&KPK#TCĩVÆTOCNCT1ECM*C\KTCP%KNV5C[ÆUU

 Ŗ

+=3(<*$0%(5'g1(0ø
(öø7ø0ø1(*(1(/%ø5%$.,ù

<DVLQ<,/0$= 

g]
$OODKnDLQDQDQJÖ]HODKODNODWHÁKL]HGLOHQHUGHPOLELUWRSOXPROXíWXUPD\ÜDPDÁ
OD\DQ+]3H\JDPEHULÁLQEXQXJHUÁHNOHíWLUPHGHLOLPHðLWLPYHÐðUHWLPELUKD\DW
IHOVHIHVLROPXíWXU%XQDSDUDOHORODUDNRQXQÁDOÜíPDODUÜQGDYHVÐ]OHULQGHELOJLÐð
UHQPH ÐðUHWPH ÐðUHQFL YH ÐðUHWPHQH EÖ\ÖN ÐQHP YHULOGLðL JÐUÖOPHNWHGLU ñQVDQ
ODUÜQ NDUDQOÜNWDQ D\GÜQOÜðD ÁÜNPDVÜ LÁLQ EÖWÖQ LPN¼QODUÜ NXOODQPÜíWÜU $QFDN +]
3H\JDPEHUnLQ \DSWÜðÜ HðLWLP YH ÐðUHWLPL NHQGL GÐQHPLQLQ VRV\DO YH IL]LNÈ íDUWODUÜ
LKWL\DÁODUÜ YH PHWRWODUÜ ÁHUÁHYHVLQGH JHUÁHNOHíWLUGLðLQL XQXWPDPDN JHUHNLU 'ÐQH
PLQ íDUWODUÜQÜQ LPN¼QODUÜQÜQ YH ROXPVX]OXNODUÜQÜQ ÁRN ID]OD ROPDVÜQD UDðPHQ +]
3H\JDPEHUnLQHðLWLPYHÐðUHWLPNRQXVXQGDEXJÖQGDKLJHÁHUOLOLðLQLNRUX\DQHYUHQVHO
QLWHOLNWHNLX\JXODPDODUÜEL]LPLÁLQÁRNÐQHPOLGLU0RGHUQÁDðODUÜQLQVDQODUÜRODQJÖ
QÖPÖ]LQVDQODUÜQÜQRQXQHðLWLPYHÐðUHWLPVLVWHPLQGHQLVWLIDGHHGHFHðLÁRN\ÐQOHULQ
ROGXðXNDQDDWLQGH\LP
$QDKWDU.HOLPHOHU3H\JDPEHU+]0XKDPPHGñOLP2NXPD<D]Ü(ðLWLP
°ðUHWLP°ðUHWPHQ6XIIH0HVFLW

$EVWUDFW
$Q2ZHUYLHZRIWKH3HULRGRI(GXFDWLRQRIWKH3URSKHW
%HOLHYHLQ*RGDUHHTXLSSHGZLWKJRRGPRUDOYDOXHVWKDWDLPWREXLOGDYLUWXRXV
VRFLHW\+]3URSKHWIRUGRLQJVRVFLHQFHHGXFDWLRQDQGWUDLQLQJKDVEHHQDSKLORVRSK\
RIOLIH3DUDOOHOWRWKLVVD\LQJLWVVWXGLHVDQGLQIRUPDWLRQOHDUQLQJWHDFKLQJVWXGHQW
DQGWHDFKHUDUHJLYHQJUHDWLPSRUWDQFH8VHGDOOWKHSRVVLELOLWLHVIRUWKHHPHUJHQFHRI
SHRSOHIURPGDUNQHVVWROLJKW+RZHYHU+]7KHSHULRGRIKLVWUDLQLQJDQGWHDFKLQJ
RIWKH3URSKHWnVRZQVRFLDODQGSK\VLFDOFRQGLWLRQVFDUULHGRXWZLWKLQWKHIUDPHZRUN
RIWKHQHHGVDQGPHWKRGVPXVWQRWEHIRUJRWWHQ&RQGLWLRQVHGXFDWLRQDQGWUDLQLQJ

 'U °ðUHWPHQ 0(% $QNDUD 7HYILN ñOHUL $QDGROX ¨PDP +DWLS /LVHVL
\DVLQ\LOB#KRWPDLOFRP
Ŗ*<2';)#/$'4&©0'/ć'ýć6ć/ć0')'0'.$ć4$#-+Ĩ

RSSRUWXQLWLHVDQGDOWKRXJKDORWRIQHJDWLYLW\DERXWWKHXQLYHUVDOQDWXUHZKLFKDUH
YDOLGHYHQWRGD\LVYHU\LPSRUWDQWIRURXUDSSOLFDWLRQV7KHPRGHUQKXPDQVRIPRGHUQ
WLPHVSHRSOHZLOOEHQHILWIURPKLVHGXFDWLRQDQGWUDLQLQJV\VWHPWKDWPDQ\DVSHFWVRI
EORRG,EHOLHYHWKDWDVSHFWV
.H\ZRUGV3URSKHWWKH3URSKHW0XKDPPDG6FLHQFH5HDGLQJ:ULWLQJ(GX
FDWLRQ7UDLQLQJ7HDFKHUVXII0DVMLG

*LULú
(ðLWLPNLíLGHLVWHQLOHQ\ÐQGHNDOÜFÜGDYUDQÜíGHðLíLNOLðLPH\GDQDJHWLUHQ
ROJXGL\HWDQÜPODQPÜíWÜU(ðLWLPLQKDPPDGGHVLLQVDQGÜUñQVDQEXGÖQ\D\D
ÐðUHQHUHNPÖNHPPHOHXODíPDNLÁLQJÐQGHULOPLíELUYDUOÜNROXSGRðXPXQGDQ
ÐOÖPÖQHNDGDUGHYDPOÜHðLWLPOHLÁLÁHGLU$\QÜ]DPDQGDVRV\DOELUYDUOÜNRODQ
LQVDQVRV\DOELUÁHYUHLÁLQGH\DíDPDN]RUXQGDGÜUñQVDQÜQNHQGLVLQL\DíDGÜðÜ
ÁHYUHQLQHWNLVLQGHQNXUWDUPDVÜPÖPNÖQGHðLOGLU'ROD\ÜVÜ\ODLQVDQÁHYUHVLQ
GHQJHOHQHWNLOHUHNDUíÜWHSNLOHUJHOLíWLUHUHNGHYDPOÜJLULíLPOHUGHEXOXQXU\D
GDRQXQHWNLOHULQLNDEXOHGHU%XQXQVRQXFXQGDLQVDQÜQÁHYUHVLQGHNHQGLQL
NXíDWDQROJXODUODJHUHNDNWLIJHUHNVHSDVLIHWNLOHíPHVRQXFXQGD\HQLELOJLOHU
EHFHULOHUYHWDYÜUODUND]DQDUDNGDYUDQÜíODUÜQGDGHðLíPHOHUPH\GDQDJHOLU%X
GXUXPNLíLQLQKD\DWÜQÜQVRQXQDNDGDUGHYDPHGHUñQVDQÜ\DUDWDQ<ÖFH$OODK
KD\DWÜQÁHíLWOLVDIKDODUÜQGDRQDEHOOLVRUXPOXOXNODU\ÖNOH\HUHNNLíLQLQ<DUD
WDQÜQDYHGLðHUYDUOÜNODUDNDUíÜGDYUDQÜíODUÜQÜÐOÁPHNWHGLU%XQGDQGROD\ÜGD
KD\DWELULPWLKDQROPXíWXU0ÖON$OODKLQVDQODUÜQGRðUXGÖUÖVWYH¼GLO
ELUíHNLOGHKD\DWODUÜQÜGHYDPHWWLUPHOHULLÁLQGH\LQHLQVDQODUDUDVÜQGDÐðUHW
PHQOHUJÐUHYOHQGLUPLíNLEXQODUDSH\JDPEHUOHUGHQLU3H\JDPEHUOHUJÐQGH
ULOGLNOHUL WRSOXPODUGDNL LQVDQODUÜ ER]XOPXí XQXWXOPXí YH KDWWD ND\EROPXí
JÖ]HOVHFL\HOHULQLWHNUDULK\DHGHUHNRQODUÜHðLWPH\HÁDOÜíPÜíODUGÜU3H\JDP
EHUOHU7DULKLnQHEDNWÜðÜPÜ]]DPDQEXNRQX\XWH\LWHGHQÁRNVD\ÜGDÐUQHNOHUH
XODíDELOLUL]
+]0XKDPPHGVDYLQVDQÈGHðHUOHUGHQYHHðLWLPGHQWDPDPHQ\RNVXQ
ELUWRSOXPDPXDOOLPRODUDNJÐQGHULOPLíWLU¡ÖQNÖELUÐðUHWLFLRODUDNJÐQGH
ULOGLðLQLEL]]DWNHQGLVLíÐ\OHLIDGHHWPHNWHGLU³$OODKEHQLELUPXDOOLP|øUHW
PHQRODUDNJ|QGHUPLûEXOXQX\RU´ñEQL0¼FH0XNDGGLPH*HUÁHNWHQ
+]0XKDPPHGnLQVDYJÐQGHULOGLðLGÐQHPGHKHPLÁLQGHEXOXQGXðXWRSOXP
KHPGHEÖWÖQLQVDQOÜNLODKÈPHVDMGDQWDPDPHQX]DNODíPÜíYHLQVDQÈGHðHU
OHUGHQGHELUÁRðXQXND\EHWPLíWL2GÐQHPGHLQVDQOÜðÜQÖVWÖQHLQN¼UVDSÜNOÜN
YHDKODNVÜ]OÜNN¼EXVXÁÐNPÖíLQVDQOÜNGLQÈUXKÈVRV\DOYHVL\DVÈELUNDUDQOÜN
LÁHULVLQGH\GL.HQGLVLQLEÐ\OHELUWRSOXPLÁHULVLQGHEXODQ+]0XKDPPHGnLQ
VRV\DO\DSÜGDELUGHðLíLNOLNPH\GDQDJHWLUHELOPHVLLÁLQ\DSPDVÜJHUHNHQÐQ
 ;#5ć0;+./#<Ŗ

FHOLNOLLíGLQÈDKODNÈYHVRV\DOHðLWLPLWHPHOGHQHOHDOÜSLQVDQÈVWDQGDUWODUD
ÁÜNDUPDVÜ\GÜ<ÖFH$OODKEXVHEHSWHQROPDOÜGÜUNL+]0XKDPPHGnHVDY
WHEOLðGHQÐQFHRNXPDVÜQÜ\DQLHðLWLPLHPUHWPLíWLU$ODN'LðHU\DQ
GDQ.XUn¼QÜ.HULP+]0XKDPPHGnLQVDYLO¼KÈWHEOLðJÐUHYLQLQQHROGX
ðXQXDÁÜNODUNHQEXQXQELUÐðUHWLPLíLROGXðXQXEHOLUWPLíWLU%DNDUD
%XLIDGHOHUEL]H+]0XKDPPHGnLQVDYLO¼KÈ\ÐQOHQGLUPHOHUOHJÐUHYLQLQ
LQVDQOÜðÜKHPGÖQ\DKHPGHDKLUHWWHPXWOXOXðDXODíWÜUDFDNRODQ\HQLNÖOWÖU
YH PDQHYL GHðHUOHULQ WHEOLðL YH EX GHðHUOHULQ EHQLPVHWLOPHVLQGHNL UROÖQÖQ
HðLWLPFLOLNROGXðXQXEHOLUWPHNWHGLU

øVODP¶GD(÷LWLP
+]0XKDPPHGVDYnHSH\JDPEHUOLNYHULOPHGHQÐQFH$UDSODUÜQ\DíD
GÜðÜGÐQHPH³&DKLOL\HdDøÖ´GHQLOL\RUGX%XGÐQHPGHLQVDQÜHUGHPOLKDOH
JHWLUHFHNHðLWLPDGÜQDKLÁELUIDDOL\HWJÐUÖOPHPHNWHGLU¡ÖQNÖLQVDQODUVDGHFH
NHQGLÁÜNDUÜQÜGÖíÖQHQELUH\OHUROXSRQODUíHINDWPHUKDPHWHíLWOLNYHDGD
OHWWHQWDPDPHQX]DNWÜ%XQGDQGROD\ÜGDWRSOXPXQNÐNOÖRODUDNELUHðLWPH
RUJDQL]DV\RQXQDLKWL\DFÜYDUGÜ
+]0XKDPPHGVDYLÁLQGHGRðGXðXYH\DíDGÜðÜEXWRSOXPGDLQVDQÜQ
HUGHPOLROPDVÜLÁLQÐQFHGHQÐQHPYHULOPH\HQ\DGDELOLQPH\HQELUÁRNNH
OLPH\HDQODPNDWDUDNFDQOÜOÜNND]DQGÜUPÜíLQVDQYHHðLWLPNDYUDPODUÜHWUD
IÜQGDDQODPOÜYHWXWDUOÜELUVLVWHPROXíWXUPXíWXU%ÖWÖQSH\JDPEHUOHULQWHPHO
DOGÜðÜ HðLWLP LÁHULVLQGH LON HWDSWD GLNNDW ÁHNHQ RNXPD EX NHOLPH ñVODPnÜQ
LONHPULROPXíWXU\D]PDNDOHPN¼WLSPXDOOLPPHNWHSÐðUHWLPGX\XODU
NDOS LQDQÁ GDYUDQÜí YE NHOLPHOHULQ ÐQHP ND]DQGÜðÜ FDQOÜ YH \HS\HQL ELU
]LKQL\HW YH DQOD\Üí ROXíWXUPXíWXU 3DUODGÜU  ,9  %Ð\OHFH ñVO¼PÈ
ÐðUHWLPYH\DEDíNDELULIDGHLOHLQDQÁYHGDYUDQÜíODUÜQJHOLíWLULOPHVLÁDOÜíPD
VÜQGD EDíDUÜOÜ ROPXí \LUPL ÖÁ VHQHQLQ VRQXQGD ID]LOHWOL WHPHO LONHOHUL RODQ
\HS\HQL GHðHUOHUL EHQLPVH\HQ YH \DíD\DQ PHGHQÈ PLOOHWOHUH ÐUQHN RODQ ELU
WRSOXPGRðPXíWXU

$+]0XKDPPHG'|QHPLQGH(÷LWLP
+]0XKDPPHGnLQHðLWLPDQOD\ÜíÜQÜQÐ]ÖQGH³L\LOLøLHPUHWPHNYHN|W
ONWHQVDNÖQGÖUPDN´YDUGÜU%XQXJHUÁHNOHíWLULUNHQIHUGLQYHWRSOXPXQSVL
 ñVO¼PÈHðLWLPLQWHPHOLLQVDQODUDVHYJLYHKRíJÐUÖLOH\DNODíDQHUGHPOLELUH\OHU
YH WRSOXPODU PH\GDQD JHWLUPH\H GD\DQPDNWDGÜU  $PDFÜ LVH NHQGLVLQH YH
EDíNDODUÜQD ]DUDU YHUPH\HQ KHP GÖQ\DVÜ KHP GH DKLUHWLQL GÖíÖQHQ RQXQ LÁLQ
KD]ÜUODQDQLQVDQROXíWXUPDNWÜU%N]œOLñPUDQr7HYEH
/RNPDQ
Ŗ*<2';)#/$'4&©0'/ć'ýć6ć/ć0')'0'.$ć4$#-+Ĩ

NRORMLNYHVRV\DOGXUXPODUÜQÜJÐ]ÐQÖQGHEXOXQGXUDUDNWHGULFÈRODUDNKDUHNHW
HGLSDNÜOODUÜLNQDYHNDOSOHULWDWPLQ\ROXQXVHÁPLíWLU%XQGDQGROD\ÜSODQOÜYH
SURJUDPOÜHðLWLPKDPOHVLQL0HGLQHnGHEDíODWPÜíYH\DYDí\DYDíID]LOHWOLELU
WRSOXPXWHíHNNÖOHWWLUPLíWLU$QFDNEXUDGDHðLWLPKDPOHVLQL0HGLQHnGHEDí
ODWPÜíGHUNHQ0HNNHnGHHðLWLP\DSÜOPDPÜíDQODPÜÁÜNDUÜOPDPDVÜJHUHNWLðLQL
GHEHOLUWPHNJHUHNLU¡ÖQNÖ+]3H\JDPEHU0HNNHnGHGHHðLWLPÁDOÜíPDOD
UÜQGDEXOXQPXíIDNDW.XUH\ínLQNDUíÜÁÜNPDVÜQGDQGROD\ÜÁRNVÜQÜUOÜELUDODQ
GDNDOPÜíWÜU=DWHQKLFUHWLQVHEHSOHULQGHQELULGHEXÁDOÜíPDODUD0HNNHnQLQ
X\JXQROPDPDVÜGÜU
+LFUHWWHQ VRQUD VLVWHPOL YH RUJDQL]HOL ELU íHNLOGH HðLWLPH EDíOD\DQ +]
0XKDPPHGÐQFHOLNOHoGHInLíHUFHOELQHInDUDFLGLUp%HUNÈNXUDOÜQD
JÐUH0HGLQHnGHLNL\ÐQOÖÁDOÜíPD\DSPÜíWÜU
°QFHELUH\LYHVRV\DOKD\DWÜ\RNHGHQWRSOXPXWDPDPHQVDUPÜíRODQKHU
WÖUOÖ NÐWÖOÖNOHUL RUWDGDQ NDOGÜUPÜíWÜU =XOÖP UÖíYHW NLELU D\UÜPFÜOÜN LÁNL
NXPDUQHVHSOHÐYÖQPHYHDQDEDED\DLV\DQJLELNÐWÖ¼GHWOHULQLQVDQODUÜLNQD
HGHUHNWRSOXPKD\DWÜQGDQWHPL]OHQPHVLQLVDðODPÜíWÜU
.DOGÜUGÜðÜNÐWÖDGHWOHULQ\HULQLERíEÜUDNPD\DUDNLQVDQÜPDGGÈYHPD
QHYLRODUDN\ÖNVHOWHFHNYHÐ]OHPLQLGX\GXðXPXWOXOXðDXODíWÜUDFDN\HQLGH
ðHUOHU ND]DQGÜUPÜíWÜU ñÁLQGH GRðGXðX YH EÖ\ÖGÖðÖ WRSOXPGD SHN ROPD\DQ
GRðUXOXN HPDQHW DQDEDED\Ü ]L\DUHW VÜODÜ UDKLP NRPíX KDNNÜ ERUÁOX\X
UDKDWODWPDNIDNLUOLNWHQX]DNGXUPDN\XPXíDNKX\OXOXNKL]PHWÁL\HL\LPXD
PHOHGHEXOXQPDJLELWRSOXPXD\DNWDWXWDQEDUÜíYHKX]XULÁLQGH\DíDPDODUÜQÜ
VDðOD\DQJÖ]HODKODNÜQHVDVODUÜQÜRUWD\DNR\PXíWXU
+] 0XKDPPHG \DSWÜðÜ HðLWLP ÁDOÜíPDODUÜQGD ED]HQ NRQXíDUDN ED]HQ
\DíD\DUDNID]LOHWOLLQVDQÜQ\HWLíPHVLLÁLQKLÁELUIHGDN¼UOÜNWDQNDÁÜQPD\DUDN
KHU WÖUOÖ JD\UHWL JÐVWHUPLíWLU <DQL LQVDQ YH WRSOXPXQ PXWOXOXðX LÁLQ JH
UHNOLRODQJÖ]HODKODNDGÜQDNDOÜFÜQHYDUVD\DSPÜíWÜU0ÖVOÖPDQODUÖ]HULQGH
VÐ]OHUL\OHYH\DíD\ÜíÜ\ODEÖ\ÖNHWNL\DSDUDNVRQXQGDVDKDEHGHQLOHQJÖ]HO
YDVÜIODUODWHÁKL]HGLOPLíELUWRSOXPPH\GDQDJHWLUPLíWLU
+] 0XKDPPHGnLQ HðLWLP ÁDOÜíPDODUÜQGDQ JHQHO RODUDN ELOJL YHUGLNWHQ
VRQUDRQXQ0HNNHYH0HGLQHnGHNLHðLWLPÁDOÜíPDODUÜQÜGHðHUOHQGLUPH\HÁD
OÜíDOÜP

 %XQXQODLOJLOLRODUDNEDíWD%XK¼UÈYH0ÖVOLPEDíWDROPDNÖ]HUH.ÖWÖEL6LWWHnGH
ÁRNVD\ÜGDKDGLVEXOXQPDNWDGÜU%N]%XKDUÈoñOLPpoñOLPpo5HNDLN
p0ÖVOLPo.Ü\DPHWpo5LNDp7LUPL]Lo(GHSp
 ;#5ć0;+./#<Ŗ

0HNNH'|QHPLQGH(÷LWLP
%XGÐQHP0ÖVOÖPDQODUÜQLíNHQFHYHH]L\HWDOWÜQGDROGXðXSHND]NLP
VHQLQ+]0XKDPPHGnLQ\HQLÐðUHWLVLQHNDWÜOGÜðÜGHYLUGLU%XGÐQHPGHíDUW
ODUÜQWDPDPHQDOH\KLQHROPDVÜQDUDðPHQ+]3H\JDPEHULQHðLWLPÐðUHWLPGH
KLÁELU]DPDQÖPLWVL]OLðHGÖíPHGLðLJÐUÖOÖU¡ÖQNÖNHQGLVLQHJHOHQLOND\HWOH
ULQ³RNX´HPULLOHEDíODPDVÜYHEÖWÖQLOLPOHULQJHOLíPHVLQGHYHNRUXQPDVÜQGD
WHPHOXQVXURODQ³NDOHPLQ|YOPHVL´.DOHPJÐ]GHQNDÁPDPDNWDGÜU2
ELUKDGLVLQGH³$OODK¶ÖQLON\DUDWWÖøÖûH\NDOHPGLU´7LUPL]È7HIVLUL'XKDQ
EX\XUXU0HNNHnGHíDUWODUX\JXQROPDVDGDPHYFXWLPN¼QODULÁHULVLQGH
HðLWLP\DSÜOGÜðÜQDGHOLOLOPLQDUDíWÜUÜOPDVÜQÜHPUHGHQ\DGDEDíNDYHVLOHOHUOH
LOLPDODQÜQDJLUHQ¼\HWOHULQKHPHQKHPHQKHSVLQLQEXGÐQHPGHLQGLULOPLíRO
PDVÜGÜU+DPLGXOODK,,%Ð\OHFHñVO¼PnGDWHPHOROJXQXQHðLWLP
ROGXðXYHLQVDQODUÜQDQFDNHðLWLPÐðUHWLPOH$OODKnÜQLVWHGLðLHUGHPOLELUNXO
RODELOHFHNOHULEXQXQVRQXFXQGDGDDKHQNOLDGLOYHGÖ]HQOLELUWRSOXPXQROXí
WXUXODFDðÜRUWD\DÁÜNPDNWDGÜU
ñO¼KÈ ELU PHVDM JHWLUHQ ELU SH\JDPEHULQ íDUWODU QH ROXUVD ROVXQ ÐQFH
OLNOH LÁLQGH \DíDGÜðÜ EÖ\ÖGÖðÖ YH IDDOL\HW JÐVWHUGLðL WRSOXPX HðLWPHNWHQ
EDíND\DSDFDðÜELUJÐUHY\RNWX%XQGDQGROD\ÜELOGLðLQLYHNHQGLVLQHELOGL
ULOHQL ÐðUHWPHQLQ ÐQHPLQL ÁRN L\L ELOHQ +] 0XKDPPHG HðLWLPLQ ROPD]VD
ROPD] íDUWÜ RODQ LOPH GH EÖ\ÖN GHðHU YHUHUHN RQX WHíYLN HWPLíWLU 1LWHNLP
.XUn¼QnÜ.HULPGHEXNRQX\DÁRNVD\ÜGD¼\HWWHDÁÜNOÜNJHWLULOPLíWLU%DNDUD
7HYEH1DKO7¼K¼.DVDV=Ö
PHU0ÖFDGHOH$EHVHr$ODNr%HOLUOHGLðLVLVWHPOH
KDUHNHWHGHQ+]3H\JDPEHUKHUWÖUOÖLíNHQFHVÜNÜQWÜYHROXPVX]OXNODUDUDð
PHQ \DSWÜðÜ SODQ YH SURJUDPOD HðLWLP YH ÐðUHWLP JÐUHYLQH GHYDP HWPLíWLU
%XQXQ VRQXFXQGD GD EÖWÖQ NÜVÜWODPDODUD UDðPHQ DíDðÜGDNL IDDOL\HWOHUL JHU
ÁHNOHíWLUPHGHPXYDIIDNROGXðXQXJÐUPHNWH\L]
D+]3H\JDPEHULONYDK\LDOPDVÜ\ODLONGHIDPXDOOLPWDOHEHWHGULVWHQ
ÐðUHWHQÐðUHQHQÐðUHWLPLEDUHWWHPHOXQVXUODUODGLQÈDKODNÈYHGHðHUHðLWLP
YH ÐðUHWLPLQL EDíODWPÜíWÜU *ÐUHYH EDíODPDVÜ\OD GÐUW NLíLGHQ ROXíDQ LON Ðð
UHQFLOHUL(EXEHNLU+DWLFH$OLYH=H\GKHPHQRUWD\DÁÜNPÜíWÜU'DKDVRQUD
EXHðLWLPLÖÁ\ÜOJL]OLRODUDNJHUÁHNOHíWLULSÐðUHQFLOHULQLQVD\ÜVÜQÜDUWWÜUPD\D
ÁDOÜíPÜíWÜUñEQñVKDN,ñEQ+LíDPñEQ6DnG
,
E ñODKÈ ÁDðUÜ ÖÁ \ÜO JL]OL \DSÜOGÜNWDQ VRQUD DOHQL GDYHW HPULQL DOPDVÜ
Ö]HULQH +LFU  $OODKnÜQ \DNÜQ DNUDEDODUÜQÜ HðLWPH HPUL\OH GH ìXDU¼
HðLWLPLDÁÜNWDQ\DSPD\DEDíODGÜ%XQXQLÁLQGHÐQFHHYLQGHYHUGLðL
ELU ]L\DIHWOH LO¼KÈ ÐðUHWL\L \DNÜQ DNUDEDODUÜQDñEQ ñVKDN ,  GDKD VRQUD
Ŗ*<2';)#/$'4&©0'/ć'ýć6ć/ć0')'0'.$ć4$#-+Ĩ

6DID 7HSHVLQGH WRSODGÜðÜ 0HNNHOLOHUH ELOGLUPLíWLU ñEQ 6DnG  ,


F$ÁÜNWDQGDYHWLQEDíODPDVÜÖ]HULQH0HNNHOLOHURQDNDUíÜíLGGHWLDUWÜU
PD\D EDíODGÜODU %XQXQ Ö]HULQH +] 0XKDPPHG YH 0ÖVOÖPDQODU ³'kUX¶O
(UNkP¶GD´ NDODUDN GLQÈ ÐðUHWLPH EXUDGD GHYDP HWWLOHU %Ð\OHFH EX HY
0HNNHnGH LON HðLWLPÐðUHWLP \HUL ROPD Ð]HOOLðLQH VDKLS ROPXíWXU ¡ÖQNÖ
EXUDGDJHOHQYDKL\OHU\D]ÜOÜ\RURNXQX\RU+]3H\JDPEHUVDYWDUDIÜQGDQ
DÁÜNODQDUDN LON GLQÈ ELOJLOHU YH SUDWLNOHU ÐðUHWLOL\RUGX '¼UXnO(UNDPnGD \D
SÜODQ HðLWLPLQ HQ GLNNDW ÁHNLFL ÐUQHðL KLFUHWWHQ ÐQFH 0HGLQHn\H ÐðUHWPHQ
RODUDNJÐQGHULOHQ0XVnDEE8PH\UnLQEXUDGD\HWLíPLíROPDVÜGÜUñEQ+LíDP
ñEQ6DnG,
G'LðHU\DQGDQ0HNNHOLPÖíULNOHU0ÖVOÖPDQODUÜQ.¼EHnGHLEDGHWHWPH
OHULQHYH.XUn¼QRNXPDODUÜQDHQJHOROXQFDED]Ü0ÖVOÖPDQODUNHQGLHYOHULQGH
Ð]HOPHVFLWOHUDÁDUDNKHPLEDGHWHWPLíOHUKHPGHHðLWLPLGHYDPHWWLUPLíOHUGLU
%XQODUDUDVÜQGD+](EXEHNLUnLQNHQGLPHVFLGLQGHRNXGXðX.XUn¼QÜ.HULPL
.XUH\ínLQGLQOHGLðLULYD\HWHGLOPHNWHGLU+DPLGXOODK
H0ÖíULNOHULQíLGGHWLL\LFHDUWÜUPDODUÜÖ]HULQH]RUíDUWODULÁLQGHEXOXQDQ
0ÖVOÖPDQODUÜ UDKDWODWPDN LÁLQ +] 3H\JDPEHU ñVO¼PÈ ÐðUHWLP LÁLQ X\JXQ
RODQ \HUOHU DUDPD\D EDíODGÜ 6RQUD GD ED]Ü 0ÖVOÖPDQODUÜQ ñVO¼PÈ ÐðUHWLPL
UDKDWÁDX\JXOD\DELOHFHNOHULELU\HURODQ+DEHíLVWDQnDJLWPHOHULQHL]LQYHUGL
ñEQñVKDN,ñEQ6DnG,
I 3H\JDPEHUOLðLQ  \ÜOÜQGD +] 0XKDPPHG KDF PHYVLPLQGH
0HGLQHnGHQ JHOHQ ELU JXUXSOD $NDEHnGH JÐUÖíHUHN RQODUD ñVO¼PnÜ DQODWWÜ
2QODUGDEXQXNDEXOHGLSNHQGLOHULQHELUÐðUHWPHQJÐQGHULOPHVLQLLVWHGLOHU
+]3H\JDPEHUGHJHQÁROPDVÜQDUDðPHQÐðUHWPHQOLN\HWHQHðLQHJÖYHQGLðL
0XVn¼EE8PH\UnLJÐQGHUGLñEQ6DnG,

0HGLQH'|QHPLQGH(÷LWLP
+] 3H\JDPEHU VLVWHPOL SODQOÜ YH SURJUDPOÜ HðLWLP IDDOL\HWLQH RUWDPÜQ
PÖVDLWROPDVÜQGDQGROD\Ü0HGLQHnGHEDíODPÜíWÜU%XGRðUXOWXGDID]LOHWOLWRS
OXPROXíWXUPDNLÁLQHðLWLPIDDOL\HWLQHWHPHOGHQEDíODPÜíWÜU%XQXQLÁLQÐQFH
OLNOHHðLWLPYHULOHELOHFHN\HUOHU\DSPD\DEDíODGÜ%XQXQVRPXWÐUQHðLGHKH
QÖ]KLFUHWHGHUNHQ\ROÖ]HULQGH.XEDGHQLOHQ\HUGHELUPHVFLWLQíDHGLOPHVL
GLU0HGLQHn\HKLFUHWL\OHHðLWLPÁDOÜíPDODUÜQKÜ]ODQGÜUDQ+]0XKDPPHGnLQ
LQVDQODUÜQROJXQODíPDVÜYHHUGHPOLWRSOXPXQROXíPDVÜLÁLQ\DSWÜðÜIDDOL\HWOHUL
íÐ\OHVÜUDOD\DELOLUL]
 ;#5ć0;+./#<Ŗ

D ñON RODUDN LQí¼ HWWLUGLðL .XEDnGDNL PHVFLW LEDGHW HðLWLPÐðUHWLP YH
GLQÈD\GÜQODQPDLÁLQNXOODQÜOPÜíWÜUñEQ.HVLU,,,
E+]0XKDPPHG0HGLQHn\HKLFUHWLQLQLON\ÜOÜLÁHULVLQGH0ÖVOÖPDQODUÜ
ELU DUDGD WXWPDN LEDGHWOHUL Ð]HOOLNOH GH QDPD]ÜQ WRSOXFD NÜOÜQPDVÜQÜ VDðOD
PDNUHVPÈNDEXOOHULYHHðLWLPÁDOÜíPDODUÜQÜJHUÁHNOHíWLUPHNLÁLQÁRNDPDÁOÜ
NHQGLDGÜ\ODDQÜODQ0HVFLGL1HELPHVFLGLLQí¼HWWLUPLíWLUñEQ6DnG,
+DPLGXOODK  ,,  +] 3H\JDPEHULQ YHUGLðL GHðHUOHU HðLWLPL\OH HU
GHPOL YH JÖ]HO DKODNOD WHÁKL] HGLOPLí WRSOXPX ROXíWXUPDVÜQGD EX PHVFLGLQ
NDWNÜVÜEÖ\ÖNROPXíWXUñOHWLíLPLQYHXODíÜPÜQÁRNNÜVÜWOÜEHONLGHKLÁROPDGÜðÜ
ELUGÐQHPGH0ÖVOÖPDQODUÜEXUDGDWRSOD\DUDNñVO¼PÈÐðUHWL\LWHEOLðHGL\RUGX
2QXQEXÐðUHWLVLQLDODQNLíLOHUGH$OODKnDYHUHVXOÖQHO¼\ÜNWRSOXPDID\GDOÜ
ELUIHUWROPD\DÁDOÜíÜ\RUODUGÜ+LFUHWWHQÐQFHD\QÜÜUNWDQROPDODUÜQDUDðPHQ
ELUELUOHULQHGÖíPDQRODQ(YVYH+D]UHÁNDELOHOHULQLYHUGLðLHðLWLPOHD\QÜLGH
DOHWUDIÜQGDELUOHíWLUPHVLEXQXQDÁÜNELUGHOLOLGLU
F+]3H\JDPEHU0HGLQHnGHRNXPD\D]PDQÜQ\D\JÜQODíPDVÜLÁLQPHí
UXYHX\JXQKHUWÖUOÖIÜUVDWÜGDGHðHUOHQGLUPH\HÁDOÜíÜ\RUGX°UQHðLQ%HGLU
6DYDíÜQGD0HNNHOLHVLUOHULQRNXPD\D]PDELOHQOHULQHHVDUHWWHQNXUWXOPDODUÜ
LÁLQRQ0ÖVOÖPDQÁRFXðDRNXPD\D]PDÐðUHWPHOHULQLíDUWNRíPXíWXUñEQ
+LíDP$\UÜFDRNXPD\D]PDQÜQ\D\JÜQODíPDVÜLÁLQ0HGLQHnGHRNXPD
\D]PDÐðUHWLOHQGDKDVRQUDNLGÐQHPOHUGHNÖWW¼EDGÜQGDPHNWHSOHUNXUXOPXí
WXU+DPLGXOODK,,
G0HGLQHnGH\DSÜODQHðLWLPL\LFH\D\JÜQODíÜSHðLWLPDODQODUÜQVD\ÜVÜDU
WÜQFDDUWÜN6XIIHLKWL\DFÜNDUíÜOD\DPD]GXUXPDJHOPLíWL%XQXQÖ]HULQHñVO¼P
3H\JDPEHULED]ÜPDKDOOHOHUGHG¼UXnONXUU¼DGÜQGDHðLWLPNXUXPODUÜDÁPÜíWÜU
ñEQ6DnG,+DPLGXOODK,,

+]3H\JDPEHU'|QHPLQGH(÷LWLPYHg÷UHWLP<HUOHUL

D0HVFLWFDPL
ñVO¼P NÖOWÖU YH PHGHQL\HWLQLQ JHOLíPHVL YH \D\ÜOPDVÜQGD DNWLI URO R\
QD\DQ PHVFLWOHULQ HðLWLPÐðUHWLPLQ JHOLíPHVLQH GH EÖ\ÖN NDWNÜVÜ ROPXíWXU
0HVFLWOHULQEXIRQNVL\RQX+]3H\JDPEHULQo0HVFLGÖnQ1HELn\LpñEQ6DnG
,,ñEQ.HVLU,,,%H\KDNÈK,,+DPLGXOODK
,,LQíDHWPHVL\OHEDíODPÜíWÜU%XQGDQGROD\ÜñVO¼PnÜQLONGÐQHP
OHULQGHPHVFLWOHUÁRNDPDÁOÜRODUDNLQíDHGLOHUHNLEDGHW\HULHðLWLPPHN¼QÜ
PDKNHPH RUGXJ¼K \DEDQFÜ HOÁLOHULQ NDEXO \HUL GDQÜíPD PDKDOOL JLEL KL]
PHWOHULÁLQNXOODQÜOÜ\RUGX%XQXQODLOJLOLRODUDNJHQÁVDKDEÈOHUGHQELULVLRODQ
Ŗ*<2';)#/$'4&©0'/ć'ýć6ć/ć0')'0'.$ć4$#-+Ĩ

$EGXOODK LEQ $PU íÐ\OH QDNOHWPHNWHGLU o%LU JÖQ +] 3H\JDPEHU PHVFLGH
JLUGLðLQGHEXUDGDLNLD\UÜJXUXSJÐUGÖ%XQODUGDQELUJXUXSQDILOHQDPD]NÜ
OÜ\RUGLðHUJXUXSLVHHðLWLPÐðUHWLPOHPHíJXOROX\RUODUGÜ<DQODUÜQGDGXUD
UDNRQODUDíÐ\OHGHGL+HULNLJXUXSGDL\LíH\OHUOHPHíJXOROX\RUODUDQFDN
$OODKnWDQELUíH\LVWH\HQOHUHRíH\LYHULSYHUPHPHNWDPDPHQ2nQDDLWWLU)D
NDWGLðHUJXUXSLOLPÐðUHQHUHNFHKDOHWLNRYX\RUODU%HQLVH$OODKWDUDIÜQGDQ
ELUPXDOOLPRODUDNJÐQGHULOGLPpñEQ0¼FH0XNDGGLPH

E6XIIH
+]3H\JDPEHUnLQ0HGLQHn\HKLFUHWLQGHQVRQUDLQíDHWWLUGLðL0HVFLGÖnQ
1HELÁRNDPDÁOÜRODUDNÖÁD\UÜEÐOÖPGHQPH\GDQDJHOL\RUGX
Ü1DPD]LÁLQJHQLíELUERíOXNKDULP
ÜÜ+]0XKDPPHGnLQHíOHULLÁLQRGDODUKÖFUHOHU
ÜÜÜ6XIIHGHQLOHQYHHðLWLPÐðUHWLPLÁLQD\UÜELUPHNDQ
6XIIHPHVFLGLQNX]H\GXYDUÜQÜQLÁHEDNDQÖVWÖKXUPD\DSUDNODUÜLOHÐU
WÖOÖ]HPLQGHQELUD]\ÖNVHNÁHRODQYHHðLWLPÐðUHWLPLQ\DSÜOGÜðÜ\HUGLU+]
3H\JDPEHUEXUDGDGHUVOHUYHUPLíYHKHQÖ]RNXPD\D]PDVHYL\HVLQGHRODQODU
LÁLQÐðUHWPHQOHUJÐUHYOHQGLUPLíWLU+DWWDEXRNXOGD8EDGHE6¼PLW.XUn¼Q
$EGXOODK LEQ 6DLG ñEQ $V GD RNXPD\D]PD X]PDQÜ ROPDVÜQGDQ GROD\Ü +]
3H\JDPEHU WDUDIÜQGDQ ³+LNPHW gøUHWPHQL´ RODUDN JÐUHYOHQGLULOPLíWLU ñEQ
$EGLnO%HUUK,+]3H\JDPEHURNXPD\D]PD\DEÖ\ÖNÐQHP
YHUPHVLQGHQGROD\Ü%HGLUHVLUOHULQL6XIIHnGHLVWLKGDPHGHUHNKHUELULQLQRQ
0HGLQHOL ÁRFXðD RNXPD\D]PD ÐðUHWPHVLQL VDðODPÜíWÜU +DPLGXOODK 
,,
6XIIHnQLQÐðUHQFLVD\ÜVÜrDUDVÜROGXðXWDKPLQHGLOPHNWHGLU$QFDN
EXQODU6XIIHnGHGHYDPOÜNDODQODULGLOH\OÈ¡ÖQNÖ0HGLQHnGH\DWÜSNDONDFDN
\HULROPD\DQODUEXUDGDNDOÜ\RUGXYHñVO¼PnÜQWHPHOHVDVODUÜQÜÐðUHQL\RUODUGÜ
%XQODUÜQGÜíÜQGD6XIIHnQLQVD\ÜVÜ0HGLQHnGHHYOHULQGHNDODQODUODEHUDEHUJÖQ
GÖ]OHULQHKDUÈED]HQnÖEXOX\RUGX
6XIIHGDKDVRQUDODUÜñVO¼PnÜWHEOLðLÁLQJÐQGHULOHQÐðUHWPHQOHULQ\HWLíWL
ðL\HUROPXíWXU6XIIHnQLQPDVUDIODUÜ0HGLQHOL]HQJLQOHUWDUDIÜQGDQNDUíÜODQÜU
 +DPLGXOODK 6XIIHnGH HðLWLP JÐUHQOHULQ VD\ÜVÜQÜQ JHFHOHUL HYOHULQGH NDOÜS
JÖQGÖ]OHUL HðLWLP LÁLQ GHYDP HGHQOHUOH EHUDEHU  NDGDU \ÖNVHOGLðLQL
EHOLUWPHNWHGLU%XJÐUÖíWHPDNXOJHOPHNWHGLU¡ÖQNÖ0HGLQHOLOHUGHÁRFXNODUÜQÜQ
+] 3H\JDPEHUnLQ VDY WHUEL\HVLQGH \HWLíPHVLQL DU]X HGHELOLUOHU %X DÁÜGDQ
6XIIHnGH HðLWLP JÐUHQOHULQ VD\ÜVÜQÜQ  EHONL GH GDKD ID]OD RODELOHFHðL JD\HW
GRðDOGÜU%N]+DPLGXOODK,,
 ;#5ć0;+./#<Ŗ

GÜ°UQHðLQELUGHIDVÜQGD7HPLPNDELOHVLQGHQNLíLEXUDGDNDOPÜíYH6DnG
E8EDGHKHUJÖQEXQODUÜQ\L\HFHNYHLÁHFHðLQLYHUPLíWLUñEQ6DnGK,
ñEQ+DFHUK,,,

F'kUX¶O.XUUk
6XIIHnQLQ HðLWLPÐðUHWLP LÁLQ \HWHUVL] NDOPDVÜ Ö]HULQH +] 3H\JDP
EHUED]ÜPDKDOOHOHUGH'¼UXnO.XUU¼LONRNXO\DKXWKD]ÜUOÜNRNXOXVHYL\HVLQ
GHELURNXODÁPÜíWÜU%XQXQLONÐUQHðLGHKLFUHWLQLNLQFL\ÜOÜQGD0HNUHPHE
1HYIHOnLQ HYLQGHNL '¼UXnO.XUU¼nGÜU $\UÜFD .XED PHVFLGLQGH GH EÐ\OH ELU
RNXOXQYDUOÜðÜULYD\HWHGLOPHNWHGLU¡ÖQNÖ+]3H\JDPEHUVÜNVÜNEXUD\DJH
OHUHNHðLWLPÐðUHWLPHQH]DUHWHGHUGL0HNUHPHE1HYIHOnLQHYLQGHEXOXQDQ
'¼UXnO.XUU¼nGD.XUn¼QÐðUHWLPL\DSÜOÜUGÜ%HGLUVDYDíÜQGDQVRQUD0HGLQHn\H
JHOHQ$EGXOODKñEQ0HNWXPEXUDGDPLVDILUROPXíWXñEQ$EGLnO%HUU,

G.WWkE
%D]ÜND\QDNODU+]3H\JDPEHUGHYULQGHELOKDVVDÁRFXNODUDRNXPD\D]
PDÐðUHWLOHQNÖWW¼EODUÜQDÁÜOGÜðÜQGDQKDEHUYHUPHNWHGLU¡HOHEL
.ÖWW¼EODUGD JÐUHY \DSDQ ÐðUHWPHQOHULQ ÁRðXQOXðXQXQ JD\ULPÖVOLP ROGXðX
LÁLQ EX NXUXPODUGD VDGHFH RNXPD\D]PD HðLWLPL YHULOGLðL NXYYHWOL ELU LKWL
PDOGLU)D]OXUUDKPDQ

g÷UHWPHQg÷UHQFL0XDOOLP7DOHEH'XUXPX

Dg÷UHWPHQ
(ðLWLPÐðUHWLPLQ WHPHO GLUHðL ÐðUHWPHQGLU %LU X]PDQOÜN PHVOHðL RODQ
ÐðUHWPHQOLN  KDPPDGGHVLQLQ LQVDQ ROPDVÜQGDQ GROD\Ü GLðHU PHVOHNOHUGHQ
GDKD EÖ\ÖN ÐQHP DU] HWPHNWHGLU °ðUHWPHQLQ LON JÐUHYL KDPPDGGHVL RODQ
LQVDQDELOJLDNÜíÜQÜVDðOD\ÜSRQXPDGGLYHPDQHYÈ\ÐQGHQWHUEL\HHGHUHNLV
WHQLOHQ íHNOH JHWLUPHVLGLU °ðUHWPHQLQ \DSWÜðÜ ELUH\VHO DQODPGD ÐðUHQFLQLQ
HUGHPOL ELU IHUW RODUDN JHOHFHðLQL NXUPD VRV\RORMLN DQODPGD LVH JHOHFHðLQ
HUGHPOLWRSOXPXQXROXíWXUPDIDDOL\HWLGLU%XQGDQGROD\ÜGDñVODPWRSOXPOD
UÜQGDÐðUHWPHQLQNRQXPXIDUNOÜROPXíYHKHUGÐQHPGHLWLEDUJÐUPÖíWÖU
.XUn¼QnÜQ LIDGHOHULQH JÐUH LQVDQ EX GÖQ\D\D ÐðUHQHUHN PÖNHPPHOH
XODíPDNLÁLQJÐQGHULOPLíWLU%DNDUD5DKPDQ$ODN
¡ÖQNÖLQVDQGRðXíWDQED]ÜELOJLYHWHNQLNOHUHVDKLSROPDNWDQ]L\DGHSRWDQ
VL\HOELUÐðUHQPHYHLIDGH\HWHQHðLLOHGÖQ\D\DJHOPLíWLU%XQGDQGROD\ÜLQ
VDQÜQ <DUDWÜFÜVÜ YH 7HUEL\H HGLFLVL RQX EDíÜERí EÜUDNPDPÜíWÜU %D]Ü ELOJLOHU
Ŗ*<2';)#/$'4&©0'/ć'ýć6ć/ć0')'0'.$ć4$#-+Ĩ

ND]DQPDVÜYHEHFHULOHUHOGHHWPHVLLÁLQSH\JDPEHUOHUJÐQGHUPLíWLU3H\JDP
EHUOHULQVDQODUÜKHPPDGGÈKHPGHPDQHYÈDODQGDHðLWPHNLÁLQJÐQGHULOPLí
YH LQVDQOÜðD ÐUQHN ROPXíODUGÜU .XUn¼QnÜQ EX NRQXGDNL LIDGHVL LVH íÐ\OHGLU
³3H\JDPEHUOHUVL]LQLoLQHQJ]HO|UQHNWLU´$K]¼E
+]0XKDPPHGGH$OODKnÜQNHQGLVLQLJÖ]HODKODNÜQJHUHðLQL\DSPDNYH
LQVDQÈGHðHUOHULÐðUHWPHNLÁLQELUPXDOOLPRODUDNJÐQGHUGLðLQLEHOLUWPHNWH
GLUñEQ0¼FH0XNDGGLPH*ÐUHYLQLQÐðUHWPHQOLNROGXðXQXEHOLUWHQ+]
0XKDPPHGnLQEX\ROGDNLEDíDUÜVÜQGDLO¼KÈÐðUHWLPLQ\DQÜVÜUDJHQHWLNXQ
VXUODUÜQUROÖQÖGHKHVDEDNDWPDNJHUHNLU¡ÖQNÖRNXPD\D]PDELOHQOHULQÁRN
D]ROGXðXELUWRSOXPGDEÖ\ÖPÖíYHRNXPD\D]PDÐðUHQPH\HLPN¼QEXOD
PDPÜíWÜU)DNDWSH\JDPEHUOLNWHQÐQFHNLKD\DWÜQÜQGRðUXYHJÖYHQLOLUNLíLOLðH
VDKLSROPDVÜRQXNXYYHWOLELUVH]JLYHDKODNÈíXXUODLÁLQGH\DíDGÜðÜWRSOXPXQ
NÐWÖILLOOHULQGHQNRUXPXíWXU%XQDJÐUHÐðUHWPHQOLNPHVOHðLQGH\DUDWÜOÜíWDQ
ELU\ÐQHOLíLQGHUROÖQÖQROGXðXRUWD\DÁÜNPDNWDGÜU
+] 0XKDPPHG NHQGLVLQLQ ÐðUHWPHQ ROGXðXQX EHOLUWWLNWHQ VRQUD \DU
GÜPFÜÐðUHWPHQOHUDWDPÜíYH¼OLPOHULSH\JDPEHUOHULQY¼ULVOHULNDEXOHGHUHN
%XKDUÈñOLPELOHQOHULQELOPH\HQOHUHÐðUHWPHVRUXPOXOXðXQXELUSUHQVLS
RODUDNRUWD\DNR\PXíWXU%XKDUÈñOLP%XQDJÐUHGRQDQÜPOÜ\DQLPXKD
WDSODUDID\GDOÜRODFDN³ELOJLYHNOWUELULNLPLQHVDKLS´ROPDNÐðUHWPHQGH
DUDQDQ Ð]HOOLNOHULQ EDíÜQGD JHOPHNWHGLU %XQXQ \DQÜQGD ÐðUHWPHQGH ELOJL
GHQEDíNDNDELOL\HWOHULRUWD\DÁÜNDUÜFÜYH\ÐQOHQGLULFLYDVÜIODUGDDUDQPÜíWÜU
¡ÖQNÖ+]3H\JDPEHUÁRNVHÁNLQVDKDEHOHUYDUNHQ$NDEHELDWOHULQGHQVRQUD
0HGLQHn\HÐðUHWPHQOLN\HWHQHðLQHJÖYHQGLðL0XV¼EE8PH\UnLJÐQGHUPLí
YHRGDíDUWODUÜQÁRN]RUROPDVÜQDUDðPHQJÐUHYLQLEDíDUÜ\OD\DSPÜíWÜU
+]3H\JDPEHUGÐQHPLQGHÐðUHWPHQOHUOHLOJLOLGLðHUELUNRQXGDRQODUÜQ
ÖFUHWDOÜSDOPDPDKXVXVODUÜGÜU(OGHNLPHYFXWND\QDNODUDJÐUHEXGÐQHPGH
GLQHðLWLPLYHUHQÐðUHWPHQOHUHÖFUHWYHULOPHGLðLDQODíÜOPDNWDGÜU+DWWD+]
3H\JDPEHU ÐðUHWPHQLQ KHGL\H DOPDVÜQÜ GDKL NDEXO HWPL\RUGX °UQHðLQ ELU
JÖQELUÐðUHQFL8E¼GHE6¼PLWpHELURN\D\ÜKHGL\HHWPLíWL%XQXÐðUHQHQ
+]3H\JDPEHUnLQ8E¼GHE6¼PLWnHWHSNLVLVHUWROPXíWXUñEQ0¼FH7LFDUHW
)DNDW+]3H\JDPEHUGÐQHPLQGHELUWDNÜPWDUWÜíPDODUGDQVRQUDÖFUHWDOÜQD
ELOHFHðLQHGDLUED]ÜÐUQHNOHUJÐVWHULOPLíWLU+DPLGXOODK,,

Eg÷UHQFL
+HU ÐðUHWLP VLVWHPL WHPHOGH ELU LQVDQ DQOD\ÜíÜQD GD\DQÜU °ðUHWLPLQ
DPDFÜLQVDQÜVDGHFHWDELDWELOJLVLQHVDKLSNÜOPDNGHðLOPÖPNÖQROGXðXND
GDURQXQGDYUDQÜíODUÜQÜROXPOX\ÐQGHJHOLíWLUPHN\HWHQHNOHULQLHQL\LíHNLOGH
 ;#5ć0;+./#<Ŗ

RUWD\D NR\PDVÜQD \DUGÜPFÜ ROPDN VXUHWL\OH ÁHYUHVLQH LQWLEDNÜQÜ VDðOD\DUDN

HUGHPOLELUIHUWROPDVÜQÜVDðODPDNWÜU
ñQVDQELOJLVL]RODUDNGÖQ\D\DJHOGLðLQGHQHðLWLPHíLGGHWOHPXKWDÁRODQ
ELUYDUOÜNWÜU(ðHULQVDQL\LELUHðLWLPHYHNRQWUROHW¼ELWXWXOPD]VDJHQHOOLNOH
EHQFLOOLðLÐQSODQDÁÜNDU.XUn¼QnÜQLIDGHOHULQHJÐUHDíDðÜYHLONHODU]XODUÜQÜQ
HVLUL0HU\HP+DF0XKDPPHGRODQLQVDQELUDQODPGD
KD\YDQD EHQ]HPHNWH YH KDWWD ÁRN GHID EX VHYL\HQLQ DOWÜQD GD GÖíPHNWHGLU
)XUNDQ0XKDPPHG%XKDOLRQXQLGUDNLQLER]PDNWDGRðUXGÖ
íÖQÖSJHUÁHðLJÐUPHVLQHROD\ODUGDQLEUHWDOPDVÜQDHQJHOROPDNWDGÜUñEUD
KLPñVU¼(QEL\¼1HPO5ÕP&¼VL\H
YGñQVDQGÖQ\DKD\DWÜQÜQR\XQHðOHQFHNRQIRUPDOYHPDNDPÜQDNHQGLQL
NDSWÜUPDNWDGÜU ñEUDKLP  1DKO  0HU\HP  &¼VL\H 
$KN¼I+DGÈG$O¼YG%HQFLOLVWHNOHULQLQDUWPDVÜ\ODWRS
OXPGDYHíDKVÜQGDELUWDNÜP]DUDUOÜVRQXÁODUJÐUÖOPHNWHGLU2LQVDQLQDWNLELU
EDíNDODUÜQÜQKDNNÜQGDWHFDYÖ]YHER]JXQFXOXNJLELNÐWÖKDVOHWOHULÁLQHGÖí
PHNWHGLU1LV¼)XUN¼QìXDU¼)HFUr
.XUn¼QÜ.HULPLQVDQLÁLQEXQODUÜQNÐWÖROGXðXQXEHOLUWWLNWHQVRQUDNL
íLQLQQDVÜOROPDVÜJHUHNWLðLQLELOGLUPHNWHGLU%Ð\OHFH.XUn¼QnDJÐUHWDDOOÖPOH
ÐðUHQHUHNPÖNHPPHOHXODíPDNLÁLQEÖWÖQLQVDQODULOPHWDOLSWLUÐðUHQPH\H
PXKWDÁWÜU¡ÖQNÖLQVDQHðLWLPVL]EÜUDNÜOGÜðÜQGDEDíWDLQVDQROPDNÖ]HUHGL
ðHUYDUOÜNODUÜQNÜ\PHWLQLLGUDNWHQPDKUXPRODELOL\RU2QXQÐðUHQPH\HL\L\H
JÖ]HOHYHPXWOXOXðDXODíPDVÜLÁLQíLGGHWOHLKWL\DFÜYDUGÜUñQVDQHðHUÐðUH
WLPGHQX]DNNDOÜUVDNHQGLLODKOÜðÜQÜLO¼QHWPHNWHYHPDGGÈXQVXUODUÜQKHUíH\L
\DSDELOHFHðLQL ]DQQHWPHNWHGLU <XQXV  0ÖnPLQÕQ  $QNHEÕW
r0ÖnPLQ+]3H\JDPEHULQVDQODUÜQEXKXVXVL\HWOHULQLJD\HW
L\LELOGLðLLÁLQHðLWLPLQLQWHPHOLQLEXQDJÐUHíHNLOOHQGLUPLíWLU
ñVO¼PnÜQRUWD\DÁÜNÜíÜ\ODEXÁDðUÜ\DFHYDSYHUHQKHUNHV.XUn¼QnÜQLIDGH
VL\OHÐðUHQFLSH\JDPEHUGHPXDOOLPNRQXPXQGD\GÜ+]0XKDPPHGEXDQ
OD\ÜíLÁHULVLQGH\DSWÜðÜJHQLíÁDSOÜELUHðLWLPLOHLQVDQODUGDNLNÐWÖKX\NDUDN
WHUYHGDYUDQÜíODUÜNDOGÜUÜS\HULQHJÖ]HOOHULQLNR\PD\DÁDOÜíPÜíWÜU%XGRðUXO
WXGD+]3H\JDPEHU0HNNHnGHLON\ÜOODUGD0ÖVOÖPDQRODQODUDSHGDJRMLNYH
SVLNRORMLNHðLWLPL(UN¼PnÜQHYLQGHYHUPLíWL°ðUHQFLVD\ÜVÜQÜQÁRND]ROGXðX
EXHYGHHðLWLPPHUNH]LQGHGHUVDODQODUÜQ\HWLíNLQOHUROGXðXELOLQPHNWHGLU
ñEQ$EGLnO%HUU,
0HGLQH GÐQHPLQGH HðLWLPÐðUHWLP ÁDOÜíPDODUÜQÜQ RUWDPÜQ GD PÖVDLW
ROPDVÜQGDQ GROD\Ü SODQOÜ YH SURJUDPOÜ \DSÜOGÜðÜQÜ EHOLUWPLíWLN ¡ÖQNÖ LQíD
HGLOHQPHVFLWVXIIHG¼UXnONXUU¼YHNÖWW¼EODUGDÐ]HOOLNOHÁRFXNÐðUHQFLOHULQ
HðLWLPÐðUHWLPJÐUGÖNOHULULYD\HWHGLOPHNWHGLU$QFDN6XIIHnQLQnHNDGDU
Ŗ*<2';)#/$'4&©0'/ć'ýć6ć/ć0')'0'.$ć4$#-+Ĩ

XODíDQ ÐðUHQFLOHUL DUDVÜQGD EÖ\ÖNOHUGH GH EXOXQPDNWD\GÜ ¡ÖQNÖ +] 0X

KDPPHG0HGLQHGÐQHPLQGHKHU\DíYHJXUXSWDNLÐðUHQFLOHUHD\UÜSURJUDPODU
\DSDUDN\HWLíPHOHULQLVDðODPDNWD\GÜñEQVDnG,,

F.DGÕQODUÕQ(÷LWLPL
ñVO¼PÈÁDðUÜQÜQLONGÐQHPLQGHNLHðLWLPÐðUHWLPGHQEDKVHGHUNHQNDGÜQ
ODUÜQ HðLWLPLQGHQ EDKVHWPHGHQ JHÁPHN ELU HNVLNOLNWLU ¡ÖQNÖ $OODK 5HVXOÖ
VDGHFHHUNHNOHULQGHðLONDGÜQODUÜQGDWHPHOHðLWLPHW¼ELWXWXOPDVÜQÜQJHUHðLQL
JHQHOELUSUHQVLSRODUDNNDEXOHWPLíWLU+]3H\JDPEHUELUNLíLQLQVDKLSROGX
ðX FDUL\HVLQH GDKL L\L ELU WDKVLO YHUPHVLQL HPUHWPHNWHGLU %XKDUÈ ñOLP 
+DWWDEXÁDOÜíPDVÜQÜYHGÖíÖQFHVLQLíXVÐ]Ö\OHYXUJXODPÜíWÜU³ùOLP|øUHQPHN
KHU0VOPDQNDGÖQYHHUNHøHIDU]GÖU´ñEQ0¼FH0XNDGGLPH
+]3H\JDPEHUGÐQHPLQGH\XNDUÜGDVÐ]HGLOHQHðLWLPNXUXPODUÜQGDND
GÜQÐðUHQFLOHULQROXSROPDGÜðÜQÜELOPHPHNWH\L]$QFDN%XK¼UÈnQLQELOGLUGLðL
QHJÐUHNDGÜQODUÜQPÖUDFDDWÜÖ]HULQH+]3H\JDPEHUnLQKDIWDQÜQELUJÖQÖQÖ
RQODUDD\ÜUGÜðÜYHRJÖQGHNDGÜQODUÜQVRUXODUÜQDFHYDSYHUGLðLQDNOHGLOPHN
WHGLU %XKDUÈ ñOLP  $\UÜFD +] 3H\JDPEHUnLQ NDGÜQODUD GHUV YHUGLðL YH
VRUXODUÜQÜFHYDSODQGÜUGÜðÜQÜELOGLUHQULYD\HWOHUGHPHYFXWWXU%XKDUÈñOLP
+]$LíH(QV¼UNDGÜQODUÜQÜQHðLWLPÐðUHWLPDOPDGDUDKDWGDYUDQDUDNNHQGL
OHULQH XWDQPDODUÜQÜQ HQJHO ROPDGÜðÜQÜ KD\UDQOÜNOD LIDGH HWPHNWHGLU %XKDUÈ
ñOLP
.DGÜQODUÜQHðLWLPLQGH+]3H\JDPEHUnLQKDQÜPODUÜQÜQGDDNWLIJÐUHYDO
GÜNODUÜQÜJÐUPHNWH\L]0HVHOD+DIVDRNXPD\D]PDELOGLðLQGHQRQD\DUGÜPFÜ
ROPDNWD\GÜ %N] %XKDUÈ oñOLP p o1LN¼K p o0HJD]L p )H]DLOÖnO
.XUnDQpñEQ6DnG9,,,r+]$LíHNDGÜQODUÜQPÖUDFDDWHWWLNOHULÐð
UHWPHQOHULLGL+]3H\JDPEHUnLQDLOHKD\DWÜNDGÜQHUNHNLOLíNLOHULYHNDGÜQ
KDOOHUL LOH LOJLOL VÐ]OHULQL RQGDQ ÐðUHQL\RUODUGÜ +DWWD $LíH KXNXN DODQÜQGD
\ÖNVHN ELU ELOJL\H VDKLS ROGXðXQGDQ KDOLIHOHU GÐQHPLQGH ELOJLQ HUNHN KX
NXNÁXODUWDUDIÜQGDQELOJLVLQHEDíYXUXODQNLíLOHUDUDVÜQGDROPXíWXU$\UÜFD+]
$LíH íLLU WÜS $UDS 7DULKL (\\¼PXnO$UDS YH $UDELVWDQ NDELOHOHULQLQ VR\
NÖWÖNOHULKDNNÜQGDGHULQELUELOJL\HVDKLSWLñEQ6DnG,9'LðHU\DQGDQ
.XUn¼Q+]3H\JDPEHUnLQHíOHULQHÐðUHWLPOHPHíJXOROPDODUÜLÁLQPHFEXUL
\HWOHUGH\ÖNOHPLíWLU$K]¼E
 ;#5ć0;+./#<Ŗ

g÷UHWLP.RQXODUÕ
%LU PXDOOLP RODUDN JÐQGHULOHQ 3H\JDPEHULQ ÐQFHOLNOH NHQGLVLQH LQGL
ULOHQ ELOJLOHUL LQVDQODUD DNWDUPDVÜ HQ ÐQHPOL JÐUHYL ROPXíWXU <DQL 1HEHYÈ
ÐðUHWLPLQ\HJ¼QHJD\HVLLODKÈPHVDMODUÜQGX\XUXOPDVÜLGL<ÖFH$OODKD\UÜFD
3H\JDPEHULQHLQGLUGLðLELOJLOHULQX\JXODQPDVÜQÜGDHPUHWPHNWHGLU$K]¼E
+]3H\JDPEHUGHEXQXKDNNÜ\ODJHUÁHNOHíWLUPLíWLUNLEXX\JXODPD\D
JHQLíDQODPÜ\ODVÖQQHWGHQLOPLíWLU'ROD\ÜVÜ\OD+]3H\JDPEHUGÐQHPLQGH
HðLWLPLQNRQXVXQXÐQFHOLNOH.XUn¼QnÜQVÖQQHWLQYHEXQODUÜQWHPHOLQL\D]ÜQÜQ
ROXíWXUGXðXRUWD\DÁÜNPDNWDGÜU

D.XU¶kQ
+] 3H\JDPEHU NHQGLVLQH LQGLULOHQ ¼\HWOHUL ÐQFH ³YDKL\ NkWLSOHUL´ QH
\D]GÜUPDNWDVRQUDGDLQVDQODUÜQÐðUHQPHVLLÁLQKHPWHEOLðHWPHNWHKHPGH
LKWL\DÁKDOLQGHDÁÜNODPD\DSPDNWD\GÜ.XUn¼QnGDDQODWÜODQNRQXODUGDQYHKD
EHUOHUGHQÐ]HOOLNOHWHYKLW$OODK¶ÖQYDUOÖøÖYHELUOLøLQEYYHWSH\JDPEHU
OLNKDûLU|OGNWHQVRQUDGLULOPHLEDGHWYHDGDOHWOHLOJLOLNRQXODUÜÐðUHWPH
\HÁDOÜíPDNWD\GÜ
0XKDWDS RODQ LQVDQODU .XUn¼QnÜ RNX\DUDN YH SH\JDPEHUH X\DUDN JHU
ÁHðL ÐðUHQPHOL LPDQ $OODKnD \ÐQHOLS LEDGHW GLðHU YDUOÜNODUD VHYJL\OH
DÁÜOPDOÜGÜUDKODN%Ð\OHFHñVO¼PnÜQLONGÐQHPLQLQÐðUHWLPNRQXODUÜDUDVÜQGD
.XUn¼QLONVÜUD\ÜDOPÜíWÜU%XGRðUXOWXGDRQXRNXPDDQODPDDQODWPDYHL]DK
íHNLOOHULGH.XUn¼QÈHðLWLPLQWHPHOLQLROXíWXUPXíYHGDKDVRQUDNLGÐQHPOHUGH
EXQXQODLOJLOLELUÁRNLOLPGDOÜRUWD\DÁÜNPÜíWÜU

E6QQHW
6ÖQQHW+]3H\JDPEHUnLQVÐ]ILLOYHWDNULUOHULGLU.RÁ\LðLW
+]0XKDPPHGnLQNHQGLVLQHLQGLULOHQELU¼\HWLDÁÜNODPDVÜYHELUHPULQX\JX
ODPDVÜQÜ\DSPDVÜVÖQQHWRODUDNDGODQGÜUÜOPÜíWÜU
ñONGÐQHPGHVÖQQHWLQ\D]Ü\ODWHVSLWLQHL]LQYHULOPHPLíWLU¡ÖQNÖHðLWLP
\ÐQÖQGHQEHOOLELUVHYL\H\HXODíÜOPDGÜðÜQGDQ+]0XKDPPHGnLQNHQGLVÐ]OH
ULQLQ.XUn¼QD\HWOHUL\OHNDUÜíWÜUÜOPDHQGLíHVLYDUGÜ0ÖVOLP=ÖKG7LUPL]È
(EY¼EXnOñOLP=DPDQÜQLOHUOHPHVL\OH6DKDEHQLQ\D]ÜK¼NLPL\HWLQLQDUW
PDVÜYHHðLWLPGÖ]H\LQLQ\ÖNVHOPHVLÖ]HULQH+]3H\JDPEHUED]ÜVDKDEHQLQ
VÐ]OHULQL\D]Ü\ODWHVSLWLQHL]LQYHUPLíWLU6X\XWÈK%Ð\OHFH
+]3H\JDPEHUGÐQHPLQGHVÖQQHWHðLWLPLQLQJHQHOGHíLIDKÈROGXðXQXDQOD
 *HQLíELOJLLÁLQEN]7DODW.RÁ\LðLW+DGLV8V€O7ÖUNL\H'L\DQHW9DNIÜ<D\
$QNDUDVr
Ŗ*<2';)#/$'4&©0'/ć'ýć6ć/ć0')'0'.$ć4$#-+Ĩ

PDNWD\Ü]ñODKÈGDYHWLQLONPXKDWDSODUÜRODQVDKDEÈOHUEDKVHGLOHQHðLWLPNX
UXPODUÜQGDROVXQVRKEHWYHÐ]HOWRSODQWÜODUGDROVXQ+]3H\JDPEHUnLQÁHíLWOL
NRQXODUDLOLíNLQILNLUOHULQLÐðUHQPH\HÁDOÜíPÜíODUGÜU2QGDQGX\GXNODUÜQÜED
]ÜODUÜH]EHUOH\HUHNED]ÜODUÜGD\D]DUDNNRUXPXíODUGÜU+]3H\JDPEHUnLQYHID
WÜ\ODGDVÐ]OHULQLYHILLOOHULQLLQVDQODUDXODíWÜUPDNLÁLQVH\DKDWOHU\DSPÜíODUGÜU
6RQXÁWDEDíODQJÜÁWDQLWLEDUHQñVO¼PÈHðLWLPLQEXLNLND\QDðÜQGDQ.XUn¼Q
YH6ÖQQHWELUÁRNÐðUHWLPNRQXVXRUWD\DÁÜNPÜíYHKDWWDLOLPGDOODUÜGRðPXí
WXU

F<D]Õ
6Ð]OHULQ ED]Ü LíDUHWOHUOH LIDGHVL GHPHN RODQ \D]ÜQÜQ NÖOWÖU YH PHGHQL
\HWLQNRUXQPDVÜYHDNWDUÜOPDVÜQGDÁRNNÜ\PHWOLELUDUDÁROGXðXELUJHUÁHN
WLU%XQXQÐQHPLQLHQL\LíHNLOGHELOHQ+]3H\JDPEHUÐQFÖOÖðÖQÖ\DSDUDN
ROXíWXUPD\DÁDOÜíWÜðÜEÖ\ÖNELUNÖOWÖUÖQEDíODQJÜÁWDQLWLEDUHQ\D]ÜLOHWHVSLW
HGLOLS ND\ÜW DOWÜQD DOÜQPDVÜQD D]DPL JD\UHW JÐVWHUPLíWLU %X DPDFÜQ JHUÁHN
OHíPHVLLÁLQGHñVO¼PnÜQLONGÐQHPLQGH\D]ÜÐðUHWLPLEÖ\ÖNÐQHPND]DQPÜí
YHKHUWÖUOÖWHGELUOHUDOÜQPÜíWÜ<D]ÜÐðUHWLPLQGHGLQD\ÜUÜPÜJÐ]HWLOPH\HUHN
PÖíULN<DKXGLYH+ÜULVWL\DQODUGDQGDLVWLIDGHHGLOPLíWLU$KPHGñEQ+DQEHO
K  ,  .XUXODQ ED]Ü RNXOODUGD VDGHFH \D]Ü ÐðUHWLOPLíWLU 6XIIHnGH
+]3H\JDPEHUnLQROPDGÜðÜ]DPDQODUGDED]ÜÐðUHWPHQOHURNXPD\D]PDÐð
UHWPHNWH\GL'¼UXnO.XUU¼ODUGDGDD\QÜGHUVOHUYHULOL\RUGX6DGHFHÁRFXNODUÜQ
GHYDPHWWLðL.ÖWW¼EODUGDLVHÐQFHOLNOHRNXPD\D]PDGHUVLYHULOPHNWH\GL
'LQÈÐðUHWLPLQGÜíÜQGD+]3H\JDPEHUGLSORPDWLNLKWL\DÁODUGDQGROD\Ü
=H\GE6DELWJLEL\HWHQHNOLED]ÜNLíLOHULQ\DEDQFÜGLOÐðUHQPHVLQLVDðODPÜíWÜ
%XPDNVDWOD=H\GnLQ)DUVÁD<XQDQFD.ÜSWÈFHYH+DEHíÁHÐðUHQGLðLULYD\HW
HGLOPHNWHGLUñEQ$EGLnO%HUU,
%XQODUÜQGÜíÜQGD+]3H\JDPEHUJÐUJÖNXUDOODUÜQÜQÐðUHWLOPHVLQL0ÖV
OLP)HUDLOÁRFXNODUÜQ\HGL\DíÜQGDQLWLEDUHQQDPD]DDOÜíWÜUÜOPDODUÜQÜ(EX
'DYXG6DODWRQODUDÐGÖOOHUYHULOHUHNJÖ]HOWHUEL\HHGLOPHVLQLWDYVL\HHGHU
ñEQ0¼FH(GHE2NXPD\D]PDQÜQGÜíÜQGDDLOHOHULQÁRFXNODUÜQDKHVDSRN
DWPD\Ö]PHVDðOÜNWDLON\DUGÜPELOJLOHULND]DQGÜUPDODUÜQÜD\UÜFDNDGÜQODUD
GRNXPD HðLUPH LíOHUL JÐUJÖ NXUDOODUÜ 1ÕU VXUHVL LOH LOPLKDO ÐðUHWPHOHULQL
WDYVL\H HWPHNWH\GL ìHYN¼QÈ K  9,,,  .HWW¼QÈ K  , 
+DWWD+DPLGXOODKnÜQWHVSLWLQHJÐUH+]3H\JDPEHUnLQHVWHWLNJÖ]HOVDQDWODU
\DQLíLLUPXVLNLYHPLPDUÈÖ]HULQGHGHHðLWLPÁDOÜíPDODUÜROPXíWXU+DPL
GXOODK,,
 ;#5ć0;+./#<Ŗ

%+]3H\JDPEHULQ'LQ(÷LWLPLQGH.XOODQGÕ÷Õ%D]Õ0HWRWODU
'LQLGDYHWWHGLQÈELOJLOHULQÐðUHWLOPHVLQGHGLðHUVRV\DOELOLPOHUGHROGX
ðXJLELED]ÜPHWRWODUDX\XOPDVÜJHUHNPHNWHGLU¡ÖQNÖRGLQLQWXWXQDELOPHVL
ELU EDNÜPD GDYHW PHWRGXQD EDðOÜGÜU %XQGDQ GROD\Ü <ÖFH $OODK .XUn¼QnGD
3H\JDPEHULQL\ÐQOHQGLUPHNLÁLQ³5DEELQLQ\ROXQDKLNPHWOHJ]HO|øWOHoD
øÖURQODUODHQJ]HOûHNLOGHPFDGHOHHW´1DKOGHPHNWHGLU%XJÖ
]HOÐðUHQPHYHÁDðUÜ\ROXQXEHOLUWHQED]ÜPHWRWODUÜ.XUn¼QnÜQ\ÐQOHQGLUPHVL
YH+]3H\JDPEHULQLIDGHOHULQHJÐUHíÐ\OHVÜUDOD\DELOLUL]
 (ðLWLPL YHULUNHQ LQVDQODUD ]RUOXN ÁÜNDUPDGDQ QHIUHW HWWLUPHGHQ
PÖPNÖQROGXðXQFDNROD\ODíWÜUPDNYHDOGÜNODUÜHðLWLPLQVRQXQGDXODíDFDNODUÜ
LPN¼QODUÜPÖMGHOHPHN.DPHU%XKDUÈ&LKDG
(ðLWLPYHÐðUHWLPLíL]RUROPDVÜQGDQGROD\ÜEXQX\DSDUNHQNDUíÜNDU
íÜ\DNDOÜQDQJÖÁOÖNHQJHOVÜNÜQWÜH]DYHFHIDODUDNDUíÜVDEÜUOÜROPDN(QI¼O
7¼KD6HFGH
 (ðLWLP YH ÐðUHWLP ÁDOÜíPDODUÜQÜ ]RUODPDGDQ KRíJÐUÖOÖ GDYUDQDUDN
\XPXíDNOÜNODHPSDWL\DSDUDNJHUÁHNOHíWLUPHN<XQXV7¼K¼
 (ðLWLPGH \ÐQOHQGLUPH \DSDUNHQ LQVDQODUD ÐðÖW YHUPH\H EÜNPDGDQ
YHXVDQPDGDQGHYDPHWPHNYHWHNUDUWHNUDUKDWÜUODWPDN=¼UL\DW7ÕU

 (ðLWLPL PXKDWDS NLWOHQLQ DQOD\DFDðÜ DÁÜN YH QHW íHNLOGH \DSPDN
1DKO
 (ðLWLP YH ÐðUHWLPL NLíLOHULQ DQOD\DFDðÜ VHYL\HGH \DSPDN %XKDUÈ
ñOLP
(ðLWLPYHÐðUHWLPGHPXKDWDSODUÜYHULOHQELOJLOHUYHED]HQGDVRUXODUOD
GÖíÖQPH\H\ÐQHOWPHN
<DSÜODQHðLWLPYHÐðUHWLPGHVDPLPLROPDN\DQL\DSÜODFDNRODQKX
VXVODUGDÐQFHNLíLQLQNHQGLVLQLQÐUQHNROPDVÜYH\DSPDGÜðÜíH\OHULVÐ\OHPH
PHVL$Un¼I<XQXV+DíU
$\UÜFD GLQ ÐðUHWLPLQLQ EÖ\ÖN ÐOÁÖGH VÐ]OÖ GDYHW YH WDNULUH GD\DQGÜðÜ
JÐUÖOPHNWHGLU%LUEDNÜPDGLQ+]3H\JDPEHUnLQGHEHOLUWWLðLJLELQDVLKDWWHQ
LEDUHWWLU%XKDUÈ.XWDEXnOñOLP0ÖVOLPñPDQìÖSKHVL]GLQLQEHQLP
VHWLOPHVLDQFDN.XUn¼QnÜQÁL]GLðLPHGHQLÁHUÁHYHLÁLQGHVXQXOPDVÜVRQXFXQGD
PÖPNÖQRODELOPHNWHGLU$QFDNEXGDYHWLQ3H\JDPEHUnLQíDKVL\HWJÖFÖQGHQ

 .XUn¼Q EX KXVXVX JHQHOOLNOH ¼\HW VRQODUÜQGD GHIDODUFD YXUJXOD\DUDN LQVDQÜ

GÖíÖQPH\HÁDðÜUPDNWDGÜU
Ŗ*<2';)#/$'4&©0'/ć'ýć6ć/ć0')'0'.$ć4$#-+Ĩ

EÖ\ÖNELUFDQOÜOÜNYHHWNLND]DQGÜðÜQÜXQXWPDPDNJHUHNLU+]3H\JDPEHUnLQ
ÐðUHWLPLVXQXíXQGDWHVSLWHGLOHQED]ÜKXVXVODUÜíÐ\OHGHðHUOHQGLUHELOLUL]
+]3H\JDPEHUELUíH\LDQODWÜUNHQ\DYDí\DYDíDÁÜNYHQHWELUíHNLOGH
NRQXíWXðXQXYHVÐ\OHGLNOHULQLQDQODíÜOPDVÜLÁLQÐQHPOLQRNWDODUÜÖÁNHUHWHN
UDUHWWLðLQLJÐUPHNWH\L]HO&HY]È,
+]3H\JDPEHUÐðUHWLPVÜUDVÜQGDVRUXVRUXOPDVÜQÜWHíYLNHWPLíWLU$E
GXOODKE°PHUPHVFLWWHELUDGDPÜQD\DðDNDONDUDNVRUXVRUGXðXQXYH+]
3H\JDPEHUnLQGHRQDFHYDSYHUGLðLQLULYD\HWHGHU%XKDUÈñOLP(EÕ+X
UH\UHGHíXROD\ÜQDNOHWPHNWHGLU³%LUWRSODQWÖGD+]3H\JDPEHUEL]HoHûLWOL
NRQXODUGDELOJLYHULUNHQELU%HGHYvVRNXOXS³.Ö\DPHWQH]DPDQ"´GL\HVRUGX
+] 3H\JDPEHU V|]Q ELWLUGLNWHQ VRQUD EHGHYvQLQ VRUXVXQD FHYDS YHUGL´
%XKDUÈñOLP%D]HQGHGLQOH\HQOHULQGLNNDWLQLÁHNPHNYHLOJLOHULQLDUWÜU
PDNLÁLQ+]3H\JDPEHUVRUXVRUPXíWXU+H\VHPÈK,
+]3H\JDPEHUNRQXíPDVÜQGDGLQOH\LFLOHULQHðLWLPNÖOWÖUYHDOJÜODPD
VHYL\HOHULQLGLNNDWHDOPÜíWÜUYHHðLWLPYHÐðUHWLPJÐUHYLQGHEXOXQDFDNODUDíX
WDYVL\HOHUGHEXOXQPXíWXU³ùQVDQODUD5DEOHULQGHQEDKVHWWLøLQL]]DPDQDQOD
PD\DFDNODUÖGLOGHQNRQXûPD\ÖQÖ]´.HWW¼QÈ,,
°ðUHQFLOHULQLOJLYHLVWHNOHULQLJÐ]ÐQÖQGHEXOXQGXUDUDNGHUVOHULRQ
ODUÜQ GLNNDWOH WDNLS HGHELOHFHNOHUL ELU SURJUDP LÁHULVLQGH YHUPLíWLU %XKDUÈ
ñOLP%XNRQX\ODLOJLOLRODUDN$EGXOODKñEQ0HVnÕGíÐ\OHGHPLíWLU³6L]L
EÖNWÖUPDNWDQoHNLQL\RUXP+]3H\JDPEHUGHE|\OHELUHQGLûHGHQGROD\ÖEH
OLUOL]DPDQODUGDYDD]HGHUGL´%XKDUÈñOLP0ÖVOLP.Ü\DPHW
 +] 0XKDPPHG GHUVLQ GDKD L\L DQODíÜOPDVÜ LÁLQ ED]HQ NRQX\X
KLN¼\HOHUOHGUDPDWL]HHWPLíWLU%LUVRKEHWVÜUDVÜQGDELUPDðDUDGDNDSDOÜNDODQ
ÖÁNLíLQLQ$OODKUÜ]DVÜLÁLQ\DSWÜNODUÜÁDOÜíPDODUGDQGROD\ÜRUDGDQQDVÜONXU
WXOGXNODUÜQÜDQODWPÜíWÜU0ÖVOLP5LNnD
*HUHNWLðLQGHNRQX\XELUWDNÜPÁL]JLOHUOHíHPDWLNRODUDNJÐVWHUPLíWLU
%XKDUÈ5HNDLN
 $QODWWÜðÜ NRQX\X EHQ]HWPH YH ÐUQHNOHUOH DÁÜNODPÜí YH ELU GHIDVÜQGD
QDPD]ÜQPDQHYÈHWNLVLíÐ\OHDQODWPÜíWÜU³'ûQQNLELUNLPVHKHUJQEHû
NHUHHYLQLQ|QQGHQDNDQELUQHKLUGH\ÖNDQVDRQGDNLUGHQSDVWDQELUûH\ND
OÖUPÖ"+X]XUXQGDNLOHU³+D\ÖUNDOPD]´GHGLOHUùûWHEHûQDPD]GDE|\OHGLU
$OODKEXQODUODKDWDODUÖ\RNHGHU´7LUPL]È(GHE
 ;#5ć0;+./#<Ŗ

&øVOkP(÷LWLP6LVWHPLQLQ7HPHOg]HOOLNOHUL
+]3H\JDPEHUnLQ\DSWÜðÜHðLWLPYHYHUGLðLELOJLOHUÜíÜðÜQGDñVODPHðLWLP
VLVWHPLQLQWHPHOÐ]HOOLNOHULQLíÐ\OHEHOLUOH\HELOLUL]
%LU0ÖVOÖPDQLÁLQñVO¼PnÜKDNNÜ\OD\DíD\DELOHFHNNDGDUWHPHOELOJL
OHULÐðUHQPHVLIDU]GÜU+DWWDKD\DWÜQÜVÖUGÖUHELOPHVLLÁLQGHJHUHNOLELOJLOHUL
DOPDVÜDFLOELULKWL\DÁWÜUñOPLQHOGHHGLOPHVLQLWHPHOLONHNDEXOHGHQñVO¼PnÜQ
LONHPULGHEXQGDQGROD\ܳRNX´ROPXíWXU$ODN
ñVO¼PnGDLOPLÐðUHQPHNIDU]ROGXðXJLELLOPLSD\ODíPDNHUGHPOLNL
íLOHULQVD\ÜVÜQÜDUWÜUPDNLÁLQÐðUHWPHNGHIDU]ROPXíWXU
 ñOLP ÐðUHQLUNHQ YH\D ÐðUHWLUNHQ UXKÈ DKODNÈ YH LQVDQÈ GHðHUOHU Ö]H
ULQGHWLWL]OLNOHGXUXOPXíHUGHPOLIHUWLOHWRSOXPXQROXíPDVÜQDEÖ\ÖNÐQHP
YHULOPLíWLU
(ðLWLP\DSÜOÜUNHQ$OODKnÜQUÜ]DVÜYHELUH\LQYHWRSOXPXQL\LOLðLGÖíÖ
QÖOPÖíWÖU%XGRðUXOWXGDHðLWLPYHRQXQODYHULOHQLOLPKLÁELUPDGGÈNDUíÜOÜN
EHNOHPHNVL]LQ$OODKnÜQUÜ]DVÜQÜND]DQPDNYHNDPX\DUDUÜLÁLQ\DSÜOPÜíWÜU
ñVODPnGD0ÖVOÖPDQRODQEÖWÖQWRSOXPYH\DíJXUXSODUÜDUDVÜQGDLQ
VDQODUÁRFXNODU\HWLíNLQOHURNXU\D]DURODQODUYHROPD\DQODUROVXQLOLPÐð
UHQPH\HDUDPDYHDUDíWÜUPD\DWHíYLNHGLOPLíOHUGLU
$OODKnÜQHOÁLVL³NROD\ODûWÖUÖQÖ]]RUODûWÖUPD\ÖQÖ]PMGHOH\LQL]QHIUHW
HWWLUPH\LQL]´%XKDUÈ&LKDGGL\HUHNNLíLQLQGXUXPXQD\HWHQHNOHULQHYH
NÖOWÖUVHYL\HVLQHJÐUHHðLWLPYHULOPHVLQLWDYVL\HHWPLíWLU%XKDUÈñOLP
(ðLWLPLQWHPHOLONHOHULQGHQELULVLGHNLíLOLðLQJHOLíPHVLGLUñVODPÈHðL
WLPGHLKPDOLGÖíÖQÖOPH\HQEXKXVXVXQD]DPLÐOÁÖGHX\JXODQPDVÜLÁLQÁDED
JÐVWHULOPLíWLU+HUÐðUHQFLQLQ\HWHQHNYHPDKDUHWLQLQJHOLíPHVLYHWRSOXPD
\DUDUOÜKDOHJHOPHVLLÁLQJHQLíIÜUVDWODUYHULOPLíYHKHUÁRFXðXQ$OODKnÜQELU
HPDQHWLROGXðXNDEXOHGLOPLíWLU
ñVO¼PÈHðLWLPVLVWHPLKHUÐðUHQFL\HIHUGÈYHWRSOXPVDOVRUXPOXOXNODU
\ÖNOH\HUHN RQX $OODKnÜQ YH 3H\JDPEHULQLQ HPLUOHULQL \HULQH JHWLUHFHN íH
NLOGHWHUEL\HHGHU¡ÖQNÖñVODPnGDELUH\\DSWÜðÜKHUGDYUDQÜíÜQGDQVRUXPOX
RODFDðÜQGDQ ILLO YH VRUXPOXOXNODUÜQ ÐðUHQLOPHVLQH EÖ\ÖN ÐQHP YHULOPLíWLU
%XKDUÈ1LN¼K

6RQXo
+]3H\JDPEHUWDNOLWLOJLVL]OLNNÐUÖNÐUÖQH\ÐQHOLíOHUHVDKLSNÜ]ÁR
FXNODUÜQÜGLULGLULJÐPHFHNNDGDUNDOSOHULNDWÜODíPÜíDFÜPDKLVVLQLND\EHWPLí
Ŗ*<2';)#/$'4&©0'/ć'ýć6ć/ć0')'0'.$ć4$#-+Ĩ

NÜVDFDVÜGLQÈYHDKODNÈÐ]HOOLNOHULQLND\EHWPLíELUWRSOXPXNÜVDELUVÖUHLÁHUL
VLQGHHðLWHUHNLQVDQOÜðÜQ\ÜOGÜ]ODUÜ\DSPÜíWÜU'LQÈDKODNÈYHNÖOWÖUHOGHðHU
OHUGHQX]DNRODQWRSOXPoPHNDULPLDKODNpYHoPHKDVLQLHGHEpWHQWDPDPHQ
\RNVXQGX
+] 0XKDPPHG JHWLUGLðL GHðHUOHU X\JXODGÜðÜ HðLWLP YH ÐðUHWLP VLVWH
PL\OHPXKDWDSROGXðXRWRSOXPXQNÐWÖDKODNÜQÜNDOGÜUDUDNJÖ]HODKODNODGR
QDWPÜíWÜU%LUELUOHULQLEDVLWVHEHSOHUOHÐOGÖUHQRYDKíLLQVDQODUÜGDKDVRQUDNL
QHVLOOHUH PXDOOLP \DSDUDN PHGHQL\HW GÖQ\DVÜQGD PHGHQLOHUH ÐQGHU NRQX
PXQDÁÜNDUPÜíWÜU+¼OEXNLSHGDJRMLNYHSVLNRORMLNPHWRWODUÜQL\LFHLOHUOHGLðL
JÖQÖPÖ]GH LQVDQODUÜ VLJDUD DONRO YH X\XíWXUXFXGDQ NRUXPDN LÁLQ PRGHUQ
HðLWLP YH ÐðUHWLP YHULOLS NÖOOL\HWOL \DWÜUÜP YH KDUFDPDODU \DSÜOPDVÜQD UDð
PHQ\LQHGHLVWHQLOHQíHNLOGHEDíDUÜOÜROXQDPDPDNWDGÜU)DNDW+]0XKDP
PHG IDQDWLN DVDEÈ YH LQDWÁÜ WRSOXPODUÜQ NÐWÖ DKODNÜQÜ D] ELU NXYYHWOH NÜVD
VÖUHGHNDOGÜUDUDN\HUOHULQH\ÖNVHNQH]LKDKODNYH¼GHWOHULNDPHHWPLíWLU%X
NRQXGD0ÖVOÖPDQROPDGDQÐQFHíHINDWVL]PHUKDPHWVL]YHWDí\ÖUHNOLROXS
NÜ]ÜQÜGLULGLULWRSUDðDJÐPHQñVO¼PnGDQVRQUDGDKLO¼IHWLGÐQHPLQGHWRSOXPX
D\DNWDWXWDQWHPHOGHðHUOHUGHQDVODWDYL]YHUPH\HUHNDGDOHWWHWLPVDORODQ+]
°PHUHQJÖ]HOÐUQHNWLU
+]3H\JDPEHU\DSWÜðÜHðLWLPÁDOÜíPDODUÜQGDEÖ\ÖNRUDQGDEDíDUÜOÜRO
GXðXQXJÐUPHNWH\L]2QXQHðLWLPDODQÜQGD\DSWÜðÜIDDOL\HWOHUVRQXFXQGDRU
WD\DNR\GXðXVRPXWVRQXÁODUGDQED]ÜODUÜQÜíÐ\OHVÜUDOD\DELOLUL]
 <D]ÜPÜ]ÜQ EDíÜQGDQ EHUL YXUJXODPD\D ÁDOÜíWÜðÜPÜ] JLEL JHUL NDOPÜí
YDKíHWYHEHGHYLOLNLÁLQGHEXOXQDQELUWRSOXPXYHUGLðLHðLWLPOHLVWHQLOHQ\ÐQ
GHGHðLíWLUPLíYHLQVDQODUÜQHQID]LOHWOLNLíLOHUL\DSPÜíWÜU
<D]ÜQÜQJHOLíPHGLðLRNXPD\D]PDVÜÁRND]EHONLGHKLÁROPD\DQELU
WRSOXPXQHðLWLPVHYL\HVLQL\ÖNVHOWPLíWLU<D]Ü\ÜJHOLíWLUPLíRNXPDYH\D]
PDQÜQÐQHPLQLEHOLUWHUHNRUDQÜ\ÖNVHNVHYL\HOHUHÁÜNDUPÜíWÜU
 +] 3H\JDPEHU YHUGLðL HðLWLPOH LQVDQÜQ \DUDWÜNODUÜQ HQ íHUHIOLVL RO
GXðXQX EHOLUWHUHN LQVDQODUÜQ ELUELUOHULQH VD\JÜOÜ ROPDODUÜQÜ VDðODPÜí VÜQÜI
D\ÜUÜPÜQÜ RUWDGDQ NDOGÜUPÜíWÜU %XQGDQ GROD\Ü HQ ÐQHPOL UHIRUPX NÐOHOLðLQ
NDOGÜUÜOPDVÜQD\ÐQHOLNÁDOÜíPDODUDÐQFÖOÖNHWPHVLROPXíWXU
+]3H\JDPEHUGLOÐðUHQLPLQLQÐQHPLQLGHYXUJXOD\DUDN\DEDQFÜGLO
ÐðUHQPH\LWHíYLNHWPLíWLU
+]0XKDPPHGHðLWLPGHFLQVL\HWD\ÜUÜPÜ\DSPDGDQLOLPÐðUHQPHQLQ
KHPNDGÜQKHPGHHUNHNOHUHIDU]ROGXðXQXEHOLUPLíYHEXDQOD\ÜíÜEL]]DWKD
\DWDJHÁLUPLíWLU
 ;#5ć0;+./#<Ŗ

(ðLWLPDQOD\ÜíÜ\ODEXJÖQÖQSHGDJRJYHSVLNRORJODUÜQDÐQFÖOÖNHWPLí
YHEXDODQGDED]Ü\ÐQWHPOHURUWD\DNR\PXíWXU%XJÖQPRGHUQHðLWLPLQELU
ÁRN\ÐQWHPOHULRQEHíDVÜUÐQFH+]0XKDPPHGWDUDIÜQGDQX\JXODQDQPH
WRWODUGÜU

.D\QDNODU
q $KPHW¡HOHELùVODP¶GD(øLWLPYHgøUHWLP7DULKL7HU$OL<DUGÜPñVWDQEXO
q $KPHGE+DQEHO0VQHG0ÜVÜU
q $OWÜQWDí+DOLOìDKLQ0X]DIIHU.XU¶kQÖ.HULP0HkOL$QNDUD'L\DQHWñíOHUL%Dí
NDQOÜðÜ%DVNÜ
q %HUNÈ$OL+LPPHW0HFHOOHL$KNkPÖ$GOL\HñVWDQEXO+LNPHW<D\%DVNÜ
q %H\KDNÈHV6QHQ¶O.EUD+D\GDUDEDWKr
q %XK¼UÈ6DKLKñVWDQEXO¡DðUÜ<D\
q &HODOHGGLQHV6X\XWÈ7HGULE¶U5kYvIvúHUKL7DNULEL¶Q1HEHYv.DKLUH
q )D]OXUUUDKPDQùVODP7HU0$\GÜQ0'DðñVWDQEXO
q +DPLGXOODK0XKDPPHGùVODP0HVVHVHOHULQH*LULû7HUñKVDQ6ÖUH\\D6ÜUPD
ñVWDQEXO
q +DPLGXOODK0XKDPPHGùVODP3H\JDPEHUL7HU6DOLK7XðñVWDQEXO
q +H\VHPÈ0HFPDX¶]=HYDLG.DKLUH
q ñEQ$EGLnO%HUUrHOùVWLkEIv0kULIHWL¶O$VKDE+D\GDUDEDG
q ñEQ+DFHUHO$VNDO¼QÈ7HK]LE¶W7HK]LE+D\GDUDEDG
q ñEQ +LíDP  HV6LUHW¶Q1HEHYL\\H 7DKNLN 0XVWDID HV6DNDñEUDKLP HO
(E\DUÈ$EGXOKDIL]ìHOEÈ'¼UXñEQ.HVLUìDP%H\UXW
q ñEQ.D\\LPHO&HY]È=kGX¶O0HDG.DKLUH
q ñEQ.HVLUrHO%LGD\HYH¶Q1LKD\H.DKLU
q ñEQ0¼FH6QHQ¡DðUÜ<D\ñVWDQEXO
q ñEQ6DnG7DEDNkWX¶O.EUD'¼UXnV6¼GÜU%H\UXW
q HO.HWWDQÈ$EGXnO+D\\HW7HUDWLEX¶OùGkUL\\H1L]DPX¶O+N€PHWL¶Q1HEHYL\\H
)DV)DV
q .RÁ\LðLW7DODW+DGLV8VXO$QNDUD7ÖUNL\H'L\DQHW9DNIÜ<D\
q 0XKDPPHG ñEQ ñVKDN  HV6LUHW¶Q1HEHYL\\H 7DKNLN $KPHG )HULG HO
0H]ÈGÈ'¼UXnO.XWXELnOñOPL\\H,%DVNÜ%H\UXW
q 0ÖVOLP6DKLKñVWDQEXO¡DðUÜ<D\
q 3DUODGÜU 6HODKDGGLQ  o$VUÜ 6DDGHWnWH (ðLWLPp %WQ <|QOHUL\OH$VUÖ 6DDGHW¶WH
ùVODPñVWDQEXO
q ìHYN¼QÈ1H\O¶O(YWkU.DKLUH
q 7LUPL]È6QHQñVWDQEXO¡DðUÜ<D\