Post on 29-Dec-2015
,
$7$7h5.h19(567(6626
,,
,,,
d1'(./(5
6$
,9
g=(7
9
$%675$&7
0$67(57+(6,6
$+0('+$0',=(=3$6+$
9,
g16g=
%LOLQGLLJLEL7DULKHQJHQHOWDQP\ODJHoPLWHPH\GDQDJHOHQROD\ODUQ
LQFHOHQPHVLGLU%XLQFHOHPH\DSOUNHQSHNoRNND\QDNWDQGDLVWLIDGHHGLOLU%X
ND\QDNODUGDQELULGHKHUQHNDGDUWDPELUREMHNWLIOLNLoLQGH\D]ODPD\SKLVOHUYHDKVL
J|UOHU|QSODQDoNVDGDGHYULQLQROD\ODUQDNWXWPDVEDNPQGDQROGXNoDE\N
|QHPHVDKLSRODQKDWUDWODUGU
9,,
%LULQFLE|OPGH
*5
6HOoXNOX'HYOHWLQLQELUXoEH\OLLRODUDN$QDGROXWDULKLQGH|QHPOLUROOHU
R\QD\DFDNRODQ2VPDQO'HYOHWLNVDVUHGHJHOLLSJoOHQHUHNE\NELULPSDUDWRUOXN
KDOLQHJHOPLWLU$QFDNGHYOHWLQLPSDUDWRUOXNKDOLQHJHOPHVLQGHE\NELU|QHP
DU]HGHQVWDQEXOXQIHWKLLOH$YUXSDOGHYOHWOHULQEDODWWNODUFRUDILNHLIOHU
QHWLFHVLQGH\HQLWLFDUHW\ROODUEXOXQPXYHV|PUJHFLOLNIDDOL\HWOHULEDODPWU
2VPDQO'HYOHWLQLQJoND\EHWPH\HEDODPDV\ODEHUDEHU2VPDQOWRSUDNODUELUHU
ELUHUV|PUJHHGLOPLYHV|PUJHHGLOHQE|OJHKDONWUOR\XQODUODGHYOHWHNDU
NNUWOPWU2VPDQO'HYOHWLWRSUDNODUQGDPH\GDQDJHOHQEXROD\ODUDoHLWOLo|]P
\ROODUDUDPVDGDLVWHGLLVRQXoODUDXODDPDPWU
6|PUJHHGLOHQ2VPDQOWRSUDNODUQGDQELULGH
VWDQEXODWHUILLVWHLQLELOGLUHQ\D]ODUJ|QGHUPLWLU$KPHG+DPGL3DDQQEX
LVWHLQLQPHUNH]LLGDUHWDUDIQGDQNDEXOJ|UGYHIHULNOLHWHUIL HWWLULOGLL
J|UOPHNWHGLU.VDELUVUHVRQUDGDHPHNOLHGLOPLWLU
$UDELVWDQ
J|VWHULOPHNWHGLU+DWWDEXUDNDPELQNLORPHWUHNDUHRODUDNYHGDKDEDNDHNLOOHUGH
GHJ|VWHULOPHNWHGLU(VDG&DELUE2VPDQ5DJELVH
.DQGHIHGHNXUXQYHGHPLUPDGHQOHULQH0DKDYH&L]DQE|OJHOHULQGHWX]ODODUD
)HUVDQGDLVHJD]ND\QDNODUQDUDVWODQOPDNWDGU
NDYLPGLU%XNDYLPPHGHQL\HWNRQXVXQGDLOHULELUVHYL\H\HJHOPH\LEDDUPODUGU%X
\DUJ\D
ELOJLHOLPL]GHPHYFXWGHLOGLU+ULVWL\DQOQGD
PFDGHOHHWWL%XPFDGHOH+]gPHU]DPDQQGDGDVUGUOGYH
6RDUH]YDVWDV\OD
%51&%g/h0
260$1/,+$.0
6HOLPWDUDIQGDQ0VUIHWKHGLOPLWL0VUQ2VPDQOODUWDUDIQGDQIHWKHGLOGLLKDEHUL
]HULQHNRUNX\DNDSODQVNHQGHU
YHWDPELUNDUNONKNPVUPWU%X\]GHQEXGHYUH\H
DOQPDV\ODKDUHNHWHJHoHQHULI+DVDQQDPDFDPFDVHULI+VH\LQLNXUWDUPDNW
%XDPDoODPDP0XKDPPHG
VDOGUODUQGDQNDoPD\EDDUDQDVNHUL\OH6DQDNDOHVLQHVQPYHVRQUDEXUDGDQ
+XGH\GH\HG|QPWUHKUL2VPDQO'HYOHWLQHWHVOLPHWPH\LGQHQPDP
0XKDPPHG6DQDKDONYHoHYUHGHNLNDELOHOHUWDUDIQGDQLPDPHWWHQX]DNODWUOP
YH\HULQH$OL0HKGvJHWLULOPLWLU
%X WD U LK WHQ VRQUD
LVWHPLWLU dNDUODQEXLV\DQODUELQOHUFH$QDGROXHYODGQQKD\DWQDPDORODFDNYH
X]XQ\OODUVUHFHNRODQ]RUOXELUPFDGHOH\HG|QHFHNWLU
LPGLEXNNUWPDKDUHNHWOHULQH|UQHNOHUYHUHOLP
gQFHOLNOHWDO\DQQ
WHPVLOFLVL*5*RRGIHOORZDUDVQGDELUDQODPD\DSOPWU%XDQODPD\DJ|UHQJLOL]
KNPHWL$OL0XNELOHKHU\OEHOLUOHQHQRUDQGDPDGGL\DUGPGDEXOXQDFDNEXQD
NDUONQJLOWHUH$OL0XNELOLQE|OJHVLQL\|QHWHFHNYHNRQWUROHOLQHDODFDNW'DKDGD
LOHULJLGHUHNQJLOL]OHULQWHYLNL\OH$OL0XNELO2VPDQO\|QHWLPLQGHNLWRSUDNODUD
VDOGUDUDNRUDODUGDQJLOL]OHUHVDWPD\DoDODFDNWQJLOL]OHUGHQH\KQYDQQDODQ
$OL0XNELOKLoYDNLWND\EHWPHGHQIDDOL\HWOHULQHEDODPYH2VPDQOODUDNDUJLULWLL
KHUKDUHNkWWDQJLOL]OHUGHQJHUHNOL\DUGPDOPWUQJLOL]OHULQE|OJHQLQLOHUL
JHOHQOHUL\OH\DSWNODUDQODPDODUDELUEDND|UQHNLVHELQ5XSLNDUOQGD
QJLOL]OHUOHDQODDQ$EGDOLH\KL$KPHG)RGRO|UQHLGLU$EGDOLH\KL$KPHG)RGRO
VD\HVLQGH+DYDELNDELOHVLGHQJLOL]OHUOHDQODPWU
QJLOL]OHUD\UFD
HOoLVL%DURQ0DUVFKDOOVHQHVLQGHVXOWDQ,,$EGOKDPLGGHQ+XGH\GHFLYDUQGD
)DUDVDQDGDV\DQQGDNLER.XPDGDVQQLOHULQLJ|UHELOHFHLQLLIDGHHGHUHNEXUDQQ
$OPDQ\D\DEUDNOPDVQLVWHPLWLU
$YUXSDOGHYOHWOHULQ\DSWNODUKHUWUOV|PUJHFLYHNNUWPDFSROLWLNDODU
QHWLFHVLQGHE|OJHQLQLOHULJHOHQH\KYHUHLVOHULoHLWOLWDULKYHE|OJHOHUGH2VPDQO
'HYOHWLQHNDULV\DQHWPHNWHQoHNLQPHPLOHUGLULPGLGHEXLV\DQKDUHNHWOHULQH
ELUNDo|UQHNYHUHOLP
VHQHVLQGH$VLUE|OJHVLQLQHPLUL\]E0HULGHYOHWHNDULV\DQHWPLYH
$KPHG]]HW3DD\WD\LQHWPLWLU0DUWWDULKLQGH6DQDE|OJHVLPXKDVDUDGDQ
NXUWDUOG2VPDQO'HYOHWLPDP
JLWPLWLU%XWHGELUOHULoHULVLQGHPDKDOOLH\KOHUYHKDOLIHOLNJFQNXOODQPD|QGH
JHOLU2VPDQOQQEXNRQXLOHLOJLOLRODUDN\DSWIDDOL\HWOHULQL|\OHVUDOD\DELOLUL]
%|OJHGH2VPDQOKDNLPL\HWLQLQWHVLVHGLOPHVLQGH2VPDQO\DNDU\DUDUOONODU
J|UOHQLQVDQODUDYHEXLQVDQODUQoHYUHOHULQHVDKLSoNPDN
%LULQFL&LKDQVDYDQQVRQXQDNDGDUGHYDPHWPLWLU1LKD\HW/R]DQ%DUDQWODPDV
LOH2VPDQO
.1&%g/h0
$+0('+$0'=(=3$$
YDUDN
RUWDVWDVDIIUHGHQGXGDNODU]HUDIHWLWDELHGHOkOHWHGHU%XJLELDGDPODUHQYHDWU
ROXUODU
6NNDSDQDQGXGDNODUHFDDWYHEHVDPHWHGHOkOHWHGHU
*HQLD]ELODKDWHDOkPHWWLU
$OWGXGDNGLOHUOHEHUDEHU|QHoNNROXUVDJDEDYHWHKXXQHWHKDVWDLUUHWHGHOkOHW
HGHU
'XGDNODUQQRNWDLWHODVXNXNDGHNDOUVDLGGHWLWDELHGHOkOHWHGHU
QFHYHUHQNVL]ROXS\RNLPLJLELJ|]HoDUSPD\DQGXGDNPXUDLOLNHPXGDKLQH\H
GHVDVDWDDOkPHWWLU
(QVL]YHN|HOHUL\XNDU\DPWHYHFFLKGXGDNODUK\DQHWHDOkPHWWLU
.oNYHGDUD]VHIDV]ELUQDVL\HDOWQGDFHEDQHWHGHOLOGLU(HUEXD]QDOWQGD
NHPLNOLLUL ELUoHQHEXOXQXUYHKXVXVL\OHGXGDNODUGDLPDDoNNDOUVDEHODKHWL
NWPL\H\HDOkPHWWLU
hVWGXGDNWHUVLQHNYUNROXUVDFUHWHDOWGXGDNNYUNROXUVDHFDDWFPOH\H\H
GHOLOGLU
'LOHU
.VDYHNoNGLOHUPHWDQHWYHHFDDWDQLkQHGLU
8]XQGLOHU]DDIYHFHEDQHWHGHOLOGLU
%D\DWHPL]PXQWD]DP GLOHULQWL]DPHINkUDPXKDVLQLWDELHGHOkOHWHGHU
gQLNLGLOHULQGLHUOHULQGHQX]XQROPDVELUWDELYLUDQHYHNDWWDOFXEDQH\HGHOkOHW
HGHU
hVWGXGDNDONNWXWDQYHVUPDNYD]L\HWLQGHEXOXQDQGLOHUVHULYHKDLQDGDPODUGD
EXOXQXU%XJLELGLOHULULoHQHOHUGHEXOXQXUVDKUVYHVDPLXUXQGDLUWLNDEK\DQHW
HGHFHNELUWDELDWDLDUHWWLU
dHQH
dHQHQLQRUWDVQGDQGHULQELU\DUNEXOXQXUVDLWLGDOILNUHWDELHGHOkOHWHGHU
YDUDN
6LYULoHQH]DDIWDELHYHKLOH\HYHVLOH\HGHOkOHWHGHU
.XODNODUQKDULFLYHGDKLOLWDU] PUX\ODKDFPLYHKFUHVL PXD\HQH
ROXQPDOGU%XQGDQVRQUDEDDQDVOROXSROPDGNODUQDGLNNDWHWPHOLGLU
*HQLX]XQ\DVVNXODNODUJDEDYHWHDOkPHWWLU
.XODNODUQYD]L\HWLQHNDGDU\NVHNWHQROXUVDKDVDLVLEHHUL\HGHQRUWD\DHVQL\DGD
GHODOHWHGHU
HULUYDNXUDGDPODUGDNXODNODUKHPNoNYHKHPGHEDWDQX]XQROXU+LODOLQGH
VHUHWOLNoXNXUXQGDGHULQOLNJ|UOU%D]HQEX\ROGDDGDPODUGDE\NNXODNODUGDKL
PHKXUROXU)DNDWEDWDQD\UNROPDVELUDUWXPPL\HGLU
HKYHWSHUYHUDQGDELOKDVVDQLVYDQGDNXODNODUNoNYHPHPHOHULHWOLGLU
0UXUHWOLNDOQNXODNODUKRGNkPPHQIDDWSHUHVWHKYHWSHUDGDPODUGDPHKXUGXU
6DoODU
6DoODUQX]XQOXXVHUWOLL\XPXDNOUHQJLG]ONYUFNOQD]DU
GLNNDWHDOQPDOGU
6L\DKG]NDOQVDoODU]LKGHLKXIWHIDNDWPHWDQHWYHFLGGL\HWHQLkQHGLU
6L\DKLQFHVH\UHNVDoODU\NVHNYHoNNELUQDKL\DLOHLPWL]DFHWWLLWDNGLUGHLQWL]DP
PXKDNHPH\HVKKDWLILNUHGHOkOHWHGHU)DNDW\LQHEX\ROGDVDoODUG]ROXUVDNXYYD\
ILNUL\HGHDGHPLPHWkQHWJ|VWHULU
.UP]VDoODUDODPVDLUHLYHFKL\HLOHVXUHWLLPWL]DFQDJ|UH\DIHYNDOkGHN|W
YH\DKXWIHYNDOkGH
YDUDN
L\LELUNDOEHQLkQHGLU
>OkKD\UILODK]DUDOkDOv@
+DGLVLHULINUP]VDoOODUKDNNQGDNDUDUNDWL\LYHUL\RU
6DoODULOHNDODUDUDVQGDOHYQHQIDUNROPDVEKH\LGDYHWHGHU(VDVHQVDoODUVDU
VL\DKNUP]ROPDN]HUHoUHQNWHROXU6DUGHPHYLOHQIDGLOHUGHVL\DKVXJUDYLPHOkOL
YHDoOUGDNUP]KD\DWWDLGGHWYHLIUDWJ|VWHUHQDVKDEWDELDWIHYNDOkGHGHNHVUHWOH
J|UOU
6DUNXPUDOSDUODNYHODWLIYHELUVXUHWWHNYUODQVDoODUQHFDEHWLNDOEHGHOkOHWHGHU
7HQELK6DoODUKDNNQGDHGGLVHUGDE\ODPXWDODDWVDNDOYHE\NODUDGDWHPLO
ROXQDELOLU8]XQVL\DKYHVDNDOYHE\NODU]DLIWDELHGHOkOHWHGHU0HWkQHWLNDOE
DVKDEQGDPHKXGROPD].VD\DVVVH\UHNVDoODUODVLYULVLYULENOPOHUOHG|NOHQ
]OIOHUKXVXVX\ODVHUWROGXNODUKDOGHDPL\HWLVHEDWDGHOLOGLU%D]WHED\PDKVXVD
DVKDEQGDYFXGXDUWRODQLOkLP
(UEkELVWLNDPHW
*|]OHUGHELUKDILIHIIDIONYHQXUEDVDUGDPXWHGLOELULOWLPDJ|UOPHOLJ|]Q
KDUHNHWLQHVHULYHQHGHEDWROPDOVLPDQQUHQJLQHGRQXNYHQHGHJD\HWNUP]
ROPDOJ|]OHULQGXGDNODUQKDUHNHWLKHPDKHQNROPDOWHEHVVPYHPLKHQNLVHKLOYH
WDELROPDOGU%D]HUEkELVWLNDPHWWHEXDODPHWOHUGHQELULNLVLPHINXGRODELOLU)DNDW
ELUGHVLVHLNkUGDEXQODUDWHVDGIHGLOPH]
YDUDN
(UEkEFHVDUHW
(UEkELVWLNDPHWHPDKVXVDOkPHWOHUPDWOXNXOYFXWWXU=LUDGHVLVHLHVHUFHEDQHWWLU
(QOLYH\NVHNEXUXQLOHJHQLELUQDPH\HHFDDWLQDOkPHWLPDKVXVHVLGLU
(UEkEQHFDEHW
1DVL\HLOHEXUXQDUDVQGDKVQLLQWL]DPDUWWU1HFDEHWLNDOEYHFKOHEXNVPQGD
DGHPLWHQDVLELPDQLGLU*|]OHUGHUHYQDNEXUXQNDQDWODUQGDELU]HUDIHWLLUWLVDP
GLOHUGHKVQLLQWLFDPEXOXQPDOGU
(UEkEFLGGL\HW
1DVL\HWRSOXYHPXQWD]DPKXGXWLOHPUWHVLPRODFDNNDNHPHUOHULELUD]NDEDUN
EXOXQDFDNWU
(UEkEPHWkQHW
0GHYYHUFHELUQDVL\HRODFDNYHoL]JLOHUGHQVWWHEXOXQDFDNWU.DOQNDODUKVQLHGD
LOHLUWLVDPHGHFHNWLU*|]OHU\DUGDQ]L\DGHDoNELUYD]L\HWWHEXOXQDFDNEXUXQLOHQDVL\H
DUDVQGDKDILIELUoXNXUOXNJ|UOHFHNEXUXQNHPHUOLRODFDNGXGDNODUPQDVLSROGXX
JLELQHWDPDP\ODDoNYHQHGHWDPDP\ODNDSDOGXUDFDNoHQH|QHYHDUND\DPH\O
RODFDNWU
(UEkEJXUXU
%DJD\HWGLNYHQD]DUHINLGLUYHUGLLFHYDSODUELUVHNYHWLPHGLGGHQVRQUDNVDYH
NDWLELUVXUHWWHGLU(UEkEJXUXUGDNHUL\HWLWLEDU\ODELUWHYD]XKDOLPHKXGROXU
)DNDWEX|\OHELUQLNDEKDNLNDWWLUNLDOWQGDNLJXUXUXSHNQRNVDQRODUDNVHWUHGHELOLU
(UEkEKLGGHW
1DVL\HNHPLNOLYHoNQWOGU.DODUNDOQJ|]OHUJD\HWLULYH\DKXWNoNROXSGD
SDUODNEXUXQE\ND]\DUNoHQHJHQLROXU'XGDNODUGDELULKWL]DUGDLPLYDUGU
6HVLJUWDU]PHLLHULDOHOXPPKDUHNHWLNHVNLQGLU*|]OHUQDGLUHQPDLROXU
YDUDN
(UEkEKDVHG
=DLIWDELHGHOkOHWHGHU1HNDGDUDODLPLVLPDL\HYDUVDNkIIHVLPHYFXWWXU+DVHG
VDIIHWLPXKDNHPHQLQDUNDGDGU+DWWDDKPDNODUNkIIHWHQD]YHoRNKDVXGGXUODU
+DVHGGHYDPHGHUVHNDQNDUU6LPD\DELUGRQXNOXNJHOLU%XELULOOHWLP]PHQHGLU
(UEkEVXLDKODN
.oNoHKUHVLVWQGHE\NJ|]ONVDER\OX]D\IDGDPODUGDQoHNLQPHOLGLU
dHKUHVLQGHQDKRELUKDOROXSGDELOKDVVDWHVLUDW]DPDQQGDPH\GDQDoNDQDGDPODUOD
OIHWFDL]GHLOGLU=LUDELUJQJHOLUNLRKDOQDKRELUQLkQHLPXVLEHWROXUUL
NHPLNOL HWO L VDU LU L PDYLGDPDUO E\NJ|]O NDOQGXGDNO DGDPODUGDQ
VDNQPDOGUDROPDGKDOGHLNLPHQED\DKDWWDQD]DULVWLPDOHGHELOHQFHYYDOJ|]
OD]POLKWLUD]GU.YUNDOQOYHNoNEXUXQOXNDED\DQDNOYHoNNoHQHOLDGDPODU
NRUNXQoWXUODU'RQXNYHJD\ULWDELELUHNOLKDL]ROXSQD]DUGDLPDPWHFHPPLRODQ
J|]OHUVL\DKVDoODUYHNYUNELUEXUXQLOHLoWLPDHGLSDOWGXGDNGDVDUNNROXUVDFPOH
NkUNDUVQGDEXOXQXOGXXQDQVL\HWKDVOROPDOGU%XKXVXVWDWHGYLOLNHOkPO]XP
J|UPHGLP%XDOHPL|UHQPHHKHYHVNkURODQODUWHWHEEXDWLOHWHFUEHYHWHWNLNDWLOH
ROGXNoDVLPDLVHQDVRODELOLUOHU
3DDJLELLNLDNUDQPQKUVQELUWUO\HQHPL\RUGXP
HGHUHNJ\DLQWL]DPYFXGDJHWLUPHNLVWL\RUEXGDELUILNLUGLU%D]HQELUNVP]DELWDQ
WDOWLIOHPXDPHOHLOHQHLOHHOGHHGHUHNEDNL\HVLQLH]L\RU%XGDPXKDOELUPHVOHNWLU
EL]GHSHNPIWHULGLU(PULQGHQL]DPYHLQWL]DPQWDNYL\HVLHPULQGHHQPHVVLUYH
PUHFFLKYDVWDQHGHQLEDUHWROGXXKDNNQGDHINkUPXKWHOLIHYDUGU9HNk\YH
WHFDUEHLVWLQDGHQWHWNLNDWYHWDKDUUL\DWDPLNDGDEXOXQDQODUGDQED]ODULGGHWYH
ED]ODUPNkIDWWDYVL\HHGL\RUODU+DOEXNLEHQEXLNLILNULQGHLIUDWYHWHIULWWHQKDOL
ROPDGQDNDLOLP%HQGL\RUXPNLLQVDQODUDV|]JHoLUHUHNNXOODQPDQQELUXVOYH
NDLGHVLYDUGU2GDJ|QODOPDQQYHGHNDLNLQLELOLSYHKHUNHVLQILNLUYHPHUHELQL
ELOHUHNRQDJ|UHLNWL]DHGHQPXDPHOHGHEXOXQPDNWDQLEDUHWWLU%XLVHKHUPLOOHW
QH]GLQGHELUWDU]GDRODPD]2VPDQOODUDUDVQGDKNPIHUPDQRODQKLVVL\DWNDOEL\H
KDNNDQL\HWYHQDPXVWXUPVDYDWDULD\HWWLUNLPVH\HD\UJD\UPXDPHOHHWPHPHNWLU
$VNHULPL]\DDPDPXKDID]DLQDPXVXLoLQNHQGLOHULQGHELUYHOLD\LODKL\HVD\DUODU
%XQXQLoLQEL]GHQDPXVXLIDOLFHVLPHQLQPXKDUULNLYHKLVVL\DWDVNHUL\HQLQUXKXGXU
1DPXVKDNNDQL\HWLQLOWL]kP
YDUDN
YHLKWLDPJXUXUNLLVWLKNkKLOHPXFLEDUYHPDKFXEL\HWRODFDNHIDOGHQWHYDNNL
HPULQGHLGGHWLELUDU]XWHYOLGHGHUQDPXVXYHUHQFLGHLL]]HWLQHIVLJLELH\OHUGHX]XQ
GQPHNOD]PGU%D]HQPNkIDWGD\DSODELOLU)DNDWKHUYDNLWYHKHU\HUGHYH
KHUNHVHNDUGHLOGLUWHPDULIHWEXQODUQ]DPDQWDWELNLQLWDNWLUGHGLU%XVUDGD
.XYk\8PPL\HNXPDQGDQQGDQDWLGHNLWHOJUDIQDPH\LDOGP
=HKUHGH+DPGL3DDKD]UHWOHULQH
6DQDGDQ*D\HWPDKUHPGLU
(EKDGDDVNHULQLV\DQLOH6OH\PDQ3DD\NDWOH\OHGLLQLQGULVvWDUDIQGDQNDEDLOH
LDDHGLOGLLWDUDIDOvLYLOD\HWSHQDKL\HGHQELOGLULOPLWLU6OH\PDQ3DDGDQ>6XGD@
]HULQGHQDOQDQPHNWXSWDDVNHULQKDOLQGHQWHHNNLHGL\RULVHGHDKYDOYHYD]L\HWWHQ
HPLQJ|UO\RULGL.H\IL\HWLQGULVvWDUDIQGDQLKWLUDLNDYL\\OLKWLPDOROXSEXYHVLOH
LOHPHUNXPXQLV\DQYHN\DPV|]QDVNHUD]QDYHRUGXLoLQHGUPHNLVWHPHVLGH
SHNNDYL\\OLKWLPDODWWDQJ|UO\RU%XQRNWD\DNHPkOLHKHPPL\HWOHQD]DUGLNNDW
YHEDVLUHWOHULFHOEROXQXU%LOKDVVDKDUHNkWNDWL\HQLQWHKLULLOHLQWL]DUDPHFEXUL\HW
KXVXOQGHQLVL]OLNYHKUV]OQKHUH\LSH\GDHGHFHLLVWLGDGGULVvWDUDIWDUDQQQ
LYDDW\ODNROD\FDLQ]LEDWV]ONHNOLQHJLUHELOLU%XKDOKHUH\LQ]L\DYHWDO\D
KDUELQGH]DUDUP]DQHWLFHOHQPHVLQLQDPLOLPHVVLULGHPHNWLU%LQDHQDOH\KEXEDEGD
JD\HWPWH\DNN]EXOXQXOPDVYH]DELWYHHIUDGGDWH]DKUHGHFHNKHUKDQJLHNLOGHELU
LQ]LEDWV]ONHPDUDVQQHQHGLGVXUHWWHLWIDYHWHF]L\HVLHO]HPGLULQGHOPHO]XPNDEXO
LOHPVDGHVLDOQDUDNNXUXQDGL]PHNFH]DVGDKLWDWELNROXQDFDNWU
YDUDN
%LUGHLPNDQKDUHNkWDGDLUDKLUHQPWDODDWQE\NNXPDQGDQODUGDQELOHPDKUHP
WXWXOPDVULFDROXQXUdQNEXNDELOPDOXPDWQLQWLDULOHGHUDNDJHYHNOLNYH
ELOQHWLFHLQ]LEDWV]ONKXVXOJD\ULNDELOLFWLQDEWLU=DWHQLPDPQELOILLOWHULNL
WHHEEVQGHQIDULROPDGJLELWDO\DKDUELQLKD\HWLQLQPGDIDDYHLQWL]DULOH
JHoLWLULOPHVLQLQPXWDVDYYLUROPDVQDUDPHQNXYYHWWRSODQDUDN\LQHWDDUUX]DJHoLOPHVL
GH]DLIOLKWLPDOGHLOGLU$VLUHDVNHUVHYNLQLQVWDQEXOD\D]OPROGXXHYYHOFH
ELOGLULOPLWL%DVLUHWYHUX\HWLPVOLKDYHPVDGGDNDODUQQLQ]LEDWKXVXVXQGDELOKDVVD
WHYFLKYHWHFHOOLVLPXQWD]UYHPWDPHQQDGQHIHQGLP+D]LUDQ
.XYk\8PPL\HNXPDQGDQ
$KPHW]]HW
%XWHOJUDIQDPH\HJD\HWNVDRODQDWLGHNLFHYDS\D]OG
.XYk\8PPL\H.XPDQGDQOQD
&HYDS.XPDQGDPDOWQGDEXOXQDQNWDDWWDHGQDELUX\JXQVX]OXNYXNXXLKWLPDOLQLQ
ELOHKDWUGHYOHWOHULQGHQJHoLULOPHPHVLWHYILNDWKDPGDQL\H\HLVWLQDGHQPDUXVYH
PVWHUKDPGUIHUPDQIL +D]LUDQNUNQFIUNDNXPDQGDQ LP]D=LUD
NXPDQGDPGDEXOXQDQNWDDWWDDVNHUOLHPDKVXVRODQIH]DLOLQHNVHULVLPHYFXWLGL%X
IH]DLOoNHOLPHLOHKODVDHGLOHFHNROXUVDGHQLOLUNLDVNHULPGHLWDDWVDGDNDWYHFHVDUHW
YDULGL%|\OHELUDVNHUKLoELUWHVLUHWHYLNHPH\LOHWPH]KDWWDPHYYLNOHUGHQELOH
HWPH]GULVv$VLUGHHQWULNDODUoHYLUHELOLUNHQGLWDUDIWDUODUQKHUWUOLNQDHGHUHN
LVWHGLLJLELWDKULNH\OH\HELOLU%HQLPDVNHULPHKLoELUH\\DSDPDGYH\DSDPD]G
dQNDVNHULPEHQLVHYL\RUGX%HQGH
YDUDN
DVNHULPLSHNoRNVHYL\RUGXPYHL\LEDN\RUGXP1XUHGGLQEH\LQXNDODOKRWJkPO
ROPDVDLGL=HKUHNXYYHLPWHKDLGHVLDKHQOELUNLWOHRODFDNW5XKLQLQELUEH\WL
KDWUDJHOGL
+DOLNNLPHDFVDQVDQDGU>KLNPHWLYDUGU@
gOGUGEL]LDKELOLQPH]PLEXKLNPHW
(YHWEXKLNPHWELUWUODQODODP\RU0HNWHSWHKLNPHWYHVLP\DRNXGXNIDNDWEX
KLNPHWLELUWUO|UHQHPHGLN%D]HQFLHULEHSDUDHWPH]ELUDGDPQE\NELU
PHYNL\HJHoHUHNGQ\D\NVNYUDNHWWLLYHHUEkENHPkOGHQELUGLHUDGDPQGDDKYH
HQLQLoLQGHHVIHOHVDILOLQHGRUX\XYDUODQGJ|UO\RUKD\UHWHGLOL\RUYH>oIDODND
EDVWNDGHPLFDKLOHFDKLOHUEkENHPkOLQ\HUL\RN]LULIHOHNGH@GHQLOLUWHEXQXQGD
ELUKLNPHWLYDUGU%D]HQELUKVQLQL\HWOHHOELUOLL\OHoDOO\RUELUWUOPDNVDGD
HULLOHPL\RU%XQD>NDGHU@GHVHNGHJHoVHNQHDODROXU(YHW>KLNPHWLYDU@GDQoNDQ
QHWLFH$OODKQWDNGLULGLU+HU\HUGHEL]LPGHLOHULPL]LQEXYHFKOHHQJHOOLROPDV
PXNDGGHUHWPHVLQHGL\HELOLUL]%L]LPJ|]P]SHUGHOLGLU+DNLNDWLJ|UHPL\RUX]2
>OD\VHODPPD\HIDO@LVWHGLLQL\DSDUEL]LPLWLUD]DKDNNP]\RNWXU%D]HQGH
>5LOL\|@YH>VELW@YH>7DOLUDQ@YH>%LVPDUN@YH>.DYXU@JLELGDKDWED]HQ6RNXOOXYH
.|SUOJLELFDKLOYHIDNDWKVQLDKODNYHKLPPHWVDKLELDGDPODUPHYNLLLNEDOH
oNDU\RU%XJLELQDGLUOHPVDODGDPODUPLOOHWOHULQLQQDVLEH\LKLVVL\DWQDGHWD
GHLWLUL\RUODULGEDUQLNEDOHoHYLUL\RUODUDWLVLQLKHUYHFKOHWHPLQHGL\RUODUQLWHNLPGH
HWWLOHU%D]HQPHQGHEXUODUPLOOHWLQEDQDJHoL\RURPLOOHWLEHUEDGYHSHULDQHGL\RU
/HKLVWDQQROGXXJLELLWHEXQGDQGROD\GD$OODKQKLNPHWLQHNDUOPD]%D]HQGH
GQ\DQQHQL\LLGDUHROXQGXX]DQROXQDQWHUDNNLGHYOHWOHULQLELUELULQHGUHUHN
SHULDQH\OHU%LQDHQDOH\K$OODKQKLNPHWLQHNDUOPD]YH$OODKGQ\DGDYDWDQPD
YHPLOOHWLPHKL]PHWWHQEDNDELUHPHOLP\RNWXU
YDUDN
LGKDUPDODKHYHVLPKLo\RNWXU0DNVDGPE\NELULLJ|UHUHNWDULKWHQLNQDP
EUDNPDNWU6HUYHWL VDPDQQH\DSD\PKHUH\IDQLGLUEDNLDQFDN+GDGU
0LO\RQODUDPDOLNRODQ5RVFOG DoONWDQDOW Q\QODU LoLQGH|OG%H\HKLU
IDWLKOHULQGHQ7XUKDQ%H\]DGH
IHGDHGHQOHU E\NE\NIHGDNkUONWDEXOXQDQODUSHNoRNLGL %XGDGHYOHWH
PXKDEEHWWHQKVQLKDONWDQGLQHPHUEXGL\HWWHQLOHULJHOL\RUGX %LUPLVDOV|\OH\H\LP
0DUDOEUDKLPHULIdDYXLVPLQGH0DUDWDVDNLQELU]DWELUNDKUDPDQELUJD]L
YDUG 6RQ ]DPDQOD UD NDGDU S L U L KD\DW LG L GHYXNXD JHOHQ2OWDQLoH
PXKDUHEHVLQGHEUDKLPHULIdDYXWRSXEDQGDLID\YD]LIHHGHUNHQVHUGDU(NUHP
$KPHG3DDWRSEDQDJHOLUYHRHVQDGD7XQDQHKULRUWDVQGDNLDGDODUGDQELULQGH
\HUOHPLRODQ5XVWRSoXVXQDHQGDKWHWPHVLQLHPUHGHU EUDKLPHULIdDYXQLDQ
DOUNHQ\DQGDQJHOHQELUPHUPLVROJ|]QoNDUUJ|]\]QHGRUXVDUNDUYHJ|]
|QQHELUGDPDULOHPHUEXWNDOU EUDKLPHULIdDYXVDUNDQJ|]QNRSDUUYH\DUD\D
\HUGHQELUPLNWDUWRSUDNDODUDNVHUSGLNWHQVRQUDVDJ|]\OHQLDQDOUYHHQGDKWHGHU
0HUPLPHY]LDODQGPDQQWRSDUODNODUQLVDEHWHGHUHNGPDQFHSKDQHVLQLEHUKDYD
HGHU
YDUDN
6HUGDUXKDOGHQIHYNDOkGHPWHHVVLUYHPWHKH\\LFRODUDN>oDYXVHQLQVDQPVQ"@GHU
EUDKLPHULIdDYXGD>(YHWSDDPKD]UHWOHULPEHQLQVDQPPVOPDQP7UNP@
FHYDEQYHULU%XPHUGDQHKDUHNHWHEXPHUGDQHEXFHVXUDQHWDYUDEXPHWDQHWL
KDULNXOHGH\HKD\UDQRODQ6HUGDU(NUHPYDND\GRUXGDQGRUX\DVXOWDQ$EGOPHFLG
KDQDDU]HGHU3DGLDKPD]XUGDEUDKLPHULIdDYXDLNLELQEH\]NXUXPDDWDKVLV
HGHUHNWDNDGH\OHUEUDKLPdDYXELUWUOYD]LIHVLQGHQD\UOPDNLVWHPL\RUGX1H
oDUHNLNDQXQNHQGLVLQLKL]PHWWHQPHQHGL\RUGXWHHVNLOHUGHE|\OHDVNHUOLNOHU
J|UOUG(VNLPXKDUHEHOHUGHE|\OHELUoRNYHND\LROGXXLLWLOLUGL$PDED]]XUDID
EXQDNDW\UHNOLOLNGHUOHUQHGHUOHUVHGHVLQOHUDVNHUOHUE|\OHROPDOGU'LHUELU
QXPXQHLKDPDVHWWHGHdDUXYDPQWNDVQGDYDNLdDYNDWHSHVLQGH%XOJDUHN\DV\OD
YXNXEXODQELUPVDGHPHGHJ|UOPWU0DOXPGXUNLGH%XOJDUHN\DV5XP
LOLQLQKHUWDUDIQGDEDJ|VWHUGL0DQDVWUYH.RVRYDYH6HODQLNYLOD\HWOHULQGHKD\OL
IDDOL\HWHEDODG.RONROWDNLSPIUH]HOHULVHYNHGLOGL0VDGHPDWELUELULQLYDOLH\OHGL
dDOX@&HOLOLVPLQGH
NHOHYH]D\IELoLPVL]ELUWRVNDQHIHULYDULGL%XQHIHUFHSKDQH\NOPHNkUHVL\OHDWH
KDWWQGDROGXNoDX]DNYHNX\WXELUPDKDOGHGXUX\RULGL%LUDQJHOGLNLdDOXNHQGLVLQL
ND\SHGHUGHUHFH\HJHOGL+D\YDQQRUDGDNLELUDDFDEDODGNWDQ
YDUDN
YHGLHUPHNkULFLOHUHHPDQHWHWWLNWHQVRQUDPDY]HULQLDODUDNDWHKDWWQDNRWXYHDWHH
EDODGdDOX\HULQGHELUWUOGXUDP\RUKHPDWHHGL\RUYHKHPGHHN\DQQ
PHY]LLQHGRUX\]NR\XQVUQHUHNWDNDUUEH\OL\RULGL%LU]DPDQJHOGLNLGPDQ
VLSHULQHLNLPHWUH\DNODWQGDQ\]NR\XDWHHGHPL\RUGX%XNHUHDUNDVVWQH
\DWDUDNGPDQDDWHHWPHNWHLNHQHN\DELUILWLOOLERPED\EXQXQVWQHDWWODU
%RPEDdDOXQXQNDUQVWQHGWdDOXKHPHQERPED\DODUDNHN\DPHY]LLQLQ
LoLQHDWWERPEDSDWODG\HGLDNL\LNDWOHWWLYHKHUWDUDIWDQGDKFXPEDODG$UWN
dDOXGD\DQDPD\DUDNNDVDWXUDVQoHNWLYHHN\DPHY]LLQLQLoLQHDWODG(N\DLOH
ERD]ERD]DJHOLUNHQGLHUDUNDGDODUGD\HWLHUHNHN\D\NkPLOHQPDKYHWWLOHU
dDOX\DJPOL\DNDWPDGDO\DVLKVDQROXQGX0DGDO\D\EL]]DWYHUGLP)DNDWHOELVHVL
RNDGDUSHMPUGHLGLNLFHNHWLVWQGHPDGDO\D\WDNDFDN\HUEXODPDGP'HYUL\H
PHPXUXPOD]P)HKPLHIHQGL\HFHNHWLQLPHUNXPDYHUPHVLQLHPUHWWLP=DELW
DODPHWOHULQLV|NWNWHQVRQUDFHNHWdDOX\DJL\GLULOGLdDOXQXQEXKDUHNHWLYHYD]LIH\H
PXKDEEHWYHDNWDQYHKLVVL\DWGLQGDUDQHVLQLQJDOD\DQDJHOPHVLQGHQLOHULJHOGL
(VNLOHULPHWKHGL\RUXPGL\HEHQLPFULPJQDKNkULJDGGDUYH]DOLPDGHWPH\LQL]
(VNLOHULQHNVHUL\HWLQGHQEDKLVHWPL\RUXP
GROD\V\OD\HNYFXWJLELJ|UQPHVL\OHYH|\OHROPDV\ODELUFLVLPDWWDQRNXYYHL
FD]LEH\LNDOGUVDNF]LOD\HWHFH]]DODUD\UOUYHFLVLPHNOLQLND\SHGHU%LUPLOOHWGH
WSNEXQXQJLELGLU(IUkGPLOOHWDUDVQGDDGDOHWYHLWWLKDGYHXKXYYHWROPD]VDDGDYHW
KNPUDQROXUVDRPLOOHWGDOU+NPHWKDNLPL\HWLQLPHYFXGL\HWLQLND\SHGHU
WWLKDGQDVONXYYHLFD]LEHQLQPPHVVLOLLVHDGDYHWYHEHUXGHWGHROYHFKOHNXYYHL
GDILDQQPPHVVLOLGLUWWLKDGNXYYHWLWHYOLGHGHU.XYYHWROXQFDKD\DWGDPWHPDGL
HGHUDKODNGDG]HOLU+VQLDKODNHVKDEoRDOGNoDELUoRNIHGHNkUODURUWD\DoNDU
'HPLQEDKVHWWLLPL]JLELIHGHNkUONODUJ|UOU(OKDVOLPGLNLKDOGHEL]KHUFLKHWOH
PIOLVL]\HQLEDWDQLHEDODPDO\]YHIDNDWDGDYHWYHJDUD]NkUOYHWDUDIJLUOLL
RUWDGDQNDOGUPDO\]%XV|]OHULPOHHVODIP]QDKODNQRNWDLQD]DUQFDQRNVDQODU\RN
LGLGHPHNLVWL\RUXP7DULKL2VPDQvWHWNLNROXQXUVDQHNDGDUDKODNV]ONODUQHNDGDU
JDGGDUYH]XOPOHULNHQFHOHUKDNV]ONODUJ|UOU'HYOHWL2VPDQL\HKHUQHQDPLOH
LGDUHROXQXUVDROXQVXQEXKDNLNDWOHUGHQNHQGLVLQLWHFULGHGHPH]+DWWDKDQHGDQ
VDOWDQDWDUDVQGDGDQHJQDPHUKDPHWVL]OLNOHUJ|UOUh]P\DSDQELUHK]DGH\L
ERPD\DNRDQODUDDPDQXVDONP\DSQFD\DNDGDUQ|OGUPH\LQL]GL\HDOD\DUDN
\DOYDUDQSDGLDKHIHQGLPL]HDU]HGLQL]%HQKDVWD\PLNLDNoH\HYPL\HLOHGHNHIDI
QHIVHGHULP%DQDN\PDVQODUGL\HQGLHUELUHK]DGH\LWDULK]LNUHGL\RU.RFD.DQXQv
6XOWDQ6OH\PDQDELOHROXNUN\DQGDELUEDED\LLGLoDGUQGDERGXUX\RU%LOLULP
%D\H]LGELUDGHUL%HND\QL]DPDOHP@LoLQLKWL\DU
ROXQDQIHGHNkUONODUGHQL\RU6RQUD
YDUDN
]]HW3DDLVPLQGHELU$QNDUDYDOLVLJHFHU\DVQGDNRQDNDUVQGDNLEDNNDOQEDFDN
EDFDNVWQHNR\DUDNE\QNYUGQJ|U\RU(UWHVLJQQDPXVXYH]DUHWH
GRNXQGXXQGDQKHULILLGDPHGL\RUVD\OUH\OHUGHLOVDGUD]DPODUQ\HQLoHULDDODUQQ
KDWWDXOHPD\NLUDPQ\DSWNODUIHQDONODUOD7DULKL2VPDQL\HQLQKHUVDKLIHVL
NLUOHQPLWLU+DWUGDNDODQELULNLPLVDOV|\OHQGL
0HVHOk.RODQGDGH=DLPEH\NXPDQGDVQGDNLG|UWELQNLLOLNELUEDER]XN
PIUH]HVLRQELQNXYYHWLQGHNLKDUSDVNHULQHKD\OL]DPDQPXNDYHPHWHWWLNWHQVRQUD
HU]DNODUNDOPDPW=DLPEH\DKDOL\LYHPDL\HWLQGHNLOHULWRSOD\DUDNWHVOLPROPD\P
\RNVDQDPXVOD|OPHLPLLVWHGLNOHULQLVRUGX.kIIHVLGPDQDWHVOLPROPDNWDQVDGLQ
XUXQGDQDPXVOD|OPH\LWHUFLKHWWLOHU3H\JDPEHU]LDQP]DYHKDOLIHVLQHGXDODU
HWWLNWHQYHJHULG|QPHPH\HDKGXSH\PDQHWWLNWHQVRQUDGPDQ]HULQHVDOGUGODU
6USOODUPDOXSHWWLOHUYHDOWVDDW]DUIQGDKXGXWODUQQ|WHWDUDIQDNRYGXODU%X
YDND\GQ\RUXPVRQUDGDHOOLDOWPELQNLLOLNELURUGXQXQ6HODQLNWHELUWIHQN
DWPDGDQNDUJLELWHVOLPROPDODUQLLWL\RUXP7DELEXLNLYDNDEH\QLQGHE\NELU
IDUNEXOX\RUXP6RQUDKDF/RSXJLELVRNDNODUGD>\HNGLU$OODK@GH\EDUDUDNJH]HQ
ELUGHUYLLQ\DUPLVOLRQEHELQNLLLOHG]OHUGH\]HOOLELQNLLOLN$YXVWXU\D
RUGXVXQXQDVOSHULDQHWWLLQLGQ\RUXPGD\LQHKDOLKD]UP]ODDUDGDE\NELU
IDUNEXOX\RUXP.XPDQGDGDHUNHNoHVLQHELUJQKDUSHWPHGHQDUILUDULUWLNkEHGLOGL
0DQDVWUKDUELQLSHNL\LDQODWWODU2UDGDGDKLELUPHYFXGL\HWJ|VWHULOHPHGL(OKDVO
KLoELU\HUGHPHUWOLNJ|VWHULOPHGL(GLUQHNRGUD6L]$OODKDUDEWNDOE
HWWLNoHND]DQGQ]$OODKWHUNHGHOLGHQEHULND\SHWPHNWHVLQL]@+HUNHVELULWLNDWWH
GHLOGLU)DNDWEL]GHPXYDIIDNL\HWLHOGHHWPHNLQN\DGYHLQWL]DPYFXGDJHWLUPHNYH
DVNHULFDQJ|QOGHQKL]PHWHVHYNH\OHPHNLoLQGLQGDUROPDNYHGLQLOHDODNDV
EXOXQPDVQDKLoROPD]VDGLQGDUJ|UQPHNYHROYHFKOHRQODUQJ|QOQXODPDN
OD]PGU.XUDQ D]LPDQE|\OHEX\XUX\RU>9HPHQ\KLQLO ODKXIHPDOHKX
PLQPNULP@PDQDV >$OODKD LKDQHW HGHQOHU LNUDPJ|UHPH]OHU@GHPHNWLU YH
>LQWHQVXUXOODKH\HQVXUNXP@D\HWL N H U LPHV L GH >$ O O DK D QXV U H W HGHQ QXV U H W
EXOXU@GHPHNWLU%L]HKVQLKDONYHUHQGLQGLUEL]LPXKDID]DHGHQGLQGLUEL]LJDOLE
NODQGLQGLUEL]LKL]PHWHIHGHNkUODVHYNHGHQGLQGLUEL]L]HQJLQHGHQKDPXOH\OH\HQ
GLQGLU'LQHVDUOGNoDND]DQU]GLQGHQX]DNODWNoDND\SHGHUL]%XV|]OHUGHQEWQ
HKOLLVODPQFDPLOHUHYHWHNNH\DWDWRSODQSLEDGHWLKDONDKDVUHYNDWHWPHOHUL
OD]PGUGHGLLPDQODOPDVQ(HUE|\OHELUVDIWLUXNOXN\DSOUVDROYDNLWGDKDEHWHU
ROXUX]2GDL\LGHLOGLU>1LFHKDFODUQKDooNDU]LULEDJDOGD@RQXGDLVWHPL\RUXP
$OODKQYH3H\JDPEHU]LDQP]QEL]HRODQRHPULQHPPNQPHUWHEHPXWLYH
ULD\HWNkURODOPGLQLWH]\LIHWPH\HOLP$OODKXQXWPD\DOP%DNQ]ELOGLLPED]
D\HWLNHULPH\L]LNUHGH\LP>YHNDWLOXILVHELOLOODKLOOH]LQH\XNDWLQXOHNXPYHODWDWHGX
LQQDOODKHOD\XKLEEXOPXWHGLQ@PDQDVPVOPDQODUPPLQOHUVL]LQOHPXKDUHEHYH
PXNDWHOHHGHQOHUHPGDIDDYHPXNDWHOHHGLQL])DNDWKDGGLWHFDY]HWPH\LQL]dQN
$OODKKDGGLPHUXXWHFDY]HGHQOHULVHYPH]GHPHNWLU&HQDEKDNILUDUHGLQL]
\ROODUGDUDVWJHOGLNOHULQL]LNHVLQL]PDOODUQDOQ]U]ODUQDGRNXQXQX]GHPL\RU>\D
H\\XKHOOH]LQHDPHQXVELUXYHVDELUXYHUDELWXYHWWHNXOODKHODHOOHNXPWXIOLKXQ@PDQDV
(\PPLQOHUVDNNPXKDUDEDWDVDEUHGLQL]PXKDUHEHQLQLGGHWLQHGPDQODUQ]GDQ
]L\DGHGD\DQQ]J|\VJHULQL]KXGXWODUQ]L\LPXKDID]DHGLQL]GDLPDKDUEH
PWHUDVVGROXQX]ROPD\Q]YH$OODKWDQNRUNDUDNDGLODQHKDUHNHWH\OH\LQL]NLVL]OHUL
]DKPHWOHUGHQKDODVH\OHVLQYHGDUQGDIHODKEXODVQ]GHPHNWLU
YDUDN
>ULEDWXQ\HYPXQILVHELOLOODKLKD\UXQPLQHGGQ\DYHPDDOH\KD@PDQDVKXGXWWD
PXKDID]DRODQDVNHULQKL]PHWOHULVHYDSFLKHWL\OHGQ\DYHPDDOH\KDGDQKD\UOGU
GHPHNWLU>YHL]DKDNHPWXPEH\QHQQDVLHQWHKNPELODGOLLQQHOODKHQLLPPD\HL]LNXP
ELKLLQQHOODKHNkQHVHPDLPEDVLUD@PDQDVLQVDQODUDUDVQGDKNPHWWLLQL]YDNLWWHDGLO
YHLQVDILOHKNPHWPH\L&HQDEKDNVL]HHPUHGL\RU+DNLNDWHQDGOQHJ]HOH\GLUNL
$OODKQL]QL\OHVL]HYHYDD]HGL\RU+GDKHUH\LLLWLUYHJ|UUGHPHNWLU>YHWHDYHQ
DOHOELUULYHWWHNXDYHODWFDYHQDOHOLVPLYHOGYDQLYHWWHNXOODKHLQQHOODKHHGLGOLNDE@
PDQDVKD\UYHWDNYD]HULQHELUELULQL]H\DUGPHGLQL]HUYHPXVLEHWYHDGDYHW
]HULQHWDDYYXQH\OHPH\LQL]&HQDEKDNWDQNRUNDUDNHPULQHLWDDWHGLQL]&HQDE$OODK
HGLGOLNDEROGXXQGDSKHQL]ROPDPDOGU>HQQHKXPHQNDWHOHQHIVHQELJD\ULQHIVLQ
HYIHVDGLQILODUGLIHNHHQQHPDNDWHOHQQDVHFHPLDQYHPHQHK\DKDIHNHHQQHPDHK\HQQDVH
FHPLDQ@PDQDVELUNLPVHNLELUQHIVLQDKDN\HUHNDWOHGHUVHJ\DNLEWQLQVDQODU
NDWOHWPLROXU%LUNLPVHELUFDQLK\DHWVH\DQLVHODPHWHHUGLUVHJ\DNLEWQQDVLK\D
HWPLROXUGHPHNWLU>LQQHPDFH]DOOH]LQH\XKDULEXQHOODKHYHUHVXOHKXYH\HVDYQHILODUGL
IHVDGHQHQ\XNHWWHOXHY\XVDOOHEXHYWNDWWDH\GLKLPYHHUFXOXKXPPLQKLODILQHY\QIHY
PLQHODUGL]DOLNHOHKXPK]\XQILGGQ\DYHOHKXPILODKLUHWLD]DEXQD]LPXQ@PDQDVNLP
NL$OODKYHSH\JDPEHULQHPXKDUHEH\DQLHPLUOHULQHYHWHQELKOHULQHLPWLVDOHWPH\HUHN
PXKDOHIHWYH\DKXW$OODKQYHUHVXOQQGRVWODURODQPPLQOHUHLODQDGDYHWH\OHUYH
NDWWDULNYHNDWOLQIXVYHJDVEHPYDOLOH\HU\]QGHIHVDGoNDUURPDNXOHOHULQ
FH]DVNDWOYHVDOEROXQPDNYH\DKXWVDHOL\OHVROD\DQNHVPHNYH\LQH\HU\]QGHQ
QHI\ROXQPDNWU%XPXFD]DWGQ\DLoLQGLU$KLUHWWHLVHD]DED]LPPXNDGGHUGLU
GHPHNWLU>X]LODIYHYHPXUELOXUILYHDULGDQLOFDKLOLQ@PDQDVDIIDOYH|UILOHHPUHW
\DQLKHUNHVHVXKXOHWJ|VWHUYHLOHULQLNROD\ODWU2QODUDPHDNNDWYHULUH\LDU]X
HWPH\HUHNJQDKODUQGDQDYILOHYHHUDQYHDNOHQPVWDKVLQH\OHHPUHWYHFDKLOOHUGHQ
LUD]DWHWGHPHNWLU>\DH\\XKHOOH]LQHDPHQXL]DOHLWXPILHWHQIHVELWXYH]NXUXOODKH
NHVLUDQODDOOHNXPWIOLKXQ@PDQDV H\ PPLQOHU V L] LQ OH KDUE H WPHN L V WH\HQ
GPDQQ]GDQELUJUKDUDVWJHOGLLQL]YDNLWWHVHEDWHGLQL]YH$OODKoRN]LNUHGLQL]
NLIHY]YHQXVUHWYHIHODKEXODVQ]GHPHNWLU0FDKLGLQLLVODPRODQDVNHUH\DNDQ
GPDQNDUVQGDVHEDWWU 3H\JDPEHULPL]>PLQHONHEDLULO ILUDULPLQH]]HKIL@
EX\XUX\RUODU
YDUDN
'PDQNDUVQGDILUDUHWPHNNDGDUE\NJQDKYHNDEDKDWRODPD]0HUGDQH
PXNDEHOHHGHUNHQYH\DKXWWDDUUX]H\OHUNHQWHUNLKD\DWHGHQOHUHKLGILUDUHGHUNHQ
|OGUOHQOHULVHPUGDUGUQHFLVWLU(VNLPXKDUHEHOHUGHoRNGHIDPDOXSROGXNIDNDWKHU
ELULQGHELUPHYFXGL\HWJ|VWHUGLN%XNHUH%DONDQKDUELQGHNDoPDNWDQEDNDELUKH]YH
PDULIHWLEUD]HGHPHGLN$UWNXPUGHYOHWLoRFXNODUDWHVOLPHGHOLPGL\HQED]]DPDQ
GDONDYXNODUYDUGU2QODUDGDFHYDSYHUPHNLVWHULP6RODN]kGHWDULKLQLRNXUODUVD
J|UUOHU+GDYHQGLJkU6XOWDQ0XUDG HYYH O VHQHLKLFUL\HVLQGH.RVRYDL
VXOKL\H\LNEHUDVQ\DSWYHPX]DIIHUROGX%DGHOKDUEPDEH\LQFLVL$]DEEH\LOH
PH\GDQPXKDUHEH\LJH]HUNHQDWLGHNLPXKDYHUHFHUH\DQHWPLWLU+GDYHQGLJkU$ED
$]DEQHDFHEEXGPDQ|OOHULLoLQGHKLoELUVDNDOODGDPDUDVWODPDGN$]DEEH\LVH
D\DQWDDFFSGHLOGLUSDGLDKP=LUDVDNDOOROVDODUVLQOHULLOHUOHPLLOHUOHPL
DNO O YHPFHUUHEROPDODU OD]PJHOLUGL YHEXKDOHJLUPH]OHUGL %DNQ]NL
PDNWXOOHULQLQHNVHULVLE\NOYHE\NV]GU+DNLNDWHQGQOUVHWDKVLOLKH]YH
PDULIHWUDKPLPDGHUGHROPD]QVDQ\LUPL\DQGDPHNWHELQLELWLULURWX]\DQDNDGDU
LHYHoDOPD\DDOUNUN\DQDNDGDUYD]LIHVLQL|UHQLUHOOL\DQDNDGDUWHFUEH
J|UUHOOL\DQGDQVRQUDKHUPDQDV\ODGHYOHWDGDPROXU\HWPL\DQDNDGDUKL]PHW
HGHURQGDQVRQUDLVWLUDKDWDoHNLOLU%HQRWX]\DPGDLNHQDNOPEDPGDQLNLNDU
\XNDUGDLGLDNOPDJHOHQLKL]PHW]DQQ\OD\DSDUGPIDNDWNUN\DPGDQVRQUDR
]DPDQ\DSWNODUPQNkIIHVLQLQoRFXNOXNROGXXQXWDDNNOHWWLP*HQoOHUGHGHYOHWH
KL]PHWHGHUOHU)DNDWVUDODUQGDYH\HUOHULQGHWHFUEHVL]ELUJHQoHQEDDJHoLULOLUVH
ROPD]+DWWDNUNo\DQGDVDGUD]DPRODQ0HU]LIRQOX.DUD0XVWDID3DDQQGHYOHWL
QHGHUHNH\HLQGLUGLLQLWDULKWHJ|UGN2GD>EXDGDPQVLQL\HWPLLJHoWLNWH
NDOSGHGLNOHUL\HULQGHHWPHVLQ@GLULGL)DNDWVRQXQHROGX
GQPHNOD]PGU
0DKYROGXEXQFDELODWEDN
NLoJHQoLQDGQD
3DPDOROGXPPHWLQL]
'LQOHNHOkPDNO
6HQDOFDKLOLDPHO
+DN\ROXQXWXWWXXQ\RO
%HOOLGHLOVDYHVRO
%UDNWQNLWDE$OODK
$WWQPDKDIHWXOODK
8QXWWXQPXSH\JDPEHUL
'|QGQPNEOHGHQJHUL
LPGLHULDWWHGLU
7HPHNNQXKYHWWHGLU
HULDWVHQQHVDQGQ
.OIHWWHQPLXVDQGQ
+D\DWEXHVDV]HUHGLU
.OIHWQLPHWHJ|UHGLU
=DYDOOJDILONDUGDP
$FUPVDQDGLQGDP
HULDWWHGLULWWLKkG
9HWHUDNNLKHPLNWLVDG
%HNOHPHJD\ULGHQKLPPHW
*HOPH]DGYGHQVHODPHW
6DUOKDEOLLWLVDPD
'XUPDJLULVWLKNkPD
6RQUDNDOUVQPH\GDQGD
+DQLKD\DWQIDQXVX
+DQLKDQLHUOHUNkQL
0HUGOHUNXUEDQHUOHUFDQ
9DUPLHVHUHVHUVL]HGH
'Q\DGDP\DPDKHUGH
*LUPHVLQDKQLIDNRUWD\D
6U\RUEL]LYDUWD\D
%XJLGLOHN|UN|UQH
%DWPDNWD\]SHNGHULQH
%LUXoXUXPYDU|QQGH
2HVIHOHVDILOLQGH
%LUKDWYHNDOPDGXoPD\D
%XJQ\DUQ|O\RUXP
6UWPGDNDQONHIHQLP
%X\DQPGDGUEDNUHVHQLP
$KLQHGXUX\RUVXQEHQL
HUHIVL]LVWHPHPVHQL
)DNDWLPGLLVWLODGDQ
.XUWXOXX\RNEXEHODGDQ
YDUDN
7DNVLPROXQXUHYLQ
6HYLQKD\YDQJLELVHYLQ
1DPXVVX]FDELUKFUHQL
0XWDGHWWLLQL]LQ]LOOHWL
$oVXVX]U\DQYHVHILO
%LUGLOHQFLJLEL]HOLO
'ROD$V\D\ELUELU
%LUELUEXOXQFD\DNDGDU
$V\D\XYDVQGD
3LVOHUVHNRUDVQGD
2GDVDQDGHLOEDNL
3LVLQNUD]PWHEDNL
.LPHWHUNHWWLQDQQ
7DULKLQLQYDQQ
7UN$UDEH]HQL
+LODIHWHJ|]GLNHQL
%XHPULHVUDUQJLOL]LQ
oLQGHGLUQJLOL]LQ
2NDUDNDQOSHQoHVL
+HSVDOLELQLNHQFHVL
'|UW\]E|ONPVOPDQ
(]PHNELWLUPHN]DPDQ
*HOGLGL\HKNPHGLOGL
GDPNDUDUYHULOGL
'DKDVHQQHEHNOL\RUVXQ
+kODPN|SHNOHQL\RUVXQ
'LNLOGLVHKSD\DGHP
*L\DUWNOLEDVPDWHP
9DUVDELUD]FHVDUHWLQ
.DOPLVHPHWDQHWLQ
*LWGXUVUQHVUQH
7DULKLQLQPDNEHULQH
%UQELUNDQONHIHQH
*LURKLFDEPHGIHQH
%XV|]OHUHUEkEL]DQLoLQPKLPYHPHVVLUGLU
LVWLNDPHWLQGHNXYYHWOLNHLINROODUJ|QGHULOHUHNHN\DQQKDUHNkWQWDKWWDUDVXGGD
EXOXQGXUPDVQYHSH\GHUSH\PDOXPkWLWDHWPHVLQLWHEOLH\OHGLP7HPPX]
GHGULVvHN\DVQQLNLNROGDQ9DL]DWD KFXPHGHFHL6H\\LG+DGL3DDLOHLNLQFL
IUNDNXPDQGDQ1XUHGGLQEH\GHQJHOHQPHNWXSYHUDSRUGDELOGLULOL\RUGX7H\DNNX]
]HUHEXOXQPDODUYHGHILVDLOLoLQKHUWUOIHGHNkUOQLFUDVQGDQoHNLQLOPHPHVLHPU
YHE|\OHELUKDUHNHWKLVROXQGXXDQGD0FHKKHIPHYNLLQGHEXOXQPDN]HUHKDUHNHW
HGHFHLQLEH\DQH\OHGLP7HPPX]XQ\LUPLoQFJQPUHWWLENRORUGXNXPDQGDQ
6DLG3DDQQ=HKUH\HPXYDVDODWHGHFHLLVWLKEDUHGLOGL6DEDKOH\LQHUNHQFHELUWDEXU
LVWLNEDOLQHoNDUOG6DDWoWHPDUQLOH\K=HKUH\HJHOGLKWLUDPGDYHL]D]YH
LNUDPGDNXVXUHGLOPHGL $NDP]HUL =H\GL\\HPWHYHFFLKHQKDUHNHW HWWLP
=H\GL\\HGHELUJQLVWLUDKDWH\OHGLP2HVQDGD&HEHOL6XXEGDDVNHUOHULPL]OH
HN\DQQPVDGHPH\HEDODGQLLWWLP
&HEHOL6XXEPXKDUHEHVL
7HPPX]WDULKLQHPVDGLI6DOJQVDDWRQELUEXoXNWDPUHWWLENRORUGX
NDUDUJkK=HKUHGHQKDUHNHWHGHUHN(OKDUDED\DYHEDGHKX>'HULdHUDQH@\HYDVO
ROGXGULVvHN\DV\ODPVDGHPHEXJQQVDEDKQGDQEDODPLGL .DUDUJkKQ'HUL
dHUDQH\H PXYDVDODWQGDQoQFIUNDNXPDQGDQ5]D%H\RUDGDEXOXQX\RUGX%X
NDU\HGHLNLDGLFHEHOWRSXYDULGL%XWRSODU
DOD\WDEXULGLNLHQ]L\DGHDOD\WDEXUIHGHNkUONJ|VWHUGL7HPPX]
dDUDPEDJQKDUSSHNVH\UHNGHYDPHWWL%H\WL%HUL@NDU\HVLQHQDNLORODUDNoDGUODUUHNVHGLOGL7HULIDWDYH
NDGHPHOHUHVRQGHUHFHULk\HWHGLOGL6H\\LG+DGL+H\FYH$OL.DVP3DDODUWDUDIQGDQ
YXNXEXODQLVWLKEDUGDGULVvHN\DVQQ&HEHOL6XXEWXWDUDNWDEL\HHGHFHNOHU7RSODUOD
PUHWWHELNLQFLIUNDQQDUNDVQYXUDFDNODUQELOGLUPHOHUL]HULQH$OL.DVPYH+DGL
3DDQQDGDPODUQGDQELUPIUH]HWHUWLEHGHUHNHN\DGDQHYYHO&HEHOL6XXED
oNPDQQPPNQRODPDGQYHWRSoNDUPDNLoLQ\ROEXOXQPDGQELOGLUGL6DLG
3DDPUHWWHELNLQFLIUNDGDQPUHWWHEELUDOD\Q$XVWRV3HUHPEHJQ
DOHVVDEDK&HEHOL6XXEXLJDOH\OHPHVLQLHPUHWWL0UHWWHEDOD\DLNLQFLQLDQFDOD\Q
LNLQFLWDEXUXNXPDQGDQ1XUL%H\NXPDQGDHGL\RUGX$OD\&HEHOL6XXEDoNWYH
DIDNODEHUDEHUPVDGHPH\HEDODG(VDVHQ&HEHOL6XXE]LUYHVLGULVvHN\DV
WDUDIQGDQLJDOHGLOPLYHVLSHUOHUKD]UROXQPXLGLLQGHQPVDGHPHEWQLGGHWL\OH
GHYDPHWWL.DUDUJkKFLYDUQGDEXOXQDQQLDQFLNLQFLDOD\QELULQFLWDEXUX\ODQLDQF
GRNX]XQFXDOD\QELULQFLWDEXUODUQGDGHUKDO&HEHOL6XXEDJ|QGHULOGL%XWDEXUODUGD
KDUEHLWLUDNHWWLOHUYHPXKDUHEHDNDPDNDGDUGHYDPHWWL(U]XUXPOXKDOLVYHIHGDNkU
YHKDPL\HWOLYHGLQGDUDVNHUGHQPWHHNNLORODQGRNX]XQFXQLDQFDOD\QELULQFL
WDEXUXQXQFLGGHQNDKUDPDQDQHELUKFXPODDNDPDGRUXHN\D&HEHOL6XXEWDQWDUW
HGLOGL%XPVDGHPHGHLNLQFLQLDQFDOD\QQLNLQFLWDEXUX
LOH6DLG3DDDUDVQGDPXKDEHUHEDODUNLQFLJQ\DNQIUNDODU]DELWDQD6DLG
3DDQQNDUDUJkKQDJHOLUOHU6DLG3DDGDELU\HLOELUH\|UWOPDVDNR\GXUXUYH
YDUDN
PDVDEDQDJHoHUHNEWQ]DELWDQDKLWDEHQ>ROXUH\GHLOH\H\\DQOONROPX
WDVKLKHGLOHELOLU%XJDOH\DQQHRODFDN"KHSNDEDKDW1XUHGGLQ%H\GHGLU@GHPHVL
]HULQH1XUHGGLQ%H\&HEHOL6XXEPXKDUHEHVLQLYHHVEDEQYHWDU]FHUH\DQQ
DQODWUYH6DLG3DDQQEDNXPDQGDQDGRUX\D]PDGQYHPDUX]DWQGDWDUDIJLUOLN
HWWLLQLV|\OHU6DLG3DDGDKD]L\DGHN]DU+XGXWKDULFLQGHV|]OHUV|\OHPH\HEDODU
1XUHGGLQ%H\FHYDSYHULUE\U(QQLKD\HW]DELWDQELUGHQJOHUHNYH\XKD
\DGUDUDN6DLG3DDQQ\DQQGDQD\UOUODU6DLG3DDSHN]L\DGH]OU5LFDHGHULP
GLNNDWEX\XUXQX]PDIHYNLOHPDGXQDUDVQGDEXOXQPDVOD]PJHOHQPQDVHEDWEX
GHUHFH\HJHOLUVHDUWNRFHPL\HWLDVNHUL\HGHLWDDWYHLQN\DGLQWL]DPYH]DEWYHUDEW
NDOUP.XPDQGDQDGLOYHPVWHNLPROPDOGUGRUX\X\D]PDOGUL\L\LN|WN|W\
L\L\DSPDPDOGU6DLG3DDGDLPDE|\OH\DS\RUGX.HPkOLWHHVVIOHEH\DQHGHULPNL
]]HW3DDYHKDWWDVWDQEXOGDKDUEL\HQD]UEXDGDPQLDUDWQD\QKDNLNDWWHODNNL
HGL\RUODUYHGHGLLQL\DS\RUODUG*HUoLPDIHYNLQEXGHUHFHWDKNLUHGLOPHVLPDGXQLoLQ
SHNE\NELUNXVXUYHNDEDKDWWLU(HU\DQOELUH\\D]PLVHNXPDQGDQLNQD
HGHUHNYHWHUEL\HLDVNHUL\HGDKLOLQGHULFDHGHUHNWDVKLKHWWLUPHOLLGLOHU]]HW3DDQQ
\ROVX]PXDPHOHVLYHKDNNQGDNLVXLILNULEHQLYDD]DWLQWLKDNNLLKEDUHWWL+VQL
PXDPHOHJ|UVH\GLPLWLPDGPROVDLGLKVQLPXDPHOHEHUDEHUGDKDELUoRN]DPDQYH
YDD]DWNDODELOLUGLPQWLNDPDODQDOoDOUDIYHGHQ\NVHOLUQWLNDPDOPDNWDQKLVHGLOHQ
OH]]HWDQFDNELUVDQL\HVUHU$IYQYHUGLL]HYNYHPHEHUUHWLVHD\UGU%HQ]]HW
3DD\DELUH\\DSPDGPNLLQWLNDPDOPDNKHYHVLQHGVQIDU]HGHOLPNLDOH\KLQGH
V|\OHH\LPRQXDIYHWPHOLLGL+LoNLPVHNHQGLKDNNQLVWLKVDOHWPH]%HQEWQ
KXNXNXPXDGDOHWLEDUL\H\HWHUNHWWLP2LKNDNKDNHWVLQ&HEHOL6XXEPXKDUHEHVL
HVQDVQGDRUDGDEXOXQVDLGLP\]HOOLNDGDUJHQoDQDEDED\DYUXODUKDNKHODND
VHULOPH]OHUGL(YYHOD=HKUHGHEXOXQGXXPPGGHWoHWDO\DQODUQEXQFDWHYLNDWQD
UDPHQGULVvELUWUOWDDUUX]FUHWLQGHEXOXQPDGKDUHNHWLPGHQLNLJQVRQUDHN\D\
&HEHOL6XXEDWDDUUX]HWWLUPHVLSKHVL]6DQD\DKDUHNHWLPLLVWLKEDUHWPHVL
]HULQHGLU6DLG3DDQQQDVODGDPROGXXPGGHWLPHGLGHNHQGLVL\OHPGDYHOHL
HINkUHGHUHNDQOD\DQGULVvPDUQLOH\KLQ=HKUH\HYUGH\OHPHVLQLPXYDIIDNL\HWLQH
ELUEXUKDQELUDODPHWLKD\UDGH\OHGLGHRQXQ]HULQHWDDUUX]DKHYHVOHQGL)DNDW
PXYDIIDNROXQDPDG+HUQHKDOLVH&HEHOL6XXEPXKDUHEHVLGHEXYHFKOHQHWLFHOHQGL
YDUDN
+XGH\GH\HKDUHNHWHWWLPHYYHOFHGHELOPQDVHEHV|\OHQGLLYHFKOHHKDPHGHJQG]
KDUHNHWHGLOPH]*|OJHGHGHUHFHLKDUDUHWRWX]VHNL]NUNWU$oNWD|OGUFELUVFDN
KNPIHUPDGUEL]LPLoLQWDKDPPOQIHYNLQGHGLUHKDPHGHJQG]QDNDPQRQ
ELUGHQHYYHO\ROFXOXNHWPHNWHKOLNHOLGLU
DIL\HVLDUD]LNLOVLGHQGLU6DQDDUD]LVLGHIDKPL\HWLNLOVLGHQLEDUHWWLU&HEHOL7DNXP
LVHJUDQLWED]DOWYHNRQIOXPHUDWWDQWHHNNOHWPLWLU6LQDQ3DD\DNQQGDJ]HOELU
DUWH]\DQNX\XVXDoODELOLU%H\WL0HKGLGH+DFLOHGH%DFLOYH'HULO$EDNLYH=H\O
YH(O+DPDUDYH%XEDOYH$KWHPGH$OL&DELUGHYH=HDQL\HGHYH+DOLGH+DOLPLD
+XGH\GHDUDVQGDDUWH]\DQNX\XODUDoODELOLU+XGH\GHLOH6DQDDUDVQGDNLDUD]LQLQ
PXNDWWDDWYHPXKWHOLIQRNWDODUQGDNLWDELDWDUD]L\LJ|VWHULUELUKDULWD\EXUD\DUDEW
HWWLP7DEDNDWODU]PXDOOLPLPL]PWHYHIID/RNXN3DDGDQ\LUPLEHVHQHROXS
RNXGXXP7DEDNDWODU]GHUVLQGHQKDWUPGDNDODQPDOXPDWDPVWHQLGHQLFUD
H\OHGLLPWHWNLNDWYHoNDUGPQHWLFHOHUEXQGDQLEDUHWWLUVWLODEDWNkPLOHQ)UDQV]FD
|UHQGLLPL]FLKHWOH7UNoHOHULQGHELUKDWDYDULVHRQXELOHPHP%XWHWNLNDWROGXNoD
HOHQFHOLROGXHNOLDUD]L\DQLWDEDNDWGHLWLNoHLQVDQGDELUKLVVLWHWNLNX\DQ\RU
KHPHQDWWDQDWO\RURUDGDNLWDODUYH\DUODUWHWNLNROXQX\RUNX\XODUYDULVHLoOHULQH
EDNO\RU+DOEXNLYD]LIHLGDURODQODUEDNDWUOWHWNLNHGHUOHU2QODUELOKDVVDNX\XODU
KD]UHWWLULUOHU
YDUDN
YHWDNLSHWWLNOHULLVWLNDPHWWHQ\DQODUDGRUXDoOUODUELUPDKGXGPQWNDGDJQOHUFH
XUDUODU\DQODUQGDDODWYHHGDYDWNLP\HYL\HYHKDNLPL\HOLYDUGU(OGHHWWLNOHULED]
HVHUOHULWDKOLOHGHUOHUKXUGDEH\LQOHUOHKHUQRNWDVLQFHX]XQWHWNLNHGHUOHU0HVHOk
JUDQLWED]DOWNDONHUWXINRQIOXPHUDWERUILUJLELPHYDGPDOXPGXU%XQODUKDNNQGD
WDELNLX]XQX]DG\DWHWNLNDWLFUDHGLOPH]J|UOQFHJ|]\RUGDP\ODDQODOU/RNXN
3DDEL]HE|\OHGHULGL=HPLQLQWHNLODWWDE\DVDUD]LLPXKWHOLID\\HNGLHULQGHQIDUN
YHWHP\L]HGHQKXVXVDWWUWHRWHNLODWWUNLKHUPHPOHNHWHNHQGLQHPDKVXVELUKH\HW
YHPDQ]DUDLWDHGHUYHRKH\HWL]LKQLPL]HKDNHGHUHNKDWUDVQPIHNNHULPL]HLND
H\OHU=HPLQLQWHHNNODWPXD\\HPHVLGDKLEXPDQ]DUD\LNPDOYHLWPDPHGHU
5HQNOHULVHUWOLNOHULPDKDOOLLVWLPDOOHUL\OHPXKWHOLIYHPWHQHYYLRODQDKFDUDGDLU
ELQOHUFHPODKD]D\KDWUP]DWHYDUGHWWLUHQLWHRWHNLODWPDGHQL\HGLU9HOKDVOKHU
PHPOHNHWL]HPLQLQWHHNNODWRPHPOHNHWLQHEQL\HVLPDQ]DUDVQGDYHKHUWUO
LPDODWVDQD\LVLQGHWHPHVVOHWPLROGXXQGDQRWHHNNODWQEHGDKDWHQPDKDGHYH
UL\\HWROXQDFDGHUNkUYHDLNkUGU(U]DNWHUHNNEDWPDGHQL\HVLQLWHWNLNLoLQ
GDON\HUOHUGHWHFHUUGDWWDELL\H\LPVWHYLPDKDOOHUGHPHFDULLOHNDQDOODUQVHYDKLOLQL
YHEDKXVXVNX\XODUODKDIUL\DWVDQDL\H\LQD]DUPXD\HQHGHQJHoLUPHNLNWL]DHGHU
EXPXD\HQHHYYHODUHQNVDQL\HQVDODEHWLQDKFDUKDNNQGDLFUDHGLOLUVDOLVHQWHUNLEDW
DKFDUPXD\HQHROXQXU.RUDVWOIXORVWKDWORODQVHUWYH\DKXWNYOFPOWDODUoHOLNLOH
PVDGHPHOHULQGHHUDUHYHULUOHUYDVDWVHUWOLLKDL]RODQNDONHUOHUDUWYD]ODUDOoODU
oHOLNOHoL]LOLUOHU.LOYHSRUVHOHQJLEL\XPXDNWDODUWDEDNDWDEDNDD\UOUODU
YDUDN
7DODU\DHFVDPEDVWDGDQLEDUHW\DQL\DOQ]ELUPDGGHLPDGHQL\HGHQPWHHNNLOROXS
PWHFDQLVLEHQVLFDKDYLELOOXUDWJD\ULPXKWHYLEXOXQXU0HVHOkNLUHoOLNLOOLVLOLVOL
WDODUJLELNLEXQODUDOLPRQLWOLGHUOHU
DVNHUL\HELUELULQHUDEWHGHUPXYDVDOD\YHPWHNDOH\LWHPLQHGHU+DOLKDUEGHEXOXQDQ
RUGX\DKHUWUOHU]DNYHPDO]HPHYHFHSKDQH\L\HWLWLULURUGXQXQ]DELWLQLJHQoYHGLQo
DVNHUOHUOHLNPDOHGHU0HFUXKLPYHKDVWDJkQ]DKPHWVL]FHJHULOHUGHNLKDVWDKDQHOHUH
QDNLOHGHUhVHUDDOQUVDRQODUNDoUPDGDQLoHULOHUHJ|WUU$UDELVWDQGDDVNHULQ
VFDNWDQ|OPHVLQHPDQLROXU%XQFDIDLGHVLQHNDURQXWDKULEGHPXWHQDGU
3H\JDPEHU]LDQP]]DPDQQGD\RNLPL2O]DPDQGHYHOHUOHJLGLOLSJHOLQLUPLEXELU
ELGDWoG|UWWUELGDW KDVHQHELGDW PEDKDELGDWJD\ULPDNEXOHGLU
LPHQGIHUPDNEXOELGDWWUGHGLLPL]JLELELGDWQGDVH\\LHVLYDUGUKDVHQHVLYDUGU
LPHQGIHUKHUKDOGHELGDWKDVHQHGLUIDLGHVLYDUGUID\GDVRODQKHUH\LKHODOGLURQX
\DSPDNIHUDVHWWLU0D]DUDWRODQKHUH\KDUDPGURQXWHUNHWPHNIHUDVHWWLUWH
LVODPL\HWWHHVDVEXGXU0HVHOkELUH\LQKHPID\GDVYHKHPGHPD]DUDWROVDEXID\GD
LOHPD]DUDWWDQKDQJLVLNXYYHWOLLVHRQDJ|UHRH\\DKHODOROXU\DPHNUXKYH\DKDUDP
ROXU0HVHOkDUDEQYFXGDUHILYDUIDNDWLoLOGLNWHQVRQUDVHNUYHUHUHNELUoRN
IHQDONODUDVHEHEL\HWYHUL\RUELQDHQDOH\KPD]DUDWoRNROX\RU%XQXQLoLQLFWLQDE
HGLOPHVLHPUROXQPXWXUHHUIDLGHVLoRNPD]DUDWD]ROVDLGLPXWODND\DPHNUXK
YH\DKXWKHODOROXUGXLPHQGIHUKDWWQQIDLGHVLJD\ULPQNHUGLU2KDOGHKHODOGLU
+HODOELUH\LWHK]LEHWPHNJQDKNHEDLUGHQGLU
YDUDN
.XKUHH\KL\OH6H\\LG+VH\LQ(KGLOLQGHGLLJLELDKDOLQLQLPHQGIHULVHYPHPHOHUL
1DVUDQvOHUWDUDIQGDQ\DSOPDVQGDQGUYHGHYHQDNOL\DWQDVHNWHYXUPDVQGDQGU1H
\DSDOPNLKNPHWLPL]EL]H\DSWUP\RU+XGH\GH\HJHOHQ)UDQV]PKHQGLVOHUL
NDGDULPHQGIHU\DSWUDELOLULPKLoJoONoHNPHP(UNkQ+DUEL\HKDNNQGD
PXIDVVORODUDNRNXGXNYH|UHWWLN+DWWDLPHQGIHU'HPLU.|SUFOQDP\OD
ROGXNoDPNHPPHOELUHVHU\D]GP%XNLWDEPEDVOPDG\ROLGDUHVL@>XPUKDUEL\HLGDUHVL@YH
>XPUWDKULNL\HLGDUHVL@JLELXEHOHUGHQWHUHNNEHGHU
\RODoPDEL]]DW\ROLPDODWVDQDL\HPHEDQLGLU
H\OH\HFHLPDOXPROGXNWDQVRQUDNROD\ONODWHUVLPROXQXU%LULPHQGIHULQWDNGLUL
HKHPPL\HWLLoLQDWLGHNLPHYDGQD]DUPWDODDGDQJHoLULOPHOLGLU+DWWQWHUD]HVL
QDDWIHQQL\HVL7HNYH\DoLI W KDW O ROPDV *DUODUQKDOLYHWDNVLPDW
0DKUXNDWQFLQVLPDKDOOLWHGDULNL0DO]HPHLPWHKDUULNHQLQPLNWDUYHYHVDIGU
6HYNL\DWYHQDNOL\DWFHVLPHLDVNHUL\HGHPHUNH]LVHYNL\DWNRPLV\RQXYHLFUD
NRPLV\RQXWHNLOROXQXU%XNRPLV\RQODUVHYNL\DWWDQ]LPHGHUOHUFUDNRPLV\RQXKDW
NRPLV\RQXLOHPHUNH]LVHYNL\DWNRPLV\RQXDUDVQGDELUYDVWDLLFUDL\HGLU%|\OHELU
KDW]HULQGHQDNOL\DWLOH\D\DRODUDNDVNHUVHYNHWPHNEH\QLQGHNLIDUNXQGDQ
DQODODELOLU%LUNWDVDDWWHD]DPLEHNLORPHWUHNWDHGHU0RODODUODEHUDEHUELUJQGH
\LUPLEHNLORPHWUH\U\HELOLU+DOEXNLLPHQGIHUOHEXPHVDIH\LELUVDDWWHDOUYH
DVNHU\RUXOPD]%XGDE\NELUIDLGHGLU%|\OHELUIDLGH\LL]DOHLKDQHWWLUK\DQHWWLU
%LQDHQDOH\K
GRNXQPXEXQXEXODOPYH\DKXWKDQJLWHNLODW YH W HQV LND W \DSP KDQJ L
Q L ]DPQDPH OH U L W DQ] LP H\ O HPL GH RQXQ O D R UGXQXQ \]Q DN H WP L RQX
EXODOPPHPOHNHWLQHYDNLWE\NELUIHODNHWWHQNXUWDUPQH]DPDQIHODNHWOLELULV\DQ
WHVNLQHWPLQHUHGHGPDQDVNHULQLER]PXKDQJLPXKDUHEHPH\GDQQGDNDKUDPDQON
J|VWHUPLRQXRUWD\DNR\DOP%XQODUQKLoELUL\RNWXU
YDUDN
]]HW3DDQQQHROGXXQXELUVQIUHILNLKLNk\HHWWLD\QHQQDNOHGL\RUXP7DOFDO
PXWDVDUUI+D\GDUEH\LQROX9DQLN|\O]]HW%H\GH(UNkQ+DUEL\H
ND\QELUDGHULLGL*ROW]3DD0HNWHEL+DUEL\H\LVODKHWPHNELUPLNWDUL\L]DELW
\HWLWLUPHND]PLQGHLGLVPDLO3DDLVH]DELWOLLPDOXPDWKHSPDNDPPXNDGGHVH
VDGDNDWWHEXOX\RUGX%XLNL]WILNLUDUDVUDWHVDGPHGL\RUGX%XQXQLoLQ]]HW%H\L
*ROW]3DDNHQGLVLQHPXDYLQ\DSDPD]G%LUGHJHQo]]HW%H\GHELUDVNHUWDYU\RN
LGL.VDYHELoLPOLYFXGX\ODHLOLSENOHUHNWHEHVVPOV|]V|\OH\HQ]]HW%H\GH
FLGGL\HWJ|UHPL\RUGX]]HW%H\LQLVWLUDKDWDNR\XOPDV]HYNYHVDID\DGDOPDVERO
\L\LSLoPHVLYHYFXGXQXVHPHQOHWLUPH\HEDODG)DNDW.RODDVROGXX]DPDQKD\OL
LPDQLGL]]HW%H\$OPDQ\D\DWDKVLOHJLWWL%LUPGGHWVRQUD$OPDQ\DGDJ]HOELU
XQYDQELUQDPGDKDDOG$OPDQODUNHQGLVLQHODVWHOIDUPUHJLPHPWV\DQLDOD\QE\N
DUOGHGLOHU$OPDQDOD\QQEXE\NDUOVRQUDODUGHYOHWHRGHUHFHELUEHUEDG
VDNLOROGXNLYHUGLLPD]DUDWPLOOHWL2VPDQL\H\]VHQHGHL]DOHHGHPH\HFHNWLU]]HW
%H\$OPDQ\DGD|UHQGLL$OPDQFDLOHELUWDNP]DELWOLLYD]LIHVLQLE\NPLN\DVWD
WDWELNHWPHN]HUHVWDQEXODDYGHWH\OHGL
YDUDN
%LUNWD\DNXPDQGDHGHFHLQH(UNkQ+DUEL\HGDLUHVLQHYH0HNWHEL+DUEL\H\H
PHPXUROGX6DUD\QHLNOHULQLDQGUG(O\HYPVWDQEXOUHMLEDPGURODQ5]D
3DD\XVDQGUG%LQEDROGX
KHGHIROX\RU\LQHDOGUP\RU(OKDVO
LOHUOHWLOHFHNWL%LQDHQDOH\K\]EDODUPOD]PODUELUWDVIL\HNDQXQXLVWHUL]GL\RUODUG
HQFDPNkU\DSOG\LPLROGXIHQDPROGXRUDVQHUEkEL]DQWDVYLUH\OHUdQN
0HNkWLEL$VNHUL\HGH)UDQV]FDYHFRUDI\DKRFDODUNGHPOHULQHELQDHQR]DPDQ
]DUIQGDPLUDOD\YHPLUOLYDROPD\DUDN%DONDQKDUELQGHIUNDNXPDQGDQROGXODU
+DULWDGDJDLEL\DWDVHEHSROGXODU
3DDNDEDLOHELUPLNWDUSDUDODUVHUSLWLUGLEL]]DWRWX]EHELQOLUDJH]GL6RQUDGD\LUPL
EHELQOLUDDOG'DKDVRQUDODUGDELUoRNKDYDOHOHULFHOEHWWLKHVDEQNLPVHVRUPDG
$UDSODUDGDEXNDGDUoRNSDUDYHULOPHGL1HROGXELOPL\RUXPEXQFDVHQHGLUKL]PHWLGHYOHWWHEXOXQX\RUXPPXWHQDKL]PHWOHUGHEXOXQGXP
NL\]HOOLOLUDPDDDOGP]DPDQROGX%DPVRNDFDNELUKDQHHGLQHPHGLP%LU
KDQH\HPDOLNGHLOLPXFLKDQGDNWDLWDULNLQELOHHKDQHVLYDUGU6DWK]HPLQ
]HULQGHQHHYLPQHGHELUNDU\HULPYDUGU+NPHWVHUVHULNDQXQXQXWDWELNHWVHEHQ
HQEDWDEXOXQXUXP@GHGLP%XDUNDGDoDVQDELUVRKEHWLGL.DQXQLOHPDGXQVIDWODU
RUWDGD\RNLGL]]HW3DDIHULNLVHEHQGHELUPLUOLYDLGLP%DKXVXVDUDP]GDG|UWEH
VHQHOLNELUVQIIDUNYDUGU%HQGHQSHNHVNLGHLOGLU6DQL\HQEHQ(UNDQ+DUEL\H
PLUOLYDVLNHQ]]HW3DDELQEDLGL2]DPDQGDJ|UWN\DQLHVNLELUDUNDGDELU
WDQNLGLNIDNDWUHVPLJ|UULGLNYHEWQJ|UPHPL]EHONLLNLoGHID\JHoPH]
LGL EXJQ]DYDOOJ|QOPQ
JDULSELUPHODOLYDUPHPDWWDQWHYDKKXXKD\DWWDQNHODPYDU@GHGLPYHWHEGLOLKDYD
PGGHWLQLQD]OQGDQLND\HWH\OHGLP5HFHS%H\GH3DDKD]UHWOHULQLQ
YDUDN
KDNNQ]GDSHNKD\UOELUWDVDYYXUXYDUGU=DQQPFD]DWDOLQL]LYDOLYHNRORUGX
NXPDQGDQ\DSDFDNODUGUGHGL+DOEXNLELUVDDWHYYHO\DQPDJHOHQ+DPGLSDDVHQEHQL
KLoWDQP\RUVXQNHQGLEDQDNDON\RUVXQJLWPHNLVWL\RUVXQ%XQDVOROXUEHQEXUDGD
LLQEDGHLOLPELUNXPDQGDQP@GHGL0WHHVVLURODUDNSDDKD]UHWOHULQGHQDVO
KDUHNHWHGHFHLPLDUGP.kK$OPDQDKYDOLQLWDNGLUOH\DGHGHUVLQL]NkKHVNL7UN
DKYDOLQLNDEXOHGLSWDWELNLQLDU]XHGHUVLQL]$OPDQ\DGDELU]DELWKDUHNHWHPULQLDOGP
RHPULLFUDHGHFHLDQGDDPLUHJLGHUYHKDUHNHWHGHFHLQLELOGLULU%HQGHVL]HL\L
J|UQPHNLoLQE|\OH\DSWPGHGLP>L\LIDNDW7UNROGXXPX]XXQXWPDPDOLGLNKDWWD
ELUJQHYYHOJHOLSLVWLK]DPHWPHOLLGLQVHQH\DODUQ\RODoNDUPVQoL]PHOHULQL
JL\PLVLQKD\YDQQNDUDUJkKNDSV|QQGHEHNOL\RULVWHUVHQPVDDGHHWLVWHUVHQHWPH
LWHEHQJLGL\RUXPGHPHNLVWHGLQWDELEHQGHE|\OH\DSDUP@GHGL.XVXUGLOHGLNDIY
WDOHSHWWLNPHUKDPHWOHULQHVQGNXOXYYXVL\DQHWOHULQHGHKDOHWH\OHGLN(QQLKD\HW
DWLGHNLFPOHOHUOHWDOWLIROXQGXN>(|\OHLVHLVWLUDKDWEX\XUXQX]\DNQGDEHQ
7HKDPH\HLQHFHLP\DEHUDEHUJLGHUL]YH\DKXWVHQLEDNDELU\HUHJ|QGHULULP@GHGLYH
VXUHWLKDIL\HFHDOGPPDOXPDWDJ|UHDoNPXkPHOHVLQLQWDVKLKLLoLQ+DUEL\H
1H]DUHWLQH\D]GGLHUELULIUHOLWHOJUDIQDPHGH>+DPGL3DDQQ7HKDPHGH
YFXGL\HWLO]XPNDWLJ|UOGQGHQDoDLKUDFQGDQVDUIQD]DUEX\XUXOPDV
PVWHUKLPGLUGHPLYHWDELLVDUWHUYLFROXQPXWXU5LFDHGHULPV|\OH\LQL]EX
PXkPHOHLoRFXN\DSVQDEHQ]HPL\RUPX"
YDUDN
7UNL\HGHULFDV]PLQQHWVL]PHYNLWXWPDNWHUILHWPHNPPNQV]GU0HYOHYL7DKLU
PHUKXPE|\OHGL\RU
0HUGLNkPLOH\OHPH]WDNELOL]H\OHKOLFDK
$EUX\LoQNLQVDQL\HWLQEDPDOROXU
(\WHUILLVWH\HQVHQ]DQHWPHNLP
(OHWHN|SPHNOHLQVDQQDLOLHPHOROXU
+DOEXNLEHQEXQXQDNVLQLLGGLDHGHULP+DNLNDWHQ]]HW3DDQQKHUGHIDHOLQL
|SWPGHEXNWDKDWUPGDQJHoHUGL1H\DSD\PKHULIDOH\KLPGHELUWDKPLQGH
EXOXQVDDNDELQGHELU\HUWXWDUEHQGHQELUH\VRUPD]ODULVWHGLLQL\DSDUODUEHQVHILO
ROXUXP1LWHNLPGHVRQXQGDROGXP>.DEXOIH\]RODPD]GPDQ\L\HFHNKDNLQHQHEDW@
>PWHYD]KRODQUDKPHWLUDKPDQEXOXQXU@EH\LWL\OHPWHVHOOLROPD\DoDOUP2
]]HW3DD\D>]LQGHNL]LOOHWWLUDUWNEHQFHL]]HWVHQGHGLU@GH\LSVHVLPLNHVWLP6DQDGD
EXOXQGXXPHVQDGDVDGDWYHPHD\LN]L\DUHWLPGHEXOXQXUODUG+DWWD6H\\LG&DPDQNL
EXQDDKDOLYHOHGLFDPDQGL\RUODUKHPHQJQDUJHOLUYHJ|UUG%XVH\\LG
&DPDQQSHGHULQLLPDPVDNLL]HODOHIHY]YHIHODKRODQ]DWVDPLLQH]DUHWSHQDKLOHULQLKHUKXVXVWDPHUFLL
LWWLKD]YHXPUUHVPL\HYHDKVL\HLOHGoDUVDGDHGLLPLQPNHUUHOHULQGHNLNOOHWL
KLFDSWDQ]L\DGH
YDUDN
]DWGHYOHWOHULQGHNLLPH\LNHUHPYHLKVDQDDWIEX\XUXOPDVGDKDPXYDINWU@\D]O
LGL%XQHGLUGHGLP%L]LPE\NSDDP]QYHOLQLPHWLQH\D]GVRQPHNWXEXQHQ
UXKOXNVPGU\DNQGD\HQLELUOWIDPD]KDURODFDNWU$\DQD]DOQLVWL\RUEHQ
LPDPLOHLWLODI\DSD\PRNODKNDSVQQDVOROXU%DULEHQLDVDOHWHQEXUD\DNRORUGX
NXPDQGDQYHYDOL\DSVDQHROXU%HQLPPDOXPDWVDENDPYDUGUJHQFLPIDDOLPKHU
KDOGH0DKPXG1HGLPGHQL\LYDOLOLN\DSDUP%HQGHLLVWDQEXODWDIVLODW\OD
ELOGLUGLP%LUDGHULP6DEULQLQNDELOL\HWLQLELOL\RUVXQX](OEHWWHELUVXUHWLWHVYL\HEXOXU
GHGL$YQL3DDQQLNL\]OOQELOGLLPFLKHWOH$OODKFPOHQL]LPXYDIIDNH\OHVLQ
GHGLP$YQL3DDEHQLNHQGLVLQHUDNLSDGHGL\RUYHVUDVJHOGLNoH]]HW3DD\D
DOH\KLPGHEXOXQX\RUGX%XKDOLQLELOGLLPFLKHWOHE|\OHPDKUHPELUH\LJHOLSEDQD
V|\OHPHVLQHKD\UHWHWPHNOHEHUDEHUEXQGDELULYDUGHGLP'|UWJQVRQUDNRORUGX
NXPDQGDQOQDPWHNDLGPLUOLYD+VH\LQ3DDQQWD\LQHGLOGLLQLYH$YQL3DDQQ
GDRWX]GRNX]XQFXIUNDNXPDQGDQOQD\DQLDVOPHPXUL\HWLQHGHYDPDEDODGQ
LLWWLPRO]DPDQPHVHOH\LDQODGP2HVQDGD7DL]HUDIYHD\DQ6DQD\DJHOGLOHU
%XQODUPH\DQQGD6H\\LG$KPHG3DD'DYXWLQDVL$EGXOODK+D]DP6D\DGDYH
5DPDGDH\KOHUL$EGXOODK6DLG=L\DG.DQLLYDUG$EGXOODK.DQLLHWPLELUJQ]]HW
3DDQQH\K$EGXOODK.DQLLLOHELUEXoXNVDDWNDGDUELURGDGDNDSDQDUDNUHPHO
DWWUPROGXXQXLLWWLPYHLNLoJQVRQUD\DQPDJHOHQ$EGXOODK.DQLWHQQH
V|\OHGLLQLVRUGXP0XPLLOH\KGHE|\OHGHGL]]HW3DDVWDQEXODJLWPHNLVWL\RUJLGLS
JLWPH\HFHLQLYHJLGHUVHKDUEL\HQD]UROXSROPD\DFDYHGPDQQQLVPLQLQLON
KDUILQLVRUGXEHQGHEXOGXP+HVDEPDJ|UH
YDUDN
]LONDGHGDKDUHNHWHGHUVHKDNNQGDKD\UORODFDNWUVWDQEXODKDUHNHWHPULQL
KDUHNHWWHQSHND]HYYHODODFDNWUVWDQEXOGDSHNE\NNDUNONJ|UO\RUIDNDW
NHQGLVLQH]L\DQGRNXQPD\DFDNWU +DUEL\HQH]DUHWLQGHQE\NELU PDNDPD
JHoHFHNWLUNHQGLVLQLQGPDQ\DNQQGDGUYHLVPLHOLILOHEDODUGHGLPGHGL%HQLPGH
LVPLP$KPHG+DPGLGLUHOLILOHEDO\RU%XDGDPEHQLGPDQELOHFHNWLU.HNH
V|\OHPHVHLGLNGHGLP6RQUDKDWUDJHOGLNL$YQL3DDQQGDLVPL$KPHG$YQLQLQ
LWLODIQDPHPHVHOHVLGHYDUGU$UWNEXDGDPEHQLGPDQELOPH]ELUIHQDONWD\DSPD]
GL\HUHNPWHVHOOLROGXP]]HWLVPLQLVHYPHP(VNLGHQ$QNDUDYDOLVLELU]]HW3DDYDU
LPL\DSPDG]XOPNDOPDP%HQLPVQIPGDQGDLNL]]HWYDUGULNLVLQLQGH
DKODNEHQFHPDNEXOGHLOGLULPGL\HNDGDUJHOHQE\NDGDPODUDUDVQGD]]HW
LVPLQGHNLPVH\RNWXU*HOHQ]]HWOHULQKHUELULD]oRNEXGHYOHWH]DUDUYHUPLOHUGLU
7HULQLHYYHOGH]]HW3DDQQ7HKDPH\HKDUHNHWLLODQROXQGX7HULQLHYYHO
GHEWQPHUDYH]DELWDQNODGDNLDVNHULNRORQL\HWRSOD\DUDNYHGDH\OHGLYH
]DELWDQSHUYHUKDUHPJLELELUYD]L\HWDODUDNELUQXWXNYHUGL1XWNXQGDLGDPHWWLUGLL
POD]PQPHYNLLQLELODPGkIDDWHVOLPH\OHPHVLQGHQGROD\ELKDNEXPFD]DW
J|UGQEH\DQYH$EGOKDPLGLQ\DYHUDQQGDQED]ODUQQWDKWLHVLQDPDNEXO
ROGXXQXLW\DQH\OHGL%XKH\HWLoLQGH+DNDQVDENQ\DYHUDQQGDQEHQYHWRSoX
ND\PDNDP)XDGYH(UNDQ+DUEL\HND\PDNDP+DVDQ9DVIL%H\EXOXQX\RUGX%HQ
QHPOD]PELOL\RUGXPYHQHGHLGDPROXQGXX]DPDQ6DQDGDEXOXQGXPYHQHGH
WHQNLGH\OHGLP%LQDHQDOH\KEXV|]QGLHULNL]DWWDQELULQHDLWROGXXQDKNPHGHUHN
YD]L\HWLPLER]PDGP1XWXNELWWLNWHQVRQUD
YDUDN
]]HW3DDEHQLDUDEDVQDDODUDNKNPHWNRQDQDJ|WUG%XLOWLIDWWDV|]QEDQDDLW
ROPDGQLUDEHGL\RUGX$UDEDGD+DPGL3DDVHQGHKD]UROEHUDEHUJLGHFHL]GHGL
2JHFHKD]UODQGPHUWHVLJQVDEDKOH\LQ\DQL7HULQLHYYHOSD]DUWHVLJQ
EHUDEHUFH6DQDGDQKDUHNHWHWWLN7H\LLoLQWDEXUODUWRSoXODUVYDULOHUPHPXUL\QL
KNPHWYHHUDIYHVDGDWYHD\DQPHPOHNHWNkPLOHQVXEDQDJHOPLOHUGL
=H\GvOHULQPXKDEEHWYHPHUEXGL\HWOHULQLWDNYL\HH\OHGL%D]ODUXEXGL\\HWOHULQLDU]YH
LUDHLoLQ$VLU8NEDVQQEDQDYHED]ODUGD6LQDQ3DDYH%XDQPHYNLOHULQHNDGDU
UHIHNDWHWWLOHU]]HW3DDKD]UHWOHULILVWOGHQPX]GDULEROGXNODUQGDQYDOL0DKPXG
1HGLPEH\LQDUDEDV\OD%XDQDNDGDUJLWWLYHELULOWLIDWPDKVXVDDODUDNEHQLDUDEDVQD
DOG
ND]DQPDNLGL6RQUDGDQEXWHGELUOHULQNkIIHVLQLQERROGXXQXDQODGPVL]LoUWPHN
VL]LJ|]GHQGUPHNLoLQ\DSODQ
YDUDN
H\OHUL\D]ODQPXKDUUHUDWWHVLUVL]EUDNPDNLoLQHPLQROHOLPGHQJHOHQL\DSDFDP
GHGL%LUQHYLJQDKODUQLNUDURODQEXV|]OHULEUHWDOQDFDNGHUHFHGHGLU%XYHFKOH
DoNoDLWLUDIDWEHQGHoILNLUWHYOLGH\OHGLHOKDNKDNLQQH\HWHEH\\@NHOkPQNHQGLOHULQHPHVOHNLWWLKD]HGHQOHU
GQ\DGDX]XQPGGHWH]DJ|UPH]OHUKDNLNDWHQKDNNLWWLEDROXQPD\DDONWULPGL\H
NDGDU\D]GNODUPGRNXQDNOGUDPDGRUXGXU>HOKDNPHU@NDYOLQHJ|UHWHVLUOD]PQ
LFUDHGHFHNEHONLGHWHKHYYUYHJD]DEYFXGDJHWLUHFHNWLU1H\DSDOPLLQGRUXVX
EXGXU8PXUGHYOHWLQQHHLPLW
LVWHGLLQVDJLUGHVLQGHQJDPOGUELUGRNXQELQDKGLQOHNkHLIDIXUGDQ@PDQ]XPXQFD
NLPELOLUQHOHUV|\OHU
YDUDN
GRUXVX>PDUDQJLELKHSELUELULQLVRNPDGD\DUDQELUVHPPLKHODKLOGLUDGVRKEHWL
DKEDS@]]HW3DDQQHWUDIQELUWDNPKLWLEDODUPHUDLOHUVDUPODUQHGHUVHD\Q
KLNPHWD\QNHUDPHWGL\RUODUG2GDFDKLOYHJDILO]DYDOONHQGLVLQLGQ\DQQ\HJkQHVL
J|UHUHNDUG+HUJQELUJUKJHOLS\HUKDPXNDOODKGHVHOHULQVDQPPPNQGUNL
EHQGHDNQONDVDUJ|VWHUH\LPHULLUKHUQHVQHLVHKDVVDLLVWLKNDNP@
GHGLP%HQPWHHVVLUDWDDU]NHODPHWWLNoH]]HW3DDEDQDLVWLKIDINkUDQHELUQD]DU
DWIHGL\RUGX2QDEXEH\WLV|\OHPHNOD]PG>IHODNHWJ|UPHPLVLQGHUGLPLH\OHUVHQ
LVWLKIDIIHODNHWROVDOD\NWUEXKDONDVHQGHNLHYVDI@IDNDWGHPHGLPKRJ|USHOVDEU
PLIWDKOIHUHFLoLPGHQRNX\DUDNVNWXLKWL\DUHWWLP6LQDQ3DD\DJHOGLNEHQ
NDUDNRODJLWWLP]]HW3DDGDPDL\HWL\OH-DQGDUPDELQEDVQQKDQHVLQHLQGL2QGD
WDDPQDGDYHWROXQGXPPHFEXUHQQH]DNHWHQJLWWLP(OKDVORJQDNDP6HYNO
+DPLVHYDVOROGXN6HYNO+DPLVWH\]RQEHLQFLDOD\QELULQFLWDEXUXNXPDQGDQ
%LQED5DPL(IHQGLSHNIHQDWDKNLUHWWLYH$KPHG)HY]L3DDQQKDNORODUDN
NHQGLVLQH\DSWQQ|FQoNDUG=DYDOOELQED\DOWDNODQ\RUNYUO\RUENO\RU
PD]KDUOWIXROPDNLoLQHOLQGHQJHOHQLGLULHGL\RUGX$U]XEXGL\HWWHLEUD]LKWLUDP
PHPOXNL\\HWWH]HUUHNDGDUNXVXUXROPDG\RNLGL(QE\NWDNVLUDW(UNkQ+DUEL\H
0HQDKD\D\ROODQGN0HQDKD\RNXXQXQYDVDWQDPXYDVDODWP]GDVWP]GHQ
LGGHWOLWIHQNDWHLLFUDVQDEDODQG3DDKD]UHWOHULWHODDGWRNRFDYFXGX\ODYH
UHVL\OHKD\YDQVWQGHNoOGLOHUL\HVYDULJ|QGHUGLVPDLOvOHUGHQELULNLELQNLL
H\KOHUL\OHLVWLNEDOLPL]HJHOPLOHURQODUIDQWH]L\H\DS\RUODUPH\K1DVU3DD
%H\WO.DELOLH\KL$OL.DELOv%LDELUH\KL1DFLYHGLHUPHD\LN]]HW3DD\D
WDNDUUEHGHUHNHOLQL|SWOHUYHHONDEKRDPHGLHWWLOHU0HQDKDNDVDEDVNHQDUQDGD
ELUWDEXUoNPLGL%RUD]DQODUVHODPKDYDVQoDOGODUWDP]]HW3DDWDEXUXQ|QQGHQ
JHoHUNHQDVNHU>SDGLDKPoRN\DD@EDUGODU]]HW3DDGDEDQDG|QHUHNHHUGHYUL
VDENWDROVDLGLNNLPELOLUQHROXUGXGHGL%HQGHEXQXQELUPD]DUDWROPD]GDVNHUVL]L
YHVLOHHGHUHNSDGLDKODUQDGXDHWWLOHU
YDUDN
]DWDOvOHULSDGLDKP]DGXDDOGQ]ELULWHQPDNVDWQHLVHKNPRQDJ|UHGLU%X
DVNHUVL]LNHQGLOHULQHSDGLDKLWWLKD]HGHUHNVL]LQQDPQ]DEXGXD\\DSVDODUGROYDNLW
PDK]XUYHPDKGXUYDULGLLPGLELUH\\RNWXUYHGHYULVDENWDGDROVDLGLELUH\
ROPD]GGHGLP0HQDKDGDELUJQNDOPDNWDNDUUXUH\OHGLgOHYHDNDPWDDPODUQ
EHUDEHUHGL\RULGLN(VQD\WDDPGD%DONDQKDUELQGHQEDKLVOHUDoOUG0HQDKD
ND\PDNDP3L]HUL\HWOL0HKPHW%H\LVPLQGHELU]DWLGL%X0HKPHWEH\GDKDMDQGDUPD
ND\PDNDPROPDGDQHYYHOELOLULP]]HW3DDLOHKXVXVLJ|UU KHPHKULOLN
GROD\V\OD]]HW3DDRQGDQHNVHULXPXUJL]OHPH]GL7HULQLHYYHOWDULKLQGH
PVDGLIoDUDPEDJQ0HKPHW%H\PDOXPDWDWL\H\LYHUGL>LPGLVDGDUHWWHQJHOHQ
WHOJUDIQDPHGHGULVvQLQDIIXkOL\HPD]KDUROGXX]]HW3DD\DWHEOLROX\RUGXGHGL
0HDOLQL|UHQLSEDQDV|\OHPHVLQLULFDHWWLP*LWWLELUVDDWVRQUDVDGDUHWWHQJHOHQ
WHOJUDIQGULVv\HPD]KDUkOLROGXXQXELOGLULQL]\HGLJQ]DUIQGDWHUNLPXKDFHPH
HWPH]VH]HULQHKDUHNHWHGLQL]@PHDOLQGHROGXXQXKDEHU YHUG L ]]H W 3DD
WHOJUDIKDQH\HJLWWL9DOL0DKPXW1HGLPOHWHOJUDIEDQGDPXKDEHUHYH\D]ODFDN
PHNWXEXQPHDOLWDNDUUXUHWWL.D\PDNDP5HFHSKDWW\OD\D]ODQWDKULUDWXVYDUL
PDKVXVX\OD+XGH\GHPXWDVDUUIOQDJ|QGHULOGL+XGH\GHPXWDVDUUIGD9DL]DWWD
EXOXQDQIHULNdHUNH]7RSDO6DLG3DDYDVWDV\ODGULVv\HLEODH\OHGL]]HW3DDQQ
GHUVDDGHWHD]LPHWLQGHQVRQUDGULVvGHQJHOHQFHYDSQDPHQLQDVOQ+XGH\GHPXWDVDUUI
5HFHS%H\GHJ|UGPE|\OHLGL
YDUDN
7HUFPHVL
+HULNLIUNDQQYHID\DWQHIHUHGHUGHGLP2KDOGHWHODQ]QHLGLGHPRWRUOX
GHLUPHQPDNLQHVLLVWL\RULGLQL]GHGL%HQGHHIHQGLP$YUXSDRUGXODUYHID\DWLOH
PXND\HVHHGHUVHNSHNE\NWUEHQGHQL]ELUQHIHULQELOH|OGQLVWHPHPRQODU
J|]PJLELEDNPDNLVWHULPVHNVHQG|UW\LLGLQKD\DWQGDQPWHHVVLILPHHUPH\GDQ
PXKDUHEHGHKHODNROVDODUGDFPD]GPIDNDWELULJ|UPHGHQKD\DWODUQ]L\DODUEDLVL
WHHVVUPROGX7DNGLUHGHOLPEL]LPELUoRFXXPX]PDD]DOODK|OVHQHROXUX]EXQGDQ
VHNVHQG|UWDLOHPWHHVVLUDWWDQYHPNHGGHURODFDNWUFHYDEQYHUGLPWHULQLHYYHO
GH0HQDKDGDQKDUHNHWHWWLN+DFLOHGH6H\\LG+VH\LQ$KGHOLOHPULGDW]]HW
3DD\LVWLNEDOHWWLOHU0VUGDQJHOPLJHQoELUVH\\LG]]HW3DDQQ\DQQDoNDUDN
HKOLEH\W5HVXOQVHIDOHWYH]DUXUHWLQGHQEDKVYHROX+VH\LQLPXWD]DPPQX]XQELU
QXWXNV|\OHGL%XQXWXN]]HW3DD\D]L\DGHGRNXQGX6H\\LGLKX]XUXQGDQNRYGXYH
*DEDOHKDUHNHWHWWLN*DEDOGHELUJHFHNDOGNHUWHVLJQ%DFLOHKDUHNHWHWWLN
%DFLOGHELUJHFHYHELUJQNDOGNWHULQLHYYHO&XPDHUWHVLJQDNDP
%DFLOGHQKDUHNHWHGHUHNVDEDKDGRUXVDDWGRNX]GD+XGH\GH\HJHOGLN]]HW3DD
6H\\LG$KPHGHUDv3DDPHUKXPXQNRQDQDLQGLYHEDQD+XGH\GHIUNDV
NXPDQGDQOQGHUXKWHH\OHPHNOLLPLHPUHWWL%HQGHHYLPHoHNLOHUHNLVWLUDKDWHWWLP
+XGH\GHNXPDQGDQYHNLOLPLUDOD\0XVWDID
YDUDN
EH\GH7DL]HNXPDQGDQROGXYHELUJQVRQUD6DQDWDULNL\OH7DL]HKDUHNHWHWWL
3UHRYHYHNkOHWLUHGLIWDEXUODUQQ]]HW3DDQQNRQDQDEOXNDHGHFHNOHULQLYHKDWWD
ELUNDoNLLQLQVXLNDVWDELOHWHHEEVH\OH\HFHNOHULQL3UHRYHWDEXUX\]EDODUQGDQ
$KPHG(IHQGLKDEHUYHUGL7DELLWHGDELULOD]PL\H\HWHYHVVOHGLOGLYH+XGH\GH
NDVDEDVQQPXKDID]DPHPXUXQL]DPL\HWDEXUXNXPDQGDQROGX$OL1DLO(IHQGL\H
D\HWUHGLINWDVELUJQkQXPD\LWHEXOXQXUODUGDNDUDUJkKDGRUXJHOLUOHUVHELODVXDO
YXUPDODUQHPUHWWLPYHPXKWHOLIQRNWDODUDNWDLPQWH]DUDODUNR\GXUGXPYH
RUGXJkKNXPDQGDQQDGDWHOHIRQODPHVHOH\LV|\OH\HUHNWH\DNNX]EXOXQPDVQWDYVL\H
H\OHGLP]]HW3DDoJQ+XGH\GHGHNDOGG|UGQFJQDNDP=HKUH\HKDUHNHW
HGHFHLQLLODQH\OHGLYHRJHFHVDEDKDNDU5HLVONXWH\EHGRUXKDUHNHWHEDODG
7H\LLoLQEHUDEHUJLGL\RULGLN\DQO\ROXWDNLSHWWLNOHULQLYH=HKUH\ROXQXQEH\]
PHWUHVDQGDROGXXQXV|\OHGLP2QXQ]HULQH]]HW3DDEHQVWDQEXODJLGL\RUXP
GHGLYHWHULQHYYHOGH5HLVONXWH\EHGHQELUYDSXUDELQHUHN8NED\DKDUHNHW
+HULNLIUNDQQYHID\DWWRSODPHGL\RU
HWWL.XYk\8PPL\HNXPDQGDQYHNLOLPUHWWHENRORUGXNXPDQGDQRODQIHULN
dHUNHV6DLG3DDROGX WHULQHYYHOGH=H\GL\HGHEXOXQDQ.XDGDVUHGLIWDEXUX
G|UGQFGHIDRODUDNLV\DQHWWLYH=H\GL\H\LWHUNHGHUHN+XGH\GH\HJHOGL0DNVDWODU
PHPOHNHWOHULQHJLWPHNLGL WHULQHYYHOGH%LUHXYHYH*L\ODQUHGLIWDEXUODU
]]HW3DDQQVWDQEXODJLWWLLQLKDEHUDOGODU$UDODUQGDELUJDOH\DQKDVOROGX
%XQODUQKH\HFDQYHJDOH\DQODUQDGLHUUHGLIOHULQGHLWLUDNHWPHN]HUHROGXXKDOL
RUGXJkKNXPDQGDQOQGDQKDEHUYHULOGLYHPXWODNDRUGXJkKD
YDUDN
JLGLSWHVNLQHWPHNOLLPLULFDYHNHQGLVLQLQKLoELUH\\DSDPD\DFDQEH\DQH\OHGL
QWL]DPYHLQ]LEDWQQHGHUHFHPHINXWROGXXQXELOGLUHQEXKDOGHQPWHHVVLUHQ
RUGXJkKDJLWWLP1|EHWoLELQEDVQYHQ|EHWoL\]EDODUQRUGXJkKNXPDQGDQQQ
\DQQDoDUWWP0HVHOH\LVRUGXP.kIIHVL]DEWXUDEWWHPLQGHDFL]ROGXNODUQ
V|\OHGLOHU'RNX]UHGLIWDEXUXLOH&L]DQIHODNHWLQGHQKLVVHPHQWROPXLNL\]HOOL
PHYFXWOX\LUPLVHNL]LQFLDOD\QELULQFLWDEXUX+XGH\GHGHEXOXQX\RUGX%XQL]DPL\H
WDEXUXQXQDVOQL]DPL\HPHYFXGXHOOLQHIHUROXSNVXULNL\]QHIHULLKWL\DWLGL%X
LKWL\DWODUGDPHPOHNHWOHULQHJLWPHNVHYGDVQGDROGXNODUQGDQRQODUGDQGDLVWLIDGH
HWPHNPPNQRODPD\DFDNW%LQDHQDOH\KEXQL]DPL\HWDEXUX\ODGDUHGLIOHULVNWD
LFEDUHPHNJD\ULNkELOGL5HGLIWDEXUODUNkPLOHQLWWLIDNHWPLOHUWRSoXODUGDHOGH
HWPLOHUKDOLVXNX\XODUQDKDOL\HNDUVHWHGLSDKDOL\LVXVX]EUDNDFDNODUh]HUOHULQH
GLHUNWDDWFHOEHGLOLSVHYNROXQXUVDKDUSHGHFHNOHUEXNDUDUDPXKDOHIHWHGHQHIUDG
LGDPH\OH\HFHNOHU]DELWDQNHQGLOHULQHPXPDDWHWPH]OHUVHRQODUGDLPKDHGHFHNOHU
WHHVDVLV\DQEXQGDQLEDUHWWLULHEDODQPDGDQ|QQDOPDNOD]PJHOGL0OD\LPHW
SROLWLNDVQWDNLSWHQEDNDoDUHNDOPDG$VNHULQ\RNODPD\DoNDUOPDVQHPUHWWLP
DVNHUPXQWD]DPDQ\RNODPD\DoNWXVXOYHFKOHKDUHNHWROXQGX.WDODUP]DULOHULQH
oHNLOGLOHU%HQGHNWDDWNXPDQGDODU\ODDULOHULJH]PH\HYHDVNHULJ|UPH\HEDODGP
+HUDULHJLUGLNoHUHVPLVHODPPWHDNLSQDVOVQ]DVNHUOHUGL\RUGXPDVNHUGHELU
D]GDQVD\HQL]GHL\L\L]SDDKD]UHWOHULGL\RUODUG
YDUDN
%LUHXYHWDEXUXQXQDULOHULQHJLUGLPD\QVHODPWHNUDUHWWLP&POHVLELUD]GDQ
$OODKVDQD|PUYHUVLQGHGLOHU%LUoDYXRUWD\DoNDUDNDVNHUFHYD]L\HWDOSUHVPL
WD]LPLLIDHWWLNWHQVRQUDEHUYHFKLDWLV|]HEDODG3DDKD]UHWOHULEHQGHQL]%LUHXYH
UHGLIWDEXUXQXQRQXQFXE|OoDYXODUQGDQVPDLOLPPVDDGHEX\XUXUVDQ]ED]
KLWDSWDEXOXQDFDPGHGL6|\OH\LQL]GHGLP6UELVWDQKXGXGXQXQ=DUSLFDYH+DXVH
NDODODUQGDKL]PHWLQL]DPL\HPLLNPDOH\OHGLPYHRUDGDE\NKLPPHWLQL]OHJ]HOELU
WHUEL\HLDVNHUL\HDOGPYDWDQQGLQLQN\PHWLQL|UHQGLPLWDDWYHIHGDNkUOQSHNkOL
ELUPH]L\HWROGXXQDLPDQJHWLUGLPKDPL\HWVL]YHLWDDWVL]ELUDVNHULQELUKUV]GDQELU
DNLGHQIDUNOROPDGQELOLULPYHEXLNLKDVOHWLUHGGL\HQLQGLQHQDNOHQPDQWNHQ
LQVDQL\HWHQQHNDGDUIHQDROGXXQXGDWDNGLUHGHULPDGDOHWYHQDVLKDWHNDULV\DQ
DOoDNONWULKDQHWWLUGLQVL]OLNWLU=XOPHNDULV\DQLVHPHUXGXUPDNXOGXUPDQWNvGLU
2QXGDELOLULP
KDUSYDULVHoROXNYHoRFXXPX]YHPHPOHNHWLPL]YHPDOODUP]IHGDROVXQHPUHGLQL]
KDUHNHWHGHOLP(HUKDUS\RNLVHEL]LEXUDGDQHGHQ|OGU\RUVXQX]"D\HWLGDPP]
KDNNQGDELUNDUDUYDULVHRQXWHEOLHGLQL]HUNHNoHPXkPHOHH\OH\LQL]EL]
NXPDQGDQODUP]GDQDPLUOHULPL]GHQHUNHNoHPHUWoHKDUHNHWEHNOHUL]]]HW3DDEL]L
DOGDWWNHQGLVL6DQDGDEX]OXKRDILoWLEL]LEX.HUEHODVDKUDODUQGDEL]LSHULDQ
H\OHGLVRQUDGDEL]LEXUDGDEUDNDUDNVWDQEXODNDoW%XRQXQHQL\LVLROGXXQXLGGLD
H\OHGLLLQWLVDE\ODLIWLKDUHWWLL$UQDYXWOXD\DNUP"6RQV|]PFDQP]
EXUQXPX]DJHOGL\ROODUDoOG0HUKDPHWHGLQL]OXWIHGLQL]DWIHWH\OH\LQL]EL]L
PHPOHNHWLPL]HJ|QGHULQL]+LoROPD]VDHFGDGP]QNHPLNOHULQL6USYH%XOJDU
NDILUOHULQHoLQHWPHGHQ
YDUDN
PDVNDWUHVLPL]HVRQYD]LIHPL]LLIDHGHOLP(HUEXLVWLUKDPP]PDIHYNLOHULPL]
NDEXOHGLSELoDUHPL]HEDNPD]ODUVD\DSODFDNIHQDOQYHEDOLRQODUQER\QXQDROVXQ
GHGLVPDLOoDYXEXV|]OHULV|\OHUNHQJ|]OHULQGHQDOHGGHYDP\DDN\RUGX
+DNLNDWHQRDQGDPHPOHNHWLGPDQHOLQGHLGL$UWNEWQDVNHUHKLWDEHQV|]
V|\OHPHNOD]PJHOGLEHQGHE|\OHFHYDSYHUGLP+DVEHOLFDELQVDQGQGJLEL
V|\OHPL\RUOLVDQPQV|\OHGLLQLNDOELPWDVGLNHWPL\RUGX$VNHUOHUVL]EXUD\DNH\LI
LoLQJHOPHGLQL]YHVL]LWHEGLOLKDYDLoLQJHWLUPHGLOHUKL]PHWLoLQELUYD]LIHLGLQL\HYH
YDWDQL\H\LLIDLoLQJHOGLQL]EXYD]LIHHVQDVQGD]DKPHWQHNDGDUoRNROXUVDHFUYH
VHYDEGDRGHUHFHoRNROXU%LQDHQDOH\KFPOHQL]PHFEXUVXQX]VL]GHELOL\RUVXQX]NL
&HQDE KDN> L]DFDHHFHOKPOD\HVWHKLUXQHVDDWHQYHOD\HVWDNGLPXQ@|OHQ
DUNDGDODUQ]PHPOHNHWOHULQL]GHGHNDOVDODUGPXWODND|OHFHNOHUGLHFHOLND]DLOH
|OPOHUVHHKLWROPXODUGUGQ\DODUQND\EHWWLOHUVHDKLUHWOHULQLND]DQPROGXODU
%XUDGDWHHVVIFDL]GHLOGLUPHPOHNHWGHNLHYODGYHL\DOLQL]LRUDGDNLGLQNDUGHOHULQL]
PXKDID]DHGHUOHU)DNDWDVOKDI]KDNLNL&HQDE$OODKWU$OODKDKDYDOHHGLOL\RUVD
&HQDE5DEEODOHPLQRQODUKHUND]DGDQKHUEHODGDQKI]YHVHEDQHW]HUHEXOXQGXUXU
YHU]NODUQYHULU(VNLPXKDUHEHOHUGHHFGDGQ]HYODGYHL\DOOHULQLPHPOHNHWOHULQGH
WHUNHGHUHNILVHELOLOODKPXKDUHEHPH\GDQODUQGDEHRQ\LUPLVHQHJHoLULUOHUGL
VDOLPHQDYGHWOHULQGHNoNoRFXNODUQE\NOEXOXUODUGRQODUNDWL\\HQIWU
JHWLUPH]OHUGLRQODUGDLQVDQLGLOHUIDNDWRQODURDKODNYHHWYDUODU\ODNRFDNWDODU]DEW
HWWLOHULVODPL\HWLWHYVLHWWLOHU%L]EXUDGDLNLVHQHNDOPDNODLV\DQDNDON\RUELQ
GHUHGHQVXJHWLUL\RUX]%XDKODNYHHWYDUP]ODNWDODUWHVOLPHGL\RUX]LVODPL\HWL
NXYYHWVL]EUDN\RUX]%XLNLKDODUDVQGDE\NELUIDUNYDUGUGHLOPL"%L]OHKOKDQW
0XKDPPHGPPHWL\L]
%DNQ]
YDUDN
SH\JDPEHU]LDQP]QHIHUPDQEX\XUX\RUO>PHQLEWDODIHVDEDUDYHHWDIHHNHUD
YH]XOLPHIHDIHUDYH]DOHPHIHVWDIHUDXODLNHOHKPOHPQYHKPXKWHGXQ@\DQLKHU
NLPELUEHOD\DELUPXVLEHWHXUDGQGDVDEUHGHUELUH\YHULOLUVHNUHGHU]XOP
J|UUVHDIIHGHU]XOPH\OHGLLKDOGHLVWLIDUHGHUVHLWHGQ\DYHDKLUHWLQHPQYHLPDQ
RQODUQGU7DULNLKLGD\HWDVKDEEXQODUGUGHPHNWLU6L]HVDEUYHLWDDWJHUHNWLU*HUHN
UHVPLYHJHUHNVHKXVXVLPUkFDDWYHLVWLUKDPDWQ].XYk\8PPL\HNXPDQGDQ
YHNLOLQHLPGL\D]DUPELUKDIWD\DNDGDULQDDOODKPXKDEHUHPL]LQHWLFHOHQGLUHUHNVL]H
NDWLELUFHYDSYHULULPGH\LSDUDODUQGDQoNWP)UNDGDLUHVLQHDYGHWH\OHGLP6HYNL\DW
GDLUHVLQGHQUHVPHQ.XYk\PUHWWHEHVLQLQWDULKLYUGODUQJ|VWHULUELUFHWYHOWDOHS
HWWLPNLVXUHWLEXUD\DQDNOROGX
ho\]\LUPLDOWVHQHVL
DOD\WDEXU
VWLKNkPPIUH]HVL
XEDW =DKLUDOD\WDEXU
XEDW 6DEDKhVNSUHGLILPXKD\\H
XEDW 6HODQLN(UHOLUHGLILPXKD\\H
XEDW +LODO %R]NUUHGLILPXKD\\H
$GLEDWDU\D
+HOERVWD
YDUDN
XEDW 6DEDK *L\ODQUHGLILPXKD\\H
6KKL\HE|O
&HEHOWRSoXE|O
hoQFVH\\DUE|O
XEDW 0HQ]HOH$QWDO\DWDEXUX
&HEHOWDEXUDOD\
XEDW $EDV\D(OPDOWDEXUX
0HNULWDEXUX
0DQWDFHEHOWDEXUX
0DUW+DOHSDOD\WDEXU
VWLKNDPE|O
%LULQFLPLWUDO\RVE|O
NLQFLPLWUDO\RVE|O
&HEHOEDWDU\DV
QDWDPDPYHJD\UPXQWD]DPXFHWYHOHJ|UH
HGHULP)DNDW$OPDQ\DGDKL]PHWLDVNHUL\HGHEXOXQDQKHUIHUWPLOOHWLQHYOGWYHL\DO
YHPDOYHQDPXVXWDKWNHIDOHWYHKLPD\HGHGLU0HYNLLKDUSWHEXOXQDQELUQHIHULQ
HYODGDoONYHVHIDOHW\]J|UPH]YHQDPXVXHPLQGLU%L]GHE|\OHROGXXQDNLPEHQL
LNQDHGHELOLUYDULVHoNVQV|\OHVLQYHLVEDWHWVLQ
YDUDN
LQVDQKHUH\GHQHYYHOFDQQHYODGQYHNDUVQRQGDQVRQUDQDPXVXQXPDOQHQ
QLKD\HWYDWDQQYHPLOOHWLQLRQGDQVRQUDGDKNPHWLQLGQUGHPHNFDQQGDQHPLQ
RODQELUDGDPQLONGQHFHLH\HYODGGU
RODUDNXPXPDWDNGLPH\OHGLNOHULJQEXDGDPODUQWHYLNL\OHhVNSQL]DPL\HIUNDV
NXPDQGDQ+VH\LQ5HP]L3DD\ELODVHEHSPHYNLLQGHQDODUDN]RUOD6HODQLNH
J|QGHUGLOHUJ|QGHUHQOHUGHRNXPDQGDQQPDL\HWLLGLOHUDVNHUOHUPDIHYNOHULWDUDIQGDQ
YHULOHQHPULVUDWOHYHWDPYDNWLQGHLIDHWPHNYHHYDPLULWHEGLOYHWD\LUHWPH\HUHN
D\QHQPXKDID]DHWPHNYD]LIHVL\OHPNHOOHIWLUOHU%X]DELWDQQEDODUQGDIHULN+VH\LQ
5HP]L3DDGDQEDNDNXPDQGDQODU\RNLGL6HODQLNWHNLELUFHPL\HWLKDIL\HQLQHPUL
FDULRODPD]G%|\OHELUFHPL\HWLQHPULQLLFUDKHYHVLQGHEXOXQDFDN]DELWDQYHHYDPLUL
LFUDHWPHNLoLQHYYHOFHHOELVHLDVNHUL\HOHULQLDWPDOLGLOHUYHRLL\DSWNWDQVRQUDELU
GDKDDVNHUHOELVHVLQLJL\PHPHOLLGLOHU0DWHHVVIEX\DSOPDG%L]GHKHUNDQJKDQJL
ELULYH\DKDUHNHWLQPHUXROPDVRLLQHULYH\DPDQWDPXYDIDNDWLOHGHLOGLU
$QFDNPXYDIIDNL\HWOHQHWLFHOHQPHVLLOHPHUXL\HWLWDVGLNROXU(HUPXYDIIDNL\HWOH
QHWLFHOHQPH]VHLKDQHWYHK\DQHWYHLUWLGDGDGROXQXU%HQLPILNULPFHPHUXWL\HW
GHPHNKDNYHDGLO]HUHKDUHNHWHWPHNGHPHNWLU0HUXWL\HWLQLODQ\DWQGDQLWLEDUHQ
NDQXQXQRNWDVQRNWDVQDWDWELNHWPHNYHNDQXQKDULFLQGHNLPVHKDNNQGDPVWHVQD
PXDPHOH\DSPDPDNOD]PLGL
YDUDN
WHEXQXQOD]HKDEQGDELUoRNKDHUDWYDUGUWDDWYHLQN\DGYH]DEWXUDEWER]XOPD]
LGL$KDOLGHGDKDLONJQOHUGHPHUXWL\HWLQNDQXQvELULGDUHGHPHNROGXXQXDQO\RUGX
+DOEXNLLONJQOHUGHNH\ILPXDPHOH\DSOGQGDQKDODPHUXWL\HWLVWHGLLQL\DSPDN
GHPHNROXS&HPL\HWLPHUXWL\HQLQQDPWWLKDGYH7HUDNNLROGXXQGDQLWWLKDGYH
XKXYYHWHYHPXKDEEHWYHPYHGGHGH\DUD\DFDNQHYDULVHRQODU\DSPDNOD]PLGL
\DSODPDG%XPVEHWWLU%XEL]HKL]PHWHWPHGL*D\ULEXPDNVDGP]DPHVOHNHPL]H
LWLUDFDWHGL\RUJLELEXDGPDKYDWP]GDQNDODQDGDPQHVNLUHVPLGLUGHQLOGLKDWWDUXE
DVUKNXPGDUONKDOLIHOLNHWPLELU]DWQoSODNNDGQUHVLPOHULQLQWHUNLEOHIRWRUDI
oHNWLULOHUHNGQ\D\DWDKNLUHWWLULOGL%\NOHUHNDUGLQLQWHODNNL\DWH\OHGLLKVQL
PHUKDPHWNDOGUOGGRVWRODQODUDUDVQGDELOHGPDQONKXVXOEXOGXLWWLKDG\HULQH
QLIDNNkLPROGXDUWNKHUNHV>WHEGLOLHNOLOLHFOLOHNO@ROGXGL\RUODUG(UEkEXNXOQ
PLWOHULNHVLOGL0H]YLFHGHQJHOHQPVOPDQSL\DGHND\PDNDPLVWDV\RQGD%XOJDUYH
6USYH
DGDPNDKUQGD|OG%LUELULQFLIUNDQQELUPOD]PWDUDIQGDQNDWOLQLJ|UPYH
IHULNH\]ED\DELQED\DHOKDVO|QQHJHOHQHWDKNLUHWPH\HDOPYH\DKXWWDKNLU
HGHQOHULVH\UHWPL]DELWDQYHHIUDGGD]DEWXUDEWKXVXVLLWDDWYHLQN\DGILNULKDWWD
FHPL\HWLPHWDQHWQDPXVXWDELNDOPD]%XKDO|\OHELUKDVWDONWUNLNROHUDPLNUREXYH
EHQGHQGDKDVHULELUVXUHWWHPONQKHUEXFDQDGDOUYHRUDGDNLOHULDODU+XVXVLNL
EXWDU]KDUHNHWEXWDYUNVWDKDQH\DOQ]5XPLOLQGHGHLOPONQKHPHQKHU
WDUDIQGDJ|UOGWHRUGXPX]GD]DEWXUDEWQNkPLOHQND\SROPDVLWDDWLEWQ
EWQHNDONPDVEXQGDQLOHULJHOGL%XJLELNDEDFDNkPLOHQFHPL\HWHUNDQQD
\NOHWPHNJQDKWURQODUGDEXJLELPXDPHOHOHULQIHQDROGXXQXELOLUOHUGLIDNDWLD\DN
WDNPQDGPWHUEkEQDPXVXWDKNLUKDYGDROPXWXRQODUGDNVPHQPHQ
HGHPL\RUODUGYHNVPHQGHJFHQGLUPHNLVWHPL\RUODUG=LUDLVWLQEDGLVWHGLNOHUL\HJkQH
NDQXQNXYYHWYHKDNYHDGOYHLQVDIGHLO\DOQ]RQODULGL2VPDQOWDULKLQLRNX\DQODU
ELOLUOHUNLRUGXPX]GDLONLKWLODOGHYULIHWUHWWHEDODG)DWLK6XOWDQ0HKPHW]DPDQQGD
N|NOHWL6RQUDODUKHUIUVDWWDNHQGLVLQLJ|VWHUGL
YDUDN
%LQDHQDOH\KILWQHYHIHVDGYHLKWLODOPLNUREXQXQ\XYDVGHYULLKWLODVQGDQEHUL
7UNL\HGHPHYFXWLGL)LWQHX\NXGDEXOXQDQELU\ODQJLELGLURQXX\DQGUPDNL\L
GHLOGLUoQN|\OHELUVH\ODSEHODYHPXVLEHWWLUNL|QQHJHOHQLVUNOHUJ\D\
HEHGL\HDWDU0XKDOHIHWHGHQOHULGHWDUDIWDUODUQGDEHUEDGYHSHULDQH\OHU5HVXOXOODK
HIHQGLPL]>HOILWQHWQDLPHWQOHDQHOODKXPHQH\JH]DKD@EX\XUPXODUGU%XKDOOHU
YLFGDQPDGRNXQX\RUGX%LUJQhVNSWHNLHUNkQLWWLKDGDE|\OHFHKDUHNHWEDLVL
KD\DW PL O OH W YH PHPOHNHW GHL O EHONL VHEHEL LQNUD] YHIHODNHWLGHYOHWWLU
%LQDHQDOH\KYLFGDQHQPWHH]]LROX\RUXPGHGLPoOHULQGHQELULRODQ1HFLS'UDJD
FDQPVHQE|\OHV|\O\RUVXQYLFGDQQHGLUEDQDWDULIHWYH\HULQLJ|VWHUGHGL%HQGH
YLFGDQKHUDKVQGLPDQGDELUPGGHWLPXYDNNDWDLoLQPHYFXWLWLNDGDWQKH\HWL
PHFPXDVGUNLRQXQEWQKD\DWYHKDUHNkWQDELUUHKEHUROXUGHGLP0XPLLOH\KGHEHQ
RQXNDOSYHFLHUJLELELUX]XYFHVHG]DQQHGL\RUGXP0DGHPNLPXKD\\HOELU
DNLGHGLUHKHPPL\HWL\RNWXU%L]LWLNDWOHULQNkIIHVLQLNUDFD]]LU]HEHUHGHFHL]
LPGL\HNDGDUNXYYHLFHEUHQLOH\DD\DQPLOOHWELUPGGHWGHDNLGHVL]\DDVQGHGL
WHEXJLEL I LNLUOHUOHoUQGDQoNDUODQ5XPLO L KDON
WDULKLRNXQXUVDEDWDQQLKD\HWHNDGDUPXKWHOLIHNLOGH]RUEDONJ|UOU%X]RUEDONODUQ
D]OYHD]V]ODUE\NYHNoNOHULYDULGL%\NOHULEWQPLOOHWHKDNLPROXUODUG
NoNOHULLVHPXND\HVHOHULQHJ|UHLFUD\QIX]HGHUOHUGL(OKDVODoNoDGHQLOHELOLUNL
2VPDQOPLOOHWLKLoELUYDNLWKXNXNXQDPDOLNROPDPWU+HU\HQLWUHGL'DKDL\LELU
LGDUHWHVLVHGHFHLQLYHPDKYROPDN]HUHEXOXQDQKNPHWLNXUWDUDFDQYHPLOOHWL
PHVXGYHEDKWL\DUHGHFHLQLV|\OHUYHPXvQOHUSH\GDHGHUHNLLVGDQVRQUDVHOHIOHUH
UDKPHWRNXWDFDNGHUHFHGHKDUHNkWVHUED]DWDEDODU%XQXQVHEHELLWHPLOOHWLQFDKOYH
QDGDQLVLGLU0ONP]GHPDkULIWDPLPHGLOVHLOHU\ROXQDJLUHUKHUIHUWOD\N
ROGXXQDNDYXXU&DKOLXPXPLH\WHQHWLJDOLEYHFUHWYHVHEDW]L\DGHRODQODUDYDVL
IDDOL\HWPH\GDQODUDo\RUWDELEXQGDQPHPOHNHWYHKH\HWLLoWLPDL\H]DUDUJ|U\RU
%L]LNXUWDUDFDNPDkULIWLUDQFDN\RNWXUWDSDFDNoDODEWUDQFDNFPOHVLQHLVHRQGDQ
ROPDVFPOHGHRQD\DNQELUKDVVD\DPDOLNWLU
YDUDN
$VNHUOHUEXKDUSSHNJOQoYHWDULKWHHPVDOLPHINXGELUSDQGRPL\HGLU]DELWDQYHDVNHU
PH\GDQKDUEGHGPDQ\ODG|YUVHEDWHGHUGPDQQJDOHEH\HoDOUYH
\DUDODQUYH\DKXWWDOLLKDUS\DUGPHWPH]YHEHONL\DQOELUPDQHYUDQHWLFHVLHVLU
RODELOLU1LWHNLPPXKDUHEDWVDENDGDSHNoRNGHIDODUYDNLROPXWXU)DNDWELU]DELWLQ
NDUVQQ\DQQGDRWXUXULNHQHVLUHGLOGLLQLWDULKND\GHWPL\RU%L]7UNOHUOHKDUS
HWPHGLNGRUXVXQXV|\OHUVHNRQODUKDUSHWPHGHQNDoWODUEL]GHLOHUOHGLNYHHVNL
YDWDQP]D]DKPHWVL]FHNDYXWXN+DUSHWPH\HQL\HWOHUL\RNLPLXHOLPGHNLNOo
PH\GDQKDUSWHHVLUHWWLLPELU]DELWLQNOFGUEDNQ]ELOHQPH\HELOHVUOPHPL
GDODQPDPELUNOoODKDUEHJHOHQELU]DELWWHPXWODNG|YPHNYHYXUXPDN\RNWXU
%XQXQLoLQLIWLKDUDO]XP\RNWXU
YDWDQL\HGHQNHQGLPL]LWHFGLGHGHUVHNDNEHWLPL]EXUDGDQNXYYHWLPL]7UNOHUJLEL
RODFDNWU'QQ]NLELUWDUDIQ]GDKHUIUVDWWDQLVWLIDGH\HPUHNNLEELU$OPDQ
NDYPLELUWDUDIQ]GDGDKLWHYHVVHKDKLNkUELU%HQDUWN
IDUNWDQPDP\DOQ]$OPDQWDQUP@GHGLPSDUDWRUXQEXV|]EWQ$OPDQ\D\VDUVW
VHQEHQNDOPDGKHUNHVELUROGX0WWHKLGELUNLWOHKDOLQGHGPDQODUQDVDOGUGODU
%LGD\HWWHPXYDIIDNGDRODFDNODUGU)DNDWKDUELQVNWXQXELOHPL\RUXP9DVYH
WDKDPPOOHULoRNWXUYHGD\DQDFDNODUGU>3RJDQW@JHQoOLNJD]HWHVLPWHYDIIDSUHQV
%LVPDUNLOHVRV\DOLVWOHULQUHLVLPHKXUXPWHYDIID>3DSDO@XQEXOXWODU]HULQGHHOHOH
YHUPLUHVLPOHULQL\DSW=HPLQGHELUVDYOHWLFLKDQJLUkQHLOHPXD]]DPELU$OPDQ
RUGXVXQXQLOHUOHGLLJ|UO\RUGX%LVPDUNLVHJ|QOONLVYHVLQLJL\PLRPX]XQGD
WIHQJL\OHWHEHVVPHGHQ>3DSDO@KLWDEHQGL\RUGXNL>\DKXYDWDQGDPHHUEL]
ELUELULPL]LQHJ]HODQODUDGDPODULPLL]@EXSHNPDQLGDUELUV|]G0DWHHVVIEL]LP
7UNL\HGHHQIHQDYHWHKOLNHOL]DPDQODUGDELOHV|\OH\HQROPDG$OPDQ\DGD>ELULPL]
KHSLPL]LoLQKHSLPL]ELUWDQHPL]LoLQ@ILNULROGXXJLELKDULFHNDUGD>EHQLPNL
DOGPKDEHUGHHN\DQQoVDDWLOHULGHPHYFXGL\HWLDQODOPDV]HULQHJQG]
J|]\OHVFDNODUEDVPDGDQPVDGHPHH\OHPHNLoLQVDEDKOH\LQVDDWRQGDELUWDEXU
SLGDUG|UWWDEXUODPLWUDO\RVE|OLNLFHEHOWRSXNVPLNOOL\LYHoWDEXUGDNDILOH
PXKDI]OLOHGHPGDUWHNLOHWPHN]HUHKDUHNHWHWWLN.DILOHQLQELQVHNL]\]
GHYHGHQYHWHNHUWHNHU\UPHNPHFEXUL\HWLQGHGRODQDQRQLNLNLORPHWUH\H\DNQ
EXOXQPDVQGDQQDGHPGDUEL]]DUXUNXYYHWOLWHNLOHGLOGL+DUHNHWWHQLNLVDDWVRQUD
NHLINROODUQGDQHN\DQQJ|UQGKDEHULDOQG=DWHQSLGDULoLQGHKDUHNHW
HWWLLPGHQGHUKDONROXGXUGXUGXP*|QGHUGLLPHPLU]HULQHNDILOHQLQKDUHNHWLQLWHVUL
LOHWRSODGP%LUEXoXNVDDWWHYDNNXIHVQDVQGDDVNHULQPDWKDUDODUQGROGXUPDN
NDILOH\LVDELWFDQLEGDUODUODWDPDP\ODWDKWPXKDID]D\DDODUDNELUD]WHUWLEDWWDPHJXO
ROGXP(N\DQQWXWWXXPHY]LGHEL]HPWHYHFFLKNRQMXNGXUODUDJD\HWNHVLNYHVHUWYH
\NVHNWHSHOHUGHQPWHHNNLOYH\ROXPX]XOD\N\ODLQLDOWQDDOUVXUHWLQGHLGL.URNL
>,,GH&@VUWODUSL\DGHQLQJoONOHKDUHNkWQDPVDLWLGL6DDWLNLGHWRSoXDWHL\OH
PVDGHPH\LDoDUDNELULQFLPUHWWHEDOD\DOD\WDEXUYHDOD\WDEXUYH
DOD\WDEXUPH]NXUVUWODUWDNLSHGHUHNHN\DQQVROFHQDKQGDEXOXQDQYHPH]NXU
HN\DWDUDIQGDQLJDOLPGH
YDUDN
LKPDOHGLOHQ.WHSHVLDOD\WDEXUWDUDIQGDQLFUDHWWLULOHQLGGHWOLELUKFXP
QHWLFHVLQGHWXWXODUDNEXUDGDELUH\V|\OHPHGHQJHoHPH\HFHLPD\DDPDNDP
GPDQWDUDIQGDQLJDOHGLOPLELU.WHSHVLQLQLoLQKFXPLOHWXWX\RUVXQWDLIHLFLQ
LOHPLKDUEHGL\RUVXQEXQDDNOPHUPHGLGLHULNLWDEXUX\ODWHSHQLQDUNQGDQ
oHYLUPHKDUHNHWLLFUDHWWLULOPHVLGLHUDOD\QLNLWDEXUXDOD\WDEXUYHDOD\
WDEXUFHSKHGHQHN\DQQLJDOLQHPHPXUYHNDILOHGHQDOQDQELUWDEXUXGD0DUD
WDEXUXLKWL\DWRODUDN.PDKDOOLQHYD]HWWLP$OWPNDGDU3LHMDQGDUPDV\ODRWX]
NDGDU2YJDLOMDQGDUPDVQQoHYLUKDUHNHWLQHPHPXUH\OHGLLPELULQFLPUHWWHEDOD\D
YHUGLP/PHY]LLQHELUOHWLULOPLWRSoXYH.PHY]LLQHNRQXODQPLWUDO\RVXQWDDUUX]
NWDDW\ODPLWUDO\RVXJ|WUPHNLVWHGLPVHGHDUD]LQLQIHYNDOkGHVDUSOQGDQPXYDIIDN
RODPDGPDWHL\OHOD\N\ODKLPD\HHGLOHQNWDDWKLPD\H\HUDPHQPNLODWOD
LOHUOL\RUXP7DDUUX]XQLGGHWLQHPDUX]NDODQ.WHSHVLQHHN\DNXYYHWJ|QGHUGL\VH
GHWRSoXYHPLWUDO\RVDWHLWHVLUDWQGDQIHYNDOkGHPWHHVVLURODUDNWDDUUX]NROXQXQ
KDUHNkWQWHKLUHGHPHGL1LKD\HWVDDWG|UWWHDOD\WDEXU.WHSHVLQLLJDOHWWL%LU
oDU\HNDOD\WDEXUGDKLPH]NXUWHSH\HYDVOROXQFDYHULOHQKFXPLDUHWLQL
PWHDNLSELUVDYOHWLGHOLUDQHLOH3LHYH2YJDLOMDQGDUPDODU\ODHN\D]HULQH
DWOGODU(N\DNUNVHNL]PDNWXOEUDNDUDNNHPDOLSHULDQL\HWOHNDoW(OGHHGLOPLLNL
HVLUGHQHN\DQQNXYYHWLQLQVHNL]GRNX]\]NDGDUROXSGULVvQLQPDNGHPL
YDUDN
OLYD\
ELUGHKDUHNHWROXQGX3LGDUQELUVDDWLOHUOHGLNWHQVRQUDHN\DGDQ\]NDGDUNDILOH\H
WDDUUX]DEDODG\VDGDNDILOHQLQOD\N\ODPXKDID]DHGLOPLEXOXQPDVYHGHPGDUQGD
NXYYHWOLROPDVFLKHWL\OH\DOQ]ELUQHIHULQ\DUDODQPDVQGDQEDNDELUH\HPXYDIIDN
RODPD\DQHN\DLNLPDNWXOEUDNDUDNNDoWYHD\QVDDWWH3LGDUGD&HKIH'MHKIH
KXGXGXQGD\]HOOLNDGDUHN\DLOHELUVDDWNDGDUPHJXORODUDNSVNUWWPELUVDDW
NDGDUGDKDKDUHNHWWHQVRQUDNHVUHWOLHN\DQQPHYFXGL\HWLQLNHLINROODUWDUDIQGDQ
KDEHUYHULOGL%L]]DWHN\DPHY]LLQLNHIHGHUHNWXWWXNODUPHY]LLQ%DULN8NEDVQ\DQ
DWHLQHDODQWHSHOHUGHQPUHNNHSROGXXYHHN\DPLNWDUQQLJDOHWWLNOHULPDKDOOH
QD]DUDQLNLELQGHQ
EDODGDNLNURNL+DF1HHW3DDWDUDIQGDQYHULOGL%XNURNLLVHYDNDGDEXOXQPX
RODQ0DKPXG(IHQGLWDUDIQGDQD\Q\HUHPDKVXVRODUDNYHULOGL$UDODUQGDSDUoD
IDUNYDUGUPDKDOOLQHJLGLSDUD]L\LJ|UPHGLNoHNDQJVKDQJLVLGRUX\D
\DNQELOHPH\L]ELQDHQDOH\KLNLVLQLGHGHUFHWWLP
YDUDN
PWHFDYL]EXOXQGXXEXPHY]LLQLQ+FD\D+MD\DPHY]LLQLQKHPHQD\QWHHNNODWWD
EXGDKDVDUEROXS\DOQ]LOHULVLQGHDOoDNYHIDNDWLFWLPDPVDLGNoNELUVUW
EXOXQGXXYHXNDGDUNL
YHFKLDWLWHUWLEDWDOQG.URNLGH.WHSHVL\OH9WHSHOHULHN\DWDUDIQGDQLJDO
HGLOPLROGXXQGDQ0DUDWDEXUX\OD0WHSHOHULQLQWXWXOPDVYHDOD\WDEXUYH
DOD\WDEXUWDEXUODUWDUDIQGDQ/WHSHVLQLQKDWWLoLQHVDFHQDKWDQWDDUUX]
ROXQPDVYHDOD\WDEXUYHDOD\WDEXUYHDOD\WDEXUWDEXUODUQQGD
PXKDUHEHQLQVXUHWLFHUH\DQDGDODFDQKkODQD]DUDQNXOODQOPDN]HUHWRSoXPHY]LLQL
VDFHQDKQVHNL]\]PHWUHJHULVLQGHNL1WHSHOHULDUNDVQDYD]YHWRSoXLOH
PLWUDO\RVXQGPDQDDQFDNELQEH\]PHWUHPHVDIHGHNL7PHY]LHELUOHLOPHVLYH
WDWDQVLSHUOHU\DSOPDVNDUDU\ODLNLEXoXNWDHPLUOHUYHUHUHNKDUHNHWHGLOGL
%DULNPXKDUHEHLPHYNL
PHWUHPLN\DVQGDGU
YDUDN
EHQGHWRSoXLOHPLWUDO\RVXDODUDNWXWDFDNODUPHY]LHJLWWLPHN\DQQ\DNQO
VHEHEL\OHELUD]PHY]LDOPDNWDWHUHGGWHGHQWRSoX\]EDV1XUL(IHQGLEDNDPHY]L
EXOXQDPDGNHQGLVLQFHGHPDOXPROGXXQXEH\DQHGHUHNWRSODUYHPLWUDO\RVXVLSHU
DUNDVQD\HUOHWLUHUHNEHQGHQL]GDKLKI]KDPGDQL\HLOWLFDHGHUHNWRSODUQJHULVLQGHNL
ELUWDQ]HULQHELOPHFEXUL\HoNWPXKDUHNHWLPWRSoX]DELWDQYHHIUDGQDQXPXQH
RODUDNNHPDOLVHUEHVWL\OHWRSODUDPHY]LDOGUDUDNLGGHWOLDWHDoWODU%\NFUHWYH
FHVDUHW"7RSODUSHNJ]HOWHVLUDW\DS\RUGXPLWUDO\RVODUHN\D\DUW\RUGX6D
FHQDKWDQLOHUOH\HQDOD\WDEXUYHDOD\WDEXUKDUHNHWLQGHQYH+FD\D
PXKDGHPHVLQGHNLD\QQHWLFHGHQGROD\HN\DGDVROFHQDKDGRUXWRSODQPD\DEDODG
YHLGGHWOLDWHL\OHLNLWDEXUXQKDUHNHWLQLWHKLUHGHUJLELROGX'HUKDODOD\WDEXUX
WDNYL\HNWDVRODUDNVHYNH\OHGLP(N\DNXYYHWLQLQNVP D]DP VD YH VR O
FHQDKODUQDWRSODQGFHSKHVLQGHSHND]NXYYHWLNDOG%XQXQ]HULQHDOD\WDEXUX
FHSKHGHQ&NoNVUWODUQLJDOHGHUHNWHVLULFUDVQYHYHULOHFHNHPLU]HULQH
LGGHWOLKFXPHGLOLSHN\D\LNL\HD\UPDVQWDEXUNXPDQGDQQDELOGLUGLP0H]NU
WDEXUXQKDUHNHWL\OHPHUNH]LQHGRUXLOHUOHPHVLHN\D\IHYNDOkGHDUWW$UWNELU
FHQDKWDQGLHUFHQDKDDNQDNQNRX\RUODUG6DDWEHWH9YHDNDELQGH.
WHSHOHULLJDOHGLOLSEHEXoXNWDHN\D\]\LUPLPDNWXOELUoRNND]JDQODUODND]DQODUOD
SLPLWDDPYHGHYUHLNPDOLHWWL%LWPLHWOHUL\L\HUHNELOFPOH]DELWDQYHHIUDG
DUNDGDODUPODVXODULoWLNGDKDEXJLELHOWDIDPD]KDUROPDNOP]&HQDEKDNWDQULFD
HWWLNEL]LPWDUDIWDQLVHLNLVL%LHMDQGDUPDVQGDQYHEHLSL\DGHROPDN]HUH\HGLHKLG
YHo]DELW\HGLVLDVNHUROPDN]HUHGHRQPHFUXKXPX]YXNXEXOGXPHFUXKRODQODU
DOD\WDEXUNWDDWWDQPOD]PHYYHOHULIPOD]PVDQLVPDLOYHDOD\
WDEXUGDQPOD]P VDQL +VH\LQ HIHQGL OH U LG L N L +D] L UDQ W D U LK LQGH
EDWHOJUDIQDPHWDOWLIOHULDU]HGLOPLLGL(N\D>9DVDO@NXPDQGDVQGD
LGL%XKH]LPHWWHQVRQUDPHUNXPDQ&HED\DILUDUHWPLOHUGLU%XPVDGHPH\H%DULN
PVDGHPHVLQDPYHULOGL
YDUDN
%DULN8NEDVQQ\ROVX]YHWDONROPDVSL\DGHQLQE|\OHDQFDNJoONOH\UPHVLQH
PVDLWEXOXQPDVVHEHEL\OHGHYHNDILOHVLVRQGHUHFHGHPHDNNDWOLLNLVDDWOLNPH]NU
8NED\DNDPDNDGDUDQFDNoNDELOGL$GHWDGHYHOHULPL]\HUOHULQGHDUNDVQGDoG|UW
QHIHULWHUHNJHoLUPHHPHFEXUNDO\RUGX%XFLKHWOH8NEDQQDUDVQGDLNLWDEXU
EUDNPD\DPHFEXUL\HWHOYHUGLLQGHQGHPGDURODQ)HNHYH0LVLVLWDEXUODUQEUDNDUDN
NDILOH\HJHFH\LRUDGDJHoLUWWLP0VDGHPHGHPHYFXWGLHUDOWWDEXUXHN\D\WDNLS
HWWLUHUHN8NEDGDQLNLVDDWLOHULGH&DKLNDPHYNLLQGHNRQGXUDUDNJHFHOHWWLP0HYNLL
PH]NUGD\HLOOHQPLELUVXELULNLQWLVLLOHNXPOXNED]PDKDOOHULQLQH]LOPHVL\OHKDVO
RODQF]LVXDVNHULQYHKD\YDQDWQLKWL\DFQWHPLQHGHPHGLLQGHQWDPDP\ODLVWLUDKDW
HGLOHPH\HUHNVNQWoHNWLN EH UHNH W YH U V LQ N L JD] W HQHNH OH U LQGH LK W L\D W VX
EXOXQGXXQGDQHUWHVLJQHNDGDUVXLKWL\DFGHIHGLOHELOGL7HKDPHJLELVFDN\HUOHUGH
VXVX] LV W L UDKDW PPNQRODP\RU +D]LUDQGHGHYHNDI L OHV LQL ELUD]
GLQOHQGLUPHN\HPYHVXYHUPHNLoLQDNDPVDDWRQELUHNDGDUWHYDNNILFDEHWWLLVHGH
VXEXOPDNLoLQLNLVDDWLOHULGH$FHPH$FHPHYHRQXQELUVDDWLOHULVLQGHVDKLOVDKLO
N|\OHULQLWXWPDNPHFEXUL\HWLHOYHUGLLQGHQPUHWWHEELULQFLDOD\VDKLOLQVDDWRQGD
KDUHNHWHWWLUHUHNPH]NUN|\OHUGHNLNX\XODUWXWWXUXOGX%LULQFLYHoQFPUHWWHEDOD\
VDKLOGHLNLQFLDOD\$FHPHGHNDUDUJkKKHULNLVLQLQRUWDVQGDROPDN]HUHJHFHOHGLN
DKDOLWDPDP\ODILUDUHWPLROGXXQGDQN|\OHULKkOvEXOGXN$UWNEXUDGDQLWLEDUHQ
0LKDLO\ROXQGDQD\UODUDN%HQLHKU\ROXQXWXWWXNdQN$FHPHGHQ7H\H8NEDVQD
NDGDU YH KXVXV L\ OH RQ LN L VDD W O LN %DURXP%DURXP YDGLV LQGH ND W L\\HQ VX
EXOXQPDGQGDQEX\ROXWDNLSWHQVDUIQD]DUHGLOPHNLFDEHWWL+D]LUDQGH
VDEDKOH\LQVDDWRQELUGHKDUHNHWRODUDNoWH.XUH\KDPHYNLLQHPXYDVDODWHWWLNYHRUDGD
JHFHOHGLNEXUDGDNXPODUHHUHN\ROVXEXOGXNDVNHUHoDPDU\NDWWUOG+D]LUDQ
VDEDKOH\LQRQGDKDUHNHWHGLOHUHNLNLGH%HUNHYDGLVLQHPXYDVHOHWHWWLN%XUDGDGDKL
VXIHYNDOkGHEROLGL$NDUVX
YDUDN
PHQEDGDYDUG+D]LUDQGHVDEDKOH\LQRQELUGHKDUHNHWOHELUVDDWRUPDQONWD
\UGNWHQVRQUD7HQQXPHQDPGLHU6DNDLQ*DNDLQ8NEDVQQHWHLQHYDUGN
0H]NU8NEDVHNL]VDDWLPWLGDGQGDYH%DULN8NEDVQGDQJD\HWVDUEEXOXQPDV
FLKHWL\OHGHYHOHULQ\NOHULQLQWDKILILLFDEHWWL$GHWDKHUGHYH\NQoGHYH\NQH
D\UGN\NOHULQRUDGDLQGLULOPHVLYHWHIULNLYHQDNOLELUNDoJQHPWHYDNNI
RODFDQGDQYHFLYDU$DLULQ%HQLHKUHDLWROXSNVPD]DPGHYOHWHPXWv
NDOGNODUQGDQDOD\WDEXUPXKDI]EUDNDUDNPWHEDNLNROXLOHUOHWWLP
YDUDN
(EKDHWUDIQGDEXNURNL\OHJ|UOHQGRNX]NDOHYDUGULNLWDQHGHLOHULGHEXOXQXU(EKD
YHFLYDUQQ6OH\PDQHILN3DDWDUDIQGDQ\DSODQPDWEXNURNLVLGLU
YDUDN
0LKDLOYHFLYDUQNURNLVLGLUPHWUHPLN\DVQGDGU
hdh1&h%g/h0
'((5/(1'50(
%XoDOPD
ER]PDNDVNHULQPHUHEYHNLLOLN|]HOOLNOHULQHJ|UHKDUHNHWHGHELOPHNLoLQVDKLS
ROGXXELUPH]L\HWLRUWD\DNR\DUDNKDWUDWQEDODW\RU$KPHG+DPGLLQVDQODUQG
J|UQOHULQLQ\]KDWODUQQKDOYHKDUHNHWOHULQLQKHUELULQHELUHUPDQD\NO\RUYH
LQVDQODUDEXPDQDGRUXOWXVXQGDPXDPHOHGHEXOXQDUDN
JHUHNNXPDQGDQYHJHUHNVHKDONDUDVQGDHNVLNQRNWDQQEXROGXXQDLDUHWHGL\RU
dQNGLQLKNPOHUVDYDWDQNDoPD\E\NJQDKVD\\RUKDOND]XOPHWPHLYHKHU
WUOIHQDO\DVDNO\RU$OODKDYHGLQHEDONDOQGNoDEDDUODUQHOGHHGLOHFHLQL
DVNHULQNDKUDPDQONODUQQDUWDFDQDKODNv\DSQQG]HOHFHLQLNVDFDVGHYOHWLQKHU
DODQQGDPH\GDQDJHOHQER]XOPDODUQG]HOHFHLQLGQ\RU%XGRUXOWXGD$KPHG
+DPGL3DD\D J|UHKDVWDONGDLODoGDEHOOLGLU
$KPHG+DPGL3DDWHFUEHOLELUDVNHUYHNXPDQGDQGU'LQLHVDVODUDX\PDQQ
\DQVUDGHYOHWLQL\LLGDUHHGLOPHVLJoOHQPHVLNDONQPDVVDYDODUQND]DQOPDV
NWDODUQ\HQLGHQIHWKHGLOPHVLLoLQGHYOHWLGDUHFLOHULQLQYHNXPDQGDQODUQWHFUEHOL
ROPDVQQ|QHPLQGHQEDKVHGL\RU=LUDWHFUEHYHIHUDVHWOHGHYOHWLQGDKDL\LLGDUH
HGLOHFHLQLGQ\RU*HUoHNWHQGHWHFUEHLOHLoLQGH\DDQODQ]DPDQGDPH\GDQD
JHOHQROD\ODU|QFHGHQJ|UOS\DDQOGLoLQGDKDVDONONDUDUODUDOQUROD\ODUGDKD
GRUXGHHUOHQGLULOLUJHOHFHNGDKDGRUXWDKPLQHGLOHELOLU
$KPHG+DPGL3DDoRN]HNLYHoRN\|QOHLWLPDOPYHLWDDWNkUELU
NXPDQGDQGU$KPHG+DPGL3DDQQ
+DWUDWWD$KPHG+DPGL3DDQQ$KPHG]]HW3DDLOHDUDVQQL\LROPDG
DQODO\RU$KPHG]]HW3DDQQNHQGLVLQHNDU\DSWKDNV]ONODUDNDUVHEDW
J|VWHUHQVDEUHGHQELUNLLRODUDNJ|]NPHNWHGLU
$KPHG+DPGL3DDDGDOHWKDNNDQL\HWYHHLWOLNGX\JXODULOHKDUHNHWHGHQELU
NXPDQGDQGU=LUDEX\DUJ\DDDGDYHULOHQX|UQHNOHXOD\RUX]
$KPHG]]HW3DDDVNHUWDUDIQGDQSHNVHYLOPL\RU $KPHG]]HW3DDQQ
VWDQEXODJLGHFHLKDEHULQLQDVNHUFHGX\XOPDV]HULQHDVNHU$KPHG]]HW3DD\D
NDUJDOH\DQDJHOL\RUYHLV\DQHGL\RU $KPHG+DPGL3DDEXROD\WHVNLQHWPHNLoLQ
DVNHUDUDVQGDJH]L\RU %XHVQDGD%LUHXYDUHGLI WDEXUXQXQRQXQFXE|O
oDYXODUQGDQVPDLODGQGDELUDVNHU
%XGHUHFHGLQGDUHLWLPOL]HNLDGLOEDDUOYEGHHUOHUHVDKLSRODQ$KPHG
+DPGL3DDQQ
WHODQERXQDROGXXQXV|\OHPLWL%XUDGDQKDUHNHWOH$KPHG]]HW3DDLoLQ|OHQ
DVNHUOHULQELU|QHPDU]HWPHGLLVRQXFXoNDUODELOLU
+DFLOGHLVH0VUOELUJHQo$KPHG]]HW3DD\DHKOLUHVXOQ]RUGXUXPGD
ROGXXQGDQEDKVHWPLYHEXQXQ]HULQH0VUOJHQo$KPHG]]HW3DDWDUDIQGDQ
NRYXOPXWXU )DNDWEL]EXUDGD\LQHHVHULQELUKDWUDWROGXXQXXQXWPDPDOYHLKWL\DWO
GDYUDQPDO\]
$KPHG]]HW3DD
KL]PHWNDUODOQDQPDDODUODND]DQODPD\DFDJ|UQGH$KPHG]]HW3DD
6218d
%LOLQGLLJLELKDWUDODUNLLOHULQ\DDGNODUG|QHPHDLWROD\ODUDKVLJ|UYH
GQFHOHULQLGHHNOH\HUHN\D]GNODUYHELULQFLHOWDULKLND\QDNODUDUDVQGDEXOXQDQ
HVHUOHUGLU
;,;\]\OGDQLWLEDUHQKDWUDW\D]PDJHOHQHLQLQ|QHPND]DQGYH1XWXNDGO
HVHULQGHLoLQGHEXOXQGXXSHNoRNKDWUDWEXG|QHPGHNDOHPHDOQPWU
2VPDQO'HYOHWLQLQEXDFODUODGROXE|OJHGHEDDUV]NDOQQSHNoRN
VHEHSOHULQGHQELULGH
.$
0DQWUDQ5REHUWVODPQ
(.,
(.,,6DQDHKUL
(.,,,+XGH\GHGHQ%LU*|UQW
(.,9%DU2\QD\DQ%LU
(.9
(.9,
(.9,,
(.9,,,
(.,;9DUDN
(.;9DUDN
(.;,9DUDN
(.;,,9DUDN
(.;,,,9DUDN
(.;,99DUDN
g=*(d0
\OQGD(U]XUXPGDGRGXONYHRUWD|UHQLPLQL(U]XUXPGDWDPDPODG
\OQGD(U]XUXP$WDWUNhQLYHUVLWHVL)HQ(GHEL\DW)DNOWHVL7DULK%|OPQH
JLUGL\OQGD0LOOL(LWLP%DNDQOQGD|UHWPHQOLNJ|UHYLQHEDODG+DOHQEX
J|UHYLVUGUPHNWHGLU\OQGD$WDWUNhQLYHUVLWHVL6RV\DO%LOLPOHU(QVWLWV
7DULK$QDELOLPGDO