Professional Documents
Culture Documents
Ahl-us-Sunnah Wal-Djamâ'ahs Troslära ('Aqîdah Ahl-is-Sunnah Wal-Djamâ'ah)
Ahl-us-Sunnah Wal-Djamâ'ahs Troslära ('Aqîdah Ahl-is-Sunnah Wal-Djamâ'ah)
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
$TvGDK$KOLV6XQQDK
ZDO'MDPkDK
>$KOXV6XQQDKZDO'MDPkDKVWURVOlUD@
)|UIDWWDUH,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
gYHUVlWWDUH$E0VkDO$OEkQv
/D\RXW·$EGXOODWHHI$OOXQGL
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
,QOHGQLQJ
9nUWURVOlUD
7URQSn$OOkK
7URQSnbQJODUQD
7URQSn6NULIWHUQD
7URQSn6lQGHEXGHQ
7URQSn'RPHGDJHQ
7URQSn)|UXWEHVWlPPHOVHQ
'HQQDWURVOlUDV)UXNWHU
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
0
,QOHGQLQJ
/RY RFK SULV WLOONRPPHU $OOkK VNDSHOVHUQDV +HUUH 'HW JRGD VOXWHW YlQWDU GH
JXGVIUXNWLJD PHGDQ VWUDIIHW YlQWDU I|UWU\FNDUQD -DJ YLWWQDU DWW GHW LQWH ILQQV QnJRQ
VDQQ JXG XWRP $OOkK DOOHQD LQJHQ PHGKMlOSDUH KDU +DQ RFK MDJ YLWWQDU DWW
0XKDPPDG lU +DQV WMlQDUH RFK VlQGHEXG GHQ VLVWH SURIHWHQ RFK GH JXGVIUXNWLJDV
OHGDUH0n$OOkKVIUHGRFKYlOVLJQHOVHYDUD|YHUKRQRPKDQVIDPLOMKDQVI|OMHVODJDUH
RFKGHPVRPUlWWDUVLJHIWHUGHPLJRGKHWIUDPWLOO'RPHGDJHQ
9LGDUH
6DQQHUOLJHQ VlQGH $OOkK WDkOk 6LWW VlQGHEXG 0XKDPPDG VDOOk $OOkKX DOD\KL ZD
VDOODP PHG YlJOHGQLQJHQ RFK GHQ VDQQD UHOLJLRQHQ VRP HQ EDUPKlUWLJKHW nW
VNDSHOVHUQDI|UHELOGWLOOKDQGODUQDRFKHWWDUJXPHQWPRWVDPWOLJDWMlQDUH
*HQRP KRQRP RFK GHW +DQ DY %RNHQ RFK 9LVKHWHQ XSSHQEDUDGH I|U KRQRP
NODUJMRUGH+DQDOOYlOIlUGWMlQDUQDNDQDQYlQGDVLJXWDYI|UDWWKDHWWXSSUlWWWLOOVWnQG
LQRP VLQD UHOLJL|VD RFK YlUOGVOLJD OLY 7LOO GHP K|U NRUUHNWD WURVOlURU VXQGD
KDQGOLQJDU I|UWUlIIOLJD NDUDNWlUHU RFK XSSK|MGD XSSI|UDQGHQ +DQ VDOOk $OOkKX
DOD\KLZDVDOODPOlPQDGHVLWWVDPIXQGSnHQNODUYlJGHVVQDWWlUVRPGHVVGDJRFK
GHQVRPOlPQDUGHQNRPPHUDWWI|UJnV
'HQQDYlJKDUI|OMWVDYKDQVVDPIXQGVRPEHVYDUDGH$OOkKRFK+DQVVlQGHEXG'H
I|OMHVODJDUQDHIWHUI|OMDUQDRFKGHVRPI|OMGHGHPLJRGKHWlUGHElVWDPlQQLVNRUQD
'H YHUNVWlOOGH KDQV 6KDUvDK K|OO IDVWYLGKDQV6XQQDKRFKEHWIDVWLGHQPHGVLQD
NLQGWlQGHU L WURVOlURU KDQGOLQJDU NDUDNWlUHU RFK XSSI|UDQGHQ'HYDUGHWIRONVRP
DOOWLG YDU VHJUDQGH RFK XSSUlWWDW Sn VDQQLQJHQ 'H VNDGDGHV YDUNHQ DY GHP VRP
I|UVDNDGHHOOHUPRWVWUHGGHPWLOOGHVVDWW$OOkKVEHRUGULQJNRPRFKGHIRUWIDUDQGHYDU
L VDPPDWLOOVWnQG
9LI|OMHUGHUDVVSnURFKPHGKMlOSDYGHUDVYlJVRPVW|GVDY%RNHQRFK6XQQDKQlU
YLYlJOHGGD²RFKORYRFKSULVWLOONRPPHU$OOkK'HWWDVlJHUYLI|UDWWQlPQDGHJnYRU
YLKDUInWWIUnQ$OOkKWDkOkRFKI|UDWWNODUJ|UDGHWYDURFKHQWURHQGHlUnODJGDWW
YDUDXSSUlWWDGSn
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
9L EHU $OOkK DWW +DQ VWlUNHU YnUW RFK YnUD 0XVOLPVND EU|GHUV WLOOVWnQG PHG HWW RUG
YDUVVDQQLQJVWnUIDVWLGHWWDOLYVnYlOVRPLOLYHWHIWHUGHWWDRFKDWW+DQVNlQNHURVV
6LQEDUPKlUWLJKHW²VDQQHUOLJHQlU+DQGHQVRPVNlQNHU
3n JUXQG DY GHQQD IUnJDV YLNW RFK PlQQLVNDQV ROLND GULIWHU KDU MDJ NRUWIDWWDW YHODW
VNULYDQHGYnU$KOXV6XQQDKZDO'MDPkDKWURVOlUD'HQQDWURLQEHJULSVDYWURQSn
$OOkK +DQV lQJODU +DQV VNULIWHU +DQV VlQGHEXG 'RPHGDJHQ RFK
I|UXWEHVWlPPHOVHQ GHW JRG RFK GHW RQGD L GHQ -DJ EHU $OOkK WDkOk DWW +DQ OnWHU
GHQHQEDUWlJQDV+DQV$QVLNWH|YHUHQVVWlPPDPHG+DQVYlOEHKDJRFKJDJQD+DQV
WMlQDUH
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
9nUWURVOlUD
9nUWURVOlUDlUWURQSn$OOkK+DQVlQJODU+DQVVNULIWHU+DQVVlQGHEXG'RPHGDJHQ
RFKI|UXWEHVWlPPHOVHQGHWJRGDRFKGHWRQGDLGHQ
9L WURU Sn $OOkKV WDkOk +HUUDYlOGH 0HG GHWWD PHQDV DWW YL WURU Sn DWW +DQ lU
+HUUHQ6NDSDUHQRFK.RQXQJHQVRPVW\UVDPWOLJDIUnJRUVRUGQLQJ
9L WURU Sn $OOkKV WDkOk *XGRPOLJKHW 'HWWD LQQHElU DWW YL WURU Sn DWW +DQ lU GHQ
VDQQD*XGHQRFKDOOWDQQDWVRPG\UNDVLVWlOOHWI|UKRQRPlUIDOVNWRFKO|JQ
9L WURU Sn +DQV 1DPQ RFK (JHQVNDSHU G Y V DWW +DQ KDU VN|QKHWHQV IXOONRPOLJD
1DPQRFKIXOONRPOLJDRFKXSSK|MGD(JHQVNDSHU
9LWURUSnDWW+DQlUHQVDPRPGHVVDIUnJRU9LWURUSnDWWLQJHQDQQDQKDUHQDQGHOL
+DQV+HUUDYlOGH*XGRPOLJKHWHOOHU1DPQRFK(JHQVNDSHU$OOkKWDkOkVDGH
+HUUHQ|YHUKLPODUQDRFKMRUGHQRFKDOOWVRPlUPHOODQGHP'\UND+RQRPGlUI|UXWDQDWW
I|UWU|WWDVLGLQG\UNDQ.lQQHUGXQnJRQVRPNDQNDOODV+DQVQDPQH"
$OOkK²GHWILQQVLQJHQJXGXWRP+DQGHQ/HYDQGHVNDSHOVHQVHYLJH9LGPDNWKnOODUH6OXPPHU
|YHUUDVNDU+RQRPLQWHRFKLQWHKHOOHUV|PQ+RQRPWLOOK|UDOOWGHWVRPKLPODUQDU\PPHURFKGHW
VRPMRUGHQElU9HPlUGHWVRPYnJDUPHGODLQI|U+RQRPXWDQ+DQVWLOOVWnQG"+DQYHWGHWVRP
KlQWLGHWWDOLYRFKGHWVRPOLJJHUEDNRPGHPRFKDY+DQVNXQVNDSNDQGHLQWHRPIDWWDPHUlQYDG
+DQWLOOnWHU+DQVIRWSDOORPVOXWHUKLPODUQDRFKMRUGHQ$WWYlUQDRFKEHYDUDGHPlUI|U+RQRP
LQJHQE|UGD+DQlUGHQ+|JHGHQ9lOGLJH
+DQlU$OOkKLQJHQJXGRPILQQVXWRP+DQ+DQNlQQHUDOOWGHWVRPlUGROWI|UPlQQLVNRUQD
OLNVRPGHWGHNDQEHYLWWQD²+DQGHQ1nGHULNHGHQ%DUPKlUWLJH+DQlU$OOkKLQJHQJXGILQQV
XWRP+DQ.RQXQJHQGHQ+HOLJH)UlOVQLQJHQ«
9LWURUSnDWW+DQKDUPDNWHQ|YHUKLPODUQDRFKMRUGHQ
$OOkKlJHUKHUUDYlOGHW|YHUKLPODUQDRFKMRUGHQ+DQVNDSDUGHW+DQYLOORFK+DQVNlQNHUnW
GHQ+DQYLOOG|WWUDURFKnWGHQ+DQYLOOV|QHUHOOHUVNlQNHUEnGHV|QHURFKG|WWUDUnWGHQ+DQYLOO
RFKJ|UGHQ+DQYLOORIUXNWVDP+DQYHWDOOWRFKlUPlNWLJDOOW
9LWURUSnDWW
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
,QJHQWLQJlUVRP+DQ²+DQVRPK|UDOOWVHUDOOW+DQKDUQ\FNODUQDWLOOKLPODUQDRFKMRUGHQ
+DQJHUGHQ+DQYLOOULNOLJRFKGHQ+DQYLOONQDSSDUHXWNRPVW+DQKDUIXOOYHWVNDSRPDOOW
/LNDVnWURUYLSnDWW
'HWILQQVLQJHQOHYDQGHYDUHOVHSnMRUGHQVRP$OOkKLQWHV|UMHUI|U+DQYHWYDUGHJ|PPHUVLJRFK
GHQSODWVVRPVNDOOEOLVLVWDYLORUXPDOOWlULQVNULYHWLHQ.ODUERN
+DQKDUQ\FNODUQDWLOOGHW'ROGDLQJHQNlQQHUGHPXWRP+DQ+DQYHWYDGVRPILQQVSn
PDUNHQRFKLKDYHWLQWHHWWO|YIDOOHUXWDQ+DQVYHWVNDSRFKYDUNHQIU|HWLMRUGHQVP|UNHUHOOHUGHW
JU|QDHOOHUGHWVRPYLVVQDWVDNQDVLHQ.ODUERN
'HWlU$OOkKVRPKDUNXQVNDSRPGHQ<WWHUVWDVWXQGHQGHWlU+DQVRPOnWHUUHJQHWIDOODRFK
+DQYHWYDGVRPOLJJHUJ|PWLPRGHUOLYHW0HQLQJHQYHWYDGPRUJRQHQGDJHQElULVLWWVN|WHRFK
LQJHQYHWYDUSnGHQQDMRUGKDQVNDOOG|$OOkKYHWDOOWlUXQGHUUlWWDGRPDOOW
9LWURUSnDWW$OOkKWDODUPHGYHP+DQYLOOQlU+DQYLOORFKKXU+DQYLOO
2FK0VkVRP$OOkKWDODGHPHGHWWYHUNOLJWWDO
2FKQlU0VkNRPWLOOGHWP|WH9LKDGHXWVDWWRFKKDQV+HUUHWDODGHWLOOKRQRP«
9LNDOODGHSnKRQRPIUnQEHUJHW6LQDLVK|JUDVLGD«
9LWURUSnDWW
2PDOOWEOHYWLOOEOlFNI|UPLQ+HUUHVRUGVNXOOHKDYHWKHOWYLVVWVLQDI|UUlQPLQ+HUUHVRUG
XWW|PWVlYHQRPKDYODGHVWLOOKDY
2PMRUGHQVDOODWUlGEOHYWLOOSHQQRURFKKDYHWXW|NDWPHGVMXKDYEOHYWLOOEOlFNVNXOOHGHWLQWH
UlFNDI|UDWWVNULYDQHG$OOkKVRUG$OOkKlUDOOVPlNWLJYLV
9LWURUSnDWW+DQV2UGlUGHVDQQLQJVHQOLJDVWHLXQGHUUlWWQLQJDUUlWWYLVDVWHLGRPDU
RFKYDFNUDVWHLWDO+DQWDkOkVDGH
'LQ+HUUHV2UGVDQQLQJHQRFKUlWWYLVDQKDUJnWWLXSSI\OOHOVH
9HPVRUGlUVDQQDUHlQ$OOkKV"
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
+DQlU(U|YUDUHQRYDQI|U6LQDWMlQDUHRFK+DQlUGHQ9LVH'HQVRPlUXQGHUUlWWDGRPDOOW
(U+HUUHlUKHOWYLVVW$OOkKVRPKDUVNDSDWKLPODUQDRFKMRUGHQXQGHUVH[GDJDUGlUHIWHUUHVWH
+DQ6LJ|YHU7URQHQ
+DQV UHVQLQJ |YHU 7URQHQ lU HQ UHVQLQJ PHG (VVHQVHQ 'HQ SDVVDU HQEDUW +DQV
+|JKHWRFK9lOGLJKHWRFKLQJHQDQQDQlQ+DQYHWKXUGHVVEHVNDIIHQKHWlU
9L WURU Sn DWW +DQ WDkOk lU PHG 6LQD VNDSHOVHU VDPWLGLJW VRP +DQ lU RYDQI|U 6LQ
7URQ+DQKDUNXQVNDSRPGHUDVWLOOVWnQG+DQK|UGHUDVWDORFKVHUGHUDVKDQGOLQJDU
+DQKDUNRQWUROO|YHURUGQLQJHQRFKI|UVHUGHQIDWWLJHPHGXSSHKlOOH+DQnWHUVWlOOHU
GHWQHGEUXWQDRFKVNlQNHUPDNWnWGHQ+DQYLOORFKWDUPDNWHQIUnQGHQ+DQYLOO,
+DQV+DQGOLJJHUGHWJRGDRFK+DQKDUDOOWLQJL6LQPDNW'HQVRPLQQHKDUGHQQD
VWDWXV lU PHG 6LQ VNDSHOVH Sn HWW YHUNOLJW VlWW lYHQ RP +DQ OLNDVn lU RYDQI|U GHQ
RYDQI|U6LQ7URQSnHWWYHUNOLJWVlWW
,QJHQWLQJlUVRP+DQ²+DQVRPK|UDOOWVHUDOOW
9L VlJHU LQWH GHW 'MDKPL\\DK RFK DQGUD SDQWHLVWHU VlJHU QlPOLJHQ DWW $OOkK lU Sn
MRUGHQ PHG 6LQ VNDSHOVH 9L DQVHU GHQ VRP VlJHU GHW DQWLQJHQ YDUD RWURJHQ HOOHU
YLOVHOHGGW\KDQKDUEHVNULYLW$OOkKPHGROlPSOLJDEULVWHU
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
9LWURUSnDWW$OOkKWDkOklOVNDUVLQDYlQQHURFKDWWGHlOVNDU+RQRP
6lJ·2PQLlOVNDU$OOkK)|OMPLJRFK$OOkKVNDOOlOVNDHU·
7URHQGHRPGHQEODQGHUDYVYlUVLJVLQWURVNDOO$OOkKVlWWDPlQQLVNRUVRP+DQlOVNDURFK
lOVNDU+RQRP
$OOkKlOVNDUGHPVRPKnOOHUVWnQG
$OOkKlOVNDUGHRSDUWLVND
$OOkKlOVNDUGHPVRPJ|UGHWJRGDRFKGHWUlWWD
9LWURUSnDWW$OOkKWDkOkEHKDJDVDYGHKDQGOLQJDURFKWDO+DQKDUI|UHVNULYLWVDPW
KDWDUGHW+DQKDUI|UEMXGLW
2PQLKlGDUEHK|YHU$OOkKLQWHHU+DQVHULQWHRWURRFKRWDFNVDPKHWKRV6LQDWMlQDUHPHG
WLOOIUHGVWlOOHOVH²PHQYLVDUQLWDFNVDPKHWlU+DQWLOOIUHGVWlOOGI|UHUVNXOO
0HQ$OOkKI|UDNWDGHDWWGHVNXOOHJnXWRFKVnK|OO+DQGHPWLOOEDNDRFKGHWVDGHV·6WDQQD
KHPPDPHGGHPVRPVWDQQDUKHPPD·
9LWURUSnDWW$OOkKlUQ|MGPHGGHPVRPWURURFKOHYHUUlWWVNDIIHQV
0HQGHVRPWURURFKOHYHUHWWUlWWVNDIIHQVOLYGHlUGHElVWDDYVNDSDGHYDUHOVHU
9LWURUSnDWW$OOkKEOLUDUJSnGHRWURJQDRFKDQGUDVRPI|UWMlQDU+DQVYUHGH
)|UDWW+DQVNDOOVWUDIIDK\FNODUQDVnYlOPlQQHQVRPNYLQQRUQD0lQQHQRFKNYLQQRUQDVRP
VlWWHUPHGKMlOSDUHYLG$OOkKVVLGDRFKWlQNHUI|UNDVWOLJDWDQNDURP$OOkK'HWWDRQGDVNDOO
nWHUIDOODSnGHPVMlOYDRFK$OOkKVYUHGHVNDOOXSSWlQGDVPRWGHP
'HQVRPKlGDUHIWHUDWWKDDQWDJLWWURQ²XWRPGHQVRPlUXWVDWWI|UWYnQJIDVWlQKDQVKMlUWD
I|UEOLUWU\JJWLVLQ|YHUW\JHOVHXWDQGHQVRPIULYLOOLJW|SSQDUVLJI|URWURQVnGDQDnGUDUVLJ$OOkKV
YUHGHRFKHWWKnUWVWUDIIYlQWDUGHP
9LWURUSnDWW$OOkKWDkOkKDUHWW$QVLNWH'HWlUXWPlUNWPHGPDMHVWlWRFKKlUOLJKHW
0HQGLQ+HUUHV$QVLNWHI|UEOLULHYLJKHWL6LWWPDMHVWlWRFK6LQKlUOLJKHW
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
2P+DQYLOODWWQnJRWVNDOOYDUDVlJHU+DQHQGDVWWLOOGHW·9DU·RFKGHWlU
+DQNlQQHUYDUNHQWU|WWKHWHOOHUXWPDWWQLQJW\+DQVVW\UNDlUIXOONRPOLJ
9LKDUKHOWYLVVWVNDSDWKLPODUQDRFKMRUGHQRFKDOOWVRPILQQVGlUHPHOODQXQGHUVH[GDJDU²RFK
GHWWDWU|WWDGH2VVLQWH
+DQNlQGHDOOWVnYDUNHQWU|WWKHWHOOHUXWPDWWQLQJ
9LWURUSnDWWDOODGH1DPQRFK(JHQVNDSHU$OOkKKDUEHNUlIWDWnW6LJVMlOYHOOHUGH
1DPQRFK(JHQVNDSHU+DQVVlQGHEXGVDOOk$OOkKXDOD\KLZDVDOODPKDUEHNUlIWDWnW
+RQRP VNDOO EHNUlIWDV 'lUHPRW KnOOHU YL RVV ERUWD IUnQ GH WYn DOOYDUVDPPD
V\QGHUQD
$WWPHGWURHOOHUWDOMlPI|UD$OOkKV(JHQVNDSHUPHGVNDSHOVHQVHJHQVNDSHU
$WWPHGWURHOOHUWDOI|UHVWlOODRVV$OOkKVWDkOk(JHQVNDSHUSnHWWYLVVWVlWW
9L WURU Sn DWW DOOW GHW $OOkK KDU I|UNODUDW 6LJ YDUD IUL IUnQ HOOHU GHW +DQV VlQGHEXG
VDOOk $OOkKX DOD\KL ZD VDOODP KDU I|UNODUDW +RQRP YDUD IUL IUnQ VNDOO I|UNODUDV
OLNDGDQW /LNQDQGH WURVOlUD LQEHJULSHU DWW PDQ EHNUlIWDU GHVV PRWVDWV IXOONRPOLJKHW
'lUMlPWH KnOOHU YL W\VW RP GHW $OOkK RFK +DQV VlQGHEXG VDOOk $OOkKX DOD\KL ZD
VDOODPK|OOW\VWRP
9LDQVHUGHWYDUDREOLJDWRULVNWDWWKnOODVLJWLOOGHQQDPHWRGLN'HW$OOkKEHNUlIWDUnW
6LJVMlOYHOOHUI|UNODUDU6LJYDUDIULLIUnQlUQnJRW$OOkKKDUXQGHUUlWWDWRP6LJVMlOY
+DQVXEKkQDKlUNXQQLJDUHRP6LJVMlOYRFKKDUGHWVDQQLQJVHQOLJDVWHRUGHWRFKGHW
VN|QDVWHWDOHWPHGDQ+DQVWMlQDUHLQWHNDQRPIDWWD+RQRPPHGNXQVNDS7LOOLNDlU
GHW +DQV VlQGHEXG VDOOk $OOkKX DOD\KL ZD VDOODP KDU EHNUlIWDW nW +RQRP HOOHU
I|UNODUDW+RQRPYDUDIULLIUnQHQXQGHUUlWWHOVHKDQXQGHUUlWWDWRP+RQRP+DQlU
GHQ NXQQLJDVWH PlQQLVNDQ RP VLQ +HUUH GHQ UnGYlQOLJDVWH VNDSHOVHQ WURYlUGLJDVW
RFKYlOWDOLJDVW
, $OOkKVWDkOkRFK+DQVVlQGHEXGVVDOOk$OOkKXDOD\KLZDVDOODP7DOI|UHNRPPHU
GHQ IXOONRPOLJDVWH NXQVNDSHQ WURYlUGLJKHWHQ RFK GHW \SSHUOLJDVWH I|UW\GOLJDQGHW
6nOHGHVI|UHNRPPHUGHWLQJHQXUVlNWI|UDWWDYYLVDGHWHOOHUWYHNDQI|UDWWDFFHSWHUD
GHW
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
7URQSn$OOkK
$OOWYLKDUQlPQWDQJnHQGH$OOkKVWDkOk(JHQVNDSHUYDUHVLJGHWlUGHWDOMHUDWHOOHU
DOOPlQWEHNUlIWDWHOOHUQHNDWLQQHIDWWDUGHWVRPNRPPHUIUnQYnU+HUUHV%RNRFKYnU
SURIHWV VDOOk $OOkKX DOD\KL ZD VDOODP 6XQQDK HQOLJW GHQ I|UVWnHOVH GHWWD VDPIXQGV
I|UHWUlGDUH9lJOHGQLQJHQV,PkPHURFKGHUDVDQKlQJDUHK|OOVLJWLOO
9DG EHWUlIIDU GHQQD IUnJD DQVHU YL GHW YDUD REOLJDWRULVNW DWW WROND %RNHQV RFK
6XQQDKQVWH[WHURUGDJUDQWRFKDWWWURSnGHPVRPYHUNOLJDRFKDWWGHHQEDUWSDVVDU
$OOkKD]]DZDGMDOO
9LDYVYlURVVIUnQGHPlQQLVNRUVRPKDUHQDYYLNDQGHVWlOOQLQJWLOOGHP'HKDUWRONDW
GHP Sn HWW DQQDW VlWW lQ GHW VlWW $OOkK RFK +DQV VlQGHEXG VDOOk $OOkKX DOD\KL ZD
VDOODPDYVnJ
/LNDVnDYVYlUYLRVVIUnQGHPlQQLVNRUVRPKDUI|UQHNDWGHPIUnQGHQEHW\GHOVH$OOkK
RFK+DQVVlQGHEXGVDOOk$OOkKXDOD\KLZDVDOODPKDUDYVHWW
'HVVXWRPDYVYlUYLRVVIUnQGHPlQQLVNRUVRPKDUWRONDWGHPSnHWW|YHUVNULGDQGH
VlWWRFKSnVnVlWWDQWLQJHQMlPI|UWGHPHOOHUI|UHVWlOOWVLJGHP
9LYHWPHGDOOYLVVKHWDWWDOOWVRPILQQVL$OOkKVWDkOk%RNRFK+DQVSURIHWVVDOOk
$OOkKXDOD\KLZDVDOODP6XQQDKlUVDQQLQJXWDQQnJUDPRWVlJHOVHU
bJQDUGHLQJHQHIWHUWDQNHnW4XU
kQHQ"'HVNXOOHVlNHUWKDIXQQLWPnQJDPRWVlJHOVHULGHQRP
GHQLQWHYDULWIUnQ$OOkK
$WWGHWI|UHNRPPHUPRWVlJHOVHUGlULIRUGUDUDWWYLVVDYHUVHUDQNODJDUDQGUDI|UO|JQ
² RFKGHWWDlUYDUNHQP|MOLJWL$OOkKVWDkOkHOOHUSURIHWHQVXQGHUUlWWHOVHVDOOk$OOkKX
DOD\KL ZD VDOODP 'HQ VRP SnVWnU DWW GHW I|UHNRPPHU PRWVlJHOVHU L $OOkKV WDkOk
%RN HOOHU L +DQV VlQGHEXGV VDOOk $OOkKX DOD\KL ZD VDOODP 6XQQDK J|U GHW HQEDUW
XWDY HQ RQG DYVLNW RFK I|U DWW KDQ KDU HWW DYYLNDQGH KMlUWD 'lUI|UlU KDQnODJG DWW
nQJUDVLJLQI|U$OOkKWDkOkRFKYlQGDVLQV\QGU\JJHQ
'HQ VRP GlUHPRW LQELOODQGH InU I|U VLJ DWW GHW I|UHNRPPHU PRWVlJHOVHU L $OOkKV
WDkOk%RN+DQVVlQGHEXGVVDOOk$OOkKXDOD\KLZDVDOODP6XQQDKHOOHUPHOODQGHP
EnGD J|U GHW DQWLQJHQ XWDY NQDSS NXQVNDS EULVWIlOOLJ I|UVWnHOVH HOOHU RWLOOUlFNOLJW
EHJUXQGDQGH6nOHGHVE|UHQOLNQDQGHSHUVRQV|NDHIWHUNXQVNDSRFKIXQGHUDGMXSDUH
Vn DWW VDQQLQJHQNODUJ|UV I|U KRQRP 2PGHW Gn LQWH NODUJ|UV I|UKRQRP VNDOOKDQ
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
I|UDIUnJDQYLGDUHWLOOVLQOlUDUHDYVWnIUnQVLQDLQELOOQLQJDURFKVlJDGHWGHPHGGMXSW
URWDGNXQVNDSVlJHU
9LWURUSnGHWDOOWlUIUnQYnU+HUUH
'lUWLOO E|U KDQ YHWD DWW %RNHQ RFK 6XQQDK lU WRPPD Sn PRWVlJHOVHU RFK DWW GHW
YDUNHQI|UHNRPPHUPRWVlJHOVHUHOOHUROLNKHWHUPHOODQGHP
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
7URQSnbQJODUQD
9LWURUSn$OOkKVWDkOklQJODURFKDWWGHlU
+DQVWMlQDUHVRP+DQKDUEHYLVDWVWRUKHGHUGHWDODULQWHI|UUlQ+DQWDODURFKGHKDQGODUQlU
+DQEHIDOOHU
$OOkKWDkOkKDUVNDSDWGHPRFKGHG\UNDURFKO\GHU+RQRPXQGHUNDVWDW
'HKnOOHUVLJLQWHI|UJRGDDWWWMlQD+RQRPRFKGHI|UWU|WWDVLQWH'HSULVDU+RQRPQDWWRFKGDJ
XWDQDWWPDWWDV
$OOkKKDUGROWGHPI|URVVRFKGlUI|UNDQYLLQWHVHGHP'lUHPRWlUGHWP|MOLJWDWW
QnJRQ DY WMlQDUQD KDU VHWW GHP 7 H[ VnJ SURIHWHQ VDOOk $OOkKX DOD\KL ZD VDOODP
'MLEUvO DOD\KLVVDOkP L KDQV YHUNOLJD VNHSQDG +DQ KDGH VH[KXQGUD YLQJDU VRP
WlFNWH KHOD KRULVRQWHQ c DQGUD VLGDQ IUDPVWRG KDQ L HQ PlQVNOLJ VNHSQDG QlU KDQ
XSSHQEDUDGH VLJ I|U 0DU\DP +RQ WDODGH PHG KRQRP RFK KDQ WDODGH PHG KHQQH
'HVVXWRP NRP KDQ HQ JnQJ WLOO SURIHWHQ VDOOk $OOkKX DOD\KL ZD VDOODP RFK KDQV
I|OMHVODJDUHLHQPlQVNOLJJHVWDOW'HYLVVWHLQWHYHPKDQYDUKDQEHVDWWLQJDWHFNHQ
VRP W\GGH Sn DWW KDQ YDU UHVDQGH RFK KDQ KDGH P\FNHW YLWD NOlGHU RFK HWW P\FNHW
VYDUW KnU +DQ VDWWH VLJ YLG SURIHWHQ VDOOk $OOkKX DOD\KL ZD VDOODP SODFHUDGH VLQD
NQlQYLGSURIHWHQVVDOOk$OOkKXDOD\KLZDVDOODPRFKVDWWHVLQDKDQGIODWRUSnKDQV
OnU+DQWDODGHPHGSURIHWHQVDOOk$OOkKXDOD\KLZDVDOODPRFKSURIHWHQVDOOk$OOkKX
DOD\KLZDVDOODPWDODGHPHGKRQRP'lUHIWHUEHUlWWDGHSURIHWHQVDOOk$OOkKXDOD\KL
ZDVDOODPI|UVLQDI|OMHVODJDUHDWWPDQQHQYDU'MLEUvO
9LWURUSnDWWlQJODUQDlUnODJGDROLNDKDQGOLQJDU
'MLEUvOKDUDQVYDUI|UDWWVWLJDQHGPHGXSSHQEDUHOVHQIUnQ$OOkKWLOOGHQSURIHWRFK
GHWVlQGHEXG+DQYLOO
0vNk
vOKDUDQVYDUI|UUHJQRFKYl[WOLJKHW
,VUkIvO KDU DQVYDU I|U DWW EOnVD L KRUQHW QlU GHW lU GDJV I|U 0HGYHWVO|VKHWHQ RFK
8SSVWnQGHOVHQ
'|GVlQJHOQKDUDQVYDUI|UDWWWDPlQQLVNRUQDVVMlODUQlUG|GV|JRQEOLFNHQlULQQH
%HUJVlQJHOQKDUDQVYDUI|UEHUJHQ
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
bQJHOQ0kOLNlU(OGHQVYlNWDUH
'HW I|UHNRPPHU lYHQ lQJODU VRP KDU DQVYDU I|U IRVWUHQ L PRGHUOLYHQ 6RPOLJD KDU
DQVYDU I|U DWW VN\GGD PlQQLVNRUQDV OLY PHGDQ DQGUD KDU DQVYDU I|U DWW VNULYD QHG
GHUDVKDQGOLQJDUW\YDUMHSHUVRQKDUWYnlQJODU
1lUGHWYnVNULYDUQDVNULYHUVLWWDQGHSnK|JHURFKYlQVWHUVLGDNRPPHULQWHHWWRUG|YHUKHQQHV
OlSSDUXWDQDWWHQ|YHUYDNDUHlUKRVKHQQH
/LNDVnILQQVGHWlQJODUVRPKDUDQVYDUI|UDWWI|UK|UDGHQG|GH(IWHUDWWGHQDYOLGQH
KDUNRPPLWWLOOUlWWDLVLQXQGHUMRUGLVNDERQLQJNRPPHUWYnlQJODUIUDPWLOOKRQRP
RFKIUnJDUKRQRPRPKDQV+HUUHKDQVUHOLJLRQRFKKDQVSURIHW
$OOkKVWlUNHUGHWURHQGHPHGGHWRUGYDUVVDQQLQJVWnUIDVWLGHQQDYlUOGRFKLHYLJKHWHQPHQGH
RUlWWIlUGLJDOnWHU+DQJnYLOVH²$OOkKJ|UYDG+DQYLOO
9LVVDlQJODUKDUDQVYDUI|USDUDGLVHWVLQYnQDUH
2FKlQJODUQDNRPPHUHPRWGHPIUnQDOODSRUWDU>RFKYlONRPQDUGHP@·)UHGPHGHUI|UHUW
WnODPRGRFKHUXWKnOOLJKHW·
3URIHWHQVDOOk$OOkKXDOD\KLZDVDOODPKDUXQGHUUlWWDWRPDWWLGHW%HERGGDKXVHWL
KLPOHQJnURFKLHQDQQDQYHUVLRQI|UUlWWDUE|QHQVMXWWLRWXVHQlQJODULQRFKLQJHQ
DYGHPnWHUYlQGHUQnJRQVLQLJHQ
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
7URQSn6NULIWHUQD
9L WURU Sn DWW $OOkK WDkOk KDU XSSHQEDUDW E|FNHUQD I|U VlQGHEXGHQ VRP HWW
DUJXPHQWPRWVNDSHOVHUQDRFKVRPHWWDUJXPHQWI|UGHWURHQGH0HGKMlOSDYGHP
OlUGHGHPYLVKHWHQRFKUHQDUGHP
9LWURUSnDWW$OOkKWDkOkKDUXSSHQEDUDWHQERNI|UVDPWOLJDVlQGHEXG+DQWDkOk
VDGH
9LVlQGH9nUDSURIHWHUPHGNODUDEHYLVRFKPHGGHPVlQGH9L6NULIWHQRFKHQ9nJI|UDWW
PlQQLVNRUQDVNDOOKDQGODUlWWYLVW
$YGHVVDE|FNHUNlQQHUYLWLOOI|OMDQGH
7DZUkW VRP $OOkK WDkOk XSSHQEDUDGH I|U 0Vk VDOOk $OOkKX DOD\KL ZD VDOODP
7DZUkWlULVUDHOHUQDVVW|UVWDERN
9LKDUXSSHQEDUDW7DZUkWPHGYlJOHGQLQJRFKOMXV3URIHWHUQDVRPXQGHUNDVWDGHVLJ$OOkKVYLOMD
G|PGHSnGHVVJUXQGYDOPHOODQMXGDUQDRFKGHUDVVNULIWOlUGHRFKUDEELQHUHIWHUVRPGHKDGH
DQI|UWURWWVDWWYDND|YHUGHWVRP$OOkKKDGHXSSHQEDUDWRFKYLWWQDRPGHQ
,QGMvOVRP$OOkKWDkOkXSSHQEDUDGHI|UÍVkVDOOk$OOkKXDOD\KLZDVDOODP'HQ
EHNUlIWDURFKNRPSOHWWHUDU7DZUkW
9LVNlQNWHKRQRP,QGMvOVRPJDYYlJOHGQLQJRFKOMXVRFKEHNUlIWDGHGHWVRPlQQXEHVWRGDY
7DZUkW²GlUIDQQVYlJOHGQLQJRFKI|UPDQLQJWLOOGHJXGIUXNWLJD
2FKI|UDWWI|UNODUDWLOOnWHWQnJRWDYGHWVRPDUI|UEMXGHWI|UHU
=DEUVRP$OOkKWDkOkJDYWLOO'kZGVDOOk$OOkKXDOD\KLZDVDOODP
,EUkKvPVRFK0VkVDOD\KLPkVVDOkPVNULIWHU
'HQ 9lOGLJD 4XU
kQHQ VRP $OOkK WDkOk XSSHQEDUDGH I|U GHQ VLVWH SURIHWHQ
0XKDPPDGVDOOk$OOkKXDOD\KLZDVDOODP
,YLONHQYlJOHGQLQJHQNODUJ|UVRFKHWWNULWHULXPJHV
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
9LKDUXSSHQEDUDW4XU
kQHQI|UGLJPHGVDQQLQJHQVRPEHNUlIWDUGHWVRPEHVWnUDYXSSHQEDUDGH
6NULIWHURFKYDUVXSSJLIWGHWlUDWWYDND|YHUGHW
$OOkK DYVNDIIDGH DOOD GH WLGLJDUH E|FNHUQD PHG 4XU
kQHQ RFK I|UHWRJ 6LJ DWW EHYDUD
GHQIUnQGHREHWlQNVDPPDVOlWWVLQQHQRFKI|UIDOVNDUQDVDYYLNHOVHU
'HWlU9LVRPKDUXSSHQEDUDW3nPLQQHOVHQVWHJI|UVWHJRFK9LVNDOOKHOWYLVVWVOnYDNWRPGHQ
'HQ NRPPHU DWW I|UEOL IUDP WLOO 'RPHGDJHQ I|U DWW YDUD HWW DUJXPHQW PRW KHOD
VNDSHOVHQ
, IUnJD RP GH WLGLJDUH 6NULIWHUQD lU GH WLOOIlOOLJD RFK DYVNDIIDV Gn HQ 8SSHQEDUHOVH
VRP DYVNDIIDU GHP RFK NODUOlJJHU YDG VRP KDU I|UYUlQJWV L GHP XSSHQEDUDV 7LOO
I|OMG GlUDY KDU GH LQWH YDULW VN\GGDGH DY +RQRP RFK KDU Sn Vn VlWW GUDEEDWV DY
I|UYDQVNQLQJDUWLOOlJJRFKDYGUDJ
%ODQGMXGDUQDILQQVGHVRPI|UYUlQJHUXSSHQEDUHOVHQVRUGRFKEU\WHUXWGHPXUVLWWVDPPDQKDQJ
2O\FNOLJDGHVRPPHGVLQDKlQGHUVNULYHUQHGVNULIWHQRFKSnVWnUDWWGHWlUIUnQ$OOkKI|UDWW
GlUPHGXSSQnHQ\QNOLJYLQVW9HGHPSnJUXQGDYGHWVRPGHUDVKlQGHUKDUVNULYLWQHGRFKSn
JUXQGDYYDGGHYXQQLW
6lJ·9HPVlQGHGHQXSSHQEDUHOVHVRP0VkPHGI|UGHVRPHWWOMXVRFKHQYlJOHGQLQJI|U
PlQQLVNRUQD"1LVNULYHUDYGHQSnDUNVRPQLYLVDUXSSVDPWLGLJWVRPQLG|OMHUP\FNHW·
%ODQGGHPILQQVKHOWYLVVWGHVRPOLQGDUVLQDWXQJRURP6NULIWHQI|UDWWQLVNDOOWURDWWGHlU
KlPWDGHXU6NULIWHQIDVWlQGHLQWHlUKlPWDGHXU6NULIWHQRFKGHVlJHU·'HWWDlUIUnQ$OOkK·
IDVWlQGHWLQWHlUIUnQ$OOkK2FKVnVlJHUGHRP$OOkKPRWElWWUHYHWDQGHGHWVRPLQWHlUVDQW'HW
WLOONRPPHULQWHHQPlQQLVNDVRP$OOkKKDUJHWWXSSHQEDUHOVHQVJnYDRFKYLVGRPRFKNDOODWWLOO
SURIHWGlUHIWHUVNXOOHVlJDWLOOPlQQLVNRUQD·7LOOEHPLJYLGVLGDQDY$OOkK·1HM·%OL$OOkKV
KlQJLYQDWMlQDUHVRPXQGHUYLVDURFKI|UGMXSDUVLQHJHQNXQVNDSL6NULIWHQ·
%RNHQVIRONHWWVlQGHEXGIUnQ2VVKDUNRPPLWWLOOHUVRPNODUJ|UI|UHUP\FNHWDYGHWRPQLKDU
GROW
'HKlGDUVRPVlJHU·$OOkKlU0HVVLDV0DU\DPVVRQ·
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
7URQSn6lQGHEXGHQ
9LWURUSnDWW$OOkKWDkOkKDUVNLFNDWVlQGHEXGWLOO6LQDVNDSHOVHU
6lQGHEXGVRPI|UGHPHGVLJHWWJODWWEXGVNDSRPKRSSRFKYDUQDQGHRUGI|UDWWPlQQLVNRUQDHIWHU
VlQGHEXGHQLQWHVNDOONXQQDVN\OODSnQnJRWLQI|U$OOkK$OOkKlUDOOVPlNWLJYLV
9L WURU Sn DWW GHQ I|UVWH DY GHP YDU 1K RFK DWW GHQ VLVWH YDU 0XKDPPDG VDOOk
$OOkKXDOD\KLPZDVDOODP
9LKDUJHWWGLJ9nUXSSHQEDUHOVHOLNVRP9LJDY1KRFKGHSURIHWHUVRPI|OMGHKRQRP9nU
XSSHQEDUHOVH
7URHQGH0XKDPPDGlULQWHIDGHUWLOOQnJRQDYHUPlQ+DQlU$OOkKVVlQGHEXGRFK
SURIHWOlQJGHQVVLJLOO
'HQ IUlPVWH DY GHP lU 0XKDPPDG GlUHIWHU ,EUkKvP GlUHIWHU 0Vk GlUHIWHU 1K
RFKGlUHIWHUÍVk0DU\DPVRQ'HVlUVNLOMVL+DQVWDkOk2UG
2FK9LKDUWDJLWO|IWHDYSURIHWHUQD²DYGLJRFKDY1KRFK,EUkKvPRFK0VkRFKÍVk
0DU\DPVVRQ²MD9LWRJHQK|JWLGOLJI|UVlNUDQDYGHP
9L WURU Sn DWW 0XKDPPDGV ODJVWLIWQLQJ LQQHIDWWDU DOOW JRWW VRP I|UHNRPPHU L GHVVD
XWPlUNWDVlQGHEXGVODJVWLIWQLQJDU+DQWDkOkVDGH
+DQKDUI|UHVNULYLWI|UHUVDPPDWURVRP+DQDQEHIDOOGH1K²GHWWDKDU9LXSSHQEDUDWI|UGLJ
² RFKVRP9LDQEHIDOOW,EUkKvPRFK0VkRFKÍVkQlPOLJHQDWWKnOODIDVWYLGWURQRFKDWWDOGULJ
WLOOnWDV|QGULQJ
9L WURU Sn DWW VDPWOLJD VlQGHEXG lU VNDSDGH PlQQLVNRU 'H LQQHKDU LQJD VRP KHOVW
JXGRPOLJDHJHQVNDSHU$OOkKWDkOkVDGHRPGHQI|UVWHDYGHP1K
-DJVlJHULQWHHUDWWMDJKDU$OOkKVVNDWWHURFKMDJNlQQHULQWHGHWVRPlUGROW-DJVlJHULQWHKHOOHU
DWWMDJlUHQlQJHO
6lJ·-DJVlJHULQWHWLOOHUDWWMDJKDU$OOkKVVNDWWHURFKMDJNlQQHULQWHGHWVRPlUGROW,QWHKHOOHU
VlJHUMDJWLOOHU·6HMDJlUHQlQJHO··
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
6lJ·-DJNDQLQWHXSSQnI|UPnQHUI|UPLJVMlOYHOOHUDYYlUMDHWWRQW²LQJHQWLQJXWRPGHWVRP
$OOkKYLOO·
6lJ·-DJKDULQJHQPDNW|YHUHURFKNDQLQWHYnOODHUVNDGDLQWHKHOOHUI|UPnHUDWWI|OMDGHQUDND
YlJHQ·6lJ·,QJHQNDQVN\GGDPLJPRW$OOkKRFKMDJNDQLQWHKHOOHUILQQDHQWLOOIO\NWXQGDQ
+RQRP·
9L WURU Sn DWW GH lU $OOkKV WMlQDUH VRP $OOkK WDkOk KDU KHGUDW PHG DWW OnWD GHP
I|UNXQQDEXGVNDS+DQKDUEHVNULYLWGHPVRPGHPHVWXSSK|MGDWMlQDUQDRFKOLNDVn
KDU+DQSULVDWGHP+DQVDGHRPGHQI|UVWHDYGHP1K
7DJLQJHQDQQDQlQ0LJWLOOEHVN\GGDUHQLlWWOLQJDUWLOOGHPVRP9LUlGGDGHWLOOVDPPDQVPHG
1K+DQYDUHQWDFNVDPWMlQDUH
+DQVDGHRPGHQVLVWHDYGHP0XKDPPDGVDOOk$OOkKXDOD\KLZDVDOODP
9lOVLJQDGYDUH+DQVRPVWHJI|UVWHJKDUXSSHQEDUDWI|U6LQWMlQDUHNULWHULXPHWVRPVNDOOWMlQD
VRPHQYDUQLQJI|UDOODIRON
7LOOLNDVDGH+DQRPDQGUDVlQGHEXG
2FKPLQQV9nUDWMlQDUH,EUkKvPRFK,VKkTRFK<DTEVWDUNDLDQGHQRFKNODUV\QWD
2FKPLQQV9nUWMlQDUH'kZGVWDUNWLOONURSSRFKVMlO
2FK9LVNlQNWH'kZG6XOD\PkQ²HQYHUNOLJWMlQDUH
'HVVXWRPVDGH+DQRPÍVk0DU\DPVVRQ
+DQYDULQJHQWLQJDQQDWlQWMlQDUHVRP9LYlOVLJQDWPHG9nUDJnYRURFKJMRUGHWLOOHQI|UHELOG
I|U,VUDHOVEDUQ
9L WURU Sn DWW $OOkK WDkOk IXOOERUGDGH EXGVNDSHQ PHG 0XKDPPDGV VDOOk $OOkKX
DOD\KL ZD VDOODP EXGVNDS +DQ VlQGH KRQRP WLOO VDPWOLJD PlQQLVNRU +DQ WDkOk
VDGH
6lJ·0lQQLVNRUMDJlU$OOkKVVlQGHEXGWLOOHUDOODDY+RQRPVRPlJHUKHUUDYlOGHW|YHUKLPODUQD
RFKMRUGHQ'HWILQQVLQJHQJXGXWRP+DQ+DQVRPVNlQNHUOLYRFKVlQGHUG|G7URGlUI|USn
$OOkKRFK+DQVVlQGHEXGGHQROlUGHSURIHWHQVRPWURUSn$OOkKRFK+DQVRUGRFKI|OMKRQRPVn
DWWQLInUYlJOHGQLQJ·
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
9L WURU Sn DWW KDQV VDOOk $OOkKX DOD\KL ZD VDOODP ODJVWLIWQLQJ lU GHQ ,VOkPLVND
UHOLJLRQHQVRP$OOkKWDkOkYLOODWWDOODWMlQDUHVNDOOKnOODVLJWLOO$OOkKWDkOkJRGWDU
LQJHQDQQDQUHOLJLRQlQGHQ+DQWDkOkVDGH
)|U$OOkKlUUHOLJLRQHQ,VOkP
'HQQDGDJKDU-DJIXOOERUGDWGHWUHOLJL|VDUHJHOYHUNHWI|UHURFKVNlQNWHU0LQYlOVLJQHOVHLIXOODVWH
PnWW-DJKDUEHVOXWDWDWW,VOkPVNDOOYDUDHUUHOLJLRQ
2QQnJRQYLOODQWDHQUHOLJLRQVRPLQWHlU,VOkPNRPPHUGHWWDDWWYlJUDVKRQRPRFKLQlVWDVNDOO
KDQVWnEODQGI|UORUDUQD
9L DQVHU DWW GHQ VRP SnVWnU DWW $OOkK JRGWDU QnJRQ DQQDQ UHOLJLRQ lQ ,VOkP W H[
MXGHQGRPHQHOOHUNULVWHQGRPHQlURWURJHQ(QVnGDQSHUVRQVNDOODQWLQJHQnQJUDVLJ
HOOHUDYUlWWDVI|UDYIDOOW\KDQKDUDQNODJDW4XU
kQHQI|UO|JQ
9LDQVHUDWWGHQVRPI|UQHNDU0XKDPPDGVVDOOk$OOkKXDOD\KLZDVDOODPEXGVNDS
KDUI|UQHNDWVDPWOLJDVlQGHEXGLQNOXVLYHVlQGHEXGHWKDQVlJVWURSnRFKI|OMD+DQ
WDkOkVDGH
1KVIRONEHVN\OOGHVlQGHEXGHQI|UO|JQ
+DQ VDGH DWW GH EHVN\OOGH VDPWOLJD VlQGHEXG I|U O|JQ IDVWlQ DWW 1K lU GHW I|UVWD
VlQGHEXGHW
'HVRPI|UQHNDU$OOkKRFK+DQVVlQGHEXGRFKYLOOVNLOMDPHOODQ$OOkKRFK+DQVVlQGHEXGRFK
VlJHU·9LWURUSnQnJUDPHQDYYLVDUDQGUD·RFKI|UV|NHUJnHQPHGHOYlJ²GHVVDPlQQLVNRUlU
VDQQDRWURJQDRFKI|UI|UQHNDUQDKDU$OOkKLEHUHGVNDSHWWI|UQHGUDQGHVWUDII
9LWURUSnDWWGHWLQWHNRPPHUQnJRQSURIHWHIWHU$OOkKVVlQGHEXG0XKDPPDGVDOOk
$OOkKXDOD\KLZDVDOODP'HQVRPGnVlJHUVLJYDUDSURIHWHIWHUKRQRPHOOHUWURUSn
QnJRQVRPNRPPHUPHGHWWVnGDQWSnVWnHQGHlURWURJHQW\KDQKDUEHVN\OOW$OOkK
+DQVVlQGHEXGRFK0XVOLPHUQDVVDPVWlPPLJKHWI|UO|JQ
9LWURUSnDWWSURIHWHQVDOOk$OOkKXDOD\KLZDVDOODPHIWHUWUlGGHVDYUHQOlULJDNDOLIHU
'HHIWHUWUlGGHKRQRPRFKOHGGHKDQVVDPIXQGPHGNXQVNDSSURSDJDQGDRFKPDNW
RFKDXNWRULWHW|YHU0XVOLPHUQD'HQIUlPVWHDYGHPlU$E%DNUDV6LGGvT+DQKDU
PHVW UlWW WLOO NDOLIDWHW 'lUHIWHU NRPPHU 8PDU ELQ DO.KDWWkE 8WKPkQ ELQ $IIkQ
RFK$OvELQ$Ev7kOLEUDGKL\D$OOkKXDQKXP
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
3n VDPPD VlWW VRP GH EHVDWW I|UWUlIIOLJKHWHU EHVDWW GH lYHQ I|UPnJDQ DWW VW\UD
NDOLIDWHW$OOkKWDkOk²RFK+DQKDUHQYlOGLJYLVKHW²VNXOOHDOGULJKDOnWLWHQYLVV
PDQ OHGD GH ElVWD JHQHUDWLRQHUQD RP GHW I|UHNRPPHU QnJRQ VRP lU IUlPUH RFK
OlPSOLJDUHlQKRQRPLDWWOHGDNDOLIDWHW
9LWURUlYHQSnDWWQnJRQDYGHVVDSHUVRQHUNDQYDUDXWPlUNWPHGHQYLVVXWPlUNHOVH
VRPKDQlUElWWUHLlQGHQVRPlUElWWUHlQKRQRPJHQHUHOOWVHWW'RFNEHW\GHULQWH
GHWDWWKDQI|UWMlQDUHQDEVROXWI|UWUlIIOLJKHW|YHUKRQRPKDQKDU|YHUWUlIIDWW\GHW
I|UHNRPPHUPnQJDIUnJRUVRPIRUGUDUI|UWUlIIOLJKHW
9LWURUSnDWWGHWWDVDPIXQGlUGHWIUlPVWDRFKlGODVWHVDPIXQGHWL$OOkKVD]]DZD
GMDOOgJRQ+DQWDkOkVDGH
1LXWJ|UGHWElVWDVDPIXQGVRPInWWXSSVWnI|UPlQQLVNRUQDQLDQEHIDOOHUGHWVRPlUUlWWRFK
I|UEMXGHUGHWVRPlURUlWWRFKQLWURUSn$OOkK
9LWURUSnDWWGHWWDVDPIXQGVIUlPVWDPlQQLVNRUlUI|OMHVODJDUQDGlUHIWHUHIWHUI|OMDUQD
RFKGlUHIWHUHIWHUI|OMDUQDVHIWHUI|OMDUH
9LWURUSnDWWGHWDOOWLGNRPPHUDWWILQQDVHQJUXSSIUnQGHWWDVDPIXQGVRPVHJUDQGH
lUXSSUlWWDWSnVDQQLQJHQ'HVNDGDVYDUNHQDYGHPVRPI|UVDNDUGHPHOOHUPRWVlWWHU
VLJGHPWLOOGHVVDWW$OOkKVD]]DZDGMDOOEHRUGULQJNRPPHU
9LDQVHUDWWGHSUREOHPVRPXSSVWRGEODQGI|OMHVODJDUQDlJGHUXPSJDXSSIDWWQLQJDU
GHWURGGHYDUNRUUHNWD'HQVRPKDGHUlWWInUWYnEHO|QLQJDUPHGDQGHQVRPKDGHIHO
InUHQEHO|QLQJRFKHWWI|UOnWHWIHO
9LlUDYGHQnVLNWHQDWWPDQVNDOOKnOODW\VWRPGHUDVIHO'lUI|UQlPQHUYLGHPHQEDUW
SnHWWEHU|PYlUWRFKILQWVlWWGHI|UWMlQDU9LKnOOHUYnUDKMlUWDQUHQDIUnQDWWK\VDDJJ
RFKKDWPRWGHP+DQWDkOkVDGH
'HEODQGHUVRPVNlQNWHRFKNlPSDGHI|UH(U|YULQJHQNDQLQWHMlPVWlOODVRFKVWnUHWWVWHJK|JUH
lQGHQVRPVNlQNWHRFKNlPSDGHHIWHUnWlYHQRP$OOkKKDUORYDWGHPDOODGHWK|JVWDJRGD
/LNDVnVDGH$OOkKWDkOkRPRVV
'HVRPNRPPHUHIWHUGHPEHU·+HUUHJHRVV'LQI|UOnWHOVHRFKI|UOnWYnUDEU|GHUVRPJnWWI|UHRVVL
WURQRFKOnWLQWHRYLOMDPRWGHWURHQGHEOLNYDULYnUDKMlUWDQ+HUUH'X|PPDUIXOODY
EDUPKlUWLJKHW·
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
7URQSn'RPHGDJHQ
9LWURUSnGHQ<WWHUVWDGDJHQVRPlU'RPHGDJHQ'HWNRPPHULQWHDWWILQQDVQnJRQ
GDJHIWHUGHQGDJHQ'HQGDJHQNRPPHUPlQQLVNRUQDDWWnWHUXSSVWnOHYDQGHI|UHWW
HYLJWOLY'HUDVVOXWJLOWLJDERQLQJNRPPHUDQWLQJHQYDUDSDUDGLVHWHOOHUKHOYHWHW
9LWURUSncWHUXSSVWnQGHOVHQGn$OOkKYlFNHUGHG|GDWLOOOLY'HWWDNRPPHUDWWVNH
QlU,VUkIvOEOnVHULKRUQHWI|UDQGUDJnQJHQ
2FKKRUQVW|WDUVNDOOOMXGDRFKDOODLKLPODUQDRFKSnMRUGHQ²XWRPGHVRP$OOkKYLOO²VNDOOIDOOD
OLYO|VDWLOOPDUNHQbQQXHQKRUQVW|W²RFKGHUHVHUVLJRFKInUVNnGD
0lQQLVNRUQD NRPPHU DWW UHVD VLJ XSS XU VLQD JUDYDU I|U VNDSHOVHUQDV +HUUH 'H
NRPPHUDWWYDUDEDUIRWDGHQDNQDRFKRRPVNXUQD
/LNVRP9LJUHSRVVDQPHGGHQI|UVWDVNDSHOVHQVNDOO9LI|UQ\DGHQ²I|UGHWWDO|IWHERUJDU9L
RFK9LKDUPDNWDWWJ|UDGHW
9L WURU Sn +DQGOLQJVE|FNHUQD 'H NRPPHU DQWLQJHQ DWW GHODV XW L K|JHU KDQG HOOHU
EDNRPU\JJHQLYlQVWHUKDQG
2FKGHQVRPInUWDHPRWVLQERNPHGK|JHUKDQGI|UKRQRPVNDOOUlNHQVNDSHQEOLOlWWRFKKDQ
nWHUYlQGHUPHGJODWWVLQQHWLOOGHVLQD'HQVRPInUWDHPRWVLQERNEDNRPU\JJHQGlUHPRWNRPPHU
DWWE|QIDOODRPDWWI|ULQWDVGlUKDQEULQQHULKHOYHWHWVHOG
2FK9LKDUHEXQGLWYDUMHPlQQLVNDVEHVWlPPHOVHYLGKHQQHVKDOVRFKSn8SSVWnQGHOVHQVGDJVNDOO
9LOlJJDIUDPI|UKHQQHHQERNVRPKRQILQQHUXSSVODJHQ·/lVQXGLQERN,GDJEHK|YVLQJHQ
DQQDQJUDQVNDUHDYUlNHQVNDSHQI|UGLQDKDQGOLQJDUlQGXVMlOY·
9L WURU Sn 9nJVNnODUQD VRP NRPPHU DWW I|UDV IUDP Sn 'RPHGDJHQ RFK DWW LQJHQ
NRPPHUDWWEHKDQGODVRUlWWYLVW
2FKGHQVRPKDUJMRUWVnOLWHWVRPHWWVWRIWNRUQVYLNWDYVNDOOVHGHWRFKGHQVRPKDUJMRUWVnOLWHW
VRPHWWVWRIWNRUQVYLNWDYRQWVNDOOVHGHW
9LQQDUQDlUGHYDUV>JRGDKDQGOLQJDU@YlJHUWXQJWLYnJVNnOHQRFKGHYDUV>JRGDKDQGOLQJDU@YlJHU
OlWWLYnJVNnOHQlUI|UORUDUQDVRPKDUI|UYHUNDWVLQDVMlODUGHVNDOOI|UEOLLKHOYHWHWWLOOHYLJWLG'lU
VNDOOGHUDVDQVLNWHQVYHGDVDY(OGHQRFKGHUDVDQOHWVGUDJI|UYULGDVLHQJULPDV
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
'HQVRPI|UPHGVLJHQJRGKDQGOLQJVNDOOEHO|QDVWLRIDOWPHQGHQVRPI|UPHGVLJHQGnOLJ
KDQGOLQJVNDOOEDUDVWUDIIDVPHGYDGVRPPRWVYDUDUGHQQDKDQGOLQJRFKLQJHQRUlWWVNDOOWLOOIRJDV
GHP
9L WURU Sn GHQ 9lOGLJD PHGOLQJHQ VRP $OOkKV VlQGHEXG VDOOk $OOkKX DOD\KL ZD
VDOODPNRPPHUDWWKDUlWWWLOO(IWHUDWW$OOkKKDUJHWWKRQRPWLOOVWnQGNRPPHUKDQ
DWWPHGODKRV$OOkKI|UDWWGHlQJVOLJDRFKRUROLJDWMlQDUQDVNDOOG|PDV'HNRPPHU
DWWXSSOHYDHWWRXWKlUGOLJWWLOOVWnQG'HNRPPHUI|UVWDWWJnWLOOÇGDPGlUHIWHU1K
GlUHIWHU,EUkKvPGlUHIWHU0VkGlUHIWHUÍVkWLOOGHVVDWWGHWLOOVLVWNRPPHUWLOO$OOkKV
VlQGHEXGVDOOk$OOkKXDOD\KLZDVDOODP
9LWURUSnDWWGHWNRPPHUDWWPHGODVI|UGHWURHQGHVRPKDUInWWKDPQDLKHOYHWHWVn
DWW GH NRPPHU XW XU GHW 'HQQD PHGOLQJ EHVLWWHU SURIHWHQ VDOOk $OOkKX DOD\KL ZD
VDOODPVnYlOVRPDQGUDEODQGSURIHWHUQDGHWURHQGHRFKlQJODUQD
'HVVXWRPWURUYLSnDWW$OOkKNRPPHUDWWWDXWIRONXUKHOYHWHWXWDY6LQ\QQHVWRFK
EDUPKlUWLJKHWRFKLQWHXWDYPHGOLQJ
9L WURU Sn $OOkKV VlQGHEXGV VDOOk $OOkKX DOD\KL ZD VDOODP 'DPP 'HVV YDWWHQ lU
YLWDUHlQPM|ONV|WDUHlQKRQXQJRFKOMXYOLJDUHlQP\VNGRIW'HVVOlQJGRFKEUHGG
PRWVYDUDU HQ PnQDGVOnQJ UHVD 'HVV NRSSDU lU OLND YDFNUD RFK OLND PnQJD VRP
KLPODUQDV VWMlUQRU 'H WURHQGH IUnQ KDQV VDPIXQG VNDOO NRPPD WLOO GHQ 'HQ VRP
GULFNHUXUGHQHQJnQJNRPPHUDOGULJPHUW|UVWDLJHQ
9LWURUSn9lJHQRYDQI|UKHOYHWHW0lQQLVNRUNRPPHUDWWSDVVHUDGHQLHQOLJKHWPHG
VLQD KDQGOLQJDU 'HQ I|UVWH DY GHP NRPPHU DWW SDVVHUD GHQ VRP HQ EOL[W PHGDQ
DQGUDNRPPHUDWWSDVVHUDGHQVRPHQYLQGInJHOHOOHUNDPHO3URIHWHQVDOOk$OOkKX
DOD\KLZDVDOODPNRPPHUDWWVWnSn9lJHQRFKVlJD
6NRQDVNRQD
7MlQDUQDVKDQGOLQJDUNRPPHUDWWDYWDRFKGnNRPPHUYLVVDDWWNRPPDNU\SDQGH3n
9lJHQVNDQWILQQVNURNDUVRPlUEHRUGUDGHDWWGUDQHGGHQGHlUEHIDOOGDDWWGUDQHG
'HQO\FNOLJHNRPPHUDWWYDUDGHQUlGGDGHPHGDQGHQRO\FNOLJHNRPPHUDWWKDPQDL
(OGHQ
9L WURU Sn DOOWLQJ VRPKDUQlPQWVL%RNHQRFK6XQQDKQEHWUlIIDQGHGHQQDGDJRFK
GHVVIDVRU²Pn$OOkKKMlOSDRVVPRWGHP
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
9LWURUSnSU|YQLQJDUQDLJUDYHQ'HLQQHElUDWWGHQG|GHNRPPHUDWWIUnJDVRPVLQ
+HUUHUHOLJLRQRFKSURIHW
$OOkKVWlUNHUGHWURHQGHPHGHWWRUGYDUVVDQQLQJVWnUIDVWLGHQQDYlUOGRFKLOLYHWHIWHUGHWWD
'HQWURHQGHNRPPHUGnDWWVlJD
$OOkKlUPLQ+HUUH,VOkPlUPLQUHOLJLRQRFK0XKDPPDGlUPLQSURIHW
9DGJlOOHUGHQRWURJQHRFKK\FNODUHQNRPPHUGHDWWVlJD
-DJYHWLQWH-DJK|UGHPlQQLVNRUQDVlJDQnJRWRFKGlUI|UVDGHMDJVDPPDVDN
9LWURUSnDWWGHWURHQGHNRPPHUDWWInXSSOHYDO\FNDQLJUDYDUQD
6nEHO|QDU$OOkKGHPVRPIUXNWDU+RQRPGHVRPlUXWDQV\QGGnlQJODUQDLG|GV|JRQEOLFNHW
KlPWDUGHUDVVMlODURFKKlOVDUGHP·)UHGYDUHPHGHU6WLJLQLOXVWJnUGHQI|UHUDKDQGOLQJDU·
9LWURUSnDWWGHRUlWWIlUGLJDRWURJQDNRPPHUDWWInVWUDIIDVLJUDYDUQD
2PGXNXQGHVHGHRUlWWIlUGLJDQlUGHOLJJHUI|UG|GHQRFKlQJODUQDVWUlFNHUXWKlQGHUQD>PRW
GHPRFKURSDU@·/nWVMlOHQIDUD,GDJVNDOOQLInOLGDHWWI|UQHGUDQGHVWUDIII|UGHO|JQHUQL\WWUDGH
RP$OOkKRFKI|UDWWQLDYK|JPRGYlJUDGHDWWO\VVQDWLOO+DQVEXGVNDS·
$KkGvWK JlOODQGH GHQQD IUnJD lU PnQJD L DQWDO RFK GH lU NlQGD (Q WURHQGH lU
I|USOLNWLJDG DWW WUR Sn DOOW VRP I|UHNRPPHU L %RNHQ RFK 6XQQDKQ DY GHVVD GROGD
IUnJRUXWDQDWWMlPI|UDGHPPHGYDGKDQVHUKlUSnMRUGHQ'HWWDOLYVIUnJRUNDQLQWH
MlPI|UDVPHGIUnJRUQDLOLYHWHIWHUGHWWDW\VNLOOQDGHQPHOODQGHPEnGDlUVWRU
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
7URQSn)|UXWEHVWlPPHOVHQ
9L WURU Sn I|UXWEHVWlPPHOVHQ GHW JRGD RFK GHW RQGD L GHQ $OOkK KDU I|UXWEHVWlPW
VNDSHOVHUQDV|GHLHQOLJKHWPHGYDG+DQVNXQVNDSKDUI|UHJnWWRFKYDG+DQVYLVKHW
KDUIRUGUDW
)|UXWEHVWlPPHOVHQEHVWnUXWDYI\UDQLYnHU
.XQVNDS 9L WURU Sn DWW $OOkK WDkOk YHW DOOWLQJ 0HG 6LQ HYLJD RFK RlQGOLJD
NXQVNDSYHW+DQYDGVRPKDUYDULWYDGVRPlURFKKXUGHWlU+DQVNXQVNDSI|UQ\DV
LQWHHIWHURNXQQLJKHWRFKLQWHKHOOHUHIWHUWUlGV+DQVNXQVNDSDYJO|PVND
6NULYQLQJ 9L WURU Sn DWW $OOkK WDkOk VNUHY QHG L GHQ %HYDUDGH WDYODQ DOOW VRP
NRPPHUDWWlJDUXPIUDPWLOO'RPHGDJHQ
9LVVWHGXLQWHDWW$OOkKKDUNlQQHGRPRPDOOWLKLPOHQRFKSnMRUGHQ"$OOWGHWWDlULHQERN'HW
NRVWDULQWH$OOkKQnJRQP|GD
9LOMD9LWURUSnDWWDOOWVRPI|UHNRPPHULKLPODUQDRFKSnMRUGHQKDUVNHWWHIWHUDWW
$OOkKWDkOkKDUYHODWGHW,QJHWlJHUUXPXWDQ+DQVYLOMD'HW$OOkKYLOOVNHURFKGHW
+DQLQWHYLOOVNHULQWH
6NDSDQGHW9LWURUSnDWW$OOkKWDkOklU
$OOWLQJVVNDSDUH+DQVW\URFK|YHUYDNDUDOOW1\FNODUQDWLOOKLPODUQDRFKMRUGHQlUL+DQV
+DQG
'HVVD I\UD QLYnHU XWJ|UV DY EnGH GHW $OOkK WDkOk RFK WMlQDUQD J|U $OOkK YHW DOOW
WMlQDUQDVlJHUJ|UHOOHUOlPQDU+DQVNUHYQHGGHWWDKRV6LJWDkOk6MlOYYLOOHGHWRFK
VNDSDGHGHW
7LOOGHPDYHUVRPYLOOI|OMDHQUDNYlJ0HQQLNDQEDUDYLOMDLGHQPnQ$OOkKVNDSHOVHUQDV
+HUUHYLOO
2P$OOkKKDGHYHODWVNXOOHGHLQWHKDVWULGLWPHGYDUDQGUDPHQ$OOkKJ|UYDG+DQYLOO
'HVNXOOHLQWHKDEHJnWWGHVVDKDQGOLQJDURPGHWLQWHKDGHYDULW$OOkKVYLOMDOnWGHPQXKnOODV
PHGVLQDSnIXQG
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
$OOkKKDUVNDSDWEnGHHURFKHUWKDQWYHUN
7URWVGHWWURUYLSnDWW$OOkKWDkOkKDUJLYLWWMlQDUHQIULYLOMDRFKNUDIWI|UDWWNXQQD
KDQGOD
)|OMDQGHEHYLVW\GHUSnDWWWMlQDUHQKDQGODUXWDYIULYLOMDRFKNUDIW
+DQVWDkOk2UG
%HWUlGGlUI|UHUnNHUQlURFKVRPQL|QVNDU
2PGHKDGHYHODWJnVNXOOHGHKHOWVlNHUWKDJMRUWI|UEHUHGHOVHUI|UGHWWD
+DQ EHNUlIWDGH DWW WMlQDUQD NDQ Jn PHG VLQ |QVNDQ RFK J|UD I|UEHUHGHOVHU PHG VLQ
YLOMD
7MlQDUHQEOLUPDQDGWLOOEHIDOOQLQJRFKI|UEXG+DGHKDQYDUNHQLQQHKDYWIULYLOMD
HOOHU NUDIW KDGH KDQ YDULW PDQDG WLOO QnJRW KDQ LQWH I|UPnU DWW XWUlWWD 'HW lU QnJRW
$OOkKVWDkOkYLVKHWEDUPKlUWLJKHWRFKVDQQLQJVHQOLJDXQGHUUlWWDQGHDYYLVDU
$OOkKOlJJHULQWHSnQnJRQHQW\QJUHE|UGDlQKDQNDQElUD
'HQ VRP XWI|U HQ JRG KDQGOLQJ EHU|PV PHGDQ GHQ VRP XWI|U HQ GnOLJ VnGDQ
I|UG|PV %nGDGHUD DYO|QDV Sn GHW VlWW GH I|UWMlQDU +DGH HQ KDQGOLQJ VNHWW XWDQ
WMlQDUHQVIULDYLOMDKDGHGHWYDULWO|QO|VWDWWEHU|PPDGHQVRPXWI|UHQJRGKDQGOLQJ
VDPWRUlWWYLVWDWWI|UG|PDGHQVRPXWI|UHQGnOLJVnGDQ
$OOkKKDUVlQWVlQGHEXGHQ
6lQGHEXGVRPI|UGHPHGVLJHWWJODWWEXGVNDSRPKRSSRFKYDUQDQGHRUGI|UDWWPlQQLVNRUQDHIWHU
VlQGHEXGHQLQWHVNDOONXQQDVN\OODSnQnJRWLQI|U$OOkK
+DGHLQWHWMlQDUHQNXQQDWKDQGODXWDYYDORFKYLOMDVNXOOHKDQVXUVlNWLQWHDOOVKDYDULW
I|UJlYHVHIWHUVlQGHEXGHQ
9DURFKHQVRPKDQGODUHOOHUOlPQDUQnJRWNlQQHUDWWKDQJ|UGHWXWDQWYnQJ+DQ
VWnU VLWWHU JnU LQ JnU XW RFK UHVHU XWDY VLQ HJHQ YLOMD +DQ NlQQHU LQWH DWW QnJRQ
WYLQJDUKRQRPWLOOGHW'lUHPRWVNLOMHUKDQNODUWRFKW\GOLJWPHOODQDWWJ|UDQnJRWXWDY
VLQYLOMDRFKDWWEOLWYLQJDGWLOOQnJRW/LNDVnVNLOMHU/DJVWLIWDUHQPHOODQGHVVDWYnSDUWHU
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
Sn HWW YLVW VlWW (Q WYnQJVXWVDWW SHUVRQ VWUDIIDV LQWH I|U GHW KDQ WYLQJDWV WLOO RP
KDQGOLQJHQI|UNQLSSDVPHG$OOkKVWDkOkUlWWLJKHWHU
9L DQVHU DWW V\QGDUHQ LQWH KDU QnJRQ XUVlNW I|U VLQ V\QG L $OOkKV WDkOk
I|UXWEHVWlPPHOVH(QV\QGDUHV\QGDUPHGVLQIULDYLOMDXWDQDWWYHWDDWW$OOkKWDkOk
KDUI|UEHVWlPWGHWI|UKRQRPW\LQJHQYHWYDG$OOkKWDkOkKDUI|UXWEHVWlPWI|UUlQ
GHQEHVWlPGDKlQGHOVHQlJWUXP
,QJHQYHWYDGPRUJRQGDJHQElULVLWWVN|WH
+XUNDQGHWGnDQVHVYDUDNRUUHNWDWWGHQQDSHUVRQVN\OOHUSnQnJRWKDQVMlOYLQWHYHW
YDGIUnJDQLVLJNRPPHUDWWOHGDWLOO"$OOkKWDkOkKDUXSSKlYWGHWWDDUJXPHQWPHG
6LQD2UG
$YJXGDG\UNDUQDNRPPHUDWWVlJD·2P$OOkKKDGHYHODWVNXOOHYDUNHQYLHOOHUYnUDI|UIlGHUKD
VDWWQnJRQYLG+DQVVLGDRFKYLVNXOOHLQWHKDI|UEMXGLWQnJRW·2FNVnGHUDVI|UHJnQJDUHI|UQHNDGH
WLOOGHVVGHILFNHUIDUD9nUYUHGH6lJ·2PQLKDUNXQVNDSVlJRVVGnYDGQLYHW0HQQLI|OMHU
EDUDO|VDDQWDJDQGHQRFKI|UPRGDU·
9LVlJHUI|OMDQGHWLOOV\QGDUHQVRPVN\OOHUSnI|UXWEHVWlPPHOVHQ
9DUI|U JMRUGH GX LQWH HQ JRG KDQGOLQJ PHG UHVRQHPDQJHW DWW $OOkK WDkOk KDU
I|UXWEHVWlPWGHQnWGLJ"'HWI|UHNRPPHULQJHQVNLOOQDGPHOODQGHQRFKV\QGHQVRP
XWI|UVLRNXQQLJKHWRPGHWI|UXWEHVWlPGDLQQDQGHQlJHUUXP
)|UGHQVNXOOVDGHSURIHWHQVDOOk$OOkKXDOD\KLZDVDOODPWLOOI|OMHVODJDUQDDWWYDURFK
HQKDUInWWVLQSODWVLSDUDGLVHWUHVSHNWLYHKHOYHWHWEHVWlPG'nVDGHGH6NDOOYLGn
LQWHI|UOLWDRVVWLOOGHWRFKVOXWDKDQGOD"'nVYDUDGHKDQ1HMKDQGODI|UVDQQHUOLJHQ
lUDOOWLQJXQGHUOlWWDWnWGHQVRPGHWKDUVNDSDWVnW
'HVVXWRPVlJHUYLWLOOV\QGDUHQVRPVN\OOHUSnI|UXWEHVWlPPHOVHQ
/nW RVV VlJD DWW GX YLOO UHVD WLOO 0DNNDK RFK GHW lU WYn YlJDU VRP OHGHU WLOO GHQ (Q
WURYlUGLJ SHUVRQ EHUlWWDU I|U GLJ DWW GHQ HQD YlJHQ lU RVlNHU RFK VYnU PHGDQ GHQ
DQGUD YlJHQ lU WU\JJ RFK HQNHO 'lUPHG NRPPHU GX DWWWDGHQDQGUDYlJHQ'HWlU
RP|MOLJWDWWGXWDUGHQI|UVWDYlJHQRFKVlJHU'HWlUMXWURWVDOOWEHVWlPWDWWMDJVNDOO
J|UDGHW*|UGXGHWNRPPHUIRONDQVHGLJYDUDJDOHQ
9LVlJHURFNVn
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
/nWRVVVlJDDWWGXEOLUHUEMXGHQWYnROLNDDQVWlOOQLQJDU,GHQHQHDYGHPInUGXK|JUH
O|Q +XU NDQ GX Gn YlOMD DQVWlOOQLQJHQ PHG OlJUH O|QHLQNRPVW RFK VHGDQ VN\OOD Sn
I|UXWEHVWlPPHOVHQ"
'lUWLOOVlJHUYLWLOOKRQRP
9LI|UHVWlOOHURVVDWWGXOLGHUDYHQI\VLVNVMXNGRP'XNQDFNDUSnYDUGRNWRUVG|UU
I|U DWW GH VNDOO EHKDQGOD GLJ 'X KlUGDU PHG VPlUWRUQD HIWHU RSHUDWLRQHQ RFK GH
REHKDJOLJDOlNHPHGOHQ9DUI|UJ|UGXLQWHVDPPDVDNPHGGLWWKMlUWDVRPlUVMXNWDY
V\QGHU"
9LWURUSnDWWRQGVNDLQWHWLOOVNULYV$OOkKWDkOkSJD+DQVIXOONRPOLJDEDUPKlUWLJKHW
RFKYLVKHW3URIHWHQVDOOk$OOkKXDOD\KLZDVDOODPVDGH
2QGVNDQlULQWHIUnQ'LJ
5DSSRUWHUDWDY0XVOLP
6MlOYD$OOkKV WDkOk EHVOXW lUWRPWSnRQGVNDW\GHWKlUU|UIUnQEDUPKlUWLJKHWRFK
YLVKHW 'lUHPRW NDQ RQGVNDQ I|UHNRPPD L GHW EHVOXWDGH 3URIHWHQ VDOOk $OOkKX
DOD\KLZDVDOODPVDGHLHQE|QKDQOlUGHDO+DVDQ
6N\GGDPLJIUnQRQGVNDQ'XKDUEHVOXWDW
+DQIlVWHDOOWVnRQGVNDQYLG+DQVEHVOXW7URWVGHWlULQWHRQGVNDQLGHWEHVOXWDGHHQ
UHQRFKNODURQGVND,VWlOOHWlUGHQRQGXUHWWSHUVSHNWLYRFKJRGXUHWWDQQDW'HW
NDRVVRPI|UHNRPPHUSnMRUGHQQlUWRUNDVMXNGRPIDWWLJGRPRFKUlGVODEU\WHUXW
lURQWPHQGHWlUOLNDVnJRWWXUHWWDQQDWSHUVSHNWLY$OOkKWDkOkVDGH
2UGQLQJHQKDUI|UVW|UWVRFKI|UGlUYKDUYLVDWVLJSnIDVWDODQGRFKLKDYHWDOOWYHUNDY
PlQQLVNRKDQGI|UDWW+DQVNDOOOnWDGHPNlQQDSnQnJUDDYGHUDVKDQGOLQJDUVnDWWGH
nWHUYlQGHU
$WWKXJJDDYHQWMXYVKDQGHOOHUDWWVWHQDHQKRUNDUOlURQWU|UDQGHJlUQLQJVPlQQHQ
PHQGHWlUEUDI|UGHPPHGWDQNHSnDWWGHUDVV\QGHUI|UOnWV'HNRPPHUQlPOLJHQ
LQWH DWW EOL VWUDIIDGH L GHWWD OLY RFK L OLYHW HIWHU GHWWD /LNDVn lU GHW EUD HIWHUVRP
HJHQGRPDUKHGHURFKVOlNWHQVN\GGDV
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
'HQQDWURVOlUDV)UXNWHU
'HQQDKLPPHOVNDWURVOlUDVRPEHVWnUDYGHVVDYlOGLJDSULQFLSHUJHUGHVVLQQHKDYDUH
PnQJDI|UWUlIIOLJDUHVXOWDW
$WW WUR Sn $OOkK WDkOk RFK +DQV 1DPQ RFK(JHQVNDSHUUHVXOWHUDU WLOO DWW WMlQDUHQ
lOVNDU $OOkK RFK K|JDNWDU +RQRP 'HW IRUGUDU DWW PDQ XSSI\OOHU +DQV EHIDOOQLQJDU
RFK DYVWnU IUnQ +DQV I|UEXG 3n Vn VlWW XSSQnU EnGH LQGLYLGHU RFK VDPKlOOHQ HQ
IXOOlQGDGO\FNDLGHWWDOLYVDPWLOLYHWHIWHUGHWWD
'HQPDQHOOHUNYLQQDVRPJ|UJRWWRFKOHYHUUlWWVNDIIHQVRFKVRPKDUWURQVNDOO9LVNlQNDHWWJRWW
OLYRFK9LVNDOOEHVWlPPDGHUDVEHO|QLQJHIWHUGHUDVElVWDKDQGOLQJDU
7LOOGHUHVXOWDWWURQSnlQJODUQDOHGHUWLOOK|UI|OMDQGH
.XQVNDSRPGHUDV6NDSDUHVWDEkUDNZDWDkOkYlOGLJD6WRUKHW.UDIWRFK0DNW
7DFNVDPKHW PRW +RQRP WDkOk I|U DWW GH WDU KDQG RP +DQV WMlQDUH +DQ KDU
DQI|UWURWW GHVVD lQJODU PHG DWW VN\GGD GHP VNULYD QHG GHUDV KDQGOLQJDU RFK DQGUD
JDJQDQGHIUnJRU
.lUOHN I|U lQJODUQD SJDGHQG\UNDQGHlJQDU$OOkKWDkOkSnHWWIXOONRPOLJWVlWW
VDPWDWWGHEHURPI|UOnWHOVHI|UGHWURHQGH
7LOOGHUHVXOWDWWURQSn6NULIWHUQDOHGHUWLOOK|UI|OMDQGH
.XQVNDS RP $OOkKV WDkOk EDUPKlUWLJKHW RFK DWW +DQ WDU KDQG RP 6LQD WMlQDUH
JHQRPDWWKDXSSHQEDUDWHQVNULIWI|UYDUMHVDPIXQGVRPYlJOHGHUGHP
%HYLVSn$OOkKVWDkOkYLVKHWGn+DQLGHVVDVNULIWHUI|UHVNULYHUI|UYDUMHVDPIXQG
GHWVRPSDVVDUGHP'HVVDVNULIWHUVVLVWDERNlUGHQ9lOGLJD4XU
kQHQRFKGHQSDVVDU
VDPWOLJDVNDSHOVHUIUDPWLOO'RPHGDJHQRDYVHWWWLGRFKSODWV
7DFNVDPKHWI|U$OOkKVWDkOk\QQHVW
7LOOGHUHVXOWDWWURQSnVlQGHEXGHQOHGHUWLOOK|UI|OMDQGH
.XQVNDS RP $OOkKV WDkOk EDUPKlUWLJKHW RFK DWW +DQ WDU +DQGRP 6LQD WMlQDUH
JHQRPDWWVlQGDGHPlGODVlQGHEXGI|UYlJOHGQLQJRFKGLUHNWLY
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
7DFNVDPKHWI|UGHQQDYlOGLJD\QQHVW$OOkKWDkOkKDUVNlQNW
$WWSnHWWSDVVDQGHVlWWlOVNDK|JDNWDRFKEHU|PPDVlQGHEXGHQ'HlUWURWVDOOW
HQEDUW $OOkKV WDkOk VlQGHEXG RFK UHQD WMlQDUH 'H KDU G\UNDW +RQRP I|UNXQQDW
+DQVEXGVNDSUnWW+DQVWMlQDUHRFKKlUGDWPHGGHVNDGRUWMlQDUQDKDUYnOODW
7LOOGHUHVXOWDWWURQSnGHQ<WWHUVWDGDJHQOHGHUWLOOK|UI|OMDQGH
$WWLYULJWYDUDO\GLJPRW$OOkKWDkOkPHGPnOHWDWWEHO|QDVSn'RPHGDJHQ
$WWGHQWURHQGHJOlGMHUVLJ|YHURFKVHUIUDPHPRWGHWNRPPDQGHOLYHWVJnYRURFK
QMXWQLQJDUKDQJLFNPLVWHRPLGHWWDOLY
7LOOGHUHVXOWDWWURQSnI|UXWEHVWlPPHOVHQOHGHUWLOOK|UI|OMDQGH
$WW PDQ I|UOLWDU VLJ Sn $OOkK WDkOk QlU QnJRW LQWUlIIDU W\ EnGH RUVDNHQ RFK GHW
RUVDNDGHlUIUnQ$OOkKVWDkOkEHVOXWRFKI|UXWEHVWlPPHOVH
$QGOLJKDUPRQLRFKOXJQWKMlUWD1lUPDQYHWDWWDOOWKDUEHVOXWDWVDY$OOkKWDkOk
RFK DWW GHW I|UDNWDGH YDUWYXQJHWDWWlJDUXPEOLUVMlOHQOlWWDGRFKKMlUWDWEOLUOXJQW
RFK Q|MW PHG +HUUHQV EHVOXW ,QJHQ KDU HWW OMXYOLJDUH OLY OXJQDUH VMlO HOOHU GMXSDUH
KDUPRQLlQGHQVRPWURUSnI|UXWEHVWlPPHOVHQ
$WWPDQLQWHlU|YHUPRGLJRPPDQDQVNDIIDUVLJQnJRWVlUVNLOWW\GHQQDYLQVWlUHQ
JnYDIUnQ$OOkK'lUI|UlUGHW$OOkKVRPVNDOOWDFNDVPHGDQK|JPRGVNDOOXQGYLNDV
$WW PDQ YDUNHQ RURDV HOOHU EHVYlUDV RP PDQ PLVWHU QnJRW VlUVNLOW HOOHU XSSOHYHU
QnJRW RQW $OOW GHW lU HWW EHVOXW IUnQ $OOkK WDkOk KLPODUQDV RFK MRUGHQV +HUUH
%HVOXWHWNRPPHUDWWJnLXSSI\OOHOVHRFKlURP|MOLJWDWWI|UKLQGUDV'lUI|UVNDOOPDQ
KD WnODPRG PHG GHW RFK I|UYlQWD VLJ EHO|QLQJ 'HWWD lU YDG $OOkK DQW\GHU QlU +DQ
WDkOkVlJHU
,QJHQRO\FNDGUDEEDUMRUGHQRFKLQWHKHOOHUHUVMlOYDXWDQDWWGHQI|UWVLQLHQ%RNLQQDQ9LVlWWHU
GHQLYHUNHW'HWWDNRVWDULQWH$OOkKQnJRQP|GD>6nlUGHW@I|UDWWQLLQWHVNDOOV|UMD|YHUGHWVRP
QLKDUJnWWPLVWHRPRFKLQWHKHOOHUMXEODL|YHUPRG|YHUGHWVRP+DQKDUVNlQNWHU$OOkKlOVNDU
LQWHLQELOVNDVNUlYODUH
9LEHU$OOkKWDkOkDWW+DQJ|URVVVWDGLJWXSSUlWWDGHSnGHQQDWURVOlUDVNlQNHURVV
GHVVUHVXOWDWJHURVVPHUDY6LQDJnYRULQWHOnWHUYnUDKMlUWDQIDUDYLOVHVHGDQ+DQKDU
ZZZGDUXOKDGLWKFRP
·$TvGDK$KOLV6XQQDKZDO'MDPk·DK
,PkP0XKDPPDGELQ6kOLKELQ8WKD\PvQ
YlJOHWWRVVVDPWI|UEDUPDU6LJ|YHURVV²VDQQHUOLJHQlU+DQGHQVRPDOOWLGJHU²RFK
ORYRFKSULVWLOONRPPHU$OOkKVNDSHOVHUQDV+HUUH
0n $OOkKV YlOVLJQHOVH RFK IUHG YDUD PHG YnU SURIHW 0XKDPPDG KDQV IDPLOM KDQV
I|OMHVODJDUHRFKGHPVRPI|OMHUGHPLJRGKHW
6NULYHWDY
0XKDPPDGELQ6kOLKELQ8WKD\PvQ
H6KDZZkO+
ZZZGDUXOKDGLWKFRP