7DULK'HUJLVL6D\Õ øVWDQEXOV
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
)DWLK<(ùø/
g]HW
%X oDOÕúPD ;9,, \]\ÕO RUWDODUÕQGDQ LWLEDUHQ $YUXSD
RUGXODUÕQGD KD\DWD JHoLULOHQ PRGHUQ WkOLP YH WHUEL\HQLQ 2VPDQOÕ
RUGXVXQGD X\JXODQÕúÕQÕ HOH DOPDNWDGÕU 0DNDOHGH |QFHOLNOH
$YUXSD¶GDWkOLPYHWHUEL\HQLQLFDGÕYH|QJ|UG÷LúUHMLPLWDVYLU
HGLOPHNWHGLU;9,,,\]\ÕOEDúODUÕQGDQLWLEDUHQ$YUXSDRUGXODUÕQÕ
\DNÕQGDQ J|]OHPOHPH LPNkQÕ EXODQ 2VPDQOÕ VHILUOHUL YH NkWLSOHUL
WDUDIÕQGDQPRGHUQWkOLPYHWHUEL\H$YXVWXU\DYH5XV\DNDUúÕVÕQGD
DOÕQDQ \HQLOJLOHUH ELU oDUH RODUDN VXQXOPD\D EDúODQGÕ øON GHID
1L]kPÕ &HGvG RUGXVXQGDNL QHIHUOHU WDUDIÕQGDQ \DEDQFÕ
X]PDQODUÕQ J|]HWLPLQGH LFUD HGLOHQ PRGHUQ WkOLPLQ QLWHOL÷L
)UDQVÕ] RUGXVXQGD X\JXODQDQ WkOLPQkPHOHUOH NDUúÕODúWÕUÕODUDN
RUWD\D NRQPD\D oDOÕúÕOPÕúWÕU 0DNDOHQLQ VRQ E|OPQGH LVH
PRGHUQ WkOLP YH WHUEL\HQLQ 2VPDQOÕ RUGXVXQGDNL \DSÕVDO
G|QúPH HWNLVL YH X\JXODPDGD NDUúÕODúÕODQ SUREOHPOHU
WDUWÕúÕOPDNWDGÕU
$QDKWDU .HOLPHOHU 7kOLP 7HUEL\H 1L]kPÕ &HGvG
7kOLPQkPH$YFÕ7kOLPL
;9,,, \]\ÕO $YUXSD¶VÕQGD NDOHPH DOÕQDQ DVNHUOLN VDQDWÕ LOH LOJLOL
oDOÕúPDODUGDQ 2VPDQOÕ RUGXVXQXQ JHQHO RODUDN PH\GDQ PXKDUHEHOHULQGHNL
EDúDUÕVÕ]OÕ÷Õ HQ |QHPOL ]DIL\HWL RODUDN RNXUD VXQXOXU $\QÕ \]\ÕOÕQ LNLQFL
<UG 'Ro 'U *OWHNLQ <,/',= YH 'U .DKUDPDQ ù$.8/¶XQ GH÷HUOL NDWNÕODUÕ EX
oDOÕúPDQÕQ \D\ÕQODQDELOLU KkOH JHOPHVLQL VD÷ODPÕúWÕU $QFDN KDWD YH HNVLNOLNOHU WDPDPHQ
\D]DUDDLWWLU
'U+DFHWWHSHhQLYHUVLWHVL7DULK%|OP I\HVLO#KDFHWWHSHHGXWU
)$7ø+<(ùø/
\DUÕVÕQGD LVH QHIHUOHULQ JHQHOOLNOH PQIHULGHQ KDUHNHW HWWLNOHUL NoN VDYDú
RODUDN GD LVLPOHQGLULOHQ JD\UÕ QL]kPv RSHUDV\RQODUGD KkOHQ |QHPOL ELU
VWQO÷H VDKLS RODQ 2VPDQOÕ RUGXVX PXKDUHEH GLVLSOLQLQGHQ PDKUXP VDYDú
DODQÕQGD EDúÕERú GRODúDQ QHIHUOHUGHQ PWHúHNNLO YH PDQHYUD NDELOL\HWL
EXOXQPD\DQ ELU \DSÕ RODUDN WDVYLU HGLOLU %X GXUXPXQ VHEHELQL $YUXSD¶GD
UHYDo EXODQ ³KDW \D GD oL]JL´ WDNWL÷L RODUDN LVLPOHQGLULOHQ \HQL VDYDú \DSPD
ELoLPLQGH DUDPDN \HULQGHGLU %DúODQJÕoWD G|UW ;9,,, \]\ÕOÕQ KHPHQ LON
\ÕOODUÕQGDQLWLEDUHQVHoVÕUDKkOLQGHPXKDUHEHDODQÕQD\D\ÕODQQHIHUOHUVDIODUÕ
ER]PDGDQ GúPDQ KDWODUÕQD DWHú HGHUHN LOHUOL\RUGX'úPDQD NDUúÕ \U\úQ
KDVPÕQNLQGHQGDKDKÕ]OÕROPDVÕGúPDQDNDQDWODUGDQ\DSÕODFDNKÕ]OÕVDOGÕUÕODU
YH QLKD\HW GúPDQ KDWODUÕQÕ PPNQ ROGX÷X NDGDU \R÷XQ DWHú DOWÕQD DODUDN
G]HQLQLER]PDX\JXODQDQ\HQLWDNWL÷LQWHPHODPDoODUÕ\GÕ%XED÷ODPGDGDKD
;9,,, \]\ÕOÕQ DVNHUv WHUPLQRORMLVLQGH JHQHO RUGX \DSÕVÕ LoHULVLQGH KDILI SL\DGHQLQ
LQIDQWHULH OpJpUH LFUk HWWL÷L J|UHYOHUL \DSDQ IDNDW D\QÕ ]DPDQGD ED÷ÕPVÕ] DYFÕ JUXSODUÕ
FKDVVHXUV6FKW]H RODUDN |UJWOHQPLú ELUOLNOHULQ G]HQOHGLNOHUL JD\UÕ QL]kPv RSHUDV\RQ
ODUD YHULOHQ LVLP %X NRQXGD EN] 'LFWLRQQDLUH GHV 7HUPHV 0LOLWDLUHV HW GH O¶$UJRW 3RLOX
3DULV YH*HRUJ:LOKHOP9DOHQWLQL'LH/HKUHYRP.ULHJ, 'HUNOHLQH.ULHJXQGGLH
*HIHFKWVOHKUH %HUOLQ$PHULNDQED÷ÕPVÕ]OÕNVDYDúÕYH,.RDOLV\RQVDYDúODUÕ
HVQDVÕQGD|QSODQDoÕNDQELUNDYUDPRODUDNKDONVDYDúÕYHNoNVDYDúDUDVÕQGDNLIDUN
LoLQD\UÕFDEN]:HUQHU+DKOZHJ*XHULOOD.ULHJRKQH)URQWHQ6WXWWJDUW V
WDULKLQGH3UXV\D$VNHUv7DOLPYH7HUEL\H*HQHO0IHWWLúOL÷L *HQHUDO,QVSHFWHXUGHV
PLOLWlU(U]LHKXQJV XQG %LOGXQJVZHVHQV J|UHYLQH JHWLULOHQ *HRUJ :LOKHOP YRQ
9DOHQWLQL¶QLQ )UDQVD¶QÕQ 0ÕVÕU LúJDOL\OH EDúOD\DQ VDYDúWD 2VPDQOÕ RUGXVXQXQ WDNWLN
IRUPDV\RQXNRQXVXQGD|QHPOLELOJLOHULoHUHQHVHULEXNRQXGDL\LELU|UQHNWHúNLOHWPHNWHGLU
%X NRQXGD EN] *HRUJ :LOKHOP 9DOHQWLQL 'LH /HKUH YRP .ULHJ ,,, 'HU 7UNHQNULHJ
%HUOLQ 9DOHQWL¶QLQ ³6DYDú h]HULQH 'HUV´ EDúOÕNOÕ NLWDEÕQÕQ EX FLOGLQLQ øQJLOL]FH
WHUFPHVLLoLQD\UÕFDEN]0LOLWDU\5HIOHFWLRQVRQ7XUNH\/RQGUD+DEVEXUJRUGXVXQD
VXED\\HWLúWLUPHN]HUH9L\DQD\DNÕQODUÕQGDNL1HXVWDGWNDVDEDVÕQGDNXUXODQ7KHUHVLDQLVFKH
0LOLWlUDNDGHPLH¶QLQ GHUV SURJUDPÕQÕ $\GÕQODQPD¶QÕQ JHQHO LONHOHUL oHUoHYHVLQGH
G]HQOH\HUHNWDULKOHULDUDVÕQGDJHQHOGLUHNW|UO÷Q 2EHUGLUHNWRU \DSDQ.RQW
.LQVN\ ³7UN 6DYDúÕ h]HULQH´ hEHU GHQ 7UNHQNULHJ NDOHPH DOGÕ÷Õ GHQHPHVL GH EX
NRQXGDELUGL÷HU]LNUHGH÷HUoDOÕúPDGÕU.RQW.LQVN\YH2VPDQOÕRUGXVXKDNNÕQGDNDOHPH
DOGÕ÷Õ ULVDOH LoLQ EN] 7KRPDV 6FKHEHQ ³6FKZHQGL 0RQWHFXFFROL .LQVN\ $QDO\VHQ GHU
RVPDQLVFKHQ .ULHJVPDFKW YRP ;9, ELV ]XP ;9,,, -DKUKXQGHUW´ &LHSR 2VPDQOÕ gQFHVL
YH 2VPDQOÕ $UDúWÕUPDODUÕ 8OXVODUDUDVÕ .RPLWHVL 9,, 6HPSR]\XPX %LOGLULOHUL (G -/
%DFTXp*UDPPRQW ø 2UWD\OÕ ( 'RQ]HO $QNDUD V YH *OWHNLQ <ÕOGÕ]
1HIHULQ$GÕ<RN=RUXQOX$VNHUOL÷H*HoLú6UHFLQGH2VPDQOÕ'HYOHWL¶QGH6L\DVHW2UGXYH
7RSOXP øVWDQEXO V
<HQL WDNWLN IRUPDV\RQ NRQXVXQGD EN] 8OULFK %U|FNOLQJ 'LVLSOLQ $VNHUL øWDDW hUHWLPLQLQ
6RV\RORMLVLYH7DULKLoHY9H\VHO$WD\PDQøVWDQEXOV
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
KÕ]OÕ YH oRN DWHú HWPHN LVDEHWOL DWHú HWPHNWHQ GDKD |QHPOL KkOH JHOPLúWL
7IHNOHULQHWNLOLPHQ]LOOHULQLQ PHWUHROGX÷XELUG|QHPGHEDUXWGXPDQÕ
YH NRNXVX\OD NDSODQPÕú ELU DODQGD ]HUOHULQH JHOHQ WRS YH PHUPL VDOYRODUÕQD
NDUúÕ QHIHUOHULQ VWHOLN KDWODUÕ ER]PDGDQ LOHUOH\HELOPHVL DQFDN V|] NRQXVX
WDNWL÷HX\JXQELUWkOLPYHWHUEL\HGHQVRQUDPPNQG
$YUXSDOÕ WDNWLV\HQOHULQ JHQHO RODUDN 2VPDQOÕ QHIHULQGHQ PQIHULW ELUHU
VDYDúoÕ RODUDN oHNLQPHOHUL YH EDúÕER]XN E|ONOHULQ \UWWNOHUL JD\UÕ QL]kPv
RSHUDV\RQODUGDQ|YJ\OHEDKVHWPHOHUL DQFDN2VPDQOÕRUGXVXQXQoD÷GDúWDNWLN
RUJDQL]DV\RQXQXQ JHUHNOHULQL PXKDUHEH DODQÕQGD X\JXOD\DPDPDVÕQÕ KDWWD
EXQODUÕ X\JXOD\DFDN ELUOLN \DSÕVÕQGDQ X]DN ROGX÷XQX YH PRGHUQ WDNWLN
IRUPDV\RQODUNRQXVXQGDELOJLVDKLEL³PXKDULEYHPWHIHQQLQ´VXED\HNVLNOL÷LQL
GLOH JHWLUPHOHUL GLNNDW oHNLFLGLU 1LWHNLP ,,, 6HOLP GHYULQGH PXYDNNDWHQ
9L\DQDRUWDHOoLOL÷L\DSDQ5kWLE(IHQGL¶QLQ$YXVWXU\DRUGXQL]kPQkPHOHULQGHQ
øVWDQEXO¶GDNL PXKDWDSODUÕQD DNWDUGÕ÷Õ ]HUH +DEVEXUJ NXYYHWOHUL 2VPDQOÕ
RUGXVX LOH \DSWÕNODUÕ PXKDUHEHOHUGH VDIODUÕ KLoELU úHNLOGH ER]PDPDODUÕ YH ELU
³UHJXOH´GH UpJXOLHUG]JQ WHN ELU KDW ]HULQGH GXUPDODUÕ KXVXVXQGD |]HO
HPLUDOÕ\RUGX=LUD$YXVWXU\DNXUPD\ODUÕQDJ|UHEHOLUOLELUQL]kPÕEXOXQPD\DQ
YHEDúÕER]XNPQIHULWVDYDúoÕODUGDQROXúDQ2VPDQOÕRUGXVXQXPD÷OXSHWPHQLQ
HQ NROD\ \ROX EX\GX dD÷GDú NÕWk WHúHNNO YH PXKDUHEH WDNWLNOHUL JLEL
NRQXODUGD ELOJL VDKLEL VXED\ODUÕQ HNVLNOL÷LQL ELU NHQDUD EÕUDNDFDN ROXUVDN
$YUXSDOÕJ|]OHPFLOHUHJ|UH2VPDQOÕRUGXVXQXQWHPHOVÕNÕQWÕVÕQHIHUOHULQVLODK
NXOODQPDNWDNL \HWHUVL]OLNOHUL WHN EDúODUÕQD J|VWHUGLNOHUL SHUIRUPDQV \D GD
NXOODQGÕNODUÕ VLODKODUÕQ WHNQRORMLN JHULOL÷L GH÷LO WDP DNVLQH ELU EWQ RODUDN
KDUHNHWHGHPHPHOHUL\GL 6DYDú DODQÕQGD EL]]DW 2VPDQOÕRUGXVXQX J|]OHPOHPH
IÕUVDWÕ EXOPXú $YUXSDOÕ VXED\ODUÕQ NDOHPH DOGÕNODUÕ PHWLQOHUGH 2VPDQOÕ
RUGXVXQXQ |]HOOLNOH EX ]DDIÕQÕ |Q SODQD oÕNDUWPDODUÕQGD NRPXWD HWWLNOHUL
ELUOLNOHUGH WkOLP GULOO YH WHUEL\H GLVFLSOLQD HGLOHUHN NHQGL LoLQGH DQODP
(EXEHNLU 5kWLE (IHQGL 6HIDUHWQkPHL (EXEHNLU 5kWLE (IHQGL ø h 1DGLU (VHUOHU
.WSKDQHVL øh.7% 7<YU EYG$YXVWXU\DRUGXVXLoLQWDULKLQGHNDOHPH
DOÕQDQ³*YHQOL%LU6DYXQPD6WUDWHMLVLQLQ2UJDQL]DV\RQX´LVLPOLHPLUQkPHGHGHEHQ]HUELU
\DNODúÕPÕ J|]OHPOHPHN PPNQGU %X NRQXGD EN] 0DQIULHG 5DXFKHQVWHLQHU ³7KH
'HYHORSPHQWRI :DU 7KHRULHVLQ$XVWULD DWWKH(QGRIWKH(LJKWHHQWK&HQWXU\´(DVWDQG
&HQWUDO (XURSHDQ 6RFLHW\ DQG :DU LQ WKH 3UH5HYROXWLRQDU\ (LJKWHHQWK &HQWXU\ (G *
5RWKHQEHUJ%.LUDO\YH36XJDU1HZ<RUN V
)$7ø+<(ùø/
ND]DQDQELUEWQQSDUoDVÕKkOLQHJHOHQDVNHUOHULOHVLODKNXOODQPD\ÕL\LELOHQ
FHVXU YH KHU úDUWD D\DN X\GXUDQ IDNDW EDúÕQD EX\UXN 2VPDQOÕ VDYDúoÕODUÕ
DUDVÕQGDNLIDUNE\NELUHWNL\HVDKLSROPDOÕGÕU
2VPDQOÕRUGXVXQGD,,,6HOLPGHYUL|QFHVLQGHX\JXODQDQWkOLPYHWHUEL\H
SURVHGUOHUL\VH D] |QFH WDULI HGLOHQ WDNWLN IRUPDV\RQD X\JXQ QHIHUOHUL
\HWLúWLUPHNWHQX]DNWÕ=LUD$YUXSDRUGXODUÕQGDX\JXODQDQWkOLPGHQIDUNOÕRODUDN
EHOLUOL ELU QL]kP GDKLOLQGH RODELOGL÷LQFH KÕ]OÕ DWHú HWPHQLQ \HULQH |UQH÷LQ
\HQLoHULOHULVDEHWL|QSODQDoÕNDUWDQELUH÷LWLPVUHFLQGHQJHoL\RUGX 2UGXQXQ
LWDDWLQL VD÷ODPDNWDQ YH QHIHUOHUH PXKDUHEH úDUWODUÕ DOWÕQGD ELUOLN KkOLQGH
NDUPDúÕNPDQHYUDODUÕX\JXOD\DELOPH\HWHQH÷LQLND]DQGÕUPDNWDQX]DNEXH÷LWLP
WDU]Õ PHNDQLN KDUHNHWOHUL VHQNURQLN RODUDN LFUk HGHELOHQ DVNHUOHUGHQ oRN
PQIHULGHQ LVDEHWOL DWHú HGHELOHQ VDYDúoÕODU UHWL\RUGX 'ROD\ÕVÕ\OD 2VPDQOÕ
RUGXVXQXQ $YUXSDOÕ JHQHUDOOHUH YH J|]OHPFLOHUH PXKDUHEH GLVLSOLQLQGHQ YH
PDQHYUD NDELOL\HWLQGHQ \RNVXQ GúPDQ KDWODUÕQD RODELOGL÷LQFH oRN VD\ÕGD YH
RODELOGL÷LQFH KÕ]OÕ DWHú HWPHNWHQ X]DN KDWWD GRVW ELUOLNOHULQ VDOYR DWÕúODUÕQD
PDUX] NDODQG]HQVL]ELU\DSÕRODUDNJ|UQPHVLGR÷DOGÕ%XED÷ODPGD;9,,
\]\ÕOGDøWDO\DQDVÕOOÕ$YXVWXU\DPDUHúDOL0RQWHFFXFROL¶QLQ \DGDRQGDQGDKD
|QFH +DEVEXUJ HOoLVL %XVEHFT¶LQ YH øWDO\DQ IHOVHIHFL %RFFDOLQL¶QLQ
GLVLSOLQLQGHQ KDUHNkW NDELOL\HWLQGHQ YH ND]DQGÕ÷Õ EDúDUÕODUGDQ |YJ\OH
EDKVHWWL÷L 2VPDQOÕ RUGXVX LPJHVL ;9,,, \]\ÕO EDúODUÕQGDQ LWLEDUHQ EHONL GH
$KPHG&HYDG7DULKL$VNHUL2VPDQL<HQLoHULOHU,3DULV *QKDQ%|UHNoL³$
&RQWULEXWLRQWRWKH0LOLWDU\5HYROXWLRQ'HEDWH 7KH-DQLVVDULHV8VHRI9ROOH\)LUH'XULQJ
WKH /RQJ 2WWRPDQ+DEVEXUJ :DU RI DQG WKH 3UREOHP RI 2UJLQV´ $FWD
2ULHQWDOLDVD\Õ VYG *PHo.DUDPXN³'HYúLUPHOHULQ+XNXNv'XUXPODUÕ
h]HULQH´6|÷W¶WHQøVWDQEXO¶D(G2g]HOYH0g]$QNDUDV
* $ 2OLYHU 7UNL\H 6H\DKDWQDPHVL oHY 2 *|NPHQ $QNDUD V 7KRPDV
7KRUQWRQ7KH3UHVHQW6WDWHRI7XUNH\,/RQGUD YH:LOOLDP:LWWPDQ7UDYHOVLQ
7XUNH\$VLD0LQRU6\ULDDQG$FURVVWKH'HVHUWLQWR(J\SW'XULQJWKH<HDUV
DQG/RQGUDV
*XQWKHU5RWKHQEHUJ³0RULW]RI1DVVDX*XVWDYXV$GROSKXV5DLPRQGR0RQWHFXFFROLDQG
WKH µ0LOLWDU\ 5HYROXWLRQ¶ RI WKH 6HYHQWHHQWK &HQWXU\´ 0DNHUV RI 0RGHUQ 6WUDWHJ\ IURP
0DFKLDYHOOLWRWKH1XFOHDU$JH(G33DUHW1HZ-HUVH\ V
2JLHU *KLVODLQ GH %XVEHFT 7KH 7XUNLVK OHWWHUV RI 2JLHU *KLVHOLQ GH %XVEHFT ,PSHULDO
$PEDVVDGRUDW&RQVWDQWLQRSOH/RQGUD
)ULHGULFK0HLQFNH0DFKLDYHOOLVP7KH'RFWULQHRI5DLVRQG¶(WDWDQG,WV3ODFHLQ0RGHUQ
+LVWRU\oHY'6FRWW1HZ-HUVH\ V
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
$YXVWXU\D JHQHUDOL .RQW 0DUVLJOL YH RQGDQ VRQUD øVWDQEXO¶GD DVNHUv X]PDQ
RODUDN EXOXQDQ %DURQ GH 7RWW¶OD ELUOLNWH $YUXSD DVNHUv GúQFHVLQGHQ
VLOLQPH\H EDúODPÕúWÕ 7DP GD EX VÕUDGD WHGDYOH JLUHQ \HQL EDNÕú DoÕVÕ LVH KHU
KDQJL ELU oD÷GDú WDNWLN RUJDQL]DV\RQ GkKLOLQGH VDYDúPD\DQ PQIHULW
EDúÕER]XNODUÕQ ROXúWXUGX÷X ELU ³'R÷X´ RUGXVX\GX $YUXSD DVNHUv
GúQFHVLQGHNLEXGH÷LúLPLVDGHFH2VPDQOÕRUGXVXQXQND\EHWWL÷LVDYDúODUDYH
2VPDQOÕ 'HYOHWL¶QLQ VL\DVv DODQGDNL SUHVWLM ND\EÕQD ED÷ODPDN \D GD 2VPDQOÕ
WDULK OLWHUDWUQGH VÕNOÕNOD YXUJXODQGÕ÷Õ JLEL 2VPDQOÕ 'HYOHWL¶QLQ
³ER]XOPDVÕo|NPHVL´ JLELRU\DQWDOL]P NRNDQ NDYUDPODUODDoÕNODPD\D oDOÕúPDN
2VPDQOÕ WDULKLQL PWHPPLP F] ROGX÷X $YUXSD WDULKLQGHQ NRSDUWDUDN
$YUXSD RUGXODUÕQGD \DúDQDQ G|QúP GLNNDWH DOPDPDN 2VPDQOÕ
øPSDUDWRUOX÷X¶QXQLoGLQDPLNOHULQL\VHJ|UPH]GHQJHOPHNDQODPÕQÕWDúÕ\DFDNWÕU
0RGHUQ %LU øú 5HMLPL YH øNWLGDU $\JÕWÕ 2ODUDN %DWÕ $YUXSD¶GD
7kOLPYH7HUEL\H¶QLQ*HOLúLPL
%LUELUOHULQGHQ IDUNOÕ VRV\RHNRQRPLN úDUWODUGDQ JHOHQ IDUNOÕ \DúDQWÕODUD
YH DOÕúNDQOÕNODUD VDKLS HUNHNOHUL DOWÕ LOk VHNL] KDIWD LoHULVLQGH ELU PDNLQHQLQ
GLúOLOHUL KkOLQH JHWLUHQ PRGHUQ WkOLP YH WHUEL\HQLQ PXFLGL 1HRVWRDFÕ
KPDQLVWOHULQELOKDVVD/HLGHQhQLYHUVLWHVL¶QGHNDGLP<XQDQYH5RPDHVHUOHUL
]HULQGHoDOÕúPDODUÕQÕVUGUHQ-XVWXV/LSVLXV¶XQHWNLVLDOWÕQGDNDODQ+ROODQGD
SUHQVL 0DXULWV YDQ 2UDQLHQ YH NX]HQOHUL /XGZLJ YH -RKDQQ YDQ 1DVVDX¶GXU
0DUVLJOL 2VPDQOÕ øPSDUDWRUOX÷XQXQ =XKXU YH 7HUDNNLVLQGHQ øQKLWDWÕ =DPDQÕQD .DGDU
$VNHUL9D]L\HWLoHY.D\PDNDP1L\D]L$QNDUD
9LUJLQLD $NVDQ ³%UHDNLQJ WKH 6SHOO RI WKH %DURQ GH 7RWW 5HIUDPLQJ WKH 4XHVWLRQ RI
0LOLWDU\5HIRUPLQWKH2WWRPDQ(PSLUH´,QWHUQDWLRQDO+LVWRU\5HYLHZVD\Õ V
%X ED÷ODPGD WIHQJHQGk] ELU KDILI SL\DGHQLQ DFHPLOLN VUHVLQLQ H÷LWLPL \ÕOODU VUHQ ELU
X]XQ PHVDIH RNoXVXQGDQ oRN GDKD NÕVD ROGX÷X \HUL JHOPLúNHQ EHOLUWLOPHOLGLU 1LWHNLP EX
IDUN HOLW DVNHUOHUGHQ ROXúDQ KDVVD RUGXODUÕQÕQ \HULQL NLWOH RUGXODUÕQD EÕUDNPDVÕ\OD
VRQXoODQDFDN VUHFLQ EDúODQJÕo QRNWDVÕGÕU ;9,,, \]\ÕO VRQXQGD $YUXSD RUGXODUÕQGDNL
DFHPLOLNVUHVLNRQXVXQGDEN]0DWWKHZ0D\HU³7KH3ULFHIRU$XVWULD¶V6HFXULW\ 3DUW,,
/HRSROG ,, 7KH3UXVVLDQ 7KUHDW DQG WKH3HDFH RI 6LVWRYD ´ 7KH ,QWHUQDWLRQDO
+LVWRU\5HYLHZVD\Õ V 1L]kPÕ&HGvGLoLQOD\LKDNDOHPHDODQøVYHoOLDVNHUv
X]PDQ %UHQWDQR NXUXOPDVÕ SODQODQDQ QL]kPOÕ RUGXQXQ QHIHUOHULQLQ DOWÕ D\OÕN WHPHO
H÷LWLPGHQ JHoLULOPHVLQL WHNOLI HWPHNWH\GL %X NRQXGD D\UÕFD EN] $KPHW g÷UHWHQ 1L]kPÕ
&HGvGH 'DLU ,VODKDW /k\LKDODUÕ øVWDQEXO hQLYHUVLWHVL 6RV\DO %LOLPOHU (QVWLWV
<D\ÕQODQPDPÕú<NVHN/LVDQV7H]LøVWDQEXO V
)$7ø+<(ùø/
$OPDQ WDULKoL *HUKDUG 2HVWHUUHLFK¶ÕQ WDELUL\OH $VNHUv 5|QHVDQV RODUDN
LVLPOHQGLULOHQ VUHo LoHULVLQGH 0DXULWV YDQ 2UDQLHQ 9HJHWLXV
$HOLRQ YH 3ROLELXV¶GDQ ID\GDODQDUDN IDUNOÕ úHKLU GHYOHWOHULQLQ LGDUHFLOHUL
WDUDIÕQGDQ WRSODQPÕú IDUNOÕ VRV\DO N|NHQOHUGHQ JHOHQ YH IDUNOÕ GDYUDQÕú
NDOÕSODUÕQD YH JHOHQHNOHUH J|UH KDUHNHW HGHQ DFHPL QHIHUOHUL WHN ELU DPDFD
=ZHFN \|QHOLNRODUDNUDV\RQHOELUúHNLOGH|UJWOHPH\HoDOÕúWÕhONHGHúLGGHW
WHNHOLQLQ NXUXOPDVÕ\OD IDUNOÕ SUHQVOHULQ LGDUH HWWL÷L WHEDDQÕQ WHN HOGHQ LGDUH
HGLOHQ PXWv YDWDQGDúODUD G|QúWUOPHVL ELU EDúND LIDGH\OH YDWDQGDú UHWLPL
FLWL]HQPDNLQJ RUGXGD ELUOLN GX\JXVXQXQ JoOHQGLULOPHVL\OH DWHú JFQQ
DUWWÕUÕOPDVÕYHILUDUODUÕQD]DOWÕOPDVÕEXDPDFÕQIDUNOÕFHSKHOHULQLROXúWXUX\RUGX
%X \HQL |UJWVHO \DSÕ D\QÕ ]DPDQGD \HQL ELU Lú UHMLPLQL GH
|QJ|UPHNWH\GL%XQDJ|UH|QFHOLNOHGHYOHWRWRULWHVLDoÕVÕQGDQVRUXQWHúNLOHGHQ
KHUKDQJL ELU UHWLP IDDOL\HWLQH NDWÕOPD\DQ GROD\ÕVÕ\OD LNWLGDU DoÕVÕQGDQ DWÕO
GXUXPGDNL QIXV DVNHUH DOÕQDUDN HKOLOHúWLULOHFHN YH E|\OHFH ONH LoLQ UHWLFL
KkOHJHWLULOHFHNWL0RGHUQWkOLPLQKD\DWDJHoLULOPHVL\OHKDNLPVL\DVv\DSÕQÕQELU
HQVWUPDQÕQDG|QúHFHNRODQRUGXQXQONHQLQVÕQÕUODUÕGDKLOLQGHNLIDUNOÕOÕNODUÕ
RUWDGDQNDOGÕUPDVÕYHLoEDUÕúÕVD÷OD\DUDNUHWLPHHOYHULúOLELURUWDPKD]ÕUODPDVÕ
G|QHPLQ KDNLP VL\DVv V|\OHPL\GL 1LWHNLP |QFHGHQ WDVDUODQÕS \D]ÕOÕ KkOH
JHWLULOGLNWHQVRQUDDVNHUOHUHHPSR]HHGLOHQ\D]ÕOÕNXUDOODUDX\JXQúHNLOGHLGDUH
HGLOHQ NÕúODODU ;9,,, \]\ÕO EDúODUÕQGDQ LWLEDUHQ GLVLSOLQ DGDFÕNODUÕ RODUDN
JQGHOLN KD\DWÕQ QL]DPVÕ]OÕ÷ÕQD DGHWD PH\GDQ RNXPD\D EDúODPÕúWÕ *YHQOLN
PHUNH]OL GúQFH \DSÕVÕQÕQ ELU UQ RODQ PRGHUQ NÕúODODU D\QÕ ]DPDQGD
oHYUHOHULQGHPÕQWÕNDODUÕQGD KD\DWODUÕQÕ VUGUHQ WHEDD\Õ DOGÕNODUÕ JYHQOLN
|QOHPOHUL\OH KL]D\D JHWLUPHNWH YH VRV\DO GLVLSOLQL 6R]LDOGLVLSOLHUXQJ LQúk
HWPHNWH\GL 6Xo LúOHPH\H PH\LOOL ROGXNODUÕ GúQOHQ LúVL] JHQo HUNHNOHU LVH
*HUKDUG2HVWUHLFK*HLVWXQG*HVWDOWGHVIUKPRGHUQHQ6WDDWHV%HUOLQ V
<XQDQ NODVLNOHULQLQ PRGHUQ WkOLP YH WHUEL\H SURVHGUOHULQLQ ROXúXPXQD HWNLVL LoLQ EN]
:HUQHU+DKOZHJ'LH+HHUHVUHIRUPGHU2UDQLHUXQGGLH$QWLNH%HUOLQ ELOKDVVDV
;9,,\]\ÕOGD+ROODQGDOÕODUDVNHUvWkOLPNRQXVXQGDGL÷HU$YUXSDGHYOHWOHULQHQD]DUDQELU
DGÕP |QGH ROVDODU GD D\QÕ \]\ÕO LoHULVLQGH |UQH÷LQ )UDQVÕ] RUGXVXQGD GD EHQ]HU
X\JXODPDODUKD\DWDJHoLULOPH\HoDOÕúPDNWD\GÕ :LOOLDP+0F1HLOO7KH3XUVXLWRI3RZHU
&KLFDJR V -$'H0RRU³([SHULHQFHDQG([SHULPHQW 6RPH5HIOHFWLRQV
XSRQ WKH 0LOLWDU\ 'HYHORSPHQWV LQ WK DQG WK &HQWXU\ :HVWHUQ (XURSH´ ([HUFLVH RI
$UPV:DUIDUHLQWKH1HWKHUODQGV(G0YDQGHU+RHYHQ/HLGHQ V
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
RUGX WDUDIÕQGDQ LVWLKGDP HGLOHUHN WDOLPLQ |QJ|UG÷ Lú UHMLPL DUDFÕOÕ÷Õ\OD
ONHOHULLoLQUHWLFL³DVNHUvSUROHWHUOHUH´ G|QúWUO\RUODUGÕ
1HIHUOHUHVLODKODUÕQÕEHOLUOLELUVHQNURQL]DV\RQGDKLOLQGHGROGXUDUDNVDIODU
OLQH KkOLQGH GúPDQ ]HULQH \UPHOHULQLQ |÷UHWLOGL÷L PRGHUQ WkOLPLQ LON
X\JXOD\ÕFÕVÕ RODUDN J|]H oDUSDQ 0DXULWV YDQ 2UDQLHQ PXKDUHEH DODQÕQGDNL
\U\úYHWIHNOHULQDWHúOHQPHVLQGHQ|QFHNLVUHFLDQDOL]HGHUHNV|]NRQXVX
]DPDQÕ NÕUN LNL KDUHNHWHVUH\H E|OPúW +HU KDUHNHWLQ |]HO ELU LVPLQLQ
2VPDQOÕ ND\QDNODUÕQÕQ LIDGHVL\OH NXPDQGD EXOXQGX÷X WkOLP PDQXHOLQGH
]DPDQKHUELULNHQGLLoHULVLQGHX]PDQODúPÕúELUVRQXFDXODúPDN]RUXQGDRODQ
SDUoDODUD D\UÕOPDNWD\GÕ %HGHQLQ NURQRPHWULN NXPDQGDODUD LWDDW HWPHVLQL
|QJ|UHQ WkOLP VUHFLQGH QHIHUOHULQ DOGÕNODUÕ HPLUOHU GR÷UXOWXVXQGD KDUHNHW
SDUoDFÕNODUÕQÕSHúSHúHVÕUDODPDVÕDQDOLWLNELUúHPDROXúWXUX\RUGXdD÷GDúWkOLP
PDQXHOOHULQGHJUDYUOHUOHJ|VWHULOHQEXúHPDQÕQROXúPDVÕVRQXFXQGDPXKDUHEH
PH\GDQÕQGD PQIHULGHQ DWHúOHQHQ WIHNOHU \HULQL GDLPL ELU NXUúXQ \D÷PXUXQD
\D\OÕPDWHúLYROH\ILUH EÕUDNPDNWD\GÕ%XED÷ODPGDKDUHNHWLQLNLER\XWXRODQ
]DPDQ YH PHNDQ LQVDQ LUDGHVLQLQ GÕúÕQGD EHOLUOHQHUHN QHIHULQ WP \DSÕS
HWPHOHUL KDUHNHW GLOLQGH EHOLUOL NDUúÕOÕNODUÕ EXOXQDQ NXPDQGDODUD ED÷ÕPOÕ
6|]NRQXVXNDYUDPVDOODúWÕUPDLoLQEN]3DXO9LULOLR+Õ]YH3ROLWLND'URPRORMLh]HULQH%LU
'HQHPHoHY0&DQVHYHUøVWDQEXO V
6LODK WHNQRORMLVLQGHNL JHOLúPH YH GDKD YHULPOL KDUHNHW YH QLIRUPDODUÕQ NHúIL\OH ELUOLNWH
KDUHNHWOHULQ VD\ÕVÕ YH VUHVL ]DPDQOD NÕVDOPDNWD RUGXQXQ DWHú JF LVH EXQXQOD GR÷UX
RUDQWÕOÕ RODUDN DUWPDNWD\GÕ gUQH÷LQ WDULKOL 3UXV\D WkOLP QL]kPQkPHVLQH QD]DUDQ
DVNHUOHU KHU ELUL DOWÕ KÕ] DúDPDVÕQD E|OQPú DOWPÕú LNL KDUHNHWL D\QÕ DQGD \DSPDN
]RUXQGD\GÕ WDULKOL )UDQVÕ] WkOLP QL]kPQkPHVL LVH DOWPÕú \DQDúÕN G]HQ KDUHNHWLQL
|QJ|U\RUGX %X ED÷ODPGD VLODKODUÕQ DWÕúD KD]ÕU KkOH JHWLULOPHVL ;9,,, \]\ÕO VRQODUÕQGD
3UXV\D YH 5XV\D RUGXODUÕQGD \HGL $YXVWXU\D RUGXVXQGD RQ DOWÕ KDUHNHWOH VD÷ODQÕ\RUGX
8OULFK%U|FNOLQJ'LVLSOLQ $VNHULøWDDWhUHWLPLQLQ6RV\RORMLVLYH7DULKLoHY9$WD\PDQ
øVWDQEXOV -$+RXOGLQJ)UHQFK$UPV'ULOORIWKHWK&HQWXU\
%ORRPILHOG V
0RGHUQPkQkGDNLLONWkOLPPDQXHOLRODUDNWDYVLIHGLOHQ0DXULWVYDQ2UDQLHQ¶LQNLWDEÕLoLQ
EN] -DFRE GH *KH\Q :DSHQKDQGHOLQJKH YDQ 5RHUV 0XVTXHWWHQ HQGH 6SLHVVHQ
$FKWHUYROJHQGH 2UGUH YDQ 6\Q ([FHOOHQWLH 0DXULWV 3ULQFH YDQ 2UDQJLH +DXJH ¶GHQ
WÕSNÕEDVÕP 1HZ <RUN <D\ÕQODQGÕNWDQ ELUNDo VHQH VRQUD øQJLOL]FH\H YH $OPDQFD\D
WHUFPH HGLOHQ YH WDULKLQGH 5XVoD RODUDN \D\ÕQODQDQ WkOLP PDQXHOLQGHNL JUDYUOHU
-DFREGH*KH\QWDUDIÕQGDQoL]LOPLúWLU(VHULQoHúLWOL $YUXSDGLOOHULQHWHUFPHVLNRQXVXQGD
D\UÕFD EN] 0F1HLOO DJH V YH *HRIIUH\ 3DUNHU ³)RUHZRUG´ ([HUFLVH RI $UPV
:DUIDUHLQWKH1HWKHUODQGV(G0YDQGHU+RHYHQ/HLGHQ V;
)$7ø+<(ùø/
NÕOÕQÕ\RUGX'ROD\ÕVÕ\ODVDDW]DPDQÕQÕQWDELv]DPDQGDQNRSXúXQX KDEHUYHUHQ
PRGHUQ WkOLPOH QHIHU ELUOL÷LQGHNL NDGHUGDúODUÕ\OD D\QÕ DQGD D\QÕ KDUHNHWL
\DSPD\Õ |÷UHQPHNWH\GL 'DKD |QFH ]LKQLQH DQODPODUÕ NRGODQPÕú RODQ VHVOL
HPLUOHULNÕVDELUVUHLoHULVLQGHKDUHNHWGLOLQHDNWDUPDVÕEHNOHQHQQHIHUNRPXWD
KH\HWLQLQWkOLP VXED\ODUÕQÕQ \|QOHQGLUGL÷L E\N ELU PDNLQDQÕQ GLúOLVL KkOLQH
JHOPHNWH\GL%HGHQLEHOLUOLELUVUHGHELWLULOPHVLHPUHGLOHQLúLVRQXoODQGÕUPD
\D PHFEXU HGHQ YH DWHúOL VLODKÕ YFXGD HNOHPOH\HQ WkOLP VUHFL ELU WDUDIWDQ
LQVDQÕ NHQGL LoLQ ELU YDUOÕN GLQJ IU VLFK ROPDNWDQ oÕNDUWDUDN :HEHU¶LQ
WDQÕPODPDVÕ\ODELUSURIHV\RQHOH %HUXIPHQVFK G|QúWUUNHQGL÷HUWDUDIWDQGD
ELUH\LQJUXSLoHULVLQGHND\ERODFD÷ÕELUELOLQFLQ HVSULWGHVFRUSV \DUDWÕOPDVÕQD
KL]PHW HGL\RUGX %HGHQLQ GÕúVDO ]RUXQOXOXNODUD J|UH G]HQOHQLS IRQNVL\RQHO
OHúWLULOGL÷L \D GD GÕúVDO ]RUXQOXOXNODUÕQ QHIHU WDUDIÕQGDQ LoVHOOHúWLULOGL÷L WkOLP
VUHFL EX PkQkGD LNWLGDU LOLúNLVLQL UXWLQOHúWLUPHNWH YH UDV\RQHO HPLU NRPXWD
]LQFLULQLQLQúDVÕQDRODQDNWDQÕPDNWD\GÕ
3UXV\D¶\D YH RUGXVXQD \HQL ELU oHKUH ND]DQGÕUDQ ,, )ULHGULFK¶LQ GH
EHOLUWWL÷L ]HUH PXNWHGLU YH PDGXQ DUDVÕQGDNL LNWLGDU LOLúNLVLQLQ UXWLQOHúPHVL
QHIHULQ WHUEL\H GLVFLSOLQD HGLOPHVL\OH DQODP ND]DQÕU %LU PHGHQL\HW SURMHVL
YH VUHFL 3UR]HVV GHU =LYLOLVDWLRQ RODUDN WkOLP EHGHQLQ GL÷HU EHGHQOHU YH
NXOODQGÕ÷Õ QHVQH LOH LOLúNLVLQL X]XQ VUHOL WHNUDUODUD YH FH]DODQGÕUPD
SURVHGUOHULQH GD\DOÕ NODVLN NRúXOODQPDQÕQ WHPHO WHúNLO HWWL÷L |÷UHQLP
SURJUDPÕ YH EURNUDWLN J|]HWLP PHNDQL]PDODUÕ YDVÕWDVÕ\OD G]HQOL\RUGX %X
WUGHQELUH÷LWLPSURJUDPÕQÕQX\JXODQPDVÕQGDLQVDQODUÕQQHGDPHW SHQLWHQFH
JHWLUGLNOHUL .DWROLN PDQDVWÕUODUÕQGDNLQH EHQ]HU ELU úHNLOGH 1HRVWRDFÕ LGHDOOHUH
G|QúHQ KL]PHWL HVDV DODQ WH]NL\HL QHIV YH IHUDJDWLQ QHIHU WDUDIÕQGDQ
LoVHOOHúWLULOPHVL |QHPOL ELU \HUH VDKLSWLU <XNDUÕGDQ JHOHQ HPLUOHULQ LWDDWNkU
EHGHQOHUHG|QúHQRWRPDWODúPÕúLQVDQODUDHQKÕ]OÕúHNLOGHLOHWLOPHVLQL|QJ|UHQ
WkOLP VUHFLQLQ LoVHOOHúWLULOPHVL LVH QHIHUOHULQ VUHNOL PHúJXO WXWXODUDN
|]JUOHúWLULOPHVL\OHVD÷ODQÕ\RUGXdDOÕúDUDN|]JUOHúHQQHIHUD\QÕ]DPDQGD,,
0DKPXG GHYULQGH NXOODQÕODQ WkELUOHUOH ³WHQSHUYHUOLNWHQ YH EHWkOHWGHQ´
6DDW]DPDQÕYHWDELv]DPDQDOJÕVÕNRQXVXQGDEN](37KRPSVRQ³7LPH:RUN'LVFLSOLQH
DQG,QGXVWULDO&DSLWDOLVP´3DVWDQG3UHVHQWVD\Õ V
)ULHGULFK GHU *URVVH 'DV 3ROLWLVFKH 7HVWDPHQW YRQ oHY ) 2SSHOQ%URQLNRZVNL
6WXWWJDUW V
0HGHQL\HW NDYUDPÕ NRQXVXQGD EN] 1RUEHUW (OLDV 8\JDUOÕN 6UHFL oHY (QGHU $WHúPDQ
(UROg]EHN,,,øVWDQEXO
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
LúVL]OLNDYDUHOLN GH DUÕQGÕUÕOPÕú ELU YDWDQGDú RODUDN ONHVL LoLQ UHWLFL ELU
EHGHQHG|Qú\RUGX
'LQv PRWLIOHUOH EH]HOL LGHRORMLN NDYUDPODU LQGRNWULQL]DV\RQ LúWH WDP GD
EX QRNWDGD LQVDQÕQ IL]LNVHO YH SVLNRORMLN DoÕGDQ QRUPDO úDUWODU DOWÕQGD
GD\DQDPD\DFD÷Õ V|] NRQXVX WkOLP YH WHUEL\H VUHFLQL NDWODQÕODELOLU KkOH
JHWLUPHNLoLQGHYUH\HVRNXOPDNWD\GÕ=LUDVUHNOLHPLUDOWÕQGDGLVLSOLQHWHUEL\H
HGLOHQ D\QÕ KDUHNHWOHULQ VUHNOL WHNUDUÕQD GD\DQDQ WkOLPH PDUX] NDODQ YH
QHUHGH\VHKHUJQELU|QFHNLQHEHQ]H\HQDVNHULQXOYvELUDPDFDXODúPDNLoLQ
QHIVLQLWHUEL\HHGHUHNIHUDJDWWHEXOXQGX÷XQD\DGDPDGGLYH\D PDQHYLDoÕGDQ
ELUúHNLOGH|GOOHQGLULOHFH÷LQHLQDQ GÕUÕO PDVÕJHUHNL\RUGX$NVLWDNGLUGHWkOLP
YH WHUEL\H VUHFLQLQ DVNHUL NXúDWDQ VR÷XN \DOQÕ]OÕ÷Õ JHQHOOLNOH |QFH HPUH
LWDDWVL]OLNGDKDVRQUDILUDUoÕNÕú\ROXQXQEXOXQ D PDGÕ÷ÕGXUXPODUGDLQWLKDU\D
GD DNOv GHQJHQLQ ND\EHGLOPHVL\OH VRQXoODQÕ\RUGX 9HULOL úDUWODU GDKLOLQGH
NHQGLVLQH VXQXODQLGHRORMLN DUJPDQODUD LPDQ HGHQQHIHULVH ELUWDUDIWDQ D\QÕ
LQDQFÕ SD\ODúDQ D\QÕ NR÷XúWD \DWÕS NDONDQ D\QÕ \HPH÷L \L\HQ D\QÕ VÕNÕQWÕODUÕ
oHNHQ NDGHUGDúODUÕQGDQ ELULVL VLODK DUNDGDúÕ YH HPLU NRPXWD ]LQFLULQLQ ELU
SDUoDVÕ KkOLQH JHOLU (PLU NRPXWD ]LQFLULQLQ ELU SDUoDVÕQD PDNLQHQLQ ELU
GLúOLVLQHG|QúHQQHIHULQDUWÕN3UXV\DGHYOHWLQLQELULQFLKL]PHWNkUÕYHVXED\Õ,,
)ULHGULFK¶LQGHDOWÕQÕoL]GL÷LJLELGúQPHVLQHJHUHN\RNWXU7HRULNRODUDNWÕSNÕ
GHYOHW oÕNDUODUÕQÕQ YH KLNPHWL KNPHWLQ UDLVRQ G¶HWDW \|QOHQGLUGL÷L NUDOODU
JLEL QHIHUOHUH GH GR÷UXQXQ \D GD \DQOÕúÕQ QH ROGX÷X DUWÕN KD\DWODUÕQÕ
VUGUGNOHUL NÕúODODUGD \DUDWÕODQ DNOvQL]kPv oHYUH EX RUWDPÕ oHUoHYHOH\HQ
\D]ÕOÕNXUDOODUYH\D]ÕOÕNXUDOODUÕQX\JXODQPDVÕQDQH]DUHWHGHQVÕUDOÕNRPXWDQODU
WDUDIÕQGDQV|\OHQPHNWHGLU<HQLELUDKODNVLVWHPDWL÷LQLLoVHOOHúWLUHQQHIHUNÕúOD
JHUoHNOL÷LQLQ NHQGLVLQH VXQGX÷X QRUPDWLI DOÕúNDQOÕNODU PDQ]XPHVLQL
VRUJXODPDGDQNDEXOHWPH\HKD]ÕUGÕU$UWÕN]LKQLSDUoDEWQLOLúNLVLLoHULVLQGH
oDOÕúPD\D EDúOD\DQ QHIHU \DSWÕ÷Õ Lú QH NDGDU NoN YH DQODPVÕ] ROXUVD ROVXQ
F]v LUDGHVLQLQ DQODPDVÕQD LPNkQ EXOXQPD\DQ NOOv LUDGHQLQ EHOLUOHGL÷L E\N
ELUDPDFDKL]PHWHWWL÷LQLGúQPHNWHGLU
%DúEDNDQOÕN2VPDQOÕ$UúLYL %2$ +DWWÕ+Pk\Q7DVQLIL +$7 QU
6RV\DO JHUoHNOL÷LQ LQúDVÕ NRQXVXQGD EN] 3HWHU / %HUJHU7KRPDV /XFNPDQQ 7KH 6RFLDO
&RQVWUXFWLRQRI5HDOLW\$7UHDW\RI6RFLRORJ\RI.QRZOHGJH1HZ<RUN
7kOLPYHWHUEL\HVUHFLQLQQHIHU]HULQGHEÕUDNWÕ÷ÕSVLNRORMLNHWNLQLQGDKDD\UÕQWÕOÕELUWDVYLUL
LoLQEN]<ÕOGÕ]DJHVYG
)$7ø+<(ùø/
$] |QFH WDULI YH WHúKLV HGLOPH\H oDOÕúÕOGÕ÷Õ ]HUH PRGHUQ WkOLP YH
WHUEL\HQLQKD\DWDJHoLULOPH\HEDúODQPDVÕNÕúODODUÕQHIHUOHULQXVWDoÕUDNLOLúNLVL
LoHULVLQGHDVNHUvPHOHNHOHULQLJHOLúWLUGLNOHULYH]DPDQODPNHPPHOVDYDúoÕODUD
G|QúWNOHUL PHUNH]OHU ROPDNWDQ oÕNDUDN YDWDQGDúD G|QúHQ ELUH\OHULQ EHOLUOL
NRPXWODUD RWRPDWODúPÕú UHIOHNVLI ROPD\DQ YH EX VHEHSOH WDKPLQ HGLOHELOLU
WHSNLOHU YHUPHOHULQLQ |÷UHWLOGL÷L PRGHUQ PHNDQODUD G|QúWU\RUGX 1LWHNLP
DVNHUGHQ EHNOHQHQ EHOLUOL ELU ]DPDQ GLOLPL LoHULVLQGH NHQGLVL\OH D\QÕ KDW
]HULQGH EXOXQDQ D\DNGDúODUÕ\OD D\QÕ DQGD VLODKÕQÕ GROGXUDUDN DWHú HWPHVL YH
PXKDUHEH DODQÕQGD NXPDQGDQÕQÕQ D÷]ÕQGDQ oÕNDQ NXPDQGDODUÕQ JHUHNWLUGL÷L
KDUHNHWOHUL X\JXOD\DELOPHVL\GL 'ROD\ÕVÕ\OD QHIHUGHQ ELU VDYDúoÕ JLEL LQVDQD
J|UHROGXNoDNoNELUKHGHIRODQWHVWL\LYXUDELOHFHN\DGDDWVÕUWÕQGD\NHQELOH
LVDEHWOL RN DWDELOHFHN YH\D NHoH\H GR÷UX ]DPDQ YH úHNLOGH SDOD VDOOD\DELOHFHN
NDGDU LKWLVDVODúPDVÕ EHNOHQPL\RUGX $FHPL DVNHULQ XVWDODúPDVÕ WkOLP
PDQXHOOHULQGH JUDYUOHUOH WHPVLO HGLOHQ KDUHNHWOHUL YHULOL VUHGH
X\JXOD\DELOPHVL LoLQ JHUHNOL PHNDQLN EHFHUL\L ND]DQPDVÕ YH NXPDQGDODUÕQ
KDUHNHW GLOLQGHNL NDUúÕOÕNODUÕQÕ KHU KkO YH NkUGD \DSDELOPHVL DQODPÕQD
JHOPHNWH\GL =LUD DPDo GDKD |QFH GH YXUJXODQGÕ÷Õ ]HUH VDYDú PH\GDQÕQGD
ELUOLN KDOLQGH PDQHYUD \DSDQ DVNHUOHULQ EHOLUOL ELU G]HQ LoHULVLQGH VLODKODUÕQÕ
DWHúOHPHVLQLVD÷ODPDNWDQLEDUHWWL
2VPDQOÕODUÕQ0RGHUQ7kOLPYH7HUEL\H\L.HúIL
+DUSVDQDWÕ]HULQHNDOHPR\QDWDQ$YUXSDOÕVXED\ODUÕQNoNoDSOÕJD\UL
QL]kPv RSHUDV\RQODU NRQXVXQGD |YG÷ 2VPDQOÕ VDYDúoÕODUÕQÕQ PXKDUHEH
PH\GDQODUÕQGD\DSDPDGÕ÷ÕúH\LúWHWDPGDEX\GX$YUXSDRUGXODUÕQGDPH\GDQD
JHOHQ V|] NRQXVX GH÷LúLPLQ ;9,,, \]\ÕO EDúODUÕQGDQ ,,, $KPHG GHYULQGHQ
EHULIDUNÕQGD RODQ2VPDQOÕLGDUHFLOHUL]DPDQ]DPDQ\DEDQFÕX]PDQODUHOL\OH
ELOKDVVD WRSoX VÕQÕIÕQGD PRGHUQ WkOLP X\JXODPDODUÕQÕ KD\DWD JHoLUPH\H
oDOÕúPÕúODUGÕ $QFDN ¶GH VRQXoODQDQ 2VPDQOÕ5XV KDUEL VÕUDVÕQGD ,,,
0RGHUQWkOLPYHWDNWLNRUJDQL]DV\RQXQøVWDQEXO¶GD\DSÕODQHUNHQELUWDVYLULLoLQEN])DLN
5HúLW 8QDW ³$KPHG ,,, 'HYULQH $LW %LU ,VODKDW 7DNULUL´ 7DULK 9HVLNDODUÕ VD\Õ
V
.RQW %RQQHYDO YH 9DXEDQ¶ÕQ PXFLGL ROGX÷X NURQRPHWUHOL DWÕú WkOLPOHULQLQ 2VPDQOÕ
RUGXVXQGDNL LON X\JXOD\ÕFÕVÕ KLo úSKHVL] %DURQ GH 7RWW¶GX )UDQFRLV 7RWW 0HPRLUV RI
%DURQ GH 7RWW ,, /RQGUD %X NRQXGD D\UÕFD EN] +XPEDUDFÕ $KPHG 3DúD
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
6HOLP¶LQ .ÕUÕP¶ÕQ DOÕQPDVÕ NRQXVXQGDNL ÕVUDUÕQD UD÷PHQ RUGXQXQ VDYDúPD\Õ
UHGGHWPHVLùXPQX¶GDWRSODQDQPHúYHUHWWHQLVHHOGHNLRUGX\ODNÕ\DPHWHNDGDU
VDYDúÕOVD ELOH GúPDQÕQ \HQLOJL\H X÷UDWÕODPD\DFD÷Õ VRQXFXQXQ oÕNPDVÕ
PRGHUQ WkOLPLQ 2VPDQOÕ RUGXVXQGD X\JXODPD\D JHoLULOPHVLQGH ELU G|QP
QRNWDVÕ ROPXúWXU %X VÕUDGD øVWDQEXO¶XQ VL\DVv PDKILOOHULQGH 2VPDQOÕ
RUGXVXQXQ³IHQQLPXKkUHEHGHPLOHOLPWHIHQQLQHGHQJHUNDOXEVkGHFHVkUHW
LOH´ VDYDúPDVÕ VHEHEL\OH DWHú VWQO÷QH VDKLS $YXVWXU\D YH 5XV\D RUGXODUÕ
NDUúÕVÕQGD \HQLOJL\H X÷UDGÕ÷Õ NRQXúXOPDNWD\GÕ .DOHPH DOGÕNODUÕ OD\LKDODUOD
YHEXOXQGXNODUÕPDNDPODUODGHYULQVL\DVvLNOLPLQLHWNLOH\HQ7DWDUFÕN$EGXOODK
0ROOD 0XVWDID 5HúLG (IHQGL 9DVÕI (IHQGL JLEL PHOOLIOHULQ YXUJXODGÕ÷Õ ]HUH
2VPDQOÕ RUGXVXQXQ ELU WUO VDYDú ND]DQDPDPDVÕQÕQ VHEHEL WkOLPOL GúPDQÕQ
³DWHúED]OÕ÷Õ´ YH WkOLPVL] 2VPDQOÕ RUGXVXQXQ LWDDWVL]OL÷L\GL 2VPDQOÕ VL\DVv
HOLWLQLQEXLNLSUREOHPLoLQ|QJ|UG÷UHoHWHLVHG]HQOLYHGDLPLWkOLPGL=LUD
DWHúJFQDUWÕUDQELUX\JXODPDRODUDN³WµDOLPYHWHUWLELQDVOÕNDµLGHLLWDµDWH
PHEQL\GL´
0RGHUQ WkOLP VDGHFH DVNHUv DoÕGDQ GH÷LO SROLWLN YH VRV\DO DoÕGDQ GD
2VPDQOÕVL\DVvHOLWLQH\HQLLPNDQODUVXQPDNWD\GÕ3ROLWLNRODUDN³NHQGDNOYH
GµDYDVÕQDWHEDµL\\HW´HGHUHNSDGLúDKÕQHPLUOHULQHLWDDWHWPH\HQ\HQLoHULOHUHYH
VDGHFH |GHPHOHULQ G]HQOL \DSÕOPDVÕ KkOLQGH NRQWUDWODUÕQGD EHOLUWLOHQ VUH\OH
GHYOHWHED÷OÕVHNEDQODUDLKWL\DoPRGHUQWkOLPLQX\JXODQGÕ÷Õ6DUD\VL\DVHWLQLQ
HQVWUXPDQÕ KDOLQH JHOHQ \HQL ELU RUGXQXQ NXUXOPDVÕ\OD D]DODFDNWÕ %X RUGX\D
PONV]OHULQ QHIHU RODUDN ND\GHGLOPHVL\OH GH ELOKDVVD EDúNHQWWH DU]X HGLOHQ
KX]XUYHJYHQRUWDPÕVD÷ODQDFDNWÕg\OHNL;9,,,\]\ÕOVUHVLQFHQHUHGH\VH
$YXVWXU\DYH3UXV\D¶QÕQ.XYYkL$VNHUL\\HVL+DNNÕQGD5DSRU(PDQHW+D]LQHVLQU
ED
.HPDO%H\GLOOL³.oN.D\QDUFD¶GDQ7DQ]LPDW¶D,VODKDW'úQFHOHUL´øOPL$UDúWÕUPDODU
VD\Õ V
6H\\LG 0XVWDID (IHQGL¶QLQ OD\LKDVÕ EX NRQXGD L\L ELU |UQHN WHúNLO HWPHNWHGLU .HPDO
%H\GLOOL³øON0KHQGLVOHULPL]GHQ6H\\LG0XVWDIDYH1L]kPÕ&HGvG¶H'DLU5LVDOHVL´7DULK
(QVWLWV'HUJLVLVD\Õ V
(UJLQ dD÷PDQ ,,, 6HOLP¶H 6XQXODQ ,VODKDW /k\LKDODUÕ øVWDQEXO V YH 7DWDUFÕN
$EGXOODK 0ROOD ³6HOLPL 6kOLV 'HYULQGH 1L]kPÕ 'HYOHW +DNNÕQGD 0WkOHµDW´ 7kULKL
2VPkQv(QFPHQL0HFPXDVÕ 72(0 VD\Õ V
%XNRQXGDEN]+DXV+RIXQG6WDDWVDUFKLY7UNHL,, 6WDQIRUG6KDZ³7KH2UJLQVRI
2WWRPDQ 0LOLWDU\ 5HIRUP 7KH 1L]DPÕ &HGvG $UP\ RI 6XOWDQ 6HOLP ,,,´ 7KH -RXUQDO RI
0RGHUQ+LVWRU\VD\Õ V g÷UHWHQDJHV
)$7ø+<(ùø/
oÕNDQ KHU LV\DQGD 6DUD\ NDUúÕWODUÕQÕQ \DQÕQGD \HU DODQ PONV] J|oPHQOHU
NLWOHVL WkOLPOL RUGX DUDFÕOÕ÷Õ\OD GHSROLWL]H HGLOHUHN SDGLúDK WDUDIÕQD
oHNLOHELOHFHNWL $QDGROX YH 5XPHOL¶GH NXUXOPDVÕ SODQODQDQ NÕúODODU LVH
EXOXQGXNODUÕ E|OJHOHUGH EHQ]HU ELU LúOHYL \HULQH JHWLUHFHN YH NHQGLOHULQH DLW
PÕQWÕNDODUGDKX]XUYHJYHQLVD÷OD\DUDN6DUD\RWRULWHVLQLWHVLVHGHFHNWL
;,;\]\ÕOÕQKHPHQEDúODUÕQGD2VPDQOÕSL\DGHWkOLPLQLQVDGHFHKHGHIH
DWHú HWPHNWHQ LEDUHW ROGX÷XQX EHOLUWHQ 7KRUQWRQ YH 5DF]\QVNL JLEL \DEDQFÕ
J|]OHPFLOHU 1L]kPÕ &HGvG RUGXVXQGD X\JXODQDQ WkOLP NRQXVXQGD ELU ELOJL
YHUPHVHOHU GH 2VPDQOÕ PHOOLIOHULQFH NDOHPH DOÕQDQ PHWLQOHUGHQ EX VÕUDGD
øVWDQEXO¶GD PRGHUQ WkOLP KXVXVXQGD |QHPOL ELU ELOJL ELULNLPL ROGX÷XQX |QH
VUPHN PPNQGU gUQH÷LQ 5DLI YH $VÕP HIHQGLOHULQ GH ]HULQGH ÕVUDUOD
GXUGXNODUÕ ]HUH PRGHUQ WkOLPLQ QHVQHVL KDOLQH JHOHQ QHIHUOHU ³FLVPL YkKLG
JLELFH VDI ED÷OD\XE \HNGHQ NÕ\kP X NXµXG YH D\DN DOPDN YH LOHU YDUXE JHU
oHNLOPHNYH|WH\HEHU\HG|QPHNYHWIHQJOHULGHIµDWHQGROGÕUXEGHIµDWHQJúkG
YHUPH\L´ |÷UHQL\RUODUGÕ 6|] NRQXVX |÷UHQLP VUHFLQLQ LON DúDPDODUÕQÕQ
WDVYLULQH LVH 5kWLE (IHQGL¶QLQ $YXVWXU\D RUGXVXQGD NXOODQÕOPDNWD RODQ
WkOLPQkPHVLQGHQ ([HU]LHUUHJOHPHQW 7UNoH¶\H WHUFPH HWWLUHUHN %\N
/k\LKDVÕQD GkKLO HWWL÷L ELU SDVDMGD UDVWODPDN PPNQGU %XQD J|UH WkOLP
VXED\ÕDFHPL\H³LEWLGkWIHQJLHOLQHYHUE\XNDUXWXWPD÷Õ|÷UHWVQYHEXQD
PPkUHVHWJHOLQFHELUNDoJQWIHQJHOLQGH\XNDUXWXWDUDNWIHQJLWDúÕWVXQYH
1L]kPÕ&HGvGRUGXVXLoLQ VRQEDKDUÕQGDNDOHPHDOÕQDQLONQL]kPQkPHGHLQúDHGLOHFHN
NÕúODODU DUDFÕOÕ÷Õ\OD QL]kPOÕ RUGXQXQ 5XPHOL¶GH GH NXUXOPDVÕ SODQODQPDNWD\GÕ %X NRQXGD
EN]0HUKXP6XOWDQ6HOLP+kQÕ6kOLV¶LQ=DPDQÕQGD7DQ]LP2OXQDQ.DYkQvQ7UN7DULK
.XUXPX.WSKDQHVL 77. <YUDE3UXV\D¶QÕQøVWDQEXOHOoLVL.QREHOVGRUI¶XQEX
NRQXGDNL|QHULOHULLoLQD\UÕFDEN]%H\GLOOL³.oN.D\QDUFD¶GDQ7DQ]LPDWD´V
5DF]\QVNL¶GHøVWDQEXOYHdDQDNNDOH¶\H6H\DKDWoHY.7XUDQøVWDQEXO V
7KRPDV7KRUQWRQ7KH3UHVHQW6WDWHRI7XUNH\,/RQGUD
$VÕP (IHQGL 7DULKL $VÕP , øVWDQEXO YH .HPDO %H\GLOOLøOKDQ ùDKLQ 0DKPXG
5DµLI (IHQGL YH 1L]kPÕ &HGvG¶H 'D¶LU (VHUL $QNDUD V <DQDúÕN G]HQGH YH
GR÷UXVDOELUKDW]HULQGHGXUXODUDN\DSÕODQPHNDQLNDWÕúODUGD;9,,,\]\ÕO$YUXSD¶VÕQÕQHQ
EDúDUÕOÕRUGXVXRODUDNJ|]HoDUSDQ3UXV\DRUGXVX|]HOLQGH$KPHG5HVPv(IHQGL¶QLQ\DSWÕ÷Õ
J|]OHPEXUDGD]LNUHGH÷HUELUD\UÕQWÕGÕU=LUD5HVPv(IHQGL¶\HJ|UH3UXV\DDVNHUOHUL³«o
\] ELUGHQ >EDWDOOLRQ@ >WIHNOHULQL@ WROGXUXS ERúDQGÕUPDN YH GLYDU JLEL \HNSkUH \U\S
LNGkPYHLKFkPGDQL]kPÕVDIIÕER]PDPDN]UHWD¶OvPYHWHUEL\H«´HGLOL\RUODUGÕ%XNRQXGD
EN]$KPHG5HVPv6HIkUHWQkPHL$KPHG5HVPv 3UXV\D øVWDQEXOV YH$]DU
*DW$+LVWRU\RI0LOLWDU\7KRXJKW)URP7KH(QOLJKWHQPHQWWR7KH&ROG:DU1HZ<RUN
V
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
VRQUD J|EH÷L WDúUD oÕNPD÷Õ YH J|÷VQ JHUPH÷L |÷UHWVQ %DµGHKX EX KkO LOH
WIHQJ HOLQGH GXUPD÷Õ J|VWHUVQ YH ELUD] H\\kP JHoE EXQODUD PPkUHVHW
JHOGLNGH VD÷ WDUDIÕQD YH VRO WDUDIÕQD WIHQJ HOLQGH LNHQ G|QPH÷L LUkµHW HWVQ
%DµGHKX WD¶OvP ]HUH WIHQJ WXWPDVÕQÕ PHúN HWVQ %D¶GHKX Wv] GROGXUPDVÕQÕ
|÷UHWVQ /kNLQ EXQODUÕ WD¶OvP HGHQ VWkGODUÕ DFHOH LOH J|VWHUPHVQ DKHVWH
DKHVWHJ|VWHUVQLEWLGkLNLoKXVVXDµOkYHJ]HOWHIHKKPHWVQ6RQUD\DYDú
\DYDú >WIH÷L@ GROGXUPDVÕQÕ |÷UHWVQ EDµGHKX Wv] Wv] GROGXUPDVÕQÕ LGPkQ
HWGUVQ YH GROGXUDFDNODUÕ YDNWGH SDODVND\Õ QDVÕO WXWVXQ YH ILúHNOHUL ELU
WXWPDNGDNROD\OÕNLOHQDVÕOoÕNDUVXQkQODUÕ´|÷UHWPHOLGLU
5kWLE(IHQGL¶QLQOk\LKDVÕQÕNDOHPHDOGÕ÷ÕG|QHPGH6DGUD]DP<XVXI3DúD
GDVDYDúWDHVLUGúHUHN0VOPDQRODQELU5XVVXED\ÕQÕQWkOLPYHWHUEL\HHWWL÷L
RQ VHNL] QHIHUL\OH ,,, 6HOLP¶H $YUXSD RUGXODUÕQGD X\JXODQDQ WDNWLN
IRUPDV\RQXQ LQFHOLNOHULQL J|VWHUPHNWH\GL '|QHPLQ 2VPDQOÕ DVNHUv
OLWHUDWUQGHWDEXUDOD\FHQJLWkOLPLRODUDNLVLPOHQGLULOHQEX\HQLRUJDQL]DV\RQ
IRUPX KLo úSKHVL] VÕUDGDQ QHIHUOHULQ WkOLP YH WHUEL\H HGLOGL÷L YH EHONL GH HQ
|QHPOLVL VHQNURQLN VLODK NXOODQÕPÕQÕQ YH WHPHO PDQHYUD KDUHNHWOHULQLQ
|÷UHWLOGL÷L DFHPL WkOLPLQGHQ NXUX YH\D DWHúOL WkOLPOHUGHQ ROGXNoD IDUNOÕ\GÕ
1LWHNLP WDEXUDOD\ WkOLPL DVOÕQGD ]DELWOHULQ PXKDUHEH PH\GDQÕQGD PXDOOHP
QHIHUOHUGHQ PWHúHNNLO RUWDODUÕ QDVÕO VHYN YH LGDUH HGHFHNOHULQL WkOLP HWWLNOHUL
WDWELNDWODUGÕ 1L]kPÕ&HGvGRUGXVXV|]NRQXVXROGX÷XQGDWDEXUWkOLPOHULQGH
HQ |QHPOL URO WRSoX DUDEDFÕ PKHQGLV YH SL\DGH JLEL IDUNOÕ VÕQÕIODUGDQ
QHIHUOHULLKWLYDHGHQGROD\ÕVÕ\ODDVNHUvRUJDQL]DV\RQDoÕVÕQGDQNHQGLLoLQGHELU
EWQONVD÷OD\DQRUWDODUÕQVD÷VRONROODUÕQDNRPXWDHGHQNROD÷DODUÕEHú\]EDúÕ
%XNRQXGDEN]5kWLE(IHQGLDJHYUDE5kWLE(IHQGL¶QLQWDVYLUHWWL÷LEXWUGHQELU
WkOLPLQ X\JXODQDELOPHVL LoLQ RUGXGD NXOODQÕODQ WIHNOHULQ D\QÕ VWDQGDUWWD ROPDVÕ
JHUHNPHNWH\GL +HU QH NDGDU 2VPDQOÕ QHIHUOHULQLQ EX VÕUDGD NXOODQGÕNODUÕ WIHNOHULQ
$YUXSD¶GD NXOODQÕODQODU NDUúÕVÕQGD WHNQRORMLN DoÕGDQ |QHPOL ELU ]DIL\HWL EXOXQPDVD GD
RUGXGD EHOLUOL ELU VWDQGDUGÕQ EXOXQPDPDVÕ PRGHUQ WkOLPLQ 2VPDQOÕ RUGXVXQD
X\JXODQPDVÕQÕQ|QQGHNLHQ|QHPOLHQJHOGL1LWHNLPSHN oRN2VPDQOÕEHOJHVLWRSODQDFDN
RODQ QHIHUOHULQ \D GD OHYHQGOHULQ WDúÕPDVÕ JHUHNHQ |]HOOLNOHUL EHOLUWL\RUVD GD EXQODUÕQ
NXOODQDFDNODUÕ VLODKODUÕQ QH ROGX÷XQX YH HYVDIÕQÕ VSHVLILNOHúWLUPL\RUGX 0F1HLOO DJH V
%UHQWDQR¶QXQ 2VPDQOÕ RUGXVXQGD NXOODQÕODQ VLODKODUÕQ VWDQGDUGL]DV\RQX NRQXVXQGD
\DSWÕ÷Õ|QHULLoLQEN]g÷UHWHQDJHV D\UÕFD9LUJLQLD$NVDQ³:KDWHYHU+DSSHQHG
WR WKH -DQLVVDULHV" 0RELOL]DWLRQ IRU WKH 5XVVR2WWRPDQ :DU´ :DU LQ +LVWRU\
VD\Õ V
7DEXUWDOLPLNRQXVXQGDEN]<ÕOGÕ]DJHV
)$7ø+<(ùø/
R\QDPDNWD\GÕ=LUDNROD÷DODUÕPXKDUHEHHVQDVÕQGD\DGDPXKDUHEHOHULQVLPXOH
HGLOGL÷L WDWELNDWODUGD ELU WDUDIWDQ GúPDQÕ NROODUNHQ GL÷HU WDUDIWDQ PHQVXEX
ROGX÷X RUWD\D NRPXWD HGHQ ELQEDúÕQÕQ HPLUOHULQL GLNNDWH DOPDN YH WDNWLN
IRUPDV\RQXQ JHUHNWLUGL÷L HPLUOHUL POD]ÕP D÷D DUDFÕOÕ÷Õ\OD E|ONEDúÕODUD
LOHWPHN]RUXQGD\GÕ
$QFDN VDYDú HVQDVÕQGD FHSKHGH EXOXQPD\DQ GHYULQ VL\DVv HOLWL WkOLP
NRQXVXQGD 6DGUD]DPGDQ ELU DGÕP |QGH\GL =LUD PRGHUQ WkOLPL 2VPDQOÕ
RUGXVXQX ELU DQGD R HVNL JQOHULQH G|QGUHELOHFHN VLKLUOL ELU GH÷QHN RODUDN
J|UHQOHU ,,, 6HOLP G|QHPLQGHNL KDNLP VL\DVv V|\OHP RODUDN |Q SODQD oÕNDQ
PXNDEHOHL EL¶OPLVLO GúQFHVLQGHQ KDUHNHWOH GDKD VDYDú GHYDP HGHUNHQ
øVWDQEXO¶XQ.DUDGHQL]VDKLOLQGHQNHQGLUÕ]DODUÕ\OD\]HOOLFLYDUÕQGDQHIHUWDKULU
HWPLú YH EXQODUÕ LoLQGH EXOXQDQ 7HNNHL 7vU \ÕNÕODUDN PRGHUQ ELU NÕúOD\D
G|QúWUOPH\H oDOÕúÕODQ /HYHQW dLIWOL÷L¶QGH LVNDQ HGHUHN WkOLP HWWLUPH\H
EDúODPÕúWÕ VHQHVLQGH VRQXoODQDQ 2VPDQOÕ$YXVWXU\D VDYDúÕ HVQDVÕQGD
2UVRYD¶GD HVLU GúHUHN 7HPHúYDU¶GD J|]DOWÕQGD WXWXODQ gPHU $÷D LVH EX VUH
]DUIÕQGD $YXVWXU\D RUGXVXQGD NXOODQÕOPDNWD RODQ WkOLP \|QHWPHOL÷LQL
|÷UHQPLúWL =LúWRYL $QODúPDVÕ¶QÕ WDNLEHQ øVWDQEXO¶D G|QG÷QGH ELOJLVLQL
GHYOHWULFkOLLOH SD\ODúDQ gPHU $÷D 1L]kPÕ &HGvG RUGXVX LoLQ\HQL ELUWkOLP
\|QHWPHOL÷L NDOHPH DODFDN YH FHGvG RUGXGD ELU DVNHULQ \NVHOHELOHFH÷L HQ VW
PDNDPD RFDN D÷DOÕ÷ÕQD DWDQDFDNWÕ 6HIDUHWQkPHOHULQ YH NDWLSOHULQ FHSKHGH
\DSWÕNODUÕ J|]OHPOHUH GD\DOÕ NLWDEv ELOJLOHULQ YH VDYDú HVLUOHULQLQ
GHQH\LPOHULQLQ NÕVD VUHGH |WHVLQH JHoHFHN RODQ ,,, 6HOLP YH ULFkOL \DEDQFÕ
WkOLPoDYXúODUÕYHVXED\ODUDUDFÕOÕ÷Õ\ODPRGHUQWkOLPL1L]kPÕ&HGvGRUGXVXQGD
X\JXODPD\D EDúODPÕúWÕU %X ED÷ODPGD oD÷GDú WkOLP \|QHWPHOLNOHUL NRQXVXQGD
X]PDQELOKDVVD)UDQVÕ]VXED\YHDVWVXED\ODUÕQøVWDQEXO¶DJHWLULOPHVLKXVXVXQGD
GHYULQ VL\DVv RUWDPÕ |QHPOL LPNDQODU EDUÕQGÕUÕ\RUGX 1LWHNLP 2VPDQOÕ
EDúNHQWLQGHJ|oPHQRODUDNEXOXQDQPRQDUúLWDUDIWDUÕSHNoRN)UDQVÕ]DULVWRNUDW
øVPDLO +DNNÕ 8]XQoDUúÕOÕ ³,,, 6XOWDQ 6HOLP =DPDQÕQGD <D]ÕOPÕú 'Õú 5X]QDPHVLQGHQ
YH 6HQHOHULQH$LW9HND\L´%HOOHWHQ;;;9,,
2WRNDU 6FKOHFKWD:VVHKUG 'LH 5HYROXWLRQHQ LQ &RQVWDQWLQRSHO LQ GHQ -DKUHQ XQG
9L\DQDV %2$%kEÕ'HIWHUv3L\DGH0XNDEHOHVL'HIWHUOHUL '3<0G QU
V
<Dú $QODúPDVÕ LOH VRQXoODQDQ VDYDúWD 5XV\D¶\D HVLU GúHUHN ³VYDUL WDµOLPLQH YkNÕI´ RODQ
6DUDoKDQH¶GHQ JD\HW VWDG ELU NLúLQLQ 1L]kPÕ &HGvG 6YDUL 2UWDVÕQD ]DELW RODUDN
ND\GHGLOPHVL YH PRGHUQ NRúXP WDNÕPODUÕQÕQ \DSÕPÕQD QH]DUHW HWPHVL NRQXVXQGD EN]
7RSNDSÕ6DUD\Õ0]HVL$UúLYL 760$ QU(
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
YH VXED\ NÕVD VUH LoHULVLQGH 1L]kPÕ &HGvG 1H]kUHWL WDUDIÕQGDQ LVWLKGDP
HGLOHFHNWL 1L]kPOÕ RUGXQXQ FHGvG DVNHUv X]PDQODUÕQÕQ 2VPDQOÕ QHIHUOHULQH
\DSWÕUGÕ÷Õ WkOLP LVH ;9,,, \]\ÕO RUWDODUÕQGDQ LWLEDUHQ )UDQVÕ] RUGXVXQGD
X\JXODQDQ WkOLP LONHOHULQH J|UH úHNLOOHQPLúWL =LUD 2VPDQOÕ QHIHUOHUL D] VRQUD
WDVYLUHGLOPH\HoDOÕúÕODFD÷Õ]HUH)UDQVÕ]X]PDQODUÕQ]DWHQL\LELOGLNOHUL\DQDúÕN
G]HQKDUHNHWOHULQLYHDYFÕWkOLPLQLQ|QJ|UG÷PDQHYUDODUÕWDOLPHGL\RUGX
,,, 6HOLP GHYULQGH WkOLPOH LOJLOL RODUDN NDOHPH DOÕQDQ PHWLQOHUGH DoÕNoD
J|]OHPOHQGL÷L ]HUH QHIHU QDP]HWOHULQH |QFHOLNOH QDVÕO YH KDQJL KÕ]OD
\UQHFH÷LQHúHNLOGHEHNOHQHFH÷LVD÷DVRODYHJHUL\HQDVÕOG|QOHFH÷LKDWWD
LQWLNDO VÕUDVÕQGD YHULOHQ PRODODUGD QDVÕO H÷OHQLOHFH÷L |÷UHWLOL\RUGX 2UGX\D
NDWÕOPDGDQ HYYHO DWHúOL VLODKODUD \DEDQFÕ ROPD\DQ DFHPL DVNHUOHUH GDKL WkOLP
PDQXHOLQGH J|VWHULOGL÷L úHNLOGH VLODK NXOODQÕPÕQÕQ |÷UHWLOPHVL VUHFLQ LNLQFL
DúDPDVÕQD WHNDEO HWPHNWH\GL <U\úOHU YH VLODKODUÕQ DWHúOHQPHVL HVQDVÕQGD
QHIHUOHU DUDVÕQGD VHQNURQL]DV\RQXQ VD÷ODQPDVÕ LVH |÷UHQPH VUHFL VRQXQGD
ROXúPDVÕ EHNOHQHQ NDOÕFÕ GDYUDQÕú GH÷LúLNOL÷LQLQ HQ |QHPOL XQVXUX\GX $QFDN
V|] NRQXVX VUHFLQ LQVDQGD GDLPLOLN KLVVL X\DQGÕUDQ X]XQ VUHOL WHNUDUODUD
GD\DOÕRODUDNúHNLOOHQPHVLYHQHIHUQDP]HWOHULQH]DWHQELOGLNOHULQL]DQQHWWLNOHUL
KDUHNHWOHULQ \HQLGHQ |÷UHWLOPHVL NDGLP VDYDúoÕODU DoÕVÕQGDQ WkOLPL
DQODPVÕ]ODúWÕUÕ\RUGX%XQODUÕQ\DQÕVÕUDWkOLPLQGR÷DVÕQDX\JXQRODUDNNDSÕODUÕ
YDURODQ VRV\DO JHUoHNOL÷H NDSDOÕ NÕúODODUGD NXUJXODQDQ PRGHUQDNOvQL]kPv ELU
oHYUHGH \DSÕOPDVÕ VUHFL HVNL WDU] VDYDúoÕODU LoLQ NDWODQÕOPD] ELU KkOH
JHWLULUNHQ ILUDUODUÕQ DUWPDVÕQD VHEHS ROX\RUGX 0RGHUQ PkQkGD EURNUDWLN ELU
DVWVWLOLúNLVLQLQEXOXQPDGÕ÷ÕGROD\ÕVÕ\ODPRGHUQJ|]HWLPPHNDQL]PDODUÕQGDQ
\RNVXQ NDUGHúOLN\ROGDúOÕN HVDVÕQD GD\DOÕ ELU NXUXPVDO \DSÕ LoHULVLQGH \HWLúHQ
\HQLoHULOHU YH\D KHU QH WUGHQ ROXUVD ROVXQ LNWLGDUD WkEL ROPDN LVWHPH\HQ YH
OLGHU NRQXPXQGDNL E|ONEDúODUÕQÕQ GDKD oRN ELUHU SULPXV LQWHU SDUHV ROGX÷X
VHNEDQJUXSODUÕKLoúSKHVL]EXWUGHQELUWkOLPHYHRQXQNXUJXVDOJHUoHNOL÷LQH
\DEDQFÕ\GÕ %X \HQL JHUoHNOLN NDKUDPDQOÕN KLND\HOHUL LOH |UOPú PHQNÕEHYL
ELUDQODWÕ]HULQGHúHNLOOHQHQDúNYHFRúNXLOHNHQGLQGHQJHoHQEXVHEHSOHGH
PXKDUHEH DODQÕQGD NRQWURO QHUHGH\VH LPNDQVÕ] HOH DYXFD VÕ÷PD] ELU
VDYDúoÕGDQ ]L\DGH YHULOHQ HPLUOHUH VRUJXODPDNVÕ]ÕQ LWDDW HGHQ GDYUDQÕú
NDOÕSODUÕ KkO YH JLGLúOHUL NÕ\DIHWOHUL YH KDWWD LQDQoODUÕ ELUELULQLQ D\QÕ RODQ
QHIHUOHULQPHKPHWoLNOHULQUHWLOPHVLQHKL]PHWHWPHNWH\GL
9kVÕI(IHQGL7kULKL9kVÕIøh.7%7< YUDYG
)$7ø+<(ùø/
.DGLPVDYDúoÕODUGDQIDUNOÕRODUDN1L]kPÕ&HGvGNÕúODODUÕQGDWkOLPHGHQ
QHIHU QDP]HWOHUL F]v LUDGH HUEDEÕQÕQ NXPDQGDQODUÕQ WHUEL\HVL\OH NOOv
LUDGHQLQ DVNHUOLN PHVOH÷L VH\UL VONXQD UDEW RODUDN SURIHV\RQHOOHúL\RUGX
0RGHUQ WkOLP DUDFÕOÕ÷Õ\OD 1L]kPÕ &HGvG NÕúODODUÕQGD LQúD HGLOPH\H oDOÕúÕODQ
VRV\DO JHUoHNOL÷LQ GR÷DO VRQXFX RODQ EX PLVWLVL]P HQ DoÕN úHNLOGH 2FDNÕ
%HNWDúL\kQ¶GD WH]DKU HGHQ WDVDYYXIv PRWLIOHUOH |UO LQDQo \DSÕVÕQÕQ NDUúÕ
NXWEXQGD GXUPDNWD\GÕ =LUD WDVDYYXIv LQDQFÕQ PXWODNOÕ÷ÕQÕQ DNVLQH NÕúOD
PLVWLVL]PL WÕSNÕ HPLU NRPXWD ]LQFLUL \D GD EURNUDWLN |UJWVHO \DSÕ JLEL IDUN
]HULQGHQúHNLOOHQPHNWHGLU1HIHUQDP]HWOHULQLQGR÷UXQXQYH\DQOÕúÕQL\LQLQYH
N|WQQ QH ROGX÷XQX NHQGLOHULQH J|VWHUHFHN JLUGLNOHUL \ROGD RQODUÕ WHUEL\H
HGHFHN NRPXWDQODUDVWDGODUD LKWL\Do GX\PDODUÕ DVOÕQGD GDKLO ROGXNODUÕ \HQL
VRV\DOJHUoHNOL÷LQGR÷DVÕ\ODDODNDOÕ\GÕ2UWRGRNVøVODPvLQDQoLVHQHIHUOHULQEX
LKWL\DFÕQÕ NDUúÕODPD\D G|QN ELU HQVWUXPDQ RODUDN NXOODQÕOÕ\RUGX 'ROD\ÕVÕ\OD
VDYDúoÕODUÕFRúWXUDQ%HNWDúvEDEDODUÕQÕQ\HULQH1L]kPÕ&HGvGNÕúODODUÕQDWHVOLP
RODQ QHIHUOHUH NXUXOX G]HQH YH LNWLGDUDKDOLIH\H ER\XQ H÷PH\L |÷UHWPHN YH
KDIWDQÕQ EHOLUOL JQOHULQGH ³%LUJLYv ULVkOHVL YH DYkPD Ok]ÕP RODFDN PLNGkU
PHVk¶LOL GLQL\\H WHIKvPL ]ÕPQÕQGD PXYD]]DI LPkPODU WDµ\vQ´ HGLOPHVL FHGvG
RUGXQXQPHúUXL\HWLQGHQoRNGDKD|WHGHELUDQODPDVDKLSWLg\OHNL,,,6HOLP
GHYUL VL\DVv LGHRORJODUÕQGDQ ED]ÕODUÕ øVODPL\HWL ELOPH\HQ DVNHUOHULQ PXKDUHEH
PH\GDQÕQGD HPLUOHUH LWDDW HWPH\HQ HGHEVL]OHUH G|QúPHVLQGHQ DoÕNoD úLND\HW
HWPHNWH\GL 1HIHUQDP]HWOHULQLQøVODPvRUWRGRNVL\HHNOHPOHQGLNoHGDKDPXWv
RODELOHFHNOHULQL |QJ|UHQ EX SHUVSHNWLI WkOLPLQ ELU SDUoDVÕ RODUDN JQDKÕQ YH
VHYDEÕQ|÷UHWLOGL÷LNÕúODODUGDYDNLWQDPD]ODUÕQÕQFHPDDWOHELUOLNWHNÕOÕQPDVÕQÕGD
LFEkUHGL\RUGXhVWWHQJHOHQHPLUOHULELUHUQkVPÕúFDVÕQDLoVHOOHúWLUPHVLJHUHNHQ
QHIHUOHULQ WHUEL\HVLQGH ELUHU HQVWUXPDQD G|QúHQ YDNLW QDPD]ODUÕQÕQ LQVDQODUD
]DPDQ YH PHNDQ GLVLSOLQL]DV\RQX ND]DQGÕUÕODQ PRGHUQ NXUXPODUOD |UQH÷LQ
RNXO KDSLVKkQH SHQLWHQWDU\ IDEULND YH EHQ]HUL NDUúÕODúPDPÕú QDP]HWOHULQ
NÕúOD\D YH WkOLPH LQWLEDNODUÕQÕ NROD\ODúWÕUGÕ÷Õ YH JQGH HQ D] EHú NHUH X÷UXQD
VDYDúWÕNODUÕ XOYv DPDFÕ KDWÕUODWWÕ÷Õ GúQOHELOLU 1H GH ROVD ³DVNHUL øVOkP
JD]D\D WHYHFFK H\OHGL÷LQGH GQ\DOÕN FHOELQL GHUQODUÕQGDQ LKUko YH >VDGHFH@
77. < YU D ÆVDNLUL 0DQVUH RUGXVXQGD LVWLKGDP HGLOHFHN RODQ LPDPODUÕQ GD
J|UHYOHUL EHQ]HU ELU úHNLOGH ³DYkPD Ok]ÕP RODFDN PHVD¶LOL GLQL\\H YH LOPL KkOOHULQL YH
UHVPL KkW YH NƗELOL\HWOHULQH J|UH XOPÕ VD¶LUH\L WDµOLP YH HYNkWÕ KDPVH\L FHPDµDWOH HGk
H\OHPHOHULQHD]vPLKWLPkP´HWPHNWL$VNHUv.kQQQkPHOHU KD]$<DUDPÕú
0*QHú$QNDUDV
1L]kPQkPH0VYHGGHOHUL6OH\PDQL\H.WSKDQHVL(VµDG(IHQGLQUYUDE
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
GLQL PEvQ JD\UHWL LoLQ´ VDYDúPDOÕ\GÕ 3DGLúDKÕQKDOLIHQLQ WHPVLO HWWL÷L
RUWRGRNV øVODPv LGHDOOHULQ YDNLW QDPD]ODUÕ YH YDD]ODU DUDFÕOÕ÷Õ\OD QHIHU
QDP]HWOHULQH WH]NL\HL QHIVLQ YH IHUDJDWLQ |÷UHWLOPHVLQGH NXOODQÕOPDVÕQÕQ \DQÕ
VÕUD FHPDDWOH NÕOÕQDQ YDNLW QDPD]ODUÕQÕQ WkOLP VUHFLQGH oRN GDKD SUDWLN ELU
LúOHYHVDKLSROGX÷XDQODúÕOPDNWDGÕU1LWHNLPNRUHRJUDILVLEHOOLRODQQDPD]ODUÕQ
FHPDDWOH NÕOÕQPDVÕQÕQ QHIHUOHU DUDVÕQGDNL VHQNURQLN X\XPX JoOHQGLUHFH÷L
GúQO\RUGX %X ED÷ODPGD QHIHUOHUGHQ WÕSNÕ ³FHPDµDWOH QDPD]GD NDµLP
ROXQGX÷X´JLELVDYDúDODQÕQGDGD³NDYDµLGLKHQGHVL\\H]HUHJHUH÷LJLELVDIODU
ED÷OD\DUDN]DELWOHULQWHQELKYHLúkUHWOHULQHLWDµDWHWPH´OHULEHNOHQL\RUGX 'LQv
ELU YHFLEHQLQ DUDoVDOODúWÕUÕOGÕ÷Õ WkOLP VUHFLQGH LPDP \HULQL NXPDQGDQD
FHPDDW LVH \HULQL DVNHUv ELUOL÷H EÕUDNÕUNHQ $YUXSDOÕ J|]OHPFLOHUH EDúÕER]XN
VDYDúoÕODU RODUDN J|UQHQ NDGLP 2VPDQOÕ RUGX PHQVXSODUÕ PXDOOHP ELUHU
PHKPHWoLN PHKPHWoLNOHUGHQ PWHúHNNLO RUGX GD SH\JDPEHU RFD÷Õ RODUDN
\HQLGHQ\DSÕODQGÕUÕOÕ\RUGX
1L]kPÕ&HGvG2UGXVXQGD7kOLP 0XDOOHP$YFÕQÕQ'R÷XúX
=DPDQOD VD\ÕVÕ DUWDUDN øVWDQEXO¶GD G|UW RUWD RODUDN |UJWOHQHQ 1L]kPÕ
&HGvGRFD÷ÕQGDRQLNLE|ONWHQROXúDQKHUELURUWDQÕQKHUJQDOWÕE|O÷ WHRULN
RODUDN \HGL \] VHNVHQ QHIHU hVNGDU YH /HYHQW dLIWOL÷L NÕúODODUÕQGDNL WkOLP
PH\GDQODUÕQD oÕNDUDN \DEDQFÕ WkOLP oDYXúODUÕQÕQ QH]DUHWLQGH ³WRE YH WIHQN>L@
PHúN YH WDµOLP´ HWPHNWH\GL %X ED÷ODPGD QHIHUOHU LNL JQGH ELU GHID ROPDN
]HUHGROXVLODKODUODPXKDUHEHPDQHYUDODUÕQÕLFUkHGHUHNDWÕú\DSPDNWDQ|EHWoL
ROPDGÕNODUÕ JQOHUGH GH GHYULQ OLWHUDWUQGH NXUX WkOLP RODUDN DGODQGÕUÕODQ
WHPHO PDQHYUDODUÕ YH KDUHNHWOHUL ERú VLODKODUOD WHNUDU HWPHNWH\GL
øVWDQEXO¶GDNL NÕúODODUGD LNDPHW HGHQ QHIHUkWOD LOJLOL NDOHPH DOÕQDQ
QL]kPQkPHOHU WkOLPOH LOJLOL D\UÕQWÕOÕ ELOJLOHU LKWLYD HWPHVH GH V|] NRQXVX
QHIHUOHULQ RUGX\D NDWÕOGÕNWDQ KHPHQ VRQUD WHPHO \DQDúÕN G]HQ KDUHNHWOHULQL
|÷UHQGLNOHUL YH EXQODUÕ KHU JQ VDEDK YH DNúDP LFWLPDODUÕ VÕUDVÕQGD WHNUDU
HWWLNOHUL GúQOHELOLU 1LWHNLP 1L]kPÕ &HGvG 2FD÷ÕQÕQ EDúNHQW GÕúÕQGD
EXOXQDQ NÕúODODUÕ LoLQ NDOHPH DOÕQDQ QL]kPQkPH QHIHUOHULQ ³NDµLGHL RFDN
$KPHG&HYDG7kULKL$VNHUL2VPDQv,
(VµDG(IHQGLhVVL=DIHUKD]0$UVODQøVWDQEXOV
øQWLEDNH÷LWLPOHULVÕUDVÕQGD|UQH÷LQ)UDQVÕ]RUGXVXQGDDFHPLDVNHUOHUHKHUKDQJLELUND]D\D
VHEHEL\HW YHUPHPHN LoLQ WDKWD VLODKODUOD NXUX WkOLP \DSWÕUÕOPDNWD\VD GD 1L]kPÕ &HGvG
RUGXVXQGDE|\OHELUX\JXODPDQÕQYDUOÕ÷ÕQDGDLUKHQ]ELUELOJL\HXODúÕODPDPÕúWÕU
$QDGROX¶GD NXUXODQ RUWDODUD ND\ÕWOÕ 1L]kPÕ &HGvG DVNHUOHUL EXOXQGXNODUÕ E|OJHOHUGH
NÕúODODULQúDHGLOPHGHQ|QFH\ÕOGDELUNH]hVNGDU¶DJHWLULOPHNWHYHWkOLP\DSWÕUÕOPDNWD\GÕ
$QFDN V|] NRQXVX QHIHUOHU oHYUH ND]DODUGD NÕúODODUÕQ NXUXOPDVÕ\OD ELUOLNWH VHQHGH DOWÕ D\
)$7ø+<(ùø/
]UH´ KHU VDEDK YH DNúDP ³DFHPL WDµOLP´L \DSPDVÕQÕ |QJ|UPHNWH\GL $FHPL
WkOLPLQH J|VWHULOHQ LKWLPDP KLo úSKHVL] QHIHUOHULQ PXKDUHEH DODQÕQGD ELUOLN
KkOLQGH \DSPDVÕ JHUHNHQ PDQHYUDODUÕQ WHPHO KDUHNHWOHULQL LKWLYD HWPHVL\OH
DODNDOÕ\GÕ =LUD WHPHO DVNHUOLN H÷LWLPL RODUDN J|UOHQ DFHPL WkOLPL QHIHUOHU
DUDVÕQGDNL ELUOLN UXKXQX JHOLúWLUPHVL YH GDKD VRQUD \DSÕODFDN KHU WU WkOLP YH
PDQHYUD\D VD÷ODP ELU WHPHO WHúNLO HWPHVL VHEHEL\OH QHIHUOHUH KHU IÕUVDWWD
\DSWÕUÕOÕ\RUGX /HYHQW dLIWOL÷L YH hVNGDU NÕúODODUÕQD QD]DUDQ GDKD D] VD\ÕGD
DVNHULQ LNDPHW HWWL÷L $QDGROX¶GDNL NÕúODODUGD LVH WkOLPOHULQ IUHNDQVÕ oRN GDKD
D]GÕøQúDHGLOGLNOHULE|OJHOHULQJYHQOL÷LQGHQGHVRUXPOXRODQEXNÕúODODUGDNL
PHYFXWRUWDODUÕQKHUD\LNLúHUE|O÷Q|EHWoLWD\LQHGLOL\RUGX%LUD\ER\XQFD
PÕQWÕNDODUÕQGD NROOXN J|UHYL \DSDQ WDúUDGDNL Q|EHWoL QHIHUkW VDEDK YH DNúDP
LFWLPDODUÕQGD³DFHPLWkOLPL´\DSÕ\RUGX+DIWDGDLNLNH]JHQHOOLNOHSD]DUWHVLYH
SHUúHPEHJQOHUL]DELWDQGDGkKLOROPDN]HUHNXUXWkOLP\DSDQWDúUDQHIHUkWÕ
RQLOkRQEHúJQGHELUNH]GHDWHúOLWkOLPLLFUkHWPHNWH\GL
+HU QH NDGDU $QDGROX¶GDNL KHU ELU NÕúOD\D ELUHU \DEDQFÕ WkOLP oDYXúX
DWDPDN LPNDQVÕ] ROVD GD EDúNHQWWHNL hVNGDU YH /HYHQW dLIWOL÷L NÕúODODUÕQGD
1L]kPÕ &HGvG 2FD÷Õ WDUDIÕQGDQ LVWLKGDP HGLOHQ \DEDQFÕ X]PDQODU QHIHUOHUH
WkOLP \DSWÕUPDNWD\GÕ 1L]kPÕ &HGvG QHIHUOHULQGHQ \DSPDODUÕ EHNOHQHQ
KDUHNHWOHULYH\D\U\úúHNLOOHULQLYHKÕ]ODUÕQÕWPD\UÕQWÕVÕ\ODEL]OHUHJ|VWHUHQ
ELU \|QHWPHOLN \D GD WkOLPQkPH\H KHQ] UDVWODQPDPÕú ROPDVÕQD UD÷PHQ
0DKPXG 5DLI (IHQGL¶QLQ $YUXSD NDPXR\XQD 1L]kPÕ &HGvG¶L WDQÕWPD\Õ
Q|EHWOHúH NÕúODODUÕQGD LNDPHW HWPH\H EDúOD\DFDNWÕ $QDGROX¶GD LQúD HGLOHQ NÕúODODUÕQ
WDPDPODQPDVÕQÕQ DUGÕQGDQ WDúUD QHIHUkWÕ \LQH \ÕOGD ELU NH] \D] D\ODUÕQGD PXKWHPHOHQ
NRQWURODPDoOÕRODUDNøVWDQEXO¶DJHWLULOHUHNX]PDQODUÕQYHVWG]H\GHYOHWULFkOLQLQ|QQGH
WkOLP\DSPD\DGHYDPHGHFHNWL7REFXOX÷DYH7REFXODUD'k¶LU.DYkQvQøh.7%7<
YUED
,,,6HOLPGHYULQGHPRGHUQWkOLPKLoúSKHVL]VDGHFHøVWDQEXO¶GDLFUkHGLOPL\RUGXgUQH÷LQ
ELOKDVVDøPSDUDWRUOX÷XQEDWÕVÕQÕUODUÕQGDEXOXQDQNDOHOHUGHNLQHIHUkWÕQG]HQOLRODUDNWkOLP
\DSDELOPHVL LoLQ EDúNHQWWHQ VÕN VÕN X]PDQODU EX NDOHOHUH J|QGHULOL\RUGX $QFDN HOH
DOGÕ÷ÕPÕ] G|QHPGH DUWÕN NHQGL RUGXODUÕ EXOXQDQ E\N D\DQ DLOHOHUL GH PRGHUQ WkOLP
NRQXVXQGD 6DUD\¶GDQ JHUL NDOPÕ\RUGX gUQH÷LQ 7HSHGHOHQOL $OL 3DúD¶QÕQ VHNEDQODUÕQD GD
)UDQVÕ] X]PDQODU WkOLP \DSWÕUPDNWD\GÕ %X GXUXP $QDGROX¶GD GD IDUNOÕ GH÷LOGL =LUD
dDSDQR÷OX DLOHVL ¶GH VRQXoODQDQ VDYDúWD HVLU DOGÕNODUÕ 5XV DVNHUOHULQL WkOLPFL RODUDN
LVWLKGDPHWPLúWL ¶GHEDúOD\DQ0ÕVÕUKDUELQGHHVLUGúHQ)UDQVÕ]DVNHUYHVXED\ODULVH
&H]]DU $KPHG3DúD¶QÕQRUGXVXQGD WkOLPFLRODUDN J|UHY \DSÕ\RUGX%XNRQXGDEN]%2$
&HYGHW $VNHUL &$6 QU ) & + / 3RXTXHYLOOH 7UDYHOV WKURXJK WKH 0RUHD
$OEDQLDDQG6HYHUDO2WKHU3DUWVRIWKH2WWRPDQ(PSLUHWR&RQVWDQWLQRSOHGXULQJWKH<HDUV
DQG/RQGUDV 0-RKQ.LQQHLU$-RXUQH\WKURXJK
$VLD 0LQRU $UPHQLD DQG .RRUGLVWDQ LQ WKH <HDUV DQG /RQGUD V
ùHKDEHGGLQ 7HNLQGD÷ ³<HQL .D\QDN YH 9HVLNDODUÕQ ,úÕ÷Õ $OWÕQGD %RQDSDUWH¶ÕQ $NNk
0XKDVDUDVÕ´7DULK'HUJLVLVD\Õ V
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
DPDoOD\DQULVDOHVLQGHEXOXQDQELUJUDYUGHYULQND\QDNODUÕQGDFHGvGRUGXQXQ
)UDQVÕ]$YFÕ7DOLPL\DSWÕ÷ÕQDGDLUGúOHQQRWODUYHQLKD\HWWkOLPHQH]DUHWHGHQ
VXED\ODUÕQ JHQHOOLNOH )UDQVÕ] ROXúX 1L]kPÕ &HGvG QHIHUOHUL WDUDIÕQGDQ LFUk
HGLOHQ WkOLP SURVHGUOHULQLQ RUWD\D NRQDELOPHVL LoLQ |QHPOL LSXoODUÕ
VD÷ODPDNWDGÕU %X ED÷ODPGD 5DLI (IHQGL¶QLQ ULVDOHVLQGH EXOXQDQ ³1RWH GHV
*UDGHVHWGHVeYROXWLRQV0LOLWDLUHVGHOD3ODQFKHF\FRQWUH´LVLPOLJUDYUGHNL
QHIHUOHULQ GXUXú SR]LV\RQODUÕQÕ J|VWHUHQ UHVLPOHU YH HPLUOHU 0D\ÕV
WDULKLQGH ELU NUDOL\HW HPLUQkPHVL RODUDN \D\ÕQODQDQ )UDQVD 3L\DGH
7kOLPQkPHVLQGHNLOHULQ QHUHGH\VH D\QÕVÕGÕU +HU LNL ND\QDNWD GD HPLUOHU
JHQHOOLNOH LNLQFL oR÷XO úDKÕV +DUEL\L oHNLQL]7LUH] OD %DJXHWWH YH GDKD D]
ROPDN]HUHHPLUNLSL\OH 6D÷WDUDID3DUOH)ODQFGURLW \D]ÕOPÕúWÕU1HIHUOHULQ
JL\GLNOHULQLIRUPDYH5DLI(IHQGL¶QLQGXUXúSR]LV\RQODUÕQÕ/DWLQUDNDPODUÕ\OD
%H\GLOOLùDKLQDJHV
([HUFLFH GH /¶,QIDQWHULH )UDQoRLVH 2UGRQQp 3DU /H 5R\ /H 9, 0D\ 0'&&/9 LVPL\OH
\UUO÷HJLUHQ)UDQVÕ]WkOLPQkPHVLIDUNOÕWDULKOHUGHoNH]\D\ÕQODQPÕúWÕU%XQODUGDQLONL
YH WDULKOL SL\DGH ELUOLNOHUL YH WDULKOL GHQL] SL\DGHOHUL WDUDIÕQGDQ
X\JXODQPDVÕ HPUHGLOHQ G|UW IDUNOÕ WkOLPQkPHVLQLQ WÕSNÕ EDVNÕODUÕQÕ LKWLYD HGHQ - $
+RXOGLQJ¶LQ oDOÕúPDVÕGÕU +HU QH NDGDU ELUOLNOHU WDUDIÕQGDQ X\JXODQDFDN PDQHYUDODU
NRQXVXQGD ELOJL YHUVH GH HVHU WÕSNÕEDVÕPGDQ ND\QDNODQDQ RNXPD ]RUOXNODUÕ\OD PkOOGU
7kOLPQkPHOHULQ RULMLQDOOHULQGHNL JUDYUOHUGH UHVPHGLOHQ QHIHUOHULQ GXUXú SR]LV\RQODUÕ GD
WDPRODUDNVHoLOHPHPHNWHGLU+RXOGLQJ¶LQ\D\ÕQÕoDOÕúPDPÕ]DHVDVWHúNLOHGHQWDULKOL
QL]kPQkPHQLQ VDGHFH HPLUOHULQL J|VWHUPHNWH IDNDW D\QÕ WkOLPQkPHQLQ ELU SDUoDVÕ RODQ
HPLUOHUOH LOJLOL DoÕNODPDODUÕ DWODPDNWDGÕU - $ +RXOGLQJ DJH V WDULKOL
)UDQVÕ]WkOLPQkPHVLLNLQFLNH](GZDUG3+DPLOWRQWDUDIÕQGDQ WDULKLQGH\D\ÕQODQPÕúWÕU
7KH )UHQFK $UP\ LQ $PHULFD 2WWRZD +DPLOWRQ ;9,,, \]\ÕO RUWDODUÕQGD
$PHULND¶GDNL )UDQVÕ] DVNHUv YDUOÕ÷Õ KDNNÕQGD ELOJL YHUHUHN EDúODGÕ÷Õ HVHULQH WDULKOL
WkOLPQkPH LoLQ 3L\DGH $OED\ 6 5 %DXGRXLQ WDUDIÕQGDQ oL]LOPLú RODQ DOWPÕú o JUDYUQ
ELUHU VD\IDOÕN E\N ER\ WÕSNÕ EDVNÕVÕ\OD GHYDP HWPHNWHGLU .LWDEÕQ GRNVDQ oQF
VD\IDVÕQGDQ LWLEDUHQ GH D\QÕ WkOLPQkPHQLQ WÕSNÕ EDVNÕVÕQÕ YH øQJLOL]FH WHUFPHVLQL EXOPDN
PPNQGUdDOÕúPDPÕ]LoLQGHWkOLPQkPH\HYHULOHQUHIHUDQVODUGD+DPLOWRQ¶XQ\D\ÕQÕHVDV
WXWXOPXúWXU <LQH PDNDOHQLQ VRQXQGD \HU DODQ JUDYUOHU GH +DPLOWRQ¶XQ NLWDEÕQGDQ
DOÕQPÕúWÕU)UDQVÕ]WkOLPQkPHVLoQFNH]VHQHVLQGH;9,,,\]\ÕODVNHUvWkOLPOHULQL
YH PXKDUHEHOHULQL \HQLGHQ FDQODQGÕUPD\Õ KHGHIOH\HQ PHUDNOÕODU LoLQ 7KH $ODEDPD
+LVWRULFDO &RPPLVVLRQ¶ÕQ LQWHUQHW VLWHVL WDUDIÕQGDQ \D\ÕQODQPÕúWÕU KWWS ZZZIWWRXORXVH
MDFNVRQRUJ7RXORXVHGUÕOOKWP 7kOLPQkPH¶GH\HUDODQHPLUYHKDUHNHWOHULHQDoÕNúHNLOGH
WDVYLU HGHQ EX YHUVL\RQGD WkOLPQkPHQLQ WÕSNÕ EDVNÕVÕQD \HU YHULOPHPHNWHGLU $QFDN
HPLUOHULQ WkOLPQkPHGH \DSÕODQ DoÕNODPDODUÕQ |WHVLQGH X\JXODPD\D G|QN WDVYLUOHULQL YH
HPLUOHUGkKLOLQGH\DSÕODQPDQHYUDODUNRQXVXQGDGR÷UXGDQFDQODQGÕUPD\D\|QHOLNL]DKDWODUÕ
LoHUPHVLDoÕVÕQGDQE\NELU|QHPHVDKLSWLU
<XNDUÕGD EHOLUWLOGL÷L ]HUH $OED\ 6 5 %DXGRXLQ WDUDIÕQGDQ UHVPHGLOHQ YH WDULKOL
WkOLPQkPHVLQGHGH\HUYHULOHQEHúJUDYUGDKD|QFH'HQLV'LGHURWWDUDIÕQGDQ$UW0LOLWDLUH
([HUFLFHEDúOÕ÷ÕDOWÕQGDVHQHVLQGH(QF\FORSpGLHRX'LFWLRQQDLUHUDLVRQQpGHVVFLHQFHV
GHVDUWVHWGHVPpWLHUV¶GH\D\ÕQODQPÕúWÕ
)$7ø+<(ùø/
QXPDUDODQGÕUPÕú ROPDVÕQD UD÷PHQ UHVLPOHUL 2VPDQOÕ 7UNoHVLQGHNL JLEL
VD÷GDQ VROD GR÷UX VÕUDODPÕú ROPDVÕ JUDYUOHU DUDVÕQGDNL HQ WHPHO IDUNODUGÕU
'L÷HU WDUDIWDQ WDULKOL )UDQVÕ] SL\DGH WkOLPQkPHVL WHPHO \DQDúÕN G]HQ
KDUHNHWOHULQL KHU ELU NXPDQGD HPULQLQ EDúODQJÕFÕQGDQ VRQXoODQGÕUÕOGÕ÷Õ kQD
NDGDUQHIHUOHULQX\JXODPDVÕJHUHNHQKDUHNHWGL]LVLQL\D]ÕOÕRODUDNYHJUDYUOHU
DUDFÕOÕ÷ÕLOHD\UÕQWÕOÕELUúHNLOGHWDVYLUHWPHNWHGLU$QFDNWkOLPoDYXúXQDE\N
ELUNROD\OÕNVD÷OD\DQ)UDQVÕ]WkOLPQkPHVLQLQDNVLQH5DLI(IHQGL¶QLQJUDYUQGH
QHIHUOHULQ ELU SR]LV\RQGDQ GL÷HULQH JHoHUNHQ \DSWÕNODUÕ KDUHNHWOHULQ WDVYLUL
EXOXQPDPDNWD VDGHFH YHULOHQ HPLULQ X\JXODQPDVÕQGDQ VRQUD QHIHULQ GXUXú
SR]LV\RQXUHVPHGLOPHNWHGLU
6LODKODUÕQ GROGXUXOXS DWHúOHQPHVL \D GD WDNWLN PDQHYUDODU NRQXVXQGDNL
KDUHNHWOHU KHU ELU $YUXSD RUGXVXQGD GH÷LúLNOLN J|VWHUL\RU ROVD GD LQWLEDN
H÷LWLPLQLQ |QJ|UG÷ EDVLW \DQDúÕN G]HQ KDUHNHWOHUL GHYULQ ND\QDNODUÕQGDNL
DGODQGÕUPD\OD DFHPL WkOLPL oD÷GDú $YUXSD RUGXODUÕQÕQ QHUHGH\VH WDPDPÕQGD
D\QÕ\GÕ =LUD EXJQ ROGX÷X JLEL SHN oRN NXPDQGD HPLUL QHIHUOHUH ELOGLULP
SUHSDUDWRU\ FRPPDQG YH \DSWÕUÕP FRPPDQG RI H[HFXWLRQ NRPXWODUÕ RODUDN
LNLYH\DoSDUoDKkOLQGHLOHWLOPHNWH\GL%XQDJ|UHWkOLPoDYXúX\DGD2VPDQOÕ
EHOJHOHULQLQ GLOL\OH PXµDOOHPNÕUkQ HPULQ LON SDUoDVÕ D÷]ÕQGDQ oÕNWÕNWDQ VRQUD
NÕVD ELU VUH EHNOL\RU YH GDKD VRQUD HPLU FPOHFL÷LQL WDPDPOÕ\RUGX 6|]
NRQXVX SDUoDODUGDQ LONLQGH YH HPUH ED÷OÕ RODUDN LNLQFLVLQGH ELOGLULP NRPXWX
QHIHU \DSDFD÷Õ KDUHNHWH KD]ÕUODQDUDN KDUHNHWH EDúODPDNWD YH VRQ SDUoDGD
\DSWÕUÕP NRPXWX KDUHNHWL VRQXoODQGÕUPDNWD\GÕ 7DOLP oDYXúXQXQ EHNOHPH
VUHVLLVHNXPDQGDHPULQLQNDUPDúÕNOÕ÷ÕQDJ|UHLNLVDQL\H\HNDGDUoÕNPDNWD\GÕ
gUQH÷LQWkOLPoDYXúX|QFHJHUL\HGL\HED÷ÕUGÕNWDQVRQUDQHIHUOHULQ\DSDFDNODUÕ
gUQH÷LQ )UDQVÕ] WkOLPQkPHVLQGH \LUPL G|UGQF 5DLI (IHQGL¶QLQ ULVDOHVLQGH \LUPL
GRNX]XQFXHPLURODUDNJ|VWHULOHQ6HODPGXU3UpVHQW]YRVDUPHVNRPXWXQXQLoHUGL÷LDQDOLWLN
GL]L o KDUHNHWWHQ ROXúPDNWD\GÕ %XQD J|UH NRPXWX DODQ QHIHU |QFHOLNOH VD÷ HOL\OH VRO
RP]XQGD EXOXQDQ VLODKÕ KDUHNHW HWWLUPHGHQ WHWLN WHUWLEDWÕQÕQ DOW NÕVPÕQGDQ YH VRO HOL\OH
QDPOXQXQRUWDNÕVPÕQGDQWXWDUøNLQFLKDUHNHWWHQHIHUVROHOL\OHGLSoL÷LQLQFHOGL÷LNÕVÕPGDQ
WXWDUDN WIH÷L ]HPLQOH GLN DoÕ \DSDFDN úHNLOGH QDPOXVX \XNDUÕ EDNPDN úDUWÕ\OD WHWLN
E|OP EHOLQH JHOHFHN NDGDU NDOGÕUÕU %X VÕUDGD QHIHULQ VRO HOL QDPOX\OD WHWLN WHUWLEDWÕQÕQ
ELUOHúWL÷L QRNWDGD ER\XQ KL]DVÕQGD YH VD÷ HOL GLSoL÷LQ LQFHOGL÷L NÕVÕPGD EXOXQPDOÕ GLSoLN
LVHQHIHULQJ|EH÷LQHGD\DOÕGXUPDOÕGÕUhoQFYHVRQKDUHNHWWHLVHDVNHUVD÷D\D÷ÕQÕGR÷UX
DoÕ \DSDFDN úHNLOGH VRO D\D÷ÕQÕQ EHú VDQWLPHWUHLNL SDUPDNSRXFH DUNDVÕQD JHWLULU YFXGX
LOHUL\H EDNDU GXUXPGD\NHQ WIH÷L ]HPLQH GR÷UX LQGLUHUHN DQDOLWLN GL]L\L VRQODQGÕUÕU %X
ED÷ODPGD )UDQVÕ] WkOLPQkPHVL GXUXú SR]LV\RQODUÕQGD QHIHUOHULQ HO YH D\DN DoÕNOÕNODUÕQÕQ
NDoSDUPDN SRXFH X]XQOXNWDROPDVÕJHUHNWL÷LQLGDKLQHWELUúHNLOGHRUWD\DNR\PDNWDGÕU
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
KDUHNHWLDOJÕODPDVÕLoLQoRNNÕVDELUVUHEHNOHPHNWHYHDUGÕQGDQG|QNRPXWXQX
YHUHUHNNXPDQGDHPULQLWDPDPODPDNWD\GÕ JHUL\H±G|Q\DGD'HPL±7RXU
)DNDW X\JXODQPDVÕ NDUPDúÕN KDUHNHWOHULQ DUWDUGD VÕUDODQPDVÕQÕ JHUHNWLUHQ
NXPDQGD HPLUOHULQLQ DNVLQH JHUHNWLUGL÷L KDUHNHW LWLEDUL\OH WHN KDPOHGH
\DSÕODELOHFHN DQOÕN HPLUOHU oDYXúODUÕQ D÷]ÕQGDQ ELU NHUHGH oÕNÕ\RUGX 7ÕSNÕ
DWHú)HX HPULQGH J|]OHPOHQGL÷L ]HUH HPUL DOGÕ÷ÕQGD QHIHUGHQ VDGHFH EDúÕQÕ
H÷PHGHQ YH YFXGXQX R\QDWPDGDQ NDUDUOÕ ELU úHNLOGH WHWL÷H EDVPDVÕ
EHNOHQL\RUGX
'HYULQ $YUXSD RUGXODUÕQGD JHQHO RODUDN \DQDúÕN G]HQ HPLUOHUL
oR÷XQOXNOD D\QÕ DQODPD JHOL\RU ROVD GD WDEXU WkOLPLQLQ |QJ|UG÷ WDNWLN
RUJDQL]DV\RQDGDLUHPLUOHULQSHNoR÷XELUELULQGHQIDUNOÕ\GÕgUQH÷LQQHIHUOHULQ
PXKDUHEH DODQÕQGDNL YH LQWLNDOOHUGHNL \U\ú KÕ]ODUÕQÕ EHOLUOH\HQ HPLUOHU KHU
ELU $YUXSD RUGXVXQGD IDUNOÕOÕN J|VWHUPHNWH\GL 1L]kPÕ &HGvG RUGXVXQGD
X\JXODQDQ \U\ú PDQHYUDODUÕ NRQXVXQGD \LQH HOLPL]GH KHUKDQJL ELU ELOJL
EXOXQPDVDGD1DSROpRQ¶XQ ¶GHNL0ÕVÕULúJDOLQHNDGDUJHoHQVUHoWHFHGvG
RUGX\D WkOLP \DSWÕUDQ )UDQVÕ] X]PDQODUÕQ NXOODQGÕ÷Õ WDULKOL )UDQVÕ] WkOLP
QL]DPQkPHVLEXNRQXGDEL]OHUHELUILNLUYHUPHNWHGLU%XQDJ|UH;9,,,\]\ÕOÕQ
LNLQFL\DUÕVÕQGD)UDQVÕ]SL\DGHVLG|UWIDUNOÕKÕ]DúDPDVÕQGD\UPHNWH\GLÆGL
DGÕPDX SDV RUGLQDLUH NRPXWX\OD GDNLNDGD DOWPÕú DGÕP DWDQ QHIHUOHU DFHOH
DGÕPDX SDV UHGRXEOL HPUL\OH KÕ]ODUÕQÕ GDNLNDGD \] \LUPL DGÕPD oÕNDUÕ\RUGX
+FXP HPUL LVH QHIHUOHULQ GDNLNDGD \] NÕUN DGÕP DX SDV DFFLOLUH DWPDVÕ
DQODPÕQD JHOL\RUGX .oN DGÕPDX SDV SHWLW LVH PDQHYUD YH LQWLNDOOHUGH
NXOODQÕODQ VRQ KÕ] DúDPDVÕ\GÕ YH QHIHUOHU EX HPLUL DOGÕNODUÕQGD GDNLNDGD RWX]
QRUPDODGÕP\DGDDOWPÕú\DUÕPDGÕPDWPD\DEDúOÕ\RUGX
$WÕúÕQ1L]kPÕ0DQHYUDQÕQøQWL]kPÕ $YFÕ7kOLPL
$YUXSD RUGXODUÕQGD VLODKODUÕQ GROGXUXOPDVÕQGDQ DWHúOHQPHVLQH NDGDU
JHoHQ VUHoWH YHULOHQ HPLUOHU YH HPLU VD\ÕODUÕ GD WÕSNÕ \U\ú NRPXWODUÕ JLEL
ELUELULQGHQ IDUNOÕ\GÕ 'DKD |QFH EHOLUWLOGL÷L ]HUH VLODK WHNQRORMLVLQGHNL
JHOLúPHOHUHDWÕúLoLQJHUHNOLWHFKL]DWÕQYHQLIRUPDODUÕQEHGHQHX\XPXQDED÷OÕ
RODUDN NHúIHGLOHQ \HQL KDUHNHWOHUOH HPLU VD\ÕVÕ YH VLODKÕQ DWHúOHQPH VUHVL
]DPDQODNÕVDOPÕúWÕU%XED÷ODPGD;9,,,\]\ÕOVRQODUÕQGD3UXV\DRUGXVX\HGL
HPLUOH$YXVWXU\DRUGXVXRQDOWÕHPLUOHVLODKODUÕQÕDWÕúDKD]ÕUKkOHJHWLUL\RUGX
5XVRUGXVXQGDNLQHIHUOHULVH¶GHEDúOD\DQ2VPDQOÕ5XVKDUELQGHQKHPHQ
<U\úKÕ]ODUÕNRQXVXQGDEN]KWWS ZZZIWWRXORXVHMDFNVRQRUJ7RXORXVH'5,//+70
)$7ø+<(ùø/
|QFH GH÷LúWLULOHQ WkOLP QL]kPQkPHVL LOH HPLU VD\ÕVÕQÕ RQ DOWÕGDQ \HGL\H
GúUPúW 1L]kPÕ&HGvGQHIHUOHULLVH5DLI(IHQGL¶QLQJUDYUQGHYH
WDULKOL )UDQVÕ] QL]kPQkPHVLQGH GH J|UOG÷ ]HUH WIHNOHULQL DWHúOHPHGHQ
HYYHO RQ G|UW HPLU DOPDNWD\GÕ %X HPLUOHUGHQ LONL RODQ &KDUJH] YRV
$UPHV7IHQJ KD]ÕUOD NRPXWXQX GX\DQ QHIHUOHU WHN ELU KDUHNHWOH VD÷ HO
EDúSDUPDNODUÕ\OD PHNDQL]PDQÕQ KRUR]XQX \DUÕP oHNHUHN VD÷ HOOHULQL GLSoL÷LQ
DUND WDUDIÕQD EÕUDNÕ\RUODUGÕ $UGÕQGDQ E|ONEDúÕ 3UHQH] OD &DUWRXFKH)LúHQJ
oÕNDU HPULQL YHUL\RU YH QHIHUOHU \LQH WHN ELU KDUHNHWOH YH \LQH VD÷ HOOHUL\OH
SDODVNDODUÕQGDQ VD÷ NDOoD ]HULQH VDUNDQ oDQWDGDQ ELU ILúHN oÕNDUWÕ\RUODUGÕ
'HFKLUH] OD &DUWRXFKH)LúHQJ ÕVÕU HPULQL X\JXOD\DELOPHN LoLQ QHIHUOHU LNL
KDUHNHWL SHúSHúH VÕUDODPDN ]RUXQGD\GÕ =LUD QHIHUOHU |QFH HOOHULQGHNL ILúH÷LQ
ND÷ÕGÕQÕ D÷Õ]ODUÕ\OD \ÕUWÕ\RU YH GDKD VRQUD LQFH\HPOHPH EDUXWXQX VLODKIDO\D
WDYDVÕQD J|WU\RUODUGÕ $PRUFH])LúHQJ VU NRPXWX GD WHN KDPOHGH LFUk
HGLOL\RUGX 1LWHNLP QHIHUOHU VD÷ EDú YH LúDUHW SDUPDNODUÕ\OD WXWWXNODUÕ ILúHN
LoLQGHNL EDUXWX VLODKIDO\D WDYDVÕQD ERúDOWÕ\RU YH VD÷ HOOHULQL VLODKIDO\D
WDYDVÕQÕQ DUNDVÕQD \HUOHúWLUL\RUODUGÕ $UGÕQGDQ QHIHUOHU )HUPH] OD
%DVVLQHW7DYD\Õ NDSDW HPUL\OH WHN ELU KDUHNHWOH VD÷ EDú YH LúDUHW
SDUPDNODUÕ\OD ILúH÷L WXWWXNODUÕ KDOGH RUWD YH \]N SDUPDNODUÕ\OD VLODKIDO\D
WDYDVÕQÕ NDSDWÕS VD÷ HOOHULQL PHNDQL]PDQÕQ DUNDVÕQD JHWLUHUHN GLSoL÷L RUWD YH
\]N SDUPDNODUÕ\OD NDYUÕ\RUODUGÕ 6LODKIDO\D WDYDVÕQÕ NDSDWDQ QHIHUOHU GDKD
5kWLE(IHQGLDJHYU E D
dDOÕúPDPÕ]ÕQ PHWLQ NÕVPÕQGD WDULKOL )UDQVÕ] WkOLPQkPHVL\OH NDUúÕODúWÕUPDOÕ RODUDN
WDVYLU HGLOHQ HPLUOHU 5DLI (IHQGL¶QLQ NDOHPH DOGÕ÷Õ ULVDOHGHNL JUDYUQ RQ G|UW LOk \LUPL
\HGLQFL PDGGHOHULQL NDSVDPDNWDGÕU 'LSQRWODUGD LVH V|] NRQXVX HPLUOHULQ )UDQVÕ]
WkOLPQkPHVLQLQ &RPPDQGHPHQV 3RXU /H 0DQLHPHQW 'HV $UPHV 6LODKODUÕQ .XOODQÕP
7DOLPDWÕ EDúOÕNOÕ LNLQFL E|OPQGH \HU DODQ HPLUOHULQ KDQJLOHULQH WHNDEO HWWL÷L YHULOPH\H
oDOÕúÕOPÕúWÕU(PLUOHUOHLOJLOLJUDYUOHUPDNDOHQLQVRQXQDHNOHQPLúWLU5HIHUDQVODUGDLVH5DLI
(IHQGL¶QLQULVDOHVLLoLQ.HPDO%H\GLOOLYHøOKDQùDKLQ¶LQ)UDQVÕ]WkOLPQkPHVLLoLQ(GZDUG
+DPLOWRQ¶XQQHúLUOHULHVDVDOÕQPÕúWÕU
)UDQVÕ]WkOLPQkPHVLQGHRQoQFHPLURODUDNND\GHGLOHQ³0HWWH]OHFKLHQHQVRQUHSRV´\D
WHNDEOHWPHNWHYHD\QÕWkOLPQkPHQLQRWX]LNLQFLJUDYUQGHWDVYLUHGLOPHNWHGLU
)UDQVÕ]WkOLPWkOLPQkPHVLQGHRQG|UGQFHPLURODUDNND\GHGLOHQ³3UHQH]OD&DUWRXFKH´D
WHNDEOHWPHNWHYHD\QÕWkOLPQkPHQLQRWX]oQFJUDYUQGHWDVYLUHGLOPHNWHGLU
)UDQVÕ] WkOLP WkOLPQkPHVLQGH RQ EHúLQFL HPLU RODUDN ND\GHGLOHQ ³'HFKLUH] OD DYHF OHV
GHQWV´H WHNDEO HWPHNWH D\QÕ WkOLPQkPHQLQ RWX] G|UW YH RWX] EHúLQFL JUDYUQGH WDVYLU
HGLOPHNWHGLU
)UDQVÕ] WkOLPQkPHVLQGH RQ DOWÕQFÕ HPLU RODUDN ND\GHGLOHQ ³$PRUFH]´H WHNDEO HWPHNWH YH
D\QÕWkOLPQkPHQLQRWX]DOWÕQFÕJUDYUQGHWDVYLUHGLOPHNWHGLU
)UDQVÕ] WkOLPQkPHVLQGH RQ \HGLQFL HPLU RODUDN ND\GHGLOHQ ³)HUPH] OD %DVVLQHW´H WHNDEO
HWPHNWHYHD\QÕWkOLPQkPHQLQRWX]\HGLQFLJUDYUQGHWDVYLUHGLOPHNWHGLU
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
VRQUD /¶$UPH i *DXFKH7IHQJ VROD HPULQL DOPDNWD\GÕ 1HIHUOHULQ o
KDUHNHWWH LFUk HWPHVLQLQ EHNOHQGL÷L EX HPUH J|UH QHIHU QDPOX\X \HUH GLN DoÕ
\DSDFDN úHNLOGH \XNDUÕ GR÷UX NDOGÕUÕUNHQ GLSoLNOH D\QÕ KL]D\D JHWLUGL÷L VD÷
D\D÷ÕQÕ VRO D\D÷ÕQÕQ DUNDVÕQD \LQH GLN DoÕ \DSDFDN úHNLOGH NR\DU %X VÕUDGD
VLODKEHGHQHSDUDOHORODUDNGúH\NRQXPGDWXWXOPDNWDGÕUøNLQFLKDUHNHWWHQHIHU
WIH÷LQ VRO HOLQGHQ \HUH \DNODúÕN EHú VDQWLPHWUH NDODQD NDGDU ND\PDVÕQD L]LQ
YHULU VD÷ HOL\OH QDPOX\X EDú WDUDIÕQÕQ EHú VDQWLPHWUH NDGDU DúD÷ÕVÕQGDQ \LQH
oHQHVL\OH D\QÕ KL]DGD ROPDN ]HUH NDYUDU %X SR]LV\RQGD QDPOX \XNDUÕ\D
EDNPDNWD YH WIHN YFXGD RODELOGL÷LQFH \DNÕQ WXWXOPDNWDGÕU 1HIHUVRQ RODUDN
GLSoL÷LVROD\D÷ÕQÕQ\DNODúÕNRQELUVDQWLPHWUHVROXQD\HUOHúWLULUNLEXúHNLOGH
GLSoLN DUWÕN QHIHULQ VRO D\D÷ÕQD SDUDOHO GXUPDNWDGÕU $VNHULQ D\DNODUÕ HPULQ
EDúODQJÕFÕQGDNL SR]L\RQXQD JHOGL÷L LoLQ DUWÕN QHIHU \HQLGHQ |QH GR÷UX
EDNPDNWDGÕU%XVÕUDGDQHIHUWIH÷LVD÷HOLQLQRUWDYH\]NSDUPD÷Õ\ODQDPOX
XFXQGDQYHVROHOL\OHQDPOXQXQRUWDVÕQGDQVDELWELUúHNLOGHWXWPDNWDYHQDPOX
XFX QHIHULQ ER\QXQGDQ \DNODúÕN \LUPL LOk \LUPL EHú VDQWLPHWUH X]DNOÕNWD
GXUPDNWDGÕU 7IH÷LQL VRO WDUDIÕQD DODQ QHIHUOHUH &DUWRXFKH DX FDQRQ)LúHQJ
QDPOX\D HPUL YHULOPHNWH\GL 7HN KDUHNHWWH LFUk HGLOHQ EX HPUH J|UH QHIHU
PHUPL YH EDUXWX LoHUHQ ILúH÷L VD÷ HOL\OH QDPOX D÷]ÕQGDQ LoHUL DWWÕNWDQ KHPHQ
VRQUDKDUEL\LD\QÕHOLQLQEDúYHLúDUHWSDUPD÷ÕLOHNDYUDU1HIHUDUWÕNKDUELVLQL
oHNPH\H KD]ÕUGÕU 'ROD\ÕVÕ\OD EXQGDQ VRQUD QHIHUOHUH 7LUH] OD %DJXHWWH+DUEL
oHN HPLULYHULOLU7HNKDUHNHWOHLFUkHGLOHQEXHPLULDODQQHIHUOHU|QFHOLNOHVD÷
HOOHULQLQEDúYHLúDUHWSDUPDNODUÕ\ODWXWPDNWDROGXNODUÕKDUEL]HULQGHEXOXQDQ
EDúSDUPDNODUÕQÕ QDPOX\D GR÷UX ND\GÕUÕS LúDUHW SDUPDNODUÕQÕ ENHU YH
GLUVHNOHULQL EHGHQOHULQH GR÷UX NDSDWDUDN KDUEL YH QDPOX DUDVÕQÕ DoDUODU VD÷
NROXQWHNYHKÕ]OÕELUKDUHNHWL\OHKDUEL\L\DUÕX]XQOX÷XQDNDGDUQDPOXDOWÕQGDNL
\XYDVÕQGDQ oÕNDUWPDODUÕQÕQ DUGÕQGDQ VD÷ HOOHUL\OH KDUEL\L EX VHIHU RUWDVÕQGDQ
\DNDOD\ÕS \LQH KÕ]OÕ ELU KDUHNHWOH \XYDVÕQGDQ oÕNDUWÕUODU .DOÕQ XFX SDODVND\D
GH\PHNWHRODQKDUEL\LQHIHUDOWWDQ\DNODúÕNRQVDQWLPHWUH\XNDUGDYHQDPOX\D
)UDQVÕ]WkOLPQkPHVLQGHRQVHNL]LQFLHPLURODUDNND\GHGLOHQ³3DVVH]YRVDUPHVGXFzWpGH
O¶pSpH´\H WHNDEO HWPHNWH YH D\QÕ WkOLPQkPHQLQ RWX] VHNL] RWX] GRNX] YH NÕUNÕQFÕ
JUDYUQGH WDVYLU HGLOPHNWHGLU )UDQVÕ] RUGXVXQGD NÕOÕoODUÕQ QHIHULQ VRO WDUDIODUÕQD
DVWÕNODUÕQÕ\HULJHOPLúNHQEHOLUWHOLP
)UDQVÕ]WkOLPQkPHVLQGHRQGRNX]XQFXHPLURODUDNND\GHGLOHQ³0HWWH]ODFDUWRXFKHGDQVOH
FDQRQ´DWHNDEOHWPHNWHYHD\QÕWkOLPQkPHQLQNÕUNELULQFLJUDYUQGHWDVYLUHGLOPHNWHGLU
)UDQVÕ] WkOLPQkPHVLQGH \LUPLQFL HPLU RODUDN ND\GHGLOHQ ³7LUH] OD %DJXHWWH´D WHNDEO
HWPHNWH YH D\QÕ WkOLPQkPHQLQ RQXQFX JUDYUQGH WDVYLU HGLOPHNWHGLU 1L]DPQDPHQLQ EX
E|OPQHWkOLPVÕUDVÕQGDKHUKDQJLELUDVNHULQKDUELVLQLúDSNDVÕQÕ\DGDVLODKÕQÕGúUPHVL
GXUXPXQGD EXQX DOPD\D PH]XQ ROPDGÕ÷Õ IDNDW EXQODUÕ DQFDN J|UHYOL VXED\ÕQ HPUL\OH ELU
oDYXúXQDODELOHFH÷LQHGDLUELUQRWGúOPúWU
)$7ø+<(ùø/
SDUDOHO ELU úHNLOGH WXWPDNWDGÕU $\QÕ DQGD KDUELOHULQL oHNHQ QHIHUOHUH
%RXUUH]'ROGXU NRPXWX YHULOL\RUGX %X HPUL GX\DQ QHIHU WHN ELU KDUHNHWWH
KDUEL\L QDPOXQXQ D÷]ÕQD EHOLUOL ELU DoÕ\OD VRNX\RU YH PHUPL LOH EDUXWX IDO\D
DOWÕQD JHOHFHN úHNLOGH QDPOX DUNDVÕQD NDGDU LWWLULS VÕNÕúWÕUÕ\RUGX 7DNLEHQ
KDUEL\L VD÷ EDú YH LúDUHW SDUPD÷Õ\OD NDYUD\DQ QHIHU LNL KDUHNHWOH QDPOXGDQ
oÕNDUWÕ\RUYHKDUEL\LDOWNÕVPÕQGDQ\DNODúÕNRQEHúVDQWLPHWUH\XNDUÕGDQYH\LQH
SDODVNDVÕQD GH\HFHN úHNLOGH QDPOX\D SDUDOHO ELU KkOGH WXWX\RUGX 1HIHUOHU
5HPHWWH] OD %DJXHWWH+DUEL \HULQH NRPXWX LOH KDUELOHULQL \XYDODUÕQD JHUL
RWXUWX\RUODUGÕ7HNELUKDUHNHWWHLFUkHGLOHQEXHPLUOHQHIHUOHU|QFHOLNOHKDUEL\L
VD÷ HOOHUL\OH QDPOXGDNL \XYDVÕQD \HUOHúWLUGLNWHQ VRQUD \HQLGHQ QDPOX\X
NDYUÕ\RUODUGÕ +DUEL\L WHNUDU QDPOXQXQ DOWÕQD \HUOHúWLUGLNWHQ VRQUD 3RUWH] YRV
$UPHV6LODK RP]D NRPXWXQX LúLWHQ QHIHUOHU o KDUHNHWL SHú SHúH
VÕUDODPDNWDGÕU %XQD J|UH QHIHUOHU |QFHOLNOH VRO HOOHUL\OH WIH÷L oHQH KL]DVÕQD
NDGDU NDOGÕUÕUNHQ VLODKÕ VD÷ HOOHUL\OH GLSoLN YH WHWLN DUDVÕQGDNL E|OPGHQ
WXWX\RUGX øNLQFL RODUDN \]OHUL LOHUL EDNDQ QHIHUOHU VD÷ D\DNODUÕQÕ VRO
D\DNODUÕQÕQ\DQÕQDoHNHUNHQWIH÷LVD÷HOOHUL\OHVRORPX]KL]DVÕQDWDúÕ\RUODUYH
D\QÕ DQGD VRO HOOHUL\OH RUWD \]N YH LúDUHW SDUPDNODUÕ GLSoL÷LQ DOW NÕVPÕQGD
LúDUHW YH EDúSDUPDNODUÕ GLSoL÷LQ GÕú NÕVPÕQGD NDODFDN úHNLOGH WXWX\RUODUGÕ %X
GXUXPGD WIH÷LQ SR]LV\RQX ]HPLQH GLN DoÕ \DSDFDN NDGDU G]JQ DVNÕ
ND\ÕúÕQÕQ GLSoLN WDUDIÕQGDNL NDQFDVÕ RP]XQ \DNODúÕN EHú VDQWLPHWUH DúD÷ÕVÕQGD
YH VRO GLUVHN YFXGD GH\PH\HFHN NDGDU \DNÕQ SR]LV\RQGD EXOXQPDOÕ\GÕ %X
SR]LV\RQX DODQ QHIHU VRQ RODUDN VD÷ HOLQL VLODKWDQ D\ÕUDUDN EHGHQLQLQ VD÷
WDUDIÕQD EÕUDNÕ\RUGX 'ROGXUGX÷X VLODKÕ DWHúOHPH\H KD]ÕUODQDQ QHIHUOHUH
YHULOHFHN EXQGDQ VRQUDNL HPLU $SSUpWH] YRV $UPHV6LODK KD]ÕUOD\GÕ øNL
KDUHNHWOLN ELU GL]LGHQ ROXúDQ EX HPUL DODQ QHIHU |QFHOLNOH VD÷ HOL\OH VLODKÕ
GLSoL÷LQWHWL÷H\DNÕQWDUDIÕQGDQWXWDUDNVD÷WDUDIDGR÷UXWDúÕ\RUGX(PULQLNLQFL
KDUHNHWLQGH LVH QHIHU VRO HOL\OH WIH÷LQ QDPOXVXQGDQ EDú SDUPD÷Õ QDPOXQXQ
)UDQVÕ]WkOLPQkPHVLQGH\LUPLELULQFLHPLURODUDNND\GHGLOHQ³%RXUUH]´HWHNDEOHWPHNWHYH
D\QÕWkOLPQkPHQLQRQVHNL]LQFLJUDYUQGHWDVYLUHGLOPHNWHGLU
)UDQVÕ] WkOLPQkPHVLQGH \LUPL LNLQFL HPLU RODUDN ND\GHGLOHQ ³5HPHWWH] OD %DJXHWWH HQ VRQ
OLHX´\HWHNDEOHWPHNWHYHD\QÕWkOLPQkPHQLQGRNX]XQFXJUDYUQGHWDVYLUHGLOPHNWHGLU
)UDQVÕ]WkOLPQkPHVLQGH\LUPLoQFHPLURODUDNND\GHGLOHQ³3RUWH]YRV$UPHV´DWHNDEO
HWPHNWH YH D\QÕ WkOLPQkPHQLQ RQ GRNX] \LUPL YH \LUPL ELULQFL JUDYUQGH WDVYLU
HGLOPHNWHGLU
)UDQVÕ] WkOLPQkPHVLQGH GRNX]XQFX HPLU RODUDN ND\GHGLOHQ ³+DXW OHV DUPHV´D WHNDEO
HWPHNWH YH D\QÕ WkOLPQkPHQLQ RQ GRNX] YH \LUPL DOWÕQFÕ JUDYUQGH WDVYLU HGLOPHNWHGLU
)UDQVÕ] WkOLP WkOLPQkPHVLQGH D\QÕ V|]FNOHUOH ³$SSUpWH] YRV $UPHV´ LIDGH HGLOHQ HPLU
QHIHUOHULQ VLODKODUÕQÕ DWHúOHPHGHQ |QFH o KDW KkOLQGH GL]LOPHOHULQL |QJ|UPHNWHGLU 2\VDNL
5DLI(IHQGL¶QLQJUDYUQGHVLODKÕQÕDWHúOHPH\HKD]ÕUODQDQWHNELUQHIHUJ|UOPHNWHGLU
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
WHWL÷H\DNÕQNÕVPÕQGDNDODFDNúHNLOGHVD÷HOL\OHGLSoL÷LQLQFHNÕVPÕQGDQWXWDUDN
VLODKÕ \]Q RUWDOD\DFDN úHNLOGH \XNDUÕ NDOGÕUÕ\RUGX %X SR]LV\RQGD VLODKÕQ
GLSoL÷L QHIHULQ NDUQÕQD \DVODQPÕú GXUXPGDGÕU 6RQ RODUDN QHIHU VD÷ D\D÷ÕQÕ
GR÷UX DoÕ \DSDFDN úHNLOGH VRO D\D÷ÕQÕQ \DNODúÕN EHú VDQWLPHWUH DUNDVÕQD DWDU
%HGHQL LOHUL GR÷UX EDNDQ QHIHU WIH÷L GúH\ SR]LV\RQGD DúD÷Õ GR÷UX
LQGLULUGL÷LQGH WHWLN PHNDQL]PDVÕQÕQ DOWÕQGDQ WXWWX÷X VD÷ NROX YH WHWLN
PHNDQL]PDVÕQÕQ VWQGHQ VLODKÕ NDYUD\DQ VRO NROX YFXGXQD \DNODúÕU (OOHUL
D\QÕSR]LV\RQGDNDODQQHIHULQVDGHFHVROHOEDúSDUPD÷ÕNRQXPGH÷LúWLUPLúYH
QDPOXQXQ GÕúD EDNDQ NÕVPÕQGD NDOPÕúWÕU %X GXUXPGD QHIHUOHU DUWÕN QLúDQ
DOPD\D KD]ÕUGÕU -RXH1LúDQ DO HPUL\OH ELUOLNWH QHIHU VD÷ GLUVH÷L\OH
YFXGXQGDQ GHVWHN DOÕU YD]L\HWWH WIH÷L VD÷ RPX]XQD GD\D\DUDN VD÷ EDú
SDUPD÷ÕQÕ GLSoL÷LQ WHWL÷H \DNÕQ NÕVPÕQD YH LúDUHW SDUPD÷ÕQÕ GD WHWL÷LQ VWQH
NR\DU 1HIHUOHU DUWÕN )HX$WHúHPULQL DOPD\D KD]ÕUGÕU %X HPUL DODQQHIHUOHU
EDúODUÕQÕ YH YFXGODUÕQÕ R\QDWPDNVÕ]ÕQ WHWL÷H EDVDU $WHú DoÕOGÕNWDQ VRQUD
QHIHUOHU GHUKDO VRO HOOHULQLQDPOXQXQ DOW NÕVPÕQD GR÷UX ND\GÕUÕU VLODKÕQWHSPH
HWNLVL\OH GLSoLN VD÷ NRO DOWÕQGD GXUPDNWDGÕU 1DPOXQXQ XFX LVH ]HPLQOH JHQLú
DoÕ \DSDFDN úHNLOGH WHWLNWHQ \DNODúÕN RQ VHNL] VDQWLPHWUH GDKD \XNDUÕGD
EXOXQPDNWDGÕU6LODKÕ\HQLGHQGROGXUPD\DEDúODPDNLoLQQHIHULQRUWDLúDUHWYH
EDú SDUPDNODUÕ KRUR]XQ ]HULQGHGLU 1HIHU WDUDIÕQGDQ LFUk HGLOPHVL JHUHNHQ
KDUHNHWOHULQ GR÷DVÕ JHUH÷L VLODKÕQ GROGXUXOXS DWHúOHQPHVL NDGDU NDUPDúÕN
ROPD\DQ WIHNOHUH VQJQQ WDNÕOPDVÕ LoLQ GH 1L]kPÕ &HGvG DVNHUOHUL EHOLUOL
HPLUOHUDOPDNWD\GÕ%XED÷ODPGD5DLI(IHQGL¶QLQJUDYUQGHGHJ|]OHPOHQGL÷L
]HUH 1L]kPÕ &HGvG QHIHUOHUL VQJOHULQL WIH÷H WDNDUDN GúPDQD GR÷UX
oHYLUPHNLoLQoIDUNOÕHPLULX\JXODPDNWD\GÕ
+HUQHNDGDU\XNDUÕGD|UQHNRODUDNWDVYLUHWPH\HoDOÕúWÕ÷ÕPÕ]KDUHNHWOHU
ROGXNoD NDUPDúÕN YH X]XQ ROVD GD QHIHUOHUGHQ V|] NRQXVX RQ G|UW HPUL ELU
)UDQVÕ] WkOLPQkPHVLQGH RQ ELULQFL HPLU RODUDN ND\GHGLOHQ ³(Q -RXH´D WHNDEO HWPHNWH YH
RWX]XQFX JUDYUGH WHPVLO HGLOPHNWHGLU 6|] NRQXVX WkOLPQkPH QHIHUOHULQ o VDI KkOLQGH
GL]LOHUHNQLúDQDOPDVÕQÕ|QJ|UG÷QGHQV|]NRQXVXHPLULoLQoL]LOHQJUDYU5DLI(IHQGL¶QLQ
ULVDOHVLQGH WHN ELU QHIHULQ QLúDQ DOPD SR]LV\RQXQX J|VWHUHQ UHVLPGHQ IDUNOÕGÕU $QFDN
)UDQVÕ]WkOLPQkPHVLQGHLNLQFLYHoQFVDIGDD\DNWDGXUDQQHIHUOHULQQLúDQDOPDKDUHNHWL
LOH 5DLI (IHQGL¶QLQ JUDYUQGH WDVYLU HWWL÷L 1L]kPÕ &HGvG QHIHULQLQ GXUXú SR]LV\RQX
ELUELULQLQD\QÕVÕGÕU
)UDQVÕ] WkOLPQkPHVLQGH RQ LNLQFL HPLU RODUDN ND\GHGLOHQ ³)HX´D WHNDEO HWPHNWH YH D\QÕ
WkOLPQkPHQLQRWX]ELULQFLJUDYUQGHWDVYLUHGLOPHNWHGLU
6|]NRQXVXHPLUOHU 2WH]OD%D\RQQHWWH6QJoÕNDU 5HPHWWH]OD%D\RQQHWWH6QJWDNYH
GúPDQÕQ QLWHOL÷LQH J|UH /D %D\RQQHWWH YHUV O¶HQQHPL )DQWDVVLQ6QJ GúPDQ SL\DGH\H
GR÷UX YH &URLVH] OD %D\RQQHWWH YHUV O¶HQQHPL &DYDOLHU6YDUL GúPDQD GR÷UX VQJ\
oDSUD]OD\GÕ
)$7ø+<(ùø/
GDNLND LoHULVLQGH EHú LOH RQ NH] LFUD HGHELOHFHN NDGDU XVWDODúPDODUÕ
EHNOHQL\RUGX 1LWHNLP5kWLE(IHQGL¶QLQYHUGL÷LUDNDPODUDQD]DUDQ$YXVWXU\D
SL\DGHVLWkOLPHVQDVÕQGDELUGDNLNDGD\HGLPXKDUHEHPH\GDQÕQGDRUWDODPDEHú
NH] 5XV RUGXVX WkOLP VÕUDVÕQGD GRNX] VDYDúWD DOWÕ LOk \HGL NH] VLODKODUÕQÕ
GROGXUXSDWHúOH\HELOL\RUGX$WHúJFQQHQ|QHPOLXQVXUODUGDQELULVLRODQKÕ]
NRQXVXQGDHQPDKLU$YUXSDRUGXVXLVHKLoúSKHVL]3UXV\DOÕWkOLPoDYXúODUÕQÕQ
UQ\G=LUD3UXV\DRUGXVXQGDNLQHIHUOHUJQONWkOLPOHUVÕUDVÕQGDGDNLNDGD
RQ ELU GúPDQ SL\DGHVLQLQ DWHúLQH \D GD VYDUL DNÕQODUÕQD PDUX] NDOGÕNODUÕ
VDYDúODUGD GD \DNODúÕN VHNL] GHID VLODKODUÕQÕ GROGXUXS DWHúOH\HELOPHNWH\GL
$QFDN VDYDú HVQDVÕQGD VLODKODUÕQ GROGXUXOPDVÕ KHU ]DPDQ WkOLP
QL]kPQkPHOHULQGH J|VWHULOGL÷L úHNLOGH \DSÕOPÕ\RUGX gUQH÷LQ VLODKODUD
NXOODQÕODQ EDUXWXQ NDOLWHVLQH ED÷OÕ RODUDN EHOLUOL VD\ÕGD DWÕúÕ WDNLEHQ LQFH
EDUXW\HPOHPHEDUXWXNRQPDNWDYH\DVDYDúHVQDVÕQGDQDPOXLoLQGHNLEDUXWXYH
NXUúXQXIÕQGÕN VÕNÕúWÕUPDN YH RWXUWPDN LoLQ KDUELOHPHN \HULQH QHIHUOHU
VLODKODUÕQÕ GLN WXWDUDN GLSoLNOHULQL \HUH YXUPDNWD YH EX úHNLOGH
HPLUKDUHNHW]DPDQGDQ WDVDUUXI HWPHNWH\GL 1LWHNLP EDUXW YH NXUúXQX
VÕNÕúWÕUPDNLoLQVLODKÕQ\HUHYXUXOPDVÕHQD]ÕQGDQoHPULQDWODQPDVÕDQODPÕQD
JHOL\RUGX 0RGHUQ WkOLPLQ 1L]kPÕ &HGvG RUGXVXQGD X\JXODQPD\D EDúODQGÕ÷Õ
GHYLUGHVLODKODUÕQDWHúOHQPHKÕ]ÕQÕHWNLOH\HQHQ|QHPOLIDNW|UOHUGHQELULVLGHKLo
úSKHVL]QHIHUOHUYH\DEDQFÕX]PDQODUÕQIDUNOÕGLOOHUNRQXúX\RUROPDVÕ\GÕ=LUD
HWNLOL YH \NVHN VHV WRQX NXOODQÕODUDN YHULOHQ HPULQ DKHQJL YH NHVLQOL÷L
QHIHUOHULQ HPULQ LPk HWWL÷L KDUHNHWL KHYHVOH YH GR÷UX RODUDN \DSPD LVWHNOHULQL
3UXV\DOÕ ELU ED\UDNWDUÕQ JLEL HUNHQ ELU WDULKWH NDOHPH DOGÕ÷Õ ELU PHWLQ QHIHUOHULQ KÕ]
NRQXVXQGD QH NDGDU XVWDODúDELOGLNOHULQL J|VWHUPHNWHGLU %XQD J|UH ³«ELU PIUH]H J|]
NDSDOÕ GROGXUPDERúDOWPD \DSDUNHQ DWHú HPULQLQ YHULOPHVLQGHQ YH DWHú HGLOPHVLQGHQ
LWLEDUHQKRUR]FX÷XQ WHNUDU KDUHNHWVL] KDOH JHOLúLQH NDGDU o VDQL\H\H GROGXUPDN LoLQ ELU
VDQL\H\H KDUEL\L QDPOXGDQ oÕNDUPDN LoLQ LNL VDQL\H\H D\D÷D NDONPDN LoLQ G|UW VDQL\H\H
\UPHN LoLQ GH LNL VDQL\H ROPDN ]HUH WRSODP RQ LNL VDQL\H\H LKWL\Do YDUGÕU $UDPÕ]GDQ
oR÷X GRNX]RQ VDQL\HGH D\D÷D NDONDELOL\RU«´ %X DOÕQWÕQÕQ GD LPk HWWL÷L úHNLOGH QHIHUOHU
DFHPLOLNOHUL HVQDVÕQGD VÕUDVÕ KLo GH÷LúPH\HQ EX WHPHO KDUHNHWOHUL R NDGDU VÕN
WHNUDUOÕ\RUODUGÕ NL EHOLUOL ELU VUH VRQUD DUWÕN NRPXWD JHUHN GX\PDNVÕ]ÕQ VDGHFH WUDPSHW
YXUXúODUÕQDLVWLQDGHQKDUHNHWOHULSHúSHúHVÕUDOD\DELOL\RUODUGÕ %U|FNOLQJDJHV
5kWLE (IHQGL DJH YU E D 5kWLE (IHQGL¶GHQ \DNODúÕN RQ VHQH VRQUD 8EH\GXOODK
.XúPDQv GH NDOHPH DOGÕ÷Õ ULVDOHGH $YXVWXU\D VHILUL LOH QHUHGH\VH D\QÕ UDNDPODUÕ
YHUPHNWHGLU 1LWHNLP .XúPDQv¶\H J|UH $YUXSDOÕ DVNHUOHU VLODKODUÕQÕ RUWDODPD GDNLNDGD
VHNL] GHID DWHúOH\HELOPHNWH\GL gPHU øúELOLU 1L]kPÕ &HGvGH 'kLU %LU 5LVkOH =HEvUHL
.XúPkQvIL7DµUvIL1L]kPÕøOKkPv$QNDUDV
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
DUWÕUPDNWD\GÕ %X ED÷ODPGD 1L]kPÕ &HGvG RUGXVXQD WkOLP \DSWÕUDQ \DEDQFÕ
DVNHUv X]PDQODU HPLUOHUL JHQHOOLNOH )UDQVÕ]FD YHUL\RU YH HPULQ \DQODUÕQGDNL
PWHUFLP DUDFÕOÕ÷Õ\OD 7UNoH¶\H WHUFPH HGLOPHVLQL EHNOL\RUGX 'ROD\ÕVÕ\OD
HPULQ X]PDQÕQ D÷]ÕQGDQ oÕNPDVÕ YH 7UNoH¶\H DNWDUÕPÕ DUDVÕQGD JHoHQ VUH
WHUFPH QH NDGDU NÕVD VUHGH \DSÕOÕUVD \DSÕOVÕQ HPULQ QHIHU WDUDIÕQGDQ LGUDN
HGLOPHVLQLYHLFUkVÕQÕJHFLNWLUL\RUGX
5DLI (IHQGL¶QLQ ULVDOHVLQH GDKLO HWWL÷L JUDYUGHNL HPLUOHULQ HQ oRN o
KDUHNHWWH X\JXODQPDVÕ YH WkOLP VÕUDVÕQGD oDYXúXQ HPUL YHUGLNWHQ VRQUD
QHIHUOHULQ VHQNURQL]DV\RQXQX VD÷OD\DELOPHN LoLQ HPULQ LKWLYD HWWL÷L KHU ELU
KDUHNHWWH³ELULNLo´úHNOLQGHED÷ÕUPDVÕX\JXODQDQWkOLPLQoOWkOLPRODUDN
ND\QDNODUGD DQÕOPDVÕQD VHEHS RODFDNWÕ )DNDW 1L]kPÕ &HGvG RUGXVX V|]
NRQXVX ROGX÷XQGD WkOLP KXVXVXQGD GHYULQ ND\QDNODUÕQGD JHoHQ WHN WHULP EX
GH÷LOGLU =LUD ,,, 6HOLP¶LQ \HQLoHULOHUH UDNLS RUGXVXQGD oO WkOLPLQ \DQÕ VÕUD
³)UDQVÕ]DYFÕWkOLPL´\DSÕOGÕ÷Õ\DGDGDKDX\JXQELUúHNLOGHDYFÕPDQHYUDVÕQÕQ
WkOLP HGLOGL÷L ELOLQPHNWHGLU )UDQVÕ] RUGXVXQXQ ;9,,, \]\ÕO RUWDODUÕQGD
$PHULNDQ \HUOLOHULQH NDUúÕ NXOODQGÕ÷Õ V|] NRQXVX PDQHYUD ELUOL÷LQ JL]OHQHUHN
GúPDQ NXYYHWOHULQL NXúDWPDVÕ YH SXVX\D GúUPHVLQH GD\DQPDNWD\GÕ
'ROD\ÕVÕ\OD QHIHUOHU oDWÕúPD DODQÕQD ELU EWQ KkOLQGH oÕNPDN \HULQH DoÕN
IRUPDV\RQOD È O¶RUGUH RXYHUW \D\ÕOPDNWD YH VDOGÕUÕ HVQDVÕQGD PHYNLOHULQL
NRUXPDN \HULQH WÕSNÕ .RQW .LQVN\¶QLQ GH EHOLUWWL÷L ]HUH ³\DODQFÕ DNÕQODU
\DODQFÕJHULoHNLOLúOHUOHELUOLNWH\ÕOGÕUÕPKÕ]Õ\ODNDUúÕDNÕQODU´G]HQOHPHNWH\GL
$QFDN DYFÕ ELUOLNOHUL UHJLPHQWRUWD ;9,,, \]\ÕO VRQODUÕQGD PDNDOHQLQ
EDúÕQGD GD WDULI HGLOGL÷L úHNLOGH JD\UL QL]kPv RSHUDV\RQODU G]HQOHPHNOH
+DNDQ (UGHP¶LQ EHOLUWWL÷L ]HUH ÆVkNLUL 0DQVUH RUGXVXQXQ EDúNHQW GÕúÕQGD EXOXQDQ
RUWDODUÕQGD |]HOOLNOH 7UNoH¶QLQ KDON DUDVÕQGD \D\JÕQ ROPDGÕ÷Õ $UDS YLOD\HWOHULQGH GXUXP
GDKD GD YDKLPGL =LUD \DEDQFÕ WkOLP VXED\Õ HPUL )UDQVÕ]FD 7UNoH PWHUFLPH YHUL\RU
7UNoH PWHUFLP HPUL WHUFPH HWWLNWHQ VRQUD $UDSoD PWHUFLP GHYUH\H JLUHUHN HPUL
QHIHUOHUH LOHWL\RUGX +DNDQ (UGHP ³5HFUXLWPHQW IRU WKH µ9LFWRULRXV 6ROGLHUV RI
0XKDPPDG¶LQWKH$UDE3URYLQFHV´+LVWRULHVRIWKH0RGHUQ0LGGOH(DVW 1HZ
'LUHFWLRQV(G,*HUVKRQL8:RN|FN%RXOGHUV
*QP]GHGHLNLYH\DGDKD ID]ODVD\ÕGDKDUHNHWLLoHUHQHPLUOHULQ|÷UHWLPLQGHNXOODQÕODQ
VD\Õ LOH \DSDUDN |÷UHQPH WHNQL÷LQLQ 1L]kPÕ &HGvG RUGXVXQGD X\JXODQÕúÕ LoLQ EN] (VµDG
(IHQGL9DNDQYLV(VDG(IHQGL7DULKL\D\=<ÕOPD]HUøVWDQEXOVhoOWkOLP
LoLQD\UÕFDEN]<ÕOGÕ]DJHVYH
$YFÕWkOLPLQLQ1L]kPÕ&HGvGRUGXVXQGDX\JXODQÕúÕNRQXVXQGDEN]$KPHG&HYDG7kULKL
$VNHUL2VPDQv,,øh.7%7<YU
)$7ø+<(ùø/
NDOPÕ\RU IDNDW D\QÕ ]DPDQGD NRQYDQVL\RQHO RUGXQXQ ELU SDUoDVÕ RODUDN GD
NXOODQÕOÕ\RUGX$QDRUGXQXQLFUDHWWL÷LWDNWLNRUJDQL]DV\RQXQELUSDUoDVÕRODUDN
KDILI SL\DGH ELUOLNOHULQH G|QúHQ DYFÕ JUXSODUÕ PXKDUHEH DODQÕQGD GúPDQ
NXYYHWOHULQLQ NDQDWODUÕQD GR÷UX NXúDWPD KDUHNkWODUÕ \DSPDNOD J|UHYOL\GL
1LWHNLP NXúDWPD KDUHNkWODUÕQÕQ HQ |QHPOL XQVXUX KÕ]GÕ YH EX GXUXP
VUDWOHUL\OH KDQWDO NRQYDQVL\RQHO RUGXGDQ D\UÕODQ KDILI SL\DGH ELUOLNOHULQL EX
RSHUDV\RQODU LoLQ ELoLOPLú NDIWDQ KkOLQH JHWLUL\RUGX +DILI SL\DGH ELUOLNOHUL
WDDUX]v RSHUDV\RQODUÕQ \DQÕ VÕUD RUGXQXQ VUSUL] VDOGÕUÕODUD HQ DoÕN ROGX÷X
LQWLNDOOHUJHULoHNLOLúOHUYHNDPSNXUXOPDVÕJLELGXUXPODUGDNRUXPDYHNROODPD
J|UHYL GH LFUk HGL\RUGX %X ED÷ODPGD KDILI SL\DGH ELUOLNOHULQLQ WHPHO KHGHIL
RUGX\X WDNLS HGHQ GúPDQ ELUOLNOHULQL \DYDúODWPDN YH VDOGÕUÕODUÕ KDILIOHWPHNWL
*HQHOOLNOH DFHOH DGÕPDX SDV UHGRXEOL KÕ]ÕQGD LFUD HGLOHQ KDILI SL\DGH
PDQHYUDODUÕQGD QHIHUOHU JD\UL QL]kPv RSHUDV\RQODUÕQ DNVLQH VDIODU KkOLQGH
\U\RUGX 6DYDú PH\GDQÕQGD QHIHUOHULQ KHU QH KkO YH úDUWWD ROXUVD ROVXQ
NRúPDODUÕQDL]LQYHULOPHPHVLLVHWDNWLNDoÕGDQG]HQLQKÕ]GDQGDKDE\NELU
|QHPH VDKLS ROGX÷XQX J|VWHUPHNWHGLU $QFDN KDILI SL\DGH ELUOLNOHULQGH
LVWLKGDPHGLOHQQHIHUOHUDWHúJFQYHKÕ]ÕDUWÕUPD\D\|QHOLNRODUDNVLODKODUÕQÕ
RODELOGL÷LQFHVUDWOLúHNLOGHYHPQIHULGHQGROGXUPDNWDYHDWHúOHPHNWH\GL
$]|QFHoL]LOHQoHUoHYHGHDYFÕWkOLPLYHKDILISL\DGHPDQHYUDODUÕDVOÕQGD
PDNDOHQLQKHPHQEDúÕQGDEHOLUWLOGL÷L]HUH$YUXSDOÕDVNHUvX]PDQODUÕQ2VPDQOÕ
RUGXVXQX EDúDUÕOÕ EXOGX÷X NoN VDYDúD HQ X\JXQ WkOLP YH PDQHYUD úHNOL\GL
=LUDEXWUWkOLPYHPDQHYUDODU2VPDQOÕQHIHUOHULQLQYHSDúDODUÕQÕQ]DWHQDOÕúNÕQ
ROGXNODUÕ WDNWLN RUJDQL]DV\RQX |QJ|UPHNWH\GL %X ED÷ODPGD DYFÕ PDQHYUDODUÕ
2VPDQOÕ QHIHUOHUL YH SDúDODUÕ LoLQ X\JXODPD DoÕVÕQGDQ GHYULQ GL÷HU WDNWLN
IRUPDV\RQODUÕQD QD]DUDQ E\N ELU NROD\OÕN VD÷ODPDNWD\GÕ 6|] NRQXVX
NROD\OÕ÷Õ VHQNURQL]DV\RQ NRQXVXQGD GD J|]OHPOHPHN PPNQGU 1LWHNLP
QHIHUOHU VLODKODUÕQÕ PQIHULGHQ oRN GDKD KÕ]OÕ DWHúOH\HELOPHNWH\GL %X GXUXP
DVOÕQGD 5DLI (IHQGL¶QLQ JUDYU\OH NDUúÕODúWÕUPD\D oDOÕúWÕ÷ÕPÕ] )UDQVÕ]
WkOLPQkPHVLQGHQLúDQDO(Q-RXHHPULQLQJ|VWHUHQJUDYUGH QHIHUOHULQoVDI
KkOLQGH VLODKODUÕQÕ DWHúOHGLNOHUL KkOGH D\QÕ HPULQ 2VPDQOÕ YHUVL\RQXQGD QHGHQ
$YFÕKDILISL\DGHELUOLNOHULQLQ\DSWÕNODUÕWkOLPOHULQYHX\JXODGÕNODUÕWDNWLNIRUPDV\RQXQL\L
ELUWDVYLULLoLQEN]KWWS ZZZIWWRXORXVHMDFNVRQRUJ7RXORXVH'5,//+70
%XNRQXGD)UDQVÕ]WkOLPQkPHVLQLQRWX]ELULQFLJUDYUQHEDNÕODELOLU
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
WHN ELU QHIHULQ WDVYLU HGLOGL÷LQL GH DoÕNODPDNWDGÕU =LUD 1L]kPÕ &HGvG
RUGXVXQXQ X\JXODPD\D oDOÕúWÕ÷Õ WDNWLN IRUPDV\RQXQ HVDVÕ GDKD |QFH GH
EHOLUWLOGL÷L ]HUH VHQNURQLN RODUDN WIHNOHULQ DWHúOHQPHVLQL GH÷LO KÕ]OÕ
DWHúOHQPHVLQLJHUHNWLUL\RUGX.DOGÕNLGDKD|QFHKLoELUúHNLOGHHú]DPDQOÕDWÕú
WkOLPL \DSÕOPDPÕú RODQ ELU RUGXQXQ VHQNURQLN DWÕú WkOLPOHUL \DSPDN úDUWÕ\OD
EDúODQJÕo RODUDN VLODKÕQ DWHúOHQPH KÕ]ÕQD \R÷XQODúPDVÕ GR÷DOGÕU 'ROD\ÕVÕ\OD
$YUXSD RUGXODUÕQGD J|]OHPOHQGL÷L ]HUH VHQNURQL]DV\RQX |Q SODQD oÕNDUWDUDN
oRN GDKD D÷ÕU ELU Lú UHMLPLQL |QJ|UHQ SL\DGH WkOLPLQLQ \HULQH 1L]kPÕ &HGvG
RUGXVXQGD DVNHUv JHOHQH÷H HOGHNL QHIHUOHULQ LQVDQv |]HOOLNOHULQH YH PHYFXW
\DSÕ\DGDKDX\JXQDYFÕWkOLPLQLQWHUFLKHGLOPHVLGLNNDWHGH÷HUELUD\UÕQWÕGÕU
$YFÕ WkOLPL YH KDILI SL\DGH PDQHYUDODUÕ LOH 1L]kPÕ &HGvG RUGXVXQXQ
WHúNLODW \DSÕVÕ DUDVÕQGD ELU ED÷ NXUPDN GD PPNQGU =LUD 1L]kPÕ &HGvG
RUGXVX WRSoX DUDEDFÕ SL\DGH YH VDLU WP VÕQÕIODUGDQ QHIHUOHUL EQ\HVLQGH
EXOXQGXUDQ NHQGL NHQGLVLQH \HWHUOL VD÷ YH VRO NROODUGDQ PWHúHNNLO RUWDODU
úHNOLQGH |UJWOHQPLúWL %X GXUXP ELU WDUDIWDQ 1L]kPÕ &HGvG RUWDODUÕQD
PXKDUHEHWkOLP DODQÕQGD \DSÕODQ PDQHYUDODU LoLQ RSHUDV\RQHO HVQHNOLN
ND]DQGÕUÕ\RUGL÷HUWDUDIWDQGDWDNWLNDoÕGDQNRQYDQVL\RQHO2VPDQOÕRUGXVXQXQ
JHUL NDODQÕQGDQ 1L]kPÕ &HGvG RUWDODUÕQÕ ED÷ÕPVÕ]ODúWÕUÕ\RUGX 'ROD\ÕVÕ\OD KHU
QHNDGDUNRQYDQVL\RQHORUGXWHúNLODWÕLoHULVLQGH6HNEDQÕ&HGvGJLELVHNL]LQFL
1L]kPÕ &HGvG RUGXVX WÕSNÕ oD÷GDú $YUXSD RUGXODUÕ JLEL KHU VÕQÕIWDQ DVNHUL EQ\HVLQGH
EXOXQGXUDQNHQGLNHQGLVLQH\HWHUOLRUWDODU UHJLPHQW KkOLQGH|UJWOHQPLúWLdD÷GDú$YUXSD
ND\QDNODUÕQGD 2VPDQOÕ RUGXVXQXQ ELU ]DDIÕ RODUDN DOWÕ oL]LOHQ NRQYDQVL\RQHO 2VPDQOÕ
RUGXVXQXQ VDYDú PH\GDQÕQGD GDKD NoN SDUoDODUD D\UÕODPDPDVÕ VRUXQXQX o|]HQ EX
|UJWVHO\DSÕRUWDODUÕQRUGXQXQDQDJ|YGHVLQGHQD\UÕODUDNPXKDUHEHGHNLJHOLúPHOHUHDQÕQGD
WHSNL YHUHELOPHVLQL VD÷OÕ\RUGX %\N \HNSDUH WHN HOGHQ LGDUH HGLOHQ KDQWDO RUGXODU
NDUúÕVÕQGDRSHUDV\RQHOHVQHNOL÷HVDKLSEX\HQLWLSRUGX\X)UDQVD¶QÕQøVWDQEXOHOoLVL$XEHUW
GX %D\HW ú|\OH WDVYLU HWPHNWH\GL ³QL]kP GHGL÷LP QHIHUkWÕ DVNHUL\\H\L 0RVNRY YH 1HPoH
DVkNLUL JLEL KDWWÕ PVWDNLP ]HULQGH GL]PHN YH KDWYkWÕ PWHVDYYL\H LOH \UWPHN YH NkK
VD÷DYHNkKVRODG|QGUPHNPLVOOWDµOvPLPXµWDGGDQLEkUHWGH÷LOGLU0DWOERODQDVNHUL
EHú DOD\D >UHJLPHQW@ WDNVvP HWPHNOH P\HVVHU RODELOU %Hú DOD\ GHGL÷LP PXNDGGHPHW¶O
FH\úYHGPGkUDVNHULGLU%XQODUÕQ]HULQHIHQQLKDUEGHPkKLUELUVHUDVNHUWDµ\vQROXQXU
0H]NUDOD\ODUPDKOWROPD\XEEDúNDEDúNDPDKDOLPQkVLEHGHGXUPDNODVHUGkUÕPXWODN
RODQLNWL]kVÕQDJ|UHRODOD\ODUÕQVHUDVNHUOHULQHKDEHUOHUXoXUXEKHUELUDOD\ÕOk]ÕPJHOGL÷L
YHFK ]HUH LVWLPkO HGHU«´ (QYHU =L\D .DUDO ³<XQDQ $GDODUÕQÕQ )UDQVÕ]ODU 7DUDIÕQGDQ
øúJDOL YH 2VPDQOÕ5XV 0QDVHEHWL ´ 7DULK 6HPLQHUL 'HUJLVL VD\Õ V
)$7ø+<(ùø/
RFDN RODUDN WX÷ DOPDPÕú EXQD PXNDELO %RVWDQFÕ 7IHQNFLOHULQLQ ELU SDUoDVÕ
RODUDN NXUXOPXú ROVD GD 1L]kPÕ &HGvG RUGXVX SUDWLNWH øUkGÕ &HGvG¶LQ
|QJ|UG÷úHNLOGHVDGHFHPDOvRODUDNGH÷LORSHUDV\RQHOYHWDNWLNDoÕODUGDQGD
PHYFXW2VPDQOÕRUGXVXQXQWDPDPHQGÕúÕQGD\GÕ
6RQXo\DGD2VPDQOÕ2UGXVXQGD<HQL%LU%DúODQJÕo
<XNDUÕGD WDVYLU HGLOPH\H oDOÕúÕODQ WkOLP SURVHGUQQ 1L]kPÕ &HGvG
RUGXVXQGD QH NDGDU G]HQOL X\JXODQGÕ÷Õ NRQXVXQGD NHVLQ ELU ND\ÕW EXOXQPDVD
GD ,,, 6HOLP¶LQ YH 1L]kPÕ &HGvG ULFkOLQLQ /HYHQW dLIWOL÷L¶QH VÕN VÕN JLGHUHN
\DSÕODQ WkOLPOHUL L]OHPHOHUL EDúDUÕOÕ QHIHUkWÕ |GOOHQGLUPHOHUL EX NRQX\D HQ
D]ÕQGDQ E\N ELU |QHP DWIHGLOGL÷LQL J|VWHUPHNWHGLU +HU QH NDGDU $YUXSDv
WDOLP X\JXODPDVÕ 0D\ÕV ¶GH JHUoHNOHúHQ 9DNµDL 6HOLPL\H LOH E\N ELU
VHNWH\H X÷UDPÕú ROVD GD ,9 0XVWDID GHYULQGH /HYHQW dLIWOL÷L HVNL NHWKGDVÕ
G|QPH 6OH\PDQ$÷DELUJUXSDVNHUHEDúNHQWLQLONPRGHUQNÕúODVÕQGDWkOLP
\DSWÕUPD\D GHYDP HGHFHNWL $\DQODUÕQ VDKLS ROGX÷X VLODKOÕ JoOHUL ³GHYOHW
DVNHUL´QH WDKYLO HWPH JLULúLPOHUL RODUDN GD J|UOHELOHFHN 6HNEDQÕ &HGvG
RUGXVXQXQ LKGDVÕ LVH PRGHUQ WkOLPL \HQLGHQ 2VPDQOÕ \|QHWLFL HOLWLQLQ
JQGHPLQH VRNDFDNWÕU 7HúNLODW \DSÕVÕ EDNÕPÕQGDQ 1L]kPÕ &HGvG RUGXVXQGDQ
IDUNOÕELU|UJWHVDKLSRODQ6HNEDQÕ&HGvGRUGXVXQXQEDúÕQD6OH\PDQ$÷D¶QÕQ
JHWLULOPHVL YH 1L]kPÕ &HGvG 2FD÷Õ¶QGD WkOLP J|UPú IDNDW ¶GHNL LV\DQ
VRQUDVÕ øVWDQEXO¶GD NHQGLOHULQL ND\EHWWLUPLú VHUE|ON POk]ÕP YH oDYXú JLEL
VXED\ODUÕQ \HQLGHQ LúH DOÕQPDVÕ 1L]kPÕ &HGvG EDNL\HVL GHYULQ ULFkOLQLQ WkOLP
NRQXVXQGDVDPLPLROGX÷XQXRUWD\DNR\PDNWDGÕU $QFDN5XVoXN<DUDQÕWkOLP
NRQXVXQGD QH NDGDU VDPLPL ROXUVD ROVXQ EX JLULúLP GH PRGHUQ WkOLPLQ
%X NRQXGD |UQHN RODUDN EN] +DOLO 1XUL (IHQGL 7kULKL 1XUL 6OH\PDQL\H .WSKkQHVL
ÆúLU (IHQGL QU YU DE DE DE 9DVÕI (IHQGL 7kULKL 9kVÕI øh.7% 7<
YUEE
$VOHQ$YXVWXU\DOÕRODQ6OH\PDQ$÷DYH,90XVWDIDGHYULQGH\DSWÕUGÕ÷ÕWDOLPNRQXVXQGD
EN] .HPDO %H\GLOOL ³øON 0KHQGLVOHULPL]GHQ 6H\LG 0XVWDID YH 1L]kPÕ &HGvG¶H 'DLU
5LVDOHVL´7DULK(QVWLWV'HUJLVLVD\Õ V -RKDQQ:LOKHOP=LQNHLVHQ
*HVFKLFKWHGHVRVPDQLVFKHQ5HLFKHVLP(XURSD9,,*RWKD
ùDQL]kGH0HKPHG$WDXOODK7DULK,øVWDQEXO &kEvgPHU(IHQGL7kULKL&kEv
KD] 0 $OL %H\KDQ , $QNDUD (UQVW 0QFK 0DKPXG ,, 3DGLVFKDK GHU
2VPDQHQ 6WXWWJDUW V - %DVWHOEHUJHU 'LH PLOLWlULVFKHQ 5HIRUPHQ XQWHU
0DKPXG ,, *RWKD V )UDQ] 2WWHQIHOV %HLWUlJH ]XU 3ROLWLN 0HWWHUQLFKV LP
JULHFKLVFKHQ)UHLKHLWVNDPSIHKD]-.UDXWHU6DO]EXUJ V
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
NXUXPVDOODúPDVÕQDRODQDNWDQÕ\DFDNNDGDUX]XQVUHOLROPD\DFDNYH¶GHNL
LV\DQOD ELUOLNWH \HQLGHQ UDID NDOGÕUÕODFDNWÕ 0RGHUQ WkOLPH GDKD GR÷UX ELU
LIDGH\OH PRGHUQ WkOLP SURVHGUQQ |QJ|UG÷ Lú UHMLPLQH HQ |QHPOL
PXKDOHIHWL J|VWHUHQ <HQLoHUL 2FD÷Õ¶QÕQ +D]LUDQÕQGD NDOGÕUÕOPDVÕ\OD
ELUOLNWHQHIHUOHU\HQLGHQWkOLPYHWHUEL\HHGLOPH\HEDúODQDFDNWÕ1L]kPÕ&HGvG
2FD÷Õ NDQXQQkPHVL HVDV DOÕQDUDN ELU JHFHGH \D]ÕODQ ÆVkNLUL 0DQVUH RUGXVX
QL]kPQkPHVLQLQ |QJ|UG÷ WkOLP YH WHUEL\HQLQ YHULOPHVLQGH \LQH 1L]kPÕ
&HGvG 2FD÷Õ¶QGD J|UHY DOPÕú DVNHUOHU |Q SODQGD\GÕ %X ED÷ODPGD 1L]kPÕ
&HGvG2FD÷Õ¶QGD\]EDúÕUWEHVLQGHEXOXQPXúRODQ IDNDWEXVÕUDGDELU\HQLoHUL
JLEL PED\DFÕ KL]PHWLQGH SDUD ND]DQPD\D oDOÕúDQ 2VPDQ $÷D YH 1L]kPÕ
&HGvGVXED\ODUÕQGDQRODQYH6DUD\¶GDKD\DWÕQÕVUGUHQ(PLQ$÷D¶QÕQ\DQÕVÕUD
1L]kPÕ &HGvG 2FD÷Õ¶QÕQ VYDUL RUWDVÕQGD WkOLP J|UPú RODQ YH GDKD VRQUD
9LGLQ¶GH $VkNLUL 0DQVUH WHúNLOkWÕQÕ NXUPDNOD J|UHYOHQGLULOHFHN 9D\EHOLP
$KPHG$÷DYHQLKD\HW6HNEkQÕ&HGvG2FD÷Õ¶QGD\]EDúÕUWEHVL\OHEXOXQPXú
RODQ øEUDKLP $÷D ÆVkNLUL 0DQVUH¶QLQ LON 7UN0VOPDQ WkOLP VXED\ODUÕ\
GÕ
0DQVUHDVNHUOHULQLQWkOLPLoLQLONNH]*OKkQH%DKoHVL¶QHoÕNWÕNODUÕQGD
EDúODUÕQGD EXOXQDQ 2VPDQ $÷D \DNODúÕN \LUPL VHQH HYYHO X\JXODQDQ oO
WkOLPLDOHODFHOHWRSODQDQÆVkNLUL0DQVUHQHIHUOHULQH\DSWÕUPD\DEDúOD\DFDNWÕ
7kOLPL L]OH\HQ ULFkOH YH SDGLúDKD EDúWD ³KRú YH KE´ J|UQHFHN RODQ 1L]kPÕ
&HGvG¶LQ oO WkOLPL NÕVD ELU VUH VRQUD +VUHY 3DúD¶QÕQ PGDKDOHVL\OH
GH÷LúWLULOHFHNWL <LQH )UDQVÕ] XVXOQGH IDNDW EX VHIHU øKWLOkO VDYDúODUÕQGD
HGLQLOHQ WHFUEHOHUOH HPLUOHULQ GDKD KÕ]OÕ LFUkVÕQD RODQDN YHUHQ KDUHNHWOHUH
GD\DOÕ WkOLP PHWRGXQGD DUWÕN ³+DV GXU 5DVW GXU´ HPLUOHUL\OH QHIHUkWD WkOLP
\DSWÕUÕOÕ\RUGX $QFDN KHU QH úHNLOGH ROXUVD ROVXQ <HQLoHULOL÷LQ LOJkVÕ YH
ÆVkNLUL 0DQVUH RUGXVXQXQ LKGDVÕ\OD ELUOLNWH WkOLPLQ |QJ|UG÷ Lú UHMLPL YH
QL]kPQkPHOHUL X\JXOD\DQ NRPXWD KH\HWLQLQ WHUEL\HVL 2VPDQOÕ QHIHUOHULQL
SDGLúDKÕQ|QQGHKL]D\DVRNDFDNWÕ
(VµDG(IHQGLDJHV1L]kPQkPHLoLQD\UÕFDEN]<DUDPÕú*QHúDJHVYG
(VµDG(IHQGLDJHV øO\DV$÷D9HNkµLL/HWDµLIL(QGHUQøVWDQEXOV
YG ùDPLO 0XWOX <HQLoHUL 2FD÷Õ¶QÕQ .DOGÕUÕOÕúÕ YH ,, 0DKPXG¶XQ (GLUQH 6H\DKDWL
øVWDQEXO V øVPDLO +DNNÕ 8]XQoDUúÕOÕ 2VPDQOÕ 'HYOHWL 7HúNLOkWÕQGDQ .DSÕNXOX
2FDNODUÕ,$QNDUD &KDUOHV0DFIDUODQH&RQVWDQWLQRSOHLQ,/RQGUD
<ÕOGÕ]DJHV
)$7ø+<(ùø/
$EVWUDFW
,1752'2&7,212)7+(02'(51'5,//$1'
',6&,3/,1(727+(1(:25'(5$50<
7KLV SDSHU WKH LQWURGXFWLRQRI WKH PRGHUQ GULOO DQGGLVFLSOLQH
WRWKH2WWRPDQDUP\WKDWZDVLQXVHLQWKH(XURSHDQDUPLHVVLQFH
WKHPLGGOHRIWKHVHYHQWHHQWKFHQWXU\)LUVWO\WKHLQYHQWLRQRIWKH
PRGHUQGULOODQGGLVFLSOLQHDQGLWVZRUNUHJLPHLVGHVFULEHG6LQFH
WKH EHJLQQLQJ RI WKH HLJKWHHQWK FHQWXU\ WKH PRGHUQ GULOO DQG
GLVFLSOLQHZDVSUHVHQWHGDVWKHUHPHG\DJDLQVWWKHGHIHDWVDWKDQGV
WKHRIWKH$XVWULDQDQG5XVVLDQDUPLHVE\WKH2WWRPDQHQYR\VDQG
EXUHDXFUDWVZKRKDGWKHRSSRUWXQLW\WRREVHUYH(XURSHDQDUPLHV
,Q WKH 2WWRPDQ (PSLUH WKH PRGHUQ LQIDQWU\ GULOO ZDV ILUVW
SHUIRUPHG E\ WKH VROGLHUV RI WKH 1HZ 2UGHU $UP\ XQGHU WKH
VXSHUYLVLRQRIIRUHLJQH[SHUWV7KHHVVHQFHRIWKHPRGHUQGULOOLQ
WKH 1HZ 2UGHU $UP\ LV GHPRQVWUDWHG E\ FRPSDULQJ LW ZLWK WKH
HLJKWHHQWKFHQWXU\)UHQFKGULOOUHJXODWLRQV,QWKHODVWFKDSWHUWKH
LPSDFW RI WKH PRGHUQ GULOO DQG GLVFLSOLQH RQ WKH VWUXFWXUDO
WUDQVIRUPDWLRQLQWKH2WWRPDQDUP\DQGWKHSUREOHPVHQFRXQWHUHG
LQSUDFWLFHDUHGLVFXVVHG
.H\ZRUGV 'ULOO 'LVFLSOLQH 1HZ 2UGHU 'ULOO 5HJXODWLRQ
+XQWHU¶V'ULOO
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
(./(5
(.0DKPXG5DLI(IHQGL¶QLQ5LVDOHVLQGH(PLUOHUL*|VWHUHQ/LVWH
)$7ø+<(ùø/
(.5DLI(IHQGL¶QLQ5LVDOHVLQGH1HIHUOHULQ(PLUOHUH*|UH
'XUXú3R]LV\RQXQX*|VWHUHQ*UDYU
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
(.7DULKOL)UDQVÕ]7kOLPQkPH¶QLQøON6D\IDVÕYH1HIHUOHULQ(PLUOHUH*|UH'XUXú
3R]LV\RQODUÕQÕ*|VWHUHQ*UDYUOHU
)$7ø+<(ùø/
3UpVHQWH]YRVDUPHV
+DUHNHW
)UDQVÕ] WkOLPQkPHVLQGH IDUNOÕ HPLUOHUGH LFUk HGLOHQ EHQ]HU KDUHNHWOHU LoLQ D\UÕ JUDYUOHU
oL]LOPHN\HULQHEHQ]HUKDUHNHWLQNXOODQÕOGÕ÷ÕLONHPULQGXUXúSR]LV\RQXQXJ|VWHUHQJUDYUH
UHIHUDQVYHULOPHNWHGLU
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
+DUHNHW
)$7ø+<(ùø/
+DUHNHW
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
0HWWH]OH&KLHQHQVRQ5HSRV
2VPDQOÕYHUVL\RQXQGDHPLU&KDUJH]YRV$UPHVRODUDNJHoPHNWHGLU
)$7ø+<(ùø/
3UHQH]OD&DUWRXFKH
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
'HFKLUH]ODDYHFOHV'HQWV
+DUHNHW
2VPDQOÕYHUVL\RQXQGDHPLU'HFKLUH]OD&DUWRXFKHRODUDNJHoPHNWHGLU
)$7ø+<(ùø/
+DUHNHW
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
$PRUFH]
)$7ø+<(ùø/
)HUPH]OD%DVVLQHW
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
3DVVH]YRV$UPHVGX&zWpGHO¶pSpH
+DUHNHW
2VPDQOÕYHUVL\RQXQGDHPLU/¶$UPHi*DXFKHRODUDNJHoPHNWHGLU
)$7ø+<(ùø/
+DUHNHW
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
+DUHNHW
)$7ø+<(ùø/
0HWWH]OD&DURXFKHGDQVOH&DQQRQ
2VPDQOÕYHUVL\RQXQGDHPLU&DUWRXFKHDXFDQRQRODUDNJHoPHNWHGLU
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
7LUH]OD%DJXHWWH
)$7ø+<(ùø/
%RXUUH]
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
5HPHWWH]OD%DJXHWWHHQVRQ/LHX
2VPDQOÕYHUVL\RQXQGDHPLU5HPHWWH]OD%DJXHWWHRODUDNJHoPHNWHGLU
)$7ø+<(ùø/
3RUWH]YRV$UPHV
+DUHNHW
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
+DUHNHW
)$7ø+<(ùø/
+DUHNHW
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
+DXWOHV$UPHV
+DUHNHW
2VPDQOÕYHUVL\RQXQGDHPLU$SSUpWH]YRV$UPHVRODUDNJHoPHNWHGLU
)$7ø+<(ùø/
+DUHNHW
1ø=Æ0,&('Ì'25'8681'$7Æ/ø09(7(5%ø<(
(Q-RXH
2VPDQOÕYHUVL\RQXQGDHPLU-RXHRODUDNJHoPHNWHGLU
)$7ø+<(ùø/
)HX
You might also like
- Osmanlı Tarihinde Vergi İsyanları IIDocument20 pagesOsmanlı Tarihinde Vergi İsyanları IIZaim ARINo ratings yet
- Avrupa Nsan Haklar Mahkemesi Kararlar Nda Fade ZG RL Ve T Rkiye (#223541) - 195090Document28 pagesAvrupa Nsan Haklar Mahkemesi Kararlar Nda Fade ZG RL Ve T Rkiye (#223541) - 195090NeslihanNo ratings yet
- Smail Mangaltepe, Bizans Kaynaklar - Nda T - Rkler (Menandros Protektor Ve Theophylaktos Simokattes), - Stanbul 2009. (#120218) - 102148Document6 pagesSmail Mangaltepe, Bizans Kaynaklar - Nda T - Rkler (Menandros Protektor Ve Theophylaktos Simokattes), - Stanbul 2009. (#120218) - 102148hakan ÇetinNo ratings yet
- Osmanl - Devleti'Nde Millet Sistemi Ve Yahudi Milleti (#223483) - 195032Document16 pagesOsmanl - Devleti'Nde Millet Sistemi Ve Yahudi Milleti (#223483) - 19503219-7038 RENAS TEKİNNo ratings yet
- Gürer Gülsevin Eski Anadolu UzunlukDocument18 pagesGürer Gülsevin Eski Anadolu UzunlukFatma GülNo ratings yet
- JruhsatDocument20 pagesJruhsatiffirtinaNo ratings yet
- İskilipli Atıf - Frenk Mukallidliği Ve ŞapkaDocument15 pagesİskilipli Atıf - Frenk Mukallidliği Ve ŞapkaEmre YıldırımNo ratings yet
- Optimal Task Allocation For Multiple UAVsDocument4 pagesOptimal Task Allocation For Multiple UAVsEngineer1990No ratings yet
- Isletmelerin Kar Pay - I Dagit - Im Politikalari Ve Firma Degerliliginin Vergi Uygulamalari Ile Iliskisine Teorik Bir YaklasimDocument17 pagesIsletmelerin Kar Pay - I Dagit - Im Politikalari Ve Firma Degerliliginin Vergi Uygulamalari Ile Iliskisine Teorik Bir YaklasimAltuğ CeyhanNo ratings yet
- 0 Qfkhqhu, Ooxvwulhuwhq JD) HWHVLQGH Dqodwõogõ÷ÕDocument11 pages0 Qfkhqhu, Ooxvwulhuwhq JD) HWHVLQGH Dqodwõogõ÷Õbaha sefa AkdemirNo ratings yet
- 6e9099e59636a01 EkDocument4 pages6e9099e59636a01 EkMurat YalçınkayaNo ratings yet
- 742 Bilimin ÖncüleriDocument1 page742 Bilimin Öncülerinecatidenli10No ratings yet
- TS en 12390-5 Sertlesmis Beton Egilme DayanimiDocument8 pagesTS en 12390-5 Sertlesmis Beton Egilme DayanimiTolga YazanNo ratings yet
- Birle Mi Milletler Ve M Dahale (#223568) - 195117Document12 pagesBirle Mi Milletler Ve M Dahale (#223568) - 195117Merve Leman BulutNo ratings yet
- 'Ro'U+Dvdqø%Ø&Ø2Ö/8: 6 Oh/Pdq'Hpluhohqlyhuvlwhvløø%) Øúohwph% - O P G÷Uhwlph/HvlDocument27 pages'Ro'U+Dvdqø%Ø&Ø2Ö/8: 6 Oh/Pdq'Hpluhohqlyhuvlwhvløø%) Øúohwph% - O P G÷Uhwlph/Hvlmcmikey988No ratings yet
- TS en 12350-4 Taze Beton Sikistirilabilme DerecesiDocument7 pagesTS en 12350-4 Taze Beton Sikistirilabilme DerecesiTolga YazanNo ratings yet
- TS EN 12350-3 Taze Beton Vebe DeneyiDocument9 pagesTS EN 12350-3 Taze Beton Vebe DeneyiTolga YazanNo ratings yet
- Beton AgregalariDocument43 pagesBeton Agregalarikordef zeminNo ratings yet
- Udla Ec Tini 2014 41 (S)Document240 pagesUdla Ec Tini 2014 41 (S)Caty EliNo ratings yet
- 621 Destan Ve Yazıtlarda TürklerDocument2 pages621 Destan Ve Yazıtlarda Türklercarkitalp02No ratings yet
- 721 Beylikten Cihan DevletineDocument3 pages721 Beylikten Cihan Devletinefatmanurkoylu2011No ratings yet
- Asesinato en El Canadian Express (2xhoja56) - Eric WilsonDocument56 pagesAsesinato en El Canadian Express (2xhoja56) - Eric WilsonRomina MuñozNo ratings yet
- Katilim Bankaciliginda DagitimiDocument270 pagesKatilim Bankaciliginda Dagitimiabdullah kulNo ratings yet
- CARAZODocument108 pagesCARAZOalvaropapalindo2023No ratings yet
- Doğu Anadolu Bölgesi MakalesiDocument10 pagesDoğu Anadolu Bölgesi MakalesiymuratknlNo ratings yet
- Mülteciler 1Document24 pagesMülteciler 1Tunahan SarıcanNo ratings yet
- 533 Nerede YaşanırDocument2 pages533 Nerede YaşanırM DNo ratings yet
- 7.sınıf 4.ünite Ders NotlarıDocument5 pages7.sınıf 4.ünite Ders NotlarıutkuNo ratings yet
- 7.sınıf 4.ünite Ders NotlarıDocument5 pages7.sınıf 4.ünite Ders NotlarıMert AlsancakNo ratings yet
- Aromatik Bitki ÜretimiDocument25 pagesAromatik Bitki ÜretimiSibel BilikNo ratings yet
- EasdadsdasdasDocument4 pagesEasdadsdasdasplakki619No ratings yet
- Document Ffd2e887 0ae9 4b92 b891 32dbbb0cb97aDocument8 pagesDocument Ffd2e887 0ae9 4b92 b891 32dbbb0cb97aYakup BILGINNo ratings yet
- 741 Kil Tabletlerden Akıllı TabletlereDocument1 page741 Kil Tabletlerden Akıllı TabletlereasddddsguragfıdgqergNo ratings yet
- Arrêté2003 1061Document26 pagesArrêté2003 1061Oumayma BoussaidNo ratings yet
- Programa 4 La Vitivinicultura en Mendoza Segunda ParteDocument10 pagesPrograma 4 La Vitivinicultura en Mendoza Segunda PartesunshinebysgNo ratings yet
- Udla Ec Tinmd 2015 06 (S)Document175 pagesUdla Ec Tinmd 2015 06 (S)felix vizcainoNo ratings yet
- Sojo A - de La Evanescencia A La MiraDocument70 pagesSojo A - de La Evanescencia A La MiraJohanna CastroNo ratings yet
- TS en 12390-7 Sertlesmis Beton YogunlukDocument8 pagesTS en 12390-7 Sertlesmis Beton YogunlukTolga YazanNo ratings yet
- 754 İşinin Ehli İnsan YetiştirmekDocument1 page754 İşinin Ehli İnsan YetiştirmekyunusNo ratings yet
- 756 Dijital Teknoloji ÇağındayızDocument1 page756 Dijital Teknoloji ÇağındayızMerve TuranNo ratings yet
- Sınıf 1. Dönem 1. Yazılı Ders NotuDocument8 pagesSınıf 1. Dönem 1. Yazılı Ders Notusebnemmentes07No ratings yet
- 725 Osmanlı'dan Kalan MirasımızDocument1 page725 Osmanlı'dan Kalan MirasımızasddddsguragfıdgqergNo ratings yet
- Anexos 1 de La Directiva 005 DREP - ASPECTO SOCIOEMOCIONALDocument22 pagesAnexos 1 de La Directiva 005 DREP - ASPECTO SOCIOEMOCIONALJUAN ARAGON LOPENo ratings yet
- Arrêté Minsitre Des Finances Du 27 Février 2001 (Prov Tech)Document6 pagesArrêté Minsitre Des Finances Du 27 Février 2001 (Prov Tech)lamiaNo ratings yet
- 761 Demokrasinin SerüveniDocument1 page761 Demokrasinin Serüveninecatidenli10No ratings yet
- 814 Adım Adım LiderliğeDocument1 page814 Adım Adım Liderliğeselinyagmur073No ratings yet
- 523 Kültürel ÖzelliklerimizDocument2 pages523 Kültürel Özelliklerimizgel.ahmet.enesNo ratings yet
- Osmanli Klasik Donemi Tasavvuf LiteraturDocument73 pagesOsmanli Klasik Donemi Tasavvuf LiteraturEmre OnarNo ratings yet
- De La Nécéssité de Suivre Les Hadiths AuthentiquesDocument19 pagesDe La Nécéssité de Suivre Les Hadiths AuthentiquesIslamHouseNo ratings yet
- 615 Sorunlarımın Çözümünü BiliyorumDocument1 page615 Sorunlarımın Çözümünü BiliyorumdorukaydemirrNo ratings yet
- Ia 4Document8 pagesIa 4Hassan MehmedovNo ratings yet
- 7.sınıf 3.ünite Ders NotlarıDocument5 pages7.sınıf 3.ünite Ders NotlarıyunusNo ratings yet
- UntitledDocument103 pagesUntitledAmaru VegaNo ratings yet
- Loi Elevage 2005Document7 pagesLoi Elevage 2005yosra hammamiNo ratings yet
- Egybesült KarajDocument2 pagesEgybesült Karajdurstpeter1No ratings yet
- 553 Ekonomi Ve YaşamDocument1 page553 Ekonomi Ve YaşamMaceracı KurtNo ratings yet
- 751 Topraktan Üretir, Toprağı YönetirizDocument2 pages751 Topraktan Üretir, Toprağı YönetirizasddddsguragfıdgqergNo ratings yet
- 7sınıf 5ünite Ders Notları-Sayfalar-SilindiDocument7 pages7sınıf 5ünite Ders Notları-Sayfalar-SilindizetNo ratings yet
- Herramientas de Análisis EstadísticoDocument119 pagesHerramientas de Análisis EstadísticoDiego CastroNo ratings yet
