6D\×VDOdDùGD
.DPX+L]PHWL<D\×QF×O×ù×
YH757·QLQ*QFHO6WUDWHMLOHUL
LOHWLÁLP DUDÁW¿UPDODU¿ 2010 8(2) 4780 +DOH <D\ODO× Özet1980·OerGe tP AvrXSa·Ga \a\J×nOaùan ´kXraOOar×n kaOG×r×OPas×µ sreFinGe artan rekaEetOe EirOikte JnGePe JeOen ve kaPX Ki]Peti \a\×nF×O×ö×n× Ga ioine aOan \aS×saO G|nùP 1990·OarGan itiEaren sa\×saO teknoOoMiOer ve \|nGeùPe\Oe EirOikte aOan×n \eniGen tan×POanPas×n× ]orXnOX k×Oan Eir niteOik ka]anP×ùt×r *eniù Eant teknoOoMiOerOe EirOikte internetin PeG\a iOetiOerinin taù×naEiOGiöi Eir PeFras× KaOine JeOPesi teOevi]\on \a\×nF×O×ö×n×n retiP ve Gaö×t×P sreoOerini farkO×Oaùt×rPakOa kaOPaP×ù i]OePe SratikOerini Ge GerinGen etkiOePiùtir %X anOaPGa Ker tr ioeriöin internet ortaP×nGa taù×naEiOPesi sa\×saO oOarak sakOanaEiOPesi ve isteniOGiöinGe kXOOan×F×\a an×nGa iOetiOPesi JiEi |]eOOikOere saKiS onOine \a\×nF×O×k ve ookOX ortaP ioeriöi \a\×nF×O×k anOa\×ù×n× \eniGen EioiPOenGirPekteGir daO×ùPan×n konXsX 757·nin sa\×saO oaöGaki JnFeO strateMiOerini kaPX Ki]Peti \a\×nF×O×ö×n×n X]Xn G|nePOi kri]i ve AvrXSaO× kaPX Ki]Pet \a\×n kXrXOXùOar×n×n EX kri]i aùPa\a G|nk oaEaOar× ekseninGe eOeùtireO Eir GeöerOenGirPe\e taEi tXtPakt×r
Anahtar kelimeler: .aPX +i]Peti <a\×nF×O×ö× 6a\×saO 7eknoOoMi 6a\×saO .arasaO <a\×nF×O×k <|nGeùPe 7eOevi]\on <a\×nF×O×ö× 757
Public Service Broadcasting in the Digital Age and the Current Strategies of the TRT $EVtUDFt
7Ke strXFtXraO transforPation of tKe PeGia seFtor in (XroSe first took XS in tKe 1980s ZitK tKe introGXFtion of FoPSetition 'ereJXOation Zas tKen tKe XnGerO\inJ SroFess of tKe era anG tKis transforPation aOso KaG reSerFXssions for SXEOiF serviFe EroaGFasters ZKo foXnG tKePseOves in an institXtionaO iGentit\ Frisis A siPiOar iPSaFt Kas Eeen siJnifiFant on SXEOiF EroaGFasters sinFe tKe 1990s ZitK tKe aGvent of GiJitaO teFKnoOoJies anG tKe SroFess of FonverJenFe oEOiJinJ tKeP to seek for neZ JroXnGs for sXrvivaO As EroaGEanG teFKnoOoJies enaEOeG tKe internet EeFoPe a FKanneO for streaPinJ traGitionaO PeGia Fontent not onO\ SroGXFtion anG GistriEXtion SroFesses of teOevision EroaGFastinJ Zere transforPeG EXt aOso aXGienFe EeKavioXr Kas Eeen GrastiFaOO\ FKanJeG ,n tKis neZ PeGia environPent EroaGFastinJ Kas aOso transforPeG tKanks to onOine anG PXOtiPeGia SOatforPs freeinJ Fontent froP traGitionaO GistriEXtion FKanneOs anG enaEOinJ onGePanG serviFes 7Kis stXG\ aiPs at GisFXssinJ ZKat aOO tKese FKanJes Pean for tKe 7XrkisK 5aGio anG 7eOevision CorSoration (757) E\ sitXatinJ tKe 7XrkisK Fase in tKe EroaGer Fonte[t of tKe GeEate on tKe fXtXre of SXEOiF serviFe EroaGFastinJ in (XroSe
Keywords: 3XEOiF 6erviFe %roaGFastinJ 'iJitaO 7eFKnoOoJ\ 'iJitaO 7errestriaO %roaGFastinJ ConverJenFe 7eOevision %roaGFastinJ 757
.DPX KL]PHWL DQOD\×ü×Q×Q JoO ELU üHNLOGH NXUXPVDOODüW×ù× %DW× $YUXSDONHOHULQGHUDG\RYHWHOHYL]\RQ\D\×QF×O×ù×WRSOXPVDOWDOHSOH-ULQ NDPXVDO J|UQUOùH HULüPHVLQGH YD]JHoLOPH] ELU GROD\×POD\×F× UROOH LüDUHWOHQPLüWLU %X \DNODü×P×Q WHPHOLQGH GHPRNUDWLN VUHoOHULQ LüOH\LüLEDN×P×QGDQ\DüDPVDOELUNRQXPGDEXOXQDQ\D\×QF×O×ù×QVHU- EHVWSL\DVDQ×QNkUDPDoO×LüOH\LüLQHWDELN×O×QDPD\DFDù×J|UüEXOXQ- PDNWDG×U'RQGHUVYH3DXZHOV%XEDN×PGDQNDPXKL]PH-WL \D\×QF×O×ù× ILLOHQ NOWUHO SROLWLND DODQ×QD LOLüNLQ ELU PHVHOHGLU $YUXSD·GDXOXVDOYHXOXVVWG]HQOHPHOHUGHPHUNH]LOLùLQLNRUX\DQ NDPX KL]PHWL \D\×QF×O×ù× HOH DO×QG×ù× G]HQOHPH DUDF×Q×Q KXNXNL VL\DVDOYENRQXPXYHLüOHYLQH\DGDWHNQRORMLNSROLWLNYHVRV\DOEDù-ODPD J|UH IDUNO× üHNLOOHUGH WDQ×PODQDELOPHNWHGLU 0RH D 'ROD\×V×\OD´NDPXKL]PHWL\D\×QF×O×ù×Q×QV×Q×UODU×Q×QQHROGXùXQD\D GD \HQL IDDOL\HW DODQODU×Q×Q QDV×O PHüUXODüW×U×ODELOHFHùLQHµ LOLüNLQ ELU VRUXQXQFHYDE×GHùLüLN\DNODü×PODUDJ|UHIDUNO×RODELOPHNWHGLU
7HNQRORMLNWRSOXPVDOYHHNRQRPLNGHùLüLPOHUKHPHQKHURQ\×OGD ELUNDPXKL]PHWL\D\×QF×ODU×Q×QYDUO×NODU×Q×VUGUHELOPHOHULLoLQ\HQL-OHQPHYH\HQLGHQ\DS×ODQPDWDUW×üPDODU×Q×GDEHUDEHULQGHJHWLUPLüWLU ·OHUGHQ EX \DQD NDPX KL]PHWL \D\×QF×ODU× LNL VUHoWHQ GRùUXGDQ HWNLOHQPLüWLU úONL NDPX \D\×Q WHNHOOHULQ N×U×OPDV× VRQXFXQGD NDPX KL]PHWL \D\×QF×ODU×Q×Q |]HO WHOHYL]\RQODU×Q UHNDEHWL\OH NDUü×ODüPDV× GLùHUL\VH·ODU×QRUWDODU×QGDRUWD\Do×NDQVD\×VDOODüPDYH\|QGHü- PHROJXVXGXU0RHYH6\YHUWVHQg]HOOLNOHVD\×VDOWHOHYL]-\RQXQ RUWD\D o×N×ü× YH PHG\D LOH WHOHNRPQLNDV\RQ WHNQRORMLOHULQLQ
6D\×VDOdDùGD.DPX+L]PHWL<D\×QF×O×ù×
YH757·QLQ*QFHO6WUDWHMLOHUL
\|QGHüPHVLQLQ\RODoW×ù×E\NGHùLüLP·OHUHNDGDUJ|UHFHGXU-JXQYHLVWLNUDUO×ELUG]HQOHPHDODQ×RODQNDPXKL]PHWL\D\×QF×O×ù×Q×Q oHüLWOLDo×ODUGDQVRUJXODQPDV×Q×JQGHPHJHWLUPLüWLU.HMDQO×RùOXYG 7Dü
.DPX KL]PHWL \D\×QF×O×ù×\OD LOJLOL WDUW×üPDODUD JHoPHGHQ |QFH NDYUDP×Q QDV×O HOH DO×QG×ù×QD EDNPDN JHUHNLU (URO 0XWOX DVOHQ$YUXSDN|NHQOLELUNDYUDPYHSUDWLNRODUDNQLWHOHGLùLNDPXKL]-PHWL\D\×QF×O×ù×Q×EHOOLELUPHPOHNHWWDKD\\OQQSUDWLùHG|QüPü KDOLQLQ UDG\R YH WHOHYL]\RQ \D\×QF×O×ù× DODQ×QGDNL GRùDO ELU X]DQW×V× RODUDNWDQ×PODPDNWDG×U<D\×QLoHULNOHULQLGRùUXGDQHWNLOH\HQPONL-\HW\DS×V×Do×V×QGDQHOHDO×QG×ù×QGDLVH´UDG\RWHOHYL]\RQNDQDOODU×Q×Q |]HOPHWDODURODUDNGHùLONDPXPDOODU×RODUDNG]HQOHQPHVLµüHNOLQ-GHWDQ×PODQDELOHQNDPXKL]PHWL\D\×QF×O×ù×\DSDQNXUXPODUNDPXVDO HQIRUPDV\RQ NOWUHùLWLP YH HùOHQFH ND\QDNODU×Q× JHOLüWLUPHNOH \NPOXOXVDONOWUNXUXPODU×G×U0XWOX$QFDNJHUHN UHNDEHW NRüXOODU× JHUHNVH \DVDO ERüOXNODU \D GD EHOLUVL]OLNOHU EXQXQ |QQGHHQJHOROXüWXUPDNWDYHNDPXo×NDU×JHUHNWLùL|OoGHNRUXQD-PDPDNWDG×U
7DULKVHOVUHoWH|QFHOLNOHúQJLOWHUH·GHNDUü×P×]Do×NDQNDPXKL]-PHWL \D\×QF×O×ù× \|QHWVHO LoHULNVHO ILQDQVDO YH \DVDO G]HQOHPHOHU Do×V×QGDQONHGHQONH\HIDUNO×O×NODUJ|VWHUVHGHWHPHOGHüXLGHDOOHUL DPDoODU/RZHYH+XMDQHQ7UDF\<D\×QF×-O×N KHUNHV LoLQGLU <D\×QF×DPDoODU/RZHYH+XMDQHQ7UDF\<D\×QF×-O×N \DOQ×]FD oRùXQOXùD YH SD]DUD GHùLO
NOWUHOYHVRV\DOD]×QO×NODUDGDKL]PHWYHUPHVRUXPOXOXùXQXVWOHQ-PHOL YH E|\OHFH oRùXOFXOXN LOH oHüLWOLOLùLQ JDUDQW|U ROPDO×G×U <D\×QF×O×NoDùGDüGHPRNUDVLSUDWLùLQLGHVWHNOH\HQ|QHPOLDUDoODUGDQ ELULGLU 'DKD ID]OD ELOPHN YH DQOD\DELOPHN LoLQ HüLW RODQDNODUD VDKLS ROPDN \D\×QF×O×ù×Q RODQDNODU×Q× VHIHUEHU HGHFHùL VRV\DO ELU JHUHNOLOLNYH\XUWWDüO×N KDNN×G×UúQVDQ]HNDV×Q×QFDQO×ND\G×RODQ \D\×QF×O×NNOWUGHEHVOHPHOLGLU(QIRUPDV\RQHùOHQFHYHHùLWL-PLQJHQLüNDSVDPO×HGLQLPLDo×V×QGDQ\D\×QF×O×NVRQGHUHFH|QHPOLGLU 6RV\DO SD\ODü×P WRSOXOXNODU×Q LQüDV× YH NLPOLNOHULQ EHVOHQPHVL Do×V×QGDQNDPXKL]PHWL\D\×QF×O×ù×HVDVW×U
8OXVDOEDùODPGDoRN]HQJLQELUG]HQOHPHoHüLWOLOLùLJ|VWHUHQEX PRGHOLQ GHùLüLN X\JXODPDODU×QGD ONHOHULQ WDULKVHO GHQH\LPOHUL\OH VL\DVDO \D GD SROLWLND NOWUQQ |]JQ \DS×ODU×Q×Q \DQV×PDODU×Q× J|UHELOPHN PPNQGU .DPX KL]PHWL \D\×QF×O×ù×Q×Q |QF PRGHO ROGXùX%DW×$YUXSDONHOHULQGHLOHWLüLPSROLWLNDODU×EDùODP×QGDNDPX KL]PHWL\D\×QF×O×ù×QDLOLüNLQWDQ×PODUGDIDUNO×O×NJ|VWHUPHNWHGLU
)DUNO×VL\DVDOVLVWHPOHULYHPHG\DVLVWHPOHULQLV×Q×IODQG×UDQWHRULN PRGHOOHU NDPX KL]PHWL \D\×QF×O×ù×Q×Q \|QHWVHO JHOLüLPLQGHNL XOXVDO IDUNO×O×NODU×QQDV×ORUWD\Do×NW×ù×Q×QDQODü×OPDV×Q×NROD\ODüW×UPDNWDG×U 0RHE%D]×$YUXSDONHOHULQGHNLPHG\DYHSROLWLNVLVWHP-OHUL NDUü×ODüW×UDQ +DOOLQ YH 0DQFLQL o LGHDO PRGHO ]HULQGH GXUXUg]HOOLNOHúQJLOWHUHYHNXUGXùXNRORQLOHUGHJ|UOHQ´OLEHUDO PRGHOµ$NGHQL]ONHOHULQGHX\JXODQDQKDW×U×VD\×O×U|OoGHSROL- WL]HROPXüGHYOHWPGDKDOHVLYHKLPD\HFLOLùLQLQGHV|]NRQXVXROGX-ùX ´NXWXSODüP×ü oRùXOFX PRGHOµ úVNDQGLQDY ONHOHUL +ROODQGD $YXVWXU\DúVYLoUH%HOoLNDYH$OPDQ\DJLEL|UJWOVRV\DOJUXSODU×Q JoO ROGXùX ONHOHUGH X\JXODQDQ ´GHPRNUDWLN NRUSRUDWLVWµ PRGHO DNW%DUGRHOYHG·+DHQHQV<DN×Q]DPDQGDNHQGL\DN- ODü×PODU×Q×J|]GHQJHoLUHQ+DOOLQYH0DQFLQLoDO×üPDODU×Q×QoHUoHYH-VLQL 'RùX $YUXSD 2UWD 'RùX $V\D $IULND YH /DWLQ $PHULND JLEL E|OJHOHUL GH NDSVD\DFDN üHNLOGH JHQLüOHWPLü YH PHG\D VLVWHPOHULQL
gUQHùLQ )UDQVD·GD NDPX \D\×QF×O×ù× X]XQ VUH ´GHYOHWoL JHOHQHNµOH LOLüNLOHQGLULO-PLüúQJLOWHUH·GH´DUG×ü×NSROLWLNDODUµX\JXODQP×ü$OPDQ\D´X]ODüPDF×WHUFLKOHUµL EHQLPVHPLüúWDO\D·GDLVH´oRùXOFX\DNODü×PµKkNLPROPXüWXUdDSO×D
VRV\DO YH SROLWLN NXUXPODU EDùODP×QGD HOH DODQ YH ´NDUü×ODüW×UPDO× PHG\DVLVWHPOHULµQLPHG\DoDO×üPDODU×NDUü×ODüW×UPDO×VL\DVHWYHVL\D-VHWVRV\RORMLVL\OHN|SUNXUPDNWDNXOODQP×üODUG×U<D]DUODU\|QGHüPH \DGD´D\Q×ODüW×UPDµKRPRJHQLVDWLRQWHRULOHULQLQWHPHOLQL$YUXSD·GD-NLED]×G|QüPVUHoOHUL\OHLOLüNLOHQGLUPLüOHUGLU%XQODU×QEDüO×FDODU× $YUXSD·Q×QSROLWLNHQWHJUDV\RQXJHOHQHNVHONLWOHSDUWLOHULQLQJHULOH\L-üLSURIHV\RQHOJD]HWHFLOLN]HULQGHNL$PHULNDQHWNLVLYHPHG\DGDNL WHFLPVHOOHüPHGLU <D]DUODU EX VUHoOHULQ $YUXSD ONHOHULQLQ ´OLEHUDO PRGHOµHGRùUXoHNLOPHVLQHQHGHQROGXùXQXVDYXQXU+DOOLQYH0DQ- FLQL6D\×VDOG|QHPGHX\JXODQDQPHG\DSROLWLNDODU×-Q×QoHUoHYHVLQLQEHOLUOHQPHVLQGHYHNXUXPVDOG]HQOHPHOHUGHLVHWP EXVUHoOHULQHWNLOLROGXùXJ|UOPHNWHGLU
.DPX +LzPetL <D\×QF×O×ö×QGD <DùDQDQ SRUXQODU
úNLQFL 'Q\D 6DYDü×·QGDQ VRQUDNL \×OODUGD HQ SDUODN JQOHULQL \DüD\DQNDPXKL]PHWL\D\×QF×O×ù×SHNoRN$YUXSDONHVLQGH·OHUH NDGDU\D\×QF×O×NDODQ×QGDWHNHORODUDN|UJWOHQPLüWLU$QFDN·OHULQ LON \DU×V×QGDQ LWLEDUHQ $PHULND %LUOHüLN 'HYOHWOHUL·QGH EDüOD\DQ ´NXUDOODU×QNDOG×U×OPDV×µHùLOLPOHUL$YUXSD·Q×QJQGHPLQHGHJLUPH-\H EDüODP×üW×U dDSO× D %X \HQL G|QHPGH VHUEHVW SD]DU LGHRORMLVL LOH GHVWHNOHQHQ DUJPDQODU YH \D\×QF×O×N VHNW|UQGH DUWDQ UHNDEHW NDPX KL]PHWL \D\×QF×O×ù×Q×Q NRQXPXQX ]D\×IODWP×üW×U 6WHH-PHUV 0XWOX·\DJ|UHNDPXKL]PHWL\D\×QF×ODU×HQEDü×QGDQ EHUL\D\×QF×O×NWDWHNHOROPDODU×VL\DVDOLNWLGDUODULOHLOLüNLOHULQLQWDUW×ü-PDO×ROPDV×KDON×QEHùHQLOHULQLJ|]DUG×HWPHOHULYHVHoNLQFLELU\D\×Q SROLWLNDV×L]OHPHOHULJLELHOHüWLULOHUHPDUX]NDOP×üODUG×U7PEXHOHü- WLULOHUHNDUü×QGDù×W×PRODQDNODU×Q×QV×Q×UO×O×ù×JHUoHNDQODPGDUHND-EHWoL ELU RUWDP×Q×Q ROXüWXUXODPDPDV× JLEL PDGGL XOXVGHYOHWLQ YDU ROPD YH JHOLüPH KHGHIOHULQLQ NDPX KL]PHWL \D\×QF×O×ù× LONHOHUL\OH X\XPOXROPDV×JLEL]LKLQVHOüDUWODUQHGHQL\OHNDPXKL]PHWL\D\×QF×O×-ù× DQOD\×ü×Q×Q KkNLPL\HWL ·OHUH NDGDU VUPüWU ·OL \×OODUGD LOHWLüLPYHGDù×W×PWHNQRORMLOHULQGH\DüDQDQJHOLüPHOHUVHUEHVWSL\DVDHNRQRPLVLUHNDEHWoLOLNYHULPOLOLNJLEL\HQLGHùHUOHULOHELUOLNWHLOHWLüL-PLQ NOWUHO \|QQH \DS×ODQ YXUJXQXQ HNRQRPLN ELU LüOHWPH ROPD \|QQH \NOHQHQ GHùHU NDUü×V×QGD V|QNOHüPHVL JLEL \HQL HùLOLPOHU NDPX\D\×QF×ODU×Q×QLVWLNUDUO×\DS×ODU×Q×DOWVWHWPLüWLU0XWOX
%DW× $YUXSD·GD NDPX KL]PHWL \D\×QF×ODU× UDNLSOHULQLQ RUWDNODüD \UWWNOHULWLFDULYHVL\DVDOVDOG×U×ODUNDUü×V×QGDJo\LWLUPLüOHU&XU- UDQYHELUPHüUXL\HWNUL]LQHGüPüOHUGLU%XNUL]GXUXPX-QX ROXüWXUDQ QHGHQOHUGHQ LONL EX \D\×Q NXUXPODU×Q×Q ILQDQVPDQ NRQXVXQGD \DüDG×NODU× V×N×QW×ODUG×U 6DYDü VRQUDV× G|QHPGH |QFH VL\DKEH\D]WHOHYL]\RQODU×QDUG×QGDQUHQNOLWHOHYL]\RQODU×QK×]OD\D\-J×QODüPDV×VRQXFXUXKVDWJHOLUOHULQGHNLDUW×üODU·OL\×OODUGDGRUXùD XODüP×üW×U ·OHUGH LVH EX NH] UDG\R YH WHOHYL]\RQ VDKLSOLùLQGH GR\JXQOXùDXODü×OPDV×HQIODV\RQXQKDPOH\DSPDV×SURJUDPUHWLP PDOL\HWOHULQGHNLDü×U×DUW×üYHKNPHWOHULQ\DSW×ù×NHVLQWLOHUOHELUOLNWH LVH EX UXKVDW FUHWL JHOLUOHULQGH FLGGL DQODPGD GüüOHU \DüDQP×üW×U .HDQH%XNXUXPODU×QJHOLUOHULQLDUW×UDELOPHOHULKNPHW-OHULQ UXKVDW FUHWOHULQGH DUW×ü \DSPDODU×QD EDùO× ROPDV×QD NDUü×Q KNPHWOHUVL\DVLQHGHQOHUGHQ|WUKHSLVWHNVL]GDYUDQP×üW×U'LùHU \DQGDQNDEORX\GXYHVD\×VDOWHNQRORMLJLELWHNQLNJHOLüPHOHULQIUH- NDQVN×V×WO×O×ù×Q×RUWDGDQNDOG×UPDV×YHDOWHUQDWLIWLFDULNDQDOODU×QVD\×- V×Q×QDUWPDV×\ODL]OH\LFLRUDQODU×QGD\DüDQDQND\×SODU\D\×QNXUXPOD-U×Q×QUXKVDWFUHWOHULQLQDUW×U×OPDV×LVWHNOHULQLKNPHWOHUNDUü×V×QGD GDKDD]VDYXQXODELOLUKDOHJHWLUPLüWLU<D\×QNXUXPODU×Q×QJHOLUOHULQ- GHNLD]DOPDGHYDPHGHUNHQEXJHOLüPHLOHWHUVRUDQW×O×RODUDNPDOL-\HWOHU YH JLGHUOHU GH DUWPD\D EDüODP×üW×U *HOLUOHULQGH ELU GHùLüLNOLN ROPDPDV×QDNDUü×Q NDPX KL]PHWL \D\×QF×ODU× |]HO NDQDOODUOD UHNDEHW HGHELOPHNLoLQ\HQLUDG\RYHWHOHYL]\RQNDQDOODU×Q×\D\×QDVRNPD\D EDüODP×üW×U %X GXUXP LVH \D\×Q NXUXPODU×Q×Q EWoHOHULQLQ GDKD GD ]RUODQPDV×QD QHGHQ ROPXüWXU dDSO× D .DPX KL]PHWL \D\×QF×ODU×Q×Q\DüDG×ù×X]XQG|QHPOLPDOL]RUOXNODURUWDN\DS×PODU×Q DUWPDV×QD G×ü \DS×PODUD \|QHOPH\H LoHULNOHUL XOXVODUDUDV× \D\×Q SD]DU×QGD GRODü×PD VRNDELOPHN LoLQ JLULüLPOHUGH EXOXQXOPDV×QD YH JHQHO RODUDN NDPX KL]PHWL \D\×QF×ODU×Q× ND]DQo SHüLQGH NRüDQ |]HO JLULüLPFLOHULQGLOLQLNRQXüPD\D]RUODP×üW×U
.DPXKL]PHWL\D\×QNXUXPODU×QGD\DüDQDQVRUXQODUGDQELUGLùH- ULLVH\D\×QNXUXPODU×LOHKNPHWOHUDUDV×QGDNLLOLüNLOHUGHQND\QDN- ODQPDNWDG×U.DPXKL]PHWL\D\×QF×O×NPRGHOLQLQEHQLPVHQGLùLONH-OHUGH\D\×QODUGDWDUDIV×]O×NYH\D\×QNXUXPODU×Q×Q|]HUNOLùL\DVDODUOD JYHQFHDOW×QDDO×QPD\DoDO×ü×OP×üVDGD|]HOOLNOH\D\×QF×ODU×Q|]HUNOL-ùLQLQ NXUXPVDOODüPDV×QGD \DüDQDQ V×N×QW×ODU EX PRGHOH \|QHOWLOHQ HOHüWLULOHULQRGDNQRNWDV×Q×ROXüWXUPDNWD\G×7HNELU\D\×QNXUXPXQ-GDQROXüDQ\D\×QF×O×NVLVWHPLQLQVL\DVL\D\×QODUGDQH|OoGHWDUDIV×] GHQJHOLYHHüLWRODELOHFHùLEXJHoLüVUHFLQGHHQoRNVRUJXODQDQNRQX-ODUGDQELULROPXüWXUdDSO×D
%X G|QHPGH NDPX KL]PHWL \D\×QF×O×ù×Q×Q PHüUXL\HWLQH LOLüNLQ VRUJXODPDQ×Q DUWPDV× NDPX KL]PHWL \D\×QF×O×ù× Do×V×QGDQ oQF VRUXQRODUDNNDUü×P×]Do×NPDNWDG×U.DPXKL]PHWLPRGHOLQLQVDYXQX-FXODU×NDPXKL]PHWL\D\×QF×ODU×Q×QJHUoHNOHüWLUGLNOHULQLLGGLDHWWLNOHUL ´GHQJHµ´NDOLWHµYH´HYUHQVHOOLNµLGHDOOHULQLQEHOOLELUL]OH\LFLNHVLPL WDUDI×QGDQKLoGH|\OHJ|UOPHGLùLHOHüWLULVLQHNDUü×O×NYHUHPHPLüYH PHYFXWLoHULNOHULQNDUPDü×NELUWRSOXPGDKHUNHVLPHPQXQHWPHVLQLQ PPNQROPDG×ù×Q×EHOLUWPHNOH\HWLQPLüOHUGLU7HPVLOLDODQ×Q]D\×IOD-PDV× NDPX KL]PHWL DUDoODU×Q×Q PHüUXL\HWLQLQ ]D\×IODPDV×QD \RO DoP×üW×U .HDQH .DPX ND\QDNODU×Q× VRUXPVX]FDNXO-ODQG×NODU×LGGLDV×\ODEDü×QGDQEX\DQDHOHüWLULOHQNDPX\D\×QF×ODU×Q×Q WRSOXPD \DSW×NODU× KL]PHWLQ WLFDUL YH |]HO \D\×QF×ODU WDUDI×QGDQ GD VWHOLNNDPXND\QDNODU×NXOODQ×OPDGDQVDùODQDELOHFHùLLGGLDV×NDUü×-V×QGDNDPXKL]PHWL\D\×QF×O×ù×Q×QPHüUXL\HWLQHGDLUWDUW×üPDODUGDKD GDJoOHQPLüWLU0XWOXD
%LU GLùHU VRUXQ WHNQRORML DODQ×QGD \DüDQDQ K×]O× GHùLüLPGLU .DEORYHX\GXWHNQRORMLOHULQLQJHOLüLPLELOJLVD\DUDùODU×Q×QNXOODQ×P× YH VD\×VDO WHNQRORML WDUW×üPDV×] ELoLPGH NDPX KL]PHWL \D\×QF×O×ù×Q×Q \]\]HJHOGLùLHQFLGGL]RUOXNWXU7HNQRORMLNGHùLüLPIUHNDQVN×WO×-ù×Q×Q NDPX KL]PHWL \D\×QF×O×ù×Q× XOXVGHYOHW V×Q×UODU× LoLQGH ´GRùDO WHNHOµVWDWVQH\NVHOWHQJHOHQHNVHOVDY×\×NP×üW×U7HNQRORMLNJHOLü-PHOHUNDPXKL]PHWL\D\×QF×O×ù×Q×NXüDWDUDNoRNNDQDOO×RUWDPGDWLFDUL \D\×QNXUXOXüODU×\ODUHNDEHWH]RUODP×üW×U.HDQH%XEDù-ODPGD PHG\DQ×Q VD\×VDOODüPD VUHFLQGHNL G|QüPQGH GH \LQH
HNRQRPLNJHUHNoHOHU|QSODQDo×NP×üW×U*HUHNNDPXKL]PHWLNXUXP-ODU× JHUHNVH WHFLPVHO \D\×QF×ODU \HQL JHOLU ND\QDNODU×QD LKWL\Do GX\- PDNWDG×U.DPXKL]PHWL\D\×QF×ODU×KDUFDPDODU×QD]DOW×OPDV×YHILQDQ- VDODo×GDQüHIIDIODüPD\|QQGHNLVL\DVLEDVN×ODUNDUü×V×QGDVD\×VDOODü-PD\OD EDù×QW×O× \HQL RODQDNODU× DUDüW×UPDNWD YH GHùHUOHQGLUPHNWHGLU 0RHD
<XNDU×GD DQD KDWODU×Q× EHWLPOHPH\H oDO×üW×ù×P×] VUHFLQ |QHPOL ELU ER\XWXQX GD NUHVHOOHüPH HùLOLPOHUL ROXüWXUPDNWDG×U (NRQRPLN OLEHUDOL]DV\RQYHLOHWLüLPWHNQRORMLOHULQGHNLJHOLüPHOHULQ|QHPOLVRQXo-ODU×QGDQELULRODQNUHVHOOHüPH\LNXUXPVDOYHWHNQRORMLNROPDN]HUH LNL DQD JHOLüPH\OH ELUOLNWH HOH DOPDN PPNQGU %LUOHüPHOHU HOH JHoLUPHOHURUWDNO×NODUVRQXFXRUWD\Do×NDQNUHVHO|OoHNWHYHUHWLP LOHWLPYHGDù×W×PDODQODU×QGDHWNLQOLNJ|VWHUHQGHYLOHWLüLP|UJWOHUL-QLQRUWD\Do×NPDV×NXUXPVDOJHOLüPHOHULWHPVLOHWPHNWHGLUúOHWLüLPLQ GDù×W×PGHSRODPDYHLOHWLPDODQODU×QGDJHUoHNOHüHQYHIDUNO×LOHWLüLP IDDOL\HWOHULQL\DN×QVDNODüW×UDQVUHoOHULVHWHNQRORMLNJHOLüPHOHUOHLOJL-OLGLU$QFDNEXLNLDQDJHOLüPHDUDV×QGDELUELULQLL]OH\HQJGOH\HQ YHüHNLOOHQGLUHQLOLüNL\LGHJ|]GHQNDo×UPDPDNJHUHNPHNWHGLU0XWOX E$\U×FDNUHVHOG]HQGHJLGHUHNEWQOHüPH\HELUOHüPH\H RODQHùLOLPNDPXKL]PHWL\D\×QF×O×ù×QD\NOHQHQ´XOXVDOEWQOù VDùODPD\D NDWN×µ J|UHYLQLQ GH VRUJXODQPDV×QD QHGHQ ROPXüWXU %LU \DQGDQHNRQRPLGHNUHVHOOHüHQWHNELUSD]DUDJLGLOHQ$YUXSD%LUOLùL JLELROXüXPODUODHNRQRPLNEWQOùQ\DQ×V×UDNOWUHOELUOLùLQGH VDùODQPD\DoDO×ü×OG×ù×|WH\DQGDQ\HUHOOHüPHQLQ|QHPND]DQG×ù×ELU GQ\DGD NDPX KL]PHWL \D\×QF×O×ù×Q×Q GXUXPX WDUW×üPD\D Do×N KDOH JHOPLüWLU$ODQNXü <DüDQDQNUL]NDPXKL]PHWL\D\×QF×O×ù×Q×QNHQGLQL\HQLGHQ\DUDW-PD\ROODU×Q×DUDPDV×QDQHGHQROPDNWDG×U.DPXIRQODU×Q×QWHKOLNH\H JLUPHVLQHUDùPHQELU\DQGDQHWNLOHüLPOL\HQLPHG\D\DNDPXPHG\D- V×QLWHOLùLND]DQG×UDFDN\HQL\ROODUDUDQPDNWD|WH\DQGDQNDPXKL]-PHWLNXUXPODU×LQWHUQHWRUWDP×QGDJYHQLOLULoHULNVDùOD\DQNXUXPODU RODUDNNRQXPODQG×U×OPD\DoDO×ü×OPDNWDG×U'HEUHWW%X\HQL VWUDWHMLN KDPOHOHUOH úQJLOWHUH $OPDQ\D YH úVYHo·LQ NDPX KL]PHW
\D\×QF×ODU×SL\DVDGDNLYH$%G]H\LQGHNLPHUNH]LNRQXPODU×Q×NRUX-PD\× EDüDUDELOPLüOHUGLU (QOL g]HWOH \D\×QF×O×NWD VD\×VDO G|QHPNDPXKL]PHWL\D\×QF×O×ù×QDWDULKVHORODUDNPHüUXL\HWND]DQG×-UDQ DQDORJ IUHNDQV V×Q×UO×O×ù×Q×Q Dü×OPDV×Q× VDùODVD GD NDPX KL]PHWL \D\×QF×O×ù× \DSDQ NXUXPODU HWNLQOLN DODQODU× LOH KL]PHWOHULQL oRNOX RUWDPDWDü×\DUDNYHGDKDID]ODVD\×GDL]OH\LFLNDW×O×P×Q×KHGHIOH\HUHN JHQLüOHWPHoDEDV×QGDG×U
SD\×VDO '|QePGe .DPX +LzPetL
<D\×QF×O×ö×QD 'ùeQ 5RO
7HNQRORMLN JHOLüPHOHUL LOHWLüLPLQ LoHULùL GDù×W×P× YH WNHWLPL\OH LOLüNLOHQGLUHUHN NHQGL LoLQGH V×Q×IODQG×UPDN PPNQGU úOHWLüLPLQ LoHULùL GDù×W×P× YH WNHWLPLQGHNL ELUELULQL WDPDPOD\DQ WHNQRORMLN JHOLüPHOHULQKHSVLQLNXüDWDQG|QüPLVHVD\×VDOODüPDG×U6D\×VDOODü-PDQ×Q LOHWLüLP EDN×P×QGDQ \DS×VDO VRQXFX GD LOHWLüLP DUDoODU×QGDNL \|QGHüPHHùLOLPLGLU0XWOX.RPSOHNVELU\DS×VHUJLOH\HQ \|QGHüPHIDUNO×DUDoODU×QRUWDN|]HOOLNOHULQLELUOHüWLUPHQLQ|WHVLQGH HWNLOHüLPNLWOHVL]OHüWLUPHYHHü]DPDQV×]RODELOPH|]HOOLNOHUL\OH\HQL PHG\DQ×Q JQON NXOODQ×PGDNL VRV\DO YH SROLWLN UROOHULQL PHüUX N×O-PDNWDG×U/RZHYH+XMDQHQ %XEDùODPGDNDPXKL]PHWL\D\×QF×O×ù×Q×Q\HQLVD\×VDOKL]PHWOHU DODQ×QGDNLUROE\NELUWDUW×üPDNRQXVXROPXüWXU7HFLPVHO\D\×Q-F×ODUNDPXKL]PHWL\D\×QF×ODU×Q×QLQWHUQHW\DGDPRELOKL]PHWOHUGHQ X]DNGXUPDV×YHJHOHQHNVHOUDG\RYHWHOHYL]\RQ\D\×QF×O×ù×\DSPDV× JHUHNWLùLQLLGGLDHWPHNWHGLU.DPXKL]PHWL\D\×QF×ODU×LVHWPHOHNWUR- QLNPHG\DSODWIRUPODU×QGDYDUROPDYHKDWWD\HQLLOHWLüLPSODWIRUPOD- U×Q×DNWLIELoLPGHNXOODQDQL]OHUNLWOH\HKL]PHWJ|WUPHKDNYH\NP-OONOHUL ROGXùXQX VDYXQPDNWDG×U .DOG× NL J|UHYL |]HO ELU GDù×W×P WHNQRORMLVL\OHWDQ×PODQPDP×ü\DGDV×Q×UODQG×U×OPDP×üNDPXKL]PHWL \D\×QF×ODU×Q×Q\HQLPHG\DNRQXVXQGDN×V×WO×ELUUROVWOHQPHOHULLoLQ ELU QHGHQ \RNWXU gWH \DQGDQ HOHNWURQLN PHG\D NXOODQ×P× E\N RUDQGD NLWOH LOHWLüLPGHQ ELUH\VHO WDOHS ]HULQH NXOODQ×PD G|QüW-ùQGHQNDPXKL]PHWL\D\×QF×ODU×Q×QNHQGLL]OHUNLWOHVLQLWDNLSHWPHVL
<|QGHüPH VUHFLQLQ JHOHQHNVHO PHG\D NXUXP YH \DS×ODU×QGDNL HWNLVL\OH LOJLOL WDUW×üPDODULoLQEN]7Dü
ELU |QNRüXO RODUDN RUWD\D o×NPDNWDG×U 1LVVHQ *LGHUHN ELUH\VHO WHUFLKOHULQ Dù×UO×ù×Q× KLVVHWWLUGLùL EX RUWDP EWQ \D\×QF×ODU JLEL NDPX KL]PHWL \D\×QF×ODU×Q× GD HWNLOHPHNWHGLU .DPX KL]PHWL \D\×QF×ODU×Q×QHQVRQVDYDüDODQ×HWNLOHüLPYHGDKDID]ODSURJUDPWHGD-ULùL RODUDN EHOLUOHQPLüWLU 7HFLPVHO VHNW|U KHU QH NDGDU V×Q×UODPD\× GHQHVH GH KHP XOXVDO KHP GH $YUXSD G]H\LQGH JHUoHNOHüWLULOHQ SROLWLNDODUNDPXKL]PHWL\D\×QF×ODU×Q×QNDPX\DDo×NDQDORJ\D\×QGD ROGXùXJLEL\HQLSODWIRUPODU×YHNDPXJ|UHYL\OHX\XPOX\HQLKL]PHW-OHULNXOODQPDV×Q×GHVWHNOHPHNWHGLU
%%& |QP]GHNL RQ \×OO×N VUHoWH L]OH\LFLQLQ \DOQ×]FD \]GH NDGDU×Q×Q JHQHO NDQDOODU× WDNLS HGHFHùLQL WDKPLQ HWPHNWHGLU %DUGRHO YH G·+DHQHQV ú]OH\LFLOHULQ üLIUHVL] \D\×Q \DSDQ NDQDOODU×Q\DQ×V×UDIDUNO×SODWIRUPYHNDQDOODU×GDWHUFLKHWPHVLEHN-OHQPHNWHGLU <D\×QF×ODU GD L]OH\LFL VD\×ODU×Q× EHOOL ELU RUDQGD WXWDELO- PHNLoLQNDQDOYHSODWIRUPSRUWIRO\RODU×Q×JHQLüOHWPHNWHGLU%XNRQX- GDNLLONDG×P×WHPDWLNNDQDOODUYH´LVWHùHEDùO×µRQGHPDQGSODWIRUP- ODUROXüWXUPDNWDG×U%XDUDoODUYHSODWIRUPODUL]OH\LFL\DGDGLQOH\LFL-QLQ GLNNDWLQL RODELOGLùLQFH VDELWOH\HELOPHN LoLQ WDVDUODQP×ü oDUSUD] PHG\D VWUDWHMLOHULQLQ SDUoDV× RODUDN ELUELUOHULQH HNOHPOHQPHNWHGLU %DUGRHOYHG·+DHQHQV6|]JHOLPLQLFKHNDQDOODUODELUOLNWH VD\×VDO WHOHYL]\RQXQ |]HOOLNOHULQGHQ ELUL RODQ ´HOHNWURQLN SURJUDP UHKEHUOHULµ(3*L]OH\LFLQLQELUH\VHOSURJUDP\D\×QDN×ü×Q×ROXüWXUD-ELOPHVLQHRODQDNWDQ×PDNWDG×U'HEUHWW$\U×FDVD\×VDONDUDVDO \D\×QF×O×NYHLQWHUQHW]HULQGHQ\DS×ODQEDùODQW×ODU×QJLGHUHNJHOLüPH-VL NDEOR YH X\GX \D\×QF×O×ù×Q×Q ·OHUGH NDPX KL]PHWL \D\×QF×O×ù× Do×V×QGDQ\DUDWW×ù×WHKGLGLDüPDV×\|QQGHQGHI×UVDWODUVXQPDNWDG×U $QDORJG|QHPGHWRSOXPGDNLoHüLWOLD]×QO×NODU×QWDOHSOHULQH\DQ×WYHU-PHNWH\HWHUVL]NDO×Q×UNHQNDUDVDO\D\×QF×O×ù×QVD\×VDOODüPD\ODELUOLNWH IDUNO×L]OHUNLWOHJUXSODU×QD\|QHOLN\HQLWUKL]PHWOHUGHYUH\HVRNXOD-ELOPHNWHGLU'HEUHWW 7ULQH6\YHUWVHQVD\×VDOoDùGDNDPXKL]PHWL\D\×QF×ODU×Q×QD\×UW HGLFL |]HOOLùLQLQ WP XOXVD KLWDS HWPH NDSDVLWHOHUL QHGHQL\OH GDKD KHGHIH\|QHOLNELULOHWLüLPJHUoHNOHüWLUPHOHULROGXùXQXV|\OHPHNWHGLU 3DGG\ 6FDQQHOO DNW (QOL LVH EX DUJPDQ× ELU DG×P LOHUL
J|WUHUHNVD\×VDOoDùGD\D\×QF×O×ù×QJHUoHNDQODP×Q×QNDPXKL]PHWL \D\×QF×O×ù×ROGXùXQXLGGLDHWPHNWHYHEXQXQQHGHQLQLNDPXKL]PHWL \D\×QF×O×ù×Q×Q\DOQ×]FDEHOOLWUGHNLSURJUDPLoHULNOHULQHGHùHUNDWDQ NDYUDPODUGDQELULROPDQ×Q|WHVLQGH\D\×QF×O×NOD\HQLWRSOXPDUDV×Q-GD HWNLOHüLPVHO ELU EDù NXUDELOPHVLQH EDùODPDNWDG×U gWH \DQGDQ *UHJRU\)HUUHO/RZHDNW+DDV\D\×QF×O×ù×Q|WHVLQHJHoHQ VD\×VDO KL]PHWOHUL NDSVD\DFDN ELU NDYUDP RODUDN ´NDPX KL]PHWL \D\×QF×O×ù×µQ×Q \HULQH ´NDPX KL]PHWL DUDoODU×µQ× |QHUPHNWH YH DV×O RGDNODQ×OPDV×JHUHNHQLQDUDoODUGHùLOWRSOXPROGXùXQXVDYXQPDNWD-G×U%XEDùODPGDNDPXKL]PHWL\D\×QF×ODU×Q×QIDUNO×O×N\DUDWPDODU×GD V|]NRQXVXGXU5DG\RYHWHOHYL]\RQXQDNVLQH\HQLPHG\DWHNQRORMLOH-ULYHLoHULNOHULQLQIDUNO×VRV\DOJUXSODUDUDV×QGD|]HOOLNOH\DüHùLWLP YHHNRQRPLNG]H\OHUJ|]|QQHDO×QG×ù×QGDHüLWRODUDNGDù×OPDG×ù× J|UOPHNWHGLU%XQHGHQOHNDPXKL]PHWL\D\×QF×O×ù×VRV\DOVRUXPOX-OXNYH\D\×QEDùODQW×ODU×Q×NXOODQDUDNJHOHQHNVHOL]OHUNLWOHLOHVD\×VDO WHNQRORMLDUDV×QGDELUN|SUROXüWXUPDDYDQWDM×Q×GDKDHWNLQELUELoLP-GHNXOODQDELOLU$\U×FD\HQLPHG\DWHNQRORMLOHULQLQWHPHO|]HOOLùLRODQ HWNLOHüLPLQ|ùUHWPH|ùUHQPHVUHFLQGHNLHQ|QHPOLGLQDPLNROGXùX J|]|QQGHWXWXOXUVDNDPXKL]PHWL\D\×QF×O×ù×Q×QVD\×VDOWHNQRORML\L NXOODQDUDN HùLWLP LüOHYLQH GH IDUNO× ELU ER\XW JHWLUPHVL EHNOHQHELOLU .DPXKL]PHWL\D\×QF×O×ù×V×Q×UV×]O×NYHNRQWUROV]ONQHGHQL\OHLQWHU-QHW \D\×QF×O×ù×QGD JLGHUHN DUWDQ ER]XOPD VRUXQX Do×V×QGDQ GD ELU J|UHYVWOHQHELOLU1LVVHQ
SD\×VDO '|QePGe <D\×QF×O×N StUDteMLOeUL
<XNDU×GDNDPXKL]PHWL\D\×QF×O×ù×Q×QVRQXQXQJHOGLùL\|QQGH-NL oDùU×ODUD NDUü×O×N JHOHQHùLQ $YUXSD·GD<XNDU×GDNDPXKL]PHWL\D\×QF×O×ù×Q×QVRQXQXQJHOGLùL\|QQGH-NL EDüO×FD WHPVLOFLOHULQLQ NHQGLOHULQL \HQL EDüWDQ WDQ×POD\DUDN YDUO×NODU×Q× VUGUHELOGLNOHULQL YXUJXODP×üW×N $QFDN EX VUHFLQ EHGHOL JHOHQHùLQ |QHPOL ER\XWWD WHFLPVHOOHüPHVLROPXüWXU.UL]GHQo×N×ü\ROXDUD\DQ\D\×QNXUXPODU× L]OH\LFL ND\E×Q×Q JHWLUHFHùL PDUMLQDOOHüPHQLQ D\Q× ]DPDQGD NDPXVDO ILQDQVPDQ×Q PHüUXL\HWLQL ]HGHOH\HELOHFHùL HQGLüHVL\OH SL\DVD SUDJ- PDWL]PLQHX\JXQELUWDY×UWDN×QPD\ROXQXVHoPLüOHUGLU3RSOHUSURJ-UDPWUOHULQH\|QHOHUHNL]OH\LFLND\E×Q×HQJHOOHPHoDEDV×Q×QDUG×QGD KHPPHüUXL\HWOHULQLNRUXPDKHPGHHNRQRPLNYHULPOLOLùLLVSDWHWPH
oDEDV×Q×Q|QHPOLELUUROYDUG×U$QFDNEXVUHFLQSHNGHSU]V]ELU üHNLOGHLOHUOHPHGLùLQLEHOLUWPHNJHUHNLU3D]DU×QEDVN×V×\ODLoHULNWHUFL-KLQGHNL IDUNO×ODüPD NDPX KL]PHWL JHOHQHùLQL VUGUOHELOLU N×ODQ LONHOHUH RODQ EDùO×O×NWD EHOLUJLQ ELU Dü×QPD\× EHUDEHULQGH JHWLUPLüWLU 6WHHPHUV
<DüDQDQVUHoNDPXKL]PHWL\D\×QF×O×ù×Q×QEXJYHQLKDNHWPHVL- QLVDùODP×üW×UgQFHOLNOHKkOLKD]×UGDNLHNRQRPLNGDUERùD]WLFDULVHNW|- UVDUVP×üYHGüHQUHNODPJHOLUOHULQHGHQL\OH\DOQ×]FDOLVDQVFUHWOH-UL\OHILQDQVHHGLOHQ%%&úQJLOWHUH697úVYHo'5'DQLPDUND15. 1RUYHo JLEL NXUXPODU×Q GDKD VDùODP GXUGXNODU× NDQ×WODQP×üW×U /LVDQV FUHWOHUL \D GD GLùHU NDPX ILQDQVPDQ× PRGHOOHUL\OH VDùODQDQ JHOLUOHUGHNL DUW×ü \D\×QF×O×N HQIODV\RQXQXQ JHULVLQGH NDOP×ü DQFDN OLVDQVFUHWOHULQLQHQD]×QGDQ|QJ|UOHELOLUROPDV×SD]DU×Q|QJ|UOH-PH\HQOHULNDUü×V×QGDELUWUNRUXPDVDùODP×üW×U/LVDQVFUHWOHULNDPX KL]PHWL\D\×QF×ODU×QDVD\×VDORUWDPGDKHULVWHGLNOHULQLJHUoHNOHüWLUPH RODQDù× VDùODPDVD GD G]HQOL OLVDQV JHOLUOHUL NXUXPODU×Q SURJUDP \DS×P×QD RGDNODQPDODU×QD RODQDN VDùODP×üW×U 6WHHPHUV $QFDN EX GXUXP ILQDQVPDQ×Q× D\Q× ]DPDQGD UHNODPODUGDQ NDUü×OD-\DQ757JLELNXUXPODULoLQJHoHUOLGHùLOGLU
úNLQFL RODUDN JHoHQ \×OODU ER\XQFD NDQDO VD\×V×QGDNL DUW×ü NDPX ILQDQVPDQ×\OD \D\×Q \DSDQ NDQDOODU×Q L]OHUNLWOHVLQGH GüüH VHEHS ROVD GD EX E\N RUDQGD L]OHUNLWOH ]HULQGHQ \HQLGHQ GDù×W×ODQ KL]-PHWOHUGHQ JHQLüEDQW HWNLOHüLPOL KL]PHWOHU YE ND\QDNODQPDNWDG×U 3HNoRNONHGHILQDQVPDQ×NDPXWDUDI×QGDQNDUü×ODQDQNDQDOODUKkOk KDW×U× VD\×O×U RUDQGD L]OH\LFL SD\× DOPD\× EDüDUPDNWDG×U $QD DN×P SURJUDPODU E\N KDEHUFLOLN KLNk\HOHUL JHQHO L]OHUNLWOH\H VHVOHQHQ N|NO\D\×QNXUXPODU×Q×QJ|]GHJoOHUROPDV×Q×VDùODPDNWDG×U6D\×-VDO WHOHYL]\RQ YH \D\×QF×O×N DODQ×QGD GD \HQL KL]PHWOHU VXQDQ BBC úQJLOWHUH\DGD$5've =')$OPDQ\DJLELE\NYH|QFNXUXPODU EHNOHQWLOHUH NDUü×O×N YHUHELOGLNOHUL LoLQ WLFDUL SD]DU×Q Dü×U×O×NODU×QD PDUX] NDOPDPDNWDG×U %X QHGHQOH VD\×VDO WHOHYL]\RQ GD NHQGLQGHQ |QFHNLWHFLPVHODQDORJWHOHYL]\RQJLELNDPXKL]PHWL\D\×QF×ODU×Do×V×Q-GDQFLGGLELUWHKGLWROXüWXUPDPDNWDG×U6WHHPHUV
·ODUGD$YUXSD%LUOLùL\D\×QF×O×NDODQ×QGDNHQGLVLQLSD]DUHNR- QRPLVLQLQHQHWNLQYHEDüDU×O×G]HQOH\LFLDNW|URODUDNNRQXPODQG×-U×UNHQ \D\×QF×O×N VHNW|UQH \|QHOLN WDUW×üPDODU GD JHQHOOLNOH NDPX \D\×QODU×Q×QIRQODQPDV×ELOJLWRSOXPXYHVD\×VDO\|QGHüPHNRQXODU×Q- GDNLWDUW×üPDODUODGHVWHNOHQPHNWH\GL(NRQRPLNE\PHQLQELUIDNW|-URODUDNX]XQ\×OODUWDUW×ü×ODQELOJLVLVWHPOHULYHELOJLWDEDQO×WHNQRORML ·ODUGDNDPXVDOELOJLVLVWHPOHULVWUDWHMLOHULQHGHND\QDNO×N\DSP×ü- W×U$%'·GHEDüODW×ODQ´8OXVDO%LOJL$OW\DS×3URJUDP×µQ×1DWLRQDO,QIRU-PDWLRQ ,QIUDVWUXFWXUH -DSRQ\D·Q×Q EHQ]HU VWUDWHMLOHUL YH $YUXSD .RPLV\RQX·QXQ´%\PH5HNDEHWoLOLNYHúVWLKGDPµ*URZWK&RPSH-WLWLYHQHVV DQG (PSOR\HPHQW EDüO×NO× SROLWLND EHOJHVL L]OHPLüWLU 1DUDQHQ$YUXSD%LUOLùLWHFLPVHO\D\×QF×ODU×QDUW×NNDPX KL]PHWL\D\×QF×O×ù×QDJHUHNNDOPDG×ù×\|QQGHNLLGGLDODU×Q×QNDUü×V×Q-GD $PVWHUGDP 3URWRNRO·QGH PHG\D oRùXOFXOXùX LOH WRSOXPODU×Q NOWUHOYHVRV\DOLKWL\DoODU×DUDV×QGDNLV×N×EDùODQW×\DGLNNDWoHNHUHN \D\×QF×ODU×QJ|UHYOHULGHQHWLPLYHILQDQVPDQ×Q×\HONHOHULQVRUXP-OXOXùXQDE×UDNP×üW×U0LFKDOLV$PVWHUGDP3URWRNRO·\OH \HONHOHULQNDPXKL]PHWL\D\×QF×O×ù×Q×VUGUHELOPHOHULLoLQNDPX-VDO IRQODUD EDüYXUDELOPHOHUL $YUXSD $QWODüPDV×Q×Q UHNDEHWOH LOJLOL KNPOHULQLQ ELU LVWLVQDV× RODUDN NDEXO HGLOPLüWLU .DPX KL]PHWL \D\×QF×O×ù×Q×Q$YUXSD·Q×QRUWDNo×NDU×Q×ER]XFXYHUHNDEHWLHQJHOOH\LFL G]H\GH ROPDPDV×Q× KNP DOW×QD DODQ $PVWHUGDP 3URWRNRO·QGHQ G|UW\×OVRQUD$YUXSD.RPLV\RQX(NLP·GH\D\×QODG×ù×ELUJHQHO-JH\OH NDPXVDO ILQDQVPDQ×Q QDV×O VDùODQDFDù× NRQXVXQX GD G]HQOH-PLüWLU1LVVHQ
$YUXSD %LUOLùL·QGH J|UVHOLüLWVHO LOHWLüLP SROLWLNDODU×Q×Q WD\LQLQGH \|QGHüPH\D\×QDùODU×\ODELUOLNWHWHOHNRPQLNDV\RQXQWHNQRORMLNYH HNRQRPLNHQWHJUDV\RQX\ROJ|VWHULFLELUNDYUDPG×UWDULKOL%DQ-JHPDQQ 5DSRUX·QGD \|QGHüPH IDUNO× JLULüLPOHULQ GHùLüLN PHG\D UQOHULQL ELU DUD\D JHWLUHUHN |OoHN HNRQRPLVLQH XODüPDN DPDF×\OD ELUOHüPHOHUL\DGDLüELUOLùLQHJLWPHOHULEDùODP×QGDPHG\DOLEHUDV\RQX VUHFLQL K×]ODQG×UDQ JHUHNOLOLNOHULQ YH \HQL SD]DU I×UVDWODU×Q×Q |QFO RODUDN GHùHUOHQGLULOPLüWLU %X YXUJX GDKD VRQUD .RPLV\RQ·XQ \×O×QGDKD]×UODWW×ù×´7HOHNRPQLNDV\RQYH*|UVHOúüLWVHO<|QGHüPHGHQ .D\QDNODQDQ .DPX 3ROLWLNDV× 6RUXQODU×µ 3XEOLF 3ROLF\ ,VVXHV $ULVLQJ
IURP 7HOHFRPPXQLFDWLRQV DQG $XGLRYLVXDO &RQYHUJHQFH EDüO×NO× UDSRUGD JHOLüWLULOPLü YH EHQ]HU ILNLUOHU ELU \×O VRQUD$YUXSD %LUOLùL·QGHQ \|Q-GHüPH]HULQHKD]×UODQDQWHNQRORMLGHQEDù×PV×]ELU\DNODü×PODKHP UHNDEHWLKHPGHVHNW|UH|]HOLoHULNG]HQOHPHVLQLLoHUHQSROLWLNDWDV- ODù×QGDGD\HUDOP×üW×U*HUHN%DQJHPDQQ5DSRUX·QGDJHUHNVH$YUX-SD%LUOLùL·QLQJ|UVHOLüLWVHODODQGDNLSROLWLND\DNODü×P×Q×RUWD\DNR\DQ |QFEHOJHOHUGHVD\×VDOWHOHYL]\RQSD]DU×QWHN´PDQWUDµV×RODUDNYXU-JXODQ×U 8\XPOX ELU SDQ$YUXSD SD]DU HYULPL LoLQ RUWDN ELU SDQ $YUXSD VWDQGDUW× |QüDUW RODUDN |QH VUOPHNWHGLU $QFDN ´RUWDN SD]DUODUYHRUWDNVWDQGDUWODUµNRQXVXQGDNLEXYXUJX\DNDUü×Q$YUXSD %LUOLùLRUWDNG]HQOHPHOHULQYHVWDQGDUWODU×QEHOLUOHQPHVLQGH\HWHULQ-FH HWNLOL RODPDP×ü YH X]XQ \×OODU$YUXSD·GD WHNQRORMLN ELU GDUERùD] \DüDQP×üW×U1DUDQHQ
$YUXSD·GD EX NRüXOODU DOW×QGD VD\×VDO \D\×QF×O×N LON NH] \×O×QGD EDù×PV×] DUD\D]×O×PODU NXOODQDQ '6WY úWDO\D &DQDO 6DWHOOLWH 1XPHULTXH&61)UDQVDYH')$OPDQ\DWDUDI×QGDQEDüODW×OP×üW×U gQP]GHNL ELULNL \×OO×N VUHoWH LVH$YUXSD·GDNL DQDORJ WHOHYL]\RQ \D\×Q× VRQODQDFDNW×U %X QRNWDGD NDPX KL]PHWL NXUXPODU× ´DQDORJ NDQDONDSDPDµDQDORJVZLWFKRIIVUHFLQGHROGXùXJLELVD\×VDONDUD- VDO\D\×QF×O×NKL]PHWOHULQLQSL\DVD\DVXQXOPDV×QGDNULWLNELUUROVW-OHQPLüOHUGLU
$QDORJNDQDONDSDWPDVUHFLQGHX\JXODQDQLONDG×PJHQHOOLNOH VD\×VDO YH DQDORJ \D\×QODU× ELU JHoLü VUHVL ER\XQFD ELUOLNWH VUGU-PHNWLU%DW×$YUXSDONHOHULQLQE\NELUN×VP×EXVUHFLWDPDPODP×ü \DGDWDPDPODPDN]HUHGLU%XVUHFLQRODELOGLùLQFHoDEXNWDPDP- ODQPDV×LNLQHGHQOH|QHPOLGLUúNL\D\×Q×D\Q×DQGD\UWPHQLQJHWLU-GLùLPDOL\HWYHDQDORJVSHNWUXPXQELUDQ|QFHERüDOW×OPDV×JHUHNOLOLùL (%88(5 $YUXSD·GDVD\×VDONDUDVDO\D\×QF×O×ùDJHoLüYHDQDORJNDQDONDSD-PDVUHFLQGHNLWHPHODüDPDODUNDEDFDü|\OH|]HWOHQHELOLU ´ú]OHYH|GHµSD\79SODWIRUPODU×QGRùXüXYHEDüDU×-V×]O×ù×SL\DVD\DVXQXODQSODQODU×QLSWDOHGLOPHVLV×Q×UO×E\PH YHVRQUDV×QGDE\PHQLQGXUPDV×
´hFUHWVL]µIUHHWRDLUSODWIRUPODU×QGHYUH\HJLUPHVLYH JHQHORODUDNEDüDU×O×ROPDV×NDPXKL]PHWL\D\×QF×ODU×Q×QVXQXP- GD|QHPOLELUUROVWOHQPHVLPDOLIRQODUNRQXVXQGDDQODüPD]O×N-ODU×QRUWD\Do×NPDV×\NVHNJHOLüLP %DW×$YUXSDONHOHULQLQNDODQN×VP×Q×QGDE\NRUDQ-GD\D\×QDEDüODPDV×\HQLüLIUHVL]YHL]OHYH|GH\D\×QODUDX\XPOX WHOHYL]\RQVHWOHULQLQJHOLüWLULOPHVL\HQLWHNQRORMLQLQIDUNO×GXUXP-ODUD X\DUODQPDV× ILQDQVPDQ WDUW×üPDODU×Q×Q NDUDUD EDùODQPDV× JHOLüPHQLQVUPHVLDQFDNK×]×Q×Q\DYDüODPDV×+'79KLJKGHIL-QLWRQWHOHYLVLRQGHQHPHOHUL'9%+GLJLWDOYLGHREURDGFDVWLQJ KDQGKHOGGHQHPHOHULIUHNDQVWDKVLVOHULQGH|QFHOLNOHULQEHOLUOHQ-PHVLNRQXVXQGDNLXOXVDOWDUW×üPDODU
2OJXQODüDQ SODWIRUPODU×Q LVWLNUDUD NDYXüPDV× 'RùX $YUXSD·Q×Q\D\×QDEDüODPDV×DQDORJNDQDONDSDWPDVUHFLQHLOLü- NLQ\DNODü×PODU×QEHOLUJLQOHüPHVLED]×ONHOHUGHNDSDPDVUHFL-QLQJHUoHNOHüPHVL+'79KL]PHWOHUL'9%+VHUYLVOHUL 7P ONHOHUGH G|QüPQ VDùODQPDV× +'79·QLQ \D\J×QODüPDV×PRELO79YHHWNLOHüLPOLX\JXODPDODU×QJHOLüLPL %XVUHoWHKHPX\JXODPDGDKHPGHG]HQOHPHOHUGHXOXVDOIDUN-O×O×NODUV|]NRQXVXROPDNWDG×U%XQRNWDGDVD\×VDOLOHWLüLPRUWDP×QGD NDPXKL]PHWLQLQQDV×OWDQ×PODQDFDù×]HULQH\DS×ODQWDUW×üPDODUDQD- ORJNDQDONDSDPDVUHFLQLQQDV×OG]HQOHQHFHùLNRQXVXQGDNLSROLWLND-ODUDGDELUWHSNLRODUDNGHùHUOHQGLULOHELOLU6PHUD6|]JHOLPL VD\×VDO NDUDVDO \D\×QF×O×ù×Q \×O×QGD WDPDPODQDQ LON DüDPDV×QGD úVYHo·WHKLoELUJHOLüLPVDùODQDPDP×üúVSDQ\DYHúQJLOWHUH·GHGHVD\×-VDO NDUDúVYHo·WHKLoELUJHOLüLPVDùODQDPDP×üúVSDQ\DYHúQJLOWHUH·GHGHVD\×-VDO \D\×QF×O×N NRQXVXQGD ILQDQúVYHo·WHKLoELUJHOLüLPVDùODQDPDP×üúVSDQ\DYHúQJLOWHUH·GHGHVD\×-VDO ER\XWWD KD\DO N×U×NO×ù× \DüDQP×üW×U 7P EX VUHoWH JLULüLPOHUGH EXOXQDQ NXUXPODU ILOPOHU VSRUSURJUDPODU×YHüLIUHo|]FWDKVLVDW×JLELNRQXODUGDKL]PHWYHUHQ NDEOR YH X\GX RSHUDW|UOHUL\OH UHNDEHW HWPHN GXUXPXQGD NDOP×üW×U )UDQVD·GDROGXùXJLELHUWHOHPHOHUYH3RUWHNL]·LQ\DSW×ù×JLELELUNHQD-UD E×UDN×ODQ SODQODPDODU QLKD\HW úQJLOWHUH·QLQ üLIUHVL] \D\×Q SODWIRU- PXQXEDüDU×\ODEDüODWPDV×\ODVRQDHUHQLONDüDPDQ×QNDUDNWHULVWLNOH-ULGLU (%88(5 *QP]H NDGDU X]DQDQ G|QHPGH
$YUXSD·GDJHOLüPLüVD\×VDONDUDVDO\D\×QF×O×NPRGHOLQLWHPHODODQYH NDPXKL]PHWL\D\×QF×O×ù×Q×QEDüO×FDURO\OHWDQ×PODQDQüLIUHVL]\D\×Q PRGHOL DO×F× FLKD]ODU×Q GDKD GüN IL\DWODUOD DO×QDELOHFHùL DN×üNDQ SL\DVDODUWDUDIV×]GHYOHWPGDKDOHVLYH'9%7YHJQP]GHDVB-7 X\JXODPDODU×\OD JHOLüPLü ELU VD\×VDO NDUDVDO \D\×QF×O×N DODQ×QD JHoLü \DS×OP×üW×U $QDORJ \D\×Q NDSDWPD NRQXVXQGD ONHOHU NHQGL EDüODU×QDJHOLüPHND\GHWVHOHUGHED]×X\XPVX]OXNODU×QRUWD\Do×NPDV× YH $YUXSD·GDNL JHOLüPHOHUL WHKOLNH\H DWPDV× PPNQGU $YUXSD .RPLV\RQXYH%LUOLùH\HGHYOHWOHUEXNRQXGDDNWLIELUUROVWOHQPLü YH \×OODU× LoLQ VRPXW ELU oL]HOJH KD]×UODP×üW×U (%88(5
$YUXSD·GDNL \D\×QF×ODU×Q VD\×VDO DODQGDNL HQ |QHPOL KHGHIOHULQ-GHQELULGDKDID]ODVD\×GDWHPDWLN\DGDQLFKHNDQDOODU]HULQGHQGDKD EHOLUJLQQLWHOLNOHUHJ|UHD\U×üDQL]OHUNLWOHJUXSODU×QDXODüPDNW×U$QD-ORJL]OH|GHSD]DU×QGDGD|QGHRODQúQJLOWHUHYH)UDQVDHQID]ODVD\×GD VD\×VDO NDQDOD VDKLS ONHOHU RODUDN |QH o×NPDNWDG×U úQJLOWHUH·GH WP GQ\DGDVD\×VDOWHOHYL]\RQ\D\×Q×HQID]ODKDQH\HXODüPDRUDQ×\OD|QH o×NDQ%%&·QLQJHQoOHU%%&YHoRFXNODULoLQ&%%&&%HHELHV\D\×Q \DSDQ NDQDOODU×Q×Q \DQ× V×UD NOWU YH HùLWLP NDQDO× %%& VL\DVHW NDQDO×%%&3DUOLDPHQWYHVDDWKDEHUVHUYLVL\DSDQ%%&1HZV ELUNDQDO×GDEXOXQPDNWDG×U+XPSKUH\V6D\×VDO\D\×QF×O×N DODQ×QGD úQJLOWHUH YH )UDQVD·\× úVSDQ\D úWDO\D YH $OPDQ\D WDNLS HWPHNWHGLU /HXUGLMN .DPX KL]PHWL \D\×QF×ODU×Q×Q VD\×VDO \D\×QF×O×NVUHFLQGHHWNLQELUUROVWOHQPHOHULQLGHYOHWOHUGHGHVWHNOH- PHNWHEX\D\×QF×ODU×QVXQGXNODU×KL]PHWOHULQWHOHYL]\RQVDKLELKDQH- OHULQDQDORJGDQVD\×VDODJHoLüOHULQGHELUFD]LEHXQVXUXRODUDNNXOODQ×-ODELOHFHùLQH LQDQPDNWDG×UODU %X QRNWDGD NDPX KL]PHWL \D\×QF×ODU×Q-GDQEHNOHQHQUROOHUGHQELULL]OH\LFLOHULVD\×VDOWHOHYL]\RQXQNXOODQ×P× YH\DUDUODU×NRQXVXQGDHùLWPHNWLUdHüLWOLSROLWLNDPHWLQOHULQGHDQD- ORJ\D\×QODU×QQH]DPDQNDSDW×ODFDù×YHVD\×VDO\D\×QODU×QRODQDNODU×\-OD LOJLOL NDPX ELOJLOHQGLUPH NDPSDQ\DODU× G]HQOH\HUHN |QF ELU URO VWOHQHFHùL EHOLUWLOHQ BBC KHU ELUL UXKVDW FUHWL |GH\HQ L]OH\LFLOHULQL VD\×VDO\D\×QODUODLOJLOLKHUWUONRQXGD\DOQ×]ELOJLOHQGLUPHNOH\HWLQ-PHPHNWHVD\×VDODUDoODUDXODüPDNWDJoONoHNHELOHFHN\DüO×HQJHOOL \DGDPXKWDoGXUXPGDNLYDWDQGDüODU×QVD\×VDO\D\×QODU×DODELOHFHNOHUL
WHoKL]DWD YH GRQDQ×PD XODüDELOPHOHULQL WDDKKW HWPHNWHGLU '&06
.DPX KL]PHWL \D\×QF×ODU×Q×Q HQ oRN SURMH UHWWLNOHUL DODQODUGDQ ELUL\D\×QODU×QLoLQGHHWNLOHüLPOLX\JXODPDODU×QNXOODQ×P×G×U%XDODQ-GDNL LON YH HQ HWNLQ R\XQFXODUGDQ ELUL KLo üSKHVL] %%&·GLU úQJLOL] GHYOHWSROLWLNDV×Q×QX]DQW×V×RODUDNoHüLWOLSROLWLNDPHWLQOHULQGH´6D\×-VDO %ULWDQ\DµQ×Q LQüDV×\OD J|UHYOHQGLULOGLùL LIDGH HGLOHQ %%&'&06 ZHE VLWHVL \HQL PHG\D HWNLQOLNOHUL RQGHPDQG WHNQRORMLOHUL %%&Lve i3OD\HUYHVD\×VDONDUDVDOWHOHYL]\RQX\JXODPDODU×Q×GDLoHUH-FHNELoLPGHE\N|OoHNOL\HQL\D\×QWHNQRORMLOHULQLGHVWHNOHPHNWHGLU +XPSKUH\VBBCHWNLOHüLPOLYHLQWHUQHWWDEDQO×X\JXODPDODU JHOLüWLUPHNOHGH\NPON×O×QP×üW×U'&06%X\|QGHIDUN- O×oDO×üPDODU\DSDQ%%&1HZ0HGLDELULPL+D]LUDQLOHWDULK- OHULDUDV×QGDE\NSURGNVL\RQGHSDUWPDQODU×YHEDù×PV×]WHOHYL]-\RQSURGNVL\RQüLUNHWOHUL\OHELUOLNWHVD\×ODU×·EXODQJHOLüWLULOPLü WHOHYL]\RQKL]PHWL\OHHWNLOHüLPOLPHG\DQ×QIDUNO×ELoLPOHULQLVXQPXü-WXU
6D\×VDO \D\×QODU×Q QDV×O ELU G]HQOHPH DQOD\×ü×\OD HOH DO×QPDV× JHUHNWLùLGLùHU|QHPOLELUJQGHPPDGGHVLGLUúQJLOWHUH·GHVD\×VDOYH RQOLQHKL]PHWOHUDo×NoDBBC·QLQNDPXKL]PHWLJ|UHYWDQ×P×NDSVDP×Q- GDNDEXOHGLOPLüWLU.XUXPEXNRQXGDVRQGHUHFHVWUDWHMLNYHSUDJPD-WLNELUWDY×UDOP×ü\HQL\DGDGHùLüHQKL]PHWOHUH2FDNWDULKLQGHQ LWLEDUHQ ELU ´.DPXVDO 'HùHU 7HVWLµ 3XEOLF 9DOXH 7HVW X\JXODPD\D EDüODP×üW×U6|]NRQXVXWHVWWHLNLXQVXU\HUDOPDNWDG×UBBC·QLQNHQGL G]HQOH\LFLNXUXPX%%&7UXVWWDUDI×QGDQX\JXODQDQ´.DPXVDO'HùHU 7HVSLWLµ 3XEOLF 9DOXH $VVHVVPHQW LOH VHNW|UGHNL UHNDEHW SROLWLNDV× ]HULQGHGH\HWNLVDKLELRODQ2)&20·XQJHUoHNOHüWLUGLùL´3D]DU(WNL 'HùHUOHQGLUPHVLµ 0DUNHW ,PSDFW $VVHVPHQW .DPXVDO 'HùHU 7HVWL %XQODUDUDV×QGD:LPEOHGRQ7HQLV7XUQXYDV×YH,QWHUDFWLYH2O\PSLFVJLEL L]OH\LFLOHULQIDUNO×VSRUNDUü×ODüPDODU×Q×YHEXNDUü×ODüPDODUGDIDUNO×NDPHUDDo×ODU×Q× VHoHELOGLNOHULVSRULoHULNOHULGH\HUDOP×üW×U$YUXSD·GDNLGLùHUNDPXKL]PHWL\D\×QF×-ODU×GDHWNLOHüLPOLLoHULNVXQPDNODELUOLNWHEXQODUHWNLOHüLPPDQW×ù×QDX\JXQ|]JQ UQOHUGHQROPDNWDQ]L\DGHPHYFXWLoHULùHHULüLPLoHüLWOHQGLUHQLQWHUDNWLIDUüLYX\-JXODPDODU×\ODV×Q×UO×NDOP×üW×U/HXUGLMN
NDPXQXQYHVHNW|UGHNLGLùHUNXUXOXüODU×QJ|UüQDOPDNLoLQDOW× D\GDQX]XQG|QHPOHUGHX\JXODQPDNWDG×U+XPSKUH\V
6D\×VDO G|QHPGH |QF URO VWOHQHQ BBC·QLQ XOXVDO \DUDW×F× YH NOWUHO\DüDPD\DSW×ù×NDWN×J|]|QQGHEXOXQGXUXODUDNoHüLWOLSROL- WLNDPHWLQOHULQGHNXUXPXQJHOLUND\QDù×RODQOLVDQVFUHWLX\JXODPD-V× \×O×QD NDGDU JDUDQWL DOW×QD DO×QP×üW×U %XQXQ WHPHO QHGHQL GHYOHWLQBBC·QLQL]OH\LFLEHNOHQWLOHULQHNDUü×O×NYHUPHQLQ|WHVLQGHEX EHNOHQWLOHUL |QFHGHQ WDKPLQ HGHUHN ELoLPOHQGLUHELOPHVL LoLQ GHùLü- PHNWHRODQPHG\DRUWDP×QDX\XPVDùODPDQ×QJHUHNOLOLùLQLIDUNHWPH-VLGLU$QFDNBBC·QLQYHUGLùLKL]PHWOHULQWPNDPXKL]PHWLJ|UHYLQL KHGHIOHULQLYHEWoHVLQLRUWD\DNR\DQELUKL]PHWOLVDQV×JHUHNWLUPHNWH EXQHGHQOHKL]PHWOHU.DPXVDO'HùHU7HVWL·QGHQJHoLULOPHNWHGLU6WH-HPHUVYH6PLWK
$OPDQ\D LVH EHQ]HU ELoLPGH \×O×QGDQ LWLEDUHQ ´ho $G×P 7HVWLµQL 'UHL6WXIHQ7HVW X\JXODPD\D EDüODP×üW×U $OPDQ\D·GDNL UHYL]\RQ VUHFL \HQL PHG\D KL]PHWL VXQDQ NDPX KL]PHWL \D\×QF×ODU× LoLQ|QHPOLGHùLüLNOLNOHUJHWLULU1HWDPRODUDNWHOHNRPQLNDV\RQQH GH\D\×QF×O×NRODUDNWDQ×PODQDELOHFHNEXWUGHQKL]PHWOHUHOHNWURQLN ELOJLYHLOHWLüLPKL]PHWOHULQLNDSVD\DQ´WHOHPHG\DµNDYUDP×\ODWDQ×P-ODQP×üW×UúON|QFH\HQLELU\DNODü×P|QJ|UOHUHNKHUWUOKL]PHWLQ NDPX KL]PHWL HWNLQOLNOHUL\OH LOLüNLOL ROPDV× üDUW NRüXOPXüWXU $\U×FD UHNODP VSRQVRUOXN YH NDSVDPO× \HUHO KDEHUOHUH LOLüNLQ \DVDNODPDODU JHWLULOPLüWLU6RQRODUDNho$üDPDO×7HVWL]LQYHULOHQKHUWUKL]PHWLQ
$OPDQWRSOXPXQXQGHPRNUDWLNVRV\DONOWUHOLKWL\DoODU×GRù-UXOWXVXQGDNDPXKL]PHWLJ|UHYLQLJHUoHNOHüWLUGLùLQL (GLWRU\DOUHNDEHWLQNDOLWHVLQLDUW×UG×ù×Q×
6D\×VDO NDUDVDO \D\×QF×O×ùD JHoLü VUHFLQGH DGHWD |GOOHQGLULOHQ BBC·QLQ \×O×QGDHQÁDV\RQXQ]HULQGHNDODQOLVDQVFUHWL\×O×QDNDGDULONLNL\×O LoLQGLùHU\×OODULoLQRUDQ×QGDDUW×U×OP×üYHEXQDGHYOHWLQVD\×VDONDUDVDO \D\×QF×O×ùDJHoLüVUHFLQGH\DüO×ODUYHHQJHOOLOHULoLQD\×UG×ù×IRQODULOHNDPXLOHWLüLP NDPSDQ\DODU×LoLQD\U×ODQPLNWDUGDHNOHQPLüWLU$QFDNVD\×VDONDUDVDO\D\×QF×O×ùD JHoLüVUHFLQLQWDPDPODQPDV×Q×GDJ|]|QQGHEXOXQGXUDQGHYOHWBBC·QLQ \×O×QGDQVRQUDV×LoLQDOWHUQDWLIELUJHOLUND\QDù×LoLQDUDüW×UPDODU\DSPDV×Q×üLPGLGHQ RQD\ODP×üW×U6WHHPHUVYH6PLWK
0DOL\HWL |OoVQGH RUDQW×O× ELU GHùHU \DUDWW×ù×Q× RUWD\D NR\PDV× |QJ|UOPüWU0RH
%XQRNWDGDYXUJXODQPDV×JHUHNHQELUXQVXUNDPXKL]PHWL\D\×Q-F×ODU×Q×QDQD\D\×QKL]PHWOHUL\OHLQWHUQHW\DGDVD\×VDO\D\×QKL]PHW PDOL\HWOHULQLQ ELUELULQGHQ D\U×ODELOPHVLQLQ J|UQGù NDGDU NROD\ ROPDG×ù×G×U6|]JHOLPLWHOHYL]\RQLoLQKD]×UODQDQDQDKDEHUEOWHQOH-ULQGHNLHGLWRU\DOLoHULNLQWHUQHW]HULQGH\HQLGHQDNWDU×ODELOPHNWHEX GXUXPGDGDLONSURGNVL\RQXQPDOL\HWL]DWHQKDOLKD]×UGDNDUü×ODQP×ü ROGXùXLoLQ\DOQ×]FDVXQXFXVHUYHUNDSDVLWHVLYHEDN×P×LOHKDEHUOH-ULQ LQWHUQHW IRUPDW× LoLQ VHoLOLS \HQLGHQ \D]×P× ID]ODGDQ ELU PDOL\HW RODUDNo×NPDNWDG×U6D\×VDO\D\×QODUUHWLPYHGDù×W×PNRQXVXQGDNL PDOL\HWOHULQD]DOW×OPDV×Q×VDùODVDGDVXQXFXYHGHSRODPDPDVUDIODU× \HQLX\JXODPDODUYH\D]×O×PVLVWHPOHULLOHWHOLIKDNODU×JLEL\HQLPDOL-\HWOHUH \RO DoPDNWDG×U %X QHGHQOH NDPX KL]PHWL \D\×QF×ODU× VD\×VDO \D\×QODU×Q×Q ILQDQVPDQ× LoLQ \HQL JHOLU ND\QDNODU× DUDPD\× VUGU-PHNWHGLU +HU QH NDGDU UHNODPODU VD\×VDO DUüLY DERQHOLN FUHWOHUL YH \NVHNNDOLWHOLVUPOHULQGDù×W×P×\HQLJHOLUND\QDNODU×Q×ROXüWXUVD-ODUGDPHWLQPHVDMODüPDWUDILùLQHGHQL\OHWHNQLNDOW\DS×\×VDùOD\DQ WHOHNRP üLUNHWOHUL YH VD\×VDO NDQDO VDùOD\DQ Dù RSHUDW|UOHUL LOH JHOLU SD\ODü×P×V|]NRQXVXGXU$QFDNGDKDGD|QHPOLVLNDPXWDUDI×QGDQ ILQDQVHHGLOHQKL]PHWOHULQVRQNXOODQ×F×V×QGDQFUHWDOPDQ×QQHGHUHFH GRùUX ROGXùX NDPX KL]PHWL DQOD\×ü× EDN×P×QGDQ WDUW×üPDO×G×U %X QHGHQOHGH\D\×QNXUXPODU×JHOLU\DUDWPDNRQXVXQGDV×Q×UO×ELUoHUoH-YHGH KDUHNHW NDELOL\HWLQH VDKLSWLU 6|]JHOLPL $OPDQ\D·GDNL NDPX KL]PHWL \D\×QF×ODU× WP VD\×VDO NDQDOODUD FUHWVL] HULüLP VXQPDNOD \NPOLNHQRQOLQHUHNODPD\HUYHUHPH]BBC´WPLoHULùH|]JUFH XODü×PµLONHVLGRùUXOWXVXQGDWPLo\D\×QODU×QGDROGXùXJLELLQWHU-QHWVLWHOHULQGHYHVD\×VDO\D\×QODUGDUHNODPD\HUYHUPH])UDQVD·GDGD JHoHUOL VD\×ODQ EX LONHQLQ WHN LVWLVQDV× EHOOL ELU RUDQGD L]LQ YHULOHQ |GHPHOLKL]PHWOHUGLU/HXUGLMN
7UNL\e·Ge .DUDVDO SD\×VDO <D\×QF×O×öD *eoLù Ye 757
7UNL\H·GHVD\×VDONDUDVDOWHOHYL]\RQ\D\×QF×O×ù×QDLOLüNLQLONoDO×ü-PDODU ûXEDW WDULK YH VD\×O× %DüEDNDQO×N JHQHOJHVL\OH
EDüODP×üW×U%XJHQHOJHVD\×VDO\D\×QF×O×ù×QSODQODPDYHX\JXODPDV×Q- GDLKWL\DoGX\XODELOHFHN\DVDOLGDULPDOLYHWHNQLN|QOHPOHULQEHOLU-OHQPHVLQL |QJ|UPHNWHGLU $QFDN WDULKL LWLEDU×\OD VD\×O× NDQXQODIUHNDQVSODQODPDV×Q×Q57h.·WHQDO×QDUDN7HOHNRPQLNDV\RQ .XUXPX·QDGHYUHGLOPHVLQGHQVRQUDD\Q×NDQXQXQJHoLFLPDGGH- VLQGH\HUDODQKNPJHUHùL\HQLIUHNDQVSODQ×YH57h.NRRUGLQDW|U-OùQGH KD]×UODQDQ NRQVHSW oDO×üPDV× $UDO×N ·GH +DEHUOHüPH <NVHN.XUXOX·QXQ+<.RQD\×QDVXQXOPXüDQFDNELUVRQXFDXODü×- ODPDP×üW×U.DUDRùOX'DKDVRQUD57h.YH7HOHNRP-QLNDV\RQ .XUXPX VD\×VDO \D\×QF×O×N oDO×üPD UDSRUX KD]×UOD\DUDN +<.·\D J|QGHUPLü UDSRUXQ J|UüOS GHùHUOHQGLULOPHVLQLQ DUG×Q-GDQ+<.·Q×Q(\OOWDULKVD\×O×NDUDU×\OD \×O×QGD $QNDUD úVWDQEXO YH ú]PLU LOOHULQGH GHQHPH \D\×QODU×QD EDüODQPDV× \×O×QGDLVHWPNDPXYH|]HO\D\×QF×ODU×QDQDORJ\D\×QODU×VRQ- ODQG×UPDV×NDUDU×QDYDU×OP×üW×U3DoDF×$\Q×WRSODQW×-GD GHQHPH \D\×QODU× LoLQ LKWL\Do GX\XODFDN WP WHoKL]DW YH DOW\DS× KDUFDPDODU×Q×Q |]HO NDQDOODU UHWLFL ILUPDODU 8ODüW×UPD %DNDQO×ù× (YUHQVHO+L]PHW)RQXYEND\QDNODUGDQHGLQLOPHVLQHNDUDUYHULOPLü EXEDùODPGD757LOH8ODüW×UPD%DNDQO×ù×DUDV×QGDELUSURWRNROLP]D-ODQDUDN757·\HGHQHPH\D\×QODU×QGDNXOODQ×OPDV×DPDF×\OD(YUHQVHO +L]PHW )RQX·QGDQ PLO\RQ 7/ ND\QDN D\U×OP×üW×U 6D\×VDO NDUDVDO WHOHYL]\RQ \D\×QF×O×ù×QD JHoLü LVH +<.·Q×Q (\OO WDULKLQGH \DSP×üROGXùX2ODùDQ7RSODQW×V×·QGDDO×QDQNDUDUVRQUDV×QGDJHU- oHNOHüPLüWLU%XNDUDUoHUoHYHVLQGHDQDORJ\D\×QDSDUDOHORODUDNVD\×- VDO\D\×QD'9%7JHoPHN]HUH57h.NRRUGLQDW|UOùQGH8ODüW×U-PD %DNDQO×ù× +DEHUOHüPH *HQHO 0GUOù 7HOHNRPQLNDV\RQ .XUXPX757*HQHO0GUOùYHLOJLOLNXUXPYHNXUXOXüODU×QNDW×-O×P×\OD ´6D\×VDO <D\×Q .RQVHSWLµ oDO×üPDODU×QD EDüODQP×ü E|\OHFH $QNDUD úVWDQEXO YH ú]PLU LOOHULQGH ûXEDW ·GD GHQHPH \D\×QODU× JHUoHNOHüWLULOPLüWLU.DUDRùOX $VO×QGDLON'9%7\D\×QODU×+<.NDUDU×Q×Q|QFHVLQHX]DQ×U757NDPX\D\×QF×V× NLPOLùL\OH\×O×QGDQEHULVDELWYHPRELODO×üODULoLQoHüLWOLWHVWOHUJHUoHNOHüWLUPHN ]HUHNZ·O×NELUYHULFL\OH$QNDUD'LNPHQPHUNH]OL\D\×QODU\DSP×üW×U'DKDVRQ-UD(\OO·WH$QNDUD<HQLPDKDOOH]HULQGHQZJFQGHELUYHULFL\OH'9%7 WHVW\D\×QODU×VUGUOPü+<.·Q×QNDUDU×QHWLFHVLQGHLVHPHYFXW\D\×QODUDSDUDOHO RODUDNûXEDW·GDúVWDQEXOdDPO×FDGEZYH%H\OLNG]GEZYHULFLOH- ULQGHQ.DQDO]HULQGHQ6(1PRGXQGDGHQHPH\D\×QODU×EDüODW×OP×üW×U.DUDRù-OX
%XG|QHPGHD\U×FDVD\×VDO\D\×QF×O×ùDJHoLüWH\D\×QF×O×ù×QNDOLWH-VLQL DUW×UPDN YH DQWHQ NLUOLOLùLQLQ RUWDGDQ NDOG×U×OPDV×Q× KHGHIOH\HQ 8ODüW×UPD%DNDQO×ù×YH57h.NRRUGLQDW|UOùQGH757YH|]HOWHOH-YL]\RQNXUXOXüODU×Q×QRUWDNO×ù×\OD$QWHQúüOHWPHYH7HNQLN+L]PHWOHU $û $QWHQ $û NXUXOPXüWXU $QFDN .(6. +DEHU6HQ $QWHQ $û·QLQNXUXOPDV×Q×QYHULFLOHULQ|]HO\D\×QNXUXPODU×QDNXOODQG×U×O-PDV×Q× DPDoODG×ù× YH YHULFLOHULQ LüOHWPH \HWNLVLQL 757·GHQ DODUDN NXUXPXQ|]HUNOLùLQLYHWDUDIV×]O×ù×Q×RUWDGDQNDOG×UG×ù×Q×|QHVUHUHN V|]NRQXVXüLUNHWLQ$QD\DVD·Q×QPDGGHVLQHVD\×O×7UNL\H 5DG\R7HOHYL]\RQ .DQXQX·QXQ YH PDGGHOHULQH YH VD\×O× 5DG\RYH7HOHYL]\RQODU×Q.XUXOXüYH<D\×QODU×+DNN×QGDNLNDQXQXQ YH PDGGHOHULQH D\N×U× ROGXùX JHUHNoHVL\OH $QWHQ $û·QLQ NXUXOPDV×QD\|QHOLN%DNDQODU.XUXOXNDUDU×Q×QLSWDOLYH\UWPHQLQ GXUGXUXOPDV×LVWHPL\OH'DQ×üWD\·GDGDYDDoP×ü7002%YH EXQXQ VRQXFXQGD 'DQ×üWD\ 'DLUHVL LVH %DNDQODU .XUXOX NDUDU×Q× R\ELUOLùLLOHGXUGXUPXüWXU+UUL\HW0DUW
)UHNDQV SODQODPDV× QRNWDV×QGD \DüDQDQ \HWNL NDUPDüDV× YH IUH-NDQVLKDOHVLQLQELUWUO\DS×ODPDP×üROPDV×ONHPL]LQVD\×VDONDUDVDO \D\×QF×O×ùDJHoLüLQLKHP]RUODüW×UP×üKHPGHJHFLNWLUPLüWLUVD\×O× \DVDQ×QVHNW|UQWDOHSOHULQLNDUü×OD\DPDPDV×VD\×VDO\D\×QF×O×NODLOJL-OL KLoELU KNP LoHUPHPHVL IUHNDQV SODQODPDV× YH LKDOHVLQH LOLüNLQ EDùOD\×F×KNPOHUH\HUYHUPHPHVLQHGHQL\OH\HQLOHQPHVLELUJHUHN KDOLQHJHOPLüWLU.DUDRùOX0HFOLVWHNL\RùXQWDUW×üPDODU×Q DUG×QGDQ0DUW·GH6D\×O×´5DG\RYH7HOHYL]\RQ<D\×QODU×Q×Q .XUXOXüYH<D\×Q+L]PHWOHUL+DNN×QGDNL.DQXQµ\UUOùHJLUPLüWLU 1H YDU NL 7UNL\H·GH \D\×QF×O×N UHJODV\RQXQXQ WHUPLQRORMLVLQL $% *|UVHOúüLWVHO+L]PHWOHU'LUHNWLIL·QGHQ*ú+'X\DUOD\DQ\DVDGD\HQL GLUHNWLIWHNLGRùUXVDORODQYHROPD\DQKL]PHWOHULQD\U×P×QDGD\DQDQ LNL DüDPDO× UHJODV\RQ DQOD\×ü× QHW RODUDN LIDGH HGLOPHPLüWLU VD\×O×\DVD$YUXSD.RPLV\RQXWDUDI×QGDQoHüLWOLLOHUOHPHUDSRUODU×QGD
.XUXOXüV|]OHüPHVL1LVDQWDULKLQGHLP]DODQDQ$QWHQ$û·QLQNXUXOXüXQGD 757.DQDO' 6KRZ79$796WDU.DQDO679)R[79&LQH&117UN &1%&H .DQDO.UDO7979.DQDO7UN.DQDO$6N\7UN ve ú]PLU79\HUDOP×üW×USabah 1LVDQ
LIDGHHGLOHQHOHüWLULOHUOHLOJLOLL\LOHüWLUPHOHULQE\NE|OPQLoHUPH-PHNWHGLU6PHUE5DG\RWHOHYL]\RQYHLVWHùHEDùO×\D\×Q KL]PHWOHULQLQ G]HQOHQPHVL YH GHQHWOHQPHVLQL DPDoOD\DQ \DVDGD 57h.·QJ|UHY\HWNLYHVRUXPOXOXNODU×GDG]HQOHQPHNWHGLU%XEDù- ODPGDVD\×O×\DVDQ×QJHWLUGLùLo\HQLOLNV|]NRQXVXGXU6HN-W|UQ$YUXSD%LUOLùLVWDQGDUWODU×QDX\JXQG]HQOHQPHVLQLDPDoOD\DQ \DVDLIDGHYHKDEHUDOPD|]JUOùQ\RùXQODüPDQ×Q|QOHQPHVLQL UHNDEHWRUWDP×LOHoRùXOFXOXùXWHPLQDWDOW×QDDOPDN\D\×QF×üLUNHW-OHULQRUWDNO×N\DS×ODU×Q×QG]HQOHQPHVLLOHLOJLOLN×V×WODPDODU×D]DOWPDN KDONDDo×OPD\×NROD\ODüW×UPDNWHNHOOHüPHQLQ|QOHQLSoRNVHVOLOLùLVDù- ODPDN6D\×VDONDUDVDO\D\×QDJHoLüLQHWELUWDNYLPHEDùOD\×SYHUL-FLOHULQ WHN ELU üLUNHW oDW×V× DOW×QGD WRSODPDN <FHO %X VRQ DPDoGRùUXOWXVXQGD\HQLELU\DS×ODQPD\DVDKLSRODFDN$QWHQ$û DGHWYHULFLDQWHQNXUDFDNW×UûLUNHWDQWHQOHULQDO×PVDW×PYHNXUXOX- PXQXQ\DQ×V×UDVLVWHPLQLüOHWLOPHVLQLGHVWHOHQHFHNWLU6D\×VDONDUD-VDO\D\×QF×O×ùDWDPJHoLüOHELUOLNWH7UNL\H·GHNLPLO\RQDGHWX\GX DQWHQL GH oDW×ODUGDQ NDOG×U×ODFDNW×U Sabah $ùXVWRV 6D\×VDO NDUDVDO \D\×QF×O×ùD JHoLüL NROD\ODüW×UPD\× KHGHIOH\HQ 6D\×O× <DVD·\DJ|UH0DUW·\HNDGDUEHOLUOHQHQ)UHNDQV3ODQODU×YH8\JX-ODPD 7DNYLPL·QL WDNLS HGHQ ELU \×O LoLQGH V×UD<DVD·\DJ|UH0DUW·\HNDGDUEHOLUOHQHQ)UHNDQV3ODQODU×YH8\JX-ODPD LKDOHVL \DS×OPDV× GDKDVRQUDNLLNL\×OLoLQGHDQDORJYHVD\×VDOWHOHYL]\RQ\D\×QODU×Q×QHü ]DPDQO×RODUDNVUGUOPHVLG|UGQF\×O×QVRQXQGD\DQL0DUW WDULKLQGH LVH DQDORJ WHOHYL]\RQ \D\×QODU× WDPDPHQ VRQODQG×U×ODUDN VD\×VDOWHOHYL]\RQ\D\×QODU×QDJHoLü|QJ|UOPHNWHGLU.×O×o
57h.\×O×QGDEDüODWW×ù×IUHNDQVSODQODPDoDO×üPDODU×Q× \×O×QGDWDPDPODP×üYHNDUDVDOVD\×VDO79IUHNDQVSODQ×$ùXVWRV WDULKOL hVW .XUXO 7RSODQW×V×·QGD RQD\ODQP×üW×U 57h. D ûX DQ LWLEDUL\OHVD\×VDONDUDVDO\D\×Q\DSDQWHNNXUXP$QNDUD·GDLNL\×OG×U '9%7GHQHPH\D\×QODU×Q×VUGUHQ757·GLU$üDPDODUKDOLQGHSODQ-ODQDQNDUDVDOVD\×VDO\D\×QDJHoLüLVH\×O×QGDV×UDODPDLKDOHOHULQLQ WDPDPODQPDV× VRQUDV×QGD EDüODW×ODFDNW×U \×O× VRQXQGD VD\×VDO
(GLW|U1RWX'HUJL\D\×PDKD]×UODQG×ù×V×UDGDPHWLQGHV|]HGLOHQV×UDODPDLKDOH- OHULJHUoHNOHüWLULOPLüWLU1LVDQWDULKOHULDUDV×QGDDüDPDGD\DS×ODQLKD-OHOHULQ VRQXoODU×YHGDKDD\U×QW×O× ELOJL LoLQEN] KWWSZZZUWXNRUJWUVD\IDODU 'X\XUX$UVLYDVS[(ULüLPWDULKL1LVDQ
YHULFLOHULQWHVLVHGLOPHVLVUHFLWDPDPODQDFDNYHVRQUDV×QGD\×O× 0DUW D\×QGD WP DQDORJ \D\×QODU VRQD HUGLULOHFHNWLU 57h. E 6D\×VDO\D\×QDJHoLüLQLOLO\DS×OPDV×SODQODQG×ù×LoLQDQDORJ\D\×QODUOD VD\×VDO \D\×QODU×Q EHOOL ELU VUH Hü]DPDQO× RODUDN JHUoHNOHüWLULOPHVL |QJ|UOPHNWHGLU 757 LVH \HQL \DS×ODFDN DOW \DS× KL]PHWOHUL LOH \HQL YHULFLFLKD]×DQWHQYHWHoKL]DWODU×QDO×QPDV×LüOHPOHULQH57h.WDUDI×Q-GDQRQD\ODQDQSODQ×QLODQHGLOPHVLVRQUDV×QGDEDüODPD\×YH\DVDOVUH LoHULVLQGH WDPDPODPD\× SODQODPDNWDG×U 757 757 GDKD |QFH VDW×Q DO×QDQ VD\×VDO X\XPOX DQDORJ YHULFLOHULQ PRGLILNDV\RQX LOH LON DüDPDGD ONHQLQ \DNODü×N \]GH ·LQGH VD\×VDO G|QüPH KD]×UO×N \DSPDNWDGDKDVRQUD\DVDOVUHLoLQGHNDGHPHOLRODUDNONHQLQ\]GH ·QQNDSVDQPDV×Q×KHGHIOHPHNWHGLU
$QFDN 7UNL\H·QLQ NDPX KL]PHWL \D\×QF×O×ù× \DSDQ NXUXPX ROD-UDN 757·\H ELoLOHQ |QF URO WHNQLN SODQODPDQ×Q |WHVLQGH \D\×QF×O×N Do×V×QGDQGDNXUXPXQ\HQLVWUDWHMLOHUROXüWXUPDV×Q×]RUXQOXN×OPDNWD-G×U.XUXPXQWDULKOLIDDOL\HWUDSRUXQGDVD\×VDO\D\×QG|QHPLQH NDQDOODU×Q× \HQLGHQ \DS×ODQG×UDUDN PHYFXW NDQDOODUD \HQLOHULQL HNOH-\HUHN YH VD\×VDO HQWHJUDV\RQX VDùOD\DFDN \HQL X\JXODPDODU× IDDOL\HW DODQ×QDNDWDUDNKD]×UODQG×ù×EHOLUWLOPHNWHGLU
757·QLQ WHOHYL]\RQ \D\×QODU× LQFHOHQGLùLQGH KHP 757·QLQ WHNHO G|QHPLQGHQ KHP GH |]HO \D\×QF×O×ù×Q LON \×OODU×QGDQ JHOHQ XOXVDO NDQDOODU×QJHQHO\DS×V×Q×Q757·GHNRUXQGXùXDQFDNRQXQ\DQ×V×UD 757 +DEHU 757 6SRU 757 dRFXN 757 757 $YD] 757 7UN 757 %HOJHVHO 757 0]LN 757 +' 757 $UDSoD 757 2NXO YH 757 $QDGROX NDQDOODU×\ODoHüLWOLL]OH\LFLEHùHQLOHULQL\DGD|]HOLOJLDODQODU×Q×KHGHI-OH\HQJHQHOOLNOHVSRUEHOJHVHOP]LNKDEHUJLELNRQXODUD\RùXQODüDQ WHPDWLN NDQDOODUD Dù×UO×N YHULOGLùL J|UOPHNWHGLU $QFDN NXUXPXQ PHUNH]L NRQXPX QHGHQL\OH \D\×Q LONH YH SROLWLNDODU× Do×V×QGDQ EX G|QHPGHGHIDUNO×ELU\DNODü×PV|]NRQXVXROPDG×ù×LoLQV|]NRQXVX NDQDOODUQH´oHüLWOLOLNµEHNOHQWLOHULQLQHGHNDPXKL]PHWL\D\×QF×O×ù×Q×Q JHUHNOHULRODQ´oRùXOFXOXNµYH´oRNVHVOLOLNµLONHOHULQLNDUü×ODPDNWDG×U %XEDùODPGD757·\HWDKVLVHGLOHQIUHNDQVODUGDQHQD]ELULQLQVHQGL-NDODUGHPRNUDWLNNLWOH|UJWOHULNDG×Q|UJWOHULJLELJUXSODUD]DPDQ SD\ODü×PO×ELUNDQDORODUDNWDKVLVHGLOPHVL\HULQGHRODFDNW×U%|\OHOLNOH
E\N\DW×U×PODUJHUHNWLUHQWHOHYL]\RQ\D\×QF×O×ù×IDDOL\HWOHULQL\U-WHPH\HFHNGXUXPGDNLGH]DYDQWDMO×WRSOXPVDOJUXSODUJ|UHOLGHROVD \D\×Q \ROX\OD GHPRNUDWLN WDUW×üPD\D NDW×O×P YH WHPVLO RODQDù×QD NDYXüDELOHFHNWLU
6×NO×NODYXUJXODQG×ù×JLEL\D\×QWHNHOLQLHOLQGHWXWWXùXVUHLoLQ- GHUHNODPSDVWDV×Q×QQHUHGH\VH\DU×V×Q×HOLQGHWXWDQ757|]HO\D\×Q-F×O×ù×QEDüODPDV×\ODELUOLNWHROXüDQ´UHNDEHWRUWDP×µQHGHQL\OHUHNODP JHOLUOHULQGH E\N Güü \DüDP×üW×U dDSO× %X GXUXPD KNPHWLQHOHNWULNKDV×ODWSD\×Q×GüUPHVL+UUL\HWûXEDW YH'HQHWOHPH.XUXOX·QXQDOG×ù×NDUDUODHOHNWULNWHND\×SNDoDNEHGHO-OHULQGH NXUXPXQ SD\×Q×Q PDWUDK G×ü×QD DO×QPDV× 0LOOL\HW $UDO×N JLEL NDUDUODU YH X\JXODPDODU GD HNOHQLQFH 757·QLQ \DüDG×ù× ILQDQVDO ]RUOXN \×OODU LoLQGH FLGGL ER\XWODUD XODüP×üW×U 757 *HQHO 0GUOù757)DDOL\HW5DSRUXPDOLJHOLUOHULWDEORVXEDQGURO HOHNWULNKDV×ODWSD\×UHNODPYHGLùHUNDOHP-OHUGHQROXüDQNXUXPXQIDDOL\HWOHULoRùXOODüPDV×QDNDUü×O×N\XNDU×GD V|]HGLOHQNHVLQWLOHUQHGHQL\OHJHOLUOHULQD]DOPDV×QGDQ\DN×QPDNWD-G×U0LOOL\HW$UDO×N
757·QLQ J|UHYLQLQ |]HO \D\×QF×O×NOD UHNDEHW HWPHN GHùLO NDPX KL]PHWL \D\×QF×O×ù× \DSPDN ROGXùX J|UüOHULQH NDUü×O×N QHROLEHUDO SROLWLNDODU×QGDHWNLVL\OH757·QLQDUW×NNDPX\D\NROPDPDV×L]OH\LFL WRSOD\DFDN SURJUDPODU \DSDUDN GDKD ID]OD UHNODP JHOLUL HOGH HWPHVL JHUHNWLùL J|UüOHUL GH GLOH JHWLULOPHNWHGLU %X QHGHQOH DQDORJ \D\×Q-GDQVD\×VDONDUDVDO\D\×QF×O×ùDJHoLüDüDPDV×QGD757·QLQDUWDQVD\×VDO \D\×Q NDQDOODU× YH oHüLWOHQHQ KL]PHWOHUL\OH JHOHQHNVHO NDPX KL]PHWL \D\×QF×O×ù×Q×DüW×ù×Q×NDQ×WODPDV×YHDUWDQPDOL\HWOHULNDUü×OD\DELOPHN LoLQNDWN×SD\×RUDQODU×Q×QGHYOHWWDUDI×QGDQDUW×U×OPDV×Q×VDùODPDV× JHUHNPHNWHGLU $QFDN ILLOHQ PDOL |]HUNOLùH VDKLS ROPD\DQ 757·QLQ EXQX VDùOD\DELOPHVL JHUoHNOHüWLUHFHùL HWNLOL VWUDWHMLOHUOH NDPXR\X ]HULQGHHWNLOLROPDV×YHE|\OHFHGHYOHWLNDWN×SD\×RUDQODU×Q×DUW×UPD-\DLNQDHWPHVL\OHPPNQJ|UQPHNWHGLU
6D\×VDO G|QHP NDPX KL]PHWL \D\×QF×O×ù× \DSDQ NXUXPODU×Q EX
G|QHPGHJHUoHNOHüWLUHFHNOHULKL]PHWOHULGHNDSVD\DFDN\HQLVWUDWHMLOH- ULQJHOLüWLULOPHVLQLJHUHNWLUPHNWHGLU/RZHNDPXKL]PHWLNXUXPODU×-Q×QVD\×VDOG|QHPGH\D\×QF×O×ù×Q|WHVLQHJHoHQKL]PHWOHULQLQGHJ|] |QQGH WXWXODUDN ´NDPX KL]PHWL \D\×QF×O×ù×µ NDYUDP×Q×Q ´NDPX KL]PHWLPHG\DV×µLOH\HUGHùLüWLUPHVLQL|QHUPHNWHGLUDNWDUDQ+DDV 6D\×VDOG|QHPGHEDüDU×O×VWUDWHMLOHUL\OHNHQGLVLQLNDPXKL]-PHWL \D\×QF×O×ù× \DSDQ ELU NXUXPGDQ NDPX KL]6D\×VDOG|QHPGHEDüDU×O×VWUDWHMLOHUL\OHNHQGLVLQLNDPXKL]-PHWL PHG\DV×QD G|QüWUHQBBCJHQHOL]OHUNLWOHNDGDU|]JOJUXSODU×GDKHGHIOHPHN-WHHYUHQVHOELU\DNODü×PODWDPELU´KL]PHWSRUWIRO\RVXµVXQPDNWDG×U 6WHHPHUV YH 6PLWK .DPX KL]PHWL \D\×QF×O×ù×Q×Q KL]PHW DODQ×Q× JHQLüOHWHQ EX \DNODü×PGDQ \ROD o×NDUDN 757·QLQ GH L]OH\LFL WDOHSOHULYHLKWL\DoODU×GRùUXOWXVXQGDYHUGLùLKL]PHWOHULQYHLoHULNOH-ULQSODQODPDV×Q×\DSPDV×YHIDUNO×LOHWLüLPSODWIRUPODU×QGDYDUROPDV× JHUHNWLùLV|\OHQHELOLU
$QDORJGDQVD\×VDODJHoLüKD]×UO×NODU×\DSDQ757·QLQL]OH\LFLVWUD- WHMOHULDo×ü×QGDQ\|QGHüPHQLQ\RODoW×ù×GHùLüLPLGHJ|]|QQGHWXWD-UDN \HQL PHG\D\× NXOODQG×ù× J|UOPHNWHGLU 6D\×VDO DODQODUD \|QHOLN RODUDN EQ\HVLQGH ´<HQL 0HG\D .DQDO .RRUGLQDW|UOùµ NXUDQ 757·QLQ NRRUGLQDW|UON EQ\HVLQGH ZHE WDVDU×P \D]×O×P YH LoHULN \|QHWLFLOHULQLQ\DQ×V×UD0RELO79$N×OO×79X\JXODPDODU×Q×WDNLSHGHQ ELU HNLS YH 6RV\DO 0HG\D ELULPL GH EXOXQPDNWDG×U 6D\×VDO YH \HQL PHG\D DODQODU×Q× ´<HQL %LU <D\×Q 0HFUDV×µ VORJDQ×\OD \D\×Q NDQDO× RODUDNNXUJXOD\DQ757L]OH\LFL\OHHWNLQELULOHWLüLPLoLQPRELOPHG\D VRV\DO PHG\D :HE 79 6PDUW 79 JLEL \HQL PHG\D DUDoODU×Q× NXOODQ- PDNWDG×U757.XUXPVDOQLWHOLùLQHYHKHUNDQDO×QNDQDONLPOL- ùLQHX\JXQVRV\DOSD\ODü×PVD\IDODU×ROXüWXUDQ757·GHNDQDONRRUGL-QDW|UONOHUL EQ\HVLQGH EXOXQDQ VRV\DO PHG\D VRUXPOXODU× VRV\DO SD\ODü×P VD\IDODU× ]HULQGHQ L]OHUNLWOH\OH LQWHUDNWLI ELU LOHWLüLP NXU- PDNWDG×U757$QFDNEXQRNWDGDL]OH\LFLOHUOHNXUXODQHWNLOH- üLPOHHOGHHGLOHQJHULELOGLULPOHULQWDNLSHGLOPHVLNDGDUEXJHULELOGL-ULPOHULQ \D\×QODUD YH YHULOHQ GLùHU KL]PHWOHUH \DQV×PDV× GD |QHPOL ROPDNWDG×U %X EDùODPGD 757 Do×V×QGDQ |QHPOL RODQ WLFDUL \|QGHQ VRQ GHUHFH FD]LS KL]PHW SD]DUODU×Q×Q RUWD\D o×NPDV×QD QHGHQ RODQ VD\×VDOG|QHPGHHWNLOHüLPOLKL]PHWOHUL\HULQHJHWLULUNHQ$YUXSD·GDNL |QF NDPX KL]PHWL PHG\DV× NXUXPODU×QGDQ VWUDWHML WUDQVIHU HWPHN \HULQH NHQGL VWUDWHMLOHULQL ROXüWXUPD\× EDüDUDELOPHVLGLU %X \|QGH
oDO×üPDODU\DSDQ757KHUELUPHFUDLoLQ\D\×QVWUDWHMLOHULROXüWXUPD\× KHGHIOHPHNWH V|]JHOLPL VPDUW 79·OHUGH SRGFDVW Dù×UO×NO× ELU DUD\]OH PRELODUDoODUGDLVHFDQO×\D\×QYHKDEHUX\JXODPDODU×\OD\HUDOPDNWD-G×U
757IDDOL\HWUDSRUXQGDNXUXPXQVRV\DOPHG\DGDGDoHüLWOLSODW-IRUPODUGD\HUDOG×ù×EHOLUWLOPHNWHGLU%XEDùODPGD\×O×QGD ú]OHVHQH0\QHW ve
'DLO\PRWLRQSODWIRUPODU×LOHCDNDOW\DS×V×NRQX-VXQGD LüELUOLùL \DS×ODUDN LKWL\Do GX\XODQ GRPDLQOHU DO×QP×ü YH WDNLELVDùODQP×ü
3URJUDPODU×Q WDQ×W×P× DPDF×\OD IUDJPDQ J|UVHO YH PHWLQOHU EX SODWIRUPODUDVD\×VDORODUDNXODüW×U×OP×üYH\D\×QODQP×ü
<RXWXEH·GD 757 2NXO VD\IDV×QGD 757 7HOHYL]\RQ VD\IDV×QGD 757%HOJHVHOgGOOHULVD\IDV×QGDYH757.XUXPVDOVD\IDV×Q-GDDGHWYLGHRVHUJLOHQPLü
757 'HYDPO×O×N veya (DV\ :RUNER[·WDQ DO×QDQ YLGHR IRUPDW GHùLüLNOLNOHUL\OHLQWHUQHWVLVWHPLQH\NOHQPLü
0ú'$6·D 0]LN úOHWLP 'HQHWLP $UDPD 6LVWHPL \×O×QGD NXUXP DUüLYLQGH EXOXQDQ P]LN HVHUL WDü×QP×üW×U 757 )DDOL\HW5DSRUX
757PRELOPHFUDODUD\|QHOLNRODUDNGDLQWHUQHW\ROX\OD7577HOH-YL]\RQ757+DEHUYH757:HE79NDQDOODU×Q×KL]PHWHVRNPXüWXU757 757LQWHUQHWRUWDP×QGDHVNLLoHULNOHULVXQPDN\HULQH\HQLOHULQL UHWLOPHVLJHUHNWLùL\|QQGHNLHOHüWLULOHUHNDUü×O×N75779·GHQEDüOD-\DUDN LOHUOHWLOHFHN WUDQVPHG\D SURGNVL\RQODU× ]HULQGH oDO×üPDNWD-G×U
6RQ G|QHPGH IDDOL\HW DODQ×Q× \HQL PHG\D\× NDSVD\DFDN ELoLPGH JHQLüOHWPHoDO×üPDODU×\DSDQ757·QLQVD\×VDOG|QHPGHELUNDPXKL]-PHWL PHG\DV× RODUDN \DS×ODQDELOPHVL LoLQ KHP JHOHQHNVHO \D\×QF×O×N DODQ×QGDKHPGH\HQLPHG\DKL]PHWOHULDo×V×QGDQL]OH\LFLQLQLKWL\DoOD-U×QDFHYDSYHUHQJYHQLOLUELULoHULNVDùOD\×F×V×ROPDV×JHUHNWLùLDo×NW×U %X QRNWDGD LVH $YUXSD·Q×Q NDPX KL]PHWL \D\×QF×O×ù× \DSDQ |QF
NXUXPODU×Q×QNDPXKL]PHWLPHG\DV×QDG|QüPHVUHoOHULQLQL\LDQD-OL]HGLOHUHNWRSOXPXQVRV\DONOWUHOGHPRNUDWLNLKWL\DoODU×QDFHYDS YHUHFHN\HQLPHG\DKL]PHWOHULQLQ|QJ|UOPHVLJHUHNLU%XVUHoWHLON DG×PRODUDNúQJLOWHUH$OPDQ\D1RUYHoJLELONHOHUGHNLX\JXODPDODU J|]|QQGHWXWXODUDNHULüHELOLUOLNNDOLWHHWNLYHPDOL\HWSDUDPHWUHOH-UL\OH ELU X\JXODPD |QFHVL WHVWL JHOLüWLULOHELOLU 757·QLQ VXQGXùX \HQL PHG\D X\JXODPDODU×QGD NDPX KL]PHWL J|UHYLQLQ QH RUDQGD \HULQH JHWLULOGLùLQL RUWD\D NR\PDN Do×V×QGDQ |QHPOL RODQ EX WHVW NXUXPXQ JHOHFHNWHNLPXOWLPHG\DSODWIRUPXNRQXPXQXGDPHüUXODüW×UDFDNW×U
SRQXo
5HNDEHWoL SROLWLNDODU \HQL WHNQRORMLOHU YH \|QGHüPH QHGHQL\OH WHNHO NRQXPXQX ND\EHGHQ EWoH N×V×WODPDODU× YH VL\DVL EDVN×ODUOD NDUü× NDUü×\D NDODQ NDPX KL]PHWL \D\×QF×ODU× \HQL GQ\D G]HQLQLQ NRüXOODU×QD X\XP VDùODPDN LoLQ o|]P DUD\×ü×QD JLUPLü YH ]RUXQOX RODUDNWHNQRORMLNHNRQRPLNYHSURJUDPVWUDWHMLOHULQLJ|]GHQJHoLUPHN GXUXPXQGDNDOP×üODUG×U7HPHOLüOHYOHULG×ü×QGDKHUNRQXGDGHùLüLP \DüD\DQNDPXKL]PHWL\D\×QF×O×ù×DQOD\×ü×ELU\DQGDQVHUEHVWSL\DVD HNRQRPLVLQLQJHWLUGLùLUHNDEHWNRüXOODU×QDDGDSWHROPD\DGLùHU\DQ- GDQPDOLWHNQRORMLNYHL]OHUNLWOHWDOHEL\OHLOLüNLOLVRUXQODUODEDüDo×NPD-\DoDO×üPDNWDG×U úNLOL\D\×QVLVWHPLQGHSL\DVDQ×QEDVN×V×Q×]HULQGHKLVVHGHQNDPX KL]PHWL NXUXPODU× \HQL NRüXOODUOD EDü HGHELOPHN LoLQ SUDJPDWLN ELU WDY×UWDN×QP×üODUG×UYH·ODUGD\D\×QWHNHOOHULQLQRUWDGDQNDON-PDV×\OD|]HONDQDOODUODUHNDEHWHJLULüHQNDPXKL]PHWLNXUXPODU×DUWDQ PDOL\HWOHUYHGüHQJHOLUOHULQLGHQJHOH\HELOPHNKHPL]OH\LFLOHULKHP GHUHNODPYHUHQOHULPHPQXQHGHELOPHNLoLQGDKDSRSOHUSURJUDPODU UHWPH\H EDüODP×üODUG×U *HOLU NDOHPOHUL GHYOHW WDUDI×QGDQ EHOLUOHQHQ NXUXPODULVHEWoHN×V×WODPDODU×\]QGHQSURJUDPVDW×ü×JLELWHFLP-VHO\ROODUDEDüYXUDUDNJHOLUOHULQLDUW×UPD\DoDO×üP×üODUG×U
.DPXKL]PHWL\D\×QF×O×ù×Q×QLoHULùLQLGDù×W×P×Q×WNHWLPLQLNXüD-WDQWHNQRORMLNJHOLüPHOHULVHNDPXKL]PHWL\D\×QF×O×ù×Q×QKHPWHNQLN KHP GH VL\DVDONOWUHO JHUHNoHOHULQL ]D\×IODWP×üW×U .DEOR X\GX YH
WPWHNQRORMLOHULLOJDHGHQVD\×VDOWHNQRORMLELU\DQGDQIUHNDQVN×V×WO×- O×ù×Q×RUWDGDQNDOG×UP×ü|WH\DQGDQIDUNO×PHG\DODU×QRUWDN|]HOOLNOH-ULQL ELUOHüWLUHQ \|QGHüPH ROJXVX\OD LOHWLüLPL KHP ELUH\VHO KHP GH XOXVODUDUDV× ELU HWNLQOLùH G|QüWUPüWU 7P EX JHOLüPHOHU NDPX KL]PHWLQLQPHüUXL\HWLGGLDODU×Q×QWDUW×ü×OPDV×QDYHIHOVHILWHPHOOHULQLQ VDUV×OPDV×QD QHGHQ ROPXüWXU <HQL VD\×VDO KL]PHWOHUL NDSVD\DQ ELU NDYUDPRODUDN´NDPXKL]PHWL\D\×QF×O×ù×µ\HULQH|QHULOHQ´NDPXKL]-PHWL PHG\DV×µ LVH DUW×N ´L]OHQLUOLNµ \D GD ´HULüLPµ JLEL NDYUDPODUOD Do×NODQDPD\DFDNGHQOLNDUPDü×NELU\DS×VHUJLOHPHNWHGLU%XQHGHQOH WHNQRORMLNGHùLüLPL\DN×QGDQWDNLSHGHQ%DW×$YUXSD·Q×QN|NONDPX KL]PHWL \D\×QF×ODU× VD\×VDO RUWDPGD L]OHUNLWOHVLQH KL]PHW YHUHELOPHN YH NRQXPODU×Q× NRUX\DELOPHN DG×QD NHQGLOHULQL \HQLGHQ \DS×ODQG×U-PDNWDG×U
.DPXKL]PHWL\D\×QF×O×ù×LoLQV|]NRQXVXRODQEXVUHoOHUNDo×Q×O- PD]RODUDN757·\LGHHWNLOHPLüWLUg]HO\D\×QF×O×ù×Q7UNL\H·GHEDüOD-PDV×\ODUHNODPJHOLUOHULD]DODQ757LNWLGDUSDUWLOHULQLQNRQWURODUDF× RODUDN NXOODQG×ù× JHOLU NDOHPOHULQLQ N×V×OPDV×\OD PDOL VRUXQODU \DüD-PD\D EDüODP×üW×U $QFDN GDKD GD |QHPOLVL $QD\DVD·GD |]HUNOLùL KNPHEDùODQDQ757·QLQEXGXUXPXQXG]HQOH\HQ\DVDGHùLüLNOLùL-QLQ DQFDN DUDGDQ \×O JHoWLNWHQ VRQUD \DS×OPDV×G×U \×O×QGD 7%00 WDUDI×QGDQ NDEXO HGLOHQ VD\×O× .DQXQ WDULKOL VD\×O×7UNL\H5DG\RYH7HOHYL]\RQ.DQXQX·QXQ0DGGHVL·QGHGHùL-üLNOLN\DSP×üYH757·QLQ|]HUNOLùLQH\DVDOPHY]XDWWDGD\HUYHUPLüWLU 7%00$QFDN\DS×ODQEXGHùLüLNOLùLQ757·QLQILLOHQ|]HUN ROPDV× NRQXVXQGD \HWHUOL ROPDG×ù× J|UOPHNWHGLU 'ROD\×V×\OD ILLOHQ PDOL \|QHWVHO YH HNRQRPLN DQODPGD |]HUNOLùL ROPD\DQ 757·nin EDù×PV×]YHWDUDIV×]\D\×Q\DSDELOPHVLQLQGH|QDo×NGHùLOGLU
757·QLQVD\×VDOG|QHPGHNL\D\×QSROLWLNDODU×LVH\D\×QF×O×NVWDQ-GDUWODU×Q× EHQLPVHGLùL $YUXSD LOH SDUDOHOOLN J|VWHUPHNWHGLU 6D\×VDO G|QHPGHNUHVHOOHüHQLOHWLüLPLQHùLOLPOHULQLWDNLSHGHQ757|]HOLOJL DODQODU×Q×YHL]OH\LFLEHùHQLOHULQLKHGHIOH\HQ´KDEHUVSRUP]LNEHO- JHVHOoRFXNµJLELWHPDWLNNDQDOODUDDù×UO×NYHUPHNWHL]OH\LFLVWUDWHML-OHULQLEHOLUOHUNHQLVH\|QGHüPHQLQ\RODoW×ù×GHùLüLPLGHJ|]|QQGH WXWDUDN VD\×VDO YH \HQL PHG\D ]HULQGHQ L]OH\LFLOHUL\OH LQWHUDNWLI ELU
LOHWLüLPNXUPDQ×QDOW\DS×V×Q×KD]×UODPD\DoDO×üPDNWDG×U$QFDNNXUX-PXQPHUNH]LNRQXPXQHGHQL\OH\D\×QLONHYHSROLWLNDODU×Do×V×QGDQ IDUNO× ELU \DNODü×P V|] NRQXVX ROPDG×ù× LoLQ V|] NRQXVX NDQDOODU KHGHIOHQHQ ´oHüLWOLOLNµ ´oRùXOFXOXNµ YH ´oRN VHVOLOLNµ EHNOHQWLOHULQL NDUü×ODPDPDNWDG×U6D\×VDOG|QHPGH\HQLPHG\D]HULQGHQVXQXODQ KL]PHWOHUGHGHIDUNO×LOHWLüLPSODWIRUPODU×YHVRV\DOPHG\DQ×QGDHWNL-VL\OHJHQHO\D\×QVWUDWHMLOHUL\HWHULQFHHWNLQRODPDPDNWDG×U
6UHNOLGHùLüHQLOHWLüLPRUWDP×QGDV×Q×U|WHVLG]HQOHPHOHULNRS-\DODPDN\HULQHWRSOXPGDNLVRV\RNOWUHOIDUNO×O×NODU×J|]OHPOHPHN JHUHNPHNWHGLU %X QHGHQOH 757 ELU \DQGDQ NDOLWHOL YH JYHQLOLU ELU LoHULNVDùODPDNGLùHU\DQGDQIDUNO×VRV\DOJUXSODU×NDSVD\DQL]OHUNLW-OHVLQH XODüDELOPHN LoLQ HWNLOHüLP LoLQGH EXOXQGXùX $YUXSD %LUOLùL \HVL NDPX KL]PHWL NXUXPODU×QGDQ VWUDWHML WUDQVIHUL \DSPDN \HULQH RQODU×Q JHoLUGLùL VUHFL DQDOL] HGHUHN \HQL VWUDWHMLOHU UHWPHN GXUX-PXQGDG×U $YUXSD<D\×Q%LUOLùL(%8VD\×VDOoDùGDNDPXKL]PHWL\D\×QF×- ODU×Q×QHYUHQVHOHULüLPYHLoHULNHGLWRU\DOEDù×PV×]O×NKHVDSVRUXOD- ELOLUOLNYH\NVHNSURJUDPNULWHUOHULROPDN]HUHG|UW|QHPOLVRUXP- OXOXùXEXOXQGXùXQXYXUJXODPDNW×U(%88(5úoHULNUHWL-PLYHLOHWLPLNRQXVXQGD\HQLRODQDNODUVXQDQVD\×VDO\D\×QF×O×NNDPX KL]PHWL\D\×QF×ODU×Do×V×QGDQJHOLUOHULQDUW×U×OPDV×L]OH\LFLRUDQODU×Q×Q \NVHOWLOPHVL PDUNDODU×Q×Q JoOHQGLULOPHVL JLEL NRQXODUGD ROXPOX YDDWOHULoHUPHNWHGLU(ùHUNDPXKL]PHWL\D\×QF×ODU×VD\×VDOG|QHPGH NXUXPODU×Q×JoOHQGLULSOLGHUOLNUROOHULQLVUGUHELOPHNLVWL\RUODUVD VRV\DO NOWUHO YH WHNQRORMLN GHùLüLPOHUH K×]OD X\XP VDùOD\DUDN GDLPDJHOHFHùHKD]×UROPDNGXUXPXQGDG×UODU
.D\QDNoD %DUGRHO-RKDQQHVG·+DHQHQV/HHQ´5HLQYHQWLQJ3XEOLF6HUYLFH %URDGFDVWLQJLQ(XURSH3URVSHFWV3URPLVHVDQG3UREOHPVµ0HGLD &XOWXUHDQG6RFLHW\ &XUUDQ-DPHV´.LWOHúOHWLüLPL$UDüW×UPDV×QGD<HQL5HYL]\RQL]P%LU <HQLGHQ'HùHUOHQGLUPHdDEDV×µ0HG\DúNWLGDUúGHRORMLGHU0HKPHW .oN$QNDUD$UN<D\×QHYL dDNPDN(UGHP´6D\×VDO.DUDVDO7HOHYL]\RQ$O×F×ODU×Q×Q <D\J×QODüW×U×OPDV×µ.DUDVDO2UWDPGD$QDORJ79·GHQ6D\×VDOD*HoLü .RQIHUDQV×.DV×PúVWDQEXO dDSO×%OHQWD7HOHYL]\RQYH6L\DVDO6LVWHP$QNDUDúPJH<D\×QODU× %DVN× dDSO×%OHQWE´<D\×QF×O×ù×Q6D\×VDOODüPDV×%HOLUVL]OLNOHUµ0HG\D 3ROLWLNDODU×GHU'%H\ELQ.HMDQO×RùOX6HYLOD\dHOHQN*OVHUHQ $GDNO×$QNDUDúPJH dDSO×%OHQWYH+DNDQ7XQFHO7HOHYLVLRQ$FURVV(XURSH5HJXODWLRQ 3ROLF\DQG,QGHSHQGHQFH7UNL\H5DSRUX(80RQLWRULQJDQG$GYRFDF\ 3URJUDP1HWZRUN0HGLD3URJUDP$QNDUD2SHQ6RFLHW\,QVWLWXWH '&06'HSDUWPHQW)RU&XOWXUH0HGLD6SRUW$3XEOLF6HUYLFHIRU$OO 7KH%%&LQWKH'LJLWDO$JH/RQGUD762 'HEUHWW0DU\´5HLQYHQWLQJ3XEOLF6HUYLFH7HOHYLVLRQ &RPPXQLFDWLRQV&LYLFV,QGXVWU\µKWWSZZZODWUREHHGXDX $1=&$SURFHHGLQJV'HEUHWWSGI(ULüLP7DULKL 'RQGHUV.DUHQ3DXZHOV&DUROLQH´'RHV(83ROLF\&KDOOHQJH7KH 'LJLWDO)XWXUH2I3XEOLF6HUYLFH%URDGFDVWLQJ"µ&RQYHUJHQFH7KH ,QWHUQDWLRQDO-RXUQDORI5HVHDUFKLQWR1HZ0HGLD7HFKQRORJLHV (%8'LJLWDO6WUDWHJ\*URXSRIWKH(%8´0HGLDZLWKD3XUSRVH 3XEOLF6HUYLFH%URDGFDVWLQJLQWKH'LJLWDO(UDµKWWSZZZHEXFK &06LPDJHVHQ'6*BILQDOBUHSRUWB(BWFPSGI(ULüLP7DULKL (%88(5'LJLWDO6WUDWHJ\*URXSRIWKH(%8´3XEOLF6HUYLFH0HGLD LQWKH'LJLWDO$JHµKWWSZZZHEXFK&06LPDJHVHQ0HGLDZLWK D3XUSRVHB1RYBWFPSGI(ULüLP7DULKL