seminer kitabı için tıklayın

)'(*&)(-
K|IBùP<$8IE8MLKCLB
<BFEFDùBùCùúBùC<IùEùE
><CùúKùIùCD<Jù
J<DGFQPLD
8IE8MLKCLB$KùI8E#B8J@D)'(*
Q?M@CC@D@@D8IÞ;?ÞE@<M< K|IBùP<$8IE8MLKCLB
<BFEFD@B< <BFEFDùBùCùúBùC<IùEùE
KLIH@$J?H@GÞI@ ><CùúKùIùCD<Jù
6HPSR]\XP6\PSR]\XP
ĈNWLVDGL$UDċW×UPDODU9DNI×<D\×Q1R
ĈVWDQEXO2FDN-DQ
<D\×QD+D]×UOD\DQ3UHSDUHGIRU3XEOLFDWLRQ
$1DKLWg=(1
7DVDU×PYH0L]DQSDM'HVLJQDQG/D\RXW
$EGXOODK.,=,/.$<$
ĈċEX NLWDS .DV×P 3D]DUWHVL JQ $UQDYXWOXN 7LUDQ ,QWHUQDWLRQDO +RWHO 7RSODQW×
6DORQX·QGDJHUoHNOHċWLULOHQ6HPSR]\XPXQDo×ċNRQXċPDODU×WHEOLĊSDQHONRQXċPDYHWDUW×ċPD
ODU×Q×Q$1DKLWg=(1WDUDI×QGDQGHUOHPHVLGLU
+HUKDNN×ĈNWLVDGv$UDċW×UPDODU9DNI×·QDDLWROXSDG×JHoHQ9DN×I·WDQ\D]×O×L]LQDO×QPDG×NoD
D\QHQYH\DN×VPHQLNWLEDVHGLOHPH].LWDS9DN×IPHUNH]LQGHQWHPLQHGLOHELOLU
Ĉ.7Ĉ6$'Í$5$ĉ7,50$/$59$.),
0D\×V&DG1R*ROGHQ3OD]D.DW
ĉLċOLĈ67$1%8/
7(/ SE[
)$; 7(/* )281'$7,21,67$1%8/
(PDLO LQIR#LDYRUJWU
:HE ZZZLDYRUJWU
ĈdĈ1'(.Ĉ/(5
$d,/,ĉ2785808
3URI'U$KPHWĈ1&(.$5$
ĈNWLVDGv$UDċW×UPDODU9DNI×%DċNDQ×
ĉHÀN.$17$5 8OXVODUDV×.DON×QPDYHĈċELUOLĊL'HUQHĊL*HQHO0GU (GPRQG9/$6+$- 9LWULQDhQLYHUVLWHVL0WHYHOOL+H\HWLYH<|QHWLP.XUXOX%DċNDQ× $Y1LNROLQ-$.$ 7LUDQ7LFDUHWYH6DQD\L2GDV×%DċNDQ× %HQJ7(7Ĉ. $UQDYXWOXN7UNL\H%\NHOoLOLĊL7HPVLOFLVL &DYLW'$ć'$ĉ 7&+D]LQH0VWHċDU<DUG×PF×V× 7(%/Ĉć2785808
%DċNDQ
%LULQFL2WXUXP ĈNLQFL2WXUXP 3URI'U6XGL$3$.
%H\NHQWhQLYHUVLWHVLgĊUHWLPh\HVL
7UNL\H·QLQ(NRQRPLN3URÀOL 3URI'U$GHPĉ$+Ĉ1
72%%(NRQRPLYH7HNQRORMLhQLYHUVLWHVL
gĊUHWLPh\HVL
$UQDYXWOXN·XQ(NRQRPLN3URÀOL 0U3URI'U7HNL.857Ĉ
9LWULQDhQLYHUVLWHVLgĊUHWLPh\HVL
3$1(/2785808
7UNL\H$UQDYXWOXN(NRQRPLNĈOLċNLOHUL
%DċNDQ
h\HOHU
3URI'U*QJ|U785$1
(SRNDhQLYHUVLWHVLgĊUHWLPh\HVL
0XKDUUHP&$1
7UNL\H7LFDUHW0ċDYLUL
0UV$OEDQD/$.125,
7LUDQ7LFDUHWYH6DQD\L2GDV×
8OXVODUDUDV×ĈOLċNLOHU'LUHNW|U
3URI'U%LUROd(7Ĉ1
7Ĉ.$7UNL\HĈċELUOLĊLYH.DON×QPD$MDQV×
.RRUGLQDW|U
3URI$V2OGDd,d2
9LWULQDhQLYHUVLWHVL
ĈNWLVDW7XUL]P)DNOWHVL'HNDQ×
)LOLS*-2.$
$UQDYXWĈċ$GDP×
'U=HNL.$<$
.UP+ROGLQJ$ĉ
$UQDYXWOXNhONH.RRUGLQDW|UYH
ĈFUD.XUXOXh\HVL
$d,/,ĉ2785808
3URI'U$KPHWĈ1&(.$5$ ĈNWLVDGv$UDċW×UPDODU9DNI×%DċNDQ×
ĉHÀN.$17$5 8OXVODUDV×.DON×QPDYHĈċELUOLĊL'HUQHĊL
*HQHO0GU
(GPRQG9/$6+$- 9LWULQDhQLYHUVLWHVL0WHYHOOL+H\HWLYH
<|QHWLP.XUXOX%DċNDQ×
$Y1LNROLQ-$.$ 7LUDQ7LFDUHWYH6DQD\L2GDV×%DċNDQ×
%HQJ7(7Ĉ.
$UQDYXWOXN7UNL\H%\NHOoLOLĊL7HPVLOFLVL
&DYLW'$ć'$ĉ 7&+D]LQH0VWHċDU<DUG×PF×V×
3URI'U$KPHWĈ1&(.$5$
ĈNWLVDGL$UDċW×UPDODU9DNI×%DċNDQ×
6D\×Q0VWHċDU×P
6D\×Q7UN%\NHOoLOLĊL7HPVLOFLPL]
9LWULQDhQLYHUVLWHVL0WHYHOOL+H\HWL%DċNDQ×(GPRQG9ODVKDM
7LFDUHW2GDV×%DċNDQ×P×]
6D\×Q5HNW|U
6D\×Q7LFDUHW$WDċHPL]
'HĊHUOL0HVOHNWDċODU×P'HĊHUOLĈċDGDPODU×P×]
dRNGHĊHUOL|ĊUHQFLOHULPL]VL]OHULĈNWLVDGL$UDċW×UPDODU9DNI×DG×QDVHYJLYH
VD\J×\ODVHODPO×\RUXP
Ĉ$98.Ĉ'YH9LWULQDhQYHUVLWHVLLOHRUWDNODċDGHVWHNYHUHQGLĊHUNXUXPOD
U×QNLċLOHULQGH\DUG×PODU×\OD7LUDQ·GD$UQDYXWOXN7UNL\HDUDV×QGDNLHNRQR
PLNLOLċNLOHULJHOLċWLULOPHVLNRQXVXQGDEXVHPSR]\XPXG]HQOHGLN%XELOLPVHO
VHPSR]\XPXQLċGQ\DV×QD7UNL\H$UQDYXWOXNLOLċNLOHULQH\DUDUO×ROPDV×Q×GL
OL\RUXP'HĊHUOLNRQXNODUĈNWLVDGL$UDċW×UPDODU9DNI×\×O×QGDNXUXOPXċWXU
.XUXOXċX\×ODDċN×QVUHGLUKHP\XUWLoLQGHKHPGH\XUWG×ċ×QGDWDPDPHQ
ELOLPVHO IDDOL\HWOHU \DSPDNWDG×U %X ELOLPVHO IDDOL\HWOHU DUDV×QGD EXJQ GH
\DSW×Ċ×P×]JLELONHOHUDUDV×QGDNLHNRQRPLNLOLċNLOHULQLQJHOLċWLULOPHVLNRQXVXQ
GDVHPSR]\XPODUYHONHLoLQGHGHVHPLQHUOHUYDU(NRQRPLQLQKHUKDQJLELU
VRUXQXKDNN×QGDELOLPVHOKD]×UO×NODU×\DS×SEXQX7UNL\HLċ\DGDELOLPGQ\DV×
QDKD]×UOD\×SVXQPDNWHNOLÁHUJHOLċWLUPHNo|]POHUUHWPHNNRQX\XHWUDÁ×FD
HOH DO×S NDPXR\XQXQ LQVDQODU×P×]×Q DQOD\DELOHFHĊL ċHNLOGH RQODUD VXQPDN
*|UHYLPL]EXGXU
.XUXFXODU×P×]KHPELOLPDGDP×KHPGHLċDGDPODU×G×U<DQLĈNWLVDGL$UDċ
W×UPDODU9DNI×HNRQRPLNNRQXODUKDNN×QGDLċGQ\DV×QDELOLPVHORODUDNKD]×UO×N
\DS×SELOJLUHWLSo|]PVXQPDN]HUHNXUXOPXċELUYDN×IW×U<DSW×Ċ×P×]IDD
OL\HWOHULQELUoRĊXEL]LGHVWHNOH\HQEL]HPDGGLGHVWHNYHUHQVSRQVRUODU×P×]×Q
\DUG×P×\OD\DS×OPDNWDG×U
%XJQ\DSW×Ċ×P×]JLELLNLONHDUDV×QGDNLVHPLQHUOHUYH\DVHPSR]\XPODU
WDPDPHQJLWWLĊLPL]ONHLOHPHVHOD$UQDYXWOXNOD7UNL\HDUDV×QGDNLRODELOH
FHNROPDV×JHUHNHQHNRQRPLNLOLċNLOHULGDKDL\LQRNWD\DGDKDL\LG]H\OHUH
WDċ×PDNLoLQJHUHNHQHNRQRPLNLOLċNLOHUYHELOLPVHODQODPGDQHOHU\DS×OPDV×
JHUHNWLĊLQL WDUW×ċDFDĊ×P×] J]HO ELU ]HPLQ DQODPO× ELU oHUoHYH ROXċWXUPDN
W×U%XoHUoHYHGHX]XQ\×OODU|QFH)UDQVD$]HUED\FDQ%XOJDULVWDQ6XGDQ
5RPDQ\D YH 0DNHGRQ\D·GD EXJQ $UQDYXWOXN·WD \DSW×Ċ×P×] JLEL VHPSR]
\XPODU\DSW×N(OEHWWHEL]9DN×IRODUDNGRĊUXGDQ\DW×U×PF×GHĊLOL]DPDHNR
QRPLNLOLċNLOHULQLQJHOLċWLULOPHVLLoLQJLGLOHQONHQLQLċ\DSPDNLoLQHNRQRPLN
NRċXOODU×Q×QHNRQRPLNNOWUOHULQLQ\DW×U×PRUWDPODU×Q×Q\DW×U×PLNOLPLQLQHOH
DO×QPDV×KHULNLONHQLQLċGQ\DV×QGDLOLċNLG]H\LQLQL\LWDQ×QPDV×ELOLQPHVL
YHJHOLċWLULOPHVLWHPHODPDF×P×]G×U%LUD]|QFHV|\OHGLĊLPL]JLELEL]LPYDNI×Q
\HOHULDUDV×QGD\|QHWLPNXUXOX\HOHULDUDV×QGD7UNL\H·QLQ2GDODU%RUVD
ODU%LUOLĊLĈVWDQEXO7LFDUHW2GDV×6DQD\L2GDV×JLELoRNE\NNXUXOXċODU×Q
\HOLĊLYDUG×U%XNXUXOXċODUEXJQHNDGDU\DSW×Ċ×P×]ELUoRNVHPSR]\XPGD
VHPLQHUGHD\Q×]DPDQGDNHQGLOHULQH\DUG×PF×ROGXĊXPX]XKL]PHWHWWLĊLPL
]L ELOLUOHU YH EL]LP IDDOL\HWOHULPL]H HOEHWWH GHVWHN ROXUODU 'ROD\×V×\OD EXJQ
GHEXUDGDNLLċGQ\DV×\OD$UQDYXWOXNHNRQRPLVLQLQ\DW×U×PRUWDP×Q×QHNR
QRPLNIDDOL\HWG]HQOHPHOHULQLQQDV×OROGXĊXQXQDV×OJLWWLĊLQLJHUoHNOHċPLċ
UDNDPODUDEDNDUDNGHĊLOVDGHFHNLWDSODU]HULQGHQGHĊLOJHOHUHN\]\]H
J|UHUHNWDQ×ċDUDNEXUDGDNLIDDOL\HWOHULQGDKDL\LG]H\OHUHWDċ×QPDV×LoLQQH
OHU \DS×OPDV× JHUHNWLĊLQL NRQXċDUDN EHONL GH \HQL \DW×U×PODUD EHONL PHYFXW
LOLċNLOHULQPHYFXWLċOHULQLQGDKDL\LQRNWDODU×QDWDċ×QPDV×QD\|QHOLNELOJLDN×ċ×
Q×QVDĊODQPDV×QDJD\UHWHGHFHĊL]$UQDYXWOXNHNRQRPLVLQLQ\×OODU×QGDQ
VRQUDPHUNH]LSODQODPDG|QHPLQLQELWPHVLQGHQLWLEDUHQELUJHoLċG|QHPLQ
GHROGXĊXQXELOL\RUX]*HoLċHNRQRPLOHULQLQVRUXQODU×LċGQ\DV×QGDGDEL
OLP GQ\DV×QGD GD X]XQ \×OODUG×U WDUW×ċ×OPDNWD ELOLPVHO DUDċW×UPDODUGD NRQX
ROPDNWDYHEHONLGHJHoLċHNRQRPLOHULQLQHQ|QHPOLVLVRUXQXRODUDNWDSL\DVD
G]HQOHPHOHUL\DW×U×PVDOG]HQOHPHOHUJ|VWHULOPHNWHGLU(Q|QHPOLLNLQFLVR
UXQRODUDNGDPWHċHEELV\DQLJLULċLPFLJF\HWHUVL]OLĊLGLU%XNRQXODUGDNL
JHoLċ HNRQRPLOHUL YH EX oHUoHYHGH $UQDYXW HNRQRPLVLQLQ LKWL\Do GX\GXĊX
KHUWUOELOJLJLULċLPFLYHG]HQOHPHOHUNRQXVXQGDNLELOJLYHWHFUEHQRN
VDQO×NODU× 7UNL\H WHFUEHVL\OH GDKD GD JHOLċWLULOPHVL L\LOHċWLULOPHVL 9DNI×P×]
DPDoODU×DUDV×QGD\HUDOPDNWDG×U
%XoDEDODUDG|QNRODUDN\DSW×Ċ×P×]EXWRSODQW×GDEL]OHUHGHVWHNYHUHQ\H
PL]ROVXQROPDV×QEWQLċDGDPODU×P×]DLċGQ\DV×QDEDċWDGHĊHUOL]DPDQ
ODU×Q× D\×UDUDN EXUDGD |]HOOLNOH 7UNL\H WHFUEHVLQGHQ VL]H EDKVHGHFHN RODQ
%DċEDNDQO×N+D]LQH0VWHċDUO×Ċ×0VWHċDU<DUG×PF×P×]'U&DYLW'DĊGDċ·D
9LWULQD QLYHUVLWHVL 0WHYHOOL +H\HWL %DċNDQ× 6Q (GPRQG 9ODVKDM·\H 8.Ĉ'
%DċNDQ×P×]6Q0XVD6HUGDUdHOHELJHOHPHGL8.Ĉ'·GHQJHOHQGHĊHUOLDUND
GDċODU×P×]DoRNGHĊHUOLPHVOHNWDċODU×P×]DoRNGHĊHUOL7UNL\H%\NHOoLOLĊL
7HPVLOFLPL]H oRN GHĊHUOL 7UNL\H %\NHOoLOLĊH 7LFDUHW 0ċDYLULPL]H $OVDU
9DNI× %DċNDQ× GHĊHUOL GRVWXP 0HKGL *XUUD·\D 9LWULQD QLYHUVLWHVL 5HNW|U
|ĊUHQFLOHULQHDG×Q×XQXWWXPVD\DPDG×Ċ×PNLPYDUVDGHVWHNYHUHQKHUNHVH
\DSW×NODU× KHU ċH\ LoLQ YHUGLNOHUL GHVWHN LoLQ HPHNOHUL LoLQ WHċHNNU HGHUHN
VL]OHULRWXUXPDo×O×ċ×QGDVHPSR]\XPXQDo×O×ċ×QGDĈNWLVDGL$UDċW×UPDODU×9DNI×
DG×QDVHYJL\OHVD\J×\ODVHODPO×\RUXP
ĉHÀN.$17$5
8OXVODUDV×.DON×QPDYHĈċELUOLĊL'HUQHĊL
*HQHO0GU
$UQDYXWOXNYH7UNL\HGHYOHWLQLQGHĊHUOL\HWNLOLOHUL
7UNL\HYH$UQDYXWOXNQLYHUVLWHOHULQGHQVHPSR]\XPXPX]DNDW×ODQGHĊHUOL
KRFDODU×P×]
ĈNWLVDGL$UDċW×UPDODU9DNI×YH8.Ĉ'PHQVXSODU×
'HĊHUOL PLVDÀUOHU KHSLQL]H %DċNDQ×P×] 0XVD 6HUGDU dHOHEL DG×QD VD\J×
VHYJLYHKUPHWOHVHODPO×\RUXP
8OXVODUDUDV×.DON×QPDYHĈċELUOLĊL'HUQHĊLoRĊXQOXĊXN|NHQL%DONDQFRĊ
UDI\DV×QGDQRODQNLċLOHUWDUDI×QGDQNXUXODQGDKDoRNNOWUHOJD\HOLoDO×ċPDODU
\DSDQFRĊUDI\DRODUDNGD%DONDQODU×VHoHQELUGHUQHND\|QFH\LQHEX
UDGDEDċNDELUHWNLQOLĊLPL]YDUG×YHRPQDVHEHWOH\LQHEXVDORQGD\G×N%HQ
J|U\RUXPNL8.Ĉ'ċLPGL\HNDGDU\DSW×Ċ×oDO×ċPDODULoHULVLQGHHQ|QHPVHGL
ĊLoDO×ċPDRODUDNEXVHPSR]\XPXVHoPLċGXUXPGD%XQXQH\HGD\DQDUDN
V|\O\RUXP"%DċNDQ×P×]SODQODQP×ċROPDV×QDUDĊPHQJHOHPHGLDPD%DċNDQ
<DUG×PF×P×]6Q=HNLdDO×ċNDQ<|QHWLP.XUXOX\HOHULPL]1H]LU'LQOHU$EGXO
ODK7DWO×F×0XVWDID$YDQDċ(UKDQ8OXGDĊ<HOL]ĈQFHEXUDGDODU%HQ8.Ĉ'·LQ
LON GHID \XUW G×ċ×QGDNL ELU HWNLQOLĊH <|QHWLP .XUXOX QH]GLQGH E|\OH DĊ×UO×NO×
LċWLUDNHWWLĊLQLJ|U\RUXP
+HSLQL]LQ ELOGLĊL JLEL $UQDYXWOXN YH 7UNL\H LNL NDUGHċ ONHGLU 2QXQ |WH
VLQGH$UQDYXWODUYH7UNOHULNLNDUGHċWRSOXOXNWXULNLNDUGHċPLOOHWLGLU7DULKWHQ
JHOHQEDĊODU×P×]VRV\DODODQODU×QGDROVXQNOWUHOKD\DWWDROVXQEXLNLWRS
OXPXROGXNoDELUELULQHJHoPLċELUKDOGHJ|VWHUPHNWHGLU0LVDÀUSHUYHUOLNWH
\HPHLoPHNOWUP]HVDQDW×P×]DNOWUP]H\DQV×\DQXQVXUODUDWDULKH
YH KD\DWD EDN×ċ×P×]D LQVDQD LQVDQO×ĊD YHUGLĊLPL] |QHPH EDNW×Ċ×P×] ]DPDQ
LNLWRSOXOXNRODUDNELUELULPL]HQHNDGDU\DN×QROGXĊXPX]XNROD\FDJ|]HPOH
\HELOL\RUX]$QFDNHNRQRPLNLOLċNLOHUHEDNW×Ċ×P×]]DPDQLNLONHYHLNLWRSOX
OXNDUDV×QGDNLHNRQRPLNLOLċNLOHULQKLoGHOD\×NROPD\DQELUVHYL\HGHNDOG×Ċ×Q×
PċDKDGH HGL\RUX] ĈċWH EX WRSODQW× EX VHPSR]\XP $UQDYXWOXN YH 7UNL\H
DUDV×QGDNLHNRQRPLNLOLċNLOHULQLGDKDoRNJHOLċWLUPH\HOD\×NROGXĊXVHYL\H\H
o×NDUPD\D X]XQ YDGHGH HNRQRPLN SURMHOHULQ KD\DWD JHoPHVLQH NDWN× VDĊ
ODPD\D \|QHOLN ELU VHPSR]\XPGXU %DċODQJ×oWD J|UGĊP] NDGDU×\OD JD
\HW EDċDU×O× RODFDNW×U dQN ELU ċH\LQ EDċODQJ×F×QGD DVO×QGD QDV×O QLKD\HWH
HUHFHĊLQHJ|UPHNPPNQRODELOL\RU%XGX\JXYHWHPHQQLOHUOHVL]OHULWHNUDU
VHODPO×\RUVHPSR]\XPXQEDċDU×O×JHoPHVLQHWHNUDUWHPHQQLHGL\RUEDċNDQ×
P×]×QVHODPODU×Q×LOHWL\RUXP
(GPRQG9/$6+$9LWULQDhQLYHUVLWHVL0WHYHOOL+H\HWLYH
<|QHWLP.XUXOX%DċNDQ×
7UNL\H·QLQYH$UQDYXWOXN·XQGHYOHWNXUXPODU×Q×Q6D\×QWHPVLOFLOHUL
7&7LUDQ%\NHOoLOLĊL·QLQ6D\×Q7HPVLOFLVL
6D\×Q3URIHV|UOHUgĊUHWLP*|UHYOLOHULEXVDORQGDEXOXQDQVD\×Q\DW×U×P
F×ODUEXVHPSR]\XPXJHUoHNOHċWLUPHGHELUDUD\DJHOPLċRODQVD\×QRUJDQL
]DW|UOHUVD\×Q3URI'U$KPHWĈQFHNDUDVD\×Q3URI'U7HNL.XUWL$UQDYXWOXN
7LFDUHW 2GDV× %DċNDQ× 6D\×Q 1LNROLQ -DND VD\×Q NDW×O×PF×ODU JHOGLĊLQL] LoLQ
KHSLQL]HWHċHNNUHGL\RUX]YHKRċJHOGLQL]GL\RUX]
ĈQDQ×\RUXP NL EX NRQIHUDQV VL]LQ LoLQ GH NDOLÀ\H YH ELOLPVHO ÀNLUOHULQ
LOHWLPLQGH \DNODċ×P×Q |QHPLQL LIDGH HWPHNWHGLU $\Q× ]DPDQGD EX NRQIH
UDQV$UQDYXWYH7UNHNRQRPLOHULLNLGRVWONHGHNL\DW×U×PF×ODUHNRQRPLN
NUL]GHQ JYHQLQL ND\EHWPLċ DLOHOHU YH |]HOOLNOH (GL 5DPD EDċNDQO×Ċ×QGDNL
\HQLKNPHWWHQYH$UQDYXWOXN·XQGRVWODU×QGDQPLWOH\HQLELULċEHNOH\HQ
$UQDYXWOXN·XQ\]ELQOHUFHLċVL]OHULLoLQRODELOHFHNHQID\GDO×VRQXoODU×PP
NQN×OPDN]HUHHQSUDWLNYHVRPXW\ROODU×EXOPDLKWL\DF×Q×YH|QHPLQLGH
RUWD\DNR\PDNWD$ċPDP×]JHUHNHQ]RUOXNDo×NYHE\NWU2UWDNW×UYH|\OH
ROPDV×JHUHNLU%X]RUOXN\DW×U×PF×ODU$UQDYXWKNPHWLYHDUDP×]GDNLNO
WUHOWDULKLVL\DVLHNRQRPLNYHVL\DVL\DN×QO×NWDQGROD\×EDċNDKHUONHGHQ
oRN 7UNL\H·GHQ JHOPHVL DU]XODQDQ \DEDQF× \DW×U×PF×ODU WDUDI×QGDQ X\XP
LoHULVLQGH HOH DO×QPDO× 8OXVDO HNRQRPLPL]LQ ORNRPRWLÀQL JD]LQRODU YH NX
PDUKDQHOHULQUD\ODU×QGDQWDU×PKD\YDQF×O×NYHVDQD\LGHUHWLPWHVLVOHULQLQ
IDEULNDODU×Q YH WHċHEEVOHULQ UD\ODU×QD NR\PDN DG×QD EL]L EHNOH\HQ ]RUOXN
\DOQ×]FDEL]LPL\LQL\HWLPL]LYHROXPOXLċELUOLĊLPL]LGHĊLO$UQDYXWOXN·WDUH
WLPH GD\DO× HNRQRPLN JHOLċPH KHGHÀQH \|QHOLN D\Q× ]DPDQGD ELU PLV\RQ
WHċNLOHGHQEXKHGHÀQJHUoHNOHċWLULOPHVLQGHYD]JHoLOPH]RODQ\DEDQF×\D
W×U×PODU×oHNPHNLoLQHQGRĊUXYHHWNLOL\ROODU×VHoPH\HoDEDOD\DUDN$UQDYXW
KNPHWL WDUDI×QGDQ GRĊUX YH NDUDUO× ELU \|QHWLPL JHUHNWLULU $UQDYXW HNR
QRPLVLQLELUNXPDUHNRQRPLVLQGHQUHWLPHNRQRPLVLQHG|QċWUPHNDG×QD
%DċEDNDQ5DPD·Q×QKNPHWLQLEHNOH\HQJ|UHYVDGHFHJHoLċG|QHPLQGHQ
JHOLċPLċYHPUHIIHK\HQL$UQDYXWOXNG|QHPLDUDV×QGDNLIDUN×EHOLUOH\HQE
\NELUDQGHĊLOGHYOHWLPL]LQYHPLOOHWLPL]LQEXN|NOG|QċPQGHD]DPL
HQHUMLOHUL\OH GDKLO ROPD\D EWQ $UQDYXWODU LoLQ oRN JoO ELU PRWLYDV\RQ
ND\QDĊ×G×UD\Q×]DPDQGD%DċEDNDQ5DPD·Q×Q$UQDYXWOXN·XEWQ$UQDYXW
ODULoLQDGDOHWYHNDON×QPD\ROXQGDoDO×ċDQPRGHUQELUGHYOHWHG|QċWUPH
PLV\RQXQXQEDċO×FDLNL\|QYDUG×UYHROPDV×JHUHNLU
$UQDYXWGHYOHWLYHWRSOXPXQXQ\ROVX]OXNYHDGDOHWVL]OLNOHUGHQUDGLNDO
ELoLPGHDU×QG×U×O×ċ×
$UQDYXWHNRQRPLVLQLNXPDUYHNXPDUKDQHHNRQRPLVLQGHQUHWLPHNR
QRPLVLQHGRĊUX\|QOHQGLUPHNVXUHWL\OHHNRQRPLNYHVRV\DOJHOLċLP
%LULQFL QRNWDGD DUW×N VDGHFH ÀNLUOHU GHĊLO ÀLOOHU GH PLO\RQODUFD $UQDYXW
WDUDI×QGDQ ID]ODV×\OD DU]XODQDQ VRQXoODU× YHUPH\H EDċODP×ċNHQ LNLQFL QRNWD
NRQIHUDQVODU×QVHPLQHUOHULQYHEDNDQODUYHGHYOHWDGDPODU×Q×Q\DEDQFׁONH
YH|UJWOHULQHOoLOHULYHWHPVLOFLOHUL\OH\DSW×NODU×J|UċPHOHUOHV×Q×UO×NDOG×Ċ×J|
UOPHNWH.DPXERUFXLOHLOJLOLÀNLUDO×ċYHULċOHULQLQ\DQ×QGD$UQDYXWKNPHWL
QLQPPNQRODQKHUWUOUHWLP\DW×U×P×Q×oHNPHN]HUH<DEDQF×<DW×U×PODU×
7HċYLN.XUXPX·QXGQ\DGDNLEWQ$UQDYXWE\NHOoLOLĊLQLYHNRQVRORVOXĊX
QXWDPYHD]DPLYHULPOHDFLOHQLċOHYHNR\PDV×JHUHNPHNWHGLU$UQDYXWOXN·WD
HQ D] ELU Lċ\HULQL VDĊOD\DFDN KHU WUO \DW×U×P PPNQ UHWLP \DW×U×P× ROD
UDNGHĊHUOHQGLULOPHOLGLU7DELLNLEXONHPL]LQEWQNDQXQLoHYUHVHONOWUHO
VRV\DOYHHNRQRPLNVWDQGDUWODU×QDX\XPLoHULVLQGHROPDO×G×U%X\|QGHK×]O×
ELUVRQXoDOPDNLoLQoDĊGDċDGLOYHJHOLċPH\H\|QHOLNHQHUMLYHEHFHULGROX
ELU GHYOHWLQ YHUHFHĊL JYHQGHQ EDċND QH JHUHNHELOLU NL" $UQDYXWOXN·XQ ONH
RODUDNSD]DUODPDV×Q×\DSDFDNWPLQVDQODU×QEHFHULVLoRN|QHPOLKDWWDYD]
JHoLOPH]GLU$QFDNK×]O×YHD\Q×]DPDQGDNDO×F×VRQXoODUDOPDNLoLQ$UQDYXW
HNRQRPLVLQLQUHWLFLYHLċ\HUOHULDoDQELUHNRQRPL\HGRĊUXULWPLNYHK×]O×ELU
ċHNLOGH \RO DOPDV×Q× WHċYLN HGHFHN \DEDQF× \DW×U×PODUD \|QHOLN oHNLFL ELU I×U
VDWROXċWXUDFDNELUNROD\O×NODUYHJYHQFHOHUSDNHWLQLQLYHGLOLNOHKD]×UODQPDV×
JHUHNPHNWHGLU7PGQ\DGDQRWX]XDċN×Q$UQDYXW·XQ\HQL$UQDYXWOXN·XQLQ
ċDV×QDGDKLOHGLOPHVL\HUDOW×VL\DVHWLQLQNoNYHGHĊHUVL]oHNLċPHOHULQGHQ
X]DNONHVLQHHQGRĊUXYHDVLOċHNLOGHKL]PHWHWPHGċQFHYHYL]\RQX\OD
D\G×QODQP×ċYHLOKDPDOP×ċRODQEDċEDNDQ(GL5DPD·\DGċHQVR\OXELUJ|
UHYYHPLV\RQRODFDNW×U'Q\DGDNLRWX]XDċN×Q$UQDYXW·XQPDOLSRWDQVL\HOL
$YUROXN ELU GHĊHUOH $UQDYXW SDVDSRUWXQXQ DO×QDELOPHVL YH KHU VHQH $YUR\OD \HQLOHQPHVL JLEL ELU WHGELUOH EDċOD\DUDN |QHP YH J|UQUON ND]D
QDELOLU 7P GQ\D\D \D\×OP×ċ RODQ DQFDN \×OGD ELU NH] DQDYDWDQODU×QGD ELU
DUD\DJHOHELOHFHNEX$UQDYXWODUODGHYOHWLPL]WDKPLQHGLOHPH\HFHNELUHQHUML\L
RUWD\Do×NDUDELOLU$UQDYXWGHYOHWLQLQWDELLNLNDQXQODUDYHċHKLUFLOLNLOHoHYUH
NXUDOODU×QDYHNULWHUOHULQHULD\HWOHHQD]$YUROXNELU\DW×U×PJDUDQWLVL\
OH RQODUD \×OO×N LPWL\D]ODUOD $UQDYXWOXN·XQ GDĊO×N E|OJHOHULQGH HQ D] P·OLNWRSUDNYHUPHVLJHUHNLU$ċDĊ×\XNDU×EXSODQODVHUEHVWVDQD\LE|OJH
OHUL YH\D SDUNODU× LoLQ DODQODU VXQPDN \DEDQF× \DW×U×PODU× oHNPHN LoLQ L\L ELU
\|QWHP ROXUGX $UQDYXWOXN·D 7UN \DW×U×PODU×Q×Q SRWDQVL\HOL RODĊDQVW K×]
O× YH EHFHULNOL ELU ċHNLOGH GHĊHUOHQGLULOPHOLGLU ĈNL ONHPL] DUDV×QGD EX JoO
ONHGH \DċD\DQ YH RQXQ HNRQRPLGH GHYOHW LGDUHVLQGH YH EDċND DODQODUGD
LOHUOHPHVLQGHGHĊHUOLNDWN×ODU×Q×RUWD\DNR\DQPLO\RQODUFD$UQDYXW·XQROXċWXU
GXĊXELUN|SUV|]NRQXVXGXU7UNL\H·QLQ$UQDYXWOXN·WD\DSDFDĊ×\DW×U×PODU
oRNWXU$UQDYXWWXUL]PL7UNL\H·GHNLJLELPNHPPHOYHVRQXoDO×F×\DW×U×POD
UDELOJLOHUHYH|UJWOHQPH\HDoW×U(ĊLWLPLQYH|]HOOLNOHJHOLċPHQLQ|QHPOLELU
KDONDV×RODUDNNDOLWHOLPHVOHNLHĊLWLPLQ$UQDYXWOXN·WDNLLODYH7UN\DW×U×PODU×Q
GDQID\GDODQPDV×PXKWHPHOGLU$\Q×ċHNLOGHWDU×P×QGD7UN\DW×U×PODU×QGDQ
ND]DQDFDNODU× YDUG×U (QHUML YH PDGHQOHU VHNW|U 7UN \DW×U×PODU×\OD NDWODUFD
E\\HELOLU%X\|QGHLONDG×PDW×OP×ċW×UGD$UQDYXWOXNEDċEDNDQ×KD\UDQROX
QDFDNELUEDVLUHWYHE\NELUFHVDUHWOH7UNL\H·\LDo×NoDYHNRPSOHNVVL]ELU
ċHNLOGH$UQDYXWOXN·XQVWUDWHMLNRUWDĊ×RODUDNLODQHWPLċWLU+HUELULP]GHEXJQH
NDGDU VDNO× NDOP×ċ EDċEDNDQ 5DPD ELU YL]\RQ VDKLEL ELU LQVDQ×Q FHVDUHWL\OH
LODQ HGLOPLċ $UQDYXWODU×Q EX ċLDU× D]DPL GHUHFHGH GHĊHUOHQGLULOPHOL YH HNR
QRPLPL]LQ ERċOXNODU×Q× YH NXPDU HNRQRPLVLQGHQ UHWHQ YH KHUċH\GHQ RQFH
Lċ\HUOHULDoDQELUHNRQRPL\HG|QċPQGHNLLKWL\DoODU×Q×\RĊXQELUELoLPGH
JLGHUHFHN VRPXW JLULċLPOHUOH GHVWHNOHQPHOLGLU %XQXQ HQ J]HO PRGHOL 7UN
NDUGHċOHULPL]LQDGDOHWYHNDON×QPD\ROXQGDLOHUOHPHNWHRODQ7UNL\H·QLQE
\N(UGRĊDQ·×Q7UNL\HVL·QLQPRGHOLGLU%XPRGHOVRPXWVRQXoODUJHWLUHQELU
PRGHO RODUDN $UQDYXWOXN·WD EL]OHU WDUDI×QGDQ YH WP E|OJHGH NDUDUO×O×NOD YH
KLoELUWHUHGGWROPDNV×]×QWDNLSHGLOPHOLGLU$UQDYXWOXN·WDNDUGHċoHEHNOHQHQ
EWQ7UN\DW×U×PF×ODU×Q×Q\DW×U×PODU×\DQ×QGDDGDOHWYHNDON×QPD\×JGHQEX
\|QHWLPPRGHOL7UNL\H·QLQ$UQDYXWOXN·WDNLHQE\N\DW×U×P×G×UDVO×QGD7H
ċHNNUHGHULP
$Y1LNROLQ-$.$
7LUDQ7LFDUHWYH6DQD\L2GDV×%DċNDQ×
6D\×Q7&7LUDQ%\NHOoLOLĊLWHPVLOFLOHULVD\×Q3URI'U$KPHWĈQFHNDUD
6D\×Q9ODVKDM9LWULQDhQLYHUVLWHVLNXUXFXVXVD\×QNDW×O×PF×ODUEXUDGDROPDNWDQ
PXWOXOXNGX\DU×P7LUDQ7LFDUHW2GDV×DG×QD$UQDYXWOXN²7UNL\HHNRQRPLN
LOLċNLOHULQH|QHPYHUHQEXWRSODQW×\×YHKHSLQL]LVD\J×LOHVHODPO×\RUXP
7DELNL7UNL\H$UQDYXWOXN·XQHQ|QHPOLSDUWQHUOHULQGHQELULVLGLU6DGHFH
HNRQRPLNLOLċNLOHULDQODP×QGDGHĊLO$UQDYXWOXN·WDGRĊUXGDQ\DEDQF×\DW×U×PF×
RODUDN GD $UQDYXWOXN·XQ VHUEHVW SL\DVD Do×OPDV×Q× PHUNH]L HNRQRPLQLQ
\×N×OPDV×Q× VHUEHVW SL\DVD YH |]HO VHNW|UQ ROXċWXUXOPDV×Q× KHSLPL] L\L
KDW×UO×\RUX] $UQDYXWOXN YH $UQDYXW SL\DVDV×Q×Q LKWL\DoODU×Q× NDUċ×ODPDN LoLQ
$UQDYXWODU ĈVWDQEXO SD]DUODU×QD NRċWX g]HOOLNOH EHOLUWPHN LVWL\RUXP VDGHFH
$UQDYXWSL\DVDV×Q×QLKWL\DoODU×QGDQGHĊLOLNLPLOOHWDUDV×QGDNLYDURODQLċELUOLĊL
YHLOHWLċLPLD\Q×]DPDQGD7UNL\H·QLQSURVHGUDQODP×QGDVDĊODG×Ċ×NROD\O×N
YHDYDQWDMODUGDWLFDULLOLċNLOHULYHGHĊLċWRNXċODU×QGDHWNHQELUIDNW|UROGX
%XJQ$UQDYXWOXN·WD·H\DN×Q7UNċLUNHW$UQDYXWHNRQRPLNJHOLċPHVL
DQODP×QGD VWUDWHMLN VHNW|UOHUGH GRĊUXGDQ \DW×U×P \DSP×ċ GXUXPXQGD
EXOXQPDNWD $\Q× ]DPDQGD oDO×ċPD L]QLQL DOP×ċ YH $UQDYXWOXN·WD IDDOL\HW
J|VWHUHQ 7UN YDWDQGDċ VD\×V× FLYDU×QGDG×U *OREDO HNRQRPL IL\DW
VWDQGDUWYHNDOLWH\HG|QNELUHNRQRPLROPDV×QDUDĊPHQ7UNLOH$UQDYXW
JLULċLPFLOHULQLQ \DSDELOGLNOHULQL GRĊUX DQODPDN OD]×P ĈON EDċWD SL\DVDQ×Q
LKWL\DoODU×QGDQ ċDUWODQP×ċ VRQUD $UQDYXWODUD 7UNL\H·GH SURVHGUOHULQ
VHUEHVW ROPDV× EX WLFDUL LOLċNL JQ JHoWLNoH SHNOHċWL YH EXJQ LNL ONH
DUDV×QGDNLHQVDĊODPYHHQVDELWLOLċNLOHUGHQELULVLROGX$UQDYXWOXNLOHWLFDUL
YH HNRQRPLN LOLċNLOHU Do×V×QGDQ 7UNL\H HJHPHQ GXUXPXQGDQ KLo ELU ]DPDQ
YD]JHoPHPLċWLU 0NHPPHO VL\DVL LOLċNLOHUGHQ HQ L\L ċHNLOGH ID\GDODQP×ċW×U
LNL ONHQLQ WLFDUHW RGDODU×Q×Q oRN |QHPOL ELU NDWN× YHUGLNOHULQLQ DOW×Q× oL]PHN
LVWL\RUXP $\Q× ]DPDQGD oHċLWOL NXUXOXċODU YH YDN×ÁDU LNL ONH DUDV×QGDNL
HNRQRPLNLOLċNLOHUNRQXVXQGDoRN|QHPOLKL]PHWOHUVDĊODP×ċW×U7LUDQ7LFDUHWYH
6DQD\L2GDV×7UNL\H·GHNL7LFDUHWRGDODU×LOHLOLċNLOHULPNHPPHOVHYL\HGHGLU
|]HOOLNOHĈVWDQEXO$QNDUDĈ]PLUYHGLĊHUċHKLUOHULQWLFDUHWRGDODU×LOHLNLONHQLQ
HNRQRPLNLOLċNLOHULQLSHNLċWLUPH\LDPDoOD\×SĈċELUOLĊLDQODċPDODU×LP]DODQP×ċW×U
$UQDYXWOXN7UNL\HLOLċNLOHULQLJHOLċWLUPHNDG×QDELUoRNHWNLQOLNIXDUVHUJLYV
G]HQOHQPLċWLU'LĊHUWDUDIWDQEXJQOHUGH$UQDYXWOXN\HQLPH\GDQRNXPDODUOD
PFDGHOH HWPHNWHGLU (NRQRPLN NUL] LOH NDUċ× NDUċ×\D JHOPLċ GXUXPGD\×]
6|] NRQXVX NUL] $UQDYXW HNRQRPLVLQL YH JLULċLPOHUL NDSVDPDNWDG×U $UQDYXW
JLULċLPFLOHULQERUoODU×Q×QKNPHWWDUDI×QGDQ|GHQPHVLVDGHFHYHULOHQELUV|]
GHĊLO ELU ċDUWW×U gEU WDUDIWDQ ELU LOKDP ND\QDĊ× ROPDV× GD |QHPOLGLU 7UN
HNRQRPLVLQLQ HQHUMLVL NL EXJQOHUGH JOREDO HNRQRPLOHULQ \DQ×QGD V×UDODQ×S
PWKLċ E\PH UDNDPODU×\OD NDUċ×P×]D JHOPHNWHGLU %XQGDQ |WU $UQDYXW
JLULċLPFLOLN$UQDYXWKNPHW7UNJLULċLPFLOHULQJ|]$UQDYXWOXN·XQND\QDN
YHSRWDQVL\HOWDUDI×QGDROPDV×G×U
7UNL\H·\H GRĊUX $UQDYXW LKUDFDWODU×P×]×Q JQ JQH DUWPDV× EL]LP LoLQ
$UQDYXW YH 7UN JLULċLPFLOHU LoLQ E\NHOoLOLNOHULPL] LoLQ WLFDUHW YH VDQD\L
RGDODU×P×]LoLQoRN|QHPOLELUJHUoHNWLU%XLKUDFDWODU×QDUWPDV×HċLWċDUWODUGD
NXUXOPXċ HNRQRPLN LOLċNLOHULPL] $UQDYXWOXN·WDNL ND\QDN YH SRWDQVL\HOOHULQ
NXOODQ×OPDV×VD\HVLQGHROPXċWXU
%X VHPSR]\XPD EXUDGDNL $UQDYXW YH 7UN JLULċLPFLOHULQH WP
NDW×O×PF×ODUDVHVOHQPHNLVWL\RUXPEXJHOLċHQWLFDULYHHNRQRPLNLOLċNL\LJHQHO
DQODP×QGD7UNL\H$UQDYXWOXNLOLċNLOHULQLSHNOHċWLUPHNYH\RĊXQODċW×UPDNLoLQ
L\LELUċDQVW×U%LUGDKDVHPSR]\XPDEDċDU×ODUGLOL\RUXPYHRUJDQL]DW|UOHULQH
WHċHNNUHWPHNLVWL\RUXP7HċHNNUOHU
%HQJ7(7Ĉ.
$UQDYXWOXN7UNL\H%\NHOoLOLĊL7HPVLOFLVL
+HUNHVH JQD\G×Q 6D\×Q ĈNWLVDGL $UDċW×UPDODU 9DNI× <|QHWLP .XUXOX
%DċNDQ× 6D\×Q 8.Ĉ' WHPVLOFLOHUL 9LWULQD hQLYHUVLWHVL NXUXFXVX YH PWHYHOOL
KH\HWLEDċNDQ×GHĊHUOL7Ĉ.$WHPVLOFLVLKDQ×PHIHQGLOHUEH\HIHQGLOHUEXUDGD
EXVDEDKE|\OHELUWRSODQW×GDEXOXQPDNWDQoRNE\NELUPHPQXQL\HWGX\
X\RUXP7UNL\H$UQDYXWOXNLOLċNLOHULKHUDODQGDPNHPPHOG]H\GHVH\UHGL
\RUKHUG|QHPLQGH$UQDYXWOXN·X7UNL\HKHU]DPDQ\DQ×QGDGRVWYHNDUGHċ
ELU ONH RODUDN \HU DOP×ċW×U 6L\DVL LOLċNLOHU KHU DQODPGD PNHPPHO RODUDN
WDQ×PODQDELOLUHNRQRPLNLOLċNLOHULPL]]L\DGHVLLOHJHOLċL\RUJHOLċPHNWHROXSELU
EWQRODUDNLOLċNLOHULPL]LQoRNL\LGXUXPGDROGXĊXQXV|\OH\HELOLULP
<DOQ×]FD WDEL EX PNHPPHO LOLċNLOHULPL]L HNRQRPLN DODQGD GDKD GD
]HQJLQOHċWLUPH YH JHOLċWLUPH LKWL\DF× LoHULVLQGH\L] %LU EXoXN PLO\DU GRODU×
DċDQ'RĊUXGDQ7UN<DW×U×P×EXOXQPDNWD$UQDYXWOXN·WDYHJHoHQVHQHNLWLFDUL
UDNDPODU×QDJ|UH\]PLO\RQGRODUFLYDU×QGDVH\UHGHQELU7LFDUHW+DFPLPL]
YDUEXPNHPPHORODUDNQLWHOHQGLUGLĊLPLOLċNLOHULQ\DQ×QGDoRN]D\×IELUUDNDP
RODUDN J|U\RUX] 'ROD\×V×\OD EX EDN×PGDQ EX WU WRSODQW×ODU× EHQ ċDKVHQ
oRN|QHPVL\RUXP%XELOLPVHOYHDNDGHPLNoDO×ċPDQ×Q|WHVLQGHDUD]LQGHNL
LċDGDPODU×P×]×Q ELU ÀNLU HN]HUVL]L ROX\RU YH EX WU ÀNLU HJ]HUVL]OHULQGHQ GH
JHOHFHĊHG|QNQHOHU\DS×ODELOLUEXLOLċNLOHULPL]HQDV×O]HQJLQOLNNDWDELOLUL]HQ
L\L EHVW SUDFWLFH QHGLU X]PDQODU×P×] WDUDI×QGDQ HNVLNOLNOHULQ WHVSLW HGLOPHVL
EXQODUGDQJHUHNOLGHUVOHULo×NDU×ODUDNJHOHFHĊHGDKDELUJYHQGHEDNDELOPHN
Do×V×QGDQEXWUWRSODQW×ODU×oRNID\GDO×ROGXĊXQXGċQ\RUXPYHoRN|QHP
VL\RUXP%XGDLONOHUGHQELUWDQHVLJHUoLELUEXoXND\|QFH8.Ĉ'·LQEHQ]HU
ELU WRSODQW×V× LOH EHUDEHU EXUDGD\G×N $QODċ×O×\RU NL YDN×ÁDU×P×] EXUD\D KHP
ELOLPVHOKHPDNDGHPLNKHPGHHNRQRPLNDQODPGDE\NLOJLJ|VWHUL\RUODUYH
EXVRQGHUHFHGRĊUXGXU%XELUVRQGHĊLOEXQXQGHYDP×JHOHFHN8PDU×PEX
WRSODQW×oRNEDċDU×O×JHoHFHNYH|QP]GHELUWDN×PÀNLUOHULQRUWD\Do×NPDV×
ED]× HJ]HUVL]OHULQ ELUOHċWLULOLS ELU ÀNLU RODUDN RUWD\D VXQXOPDV× YH NDWN×GD
EXOXQPDV×Do×V×QGDQoRN|QHPOLRODFDNW×U
+X]XUODU×Q×]GDQD\U×O×UNHQKHSLQL]LVD\J×\ODVHODPO×\RUXP
&DYLW'$ć'$ĉ
7&+D]LQH0VWHċDU<DUG×PF×V×
ĈNWLVDGL$UDċW×UPDODU9DNI×·Q×QGHĊHUOLEDċNDQ×KHULNLONHQLQVLYLOWRSOXP
|UJWOHULGHĊHUOLNDW×O×PF×ODUKHULNLONHQLQDNDGHPLGQ\DV×Q×QGHĊHUOLWHPVLO
FLOHULVHYJLOL|ĊUHQFLOHUKHSLQL]H+D]LQH0VWHċDUO×Ċ×DG×QDVD\J×\ODVHODPO×
\RUXP%HQLEXWRSODQW×\DGDYHWHWWLĊLQL]LoLQD\U×FDWHċHNNUHWPHNLVWL\RUXP
'HĊHUOLNDW×O×PF×ODUHNRQRPLGQ\DV×QDċ|\OHELUEDNW×Ċ×P×]]DPDQGQ\D
VRQEHċ\×OG×UELUNUL]LoLQGHJHOLċPLċONHOHUOHGQ\D\×VUNOH\HQGHJHOLċ
PHNWHRODQONHOHULQE\PHOHUL%Hċ\×OJHoPHVLQHUDĊPHQKHQ]NUL]LQDWOD
W×OG×Ċ×QDGDLU|QHPOLNDO×F×ELUHPDUH\RN$QFDNVHYLQGLULFLKDEHUOHUYDU$YUX
SD%LUOLĊLEXX]XQVUHQUHVHV\RQG|QHPLQGHQo×NPDHPDUHOHULQLJ|VWHUL\RU
EXEL]LPLoLQL\LELUKDEHUKHP7UNL\HLoLQKHP$UQDYXWOXNLoLQ$PHULNDGDKD
JoOELUċHNLOGHo×NPDL]OHULQLJ|VWHUL\RUDPDKHQ]NDO×F×ELUWUHQGROXċPXċ
GXUXPGDGHĊLO6RQG|QHPOHUGHJHOLċPHNWHRODQONHOHULQGHE\PHK×]ODQ×
P×QGDFLGGLELUGċċJ|]OHPOL\RUX]|]HOOLNOHdLQYH+LQGLVWDQ·GD'ROD\×V×\OD
JOREDOGQ\DGDNLULVNOHUHEDNW×Ċ×P×]]DPDQULVNOHUELUPLNWDU·D
J|UHD]DOPDV×QDUDĊPHQKDODNDUċ×P×]GDGXUX\RU%XGDEL]LFLGGLELUċHNLOGH
GDKDGLNNDWOLROPD\DVHYNHGL\RU
gQP]GHNL G|QHPH EDNW×Ċ×P×] ]DPDQ JHOLċPHNWH RODQ ONHOHU LoLQ
GDKDFKDOOHQJLQJELURUWDPJ|VWHUL\RUg]HOOLNOH)('·LQSDUDVDOJHQLċOHPH
GHQYD]JHoHoHĊLWDNYLPLDo×NODPDV×UHHOIDL]OHULQELUPLNWDUGDKD\NVHOH
FHĊLQLEL]LPJLELJHOLċPHNWHRODQONHOHULQÀQDQVDHULċLPLQGHNLPDOL\HWOHULQ
GDKD DUWDELOHFHĊL ELU RUWDP× J|VWHUL\RU $PD L\L KDEHU HĊHU $YUXSD %LUOLĊL
WRSDUODQ×UVD$YUXSD%LUOLĊL·QLQWRSDUODQPDV×QGDQ$UQDYXWOXNYH7UNL\HGH
ROGXNoDFLGGLID\GDODQDELOLU7UNL\HEXVUHoWHQH\DSW×"%L]\×O×QGD
oRN FLGGL ELU NUL]OH NDUċ× NDUċ×\D NDOG×N +DNLNDWHQ FLGGL ELU NUL]GL .UL]LQ
PDOL\HWLKHPHQKHPHQONHHNRQRPL]LQYH\DPLOOLJHOLULPL]LQVHYL\H
VLQGH\GL %RUoODU×P×] \NVHNWL %WoH Do×Ċ×P×] \NVHNWL YH EX NUL] LċVL]OLN
RUDQODU×Q×VRQGHUHFHGH\NVHNVHYL\HOHUHo×NDUG×|]HOOLNOHEH\D]\DNDO×ODU
GD$QFDNFRNFLGGLELUUDGLNDOSURJUDPX\JXODG×7UNL\H<DQL7UNL\HPDOL
GLVLSOLQNRQXVXQGDoRNDJUHVLIELU\DNODċ×PWHUFLKHWWLYHX\JXODG×'|UW\×O
EHċ\×OVWVWHIDL]G×ċ×ID]ODV×7UNL\H·QLQRUWDODPDV×oRNNROD\ELULċ
GHĊLOGLUoRN]RUELULċWLU7UNL\HEWQ\DS×VDOUHIRUPODU×Q×\DSW×Ċ×PHUNH]
EDQNDV×EDĊ×PV×]O×Ċ×QGDQEDQNDF×O×NNHVLPLQG]HQOHPHVLQHNDGDUoRNFLG
GLELUGL]LQUHIRUPODU×JHUoHNOHċWLUGLYHVRQXoLWDEDUL\OHċ|\OHELUJ|UQP
RUWD\Do×NW×7UNL\HGQ\DLOHHQWHJUDV\RQDoRNKD]×UELUONHKDOLQHJHOGL
%L]LP\×O×|QFHVLQGHGRĊUXGDQ\DEDQF×VHUPD\H\DW×U×P×PLO
\DU'RODU×QDOW×QGD\G×hONHHNRQRPLVLQHEDNW×Ċ×P×]]DPDQVRQGHUHFHG
ċNW%JQEDNW×Ċ×P×]]DPDQPLO\DUGRODU×QDOW×QDGċWĊ]DPDQEL]
]O\RUX]6RQ\×OGD\DNODċ×NPLO\DU'RODUGRĊUXGDQ\DEDQF×
VHUPD\H oHNHELOPLċ ELU ONH 'RĊUXGDQ \DEDQF× VHUPD\H VDGHFH ONHQLQ
|GHPHOHUGHQJHVLQLÀQDQVPDQ×QDNDWN×VDĊODG×$\U×FDWHNQRORMLWUDQVIHUOHUL
ROXċWXUGXĊXVLQHUML\OH\HQL\DS×ODU×\ODEDPEDċNDELURUWDP×GDEHUDEHULQGH
JHWLUGL %X GD NROD\ ROPDG× EX GD E|\OH GRĊUXGDQ \DEDQF× VHUPD\H JHO
GH\LQFHJHOPL\RUg]HOOLNOHPDNURG]H\GHUHJODV\RQODU×P×]×XOXVODUDUDV×
HQ L\L X\JXODPDODUD \|QHOLN DG×PODU×Q DW×OPDV× JHUHNL\RU 7UNL\H EXQODU×
\DSW×ĈċRUWDP×Q×L\LOHċWLUPHSURJUDP×Q×RUWD\DNR\GXYHoRNFLGGLELUEDċDU×
HOGHHWWL%XQXQODEHUHEDU7UNL\H·QLQG×ċWLFDUHWLGHVRQGHUHFHK×]O×DUWW×
ĈKUDFDW×P×] PLO\DU GRODUG× \×O×QGD \×O×QGD PLO\DU GRODUD
JHOGL '×ċ WLFDUHW KDFPLPL] \DNODċ×N PLO\DU GRODUD JHOGL %XQODU
WDELVDGHFHUHJODV\RQODGHĊLOD\Q×]DPDQGDGDKD|QFHGHGHĊHUOLNRQXċ
PDF×ODU×QEHOLUWWLĊLJLELJLULċLPFLWDEDQ×LOHGHLOLċNLQoRNFLGGLELUHNRQRPLN
EDċDU×JHUoHNOHċWLULOGL
$UQDYXWOXNHNRQRPLVLQHEDNW×Ċ×P×]]DPDQJ|VWHUJHOHULEL]LP
J|VWHUJHOHULQH EHQ]HU ELUD] EWoH Do×Ċ× ID]OD ELUD] G×ċ ERUFX ID]OD EXQODU
Dċ×OPD\DFDNċH\OHUGHĊLO.DUDUO×ELUGXUXċODEXQODUDċ×ODELOLUDPDHQ|QHPOL
VL$UQDYXWOXNHNRQRPLVLQLQVDĊO×NO×ROGXĊXSRWDQVL\HOOHULKDUHNHWHJHoLUPH
$UQDYXWVHUPD\HLOH\DEDQF×VHUPD\HQLQVLQHUMLROXċWXUXOPDV×LOHEHUDEHUEX
SRWDQV\HOLD\DĊDNDOG×UPDNPPNQGU
$UQDYXWOXN·XQoRNFLGGLDYDQWDMODU×YDU/RMLVWLNRODUDNoRN|QHPOLELU\HU
GLU$UQDYXWOXN·XQoRNFDQO×YHHĊLWLPOLELUELUQIV\DS×V×YDU%WQEXQODU
$UQDYXWOXN·XQE\NDYDQWDMODU×DPDEXDYDQWDMODU×HNRQRPLKD\DWDJHoLULOH
FHNYHG|QċWUHFHNELUVLQHUML\HLKWL\DF×ROGXĊXJ|UQ\RU7UNL\HRODUDN
EL] NHQGL WHFUEHPL]L |]HOOLNOH \×O×QGDQ VRQUD \DċDG×Ċ×P×] WHFUEH\L
$UQDYXWOXNLOHGLĊHUONHOHUOHGHSD\ODċ×\RUX]$UQDYXWODUD.DON×QPD%DNDQ
O×Ċ×P×]×Q\RĊXQELUGHQH\LPSD\ODċ×PSURJUDP×VUPHNWHWHNQLNKH\HWOHULPL]
JHOLSJLGL\RUODU%L]VDGHFHONHRODUDNGHĊLO$UQDYXWOXN·ODELU7UNYDWDQGDċ×
RODUDN LQVDQD EDċND ċH\OHU oDĊU×ċW×U×\RU GROD\×V×\OD NOWUHO EDĊ×P×] GD VRQ
GHUHFHJoO%XLċELUOLĊLQLQDUWPDPDV×|]HOOLNOHHNRQRPLNLċELUOLĊLQLQYHNHQ
GL GHQH\LPLPL]LQ $UQDYXWOXN·OD SD\ODċ×OPDPDV× LoLQ |QP]GH KLo ELU HQJHO
\RN%HQ|]HOOLNOHEXWLSWRSODQW×ODU×VLYLOWRSOXP|UJWOHULQVD\HVLQGHG]HQ
OHQGLĊLWRSODQW×ODU×HNRQRPLNLOLċNLOHUHoRNE\NELUNDWN×VDĊODG×Ċ×Q×VDĊOD
\DFDĊ×Q×LQDQ×\RUXP%XVLYLOWRSOXPODU×QEXċHNLOGHELUDUD\DJHOLSHNRQRPLN
LOLċNLOHULVRV\DOLOLċNLOHULNOWUHOLOLċNLOHULJHOLċWLUPHVLoRNK×]O×YHYHULPOLROX\RU
%HNOL\RUXPYHXPPX\RUXPNLEXVHPSR]\XPODEXWLSLOLċNLOHULJoOHQGLUHFH
ĊL]7UNL\H$UQDYXWOXNHNRQRPLNLOLċNLOHULDUWW×UDFDNKHULNLONHQLQGHRUWDN
LċLPNDQODU×RUWDN\DW×U×PLPNDQODU×Q\ROXQXDoDFDNELUVRQXoo×NDUWDFDĊ×QD
LQDQ×\RUXP+HSLQL]LVD\J×LOHVHODPO×\RUXPEXVHPSR]\XPXQEDċDU×O×ROPD
V×Q×GLOL\RUXP
7(%/Ĉć2785808
%DċNDQ
3URI'U6XGL$3$.
%H\NHQWhQLYHUVLWHVLgĊUHWLPh\HVL
%LULQFL2WXUXP 7UNL\H·QLQ(NRQRPLN3URÀOL
3URI'U$GHPĉ$+Ĉ1
72%%(NRQRPLYH7HNQRORMLhQLYHUVLWHVL
gĊUHWLPh\HVL
ĈNLQFL2WXUXP $UQDYXWOXN·XQ(NRQRPLN3URÀOL
0U3URI'U7HNL.857Ĉ 9LWULQDhQLYHUVLWHVLgĊUHWLPh\HVL
3URI'U6XGL$3$.
%H\NHQWhQLYHUVLWHVLgĊUHWLPh\HVL
6D\×Q%DċNDQODU
6D\×Q8.Ĉ'%DċNDQ×
6D\×Q0VWHċDU×P
'HĊHUOL.DW×O×PF×ODU
%XJQNWRSODQW×GDKHULNLONHQLQHNRQRPLNLOLċNLOHULQJHOLċPHOHULDo×V×QGDQ
QHOHU\DS×ODELOLU"EXQODU×WDUW×ċDFDĊ×]dRNHVNL\HGD\DQDQELUWDN×PWDULKVHOYH
NOWUHO \DS×ODU YDU IDNDW LOLċNLOHU LVWHQHQ G]H\GH GHĊLO %XQODU×Q JHOLċPHVL
|QHPOLEXQXQLoLQQH\DSPDO×\×]"%XQXDQODPDNLoLQLON|QFHONHOHULQSUR
ÀOLQLQ o×NDUW×OPDV× OD]×P %X SURÀOH J|UH GH QHOHU \DS×ODELOLU" RQXQ ]HULQH
LQċD HGLOPHVL OD]×P 7RSODQW×Q×Q \DUDUO× RODFDĊ×Q× PLW HGL\RUXP 7UNL\H·QLQ
HNRQRPLN SURÀOLQL VXQDFDN RODQ 72%% (NRQRPL YH 7HNQRORML hQLYHUVLWHVL
gĊUHWLPh\HVL6D\×Q3URI'U$GHPĉDKLQ%H\HIHQGL\LNRQXċPDV×Q×\DSPDN
]HUHNUV\HGDYHWHGL\RUXP
7h5.Ĉ<(·1Ĉ1
(.2120Ĉ.352)Ĉ/Ĉ
3URI'U$GHPĉ$+Ĉ1
72%%(NRQRPLYH7HNQRORMLhQLYHUVLWHVL
gĊUHWLPh\HVL
.DV×P
7LUDQ$UQDYXWOXN
%XJQVL]OHUOH7UNL\H·QLQHNRQRPLNSURILOLQLL]DKWDNXOODQ×ODELOHFHN|QHP
OLNDEXOHWWLĊLPED]×ELOJLOHULDQDEDċO×NODUKDOLQGHSD\ODċPDNLVWL\RUXP6L]OH
UHDU]HGHFHĊLPEXELOJLOHU+D]LQH0VWHċDUO×Ċ×·Q×Q(NRQRPL%DNDQO×Ċ×·Q×Q
GRĊUXGDQ\DEDQF×\D\DW×U×PODU×\|QOHQGLUPHNYHWDQ×WPDN]HUHNXUXODQ%Dċ
EDNDQO×N7UNL\H<DW×U×P'HVWHNYH7DQ×W×P$MDQV×·Q×QUHVPLYHULOHULQGHQGHUOH
QHUHNKD]×UODQP×ċW×U'HĊHUOLNDW×O×PF×ODU×P×]DU]XHWPHOHULKDOLQGHEXELOJLOHULQ
WDPDP×QDLOJLOLNXUXOXċODU×QZHEVD\IDODU×QGDQXODċDELOLUOHU
gQFHOLNOH7UNL\H·\HLOLċNLQJHQHOED]×ELOJLOHUOHEDċOD\DFDĊ×PVXQXPXP
GDV×UDV×\ODHNRQRPLNELUWDN×PYHULOHULQ\DW×U×PRUWDPׁ]HULQGHNLHWNLVLQHGH
HOHDODUDN7UNL\H·GH\DEDQF×VHUPD\H\HLOLċNLQUDNDPODUD7UNL\H·QLQVDKLS
ROGXĊXHNRQRPLNYHULOHU×ċ×Ċ×QGD\DW×U×PRUWDP×QDYH7UNL\H·QLQDYDQWDMODU×QD
GHĊLQPH\HoDO×ċDFDĊ×P
%LOLQGLĊL]HUH7UNL\HFRĊUDIL\DS×V×JHUHĊLELUoRNONH\OHNRPċXROPD
V×Q×Q \DQ× V×UD $YUXSD LOH $V\D·\× ELUELULQH EDĊOD\DQ |QHPOL ELU ONHGLU %X
GXUXPHNRQRPLNVRV\DOYHNOWUHO\DN×QO×NWDQND\QDNODQDQSHNoRNDYDQ
WDM×EHUDEHULQGHJHWLUVHGHELUoRNGH]DYDQWDMO×GXUXPXGDLoHULVLQGHEDU×QG×U
PDNWDG×U
%XOXQGXĊXGXUXPLWLEDUL\OH7UNL\H·\LHOHDOG×Ċ×P×]GDFDULIL\DWODUODGQ\D
Q×QVDW×QDOPDJFSDULWHVLQHJ|UHLVHGQ\DQ×QE\NHNRQRPLVLRO
GXĊXQXJ|UPHNWH\L]$YUXSD%LUOLĊLONHOHUL\OHN×\DVODQG×Ċ×QGDHNRQRPLNE
\NONDo×V×QGDQRODQ7UNL\H|QHPOLELUVDQD\LKDPPDGGHVLRODUDNNDEXO
HGLOHQYHED]×VDQD\LOHULQJHOLċPHVLQGH|QFRODUDNGHĊHUOHQGLULOHQoHOLNUH
WLPLQGHGQ\DGD$YUXSD·GDE\NUHWLFLGLU2WRPRELOVHNW|UDo×V×Q
GDQEDNW×Ċ×P×]GDGQ\DQ×QHQE\NRWRPRWLYUHWLFLVLGLU'LĊHU\DQGDQ
XODċ×P RUJDQL]DV\RQX GHĊHUOHQGLULOGLĊLQGH oRN K×]O× E\\HQ YH GQ\DQ×Q
\DNODċ×NQRNWDV×QDJQONXODċ×PVDĊOD\DQELUKDYD\ROXċLUNHWLQHVDKLSWLU
%LOLPYHWHNQRORMLQLQDOW\DS×V×RODUDNNDEXOHWWLĊLPL]LQWHUQHWNXOODQ×P×ELO
JLVD\DU NXOODQ×P× *60 NXOODQ×P× JLEL |OoOHUH EDNW×Ċ×P×]GD LVH \DNODċ×N PLO\RQQIXVXQXQ·QQ*60NXOODQ×F×V×ROGXĊXPHYFXWKDQHKDON×Q×Q
·VLQLQLQWHUQHWHXODċDELOGLĊLJLULċLPFLOHULQLQWHUQHWHHULċLPLPNkQ×Q×Q
ROGXĊXPDVDVWELOJLVD\DUNXOODQ×PRUDQ×Q×QWDċ×QDELOLUELOJLVD\DUNXO
ODQ×P RUDQ×Q×Q LVH ROGXĊX J|UOPHNWHGLU $\U×FD PLO\RQ NUHGL NDUW×
NXOODQ×F×V× EXOXQPDNWDG×U %XQODU EXJQQ GHĊHUOHUL Do×V×QGDQ EDN×OG×Ċ×QGD
QHNDGDUPRELOVLQL]QHNDGDUELOJL\HXODċDELOL\RUVXQX]QHNDGDUELOJL\OHKDċ×U
QHċLUVLQL]\DGDELOJL\HQHNDGDUHQWHJUHVLQL]DQODP×QGDGHĊHUOHQGLUPH\DSD
ELOPHQL]LVDĊOD\DFDN|QHPOLYHULOHUGLU
)UDQVD$%'dLQĈVSDQ\DĈWDO\D·GDQVRQUDGQ\DQ×QHQID]OD]L\DUHWHGL
OHQDOW×QFׁONHVLRODQ7UNL\H$YUXSD·Q×QYHGQ\DQ×QPHYFXWRWHOGHĊHUOHQ
GLUPHOHUL\DSDQNXUXOXċODU×QDJ|UHGQ\DQ×QL\LRWHOOHULQLQEXOXQGXĊXWXULVWLN
ELUGHVWLQDV\RQGXU
.×VDFDGHĊLQPH\HoDO×ċW×Ċ×PEXYHULOHULKDON×\ODVRV\DOHNRQRPLNJ|VWHU
JHOHULQVWDQGDUG×\ODELUONHQLQKDQJLGXUXPGDROGXĊXKDNN×QGDILNLUYHUPHVL
Do×V×QGDQVL]OHUHDU]HWWLP1HWLFHLWLEDUL\OHVXQXPXPXQEXE|OPQGH´%LU
ONHQHGLU"µVRUXVXQD7UNL\H|]HOLQGHFHYDSDUD\DUDNVL]OHUOHSD\ODċPD\D
oDO×ċW×P
<DEDQF×VHUPD\HDo×V×QGDQEDN×OG×Ċ×QGDVDEDKDo×O×ċNRQXċPDODU×HVQD
V×QGD GHĊHUOL +D]LQH 0VWHċDU×P×]×Q GD LIDGH HWWLNOHUL JLEL 7UNL\H \×OO×N PLO\DUGRODUFLYDU×QGDGRĊUXGDQ\DEDQF×VHUPD\HJLULċLQL\DNDOD\DELOPLċELU
ONHGLU 'DKD |QFHNL \×OODUGD RUWDODPDV× VRQ GHUHFHGH GċN LNHQ DUW×N PLO\DUGRODU×QDOW×QDGċWĊQGH6D\×Q0VWHċDU×P×]×QLIDGHVL\OH]OGĊ
P]YH\DDFDEDJYHQLUOLĊLPL]GHELUVDUV×OPDP×YDUELUHNVLĊLPL]PLYDUGL\H
NHQGLPL]LJ|]GHQJHoLUGLĊLPL]ELUGXUXPGD\×]%XKXVXVXQ7UNL\H·QLQHNR
QRPLNSHUIRUPDQV×Do×V×QGDQGDVRQGHUHFH|QHPOLROGXĊXQXGċQ\RUXP
'RĊUXGDQ\DEDQF×VHUPD\HJLULċLQLQGDĊ×O×P×QDEDNW×Ċ×P×]GDLVWHUN×VDYDGH
GHLVWHUX]XQYDGHGHLVWHUGRĊUXGDQ\DW×U×PYH\DSRUWI|\\DW×U×P×ROVXQHQ
VRQJHOGLĊLPL]QRNWDLWLEDUL\OHDUW×NNHQGLLoLQGHELUGHQJH\HRWXUGXĊXQXYH
NHQGLQHKDVELUNRPSR]LV\RQROXċWXUPD\DEDċODG×Ċ×Q×J|UPHNWH\L]
dRNXOXVOXċLUNHWOHULQE|OJHVHOLċPHUNH]LROXċWXUPDQRNWDV×QGDNLHĊLOLPOH
UL7UNL\H·GHNL\DEDQF×VHUPD\HOLċLUNHWVD\×V×Q×DUW×UPDNWDGQ\DQ×QVD\×O×YH
ELOLQHQPDUNDODU×|QFHOLNOLROPDN]HUHoRNXOXVOXċLUNHWOHU2UWDGRĊX*QH\
$IULND'RĊX$YUXSDJLEL\DQL7UNL\H·QLQPHUNH]ROGXĊXE|OJHOHUGHRSHUDV
\RQ PHUNH]L RODUDN 7UNL\H·\L VHoPHNWHGLUOHU $\U×FD \DEDQF× \DW×U×PF×ODU×Q
HNRQRPL\HJYHQOHULDUWP×ċV×UDODPDODU×QGDEXJYHQ
V×UDGDQV×UD\D\NVHOPLċWLU%XYHULOHUSDUDOHOLQGH7UNL\H·QLQK×]O×\DW×U×P
\DSDQGRĊUXGDQ\DW×U×PPLNWDU×ROGXNoD\NVHNVHYL\HGHRODQONHOHUDUDV×Q
GDLONLoHULVLQGH\HUDODQELUONHROGXĊXQXV|\OHPHPL]PPNQGU
<DEDQF× \DW×U×PF× Do×V×QGDQ FD]LS RODQ 7UNL\H·QLQ *D\UL 6DIL <XUW ĈoL
+DV×ODV·× *6<+ \×O×QGDQ LWLEDUHQ GHĊLċLN RUDQODUGD ROPDNOD EHUDEHU
\×O×QDNDGDUVUHNOLE\\HQELU\DS×VHUJLOHPHNWHGLUG|QH
PLQGHE\PHJLEL\NVHNELURUDQDXODċ×UNHQG|QHPLQGH
\DċDQDQHNRQRPLNNUL]QHGHQL\OHGQ\DGD\DċDQDQ\DYDċODPD\DUDĊPHQRU
WDODPD FLYDU×QGD E\PH ND\GHGLOPLċWLU \×OODU× LoLQ GH
RUWDODPD·OLNE\PHKHGHÁHQPHNWHGLU
(NRQRPLQLQNDUċ×ODċW×UPDO×SHUIRUPDQV×QDEDNW×Ċ×P×]GDLVHG|
QHPLRUWDODPD\×OO×NUHHO*6<+E\PHVLDo×V×QGDQ7UNL\H·QLQVDKLSROGXĊX
·OLNRUDQ×Q×Q NDUċ×ODċW×UPD\DS×ODQGLĊHUONHOHULQWDPDP×QGDQ\NVHNRO
GXĊXJ|UOPHNWHGLU0LNWDURODUDN\LQHNHQGLJUXEXQGDNLONHOHUOHNDUċ×ODċW×
U×OG×Ċ×QGD*6<+·V×FLGGLE\NOĊHVDKLSELUONHGLUdH\UHNED]O×PHYVLPOLN
E\PHDo×V×QGDQGD$YUXSDONHOHULLoHULVLQGHHQK×]O×E\\HQHNRQRPLGLU
$\U×FDNUHVHONUL]LVRQUDV×QGDQHQoDEXNWRSDUODQPD\DEDċOD\DQ
ONHOHUGHQELULVLGLU2UWDODPD\×OO×NUHHOE\PHDo×V×QGDQ%UH]LO\D5XV\D3R
ORQ\DJLELONHOHUGHQGDKDL\LGXUXPGDRODQ7UNL\H·OLNRUDQ×\ODdLQ
+LQGLVWDQYH(QGRQH]\D·GDQVRQUDJHOPHNWHGLU%XKDOL\OHGQ\DQ×QGLQDPLN
HNRQRPLOHULQHJ|UHJD\HWL\LNRQXPGDRODQELUONHGLU
.LċLEDċ×QDGċHQJHOLULGRODUFLYDU×QGDRODQ7UNL\H·QLQ.LċL%Dċ×
QD'ċHQ*6<+LoLQEHOLUOHPLċROGXĊXKHGHÁHULKHUONHGHROGXĊXJLELGQ\D
HNRQRPLNE\PHVLQLQ\DYDċODQG×Ċ×ELUG|QHPL\DQV×WPDNWDG×U%XQHGHQOH
KHGHIEHOLUOHQLUNHQD\Q×VHYL\HGHPXKDID]DV×YHELUPLNWDUDUW×U×OPDV×|QJ|
UOPċWU7UNL\H·QLQJHOHFHNYL]\RQXLOH|UWċWUOGĊQGHLVHELQ
GRODUVHYL\HVLQGHNLJHOLULQELQGRODUJLEL\NVHNELUJHOLUVHYL\HVLQHo×NDU×O
PDV×KHGHIL|QJ|UOPċWU%HOLUOHQHQEXKHGHILoLQEWQHNRQRPLNSHUIRU
PDQV×Q YH JLULċLPFLOLN NDELOL\HWLQLQ NXOODQ×OPDV× JHUHNPHNWHGLU %XUDGD EHONL
ELUċH\HGLNNDWHWPHNJHUHNL\RU$UWDQELUQIXVYDUYHEXDUWDQQIXVDNDUċ×
\RNVXOOXĊXKLVVHWPHPHQL]YH\D\RNVXOOXNRUDQ×Q×GċUPHQL]LFDSHGL\RU%X
oHUoHYHGHJQONJHOLULGRODU×QDOW×QGDRODQODU×Q\]GHOLNGDĊ×O×P×Q×\×OODU
LWLEDUL\OHLQFHOHGLĊLPL]GH\×O×QGD\×O×QDJ|UHFLGGLELUGċċROGXĊX
J|UOPHNWHGLU
$\U×FDDO×ċYHULċPHUNH]OHULQLQVD\×V×WNHWLFLNUHGLVLPLNWDU×PRWRUOXWDċ×W
VDW×ċ×YEYHULOHUGHĊHUOHQGLULOGLĊLQGH7UNL\H·GH\HQLELURUWDV×Q×IROXċWXUXO
PDNWD ROGXĊXQX V|\OH\HELOLUL] %X RUWD V×Q×I×Q JHOLUL YH |]HO KDUFDPDODU× GD
GRODUFLYDUODU×QD\NVHOPLċGXUXPGDG×UG|QHPLQGHNL
\×OO×NKDQHJHOLULQGHNLUHHODUW×ċDEDNW×Ċ×P×]GDHQGċNJHOLUJUXEXDUW×ċ×Q×Q
FLYDUODU×QGDROGXĊXQXJ|UPHNWH\L]%XUDGDQWDOHELQVDW×QDOPDJF\H
WHUVL]WDOHELJoOYHFDQO×ROPD\DQELUONHGH\VHQL]E\PHQLQELUDQODP×
ROPDG×Ċ×JLELDU]×QGDELUDQODPGDNDUċ×O×Ċ×Q×QROPDG×Ċ×VRQXFXQDYDUDELOLUL]
%X GD ONH HNRQRPLVLQLQ GHĊHUOHQGLULOPHVL Do×V×QGDQ |QHPOL ELU YHUL GXUX
PXQGDG×U
+DQHKDON×EDċ×QDGċHQERUoRUDQODU×QDEDNW×Ċ×P×]GDLVH7UNL\H$YUXSD
%LUOLĊLYH$PHULNDRUWDODPDODU×Q×QoRNDOW×QGDG×U7UNL\HNUL]LQGHQ
VRQUDELUPDOLGLVLSOLQSURJUDP×X\JXODP×ċW×U%XG|QHPOHUGH|]HOOLNOHFDULDo×N
YHERUFDNDUċ×oRNFLGGLGX\DUO×Ċ×RODQHNRQRPLOHULQERUoODQPDPLNWDU×LOHLOJLOL
GLVLSOLQLEHOOLELUQRNWDGDEXOXQGXUPDODU×JHUHNL\RUGXNLEXoRĊX]DPDQDF×ELU
UHoHWHRODUDNWRSOXPXQJQGHPLQHJHOHQELUNRQXGXU7UNL\HEXNRQXGDNL
WHGELUOHULQLQEDċDU×V×Q×YH\DVRQXFXQXEXRUDQODRUWD\DNR\PXċWXU
$%WDUDI×QGDQEHOLUOHQHQPHUNH]LKNPHWLQEUWERUoPLNWDU×Q×Q*6<+·\H
RUDQ×FLQVLQGHQEDNW×Ċ×P×]GD7UNL\H·GHEXRUDQ×Q·ODUVHYL\HVLQHGċ
PċROGXĊXJ|UOPHNWHGLU$\U×FDNDUċ×ODċPDO×JHQHO\|QHWLPERUoVWRNXDo×
V×QGDQGD7UNL\HERUoVWRNX0DDVWULFKNULWHUOHULQLQDOW×QGDG×U%D]×UDNDPODU×
$%WDQ×PO×YHUPH\HoDO×ċ×\RUXPoQNEL]LPUHVPLLVWDWLVWLNOHULPL]GHGHEX
ċHNLOGHYHULOPH\HoDO×ċ×O×\RU$%LOHP]DNHUHVUHFLQGHRODQYH$%LOHLOLċNLOH
ULQLUHIHUDQVRODUDNNDEXOHGHQELUONHROGXĊXPX]LoLQEXHOGHHWWLĊLPL]ED
ċDU×Q×QYH\DHNRQRPLNRODUDNLIDGHHWPH\HoDO×ċW×Ċ×PEXJ|VWHUJHOHULQJHUHN
0DDVWULFKNULWHUOHULJHUHNVH$%Do×V×QGDQQHUHGHROGXĊXQXGDYXUJXODPDNWD
ID\GDYDUG×U0HUNH]LKNPHWLQEWoHGHQJHVLQH0DDVWULFKNULWHUOHULDo×V×Q
GDQEDNW×Ċ×P×]GDRUDQ×Q×QNDEXOHGLOHELOLUYH\DJHQHONDEXOJ|UPċRO
GXĊXDQFDN7UNL\H·QLQLVHGL\HELUSHUIRUPDQVJ|VWHUGLĊLQLJ|U\RUX]
'LĊHU\DQGDQ7UNL\H·QLQ\×OODUFDPFDGHOHHWWLĊLHNRQRPLNVRUXQODU×QGDQ
ELULRODQHQÁDV\RQJHOLċPHNWHRODQONHOHULQHQ|QHPOLVRUXQODU×QGDQELULVLGLU
G|QHPLQGH G|QHPLQGH ·OLN RUDQODU×QD
GLNNDWHGHFHNROXUVDQ×]EXJQJHOLQHQWHNKDQHOLUDNDPODU×Q\DQLYH
EXQXQDOW×QGDJHUoHNOHċHQUDNDPODU×QFLGGLELUHNRQRPLNSURJUDPVRQXFXQ
GDROGXĊXJ|UOHFHNWLU$\Q×ċHNLOGHGHYDPHGHQELUVHULRODUDNGċQUVHN
HQÁDV\RQKHGHILQLQGHYH\DDOW×QGDELUUDNDPROPDV×|QJ|UOPHN
WHGLU7UNL\HGQ\DHQÁDV\RQV×UDODPDV×QGD·GHUHNRUVD\×ODELOHFHNELU
V×UDGD V×UD LNHQ \×O×QGD V×UD\D JHOPLċ GXUXPGDG×U (OGH HGLOHQ
SHUIRUPDQV×QNDUċ×O×Ċ×EXUDGDNLV×UDODPD\DGD\DQV×P×ċGXUXPGDG×U
7UNL\H·QLQGXUXPXQDJHQLċHNRQRPLNV×Q×ÁDPDLOHEDNW×Ċ×P×]]DPDQ\DN
ODċ×N PLO\DU GRODU FLYDU×QGD LWKDODW× PLO\DU GRODU FLYDU×QGD LKUDFDW×
RODQ ELU ONH ROGXĊXQX J|UPHNWH\L] '×ċ WLFDUHW GHQJHVL Do×N YHUHQ ELU ONH
RODUDN\DW×U×PYHDUDPDOODU×JUXEXQGDKHPLKUDFDW×KHPGHLWKDODW×ID]ODG×U
g]HOOLNOHJHOLċPHNWHRODQYHVDQD\LPDPXOOHULLKUDFDW×\DSPD\×KHGHÁH\HQO
NHOHUDo×V×QGDQDUDPDOODU×Q×QJHUHNLWKDODWJHUHNVHLKUDFDWRUDQODU×Q×Q\NVHN
ROPDV×|QHPOLELUJ|VWHUJHRODUDNNDEXOHGLOPHNWHGLUPLO\DUGRODUO×N
LKUDFDW×Q×QUQYHSD]DUoHċLWOLĊLQHEDNW×Ċ×P×]GDYHELU|QFHNLYL]\RQXPX]OD
ELUOHċWLUGLĊLPL]GH7UNL\H·QLQHNRQRPLNSRWDQVL\HOLQLQoRNGDKD\XNDU×ODUGD
ROGXĊXQXNDEXOHGL\RUX]%XLKUDFDWSRWDQVL\HOLLoHULVLQGH$%·QLQSD\×D]DO
P×ċROXS7UNL\HDo×V×QGDQD]DOPD\×LNLWUOGHĊHUOHQGLUPHNPPNQGU
7UNL\HHNRQRPLVLPDOODU×QVHUEHVWGRODċ×P×Q×VWDQGDUGDEDĊODP×ċYH
$YUXSD%LUOLĊLJLELJHOLċPLċELUHNRQRPLNSD]DUDRUDQ×QGDLKUDFDW
\DSDELOLUGXUXPGDG×U
$% SD]DU× KHUKDQJL ELU NUL]OH NDUċ×ODċW×Ċ× ]DPDQ 7UNL\H \HQL SD]DUODU
EXOXS\LQHLKUDFDW×Q×DUW×UPD\DGHYDPHGHELOPHNWHGLU
ĈKUDFDW×LOHULWHNQRORMLJHUHNWLUHQUQOHUDo×V×QGDQGHĊHUOHQGLUGLĊLPL]GHELU
LQGHNVNDUċ×P×]Do×NPDNWDG×U%XLQGHNVLOHĈVYLoUH·QLQELOJLYHWHNQRORMLĊL\R
ĊXQVRILVWLNHUQOHUGHGQ\DOLGHULROGXĊX1LMHU\D·Q×QLVHVRQXQFXROGXĊX
NDEXOHGLOPHNWHGLU7UNL\HLQGHNVV×UDODPDV×QGDROXS5XV\DYH+LQGLV
WDQJLELLNL|QHPOLUDNLELYDUG×U'ROD\×V×\OD7UNL\HELOJLYHWHNQRORMLĊL\RĊXQ
VRILVWLNHUQOHULLKUDFDWHGLOHFHNNDELOL\HWWHELUUHWLP\DS×V×QDVDKLSWLU
7UNL\H·QLQG|QHPLQGH$5*(SD]DU×QGDNLGXUXPDEDNW×Ċ×P×]
GD$5*(SHUVRQHOLVD\×V×Q×QELQ·GHQELQHELOLPVHO\D\×QVD\×V×Q×Q
ELQ·GHQELQH$5*(KDUFDPDODU×Q×QPLO\DUGDQPLO\DUGRODUDDUDċW×U
PDF×VD\×V×Q×QELQGHQELQHSDWHQWEDċYXUXVXQXQ·WHQ·D\NVHO
GLĊLJ|UOPHNWHGLU$5*(·QLQ*6<+LoHULVLQGHNLSD\×Do×V×QGDQ$%·FHNDEXO
HGLOHQYH7UNL\H·QLQGHUHIHUDQVRODUDNNDEXOHWWLĊL/L]ERQNULWHULEXOXQPDN
WDG×U$5*(UDNDPODU×QDEDN×OG×Ċ×QGD7UNL\HEXNULWHUL\DNDODP×ċGXUXPGDG×U
7UNL\HHQHUMLDODQ×QGDLVH|QHPOLELUHQHUMLVVRODUDNNDUċ×P×]Do×NPDN
WDG×U+HPUHWLFLKHPWNHWLFLNRQXPXQGDROPDNODELUOLNWHEXUDGDHVDVYXU
JXODQPDV×JHUHNHQKXVXVKDPSHWUROYHGRĊDOJD]×SD]DUDDU]HGHQOHUOHWDOHS
HGHQOHUDUDV×QGDELUJHoLċQRNWDV×QGDEXOXQGXĊXGXU%XNRQXPXLOHGHYDP
HGHQ\DW×U×PODU×QDEDNW×Ċ×P×]]DPDQ7UNL\H|QHPOLELUDYDQWDMVDĊODQP×ċGX
UXPGDG×U%XNDSVDPGD1DEXFFRYH7DQDSJLELE\NSURMHOHU\UWOPHNWH
GLU$\U×FDN×VD]DPDQGDELWLULOPHVLKHGHÁHQHQQNOHHUVDQWUDOSURMHVLEXOXQ
PDNWDG×U%XQNOHHUVDQWUDOLVDGHFHHQHUMLDU]×Q×JoOHQGLUPHNDQODP×QGDELU
\DW×U×PJLELJ|UPHPHNEXQXQ\DQ×V×UDQNOHHUWHNQRORML\HVDKLSELUONHROPD
DYDQWDM×Q×GDELUOHċWLULOHUHNGHĊHUOHQGLUPHNWHID\GDROGXĊXQXGċQ\RUXP
'HPRJUDILN GXUXP Do×V×QGDQ GQ\D QIXV V×UDODPDV×QGD ONH RODQ
7UNL\H·QLQQIXVXQXQ\DU×V×\Dċ×QDOW×QGDROXS$YUXSD·Q×QHQJHQoONHVL
GLU*HOHFHĊLQWDOHSWDKPLQOHQPHVLYHHNRQRPLNPRGHOOHULQLQROXċWXUXOPDV×Q
GDGHPRJUDILNDYDQWDM|QHPOLELUXQVXUGXU%XQIXV\DS×V×\OD7UNL\H
\×O×QGD GD |QHPOL ELU HNRQRPLN VWQOĊH VDKLS RODFDNW×U $\U×FD \×O×
QIXVXQGD\DċJUXEXQXQ·O×NELUSD\DVDKLSRODFDĊ×WDKPLQ
HGLOPHNWHGLU%XGHPRJUDILNWUHQGLQGHYDP×QGD$YUXSDLOH7UNL\H·QLQQIXV
\DS×V×NDUċ×ODċW×U×OG×Ċ×QGD7UNL\H·QLQDYDQWDMO×RODFDĊ×Q×J|UPHNWH\L]
1LWHOLNOL LċJF Do×V×QGDQ 7UNL\H 3RORQ\D 0DFDULVWDQ 5RPDQ\D dLQ
%XOJDULVWDQ JLEL ONHOHUOH NDUċ×ODċW×U×OG×Ċ×QGD JHUHN LċJF JHUHN VW G]H\
\|QHWLFLJHUHNVHWHNQLNPKHQGLVOHUEDN×P×QGDQFLGGLELUVWQOĊHVDKLSWLU
(NRQRPLNLċJFQQYHULPOLOLĊLDo×V×QGDQYHLċJFQQPDOL\HWLQRNWDV×QGD
EDNW×Ċ×P×]GD 7UNL\H·\L GQ\DQ×Q UHWLP VV RODQ UHNDEHWoL HNRQRPLOHUOH
J|UH GDKD DYDQWDMO× ELU ONH RODUDN GHĊHUOHQGLUHELOLUL] 7UNL\H ·QLQ ED
ċ×QGDYH·GH\DċDG×Ċ×HNRQRPLNNUL]OHUYH\NVHNQIXVDUW×ċ×QDUDĊPHQ
E\PHRUDQ×\ODELUOLNWHLVWLKGDP×DUW×UDQELUHNRQRPL\HVDKLSWLUĈVWLKGDP×Q
VHNW|UHO GDĊ×O×P×QGD GD ROXPOX ELU \DS× VHUJLOHPHNWHGLU ĈVWLKGDP×Q VHNW|UHO
GDĊ×O×P×YH\×OODU×NDUċ×ODċW×U×ODUDN\DS×ODQGHĊHUOHQGLUPHGHKL]PHW
OHUVHNW|UQQ·GHQ·D\NVHOGLĊLWDU×PVHNW|UQQ·GHQ·H
JHULOHGLĊLVDQD\LVHNW|UQQLVH·OXNRUDQ×QGDGHĊLċLNOLNROPDG×Ċ×J|UO
PHNWHGLU%XGXUXPJHOLċPLċHNRQRPLOHULQLVWLKGDPSURILOLDo×V×QGDQ|QHPOL
ELURUDQG×UĈċVL]OLNDo×V×QGDQLVH\×O×QGDJ|UOHQ·OLNRUDQ\NVHN
ELURUDQG×U$QFDNEX\NVHNUDNDPODU×QHNRQRPLQNHQGLE\PHVLLoHULVLQ
GH GHQJHOHQHELOHFHĊLQL YH |]HOOLNOH JLULċLPFLOLĊLQ LċVL]OLNOH PFDGHOHGH oRN
|QHPOLELUIDNW|UROGXĊXQXGċQ\RUXP
7UNL\HEXDQODPGDGHĊHUOHQGLULOGLĊLQGHċLUNHWNXUDELOPHNLoLQJHUHNOL]D
PDQROGXNoDN×VDG×U'LĊHUUDNLSOHUHEDNW×Ċ×P×]]DPDQLċNXUXOPDV×LoLQJHUHNOL
VUHLODJQDUDV×QGDGHĊLċLUNHQ7UNL\H·GHLċNXUDELOPHVUHVLJQ
GU%XJLULċLPFLOHULQNROD\LċOHWPHNXUPDV×DQODP×QDGDJHOPHNWHGLU
*OREDOUHNDEHWLQGHNVLND]DQoO×VRQXoODUYHDUWDQUHNDEHWoHUoHYHVLQGH
\DS×VDOUHIRUPODUDo×V×QGDQEDNW×Ċ×P×]GD7UNL\H·QLQ\×O×QDJ|UHV×UD
\NVHOHUHN\×O×QGDV×UD\DJHOGLĊLQLJ|UPHNWH\L]$\U×FD7UNL\HXOXV
ODUDUDV×NUHGLGHUHFHOHQGLUPHOHULQGHGHVWVHYL\HOHUHJHOPLċWLU
$YDQWDMODU×\OD7UNL\H·\LJHQHORODUDNGHĊHUOHQGLUGLĊLPL]GH7UNL\H·QLQE
\\HQELUHNRQRPLVLYDUG×U\×O×QDNDGDU7UNL\H·QLQGQ\DQ×QHQJoO
$YUXSD·Q×QHQJoOHNRQRPLVLRODFDĊ×|QJ|UOPHNWHGLU\×OLoLQGHGQ\D
Q×Q$YUXSD·Q×QLPDODWPHUNH]LRODFDĊ×Q×WDKPLQHGL\RUX]ĉXDQGDV×
UDGDROPDV×GDUHWNHQNDELOL\HWDo×V×QGDQ|QHPOLELUJ|VWHUJHGLU7UNL\H·QLQ
JHOHFHNWH XOXVODUDUDV× SD]DUODUD GDKD K×]O× HQWHJUH RODELOPHVL LoLQ WHNQRORML
\RĊXQYHHQ\HQLWHNQRORML\LNXOODQDQRWRPRWLYILQDQVXODċ×PJD\ULPHQNXO
HQHUMLELOLċLPWHNQRORMLOHULJLELVHNW|UOHUHDĊ×UO×NYHUPHVLJHUHNPHNWHGLU
7UNL\HWPEXJHOLċPHOHUL\DċDUNHQ|QHPOL\DS×VDOUHIRUPODUJHUoHNOHċWLU
PLċWLU'ROD\×V×\OD$UQDYXWOXN7UNL\HLOLċNLOHULDo×V×QGDQEHONLHQID]ODSD\ODċ×
ODFDNGHQH\LPGHEXNRQXGDRODFDNW×U%XQODU×QWDPDP×Q×ċXċHNLOGHGċQ
PHPL]OD]×P1LoLQ"7UNL\H·\LGDKDL\LELU\DW×U×PRUWDP×QDJHWLUPHNLoLQ1L
oLQ"*LULċLPFLOHULQ|QQGHNLHQJHOOHULNDOG×UPDNLoLQ1LoLQ"%LUWDN×PELOJLOHUH
ILQDQVPDQDWHNQRORML\HGLĊHUGHĊHUOHUHYHYHULOHUHXODċPD\×NROD\ODċW×UPDN
LoLQ(ĊHU\DS×VDORODUDNEXQODU\DS×O×UVDUHIRUPODU×QJHUoHNOHċWLULOGLĊLHNRQR
PL\LELUVLVWHPRODUDNGQ\D\DVXQPXċROX\RUVXQX]
7UNL\H \DS×VDO UHIRUPODU× JHUoHNOHċWLULUNHQ KLo WDYL] YHUPHGHQ oRN NDW×
SURJUDPODUX\JXOD\DUDNEXQODU×QVRV\DOVL\DVLYHoRĊX]DPDQHNRQRPLNVR
QXoODU×QDNDWODQPDNDG×QDFLGGLUHIRUPODU\DSDQELUONHGLU<DS×VDOUHIRUP
ODUNRQXVXQGDNDPXODċW×UPD\DNDUċ×NRUXPDWUDQVIHUJDUDQWLVLJD\ULPHQNXO
HULċLPL \DW×U×P |]JUOĊ XOXVDO PXDPHOH YH NXUXPODU YHUJLVL JLEL VHUPD
\H\H \|QHOLN ELU WDN×P \HQL UHIRUPODU \DSDFDN HNRQRPLQLQ GLĊHU DODQODU×QD
LOLċNLQUHIRUPODU×GD\DSPD\DGHYDPHGHFHNWLU%XċHNLOGHWDOHSHGHQOHULOHDU]
HGHQOHUDUDV×QGDNLDO×ċYHULċNROD\\DS×ODELOLUKDOHJHOHFHNWLU
7UNL\HEXNRQXGD\HQLELU7UN7LFDUHW.DQXQXRUWD\DNR\PXċWXU7LFDUHW
.DQXQXNXUXPVDOODċW×UPD\×\DW×U×PYHLċRUWDP×QGDNLJHOLċPHOHULNXUXPVDO
\|QHWLPSUHQVLSOHULQLGLNNDWHDODFDNċHNLOGH\DS×ODQG]HQOHPHOHUOH\DVDOROD
UDNLċGQ\DV×Q×QNXOODQ×P×QDVXQXOPXċWXU
$\U×FDGLĊHUELUG]HQOHPHXQVXUXRODUDN7UNL\H·QLQ\DW×U×PODU×Q×Q\|Q
OHQGLULOPHVLYHWHċYLNLLOHLOJLOL\HQLELUWHċYLNVLVWHPLNXOODQ×OPD\DEDċODQP×ċW×U
6LVWHPLQDQDEDċO×NODU×*HQHO%|OJHVHO%\NgOoHNOL<DW×U×PODUYH6WUDWHMLN
<DW×U×PODU×Q WHċYLNL RODUDN NDUċ×P×]D o×NPDNWDG×U 'HWD\ODU×QD ID]OD JLUPHGHQ
ċXQODU×V|\OHPHNLVWL\RUXP%XWHċYLNVLVWHPL\OH7UNL\HDOW×E|OJH\HD\U×OPDN
WDYHEXDOW×E|OJHQLQJHOLċPLċOLNIDNW|UOHULGLNNDWHDO×QDUDNJHQHOE|OJHVHOYH
GLĊHUX\JXODPDODUVXQXOPDNWDG×U7UNL\H·QLQ\DSW×Ċ×J]HOLċOHULQGHQELULVLGH
\DW×U×PSURPRV\RQXNRQXVXQGD\DEDQF×\DW×U×PF×\DUHKEHUOLNHGHFHNWDQ×W×P
\DSDFDNEURNUDWLNHQJHOOHULQLELUDQODPGDo|]HFHNYHEXLċOHULWHNELUQRNWD
GDQ\DSDFDN<DW×U×P'HVWHNYH7DQ×W×P$MDQV×Q×NXUPDV×G×U<DW×U×P'HVWHNYH
7DQ×W×P$MDQV×oRNN×VDVUHGHoRNK×]O×PHVDIHNDWHGHQELUDMDQVW×U%XQODU×Q
VRQXFXQGD\DċDQDQEDċDU×7UNL\H·QLQHNRQRPLNSHUIRUPDQV×QD\DQV×P×ċW×U
7UNL\H GQ\DQ×Q HQ OLEHUDO WLFDUHW SROLWLNDV×QD VDKLS RODQ LON ONHVL
DUDV×QGDG×U %XOXQGXĊX NRQXP LWLEDUL\OH $YUXSD·\D 5XV\D·\D 2UWD YH .X
]H\$IULND·\D2UWD$V\D·\D.DINDV\D·\DEHOOLELUWLFDUHWKDFPLQLQLoHULVLQGH
HQWHJUHROPXċELUONHGXUXPXQGDG×U%HOOLELUQIXVDXODċDELOLUG]H\GHYH
EHOOLWLFDUHWDQODċPDODU×\ODHQWHJUHGXUXPGDG×U6HUEHVW7LFDUHW$QODċPDODU×
QD EDNW×Ċ×P×]GD $UQDYXWOXN·XQ GD LoLQGH ROGXĊX ONH LOH 6HUEHVW 7LFDUHW
$QODċPDV× YDUG×U $UQDYXWOXN LOH RODQ DQODċPD \×O×QGD LP]DODQP×ċW×U YH
DQODċPDJHUHĊL\DS×OPDV×JHUHNHQVUHoVRQODQG×U×OP×ċW×U
7UNL\H$UQDYXWOXNG×ċWLFDUHWLNOWUHO\DN×QO×NNDUGHċOLNGDKLOELUoRNED
Ċ×P×]×Q YDUO×Ċ×QD UDĊPHQ EHNOHQHQ VHYL\HGH GHĊLOGLU 2ODELOPHVL LoLQ EX WU
WRSODQW×ODU×Q NDWN×ODU×\OD LOLċNLOHUL GDKD L\L GHĊHUOHQGLUPHN JHUHNPHNWHGLU ĈNLOL
WLFDUHW \DS×V× Do×V×QGDQ LKUDFDWWD NRQIHNVL\RQ YH WHNVWLO |Q SODQD o×NDUNHQ
LWKDODWWDIDUNO×DĊ×UO×NWDELU\DS×|QSODQDo×NPDNWDG×UĈNLONHDUDV×QGD\DS×O
PDNWDRODQWLFDUHWLQJHOLċWLULOPHVLLOH]DWHQYDURODQPHYFXWNDUGHċOLNLOLċNLOHUL
PL]LQGDKDGDSHNLċPHVLVDĊODQDFDNW×U
$QDEDċO×NODUOD7UNL\H·QLQHNRQRPLNSURILOLLOHED]×UDNDPODU×VL]OHUOHSD\
ODċPD\DoDO×ċW×P%HQLGLQOHGLĊLQL]LoLQWHċHNNUHGL\RUXP
6¯4-ć;'ŏ0ć0
'-101/ć-241(ć.ć
2TQH&T#FGOĨCJKP
72%%(7hg÷UHWLPh\HVL
.DVÕP
$UQDYXWOXN
'U$ù$+ø1
%XVXQXP
¾ 7UNL\H <DWÕUÕP 'HVWHN YH 7DQÕWÕP $MDQVÕ 7<'7$
WDUDIÕQGDQKD]ÕUODQDQ©7UNL\H¶GH<DWÕUÕP2UWDPÕª
¾ 7& +D]LQH 0VWHúDUOÕ÷Õ WDUDIÕQGDQ KD]ÕUODQDQ ©7UNL\H
(NRQRPLVL(NLPªYH
¾ 7&(NRQRPL%DNDQOÕ÷ÕWDUDIÕQGDQKD]ÕUODQDQ©(NRQRPLN
*|UQP(NLPª
VXQXPODUÕYHULOHULQHJ|UHKD]ÕUODQPÕúWÕU
'U$ù$+ø1
681803/$1,
¾ )'0'.$ć.)ć.'4
¾ 6¯4-ć;'ŏ&';#$#0%+5'4/#;'
¾ 6¯4-ć;'ŏ;''-101/ć-$#-+Ĩ8';#6+4+/
257$0,
¾ #8#06#,.#4+;.#6¯4-ć;'
'U$ù$+ø1
*HQHO%LOJLOHU
'U$ù$+ø1
6×TMK[GŏPKP-QPWOW
;×\ÑNÁ×O×
DCMÆOÆPFCP
F×P[CFCŏGLU
DKPMOw
'U$ù$+ø1
&×P[CPÆP5)2ŏ[GIÑTG&DUL)L\DWODUODD×[×M
HNRQRPLVLGLU
(NRQRPLNRODUDN$%¯NMGNGTKLOHMÆ[CUNCPFÆþÆPFCŏFÆT
,0)
6×TMK[GF×P[CPÆPYH#$ŏPKPHQD×[×MÁGNKM
×TGVKEKUK×NMGUKMQPWOWPFCFÆTZRUOGVWHHO
6×TMK[GF×P[CPÆPGPD×[×MQVQOQVKX×TGVKEKUKFKT
2,&$
)×PG[#XTWRCŏPÆPGPK[KJCXCCNCPÆ
#VCV×TMXG#XTWRCŏPÆP
GPJÆ\NÆD×[×[GPJCXC[QNWĩKTMGVKPG
6*;UCJKRVKT
OGXEWVRNCPNCPCP7NWUNCTCTCUÆ$CþNCPVÆPQMVCUÆXCTFÆT
'U$ù$+ø1
¾ PLO\RQ*60NXOODQÕFÕVÕ
¾ øQWHUQHWHHULúLPLPNDQÕRODQJCPGQTCPÆ
¾ øQWHUQHWHGTKĩKOKOMCPÆQNCPIKTKĩKONGT
¾ +DQHOHUGHOCUC×UV×DKNIKUC[CTDWNWPOCQTCPÆ
¾ +DQHOHUGHWDúÕPCDKNKTDKNIKUC[CTDWNWPOCQTCPÆ
¾ PLO\RQNUHGLNDUWÕMWNNCPÆEÆUÆ
'U$ù$+ø1
7UNL\HGQ\DQÕQHQID]OD]L\DUHWHGLOHQ
ONHVLGLU
8OXVODUDUDVÕ7XULVW
6D\ÕVÕ
&RXQWU\
PLO\RQ
)UDQVD
$%'
dLQ
øVSDQ\D
øWDO\D
6×TMK[G
$OPDQ\D
%LUOHúLN
.UDOOÕN
5XV\D
0DOH]\D
'Q\DQÕQHQL\LRWHOLQLQ¶VL7UNL\H¶GH
EXOXQPDNWDGÕU78,+ROO\
6RXUFH81:72
'U$ù$+ø1
6×TMK[GŏFG
;CDCPEÆ5GTOC[G
'U$ù$+ø1
&QþTWFCP;CDCPEÆ5GTOC[G)KTKĩK
0LO\DU'RODU
&QþTWFCP;CDCPEÆ
;CVÆTÆONCTÆP)KTKĩKPFG*Æ\NÆ
#TVÆĩ
¾ 2UWDODPD 0LO\DU'RODULNHQ
¾ 1TVCNCOCUÆ
0LO\DU&QNCTFÆT
'U$ù$+ø1
&QþTWFCP;CDCPEÆ5GTOC[G
)KTKĩKPKP&CþÆNÆOÆ
0LO\DU'RODU
'U$ù$+ø1
šQM7NWUNWĨKTMGVNGTKP
šĨ
$ÑNIGUGN/GTMG\NGTKPKPćĩ
6HUPD\HVL
šQM7NWUNWĨKTMGVNGT
;CDCPEÆ5GTOC[GNKĨKTMGV
5C[ÆUÆ
Ŏ
&RFD&ROD
*(+HDOWKFDUH
0LFURVRIW
,QWHO
8QLOHYHU
9HULIRQH
6×TMK[GŏFGP
;ÑPGVKNGP¯NMG
5C[ÆUÆ
*OD[R6PLWK.OLQH
%6+
6FKQHLGHU(OHFWULF
$OVWRP
(ULFVVRQ
&DUJLOO
3IL]HU
9ROYR
%$6)
3HSVL&R
'U$ù$+ø1
;CDCPEÆ;CVÆTÆOEÆNCTÆP
'MQPQOK[G#TVCP)×XGPK
'U$ù$+ø1
6×TMK[Gŏ[G'MQPQOKM$CMÆĩ
YH
;CVÆTÆO1TVCOÆ
'U$ù$+ø1
)5;*$×[×OG1TCPÆ
'|QHP2UWDODPDVÕ
6×TMK[G
'MQPQOKUKPKP*Æ\NÆ
)GNKĩOG2QVCPUK[GNK
'U$ù$+ø1
6×TMK[G'MQPQOKUKPKP
-CTĩÆNCĩVÆTOCNÆ2GTHQTOCPUÆ
)5;ć*
%CTK(K[CVNCTOKN[CT
1TVCNCOC;ÆNNÆM4GGN)5;ć*$×[×OGUK
'U$ù$+ø1
šG[TGM$C\ÆPFC4GGN)5;ć*
$×[×OGUK/GXUKONGTG)ÑTG
øQGHNV4 &×P[CŏPÆPFCGPJÆ\NÆD×[×[GP
HNRQRPLOHULQGHQGLU
2(&'YH$YUXSD
×NMGNGTKPFGGPJÆ\NÆ
D×[×[GPGMQPQOKFKT
;ÆNÆ-×TGUGN
(NRQRPLN.UL]LQLQ
#TFÆPFCP'P*Æ\NÆ
7RSDUODQDQ
(NRQRPLOHUGHQGLU
'U$ù$+ø1
1TVCNCOC;ÆNNÆM4GGN)5;ć*$×[×OG
7DKPLQL
'U$ù$+ø1
-KĩK$CĩÆPC&×ĩGP)5;*
$%''RODUÕ
'U$ù$+ø1
\DWODU
)5;*ć0LO\DU&DUL)L\DWODU
-KĩK$CĩÆPC/KNNK)GNKT
7DUJHW
7DKPLQ
ŏG&QþTW
(NRQRPLN9L]\RQ
7DUJHW
7DKPLQ
'U$ù$+ø1
)×PN×M#NVÆ)GNKTK1NCP;QMUWN
ćPUCPNCTÆP;×\FGUK
;×MUGNGP0×HWU
$]DODQ<RNVXOOXN
$OÕúYHULú0HUNH]OHULQLQ6D\ÕVÕ
7NHWLFL.UHGLVL0LNWDUÕ0LO\DU
.LúL%DúÕQDg]HO+DUFDPDODU
0RWRUOX$UDo6DWÕúÕELQ
7UDILNWHNL$UDED6D\ÕVÕPLO\RQ
+DYD<ROX<ROFXVXPLO\RQ
<HQL%LU
1TVC5ÆPÆH
'U$ù$+ø1
;ÆNNÆM*CPG)GNKTKPFGMK4GGN#TVÆĩ
'P
'PF×ĩ×MIGNKTITWDW
1PFC$KTNKM&KNKONGT*CNKPFG#TVÆĩ
)GNKT)TWRNCTÆ
'P[×MUGM
*HOLUJUXEX
UJUXE
'U$ù$+ø1
)5;ć*ŏPÆP*CPG$CĩÆPC&×ĩGP
$QTEC1TCPÆ
6×TMK[G
$%
86$
'U$ù$+ø1
#$VCTCHÆPFCPDGNKTNGPGP
OGTMG\KJ×M×OGVKPDT×V
DQTÁOKMVCTÆ)5;ć*ŏPÆP
ŏUK
-CTĩÆNCĩVÆTOCNÆ)GPGN;ÑPGVKO$QTÁ
6WRNX*6<+
'U$ù$+ø1
/GTMG\K*×M×OGV$×VÁG&GPIGUK
*6<ø+
Ϭ
ϮϬϬϮ ϮϬϬϯ ϮϬϬϰ ϮϬϬϱ ϮϬϬϲ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ
dmZ<7z
<7z
ͲϮ͕Ϭ
ͲϮ͕ϱ
Ͳϯ
Ͳϰ͕Ϭ
Ͳϲ
$%
Ͳϵ
ͲϭϬ͕Ϯ
ͲϭϮ
'MQPQOKFGćUVKMTCTXG;×MUGM
3HUIRUPDQV
0DDVWULFKW.ULWHUL
'U$ù$+ø1
1TVCNCOC'PHNCU[QP1TCPÆ
'U$ù$+ø1
6×TMK[GŏPKP'PHNCU[QP5ÆTCNCOCUÆPFC
&×P[CFCMK;GTK
\ÕOÕLWLEDUÕ\ODWRSODPONHVD\ÕVÕROXSVÕUDODPDE\NWHQNo÷HGR÷UXGXU
'U$ù$+ø1
)GPKĩ'MQPQOKM)TWRNCTÆP
5ÆPÆHNCOCUÆ
50#
.D\QDN7&(NRQRPL%DNDQOÕ÷Õ(NRQRPLN*|UQP(NLP9HULOHULQH*|UH+D]ÕUODQPÕúWÕU
'U$ù$+ø1
ćJTCECVÆP¯T×PXG
2C\CTšGĩKVNKNKþK
ćJTCECV*GFGHNGTK
)2%0LO\DU'RODU
‡[ÆNÆ
‡[ÆNÆ
‡[ÆNÆ
‡[ÆNÆ
OKN[CTŏÆP×\GTKPFGMKKJTCÁ
×T×PNGTK
OKN[CTŏÆP×\GTKPFGMKKJTCECV
RC\CTNCTÆ
'PHC\NCKJTCECV[CRÆNCP
×NMGPKPRC[Æ
1TVCXG-W\G[#HTKMCŏPÆPRC[Æ
-W\G[#OGTKMCŏPÆP2C[Æ
#$ŏPKP2C[Æ
.UL]\DúDQDQSD]DUODUDGDKDD]ED÷ÕPOÕ
'U$ù$+ø1
ćNGTKVGMPQNQLK)GTGMVKTGP
¯T×PNGTKPćJTCECVÆ
ćJTCECV1NWĩWOW
$KNIKXG6GMPQNQLK[QþWPŎUQHKUVKMGŏ
×T×PNGTKPKJTCECVÆPFCF×P[CNKFGTKćUXKÁTG
C[PÆ×T×PNGTKPKJTCECVÆPFCF×P[C
VRQXQFXVX1LMHUMCDWNGFKNFKþKPFG
UÆTCFCMK6×TMK[GŏPKP
4WU[C*KPFKUVCPGP[CMÆPTCMKDKFKT
5FLOPMPKJ:P÷VO
&NFL:P÷VO
.D\QDN7(3$9
'U$ù$+ø1
6×TMK[GŏPKP#T)G*CTECOCNCTÆ
&DUL6$*3'RODU
ƒ[ÆNÆPFCOKN[CTFQNCT
ƒ[ÆNÆPFCOKN[CTFQNCT
ƒCTCUÆPFCCTVÆĩ
6×TMK[GŏPKP6CO<COCP
'ĩFGþGT
6<'#T*H
2GTUQPGNK5C[ÆUÆ
ƒŏFGMKĩK
ƒŏFGMKĩK
ƒCTCUÆPFC
CTVÆĩ
6×TMK[G$KNKOUGN
;C[ÆP5C[ÆUÆ
ƒŏFG[C[ÆP
ƒŏFG[C[ÆP
ƒCTCUÆPFC
CTVÆĩ
6×TMK[GŏPKP6<'
#TCĩVÆTOCEÆ5C[ÆUÆ
ƒŏFGMKĩK
ƒŏFGMKĩK
ƒCTCUÆPFC
CTVÆĩ
$U*(
šCNÆĩOCNCTÆPFC
©PGONK#TVÆĩ
6×TMK[GŏPKP7NWUNCTCTCUÆ
2CVGPV$CĩXWTWNCTÆ
ƒŏFGDCĩXWTW
ƒŏFGDCĩXWTW
ƒCTCUÆPFC
CTVÆĩ
'U$ù$+ø1
©PGONK$KT'PGTLK¯UU×'PGTLK×TGVKEKUKXGV×MGVKEKUK
DÑNIGNGTCTCUÆPFCDKTGPGTLKMQTKFQTWXGVGTOKPCN
.D\QDN7&(NRQRPL%DNDQOÕ÷Õ(NRQRPLN*|UQP(NLP9HULOHULQH*|UH+D]ÕUODQPÕúWÕU
'U$ù$+ø1
6×TMK[GŏPKP'PGTLK
3HUVSHNWLIL
7UNL\H¶QLQ\ÕOÕHQHUMLDODQÕKHGHIOHUL
ő6×TMK[GŏPKP'PGTLK-QTKFQTW
-QPUGRVKő
6×TMK[GŏPKPI×XGPNKXGVKECTK
QNCTCMXGTKONKRTQLGNGTKÁKP
IGÁKĩ×NMGUKQNOCUÆXGDKT
HQHUMLWHUPLQDOLKDOLQH
JHOPHVLVWUDWHMLVL
gUQ1DEXFFRYH7$1$37UDQV
$QDWROLDQ1DWXUDO*DV
3LSHOLQH3URMHOHUL
¾ .|PU YH KLGUR HQHUML ND\QDNODUÕQÕQ WDPDPÕQÕ
NXOODQDELOLUGXUXPDJHOPHN
¾ <HQLOHQHELOLU
ND\QDNODUÕQÕQ
NXOODQÕPÕQÕ
PDNVLPXPG]H\HoÕNDUPDN
¾ 1NOHHUHQHUMLND\QDNODUÕQÕIDDOL\HWHJHoLUPHN
¾ +Õ]OÕ YH VUGUOHELOLU HQHUML YHULPOLOL÷L DUWÕúÕ
VD÷ODPDN
(QHUML $U] )×XGPNKþK KÁKP SODQODQDQ DC\Æ
ÑPGONKSURMHOHU
¾0HUVLQ$NNX\X1×MOHHU4GCMVÑT5XV\D
¾6LQRS0×MNGGT4GCMVÑT×-DSRQ\D
¾%LUOHúLN$UDS(PLUOLNOHULPLOOLHQHUMLúLUNHWL7$4$
WDUDIÕQGDQ $IúLQ .DKUDPDQPDUDú E|OJHVLQH
\DSÕODFDN PLO\DU GRODUOÕN OLQ\LW HQHUML
UHWLPL \DWÕUÕPÕ +NPHWOHU $UDVÕ $QODúPD
\DSÕOPÕúWÕU
.D\QDN7&(NRQRPL%DNDQOÕ÷Õ(NRQRPLN*|UQP(NLP9HULOHULQH*|UH+D]ÕUODQPÕúWÕU
'U$ù$+ø1
'HPRJUDILN
$YDQWDM
¯NMGNGTKP&GOQITCHKM2TQHKNK
<]GH3D\<ÕOÕ
¾&×P[C
P×HWU
UÆTCNCOCUÆPFC
ŏGLU
¾0×HWUWPWP[CTÆUÆPÆ
[CĩCNVÆFÆT
¾$% ×NMGNGTKPKP HQ
JHQFLGLU
7DKPLQ
'U$ù$+ø1
'HPRJUDILN
$YDQWDM
¯NMGNGTKP&GOQITCHKM2TQHKNK
<]GH3D\7DKPLQOHUL
0×HWU[CRÆUÆKNG
ÑPGONKGMQPQOKM
DYDQWDMDVDKLSWLU
'U$ù$+ø1
8\JXQ'HPRJUDILN7UHQG
dDOÕúDELOLUdD÷ÕQGDNL1IXV
(XURSH
6COCOGP$CþNÆ1NOC1TCPÆ
(XURSH
7XUNH\
6RXUFH81\DúDUDVÕLQVDQVD\ÕVÕLOH\DúVWLQVDQVD\ÕVÕ
'U$ù$+ø1
0KVGNKMNKćĩ)×E×
0KVGNKMNKćĩ)×E×
7UNL\H
3RORQ\D
0DFDULVWDQ
5RPDQ\D
dLQ
%XOJDULVWDQ
0KVGNKMNK/×JGPFKUNGT
¯UV&×\G[;ÑPGVKEKNGT
7UNL\H
3RORQ\D
dLQ
%XOJDULVWDQ
5RPDQ\D
%XOJDULVWDQ
0DFDULVWDQ
dLQ
3RORQ\D
5RPDQ\D
7UNL\H
0DFDULVWDQ
'U$ù$+ø1
'MQPQOKFGćĩI×E×8GTKONKNKþK
5CCV$CĩÆPC4GGN)5;ć*
,QGH[ 6×TMK[G
3RORQ\D
0DFDULVWDQ
šGM%WOJWTK[GVK
¯TGVMGPXG7[IWP
/CNK[GVNKćĩ)×E×
6DDW%DúÕQDøúoL0DOL\HWL
3RORQ\D
-DSRQ\D
$%'
%UH]LO\D
0DFDULVWDQ
0DOH]\D
0HNVLND
6×TMK[G
$YXVWUDO\D
$OPDQ\D
'U$ù$+ø1
-DQ
0DU
0D\
-XO
6HS
1RY
-DQ
0DU
0D\
-XO
6HS
1RY
-DQ
0DU
0D\
-XO
6HS
1RY
-DQ
0DU
0D\
-XO
6HS
1RY
4QBJO
+BQBO
(SFFDF
1PSUVHBM
1PMBOE
*UBMZ
%FONBSL
*SFMBOE
4MPWFOJB
$[FDI3FQ
4MPWBLJB
'SBODF
/PSXBZ
#FMHJVN
"VTUSJB
4XJU[FSMBOE
4XFEFO
"VTUSBMJB
$BOBEB
$IJMF
,PSFB
(FSNBOZ
64
5VSLFZ
ćUVKJFCOÆ#TVÆTCP'MQPQOK
øVWLKGDP$UWÕúÕ
ćUVKJFCOÆP
5GMVÑTGN
&CþÆNÆOÆ
'U$ù$+ø1
ćĩUK\NKM1TCPÆ
ćĩUK\NKM
(8
7XUNH\
2(&'
'U$ù$+ø1
ćĩ-WTOC[Æ-QNC[NCĩVÆTOCM
ĨKTMGV-WTCDKNOGMKÁKP)GTGMNK
)×P5C[ÆUÆ
ŏFG6×TMK[G
5RPDQLD
5XVVLD
%XOJDULD
0RURFFR
&DPHURRQ
%DQJODGŗ
3RODQG
ŏFG6×TMK[G
7XUNH\
*XDWHPDOD
7XUNH\
8.
*HUPDQ\
5XVVLD
6ZLW]HUODQG
&]HFK5HSXEOLF
-DSDQ
,QGLD
6SDLQ
3RODQG
&KLQD
'U$ù$+ø1
;CRÆUCN4GHQTONCT-C\CPÁNÆ5QPWÁNCT
YH$UWDQ5HNDEHW
)NQDCN4GMCDGVćPFGMUK
<ÕO
hONHOHULQ
6D\ÕVÕ
6×TMK[GŏPKP
5ÆTCNCOCUÆ
7UNL\H¶QLQ
6ÕUDODPDVÕ
<]GHOLN
'U$ù$+ø1
-TGFK0QVWPFCMK;×MUGNKĩ
6×TMK[Gŏ[G)×XGPK#TVÆTOCMVCFÆT
/QQF[ŏUŏKP
/C[ÆUVCTKJNK
;CVÆTÆO0QVW
/QQF[ŏU
63
6FDOH
-DQ
)HE
0DU
'HF
6FDOH
6×TMK[GŏPKP-TGFK0QVNCTÆ
MK[GŏPK
[Gŏ
G P
-DQ
0
0D\
6FDOH
)LWFK
-DQ
'HF
$
$
-&5
1
1RY
6FDOH
$
,%4ŏKP/C[ÆU
7DULKOL
;CVÆTÆO0QVW
(KVEJŏKP
-CUÆO6CTKJNK
O
;CVÆTÆO0QVW
CVÆTÆ
ÆTÆ
TÆO
TÆ
)HE
$$$
$$$
$
$
$
-DQ
$$$
$
$
$
%%%
%DD
%%% %%%
%%%
%DD
%%%
%%%
%DD
%%% %D
7XUNH\
%%
\
7XUNH\
%%
%D
%%
%%
7XUNH\
\
7XUNH\
%%%
7XUNH\
\
7XUNH\
%%
7XUNH\
7XUNH\
%%
7XUNH\
7XUNH\
7
7XUNH
\ %%%
7XUNH\
%D
7XUNH\
%%
7XUNH\
%%
7XUNH\
%
%
%
%
%
%
%
%
%
%
%
%
&&&
&DD
%%
7XUNH\
&&&
&DD
&&&
&DD
&&&
6'
&D
'''
'
'
&&&
7XUNH\
UNH
7XUNH\
&&&
&&&
0
0D\
&&
&
'U$ù$+ø1
#XCPVCLNCTÆ[NC
6×TMK[G"
'U$ù$+ø1
$×[×[GP6×TMK[G(NRQRPLVL
[ÆNÆPC NDGDU 6×TMK[GŏPKP &×P[CŏPÆP HQ
I×ÁN× #XTWRCŏPÆP HQ I×ÁN× HNRQRPLVL
QNCECþÆWDKPLQHGLOPHNWHGLU
$%'
$%'
šć0
-$321<$
šć0
$%'
šć0
*ć0&ć56#0
*ć0&ć56#0
$/0$1<$
-$321<$
$4'<ć.;#
6¯4-ć;'
6¯4-ć;'
6¯4-ć;'
.D\QDN'37,0)
'U$ù$+ø1
7UNL\H\ÕOLoLQGHGQ\DQÕQ
$YUXSD¶QÕQLPDODW
PHUNH]LRODFDN
'U$ù$+ø1
2WRPRWLY \ÕOGD PLO\RQGDQ ID]OD
DUDoUHWLOPHVLKHGHIOHQPHNWHGLU
)LQDQV *oO \DVDODU YH
$ć6 %|OJHQLQ HQ KÕ]OÕ
JHOLúHQ %ø7 úLUNHWOHUL
7UNL\H¶GHGLU $YUXSD
2UWD
'R÷X$IULND
%|OJHVLQLQ
HQ
KÕ]OÕ
E\\HQ
%ø7
úLUNHWLQLQ
¶VL
7UNL\H¶GHGLU
¶LQ
ELULQFLVL /RJLF %LOLúLP
RUDQÕQGD \ÕOOÕNJHOLUDUWÕúÕYH
\ÕOOÕN ELOHúLN E\PH
RUDQÕ
8PXW9DDW(GHQ
5GMVÑTNGT
\|QHWLPVHO oHUoHYHOHU LOH NUHVHO
HNRQRPLNNUL]OHUHNDUúÕGD\DQÕNOÕ
PLO\RQ '<< LOH JHoWL÷LPL]
RQ \ÕOÕQ HQ FH]EHGLFL VHNW|U
øVWDQEXO )LQDQV 0HUNH]L LOH
ELUOLNWHGDKDID]ODLPNDQ
7NCĩÆO IDUNOÕ SURMH\OH \ÕOÕQDNDGDURWR\RONDSDVLWHVLQLQo
NDWÕQDoÕNDUÕOPDVÕSODQODQPDNWDGÕU
(QHUML (QHUMLWHUPLQDOLYHNRULGRUXLoLQVWUDWHMLNNRQXP
KÕ]OÕN ELU úHNLOGH DUWDQ WDOHS ¶H NDGDU RODQ WDOHEL
NDUúÕODPDN LoLQ PLO\DU \DWÕUÕP JHUHNPHNWHGLU
|]HOOHúWLUPHYHoHúLWOHQGLUPHLPNDQODUÕ
*D\UL 0HQNXO ¶GH HQ FD]LS
JD\ULPHQNXO\DWÕUÕPE|OJHVL$),5(
øVWDQEXO
¶QLQ
HQ
FD]LS
JD\ULPHQNXO \DWÕUÕP SD]DUÕGÕU 3Z&
8/, JHoWL÷LPL] \ÕOGD PLO\DU
¶GDQID]OD'<<
'U$ù$+ø1
;CRÆUCN4GHQTOWP
©PGONK$KNGĩGPNGTK
ƒ ©\GN5GMVÑT4GHQTOW
;CRÆUCN4GHQTONCT
.XUXPODU
9HUJLVL
ƒ (KPCPU5GMVÑT×4GHQTOW
-COWNCĩVÆTOC[C
-CTĩÆ
.RUXPD
7UDQVIHU
*DUDQWLVL
8OXVDO
0XDPHOH
ƒ 5QU[CN)×XGPNKM4GHQTOW
ƒ 9HUJL5HIRUPX
ƒ 'MQPQOKFG©\GN5GMVÑT×P
4QN×P×#TVÆTOCM
9
©PGONK2C\CTNCTÆP4GMCDGVG
CÁÆNOCUÆXG$CþÆOUÆ\
#LCPUNCTÆP&×\GPNGPOGUK
9
;CVÆTÆO1TVCOÆPÆ)GNKĩVKTOGM
9
*Æ\NCPFÆTÆNOÆĩ©\GNNGĩVKTOG
9
<HQL$5*(YHćPQXCU[QP
&GUVGM;CUCUÆ
<HQL'<<
.DQXQX
;CVÆTÆO
©\I×TN×þ×
*D\UL0HQNXO
'TKĩKOK
)ÑÁOGPNGTKP
ćUVKJFCOÆ
7NWUNCTCTCUÆ
7DKNLP
'U$ù$+ø1
;GPK6×TM6KECTGV-CPWPW
6GOOW\KVKDCTK[NG[×T×TN×þGIKTOKĩVKT
5C[FCONÆM
;×M×ON×N×M
-WTWOUCNNCĩVÆTOC
;CVÆTÆOXGćĩQTVCOÆPFC
IGNKĩOGNGT
-WTWOUCN;ÑPGVKO
3UHQVLSOHULQLQ%HQLPVHQPHVL
.GICNćĩNGONGTK'NGMVTQPKM
1TVCONCTFC;×T×VOGćOMCPÆ
'U$ù$+ø1
)GPGNVGĩXKM
W[IWNCOCUÆPFC
DÑNIGC[TÆOÆ
\RNWXU
$ÑNIGUGN VGĩXKM W[IWNCOCNCTÆPFC
GHVWHN WPUWTNCTÆ DÑNIG[G IÑTG
FGþKĩGP U×TG YH RUDQODUGD
W[IWNCPCECMVÆT
ćN
DC\ÆPFC
GHVWHNOHQHFHN UGMVÑTNGT \HQLGHQ
EHOLUOHQHFHNWLU
(Q
MCRUCONÆ
GHVWHN
VWUDWHMLN
[CVÆTÆONCTC
YHULOHFHNWLU
.D\QDN(NRQLPL%DNDQOÕ÷Õ
'U$ù$+ø1
$ÑNIGUGN6GĩXKM*CTKVCUÆ
'U$ù$+ø1
;CVÆTÆOEÆćÁKP#LCPU
<DWÕUÕPFÕ\D \DUGÕPFÕ ROPDN ]HUH
%DúEDNDQOÕ÷DED÷OÕ³7UNL\H<DWÕUÕP'HVWHN
YH7DQÕWÕP$MDQVÕ7<'7$´EXOXQPDNWDGÕU
8OXVDO <DWÕUÕP 3URPRV\RQX $MDQVÕ
DUDVÕQGD
JHQHO
SHUIRUPDQV
GH÷HUOHQGLULOPHVL EDNÕPÕQGDQ 'Q\D¶GD
GLU
7DOHS
VRQODQGÕUÕOPDVÕ
EDNÕPÕQGDQ
'Q\D¶GDYH$YUXSD¶GDNRQXPGDGÕU
ZZZLQYHVWJRYWU
'U$ù$+ø1
&×P[CŏPÆP HQ OLEHUDO WLFDUHW RQNKVKMCUÆPC VDKLS ×NMGUK
:RUOG7UDGH,QGLFDWRUV6×TMK[GÁQMUC[ÆFCSD]DUD
GTKĩKOKOMCPÆPCVDKLSWLU
586<$
$9583$
)5;ć*ŌWULO\RQ
ćVJCNCVOKN[CT
0×HWUOKN[QP
)5;ć*VTKN[QP
ćVJCNCVVTKN[QP
0×HWUOKN[QP
™PLO\DULQVDQ
VTKN[QP)5;ć*
WULO\RQWLFDUHW
™#$KNG)×OT×M$KTNKþK
™6HUEHVW7LFDUHW
#PNCĩOCNCTÆ
2UWDYH.X]H\$IULND
257$$6<$.$).$6<$
)5;ć*VTKN[QP
ćVJCNCVOKN[CT
0×HWUOKN[QP
)5;ć*VTKN[QP
ćVJCNCVVTKN[QP
0×HWUOKN[QP
'U$ù$+ø1
5GTDGUV6KECTGV#PNCĩOCNCTÆ
56#
6KECTGVKGVMKNG[GPVCTKHGXGVCTKHGFÆĩÆGPIGNNGTKPMCNFÆTÆNCTCMUGTDGUV
VKECTGVCNCPÆQNWĩVWTWNOCUÆKÁKPKO\CNCPCPCPNCĩOCNCTFÆT
67$hONHOHUL
()7$1RUYHoøVYLoUH
ø]ODQGD/LHFKWHQVWHLQ
øVUDLO
0DNHGRQ\D
%RVQD+HUVHN
)LOLVWLQ
7XQXV
)DV
6XUL\H
.D\QDN7&(NRQRPL%DNDQOÕ÷Õ(NRQRPLN*|UQP(NLP9HULOHULQH
*|UH+D]ÕUODQPÕúWÕU
0ÕVÕU
$UQDYXWOXN
*UFLVWDQ
.DUDGD÷
6ÕUELVWDQ
ùLOL
hUGQ
*QH\.RUH
0RULW\XV
/EQDQ
.RVRYD
øo2QD\6UHFLQGH
$VNÕGD
'U$ù$+ø1
6×TMK[GŌ$UQDYXWOXN67$
¾
øP]D$UDOÕN
¾
2QD\ùXEDW
¾
7&5*¶GH<D\ÕPODQÕú0DUW±0NHUUHU
¾
<UUON0D\ÕV
¾
*PUN9HUJLOHULQLQ6ÕIÕUODQPDVÕ2FDN
.D\QDNø7.ø%*HQHO6HNUHWHUOL÷L6HUEHVW7LFDUHW$QODúPDODUÕ1LVDQ9HULOHULQH*|UH+D]ÕUODQPÕúWÕU
'U$ù$+ø1
6×TMK[GŌ$UQDYXWOXN67$
0DGGH 6DQD\LL ×T×PNGTKPFG 6×TMK[G &XPKXUL\HWL LOH $UQDYXWOXN
CTCUÆPFCMKćVJCNCVVCMK)×OT×M9HUJLOHULYH'ĩ(WNLOL9HUJLOHULQ-CNFÆTÆNOCUÆ
¾$UQDYXWOXN PHQúHOL UQOHULQ 7UNL\H¶\H LWKDODWÕQGD X\JXODQDQ JPUN
YHUJLOHUL $QODúPDQÕQ \UUO÷H JLUHFH÷L WDULK RODQ 0D\ÕV ¶GH
\UUONWHQNDOGÕUÕODFDNWÕU
¾7UNL\H PHQúHOL UQOHULQ $UQDYXWOXN¶D LWKDODWÕQGD X\JXODQDQ JPUN
YHUJLOHULLúEXD$QODúPDQÕQ,,6D\ÕOÕ(N¶LQGHVD\ÕODQODUKDULoROPDN]HUHLúEX
$QODúPDQÕQ\UUO÷HJLUGL÷LWDULKRODQ0D\ÕVWDULKLQGHNDOGÕUÕODFDNWÕU
¾øúEX $QODúPDQÕQ ,, 6D\ÕOÕ (N¶LQGH VD\ÕODQ 7UNL\H PHQúHOL UQOHULQ
$UQDYXWOXN¶D LWKDODWÕQGD X\JXODQDQ JPUN YHUJLOHUL DQODúPDGD \HU DODQ
WDNYLPHJ|UHWHGULFHQLQGLULOHFHNWLU
.D\QDNø7.ø%*HQHO6HNUHWHUOL÷L6HUEHVW7LFDUHW$QODúPDODUÕ1LVDQ9HULOHULQH*|UH+D]ÕUODQPÕúWÕU
'U$ù$+ø1
6×TMK[GŌ#TPCXWVNWMćJTCECV
%LQ'RODU
7(.67ø/
.21)(.6ø<21
'(5ø
+$/,
.D\QDNø7.ø%*HQHO6HNUHWHUOL÷L6HUEHVW7LFDUHW$QODúPDODUÕ6XQXPX1LVDQ
'U$ù$+ø1
6×TMK[GŌ#TPCXWVNWMćVJCNCV
%LQ'RODU
7(.67ø/
.21)(.6ø<21
'(5ø
+$/,
.D\QDNø7.ø%*HQHO6HNUHWHUOL÷L6HUEHVW7LFDUHW$QODúPDODUÕ6XQXPX1LVDQ
'U$ù$+ø1
;ÆNÆPÆPćNM#[ÆćÁKP
ćMKNK6KECTGV;CRÆUÆ
/KN[QP/HN
¯T×PNGT
ćNMC[NÆMFÑPGOFG
HQ ÑPGONK NDOHP
HQHUMLGLU
ćVJCNCV
ćJTCECV
0DGHQOHUSHWUROHOHNWULN
$\DNNDEÕYHWHNVWLO
<L\HFHNLoHFHNWWQ
0DNLQHHNLSPDQ\DQUQ
<DSÕPDWHU\DOOHULYHPHWDOOHUL
.LP\DVDOYHSODVWLNUQOHU
2UPDQ UQOHUL YH ND÷ÕW
PDPXOOHUL
'HULYHGHULGHQPDPXOUQOHU
'L÷HU
7RSODP
.D\QDN'(ø.$UQDYXWOXNhONH%OWHQL(\OO
'U$ù$+ø1
6'Ĩ'--¯4'&'4ć/
'U$ù$+ø1
$51$987/8.·81
(.2120Ĉ.352)Ĉ/Ĉ
0U3URI'U7HNL.857Ĉ
9LWULQDhQLYHUVLWHVLgĊUHWLPh\HVL
.DV×P
7LUDQ$UQDYXWOXN
6D\×Q 7& 7LUDQ %\NHOoLOLN WHPVLOFLVL 7UN ĈNWLVDGL $UDċW×UPDODU 9DNI×
EDċNDQ× 3URI 'U $KPHW ĈQFHNDUD VD\×Q 7UN +D]LQH 0VWHċDU× &DYLW 'DĊ
GDċ 7LUDQ 7LFDUHW YH 6DQD\L 2GDV× EDċNDQ× VD\×Q 1LNROLQ -DND EX |QHPOL
VHPSR]\XPNRRUGLQDW|UOHULQGHQVD\×Q1DKLWg]HQ%XUUHO%HOHGL\H%DċNDQ×
VD\×Q$GHOLQD)DUULFL6D\×Q(SRNDhQLYHUVLWHVL5HNW|U3URI'U*QJ|U7X
UDQVD\×Q9LWULQDhQLYHUVLWHVLNXUXFXVXYHPWHYHOOL%DċNDQ×(GPRQG9ODVKDM
VD\×Q9LWULQDhQLYHUVLWHVL5HNW|U3URI'U0DULR.HYLVD\×Q7UNYH$UQDYXW
JLULċLPFLOHUVD\×QPHVOHNWDċODU×P|ĊUHWLP\HOHULYH|ĊUHQFLOHU
%XJQVXQDFDĊ×PELOGLULQLQNRQXVX´0DNURHNRQRPLNJ|VWHUJHOHULQLQGH
YDPO×O×Ċ×YH$UQDYXWHNRQRPLVLQLQDQDVHNW|UOHULµ%XELOGLUL9LWULQDhQLYHUVLWHVL
gĊUHWLP\HOHUL%OHULQD+R[KD$XORQD.XOOD/XIWLP&DQL7HNL.XUWLWDUDI×QGDQ
KD]×UODQP×ċW×U
$UQDYXWOXNJHOLċPHNWHRODQELUONHROGXĊXLoLQPDOLVLVWHPLGHLONDG×P
ODU×QGDKDWWDoRFXNOXNDG×PODU×QGDEXOXQPDNWDG×U$UQDYXWPDOLVLVWHPLQHQ
E\N N×VP× RUDQOD EDQNDF×O×N VLVWHPLQGHQ ROXċPDNWDG×U %DQNDF×O×N
VLVWHPLQLQEDċODQJ×F×\×O×QDGD\DQ×U\×O×QGD$UQDYXW0LOOL%DQNDV×
NXUXOX\RU GDKD VRQUD 'HYOHW %DQNDV× G|QHPL YH \×O×QGD
EXJQ KHUNHV WDUDI×QGDQ ELOLQHQ $UQDYXWOXN %DQNDV× NXUXOX\RU $UQDYXWOXN
%DQNDV×G|QHPLQGH´$OW×QVWDQGDUG×µX\JXODQP×ċW×U\DQLEDQNQRWODUDOW×QYH
GLĊHUONHOHULQNXYYHWOLSDUDELULPOHUL'RODU/LUD6WHUOLQJ·HG|QċWUOHELOLU
GL%X]DPDQ]DUI×QGDEDQNDQ×QSDUDGDĊ×W×P×YHNUHGLOHQGLUPHIRQNV\RQOD
U×PHYFXWWX$UQDYXWOXN%DQNDV×D\Q×DQGD0HUNH]YH7LFDUHW%DQNDV×
IRQNV\RQODU×Q×DO×U\×O×QGDVL\DVLVLVWHPLQGHĊLċLPLLOHEHUDEHUEDQNDF×O×N
VLVWHPLQGHGHN|NWHQGHĊLċLNOLNOHUROGXĈONDċDPDGDGHYOHWHNRQRPLVLQGHQ
SL\DVDHNRQRPLVLQHJHoLċ\DS×OG×%XG|QċPONHGHLNLVHYL\HGHQROXċDQ
EDQNDVLVWHPLQNXUXOPDV×QDI×UVDWYHUGL
%DQNDF×O×NVLVWHPLG×ċ×QGDRG|QHPGHUHWLPVDQD\LPDGHQVDQD\LJLEL
VHNW|UOHUGHIDDOL\HWJ|VWHUPLċWLU.UDO=RJG|QHPLQGHLONEDQNQRWROXċWXUX
OXU\×O×QGD$UQDYXW0RQDUċLQLQROXċWXUXOPDV×]DPDQ×QGD$UQDYXWOXN·WD
NXUXOXċ EXOXQPDNWD\G× \×O×QGD VDQD\L VHNW|UQGH PLOOL VHUPD\H
QLQ \RĊXQ ELU DNWLÁHċPHVL WHVSLW HGLOGL G|QHPLQGH ĈWDO\D·Q×Q
$UQDYXWOXN·WDNLND]DQoODU×DOW×Q)UDQJDKHVDSODQP×ċW×\×O×Q
GDNXUXOXċYHVDQD\LċLUNHWOHULQVD\×V×LGL\×O×QGDVDGHFH
\×O×QGDVDGHFHNXUXOXċPHYFXWWX%XG|QHPGH$UQDYXWOXN·XQGQ\DQ×Q
ONHVLLOHWLFDULLOLċNLOHULYDUG×IDNDWHQ\RĊXQLOLċNLOHUĈWDO\D<XJRVODY\D)UDQ
VD$OPDQ\DYH<XQDQLVWDQ·ODLGL\×O×QGDVDQD\LONHQLQ*D\UL6DIL<XUWLoL
+DV×ODV×·QDNDWN×V×·GHQID]OD\G×\×O×QGDGLĊHUVRV\DOLVWONHOHUJLEL
HNRQRPLGH K×]O× ELU Gċċ EDċODG× \×OODU×QGD HNRQRPLN VLVWHP
JHQHOELUNUL]HNDS×OG×%WoHDo×Ċ×JD\ULVDIL\XUWLoLKDV×ODV×Q×Q·DXODċW×
\×OODU×QGDXIDNELUHNRQRPLNE\PHWHVSLWHGLOGL
\×O×QEDċ×QGDG×ċERUoUDNDP×JD\ULVDIL\XUWLoLKDV×ODV×Q×Q·XQGDQID]OD\G×
hONHGHULQELUNUL]HNDS×OG×.DSLWDOLVWHNRQRPLVLQLQED]×XQVXUODU×X\JXODQ×S
HNRQRPLSROLWLNDODU×QGDGHĊLċLNOLNOHU\DS×OPD\DoDO×ċ×OG×IDNDWEXVRV\DOLVWVLV
WHPLQNUL]L\GLVLVWHPLGHĊLċWLUPHGHQNUL]o|]OPH]GL
6RV\DOLVW VLVWHPLQ GċċQGHQ VRQUD HNRQRPLN VLVWHPLQ GHĊLċLNOLNOHUL
N|NOROGX$UG×QGDQJHOHQ\×OODUGDSHNoRNJHOLċPHOHUROGXg]HWLYHDQDOL
]LoRNX]XQROXUGX%XQGDQVRQUDHNRQRPLPL]LQG|QċWUOPHVLNRQXVXQGD
WHPHOYHDQODPO×KXVXVODU×N×VDFDDQODWDFDĊ×]6HUEHVWSL\DVD\DJHoLċ|]HO
OHċWLUPHOHUIL\DWOLEHUDV\RQXVHUEHVWG|YL]KDUHNHWLLOHSDUDOHOJHOGLĈONEDċWD
NXOODQ×PGDRODQDUVDGDĊ×W×P×NDQXQXQXQRQD\ODQPDV×HNRQRPLPL]LQWDU×PD
GD\DQPDV×J|]|QQGHEXOXQGXUDUDN]DPDQ×QGDHQ|QHPOLJHOLċPHOHUGHQEL
ULVLROGX7RSOXJ|ooRNFLGGLELUVRV\DOSUREOHPKDOLQHJHOGL´EH\LQJ|oµQQ
HNRQRPLGHNL HWNLOHUL oRN \NVHNWL %XQXQ LoLQ \XUWG×ċ×QGDQ JHOHQ \DUG×PODU
*D\UL6DIL<XUWLoL+DV×OD*6<+·GDoRN|QHPOLELU\HUDOPDNWD\G×
$UQDYXWOXN·WD0DOL6LVWHPYH0DOLĈVWLNUDU
$ċDĊ×GD$UQDYXWOXN·WDIL\DWJHQHOVHYL\HVLX\JXQJ|UOHQ
·OXNOLPLWOHULQLoLQGHGLU0HUNH]%DQNDV×IL\DWODU×QJHQHOVHYL\HVLQLNRUXPD
KHGHILQLJHUoHNOHċWLUPLċWLU
0DOL VLVWHPLQLQ LVWLNUDU× J|VWHUJHOHULQLQ ELULVL GH PDOL NXYYHWWLU %X J|V
WHUJH DOW J|VWHUJHGHQ ROXċPDNWD G|YL] NXUX ULVNL IDDOL\HWOHULQ NDOLWHVL
SDUDVDOULVNLIDL]RUDQ×QULVNLYHVHUPD\H\HWHUOLĊL$ċDĊ×GDGDKD|QFHEDK
VHGLOHQ DOW J|VWHUJHOHUGHQ ROXċDQ PDOL NXYYHWLQ LVWLNUDU×Q× J|VWHUHQ JUDILN
*|VWHUJHNHQGLVLDVO×QGDQHJDWLIEDQNDF×O×NVRQNUL]GHQVRQUDELU]RUOXNODUOD
NDUċ× NDUċ×\D JHOGLĊLQL ELU GDKD RUWD\D o×NDUPDNWD $OW J|VWHUJHOHUGHQ HQ
oRN N|WOHċPH YH LVWLNUDUV×]O×N J|VWHUHQ OLNLGLWH N|W NUHGLOHULQ VHYL\HVLQH
EDĊO× IDDOL\HWOHULQ NDOLWHVL YH ND]DQo DOW J|VWHUJHOHULGLU 8OXVODU DUDV× NUL]LQ
ONHPL]GHNLHWNLVLRQXQGQ\DoDS×QGDNLVDW×ċODUGDELUUHHOHNRQRPLNUL]LQH
G|QċPHVLQGHQGROD\×|]HOOLNOHDUWW×ĈONEDċWDXOXVODUDUDV×PDOLNUL]LQHNR
QRPLPL]YHPDOLVLVWHPLPL]]HULQGHGRĊUXGDQELUHWNLVLROPDG×%XQXQQH
GHQOHULEDQNDVHNW|UQQYHJHQHORODUDNPDOLVLVWHPLQNUL]LQPHUNH]LQGHNL
PDOL NXUXPODU×Q UQOHUL\OH HWNL\H Do×N ROPDPDV×\G× %LU EDċND QHGHQ \D
EDQF×SD]DUODUGDQERUoODQPD\DDo×NO×Ċ×QROPDPDV×YH\DW×U×PODU×QoRĊXQXQ
EDQNDNUHGLVLQGHQGHĊLONLċLVHOELULNLPOHUGHQ\XUWG×ċ×QGDQJHOHQSDUDODUGDQ
YH ND]DQF×Q \HQLGHQ \DW×U×OPDV×QGDQ ILQDQVH HGLOPHVL\GL %XQXQOD ELUOLNWH
\×O×Q×Q VRQ oH\UHĊLQGH NUL]LQ XOXVODU DUDV× SD]DUODUGD VHUWOHċPHVLQLQ
\DUDWW×Ċ×SVLNRORMLNHWNLGHQGROD\×KDONEDQNDODUGDNLELULNLPOHULQLQELUN×VP×Q×
oHNHUHNWHSNLYHUGL%XQXQVRQXFXRODUDNOLNLGLWHNRċXOODU×]RUODċW×YHEDQND
VHNW|UQGHQ NUHGLOHQGLUPHGH ELU \DYDċODPD J|UOG .UL]LQ ]DPDQD \D\×O
PDV×ILQDQVPDQND\QDNODU×Q×QV×Q×UODQPDV×LOHIL\DWODU×Q×Q\NVHOPHVLQLG|YL]
JLULċOHULQLQD]DOPDV×Q×/HN]HULQGHNLGHĊHUVL]OHċWLUPHEDVN×V×Q×QDUWPDV×Q×
YHJHOHFHNWHNLPDOLVDĊO×NLOHLOJLOLHNRQRPLNIDNW|UOHULQEHNOHQWLVLQGHGċċ
EHUDEHULQGHJHWLUGL
<LQHGH$UQDYXWOXN%DQNDV×·Q×QUDSRUXQGDPDOLVLVWHPLQGX\DUO×O×Ċ×Q×QDUW
W×Ċ×EHOLUWLOPLċWLU%DċO×FDWHKOLNHOHULQONHQLQHNRQRPLNIDDOL\HWLQLQ\DYDċODPDV×
LOHLOJLOLROGXĊXLoPDNURHNRQRPLNJHOLċPHOHUGHWNHWLFLWDOHELYHHNRQRPL\H
G×ċVHNW|UQNDWN×V×J|UHFHLVWLNUDUO×\NHQ|]HO\DW×U×PODUGDGċċ\DċDQP×ċW×U
%DQNDVHNW|UYHSDUDDU]×3DUDDU]×NUHGLOHQGLUPHQLQJLWWLNoHGċHQE\
PHVLQLE\N|OoGH\DQV×WDUDN\DYDċODP×ċW×U
(ĊLWLPGH\DS×ODQ\DW×U×PODUWDPDPHQIDUNO×G×U%XWU\DW×U×PODU\HJDQHROD
UDNWDULIHGLOLUdQNELOJLGHWHNQRORMLGHELOLPGH\DS×ODQJHOHFHĊLQ\DW×U×P×
G×U $VU×P×]GDNL VRV\DO HNRQRPLQLQ JHOLċLPLQGH ċLPGLNL NUHVHO GHĊLċLP YH
JHOLċLPOHUGH HQ |QHPOL IDNW|UOHUGHQ ELU WDQHVLGLU ĈQVDQL VHUPD\HQLQ JHOLċLPL
KDNO× RODUDN \HQL GQ\D HNRQRPLVLQGH JHOLċLPLQ PRWRUX VD\×O×U <NVHN HĊL
WLPNDPXYH|]HOVHNW|UOHUGHNLLVWLKGDP\ROX\ODHNRQRPLNE\PH\HNDWN×GD
EXOXQXU.LċLOHULQEXUDGDNLND]DQF×GDKDL\LLVWLKGDPċDQVODU×Q×GDKD\NVHN
PDDċODU×YHGDKD\NVHNELULNLPYH\DW×U×PNDELOL\HWOHULQLNDSVDU%XND]DQoODU
GDKD \NVHN VHYL\HOL ELU \DċDPOD VRQXoODQDELOLU (NRQRPLN JHOLċLPLQ WHċYL
NLQGH\NVHNHĊLWLPHQ|QHPOLDUDoODUGDQELULGLU<NVHNHĊLWLPHNRQRPLQLQ
\DOQ×]FD GDKD K×]O× YH \NVHN GHĊLO WHNQRORMLQLQ YH ELOLPLQ JHOLċLPL \ROX\OD
D\Q×]DPDQGDGDKDNDOLWHOLELUJHOLċPHLoLQEHOLUOH\LFLGLU'ROD\×V×\ODJHOLUOHULQ
DUW×ċ×QGD ROXPOX ELU HWNHQ ROXS KHP NDPX KHP |]HO ND]DQoODU VDĊOD\DELOLU
9HUJLOHU\ROX\ODHĊLWLPGHYOHWHGDKD\NVHNJHOLUOHUVDĊOD\DELOLUELULNLPOHULYH
\DW×U×PODU×DUW×UDELOLU
\×O×QGDNXUXODQLON$UQDYXWRNXOXQGDQEX\DQD\×OJHoPLċWLU%X
\×OODULoLQGHONHPL]GHNLHĊLWLPGHĊLċLPOHUHXĊUDP×ċYHKHPQLFHOLNKHPQLWH
OLNRODUDNJHOLċLPJ|VWHUPLċWLU.RPQLVWVLVWHPGHQ$UQDYXWOXNJoOELURNXO
JHOHQHĊLQL PLUDV DOG× 5XV PRGHOL ]HULQGH G]HQOHQPLċ ROPDV×QD UDĊPHQ
$UQDYXWOXN·XQHĊLWLPVLVWHPLEWQVHYL\HOHUGHJHQHORODUDN\NVHNNDOLWH\L
FLGGL\HWLYH|]YHUL\LPXKDID]DHWWL$ċ×U×ELUWHFULWċDUWODU×QGDEXOXQPDV×QDUDĊ
PHQ$UQDYXWQLYHUVLWHVLYHDNDGHPLVLWRSOXPVDOELOLPOHUKDULFLQGHELUHOLW
ROXċWXUPD\×EDċDUP×ċW×U$\Q×ċHNLOGHLONYHRUWDRNXOODULOHOLVHOHUHUHMLP|]HOELU
LWLQDJ|VWHUL\RUGX
$UQDYXWOXN·XQ VRQ \LUPL \×OGDNL Do×O×ċ×Q×Q EDW×O× QLYHUVLWHOHUGH RNXPDN
LoLQRQELQOHUFH$UQDYXW|ĊUHQFLVLQHPWKLċRODQDNODUVXQGXĊX\DGV×QDPD]
ELUJHUoHNWLU+DOHQ$UQDYXWOXN·WDGHĊLċLNVHYL\HOHUGHGHYOHWLQYH\D|]HOWDP
RNXOEXOXQPDNWDG×U(QoRNRODQODU\×OO×NRNXOODUG×U<XUWG×ċ×QGDLVHHQ
oRN $PHULND ĈVSDQ\D )UDQVD ĈQJLOWHUH $OPDQ\D ĈWDO\D 5RPDQ\D 7UNL
\H<XQDQLVWDQ6XXGL$UDELVWDQdLQ-DSRQ\DYH5XV\D·GD$UQDYXW|ĊUHQFL
RNXPDNWDG×U$UQDYXWHĊLWLPLQLQEDċODQJ×F×QFL\]\×ODGD\DQPDNWDG×UĈON
$UQDYXWPHNWHEL0DUW·GH.RUoD·GDDo×OG×gĊUHWPHQ\HWLċWLUHQLONRNXO
(OEDVDQ·GD·GDDo×OG×\×O×QDNDGDULONRNXOYDUG×YHEXRNXOODUGD
oRFXNODU×Q G|UWWH ELUL RNX\RUGX $UQDYXWOXN·WD \NVHN |ĊUHWLPLQ EDċODQJ×F×
\×OO×N7LUDQ(QVWLWV·QQDo×OG×Ċ×\×O×QDGD\DQPDNWDG×U+DOHQONHGH
QLYHUVLWHEXOXQPDNWDG×U%XQODUGDQWDQHVL7LUDQ·GDG×U$\U×FD6DQDWODU
$NDGHPLVL´9RMR.XVKLµ)L]LN(ĊLWLPYH6SRU$NDGHPLVLYH3ROLV$NDGHPLVL
PHYFXWWXUhQLYHUVLWHOHULPL]LQEHQ]HUEDW×O×NXUXPODUD\DNODċPDV×oDEDV×oHU
oHYHVLQGH\HQLHĊLWLPYH|ĊUHWLPSURJUDPODU×QD|]HO|QHPDWIHGLOPLċWLUg]HO
HĊLWLPLQEDċODQJ×F×EXWURNXOODURODQPHGUHVHOHULQDo×OPDV×\OD\×O×QD
GD\DQ×U$UQDYXWOXN·WDNLQLYHUVLWH|QFHVLHĊLWLPNXUXPODU×Q×QVD\×V×7HPPX]
·HNDGDULGL$\Q×]DPDQDNDGDUNL|]HO\NVHN|ĊUHWLPNXUXPODU×Q×Q
VD\×V×LGL$\U×FDVRQ\×OODUGDE\NUDĊEHWJ|UHQ|]HODQDRNXOODU×Q×QVD\×V×
GDDUWP×ċW×U%WQVHYL\HOHUGHNL|]HOYH\DGHYOHWRNXOODU×Q×QVD\×V×Q×QROGXN
oD\NVHOPLċROPDV×QDUDĊPHQKDODRNXOXWHUNHGHQoRFXNODU×QYDUO×Ċ×GLNNDW
oHNL\RU8]PDQODUDJ|UHEXQXQHQ|QHPOLQHGHQOHULQGHQELULGċNHNRQR
PLN VHYL\H %X KHP VRV\DO VEMHNWLI QHGHQOHUOH KHP ELU GLĊHU VHEHS WHċNLO
HGHQ HĊLWLP KL]PHWLQLQ NDOLWHVL\OH \DN×QGDQ LOJLOLGLU $UQDYXWOXN·WD QLYHUVL
WH|QFHVL\DNODċ×NGHYOHWRNXOXLOH|]HOHĊLWLPNXUXPXPHYFXWWXU
(ĊLWLPYH%LOLP%DNDQO×Ċ×LVHVDGHFHGHYOHWRNXOODU×KDNN×QGDYHULOHUHVDKLS
%XYHULOHUHJ|UHONHGHQLYHUVLWH|QFHVL\DQL\×OO×NRNXOYHOLVHOHULQVD\×V×
hQLYHUVLWH|QFHVL|]HOHĊLWLPNXUXPODU×DUDV×QGDGLQLNXUXPYDUG×U
%X NXUXPODU %DNDQODU .XUXOX·QXQ NDUDU×\OD RQD\ODQP×ċ ROXS 7LUDQ 'XUUHV
ĈċNRGUD.RUoD(OEDVDQ%HUDWYH.DYD\DJLELHQ|QHPOLċHKLUOHUGHNRQXP
ODQP×ċW×U
\×OO×N HĊLWLPGHNL ND\×W YH GLSORPD YHULOHUL DċDĊ×GDNL WDEORGD YHULOPLċWLU
|ĊUHWLP\×O×QGDQEX\DQDRODQYHULOHUKHP|]HOKHPGHYOHWRNXOOD
U×Q×NDSVDPDNWDG×U·O×\×OODUGDQEX\DQDJ|oYHGRĊXPRUDQ×Q×QD]DOPDV×QD
EDĊO×RODUDNRNXOODUGDNL|ĊUHQFLVD\×V×GċPċWU|ĊUHWLP\×O×QGDQ
EX \DQD RODQ YHULOHU KHP |]HO KHP GHYOHW RNXOODU×Q× NDSVDPDNWDG×U *HQHO
OLVHOHUL WHUFLK HGHQ |ĊUHQFLOHULQ VD\×V×QGD VHQHGHQ VHQH\H DUW×ċ J|UOUNHQ
PHVOHNL OLVHOHUH JLGHQ |ĊUHQFLOHULQ VD\×V×QGD D]DOPD GLNNDW oHNL\RU %XQXQ
QHGHQOHULċXQODUG×U
hONHoDS×QGDPHVOHNLOLVH|ĊUHQFLOHUL|ĊUHWLPSUDWLNOHULQLJHUoHNOHċWLU
PHGH]RUOXNODUODNDUċ×ODċPDNWDODU
ĈċYHUHQOHULQ EX |ĊUHQFLOHUH NDS×ODU× DoPDN NRQXVXQGDNL LVWHNVL]OLNOHUL
V×Q×UO×DU]\NVHNWDOHSYHDOW\DS×HNVLNOLĊLPHVOHNLRNXOODU×QHQ|QHPOL
V×N×QW×ODU×RODUDNJ|]oDUSPDNWD
$\U×FD|]HOċLUNHWOHUOHLċELUOLĊLQLNROD\ODċW×U×F×NDQXQLDOW\DS×HNVLNROXSKHU
ċH\D]VD\×GDNLLċYHUHQLQL\LQL\HWLQHE×UDN×OPDNWD%XGRĊUXOWXGDLċELUOLĊLQH
\DQDċDQNXUXPODUoRND]G×UYHEXGXUXPHĊLWLPOHULQLEHOOLPHVOHNOHU]HULQGH
\RĊXQODċW×UDQJHQoOHULQX\JXODPDNDELOL\HWOHULQLJHOLċWLUPHVLQL]RUODċW×UPDNWD
%XWUGHQGXUXPODU×QNXUXPODU×QEXWLSHĊLWLPKDNN×QGDVDKLSROGXNODU×\DQO×ċ
ELOJLLOHWDUDÁDUDUDV×QGDNLLOLċNLQLQ]HULQGHNXUXODFDĊ×\D]×O×YHDo×NDQODċPD
ODU×QHNVLNOLĊLQLQVRQXFXGXU
|ĊUHWLP \×O×QGDQ EX \DQD RODQ YHULOHU KHP |]HO KHP GHYOHW
RNXOODU×Q× NDSVDPDNWDG×U <NVHN |ĊUHQLPH GHYDP HGHQ |ĊUHQFLOHULQ VD\×
V×QGD\×O×QGDQ\×O×QDNDGDUDUW×ċHĊLOLPLYDUG×U|ĊUHWLP
\×O×QGDQ|ĊUHWLP\×O×QDNDGDUND\×WRODQ|ĊUHQFLOHULQVD\×V×
LOHDUWP×ċW×U\×O×QGDQ\×O×QDNDGDULVHND\×WRODQ|ĊUHQ
FLOHULQVD\×V×NDWDUWP×ċW×U%XDUW×ċGHYOHWQLYHUVLWHOHULQHJLULċLQNROD\ODċ
PDV×YH|]HO\NVHN|ĊUHWLPNXUXPODU×Q×QVD\×V×Q×QDUWPDV×VRQXFXPH\GDQD
JHOPLċWLU %X \×OODUGD HUNHN YH N×] |ĊUHQFL RUDQ×QGD GD GHĊLċLNOLN ROPXċWXU
·O×\×OODU×QEDċ×QGDQLYHUVLWHOHUHGDKDoRNHUNHN|ĊUHQFLND\GROPDNWD\G×
%XJQLVH\NVHN|ĊUHWLPHGHYDPHGHQ|ĊUHQFLOHULQoRĊXN×]G×U%XQGDHQ
HWNLOLRODQIDNW|UOHUWRSOXPVDOGHĊLċLPOHULOH$UQDYXWOXN·XQEDW×\DDo×OPDV×RO
PXċWXU
g]HO\NVHN|ĊUHWLPNXUXPODU×Q×QRUWD\Do×NPD\DEDċODPDV×\OD|ĊUHQFL
OHULQVD\×V×GDDUWPD\DEDċODG×gĊUHQFLOHUL|]HOQLYHUVLWHOHUGHRNXPD\DLWHQ
QHGHQOHUGHQED]×ODU×ċXQODUG×U
‡ .DOLIL\H|ĊUHWLPNDGURVX
‡ %RORJQD6UHFL·QHGD\DO×NDOLWHOLSURJUDPODU
‡ dDĊGDċ|ĊUHWLPXVXOOHUL
‡ 0RGHUQDOW\DS×HQL\L|ĊUHQFLOHUHYHULOHQEXUVODUYE
:RUOG(FRQRPLF)RUXP·XQHĊLWLPUDSRUXQDDW×IWDEXOXQDFDNROXUVDNGH
ĊHUOHQGLUPH\HDO×QDQONHDUDV×QGD$UQDYXWOXNQFV×UDGDEXOXQX\RU
$UQDYXWOXN·XQ HNRQRPLVLQLQ JLGLċDW× LOH LOJLOL LVWDWLVWLNL UDSRUODU $UQDYXW EDV×
Q×QGDHNVLNGHĊLODQFDNPDNURHNRQRPLNGHĊHUOHUOHLOJLOLEXWDKOLOOHUKHU]DPDQ
JHUoHĊL\DQV×WPDPDNWD+DWWDED]HQEXUDSRUODUEDV×QWDUDI×QGDQPDNDVODQ×U
YH\DoDUS×W×O×U|UQHĊLQEHOOLELUSDUDPHWUH\HJHUHĊLQGHQID]OD|QHPYHULOLSELU
GLĊHULQLQGHJ|OJHGHE×UDN×OG×Ċ×GXUXPODUGDNLJLEL
,0) \H ONHOHULQ ċX DQGD ONH HNRQRPLN YH PDOL JLGLċDW×Q× GHQHW
OH\HQYH$UQDYXWOXNGDKLOGQ\DQ×QELUoRNONHVLKDNN×QGDX]XQYDGHOLYHUL
OHUHVDKLSRODQXOXVODUDUDV×ELUNXUXPGXU$ċDĊ×GD$UQDYXWOXNKDNN×QGDED]×
PDNURHNRQRPLNYHPDOLJ|VWHUJHOHUL\DQV×WDQJUDILNOHU\HUDOPDNWD*D\ULVDIL
0LOOL+DV×ODEHOOLELUVUH]DUI×QGDELUONHGHUHWLOHQPDOYHKL]PHWOHULQWRSODP
GHĊHULGLU,0)EXWDEDQGDNLYHULOHULoLQ\×O×Q×QED]DO×QG×Ċ×QDGLNNDWoHN
PHNWH%XQXQDPDF×IL\DWODUGDNLGDOJDODQPDODU×QHWNLVLQLEHUWDUDIHWPHNROXS
EX ċHNLOGH VHQHGHQ VHQH\H JHUoHN HNRQRPLN E\PH NDUċ×ODċW×U×ODELOLU .LċL
EDċ×JD\ULVDILPLOOLKDV×ODELUONHQLQ*D\ULVDIL0LOOL+DV×ODV×Q×QRONHQLQQIX
VXQDE|OQPHVLQGHQRUWD\Do×NDQUDNDPROXSQIXVDRUDQODUHWLPL\DQV×W
PDV×QGDQGROD\×|QHPOLELUJ|VWHUJHGLU%XJ|VWHUJHD\Q×]DPDQGDELUONHQLQ
\DċDPVWDQGDUG×Q×GD\DQV×W×U.LċLEDċ×QD6DW×Q$OPD*F3DULWHVL'Q\D
%DQNDV×YHED]×GLĊHUXOXVODUDUDV×NXUXPODUDJ|UHELUONHQLQ\DċDPVWDQGDU
G×Q×\DQV×WPDQRNWDV×QGD*D\ULVDIL0LOOL+DV×ODQ×QHQ|QHPOLJ|VWHUJHVLROXS
IDUNOׁONHOHUDUDV×QGDYHD\QׁONHLoLQGH\×OODUDJ|UHNDUċ×ODċW×UPDODU×PP
NQN×ODUgUQHĊLQ'Q\D%DQNDV×ELUONHQLQIDNLUOLNVHYL\HVLQLKHVDSODPDGD
EXJ|VWHUJH\HGD\DQPDNWD.LċLEDċ×QD*D\ULVDIL0LOOL+DV×ODKHVDSODU×6DW×Q
$OPD*F3DULWHVLQHGD\DQ×ODUDN\DS×O×UYHEX\ROODELUONHQLQSDUDV×Q×QVD
W×QDOPDJFGLĊHUSDUDODU×QVDW×QDOPDJF\OHNDUċ×ODċW×U×ODELOHFHNċHNLOGH
HċLWOHQLU)DUNOׁONHOHUYHSDUDODULoLQ6DW×Q$OPD*F3DULWHVL$%''RODU×·Q×Q
$%'·GH VDKLS ROGXĊX VDW×Q DOPD JF ED] DO×QDUDN D\U×FD ONHGHQ ONH\H
GHĊLċHQGLĊHUED]×HWNHQOHUHċLWOHQHUHNKHVDSODQ×UYHE|\OHOLNOHELUONHSDUD
V×Q×QEHOOLELUVUHLoLQGHNLGHĊHULLoLQXOXVODUDUDV×NXUXo×NDU×O×UgUQHĊLQ,0)·LQ
$UQDYXWOXN KDNN×QGDNL \XNDU×GD ]LNUHGLOHQ YHUL WDEDQ×QGD EXOXQDQ ED]× HQ
GHNVOHULQUDNDPODU×KHVDSODQG×Ċ×QGD$%''RODU×·Q×Q\×O×QGDNLNXUX\DN
ODċ×N$UQDYXW/HN·LQHGHQNJHOLUNHQD\Q×\×OGDXOXVODUDUDV×GRODU×QGHĊHUL
/HNLGL\×O×HQGHNVOHULYHULOHULQLQWDPUDNDPODUGHĊLO,0)·LQ\DN×Q
GHĊHUOHULROGXĊXXQXWXOPDPDO×%XLNLGHĊHUDUDV×QGDNLRUDQ\DNODċ×N%X
HQGHNVHGD\DQDUDNJHOLUOHULNDUċ×ODċW×UDFDNROXUVDN\×O×QGD$UQDYXWOXN·WD
\DċD\DQELUNLċLQLQDOG×Ċ×'RODU·O×NPDDċSDUDODU×QEXLNLONHGHNL6DW×Q
$OPD *F 3DULWHVL·QH J|UH D\Q× \×OGD $%'·GH \DċD\DQ ELU NLċLQLQ ·O×N
PDDċ×QDGHQNWLU%XUDNDPODUODLNLONHGHNLEXLNLNLċLDċDĊ×\XNDU×D\Q×ċH\OHUL
VDW×QDOPDLPNDQ×QDVDKLSROPXċWXU
*HOLU NODVPDQ×QD J|UH $UQDYXWOXN RUWD\NVHN JHOLUOL ONHOHU NDWHJRULVLQH
GDKLOGLU.DWHJRULOHUDċDĊ×GDNLJLELGLU'ċNJHOLU%DQJODGHċ.HQ\D8JDQGD
YV*HOLUDUDO×Ċ×JQGH'ċNRUWDJHOLU(UPHQLVWDQ1LMHU\D3D
NLVWDQYV*HOLUDUDO×Ċ×JQGH<NVHNRUWDJHOLU$UQDYXWOXNdLQ
%XOJDULVWDQ7UNL\HYV*HOLUDUDO×Ċ×JQGH<NVHNJHOLU$YXV
WUDO\D$YXVWXU\D$%'(VWRQ\D'DQLPDUNDYV*HOLUDUDO×Ċ×JQGH
*UDILNYHULOHULQHJ|UH*D\ULVDIL0LOOL+DV×ODQ×Q\×OODU×QGDHQGċNVHYL
\HGHROGXĊXJ|UO\RU%XVHYL\HXIDNELUE\PHND\GHWPLċWLU
\×OODU×QGDGHĊLċLPQHGHQL\OH*D\ULVDIL0LOOL+DV×ODGDELUGċċJ|U
OU%X\×OODUGD*D\ULVDIL0LOOL+DV×ODDUDV×QGDNLHQGċNGHĊHULQL
ND\GHWPLċWLU\×O×QGDQVRQUD*D\ULVDIL0LOOL+DV×ODWHNUDU\NVHOLUYH
YHVRQUDV×QGDGDKDGDK×]O×ELUE\PHJ|VWHULU
*HoLċ\×OODU×Q×QWDKOLOLQLEXUDGDNHVHUHN6WDQGDUWVQ·3RRUWDUDI×QGDQ\DS×
ODQVRQGHĊHUOHQGLUPHGHONHPL]LQ%VHYL\HVLQHoRNROXPOXHQD]×QGDQELU
|QFHNLGHĊHUOHQGLUPHGHQGDKDL\LELUGHĊHUOHQGLUPHGLUJHoWLĊLQLYH*D\ULVDIL
0LOOL +DV×ODQ×Q JHOLċLPLQGH ROXPOX UDNDPODU PXKDID]D HWWLĊLQL YXUJXODPDNOD
NDSDW×\RUX]
$UQDYXWOXN·XQVDĊO×NVRV\DOVLJRUWDYHVRV\DONRUXPDVHNW|UOHULQGHLVWDWLV
WLNLJ|VWHUJHOHUL$ċDĊ×GDNLWDEORGDVDĊO×NNXUXPODU×Q×QIDDOL\HWLQL\DQV×WDFDĊ×]
7DEORQXQYHULOHULQGH\×OODU×DUDV×QGD|]HONOLQLNOHULQDo×OPDV×\ODYH
|]HO\DW×U×PODUGDQGROD\×KDVWDQHVD\×V×Q×QDUWW×Ċ×Q×J|U\RUX]6RQXoRODUDN
\×O×QDNDGDUELQQIXVDGċHQKDVWDQHVD\×V×$ċDĊ×GDVRV\DO
VLJRUWDYHVRV\DONRUXPD\ODEXQODU×Q\×OODU×DUDV×QGDN×UVDONHVLP
OHUGHYHċHKLUOHUGHNLJLGLċDW×\ODLOJLOLED]×YHULOHUVXQX\RUX]$ċDĊ×GDNLWDEOR
QXQYHULOHULQHJ|UHVHQHGHQVHQH\HHPHNOLOLNOHULQDUWW×Ċ×Q×J|UHELOL\RUX]
DUDV×QGDNLGHYOHWHPHNOLOLNOHULLOHLOJLOLELUNDUċ×ODċW×UPD\DSDFDNROXUVDN
\×O×QGDHPHNOLOLNOHULQWRSODP/HN\×O×QGDLVH/HN
ROGXĊXQX·OXNELUDUW×ċ\DċDQG×Ċ×Q×J|UU]%X·OXNDUW×ċ\×O×QGD
/HNLNHQ\×O×QGD/HN·HXODċDQ\DċO×O×NHPHNOLOLNOHULQGHNL
GHĊLċLPHEDĊO×RODUDNRUWD\Do×NP×ċW×U6|]NRQXVX\×OO×NVUHLoLQEXDUW×ċ
\DNODċ×N·WLU0DOXOL\HWHPHNOLOLĊLYHULOHULQHEDNDFDNROXUVDNEXJ|VWHUJHQLQ
HWNLVLQLQWDKOLOHDOG×Ċ×P×]G|QHPLQGHĊLċNHQOLĊLYHGDOJDO×O×Ċ×\]QGHQGDKD
ID]ODG×U\×O×QGDEXHPHNOLOLN|GHPHOHUL/HN·HXODċ×UNHQ\×
O×QGD/HN·HXODċPDNWD%XRQ\×OO×NVUHGHNLDUW×ċVHYL\HVLQGH
KHVDSODQPDNWDG×U$LOHHPHNOLOLNOHULQGHLVHGċċWHRODQROXPVX]ELUGHĊLċLP
EHOLUOH\LFLGLU<XNDU×GDNLYHULOHUGHQDUDV×QGDNLG|QHPGHN×UVDONH
VLPOHUGHNLHPHNOLOLNOHUGHċHKLUGHNLHPHNOLOLNOHULQDNVLQH\DNODċ×N·OLNELU
GċċJ|]OHPOHQPHNWH$\Q×ċH\L\DċO×O×NHPHNOLOLĊLLoLQGHV|\OH\HELOLUL]%XQ
ODU×QDNVLQHPDOXOL\HWHPHNOLOLNOHULDUW×ċND\GHWPLċWLU
'Q\D (NRQRPLN )RUXPX·QXQ UDSRUXQD WHNUDU G|QHUVHN VDĊO×NWD
$UQDYXWOXNGHĊHUOHQGLUPH\HDO×QDQONHDUDV×QGDQFV×UDGD\HUDO×U
ĈċVL]OLNNRQXVXQGDEWQGQ\D\×HWNLOH\HQHNRQRPLNNUL]LQLONHWNLOHULONH
PL]GHGHKLVVHGLOPHNWHGLU\×O×QGDQ\×O×QDNDGDULċVL]OLNRUWDODPD
SXDQODDUWP×ċW×U\×O×QGDQ\×O×QDLċVL]OLNRUDQ×GċPċWU,167$7
YHULOHULQH J|UH (\OO ·WH LċVL]OLN RUDQ× ·GLU <LQH 'Q\D (NRQRPLN
)RUXPX·QXQUDSRUXQDJ|UHLVWLKGDPHQGHNVLQGHONHDUDV×QGD$U
QDYXWOXNLQFLV×UDGDEXOXQPDNWDG×U
%|\OHOLNOHED]×VRQXoODUDXODċ×\RUX]
%LUDV×ULoLQGH$UQDYXWHNRQRPLVL\×O×QGDEDĊ×PV×]O×NJQOHULQGH
NL\HQLċHNLOOHQPHVDIKDV×QGDQ\×OODU×DUDV×QGDNLLoHNDSDO×
HNRQRPL GHYUHVLQH YH JQP]Q NDSLWDOLVW HNRQRPLVLQH GHN oHċLWOL
UHMLPOHUGHQJHoPLċWLU
$UQDYXWOXN·XQ PDOL VLVWHPLQLQ oRĊXQX SD]DUGDNL SD\×\OD EDQND
VLVWHPLWHċNLOHWPHNWHGLU
)L\DWVHYL\HVLNRQXVXQGD$UQDYXWOXN%DQNDV×HQÁDV\RQXDUD
O×Ċ×QGDNRQWURODOW×QGDWXWPD\×EDċDUP×ċW×U
%DċNDQ3URI'U6XGL$3$.
%H\NHQWhQLYHUVLWHVLgĊUHWLPh\HVL
+HU LNL NRQXċPDF×P×] 7UNL\H YH $UQDYXWOXN LOLċNLOHULQGHNL SRWDQVL\HOO
HULJ|]|QQHDOG×ODU%XQGDQVRQUDDUW×NHNRQRPLNLċELUOLĊLGDKD|QSODQD
o×NDFDN <DQL ÀQDQVDO \HUHO YH UHWLP VHNW|UQGH LKUDFDWWD VDĊO×N YH WXU
L]PDODQODU×QGDDo×N%LUELUOHULQGHQRODQWLFDUHWLQJHOLċWLULOPHVLRUWDN\DW×U×PODU
GDKDVRQUDoQFONHOHULGċQPHNJHUHNL\RU$QFDNND\QDNYHVHUPD\H
ELULNLPL\DS×ODELOLUYHKHUONHQLQGHEXOHKLQHRODFDNW×U$ODQODUoRNDo×N%XQ
GDQVRQUDNLWRSODQW×ODUGDGDKDoRNJQGHPHJHOHFHNWLUGL\HGċQ\RUXP
3$1(/2785808
7UNL\H$UQDYXWOXN(NRQRPLNĈOLċNLOHUL
%DċNDQ 3URI'U*QJ|U785$1
(SRNDhQLYHUVLWHVLgĊUHWLPh\HVL
h\HOHU 0XKDUUHP&$1
7UNL\H7LFDUHW0ċDYLUL
0UV$OEDQD/$.125, 7LUDQ7LFDUHWYH6DQD\L2GDV×
8OXVODUDUDV×ĈOLċNLOHU'LUHNW|U
3URI'U%LUROd(7Ĉ1 7Ĉ.$7UNL\HĈċELUOLĊLYH.DON×QPD$MDQV×
.RRUGLQDW|U
3URI$V2OGDd,d2
9LWULQDhQLYHUVLWHVL
ĈNWLVDW7XUL]P)DNOWHVL'HNDQ×
)LOLS*-2.$
$UQDYXWĈċDGDP×
'U=HNL.$<$ .UP+ROGLQJ$ĉ
$UQDYXWOXNhONH.RRUGLQDW|UYH
ĈFUD.XUXOXh\HVL
3URI'U*QJ|U785$1
(SRNDhQLYHUVLWHVLgĊUHWLPh\HVL
6D\×Q.RQXċPDF×ODU
'DYHWOL0LVDÀUOHU
´$UQDYXWOXNLOH7UNL\H$UDV×QGDNL(NRQRPLNYH7LFDULĈOLċNLOHULQ*HOLċWLULO
PHVLµNRQXOXVHPSR]\XPXQRWXUXPXQDKRċJHOGLQL]6HPSR]\XPGDQEHN
OHQHQVRQXFDXODċPDNDo×V×QGDQEXRWXUXPoRNGDKD|QHPOL%XUDGDWDUW×ċD
FDĊ×P×]NRQXODUVRPXWNRQXODUROPDO×.RQXċPDF×ODU×P×]GDQVRPXW|QHULOHU
YHVWUDWHMLOHUEHNOL\RUXP$UQDYXWOXNLOH7UNL\HDUDV×QGDNLHNRQRPLOHULQDV×O
JHOLċWLUHELOLUL]")×UVDWODUYHWHNOLÁHUQHOHUGLU"+HULNLONHQLQJoOYH]D\×I\DQ
ODU×QHOHUGLU"%XQODU]HULQGHWDUW×ċDFDĊ×]%X\XUXQ6D\×Q&DQ
0XKDUUHP&$1
7UNL\H7LFDUHW0ċDYLUL
7h5.Ĉ<($51$987/8.$5$6,1'$.Ĉ7Ĉ&$5Ĉ)$$/Ĉ<(7/(5(
%Ĉ5%$.,ĉ62581/$59(dg=h0g1(5Ĉ/(5Ĉ
*Ĉ5Ĉĉ
hONHGHNL7UNÀUPDODU×Q×Q\DW×U×PODU×PLO\DU$%''RODU×Q×Q]HULQHo×NP×ċ
VDGHFHEX\×O\DNODċ×NPLO\RQGRODUO×NVHUPD\HJLULċLV|]NRQXVXROPXċWXU
<LQH|QHPOLELUPWHDKKLWOLNLKDOHVLQLLNLÀUPDP×]×QROXċWXUGXĊXNRQVRUVL\XP
ND]DQP×ċW×UhONHPL]LWKDODWV×UDODPDV×QGDLOND\O×NYHULOHUOH$OPDQ\D·\×JH
oHUHNV×UD\D\HUOHċPLċ'ROD\×V×\OD<HQLKNPHWLQJOREDONUL]RUWDP×QGD
|QHPOLELUVHUPD\HJLULċL|QHPOLELULVWLKGDPDUW×ċ×\DSDQ7UN\DW×U×PF×V×VD
\HVLQGHHVNLKNPHWOHULQONHPL]LOHKHSRODQL\LLOLċNLOHULQLQNDOG×Ċ×\HUGHQ
GHYDPHWPHVLQLQELUDG×P|WHVLRODQVWUDWHMLNRUWDNO×NLODQHWPLċLVUSUL]RO
PDVDJHUHN
.RQXċPDP×]GD|QFHG×ċWLFDUHWVRQUDPWHDKKLWOLNWXUL]PYHHĊLWLPJLEL
KL]PHWOHUWLFDUHWLHOHDO×QDFDNW×U$\U×FDLNLONHDUDV×QGDNLHNRQRPLNIDDOL\HW
OHUGHNLYH|]HOOLNOHWLFDULDODQGDNLVRUXQODUDGHĊLQLOHFHNWLU
Ĉ.Ĉh/.($56,1'$.Ĉ%$ĉ/,&$$1/$ĉ0$/$5
ĈNLONHDUDV×QGDHNRQRPLNNOWUVDĊO×NVRV\DOJYHQOLNYHDVNHULDODQ
ODUGD|QHPOLDQODċPDODUDLP]DDW×OP×ċW×U7LFDULDODQGDNLHQ|QHPOLDQODċPD
ODU\×O×QGDLP]DODQDQ7LFDUHWDQODċPDV×·GHNL*PUN.RQXODU×QGD
.DUċ×O×NO×ĈċELUOLĊLYHĈGDUL<DUG×P$QODċPDV×\×O×QGDNL8OXVODUDUDV×7Dċ×
PDYH.DUD\ROX$QODċPDV×EHOOLDUDO×NODUOD\DS×ODQYH;,\×O×QGD\DS×ODQ
.(. 3URWRNROOHUL YH HQ |QHPOLVL GH \×O×QGD LP]DODQDQ YH \×O×QGD
\UUOĊHJLUHQ6HUEHVW7LFDUHW$QODċPDV×YHEXQDEDĊO×RODUDN\×O×QGD
7UNL\H$%YH$UQDYXWOXNoDSUD]PHQċHNPODV\RQXQDLPNkQYHUHQ,,VD\×O×
3URWRNROGU
7DEORĈNLhONH$UDV×QGDNL$QODċPDODU
$QODċPDSURWRNRO
7LFDUHW$QODċPDV×
(NRQRPLN7LFDUL6×QDLYH7HNQLNĈċELUOLĊL$QODċPDV×
<DW×U×PODU×Q.DUċ×O×NO×7HċYLNLYH.RUXQPDV×$QODċPDV×
dLIWH9HUJLOHQGLUPHQLQgQOHQPHVL$QODċPDV×
*PUN.RQXODU×QGDĈċELUOLĊLYH.DUċ×O×NO×ĈGDUL<DUG×P
.OWUHO(ĊLWLPYH%LOLPVHO'HĊLċLP3URJUDP×$QODċPDV×
6RV\DO*YHQOLN6|]OHċPHVL
7UNL\H$UQDYXWOXN.(.9'|QHP3URWRNRO
7UNL\H$UQDYXWOXN6DĊO×NYH7×S$ODQ×QGDĈċELUOLĊLQH'DLU
$QODċPD
7UNL\H$UQDYXWOXN.(.9,'|QHP3URWRNRO
8OXVODUDUDV×.DUD\ROX7Dċ×PD$QODċPDV×
7UNL\H$UQDYXWOXN.(.9,,'|QHP3URWRNRO
7UNL\H$UQDYXWOXN.(.9,,,'|QHP3URWRNRO
7UNL\H$UQDYXWOXN.(.,;'|QHP3URWRNRO
$UQDYXWOXN7UNL\H6HUEHVW7LFDUHW$QODċPDV×
7UNL\H$UQDYXWOXN.(.;'|QHP3URWRNRO
7UNL\H$%$UQDYXWOXNoDSUD]NPODV\RQX\JXODQPDV×
7UNL\H$UQDYXWOXN.(.;,'|QHP3URWRNRO
ĈP]D7DULKL
.D\QDN7LUDQ7LFDUHW0ċDYLUOLĊL
6HUEHVW7LFDUHW$QODċPDV×67$
$UQDYXWOXNLOHONHPL]DUDV×QGDELU67$LP]DODQPDV×QD\|QHOLNWXUP
]DNHUHOHU1LVDQWDULKLQGH$QNDUD·GDJHUoHNOHċWLULOPLċWLUĈONWXUP]D
NHUHGHWDUDÁDUHNRQRPLOHULG×ċWLFDUHWUHMLPOHUL$%YHGLĊHUoQFONHOHU
OHLOLċNLOHULNRQXODU×QGDELOJLDO×ċYHULċLQGHEXOXQPXċD\U×FDWDVODN67$PHWQL
]HULQGH GH LON J|UċPHOHU JHUoHNOHċWLULOPLċ 0WHDNLS WXU LVH 7HPPX]
WDULKOHULQGH7LUDQ·GD\DS×OP×ċW×UĈNLQFLWXUP]DNHUHOHUH$QNDUD·GDGH
YDPHGLOHUHN(\OOWDULKLQGH$UQDYXWOXNLOH7UNL\HDUDV×QGDNL67$
SDUDIHHGLOPLċWLU
$UDO×NWDULKLQGH7LUDQ·GDLNLONHQLQ%DNDQODU×WDUDI×QGDQLP]DODQDQ
YH0DUWWDULKOLYHVD\×O×0NHUUHU5HVPL*D]HWH·GH\D\×PODQDQ
´7UNL\H&XPKXUL\HWLLOH$UQDYXWOXN&XPKXUL\HWL$UDV×QGD6HUEHVW7LFDUHW$Q
ODċPDV×µ67$0D\×VWDULKLQGHQLWLEDUHQ\UUOĊHJLUPLċWLU
$UQDYXWOXN·XQ *HQHO (NRQRPLN 'XUXPX YH 7UNL\H LOH (NRQRPLN7LFDUL ĈOLċNLOHUL
V
6|]NRQXVX$QODċPDLOHWDUDÁDUDUDV×QGDNLHNRQRPLNLċELUOLĊLQLQDUW×U×OPDV×
YH JoOHQGLULOPHVL PDO WLFDUHWLQGHNL N×V×WODPDODU×Q NDOG×U×OPDV× X\JXQ UHND
EHWNRċXOODU×Q×Q\DUDW×OPDV×NDUċ×O×NO×\DW×U×PODU×QWHċYLNHGLOPHVLYHWDUDÁDU×Q
oQFONHSL\DVDODU×QGDNLWLFDUHWYHLċELUOLĊLQLQJHOLċWLULOPHVLKHGHÁHQPLċWLU
$QODċPD VDQD\L UQOHULQGHNL JPUN YHUJLOHUL PLNWDU N×V×WODPDODU× YH
Hċ HWNLOL YHUJL YH |QOHPOHULQ NDOG×U×OPDV× EDċWD ROPDN ]HUH WLFDUHWWH WHNQLN
HQJHOOHUWDU×PUQOHULQGHNLWDYL]GHĊLċLPLKD\YDQYHELWNLVDĊO×Ċ×|QOHPOHUL
GDKLOL YHUJLOHQGLUPH \DS×VDO X\XP GDPSLQJ DFLO GXUXPODU GHYOHW WHNHOOHUL
NRUXQPD |QOHPOHUL |GHPHOHU PHQċH NXUDOODU× GHYOHW \DUG×PODU× ÀNUL V×QDL
YHWLFDULPONL\HWKDNODU×NDPXLKDOHOHULYHNXUXPVDOKNPOHUNRQXODU×QGD
G]HQOHPHOHULoHUPHNWHGLUg]HOOLNOHoRN\|QOELUDQODċPDROPDV×GROD\×V×\OD
GD|QHPOLGLU
%X $QODċPD LOH LKUDFDWo×ODU×P×]D $UQDYXWOXN SD]DU×QGD $YUXSD %LUOLĊL LK
UDFDWo×ODU×LOHHċLWUHNDEHWLPNkQ×JHWLULOPLċWLU%XoHUoHYHGHVDQD\LPDOODU×Q
GD$QODċPDQ×Q\UUOĊHJLUGLĊLWDULKWH$UQDYXWOXNPHQċHOLVDQD\LPDOODU×Q×Q
7UNL\H·\HLWKDODW×QGDX\JXODQDQJPUNYHUJLOHULV×I×UODQP×ċEXQDPXNDELO
$UQDYXWOXN·D LWKDO HGLOHQ ONHPL] PHQċHOL VDQD\L UQOHULQLQ ·GHQ ID]OD
V×Q×QJPUNYHUJLOHULNDOG×U×OP×ċW×U%DNL\HVDQD\LUQOHULQGHhONHPL]HNDUċ×
X\JXODQDQJPUNYHUJLOHULLVH67$·Q×Q\UUONWDULKLQGHQEDċODPDN]HUH
\×OO×N·OLNHċLWLQGLULPOHUOHEHċLQFL\×ORODQ\×O×EDċ×QGDWDPDPHQV×
I×UODQP×ċW×U
7UNL\H YH $UQDYXWOXN WLFDUL SRWDQVL\HOL RODQ VHoLOPLċ 7DU×P UQOHULQGH
ELUELUOHULQHV×Q×UV×]PDKL\HWWHYH\DWDULIHNRQWHQMDQODU×GkKLOLQGHV×I×UJPUN
YHUJLOHULLOHWDYL]OHUWDQ×P×ċODUG×UhONHPL]LQEXNDSVDPGD$UQDYXWOXN·WDQWDYL]
DOG×ĊׁUQOHUDUDV×QGDLKUDFDW×P×]EDN×P×QGDQ|QHPDU]HGHQLċOHQPLċ7DU×P
UQOHULoLNRODWDċHNHUOHPHGRQGXUPDNXUXPH\YHOHUI×QG×NDQWHSI×VW×Ċ×
]PLQFLUQDUHQFL\HEDNOL\DWYHGLĊHUWD]HVHE]HYHPH\YHOHU\HUDOPDNWD
G×UhONHPL]LQ$UQDYXWOXN·DWDYL]WDQ×G×Ċ×EDċO×FDUQOHUDUDV×QGDED]×WD]HYH
LċOHQPLċVHE]HYHPH\YHOHULOHONHPL]LQDQ×ODQONHGHQWDYL]DOG×Ċ×LċOHQPLċ
WDU×PUQOHULV×UDODQPDNWDG×U
'LĊHU WDUDIWDQ 7UNL\H $UQDYXWOXN 6HUEHVW 7LFDUHW $QODċPDV×·Q×Q 67$
HNLQLWHċNLOHGHQ0HQVHOLhUQOHU.DYUDP×Q×Q7DQ×P×YHĈGDULĈċELUOLĊL<|QWHPL
QHĈOLċNLQ3URWRNRO,,·QLQ'HĊLċWLULOPHVL+DNN×QGDNL6D\×O×2UWDN.RPLWH
.DUDU×$ĊXVWRVWDULKLQGH\UUOĊHJLUPLċWLU
7UNL\H$UQDYXWOXN6HUEHVW7LFDUHW$QODċPDV×'70V$QNDUD
$UQDYXWOXN·XQ *HQHO (NRQRPLN 'XUXPX YH 7UNL\H LOH (NRQRPLN7LFDUL ĈOLċNLOHUL
V
%XoHUoHYHGH7UNL\H$YUXSD%LUOLĊLYH$%·QLQĈVWLNUDUYH2UWDNO×N6XUHFL
NDSVDP×QGD\HUDODQ%DWL%DONDQhONHOHUL&()7$,,WDUDIׁONHOHUOHDUDV×QGDNL
WHUFLKOLWLFDUHWWHoDSUD]NPODV\RQXQX\JXODQPDV×GDEDċODW×OP×ċW×U
<,//$5Ĉ7Ĉ%$5Ĉ</(.$5ĉ,/,./,',ĉ7Ĉ&$5(7Ĉ0Ĉ=
7DEOR<×OODULWLEDUL\OHLNLOLWLFDUHWELQ$%''RODU×
<,//$5
ĈKUDFDW
'HĊLċLP
ĈWKDODW
'HĊLċLP
+DFLP
'HQJH
.D\QDN7hĈ.LOND\O×NUDNDPODU,167$7
\×O×QGDQLWLEDUHQ\×OODULWLEDUL\OHNDUċ×O×NO×WLFDUHWKDFPLPLO\RQGR
ODUGDQ\LOLLWLEDUL\OH$UQDYXWOXN7UNL\HDUDV×QGDRODQG×ċWLFDUHWKDFPL
ELU|QFHNL\×ODJ|UHGXċPXċROPDV×QDUDĊPHQPLO\RQRODUDNJHUoHN
OHċPLċWLU 7UNL\H WRSODP G×ċ WLFDUHWWH ·OLN LVWLNUDUO× SD\D VDKLS RODQ D]
ONHOHUGHQELULGLU
$UQDYXWOXNLKUDFDWWDNLGċċ|]HOOLNOHLONV×UDGDNL\DU×PDPXOGHPLUUQ
OHULQLQ·O×NGċċQGHQND\QDNODQP×ċW×UĈNLQFLHQoRNLKUDoHGLOHQ
DUW×ċODEDN×UPDGHQLROPXċWXU'LĊHUWDUDIWDQGHPLUoXEXNODU×Q×QLKUDFDW×QGD
\×O×\ODN×\DVODQG×Ċ×QGD·OLNDUW×ċJ|UOPċWU$UQDYXWOXN·XQO
NHPL]H\|QHOLNLKUDFDW×Q×\LQHDĊ×UO×NO×RODUDNEXUDGDIDDOL\HWWHEXOXQDQNHQGL
ÀUPDODU×P×]JHUoHNOHċWLUPHNWHGLU=DWHQLKUDFDW\DS×V×Q×QGHĊLċLPLQLQELUQH
GHQL UHWLFL ÀUPDP×]×Q ELULVLQLQ UHWLP \DS×V×Q× \XYDUODN GHPLU UHWLPL KDWW×
NXUDUDNGHĊLċWLUPHVLQGHQND\QDNODQP×ċW×U
$UQDYXWOXN·XQ *HQHO (NRQRPLN 'XUXPX YH 7UNL\H LOH (NRQRPLN7LFDUL ĈOLċNLOHUL
V
7DEOR7UNL\H·\HHQoRNLKUDoHGLOHQXUXQELQ
.RGX
3D\L
$o×NODPD
$Ċ×UO×Ċ×FHQL;NDO×QRODQ
\DU×ELWLULOPLċLQDVUHFWVTFURVV
VHFW
%DN×UFHYKHULYHNRQVDQWUHVL
,V×\ODVDUPDODQP×ċoHNLOPLċ
SUHVOHQPLċJoOHQGLULFLEHWRQERUX
YHoXEXNODU×
'LĊHUG|NQWYHKXUGDODU
<QO KDP NR\XQ \D GD NX]X
GHULVL
%LUWLSNXOODQ×P×QGLĊHUELWNLOHUL
2WRPDWLNGHYUHNHVLFLOHU
3ODVWLNDW×NYHDUW×ODU
$OPLQ\XPG|NQWYHKXUGDODU×
7RUQD WDODċ YH G|NQWOHUL IUH]H
WDODċYHG|NQWOHULN×\P×NODU
(QID]ODLKUDoHGLOHQUQ
7RSODPLKUDFDW
.D\QDN$&,7/HNGHĊHUL$%''RODU×QDoHYULOPLċWLU
7DEOR7UNL\H·GHQLWKDOHGLOHQXUXQELQ
.RGX
$o×NODPD
3D\×
,V×\ODVDUPDODQP×ċoHNLOPLċSUHVOHQPLċ
JoOHQGLULFLEHWRQERUXYHoXEXNODU×
(QLQHNHVLWLGDLUHċHNOLQGHROXSoDS×
PPGHQD]RODQGHPLUYH\DDODċ×PV×]
oHOLNWHQÀOPHVLQ
(F]DF×O×NNXOODQ×P×LoLQNRPQ\RQLODo
NDSVOOHULERċNDSVOOHUEHQ]HUL
UHWLPYHNXUXWPDWHoKL]DW×
7DWO×ELVNYLOHU
'LĊHULODoODU
<RQJDOHYKD$ĊDoWDQ
6HQWHWLNYH\DVXQLGRNXPD\DHOYHULċOL
PDGGHOHUGHQ
*HULOLPL9XJHoPH\HQ
WHOHNRPQLNDV\RQGDNXOODQ×ODQHOHNWULN
LOHWNHQOHUL
(QID]ODLWKDOHGLOHQUQ
7RSODPLKUDFDW
'LĊHUNXPDċODU
'RQGXUPDYH\HQLOHQGLĊHUEX]ODU
NDNDRLoHUVLQLoHUPHVLQ
.D\QDN$&,7
$OEDQLDQ&RPPHUFHRI,QWHUQDWLRQDO7UDGH5HSRUW$&,7$'V
\×O×QGD ,167$7 YHULOHULQH JRUH LWKDODW ELU |QFHNL VHQH\H J|UH oRN
ID]OD GHĊLċPHGHQ ELQ GRODU RODUDN JHUoHNOHċPLċWLU %X GD WRSODP
LWKDODW×Q ·VLQL ROXċWXUPXċWXU (Q oRN LWKDO HGLOHQ UQOHU GċċH
UDĊPHQ DGL PHWDOOHU ROPXċWXU 'LĊHU WDUDIWDQ WHNVWLO UQOHUL ·OLN DUW×ċOD 7UNL\H LOH \DS×ODQ WRSODP LWKDODW×Q ·XQX ROXċWXUPXċWXU
7UNL\H·GHQLWKDODW×ROGXNoDGHĊLċLNVHNW|UOHUHGDĊ×OP×ċROPDNODEHUDEHULODo
YHHF]DF×O×NUQOHULPRELO\DKDPPDGGHYHDUDUQOHULGRQGXUPDEXVNYL
YHoLNRODWDJLELJ×GDUQOHULLONV×UDODUGD\HUDOPDNWDG×UODU
7DEOR'×ċ7LFDUHWWHhONH6×UDODPDV×
%LQ'RODU
ĈWKDODW'RODU
'HĊLċLP2UDQ×
<XQDQLVWDQ
dLQ
7UNL\H
$OPDQ\D
7RSODP
'HĊLċLP2UDQ×
ĈWDO\D
%LQ'RODU
ĈKUDFDW'RODU
'HĊLċLP2UDQ×
ĈWDO\D
'HĊLċLP2UDQ×
ĈVSDQ\D
.RVRYD
dLQ
$OPDQ\D
<XQDQLVWDQ
7UNL\H
'HĊLċLP2UDQ×
'HĊLċLP2UDQ×
7RSODP
7RSODPĈWKDODW
7RSODPĈKUDFDW
'×ċ7LFDUHW+DFPL
.D\QDN,167$7(NLP
\×O×H\OOD\×YHULOHULQHJ|UH$UQDYXWOXN·XQWRSODPLKUDFDW×QGD·OLN
ELUDUW×ċROPDV×QDUDĊPHQWRSODPLWKDODW×QGD\DNODċ×N·ONELUGċċYDUG×U
$QFDNONHPL]GHQ\DS×ODQLWKDODWWD\DNODċ×N·OLNELUDUW×ċJ|UOPċWU%X
YHULOHUHJ|UHLOND\GD$OPDQ\DJHoPLċYHEXWUHQGLQGHYDPHWPHVLGXUX
PXQGDdLQ·LQGHJHoLOPHVLPXKWHPHOGLU
+Ĉ=0(7/(57Ĉ&$5(7Ĉ
0WHDKKLWOLN
7UNL\HPWHDKKLWOLNVHNW|UQGH\×O×LWLEDUL\OHdLQ·LQDUG×QGDQLNLQ
FL V×UD\D \NVHOPLċWLU 'Q\DGDNL HQ E\N PWHDKKLWOLN ILUPDV×Q×Q ·L
7UN ILUPDV× ROXS \×OO×N JHOLUOHUL \DNODċ×N PLO\DU GRODUG×U )LUPDODU×P×]
$UQDYXWOXN·WD VX DQD NDGDU \DNODċ×N PLO\DU GRODU PWHDKKLWOLN IDDOL\HWOHUL
QL WDPDPODP×ċODU ELU N×VP× LVH GHYDP HGHQ IDDOL\HWOHUGLU 6RQ \×OO×N DUW×ċ
LVH\DNODċ×N·GLUċHNLO(Q|QHPOLVL'XUUHV0RULQH2WR\ROXROXSONH\L
.RVRYD·\DYHVRUXQODU×Qo|]OPHPWHDNLS6×UELVWDQ·DEDĊOD\DFDNW×U
+DOHQGHYDPHWPHNWHRODQILUPDODU×P×]×Q\DQ×QGD\LQHLNL|QHPOLILUPD
ODU×P×]×QROXċWXUGXĊXNRQVRUVL\XP\DNODċ×NPLO\RQGRODUWXWDU×QGDEDUDM
LQċDDW×Q×GHYDPHWPHNWHGLUOHU
$QFDN ONHQLQ NDUD\ROXQXQ \DQ× V×UD GHPLU\ROX LoPH VX\X DW×N DU×WPD
KLGURHOHNWULNVDQWUDOLLQċDDW×JLELELUoRNDODQGD|QHPOL\HQLOHPH\HLKWL\DoYDU
G×Ug]HWOHKDOHQ|QHPOLELUSRWDQVL\HOLPHYFXWWXU
ĉHNLO0WDKKLWOLNVHNW|UQGHVRQ\×OO×NGHĊLċLP
.D\QDN7LUDQ7LFDUHW0ċDYLUOLĊL
KWWSHNRQRPLJRYWUÀOHV(NRQRPLNB*RUXQXPSGI.DV×P
7XUL]P
\×O×LWLEDUL\OH\DNODċ×NELQ$UQDYXWYDWDQGDċ×|]HOOLNOH$QWDO\DE|O
JHVLQL]L\DUHWHWPLċWLU$QFDNGLĊHUE|OJHOHULPL]KHQ]WXUL]PDODQ×QGDGHĊHU
OHQGLULOPHPHNWHGLU
'LĊHU WDUDIWDQ $UQDYXWOXN %DONDQODUGDNL GLĊHU ED]× ONHOHULQ DNVLQH 7UN
]L\DUHWoLOHULQLQ\HWHULQFHLOJLVLQLoHNHPHPHNWHGLU\×O×LWLEDUL\OH\DNODċ×N
ELQ7UNYDWDQGDċ×EXONH\HJLULċ\DSP×ċW×U%HUDWYH*MURNDVWUDJLELLNL
|QHPOLċHKLU2VPDQO×PLPDULVLQLQJ]HO|UQHNOHULQLWHPVLOHWPHNWHYHKHULNL
VLVLQGH81(6&2NRUXPDV×DOW×QGDG×U
'LĊHU WDUDIWDQ ONHPL] VDĊO×N WXUL]PLQGH |QHPOL ONHOHUGHQ ELUL GXUXPX
QDJHOPLċWLU$UQDYXWOXN·WDoRNVD\×GD7UNGRNWRUODU×oDO×ċPDNWD\LQH|QHPOL
VD\×GDELUKDVWDONHPL]L]L\DUHWHWPHNWHGLU6RQLNL\×OO×NVXUHLoLQGHWDQH
|QHPOL VDĊO×N NXUXOXċXPX] RILV DoPDN VXUHWL\OH ONHPL]H WHGDYL LoLQ KDVWD
VHYNLJHUoHNOHċWLUPHNOHGLUOHU
$QFDNKDOHQEXDODQGDJHOGLĊLPL]QRNWDSRWDQVL\HOLPL]L\DQV×WPDPDNWDG×U
)LOP7LFDUHWL
6RQo\×OGD|QHPOLVD\×GDELU7UNGL]LOHULWHOHYL]\RQODUGDJ|VWHULPHJLU
PLċWLU%XKHP7UNoH|ĊUHQPH\HKHPGHWRSOXPODUDUDV×QGDEHQ]HUOLNOHUL
WHNUDUNHċIHGLOPHVLQHYHWRSOXPODU×QELUELUOHULQHGDKDGD\DN×QODċPDV×QDVH
EHSROPXċWXU
hONHPL]H\|QHOLNWXULVWVD\×V×QGDDUW×ċDGDNDWN×\DSW×Ċ×GċQOPHNWHGLU
(ĊLWLP
6RQ\×OG×U|QHPOLVD\×GDELU$UQDYXWQIXVXONHPL]H/LVHYHhQLYHUVLWH
HĊLWLPLLoLQJLWPLċWLU6LPGLOLVDQV\NVHNOLVDQVKDWWDGRNWRUDV×Q×WDPDPOD
\DQoRNVD\×GDNLċLONHOHULQHJHULG|QPċOHUGLU$Ċ×UO×NO×RODUDNEXUVODUUHVPL
EXUVODUGDQROXċPDNODEHUDEHU0LOOL(ĊLWLP%DNDQO×Ċ×*HQHONXUPD\%DċNDQO×Ċ×
YHhQLYHUVLWHOHUYEELUoRNYDN×IYH67.·GDEXUVVDĊODP×ċW×U
'LĊHU WDUDIWDQ $UQDYXWOXN·D IDDOL\HWWH EXOXQDQ LNL 7UN hQLYHUVLWHVLQGH
\LQH\]OHUFH7UNYDWDQGDċ×HĊLWLPLWDPDPODP×ċYH\DHĊLWLPLQHGHYDPHW
PHNWHGLUOHU
gQP]GHNL\×OODUGD|]HOOLNOHPKHQGLVOLNYHW×SDODQ×EDċWDROPDN]HUH
GDKDID]ODNLċLQLQHĊLWLPLoLQ7UNL\H·\HJLWPHVLEHNOHQPHNWHGLU
ZZZZZZPWNUVJRYDO$ĊXVWRV
ZZZZZZPWNUVJRYDO$ĊXVWRV
.$5ĉ,/,./,7Ĉ&$5(7Ĉ2/8068=$1/$0'$(7.Ĉ/(<(1)$.7g5/(5
7UNILUPDODU×Q×QGLĊHUONHILUPDODU×QDQD]DUDQDYDQWDM×QGDQELULVLEXO
NHGH NDUċ×ODċW×NODU× VRUXQODU× \DN×Q WDULKWH ONHPL]GH GH \Dċ×\RU ROPDODU×G×U
.DOG×NLEXVRUXQODU×QELUN×VP×Q×D]GDROVDEXJQGH\DċDPDNWDG×UODU$QFDN
ELUD]VRQUDHOHDODFDĊ×P×]VRUXQODU×QPPNQROGXĊXQFDHQD]DLQGLULOPHVL
LNLONHDUDV×QGDNLHNRQRPLNLOLċNLOHULGDKDGDDUWW×UDFDNW×U
hONH3D]DU×Q×Q.oN*|UOPHVL
$UQDYXWOXNSD]DUׁONHQIXVXQDEDN×ODUDNNoNELU3D]DURODUDNJ|UOPH
VLILUPDODU×P×Q×]|QHPOL\DQ×OJ×ODU×QGDQELULVLGLU2\VDONHPHUNH]LELUONH
GLU.RVRYD0DNHGRQ\DKDWWDN×VPHQ.DUDGDĊYH6×UELVWDQ·×Qo×N×ċNDS×V×G×U
'LĊHUWDUDIWDQ.RVRYD·Q×QWDPDP×QHUHGH\VH$UQDYXW0DNHGRQ\D·GD|QHPOL
ELU$UQDYXWD]×QO×N\DċDPDNWD.DUDGDĊYH6×UELVWDQ·GD\LQHNoNWHROVD$U
QDYXWD]×QO×N\DċDPDNWDG×U$UQDYXWOXN$UQDYXWQIXVXQGRĊDOPHUNH]LROXS
EXQIXVELUELULDUDV×QGDWLFDUHW\DSPDNWDG×U'ROD\×V×\OD$UQDYXWOXNONHQ
IXVXQXQVWQGHGRĊDOELUSRWDQVL\HOLEDU×QG×UPDNWDG×U
5HIHUDQV)L\DW8\JXODPDV×
$UQDYXWOXN JPUNOHULQLQ UHIHUDQV IL\DW X\JXODPDV× NDSVDP×QGD ED]×
UQOHUGHIL\DWODU×QoRN\NVHNWXWXOPDV×YH\DGHĊHUOHQGLUPHGHNLIDUNO×\|Q
WHPOHUQHGHQL\OHILUPDODU×QLWKDOPDOL\HWOHULQGHFLGGL\NVHOLċOHUROPDNWDYHEX
GXUXPGDWDULIHG×ċ×ELUHQJHORODUDNRUWD\Do×NPDNWDG×U
$UQDYXWOXN*PUN*HQHO0GUOĊQGHZHEVD\IDV×QGD$YUXSD%LUOLĊL
YH$YUXSD%LUOLĊLROPD\DQONHOHUG×ċ×QGDUHIHUDQVIL\DWODU×QD\|QHOLNELUOLVWH
PHYFXWWXU/LVWHGHQGHJ|UOHFHĊL]HUH$%\HVLRODQYHROPD\DQONHOHUH
ED]×PDOODULoLQIDUNO×WDULIHX\JXODQPDNWDG×U.DOG×NLHVDVVRUXQUHIHUDQVIL
\DW×QDEDċYXUPDNRQXVXQGDNL7UNPDOODU×DOH\KLQHX\JXODQDQD\U×PF×O×NW×U
%XX\JXODPDKHP'72NXUDOODU×QDKHPGHLNLONHDUDV×QGDNL6HUEHVW7LFDUHW
$QODċPDV×QDD\N×U×ELUGXUXPGXU
LWLEDUL\OH *PUN &HWYHOLQH J×GD UQOHUL LoLQ LOH DUDV×QGD
GHĊLċHQ J|UH JPUN YHUJLVL X\JXODPDV× \DQ×QGD D\U×FD .'9 X\JX
ODQPDNWDG×U%XQXQODELUOLNWH|UQHNRODUDN7UNL\H·GHGDKDLNLQFLOG]H\GH
NDEXO HGLOHQ UQOHUH GH ´1HVWOHµ IL\DWODU× HVDV DO×QDUDN UHIHUDQV IL\DW WHVSLW
HGLOPHNWHGLUgUQHNRODUDN+$/.PDUNDOׁUQOHULPL]LoLQX\JXODQDQUHIHUDQV
IL\DWODU×QDDċDĊ×GD\HUYHULOPLċWLU
KWWSZZZGRJDQDJRYDOGRFWHBGKHQDBGLVSRQXHVKPHKWP
7DEOR5HIHUDQV)L\DWX\JXODPDODU×
hUQ
)DWXUD)L\DW×
5HIHUDQV)L\DW×
.HN
(XUR.ROL
(XUR.ROL
dLNRODWD
(XUR.ROL
(XUR.ROL
+DON.UHPD
(XUR.ROL
(XUR.ROL
6×Y×VDEXQ
(XUR.J
(XUR.J
,VODNPHQGLO
(XUR.ROL
(XUR.ROL
.D\QDN7LUDQ7LFDUHW0ċDYLUOLĊL
7DEOR·GDJ|UOGĊJLELED]ׁUQOHULLoLQIDWXUDIL\DW×Q×QLNLNDW×QDo×NDEL
OHFHN UHIHUDQV IL\DWODU× X\JXODQDELOPHNWHGLU %X GXUXPGD |UQHĊLQ $YUR
IDWXUDEHGHOLLOHJPUĊHJHOHQoLNRODWDQRUPDOċDUWODUGDJPUNYHU
JLVL LOH $YUR YH ]HULQH X\JXODQDFDN .'9 LOH $YUR $YUR
LOHJLULċ\DSPDV×JHUHNLU2\VDUHIHUDQVIL\DW×QDEDċYXUXOGXĊXQGD$YUR
PDWUDK ]HULQGHQ JPUN YHUJLVL $YUR HNOHQGLNWHQ VRQUD $YUR]HULQGHQX\JXODPDV×\OD$YURILLOHQ$YUR·GDQJLULċ
\DSDELOPHNWHGLU
*PUNOHUGH3URPRV\RQ0DO]HPHOHULEHGHOVL]LWKDODWĈoLQ.RPLV
\RQ$O×QPDV×
gQHPOLLKUDoUQOHULPL]GHQELULVLGHLODoYHHF]DF×O×NUQOHULGLU7UNL\H·GHQ
EHGHOVL]RODUDNJHOHQ|]HOOLNOHLODoILUPDODU×Q×QGRNWRUODUDYHHF]DQHOHUHWDQ×
W×PDPDF×\ODJ|QGHUGLĊLSURPRV\RQPDO]HPHOHULQHEURċUNDWDORJQXPXQH
LODoODU YV JPUNOHUGH oRN \NVHN RUDQGDPLNWDUGD NRPLV\RQ |GHQHELO
PHNWHGLU)LUPDODU×P×]DPDNEX]NDUċ×O×Ċ×RODUDN|GHQHQNRPLV\RQODU×QSUR
PRV\RQPDO]HPHOHULQLQGHĊHULQLQEHOOLELUPLNWDU×DċPDV×GXUXPXQGDDO×QG×Ċ×
EHOLUWLOPHNWHDQFDNKDQJLPHY]XDWDGD\DQG×Ċ×QDLOLċNLQELOJLYHULOPHPHNWHGLU
*PUNOHUGH*UXSDMGDQ.D\QDNODQDQ*HFLNPHOHU
hONHPL]GHQ\DS×ODQLWKDODWDĊ×UO×NO×RODUDNGHĊLċLNILUPDODUWDUDI×QGDQN
oN PLNWDUODU RODUDN LWKDO HGLOGLĊLQGHQ oRĊXQOXNOD ELUGHQ oRN ILUPDQ×Q PDO×
WHNELUNDP\RQLOHJHWLULOPHNWHGLU$UQDYXWOXN·D\|QHOLNXOXVODUDUDV×NDUD\ROX
LOHPDOHċ\DQDNOL\DW×QGDDQWUHSRVLVWHPLX\JXODPDV×ROPDG×Ċ×QGDQWPILU
PDODULċOHPOHULQLELWLUGLNWHQVRQUDPDOODU×QWDPDP×WHVOLPHGLOPHNWHJUXSDMD
GkKLOELUILUPDJPUNLċOHPOHULQLJHFLNWLUGLĊLQGHWPILUPDODUEXGXUXPGDQ
]DUDUJ|UPHNWHGLU%XQHGHQOHDQWUHSRX\JXODPDV×QDJHoLOPHVLGXUXPXQGD
JHFLNPHOHUYHPXKWHPHOPDOL\HWDUW×ċODU×Q×QGD|QQHJHoLOPLċRODFDNW×U
'LĊHUWDUDIWDQ]DPDQ]DPDQGDJUXSDMDGDKLOPDOODUGHĊLċLNċHKLUOHUGHLVH
PDO×WDċ×\DQNDP\RQKHUELUċHKLUHD\U×D\U×XĊUDPDNJLELELU]RUXQOXOXNJHWLULO
PHNWHEXGD|]HOOLNOHWDċ×PDPDOL\HWOHULQLDUWW×UPDNWDYH´WLFDUHWWHWHNQLNELU
HQJHOµRODUDNGHĊHUOHQGLULOPHNWHGLU
.'9ĈDGHOHULQLQgGHQPHPHVLQGHNL$NVDNO×NODU
$UQDYXWOXN·WD\HUOHċLN7UNċLUNHWOHULKHP7UNL\H·\HKHPGHGLĊHUONHOHUH
LKUDFDW\DSPDNWDG×UODUg]HOOLNOHLKUDFDWWDQND\QDNODQDQYHUJLLDGHOHULQL\DKLo
DODPDG×NODU×\DGDWRSODPWXWDUODNDUċ×ODċW×U×ODPD\DFDNRUDQGDNoNPHEODĊ
ODUOD JHFLNPHOL RODUDN DOG×NODU× J|UOPHNWHGLU )LUPDODU×P×]FD RQ PLO\RQODUFD
GRODU RODUDN EHOLUWLOHQ WXWDUODU×Q KLo ROPD]VD ċLUNHWOHULPL]LQ YHUJL UHVLP KDUo
VLJRUWD SULPL JLEL |GHPHOHULQH NDUċ×O×N PDKVXS VLVWHPLQLQ X\JXODQPDV× WDOHS
HGLOPHNWHGLU g]HOOLNOH HNRQRPLN NUL]OH EHUDEHU QDNLW V×N×QW×V× oHNHQ ċLUNHWOHU
.'9LDGHOHULQLQ.'9RUDQODU×Q×QJLEL\NVHNELURUDQROGXĊXJ|]|QQH
DO×Q×UVD]DPDQ×QGDYHWDPDO×QPDV×YH\DPDKVXEXE\N|QHPDU]HWPHNWHGLU
'7LSL9L]H3UREOHPOHUL
ĈNLONHDUDV×QGDNL\DW×U×PODUYHPWHDKKLWOLNKL]PHWOHULQLQDUWPDV×oRNVD
\×GDYDWDQGDċ×P×]×Q$UQDYXWOXN·WDoDO×ċPDV×DQODP×QDJHOPHNWHGLU7UNL\HLOH
$UQDYXWOXNDUDV×QGDNLYL]HNDOG×U×OPDV×NRQXVXQGDNLDQODċPDJHUHĊLNDUċ×O×NO×
RODUDNYL]HOHULQNDOG×U×OPDV×LOH\UUOĊHJLUHQX\JXODPDGDRWXUPDL]QLDO×QD
ELOPHVLLoLQ'7LSL9L]HJHUHNPHNWHGLU'7LSLYL]HVLDO×QDELOPHVLLoLQLVH7UNL
\HYH$UQDYXWOXN·WDKD]×UODQP×ċoRNVD\×GDEHOJHJHUHNPHNWHGLU%XEHOJHOH
ULQDUDV×QGDdDO×ċPDĈ]QL%HOJHVLGH\HUDOPDNWDG×UdDO×ċPDL]QLDO×QPDV×LoLQ
LVH\LQHDGHWEHOJHJHUHNPHNWHGLU%HOJHOHULQWHPLQLLOHELUOLNWH7UNL\H·GHNL
$UQDYXWOXN &XPKXUL\HWL %\NHOoLOLĊLQH YH\D .RQVRORVOXĊXQD EDċYXUGXNWDQ
VRQUDDO×QDQYL]HLOHD\Q×EHOJHOHUOH$UQDYXWOXN·WD*|oPHQYH6×Q×U3ROLV0
GUOĊQHEDċYXUXOPDV×JHUHNPHNWHGLU%XVRQEDċYXUPDV×QGDQELUD\VRQ
UDX\JXQJ|UOUVHRWXUPDL]QLYHULOPHNWHGLU$\U×FDEXNDSVDPGDLVWHQLOHQ
oDO×ċPDL]QLQLQDO×QPDV×LoLQROGXNoDX]XQELUSURVHGUJHUHNPHNWHGLU%XLVH
QRUPDOċDUWODUGDHQD]D\O×NELU]DPDQGHPHNWLU
6RV\DO*YHQOLN6|]OHċPHVLQLQ8\JXODQPDPDV×QGDQ.D\QDNODQDQ
6RUXQODU
ĈNL ONH DUDV×QGDNL 6RV\DO *YHQOLN 6|]OHċPHVL NDSVDP×QGD EX ONH
GH oDO×ċDQ YDWDQGDċODU×P×]×Q 7UNL\H·GHNL DLOHOHULQLQ VDĊO×N JLGHUOHULQLQ YH\D
7UNL\H·GHNL NHQGL VDĊO×N KDUFDPDODU×Q×Q EX VLJRUWD NDSVDP×QGD NDUċ×ODQ
PDV× JHUHNPHNWHGLU <LQH HPHNOLOLN KHVDE×QGD EXUDGDNL |GHQHQ SULPOHUOH
7UNL\H·GHNL|GHQHQSULPOHULQELUOLNWHKHVDSHGLOPHVLJHUHNLUNHQ$UQDYXWOXN
WDUDI×QGDQ ND\QDNO× RODUDN DQODċPDQ×Q X\JXODQDPDPDV× GROD\×V×\OD EXUDGD
oDO×ċDQODUYHILUPDODU×P×]]RUGXUXPGDNDOPDNWDG×U
ĉ|\OH NL VRV\DO JYHQOLN PHY]XDW×P×] JHUHĊL VRV\DO JYHQOLN DODQ×QGD
LċELUOLĊL DQODċPDV× LP]DODQDQ ONHOHUGH oDO×ċDQ YDWDQGDċODU×P×] LoLQ DQFDN
oDO×ċW×NODUׁONHGHSULP|GH\HELOHFHNOHULYHD\Q×NLċLELUGHQID]ODONHGHD\Q×
DQGDSULP|GH\HPH]KNPJHUHĊLQFHILUPDODU×P×]YHoDO×ċDQODUDo×V×QGDQ
ROGXNoDV×N×QW×O×ELUGXUXPV|]NRQXVXROPDNWDG×U
621*(/Ĉĉ0(/(5
\×O|QFHONH\H\DS×ODQKDYD\ROXXoXċVD\×V×LNHQEXJQLNL|QHPOL
KDYD\ROXċLUNHWLPL]KDIWDO×NNDUċ×O×NO×XoXċJHUoHNOHċPHNWHGLU%XċSKHVL
NDUċ×O×NO×WLFDUHWLWXUL]PIDDOL\HWOHULQLWHGDYLDPDoO×KDVWDJLGLVLQLROXPOXHWNL
OH\HFHNELUIDNW|UGU
'LĊHUWDUDIWDQVRQJHOHQKNXPHWLQ7UNL\H·\LELUNDoONHLOHELUOLNWHVWUDWHMLN
RUWDNLODQHWPHVLL\LRODQNDUċ×O×NO×LOLċNLOHULELUVWEDVDPDĊDWDċ×P×ċW×UĉSKHVL]
EXQXQHNRQRPLNYHWLFDULIDDOL\HWOHUHROXPOX\DQV×PDV×N×VDVXUHGHJ|UOHFHNWLU
%LU7UNILUPDV×Q×QONHQLQ'UUHV/LPDQ×QGDNRQWH\Q×UOLPDQLċOHWPHFLOLĊL
QH\DQ×QGDDQWUHSRGHQL]WDċ×PDF×O×Ċ×QD\|QHOLNEDċODP×ċROPDV×YH\DN×QELU
WDULKWHGHONHPL]LOHGRĊUXGDQNRQWH\Q×UWDċ×PDF×O×Ċ×Q×QEDċOD\DFDNROPDV×
ILUPDODU×P×]×QKHPWDċ×PDPDOL\HWOHULGċUHFHNKHPGH]DPDQ]DPDQWUDQVLW
WLFDUHWWHRUWD\Do×NDQ<XQDQLVWDQHQJHOLQLGHDċPDODU×Q×VDĊOD\DFDNW×U
6218d
.DUċ×O×NO× WLFDUHW LVWLNUDUO× ELU ċHNLOGH DUWPDV×QD UDĊPHQ KHQ] J×GD oRFXN
JL\LPLPDNLQHFLOLNLQċDDWPDO]HPHOHULEDVWDROPDN]HUHSRWDQVL\HOKHQ]WDP
RODUDN GHĊHUOHQGLULOHPHPLċWLU 'LĊHU WDUDIWDQ HQ |QHPOL LKUDo NDOHPOHULPL]GHQ
ELULVLRODQELVNYLoLNRODWDYHNHNJUXEXEDVWDROPDN]HUH\NVHNELURUDQGD
UHIHUDQVIL\DW×X\JXODPDV×YDUG×U%XGXUXPLVHD\U×PF×O×NJ|]HWLOHUHNX\JXODQG×
Ċ×QGDQKHP'72NXUDOODU×QDKHPGH67$·QLQLOJLOLPDGGHOHULQHD\N×U×G×U
)LUPDODU×P×] ONH SD]DU×Q× GHĊHUOHQGLULUNHQ ONHQLQ PHUNH]L NRQXPX YH
oHYUHONHOHUGHNL$UQDYXWQIXVX\ODV×N×HNRQRPLNYHWLFDULLOLċNLOHULJ|]|QQ
GHEXOXQGXUPDODU×QGDID\GDYDUG×U
+L]PHWOHUVHNW|UQGHPWHDKKLWOLNWH|QHPOLSURMHOHUWDPDPODQP×ċYHGH
YDPHWPHNWHRODQ|QHPOLSURMHOHUHUDĊPHQKDOHQ|QHPOLELUDOW\DS×\DW×U×P
ODUDLKWL\DoGX\DQELUONHROGXĊXQGDQ|QHPOLSRWDQVL\HOPHYFXWWXU$QFDN
|]HOOLNOHVRV\DOJYHQOLNPHY]XDW×X\JXODPDODU×YH'WLSLYL]HX\JXODPDODU×EX
VHNW|ULoLQROXPVX]GXUXPODUG×U
hONHPL]Do×V×QGDQWXUL]PLQoHċLWOHQGLULOPHVL\LQH%DONDQODU×Q|QHPOLWDULK
VHO]HQJLQOLNOHULQLEDU×QG×UDQ$UQDYXWOXNWXUL]PGHVWLQDV\RQODU×QGD\HUYHULO
PH\LKDNHGHQELUONHGLU
$OEDQD/$.125,
7LUDQ7LFDUHWYH6DQD\L2GDV×
8OXVODUDUDV×ĈOLċNLOHU'LUHNW|U
7UNYH$UQDYXWLċGQ\DV×Q×QWHċYLNHGLOGLĊLEXJLELVHPSR]\XPODUGDEX
OXQPD\D oDED J|VWHUGLN KHU ]DPDQ $UQDYXWOXN Lċ GQ\DV×Q×Q ·×Q× NDS
VD\DQ7LUDQ7LFDUHW2GDV×WHPVLOHQEXUDGD\×P6XQXPGD\DW×U×PF×ODUDQHOHU
VXQGXĊXPX]X RQODUOD QDV×O oDO×ċW×Ċ×P×]× 2GD .XUXOX·QXQ 2GD %DċNDQ×·Q×Q
QDV×O VHoLOGLĊLQL J|UHELOLUVLQL] 'HĊLċHQ 7LFDUHW 2GDV× PHY]XDW× ELUoRN ċH\LQ
OHKLPL]GH ROPDPDV×QD VHEHS ROPXċWXU %XQODUGDQ ELUL J|QOO \HOLNWLU NL
HVNLGHQ ]RUXQOX\GX %X GXUXP PDOL ]RUOXNODU RUWD\D o×NDUP×ċW×U DQFDN \HQL
\DW×U×PF×ODU× oHNPH\H oDO×ċ×\RUX] 'DKD VRQUD 2GD·Q×Q PLV\RQXQX \DEDQF×
\DW×U×PF×ODUDQHOHUVXQGXĊXPX]X$UQDYXW\DW×U×PF×ODU×Q×YH$UQDYXWOXN·DJH
OHQ \DEDQF× \DW×U×PF×ODU× QDV×O GHVWHNOHGLĊLPL]L RQODUD QHOHU WHPLQ HWWLĊLPL]L
J|UHELOLUVLQL]$\U×FDEXUDGDONH\HJHOLċOHULQGH\DEDQF×\DW×U×PF×ODUD\DUG×PF×
RODQGHYOHW\DS×ODU×GDWDQ×W×OPDNWDG×U%XQODUHOHNWURQLNWHGDULN\DEDQF×\D
W×U×PODU× NRUXPD NDQXQX ċLUNHWLQ ELU JQ LoLQGH ND\G×Q× \DSDQ 8OXVDO 7HVFLO
0HUNH]LJLELROXċXPODUG×U
7LFDUHW2GDV×QHOHU\DSDU"
+L]PHWOHULPL]GHQ ELU WDQHVL PDOODUD X\JXODQDQ 0HQċH 6HUWLILNDV×G×U %X
*PUNOHU0GUOĊ·QQEL]GHQWDQ×G×Ċ×ELUFUHWNDUċ×O×Ċ×QGDċLUNHWOHUHYH
UHELOGLĊLPL]ELUEHOJHGLU
2GDDG×QDVDĊODG×Ċ×P×]JHOLUOHUGHQELUWDQHVLSURMHOHUGLU%XSURMHOHUH|U
QHN9HQHWWR7LFDUHW2GDODU×\ODRUWDNROGXĊXPX]ĈWDO\D·GD3H]DUR%HOHGL\H
VL\OHRUWDNROGXĊXPX]&OXVWHU&OXESURMHOHULĈWDO\D·GDNL3LWDJRUDSURMHVL)LQ
6ORYHQ7HFKQRORJ\$JHQF\SURMHVLYV0DUNDP×]RODQIXDUODUG]HQOHPHNWH
\L]%XQODUGDQED]×ODU×'\QDPLF)DLU&KLOGUHQ)DLUYHHQEDċDU×O×RODQ:RUN
6WXG\IXDUODU×G×U%XVRQIXDU×VRQRODUDN(NLPGHG]HQOHGLNYHFLYD
U×QGD |ĊUHQFLOHUGHQ Lċ EDċYXUXVX LOH NDPX YH |]HO QLYHUVLWHOHUH EDċYXUXVX
ROGX %LU EDċND KL]PHWLPL] )LNUL 0ONL\HW +DNODU×G×U NL EX ĈVWLNUDU YH ĈċELUOLĊL
$QODċPDV×·Q×QGDELUSDUoDV×G×UĉLUNHWOHUDUW×NEXNRQXGDoRNKDVVDVODU|]HO
OLNOH*PUNOHU0GUOĊ·QGHJ|UOHQVDKWHEHOJHGXUXPODU×QGD%L]WLFDUL
PDUNDODU×WHVFLOHGL\RUX]3DWHQWOHUYH0DUNDODU0GUOĊLOHJHUHNOLEDĊODQ
W×ODU×PXKDID]DHGL\RUX]3DWHQWPDUNDYH\DVDQD\LWDVDU×P×LKODOLLoLQċLUNHWOHU
EL]H\|QHOLU%XċLUNHWOHUHVDĊODG×Ċ×P×]ELUGDQ×ċPDKL]PHWLGLU
%XQODU×Q\DQ×QGD\DEDQF×RGDODUODNXUGXĊXPX]LOLċNLOHUYDUG×U.RVRYD·GD
0LODQR·GD7RULQR·GDĈVWDQEXO·GD5RPDQ\D·GD%UNVHO·GHWHPVLOFLOLNOHULPL]
PHYFXWWXU7LUDQ7LFDUHW2GDV×$.6$0.DUDGHQL]7LFDUHW2GDODU×%LUOLĊL%,
6(.YH9L\DQD(NRQRPL)RUXPXJLEL\DS×ODUD\HGLU
ĈċNRQXVXQGDoHċLWOLHĊLWLPYHDUDċW×UPDODUG]HQOL\RUX](ĊLWLPOHU7LFDUHW
2GDV×3URMHOHU'DLUHVL·QFHJHUoHNOHċWLULOLU
7LFDUHW 2GDV× \×OO×N ELU JHoPLċH VDKLSWLU %X SURMHOHULQ X\JXODQPD
V×QGD oRN L\L ELU WHFUEH DQODP×QD JHOPHNWHGLU (Q |QHPOL SURMHOHUGHQ ELUL
$YXVWXU\D 7LFDUHW 2GDV× LOH \UWOPHNWH RODQ 8,), %X SURMH $UQDYXWOXN·WD
YH$YXVWXU\D·GDG]HQOHQHQNDW×ODQNLċLOHUHYH\DċLUNHWOHUHGLSORPDYHULOGLĊL
HĊLWLPOHU NDSVDPDNWDG×U %X SURMH 7LUDQ 7LFDUHW 2GDV× LOH $YXVWXU\D 7LFDUHW
2GDV× DUDV×QGDNL ELU DQODċPD oHUoHYHVLQGH KD\DWD JHoLULOPLċWLU +HU \DċWDQ
NDW×O×PF×ODUYDUG×UĉLUNHWOHUDUW×NNDOLIL\HLQVDQODULVWL\RUYH]DPDQ]DPDQLQ
VDQODU×Q×HĊLWL\RUODU
ĈċIRUXPODU×QH\HKL]PHWHGHU"
%XIRUXPODUIDUNOׁONHOHUGHNLċLUNHWOHUDUDV×QGDGRĊUXGDQWHPDV×VDĊOD\DQ
RUJDQL]DV\RQODUG×U2QODU×$UQDYXWOXN·WDYH\XUWG×ċ×QGDG]HQOL\RUX]
<XNDU×GDDQODWW×NODU×PUHVPLN×VDELU|]HWWLUĉLPGLGH$UQDYXWOXNLOH7UNL
\HDUDV×QGDNLHNRQRPLNLOLċNLOHUHGDLUED]×UDNDPODU×YHUPHNLVWL\RUXP
\×O×UHVPLYHULOHULPLO\RQ/HNRODUDNKHVDSODQDQ$UQDYXWOXNLOH
7UNL\HDUDV×QGDNLWLFDUHWKDFPLQGHELUE\PHJ|VWHUL\RU%XYHULOHUHJ|UH
LKUDFDWKDFPLPLO\RQ/HNGHĊHULQGH\NHQLWKDODWN×VP×PLO\RQ
/HN·H XODċP×ċW×U YH \×OODU×Q× NDUċ×ODċW×UG×Ċ×P×]GD LWKDODW×Q NDW
LKUDFDW×QLVHKLVVHGLOLUGHUHFHGHE\GĊQJ|U\RUX]\×O×QGDLWKDODW
PLO\RQ/HNLKUDFDWLVHPLO\RQ/HNGHĊHULQGH\GL7LFDUHWKDFPLQ
GHNLEXE\PH\×O×QGD6HUEHVW7LFDUHW$QODċPDV×·Q×QLP]DODQPDV×Q×Q
ELUVRQXFXRODUDNPH\GDQDJHOGL%XDQODċPDQ×Q\UUOĊHJLUPHVLQGHQHYYHO
7UNUQOHULQLQGċNPDOL\HWOHULQHUDĊPHQ|GHGLNOHUL\NVHNJPUNF
UHWOHULQGHQGROD\×$%UQOHULQHN×\DVODELUGH]DYDQWDM×YDUG×6|]NRQXVXDQ
ODċPDLNLONHQLQċLUNHWOHULQLQRUWDN\DW×U×PODU\DSPDV×Q×WHċYLNHWWL$UQDYXWOXN
LOH7UNL\HDUDV×QGDNLHNRQRPLNLOLċNLOHUEXJQHNDGDUJoOELUVL\DVLGHVWHN
J|UPċWUDUDV×QGDNLG|QHPGH7UN\DW×U×PODU×Q×QVHYL\HVL
\×O×QGDPLO\RQ'RODUODDUWDUNHQ\×O×QGDPLO\RQ'RODUODDUWW×(Q
VRQ YHULOHUH J|UH 7LUDQ 7LFDUHW 2GDV× \HVL RODQ .XUXP ċLUNHWLQLQ VDW×Q DO
G×Ċ× G|UW KLGURHOHNWULN VDQWUDOLQLQ WXWDU× GDKLO 7UN \DW×U×PODU× EDċODQJ×
F×LWLEDUL\OHPLO\DU'RODU·DYH\DONH*D\ULVDIL0LOOL+DV×ODV×·Q×Q·XQD
XODċP×ċW×U +DOHQ $UQDYXWOXN·WD IDDOL\HW J|VWHUHQ 7UN ċLUNHWL PHYFXWWXU
%XQODU×Q\DQ×QGDGLċNOLQLNOHULJ]HOOLNVDORQODU×ORNDQWDODUJL\LPSD]DUODPD
JLEL DODQODUGD RQODUFD 7UN \DW×U×P× V|] NRQXVXGXU %X \DW×U×PODUGD oDO×ċDQ
$UQDYXWOXN·WD oDO×ċPD L]QL DOP×ċ \DNODċ×N 7UN oDO×ċDQ× EXOXQPDNWDG×U
%XQODUNRPċXODU×P×]RODQĈWDO\DQYH<XQDQoDO×ċDQODU×Q×QVD\×V×QGDQID]ODG×U
hONHOHULPL]DUDV×QGDNLWLFDULLOLċNLOHUYH7UNċLUNHWOHULQLQ\DW×U×PODU×Q×Q\D\
J×QO×Ċ× $UQDYXWOXN·XQ X]XQ YDGHOL VWUDWHMLN RUWDĊ× RODUDN 7UNL\H·QLQ |QHPLQH
LċDUHWHWPHNWH7LUDQ7LFDUHW2GDV×·Q×Q0DUW·WH&()7$·\D\HOLĊLGHEX
LOLċNLOHUGH |QHPOL ELU URO R\QDP×ċW×U %X \HOLNOH 7UNL\H·QLQ GH GDKLO ROGXĊX
EWQ%DONDQWLFDUHWRGDODU×Q×QDĊ×Q×QELUSDUoDV×\×]DUW×N%XGDJLULċLPFLOHUH
UQOHULQHV×I×UJPUNYHUJLVLYHGDKDGċNYHUJLOHUX\JXODQPDV×DYDQWDM×Q×
JHWLUHFHNWLU 'HYOHWLQ 6HUEHVW 7LFDUHW $QODċPDV×\OD YHUGLĊL VDYDċ×Q \DQ×QGD
EXGDWLFDUHWRGDODU×RODUDNEL]LPVDYDċ×P×]G×U
<DW×U×PF×ODUDUDV×QGDG]HQOHQHQLċIRUXPODU×J|UċPHOHUYHDW|O\HOHU\DW×
U×PF×ODU×QoDO×ċPDODU×Q×JoOHQGLUPHGHEHOLUOH\LFLUROR\QDP×ċODUG×U%L]LPJ|UH
YLPL]LOLċNLOHULPL]LJoOHQGLUPHNYH7UNL\H·GHNLHQL\LLċPRGHOOHULQLONHPL]GH
X\JXODPDN]HUHEHQLPVHPHNWLU+HUWUO\HQLIDDOL\HWLWDNLSHWPHNYHILNLU
OHULPL]LRUWD\DNR\PDNNRQXVXQGDDo×Ċ×]oQNLNLONHDUDV×QGDNLRUWDNO×Ċ×Q
GDKDGDE\\HELOHFHĊLQHLQDQ×\RUX]
3URI'U%LUROd(7Ĉ1
7Ĉ.$7UNL\HĈċELUOLĊLYH.DON×QPD$MDQV×.RRUGLQDW|U
gQFHOLNOHVD\J×LOHVHODPO×\RUXPKHSLQL]L7Ĉ.$WDELWLFDULELUNXUXOXċGHĊLO
NRQXċPDGDQ |QFH |ĊUHQFL DUNDGDċODU 7Ĉ.$ KDNN×QGD ELOJL YHUPHPL LVWHGL
OHU7Ĉ.$·Q×Q$UQDYXWOXN·WDNLWLFDUHWDODQ×QDELUD]GRNXQDQN×V×PODU×Q×|]HOOLNOH
SURMHOHULPL]LRQDJ|UHGL]D\QHWWLPEXQODUGDNEDKVHWPHNLVWL\RUGXN)DNDW
E|\OH ELU LKWL\Do KDV×O ROGXĊX V|\OHQGL 7Ĉ.$·\× ELUD] WDQ×WPDP LVWHQGL %HQ
N×VDFDNXUXPXPX]XWDQ×WPDNLVWL\RUXP|QFHOLNOH
7Ĉ.$ELOLQGLĊLJLELELUWHNQLN\DUG×PYHLċELUOLĊLWHċNLODW×G×UYHoRNVHYLQGLULFL
JHOLċPHOHU ROGX VRQ \×OODUGD |]HOOLNOH 7UNL\H·QLQ G×ċ \DUG×PODU× %L] WLFDUHW
GQ\DV×JLELGċQP\RUX]EL]LPJHWLULPL]EHNOHQWLOHULPL]EX\DSW×Ċ×P×]IDD
OL\HWWHQ GDKD IDUNO× %L] |]HOOLNOH IDDOL\HWWH EXOXQGXĊXPX] ONHOHU DUDV×QGDNL
GRVWOXĊXQ NDUGHċOLĊLQ JHOLċPHVL LoLQ oDED VDUI HGL\RUX] 'ROD\×V×\OD WDEL NL
\DSW×Ċ×P×]IDDOL\HWOHUGHWLFDUHWLGHHNRQRPLNLOLċNLOHULQJHOLċWLULOPHVLELUWDUDI
WDQWDELGRĊUXGDQROPD]VDELOHHQGLUHNRODUDNVDĊODP×ċROX\RUX]
*HoHQ VHQH UDNDPODU× LOH EDKVHGHFHN ROXUVDN 7Ĉ.$·Q×Q GQ\D
JHQHOLQGH\DSW×Ċ×IDDOL\HWOHUYDUONHGHRÀVLPL]YDU%L]LP·H\DN×QO
NHGHJHUoHNOHċWLUGLĊLPL]SURMHOHUYDU7UNL\H·QLQEXNDUċ×O×NV×]KLEHċHNOLQGH
\DUG×PODU×NDPXND\QDNODU×Q×QPLNWDU×JHoWLĊLPL\×OPLO\DUGRODUFLYDU×QGD
67.·ODU×Q NDWN×ODU× LOH EHUDEHU GċQVHN PLO\DU GRODUD \DN×Q 'ROD\×V×\OD
VRQ \×OODUGD EX NDUċ×O×NV×] KLEH EXQODU WDEL NUHGL GHĊLO |QFHOLNOH EHOLUWPHN
LVWHULP oRN DQODPO× ELU DUW×ċ ċX DQGD EX WU \DUG×PODUGD DUW×ċ RUDQ× RODUDN
ELULQFLV×UDGD\×]GQ\DGDYHJHQHOV×UDODPDGDGDG|UGQFONH\L]NDUċ×O×NV×]
\DUG×PODUNRQXVXQGD
'ROD\×V×\OD$UQDYXWXN·WDGDWDELEXJQHNDGDUELUoRNSURMHJHUoHNOHċWLUGLN
$UQDYXWOXN·WDNLIDDOL\HWOHULPL]LRÀVLPL]LQN×VDFDWDULKoHVLQLDQODWPDNLVWL\RUXP
VRQUD SURMHOHULPL]GHQ GH EDKVHGHFHĊLP \×O×QGD 7Ĉ.$ $UQDYXWOXN·WDNL
IDDOL\HWOHULQHEDċODP×ċ%\NHOoLOLĊLPL]LQGHELURÀVOH\×O×QGDQLWLEDUHQ
PVWDNLO ELU RÀVWH 7Ĉ.$ oDO×ċ×\RU )DDOL\HWOHULPL]H EDNW×Ċ×P×] ]DPDQ DċDĊ×
\XNDU×\×O×QGDQLWLEDUHQELUDUW×ċROGXĊXJ|UOHELOLU7RSODPGD·H\DN×Q
SURMHPL]YDU$UQDYXWOXN·WD7Ĉ.$·Q×QJHUoHNOHċWLUGLĊLSURMHVD\×V×·H\DN×Q
%XQODU× DQD EDċO×NODU× LOH ELUD] EDKVHWPHN LVWL\RUXP |]HOOLNOH GH VHoHUHN
ED]×ODU×Q×Do×NODPDNLVWL\RUXP
(ĊLWLPDODQ×EL]LPLoLQoRN|QHPOLELUNDoONHGHGDKDJ|UHY\DSW×PDPD
$UQDYXWOXN·WDQLYHUVLWHPL]YDUNROHMOHULPL]YDUJHUoHNWHQVHYLQGLULFLE\N
ELUDOW\DS×$PDRQXQG×ċ×QGDEL]JHQH$UQDYXWOXN(ĊLWLPVLVWHPLQHDQDRNX
OXQGDQ QLYHUVLWH\H NDGDU ELUoRN GHVWHNOHU YHUGLN %XQODUGDQ EDKVHWPHN
LVWHPL\RUXP7RSODPWDQHSURMHPL]YDUHĊLWLPNRQXVXQGDEXJQHNDGDU
JHUoHNOHċWLUGLĊLPL])DNDWEHQWLFDULKD\DWDNDWN×V×EXOXQDQODUGDQEDKVHWPHN
LVWL\RUXP 0HVHOD *MLURNDVWUD·GD +Ĉ'52+(& VLVWHPL ]HULQGH ELU PHVOHN
HGLQGLUPH NXUVXPX] YDU ·GH \LQH 7LUDQ·GD ELU PHVOHN HĊLWLP PHUNH]L
NXUXOPDV× ĈċNRGUD·GD ×V×WPD VRĊXWPD NRPELQH ODERUDWXYDU NXUVX EX NR
QXGD ELU LKWL\Do ROGXĊX EL]H ELOGLULOGL YH oRN ID\GDO× ELU oDO×ċPD ROGX 2QXQ
G×ċ×QGD$UQDYXWOXN·XQRUPDQODU×Q×NRUXQPDV×VRQ\×OODUGD|]HOOLNOHDĊDoODUGD
J|UOHQ KDVWDO×NODU× D\Q× WHFUEHOHUL EL] GH \DċDP×ċW×N RQXQOD LOJLOL ELU 2U
PDQ =DUDUODU× %LRORMLN 0FDGHOH /DERUDWXYDU× NXUXOPDV× YH EXQXQ HĊLWLPLQ
YHULOPHVL EX PFDGHOH LOH LOJLOL WDUDI×P×]GDQ JHUoHNOHċWLULOGL .L D\Q× ċHNLOGH
RUPDQF×ODUNDWN×QRNWDV×QGDEXVHQHNLSURMHOHULPL]LLQċDOODK\×OEDċ×QDNDGDU
ELWHFHN (OEDVDQ·GD ELU RUPDQ ÀGDQO×Ċ× NXUX\RUX] ċX DQGD $UQDYXWOXN·WDNL
HQ E\N WHVLV RODFDN EX VRQ WHNQRORML LOH GRQDW×OP×ċ ELU WHVLV RUPDQ
ND\QDNODU×Q×QJHOLċWLULOPHVLDUWW×U×OPDV×QD\|QHOLNELUoDO×ċPD
*HQHVDĊO×NNRQXVXQGDSURMHOHULPL]YDU7DELSURMHOHUGHQEDKVHGHUNHQGL
UHN W×EE× FLKD] \DUG×PODU×P×] YDU ELU GH HĊLWLP NRQXVXQGDNL IDDOL\HWOHULPL]
\DQL EXUDGDNL GRNWRUODU×Q QLYHUVLWH oDO×ċDQODU×Q×Q 7UNL\H·\H J|QGHULOPHVL
RUDGDNLHĊLWLPLQYHULOPHVL<LQH7UNL\H·GHQX]PDQODU×P×]×QEHOOLLKWLVDVNRQX
ODUGD$UQDYXOWXN·DJHOLSHĊLWLPHNDWN×YHUPHOHUL%XQODU×]DWHQ\DS×\RUX]DPD
JHQHORODUDNoRNJ]HOSURMHOHULPL]GHROGXĈONOHUGHQEDKVHWPHNLVWL\RUXP
PHVHODELUWDQHVLdRFXN'LDOL]0HUNH]L\DQLEXJHUoHNWHQE\NELUHNVLNOLN
$UQDYXWOXNLoLQYHEXQX\DSPDNWDQPXWOXOXNGX\X\RUX]%XSURMH\LEL]
\×O×QGD\DSW×NDUDGDoVHQHJHoWLKDOHQWHNWHVLVWLU.DQ%DQNDV×NXUXOPDV×
*|]0XD\HQH0HUNH]LNXUXOPDV×JLELWDELW×EELFLKD]ODUGDQEDKVHWPL\RUXP
RQODU×GDLKWL\DoROGXNoDEL]NDUċ×O×\RUX]LPNDQODU×P×]EWoHPL]GDKLOLQGH
'LĊHU oDO×ċPDODU×P×] UHVWRUDV\RQ YH NRQVHUYDV\RQ oDO×ċPDODU× %XJQH
NDGDU WDQH SURMH JHUoHNOHċWLULOGL %LU N×VP× GHYDP HGL\RU KHUKDOGH |Q
P]GHNL0DUWD\×QGDEXGRNX]XWHPDPHQELWPLċRODFDN$PDWDELEXSURMHO
HU oRN GHWD\O× oDO×ċ×OPDV× JHUHNHQ SURMHOHU L]LQOHULQLQ DO×QPDV× QRNWDV×QGD
oDO×ċ×OPDV× JHUHNL\RU SDKDO× SURMHOHU %X VHQH LoLQ V|\OH\H\LP ċX DQGD EHċ
WDQH GHYDP HGHQ UHVWRUDV\RQ oDO×ċPDP×] YDU E\N SURMH RODUDN ELU WDQH
%HUDW·WDELUFDPLUHVWRUDV\RQXPX]YDU.RUoD·GD3UH]DNDOHVLQGHYH.UXMD·GD
oDO×ċPDODU×P×]YDU%XKDIWDLoHULVLQGHELULKDOHPL]RODFDNG|UWWDQHGDKDo
%HUDW·WDROPDN]HUHYHEXRWHOLPL]LQ\DQ×QGDEXOXQDQ(W·KHP%H\FDPLVLQL
GH UHVWRUDV\RQ SURMH LKDOHVL YDU gQFH SURMH\L YH L]LQOHULQL DODFDĊ×] LQċDOODK
GD\×O×QGDEDċODW×\RUX]WDELoHYUHG]HQOHQPHVLLOHEHUDEHUELUoDO×ċPD
RODFDN %X WDEL WLFDUL LOLċNLOHULPL]H EX WDULKL HVHUOHULQLQ UHVWRUDV\RQX |QHPOL
ELUNDWN×V×YDUWDELWXUL]PDo×V×QGDQoQNHQoRN]L\DUHWHGLOHQ\HUOHUWXULVWOHU
WDUDI×QGDQEXQODUQGDD\DNWDNDOPDV×JHUHNL\RUG]HQOHQPHVLJHUHNL\RU
ĈGDULYHVLYLODOW\DS×ODUQRNWDV×QGDGDSURMHoHċLWOLOLĊLRODUDNJHQHOOLNOH$UQD
YXWOXN]HULQHEDNW×Ċ×P×]]DPDQEXUDGDoRNGHĊLċLNGLĊHUNXUXOXċODU×QJ×SWD\OD
EDNW×Ċ×SURMHOHUJHUoHNOHċWLUGL7Ĉ.$0HVHOD<NVHN6HoLP.XUXOXLOHLċELUOLĊL
SURMHVL\LQH$GDOHW%DNDQO×Ċ×UHVPL\D\×QODUODLOJLOLELUSURMHJHUoHNOHċWLUGLN
'LĊHU VRV\DO DOW\DS×ODUGD KL]PHWOHUH EDNW×Ċ×P×] ]DPDQ EXUDGD GD HQ
JHOOLOHUH \|QHOLN oDO×ċPDODU×P×] YDU \DċO×ODUD KX]XUHYL NDG×Q VRUXQODU× LOH LO
JLOL JHUoHNWHQ oRN J]HO SURMHOHU \DSW×N EX GLĊHU NRQXċPDF×ODU WDUDI×QGDQ
GD EL]H LOHWLOGL (NRQRPLN DOW\DS×ODU YH KL]PHWOHUGH |QHPOL SURMHOHULPL]GHQ
ED]×ODU×QGDQ EDKVHWPHN LVWL\RUXP 0HVHOD KDEHU QRNWDV×QGD \LQH $UQDYXW
OXN 'HYOHW 5DG\R 7HOHYL]\RQXQD HNLSPDQ GHVWHĊL VWGLR NXUXOPDV× PDO
]HPHGHVWHĊLIDUNO×WDULKOHUGHKHSGHYDPHWPLċWLU%XNRQXGDJHOHQWDOHSOHUL
GHĊHUOHQGLUL\RUX]
7DU×P DODQ×QGD \LQH RUJDQ×N WDU×PD GHVWHN QRNWDV×QGD EX GD WDEL EL]LP
NDWN×ODU×P×]GRĊUXGDQGHĊLODPDEXYHUGLĊLPL]GHVWHNOHUOHWLFDULLOLċNLOHULQLQGH
L\LOHċWLULOPHVL JHUoHNOHċWLULOGL 7DEL 2UJDQLN 7DU×P /DERUDWXYDUX LON NH] \×O×QGD7Ĉ.$·Q×QGHVWHNOHULLOHJHUoHNOHċWLULOPLċWLU%DO×No×O×NVHNW|ULOHLOJLOLSUR
MHPL]YDUKD\YDQF×O×NKD\YDQGDĊ×W×P×.X]H\E|OJHOHULQGH\×O×QGD|]HO
OLNOHEXVHQHGHLQċDOODK.X]H\·GHEXWUSURMHOHU\DSDFDĊ×]|]HOOLNOHDU×F×O×N
WDU×P PDNLQDODU× LOH GHVWHN QRNWDV×QGD SURMHOHULPL] RODFDN 7DEL IDNOWHOHUH
GHVWHNOHULPL] YDU DPD GHQL]FLOLN LOH LOJLOL 9ORUD·GDNL 'HQL]FLOLN )DNOWHVL ELU
'HQL]FLOLN6LPODV\RQ0HUNH]LRODFDNEXGDGHQL]FLOLĊLQJHOLċPHQRNWDV×QGD
\DSW×Ċ×P×]NDWN×ODU
7XUL]P NRQXVXQGD WDEL UHVWRUDV\RQ IDDOL\HWOHULPL] WXUL]PH ELU NDWN×GD
EXOXQX\RUDPDJHoWLĊLPL]\×O'XUUHV/LPDQ×QGDYHKDYDDODQ×QGD7LUDQ,QWHU
QDWLRQDO $LUSRUW LNL WDQH WXUL]P WDQ×W×P YH WDQ×WPD RÀVL 7Ĉ.$·Q×Q NDWN×ODU×\OD
NXUXOPXċWX $UQDYXWOXN·WD EXJQH NDGDU \DS×OP×ċ ELU IDDOL\HW SURMH GHĊLOGLU
oRN EDV×QGD GD \HU DOG× oRN EDċDU×O× ELU SURMH RODUDN OLVWHPL]H JLUGL dQN
DODQ×QGDWDELNLIDDOL\HWOHULPL]YDUELUoRN7UNoHNLWDE×Q$UQDYXWoD·\DoHYLU
LOPHVLEXQRNWDGDoDO×ċPDODU×P×]KDODGHYDPHGL\RU
2QXQ G×ċ×QGD $UQDYXWOXN 'HYOHW $UċLYOHUL LOH WDULKL EHOJHOHULQ NRUXQPDV×
QRNWDV×QGDSURMHOHULPL]ROGX'LMLWDORUWDPDDNWDU×OPDV×QRNWDV×QGDoRNEDċDU×O×
ELUSURMHPL]YDU<LQH0LOOL.WSKDQH\HGHVWHNOHULPL]YDU2QXQG×ċ×QGDEL]
GDKDoRNVLYLOWRSOXPNXUXOXċODU×LOHoDO×ċPD\×|QHPVL\RUX]$UQDYXWOXN·WDIDD
OL\HWJ|VWHUHQELUoRNVLYLOWRSOXPNXUXOXċX\ODIDDOL\HWLPL]YDUG×U2QXQG×ċ×QGD
EXJQ NL WRSODQW×P×] JLEL LNL ONHQLQ HNRQRPLN JHOLċPH\H NDWN× VDĊOD\DFDN
SURMHOHUKHU]DPDQ|QFHOLNOLRODUDNGHVWHNOL\RUX]7DELVLYLOWRSOXPNXUXOXċODU×Q
\DQ×QGD GHYOHW NXUXOXċODU×QGDQ GD EL]H WDOHSOHU JHOL\RU ELOKDVD EHOHGL\HO
HUGHQRQODU×QGDSURMHOHULQHNDWN×VXQPD\DoDO×ċ×\RUX]\×OO×NSODQODU×P×]×RQD
J|UH\DS×\RUX]
0HVHOD VRQ ELU JHOLċPH LOH NRQXċPDP× VRQODQG×UPDN LVWL\RUXP VD\×Q
EDċEDNDQ×P×]×Q .RVRYD·GDNL $UQDYXWOXN EDċEDNDQ× J|UċPHOHUL VRQXFXQ
GD EL]OHUH \HQL ELU J|UHY YHULOGL $UQDYXWOXN EDċEDNDQ× EDċEDNDQ×P×]GDQ
*MLURNDVWUD·Q×Q EDċWDQ UHVWRUDV\RQX QRNWDV×QGD \DUG×P WDOHELQGH EXOXQGX
%L]LNLKDIWDG×URQXQODLOJLOLoDO×ċPDODU\DS×\RUX]|QFHELUSODQo×NDUWDFDĊ×]
ER\XWOXWDVDU×P×Q×QELOJLVD\DURUWDP×QDDNWDU×OPDV×V|]NRQXVXRQGDQVRQUD
NDOHEDċWDROPDN]HUHWDULKLHYOHUWDULKL\DS×ODU×QUHVWRUDV\RQXQRNWDV×7DEL
oRNE\NELUSURMHEHONLEWQPHVDLPL]LRÀVRODUDNDODFDNELUSURMH]DWHQ
81(6&2·QXQOLVWHVLQGHIDNDWELUX\DU×DOG×Ċ×LoLQEHOOLHNVLNOLNOHULYDUċHKULQ
RQODU× GD EL] WDPDPOD\DFDĊ×] 6RUXODU×Q×] ROXUVD EHQ JHQH IDDOL\HWOHULPL]OH
LOJLOLGHWD\ODUYHUPH\HoDO×ċDELOLULPdRNWHċHNNUHGHULPVDEU×Q×]LoLQ
2OGDdLoR
9LWULQDhQLYHUVLWHVL
ĈNWLVDW7XUL]P)DNOWHVL'HNDQ×
'ULWDQ=DLPL
9LWULQDhQLYHUVLWHVLĈNWLVDW7XUL]P)DNOWHVL
'g1(0Ĉ1'($51$987/8.7h5.Ĉ<(7$5Ĉ+Ĉ
3$571(5/(59(0h77()Ĉ.257$./$5
ĈoHULN
%|OP7UNL\H\NVHOPHNWHRODQELU6SHUJoYH$UQDYXWOXN·XQ0
WHIILNL
%|OP$UQDYXWOXNLOHLċELUOLĊL
%|OPG|QHPLQGH$UQDYXWOXN7UNL\H(NRQRPLNYH7LFD
ULĈOLċNLOHU*HUoHNOHUYH$QDOL]OHU
7DNLSHGLOPHVLJHUHNHQ|UQHN
%|OP7UN7XUL]PLQNRQVWDQWJHOLċLPL
%|OP6DQD\L%|OJHOHU
%|OP7UNL\H<NVHOPHNWH2ODQ%LU6SHUJoYH$UQDYXWOXN·XQ
0WHIILNL
7UN*HOLċLPLQ|UQHĊL*HQHO%LOJL
7UNL\H·QLQQIV·GLU<DċRUWDODPDV×·WLUQLYHUVLWHVL
YDUEXQODUGDQGHYOHWQLYHUVLWHVLGLU$LOHED]×QGDLQWHUQHWHULċLPL
7UNL\H %LUOHċPLċ 0LOOHWOHU .RQVH\LQH GDLPL ELU \H GHĊLOGLU (NLPWDULKLQGHQEHUL7UNL\H$%·\HJLUPHNLoLQ\HROXSP]DNHUHVUH
FLQHEDċODP×ċW×U\×O×QGDQEHUL%LUOHċPLċ0LOOHWOHUYH81(6&2·QXQ\HVL
GLU\×O×QGDQEHUL1$72·QXQ\HVLGLU7UNL\H·GH*WHNQRORMLVLQLNXOODQDQ
NLċLVD\×V×&HSWHOHIRQX]HULQGHQLQWHUQHWHULċLPLKL]PHWLNXOOD
QDQNLċLVD\×V×·GDQID]ODG×UYHLQWHUQHWDERQHOLNVD\×V×
&HSWHOHIRQXNXOODQDQNLċLVD\×V×·GHQID]ODG×U
7UNL\H·GH\DW×U×P\DSPDNLoLQELUoRNVHEHSYDU
%\N YH KHQ] NHċIHGLOPHPLċ SL\DVDV× QIVQ \DU×V× \Dċ×QGDQ
JHQoWLU$YUXSDoDS×QGDHQE\NG|UGQFLċJFSL\DVDODU×\NVHOPHNWH
RODQNXYYHWOL\HGHQELULVLGLUJHOLċPLċELUORMLVWLNYHDOW\DS×V×SL\DVDODU×Q
PHUNH]LQGH EXOXQPDV× $YUXSD LoLQ HQHUML JHoLċL GċN YHUJLOHUL \HQL \D
W×U×PODU LoLQ PVDLW SL\DVD YH E\N JHOLċPHNWH RODQ Lo SL\DVD SRWDQV\HOL
7UNL\H·GLU
7UNL\H G|QHPLQGH 8OXVODUDUDV× 'RĊUXGDQ <DW×U×P 8'<
LoLQ V×UDGD RODQ oHNLoL ELU ONH RODUDN GHĊHUOHQGLULOPLċWLU $\Q× ]DPDQGD
8'<·QLQWRSODPUHWLPLQGHQoWHLNLVL$%WDUDI×QGDQ\DS×OPDNWDG×U\×
O×QGD GQ\DQ×Q HQ \NVHN HNRQRPLN E\PHVLQL J|VWHUPLċWLU 7UNL\H
E|OJHLoLQoRN|QHPOLELUJHOLċPHVDQD\LPHUNH]LQHG|QċPċWU7UNL\H·GH
\DEDQF×ċLUNHWIDDOL\HWJ|VWHUPHNWHGLUEX\DEDQF×ċLUNHWOHUGLQDPLNYH
ROJXQODċP×ċELULoSL\DVDWDUDI×QGDQGHVWHNOHQPHNWHGLU\×OODU×QGD
7UNL\H HNRQRPLVL E\N ELU SDWODPD \DċDP×ċW×U %UW Ĉo hUHWLP PLO\DU
GRODUGDQPLO\DUDUWP×ċW×UĈo%UWhUHWLPLNRQXVXQGD\×OODU×Q
GD(NRQRPLNĈċELUOLĊLYH.DON×QPD2UJDQL]DV\RQXQGDEXOXQDQONHOHUGHQHQ
K×]O×LHNRQRPLE\PHVLJ|VWHUPHVLEHNOHQPHNWHGLU
1IXVXQ\DU×V×\Dċ×QGDQJHQoWLU7UNL\HWDNGLUHGLOHFHNELU\DċJUXEX
GDĊW×P×QDVDKLSWLUPLO\RQELUQIXVXQ\DċQIXVXQ
YH·GDQ]HULQH\DċJUXEXVDDGHFH·GLU7UNQIXVXQXQ\DċRUWDOD
PDV×$%QIXVXQHJ|UH\Dċ×QGDD\Q×]DPDQGDHĊLWLPOLYHELUoRNNO
WUWHPVLOHWPHNWHGLU\×O×QGD7UNL\H·QLQQIXVXPLO\RQDXODċDFDĊ×
GċQOPHNWHGLU
$%·QLQ ONHVLQGH 7UNL\H HQ JHQo \Dċ RUWDODPDV×QD VDKLSWLU D\Q× ]D
PDQGDLċJFNRQXVXQGDG|UGQFV×UDGDGHĊHUOHQGLULOPLċWLUĈQVDQND\QDN
ODU×SRWDQV\HOLVRQGHUHFHGHHĊLWLPOLYHULPOLYHGċNPDOL\HWOLGLUPLO\RQ
GDQID]ODJHQo\DċWDG×USURIHV\RQHOPRWLYHYHHĊLWLPOLGLUĈċJFYHULPOLOLĊL
\NVHNYHELULPEDċ×D]DODQELUPDOL\HWLYDUG×U7UNL\H·QLQHQX]XQPHVDLVD
DWOHULQHVDKLSWLUKDIWDO×NVDDWYHHQGċN\×OO×NW×EE×UDSRUJQL]QLQH
VDKLSWLU+HU\×O\DNODċ×N|ĊUHQFLQLYHUVLWHGHQPH]XQROPDNWD
|ĊUHQFLOLVHOHULELWLUPHNWHEXQODU×QoWHELULVLPHVOHNYH\DWHNQLNOL
VHOHULQGHQPH]XQ7UNL\H·QLQdLQLOHN×\DVOD\DUDNHQXFX]LċJFROPD\DELOLU
DPD$%·GHHQXFX]XGXU<|QHWLFLOLNWH7UNL\H]HQJLQELU\HWHQHNND\QDĊ×QD
VDKLSWLU
7UNL\H.XYYHWOLYH\NVHOPHNWHRODQSL\DVDODU×QJUXEXQGDRODQ\HGHQ
ELULVLGLU*PUN%LUOLĊLVD\HVLQGH7UNL\H·\HJHOLUOHUL\NVHNRODQPLO\RQ
WNHWLFLGHQROXċDQ$%SL\DV×V×QDVHUEHVWHULċHELOPHNWHGLU7UNL\H0HNVLND
(QGRQH]\D *QH\ .RUH·GHQ ROXċDQ NXYYHWOL YH \NVHOPHNWH RODQ SL\DVDODU×
JUXEXQD%UD]LO5XV\DYHdLQNDW×ODFDNW×U
7UNL\HJHOLċPLċORMLVWLNYHDOW\DS×\DVDKLSWLU\HQLWHNQRORMLNXODċ×PDOW\D
S×V×WHOHNRPQLNDV\RQYHHQHUMLGHQL]XODċ×P×LoLQGċNPDOL\HWOLYHL\LJH
OLċPLċWHVLVOHUHVDKLSWUHQVHUYLVLLoLQGRĊX\DYH$YUXSDPHUNH]LQHDYDQWDMO×
VRQGHUHFHGHL\LXODċ×P\ROODU×YH$YUXSD·Q×QELUoRN\HULQHGRĊUXGDQVHYNL\DW
PHNDQL]PDODU×\×O×QGD7UNOLPDQODU×QGDNRQWHQLHULċOHQPLċWLU
$QNDUD2UWD'RĊXYH*QH\$IULNDLOHYL]HVL]VH\DKDWV|]OHċPHVLLP]DOD
P×ċW×U&LW\EDQN&KDVH&RFD&RODYH*RRG\HDUJLELċLUNHWOHU7UNL\H·\L2UWD
$V\DYH.DINDVODUDGDĊ×W×PPHUNH]LRODUDNNXOODQPDNWDG×U7UNL\H·QLQG×ċWL
FDUHWSROWLNDV×VDDGHFHNRPċXODU×Q×QGHĊLOdLQYH\D$IULNDGDX]DNONHOHULQLQ
LOJLVLQLX\DQG×UP×ċW×U7UNoHGQ\DGDNRQXċXODQV×UDGDG×U
6DELW%\PH$OW\DS×V×
7UNL\H·QLQ\×O×QGDVDELWHNRQRPLE\PHVLQLQ\×OGDND\QDĊ×HVNL
]DPDQODU×QNUL]OHULQGHEXOXQPDNWDG×U+NPHWOHULQċLUNHWGHYUDOPDODU×D\Q×
HQGLċH\LSD\ODċDUDNELUELUOHULLOHX\XPOXELUċHNLOGH\HQLLKUDFDWSL\DVDODU×DUD
\×ċ× HĊLWLP YH ċLUNHWOHULQ LċOHPH NDSDVLWHOHULQL DUWPD NRQXVXQGD oDO×ċP×ċW×U
7UNHNRQRPLQLQK×]O×DUWPDV×GLĊHUE\NHNRQRPLOHULQoRND]DUWPDODU×YH
\DW×U×PODULoLQ\HWHULQFHQDNLWROPDPDV×HWUDIWDLOJLYHPHUDNX\DQG×UPDNWDG×U
\×O×QGD7UNL\H\DEDQF×WXULVWoHNPLċWLUYHWXUL]VHNW|UQGHQ
JHOHQPLO\DU'ROODUHQE\N7UN%UWĈohUHWLPLċWLUDNo×V×GHĊLOGLU6RQ
\×OGD7UNKDVWDQHOHUGH\DNODċ×NPLO\DU'RODUKDUFDQPDNWDJHQoOHULVH
7UNQLYHUVLWHOHULHĊLWLPLoLQL\LELUI×UVDWRODUDNGHĊHUOHQGLUPHNWHGLU%HOOLNL
7UNL\H·QLQVDGHFHONHQLQLoLQGHNLWLFDUHWWHQJHOLUVDĊODPDV×LGGDV×GHĊLOGLU
dLQ LOH $PHULND·GDQ VRQUD LQċDDW VHNW|UQGH 7UNL\H V×UDGDG×U 'Q\DGD
\DW×U×P\DSDQċLUNHWDUDV×QGDVL7UNVHUPD\HOLGLU7UNLQċDDW\DW×U×P
F×ODU× \RĊXQOXNOD $IULND YH $V\D·GD IDDOL\HW J|VWHUPHNWH YH \×OO×N JHOLUOHUL PLO\DU'RODU·G×UWXUL]PVHNW|UQGHQID]OD\×O×QGD7UNL\H·QLQHNRQRPLN
E\PHVL VHYL\HVLQGH\GL \×OODU×QGD \×OO×N E\PH RUDQ×
LGL 'ċVWH ROPDV×QGD UDĊPHQ JHoHQ G|QHPOHUOH LOH N×
\DVOD\DUDN<DEDQF×'RĊUXGDQ<DW×U×PODU\×O×QGDPLO\DUDXODċW×
\×O×QGD WXUL]P VHNW|U PLO\RQ ELU WXULVW JLULċ DN×ċ× LOH PLO\DU 'RODU LOH
LċWLUDNHWPLċWLU$\Q×]DPDQGD%UWĈohUHWLPERUoPLNWDU×LGL0DVWULKW
NULWHUL
6L\DVLLVWLNUDU(NRQRPLN%\PHVLQGHELUHWNHQGLU
7UNL\H\×O×QGDQVRQUDLOHG|QHPOHULLOHD\Q×
HNRQRPLNEDN×ċDo×V×J|VWHUPLċWLU6RQ\×OODUGDNLLVWLNUDUO×HNRQRPLNE\PHVL
LOH7UNL\HWDWPLQHGLFLELUSHUIRUPDQVJ|VWHUPLċWLU0DNURQRPLNVDELWVWUD
WHMLVL \×O×Q VRQXQGDQ LWLEDUHQ \DS×ODQ JHQLċ oDSWD YHUJL SROLWLNDODU× YH
|QHPOL\DS×VDOUHIRUPODUODNUHVHOOHċPLċGQ\D\DX\XPVDĊODQPDV×DPDF×\
ODE|OJHGHHQE\N\DEDQF×\DW×U×P\DUDQDQODU×QGDQROPXċWXU$%·\HNDEXO
VUHFLLoLQK×]ODQG×U×OP×ċ\DS×VDOUHIRUPODUELUNDoDODQGDE\NGHĊLċLNOLNOHUH
\RODoP×ċW×U%XoDEDODU×QDQDKHGHÁHUL7UNHNRQRPLVLQGH|]HOVHNW|UQJo
OHQGLULOPHVLPDOLVHNW|UQHVQHNOLĊLYHYHULPOLOLĊLQLDUWPDNVRV\DOVLJRUWDQ×Q
GDKDVDĊODPDOW\DS×ROXċWXUXOPDV×\G×7UNL\HN×VD]DPDQGDJ|UQUJHOLċPH
J|VWHUPLċWLUVRQ\×OODU×QUDNDPODU×QDJ|UHGQ\DHNRQRPLOHULQV×Q×ÁDQG×U×OPD
V×QGD JHOLċPHNWH RODQ V×UDG×ċ× ELU HNRQRPL RODUDN GHĊHUOHQGLULOPLċWLU GQ\D
oDS×QGDV×UDGDYH$%oDS×QGDV×UDGD\HUDOPDNWDG×U7PHNRQRPLOHULQL
HWNLOH\HQVRQ\×OODU×QHNRQRPLNGXUJXQOXĊXV×UDV×QGD7UNL\H·QLQoD\O×N
ER\XQFD\NVHNELUHNRQRPLNDUW×ċJ|VWHUPLċWLUE|\OHFH$YUXSD·GDHQK×]O×
E\\HQHNRQRPLOHUGHQELULVLVD\×OP×ċW×U
.UL]gQOHQPHVLYH0H\GDQ2NXPDODU
g]HOOLNOH \×O×QGDQ VRQUD 7UNL\H $YUR %|OJHVL·QGHNL NUL]LQ HWNLOHULQL
|QOHPHNLoLQ\HQLSL\DVDODUDUD\×ċ×QGDEXOXQPXċWXU0HVHOD7UNL\H·QLQLKUD
FDWODU×$IULND·\DYHELUoRNONH\HKHU\×O·GHQID]ODDUWP×ċW×U+×]O×ELUHNR
QRPLE\PHVLQHVDKLSROPDV×QDUDĊPHQNUHVHOHNRQRPLQLQ\×SUDQPDV×Q
GDQGROD\×7UNL\HELUNDoPH\GDQRNXPDODU×LOH\]OHċPHNWHGLU7UNL\H·GHNL
NUL]LQHWNLOHULV×Q×UO×\G×KLoELUEDQNDo|NPHGLKLoELUVLJRUWDċLUNHWLLÁDVHWPH
GLDPDGQ\DHNRQRPLVLQLQJYHQVL]NOLPLRUWDGDG×U
7UNL\H·QLQNRPċXODU×QGD,UDNĈUDQYH6XUL\H·GHo|]OPHPLċSROWLNVRUXQ
ODU×Q×Q VRQXFX RODUDN J|UQHQ NUL]H UDĊPHQ 7UNL\H ĈUDQ·GD LNLQFL YH ,UDN·WD
ELULQFLLKUDFDWo×V×ROPXċWXU.RPXċDUODWLFDUHWHNRQRPLNLOLċNLOHUYHJYHQOLLċ
ELULOLĊLQHGD\DO×G×UDPDHĊHUEXONHOHUGHVLVDVLGXUXPGHĊLċLUVHEXUDSRUODU
GDGHĊLċLU
%|OP$UQDYXWOXNLOHĈċELUOLĊL
7DULK Do×V×QGDQ PDOXP LNL ONH DUDV×QGD LOLċNLOHU NDGLPGLU $UQDYXWODU×Q
DGDSWDV\RQX2VPDQO×G|QHPLVUHVLQGHYH|]HOOLNOHLNLONHQLQJHUoHNEDĊ×P
V×]O×Ċ×Q×ND]DQG×NWDQVRQUDRUWDNNDGHUYHLOJLDODQODU×QDEDĊO×\HQLELUDQODP
ND]DQG× +D]LUDQ ´'RVWOXN YH ĈċELUOLĊL $QODċPDV×µ LP]DODQG× · ·
\×OODU×QGDLNLFXPKXUL\HWDUDV×QGDLONGHYOHWHQVWG]H\UHVPL]L\DUHWOHUJHU
oHNOHċWLULOGLYHD\Q×]DPDQGD|]HOOLNOHHNRQRPLNSODQGDoRN\RĊXQELULOLċNLQLQ
EDċODQJ×F× ROGX (Q VW G]H\ UHVPL ]L\DUHWOHU LNL ONHQLQ DUDV×QGDNL VL\DVL
HNRQRPLHĊLWLPVDĊO×NYVYH|]HOOLNOHDVNHULLċELUOLĊLLOLċNLOHULQL\RĊXQODċW×UG×
ĈNL ONHQLQ DVNHUL LOLċNLOHUL $UQDYXW 6LODKO× .XYYHWOHU YH 7UN 6LODKO× .XYYHWOHU
DUDV×QGD .DV×P \×O×QGD LP]DODQP×ċ RODQ ´$VNHUL $ODQ×QGD (ĊLWLP
7HNQLNYH%LOLPVHOĈċELUOLĊL$QODċPDV×µQGDQVRQUDDVNHULDQODċPDYHSUR
WRNRO LP]DODQP×ċW×U D\Q× ]DPDQGD UHVPL J|UċPHOHU LNL ONHQLQ NRUXPD YH
VLODKO× NXYYHWOHUL RWRULWHUHOHULQ NDUċ×O×NO× ]L\DUHWOHUL JHUoHNOHċWLULOPLċWLU 7UNL\H
$UQDYXOWXN·XQ.RPDQGR7XJD\g]HO$VNHU7DEXUX·QXQRUJDQL]DV\RQX\DS×
VDO YH RUJDQL]DWLI LKWL\DoODU×Q× J|] |QQGH EXOXQGXUDUDN XODċ×P LOHWLċLP YH
ORMLVWLNPRGHUQDUDoODUODGRQDWP×ċW×U$\Q×]DPDQGD&XPKXUL\HW0XKDI×]ODU×
WDQNYHWRSoXELUOLNOHULQHVLODKYHoDĊGDċPRGHUQDUDoODUODGRQDWW×3DVKDOL
PDQ'HQL]$VNHULVV9ORUD$VNHUL+DYDVV.XoRYD$VNHUL+DYDhVVQ
1$72VWDQGDUWODU×QDJ|UH\HQLOHWWL$VNHULDW|\OHOHUL3ROLoDQ0XKLPPDWIDE
ULNDV×YH*UDPVK6LODKIDEULNDV×Q×PRGHUQL]HHWWL
<XNDU×GD VD\G×NODU×P×]× J|] |QQGH EXOXQGXUDUDN $UQDYXWOXN·XQ 1$72
\HOLĊLQHKD]×UO×NVUHFLQGHHQoRNNDWN×GDEXOXQDQGHYOHWċSKHVL]7UNL\H·GLU
$\Q×]DPDQGD7UNL\HWPGLĊHUDVNHULSDUWQHUOHUGHQ$UQDYXWOXNDVNHULKHU
G]H\LQHHĊLWLPYHX]PDQO×NGHVWHNVDĊODP×ċW×U$ċDĊ×GDNLUDNDPODUDQODPO×
ELUSDQRUDPDYHUPHNWHGLU
7HPPX]G|QHPLQGH7UNL\H·GH|ĊUHQFLYHDVNHULNDGUR
HĊLWLPJ|UPċWU|ĊUHQFL.DUD.XYYHWOHUL(ĊLWLP.XUXPODU×QGDFUHWVL]
HĊLWLP J|UPċWU |ĊUHQFL 'HQL] .XYYHWOHULQGH |ĊUHQFL -DQGDUPD
(ĊLWLP.XUXPODU×QGDNLċL*HQHOHNXUPD\$NDGHPLVLQGH|ĊUHQFL$VNHUL
7×S$NDGHPLVL(ĊLWLP.XUXPODU×QGD|ĊUHQFL(OHNWURQLN6LVWHPOHUL(ĊLWLP
.XUXPODU×QGDYHĊUHQFL6DKLO.XUXPD(ĊLWLP.XUXPODU×QGDHĊLWLPJ|UPċ
WU $UQDYXWOXN GDKLOLQGH LVH 7UN $VNHU .DGURODU× WDUDI×QGDQ $UQDYXW
DVNHUDVWVXED\YHVXED\LGPDQHGLOPLċWLU
\×O×QGDQ7HPPX]VRQXQDNDGDU0HUNH]L$VNHUL+DVWDQHVLQGH
$UQDYXWOXN6LODKO×.XYYHWOHULQGHQELQOHUFHDVNHUYHDVNHUDLOHOHULFUHWVL]WH
GDYLHGLOPLċWLU<DNODċ×NKDVWDFUHWVL]RODUDNNDOSDPHOL\DW×ROPXċWXUELU
oRĊXRQNRORMLNRUWRSHGLNE|EUHNJ|]YVKDVWDO×NODU×QGDQX]XQVUHOLWHGDYL
J|UPċWU
(NRQRPLNLOLċNLOHUGHVRQ]DPDQODUGD\RĊXQODċW×U×OP×ċW×U7LFDULLOLċNLOHULPL]LQ
WHPHOLQGHLNLWDUDÁ×´6HUEHVW7LFDUHW$QODċPDV×µEXOXQPDNWDG×UEXDQODċPD
\×O×QGDLP]DODQP×ċROXSPD\×V·GH\UUOĊHJLUPHNWHGLU%XDQODċ
PDVD\HVLQGHLNLONHDUDV×QGDWLFDULGHĊLċWRNXċDUWPDV×DQODP×QGD\HQLI×U
VDWODUVXQXOPXċWXU7UNL\H·\H$UQDYXWLKUDFDWODU×QSHNLċWLULOPLċWLUYV6HUEHVW
7LFDUHW$QODċPDV×DVLPHWULNELUDQODċPDG×Uċ|\OHNLVHUEHVWOHċPH\|QWHPLYH
VHYL\HVLIDUNO×G×U$UQDYXWVDQD\LPDOODU×QLKUDFDW×7UNL\H·\HJPUNYHUJLOHUL
QHWDELLGHĊLOGLUDPD7UNL\H·QLQ$UQDYXWOXN·DLWKDODWODU×QGDED]×VDQD\LKDV
VDVUQOHULoLQYHUJLLQGLUJHPHVLX\JXODQPDNWD\×OO×NELUJHoLċVUHFLLoLQGH
EX YHUJLOHU \RN RODFDNW×U gQJ|UOHQ OLPLWOHUL DċDQ WP GLĊHU LċOHQPLċ WDU×P
UQOHULLNLONHDUDV×QGDEHOLUWLOHQJPUNYHUJLOHULQHGDKLORODFDNW×UĈNLWDUDÁ×
WLFDULLOLċNLOHULQKXNXNL]HPLQLQLWDPDPODPDNLoLQ7UNL\HYH$UQDYXWOXNELUNDo
DQODċPDLP]DODP×ċW×U\×O×QGD$UQDYXWLKUDFDWODULoLQLNLQFLV×UDGD\G×$\Q×
\×O×QLOND\ODU×QGD$UQDYXWOXN·DWUNLKUDFDWODU×DUWP×ċW×U%X\×O×QVRQXQGD
7UNL\HHQE\NoLKUDFDWo×DUDV×QGDROPDV×Q×XPPX\RUX]*HoHQ\×O$UQD
YXWOXN7UNL\HLoLQV×UDGDPDOWHGDULNoLVLROPXċWXU7UNL\H$UQDYXWOXN·WD
HQ E\N \DW×U×PF×ODU×QGDQG×U 'RĊUXGDQ 7UN <DW×U×PODU WHOHNRPQLNDV\RQ
EDQNDF×O×NLQċDDWYHPDGHQFLOLNDODQODU×QGDG×U%DċEDNDQODU×Q5HFHS7D\\LS
(UGRĊDQYH6DOL%HULVKD·Q×Q|]HOWHċYLNOHULLOH\×OODU×QGD7UN\DW×
U×PODUPLO\RQ'ROODUGDQ\×O×QVRQXQGDPLO\RQ'ROODUROGX
(QVRQELOJLOHUHJ|UHEXJQ$UQDYXWOXN·WD7UN\DW×U×PODUPLO\DU'RODU×Dċ
PDNWDG×U\×OO×NELU]DPDQDUDO×Ċ×QGDNDWDUW×ċOD7UNL\H$UQDYXWOXNWLFDUHW
KDFPLLVHPLO\RQ'RODUUDNDP×QDXODċP×ċW×U
$UQDYXW 7UN dRN \|QO LċELUOLĊLQLQ oRN |QHPOL KDONDODU× PDGHQFLOLNWH
.UP dDO×N $OEWHOHFRP (DJOH 0RELOH YH %.7 0LOOL 7LFDUL %DQND 6DĊO×N
VHNW|UQGHGHEXLċELUOLĊL]LUYH\DSP×ċW×U|]HOOLNOH$PHULNDQ+DVWDQHVLYH
7LUDQ·GD'XUUHV·WD)LHU·GHPRGHUQELUDOW\DS×YHELUoRNQO7UNFHUUDK
YHKRFDVD\HVLQGHNDOSE|EUHNRUWRSHGLNJ|]DPHOL\DWODU×LoLQ$UQDYXWODU×Q
\XUWG×ċ×QDJLWPHOHULJHUHNNDOPDP×ċW×U
$\Q×]DPDQGDSUHVWLMOLYHELOLQHQLQċDDWVHNW|UILUPDV×(QND$UQDYXWOXN·X
YH.RVRYD·\×EDĊOD\DQ´5UXJDH.RPELWµ0LOOHWRWREDQ×LQċDHWPLċWLU
7UNL\HĈċELUOLĊLYH.DON×QPD$MDQV×7Ĉ.$KDNN×QGDNRQXċPDPDNHOGHGH
ĊLOGLU\×O×QGDLWLEDUHQ$UQDYXWOXNWDVDĊO×NWXUL]PNOWUPHGLDYHELUoRN
VHNW|UGHIDDOL\HWJ|VWHUPHNWHGLU)RQODU×LOHEHVOHPHVXVLVWHPOHULRNXOODUYH
NUHċOHU UHKDELOLWH HGLOPLċWLU ELUoRN KDVWDQH LoLQ PRGHUQ HNLSPDQODU VDĊODQ
P×ċW×UGRNWRUODUX]PDQODċW×U×OP×ċW×UYV6RQLNLRQ\×OGD$UQDYXWYDWDQGDċODU×Q×Q
KD\DWODU×Q×L\LOHċWLUPHDQODP×QGD7Ĉ.$HQ|QHPOL\DW×U×PF×ODUDUDV×QGDV×UDODQ
PDNWDG×U
$UQDYXW\DW×U×PF×ODULoLQ$UQDYXWSL\DVDV×oRN|QHPOLGLU|]HOOLNOHPDGHQFL
OLNYHHQHUMLVHNW|UOHUL0DGHQFLOLNVHNW|UQGH\DW×U×P\DSPD\×SODQOD\DQELU
NDoċLUNHWYHKLGURHQHUMLVHNW|UQGH\DW×U×P\DSPDNWDRODQELUċLUNHWYDUG×U
7UNċLUNHWOHULoLQ$UQDYXWOXNXPXWYHULFLELUSL\DVDG×U+HU\×OELQOHUFH$UQDYXW
YDWDQGDċ7UNL\H·\HWXULVWRODUDNYH\DDO×ċYHULċLoLQJLWPHNWHGLU$UQDYXWOXN·D
\HQLWLFDULGHĊLċWRNXċODU×YH\HQL\DW×U×PI×UVDWODUDUD\×ċ×QGDRODQKHUJQ7UN
LċDGDPODU×JHOPHNWHGLU%HONLoRN\DN×QGD7UNOHUGHONHPL]LQVD\×V×]J]HO
OLNOHULQLJ|UPHNLoLQWXULVWRODUDNJHOHFHNWLU
%|OPG|QHPLQGH$UQDYXWOXN7UNL\H(NRQRPLNYH
7LFDULĈOLċNLOHU*HUoHNOHUYH$QDOL]OHU
$3URWRNRO$QODċPDODU×
$UQDYXWOXNLOH7UNL\HDUDV×QGDLONWLFDUHWDQODċPDV×ċXEDW\×
O×QGDLP]DODQP×ċW×U.RPQLVWUHMLPL]DPDQ×QGDLP]DODQDQEXDQODċPD
$UQDYXWSL\DVDV×Q×QGQ\D\DLONDo×OPDV×ROPXċWXU%XDQODċPDQL
VDQ5HVPL'HIWHULQH\D\×QODQG×NWDQVRQUD\UUOĊHJLUPLċWLU
+HULNLWDUDILoLQEDċDU×O×ELUoDEDRODUDNGHĊHUOHQGLULOPLċROXS(NRQRPL
7LFDULYH%LOLPVHOĈċELUOLĊLDQODċPDV×QD\RODoP×ċW×U%XDQODċPDDĊXV
WRVWDULKLQGHLP]DODQG×YHDUDO×N5HVPL'HIWHULQH\D\×QODQ
P×ċROXS\UUOĊHJLUPLċWLU
7UDQ]LV\RQVUHFLQGHLP]DODQDQLONDQODċPDKD]LUDQ\×O×QGDLP
]DODQP×ċW×U ´<DW×U×PODU×Q NDUċ×O×NO× WHċYLN YH NRUXPDV× $QODċPDV×µ DUDO×NUHVPLGHIWHULQH\D\×QODQP×ċROXS\UUOĊHJLUPLċWLU.UHVHO
HNRQRPLQLQJHOLċLPLoHUoHYHVLQGH7UNL\HLOH$UQDYXWOXNHNRQRPLNLOLċ
NLOHULQGHELULONDG×PRODUDNLċDUHWOHQPLċWLU
dLIWH YHUJLOHQGLUPH NDOG×U×OPDV× DQODċPDV× QLVDQ \×O×QGD LP]D
ODQP×ċW×UDUDO×NWDULKLQGHUHVPLGHIWHULQH\D\×QODQP×ċROXS\
UUOĊH JLUPHNWHGLU %X G|QHP 7UNL\H LOH WLFDUHWLQ K×] ND]DQPDV× YH
$UQDYXWSL\DVDV×QGD7UNPDOODU×QWRSWDQJLULċLLOHGHQNJHOPHNWHGLU
<XNDU×GDEDKVHGLOHQDQODċPDODUGDQ\RODo×NDUDN$YUXSD(QWHJUDV\RQX
oHUoHYHVLQGHYH$UQDYXWOXNLOH$%DUDV×QGD6WDELOL]DV\RQ$VRV\DV
\RQDQODċPDV×VHUEHVWWLFDUHWDQODċPDV×QDXODċ×OP×ċW×U%XDQODċPD
DUDO×N\×O×QGDLP]DODQP×ċROXSPDUW\×O×QGD\UUOĊHJLU
PLċWLU+DODJHoHUOLEXDQODċPDGD$UQDYXWOXN·D7UNPDOODULoLQJPUN
YHUJLOHULQD]DOPDV×YH$UQDYXWPDOODULoLQ7UNL\H·\HLKUDFDWODU×Q
GDJPUNYHUJLOHULQLQWHPDPHQNDOG×U×OPDV×|QJUOPHNWHGLU.DUċ×O×NO×
JPUNYHUJLOHULQLQRUWDGDQNDOG×U×OPDV×EXDQODċPD\DJ|UHDQODċPDQ×Q
\UOĊHJLUGLNWHQVRQUDKHU\×OLQGLULOLS<×OGDQVRQUDWHPDPHQ
NDOG×U×ODFDNW×UĉXDQGD7UNL\H$UQDYXWOXNEDċDU×O×LċELUOLĊLQHVROXQXP
YHUHQEXVUHFLQWDPDPODV×YHJHUoHNOHċPHVLQLEHNOHPHNWH\L]
RFDN7UNL\HLOH(NRQRPLN7LFDUL2UWDN.RPLV\RQXQXQRQXQ
FX3URWRNROLP]DODQP×ċW×UE|\OHFHKHULNLWDUDI×QLċELUOLĊLQHPVDLWOLĊL
LIDGHHGLOPLċWLU
RFDN WDULKLQGH RQELULQFL +NPHWOHUDUDV× 2UWDN .RPLV\RQX
3URWRNROLP]DODQPDV×LOHLNLWDUDÁ×VWUDWHMLNSDUWQHURODUDNGHĊHUOHQGL
ULOPHVLYHRUWDNLOJLQLQLIDGHHGLOPHVLJHOPHNWHGLUĈċELUOLĊLMHRVWUDWHMLN
YHE|OJHGHHNRQRPLNROXPOXLNOLPLQROXċWXUXOPDV×|QHPLoHUoHYHVLQGH
KHULNLWDUDI×QHQEHOLUJLQLIDGHVLROPXċWXU
%7LFDULGHĊLċWRNXċODU
$ċDĊ×GDNLWDEOR7UNL\H·\H$UQDYXWĈKUDFDWODU×QPLO\RQGRODURODUDNGHĊHU
OHULQL$UQDYXWOXN·D7UNĈWKDODWODU×DUDGDNLUDSRUIDUNO×O×NODUYHWLFDUHWGHĊHUL
QLQWRSODP×Q×J|VWHUPHNWHGLU%XYHULOHU]DPDQ×NDSVDPDNWDG×U
$UQDYXW
ĈKUDFDWODU
PLO
7UN
ĈWKDODWODU
PLO
ĈWKDODW
ĈKUDFDW
5DSRUX
7LFDUHW
+DFPL
PLO
<×OODU
)DUN
PLO
7DEORGDQ GD J|UOGĊ JLEL $UQDYXW LKUDFDWODU VUHNOL DUWP×ċ \×O×Q
GD PLO\RQ 'RODUGDQ EDċOD\×Q \×O×QGD PLO\RQ 'RODUD XODċP×ċW×U
$UQDYXWOXN·WD7UNĈWKDODWODU\×O×QGDPLO\RQ'ROODU\×O×QGD
PLO\RQ'ROODUDXODċP×ċW×UĈWKDODWLOHĈKUDFDWDUDV×QGDNLIDUN\×OGD\×O×Q
GDNDWD]DOP×ċW×U\×O×QGDNDW\DQL$UQDYXWOXN·D7UNĈWKDODWKHUo
ELULPGH$UQDYXWLKUDFDWODUDELUELULPGHHQWHUHVDQELUJHUoHNWLUgEUWDUDI×Q
GDQGDEX]DPDQLoHULVLQGHLNLONHDUDV×QGDJHUoHNOHċHQWLFDUHWKDFPLDUW
P×ċW×UYH\×O×QGDPLO\RQ'RODURODUDNHQ\NVHNGHĊHULQLJ|VWHUPLċWLU
$ċDĊ×GDNL GLĊHU WDEORODU 7UNL\H·\H GRĊUX LKUDo HGLOHQ $UQDYXW PDOODU YH
$UQDYDWXOXN·DLWKDOHGLOHQPDOODUD\U×NDOHPRODUDNYH]DPDQ]DUI×QGDIDUN
O×O×NODU×J|VWHULOPHNWHGLU
7UNL\H·\H$UQDYXWLKUDFDWODU
$UQDYXWOXN·WDQLKUDoHGLOHQPDOODU
+D\YDQYH%LWNL+DPPDGH
ĈċOHQPLċYHLċOHQPHPLċGHUL
'HPLUYHdHOLN
*L\LPYHDNVHVXDUODU×
=DPDQ]DUI×QGD7LFDUL+DFPLQ
GHĊLċLPL
SDVYLWLW
0DNLQHYHHOHNWULNHNLSPDQODU
$\DNNDE×YH'HUL.RQIHNV\RQODU×
'LĊHUQDNOL\DWXODċW×UPDDUDoODU×
3ODVWLNYHUQOHUL
'HPLUNDO×QW×ODU
7DK×ONXODNODU×\HPHNDW×NODU×
+D\YDQ\HPL
ĈKUDFDWWRSODP×
SDVYLWLW
$UQDYXWOXN·D7UNLWKDODWODU
$UQDYXWOXN·D7UNLWKDODWODU
=DPDQ]DUI×QGD7LFDUL+DFPLQ
GHĊLċLPL
'HPLUYHdHOLN
'HPLUUQOHUL
7HNVWLOLSOLNOHULYHUQOHUL
*L\LPYHDNVHVXDUODU×
0DNLQHYHHOHNWULNHNLSPDQODU
7DK×OYHUQOHUL
0DNLQHYHVDQD\LHNLSPDQODU
)HUULXPG×ċ×QGDNLGHPLUOHU
6DQD\L\DĊODUER\DWHPL]OLN
PDO]HPHOHUL
9HVDLUH
ĈWKDO7RSODP×
7DEORODUGDQ J|UQGĊ JLEL 7UNL\H·\H $UQDYXW LKUDoODU×Q WLFDUL LOLċNLOH
ULQLQ EDċODPDV×QGDQ VRQUD ·GHQ ROXċDQ ELU IDUN J|]OHPOHQPHNWHGLU
$UQDYXWOXN·D 7UN LWKDODW LVH ELU Gċċ J|UOPHNWHGLU 7LFDUL KDFPLQ
DUWPDV×J|VWHUJHVLRODQONHPL]LQWLFDUHWDODQ×QGDROXPOXJHOLċLPLYHEXNR
QXGDċXSKHVL]7UNL\H·QLQNDWN×ODU×RUWD\Do×NPDNWDG×UĈKUDFDWDODQ×QGD|]HO
NDOHPOHU RODUDN GHPLU YH oHOLN \RĊXQOXNWDG×U $\Q× ]DPDQGD \×O×QGDQ
|QFHLKUDFDWUQRODUDNVD\×OPD\DQWDK×ONXODNODU×\HPHNDW×NODU×YHKD\YDQ
\HPL HQWHUHVDQG×U ĈON UQOHU $UQDYXWOXN·XQ VDQD\L JHOLċPHVLQL VDĊODU LNLQ
FLLVHoLIWoLOHULQJoOHQGLULOPHVLYHUHWLPOHULQLQDUWPDV×Q×VDĊODPDNWDG×U6|]
$UQDYXWOXN·D 7UN LWKDO PDOODU×QD GċHUVH HQ E\N LQGLULPL GHPLU oHOLN YH
GHPLUUQOHULQGHJ|UOPHNWHWDK×OYHDOWUQOHULLoLQGLĊHUOHNHUOHN×\DVOD
\DUDNQDNOL\DW\ROXN×VDROGXĊXQGDQIDUNROXPOXGXU
&$UQDYXWOXN·WDNL7UNċLUNHWOHULQ\DW×U×PODU×
$UQDYXWOXN·WD\DNODċ×N7UNċLUNHWIDDOL\HWJ|VWHUPHNWHGLU<XQDQYHĈWDO
\DQċLUNHWOHULQGHQVRQUDoQFV×UDGDEXOXQDQ7UNċLUNHWOHULQLQ\DW×U×PODU×
PLO\RQ'ROODUG×U)DDOL\HWJ|VWHUGLNOHULVHNW|UOHUWHOHNRPQLNDV\RQLQċD
DW oHOLN HQGVWULVL EDQNDF×O×N J×GD HQGVWULVLGLU %X ċLUNHWOHULQ oRĊX NoN
YHRUWD|OoHNOLJLULċLPOHUGLUYH\DNODċ×N$UQDYXWYDWDQGDċLċHDO×QP×ċW×U
$UQDYXWOXN·WD|QHPOLVWUDWHMLN\DW×U×PODUDċDĊ×GDDo×NODQP×ċW×U
.UP'HPLUdHOLN$ĉHVNL(OEDVDQ0HWDOXUMLN·L\×OO×Ċ×QDLPWL\D]OD
DOP×ċROXSLQċDDWoHOLNPDO]HPHOHULUHWPHVLQLKHGHÁHPHNWHGLU.HQGL
LKWL\DoODU×Q×NDUċ×ODPDDPDF×\ODEXċLUNHWELUKLGURHOHNWULNVDQWUDOLLQċDDW
HWPHNWHGLU'XUUHV7HUVDQHVLQLQKLVVHOHULQELUoRĊX.UPċLUNHWLQHDLW
WLUD\Q×]DPDQGD(OEDVDQ·GDNLRNVLMHQUHWLPIDEULNDV×Q×VDW×QDOP×ċW×U
0DGHQFLOLNVHNW|UQGH%(5g1(5ċLUNHWL.X]H\'RĊX$UQDYXWOXN·WDNL
EDN×UPD\×QODU×Q×\×OO×Ċ×QDLPWL\D]DOP×ċW×U
dDO×N%DQNĉHNHUEDQNLOHEHUDEHU+D]LUDQ\×O×QGD$UQDYXWOXN0LOOL
%DQN%.7KLVVHOHULQLQVDW×QDOPċW×UGDKDVRQUDEXUDNDP
ROXS $UQDYXWOXN·WD LNL HQ E\N EDQN DUDV×QGD V×UDODQP×ċW×U dDO×ċPD
\|QHWLPLQGH|UQHNRODUDNDO×QPDNWD\×O×QDNDGDU<×O×QHQĈ\L%DQ
NDV×RODUDNLODQHGLOPLċWLU
dDO×N(QHUMLdDO×N*UXSSDUoDV×RODUDN7UN7HOHFRPLOHEHUDEHU7HP
PX] \×O×QGD $OEWHOHFRP·XQ KLVVHOHULQLQ LQL PLO\RQ (XUR
NDUċ×O×Ċ×QGDVDW×QDOP×ċW×UD\Q×]DPDQGD$UQDYXWOXN·WDoQF&HS7H
OHIRQX|SHUDW|U(DJOH0RELOH·\LNXUPXċWXU
$NDU\DN×W WLFDUHWL \DSDQ $/3(7 ċLUNHWL PLO\RQ GRODU \DW×U×P \DS×S
$UQDYXWOXN E|OJHVLQGH FLYDU×QGD EHQ]LQ LVWDV\RQX NXUXS ONHGHNL
SL\DVDGD%HQ]LQ2NWDQYH8OWUDGLHVHO330LWKDODW×QGDOLGHUNR
QXPXQGDG×U
(YHUHVWSROLHWLOHQDPEDODMUHWLPLPDNLQHOHULQGHPLO\RQ'ROODU\DW×U×P
\DSW×PċW×U
$NVR\*URXS7LUDQ·GD8Q)DEULNDV×NXUPXċWXUD\Q×]DPDQGDNRQIHNV
\RQVHNW|UQGH·GHQID]OD$UQDYXWYDWDQGDċLVWLKGDPHWPLċWLU
'$UQDYXWOXN·WDNL7UNJLULċLPFLOHU
%XJQHNDGDU$UQDYXWOXN·WD7UNċLUNHWOHUYHJLULċLPFLOHULQUDNDP×XOXVODUD
UDV×LKDOHGHĊHULQGHPLO\RQ'ROODUDXODċP×ċW×U%XċLUNHWOHU
7HSHĈQċDDW7HSH*URXSGDKLOLQGHRODQELUċLUNHW$YORQ\DYHĈċNRGUD
+DVWDQHVLQLQUHNRQVWUNV\RQXQX\DSP×ċW×UD\Q×]DPDQGDEHOOLDOW\DS×
SURMHOHULQGHGHLOJLJ|VWHUPLċWLU
%H+DdHOLNJUXEXQXQċLUNHWLYH0DN<RO'RĊX%DW×.RULGRU5UR
JR]KLQH(OEDVDQYH/LEUD]KG4DIHWKDQH·GDNL\ROVHJPHQWOHULQLVR
QXoODQG×UP×ċW×U
01*7UNċLUNHWL(OEDVDQ/LEUD]KG\ROXQXLċQDHWPH\LVWOHQPLċWLU
6X<DS×ċLUNHWLĈVODP.DON×QPD%DQNDV×Q×QN×UVDODODQODUGDJHUoHNOHċWL
UHFHĊLSURMHVLQGHGDQ×ċPDKL]PHWLYHUPHNWHVWOHQPLċWLU
7XPDVK$6SHWUROND\QDNODU×Q×QIL]LELOLWHYHUHKDELOLWDV\RQXQXVWOHQ
PLċWLU
*LQWDċ ĉLUNHWL 7LUDQ·GD ELU UH]LGDQV VLWHVL LQċD HWPLċWLU D\Q× ]DPDQGD
9ORUD3DVKDOLPDQ$VNHULhVVQQELQDODU×Q×\HQLOHWHFHNWLU
*oOċLUNHW(QND%HFKWHO$PHULNDQċLUNHWLLOHLċELUOLĊLQGH'XUUHV0R
ULQHRWREDQ×Q×LQċDDHWPLċWLU6DDGHFH5UHVKHQ.DOLPDVKVHJPHQWLQLQ
PDOL\HWL\DNODċ×NPLO\RQ(XURROPXċWXU
($UQDYXW7UN7LFDUHW.RQVH\L
'(Ĉ.oHUoHYHVLQGHNXUXOPXċWXU'×ċ(NRQRPLNĈċELUOLĊL.RQVH\L%XNRQ
VH\7UNYHSDUWQHUOHULQLQKLPD\HVLDOW×QGDNXUXOXċWRSODQW×V×Q×$ĊXVWRV
\×O×QGDĈ]PLU·GHJHUoHNOHċWLUPLċWLU$UQDYXWWDUDI×EDċNDQ×$OEWHOHFRPYH(DJ
OH0RELOH<|QHWLP.XUXOX\HVL%DKDG×U$NV|\7UNWDUDI×EDċNDQ×D\Q×]D
PDQGD.UP+ROGLQJEDċNDQ×+DVPHW.UP%XNRQVH\LQLNLQFLWRSODQW×V×
$UQDYXWOXN &XPKXUL\HWL EDċEDNDQ× VD\×Q $OHNVDQGHU 0RMVLX 7UNL\H ]L\DUHWL
V×UDV×QGD(NLPWDULKLQGHĈVWDQEXOGDJHUoHNOHċWLULOPLċWLU
'(Ĉ.WDUDI×QGDQG]HQOHQHQoQFWRSODQW×$UQDYXWOXN&XPKXUL\HWL%Dċ
EDNDQ×VD\×Q6DOL%HULVKD·Q×Q7UNL\H=L\DUHWLV×UDV×QGD1LVDQWDULKLQ
GHJHUoHNOHċWLULOPLċWLU
'|UGQFWRSODQW×LVH7&&XPKXUEDċNDQVD\×Q6OH\PDQ'HPLUHO·LQ]L
\DUHWLV×UDV×QGDLONGHID$UQDYXWOXN·WD7HPPX]WDULKLQGHJHUoHN
OHċWLULOGL
$UQDYXW7UN7LFDUHW.RQVH\LQLQEHċLQFLWRSODQW×V×$UQDYXW&XPKXUEDċ
NDQ×VD\×Q5H[KHS0HMGDQL7UNL\H]L\DUHWLV×UDV×QGDĉXEDWJHUoHN
OHċWLULOGL
$OW×QF× WRSODQW×V× VD\×Q 6OH\PDQ 'HPLUHO·LQ $UQDYXWOXN ]L\DUHWL V×UDV×QGD
7HPPX]WDULKOHULQGH7LUDQ·GDJHUoHNOHċWLULOGL
<HGLQFL WRSODQW× WHNUDU 7LUDQ·GD 7& %DċEDNDQ× VD\×Q %OHQW (FHYLW·LQ
$UQDYXWOXN·WDNL]L\DUHWLV×UDV×QGD$UQDYXW7UN*LULċLPFLOHULQ)RUXPXNDW×O×P
ODU×LOHĉXEDW\×O×QGDJHUoHNOHċWLULOGL
+D]LUDQWDULKLQGH\DS×ODQVHNL]LQFLWRSODQW×V×QGD$UQDYXWOXN&XP
KXUL\HWL7DU×PYH*×GD%DNDQ×VD\×Q/HIWHU;KXYHOLGHNDW×O×P×ċW×U;KXYHOL·QLQ
NDW×O×PODU×EXWRSODQW×\DWDU×PF×O×NVHNW|UQGHNLNXUXODQLċELUOLNOHULQGHQ|WU
IDUNO×ELU|QHPNDWP×ċW×U2FDNWDULKLQGHNL7LFDUHW.RQVH\LWRSODQW×V×
7UN$UQDYXW'RVWOXĊX3DUODPHQWR*UXEXYH7UN*LULċLPFLOHULQLELUDUD\D
JHWLUHUHN.RQVH\LQIDDOL\HWOHULYH\]OHċWLĊLSUREOHPOHUKDNN×QGDELOJLYHULOGL
'RNX]XQFXWRSODQW×WHNUDU7LUDQ·GDJHUoHNOHċWLULOGL7UN&XPKXUEDċNDQ×VD
\×Q$KPHW1HFGHW·LQ]L\DUHWLV×UDV×QGD0D\×VWDULKOHULQGH\DS×ODQ
WRSODQW×GD$UQDYXWLċDGDPODU×QDONHOHUDUDV×VH\DKDWODU×Q×QSURVHGUOHULQLNR
OD\ODċW×UPDDPDF×\ODoRNOXJHoLċOL9L]DDYDQWDMODU×VDĊODQG×
(\OOWDULKLQGHĈVWDQEXO·GDRQXQFXWRSODQW×JHUoHNOHċWLULOGL%XWRS
ODQW×\D7UNċLUNHWYH$UQDYXWċLUNHWNDW×ODUDNLONGHIDWPLOJLJUXSODU×
GDKLOHGLOPLċWLU
2QELULQFLWRSODQW×$UQDYXWOXN·WD7&&XPKXUEDċNDQ×VD\×Q$EGXOODK*O·Q
]L\DUHWLYHVLOHVL\OHĉXEDWWDULKLQGHJHUoHNHOċWLULOGL7RSODQW×JQGHPLQH
LON GHID WXUL]P VHNW|U DO×QP×ċW×U 2QLNLQFL WRSODQW× 7& %DċEDNDQ× VD\×Q 5H
FHS7D\\LS(UGRĊDQ·Q×Q$UQDYXWOXN·WD]L\DUHWLV×UDV×QGD0DUW7LUDQ·GD
JHUoHNOHċWLULOPLċWLU$NDELQGHQ1LVDQWDULKLQGHĈVWDQEXO·GD7XUL]PĈċ
)RUXPXJHUoHNOHċWLULOGL%XIRUXPDLNLONHQLQ7XUL]P%DNDQ×WHċULIHWPLċWLU
.DV×P WDULKLQGH $& &XPKXUEDċNDQ× VD\×Q %DPLU 7RSL ]L\DUHWL
YHVLOHVLLOH7UN7LFDUHW2GDV×$UQDYXW7LFDUHW2GDV×'(Ĉ.WHPVLOFLOHULYHKHU
LNLWDUDIWDQLċDGDPODU×NDW×O×PODU×LOHELULċ\HPHĊLG]HQOHQPLċWLU
2QoQFWRSODQW×$UDO×NWDULKLQGH$UQDYXWOXN·D7&&XPKXUEDċ
NDQ×VD\×Q$EGXOODK*O·Q]L\DUHWLV×UDV×QGDJHUoHNOHċWLULOGL%XWRSODQW×7UN
ĈKUDFDWo×ODU %LUOLĊL YH 2UWD $QDGROX ĈKUDFDWo× %LUOLĊL 6HNUHWHUOLĊL '×ċ 7LFDUHW
6HNUHWHUOLĊLNRRUGLQDV\RQODU×LOHJHUoHNOHċWLULOGL
$& &XPKXUEDċNDQ× VD\×Q %DPLU 7RSL·QLQ 7UNL\H ]L\DUHWL V×UDV×QGD
ĈVWDQEXO·GD(NLPWDULKLQGHG]HQOHQHQRQG|UGQFWRSODQW×7UN7L
FDUHW2GDODU×%LUOLĊLYH'(Ĉ.GHVWHNOHULLOHJHUoHNOHċWLULOPLċWLU
*|UQGĊ JLEL EX WRSODQW×ODU SHU\RGLN ELU ċHNLOGH KHU \×O JHUoHNOHċWLULO
PLċWLU ĈNL ONH DUDV×QGD LċELUOLĊL DċDPDV×QD JRUH JQGHP YH |QFHOLN YHULOHQ
KHGHÁHUEHOLUOHQPLċWLU
7DNLSHGLOPHVLJHUHNHQ|UQHN
%|OP7UN7XUL]PLQNRQVWDQWJHOLċLPL
<×O×QDNDGDU7UNL\H7XUL]P6WUDWHMLVL
6RQ \×OODUGD WXUL]P VHNW|U 7UN HNRQRPLVLQLQ HQ E\N PRWRUODU×QGDQ
ELULVLQH G|QċHUHN LċVL]OLĊLQ D]DOPDV× Ĉo %UW hUHWLPLQ YH |GHPHOHU ELODQ
oRVXQXQ DUWPDV×QGD |QHPOL HWNHQ ROPXċWXU 7XUL]P VWUDWHMLVL YH JHOLċPHVLQL
\|QOHQGLUHQDNWHOGRNXPDQ´7UN7XUL]P6WUDWHMLVLµ\×O×QDNDGDU
]DPDQ]DUI×Q×NDSVD\DQEXGRNPDQ\×O×QGDKD]×UODQP×ċROXSODQVHGLOGL
\×O× <]QF &XKPKXUL\HW <×OG|QP NXWODPDODU× LOH GHQN JHWLULOPLċWLU
%X VWUDWHMLQLQ YL]\RQX ´&XPKXUL\HW·LQ <×OG|QPQGH PXWOX ELU 7UNL\H
LoLQµ \×O×QD NDGDU \×OO×N PLO\RQ WXULVW YH PLO\DU 'RODU KHGHÁHQ
PHNWHGLU$\Q×]DPDQGD7UNL\HGQ\DoDS×QGDHQoRN]L\DUHWHGLOHQONH
DUDV×QGDV×UDODQPD\×KHGHÁHQHPNWHGLUG|QHPLLoLQWDNLSHGLOHQ
7UN7XUL]P6WUDWHMLVLQHJ|UHVWUDWHMLNSODQODU×QX\JXODQPDV×YH\|QHWLPLQJH
QLċOHWHUHNGHYOHWLOH|]HOVHNW|UQLċELUOLĊLQLQSHNLċWLULOPHVLDPDoODQPDNWDG×U
7UN 7XUL]P 6WUDWHMLVL KD]×UODQDQ KDUHNHW SODQ× XODċW×UPD DOW\DS×V×QGDQ
EDċODPDNWDG×U %X DċDPDGD KHU VHNW|UQ |QQH ELU \RO KDULWDV× YHULOPHVL
KHGHÁHQPLċWLU%X\DNODċ×PVDDGHFHE|OJHVHOGHĊLOWP7UNWRSUDNODU×QGD
JHOLċHQ ELU WXUL]PGLU 6WUDWHMLQLQ X\JXODQPDV×QGD EX VHNW|UH VDELW E\PH
VDĊODPDN DG×QD 7XUL]P (QGVWULVL 0DVWHUSODQ× KD]×UODQP×ċW×U 7UN 7XU]LPLQ
EDċDU×V×WPONHGHNLND\QDNODU×QGD\DS×ODQFLGGL\DW×U×PODUYHHQL\LċHNLOGH
NXOODQ×OPDV×QDERUoOXGXU
7UNL\H·GHWXUL]PJHQHOGHWDULKLVLWHOHULQoHċLWOLĊLYH$NGHQL]VDKLOOHULQGH
\RĊXQODċW×U×OP×ċW×U )DNDW VRQ \×OODUGD KHP NOWUHO WXUL]P KHP VDĊO×N WXUL]P
Do×V×QGDQELUDWUDNV\RQPHUNH]LQHG|QċPċWU\×O×QGD·GHQ
ID]OD\DEDQF×WXULVW]L\DUHW7UNL\H·\LHWPLċWLU7XUL]PVHNW|UQGHQGHPLO
\DU'ROODUJHOLULċDUHWOHQPLċWLUĈQJLOWHUUH·\LJHULGHE×UDNDUDN7UNL\HXOXVODUD
UDV×YDU×ċQRNWDV×RODUDNV×UDGDG×U7UN7XU]LPLQEDċDU×V×WPONHGHNLND\
QDNODU×QGD\DS×ODQFLGGL\DW×U×PODUYHHQL\LċHNLOGHNXOODQ×OPDV×QDERUoOXGXU
7UN7XUL]PL%LUEDċDU×KLND\HVL
7UNL\H7DWLOVLWHOHULELULQFLV×Q×IRWHOOHULXOXVODUDUDV×XODċ×PVLVWHPLXOXV
ODUDUDV× NRQIHUDQVODU PKWHċHP PDQ]DUDODU× YH EHQ]HUVL] GHNRUDV\RQODU×
VXQPDNWDG×U <HUHO RWRULWH ONHQLQ GRĊDO J]HOOLNOHULQL LċOHWHUHN GLĊHU ONH
OHUGHNL WXULVWLN QRNWDODU×QD J|UH oRN GDKD X\JXQ IL\DWODU X\JXODPD\× WHUFLK
HGHU $YUXSD ONHOHULQ DUDV×QGD 7UNL\H HN]RWLN ELU GHVWLQDV\RQ RODUDN GH
ĊHUOHQGLULOPLċWLU$YUXSD·GDQĈVWDQEXO·DYDUPDNoRNNROD\VDDWVUHQ
ELUXoXċODYHRUDGDQGLĊHUċHKLUOHUHJHoLċ\DS×ODELOLU$\Q×]DPDQGD$PHULND
%LUOHċPLċ 'HYOHWOHUL 2UWD 'RĊX YH $V\D LOH ROGXNoD L\L XoXċ EDĊODQW×ODU×
YDUG×U=HQJLQWXULVWLNSURJUDPODU0DUPDULVĈ]PLU%RGUXP$QWDO\D0HUVLQ
YVHONLWDSODU×UHKEHUOHULQGHGDKLOGLU+DWWDONHQLQEDċNHQWL$QNDUDGDL\LELU
XODċ×PVLVWHPLRWHOOHUUHVWRUDQODUDVDKLSWLU$\Q×]DPDQGD7UNL\HNRQIRUOX
YH ]DULI NRQIHUDQV J|UċPHOHU YV RUJDQL]H HGHELOLU 7UN PLVDILUSHUYHUOLĊL
\HPHNOHULQYHċDUDSODU×Q\NVHNNDOLWHVLVD\×V×]LPNDQODU×WXUL]PJHOLċPHVL
QLQJDUDQWLVLGLU
$OW\DS×Q×QL\LOHċWLULOPHVLYHNRQDNODPD\DS×ODU×QGDGHYDPO×\DW×U×PODUWXUL]P
LOHLOJLOLHĊLWLPVLVWHPLQH\DS×ODQ\DW×U×PODUODSDUDOHOJHOPLċWLU$ċDĊ×GDNLWDEOR
\×OODU×QGDEXWU\D×W×U×PODUDYHULOHQ|QHPLJ|VWHUPHNWHGLU
<×O
(ĊLWLOPLċNLċLVD\×V×
$\Q× ]DPDQGD XODċ×P× YH WXULVWLN VH\DKDWODU×Q×Q RUJDQL]DV\RQXQX NROD\
ODċW×UPD\×DPDoOD\DQKDYDDOLPDQ×DOW\DS×V×QGDoRNFLGGL\DW×U×PODU\DS×OP×ċW×U
7UNL\H·GHXOXVODUDUDV×KDYDOLPDQ×EXOXQPDNWDG×UKDYD\ROODU×ċLUNHWLID
DOL\HWJ|VWHUPHNWHGLUGQ\DQ×QIDUNOׁONHVLQHXoXċODU×PHYFXWWXU
\×O×QGD7UN+DYD\ROODU×´(QL\L+DYD\ROODU×ĉLUNHWLµ|GOND]DQP×ċW×U
=L\DUHWoLOHULQ$UWPDV×
\×O×QGD XOXVODUDUDV× ]L\DUHWoL VD\×V× PLO\RQ LGL ELU |QFHNL \×O LOH
N×\DVOD\DUDNELUD]DOPDLċDUHWOHQPLċWLU$\Q×\×OGD$YUXSDLoLQEXUDNDP
PLO\RQGXELUD]DOPDJ|UQPHNWHGLU%X\×O7UNL\H·GHNLXOXVODUD
UDV× ]L\DUHWoL VD\×V× PLO\RQ ELU DUW×ċ J|UQPHNWHGLU \×O×QGD EX
UDNDPELUDUW×ċJ|VWHUHUHNPLO\RQDXODċW×
5DNDPODUDV×ODPDoGHĊLOGLUHĊHUDPDoUDNDPODUROVD\G×oRN\NVHN]L\D
UHWoLVD\×V×PDVLIYHNDOLWHVL]ELUWXUL]PWX]DĊ×QDGċPHNWHKOLNHVLYDUG×U%X
GXUXPGDND\QDNODU×QWNHWLOPHVLRODV×O×Ċ×oRN\NVHNWLU%XQHGHQOHUGHQ|WU
DUWPDNWDRODQ]L\DUHWoLVD\×V×KHUċH\GHĊLOGLUKDWWDVHEHSVRQXoDQDOL]OHUL
ROPD\DQ UDNDPODU LQDQG×U×F× ELU JHOLċPHQLQ J|VWHUJHVL GHĊLOGLU KHGHIH XODċ
PDP×]D\DUG×PF×ROPD]
.DOLWHOL ELU WXUL]P WHVSLW HGHELOPHPL] LoLQ LON KDUHNHW JHOLU PLNWDU× LOH ]L
\DUHWoL VD\×V× NDUċ×ODċW×UPDNW×U E|\OH ELU J|VWHUJH LQDQG×U×F× YH \RO KDULWDV×Q×
oL]PHNWHGLU \×O×QGD 7UNL\H·\H ·GHQ ID]OD \DEDQF× ]L\DUHWoL
JLUPLċWLU WXUL]P VHNW|UQGHQ JHOLU PLNWDU× GD PLO\DU 'RODUG×U ĈQJLOWHUUH·\L
JHULGHE×UDNDUDN7UNL\HXOXVODUDUDV×YDU×ċQRNWDV×RODUDN6×UDGDG×U
$ċDĊ×GDNL WDEOR G|QHPLQGH 7UNL\H·GHNL ]L\DUHWoL VD\×V× YH
WXUL]PGHQJHOLUPLNWDUODU×Q×|]HWOHPHNWHGLU
<×O
7XULVW
PLO\RQ
PLO\RQ
PLO\RQ
PLO\RQ
PLO\RQ
$UW×ċ
$UW×ċ
<×O
*HOLU0LOLDUG
PLOLDUG
PLOLDUG
PLOLDUG
PLOLDUG
PLOLDUG
$UW×ċ
$UW×ċ
7UNL\H·\LLONV×UDGDPLO\RQ$OPDQLNLQFLV×UDGDPLO\RQ5XVoQ
FV×UDGDPLO\RQĈQJLOL]YHG|UGQFV×UDGD%XOJDUYH*UFOHUWXULVWROD
UDN]L\DUHWHWPHNWHGLU
'HYDPO×DUW×ċJ|VWHUHQUDNDPODUWHVDGIGHĊLOGLUWDPWHUVLFLGGL\DW×U×POD
UDGD\DO×YHoRNL\LKHVDSODQP×ċVWUDWHMLNSODQODUG×U'DKD|QFHEHOLUOHQHQSODQ
YHVWUDWHMLOHUGQ\DYH\D$YUXSDoDS×QGDRODELOHFHNELUGDUDOPDRODV×O×Ċ×QGD
VWHVLQGHQJHOPHVLQLVDĊODPDNWDG×U=L\DUHWoLDUW×ċUDNDP×QLNLNDW×NDGDUJHOLU
DUW×ċ×KNPHWLQ|]HOYHGHYOHWVHNW|UQNDOLWHOLELUWXUL]PYL]\RQXJ|VWHUPHN
WHGLU %X WXUL]P ONH\H KNPHWH HQGVWUL\H WRSOXPD YH PLOOL HNRQRPL\H
JHOLUJHWLUHQoHYUHYHVRV\RNOWUHOGHĊHUOHULQLNRUXPDNODELUOLNWHGHYDPO×
ELUHNRQRPLE\PHVDĊODPDNWDG×U\DQLVDELWELUWXUL]P
$QDDWUDNV\RQQRNWDODU×$QWDO\DĈVWDQEXOĈ]PLUYV0DVWHU&DUGċLUNHWLQLQ
ELUDUDċW×UPDV×QDJ|UHĈVWDQEXONHQWL\×O×QGDGQ\DoDS×QGDHQoRN]L\D
UHWHGLOHQ\HUROGX
7XULVWLN.DPSDQ\DODU
7XULVWLNNDPSDQ\DODU6NRPELQDV\RQX6HD6DQG6XQDUW×WDULKNOWU
PXWIDNJROIVDĊO×NPDFHUDN×ċR\XQODU×NRQIHUDQVWXUL]PLYVoHċLWOLOLĊLRODQ
PKWHċHPELUSDNHWVXQPDNWDG×U
7UNL\HJQHċGHQL]GDĊODUYHJ|OOHUFHQQHWLRODUDNGHĊHUOHQGLULOL\RUJQ
ONUXWLQGHQ\RUXOPXċELUWXULVWHIDUNO×ELUVHoHQHNROPDNWDG×U1LVDQ(NLP
D\ODUDUDV×QGDNXPVDOODULGHDOLNOLPċDUWODU×VXQPDNWDG×U$\Q×]DPDQGD7U
NL\HPKWHċHPWDULKLELUJHoPLċHVDKLSWLUJHoPLċWHQPHGHQL\HWLQKD]LQH
OHULQL VDNODPDNWDG×U EX PHGHQL\HWOHU ELQ \×OO×N ELU G|QHPH DLWWLU 7UNL\H·'H
N×VDELU]DPDQJHoLUVHQGHWDUKLKLKHU\HUGHEXODELOLUVLQ.XPVDOODU×YHoHNLFL
WXULVWLNSURJUDPODU×LoLQ\D]×QWHUFLKHGLOLU0DUPDUD(JHYH$NGHQL]VDKLOOHUL
NODVLNDNGHQL]OLLNOLPLRODQE|OJHOHUGLUV×FDN\D]YH\XPXċDNN×ċ3ODMVH]RQX
E|OJHOHUHJ|UHD\DUODQ×U0DUPDUDYH(JH'HQL]LQL]L\DUHWHWPHNLoLQHQX\JXQ
]DPDQ×+D]LUDQ(\OOD\ODU×G×U*QH\(JH'HQL]LYH$NGHQL]LVH1LVDQ(NLP
D\ODU×QGD
7UNL\H·QLQ]L\DUHWoLOHULQHYHUHFHĊLoRNWXUQHIHVNHVHQGRĊDOJ]HOOLNOHUL
EHQ]HUVL] WDULKL YH DUNHRORMLN VLWHOHUL WXULVWLN DOW\DS×Q×Q YH RWHOOHULQ GHYDPO×
L\LOHċWLULOPHVL PLVDÀUSHUYHUOLN JHOHQHĊL YH X\JXQ À\DWODU 'Q\D oDS×QGD ELU
DWUDNV\RQ PHUNH]L ROPDV× ċDċ×UW×F× GHĊLOGLU dRN IDUNO× FRĊUDI\DV×QGDQ GROD
\× 7UNL\H·GH G|UW PHYVLP 7UNL\H·QLQ IDUNO× E|OJHOHULQGH ELU JQGH \DċDQ×U
'|UWJHQ ċHNOLQGH RODQ ONHQLQ o WDUDI×QGD GHQL] EXOXQPDNWDG×U 6DKLOOHUL
NXPVDOODUODN|UIH]OHUOHOLPDQODUODDGDYH\DU×PDGDODUODGROXGXU<D]PHYVL
PLED]×E|OJHOHUGHD\VUHU$\Q×]DPDQGD7UNL\H·QLQPXKWHċHPGDĊODU×
RYDODU× J|OOHUL QHKLUOHUL ċHODOHOHUL YH N×ċ ]HQJLQOLNOHUL GH PHYFXWWXU .D\DN
VHYHUOHUGDĊF×ODU\U\ċoOHU7UNL\H·GHXQXWXOPD]WHFUEHOHUHGLQHFHNWLU
+HUċH\GHQ|QFH7UNL\HGRĊDODo×NYHELUoRNPHGHQL\HWLNDSVD\DQELUP
]HGLU7DULKLYHDUNHRORMLN]HQJLQOLNOHULELUONHQLQGHĊLOELUN×WDQ×QLKWL\DoODU×Q×
NDUċ×OD\DFDNNDGDU\HWHUOLGLU
6RQ\×OODUGDK×]O×JHOLċHQELUWXUL]PGDKDYDU6DĊO×N7XUL]PLhNHGHELUoRN
KDVWDO×NODUGDGRNWRUODUWDUDI×QGDQWDYVL\HHGLOHQV×FDNND\QDNODUċLIDO×NLOOHUYV
$V×UODUER\XQFD7UNL\HGLQOHULQNHVLċWLĊLQRNWDG×UVDGHFHĈVODPLOH+ULVWL\DQ
GHĊLOWDULKWHXQXWXODQGLQOHULQGH%LUoRNLQDQoO×LQVDQGLQOHULQHDLWELUSH\
JDPEHUELUPH]DUYH\DELUNDO×QW×EXODELOLU
7XUL]P7DQ×W×P×
%XWXUL]PNDPSDQ\DV×Q×WPGQ\D\DXODċ×O×UKDOHJHWLULOPHVLLoLQYHULPOL
WDQ×W×PVWUDWHMLOHULX\JXODQPDVD\G×EDċDU×PH\YHOHULROPD\DFDNW×'Q\DQ×Q
ONHVLQGHWXULVWLNDMDQVDo×OP×ċW×UGQ\DoDS×QGDWXUL]PWDQ×W×P×IDDOL\HW
OHULQGH 7UNL\H |QHPOL SDUWQHU ROPXċWXU %HUOLQ /RQGUD ĈQWRXU 0DUNHW 5XV
\D)UDQNIXUW%RRN)DLUIXDUODU×Q×|]HOOLNOHGLOHJHWLUL\RUX]\×O×QGD
)UDQVD·GD7UN.OWU0HYVLPL7UNL\H·GH-DSRQ\×O×7HPPX]0DUW
.DQ)LOP)HVWLYDOLQHNDW×O×P3HNLQ2OLPSLN2\XQQODU×QDNDW×O×PODU×oRN
EDċDU×O×ROPXċWXUdRNFLGGLYHFRċNXOXLċOHULQ\DS×OPDV×QGDQVRQUD´HQ
L\L$WUDNV\RQ1RNWDV×µHQL\LWXULVWLNRÀV[L$YUXSD·GDHQL\L2WHOOHUL<×
O×Q+DYD\ROODU×ĉLUNHWL(QL\L5HVRUW$YUXSDoDS×QGDHQL\L\DWOLPDQ×WHVDGI
GHĊLOOHUGLU
'U=HNL.D\D
.UP+ROGLQJ$ĉ $UQDYXWOXNhONH.RRUGLQDW|UYHĈFUD.XUXOXh\HVL
%Ĉ57h5.<$7,5,0&,6,ĈdĈ1$51$987/8.
.RQXċPDPGDNRQX\XRUWDNJHoPLċHYHLOLċNLOHUHJHWLUPH\HFHĊLPKHSLPL
]LQELOGLĊLKXVXVODU%HQJHQHOGH\DEDQF×\DW×U×PF×|]HOGH7UN\DW×U×PF×V×
LoLQ$UQDYXWOXNQHOHUVXQDELOLURQXQ]HULQGHID]ODUDNDPODUDJLUPHGHQN×VD
FDGXUDFDĊ×P%XUDGDEL]LGLQOH\HQJHQoOHUH|]HOOLNOHED]×PHVDMODUYHUPH\H
oDO×ċDFDĊ×P
‡ PLO\RQQIXV·X\XUWG×ċ×QGDLċoLNP\]|OoPOWRS
UDNODU×Q×QNDGDULWLFDULWDU×PDDo×NNDODQ×GDĊO×NDODQGDQROXċDQ
EXQDNDUċ×O×NGDĊODU×Q×QDOW×QGDYHWRSUDNODU×Q×QVWQGHVHUYHWEDU×QG×
UDQNoNELU$YUXSDONHVLQHVSRWOLJKW·×P×]×WXWX\RUX]
‡ <XQDQLVWDQ.DUDGDĊ.RVRYD0DNHGRQ\D·FDoHYULOPLċĈWDO\DLOHDUD
V×QGDELUERĊD]RODUDNQLWHOHQGLULOHELOHFHN$GULDWLNGHQL]LEXOXQDQNoN
DPDSRWDQVL\HOLEXOXQDQELUHNRQRPL\LNRQXċX\RUX]<DQL$UQDYXWOXN·X
$NGHQL]YH%DONDQODUE|OJHVLQHDo×O×PGDELU´NDS×Q×QNLOLGLµRODUDNJ|U
PHN\DQO×ċROPD]
‡ 5HDOLVW \DNODċ×POD GRĊX YH EDW× JQH\ YH NX]H\ XODċ×P HNVHQOHUL
]HULQGH NLOLW QRNWDGD EXOXQPDV× XODċW×UPDGD KHU NHVLPH |OoHN
HNRQRPLVLVDĊOD\DELOPHVLONH\LGLĊHUONHOHUGHQD\×UDQHċVL]ELU
|]HOOLNWLU
‡ 'XUUHVOLPDQ×Q×Q|QHPLQLELOHQNDUDUYHULFLOHUVRQ\×OLoLQGHHQVWUDWHMLN
DG×P×DWDUDN%HFKWHO(QNDRUWDNO×Ċ×QD.RVRYD6×UELVWDQV×Q×U×QDNDGDU
X]DQDQRWR\ROXNRULGRUXQXWDPDPODWP×ċNDUDGD\×OODUG×UNDSDO×NDOP×ċ
RODQ.RVRYD·Q×Q$NGHQL]HYHG×ċSL\DVDODUDDo×OPDV×QD]HPLQKD]×UOD
P×ċW×U$\U×FD3ULVWLQDhVNSRWR\ROEDĊODQW×V×EX\×OLoLQGHEDċOD\DFDN
E|\OHFH'XUUHVOLPDQ×6HODQLNOLPDQ×QDDOWHUQDWLIRODFDNW×U
‡ .×VDFDV×E|OJH\HGHQL]EDĊODQW×O×RODUDNXODċ×PDo×V×GDQ$UQDYXW
OXNELU´DQDNDS×µJ|UHYLQGHROGXĊXQGDQEXVWUDWHMLNNRQXPXONH\L
´3RVW3DQDPD[µJHPLOLPDQ×\DSPD\D]RUOD\DFDNJLELJ|UQPHNWHGLU
+NPHWE|\OHELUOLPDQ×3RUWR5RPDQR·GD333PRGHOLLOH\DSPD
GċQFHVLQGHGLU
$UQDYXWOXNGLĊHU\DQGDQGRĊDOND\QDN]HQJLQLELUONHGLU=HQJLQPDGHQ
YHSHWURO\DWDNODU×KLGURHOHNWULNHQHUMLUHWLPSRWDQVL\HOLGDKD\HWHULQFHV|
PUOPHPLċWLU+LGULNND\QDNODU×Q×QDQFDN·XEXJQHNDGDUUHWLPHDO×
QDELOPLċROPDV×EXDODQGDFLGGLELUSRWDQVL\HOHLċDUHWHWPHNWHGLU
g]HWOH YXUJXODPDN JHUHNLUVH ]HQJLQ PDGHQ ND\QDNODU× SHWURO \DWDNODU×
YHKLGURHOHNWULNJFUHWHELOHFHNVXUH]HUYOHULDo×V×QGDQ$UQDYXWOXNDEDUW×
V×]HċVL]ELUNRQXPGDG×U<DQLEXONHGH\DċD\DQKHUNHVJQEDWW×Ċ×QGDELU
]HQJLQOLNVWQGHX\NX\DJLWPHNWHJQGRĊGXĊXQGDEX]HQJLQOLN]HULQGH
J|]OHULQLDoPDNWDG×U$PDYDURODQ]HQJLQSRWDQVL\HOONHLQVDQ×Q×KHQ]\H
WHULQFH PXWOX HGHPHPLċWLU .D\QDNODU×Q UHIDKD G|QċWUOPHVLQGH V×N×QW×ODU
EXOXQPDNWDG×U%XQXQVL\DVLNOWUHOVRV\DOHNRQRPLNYHGDKDELUGL]LIDUNO×
QHGHQOHULEXOXQPDNWDG×U
%|\OHVLQH]HQJLQYHHċVL]NRQXPDVDKLSONHQLQNLċLEDċ×QDGċHQ*D\UL
6DIL<XUWLoL+DV×ODV×*'3GLĊHUE|OJHONHOHULLOHN×\DVODQG×Ċ×QGDROPDV×JH
UHNHQUHIDKVHYL\HVLQGHGHĊLOGLU
<XNDU×GDNLWDEORJQFHOGHĊLOGLUDPDILNLUYHUPHNWHGLU
.LċL%Dċ×QDGċHQ*60+86'FLYDU×QGDG×ULWLEDU×\ODWRSODP
)',VWRĊXPLO\DU86'NDGDUG×U
7UN\DW×U×PODU×VRQ\×OGDV×oUDPD\DSDUDN)',·QLQLQLWHPVLOHGHU
KDOHJHOPLċWLU
hONHGHRUWDV×Q×IGDKDROXċPDP×ċW×U%X|QHPOLYH]HULQGHGXUXOPDV×JH
UHNHQELU]D\×Á×NW×U
hONHQLQ]HQJLQOLNOHULQHJ|]DWW×Ċ×P×]GD
‡ .URP \DWDNODU× WRSODP× PLO\RQ WRQ ċX DQGD o×NDU×ODQ NURP LċOHQ
PHPLċKDOGHNRQWH\QHUOHUOHdLQ·GHNLWHVLVOHULEHVOHPHNWHGLUONHQLQ
HQE\N.URP\DWDNODU×Q×DODQ.8580EXDODQGDFLGGL\DW×U×P
KD]×UO×Ċ×QGDROXSPDGHQFLOLNILUPDODU×P×]DWDċHURQUROYHUHELOLU
‡ %DN×USROLPHWDOLN$XEDULQGLUDQ\DWDNODU×WRSODP×PLO\RQWRQYHċX
DQGD7UNL\H·OL%(5$/%EXLċLQ´NUDOµNROWXĊXQDRWXUPXċGXUXP
GDG×U$PDGDKDoRNPDGHQFL\HoRNLċSRWDQVL\HOLYDUG×U
‡ 'HPLUQLNHO\DWDNODU×WRSODPUH]HUYLGHPLO\RQWRQVHYL\HVLQGHGLU
EHOOLELUG|QHP.DYDGDUFL0DNHGRQ\DYH.RVRYDIHUURQLNHOWHVLVOHULQH
VDW×OG×DPDEXUDGDGDKDL]DEHWHVLVLNXUXOPDG×13,UHWPH\HX\JXQ
YH EXJQN LQR[ VDQD\LQLQ 13, WNHWLPL ·GHQ EX \DQD K×]O× DUW×ċ
ND\GHWPLċWLU
‡ hONHGH×UPDNODU]HULQHNXUXODELOHFHNWRSODP0:FLYDU×QGDJ
FQGDKD·LJHUoHNOHċWLULOPLċWLU*QONWNHWLPPLO\RQN:KYH
PLOOL UHWLP HQ L\L NRċXOODUGD PLO\RQ N:K RODELOPHNWHGLU <DQL
\×OO×NWNHWWLĊLQLQ\DU×V×Q×LWKDOHGHUGXUXPGDG×U.8580ONHGHHOHN
WULN UHWLPLQGH HQ E\N |]HO VHNW|U ILUPDV× 0: NXUXOX Jo
QLWHOLĊLQGHGLU
‡ dRNLPWL\D]DQODċPDV×YHULOPLċWLUJHQHOGHUXQRIIULYHUWLSLQGHGLUNHQ
GLOHULLQċDHGLOPHPLċROPDNODELUOLNWHLNLQFLOSL\DVDODU×QROXċPDV×QD\RO
DoP×ċW×U<DEDQF×\DW×U×PF×Q×QEDNPDV×JHUHNHQOHUE\NSURMHOHU
ROPDO×G×UYHEXQODUYDUG×U'ULQL2VXPL9MRVH×UPDNODU×E\N\D
W×U×PF×EHNOHPHNWHGLU
‡ 'LĊHU WDUDIWDQ |\OH ELU ONH GċQQ NL UHWWLĊL HOHNWULĊLQ ·×Q×
QDNGH G|QċWUPHGHQ ND\EHWVLQ HOHNWULN GDĊ×W×P LċL SUREOHP
OL ROPDNOD ELUOLNWH WHN GDĊ×W×P ċLUNHWL RODUDN &(= NRPSHWDQ DO×F×
EHNOHPHNWHGLUdHN·OHUONH\LWHUNHWPLċWLU.OWUOHUDUDV×IDUNDJ]HO
ELU|UQHN
‡ 3HWURO\DWDNODU×QDJHOLQFHNDUDVDOYHRIIVKRUHRODUDNUHVHUYOHULQPLN
WDU× E\NWU ´KHDY\ FUXGHµ ċHNOLQGHGLU EXQD NDUċ×O×N LċOHQLS SL\DVD
LKWL\DF× RODQ UQOHUH G|QċWUOHELOLU $UQDYXWOXN·XQ KDP SHWURO LKUD
FDW×PLO\RQWRQ\×O·×EXOPXċUQLWKDODW×GDPLO\RQWRQXEXOPXċWXU
%DQNHUVYH6WUHDP2LOHQL\L\DWDNODUGDQED]×ODU×Q×DOP×ċROPDNOD
ELUOLNWHGHYOHWELU.Ĉ7RODQYH\XNDU×GDNLOHULQ´SDWURQXµNRQXPXQ
GDNL´$/%3(752/µ|]HOOHċWLUPHKD]×UO×Ċ×QGDG×U
‡ 'LĊHU ONHOHUOH KDWWD ,WDO\D LOH HOHNWULN LOHWLP NDSDVLWHVLQH VDKLS ROXS
UHWWLĊLQLG×ċSL\DVD\DGDVDWDELOHFHNGXUXPGDG×U
.×VDFD.RELPDKL\HWLQGHNLJLULċLPFLOHUHLPNDQEXOXQXUNHQNXUXPVDOGL
\HELOHFHĊLPL]E\N\DW×U×PF×ODUDGDE|OJHLOHRODQEDĊODQW×ODU×NDSVDP×QGD
E\N\DW×U×PI×UVDW×VXQPDNWDG×U
$V×ONDIDODUGDNLVRUXċXGXU.D\QDNODU×YDU\HWLċPLċLċJFYDUJHQoOH
ULQKHUELULVLHQD]GLOELOPHNWHGLUHQHUMLVLYDU\DVDOG]HQOHPHOHUYHKN
PHWYDUSHNLV×N×QW×QHUHGHGLU"
%XVRUXQXQWDPPHUNH]LQGHNLSUREOHPGHYOHWNDGURODU×QGDNL´\HWLċPLċLQ
VDQNDSDVLWHVLµVRUXQXGXU%XQXQWHUFPHVL´VL\DVLDWDPDODUµG×U*HQoOHULQ
SL\DVDHNRQRPLVLLOHGRQDW×OP×ċELOJLOHUOHVDKDGD\HUOHULQLDO×SEXSRWDQVL\HOL
ND]DQFDG|QċWUPHVL]DPDQ×JHOPLċWLU2QHGHQOH|]HOROVXQUHVPLROVXQ
WP\NVHNRNXOODU×Q´LQVDQµD\DW×U×P\DSPDV×]RUXQOXGXU
3HNL7UN\DW×U×PF×V×RODUDNJHOVHNEL]LHQoRNQH\RUDU"6RUXVXDNOD
JHOLUVHFHYDE×Q×Do×NYHEDQDJ|UH|QHPV×UDV×QDJ|UHV|\OH\HFHĊLP
‡ 6L\DVLLUDGH\HWHUVL]OLĊLH[S
‡ ĈGDULNDSDVLWH\HWHUVL]OLĊLH[S
‡ <HWHUVL]\DVDODUYH\DVDX\JXODPDV×\HWHUVL]OLĊLH[S
‡ <ROVX]OXN´HSLGHPLVLµH[S
‡ 0ONL\HWKDNODU×V×N×QW×V×H[SRQHQWLDO
%XQODU×Q \DUDWW×Ċ× YH 7UN \DW×U×PF×V×Q×Q NDUċ×V×QD HQ oRN o×NDQ VRUXQODU×
OLVWHOHUVHN
<$7,5,0/$5,1)Ĉ=Ĉ.Ĉ*h9(1/ĈćĈ$\HQ.UP%HUDOE
'7Ĉ3Ĉ9Ĉ=(352%/(0/(5Ĉ%URNUDVLVLYHEHOJHLVWHĊLDGHWID]OD
626<$/ *h9(1/Ĉ. 6g=/(ĉ0(6Ĉ1Ĉ1 8<*8/$10$0$6,1'$1
.$<1$./$1$162581/$5ONHGHSULP|GHQPHVLJLEL
58+6$7Ĉ37$//(5Ĉ0DGHFLOLNYHKLGURGD
$%·\HWDP\HOLNLoLQPUDFDW×Q×\DSDQEXONHQLQ\HQLKNPHWG|
QHPLQGH\XNDU×GDNLEDċO×NODUODPFDGHOHHGHFHĊLYHVRPXWJHOLċPHOHU
ND\GHGHFHĊLNXċNXVX]GXU
7HN FPOH LOH VRQODQG×U×UVDP $UQDYXWODU× HQ L\L \RUXPOD\DELOHFHN LQVDQ
ODU NXċNXVX] 7UNOHUGLU 1HGLU 7UN LċDGDP× LoLQ EXUDGDNL HQ E\N EDċDU×
V×UU×" 'L\H VRUDU LVHN EX LNL ONH LQVDQ×Q×Q ELUELULQH EDNW×Ċ× ]DPDQ D\Q× GLOL
NRQXċPDVD GDKL ELUELULQL DQOD\DELOPH LPNDQ×Q×Q ROPDV×QGDG×U =DWHQ 7UN
JLULċLPFLVLEXUDGDEDċDU×O×RODPD]LVHNLPVHRODPD]EXUDGDNL\DEDQF×
ODU×QRUWDNNDQDDWLGLU%XNDQDDWJHoPLċH\|QHOLNGHĊLO7UOHULQDOG×Ċ×ULVN
OHUJLULċLPFLOLNUXKXYHWRSOXPOD\DN×QGL\DORĊXVD\HVLQGH$UQDYXWODUODRUWDN
´LċGLOLYHNOWUµROXċWXUDELOPH\HWHQHĊLYDUG×U%XQGDQGROD\×7UNOHU´QR
ULVNQRUHWXUQµLONHVLLOHEXUDGDE\NND]DQ×PODUHOGHHGHELOHFHNHQL\LJLUL
ċLPFLDGD\×G×UODU<DN×Q]DPDQDNDGDU.8580+ROGLQJG×ċ×QGD.2%ĈDĊ×UO×NO×
RODUDNYDURODQ7UNJLULċLPFLVL·GHQLWLEDUHQd$/,.+ROGLQJ·LQWHOHFRP
VHNW|UQHJLUPHVL\OH,WDO\DQYH<XQDQLVWDQDĊ×UO×NO×RODQ)',VWRĊXQX7UNOHU
OHKLQHG|QċWUUNHQ7UNL\HYH7UN\DW×U×PF×V×NDQDDWLQLGHROXPOXHWNLOH
PLċWLU
g]HOHċWLULRODUDNELUQRNWD\×L\LYHREMHNWLIWHVSLWHWPHNJHUHNLU$UQDYXWOXN
NXUXPVDO \DW×U×PF× DĊ×UOD\DELOHFHN ROJXQOXĊD GDKD XODċPDP×ċW×U 1HGHQOHUL
oRNID]ODYHIDUNO×G×UDPDNXUXPVDOċLUNHWEDU×QG×UPD\ROXQGDVRPXWJHOLċ
PHOHUGHPHYFXWWXU%XKHPKNPHWWDUDI×QGDKHP|]HOVHNW|ULċ\DSPD
PDQW×Ċ×Q×QGHĊLċPHVLQGHNHQGLQLJ|VWHUPHNWHGLU*UXSRODUDNEL]GHR\|QGH
E\NPHVDIHNDWHWPLċGXUXPGD\×]%X]DDIL\HWHUDĊPHQNXUXPVDO\DW×U×P
F×Q×Q7UNL\HN|NHQOLROPDV×´H]EHUER]DFDNµYH´NXUXPVDOU|QHVDQVµD|QF
ONHGHFHĊLQGHQEX\|QGHDG×PDW×OPDO×G×U
7UNOHU \DW×U×PODUGD GLĊHU ONHOHUL JHULGH E×UDNDUDN DWDĊD JHoPLċOHUGLU
DPD GLĊHU ONHOHUOH N×\DVODQG×Ċ×QGD 7UNOHU NHQGL DUDODU×QGD GDKD |UJWOH
QHPHPLċOHUGLU 7UN$UQDYXW 7LFDUHW 2GDV× NXUXOPDV× EX \|QGHQ oRN |QHP
WDċ×PDNWDG×U
.2%Ĉ·VLQGHQ NXUXPVDO \DW×U×PF×V×QD NDGDU 7UNL\HGHQ \DW×U×PF×
ODU×Q E|OJH\H \HUOHċHUHN%DONDQODUD \D\×OPD\× ´V×oUDPD WDKWDV×µ RODQ
$UQDYXWOXN·WDQUHDOL]HHWPHOLGLUOHU
=HNL.D\D3K'(FRQRPLFV.XUXP+ROGLQJ$ĉ$UQDYXWOXNhONH.RRUGL
QDW|UYHĈFUD.XUXOXh\HVLROXS\×O×QGDQEX\DQD$UQDYXWOXN·WDSURIH
V\RQHORODUDNEXOXQPDNWDG×U
]HNLND\D#NXUXPFRPWU
0U)LOLS*-2.$
$UQDYXWĈċDGDP×
6D\×Q RWXUXP EDċNDQ× VD\×Q 9LWULQD hQLYHUVLWHVL <|QHWLFLVL VD\×Q 9LWULQD
hQLYHUVLWHVL|ĊUHWLP\HOHULVD\×Q7UNYH$UQDYXWJLULċLPFLOHUĈONRODUDNNHQGL
ċLUNHWLPYH$UQDYXWOXN%LWNLOHUYH%DKDUDWODU6DQD\LVLQLQDG×QDEXNRQIHUDQVD
NDW×OPDPLoLQGDYHWHWWLĊLQL]LoLQWHċHNNUOHULPLVXQDU×P%XNRQIHUDQVNHQGL
GHĊHUOHULYH7UNL\HLOH$UQDYXWOXNDUDV×QGD\×O×QGDQLWLEDUHQPHYFXWRODQ
L\LLOLċNLOHULELUGDKDJ|VWHUPHNWHGLUĈNLONHDUDV×QGDNLL\LLOLċNLOHULVRQ]DPDQ
ODUGDNRPċXODU×P×]×QGDN×VNDQG×Ċ×Q×ELUGDKDEHOLUWPHNLVWHULP%DċEDNDQ×P×]
(GL5DPDPHYFXWRODQL\LLOLċNLOHULWHċYLNHWWLĊLQHJ|UHJHOHFHNWHGDKDoRN7UN
\DW×U×PODU×QRODFDĊ×DQODċ×OPDNWDG×UĈNLONHDUDV×QGDNLL\LLOLċNLOHU\×O×QGD
EDċODP×ċW×U 2 \×OODUGD $UQDYXWODUD JH]L YL]HVL ELOH oRN ]RU YHULOL\RUGX $PD
7UNL\H $UQDYXWODUD YL]H PXDÀ\HWLQL WDQ×\DUDN $UQDYXWODU 7UNL\H·\H YL]HVL]
JLUPH\HEDċODG×YHEXċHNLOGHLNLONHDUDV×QGDNLWLFDUHWLQLONDG×PODU×DW×OG×
$UQDYXWOXN·WDNL HQ |QHPOL 7UN \DW×U×PF×ODUGDQ ELUL .UP ċLUNHWLGLU 'XUUHV
OLPDQ×QD NRQWH\QHU LOH JLULOPHVL oRN |QHPOL ELU \DW×U×PG×U %X WU LċELUOLĊLQLQ
GDKD oRN JHOLċHFHĊLQL YH JHOHFHNWH $UQDYXWOXN·WDQ 1HZ <RUN YH GLĊHU O
NHOHUHPDOODU×P×]×QDNOHGHQJHPLOHULQLQRODFDĊ×QׁPLWHGHULPĉLPGL\HNDGDU
UQOHULPL]L/DoċHKULQGHQYH\DGLĊHU$UQDYXWOXNċHKLUOHULQGHQ3LUHOLPDQ×QD
QDNOL\DW GHĊHUL oRN \NVHNWL .UHVHO ELU HNRQRPLN NUL]GH EXOXQGXĊXPX]D
J|UH 7UN ċLUNHWOHUL YH $UQDYXW ċLUNHWOHUL DUDV×QGDNL LċELUOLĊLQLQ DUW×U×OPDV×
JHUHNWLĊLQLGċQ\RUXPdQND\Q×]DPDQGDEXJQGHQJQHL\LOHċWLULOHQ
$UQDYXW\DVDODU×YHLNOLPEXLPNDQ×VDĊO×\RU+HPLWKDODWKHPLKUDFDWVHNW|UO
HULQGH$UQDYXWOXN.RVRYD.DUDGDĊYH7UNL\HDUDV×QGDL\LELULċELUOLĊLROXUVD
KHU LNL ONHPL] LoLQ YH |]HOOLNOH $UQDYXWOXN·WDNL LċVL]OLN YH N×UVDO E|OJHOHUGHNL
\RNVXOOXN D]DODFDNW×U .×UVDO E|OJHOHU GL\RUXP oQN DVO×QGD )LOLSL .RPSDQL
ċLUNHWLYHWHPVLOHWWLĊLP$UQDYXWOXN%LWNLOHUYH%DKDUDW6DQD\LONHPL]LQELU
oRNN×UVDOE|OJHOHULQGHoRN|QHPOLIDDOL\HWOHUJ|VWHUPHNWHGLUĈ]PLU·GHEXOX
QDQELUNDo|QHPOLċLUNHWOHUOHL\LELULċELUOLĊLPL]YDU<DSW×NODU×LċOHUVD\HVLQGH
ONHPL]LQN×UVDOE|OJHOHULQGHELUoRNLQVDQ×P×]×LVWLKGDPHWPLċOHUGLU*HOHFHNWH
$UQDYXWOXN·WDW×EELELWNLOHUYHW×EELDODQ×QGDEDċND\DW×U×PODU×Q×QRODFDĊ×QׁPLW
HGL\RUXP +HSLQL]H WHċHNNUOHULPL VXQDUDN oDO×ċPDODU×Q×]GD EDċDU×ODU GLOL\R
UXP
)'(*&)(-
Q?M@CC@D@@D8IÞ;?ÞE@<M<
<BFEFD@B<
KLIH@$J?H@GÞI@
JPDGFJ@LD
8C98E@8$K@I8E8#+EÞEKFI)'(*
3Ê50%$-7-$
6($1&$(+$3-(6
3URI'U$KPHWĈ1&(.$5$
3UHVLGHQWL)RQGDFLRQLWWs.sUNLPHYH(NRQRPLNH
ĉHÀN.$17$5
'UHMWRUL3sUJMLWKVKsPL6KRTDWsV1GsUNRPEsWDUHSsU
=KYLOOLPGKH%DVKNsSXQLP
(GPRQG9/$6+$- 3UHVLGHQWL8QLYHUVLWHWLW9LWULQD
$Y1LNROLQ-$.$ 3UHVLGHQWL'KRPsVVs7UHJWLVsGKH,QGXVWULVsVs7LUDQsV
%HQJ7(7Ĉ.
3sUIDTsVXHVHH$PEDVDGsV7XUNHQs7LUDQs
&DYLW'$ć'$ĉ
.RQVXOHQWL7KHVDULW
6($1&$(3$5Ê
.U\HWDU
3URI'U6XGL$3$.
8QLYHUVLWHWL%H\NHQW
6HVLRQLL3DUs ´3URÀOL(NRQRPLNL7XUTLVsµ 3URI'U$GHPĉ$+Ĉ1
8QLYHUVLWHWLL(NRQRPLVsGKH7HNQRORJMLVs72%%
6HVLRQLLG\Ws ´3URÀOL(NRQRPLNL6KTLSsULVsµ 3URI'U7HNL.857,
8QLYHUVLWHWL9LWULQD
6($1&$(3$1(/,7
´=KYLOOLPL,0DUsGKsQLHYH(NRQRPLNH7XUTL6KTLSsULµ
.U\HWDU
3DQHOLVWs
3URI'U*QJ|U785$1
8QLYHUVLWHWL(SRND
0XKDUUHP&$1
3sUIDTsVXHVL7UHJWLVsVs-DVKWPH
$OEDQD/$.125,
'UHMWRUHH0$UsGKsQLHYH1GsUNRPEsWDUH
3URI'U%LUROd(7Ĉ1
.RRUGLQDWRUL7Ĉ.$$QWDUL.sVKLOOLWWs
%L]QHVLW6KTLSWDUR7XUN
3URI$V2OGDd,d2
3sUIDTsVXHVHH8QLYHUVLWHWLW9LWULQD
'HNDQHH)DNXOWHWLWWs(NRQRPLVs
'U=HNL.$<$
3sUIDTsVXHVL6KRTsULVs.85806KTLSsUL
)LOLS*-2.$
6LSsUPDUUsV6KTLSWDU
6($1&$(+$3-(6
3URI'U$KPHWĈ1&(.$5$
3UHVLGHQWL)RQGDFLRQLWWs.sUNLPHYH(NRQRPLNH
ĉHÀN.$17$5
'UHMWRUL3sUJMLWKVKsPL6KRTDWsV1GsUNRPEsWDUHSsU
=KYLOOLPGKH%DVKNsSXQLP
(GPRQG9/$6+$-
3UHVLGHQWL8QLYHUVLWHWLW9LWULQD
$Y1LNROLQ-$.$
3UHVLGHQWL'KRPsVVs7UHJWLVsGKH,QGXVWULVsVs
7LUDQsV
%HQJ7(7Ĉ.
3sUIDTsVXHVHH$PEDVDGsV7XUNHQs7LUDQs
&DYLW'$ć'$ĉ
.RQVXOHQWL7KHVDULW
3URI'U$KPHWĈ1&(.$5$
3UHVLGHQWL)RQGDFLRQLWWs.sUNLPHYH(NRQRPLNH
,QGHUXDUNsVKLOOWDUHQGHUXDUSsUIDTsVXHVHH$PEDVDGsV7XUNHLQGHUXDU
] 9ODVKL .U\HWDU L %RUGLW 'UHMWXHV Ws 8QLYHUVLWHWLW 9LWULQD L QGHUXDU .U\HWDU
L 'KRPsV Vs 7UHJWLVs L QGHUXDU UHNWRU L QGHUXDU NsVKLOOWDU L HNRQRPLVs Ws
QGHUXDU NROHJs Ws QGHUXDU EL]QHVPHQs VKXPs Ws GDVKXU VWXGHQWs MX
SsUVKHQGHV Ws JMLWKsYH PH GDVKXUL GKH UHVSHNW Qs HPsU Ws )RQGDFLRQLW Ws
6WXGLPHYH (NRQRPLNH )RQGDFLRQL \Qs Qs EDVKNsSXQLP PH 8.,' GKH
XQLYHUVLWHWLQ 9LWULQD GKH PH PEsVKWHWMHQ H SsUIDTsVXHVYH Ws LQVWLWXFLRQHYH
WsWMHUDTsQGRGKHQVRWNsWXUHDOL]XDPNsWsVHPSR]MXPPHWHPsQ´=KYLOOLPL
L 0DUsGKsQLHYH (NRQRPLNH PLGLV 7XUTLVs GKH 6KTLSsULVsµ 8URM Ts N\
VHPSR]MXPVKNHPQFRUWsMHWsLYOHIVKsPSsUPDUsGKsQLHWHNRQRPLNH7XUTL
6KTLSsUL
7s QGHUXDU Ws IWXDU )RQGDFLRQL L 6WXGLPHYH (NRQRPLNH sVKWs NULMXDU
Qs YLWLQ GKH SsU Ps VKXPs VH YMHW RUJDQL]RQ DNWLYLWHWH SORWsVLVKW
VKNHQFRUH EUHQGD GKH MDVKWs YHQGLW 1s NsWR DNWLYLWHWH VKNHQFRUH PDUULQ
SMHVs VHPSR]MXPH PH WHPs ]KYLOOLPL L PDUsGKsQLHYH HNRQRPLNH PLGLV
VKWHWHYHGKHVHPLQDUHEUHQGDYHQGLW'HW\UDMRQssVKWsWsEsMPsSsUJDWLWMHW
VKNHQFRUHUUHWKoGROORMSUREOHPLHNRQRPLNGKHWMDSDUDTHVLPDWsERWsVVs
VKNHFsV RVH Ws EL]QHVLW Ws ]KYLOORMs PXQGsVL Ws JMHMs ]JMLGKMH Ws VWXGLRMs
WHPsQJMHUsHJMDWsGKHWMDSDUDTHVsSXEOLNXWQsPsQ\UsTsWsNXSWRKHWQJD
WD
.ULMXHVLW H IRQGDFLRQLW WRQs MDQs HGKH VKNHQFWDUs HGKH EL]QHVPHQs
.MRGRWsWKRWsTs)RQGDFLRQLL6WXGLPHYH(NRQRPLNHsVKWsQMsIRQGDFLRQ
L NULMXDU SsU Ws SDUDTLWXU ]JMLGKMH SsU SUREOHPHW HNRQRPLNH GXNH LQIRUPXDU
ERWsQHEL]QHVLW6KXPLYDHDNWLYLWHWHYHWRQDUHDOL]RKHWPHQGLKPsQPDWHULDOH
WsVSRQVRUsYHWRQs4sOOLPL\QssVKWsTsPHDQsWsNsW\UHVHPLQDUHYHGKH
VHPSR]LXPHYH VL N\ L VRWPL Ws NULMRMPs DPELHQWH Ws SsUVKWDWVKPH SsU Ws
GLVNXWXDU VH oIDUs PXQG Ws EsMPs QJD DQD VKNHQFRUH UUHWK PDUsGKsQLHYH
HNRQRPLNHQsPsQ\UsTsNsWRWsMHQsQsQLYHOHVDPsWsODUWD1sNsWsNXDGsU
NHPLUHDOL]XDUVHPSR]LXPHWsWLOODQs)UDQFs$]HUEDM[KDQ%XOOJDUL6XGDQL
5XPDQL 0DTHGRQL HWM 6LJXULVKW Ts QH VL IRQGDFLRQ QXN MHPL LQYHVWLWRUs Ws
GUHMWSsUGUHMWs SRU VLGRTRIWs TsOOLPL \Qs NU\HVRU sVKWs Ts SsU ]KYLOOLPLQ H
PDUsGKsQLHYH HNRQRPLNH Ws YOHUsVRMPs NOLPsQ H LQYHVWLPHYH DPELHQWHW H
LQYHVWLPHYHNXOWXUDWHNRQRPLNHNXVKWHWHNRQRPLNHQsYHQGLQNXVKNRKHWWs
QMRKLPPLUsGKHWs]KYLOORMPsQLYHOLQHPDUsGKsQLHYHQsERWsQHEL]QHVLWWsWs
G\YHQGHYH6LoHWKDPsHGKHSDNPsSDUsQGsUDQWDUsWHIRQGDFLRQLWWRQs
QGsUDQWDUsWHERUGLWGUHMWXHVMDQsHGKHLQVWLWXFLRQHHUsQGsVLVKPHVL8QLRQL
L%XUVsVVs7XUTLVs'KRPDH7UHJWLVsGKH'KRPDH,QGXVWULVsVs6WDPEROOLW
HWM .sWR LQVWLWXFLRQH QD PEsVKWHVLQ Qs VHPLQDUHW GKH VHPSR]LXPHW Ts QH
]KYLOORMPsVHSVsMDQsQsGLMHQLTsQHQGLKPRMPsGKHXVKsUEHMPsQsWsQMsMWsQ
NRKs HGKH DW\UH 6L UUMHGKRMs HGKH VRW Qs NsWs VHPSR]LXP GR Ws VKRKLP
QJDDIsUERWsQHEL]QHVLWHNRQRPLQsH6KTLSsULVsDPELHQWLQHLQYHVWLPHYH
UUHJXOOLPHW H DNWLYLWHWHYH HNRQRPLNH .sWs GR WD UHDOL]RMPs MR YHWsP GXNH
SDUsVKLIUDWQsSsUOLEUDSRUGXNHDUGKXUGXNHXWDNXDUSHUVRQDOLVKWGXNHX
QMRKXUPHQMsULWMHWULQQsPsQ\UsTsDNWLYLWHWHWHNsWXVKPHWsDUULMQsQsQLYHOH
PsWsODUWD'RWsPXQGRKHPLTsQGRVKWDWsJMHMPs]JMLGKMHSsULQYHVWLPH
Ws UHMD GKH Ws ]KYLOORMPs Ps VKXPs PDUsGKsQLHW HNRQRPLNH GKH SURMHNWHW
DNWXDOH
'LPsTs6KTLSsULDSDVYLWLWPHQGU\VKLPLQHVLVWHPLWWsPsSDUVKsP
sVKWs Qs QMs SHULXGKs WUDQ]LFLRQL 3UREOHPHW H HNRQRPLYH Qs WUDQ]LFLRQ
SUHMYLWHVKGLVNXWRKHQHGKHQsERWsQHVKNHQFsVHGKHQsERWsQHEL]QHVLW
MDQs EsUs WHPD NXPWHVDVK VKNHQFRUH 3UREOHPL Ps L UsQGsVLVKsP SsU
HNRQRPLWs Qs WUDQ]LFLRQ sVKWs QGRVKWD UUHJXOOLPL L WUHJXW 3UREOHPL L G\Ws
Ps L UsQGsVLVKsP sVKWs SDPMDIWXHVKPsULD H IXTLVs Vs VLSsUPDUUMHV 1Ms
QJD TsOOLPHW H IRQGDFLRQLW WRQs sVKWs HGKH ]KYLOOLPL L PDUsGKsQLHYH SsU
HNRQRPLWs Qs WUDQ]LFLRQ GKH Qs NsWs NXDGsU SsUFDNWLPL L PXQJHVDYH Ws
oGR OORM LQIRUPDFLRQL GKH VLSsUPDUUMH Ts ND QHYRMs HNRQRPLD H 6KTLSsULVs
GXNH L NUDKDVXDU PH HNVSHULHQFsQ H 7XUTLVs )DOHQGHURM GKH SsUVKHQGHV
QsHPsUWs)RQGDFLRQLWWs6WXGLPHYH(NRQRPLNHWsJMLWKsEL]QHVPHQsWTs
QDPEsVKWHWsQQsUHDOL]LPLQHNsWLMVHPSR]LXPLWsJMLWKsDWDTsNDQsDUGKXU
NsWXSsUWsQGDUsPHMXHNVSHULHQFsQH7XUTLVs=Y.sVKLOOWDULQH'UHMWRULVsVs
7KHVDULW Ws .U\HPLQLVWULVs 'U ;KDYLW 'DGDVK .U\HWDULQ H %RUGLW 7KHPHOXHV
Ws 8QLYsUVLWHWLW 9LWULQD = (GPRQG 9ODVKL .U\HWDULQ H 8.,' ] 0XVD 6HUGDU
dHOHEL L FLOL QXN sVKWs VRW L SUDQLVKsP Ws JMLWKs PLTWs WDQs Ws DUGKXU QJD
8.,'NROHJsWWDQs3sUIDTsVXHVVs$PEDVDGsV7XUNH.sVKLOOWDULWWs7UHJWLVs
Vs$PEDVDGsV7XUNH.U\HWDULQH)RQGDFLRQLW$OVDUPLNXQWLP0HKGL*XUUD
UHNWRULQGKHVWXGHQWsWH8QLYHUVLWHWLW9LWULQDWsJMLWKsDWDTsNDQsQGLKPXDU
SsUNsWsVHPSR]LXP6XNVHVH
ĉHÀN.$17$5
'UHMWRUL3sUJMLWKVKsPL6KRTDWsV1GsUNRPEsWDUHSsU
=KYLOOLPGKH%DVKNsSXQLP
7s QGHUXDU SsUIDTsVXHV Ws VKWHWLW VKTLSWDU GKH DWLM WXUN Ws QGHUXDU
SsGDJRJs Ts NDQs DUGKXU QJD XQLYHUVLWHWHW VKTLSWDUH GKH DWR WXUNH Ws
QGHUXDUSsUIDTsVXHVWs)RQGDFLRQLWWs6WXGLPHYH(NRQRPLNHGKH8.,'MX
SsUVKsQGHVWsJMLWKsYHPHGDVKXULGKHUHVSHNWQsHPsUWsNU\HWDULWWRQs]
0XVD6HUGDUdHOHEL6KRTDWD1GsUNRPEsWDUHSsU=KYLOOLPGKH%DVKNsSXQLP
sVKWsQMsVKRTDWsHNULMXDUQJDSHUVRQDPHRULJMLQsEDOONDQDVH6LUUMHGKRMs
DNWLYLWHWHW NXOWXURUH Ws VDM ]KYLOORKHQ Ps VKXPs Qs JMHRJUDÀQs H %DOONDQLW
3DUDQMsPXDMLHJM\VsPLVKLPVsULVKNsWXQsWsQMsWsQVDOOsSsUQMsDNWLYLWHW
WMHWsU8QsYsUHMVHSsU8.,'N\VHPSR]LXPsVKWsQMsQGsUDNWLYLWHWHWPsWs
SUHIHUXDUD.XED]RKHPNXUVKSUHKHPNsVKWX"(WKHPNsWsVHSVHVKRKTs
HGKHSVHNU\HWDUL\QsQXNPXQGLWsYLQWHVRWNsWXNHPL]YNU\HWDULQWRQs]
=HNLdDOsVKNDQDQWDUsWHERUGLWGUHMWXHV]1H]LU,VKOHU]$EGXOODK7DWOOs[Ks
]0XVWDID $YDQDVK ] (UKDQ 8OXGD ]QM -HOL] ,Q[KH HWM ÊVKWs KHUD H SDUs
Ts Qs QMs DNWLYLWHW MDVKWs 7XUTLVs Ws PDUULQ SMHVs NDT VKXPs SsUIDTsVXHV
Ws 8.,' Qs UDQJ ERUGL GUHMWXHV 6Lo H GLPs Ws JMLWKs 6KTLSsULD GKH 7XUTLD
MDQDG\VKWHWHPLNH6KTLSWDUsWGKHWXUTLWMDQsG\SRSXMYsOOH]sU/LGKMHWWRQD
KLVWRULNHSDVT\URKHQQsSRSXMWHG\YHQGHYHVLQsMHWsQVRFLDOHDVKWXHGKH
QsDWsNXOWXURUH0XQGWsVKRKLPVHVDQJMDVRMPsPHQMsULWMHWULQQsPLNSULWMH
QsNXOWXUsQJDVWURQRPLNHQsHOHPHQWsWTsMDQsSDVT\UXDUQsDUWGKHNXOWXUs
QsNsQGYsVKWULPLQHMHWsVQsUsQGsVLQsTsLMDSLQQMsULXWGKHQMHUs]LPLW3RU
QGsUVDVKLNRMPsPDUsGKsQLHWHNRQRPLNHYsUHMPsVHPDUsGKsQLHWHNRQRPLNH
MDQs Qs QMs YLYHO Ws SDSsOT\HVKsP .MR PEOHGKMH N\ VHPSR]LXP sVKWs QMs
VHPSR]LXPNXGRWsV\QRKHW]KYLOOLPLLPsWHMVKsPLPDUsGKsQLHYHHNRQRPLNH
PLGLV 6KTLSsULVs GKH 7XUTLVs GR Ws V\QRKHW PEsVKWHWMH SsU UHDOL]LPLQ H
SURMHNWHYH HNRQRPLNH DIDWJMDWs 0H VD SDPs NHPL EsUs QMs ÀOOLP Ws PEDUs
GKH NsVKWX GR Ws YD]KGRMs 6HSVH Qs ÀOOLPLQ H GLoNDMH sVKWs H PXQGXU Ws
VKLKHWHGKHSsUIXQGLPL'XNHXUXDUWsNDORMPsQMsVHPSR]LXPWsVXNVHVVKsP
MXSsUVKsQGHVHGKHQMsKHUsQsHPsUWsNU\HWDULWWRQs
(GPRQG9/$6+$3UHVLGHQWL8QLYHUVLWHWLW9LWULQD
7s QGHUXDU SsUIDTsVXHV Ws LQVWLWXFLRQHYH VKWHWsURUH Ws 7XUTLVs GKH
6KTLSsULVsHQGHUXDUSsUIDTsXHVsH$PEDVDGsV7XUNHQs7LUDQsWsQGHUXDU
SHGDJRJsSURIHVRUsQs6KTLSsULWsQGHUXDUVLSsUPDUUsVTsMHQLSUHVHQWNsWX
QsVDOOsWsQGHUXDUSDUWQHUsQsUHDOL]LPLQHNsWLMVHPSR]LXPL,QGHUXDU3URI
'U$KPHW,Q[KHNDUDLQGHUXDU3URI'U7HNL.XUWLLQGHUXDU=1LNROLQ-DND
.U\HWDU,'KRPsVVs7UHJWLVsVs6KTLSsULVsWsQGHUXDUWsJMLWKsSMHVsPDUUsV
IDOHPLQGHULWTsMHQLNsWXGKHPLUsVHNHQLDUGKXU1sNsWsNRQIHUHQFsHFLOD
EHVRMVHHGKHSsUMXVKSUHKUsQGsVLQsHTDVMHVMRYHWsPQsNRPXQLNLPLQH
LGHYHGKHPHQGLPHYHWsNXDOLÀNXDUDGKHVKNHQFRUHSRUQMsKHUD]LSDUDTHW
UsQGsVLQs GKH QHYRMsQ LPHGLDWH Ws JMHWMHV Vs UUXJsYH VD Ps SUDNWLNH GKH
NRQNUHWHSsUWsEsUsWsPXQGXUSURGKLPLQHUH]XOWDWHYHVDPsWsGRELVKPH
GKH GRELVMHOOsVH SsU HNRQRPLQs VKTLSWDUH SsU HNRQRPLQs WXUNH SsU
VLSsUPDUUsVLWQsWsG\MDYHQGHWPLNHSsUIDPLOMHWTsQGMHKHQWsSDVLJXUWDQJD
NUL]DHNRQRPLNHGKHVLGRPRVDTPsVKXPsSsUTLQGUDHPLMsUDVKTLSWDUsWs
SDSXQsTsSUHVLQQMsYHQGSXQHPHVKSUHVsWH4HYHULDHUHH6KTLSsULVsH
GUHMWXDUSUHMNU\HPLQLVWULW5DPDVLGKHPHEHVLPWHPLTWsH6KTLSsULVs6ÀGD
sVKWsHKDSXUGKHVKXPsHPDGKH6ÀGDsVKWsHSsUEDVKNsWGKHGXKHWWs
MHWsHSsUEDVKNsW.MRVÀGsGXKHWWsMHWsQsNRRUGLQLPPHVVLSsUPDUUsVYH
THYHULVs6KTLSWDUHVLGKHLQYHVWLWRUsYHWsKXDMTsDTVKXPsMDQsWsPLUsSULWXU
Ws QD YLMQs QJD 7XUTLD Ps VKXPs VHVD QJD FGR YHQG WMHWsU SsU VKNDN Ws
DIsUVLYH WRQD NXOWXURUH KLVWRULNH SROLWLNH GKH HNRQRPLNH H WUHJWDUH ( QH
QGsUNRKs VÀGD SsU Ws YsQs ORNRPRWLYsQ WRQs HNRQRPLNH NRPEsWDUH QJD
VKLQDW H NDEDUHYH ND]LQRYH GKH THQGUDYH Ws EL[KR]LW Qs KHNXUXGKsQ GKH
UUXJsQ H SXQLVKWHYH IDEULNDYH GKH QGsUPDUUMHYH SURGKXHVH VL Qs EXMTsVL
EOHJWRUL GKH LQGXVWUL NsUNRQ Qs IDNW MR YHWsP YXOOQHWLQ WRQs Ws PLUs GKH
QGsUYHSULPLQ WRQs SR]LWLY SRU , GXKHW PH SDWMHWsU Qs NsWR NRKs HGKH QMs
GUHMWLP , VDNWs GKH PH YHQGRVPsUL , 4HYHULVs 6KTLSWDUH SsUNXQGUHMW NsWLM
V\QLPLSUD=KYLOOLPLWHNRQRPLNSURGKXHVQs6KTLSsULGXNHWHQWXDUWs]JMHGKs
UUXJsWPsWsGUHMWDGKHPsHÀFLHQWHSsUWsUKHTMHQHLQYHVWLPHYHQJDMDVKWs
DT Ws GRPRVGRVKPH SsU UHDOL]LPLQ H NsWLM V\QLPL , FLOL Qs IDNW sVKWs HGKH
PLVLRQQsYHWYHWH6ÀGDH.U\HPLQLVWULW5DPDSsUWDVKQGsUUXDUHNRQRPLQs
VKTLSWDUH QJD HNRQRPL EL[KR]L Qs HNRQRPL SURGKXHVH sVKWs QMs PRPHQW
VROHPQ Ts VKsQRQ MR YHWsP GDOOLPLQ QJD HSRND H WUDQ]LFLRQLW Qs HSRNsQ H
6KTLSsULVsVs5HWs=KYLOOXDUHWs%HJDWsSRUQsWsQMsMWsQNRKsSsUEsQHGKH
QMsPRWLYLPVKXPsWsIXTLVKsPSsUWsJMLWKsVKTLSWDUsWNXGRNXMDQsTsWs
SsUIVKLKHQPHPDNVLPXPLQHHQHUJMLYHWsW\UHQsNsWsWUDQVIRUPLLUUsQMsVRUWs
VKWHWLWWRQsGKHWsNRPELWWRQs6ÀGDH.U\HPLQLVWULW5DPDSsUWDWUDQVIRUPXDU
6KTLSsULQsQsQMsVKWHWPRGHUQTsIXQNVLRQRQSsU'UHMWsVLGKHQs'UHMWsVLH
=KYLOOLPSsUWsJMLWKsVKTLSWDUsWNDGKHGXKHWWsNHWsG\GUHMWLPHNU\HVRUH
3DVWULPLQ UDGLNDO Ws VKWHWLW GKH VKRTsULVs VKTLSWDUH QJD NRUUXSVLRQL GKH
SDGUHMWsVLWs=KYLOOLPLQHNRQRPLNGKHVRFLDOGXNHHRULHQWXDUHNRQRPLQs
VKTLSWDUH QJD HNRQRPL ND]LQRVK GKH EL[KR]L Qs HNRQRPL SURGKXHVH (
QGsUVDQsSLNsQHSDUsWDVKPsMRYHWsPLGHWsPHQGLPHWSRUHGKHYHSULPHW
NDQsÀOOXDUWsMDSLQUH]XOWDWHWHSDUDDTWsGsVKLUXDUDQJDPLOLRQDVKTLSWDUs
SLNDHG\WsGXNHWVLNXUNDPEHWXUYHWsPDWULEXWLNRQIHUHQFDYHVHPLQDUHYH
GKHWDNLPHYHWsQGU\VKPHWsPLQLVWUDYHGKHVKWHWDUsYHPHDPEDVDGRUsGKH
HPLVDUs Ws YHQGHYH GKH RUJDQL]PDYH Ws KXDMD .UDKDV GLVNXWLPHYH SsU
ERU[KLQ SXEOLN GKH YsPHQGMHV Vs NXVKWXDU SsU VKO\HUMHQ H WLM 4HYHULD H
6KTLSsULVsGXKHWPHGRHPRVQsPsQ\UsXUJMHQWHWsYHQGRVsQsIXQNVLRQWs
SORWsGKHPHQMsUHQGLPHQWPDNVLPDOVWUXNWXUsQH$JMHQFLVsVs1[LWMHVVs
,QYHVWLPHYHWsKXDMDVLGKHFGRDPEDVDGsDSRNRQVXOODWsVKTLSWDUHQsERWs
PHTsOOLPLQHWsUKHTMHVVsFGRLQYHVWLPLWsPXQGVKsPSURGKXHV,QYHVWLPL
PXQGVKsPSURGKXHVGXKHWWsNRQVLGHURKHWFGROORMLQYHVWLPLTsSURGKRQWs
SDNWsQQMsYHQGSXQHQs6KTLSsUL1DW\ULVKWQsUHVSHNWWsVWDQGDUWHYHOLJMRUH
PMHGLVRUHNXOWXURUHVRFLDOHGKHHNRQRPLNHWsYHQGLWWRQs3sUWsSDVXUQMs
UH]XOWDWWsVKSHMWsQsNsWsGUHMWLPFIDUsGXKHWWMHWsUSsUSRVJDUDQFLYHWsQMs
VKWHWL PRGHUQ Ws GUHMWs GKH Ws SULUXU PH HQHUJML GKH ]KGsUYMHOOWsVL SsU NDK
]KYLOOLPL"6KNDWKWsVLDGKH]KGsUYMHOOWsVLDHWsJMLWKsQMHUs]YHTsGRWsEsMQs
PDUNHWLQJXQ WHUULWRULDO Ws 6KTLSsULVs sVKWs H GRPRVGRVKPH GKH VKXPs H
UsQGsVLVKPH SRU SsU Ws SDVXU UH]XOWDWH Ws VKSHMWD GKH QMsNRKsVLVKW Ws
TsQGUXHVKPH GXKHW PHQMsKHUs Ws IRUPXORKHW QMs SDNHWs OHKWsVLUDVK GKH
JDUDQFLVKSsULQYHVWLPHWHMDVKWPHWsFLODWGRWsSsUEHQLQRIHUWsQWsUKHTsVH
PHWsFLOsQGRWsQ[LWHMOsYL]MDULWPLNHGKHHVKSHMWsHHNRQRPLVsVKTLSWDUH
GUHMW QMs HNRQRPLH SURGKXHVH GKH Ts SLNsVsSDUL SURGKRQ YHQGH SXQH
3sUIVKLUMD H PEL PLOLRQs 6KTLSWDUsYH QJD H JMLWKs ERWD SsU QGsUWLPLQ H
6KTLSsULVsVs5HGRWsLVKWHQMsGHW\UsGKHQMsPLVLRQÀVQLNTsLWDNRQSsU
QGHUTsWDNHWs(GL5DPDN\.U\HPLQLVWsULSDQJDUNXDUQJDFHQHWHYRJsOVLUDW
HFLFPLFHWPHVNLQHWsSROLWLNsVVsQsQGKHVKPHSRULIU\Ps]XDUGKHLQGULFXDU
QJDYL]LRQLGKHLGHWsHPsGKDSsUWLVKsUE\HUNRPELWWsWLMQsPsQ\UsQPsWs
GUHMWsGKHPsÀVQLNHWsPXQGVKPH3UDSRWHQFLDOLÀQDQFLDULPELPLOLRQs
VKTLSWDUsYH Qs ERWs PXQG Ws ÀOORMs Ws EsKHW L GXNVKsP GKH L UsQGsVLVKsP
GXNHÀOOXDUQJDPDUUMDHSDVDSRUWsVVKTLSWDUHPHYOHUsQPLQLPDOHHXUR
VLGKHPHSDJHVsQSUHMQMsHXURQsPXDMDSRHXURQsYLWSsUNRQÀUPLPLQ
H VDM YLW SDV YLWL &IDUs PXQG Ws EsMPs QH VL VKWHW SsU NsWD VKTLSWDUs Ws
VKSsUQGDUsQsWsJMLWKsERWsQSRUWsEDVKNXDUWsSDNWsQQMsKHUsQsYLWQs
VKWHWLQDPsPXQGWsSURGKRMQsDTHQHUJMLVDDVNXVKQXNHPHUUPHPHQG
6KWHWLVKTLSWDUGXKHWPHGRHPRVTsWXRIURMsQMsWUXDOOPHWsGUHMWsSsUGRUPLPL
SsUYLWHSUHMWsSDNWsQPQs]RQDWPDORUHWs6KTLSsULVsVKRTsUXDU
PHJDUDQFLQsHLQYHVWLPLWSUHMW\UHWsQMsVKXPHSUHMWsSDNWsQHXUR
JMLWKPRQsQsUHVSHNWWsOLJMHYHUUHJXOODYHGKHNULWHUHYHWsVKWHWLWVKTLSWDUSsU
XUEDQLVWLNsQ PMHGLVLQ HWM 7sUKHTMD H LQYHVWLPHYH Ws KXDMD SDN D VKXPs
QsSsUPMHWNsVDMVNHPHGXNHYsQsQsGLVSR]LFLRQWHUULWRUHSsU]RQDWHOLUDDSR
SDUTHW H OLUD LQGXVWULDOH GR Ws LVKWH QMs PHNDQL]sP L PLUs SsU WsUKHTMHQ H
NsW\UH LQYHVWLPHYH 3RWHQFLDOL L LQYHVWLPHYH WXUNH Qs 6KTLSsUL GXKHW
VKIU\Ws]XDUPHQMsVKSHMWsVLGKH]KGsUYMHOOWsVLWsMDVKWs]DNRQVKPH(GKHSVH
QsIDNWPHVG\YHQGHYHNHPLQMsXUsWDVKPsSsUEsUsSUHMPLOLRQDVKTLSWDUsVK
TsMHWRMQsQsNsWsYHQGWsIXTLVKsPGKHTsMDSLQNRQWULEXWLQHW\UHWsY\HUQs
SsUSDULPLQHNsWLMVKWHWLQsHNRQRPLSRUHGKHQsDGPLQLVWUDWsQVKWHWsURUHVL
GKH Qs IXVKD Ws WMHUD 7XUTLD ND VH FIDUs Ws LQYHVWRMs Qs 6KTLSsUL 7XUL]PL
6KTLSWDUNDHWMHSsULQYHVWLPHGLMHQLGKHRUJDQL]LPDTSHUIHNWHUH]XOWDWLYVL
Qs7XUTL$UVLPLVLGRPRVDUVLPLNXDOLWDWLYSURIHVLRQDOVLKDOONsHUsQGsVLVKPH
QsSURJUHVGKH]KYLOOLPGRWsLVKWHQMsSsUÀWXHVLPXQGVKsPSUHMLQYHVWLPHYH
WsVKWXDUDWXUNHQs6KTLSsUL%XMTsVLDSRDVKWXNDVsFIDUsWsSsUÀWRMsSUHM
LQYHVWLWRUsYHWXUT6HNWRULL(QHUJMLVsGKHLPLQLHUDYHPXQGWsNLVKWHQMsUULWMH
WsVKXPsÀVKWsSUHMLQYHVWLPHYHWXUNH+DSLLSDUsWDVKPssVKWsEsUsQsNsWs
GUHMWLP.U\HPLQLVWULL6KTLSsULVsPHQMsODUJSDPsVLWsDGPLUXHVKPHVLGKH
PHQMsJX[LPWsPDGKHNDFLOsVXDU7XUTLQsVL3DUWQHUL6WUDWHJMLNL6KTLSsULVs
KDSWD]LGKHSDNRPSOHNVH.MRDNVLRPsVKTLSWDUHGHULWDQLHVWUXNXUWHVHMFLOL
SUHMQHVKSRUHVKSDOOXUPHJX[LPLQHQMsYL]LRQDULQJD.U\HPLQVWUL5DPD
GXKHW YOHUsVXDU Qs PDNVLPXP SRU DPD PHQMsKHUs GXKHW VKRTsUXDU PH
QLVPDGKHLQLVLDWLYDNRQNUHWHWsFLODWPHLQWHQVLWHWGXKHWWsPEXVKLQWsJMLWKs
ERVKOOsNXQ GKH QHYRMDW H HNRQRPLVs VRQs SsU WX WUDQVIRUPXDU QJD QMs
HNRQRPL EL[KR]L Qs QMs HNRQRPL SURGKXHVH GKH SLNsVsSDUL SURGKXHVH H
YHQGHYH Ws UHMD Ws SXQsV VLNXUVH WDVKPs H NHPL QMs VKHPEXOO Ws PLUs SUHM
YsOOH]sUYH WDQs QJD 7XUTLD 1JD 7XUTLD Ts UULWHW H SsUSDURQ Qs 'UHMWsVL GKH
=KYLOOLP 1JD 7XUTLD H (UGRJDQLW Ws 0DGK .\ sVKWs QMs VKHPEXOO Ts VMHOO
UH]XOWDWHWsSUHNVKPHGKHVL,WLOOsGXKHWQGMHNXUPHVKXPsYHQGRVPsULHSD
DVQMsPsG\VKMHSUHMQHVKNsWXQs6KTLSsULHPsJMHUsQs5DMRQ1sIDNWN\
PRGHOTHYHULVMHMHSsU'UHMWsVLGKH=KYLOOLPsVKWsHGKHLQYHVWLPLPs,PDGK
WXUNQs6KTLSsULNUDKDVFGROORMLQYHVWLPLWMHWsUWsFGRVLSsUPDUUsVLWXUNTsQs
6KTLSsUL sVKWs YsOOD]sULVKW , PLUsSULWXU -X IDOHPLQGHULW (GPRQG 9ODVKDM
7KHPHOXHVGKH.U\HWDU,%RUGLWWs8QLYHUVLWHWLW9LWULQD
$Y1LNROLQ-$.$
3UHVLGHQWL'KRPsVVs7UHJWLVsGKH
,QGXVWULVsVs7LUDQsV
7s QGHUXDU SsUIDTsVXHV Ws DPEDVDGsV Vs UHSXEOLNsV Vs 7XUTLVs Qs
6KTLSsULLQGHUXDU3URI'U$KPHWĈQFHNDUDLQGHUXDU]9ODVKDMSUHVLGHQWL
8QLYHUVLWHWLW9LWULQDWsQGHUXDUSMHVsPDUUsVsVKWsNsQDTsVLHYHoDQWsTsQs
HPsUWsGKRPsVVsWUHJsWLVsGKHQsQFLOsVLQsHNU\HWDULWWsSsUVKsQGHVNsWs
VLPSR]LXP Ts L NXVKWRQ QMs UsQGsVL Ws YHoDQWs PDUUsGKsQLHYH HNRQRPLNH
6KTLSsUL²7XUTL1RUPDOLVKWTs7XUTLDPEHWHWQMsQGsUSDUWQHUsWWDQsNU\HVRUs
MRYHWsPWsPDUUsGKsQLHYHHNRQRPLNHSRUQMsNRKsVLVKWHGKHWsLQYHVWLPHYH
WsKXDMDWsGUHMWSsUGUHMWDQs6KTLSsUL7sJMLWKsYHQDNXMWRKHWTsKDSMDHWUHJXW
WsOLUsQs6KTLSsULKHGKMDSRVKWsHHNRQRPLVsVsFHQWUDOL]XDUVLHGKHILOOLPLL
QMsHNRQRPLHWsWUHJXWGKHVLSsUPDUUMHVSULYDWHWsJMLWKsVKTLSWDUsWXG\QGsQ
GUHMWWUHJMHYHWs6WDPEROOLWSsUWsSsUPEXVKXUNsUNHVDWGKHQHYRMDWTsWUHJX
VKTLSWDU NLVKWH 'R Ws GRMD Ws NRQVWDWRQLP VHFLOL PH NsQDTsVL Ts SsUYHo
NsUNHVDYHGKHQHYRMDYHTsWUHJXVKTLSWDUNLVKWHLVKWHHGKHDMRDIsUVLLVKWH
HGKH DMR PsQ\Us EDVKNsSXQLPL GKH NRPXQLNLPL Ts SRSXMW WDQs NLVKLQ SRU
QMsNRKsVLVKWLVKLQHGKHSURFHGXUDWHOLEHUDOL]XDUDTsTHYHULDWXUNHRIURLSsU
T\WHWDUsWVKTLSWDUsGKHTsLGKDPXQGsVLQsTsWsNULMRMQsQMsPDUUsGKsQLH
WUHJsWDUHGKHWsUULVLQVKNsPELPHWWUHJsWDUHPHVG\YHQGHYH
6RWQs6KTLSsULRSHURMQsUUHWKNRPSDQLWXUNHWsFLODWNDQsLQYHVWLPH
Ws GUHMSsUGUHMWD Qs VHNWRUs VWUDWHJMLNs Ws ]KYLOOLPLW HNRQRPLN VKTLSWDU SRU
QMsNRKsVLVKW NHPL HGKH PEL T\WHWDUs WXUT Ws FLOsW NDQs PDUUs OHMHQ H
SXQsVGKHXVKWURMQsDNWLYLWHWLQHW\UHQs6KTLSsULÊVKWsVKXPsHUsQGsVLVKPH
Ws NXSWRMPs Ts PHJMLWKsVH HNRQRPLD JOREDOH sVKWs RULHQWXDU GUHMW oPLPLW
VWDQGDUWLW GKH FLOsVLVs Ws NXSWRMPs DWs oND DUULWsQ Ws UHDOL]RQLQ WUHJsWDUsW
VKTLSWDUs GKH WUHJsWDUsW WXUT 0HJMLWKsVH Qs ILOOLP X NXVKWs]XDQ PH QHYRMD
GKH NsUNHVD Ts NLVKWH WUHJX VL HGKH OLEHUDOL]LPL DSR OLUVKPsULD Ts NLVKLQ
VKTLSWDUsWQs7XUTLNMRPDUUsGKsQLHMRYHWsPTsUH]LVWRLSRUNMRPDUUsGKsQLH
XLQWHQVLILNXDGKHWDVKPssVKWsQMsQGsUPDUUsGKsQLHWPsWsTsQGUXHVKPsWs
EDVKNsSXQLPLWHNRQRPLNQGsUPMHW6KTLSsULVsGKH7XUTLVs$VQMsKHUs7XUTLD
QXNHNDKXPEXUUROLQGKHSR]LWDWGRPLQXHVHQsPDUUsGKsQLHWHVDMWUHJsWDUH
GKHHNRQRPLNHPHVKTLSWDUsWGKHPHTHYHULQsVKTLSWDUH-DQsVKIU\Ws]XDU
Ps Vs PLUL PDUUsGKsQLHW VKNsOT\HUD SROLWLNH Ts MDQs GsUPMHW THYHULYH SRU
QMsNRKsVLVKWGRWsGRMDWsWKHNVRMDTsQMsUROWsUsQGsVLVKsPNDQsOXDMWXUGKH
YD]KGRMQsWsOXDMQsGKRPDWHWUHJsWLVsGKHLQGXVWULVsWsG\YHQGHYHVLHGKH
VKRTDWDWDSRIRQGDFLRQHWHQGU\VKPHWsFLODWLNDQsVKsUE\HUPDUUsGKsQLHYH
HNRQRPLNH6KTLSsUL²7XUTL'RWsGRMDWsWKHNVRMDNsWXTs'KRPDH7UHJsWLVs
GKH,QGXVWULVs7LUDQsNDPDUUsGKsQLHWsVKNsOT\HUDPH'KRPsQH7UHJsWLVs
Vs7XUTLVsQsYHoDQWLPH'KRPsQH7UHJsWLVsVs6WDPEROOLW$QNDUDVsĈ]PLULW
DSRGKRPDWsWMHUDWsFLODWNDQsQsQVKNUXDUPDUUsYHVKMHEDVKNsSXQLPLGKH
Ts MDQs Qs VKsUELP Ws LQWHQVLILNLPLW Ws PDUUsGKsQLHYH HNRQRPLNH PHV G\
YHQGHYH
-DQsRUJDQL]XDUGKHSRRUJDQL]RKHQVKXPsDNWLYLWHWHSDQDLUHHNVSR]LWD
Ts MDQs Qs VKsUELP Ws PDUUsGKsQLHYH HNRQRPLNH 6KTLSsUL ² 7XUTL 1JD
DQD WMHWsU VRW SsUEDOOHPL PH VILGD Ws UHMD Ws HNRQRPLVs VKTLSWDUH 0EDVH
SsUEDOOHPLPHQMsNUL]sHNRQRPLNHHFLODNDPEsUWK\HUHNRQRPLQsVKTLSWDUH
GKH VLSsUPDUUMHQ Qs WsUsVL sVKWs REOLJLP GKH SUHPWLP L THYHULVs Ts Ws
VKO\HMs GHW\ULPHW QGDM VLSsUPDUUMHV VKTLSWDUH 1Ms SUHPWLP L GKsQs GKH Ts
YD]KGRQ Ws PEDKHW 3RU QJD DQD WMHWsU sVKWs VKXPs H UsQGsVLVKPH Ts Ws
NHPL VLJXUL IU\Ps]LPL DWs HQHUJML Ws HNRQRPLVs WXUNH Ts VRW UDGKLWHW Qs
PsQ\UsGLQMLWR]sQsQMsQGsUIXTLWsHNRQRPLNHJOREDOHPHQMsUULWMHPHVKLIUD
WsPUHNXOOXHVKPH3UDQGDMXQsPHQGRMTsTRIWsVLSsUPDUUMDVKTLSWDUHTRIWs
THYHULDVKTLSWDUHSRDVKWXHGKHRULHQWLPHWGKHV\QLPHWHVLSsUPDUUsVYHWs
7XUTLVsWsRULHQWRKHQGUHMWUHVXUVHYHGKHSRWHQFLDOHYHTsRIURQ6KTLSsULDSsU
WD
ÊVKWsVKXPsHUsQGsVLVKPHWsSsUPHQGLPSRUHGKHWsHYLGHQWRKHWSsU
QHSsUVLSsUPDUUsVLWVKTLSWDUsGKHVLSsUPDUUsVLWWXUTSsUDPEDVDGDWWRQD
SsU GKRPDW H WUHJsWLVs GKH YHoDQsULVKW VKTLSWDUH Ts WDVKPs 6KTLSsULD ND
MRYHWsPQMsUROQsPDUUsGKsQLHWHNRQRPLNHGKHWUHJsWDUHPH7XUTLQsSRU
GRWsMHQsJMLWKPRQsQsUULWMHHNVSRUWHWVKTLSWDUHGUHMWVKWHWLWWXUN'KHNMR
sVKWsIDOsDVDMLQWHJULPLWWsNsVDMPDUUsGKsQLHMHQsNXVKWHGKHWsGUHMWDWs
EDUDEDUWDSsUWsVWLPXOXDUDWRUHVXUVHGKHSRWHQFLDOHWsFLODW6KTLSsULDND
GKHSsUWsPXQGsVXDUHNVSRUWHGUHMW7XUTLVs
8QsGRWsGRMDW·LEsMDWKLUUMHNsWLMVLPSR]LXPLSRUQsNRKsVLVKWGRWsGRMD
W·LEsMDWKLUUMHWsJMLWKsVLSsUPDUUsVYHVKTLSWDUsGKHWXUTTsMDQsWsSUDQLVKsP
QsNsWsVLPSR]LXPTsWDVKRKLQNsWsPDUUsGKsQLHHNRQRPLNHGKHWUHJsWDUH
VLQMsVKDQVWsPLUsSsUWsLQWHQVLILNXDUGKHSsUWsUULWXUEDVKsNSXQLPLQ7XUTL²
6KTLSsUL(GKHQMsKHUsLXURMVXNVHVHVLPSR]LXPLWGKHIDOHQGHURMQsPsQ\Us
WsYHoDQWsRUJDQL]DWRUsWHWLM)DOHPLQGHULW
%HQJ7(7Ĉ.
3sUIDTsVXHVHH$PEDVDGsV7XUNHQs7LUDQs
0LUsGLWD Ws JMLWKsYH , QGHUXDU GUHMWRU L %RUGLW 'UHMWXHV Ws )RQGDFLRQLW Ws
.sUNLPHYH (NRQRPLNH Ws QGHUXDU SsUIDTsVXHV Ws 8.Ĉ' WKHPHOXHV GKH
SUHVLGHQWL8QLYHUVLWHWLW9LWULQDLQGHUXDUSsUIDTsVXHVL7Ĉ.$]RQMD]RWsULQM
MDPVKXPsHOXPWXUTsQGRGKHPQsNsWsWDNLPVRW0DUUsGKsQLHW6KTLSsUL
7XUTLQsoGRIXVKsPXQGWsFLOsVRKHQVLWsSsUN\HUDQsoGRNRKs7XUTLDLND
TsQGUXDUSUDQs6KTLSsULVsVLVKWHWPLN0DUUsGKsQLHWSROLWLNHQsoGRNXSWLP
SsUNXÀ]RKHQ VL Ws SsUNU\HUD HGKH PDUUsGKsQLHW HNRQRPLNH SR DVKWX MDQs
GXNH X ]KYLOOXDU GKH SR ]KYLOORKHQ Qs PsQ\Us LQWHQVLYH %DVKNs PH DQsQ
H W\UH NXOWXURUH PXQG Ws WKHP Ts PDUUsGKsQLHW WRQD MDQs Qs WsUsVL Qs QMs
VLWXDWsVKXPsWsPLUs
3RU VLJXULVKW Ts QGRGKHPL SsUSDUD QHYRMsV Ts NsWR PDUUsGKsQLH Ws
SsUNU\HUDWs]KYLOORKHQHSsUPLUsVRKHQHGKHPsWHMQsDVSHNWLQHNRQRPLN
,QYHVWLPHW H GUHMWSsUGUHMWD WXUNH NDSLQ VKXPsQ H QMs PLOLDUGs H JM\VsP
GROODUsQGsUNRKsTsVLSDVVKLIUDYHWUHJsWDUHWsYLWLWWsNDOXDUNHPLQMsYsOOLP
WUHJsWDU SUHM UUHWK PLOLRQH H JM\VsP GROODUs GKH SsU NsWs PDUUsGKsQLH Ws
FLOsVXDUVLWsSsUNU\HUNsWRMDQsVKLIUDVKXPsWsGREsWD3sUUUMHGKRMsNsWROORM
WDNLPHVKSHUVRQDOLVKWLYOHUsVRMVKXPs3sUWHMWsTHQLWQMsSXQLPDNDGHPLNH
VKNHQFRUN\WDNLPEsKHWQMsVWsUYLWMHLGHVKSsUVLSsUPDUUsVLWQsWHUUHQGKH
PHDQsWsNsW\UHVKNsPELPHYHWsLGHYHGLVNXWRKHWoIDUsPXQGWsEsKsWQs
WsDUGKPHQVLPXQGW·LSDVXURMPsNsWRPDUUsGKsQLHFLODsVKWsSUDNWLNDPs
HPLUsSsUFDNWLPLLQHYRMDYHQJDDQDHVSHFLDOLVWsYHQ[MHUUMDHPsVLPHYHWs
QHYRMVKPHGKHNULMLPLLQMsWsDUGKPHMHPsWsVLJXUWs3sUWsJMLWKDDUV\HWH
SsUPHQGXUDPsVLSsUPHQGRMVHNsWROORMWDNLPHVKMDQsVKXPsWsGRELVKPH
.\WDNLPsVKWsQGsUWsSDUsWSDUDQMsPXDMLHJM\VsPLVKLPEDVKNsPH8.Ĉ'
QsQMsDNWLYLWHWWsQJMDVKsP
'XNHWTDUWsTsIRQGDFLRQHWWRQDWUHJRMQsQMsYsHQGMHWsPDGKHTRIWsQs
NXSWLPLQDNDGHPLNHVKNHQFRUTRIWsQsNXSWLPLQHNRQRPLNGKHGLoNDHWLOOs
sVKWsSORWsVLVKWHMXVWLÀNXDU.\QXNsVKWsIXQGLYD]KGLPLLNsW\UHWDNLPHYH
GXKHWWsYLMs6KSUHVRMTsN\WDNLPWsMHWsLVXNVHVVKsPGKHSUHMWLMWsGDOLQ
QsGULWsLGHWsUHMDsVKWsVKXPsHUsQGsVLVKPsTsNsWRLGHWsEDVKNRKHQQs
HPsUWsQMsNRQWULEXWLWsSsUEDVKNsW
'XNHXQGDUsSUHMMXVKMXSsUVKsQGHVPHUHVSHNWLSDUDTHVIDOHQGHULPHW
HPLMDWsJMLWKsDW\UHWsFLOsWNDQsNRQWULEXDUQsNsWsDNWLYLWHW0LUsPEHWVKL
&DYLW'$ć'$ĉ
.RQVXOHQWL7KHVDULW
, QGHUXDU SUHVLGHQW L ´)RQGDFLRQLW SsU .sUNLPH (NRQRPLNHµ RUJDQL]DWD
MRTHYHULWDUHWsG\VKWHWHYHWsQGHUXDUSMHVsPDUUsVWsQGHUXDUSsUIDTsVXHV
Ws ERWsV DNDGHPLNH Ws G\ YHQGHYH Qs HPsU Ws SsUIDTsVLVs Vs 7KHVDULW MX
SsUVKsQGHV PH UHVSHNW Ws JMLWKsYH -X IDOHQGHURM Ts Ps NHQL IWXDU Qs NsWs
WDNLP
7s QGHUXDU SMHVsPDUUsV NXU L KHGKLP QMs V\ HNRQRPLVs Vs YLWHYH Ws
IXQGLWERWDQGRGKHWQsQMsNUL]sHGKHYHQGHWH]KYLOOXDUDHGKHYHQGHWQs
]KYLOOLP 3DPYDUsVLVKW VH NDQs NDOXDU YMHW HQGH QXN ND QMs LQGLNXHV Ws
TsQGUXHVKsQVLSDVWsFLOLWMHPLGXNHHKHGKXUNsWsNUL]s3RUNHPLODMPHWs
Js]XHVKPH%DVKNLPL(XURSLDQSRWUHJRQVKHQMDWHSDUDWsGDOMHVQJDNUL]D
NsWRMDQsODMPHWsPLUDSsUQHVLSsU7XUTLQsVLSsU6KTLSsULQs$PHULNDQsQMs
PsQ\UsPsWsYHQGRVXUSRWUHJRQVKHQMDWHGDOMHVSRUHQGHQXNNDPXQGXU
WsNULMRMsQMsWHQGHQFs.RKsWHIXQGLWYHQGHWQs]KYLOOLPSRSsUMHWRMQsQMs
UsQLHVHULR]HQsWHUPDWHUULWMHVVsHNRQRPLVsVLGRPRV.LQDGKH,QGLD3sU
UUMHGKRMsNXUKHGKLPQMsV\QsUULVTHWHHNRQRPLVsERWsURUHSDPYDUsVLVKW
VHNUDKDVXDUPHYLWHWMDQsSDNsVXDUSsUVsULQGRGKHQSsUSDUD
QHVK(GKHNMRQDEsQTsWsWUHJRKHPLPsWsNXMGHVVKsP
1sVH GR WD GUHMWRQLP VKLNLPLQ QJD H DUGKPMD H DUGKPMD SsU VKWHWHW Qs
]KYLOOLPsVKWsQMsIXVKsPHVÀGD6LGRPRVQsVH)('YHQGRVWsKHTsGRUsQJD
]JMHULPLLSDUDVsVLSDVNDOHQGDULWLQWHUHVDWGRWsUULWHQHGKHPsWUHJRQQMs
IXVKsQsWsFLOsQYHQGHQs]KYLOOLPVLQHGRWsNHQsPsVKXPsYsVKWLUsVLGKH
NRVWRÀQDQFLDUH3RUODMPLLPLUssVKWsVHQsVH%DVKNLPL(XURSLDQHPEOHGK
YHWHQ6KTLSsULDGKH7XUTLDPXQGWsSsUÀWRMQsQsPsQ\UsVHULR]HdIDUsEsUL
7XUTLDQGsUNRKs"1sYLWLQQHXSsUEDOOsPPHQMsNUL]sVKXPsVHULR]H
1s Ws YsUWHWs LVKWH QMs NUL]s VHULR]H .RVWR H VDM LVKWH DIsUVLVKW VD H
WsDUGKXUDYHNRPEsWDUH%RU[KHWLVKLQWsODUWDGHÀoLWLEX[KHWRULVKWHLODUWs
QRUPDWHSDSXQsVLVsNDSsQVKLIUDWsNRQVLGHUXHVKPHVLGRPRVQsUDQJMHWH
´MDNDYHWsEDUGKDµ3RU7XUTLDDSOLNRLQMsSURJUDPUDGLNDO3UDQsGLVLSOLQsQ
ÀQDQFLDUH 7XUTLD SUHIHURL GKH DSOLNRL QMs SsUTDVMH DJUHVLYH 3sU YLWH PH
UDGKsWHSULDHQRUPDYHWsLQWHUHVDYHLVKWHQXNsVKWsSXQsHWKMHVKWs
sVKWs VKXPs H YsVKWLUs 7XUTLD QLVL QMs YDUJ UHIRUPDVK Ts QJD SDYDUsVLD H
EDQNsVTsQGURUHHGHULQsUUHJXOOLPLQHVLVWHPLWEDQNDUGKHVLSsUIXQGLPGROL
QMsVLWXDWsHWLOOs7XUTLDXEsQMsYHQGPsVHLJDWVKsPSsULQWHJULPLQERWsURU
3sUSDUDYLWHYHVKXPDHLQYHVWLPHYHWsKXDMDGLUHNWHLVKWHQsQ
PLOLDUGsGROODU1sVHLKHGKLPQMsYsVKWULPHNRQRPLVsDMRLVKWHVKXPsH
XOsW1sVHVKRKLPVRWQDYMHQNHTQsVHELHQsQPLODUGsGROODU1sYLWHW
HIXQGLWNDPXQGXUWsWsUKHTsUUHWKUUHWKPLOLDUGsGROODUsLQYHVWLPH
Ws KXDMD *MLWKDVKWX NDSLWDOL L KXDM L GUHMWSsUGUHMWs NRQWULEXRL Qs EDODQFLPLQ
HSDJHVDYHGKHWsÀQDQFLPHYHWsYHQGLW3sUYHoWsWMHUDVKPHVLQHUJMLQsH
NULMXDUPHWUDQVIHUWDWWHNQRORJMLNHGKHQGsUWLPHWHUHMDVROOLQMsVLWXDWsNUHMW
WMHWsU.MRQXNLVKWHHWKMHVKWsVHSVHQXNPXQGW·LWKXDVK´HMDµNDSLWDOLWWs
KXDM5UHJXOODFLRQHWVLGRPRVQsQLYHOLQPDNURQsUDQJQGsUNRPEsWDUGXKHQ
DSOLNXDUGKHKHGKXUKDSDWHGXKXU7XUTLDLEsULWsPXQGXUDNsWR1[RUULQs
GULWsSURJUDPLQHSsUPLUsVLPLWWsNXVKWHYHWsSXQsVGKHVXNVHVLLVKWHVHULR]
%DVKNsPHWsJMLWKDWsWMHUDWWUHJsWLDHMDVKWPHH7XUTLVsXUULWQsPsQ\UsWs
VKSHMWs1sYLWLQHNVSRUWLLVKWHPLOLDUGsGROODUQsYLWLQXEs
PLOLDUGsGROODUs9sOOLPLLWUHJsWLVsVsMDVKWPHXEsDIsUVLVKWPLOLDUGH
GROODU .sWR QXN X EsQs Ws PXQGXUD WKMHVKWs PH UUHJXOODFLRQH DVKWX VLo H
WKHNVXDQHGKHSDUDIROsVLWOLGKHWPHED]sQHQGsUPDUUMHYHGKHPXQGsVRLQMs
VXNVHVWsYsUWHWsHNRQRPLN
1sVHGRW·LKLGKQLPQMsV\HNRQRPLVsVKTLWDUHLQJMDVRQVLWXDWsVVRQsWs
YLWHYHGHÀ[KLWLEX[KHWRULODUWsERU[KLLMDVKWsPLODUWsSRUNsWR
QXNMDQsJMsUDTsQXNPXQGWsWHMNDORKHQ0XQGWsWHMNDORKHQPHQMsTsQGULP
WsYHQGRVXUSRUPELWsJMLWKDGXKHQYsQsQsOsYL]MHSRWHQFLDOHWHHNRQRPLVs
VKTLSWDUH.DSLWDOLVKTLSWDUQsVLQHUJMLPHNDSLWDOLQHKXDMPXQGWDULPsNsPEs
NsWsSRWHQFLDO
6KTLSsULDNDVKXPsDYDQWD]KH1sDVSHNWLQORJMLVWLNQGRGKHWQsQMsYHQG
VKXPsWsUsQGsVLVKsP6KTLSsULDNDQMsSRSXOOVLHQHUJMLNHGKHWsDUVLPXDU
.sWR MDQs DYDQWD]KH Ws HNRQRPLVs VKTLSWDUH 3RU SsU WL VKQGsUUXDU NsWR
DYDQWD]KHQsEXULPHHNRQRPLNHNDQHYRMsSsUQMsVLQHUJML6L7XUTLSsUYRMsQ
WRQsVLGRPRVSsUYRMsQHSDVYLWLWMHPLJDWLTsWDQGDMPsPH6KTLSsULQs
DSRHGKHPHYHQGHWsWMHUD0LQLVWULDH5LPsNsPELHVNDQMsSURJUDPLQWHQVLY
SsUVKNsPELPSsUYRMDVKGHOHJDFLRQHWWHNQLNHYLMQsVKSHVKKHUs-RWKMHVKWs
VL VKWHW SRU XQs VL VKWHWDV 7XUN NDP QGMHQMD Ws YHoDQWD SsU 6KTLSsULQs
SsU NsWs DUV\H OLGKMHW WRQD NXOWXURUH MDQs VKXPs Ws IRUWD 3sU IRUFLPLQ H
NsWLM EDVKNsSXQLPL VLGRPRV EDVKNsSXQLPLW HNRQRPLN GKH VKNsPELPLQ H
SsUYRMDYHPH6KTLSsULQsSsUSDUDQHVKQXNNDDVHGKHQMsSHQJHVs
1s PsQ\Us Ws YHoDQWs NsWR OORM WDNLPHVK WDNLPH Ws RUJDQL]XDUD QJD
RUJDQL]DWD MR THYHULWDUH PHQGRM VH NRQWULEXRMQs GKH GR Ws NRQWULEXRMQs
VKXPsQsIRUFLPLQHPDUUsGKsQLHYHHNRQRPLNH7DNLPHWsNsVDMQDW\UHEsMQs
Ts EDVKNsSXQLPL HNRQRPLN VRFLDO NXOWXURU Ws ]KYLOORKHW Ps VKSHMW GKH Ws
EsKHWPsLIU\WVKsP3UHVGKHVKSUHVRMTsPHDQsWsNsWLMVLPSR]LXPLNsWR
OORMLEDVKNsSXQLPHVKGRW·LIRUFRMPsPXQGsVLWsHSXQsVSsUWsG\MDYHQGHW
GKHGRWsKDSsUUXJsQSsULQYHVWLPH
-XSsUVKsQGHVPHUHVSHNWWsJMLWKsYHLXURMVXNVHVHNsWLMVLPSR]LXPL
6($1&$(3$5Ê
.U\HWDU
3URI'U6XGL$3$.
8QLYHUVLWHWL%H\NHQW
6HVLRQLL3DUs 3URÀOL(NRQRPLNL7XUTLVs
3URI'U$GHPĉ$+Ĉ1
8QLYHUVLWHWLL(NRQRPLVsGKH
7HNQRORJMLVs72%%
6HVLRQLL'\Ws 3URÀOL(NRQRPLNL6KTLSsULVs
0U3URI'U7HNL.857Ĉ 8QLYHUVLWHWL9LWULQD
352),/,(.2120,.,7854,6Ê
3URI'U$GHPĉ$+Ĉ1
8QLYHUVLWHWLL(NRQRPLVsGKH
7HNQRORJMLVs72%%
1RYHPEHU
6RWGXDW·MXSDUDTHVGLVDLQIRUPDFLRQHTsLNDPFLOsVXDUVLWsUsQGsVLVKPH
SsUWsWUHJXDUSURILOLQHNRQRPLNWs7XUTLVs7sGKsQDWTsGRWMXSDUDTHVMDQs
Ws GKsQDW ]\UWDUH Ws 'HJsV Vs 7KHVDULW SUDQs .U\HPLQLVWULVs Vs 5HSXEOLNsV
7XUNH0LQLVWULVsVs(NRQRPLVsGKH$JMHQVLDH3URPRYLPLWWs,QYHVWLPHYH
HFLODsVKWsNULMXDUSsUSUH]DQWLPLQGLUHNWGKHSURPRYLPLQHLQYHVWLPHYHWs
KXDMD 3MHVsPDUUsVLW H QGHUXDU Qs NsWs NRQIHUHQFs PXQG WL JMHMQs NsWR Ws
GKsQD HGKH Qs IDTHW SsUNDWsVH Ws LQWHUQHWLW 'R Ws PXQGRKHP Ws UHDOL]RM
SUH]DQWLPLQ WLP GXNH ILOOXDU PH GLVD LQIRUPDFLRQH Ws SsUJMLWKVKPH GR Ws
VKRKLPGLVDVKLIUDQsOLGKMHPHNDSLWDOLQHKXDMQs7XUTLGRWsPXQGRKHPLWs
ÁDVLPUUHWKIXVKsVVsLQYHVWLPHYHGKHVLSsUIXQGLPGRWsÁDVLPUUHWKDW\UHTs
PHQGRMPsVHMDQsDYDQWD]KHWHNRQRPLNHWs7XUTLVs
6LoGLKHWQJDWsJMLWKs7XUTLDUUHWKRKHWQJDVKXPsVKWHWHITLQMsÊVKWsQsQMs
SR]LFLRQPLGLV(XURSsVGKH$]LVsGKHQsVHHVKRKLPQJDSR]LWDJMHRJUDILNH
NsWD VKWHWH ITLQMs QGRQMsKHUs MDQs DYDQWD]KH QGRQMsKHUs GLVDYDQWD]KH
1GsUVDWsTsQXULWQsQMsSLNsNDOLPLsVKWsGLoNDTsHYOHUsVRMPsVLDYDQWD]K
QJD SLNsSDPMD HNRQRPLNH $IULPLWHWL JMHRJUDILN DIULPLWHWL NXOWXURU DIULPLWHWL
HNRQRPLN GKH oGROORM DIULPLWHWL WMHWsU sVKWs QMs QGLNLP L UsQGsVLVKsP L
IDNWRUsYHWsSR]LWsV7XUTLDsVKWsVKWHWLLJMDVKWsPEsGKMHWsPHsNRQRPLQsPs
WsPDGKHQsERWs1sTRIWsVHHNUDKDVRMPsPsVKWHWHWH%DVKNLPLW(XURSLDQ
sVKWs VKWHWL L JMDVKWs PH HNRQRPL Ps Ws PDGKH ,QGXVWULD H SURGKLPLW Ws
oHOLNXWsVKWsQMsQJDLQGXVWULWsPsWsUsQGsVLVKPHSDVL]RWsURQOsQGsQHSDUs
GKHSsU]KYLOOLPLQHGLVDLQGXVWULYHWsWMHUD7XUTLDQsERWsUDGKLWHWHJMDVKWD
QGsUVDQs(XURSsUDGKLWHWHG\WDVLSURGKXHVLPsLPDGKLNsVDMLQGXVWULH
1sVH GR Ws YOHUsVRQLP VHNWRULQ H DXWRPMHWHYH 7XUTLD UDGKLWHW Qs YHQGLQ H
WsQsERWsSsUVDLSsUNHWSURGKLPLWWsDXWRPMHWHYH1GsUVDQJDSLNsSDPMD
H WUDQVSRUWLW DMR ]RWsURQ QMs UUXJs DMURUH H FLOD UULWHW PH QMs VKSHMWsVL Ws
PDGKHGKH]RWsURQQMsVKRTsULDMURUHHFLODQsQMsGLWsPXQGsVRQÁXWXULPH
QsYHQGHWsERWsV3sUVDLSsUNHWSsUGRULPLWWsLQWHUQHWLWSsUGRULPLWWs
NRPSMXWHULWSsUGRULPLWWsFHOXODUsYHWsFLODWVXSR]RMPsVHMDQsLQIUDVWUXNWDUD
HVKNHQFsVGKHWHNQRORJMLVsPXQGWsWKHPLVHHSRSXOOVLVsSUHMPLOMRQ
SHUVRQDVK MDQs SsUGRUXHV Ws LQWHUQHWLW H IDPLOMHYH MDQs SsUGRUXHV Ws
LQWHUQHWLWHVLSsUPDUUsVsYHJMHMQsPXQGsVLQsHSsUGRULPLWWsLQWHUQHWLW
H IDPLOMHYH SsUGRULQ NRPSMXWHU WDYROLQH SsUGRULQ ODSWRS GKH PLOMRQsYHWDSsUGRULQNDUWsNUHGLWL.sWRMDQsWsGKsQDWsUsQGsVLVKPHSsUWs
NXSWXDUGKHPsVXDUVHVDPRELOMHQLVDLPLUsLQIRUPXDUMHQLRVHVDLLQWHJUXDU
MHQLPHLQIRUPDFLRQLQ
7XUTLDsVKWsYHQGLLJMDVKWsQsERWsTsYL]LWRKHWPsVKXPs3DV)UDQFsV
6+%$Vs .LQsV 6SDQMsV GKH ,WDOLVs 6LSDV LQVWLWXFLRQHYH Ts YOHUsVRMQs
KRWHOHWQs(XURSsGKHERWs7XUTLDsVKWsQMsGHVWLQDFLRQWXULVWLNNXJMHQGHQ
KRWHOHWsPLUD.sWRLWKHPSsUWsNULMXDUQMsLGHWsSsUJMLWKVKPH1MsLGHSsU
Ws WUHJXDU QsSsUPMHW SRSXOOLW QsSsUPMHW VWDQGDUWLW Ws WUHJXHVYH HNRQRPLNR
VKRTsURUVHQsoIDUsJMHQGMHsVKWs7XUTLD
1s IMDOsQ SsUVKsQGHWsVH Ts PEDMWL NsVKLOOWDUL L WKHVDULW WKD VH 7XUTLD ND
DUULWXU Ws NDSs VKLIUsQ SUHM PLOMDUG GROODUsVK Qs YLW SsUVD L SsUNHW K\UMHV
Vs NDSLWDOLW Ws KXDM .MR VKLIsU Qs YLWHW H PsSDUVKPH ND THQs VKXPs H XOsW
QGsUVD WDQL NRQVLGHURKHW QMs VKLIsU Ts QsVH ELH SRVKWs VDM QH ILOORMPs Ws
VKTHWZVRKHPLDSRWsS\HVLPYHWHQQsVHNDQGRQMsOsNXQGMH0HQGRMVHN
\ sVKWs QMs UDSRUW L UsQGsVLVKsP SsU SHUIRUPDQFsQ HNRQRPLNH Ws 7XUTLVs
1sVHVKLNRMPsVKSsUQGDUMHQHK\UMHVVsNDSLWDOLWWsKXDMTRIWsSsUVDLSsUNHW
LQYHVWLPHYH DIDWJMDWs GKH DIDWVKNXUWsU LQYHVWLPHYH Ws GUHMSsUGUHMWD DSR
LQYHVWLPHWHSRUWRIROLWGRWsYsUHMPsVHLQYHVWLPHWNDQsJMHWXUQMsHNXLOLEsUWs
FDNWXDUGKHK\UMDHNDSLWDOLWWsKXDMNDNULMXDUQMsNRPSR]LPWsYHWLQ7HQGHQFD
HVKRTsULYHVKXPsNRPEsVKHSsUWsNULMXDUQMsEL]QHVUDMRQDONXWs]JMHGKLQ
7XUTLQsVLTHQGUDHRSHUDFLRQLWQs]RQDWNX7XUTLDNRQVLGHURKHWVLTHQGsUVL
SVK/LQGMDH0HVPH$IULND-XJRUH(XURSD/LQGRUHWsFLODW]RWsURMQsHGKH
PDUNDWPsWsQMRKXUDQsWsJMLWKsERWsQ6KLNRMPsVHNHPLQMsUULWMHSsUVDL
SsUNHWPLUsEHVLPLWWsLQYHVWLURUsYHWsKXDMWHNHNRQRPLD6KLKHWPLUsVHN\
PLUsEHVLP ND SDWXU QMs UULWMH QJD YLWL SDVL ND DUGKXU QJD
YHQGLLWsQsYHQGLQHWs.MRGRWsWKRWsVH7XUTLDsVKWsQMsVKWHWPH
LQYHVWLPHWsVKSHMWDQMsVKWHWLFLOLPHUUSMHVsQsVKWHWHWPHQLYHOWsODUWs
SsUVDLSsUNHWVDVLVsVsLQYHVWLPHYHWsGUHMWSsUGUHMWD3RWDYOHUsRMPsVLSDV
UDSRUWLW Ws Ws DUGKXUsV SsU IU\Ps Qs JUDILNXQ L FLOL sVKWs SsUJDWLWXU Ts QJD
YLWLHGHULQsYLWLQGRWsYsUHMPsVH7XUTLD]RWsURQQMsVWUXNWXUs
HNRQRPLNH Ts JMLWKPRQs ND THQs Qs UULWMH Qs UDSRUWH Ws QGU\VKPH 3R Ws
VKRKLPTsOOLPHWHDUGKVKPHPXQGWsWKHPLVH7XUTLDNDSsUTsOOLPUULWMHSUHM
QsYLWHW3RWsVKRKLPUULWMHQPHVDWDUHQsYLWHW
GRWsYsUHMPsVHsVKWs0HJMLWKsNUL]sQJOREDOHTsSsUIVKLXERWsQQs
YLWHWQsQMsNRKsNXUHJMLWKsERWDSRMHWRQWHQMsSHULXGKsQJDGDOsVLPL
GRWsVKRKLPVH7XUTLDSUDSsNDSDVXUQMsUULWMHHNRQRPLNHSUHM3RWD
VKLNRMPsQJDSHUIRUPDQFDNUDKDVXHVHSsUVDLSsUNHWUULWMHVVsWsDUGKXUsV
SsU IU\Ps VLSDV YHQGHYH Ts VKRKLP Qs JUDILN 7XUTLD sVKWs SUDNWLNLVKW PEL
VKWHWHWHWMHUDQsQMsUDSRUWSUHM3UDPXQGWsWKHPLTsQsNUDKDVLPPH
YHQGHWHWMHUDWsJUXSLWHDUGKXUDSsUIU\PsQs7XUTLsVKWsQsVKLIUDVHULR]H
7XUTLDsVKWsQMsQJDVKHWHWHTsHULPsNsPELYHWHQPsVKSHMWSDVNUL]sV
ORNDOH Ws YLWLW 3R Ws VKLNRMPs UULWMHQ UHDOH PHVDWDUH YMHWRUH Ws
7XUTLVs%UD]LOLW3RORQLVsDSR5XVLVsGRWsYsUHMPsVH7XUTLDYMHQSDV.LQsV
,QGLVsGKH(QGRQH]LVsSRUTssVKWsQsQMsJMHQGMHPMDIWWsPLUsQsNUDKDVLP
PHHNRQRPLWsGLQDPLNHERWsURUHQsQMsUDSRUWSUHM
7s DUGKXUDW SsU IU\Ps MDQs UUHWK GROODUs 6LJXULVKW Ts VLo QGRGK
Qs oGR VKWHW WMHWsU SR WL KHGKLP QMs V\ REMHNWLYDYH VKLNRMPs Ts Ws SDNWsQ
NsWRWsGKsQDMDQsQsQMsSHULXGKsNXUsVKWsQJDGDOsVXDUUULWMDHNRQRPLNH
ERWsURUH3RUVLGRTRIWsREMHNWLYLLUDGKsVsVKWsTsWsNHPLUULWMHQsNsWRVKLIUD
3RUNXUNMRNUDKDVRKHWPHYL]LRQLQHDUGKVKsPWs7XUTLVsSDUDVKLNRKHWTs
NMR VKLIsU Ws UULWHW Qs GROODUs GKH Ws SsUGRUs Ws JMLWKs SHUIRUPDQFsQ
HNRQRPLNH Ws JMLWKD DIWsVLWs VLSsUPDUUsVH 3UD SDUDVKLNRKHW Ts H DUGKXUD
SsUIU\PsQJDPLMsGROODUsWsUULWHWQsPLMsGROODUs1GRVKWDNsWXGXKHW
WLNXVKWRMPsYsPHQGMHQGLoNDMH.HPLSRSXOOVLGKHNMRSRSXOOVLQXNGXKHWWD
QGMHMsYDUIsULQs3UDGXKHWWsXOLPSsUTLQGMHQHYDUIsULVs.sWXPXQGWsWKHPL
TsQsYLWLQSsUTLQGMDHSHUVRQDYHPHWsDUGKXUDQsQQMsPDVHWsFDNWXDU
NDWUHJXDUQMsUsQLHWsQGMHVKPHTsQJDYLWL1s7XUTLSRIRUPRKHWQMs
VKWUHVsHUHPHVDWDUH7sDUGKXUDWGKHVKSHQ]LPHWSHUVRQDOHWsNsVDMVKWUHVH
PHVDWDUH YDULRMQs UUHWK GROODUs 3R Ws VKLNRMPs DNWLYHW UHDOH Qs
WsDUGKXUDWYMHWRUHWsSRSXOOVLVsGRWsYsPsUHVHVKWUHVDPHWsDUGKXUDPs
WsXOWD]sUUHWKWsSRSXOOVLVs1sVHMHWRQLQsQMsVKWHWNXNsUNHVDQXN
sVKWs H IXTLVKPH NX NsUNHVD QXN sVKWs H JMDOOsUXHVKPH NX IXTLD EOHUsVH
QXNsVKWsHPMDIWXHVKPH]KYLOOLPLGKHUULWMDQXNNDNXSWLP.MRsVKWsQMsH
GKsQsHUsQGsVLVKPHSsUYOHUsVLPLHHNRQRPLVsVsYHQGLW3RWsVKLNRMPs
UDSRUWLQHERU[KLWSsUIU\Ps7XUTLDsVKWsQsQPHVDWDUHQH%DVKNLPLW(XURSLDQ
GKH$PHULNsV7XUTLDSDVNUL]sVVsYHQGLWWsYLWLWND]EDWXDUQMs
SURJUDP Ws UUHSWs ILQDQFLDU (NRQRPLWs Ts NDQs QMs OXKDWVKPsUL NXQGUHMW
GHILoLWLWGKHERU[KLWDNWXDOGXKHWWD]EDWRMQsSDWMHWsUNsWsOORMGLVLSOLQHTsSsU
VKRTsULQssVKWsVLQMsUHFHWsHKLGKXU7XUTLDNDDUULWXUVXNVHVLQGKHUH]XOWDWLQ
HPDVDYHWsPDUUDQsOLGKMHPHNsWsWHPs3RWsVKRKLPUDSRUWLQHSURGKLPLW
WHEUHQGVKsPEUXWRGKHVDVLQsHERU[KLWWsTHYHULVsTsQGURUHSsUFDNWXDUQJD
%DVKNLPL(XURSLDQN\UDSRUWNDUsQsQsQLYHOLQH3RWsVKRKLPVWRNXQ
HPHQD[KLPLWWsERU[KLWWsSsUJMLWKVKsP7XUTLDsVKWsQsQQLYHOLQHNULWHUHYH
PDVWULNH'LVDVKLIUDSRPXQGKHPLWLVKSMHJRMsPHSsUNXIL]LPHWH%DVKNLPLW
(XURSLDQ SDVL HGKH QH Qs VWDWLVWLNDW ]\UWDUH PXQGRKHPL WL SDUDTHVLP Qs
NsWs PsQ\Us 'XNH THQs VH MHPL QMs VKWHW SsU Ws FLOLQ YD]KGRMQs DNRPD
ELVHGLPHWPH%DVKNLPLQ(XURSLDQGKHQMsVKWHWTsNHPLSUDQXDUVLUHIHUHQFD
PDUsGKsQLHWPH%DVKNLPLQ(XURSLDQsVKWsHUsQGsVLVKPHWsWKHNVRMPsVHN
X QGRGKHW %DVKNLPL (XURSLDQ TRIWs Qs NULWHUHW PDVWULNH TRIWs Qs WUHJXHVLW
H VXNVHVLW Ts NsPL DUULWXU 3R WD VKRKLP QJD EX[KHWL L ERU[KLW Ws THYHULVs
THQGURUHGRWsYsPsUHVH7XUTLDNDWUHJXDUQMsSHUIRUPDQFsQsQLYHOLQ
QsNUDKDVLPPHQLYHOLQTssVKWsSUDQXDUVLQLYHOLSsUJMLWKVKsP(QÁDFLRQL
sVKWsQMsQJDSUREOHPHWNU\HVRUsWsVKWHWHYHQs]KYLOOLP.\LVKWHGKHQMs
QJDSUREOHPHWHNRQRPLNHPHWsFLOLQODOXIWXDU7XUTLDSUHMYLWHVK1GsUNRKs
TsQsYLWHWGKHHQÁDFLRQLLVKWHQsQLYHOLQHVRW
ND UULWXU Qs QXPUDW QMs VKLIURU SUHM GKH Ps SRVKWs 6\QRKHW Ts Qs
YLWLQ HQÁDFLRQL Ws ]EUHVs Qs VKLIUDW H 1s YLWLQ 7XUTLD NLVKWH
DUULWXU UHNRUGLQ H VDM Qs UDGKLWMHQ H LQÁDFLRQLW GXNH X UDGKLWXU Qs YHQGLQ H
WsQGsUNRKsTsVRWsVKWsQsYHQGWsWs3RWsEsMPsQMsYOHUsVLPWs
SsUJMLWKVKsP 7XUTLD HNVSRUWRQ UUHWK PLOMDUG GROODUs GKH LPSRUWRQ UUHWK
PLOMDUGGROODUs7XUTLDsVKWsQMsVKWHWPHGHILoLWQsHNXLOLEULQHWUHJWLVsVs
MDVKWPHSRUQJDDQDHVWUXNWXUsVsVKWsQMsVKWHWPHLPSRUWGKHHNVSRUWWs
WsODUWsQsJUXSLQHLQYHVWLPHYHGKHPDOOUDYHWsQGsUPMHWsP3sUVKWHWHWQs
]KYLOOLPGKHSsUVKWHWHWTsV\QRMQsHNVSRUWLQHSURGXNWHYHLQGXVWULDOHUULWMDH
UDSRUWLWWsHNVSRUWLWGKHLPSRUWLWWsPDOOUDYHWsQGsUPMHWPHsVKWsQMsWUHJXHV
L UsQGsVLVKsP 3R Ws VKRKLP OORMLQ H WUHJXW GKH SURGXNWHYH Ws HNVSRUWLW Ts
QsYL]LRQLQHPsSDUVKsPLVKWHPLOMDUGGRWsSUDQRMPsTsQGRGKHW
VKXPsPsVLSsUSRWHQFLDOLWHNRQRPLNWs7XUTLVs1GsUNRKsTsSMHVsPDUUMDH
%DVKNLPLW(XURLSLDQQsHNVSRUWLQWRQsLVKWHSDVNUL]sVUDQs.MR
GXKHWYOHUsVXDUQsG\PsQ\UD
7XUTLDHNVSRUWRQQsUDSRUWLQQsQMsWUHJWs]KYLOOXDUVLDLL%DVKNLPLW
(XURSLDQNXOsYL]MDHOLUsHPDOOUDYHNDDUULWXUQsQMsVWDQGDUWWsFDNWXDU
.\WUHJQsVHSsUEDOOHWPHoIDUsGROORMNUL]HJMHQWUHJMHWsWMHUDGKHPXQG
WsYD]KGRMsUULWMHQHHNVSRUWLW
3RWsVKRKLPHNVSRUWLQHSURGXNWHYHTsNsUNRMQsWHNQRORJMLWsSsUSDUXDU
NHPLQMsLQGHNVWsWLOOs'LKHWTs=YFLUDsVKWsVKWHWLTsHNVSRUWRQPsVKXPs
SURGXNWHWHVRILVWLNXDUDTsSsUPEDMQsWHNQRORJMLWsVKXPWs1GsUVD1LJHULD
sVKWs Qs YHQGG Ws IXQGLW 1s NsWs LQGHNV 7XUTLD UDGKLWHW Qs YHQGLQ H Ws 3UD 7XUTLD ND G\ ULYDOs VHULR]s VLo sVKWs 5XVLD GKH ,QGLD (GKH 7XUTLD
sVKWsQMsVKWHWPHNDSDFLWHWHWsPMDIWXHVKPHSsUHNVSRUWLPLQHSURGXNWHYH
WsVRILVWLNXDUDPHWHNQRORJMLWs]KYLOOXDU1sVHYOHUsVRMPsJMHQGMHQWRQsQs
WUHJXQ H VWXGLP ]KYLOOLPLW GXNH L NUDKDVXDU PH YLWLQ GKH GR Ws
VKRKLPVHSHUVRQHOLLVWXGLP]KYLOOLPLWNDQGU\VKXDUQJDPLMsQsPLMs
QXPULLERWLPHYHVKNHQFRUHQJDPLMsQsPLMsVKSHQ]LPHWHVWXGLP
]KYLOOLPLWQJDPLOMDUGQsPLOMDUGGROODUsDSOLNLPHWSsUoHUWLILNLPPDUNH
QJD PLMs Qs PLMs 1JD DQD H NRQWULEXWLW Ws SURGKLPLW Ws EUHQGVKsP
EUXWRWsVWXGLP]KYLOOLPLWsVKWsQMsNULWsULSUDQXDUQJD%DVKNLPL(XURSLDQVL
NULWHULL/L]ERQsV7XUTLDPHUUVLUHIHUHQFsNULWHULQH/L]ERQsVGKHPHNsWR
VKLIUD H ND DUULWXU DWs 1sVH GR WD YOHUsVRMPs 7XUTLQs QJD DQD H HQHUJMLVs
7XUTLDNDQMsED]sWsUsQGsVLVKPHHQHUJMLHTRIWsQJDDQDSURGKXHVHTRIWs
QJD DQD NRQVXPDWRUH 1s NsWs IXVKs NHPL SURMHNWH Ws PsGKD VKXPs Ws
UsQGsVLVKPHVLDLL1$%8.8GKH7$0$.1MsSURMHNWWMHWsUsVKWsILOOLPLLQMs
oHQWUDOLQXNOHDUTsGRWsSsUIXQGRMsVsVKSHMWLdHQWUDOLQXNOHDUGRWsMHWsQMs
LQYHVWLPTsGRWs]KYLOORMsRIHUWsQHHQHUJMLVs3RWDYOHUsVRMPs7XUTLQsQJD
DYDQWD]KHW GHPRJUDILNH sVKWs Qs YHQG Ws Ws Ws SRSXOOVLVs ERWsURUH 1s
(XURSsNDSRSXOOVLQsPsWsUHGKHHJM\VPDHSRSXOOVLVssVKWsQsQPRVKsQ
YMHo.MRVWUXNWXUsSUDDYDQWD]KLGHPRJUDILNsVKWsHUsQGsVLVKPHTRIWs
SsUSDUDVKLNLPLQHNsUNHVsVTRIWsSsUWsEDVKNXDUPRGHOHWHNRQRPLNH7XUTLD
PHVWUXNWXUsQHSRSXOOVLVsGRWsSsUIWRMsDYDQWD]KHHNRQRPLNHHGKHQsYLWLQ
3DUDVKLNRMPsVHHSRSXOOVLVsGRWsSsUEsKHWQJDJUXSPRVKD
YMHo1sYD]KGLPWsNsWLMWUHQGLGHPRJUDILNQsVHNUDKDVRMPsSRSXOOVLQs
H(XURSsVPHDWsWs7XUTLVsDVKWXVLoVKLNRKHWHGKHQsJUDILNXQHPsVLSsUP
7XUTLD ND Ps VKXPs DYDQWD]KH Qs NsWs IXVKs 1sVH H NUDKDVRMPs 7XUTLQs
PHYHQGHVL3RORQLD+XQJDULD5XPDQLD.LQDGKH%XOOJDULDSsUVDLSsUNHW
IXTLVsSXQWRUHGRWsVKRKLPVH7XUTLDNDDYDQWD]KHWsGXNVKPHTRIWsSsU
IXTLQsSXQWRUHTRIWsSsUGHMWXHVWsQLYHOLWWsODUWsTRIWsSsULQ[KLQLHUsWHNQLN
3RWsYOHUsVRMPsIU\WGKsQLHQGKHNRVWRQHIXTLVsSXQWRUHSRWDNUDKDVRMPs
7XUTLQsPHYHQGHWHWMHUDULYDOHGRWsVKRKLPVH7XUTLDNDDYDQWD]KHQsNsWs
IXVKs7XUTLDPHJMLWKsNUL]sQTsSsUMHWRLQsILOOLPWsYLWLWGKHNUL]sQHYLWLW
GKHPHJMLWKsVHNDQMsUULWMHWsPDGKHWsSRSXOOVLVs]RWsURQJMLWKDVKWX
QMs HNRQRPL NX VsEDVKNX PH UDSRUWLQ H UULWMHV sVKWs UULWXU HGKH SXQsVLPL L
QMHUs]YH ÊVKWs QMs HNRQRPL Ts ND KDSXU G\HU SR]LWLYH SsU VKSsUQGDUMHQ H
SXQsVLPLWQsVHNWRUHWsQGU\VKPH1sYLWLQSDSXQsVLDQsVHNWRULQH
VKsUELPHYHsVKWsXOXUQJDQsQGsUVDQsYLWHWHIXQGLWQJDQs
.\ sVKWs QMs UDSRUW L UsQGsVLVKsP SsUVD L SsUNHW SURILOLW Ws SXQsVLPLW
SsUHNRQRPLWsH]KYLOOXDUD5DSRUWLLSDSXQsVLVsQsYLWLQLVKWH6Lo
H WKDVKs HGKH Ps SDUs NMR sVKWs QMs VKLIsU H ODUWs SRU VLGRTRIWs sVKWs QMs
VKLIsUTsPXQGWsHNXLOLEURKHWGKHNsWXQMsUROWsUsQGsVLVKsPOXDQOXIWDH
VLSsUPDUUsVYHPHSDSXQsVLQs7sKDSsVKQMsILUPsWsUHQs7XUTL]JDMWVKXPs
SDNGLWs1sNUDKDVLPPHULYDOsWHWMHUs7XUTLDNDPsVKXPsDYDQWD]KsQs
NsWsIXVKsVHSVHPXQGWDSsUIXQGRMsNsWsYHSULPSsUGLWs3RWsVKRKLP
UHIRUPDWHIXQGLWVLUH]XOWDWLULYDOLWHWLWWsVKWXDU7XUTLDQsLQGHNVLQHULYDOLWHWLW
ND]EULWXUQsYHQGLQHUWQJDYHQWLLWsGKHWs0XQGWsWKHPLVH
7XUTLDSRVKNRQQsQMsQLYHOWsODUWsQsUDQJQGsUNRPEsWDU3RWDYOHUsVRMPs
7XUTLQsPHDYDQWD]KHWHVDMPXQGWsWKHPLVHDMRNDQMsHNRQRPLQsUULWMH
'HULQsYLWLQSDUDVKLNRKHWVH7XUTLDGRWs]sUsYHQGLQHWsQsERWsGKH
YHQGLQHWsQs(XURSsVLHNRQRPLHIXTLVKPH%UHQGDYMHWsYHPHQGRKHW
VHGRWsMHWsTHQGUDHSURGKLPLWQUQsERWsGKHQUQs(XURSs7DQLsVKWs
QsYHQGLQHWsTsGRWsWKRWsVHNDSUHPLVDWsPLUDSURGKXHVH1sVHL
KHGKLPQMsV\VHNWRUHYsVKSUHVsGKsQsVHVLoMDQsILQDQFDWUDQVSRUWLSDVXULWs
HSDWXQGVKPHHQHUJMLDWHNQRORJMLWsHLQIRUPDFLRQLWPXQGWsWKHPLVHMDQs
VHNWRUHPHWsFLODW7XUTLDGRWsLQWHJURKHWPsVKSHMWQsWUHJMHWQGsUNRPEsWDUH
7XUTLDLMHSUsQGsVLUHIRUPDYHVWUXNWXURUH1GRVKWDNMRsVKWsHGKHIXVKDPs
H UsQGsVLVKPH SsUVD L SsUNHW PDUsGKsQLHYH 6KTLSsUL7XUTL 1s OLGKMH PH
UHIRUPDWVWUXNWXURUH7XUTLD]EDWRQQMsSURJUDPVKXPsWsUUHSWsSDOsVKXDU
SH Qs NsWs IXVKs ÊVKWs QMs VKWHW Ts ND EsUs UHIRUPD VHULR]H GXNH YXDMWXU
HGKHSDVRMDWVKRTsURUHSROLWLNHGKHVKSHVKKHUsHGKHDWRHNRQRPLNH3sUVH
EsKHQWsJMLWKDNsWR"3sUWDoXDU7XUTLQsQsQMsQLYHOLQYHVWLPLVDPsWsPLUs
3sUVHEsKHQWsJMLWKDNsWR"3sUWsKHTXUSHQJHVDWTsLGDOLQVLSsUPDUUsVYH
3sUVHEsKHQWsJMLWKDNsWR"3sUWsOHKWsVXDUPDUUMHQHLQIRUPDFLRQLWPDUUMHQ
H Ws GKsQDYH ILQDQFLDUH GKH WHNQRORJMLNH 1sVH NsWR EsKHQ QJD SLNsSDPMD
VWUXNWXURUHQsWsQMsMWsQNRKsMXLSDUDTHVQLERWsVHNRQRPLQsHDWLMYHQGLVL
QMsVLVWHP1sNsWsPsQ\UsOHKWsVRKHWHGKHPDUsGKsQLDPLGLVRIUXHVYHGKH
NsUNXHVYH1sNsWsNXDGsU7XUTLDNDQ[MHUUsQMsOLJMWsULSsUWUHJWLQs/LJMLSsU
WUHJWLQsSDUDVKLNRQLQVWLWXFLRQDOL]LPLQ]KYLOOLPHWQsSRUWRIROLQHLQYHVWLPHYH
SULQFLSHWHPHQD[KLPLWLQVWLWXFLRQDOGKHMDSDUHTHWNsWRQsPsQ\UsWsOLJMVKPH
ERWsVVsEL]QHVLW1sOLGKMHPHQ[LWMHQHGUHMWLPLWWsLQYHVWLPHYH7XUTLDSsUGRU
QMs VLVWHP Ws UL 3LNDW NU\HVRUH MDQs ,QYHVWLPHW 5DMRQDOH Ws 3sUJMLWKVKPH
,QYHVWLPHWH0sGKDGKH1[LWMDH,QYHVWLPHYH6WUDWHJMLNH3DXIXWXUVKXPs
QsGHWDMHGRWMXWKRMDVH7XUTLDQGDKHWQsJMDVKWs]RQDGKsQsNsWRJMDVKWs
]RQD ]EDWRKHQ LQYHVWLPHW UDMRQDOH Ws SsUJMLWKVKPH GKH ]EDWLPH Ws WMHUD Qs
GR]DWsGXKXUDGXNHSDWXUSDUDV\VKIDNWRUsW]KYLOOXHVWsDVDM]RQH6XNVHVL
L DUGKXU VL UH]XOWDW L NsW\UH ]EDWLPHYH SDVT\URKHW HGKH Qs SHUIRUPDQFsQ
HNRQRPLNH
7XUTLD ]RWsURQ HGKH QMs DJMHQVL Ws WLWXOOXDU $JMHQVLD H 3URPRYLPLW
Ws ,QYHVWLPHYH H FLOD GR Ws XGKs]RMs Ws KXDMW Qs OLGKMH PH SURPRYLPLQ H
LQYHVWLPHYHGRWLSUH]DQWRMsDWRGRKHTsQsQMsIDUsPsQ\UHSHQJHVDWTs
KDVLQWsKXDMWGKHWsJMLWKDNsWRSURoHGXUDGRWsEsKHQQJDQMsSLNsHYHWPH
$JMHQVLD H 3URPRYLPLW Ws ,QYHVWLPHYH sVKWs QMs DJMHQVL H FLOD Qs QMs NRKs
VKXPsWsVKNXUWsUNDHYROXDUVKXPs7XUTLDsVKWsQMsQGsUVKWHWHWHSDUDWs
ERWsVTs]RWsURQQMsSROLWLNsWUHJWDUHVKXPsOLEHUDOH'XNHTHQsVHJMHQGHW
Qs QMs SR]LWs JMHRJUDILNH VKXPs Ws SsUVKWDWVKPH Qs OLGKMH PH HXURSsQ
5XVLQs $IULNsQ H 0HVPH GKH -XJRUH GKH $]LQs H 0HVPH sVKWs LQWHJUXDU
EUHQGDQMsYsOOLPLWUHJWDUWsFDNWXDU0XQGWsGHSsUWRMsQsQMsQXPsUWsPDGK
SRSXOOVLHPXQGWsLQWHJURKHWPHVKXPsPDUUsYHVKMHWUHJWDUH1sVHLKHGKLP
QMsV\0DUsYHVKMHYHWs/LUD7UHJWDUH7XUTLDNDQsQVKNUXDU0DUUsYHVKMHWs
/LUD7UHJWDUHPHYHQGHWsQGU\VKPHWsERWsVNXSsUIVKLKHWHGKH6KTLSsULD
0DUUsYHVKMDH/LUs7UHJWDUHPH6KTLSsULQssVKWsQsQVKNUXDUQsYLWLQ
7UHJWLD H MDVKWPH PLGLV 7XUTLVs GKH 6KTLSsULVs PHJMLWKs OLGKMHW NXOWXURUH
YsOOD]sURUHHWMQXNsVKWsQsQLYHOLQHGXKXU6KSUHVRMPsTsPEOHGKMHWsWLOD
GR Ws QGLNRMQs SR]LWLYLVKW Qs NsWs IXVKs 1H GXDP ]KYLOOLPH Ws PsWHMVKPH
Qs HNVSRUW NRQIHNVLRQ WHNVWLO HNVSRUW HWM =KYLOOLPL L NsVDM WUHJWLH GR Ws
PXQGsVRMsHGKHIRUFLPLQHPsWHMVKsPWsOLGKMHYHYsOOD]sURUH
*MDWsNsWLMSUH]DQWLPLXPXQGRYDTsWsQGDMPHMXGLVDVKLIUDTsWUHJRMQs
SDNDVKXPsSURILOLQHNRQRPLNWs7XUTLVs-XIDOHQGHURMSsUYsPHQGMHQWXDM
352),/,(.2120,.,6+4,3Ê5,6Ê
3URI'U7HNL.857Ĉ
8QLYHUVLWHWL9LWULQD
1RYHPEHU
,QGHUXDUSsUIDTsVXHVLDPEDVDGsVWXUNHQs6KTLSsULLQGHUXDUSUHVLGHQW
LL)RQGDFLRQLWWs.sUNLPLW(NRQRPLN7XUNSURI'U$KPHWĈQFHNDUDLQGHUXDU
NRQVXOHQWL7KHVDULWWs7XUTLVs&DYLW'DĊGDċLQGHUXDUNU\HWDUL'KRPsVVs
7UHJsWLVs7LUDQs1LNROLQ-DNDLQGHUXDUEDVKNsNRRUGLQDWRULNsWLMVLPSR]LXPL
WsUsQGsVLVKsP]1DKLWg]HQHQGHUXDUNU\HWDUHHEDVKNLVs%XUUHO$GHOLQD
)DUULFL L QGHUXDU UHNWRU L 8QLYHUVLWHWLW (SRND 3URI 'U *QJ|U 7XUDQ L
QGHUXDUWKHPHOXHVL8QLYHUVLWHWLW9LWULQD](GPRQG9ODVKDMLQGHUXDUUHNWRUL
8QLYHUVLWHWLW9LWULQD3URI'U0DULR.HYLWsQGHUXDUVLSsUPDUUsVQJD6KTLSsULD
GKH7XUTLDNROHJsSHGDJRJsGKHVWXGHQWs
(NVSR]HMD H WHPsV Ts XQs GR Ws NXPWRM VRW ´(FXULD H WUHJXHVYH
PDNURHNRQRPLNs GKH VHNWRUsW NU\HVRUs Qs HNRQRPLQs VKTLSWDUHµ sVKWs
SsUJDWLWXU QJD QMs JUXS SXQH L SsUEsUs QJD %OHULQD +R[KD $XORQD .XOOD
/XIWLP &DQL 7HNL .XUWL Ws JMLWKs SHGDJRJs Ws EUHQGVKsP Ws XQLYHUVLWHWLW
9LWULQD6KTLSsULDsVKWsQMsYHQGQs]KYLOOLPGKHVLHWLOOsNXUÁDVLPSsUHFXULQs
HVLVWHPLWILQDQFLDUHGLPsVKXPsPLUsTssVKWsQsID]DWHWLMWsSDUDQsID]s
IRVKQMRUH 1s VLVWHPLQ ILQDQFLDU VKTLSWDU SMHVsQ Ps Ws PDGKH H ]s VLVWHPL
EDQNDUPELWsWUHJXW+LVWRULNXLVLVWHPLWEDQNDULNDILOOLPHWHWLMQJD
GKHPsYRQsQsYLWLQGDWsHFLODSsUNRQHGKHPHNULMLPLQH%DQNsV
.RPEsWDUHWs6KTLSsULVsSsUWsNDOXDUPsYRQsQs%DQNsQH6KWHWLW
GKHQsYLWLQNULMRKHWDMRTsVRWQMLKHWPHHPULQ%DQNDH6KTLSsULVs
*MDWs NRKsV Vs %DQNsV .RPEsWDUH Ws 6KTLSsULVs X ]EDWXD 6WDQGDUWL L $ULW
TsQsQNXSWRQWHVHNDUWPRQHGKDWNWKHKHVKLQQsDUGKHQsYDOXWsWsKXDMWs
IRUWsTsQsQNXSWRQWHGROODUOLUDVWsUOLQD*MDWsNsVDMNRKHNMREDQNsNLVKWH
IXQNVLRQHPHWXHVGKHIXQNVLRQNUHGLWXHV1sYLWLQ%DQNDH6KTLSsULVs
PHUUDWULEXWHWHQMsEDQNHTsQGURUHGKHQMsEDQNHWUHJsWDUHQMsNRKsVLVKW1s
YLWLQPHQGU\VKLPLQHVLVWHPLWSROLWLNQs6KTLSsULGRWsEsQWHQGU\VKLPH
WKHOEsVRUH Qs VLVWHPLQ EDQNDU 1s ILOOLP NHPL NDOLPLQ H HNRQRPLVs QJD QMs
HNRQRPLVKWHWsURUHQsHNRQRPLWsWUHJXWWsOLUs.\WUDQVIRUPLPLGKDPXQGsVL
NULMLPLWWsVLVWHPLWEDQNDUG\QLYHOHVKQsYHQG
3sUYHoVLVWHPLWWsEDQNDYHQsYHQGJMDWsNsVDMSHULXGKHNDQsIXQNVLRQXDU
HGKH VHNWRUs Ws WMHUs VLo MDQs LQGXVWULD H SURGKLPLW LQGXVWULD Q[MHUUsVH HWM
*MDWs SHULXGKsV Vs =RJXW NHPL NULMLPLQ H PRQHGKsV Vs SDUs VKTLSWDUH
1s YLWLQ Ts SsUNRQ HGKH PH NULMLPLQ H PRQDUNLVs VKTLSWDUH QXPUL L
QGsUPDUUMHYHDUULWLQs1sYLWLQXYXUHQMsDNWLYL]LPLJMHUsLNDSLWDOLW
NRPEsWDU Qs LQGXVWUL *MDWs SHULXGKsV ,WDOLD OORJDULW ILWLPH Qs
6KTLSsULQsYOHUsQIUDQJDDUL1sYLWLQQXPULLQGsUPDUUMHYH
GKHVKRTsULYHLQGXVWULDOHDUULWLQsYHWsPQsYLWLQYHWsPWs
WLOODQsYLWLQ1sNsWsNRKs6KTLSsULDNLVKWsPDUUsGKsQLHWUHJsWDUHPH
YHQGHWsERWsVSRUQGsUPsWs]KYLOOXDUDWLVKLQQsUDGKsWsSDUsPH,WDOLQs
-XJRVOODYLQs )UDQFsQ *MHUPDQLQs GKH *UHTLQs 1s YLWLQ LQGXVWULD
NRQWULEXRQWHQsPsVKXPsVHWsSURGXNWLWWsEUHQGVKsPEUXWRSRUQs
YLWLQDVKWXVLHGKHVKXPsYHQGHWsWMHUDOLQGRUHPHHNRQRPLVRFLDOLVWH
UUHJMLVWUXDQHGKHILOOLPLQHUsQLHVHNRQRPLNHPHVKSHMWsVL6LVWHPLHNRQRPLN
K\UL Qs NUL]s WRWDOH JMDWs YLWHYH 'HILoLWL EX[KHWRU DUULWL WsSURGXNWLWWsEUHQGVKsPEUXWR5ULWMDHNRQRPLNHPRGHVWHSUHMH
YHULILNXDUQsYLWHWXEsQHJDWLYHJMDWHYLWHYH1sILOOLP
WsYLWLWERU[KLLMDVKWsPHNDORLPDVsQWsSURGXNWLWWsEUHQGVKsP
EUXWR9HQGLUDQsQMsNUL]sWHWKHOOsHNRQRPLNHGKHPHJMLWKsGLVDWHQWDWLYD
SsU PRGLILNLPLQ H SROLWLNsV HNRQRPLNH GKH OHMLPLQ H GLVD HOHPHQWHYH WH
HNRQRPLVs NDSLWDOLVWH .MR LVKWH QMs NUL]s H YHWs VLVWHPLW VRFLDOLVW GKH SsU
SDVRMsQXNPXQGWs]JMLGKHMSDHQGU\VKXDUDWs
1GU\VKLPLTsSsVRLHNRQRPLDVKTLSWDUHSDVUsQLHVVsVLVWHPLWHNRQRPLN
LVKWHGUDVWLN1sYLWHWTHSDVXDQQJMDUMHWGKH]KYLOOLPHWNDQsTHQsWsVKXPWD
$QDOL]DGKHSsUPEOHGKMDHW\UHGRWsLVKWHVKXPsHJMDWs1sYD]KGLPGR
Ws PXQGRKHPL Ws SDUDTHVLP DWR oND NDQs THQs ED]LNH GKH GRPHWKsQsVH
SsU WUDQVIRUPLPLQ H HNRQRPLVs VRQs .DOLPL Qs HNRQRPLQs H WUHJXW oRL
Qs SULYDWL]LPH Ws VKXPWD OLEHUDOL]LP Ws oPLPHYH QRUPDYH Ws LQWHUHVLW GKH
OXKDWMHWsOLUsWsNXUVLWWsNsPELPLW/LJMLPELVKSsUQGDUMHQHWRNDYHILOOLPLVKW
YHWsPQsSsUGRULPLVKWHQGsUPsWsUsQGsVLVKPLWQsDWsNRKsVLGRPRVGXNH
NRQVLGHUXDU TH HNRQRPLD MRQs PEsVKWHWHM NU\HVLVKW Qs EXMTsVL (PLJULPL
PDVLY LVKWH QMs SUHM SUREOHPHYH VKRTsURUH Ps Ws UsQGD Ts SDWL QMs QGLNLP
VKXPs Ws PDGK HGKH Qs HNRQRPL SsU VKNDN Ws Ws DVKWXTXDMWXULW ´ODUJLP
L WUXULWµ 3sU NsWs SsU WsUs NsWR YLWH UHPLWDQFDW NDQs SsUEsUs QMs SMHVs Ws
UsQGsVLVKPHWsSURGXNWLWWsEUHQGVKsPEUXWR
6LVWHPLILQDQFLDUGKHVWDELOLWHWLILQDQFLDUQs6KTLSsUL
0sSRVKWsGRWsSDUDTLWHWHFXULDHQLYHOLWWsSsUJMLWKVKsPWsoPLPLWSsU
VKTLSsULQs Qs SHULXGKsQ 7s GKsQDW H PDUUD GKH QMs DQDOL]s PXMRUHSUDNsWXGRWsSDUDTLVLPHGKHJUDILNXQHSsUJMLWKVKsPWsoPLPHYH
6LoYLKHWUHHGKHQJDSDUDTLWMDJUDILNHQLYHOLLSsUJMLWKVKsPLoPLPHYHsVKWs
EUHQGDLQWHUYDOLWWsOHMXDU%DQNDTsQGURUHNDNDUXDMWXUGKHNDPEDMWXU
QsQNRQWUROOREMHNWLYLQHVDMNU\HVRUTssVKWHUXDMWMDHQLYHOLWWsSsUJMLWKVKsP
WsoPLPHYH
1Ms LQGHNV Ts SsUGRUHW SsU Ws WUHJXDU HFXULQs H VLVWHPLW ILQDQFLDU sVKWs
HGKHLQGHNVLLIRUWsLVsILQDQFLDUH.\LQGHNVSsUEsKHWHGKHQJDQsQLQGHNVH
Ws WMHUD VLo MDQs 5UH]LNX L NXUVLW Ws NsPELPLW UUH]LNX L QRUPsV Vs LQWHUHVLW
FLOsVLD H DNWLYLWHWHYH UUH]LNX L OLNXLGLWHWLW SsUILWXHVKPsULD PMDIWXHVKPsULD H
NDSLWDOLW1sYLMLPSDUDTLWHWHFXULDHLQGHNVLWWsIRUWsLVsILQDQFLDUHVLSsUEsUsV
L LQGHNVHYH Ws SDUDTLWXUD Ps VLSsU 9HWs LQGHNVL ND THQs Qs IDNW QHJDWLY
GXNHSRKXDUHWUHJXDUHGKHQMsKHUsIDNWLQVHVLVWHPLEDQNDUSDVNUL]sVVs
IXQGLWNDQGHVKXUQsQMsVsUsYsVKWLUsVLVK1sQsQLQGHNVHWGKHOXKDWVKPsULQs
GKH SsUNHTsVLPLQ Ps Ws PDGK MDQs DL L L OLNXLGLWHWLW GKH DL L FLOsVLVs Vs
DNWLYLWHWHYHOLGKXUPHQLYHOLQHNUHGLYHWsNsTLMDGKHDLLSsUILWXHVKPsULVs1s
YHQGLQWRQsQGLNLPLLNUL]sVQGsUNRPEsWDUHXUULWVLGRPRVSsUVKNDNWsVKNDN
Ws WUDQVIRUPLPLW Ws VDM Qs QMs NUL]s Ws HNRQRPLVs UHDOH PH VKLWMH JOREDOH
)LOOLPLVKWNUL]DILQDQFLDUHQGsUNRPEsWDUHQXNSDWLQMsQGLNLPWsGUHMWSsUGUHMWs
QsHNRQRPLQsGKHPELVLVWHPLQWRQsILQDQFLDU$UV\HWOLGKHQPHPXQJHVsQ
H HNVSR]LPLW Ws VHNWRULW EDQNDU GKH VLVWHPLW ILQDQFLDU Qs SsUJMLWKsVL PH
SURGXNWH Ws LQVWLWXFLRQHYH ILQDQFLDUH Ws FLODW LVKLQ Qs THQGsU Ws NUL]sV 1Ms
VKNDNWMHWsUsVKWsHGKHHNVSR]LPLLXOsWQGDMKXDPDUUMHVQsWUHJMHWHKXDMDGKH
VH VKXPLFD H LQYHVWLPHYH ILQDQFRKHVKLQ QJD NXUVLPHW YHWLDNH UHPLWHQFDW
VL HGKH ULLQYHVWLPL L ILWLPHYH GKH MR QJD NUHGLD EDQNDUH 0HJMLWKDWs Qs PXMRULQ H IXQGLW Ws YLWLW SsU VKNDN Ws HIHNWLW SVLNRORJMLN Ts VKNDNWRL
DVKSsUVLPL L NUL]sV Qs WUHJMHW QGsUNRPEsWDUH SXEOLNX YHQGDV UHDJRL GXNH
WsUKHTXU QMs SMHVs Ws GHSR]LWDYH Ws VHNWRULW EDQNDU 3sU SDVRMs NXVKWHW H
OLNXLGLWHWLWXVKWUsQJXDQVLHGKHXHYLGHQWXDQMsQJDGDOsVLPLNUHGLWLPLWQJD
DQDHVHNWRULWEDQNDU6KWULUMDQsNRKsHNUL]sVQGLNRLQsNXIL]LPLQHEXULPHYH
Ws ILQDQFLPLW GKH Qs UULWMHQ H oPLPLW Ws WLM Qs WNXUUMHQ H ÁXNVHYH K\UsVH Qs
YDOXWs Qs UULWMHQ H SUHVLRQLW ]KYOHUsVXHV PEL OHNXQ GKH Qs SsUNHTsVLPLQ H
SULWVKPsULYHWsDJMHQWsYHHNRQRPLNsSsUVKsQGHWLQILQDQFLDUQsWsDUGKPHQ
0HJMLWKDWs QJD UDSRUWL L %DQNsV Vs 6KTLSsULVs sVKWs GHNODUXDU VH
sVKWs UULWXU QGMHVKPsULD H VLVWHPLW ILQDQFLDU GKH ]KYLOOLPH Ws EUHQGVKPH
PDNURHNRQRPLNH NX UUH]LTHW NU\HVRUH OLGKHQ PH QJDGDOsVLPLQ H DNWLYLWHWLW
HNRQRPLNWsYHQGLWNsUNHVDNRQVXPDWRUHGKHNRQWULEXWLLVHNWRULWWsMDVKWsP
WsHNRQRPLVsNDQsTHQsUHODWLYLVKWWsTsQGUXHVKsPQGsUVDLQYHVWLPHWSULYDWH
NDQs VKsQXDU UsQLH 6HNWRUL EDQNDU GKH RIHUWD PRQHWDUH 2IHUWD PRQHWDUH
sVKWsQJDGDOsVXDUGXNHUHÁHNWXDUQsQMsPDVsWsPDGKHUULWMHQJMLWKQMsHPs
WsXOsWWsNUHGLWLPLW
,QYHVWLPLQsDUVLPsVKWHNUHMWLYHoDQWs&LOsVRKHWVLQMsLQYHVWLPXQLNDO
6HSVH sVKWs QMs LQYHVWLP Qs GLMH Qs WHNQRORJML Qs VKNHQFs LQYHVWLP L Vs
DUGKPHV $L sVKWs QMs QJD IDNWRUsW NU\HVRUs Qs ]KYLOOLPLQ H HNRQRPLVs
VRFLDOH Ws VKHNXOOLW Ws VRWsP Qs QGU\VKLPHW GKH ]KYLOOLPHW DNWXDOH JOREDOH
=KYLOOLPL L NDSLWDOLW QMHUs]RU NRQVLGHURKHW PH Ws GUHMWs VL PRWRUU L ]KYLOOLPLW
Qs HNRQRPLQs H UH ERWsURUH $UVLPL L ODUWs NRQWULEXRQ Qs UULWMHQ HNRQRPLNH
QsSsUPMHWSXQsVLPHYHQsVHNWRUsWSULYDWGKHSXEOLN3sUILWLPHWSsULQGLYLGsW
SsUIVKLMQsSHUVSHNWLYDWPsWsPLUDSsUSXQsVLPSDJDPsWsODUWDGKHDIWsVL
PsWsPDGKHSsUWsNXUV\HUGKHLQYHVWXDU.sWRSsUILWLPHPXQGWsUH]XOWRMQs
QsQMsQLYHOPHFLOsVLPsWsSsUPLUsVXDUWsMHWsV$UVLPLLODUWssVKWsQMsQJD
LQVWUXPHQWDWNU\HVRUsSsUQ[LWMHQH]KYLOOLPLWHNRQRPLN$UVLPLLODUWssVKWsQMs
SsUFDNWXHVMRYHWsPLQMs]KYLOOLPLPsWsVKSHMWsGKHPsWsODUWsHNRQRPLN
SRUHGKHPsFLOsVRUSsUPHV]KYLOOLPLWWsWHNQRORJMLVsGKHLQRYDFLRQHYHWsUHMD
GKH]KYLOOLPLWWsVKNHQFsV(SsUUUMHGKRMsDLsVKWsQGLNXHVSR]LWLYQsUULWMHQH
WsDUGKXUDYHGKHPXQGWsSURGKRMsSsUILWLPHVLSXEOLNHDVKWXHGKHSULYDWH
$UVLPLPXQGWsNULMRMsWsDUGKXUDPsWsODUWDSsUVKWHWLQQsSsUPMHWWDNVDYH
PXQGWsUULVsNXUVLPHWGKHLQYHVWLPHW
1JDVKNROODHSDUsVKTLSHTsXNULMXDQsGHULPsVRWNDQsNDOXDU
YMHW3RUJMDWsNsW\UHYLWHYHDUVLPLQsYHQGLQWRQsNDSsVXDUQGU\VKLPH
GKHJMDWsYLWHYHNDQMRKXUQMs]KYLOOLPVLFLOsVRUDVKWXHGKHVKLIURU6KTLSsULD
WUDVKsJRL QJD VLVWHPL NRPXQLVW QMs WUDGLWs Ws IRUWs Ws VKNROOsV 1GRQsVH
RUJDQL]XDUPELVKNROOsQUXVHVLVWHPLDUVLPRUQs6KTLSsULQsWsJMLWKDFLNOHW
H UXDMWL QMs FLOsVL SsUJMLWKsVLVKW Ws ODUWs VHULR]LWHW GKH SsUNXVKWLP Ws PDGK
8QLYHUVLWHWL GKH DNDGHPLD VKTLSWDUH QGRQsVH Qs NXVKWHW H QMs L]ROLPL
HNVWUHP DUULWsQ Ws NULMRMQs QMs HOLWs GXNH SsUMDVKWXDU VKNHQFDW VRFLDOH 3R
NsVKWXHGKHFLNOHWHVKNROOHVHOHPHQWDUHDSRWsPHVPHUHJMLPLGKHNXMGHVL
QsPsQ\UsWsSRVDoPH
ÊVKWs MDVKWs oGR G\VKLPL Ts KDSMD H 6KTLSsULVs NsWR QMs]HWs YLWHW H
IXQGLWNDNULMXDUPXQGsVLWsVKNsOT\HUDTsGKMHWUDPLMUDVWXGHQWsVKTLSWDUs
Ws VWXGLRMQs oGR YLW Qs XQLYHUVLWHWHW H ERWsV Vs OLUs $NWXDOLVKW Qs Ws JMLWKs
WHUULWRULQVKTLSWDUQGRGKHQUUHWKVKNROODWsQGDUDQsFLNOsWSsUNDWsVH
SXEOLNH H MR SXEOLNH 3RU QXPULQ Ps Ws PDGK H VKsQRMQs VKNROODW H FLNOLW
YMHoDU 1GsUNRKs Ts Ps VKXPs VKTLSWDUs VWXGLRMQs Qs $PHULNs 7XUTL
6SDQMs)UDQFs$QJOL*MHUPDQL$XVWUL,WDOL5XPDQL*UHTL$UDEL.LQs5XVL
HWM $UVLPL VKTLSWDU ILOOHVDW H WLM L GDWRQ Ts Qs VKHNXOOLQ H VKWDWsPEsGKMHWs
NX PsVRQMsWRUMD H SDUs VKTLSH X KDS Qs .RUos VLo H WKDPs Ps ODUW Qs PDUV6KNROODHSDUsNXSsUJDWLWHVKLQPsVXHVXKDSQs(OEDVDQVKNROOD
SHGDJRJMLNH'HULQsYLWLQQsWsJMLWKsYHQGLQQXPsURKHVKLQ
VKNROODILOORUHGKHIUHNXHQWRKHVKLQQJDYHWsPQMsHNDWsUWDHIsPLMsYH$UVLPLL
ODUWsQs6KTLSsULHND]DQDILOOsQQsYLWLQPH,QVWLWXWLQG\YMHoDUQs7LUDQs
$NWXDOLVKWQsWsJMLWKHYHQGLQIXQNVLRQRMQsWUHPEsGKMHWsXQLYHUVLWHWHJMDVKWs
QJDWsFLODWQs7LUDQs)XQVNLRQRQJMLWKDVKWX8QLYHUVLWHWLL$UWHYH8QLYHUVLWHWL
H(GXNLPLW)L]LNGKH6SRUWHYH$NDGHPLDH3ROLFLVs5sQGsVLHYHoDQWsLsVKWs
NXVKWXDUSURJUDPHYHHNXUULNXODYHWsUHMDPsVLPRUHGXNHNsUNXDUDILUPLPLQ
QsXQLYHUVLWHWHWWRQDHLQVWLWXFLRQHW$QJOR3HUsQGLPRUH$UVLPLMRSXEOLN
SULYDWHND]DQDILOOsQQsYLWLQPHKDSMHQHVKNROODYHWsSDUDWsNsWLMOORML
PHGUHVHWs 1XPUL L LQVWXFLRQHYH Ws DUVLPLW SDUD XQLYHUVLWDU GHUL Qs sVKWs1XPULLLQVWLWXFLRQHYHWsDUVLPLWWsODUWsSULYDWGHULQsNRUULN
sVKWs1GsUNRKssVKWsUULWXUHGKHQXPULLNRSVKWHYHMRSXEOLNHTsMDQs
VKXPsWsIUHNXHQWXDUDYLWHWHIXQGLW(GKHSVHQXPULLVKNROODYHSXEOLNHHMR
SXEOLNHQsWsJMLWKDQLYHOHWDUVLPRUHsKWsUULWXUQGMHVKsPSsUVsULYLKHWUHTsND
IsPLMsTsODUJRKHQQJDVKNROOD6LSDVVSHFLDOLVWsYHQMsQJDVKNDTHWNU\HVRUH
sVKWsQLYHOLLXOsWHNRQRPLNLOLGKXUQJMXVKWsPHVKNDTHWVRFLDOHREMHNWLYH
HVXEMHNWLYHVLHGKHPHFLOsVLQsHVKsUELPLWDUVLPRUTsQDW\ULVKWSsUEsQQMs
VKNDN WMHWsU 1s 6KTLSsUL IXQNVLRQRMQs UUHWK VKNROOD SXEOLNH GKH LQVWLXFLRQHDUVLPRUHMRSXEOLNHWsVLVWHPLWSDUDXQLYHUVLWDU1GsUVD0LQLVWULD
H$UVLPLWGKH6KNHQFsVGLVSRQRQWsGKsQDYHWsPSsUVKNROODWSXEOLNH6LSDV
VDMQsPEDUsYHQGLQMDQsUUHWKREMHNWHTsIXQNVLRQRMQsVLLQVWXFLRQHWs
DUVLPLWSDUDXQLYHUVLWDUTsQGU\VKHGRWsWKRWsVKNROODYMHoDUHHWsPHVPH
1s WsUsVLQs H LQVWXWXFLRQHYH DUVLPRUH MR SXEOLNH SDUDXQLYHUVLWDUH MDQs LQVWLWXFLRQH IHWDUH Ws QLYHOLW SDUDXQLYHUVLWDU .sWR LQVWXWXFLRQH DUVLPRUH MR SXEOLNHMDQsPLUDWXDUPHYHQGLPWsNsVKLOOLWWsPLQLVWUDYHMDQsYHQGRVXUQs
T\WHWHWNU\HVRUHWs6KTLSsULVsVL7LUDQD'XUUsVL.RUoD6KNRGUD(OEDVDQL
%HUDWLGKH.DYDMD
.sWRWsGKsQDUUHWKUUHJMLVWULPLWGKHPDUUMHVVsGsIWHVDYHWsFLNOLWYMHoDU
MDQsSDUDTLWXUQsWDEHOsQHPsSRVKWPHPHWsGKsQDTsQJDYLWL
-DQsVsEDVKNXDUVLPLSXEOLNGKHSULYDW3UHMYLWHYHGHULWDQLsVKWsXOXU
QXPUL L Q[sQsVYH Qs VKNROOD SsU VKNDN Ws UULWMHV Vs HPLJULPLW GKH XOMHV Vs
OLQGVKPsULVs1JDYLWLMDQsVHEDVKNXDUVLPLSXEOLNGKHSULYDW
9LKHWUHQMsUULWMHQJDYLWLQsYLWLIUHNXHQWLPLWWsQ[sQsVYHQsVKNROODWHPHVPH
Ws SsUJMLWKVKPH GKH QMs UsQLH H Q[sQsVYH Ts QGMHNLQ VKNROODW H PHVPH
SURIHVLRQDOH.MRQGRGKSsUVKNDNVH
1[sQsVLWHVKNROODYHWsPHVPHSURIHVLRQDOHQsWsJMLWKsYHQGLQKDVLQ
YsVKWLUsVLQsUHDOL]LPLQHSUDNWLNDYHPsVLPRUH
ÊVKWsLQWHUHVLLXOsWLEL]QHVLWSsUWsoHOXUG\HUWQGDMQ[sQsVYHRIHUWDH
NXIL]XDUNsUNHVDTssVKWsVLHGKHPXQJHVDHLQIUDVWUXNWXUsVTsPEHWHW
QMsQJDVKTHWsVLPHWNU\HVRUHWsVKNROODYHWsPHVPHSURIHVLRQDOH
1GsUVDPXQJRQED]DOLJMRUHSsUWsOHKWsVXDUEDVKNsSXQLPLQPHNRPSDQLWs
SULYDWHGKHJMLWKoNDLOLKHWYXOOQHWLWWsPLUsWsSDNEL]QHVHYH-DQsVKXPsWs
SDNWDVXEMHNWHWTsVKIDTHQVLEDVKNsSXQXHVHQsNsWsGUHMWLPGXNHVKNDNWXDU
YsVKWLUsVLQsDIWsVLPLQSUDNWLNWsDGROHVKHQWsYHTsHNDQsIRNXVXDUHGXNLPLQ
HW\UHQsSURIHVLRQHWsFDNWXDUD6LWXDWDWsNsVDMQDW\UHYOHUsVRKHQVLSDVRMs
HLQIRUPDFLRQLWWsSDVDNWsVLHGKHPXQJHVDHPDUUsYHVKMHYHWsVKNUXDUDWs
TDUWDVLSDVWsFLODYHWsIXQNVLRQRMQsPDUUsGKsQLHWPHVSDOsYH
7sGKsQDWQJDYLWLMDQsVsEDVKNXPHDUVLPLQSXEOLNHSULYDW
GKH QXPULQ H VWXGHQWsYH Ts IUHNXHQWRMQs VWXGLPHW H ODUWD NDQs QMs WUHQG
UULWsVSUHMYLWLWGHULPs1JDYLWLGHULQs
QXPUL L VWXGHQWsYH Ws UUHJMLVWUXDU sVKWs UULWXU VWXGHQWs 1GsUVD SsU
YLWLQGHULQsYLWLQDNDGHPLNQXPULLVWXGHQWsYHWs
UUHJMLVWUXDUsVKWsUULWXUDIsUVLVKWKHUs.MRUULWMHNDDUGKXUQJDOLEHUDOL]LPL
XQLYHUVLWHWHYHSXEOLNHGKHUULWMDHQXPULWWsLQVWLWXFLRQHYHWsDUVLPLWWsODUWs
MRSXEOLN*MDWsNsW\UHYLWHYHQGU\VKLPNDSDWXUHGKHUDSRUWLLVWXGHQWsYH
IHPUDGKHPHVKNXM1sILOOLPWsYLWHYHLVKLQPsVKXPsVWXGHQWsPHVKNXM
TsUUHJMLVWURKHVKLQQsXQLYHUVLWHWQGsUVDVRWQXPULPsLODUWsLIUHNXHQWLPLWL
WDNRQJMLQLVsIHPsURUH)DNWRULTsNDQGLNXDUPsVsVKXPWLMDQsQGU\VKLPHW
VRFLDOH GKH KDSMD H 6KTLSsULVs GUHMW YHQGHYH SHUsQGLPRUH 1s ILOOLP PH
NULMLPLQHLQVWLWXFLRQHYHWsODUWDSULYDWHILOORLWsUULWHWHGKHQXPULLVWXGHQWsYH
1MsQGsUDUV\HWTsLVKW\QVWXGHQWsWWsVWXGLRMQsQsXQLYHUVLWHWHSULYDWHMDQs
‡ 6WDILLNXDOLILNXDU
‡ 3URJUDPHWFLOsVRUHPEL.DUWsQH%RORQMsV
‡ 0HWRGDEDVKNsNRKRUHWsPsVLPGKsQLHV
‡ ,QIUDVWUXNWXUsEXUVDSsUVWXGHQWsWPsWsPLUsHWM
3sUWsNDOXDUQsYOHUsVLPLQTsNDEsUs)RUXPL%RWsURU(NRQRPLNQsOLGKMH
PHHGXNLPLQVLSDVWLMUDSRUWLLQGHNVLLHGXNLPLWHUHQGLW6KTLSsULQsQsYHQGLQ
H QJD YHQGH Ws PDUUD Qs DQDOL]s 5DSRUWHW VWDWLVWLNRUH SsU HFXULQs
H HNRQRPLVs VKTLSWDUH QXN PXQJRMQs Qs VKW\SLQ VKTLSWDU .XU ÁDVLP SsU
UDSRUWHW Ts NDQs OLGKMH VLGRPRV PH VKsQGHWsVLQs SRU MR JMLWKPRQs NsWR
VKNULPHSsUSDUDPHWUDWPDNURHNRQRPLNsMDQsDGHNXDWH0DGMHVKSHVKKHUs
NsWR UDSRUWH FXQJRKHQ DSR NHTLQWHUSUHWRKHQ QJD VKW\SL SsU VKHPEXOO Qs
UDVWHWNXUQMsSDUDPHWULWsFDNWXDULMHSHWPsVKXPsUsQGsVLVHVDGXKHWW·L
MHSHWQMsSDUDPHWULWMHWsUNU\HVRULFLOLOLKHWPsQMDQs
)RQGL0RQHWDU1GsUNRPEsWDUsVKWsQMsSUHMRUJDQL]DWDYHQGsUNRPEsWDUH
TsPRQLWRURQHFXULQsHNRQRPLNHGKHILQDQFLDUHWsNsVDMRUJDQL]DWHSUD
VKWHWHYHTsMDQsDNWXDOLVKWGKHTsNDVKXPsWsGKsQDDIDWJMDWDSsUYHQGH
WsERWsVSsUIVKLHGKH6KTLSsULQs0sSRVKWsYLMRMQsGLVDJUDILNsQsWsFLODW
QGRGKHQ WUHJXHVLW PDNURHNRQRPLNs ILQDQFLDUs SsU 6KTLSsULQs 3URGKLPL L
%UHQGVKsP%UXWRsVKWsYOHUDWRWDOHHWsPLUDYHPDWHULDOHGKHVKsUELPHYHTs
SURGKRKHQEUHQGDWHUULWRULWWsQMsYHQGLJMDWsQMsSHULXGKHNRKHWsFDNWXDU
)01 QsQYL]RQ VH YLWL ED]s SsU Ws GKsQDW Ts SsUPEDQ NMR GDWDED]s sVKWs
.MREsKHWSsUWsNRULJMXDUHIHNWHWHOXKDWMHVVsoPLPHYHGKHSsUNsWs
Qs PsQ\Us Ws PXQGVKPH NUDKDVRKHW UULWMD UHDOH HNRQRPLNH QJD YLWL Qs YLW
3URGXNWLL%UHQGVKsP%UXWRsVKWsVKLIUDTsGHOQJDSMHVsWLPLLYOHUsVVsQMs
VKWHWL PH QXPULQ H EDQRUsYH Ws DWLM YHQGL GKH UUMHGKLPLVKW sVKWH WUHJXHV L
UsQGsVLVKsP SDVL SDUDTHW SURGKLPLQ Qs UDSRUW PH SRSXOOVLQs ,QGHNVL L
SURGKLPLWWsEUHQGVKsPEUXWRSsUEDQRUJMLWKDVKWXUHÁHNWRKHWQsVWDQGDUWLQ
HMHWHVsVVsQMsVKWHWL6LSDV%DQNsV%RWsURUsGKHGLVDLQVWLWXFLRQHYHWsWMHUD
QGsUNRPEsWDUH N\ LQGHNV sVKWs WUHJXHVL Ps DNWLY SsUVD L SsUNHW 3URGXNWLW
Ws%UHQGVKsP%UXWRSDVLLSsUNHWUHÁHNWLPLWWsVWDQGDUWHYHWsMHWHVsVWsQMs
YHQGLWsFDNWXDUGKHPXQGsVRQNUDKDVLPHWPLGLVVKWHWHYHWsQGU\VKPHGKH
JMLWKDVKWX EUHQGD Ws QMsMWLW YHQG NUDKDVLPH PH VKLIUD Ws YLWHYH Ws NDOXDUD
%DQND%RWsURUHSsUVKHPEXOOVTDURQVHN\sVKWHLQGHNVLPELWsFLOLQ%DQND
%RWsURUsED]RKHWSsUWsOORJDULWXUQLYHOLQHYDUIsULVsVsQMsYHQGL/ORJDULWMHW
H 3URGXNWLW Ws %UHQGVKsP %UXWR SsU EDQRU EsKHQ GXNH X ED]XDU QJD
SDUWQHULWHWL L IXTLVs EOHUsVH GKH Qs NsWs PsQ\UH NRULJMRKHW IXTLD EOHUsVH H
PRQHGKsVYHQGDVHQsPsQ\UsTsWsMHWsHNUDKDVXHVKPHPHIXTLQsEOHUsVH
WsPRQHGKsVVsYHQGHYHWsWMHUDĈQGHNVLL3URGXNWLWWs%UHQGVKsP%UXWRSs
VKWHWLQ GKH PRQHGKsQ SsUNDWsVH OORJDULWHW GXNH X IDNWRUL]XDU SUD PDUUs VL
SLNsUHIHULPLIXTLQsEOHUsVHTsNDGROODULDPHULNDQQs6KWHWHWH%DVKNXDUDWs
$PHULNsV*MLWKDVKWXGXNHNRULJMXDUSsUGLVDIDNWRUsWsWMHUsTsQGU\VKRMQs
QJDVKWHWLQsVKWHW'KHNsVKWXQ[LUUHWNXUVLQGsUNRPEsWDUSsUPRQHGKsQH
QMsYHQGLWsFDNWXDUJMDWsQMsSHULXGKHNRKRUHWsFDNWXDU3sUVKHPEXOOQsVH
OORJDULWHWVKLIUDHGLVDLQGHNVHYHTsJMHQGHQQsGDWDED]sQHVLSsUSsUPHQGXU
)01SsU6KTLSsULQsSUDNXUVLLWUHJXWWsGROODULWSsUYLWLQsVKWsDIsUVLVWK
/HN1GsUNRKsTsYOHUDHGROODULWQGsUNRPEsWDUSsUWsQMsMWLQYLWsVKWs
/HN'XKHWWsNHPLSDUDV\VKTsWsGKsQDWHLQGHNVLWSsUYLWLQQXN
MDQsVKLIUDHN]DNWHSRUSsUDIULPHWs)013UDUDSRUWLPLGLVW\UHsVKWs
1sVHGRWsNUDKDVRKHQWsDUGKXUDWED]XDUWHNN\LQGHNVGRWsQsQNXSWRQLP
TsQMsUURJsSUHMGROODUsSsUQMsQMHULTsMHWRQQs6KTLSsULJMDWsYLWLW
sVKWHHNXLYDOHQWPHQMsUURJsSUHMGROODUsSsUQMHULTsMHWRQQs$PHULNs
JMDWsWsQMsMWLWYLW3sUVDLSsUNHWIXTLVsEOHUsVHWsVHFLOsVPRQHGKsWsYHQGHYH
SsUNDWsVHNsWDG\LQGLYLGsGRWsNLVKLQPXQGsVLQsWsEOLQLQDIsUVLVKWWsQMsMWDW
JMsUDQsYHQGHWSsUNDWsVHPHVKXPDWSsUNDWsVH
3sUVDLSsUNHWLQGHNVLPLWWsWsDUGKXUDYH6KTLSsULDUHQGLWHWWHNYHQGHWPH
WsDUGKXUDWsPHVPHWsODUWDNXNDWHJRULWsMDQsWsDUGKXUDWHXOsWDSMHVsH
OLVWsVMDQs.HQLD8JDQGD%DJODQGHVKLHWM,QWHUYDOLsVKWsQJDGHULQs
GROODUsQsGLWs7sDUGKXUDWHPHVPHNXIXWHW$UPHQLD1LJHULD3DNLVWDQLHWM
LQWHUYDOLsVKWHQJDGHULQsGROODUsQsGLWs7sDUGKXUDWsPHVPHWs
ODUWD6KTLSsULD.LQD%XOOJDULD7XUTLDHWMLQWHUYDOLGHULQsGROODUs
Qs GLWs 7s DUGKXUD Ws ODUWD $XVWUDOLD $XVWULD 6+%$ (VWRQL 'DQLPDUNs
LQWHUYDOLQJDQHGLWs6LSDVWsGKsQDYHWsJUDILNXWYsPsUHVHQLYHOLL
3URGXNWLWWs%UHQGVKsP%UXWRNDTHQsPsLXOsWQsYLWLQHFLODsVKWs
SDVXDUQJDQMsUULWMHHYRJsOSsUSsULXGKsQ1sYLWHWVL
UH]XOWDWLQGU\VKLPLWYLKHWUHQMsUsQLHQsQLYHOLQHSsUJMLWKVKsPWs3URGXNWLW
Ws%UHQGVKsPEUXWRHFLODVKsQRQQLYHOLQPsWsXOsWWsWLMQsSsULXGKsQ
3DVYLWLWNHPLVsULVKQMsUULWMHWsSURGXNWLWWsEUHQGVKsPEUXWRLFLOL
VKRTsURKHWPHUULWMHWsODUWDSsUSsULXGKsQHQsYD]KGLP
0HJMLWKDWsGXNHPRVH]JMDWXUPsWHMDQDOL]sQHNsW\UHYLWHYHWUDQ]LFLRQL
SsUPE\OOLPPHIDNWLQVHQsYOHUsVLPHWHIXQGLWQJD6WDQGDUWVQ·3RRUNHPL
NDOXDU Qs QLYHOLQ % GKH NMR sVKWs VKXPs SR]LWLYH Ws SDNWsQ Ps PLUs VH
YOHUsVLPLSDUDDUGKsV'XKHWWKHNVXDUVHHGKHSVHQsQLYHOHPELMHWHVHUXDMPs
VKLIUDSR]LWLYHWsQGU\VKLPLWWs3URGXNWLWWs%UHQGVKsP%UXWR
7UHJXHVL VWDWLVWLNRU Qs 6KTLSsUL Qs VHNWRULQ VKsQGHWsVRU VLJXULPHYH
VKRTsURUHGKHPEURMWMHVVRFLDOHNXPsSRVKWsGRWsSDUDTLVLPHGKHWDEHODW
H DNWLYLWHWLW Ws LQVWLWXFLRQHYH VSLWDORUH SUD VLSDV Ws GKsQDYH Ws WDEHOsV GR
Ws VKRKLP VH Qs VHNWRULQ H VKsQGHWsVLVs SsU SHULXGKsQ QXPUL L
VSLWDOHYHsVKWsUULWXUVLUH]XOWDWLKDSMHVVsNOLQLNDYHSULYDWHGKHLQYHVWLPHYH
SULYDWHQsNsWsVHNWRU6LUH]XOWDWLQXPULWWsVSLWDOHYHSsUQMsTLQGPLMsEDQRUs
GHULQssVKWs0sSRVKWsSRSDUDTHVLPGLVDWsGKsQDQsOLGKMHPH
VLJXULPHWVKRTsURUHGKHPEURMWMHQVRFLDOHSUDHFXULQsHW\UHSsUSHULXGKsQ
SsU ]RQsQ UXUDOH GKH XUEDQH 6LSDV Ws GKsQDYH Ws WDEHOsV Vs
PsSRVKWsPHYLKHWUHVHGXNHNDOXDUQJDQMsYLWQsWMHWULQsVKWsUULWXUQLYHOLL
SHQVLRQHYH3RWsEsMPsQMsNUDKDVLPPHSHQVLRQHWHVKWHWLWSUDWRWDOPLGLV
YLWLWVKRKLPVHQsYLWLQSHQVLRQHWNDQsTHQsJMLWKVHVL
/HNQsYLWWsFLODWNDQsDUULWXUQsYLWLQQsVKLIUsQ/HNQsYLW
3UDNHPLDIsUVLVKWQMsUULWMHSUHMQsQLYHOLQHSHQVLRQHYHQsNsWsSsULXGKs
.MR UULWMH YMHQ VL UUMHGKRMs H QGU\VKLPLW SsUNDWsV Ws SHQVLRQHYH Ws SOHTsULVs
WsFLODWNDQsQMsUULWMHPH/HNSsUYLWLQ.\QGU\VKLPSsUNsWs
SHULXGKs YMHoDUH VKNRQ DIsUVLVKW QMs UULWMH SUHM 3R W·L UHIHURKHPL Ws
GKsQDYH SsU SHQVLRQLQ H LQYDOLGLWHWLW YsUHMPs VH QGLNLPL Ts ND N\ WUHJXHV
sVKWsPsLODUWsSsUVKNDNWsQGU\VKXHVKPsULVsGKHOXKDWMHVSsUSHULXGKsQ
Ts NHPL PDUUs Qs VKT\UWLP .sWR SHQVLRQH SsU YLWLQ NDSLQ VKLIUsQ /HNs GKH SsU YLWLQ VKNRMQs GHUL sQ /HN Qs YLW 1GU\VKLPL
JMDWsNsVDMSsULXGKHYMHoDUHOORJDULWHW1GsUVDSHQVLRQHWIDPLOMDUH
NDUDNWHUL]RKHQQJDQMsQGU\VKLPQHJDWLYLFLOLYMHQQsUsQLH1JDWsGKsQDWH
PsVLSsUPHYsPsUHVHSHQVLRQHWQs]RQDWUXUDOHQsWRWDOSsUSHULXGKsQ
QsQGU\VKLPQJDSHQVLRQHWXUEDQHYLKHWUHQMsXOMHSUHMDIsUVLVKW
7sQMsMWsQJMsPXQGWsWKHPLHGKHSsUSHQVLRQHWHSOHTsULVs1sQGU\VKLP
QJDPsVLSsUSHQVLRQHWHLQYDOLGLWHWLWVKsQRMQsUULWMH
1sVHGRW·LUHIHURKHPLHGKHQMsKHUsUDSRUWLWWs)RUXPLW(NRQRPLN%RWsURU
SsU YLWLQ N\ UDSRUW H UHQGLW 6KTLSsULQs Qs YHQGLQ H SsU LQGHNVLQ
H VKsQGHWLW QJD YHQGH Ws PDUUD Qs DQDOL]s 3sUVD L SsUNHW VKNDOOsV Vs
SDSXQsVLVsHGKHQsYHQGLQWRQsYLKHQUHHIHNWHWHSDUDWHNUL]sVHNRQRPLNH
TsSUHNXPEDUsERWsQ'XNHILOOXDUQJDYLWLVKNDOODHSDSXQsVLVs
ND SDVXU QMs UULWMH Ws ODUWs PH QMs QRUPs PHVDWDUH Ws UULWMHV SUHM SLNs
3DV YLWLW GHUL Qs YLWLQ VKNDOOD H SDSXQsVLVs ND VKNXDU Qs UsQLH
1GsUNRKs VLSDV Ĉ167$7 SsU PXDMLQ VKWDWRU VKNDOOD H SDSXQsVLVs DUULQ Qs
'XNHXPEsVKWHWXUSsUVHULQsUDSRUWLQH)RUXPLW(NRQRPLN%RWsURU
SsUYLWLQSsULQGHNVLQHSXQsVLPLW6KTLSsULDUHQGLWHWQsYHQGLQHQJD
YHQGHWsPDUUDQsDQDOL]s
.sVKWXDUULMPsQsGLVDNRQNOX]LRQH
1s QMs VKHNXOO HNRQRPLD VKTLSWDUH ND DUULWXU Ws SsUMHWRMs UHJMLPH Ws
QGU\VKPHHNRQRPLNHGXNHILOOXDUQJDGLWsWHSDUDWsSDYDUsVLVsQJD
YLWLQMsHNRQRPLHVDSRIRUPXDUGXNHYD]KGXDUPHHNRQRPLQsH
PE\OOXUQsYLWHWSsUWsNDOXDUQsHNRQRPLQsHWUHJXWWsOLUsWs
GLWsYHWsVRWPH
1sVLVWHPLQILQDQFLDUQs6KTLSsULSMHVsQPsWsPDGKHHSsUEsQVLVWHPL
EDQNDUSUHMWsWUHJXW
1sOLGKMHPHQLYHOLQHSsUJMLWKVKsPWsoPLPHYH%DQND.RPEsWDUHH
6KTLSsULVsNDDUULWXUWsPEDMsLQÁDFLRQLQEUHQGDLQWHUYDOLW
(6@A2:636;.;06.?@6@A2:636;.;06.?;I(5>6=I?6I@5AI
;I3.G.A2A67AI=.?.(6@A2:6/.;8.?=I?/I;AI
@6@A2:6A36;.;06.?
;39.06<;6.;8.&I;1?<?28..??6AB?AI:/.7I;I
8<;A?<99</728A6C6;[email protected]?F2@<?>II@5AI6;39.06<;6
;I6;A2?C.96;
;128@66<?AI@6@I6;.;06.?2
8.?2GB9AB.?;24.A6C2
(6@A2:6/.;8.?=.@8?6GI@@I3B;16A8.;12@5B?
:2;7I@I?ICI@5A6?I@6@5
#I;6;128@2A:2=I?82>I@6:6;:IAI:.15
7.;I.66968B616A2A6A.66069I@6@[email protected]
6=I?36AB2@5:I?6@I
;128@66<?AI@6@I6;.;06.?2
B?6:6.;8.2(5>6=2?6@2
?6G.36;.;06.?2
?6G.36;.;06.?2;1I?8<:/IA.?2;B8=.A6;7I;1686:
AI1?27A=I?1?27AIAI?I;1I@6@5I::/6@6@A2:6;
A<;I36;.;06.?
?@F2A96152;:2
!'% ' '
! ' '' '
%'
%!' !' !
" ! " #IA?2:B7<?6;23B;16AAIC6A6A
%[email protected]=@68<9<4768
%B/968BC2;1.@?2.4<61B82AI?52>B?;7I=72@IAI
12=<G6A.C2;I@6@A2:6;/.;8.?
%I?82>I@6:66968B616A2A6A;I@6@A2:6;/.;8.?
</6AI28<;<:682AI.?@6:6A
;C2@A6:2A;I.?@6:67.;I6;C2@A6:2B;68.921?27A
1672@152@I.?15:2@
-5C6996:668.=6A.96A;72?IG<?069I@<52A@6J:<A<?66
G5C6996:6A;I28<;<:6;I2?2/<AI?<?2K
?@6:68<;A?6/B<;;IG5C6996:6;2.3AI@6C21B82
8?67B.???6A7228<;<:682=.4.:IAI9.?A.=I?:6?I@<;
069I@6;I272A2@I@
?@6:68?67<;AI.?15B?.:IAI9.?A.=I?@5A2A6;
;I=I?:[email protected]??6A8B?@6:2A1526;C2@A6:2A
?@6:6;I(5>6=I?6
+6A2A23B;16A.?@6:68.;1?F@5B.?;4.=68I=.:7.
=?<4?.:<?2@A?B8AB?<?2152<?4.;6G.A6C2
76A5.@5AB;1?F@56:28.;I;1<15B?@6;4.
=68I=.:7.069I@<?2152@.@6<?2
7.AI=2?6B15I@8<:B;6@A2<?4.;6G6:6I@5AI/I?I
:/6/.GI;2@58<99.C2?B@2
?@6:6;IAI476A5.06892A?B.7A6;7I069I@6
=I?476A5I@6@5AAI9.?AI@2?6<G6A2A152=I?8B@5A6:AI
:.151B82=I?7.@5AB.?@582;0.A@<06.92
#1?F@56:66@6@A2:6A8?67<6:B;1I@6;I>I@AB12;AIA
:IAI:6?IAI@AB16<;6;7.@5AI(5>6=I?6@I
.;I@58<99.;I476A5.06892A@6;I@58<99.A
=B/96821527<=B/9682
?@6:66!.?AI;I(5>6=I?628.G.;.3699I;;IC6A6;
:2;@A6ABA6;C72H.?AI)6?.;I@
8AB.96@5A7.;IB;6C2?@6A2A2=B/9682=?27AF?2
7.;I;I)6?.;I
?@6:67<=B/9683699<6:25.=72;2@58<99.C2AI
:21?2@2@I
;@A6AB06<;2A2.?@6:6AAI9.?AI=?6C.A7.;I
%.C.?@6@5A??6A72@@I;B:?6AAI@58<99.C2.8<:.
3I:67I/?.8A6@6;@58<99.A
(58.8B8?F2@<?I@5AI;6C2966B9IA28<;<:68152
@<06.9
(6=.@,<?910<;<:60<?B:(5>6=I?6.;1<152A;I
C2;16;;4.C2;12AI:.??.;I.;.96GI
?@6:6C72H.?I
%?27C6A2C2L
12?6A.;6I@5AIB9B?;B:?66
;EI;I@C2
?@F2A7.;I
??6A7.22:64?6:6A
B97.296;1@5:I?6@I
?@6:66:2@I:
'?6A7223?28B2;A6:6AAI;EI;I@C2;I
@58<99.A2:2@:2AI=I?476A5@5:2
'I;622;EI;I@C2>I;17286;@58<99.A2
:2@:2=?<32@6<;.92
?@F2A7.;I
#'' " '' '
'""' ''%
"'
!' % ' '&!$ #''"
!%!''!
! !'
!%' ' '!
'! '" & "! '' '%"
'' '
! "
!'"" '! ' %' '" '!'''
'"
?@6:669.?AI
'?6A7.2;B:?6AAI@AB12;AIC2>I3?28B2;A<7;I
@AB16:2A29.?A.@61<:<@476;6.32:I?<?2
"236996:28?676:2C2AI6;@A6AB06<;2C2AI9.?A.
=?6C.A23699<6AI??6A2A2152;B:?66@AB12;AIC2
=I?.?@F2AI
'!!
'
'''
! !'
!' ! ' ' ''
(361.A2.?@6:6A;I(5>6=I?6
;A24?6:66@6@A2:6AA<;I.?@6:<?:2@6@A2:6;
2B?<=6.;
<;8B??2;0.;1I?:72A.?@6:6A=?6C.A152=B/968
(A.;1.?12A152069I@6.;I:I@6:15I;62152AI
=I?36A6:[email protected].:2A?24B;2=B;I@
-5C6996::IAI:.156.?@6:6A=?<32@6<;.9=I?=.76@72;
2@AB12;AIC2:21672A2@5=?256AI2;2C<7@5:2
(A6:B7=I?AI3?2;B.?9.?46:6;2A?B?6A7.@5AIC2;16A
%I?3@56?72;2B;6C2?@6A2A2C2@5>6=A.?2;I=?<728A2
@582;0<?2@AB16:<?2152G5C699B2@2
(5I;12AI@6.=.=B;[email protected]
:6?I>I;6.28<;<:682
'.=<[email protected]@A68<?2=I?20B?6;I2
28<;<:6@I@5>6=A.?27.;IAI@5B:A.
<;16"<;2A.?#1I?8<:/IA.?"#
I@5AI;7I=?27<?4.;6G.A.C2;1I?8<:/IA.?2
>II@5AI:.?I:2:<;6A<?6:6;220B?6@I
28<;<:682AIC2;12C2
[email protected]?24B2@AI?2;1I@6@5I:
:.8?<28<;<:68
%%?<156:6?2;1@5I:?BA<
%=I?/.;<?I
#6C2966=.=B;I@6@I
(6=.@.;8I@
<AI?<[email protected];@A6AB06<;2C2AI
A72?.;1I?8<:/IA.?28F6;128@I@5AI
A?24B2@6:I@64;6368.;A6%[email protected]
=I?82A?23928A6:6AAI@A.;1.?A2C2AI72A2@I@
;I;7IC2;1AI0.8AB.?152:B;1I@<;
8?.5.@6:2A:616@@5A2A2C2AI;1?F@5:2
%[email protected]=I?82A6;128@6:6AAIAI.?15B?.C2
(5>6=I?6.?2;16A2A;IC2;12A:2AI.?15B?.AI
:2@:22AI9.?A.8B8.A24<?6AI7.;I
)I.?15B?.AIB9A.=72@I296@AI@7.;I
.;49.12@5 2;F.*4.;1.2A7;A2?C.96I@5AI
16AI
)I.?15B?.AI:2@:22AIB9A.?:2;6.#642?6.
%.86@A.;62A7;A2?C.96I@5AI
16AI
)I.?15B?.AI:2@:22AI9.?A.(5>6=I?6. 6;.
B994.?6.)B?>6.2A7;A2?C.96I@5AI
16AI
)I.?15B?.AI9.?A.B@A?.96.B@A?6.(
@A<;6..;6:.?8.2A7;A2?C.96I@5AI:/6
16AI
(6=.@?.=<?A6AAI,<?910<;<:60<?B:;IC6A6;
2?2;16A(5>6=I?6;I;IC2;16;2=I?
6;128@6;2@5I;12A6A;4.C2;12AI:.??.;I
.;.96GI
%<?H3.?IC92?I@6:67.=6;;1I?8<:/IA.?IA=I?
?.@A6;2=B;I@6:6A;I(5>6=I?6
B82B:/I@5A2AB?=I?@I?6A28?.=<?A66D<?91
0<;<:60<?B:=I?C6A6;
;I6;128@6;2
=B;I@6:6A(5>6=I?6.?2;16A2A;IC2;16;2;4.
C2;12AI:.??.;I.;.96GI
+6A6
76A5@27
B?6:6,<?91.;8
'232?2;0.A
$(! " $ )
'<;.!96==<(
!# !$
" )'<BA92142=?69
"6;6@A?6.2?@6:6A152(=<?A6A(5>6=A.?I
;@A6ABA66([email protected];I(5>6=I?6
.;8.2(5>6=I?6@I
212?.9'2@2?C2.;8<3(.;?.;06@0<
'.=<?A6D<?910<;<:60<?B:
<;16"<;2A.?#1I?8<:/IA.?'.=<?A6;I961572:220B?6;I2
28<;<:6@I@5>6=A.?2=I?=2?6B15I;
;@A6ABA66(64B?6:2C2(5<>I?<?2
"6;[email protected](5I;12AI@6@I
6($1&$(3$1(/,7
=KYLOOLPL,0DUsGKsQLHYH(NRQRPLNH7XUTL6KTLSsUL
3DQHOLVWs 0XKDUUHP&$1 3sUIDTsVXHVL7UHJWLVsVs-DVKWPH
.U\HWDU
3URI'U*QJ|U785$1
8QLYHUVLWHWL(SRND
0UV$OEDQD/$.125, 'UHMWRUHH0DUsGKsQLHYH1GsUNRPEsWDUH
3URI'U%LUROd(7Ĉ1 .RRUGLQDWRUL7Ĉ.$$QWDUL.sVKLOOLWWs
%L]QHVLW6KTLSWDUR7XUN
3URI$V2OGDd,d2
5HSUHVHQWDWLYHRI9LWULQD8QLYHUVLW\
'HDQRI)DFXOW\2I(FRQRP\
'U=HNL.$<$ 3sUIDTsVXHVL6KRTsULVs.8580
6KTLSsUL
0U)LOLS*-2.$
6LSsUPDUUsV6KTLSWDU
0XKDUUHP&$1
3sUIDTsVXHVL7UHJWLVsVs-DVKWPH
1-Ê9Ê6+75,0$.7,9,7(7(9(75(*7$5(0,',67854,6Ê'+(
6+4,3Ê5,6Ê352%/(0(7'+(6<*-(5,0(3Ê5=*-,'+-(1(
7<5(
+<5-(
,QYHVWLPHWHVKRTsULYHWXUNHQs6KTLSsULNDQsDUULWXUPELPLOLDUGGROODUs
GKH YHWsP NsWs YLW ND SDVXU QMs K\UMH NDSLWDOL SUHM PLOLRQ GROODUsVK
*MLWKDVKWXQMsWHQGHUWsUsQGsVLVKsPQsIXVKsQHQGsUWLPLWHÀWRLQMsNRVRUFLXP
LIRUPXDUQJDG\NRPSDQLWXUNH3sUVDLSsUNHWLPSRUWLWYHQGL\QsVLSDVWs
GKsQDYHPXMRUHUUDGKLWHWQsYHQGWsNDWsUWGXNHOsQsPEUDSD*MHUPDQLQs
1sIMDOLPLQWRQsGRWsÁDVLPQsÀOOLPSsUWUHJWLQsHMDVKWPHPsSDVGRWs
GLVNXWRKHQWHPDOLGKXUPHVKsUELPHWQsIXVKsQHQGsUWLPLWWXUL]PLWHGXNLPLW
HWM
0$55Ê9(6+-(7.5<(625(0,',6'<9(1'(9(
0LGLV G\ YHQGHYH MDQs ÀUPRVXU PDUUsYHVKMH Ws UsQGsVLVKPH Qs IXVKsQ
H HNRQRPLVs NXOWXUsV VKsQGHWVLVs VLJXULPL VKRTsURU GKH XVKWDUDNH
0DUUsYHVKMHW Ps Ws UsQGsVLVKPH Qs IXVKsQ H WUHJWLVs sVKWs DMR H ÀUPRVXU
QsYLWLQEDVKNsSXQLPLQsIXVKsQHGRJDQDYHGKHQGLKPsHQGsUVMHOOWs
DGPLQLVWUDWLYHHYLWLWPDUUsYHVKMDQGsUNRPEsWDUHHWUDQVSRUWLWUUXJRUH
YLWLWSURWRNROOHWHEDVKNsSXQLPLWHNRQRPLN6KTLSsUL7XUTLTsUHDOL]RKHQ
QsSHULXGKDWsFDNWXDUDQJDNXSURWRNROOLL;,WssVKWsÀUPRVXUQsYLWLQ
0DUUsYHVKMDH7UHJWLVsVs/LUsHÀUPRVXUQsYLWLQTsNDK\UsQsIXTLQs
YLWLQGKHQsOLGKMHPsNsWsSURWRNROOLPHQU,,LYLWLWTsLMHSPXQGsVL
DSOLNLPLWWsNXPXOLPLWGLDJRQDO6KTLSsUL%(7XUTL
7DEHOD0DUUsYHVKMHWG\SDOsVKH6KTLSsUL7XUTL
0DUUsYHVKMD3URWRNROOL
0DUUsYHVKMDH7UHJWLVs
0DUUsYHVKMDSsU%DVKNsSXQLP(NRQRPLN7UHJWDU,QGXVWULDOGKH
7HNQLN
0DUUsYHVKMDSsUQ[LWMHQGKHPEURMWMHQHQGsUVMHOOWsWsLQYHVWLPHYH
0DUUsYHVKMDSsUSDUDQGDOLPLQHWDNVsVVsG\ÀVKWs
%DVKNsSXQLPQsIXVKsQHGRJDQDYHGKHQGLKPsHQGsUVMHOOWs
DGPLQLVWUDWLYH
0DUUsYHVKMDSsUNXOWXUsQHGXNLPLQGKHSURJUDPHWsQG\VKPH
VKNHQFRUH
0DUUsYHVKMDH6LJXULPHYH6KRTsURUH
3URWRNROOLL9WsL%DVKNSXQLPLW(NRQRPLN6KTLSsUL7XUTL
0DUUsYHVKMHSsUEDVKNsSXQLPQsIXVKsQHPMHNVLVsGKHWsVKsQGHWLW
3URWRNROOLL9,WsL%DVKNsSXQLPLW(NRQRPLN6KTLSsUL7XUTL
0DUUsYHVKMDQGsUNRPEsWDUHH7UDQVSRUWLW5UXJRU
3URWRNROOLL9,,WsL%DVKNsSXQLPLW(NRQRPLN6KTLSsUL7XUTL
3URWRNROOLL9,,,WsL%DVKNsSXQLPLW(NRQRPLN6KTLSsUL7XUTL
3URWRNROOLL,;WsL%DVKNsSXQLPLW(NRQRPLN6KTLSsUL7XUTL
0DUUsYHVKMDH7UHJWLVsVs/LUs6KTLSsUL7XUTL
3URWRNROOLL;WsL%DVKNsSXQLPLW(NRQRPLN6KTLSsUL7XUTL
$SOLNLPLL.XPXOLPLW'LDJRQDO6KTLSsUL%(7XUTL
3URWRNROOLL;,WsL%DVKNsSXQLPLW(NRQRPLN6KTLSsUL7XUTL
'DWDH
QsQVKNULPLW
%XULPL3sUIDTsVLDH7UHJWLVsVs-DVKWPH
0DUUsYHVKMDH7UHJWLVsVs/LUs
%LVHGLPHWHID]sVVsSDUsSsUÀUPRVMHQHQMs0DUUsYHVKMHH7UHJWLVsVs
/LUsPLGLV6KTLSsULVsGKHYHQGLWWRQsMDQsUHDOL]XDUQs$QNDUDPsGDWs3ULOO
1sID]sQHSDUsWsELVHGLPHYHsVKWsGLVNXWXDUUUHWKSDOsYHHNRQRPLWs
HW\UHVLVWHPHWHWUHJWLYHWsMDVKWPH%(GKHPDUsGKsQLHWPHVKWHWHWHWUHWD
WsWMHUDVLHGKHsVKWsKDUWXDUQMsGUDIWLWHNVWLWWs0DUUsYHVKMHVVs7UHJWLVs
Ws /LUs )D]D SDVDUGKsVH sVKWs UHDOL]XDU Qs 7LUDQs Ps .RUULN )D]DHG\WsHELVHGLPHYHsVKWs]KYLOOXDUQs$QNDUDGKHPsGDWs6KWDWRU
sVKWsKDUWXDUWHNVWLSsUIXQGLPWDUL0DUUsYHVKMHV7UHJWLVsVs/LUsPLGLV
6KTLSsULVsGKH7XUTLVs
´0DUUsYHVKMDH7UHJWLVsVs/LUsPLGLV6KTLSsULVsGKH7XUTLVsµHFLODsVKWs
$UQDYXWOXNҋXQ *HQHO (NRQRPLN 'XUXPX YH 7UNL\H LOH (NRQRPLN7LFDUL úOLüNLOHUL
V
ÀUPRVXU Ps GDWs 'KMHWRU Qs 7LUDQs QJD 0LQLVWUDW H G\ YHQGHYH
SsUNDWsVHGKHsVKWsERWXDUQs)OHWRUHQ=\UWDUHPHQXPsUNDK\UsQs
IXTLPsGDWs0DM
0H DQs Ws NsVDM PDUUsYHVKMHMH SDOsW NDQs VL TsOOLP Ws ]JMHURMQs GKH
WKHOORMQsEDVKNsSXQLPLQHNRQRPLNQGsUPMHWSDOsYHGKHWsUULVLQVWDQGDUWLQH
MHWHVsVVsSROXOODWsVVsWsG\YHQGHYHWsHOHPLQRMQsJUDGXDOLVKWYsVKWLUsVLWs
GKHNXÀ]LPHWQsWUHJWLQsHPDOOUDYHWsQ[LVLQQsSsUPMHW]JMHULPLWWsWUHJWLVs
UHFLSURNH ]KYLOOLPLQ H KDUPRQL]XDU Ws PDUsGKsQLHYH HNRQRPLNH QGsUPMHW
SDOsYHGKHWsQ[LVLQWUHJWLQHGKHEDVKNsSXQLPLQQGsUPMHWSDOsYHQsWUHJMHW
HYHQGHYHWsWUHWD
0DUUsYHVKMD SsUPEDQ HGKH UUHJXOOLPH Qs IXVKD Ws QGU\VKPH VL WDNVDW
GRJDQRUHQsSURGKLPHWLQGXVWULDOHNXÀ]LPHWHVDVLVsGKHKHTMHQHWDNVDYH
WsWLOODSHQJHVDWWHNQLNHQsWUHJWLQGU\VKLPLLNRPSURPLVHYHQsSURGKLPHW
EXMTsVRUH PDVDW SsU VKsQGHWLQ H NDIVKsYH GKH ELPsYH SsUVKWDWVKPsULD
VWUXNWXURUHGDPSLQJJMHQGMHWXUJMHQWHPDVDWHPEURMWMHVSDJHVDWQGLKPDW
VKWHWsURUH Ws GUHMWDW H SURQsV LQGXVWULDOH GKH WUHJWDUH WHQGHUDW SXEOLN GKH
GLVSR]LWDWLQVWLWXFLRQDOH
0HDQsWsNsVDMPDUUsYHVKMHMHsVKWsEsUsHPXQGXUSsUHNVSRUWXHVLWWDQs
PXQGsVLD H ULYDOLWHWLW Ws EDUDEDUWs PH HNVSRUWXHVLW H %DVKNLPLW (XURSLDQ
Qs WUHJXQ VKTLSWDU 1s NsWs NXDGsU Qs PDOOUDW LQGXVWULDOs Qs GLWsQ NXU
PDUUsYHVKMD ND K\Us Qs IXTL MDQs KHTXU WDNVDW GRJDQRUH Ws ]EDWXDUD SsU
PDOOUDWLQGXVWULDOsPHRULJMLQsVKTLSWDUHWsLPSRUWXDUQs7XUTL1sOLGKMHPH
NsWsWDNVDWGRJDQRUHSsUSURGKLPHWLQGXVWULDOHPHRULJMLQsWXUNHWsLPSRUWXDU
Qs 6KTLSsUL GR Ws XOHQ Ps VKXPs VH 1GsUVD Qs WDNVDW GRJDQRUH Ws
]EDWXDUD NXQGUHMW YHQGLW WRQs SsU PDOOUDW LQGXVWULDOs GXNH ÀOOXDU QJD GDWD
HK\UMHVQsIXTLWs0DUUsYHVKMHVVs7UHJWLVsWs/LUsoGRYLWGRWsNHWsXOMHWs
EDUDEDUWsSUHMGKHQsÀOOLPWsYLWLWWsSHVWsGRWsKLTHQSORWsVLVKW
7XUTLD GKH 6KTLSsULD SsU SURGXNWHW EXMTsVRUH Ts MDQs FLOsVXDU PH
SRWHQFLDOWUHJWDUNDQsQMRKXUNRPSURPLVDPHWDNVDW]HURGRJDQRUHQsNXDGsU
WsNXRWDYHWDULIRUH1GsUPMHWSURGXNWHYHTsNDQsPDUUsNsWsNRPSURPLVGKH
TsMDQsWsUsQGsVLVKPHSsUHNVSRUWLQHVKWHWLWWRQsMDQsSURGXNWHWEXMTsVRUs
WsSsUSXQXDUDoRNROODWDNDUDPHOHDNXOORUHIUXWDWHWKDWDODMWKLVWLNDUUXVK
LWKDWsILNLWKDWsHUs]DWVLHGKHSHULPHHIUXWDWsWMHUDWsIUHNVsWD3sUYHo
NsW\UHUDGKLWHQHGKHSURGXNWHEXMTsVRUHWsSsUSXQXDUD
7UNL\H$UQDYXWOXN6HUEHVW7LFDUHW$QODċPDV×'70V$QNDUD
$UQDYXWOXN·XQ *HQHO (NRQRPLN 'XUXPX YH 7UNL\H LOH (NRQRPLN7LFDUL ĈOLċNLOHUL
V
1JD DQD WMHWsU 9HQGLPL L .RPLWHWLW Ws 3sUEDVKNsW PH QXPsU UUHWK1GU\VKLPLWWs3sUFDNWLPLWWs.RQFHSWLWSsU3URGKLPHWPH2ULJMLQsGKH
3URWRNROOLW ,, Qs /LGKMH PH 0sQ\UDW H %DVKNsSXQLPLW $GPLQLVWUDWLY Ws FLODW
MDQsDQHNVHWH0DUUsYHVKMHVVH7UHJWLVsVs/LUsPLGLV7XUTLVsGKH6KTLSsULVs
NDK\UsQsIXTLPsGDWs*XVKW
1sNsWsNXDGsUNDÀOOXDUHGKHDSOLNLPLLNXPXOLPLWGLDJRQDOQsWUHJWLQsPH
]JMHGKMHPLGLV6KWHWHYH3HUsQGLPRUHWs%DOONDQLWPHVKWHWHWHSDOsV&()7$
,, Ts MDQs SMHVsPDUUsVH Qs 3URoHVLQ H 6WDELOL]LP $VRFLPLW Ws %DVKNLPLW
(XURSLDQ7XUTL%DVKNLP(XURSLDQ
7UHJWLDHMDVKWPHVLSDVYLWHYH
7DEHOD7UHJWLDVLSDVYLWHYHPLMs'ROODUs
9,7,
(NVSRUWL 1GU\VKLPL ,PSRUWL
1GU\VKLPL
9sOOLPL
%DODQFs
%XULPL78,.,167$7
4sSUHMYLWLWYsOOLPLLQGsUVMHOOWsWUHJWDUQJDPLOLRQGROODUssVKWs
UULWXUQsQLYHOLQHYOHUsVPLOMRQGROODUsQsYLWLQ1sYLWLQYsOOLPL
WUHJWDUPLGLV6KTLSsULVsGKH7XUTLVsSsVRLQMsUsQLH7XUTLDNDTHQsQMsQJD
WsSDNWDWYHQGHWsFLODWNDSsVXDUUsQLHQsWUHJWLQsHMDVKWPHGKHNDSDVXUQMs
TsQGUXHVKPsULQsYOHUsQ
5sQLDHYsOOLPLWWUHJWDUQs6KTLSsULNDDUGKXUNU\HVLVKWVLSDVRMsHUsQLHV
VsHNVSRUWHYHWsSURGXNWHYHJM\VsPWsJDWVKPHWsKHNXULWPHUUHWK
$UQDYXWOXN·XQ *HQHO (NRQRPLN 'XUXPX YH 7UNL\H LOH (NRQRPLN7LFDUL ĈOLċNLOHUL
V
3URGXNWLLG\WsPsLHNVSRUWXDUNDTHQsPLQHUDOLLEDNULWPHQMsUULWMHSUHM
1JDDQDWMHWsUsVKWsYsUHMWXUQMsUULWMHSUHMQsHNVSRUWLQHVKXIUDYH
Ws KHNXULW Ts SUHM YLWLW (NVSRUWLQ GUHMW VKWHWLW WRQs SsU 6KTLSsULQs H
UHDOL]RMQs NU\HVLVKW ÀUPDW WRQD Ts RSHURMQs Qs YHQG 3sUYHo NsVDM QMs QJD
VKNDTHWHQGU\VKLPLWWsVWUXNWXUsVVsHNVSRUWLWNDDUGKXUVLUUMHGKRMsHQMs
SUHMÀUPDYHWRQDHFLODNULMRLQMsOLQMsSsUSURGKLPLQHKHNXULWWsUUXPEXOODNsW
7DEHODSURGXNWHWPsWsHNVSRUWXDUDGUHMW7XUTLVsPLMs
.RGL
6KSMHJLPH
*M\VsPSURGXNWHWSUHMJL]H
GKHoHOLNXWsSDOLGKXUSsUPEDQ
PsSDNVHNDUERQQs
SHVKs
/HNXUsWHSDSsUSXQXDUDWs
GHOHYHGKHVKHOHJsYHPHOHVK
%LPsWGKHSMHVsWsELPsYHWs
WMHUDWsSsUGRUXDUDQsPMHNsVL
6KNHSXWsVLWDXWRPDWLNsWs
TDUNXW
0EHWMHWSUHUMHWGKHNWKLPHW
SUHMSODVWLNH
0EHWMHGKHNWKLPHDOXPLQL
&RSDWsYRJODDVKNODIHWD
PEHWMHEOXDMWMHSOXKXUVKDUULPL
SOXKXUOsPLPLPEHWMHQJD
]EXNXULPHWGKHVWDPSLPHW
QsVHMDQs
DSRMRQsWXIs
3MHVD
6KXIUDGKHVKNRSLQMWsWMHUs
SUHMJL]HGKHoHOLNXMRWsOLGKXU
TsSsUPEDMQsGKsPEs]LPH
EUD]GDÁDQ[KDDSRGHIRUPLPH
WsWMHUDWsSURGKXDUDJMDWs
SURFHVLWWsSHWs]LPLWDSRWs
SsUGUHGKXUD
SDVSHWs]LPLW
;HKHURUsGKHNRQFHQWUDWHEDNUL 0EHWMHGKHNWKLPHWsWMHUD
SURGXNWHWPsWsHNVSRUWXDUD
(NVSRUWL7RWDO
%85,0,$&,7 9OHUDH/HNXWsVKWsNsPE\HUQsGROODUDPHULNDQ
$OEDQLDQ&RPPHUFHRI,QWHUQDWLRQDO7UDGH5HSRUW$&,7$'V
7DEHODSURGXNHWPsWsLPSRUWXDUDQJD7XUTLDPLMs
.RGL
6KSMHJLPH
6KXIUDGKHVKNRSLQMWs
WMHUsSUHMJL]HGKHoHOLNX
MRWsOLGKXUMRPs
WHMWsSXQXDUDVHVDWH
IDUNsWXDUDTsSsUPEDMQs
GKsPEs]LPHEUD]GD
ÁDQ[KDDSRGHIRUPLPHWs
WMHUDWsSURGKXDUDJMDWs
SURFHVLWWsSHWs]LPLWDSR
WsSsUGUHGKXUD
SDVSHWs]LPLW
6KXIUDGKHVKNRSLQMWs
SHWs]XDUDQsWsQ[HKWs
QsVSLUDOHWs
o·UUHJXOOWDSUHMJL]HGKH
oHOLNXMRWsOLGKXUPH
QMsVHNVLRQNU\TUUHWKRU
PsSDNVHPPQs
GLDPHWsU
3HNVLPDGKHEXNsH
WKHNXUGKHSURGXNWHWs
QJMDVKPHWsWKHNXUDWs
WMHUD
%LVNRWDWssPEOD
3sOKXUDWsWMHUDWsWKXUXUD
PHQMsÀOHDSRPHVKXPs
ÀOHWsO\HUD
0HGLNDPHQWH Ws WMHUD Ts
SsUPEDMQs YLWDPLQD DSR
SURGXNWHWsWMHUD
3OODND]GUXNWKL
4LOLPD SUHM PDWHULDOHYH
WHNVWLOH Ws EsUD QJD
QMHUs]LW
$NXOORUHWGKHWsWMHUDWs
QJMDVKPHWsQJUsQVKPH
QsVHSsUPEDMQs
DSRMRNDNDR
3sUFMHOOsVDWHWMHUs
HOHNWULNHQMsOORM
TsSsUGRUHWSsU
WHOHNRPXQLNDFLRQHSsU
QMsYROWD]KMRPsWsPDGK
VH9
SURGXNWHW Ps Ws
LPSRUWXDUD
,PSRUWL7RWDO
%85,0,$&,7
3MHVD
1s YLWLQ VLSDV Ws GKsQDYH Ws ,167$7 LPSRUWL GXNH PRV VKIDTXU
QGRQMs QG\VKLP Ws GXNVKsP ND THQs QH YOHUHQ PLMs GROODUs .MR
VKLIsUSsUEsQWsLPSRUWLWWRWDO3URGXNWHWPsVKXPsWsLPSRUWXDUDNDQs
THQsPHWDOHWPHQMsUsQLHSUHM1JDDQDWMHWsUSURGXNHWHWHNVWLOLW
PH QMs UULWMH SUHM NDQs IRUPXDU Ws LPSRUWLW Ws SHUJMLWKVKsP PH
7XUTLQs,PSRUWLQJD7XUTLDsVKWsLVKSsUQGDUsQsVHNWRUsWsQGU\VKsPGKH
QsUDGKsWHSDUD]sQsYHQGSURGXNWHWIDUPDFHXWLNHGKHLODoHWOsQGsWHSDUD
WsPRELOMHYHSURGXNWHWXVKTLPRUHVLDNXOORUHELVNRWDGKHoRNROODWD
7DEHOD5DGKLWMDH6KWHWHYHQs7UHJWLQsH-DVKWPH
%LQ'RODU
ĈWKDODW'RODU
'HĊLċLP2UDQ×
ĈWDO\D
<XQDQLVWDQ
dLQ
7UNL\H
$OPDQ\D
7RSODP
'HĊLċLP2UDQ×
%LQ'RODU
ĈKUDFDW'RODU
'HĊLċLP2UDQ×
ĈWDO\D
'HĊLċLP2UDQ×
ĈVSDQ\D
.RVRYD
dLQ
$OPDQ\D
<XQDQLVWDQ
7UNL\H
'HĊLċLP2UDQ×
'HĊLċLP2UDQ×
7RSODP
7RSODPĈWKDODW
7RSODPĈKUDFDW
'×ċ7LFDUHW+DFPL
%85,0,,167$77HWRU
6LSDVWsGKsQDYHWsPXDMLW6KWDWRUPHJMLWKsVHNHPLSDWXUQMsUULWMH
SUHMQsHNVSRUWLQWRWDOWs6KTLSsULVsQsLPSRUWLQWRWDONHPLQMsUsQLHSUHM
3RUQsLPSRUWLQHUHDOL]XDUQJDVKWHWL\QsNDSDWXUQMsUULWMHSUHM
6LSDVNsW\UHWsGKsQDYHQsPXDMWHSDUsYHQGL\QsNDNDOXDU*MHUPDQLQs
GKHQsVHN\WUHQGGRWsYD]KGRMsNDJMDVDTsWsNDORMsHGKH.LQsQ
75(*7,$(6+Ê5%,0(9(
1GsUWLPL
7XUTLDTsSUHMYLWLWQsIXVKsQHQGsUWLPLWsVKWsUDGKLWXUQsYHQGWsG\Ws
SDV.LQsV1JDILUPDWHQGsUWLPLWPsWsPsGKDQsERWsQJDNsWRMDQs
ILUPDWXUNHGKHDIsUVLVKWWsDUGKXUDWYMHWRUHMDQsPLOMDUGGROODUs)LUPDWWRQD
GHULWDQLQsVKTLSsULNDQsSsUIXQGXDUDNWLYLWHWHWHW\UHQsIXVKsQHQGsUWLPLWSUHM
DIURPLOMDUGGROODUs7UHYLWHWHIXQGLWUULWMDsVKWsDIsUVLVKWJUDILNX0s
HUsQGsVLVKPMDsVKWsDXWRVWUDGD'XUUsV0RULQsHFLODOLGKYHQGLQPH.RVRYsQ
GKHSDV]JMLGKMHVVsSUREOHPHYHGRWDOLGKsDWsPH6HUELQs
3sUYHoG\ILUPDYHWXUNHTsMDQsQsYD]KGLPHVLSsUNHPLHGKHG\ILUPD
Ws WMHUD VKXPs Ws UsQGsVLVKPH Ts SR YD]KGRMQs SXQLPHW SsU QGsUWLPLQ H
KLGURFHQWUDOHYHPHYOHUsPLOMRQGROODUs
3RU SsUYHo QGsUWLPLW Ws UUXJsYH ND QHYRMs HGKH SsU ULVL Qs IXVKsQ H
KHNXUXGKsV XMLW Ws SLMVKsP ULFLNOLPLW QGsUWLPLQ H oHQWUDOHYH KLGURHOHNWULNH
HWM6KNXUWLPLVKWGRWsWKRQLPVHNDDNRPDSRWHQFLDOHWsUsQGsVLVKPH
*UDILNX1GU\VKLPLQsYLWHWHIXQGLWQsVHNWRULQHQGsUWLPLW
%XULPL3sUIDTsVLDH7UHJWLVsVs-DVKWPH
KWWSHNRQRPLJRYWUÀOHV(NRQRPLNB*RUXQXPSGI.DV×P
7XUL]PL
'XNHÀOOXDUTsSUHMYLWLWUUHWKPLMsVKTLSWDUsNDQsYL]LWXDUYHoDQsULVKW
]RQsQH$QWDOMDV3RUVKXPs]RQDWsWMHUDQJDDQDHWXUL]PLWMDQsPsSDN
WsYOHUsVXDUD1sWsQMsMWsQNRKs6KTLSsULDQGU\VKHQJDGLVDYHQGHWsWMHUD
Ws %DOONDQLW ND WsUKHTXU YsPHQGMHQ H VKWHWDVYH WXUT 4s SUHM YLWLW Qs
6KTLSsULNDQsK\UsUUHWKPLMsVKWHWDVWXUT4\T\WHWHWHUsQGsVLVKPHVL
%HUDWL GKH *MLURNDVWUD Ws PEURMWXUD QJD 81(6&2 SsUIDTsVRMQs GHQMsVLVKW
DUNLWHNWXUsQ 2WRPDQH Ws DVDM NRKH 1JD DQD WMHWsU VKWHWL \Qs sVKWs EsUs
QMs VKWHW WHSsU L UsQGsVLVKsP Qs WXUL]PLQ VKsQGHWsVRU 1s 6KTLSsUL MDQs Ws
SXQsVXDUQMsQXPsULNRQVLGHUXHVKsPPMHNsVK7XUTGKHSsUVsULQMHQXPsU
LODUWsSDFLHQWsVKSUHIHURMQsYHQGLQWRQsSsUWsPDUUsQMsVKsUELPVDPsWs
PLUs*MDWsG\YLWHYHWsIXQGLWMDQsKDSXUTHQGUDVKsQGHWsVRUHPHTHOOLP
UHIHULPLQHSDFLHQWsYHQsVKWHWLQWRQsSRUVLGRTRIWsDMRTsNHPLDUULWXUGHUL
PsWDQLQXNSsUIDTsVRQSRWHQFLDOLQHYsUWHWsWsYHQGLWWRQs
,QGXVWULDH)LOPLW
1s WUH YLWHW H IXQGLW WHOHYL]LRQL 6KTLSWDU ND WUDQVPHWXDU QMs QXPsU Ws
NRQVLGHUXHVKsPVHULDOHVK7XUNWsFLOsWSsUYHFVHNDQsQGLNXDUQsPsVLPLQ
GKH VKSsUKDSMHQ H JMXKsV 7XUNH NDQs NULMXDU Ps WHSsU OLGKMH GKH DIULPLWHW
PLGLVG\VKRTsULYH*MLWKDVKWXPHQGRKHWTsLQGXVWULDHÀOPLWNDNRQWULEXDU
QsUULWMHQHQXPULWWsWXULVWsYH
$UVLPL
*MDWs QMs]HWs YMHFDULW Ws IXQGLW QMs QXPsU , NRQVLGHUXHVKsP VKTLSWDUsVK
NDQs]JMHGKXUYHQGLQWRQsSsUWsNU\HUVWXGLPHWHPHVPHGKHWsODUWDQGsUNRKs
TsVKXPsSUHMW\UHWDVKPsNDQsSsUIXQGXDUXQLYHUVLWHWLQPDVWHULQPDGMHGKH
GRNWRUDWXUsQGKHMDQsNWK\HUQsVKWHWLQHW\UH%XUVDWMDQsPXQGsVXDUVLQJD
LQVWLWXFLRQH ]\UWDUH 0LQLVWULD H $UVLPLW .U\HVLD H 6KWDELW Ws 3sUJMLWKVKsP
8QLYHUVLWHWHWHWMHGKHQJDIRQGDFLRQHHVKRTDWD
1JDDQDWMHWsUJMDWsNsVDMNRKHQsG\XQLYHUVLWHWH7XUNHWsUsGsVLVKPH
Ts YHSURMQs Qs 6KTLSsUL ND SDWXU VKXPs VKWHWDV 7XUN Ts QGMHNLQ GKH Ts
NDQsPEDUXDUVWXGLPHW3ULWHWTsQsYLWHWQsYLMLP7XUTLDWsSUHVsPsVKXPs
VWXGHQWQJD6KTLSsULDQsIXVKsQHLQ[KLQLHULVsGKHPMHNsVLVs
ZZZPWNUVJRYDO*XVKW
ZZZPWNUVJRYDO*XVKW
)$.725Ê74Ê1',.2-1Ê1(*$7,9,6+71Ê75(*7,1Ê(
1'Ê56-(//7Ê
1MsQJDDYDQWD]KHWTsNDQsILUPDWWXUNHQsNUDKDVLPPHILUPDWHVKWHWHYH
WsWMHUDWsKXDMDsVKWsVHNsWRSUREOHPHLNDNDOXDUHGKHVKWHWL\QsQsQMs
WsNDOXDUWsDIsUW.sVKWXTsQMsSMHVsWsSUREOHPHYHSRLNDORMQsHGKHVRW
3RUPLQLPDOL]LPLLSUREOHPHYHTsGRWsWUDMWRMPsPsSRVKWsGRWs]JMHURQWH
PDUsGKsQLHWHNRQRPLNHPLGLVG\YHQGHYH
9OHUsVLPLLWUHJXWVLLLYRJsO
1Ms QJD JM\NLPHW H JDEXDUD Ws ILUPDYH WRQD sVKWs YOHUsVLPL L WUHJXW
VKTLSWDUVLLYRJsOQsUDSRUWPHQXPULQHSRSXOOVLVs3RUQsNXQGsUVKWLPPH
NsWsPXQGWsWKHPLTs6KTLSsULDsVKWsQMsVKWHWTHQGURU(VKWHGHUDHGDOMHV
Vs.RVRYsV0DTHGRQLVsGKHSMHVsULVKWH0DOLWWs=LGKH6HUELVs1JDDQD
WMHWsUQs.RVRYsSRWKXDMVHHJMLWKsSRSXOOVLDsVKWsVKTLSWDUHQs0DTHGRQL
MHWRQ QMs SDNLFs NRPEsWDUH H UsQGsVLVKPH VKTLSWDUsVK QGsUVD Qs 0DOLQ H
=LGKH6HUELVDGRHSDNsWNHPLJMLWKDVKWXQMsSDNLFsVKTLSWDUsVK6KTLSsULD
sVKWsQDW\UVKsPTHQGUDHSRSXOOVLVsVKTLSWDUHGKHNMRSRSXOOVLEsQWUHJsWL
PHQMsULWMHWULQ6LUUMHGKRMs6KTLSsULDVWUHKRQQMsSRWHQFLDOWsQDW\UVKsPPEL
SRSXOOVLQsHYHQGLW
$SOLNLPLLoPLPLWWsUHIHUHQFsV
1s NXDGsU Ws DSOLNLPLW Ws oPLPLW Ws UHIHUHQFsV Qs GRJDQsQ VKTLSWDUH
GLVDSURGXNWHSsUVKNDNWsoPLPHYHWsODUWDRVHPsQ\UDYHWsQGU\VKPHWs
YOHUsVLPLWYsUHKHWQMsUULWMHHODUWsQsNRVWRQHLPSRUWLWGXNHNULMXDUNsVKWX
QMsEDUULHUsMRWDULIRUH
6LSDV 'UHMWRULVs Vs 3sUJMLWKVKPH Ws 'RJDQDYH Qs IDTHQ H LQWHUQHWLW
HN]LVWRQQMsOLVWsOLGKXUPHoPLPHWHUHIHUHQFsVTsDSOLNRKHWSsU9HQGHWH
%DVKNLPLW(XURSLDQGKHYHQGHWHWMHUD6LSDVOLVWsVQsIMDOsYHQGHYHTsEsMQs
SMHVsQs%DVKNLPLQ(XURSLDQGKHDW\UHTsQXNEsMQsSMHVsQsWsXDSOLNRKHQ
YOHUDWsQGU\VKPHWDULIRUH
6LSDVWsGKsQDYHPDUUsQJDÀUPDWWRQDGKHSXQRQMsVYH]\UWDUsYLKHWUH
QMsWROHULPQsOLGKMHPHDSOLNLPLQHoPLPHYHWsUHIHUHQFsVNXQGUHMWYHQGHYH
DQWDUHWs%(0HIMDOsWsWMHUDNXSWRKHWVHDXWRULWHWHWGRJDQRUHQsDSOLNLPLQ
HoPLPLWWsUHIHUHQFsVYHSURMQsQsPsQ\UsDUELWUDUH.\]EDWLPELHQGHVK
HGKHPHUUHJXOODWH'72HGKHPH0DUUsYHVKMHQH7UHJWLVsVs/LUsPLGLVG\
VKWHWHYH
KWWSZZZGRJDQDJRYDOGRFWHBGKHQDBGLVSRQXHVKPHKWP
'XNHÀOOXDUQJDYLWLVLSDV1RPHQNODWXUsV'RJDQRUHSsUYHoDSOLNLPLW
Ws WDNVsV GRJDQRUH Ts YDULRQ QJD DSOLNRKHW HGKH 796+·MD Qs
YOHUsQ1sTRIWsVHGRWsPDUULPQMsVKHPEXOOHGKHQsSURGXNWHWTs
NRQVLGHURKHQWsFLOsVLVsVsG\WsFPLPLLUHIHUHQFsVSsUFDNWRKHWGXNHPDUUs
VLED]sSURGXNWHWsPDUNsV´1HVWOHµ3sUVKHPEXOOoPLPHWHUHIHUHQFsVTs
DSOLNRKHQQsSURGXNHWHWHPDUNsV+$/.MDQsVLPsSRVKWs
3URGXNWL
dPLPLL)DWXUsV
dPLPLL5HIHUHQFsV
.HN
(XUR.ROL
(XUR.ROL
dRNROODWD
(XUR.ROL
(XUR.ROL
+DON.UHPD
(XUR.ROL
(XUR.ROL
6DSXQL/sQJVKsP
(XUR.J
(XUR.J
/HWsUHODJXU
(XUR.ROL
(XUR.ROL
%XULPL3sUIDTsVLDH7HJWLVsVs-DVKWPH
$VKWX VLNXUVH VKLKHW HGKH QJD WDEHOD Qs GLVD UDVWH oPLPL L UHIHUHQFsV
DSOLNRKHW VD G\ÀVKL L oPLPLW Ws IDWXUsV 1s NsWs UDVW oRNROODWD Ts YMHQ Qs
GRJDQs PH YOHUs IDWXUH (XUR Qs NXVKWHW QRUPDOH PH WDNVsQ
GRJDQRUHGKHH796+TsGRWsDSOLNRKHWPEL(XUR(XURGXKHWWs
EsMsK\UMHPHYOHUsQ(XUR1GsUNRKsTsNXUDSOLNRKHWoPLPLLUHIHUHQFsV
SDVLNHPLVKWXDUWDNVsQGRJDQRUH(XURPELYOHUsQ(XURGKH
SDV ]EDSOLNLPLW Ws 796+Vs (XUR PEL YOHUsQ (XUR PDOL
UHDOLVKWEsQK\UMHPHYOHUsQ(XUR
0EDMWMD H .RPLVLRQLW QH 0DWHULDOHW 3URPRFLRQDOH Qs 'RJDQs
LPSRUWSDSDJHVs
1MsQJDSURGXNWHWWRQDWsUsQGsVLVKPHWsHNVSRUWLWMDQsHGKHSURGXNWHW
IDUPDFHXWLNH GKH LODoHW 7s JMLWKD PDWHULDOHW SURPRFLRQDOH EURVKXUD
NDWDOORJs LODoH SsU SURYs PH RULJMLQs 7XUTLQs Ts GsUJRKHQ IDODV VLGRPRV
QJD NRPSDQL LODoHVK NXQGUHMW NRPSDQLYH IDUPDFHXWLNH GKH PMHNsYH PH
V\QLPUHNODPLPLQXDSOLNRKHWQMsVKXPsHODUWsNRPLVLRQL.RPSDQLYHWRQD
XWKXKHWWsSDJXDMQsNRPLVLRQHWVLSDVIDWXUsVQsUDVWVHWHMNDORKHWQMsVDVL
HFDNWXDUHYOHUsVVsGHNODUXDUWsPDWHULDOHYHSURPRYXHVHSRUQXNXMHSHQ
LQIRUPDFLRQHVHQsFLOLQOHJMLVODFLRQPEsVKWHWHWN\YHSULP
9RQHVDQs'RJDQDWs6KNDNWXDUDQJD*UXSD]KL
,PSRUWHW Ts UHDOL]RKHQ QJD VKWHWL \Qs SsU VKNDN VH LPSRUWRKHQ VDVL Ws
YRJODQJDÀUPDWsQGU\VKPHQsVKXPLFsQHUDVWHYHPDOOUDWHPsVKXPsVH
QMsÀUPHVLOOHQPHQMsNDPLRQWsYHWsP3sUVKNDNVHQs6KTLSsULQXNHN]LVWRQ
]EDWLPL L VLVWHPLW DQWUHSR JMDWs WUDQVSRUWLW QGsUNRPEsWDU Ws PDOOUDYH PDOOL
PXQG Ws VKSsUQGDKHW SDVL Ws JMLWKD NRPSDQLWs NDQs SsUIXQGXDU YHSULPHW
1s UDVW VH QMs NRPSDQL H SsUIVKLUs Qs JUXSD]K YRQRQ YHSULPHW GRJDQRUH
DWsKHUs SHQDOL]RKHQ HGKH NRPSDQLWs H WMHUD 3sU NsWs DUV\H QsVH GR Ws
NDORKHWQsVLVWHPLQDQWUHSRGRWsSDUDQGDORKHQYRQHVDWGKHUULWMDHNRVWRYH
WsPXQGVKPH
1JD DQD WMHWsU QsVH PDOOUDW H SsUIVKLUD Qs JUXSD]K MDQs SsU Qs T\WHWH
Ws QGU\VKPH GXKHW Ts NDPLRQL L PDOOUDYH Ws QGDORMs Qs oGR T\WHW NX GR Ws
VKNRMQs PDOOUDW .MR JMs VKWRQ NRVWRQ H WUDQVSRUWLW GKH YOHUsVRKHW VL ´QMs
SHQJHVsWHNQLNHQsWUHJWLµ
+HTMDRVHPRVULPEXUVLPLL796+Vs
6KRTsULWsWXUNHTsRSHURMQsQs6KTLSsULHNVSRUWRMQsHGKHQs7XUTLHGKH
QsVKWHWHWsWMHUDÊVKWsEsUsHGLWXUVHULPEXUVLPLL796+·VsVsHNVSRUWHYH
RVHQXNsVKWsEsUsRVHsVKWsEsUsQMsSDJHVsVKXPsHYRJsOQsNUDKDVLP
PHWRWDOLQTssVKWsSsUW·XSsUÀWXDU.sUNRKHWTsWsSDNWsQSsUNRPSDQLWs
VKXPD H Ws FLODYH DUULQ Qs GKMHWsUD PLOLRQD GROODUs Ws DSOLNRKHW VLVWHPL L
]EULWMHV SsU SDJHVD VL WDNVD WDULID GKH SULPH VLJXULPL 3sU NRPSDQLWs Ws
FLODWEDVKNsPHNUL]sQHNRQRPLNHSsUEDOOHQHGKHPHPXQJHVsQHSDUDYH
&$6+ sVKWs L UsQGsVLVKsP ULPEXUVLPL L 796+Vs Vs SORWs GKH Qs NRKs
QsVHPHUUHWSDUDV\VKQMsQRUPsHODUWsHWDNVsVVsYOHUsVVsVKWXDUSUHM
3UREOHPHWH9L]sVVs7LSLW'
6KWLPL L VHNWRULW Ws QGsUWLPLW GKH LQYHVWLPHYH PLGLV G\ YHQGHYH VMHOO
HGKH UULWMHQ H QXPULW Ws VKWHWDVYH WXUT Ts SXQRMQs Qs 6KTLSsUL %D]XDU Qs
PDUUsYHVKMHQ SsU KHTMHQ H YL]DYH PLGLV 7XUTLVs GKH 6KTLSsULVs ND K\Us
Qs IXTL ]EDWLPL L KHTMHV Vs YL]DYH GKH VL UUMHGKRMs SsU WX SDMLVXU PH OHMH
TsQGULPLGXKHWWsNHVK9L]sQH7LSLW'3RUSsUWXSDMLVXUPH9L]sQH7LSLW
'GXKHWVKXPsGRNXPHQWDWsPDUUDQJDXUTLDGKH6KTLSsULD0LGLVNsW\UH
GRNXPHQWDYHsVKWsHGKH/HMDH3XQsV3sUWXSDMLVXUPHOHMHSXQHGXKHQ
VsULVKGRNXPHQWD3DVLNHDSOLNXDUPHGRNXPHQWDFLRQLQHQHYRMVKsPQs
$PEDVDGsQDSR.RQVXOODWsQH5HSXEOLNsVVs6KTLSsULVsQs7XUTLPHYL]sQH
PDUUsGKHPHWsQMsMWDWGRNXPHQWDGXKHWWsDSOLNRKHWQs'UHMLQsH3ROLFLVsVs
.XILULWGKH(PLJUDFLRQLWQs6KTLSsUL1MsPXDMSDVNsWLMDSOLNLPLWQsVHVKLKHW
H DUV\HVKPH SDMLVHVK PH OHMH TsQGULPL 3sUYHo NsVDM SDMLVMD PH OHMH SXQH
NsUNRQVsULVKQMsSURoHGXUsWsJMDWs1sNXVKWHWQRUPDOHEsKHWIMDOsSsUQMs
SHULXGKsPXMRUH
3UREOHPHTs5UMHGKLQQJDPRV]EDWLPLL0DUUsYHVKMHVVs6LJXULPLW
6KRTsURU
1s NXDGsU Ws 0DUUsYHVKMHV Vs 6LJXULPLW 6KRTsURUH VKWHWDVLW WDQs
Ts SXQRMQs NsWX GXKHW Ts VKSHQ]LPHW VKsQGHWVRUH Ws W\Us Qs 7XUTL GKH
VKSHQ[LPHWVKsQWHVRUHWsIDPLOMDUsYHWsW\UHQs7XUTLWsPEXORKHQQsNXDGsU
WsNsWLMVLJXULPL*MLWKDVKWXHGKHSULPHWHVLJXULPLWTsSDJXKHQNsWXQsOORJDUL
Ws W\UH GXKHW Ws OORJDULWHQ VsEDVKNX PH SULPHW Ts SDJXDMQs Qs 7XUTL SsU
VKNDNVHQs6KTLSsULQXN]EDWRKHWPDUUsYHVKMDILUPDWWRQDGKHSXQRQMsVLWH
W\UsNsWXMDQsQsYsVKWLUsVL
.sVKWX Ts VLSDV UUHJXOORUHV Vs VLJXULPLW VKRTsURU Qs ED]s Ws OLJMLW Ts
WKRWsVHSsUVKWHWDVLWTsSXQRMQsQsYHQGHWNXsVKWsILUPRVXUPDUUsYHVKMDH
VLJXULPLWVKRTsURUGXKWHWsSDJXDMQsSULPYHWsPQsVKWHWLQNXSXQRMQsGKH
VHQMsSHUVRQQXNPXQGWsSDJXDMsSULPQsPsVKXPsVHQMsVKWHWSsUILUPDW
WRQDGKHSXQRQMsVLWHW\UHNMRJMsQGMHVMHOOSUREOHPH
=+9,//,0(7()81',7
3DUDYLWHVKQXPULLÁXWXULPHYHDMURUHTsEsKHVKLQPHYHQGLQWRQsLVKWH
KHUsQsMDYsVRWNRPSDQLWsWRQDWsUsQGsVLVKPHUHDOL]RMQsÁXWXULPH
Ws SsUEDVKNsWD .MR SD G\VKLP Ts sVKWs QMs IDNWRU SR]LWLY SsU WUHJWLQs H
QGsUVMHOOWsSsUDNWLYLWHWLQHWXUL]PLWSsUXGKsWLPHWQsNXULPHWHWsVsPXUsYH
1JD DQD WMHWsU GHNODULPL L 7XUTLVs Vs EDVKNX PH GLVD VKWHWH Ws WMHUD VL
SDUWQHUVWDWHJMLNQJDTHYHULDQsSXVKWHWGRWsQJULKHQQsQMsQLYHOPsWsODUWs
PDUsGKsQLHWHPLUDG\SDOsVKH3DG\VKLPTsQsQMsNRKsWsVKNXUWsUGRWs
SDVT\URKHWHGKHSR]LWLYLWHWLQsDNWLYLWHWHWHNRQRPLNHGKHWUHJWDUH
1s SRUWLQ H 'XUUsVLW GXNH THQs QMs NRPSDQL WXUNH SsUYHo VH ND ILOOXDU
PHQD[KLPLQHSRUWLWSsUNRQWHQMHUsWSsUWUDQVSRUWLQGHWDUGKHGXNHTHQsVH
VKXPsVKSHMWGRWsILOORMsWUDQVSRUWLQHNRQWHQMHUsYHGLUHNWPHVKWHWLQWRQsQs
QMsNRKsVKXPsWsDIsUWNRPSDQLWsWRQDHGKHGRWsXOLQNRVWRQHWUDQVSRUWLW
HGKHGRWsVKPDQLQSHQJHVDWH*UHTLVsTsGDOLQQsSDKJMDWsWUHJWLVsWUDQ]LWH
3Ê5)81',0,
0HJMLWKsVHWHJWLDHQGsUMHOOWssVKWsUULWXUPHKDSDWsVKSHMWsDNRPDQXN
sVKWs YOHUsVXDU VLo GXKHW SRWHQFLDOL SsUVD L SsUNHW SURGXNWHYH XVKTLPRUH
YHVKMHYH SsU IsPLMs PDNLQHUL GKH PDWHULDOH QGsUWLPL 1JD DQD WMHWsU SsU
NDWHJRULQs H ELVNRWDYH oRNROODWDYH GKH NHNXW Ws FLOsW MDQs ]sUDW Ps Ws
UsQGsVLVKsPSsUHNVSRUWLQWRQsDSOLNRKHQoPLPHUHIHUDQFHVKXPsWsODUWD
.MRJMsELHQsNXQGsUVKWLPPHUUHJXOORUHQH'72GKHQHQHYHSsUNDWsVHWs
0DUUsYHVKMHVVs7UHJWLVsVs/LUs
.RPSDQLWsWRQDJMDWsYOHUsVLPLWWsWUHJXWWsYHQGLWGXKHWWsNHQsSDUDV\VK
HGKHSR]LWsQJMHRJUDILNHHGKHPDUsGKsQLHWHNRQRPLNHHWUHJWDUHWsQJXVKWD
TsNDSRSXOOVLDHYHQGLWPHVKTLSWDUsWQsYHQGHWSsUUHWK
0HJMLWKsVH Qs VHNWRULQ H QGsUWLPLW NHPL SURMHNWH Ws UsQGsVLVKPH Ts
NDQs SsUIXQGXDU GKH Ts MDQs Qs YD]KGLP H VLSsU JMHQGHW QMs SRWHQFLDO
L UsQGsVLVKsP GXNH THQs VH VKTLSsULD sVKWs QMs YHQG Ts ND QHYRMD SsU
LQYHVWLPHQsLQIUDVWUXNWXUs3RUDSOLNLPHWHUUHJXOORUHVVsVLJXULPLWVKRTsURU
GKHYL]DWHWLSLW'QGLNRMQsQsJDWLYLVKWSsUNsWsVHNWRU
6KTLSsULD H FLOD PEDUW SDVXUL KLVWRULNH Ws UsQGsVLVKPH SsU YHQGHW H
%DOONDQLWsVKWsQMsVKWHWTsPHULWRQWLMHSHWUsQGsVLDHGXKXUQsGHVWLQDFLRQHW
WXULVWLNH
$OEDQD/$.125,
'UHMWRUHH0DUsGKsQLHYH1GsUNRPEsWDUH
-HPL SsUSMHNXU JMLWKPRQs Ws MHPL SUH]HQW Vs VHPSR]LXPH Ws WLOOD NX
SURPRYRKHWEL]QHVLVKTLSWDUHGKHWXUN'XNHTHQsVHSsUIDTsVRM'KRPsQH
7UHJWLVsVs7LUDQsVTsPEXORQWsEL]QHVLWWs6KTLSsULVs1sSUH]DQWLP
PXQGWsVKLKQLVHoIDUsXRIURMPsQHEL]QHVHYHVLRSHURMPsQHPHEL]QHVHW
VL]JMLGKHW$VDPEOHMDH'KRPsVVL]JMLGKHWNU\HWDULL'KRPsV/HJMLVODFLRQL
L QGU\VKXDU L 'KRPsV Vs 7UHJWLVs ND EsUs Ts VKXPs JMsUD Ws PRV MHQs Qs
IDYRULQWRQs1MsQJDNsWRsVKWsDQWDUsVLPLYXOOQHWDUTsPsSDUsNDTHQsL
GHW\UXHVKsP.MRNDVMHOOsYsVKWLUsVLILQDQFLDUHSRUSRSsUSLTHPLWsWsUKHTLP
EL]QHVHWHUHMD0sSDVPXQGWsVKLKQLPLVLRQLQHGKRPsVoIDUsXRIURMPs
QHEL]QHVPHQsYHWsKXDMVLLPEsVKWHVLPEL]QHVHWVKTLSWDUHGKHEL]QHVHW
HKXDMDTsWsYLMQsQs6KTLSsULoIDUsXVLJXURMPsQHDW\UH*MLWKDVKWXNsWX
SDUDTLWHQHGKHRUJDQL]PDWVKWHWsURUHTsLQGLKPRMQsQsK\UMHQHLQYHVWLWRUsYH
WsKXDM.sWRMDQs3URNXURULPLHOHNWURQLNOLJMLQsPEURMWMHQHLQYHVWLPHYHWs
KXDMD4HQGUD.RPEsWDUHH5HJMLVWULPLWTsUHJMLVWURQQsQMsGLWsEL]QHVLQ
dIDUsEsQ'KRPDH7UHJWLVs"
1Ms QJD VKsUELPHW WRQD sVKWs SDMLVMD PH dHUWLILNDWsQ H 2ULJMLQsV 3UD
'KRPDH7UHJWLVsOsVKRQdHUWLILNDWsQH2ULJMLQsV.MRsVKWsQMsYsUWHWLPTs
QDHNDOHMXDU'UHMWRULDH'RJDQDYHGKHsVKWsQMsVKsUELPTsQHXDRIURMPs
EL]QHVHYHNXQGUHMWQMsSDJHVH
1MsSMHVsHWsDUGKXUDYHTsQHLNULMRMPs'KRPsVMDQsSURMHNWHW1MsQJD
NsWR SURMHNWH NHPL &OXVWHUFOXE PH GKRPDW H 7UHJWLVs Vs 9HQHWWRV QMs PH
.RPXQsQH3H]DURVQsĈWDOLSURMHNWL3LWDJRUDQs,WDOLSURMHNWL)LQR²6OORYHQLDQ
7HFKQRORJ\ $JHQF\ HWM 1H RUJDQL]RMPs SDQDLUH Ts L NHPL WUDGHPDUN 1Ms
QGsUNsWDsVKWs'LQDPLF)DLU&KLOGUHQ)DLUGKHLIXQGLWGKHPsLVXNVHVVKPL
sVKWsÊRUNDQG6WXG\.sWsSDQDLUHRUJDQL]XDPVsIXQGPLQsPXDMLQWHWRU
PH UUHWK DSOLNH Ws VWXGHQWsYH SsU SXQs GKH DSOLNLPH Ws VWXGHQWsYH
SsU XQLYHUVLWHWHSXEOLNH GKH MRSXEOLNH 1Ms JMs WMHWsU Ts QH RIURMPs sVKWs Ws
'UHMWDWH3URQsVLVs,QWHOHNWXDOH'XNHTHQsVHPEURMWMDHWsGUHMWsVVsSURQsV
sVKWsHGKHSMHVsH0DUUsYHVKMHVVs6WDELOL]LP$VRFLLPLW7DQLEL]QHVHWMDQs
VKXPsWsQGMHVKPHQGDMVDMVLGRPRVQsosVKWMHWHIDOOVLILNLPHYHTsVKLKHWQs
'UHMWRULQsH'RJDQDYH1HUHJMLVWURMPsPDUNDWWUHJWDUHLPEDMPsOLGKMHWPH
'UHMWRULQsH3DWHQWDYHGKH0DUNDYH.XUEL]QHVLNDQHYRMsWsYLMsSsUVKNHOMH
WsQMsSDWHQWHPDUNHDSRWsQMsGL]HQMRMHLQGXVWULDOHQDGUHMWRKHWQHYH.MR
sVKWsQMsWLSNsVKLOOLPLTsLRIURMPsEL]QHVHYH
*MLWKDVKWXQHNHPLHGKHPDUsGKsQLHPHGKRPDWHKXDMD.HPLSsUIDTsVL
Qs.RVRYs0LODQR7RULQR6WDPEROO5XPDQL%UXNVHO'KRPDH7UHJWLVsVs
7LUDQsVsVKWsDQWDUHH$6.$0,7HGKRPDYHWs'HWLWWs=LH%,6(.87GKH
)RUXPLW(NRQRPLNWs9MHQsV
2UJDQL]RMPs WUDMQLPH Ws QGU\VKPH SsU NsUNLPs SsU EL]QHVLQ 7UDMQLPHW
EsKHQQs'HSDUWDPHQWLQH3URMHNWHYHWs'KRPsVVs7UHJWLVs
'KRPD H 7UHJWLVs MD QMs MHWsJMDWsVL SUHM YMHWsVK Ts GR Ws WKRWs QMs
HNVSHULHQFs VKXPs H PLUs Qs LPSOHPHQWLPLQ H SURMHNWHYH 1Ms QJD NsWR
SURMHNWHVKXPsWsUsQGsVLVKPHsVKWs8,),PH'KRPsQH7UHJWLVs$XVWULDNH.\
SURMHNWSsUIVKLQWUDMQLPHTsRUJDQL]RKHQQs6KTLSsULGKH$XVWULNXSHUVRQDW
DSR EL]QHVHW SMHVsPDUUsVH SDMLVHQ PH GLSORPD .\ SURMHNW RUJDQL]RKHW Qs
NXDGsUWsQMs0DUUsYHVKMHMHTs'KPDH7UHJWLVsVs7LUDQsVNDPH'KRPsQ
H 7UHJWLVs Vs $XVWULVs 3MHVsPDUUsVLW MDQs QJD Ws JMLWKD PRVKDW %L]QHVHW
NsUNRMQsWDVKPsQMHUs]WsNXDOLILNXDUGKHLWUDMQRMQsKHUsSDVKHUH
3sUVHVKsUEHMQsIRUXPHWHEL]QHVLW"
.sWRVKsUEHMQsVLQMsNRQWDNWGLUHNWLEL]QHVHYHWsYHQGHYHWsQGU\VKPH
1HLRUJDQL]RMPsQs6KTLSsULGKHMDVKWsVDM
.sWRoIDUsWKDVKsPsVLSsULVKWHQMsSsUPEOHGKMHHVKNXUWsU]\UWDUH7DQL
GRMDWsSsUPHQGMDGLVDVKLIUDSsUVDLSsUNHWPDUsGKsQLHYHHNRQRPLNHPLGLV
6KTLSsULVsGKH7XUTLVs
7s GKsQDW ]\UWDUH SsU ÁDVLQ SsU QMs UULWMH Ws YsOOLPLW WUHJWDU PLGLV
6KTLSsULVs GKH 7XUTLVs Ts OORJDULWHW UUHWK PLOMRQ OHNs 3R NsWR
Ws GKsQD ÁDVLQ SsU HNVSRUWHW Ts VKsQXDQ YOHUsQ SUHM PLOMRQ OHNs
1GsUVDLPSRUWHWLVKLQG\ILVKGXNHNDSXUYOHUsQHPLOMRQOHNsYH3RWD
NUDKDVRMPsPHYLWLWQGKHYLWLQQLYHOLLLPSRUWHYHsVKWsSRWKXDMVH
WULGKMHWsILVKXDUQGsUVDQLYHOLLHNVSRUWHYHsVKWsUULWXUQGMHVKsP1sYLWLQ
LPSRUWHWOORJDULWHVKLQPLOMRQOHNsQGsUVDHNVSRUWHWPLOMRQOHNs.MR
UULWMHHVKNsPELPHYHWUHJWDUHHUGKLVLSDVRMsHQsQVKNULPLWWs0DUUsYHVKMHV
Vs 7UHJWLVs Vs /LUs Qs YLWLQ 3URGXNWHW WXUNH GHUL Qs K\UMHQ Qs IXTL Ws
NsVDMPDUUsYHVKMsQGRQsVHNLVKLQNRVWRWsXOsWNDQsSDWXUQMsGH]DYDQWD]K
NUDKDVXDUQHSURGXNWHWH%(VsSsUVKNDNWsWDULIDYHGRJDQRUHWsODUWDTs
SDJXDQLQ0DUUsYHVKMDVWLPXORLLQYHVWLPHWsSsUEDVKNsWDWsEL]QHVHYHWsWs
G\MD YHQGHYH 0DUsGKsQLHW HNRQRPLNH PLGLV 6KTLSsULVs GKH 7XUTLVs NDQs
SDWXUPEsVKWHWMsWsIXTLVKPHSROLWLNHGHULQsGLWsWHVRWPH1sSHULXGKsQ
LQYHVWLPHWWXUNHSDWsQQMsUULWMHSUHMPLOMRQGROODUsVKQsQs
PLOMRQGROODUsVKQsIXQGWs6LSDVWsGKsQDYHWsIXQGLWVRWLQYHVWLPHW
WXUNH Qs 6KTLSsUL GXNH SsUIVKLUs HGKH VKXPsQ H NDWsU KLGURFHQWUDOHYH
Ws EOHUD QJD VKRTsULD .XUXP H FLOD sVKWs DQWDUH H 'KRPsV Vs 7UHJWLVs Vs
7LUDQsVQsGLWsWHSDUDWsDUULMQsYOHUsQSUHMPLOMDUGGROODUsVKRVHWD
WKHPLQGU\VKHWs*'36VsYHQGLW$NWXDOLVKWNHPLNRPSDQLWXUNH
TsXVKWURMQsDNWLYLWHWLQHW\UsQs6KTLSsUL*MLWKDVKWXGKMHWUDEL]QHVHWXUNHTs
QJDVKsUELPHWGHQWDUHVDOORQHWHEXNXULVsUHVWRUDQWHWYHVKMHWPDUNHWLQJX
1sPEsVKWHWMHWsNsW\UHVLSsUPDUUsVYHMDQsSXQRQMsVWXUTTsNDQsPDUUs
OHMHSXQHSsUWsSXQXDUQs6KTLSsULGXNHNDOXDUHGKHSXQRQMsVLWHITLQMYH
WDQsVLoMDQsJUHNsWGKHLWDOLDQsW1sWsGKsQDWHIXQGLWTsNHPLWUHJRMQsVH
LQYHVWLPHWWXUNHQs6KTLSsULDUULMQsYOHUsQHPLOMDUGGROODUsYHRVHH
*'3Vs
0H NsWs UHV\PH Ws VKNXUWsU Ws PDUsGKsQLHYH WUHJWDUH Ws YHQGHYH WRQD
GKH PsQ\Us VH VL NRPSDQLWs WXUNH VKWULKHQ QGMHVKsP PH LQYHVWLPHW H W\UH
WUHJRQUsQGsVLQsH7XUTLVsGXNHHTXDMWXUVLSDUWQHUHVWUDWHJMLNHGKHDIDWJMDWH
H 6KTLSsULVs 1Ms URO Ws UsQGsVLVKsP Qs NsWR PDUsGKsQLH ND OXDMWXU HGKH
K\UMD H 'KRPsV Vs 7UHJWLVs Vs 7LUDQsV Qs &()7$ Qs 0DUV 3UD MHPL
EsUsSMHVsHQHWsRUNXWWsWsJMLWKD'KRPDYHWs%DOONDQLWNXIXWHWHGKH7XUTLD
.MRGRWsOHMRMsTsEL]QHVHWWsNHQsPXQGsVLTsSURGXNWHWHW\UHWLNHQsPH
WDULIsGRJDQRUH]HURGKHWsXOHQWDNVDW.MRsVKWsOXIWDTsSREsMQs'KRPDWH
7UHJWLVsSsUYHoOXIWsVTsEsQVKWHWLPH0DUUsYHVKMHQH7UHJWLVsVs/LUs
)RUXPHW H EL]QHVLW PLGLV VLSsUPDUUsVYH WDNLPHW DSR sRUNVKRSHW NDQs
THQs YHQGLPWDUH Qs NRQVROLGLPLQ H SXQsV Vs EL]QHVHYH 'HW\UD MRQs sVKWs
LQWHVLILNLPLLPDUsGKsQLHYHGKHPDUUMDHVKHPEXMYHPsWsPLUsWsEL]QHVHYH
WsNsWLMYHQGLSsUWLDSOLNXDUQsYHQGLQWRQs-HPLWsKDSXUSsUWsQGMHNXUoGR
OORMYHSULPLWsULGKHSsUWsGKsQLGHWsWRQDVHSDUWQHULWHWLPLGLVG\YHQGHYH
PXQGWsUULWHWHGKHPsVKXPsVHosVKWs
(F:=<@6B:H:=?<C6;4A520<;<:60'29.A6<;@
/2AD22;)B?82F.;19/.;6.I
)6?.;.A5<3$<C2:/2?
.;161.A2&59/.;.".8;<?6
6?20A<?<3<?264;33.6?@&@@B2@
5.:/2?<3<::2?02;1B@A?F<3)6?.;.
.9/.;.-9.8;<?6006.9
<B;121 6; )6?.;. 5.:/2? <3 <::2?02 .;1
;1B@A?F 6@ A52 9246A6:.A2 ?2=?2@2;A.A6C2 <3 )6?.;.
/B@6;2@@6;A2?2@A@.;1A52/6442@A05.:/2?6;9/.;6.
)56@ 6;@A6ABA6<; <=2?.A2@ B;12? @=206.9 9.D .;1 @A.AB@
.;1 A526? =B?=<@2 6@ A52 6;A2?2@A =?<A20A6<; <3
2;A?2=?2;2B?@ 6; ?29.A6<; A< 4<C2?;:2;A .;1
A52:@29C2@
(6;02 2.?9F A52 :2:/2?@56= .A A52 5.:/2? 6@
0<:=B9@<?F .3A2? A52 .:2;1:2;A <3 ?A6092 <3 ".D
3<?H5.:/2?@<3<::2?02.;1;1B@A?FI
)52 5.6?:.; <3 5.:/2? 6@ 2920A21 /F @20?2A
/.99<A/FA52@@2:/9F3<?.3<B?F2.?=2?6<1
)52.0AB.95.6?:.;<35.:/2?<3<::2?02
.;1;1B@A?F<3)6?.;.6@#?$68<96; .8.
)52 2;2?.9 (20?2A.?F <3 5.:/2? @5.99 /2
.==<6;A21 .;1 16@:6@@21 /F A52 #6;6@A2? <3
0<;<:F)?.12.;1;2?4F
)525.:/2?@?<926@ 16?20A216;A.?42A@A<=?<C612.@@6@A.;02
3<?:2:/2?@<==<?AB;6A62@
)<?20<4;6G2.;112C29<=09<@2?29.A6<;@56=@D6A59<0.9.;1
6;A2?;.A6<;.9/B@6;2@@2@
)< </A.6; @B==<?A 2;0<B?.42:2;A .;1 =?<:<A6<; <3 A526?
.0A6C6AF
)<=?<C612.;1?2026C2?232??.9@.@.?2@B9A<3;2AD<?86;4
)<5.C2A529.A2@A6;3<?:.A6<;./<BA6@@[email protected].@6:=.0A<;
9<0.920<;<:F
)<</A.6;C.961=2?02=A6<;@@8699@.;1;202@@.?F@A?.A2462@<3
/B@6;2@@12C29<=:2;A
$' 5.@ =?<C6121 I. <;2 @A<= @5<=H D52?2 /B@6;2@@ 0.;
/2 ?246@A2?21 D6A56; 5<B?@ 3?<: 1.F@ A5.A D.@ /23<?2
D6A5A520<@A<3B?<
H920A?<;60&?<0B?2:2;AID56055.@4B.?.;A2213?22.;13.6?
0<:=2A6A6<;6;=B/960=?<0B?2:2;A@
".D<;<?264;;C2@A:2;A&?<A20A6<;
"'.;<A52?H<;2@A<=@5<=HD52?2/B@6;2@@0.;/29602;@21
D6A56; ;<A :<?2 A5.; 1.F@ 3?<: :6;6:B:
<3
[email protected].@/23<?2
A6@6;[email protected]@@A</B@6;2@@%;96;20<::B;60.A6<;
3<? =?<021B?2@ D6A5 A.E @A?B0AB?2@ 0B@A<: @F@A2: =B/960
=?<0B?2:2;A<?2C2;/B@6;2@@?246@A?.A6<;
! "
,<?8 (AB1F ! ;A29920AB.9&?<=2?AF.@)?.12:.?8@.;1&.A2;A@<36;C2;A6<;@
.0A6C6AF 0<;@6@A@ <; .99 .0A6<;@ A5.A .; .BA5<?6G21
?2=?2@2;A.A6C2<3A?.12:.?8@.;1&.A2;A@@5<B91=2?3<?:
'246@A2?@ A?.12:.?8@ .;1 =.A2;A@ =2?3<?:@ A526? ?2;2D.9 .A
A52?2>B2@A<36;A2?2@A212;A6A62@
&2?3<?:@ A52 A?.;@9.A6<; <3 ?2@=20A6C2 1<0B:2;A.A6<; A526?
;<A.?6G.A6<;.;1924.96G.A6<;
!22=@ 0<;A6;B<B@ ?29.A6<;@ D6A5 )?.12:.?8@ .;1 &.A2;A
6?20A<?.A2 3<? =?<021B?2@ <3 .==960.A6<;@ 12=<@6A .;1
D6A51?.D.9<3'246@A?.A6<;.;12=<@6A2?A6360.A2@
;[email protected]@ A52 0B??2;A @A.A2 <3 02?A.6; 12=<@6A@ .;1
?246@A?.A6<;
5208@A52A2?:@<3)?.12:.?8@.;1&.A2;A@1232;@2
(2.?052@./<BA6;A2?;.A6<;.9&6A2:@
<;@B9A.;0F .A A52 *;6C2?@6A62@ .@ D299 .@ &<9FA205;60
*;[email protected]<3".D
%B? ?29.A6<;@56= D6A5 0<B;A2?=.?A 05.:/2?@ 6@ C2?F
3B;0A6<;.9
,2 5.C2 2@A./96@521 . =2?:.;2;A 0<<=2?.A6<; D6A5
?246<;.9B?<=2.;5.:/2?@.;1/2F<;1
; :.;F C.?6<B@ 0<B;A?62@ <3 D<?91 D2 5.C2 <=2;21 <B?
?2=?2@2;A.A6C2 <33602@ .;1 @=206360.99F 6; !<@<C< #69.;<
)B?6; +2;2A< +2;602 &621:<;A ".G6< (62;. ?2:2;
"7B/97.;. .C.?6. <9<4;. B;4.?F +62;;2 )<?<;A<
#60564.; 56;. 26?BA #<@0<D #.9.F@6. ,2@A 3?60.
?.;02 ?B@@29@ (A &2A2?@/B?4 !?.@;<1.? :696.
'<:.4;.
9@< A52 5.:/2? 6@ . :2:/2? D6A5 3B99 ?645A@ .A
<?4.;6G.A6<;@ @B05 .@ (# ( .;1 +62;;.
0<;<:60<?B:
B@6;2@@'2@2.?05.;1)?.6;6;42;A2?6@.;<;=?<36A?2@2.?05
.;1A?.6;6;4<?4.;6G.A6<;0?2.A21/F<B?A206@6<;;<<;
9/.;6.; 02;A2? 3<? /B@6;2@@ ?2@2.?05 .;1 A?.6;6;4 D.@
2@A./96@521<;A52/.@6@<3<?:2? &?<720A2=.?A:2;A<3A52
5.:/2?<3<::2?02
;52?6A6;4 <; A56@ D.F . @64;6360.;A 2E=2?62;02 6; =?<720A
6:=92:2;A.A6<;6;=.?A60B9.?B?<=2.;=?<720A@
)52:.6;=B?=<@2@<3B@6;2@@'2@2.?05.;1)?.6;6;42;A2?
.?2
;0<B?.42:2;A 3<? 0.??F6;4 <BA @AB162@ ?2@2.?052@ .;1
=?<720A@A?.6;6;4.;16;3<?:6;4.0A6C6A62@6;A526;A2?2@A<39.?42
.;1@:.99/B@6;2@@
; 6:=<?A.;A =?<720A <3 B@6;2@@ '2@2.?05 .;1 )?.6;6;4
)
)?.6;6;4
2;A2?6@,
,$)'$)%$"!$%,%,)'$(',!)6@=.?A
<3 B@A?6.; 5.:/2? <3 <::2?02 2@A./96@521 A< .@@6@A <;
/B@6;2@@2@A./96@56;4@A?2;4A52;6;4.;13B?A52?12C29<=:2;A
)52?2 6@ . F2.? 0<<=2?.A6<; 4?22:2;A /2AD22; )6?.;.
5.:/2? .;1 B@A?6.; 0<;<:60 5.:/2? ,!%, 3<?
9/.;6.; /B@6;2@@ A?.6;6;4 .;1 B;A69 ;<D .?2 :.12 ,
)?.6;6;4@D56055.@/22;C2?F@B002@@3B9
)56@F2.?)?2;2D21A52F2.?.4?22:2;AA<0<;A6;B2,
)?.6;6;4@
B@6;2@@ <?B:@ /?6;4 16?20A 0<;A.0A /2AD22; 2;A?2=?2;2B?@ <3
C.?6<B@0<B;A?62@.;1<B?:2:/2?@
)526?.00<:=96@5:2;A/<A56;@612.;1<BA@612A520<B;A?F6@6;A2;121
;<A<;9FA<=?<:<A29<0.92;A?2=?2;2B?@56=/BA.9@<?2.90<<=2?.A6<;
<==<?AB;6A62@D6A53<?264;0<:=.;62@
<?B:@.;1:6@@6<;@2?C2A</2AA2?8;<DA52:.?82A<;0<<=2?.A6<;
.;1 2:B9.A6<; .@ 9/.;6.; 2;A?2=?2;2B?@ .?2 .9?2.1F @A./92 6; A52
:.?82A
)6?.;. 5.:/2? <3 <::2?02 .;1 ;1B@A?F 0<<=2?.A2@ D6A5 56@
0<B;A2?=.?A@ 6; :.;F B?<=2.; 0<B;A?62@ .;1 /2F<;1 A< .0562C2
A52@2:6@@6<;@.;13<?B:@
)52 <?4.;6G.A6<; <3 B@6;2@@ :6@@6<;@ /2AD22; 9/.;6.; =?6C.A2
2;A?2=?2;2B?@56= .;1 3<?264; 2;A?2=?2;2B?@56= <?4.;6G21 /F A52
5.:/2? <3 <::2?02 .;1 ;1B@A?F =9.F@ .; 6:=<?A.;A ?<92 6;
@A6:B9.A6;40<<=2?.A6<;?29.A6<;@56=6;C.?6<B@36291<3/B@6;2@@
3URI'U%LUROdHWLQ
.RRUGLQDWRUL7Ĉ.$$QWDUL.sVKLOOLWWs%L]QHVLW6KTLSWDUR7XUN
6sSDULMXSsUVKsQGHVWsJMLWKsYHPHUHVSHNW7Ĉ.$QDW\ULVKWTsQXNsVKWs
QMsLQVWLWXFLRQWUHJsWDUSsUSDUDNXPWHVsVPLTWsWDQsVWXGHQWsPsNsUNXDQ
TsWsMDSLQIRUPDFLRQHPEL7Ĉ.$)MDOsQHGL]HQMRYDQsPsQ\UsWsWLOOsTsWs
SsUPHQGsDNWLYLWHWHWTsQGLNRMQsIXVKsQWUHJsWDUHVLGRPRVSURMHNWHWWRQD
PELWsFLODWGsVKLURMWsÁDV3RUOLQGLQMsQHYRMsHWLOOsXNsUNXDSUHMPHMHTsWs
ÁDVSsU7Ĉ.$6sSDULGsVKLURMWsÁDVSDNSsULQVWLWXFLRQLQWRQs
7Ĉ.$ VLo GLKHW sVKWs QMs LQVWLWXFLRQ QGLKPH WHNQLNH GKH EDVKNsSXQLPL
GKH SUHM QGLKPDYH Ws 7XUTLVs SDWL ]KYLOOLPH Ts QD Js]XDQ VLGRPRV YLWHW H
IXQGLW1HQXNPHQGRMPsVLERWDWUHJsWDUHSULWVKPsULWsGKHDNWLYLWHWHWWRQD
MDQsWsQGU\VKPHQJDN\VRW1sYHQGHWQsWsFLODWQGRGKHPLPHYHSULPWDULWs
WRQDPXQGRKHPLTsWs]KYLOORMPsPLTsVLQsPHVG\SRSXMYHYsOOD]sULQs3sU
UUMHGKRMsVLJXULVKWTsDNWLYLWHWHWWRQDQGRVKWDQsPsQ\UsMRWsGUHMSsUGUHMWs
Qs PsQ\Us LQGLUHNWH QGLNRMQs Qs ]KYLOOLPLQ H PDUUsGKsQLHYH HNRQRPLNH H
WUHJsWDUH
1sVHÁDVLPGXNHPDUUsSsUED]sVKLIUDWHYLWLWWsNDOXDUHN]LVWRMQs
]\UDWs7Ĉ.$QsYHQGHWsERWsV.HPLUUHWKSURMHNWHWsUHDOL]XDUDQs
YHQG.sWRQGLKPDWs7XUTLVsNRQWULEXWHSDDVJMsQsNsPELPYLWLQHNDOXDU
LVKLQ UUHWK PLOLDUGs GROODU 1sVH H PHQGRMPs EDVKNs PH NRQWULEXWHW H
RUJDQL]DWDYH FLYLOH EsKHW DIsUVLVWK PLODUGs GROODU 3sU UUMHGKRMs YLWHW H
IXQGLWNRQWULEXWHWGsVKLURMWsWKHNVRMQsUDGKsWsSDUsTsNsWRVLJXULVKWTs
QXNMDQsNUHGLNsWRQXPUDWUHJRMQsQMsUULWMHGRPHWKsQsVHQsNsWRPRPHQWH
QsNsWROORMHQGLKPDVKSsUVDLSsUNHWUULWMHVMHPLYHQGLLSDUsQsERWsGKHQs
UDGKLWMHQHSsUJMLWKVKPHMHPLYHQGLLNDWsUW
3sU UUMHGKRMs Qs 6KTLSsUL GHUL Ps VRW NHPL UHDOL]XDU VKXPs SURMHNWH
'sVKLURMWsÁDVSDNSsUKLVWRULNXQH]\UsVVRQsQs7LUDQsSDVWDMGRWsÁDVSsU
SURMHNWHW7Ĉ.$ÀOORLYHSULPWDULQsHVDMQs6KTLSsULQsYLWLQQsQMs]\Us
Qs$PEDVDGsQ7XUNH4sQJDYLWLSXQRQQsQMs]\UsWsSDYDUXU1sVH
L KHGKLP QMs V\ DNWLYLWHWHYH WRQD Ts QJD YLWL YsPs UH QMs UULWMH .HPL
UUHWKSURMHNWH'sVKLURMWsÁDVVKNXUWLPLVKWSsUWRGXNHXQGDOXUSDNPs
VKXPsQsGLVDSUHMW\UH
)XVKD H DUVLPLW sVKWs VKXPs H UsQGsVLVKPH SsU QH NDP THQs PH
GHW\Us Qs VKXPs YHQGH Ws WMHUD SRU Qs 6KTLSsUL NHPL XQLYHUVLWHWH NROHJMH
QMsLQIUDVWUXNWXUsHNRQVLGHUXHVKPH3RUJMLWKVHVLVLVWHPLWDUVLPRUVKTLSWDU
TsQJDDUVLPLÀOORUHGHULQsXQLYHUVLWHWLNHPLGKsQsVKXPsNRQWULEXWHGKH
PEsVKWHWMH 1XN GXD Ws QGDOHP JMDWs PEL WR 1s IXVKsQ H DUVLPLW GHUL Ps
VRW NHPL UHDOL]XDU SURMHNWH 3RU Qs IDNW GsVKLURM Ws ÁDV SsU SURMHNWH Ws
FLODW L NDQs GKsQs NRQWULEXWH MHWsV WUHJsWDUH 3sUVKHPEXOO Qs *MLURNDVWsU X
NULMXDNXUVLLIRUPLPLWSURIHVLRQDOPELVLVWHPLQ+,'52+(&SsUVsULQs7LUDQs
NULMLPL L QMs THQGUH IRUPLPL SURIHVLRQDO Qs 6KNRGsU ODERUDWRUL SsU NXUVLQ H
QJURKMH²IWRKMHVQsNsWsIXVKsQDXQMRIWXDTsNDQHYRMsGKHXEsQMsSXQsH
GRELVKPH3sUYHoNsVDMQsosVKWMHQHPEURWMHVVsS\MHYHVKTLSWDUHVLGRPRV
SsUQMsVsPXQGMHWsSHPsYHTssVKWsKDVXUYLWHWHIXQGLWWsQMsMWsQJMsNHPL
SsUMHWXDUHGKHQs7XUTLXNULMXD/DERUDWRULSsU0EURWMHQ%LRORJMLNHWs3\MHYH
QJD5UH]LTHWJMLWKDVKWXXSDUDVKLNXDHGKHNXDOLÀNLPLLGXKXU6KSUHVRMPsTs
SURMHNWHWS\MRUHWsPE\OOHQQsIXQGWsNsWLMYLWL1s(OEDVDQSRQGsUWRMPsQMs
ÀGDQLVKWHS\MHVKLSDMLVXUPHWHNQRORJMLQsPsWsIXQGLWTsWDQLSsUWDQLQs
6KTLSsULsVKWsPsLPDGKLLOORMLWWsYHW1MsSXQLPN\QsOLGKMHPH]KYLOOLPLQ
GKHUULWMHQHEXULPHYHS\MRUH
3sUVsULNHPLSURMHNWHQsIXVKsQHVKsQGHWsVLVs6LJXULVKWNXUÁDVLPSsU
SURMHNWH ÁDVLP SsU PEsVKWHWMH PH SDMLVMH WHNQLNH PMHNsVRUH PEsVKWHWMH
Qs HGXNLPLQ GKH VSHFLDOL]LPLQ H GRNWRUsYH GKH SXQRQMsVYH Ws XQLYHUVLWHWLW
GXNHLGsUJXDUQs7XUTLSsUVSHFLDOL]LPH6LHGKHVMHOOMDHVSHFLDOLVWsYHWXUT
GKHNRQWULEXLPLLW\UHQsIXVKDWsFDNWXDUDNsWX1sSsUJMLWKsVLLVKLQVKXPs
SURMHNWH'sVKLURMWsÁDVQsPsQ\UsWsYHoDQWsSsUQMsQGsUSURMHNWHWHSDUD
4HQGUDH'LDOL]sVSsU)sPLMsHFLODLVKWHQMsPXQJHVsHPDGKHSsU6KTLSsULQs
GKHMHPLWsOXPWXUTsNHPLPXQGXUWDUHDOL]RMPs.sWsSURMHNWHNHPLUHDOL]XDU
QsYLWLQSRUNDQsNDOXDUYMHWTsDWsKHUHGKHYD]KGRQWsMHWsTHQGUDH
YHWPH3sUYHoNULMLPLWWs%DQNsVVs*MDNXW4HQGUsVVs'LDJQRVWLNLPLW2NXODU
QHYRMDWGKHNsUNHVDWSsUSDMLVMHPMHNsVRUHVLJXULVKWPHUUHQQsNRQVLGHUDWs
VLSDVPXQGsVLYHGKHEX[KHWLWWRQs
3XQLPH Ws WMHUD MDQs UHVWDXULP ² NRQVHUYLPL 'HUL Ps VRW MDQs UHDOL]XDU
SURMHNWH 1Ms SMHVs H W\UH HQGH YD]KGRQ PH VKXPs PXQGsVL Qs PXDMLQ
PDUV Ws YLWLW Ts YMHQ GR Ws ÀQDOL]RKHQ 3RU VLJXULVKW Ts NsWR OORM SURMHNWHVK
NsUNRMQs SXQs VKXPs Ws GHWDMXDU GXKHW SXQXDU Qs osVKWMHQ H PDUUMHV Vs
OHMHYH SsUNDWsVH PEL Ws JMLWKD MDQs SURMHNWH NXVKWXHVH 3sU NsWs YLW MDQs SURMHNWsQsSXQsHVLSsUVLSURMHNWWsPDGKGsVKLURMWsSsUPHQGUHVWDXULPLQH
[KDPLVsQs%HUDWQs.RUos.DODQsH3UH]sVGKHQs.UXMs%UHQGDNsVDMMDYH
GRWs]KYLOORKHWQMsWHQGHUSsUUHVWDXULPLQH[KDPLVsTsQGRGKHWSUDQs+RWHOLW
NXSR]KYLOORKHWDNWLYLWHWL[KDPLQsH(W·KHP%HXW1sÀOOLPGRWsPDUULPOHMHW
SsU SURMHNWLQ VKSUHVRMPs Ts WD QLVLP Qs YLWLQ VLJXULVKW Ts GR Ws MHWs
QMsSURMHNWLVKRTsUXDUPHUHKDELOLWLPLQHWHUULWRULWSsUUHWK5HVWDXULPLLNsW\UH
PRQXPHQWHYH KLVWRULNH ND NRQWULEXW Qs PDUUsGKsQLHW WUHJsWDUH VLJXULVKW
TsQsDVSHNWLQWXULVWLNNsWRMDQsYHQGHVKXPsWsYL]LWXDUDGKHSsUUUMHGKRMs
GXKHWWsPLUsPEDKHQ
3sUVD L SsUNHW LQIUDVWUXNWXsV FLYLOH DGPLQLVWUDWLYH Qs 6KTLSsUL MDQs
UHDOL]XDUQJD7Ĉ.$SURMHNWHTsVKLKHQPHDGPLULPQJDLQVWLWXFLRQHWHWMHUD
3sUVKHPEXOOSURMHNWLLEDVKNsSXQLPLWPH.ROHJMLQH/DUWs=JMHGKRUSURMHNWL
SsUERWLPHW]\UWDUHWs0LQLVWULVsVs'UHMWsVLVsHWM
.XU KHGKLP YsVKWULPLQ Qs LQIUDVWUXNWXUsQ H VKsUELPHYH Ws WMHUD VRFLDOH
MDQsEsUsSXQLPHQsIDYRUWsLQYDOLGsYHD]LOHSsUWsPRVKXDULWQsOLGKMHPH
SUREOHPHWHJUDYHNHPLUHDOL]XDUSURMHNWHPHWsYsUWHWsWsEXNXUDQsOLGKMH
PHWRQDGKDQsLQIRUPDFLRQHGKHNXPWXHVLWHPsSDUVKsP1GsUSURMHNWHW
WRQDWsUsQGsVLVKPHQsLQIUDVWUXNWXUsQHNRQRPLNHsVKWsVHNWRULLVKW\SLW3sU
VKHPEXOOQsNRKsWsQGU\VKPH5DGLR7HOHYL]LRQLW6KWHWsURU6KTLSWDULMDQs
GKXUXDUSDMLVMHWHNQLNHVWXGLRPDWHULDOHHWM1HLPDUULPSDUDV\VKNsUNHVDW
TsYLMQsQsOLGKMHPHNsWsSLNs
3sU VD L SsUNHW NRQWULEXWHYH Qs IXVKsQ H EXMTsVLVs HGKH NsWR K\MQs Qs
PEsVKWHWMHQ LQGLUHNWH SsU ]KYLOOLPLQ GKH SsUPLUsVLPLQ H PDUUsGKsQLHYH
WUHJsWDUH /DERUDWRUL 2UJDQLN %XMTsVRU SsU KHUs Ws SDUs X QGsUWXD PH
PEsVKWHWMHQH7Ĉ.$QsYLWLQ.HPLSURMHNWHWsQGU\VKPHQssIXVKsQH
SHVKNLPLWEOHJWRULVsQsYLWLQXEsVKSsUQGDUMDHNDIVKsHYHQs]RQDW
YHULRUH GKH VKSUHVRMPs SsUVsUL WD UHDOL]RMPs NsWs YLW 3URMHNWs Ws WMHUD Qs
EOHWDUL PDNLQD EXMTsVRUH HWM *MLWKDVKWX SURMHNWL SsU ]KYLOOLPLQ H GHWDULVs
VLSDVWsFLOLW)DNXOWHWLL'HWDULVsQs9ORUsGRWsNWKHKHWQs4HQGUsQH6LPXOLPLW
'HWDU
1s IXVKsQ H WXUL]PLW VLJXULVKW Ts YHSULPWDULWs WRQD UHVWDXUXHVH NDQs
QGLNLPVKXPsWsPDGKSRUQsSRUWLQH'XUUsVLWGKH$HURSRUWLQ1GsUNRPEsWDU
Ws7LUDQsVXQGsUWXDQG\]\UDLQIRUPDFLRQLWXULVWLNGKHK\ULQsOLVWsQWRQsVL
SURMHNW L VXNVHVVKsP *MLWKDVKWX YD]KGRMQs SXQLPHW WRQD SsU SsUNWKLPLQ H
OLEUDYHQJDWXUTLVKWMDQsVKTLS
3sUYHoNsW\UHUHDOL]XDPSURMHNWLQPH$UNLYLQ4sQGURU6KWHWsURU6KTLSWDU
SsU PEURMWMHQ H GRNXPHQWDYH KLVWRULNH GKH SsU VD L SsUNHW WUDQVPHWLPLW Ws
W\UHQsIRUPDWLQGL[KLWDONHPLQMsSURMHNWVKXPsWsVXNVHVVKsP3sUVsULNHPL
GKsQs PEsVKWHWMHQ WRQs %LEOLRWHNsV .RPEsWDUH 3sUYHo Ws WMHUDVK L MDSLP
UsQGsVLSXQsVPHRUJDQL]DWDWFLYLOHMRTHYHULWDUH$VKWXVLN\WDNLPVRWNsWX
LRUJDQL]XDUQJDLQVWLWXFLRQHWsWLOODWsFLOLQQHHYOHUsVRMPsVKXPsSURMHNWHW
WsFLODWGRWsNRQWULEXRMQsQs]KYLOOLPLQHNRQRPLNMDQsSULRULWHWL\Qs3sUYHo
RUJDQL]DWDYHMRTHYHULWDUHQDYLMQsNsUNHVDHGKHQJDLQVWLWXFLRQHTHYHULWDUH
Qs PsQ\Us Ws YHoDQWs QJD EDVKNLWs Qs SURMHNWHW H Ws FLODYH PH DQs Ws
SURMHNWHYHWRQDYMHWRUHWsKDUWXDUDGXNHL PEDMWXUSDUDV\VKPXQGRKHPLWs
NRQWULEXRMPs
3sU VKHPEXOO GsVKLURM WD PE\OO IMDOsQ WLPH PH QMs ]KYLOOLP Ws IXQGLW 1s
WDNLPLQHNU\HPLQLVWUDYHWsYHQGHYHWDQsQs.RVRYHPHNsUNHVsWsYHoDQWs
WsNU\HPLQLVWULWVKTLSWDUGUHMWXDUNU\HPLQLVWULWWRQsQDXFDNWXDQMsGHW\UsH
UH .U\HPLQLVWUL VKTLSWDU VKWURL NsUNHVsQ H WLM SsU QGLKPs Qs UHVWDXULPLQ H
T\WHWLW Ws *MLUNRNDVWUsV H FLOD QGRGKHW Qs OLVWsQ H 81(6&2 SRU ND PDUUs
SDUDODMPsULPH SsU GLVD PXQJHVD Ws FLODW GR Ws PXQGRKHPL W·L SORWsVRMPs
1sVH NHQL S\HWMH Qs OLGKMH PH YHSULPWDULWs WRQD GR Ws PXQGRKHP W·MX MDS
GHWDMH-XIDOHQGHURMSsUYsPHQGMHQWXDM
2OGDd,d2
3sUIDTsVXHVHH8QLYHUVLWHWLW9LWULQD
'HNDQHH)DNXOWHWLWWs(NRQRPLVs
'ULWDQ=$,0,
8QLYHUVLWHWLW9LWULQD)DNXOWHWLWWs(NRQRPLVs
6+4,3Ê5,7854,1Ê3(5,8'+Ê1
3DUWQHUsKLVWRULNsGKHDOHDWsEDVKNsSXQXHV
3sUPEDMWMDHPDWHULDOLW
.UHX,
7854,$ 1-Ê 683(5)84, 1Ê 1*5,7-( '+( 1-Ê $/($7( (
6+4,3Ê5,6Ê
.UHX,, %$6+.Ê381,0,0(6+4,3Ê5,1Ê
.UHX,,, 0$55Ê'+Ê1,(7 (.2120,.( '+( 75(*7$5( 6+4,3Ê5,
7854,1Ê3(5,8'+Ê1²)$.7('+($1$/,=$
'<02'(/(3Ê57·81'-(.85
.UHX,9 =+9,//,0,,4Ê1'58(6+Ê0,785,=0,7785.
.UHX9 3$54(7,1'8675,$/(
.UHX,7854,$1-Ê683(5)84,1Ê1*5,7-('+(1-Ê$/($7((
6+4,3Ê5,6Ê
,QIRUPDFLRQLSsUJMLWKVKsP02'(/,,=+9,//,0,7785.
3RSXOOVLDH7XUTLVssVKWsPEL0RVKDPHVDWDUHHSRSXOOVLVs
sVKWs.DXQLYHUVLWHWHSUHMWsFLODYHMDQsXQLYHUVLWHWHSXEOLNH
4DVMHQsLQWHUQHWSsUIDPLOMH7XUTLDsVKWsQMsDQsWDUMRSHUPDPHQW
L .sVKLOOLW Ws 6LJXULPLW Ws .RPEHYH Ws %DVKNXDUD 0s WHWRU
7XUTLDÀOORLSURFHVLQHQHJRFLDWDYHPH%(QsGKHsVKWsNDQGLGDWSsU
%DVKNLPLQ(XURSLDQTsQJDYLWL4sQJDYLWL7XUTLDsVKWsDQsWDUH
H.RPEHYHWs%DVKNXDUDGKHJMLWKDVKWXDQsWDUH81(6&2VTsQJDYLWLN\
YLW4sQJDYLWLsVKWsDQsWDUHL.sVKLOOLWWs(YURSsV7XUTLDsVKWsDQsWDUH
H1$72VTsQJDYLWL1XPULLDERQHQWsYHWsWHOHIRQLVHFHOXODUH*Qs
7XUTL sVKWs 1XPUL L SsUGRUXHVYH Ws LQWHUQHWLW FHOXODU sVKWs PEL
GKHQXPULLDERQHQWsYHWsLQWHUQHWLWsVKWs3sUGRUXHVLW
HWHOHIRQLVsFHOXODUHMDQsPsVKXPsVHQMHUs]
(J]LVWRQQMsQXPsULPDGKDUV\HVKSsUWsLQYHVWXDUQs7XUTL
7UHJ L PDGK GKH HQGH L SDHNVSORUXDU JM\VPD H SRSXOOVLVs sVKWs QsQ
YMHo IXTLD H NDWsUW Ps H PDGKH SXQsWRUH Qs %( QMs QJD DQsWDUsW H
JUXSLWWsIRUWsYHWsWUHJMHYHQsUULWMHORJMLVWLNsGKHLQIUDVWUXNWXUsWs]KYLOOXDU
H YHQGRVXU Qs TsQGsU Ws WUHJMHYH NRUULGRU HQHUJMLWLN SsU (XURSsQ WDNVD Ws
XOsWDGKHVWLPXMPMHGLVLIDYRUVKsPLQYHVWLPHVKGKHWUHJMHWsEUHQGsVKsPWs
PsGKHQMsGKHQsUULWMHNMRsVKWs7XUTLD
7XUTLDXUHQGLWGHVWLQDFLRQLLPsWsUKHTsVSsU,+'WsSsUYLWHW
QGsUNRKs Ts G\Ws WUHWDW H YROXPLW Ws SsUJMLWKsVKsP Ws ,+'YH WXUNH
YLMQsQJD%(1sYLWLQVKsQRLUULWMHQPsWsPDGKHHNRQRPLNHQsERWs
SUHM7XUTLDSRNWKHKHWQsQMsTsQGsUWsUsQGsVLVKPH]KYLOOLPLLQGXVWULD
QsUDMRQ1s7XUTLXVKWURMQsDNWLYLWHWQGsUPDUUMHWsKXDMDVLSsUPDUUMHW
HKXDMDPEsVKWHWHQQJDQMsVHNWRUSULYDWLPDWXDUXDUGKHPMDIWGLQDPLN1JD
YLWL HNRQRPLD WXUNH ND SsUMHWXDU QMs EXP Ws YsUWHWs 3%% sVKWs
UULWXUQJDPLOLDUG86'QsPLOLDUG86'3sUJMDWsSHULXGKsV
SULWHWWsMHWsHNRQRPLDPHUULWMHQPsWsVKSHMWsQJDYHQGHWH2(&'Qs
UULWMHQH3%%QsYLW
*M\VPD H 3RSXOOVLVs sVKWs QsQ PRVKsQ YMHo 7XUTLD Js]RQ QMs
VKSsUQGDUMHJUXSPRVKDVKWsDGPLUXHVKPHJUXSPRVKDYMHo]sWs
SRSXOOVLVsWRWDOHMDQsWsPRVKsVQGsUVDSRSXOOVLDPELYMHo
]sYHWsPQsQMsSRSXOOVLWRWDOHSUHMPLOOLRQsVK3RSXOOVLDWXUNHJs]RQ
MR YHWsP QMs PRVKs PHVDWDUH Ws UH YMHo NUDKDVXU PH YMHo Ts sVKWs
PRVKDPHVDWDUHQsYHQGHWH%(VsSRUsVKWsQMsNRKsVLVKWHDUVLPXDUGKH
SsUIDTsVRQ VKXPs NXOWXUD 0HQGRKHW VH GHUL Qs YLWLQ SRSXOOVLD GR Ws
NHWsDUULWXUVKLIUsQHPLOLRQsYH
1GsUYHQGHWH%(Vs7XUTLDJs]RQQXPULQPsWsPDGKWsSRSXOOVLVsQs
PRVKsWsUHGKHQMsNRKsVLVKWUHQGHWHWHNDWsUWDSsUVDLSsUNHWIXTLVsSXQsWRUH
2IHUWDHEXULPHYHQMHUs]RUHsVKWsVKXPsHNXDOLÀNXDUGKHSURGXNWLYHGKHPH
NRVWRWsOHYHUGLVVKPH0ELPLOOLRQMDQsPRVKsHUHSURIHVLRQLVWsWsPLUs
DUVLPXDUGKHWsPRWLYXDU3URGXNWLYLWHWQsUULWMHLIRUFsVSXQsWRUHGKHSDJs
UHDOH Qs XOMH SsU QMsVL 7XUTLD ND RUsW Ps Ws JMDWD Ws SXQsV RUs SXQH
QsMDYsGKHQXPULQPsWsYRJsOWsOHMsVSsUUDSRUWPMHNVRUSUHMGLWsSsU
UDSRUWPMHNVRUQsYLWSsUSXQsWRU3sUDIsUVLVKWVWXGHQWsGLSORPRKHQ
oGR YLW QJD XQLYHUVLWHWHW GKH PDWXUDQWs PEDURMQs VKNROODW H
PHVPHQMsHWUHWDHW\UHPEDURQVKNROOsQSURIHVLRQDOHRVHWHNQLNHQGRVKWD
IXTLDSXQsWRUHWXUNHQXNsVKWsPsHOLUDSRWDNUDKDVRMPsPH.LQsQPLUsSR
DMR YD]KGRQ Ws MHWs Ps H OLUD Qs %( 7XUTLD SsUIDTsVRQ QMs EXULP Ws SDVXU
WDOHQWHVKQsPHQD[KLP
7XUTLDsVKWsQMsQJDWHWsDQWDUsWHJUXSLWWsIRUWsYHWsWUHJMHYHQsUULWMH
%DVKNLPLGRJDQRULPXQGsVRQSURGXNWLWWXUNDNVHVWsOLUsQsWUHJXQH%(Vs
WsSsUEsUsSUHMPLOLRQNRQVXPDWRUsPHWsDUGKXUDWsODUWD7XUTLDsVKWs
QMsQJDNDWsUHNRQRPLWHK\UsVHTsLEDVKNRKHQNDWsUHNRQRPLYHPHUULWMHQ
PsWsPDGKHQsERWsDMRVsEDVKNXPH0HNVLNsQ,QGRQH]LQsGKH.RUHQHH
-XJXWSULWHQWLEDVKNRKHQJUXSLW%5,&%UD]LO5XVL,QGL.LQHSsUWsIRUPXDU
JUXSLQHWHWsWsIRUWsYHSsUVDLSsUNHWHNRQRPLYHQsUULWMH
7XUTLD Js]RQ ORJMLVWLNs GKH LQIUDVWUXNWXUs Ws ]KYLOOXDU LQIUDVVWUXNWXUs
WHNQRORJMLNHHUHGKHH]KYLOOXDUQsWUDQVSRUWWHOHNRPXQLNDFLRQGKHHQHUJML
IDFLOLWHWH Ws PLUs]KYLOOXDUD GKH PH NRVWR Ws XOsW SsU WUDQVSRUWLQ QJD GHWL
DYDQWD]KHSsUWUDVQSRUWLQKHNXUXGKRUGUHMWOLQGMHVGKHTsQGUsVVs(XURSsV
UUXJsWUDQVSRUWLWsPLUsSsUFDNWXDUDGKHPHNDQL]PDSsUGsUJHVDGLUHNWHQs
VKXPLFsQHYHQGHYHWs%(Vs1sYLWLQQMsYROXPSUHMNRQWHQLHUX
SsUSXQXDQsSRUWHWWXUNH
$QNDUDMD ND SsUFDNWXDU PDUUsYHVKMH SsU XGKsWLP SD YL]D PH YHQGHW Ws
/LQGMHVVs0HVPHGKH$IULNsVVs9HULXW&LW\EDQN&KDVH&RFD&RODGKH
*RRG\HDUMDQsYHWsPGLVDQJDNRPSDQLWsDPHULNDQHTsSsUGRULQ7XUTLQsVL
ED]sQSsUWXVKSsUQGDUsQs$]LQs4HQGURUHGKH.DXND]3ROLWLNDHMDVKWsPH
WUHJWDUHH7XUTLVHNDEsUsTsWs]JMRKHWLQWHUHVLMRYHWsPLYHQGHYHITLQMHSRU
HGKHYHQGHYHWsODUJsWDVL.LQDDSR$IULND7XUTLVKWMDsVKWsQGsUJMXKsWPs
WsIROXUDQsERWs
%D]DWHQMsUULWMHWsTsQGUXHVKPH
5ULWMDHTsQGUXHVKPHHHNRQRPLVsWXUNHPHVDWDULVKWQsYLWTsQJD
YLWLGXNHWVHLNDUUsQMsWQsNUL]DWHVKXPsNRKsYHPsSDUs6LSsUPDUUMHW
HTHYHULVsWXUNHNDQsQGDUsWsQMsMWLQVKTHWsVLPGKHNDQsTsQsQsKDUPRQL
PHQMsUDWMHWUsQNXUNDQsNsUNXDUWUHJMHWsUHMDSsUHNVSRUWNDQsLQYHVWXDUQs
DUVLPGKHQsUULWMHQHNDSDFLWHWHYHSsUSXQXHVHWsQGsUPDUUMHYH(NRQRPLD
WXUNH SR UULWHW PH VKSHMWsVL GXNH QJMDOOXU NXUHVKWMHQ GKH LQWHUHVLQ SsU Ws
SDVXU´VDPsDIsUµNsWsYHQGQsQMsSHULXGKsNXUHNRQRPLWsPsWsPsGKD
SRUULWHQVKXPsSDNHQXNNDQsOLNXLGLWHWHWsPMDIWXHVKPHSsUWsLQYHVWXDU
1s YLWLQ 7XUTLD WsUKRTL Ps VKXPs VH WXULVWs Ws KXDM GKH
ELOOLRQWHDUGKXUDQJDWXUL]PLSRUWXUL]PLQXNsVKWsNRQWULEXHVLNU\HVRU
L 3%%Vs WXUNH 1s YLWHW H IXQGLW SXQLVKWHW H YRJOD X NRQVROLGXDQ GKH
HNVSRUWHW SR UULWHQ PH ULWPH Ws ODUWD 9HWsP SsU RSHUDFLRQHW Qs VSLWDOHW
WXUNHQsYLWVKSHQ]RKHQGHULQsPLOLDUGGROODUsQGsUVDWsULQMWsLVKLNRMQs
XQLYHUVLWHWHW WXUNH VL QMs ]JMLGKMH PLUs SsU W·X DUVLPXDU $WMH QXPsURKHQ
XQLYHUVLWHWH 7XUTLD GXNHW VH QXN ND SUHWHQGXDU YHWsP Ws WsUKHTs Ws
DUGKXUDPHEL]QHVHWEUHQGDYHQGLW3DV.LQsVH$PHULNsV7XUTLD]sYHQGLQ
HWUHWsQsERWsSsUVHNWRULQHQGsUWLPLW1JDNRPSDQLWsPsWsPsGKD
Ts LQYHVWRMQs Qs QGsUWLPH Qs ERWs MDQs PH NDSLWDO WXUN ,QYHVWLWRUsW
WXUTWsQGsUWLPLWMDQsWsSsUTHQGUXDUNU\HVLVKWQsYHQGHWH$IULNsVH$]LVs
GKH VLJXURMQs PLOLDUGs GROODUs Ws DUGKXUD Ps VKXPs VH WXUL]PL 5ULWMD
HNRQRPLNHSsU7XUTLQsQsYLWLQLVKWHQsQLYHOLQ0HVSHULXGKsV
PHVDWDUMD YMHWRUH H UULWMHV LVKWH (GKH SVH Qs UsQLH
NUDKDVXDUPHSHULXGKDWHPsSDUVKPHWsYLWLWGKH,QYHVWLPHWH
+XDMD'LUHNWHJMDWsVNDSsQYOHUsQHPLOLDUGsGROODUsYH1sQ
WXUL]PLNRQWULEXRLPHPLOLDUGsGROODUsPHQMsÁXNVWsK\UMHYHWsWXULVWsYH
SUHMPLOLRQsVK1sWsQMsMWsQNRKsQLYHOLLERU[KLWQGDM3%%VsLVKWH
NXUNULWHULL0DKVWULKWLWsVKWs
6WDELOLWHWLSROLWLNsVKWsIDNWRULLUULWMHVHNRQRPLNH
3DV YLWLW 7XUTLD ND SsUVKIDTXU Ws QMsMWsQ SLNsSDPMH HNRQRPLNH
VL Qs SHULXGKDW GKH (NRQRPLD WXUNH ND WUHJXDU QMs
SHUIRUPDQFsWsNsQDTVKPHPHUULWMHQHVDMWsTsQGUXHVKPHQsYLWHWHIXQGLW
6WUDWHJMLD H TsQGUXHVKPH PDNURHNRQRPLNH H NRPELQXDU PH SROLWLND Ws
]JMXDUD ÀVNDOH GKH UHIRUPD Ws UsQGsVLVKPH VWUXNWXURUH Qs IXTL Ts QJD YLWL
NDQsLQWHJUXDUHNRQRPLQsHYHQGLWWRQsQsERWsQHJOREDOL]XDUGXNH
HVKQGsUUXDUYHQGLQQsQMsQJDSsUÀWXHVLWPsWsPsGKHQMWsLQYHVWLPHYHWs
KXDMDQsUDMRQ5HIRUPDWVWUXNWXURUHWsSsUVKSHMWXDUDSsUSUDQLPLQH7XUTLVs
Qs%(NDQsKDSXUUUXJsQSsUQGU\VKLPHWsPsGKDQsGLVDIXVKD2EMHNWLYDW
NU\HVRUH Ws NsW\UH SsUSMHNMHYH LVKLQ SsU Ws UULWXU UROLQ H VHNWRULW SULYDW Qs
HNRQRPLQsWXUNHSsUWsUULWXUHÀNDVLWHWLQGKHHODVWLFLWHWLQHVHNWRULWÀQDQFLDU
VL GKH SsU Ws YHQGRVXU VLVWHPLQ H VLJXULPLW VKRTsURU Qs ED]D Ps Ws IRUWD
7XUTLDVKsQRLSsUPLUsVLPHWsGXNVKPHQsQMsSHULXGKsWsVKNXUWsUNRKRUH
Qs NODVLÀNLPLQ H HNRQRPLYH ERWsURUH VL QMs HNRQRPL MDVKWs]DNRQLVKW Qs
]KYLOOLPHNRQRPLDHPsHPDGKHQsERWsGKHHNRQRPLDHPsHPDGKH
QGsU YHQGHW H %(Vs VLSDV VKLIUDYH Ws 3%%Vs JMDWs YLWHYH Ws IXQGLW 3DUD
UHFHVLRQLW Ws IXQGLW ERWsURU L FLOL JRGLWL Ws JMLWKD HNRQRPLWs DMR WXUNH SsVRL
UULWMHWsIRUWsHNRQRPLNHSsUWUHPXMRUsUUHVKWGXNHXEsUsQGsUHNRQRPLWs
PHUULWMHPsWsVKSHMWsQs(XURSs
6KPDQJLDHNUL]sVGKHVÀGDW
9HoDQsULVKWSDVYLWLW7XUTLDNDNsUNXDUWUHJMHWsUHMDSsUWsVKPDQJXU
HIHNWHWHNUL]sVVs(XUR]RQsV3sUVKHPEXOOHNVSRUWHWWXUNHXUULWsQQsYHQGHW
H$IULNsVHGLVDYHQGHWsWMHUDPsVKXPsVHoGRYLW3DYDUsVLVKWVH
HVKWsQGsUYHQGHWPHUULWMHQPsWsVKSHMWsHNRQRPLNH7XUTLDSRSsUEDOOHWPH
GLVDVÀGDVLUH]XOWDWLSsUNHTsVLPLWWsHNRQRPLVsJOREDOH(IHNWHWHNUL]sVQs
7XUTLNDQsTHQsWsNXÀ]XDUDDVQMsEDQNsQXNNDORLQsNRODSVDVQMsNRPSDQL
VLJXULPL QXN ND IDOLPHQWXDU HQGH PEHWHW SDVLJXULD H NOLPsV HNRQRPLNH
ERWsURUH
3DYDUsVLVKW NUL]sV DNWXDOH H FLOD sVKWs QMs VLPSWRPs H SUREOHPHYH Ws
SD]JMLGKXUDSROLWLNHWHNITLQMsWHVDMVL,UDNX,UDQLGKH6LULD7XUTLDNDDUULWXU
WsMHWsYHQGLLG\WsHNVSRUWXHVQs,UDQGKHLSDULQs,UDN7UHJWLDPHITLQMsW
sVKWs ED]XDU Qs UULWMHQ H PDUUsGKsQLHYH HNRQRPLNH GKH EDVKNsSXQLPLW Ws
VLJXUWSRUQGsUVDVLWXDWDSROLWLNHQsDWRYHQGHSsUNHTsVRKHWN\UDSRUWPXQG
WsPDUUsGUHMWLPWMHWsU
.UHX,,%$6+.Ê381,0,0(6+4,3Ê5,1Ê
1sSODQLQKLVWRULNGLKHWVHPDUUsGKsQLHWPLGLVG\YHQGHYHGKHSRSXMYH
WDQs MDQs Ws ODVKWD ,QWHJULPL L QMs SMHVH Ws UsQGsVLVKPH Ws SRSXOOVLVs
VKTLSWDUH JMDWs SHULXGKsV Vs 3HUDQGRULVs 2VPDQH GKH YHoDQsULVKW SDV
ÀWRUHVVsSDYDUsVLVsVsYsUWHWsWsWsG\YHQGHYHWRQDPRULQMsSsUPEDMWMH
Ws UH Ts OLGKHW PH IDWHW GKH LQWHUHVDW H QGsUVMHOOD Ws Ws G\ SRSXMYH 1s
THUVKRUXÀUPRV¶µ0DUUsYHVKMDH0LTsVLVsGKHH%DVKNsSXQLPLW´9LWHW
MDQs YLWHW H UHDOL]LPLW Ws YL]LWDYH Ws SDUD Ws DXWRULWHWHYH Ps Ws ODUWD
VKWHWsURUHWsG\UHSXEOLNDYHGKHÀOOLPLQHQMsPDUUsGKsQLHVKXPsLQWHWQVLYH
HGKH Qs SODQLQ HNRQRPLN .sWR YL]LWD Ws VKSHVKWD Qs QLYHOLQ Ps Ws ODUWs
QGLNXDQ Ts PDUUsGKsQLHW PLGLV G\ YHQGHYH Ws PHUUQLQ ]KYLOOLPH Ws VKSHMWD
Qs IXVKsQ SROLWLNH HNRQRPLNH DUVLPRUH VKsQGHWsVRUH H WM GXNH VSLNDWXU
VLGRPRV EDVKNsSXQLPL XVKWDUDN 0DUUsGKsQLHW XVKWDUDNH PLGLV )RUFDYH
Ws $UPDWRVXUD Ws 6KTLSsULVs GKH )RUFDYH Ws $UPDWRVXUD Ws 7XUTLVs ÀOORMQs
PH´0DUUsYHVKMHQH%DVKNsSXQLPLW$UVLPRU7HNQLNGKH6KNHQFRUWs)XVKsV
8VKWDUDNHµ Ws ÀUPRVXU PH GDWsQ 1sQWRU H FLOD sVKWs PEsVKWHWXU
Ps SDV PH PDUUsYHVKMH GKH SURWRNROOH Ws WMHUD XVKWDUDNH VL GKH PH
WDNLPH]\UWDUHGKHYL]LWDUHFLSURNHWsDXWRULWHWHYHNU\HVRUHWsPEURMWMHVGKH
Ws)RUFDYHWs$UPDWRVXUD
7XUTLDNDRUJDQL]XDUSsUJDWLWXUGKHSDMLVXUPHWsJMLWKDQHYRMDWVWUXNWXURUH
RUJDQL]DWLYHVWsUYLWRUHPHPMHWHEDVKNsNRKRUHWsWUDQVSRUWLWWsQGsUOLGKMHV
Ws ORJMLVWLNsV HWM %ULJDGsQ .RPDQGR GKH %DWDOLRQLQ H 7UXSDYH 6SHFLDOH Ws
6KTLSsULVs3DMLVLPHDUPDWLPGKHPMHWHEDVKNsNRKRUH*DUGsQH5HSXEOLNsV
UHSDUWHWsWDQNHYHGKHDUWLOHULVs5LQGsUWRLVLSDVVWDQGDUGHYHWs1$72VED]sQ
8VKWDUDNH 'HWDUH Ws 3DVKDOLPDQLW $NDGHPLQs H )RUFDYH 'HWDUH Qs 9ORUs
ED]sQ8VKWDUDNH$MURUHWs.XoRYsV0RGHUQL]RL3XQsWRULQs8VKWDUDNH8]LQsQ
HPXQLFLRQHYHXVKWDUDNHQs3ROLoDQGKHQs)DEULNsQH$UPsYHQs*UDPVKHWM
3UDQGDMPXQGWsWKXKHWSDPsG\VKMHVH7XUTLDsVKWsVKWHWLTsNDNRQWULEXDU
Ps VKXPs H NRQNUHWLVKW SsU WD SsUJDWLWXU 6KTLSsULQs SsU DQsWDUsVLPLQ Qs
1$72*MLWKDVKWX7XUTLDsVKWsVKWHWLTsNDQGLKPXDUGKHNDLQYHVWXDUPs
VKXPsQJDWsJMLWKsSDUWQHUsWHWMHUsQsIXVKsQHDUVLPLPLWGKHNXDOLÀNLPLW
WsWsJMLWKDQLYHOHYHWsXVKWDUDNsYHVKTLSWDUs6KLIUDWHPsSRVKWPHMDSLQQMs
SDQRUDPsHGKHPsGRPHWKsQsVH
1s7XUTLQJDYLWLGHULQsNRUULNMDQsDUVLPXDUGKHNXDOLÀNXDU
Q[sQsVVWXGHQWsGKHNXDGURXVKWDUDNsQJDWsFLOsWMDQsDUVLPXDU
GKH NXDOLÀNXDU IDODV Qs LQVWLWXFLRQHW DUVLPRUH Ws )RUFDYH 7RNsVRUH Qs
LQVWLWXFLRQHW H )RUFDYH 8VKWDUDNH 'HWDUH Qs LQVWLWXFLRQHW DUVLPRUH Ws
)RUFDYH8VKWDUDNH$MURUHQsLQVWLWXFLRQHWDUVLPRUHWs;KDQGDUPsULVs
NXDGURQs$NDGHPLWsH6KWDELWWs3sUJMLWKVKsPQsLQVWLWXFLRQHWDUVLPRUH
Ws PMHNsVLVs Qs $NDGHPLQs H 0MHNsVLVs 8VKWDUDNH Qs LQVWLWXFLRQHW
H 6LVWHPHYH (OHNWURQLNH GKH Qs LQVWLWXFLRQHW DUVLPRUH Ws 0EURMWMHV
%UHJGHWDUH 1GsUVD Qs 6KTLSsUL QJD NXDGURW XVKWDUDNs WXUT MDQs VWsUYLWXU
GKHWUDMQXDUXVKWDUsQsQRÀFHUsGKHRÀFHUsVKTLSWDUs
1JDYLWLGHULQsIXQGWsNRUULNXWMDQsNXUXDUGKHPMHNXDUIDODVQs
6SLWDOLQ4HQGURUWs8VKWULVs´*$7$µQs$QNDUDXVKWDUDNsRVHSMHVsWDUs
Ws IDPLOMHYH XVKWDUDNH Ws )RUFDYH Ws $UPDWRVXUD Ws 6KTLSsULVs 5UHWK Ws VsPXUs NU\HQ JMLWKQMs IDODV RSHUDFLRQH Ws YsVKWLUD Qs ]HPsU VKXPs Ws
WMHUsMDQsRSHUXDUGKHNXUXDUSsUDIDWHWsJMDWDQJDVsPXQGMHWRQNRORJMLNH
RUWRSHGLNHWsYHVKNDYHV\YHHWM
(GKHPDUUsGKsQLDHNRQRPLNHsVKWsIRUFXDUJMDWsYLWHYHWsIXQGLW1HNHPL
ED]sQWKHPHORUHSsUPDUUsGKsQLHWWUHJWDUHG\SDOsVKHTssVKWs´0DUUsYHVKMD
H 7UHJWLVs Vs /LUsµ QsQVKNUXDU Qs YLWLQ H FLOD ND K\Us Qs IXTL Qs PDM
1sSsUPMHWNsVDM0DUUsYHVKMHG\YHQGHYHXNULMRKHQPXQGsVLSsUUULWMHQ
H VKNsPELPHYH WUHJWDUH QGsUPMHW W\UH UULWMH Ws HNVSRUWHYH VKTLSWDUH GUHMW
7XUTLVsHWM0DUUsYHVKMDHWUHJWLVsVsOLUssVKWsQMsPDUUsYHVKMHDVLPHWULNH
Ts GR Ws WKRWs VH PsQ\UD GKH VKNDOOD H OLEHUDOL]LPLW sVKWs H QGU\VKPH
(NVSRUWHW H SURGXNWHYH LQGXVWULDOH VKTLSWDUH GUHMW 7XUTLVs QXN JMHMQs WDULID
GRJDQRUHQGsUNRKsTsLPSRUWHWHSURGXNWHYHLQGXVWULDOHWXUNHQs6KTLSsUL
SsU GLVD SURGXNWH LQGXVWULDOH Ws QGMHVKPH GR W·L QsQVKWURKHQ UHGXNWLPLW Ws
WDULIDYHGRJDQRUHGXNHVKNXDUQsHOLPLQLPLQHW\UHQsIXQGWsQMsSHULXGKH
WUDQ]LWRUHSUHMYMHWsVK/LGKXUPHSURGXNWHWEXMTsVRUHSDOsWLNDQsDNRUGXDU
UHFLSURNLVKWQMsUDWMHWUsVNXRWDWDULIRUH7sJMLWKDSURGXNWHWHWMHUDEXMTsVRUH
RVH EXMTsVRUH Ws SsUSXQXDUD VL GKH Ws JMLWKD VDVLWs H LPSRUWXDUD Qs Ws G\
YHQGHWPELOLPLWHWHSDUDVKLNXDUDGRWsLPSRUWRKHQQsWsG\YHQGHWGXNHLX
QsQVKWUXDUWDULIDYHGRJDQRUH3sUWsSORWsVXDUNXDGULQOLJMRUWsPDUUsGKsQLHYH
G\SDOsVKH WUHJWDUH GKH HNRQRPLNH 7XUTLD GKH 6KTLSsULD NDQs QsQVKNUXDU
HGKHQMsVsUsPDUUsYHVKMHVK1sYLWLQ7XUTLDLVKWHHG\WDSsUHNVSRUWHW
VKTLSWDUH1sG\PXDMWHSDUsWsNsWLMYLWLHNVSRUWHWWXUNHQs6KTLSsULMDQs
UULWXU1sIXQGWsNsWLMYLWLVKSUHVRMVH7XUTLDGRWsMHWsQMsQJDWUHYHQGHW
Ps Ws PsGKD HNVSRUWXHVH *MDWs YLWLW Ws NDOXDU 6KTLSsULD LVKWH YHQGL L IXUQL]XHV L PDOOUDYH SsU 7XUTLQs 7XUTLD sVKWs QMs SUHM LQYHVWLWRUsYH Ps Ws
PsGKHQMQs6KTLSsUL,QYHVWLPHWGLUHNWHWXUNHQs6KTLSsULMDQsQsIXVKsQH
WHOHNRPXQLNDFLRQLWQsVLVWHPLQEDQNDUQGsUWLPGKHQsIXVKsQHPLQLHUDYH
0H Q[LWMHQ GKH NXMGHVLQ H GUHMWSsUGUHMWs Ws NU\HPLQLVWUDYH 5H[KHS 7DLS
(UGRJDQGKH6DOL%HULVKDPsLQYHVWLPHWWXUNHQMRKsQQMsUULWMH
QJDPLOLRQsGROODUsQsYLWLQQsPLOLRQsGROODUsQsIXQGWsYLWLW
6LSDV Ws GKsQDYH Ps Ws IUHVNsWD VRW LQYHVWLPHW WXUNH Qs 6KTLSsUL
NDORMQs PEL PLOLDUG GROODUs PH QMs UULWMH UUHWK KHUs Qs KDUNXQ NRKRU Ws
YMHWsYH Ws IXQGLW QGsUVD YsOOLPL WUHJWDU 6KTLSsUL7XUTL NDS VKLIUsQ H PLOLRQsGROODUsYH
+DOOND Ws WMHUD Ws IXTLVKPH Ws EDVKNsSXQLPLW VKXPsSODQsVK VKTLSWDUR
WXUN MDQs ´.XUXPµ Qs IXVKsQ H PHWDOXUJMLVs NRPSDQLD ´d$/(.µ PH
´$/%7(/(&20µ ´(DJOH 0RELOHµ GKH ´%DQND .RPEsWDUH 7UHJWDUHµ %.7
1s IXVKsQ H VKsQGHWsVLVs N\ EDVKNsSXQLP ND DUULWXU QMs PDMs Ws ODUWs
YHoDQsULVKWPH´6SLWDOLQ$PHULNDQµGKHQs7LUDQsVLGKHPHDWRQs'XUUsV
GKH )LHU PH LQIUDVWUXNWXUs PRGHUQH GKH PH VKXPs SURIHVRUs H NLUXUJs Ws
QMRKXUWXUTTsXNDQsPXQGsVXDUVKTLSWDUsYHWsPRVVKNRMQsMDVKWsVKWHWLW
SsURSHUDFLRQHWH]HPUsVYHVKNDYHWsRUWRSHGLVsV\YHHWM
3R NsVKWX H PLUsQMRKXU GKH SUHVWLJMLR]H sVKWs WDVKPs NRPSDQLD H
QGsUWLPLW´(QNDµHVKTXDUVLGRPRVQsQGsUWLPLQHUUXJsVVs.RPELWGKHWs
DXWRVWUDGsVQs.RVRYsHWM
1XNPXQGWsPRVÁLWHWSsU$JMHQFLQs6KWHWsURUHWXUNHWs%DVKNsSXQLPLW
GKH.RRUGLQLPLW7Ĉ.$TsRSHURQQs6KTLSsULTsSUHMYLWLWQsVKsQGHWsVL
WXUL]sPNXOWXUsPHGLDHWM0HIRQGHWHVDMMDQsUHKDELOLWXDUXMsVMHOOsVNRSVKWH
HVKNROODMDQsVLJXUXDUDSDUDWXUDPRGHUQHSsUVKXPsVSLWDOHMDQsWUDMQXDU
PMHNs HWM 7,.$ UHQGLWHW VL QMs QJD GRQDWRUsW NU\HVRUs Ts ND QGLNXDU SsU
]KYLOOLPLQH6KTLSsULVsGKHSsUPLUsVLPLQHMHWsVVsT\WHWDUsYHVKTLSWDUsQs
G\GHNDGDWHIXQGLW
7UHJX VKTLSWDU sVKWs VKXPs L UsQGsVLVKsP SsU LQYHVWLWRUsW VKTLSWDUs
YHoDQsULVKW Qs PLQLHUD H HQHUJML ÊVKWs QMs NRPSDQL H FLOD SR LQYHVWRQ Qs
KLGURHQHUJMLGKHGLVDWsWMHUDMDQsGXNHSODQLÀNXDUWsLQYHVWRMQsQsIXVKsQH
PLQLHUDYH6KTLSsULDsVKWsQMsWUHJSUHPWXHVSsUNRPSDQLWsWXUNHdGRYLW
PLMsUDT\WHWDUsVKTLSWDUsVKNRMQsQs7XUTLVLWXULVWsGKHSsUWsEsUsEOHUMHdGR
GLWsEL]QHVPHQsWXUTYLMQsQs6KTLSsULGXNHNsUNXDUPXQGsVLWsVKNsPELPHYH
WUHJWDUHPXQGsVLLQYHVWLPL1GRVKWDVKXPsVKSHMWHGKHWXUTLWGRWsYLMQsQs
6KTLSsULVLWXULVWsSsUWsYL]LWXDUEXNXULWsHVKXPWDHGKHWsYHQGLWWRQs
.UHX,,,0$55Ê'+Ê1,(7(.2120,.('+(75(*7$5(6+4,3Ê5,
7854,1Ê3(5,8'+Ê1²)$.7('+($1$/,=$
$0DUUsYHVKMHWSURWRNROODUH
0DUUsYHVKMD H SDUs WUHJWDUH PHV 6KTLSsULVs GKH 7XUTLVs sVKWs
QsQVKNUXDU Qs VKNXUW Qs NRKsQ H UUHJMLPLW NRPXQLVW GXNs
VKsQXDU KDSMHQ H SDUs Ws WUHJXW VKTLSWDU PH ERWsQ .MR PDUUsYHVKMH
K\ULQsIXTLSDVERWLPLWQsÁHWRUHQ]\UWDUHQsGDWsQSULOO
5H]XOWRLQMsSsUSMHNMHHPLUsHWsG\SDOYsGKHXSDVXDQJD0DUUsYHVKMD
H %DVKNsSXQLPLW (NRQRPL 7UHJWDU GKH 6KNHQFRU H FLOD GDWRQ Qs JXVKW.MRPDUUsYHVKMHK\ULQsIXTLSDVERWLPLWQsÁHWRUHQ]\UWDUH
QsGDWsQGKMHWRU
(SDUDPDUUsYHVKMHQsNRKsQHWUDQ]LFLRQLWsVKWsQsQVKNUXDUQsTHUVKRU
WsYLWLWTXKHW´0DUUsYHVKMDSsUQ[LWMHQGKHPEURMWMHQUHFLSURNHWs
LQYHVWLPHYHµGKHNDK\UsQsIXTLSDVERWLPLWQsÁHWRUHQ]\UWDUHQsGDWsQ
GKMHWRU6KsQRQKDSLQHSDUsQsPDUUsGKsQLHWHNRQRPLNHPHV
6KTLSsULVsGKH7XUTLVsQsNXDGULQH]KYLOOLPLWJOREDOWsHNRQRPLVs
0DUUsYHVKMDSsUKHTMHQHWDNVLPLWWsG\ÀVKWsÀUPRVXUQsSULOO
JMLWKDVKWX K\UL Qs IXTL SDV ERWLPLW Qs ÁHWRUHQ ]\UWDUH Qs GDWsQ GKMHWRU.MRSHULXGKsSsUNRQPHKRYLQTsPRULWUHJWLDPH7XUTLQs
GKHK\UMHQPHVKXPLFsWsPDOOUDYHWXUNHQsWUHJXQVKTLSWDU
%D]XDU Qs G\ PDUUsYHVKMHW H PsVLSsUPH Qs NXDGULQ H LQWHJULPLW
HXURSLDQ GKH 0DUUsYHVKMHV Vs 6WDELOL]LP$VRFLLPLW Ws 6KTLSsULVs
PH (XURSsQ X DUULW PDUUsYHVKMD H WUHJWLVs Vs OLUs QsQVKNUXDU Qs GKMHWRU H FLOD K\UL Qs IXTL Qs PDUV .MR PDUUsYHVKMH
DNRPD Qs IXTL SDUDVKLNRQWH XOMHQ GHUL Qs Ws WDNVDYH GRJDQRUH
SsULPSRUWHWWXUNHQs6KTLSsULGKHKHTMHQWRWDOHWsWDNVDYHGRJDQRUH
SsUHNVSRUWHWVKTLSWDUHQs7XUTL+HTMDWRWDOHHWDNVDYHGRJDQRUHQs
PsQ\UsUHFLSURNHED]XDUQsNsWsPDUUsYHVKMHQGRGKQsYLWLQHSHVWs
SDVK\UMHVQsIXTLWsVDMGXNHXXOXUoGRYLWPHQJD$NWXDOLVKW
MHPLQsSULWMHWsUHDOL]LPLWWsNsWLMSURFHVLLFLOLGRW·LMDSsIU\PsPDUUMH
EDVKNsSXQLPLWWsVXNVHVVKsP6KTLSsUL7XUTL
1s MDQDU X QsQVKNUXD 3URWRNROOL L Ws L .RPLVLRQLW Ws
3sUEDVKNsW (NRQRPLNR7UHJWDU PH 7XUTLQs GXNH VKSUHKXU NsVKWX
JDGLVKPsULQsHG\DQVKPHSsUEDVKNsSXQLP
6KSUHKMDHLQWHUHVLWWsSsUEDVKNsWGKHWUDMWLPLLQGsUVMHOOWsVLSDUWQHUs
VWUDWHJMLNs YMHQ PH QsVKNULPLQ H 3URWRNROOLW Ws Ws .RPLVLRQLW Ws
3sUEDVKNsW QGsUTHYHULWDU Qs 7LUDQs Qs GDWsQ MDQDU .MR
sVKWsVKSUHKMDPsHSORWsHUsQGsVLVsTsWsG\MDSDOsWLNDQsGKsQs
EDVKNsSXQLPLWGKHNULMLPLWWsQMsNOLPHJMHRVWUDWHJMLNHGKHHNRQRPLNH
WsIDYRUVKPHQsUDMRQ
%6KNsPELPHWWUHJWDUH
7DEHODHPsSRVKWPHWUHJRQYOHUDWQsPLOLRQDGROODUsWsHNVSRUWHYHVKTLSWDUH
GUHMW7XUTLVsWsLPSRUWHYHWXUNHQs6KTLSsULUDSRUWLQPHVW\UHGLIHUHQFDWSsUNDWsVH
GKHWRWDOLQHYOHUsVHVsWUHJWLVs7sGKsQDWSsUIVKLMQsSHULXGKsQHYLWHYH
²
9LWHW
(NVSRUWHW
,PSRUWHW 5DSRUWL,PS 'LIHUHQFD
VKTLSWDUHPLO
WXUNHPLO
(NVS
PLO
9ROXPL
WUHJWDU
PLO
6Lo VKLKHW QJD WDEHOD HNVSRUWHW VKTLSWDUH MDQs UULWXU YD]KGLPLVKW GXNH
ÀOOXDUQJDUUHWKPLOLRQQsYLWLQQsUUHWKPLOLRQQsYLWLQ
1GsUVDLPSRUWHWWXUNHQs6KTLSsULNDQsOsYL]XUQJDUUHWKPLOLRQQsYLWLQ
QsUUHWKPLOLRQQsYLWLQÊVKWsLQWHUHVDQWIDNWLVHUDSRUWLPHV
LPSRUWHYHGKHHNVSRUWHYHQsYMHWsVKWsXOXUQJDKHUsQsYLWLQ
Qs KHUs Qs YLWLQ SUD SsU WUH QMsVL Ws LPSRUWHYH WXUNH Qs QMs QMsVL Ws
HNVSRUWHYHVKTLSWDUH1JDDQDWMHWsUYROXPLWUHJWDUL]KYLOOXDUPHVG\YHQGHYH
QsNsWsSHULXGKsNDDUGKXUQsUULWMHGKHNDVKsQXDUPDNVLPXPLQHYHWQsYLWLQ
PHUUHWKPLOLRQ7DEHODWHWMHUDPsSRVKWsWUHJRMQsSURGXNWHWVKTLSWDUH
TsHNVSRUWRKHQGUHMW7XUTLVsGKHSURGXNWHWWXUNHTsLPSRUWRKHQQs6KTLSsULQs
]sUDWsYHoDQWsGKHQsSsUTLQGMHQGU\VKLPLPHNDOLPLQHNRKsV
(NVSRUWHW6KTLSWDUH'UHMW7XUTLVs
3URGXNWHWTsHNVSRUWRKHQQJD6KTLSsULD
/sQGsHSDUsVKWD]RUHGKHELPRUH
/sNXUsHUUHJMXUGKHHSDUUHJMXU
+HNXUGKHoHOLN
9HVKMHGKHDNVHVRUsWHW\UH
0DNLQHULGKHSDMLVMHHOHNWULNH
.sSXFsGKHNRQIHNVLRQHOsNXUH
0MHWHWsWMHUDWUDQVSRUWL
3ODVWLNDGKHSURGXNWHWsVDM
0EHWXULQDPHWDOLNH
.DOOLQMGULWKsUDVKPEHWXULQDXVKTLPRUHWDJML
SsUNDIVKsW
7RWDOLLHNVSRUWHYH
1GU\VKLPLQsYROXPLQWUHJWDU
PHNDOLPLQHNRKsV
SDVYLWLW
SDVYLWLW
,PSRUWHW7XUNH'UHMW6KTLSsULVs
3URGXNWHWTsLPSRUWRKHQQJD7XUTLD
+HNXUGKHoHOLN
3URGKLPHPHWDOLNH
)LMHWHNVWLOHGKHSURGXNWHWsW\UH
9HVKMHGKHDNVHVRUsWHW\UH
0DNLQHULGKHSDMLVMHHOHNWULNH
'ULWKsUDGKHSURGXNWHWsW\UH
0DNLQHULGKHSDMLVMHLQGXVWULDOH
0HWDOHWsWMHUDYHoKHNXULW
9DMsUDLQGXVWULDOsERMsUDPDWHULDOHSDVWULPL
7sQGU\VKPH
7RWDOLLLPSRUWHYH
1GU\VKLPLQsYROXPLQWUHJWDU
PHNDOLPLQHNRKsV
6Lo VKLKHW QJD WDEHODW HNVSRUWHW VKTLSWDUH Qs 7XUTL NDQs QMs QGU\VKLP
WRWDOSUHMQJDNRKDHÀOOLPLWWsPDUUsGKsQLHYHWUHJWDUHQGsUVDLPSRUWHW
WXUNHQs6KTLSsULQMsXOMHSUHM.MRWUHJRQSsUVKWLPWsYROXPLWWUHJWDU
PHVG\YHQGHYHGKHQMs]KYLOOLPWsPLUsWsYHQGLWWRQsQsIXVKsQHWUHJWLVs
GKH VLJXULVKW Qs NsWs GUHMWLP NHPL SDVXU QGLKPHVsQ H VKWHWLW WXUN 6L ]sUD
Ws YHFDQWs Qs IXVKsQ H HNVSRUWHYH PEL]RWsURMQs KHNXUL GKH oHOLNX HGKH
SsU VKNDN Ws LQYHVWLPHYH WXUNH Qs 6KTLSsUL VL HGKH NDOOLQMWs H GULWKsUDYH
PEHWXULQDW XVKTLPRUH GKH WDJMLD SsU NDIVKsW Ws FLODW SDUD YLWL QXN
QMLKHVKLQVLSURGXNWHWsHNVSRUWXHVKPHQGDM7XUTLVs3URGXNWLLSDUsQGLKPRQ
QsIXTL]LPLQLQGXVWULDOWs6KTLSsULVsQGsUVDLG\WLQsIXTL]LPLQHSURGKLPLWWs
IHUPHUsYH3sUVDLSsUNHWLPSRUWHYHWXUNHQs6KTLSsULXOMHQPsWsPDGKHH
NDKHNXULoHOLNXGKHSURGKLPHWPHWDOLNHQGsUVDQGU\VKLPLsVKWsSR]LWLYSsU
GULWKsUDWGKHSURGXNWHWHW\UHWHNWsFLODWPHUUHWSDUDV\VKUUXJDHVKNXUWsUH
WUDQVSRUWLWNUDKDVXDUPHYHQGHWHWMHUD
&,QYHVWLPHWHNRPSDQLYHWXUNHQs6KTLSsUL
1s6KTLSsULRSHURMQsNRPSDQLWXUNHLQYHVWLPHWHWsFLODYHVKNRMQsQs
PLOLRQGXNH]sQsYHQGLQHWUHWsSsUNDWsVLVKWSDVNRPSDQLYHLWDOLDQH
GKHJUHNH6HNWRUsWQsWsFLOsWDWRRSHURMQsMDQsWHOHNRPXQLNDFLRQLQGsUWLPL
LQGXVWULDHoHOLNXWEDQNDWLQGXVWULDXVKTLPRUH6KXPLFDHNsW\UHNRPSDQLYH
MDQsQGsUPDUUMHWsYRJODGKHWsPHVPHGKHNDQsSXQsVXDUUUHWKVKWHWDV
VKTLSWDUs 7s UsQGsVLVKPH MDQs LQYHVWLPHW VWUDWHJMLNH WXUNH Qs 6KTLSsUL Ws
FLODWVKSMHJRKHQPsSRVKWs
.8580'(0,5d(/,.VKDNDPDUUsPHNRQoHVLRQSsUYMHWLVK
0HWDOXUJMLN Qs (OEDVDQ PH V\QLP SURGKLPLQ H HOHPHQWsYH Ws oHOLNXW
SsU QGsUWLP .MR NRPSDQL sVKWs DQJD]KXDU WDQL Qs QGsUWLPLQ H QMs
KLGURFHQWUDOLSsUQHYRMDNU\HVLVKWWsYHWDW.RPSDQLD]RWsURQVKXPLFsQ
H DNVLRQHYH Qs NDQWLHULQ H QGsUWLPULSDULP DQLMHYH Qs 'XUUsV GKH ND
EOHUsIDEULNsQHSURGKLPLWWsRNVLJMHQLWQs(OEDVDQ
1sVHNWRULQHPLQLHUDYHNRPSDQLD%(521(5NDPDUUsPHNRQoHVLRQ
SsUYMHWPLQLHUDWHEDNULWQsYHULOLQGMHWs6KTLSsULVs
d$/,. %$1. Vs EDVKNX PH 6(.(5%$1. NDQs EOHUs Qs THUVKRU Ws
YLWLWWsDNVLRQHYHWs%DQNsV.RPEsWDUH7UHJWDUHGKHPs
SDVNDQsUULWXUSMHVsPDUUMHQPHGXNHXEsUsQMsQJDG\EDQNDW
PsWsPsGKDQs6KTLSsULHGDOOXDUVRWSsUPRGHOLQHPHQD[KLPLWWs
SXQsVGKHHVKSDOOXUVL%DQNDPsHPLUsHYLWLWGHULQsYLWLQ
d$/,. (1(5*-, VL SMHVs H JUXSLW d$/,. Vs EDVKNX PH 785.
7(/(&20NDEOHUsQsNRUULNWsDNVLRQHYHWs$OEWHOHFRP
SsUQMsVKXPsSUHMPLOLRQ(XURVLHGKHNDQJULWXURSHUDWRULQHWUHWs
FHOOXODUQs6KTLSsUL($*/(02%,/(
.RPSDQLD H WUHJWLPLW Ws NDUEXUDQWHYH $/3(7 ND NU\HU PLOLRQ LQYHVWLPH SsU Ws ÀOOXDU SLND Ws WUHJWLVs PH SDNLFs Ws NDUEXUDQWLW
Qs Ws JMLWKs WHUULWRULQ H 6KTLSsULVs .D SR]LFLRQLQ OLGHU Qs WUHJXQ H
NDUEXUDQWHYH SsU LPSRUWLPLQ Qs 6KTLSsUL Ws EHQ]LQsV 2NWDQ GKH
QDIWsV8OWUDGLHVHOPH330
(9(5(67NDLQYHVWXDUPLOLRQSsUPDNLQHULGKHSDMLVMHSsUSURGKLPLQ
HDPEDOD]KHYHSUHMSROLHWLOHQL
*583, $.62< ND LQYHVWXDU Qs QMs IDEULNs PLHOOL Qs 7LUDQs GKH Qs
VHNWRULQHNRQIHNVLRQHYHGXNHSXQsVXDUPELVKWHWDVVKTLSWDUs
'6LSsUPDUUMHWWXUNHQs6KTLSsUL
6LSsUPDUUMHWHUHDOL]XDUDGHULWDQLQsYHQGLQWRQsQJDNRPSDQLWsWXUNHQsIRUPsQH
SURNXULPHYHQGsUNRPEsWDUHNDSLQYOHUsQHPLOLRQ6LSsUPDUUMHWsWLOOD
MDQs
7HSH,QVDDWHJUXSLW7(3(NDSsUIXQGXDUULNRQVWUXNVLRQLQHVSLWDOLWWs
9ORUsVGKHDWLMWs6KNRGUsVVLHGKHNDSDUDTLWXULQWHUHVQsSURMHNWHWs
FDNWXDUDWsLQIUDVWUXNWXUsV
'\NRPSDQLWXUNH%H+DHJUXSLWdHOLNGKH0DN<RONDQsSsUIXQGXDU
SXQLPHW SsU VHJPHQWHW UUXJRUH Ws .RUULGRULW /LQGMH3HUsQGLP
SsUNDWsVLVKW SsU VHJPHQWHW 5URJR]KLQs(OEDVDQ GKH /LEUD]KG
4DIsWKDQs
.RPSDQLDWXUNH01*NDPDUUsSsUVLSsUNDPDUUsSsUVLSsUSXQLPHWQs
UUXJsQ(OEDVDQ/LEUD]KG
.RPSDQLD 6X <DSL ND PDUUs SsUVLSsU VKsUELPHW H NRQVXOWLPLW SsU SURMHNWH Ws QGU\VKPH LQIUDVWUXNWXURUH Qs ]RQDW UXUDOH Ws ÀQDQFXDUD
QJD%DQND,VODPLNHH=KYLOOLPLW
.RPSDQLD 7XPDVK $6 ND PDUUs SsUVLSsU VWXGLPLQ H À]LELOLWHWLW Ws
UHKDELOLWLPLWWsEXULPHYHWsQDIWsV
.RPSDQLD*LQWDVKNDNU\HUQGsUWLPLQHQMsEOORNXQGsUWHVDVKQs7LUDQs
GKHNDPDUUsSsUVLSsUULNRQVWUXNVLRQLQHJRGLQDYHWs%D]sV8VKWDUDNH
Ws3DVKDOLPDQLWQs9ORUs
.RPSDQLD H IXTLVKPH (QND Qs RUWDNsUL PH NRPSDQLQs DPHULNDQH
%HFKWHONDSsUIXQGXDUWDVKPsWsYHWPHQDXWRVWUDGsQs6KTLSsULDVDM
'XUUsV0RULQs9HWsPVHJPHQWLUUXJRU5UsVKHQ.DOLPDVKNDNXVKWXDU
UUHWKPLOLRQHXUR
(.sVKLOOLL%L]QHVLW6KTLSWDUR7XUN
ÊVKWs NULMXDU Qs NXDGsU Ws '(,. .sVKLOOL L %DVKNsSXQLPLW (NRQRPLN PH
-DVKWs .\ NsVKLOO QsQ SDWURQD]KLQ H THYHULYH WXUNH GKH DW\UH SDUWQHUH
PEOHGKMHQ H SDUs DWs Ws WKHPHOLPLW H NDPEDMWXU Qs JXVKW Qs ,]PLU
%DVKNsNU\HWDUs SsU SDOsQ VKTLSDWUH GKH DWs WXUNH MDQs SsUNDWsVLVKW ]%DKDGLU
$NVR\DQsWDUL%RUGLW'UHMWXHVWs$OEWHOHFRPGKH(DJOH0RELOHGKH]+DVPHW
.XUXPSUHVLGHQWL.XUXP+ROGLQJ
0EOHGKMDHG\WsHNsWLMNsVKLOOLXPEDMWQsWHWRUQs6WDPEROOJMDWs
YL]LWsV]\UWDUHWs.U\HPLQLVWULW$OHNVDQGsU0HNVLQs7XUTLQsGDWDWWHWRU
7DNLPLLWUHWsLRUJDQL]XDUQJD'(,.X]KYLOOXDQs6WDPEROOQsSULOO
JMDWsYL]LWsV]\UWDUHWsSUHVLGHQWLW6DOL%HULVKDQs7XUTL
7DNLPL L NDWsUW L NsWLM NsVKLOOL X PEDMW SsU KHUs Ws SDUs Qs 6KTLSsUL JMDWs
YL]LWsV]\UWDUHWsSUHVLGHQWLW6XOHMPDQ'HPLUHOQsGDWDWNRUULN
7DNLPLLSHVWsL.sVKLOOLWWs%L]QHVLWVKTLSWDURWXUNX]KYLOOXDQsVKNXUW
Qs7XUTLJMDWsYL]LWsV]\UWDUHWsSUHVLGHQWLW5H[KHS0HMGDQLQs7XUTL
7DNLPLLJMDVKWsL.sVKLOOLWsVKWsPEDMWXUQs7LUDQsJMDWsYL]LWsV]\UWDUHWsSUHVLGHQWLW
6XOHMPDQ'HPLUHOQs6KTLSsULQsGDWDWNRUULN
7DNLPLLVKWDWsXPEDMWSsUVsULQs7LUDQsQsPEOHGKMHQHIRUXPLWWsEL]QHVLW
VKTLSWDURWXUNJMDWsYL]LWsVs.U\HPLQLVWULWWXUN%XOHQW(oHYLWQs6KTLSsULQs
GDWDWVKNXUW
1sWDNLPLQHWHWsWs.sVKLOOLWLPEDMWXUQsTHUVKRUQs6WDPEROO
PRUL SMHVs HGKH 0LQLVWUL L %XMTsVLVs GKH 8VKTLPLW Ws 6KTLSsULVs /XIWHU
;KXYHOL'XNHLGKsQsUsQGsVLQsHGXKXUEDVKNsSXQLPLQsIXVKsQHEXMTsVLVsQs
GDWsQMDQDU.sVKLOOLL%L]QHVLW
RUJDQL]RLQMsGUHNsSXQHPHGHSXWHWsWs*UXSLW3DUODPQHWDUWs0LTsVLVs
6KTLSsUL7XUTLGKHNRPSDQLWXUNHGXNHLQMRKXUDWDPHDNWLYLWHWHWGKHSUREOHPHW
PHWsFLODWSsUEDOOHWN\.sVKLOO
7DNLPLLQsQWsLNsWLMNsVKLOOLXPEDMWSsUVsULQs7LUDQsJMDWsYL]LWsV]\UWDUH
WsSUHVLGHQWLWWXUN$KPHW1HFGHW6H]HUQs6KTLSsULQsGDWDWPDM
1s NsWs WDNLP SUHVLGHQWL WXUN SDUDTLWL GKsQLHQ H YL]DYH YMHoDUH PH VKXPs
NDOLPH SsU EL]QHVPHQsW VKTLSWDUs PH V\QLP OHKWsVLPLQ H SURFHGXUDYH SsU
K\UMHGDOMHWQsVKWHWHWSsUNDWsVH
1sGDWsQVKWDWRUQs6WDPEROOX]KYLOOXDWDNLPLLGKMHWsL.sVKLOOLW
NXPRUsQSMHVsNRPSDQLWXUNHGKHNRPSDQLVKTLSWDUHGXNHUHDOL]XDU
SsUKHUsWsSDUsSsUIVKLUMHQQsWDNLPWsWsJMLWKDJUXSHYHWsLQWHUHVLW
7DNLPLLQMsPEsGKMHWsL.sVKLOOLWX]KYLOOXDQs7LUDQsQsGDWsQVKNXUW
PHUDVWLQHYL]LWsV]\UWDUHWs0LQLVWULWWs-DVKWsP$EGXOODK*XO)RNXVLLNsWLM
WDNLPLSsUKHUsWsSDUsXYHQGRVQsIXVKsQHWXUL]PLW
7DNLPLLG\PEsGKMHWsXPEDMWQsPDUVQs7LUDQsJMDWsYL]LWsVVs
.U\HPLQLVWULW WXUN 5H[KHS 7D\\LS (UGRJDQ 6L UH]XOWDW Qs SULOO Qs
6WDPEROOXPEDW)RUXPLL%L]QHVLWSsU7XUL]PLQPHSMHVsPDUUMHWsQLYHOLWWs
ODUWsQJDPLQLVWUDWHWXUL]PLWWsWsG\YHQGHYH
1sGDWsQQsQWRUPHUDVWLQHYL]LWsV]\UWDUHWsSUHVLGHQWLW%DPLU
7RSLQs7XUTLX]KYLOOXDQMsGUHNsSXQHQJDEDVKNLPLLGKRPDYHWsWUHJWLVsWs
7XUTLVsGKHNsVKLOOL'(,.PHSMHVsPDUUMHQHEL]QHVPHQsYHWsWsG\SDOsYH
7DNLPLLWUHPEsGKMHWsXPEDMWQs7LUDQsQsGKMHWRUPHUDVWLQH
YL]LWsV]\UWDUHWsSUHVLGHQWLWWXUN$EG\OODK*XO7DNLPLXRUJDQL]XDQJD6KRTDWD
H HNVSRUWXHVYH s 7XUTLVs GKH 6HNUHWDULDWL L %DVKNLPLW Ws (NVSRUWXHVYH Ws
$QDGROOLW4sQGURUPHNRRUGLQLPLQH6HNUHWDULDWLWWXUNWs7UHJWLVsVs-DVKWPH
7DNLPL L NDWsUPEsGKMHWs L ]KYLOOXDU Qs 6WDPEROO Qs WHWRU JMDWs
YL]LWsV Vs SUHVLGHQWLW %DPLU 7RSL Qs 7XUTL SDWL PEsVKWHWMHQ H %DVKNLPLW Ws
'KRPDYHWs7UHJWLVsVs7XUTLVsGKH.sVKLOOLWWXUNWs0DUUsGKsQLHYH(NRQRPLNH
PH-DVKWs'(,.
6Lo VKLKHW WDNLPHW MDQs ]KYLOOXDU Qs PsQ\Us Ws SsUYLWVKPH GKH IRNXVL L
W\UHNDQGU\VKXDUQsYD]KGLPsVLQsYDUsVLWsID]DYHWsEDVKNsSXQLPLWWsWsG\
YHQGHYHGKHSULRULWHWHYHHNRQRPLNHQsVDMsWsEDVKNsSXQLPLW
'<02'(/(3Ê57·81'-(.85
.UHX,9=+9,//,0,,4Ê1'58(6+Ê0,785,=0,7785.
6WUDWHJMLDH7XUL]PLW7XUNGHULQsYLWLQ
7XUL]PLNDTsQsQGsUPRWRUUsWPsWsPsGKHQMsSsUHNRQRPLQsWXUNHQs
GHNDGDWHIXQGLWGXNHUHGXNWXDUSDSXQsVLQsGXNHUULWXU3%%GKHSsUPLUsVXDU
ELODQFLQHSDJHVDYH'RNXPHQWLDNWXDOTsXGKsKHT]KYLOOLPLQHWXUL]PLWsVKWs
6WUDWHJMLDH7XUL]PLW7XUN.MRVWUDWHJMLXKDUWXDGKHODQFXDQsYLWLQ
GKHSsUPEOHGKKDSsVLUsQGHULPHYLWN\TsNRLQFLGRQHGKHPHIHVWLPLQ
HYMHWRULWWsWKHPHOLPLWWs5HSXEOLNsV7XUNH9L]LRQLLNsVDMVWUDWHJMLsVKWs
´3sU QMs 7XUTL Ws OXPWXU Qs YMHWRULQ H 5HSXEOLNsVµ 2EMHNWLYDW V\QRMQs
DUULWMHQHQMsQXPULSUHMPLOLRQYL]LWRUsVKQsYLWGHULQsGKHWsDUGKXUD
SUHMPLOLDUGQsYLWSsUSHULXGKsQQsIMDOs3RNsVKWXGHULQs7XUTLD
V\QRQWsMHWsQGsUYHQGHWHSDUDQsUHQGLWMHQERWsURUHSsUYHQGHWPsWs
YL]LWXDUDQsERWs
6WUDWHJMLD H 7XUL]PLW 7XUN sVKWs QMs SsUSMHNMH Ts V\QRQ Ws
VLJXURMs ]JMHULPLQ Qs DGPLQLVWULP GKH ]EDWLPLQ Ws SODQHYH VWUDWHJMLNH GKH
Ws DUULMs EDVKNsSXQLP QGsUPMHW VHNWRULW SULYDW GKH SXEOLN Ws WXUL]PLW PH
UHIHUHQFs SDULPLQ H THYHULVMHV 677 GKH SODQL L YHSULPLW L SsUJDWLWXU
PH QMs SODQLÀNLP SMHVsPDUUsV ND VL TsOOLP SULPDU XGKsKHTMHQ H WXUL]PLW
QGDMLQIUDVWUXNWXUsVQsID]sQHSDUDTLWMHVGKHWsDGPLQLVWULPLWGKH]EDWLPLW
Ws NsVDM VWUDWHJMLH GXNH YHQGRVXU NsVKWX SsUSDUD oGR VHNWRUL QMs KDUWs
UUXJH .MR SsUTDVMH GR Ws IRUPRMs ED]DW SsU SsUSMHNMH EDVKNs PH TsOOLPLQ
H 677 Ts Ws OHMRMs SsUPLUsVLPLQ MR YHWsP Qs ]RQD Ws FDNWXDUD SRU Qs
PEDUsYHQGLQ6WDUWHJMLDSsUIVKLQUHDOL]LPLQHQMs0DVWHUSODQLSsU,QGXVWULQs
H7XUL]PLWPHTsOOLPTsWsPXQGsVRKHWQMs]KYLOOLPLTsQGUXHVKsPQsNsWs
VHNWRU6XNVHVLLWXUL]PLWQs7XUTLLDWULEXRKHWUHDOL]LPLWWsLQYHVWLPHYHVHULR]H
QsWsJMLWKDEXULPHWNRPEsWDUHGXNHLSsUGRUXUDWRQsPsQ\UsQPsWsPLUsWs
PXQGsVKPH
7XUL]PL Qs 7XUTL sVKWs SsUTsQGUXDU NU\HVLVKW Qs VKXPsOORMVKPsULQs H
YHQGHYH KLVWRULNH GKH Qs YHQGSXVKLPHW EUHJGHWDUH SsUJMDWs EULJMHYH Ws
VDMQs'HWLQ0HVGKHGKH(JMH1sYLWHWHIXQGLW7XUTLDsVKWsNWK\HUQsQMs
GHVWLQDFLRQSRSXOORUHGKHSsUWXUL]PLQNXOWXURUGKHDWsVKsQGHWVRU1sYLWLQ
7XUTLDWsUKRTLPsVKXPsVHWXULVWsWsKXDMGKHPLOLDUG
WsDUGKXUDQJDWXUL]PLGXNHXUHQGLWXUVLGHVWLQDFLRQWXULVWLNQXPsUQs
ERWsSsUVDLSsUNHWPEsUULWMHYHQGsUNRPEsWDUHGXNHOsQsSDVHGKH$QJOLQs
6XNVHVL L WXUL]PLW Qs 7XUTL L DWULEXRKHW UHDOL]LPLW Ws LQYHVWLPHYH VHULR]H Qs
Ws JMLWKD EXULPHW NRPEsWDUH GXNH L SsUGRUXU DWR Qs PsQ\UsQ Ps Ws PLUs Ws
PXQGsVKPH
7XUL]PL7XUNQMHKLVWRULVXNVHVL
7XUTLDNDLQYHVWXDUVKXPsSsUSDVXULPLQHKRWHOHYHWsNODVLWWsSDUsYHQGHYH
WsSXVKLPLWDSRSsURUJDQL]LPLQHNRQIHUHQFDYHWUDQVSRUWLLRUJDQL]XDUGKH
OLGKMHW PH T\WHWHW H QGU\VKPH Ws ERWsV GHNRUDFLRQHW PDKQLWsVH DSR HGKH
SDQRUDPD XQLNH Ts RIURQ 0DGMH DXWRULWHWHW NDQs ]JMHGKXU Ws VKIU\Ws]RMQs
EXNXULWs QDW\URUH Ws YHQGLW SRU GXNH PEDMWXU oPLPH Ws OHYHUGLVVKPH
NUDKDVXDUPHGHVWLQDFLRQHWsWMHUDWsUsQGsVLVKPHSsUWXULVWsW0HVYHQGHYH
HXURSLDQH7XUTLDsVKWsQMsGHVWLQDFLRQLGHDOSsUHN]RWLNsQTsRIURQÊVKWs
PMDIWHOHKWsWsPEsUULVKQJD(XURSDQs6WDPEROOEUHQGDG\WUHRUsVKPH
DYLRQGKHSUHMNsWHMGXNHEsUsOLGKMHPHT\WHWHWHWMHUDNU\HVRUH*MLWKDVKWX
NDQMsOLGKMHWsPLUsÁXWXULPHVKPH6KWHWHWH%DVKNXDUDWs$PHULNsV/LQGMHQ
H0HPHGKH$]LQs*XLGDWHT\WHWHYHGKHSURJUDPHWHSDVXUDSsUWXULVWsW
RUJDQL]RKHQ GKH SsUIVKLKHQ Qs QMs SDNHWs WXULVWLNH Qs T\WHWH VL 0DUPDULV
,]PLU%RGUXP$QWDOLD0HUVLQHWM0DGMHHGKH$QNDUDMDNU\HT\WHWLLYHQGLW
sVKWs QMs THQGsU H UsQGsVLVKPH PH OLGKMH WUDQVSRUWL Ws PLUH PH KRWHOHW
UHVWRUDQWHW HWM *MLWKDVKWX 7XUTLD ND Ws JMLWKD PXQGsVLWs SsU Ws RUJDQL]XDU
WDNLPHDSRNRQIHUHQFDPHQMsNRPIRUWWsSsUVKWDWVKsPGKHVWLO0LNsSULWMD
WXUNHFLOsVLDHODUWsHXVKTLPLWGKHYHUsUDYHPXQGsVLWsHSDIXQGPHSsUWs
XGKsWXDUMDQsJDUDQFLWsSsUQMsWXUL]sPJMLWKQMsQsUULWMHWs7XUTLVs
3sUPLUsVLPLLLQIUDVWUXNXWUsVGKHLQYHVWLPHWHYD]KGXHVKPHQsVWUXNWXUDW
DNRPRGXHVHMDQsVKRTsUXDUHGKHPHLQYHVWLPLQQsDUVLPGKHWUDMQLPWsVWDÀW
TsVKsUEHQQsNsWsVHNWRU.sVKWXWDEHODHPsSRVKWsPHWUHJRQYsPsQGMHQH
PDGKHTsLsVKWsNXVKWXDUNsWLMIRUPLPLQJDYLWLGHUL
9LWL
1XPULLWs7UDMQXDUYH
3R NsVKWX NHPL LQYHVWLPHW VHULR]H Qs LQIUDVWUXNXUsQ DHURSRUWXDOH GXNH
OHKWsVXDU WUDQVSRUWLQ GKH GXNH PXQGsVXDU PsQ\UD Ws QGU\VKPH RUJDQL]LPL
Ws XGKsWLPHYH WXULVWLNH 1s 7XUTL QGRGKHQ DHURSRUWH QGsUNRPEsWDUH
RSHURMQsNRPSDQLDMURUHSULYDWHUHDOL]RKHQÁXWXULPHQsGHVWLQDFLRQH
QGsUNRPEsWDUH1sYLWLQ7XUNLVK$LUOLQHVÀWRLoPLPLQ´WKHEHVW$LUOLQH
&RPSDQ\RIµ
6KWLPLLYL]LWRUsYH
1sYLWLQQXPULLYL]LWRUsYHQGsUNRPEsWDUsQsERWsDUULWLVKLIUsQ
PLOLRQ YL]LWRUs GXNH VKsQXDU QMs UsQLH SUHM NUDKDVXDU PH QMs YLW Ps
SDUs3RQsNsWsYLWNMRVKLIsUSsU(XURSHQLVKWHPLOLRQGXNHVKsQXDU
JMLWKDVKWXUsQLHSUHMQGsUNRKsTsQXPULLYL]LWRUsYHQGsUNRPEsWDUsTs
YL]LWXDQ7XUTLQsNsWsYLWLVKWHPLOLRQGXNHVKsQXDUQMsUULWMHSUHM1s
YLWLQNMRVKLIsUDUULWLQsPLOLRQGXNHVKsQXDUVsULVKUULWMHSUHM
3RUVKLIUDWQXNMDQsTsOOLPLQsYHWsYHWHQsVHTsOOLPLGRWsLVKWHWsDUULKHM
QMsQXPsUVDPs,PDGKYL]LWRUsVKDWsKHUsNDVKXPsWsQJMDUsTsWsELQLP
QsJUDFNsQHWXUL]PLWPDVLYMRFLOsVRUTsJOODEsURQGKHVKIU\Ws]RQEXULPHW
H WDQLVKPH H GXNH PRV OsQs KDSsVLUD SsU Ws DUGKPHQ 1GDM WUHJXHVLW SsU
QXPULQQsUULWMHWsYL]LWRUsYHQXNMDQsJMLWKoNDPDGMHYHWsPVKLIUDWHWKDWD
QXPHULNHWs]KYHVKXUDQJDDQDOL]DWSsUNDWsVHVKNDNSDVRMsQXNMDQsDVSDN
QMsWUHJXHVLEHVXHVKsP]KYLOOLPLGKHQXNMDQsDVQMsKHUsWsPMDIWXHVKPHP
SsUWsNsQDTXUREMHNWLYDWWRQDHSsUWsQDNULMXDUNRPRGLWHWLQHWsQGMHKXULWWs
THWs1MsQGsUNUDKDVLPHWPHWsVKSHMWDGKHLPPHGLDWHTsPXQGWsEsMPs
sVKWs Ws NUDKDVRMPH QXPULQ H YL]LWRUsYH SsUNXQGUHMW Ws DUGKXUDYH Ts NDQH
VMHOOsGKHQMsWUHJXHVLWLOOssVKWsRULHQWXHVLEHVXHVKsPSsUVDLSsUNHWQsVH
NHPLWsEsMPsPHWXUL]sPFLOsVRU
1s YLWLQ 7XUTLD WsUKRTL Ps VKXPs VH WXULVWs Ws KXDM
GXNHDUULWXUQsUULWMHSUHMGKHYMHOsPLOLDUGWsDUGKXUDQJDWXUL]PL
GXNHXUHQGLWXUNsVKWXVLGHVWLQDFLRQLWXULVWLNQXPsUQsERWsSsUVDLSsUNHW
PEsUULWMHYHQGsUNRPEsWDUHGXNHOsQsSDVHGKH$QJOLQs
7DEHODWHPsSRVKWsPHMDSLQQMsLQIRUPDFLRQWsSsUPEOHGKXUPELUULWMHQQs
QXPULQHYL]LWRUsYHGKHWsDUGKXUDYHUHVSHNWLYHQJDWXUL]PLSsU7XUTLQsTs
QJDYLWLGHULPs
9LWL
9L]LWRUs
PLOLRQ
PLOLRQ
PLOLRQ
PLOLRQ
PLOLRQ
5ULWMD
5ULWMD
9LWL
7sDUGKXUDWQs
5ULWMD
0LOLDUG
PLOLDUG
5ULWMD
PLOLDUG
PLOLDUG
PLOLDUG
PLOLDUG
*MHUPDQHW ]sQs YHQGLQ H SDUs QGsU WXULVWsW Ts YL]LWRMQs 7XUTLQs PH QMs
QXPsUUUHWKPLOLRQYL]LWRUsQsYLWWsG\WsWUHQGLQUXVHWPHUUHWKPLOLRQ
%ULWDQLNsWUHQGLWHQWsWUHWsWPHPLOLRQWXULVWsQsYLWYHQGLQHNDWsUWGKHWs
SHVWsH]sQs%XOOJDUsWGKH*MHRUJMDQsW
6KLIUDWQsUULWMHWsYD]KGXHVKPHQsDWRSsUYL]LWRUsHGKHSsUWsDUGKXUDW
QMsKHUsVKWUHJRMQsVHNMRUULWMHQXNsVKWsDVSDNHUDVWsVLVKPHSRUSsUNXQGUD]L
HSODQLÀNXDUPLUsGKHHPEsVKWHWXUPHLQYHVWLPHSODQHGKHVWUDWHJMLSsUQMs
WXUL]sPFLOsVRULFLOLsVKWsQsJMsQGMHWLEsMEDOOsHGKHQGRQMsWNXUUMHTsPXQG
WsYLKHWUHQsQLYHOLQJOREDODSRQs(XURSsVLNXQGsUHSsUPsQGsPSDNPs
VLSsU 5LWLPL L UULWMHV Vs Ws DUGKXUDYH QJD WXUL]PL JDWL G\ÀVK VD ULWPLL UULWMHV
VsQXPULWWsYL]LWRUsYHQsQYL]RMQsIDNWLQVHTHYHULDGKHWsJMLWKsRUJDQL]PDW
SULYDWHSXEOLNQs7XUTLSULUHQQJDYL]LRQLLQMsWXUL]PLFLOsVRUN\sVKWsTsOOLPL
QsYHWsYHWH7XUL]sPLFLOLSURGKRQWsDUGKXUDGKHSsUÀWLPHSsUHNRQRPLQs
NRPEsWDUH THYHULQs LQGXVWULQs GKH NRPXQLWHWLQ GKH QMsNRKsVLVKW UXDQ
YOHUDW PMHGLVRUH VRFLDONXOWXURUH GKH SURJUHVLQ HNRQRPLN SUD WXUL]sP Ws
TsQGUXHVKsP
'HVWLQDFLRQHWNU\HVRUHSHUIVKLMQH$QWDOMDQ6WDPEROOLQ,]PLULQHWM4\WHWLL
6WDPEROOLWXUHQGLWGHVWLQDFLRQLWXULVWLNsLSHVWsPsLYL]LWLWXDUQsERWsQsYLWLQ
QsQMsUDSRUWWsNRKsYHWsIXQGLWWs.RPSDQLVH0DVWHU&DUG
2IHUWD7XULVWLNH7XUNH
2IHUWD WXULVWLNH WXUNH SDUDTHW QMs NRPELQLP Ws 6YH 6HD 6DQ 6XQ
'LHOO'HWGKH5sUsGKHQMsSDVXULPPH''LYHUVLWHW'LYHUVLWHW'LYHUVLWHW
Ts EXURQ QJD NRPELQLPL L 6YH PH 6+LVWRUL .XOWXUs .X]KLQs *ROI
6KHQGHWVRU$YHQWXUs6KRSSLQJ/RMsUD'LPsURUHWXUL]sPNRQIHUHQFDVKHWM
7XUTLD NRQVLGHURKHW VL QMs SDUDMVs H GLHOOLW GHWLW PDOHYH H OLTHQHYH
Ts L RIURQ QMs WXULVWL QMs QGU\VKLP WsUsVRU QJD ORGKMD GKH UXWLQD H MHWsV Vs
SsUGLWVKPH1JDPXDMLSULOOGHULQsWHWRUPMDIWYHQGHQs7XUTLNDQsQMsNOLPs
LGHDOHTsNRQVLGHURKHWHSsUVKWDWVKPHSsUW·XTHWsVXDUQsSOD]KHWHUsUsV
GKHWsNsQDTHVKQsTHWsVLQsHPDOHYHGKHWsOLTHQHYH7XUTLDJMLWKDVKWXND
QMsWsVKNXDUPDKQLWsVHGXNHPEDMWXUWKHVDUHKLVWRULNHQJDFLYLOL]LPHWs
PsSDUVKPHTsVKWULKHQQsQMsSHULXGKsNRKRUHSUHMGKMHWsPLMsYMHWsVK(GKH
QsVH NDORQ QMs SHULXGKs Ws VKNXUWsU NRKH Qs 7XUTL WXULVWsW PXQG Ws JMHMQs
QJDGRWUDVKsJLPLQs3RUSHULXGKDPsHSUHIHUXDUSsUWsYL]LWXDU7XUTLQssVKWs
VWLQD H YHUsV NXU SOD]KHW GKH DNWLYLWHWHW H VKXPWD EsMQs SsU YHWH WXULVWsW
%UHJGHWLL0DUPDUDVs(JMHXWGKH0HVGKHXWNDQsQMsNOLPsWLSLNHPHVGKHWDUH
PHYHUsWsQ[HKWsGKHGLPsUWsEXWs6H]RQLLSOD]KLWsVKWsLQGDUsQsNsWR
]RQDSHULXGKDPsHSsUVKWDWVKPHSsUWsYL]LWXDU0DUPDUDQsGKH(JMHXQH
9HULXWsVKWsQJDTHUVKRULGHULQsVKWDWRUGKH(JMHXL-XJXWH0HVGKHXQJD
SULOOLQsWHWRU
7XUTLDNDDTVKXPsSsUWLRIUXDUYL]LWRUsYHWsVDM%XNXULWsQDW\URUHWsOsQs
SDIU\PsYHQGHXQLNHKLVWRULNHGKHDUNHRORJMLNHSsUPLUsVLPLYD]KGXHVKHP
LLQIUDVWUXNWXUsVWXULVWLNHGKHKRWHOLHUHVLGKHQMsWUDGLWsPLNSULWMHGKHoPLPH
NRQNXUUXHVH3UDQGDMQXNsVKWsSsUW·XKDELWXUTsN\YHQGsVKWsEsUsNRKsW
H IXQGLW QMs GHVWLQDFLRQ WXULVWLN QGsU Ps Ws SUHIHUXDULW Qs ERWs 3sU VKNDN
WsJMHRJUDÀVsVKXPHWsQGU\VKPHWs7XUTLVsoGRNXVKPXQGWsSsUMHWRMQs
NDWsU NOLPDW Ws QGU\VKPH Qs oGR GLWs 9HQGL Qs IRUPs GUHMWNsQGsVKH sVKWs
UUHWKXDUQJDWUHDQsPHWUHGHWHWsQGU\VKsP%ULJMHWHVDMMDQsWsPEXVKXUD
PHSOD]KHJMLUHOLPDQHSRUWHWLVKXMGKHJDGLVKXM9HUsUDWMDQsWsJMDWsWs
TsQGUXHVKPH Ts PXQG Ws VKNRMQs GHUL Qs WHWs PXDM Qs GLVD ]RQD 7XUTLD
sVKWsHEHNXDUHGKHPHPDOHGKHOXJLQDPDGKsVKWRUOLTHQHOXPHQMXMsYDUD
GKHSDVXULWsWMHUDWsSsUVRVXUDSsUGLPsUWXUL]sPYHURUGKHVSRUWLYHWsWs
JMLWKDOORMHYH7sDSDVLRQXDULWHVNLYHDOSLQLVWsWJMDKDWDUsWDSRVRGLWsVLWQs
NsPEsGRWsSsUMHWRMQsQMsHNVSHULHQFsWsSDKDUUXDUQs7XUTL
7XUTLDsVKWsPELoGRJMsWMHWsUQMsPX]HLPDGKHLKDSXUQMsGHSR]LWXHVH
H VKXPs T\WHWsULPHYH WH FLODW MDQs XVKT\HU QJD WRND H $QDGROOLW 1XPUL
L PDGKH L SDVXULYH KLVWRULNH GKH DUNHRORJMLNH Qs 7XUTL GXNHW VH MDQs Ws
PMDIWXHVKPHGKHNsQDTLQQHYRMDWHQMsNRQWLQHQWLWsWsUsPsVKXPsVHVDWs
QMsVKWHWLWsYHWsP.RKsWHIXQGLWSRPHUU]KYLOOLPQMsOORMLULWXUL]PLQs7XUTL
DL VKsQGHWVRU 9HQGL sVKWs Qs IDNW L SDVXU PH EXULPHW H Q[HKWs XMsUDW GKH
EDOWsUDVKsUXHVHWsFLODWYLMQsWsUHNRPDQGXDUDQJDDXWRULWHWHWPMHNsVRUHVL
QMsLODoSsUVKXPsVsPXQGMH3sUVKHNXMPHUDGKs7XUTLDNDTHQsJMLWKDVKWX
QMsXGKsNU\TLIHYHMRYHWsPLVODPLWGKHNULVKWHULPLWSRUHGKHWsVKXPsWs
WMHUsYHKDUUXDUDWDQLQJDKLVWRULD6KXPsEHVLPWDUPXQGWsJMHMQsQMsYHQGWs
VKHQMWsQMsPRQXPHQWQMsYDUURVHQMsUUsQRMsOLGKXUPHEHVLPLQDSRIHQs
HW\UH
3URPRYLPLL7XUL]PLW
1GsUWLPL GKH ]EDWLPL L VWUDWHJMLVs QXN GR Ws LVKLQ Ws VXNVHVKKPH DSR
Ws SURGKRQLQ UH]XOWDWHW H GsVKLUXDUD QsVH QXN GR Ws KDUWRKHM QMs VWUDWHJMLH
HIHNWLYHSURPRFLRQDOHSsUWDEsUsRIHUWsQWXULVWLNHWXUNHVDPsSUH]HQWHGKH
WsDUULWVKPHQsPEDUsERWsQ-DQsKDSXU]\UDWXULVWLNHWXUNHQsYHQGH
WsQGU\VKPHWsERWsVGKH7XUTLDNDTsQsYHQGSDUWQHU]\UWDUQsUHDOL]LPLQH
H VKXPs HYHQWHYH PH UsQGsVL SsU SURPRYLPLQ H WXUL]PLW Qs PEDUs ERWsQ
SsUPsQGLP 3DQDLULQ H %HUOLQLW /RQGUsV SDQDLULQ ,17285 0DUNHW 5XVL
)UDQNIXUW%RRNIDLUHWM2UJDQL]LPLLDNWLYLWHWHYHWsWLOODVL6WLQD.XOWXURUH
7XUNHQs)UDQFsQsYLWLQ9LWL-DSRQH]Qs7XUTL.RUULN0DUV
SMHVsPDUUMD PH SURMHNWH VSHFLDO Qs )HVWLYDOLQ H )LOPLW Qs .DQQs Qs /RMUDW
2OLPSLNH Ws 3HNLQLW NDQs WUHJXDU VH NDQs IXQNVLRQXDU PsVs PLUL GKH
NDQHTsQs]JMHGKMDHGXKXU
'KH SDV QMH SXQH Ws PHQGXDU PLUs GKH Ws UHDOL]XU PH VKXPs VHULR]LWHW
GKH SDVLRQ sVKWs QRUPDOH Ts Ws YLMQs HGKH YOHUsVLPHW H VKXPWD Ws WLOOD VL
'HVWLQDFLRQLPsLPLUs=\UDPsHPLUsWXULVWLNH+RWHOHWPsWsPLUs
Qs(XURSH/LQMD$MURUHHYLWLW5H]RUWLPsLPLUs3RUWLPsLPLUsQs(XURSsSsU
NURoLHUDHWM
/
//
')#'.()$' .
!).( .%*#*(
66
99
+<<F@/=24+/:+<F></1>+</7/=
$2;3:F<3=F.2/%?<;3=FF=2>F8F8=25<?+<
8F=25?<>8F592F8/<</14373>
597?83=>8F$2;3:F<3.?5/=2F8?+<
2+:4/8/:+<F>F></1?>=2;3:>+<7/,9>F8
+<<F@/=24+/+=25F:?8373>5989735
%</1>+<.2/$25/8-9</-36+.+>988F
1?=2>
:+<+7+<<F@/=24/8F592F8/><+8C3-3983>
F=2>F8F8=25<?+<8F;/<=29<>F@3>3>
+<<F@/=24+:F<8A3>4/8.2/7,<94>4/8
</-3:<95/>F38@/=>37/@/$2F8982+:38/
:+<F8F7+<<F.2F83/>/5989735/7/=
$2;3:F<3=F.2/%?<;3=F8F5?+.<38/C2@366373>
169,+6>F/598973=F
"/<=29<+<<F@/=24+/3;F=3=F.2//
+=25F:?8373>
@3>/>/</+63C373>>F@3C3>+@/>F:+<+>F
+?>9<3>/>/@/7F>F6+<>+=2>/>F<9</>F.B
</:?,635+@/.2/0366373384F7+<<F.2F83/4/=2?7F
38>/8=3@//.2/8F:6+838/5989735
F8>9<+<<F@/=24+/+=25F:?8373>
<=379<%/5835.2/$25/8-9<>F?=2F=
&=2>+<+5/
'0#53*2 2
G+<=37?+<.2/5?+63035?+<8AF8F=
=>?./8>F.2/5?+.<9?=2>+<+5F=2;3:>+<F
4+8F+<=37?+<.2/5?+63035?+<0+6+=8F38=>3>?-398/>
+<=379</>F9<-+@/%95F=9</
8F38=>3>?-398/>/9<-+@/&=2>+<+5//>+</
8F38=>3>?-398/>+<=379</>F9<-+@/&=2>+<+5/4<9</
8F38=>3>?-398/>+<=379</>F(2+8.+<7F<3=F
5?+.<98F5+./73>F/$2>+,3>>F!F<143>2=2F7
8F38=>3>?-398/>+<=379</>F74/5F=3=F8F5+./738F/
4/5F=3=F&=2>+<+5/
8F38=>3>?-398/>/$3=>/7/@/6/5><9835/
8F38=>3>?-398/>+<=379</>F,<94>4/=</1./>+</
+<<F@/=24+:F<2/;4/8/>+5=373>>F.B03=2>F:<366
F 5?+.<38 / 38>/1<373> /?<9:3+8 .2/ +<<F@/=24/= =F
$>+,363C37=9-3373> >F $2;3:F<3=F 7/ ?<9:F8 ? +<<3>
7+<<F@/=24+/></1>3=F=F63<F8F8=25<?+<8F.24/>9<
/-36+2B<38F0?;38F7+<=!+<+=23598>/?64/8./<38F
>F>+5=+@/.91+89</:F<37:9<>/>>?<5/8F$2;3:F<3.2/
2/;4/8>9>+6/>F>+5=+@/.91+89</:F</5=:9<>/>=2;3:>+</8F
%?<;3
/;4+>9>+6//>+5=+@/.91+89</8F7F8B<F</-3:<95/,+C?+<
8F5F>F7+<<F@/=24/8.9.28F@3>38/:/=>F:+=2B<4/=8F0?;3
>F=+4.?5/??6?<E.9@3>7/81+5>?+63=2>4/738F
:<3>4/>F</+63C373>>F5F>34:<9-/=33-363.9>34+:F0<B7F7+<<4/
,+=25F:?8373>>F=?5=/==2F7$2;3:F<3%?<;3
0074#1&( #0#%2'1717'07
8F8=25<?+<8F@3>382B88F0?;38F
7+4
(%$'))%'$* )+#*()'!(&%)'')
*'&(.#* #.)'$#$'#.' $.&.
"%$')) %'$* )+ #*()'! )*' #.
&%.' %.' ( %'$* ) #*()'! ).
#("$)#.#()'$#'* )")).)'+
$#$' * ( *' #. !"#"# ),' #.
*#).#.%'*)'#-)$'%'+).(
/ 8A3>4/8 .2/ 5?4./=38 / .</4>:F<.</4>F >F
5<B/7383=><+@/ >F >F .B @/8./@/ 38@/=>37/> >?<5/
8492F884F<<3>4/81+736398F.966+<F8F@3>38
8F736398F.966+<F8F0?8.>F@3>3>
-28
8@/=>37/> >?<5/ 8F $2;3:F<3 5+6948F 7363+<.
.966+<F7/84F<<3>4/<</>22/<F8F2+<5?85929<
>F @4/>F@/ >F 0?8.3> 8.F<=+ @F66373 ></1>+<
$2;3:F<3%?<;3 5+: =230<F8 / 736398F
.966+<F@/
4+8+<?8F8=25<?+!<9>9596633>F3
973=3983>>F!F<,+=25F>59897359%</1>+<7/
%?<;38F.?5/=2:</2?<5F=2>?1+.3=27F<38F/
.B+8=27/:F<,+=25F:?837
%<+4>37338.F<=4/66>F=3:+<>8/<F=><+>/1435F@4/87/
8F=25<3738/!<9>959663>>F>F973=3983>>F
!F<,+=25F>.F<;/@/<3>+<8F%3<+8F8F.+>F8
4+8+<
70 2##)1.-02'+.-02#4#
0-"3)2#2/7#)1.-02-&#,,% &/'.70' F8.F/:+<F=2>+C9</.2/
,379</
F5?<F/<</14?<.2//
:+<</14?<
/5?<.2/E/635
'/=24/.2/+5=/=9<F>/>B</
+538/<3.2/:+43=4//6/5><35/
F:?-F.2/5980/5=398/
6F5?</
4/>/><+8=:9<>3
!6+=>35+.2/:<9.?5>/>F=+4
,/>?<38+7/>+635/
+66384.<3>2F<+=27,/>?<38+
?=2;379</>+143:F<5+0=2F>
0-"3)2#2/7'+.-02-&#,,% 30/' /5?<.2/E/635
!<9.237/7/>+635/
34/>/5=>36/.2/:<9.?5>/>F
>B</
'/=24/.2/+5=/=9<F>/>B</
+538/<3.2/:+43=4//6/5><35/
<3>2F<+.2/:<9.?5>/>F>B</
+538/<3.2/:+43=4/
38.?=><3+6/
/>+6/>F>4/<+@/E2/5?<3>
'+4F<+38.?=><3+6F,94F<+
7+>/<3+6/:+=><37
5=:9<>/>=2;3:>+</8F%?<;35+8F84F8.<B=237>9>+6:</4
81+592+/0366373>>F7+<<F.2F83/@/></1>+</8.F<=+
37:9<>/>>?<5/8F$2;3:F<384F?64/:</4
$3CF<+>F@/E+8>F8F0?=2F8//5=:9<>/@/7,3C9>F<948F
2/5?<3.2/E/635?/.2/:F<=25+5>F38@/=>37/@/>?<5/8F
$2;3:F<3=3/.2/5+66384>F/.<3>2F<+@/7,/>?<38+>?=2;379</
.2/>+143+:F<5+0=2F>>F-36+>:+<+@3>38?58432/=238=3
:<9.?5>/>F/5=:9<>?/=27/8.+4%?<;3=F!<9.?5>33:+<F
8.327988F0?;3C373838.?=><3+6>F$2;3:F<3=F8.F<=+3.B>38F
0?;3C3738/:<9.2373>>F0/<7/<F@/
!F<=+3:F<5/>37:9<>/@/>?<5/8F$2;3:F<3?64/87F>F7+.2/
/5+2/5?<3E/635?.2/:<9.237/>7/>+635/8.F<=+8.<B=2373
F=2>F:9C3>3@:F<.<3>2F<+>.2/:<9.?5>/>/>B</>/5>F-36+>
7/<</>:+<+=B=2<<?1+/=25?<>F</><+8=:9<>3>5<+2+=?+<7/
@/8./>/>4/<+
,4#12'+#2#)-+. ,'4#230)#,7&/'.70'
597:+83>?<5/
736398
)$'.)#.).!.)$%'$#.
>/6/597?835+-39838.F<>37338.?=><3+/E/635?>
,+85+>38.?=><3+?=2;379</
.353738F:?8F=37<</>2
=2>/>+=
=2;3:>+<F
,4#12'+#2120 2#%(')#230)#,7&/'.70'
&#&#D=2+5+7+<<F7/598E/=398:F<
@4/>3=297,38+>38/>+6?<14358F6,+=+87/=B837
:<9.23738//6/7/8>F@/>FE/635?>:F<8.F<>37H=2>F
+81+C2?+<>+838F8.F<>3738/84F23.<9-/8><+63:F<8/@94+
5<B/=3=2>>F@/>+>97:+83+C9>F<98=2?73-F8/+5=398/@/
8F5+8>3/<38/8.F<>37<3:+<37+834/@/8F?<<F=.2/5+,6/<F
0+,<35F8/:<9.2373>>F95=314/83>8F6,+=+8
F=/5>9<38/7383/<+@/597:+83+# #598E/=398
:F<
@4/>7383/<+>/,+5<3>8F@/<3638.4/>F$2;3:F<3=F
D=F,+=25?7/$#5+8F,6/<F8F
;/<=29<>F@3>3>>F+5=398/@/>F+85F=
97,F>+</%</1>+</.2/7F:+=5+8F<<3>?<:4/=F7+<<4/8
7/.?5/?,F<F84F81+.B,+85+>7F>F7F.2+8F
$2;3:F<3/.+66?+<=9>:F<79./638/7/8+A2373>>F:?8F=
.2//=2:+66?<=3+85+7F/73<F/@3>3>./<38F@3>38
D#=3:4/=F/1<?:3>D=F,+=25?7/
%&#% 5+,6/<F8F59<<35>F
+5=398/@/>F6,>/6/-97:F<84F=2?7F:</4736398
?<9=3/.2/5+81<3>?<9:/<+>9<38/></>F-/6?6+<8F
$2;3:F<3 97:+83+/></1>373>>F5+<,?<+8>/@/!%5+5<B/<
73639838@/=>37/:F<>F0366?+<:35+>F></1>3=F7/
:+53-F>F5+<,?<+8>3>8F>F143>2F>/<<3>9<38/$2;3:F<3=F+
:9C3-3983863./<8F></1?8/5+<,?<+8>/@/:F<37:9<>3738
8F$2;3:F<3>F,/8C38F= 5>+8
'#$%5+38@/=>?+<736398:F<7+538/<3.2/:+43=4/
:F<:<9.23738/+7,+6+C2/@/:</4:963/>36/83
#&!$ )5+38@/=>?+<8F84F0+,<35F73/6638F%3<+8F
.2/8F=/5>9<38/5980/5=398/@/.?5/:?8F=?+<7,3
=2>/>+==2;3:>+<F
'.70+ 00(#2230)#,7$-0+7,#.0-)30'+#4#
,"70)-+!72 0#
+'*'-,
%/:/8=++>/1<?:3>%!5+:F<0?8.?+<<3598=><?5=39838/=:3>+63>>F'69<F=.2/
+>34>F$259.<F==3/.2/5+:+<+;3>?<38>/</=8F:<94/5>/>F-+5>?+<+>F
380<+=><?5>?<F=
B597:+83>?<5//+/1<?:3>D/635.2/+5)965+8F:F<0?8.?+<:?837/>
:F<=/17/8>/><<?19</>F9<<3.9<3>38.4/!/<F8.37:F<5+>F=3=2>:F<
=/17/8>/>#<919C238F6,+=+8.2/3,<+C2."+0F>2+8F
97:+83+>?<5/5+7+<<F:F<=3:F<5+7+<<F:F<=3:F<:?837/>8F<<?1F8
6,+=+83,<+C2.
97:+83+$?)+:35+7+<<F:F<=3:F<=2F<,37/>/598=?6>373>:F<:<94/5>/>F
8.<B=27/380<+=><?5>?<9</8FC98+><?<+6/>F038+8-?+<+81++85+=6+735//
*2@366373>
97:+83+%?7+=2$5+7+<<F:F<=3:F<=>?.3738/03C3,363>/>3>>F</2+,363>373>>F
,?<37/@/>F8+0>F=
97:+83+38>+=25+5<B/<8.F<>3738/84F,6695?8.F<>/=+=28F%3<+8F.2/5+
7+<<F:F<=3:F<<3598=><?5=39838/19.38+@/>F+CF=&=2>+<+5/>F!+=2+637+83>
8F'69<F
97:+83+/0?;3=27/85+8F9<>+5F<37/597:+838F+7/<35+8//-2>/65+
:F<0?8.?+<>+=27F>F@/>7/8+?>9=><+.F8F$2;3:F<3?<<F=9<38F
71&'**'''5,#1'2&/'.2 0-30)
?=2>GC73<
%+537/>4+8FC2@366?+<8F83@/6>F6+<>F8F7F8B<F>F
:F<@3>=27/.2/095?=33>B</5+8.<B=2?+<8F
@+C2.37F=38F@+<F=3>F0+C+@/>F,+=25F:?8373>>F>F
.B@/8./@/.2/:<39<3>/>/@//5989735/
#
99
$><+>/143+/%?<3C73>%?<5./<38F@3>38
.2/ 0/<>+
%?<3=>35/%?<5/7?8.>F=2F<,/48F=379./6
?5/0366?+<81+ $""! /8F@+C2.377?8.>F7/<</>=2/7,?66:F<5<343738
/380<+=><?5>?<F==3,+CF:F<C2@36637
'U=HNL.D\D
3sUIDTsVXHVL6KRTsULVs.85806KTLSsUL
6KTLSsULD3sU,QYHVWLWRULQ7XUN
.XPWHVDLPHQXNGRSsUPHQGsWsNDOXDUsQHSsUEDVKNsWGKHPDUUsGKsLQHW
SDVLMDQsWHPDTsGLKHQQJDWsJMLWKs'RWsSsUTsQGURKHPQsWHPsQVHoIDUs
RIURQ6KTLSsULDSsULQYHVWLWRUsWQsSsUJMLWKsVLSDK\UsQsVKLIUDGKHQsPsQ\Us
WsYHoDQWsSsULQYHVWLWRUsW7XUT'sVKLURMWsMDSGLVDPHVD]KHSsUWsULQMWsH
SUDQLVKsPNsWX
‡ 3RSXOOVLDPLOLRQHSXQsWRUsMDVKWsVKWHWLWNPVLSsUIDTH
WHUULWRUL H WRNDYH MDQs Ws SsUVKWDWVKPH SsU EXMTsVL WUHJsWDUH
SMHVDWMHWsUSsUEsKHWQJDWHUUHQPDORUGRWsÁDVLPSsUNsWsVKWHWWs
YRJsOWs(YURSsV-XJOLQGRUHTsSsUPEDQSDVXULPELHQsQWRNsVRUH
‡ 3RÁDVLPSsUHNRQRPLQsHQMsYHQGLWsYRJsOSRUPHSRWHQFLDOHLFLOL
NXIL]RKHWPH*UHTLQs0DOLQH=L.RVRYsQH0DTHGRQLQsGKHOLGKHW
PH DQs Ws QMs QJXVKWLFH Ws $GULDWLNXW Ts PXQG Ws TXKHW JU\Ns PH
,WDOLQs3UDQsVHHTXDMPs6KTLSsULQsQMs´oHOsVSRUWHµSsU0HVGKHXQ
GKH%DOONDQLQQXNEsMPsJDELP
‡ 0HQMsSsUTDVMHUHDOLVWHYHQGQGRGKMDQsQMsSLNHN\oHPHVYHULXWH
MXJXWOLQGMHVHSHUsQGLPLWVKXPsHSsUVKWDWVKPHSsUWUDQVSRUWLQsVKWs
QMsQJDNDUDNWHULVWLNDWTsHEsQNsWsYHQGXQLN
‡ 9HQGLPPDUUsVLWWsFLOsWHGLQsUsQGsVLQsH'XUUsVLWGXNHKHGKXUKDSLQ
Ps VWUDWHJMLN Ws YLWHYH Ws IXQGLW Qs EDVKNsSXQLP PH %HFKWHO GKH
(QND ILQDOL]XDQ DXWRVWUDGHQ NRUULGRU Ts VKNRQ GHUL Qs 6HUEL GXNH L
KDSXU .RVRYsV GHUsQ H 0HVGKHXW GKH WUHJMHYH Ws KXDMD H FLOD GHUL
WDQLNLVKWHPEHWXUHL]ROXDUQsWRNs3sUYHoNsVDMDXWRVWUDGD3ULVKWs
6KNXSGRWsK\MsQsIXQVNLRQNsWsYLWQsNsWsPsQ\UsSRUWLL'XUUsVLW
GRWsMHWsQMsDOWHUQDWLYsHSRUWLWWs6HODQLNXW
‡ 6KNXUWLPLVKWSsUDUV\HWsOLGKMHYHGHWDUHTs6KTLSsULDNDVLQMs´SRUWs
NU\HVRUHµ PH YHQGQGRGKMH VWUDWHJMLNH GXNHW VH GR Ws NWKHKHW Qs QMs
SRUW´3RVW3DQDPD[µ.sWsPRGHOSRUWLTHYHULDPHQGRQWDDSOLNRMs
Qs3RUWR5RPDQR
1JD DQD WMHWsU 6KTLSsULD sVKWs QMs YHQG L SDVXULYH QDW\URUH 6KWUHVDW H
SDVXUDPHPLQHUDOHGKHQDIWHSRWHQFLDOLLSURGKLPLWWsHQHUJMLVHKLGURHOHNWULNH
QXNMDQsVKIU\Ws]XDUWsUsVLVKW)DNWLTsGHULPsVRWVKIU\Ws]RKHQYHWsP
HEXULPHYHKLGULNHsVKWsWUHJXHVLQMsSRWHQFLDOLVHULR]
1sVH GXKHW WD WKHNVRMPs VKNXUWLPLVKW EXULPHW H SDVXUD PLUHUDUH
UH]HUYDWHQDIWsVGKHSRWHQFLDOLKLGULNSsUWsSURGKXDUHQHUJMLKLGURHOHNWULNH
SDHWHSUXDUHEsQ6KTLSsULQsQMsYHQGWsSDVKRT3UDNXVKGRTsMHWRQQs
NsWsYHQGoGRGLWsQsSHUsQGLPWsGLHOOLWÁHPELSDVXULoGRGLWsNXUOLQG
GLHOOL ]JMRKHW PEL NsWs SDVXUL 3RU SRWHQFLDOL HN]LVWXHV L SDVXULYH DNRPD
QXN L ND EsUs Ws OXPWXU QMHUs]LW H NsWLM YHQGL 3RU SsU W·L VKQGsUUXDU NsWR
SDVXULQsPLUsTsQLHN]LVWRMQsGLVDDUV\HHSUREOHPH.sWRSUREOHPHMDQs
PHQDW\UsSROLWLNHNXOWXURUHVRFLDOHHNRQRPLNHGKHQMsYDUJDUV\HVKWs
WMHUD
*'3HOORJDULWXUSsUQMHULQsNsWsYHQGWsSDVXUGKHPHYHQGQGRGKMHXQLNH
NXUNUDKDVRKHWPHYHQGHWsWMHUDQXNsVKWsQsQLYHOLQHGXKXUWsPLUsTsQLHV
/XNVLL,QYHVWLPHYHWs+XDMD'LUHNWHSsUUDMRQLQ
6KWHWHW
6KTLSsUL
0DTHGRQLD
0DOL=L
6HUELD
.URDFLD
.RVRYD
%RVQMH+HU]HJRYLQs
7DEHODHPsVLSsUPHQXNsVKWsHSsUGLWsVXDUSRUMHSQMsLGH
3URGXNWLNRPEsWDUEUXWRSsUSHUVRQsVKWsUUHWK86'3sUYLWLQ
VWRNXSsU)OXNVLQH,QYHVWLPHYHWs+XDMDsVKWsUUHWKPLOLDUGH86'
,QYHVWLPW WXUNH PH SsUKDSMHQ H W\UH Qs YLWHW H IXQGLW NDQs DUULWXU Ws
SsUIDTsVRMQsWs)OXNVLWWs,QYHVWLPHYHWs+XDMD
1sYHQGHQGHQXNsVKWsNULMXDUVKWUHVDHPHVPH.MRsVKWsQMsosVKWMHH
UsQGsVLVKPHPELWsFLOsQGXKHWQGDOXUJMDWs
.XUKHGKLPQMsV\QsSDVXULWsHYHQGLW
‡ 5H]HUYDW H NURPLW MDQs DIsUVLVKW PLOLRQs WRQ Qs NsWR PRPHQWH
NURPL L SsUSXQXDU VKNRQ Qs .LQs ILUPD .XUXP H FLOD ND PDUUs
UH]HUYsQHG\WsPsWsPDGKHWsNURPLWQsYHQGPXQGW·LMDSsVWDWXVLQ
H QsQNRQWUDNWRULW ILUPDYH Ws WMHUD Ws FLODW MDQs JDWL Ws LQYHVWLRMQs
VHULR]LVKWQsNsWsIXVKs
‡ 5H]HUYDW H EDNULW SROLPHWDOLN PH SsUPEDMWMH $UL MDQs DIsUVLVKW PLOLRQsWRQGKHQsNsWRPRPHQWHQsNsWsIXVKsILUPDWXUNH%(5$/%
sVKWsXOXUQsIURQLQHPEUHWLW3RUNDSRWHQFLDOHGKHSsUVKXPsILUPD
WsWMHUDPLQHUDUH
‡ 5H]HUYDW H KHNXU QLNHOLW MDQs Qs QLYHOLQ H PLOLRQs WRQ SsU QMs
SHULXGKsNRKHHGUHMWDHVKIU\Ws]LPLWWsW\UHLXVKLW.DYDGDUFLW0DTHGRQL
GKHSDVWDMLXVKLWs)HUURQLNHOLWWs.RVRYsVSRUQsNsWsIXVKsDNRPDQXN
sVKWsWKHPHOXDUIDEULNDVKNULUsVHMDQsWsSsUVKWDWVKPHSsUSURGKLPLQ
HSURILOHYHWsKHNXULW13,GKHNRQVXPLLSURILOHYHWHLQRNVLW13,QJDYLWL
HGHULPsVRWsVKWsUULWXUPHVKSHMWsVL
‡ .DSDFLWHWLKLGULNLYHQGLWsVKWs0ÊGKHQXNsVKWsVKIU\Ws]XDUDV
.RQVXPL GLWRU sVKWs PLOLRQs NÊK GKH SURGKLPL YHQGDV Qs
NXVKWHWPsWsPLUDsVKWsPLOLRQsNÊK3UDJM\VPDHHQHUJMLVs
VsNRQVXPXDULPSRUWRKHW.XUXPSsUVDLSsUNHWSURGKLPLWWsHQHUJMLVs
sVKWsILUPDSULYDWHPsHPDGKHQsYHQGNDSDFLWHWL0Ê
‡ -DQs QsQVKNUXDU VKXPs PDUUsYHVKMH NRQoHVLRQDUH NU\HVLVKW Ws WLSLW
UXQRIIULYHU KLGURFHQWUDOH Ws FLODW SsU IDNWLQ Ts QXN MDQs DSOLNXDU
DNRPDKDSLQUUXJsQHNULMLPLWWsWUHJMHYHG\WsVRUH$MRTsGXKHWWsNHQs
SDUDV\VK LQYHVWLWRUsW MDQs SURMHNWHW H PsGKDMD OXPHQMWs H PsGKHQM
'ULQ2VXPGKH9MRVsSUHVLQLQYHVWLWRUsWsPsGKHQM
‡ 1JDDQDWMHWsUPHQGRQLQMsYHQGQsWsFLOLQHHQHUJMLVsVsSURGKXDU
QXN PXQG Ws NRQVXPRKHW VHSVH KXPEHW EDVKNs PH SUREOHPLQ H
VKSsUQGDUMHVVsHQHUJMLVsHYHWPMDNRPSDQLVKSsUQGDUsVHd(=SUHM
VsFLOsVoHNsWXODUJXDQSUHWQMsEOHUsVNRPSHWHQW
‡ 3sU VD L SsUNHW UH]HUYDYH Ws QDIWsV DWR MDQs Qs VDVL Ws PsGKDMD VL
WRNsVRUHDVKWXHGKHXMRUH.U\HVLVKWJMHQGHWQsIRUPsQ´KHDY\FUXGHµ
HSDSsUSXQXDUQsVHSsUSXQRKHWPXQGWsVKQGsUURKHWQsSURGXNWH
SsU QHYRMDW H WUHJXW (NVSRUWL L 6KTLSsULVs SsU QDIWsQ H SDSsUSXQXDU
NDDUULWXUPLOLRQsWRQHGKHLPSRUWLSRDVKWXNDDUULWXUQsPLOLRQs
WRQ%DQNHUVGKH6WUHDP2LONDPDUUsGLVDSUHMUH]HUYDYHPsWsPLUD
QGsUNRKs$OESHWUROQGsUPDUUMDVKWHWsURUHHVKIU\Ws]LPLWWsQDIWsVHFLOD
sVKWsQsSR]LFLRQHSURUQsUDSRUWPHNRPSDQLWsHWMHUDsVKWsJDWLSsU
W·XSULYDWL]XDUQJDVKWHWL
‡ .DNDSDFLWHWLQSsUWsWUDQVPHWXDUHQHUJMLQsHOHNWULNHMRYHWsPQs,WDOL
SRUHGKHVKWHWHYHWsWMHUDJMLWKDVKWX]RWsURQPXQGsVLQsTsHQHUJMLQs
HSURGKXDUW·LDVKHVsHGKHWUHJXWWsMDVKWsP
6KNXUWLPLVKW QsVH ND KDSsVLUD SsU VLSsUPDUUsVLW H YHJMsO GKH PHVDWDUs
DWsKHUH PXQG Ws WKHPL PH VLJXUL Ts SsU LQYHVWXHVLW H PsGKHQM Ws QLYHOLW
LQVWLWXFLRQDOQsNXDGsUWsPDUUsGKsQLHYHPHUDMRQLQRIURKHQHGKHPXQGsVL
WsPsGKDMDLQYHVWLPL
1s Ws YsUWHWs S\HWMD sVKWs NMR %XULPHW HN]LVWRMsQ IXTL SXQsWRUH H
NXDOLILNXDU HN]LVWRQ Ws ULQMWs ÁDVLQ Ws SDNWsQ JMXKs Ws KXDMD HQHUJMLD
HN]LVWRQNXDGULLQHYRMVKsPOLJMRUGKHTHYHULDHN]LVWRQDWsKHUHNXTsQGURQ
SUREOHPL"
7KHOEL L NsVDM VLWXDWH TsQGURQ WHN ´NDSDFLWHWL L SHUVRQDYH Ws NXDOLILNXDUµ
WHN NXDGURW VKWHWsURUH 3sUNWKLPL L NsVDM IMDOLH sVKWs NsVKWX ´HPsULPHW
SROLWLNHµ.DDUGKXUNRKDTsWsULQMWsHSDMLVXUPHLQIRUPDFLRQHWHGXKXUDPEL
HNRQRPLQsHWUHJXWGXNHXSR]LFLRQXDUDWMHNXGXKHWW·LNRQYHUWRMQsNsWRGLMH
QsILWLP3sUNsWRDUV\HTRIWsLQVWLWXFLRQHWDUVLPRUHVKWHWsURUHTRIWsSULYDWH
GXKHWWsLQYHVWRMQsWHN´QMHUs]LWµ
1sVHYLMPsVLLQYHVWLWRUWXUNoIDUsGRWsQDORGKWHPsVKXPs"1sVH
GLNXMWLYMHQQsPHQGMHNMRS\HWMHSRHMDSPHQGLPLQWLPPHQMsSsUJMLJMHWs
KDSXUGKHGXNHUDGKLWXUIDNWRUsWVLSDVUsQGsVLVs
‡ 3DPMDIWXHVKPsULHYXOOQHWLWSROLWLN
‡ 3DPMDIWXHVKPsULHNDSDFLWHWLWDGPLQLVWUDWLY
‡ 3DPMDIWXHVKPsULH]EDWXHVKPsULVsVsOLJMLW
‡ ´(SLGHPLDµHSDXGKsVLYH
‡ 3UREOHPLLWsGUHMWsVVsSURQsV
1sVH L UDGKLVLP SUREOHPHW Ts OLQGLQ SUHM W\UH GKH Ts L KDVLQ Ps WHSsU
LQYVWLWRUsWWXUTMDQsVLPsSRVKWs
6LJXULDÀ]LNHHLQYHVWLPHYH$\HQ.UP%HUDOE
3UREOHPH SsU YL]s Ws WLSLW ' EXURNUDFLWs H WHSsUWD GKH NsUNHVDW SsU
GRNXPHQWDFLRQLQSsUNDWsVFRSs
3UREOHPHTsOLGKHQPHVLJXULPHWVKRTsURUHSDJXKHQQsWsG\VKWHWHW
$QXOOLPHWHOLoHQFDYH1sPLQLHUDGKHKLGUR
%HVRMPs VH THYHULD H NsWLM YHQGL L FLOL sVKWs Qs SUDJ Ws DQsWDUsVLPLW Qs
%DVKNLPLQ(XURSLDQGRWsSXQRMsPELSLNDWHPsVLSsUPHGKHSDG\VKLPGR
WsVKsQRMs]KYLOOLPHWsGXNVKPH
1sVHGRWDPE\OOMDYHWsPPHQMsIMDOL1MHUs]LWTsPXQGW·LSsUVKNUXDMQs
PsPLUsVKTLSWDUsWMDQsSDG\VKLPWXUTLW&LOLsVKWsVHNUHWLPDGKLVXNVHVLW
Ws VLSsUPDUUsVYH WXUT NsWX" 1sVH H VKWURMPs NsWs S\HWMH QMHUs]LW H NsW\UH
G\YHQGHYHNXUHVKRKLQQMsULWMHWULQHGKHQsVHQXNÁDVLQWsQMsMWsQJMXKs
]RWsURMQsDIWsVLQsWsNXSWRKHQVKXPsPLUsPHVW\UH3UDQsVHVLSsUPDUUsVLW
WXUT QXN GR Ws LVKLQ Ws VXNVHVVKsP NsWX DVNXVK QXN GR Ws LVKWH GKH N\
sVKWsPHQGLPLLJMLWKsWsKXDMYHNsWX.\PHQGLPQXNED]RKHWQsWsNDOXDUsQ
HSsUEDVKNsWSRUQsDIWsVLQsHWXUTYHSsUWsUUH]LNXDUVKSLUWLQVLSsUPDUUsV
GKH GLDORJXW Ws QJXVKWs Ws W\UH PH VKRTsULQs Qs WDOHQWLQ Ts NDQs SsU Ws
NULMXDU´JMXKsQGKHNXOWXUsQHSXQsVµVsSsUEDVKNsW3sUNsWRDUV\HWXUTLWQsQ
SDULPLQ´QRULVNQRUHWXUQµNDQsPXQGXUWsILWRMQsGKHWsEsKHQNDQGLGDWsW
PsWsVXNVHVVKsPSsUVLSsUPDUUsV.RKsWHIXQGLWSsUYHo.XUXP+ROGLQJ
Ps Vs VKXPWL VLSsUPDUUsV Ws YHJMsO GKH Ws PHVsP WXUT Ts QJD YLWL PH K\UMHQ H dDO×N +ROGLQJ Qs VHNWRULQ H WHOHNRPLW VWRNX JUHN GKH LWDOLDQ L
LQYHVWLPHYHWsKXDMDGLUHNWHGXNHXNWK\HUQsIDYRULQHWXUTYHNDQGLNXDUSsU
PLUsQsPHQGLPHWHLQYHVWLWRUsYHSsUNDWsV
6L YHWsNULWLNs GXKHW Ts QMs osVKWMH WD YOHUsVRMPs PLUs GKH Qs PsQ\Us
REMHNWLYH 6KTLSsULD HQGH QXN ND DUULWXU SMHNXULQs H GXKXU SsU Ws SUDQXDU
LQYHVWLWRUsLQVWLWXFLRQDOs$UV\HW MDQs Ws VKXPWD GKH QJD Ps Ws QGU\VKPHW
SRU ]KYLOOLPHW SsUNDWsVH SsU Ws SUDQXDU ILUPD LQVWLWXFLRQDOH HN]LVWRMQs 'KH
NMRsVKWsHGXNVKPHTRIWsWHNTHYHULDTRIWsWHNQGU\VKLPLLSDULPLWWsSXQsV
QsVHNWRULQSULYDW
1sNsWsDVSHNWHGKHQHVLJUXSNHPLDYDQFXDUVKXPs3DPYDUsVLVKWNsW\UH
GREsVLYHEHVRMPsVHLQYHVWLWRULWXUNQsDVSHNWLQHLQYHVWLWRUsYHLQVWLWXFLRQDOs
GREsKHWSLRQLHULDVDMTsPXQGWDTXDMPs´ULOLQGMHQLQVWLWXFLRQDOHµGKHQsNsWs
GUHMWLPSRKLGKHQKDSDVHULR]H7XUTLWNDQsNDOXDUQsDWDNGXNHOsQsPEUDSD
QsLQYHVWLPHVKWHWHWHWMHUDSRUDWDHQGHQXNMDQsRUJDQL]XDUQGsUPMHWW\UH
1sNsWsDVSHNWNULMLPLLGKRPsVVsWUHJsWLVsVKTLSWDURWXUNH
4s QJD VLSsUPDUUsVL L YRJsO H L PHVsP GHUL WHN LQYHVWLWRUL LQVWLWXFLRQDO
LQYHVWLWRUsWWXUTQsVHGsVKLURMQsTsWsYHQGRVHQQsUDMRQGKHWsVKWULKHQQs
%DOONDQGXKHWWDUHDOL]RMQsGXNHSsUGRUXUVL´WUDPSROLQsµ6KTLSsULQs
'U=HNL.D\D3K'(FRQRPLFV.XUXP+ROGLQJ6K$$GPLQLVWUDWRUSsU
6KTLSsULQs GKH DQsWDU L %RUGLW (N]HNXWLY QGRGKHW Qs 6KTLSsUL Ts QJD YLWL
)LOLS*-2.$
6LSsUPDUUsV6KTLSWDU
,QGHUXDU].U\HWDULVHDQFsVLQGHUXDU=3UHVLGHQWL8QLYHUVLWHWLW9LWULQD
Ws QGHUXDU SHGDJRJs Ws 8QLYHUVLWHWLW 9LWULQD Ws QGHUXDU VLSsUPDUUsV QJD
6KTLSsULDGKH7XUTLD'XDWMXIDOHQGHURMQHHPsUWsNRPSDQLVsWLPHGKHQs
HPsUWs,QGXVWULVsVs%LPsYHGKH(Us]DYHWs6KTLSsULVsSsUIWHVsQQsNsWs
NRQIHUHQFs.MRNRQIHUHQFsWUHJRQHGKHQMsKHUsYOHUDWHVDMGKHPDUsGKsQLHW
HPLUDTsHN]LVWRMQsTsSUHMYLWLQPLGLV7XUTLVsGKH6KTLSsULVs'XKHW
WsWKHPVHNsWRPDUsGKsQLHWsPLUDPLGLVG\YHQGHYHNRKsWHIXQGLWNDEsUs
[KHOR]sHGKHITLQMsWWDQs.U\HPLQLVWUL5DPDSRLMHSQMsVKW\WMHPsWsIRUWs
NsW\UH PDUsGKsQLHYH oIDUs GR Ws WKRWs Ts Qs Ws DUGKPHQ GR Ws NHPL Ps
VKXPsLQYHVWLPHWXUNH0DUsGKsQLHWHPLUDNDQsÀOOXDUTsQsYLWLQNXU
QHVKTLSWDUsYHLVKWHHYsVKWLUsWsQDMHSHMQMsYL]sXGKsWLPL7XUTLWKRTsQYL]DW
PH6KTLSsULQsGKHNsVKWXVKTLSWDUsWÀOOXDQWsOsYL]LQGKHÀOORLHGKHWUHJWLD
PLGLVG\YHQGHYH1MsQJDLQYHVWLPHWWXUNHWsUsQGsVLVKPHQs6KTLSsULMDQs
HGKHLQYHVWLPHWHVKRTsULVs.XUXP1MsLQYHVWLPLUsQGsVLVKsPsVKWsIXWMDQs
WHUPLQDOLQH'XUUsVLWPHNRQWHMQHU
6KSUHVRMTsN\OORMEDVKNsSXQLPLWs]KYLOORKHWPsWHMGKHQsWsDUGKPHQ
Ws NHWs HGKH DQLMH Ts Ws WUDQVSRUWRMQs PDOOUDW WRQD QJD 6KTLSsULD GUHMW 1MX
-RUNXWGKHVKWHWHYHWsWMHUD'HULWDQLQHNHPLSDVXUQMsNRVWRVKXPsWsODUWs
SsUWsGsUJXDUSURGXNWHWWRQDQJD/DoLDSRYHQGHWsQGU\VKPsWs6KTLSsULVs
SsUQs3RUWLQH3LUHXWGKHPsJMHUs'XNHTHQsVHMHPLQsQMsNUL]sJOREDOH
PHQGRMVHEDVKNsSXQLPLPsLPLUsGXKHWWsMHWsQsIXVKsQHPDUsGKsQLHYH
GKHUULWMHVVsPXQGsVLYHWsEL]QHVLWPLGLVNRPSDQLYHWXUNHGKHNRPSDQLYH
VKTLSWDUH3DVLNOLPDGKHOHJMLVODFLRQLVKTLSWDUGXNHXSsUPLUsVXDUKHUsSDV
KHUH H NULMRQ NsWs PXQGsVL 'XNH EDVKNsSXQXDU PH 6KTLSsULQs .RVRYsQ
0DOLQH=LGKH7XUTLVsSsUOsYL]MHQHPDOOUDYHVLQsLPSRUWHGKHQsHNVSRUW
SsUWsG\SDOsWWRQDGKHVLGRPRVSsU6KTLSsULQsGRWsMHWsQMsKDSSsUSDUD
SsUXOMHQHSDSXQsVLVsGKH]YRJsOLPLQHYDUIsULVsVLGRPRVQs]RQDWUXUDOH
)ODVNsVKWXVHSVHHGKHYHWsEL]QHVLL)LOLSL.RPSDQLDSR,QGXVWULDTsXQs
SsUIDTsVRMH%LPsYHGKH(Us]DYHWs6KTLSsULVsXVKWURQDNWLYLWHWQsVKXPs
]RQDUXUDOHWsYHQGLWWRQs1HNHPLHGKHQMsEDVKNsSXQLPWsPLUsPHGLVD
NRPSDQLQs,]PLUGKH6KTLSsULTsIDOsSXQsVVsW\UHNDQsDUULWXUSXQsVLPLQ
H VKXPs SHUVRQDYH Qs ]RQDW UXUDOH Ws YHQGLW WRQs 8Qs PHQGRM VH Qs Ws
DUGKPHQGRWsNHWsLQYHVWLPHWsWMHUDHGKHQsIXVKsQPHGLNDOHGKHWsELPsYH
PHGLFLQDOQs6KTLSsUL-XIDOHQGHURMWsJMLWKsYHGKHMXXURMVXNVHVHQsoGR
SXQsWXDMsQ