ
QLQFV EHSWHWW WURO DNNRU EUPLO\HQ EWRURGDW KDV]QOKDWRG
HUUHDFOUDDEEDQDVRUUHQGEHQDPHO\LNHWDOHJMREEDQNHGYHOHG
$ PVRGLN V]DEO\ NLPRQGMD KRJ\ D QDJ\ GROJRNDW NHOO HOEE
HOSDNROQL$QDJ\DODWWHJ\V]HUHQDQDJ\PUHWKROPLNDWUWHP
SOGXO D WHUMHGHOPHV PUHW ILNRNDW EHQQN D] VV]HKDMWRWW
UXKLGGDO D V]H]RQOLV WUJ\DNDW SOGXO D IWEHUHQGH]VHNHW V
YHQWLOWRURNDW V UXKDOOYQ\RNDW (]HNHW SDNROG HOV]U D
EHSWHWWWUROKHO\HNUH+DNVEEPJLVJ\JRQGRORGKRJ\H]HN
N]O YDODPHO\LNQHN LQNEE D V]REEDQ YDQ D KHO\H EUPLNRU
HOYHKHWHG
+D HOEE D QDJ\REE GROJRNDW SDNRORG EH D JDUGUEED V FVDN
XWQD D NLVHEEHNHW D PHJPDUDGW KHO\HNUH D]]DO HUVHQ VHUNHQWHG
D] DJ\PNGVHGHW D UHQGUDNVUD DPLQHN HUHGPQ\HNSSHQ
PLQGHQ SRQW MO HOIU PDMG $] HPEHUHN J\DNUDQ PHJGEEHQQHN
DPLNRU D]W KDOOMN KRJ\ NQQ\HEE HOSDNROQL KD NRUOWR]RWW D
UHQGHONH]VUHOOKHO\GHQJ\JRQGRORPKRJ\DPHJV]RUWVRN
DUUDNV]WHWLND]DJ\XQNDWKRJ\WHOMHVNDSDFLWVVDOPNGMQDPL
MREEKHO\NLKDV]QOVWHUHGPQ\H]

$WNOHWHVWUROVIQ\WYLV]D]RWWKRQRGED

(EEHQDNQ\YEHQD]]DOIRJODONR]XQNKRJ\PLNQWOHKHWWUROQLD
OHJWEERWWKRQEDQPHJWDOOKDWKROPLNDWPQHK]VJHWMHOHQWKHW
D] KRJ\ KRY WHJ\N H]HNHW $] HGGLJ PJ QHP HPOWHWW NRPRQR
WUJ\DN HVHWEHQ D] HOV V OHJIRQWRVDEE V]DEO\ KD EHWDUWRG D
NDWHJULQNQWL WUROVW DNNRU PU M WRQ KDODGV] $]RNUD D
WUJ\DNUD DPLNHW QHP OHKHW HJ\ EL]RQ\RV NDWHJULED
EHV]XV]DNROQLPLQWSOGXOD]UV]HUHNHWHOHNWURPRVYH]HWNHNHW
RUYRVVJRNDW YDJ\ V]HUV]PRNDW WDOOM NL WH PDJDG NDWHJULW
3OGXO D]RN D] HPEHUHNQHN DNLN V]HUHWLN D PYV]HWHW OHKHW
KRJ\ V]NVJN OHV] HJ\ PYV]NHOONHN NDWHJULUD (J\LN
WDQWYQ\RPKR] KDVRQODQ DNL LPGWD D FPNNHW V NWILNQ\L
YROW QHNL EHOON NLDODNWKDWV] HJ\ IJJHWOHQ FPNN NDWHJULW
$]RNQDN DNLNHW VRN PLQGHQ UGHNHO V HKKH] NDSFVROGDQ VRN
WUJ\XNYDQDNDOOLJUILWONH]GYHDYDUUVLJMPHJROGVOHKHWHJ\
KREELIHOV]HUHOVNDWHJULD
-PHJROGVKDDWDUWDONPRVV]HUUHVV]LYDFVRNUDDPLNHWQHP
OHKHW HJ\HWOHQ KHO\HQ WDUWDQL OWUHKR]RO HJ\ NOQ NDWHJULW
SOGXO IRJ\HV]N]N V HJ\ WHOMHV ILNRW NLQHYH]HO QHNLN D
JDUGUEEDQYDJ\DNDPUEDQ
1H IHOHMWVG HO KRJ\ D KDVRQO WHUPV]HW GROJRNDW DMQORWW
HJ\PV N]HOEHQ WUROQL $ SDNROV QDJ\RQ OHHJ\V]HUVGLN KD
H]W D OSVW EHWDUWRG 1KQ\DQ D GLJLWOLV NDPHUMXNDW D
V]PWJSHVKROPLMDLNN]HOEHQWDUWMNPLYHOH]HNQHNV]HULQWN
D]RQRV HOHNWURPRV U]HWN YDQ PJ PVRNQDN D V]PWJS
ORJLNXVDQ D] LURGDV]HUHNNHO SURVWKDW PHUW J\ JRQGROMN
PLQGNWNDWHJULDDQDSLKDV]QODWGROJRNFVRSRUWMEDWDUWR]LN
(] OHJLQNEE D] DVV]RFLFLV V]MWNUD KDVRQOW $KRJ\ KDODGV]
HOUH D]W YHV]HG V]UH KRJ\ D] KDVRQO GROJRN YJO HJ\PV
PHOOHWW NWQHN NL $ YDOVJEDQ D OWV]ODJ NOQE] NDWHJULN
N]WWQKROYDQWIHGVDPLWPHQHWHWMHOHQWHJ\LNEODPVLNED
(]HNQHN D NDSFVROGVL SRQWRNQDN D NHUHVVYHO V PHJU]VYHO
VD]LO\HQKROPLNHJ\PVN]HOEHQYDOWUROVYDOH]D]WPHQHW
HJ\UH YLOJRVDEE YOLN (EEHQ D] UWHOHPEHQ D KROPLMDLG WUROVD
IQ\W KR] D] OHWHGEH V PLYHO WPHQHWUO YDQ V] QHP NHOO
DJJGQL DPLDWW KD D KDWURN D] HJ\HV FVRSRUWRN N]WW NLVV
HOPRVGQDN
9JOLVVLNHUUHOMUWOKDPLQGHQQHNPHJYDQDPDJDKHO\HVH]
D]HOUHQGH]VV]PRGUDVDGROJDLGV]PUDLVWHUPV]HWHVQHNKDW
+DDPHJU]VHGD]WVXJDOOMDKRJ\H]DMKHO\DNNRUOHJDOEELV
PRVW PLQGHQ EL]RQQ\DO LJD] $PLNRU PHJSUEORG HOGQWHQL
KRJ\ HJ\ GRORJ PHO\LN FVRSRUWED WDUWR]LN V KRO NHOOHQH WUROQL
IRQWRVKRJ\QHJRQGRONR]]UDMWDWONRPRO\DQYDJ\NUOWHNLQWHQ
$PLQWNLYORJDWWDGDV]PRGUDNHGYHVKROPLNDWOD]WVVOYH]G
DIRO\DPDWKWUDOYUV]W
 %L]WRVDQOOWKDWRPKRJ\DSDNROVQOQLQFVOYH]HWHVHEEIHODGDW
.LDODNWDV] HJ\ RWWKRQW D NHGYHQF WUJ\DLG V]PUD PLN]EHQ
IHOIHGH]KHWHGDN]WNOYNDSFVRODWRNDW%UH]J\QHPWQLNWO
NRQNUWQDNGHDSDNROVQDNH]D]LQWXLWYPHJN]HOWVHDOHJMREE
V OHJWHUPV]HWHVHEE PGMD DQQDN KRJ\ D] RWWKRQRGDW
NQ\HOPHVVWHGG$UHQGUDNVD]DIHODGDWDPHOO\HOD]RWWKRQRGDW
N]HOHEE YLKHWHG D WHUPV]HWHV OODSRWKR] J\ OHV] D] D WH
WHUPV]HWHVUV]HG
 ,,56=

$5(1'5$.6
(1&,./23',-$
 
$UXKNUHQGMH

$ UHQGUDNV D UXKNNDO NH]GGLN $ ODNV PLQGHQ VDUNEO V]HGM

VV]HPLQGHQUXKDGDUDERWVKDOPR]GIHONHWHJ\KHO\HQ&VLQOG
IUJQ V JSLHVHQ PLQW HJ\ URERW $PLNRU J\ JRQGRORG NV]HQ
YDJ\YHVVUHJ\XWROVSLOODQWVWVWHGGIHODNUGVWPDJDGQDN
7Q\OHJH]D]VV]HV"
/HKHW KRJ\ NLIHOHMWHWWO YDODPLW DPL PV ILNMED NHUOKHWHWW"
)RJDGGPHJKRJ\NLGRERGD]WDPLHONHUOWHDILJ\HOPHGHWNLYYH
KDSSDPRVVEDQYDQ

)HOVN

+DVV]HOOWDKDORPLWWD]LGHMHKRJ\QHNLIRJMD]UPWHV]WQHN
)RJM PLQGHQ HJ\HV GDUDERW N]EH V GQWVG HO UPPHO WOWH HO
$KRJ\D]IHMH]HWEHQOHUWDPNH]GGDIHOVNNHOPHUWDPLNHWN]HO
YLVHOV] D V]YHGKH] D]RNUO NQQ\HEE HOGQWHQL KRJ\ UPPHO
WOWHQHNH HO YDJ\ VHP J\ LV UWHOPH]KHWHG H]W KRJ\ EROGRJJ
WHV]QHNH +D V]HUHWV] HJ\ UXKW PHUW PHOHJHQ WDUW DNNRU WDUWVG
PHJ
+D J\ JRQGRORG KRJ\ H] RO\DQ YDODPL DPLW QHP DNDUV] WEE
OWQL DNNRU NV]QG PHJ QHNL D] HGGLJLHNHW V EFV]] HO WOH
=VNROGEHD]LO\HQUXKNDWVYLGGHOHJ\DGRPQ\EROWEDYDJ\HJ\
KDV]QOWUXKD]OHWEH
+RJ\DQKDMWRJDVGDSONDW"

+RJ\OVGKRJ\DQNHOODUYLGXMMIHOVNHWKDMWRJDWQLODSR]]HUUH
D]ROGDOUD
+D PU HOGQWWWHG D KRVV] XMM IHOVNQO KRJ\ PLO\HQ V]OHV
OHJ\HQ D NV]UH KDMWRWW GDUDE NYHVG D] DODSV]DEO\W KDMWVG EH
N]SUHHJ\LNPDMGDPVLNROGDOWKRJ\HJ\KRVV]NVWJODODSRW
NDSM $] D WUNNMH KRJ\ D] XMMDNDW HOV]U D PVLN V]O IHO NHOO
KDMWDQLPDMGOHIHO/HKHWOHJD]XMMDNQHIHGMNHJ\PVWPLYHOJ\
QDJ\RQYDVWDJOHV]DNV]UHKDMWRJDWRWWGDUDE
$] HOV NQ\YHPEHQ D]W UWDP KRJ\ FVDN WOHG IJJ KRJ\DQ
KDMWRJDWRGD]XMMDNDWVJ\LVWDQWRWWDPDPDJQULPRQYHNHQ
W D]W JRQGROWDP KRJ\ DKRJ\DQ Q KDMWRJDWRP D] N]LVPHUW V
QHP WDUWRWWDP IHOWWOHQO V]NVJHVQHN UV]OHWH]QL 0LNRU HJ\
PDJD]LQULSRUWHUQHNPHJPXWDWWDPD]WPRQGWD
(]HJ\QDJ\RQNOQOHJHVKDMWRJDWVXJ\H"
(OV]U GEEHQWHP U KRJ\ D] HPEHUHN WEEVJH D] XMMDNDW
NHUHV]WEH KDMWMD NW YDJ\ KURP UWHJEHQ $] Q KDMWRJDWVL
PGRPOHKHWQHPVRNEDQNOQE]LNHWWOGHDUUDEL]WDWODNKRJ\
SUEOG PHJ J\ $PLNRU YJLJVLPWDV] D NV]UH KDMWRWW UXKQ
UH]KHWHG KRJ\ QHP GXGRURGLN NL RWW DKRO D] XMM YDQ V QHP LV
HVLNVV]HKDIHOOOWRG
 $ MDSQ XMM UXKDGDUDERNDW XJ\DQJ\ KDMWVG PLQW DKRJ\
EUPLO\HQPVUXKYDOWHQQGVUYLGLGDODWWHOMXWV]DWJODODSLJ
+DIRGURVDV]HJO\HKDMWVGIOEHKRJ\DV]HJO\EHOOUHNHUOMQ

+RJ\DQKDMWRJDVGDNRPELQNDW"

$NRPELQSQWMDLVHQHPPHJKRVV]DEEWVRNVHQHPGHNRUFLN
1ONON QHP WXGQ EHWOWHQL D V]HUHSW H]UW WHNLQWV UMXN J\
PLQW D NRPELQ V]HUYHV UV]UH (] D]W MHOHQWL KRJ\ PLXWQ
EHKDMWRWWDGDNWV]OWN]SUHVDV]OHVVJHD]HUHGHWLKDUPDGD
OHWW KDMWVG IOEH D SQWRNNDO HJ\WW ,QQHQWO PU D PHJV]RNRWW
PGRQ KDMWKDWRG KRJ\ HOUG D PHJIHOHO PDJDVVJRW +D D
NRPELQ DQ\DJD ERUG]RWW YDJ\ WO YNRQ\ D] PHJQHKH]WL D
KURP UV]UH KDMWRJDWVW D GHUNUV]QO ,O\HQ HVHWHNEHQ
PDUDGMXQNDIOEHKDMWVQO
$ NRPELQN SROLV]WHUEO V PV HJ\E YNRQ\ DQ\DJEO
NV]OQHNHPLDWWQHPIRJQDNPHJOOQLKDDKDJ\RPQ\RVPGRQ
KDMWRJDWRG .H]GG D V]RNVRV PGRQ D V]OHN EHKDMWRJDWVYDO
PDMGIRO\WDVGDKRVV]DQWLIOEHKDMWVVDO(QQODSRQWQOFVDYDUGIHO
D KDMWVQO NH]GYH PHUW J\ NQQ\HEEHQ PHJPDUDG D IHOWHNHUW
OODSRWEDQ6RNHVHWEHQPJJ\VHPWXGPHJOOQLPDJWOGHQH
KLE]WDVGH]UWLQNEEUWNHOGD]WDWXODMGRQVJWKRJ\EUPLO\HQ
NLVKHO\UHNQQ\HGQEHFVV]WDWKDW$WEELUXKDPDMGPHJWDUWMD
(]WDWUNNWPVJ\HQJHDQ\DJUXKQOSOGXOVLIRQEO]RNQOLV
DONDOPD]KDWRG

+RJ\DQKDMWRJDVGDNDSXFQLVIHOVNHWVJDUENDW"

$ PHJV]RNRWW PGRQ KDMWVG EH D] ROGDODNDW N]SUH KRJ\

KRVV]NV WJODODSRW NDSM 0DMG KDMWVG EH D NLOO NDSXFQLW YDJ\
JDUEQ\DNDW D WJODODSED (] OHHJ\V]HUVWL D IRUPW H]XWQ PU
FVDN VV]H NHOO KDMWRJDWQRG KRJ\ EHIUMHQ D WUROKHO\UH +D D
JDUEQ\DNQHPHOJKRVV]DNNRUEHIHOKDMWYDPHJYDVWDJWKDWMDD
NV]UH KDMWRWW GDUDERW ,O\HQNRU KDMWVG LQNEE D V]RNVRV PGRQ
DQONOKRJ\EHKDMWDQGDQ\DNW

+RJ\DQKDMWRJDVGDYDVWDJDEEIHOVNHW"

+DPHJSUEORGNLFVLUHVV]HKDMWDQLD]RO\DQYDVWDJUXKDQHPNHW
PLQW SOGXO D KRVV]WRWW SXOYHUHN V D SROUIHOVN H]HN J\RUVDQ
NLUJMNPDJXNDWH]UWYLV]RQ\ODJOD]QKDMWRJDVGNHW0JDNNRU
LV VRN KHO\HW IRJODOQDN KD KHO\HVHQ KDMWRJDWRG VV]H NHW H]UW
V]H]RQRQNYOMREEKDPJNRPSDNWDEEDQWURORGNHW
0LYHO D WPHJN IHOH OHYHJ H]UW D OHJMREE KD V]RURVDQ
LOOHV]NHG WDVDNEDQ WDUWMXN PLQW SOGXO HJ\ WH[WLO
EHYVUOWVNEDQ YDJ\ HJ\ ]VLQUUDO EHK]KDW V]DW\RUEDQ
1\RPGOHDUXKDQHPWKRJ\NLV]RUWVGEHOOHDOHYHJWPLN]EHQ
EHOHFVV]WDWRG D V]DW\RUED 0LQGHQ V]DW\RU PHJIHOHO KD V]YWW
DQ\DJEO NV]OW YDJ\ KDV]QOKDWV] HJ\ IXURVKLNLW KDJ\RPQ\RV
QJ\]HWDODNMDSQWH[WLOFVRPDJROVYDJ\HJ\QDJ\VODW
$ WLWRN KRJ\ RO\DQ WDVDNRW YODVV] DPL QDJ\MEO NW PUHWWHO
NLVHEEPHUWD]NLQ\RPMDDOHYHJWDUXKEOPLQWKDYNXXPEDQ
OHQQH

+RJ\DQKDMWRJDVVVV]HGV]WHWWUXKNDW"

$ GV]WVHN VUONHQ\HN .QQ\HQ OHV]DNDGKDWQDN

EHOHDNDGKDWQDN PVLN UXKNED PHJVUOKHWQHN DPLNRU NLEH
UDNMXN D ILNEO SSHQ H]UW NOQOHJHV V]HUHWHWWHO NHOO EQQL
YHON0LNRUUQ]HNHJ\WEEIOHNSSHQGV]WHWWIHOVUHHOV]ULV
IRQWROUDYHV]HPPHO\LNUV]HLJQ\OLDOHJQDJ\REEYGHOPHWJ\
NHOOKDMWRJDWQLDUXKWKRJ\H]NHUOMQEHOOUH+DDGHUNUV]HQ
YDQQDNDGV]HNKDMWVGJ\KRJ\NYOOHJ\HQDGV]WHWOHQUV]+D
IRGRU YDJ\ FVLSNH HVHWOHJ PV GV] YDQ D] DOV V]HJO\Q D] XMMDN
EHKDMWVDXWQLQNEEHQQODUV]QOPLQWDQ\DNQOIRJYDKDMWVG
IOEH$NNRUFVLQOWDGMOKDYJOHJ\OWDOQQHPOWV]LNDGV]WV
$ NDUGLJQRN JRPEMDLW V D SON JDOOUMW LV EHOOUH NHOO KDMWDQL
KRJ\PHJYGGNHWDVUOVWO

$OVN

9ORJDVG V]W H]HNHW QDGUJRNUD IDUPHUHNUH V]RNQ\NUD V J\

WRYEE +D J\ WDOORG KRJ\ HJ\YDODPLEO WO VRN YDQ SOGXO
IHKUV]RNQ\EOYDJ\IDUPHUEOVQHPYDJ\EL]WRVDEEDQKRJ\
PHO\LNHW WDUWVG PHJ N]ON DNNRU SUEOG IHO HJ\HQNQW V
JRQGROGWWUJ\LODJRVDQKQ\V]RUYHV]HGIHONHW+DYDODPLWPU
YHN WD QHP KRUGDV] DNNRU YDOV]Q KRJ\ WEE PU QHP LV
IRJRG$]DOVNHPHOLNNLDWHVWHGHWGHUNWOOHIHOYODV]GD]RNDW
DPHO\HNMNHGYYHOWOWHQHNHO
$ SDPXWEO NV]OW QDGUJRN KDMWRJDWVUD XJ\DQD] D V]DEO\
YRQDWNR]LNPLQWDIDUPHUHNUHGHDIHODNDV]WVXNUDMREEDQRGDNHOO
ILJ\HOQL XJ\DQJ\ PLQW D NRV]WPQDGUJRNUD YDJ\ D]RNUD
DPLNQHN YDVDOW ON YDQ $PLNRU V]RNQ\NDW DNDV]WDV] IHO KHO\HW
VSUROKDWV] D]]DO KD NHWWW WHV]HO HJ\ YOOIUD OHKHWOHJ
XJ\DQRO\DQV]QWYDJ\IDMWW

+RJ\DQKDMWRJDVGDQDGUJRNDWVDVRUWRNDW"

+DMWVGDQDGUJHJ\LNV]UWDPVLNUDPDMGPLQGNWV]UWKDMWVG
IHOPDMGQHPDGHUNYRQDOKR]YJOKDMWVGKURPUV]EHMUD(]D
QDGUJRN KDMWRJDWVQDN DODSV]DEO\D GH PLQGLJ D QDGUJ
KRVV]QDN PHJIHOHOHQ YODV]G PHJ D KDMWVRN V]PW $ VRUWRNDW
FVDNHJ\V]HUNHOOKRVV]EDQIOEHKDMWDQLPDMGHJ\V]HUNHUHV]WEHQ
$WHUMHGHOPHVHEEYDVWDJDEEVRUWRNSOGXODV]OHVV]UDNYDJ\D
J\DSMEO NV]OW GDUDERN J\ HJ\ JPEO\ ODEGUD
HPONH]WHWQHNH]UWMREEDQMUV]KDH]HNHWHOV]UKURPUV]EH
KDMWRGVFVDNXWQDIOEH
+D HJ\ QDGUJ OHSH D IOEHKDMWV XWQ NLOO KD UKDMWRG D
V]UDNUDIRUPVDEEWJODODSRWNDSV](J\HODGWDQWRWWDQHNHPH]W
DWUNNWHJ\EXWLNEDQ

5XKNVV]RNQ\N

(J\LN WDQWYQ\RP DNL PHOOHVOHJ VLNHUHV ]OHWDVV]RQ\

UXKDIDQDWLNXVQDN YDOOMD PDJW (JV] JDUGUEQ\L UXKMD YDQ V
KDUFLHJ\HQUXKQDNKYMDNHW$UXKNDWIHODNDV]WYDNHOOWUROQL
KRJ\DV]SVJNWHOMHVHJV]EHQPHJPXWDWKDVVDPDJW+DPJLV
VV]HNHOOHQHKDMWRJDWQLNUOHNKDV]QOGWPXWDWNQWD]EUW+D
EL]RQ\WDODQYDJ\KRJ\IHODNDVV]YDJ\KDMWRJDVVHHJ\UXKWDNNRU
D] DODSHOY D] KRJ\ FVDN D]RNDW D GDUDERNDW DNDV]G YOOIUD DPLN
V]HEEHQ Q]QHN NL KD OJQDN $ IRGURV UXKNDW OWDOEDQ MREE KD
IHODNDV]WRGGHUGHPHVPHJWDQXOQLDKDMWRJDWVXNDWDUUDD]HVHWUH
KDSOGXOXWD]ROYDJ\QLQFVHOJDNDV]WVKHO\HG

+RJ\DQKDMWRJDVVV]OHVIHOKDMWVUXKNDW"

7HOMHVHQ PHJUWHOHN KRJ\ PJ D JRQGRODWWO LV HOERU]DGV] KD

RO\DQ V]RNQ\W YDJ\ UXKW NHOO VV]HKDMWDQRG DPLQHN DNNRUD D
IHOKDMWVD KRJ\ D V]OHVVJH YHWHNV]LN D )XML KHJ\ DOMQDN
V]OHVVJYHO1HPV]PWPLO\HQV]OHVQHL]JXOM7HUWVGV]WV]S
Q\XJRGWDQ V OWKDWRG KRJ\ H] LV PLQW EUPHO\ PV UXKDGDUDE
NW KURPV]JEO V HJ\ WJODODSEO OO 0LQGVV]H DQQ\LW NHOO
WHQQHG KRJ\ PLQGNW ROGDORQ D KURPV]JHNHW EHKDMWRG D
WJODODSED
+D UHQGNYO V]OHV GDUDEUO YDQ V] D KURPV]JOHW UV]HNHW
WEEV]UKDMWYDLJD]WKDWRGIRUPUD+DWOYNRQ\YDJ\J\HQJHD]
DQ\DJD DNNRU HOEE KDMWVG KRVV]EDQ IOEH $PLQW PHJYDQ D
WJODODSIRUPD IRO\WDWKDWRG D PHJV]RNRWW PGRQ IOEHKDMWVVDO
PDMG WEEV]UL KDMWVVDO YDJ\ IHOWHNHUVVHO PJ D PHJIHOHO
PDJDVVJRWHOUL

)HODNDV]WKDWUXKN

$YDVWDJDEEDQ\DJRNEONV]OWUXKNDWG]VHNLNHWNRV]WPNHWV
NDEWRNDWYOOIQNHOOWUROQLXJ\DQJ\PLQWD]RNDWDPLNHWQHK]
VV]HKDMWDQL YDJ\ NQQ\HQ J\UGQHN  SOGXO D IUILLQJHN V D
NQQ\OHEHJVDQ\DJUXKDQHPN
$ JDUGUEV]HNUQ\HGEHQ OJ UXKN N]WW OHKHW QKQ\ HOJ
GUJDGDUDEHPLDWWOHKHWKRJ\QHPV]YHVHQYOQOPHJWONSS
LWWD]LGHMHKRJ\DUPWHV]WHWPJNRPRO\DEEDQYHGG

+DDNH]HGEHIRJRGVQHPWOWHOUPPHOPPJVHPWXGRG
UYHQQLPDJDGKRJ\NLGREGSUEOGIHOOOMDWNUHOVNUGH]G
PHJPDJDGWO
 )HOYHQQP Q H]W PJ YDODKRY"  JRQGROG W
U]HOHPPHQWHVHQ
0LNRU IHODNDV]WRG D UXKNDW J\HOM DUUD KRJ\ MREE N] IHO
UYLGOMQ D VRU 7DUWVG HJ\PV PHOOHWW D] D]RQRV NDWHJULED
WDUWR] KROPLNDW D NDEWRN D NDEWRNNDO D NRV]WPN D
NRV]WPNPHOOHWWDG]VHNLNDG]VHNLNNHOOHJ\HQHN
=RNQLNVKDULVQ\N

1HFVDND]RNDWD]RNQLNDWVKDULVQ\NDWJ\MWVGHJ\EHDPLNHWSS
KDV]QOV] KDQHP D WDUWDON ERQWDWODQ FVRPDJROVDNDW LV +D VRN
YDQ EHOON FVRSRUWRVWVG NHW ]RNQLN KDULVQ\N
KDULVQ\DQDGUJRN V OHJJLQJVHN (J\HVHN J\ JRQGROMN QHP
LJD]QV]PWKRJ\O\XNDVD]RNQLMXNYDJ\IXWDKDULVQ\MXNGHH]
RO\DQ PLQWKD D]W PRQGDQN PD QHP RO\DQ IRQWRV  $ OEDLG
YLVHOLN D VO\RGDW V VHJWHQHN KRJ\ OKHVG D] OHWHG V D ]RNQLN
D]RNDPLNDOEDLGDWNUEHYHV]LN$]RNQLNDPLNHWRWWKRQYLVHOV]
NOQVHQ IRQWRVDN PHUW H]HNHQ NHUHV]WO ULQWNH]HO D]
RWWKRQRGGDO J\KRJ\ RO\DW YODVV] DPLEHQ PJ OYH]HWHVHEE
V]PRGUDD]RWWHOWOWWWLG
+D JRPEFED J\UG D ]RNQLNDW V KDULVQ\NDW YDJ\
VV]HNW]GNHWD]QDJ\RQGXUYDGRORJ.UOHNKDJ\MIHOH]]HOD
J\DNRUODWWDOPD

+RJ\DQKDMWRJDVGD]RNQLNDW"

)HNWHVGD]HJ\LNIO]RNQLWDPVLNUDVKDMWVGDQQ\LV]RUDPHQQ\LW
D KRVV]D OHKHWY WHV] (] D OHJHJ\V]HUEE GDUDE DPL NLYODQ
DONDOPDVDUUDKRJ\DJ\HUHNHLGHWPHJWDQWVGKDMWRJDWQL

+RJ\DQKDMWRJDVGDQHMORQKDULVQ\NDW"

(OV]UD]HJ\LNV]UDWKDMWVGUDPVLNUDIRJGPHJDOEXMMUV]QO
VKDMWVGKURPUV]EHPDMGWHNHUGIHOPLQWDV]XVLWVOOWVGD]
ROGDOUD
0LYHO D QHMORQKDULVQ\N NQQ\HQ NLWHNHUHGQHN MREE KD H]HNHW
HOV]UHJ\RV]WVVDOUHQGHONH]GRER]EDOOWJDWRGPDMGD]WWHV]HG
DILNED

+RJ\DQKDMWRJDVGDYDVWDJKDULVQ\NDW"

%UH]HNQHNXJ\DQRO\DQIRUPMXNYDQPLQWDQHMORQKDULVQ\NQDN
KD WOVJRVDQ YDVWDJRN LQNEE KDMWRJDVG NHW J\ PLQW D
QDGUJRNDW DKHO\HWW KRJ\ D KDULVQ\NQO V]RNVRV PGRQ
IHOFVDYDURG $]RNDW FVDN IHOWHNHUMN PLYHO WO YNRQ\DN KRJ\
KDMWRJDWQL OHKHVVHQ NHW +D D YDVWDJ KDULVQ\NDW IHOFVDYDURG V
J\ U]HG WO ]PN V PHUHY OHWW DNNRU H] MHO KRJ\ LQNEE
KDMWRJDWQLNHOOHQH

$OVQHPN

(EEH D FVRSRUWED QHPFVDN D EXJ\LNDW V PHOOWDUWNDW VRUROMXN

KDQHP D KRVV] WOL DOVQHPNHW V DOVV]RNQ\NDW LV (]HN
PHVV]H QHP D]RN D KROPLN DPLNEO D WDQWYQ\DLP MDNDW
YHQQQHN PLNRU YJH]WHN D UHQGUDNVVDO /HKHW KRJ\ D]
DOVQHPNNYOUOOWKDWDWODQRNGHD]UPWHV]WHONSHVVJHGHW
H]HN NLYORJDWVQO NHOO LJD]Q EHYHWQHG PLYHO H]HN N]YHWOHQ
NDSFVRODWEDQYDQQDNDWHVWHGGHO0JD]RNLVDPHO\HNH]HNN]O
HJ\V]HUHN V SUDNWLNXVDN KD MO U]HG PDJDG EHQQN PHUW
PHOHJHQ WDUWDQDN V NQ\HOPHVHN DNNRU D]RN N] D UXKN N]
WDUWR]QDNDPLNUPPHOWOWHQHNHO

+RJ\DQKDMWRJDVGD]DOVQHPNHW"

$PLNRU EXJ\LNDW KDMWRJDWV] DPLN WEEQ\LUH NQQ\ V YNRQ\

DQ\DJRNEO NV]OQHN QDJ\REE VLNHUUHO MUV] KD HJV]HQ NLFVLUH
SUEORGPHJKDMWRJDWQLNHW%HOODEHYDUUWEHWWDOHJNQ\HVHEE
UV]N H]UW D]W PLQGLJ EHOOUH KDMWVG PJ D GV]WVHN SOGXO D
PDVQLD]HOHMQNHUOMQNYOUH.H]GGD]]DOKRJ\HJ\HWNLWHUWHV]
PDJDG HO D KWXOMYDO IHOIHO +DMWVG IHO D EHYDUUW EHWWUV]W
PDMGQHP HJV]HQ D GHUHNLJ +DMWVG U PLQGNW ROGDOW KRJ\ D
EHWWUV]EHOOUHNHUOMQPDMGFVDYDUGIHODOXOUO+DPHJIRUGWRG
D EXJ\LW J\ NHOO NLQ]QLH PLQW HJ\ WDYDV]L WHNHUFVQHN V FVDN D
GHUNUV]HOHMHOWKDW
 $] DOVQHPNHW DPLN WO VLPN V VHO\PHVHN DKKR] KRJ\
KDMWRJDWYDPHJPDUDGMDQDNPLQWSOGXODIUGUXKDDOVND]RNDW
HOEE MREE KDMWDQL D]XWQ IHOFVDYDUQL +D D] DOVLG YNRQ\
DQ\DJEO NV]OWHN V D]RQQDO V]WFVV]QDN DPLQW VV]HKDMWRWWDG
NHWWUROGD]RNDWHJ\NLVHEEGRER]EDQ(J\]VHENHQGVGRER]SS
PHJIHOHO PLYHO XJ\DQRO\DQ V]OHV PLQW HJ\ EXJ\L (J\ LO\HQ
GRER]EDQDJ\MEOKWEXJ\LIUEHOH7HUPV]HWHVHQPVGRER]LV
M OHKHW KD D PUHWUH M V WHWV]LN LV QHNHG $]RNDW SHGLJ DPLN
LQNEE FVDN HJ\ SQWUD PLQW EXJ\LUD KDVRQOWDQDN V NQQ\HQ
VV]HHVQHN MREE HJ\ NLV GRER]EDQ WDUWDQL YDJ\ PV UXKN PHOOHWW
WUROQLKRJ\D]RNPHJWDUWVN
$SDPXWVPVYDVWDJDEEDQ\DJEXJ\LNIHOFVDYDUYDFVDNPJ
YDVWDJDEEDNOHV]QHNVVRNKHO\HWIRJODOQDNJ\D]XWROVOSVEHQ
IHOWHNHUVKHO\HWWLQNEEKDMWRJDVGNHW
$ERNV]HUVVSRUWDOVNPLQGNWROGDOWKDMWVGEHN]SUHKRJ\
NLDODNWVG D WJODODSRW PDMG KDMWVG IOEH V XWQD PJ KURP
UV]EH 0LQGHQ PV DOVQHPW KDMWV V WUROM J\ PLQW D QRUPO
UXKNDW

$YLOJRVV]QHNHOUHDVWWHNKWUD

$] DOVQHPLGHW J\ WUROG KRJ\ D ILN HOHMEH D YLOJRVDEE

V]QHN NHUOMHQHN V D VWWHEE V]QHN SHGLJ KWUD +D J\
VRURORG EH D IHKUQHPLGHW D ILNRG J\ IRJ NLQ]QL PLQW HJ\
FXNRUNVGRER] $ WDQWYQ\DLP J\DNUDQ PHVOLN KRJ\ D
IHKUQHPV ILNMXN RO\DQ MO Q] NL KRJ\ QHP WXGQDN HOOHQOOQL
KRJ\IRO\WRQNLK]]NVQ]HJHVVNDWDUWDOPW8J\DQH]DV]DEO\
UYQ\HV D IUILDOVQDGUJRNUD V VSRUWDOVNUD 5HQGH]G NHW D
YLOJRVWODVWWLJ
$ WDQWYQ\DLP J\DNUDQ NUGH]LN KRJ\ PL D WHHQG DNNRU KD
WEEPLQWHJ\VRUDOVQHPMNYDQYDJ\UHQGEHQYDQHKDDWEEL
IHKUQHPWDUXKNN]WLKHO\HNUHWHV]LN$YODV]RPLJHQHJV]HQ
DGGLJPJKDNLQ\LWRGDILNRGHJ\HWOHQSLOODQWVVDOOWRGKRJ\D]
UQ\DODWRN D] HOO OY YLOJRV V]QHNWO IRNR]DWRVDQ KDODGQDN D
KWXO OY VWWHN IHO 1LQFV NEH YVHWW V]DEO\ J\KRJ\
NVUOHWH]] NHGYHGUH KRJ\ NLWDSDV]WDOG PHO\LN WUROVL PG D
OHJLQNEE NHGYHGUH YDO (]UW YDOMEDQ FVDN HJ\ GRORJ V]PW D
VDMWUPU]HWHG)LJ\HOGPHJPNGLNHQODGKRJ\DGROJDLGGDO
V D] RWWKRQRGGDO SUEHV]GHW IRO\WDWV] $ SUEHV]GEO Q\HUW
LQVSLUFLEOVRNDWPHUWKHWV]
0RVW KRJ\ PHJWDQXOWDG KRJ\DQ YORJDVG NL D V]PRGUD
NHGYHV UXKNDW E]] D PHJU]VHLGEHQ $] UPWQ\H] VRVHP
FVDSEH
$]]DOKRJ\WLV]WDVUHQGH]HWWKHO\HQOV]DXWRPDWLNXVDQMDYXOD]
QNSHGVVHPPLO\HQHOOHQWPRQGVWQHPOHV]HONSHVHOYLVHOQLD]
RO\ VRN UPHW KR] NUQ\H]HWHG V D IHKUQHPN N]WW DPLNHW
YLVHOV](]LVDUHQGUDNVYDU]VODWRVFVRGMQDNUV]H

7UROGNLUO\LPGRQDPHOOWDUWLGDW

$ PHOOWDUWN HONHO KHO\HQ V]HUHSHOQHN D WDQWYQ\DLP OLVWLQ

DPLQD]RNDWDKROPLNDWVRUROMNIHODPLNHWDUHQGUDNVVRUQMUD
V]HUHWQQHN FVHUOQL $] ]HQHWHN N]O DPLNHW D] ULP XWQ
NDSRN D OHJV]RNDWODQDEE D]RN DPLNHW Q FVDN PHOOWDUW
Q\LODWNR]DWQDN KYRN RO\DQ PHJOODSWVRN PLQW $ YLVHOWHV
PHOOWDUWLPYJOHOKDJ\WNDK]DW$PHOOWDUWLPDPLNQHNUJ
OHMUW D V]DYDWRVVJL LGHMH WUD NHOWHN $ PHOOWDUWLP N]O D]
LGVHEEHNQ\XJGMEDYRQXOWDN
.WOHP KRJ\ OWH]LN PV RO\DQ IRJODONR]V DPHO\ LO\HQ LQWLP
PGRQYL]VJOKDWMDPVRNIHKUQHPLW(EEODV]HPSRQWEOPHJ
NHOOPRQGDQRPKRJ\VRNDWHOUXOD]HPEHUHNV]HPO\LVJUOD]
DKRJ\DQDIHKUQHPLNNHOEQQDN
(OV]U LV D EXJ\LNDW V PHOOWDUWNDW HONOQWYH NHOO WUROQL
1KD EHOHIXWRN RO\DQRNED DNLN EHOHJ\PV]OQHN HJ\ EXJ\LW D
PHOOWDUWMXN NRVDUED KRJ\ J\ HJ\ V]HWW OHJ\HQ %U H]]HO VHPPL
JRQG QLQFV PJLV DUUD EL]WDWODN KRJ\ H] HJ\V]HU EQM NLUO\L
PGRQDPHOOWDUWLGGDO0VUXKNNDOVV]HKDVRQOWYDNLYWHOHVHQ
EV]NNVNOQOHJHVD]DXUMXN
$ PHOOWDUWN VRKD QHP OWKDWN YLVHOV N]EHQ QRKD UHQGNYOL
IRUPMXNYDQVYOWR]DWRVNLQ]HWNGV]HVIRGURNNDOVFVLSNYHO
,QNEE OWKDWDWODQ NLHJV]WNQHN OHKHWQH QHYH]QL NHW PLQWVHP
UXKDGDUDEQDN H]UW J\ NHOO WUROQL NHW KRJ\ PHJWDUWVN D
IRUPMXNDWVWLV]WHOHWEHQWDUWVXNDV]SVJNHW
*\DNRULVV]HUHQFVWOHQKLEDOHODSWDQLDNRVDUXNDWVJ\VRUED
OOWDQLNHW(]YWHN(KHO\HWWJ\UHQGH]GHODPHOOWDUWLGDWKRJ\
NQQ\HGQ HJ\PVQDN WPDV]NRGYD SLKHQMHQHN +D D NRVUED
IRUGWRG D SQWMDLW V D] ROGDODLW DNNRU D]]DO PHJHUVWHG
D NRVDUDNDW V NQQ\HQ NLYHKHWV] HJ\HW N]ON DQONO KRJ\ D
WEELWVV]HGQWHQGDVRUEDQ
+D D V]QVNOD V]HULQW UHQGH]HG HO NHW PJ QDJ\REE UP OHV]
UMXN Q]QL $PLNRU D WDQWYQ\DLP WWUQHN HUUH D PGV]HUUH
PLQGLJIHOGHUOD]DUFXN
0LQWKDHJ\]OHWEHPXWDWYLWULQHOHQQHNLOWDQDNIHO
UGHNHV PLQGHQ WDQWYQ\RP D]W OOWMD KRJ\ PLXWQ WEE
WLV]WHOHWWHO NH]GWHN HO EQQL D PHOOWDUWLNNDO PV GROJRN IHO LV
WLV]WHOHWWXGEEDNNYOWDN
0LOHJ\HQDPHOOWDUWNPOWRWWKRQD"$NQ\YHPEHQD]OHQQHD
YJNYHWNH]WHWV KRJ\ V]HQWHOM QHNLN HJ\ WHOMHV ID YDJ\
UDWWDQILNRW %UKRJ\ LV GQWHV] WHUHPWV QHNLN VDMW RWWKRQW &VDN
J\WHOLNPHJDV]YHGUPPHO
 $]]DO KRJ\ UHQGHW WHV]HO D PHOOWDUWLG N]WW OHKHWVJHG Q\OLN
DUUD KRJ\ WEE UPEHQ OHJ\HQ UV]HG $ WDQWYQ\DLP OWDOEDQ
WUHOPHWOHQO YUMN KRJ\ MDNDW YHKHVVHQHN PLXWQ YJH]WHN D
UHQGUDNVVDOOWDOQRVVJEDQHJ\KWHQEHOOYHV]QHNMDNDWVM
QKQ\DQ D] UD YJQ YHOHP HJ\WW KDJ\MN HO D K]DW KRJ\
PHOOWDUWYVUOVUD LQGXOMDQDN (J\V]HU D] HJ\LN WDQWYQ\RP J\
NLOWRWWIHO
(]WDPHOOWDUWWHJ\OWDOQQHPNHGYHOHP
0HJOHSHWVHPUHRWWHOWWHPOHYHWWHDPHOOWDUWWDPLWYLVHOWVD
V]HPHWHVEHGREWD$NYHWNH]DONDORPPDOXJ\DQH]DWDQWYQ\RP
Q\LOYQYDO HOUDJDGWDWVVDO PXWDWWD PHJ D PHOOWDUWV ILNMW (J\
NRUEEDQ WUON]WUROVUD KDV]QOW UDWWDQNRVUEDQ KHO\H]WH HO D
PHOOWDUWLWVQDJ\RQHOHJQVVV]QHVOWYQ\WQ\MWRWW

$UXKVV]HNUQ\DPLUHUPUQ]QL
$UXKLGWUROVDQDJ\RQNQQ\(OV]UDNDV]GIHODUGUDD]RNDW
DPLNHWYOOIQWDUWDV]+DWOVRNDIHODNDV]WDQLYDOKDMWRJDVVVV]H
DQQ\LW DPHQQ\LW FVDN OHKHW KRJ\ KHO\HW VSUROM V SDNROG HO
ILNRNED D YOOIN DODWW (]HNEH D ILNRNED WHGG D UXKNKR]
NDSFVROG HJ\E NRPRQR WUJ\DNDW V PLQGHQ RO\DQ NRPRQR
FVRSRUWRW DPL LGHWDUWR]KDW SOGXO D NLHJV]WNHW V D QDSL
KDV]QODWGROJRNDW
OWDOQRVVJEDQ D V]HNUQ\ OHJIHOV SROFD D VDSNN NDODSRN
V]H]RQRQ NYOL NRPRQR WUJ\DN V U]HOPLOHJ IRQWRV KROPLN
WUROVUD V]ROJO  +D HJ\QO WEE HPEHU KDV]QOMD D V]HNUQ\W
PLQGHQNLQHN OHJ\HQ PHJ D VDMW WUIHOH +D YDQ WOWV] PDQ\DJ
GRER]RG YDJ\ SROFUHNHV]HG DMQORP KRJ\ KDV]QOG H]HNHW
WUROQDN V WHGG EH D V]HNUQ\EH DPHQQ\LEHQ YDQ HOHJHQG
KHO\HG+DPJFVDNPRVWNOW]WOEHVHJ\NRPGRGVLQFVPJD
UXKN V]PUD LWW D] LGHMH KRJ\ YVUROM QKQ\DW PLXWQ
EHIHMH]WHWGDYORJDWVW
+D JDUGUEV]REG YDQ KDV]QOG NL WHOMHV V]OHVVJEHQ V
KRVV]EDQ9ODVV]MPO\NRPGRWDPLHOIUDJDUGUEV]REGEDQ
KRJ\ DEEDQ WUROKDVG D] VV]HKDMWRJDWRWW UXKNDW $ IHOV SROFRQ
WDUWKDWRG D V]H]RQOLV KROPLNDW V D]RNDW DPLNHW FVDN
DONDORPV]HUHQ YHV]HO HO PLQW SOGXO D] QQHSL GHNRUFLNDW
YDJ\DNLNDSFVROGVKR]KDV]QOWWUJ\DNDW
$JDUGUEV]RENOHJQDJ\REEHOQ\HKRJ\PO\HN
0J DNNRU LV KD D FVXSDV] IDODN V]OHVQHN V VLYUQDN WQQHN
$KRJ\ NRUEEDQ LV HPOWHWWHP H] WNOHWHV OHKHWVJ V]PRGUD
KRJ\ HJ\ NLV UPPHO WOWVG PHJ (J\LN WDQWYQ\RP D JDUGUEMD
HJ\LNVDUNWD]HVNYLIRWLYDOGHNRUOWDVPLQGHQD]HVNYYHO
NDSFVRODWRVKROPLMWH]HQDKHO\HQWDUWRWWDN]WND]GY]OWEOW
VDJ\USUQMDGRER]W
 .LFVLW ]DYDUEDQ OHQQN KD RO\DQ KHO\UH WHQQP H]HNHW D
WUJ\DNDW DKRO EUNL OWKDWMD 0RVW FVDN NL NHOO Q\LWQRP D JDUGUE
DMWDMW KRJ\ MUD WOKHVVHP D]W D EROGRJVJRW DPLW D] HVNYP
QDSMQUH]WHP
$]HJ\ENQWV]UD]V]OHWLHVWDQWYQ\RPQDND]DUFQIHOVHMO
V]J\HQOVPRVRO\EHQQHPLVV]SHPONHNHWLG]HWWIHO
 $ JDUGUE D] D KHO\ DKRO V]DEDGRQ D]W FVLQOKDWV] DPLW FVDN
DNDUV] (J\LN WDQWYQ\RP DNL V]HUHWHWW NUHDWY PHJROGVRNNDO
HOOOQL D] DOXO OY UHV KHO\UH D J\HUPHNHL PHJORYDJROKDW
MUPYHLW SDUNROWD (] D] WOHW NVEE QDJ\ QSV]HUVJQHN
UYHQGHWW PLYHO D J\HUHNHN MWNRW FVLQOWDN DEEO KRJ\
EHSDUNROMN D MWNDLNDW PLNRU D MWN YJQ HO DNDUWN UDNQL
D]RNDW +D J\ WHNLQWHV] D JDUGUEV]REGUD PLQW HJ\ NLVHEE
V]REUDQDJ\V]HUWUROKHO\HWIRJV]WXGQLNLDODNWDQLEHQQH
$] Q HOPOHWHP D JDUGUERNNDO NDSFVRODWEDQ D VDMW
WDSDV]WDODWRPEOIHMOGWWNL(]UWLVOHSGWHPPHJHJ\QDSPLNRU
UGEEHQWHP QHP Q YDJ\RN HEEHQ D] HOV 0LNRU 7RNLEDQ D
%XQN\RNHUOHWEHQD<D\RL0]HXPEDQMUWDPOWWDPHJ\NSHWD
MDSQWUROVUO*DUGUEV]REDJRQGRODWRNFPPHOHJ\V]REFVND
YROWUDMWDDPLEHQHJ\NQ\YV]HNUQ\YROW(J\KHO\HVEDEDSLKHQWD
WHWHMQ V V]S WH[WLOOHO ERUWRWWN D SROFRNDW KRJ\ HOWDNDUMN
D]RNDW $ NS D +LPDZDUL QHY QSV]HU OQ\PDJD]LQEDQ MHOHQW
PHJEDQ
1\LOYQYDO YROW KRJ\ WEE PLQW KDWYDQ YYHO H]HOWW YDODNL
QHPFVDN KRJ\ Q\XJDWL VWOXVEDQ UHQGH]HWW EH HJ\ MDSQ
JDUGUEV]REW GH UDGVXO PJ V]SHQ LV $] LOOXV]WUFL
PHJWHVWHVWHWWH D] HOPOHWHPHW KRJ\ D JDUGUEV]REUD J\ NHOO
WHNLQWHQL PLQW D V]RED NLWHUMHV]WVUH (] HJ\ FVRGV WUROKHO\
DPLW J\ OHKHW GHNRUOQL PLQW HJ\ V]REW V DMWN PJ OHKHW
UHMWHQL

+DHOGQWGKROWUROV]YDODPLWD]]DORWWKRQWDGV]QHNL

6RNDQDUXKVILNMDLNDWDJDUGUEV]HNUQ\DOMQKHO\H]LNHO'HPL
D OHJMREE PGV]HU D ILNRN WDUWDOPQDN D UHQGH]VUH" +D HJ\ M
U]VW DG WHUPV]HWHV OODSRW HOUVUH WUHNV]QN DNNRU
NQQ\HEEOHV]UPHWWDOOQXQNDILNRNWDUWDOPEDQ
+D SOGXO WEE ILN LV YDQ WHOMHVHQ WHUPV]HWHV KRJ\ D
NQQ\HEE KROPLNDW D IHOVNEHQ D QHKH]HEEHNHW D] DOVNEDQ
WUROMXN +DVRQONSSHQ D NQQ\HEE DQ\DJRN PLQW D SDPXW D
IHOV ILNRNEDQ NDSMDQDN KHO\HW D YDVWDJ QHKH]HEE DQ\DJRN D
OHQWLHNEHQ 6]LQWQ PDJWO UWHWG KRJ\ D]RNDW D KROPLNDW
DPLNHW D IHMQNQ YDJ\ D N]HOEHQ YLVHOQN SOGXO D NDODSRNDW
VVODNDWDIHOVILNRNEDWHJ\N+DEHWDUWRGH]WDV]DEO\WDNNRU
IHOHPHO ILNRNDW NDSV] V H] NRPELQOYD D YOOINRQ OJ
UXKNNDO DPLNHW J\ UHQGH]WO KRJ\ EDOUO MREEUD HJ\UH
UYLGHEEHNOHJ\HQHNRO\DQWUROVWHUHGPQ\H]DPLEHQUPGHW
IRJRGOHOQL
5HQGH]GDV]QHNHWVRUEDJ\D]RQQDOOWQLIRJRGPLKROYDQV
HJ\WWDO DODNWVG NL D V]QHN UDPOVW D JDUGUERGEDQ
OWDOQRVVJEDQDVWWV]QHNKWUEEDYLOJRVDEEDNHOEEUHNHOO
KRJ\ NHUOMHQHN 5HQGH]G HO H]HNHW D]W NS]HOYH PLQWKD HJ\
UPKXOOP UDGQD IHOG V D]W IRJRG WDSDV]WDOQL KRJ\ PLQGHQ
DONDORPPDO PLNRU NLK]RG D ILNRW NHOOHPHV U]VHN UDV]WDQDN
HO
 +D PU HOUWO HJ\ OWDOQRV HJ\HQVO\W LWW D] LGHMH KRJ\
N]HOHEEUO YHGG V]HPJ\UH PLQGHQ HJ\HV ILN EHOVHMW 7HNLQWV
J\ D JDUGUEV]HNUQ\HGUH PLQW D WHUPV]HW YLOJUD V D
ILNMDLG EHOVHMUH J\ PLQW D KROPLMDLG RWWKRQUD 6]NVJHV
HJ\IDMWD U]N D VWDELOLWVUD V UHQGUH KD RO\DQ KHO\HW DNDUV]
OWUHKR]QL DKRO D UXKLG PHJSLKHQKHWQHN V Q\XJDOPDW WDOOQDN
$KRJ\DQ NRUEEDQ PU V] YROW UOD D  V]]DONLJ PHJWOWWW
UXKVILN D] LGHOLV YLV]RQW KD YNRQ\DEE DQ\DJEO NV]OW
UXKDQHPNUO YDQ V] SOGXO EXJ\LNUO V KDULVQ\NUO DNNRU
D]RNDWNLFVLWV]RURVDEEDQNHOOSDNROQLKRJ\QHERPROMDQDNNL
+D QDJ\RQ PO\HN D ILNMDLG DNNRU XJ\DQDEEDQ D ILNEDQ
UWHJHVHQ LV WUROKDWV] GROJRNDW $OXO VV]HKDMWRJDWRWW UXKNNDO
WOWKHWHGPHJWHWHMNQHJ\NQQ\NLYHKHWILNNDODPLEHQPJ
WEEVV]HKDMWRWWUXKDQHPIUHO
5HQGH]HWW V FVLQRV OHV] D ILNRG KD D NOQIOH UXKNKR]
NWKHWNRPRQRKROPLNDWNOQGRER]EDQWDUWRGEHQQH
3OGXO D OHYHKHW PHOOWDUWSQWRNDW D Q\DNNHQGNHW YDJ\ D
JRPERNDW DPLNHW HJ\HOUH QHP DNDUV] NLGREQL HJ\ J\UV
GRER]NEDQWDUWKDWRG
1KQ\DQ D]W JRQGROKDWMN KRJ\ D] LO\HQ DSU UV]OHWHNQHN
QLQFV WO QDJ\ MHOHQWVJH 7Q\ KRJ\ D] UP H] HVHWEHQ QHP
D]RQQDO U]NHOKHW VV]HKDVRQOWYD D VHOHMWH]V GUPMYDO
DPLNRU QDSRQWD M V]HPHWHV]VNRN WHOQHN PHJ V D WU GUDV]WLNXV
WDODNXOVRQ PHJ\ W D UHQGH]NHGV FVHQGHVHQ PHJLQGW
GROJRNNDOMUVD]]DOKRJ\DNLVHUHGPQ\HNQHNLVOHKHWUOQL'H
HJ\ GROJRW V]EHQ NHOO WDUWDQL $ UHQGUDNV D V] LJD]L UWHOPEHQ
VRKDVHPPLO\HQNUOPQ\HNN]WWQHPUYJHWDVHOHMWH]VVHO
0LQGHQRO\DQWUJ\QDNDPLWJ\GQWWWOKRJ\PHJWDUWDV]NLNHOO
YODV]WDQRG HJ\ NQ\HOPHV KHO\HW HJ\ RO\DW DKRO PLQGHJ\LN D
WHOMHVIQ\EHQWQGNOKHW$KROPLNDPLNHWNLYODV]WRWWOVHJWLN
D]OHWHG$ODNWVNLRO\DQKHO\HWQHNLNDKRORWWKRQU]LNPDJXNDW
6]HPO\ V]HULQW Q J\ YOHP D UHQGUDNV IRO\DPDWQDN
OQ\HJH KRJ\ EHFVOG PHJ D ELUWRNRGEDQ OY WUJ\DNDW V
WUHNHGMDUUDKRJ\RO\DQNOQOHJHVVWHGGDNDSFVRODWRGH]HNNHO
DPHQQ\LUHFVDNOHKHW$]KRJ\HOGQWGKROIRJV]WUROQLYDODPLW
D]]DO RWWKRQW DGV] QHNL %L]WRVWKDWODN DUUO KRJ\ PLXWQ
VV]KDQJED KR]WDG D UHQGV]HUH]VW D] UPHOUVRNNDO RO\DQ
HOQ\NHWWDSDV]WDOKDWV]PHJDPLWFVDNDVHOHMWH]VVHOVRKD

7VNN

$ WVNNUD J\ NHOO WHNLQWHQL PLQW D UXKD NDWHJULD HJ\ UV]UH

PLYHO D JDUGUEEDQ WUROMXN H]HNHW LV 0J PLQGLJ UDJDV]NRGV]
D]RNKR] D WVNNKR] DPLNHW YDODKD PLQGHQQDS KDV]QOWO GH
D]WD MDNUD FVHUOWO" (] QDJ\RQ J\DNRUL MHOHQVJ D]RN N]WW
DNLNQHN UHQJHWHJ WVNMXN YDQ $QQDN HOOHQUH KRJ\ VRN YDQ
EHOON PJLV QDJ\RQ NHYHVHW KDV]QOQDN N]ON +D QHP
YOWR]WDWV] H]HQ WXGDWRVDQ DNNRU D NHGYHQFHLGHW PDJXN DO
WHPHWLNDVRVHPKDV]QOWGDUDERN/HJDOEELVYHOHPH]WUWQW
+D YJO NLYORJDWWDG D WVNLGDW KDV]QOG D WVND D WVNEDQ
PGV]HUW DPL D]W MHOHQWL KRJ\ D] HJ\LN WVNW HJ\ PVLNEDQ
WURORG $] VV]HKDMWKDW WVNNDW PLQW D YV]RQV]DW\URN
KDMWRJDWYDNHOOWUROQL

5XK]DWLNLHJV]WN

$ Q\DNNHQGNWO NH]GYH D] YHNHQ D NDODSRNRQ NHV]W\NQ W D

V]UPHJDOOURNLJ V GV]WNLJ DPLN D NDEWRNUO NHUOQHN OH V
NOQ WUROMXN NHW H]HNUH PLQG PLQW UXK]DWL NLHJV]WNUH
XWDORN V UXK]DWL NRPRQNQW VRURORP EH /HKHWQHN NLHJV]WLG
RO\DQ UXKNKR] DPLN PU QLQFVHQHN PHJ YDJ\ HJ\ RO\DQ
NDSXFQLG DPLKH] PU QLQFV PHJ D NDEW &VDN J\ PHJWDUWDQL
H]HNHW KRJ\ KWKD HJ\V]HU PJ MN OHV]QHN YDODPLUH YHV]O\HV
)RJDGG HO D WQ\W KRJ\ VRVHP IRJRG H]HNHW PU KDV]QOQL V
PRQGMEFVWQHNLN
+D PU NLYORJDWWDG D KROPLNDW D] HOSDNROVXN QHP YHV] PDMG
VRN LGW LJQ\EH V MO LV IRJ NLQ]QL KD D NHV]W\NHW D
J\DSMNDODSRNDW V PV KDMWRJDWKDW KROPLNDW VV]HKDMWYD WHV]HG
EHDILNED$]RNDWSHGLJDPLNHWQHPOHKHWVV]HKDMWDQLHJ\NLVHEE
GRER]EDQ WDUWKDWRG D ILNEDQ YDJ\ D]RQ NYO PLQWKD NLUDNDWEDQ
OHQQQHNNLOOWYD
$NLHJV]WNHWWUROGQDJ\RQOWYQ\RVDQ

-DSQEDQYDQHJ\PRQGVDV]SVJQHPHJ\QDSDODWWDODNXONL
0J KD LGEH WHOLN LV WHGG D NLHJV]WV ILNRGDW RO\DQ YRQ]Y
DPHQQ\LUH FVDN OHKHW $PLNRU HJ\ WDQWYQ\RPPDO D]RQ
GROJR]XQN KRJ\ D VHPPLEO NLDODNWVXQN HJ\ NLHJV]WNQHN YDO
WUROWWEELGWWOWQNHOH]]HOFHQWLPWHUHQNQWV]PROYDPLQW
EUPL PVVDO 6]YEO DMQORP J\ UHQGH]G HO D NLHJV]WLGHW D
ILNRG EHOVHMEHQ PLQWKD YLWULQEHQ OHQQQHN J\ KD EUPLNRU
UQ]HOUPPHOIRJHOWOWHQL
+D QLQFV OW]DV]WDORG KDV]QOKDWRG HUUH D FOUD D NRPG HJ\
ILNMWYDJ\D]DV]WDORGNHVNHQ\IHOVILNMWLV
+DV]QOM NLFVL UHV GRER]NNDW HOYODV]WNQW $ NLHJV]WN
GRER]DL PHOOHWW D WHWHMW V DOMW LV EHOHUWYH NHUHVV RO\DQ
UHNHV]HNUH RV]WRWW GRER]NNDW PLQW D FVRNROGVGRER]RN %U
J\RUV V NQ\HOPHV PHJROGV KD D NH]HG J\EHQ OY UHV
GRER]RNDW KDV]QORG GH IO KRJ\ HVHWOHJ URQW PDMG D OWYQ\RQ
3HUV]H HOEE W NHOO KRJ\ PHQMHQHN D WHV]WHQ (J\ ]VHENHQGV
GRER] SOGXO QHP PHJIHOHO PHUW WO N]QVJHV D NLQ]HWH
,QNEE D] HUV VHO\HP YDJ\ NUHSSSDSUUDO EHYRQW GRER]RNDW
DMQORP
$PHQQ\LEHQQLQFVDN]HOHGEHQSRQWLO\HQGRER]QHDJJGM+D
PU EHQQH YDQ D ILNEDQ J\LV FVDN D] DOMD OWV]LN 0J D VLPD
GRER]RN LV PHJWHV]LN KD HJ\ V]S SDSUW VLPWDV] D] DOMXNUD ,WW D
OHKHWVJ KRJ\ RO\DQ GROJRNDW KDV]QOM IHO DPLNHW NHGYHOV] GH
HGGLJ PJ QHP YHWWHG KDV]QODWED SOGXO NSHVODSRNDW
FVRPDJROSDSUW V ]DFVNNDW D NHGYHQF PLQWLGGDO H]HNHW PLQG
PUHWUHYJKDWRGKRJ\LOOHV]NHGMHQHNDGRER]ED
.LV WONN LV PHJWHV]LN D NLHJV]WLG WUROMDNQW (J\LN
WDQWYQ\RP D NLHJV]WLKH] HJ\ VNDQGLQY YHJ KDPXWDUWW
YODV]WRWWDPLWV]HUHWHWWVKLUWHOHQWOHWWOYH]UHOYHYVUROWVD
YJQDOWYQ\HJV]HQPHJQ\HUOHWW$ILNMDOWHUQDWYMDOHKHW
HJ\ NR]PHWLNDL WVND YDJ\ HJ\ NV]HUGRER] +D YDQ HJ\ NV]HUHV
GRER]RG DPLW NHGYHOV] UDMWD KDV]QOG D]W $] NV]HUGRER]RNDW
QHPFVDN D]UW WHUYH]WN KRJ\ D NLHJV]WN MO PXWDVVDQDN
EHQQN GH LGW V HQHUJLW VSUROKDWV] KD H]W D OHJHJ\V]HUEE
PGMWYODV]WRGDWUROVXNQDN
+D RO\DQ NV]HUHV GRER]RG YDQ DPLW QHP QDJ\RQ NHGYHOV]
GDUDERNUDV]HGYHKDV]QRVWKDWRGUV]HLW
*\DNUDQ LMHV]WHP PHJ D WDQWYQ\DLPDW D]]DO KRJ\ IRJRP D
NLGREVUD WOW NV]HUGRER]XNDW V KDQJRV UHFFVHQVVHO OHWSHP D
WHWHMWPDMGD]XMMDLPPDODKURPVRUJ\UWDUWDOQ\ORNKRJ\
NLWSMHP D KHO\UO %HWHV]HP D WHWHMWO PHJIRV]WRWW GRER]W D
ILNED DPLEH NQ\HOPHVHQ HOIU D J\UWDUWNDW NOQ GRER]ED
WHV]HPVH]]HOWNOHWHVILNHORV]WNNYOWR]WDWRPNHW$MWNRV
V]HOOHP V D N]PYHV WHPSHUDPHQWXP QDJ\ HOQ\W MHOHQW KD
HOYODV]WWNV]WHV]DNLHJV]WNQHN
 $ ILQRP OQFRNDW V Q\DNOQFRNDW JXEDQFROGV QONO
WUROKDWRGKDD]HOYODV]WNV]OHLEHYJRWWUVHNEHLOOHV]WHGNHW
(] NQQ\ KD PHUHY SDSUEO YDJ\ NDUWRQEO NV]OW GRER]W
KDV]QOV] .LVV PHJKDMWKDWRG HJ\ GHNRUDWY IV IRJDLW LV V
PLQGHQHJ\HVIRJUDDNDV]WKDWV]HJ\OQFRW
$Q\LWRWWWUROVWLVDMQORPDPLD]WMHOHQWLKRJ\DNLHJV]WNHW
NLOOWRG +D YDQ SDUDID WEOG KDV]QOG D NLHJV]WLG EHPXWDW
WEOMDNQW $KHO\HWW KRJ\ HJ\V]HU UDM]V]HJUH DNDV]WDQG D]RNDW
IJJHV]G IHO NHW HJ\ IO SU IOEHYDOUD DPLQHN HOYHV]WHWWHG D
PVLN IHOW YDJ\ HJ\V]HUHQ KDV]QOG D IOEHYDONDW
GHNRUFLNQW KRJ\ IHOGREG D NLOOWVW (J\V]HUEE PGMD D
WUROVQDNKDHJ\ILNEDYDJ\GRER]EDWHV]HGDNROOHNFLGQDJ\REE
UV]WPJDPLQGHQQDSKDV]QODWRVNLHJV]WNHWHJ\NLVWONEDQ
YDJ\WOFQHOOWDUWRG

1\DNNHQGN

5HQGH]G HO D Q\DNNHQGNHW OWYQ\RVDQ RO\ PGRQ KRJ\ NQQ\

OHJ\HQ YODV]WDQL N]ON $] HJ\LN OHKHWVJ KRJ\ IHODNDV]WYD
WURORG NHW +DV]QOKDWV] HUUH D FOUD Q\DNNHQGYOOIW YDJ\
KDJ\RPQ\RVDW HVHWOHJ Q\DNNHQGUXGDW KD YDQ LO\HQ D
V]HNUQ\DMWQ
 $ PVLN PGMD D WUROVQDN KD IHOFVDYDURG D Q\DNNHQGNHW V
HJ\ ILNEDQ UHQGH]HG HO J\ LV EHUDNKDWRG NHW PLQW D
V]XVLWHNHUFVHNHW D FVDYDUW YJNNHO IHOIHO YDJ\ PLQW HJ\ V]HOHW
VWLWKRJ\DVLPDIHONOWV]GMRQ

+DMEDYDON

(]HNHW D NLHJV]WNHW D] HPEHUHN J\DNUDQ D V]RNYQ\RV

NLHJV]WNNHOHJ\WWNH]HOLN+DPUQHPKDV]QOV]HJ\EL]RQ\RV
KDMED YDO VODW GH WHWV]LN D FVLOOPRV GV]WVH QH GREG NL
+DV]QOG PVUD .VG HJ\ YOOID Q\DNUD HVHWOHJ YHVG EH
IJJQ\HONWNQW - PND D] HUHGHWL NHGYHQF WUJ\DNQDN M
V]HUHSHWDGQL
0LQW DKRJ\ PV NLHJV]WNQO LWW LV IRQWRV KRJ\ ILJ\HOM D V]S
WUROVUD/WYQ\RVDEEOHV]KDIDMWQNQWNOQUHNHV]EHNHUOQHN
DKDMFVDWRNKDMJXPLNGHKDQLQFVWOVRNEHOONQHPIHOWWOHQO
IRQWRVHONOQWYHWUROQLH]HNHW

&LSN
$] HPEHUHN OWDOEDQ QHP J\ JRQGROQDN D FLSNUH PLQW
UXKDQHPUH GH D .RQ0DULPGV]HU V]HULQW D UXKN FVRSRUWMED
WDUWR]QDNVH]HNNHOLVXJ\DQJ\HONHOOYJH]QLD]UPWHV]WHW+D
VV]HJ\MWWWHGDFLSLGHWDODNVPLQGHQ]XJEOOOWVGVRUEDNHW
SDGOUDWHUWHWWMVJSDSURNRQVFVRSRUWRVWVGIDMWNV]HULQWNOQ
DV]DQGORNDWWRUQDFLSNHWFVL]PNDWVDONDOPLFLSNHW

9HJ\ON]EHPLQGHQHJ\HVGDUDERWKRJ\PHJYL]VJOGNHGYHOHG
HPJ+DYDQN]WNRO\DQDPHO\LNQHPMPUHWEHQVIHOVUWLD
OEDG LWW D] LGHMH NLGREQL $ FLSN IRQWRVDN -DSQEDQ KDV]QOXQN
HJ\ NLIHMH]VW YDODNLQHN D OEW Q]QL DPL D]W MHOHQWL KRJ\
IHOPUQL WHWWO WDOSLJ +D RO\DQ FLSW YLVHOV] DPLEHQ MO U]HG
PDJDGIQ\HVMYIHOYH]HWWJHG

$FLSNWUROVDHJ\UHQYHNYUP

.WIOHNSSHQ OHKHW FLSW WUROQL KD FLSSROFUD OOWRG NHW YDJ\

N]YHWOHQO D V]HNUQ\ SROFDLQ KHO\H]HG HO YDJ\ D] HUHGHWL
GRER]XNEDQWURORGNHWVD]RNDWUHQGH]HGHODV]HNUQ\EHQ+D
YDQ HOJ SROFRG MREE KD D GRER]DLN QONO VRUDNR]WDWRG IHO D
FLSNHW PHUW D GRER]RN V]NVJWHOHQO VRN KHO\HW IRJODOQDN %U
KDHJ\SUQOWEEHWWXGV]EHOHUDNQLHJ\GRER]EDD]KHO\WDNDUNRV
WUROVL PHJROGV OHKHW 2O\DQ FLSNHW YODVV] HUUH D FOUD DPLN
QHPYHV]WLNHONQQ\HQDIRUPMXNDWVWUROGNHWD]ROGDOXNRQ
7]GNLFOXOKRJ\NWSUNHVNHQ\OEEHOLSOGXOV]DQGOIUMHQ
HOHJ\GRER]EDQ
$ODSHOY D WUROVQO KRJ\ FVNNHQWVN D WHUMHGHOPHW V
KDV]QOMXNNLDUHQGHONH]VUHOOPDJDVVJRW$FLSNWHUMHGHOPW
QHP WXGMXN FVNNHQWHQL J\ D] HJ\HWOHQ OHKHWVJQN KRJ\
RSWLPOLVDQKDV]QOMXNNLDWUROKHO\PDJDVVJW$WUROHOHPHN
NDSUD MQQHN LO\HQNRU $ = DODN EHWWHNNHO D PDJDV SROFRNEDQ
UHMO OHKHWVJHNHW KDV]QRVWKDWRG D]]DO KRJ\ NW SU FLSW
KHO\H]KHWV] HO HJ\PVRQ DPL PHJGXSO]]D D UHQGHONH]VUH OO
WURONDSDFLWVW
$FLSWUROVUDDPRWWPH]HJ\UHQYHNYUP$QHKH]HEE
GROJRN OHJDOXOUD RQQDQ IHOIHO SHGLJ D] HJ\UH NQQ\HEEHN
NHUOMHQHN .H]GG D]]DO KRJ\ D FVDOG PLQGHQ WDJMQDN NLMHOOV]
HJ\KHO\HWDK]EDQ+DWEESROFLVMXWHJ\V]HPO\UHDNNRUDOXOUD
D UHQGHV FLSNHW NUPFLSNHW V EUFLSNHW WHGG D NQQ\HEE
FLSNPLQWSOGXODV]DQGORNH]HNIONHUOMHQHN

7LSSHND]XWD]WVNDEHFVRPDJROVKR]

$] ]OHWL XWD]VRNUD YDJ\ Q\DUDOVUD WUWQ EHFVRPDJROVNRU

XJ\DQD]RN D V]DEO\RN UYQ\HVHN PLQW D] RWWKRQL WUROVQO
$ UXKNDW VV]HKDMWYD OOWYD NHOO EHSDNROQL $ NRV]WPNHW
KDMWRJDVG V IHNWHVG U D WHWHMNUH 7HGG D PHOOWDUWNDW IHOOUH
V QH ODSWVG OH NHW $ NLVHEE KROPLNDW PLQW SOGXO D]
DOVQHPNHW WHGG EHOH HJ\ ]DFVNED D WHVWSRONDW V SLSHUNHW
SHGLJQWVGWNLVHEEIODNRQRNEDKRJ\FVNNHQWVGDWHUMHGHOPHW
Q MREEDQ OYH]HP D NLSDNROVW PLQW D EHSDNROVW $KRJ\
KD]DUHN PLQGHQW NLYHV]HN D] XWD]WVNPEO EHUDNRP D
PRVJSEH D V]HQQ\HVW V PLQGHQ PVW D KHO\UH WHV]HN YLVV]D
8WQD NLWUOP D WVND EHOVHMW V D NHUHNHLW )O UW DGRN
PDJDPQDN$WLWRNKRJ\FVLQOMJ\PLQWKDNLSDNROURERWOHQQO
FVHOHNHGMJ\RUVDQVKDWNRQ\DQ

0/(*<(1$&6$/'2'58+$1(09(/"

$] HJ\LN J\DNRUL NUGV DPLW D]RN WHV]QHN IHO QHNHP DNLN D
FVDOGMXNNDOOQHN
0LNRUNHOOHQHUHQGEHWHQQHPDFVDOGRPUXKLW"
$ UHQGUDNV DODSV]DEO\D KRJ\ HOVVRUEDQ D VDMW KROPLMDLG
UHQGEHWWHOUH NHOO VV]SRQWRVWDQRG +D WHOMHVHQ NV]HQ YDJ\ D
IHODGDWWDO EHVHJWKHWV] D J\HUPHNHLGQHN YDJ\ D K]DVWUVDGQDN
HOUHQGH]QL D UXKLNDW $]RQEDQ D YORJDWVW KRJ\ PLW WDUWVDQDN
PHJKDJ\GPHJQHNLN$WDSDV]WDODWRPDUHQGUDNVRNWDWVEDQ
KRJ\DOHJWEEKURPYHVYDJ\DQQOLGVHEEJ\HUHNPUHOWXGMD
GQWHQLPHO\LNUXKMWV]HUHWL
+D RO\DQ FVDOGWDJRG YDQ DNLQHN QHP IOLN D IRJD D
V]HOHNWOVKR]D]]DOKRJ\PHJWDQWRGDUXKNKDMWRJDWVUDVD
KROPLN OOWYD WUROVUD DPLWO VRNNDO OWYQ\RVDEE OHV] D
WUROV PRWLYOKDWRG NHW KRJ\ HONH]GMN D YORJDWVW 0J KD
QLQFVLVKDMODQGVJXNKRJ\PDJXNQHNLOOMDQDNDSDNROVQDNQH
HVVDEEDDKLEEDPLQWQHJ\NRUKRJ\DPHJNUGH]VNQONO
NLGREORGDKROPLMDLNDW
 
$NQ\YHNUHQGEHWWHOH

7DQFVRND]RNQDNDNLNQHPWXGQDNOHPRQGDQLD
NQ\YHNUO

+D D]W KLV]HG KRJ\ D NQ\Y D] HJ\HWOHQ RO\DQ GRORJ DPLYHO QHP
EROGRJXOV]VHPLDWWQHPNH]GWOQHNLDUHQGEHWWHONQHNH]QDJ\
KLED$NQ\YHNUHQGEHUDNVDDOHJMREEPGMDDQQDNKRJ\WRYEE
ILQRPWVG D] UPUH YDO U]NHQ\VJHGHW V D FVHOHNYVUH YDO
NSHVVJHGHW
$ OHJJ\DNRULEE RND KRJ\ YDODNL NSWHOHQ UYHQQL PDJW KRJ\
PHJYOMRQHJ\NQ\YWOD]D]KRJ\HVHWOHJPJHJ\V]HUHOROYDVQ
'HKDHJ\NQ\YPRVWVHPWOWHOUPPHODNNRUV]LQWHJDUDQWOW
KRJ\VRVHPIRJRGMUDHOROYDVQL$]UWROYDVXQNPHUWOPQ\HNHW
YUXQND]ROYDVVWO+DHJ\V]HUHOROYDVWDGDNNRUPUPHJNDSWDG
D]OPQ\W
0J KD QHP LV HPONV]HO WHOMHV HJV]EHQ D NQ\Y WDUWDOPUD
PUHJ\V]HUPDJDGYWHWWHG
$PL D]RNDW D NQ\YHNHW LOOHWL DPLNHW FVDN IOLJ ROYDVWO YDJ\
HJ\OWDOQQHPD]RNWOV]DEDGXOMPHJ$]UWNHVNQ\YHNHWDPLN
D V]HPO\HV NQ\YWUDGED WDUWR]QDN YDJ\ DPLNUH SS PRVW
V]NVJHGYDQD]RNDWSHUV]HQ\XJRGWDQWDUWVGPHJ+DFVDND]RND
NQ\YHLG PDUDGQDN PHJ DPLNHW LJD]Q V]HUHWV] DNNRU UMVV]
KRJ\MHOHQWVHQPHJYOWR]LNDNDSRWWLQIRUPFLPLQVJH$KHO\
DPLW V]DEDGG WHV]HO D NQ\YHN NLVHOHMWH]VYHO XJ\DQHQQ\L M
LQIRUPFLQDN DG KHO\HW +DPDURVDQ D]W WDSDV]WDORG PDMG KRJ\ D
V]NVJHV LQIRUPFL SS DNNRU MQ DPLNRU V]NVJHG YDQ U
$PLNRU SHGLJ PHJUNH]LN D]W YHV]HG V]UH KRJ\ MIDMWD
YLVHONHGVPLQWYDO YODV]ROV] (] DGGLJ QHP YROW OHKHWVJHV PJ
KDORPEDQ OOWDN D NQ\YHLG V N]PEV YROWO D] LQIRUPFLN
LUQWDPLNHWWDUWDOPD]WDN

$KRJ\ D UXKNQO LV D NQ\YHNQO LV D]]DO NHOO NH]GHQL KRJ\

PLQGHQ HJ\HV GDUDERW HJ\ KHO\UH VV]HJ\MWHV] $]WQ YHGG NHW
N]EHHJ\HVYHOVFVDND]RNDWWDUWVGPHJDPLNUPPHOWOWHQHN
HO%UPLWWHKHWV]GHQHNH]GGHOROYDVQLNHW+DWOVRNNQ\YHG
YDQ DPLW NL NHOOHQH YORJDWQL HJ\V]HUUH FVRSRUWRVWVG NHW J\
PLQW OWDOQRV ROYDVVUD SUDNWLNXV N]LNQ\YHN
V]DNFVNQ\YHN DOEXPRN V PDJD]LQRN PDMG YJH]G HO D]
UPWHV]WHWPLQGHQHJ\HVFVRSRUWUD

6RUR]DWRN
$PDQJDNQ\YHNKXPRURVNQ\YHNVPVVRUR]DWRNDODSYHWHQ
D]OWDOQRVNQ\YHNFVRSRUWMEDWDUWR]QDNGHKDQDJ\PHQQ\LVJ
YDQEHOONFVLQOMNOQNDWHJULWQHNLN$PLNRUDVRUR]DWRNNDO
IRJODONR]RO QHP V]NVJHV KRJ\ PLQGHQ GDUDERW N]EH YHJ\O
J\WXGRGPHJOODSWDQLKRJ\YDMRQUPPHOWOWHQHNHHOKDHJ\
KDORPED UDNRG D] HJV] VRUR]DWRW V D NDUMDLGDW D KDORP NU
IRQRGPLQWKDWOHOQGYDJ\FVDNDOHJIHOVNQ\YHWYHV]HGN]EH

$QQDNDNRFN]DWDKRJ\HOWUV]DIHODGDWWOHQQODNDWHJULQO
QDJ\RQ QDJ\ &VDN J\ NHUOKHWHG HO KRJ\ QH YHV]WHJHVG HO D]
HJV] QDSRW D] ROYDVVXNNDO KD NL VHP Q\LWRG NHW J\ WHV]WHOG
KRJ\HJ\V]HUHQPHJULQWHGNHW$PDJQULPRQKDHONYHWHP
D]W D KLEW KRJ\ PHJHPOWHP D WDQWYQ\DLPQDN D PDQJW QDJ\
YDOV]QVJJHO KRVV] V V]HQYHGO\HV PDJ\DU]DWED IRJQDN D
VRUR]DWRNYDU]VUO
0DJD]LQRNVQDJ\PUHWDOEXPRN

1HPFVDN D PDJD]LQRN V IRWDOEXPRN WDUWR]QDN D V]UDNR]WDW

Q]HJHWQL YDO NQ\YHN N] KDQHP NDWDOJXVRN PYV]HWL
NQ\YHN V WUVDLN 7DUWVG PHJ Q\XJRGWDQ D]RNDW DPLN D VDMW
NQ\YWUDGED WDUWR]QDN DPLNHW QHP V]QGNR]RO NLGREQL V
PLQGHQ NWVJ QONO WXGRG KRJ\ UPPHO WOWHQHN HO
$ PDJD]LQRN UYLGWYIXWN QDJ\RQ UYLG YDGGDO +D D
IRO\LUDWRN DPLNHW UHQGV]HUHVHQ YVUROV] YDJ\ HOIL]HWV] UMXN
HONH]GHQHN IHOKDOPR]GQL D]W DMQORP OODSWV PHJ HJ\ KDWUW
KRJ\ PHQQ\L D] D PD[LPOLV SOGQ\V]P DPHQQ\LW PHJ WXGV]
WDUWDQL
+D FVDN EL]RQ\RV IRWN YDJ\ FLNNHN UGHNHOQHN HJ\ NQ\YEO
DNNRU YJG NL 1HP NHOO D]RQQDO DOEXPED WHQQL 7UROG H]HNHW
LGHLJOHQHVHQ HJ\ WOWV] WDVDNEDQ *\DNRUWD HOIRUGXO KRJ\ D]
HPEHUHNNVEEJ\WHNLQWHQHNH]HNUHDNLYJVRNUDKRJ\QHPLV
WXGMN PLUW LV WDUWRWWN PHJ H]UW YORJDVG W PJ HJ\V]HU
DPLNRUDSDSUYORJDWVV]DNDV]EDUV]

$NQ\YHNOWYQ\RVWUROVD

$ WDQWYQ\DLPQDN D]W PRQGRP KRJ\ D NQ\YHLNHW

NQ\YV]HNUQ\EHQ YDJ\ D JDUGUEEDQ QHP OWKDW KHO\HQ
SROFRNRQ YDJ\ IDOLV]HNUQ\EHQ WDUWVN $] DODSV]DEO\ KRJ\ D]
XJ\DQDEED D FVRSRUWED WDUWR]N HJ\ KHO\UH NHUOMHQHN GH D]RN D
NQ\YHN DPLNHW HJ\ DGRWW KHO\HQ KDV]QOXQN OHJMREE KD RWW
YDQQDN DKRO KDV]QOMXN NHW SOGXO D V]DNFVNQ\YHNQHN D
NRQ\KEDQ D KHO\N 1H SDNROG D NQ\YHNHW HJ\ NXSDFED LQNEE
OHJ\HQHNOOWYD
0LXWQ YJH]WO D NQ\YHN NLYORJDWVYDO D]RQ WQGKHWV]
KRJ\ YDMRQ QHP WDUWRWWOH PHJ WO VRNDW GH QH DJJGM $KRJ\
IRO\WDWRG D UHQGUDNVW D] U]NHQ\VJHG D] UP IHOLVPHUVUH
ILQRPRGLN+DD]WYHV]HGV]UHNVEEKRJ\YDODPLPUEHWOWWWH
DV]HUHSWDNNRULVPHJYOKDWV]WOH.OQEHQLVQDJ\RQNHOOHPHV
U]VKRJ\VRNV]PRGUDNHGYHVNQ\YHGYDQ+DHJ\HVYHON]EH
YHWWHG NHW V J\ GQWWWO KRJ\ WQ\OHJ V]HUHWHG H]HNHW DNNRU
WDUWVGPHJNHWQ\XJRGWDQVKDWUR]GHOPDJDGKRJ\V]HUHWHWWHO
EQV]YHON

+2*<$19/+$76=2/<$16=(0//<$.+$501%$19$1
$0(*7$57277.1<9(9(/"

+D EHIHMH]WHG D NQ\YHLG UHQGEHWWHOW OSM HJ\ OSVW KWUD V

Q]] D NQ\YHVSROFRGUD 0LO\HQ V]DYDN WOHQHN D V]HPHGEH D
NQ\YHNJHULQFUODFPHNEO"+DPLQGHQNLQHND]WPRQGRJDWRG
KRJ\PJLGQYDODPLNRUV]HUHWQOIUMKH]PHQQLGHMQKQ\
 V]LQJOLNQHN FP Q] YLVV]D UG D NQ\YHNUO YDJ\ UPWHOL
OHWHW V]HUHWQO OQL GH UHQJHWHJ RO\DQ UHJQ\HG YDQ DPLQHN
V]RPRUDFPHDNNRUMREEDQILJ\HOMRGD
$NQ\YFPHNVDWDUWDOPDNV]DYDLQDNKDWDOPDVHQHUJLMDYDQ
-DSQEDQ PL D]W PRQGMXN D V]DYDN DODNWMN D YDOVJXQNDW
$ V]DYDN DPLNHW OWXQN V DPLNNHO NDSFVRODWED NHUOQN
XJ\DQRO\DQ HVHPQ\HNHW YRQ]DQDN D] OHWQNEH (EEHQ D]
UWHOHPEHQ RO\DQ HPEHUU YOV] DPLO\HQHN D NQ\YHLG 0LIOH
NQ\YHNHW WDUWDQO D NQ\YHVSROFRGRQ KRJ\ D]W D V]HPO\W
WNU]]N DPLO\HQQ YOQL DNDUV]" +D LO\HQ PHJIRQWROVEO
GQWG HO PHO\LNHW WDUWRG PHJ D]W YHV]HG V]UH KRJ\ D]
HVHPQ\HNVRUR]DWDGUPDLDQPHJYOWR]LND]OHWHGEHQ
 
$SDSUIONUHQGMH

$ODSV]DEO\GREMNLPLQGHQW

$KRJ\ D UXKNQO V D NQ\YHNQO LV LWW LV D] D] HOV OSV KRJ\
PLQGHQ GRNXPHQWXPRW V SDSUW DPLUW V]HPO\HVHQ WH IHOHOV]
HJ\ KHO\UH J\MWHV] VV]H 0L D] Q EHYHWW J\DNRUODWRP" 'REM NL
PLQGHQW
(] QHP D]W MHOHQWL KRJ\ D FO D] KRJ\ PLQGHQ HJ\HV SDSUODSRW
NLGREM ,QNEE D]W KRJ\ D]]DO D IHOWWHOH]VVHO YORJDVV N]ON
KRJ\ NL OHV]QHN GREYD (J\ SDSUODS QHP IRJODO KHO\HW HPLDWW J\
KDOPR]KDWV]IHOEHOONUHQJHWHJHWKRJ\V]UHVHPYHV]HG+DQHP
J\ OOV] KR]] KRJ\ PLQGHW NLVHOHMWH]HG DOLJ IRJ PHJOWV]DQL D]
HUHGPQ\
&VDN D]RNDW WDUWVG PHJ DPLNNHO KDWUR]RWW FORG YDQ SOGXO
DPLNHW SLOODQDWQ\LODJ KDV]QOV] DPLNUH EL]RQ\RV LGHLJ V]NVJHG
OHV]VD]RNDWDPLNHWPLQGHQIOHNSSHQPHJNHOOWDUWDQL
)RQWRV KRJ\ PLQGHJ\LNHW WQ]G +D HJ\ ERUWNEDQ YDQ HJ\
NWHJQ\L YHGG NL PLQGHW PHUW OHKHWQHN N]WN IHOHVOHJHVHN PLQW
SOGXO V]UODSRN D OQ\HJHVHN N] NHYHUHGYH /HKHW KRJ\ D
YORJDWVWOPHJIMGXODIHMHGLJ\OYL]HWN]EHQVUJGWPDJDG
D]VV]HVFVRSRUWRQ

/HJ\HQHJ\HOLQW]QLYDONIHOLUDWGRER]RG
$ SDSUION UHQGEHWWHOQO OQ\HJHV KRJ\ OHJ\HQ HJ\
HOLQW]QLYDON IHOLUDW GRER] ,GH NHUOMQ PLQGHQ RO\DQ SDSU
DPL YDODPLO\HQ LQW]NHGVW LJQ\HO PLQW SOGXO D] HONOGHQG
OHYHOHN NLHJ\HQOWVUH YU V]PON VWE V KDODGM WRYEE D
YORJDWVVDO 0LQGHQ D]RQQDO HOGQWKHW GRORJ PLQW SOGXO D
ERUWNRN WDUWDOPQDN HOOHQU]VH YDJ\ D] MUDKDV]QRVWKDW
V]UODSRNWQ]VHRWWUJWQPHJNHOOKRJ\WUWQMHQ+DWOVRN
PLQGHQ NHUO D] HOLQW]HWOHQHN N] NVEE QHP OHV] NHGYHG
IRJODONR]QLYHON
OWDOEDQHJ\PDJD]LQYDJ\LUDWWDUWSDSXFVDPLEHQOOWYDOHKHW
WUROQL D SDSURNDW QDJ\RQ MO EHYOLN D] HOLQW]HWOHQ J\HN
GRER]QDN GH HJ\ PVIDMWD PHJIHOHO PUHW UHV GRER] LV
SSJ\ DONDOPDV HUUH YDJ\ DNU HJ\ WOWV] PDQ\DJ LUDWWDUW
WDVDNLVKDD]LUDWRNVDSDSURNPHQQ\LVJHNHYV
+D D UHQGUDNV D] HJV] FVDOGUD NLWHUMHG PLQGHQNLQHN OHJ\HQ
VDMWHOLQW]QLYDONIHOLUDWGRER]D

7DQDQ\DJRN
9DQQDN RO\DQ DQ\DJDLG DPHO\HNHW RO\DQ WDQIRO\DPRNRQ NDSWO
DPLNHW D NDUULHUHG HOPR]GWVD UGHNEHQ YDJ\ GLSORPG
PHJV]HU]VHNRUYJH]WO"/HKHWVJHVKRJ\DV]HPO\HVIHMOGVHG
UGHNEHQ HOYJ]HWW V]HPLQULXPRN WDQDQ\DJW LV PHJUL]WHG $]
HPEHUHN DEEDQ D UHPQ\EHQ WHV]LN IOUH H]HNHW KRJ\ HJ\ QDS
OHKHWVJNOHV]MUDWQ]QLGHPRQGGPHJV]LQWQHOIRUGXOWH]
YHOHGYDODKDLV"$OHJWEEHVHWEHQD]HJ\V]HUVRVHPMQHO
(]HNQHN D WDQIRO\DPRNQDN DNNRU YDQ UWNN PLDODWW YJ]HG
NHW V FVDN DNNRU YDQ MHOHQWVJN KD D] RWW HOVDMWWRWW
LVPHUHWHNHW D J\DNRUODWED WOWHWHG J\ JRQGRORP KD WDUWRJDWRG
H]HNHW D WDQDJ\DJRNDW DNNRU H]]HO D]W DNDGO\R]RG PHJ KRJ\
KDV]QOGD]RWWWDQXOWDNDW+DHOYJ]HOHJ\WDQIRO\DPRWKDWUR]GHO
KRJ\MUDKDV]QRVWRGDSDSURNDW+DNVEEPHJEQRGYJH]GHO
MUDGHH]WWDOKDV]QOGLVDPLWPHJWDQXOWO

+LWHONUW\DNLYRQDWRN

$ KLWHONUW\DNLYRQDWRN D] HOV KHO\HQ YDQQDN D]RNQDN D

SDSURNQDN D OLVWMQ DPLNHW D] HPEHUHN V]HUHWQHN PHJWDUWDQL
0LYHO H]HNHW KDYRQWD NOGLN KD HJ\QO WEE NUW\G YDQ KDPDU
IHOKDOPR]GQDN
,JD]EO DUUD V]ROJOQDN D NLYRQDWRN KRJ\ LQIRUPOQDN
EHQQQNHWDUUOPHQQ\LWNOWWWQN+DWQ]WHGDWDUWDOPXNDWV
PLQGHQW EHYH]HWWO D K]L NQ\YHOVEH LWW YJHW LV U D IHODGDWXN
+DFVDN QLQFV V]NVJHG UMXN D] YHV DGEHYDOOVKR] GDUOG OH
H]HNHW D] LUDWPHJVHPPLVWQ $ EDQNRN WEEVJQO PU NUKHW
D] HOHNWURQLNXV V]PODNLYRQDW DPL QDJ\RQ NQ\HOPHV V OHKHW
KRJ\UGHPHVOHQQHWWUQHGU
-WOOVRNJDUDQFLN

0LQGHQ HOHNWURPRV HV]N]N] DPLW PHJYHV]HO MU D MWOOV (] D

OHJJ\DNUDEEDQHOIRUGXOGRNXPHQWXPPLQGHQK]WDUWVEDQVD]
HPEHUHN WEEVJH KDMODPRV PHJUL]QL H]HNHW KDJ\RPQ\RV
EHKDMWVYDJ\KDUPRQLNDV]HUPDSSEDQ

'HKDWOVRNUHNHV]HGYDQD]DOHJQDJ\REEKWUQ\HQQODIDMWD
UHQGV]HUH]VQO +D PU PLQGHQ MWOOVW EHFVV]WDWWO D VDMW
UHNHV]EH QHP OHV] NHGYHG MUD WQ]QL D]RNDW V PJ PLHOWW
V]UHYHQQGWHOHOHV]HOOHMUWMWOOVRNNDO
$ OHJMREE PGV]HU H]HN WUROVUD KD D] VV]HVHW HJ\ WOWV]
PDQ\DJPDSSEDQWDUWRG0LQGHQDONDORPPDOKDNHUHVHOHJ\HW
OHKHWVJHG OHV] WQ]QL D WEELW LV V HJ\WWDO NLV]HGQL N]ON D
OHMUWDNDW +D V]NVJHG YDQ D YVUOVW EL]RQ\WDQL WDUWVG D
V]POWDKR]]WDUWR]MWOOVPHOOHWW

.]LNQ\YHNKDV]QODWLXWDVWVRN

$PHOOHWW KRJ\ D N]LNQ\YHN V KDV]QODWL XWDVWVRN XQDOPDV V

ERQ\ROXOW ROYDVPQ\RN YDVNRV NWHWHN LV DPLN VRN KHO\HW
IRJODOQDN$OHJWEEHPEHUOHJV]YHVHEEHQQHPWDUWDQPHJH]HNHW
GHPJLVJ\U]LKRJ\PXV]M1DJ\RQJ\DNRULKRJ\PJDNNRULV
UL]]NDPLNRUDKR]]WDUWR]HV]N]PUUJWQNUHPHQWVMDW
YHWWQNKHO\HWWH1HDJJGMDV]HOHNWYJ\MWEHGREKDWRGPLQGHW
+D PJLV V]NVJHG OHQQH YDODPHO\LNUH DPLW NLGREWO D]
LQIRUPFLW PHJWDOORG D] LQWHUQHWHQ YDJ\ IHOKYKDWRG D J\UWW
P KD PJLV D]RN N] WDUWR]RO DNLNHW L]JDORPED KR]QDN D
N]LNQ\YHN YDJ\ VUQ ODSR]]N IHO D IQ\NSH]JSN
KDV]QODWL XWDVWVW Q]G W H]HNHW V YODV]G NL D]RNDW DPLNHW
WQ\OHJNHGYHOV]

GY]OODSRN

(EEHQ D NDWHJULEDQ H]HNWO D OHJQHKH]HEE PHJYOQL (]HN

NOQOHJHV ]HQHWHNHW KRUGR]QDN D EDUWDLQNWO YDJ\ D FVDOGWO
OHKHW KRJ\ IQ\NS YDQ D ERUWMXNRQ DPLWO U]HOPLOHJ IRQWRV
WUJJ\YOQDN
$] GY]OODSRN OHJIEE FOMD KRJ\ GY]OHWHW N]YHWWVHQHN
$EEDQDSLOODQDWEDQKRJ\HOROYDVWDGEHWOWWWNDV]HUHSNHW&VDN
D]RNDWWDUWVGPHJDPLNHWNLPRQGRWWDQV]HUHWV]

.LYJVRNFHWOLN

.LYJRWW UHFHSWHN DPLNHW D KWDMWUD W]WO GH VRVHP I]WO

EHOON WUNSHN RO\DQ KHO\HNUO DKRY QHP V]QGNR]RO
HOXWD]QL MVJFLNNHN DPLNHW HO DNDUWO ROYDVQL GH PU
LGHMWPOWDN(]HNN]WWYDQRO\DQDPLPJUPPHOWOWHOPD
LV"
(J\V]HU YROW HJ\ RO\DQ V]RNVRP KRJ\ PLQGHQ .\RWR V
.DPDNXUDWUNSHW NLYDJGRVWDP DPLNUH PDJD]LQRNEDQ
EXNNDQWDP GH PLNRU HOPHQWHP H]HNEH D YURVRNED PLQGLJ
HOIHOHMWHWWHPPDJDPPDOYLQQLH]HNHWDNLYJVRNDW9JOPLQGWO
PHJV]DEDGXOWDP

0LQGHQ RO\DQ NLYJVW DPLW PHJWDUWDV] WHGG HJ\ WOWV]

WDVDNRNNDO UHQGHONH] DOEXPED J\ HJ\V]HUHQ WSUJHWKHWHG +D
PJMREEDQOYH]QLDNDURGNV]WVGHODVDMWVFUDSERRNDOEXPRGDW
$]RNDNLYJVRNDWDPLNHWQHPUGHPHVVRNLJUL]JHWQLSOGXO
HJ\FLNNHWHJ\]OHWUODPLWIHODNDUV]NHUHVQLKDPDURVDQWDUWVGD]
HOLQW]HQGGRER]EDQYDJ\DQDSWUDGEDQ

-HOOMNLHJ\QDSRWD]HOLQW]HQGGROJRNUD

+D UHQGEH WHWWHG D] VV]HV SDSUIOW Q]G W D IJJEHQ OY

GROJRN GRER]W 7HOH YDQ" $PLNRU D] HOLQW]HQGNUO YDQ V] D
OHJMREE KD V]QXQN UMXN HJ\ EL]RQ\RV LGW V HJ\V]HUUH
IRJODONR]XQN YHON $PLNQHN D WDUWDOPW WQ]WHG V PU QHP
NHOOHQHND]RNDWD]RQQDOVHPPLVWVGPHJ8J\DQH]]HODOHQGOHWWHO
IRJM KR]] D]RNKR] DPLN YDODPLO\HQ YODV]W YDJ\ LQW]NHGVW
LJQ\HOQHN
)RJODONR]KDWV] D] HOLQW]HQG GROJRNNDO D]XWQ LV KRJ\
EHIHMH]WHGDUHQGUDNVWGHDIJJEHQOYGROJRNVRNNDOQDJ\REE
VOO\DO QHKH]HGQHN D] HOPUH PLQW JRQGROQG 1DJ\REE ENHVVJ
WOWHOKDPJDNRPRQRUHQGEHUDNVDHOWWIRJODONR]ROYHON

+2*<$15(1'(='$=52'$3$352.$7"

+D D] LURGGDW WHV]HG UHQGEH D] DODSV]DEO\ D] KRJ\ D VDMW
UDV]WDORGGDO NH]GG PLHOWW EUPLO\HQ N]VVJL KHOO\HO
IRJODONR]QO (J\V]HUUH WHGG UHQGEH DKRJ\ RWWKRQ LV WHQQG
7DUWVG EH D VRUUHQGHW HOEE D NQ\YHNNHO PDMG D SDSURNNDO
LURGDV]HUHNNHOYJOD]HJ\ENRPRQRWUJ\DNNDOIRJODONR]]
+D WODJRV PUHW UDV]WDORG YDQ QDJ\MEO KDW UGED IRJ
WHOQL$]WDMQORPKRJ\NRUDUHJJHOIRJMKR]]DPLNRUDOLJYDQRWW
YDODNL DPL NUOEHOO KURP NWUV HOIRJODOWVJRW MHOHQW GH KD
OHKHWVJHGYDQHJ\YJWEHQKDWUWIRJODONR]QLYHOHDNNRUHJ\
DONDORPLVHOJ
6]J\HQ OHQQH IHODGQL FVDN D]UW PHUW WO HOIRJODOW YDJ\ KRJ\
KDW UW WOWV D UHQGEHWWHOYHO (J\HV VWDWLV]WLNN V]HULQW D]
WODJRV HPEHU QDSRQWD NUOEHOO IO UW WOW NHUHVJOVVHO GH
DNLN QHP D KHO\NUH WHV]LN D GROJRNDW DNU NW UW LV
HOYHV]WHJHWKHWQHN YHOH +D HJ\ HPEHU  QDSRW GROJR]LN HJ\
KQDSEDQDNNRUH]D]WMHOHQWLKRJ\KDYRQWDUWSD]DUROHOD
NHUHVJOVVHO +D H]W D SUREOPW PLQGVV]H KDW UD DODWW PHJ
WXGRGROGDQLDNNRUDEHIHNWHWHWWLGGGUPDLPGRQVD]RQQDO
PHJWUO (J\ RO\DQ DV]WDO DPLUH UP UQ]QL D PXQNG
KDWNRQ\VJWLVQYHOL
 
$NRPRQR
D]DSUVJRNUHQGMH

$PLNRUHOMXWV]RGDKRJ\KROWUROGDGROJDLGDWDNRPRQRDYHJ\HV
DSUVJRN FVRSRUWMD D OHJSUREOPVDEE NDWHJULD PLYHO UHQJHWHJ
DOFVRSRUWMD YDQ ,URGDV]HUHN HOHNWURPRV YH]HWNHN
NR]PHWLNXPRN NRQ\KDL KROPLN WHOHN WDNDUWV]HUHN
PRVV]HUHN H] QPDJEDQ LV HOJ KRJ\ EHOHV]GOM KD
EHOHJRQGROV]9DODKDQLVNV]NGWHPKRJ\KROWDUWVDPDYHJ\HV
GROJRNDW0UDJRQGRODWWOLVNLYHUWDY]VDKRJ\D]VV]HVWUJ\
RWW IHNGW HOWWHP V PU D]RQ YROWDP KRJ\ IHODGRP
/HJV]YHVHEEHQ EHEMWDP YROQD D] J\DPED V D]W NYQWDP
EUFVDNDNLVPDQNPLQGHQWHOSDNROQQDNPJQDOV]RP0LNRU
IHOEUHGWHP V]HPEH NHOOHWW Q]QHP D V]UQ\ LJD]VJJDO KRJ\
VHPPLVHPWUWQW1HPLVWXGRPKQ\V]RUDGWDPIHODUHPQ\W
DKRJ\DSROFRNHOWWOOWDP'HQHDJJGM
$KKR] KRJ\ J\RUV V KDWNRQ\ OHJ\HQ D NRPRQR UHQGEHWWHOH
LVPHUQHG NHOO D NDWHJULNDW +D PHJKDWUR]WDG D]RNDW DPLN D WH
RWWKRQRGEDQ MHOHQ YDQQDN DNNRU DONDOPD]G PLQGHJ\LNQO H]W D
KURPOSVHVPGV]HUW

$NDWHJULEDWDUWR]KROPLNDWKRUGGHJ\KHO\UH
9ORJDVGNLDV]PRGUDNHGYHVHNHW
7UROGFVRSRUWRQNQW
 
/HKHWQHNRO\DQNRPRQRNDWHJULNDPLQDFVDOGRGPVWDJMDLYDO
RV]WR]ROGHD]DNYHWHQGHOMUVKRJ\D]]DONH]GGDPLNL]UODJ
FVDN D WLG +D HJ\HGO OV] D]]DO D FVRSRUWWDO NH]GKHWHG
DPHO\LNNHODNDURG
+D RO\DQ NRPRQR DNDG D NH]HGEH DPL WEE PU QHP RNR]
UPHW GH PJ KDV]QRV PDJDV]WDOG D] HJHNLJ *RQGROG YJLJ
KRJ\DQ NQQ\WL PHJ D] OHWHGHW PLO\HQ FVRGV D NLQ]HWH V
PHQQ\L IDQWDV]WLNXV IXQNFLMD YDQ V PRQGG HO QHNL PHQQ\LUH
NLYWHOHV0LQGHN]EHQODVVDQNQWKOVQDNNH]GHGUH]QLPDJDG
DPLUW VHJW QHNHG V IHOLVPHUHG KRJ\DQ WPRJDWMD D] OHWHGHW
7EE PU QHPFVDN RO\DQ YDODPL DPLW HJ\V]HUHQ NQ\HOPHV
ELUWRNROQLKDQHPIRNR]DWRVDQD]WU]HGKRJ\UPPHOWOWHOKD
UQ]HO +D QHP WDOOV] VHPPLW DPLW GLFVUKHWQO YDJ\
WHUPV]HWHOOHQHVQHN U]HG KRJ\ HJ\ WUJ\DW PDJDV]WDOV] DNNRU
KDOOJDVVDV]YHGUH
$ NRPRQR UHQGH]VH KLKHWHWOHQ OHKHWVJ KRJ\ ILQRPWVG D]
U]NHQ\VJHGHW D] UP IHOLVPHUVUH $ WXODMGRQRGEDQ OY
KROPLN RO\DQ PUWNEHQ VHJWLN D PLQGHQQDSMDLGDW KRJ\
PHJUGHPOLNKRJ\KOYDOVKHO\HVHQEQMYHON

&'NV'9'N

%U D NRPRQR NDWHJULN UHQGH]VQHN VRUUHQGMH WOHG IJJ D

OHJWEEHQD&'NV'9'NFVRSRUWMYDONH]GLN(]HNQOYLV]RQ\ODJ
NQQ\ NLYODV]WDQL PHO\LNHW NHGYHOHG PHUW PLQW
LQIRUPFLIRUUVRN D &'N V '9'N D NQ\YHNKH] V SDSURNKR]
KDVRQODN 6]RNV V]HULQW J\MWVG HJ\ KHO\UH NHW YHGG N]EH
HJ\HVYHOVFVDND]RNDWWDUWVGPHJDPLNHWLJD]QV]HUHWV]+DYDQ
RO\DQ N]WN DPLWO PHJYOQO PLXWQ IHOWOWWWHG YDJ\
LQVWDOOOWDGDV]PWJSHGUHWHGGD]HOLQW]HQGNGRER]EDDPLW
D SDSUION UHQGH]VHNRU KR]WO OWUH +D V]HUHWHG D ERUWNDW V
PUD]LVEROGRJJWHV]KRJ\DWLHLGWDUWVGPHJJ\DKRJ\YDQQDN
$ NH]HGEH NHUOKHWQHN RO\DQ &'N DPLNHW D EDUWRNWO YDJ\
V]HUHOPHLGWO NDSWO GH KD PU FVDN D]RNUD D] LGNUH
HPONH]WHWQHN DPLNRU LO\HQ ]HQW KDOOJDWWO HOHYHQWVG IHO D V]S
HPONHNHW PDMG YOM PHJ NV]QHWWHO D &'WO V YHGG N]EH D
NYHWNH]W %UPL LV OHJ\HQ QH OOM OH ]HQW KDOOJDWQL YDJ\ '9'W
Q]QL

UV]HUHNSDSUUXN

$] UV]HUHNHW HV]N]NUH SDSUUDO NDSFVRODWRV IHOV]HUHOVHNUH V

OHYOUHV]N]NUHOHKHWIHORV]WDQL

(V]N]N

.H]GMN D] HV]N]NNHO ,GH D]RN D WUJ\DN WDUWR]QDN DPLN QHP

IRJ\QDN HO LGYHO SOGXO D WROODN D] ROON D W]JSHN V D
YRQDO]N +D HJ\ WROODW HJ\ LGHLJ QHP KDV]QOV] HOOHQUL]QL NHOO
KRJ\ UH PJ ,WW D] LGHMH KRJ\ PHJYOM D]RNWO DPLNHW QHP
V]HUHWV]DSURPFLVDMQGNWROODNNDOHJ\HWHPEHQ

(] HJ\ YOWR]DWRV FVRSRUW VRNIDMWD HV]N]]HO DPLN VRNIOH

DQ\DJEO NV]OWHN 2V]G V]W MO HOKDWUROW PHJIHOHO PUHW NLV
UHNHV]HNEH V OOWYD WUROG NHW $ SLFL WUJ\DN PLQW SOGXO D
W]JSNDSFVRN D UDGURN V D FHUX]DEHWWHN MREEDQ U]LN
PDJXNDW KD NLVHEE J\UWDUWKR] KDVRQO GRER]RNEDQ WDUWRG
NHW
3DSUIONNHONDSFVRODWRVHV]N]N

(EEHDFVRSRUWEDWDUWR]QDNDSDSUEONV]OWWHUPNHNDQRWHV]HN
DMHJ\]HWWPEND3RVWLWWPENGRVV]LNDSDSURNWUROLPLQW
SOGXODPDQ\DJERUWNVD]LUDWJ\MWN
7XFDWQ\L QRWHV]HG YDQ DPLQHN D IHOH PJ UHV" $PLNRU D]
HPEHUHN M GRORJED IRJQDN WHUPV]HWHV KRJ\ M QRWHV]W DNDUQDN
Q\LWQL6]DEDGXOMPHJPLQGHJ\LNWODPLPUEHWOWWWHDV]HUHSW
NLYYHKDQDJ\RQNHGYHOHG
1HIHOHMWVGHOUHQGEHWHQQLD]WOWV]PDQ\DJGRVV]LNDW(]HND
OHJNQQ\HEEHQ IHOKDOPR]G KROPLN V D UHNRUGRW D] D
WDQWYQ\RP WDUWMD DNLQHN  GDUDE YROW D ELUWRNEDQ 9JO D
FJQHNDMQGNR]WDNHW

%HYOW J\DNRUODW KRJ\ D SDSURNNDO NDSFVRODWRV LURGDV]HUHNHW D]

LUDWRNVDSDSURNPHOOHWWWUROMXNPHUWYJOLVD]RQRVDQ\DJEO
NV]OWHN $ NLV PUHW GROJRNDW D MHJ\]HWWPENHW V D 3RVWLW
WPENHW OOWYD WUROG HJ\ NLV GRER]NEDQ DPLW D]WQ D SROFUD
WHKHWV]KRJ\UHQGH]HWWHEEHQQ]]HQNL
$OHYHOH]VHV]N]HL

$] HOQHYH]V LV VXJDOOMD KRJ\ PLN WDUWR]QDN HEEH D NDWHJULED

OHYOSDSURN ERUWNRN NSHVODSRN V KDVRQON 0LQGHQ
OHYOUVKR] NDSFVROG HJ\E GROJRW H]]HO HJ\WW UHQGH]KHWV] HO
SOGXODEO\HJHNHWVDFPNNHWLV
9DODKD DUUD WUHNHGWHP KRJ\ M OHYOU OHJ\HN DNL D]RQQDO
WNOHWHV NV]QNUW\NDW U 5HQJHWHJ OHYOSDSUNV]OHWHW
KDOPR]WDP IHO GH YDODKRJ\ PLQGLJ HOPXODV]WRWWDP D OHKHWVJHW
KRJ\ HONOGMHP D OHYHOHW V YJO HPDLOEHQ UWDP PHJ D
NV]QHWHW +D D OHYOSDSUNV]OHWHG QHP WOW HO UPPHO QHP LV
IRJ PRWLYOQL D OHYOUVUD $ I V]DEO\ D] KRJ\ FVDN D]W D
OHYOSDSUNV]OHWHW WDUWVG PHJ DPL OHYOUVUD LQVSLUO W NHOO
YORJDWQRG D NSHVODSRNDW LV DPLNHW D SLOODQDW KDWVD DODWW
YVUROWO D] XWD]VDLG VRUQ V PRVW D]RQ FVRGONR]RO PL D
FVXGUW YHWWHG PHJ HJ\OWDOQ H]HNHW +D HOPOW D YDU]VXN
NV]QG PHJ QHNLN D] HPONHW V YOM PHJ WON GH WDUWVG PHJ
D]RNDWDPLNQDJ\RQWHWV]HQHNPJKDQHPLVNOGGHOVRKDNHW
(OHNWURPRVNW\NNRPRQR

(]DNDWHJULDDGLJLWOLVIQ\NSH]JSHNHWDKRUGR]KDWMWNRNDW
V V]PWJSHNHW IRJODOMD PDJEDQ +D PRQGMXN D IQ\NSH]V D
KREELG V QDJ\ PHQQ\LVJ IQ\NSH]JSDONDWUV]HG YDQ
NOQOONDWHJULWKR]KDWV]OWUHH]HNQHNVQHNLOWKDWV]NVEE
LVDNLYORJDWVXNQDN
6RNDQ KDMODPRVDQ UJL PRELOWHOHIRQRNDW PHJUL]QL (J\LN
WDQWYQ\RPQDN WL]HQKW YROW EHOON +D U]HOPLOHJ NWGV] D
WHOHIRQMDLGKR] DPL PHJQHKH]WL KRJ\ PHJYOM WON WHGG IOUH
NHW PJ HOMXWV] D] U]HOPLOHJ IRQWRV WUJ\DN NLYORJDWVLJ +D
PHJ DNDURG WDUWDQL D IRWLGDW YDODPHO\LNUO WHGG D] HOLQW]HQGN
GRER]EDVQHIHOHGNH]]HONVEEIRJODONR]QLDNSHNNHO$PLNRU
PHJYOV] D WHOHIRQRNWO V V]PWJSHNWO LJQ\EH YHKHWHG D]
HOHNWURPRVHV]N]NHWUXVW]OHWHNJ\MWV]ROJOWDWVWYDJ\D]
HOHNWURPRVHV]N]NHWMUDKDV]QRVWV]HUYH]HWHNHW

(OHNWURPRVYH]HWNHN

$ YH]HWNHN WLSLNXV HOHNWURPRV NRPRQR WUJ\DN V J\DNUDQ

VV]HJXEDQFROGQDN 9DQQDN V]DQDV]W KHYHU IHOHVOHJHV WOWLG"
VPLYDQD]RNNDODIOKDOOJDWNNDODPLNPUQHPLVWXGRGPLKH]
WDUWR]QDN"7Q\OHJV]NVJHGYDQUMXN"
 0LQGHQ YH]HWNHW YHJ\O NL D WDVDNMEO DPLEHQ HGGLJ WUROWDG
ERJR]GV]WDJXEDQFRWVYHGGHJ\HQNQWN]EHD]UPWHV]WKH]
.]EHQEL]WRVDQUIRJV]MQQLKRJ\YDQQDNRO\DQRNDPLNHWQHP
WXGV] EHD]RQRVWDQL (]HNHW QH WHGG IOUH RWW KHO\EHQ GQWV UOXN
0LXWQ UHQGEH WHWWHG D] HOHNWURPRV NLHJV]WNHW OQ\HJHVHQ
HJ\V]HUEE OHV] VV]HSURVWDQL D KR]] WDUWR] HV]N]]HO
%UPLO\HQ HJ\E YH]HWNHW DPL PHJPDUDG EQWXGDW QONO GREM
NL

0HPULDNUW\NVHOHPHN

$PLNRUD]WDPHJKDWUR]VWKDV]QORPKRJ\HOHNWURPRVD]RNUD
D GROJRNUD JRQGRORN DPLN PLQWKD HOHNWURPRV V]DJRW
UDV]WDQQDN  $] HOHNWURPRV HV]N]N NUO YDODPLIOH V]UV
FVSV V]DJ WHUMHQJ J\KRJ\ H] YH]HVVHQ DPLNRU D PDUDGN
HOHNWURPRVHV]N]HLGHWNHUHVHGHO
$ PHPULDNUW\N D] 86%N D] UHV '9' OHPH]HN D
Q\RPWDWSDWURQRNVD]HOHPHNPHOOHWWEUPLO\HQPVHOHNWURPRV
HJV]VJJ\L YDJ\ NR]PHWLNDL HV]N]W LGH HEEH D NDWHJULED
VRUROKDWV]$PLNRURO\DQRWWKRQRNEDQMURNDKROUHQJHWHJYH]HWN
WHNHUHJ D NRQQHNWRURNEO YDJ\ WHPUGHN HOHNWURPRV HV]N] YDQ
PUDEHMUDWQOYDODPLIOHHOHNWURPRVWOWWWVJHWU]HN7DOQH]
D] U]V WVXJU]LN D WHVWQNEH LV PHUW DPLNRU H]HN D KROPLN
WHOMHVHQ UHQGEHQ YDQQDN  PLQ PHJOHSHWV  IL]LNDL
PHJNQQ\HEEOVVHOMU

%USROV]HUHNVNR]PHWLNXPRN

$]DUFSROV]HUHNYL]HVDODSDNH]UWDIULVVHVVJH]HNQOQDJ\RQ
OQ\HJHV$EUGGHOYDOWUGVOYH]HWQHNWLWNDKRJ\KDV]QOG
IHOH]HNHWPJDOHMUDWXNHOWW+DNR]PHWLNDLPLQWNDWWDUWRJDWV]
KRJ\ PDMG MN OHV]QHN D] XWD]VDLGQO YODV]ROM V]LQWQ KRJ\
YLWWOHYDODKDPDJDGGDOHJ\HWLVN]ON+DDPLQWDD]RQRVD]]DOD
NR]PHWLNXPPDO DPLW HJ\ENQW LV KDV]QOV] DNNRU D] HJ\LN
PHJROGV D] OHKHW KD IHOERQWRG H]HNHW V KR]]QWG D
KDV]QODWEDQOYK]
+DRO\DQDUFSROGYDQDPLWQHPKDV]QOV]GHPJVHPDNDUV]
PHJYOQLWOHQHWHGGIOUHLQNEENHQGEVJHVHQDWHVWHGUH
$ EUSRO V]HUHNQHN DODNWV NL OODQG KHO\HW D PRVGNDJ\O
N]HOEHQ KRJ\ N]QO OHJ\HQHN +D FVDN SU WHUPN YDQ WDUWVG
HJ\WWH]HNHWHJ\KHO\HQ
 $ NLV PUHW NR]PHWLNXPRNDW SOGXO D WHUPNPLQWNDW D
V]HPUQFNUPHNHW V KDVRQONDW HJ\ NLV GRER]NEDQ WUROKDWRG
+D QLQFV HOJ KHO\HG NHUHVV HJ\ NLV VDUNRW H]HNQHN D
V]HNUQ\HGEHQYDJ\HJ\SROFRQDKRODNRPRQRWUJ\DNDSUVJRN
YDQQDN +D WO VRN YDQ EHOON DKKR] KRJ\ HJ\ KHO\HQ WDUWVG
IHORV]WKDWRGQDSLV]LQWHQVULWNEEDQKDV]QODWRVGROJRNUD

6PLQNHN

7DUWVG V]EHQ KRJ\ D EUSRO V]HUHNHW V D VPLQNHNHW PLQGLJ

HJ\PVWO HONOQWYH WUROG 6RNDQ PVNSS JRQGROMN GH D
EUSRO WHUPNHN QHP VPLQNHN 9OHPQ\HP V]HULQW D NW
FVRSRUW D WHUPV]HWNEHQ NOQE]LN $ EUSRO V]HUHN V D
NUPHN QHGYHVHN V YL]HVHN PJ VRN VPLQN WHUPN SOGXO D
SGHUHN V D IQ\HV HFVHWHN WDV]WMN D YL]HW $ EUSRO
NR]PHWLNXPRN QHGYHVVJWDUWDOPD YHV]O\H]WHWKHWL PV WHUPNHN
PLQVJW(J\HWOHQFVHSSWHVWSROSOGXOWQNUHWHKHWLDSLURVWW
(]UW LV UGHPHV D EUSRO V]HUHNHW V D VPLQNHNHW HONOQWYH
WUROQL 6RN HVHWEHQ V]NVJHV OHKHW XJ\DQDEEDQ D ILNEDQ WDUWDQL
NHW GH EL]WRQVJRVDEE KD D EUSRO WHUPNHNHW YLOJRVDQ
HONOQWHGD]]DOKRJ\DVDMWGRER]XNEDQWDUWRG+DNLYHV]HGJ\
GRER]RVWOPVKHO\UHYLKHWHGKRJ\RWWKDV]QOG
$]RNDW D WHUPNHNHW DPLN PLQGNW NDWHJULED
EHOHWDUWR]KDWQDN SOGXO D IRO\NRQ\ DODSR]N DPLN HJ\WWDO
EUSRO V]HUQHN LV PLQVOQHN EUPHO\LN FVRSRUWED VRUROKDWRG
PLQWDKRJ\DKDMSROWHUPNHNHWLV

$ SDUIPNHW OHJMREE KD Q\LWRWW WURONED WHV]HG DKRJ\ D

NLHJV]WNHWYDJ\DVPLQNHNN]HOEHQLVWDUWKDWRG
$PLNRU D VPLQNHNHW WHV]HG UHQGEH OHJ\O QDJ\RQ V]LJRU KRJ\
PLW WDUWDV] PHJ EHOON ,WW D] LGHMH KRJ\ EFVW PRQGM PLQGHQ
OHMUW NR]PHWLNXPQDN V D]RNQDN DPLN PU QHP D] ]OVHGQHN
PHJIHOHON
$ NR]PHWLNXPRN J\Q\UNGWHWHN KD M KHO\HQ YDQQDN
8J\DQD]W D PHJN]HOWVW KDV]QORP D VPLQNHNQO PLQW D
NLHJV]WNQOHJ\GRER]EDQWDUWRPNHWDILNEDQYDJ\DVPLQNHV
GRER]EDQ YDJ\ D SLSHUHWVNEDQ +D YDQ OW]DV]WDONG D
NR]PHWLNXPDLGQDN RWW D KHO\N (J\ LO\HQ DV]WDOND QDJ\ HOQ\
$ WDQWYQ\DLP NHYHVHEE PLQW  V]]DONQDN YDQ LO\HQ
DV]WDONMD V PLQGVV]H HJJ\HO WDOONR]WDP DNL NL WXGWD KR]QL
EHOOHDPD[LPOLVV]SVJWOWDOEDQSRQWD]HOOHQNH]MHLJD]
 9HJ\N SOGXO 0W $PLNRU HOV]U OSWHP EH D V]REMED D
NHVNHQ\ ID OW]DV]WDOD DQQ\LUD NDRWLNXVQDN WQW KRJ\ EHOHWHOW
HJ\ SHUFEH PLUH IHOLVPHUWHP PL D] 6PLQNHV NHOONHN KHYHUWHN
V]DQDV]WDWHWHMQHJ\YHJIRO\NRQ\DODSR]DPLQHND]ROGDOQ
E]VIRO\DGNIRO\WOHIHOSGHUNRPSDNWWUWWWHWYHOSLURVWNV
V]HPIHVWNHNDPLNQHNDWHWHMHQ\LWYDWWRQJRWW
.OQIOH HFVHWHN QDJ\ VV]HYLVV]DVJEDQ V]WV]UYD
$ NUPUHV]HON V D U]VRN J\ OOWDN NL D ODSRV ILNEO PLQW D
V]HJHN V PHJDNDGO\R]WN D ILN EHFVXNVW  $] HJV]HQ ILQRP
SRUOWPLQWKDDWDQWYQ\RPSRUFXNRUUDOKLQWHWWHYROQDEH6RNNDO
LQNEE HPONH]WHWHWW HJ\ HOKDJ\DWRWW K]UD PLQW HJ\
OW]DV]WDONUD
$]WJRQGROKDWQGKRJ\DNLQHNLO\HQDV]WDONMDYDQD]WV]HUHWQ
KD V]SHQ Q]QH NL 0JLV VRNV]RU D WDQWYQ\DLP LQNEE D
NR]PHWLNXPDLN SDUNROKHO\Y YOWR]WDWWN 1HNHP QLQFV VRN
NR]PHWLNXPRP V WHOMHVHQ DPDWU YDJ\RN DPLNRU J\ DODNXO
KRJ\ VPLQNHOQHP NHOO .YQFVL YROWDP KRJ\ YDQH RO\DQ WUROVL
VDMWRVVJ DPL NLPRQGRWWDQ D VPLQNHNUH MHOOHP] (O DNDUWDP
PHQQL HJ\ UXK] LOODWV]HURV]WO\UD KRJ\ NLNUGH]]HP D]
HODGNDW YDJ\ HJ\ EDUWRPDW DNL MUWDVDEE D VPLQNHN WHUOHWQ
DPLNRU6MWWKRJ\DWDQFVRPDWNUMH7NOHWHVYROWD]LG]WV6
SURIL VPLQNHV 7RYEE WDQIRO\DPRNDW LV WDUWRWW D WPEDQ
GROJR]RWW D 3DULV &ROOHFWLRQ FJQO V KUHVVJHN VPLQNHVH LV YROW
0RVWVDMWV]SVJV]DORQMDYDQDKROV]HPO\UHV]DERWWWDQFVDGVW
WDUW
$ NR]PHWLNXPRNDW V D] HV]N]HLW SRQWRVDQ J\ WUROMD DKRJ\
HJ\ SURILWO YUQG $PLNRU IHONHUHVWHP D] RWWKRQEDQ SSHQ
DNNRU DMQGNR]WD HO D] OW]DV]WDOW HJ\ EDUWMQDN V KHO\HWWH
HJ\ HJ\V]HU GRER]EDQ WDUWRWWD D V]SWV]HUHLW HJ\ VV]HKDMWKDW
WNU PHOOHWW $ WDUWDOPW V]DNV]HUHQ DODSR]NUD
V]HPSLOODVSLUORNUD V]HPIHVWNHNUH V WXVRNUD U]VRNUD
V]MIQ\HNUH V SLURVWNUD RV]WRWWD 8J\DQFVDN PLQGHQ HV]N]H
FVRSRUWRVWYDYROW
$KRO FVDN OHKHWHWW D GROJRNDW OOWYD WUROWD V J\ UHQGH]WH HO
KRJ\HJ\EOOWQLOHKHWHWWPLQGHQGDUDERW
 0LQGHQW FVRSRUWRNUD RV]WRWWDP $] HOV FVRSRUWED D]RNDW D
GROJRNDW VRUROWDP DPLNHW PLQGHQQDS KDV]QORN D PVRGLNED
D]RNDW DPLNHW D NH]HP J\EHQ WDUWRN KRJ\ YOWR]DWRVDEE
WHKHVVHPDVPLQNHP$]HOVEHQPLQGHQRO\DQRWWYDQDPLYHOD]
DODSVPLQNHPHWHONV]WHP(]HNHWHJ\VPLQNWVNEDQWDUWRPDPLW
PLQGHQKRY PDJDPPDO YLV]HN KRJ\ KD V]NVJHV IHO WXGMDP
IULVVWHQLDVPLQNHPPHVOWH+DDVPLQNHGHONV]WVHWOVRN
PXQNYDO MU YJH D MWV]PQDN $] DODSV]DEO\ D VPLQNHN
WUROVUDKRJ\NV]EOGNLDIHOHVOHJHVOSVHNHW
(J\ QYMHJ\NUW\DWDUWEDQ IOWLV]WW SOFLNNDW LV WDUWRWW V D
V]HPKMIHVWNHNHW NLYHWWH D] HUHGHWL FVRPDJROVXNEO KRJ\
VV]HOOWVDDVDMWSDOHWWMW
 $ SLV]NRV SLSHUHWRNRN FVRPDJROVRN QDJ\RQ OHKDQJRODN
0LQGHQ GDUDERW DPL SRUW SGHUW WDUWDOPD] UHQGV]HUHVHQ W NHOO
WUOQLKRJ\WLV]WDPDUDGMRQ+DQHPJ\WHV]HODV]SVJWRYDLOODQ
 +RJ\ PHGGLJ KDV]QOKDWRG D NR]PHWLNXPDLGDW" $ SGHUHNHW
IHOERQWVXWQNWKURPYLJ$U]VRNDWHJ\YXWQNLGREKDWRG
PLNRU RODMRVV NH]G YOQL D V]DJXN $ IRO\NRQ\ DODSR]N DPLN
LQNEEEUSROQDNPLQVOQHNV]LQWQFVDNHJ\YLJMN
$ V]DNUW V]HPV]JEO Q]YH D NR]PHWLNXPRN OHWWDUWDPD
VRNNDO UYLGHEE PLQW YUWDP $ PXQNP VRUQ DPLNNHO
WDOONR]WDPQDJ\RQVRNWYHVYDJ\DQQOUJHEELWHUPNYROW
1LQFVRO\DQV]DEO\DPLNLPRQGMDKRJ\VPLQNHOQLNHOOPDJDG
XJ\HEU" (] D]W MHOHQWL KD DNDURG DNNRU PRWLYOQRG NHOO PDJDG
9DJ\LVPHJULEHV]HUH]QLSUGDUDERWKRJ\QYHOGDPRWLYFLGDW
$] UPWQ\H] NOQVHQ IRQWRV PLQGHQ NR]PHWLNXPPDO
NDSFVRODWRVGRORJEDQ
9JO LV D VPLQNHOV UV]H DQQDN D V]HUWDUWVQDN DPLYHO
IHONV]WHG PDJDG D] HOWWHG OO QDSUD +D QHP U]HO UPHW D
UHJJHOLNV]OGVHGVRUQRO\DQOHV]DQDSRGLV
6 J\RUVDQ WYOWR]WDWWD D WUROVL SUDNWLNNNDO IRJODONR]
OHFNPHWVPLQNHVUUDVH]]HONWUWNHVWDSDV]WDODWRWQ\HUWHP
$]HOVD]YROWKRJ\QDJ\RQHJ\V]HUHQNHOOPHJROGDQLDVPLQNHN
WUROVW0JSHGLJD]UWPHUWHEEHQDNDWHJULEDQWOVRNGRORJ
YDQH]UWOQ\HJHVKRJ\D]RQQDOOVVXNPLKROWDOOKDW$OHJMREE
PGMDKDHONOQWYHWUROMXND]HJ\HVGDUDERNDWDKRJ\6LVWHWWH
(KKH] HOHQJHGKHWHWOHQO V]NVJHVHN D NOQOO UHNHV]HN J\
PHJROGV OHKHW D SURIL VPLQNHVHN PLQWMUD GRER]W KDV]QOQXQN
DPLEHQDSUUHNHV]HNYDQQDNYDJ\PHJIHOHOUHVGRER]WWUROW
NHUHVQL
/HKHW KRJ\ KR]]P KDVRQODQ QHP VRN NR]PHWLNXPRG YDQ V
J\IHOHVOHJHVDVRNUHNHV](]HVHWEHQDOHJHJ\V]HUEEPHJROGVKD
DV]HULQWRV]WRGV]WDVPLQNHNHWVD]HV]N]NHWKRJ\PLD]DPL
OOWKDWVPLQHP.HUHVVHJ\WUROWD]VV]HVOOWKDWHV]N]QHN
(] OHKHW HJ\ KHQJHUHV NRQ]HUYGRER] YHJSRKU YDJ\ EUPL DPL
PHJIHOHODFOQDN7UROGEHQQHDV]HPSLOODVSLUOWDV]HPKMWXVWD
NHINHWVDKDVRQOSOFLNDV]HUGROJRNDW$WEELKROPLWWDUWKDWRG
HJ\WWHJ\NLVWVNEDQYDJ\GRER]EDQ6WDSGHUNRPSDNWRNDWV
V]HPKMSGHUHNHWWUROKDWRGD]ONUHOOWYDKRJ\WDNDUNRVNRGM
D KHOO\HO 'H KD YDQ HOJ KHO\HG NQQ\HEE WOWQL D V]QHNHW KD
IHNWHWYHWURORGH]HNHWDPLYHOD]UPIDNWRUWLVQYHOKHWHG7HKW
LJD]WVGDVDMW]OVHGKH]DWUROVXNDW
5HOD[FLVWHUPNHN

$] HOPOW QKQ\ YEHQ PHJILJ\HOWHP KRJ\ D] HPEHUHN HJ\UH

WEE DURPDWHUSLV WHUPNHW YVUROQDN SOGXO J\HUW\NDW V
RODMRNDW DPL WDOQ D]W LV MHOHQWL KRJ\ WEE HPEHU YJ\LN D
NLNDSFVROGVUDVNHUHVLDJ\J\XOVW9L]VJOMPHJPLQGHQHJ\HV
WHUPNHW EHOHUWYH D] DNXSXQNWUV V PDVV]]VWHUPNHNHW LV
KRJ\U]HOHUPHWYHONNDSFVRODWEDQ'REGNLDUJLLOORODMRNDW
DPLNQHNPUQLQFVPHJDYRQ]HUHMNJ\WUROGH]HNHWDQ\XJWDW
WHUPNHNHW KRJ\ EL]WRV OHJ\O EHQQH KRJ\ D]RN LV Q\XJRGWDQ
SLKHQQHN -HOHQWVHQ QYHOKHWHG D PHJQ\XJWDW KDWVW KD
WHUPV]HWHV DODSDQ\DJ UDWWDQWUROW YODV]WDV] V HOYODV]WNDW
KDV]QOV]

*\J\V]HUHN

J\ WQKHW KRJ\ D J\J\V]HUHNQHN UNN NHOOHQH WDUWDQLXN GH

QHP H] D KHO\]HW 9DOV]Q QODG LV YDQ D J\J\V]HUHV
V]HNUQ\EHQ QKQ\ DPLQHN UJ OHMUW D V]DYDWRVVJL LGHMH Q
HJ\V]HUHJ\YHJ6HLURJDQWJ\RPRUSDQDV]RNUDV]HGHWWJ\J\V]HU
WDOOWDP DPL WEE PLQW KV]YHV V VRNNRO V]DJ YROW 'REM NL
PLQGHQ RUYRVVJRW DPL PU OHMUW V D]RNDW LV DPLN GWXP
QONOLHNVPUQHPHPONV]HOKRJ\NDSWOHKR]]MXNOHUVW
$OHJJ\DNRULEEWUROVLPHJROGVKDEHOOWRGNHWDJ\J\V]HUHV
V]HNUQ\NEH GH KD FVDN NHYV YDQ EHOON HJ\ NLV WVNEDQ LV
HOIUQHN

UWNWUJ\DN

$ WDQWYQ\RP FVSUH WHWW NH]HNNHO V]HPOOL D NRPRQR WUJ\DNDW

DPLNHOUDV]WMNDV]REMWVJ\VKDMW
 .RQ0DUL WXGRP KRJ\ D]W PRQGWDG KRJ\ D] DQ\DJXN V]HULQW
NHOO WUROQL D KROPLNDW V LJD]Q EH WXGRP D]RQRVWDQL D WH[WLOW D
SDSUW V HOHNWURPRV GROJRNDW GH KRJ\DQ NHOOHQH IHOLVPHUQHP D]
HJ\HEHNHW"
6]DJROGPHJPRQGRPQHNL
.QRVFVHQGWHOHSV]LNN]QNDKRJ\Q]UP
+XQ\GEHDV]HPHGWDQFVRORP
+URP WUJ\DW WDUWRN HJ\HQNQW W] PVRGSHUFLJ D] RUUD DO V
D]WNUGH]HP
0LO\HQV]DJXNYDQ"
  +W KPPP QHP WXGRP PLUW GH YDODKRJ\ SQ]V]DJXN
YDQ
%L]RQ\WDODQQDNKDQJ]LNGHWHOMHVHQLJD]DYDQ$KURPGRORJHJ\
FVHNNNQ\Y HJ\   MHQHV EDQNMHJ\ V HJ\ DMQGNXWDOYQ\
YROW $] UWNWUJ\DN NDWHJULED WDUWR] WUJ\DN PLQGHJ\LNH D
NV]SQ]DKLWHONUW\NVDNXSRQRNYDOMEDQPLQGSQ]9DQ
YDODPL EHQQN DPLWO PLQGQHN XJ\DQD] D MHOOHJ]HWHV VU IPHV
LOODWD YDQ J\ UH]KHWHG W H]W D OHJHJ\V]HUEEHQ KD D] MRQQDQ
YHUWUPNUHJRQGROV]
UGHNHV KRJ\ D] LQIRUPFLNDW KRUGR] GROJRN SOGXO D
NQ\YHN V D] LUDWRN XJ\DQJ\ SDSUEO NV]OQHN PLQW D FVHNN
NQ\Y V D SDSUSQ] P PJ D] HOEELHNQHN NLVV VDYDV LOODWXN
YDQD]XWEELDNQDNSHGLJFVSVHQIDQ\DUPLQWDYDVQDN
$]RQ WQGWHP KRJ\ HQQHN D NOQEVJQHN YDQH HVHWOHJ
NDSFVRODWD D MLQMDQJ V D] W HOHP HOPOHWYHO H]UW XWQDQ]WHP
HJ\ IHQJ VKXL NQ\YEHQ V D]W IHGH]WHP IHO KRJ\ D NQ\YHN D
IDHOHPKH] D SQ] SHGLJ D IPHOHPKH] WDUWR]LN (J\ PVLN
LGHYRQDWNR]DQ\DJEDQD]WROYDVWDPKRJ\D]]U]NHOVWWHNLQWYH
D IW D VDYDQ\NV D SQ]W NHVHUQ\V ]KH] VRUROMN /HKHW KRJ\
H]HN D WXODMGRQVJRN HJ\V]HUHQ NDSFVROKDWN NOQE] IL]LNDL
MHOOHP]NK]PLQWDKDV]QOWWLQWDWSXVDYDJ\DSHQV]V]DJDDPL
D] HJ\PVUD KDOPR]RWW NQ\YHNEO UDG GH PJLV EROGRJJ WHV]
KRJ\DPHJU]VHPVV]KDQJEDQOOWH]]HOD]VLEOFVHVVJJHO
1KQ\DQ QHP LVPHULN IHO D] LOODWRNEDQ D MHOOHJ]HWHV
NOQEVJHNHW J\ DKRJ\ Q GH PLQO NHPQ\HEEHQ GROJR]LN D
WDQWYQ\ D VHOHMWH]VHQ DQQO LQNEE NV] HJ\HWUWHQ EOLQWDQL
$] DXUD DPLW D GROJDLG VXJUR]QDN PHJYOWR]LN DWWO IJJHQ
KRJ\PLO\HQV]HUHSHWWOWHQHNEHD]OHWHGEHQKRJ\DQEQV]YHON
VD]DQ\DJRNMHOOHP]LWODPLNEONV]OWHN
/HKHWKRJ\YDOMEDQHJ\OWDOQQLQFVLOODWXNGHJ\WQLND]Q
V]DJOU]NHP D] DPL U]NHOL D NOQEVJHW $] HPEHUL
U]NHNQHN RO\DQ HUHMN YDQ DPLW QHP OHKHW PLQGLJ ORJLNYDO
PHJPDJ\DU]QL
$]UWNWUJ\DND]DNDWHJULDDKROQHPD]UPIDNWRUKDQHPD
J\DNRUODWLDVVJ D GQW DPLNRU NLYODV]WMXN KRJ\ PLW WDUWVXQN
PHJ 9OM PHJ PLQGHQWO DPL OHMUW V DPLW PJ KDV]QOQL
V]HUHWQOYDJ\OHWWEHKHO\H]QLD]WWHGGD]HOLQW]HQGNGRER]ED
VW]]NLHJ\LGSRQWRWD]HOLQW]VUH

0LYHO H]HN UWNHVHN YDQ EHQQN HJ\ M DGDJ EV]NHVJ H]UW

WLV]WHOHWWHO NHOO WUROQL NHW RO\DQ KHO\HQ PLQW SOGXO HJ\ NRPG
ILNMD YDJ\ HJ\ IDGRER]ND $ NUW\N WUROVUD RO\DQ PUHW
GRER]RN KDV]QODWW MDYDVRORP PLQW D QYMHJ\WDUWN $]RNDW D
NUW\NDW DPLNHW QHP KRUGDV] PDJDGQO PLQW D WDUWDON
KLWHONUW\N RUYRVL NUW\N VWE EHOHWHKHWHG HJ\ NUW\DWDUW
PDQ\DJ ]VHEHLEH GH NQQ\HEE HOYHQQL NHW KD OOWYD WURORG
HJ\ GRER]EDQ DPL VRNNDO KHO\WDNDUNRVDEE PHJROGV $ WUFD
DPLWXWD]VNRUKDV]QOV]DYDOXWNVD]WOHYHOHGV]LQWQHEEHD]
DONDWHJULEDWDUWR]QDN
 $] VV]HV GRORJ N]O DPL HEEH D] DONDWHJULED WDUWR]LN D
SQ]WUFD RO\DQ PLQW HJ\ NLUO\ DNLYHO V]HPEHQ QHP WXGRG
WO]VED YLQQL D WLV]WHOHWHW $] LJD]DW PHJYDOOYD D SQ] D] DPLYHO
WLV]WHOHWWHONHOOEQQLGHDFVXSDV]RQHOOKDJ\RWWSQ]VUONHQ\
+D YHV]HO HJ\ V]]GROOURV EDQNMHJ\HW V OHWHV]HG D] DV]WDOUD
HOYHV]WL D NRUEEL POWVJQDN PLQGHQ Q\RPW (KHO\HWW QDJ\RQ
V]QDOPDVDQ V PHJV]J\HQWHWWHQ Q] NL KRJ\ UL]HWOHQO NDSWN
UDMWD
'H DPLQW EHWHV]HG D WUFGED YLVV]DQ\HUL D EV]NHVJW V
WHNLQWO\WUDV]WPDJEO
$ WUFN D]RQEDQ NQQ\HQ NLPHUOQHN $ SQ]W HOJ GXUYQ
NH]HOMN$SQ]WUFDD]DPLNV]VJHVHQWOHOLDSQ]WD]VV]HV
U]HOPL WHUKYHO +RJ\ WPRJDVG D WUFGDW D J\MW V]HUHSEHQ
NOQWV HO V]PUD HJ\ SLKHQKHO\HW (] QHP MHOHQWL D]W KRJ\
EUPL ERQ\ROXOW GROJRW NHOOHQH WHQQHG 0LQW PLQGHQ PV
WXODMGRQRGQDN HQQHN LV PHJIHOHO RWWKRQW NHOO WDOOQRG +D MO
EQV] D WUFGGDO V KOW U]HO PLQGHQ DONDORPPDO DPLNRU
SQ]W YHV]HO NL EHOOH H] PHJYOWR]WDWMD D SQ]KH] YDO
YLV]RQ\RGDW*\DNRUWDKDOORPDKRJ\DWDQWYQ\RPD]WPRQGMD
 $QQ\LUD KOVQDN U]HP PDJDP PLNRU SQ]W YHV]HN HO D
WUFPEO /HKHWY WHV]L V]PRPUD KRJ\ KURPV]RU HJ\HN HJ\
QDS V RO\DQ GROJRNDW YHJ\HN PHJ DPLN EROGRJJ WHV]QHN (] D
V]RNVWDODNWRWWDD]WDKRJ\DQNOWPDSQ]W

9DUUHV]N]N

+DGG NUGH]]HN WOHG YDODPLW 0LO\HQ J\DNUDQ KDV]QORG D

YDUUNV]OHWHG" 6RNDQ D]W YODV]ROMN KRJ\ D] HOPOW YEHQ DOLJ
YHWWN HO V SUDQ PJ PLQGLJ XJ\DQD]W KDV]QOMN DPLW PJ D
WHFKQLNDUUD YHWWHN 9DQ YDODPL RO\DQ D YDUUNV]OHWHGEHQ
DPLUO WXGRG KRJ\ VRVHP IRJRG KDV]QOQL GH YDODKRJ\
PHJPDUDGW" /HKHW KRJ\ IHOKDOPR]WO M SU J\V]W YDJ\
V]DENUWW HVHWOHJ RO\DQ ILOFGDUDENN YDQQDN EHQQH DPL HJ\
WUJ\EO PDUDGW DPLW UJHEEHQ NV]WHWWO ,WW D] DONDORP KRJ\
IRJODONR]] D]RNNDO D JRPERNNDO LV DPLNHW IHO DNDUWO YDUUQL GH
VRVHPNHUOWUVRU

6]HUV]PRN

$ FVDYDUK]N NDODSFVRN V IUV]HN PHOOHWW HEEH D NDWHJULED

WDUWR]QDN D V]HJHN V D FVDYDURN YDODPLQW D]RN D KDWV]JOHW
FVDYDUNXOFVRN YDJ\ JUJN DPLN D PHJYVUROW EWRUUDO HJ\WW
NHUOWHN KR]]G V D GHV]NN LV DPLNQHN QHP WLV]W]RWW D
IHOKDV]QOVD1]GWKRJ\PLUHYDQV]NVJHGVFVDND]WWDUWVG
PHJDPLIRQWRV
$ V]HUV]PRN WHUPV]HWNQO IRJYD QDJ\RQ QHKH]HN H]UW
QLQFVHQHN UV]OHWHV V]DEO\RN D WUROVXNUD +D VV]HJ\MWWWHG
PLQGHW WDUWVG NHW HJ\ UHV KHO\HQ Q OHFVNNHQWHWWHP D
PLQLPXPUD D V]PXNDW J\ D PDUDGN HOIU HJ\ NLV WVNEDQ D
SROFRQ

+REELDSUVJRN

$NL V]DEDGLGV HOIRJODOWVJRW ] UGHNOL SOGXO D YLUJUHQGH]V D

NDOOLJUILDYDJ\KXODWQFD]J\DNUDQUNDWYHV]EHOOHVH]HNKH]
D] LGWOWVHNKH] WEEQ\LUH VSHFLOLV IHOV]HUHOVUH LV V]NVJH OHV]
+DFVDNHJ\IOHUGHNOGVLNUGYDQSOGXODNDOOLJUILDMHOOMNL
D] HKKH] NDSFVROG HV]N]HLG V]PUD HJ\ WUROKHO\HW 0J KD
WEE PLQGHQQHO LV IRJODONR]RO DNNRU LV NLQHYH]KHWV] HJ\HWOHQ
KHO\HW D KREELGGDO NDSFVRODWRV KROPLNQDN +D RO\DQ
WHYNHQ\VJKH]NWKHWIHOV]HUHOVHGLVYDQDPLWPUQHP]OV
QHP WOW HO UPPHO DNNRU LWW D] LG PHJYOQL H]HNWO 0HJ IRJV]
OHSGQLPHQQ\LYHONQQ\HEEHQU]HGPDMGPDJDG

*\MWHPQ\HN

,GHWDUWR]QDN D ILJXUN D UDMRQJL NOXERN GROJDL HJ\ EL]RQ\RV

WPM WUJ\DN YDJ\ EUPL PV DPLW RN QONO J\MWJHWV]
HJ\V]HUHQ FVDN D]UW PHUW QHP WXGV] QHNLN HOOHQOOQL 9ROW PU
KRJ\ YDODPLW NL VHP ERQWRWWO D FVRPDJROVEO KDQHP
HJ\V]HUHQ EHGXJWDG HJ\ NDUWRQGRER]ED PLQWKD QHP LV UOQO
QHNL"

$ J\MWHPQ\HG UHQGH]VH LGLJQ\HV HOIRJODOWVJ H]UW D

OHJIRQWRVDEE V]DEO\ KRJ\ V]QM HOJ LGW U OGR]] U HJ\ WHOMHV
QDSRW +DV]QOG D V]RNVRV PGV]HUW *\MWV PLQGHQW HJ\ KHO\UH
YHJ\O PLQGHQ HJ\HV GDUDERW N]EH V YL]VJOG PHJ KRJ\ YDMRQ
UPPHOWOWHPJHO(OV]UJ\JRQGROKDWRG
(]WQHPWXGQPNLGREQL
'HKDMUDN]EHYHV]HGEL]WRVKRJ\HJ\QOWEELVOHV]DPLYHO
PUQLQFVWEEGROJRG+DHOGQWWWHGPLWWDUWDV]PHJRV]GV]W
NHW D VDMW PDJDG OWDO NLMHOOW FVRSRUWRNED V OOWVG NL KRJ\
J\Q\UNGKHVVEHQQN
+ROPLNDPLNHWFVDNJ\PHJWDUWRWWO

(EEH D NRPRQR FVRSRUWED D]RN D WUJ\DN NHUOQHN DPLNHW QHP LV

WXGRG PLUW GH PHJWDUWRWWO SOGXO D IPV]MDV NDUUG
IPUV]HL D KDMFVDWRN DPLNHW NLYHWWO D KDMDGEO V PRVW HOO
KHYHUQHN WDUWDON JRPERN UJL WHOHIRQWRNRN V PLQGHQIOH
NXOFVWDUWN 9DOV]QOHJ PDMGQHP PLQGHW NLGREKDWQG $PLW
PHJWDUWDV] D]W WUROG D KDVRQO WHUPV]HW WUJ\DN N]HOEHQ
3OGXODKDMFVDWRNDWDKDMEDYDONLHJV]WNPHOODJRPERNDWD
YDUUIHOV]HUHOV PHOO WHGG +D PU YDQ RWWKRQXN V WUVDVJXN D
WUJ\DNDPLNNRUEEDQODNFPKMQHOYHV]HWWQHNWQWHNPRVWMUD
DUJLIQ\NEHQUDJ\RJQDN

J\QHPN

+DFVDOGEDQOV]YDJ\FVDNHJ\V]HUHQVRNJ\QHPGYDQNH]HOG
H]HNHW J\ PLQW NRPRQR FVRSRUWRW $] UPWHV]WQO QH FVDN
PHJULQWVGKDQHPV]DJROGLVPHJ$]RND]J\QHPNDPLNHWQHP
KDV]QOQDN WO J\DNUDQ KDMODPRVDN HONSHV]W PUWNEHQ
WHOHV]YQL PDJXNDW V]DJRNNDO %UPL LV WUWQMN VRKD QH KDJ\G D
OHSHGNHW YDJ\ SUQDKX]DWRNDW D] HUHGHWL ERQWDWODQ
FVRPDJROVXNEDQ PHUW D PDQ\DJ FVRPDJROV D SUW PDJED
]UMD(OVHPWXGRPPRQGDQLKQ\OHSHGWOWWDPDSO\DIXWVRP
VRUQ DPL D]UW SHQV]HGHWW EH PHUW QHP YHWWN NL D
FVRPDJROVEO +D YDQ LO\HQHG DUUD EL]WDWODN YHGG NL PRVW D
WDVDNMEO V NH]GG HO KDV]QOQL KRJ\ PHJHO]G D] LO\HVIDMWD
WUDJGLW
1HFVDNDWDNDUNDWVSUQNDWKDQHPDGV]SUQNDWLVQ]GW
DPLNRUD]J\QHPNNHOIRJODONR]RO'REGHOD]RNDWDPLNPUQHP
WOWHQHNHOUPPHOPHUWPHJYLVHOWHNVV]DNDGWDNOHWWHNVD]WLV
DPLW PU HJ\ YH QHP KDV]QOWO $PLNRU WQ]WHG D VDMW
J\QHPLGHWWUMWDYHQGJJ\QHPNUHLV$KDJ\RPQ\RVMDSQ
RWWKRQRNEDQ D WHOMHV J\QHPJDUQLWUW DPL IXWRQPDWUDFEO
OHSHGNEOWDNDUNEOVJ\WDNDUNEOOODJDUGUEEDQWUROMN
$ YHQGJJ\QHPNHW QHP KDV]QOMN WO J\DNUDQ V PLYHO
-DSQEDQSUVD]LGMUVDWDQWYQ\DLPJ\DNRUWDV]HPEHVOQHN
D]]DOKRJ\SHQV]HVOHWWDYHQGJJ\QHPMN

7UON]N

(J\ V]HNUQ\ D IUGV]REEDQ YDJ\ D N]YHWOHQ N]HOEHQ D

OHJOWDOQRVDEE KHO\H D WUON]NQHN GH KD QLQFV HOJ KHO\HG
SUEOG PHJ HJ\ ILNEDQ WDUWDQL NHW D JDUGUEEDQ 0J D]RNDW D
WUON]NHW DPLNHW URQJ\NQW DNDUV] KDV]QOQL V PDMG NLGREQL
D]RNDWLVKDMWRJDWYDVOOWYDWUROGQH]DFVNNEDJ\PV]OYH(]
OHKHWY WHV]L KRJ\ OVG PHQQ\L YDQ EHOON V HONHUOKHWHG D
IHOKDOPR]GVW

3OVVMWNRN

$ OHJJ\DNRULEE U]HOPLOHJ IRQWRV WUJ\DN N] WDUWR]QDN D

SOVVMWNRNVPLQGHQEL]RQQ\DOH]HNWODOHJQHKH]HEEPHJYOQL
7LQG]VHUNQW DPLNRU DQQ\LUD PHJV]OORWWMD YROWDP D
UHQGUDNVQDN KRJ\ V]LQWH HJ\ YLUWXOLV NLGREJSS YOWDP QHP
WXGWDP UYHQQL PDJDP KRJ\ PHJYOMDN HJ\ EL]RQ\RV SOVVWO
.RURFKDQWO HJ\ EDUQD FVDXFVDX NXW\XVWO DPLW NLVNRURPEDQ
NDSWDPVDNNRUDYROWPLQWQ0LQGLJLVV]HUHWWHPYROQDNXW\W
V J\ EQWDP YHOH PLQW HJ\ LJD]L NHGYHQFFHO YHJJRO\NNDO WHOL
WONEO HWHWWHP D JRO\NDW NXW\DHOHGHOQHN QHYH]WHP $PLNRU
OWDOQRV LVNROV OHWWHP V]HUHWWHP UDMWD OGJOQL V HOPHVOWHP
QHNL D] HJV] QDSRPDW 'H DKRJ\ WHOW D] LG HJ\UH NHYHVHEEHW V
NHYHVHEEHW MWV]RWWDP YHOH PJ YJO D WY PHOO V]P]WHP V
V]LQWHVRVHPQ\OWDPUWH
1DJ\MEO HJ\ Y POYD IRO\WRQ QWKV OHWWHP PLNRU RWWKRQ
YROWDP 0LNRU GROJR]RP IRO\WRQ V]OO D SRU NUOWWHP GH VRVHP
]DYDUW $NNRU YDODKRJ\DQ DOOHUJLV OHWWHP D] OODWV]UUH $PLNRU
OODWV]UUHOWDOONR]WDPD]RQQDOYLV]NHWQLNH]GHWWD]RUURP2WWKRQ
FVDNJXSSLNDWWDUWRWWXQN0LRNR]KDWMDQODPH]WD]RUUIRO\VW"
/HKHWKRJ\.RURFKDQPRQGWDD]DQ\P
$NNRU UQ]WHP D SOVVNXW\PUD V OWWDP KRJ\ FVXSD SRU
$ WHVWQHN D VO\WO D PHOOV OEDL V]WFVV]WDN V D IHMH OHUW D
IOGUHVULVLSRUIRJOHWWEHOOH
 J\ JRQGROMXN KRJ\ PHJ NHOOHQH YOQL WOH 5HQJHWHJ PV
SOVVMWNRGYDQPRQGWNDV]OHLPGHQQHPHQJHGWHPKRJ\
HOYLJ\N
.LSRUV]Y]WDPNLWHWWHPDQDSUDGHJ\WQWVHPPLVHPVHJW
$] RUURP WRYEEUD LV IRO\W V YJO QHP YROW PV YODV]WVRP
PLQW HOHQJHGQL $SPPDO HJ\WW EHWHWWN HJ\ PDQ\DJ ]DFVNED
OOWXQNHOWWHVV]HWHWWNDNH]HLQNHWVPHJKDMROWXQN
.V]QQNPLQGHQWPRQGWXNVNLYLWWNDV]HPHWHVEH
(J\ SHUFLJ WDUWRWW FVDN D] HJV] GH HNNRU YROWDN HOV]U
OHWHPEHQHQQ\LUHYHJ\HVU]VHLPKRJ\NLGRERNYDODPLW
0LQGLJNV]QHWHWPRQGRNDWUJ\DNQDNPLHOWWPHJYORNWON
V J\ EQRN YHON PLQW D SOVVOODWRNNDO DPLNQHN OHONN YDQ
NOQOHJHV WLV]WHOHWWHO PLQWKD WHPHWL EFVV]HUWDUWVW WDUWDQN
$]UW RO\DQ QHK] NLGREQL D SOVVMWNRNDW V EDENDW
PHUW RO\DQRN PLQWKD OQQHN 6]HULQWHP D V]HPN PLDWW YDQ
RO\DQPLQWKDNYHWQQHNYHON1HPLVWXGRPPHJPRQGDQLKQ\
DONDORPPDOKDOORWWDPDWDQWYQ\DLPWO
 $] VV]HV SOVVMWNRPDW EHWHWWHP D ]DFVNED GH D V]HPHLN
PLQWKDNQ\UJWHNYROQDKR]]PVYJOMUDNLNHOOHWWYHQQHP
NHW
1HPFVRGD0JPRVWLVHPONV]HP.RURFKDQHVHGH]V]HPHLUH
DKRJ\ HQJHP Q]HWW D ]DFVNEO $] HQHUJLD D V]HPHNEHQ ODNR]LN
H]UW LV M OHWDNDUQL KD YDODPLW NLGREXQN +D D V]HPHLN WDNDUYD
YDQQDN D SOVVMWNRN V EDEN LQNEE WUJ\DNQDN OWV]DQDN V
NQQ\HEEOHV]PHJYOQLWON
$ OHJHJ\V]HUEE PHJROGV KD HJ\ WH[WLOGDUDENW YDJ\ SDSUW
ERUWXQND]DUFXNUD$]HJ\LNWDQWYQ\RPQDNYROWHJ\SOVVFLFMD
SOEDQ V PL IHOK]WXN D SOW KRJ\ HOWDNDUMD D] DUFW
$ YJHUHGPQ\ HOJ PNVUD VLNHUHGHWW J\ YLGPDQ YHWW EFVW
WOH
+D PJ PLQGLJ ]DYDU D GRORJ SUEOG NL D MDSQ WLV]WW UWXVW
V]UMV]WGXUYDV]HPFVVVWKRJ\DV]HOOHPHNHWWMXNUDNOGG+D
QHK] PHJYOQRG YDODPLWO D]]DO KRJ\ EFVV]HUWDUWVNQW
NH]HOHG D] HOYOVW VHJWKHW D] HOOHQWPRQG U]VHNHW OHJ\]QL
7UWQHWHVHQYDQ-DSQEDQHJ\WHPSORPDKROEFVV]HUWDUWVRNDW
UHQGH]QHN MWN EDENQDN EHWDNDUMN D] DUFXNDW KRJ\ WLV]WD
PDUDGMRQ IHONWLN D KDMXNDW J\KRJ\ D] Q MDYDVODWRP V]LQWH
NYHWLHQQHNDV]HUWDUWVQDNDPHQHWW

6]UDNR]VVDONDSFVRODWRVGROJRN

$NLNDSFVROGVKR]NWKHWKROPLNV]PWDODQPUHWEHQOWH]QHND
SLNQLNNRVDUDNWO NH]GYH D WROODVODEGQ W D ODEGNLJ D VOFHNLJ D
VQRZERDUGLJ V D KRUJV]IHOV]HUHOVLJ 7DUWVG PHJ Q\XJRGWDQ
D]RNDWDPLNPJOYH]HWHWDGQDNPJKDQHPLVKDV]QORGH]HNHW
J\DNUDQ YDJ\ FVDN D OWYQ\XN D] DPL IHOYLGW +D PDQ\DJ
]DFVNNEDQ WDUWRG H]HNHW J\ IRJQDN NLQ]QL PLQWKD V]HPW
OHQQH V NHYHVHEEHW KDV]QORG PDMG PLQW DPHQQ\LW HJ\ENQW
OHKHWQH+DPJLV]DFVNEDQNHOOWDUWDQRGNV]WVRO\DWDPLLJD]Q
WHWV]LN

QQHSLGHNRUFLN

(EEH D NDWHJULED WDUWR]QDN D] RO\DQ QDJ\ PUHW WUJ\DN PLQW

SOGXODPIHQ\NYDJ\DNLVHEEHNPLQWDNDUFVRQ\IDGV]HNVD
GHNRUFLN&VDND]RNDWWDUWVGPHJH]HNN]ODPLNHWDNYHWNH]
QQHSHQEL]WRVDQNLWHV]HO(]HNHWWPQNQWWUROG1HPNHUOLNHO
DILJ\HOPHGHWD]QQHSN]HOHGWYHOKDIHOFPN]HGDILNRWYDJ\
GRER]W DPLEHQ WURORG 0U PRVW YHGG HO D]RNDW DPLNQHN LWW D]
LGHMN

)HOV]HUHOVYV]KHO\]HWUH

$ UHQGUDN NDPSQ\ VRUQ LGV]HU WQ]QL D]RNDW D

IHOV]HUHOVHNHWDPLNHWYV]YDJ\NDWDV]WUIDHVHWUHWDUWDV]N]QO
SOGXO D YGVLVDNRNDW D IOGUHQJVWOO NV]OHWHW D]
HOHPOPSNDWDUGLWDKRUGR]KDW:&WVJ\WRYEE
9DQRO\DQOHOPLV]HUYDJ\HJV]VJJ\LIHOV]HUHOVDPLQHNOHMUW
D V]DYDWRVVJD YDJ\ RO\DQ UGL DPL PU QHP PNGLN"
0LN]EHQ H]HNHW YORJDWRG WDOOV] RO\DQ NDWDV]WUIW PHJHO]
KROPLNDW DPLNHW VRVHP KDV]QOV] SOGXO NDPSNDW DPLYHO PHJ
OHKHW DNDGO\R]QL D EWRURN HOPR]GXOVW +D WDOOV] H]HN N]O
EUPLWKDV]QOG$WOOIHOV]HUHOVHNHWDEHMUDWPHOOHWWV]RNVRV
WDUWDQL D] HOV]REDL V]HNUQ\EHQ %L]RQ\RVRGM PHJ UOD KRJ\ D
FVDOGPLQGHQWDJMDWXGUOD

9GHOHPHVHOOHQ
+D D K]WDUWVRG PLQGHQ WDJMQDN YDQ HJ\ HVHUQ\MH D] PU
UHQJHWHJ )LJ\HOM D PDQ\DJ HVHUQ\NUH DPLN NQQ\HQ
IHOKDOPR]GQDN $KRJ\ POLN D] LG D PDQ\DJ VV]HWDSDG V
EHVUJXO J\KRJ\ Q\LVG NL NHW KRJ\ KDV]QOKDWNH PJ (J\LN
WDQWYQ\RPQDN DNL HJ\HGO OW KXV]RQNW HVHUQ\MH YROW 6DMQRV
PDMGQHP D] VV]HVWO PHJ NHOOHWW YOQLD 0LXWQ UHQGEH WHWWHG D]
HVHUQ\LGHWIRO\WDWKDWRGDWEELHVWOYGIHOV]HUHOVVHO

.RQ\KDLDSUVJRN

+HJ\KURPKOV]REVODNVEDQOWDIUMYHOVNWOQ\XNNDO
$NRQ\KPNV]IHOIRUGXOVQHPOHKHWKDV]QOQLPRQGWD
%HYH]HWHWW D NRQ\KMED DPL QDJ\MEO NW QJ\]HWPWHU YROW
+DHJ\V]YDONHOOHWWYROQDOHUQRPD]DV]DV]UNHOHWWYROQD
$UHJJHOLWQ\URNPJRWWYROWDNHJ\KDORPEDQDPRVRJDWEDQ
(J\IODNRQPRVRJDWV]HUVHJ\QHGYHVPRVRJDWV]LYDFVKHYHUWHJ\
UFVRQDPLHJ\WDSDGNRURQJJDOYROWDFVDSPHOOUJ]WYH-REEUD
HJ\KDWDOPDVHGQ\V]UWYROWDPLHOIRJODOWDDSXOWWEEPLQWIHOW
$QQ\LHGQ\YROWUDMWDKRJ\D]WKLKHWWHGYROQDKRJ\+SSSDUWLW
DGRWW
 $] HGQ\V]UWP PRVW D NRQ\KDV]HNUQ\HP  PRQGWD
QHYHWYH
(J\EHIJJ Y]IROWRN ERUWRWWN D PRVRJDWW DPLWO V]LQWH
IHKUQHNOWV]RWW
$ WHNLQWHWHP D W]KHO\ IHO YQGRUROW J\ WQW KRJ\ D
VHUSHQ\MW D] HJ\LN J]JQ WUROMD KHO\ KLQ\EDQ V D W]KHO\
PHOOHWW HJ\ GUWOOYQ\ WHOH YROW ]VIROYD IV]HUHV YHJHNNHO
6]MDV]V]RV YHJHN I]ERU V PV DODSDQ\DJRN VRUDNR]WDN
HOWWH(J\DOXPQLXPOHPH]DPLQHND]YROWDV]HUHSHKRJ\IHOIRJMD
D] RODMFVHSSHNHW D VW PJWW RO\DQ UDJDFVRV YROW D ]VUWO KRJ\
V]LQWHNLDEOWKRJ\(OJ
3RQWJ\Q]NLPLQWDPLWKDV]QOQDNPRQGWD+7Q\OHJNL
DNDURPWDNDUWDQL
%HYDOORWWD KRJ\ D] WHO HONV]WVQ WO PVW QHP FVLQOW D
NRQ\KEDQ$KROPLNHOUDNVDULVLK]LPXQNQDNWQWVPUD]
LV NWVJEH HMWHWWH W KD FVXSQ OOQLD NHOOHWW D NRQ\KEDQ 1HP
JRQGRORPKRJ\DNRQ\KQDNPLQGLJWNOHWHVHQUHQGEHQNHOOHQH
OHQQLHVHJ\V]DYDPVLQFVD]RO\DQNRQ\KNHOOHQDPLNHQOWV]LN
KRJ\KDV]QOMN
2O\DQ NRQ\KUD YDQ V]NVJHG DKRO OYH]HG D I]VW $ M
UDPHQWWHUPHNEHQSOGXODNRQ\KDNDWDV]WURIOLVDQQ]KHWNLGH
D] WHO PJLV IDQWDV]WLNXV HJV]HQ DGGLJ PJ D VI EV]NH DUUD
KRJ\DOHJMREEWV]WWNV]WL
0LO\HQWSXVNRQ\KEDQUPDI]V"$WDQWYQ\DLPOWDOEDQ
D]WYODV]ROMN
$PHO\LNPLQGLJWLV]WD
$KROPLQGHQDPLUHV]NVJHPYDQN]UHHVLN
9DJ\
 $KRO IHOYHKHWHP D NHGYHQF NWQ\HPHW V KDV]QOKDWRP D]
HGQ\HLPHWVVHUSHQ\LPHW
$] XWEELW HOUKHWHG KD HOPV] V D NHGYHGUH YDO GROJRNDW
YHV]HGPHJH]UWH]WPRVWILJ\HOPHQNYOKDJ\MXNHJ\SHUFUH$]
HOV YODV] SHGLJ D WDNDUWVKR] NDSFVROGLN QHP D UHQGUDNVKR]
$] HJ\HWOHQ DPLUH D UHQGUDNV PHJROGVW MHOHQWKHW KRJ\ PLQGHQ
N]QOOHJ\HQ'HH]YDOMEDQHJ\QDJ\WYHGV
0HJV]OORWWMD YROWDP DQQDN KRJ\ PHJWDOOMDP D PGMW KRJ\
PLNQW WUROMXN D NRQ\KEDQ D GROJRNDW KRJ\ D] HV]N]N N]UH
HVVHQHN 0LQGHQ PDJD]LQFLNNHW HOROYDVWDP DPLW D
NRQ\KDWHUYH]VUO WDOOWDP NDPSNDW DNDV]WRWWDP D IDOUD V
IHOOJDWWDP D VHUSHQ\LPHW V D IHOV]HUHOVHPHW )]VW LPLWOWDP
PUWHPDWYROVJRWDNDURPWOPLQGHQKHO\KH]KRJ\HOGQWVHP
KRO OHQQH D OHJPHJIHOHOEE KHO\H D IV]HUHNQHN 9JO H] D]W
MHOHQWHWWH KRJ\ PLQGHQW D SXOWRQ WDUWRWWDP D NRQ\KDV]HNUQ\
KHO\HWW %U YDOEDQ NQQ\ YROW HOUQL D GROJRNDW GH RODM V Y]
VSULFFHOWPLQGHQKRY]VURVILOPUWHJHWERUWYDD]HJV]NRQ\KUD
WHOMHVHQ PHJVHPPLVWYH PLQGHQ OYH]HWHW DPL I]V N]EHQ
UH]KHWWHPYROQD

$NRQ\KDLWUROVNULWULXPDD]HJ\V]HUWDNDUWV

.YQFVL YROWDP KRJ\ KRQQDQ HUHG D] D JRQGRODW KRJ\ D] LGHOLV
NRQ\KEDQ PLQGHQ N]N]HOEHQ YDQ H]UW PHJNUGH]WHP D]
HPEHUHNHW0DMGQHPPLQGHQNLDNLYHOEHV]OWHPWWHUHPEHQYDJ\
NYK]EDQ OY NRQ\KW NS]HOW HO +RJ\ NLGHUWVHP HJ\ LO\HQ
NRQ\KD WLWNDLW HQJHGO\W NDSWDP KRJ\ PHJQ]]HN HJ\ WWHUPL
NRQ\KW D] HEG V YDFVRUDLG N]WW (J\ NWQ\ V VDSND
IHOYWHOH XWQ HJ\ NDPHUYDO V D KVJHV MHJ\]HWI]HWHPPHO
IHOIHJ\YHUNH]YH QDJ\ YUDNR]VVDO OSWHP EH D]W YUYD KRJ\
UMYN D V]DNPD IRUWO\DLUD 'H FVDOGWDP $]RQNYO KRJ\ D
UR]VGDPHQWHV NRQ\KEDQ PLQGHQW NDWHJULN V]HULQW J\PLQW
WQ\URN HGQ\HN VHUSHQ\N V I]HV]N]N D PHJV]RNRWW
PGRQWUROWDNVHPPLO\HQWUROVLWUNNWQHPOWWDP
$PLNRU HOJRQGRONR]WDP H]HQ UMWWHP KRJ\ D] WWHUPHNEHQ D
NRQ\KD WSXVD MDSQ YDJ\ RODV] WHOHNHW NQO QDJ\PUWNEHQ
PHJKDWUR]]D D IV]HUHNHW V D V]NVJHV NRQ\KDL HV]N]NHW
H]UW D NRQ\KEDQ WUROW GROJRN PHQQ\LVJH QHP IRJ QQL
7RYEE D] WWHUPL NRQ\KNDW WHOMHVHQ PV FORNUD WHUYH]LN PLQW
D] RWWKRQLDNDW VRN Q\LWRWW SROFFDO D SODIRQ N]HOEHQ V D IDODN
PHQWQ
$]RQ WQGWHP KRJ\ YDMRQ D] WWHUHPOWRJDWV HOYHV]WHJHWHWW
LGYROWHDPLNRULVDVIHNYLVV]DWUWHNKRJ\HONV]OMHQHND]HVWL
PV]DNUD )OUHOSWHP D] WEO V V]UDNR]RWWDQ Q]WHP DKRJ\
GROJR]QDNVHNNRUV]UHYHWWHPHJ\OQ\HJHVSRQWRW$V]DNFVRN
IUJQVKDWNRQ\DQPR]RJWDNHJV]LGDODWWGHDJ\RUVDVJXNV
KDWNRQ\VJXN QHP DNNRU YROW D OHJMREEDQ V]UHYHKHW DPLNRU
I]WHN KDQHP DPLNRU PHJOOWDN OHWUOQL D SXOWRW YDJ\ D
PRVRJDWW
$]RNDWDWHUOHWHNHWDPLNHWKDV]QOWDNPLQGHQDONDORPPDOHJ\
URQJJ\DO D]RQQDO OHWUOWN DPLNRU SHGLJ HJ\ VHUSHQ\YHO
YJH]WHND]RODMDWHJ\KRVV]Q\HONHIYHOOHVLNOWN$QDSYJQ
D] VV]HV IHOOHWHW OHWUOWN QHPFVDN D W]KHO\ WHWHMW V D
SXOWRNDW GH D IDODNDW LV $PLNRU PHJNUGH]WHP D VIWO PL D WLWND
HJ\NRQ\KDUHQGMQHND]WYODV]ROWD
$NRQ\KDUHQGEHWWHOHD]WMHOHQWLKRJ\D]RODMDWVDYL]HWOHNHOO
WUOQL
(]XWQPJPHJQ]WHPQKQ\PVLNWWHUPHWLVGHPLQGHQWW
H]W WDSDV]WDOWDP $ INXV] QHP D NQQ\ KDV]QODWRQ KDQHP D
NQQ\ WLV]WQ WDUWVRQ YROW $PLNRU HUUH UMWWHP PU QHP
DV]HULQW DNDUWDP HOUHQGH]QL D GROJRNDW KRJ\ NQQ\HQ N]UH
HVVHQHN KDQHP KHO\HWWH DUUD NRQFHQWUOWDP KRJ\ PLQGHQW
HOSDNROMDNDV]HNUQ\HNEHPJDPRVRJDWV]HUWVDIV]HUHNHWLV
$]WJRQGROKDWQGKRJ\HWWODQQ\LUDWHOH]VIRORGDV]HNUQ\WKRJ\
QHP WDOORG PDMG DPLW NHUHVHO GH QLQFV PLWO WDUWDQRG  $] LJD]
PLNRU D YJ]QN D WDQWYQ\DLP NRQ\KMQDN UHQGEHWWHOYHO D
V]HNUQ\HN FVRUGXOWLJ WHOH YDQQDN YLV]RQW D SXOWRNRQ QLQFV
UHQGHWOHQVJ $KKR] KRJ\ HOYHJ\HQHN HJ\ VHUSHQ\W HJ\ KDORP
HGQ\ DOO NHOO NLK]QLXN GH PLNRU PHJNUGH]HP KRJ\ ]DYDUMDH
H]NHWPDMGQHPPLQGLJH]WDYODV]WNDSRP
 9DOMEDQQHP(]VRVHPVHP]DYDUW
*\DNUDQHOPRVRO\RGQDNVKR]]WHV]LN
,JD]EOHOVHPKLV]HPKRJ\HQQ\LUHOHONLLVPHUHWHVHQOHWUOP
D W]KHO\ WHWHMW PLQGHQ KDV]QODW XWQ 1HPFVDN KRJ\ PRVW
NQQ\WLV]WQWDUWDQLDNRQ\KWGHWLV]WQLVDNDURPWDUWDQL
.OQV PGRQ HJ\ RO\DQ NRQ\KEDQ DPLW NQQ\ WLV]WQ
WDUWDQL V YDGRQDWMQDN OWV]LN PHJWDOOQL YDODPLW D V]HNUQ\EHQ
HJ\OWDOQQHPVWUHVV]HV+DRO\DQNRQ\KUDYJ\V]DKROOYH]HWD
I]V FOR]] PHJ HJ\ RO\DW DPLW NQQ\ WLV]WQ WDUWDQL (QQHN D
OHJHJ\V]HUEE PGMD KRJ\ UHVHQ KDJ\RG D SXOWRW QHP SDNROV]
VHPPLWDPRVRJDWNUYDJ\DW]KHO\UH(OIRJV]PXOQLPLO\HQ
NQQ\ KDV]QOQL D NRQ\KW KD H]HNHW ILJ\HOHPEH YYH WHUYH]HG
PHJ D WUROVW 3HUV]H KD HOJ QDJ\ D NRQ\KG WDUWKDWV] GROJRNDW
D]RNRQDKHO\HNHQDKRYQHPIUFFVHQY]YDJ\RODM
0HJHVKHWKRJ\QKQ\DQN]OHWHNJ\JRQGROMNKRJ\FVDND]
HJ\V]HPO\HV K]WDUWVEDQ OHKHW PHJYDOVWDQL KRJ\ VHPPL QH
OHJ\HQHOODSXOWRQGHDWDQWYQ\DLPIHOQHNYDQJ\HUHNH0LHOWW
QHNLOWWDN EL]WRVDN YROWDN EHQQH KRJ\ VRKD QHP WXGQN WLV]WQ
WDUWDQL D SXOWMXNDW GH YJO PLQGHJ\LNNQHN VLNHUOW %L]WRVWDODN
UODKRJ\QHNHGLVVLNHUOQLIRJKDDNDURG
$ IUMHP HOJ VRNDW I] V PLQGHQ DONDORPPDO DPLNRU YJH] D
NRQ\KD RO\DQ WLV]WD KRJ\ D]RQ WQGP KRJ\ KDV]QOWDH
HJ\OWDOQ V H] QHP DWWO YDQ KRJ\ HJ\V]HUHQ I]
VV]HKDVRQOWYD D] Q NQQ\OHJ\HQHOPRVRJDWQL FVDNHJ\
HGQ\NHOO I]VL V]RNVRPPDO D]  WHOHL LJD]Q VV]HWHWWHN
*RQGRVDQ HONV]WHWW WHOW V]ROJO IHO UL]VW PDOWEDQ V V]DNEDQ
PDULQOW VOW WRIXW V NNXV]RODMEDQ VOW EDQQW EDO]VDPV]VV]DO
$PLNRU UNUGH]WHP KRJ\ FVLQOMD D]W PRQGWD KURP WLWND YDQ
0LHOWWQHNLIRJDI]VQHNPLQGHQHV]N]WVDODSDQ\DJRWNLNV]W
KRJ\FVNNHQWVHDIHOHVOHJHVPR]GXODWRNDWDI]VVRUQ
 $]RQQDOHOSDNROPLQGHQHV]N]WVDODSDQ\DJRWDKRJ\PUQLQFV
V]NVJH U 1DJ\RQ KDWNRQ\DQ PNGLN KD PLQGHQ HJ\
NDWHJULED WDUWR] KROPLW HJ\V]HUUH WHV]HO D KHO\UH SRQW J\
PLQW D UHQGUDNVQO V YJO D] RODMMDO YDO VWV XWQ PLQGHQW
D]RQQDO OHWUO IRUU Y]]HO +D WHWV]LN SUEOG NL H]W D PGV]HUW
KRJ\OVGKRJ\DQPNGLN
0HJOHSHQ KDQJ]LN GH D]W WDQWRP D WDQWYQ\DLPQDN KRJ\ D
PRVRJDWV]HUW V D V]LYDFVRW D PRVRJDWWO WYRO WDUWVN (KHO\HWW
NLDODNWXQNQHNLNHJ\KHO\HWD]DOVV]HNUQ\EHQYDJ\D]DMWEHOV
IHOQ (] SOXV]PXQNQDN WQKHW GH KD NLSUEORG EL]WRV YDJ\RN
EHQQHKRJ\WEEQHPIRJV]LO\HQGROJRNDWMUDDSXOWRQWDUWDQL
5LWNQ WDOONR]RP RO\DQ V]HPHWHVVHO DPL EUNLW LV UPPHO
WOWHQHHOH]UWH]WWDUWVXNDPRVRJDWDODWW0UFVDNDNRPSRV]WRV
HGQ\WNHOOHOKHO\H]QLDPLEHQDNRQ\KDLV]HUYHVKXOODGNRWWDUWRG
$WWODQDSWONH]GYHKRJ\HONOW]WHPRWWKRQUOVRVHPWDUWRWWDP
HOO D NRQ\KDL KXOODGNRW .YHWNH]VNSSHQ D] Q NRQ\KP
VRVHP EGV D V]HPWWO +RJ\ PLW FVLQORN D KXOODGNNDO"
$ IDJ\DV]WEDQ WDUWRP (ONOQWHWWHP HJ\ UV]W D IDJ\DV]WEDQ D
KXOODGNRNQDN PDMG PLXWQ DODSRVDQ OHFVSJWHWWHP PLQGHQ
]OGVJ V J\POFVKMDW FVLUNHFVRQWRW V KDVRQOW HJ\ ]DFVNED
GREORN I]V N]EHQ .WV]HU HJ\ KWHQ D V]HPWV]OOWV
PHJV]RNRWWQDSMDLQHOYHV]HPDKXOODGNRV]DFVNW
$NNRU NH]GWHP H]W HO PLNRU IHOHOHYHQWHWWHP KRJ\ DQ\XNP
OHIDJ\DV]WRWWDDNLEHOH]HWWKDOEHOVVJHLWKRJ\DNRQ\KDQHOHJ\HQ
KDOV]DJ%UYDQQDNDNLNXQGRUWQDNWDOOMNDJRQGRODWRWKRJ\
NRQ\KDL KXOODGNRW WHJ\HQHN D PO\KWEH D IDJ\DV]WRWW WHOHN
PHOO GH D]HOWW IDJ\DV]WRP OH H]HNHW PLHOWW PJ
PHJURKDGQQDNYDJ\LVLJD]EOXJ\DQJ\D]WHOUV]HLPLQWDPLW
HV]HPQHPSHGLJV]HPW
+D V]PRGUD QHP WQLN V]LPSDWLNXVQDN KRJ\ NRPSRV]WO
PDQ\DJ ]DFVNED WHGG D KXOODGNRW KDV]QOKDWV] EDUQD
SDSU]DFVNWYDJ\PDQ\DJGRER]WKRJ\PJLQNEEHONOQWVGD
KXOODGNRVVDUNRW

%L]WRVDNXGDUFKDHOV]UDNRQ\KWWHV]HGUHQGEH

)HOHMWVGHODWEELW&VDND]WPRQGGHOKRJ\DQWUROMDPDGROJRNDW

DNRQ\KEDQ
UH]WHG PU J\ PDJDGDW" %L]WRV YDJ\RN EHQQH KRJ\ SUDQ D]W
JRQGROMWRN
(]QYDJ\RN
'H D]RN DNLN HOV]U D NRQ\KMXNNDO NDSFVRODWEDQ DNDUQDN
YDODPLWWHQQLOWDOEDQPLQGLJD]RNDNLNQHNPJDUXKLNDWVHP
VLNHUOWUHQGEHV]HGQLN
1HP SUREOPD KD PLN]EHQ D UXKDQHPNHW WHV]HG UHQGEH
HONH]GHGUHGXNOQLDNRQ\KDLWUJ\DNV]PWYDJ\MUDUHQGH]HGD
NRQ\KDL ILNRNDW PLQGHQ DONDORPPDO DPLNRU SS KDV]QORG
H]HNHW'HDKHO\HVUHQGUDNPDUDWRQVRUQD]RNDNLNQHPIHMH]LN
EH D V]PXNUD NHGYHV KROPLN NLYORJDWVW PLHOWW D NRQ\KDL
WUROVVDO NH]GHQQHN IRJODONR]QL PDMGQHP PLQGLJ IHODGMN
PLHOWWEHIHMH]QN
.WRNDLVYDQKRJ\VRUUHQGEHQKDODGMDUHQGUDNVVDO$]HOVD]
UPWHV]WHONSHVVJQNNHONDSFVRODWRV+DQHPILQRPWMXNH]WD
NSHVVJQNHW PLHOWW D NRQ\KDL DSUVJRNNDO NH]GQN
IRJODONR]QL NXGDUF OHV] D YJH $ NRQ\KDL DSUVJRN FVRSRUWMQ
EHOOUHQJHWHJDONDWHJULDYDQVLGEHWHOLNHJ\V]HUVPLQGHQNRUUD
UHQGEHWHQQLH]HNHW
.QQ\ EHOH]DYDURGQL D IRO\DPDW N]HSQ V DPLNRU H]
PHJWUWQLNDNNRUD]OHV]DYJHKRJ\UNRQWHUHGPQ\QONO
GROJR]XQNVMMHONHWWNRUDUUDHV]POQNKRJ\HOV]RUXOV]YYHO
Q]]ND]HGQ\HNIV]HUHNOEDVRNVVHUSHQ\NYJWHOHQVRUW
+DFVDN QHP IHMOHV]WMN NL D V]LOUG HONS]HOVW KRJ\ PL WOW HO
UPPHO HOV]U D UXKN PDMG D NQ\YHN V SDSURN UHQGEH
UDNVD VRUQ PLHOWW D NRQ\KDL NRPRQR WUJ\DNNDO IRJODONR]XQN
VRVHPUMNHODUHQGUDNPDUDWRQXQNFOYRQDOW&VRGONR]KDWV]
KRJ\ HJ\ PHUNDQO YDJ\ UL]VODSW KRJ\DQ WOWKHW HO UPPHO
EUNLW GH KD D PHJIHOHO VRUUHQGEHQ UHQGH]WHG D KROPLMDLGDW V
RO\DQOHWHWNH]GWOOQLDPLEHQMOEQV]DPHJPDUDGWGROJDLGGDO
FVDOKDWDWODQXO NSHV OHV]HO IHOLVPHUQL D] UPHW PJ D] RO\DQ
WUJ\DNEDQLVDPLNFVXSQKDV]QODWLWUJ\DN
$ PVRGLN RN KRJ\ PLUW OQ\HJHV KRJ\ VRUEDQ KDODGMXQN D
UHQGUDNVVDO D] KRJ\ H]]HO NLNV]EOKHWMN KRJ\ IHOHVOHJHVHQ
GREMXQN NL SQ]W WUROKROPLNUD $ NRQ\KD WHOH YDQ NOQIOH
PUHW HV]N]NNHO H]UW LWW YDQ V]NVJ QJ\]HWPWHUHQNQW D
OHJWEEWUROUD0JLVV]LQWHHJ\HWOHQWDQWYQ\RPQDNVHPNHOOM
WURONDWYVUROQLDPLYHOPLUHHOMXWQDNDGGLJKRJ\UHQGEHWHJ\N
D NRQ\KW HOHJHQG HORV]WMXN V ILNMXN PDUDG D WEEL NDWHJULD
VHOHMWH]VHXWQ
$]WOWV]PDQ\DJGRER]RNDPLNEHQD]LURGDV]HUHNHWWUROMXN
V D GUWNRVDUDN DPLN D JDUGUEEDQ KDV]QODWRVDN QDJ\RQ MO
EHYOQDN D PRVRJDW DODWW PLQWKD FVDN HUUH WHUHPWHWWN YROQD
NHW$]DEROGRJHOJHGHWWVJDPLDEEOIDNDGKRJ\OWRGDWUROV
KRJ\DQNHUOYJOWNOHWHVHJ\HQVO\EDFVDNDNNRUOHV]UWKHW
KD HOV N]EO WDSDV]WDORG PHJ .U OHQQH HOPXODV]WDQL H]W D]
OPQ\WFVDND]UWPHUWHOKDPDUNRGRWWDQMWURONDWYVUROWO
7HUPV]HWHVHQ KD PRVW NOW]O HO YDJ\ QLQFV HOJ WUROG YDJ\
EWRURG DNNRU V]NVJHV OHV] YVUROQL QKQ\DW $NNRU LV KD
EHIHMH]WHG D UHQGUDNVW V D] HOSDNROVW GQWKHWV] J\ KRJ\
YVUROV]RO\DQRNDWDPLNPJWEEUPPHOWOWHQHNHO
6]YDO KRJ\DQ WHGG UHQGEH D NRQ\KGDW" (OV]U LV WLV]W]]XN
QHP D NRQ\KW NV]OV] UHQGEH WHQQL KDQHP D]RNDW D WUJ\DNDW
DPLNDNRQ\KKR]WDUWR]QDN.DWHJULDV]HULQWWHV]QNUHQGHWQHP
KHO\V]HULQW6]HGMVV]HHJ\KHO\UHPLQGHQWDPLD]RQRVFVRSRUWED
WDUWR]LNVN]ONFVDND]RNDWWDUWVGPHJDPLNUPPHOWOWHQHN
HO
$ NRQ\KDL YHJ\HV WUJ\DN KURP FVRSRUWUD RV]WKDWN D]
WNH]VHV]N]HLDI]VHV]N]HLVD]OHOPLV]HUHN+DHJ\HGO
OV] YUKDWV] D WUJ\DN HOSDNROVYDO DGGLJ DPJ EH QHP IHMH]WHG
PLQGKURPNDWHJULDNLYORJDWVWVDNNRUHJ\V]HUUHUDNGHONHW
DKHO\NUH+DFVDOGEDQOV]VUHQJHWHJNRQ\KDLNRPRQRWUJ\DG
YDQ YDJ\ YDQ HJ\ PHJIHOHO NRQ\KDV]HNUQ\HG DNNRU PHJYDQ D
OHKHWVJHG KRJ\ HOEE NLYORJDVG KRJ\ PHO\ WNH]VVHO
NDSFVRODWRV KROPLNDW DNDUV] PHJWDUWDQL V EHQQH WUROQL D]WQ
UWUKHWV] D] HGQ\HNUH V D] OHOPLV]HUHNUH DPLNHW D PDUDGN
KHO\HNUHSDNROKDWV]HO
MUD PRQGRP HOV]U PXV]M D YORJDWVVDO YJH]QL 9HJ\O HO
PLQGHQW D NRQ\KDV]HNUQ\HNEO DPL D KURP I FVRSRUWED
WDUWR]LN VRUDNR]WDVG IHO KRJ\ D YORJDWVW MO HO WXGG YJH]QL +D
EHIHMH]WHGDV]HOHNWOVWKRJ\PLWWDUWVOPHJVPLQGHQNRQ\KDL
WUROKHO\HW NLUWHWWO SDNROG HO D PLQGKURP NDWHJULD WUJ\DLW
HJ\WW

7Q\URNSRKDUDN

$ FVDOGRPEDQ WHQ YROWXQN V D NRQ\KDV]HNUQ\QN OODQGDQ

WHOH YROW WQ\URNNDO V SRKDUDNNDO $ IHOHVOHJ WOFVRUGXOW D SXOW
IHOHWWL V]HNUQ\EH V D KWV]HNUQ\ PHOOHWWL SXOWUD DKRJ\DQ D]
HOV]RED IHOW LV HOIRJODOWN $PLNRU GLN YROWDP DQQ\LUD
VUJHWQHNU]HWHPDNV]OHWHLQNWUROVQDNNRUV]HUVWVWKRJ\
NSHV YROWDP KDMQDOL QJ\NRU IHONHOQL V EHRVRQQL D NRQ\KED
PLHOWW DQ\P IHONHO I]QL 0J SL]VDPEDQ IHOPV]WDP D SXOWUD
EHNXNXFVNOWDPDV]HNUQ\EHVMUDUHQGH]WHPDWQ\URNDWVD
SRKDUDNDW 0LQGHQ DONDORPPDO PVNSS SDNROWDP HO NHW
VLNHUWHOHQO 0J SU WUROW LV YHWWHP KRJ\ OOWYD WUROKDVVDP D
WQ\URNDW PLQW NRPRQW GH YJO DQQ\L KHO\ PDUDGW PLQGHQ
HJ\HV WQ\U N]WW KRJ\ QHP WXGWDP YLVV]DWHQQL NHW D
V]HNUQ\EH
 (N]EHQHV]HPEHWOWWKRJ\ULWNQYHV]QHNHOD]HPEHUHNHJ\
WQ\UW KD WEEHQ ODNQDN HJ\WW 6RNNDO KDWNRQ\DEE HJ\ HJV]
UDNVVDO HOYHQQL YDJ\ HOWHQQL 1\LOYQYDODQ DNNRU D SUREOPD
QOXQN D WQ\URN SXV]WD PHQQ\LVJYHO YROW 9LVV]DWUYH D]
DODSRNKR] MUD PHJYL]VJOWDP D NRQ\KDV]HNUQ\QNHW V
PHJGEEHQW IHOIHGH]VHNHW WHWWHP (OV]U LV DQQ\L WQ\UXQN
YROWDPHQQ\LHJ\NYK]QDNLVHOJOHQQHPJLVFVDNXJ\DQD]WD
SUDW KDV]QOWXN PLQGHQQDS (]HQIHOO D]RN DPLNHW QDSRQWD
KDV]QOWXQN WEEVJEHQ SRQWRNUW NDSRWW MXWDORP WQ\URN
YROWDNPLN]EHQD]VV]HVGUJDWQ\UVWHVNV]OHWQNDPLNHW
DMQGNED NDSWXQN GRER]RNEDQ HO YROWDN UDNYD PLQWKD UWNHV
NLQFVHNOHQQQHN
5JWQHONH]GWHPQ\]QLD]DQ\XNPDW
 1]G DQ\D 1HP YHKHWQQN HO H]W" 6]HUHWQP KDV]QOQL +D
QHPDNDUMXNKDV]QOQLDNNRUNLOHKHWGREQLXJ\H"
'HPLQGLJD]]DOV]HUHOWOH
.OQOHJHVDONDOPDNUDWHWWHPIOUH
9DJ\
$YHQGJHNQHNWDUWRJDWRPDQQDNHOOHQUHKRJ\PUHJ\YH
QHPOWWXQNYHQGJOVHQNLW
9JO IHODGWDP KRJ\ PHJROGMDP D UDNWUUDO NHUHV]WH]HWW
V]HNUQ\QN SUREOPMW GH IRO\DPDWRVDQ ]DYDUW YHNHQ W
$PLNRUHONH]GWHPDMHOHQOHJLPXQNPDWPHJOHSGWHPKRJ\QHP
D PL FVDOGXQN D] HJ\HWOHQ  KDVRQO MHOHQVJ VRN RWWKRQEDQ
HOIRUGXO
$ WDQWYQ\DLP HVHWEHQ D ODJ\PDWDJ UV]YW OHJ\]L D FOW
$ UHQGUDNV HOV OSVH KRJ\ PHJYOMXQN D]RNWO D WUJ\DNWO
DPLNEHQ QHP OHOMN UPQNHW H]UW D WDQWYQ\DLPDW UYHV]HP
DUUDKRJ\NLGREMNH]HNHWDV]HGHWWYHGHWWWQ\URNDWVHOYHJ\N
D]RNDW DPLNHW NOQOHJHV DONDOPDNUD WDUWRJDWQDN %U QKQ\DQ
YRQDNRGQDN HOV]U V LGHJHVHN KWKD HOWULN NHW NVEE
UMQQHNKRJ\PLFVRGDEROGRJVJPLQGHQQDSD]RNDWDWQ\URNDW
KDV]QOQLDPLNHWNHGYHOQHN+DNLSUEORGWHLVUMVV]KRJ\QHP
WUV] HO GROJRNDW RO\DQ J\DNUDQ 1HP EHV]OYH DUUO KRJ\ D] LV
EROGRJDEE OHV] DNLWO NDSWDG PHUW OWMD KRJ\ KDV]QORG DKHO\HWW
KRJ\GRER]EDQWDUWDQG
+D PJ PLQGLJ YRQDNRGQO KRJ\ QDSL V]LQWHQ KDV]QOG D V]S
WQ\URNDW OHJDOEE WHGG PHJ D] HOV OSVW D]]DO KRJ\
NLFVRPDJRORG NHW 0J D NOQOHJHV DONDOPDNNRU KDV]QOW
WQ\URNOHJDOEEHJ\V]HUHJ\YEHQD]DV]WDOUDNHUOQHNPJKD
QLQFVHQHN LV PLQGLJ V]HP HOWW DPLNHW YLV]RQW GRER]EDQ WDUWDV]
D]RNDWVRKDGHVRKDQHPIRJRGKDV]QOQL
7DSDV]WDODWEOPRQGRPD]WLVKRJ\QDJ\DYDOV]QVJHDQQDN
KD HJ\ NV]OHWHW GRER]EDQ WDUWDV] D]W QHP LV NHGYHOHG 5DGVXO
H]HN D GRER]RN WEEQ\LUH WHOH YDQQDN NDUWRQSDSU HORV]WNNDO
WYWDUWNNDO SDSU FVRPDJRODQ\DJJDO DPL KHO\SRFVNROV
*\DNRUWDPHJHVLNKRJ\DWDQWYQ\DLPUMQQHNKDNLFVRPDJROMN
V IHOSDNROMN D SROFUD D WQ\URNDW HWWO D WODOV]HNUQ\N
UHQGH]HWWVOWYQ\RVOHV]VPJUHQJHWHJKHO\NLVIHOV]DEDGXO
$] UHV GRER]RNEO SHGLJ DPLNEHQ D WQ\URN YROWDN UHPHN
WURON OHV]QHN 3OGXO D] YHJSRKDUDN GRER]DL HUVHN V
GHNRUDWYDN WNOHWHVHQ DONDOPDVDN DUUD KRJ\ OOWYD WUROM
EHQQNSOGXOIV]HUHNHWV]UD]OHOPLV]HUWVWV]WNDW
$] LJD]L SRFVNROV D] OHQQH KD SD]DUOVQDN WHNLQWHQG KRJ\
KDV]QORG H]HNHW D V]S DMQGNED NDSRWW NV]OHWHNHW 6]YDO
JRQGROG W HJ\V]HU V PLQGHQNRUUD YDJ\ EV]NQ KDV]QOG YDJ\
YOMPHJWON
1]] IULVV V]HPPHO D WQ\UMDLGUD V GQWVG HO NHGYHOHGH NHW
(] ULVL IHODGDWQDN WQKHW KD VRN YDQ EHOON GH WHNLQWVG J\
PLQWUHPHNDONDOPDWDUUDKRJ\NLWDNDUWVGDNRQ\KDV]HNUQ\HGHW
- PHJROGV KD D V]HNUQ\HGHW NW UV]UH RV]WRG HJ\LN IHOW D
SRKDUDNQDNWDUWRGIHQQDWQ\URNDWSHGLJPUHWVIRUPDV]HULQW
SDNRORGHJ\PVEDDPVLNWUIOHQ
0LXWQ NLYORJDWWDG D V]PRGUD NHGYHV GDUDERNDW LWW D] LGHMH
HOSDNROQL NHW (]W NWIOHNSSHQ WHKHWHG PHJ YDJ\ HJ\PV
WHWHMUHSDNRORGNHWYDJ\WEESROFRWV]HUHOWHWV]EH

$] WODJRV NRQ\KDV]HNUQ\EHQ HOJ KD HJ\PVUD SDNRORG NHW

+D D SROFRN N]WW QDJ\ D WYROVJ V PDUDG PJ NLKDV]QODWODQ
WHUHG WHKHWV] EH PJ SROFRW YDJ\ RO\DQ WUROHV]N]W DPLN
SOXV]IHOOHWHW DGQDN (J\ HJ\V]HU OOYQ\ DPLQHN OEDL YDQQDN
YDJ\ HJ\ UFVRV SROFRV WURO PHJIHOHO HUUH D FOUD 0LHOWW
HOURKDQQOYHQQLEUPLWLVD]WMDYDVORPKRJ\HOEEUDNGHJ\PVUD
D WQ\URNDW V XWQD GQWVG HO YDQH YDODPLUH V]NVJHG
$ WDQWYQ\DLP WEEVJQHN PLXWQ NLYORJDWWN V HOSDNROWN D
WQ\URNDW QHP HVLN QHKH]NUH KRJ\ NLYHJ\N D OHJDOVW V J\
QLQFVLVV]NVJNUKRJ\WUROHV]N]WYHJ\HQHN
VV]HIRJODOYD KDV]QOG PLQGHQQDS D]RNDW D WQ\URNDW DPLNHW
V]HUHWV] &VRPDJROG NL V UDNG HO D V]HNUQ\HGEH (] JDUDQWOWDQ
HJ\OSVVHON]HOHEEYLV]D]UPWHOLWNH]VHNKH]

(YHV]N]N

0J D] HPEHUHN J\DNUDQ WHV]QHN IHO NUGVHNHW KRJ\ PLNQW

WUROMN D WQ\URNDW V SRKDUDNDW ULWNQ NUGH]QHN PHJ DUUO
KRJ\PLOHJ\HQD]HYHV]N]NNHO.WVJWHOHQONHYVVLVPHUWD]
D WQ\ KRJ\ D] HYHV]N]N D NRQ\KDL NRPRQR NLUO\DL $UUD
EL]WDWODN KRJ\ PU D NH]GHWHN NH]GHWQ WDUWVG IHQQ V]PXNUD D
OHJMREE KHO\HW $] WHO V D IRJNHIH PHOOHWW D] HYHV]N]N D]RN
DPLNHWDV]GEDYHV]HO6]HUHSQHNNQ\HVPLYROWDHOOHQUHVRNNDO
KRVV]DEELGHLJWHV]LH]WPLQWHJ\IRJNHIHVPLN]EHQPXQNEDQ
YDQ PHJV]POOKDWDWODQXO VRNV]RU WHV]L PHJ D] XWDW RGDYLVV]D D
WQ\URG V D V]G N]WW DPL V]GW +D NHOO WLV]WHOHWWHO EQV]
D]RNNDO D GROJRNNDO DPLN N]YHWOHQ NDSFVRODWED NHUOQHN D
WHVWHGGHOPHJVRNV]RUR]KDWRGD]UPWDPLQGHQQDSRNEDQ
.WIOH PGMD OWH]LN D] HYHV]N]N WUROVQDN KD KHQJHUHV
WDUWEDOOWRGYDJ\KDIHNWHWYHHJ\GRER]EDQWDUWRGNHW+DQLQFV
ILNRGDNRQ\KEDQVHOVGOHJHVV]HPSRQWKRJ\WDNDUNRVNRGMD
KHOO\HODNNRUDOHJMREEPHJROGVKDOOWYDWURORG$OHJJ\DNRULEE
PGMD KRJ\ EHOHWHV]HG NHW HJ\ KDV]QODWRQ NYOL EJUEH DPLW
PDMGD]WQDV]HNUQ\EHOOWKDWV]
$ OHJMREE PGV]HU D NVHN YLOON NDQDODN V HYSOFLNN
WUROVUDKDPHJIHOHOPUHWHYHV]N]WDUWEDQYDJ\GRER]EDQ
DVDMWUHNHV]HLNEHQWDUWRGNHW+DHYHV]N]WDUWWNV]OV]YHQQL
KOVDEE KD WHUPV]HWHV DQ\DJEO NV]OW GDUDERW YODV]WDV]
SOGXO UDWWDQW YDJ\ EDPEXV]W PHUW H]HNEHQ NQ\HOPHVHEE
SXKEE KHO\N OHV] PLQW HJ\ PDQ\DJ WDUWEDQ DPLEHQ FVDN
]UJQHNVV]HYLVV]D
 $SURSQDV]HULQWGQWPHOKRJ\PHO\WUJ\DNQDNMUNLUO\L
EQVPG OHV]PWYD D] RO\DQ GROJRNDW PLQW D WUFN KRJ\
PLO\HQN]HOVJEHQYDQQDNDWHVWHPPHO$]RO\DQWUJ\DNDWPLQW
DYLOONYDJ\D]DOVQHPNDPLNN]YHWOHQNDSFVRODWEDQYDQQDND
WHVWQN NQ\HV V LQWLP UV]HLYHO D]RNDW DPHQQ\LUH FVDN OHKHW
HOEEUHNHOOKHO\H]QLDUDQJVRUEDQPLQWDWEELW
$PLNRU D WDQWYQ\DLP NLUO\L PGRQ NH]GHQHN EQQL D]
HYHV]N]HLNNHO PHJOOV QONO DNDUMN KDV]QOQL D]RNDW
+DPDURVDQ HONH]GHQHN NHUHVQL V]S WQ\U V SRKUDOWWHNHW LV
0RK YUDNR]VVDO WOW HO DQQDN D JRQGRODWD KRJ\ PHQQ\L UP
KDWMDPDMGWD]WNH]VHLNHW

$NRPRQRDPLMNHGYUHGHUWD]DV]WDOQO

$PLNRUD]HJ\LNWDQWYQ\RPPDOGROJR]WDPHJ\IDV]DOYWDJ\U
JXUXOW HO D NHOONHV GRER]EO 5NUGH]WHP PL D] PLUH
QHYHWVEHQWUWNL
 0LQGLJ LV NYQFVL YROWDP U 7O QDJ\ J\UQHN V WO NLFVL
KRJ\NDUNWOHJ\HQ
0LFVRGDWUDJGLDHJ\HOIHOHGHWWV]DOYWDJ\UV]PUD
$ WQ\U D FVV]H V SRKUDOWWHN YDODPLQW D] HYSOFLND
WDUWN OHKHW KRJ\ QHP WO OQ\HJHV NHOONHN GH QDJ\PUWNEHQ
HPHOLND]WNH]VHNOYH]HWW+DYDQQDNLO\HQGDUDEMDLGQHKDJ\G
SDUODJRQKHYHUQLNHWKDV]QOGPLQGHQQDS
$] HEEH D NRPRQR NDWHJULED WDUWR] WUJ\DNQDN D KHO\H
OWDOEDQ D WQ\URN V HYHV]N]N N]HOEHQ YDQ GH EUKRO D
NRQ\KD NUQ\NQ YDJ\ WNH]DV]WDORQ LV WDOOKDWV] V]PXNUD
KHO\HW +D YDQQDN V]SHQ NLYLWHOH]HWW V]DOYWDJ\ULG YDJ\
SOFLNDWDUWLG WUROG H]HNHW OWYQ\RVDQ 0LUW QHP UHQGH]HG HO
NHWJ\HJ\ILNEDQPLQWKDHJ\]OHWEHQOHQQQHNNLOOWYDKRJ\
DPLNRUFVDNNLK]RGDILNRWPHJEL]VHUJHVVHQDOWYQ\XN"

$WH[WLOEONV]OWNRQ\KDLNRPRQR WUJ\DNQDN NW IDMWMD YDQ D

V]HUV]PRNSOGXODNRQ\KDUXKNVDNLHJV]WNJ\PLQWD]
DOWWHN$]HOVFVRSRUWEDWDUWR]NDWKDMWRJDWMXNVOOWYDWUROMXN
$ PVLN FVRSRUWEHOLHNHW KDMWRJDWKDWMXN IHOFVDYDUKDWMXN HJ\PVUD
WHKHWMN D WUJ\ WHUPV]HWWO IJJHQ $]RN V]PUD DNLN
PLQLPOLV KHOO\HO UHQGHONH]QHN D NRQ\KEDQ SOGXO HJ\
JDU]RQODNVEDQDOHJMREEKDH]HNHWDJDUGUEEDQWDUWMND]HJ\E
WH[WLODSUVJRNN]HOEHQ

.RQ\KDIHOV]HUHOVLHV]N]N

$ PHUNDQDODN V V]HGODSWRN QDJ\RQ V]YVDN $ IHODGDWXN D]

KRJ\ EHOHYHVVN PDJXNDW D VUMEHD KVVWVEH D OHYHV
WODOVEDPLN]EHQV]LNUNUSNGQHND]WHOVDVHUSHQ\N]W
0JD]HYHV]N]NVDWQ\URNFVDSDWEDQOWMNHODIHODGDWXNDW
DGGLJ D NRQ\KDIHOV]HUHOVL HV]N]N LQNEE V]OEDQ GROJR]QDN
PLQGHQK]UDHJ\MXWEHOON(]UWKDHJ\V]HUNLYODV]WRWWDGNHW
PUQHPNHOODQQ\LILJ\HOPHWIRUGWDQRGDWUROVXNUD
.WDODSYHWPGOWH]LNDWUROVXNUDOOWYDYDJ\IHNWHWYH(J\
PVLNOHKHWVJKRJ\DIDORQNDPSNUDDNDV]WRGNHWGHKDOHKHW
NHUOG D] ROON V PV OHV SHQJM HV]N]N IHODNDV]WVW
N]YHWOHQO PDJDG HO PHUW DQQDN D OHKHWVJH KRJ\ PHJYJRG
PDJDG LGHJHVW OHKHW PJ DNNRU LV KD QHP YDJ\ WXGDWEDQ
HQQHN $]W LV V]DEO\NQW OOWRWWDP IHO KRJ\ FVDN RGD DNDVV]XQN
EUPLW DKRO QHP IUFFVHQKHW U RODM 7DOQ H]UW LV HGGLJ PJ
HJ\HWOHQWDQWYQ\RPVHPDNDV]WRWWIHOVHPPLWDNRQ\KEDQ
 +DD]OOWYDWUROVUOYDQV]D]D]DODSHOYHPKRJ\OOWVXND]
HV]N]NHW HJ\ HV]N]WDUWED NDQFVED YDJ\ EUPL PV WUROED
DPL PHJIHOHOHQ PDJDV KRJ\ QH ERUXOMRQ IHO V D]]DO HJ\WW
WHJ\NEHDNRQ\KDV]HNUQ\EH0JJ\DNRULEEPGDILNEDQYDO
WUROV $] HYHV]N]NWO HOWUHQ H]HNHW QHP V]NVJHV
IDMWQNQWNOQYODV]WDQLJ\H]HNHJ\WWWUROKDWNN]YHWOHQOD
ILNEDQ YDJ\ HJ\ GRER]WHWEHQ D ILN EHOVHMEHQ
$ NRQ]HUYQ\LWNDW PUNDQDODNDW V PV NLVHEE GROJRNDW MREE
HOYODV]WYDO WUROQL KRJ\ QH NHYHUHGMHQHN D QDJ\REE
HV]N]NNHO  +D YDQ EUPLEO PJ EHFVRPDJROW WDUWDONRG
NLGREKDWRGDUJLWVHONH]GKHWHGKDV]QOQLD]MDW

(GQ\HN

9HGG HO D] VV]HV HGQ\HGHW V SDNROG V]W D IOGQ YDJ\ D]

DV]WDORQ,GHWDUWR]LNPLQGHQDIPVNHUPLDHGQ\HNWONH]GYHD
VHUSHQ\NQ W D NHYHUWODNLJ V V]UNLJ .YHVG D WDQXOWDNDW
YHGG N]EH HJ\HQNQW NHW V WHV]WHOG PLW U]HO YHON
NDSFVRODWEDQ

$PLNRU HOWHV]HG NHW D] D]RQRV IRUPMDNDW UDNG HJ\PVED D

ID]HNDWDID]NEDWODWDWOEDKRJ\DOHKHWOHJMREEDQNLKDV]QOGD
NRQ\KDV]HNUQ\HG PDJDVVJW +D YDQ D V]HNUQ\HGEHQ EHSWHWW
HGQ\WDUWUFVSDNROMDUUDLV
.RQ\KDLJSHN

*\MWVG HJ\ KHO\UH D] VV]HV JSHW WEEHN N]WW D

PHOHJV]HQGYLFVVWW D JRIULVWW V D URERWJSHW $]RNUO VH
IHOHGNH]]PHJDPLNHWQHPDNRQ\KEDQWUROV]9DQRO\DQN]WN
DPLW YDODPL KERUWWO YH]UHOYH YVUROWO PHJ GH PUD UXQWO
YDJ\RO\DQDPLWYHNWDQHPKDV]QOV]"$WDQWYQ\DLPNRQ\KL
EUHV]WHWWHN U KRJ\ HONSHV]W PHQQ\LVJ V IDMWM NRQ\KDL V
K]WDUWVL JS OWH]LN D YLOJRQ 9DQ N]WN EXJJ\DQWRWWWRMV
NV]W FVLSV]NV]W J\POFVSUV DOPDKPR] MJNVDNV]W
GLWU V RO\DQ GHV]ND DPLQ D IDJ\DV]WRWW WV]WW OHKHW D IRUU
Y]EHFVV]WDWQL
Q PRVW HJ\ WXUPL[JSHW KDV]QORN KRJ\ PLQGHQ UHJJHO ]OG
WXUPL[RW NV]WVHN PDJDPQDN GH PJ D PLQGHQQDSRV
KDV]QODWEDQOYGROJRNQDNLVDNRQ\KDV]HNUQ\SROFQDKHO\N
.LFVLW PDFHUVQDN WQKHW GH KD HJ\V]HU HOGQWWWHG PLQHN KRO D
KHO\H PU QHP DQQ\LUD ERQ\ROXOW .UOHN SUEOG NL $] Q
PGV]HUHP D] KRJ\ D ULWNEEDQ KDV]QOW GROJRNDW D V]HNUQ\EHQ
OHJKWXO YDJ\ D OHJIHOV SROFRQ WDUWRP PHUW QHP EDM KD NLV
HUIHV]WVHPEHNHUOHOYHQQL

WHOWUROGRER]RN

WHOWUROGRER]RNDWPLQGHQIOHDQ\DJEOVIRUPEDQOHKHWNDSQL
V LGHWDUWR]QDN D PDQ\DJEO YHJEO YDJ\ IPEO NV]OW EROWL
GRER]RN UHV OHNYURV YHJHN V WHVGRER]RN $PHOOHWW KRJ\
QDJ\RQ IRQWRV NLYODV]WDQL D NHGYHGUH YDONDW D]W LV HOOHQUL]QL
NHOO PHQQ\L YDQ EHOON 6]PROG PHJ NHW D]RNDW LV EHOHUWYH
DPLN SS D KWEHQ YDQQDN KDV]QODWEDQ V JRQGROG YJLJ
V]V]HUHQ PHQQ\LUH YDQ YDOEDQ V]NVJHG +D WEE YDQ D
V]NVJHVQODNNRUGREGNLDUJLHNHW%UMWOHWSUQJ\]HWHVHW
PHJWDUWDQLH]HNMNOHV]QHNNOQUHNHV]HNQHNDNRQ\KDILNRNED

$]UHVGRER]RNWUROVQOUHQJHWHJKHO\HWWDNDUWKDWV]PHJKD
HJ\PVED UDNRG D] HJ\PVED UDNKDWDNDW V D WHWNHW HJ\ PVLN
GRER]EDQ OOWYD WURORG 9DJ\ KD VRN UHV KHO\HG YDQ V IOV]
KRJ\ EHSRURVRGQDN D GRER]RN WUROKDWRG NHW WHWYHO HJ\WW D
SROFRQ

6WHV]N]N

$PLNRU PJ OWDOQRV LVNROV YROWDP V PLHOWW NLDODNXOW YROQD D

UHQGUDNV LUQWL V]HQYHGO\HP V]HUHWWHP VWQL V J\DNUDQ
WOWWWHP D V]DEDGLGPHW GHVVJHN NV]WVYHO 0J PRVW LV
EL]VHUJV MU W PLNRU HJ\ VWIRUPW V]Y YDJ\ OODW IRUPM
VWLNLV]UW OWRN V HOOHQOOKDWDWODQ YJ\DW U]HN KRJ\
PHJYHJ\HP EU PU HJ\OWDOQ QHP VWN 'H H] FVDN DNNRU
IRUGXO HO KD EROWEDQ OWRP NHW $PLNRU H]HNNHO D GROJRNNDO D
WDQWYQ\DLP RWWKRQEDQ WDOONR]RP U]HP D NWVJEHHVHWW
NQ\UJVNHWDPLLQNEEIHONDYDUPLQWUPWHOLU]V+DYDQ
RO\DQ VWHPQ\IRUPG YDJ\ VWLNLV]UG DPLW PHJYHWWO GH
VRVHPKDV]QORGVRWWKHYHUUR]VGVRGYDDV]HNUQ\EHQGREGNL
1HP WXGRP PLUW GH D VWIRUPN OHJJ\DNRULEE WUROVL
PGMQDND]OWV]LNKRJ\PLQGHWEH]DFVN]]XNV]RURVDQEHNWMN
V D SROFUD WHVV]N (] SHUV]H QHP LJD]Q M +D D ]DFVNEDQ
YDQQDN RO\DQ PLQWKD QHP LV OWH]QQHN WDOQ D]UW PHUW D
PDQ\DJ ]DFVNEDQ QHP OHKHW OHYHJW YHQQL 9DJ\ D]UW PHUW
PDJWO UWHWGHQ HOIRUGWMXN D WHNLQWHWQNHW HJ\ LO\HQ QHP WO
OWYQ\RV NXSDFUO %UPL LV OHJ\HQ D] RN GH FVNNHQ D VWV
J\DNRULVJD D]RN NUEHQ DNLN LO\HQ PGRQ WUROMN D
VWHV]N]NHW
$ I]VVHO HOOHQWWEHQ VWQL DNNRU OOXQN QHNL KD NHGYQN YDQ
KR]](]UWDVWHV]N]NLQNEEKREELIHOV]HUHOVQHNV]PWQDN
PLQW I]HV]N]NQHN $ VWHV]N]NQHN UPHW NHOO
VXJUR]QLXN DPL UJWQ NLDOV]LN KD PDQ\DJ ]DFVNED
FVRPDJROMXNNHW+DQHPKDV]QORGWOJ\DNUDQVYGHQLDNDURG
DSRUWOLQNEEHJ\WH[WLO]VNEDQYDJ\SXKEEWDVDNEDQWDUWVGQH
HJ\]UJVDEROWFPNMYHOHPEOP]RWWEHYVUO]DFVNEDQ
+D QHP PXV]M ]VNEDQ WUROQRG DNNRU UDNG HJ\PVED H]HNHW
VDWEELQDJ\REEGDUDERWPLQWDWQ\URNDWVJ\WHGGDSROFUD
- DOWHUQDWYD KD HJ\ HUUH D FOUD IHQQWDUWRWW GRER]ED SDNRORG V
J\ WHV]HG IHO D SROFUD KRJ\ OVG ,WW D UHPHN DONDORP KRJ\ HJ\
V]SGRER]WDPLWNRUEEDQIOUHWHWWOPRVWIHOKDV]QOM

(OGREKDWWUJ\DN

(]HN D]RN D NRQ\KDL YHJ\HV DSUVJRN DPLNHW OWDOEDQ PLQGHQ

PVQO ULWNEEDQ KDV]QOXQN SOGXO D] HOGREKDW HYSOFLNNDW
V]YV]ODNDWSDSUWQ\URNDWSRKDUDNDWVV]DOYWNDW7EEQ\LUH
NV]OHWEHQ YDQQDN V M KD OOWYD WUROMXN HJ\ GRER]EDQ (J\LN
WDQWYQ\RPD]WPRQGWD
 Q QHP YHV]GP D PRVRJDWVVDO LQNEE SDSUWQ\UW V
SRKDUDWKDV]QORN
 (UUHNLVVFVSVHQD]WNUGH]WHP
VH]WJHGWQ\OHJEROGRJJWHV]"
+DNVUWVWU]HOKRJ\KDVRQORNRNPLDWWSDSUWQ\UWKDV]QOM
DUUDEL]WDWODNKRJ\D]HOGREKDWWQ\URNDWDOHJIHOVSROFOHJKWV
UV]Q WDUWVG KRJ\ PLQO QHKH]HEE OHJ\HQ HOYHQQL 9DJ\ DNU
PRVWD]RQQDONLLVGREKDWRGPLQGHW%UKRJ\LVGQWHV]NUOHNQH
IHOHGG KRJ\ D UHQGUDNVQDN D] D FOMD KRJ\ UPHW YLJ\O D
PLQGHQQDSMDLGED
0LYHO H]HN D GROJRN WEEQ\LUH LQJ\HQ YDQQDN KDPDU HOMXWKDWV]
RGD KRJ\ WO VRN KDOPR]GLN IHO EHOON PLHOWW V]UHYHQQG
/HJ\HQ V] D] HOGREKDW HYSOFLNNUO YDJ\ D IDJ\ODOW PHOO
FVRPDJROWNLVNDQOUOGQWVGHOPHQQ\LUHYDQV]NVJHGH]HNEO
VKDWUR]GHOPDJDGKRJ\DWEELWNLGRERG+DHOUHWXGRGKRJ\
QHPOHV]V]NVJHGUPRQGMQHPHWD]HODGQDNDPLNRUIHODMQOMD
KRJ\DG

=DFVNNV]DW\URN

$ PDQ\DJ V SDSU EHYVUOV]DW\URN D OHJJ\DNRULEE KROPLN

DPLNHW JRQGRONRGV QONO KDOPR]XQN IHO 7EEIOH PGRW LV
NLSUEOWDP D WUROVXNUD $ FVDOGRPEDQ D] YROW D V]RNV KRJ\
H]HNHW HJ\ PVLN V]DW\RUEDQ WDUWRWWXN DPLW HJ\ EL]WRVWWYHO
IRJDWWXQNKR]]DV]HNUQ\DMWIRJDQW\MKR](]PLQGHQYROWFVDN
QHP V]S V QHP VXJDOOW UPHW $PL PJ URVV]DEE KRJ\ D NLFVL
NRQ\KQNEDQ PLQGHQ DONDORPPDO KD YDODNL HOPHQW PHOOHWWH
EHOHWN]WW DPLQHN LGHJHVW KDQJMD LV YROW $ WDQWYQ\DLP
WEEVJH LV H]HQ D PGRQ WUROMD D V]DW\URNDW D]]DO D] HJ\HWOHQ
YDULFLYDO KRJ\ MUDKDV]QRVWKDW QHMORQ]DFVNW KDV]QO HUUH D
FOUD
6RNDQFVRPWNWQHNDQHMORQ]DFVNNUD(]DOHKHWOHJURVV]DEE
PHJROGV PHUW FVDN QYHOL D WHUMHGHOPHW 5DGVXO PJ WEE
PXQNDNLFVRP]QLKDSSV]NVJYDQHJ\UH
9DQQDN RO\DQ VSHFLOLV WURON DPLW HUUH D FOUD J\UWDQDN
OWDOEDQ HJ\ WH[WLOFV D IHOV UV]Q V]OHV Q\OVVDO DKRO EHOH
OHKHW WHQQL D ]DFVNNDW DOXO SHGLJ V]N Q\OVVDO DKRO NL OHKHW
K]QL PLQGLJ HJ\HW PLQW DKRJ\ D SDSU ]VHENHQGW D GRER]EO
6HPPL EDM QLQFV H]HNNHO V]HULQWHP WEE KHO\HW IRJODOQDN HO D
NHOOHWQO V DPLNRU NLK]RO HJ\ ]DFVNW MQ YHOH HJ\ PVLN DPL
J\ HVLN D SDGOUD PLQW HJ\ PDJQ\RV KHUQ\ 0HOONHVHQ
WHUPV]HWHOOHQHV KRJ\ NOQ D]UW YHJ\O PHJ YDODPLW KRJ\ D]
HOGREKDW]DFVNNDWOHJ\HQPLEHQWDUWDQL
(J\LN WDQWYQ\RP V]LQWQ D]W D PGV]HUW KDV]QOWD KRJ\ HJ\
]DFVNEDQWDUWRWWDDWEELW%UUDJDV]NRGRWWDKKR]KRJ\D]WWDJ
FVDOGMQDN VRN ]DFVNUD YDQ V]NVJH D V]HPW WUROVKR]
WHOMHVHQ YLOJRV YROW KRJ\ WEE YDQ D NHOOHWQO (OPHVOWH KRJ\
WEEPLQWKDUPLQFYHJ\MWLD]DFVNNDW$PLNRUPHJYL]VJOWDPD
]DFVNWDPLEHQWDUWRWWDDWEELWOWWDPKRJ\WHOMHVHQPHJVUJXOW
5HWWHJYHDJRQGRODWWOKRJ\PLWIRJRNWDOOQLOHVWDPDPO\UHV
NLK]WDPDOHJDOMUOHJ\HW$EEDQDSLOODQDWEDQDKRJ\HOEXNNDQW
VUJDSRUV]OOWV]HUWHV]WDOHYHJEHQPLQWDSRUWRWWVOWPDNUOD
$ V]DJD NHOOHPHWOHQ YROW /HKHW KRJ\ D GDUDEMDLUD KXOORWW QHMORQ
YDJ\ SRU YROW QHP WXGRP GH D VDYDQ\ V]DJ VUJD FDIDWRN
EHWHUWHWWNDSDGOW
 VV]HVHQ]DFVNWV]PROWXQNVV]H0JKDQDSLQJ\HWHOLV
KDV]QOQD EHOON DNNRU LV WEE PLQW NW KQDSMED WHOQH PLQGHW
HOKDV]QOQL
$ OHJJ\DNRULEE SUREOPD D QHMORQ]DFVNN WUROVYDO KRJ\ WO
VRNDWWDUWRJDWXQNVVRNKHO\HWLJQ\HOQHN7OVRNDWWDUWXQNPHJ
PHUW QHP WXGMXN SRQWRVDQ PHQQ\L LV YDQ EHOON V D PDQ\DJ
]DFVNN VRN KHO\HW LV IRJODOQDN PLYHO OHYHJ PDUDG EHQQN +D
QHP YDJ\ EL]WRV EHQQH PHQQ\L D WO VRN YDJ\ WO NHYV
PHJSUEOKDWRGNLV]PROQLPHQQ\LWKDV]QOWOHOD]HOPOWKURP
KQDSEDQ $]RNDW D GROJRNDW DPLN NQQ\HQ IHOKDOPR]GQDN
DQONOKRJ\V]UHYHQQQNPHJNHOOV]PROQXQN
$PLNRU HOWHV]HG D ]DFVNNDW ILJ\HOM DUUD KRJ\ FVNNHQWVG D
WHUMHGHOPNHW V YDODPLO\HQ PHUHY IDO GRER]EDQ WUROG NHW
$ ]DFVNNDW OH NHOO VLPWDQL KDMWRJDWQL V OOWYD NHOO WUROQL SRQW
J\PLQWDUXKNDWKRJ\PHJHO]]NDWO]RWWIHOKDOPR]GVW+D
QHP DNDUV] EDMOGQL D KDMWRJDWVVDO WUROG NHW HJ\ GRER]EDQ
DPLEHQ QHP WXGQDN V]WERPODQL $ GRER] OHJ\HQ NLV PUHW
QDJ\MEOHJ\]VHENHQGVGRER]IHOH
(] HOJ QDJ\ DKKR] KRJ\ HOIUMHQ EHQQH OHJDOEE KV] ]DFVN
PJ HJ\ FLSVGRER]ED NUOEHOO NWV]] IU V H] WO]RWW
IHOKDOPR]VKR]YH]HW%UDSDSUWVNNDWHJ\PVLNSDSUWVNEDQ
LVOHKHWWUROQLGHKDHJ\PHUHYLUDWWDUWSDSXFVEDJ\MWGLQNEE
DNNRUHONHUOKHWHGKRJ\WEEOHJ\HQDNHOOHWQO

.LVNRQ\KDLNRPRQR

,WW D] LGHMH KRJ\ UHQGEH WHJ\O PLQGHQ RO\DQ NLFVL NRQ\KDL
NRPRQW DPLYHO HGGLJ QHP IRJODONR]WO SOGXO NDQDODNDW
WHVNDQDODNDW IRJSLV]NOW KVWNHW NRQ]HUYQ\LWNDW V
GXJK]NDW 'REM NL PLQGHQ RO\DW DPLEO NHWW YDJ\ DQQO WEE
YDQ V D]RNDW LV DPLNHW ULWNQ KDV]QOV] PHUW YDQ HJ\
WEEIXQNFLVHV]N]GDPLDFOQDNSRQWPHJIHOHO7HUPV]HWHVHQ
YHGG OD]Q KD YDQ RO\DQ WUJ\ DPLW NOQVHQ NHGYHOV] WDUWVG
PHJPRQGMXNHJ\V]SHQWHUYH]HWWGXJK]W

(]HNHW D KROPLNDW HJ\PVWO HONOQWYH WUROG HJ\ ILNEDQ

.HUHVVUHVGRER]RNDWVWDUWNDWDPLNPHJIHOHOPUHWHNDKKR]
KRJ\NLVUHNHV]HNNQWKDV]QOKDVGH]HNHW
.RQ\KDLIRJ\HV]N]N

$ IRJ\HV]N]NHW SOGXO D IROSDN V DOXIOLW VWSDSUW V

SDSUWUOW WDUWKDWRG D NRQ\KDV]HNUQ\EHQ YDJ\ D NDPUEDQ D
PRVRJDW DODWW YDJ\ D NRQ\KDV]HNUQ\ DMWDMUD HVHWOHJ D IDOUD
UJ]WHWW UFVRV NRVDUDNEDQ +D WEEGRER]Q\L YDQ YDODPLEO
PRQGMXNOH]UKDW]DFVNEODNNRUYHGGNLDFVRPDJROVXNEOV
SDNROG HJ\EH KRJ\ WDNDUNRVNRGM D KHOO\HO -REE KD H]HN D
IRJ\HV]N]NQLQFVHQHNV]HPHOWWPHUWVRNNDONHOOHPHVHEEOHV]
D OWYQ\ +D WO VRN IRJ\HV]N]G YDQ KRJ\ HOIUMHQHN D
NRQ\KEDQ OOWV VV]H EHOON HJ\ WDUWDON NDWHJULW V WUROG
H]HNHWPVXWWPRQGMXNDJDUGUEEDQYDJ\DWUROEDQ

+D D SROFWDNDU IOLNDW NRQ\KDL YHQWLOWRUV]UNHW

IUFFVHQVJWOSDQHOHNHWDPLNDIDODWYGLND]VUFVHSSHNWOQHP
NHGYHOHGPHJROGVOHKHWKDHOWYROWRGPLQGHW(]D]LGDONDOPDV
DUUD LV KRJ\ HOJRQGRONR]] V]NVJHVHNH D]RN D OWV]ODJ
NQ\HOPHVGROJRNDPLNQHPLVDQQ\LUDNQ\HOPHVHN

.RQ\KDLWDNDUWHV]N]N

$ NRQ\KDL WDNDUWHV]N]NHW D PRVRJDWV]HUW V]LYDFVRNDW V

WLV]WWV]HUHNHWOWDOEDQHJ\WWHJ\NRVUEDQWDUWMXNDPLQHNYDJ\
D NRQ\KDV]HNUQ\EHQ D PRVRJDW DODWW YDJ\ D NRQ\KDV]HNUQ\
DMWDMQ YDQ D KHO\H 9DOMEDQ VHPPLW PJ D PRVRJDWV]HUW V D
V]LYDFVRWVHWDUWVGDPRVRJDWPHOOHWW
$PLNRUH]WPRQGRPDWDQWYQ\DLPQDNPHJKNNHQQHN
 J\ UWHG KRJ\ WH EHWHV]HG D PRVRJDWV]LYDFVRGDW D
V]HNUQ\EHDPLNRUD]PJQHGYHV"NUGH]LNIRO\WRQ

$YODV]RPQHP.UOHNV]UWVGPHJPLHOWWHOWHQQG$WUNN
KRJ\ WHOMHVHQ FVDYDUG NL EHOOH D YL]HW +D D]]DO D V]QGNNDO
FVDYDURG NL KRJ\ PHJV]UWVG PHJ IRJV] OHSGQL PLO\HQ J\RUVDQ
PHJV]UDGOOWVGRO\DQKHO\UHDKROQHPULY]YDJ\DNDV]GIHOV
DPLQW PHJV]UDGW WHGG HO $ OQ\HJ KRJ\ QH WDUWVG D V]LYDFVRW D
PRVRJDW PHOOHWW +D RO\DQ J\DNUDQ KDV]QORG D PDJDGW KRJ\
HVO\H VLQFV NLV]UDGQL DNNRU QH IRJODONR]] YHOH GH D
PRVRJDWV]HUW PLQGLJ WHGG HO DPLNRU KDV]QOWDG )RQWRV KRJ\
VHPPLQHPDUDGMRQDPRVRJDWPHOOHWWDPLY]IROWRNDWRNR]KDW

$NRQ\KEDQQHPNHOOHJ\V]HUVJUHWUHNHGQL

+D HOMXWRWWO LGLJ D] ROYDVVEDQ QH JRQGROG KRJ\ IHOWWOHQO

PLQGHQW NL NHOO VHOHMWH]QL DKKR] KRJ\ EROGRJ OHKHVV (]
HOOHQWPRQGVQDN WQKHW GH QH WUHNHGM D] HJ\V]HUVJUH D
NRQ\KEDQ
$PLNRU YJLJVWORN HJ\ UXK] NRQ\KDIHOV]HUHOVL RV]WO\Q
OHUKDWDWODQXO NHOOHPHV EL]VHUJVW U]HN 0J KD D I]V QHP LV D]
HUVVJHPUNLJHOWXGRPQ]HJHWQLD]UXNVRUW2O\DQVRNIOH
IRUPDOWH]LNPJD]HJ\V]HUID]HNDNVVHUSHQ\NN]WWLVQHP
EHV]OYHD]UGHNHVDSUVJRNUOPLQWD]DYRNGV]HOHWHOYDJ\D
NHV]W\N DPLYHO J\RUVDQ V NQQ\HQ OHKHW KPR]QL D
ERMWRUMQJ\NHUHW
0LXWQ KDOORWWDP OHONHVHGQL D] HJ\LN WDQWYQ\RPDW KRJ\
PHQQ\LUHKDV]QRVHJ\SUDNWLNXVMNW\VPJHJ\WYPVRUED
LOO EHPXWDWW LV WDUWRWW KR]] YHWWHP PDJDPQDN HJ\HW WN]EHQ
KD]DIHO 'H D]W LV  V]UHYHWWHP KRJ\ H]HN D QSV]HU WHUPNHN
HOEEXWEE HOWQQHN D WDQWYQ\DLP RWWKRQEO $PLNRU
PHJNUGH]HP PLUW D YODV] OHJWEEV]U D] KRJ\ WO QHK]
KDV]QOQL HOWUW YDJ\ PHJXQWN (]HN D NRQ\KDL NW\N RO\DQRN
PLQW D J\HUHNMWNRN UGHNHV NLSUEOQL NHW DPLNRU IHONHOWLN D]
UGHNOGVQNHWGHNWVJWHOHQOHOMQD]D]LGDPLNRUPUQHP
OHOMN UPQNHW EHQQN %U D] YROQD D] LGHOLV KD PLQGHQW
WLV]WHOHWWHO V WUGVVHO WXGQQN KDV]QOQL GH KD HJ\ WUJ\QDN
QLQFVWEEV]HUHSHD]OHWQNEHQDNNRULGHMHNV]QHWHWPRQGDQL
VEFVWYHQQLWOH
$ NRQ\KD D] D KHO\ D ODNVEDQ DKRO PJ DNNRU LV DPLNRU PU
NLV]HOHNWOWXQN V NLGREWXQN PLQGHQW DPL QHP WOWL EH PU D
IXQNFLMW PJLV J\ WQLN WO VRN PLQGHQ PDUDGW (] J\DNUDQ
VV]H]DYDUMDDWDQWYQ\DLPDW
 0DMGQHP YJH]WHP D NRQ\KD UHQGEHWWHOYHO GH J\ U]HP
PJPLQGLJWOVRNPLQGHQYDQLWWPRQGMN
7DOQ HJ\ RO\DQ NRQ\KD NSH YDQ HOWWN DPLW HJ\ UXK]EDQ
YDJ\ PDJD]LQEDQ OWWDN DKRO D] VV]HV NRQ\KDL HV]N]W V]SHQ
HOUHQGH]WN D WJDV V]HNUQ\HNEHQ 'H DPLNRU ILJ\HOHPEH YHV]HG
KRJ\ PHQQ\L HV]N] YDQ HJ\ NRQ\KEDQ V HKKH] PHQQ\L
WUROKHO\OOUHQGHONH]VUHDNNRUH]WDKDWVWHOUQLQHPNQQ\
PXWDWYQ\

$UUDDNDURNNLO\XNDGQLKRJ\DNRQ\KQOD]HJ\V]HUVJUHYDO
WUHNYVW QHP NHOO D YJOHWHNLJ HUOWHWQL &VDN D] V]PW KRJ\
OVVXN PL KRO YDQ +D H]W HOUHG PJ KD NLFVLW ]VIROW LV D
WUROKHO\DNNRULVEV]NHOHKHWV]DNRQ\KGUD5HPOHPKRJ\D]W
W]GNLFOXOKRJ\RO\DQNRQ\KGOHJ\HQDKROOYH]HGDI]VWV
NLIHMH]LDWHHJ\HGLUPGHW

OHOPLV]HUHN

$PLNRU D] OHOPLV]HUHN N]WW WHV]HO UHQGHW EUPLW D KWEHQ

KDJ\KDWV]HJV]HQDYJLJ$]HOVGRORJDPLWPHJNHOOQ]QLD]D
OHMUDWL LG $] HJ\HGL FVRPDJROV V]UWRWW WHOHNQHN PHJOHSHQ
UYLGD]HOWDUWKDWVJLLGHMHDPLVRNWDQWYQ\RPUDVRNNRODQKDW
$ODSV]DEO\ KRJ\ PLQGHQW NL NHOO GREQL DPLQHN OHMUW D
V]DYDWRVVJL LGHMH GH KD PHJYDQQDN D PDJDG V]DEO\DL SOGXO
KRJ\DNRQ]HUYHNDOHMUDWXWQPJNWKQDSLJMNDNNRUKDMU
OHJ\HQH]DV]HPSRQW+DNWVJHLGWPDGQQDNWHGGIHOPDJDGQDN
DNUGVWYDMRQV]YHVHQI]QOEHOOHYDODPLW"
9DQ RO\DQ WUHQGNLHJV]W DPLW FVDN J\ PHJYHWWO GH QHP
IRJ\DV]WRWWDG HO YDJ\ RO\DQ HJV]VJHV WHUPN DPLW FVDN
PHJV]RNVEO UHQGHOWO" ,WW D] DONDORP KRJ\ HOJRQGRONR]] UDMWD
KRJ\ WQ\OHJ V]NVJH YDQ D V]HUYH]HWHGQHN H]HNUH YDJ\ FVDN
KR]]V]RNWO
+D HJ\ EL]RQ\RV GRORJEO WO VRNDW YHWWO YDJ\ NDSWO DPLW
YDOV]QOHJ QHP WXGV] HJ\HGO HOIRJ\DV]WDQL NUGH]G PHJ D
EDUWDLGDW KRJ\ NHOOH QHNLN QKQ\ YDJ\ DGRPQ\R]G HJ\
OHOPLV]HUEDQNQDN

$.$05$.,9/2*$76$

+D VRN RO\DQ GROJRW WDOOV] DPLQHN N]HOL D OHMUDWD KDV]QOG HO

HJ\V]HUUH 6]HUYH]] HJ\ KDWULGV UDNWUNV]OHWNLVSUVW -
V]UDNR]VOHV]MUHFHSWHNNHONVUOHWH]QL
(J\LN WDQWYQ\RP PLXWQ UHQJHWHJ OHMUW V]DYDWRVVJ
OHOPLV]HUWWDOOWDNDPUMEDQD]]DOOHSHWWPHJKRJ\EHMHOHQWHWWH
5HPHN+ROQDSMQDEDUWRP9HOHIRJRPPHJHWHWQL
7HUPV]HWHVHQQHPDNDUWNLFVLQ\HVOHQQL%L]WRVWRWWUODKRJ\D
OHMUW OHOPLV]HU PJ J\DNUDQ HKHW V DPLNRU NVEE
UNUGH]WHP EHV]PROW UOD KRJ\ PLQGHQ UHQGEHQ PHQW Q
PJLV D]W DMQORP KRJ\ KDV]QOG D M]DQ WONSHVVJHG D
V]DJOU]NHGHWVNV]OMIHODNYHWNH]PQ\HNUH

,7$/2.

$]LWDORNNWFVRSRUWUDRV]WKDWND]RNUDDPLNHWPHJLKDWXQNJ\
DKRJ\ YDQQDN YHJHV V GRER]RV LWDORN J\POFVOHYHN VWE V D
V]UWRWWYDJ\SRUWRWWLWDORNWHNLWDOSRURNVWE(OV]UHOOHQUL]G
D OHMUDW GWXPW $] HOV FVRSRUWED WDUWR]NQDN UYLG D
V]DYDWRVVJL LGHMN PLYHO IRO\DGNRW WDUWDOPD]QDN 'REG NL
DPHO\LN OHMUW $PLN D PVRGLN NDWHJULED WDUWR]QDN SOGXO D
]OG YDJ\ D] DQJRO WHD D]RN XWQ LV KDV]QOKDWN SOGXO
LOODWOPSEDKRJ\OHMUWDV]DYDWRVVJLLGHMN.HUHVVIHOKDV]QOVL
OHKHWVJHNHWLQNEEPLQWKRJ\NLNHOOMHQGREQLH]HNHW

$=7(/(.752/6$

7UROG D] WHOHNHW NDWHJULQNQW OOWV IHO PLQGHQW DPLW FVDN

OHKHW +D NLK]RG D ILNRG YDJ\ YJLJQ]HO D NDPUD SROFQ HOV
UQ]VUH PHJ NHOO WXGQRG PRQGDQL KRJ\ PL KRO YDQ $]
DODSNDWHJULN D IV]HUHN V]UD] OHOPLV]HUHN V]UD]
V]QKLGUWWDUWDOP OHOPLV]HUHN UL]V WV]WD VWE NRQ]HUYHN
I]WDVDNRV WHOHN GHVVJHN NHQ\U V NLHJV]WN +D V]PW D
PHJMHOHQV MHOHQWVHQ PHJQYHOKHWHG D] UPIDNWRUW KD D
V]UD]UXNDWVHJ\EWHOHNHWVV]HLOOGRER]RNEDWHV]HG

$]W DMQORP KRJ\ D GROJRNDW HJ\WW WUROG 3OGXO KD QHP

KDV]QORG J\DNUDQ D NLV ]DFVNV IV]HUHNHW QWVG W D]RNDW NLV
YHJHNEH NOQNOQ (]HN D NLV WOHWHN KDWVRVDEE WHV]LN D
WUROVW
 520/$1'/(/0,6=(5(.

.H]GG D]]DO KRJ\ HJ\ J\RUV SLOODQWVW YHWV] D KWV]HNUQ\HG

WDUWDOPUD V NLGREV] PLQGHQW DPLQHN OHMUW D V]DYDWRVVJD
$ KW D] HJ\HWOHQ NLYWHO D V]DEO\ DOO KRJ\ PLQGHQW NL NHOO
YHQQL KRJ\ HOOHQUL]]N +D YDQ EUPLO\HQ HJ\HGL V]V]
IV]HU]DFVNYDJ\PVHJ\EDPLWVRVHPKDV]QOV]GREGNL$PLW
PHJWDUWRWWO D]W WDUWVG NLV GRER]EDQ YDJ\ WUROEDQ KRJ\ MREEDQ
Q]]HQNLDKWG

$PLNRU D KWEHQ WDUWDV] GROJRNDW OHJDOEE D  V]]DONW

UHVHQ DNDURG WDUWDQL $] UHVHQ PDUDGW KHO\HNUH WHKHWHG D] HVWL
YDFVRUDPDUDGNWYDJ\EUPLPVWHOWDPLWD]QDSNDSWO7UROG
D]WHOHNHWFVRSRUWRVWYDKRJ\HOVUQ]VUHOVGKRJ\PLKROYDQ

$NRQ\KDLWUROVWUNNMHL

$PLNRUDNRQ\KDLWUROVWWHUYH]HGJ\JRQGROMDNRQ\KUDPLQW
HJ\HJV]UH$NRQ\KDLWURONOWDOEDQPDJXNEDIRJODOMNDIHOV
V DOV NRQ\KDV]HNUQ\HNHW ILNRNDW V D V]DEDGRQ OO
V]HNUQ\HNHW 0J D IHOV V]HNUQ\HN J\ YDQQDN NLDODNWYD KRJ\
SROFRN V ILNRN YDQQDN EHQQN NLIHMH]HWWHQ WQ\URN WUROVUD
DGGLJDPRVRJDWVSXOWDODWWLV]HNUQ\HNEHQOWDOEDQQDJ\UHV
KHO\HNYDQQDN$KRJ\NRUEEDQHPOWHWWHPDWUROVQOHOV]UD
QDJ\EHSWHWWKHO\HNHWNHOOPHJWOWHQL
$PLQW IHORV]WRWWDG FVRSRUWRNUD D] HOSDNRODQG WUJ\DNDW RGD
WHV]HG H]HNHW DKRY WHWV]LN GH D]RNQDN D NHGYUW DNLN NLFVLW
MREEDQEHOHPHQQQHNDUV]OHWHNEHD]RNNDOPHJRV]WDQPQKQ\
JRQGRODWRPDWDNRQ\KDLWUROVUO$PLNRURWWKRQRNDWNHUHVHNIHO
KRJ\ OHFNNHW DGMDN D]W D EHYHWW J\DNRUODWRW NYHWHP KRJ\
EHPV]RPDNLUWHWWV]HNUQ\HNEHVWUROKHO\HNUHYDJ\KDQHP
IUHN EH OHJDOEE EHGXJRP D IHMHP V WHV]WHOHP D OHYHJW
$ PRVRJDW DODWWL V]HNUQ\HN SUVDN V QHGYHVHN PJ D W]KHO\
N]HOEHQ OYN V]UD]DN V URSRJVDN RODMUD V OQJUD
HPONH]WHW V]DJJDO (PLDWW J\ JRQGRORP KRJ\ D VUONHQ\
NQ\HVHEE GROJRNDW MREE QHP D PRVRJDW DODWW WDUWDQL QHKRJ\
WQHGYHVHGMHQHN .YQFVL YROWDP KRJ\ D IHQJ VKXL LJD]ROMDH D
PHJU]VHPHW ( V]HULQW D] HOJRQGROV V]HULQW D PRVRJDW DODWWL
WHUOHWDY]HOHPKH]DW]KHO\PHOOHWWLDW]HOHPKH]NWKHW
$ V]HNUQ\HNEHQ YDO WUROV NXOFVD KRJ\ D UHQGHONH]VUH OO
PDJDVVJRWMONLKDV]QOMXN
$]MDEEK]DNEDQDV]HNUQ\HNEHQUFVRVSROFRNLVYDQQDNGH
KD D WLGEHQ QLQFVHQHN KDV]QOG D]RNDW D GROJRNDW DPLN D
UHQGUDNVVRUQIHOV]DEDGXOWDN9DJ\KDV]HUHWHGDNV]HQYVUROW
WUROHV]N]NHW YHJ\O MDNDW +D VRN WUROQLYDOG YDQ NHYVE
]DYDUKDV]WRV]WRGH]HNHWJ\DNUDQKDV]QOWVULWNQKDV]QOW
FVRSRUWED DKHO\HWW KRJ\ EHOHPHQQO DEED KRJ\ D J\DNRULVJRW
PJMREEDQUV]OHWH]HG$ULWNQKDV]QOWKROPLNDWDIHOVV]HNUQ\
OHJIHOVSROFDLQWUROG
.HGYHG V]HULQW DODNWV NL VDMW FVRSRUWRNDW SOGXO D
NHQ\UNV]WV HV]N]HL YDJ\ WRUWDGHNRUFLV IHOV]HUHOVHN
.H]GG D QDJ\REE PUHW GROJRNNDO DPLNRU HOGQWG PLW KRY
WHV]HO +D YDQ WODOV]HNUQ\HG HOV]U D WQ\URNDW SDNROG EHOH
PDMGDI]HV]N]NHWIV]HUHNHWVWE
$PLNRU D ILNRNEDQ UHQGH]HG HO D KROPLNDW D VLNHUHG NXOFVD
KRJ\ IRO\DPDWRVDQ WDUWVG V]HP HOWW D]W KRJ\ FVNNHQWVG D
WUIRJDWRW 9HJ\N SOGQDN D EHIWWHVJXPLNDW 6RNDQ DEEDQ D
GRER]EDQ KDJ\MN DPLEHQ PHJYVUROWN V J\ WHV]LN D ILNED
DPLSD]DUOVDKHOO\HO$KRJ\HOKDV]QORGDJXPLNDWDGRER]HJ\UH
LQNEE NLUO GH PJ PLQGLJ XJ\DQDQQ\L KHO\HW IRJODO D ILNEDQ
+HO\HWVSUROKDWV]KDNLVYHJEHYDJ\PVWUROEDWHV]HGWNHW
(WWODILNRGLVMREEDQQ]PDMGNL$KRJ\FVNNHQDV]DEDGKHO\D
ILNRGEDQD]RNDWDGROJRNDWDPLNQHNQHPMXWRWWKHO\NLUDNKDWRG
D SXOWUD PVKRY D V]HNUQ\EH YDJ\ ILNED 9JO PJ D
WHVNDQQDDUL]VI]VDV]HPHWHVLVDV]HNUQ\DMWNPJNHUO
VDNRQ\KDWHOMHVHQNRV]PHQWHVOHV]
 $]WJRQGROKDWRGKRJ\H]OHKHWHWOHQGHEL]WDWODNKRJ\W]GNLH]W
FOXODPLNRUKHO\UHUDNRGDKROPLMDLGDW
$ UHQGUDNV NOQOHJHV HVHPQ\ +D HUIHV]WVW WHV]HO
NLSUEOV] NOQIOH WOHWHNHW V OYH]HG D] HJV] IRO\DPDWRW
PHJOWRGPLO\HQVLPQIRJPHQQL)RJGIHOJ\PLQWHJ\MWNRW
0LQGHQWOHWDPLWNLSUEOV]D]RQQDOLHUHGPQ\WKR]VEUPLNRU
MUDUHQGH]KHWHG DPLNRU FVDN DNDURG $] HOSDNROV D
OHJV]UDNR]WDWEEUV]HDUHQGUDNVQDN

$NRQ\KDGV]WVH

+D UHQGEH WHWWHG D NRQ\KW V]QM HJ\ NLV LGW D GHNRUOVUD

'V]WKHWHG D IDODLW WHKHWV] V]S WH[WLOW D V]HNUQ\DMWN YHJHL
PJ V GV]WKHWHG V]S PLQWV FVHPSYHO D IDODW $ NRQ\KD
GHNRUOVD GUPDLDQ PHJQYHOKHWL KRJ\ MO UH]G PDJDG D
NRQ\KGEDQ IOHJ DNNRU KD NRUEEDQ VRVHP IHNWHWWO HUUH
KDQJVO\W (J\LN WDQWYQ\RP HJ\ SDUDID WEOW DNDV]WRWW IHO D
NRQ\KMEDQ V DUUD W]L D J\HUHNHLWO NDSRWW ODSRNDW V QQHSL
GHNRUFLNDW0RVWJ\U]LKRJ\VRNNDOOYH]HWHVHEEDI]V
$]WMDYDVRORPKRJ\IRNR]DWRVDQFVHUOGOHDNRQ\KDLHV]N]HLGHW
RO\DQRNUD DPLNHW LJD]Q NHGYHOV] Q SOGXO JRQGRONRGV QONO
FVHUOWHPOHHJ\PDQ\DJODSWRWIUDVH]IHOQ\LWRWWDDV]HPHPHW
KRJ\ PHNNRUD NOQEVJHW MHOHQW KD RO\DQ HV]N]]HO GROJR]XQN
DPLWV]HUHWQN
+D FVDN HJ\ RO\DQ NRQ\KDL GRORJ YDQ QDSRQWD DPLW NOQOHJHV
RGDILJ\HOVVHO YODV]WDV] NL DNNRU VRNNDO OYH]HWHVHEE OHV]
V]PRGUDD]LGDPLWI]VVHOWOWHV]

7HGGOYH]HWHVVD]WNH]VW
$PLNRU EHIHMH]WHG D UHQGUDNVW D NYHWNH] IRQWRV OSV D]
HV]PQ\L NRQ\KD HOUVKH] KRJ\ D] WNH]VHNHW LV UPWHOLY
WHGG$]YV]DNRNYOWR]VDV]HULQWWHUYH]HGPHJDPHQWVWHUWHG
PHJD]DV]WDOW"$]YV]DNRNDWNQQ\HQPHJMHOHQWKHWHGD]DV]WDORQ
DSU WUJ\DNNDO SOGXO WQ\UDOWWWHO YDJ\ HYSOFLND
WPDV]WNNDO Q NOQV ILJ\HOPHW IRUGWRN H] XWEELUD
7L]HQNLOHQF LO\HQ NV]OHWHP YDQ N]WN RO\DQ LV DPLW PDJDP
NV]WHWWHP V QHPFVDN D] YV]DNKR] YDJ\ D YODV]WRWW
DODSDQ\DJRNKR] LJD]WRP H]HNHW KDQHP DUUD LV KDV]QORP KRJ\
QKQQ\DO D YDFVRUDDV]WDOW GHUVHEE YDU]VROMDP KD WEE V]Q
NYQNR]LNU
$] XWEEL LGEHQ -DSQEDQ QDJ\RQ QSV]HU OHWW D
GDLNRQPYV]HWDPLD]WMHOHQWLKRJ\UHV]HOWUHWHNEOIRUPOQDN
PHJ OODWILJXUNDW J\ WQLN QKQ\DQ HJV]HQ NUHDWYDN DEEDQ
KRJ\MWNRVMHOOHJHWNOFVQ]]HQHND]WHOHNQHN.VUOHWH]]D]]DO
KRJ\PHJWDOOGPLGREMDIHOD]WNH]VHNHW

7DNDUWV]HUHN

0LQGHQRO\DQWDUWDONWDNDUWIHOV]HUHOVWVWLV]WWV]HUWDPLWQHP
KDV]QOV] DMQGNR]] HO RGD DKRO V]NVJ YDQ U $KKR] KRJ\
NLYODV]G PHO\LNHW NHGYHOHG H]HN N]O NS]HOG HO PDJDG DKRJ\
WDNDUWVUD KDV]QORG H]HNHW $PLNHW J\ GQWWWO KRJ\
PHJWDUWDV] WUROG HJ\ KHO\HQ D JDUGUEEDQ YDJ\ D WUROEDQ
$ URQJ\RNDW YDJ\ UJL WUON]NHW DPLNHW URQJ\NQW DNDUV]
H]XWQKDV]QOQLKDMWRJDWYDVOOWYDWUROG
 $] RWWKRQRG WLV]WDVJD QHP OO IHOWWOHQO HJ\HQHV DUQ\EDQ D
WDNDUWV]HUHLGPHQQ\LVJYHO(]HNQHNFVDNDNNRUYDQUWNNKD
KDV]QORG NHW +D YDQ RO\DQ D JDUGUERGEDQ DPLW PJ NL VHP
ERQWRWWO Q\LVG NL H]HNHW V KDV]QOG IHO NHW DUUD KRJ\ DODSRVDQ
NLWDNDUWVGDWUROKHO\HNHWD]RWWKRQRGEDQ

$PRVNRQ\KDIHOV]HUHOVH

$ PRVVVDO NDSFVRODWRV GROJRNDW D PRVJS NUQ\NQ DMQORWW

WDUWDQL Q V]HPO\ V]HULQW V]HUHWHP OHYHQQL D ULNW FPNNHW D
IRO\NRQ\ PRVV]HUUO V KHO\HWWH HJ\ V]DODJRW NWQL D IODNRQ
Q\DNUDKRJ\UPPHOQ]]HNU

)UGV]REDLDSUVJRN

%U QHK] EHYDOODQRP GH VRKDVHP VLNHUOW UHQGEH WHQQHP D

PRVG DODWWL V]HNUQ\W D V]OHLP K]EDQ PLNRU PJ YHON
ODNWDP 6RVHP UWHWWHP PLUW GH PLQGLJ WO VRN KROPL YROW RWW
WDUWDONIRJNHINVPLQNPLQWNV]DSSDQRN'HH]QHPKDWDOPD]RWW
IHODUUDKRJ\EUPLWLVNLGREMDNH]HNN]O$PLPJURVV]DEEYROW
D PRVG NUQ\NH PLQGLJ QHGYHV YROW )RO\WRQ PRUJROGWDP D
FVDOGWDJMDLPPDO KRJ\ WUOMN IHO D YL]HW PDJXN XWQ GH HWWO
PLQGHQNL FVDN LQJHUOW OHWW V J\ HOPHQW D NHGYHP DWWO KRJ\
PHJJ\]]HP NHW $ YODV]RP D] YROW KRJ\ LQNEE FVHQGEHQ
IHOWDNDUWRWWDP
0LUH HOMXWRWWDP LGLJ KRVV] XWDW MUWDP EH (OWLOWRWWDN D
WDNDUWVWO PLXWQ WLWRNEDQ NLGREWDP D FVDOGWDJMDLP KROPLMW
NHPQ\HQPHJWDQXOWDPKRJ\YJOQHPULPHJPVRNGROJDLED
EHOHDYDWNR]QL J\ GQWWWHP KRJ\ D] HJ\HWOHQ PHJROGV KD D
KHO\HW RO\DQ NHOOHPHVV WHV]HP DPHQQ\LUH FVDN OHKHW OHJDOEELV
DPLNRU Q KDV]QORP +D SDQDV]NRGV QONO NLWDNDUWRP D
PRVGW D] HJ\LN PGMD OHKHW DQQDN KRJ\ PHJNV]QMHP D
V]OHLPQHN KRJ\ QOXN ODNKDWRN 1HPFVDN DNNRU WDNDUWRWWDP NL
DPLNRU Q KDV]QOWDP KDQHP PLQGHQ DONDORPPDO DPLNRU DUUD
MUWDPWWUOWHP(J\V]HUHJ\KQDSEDQOHSDNROWDPDKROPLNDWD]
YHJSROFRNUO V DODSRVDQ OHWUOJHWWHP NHW )RO\DPDWRVDQ
WLV]WQWDUWRWWDPGHKDHJ\V]HULVYOHWOHQOQHPMXWRWWDPKR]]D
PXQNPPLDWWYDJ\FVDNHJ\V]HUHQHOIHOHMWHWWHPD]HJV]QHGYHV
VPDV]DWRVOHWWDPLQDJ\RQOHKDQJROYROW
$ IUGV]REEDQ DPL J\DNUDQ NHYV ILJ\HOPHW NDS D
UHQGUDNVQO YDOMEDQ PDMGQHP D OHJQHKH]HEE UHQGHW WDUWDQL
9L]HVOHV]KDWDOPDVPHQQ\LVJWDUWDONKROPLWWUROXQNEHQQHV
OHJWEEV]UWEEHQLVKDV]QOMN
$PLNRU D]RQ JRQGRONR]RP KRJ\ PLW KRY WHV]HN PDMG PLQGLJ
WHNLQWHWWHO YDJ\RN DUUD KRJ\ PLO\HQ FOW V]ROJO $ IUGV]REEDQ
DUFRW V IRJDW PRVXQN IUGQN -DSQEDQ H] D] D KHO\ DKRO D
PRVJS LV KHO\HW NDSKDW V LWW WUWQLN D PRVV J\ WHNLQWHP
PLQW DKRO D Y]]HO V D EUQNNHO NDSFVRODWRV GROJRNDW WDUWMXN
DPLQHNDIFVRSRUWMDLDNYHWNH]N

 7HVW V DUFWLV]WW V]HUHN IRJ\HV]N]N PLQW D EU V
KDMSRO WHUPNHN IRJNHIN KDMV]UWN KDMSQWRN KDMWN
YDWWDSDPDFVRNERURWYNH]HNWDUWDONDLVDWUON]N
$IUGVVHONDSFVRODWRVKROPLNVDPSRQIUGVVWE
7LV]WWV]HUHNIUGV]REDLWLV]WWV]LYDFVRNVWE

$ UHQGUDN NDPSQ\ LGHMQ DONDOPDG Q\OLN DUUD KRJ\ GDUDEUO
GDUDEUD WQ]G D ]VHENHQG VDPSRQ VWE NV]OHWHLGHW +D
EUPHO\LN H]HN N]N HOUHJHGHWW YDJ\ NUGVHV D PLQVJH
HVHWOHJPUQHPKDV]QORGD]]DOLWWNHOOIRJODONR]QL
%UD]OHQQHD]LGHOLVKDHOKDV]QOQGH]HNHWGHKDWOVRNYDQ
EHOON DMQGNR]G HO  $KKR] KRJ\ NH]HOQL WXGG D NV]OHWHLGHW
LVPHUQHG NHOO D] LJQ\HLGHW %HFVOG PHJ QDJ\MEO KQ\ QDSED
WHOLN HJ\HW HOKDV]QOQL PDMG V]PROG NL HEEO KRJ\ D] VV]HV
PHJOY WHUPN PHGGLJ WDUW NL +D QHP FVDN HJ\ GH DNU WKDW
YUH LV HOHJHQG NV]OHWHG YDQ DNNRU YLFFHV VHJO\DGRPQ\W
OOWKDWV]VV]HEHOON.V]WVHJ\IRWWDEDUWDLGQDNDODNWVGWD
UHQGUDN PDUDWRQRG KVLHV PHVMY V V]UDNR]] MO PLN]EHQ
IRO\WDWRGDUHQGUDNVW
+D D PRVGV]HNUQ\HGQHN YDQ ILNMD HJ\V]HUHQ NYHVG D NW
DODSHOYHW WUROM NDWHJULQNQW V OOWYD $ PRVG DODWWL V]HNUQ\
VSHFLOLV RGDILJ\HOVW LJQ\HO $PLNRU D]W PRQGMN QHNHP KRJ\
SUREOPLN YDQQDN D IUGV]REDL WUROVVDO H] OWDOEDQ DEEO
IDNDGKRJ\QHPKDV]QOMNNLPHJIHOHOHQDPRVGDODWWLWHUOHWHW
$PLNRU NLQ\LWRP D] DMWDMW D VDPSRQRN V D WLV]WWV]HUHN
VV]H]VIROYDOOQDNDV]HNUQ\DOMQIHOHWWNYLV]RQWKDWDOPDVU
WWRQJ
$KKR] KRJ\ D OHJMREEDQ NLKDV]QOG D PRVG DODWWL UV]W DKRO
QLQFVHQHNSROFRNKDV]QRVWVGMODPDJDVVJW(EEHQD]HVHWEHQD
GRER]RN QHP HOJVJHN KDQHP D WUROHV]N]N IRJQDN
PHJPHQWHQL*\DNUDQKDV]QORNNLVPDQ\DJILNRVGRER]WDPLD
UHQGUDNVL NRPRQEO PDUDGW PHJ +D HOJ PO\ DNNRU PHKHW D
PRVGDOJ\DKRJ\YDQ+DPJPDUDGIHOHWWHKHO\UWHV]HNHJ\
IHGOQONOLGRER]WDWHWHMUHDPLEHDKRVV]DEEKROPLNDWSDNRORP
SOGXO D] YHJHNHW KDMV]UWW KRJ\ NLKDV]QOMDP D V]HNUQ\
PDJDVVJW
 +D D ILNRV GRER] SRQW PHJIHOHO PO\VJ GH WO PDJDV D
V]HNUQ\EH DNNRU GDUDEMDLUD V]HGHP DKRO OHKHWVJHV (KKH]
NLYHV]HP D] VV]HV ILNRW D NHUHWHW IHMMHO OHIHO IRUGWRP V
V]WFVV]WDWRP D UV]HNHW (]HNHW MUD VV]HLOOHV]WKHWHG J\ KRJ\
NHYHVHEE ILNNDO DODFVRQ\DEE GRER]RG OHJ\HQ $ JUJNHW LV
HOWYROWKDWRG $ PDQ\DJ ILNRV KHO\HWW HJ\ HJ\V]HU OEDNNDO
UHQGHONH] NRVU LV PHJWHV]L +D HJ\LN VLQFV OOWV EH HJ\ IHGO
QONOLGRER]WHJ\PDQ\DJWUROGRER]WHWHMUH
(PLDWW QHKH]HEE OHV] NLQ\LWQL PDMG D PDQ\DJ GRER]W WHKW D
OHJMREEKDDIRJ\HV]N]NWDUWDONNV]OHWHLWWDUWRGEHQQHSOGXO
D IRJNHINHW V V]DSSDQRNDW J\ PLQLPOLVUD FVNNHQWKHWHG D
GRER]Q\LWRJDWVW
+D PVRNNDO RV]WR]RO D IUGV]REQ HOEE D N]VHQ KDV]QOW
KROPLNDW SDNROG HO FVDN XWQD WUM W D V]HPO\HV GROJRNUD
$ N]VHQ KDV]QOW GROJRN N] WDUWR]QDN D IRJNHIHWDUWN D
IRJNUPHN D KDMV]UWN D WUON]N V D WLV]WONRGV]HUHN +D
PUKHO\HWWDOOWOH]HNQHNDKROPLNQDNDNNRUDIHQQPDUDGUV]W
IHORV]WKDWRG D]RN N]WW DNLN LWW OQHN J\ PLQGHQ V]HPO\QHN
PHJYDQ D PDJD VDMW WHUOHWH DKRO HOKHO\H]KHWL D V]HPO\HV
EUSROV]HUHLWVJ\WRYEE
+D QLQFV HOHJHQG KHO\ D IUGV]REEDQ DNNRU YHGG U NHW
KRJ\ PLQGHQNL D VDMW V]REMEDQ WDUWVD D V]HPO\HV KROPLMW $]
KRJ\ PLNQW EROGRJXOV] H]]HO D FVDOGRGWO IJJ GH D]W DMQORP
KRJ\WLV]W]]WRNOHDV]DEO\RNDW$PLNRUPHJKR]]WRNH]HNHWQH
IHOHGNH]]PHJDUUOKRJ\PLO\HQVWUDWJLWDONDOPD]WRNDUUDKRJ\
D PRVG NUQ\NH PLQGLJ V]UD] PDUDGMRQ Q J\ ROGRWWDP PHJ
D]W D SUREOPW RWWKRQ KRJ\ WYHWWHP HJ\LN WDQWYQ\RP
J\DNRUODWWVPRVWDPRVGPOODQGDQFVLOORJHJ\V]HUHQHJ\
WUON]WWDUWRWWDIUGEHQDUUDDFOUDKRJ\DPRVGWOHWUOMN
YHOH0RVWPHJOHSKHWD]KRJ\H]VRVHPMXWRWWHV]HPEHGHJ\DNUDQ
YHV]HNWHKKH]KDVRQOSUDNWLNXVWOHWHNHWDWDQWYQ\DLPWO
%L]WRVYDJ\RNEHQQHKRJ\PUV]UHYHWWHGIRO\WRQDUUDEL]WDWRP
D]HPEHUHNHWKRJ\OOWYDWUROMNDGROJDLNDWDUXKNWONH]GYHD]
LURGDV]HUHNHQWDVPLQNLJJ\J\DNUDQPHJNUGH]LNWOHP
$WUON]NHWLVOOWYDWUROMDP"1HPUDNKDWRPHJ\PVUD"
7DOQD]MXWHV]NEHKRJ\PLO\HQMOQ]QHNNLDV]OORGNEDQD]
HJ\PVUDSDNROWWUON]NDPLNQHNPJDV]QHLLVVV]KDQJEDQ
YDQQDN.WRNDLVYDQDQQDNKRJ\D]WDMQORPKRJ\OOWYDWUROG
DGROJRNDW$]HJ\LNKRJ\PHJNQQ\WLDGROJRGDW(J\SLOODQWVVDO
WOWKDWRG KRJ\ PL YDQ RWW NLYHKHWHG DPL NHOO V NLYHKHWV] YDJ\
YLVV]DWHKHWV] HJ\HW DQONO KRJ\ D WEELW VV]HGQWHQG $ PVLN
RNKRJ\DKDORPDOMQOYNNLEXJJ\DQQDNVV]UQ\HQQ]QHNNL
$ WUON]NHW OWDOEDQ OHJIHOOUO YHVV]N HO 1HP EDMOGXQN
D]]DO KRJ\ HJ\ EL]RQ\RV GDUDERW YODVV]XQN D KDORP N]HSUO
$PJEL]WRVYDJ\EHQQHKRJ\DIULVVHQPRVRWWWUON]NHWDNXSDF
DOMUDWHV]HGVPLQGLJDWHWHMUOYHV]HOHOHJ\HWDGGLJDWUON]N
KDOPD V]S V UHQGH]HWW PDUDG $ WUON]NHW J\DNUDQ V VUQ
KDV]QOMXN H]UW D OHJDOV GDUDE FVDN UYLG LGHLJ PDUDG RWW
J\KRJ\ LJHQ WHOMHVHQ UHQGEHQ YDQ KD HJ\PVUD UDNRG D
WUON]LGHW 'H KD LQNEE V]HUHWQG NLYODV]WDQL KRJ\ PHO\LNHW
KDV]QORG DNNRU D] LV M PHJROGV KD KDMWRJDWRG YDJ\ IHOWHNHUHG
DKRJ\DUXKNDWVEHOHOOWRGHJ\NRVUEDNHWDSROFRQ

9OWR]WDVGDIUGV]REGUPWHOLKHOO\

$IUGV]REDLWNUEHQWNU]GOWYQ\QDJ\RQIRQWRV$WNUN
KDMODPRVDN PHJVRNV]RUR]QL D] HQHUJLMW DQQDN DPLW
YLVV]DWNU]QHN J\KRJ\ WUHNHGM DUUD KRJ\ PLQO V]HEE OHJ\HQ
+D UHQGHWOHQ WURO OWV]LN EHQQH DNNRU WDNDUG HO YDJ\ WUROG D
KROPLNDWRGDLOOGRER]RNEDQKRJ\V]HEEHQQ]]HQNL
 $MQORP D]W LV KRJ\ DNDVV] V]S NSHNHW D IDOUD KRJ\ D]RN
OWV]GMDQDNDWNUEHQ(]OHIRJQ\J]QLDV]SVJYHO&VDNDUUD
ILJ\HOMKRJ\DNHUHWOOMDDSUW

6]HQWHOMNOQOHJHVILJ\HOPHWD]LOOHPKHOO\HONDSFVRODWRVKROPLN
HOUHQGH]VQHN

$ WDQWYQ\DLP QDJ\ V]]DOND OOWMD KRJ\ QHP RNR] SUREOPW

QHNLN D :&YHO NDSFVRODWRV GROJRN WUROVD DPLNQHN D V]PD
NRUOWR]RWW :&SDSURN WLV]WWV]HUHN LOODWRVWN V QL KLJLQLDL
WHUPNHN +D QHP KDOPR]RO IHO H]HNEO UHQJHWHJ WDUWDONRW
YLV]RQ\ODJ NQQ\ D WUROVXN GH D WDQWYQ\DLP WEEVJH D]UW
HONYHW QKQ\ KLEW H]HQ D WUHQ 0JLV WDOQ H]UW WDOONR]RP
ULWNQ RO\DQQDO DNL WNOHWHV SRQWV]PRW UGHPHO +RJ\ V]LQWH
OHJ\HNH]HJ\RO\DQWHUOHWDPLYHOQVHPQDJ\RQWUGWHP(J\LN
EDUWRPOWRJDWVDPLQGHQWPHJYOWR]WDWRWW
 .LIRJ\WO D :&SDSUEO J\KRJ\ NLYHWWHP HJ\ MDW  PRQGWD
FVDNJ\D:&KDV]QODWXWQ
/HPHUHYHGWHP/HJQDJ\REEERVV]VJRPUDUMWWHPKRJ\QHP
IRUGWRWWDPILJ\HOPHWD:&SDSUWUROVUD
 1HP KLV]HP HO KRJ\ NLQ\LWRWWD D]W D V]HNUQ\DMWW
JRQGROWDP
+RJ\ WHKHWWH DQONO KRJ\ PHJNUGH]HWW YROQD" 'H D]WQ
UMWWHP KRJ\ D] Q KLEP PHUW QHP JRQGRVNRGWDP UOD KRJ\
OHJ\HQ N]QO HJ\ WDUWDON WHNHUFV SDSU 9JO LV QHP MKHWHWW
YROQDNLDQONOXJ\H"
$PLNRU KD]DPHQW NLQ\LWRWWDP D V]HNUQ\DMWW 5Q]VUH D
V]RNVRVGROJRNYROWDNEHQQH
1HP YROW UHQGHWOHQVJ GH D WHUPNHN FVRPDJROVUO RUGWRWW
KRJ\ PL YDQ EHQQN V PLQGHQ YROW FVDN QHP HJ\ OWYQ\RV
WUROKHO\ DQQDN HOOHQUH KRJ\ D NHQ\HUHPHW D UHQGUDNVVDO
NHUHVHP V KRJ\ IRO\WRQ D]W VXO\NRORP D WDQWYQ\DLPQDN KRJ\
IRUGWVDQDNNHOOILJ\HOPHWDQHPV]HPHOWWOYKHO\HNUHLV
$PLNRU H]W WJRQGROWDP UMWWHP KRJ\ D IUGV]RED  YDJ\ D
YHQGJIUG KD HJ\QO WEE LV YDQ  D OHJLQNEE N]VVJL KHO\
EUPHO\LN RWWKRQEDQ VRNNDO LQNEE PLQW D NRQ\KD 0JLV D :&
YHO NDSFVRODWRV GROJRN D OHJNHYVE L]JDOPDVDN D K]QO %U D
OWRJDWNULWNQOWMNGHKDUHQGHWOHQDNNRUD]RQQDOV]HPHWV]U
(]UWH]D]DWHUOHWDKRODNOVVRNDWV]PW
+D D IUGV]REGEDQ YDQ EHSWHWW V]HNUQ\ D WUROV HJ\V]HU
$ODSV]DEO\ KRJ\ PLQGHQW J\ SDNROM HO EHQQH KRJ\ QH NHUOM
]DYDUED KD YDODNL PV EHOHQ] 8J\DQH] LJD] D :& IHOHWWL SROF
HVHWEHQ LV $ :&SDSU OHJMREE WUROVL PGMD KD NRVUED YDJ\
GRER]ED WHV]HG +D QHP WDOOV] PHJIHOHOW DNNRU KDJ\G D
WHNHUFVHNHWDFVRPDJROVEDQVJ\WHGGDSROFUD+DPUFVDNHJ\
YDJ\ NHWW PDUDGW V D FVRPDJROV VV]HHVHWW MREEDQ IRJ NLQ]QL
KD NLGRERG D QHMORQW V D JXULJNDW D SROFUD WHV]HG +D WO VRN
NV]OHWHGYDQDKKR]KRJ\PLQGHOIUMHQDSROFRQDWEEOHWHWWDUWVG
DIRJ\HV]N]NV]OHWHLGGHOHJ\WW
$] LOODWRVW VSUD\ V D WLV]WWV]HUIODNRQRNUO WYROWV HO PLQGHQ
ULNW FPNW $ J\DNUDQ KDV]QOW FLNNHNUO D] VV]HV FPNW
OHYHKHWHGSOGXOD:&WLV]WWNUOVWUONHQGNUO
$ WHUPNHN FVRPDJROVD KDUVQ\ V URQGD V KD HOWYROWRG D
V]HNUQ\EHOV OWYQ\D VRNNDO NLILQRPXOWDEE OHV] 1H YHGG OH D
FVRPDJOH]U FPNNHW KD J\HUHNHN LV YDQQDN D K]QO YDJ\ KD
ULWNQKDV]QOWWHUPNUOYDQV]SOGXOOHIRO\WLV]WWUOPHUW
V]NVJOHKHWDFPNUHDWHUPNVV]HWHYLQHND]RQRVWVKR]
9JOGHQHPXWROVVRUEDQDQLKLJLQLDLWHUPNHNUOLVHVVHQ
V] $] LOODWV]HUEROWRN QHMORQ]DFVNLEDQ WUROQL H]HNHW V]ED VHP
MKHW$OHJMREEPHJROGVKDHJ\QHNHGWHWV]UDWWDQNRVUEDQYDJ\
GRER]EDQ WURORG $ WDUWDONRW WDUWKDWRG HJ\ WH[WLO]VNEDQ +D D
FVDOGRGGDO HJ\WW OV] V QLQFV HOJ KHO\ DKKR] KRJ\ D KLJLQLDL
WHUPNHNHWD:&N]HOEHQWDUWVGNOQWVHOHJ\KHO\HWH]HNQHND
JDUGUEEDQYDJ\PVXWW
$ WUROV H]]HO NV]HQ YDQ 1HP YROW WO PDFHUV XJ\H"
0LQGVV]H W] SHUF PLXWQ PHJWDOOWDG D PHJIHOHO GRER]W YDJ\
WVNWDPLEHQWUROKDWRGDGROJRNDW
+DDIUGV]REGEDQYDQHONOQWHWW:&YL]VJOGPHJKRJ\DQ
UH]KHWQGPDJDGLWWMREEDQ6]J\HQOHQQHDKROPLNHOSDNROVQO
DEEDKDJ\QL DPLNRU HJ\ NHYV GHNRUFLYDO WHOMHVHQ
WYOWR]WDWKDWRG KHO\LVJHW .H]GG D]]DO KRJ\ PHJQ]HG PL D]
DPL PU RWW YDQ /HKHW KRJ\ H] HJ\ QDSWU DPLW PLQGHQ
NOQVHEE RN QONO PLQGHQ YEHQ NLDNDV]WDV] 9DJ\ HJ\ KDORP
NQ\Y HVHWOHJ PDJD]LQ DPLNHW VRVHP ROYDVRO" 9DQ H]HN N]WW
EUPLDPLUPHWRNR]"
$ :& D WLV]WXOVUO V]O  V]]DONLJ D NLUWVQHN V]HQWHOYH
(]UWJ\U]HPKRJ\DV]YHJHVEHYLWHOWNHUOQLNHOOKDFVDNQHP
RO\DQDPLWLJD]QLQVSLUOQDNWDOOV]
(KHO\HWW KDV]QOM D] U]NHNUH KDW GROJRNDW PLQW SOGXO
LOORODMRNDWYLUJRNDWHJ\NSHWYDJ\GV]W9ODVV]RO\DQ:&WHW
ERUWVW V V]Q\HJHW DPLW NOQVHQ NHGYHOV] $GG KR]] D]
HJ\QLVJHGHW
9ROWO YDODKD RO\DQ PHOONKHO\LVJEHQ WWHUHPEHQ YDJ\ PV
Q\LOYQRV KHO\HQ DPLWO HO YROWO UDJDGWDWYD PHUW D NLYLWHOH]VH
WNOHWHVHQLOOHWWDKHO\KH]"(J\KDZDLLNY]EDQSOGXOD]DMWW
KLELV]NXV] YDJ\ SOXPULDYLUJJDO D IDODNDW SOPDINNDO YDJ\
KXODWQFRVRNNDO D PRVGW WHNQVGVV]HO OHKHW GHNRUOQL D OHYHJW
SHGLJNNXVV]DOOHKHWLOODWRVWDQL0UDKRJ\EHOSV]D]LVEROGRJJ
WHV]
+D QHNHG V D FVDOGRGQDN HJ\UWHOPHQ PHJKDWUR]RWW D]
]OVHWHN V YDQ SU KDV]QOKDW GV]HWHN M V]UDNR]V KD D
IUGV]REWUPWHOLWHPDWLNXVKHOO\DODNWMWRNW.OQVHQKD
D:&WHUOHWHHOYDQNOQWYHDIUGV]REDWEELUV]WOPHUWLWW
VHQNLQHPLG]LNHOMKDHJ\DGDJYLGPVJRWFVHPSV]QNLGH
3HUV]HKDLQNEEDQ\XJDOPDWNHGYHOHGVD]HJ\V]HUEEGROJRNDW
DPUWNWHQQHNPHJIHOHOHQDODNWVG
+D D :& V D IUGV]RED HJ\ KHO\LVJEHQ YDQ DNNRU D WLV]WDVJ
HOVGOHJHV IRQWRVVJ NHOO KRJ\ OHJ\HQ V PHJ NHOO N]GHQHG D
SHQV] V D Y]N INHQ WDUWVYDO  6RNNDO NQQ\HEE OHV]
PHJWDUWDQRG D NHOOHPHV U]VW H]HQ D KHO\HQ KD PLQGHQW ]UYD
WDUWDV] V FVDN RO\DQ GHNRUFLNDW KDV]QOV] DPLN Y]OODN
0DJWOUWHWGLNKRJ\D:&WLV]WQWDUWVDNXOFVIRQWRVVJDKHO\
YLGPVJQDN PHJU]VKH] 7]G NL FOXO KRJ\ VHPPLW VHP
WDUWDV]DIOGQFVDNHJ\NLVV]HPHWHVWVHVHWOHJD:&NHIW

6=02/')(/$=507(/(16*(7

/HJDOEEDQQ\LUDIRQWRVD]UPWHOHQGROJRNIHOV]PROVDPLQW
D WEE UP KR]]DGVD (]DODWW D]RN D GROJRNDW UWHP DPLN
HJ\OWDOQ QHP WOWHQHN HO UPPHO PHUW D]RN FVXSQ LGHJHQ
RGD QHP WDUWR] GROJRN $ YNRQ\ WOWV] ]UFVN DPL D]
DXGLRHV]N]G NLMHO]MW IHGL YDJ\ D IRGURV FHORIQ
FVRPDJRODQ\DJ D] DMQGNED NDSRWW V]UD]YLUJNRPSR]FLQ
SOGXOSRQWRVDQDMOPHJYDJ\RNQONOHGROJRNN]WDUWR]LN
8J\DQH] YRQDWNR]LN D PDJDV Q\RPV V]DYDNUD D UL]VI]
FPNMQ D NOW]WHW FJ ORJMUD DPLW D V]HUQ\EHQ OY
NDUWRQGRER]RNUD Q\RPWDN YDJ\ D YDWWDSOFLND V]DYDNUD D
YDWWDSOFLNVGRER]UDQ\RPYD0LQOWEEDV]YHJHVLQIRUPFL
DNUQ\H]HWHGEHQDQQO]DMRVDEEYOLND]RWWKRQRG
$]]DO KRJ\ H]HNHW HOWYROWRG D] RWWKRQRGEO HOHJQV KHO\HW
DODNWKDWV]NL$KDWVDIHOEHFVOKHWHWOHQ+DDFVFVUPHWW]G
NLFOXODNNRUH]WQDJ\RQDMQORP
 
+ROPLNDPLNKH]
U]HOPLOHJNWGV]

$]U]HOPLOHJIRQWRVGROJRNUHQGEHWWHOYHO
UHQGH]HGDPOWDWLV

9JO HOUNH]WO D UHQGUDN NDPSQ\RG XWROV OORPVKR] D]

U]HOPLOHJIRQWRVKROPLNKR]$OHJIRQWRVDEEGRORJDPLNRUHQQHND
NDWHJULQDN D GROJDLW WHV]HG UHQGEH KRJ\ KLJJ\ VDMW PDJDGEDQ
D] UPHW IHOLVPHU NSHVVJHGEHQ &VRGONR]KDWV] PLUW PRVW
PRQGRP H]W GH KDGG HPONH]WHVVHOHN U MUD KRJ\ PRVWDQUD D
NSHVVJHGD]UPIHOLVPHUVUHWHOMHVHQNOQE]LNDWWODPLNRU
HONH]GWHG +D NHPQ\HQ PHJGROJR]WO D KROPLN HOSDNROVYDO D
KHO\HV VRUUHQGHW EHWDUWYD D UXKNWO NH]GYH D NQ\YHNHQ V
SDSURNRQ W D WHUMHGHOPHV NRPRQR NDWHJULLJ DNNRU VLNHUHVHQ
ILQRPWRWWDG D NSHVVJHGHW KRJ\ IHOLVPHUG PL WOW HO UPPHO
J\ PRVW PHJSLKHQKHWV] V IRO\WDWKDWRG D] U]HOPLOHJ IRQWRV
WUJ\DNNDO
9DQQKQ\IRQWRVNUGVDPLWV]EHQNHOOWDUWDQL(OV]ULVHJ\
GROJRWVRKDVHWHJ\OQHNOGGDV]OHLGK]EDD]U]HOPLOHJIRQWRV
WUJ\DNDW9ROWLGPLNRUD]WJRQGROWDPKRJ\WHOMHVHQUHQGMQYDQ
KD D WDQWYQ\DLP KD]DNOGLN D KROPLMXNDW PJ D V]OHLNQHN YDQ
V]DEDG KHO\N 'H DPLNRU H]HNQHN D V]ONQHN VHJWHWWHP UHQGHW
WHQQL D VDMW RWWKRQXNEDQ UMWWHP KRJ\ QHP WXGQDN KDODGQL
HOUH PHUW HJ\ QDJ\ UDNV GRER]XN YROW D J\HUHNHLNWO 6W KD
HJ\V]HUKD]DNOGWNH]HNHWDGRER]RNDWV]LQWHVRVHPQ\LWRWWNNL
0VRGV]RUKDQHPWXGRGUYHQQLPDJDGDWKRJ\YDODPLWNLGREM
DNNRUWDUWVGPHJQ\XJRGWDQ/HKHWD]HJ\SODPLWDJLPQ]LXPL
RV]WO\RG WHUYH]HWW D] LVNRODL IHV]WLYOUD KD QHP WXGV] PHJYOQL
WOHWDUWVG PHJ 1H YGROG PDJDGKRJ\ QHP YROWO NSHV NLGREQL
HJ\ LO\HQ HJ\V]HU GROJRW ,QNEE E]] D PHJU]VHGEHQ DPLW
PRVWDQUD PU HONSHV]W PHQQ\LVJ KROPLQ NHOOHQ FVLV]ROWO
KRJ\ PLW WDUWV PHJ V PLW GREM NL N]ON 0LQGDGGLJ PJ
EHFVOHWWHO N]HOWHV] HKKH] D SOKR] HO IRJ MQQL D QDS PLNRU
WXGQLIRJRGKRJ\EHWOWWWHDV]HUHSW
9JOSHGLJYHGGMKDV]QWDKROPLNQDNDPLNHWPHJWDUWRWWOD]
OHWHG NYHWNH] V]DNDV]UD +D QHNLOWV] D V]HQWLPHQWOLV KROPLN
NLYORJDWVQDNIRQWRVKRJ\RO\DQPGRQWDUWVGPHJH]HNHWKRJ\
EUPLNRUDPLNRUDNDURGUPGHWOHOGEHQQN6]NVJHPOHV]D
MYEHQ HUUH KRJ\ UPPHO WOWVQ HO" /HJ\HQ H] D] LVPUY
DPLNRU D] HJ\HV WUJ\DNNDO V]HPEHQ]HO V D POWEOL QHGHW
WHV]HGUHQGEH

,VNRODLHPONHN

0LQGHQ WDQXO NDS D] LVNRODL SO\DIXWVD VRUQ WDQXOPQ\L

UWHVWNHW V EL]RQ\WYQ\RNDW +D PHJ DNDURG H]HNHW WDUWDQL
HPONEH D] HJ\LN PGV]HU KRJ\ FVDN D]RNDW YODV]G NL DPLN D
OHJQDJ\REE KDWVVDO YROWDN UG Q V]HPO\HVHQ NV]QHWHW
PRQGWDPPLQGQHNVNLGREWDPH]HNHW
+D QHP WXGRG UYHQQL PDJDG KRJ\ NLGREG D] LVNRODL
HJ\HQUXKGDW PLUW QHP SUEORG PHJ IHOYHQQL V HOPHUOQL D
ILDWDOVJRG HPONHL N]WW" $ OHJWEE WDQWYQ\RP DNL PHJWHV]L
H]WV]KH]WUVNLGREMDD]W

5JLV]HUHOPHNHPONHL

/HKHW KRJ\ VRN HPONHG PDUDGW HJ\ UJL V]HUHOHPEO DMQGNRN

RO\DQ HJ\IRUPD UXKN DPLNHW HJ\WW YHWWHWHN IRWDXWRPDWEO
V]UPD] QHJDWYRN +D D]W UHPOHG KRJ\ YDODNL PVVDO NH]GHV]
NDSFVRODWRWD]DPHJROGVKDPLQGHQWNLGREV](]DOONLYWHOOHKHW
PLQGD] DPLW KRVV] LG WD QDSL V]LQWHQ KDV]QOV] V PU QHP
LG]LNIHODQQDNDUJLNDSFVRODWQDND]HPONW
$WWOIJJHWOHQOKRJ\PLO\HQHPONHLGYDQQDNVRKDQHYHWWVG
NL D QHJDWY U]VHLGHW D WUJ\DNUD 0LQGLJ NV]QG PHJ QHNLN D
V]SHPONHNHWVKOYDOYOMPHJWON
+D J\ U]HG KRJ\ PHJ NHOO WLV]WWDQRG D NDUPWO DQQDN D
IQ\NSW DNLYHO V]DNWRWWO V]UM U HJ\ FVLSHW WLV]WW VW V WHGG
EHOHHJ\ERUWNEDYDJ\SDSU]DFVNEDNSSHOOHIHOKRJ\NYOUO
QH OVG (] D PGV]HU D SDSU]DFVN V D WLV]WW V QHPFVDN D
IQ\NSHN HVHWEHQ PNGLN KDQHP PLQGHQ RO\DQ WUJJ\DO
NDSFVRODWEDQDPLKH]YDODPLIOHU]HOPLNDSRFVI]SOGXORO\DQ
WUJ\DNNDOLVDPLNQHNDWXODMGRQRVDPUHOKXQ\W
(J\LNWDQWYQ\RPDNLDYROWEDUWMDHPONHLWVHOHMWH]WHNLRO\DQ
HUYHO V]UWD D VW D ]DFVNED PLQWKD GPRQRNDW OG]WW YROQD
$KRJ\OH]UWDD]DFVNWPHJMHJ\H]WH
1HPUH]WHPJ\PDJDPD]WDDQDSWD0RVWWRYEEOSKHWHN
%NVDUFNLIHMH]VVHODPLWVRKDDGGLJQHPOWWDPUDMWDVV]HWHWWH
DNH]HLWPHJKDMROWD]DFVNLUQ\EDVD]WPRQGWD
.V]QNPLQGHQW
)RJDOPDP VLQFV UOD KRJ\ PL WUWQW D]RQ D QDSRQ GH D V
PHJWHWWHDPDJW

6]HQWLPHQWOLVIHOYWHOHN

$]U]HOPLOHJIRQWRVIHOYWHOHNN]WDUWR]QDNDUJLWYPVRURN
DKRJ\D]OHWHGHVHPQ\HLQHNIHOYWHOHLLV$FPNHQONOLYLGHN
YDOGLSUREOPWMHOHQWHQHND]UPWHV]WVRUQ+DV]NVJHGYDQ
D WDUWDORP EHD]RQRVWVUD V]RUWNR]] DUUD KRJ\ FVDN D OHJHOHMEH
Q]HOEHOHVD]RQQDOGQWHV]+DVRNYDQWHGGIOUHHJ\LGUHV
YJH]]YHONHJ\V]HUUHVJ\RUVDQ
Q V]HPO\ V]HULQW DPHOOHWW YDJ\RN KRJ\ D WDUWDORP WQ]VH
QONONLNHOOGREQLPLQGHW+DD]DGDWRNDWWWXGRGUQLDYLGHNUO
YODV]GD'9'WYDJ\PHUHYOHPH]WPHUWJ\KDWDOPDVPHQQ\LVJ
KHO\HWVSUROKDWV]PHJ

$J\HUPHNHLGDONRWVDL

7EEIOH PGMD YDQ DQQDN KRJ\ PLNQW NH]HOHG H]W D FVRSRUWRW

SOGXO KRJ\ OHIRW]RG D J\HUHNHN DONRWVDLW PLHOWW NLVHOHMWH]HG
YDJ\ PHJV]DERG KRJ\ PHQQ\LW WDUWDV] PHJ EHOON V WDUWRG
PDJDGHKKH]DV]PKR]+DPJLVYDQQDNRO\DQWUJ\DNDPLNWO
QHKH]HGUH HVLN PHJYOQL QH HUOWHVG +D J\ GQWHV] KRJ\
PHJWDUWRGH]HNHWDNNRUIRQWRVKRJ\MOEQMYHON$]WMDYDVRORP
KRJ\ MHOOM NL HJ\ VDUNRW DKRO NLOOWKDWRG H]HNHW D PXQNNDW +D
PD[LPOLVDQ NLOYH]WHG H]HNHW D] DONRWVRNDW PHJNV]QKHWHG
QHNLN KRJ\ VHJWHWWN D J\HUHNHLG IHMOGVW OHONLLVPHUHWIXUGDOV
QONOPHJYOKDWV]WON
(PONLUDWRNIHOMHJ\]VHN

+DRO\DQHPONHNHWLVPHJDNDUV]WDUWDQLPLQWSOGXOMHJ\HNHWD]
XWD]VDLGUO PLQGLJ J\ WHGG KRJ\ EUPLNRU J\Q\UNGKHVV
EHQQNSOGXOHJ\VFUDSERRNDOEXPEDQ

$QDSWUDNN]OYODVV]HJ\HWDOHJL]JDOPDVDEEYEO$QDSON
HVHWEHQ SUJHVG W D ODSRNDW V LG]G IHO D WUWQVHNHW GH FVDN
D]RNDWWDUWVGPHJDPLNPJUPPHOWOWHQHNHO9DJ\PDJDGY
WHKHWHGHJ\LNWDQWYQ\RPV]HPSRQWMWKRJ\NLNHOOGREQLD]RNDW
DPLNHWQHPV]HUHWQGKDEUNLHOROYDVQDDKDOORGXWQ
/HYHOHN

1]] W PLQGHQ HJ\HV OHYHOHW DPLW NDSWO 0RQGM EFVW KOYDO

D]RNQDN DPLN PU EHWOWWWN D IHODGDWXNDW $KHO\HWW KRJ\
N]YHWOHQODV]HPHWHVEHWHQQGVRNNDOPOWEEKDSDSU]DFVNED
WHV]HGHOEE
UL]G PHJ D]RNDW D OHYHOHNHW DPLN PJ V]WQ]QHN YDJ\
PHJULQWLNDV]YHGHWDPLNRUMUDROYDVRG
0LYHO D OHYHOHN LGYHO PHJNRSQDN WUROG NHW HJ\ MO V]HOO]
GRER]EDQ RO\DQ KHO\HQ DPL QHP SUV +D WHWV]LN YODVV] RO\DQ
GRER]WDPLWLJD]QNHGYHOV]

$IQ\NSHNUHQGV]HUH]VHDIRO\DPDWXWROV
OSVH

$KRJ\ HGGLJ LV YHJ\O PLQGHQ IRWW N]EH V FVDN D]RNDW WDUWVG
PHJ DPLN UPPHO WOWHQHN HO $ I V]DEO\ KRJ\ YHJ\O NL
PLQGHQNSHWD]DOEXPEOGHH]WQHPNHOOPHJWHQQHGD]RNNDOD]
DOEXPRNNDODPLNPJUPHWMHOHQWHQHNV]PRGUD
0J KD NW WHOL NDUWRQGRER]Q\L IQ\NSHG LV YDQ QH WWRY]]
0HJIRJV]OHSGQLKRJ\DPRVWDQUDHOUWU]NHQ\VJHGGHOPLO\HQ
J\RUVDQ NL WXGRG YORJDWQL D]RNDW DPLNHW PHJ DNDUV] WDUWDQL
(QJHGG HO D]RNDW DPLNEO YDQ KDVRQO YDJ\ RO\DQ KHO\HN YDQQDN
UDMWDDPLNUHPUQHPHPONV]HO$QHJDWYRNNDONDSFVRODWEDQD]D
M PHJROGV KD PLQGHW NLGRERG (J\LN WDQWYQ\RP NLMHOHQWHWWH
KRJ\FVDND]RNDWDNSHNHWWDUWDQPHJDPLQMOQ]NLDPLHJ\M
V]HPSRQWOHKHW
$YORJDWVVRUQVHJWVJHGUHOHKHWKDNLUDNRGD]VV]HVNSHWD
SDGOUD Y V]HULQW J\ NLOYH]KHWHG D POWDG UHQGH]VW
$ IQ\NSHN RO\DQ DOEXPED UHQGH]VYHO DPLW LJD]Q NHGYHOV]
HOHQJHGKHWHWOHQ V XWROV OSVH D] UPWHV]WQHN $ NSHN FVDN
DNNRU U]LN PHJ D] HPONHLGHW KD J\ UHQGH]HG HO NHW KRJ\
EUPLNRUOYH]KHVGDPLNRUFVDNNHGYHGWDUWMD

$FVDOGLIRWNDWDFVDOGRGGDOUHQGH]G

%H NHOO YDOODQRP YDODPLW $ IQ\NSHLP UHQGH]VYHO SS FVDN D

N]HOPOWEDQ YJH]WHP 7HUPV]HWHVHQ KRVV] LGHMH EHIHMH]WHP D
VDMW NSHLP UHQGH]VW V D]RNDW DPLN D] HJ\HWHPUH NHUOVHP
XWQNV]OWHNGHQHPYROWDPNSHVKR]]Q\OQLD]RNKR]DPLNHQ
DFVDOGRPPDOYDJ\RNPJNLFVLNRURPEDQSSDPLQDSPRQGWD
D]DSXNPKRJ\WDOOWHJ\QDJ\DGDJUJLIRWWWWHOLNDUWRQGRER]W
D V]HNUQ\ OHJKWV UV]EHQ $]RQ WQGWHP PL OHJ\HQ
0HJNUMHPKRJ\OOMRQQHNLYDJ\PDJDPN]GMHNPHJYHOH9JO
J\GQWWWHPKRJ\HJ\WWDFVDOGGDOQ]]NW
$NYHWNH]KWHQHOPHQWHPDV]OHLPKH]NLYHWWHPDIRWNDWD
GRER]RNEONLWHUWHWWHPNHWDSDGOUDVQHNLYJWDPDUHQGUDN
IHV]WLYOXQN XWROV IHMH]HWQHN $] KRJ\ HJ\WW YORJDWWXN NL D
NSHNHW QHYHWWQN V EHV]OJHWWQN D] HPONHNUO PLN]EHQ
HOGQWWWNKRJ\PLWWDUWVXQNPHJWDOQDOHJYLGPDEEUHQGUDN
IHODGDWRP YROW DPLW YDODKD YJH]WHP V H] DGRWW HJ\ WOHWHW
(OKDWUR]WDP KRJ\ NV]WHN D V]OHLPQHN HJ\ LJD]L DMQGN
DOEXPRW D] HPONHLQNUO 6HPPLW QHP NV]WHWWHP D V]OHLPQHN
YRGVNRURPWDVKRJ\V]LQWHOHJ\HNDUHQGUDNVWHUQYJ]HWW
NXWDWVRPUV]HNQWDNDUWDPPHJFVLQOQL
$PLQWOWRGNYQFVLYROWDP%UDV]OHLPNLYHWWNDUV]NHWD
IRQWRV FVDOGL HVHPQ\HNHQ V]OHWVQDSRNRQ V NDUFVRQ\NRU
NV]OW IRWNEO PJVHP WXGWDP IHOLG]QL NHW KD QHP Q]WHP D
NSHNHW V QHP HPONH]WHWWHN D POWUD (]]HO V]HPEHQ QKQ\
WDQWYQ\RPEV]NQPXWDWMDD]HPONHNNHOWHOLSRPSVDOEXPW
VJ\WQLNYDOEDQOYH]LNDQ]HJHWVNNHOWOWWWLGW.YQFVL
YROWDP KRJ\ D WQ\ KRJ\ D V]OHLP H]W QHP FVLQOWN D] D
V]HPO\LVJNEOIDNDGYDJ\FVDNDEEOKRJ\VRVHPSUEOWNNL
YDJ\ QHP MWWHN U KRJ\ D] DOEXPNV]WV KDWVVDO OHKHW D
UHQGUDNV PGMUD /WKDWRG D V]QGNDLP IHOHWWEE J\DQVDN
YROWDNOHOHSOH]WND]WDUHQGUDNFVRGDERJDUDWDNLYDJ\RN
$]WUWQWKRJ\PUFVDNNWKWYROWGHVDQ\PV]OHWVQDSMLJ
0HJEHV]OWHP HJ\ LGSRQWRW D KJRPPDO KRJ\ NV]WVQN HJ\WW
HJ\DOEXPRWDV]OHLPQHNDK]DVVJNWVNXWQLOHWUO$]HOV
OSV HJ\ UPHW VXJU] DOEXP NHUHVVH YROW 7DOOWDP HJ\HW
U]VDV]Q DODSRQ HOHJQV DUDQ\PLQWNNDO 3RQW D PHJIHOHO PUHW
YROW QHP WO QDJ\ QHP LV NLFVL J\KRJ\ NQQ\ OHWW YROQD D
V]OHLPQHN MUD V MUD PHJQ]QL .W NS IUW HO HJ\ ROGDORQ D]
VV]HVHQV]]IRWEO
0RVW KRJ\ PU WXGWXN KQ\ IRWUD OHV] V]NVJQN LWW YROW D]
LGHMH NLYORJDWQL )HORV]WRWWXN D KDWDOPDV PHQQ\LVJHW V
HJ\HVYHOQ]WNW$V]HPSRQWMDLQNHJ\V]HUHNYROWDNDQ\XNP
FVLQRV OHJ\HQ UDMWXN D FVDOGEO OHJ\HQ YDODNL YHOH D NSHQ V
WHUPV]HWHVHQDIRWNVXJUR]]DQDNUPHW
$ KJRPDW HOV]U WHOMHVHQ OHWHUKHOWH D KDWDOPDV PHQQ\LVJ GH
NLWDUWDQ GROJR]RWW V NHYHVHEE PLQW NW UD DODWW OHV]NWHWWH D
NSHNV]PWV]]UD
'H H]]HO PJ QHP YJH]WQN $ NSHN HEEHQ D] LGEHQ  MO
WLSSHOWOGLJLWOLVDQNV]OWHN$GLJLWOLVNDPHUDHOWHUMHGVHWDD]
HPEHUHN V]PRODWODQXO NV]WHWLN D IRWNDW V ULWNQ Q]LN PHJ
D]RNDW HJ\QO WEEV]U $ KJRPPDO HORV]WRWWXN D
PHPULDNUW\NDW DPLEO NUOEHOO KV] YROW V HONH]GWN
NLYORJDWQL D OHJHVOHJMREE NSHNHW $PLNRU D GLJLWOLV
OORPQ\RNDW UHQGH]HG XJ\DQD]W D] HOYHW NYHVG PLQGLJ D]W
YODV]GNLKRJ\PLWDNDUV]PHJWDUWDQLQHD]WKRJ\PLWDNDUV]
NLGREQL6RKDVHPYJ]HOKDD]WSUEORGPHJHOGQWHQLKRJ\PLW
WUOMDPLNRUDQQ\LOHKHWVJYDQ
.H]GG D]]DO KRJ\ M PDSSW Q\LWV] D V]PWJSHQ D] HQ\PHW
OHJNHGYHVHEE IRWLPQDN QHYH]WHP HO V PLQGHQ NSHW DPLW
NLYODV]WRWWDP HEEH D PDSSED K]WDP EH +D YDQQDN NSHLG
XJ\DQDUUODQDSUOFVDNDOHJMREEDWYODV]GNL2GDILJ\HOVVHOFVDN
HJ\ UQNED WHOW KDUPLQF GDUDEUD OHV]NWHQL D V]PXNDW (]HNHW
NLQ\RPWDWWXN
,WW NH]GGLN D] LJD]L PXQND )HNWHVG OH D NSHNHW D IOGUH D
NV]WV YH V]HULQW EDOUO MREEUD KDODGYD PJ HOUV] D] LGEHQ
OHJN]HOHEELKH] $] XJ\DQDEEDQ D] YEHQ NV]OW IRWNDW UHQGH]G
HJ\PVDO+DQHPYDJ\EL]WRVEHQQHPLNRUNV]OWWLSSHOGPHJ
$SDV]HPYHJHJ\Q]NLPLQWKDDQ\ROFYDQDVYHNEOOHQQH
 $NNRU MUWXQN 1DJDV]DNLEDQ PLNRU OWDOQRV LVNROV YROWDP
XJ\H"
0LUHYJ]HOJ\IRJQDNNLQ]QLDIRWNPLQWKDSDV]LQV]MWNRW
MWV]DQO(]]HOD]HOUHQGH]VVHOOWKDWRGKRJ\HJ\HVYHNEOWEE
IRWG YDQ PLQW D PVLNEO (]HNHW NL NHOO V]HGHJHWQL DPJ FVDN D
PHJFO]RWW PHQQ\LVJ PDUDG 0RVW PU EHUDNKDWRG PLQGHW
HJ\V]HUUH D] DOEXPED QKQ\ PDWULFYDO FPNYHO NLHJV]WYH
$YJHUHGPQ\QDJ\RQOHQ\J]OHV]
 0LUH YJH]WQN WHOMHVHQ HOIHOHGNH]WHP DUUO KRJ\ H]W D NXWDWV
PLDWW FVLQOWDP V WHOMHVHQ DUUD ILJ\HOWHP KRJ\ YDODPL RO\DW
NV]WVHN D] DQ\XNPQDN DPLQHN UOQL IRJ $] YJHUHGPQ\
ULVL VLNHU YROW $Q\XNP V DSXNP DNLN D]HOWW VRVHP Q]WN
PHJ D NSHLNHW HONH]GWN NLQ\RPWDWQL MUD PHJQ]HJHWQL D
GLJLWOLV IRWLNDW 0RVW DUUD EL]WDWRP D] WDQWYQ\DLPDW KRJ\
NV]WVHQHN D V]OHLN V]PUD HJ\ DOEXPRW D] U]HOPLOHJ IRQWRV
WUJ\DN UHQGH]VH IRJODONR]V UV]HNQW +D D V]OHLN PU
HOKXQ\WDN D]W MDYDVRORP KRJ\ NV]WVHQHN HPONDOEXPRW DPL
VHJWYLVV]DWHNLQWHQLDV]OHLNOHWUH
$UHDNFLNYOWR]DWRVDN
 6HPPL HKKH] KDVRQOW QHP FVLQOWDP D] LVNROD WD GH H]
QDJ\RQV]UDNR]WDW
 0LQGLJ YDODPLIOH WYROVJRW UH]WHP D V]OHLPPHO
NDSFVRODWEDQ GH DPLNRU D] HJ\HV NSHNHW Q]HP DUUD JRQGRORN
KRJ\ PHQQ\LUH V]HUHWWHN HQJHP V PHJWHWWN D WON WHOKHW
OHJWEEHWKRJ\IHOQHYHOMHQHNVKOWU]HNLUQWXN
'H YJO PLQGHQ WDQWYQ\RP  PJ D]RN LV DNLN D KV]DV
YHLNEHQ MUQDN  HJ\HWUWHQHN DEEDQ KRJ\ VRNNDO KDPDUDEE
NHOOHWW YROQD UHQGH]QLN D IQ\NSHLNHW Q LV XJ\DQJ\ U]HN
6RVHPNVHONH]GHQL%UKDWHKHWHGDOHJMREEPLQOKDPDUDEE
QHNLOWQL D] U]HOPLOHJ IRQWRV GROJRN UHQGEHWWHOQHN KD PU
HOPOWO KXV]RQW YHV PHUW DNNRU UHQGEHQ OHV] D] OHWHG V D
QDSMDLGDWUPPHOWOWKHWHGPHJ
 ,,,56=

$=/(7(70(*9/72=7$7
9$5=6/$7
 
2WWKRQDPLUPHWVXJUR]

(OV]RED

0LQW QMHOOW UHQGUDN FVRGDERJU DEEDQ D SLOODQDWEDQ KRJ\

EHOSHN D EHMUDWL DMWQ PHJ WXGRP PRQGDQL NLQHN PLO\HQ D
V]HNUQ\H  (J\LN WDQWYQ\RP HOV]REMD WHOH YROW ]VIROYD
FLSNNHO V HJ\ QDJ\ UDNV MUDKDV]QRVWVUD YU MVJJDO
.XOFVRN NHV]W\N V N]EHVWVL SDSURN YROWDN V]WV]UYD D
FLSWURO SDG WHWHMQ V D] HOV]RED J\ WHOH YROW NQ\YHNNHO V
UXKNNDOWHOLGRER]RNNDOPLQWHJ\UDNWU
 $ KWV EHMUDWKR] NHOO MQQG  PRQGWD  ,WW QLQFV HOHJHQG
KHO\
0HJMVROKDWYROWKRJ\D]RWWKRQDLVRO\DQPLQWHJ\UDNWU%U
H] HJ\ H[WUP SOGD GH EUPHO\ RWWKRQ DPLQHN UHQGHWOHQ D]
HOV]REMDUHQGHWOHQDWEELUV]HLV
0JKDHJ\HOV]REDHOVSLOODQWVUDHJV]HQUHQGHVQHNWQLNLV
GHDOHYHJMHIRMWQDJ\RQYDOV]QKRJ\DV]HNUQ\HNGXJLJWHOH
YDQQDN SDNROYD 7Q\ KRJ\ D OHYHJ UDPOVD IRQWRV WQ\H] D]
HOV]RED UHQGEHWWHOHNRU V H]W ILJ\HOHPEH YHV]HP DNNRU LV
DPLNRUDPHJWHUYH]HPDWUROVWDK]EDQ$MWNV]DEO\D]KRJ\
PHJILJ\HOHP KRJ\DQ UDPOLN D OHYHJ D] HOV]REEO D K] WEEL
UV]H IHO V PHJEL]RQ\RVRGRP DUUO LV KRJ\ VHPPL QH
DNDGO\R]]DD]W+DD]HOV]REDWHOHYDQFLSNNHOVPVGROJRNNDO
D]RWWKRQOJNUHIRMWOHV]
 (]UW LV DMQORP KRJ\ D] HOV]REW DPHQQ\LUH FVDN OHKHWVJHV
WLV]WQ NHOO WDUWDQL &VDN D]RNDW D FLSNHW KDJ\G HOO OHYHJ]QL
DPLNHW D]QDS YLVHOWO (] D]W MHOHQWL KRJ\ DQQ\L FLS OHKHW HOO
DKQ\ WDJ D FVDOG $]RNDW D GROJRNDW DPLNUH HJ\ EL]RQ\RV
OHWV]DNDV]EDQ OHKHW V]NVJ SOGXO HJ\ EDEDKRUGR]W V]LQWQ
WUROKDWV]LWW
$MQORWW PLQO NHYHVHEE GROJRW WDUWDQL D] HOV]REEDQ  $]W
MDYDVORP KRJ\ FVDN HJ\HWOHQ GROJRW YODVV] DPL IHOYLGWMD H]W D
KHO\LVJHW
+D NL DNDUV] WHQQL SU DSU GROJRW PHJHO]KHWHG KRJ\
UHQGHWOHQVJKDWVWNHOWVNKDHJ\WOFUDYDJ\WHUWUHKHO\H]HG
NHW PHUW J\ HJ\HWOHQ GHNRUFLQDN OWV]LN PDMG $ WEEL NHGYHV
KROPLGDWWDUWVGPHJDK]PVUV]HLQHNGHNRUOVUD
1DSSDOL

$ QDSSDOL V]HUHSH KRJ\ KHO\HW EL]WRVWVRQ D FVDOG WDJMDLQDN KRJ\

VV]HMKHVVHQHN V OYH]KHVVN HJ\PV WUVDVJW 0LQGLJ WDUWVG
V]EHQKRJ\H]DFVDOGLOHWN]SSRQWMD
$]LGHOLVQDSSDOLRO\DQEWRURNNDOYDQEHUHQGH]YHDPLNUPHW
DGQDN $MQORP KRJ\ OHJ\HQ IL[ KHO\H D WYLUQ\WQDN D
PDJD]LQRNQDNVJ\WRYEE)RQWROGPHJQYQ\HNHOKHO\H]VW
DNHGYHQF]HQGV]OMRQVOHJ\HQHJ\VDURNDFVDOGLIRWNQDN
.RQ\KD

$WLV]WDVJNXOFVIRQWRVVJ$QHGYHVVJVD]RODMHOOHQVJ(]UWD
OHJIRQWRVDEE KRJ\ NQQ\ OHJ\HQ D WDNDUWV (PLDWW QH WDUWV
VHPPLW D SXOWRQ D W]KHO\ V D PRVRJDW PHOOHWW $ OHKHW
OHJNHYHVHEEHGQ\HGOHJ\HQD]HV]N]NHWWDUWVGHJ\KHO\HQVD]
OHOPLV]HUHN WUROVQO KDV]QOG NL D IJJOHJHV WUROVL
OHKHWVJHNHW
'HNRUOGDNRQ\KGDWLV$NRQ\KQDNV]UDNR]WDWYNHOOWHQQLH
DI]VW

'ROJR]V]RED
5HQGHWWHUHPWKHWV]DIHMHGEHQKDNLGREORGDIHOHVOHJHVSDSURNDW
7DUWVG QDJ\MEO WLV]WQ D] UDV]WDORG 5HQGH]G HO D NQ\YHNHW V
D]DQ\DJRNDWDVDMWV]DEO\DLGV]HULQW
9HGG IRQWROUD KRJ\ HJ\ GHNRUDWY QYQ\W LV WHV]HO LGH 1H
OHJ\HQ SXV]WQ SUDNWLNXV D GROJR]V]REG /HJ\HQ EHQQH HJ\ NLV
MWNRVVJSRQWRVDQD]UWPHUWH]DPXQNDKHO\H

+OV]RED

7HGGRO\DQKHOO\DKOV]REGDKROIHOWOWGKHWV]VIHOIULVVOKHWV]
HJ\ M QDSUD NV]OYH $ IQ\HN OHJ\HQHN OJ\DN QH N]YHWOHQHN
WHJ\O EH SLKHQWHW ]HQW V HJV]WVG NL V]PRGUD NHGYHV
WUJ\DNNDOVLOODWRNNDO0RVGNLUHQGV]HUHVHQD]J\QHPW

)UGV]RED

0LUWLVQHOYH]KHWQGNLDIUGV]REDQ\MWRWWDUPNHW"9HJ\O
IUGW J\HUW\DIQ\QO WHJ\O D Y]EH IUGVW YLUJRNDW YDJ\
EUPLWDPLWNHGYHOV]7DUWVGWLV]WQDNGDWVDSHUHPW&VDND]W
YHGG HO DPLUH V]NVJHG YDQ V WHGG LV HO D KHO\UH DPLQW
YJH]WO
$ :& D] RWWKRQRG PUHJWHOHQW KHO\H )RQWRV KRJ\ KDJ\G
NHUHV]WOUDPROQLD]HQHUJLWJ\KRJ\WDUWVGUHQGEHQ%UPLO\HQ
GHNRUFL DPL LGH NHUO VXJUR]]RQ UPHW V UHQGH]G HO H]HNHW
OD]D NQQ\HGVJJHO $ WLV]WDVJ DODSYHW IRQWRVVJ $ WNOHWHV
IUGV]REQDN IULVV WHUPV]HWHV LOODWD YDQ $ NHOONHNHW PLQW
SOGXO D :&SDSUW UHMWVG HO D V]HPHN HOO WDUWVG HJ\ NRVUEDQ
YDJ\WH[WLOOHOOHWDNDUYD
 
9OWR]VRNDPHO\HNHW
DUHQGKR]PDJYDO

9ROWHJ\LGV]DND]OHWHPEHQDPLNRUVHPPLPVWQHPFVLQOWDP
FVDN GROJR]WDP 0LN]EHQ KOV YROWDP KRJ\ D] HPEHUHN IRO\WRQ
KYWDN V UNDW NUWHN WOHP PJLV DPLNRU QDSL NW WDQWYQ\W
OWRJDWWDPPHJQHPEUWDPWRYEE9ROWDPLNRUQDSLKURPUW
LVWDUWRWWDPD]HOVWUHJJHOKWWOGOLJH]WNYHWWHDPVRGLNHJ\WO
WLJ V YJO HJ\ KDUPDGLNNDO IHMH]WHP EH KDWWO MMHO WL]HQHJ\LJ
(]HQIHOO DPLNRU KD]DUWHP PJ D NQ\YHPHW LV UQRP NHOOHWW
6]YEOV]HUHWHPDPXQNPGHPHJHVHWWKRJ\UGEEHQWHPKRJ\
PU NW QDSMD QHP HWWHP $NU D 6]DKDUD N]HSQ LV OKHWWHP
YROQDQHPHJ\YLOJYURVEDQ7RNLEDQ
+D J\ IRO\WDWWDP YROQD DWWO WDUWRN KRJ\ NUK]ED LV
NHUOKHWWHPYROQDDVRNUHQGUDNVWO
(J\LN HVWH SS DPLNRU HONH]GWHP D]RQ JRQGRONR]QL KRJ\
HOUWHP D]W D KDWUW DPLW PJ HJ\HGO NSHV YDJ\RN HOYJH]QL
HONH]GHWW UH]HJQL D WHOHIRQRP (J\ HPDLO UNH]HWW D] HJ\LN
WDQIRO\DPRPDWYJ]HWWKDOOJDWPWO0D\XPLWO
.RQ0DULQHPYHQQOIHOHQJHPJ\DNRUQRNQDN"NUGH]WH
0LFVRGDPHJOHSHWVSSHJ\QDSSDOD]HOWWUWDPVV]HDYJ]HWW
GLNMDLPOLVWMWKRJ\VHJWVJHWNUMHNWON0D\XPLQHYHDOLVWD
HOHMQ YROW 7EE PLQW IO YYHO H]HOWW YHWWH D] UNDW .LFVLW
]DYDUEDQ YDJ\RN KRJ\ HOPRQGMDP GH DPLNRU HOV]U OWWDP D]W
JRQGROWDPKRJ\NLVVQHK]IHOIRJV
 $UHQGUDNVPLQGHQKQDSEDQRWWYDQDWHHQGLPOLVWMQGHD]
RWWKRQRP VRVHP OHV] NLWDNDUWYD J\ U]HP OODQGDQ UHQGHW
UDNRN  PRQGWD RO\DQ IOQNHQ KRJ\ D KDQJMD HOKDONXOW PLQGHQ
PRQGDWYJQ
0YV]HWLLVNROEDMUWPHUWJ\HUPHNNRUEDQV]HUHWHWWUDM]ROQL
GH IHODGWD D] HONS]HOVW D WHUYH]VUW $] OOVNHUHVV NHOOV
N]HSQ YROW V HOPHQW HJ\ YHJ\HVEROWED PLYHO V]HUHWWH D YHJ\HV
UXFLNNHNHW 1HP VRNUD U NLQHYH]WN EROWYH]HWQHN GH
HOKDWUR]WD KRJ\ IHOPRQG PLNRU UMWW KRJ\ QHP LJD]Q DNDUW
YH]HW OHQQL $PLNRU WDOONR]WDP YHOH UV]PXQNDLGV HODG YROW
RO\DQOOVEDQDKRYDHJ\LVPHUVHDMQORWWDEH
 J\ JRQGRORP QHP YDJ\RN M VHPPLEHQ 0J VRVHP VLNHUOW
VHPPLWEHIHMH]QHPDPLWNLW]WHPPDJDPQDNKRJ\PHJFVLQORP
.YQFVL YDJ\RN KRJ\ NSHV OHQQNH UHQGHW WHQQL 1HP OWRP
PDJDPDW DKRJ\ HJV] OHWHPEHQ H]W D PXQNW YJ]HP GH QLQFV
VHPPLWOHWHPKRJ\PLWLVV]HUHWQNFVLQOQL2O\DQEL]RQ\WDODQ
YDJ\RNPLQGHQEHQ
(]YROW0D\XPL0UDPVRGLNUQHONH]GHWWYOWR]QL
6]LDPRQGWDDKRJ\NLQ\LWRWWDD]DMWW
)HNHWH EO]HUW YLVHOW D EERUYUV V]DODJRNNDO KDQJVO\R]RWW
UXKMDIOWW1DJ\RQHOWWWDV]UNHNDSXFQLVIHOVWOVIDUPHUWO
DPLWD]HOVUQYLVHOW0LQGLJLOOHGHOPHVHQEO]HUWKRUGRNPLNRU
GROJR]RPKRJ\NLPXWDVVDPDWLV]WHOHWHPHWPLQGHQHJ\HVV]HPO\
RWWKRQDLUQWGHYROWD]HOVDNLNLOW]WWD]UPUD
 J\ KDWUR]WDP KRJ\ PRVWDQWO PHJIHOHOHQ Q]HN V]HPEH D
GROJDLPPDOPDJ\DU]WD
0J PRVW LV HPONV]HP PHQQ\LUH HONSHV]WHWW D WLV]WD
EL]DORPPDOWHOLKDQJMD
(]YROWD]DQDNLDJ\DNRUQRNRPOHWWVHJV]HQPXODWEDHMW
YROW OWQL D UHQGUDNV LUQWL V]HQYHGO\W $PLNRU FVDN WXG
FVDWODNR]LN D] ULPKR] PLQW D] DVV]LV]WHQVHP .LYLV]L D
V]HPHWHV]VNRNDW VHJW VV]HV]HGQL D UXKNDW V V]WWSL D
EL]DOPDV LUDWRNDW +D NHOO NDODSFVRW UDJDG D NH]EH KRJ\
V]WV]HGMHQ HJ\ GUWNRVDUDW YDJ\ VV]HUDNMRQ HJ\ NDNXNNRV UW
DPL VRVHP YROW NLFVRPDJROYD V IHODNDV]WMD D IDOUD 0J Q D
WDQWYQ\RPPDO EHV]OHN  V]LQWH V]UHYWOHQO O D SDGOQ V
IHV]OWHQ ILJ\HOL D] ULPDW $] UN XWQ OQN D NY]EDQ HJ\
WHWLV]RJDWYDVYJLJYHVV]NDUHQGUDNVWUNNMHLW
0LQGLJ PDJQO KRUGMD D NLV QRWHV]W DPLEH UV]OHWHVHQ UJ]WL
KRJ\ PLW PRQGRN PLW WDQXOW V D WUROV PLQGHQ WLWNW .W YH
PU KRJ\ D J\DNRUQRNRP OHWW V V]PRPUD WHOMHVHQ PV
V]HPO\QHN WQLN 1HPFVDN KRJ\ MHOHQWVHQ IHMOHV]WHWWH D
UHQGUDNVL NSHVVJHLW GH D V]DYDL V D PDJDWDUWVD LV PHJWHOWHN
PDJDEL]WRVVJJDO
$PLQDSFVDNJ\PHJNUGH]WHPWOH
0RQGG0D\XPLUPWHOLD]OHWHG"
,JHQPRQGWDKDWUR]RWWDQ
$ NUOWWH OY HPEHUHN V]PUD D YOWR]V OHKHW KRJ\ QHP
YROW Q\LOYQYDO GH PJ D NLV YOWR]VRN LV YJO WIRUPOMN D]
HJ\Q OHWW .WVJWHOHQ KRJ\ D UHQGUDNV LV PHJYOWR]WDWMD D]
OHWHG (]DODWW QHP D]W UWHP KRJ\ KLUWHOHQ WUVDGDOPLODJ VLNHUHV
OHV]HO YDJ\ PUKHWHWOHQO JD]GDJ EU VRNDQ D]] YOQDN
$ OHJQDJ\REE YOWR]V DPLW D UHQGUDNV KR] PDJYDO KRJ\
PHJWDQXORGV]HUHWQLVDMWPDJDGDW
$PLNRUUHQGHWWHV]HOHJ\NLVPDJDEL]WRVVJRWQ\HUV]
(ONH]GHV]KLQQLDMYEHQ
$GROJRNHJ\UHVLPEEDQPHQQHN
$]HPEHUHNDNLNNHOWDOONR]ROYOWR]QDN
9UDWODQGROJRNWUWQQHNSR]LWYUWHOHPEHQ
$YOWR]VHONH]GIHOJ\RUVXOQL
 VHONH]GHGLJD]QOYH]QLD]OHWHG
1HPFVDN 0D\XPL GH EUNL PHJWDSDV]WDOKDWMD H]W $PLQW
PHJU]LN D UHQGUDNVVDO HJ\WW MU HOJHGHWWVJ ]W PLQGHQNL
IJJHWOHQODWWOKRJ\NLNUOYDQV]HODNDUMDPRQGDQLPVRNQDN
V V]HQYHGOO\HO EHV]OQHN D] WDODNXOVUO DPLW WOWHN
$UHQGUDNVUDJO\RV
/WQL 0D\XPLW DNL NRUEEDQ J\OOWH D UHQGUDNVW KRJ\
HOUDJDGWDWRWWDQ EHV]O UOD PLQGLJ D UHQGUDNV YDU]VUD
HPONH]WHWHQJHP

5DNMUHQGHWVDV]HUHOPLOHWHGLVUHQGEHQOHV]

$PLNRU PHJNUGH]HP D MDSQ WDQWYQ\DLPDW DUUO KRJ\ PLO\HQ

V]REWV]HUHWQQHNYDODPLUWVRNDQN]OND]WYODV]ROMN
2O\DWDPLVHJWEHYRQ]DQLDV]HUHOPHWVDK]DVVJRW
1HPYDJ\RNMUWDVDEEDQKRJ\PLNQWQYHOKHWQPD]HVO\HGHW
D V]HUHOHPUH V K]DVVJUD D UHQGUDNV UYQ 0JLV VRNV]RU
KDOORP D WDQWYQ\DLPWO KRJ\ D V]HUHOPL OHWN VRNNDO
NLHJ\HQVO\R]RWWDEE OHWW D]OWDO KRJ\ UHQGHW WHWWHN $] RNRN
VRNIONOHKHWQHN1KQ\DQD]]DOKRJ\DUHQGUDNVVDONDSFVRODWRV
NLVHEEVJL NRPSOH[XVXNDW OHJ\]WN PDJDEL]WRVV YOWDN V D
V]HPO\ VRNNDO SURDNWYDEE YOW D V]HUHOHP WHUQ 0VRNQDN D
UHQGUDNV DQQ\L UPHW YLWW D NDSFVRODWDLNED KRJ\ PHJNUWN D
SUMXN NH]W 2O\DQ YLVV]DMHO]VHNHW LV NDSRN KRJ\ D UHQGUDNV
HUHGPQ\HNQW D WDQWYQ\DLP HOKDWUR]WN KRJ\ YJHW YHWQHN D
NDSFVRODWQDN %UPL OHJ\HQ LV D] J\ NLPHQHWHOQHN LUQ\D
YLOJRV KRJ\ D UHQGUDNV VHJW D V]HUHOPL OHWQNEHQ LV UHQGHW
WHQQL
 $PLNRU NLNUGH]WHP 1W D] HOV UMD HOWW D EHV]OJHWVQN D
UHQGUDNVUODV]HUHOPLOHWYHONDSFVRODWRVJRQGMDLUDWHUHOGWW
 1HP YDJ\RN EHQQH EL]WRV KRJ\ D VUF DNLYHO UDQGHY]RP D
PHJIHOHOV]HPO\V]PRPUDPRQGWDEL]DOPDVDQ
+URP YH MUWDN HJ\WW V HJ\ FJQO GROJR]WDN $ IL QKQ\
UXKMD V KROPLMD D OQ\ ODNVEDQ YROW GH PLYHO QHP D] Q
V]HUHSHP YROW KRJ\ V]HUHOPL WDQFVRNDW DGMDN H]UW FVDN D
UHQGUDNVVDO NDSFVRODWRV WDQFVRNUD V]RUWNR]WDP 0JLV D
WDQWYQ\DLPDW Q]YH PHJWDQXOWDP KRJ\ DPLNRU EL]RQ\WDODQRN D
NDSFVRODWDLNDW LOOHWHQ KDMODPRVDN UHQJHWHJ V]RUWUR]DWODQ
GRNXPHQWXPRWIHOKDOPR]QL
(]DOO 1 VHP YROW NLYWHO &VHNNNQ\YHL YROWDN DPLNHW VRVHP
KDV]QOW Q\RPWDWYQ\RN DPLNHW NL NHOOHWW YROQD WOWHQLH KRJ\
WXGDVVD NOQE] KHO\HNNHO KRJ\ HONOW]WW NLYJRWW UHFHSWHN
DPLNHWHJ\QDSOHV]QGNR]RWWI]QLVJ\WRYEE
 J\ YOHP PV GROJRNNDO NQH HOEE IRJODONR]QRP PLHOWW D
V]HUHOPLOHWHPPLDWWDJJGRPPRQGWDQHYHWYH
$]]DO D K]L IHODGDWWDO KDJ\WDP PDJUD KRJ\ YORJDVVD V]W
H]HNHW D SDSURNDW D NYHWNH] UQN HOWW 0LUH YLVV]DWUWHP
WHOMHVHQ PVNQW Q]HWW NL V]LQWH JRQGWDODQQDN OWV]RWW .LYODQ
HOYJH]WH D K]L IHODGDWW V NLYHWW HJ\ QDS V]DEDGVJRW KRJ\
NLWOWVHVHONOGMHD]VV]HVQ\RPWDWYQ\WVD]]DOKRJ\YJ]HWWD
UHQGUDNVVDO UMWW PU QHP WXGMD WRYEE WDJDGQL KRJ\ QHP
HJ\UWHOPHN D] U]VHL D NDSFVRODWEDQ V D EDUWMYDO N]VHQ
HOGQWWWNKRJ\HJ\LGUHWYROVJRWWDUWDQDN
 $NDUWDP HJ\ NLV LGW DGQL PDJDPQDN KRJ\ UHQGH]KHVVHP D]
U]VHLPHWPDJ\DU]WD
0LQGVV]H NW UD DODWW YJH]WQN 8WQD QDJ\MEO W KQDSLJ
QHP OWWDP MUD 1W $PLNRU OHJN]HOHEE DONDOPXQN Q\OW
WDOONR]QL PHJOHSGYH UWHVOWHP UOD KRJ\  V D EDUWMD
VV]HK]DVRGWDN
 0LXWQ HJ\ NLV LGW NOQ WOWWWQN PHJNUWH D NH]HPHW +D
NWVJHLPOHWWHNYROQDOHKHWKRJ\KDER]WDPYROQD'HD]DODWWPJ
NOQ YROWXQN D] U]VHLP WHOMHVHQ OHWLV]WXOWDN 0U EL]WRV YROWDP
EHQQH KRJ\ PL WHV] EROGRJJ J\KRJ\ NSHV YROWDP WLV]WD
V]YHPEOLJHQWPRQGDQL
0HJULQWHWW D] D EROGRJVJ DPL D V]HPHLEO VXJU]RWW DKRJ\
EHV]OW
6RNYHV WDQFVDGL PXQNP VRUQ PHJWDQXOWDP KRJ\ D]RN D]
HPEHUHN DNLN PJ QHP WDOONR]WDN D]]DO DNLW LJD]Q NHGYHOQHN
KDMODPRVDN UHQJHWHJ UXKW V SDSUW IHOKDOPR]QL PJ D]RN DNLN
SUNDSFVRODWEDQ OQHN GH HOOHQWPRQGVRVDN D] U]VHLN LQNEE
HOKDQ\DJROMN D GROJDLNDW $ PV HPEHUHNNHO YDO NDSFVRODWDLQN
YLVV]DWNU]GQHN D KROPLMDLQNNDO YDO NDSFVRODWXQNEDQ V
XJ\DQJ\DWUJ\DNKR]YDOYLV]RQ\XQNPHJPXWDWNR]LND]HPEHUL
NDSFVRODWDLQNEDQLV

$UHQGUDNVN]SSRQWEDKR]]DDNDSFVRODWRNDW

$ WDQWYQ\DLP N]HO IHOH V]O DNL J\HUHNHNHW QHYHO $] ULP

VRUQOWWDPKRJ\PLO\HQQHK]J\HUHNHWQHYHOQLPXQNDPHOOHWW
IOHJKDPJQDJ\RQNLFVLNLV
(J\LN WDQWYQ\RP ) D IUMYHO V NW J\HUPHNYHO OW DNLN
NHWW V QJ\YHVHN YROWDN  V D IUMH LV OWDOQRV LVNRODL
WDQWNQWGROJR]WDN
 OODQGDQ IUDGW YDJ\RN  PRQGWD EL]DOPDVDQ  $PLNRU
KD]DUHN D PXQNEO DQQ\LUD NLPHUOW YDJ\RN KRJ\ PJ D
V]HPHWHW VLQFV HUP IHOYHQQL D SDGOUO /HONLLVPHUHWIXUGDOVRP
YDQ KRJ\ PJ HJ\ LO\HQ HJ\V]HU GROJRW VHP YDJ\RN NSHV
PHJWHQQL $ IUMHP NVQ U KD]D GH XWORN SDQDV]NRGQL PHUW
WXGRP KRJ\ D]  PXQNMD LV QHK] 5JHQ WQ\OHJ V]HUHWWHP D
PXQNPDW GH QKD EL]RQ\WDODQ YDJ\RN KRJ\ HQQHN J\ NHOOH
OHQQLH
$] HJV] OHWHP DUUO V]O KRJ\ PHJELUN]RP YHOH V
HOYJ]HPH]UWV]HUHWQNHJ\NLVLGWDPLNRUFVDNSLKHQKHWHNV
WHWLV]RJDWKDWRNDNHGYHQFEJUPEO
0LUH ) YJ]HWW D UHQGUDNVVDO WXGWD KRJ\ WQ\OHJ V]HUHWL D
PXQNMW)HOLVPHUWHKRJ\DWDQNQ\YHNDPLNHWQ\JQHNWDUWRWW
VJ\JRQGROWDNLNHOOGREQLNHWUPPHOWOWWWNHO
 $ V]HNUQ\HP DQQ\LUD WHOH YROW PVRGODJRV IRQWRVVJ
GROJRNNDOKRJ\QHPWXGWDPWUGQLD]RNNDODPLNLJD]QIRQWRVDN
V PDJDPPDO VHP WXGWDP YDOMEDQ WUGQL 0J PLQGLJ
WOVJRVDQ HOIRJODOW YDJ\RN V D V]HQQ\HV LV VV]HJ\OLN PLHOWW
PJ V]UHYHQQP V PJ HOIRUGXO KRJ\ RO\DQ IUDGW YDJ\RN
KRJ\ VHPPLKH] VLQFV NHGYHP 'H WEE PU QHP DJJGRP 0HJ
WXGRP ERFVWDQL PDJDPQDN KRJ\ IUDGW YDJ\RN V V]QHWHW
WDUWRN
$ IUMYHO YDO NDSFVRODWD LV PHJYOWR]RWW (JV]HQ DGGLJ
PLQGNHWWHQ NHPQ\HQ GROJR]WDN KRJ\ HOHJHW WHJ\HQHN D VDMW
IHODGDWXNQDN GH PRVW PU WXGDWRVDQ HJ\WWPNGQHN KRJ\
FVDOGRW DONRVVDQDN  V D IUMH PHJRV]WMN HJ\PVVDO D
JRQGRODWDLNDW D MYMNNHO NDSFVRODWEDQ V HJ\WW YHV]QHN
OHFNNHW
 0LQGNHWWHQ HOJRQGRONR]WXQN D]RQ KRJ\ PLO\HQ OHWHW
V]HUHWQQN KV] Y POYD $PLNRU HOPRQGWXN HJ\PVQDN
NLGHUOW KRJ\ PLQGNHWWHQ XJ\DQHEEHQ D K]EDQ V]HUHWQQN OQL
DPLEHQ PRVW LV YDJ\XQN $ K]DVVJXQN WD HOV]U WXGWDP
HOPRQGDQLQHNLKRJ\UONKRJ\KR]]PHQWHPIHOHVJOPJKD
NLFVLWV]J\HQOVLVYROWDPH]WNLPRQGDQL
$ YOWR]VRN DPLNHW D UHQGUDNV KR]RWW ) PXQNMED V D
NDSFVRODWDLEDOHKHWKRJ\QHPHJHWUHQJHWHNGHH]WOOWRWWD
 +DWUR]RWWDQ WEEV]U IRUGXO HO YHOHP KRJ\ I]V YDJ\
UXKDKDMWRJDWV N]EHQ KLUWHOHQ PHJOORN V UGEEHQHN KRJ\
EROGRJYDJ\RN
(] QDJ\RQ J\DNRUL YODV] D]RNQO DNLN HOYJH]WN D UHQGUDNVW
0HJWDQXOWDPDWDQWYQ\DLPWOKRJ\D]YLV]LJD]QEROGRJVJRWD]
OHWQNEH KD OYH]]N D PLQGHQQDSRNDW DKHO\HWW KRJ\ DGRWWQDN
WHNLQWHQQN

+D]DYDUQDNDFVDOGRGKROPLMDLOJ\RO\DQPLQWD
QDS

 +RJ\ WXGQP PHJWDQWDQL D] DQ\XNPQDN KRJ\DQ WDUWVD

UHQGEHQDGROJDLW"
$IHOHVJHPQHNUNDWNHOOHQHYHQQLHWOHG
*\DNUDQ NDSRN LO\HQ ]HQHWHNHW $KRJ\ D VDMW UHQGUDNVRGGDO
KDODGV]DFVDOGRGGROJDLVWHUHLHONH]GHQHNLJD]Q]DYDUQL
$IUMHPHWJ\WQLNLQVSLUOWDDUHQGUDNVRP1KQ\GROJRW
NLV]HOHNWOW GH N]HO VHP HOHJHW .HOO KRJ\ OHJ\HQ YDODPL DPLYHO
UYHKHWHPKRJ\YHJ\HNRPRO\DEEDQ
0HQQ\LUH LVPHUHP H]W D] U]VW D] LQJHUOWVJHW DPL HOQW
DPLNRU OWRG PHNNRUD ULVL NOQEVJ YDQ D PDJDG V D
FVDOGWDJMDLGV]RELN]WW
.LQHPOOKDWRPDIUMHPFXFFDLQDNDOWYQ\WVKDMWRWWD<
$ IUMYHO V NW J\HUPHNYHO OW V PDMGQHP D OHFNLQHN D
YJQ WDUWRWW 0U FVDN D NRQ\KDL KROPLN UHQGEHWWHOH V D]
HOV]REDLVIUGV]REDLGROJDLQDNHOUDNVDYROWKWUD
5HQJHWHJ PLQGHQW NLGREOW D VDMW KROPLMD N]O V QDJ\RQ
HOJHGHWW YROW D JDUGUEMYDO V D V]HNUQ\YHO DPLW PU FVDN D
NHGYHQF GROJDL WOWWWHN PHJ 'H ]DYDUWD D IUMH WHUOHWH DPL IHOH
YROW HJ\ DV WDWDPLV]Q\HJQHN  P   P DPLW NHWWHQ KDV]
QOWDN
$]QV]HPV]JHPEOH]FVXSDV]HPWPRQGWD
$ V]N WU WHOH YROW PRGHOOWDQNRNNDO D MDSQ KDGYLVHOV
LGV]DNEO V]UPD] ILJXUNNDO V PLQLYUDNNDO (] YDOEDQ
PHVV]H YROW DWWO D] HJ\V]HU WHUPV]HWHV ODNVEHOVWO DPLUH <
YJ\RWWPJLVD]WOWWDPKRJ\DIUMQHNYDQU]NHDUHQGKH]V
VHPPLHVHWUHVHPYROWUHQGHWOHQVJ
  D NQ\YHVSROF IHOV UV]W KDV]QOMD Q D] DOVW GH PLQGHQ
DONDORPPDO KD HJ\ NQ\YUW PHJ\HN RO\DQ V]DYDN PLQW D
KDGYLVHO OODPRN XJUDQDN UP D]  UV]UO V H]W NL QHP
OOKDWRP
1DJ\RQHOIRJXOWQDNKDQJ]RWWH]UWPHJNHOOHWWNUGH]QHP
 %HV]OW YHOHG YDODKD D IUMHG DUUO KRJ\ PL D] UGHNOGVL
NUH"
0LUWLVWHQQ"9LOJRVKRJ\QHPUGHNHO
J\GQWWWHPKRJ\K]LIHODGDWRWDGRNQHNL
 +D YDODPL QHP WHWV]LN DPL D PV D V]DEO\ D] KRJ\ QHP
V]DEDG UQ]QL YDJ\ ILJ\HOPHW V]HQWHOQL QHNL 'H KD QHP EURG
PHJOOQL KRJ\ Q]G D IUMHG LJD]Q ]DYDU WUJ\DLW DNNRU D]W
V]HUHWQP KRJ\ Q\OM UWH V ULQWVG PHJ 3OGXO IHOYHKHWV] HJ\
ILJXUW YDJ\ NQQ\HGQ YJLJIXWWDWKDWRG D] XMMDGDW HJ\ NQ\Y
ERUWMQ 1HP V]PW KRJ\DQ FVDN ULQWVG PHJ V Q]G
ILJ\HOPHVHQOHJDOEEHJ\WHOMHVSHUFLJ
$PLNRU D NYHWNH] UUD MWWHP PHJNUGH]WHP WOH KRJ\
PHQW
  (OV]U HJ\OWDOQ QHP DNDUWDP PHJULQWHQL NHW V HJV]HQ
V]LQWQD]WJRQGROWDPKRJ\H]D]HJV]IHODGDWIMGDOPDVOHV]'H
IXUFVDPHUWDPLNRUHJ\SHUFLJQ]WHPHJ\WUJ\DWJ\NH]GWHPHO
JRQGRONR]QL DKRJ\ PJ VRVHP 1]HN HJ\ YUDW V D]W YHV]HP
V]UH KRJ\ D]W JRQGRORP Q]G FVDN PLO\HQ DSU GDUDERNEO
NV]OW YDJ\ PHJULQWHN HJ\ SOW DPLQ HJ\ KDGYH]U QHYH OO
D]WJRQGRORPNYQFVLOHQQNKRJ\U]LPDJWDPLNRUH]WYLVHOL
9JOKOWUH]WHPH]HNLUQWDWUJ\DNLUQWPHUWUPHWYLV]QHN
DIUMHPOHWEH
$K]LIHODGDWDULVLVLNHUYROW
+D QHP WXGRG HONHUOQL KRJ\ EL]RQ\RV GROJRNUD UQ]]
DNNRU SUEOM PHJ V]HPEHQ]QL YHOH .H]GG D]]DO KRJ\
PHJULQWHG +D < FVDN Q]WH YROQD D IUMH GROJDLW DQONO KRJ\
PHJULQWHWWH YROQD VRVHP OWWD YROQD PVQDN D]RNDW PLQW
MWNRNQDN$PLQWN]EHIRJWDDWUJ\YDOVJRVVYOW(J\ILJXUD
WEE PU QHP QYWHOHQ V]DPXUM YROW KDQHP D KDWDOPDV YH]U
7DNHGD 6KLQJHQ (] QPDJEDQ PU D IHOUH WXGMD FVNNHQWHQL D]
HOOHQU]VW
/HKHWQHN RO\DQ GROJRN DPLNHW HJ\V]HUHQ QHP EUV]
PHJULQWHQL LO\HQ HVHWHNEHQ QH HUOWHVG 1KQ\ HPEHUQHN WO
IXUFVD OHKHW HJ\ URYDUIRW YDJ\ HJ\ ]RPELILOP +D HJ\ SLOODQWVVDO
IHOWXGRGPUQLKRJ\V]WQVHQLUW]ROYDODPLWOQHNQR]GYHOH
PDJDGDW 7RYEE VRVH Q\OM RO\DQ WUJ\KR] D PVLN HPEHU
HQJHGO\HQONODPLWYDJ\WOUWNHVQHNYDJ\WOV]HPO\HVQHN
WDUW
1HP NHOO UYHQQHG PDJDG KRJ\ PVRN GROJDLW NHGYHOG (OJ
KDNSHVYDJ\HOIRJDGQLD]RNDW
1RKD H]HN D WUJ\DN QHP D WLHLG D FVDOGWDJMDLG GROJDL DQQDN D
K]QDNDUV]HLDKROOV](J\QDJ\REEHJ\VJV]HPSRQWMEOPLQW
DPLO\HQ D K]DG D WH V WEELHN GROJDL PLQG HJ\IRUPQ D K]DG
ODNMD (]W QDJ\RQ IRQWRV KRJ\ PHJUWVG %U D FVDOGRGGDO HJ\
IHGO DODWW OV] D V]DEO\ D] KRJ\ PLQGHQNLQHN VDMW V]HPO\HV
WUUHO NHOO UHQGHONH]QLH +D D] HPEHUHNQHN YDQ NLMHOOW VDMW
KHO\NDKROV]DEDGRQD]WFVLQOQDNDPLWDNDUQDNDXWRPDWLNXVDQ
WYRO WDUWMN D KROPLMXNDW PVRN WHUOHWWO +D D V]HPO\HV WHUHN
QLQFVHQHN YLOJRVDQ NUOKDWUROYD D] HPEHUHN QHP WXGMN
Q\RPRQ NYHWQL D WUROKHO\HN NRUOWR]VDLW V D GROJDLN
IHOJ\OHPOHQHN DPL PLDWW VHP D] HPEHUHN VHP D WUJ\DN QHP
WXGMNOYH]QLD]RWWKRQW
$PVLNV]DEO\KRJ\DPLQWDWHUOHWHWIHORV]WRWWXNQHPV]DEDG
D]]DO IRJODONR]QL KRJ\ D PVLN KRJ\DQ KDV]QOMD D VDMW WHUW
(EEHQ D NQ\YEHQ NRUEEDQ D]W DMQORWWDP KRJ\ WHUHPWVG PHJ D
VDMW HUW DG KHO\HGHW RWWKRQ  D FVDOGWDJMDLGQDN XJ\DQJ\
V]NVJHYDQDVDMWHUWDGKHO\NUHVKDDWEELHNDFVDOGEDQ
HJ\ NLFVLW UHQGH]NHGQHN GLFVUG QH NULWL]OG NHW  $ UHQGUDNV
WHUPV]HWQO IRJYD UDJO\RV GH KD UHUOWHWHG YDODNLUH
HOOHQOOVEDWN]O
(PONH]](]SXVPHVMUHD]V]DNLV]OUOVDQDSUODV]OQHN
QHPVLNHUOWOHWSQLD]XWD]NDEWMWPJDQDSHJ\V]HUHQD]]DO
KRJ\VWWWHOUWHKRJ\OHYHJ\HD]W6RNNDOFOUDYH]HWEEQDSQDN
OHQQL

1HNQ\V]HUWVGDUHQGUDNVUDD]RNDWDNLNQHP
DNDUMN

$] LJD]DW PHJYDOOYD PHVOWN KRJ\ YDODNL DNLQHN HJ\ WYPVRU

NHUHWEHQVHJWHWWHPUHQGHWWHQQLNVEEOWYQ\RVDQYLVV]DHVHWW
%UDSURJUDPNOQE]WWDKDJ\RPQ\RVOHFNLPWOPJLVYROW
D]HOVV]HPO\DNLQHNVHJWHWWHPDUHQGUDNVEHIHMH]VEHQVDNL
HOEXNRWW1HPFVDNVDMQOWDPGHVRNNROWLVJ\KRJ\VRNLJWDUWRWW
PJKHO\UHMWWHP
(QQHN NV]QKHWHQ UMWWHP KRJ\ D EV]NHVJ EQEH HVWHP
$QQ\LUD EL]WRV YROWDP EHQQH KRJ\ DNL OHFNNHW YHV] WOHP QHP
V]PW PLO\HQ UHQGHWOHQ LV D ODNVD QHP HVKHW YLVV]D $] LV
U]NHQ\HQ ULQWHWW KRJ\ IHOWWHOH]WHP KRJ\ EUNL D YLOJRQ
EROGRJ KD UHQGHV WLV]WD RWWKRQEDQ OKHW .VEE PHJWDQXOWDP
KRJ\ D Q\XJWDODQ DJJG V]HPO\ HJV] EROGRJDQ O UHQGHWOHQ
NUQ\H]HWEHQ
+RJ\DQYHKHWQPUDFVDOGRPDWDUHQGUDNVUD"
(] D] HJ\LN OHJJ\DNRULEE NUGV DPLW NDSRN 'H DPLNRU
PHJNUGH]HP D]RNDW DNLN HUUH NUQHN V WDOONR]RP D
FVDOGMXNNDO OWDOEDQ FVDN QDJ\RQ NHYHVHW WHKHWHN PLYHO D
FVDOGWDJRNQDNQHPOOV]QGNEDQYOWR]WDWQL$]HJ\LNNHGYHQF
NQ\YHP D 6KLQREX 0DFKLGWO D 7KH 7KULOOLQJ $UW RI 1RW
'LVFDUGLQJ 0DFKLGD D WHUPV]HWWXGV V]HUHW FVRNROG V QDWWR
HUMHV]WHWWV]MDEDEFVRPDJROVRNDWJ\MWHQLVWEEH]HUYDQQHNL
PLQGHJ\LNEO.LMHOHQWHWWH
1HPV]HUHWHPDWJDVRWWKRQRNDWDPLNUOD]U]GLNKRJ\QHP
ODNQDN EHQQN  V HUQ\NQW PDJDV]WDOMD D]W KD QHP GRE NL
YDODPLW
6]PUD D] D KHO\ V]HUH] UPHW DPLEHQ PRVW O DPL WHOH YDQ
WUJ\DNNDO
7HUPV]HWHVHQD]KRJ\NLWPLO\HQOHWWUWHV]EROGRJJD]DGRWW
V]HPO\ HJ\QL UWNHLWO IJJ 1HP WXGXQN PHJYOWR]WDWQL
PVRNDW V QHP NHOOHQH VHQNLW VHP UHQGUDNVUD NQ\V]HUWHQL
&VDN DNNRU PRQGKDWMXN HO KRJ\ EHIHMH]WN D UHQGUDNVW KD
NSHVHNYDJ\XQNIHOWWHOQONOHOIRJDGQLD]RNDWD]HPEHUHNHW
DNLNQHND]UWNHLNOQE]QHNDVDMWXQNWO
 $PLNRU D FVDOGRPPDO OWHP HJ\V]HU VHP VLNHUOW D]
RWWKRQXQNDW RO\DQQ WHQQHP DPL LOOHV]NHGHWW YROQD D VDMW
HONS]HOVHPKH]1HPLVWXGRPKQ\V]RUVKDMWRWWDPIHODPLNRU
PHJOWWDP D WHVWYUHLP V]RELW DKRO VRNNDO WEE KROPL YROW PLQW
D] HQ\PEHQ YDJ\ D IUGV]REEDQ D PRVGW DPL PLQGLJ
UHQGHWOHQ YROW PJ D UHQGUDNV LGHMH DODWW LV %U V]J\HOOWHP
EHYDOODQLGHQWHOWHQPHJYROWDPJ\]GYHUODKRJ\DFVDOGRP
WDJMDL NSWHOHQHN EUPLW LV OYH]QL D] OHWEHQ DPJ LO\HQ
NUOPQ\HNN]WWOQHN$WQ\D]RQEDQKRJ\D]RND]HPEHUHN
DNLNH]WDIDMWDOHWHWYODV]WMNJ\DNUDQNLPRQGRWWDQEROGRJRN$]
KRJ\VDMQONR]WDPUDMWXNHOYHV]WHJHWHWWHQHUJLDYROWUV]HPUO
(]DWDSDV]WDODWYH]HWHWWUKRJ\KDHONH]GHNPVRNDWEUOQLH]
OWDOEDQ D]UW YDQ PHUW YDODPL D VDMW OHWHPEHQ V]RUXO
UHQGH]VUH OHJ\HQ D] D V]REP YDJ\ YDODPL PXQND DPLW
KDORJDWRN (] QHPFVDN UP Q]YH UYQ\HV KDQHP PDMGQHP
PLQGHQNL PVUD DNL J\ UH] WDUWVRQ DNU D UHQGUDNV N]HSQ
YDJ\PUEHIHMH]WHD]W+DDPVRNKROPLMDL]DYDUQDNYHVGEHD]WD
WUNNW KRJ\ PDUDGM D] WRQ V NRQFHQWUOM D VDMW WHUOHWHG
UHQGEHWWHOUH
$PLNRUWQ\OHJYJH]WODUHQGUDNVVDOOWQLIRJRGKRJ\PLW
DNDUV]YDJ\PLWNHOOPHJWHQQHGDNYHWNH]OSVEHQJ\KRJ\
LJD]Q QHP OHV] HOYHV]WHJHWQL YDO LGG KRJ\ PVRN PLDWW
SDQDV]NRGMQPUYJH]WHPDUHQGUDNVVDOIL]LNDLVNRQGHH]HQ
DNUGVHQPJQHNHPLVGROJR]QRPNHOO
0LWWHJ\OKDDVDMWWHUOHWHGHWPUWNOHWHVHQUHQGEHWHWWHGGH
D FVDOGRG UHQGHWOHQVJH PJ PLQGLJ LUULWO" +RJ\ FVNNHQWVG D
IUXV]WUO U]VHLGHW D]W MDYDVORP KRJ\ V]HQWHOG PDJDG D
WDNDUWVQDN
$QDSLUHQGUDNVPLQGVV]HKURPOSVEOOODGROJRNDWYLVV]D
NHOO WHQQL D KHO\NUH NV]QHWHW PRQGDQL PLQGHQ DONDORPPDO
DPLNRU KDV]QORG NHW V MO NHOO EQQL YHON (]XWQ MKHW D
WDNDUWV $] DODSRV WDNDUWV OQ\HJH KRJ\ D VDMW V]HPO\HV
WHUOHWHGGHO NH]GG +D DQQ\LUD NLWDNDUWRWWDG DPLO\HQ OODSRWEDQ
NSHV OHV]HO PHJWDUWDQL DNNRU WWUKHWV] D N]V KDV]QODW
KHO\LVJHNUHSOGXOD]HOV]REUDVIUGUH
$KHO\HWWKRJ\PVRNWOHOYUQGKRJ\UHQGHWWHJ\HQHNV]HQWHOG
D] VV]HV ILJ\HOPHGHW DQQDN KRJ\ V]HPEHQ]] D K]DG GROJDLYDO
(] VHJW PDMG FVNNHQWHQL D] LQJHUOWVJHGHW $KRJ\ KDODGV] D
PXQNYDO D K]DG OWKDWDQ WLV]WEE OHV] V PLHOWW PJ
V]UHYHQQGQ\XJDOPDWVPHJNQQ\HEEOVWU]HO
$ NYHWNH] OSV D] KRJ\DQ UHDJOM DUUD KD D FVDOGRG D
EROGRJVJRG OWWQ PDJD LV UGHNOGVW PXWDW D UHQGUDNV LUQW
$NNRU UNH]HWW HO D] LG KRJ\ IHODMQOG D VHJWVJHGHW DPLNRU D]
UGHNOGVPHJQ\LOYQXO1HIHOHGGWHFVDNIHODMQORGDVHJWVJHG
GHQHNULWL]OGDV]HPSRQWMDLNDWVQHGQWVKHO\HWWN
5HQJHWHJPXQNDPLQGHQKROPLWRNDWHJ\KHO\UHVV]HKRUGDQLV
PLQGHQ]VNRWNLKRUGDQL6RNDQD]UWQHPOOQDNQHNLPJKDDIHO
LV WPDG D YJ\ EHQQN PHUW KDWDOPDV IHODGDWQDN WQLN +D
SUDNWLNXV IL]LNDL WPRJDWVW DMQOXQN H]]HO KDWVRV PGRQ
EWRUWKDWMXND]HPEHUHNHWKRJ\PHJWHJ\ND]WD]HOVOSVW
3HUV]H KD HJ\HGO V]HUHWQN FVLQOQL QH HUOWHVVN D VHJWVJHW
+DSHGLJNUGVHNHWWHV]QHNIHOPLQWSOGXO
*RQGRORGKRJ\MKDH]WNLGRERP"
9ODV]ROMWPRJDWDQ
3HUV]HMOHV]

7DQWVGPHJDJ\HUHNHLGHWDKDMWRJDWVUD
+D WHOMHVHQ YJH]WO D UHQGUDNVVDO HJ\ KDV]QRV GROJRW
PHJWDQWKDWV]D]RNQDNDNLNHGGLJNHUOWNDUHQGUDNVWD]WKRJ\
KRJ\DQ NHOO KDMWRJDWQL $ UXKN KDMWRJDWVQDN WNOHWHV
HOVDMWWVD PHJKDWUR]KDWMD KRJ\ YDODNL HOJJ PRWLYOW PDUDGH
KRJ\YJLJFVLQOMDDUHQGUDNVW
0JD]DNSHVVJKRJ\HJ\WUJ\DWDNH]HGEHQWDUWYDIHOLVPHUHG
KRJ\ UPHW YOW NL EHOOHG J\DNRUOV OWDO FVLV]ROKDW DGGLJ D
KDMWRJDWVRO\DQMUWDVVJDPLWJ\RUVDEEDQHOVDMWWKDWV]KDYDODNL
PHJPXWDWMD8J\DQH]LJD]DJ\HUHNHNUHDNLNWDQXOMNDKDMWRJDWVW
 $ J\HUHNHLP OODQGDQ UHQGHWOHQVJHW FVLQOQDN 0HJUMW
WHOMHVHQ
$ WDQWYQ\DLP DNLN LO\HQHNHW PRQGDQDN HOV OSVNQW D
UHQGUDNV HOVDMWWVKR] OWDOEDQ PHJSUEOMN PHJWDQWDQL D
J\HUHNHLNHWKRJ\HOSDNROMNDMWNDLNDWGHQHPLWWNHOOHONH]GHQL
$ MWNRNDW QDJ\RQ QHK] FVRSRUWRVWDQL PLYHO QDJ\RQ
NOQE]HN V UHQJHWHJIOH DQ\DJEO NV]OQHN (] UHQGNYO
ERQ\ROXOWW WHV]L D WUROVXNDW $ J\HUHNHN VHP MWV]DQDN
XJ\DQD]RNNDODMWNRNNDOPLQGHQQDSVXJ\DQJ\(]UWDMWNRN
HOSDNROVDWOQHK]IHODGDWDNH]GNV]PUD
$ UXKNDW YLV]RQ\ODJ HJ\V]HU FVRSRUWRVWDQL V PLQGHQQDS
QDJ\MEOXJ\DQRO\DQRNDWYLVHOQN$PLQWDJ\HUHNHNPHJWDQXOMN
VV]HKDMWRJDWQL D UXKLNDW PU NQQ\ OHV] D PHJIHOHO KHO\UH
HOWHQQLN D]RNDW (WWO OHV] H] D OHJNQQ\HEE FVRSRUW DPLQ D
J\HUHNHN J\DNRUROKDWQDN $ OHJMREE D] HJV]EHQ DPLNRU
PHJWDQWRGQHNLNKRJ\KDMWRJDWVN]EHQNLIHMH]]NDKOMXNDWD
UXKLNQDN PLYHO QHPFVDN D]W WDQWRG PHJ QHNLN KRJ\ KDV]QODW
XWQDKHO\UHNHOOWHQQLDGROJRNDWKDQHPDUHQGUDNVOQ\HJW
SSH]UWDKDMWRJDWVD]HJ\LNOHJIRQWRVDEEMUWDVVJDUHQGUDNV
WHUQPLQGDJ\HUHNHNPLQGDIHOQWWHNV]PUD
 $ FVDOGRPPDO HJ\WW SUEOWXQN KDMWRJDWQL V QDJ\RQ MO
V]UDNR]WXQN
(]DOHJJ\DNRULEEUHDNFLDPLDKDMWRJDWVUOV]OWYPVRURN
XWQ UNH]LN $ KDMWRJDWV QDJ\V]HU GRORJ (OVHJWL D
NRPPXQLNFLWVVHJWUHQGEHWHQQLD]RWWKRQRG&VDNWOHGIJJ
KRJ\ D FVDOGRG WDNDUWVPQLV OHV]H J\KRJ\ UHPOHP MO
V]UDNR]WRNDUXKNKDMWRJDWVDN]EHQ

+DHOLVEXNV]QKDQHDJJGMQHPGOVV]HD
YLOJ

1HPUJLEHQ HONH]GWHP WDQXOQL D NHQ\UVWVW $] HJ\LN

WDQWYQ\RPHJ\NY]WYH]HWVSRPSVNHQ\HUHWV]ROJOIHO$]W
NYQWDP KRJ\ EUFVDN LO\HQ NHQ\HUHW WXGQN Q LV VWQL DPLNRU
PHJWXGWDPKRJ\UNDWDG$]RQQDOMHOHQWNH]WHP
$]ULYDU]VODWRVDNVWXGRPQ\RVNVUOHWHNUHHPONH]WHWQHN
$ NHQ\UNV]WV DODSMDLQDN HOVDMWWVD XWQ D UHFHSW NOQE]
UV]HLW PHJYOWR]WDWMXN SOGXO D NHOHV]WVL LGW PDMG
VV]HKDVRQOWMXN D YJHUHGPQ\W  (] D]W MHOHQWL KRJ\ UHQJHWHJ
ILQRP NHQ\HUHW NHOO HQQQN $ WDQU HOPDJ\DU]]D KRJ\ D
NOQIOH VV]HWHYNEHQ EHNYHWNH] YOWR]V PLO\HQ YOWR]VW
RNR] D NHQ\U ]EHQ V OODJEDQ J\ UWKHWY YOLN D IRO\DPDW
PNGVH $ V]PRV NVUOHW N]O D OHJMREEDNDW NLYODV]WMXN V
PHJSUEOMXN RWWKRQ MUD PHJVWQL PDMG D NYHWNH] UQ
PHJRV]WMXNDWDSDV]WDODWDLQNDWDWEELHNNHOVDWDQUYLVV]DMHO]VW
DG(JV]OHWHPEHQFVDNDUHQGUDNVVDOIRJODONR]WDPDQONOKRJ\
YDODKDLVVWWWHPYROQDNHQ\HUHWVEHNHOOYDOODQRPPLQGHQNLV
GRORJPLDWWQDJ\RQLGHJHVYROWDP
(J\LNQDSDWEELWDQWYQQ\DOHJ\WWU]GWRWWXNDNUGVHLQNHW
VDJJRGDOPDLQNDW
,WWD]OOKRJ\KD]OGVJSUWDGXQNKR]]D]QHPOHKHWWEE
 V]]DONQO GH Q HJ\ LJD]L USV NHQ\HUHW DNDURN /HKHW NLFVLW
WEEHWDGQLKR]]"
1HPWXGRPPLNRUKDJ\MDPDEEDDGDJDV]WVW
0LQGLJWOVRNLJNHOHV]WHP
$ WDQUXQN WUHOPHVHQ YODV]ROW PLQGHQ NUGVQNUH $PLNRU
EHIHMH]WHHOPRVRO\RGRWW
1HDJJGMDWRNPRQGWD1HPIRJIHOUREEDQQLYDJ\LO\HVPL
$ V]DYDL PHJOHSHWVNQW UWHN 2O\DQ PDJDVUD WHWWHP D PUFW
KRJ\ D NXGDUFWO YDO IOHOHP PHJGHUPHV]WHWW PLHOWW PJ
EHOHNH]GWHP YROQD $ NHQ\U FVDN OLV]W Y] V NRYV] NHYHUNH
PHJVWYH+DNYHWHGD]DODSYHWV]DEO\RNDWDIULVVHQVOWNHQ\U
PDMGQHPPLQGLJ]OHWHVVKDNYHWV]LVHOKLENDWQHPOHV]EHOOH
HJHW UHQJHW NDWDV]WUID ,GHJHVNHGV KHO\HWW J\ WHNLQWHWWHP D
NHQ\UVWVUH PLQW D I]V HJ\LN WSXVUD $ WDQU EWRUWRWW
PLQNHW KRJ\ OYH]]N D NVUOHWH]VW V H]OWDO PHJWDOOKDWMXN D
VDMWNHGYHQFHLQNHW9JOPLQGHQNLQHNNLDODNXOKRJ\PLO\HQIDMWD
OLV]WHW V]HUHW KDV]QOQL YDJ\ PHQQ\L VWVL LGW WDUW MQDN V J\
WRYEE
$ UHQGUDNV XJ\DQLO\HQ $] UD XWQ D NUGVIHOWHYV LGHMQ
VRNDQIHOWHV]LNDNH]NHW
 9DQ HJ\ V]HNUQ\ D] HOV]REEDQ $EEDQ WDUWRP D
WOLNDEWMDLPDW VOMDLPDW KRJ\ NLIHO PHQHW NQQ\HQ
IHONDSKDVVDP'HLQNEEKDJ\MDPDEEDH]WPHUWJ\DUXKLPQHP
HJ\KHO\HQYDQQDN"
$ YODV]RP KRJ\ Q\XJRGWDQ FVLQOMD J\ WRYEE V WDUWVD D]
HOV]REEDQ (]HNHW D UXKDQHPN NOQ NDWHJULED WDUWR]QDN D
KROPLNDPLNHWIHOYHV]QNPLHOWWHOKDJ\MXNDK]DWVHPLDWWD
UXKDWUROV VHPPL NUOPQ\HN N]WW VHP QHYH]KHW
V]WV]UWQDN
 $]W PRQGWDG KRJ\ QH HQJHGMN KRJ\ D FVDOGWDJMDLQN OVVN
PLW GREXQN NL 'H DPLNRU D IUMHPPHO HJ\WW UHQGH]NHGQN
HOPRQGMD KRJ\ PL QHP OO MO YDJ\ UPXWDW KRJ\ EL]RQ\RV
GROJRNDWVRVHPKDV]QORN$WDQFVDLWQ\OHJKDV]QRVDNVVRNNDO
V]UDNR]WDWEE LV HJ\WW FVLQOQL 'H KDJ\MDP LQNEE DEED KRJ\
FVHQGEHQPDJDPWXGMDNIRJODONR]QLDGROJDLPPDO"
$ YODV]RQ LVPW D] KRJ\ IRO\WDVVD J\ WRYEE (JV]HQ DGGLJ
DPJ QHP NYHW RO\DQ WDQFVRW DPL QHP WOWL HO UPPHO DGGLJ
QLQFV JRQG (J\HWOHQ GROJRW NHOO V]EHQ WDUWDQL QHP D] V]PW
KRJ\DQ MXWV] HO DGGLJ KRJ\ PLW GREV] NL D YJQ HJ\HGO D WH
IHOHOVVJHGDYODV]WV
 (J\V]HUHQ QHP WXGRP PHJFVLQOQL NLOWRWW IHO QHPUJ HJ\
WDQWYQ\RP   VV]H WXGRP KDMWDQL D ]RNQLMDLPDW V D]
DOVQHPNHW GH PLNRU D NDUGLJQRN V D SXOYHUHN MQQQHN D]W
LQNEE IHOHMWVN HO 9OOIW KDV]QORN 9DQ YDODPL PV PGV]HU
HUUH"
7NOHWHV PHJROGV IHODNDV]WDQL H]HNHW 0LYHO J\ WEE KHO\HW
IRJODOQDNKDVRNIHODNDV]WDQLYDOGYDQH]WD]]DONRPSHQ]OKDWRG
KRJ\YNRQ\DEEYOOINDWKDV]QOV]
(EEO OWKDWRG KRJ\ PLQGHQ WDQWYQ\RP PHJWDOOMD D VDMW
HJ\HGLPGV]HUWDUHQGUDNVUDPJLVPLYHOMODNDUMNFVLQOQL
IRO\DPDWRVDQ DWWO IOQHN KRJ\ KLE]QDN +DGG EL]WRVWVDODN UOD
PLQGHQUHQGEHQOHV]0JKDKLE]ROLVQHPGOVV]HDYLOJ$]
HOV OSV KRJ\ GREM IOUH PLQGHQ IHOWWHOH]VW V NYHVG D
UHQGUDNVDODSV]DEO\DLW+DJ\WHV]HOVRNNDOMREEDQIRJRGOYH]QL
D UHQGUDNVW KD D VDMW UVHLGHW ILJ\HOHPEH YYH DODNWRG NL D
ILQRPDEE UV]OHWHNHW (] D]W LV OHKHWY WHV]L KRJ\ UYLGHEE LG
DODWWIHMH]KHVGEHDUHQGUDNIHV]WLYORGDW
OYH]HGDUHQGUDNIHV]WLYORGDW"9DJ\FVXSQPDJDDUHQGUDNV
OHWWDFORGPLQWKDEQWHWVOHQQHVPJDJRQGRODWDLVVWUHVV]HV"
.H]GHG D]W UH]QL KRJ\ NSWHOHQ YDJ\ EUPL PVVDO IRJODONR]QL
DPJ QHP IHMH]HG EH D UHQGUDNVW" $PLNRU RO\DQ HPEHUHNNHO
WDOONR]RP DNLN J\ UH]QHN D JLPQ]LXPL QHPUH HPONH]WHW
DPLNRU DQQ\LUD PHJV]OORWWMD YROWDP D UHQGUDNVQDN KRJ\
LGHJVV]HRPOVWNDSWDP
+DH]WU]HGWDUWVHJ\NLVV]QHWHW+DJ\GDEEDDUHQGUDNVWV
NRQFHQWUOM LQNEE DUUD KRJ\ GGHOJHVG D GROJDLGDW OOM PHJ HJ\
SLOODQDWUD KRJ\ NV]QHWHW PRQGM D UXKNQDN DPLNHW YLVHOV] D
WROODGQDN D V]PWJSHGQHN D] HGQ\HLGQHN D WDNDUGQDN D
IUGV]REQDN D NRQ\KQDN $ WUJ\DN D] RWWKRQRGEDQ NLYWHO
QONO V]HUHWQQHN WJHG EROGRJJ WHQQL $PLNRU PHJUWHG KRJ\
D]UW YDQQDN RWW KRJ\ YGMHQHN V WPRJDVVDQDN WJHG DPLNRU
UMVV]KRJ\PUPRVWHOHJHQYDQQDNDNNRUOHV]HONSHVWOWQLD
UHQGUDNVW
0LQGD]RN DNLN OYH]LN D UHQGUDN PDUDWRQMXNDW J\]WHVHN
OHV]QHN $PLQW HOVDMWWRWWDG D] DODSRNDW IRO\WDVG V KR]G PHJ D
GQWVHLGHWDV]HULQWKRJ\PLWOWHOUPPHO$NHQ\UVWVWHUQ
H]HQ D SRQWRQ PJ KRVV] W OO HOWWHP )RO\WRQ HOIHOHMWHN
EHOHWHQQL HJ\ VV]HWHYW WO VRNLJ J\URP YDJ\ EHOHDOV]RP PJ
NHO D WV]WD 'H MO U]HP PDJDP J\KRJ\ WXGRP KRJ\ YJO
PHQQLIRJ

$]UPWDGGROJRNPDJXNEDQU]LND]UWNHV
HPONHNHW

0LN]EHQ D WDNDUWVUD RNWDWWDP D WDQWYQ\DLPDW HONH]GWHN

WDQUQDNKYQL0UUJHQHOUWHPD]WDSRQWRWDPLNRUDPHJIHOHO
PHQQ\LVJ WUJ\DW ELUWRNROWDP V K PDUDGWDP D]
UPIHOLVPHU NSHVVJHPKH] YDODPLQW EHWDUWRWWDP D
V]DEO\DLPDW J\ D V]HNUQ\HPEO VRVHP GOQHN NL D UXKN V D
NQ\YHN VHP OOQDN QODP NXSDFRNEDQ D SDGOQ 7HUPV]HWHVHQ
YVURORNMUXKNDWVPVGROJRNDWGHDPLNPUPHJV]ROJOWN
D]LGHMNHWD]RNDWHOLVHQJHGHP.YHWNH]VNSSHQVRVHPU]HP
KRJ\ HOUDV]WDQQDN D KROPLN V EL]RQ\RV YDJ\RN EHQQH KRJ\
JRQGMXNDW WXGRP YLVHOQL J\ QDJ\RQ M D NDSFVRODWRP D
ELUWRNRPEDQOYWUJ\DNNDO0JLVQHPVRNNDONRUEEDQPJD]W
UH]WHP KRJ\ YDODPL PJ KLQ\]LN J\ WQW YDQ YDODPL DPLW D
WDQWYQ\DLP PU IHOIHGH]WHN D UHQGUDNV UYQ V DPLW QHNHP
PJPHJNHOOWDOOQRP
V DNNRU QHP RO\DQ UJHQ WL]HQW Y WD HOV]U HOPHQWHP D
V]OHLPPHO FVHUHV]Q\HYLUJ]VW Q]QL (J\ NLFVLW HODNDGWDP D
PXQNPEDQ V KLUWHOHQ HOKDWUR]WDP KRJ\ WHOHIRQORN QHNLN V
HOKYRP NHW 1HP PHQWQN NOQVHEEHQ VHKRY FVDN D K]DP
N]HOEHQ OY SDUNED $] KRJ\ QHP DQQ\LUD LVPHUW KHO\ SRQW
WNOHWHV YROW KRJ\ FVHUHV]Q\HYLUJ]VW Q]]QN $ IN WPYH
YROWDN YLUJRNNDO GH VHQNL PV QHP OOW PHJ KRJ\ SLNQLNWDNDUW
WHUWVHQDOMXNJ\KRJ\DPLQNYROWD]HJV]
$QQDN HOOHQUH KRJ\ KLUWHOHQ HOKDWUR]V YROW DQ\XNP
SLNQLNHEGHWNV]WHWWDWHVWYUHPPHOSHGLJL]JDWRWWNLVOQ\RNNQW
YLVHONHGWQN
.LFVRPDJROWXNVNLQ\LWRWWXND]WHOHVGRER]WD]HFHWHVV]LOYYDO
V JULOOH]HWW OD]DFFDO WOWWW DOJED WHNHUW UL]VW VOW FVLUNW
GHVEXUJRQ\W SLURV V VUJD FVHUHV]Q\HSDUDGLFVRPRW WDOOWXQN
EHQQH %U D] WHO QHP YROW VRN V]SHQ YROW EHSDNROYD V
Q\LOYQYDODQ V]HUHW WUGVVHO DPL PHJPHOHQJHWWH D V]YHPHW
$ V]SHQ HOUHQGH]HWW GRER] NLKR]WD EHOOHP D UHQGUDN
FVRGDERJDUDW V QHP WXGWDP PHJOOQL KRJ\ HJ\ WNOHWHVHQ
EHSDNROWILNKR]KDVRQOWVDP
'H QHP FVDN H] YROW $Q\XNP NLQ\LWRWW HJ\ PVLN FVRPDJRW
DPLEHQHJ\YHJU]VDV]QDPD]DNHYROWGWLWDODPLHUMHV]WHWW
GHV UL]VEO NV]O V NLV U]VDV]Q FVHUHV]Q\HYLUJRV SRKUNN
$PLNRU PHJWOWWWN DPD]DNYDO J\ Q]HWW NL PLQWKD D
SRKDUXQNEDQYLUXOWDNYROQDDFVHUHV]Q\HYLUJRN
0LO\HQJ\Q\U
$ YLUJRN DPLNHW D]QDS D FVDOGRPPDO Q]WQN D OHJV]HEEHN
YROWDNDPLWYDODKDOWWDP
$PLNRU KD]DUWHP YDODPL J\ WQW PV OHWW D ODNVRPEDQ
9DOMEDQ VHPPL QHP YOWR]RWW PLWD HO] QDS HOPHQWHP 0J
PLQGLJ D] D KHO\ YROW DPLW V]HUHWWHP WHOH RO\DQ WUJJ\DO DPLN
UPPHO WOWHQHN HO V DPL N]O PLQGHJ\LN ENVHQ SLKHQ D
KHO\Q$EEDQDSLOODQDWEDQIHOUPOHWWHOWWHPDFVHUHV]Q\HYLUJRV
SRKUNNNSHDPLNHWGOXWQKDV]QOWXQNVYJOIHOLVPHUWHP
$ SRKDUDN DPLNHW DQ\XNP YODV]WRWW UPXWDWRWW DUUD D] UWNHV
GDUDEUD DPLW KLQ\ROWDP J\ DNDURP OQL D] OHWHPHW KRJ\
HPONHNNHOV]QHVWVHPHJDGROJDLPDW
$ SRKDUDN NLYODV]WVD DQ\XNP V]HUHWHWQHN V
UDJDV]NRGVQDN HJ\IDMWD NLIHMH]GVH YROW DWWO D YJ\WO
YH]UHOYHKRJ\KDNLFVLWLVGHNOQOHJHVVWHJ\HV]PXQNUDD]WD
QDSRW
6RNV]RU OWWDP PU H]HNHW D SRKDUDNDW RWWKRQ V V]SQHN
WDOOWDPNHWGHPRVWWDODNXOWDND]RNNDNOQOHJHVSRKDUDNN
DPLNEH DQ\XNP DPD]DNW WOWWW DPLNRU FVHUHV]Q\HYLUJ]VW
Q]WQN 5EUHGWHP KRJ\ D]RNQDN D GROJRNQDN D] UWNH
DPLNNHO HJ\HGO WOWWWHP EHFVHV UNDW VV]H VHP KDVRQOWKDW
D]RNQDN D GROJRNQDN D] UWNYHO DPLN D PVRNNDO WOWWW LG
HPONHLWKRUGR]]N
$ NHGYHQF UXKLP V FLSLP NOQOHJHVHN V IRO\DPDWRVDQ
YLVHOHP NHW GH QHP NHOKHWQHN YHUVHQ\UH D]RNNDO D GROJRNNDO
DPLNHW D V]PRPUD NHGYHV HPEHUHN HPONHL KDWQDN W 5MWWHP
KRJ\ DPLUH UJWD YJ\RP D] KRJ\ D FVDOGRPPDO OHKHVVHN
6RNNDO NHYHVHEE LGW WOWWWHP D V]HUHWWHLPPHO PLQW DPHQQ\LW D
ELUWRNRPEDQ OY WUJ\DNNDO 7HUPV]HWHVHQ UWNHOQL IRJRP D]
HJ\HGO WOWWW LGW LV 'H D FOMD D] KRJ\ WSOOMRQ HQJHP KRJ\
PJMREEDQOYH]]HPDWDUWDOPDVLGWOWVWDV]HUHWWHLPPHOH]OWDO
PJLQNEEKR]]MUXOKDVVDNDNUOWWHPONEROGRJVJKR]
+D D SRKDUDN VLPN V KWN]QDSLDN OHWWHN YROQD DNNRU LV
HPONH]QN D] GWLWDOUD DPLW D] DQ\XNP KR]RWW GH NWOHP
KRJ\ D SRKDUDN LV PHJPDUDGWDN YROQD D] HPONH]HWHPEHQ
$ WUJ\DN DPLNHW WMUQDN D] HPONHN D NOQOHJHV HVHPQ\HN
VRNNDO WLV]WEE OHQ\RPDWW KRUGR]]N $ WUJ\DN DPLNHW HPONHN
MUQDNWNULVWO\WLV]WQU]LNDPOWDWD]HOPQNEHQVDWUJ\DN
DPLNUPPHOWOWHQHNHOEHQQQNHWNQQ\HEEHQPDJXNED]UMN
D]HPONHLQNHW
$PLNRU H]HN D SRKDUDN YJO HOWUQHN PHUW H] HJ\ QDS
EHNYHWNH]LNDPLNRUEHWOWWWNDV]HUHSNHWVHOMWWD]LGKRJ\
NV]QHWHW PRQGMXQN QHNLN HOEFV]]XQN WON 7XGRP KRJ\ D
YLUJQ]SLNQLNQNHPONWUNUHEHOHJHWWNDV]YHPEH
$ GROJDLQN D OQ\QN HJ\ UV]W IRUPOMN V DPLNRU
HOPHQQHNUNNWDUWHPONHNHWKDJ\QDNPDJXNXWQ
$PHGGLJ WLV]WHOHWWHO IRUGXORN D WUJ\DLPKR] V FVDN D]RNDW
WDUWRP PHJ DPLNHW V]HUHWHN DPHGGLJ GGHOJHWHP NHW DPJ
YHOHP YDQQDN V WXGDWRVDQ WUHNV]HP DUUD KRJ\ D YHON WOWWW
LGW RO\DQ UWNHVV WHJ\HP DPHQQ\LUH FVDN OHKHW DGGLJ PLQGHQ
QDSRPUPPHOVPHOHJVJJHOWHOLOHV](QQHNWXGDWEDQDV]YHP
VRNNDONQQ\HEE
(]UW DUUD EL]WDWODN WHGG UHQGEH D GROJDLGDW DPLO\HQ J\RUVDQ
FVDN WXGRG PHUW H]XWQ D KWUDOY OHWHGHW RO\DQ HPEHUHNNHO V
WUJ\DNNDONUOYYHOKHWHGDNLNHWVDPLNHWDOHJMREEDQV]HUHWV]
 8WV]

7L]HQWYHVNRURPWMNQDUHQGUDNVKYVUDEUHGYHPLQGHQ
QDSRPDW UHQGUDNVVDO WOWWWHP QHPFVDN D VDMW V]REPEDQ GH
MIRUPQ D] RWWKRQXQN PLQGHQ KHO\LVJEHQ D WHVWYUHLP
V]RELWONH]GYHDNRQ\KLJDQDSSDOLLJVDIUGV]RELJ0LYHOH]W
PLQGHQNLQHNHOPRQGRPDPHUUHMURNVRNDQD]WKLV]LNKRJ\DPL
RWWKRQXQNEL]WRVDQQDJ\RQUHQGHVYROWGHVDMQORPH]WYROOOD]
LJD]VJWO 0J PLXWQ PHJMHOHQW D] HOV NQ\YHP DNNRU VHP
YOWR]RWWVHPPL$]WQHJ\QDSDNYHWNH]HPDLOWNDSWDP
.HGYHV.RQ0DULNUOHNWDQWVGPHJKRJ\DQNHOOUHQGHWUDNQL
0LQGLJHOVEEVJHWEL]WRVWRND]RNQDNDNLNQHNIRJODOWLGSRQWMXN
YDQ GH DPLNRU PHJOWWDP NL NOGWH D OHYHOHW OHPRQGWDP D
WHUYH]HWWQ\DUDOVWVEHUWDPWDOLVWED
$NUVDUHQGUDNUNLUQWD]DSXNPWOUNH]HWW
0RVWD]WDV]REWKDV]QOWDDPLWYDODPLNRUQHJ\WDWDPLV
  P V]REW HJ\ V]HNUQQ\HO V HJ\ EHSWHWW NQ\YHVSROFFDO
.LFVLYROWFVDNHJ\JJ\DOVHJ\UDV]WDOODOGHQHNHPPDJDYROWD
SDUDGLFVRP 1DJ\RQ WLV]WQ WDUWRWWDP 0LQGHQ HVWH PLHOWW J\ED
EMWDPIHOWUOWHPDSDGOW
$PLNRUKD]DOWRJDWWDPWHOMHVHQPVNSSQ]HWWNL$]HOVGRORJ
DPLW PHJOWWDP DPLNRU EHQ\LWRWWDP HJ\ UXKDOOYQ\ YROW
N]YHWOHQO D V]HNUQ\ HOWW DPL WHOMHVHQ HO]UWD D] HJ\LN DMWDMW
(J\NDUWRQGRER]YROWDSDGOQWHOHNDWDV]WUIDHVHWUHVV]HUDNRWW
VUJVVJL OHOPLV]HUUHO PHOOHWWH SHGLJ NW PDQ\DJ WURO
WDUWDON WLV]WWV]HUHNNHO V PV KROPLNNDO (J\ UDNV PDJD]LQ
WRUQ\RVXOW D EHSWHWW NQ\YHVSROF HOWW V DPL D OHJURVV]DEE HJ\
MGLJLWOLVWYOOWDUJLDQDOJWYWHWHMQPHUV]WYDWYQ
HOUHQGH]VEHQ
%L]WRVWKDWODN UOD QLQFV IOUHUWV DSXNP YDOMEDQ V]HUHW
WDNDUWDQLVODNVWGHNRUOQLVOWDOEDQOHONLLVPHUHWHVHQUHQGEHQ
WDUWMDDGROJRNDW0JLVHJ\YDODPLUHNSWHOHQNLGREQLDGROJRNDW
.LMHOHQWHWWH D] DQ\XNPQDN KRJ\ KDOOLJ HJ\HWOHQ UXKMWO VHP
YOLNPHJVW]YHQWUHQGWKHWHWOHQOHOOHQOOWDVUJHWVHPQHN
KRJ\ V]HOHNWOMRQ &VDN D]XWQ LVPHUWH EH KRJ\ D V]REMD HJ\
NDWDV]WUID VMWRWWD WHUOHW PLXWQ RO\DQ VRN PXQNMD OHWW KRJ\
NSWHOHQYROWQDSLV]LQWHQUHQGHWWHQQLVYJOEHOWWDKRJ\WHQQL
NHOOYDODPLW
J\HONH]GGWHND]DSXNPUL0LQWPLQGLJD]]DONH]GWNKRJ\
VV]HKRUGWXN HJ\ KHO\UH D UXKNDW V J\ WQW VRVHP OHV] YJH
5HQJHWHJHQ PJ D FPNH LV UDMWD YROW V]PWDODQ DOVUXKD PJ D
FVRPDJROVEDQ VRVHP KRUGRWW G]VHNLN DPLNQHN D OWH]VUO LV
HOIHOHGNH]HWW HJ\ FVRP XJ\DQRO\DQ ID]RQ SOLQJ 0LQGH] D
MHOOHP]YODV]WYOWRWWDNLEHOOH
7Q\OHJV]NVJHPYDQHQQ\LPLQGHQUH"
$]XWQ HONH]GWQN HJ\HVYHO N]EH YHQQL PLQGHQ GDUDERW V
NLYODV]WDQLD]RNDWDPLNLJD]QUPPHOWOWWWNHO)XUFVDU]V
YROWOWQLDSXNPDWDKRJ\V]HPEHQ]PLQGHQHJ\HVUXKMYDOV
GQWVHNHWKR]3UEDNSSHQNLMHOHQWHWWH
 (]W V]HUHWHP (QQHN KOV YDJ\RN 6DMQORP QHP WXGODN PU
KDV]QOQL
$NYHWNH]NWQDSIRO\DPQYJLJPHQWQND]VV]HVKROPLMQ
D KHO\HV VRUUHQGEHQ UXKN NQ\YHN SDSURN NRPRQR V
U]HOPLOHJIRQWRVWUJ\DN0LXWQWHOMHVHQWYORJDWWXNDKROPLMDLW
VNLGREWXQNKV]]VNQ\LFXFFRWQHNLIRJWXQNDIUGV]REQDNVD
N]VKHO\LVJHNQHN$]WQDWUROVOHFNMYHOIHMH]WNEH
 9JOD]DSXNPV]REMDWHOMHVHQPVNSSQ]HWWNLVUPWHOL
YLOJQDNOWV]RWW$]J\QVDWYQNYOPLQGHQWHOUDNWXQNVD
IDSDGOMUDHOEXNNDQW$NQ\YHVSROFRQFVDNDNHGYHQFNQ\YHL
V &'L YROWDN V D OWV]ODJ UHV SROFRQ HJ\ D WHVWYUHP OWDO D
ILVNRODL YHL DODWW NV]WHWW NHUPLDGV] V HJ\ G]VHVV] ]HQHNDU
ILJXUL YROWDN DPLNHW SRVWQ UHQGHOW 9JV VLPWVNQW HJ\ NSHW
DNDV]WRWW D IDOUD DPL DGGLJ D V]HNUQ\EHQ OOW V D] HJV] V]RED
RO\DQYLOJRVVYRQ]OHWWPLQWKDHJ\EHPXWDWUDV]QWODNVEHOV
OHQQH
)RO\WRQD]WPRQGWDPPDJDPQDNKRJ\YDODPLNRUHOMXWRNLGLJ
DMYKWHQEL]WRVDQPHJFVLQORPPRQGWDD]DSXNP$QQ\LUD
PHJNQQ\HEEOWHP KRJ\ YJO PHJFVLQOWDP $PLNRU NRPRO\DQ
EHOHYJV]HONSHV]WPLO\HQWDODNXOVPHJ\YJEHPLQGVV]HNW
QDSDODWW
+DOOYQD]HOJHGHWWVJHWDKDQJMEDQUMWWHPKRJ\H]QDJ\RQ
MPGMDYROWDQQDNKRJ\NLIHMH]]HPD]LUQWDU]HWWV]HUHWHWHPHW
%UNL DNU D] DSXNP LV DNL HJ\ HJV] YWL]HGHQ W NHUOWH D
UHQGUDNVW QDJ\RQ J\RUVDQ PHJ WXGMD FVLQOQL KD HJ\V]HU
HOKDWUR]]DPDJWVV]HPWDQMDOHKHWDGUPDLYOWR]VQDNDPLW
D]OHWUHJ\DNRURO
 =UV]
.V]OMOHWHGNYHWNH]
OORPVUD

 2OYDVWDP DUUO KRJ\DQ NHOO WNOHWHV UHQGHW WHQQL GH VRVHP

OOWDP QHNL PHUW RO\DQ QDJ\ PXQNQDN WQW $PLNRU YJO
UV]QWDP PDJDP PJ QDJ\REE PXQND YROW PLQW DPLUH
V]PWRWWDP $QQ\L KROPLP YROW V QDJ\RQ HOIRJODOW YROWDP D
PXQNPPDO(J\HJV]YLJWDUWRWW$]VV]HVQQHSHWUHQGUDNVVDO
WOWWWHP $]WQ HJ\ QDS D YJUH UWHP %HIHMH]WHP D
IQ\NSHNHW V D IJJ GROJRNDW HJ\V]HUUH J\ U]HP PDJDP
PLQW DNL MMV]OHWHWW %UKRY Q]HN RO\DQ GROJRNDW OWRN DPLN
UPPHO WOWHQHN HO 6]HUHWHWHW U]HN PLQGHQ LUQW D] OHWHPEHQ
VDQQ\LUDKOVYDJ\RN
$PLNRU HKKH] KDVRQO OHYHOHNHW NDSRN D] HOPP PHJWHOLN D
IHODGN MYMQHN NSHLYHO DKRJ\ OHWN M IHMH]HWKH] UQHN
$PLQW WXGDWRVDQ OQHN HJ\ V]S KHO\HQ NSHVHN OHV]QHN IHODGQL
RO\DQ V]RNVRNDW DPLNNHO PU UJ V]DNWDQL DNDUWDN WLV]WQ OWMN
PDMGKRJ\PLWDNDUQDNHOUQLVPHJWHV]LNDPLHKKH]V]NVJHV
+RJ\ UHQGEH WHGG D] RWWKRQRGDW UHQGEH NHOO WHQQHG D] OHWHGHW
V NV]OM D NYHWNH] OSVUH +D YDODKD PHJIHOHOHQ EQWO D]
OHWHG DNWXOLV V]DNDV]YDO D NYHWNH] WHUPV]HWHVHQ IRJ
PHJUNH]QL KR]]G  Q D] HJ\HWHPL YHLP DODWW WHWWHP UHQGEH D
GROJDLPDW $]WD J\ U]HP NSHV YROWDP NV]QWHQL OHWHP
PLQGHQMHVHPQ\WVIRJODONR]QLD]]DODPLYHONHOOHWW
6]PRPUD D OHJXWEEL V]DNDV]  WDYDV]Q MWW HO DPLNRU LV
IUMKH] PHQWHP $] M FVDOG PHJDODSWVD VHJW PV Q]SRQWEO
OWQRP D GROJRNDW 0LQGHQHNHOWW WDQXORP KRJ\ D KDOOJDWODJRV
FVDOGL V]DEO\RN K]WDUWVUO K]WDUWVUD HOWUHN V D]RN D
WUROVL PHJROGVRN DPLNHW PDJWO UWHWGQHN YOWHP
PHJIHOHO PDJ\DU]DWUD V PHJRV]WVUD V]RUXOQDN $PJ
HJ\HGOOOYROWDPD]RWWKRQRPEDQFVDNDVDMWKROPLMDLPYROWDN
GHPRVWDIUMHPKROPLMDLYDOLVRV]WR]QDNDWHUOHWHQ8J\DQRO\DQ
MODNDURNEQQLYHONLVPLQWDVDMWMDLPPDO
(]]HO D JRQGRODWWDO D IHMHPEHQ QHPUJLEHQ SURV UHQGUDNVUD
IRUGWRWWXQN HJ\ NLV LGW 1HP NHOOHWW WHOMHV UHQGUDN NDPSQ\W
LQGWDQXQN PLYHO D PXQNPQDN NV]QKHWHQ PLQLPOLV
PHQQ\LVJKROPLPYDQVDIUMHPOHWPGMDLVRO\DQNRPSDNW
KRJ\DGROJDLPLQGVV]HQJ\NDUWRQGRER]WWOWWWHNPHJDPLNRU
EHNOW]WW(KHO\HWWDUXKNKDMWRJDWVWVWUROVWYHWWNW
(OPDJ\DU]WDP KRJ\DQ NHOO D NOQIOH UXKNDW KDMWRJDWQL V
KRJ\DQNHOOD]RNDWOOWYDWUROQLYDODPLQWKRJ\DQNHOOIHODNDV]WDQL
DKROPLNDWKRJ\EDOUOMREEUDNHUOMHQHND]HJ\UHNLVHEEHN9JLJ
EHV]OJHWWQNPXQNDN]EHQ
(JV]HQ DGGLJ J\ JRQGROWDP KRJ\ D OHJMREE KD PLQGHQNL
HJ\HGO PDJD GROJR]LN D VDMW KROPLMDLYDO GH H] D WDSDV]WDODW
UEUHV]WHWWKRJ\YDOMEDQVHJWKHWKDFVDOGNQWLVV]QXQNLGW
DUUD KRJ\ IRJODONR]]XQN D GROJDLQNNDO $ UHQGUDNV IRO\DPDWD
HOPO\WL D NDSFVRODWRNDW QHPFVDN D KROPLMDLQN V D] RWWKRQXQN
N]WW GH PL PDJXQN V D GROJDLQN N]WW YDODPLQW PDJXQN V D
FVDOGXQNN]WW
$KRJ\ H]HNQHN D NDSFVRODWRNQDN D WHUPV]HWQ JRQGRONR]WDP
HV]HPEH MXWRWW KRJ\ D MDSQ HPEHUHN D] NRU WD NOQOHJHV
RGDILJ\HOVVHO EQWDN D] DQ\DJL GROJRNNDO  $ \DR\DUR]X QR NDPL
IRJDOPDV]V]HULQWH]HULVWHQHJ\SOGDHUUH$MDSQRNJ\
KLWWN KRJ\ D] LVWHQHN QHPFVDN D WHUPV]HWL MHOHQVJHNEHQ
ODNR]QDNPLQWSOGXODWHQJHUEHQVDWMEDQGHDW]KHO\EHQVW
PLQGHQ HJ\HV UL]VV]HPEHQ SSHQ H]UW WLV]WHOHWWHO EQWDN
PLQGHQQHO$](GRNRUV]DNEDQN]WW-DSQEDQQDJ\RQ
MO V]HUYH]HWW V WHOMHV MUDKDV]QRVWVL UHQGV]HU PNGWW DPL
EL]WRVWRWWD KRJ\ VHPPL QH YHVV]HQ NUED $ JRQGRODW KRJ\
PLQGHQW WKDW D V]HOOHP J\ WQLN D MDSQRN '16EH YDQ
NGROYD
$V]HOOHPQHNDPLDWUJ\DNEDQODNR]LNKURPQMHYDQD]HJ\LN
D] DQ\DJ DPLEO NV]OW D PVRGLN D V]HPO\ DNL NV]WHWWH D
KDUPDGLN SHGLJ D] D V]HPO\ DNL KDV]QOMD $ NV]W
V]HOOHPQHN QDJ\RQ QDJ\ KDWVD YDQ D] DQ\DJUD 3OGXO H] D
NQ\YSDSUEONV]OW'HQHPFVDNYDODPLIOHUJLSDSUEO
(]DSDSUWLWDWGRWWD]]DODKHYHVNYQVJRPPDOKRJ\HONH]GM
UHQGHW WHQQL V D]]DO D YJ\DPPDO KRJ\ VHJWVHN D]RNQDN DNLN
UPPHO WHOL OHWHW DNDUQDN OQL (]HNQHN D] U]VHNQHN D]
HUVVJH PJ DNNRU LV WKDWMD D OHYHJW PLNRU PU EHFVXNWDG D
NQ\YHW
9JO H]HN DQQDN D V]HPO\QHN D] U]VHL DNL KDV]QO HJ\
WUJ\DWDPGMDDKRJ\DQEQLNYHOHPHJKDWUR]]DDWUJ\DXUMW
D MDSQ NXNLNDQ V] V]HULQW D OHYHJ U]VH $ IQ\ DPLW H] D
NQ\YVXJUR]DPLWDMHOHQOWHUDV]WD]WOHGIJJKRJ\DQEQV]
YHOH KDV]QORGH YDJ\ FVDN PHJYHWWHG GH VRVHP ROYDVWDG (]
PLQGHQUHLJD] QHP FVDN HUUH DNQ\YUH D] HOPG KDWUR]]D PHJ
PLQGHQQHND]UWNWDPLWELUWRNROV]
$]XWEELLGEHQOODQGDQD]HV]HPEHMXWHJ\NLIHMH]VPLNRUD
WDQWYQ\DLPPDOGROJR]RPPRQRQRDZDUH(]HJ\MDSQNLIHMH]V
D]WMHOHQWLKRJ\DGROJRNSWRV]DVD]WDPO\U]VWUMDOHDPL
DNNRU NHOHWNH]LN KD WHUPV]HW D PYV]HW YDJ\ PVRN OHWH
PHJULQWEHQQQNHWDPXODQGVJWXGDWEDQ
(J\LN WDQWYQ\RP SOGXO UQ]HWW D ELFLNOLMUH DPLW YHN WD
GGHOJHWHWWVKDV]QOWVD]WPRQGWD
7XGRGFVDNPRVWMWWHPUKRJ\H]DELFLNOLRO\DQYROWPLQWKD
OHWHPWUVDOHQQH
(J\PVLNWDQWYQ\RPD]WPRQGWDPRVRO\RJYD
 0J D] HYSOFLNLP LV KLKHWHWOHQO NHGYHVHN D V]PRPUD
PRVW
1HPFVDND]DQ\DJLMDYDLNLUQWLU]VHLNYOWR]QDNPHJ.SHVHN
OHV]QHN OHODVVXOQL NLOYH]QL D] YV]DNRN YOWR]VW V
QPDJXNKR] YDODPLQW D FVDOGMXNKR] LV VRNNDO NHGYHVHEEHN
OHV]QHNJ\KLV]HPKRJ\DPLNRUUHQGHWWHV]QNVPHJHUVWMND
NWGVQNHWDMDYDLQNLUQWMUDNDSFVRODWEDNHUOKHWQND]]DOD
ILQRPU]VVHODPRQRQRDZDUHUHO
MUD IHOIHGH]KHWMN D]W D YHOHV]OHWHWW NSHVVJQNHW KRJ\
GGHOJHVVN D GROJDLQNDW D] OHWQNEHQ V MUD
PHJEL]RQ\RVRGMXQN DUUO KRJ\ D] DQ\DJL YLOJJDO YDO
NDSFVRODWXQNDNOFVQVWPRJDWVRQDODSXO
+D IRO\WRQ LGHJHV YDJ\ GH QHP YDJ\ EHQQH EL]WRV KRJ\ PLUW
SUEOGPHJUHQGEHWHQQLDGROJDLGDW0LQGHQHJ\HVKROPLGDWYHGG
N]EH V WHGG IHO PDJDGQDN D NUGVW KRJ\ UPPHO WOWH HO
(]XWQ GGHOJHVG D]RNDW D GROJRNDW DPLNHW J\ GQWWWO
PHJWDUWDV] SRQW XJ\DQJ\ DKRJ\ PDJDGDW LV J\ OHWHG PLQGHQ
QDSMDUPPHOWHOLNPDMGPHJ
 .V]QHWQ\LOYQWV

$] XWDP D UHQGUDNV YLOJEDQ WL]HQW YHV NRURPEDQ NH]GGWW

(J\ SRQWRQ J\ JRQGROWDP KRJ\ HJV] OHWHPEHQ PDJQUNDW
DGRN D UHQGUDNVEO GH PHQHW N]EHQ PHJYOWR]RWW D
KR]]OOVRPDUHQGUDNVKR]9DQNWJ\DNRUQRNRPVDODSWRWWDP
HJ\ V]HUYH]HWHW KRJ\ UHQGUDN WDQFVDGNDW NSH]]HN NL
RUV]JV]HUWH 7RYEE D 5HQG D OHONH PLQGHQQHN FP NQ\YHPHW
WEE Q\HOYUH OHIRUGWRWWN V D YLOJ WEE PLQW  RUV]JEDQ
NLDGWN $ YLVV]DMHO]VHN WOV]UQ\DOWN D] HONS]HOVHLPHW
1HPFVDN EV]NH YDJ\RN GH WHOMHVHQ PXODWED LV HMWHWW KRJ\ D
.RQ0DULPGV]HUDPHO\D]QUHQGUDNV]HQYHGO\HPEOQWWNL
PHJKGWRWWDDYLOJRW
0J LQNEE PHJGEEHQWHWW KRJ\ D 1HZ <RUN 7LPHV HJ\LN
FLNNEHQ V]HUHSHOWHP V WHQJHUHQWOUO NDSRN OHYHOHNHW +RJ\
PHJRVV]DP D .RQ0DULPGV]HUW UHPOHP V]PRV RUV]JED
HOMXWRNVHJ\QHP]HWN]LIHOPUVWNV]WKHWHNDUHQGUDNVUO
$KRJ\PUUYLGHQHPOWHWWHPDK]DVVJQDJ\YOWR]VWKR]RWW
D] OHWHPEH +OD D IUMHPQHN DNL HJ\V]HUHQ WO M D
K]LPXQNEDQ PJ WEE LGP PDUDG KRJ\ D V]HQYHGO\HPPHO
IRJODONR]]DP 0LQW QMHOOW UHQGUDN FVRGDERJDUDW H] HOIRJODO V
EROGRJJWHV]
9JOKDGGUDJDGMDPPHJDOHKHWVJHWKRJ\KOPDWIHMH]]HP
NL D]RNQDN D] HPEHUHNQHN DNLNQHN D] HJ\WWPNGVH V
WPRJDWVDQONOH]DNQ\YQHPMKHWHWWYROQDOWUH
.V]QHW D IRUGWPQDN &DWK\ +LUDQRQDN D] DPHULNDL NLDGP
FVDSDWQDND7HQ6SHGG3UHVV&URZQ3XEOLVKLQJQONOQVNSSHQ
/LVD :HVWP RUODQGQDN %HWV\ 6WURPEHUJQHN 'DQLHO :LNH\QHN
+DQQDK 5DKLOOQDN $DURQ :HKQHUQHN 'DYLG 'UDNHQHN V 0D\D
0DYMHHQHND]J\QNHLPQHN1HLO*XGRYLW]QDNV-XQ+DVHEHQHN
YDODPLQW D MDSQ NLDGL FVDSDWQDN D 6XQPDUN 3XEOLVKLQJQO
NOQVNSSHQ1REXWDND8HNLQHN7RPRKLUR7DNDKDVKLQDN,FKLUR
7DNHGQDNV6KLQR.RED\DVKLQDN
9JWHOHQOKOVYDJ\RNPLQGDQQ\LWRNQDNDNLNN]EHYHV]LWHN
VHOROYDVVWRNH]WDNQ\YHW1DJ\RQNV]QPPLQGHQNLQHN

0DULH.RQ0DUL.RQGR
 $V]HU]UO

0DULH .RQGR D] DODSWMD D] LVPHUW .RQ0DULPGV]HUQHN V

V]HU]MH D 1HZ <RUN 7LPHV   EHVWVHOOHUQHN D 5HQG D OHONH
PLQGHQQHN FP NQ\YQHN DPHO\HW WEE PLQW KURPPLOOL
SOGQ\EDQ DGWDN HO YLOJV]HUWH V DPLW  Q\HOYUH IRUGWRWWDN OH
YDODPLQW -DSQEDQ WHOHY]LV PVRU NV]OW EHOOH 6]HU]MH
WRYEE HJ\ WUVIRO\LUDWQDN D /LIH&KDQJLQJ 0DJLF $ -RXUQDOQHN
+UHVWRNLLWDQFVDGYOODONR]VDVHJWD]J\IHOHNQHNDUHQGHWOHQ
RWWKRQRNEOQ\XJDOPDVVLQVSLUOKHO\HWYDU]VROQL
6]HUHSHOWD:DOO6WUHHW-RXUQDO D] $WODQWLF D 1HZ <RUN 7LPHV D]
86$7RGD\IRO\LUDWRNEDQD7RGD\VKRZEDQVEHNHUOWDQHYHD
7LPH PDJD]LQ  OHJEHIRO\VRVDEE HPEHUH N] -DSQEDQ
7RNLEDQODIUMYHOVDOQ\YDO

^` 0DULH .RQGR 5HQG D OHONH PLQGHQQHN -LQVHL *D 7RNLPHNX .DWD]XNH 1R 0DKR
.LVNDSX.IWIRUGWRWWD5]PYHV/V]O

^` (UHGHWL FPH 7KH 7ZLOLJKW =RQH $PHULNDLNDQDGDLDQJRO VFLIL 5HQGH]WH $OODQ
$UNXVKV*LO%HWWPDQ