Türkiye ve AB`de Bölgesel Kalkınma Programları Yrd.Doç.Dr.Ahmet

Türkiye ve AB`de Bölgesel Kalkınma Programları Yrd.Doç.Dr.Ahmet

7h+×6×Ù+XNXNXYH×NWLVDW'HUJLVL
&LOW6D\Ã
$ÖXVWRV.DVÃP
7h5.×<(9($%
'(%g/*(6(/
.$/.,10$352*5$0/$5,
<DUG'Ro'U$KPHW785*87
1DFL\H$<'(0×5
*×5×Ø
%|OJHOHUDUDVÃ NDONÃQPD IDUNOÃOÃNODUÃQÃQ JLGHULOPHVLQGH E|OJHVHO SODQODPD YH
E|OJHVHONDONÃQPDDMDQVODUÃ\DNODÙÃPÃJHOLÙPLفONHOHUGH\ÃOODUGDQEHULHWNLQELUDUDo
RODUDN NXOODQÃOPÃÙ YH |QHPOL VRQXoODU HOGH HGLOPLÙWLU *HOLÙPHNWH RODQ ELUoRN ONHGH
ROGXÖX JLEL 7UNL\H
GH LVH oHÙLWOL QHGHQOHUOH E|OJHVHO SODQODPD YH E|OJHVHO NDONÃQPD
DMDQVÃ \DNODÙÃPÃ UDÖEHW J|UPHPLÙ YH EXQXQ \HULQH XOXVDO |OoHNWHNL SODQOÃ NDONÃQPD
PRGHOL NDSVDPÃQGD NDONÃQPDGD |QFHOLNOL \|UHOHU X\JXODPDVÃQD DÖÃUOÃN YHULOPLÙWLU
)DNDW $YUXSD %LUOLÖLQH JHoLÙ VUHFL LOH ELUOLNWH 7UNL\H \ÃOGÃU X\JXODPDNWD ROGXÖX
WHÙYLNVLVWHPLQHGD\DOÃE|OJHVHOJHOLÙPHSROLWLNDODUÃQÃWHUNHGHUHN\HQLELUX\JXODPD\D
JHoPHNWHGLU$%WDUDIÃQGDQWPDGD\ONHOHUHEHQLPVHWLOHQEX\HQL\DNODÙÃPGD|]HO
VHNW|UYHE|OJHVHOUHNDEHW|QSODQDoÃNPDNWDGÃU
7UNL\HSODQOÃG|QHPOHELUOLNWHX\JXODPD\DEDÙODGÃÖÃE|OJHVHOJHOLÙPHYHE|O
JHOHUDUDVÃQGDNLGHQJHVL]OLNOHULJLGHULFL\|QGHNLSROLWLNDODUÃQÃJQP]GH\HQLGHQJ|]
GHQ JHoLUPH ]RUXQOXOXÖX LOH NDUÙÃ NDUÙÃ\DGÃU %X ]RUXQOXOXÖXQ HVDV QHGHQL $YUXSD
%LUOLÖL
QH NDWÃOÃP VUHFLQGH E|OJHVHO JHOLÙPH SROLWLNDODUÃQÃQ HQWHJUH HGLOPHVLGLU
7UNL\H \DNODÙÃN \ÃOGÃU X\JXODPDNWD ROGXÖX E|OJHVHO JHOLÙPH PRGHO SROLWLND YH
DUDoODUÃQÃELU\DQDEÃUDNDUDN\HQLGHQELU\DSÃODQPDLoLQHJLUPLÙWLU%X\HQL\DSÃQÃQDQD
NWOHVLQL %|OJHVHO .DONÃQPD $MDQVODUà %.$ RODUDN DGODQGÃUÃODQ ELULPOHU ROXÙWXUPDN
WDGÃU%HUEHUYHdHOHSoL
$%
QLQ|]HOOLNOH
ODUGDQVRQUDE\NPLNWDUODUGDUHNDEHWHGD\DOÃE|OJHVHO
NDONÃQPD\D \|QHOLN IRQODUÃ VDÖODPD\D EDÙODPDVÃQÃQ DUGÃQGDQ %.$
ODUÃQ VD\ÃODUÃ YH
HWNLQOLNOHUL $% \H ONHOHULQGH |QHPOL |OoGH DUWPÃÙWÃU $%
\H VRQUDGDQ NDWÃODQ
0DFDULVWDQ dHN &XPKXUL\HWL 6ORYDN\D 3RORQ\D (VWRQ\D /LWYDQ\D %.$
ODUOD
ODUÃQ VRQODUÃQGD $% X\XP VUHFLQGH WDQÃÙPÃÙ KDWWD 'RÖX $YUXSD ONHOHULQLQ
%.$
ODUÃGDEL]]DW$%
QLQJ|UHYOHQGLUGLÖLX]PDQODUODYHLONDÙDPDGD$%ILQDQVPDQÃ\
ODNXUXOPXÙWXU
7UNL\H
GH GH DVOÃQGD ELU VUHGLU \HUHO JLULÙLPOHUOH ROXÙWXUXODQ YH ILQDQVPDQ
ODUÃQÃQ E\N ELU E|OPQ XOXVODUDUDVà IRQODU DUDFÃOÃÖÃ\OD VDÖOD\DQ NDONÃQPD DMDQVÃ
QLWHOLÖLQGHoHÙLWOL\DSÃODUIDDOL\HWJ|VWHUPHNWHGLU7UNL\HLoLQ$%
QLQNDONÃQPDSURJUDP
ODUÃQDYHUGLÖLGHVWHÖLGHJ|]|QQGHEXOXQGXUXUVDNNDONÃQPDSURJUDPODUÃQÃQQHGHQEX
NDGDU|QHPOLROGXÖXWDUWÃÙPDJ|WUPH]NRQXODUDUDVÃQGD\HULQLDODFDNWÃU
1LÖGHhQLYHUVLWHVL×NWLVDGLYH×GDUL%LOLPOHU)DNOWHVL
1LÖGHhQLYHUVLWHVL6RV\DO%LOLPOHU(QVWLWV
1
7h+×6×Ù+XNXNXYH×NWLVDW'HUJLVL
&LOW6D\Ã
$ÖXVWRV.DVÃP
7UNL\H LoLQ $% GHVWHNOL NDONÃQPD SROLWLNDODUà EX NDGDU |QHP DU] HGHUNHQ
NRQXQXQ ]HULQGH |QHPOH GXUXOPDVà JHUHNHQ ELU EDÙND ER\XWX GDKD YDUGÃU $FDED
7UNL\H
QLQ D] JHOLÙPLÙ \|UHOHULQGH JLULÙLPFLOLN YH NDWÃOÃPFÃOÃN HVDVÃQD GD\DQDQ $%
E|OJHVHONDONÃQPDSROLWLNDODUÃQÃILQDQVHHGHQIRQODUGDQ\DUDUODQDELOHFHNJHUHNOLSURMH
NDELOL\HWLYDUPÃGÃU"$]JHOLÙPLÙEXE|OJHOHUGHNDONÃQPD\ÃVDKLSOHQHFHNYHEXQXQLoLQ
NDUDUOÃEDÖOÃOÃNODUJ|VWHUHFHNDNW|UOHURODFDNPÃGÃU"%XNDUDUOÃEDÖOÃOÃNODUÃNXUPDNLoLQ
QH WU PGDKDOHOHUGH EXOXQPDN JHUHNL\RU" dQN E|\OH ELU SRWDQVL\HO \DUDWPDGDQ
NXUXODFDN E|OJH NDONÃQPD DMDQVODUÃ WRSOXPXQ JHQLÙ NHVLPOHULQGHQ NRSXN E|OJHVHO
G]H\GH\HQLELUEURNUDWLNNXUXPROPDQLWHOLÖLWDÙÃ\DFDNWÃU%XQODUÃQ\DQÃVÃUDE|OJH
VHONDONÃQPDDMDQVODUÃQÃQVRQ\ÃOODUGD|QHPOLELUNRQXPDJHOGLÖLGHDoÃNoDJ|UOPHN
WHGLU 7UNL\H JHUHNOL DOW\DSà YH GRQDQÃPODUà VDÖODGÃÖà WDNGLUGH E|OJHVHO NDONÃQPD
DMDQVODUÃQGDQKHUNRQXGD\DUDUODQDELOHFHÖLGLNNDWoHNPHNWHGLU
%|OJHVHO.DONÃQPD.DYUDPÃ$PDoYHgQFHOLNOHUL
7HPHORODUDNELUONHLoHULVLQGHNLND\QDNODUÃQHWNLOLYHHWNLQNXOODQÃPÃVD\HVLQGH
YHULPOLOLÖLQDUWÃUÃOPDVÃ\ODLOLÙNLOLRODQE|OJHVHOHNRQRPLNNDONÃQPD6FULPJHRXU
YHE|OJHVHOGHQJHVL]OLNOHULQJLGHULOPHVLNRQXVXKHPVRV\DOKHPGHHNRQRPLNER\XW
ODUÃ RODQ ELU NRQX RODUDN GHÖHUOHQGLULOPHNWHGLU 6RV\DO ER\XWOX GHQJHVL]OLNOHULQ JLGH
ULOPHVLGHYOHWGHVWHÖLYHNDPXDÖÃUOÃNOÃELUGL]LG]HQOHPHOHUL\DQLJHQHOOLNOHDOW\DSÃ\D
GD\DOÃ IDDOL\HWOHUL NDSVDPDNWDGÃU (NRQRPLN ER\XWX\OD LVH E|OJHQLQ JHOLÙPHVLQLQ KÃ]
ODQGÃUÃOPDVÃQÃLoHUPHNWHGLU%XGXUXPGDE|OJHVHONDONÃQPDKHU\|Q\OHJHULNDOPÃÙ
ELU ONHQLQ NDONÃQPDVà VRUXQODUÃ\OD ELUH ELU EHQ]HUOLN J|VWHUPHNWHGLU
$EXÙRÖOX%|OJHVHONDONÃQPDNDYUDPÃ,,'Q\D6DYDÙÃ
QGDQVRQUDLNWLVDWOL
WHUDWUQHJLUPLÙYHPHNDQVDOELUER\XWND]DQPÃÙWÃU
.HQGLQH|]JG]HQOHULRODQIDUNOÃE|OJHOHULQNDUÙÃOÃNOÃRODUDNELUELULQLHWNLOHGLN
OHULELUVLVWHPRODUDNLIDGHHGLOHQE|OJHVHONDONÃQPDNDYUDPÁONHEWQQGH\HUDODQ
E|OJHOHULQ oHYUH E|OJHOHU YH GLÖHU ONHOHUOH NDUÙÃOÃNOà HWNLOHÙLPL VRQXFXQGD ROXÙDQ
E|OJH YL]\RQXQX GLNNDWH DODQ NDWÃOÃPFÃOÃN YH VUGUHELOLUOLÖL WHPHO LONH HGLQHQ LQVDQ
ND\QDNODUÃQÃQJHOLÙWLULOPHVLHNRQRPLNYHWRSOXPVDOSRWDQVL\HOOHULQKDUHNHWHJHoLULOPH
VL\OH E|OJH UHIDKÃQÃQ \NVHOWLOPHVLQL DPDoOD\DQ oDOÃÙPDODU EWQ RODUDN WDQÃPOD
QDELOPHNWHGLU,OGÃUDU
%|OJHVHO NDONÃQPD ELU DQODPGD IDNLUOLN oHPEHULQLQ NÃUÃOPDVÃGÃU %|OJH LoL
JHOLÙPH SRWDQVL\HOOHULQLQ KDUHNHWH JHoLULOPHVL GROD\ÃVÃ\OD VHUPD\H ELOJL JLULÙLPFLOLN
\HWHQHÖL JLEL E|OJH GÃÙÃQGDNL XQVXUODUÃQ E|OJH\H LWKDOL YH EXQODUÃQ LWLFL ELUHU Jo ÙHN
OLQGHE|OJH\HoHNLOPHVLGLU$EXÙRÖOX
7DQÃPODPDKXVXVXQGD|]HWOHGHQLOHELOLUNLE|OJHVHONDONÃQPDELUONHQLQJ|UH
OL RODUDN JHUL NDOPÃÙ E|OJHOHULQGH HNRQRPLN IDDOL\HWOHULQ \RÖXQODÙWÃUÃOPDVÃ LOH EX E|O
JHOHULQ HNRQRPLN YH VRV\DO \|QGHQ JHOLÙWLULOPHVL YH E|OJHOHU DUDVÃ JHOLÙPLÙOLN IDUN
ODUÃQÃQD]DOWÃOPDVÃGÃU×IDGHHGLOHQEXNDONÃQPDWDQÃPODPDODUÃVRQXFXJHOLÙPHNWHRODQ
ONHOHULQIDUNOÃVRV\RHNRQRPLN\DSÃODUÃQHGHQL\OHNXOODQGÃNODUÃNDONÃQPDPRGHOOHULQLQ
2
7h+×6×Ù+XNXNXYH×NWLVDW'HUJLVL
&LOW6D\Ã
$ÖXVWRV.DVÃP
IDUNOÃROGXNODUÃVRQXFXQDXODÙÃODELOPHNWHGLU%XQXQODELUOLNWHGDKDLOHULELUHNRQRPLN
\DSÃ\D JHoHELOPHN LoLQ NXOODQGÃNODUÃ RUWDN \RO VDQD\LOHÙPHGLU 6DQD\LOHÙPH VRV\R
HNRQRPLN \DSÃGD GHÖLÙLNOLNOHU \DSDUNHQ VDQD\LOHÙPHQLQ EHOOL E|OJHOHUGH \RÖXQODÙ
PDVÃE|OJHVHOGHQJHVL]OLNOHUHQHGHQROPDNWDYHELUWDNÃPVRUXQODU\DUDWPDNWDGÃU+Ã]OÃ
QIXVDUWÃÙÃNHQWOHÙPHVDQD\L\DWÃUÃPODUÃYHJHOLUGDÖÃOÃPÃQÃQE|OJHOHUDUDVÃGHQJH
VL]OLÖLJHOLÙPHNWHRODQONHOHULQHQEHOLUJLQJ|VWHUJHOHULGLU
%|OJHVHO NDONÃQPD VDQD\LOHÙPHQLQ EHOOL E|OJHOHUGH WRSODQPDVÃ VRQXFX RUWD\D
oÃNDQEXHÙLWVL]OLÖLRUWDGDQNDOGÃUPDNDPDFÃ\ODJHULNDOPÃÙE|OJHOHULQVDQD\LOHÙWLULOHUHN
ONHLoLQGHDGLOELUUHIDKGDÖÃOÃPÃQÃQVDÖODQPDVÃGÃU$]JHOLÙPLÙE|OJHOHULQLVWLKGDPG]H\L
YHUHNDEHWJoOHULQLQDUWÃUÃOPDVÃ\ROX\ODE|OJHOHUDUDVÃHNRQRPLNYHVRV\DOJHOLÙPLÙOLNIDUN
ODUÃQÃQD]DOWÃOPDVÃWHPHODPDoWÃU%XWHPHODPDFÃJHUoHNOHÙWLUPHNLoLQX\JXODQDQE|OJH
VHONDONÃQPDSROLWLNDODUÃE|OJHOHUDUDVÃQGDNLHÙLWVL]OLNGHUHFHVLQHJ|UHGHÖLÙPHNWHGLU
$%
QLQ%|OJHVHO.DONÃQPD3ROLWLNDODUÃQÃQ*HOLÙLP6UHFL
$%
GH E|OJHVHO SROLWLNDODUÃQ JHOLÙLPLQH EDNÃOGÃÖÃQGD oO ELU D\UÃPÃQ \DSÃOGÃÖÃ
J|UOPHNWHGLU %XQODUGDQ LONL 5RPD $QODÙPDVÃ
QGDQ $YUXSD %|OJHVHO .DONÃQPD
)RQX
QXQ$%.)NXUXOGXÖX\ÃOÃQDNDGDUGHIDFWRRODUDNQLWHOHQGLULOHQG|QHPGLU
%XG|QHPGH×WDO\D
QÃQJQH\LQHVSHVLILNGHVWHNOHULQ\DQÃVÃUDJHPLWHNVWLOGHPLUoHOLN
N|PUJLELJHULOH\HQVHNW|UOHUH$YUXSD<DWÃUÃP%DQNDVÃYH$YUXSD6RV\DO)RQX
QGDQ
\DSÃODQ GHVWHNOHU E|OJHVHO SROLWLND X\JXODPDODUÃQÃQ |QFOHUL ROPXÙWXU ×NLQFLVL
$%.)
QLQNXUXOPDVÃQGDQ\ÃOÃQDNDGDUGHYDPHGHQYH\HONHOHULQEHOLUJLQOHÙHQ
LVVL]OLN VRUXQODUÃQD o|]PGH \DUGÃPFÃ
ROPD RODUDN QLWHOHQGLULOHQ G|QHPGLU '|QHP
LoLQGHWDKVLVPLNWDUODUÃDUWWÃUÃOPÃÙYHIRQNXOODQÃPSURVHGUOHUL$YUXSD.RPLV\RQX
QXQ
HWNLQOLÖLQLDUWWÃUPDN\|QQGHJHOLÙWLULOPLÙWLU\ÃOÃQGDLVHE|OJHVHOSROLWLND$YUXSD
7HN 6HQHGL LOH HNRQRPLN YH VRV\DO X\XP
oHUoHYHVLQGH WRSOXOXN WDUDIÃQGDQ
IRUPHOOHÙWLULOPLÙWLU%LOHQ\ÃOÃQGD\DSÃODQYHHQEHOLUJLQ
<DSÃVDO)RQODU
5HIRUPX
RODUDN DQÃODQ G]HQOHPH LOH PRGHUQ E|OJHVHO SROLWLND RODUDN X\JXODQDQ
oQFG|QHPEDÙODPÃÙYHGHYDPHWPHNWHGLU%XG|QHPGH\HONHOHULQSUREOHPOH
ULQHEHOLUJLQVWUDWHMLOHUOHHWNLQo|]POHUUHWHUHNEXQODUÃNHQGLXOXVDOIRQODUÃQÃQ\DQÃVÃUD
\DSÃVDOIRQODUGDQGDGHVWHNDODUDNÙHIIDISURVHGUOHUOHX\JXODPDODUÃKÃ]ND]DQPÃÙWÃU
5HIRUPX SURJUDPODPD
SUREOHPOHUH NRQVDQWUDV\RQ
XOXVDO IRQODUGDQ NDWNÃ
VDÖODPD
YH KHU VHYL\HGH RUWDN LOHWLÙLP
SDUWQHUVKLS LONHOHUL LOH VLPJHOHÙLU %|\OHFH
HWNLQOLN
KHPELU\HONHQLQE\PHVLYHUHNDEHWHGHELOLUOLÖLQLQDUWWÃUÃOPDVÃQÃKHPGH
IRQODUÃQ HQ oRN ID\GD\Ã VDÖOD\DFDN ÙHNLOGH NXOODQÃOPDVÃQÃ LIDGH HGHU ÙHNOH
G|QÙPÙWU <DSÃVDO IRQODU EX DQODPGD $%
QLQ \ÃOÃQGD GQ\DQÃQ HQ UHNDEHWoL
ELOJLWRSOXPXROPDVÃQLKDLKHGHILQLQGHHQEHOLUJLQDUDFÃGXUXPXQGDGÃU%LOHQ
8\JXODPDGHQH\LPOHULQLQJHQLÙOHWLOPLÙRODQDNODUODWP\HONHOHUGHSD\ODÙÃO
PDVÃEXSROLWLND\DVDÖODQDQILQDQVDOGHVWHÖLQ|WHVLQGHNDWPDGHÖHUOHU\DUDWPD|]HO
OLÖL LOH HQWHJUDV\RQXQ HQ |QHPOL DUDFà KDOLQH G|QÙWUPÙ GXUXPGDGÃU
$VODQ
3
7h+×6×Ù+XNXNXYH×NWLVDW'HUJLVL
&LOW6D\Ã
$ÖXVWRV.DVÃP
%DWà $YUXSD ONHOHUL OHUGH HQGVWUL\HO SUREOHP DODQODUà YH NDONÃQPDPÃÙ
NÃUVDO QRNWD DODQODUà RODUDN EHOLUJLQOHÙHQ E|OJHVHO SUREOHPOHULQH NÃVPHQ PGDKDOH
HWPLÙOHUGLU
3ROLWLND]D\ÃISHUL\RW
RODUDNDQÃODQEXG|QHPL
ODUGDQ
OHULQEDÙÃQD
NDGDUDQDDUDFÃILQDQVDOWHÙYLNOHURODQPHUNH]GHQ\|QHWLOHQYH\HQLGHQGDÖÃWÃPDRGDN
ODQDQ JHOHQHNVHO E|OJHVHO SROLWLNDODUÃQ X\JXODQGÃÖÃ G|QHP L]OHPLÙWLU 3HWURO NUL]OHULQL
L]OH\HQG|QHPOHUGHLVHEHOLUJLQOHÙHQROJXODUSURGNWLYLWHGHNLGÙÙ\DWÃUÃPPDOL\HW
OHULQGHNL DUWÃÙ \DWÃUÃPODUGDNL JHULOPH YH LÙVL]OLN RODUDN RUWD\D oÃNPÃÙWÃU %X VUHoWH
\DÙDQDQODUDUHDNVL\RQRODUDNVHUPD\HYH\DWÃUÃPODUXOXVODUDUDVÃODÙPÃÙYHSL\DVD
\DSÃODUÃ GHÖLÙPLÙWLU 'ROD\ÃVÃ\OD XOXVDO PDNUR HNRQRPLN PHNDQL]PDODU ]D\ÃIODPÃÙ YH
V|]NRQXVXSUREOHPOHUH\DQÃWYHUHPH]GXUXPDJHOPLÙWLU6RQXoRODUDN|QFHNLG|QH
PLQJHOHQHNVHOSROLWLNDODUÃHWNLQYH\HWHUOLRODPD\ÃÙODUÃ\|QQGH\RÖXQHOHÙWLULOHUHNRQX
ROPXÙE|OJHVHOSROLWLNDODUELUVUHDVNÃ\DDOÃQPÃÙWÃU%DOFKLQ
dRNJHoPHGHQ
OHULQLNLQFL\DUÃVÃQGDQEDÙODPDN]HUH|]HOOLNOH
OHUGH
XOXVDO UHNDEHW JFQQ \NVHOWLOPHVLQH RGDNODQDQ GLQDPLN \HUHO VRV\RHNRQRPLN
IDUNOÃOÃNODUÃ GLNNDWH DODQ X]XQ YDGHOL E|OJHVHO SROLWLND \DNODÙÃPODUÃQÃQ JHOLÙWLULOGLÖL
J|UOPHNWHGLU .DPX VHNW|UQQ PGDKDOH PDQWÃÖà GD IL]LNVHO YH LQVDQ VHUPD\HVLQL
GHVWHNOH\LFLELUG|QÙPHXÖUDPÃÙGLQDPLNE|OJHOHULQDOWYHVW\DSÃODUÃQÃJHOLÙWLUPHN
\DEDQFà VHUPD\H \DWÃUÃPODUÃQà WHÙYLN HWPHN QLYHUVLWHOHUL GH LoHUHQ JHQLÙ VLVWHPOHU
ROXÙWXUPDNDQDDUDoODURODUDNEHOLUJLQOHÙPLÙWLU
$YUXSD%LUOLÖL%|OJHVHO3ROLWLNDVÃ5HIRUPXGDJHOLÙPHOHUH
SURJUDPODPD
YH SDUWQHUVKLS
|ÖHOHULQL GHYUH\H VRNDUDN GDKD NDUPDÙÃN IDNDW VLVWHPLN ELU ER\XW
ND]DQGÃUPÃÙWÃU %|\OHFH JHOHQHNVHO E|OJHVHO SROLWLNDODU $YUXSD
GD HNRQRPLN \HQLGHQ
\DSÃODQPD $YUXSD (QWHJUDV\RQXQXQ LYPHVL LOH XOXVDO UHNDEHW JF YH E\PH\L |Q
SODQD DODQ PRGHUQ ELU PDNUR HNRQRPL SROLWLNDVà ÙHNOLQGH JHOLÙPLÙWLU %XJQ JHOLQHQ
QRNWDGDXOXVDOSROLWLNDODULOH$YUXSDE|OJHVHOYH$YUXSDUHNDEHWSROLWLNDODUÃQÃQNDUÙÃOÃN
OÃHWNLOHÙLPLLOHLONHOHULYHKHGHIOHULEHOLUJLQOHÙWLULOPLÙHWNLQELUE|OJHVHOSROLWLNDNDYUDPÃ
ROXÙPXÙWXU*|NGHUH
*OREDO HWNLOHÙLPOHULQ \DQÃ VÃUD \HQL $YUXSD JHQLÙOHPHOHULQLQ \DQVÃPDODUÃ V|]
NRQXVXPRGHOSROLWLND\ÃHWNLOHPHNWHYHJHOLÙLPJHOHFHNEHNOHQWLOHULQHJ|UH\|QND]D
QDELOHFHN HVQHNOLN \DSÃODUÃQà VDÖODPD \|QQGH JHOLÙLPH GHYDP HWPHNWHGLU <HQL ONHQLQ SROLWLND ROXÙXPODUà GD EX DQODPGD L\L ELU |UQHÖL WHÙNLO HWPHNWHGLU %X ONHOHU
$%
GHJHOLÙPLÙOLNIDUNODUÃQÃ\HQLGHQ|QSODQDoÃNDUDUDN$%IRQODUÃQÃQ|QHPOL|OoGHEX
ONHOHUHGHQNOLNDQODPÃQGD\|QOHQGLULOPHVLQLVDÖODPÃÙODUGÃU
6UHoWH GLNNDW oHNHQ XQVXU \ÃOÃQD NDGDU KRPRMHQ NDEXO HGLOHQ %DOWÃN
0HUNH]LYH'RÖX$YUXSDONHOHULQLQVHUEHVWSL\DVDHNRQRPLVLQHJHoPHOHULQLL]OH\HQ
G|QHPGHEDWÃVÃQÃUE|OJHOHULYHEDÙNHQWOHULOHKLQHJHOLÙPHND\GHGHUHNGRÖXVÃQÃUODUÃ
NÃUVDOE|OJHOHULLÙOHYVL]OHÙPLÙPRQROLWLNVDQD\LE|OJHOHULÙHNOLQGHRUWD\DoÃNDQE|OJH
VHO SUREOHP DODQODUÃQÃQ EHOLUJLQOHÙPHVLGLU %X QHGHQOH LoHUGHQ WRSOXPVDO EDVNÃODU LOH
GÃÙDUÃGDQ $%
GHQ \HOLN |QFHVL HNRQRPLN G]HQOHPHOHUGH LOJLOL VRUXQODUOD EDÙ HGH
4
7h+×6×Ù+XNXNXYH×NWLVDW'HUJLVL
&LOW6D\Ã
$ÖXVWRV.DVÃP
ELOPHNDSDVLWHVL\DUDWÃOPDVÃ\NPOOÖEXONHOHUGHGHPRGHUQDQODPGDE|OJHVHO
SROLWLNDODUÃQ GRÖPDVÃQD YH JHOLÙPHVLQH ]HPLQ KD]ÃUODPÃÙWÃU $% EX VUHoWH %DOWÃN
0HUNH]L YH 'RÖX $YUXSD ONHOHULQLQ E|OJHVHO SROLWLNDODUÃQÃQ JHOLÙPHVLQH \|QHOLN EX
ONHOHUL\HOLÖHKD]ÃUODPDNDPDFÃ\ODJHOLÙWLUPLÙROGXÖX
NDWÃOÃP|QFHVLVWUDWHMLQLQPDOL
ER\XWXQXoXQVXU]HULQHRWXUWPXÙWXU6$3$5',63$YH3+$5(%XPDOLDUDoODU
DUDFÃOÃÖÃ\OD $% WDUDIÃQGDQ \ÃOODUÃ DUDVÃQGD %XOJDULVWDQ dHN &XPKXUL\HWL
0DFDULVWDQ3RORQ\D(VWRQ\D/LWYDQ\D/HWRQ\D5RPDQ\D6ORYHQ\DYH6ORYDN\D
\D
\DUGÃPWDDKKGQGHEXOXQXOPXÙWXU&DQ
3+$5(3RORQ\D YH 0DFDULVWDQ ×oLQ <HQLGHQ <DSÃODQPD 6$3$5' YH ,63$
3URJUDPODUÃQÃQNDSVDPDGÃÖÃDODQODUGDNXUXPVDONDSDVLWHQLQJoOHQGLULOPHVL7RSOXOXN
SURJUDPODUÃQD LÙWLUDN LOH VLQDL NDONÃQPD YH .2%×
OHULQ JHOLÙWLULOPHVLQH LOLÙNLQ SURMHOHUH
ILQDQVPDQVDÖOD\DQELUSURJUDPGÃU3+$5(3RORQ\DYH0DFDULVWDQ
D\|QHOLNRODUDN
EDÙODWÃOPÃÙGDKDVRQUD2UWDYH'RÖX$YUXSD
GDNLDGD\ONHOHUGH\HQLGHQ\DSÃODQPD
|]HOOHÙWLUPHYH3D]DUHNRQRPLOHULQLQROXÙWXUXOPDVÃKHGHIOHQPLÙWLU(OoL
HNDGDU$UQDYXWOXN%RVQD+HUVHN0DNHGRQ\DJLEL%DWÃ%DONDQONHOHUL
GH 3+$5(
GHQ \DUDUODQPÃÙWÃU $QFDN GH EX ONHOHUH \|QHOLN ILQDQVDO GHVWHN
&$5'6 3URJUDPÃ LOH %DONDQODUGD <HQLGHQ <DSÃODQPD *HOLÙPH YH ×VWLNUDU LoLQ
7RSOXOXN 'HVWHÖLVDÖODQPD\D EDÙODPÃÙWÃU 7HPHO DPDFÃ 0HUNH]L 'RÖX $YUXSD
hONHOHULQLQ 3D]DU HNRQRPLVLQH JHoLÙ VUHFLQGH \DUGÃPFà ROPDN DPDFÃQà WDÙÃ\DQ EX
\DUGÃP SURJUDPÃ VRQUDGDQ ÙHNLO GHÖLÙWLUHUHN EX ND\QDNWDQ VDÖODQDQ IRQODUÃQ
XQXQ DGD\ ONHOHULQ DGOL YH LGDUL VLVWHPOHULQLQ \HQLGHQ G]HQOHQPHVLQH KDUFDQ
GÃÖÃ YH L \DWÃUÃPODUD \|QHOLN RODUDN NXOODQÃODQ ELU ER\XW
ND]DQPÃÙWÃU
6QJ
3+$5( SURJUDPODPDVÃ \DSÃODQ HOHÙWLULOHU VRQXFXQGD .RPLV\RQ WDUDIÃQGDQ
J|]GHQJHoLULOPLÙYHSURJUDPÃQONHOHULQNHQGLLGDUL\DSÃODUÃQDHQWHJUHHGLOPHVLJHUHN
WLÖLRUWD\DNRQXOPXÙWXU%DLOH\DQG3URSULV\ÃOÃQGDQLWLEDUHQ3+$5(
ÃQ
\DQÃVÃUDLNLPDOL\DUGÃPDUDFÃGDKDJHWLULOPLÙWLU,63$YH6$3$5'%XG|QHPGHGLÖHU
G|QHPOHUGHQIDUNOÃRODUDNJHQLÙOHWLOPLÙPHUNH]LROPD\DQELU\DSÃODQPD\DJHoLOPLÙWLU
%XoHUoHYHGH.RPLV\RQDUWÃNKDUFDPD|QFHVLQGHGHÖLOKDUFDPDVRQUDVÃQGDNRQWURO
\DSPDNWD YH 7RSOXOXN ND\QDNODUÃQÃQ \|QHWLPLQH LOLÙNLQ VRUXPOXOXN DGD\ ONHOHUH
GHYUHGLOPHNWHGLU%DLOH\DQG3URSULV
,63$ .DWÃOÃP gQFHVL 6UHo ×oLQ <DSÃVDO 3ROLWLND $UDFà .DWÃOÃP |QFHVL
G|QHPGH $%
\H DGD\ 0HUNH]L YH 'RÖX $YUXSD ONHOHULQLQ oHYUH YH XODÙWÃUPD DOW
\DSÃVÃQÃJHOLÙWLULOPHNDPDFÃ\ODROXÙWXUXOPXÙPDOL\DUGÃPSURJUDPÃGÃU,63$NDUPDELU
\DSÃVHUJLOHPHNWHoQFONHOHUHYH\HONHOHUHILQDQVDOGHVWHNVDÖODPDNDUDVÃQ
GD ELU QRNWDGD GXUPDNWDGÃU 3URJUDPÃQ DPDFÃ )RQX oHYUH YH XODÙWÃUPD VHNW|UOHUL
DUDVÃQGDX\JXQELUÙHNLOGHSD\ODÙWÃUPDNWÃU
5
7h+×6×Ù+XNXNXYH×NWLVDW'HUJLVL
&LOW6D\Ã
$ÖXVWRV.DVÃP
,63$ $%
GH X\JXODQDQ 8\XP )RQX
QD EHQ]HU ÙHNLOGH oDOÃÙPDNWDGÃU )RQ
XODÙÃPDOW\DSÃODUÃQÃQYHoHYUHQLQNRUXQPDVÃQÃQL\LOHÙWLULOPHVLLOHWLÙLPVLVWHPOHULVXYH
DWÃN VX DOW\DSÃODUÃ NDUD\ROODUÃ YH GHPLU\ROODUÃQÃQ PRGHUQL]H HGLOPHVL KDYD OLPDQODUÃ
VX\ROODUÃ YH OLPDQODUÃQ LQÙDVÃ YE DPDoODUD \|QHOLN RODUDN NXOODQÃOPDNWDGÃU
*HQoNRO %X \DUGÃPODU KLEH ÙHNOLQGH GHÖLOGLU $% GLUHNW RODUDN NDUÙÃOÃNVÃ]
SDUD \DUGÃPÃ \DSPDN \HULQH SURMH NDSVDPÃQGD \DSÃODFDN oHÙLWOL LÙOHULQ PDOL\HWLQH
NDWNÃGDEXOXQPDNWDGÃU%XEDÖODPGD,63$\DUGÃPODUÃ3URMHNDSVDPÃQGDJHUHNOLRODQ
KL]PHW PDOL\HWLQLQ NDUÙÃODQPDVÃ 3URMH LoLQ JHUHNOL RODQ PDO]HPH YH HNLSPDQ
PDOL\HWLQLQNDUÙÃODQPDVÃYH3URMHQLQJHUoHNOHÙWLULOPHVLNDSVDPÃQGDNLLÙOHULQPDOL\HWLQLQ
NDUÙÃODQPDVà ÙHNOLQGH o oHÙLW V|]OHÙPH LOH \H ONHOHUH DNWDUÃOPDNWDGÃU *HQoNRO
,63$ NDSVDPÃQGDNL V|]OHÙPHOHULQ E\N oRÖXQOXÖXQX 3URMHQLQ JHUoHN
OHÙWLULOPHVLNDSVDPÃQGDNLLÙOHULQPDOL\HWLQLQNDUÙÃODQPDVÃÙHNOLQGHROXÙWXUXOPDNWDGÃU
6$3$5' 7DUÃP YH .ÃUVDO .DONÃQPD ×oLQ g]HO .DWÃOÃP 3URJUDPÃ 6$3$5'
$GD\ ONHOHULQ WDUÃP VHNW|UQGHNL \DSÃVDO VRUXQODUÃQÃQ o|]P WDUÃPÃQ PRGHUQL]DV
\RQX YH NÃUVDO NDONÃQPD NRQXVXQGDNL IDDOL\HWOHULQ GHVWHNOHQPHVL DPDFÃ\OD ROXÙWXUXO
PXÙWXU$GD\ONHOHULQWDUÃPVDOVHNW|UOHULYHNÃUVDODODQGD\DSÃVDOX\XPODELUOLNWH2UWDN
7DUÃP 3ROLWLNDVà YH LOJLOL PHY]XDWà LoHUHQ 7RSOXOXN PNWHVHEDWÃQÃQ X\JXODQPDVÃQD
LOLÙNLQ VRUXQODUÃ\OD EDÙ HGHELOPHOHULQH \DUGÃPFÃ ROPD\Ã DPDoODPDNWDGÃU 6$3$5'
SURJUDPÃ D\UÃFD oLIWoLOLNWH YH JÃGD VDQD\LQGH HWNLQOLÖL YH UHNDEHW HGLOHELOLUOLÖL
JoOHQGLUPH\HLVWLKGDP\DUDWPD\DYHNÃUVDODODQODUGDVUGUOHELOLUWHGELUOHUHG|QN
WHGELUOHULGHGHVWHNOHPHNWHGLU×.9
6$3$5'3URJUDPÃQGDKHUELUONH\HVDÖODQDFDN\DUGÃPWXWDUÃWDUÃPVDODODQ
oLIWoL QIXVX YH NLÙL EDÙà *6<×+ NULWHUOHUL HVDV DOÃQDUDN EHOLUOHQPHNWH YH GROD\ÃVÃ\OD
\DUGÃPODUDGD\ONHOHUHJ|UHIDUNOÃOÃNJ|VWHUPHNWHGLU.DUDEDFDN%XIDUNOÃOÃN
HNVHQLQGH.RQVH\WDUÃPD\|QHOLNNDWÃOÃP|QFHVL\DUGÃPÃQKHUELUONHLoLQWDQÃPODQDQ
|QFHOLNOLDODQODUD\|QHOLNRODUDNVDÖODQPDVÃJHUHNWLÖLQHNDUDUYHUPHNWHGLU6ÃUDODQDQ
EX|QFHOLNOHULoLQGHQKHUONHLoLQD\UÃD\UÃ|QFHOLNOHUVHoLOHFHN\DUGÃP\DSÃOPDNWDGÃU
gQFHOLNOHULoLQGHQHQoRN\DUGÃPDODQEDÙOÃNODULOHWDUÃPVDOUQOHULQLÙOHQPHVLYH
SD]DUODQPDVÃROPXÙWXU%XQGDQVRQUDWDUÃPDUD]LOHULQH\DSÃODQ\DUGÃPODUNÃUVDO
DOW\DSà IDDOL\HWOHULQ oHÙLWOHQGLULOPHVL IDDOL\HWOHULQ oHÙLWOHQGLULOPHVL VHYL\HVLQGHGLU(QoRN\DUGÃPDODQLONoEDÙOÃNKHUONHLoLQJHoHUOLRODQHQ|QHPOL
WDUÃPVDOKHGHIOHUGLU*HQoNRO
3+$5(YH,63$3URJUDPODUÃQGDQIDUNOÃRODUDN6$3$5'3URJUDPÃQÃQ\|QHWLPL
DGD\ ONHOHUGHNL DMDQVODUD GHYUHGLOPLÙWLU %X \DNODÙÃP .RPLV\RQ WDUDIÃQGDQ WDP
DQODPÃ\OD PHUNH]L\HWoL ROPD\DQ ELU GÃÙ \DUGÃP SURJUDPÃQÃQ VWOHQLOPLÙ ROPDVÃ
EDNÃPÃQGDQUDGLNDOELUDGÃPGÃU%X\DSÃ0'$hONHOHULQH\HQLYH|QHPOLVRUXPOXOXNODU
GHYUHWPHNWHGLU*HQHOOLNOH8OXVDO7DUÃP%DNDQOÃNODUÃDOWÃQGDYH\D7DUÃP%DNDQOÃNODUÃQD
EDÖOÃ D\UÃ NXUXPODU RODUDN ROXÙWXUXOPXÙ IDUNOÃ 6$3$5' $MDQVODUÃ SURMHQLQ VHoLPL
\|QHWLPL ILQDQVPDQÃQ D\DUODQPDVà YH NRQWUROOHULQ \UWOPHVLQGHQ VRUXPOXGXUODU
%XQODUÃQ ($**) NXUDOODUÃQD X\JXQ RODUDN \H ONHOHUGH NXUXOPXÙ RODQ gGHPH
6
7h+×6×Ù+XNXNXYH×NWLVDW'HUJLVL
&LOW6D\Ã
$ÖXVWRV.DVÃP
$MDQVODUÃQDEHQ]HUELoLPGHIDDOL\HWJ|VWHUPHOHULYHGROD\ÃVÃ\ODNDWÃOÃPGDQVRQUD2UWDN
7DUÃP3ROLWLNDVÃLoLQ|GHPHDMDQVÃRODELOPHOHUL|QJ|UOPÙWU.DUDEDFDN
,3$ '|QHPL .DWÃOÃP gQFHVL 0DOL <DUGÃP $UDFÃ 6+$5(,63$
6$3$5'
ÃQ\HULQLDODQ,3$DGD\YHSRWDQVL\HODGD\ONHOHUHGHPRNUDWLNNXUXOXÙODUÃ
JoOHQGLUPHYHKXNXNXQVWQOÖLONHVLQLQX\JXODQPDVÃLQVDQKDNODUÃLOHWHPHOKDN
YHKUUL\HWOHULQNRUXQPDVÃLOHUOHWLOPHVLYHD]ÃQOÃNKDNODUÃQDVD\JÃNDPX\|QHWLPLUHIRU
PXHNRQRPLNUHIRUPODUÃQ\UWOPHVLVRV\DOLoHUPHFLQVL\HWHÙLWOLÖLQLQJHOLÙWLULOPHVL
YHD\UÃPFÃOÃÖÃQ|QOHQPHVLVLYLOWRSOXPXQGHVWHNOHQPHVLE|OJHVHOYHVÃQÃU|WHVLLÙELU
OLÖL EDUÃÙ YH \HQLGHQ \DSÃODQPDQÃQ LOHUOHWLOPHVL NXUXPVDO \DSÃODQPD VUGUOHELOLU
NDONÃQPD\Ã VDÖODPD \RNVXOOXÖXQ D]DOWÃOPDVÃQD NDWNÃGD EXOXQPD DODQODUÃQGDNL
oDEDODUÃQDGHVWHNYHUPH\LDPDoODU%DÙDUÃU,3$
GDQ\DUDUODQDFDNONHOHU
,3$ 7]ÖQGH LNL JUXED D\UÃOPÃÙWÃU %LULQFLVL $YUXSD %LUOLÖL
QH DGD\ ONHOHU
+ÃUYDWLVWDQ 7UNL\H YH 0DNHGRQ\D LNLQFLVL LVH $YUXSD %LUOLÖL
QH SRWDQVL\HO DGD\
ONHOHU$UQDYXWOXN%RVQD+HUVHN.DUDGDÖ6ÃUELVWDQLOH.RVRYD
,3$NDSVDPÃQGD\DSÃODFDN\DUGÃPODUEHÙDQDEDÙOÃNDOWÃQGDWRSODQPÃÙWÃU,3$
%LOHÙHQOHUL RODUDN DGODQGÃUÃODQ EX EDÙOÃNODU ÙXQODUGÃU *HoLÙ \DUGÃPÃ YH NXUXPVDO
\DSÃODQPD6ÃQÃU|WHVLLÙELUOLÖL%|OJHVHONDONÃQPD×QVDQND\QDNODUÃQÃQJHOLÙLPLYHNÃU
VDONDONÃQPDGÃU*|UOGÖJLEL$%ONHOHULDUDVÃQGDJ|UOHQJHOLÙPHIDUNOÃOÃNODUÃQÃHQ
D]DLQGLUPH\H\|QHOLNRODUDN,63$3+$5(6$3$5'YH,3$JLELoHÙLWOLPDOLDUDoODU
GDQ\DUDUODQÃOPÃÙWÃU%HOLUOLNULWHUOHUH\|QHOLNRODUDNONHOHUHVDÖODQDQEXPDOL\DUGÃP
ODU ONHOHU LoLQ ROXPOX NDWNÃODU VDÖODPÃÙWÃU $% LOH P]DNHUHOHU |QFHVLQGH |QHPOL
|OoGHLYPHND]DQDQUHIRUPQLWHOLÖLQGHNLX\JXODPDODU$YUXSD.RPLV\RQX
QXQ\RÖXQ
WHNQLN YH ILQDQVDO GHVWHÖL LOH KÃ]OD ROJXQODÙWÃUÃODUDN EXJQ ED]à *QH\ $YUXSD
ONHOHULQGHQGDKDJHOLÙPLÙVLVWHPOHURODUDNRUWD\DoÃNPÃÙWÃU.XUJXODQDQE|OJHVHOSROL
WLNDODUÃQ \DOQÃ]FD EHOLUJLQOHÙHQ IDUNOÃOÃNODUD \|QHOLN ROPD\ÃS %DWà $YUXSD ONHOHULQGH
ROGXÖX JLEL E\PH UHNDEHW JFQQ DUWÃUÃOPDVà JLEL KHGHIOHUL GH NDSVDGÃÖà J|]OHQ
PHNWHGLU'LDPRQG
7UNL\H
GH%|OJHVHO.DONÃQPD3ROLWLNDODUÃ
7UNL\H
GH \]\ÃOGDQ LWLEDUHQ JHOLÙPLÙ ONHOHULQ KDPPDGGH VDÖODPD\D
\|QHOLN NÃVPL WLFDUL HQWHJUDV\RQ IDNW|U LOH ED]à %DWà YH *QH\ LOOHULQGH RGDNODQDQ
HNRQRPLN JHOLÙPHOHU 'RÖX *QH\GRÖX .DUDGHQL] YH ×o $QDGROX E|OJHOHUL DOH\KLQH
IDUNOÃOÃNODUÃQ EHOLUJLQOHÙPH\H EDÙODPDVÃQD QHGHQ ROPXÙWXU &XPKXUL\HW VRQUDVÃ XOXV
ROXÙWXUPD
G|QHPOHULQGHLVH'RÖXE|OJHOHULQLQEXNH]VRV\RSROLWLNIDNW|UOHUOHJHOLÙPH
HNVHQOHULQLQ GÃÙÃQGD NDOGÃÖà J|UOPHNWHGLU ×]OH\HQ OHULQ OLEHUDO HNRQRPL YH
OHULQSODQOÃNDONÃQPDSROLWLNDODUÃGDJHOLÙPLÙOLNIDUNODUÃQÃ%DWÃE|OJHOHULOHKLQHDUW
WÃUPÃÙWÃU
OHUHJHOLQGLÖLQGHLVHIDUNOÃOÃNODUDFHYDSDQODPÃQGD\DWÃUÃPFÃODUDSULPWDK
VLVLLOHVLPJHOHÙHQGDUDQODPGDJHOHQHNVHOE|OJHVHOSROLWLNDRODUDNQLWHOHQGLULOHELOHFHN
X\JXODPDODU LON NH] 'RÖX E|OJHOHULQGH |]HO \DWÃUÃPFÃOÃÖÃQ EDÙODWÃOPDVÃQÃ VDÖOD\DUDN
ED]ÃJHOLÙPHRGDNODUÃQÃEHOLUJLQOHÙWLUPLÙWLU
7
7h+×6×Ù+XNXNXYH×NWLVDW'HUJLVL
&LOW6D\Ã
$ÖXVWRV.DVÃP
OÃ\ÃOODUGDJYHQOLNSUREOHPOHULYHNDPXVHNW|UND\QDNGDUERÖD]ÃHWNHQ
OHUL\OHVUGUOHELOLUROPD\DQV|]NRQXVXSROLWLND%DWÁONHOHULQGHNLJLELGLQDPLNYHVLV
WHPLN ELU PDNURHNRQRPLN SROLWLND\D G|QÙPHN \HULQH E\N |OoGH ]RUXQOX RODUDN
NHVLQWL\H XÖUDWÃOPÃÙWÃU$\Qà G|QHPGH XOXVDO UHNDEHW JFQQ DUWÃUÃOPDVà SUREOHPL
7UNL\H
GHILQDQVDOWHÙYLNOHUDUDFÃOÃÖÃ\ODLKUDFDWÃQDUWÃUÃOPDVÃRODUDNX\JXODQPÃÙYHEX
NÃVPLXOXVODUDUDVÃHQWHJUDV\RQHWNLVLHNRQRPLQLQ\DSÃVDOG|QÙPQHYHNDPXVHN
W|UQQUROQQGHÖLÙLPLQH\RODoDPDPÃÙWÃU(UFDQ
OL \ÃOODUD JHOLQGLÖLQGH 7UNL\H
QLQ HNRQRPLN E\NONOHULQL |QHPOL |OoGH
WDKULSHGHQILQDQVDONUL]OHUVRQUDVÃX\JXODQDQHNRQRPLNVWDELOL]DV\RQYHUHIRUPSURJ
UDPÃE|OJHVHOSROLWLNDODUÃQX\JXODQDELOPHVLLoLQX\JXQRUWDPÃQ\DUDWÃOPDVÃDQODPÃQGD
LONDGÃPNDEXOHGLOPHNWHGLU$\UÃFDD\QÃG|QHPGH$%LOH\HOLN|QFHVLX\XPVUHFLQLQ
GH EDÙODWÃOPDVà LOH 7UNL\H $% E|OJHVHO SROLWLNDODUÃQD X\XPX GD NDSVD\DQ ELU GL]L
\NPOONDOWÃQDJLUPLÙWLU%XQX7UNL\H
QLQ$%VLVWHPLQHX\JXQRODUDNSROLWLND\DSÃPÃ
YH LVWDWLVWLNOHULQ UHWLOPHVLQGH WHPHO WHÙNLO HGHFHN \HQL ELU E|OJHVHO \DSÃODQPDQÃQ
JHUoHNOHÙWLULOPHVL YH SODQODPD oDOÃÙPDODUÃ L]OHPLÙWLU &RÖUDIL YH LGDUL DQODPGD \HQL
E|OPOHQPH1876,,E|OJHVLQLQPHYFXW\HGLFRÖUDILE|OJHLOHLOOHUDUDVÃQGDDÖÃUOÃN
ODELUNDoLOLNDSVD\DQ\HQLSROLWLNDDODQODUÃQÃ|QJ|UPHNWHGLU3ODQODPDDQODPÃQGDLVH
\ÃOÃQGDKD]ÃUODQDQ8OXVDO3URJUDPD1DWLRQDO3URJUDPHIRUWKH$GRSWLRQRIWKH
$FTXLV13$$HNRODUDN$%
\H\HOLN|QFHVL\DUGÃPODUÃQÃQNXOODQÃOPDVÃQDVWUDWHMLN
oHUoHYHROXÙWXUPDN]HUH\ÃOÃQGDKD]ÃUODQDQgQ8OXVDO.DONÃQPD3ODQÃ
GRNPDQÃKD]ÃUODQPÃÙWÃU%LOHQ
3ODQODPDG|NPDQODUÃNDSVDPÃQÃQPRGHUQELUSROLWLNDDUDFÃQLWHOLÖLQGHROGXÖX
YH VWUDWHMLOHULQ 7UNL\H
QLQ X]XQ YH RUWD YDGHOL SODQODPD NXUJXODUÃQD X\JXQ RODUDN
XOXVDOUHNDEHWHGHELOLUOLÖLYHE\PH\L|QSODQDDOGÃÖÃEXQXQYH\DQÃVÃUD1876,,
E|OJHVLQLQ |QFHOLNOL RODUDN VHoLOHUHN E|OJHVHO GHQNOLN SROLWLNDODUÃQÃQ GD VWUDWHMLOHUGHQ
ELULQL ROXÙWXUGXÖX J|UOPHNWHGLU *HOLÙWLULOHQ E|\OHVLQH PRGHUQ SROLWLND \DNODÙÃPÃQD
UDÖPHQLVWHQHQX\JXODPD\DSÃODUÃQÃQNXUXOPDVÃYHX\JXQQLWHOLNWHEHÙHULVHUPD\HQLQ
VDÖODQPDVÃYH\HWLÙWLULOPHVLNRQXODUÃQGD|QHPOLGDUERÖD]ODUROGXÖXJ|]OHQPHNWHGLU
0HYFXW GXUXPGD 'HYOHW 3ODQODPD 7HÙNLODWÃ KHU ELU 1876 ,, E|OJHVL ED]ÃQGD VWUDWHML
EHOLUOHPHEXQXSROLWLND|QOHPOHULRODUDNIRUPOHHWPHX\JXODPDX\JXODPDODUÃL]OHPH
YHX\JXODPDYHX\JXODPDVRQUDVÃEXOJXODUÃGHÖHUOHQGLUPHWHPHOLÙOHYOHULQLQEWQQ
VWOHQPLÙGXUXPGDEXOXQPDNWDGÃU6ÃQÃUOÃ|OoOHUGHVDÖODQDQIRQODUODE|\OHELU\DSÃQÃQ
\UWOPHVL PPNQ RODELOPHNOH ELUOLNWH |]HOOLNOH X\JXODPD DQODPÃQGD \HWNLOHULQ
PHUNH]L ELULPOHULQ \HUHO WHPVLOFLOHULQH YH \HUHO ROXÙXPODUD GHYUHGLOHPHPHVL JHOHFHN
G|QHPOHUH\|QHOLN7UNL\H
QLQLKWL\DoODUÃQDSDUDOHOELUIRQKDFPLPDVVHGHELOPHNDSD
VLWHVLYHGHQH\LPLROXÙXPXQXJHFLNWLUPHNWHGLU%LOHQ
%|OJHVHO NDONÃQPD KHGHIOHQHQ \|UHOHUGH YH VHNW|UOHUGH \DWÃUÃP G]H\LQLQ \N
VHOWLOPHVLQL E|\OHFH EX \|UHOHUGH HNRQRPLN NDONÃQPDQÃQ VDÖODQPDVÃQÃ |QJ|UPHNWHGLU
%|OJHVHONDONÃQPDQÃQJHUoHNOHÙWLULOPHVLLoLQ\DWÃUÃPNDUDUODUÃQÃQoHÙLWOLDUDoODUYHNXUXPODU
NXOODQÃODUDN HWNLOHQPHVL JHUHNPHNWHGLU %XQXQ LoLQ |QFHOLNOH E|OJHQLQ HNRQRPLN SRWDQ
8
7h+×6×Ù+XNXNXYH×NWLVDW'HUJLVL
&LOW6D\Ã
$ÖXVWRV.DVÃP
VL\HOLQLQRUWD\DoÃNDUÃOPDVÃYHKHULOLQNHQGLQHKDVVWQ|]HOOLNOHULQLQRUWDNNXOODQÃPÃLOHGDKD
KÃ]OÃELUNDONÃQPDVUHFLQLQEDÙODWÃODELOPHVLVDÖODQDELOHFHNWLU&RÙNXQ
7UNL\H
GHE|OJHVHONDONÃQPDLoLQNXOODQÃODQHQ\D\JÃQDUDoVHNW|UOHUHYH\|UHOHUH
J|UHIDUNOÃODÙWÃUÃOPÃÙELUWHÙYLNVLVWHPLGLU%XVLVWHPLOOHULQJHOLÙPLÙOLNG]H\OHULQHJ|UHIDUN
Oà RUDQODUGD X\JXODQPDNWDGÃU 7UNL\H
GH WHÙYLNOHU GÃÙÃQGD NXOODQÃODQ WHPHO DUDo NDPX
\DWÃUÃPODUÃGÃU .DPX KL]PHWOHULQH YH DOW\DSÃ\D \DSÃODQ \DWÃUÃPODUÃQ HNRQRPLN NDONÃQPD
DoÃVÃQGDQHWNLQELUDUDoROGXÖXJ|]OHQPLÙWLU$QFDNEDÙODQJÃoWDHWNLQELUDUDoRODUDNNXO
ODQÃODQNDPX\DWÃUÃPODUÃVRQG|QHPOHUGHKHPD]DOPÃÙKHPGHHWNLQOLÖLQLND\EHWPLÙWLU%X
\]GHQ NDPX VÃQDL \DWÃUÃPODUÃQÃQ E|OJHVHO NDONÃQPDGD ELU DUDo RODUDN NXOODQÃOPDVÃQGDQ
YD]JHoLOPLÙYHVDQD\LOHÙPHGH|QFON|]HO\DWÃUÃPODUDYHULOPLÙWLU
6DQD\LQLQ\HUVHoLPLNDUDUODUÃQÃHWNLOHPHNYHGROD\OÃRODUDNE|OJHVHONDONÃQPD\Ã
GHVWHNOHPHNLoLQONHPL]GHNXOODQÃODQELUEDÙNDDUDoRUJDQL]HVDQD\LE|OJHOHUL26%
YH NoN VDQD\L VLWHOHULQLQ .66 NXUXOPDVÃQÃQ GHVWHNOHQPHVLGLU $QFDN XOXVODUDUDVÃ
NDUÙÃODÙWÃUPDODU 7UNL\H
GH EX DUDFÃQ \D\JÃQ YH HWNLQ RODUDN NXOODQÃOPDGÃÖÃQÃ J|VWHU
PHNWHGLUdDYXÙRÖOX
%|OJHVHO .DONÃQPD .DSVDPÃQGD 7UNL\H
GH .DONÃQPD $MDQVODUÃQÃQ
5RO<DSÃVDOYH.XUXPVDO×ÙOH\LÙ
.XUXOXÙ JHUHNoHOHUL YH \HULQH JHWLUGLÖL KL]PHWOHU SDUDOHOLQGH %.$
ODUOD LOJLOL
ELUoRN WDQÃPODPD V|] NRQXVXGXU %LU \DNODÙÃPD J|UH %.$
ODU PHUNH]L KNPHWWHQ
EDÖÃPVÃ] ELU LGDUL \DSÃGD VÃQÃUODUÃ oL]LOPLÙ ELU E|OJHQLQ VRV\RHNRQRPLN NRÙXOODUÃQÃ
JHOLÙWLUPHDPDFÃ\ODNXUXOPXÙDMDQVODUGÃU%HUEHUYHdHOHSoL
$YUXSD%|OJHVHO.DONÃQPD$MDQVODUÃ%LUOLÖL
QH(85$'$J|UHLVH%.$VHNW|U
HO YH JHQHO NDONÃQPD SUREOHPOHULQL EHOLUOHU EXQODUÃQ o|]PQH \|QHOLN RODQDNODUà YH
o|]POHULVDSWDUEXo|]POHULJHOLÙWLUHQSURMHOHULGHVWHNOHUZZZHXUDGDRUJ
%.$
ODUÃQHVDVYDUOÃNQHGHQOHULE|OJHVHOVWUDWHMLOHULX\JXODPD\HUHOYHE|OJH
VHO JLULÙLPFLOLÖL GHVWHNOHPH DOW \DSÃ KL]PHWOHULQLQ VXQXOPDVÃQD \DUGÃPFÃ ROPD |]HO
VHNW|UQ \DNÃQ JHOHFHÖL LoLQ \HUHOE|OJHVHO o|]POHU DUDÙWÃUPD YH E|OJHVHO WDOHSOHUL
NDUÙÃOD\DFDN \HQL UQ YH KL]PHW UHWLPL LoLQ ILQDQVDO JDUDQWLOHU YH o|]POHU DUDPD
ÙHNOLQGH |]HWOHQPHNWHGLU 'HPLUFL %.$
ODUÃQ KHGHIOHUL UHNDEHWH GD\DQDQ
ELU LÙ oHYUHVLQLQ ROXÙPDVà GQ\D NDOLWHVLQGH ELU LÙJFQQ \HWLÙWLULOPHVL GHYOHW
GHVWHÖLQLQVDÖODQPDVÃoHYUHQLQYHVDÖOÃÖÃQL\LOHÙWLULOPHVLHWNLOLNXUXPODUÃQROXÙWXUXO
PDVÃ YE %X KHGHIOHUL JHUoHNOHÙWLUPHN LoLQ IDDOL\HWOHUL ÙXQODUGÃ ×oVHO NDONÃQPD\Ã
\DEDQFÃ\DWÃUÃPoHNPH\LJLULÙLPOHUHKL]PHWYHUPH\LHÖLWLPKL]PHWOHULQLXOXVODUDUDVÃ
IDDOL\HWOHULYH\HUHOYHE|OJHVHO\HWNLOLOHUHLKWL\DoGX\GXNODUÃKL]PHWOHULJHUoHNOHÙWLUPHN
%.$
ODU J|VWHUGLNOHUL IDDOL\HWOHUH J|UH VWUDWHMLN JHQHO RSHUDV\RQHO VHNW|UHO YH GÃÙ
\DWÃUÃP LoLQ RODQODU ÙHNOLQGH oHÙLWOHQPHNWHGLU %\N |OoHNWH RODQ %.$
ODU KHPHQ
KHPHQEXG|UWIDDOL\HWLELUOLNWHJHUoHNOHÙWLULUdDOW
9
7h+×6×Ù+XNXNXYH×NWLVDW'HUJLVL
&LOW6D\Ã
$ÖXVWRV.DVÃP
7UNL\HLoLQ%.$
ODUÃNRQXVXLONNH]$%
\HWDP\HOLNP]DNHUHOHULVUHFLQGHNL
.DWÃOÃP 2UWDNOÃÖÃ %HOJHVLQGH RUWD YDGHGH \DSÃOPDVÃ JHUHNHQ LÙOHU NDSVDPÃQGD EHOLU
WLOPLÙWLU %X oHUoHYHGH (\OO WDULKOL %DNDQODU .XUXOX NDUDUÃQGD E|OJHOHULQ
VRV\RHNRQRPLN DQDOL]OHULQLQ \DSÃOPDVÃ E|OJHVHO SROLWLNDODUÃQ EHOLUOHQPHVL YH $%
%|OJHVHO×VWDWLVWLN6LVWHPLLOHNDUÙÃODÙWÃUÃODELOLUYHULWDEDQÃROXÙWXUXOPDVÃDPDFÃ\ODONH
JHQHOLQGH o G]H\GH LVWDWLVWLNv E|OJH ELULPOHUL ROXÙWXUXOPXÙWXU $WDD\ 1876 SURMHVL RODUDN GD ELOLQPHNWHGLU %X VÃQÃIODQGÃUPD GD ']H\ NDSVDPÃQGDNL
LVWDWLVWLNv E|OJH ELULPOHUL DGHW ROXS LO G]H\LQGHGLU +HU LO LVWDWLVWLNv E|OJH ELULPLQL
WDQÃPODPDNWD ']H\ LVWDWLVWLNv E|OJH ELULPL ']H\ NDSVDPÃQGDNL NRPÙX LOOHULQ
JUXSODQGÃUÃOPDVÃVRQXFXWDQÃPODQPÃÙROXSDGHWWLU']H\LVWDWLVWLNvE|OJHELULPLLVH
']H\LVWDWLVWLNvE|OJHELULPLQLQJUXSODQGÃUÃOPDVÃVRQXFXWDQÃPODQPÃÙROXSDGHW
WLU%|OJHVHONDONÃQPDDMDQVODUÃEXVÃQÃIODQGÃUPDGDPHUNH]OHULGHEHOLUWLOPLÙRODQ']H\
NDGHPHVLQGH D\UÃ E|OJHGH NXUXODFDN ELULPOHUGLU %X LVWDWLVWLNv E|OJH ELULPOHULQLQ
ROXÙWXUXOPDVÃ $%
\H X\XP NDSVDPÃQGD DWÃODQ HPLQ DGÃPODUGDQ ELUL RODUDN
GÙQOPHNWHGLU'HPLUFL
%|OJHVHO.DONÃQPD$MDQVODUÁQLYHUVLWHOHUYHGLÖHUHÖLWLPNXUXPODUÃ|UQHÖLQGH
ROGXÖX JLEL PPNQ ROGXÖXQFD ELUoRN NXUXPXQ J|QOOFH NDWÃOGÃÖà \HUHO VWUDWHMLN
LÙOHWPHYHSODQODPDVUHFLQLROXÙWXUPD\ÃDPDoODPDNWDGÃU%X\HUHOVWUDWHMLE|OJHQLQ
GÃÙGHVWHÖLGHLKPDOHWPHGHQGHÖLÙHQNRÙXOODUDX\XPNDSDVLWHVLQLDUWÃUÃFÃVUHNOLNHQ
GLQL\HQLOH\HELOHQYHDNWLINDWÃOÃPODROXÙDQELUVWUDWHMLGLU%XVWUDWHMLQLQEDÙDUÃOÃRODELOPH
VLLoLQVÃUDGDQ\HUHOKL]PHWOHUEDNÃVÃQGDQVÃ\UÃOPÃÙ\HUHOOLÖLQWRSOXPVDOYHHNRQRPLN
JHOLÙPHVLQGHDNWLIUROR\QD\DQELU\HUHO\|QHWLPHYHEHQ]HUVRUXPOXOXNODUÃWDÙÃ\DFDN
\HUHOOLÖLQWPJUXSODUÃQÃSROLWLNGHQNOHPLoLQHVRNDELOHFHNYHWPJUXSODUÃQ\DSDELOLUOLÖL
QL DPDoOD\DFDN .DONÃQPD $MDQVÃ JLEL \HUHO NXUXPVDOODÙPDODUD LKWL\Do EXOXQPDNWDGÃU
.D\DVYG7UNL\HJHQHORODUDN%.$NDSVDPÃQGDVRPXWELUDGÃPRODUDN
NDONÃQPD SURJUDPODUÃ ROXÙWXUPXÙWXU .DONÃQPD SURJUDPODUÃ LOH ELUOLNWH E|OJHVHO
JHOLÙPLÙOLNG]H\LQGH|QHPOLDWÃPODUJHOLÙWLUPHNLVWH\HQ7UNL\HEXSURJUDPODUÃQNDS
VDPDODQÃQÃJHQLÙOHWPH\ROXQDJLWPHNWHGLU
7UNL\H
GH*HUoHNOHÙWLULOHQ.DONÃQPD3URJUDPODUÃ
7UNL\HNDONÃQPDSURJUDPODUÃLOHELUOLNWH\ÃOÃQGD$%
QLQ1876,,VÃQÃIODQGÃU
PDVÃQDX\JXQRODUDN\DSÃVDOIRQODUÃQGDX\JXODQDELOPHVLQLVDÖODPDNDPDFÃ\ODLOL
E|OJHVHOELULPOHJUXSODQGÃUPÃÙWÃU%XQXWDNLEHQ'37
QLQ|QFOÖQGH$%IRQODUÃQÃQ
DUDVÃQGDQDVÃOGDÖÃWÃODFDÖÃQÃJ|VWHUHQDQD|QFHOLNNRQXODUÃQÃEHOLUOH\HQYH
NDONÃQPD LoLQ |QFHOLNOL E|OJHOHUL KHGHI DODQ 8OXVDO .DONÃQPD 3ODQÃ KD]ÃUODQPÃÙWÃU
*HOLÙWLULOHQSURJUDPODUoHUoHYHVLQGHNoN|OoHNOLDOW\DSÃSURMHOHULLQVDQND\QDNODUÃQÃQ
JHOLÙLPLJHOLUYHLVWLKGDP\DUDWÃOPDVÃWDUÃPVDOE\PHYHGHVWHNWXUL]PJHOLÙLPLNÃU
VDONDONÃQPDoHYUHQLQNRUXQPDVÃYH\DÙDPNDOLWHVLDODQODUÃQGDKLEHGDÖÃWÃPÃJHUoHN
OHÙWLULOPLÙWLUKWWSZZZGSWJRYWUEJ\XDEESDEESKWPO
10
7h+×6×Ù+XNXNXYH×NWLVDW'HUJLVL
&LOW6D\Ã
$ÖXVWRV.DVÃP
'RÖX$QDGROX.DONÃQPD3URJUDPÃ'$.3
7UNL\H
QLQ $YUXSD %LUOLÖL
QH X\XP VUHFLQGH $%7UNL\H 0DOL ×ÙELUOLÖL NDS
VDPÃQGDNDWÃOÃP|QFHVLIRQODUGDQ\DUDUODQPDN]HUHONHSROLWLNDODUÃQDX\XPOXRODUDN
KD]ÃUODQDQ 'RÖX $QDGROX .DONÃQPD 3URJUDPÃ '$.3 75% ×VWDWLVWLNv %|OJH %LULPL
']H\ %|OJHVLQL ROXÙWXUDQ %LWOLV +DNNDUL 0XÙ YH 9DQ LOOHULQL NDSVDPDNWDGÃU '37
NRRUGLQDV\RQXQGD \UWOPÙ RODQ 3URJUDP \HQLOLNoL E|OJHVHO SROLWLND YH SODQODPD
\DNODÙÃPODUÃQÃX\JXODPD\D\|QHOLNRODUDNPHUNH]GHYHE|OJHGHNDSDVLWHROXÙWXUPDN
]HUHYHE|OJHQLQVUGUOHELOLUNDONÃQPDVÃLoLQ\HQLOLNoLE|OJHVHO\DNODÙÃPODUD|UQHN
ROXÙWXUPDN DPDFÃ\OD KD]ÃUODQPÃÙWÃU KWWSZZZGSWJRYWUEJ\XDEESDEESKWPO %X
NDSVDPGD3URJUDPGD|QFHOLNDODQODUÃ7DUÃPYH.ÃUVDO.DONÃQPD.2%×
OHU7XUL]PYH
dHYUH6RV\DO*HOLÙPHYH.DSDVLWH*HOLÙWLUPHRODUDNEHOLUOHQPLÙWLU
75759(75$']H\%|OJHOHUL.DONÃQPD3URJUDPÃ
'37NRRUGLQDV\RQXQGD\UWOPÙRODQ7575YH75$×VWDWLVWLNv%|OJH
%LULPL ']H\ %|OJHOHUL .DONÃQPD 3URJUDPà $PDV\D %D\EXUW dDQNÃUà dRUXP
(U]LQFDQ (U]XUXP .DVWDPRQX 6DPVXQ 6LQRS YH 7RNDW ROPDN ]HUH WRSODP LOL
NDSVDPDNWDGÃU6|]NRQXVXSURJUDP\ÃOÃ0DOL×ÙELUOLÖL3URJUDPODPDVÃNDSVDPÃQ
GD $YUXSD .RPLV\RQX YH 7UN +NPHWL WDUDIÃQGDQ RQD\ODQPÃÙ ROXS SURJUDPÃQ
EWoHVLPLO\RQ(XUR
VX$%GHVWHÖLPLO\RQ(XUR
VXXOXVDOEWoHNDWNÃVÃROPDN
]HUHWRSODPPLO\RQ(XUR
GXU
3URJUDPÃQ DPDFà 3URJUDPÃQ X\JXODQGÃÖà ']H\ %|OJHOHULQGH <HUHO
.DONÃQPD *LULÙLPOHULQLQ .2%×
OHULQ .oN gOoHNOL $OW\DSÃQÃQ GHVWHNOHQPHVL DPDoOÃ
KLEH SURJUDPODUÃQÃ YH 3URJUDP X\JXODPDVÃQÃ GHVWHNOH\HFHN WHNQLN \DUGÃP KL]PHWLQL
X\JXODPD\D NR\PDNWÃU 3URJUDPGD |QFHOLN DODQODUÃ <HUHO .DONÃQPD *LULÙLPOHUL
.2%×
OHUYH.oNgOoHNOL$OW\DSÃRODUDNEHOLUOHQPLÙWLU
75']H\%|OJHVL.DONÃQPD3URJUDPÃ
75 ']H\ %|OJHVL .DONÃQPD 3URJUDPà $UWYLQ *LUHVXQ *PÙKDQH
2UGX 5L]H YH 7UDE]RQ LOOHULQL NDSVDPDNWDGÃU 6|] NRQXVX 3URJUDPÃQ GD \HU DOGÃÖÃ
.DWÃOÃPgQFHVL0DOL<DUGÃPÃ<ÃOÃ3URMH3DNHWLQHLOLÙNLQ)LQDQVPDQ$QODÙPDVÃ
7HPPX] WDULKLQGH LP]DODQPÃÙWÃU 3URJUDPÃQ WHPHO DPDFÃ E|OJHVHO JHOLÙPH\H
NDWNÃGDEXOXQDUDNE|OJHOHUDUDVÃJHOLÙPLÙOLNIDUNODUÃQÃD]DOWPDNYHPHUNH]LYHE|OJHVHO
G]H\GH SURMH X\JXODPD NDSDVLWHVLQL JHOLÙWLUPHNWLU 3URJUDPGD <HUHO .DONÃQPD
*LULÙLPOHUL.2%×
OHU7XUL]PYHdHYUH$OW\DSÃVÃ|QFHOLNDODQODUÃRODUDNEHOLUOHQPLÙWLU
75$7575YH75%']H\%|OJHOHUL.DONÃQPD3URJUDPÃ
75$7575YH75%×VWDWLVWLNv%|OJH%LULPL']H\%|OJHOHUL.DONÃQPD
3URJUDPÃ $ÖUÃ $UGDKDQ %LQJ|O (OD]ÃÖ ,ÖGÃU .DUDPDQ .DUV .D\VHUL .RQ\D
11
7h+×6×Ù+XNXNXYH×NWLVDW'HUJLVL
&LOW6D\Ã
$ÖXVWRV.DVÃP
0DODW\D6LYDV7XQFHOLYH<R]JDWROPDN]HUHWRSODPLOLNDSVDPDNWDGÃU\ÃOÃ
0DOL ×ÙELUOLÖL NDSVDPÃQGD RODQ 3URJUDPÃQ ILQDQVPDQ DQODÙPDVÃ 2FDN WDUL
KLQGHLP]DODQPÃÙWÃU
3URJUDPÃQ JHQHO DPDFÃ gQ 8OXVDO .DONÃQPD 3ODQÃQGD HNRQRPLN YH VRV\DO
X\XP NDSVDPÃQGD GHVWHNOHQPHVL |QJ|UOHQ ']H\ E|OJHOHULQGH HNRQRPLN NDONÃQ
PD\DNDWNÃGDEXOXQPDQÃQ\DQÃVÃUDPHUNH]LYHE|OJHVHOG]H\GHSURMHKD]ÃUODPDYH
X\JXODPD NDSDVLWHVLQL DUWÃUPDNWÃU 3URJUDPGD EHOLUOHQHQ |QFHOLN DODQODUÃ 7DUÃP YH
+D\YDQFÃOÃN <HUHO NDONÃQPD JLULÙLPOHUL .2%×
OHU .oN gOoHNOL $OW\DSà YH .DSDVLWH
*HOLÙWLUPHGLU
7UNL\H
GH$%
\HX\XPVUHFLLOHELUOLNWHJHOLÙPHJ|VWHUHQNDONÃQPDSROLWLNDODUÃ
HNRQRPLNDoÃGDQHOHDOÃQGÃÖÃQGDÙXJ|UOPHNWHGLUNL*$3SURMHVLE|OJHOHUH\|QHOLN
ROXÙWXUXODQ.DONÃQPD$MDQVODUÃQÃQYDUOÃÖÃVUHoWHROXPOXJHOLÙPHOHULEHUDEHULQGHJHWLU
PLÙWLU+HUQHNDGDUDOW\DSÃQÃQHNVLNROXÙXGHQHWLPVLVWHPLQLQ]D\ÃIOÃÖÃJLELIDNW|UOHU
HOHDOÃQVDGD7UNL\HEXVUHoWHROXPOXDGÃPODUDWPÃÙWÃU
$%
\H8\XPdHUoHYHVLQGH%|OJHVHO.DONÃQPD3ROLWLNDODUÃ
$YUXSD %LUOLÖL 7UNL\H 0DOL ×ÙELUOLÖL VUHFL \ÃOODUÃQà NDSVD\DFDN
ELoLPGH $%
QLQ LQLVL\DWLIL LOH \HQL ELU \DNODÙÃPD ND\GÃUÃOPÃÙ WP NDWÃOÃP |QFHVL PDOL
\DUGÃPODU WHN ELU SURJUDP oHUoHYHVLQGH WRSODQPÃÙWÃU .DWÃOÃP gQFHVL <DUGÃP $UDFÃ
,3$
QÃQ GHYUH\H JLUPHVL\OH E|OJHVHO NDONÃQPDQÃQ DOWÃQGDNL IRQODUÃQ E\N ELU NÃVPÃ
\DWÃUÃP SURMHOHUL EXQODUÃQ E\N ELU NÃVPà GD ,3$
QÃQ E|OJHVHO NDONÃQPD ELOHÙHQLQLQ
DOWÃQGD EHOLUOHQHQ DOW\DSÃQÃQ L\LOHÙWLULOPHVL |QFHOLNOHUL NDSVDPÃQGD \NVHN PDOL\HWOL
\DWÃUÃPODU RODUDN EHOLUOHQPLÙWLU %X ELOHÙHQ DOWÃQGD 7UNL\H LoLQ XODÙÃP oHYUH YH
.2%×
OHULQ GHVWHNOHQPHVL DODQODUÃQD RGDNODQDQ RSHUDV\RQHO SURJUDPODU RODUDN
DGODQGÃUÃODQSURJUDPODUJHOLÙWLULOPLÙWLU,3$
QÃQG|QHPLQGHX\JXODQPÃÙRODQ
.DWÃOÃPgQFHVL0DOL×ÙELUOLÖLVUHFLQGHQWHPHOIDUNÃ\HQLG|QHPGH3URMH\DNODÙÃPOÃELU
X\JXODPDGDQ3URJUDPODPD\DNODÙÃPOÃELUX\JXODPD\DJHoLOPHVLGLU
,3$ ELOHÙHQOHULQGHQ ELUL RODQ E|OJHVHO NDONÃQPD E|OJHVHO UHNDEHW HGHELOLUOLN
oHYUHYHXODÙWÃUPDRSHUDV\RQHOSURJUDPODUÃQGDQROXÙPDNWDGÃU%XVUHoWH6DQD\LYH
7LFDUHW %DNDQOÃÖÃ %|OJHVHO 5HNDEHW (GHELOLUOLN 2SHUDV\RQHO 3URJUDPÃQÃ %523
KD]ÃUODPDYHX\JXODPDJ|UHYLQLVWOHQPLÙWLU6|]NRQXVX\HQL\DNODÙÃPÃQWHPHOLSURJ
UDPODPDYHGHYDPÃQGDSURMHILQDQVPDQÃQDGD\DQPDNWDGÃU%523E|OJHGH|QFH
GHQ X\JXODQDQ $% +LEH )RQX 3URJUDPÃQGDQ IDUNOÃGÃU %|OJHVHO 5HNDEHW (GHELOLUOLN
2SHUDV\RQHO3URJUDPÃQÃQX\JXODQDFDÖÃFRÖUDI\DNLÙLEDÙÃQDGÙHQPLOOLJHOLUL7UNL\H
RUWDODPDVÃQÃQ
LQLQDOWÃQGDNDODQ']H\,,E|OJHOHULRODUDNEHOLUOHQPLÙWLU%XE|OJH
OHULoLQGH\HUDODQLOGHE\PHPHUNH]LRODUDNLODQHGLOPLÙWLU%XoDOÃÙPDNDSVDPÃQ
GDNL SODQ E|OJHOHULQGH \HU DODQ E\PH PHUNH]OHUL LVH 6DPVXQ 7UDE]RQ (U]XUXP
.DUV9DQ(OD]ÃÖYH0DODW\D
GÃU%XoHUoHYHGHGHVWHNOHQHFHNSURMHOHULQ|QFHOLNNRQX
ODUÃ ×Ù 2UWDPÃQÃQ ×\LOHÙWLULOPHVL ×ÙOHWPH .DSDVLWHOHULQLQ $UWWÃUÃOPDVÃ YH ×ÙOHWPH
12
7h+×6×Ù+XNXNXYH×NWLVDW'HUJLVL
&LOW6D\Ã
$ÖXVWRV.DVÃP
.DSDVLWHOHULQLQ*HOLÙWLULOPHVLRODUDNEHOLUOHQPLÙWLU75YH75E|OJHOHULLoLQLVHEX
|QFHOLNOHU oHUoHYHVLQGH |QFHOLNOL WHGELUOHU YH VHNW|UHO \RÖXQODÙPD DODQODUÃ EHOLUOHQ
PLÙWLU
7UNL\HE|OJHVHONDONÃQPDSROLWLNDODUÃLOHELUOLNWHJHUoHNOHÙWLUGLÖL\DSÃVDOG]HQ
OHPHOHUOH GH \DÙDQDQ EX VUHFH DUWà ELU GHÖHU LODYH HWPHN ]RUXQGDGÃU %X GHÖHU
NXUXPVDO G]HQOHPHOHUOH ELUOLNWH JHUHNOL DOW \DSà oDOÃÙPDODUÃQÃQ GD G]HQOHQPHVLQL
JHUHNWLUPHNWHGLU%XJHUHNOLOLÖHUDÖPHQ7UNL\H
GHNXUXPVD\ÃVÃYHEXQODUÃQVWOHQGLN
OHULLÙOHYOHUVÃQÃUOÃGÃU7UNL\H
GHNLLNLNDONÃQPDEDQNDVÃ76.%YH7.%LNL\DUÃNDONÃQ
PD \DUÃ WLFDUL EDQND =LUDDW EDQNDVÃ YH +DON EDQNDVÃ LOH E|OJHVHO HNRQRPLN NDONÃQ
PDQÃQ GHVWHNOHQPHVL PPNQ ROPDGÃÖÃQà JHoPLÙWHNL GHQH\OHU J|VWHUPLÙWLU 'HYOHWLQ
HNRQRPLLOHLOJLOLEDNDQOÃNNXUXOXÙODUÃQÃQEXDODQGDNLIDDOL\HWOHULQLQHWNLQOLÖLGHVÃQÃUOÃGÃU
%|OJHVHO NDONÃQPDGD J|UHY DODQ \HUHO NXUXPODU YH E|OJHVHO NDONÃQPD DMDQVODUÃQÃQ
EXOXQPDPDVÃQHGHQL\OH\HUHOX\JXODPDODU\HUHO\|QHWLPOHUYHPHUNH]LELULPOHULQLOLOoH
G]H\LQGHNL WHPVLOFLOLNOHUL DUDFÃOÃÖà LOH \UWOPHNWHGLU <HUHO G]H\GH |UJWOHQPLÙ
]LUDDWWLFDUHWYHVDQD\LRGDODUÃLOHHVQDIYHVDQDWNkUODUGHUQHNOHULJLELNXUXOXÙODUÃQEX
PHUNH]L\DSÃLoLQGHDQODPOÃELUUROEXOXQPDPDNWDGÃUdDYXÙRÖOX
6218d
$%
GH YH SHN oRN ONHGH X\JXODPD DODQà EXODQ %.$
ODU EX SRSOHUOLÖLQL
VDÖODPÃÙ ROGXÖX HWNLQ VRQXoODUD ERUoOXGXU (OGH HGLOHQ EX HWNLQ VRQXoODU LVH \HUHO
DNW|UOHULQE|OJHVHONDONÃQPD\DNDWÃOÃPODUÃQÃQYHGHVWHNOHULQLQVDÖODQPDVÃYHE|OJHVHO
ND\QDNODUÃQHWNLQNXOODQÃOPDVÃVRQXFXQGDROXÙPDNWDGÃU7UNL\H
GHNXUXOPXÙRODQYH
NXUXOPDVÃSODQODQDQ%.$
ODUDLOLÙNLQJHUHNKXNXNVDOJHUHNVHGHE|OJHVHOELOLQo\HWH
ULQFHROXÙPDPÃÙWÃUhONHPL]GH%.$
ODUDLOLÙNLQ\DSÃODQoDOÃÙPDODUDNDGHPLNoHYUHOHU
'37 YH %.$ NXUXOPDVà SODQODQDQ LOOHU LOH VÃQÃUOà NDOPÃÙWÃU %X QRNWDGD ONH oDSÃQGD
%.$
ODUÃQHWNLQRODUDNNXUXOPDVÃLoLQ\HUHODNW|UOHUHLOLÙNLQELOJLOHQGLUPHoDOÃÙPDODUÃQÃQ
\DSÃOPDVÃJHUHNPHNWHGLU7UNL\H
GHNXUXOPDNWDRODQ%|OJHVHO.DONÃQPD$MDQVODUÃ
QÃQ
EDÙDUÃVÃLoLQLQRYDV\RQVLVWHPLQHGD\DOÃ|ÖUHQHQE|OJHOHUDUDVÃQGDNLUHNDEHW\DSÃVÃQÃ
|QH oÃNDUWDQ YH WPGHQJHOLP \|QWHPLQL WHPHO DODQ ELU \DSà JHUHNOLGLU $\UÃFD ONH
JHQHOLQGH \DSÃODFDN JHQHO WHVSLWOHUGHQ VRQUD E|OJHOHU ED]ÃQGD D\UÃQWÃOÃ SODQODPD\D
JLGLOPHVLGHJHUHNPHNWHGLU%LUE|OJHKDQJLVHNW|UQJHOLÙPHVLLoLQX\JXQJ|UOPÙ
ROXUVDROVXQLQRYDV\RQSROLWLNDVÃLoHULVLQGHGHÖHUOHQGLULOPHVL|QÙDUWROPDOÃGÃU
%.$
ODUÃQ oDOÃÙPDODUà ROGXNoD VÃQÃUOà J|UQPHVLQH NDUÙÃQ $% .DONÃQPD
3URJUDPODUÃoHUoHYHVLQGHE|OJHOHULQSURMHVXQPDNDSDVLWHVLQGHJHOLÙPHND\GHGLOPH
VL ROXPOX J|UOPHNWHGLU DQFDN VXQXODQ KLEHOHU JHUL NDOPÃÙ E|OJHOHULQ NDONÃQPDVÃQGD
HWNLOLROPD\ÃDUWWÃUDFDNELUNDSDVLWH\DUDWPDPDNWDGÃU%|OJHOHUDUDVÃHÙLWVL]OLÖLD]DOWPD
GD VDGHFH $% SURJUDPà YH SURMHOHUL ]HULQGHQ JLWPHN \HWHUVL] NDODFDNWÃU 8\XP
VUHFLQGH|]HOOLNOH\HQLSURJUDPX\JXODPDODUÃQÃQXOXVDOYHE|OJHVHOSROLWLNDODUODHOH
DOÃQPDVÃYH7UNL\H
QLQNHQGL|]HOOLNOHULYHÙDUWODUÃQDX\JXQELoLPGHNXUXPODUYHNXUDO
ODUà GHÖHUOHQGLUPHVL JHUHNOLGLU %X GHÖHUOHQGLUPH VUHFL 7UNL\H LoLQ |]HOOLNOH $%
13
7h+×6×Ù+XNXNXYH×NWLVDW'HUJLVL
&LOW6D\Ã
$ÖXVWRV.DVÃP
VUHFLQH X\XP DoÃVÃQGDQ ROGXNoD HWNLOL VRQXoODUD \RO DoDFDNWÃU 'LÖHU ONHOHUGH EX
NRQXGD\DSÃODQoDOÃÙPDODUGHÖHUOHQGLULOGLÖLQGHDVOÃQGDYDURODQWHNROJXQXQYHULPOLYH
HWNLQ SROLWLNDODU ROGXÖXQX V|\OH\HELOLUL] 7UNL\H
GH \HUHO DNW|UOHUOH LÙELUOLÖL \DSDUDN
JHUHNOLHÙJGPVDÖODGÃÖÃWDNGLUGHROGXNoDHWNLQoDOÃÙPDODURUWD\DNR\PDVÃNDoÃQÃO
PD]GÃU
%.$
ODUÃQ HWNLQ YH YHULPOL oDOÃÙDELOPHVL LoLQ PHUNH]L NDPX DÖÃUOÃÖÃQÃQ
D]DOWÃODUDN \HUHO IDNW|UOHULQ HWNLQOLÖLQLQ DUWÃUÃOPDVà '37 EQ\HVLQGH NRRUGLQDV\RQOD
LOJLOLD\UÃELUELULPROXÙWXUXOPDOÃVHoLOHFHNSHUVRQHOLQYDVIÃEDÙWDDMDQVÃQSODQODPDVÃQ
GDQVRUXPOXNLÙLOHULQ\DQLJHQHOVHNUHWHUOHULQ|]HQOHVHoLOPHVLJHUHNPHNWHGLU
7UNL\H
QLQ $%
QH DGD\ ONH RODUDN NDEXO HGLOGLÖL +HOVLQNL =LUYHVL
QGHQ
JQP]H E|OJHVHO NDONÃQPD SROLWLNDVà DODQÃQGD NDW HWWLÖL PHVDIHQLQ ND\GD GHÖHU
ROGXÖX GHÖHUOHQGLULOPHNWHGLU 7UNL\H
QLQ $% SHUVSHNWLILQGH \UWWÖ EX oDOÃÙPDODU
ONH\L DGÃP DGÃP WDP \HOLÖH GRÖUX J|WUPHNWHGLU 7UNL\H
QLQ JHOHFHNWH $% VLVWH
PLQH GDKLO RODFDÖà YH EWoHVLQH NDWNÃGD EXOXQDELOHFHÖL WDKPLQ HGLOPHNWHGLU
7UNL\H
QLQ$%
QHWDP\HOLÖLVD\HVLQGHJHUoHNOHÙHFHNRODQEXGXUXPXQ$%E|OJHVHO
SROLWLND DUDoODUÃQGDQ GD \DUDUODQPD LPNDQà VXQDFDÖà GÙQOPHNWHGLU
*QP]GH\VH 7UNL\H E|OJHVHO DQODPGD ELU WDNÃP ROXPVX]OXNODUà EQ\HVLQGH
EDUÃQGÃUDQ $%
QH DGD\ ELU ONH NRQXPXQGD EXOXQPDNWDGÃU $GD\ ONH RODUDN
7UNL\H
QLQ \NPOONOHULQL \HULQH JHWLUGLÖL WDNGLUGH NDWÃOÃP |QFHVL DUDo ,3$
GDQ
|QHPOL|OoGHGHVWHNVDÖOD\DFDÖÃYHEXGHVWHNOHULQNXOODQÃPÃQGD%|OJHVHO.DONÃQPD
$MDQVODUÃ
QÃQJHUHNOLOLÖLQLQRUWD\DoÃNDFDÖÃGHÖHUOHQGLULOPHNWHGLU7DP\HOLNGXUXPXQ
GD LVH |]HOOLNOH 7UNL\H
GH E|OJHOHUDUDVÃ JHOLÙPLÙOLN IDUNODUÃQÃQ oRN ID]OD ROPDVÃ $%
E|OJHVHOSROLWLNDDUDoODUÃQGDQX]XQELUVUH|QHPOLRUDQGDGHVWHNDOÃQPDVÃQÃJHUHNWLUH
FHNGXUXPGDROGXÖXQXJ|VWHUPHNWHGLU0HYFXWYHULOHUYHX\JXQOXNNRÙXOODUÃDoÃVÃQGDQ
GHÖHUOHQGLULOGLÖLQGH 7UNL\H
QLQ |QHPOL ELU E|OPQGH EX DUDoODUÃQ NXOODQÃPÃQÃQ
PPNQ RODFDÖà V|] NRQXVX DUDoODUÃQ YH \DUGÃPODUÃQ NXOODQÃOPDVà VUHFLQGH LVH
%|OJHVHO.DONÃQPD$MDQVODUÃ
QÃQELUNH]GDKD|QHPOLUROR\QD\DFDÖÃ|QJ|UOPHNWHGLU
6RQXo RODUDN $% VUHFLQGH 7UNL\H
GH %.$
ODUÃQ NXUXOPDVÃQÃ E|OJHOHU DUDVÃ
JHOLÙPLÙOLN IDUNOÃOÃNODUÃQÃQ D]DOWÃOPDVÃ YH E|OJHVHO NDONÃQPDQÃQ VDÖODQPDVÃ LoLQ ELU
]RUXQOXOXNIDNDWX\JXODPDVUHFLQGHJHQLÙNDWÃOÃPÃQVDÖODQPDVÃQÃQEDÙDUÃLoLQNULWLN
XQVXUROGXÖXQXYHJ|]DUGÃHGLOPHPHVLJHUHNWLÖLQLV|\OH\HELOLUL].XUXODQ%.$
ODUGD
HWNLQELUPHNDQL]PD\DSÃVDOYHNXUXPVDOG]HQOHPHOHUVDÖODQDUDNSHNoRNROXÙXP
LoLQROGXNoD|QHPOLELUVUHoGHEDÙODWÃODELOPHVL|QJ|UOHELOLU
.$<1$.d$
$%8Ø2Õ/8gYH×QDQg.DONÃQPDGDgQFHOLNOL<|UHOHUYH%|OJHVHO*HOLÙPHLoLQ
%LU0RGHO72%%$QNDUD
$7$$<)DUXN.DPX5HIRUP×QFHOHPHOHUL$QNDUD7DELS2GDVÃ<D\ÃQODUÃ$QNDUD
$6/$1 .DKUDPDQ %|OJHVHO .DONÃQPD )DUNOÃOÃNODUÃQÃQ *LGHULOPHVLQGH (WNLQ %LU $UDo
14
7h+×6×Ù+XNXNXYH×NWLVDW'HUJLVL
&LOW6D\Ã
$ÖXVWRV.DVÃP
%|OJHVHO 3ODQODPD YH %|OJHVHO .DONÃQPD $UDoODUÃ ×VWDQEXO 7LFDUHW hQLYHUVLWHVL 6RV\DO %LOLPOHU
'HUJLVL<ÃO6D\ÃVV
%$/&+,13DQG/6\NRUD5HJLRQDO3ROLF\DQG3ODQQLQJLQ(XURSH5RXWOHGJH/RQGRQ
%(5%(5 0HWLQ YH (EUX &HOHSoL 7UN %|OJHVHO .DONÃQPD 3ROLWLNDODUÃQGD <HQL $UD\ÃÙODU
.DONÃQPD
$MDQVODUÃ
YH
7UNL\H
GH
8\JXODQDELOLUOLÖL
KWWSZZZPHWLQEHUEHUNWXHGXWUOLQNOHUNDMDQVSGI8ODÙÃOPDWDULKL
%$,/(<'DYLG*HRIIUH\DQG'(35235,6/LVD$%ULGJH7RR3KDUH"(83UH$FFHVVLRQ
$LGDQG&DSDFLW\%XLOGLQJLQWKH&DQGLGDWH&RXQWULHV-RXUQDORI&RPPRQ0DUNHW6WXGLHV9ROXPH
V
%$Ø$5,5(
7UNL\H
QLQ$%
\H8\XP6UHFLQGHdHYUH2GDNOÃ.ÃUVDO.DONÃQPD3ROLWLNDODUÃ
8]PDQOÃN7H]L7DUÃPYH.|\LÙOHUL%DNDQOÃÖÃ$QNDUD
%×/(1*$YUXSD%LUOLÖL
QGH%|OJHVHO3ROLWLNDODUYH7UNL\H
QLQ8\XPX'Q\D*D]HWHVL
d$98Ø2Õ/87*$3.RQXVXQGD%LU%|OJHVHO.DONÃQPD$MDQVÃ.XUXOPDVÃ×]PLU×NWL
VDW.RQJUHVL+D]LUDQ$QNDUD'37<D\ÃQÃVV
d$/7 *|NKDQ %|OJHVHOOHÙPH YH $YUXSD %LUOLÖL
QLQ %LU $UDFÃ 2ODUDN %|OJH .DONÃQPD
$MDQVODUÃ9,7UNL\H=LUDDW0KHQGLVOLÖL7HNQLN.RQJUHVL%LOGLUL0HWLQOHUL2FDN$QNDUD
&2Ø.81+%|OJHVHO.DONÃQPD3ODQÃ%|OJHQLQ<RO+DULWDVÃ2ODFDN'Q\D*D]HWHVL
'(0×5&×$\WO%|OJHVHO.DONÃQPD$MDQVODUÃ.DPX<|QHWLPL'Q\DVÃ'HUJLVL<ÃO6D\Ã
VV
',$021' ' DQG %0DVVDP 7KH 1HZ 5HJLRQDO 0DS RI (XURSH 9RO 3DUW 3HUJDPRQ%UX[HOOHV
(5&$1 )%|OJHVHO.DONÃQPD6RUXQXQD%WQVHO<DNODÙÃP*$3YH6DQD\L.RQJUHVL
%LOGLULOHU.LWDEÃ7002%002<D\ÃQ1R$QNDUD
(/d× 6HGD $YUXSD %LUOLÖL <DSÃVDO )RQODUÃ 7DUÃP YH .|\LÙOHUL %DNDQOÃÖÃ'ÃÙ ×OLÙNLOHU YH
$YUXSD%LUOLÖL.RUGLQDV\RQ'DLUHVL%DÙNDQOÃÖÃ$%8]PDQOÃN7H]L$QNDUD
(5*h'(5&
$%%|OJHVHO3ROLWLNDODUÃYH<DSÃVDO)RQODU8\XP6UHFLQGH7UNL\H×oLQ%LU
'HÖHUOHQGLUPH
$VLO<D\ÃQODUÃ$QNDUD
+$6$12Õ/80UWH]DYH$OL\H]=L\D
$YUXSD%LUOLÖLLOH%WQOHÙPH6UHFLQGH7UNL\H
GH
%|OJHVHO.DONÃQPD$MDQVODUÃ6D\ÃÙWD\'HUJLVL6D\Ã
.$5$%$&$. +DNDQ $YUXSD %LUOLÖL 0DOL <DUGÃPODUà YH 7UNL\H LOH 0DOL ×ÙELUOLÖL 0DOL\H
'HUJLVL6D\Ã0D\ÃV$ÖXVWRV
.$<$6h 6 3ÃQDUFÃRJOX 0 <DVDU 6 'HUH 6 <HUHO%|OJHVHO (NRQRPLN .DONÃQPD YH
5HNDEHW*FQQ$UWÃUÃOPDVÃ%|OJHVHO.DONÃQPD$MDQVODUÃ×VWDQEXO×VWDQEXO7LFDUHW2GDVÃ<D\ÃQ
1R
*(1d.2/0HWLQ$YUXSD%LUOLÖL0DOL×ÙELUOLÖL3ROLWLNDODUÃYH7UNL\H'37<D\ÃQODUÃ(\OO$QNDUD
*g.'(5($KPHW$YUXSD7RSOXOXÖXQGD%|OJHVHO3ROLWLNDODU$7$80\D\ÃQÃ$QNDUD
,/',5$5 0XVWDID%|OJHVHO.DONÃQPDYH*HOLÙPH6WUDWHMLOHUL1REHO<D\ÃQ'DÖÃWÃP$GDQD
×.7×6$'× .$/.,10$ 9$.), $YUXSD %LUOLÖL
QLQ %|OJHVHO 3ROLWLNDVà YH 7UNL\H
QLQ 8\XPX
×VWDQEXO
6h1*h6HUGDU
$YUXSD%LUOLÖL0DOL<DUGÃPODUÃQÃQ7RSOXOXÖD<HQL.DWÃOPÃÙYH.DWÃODFDN2ODQ
hONHOHUOH7UNL\H$oÃVÃQGDQ'HÖHUOHQGLULOPHVL
6D\ÃÙWD\'HUJLVL6D\Ã7HPPX](\OO
9$52/ dLÖGHP YH (FHUDO 7DQ\HO 7UNL\H
GH %|OJHVHO .DONÃQPD dDOÃÙPDODUÃQÃQ
8\JXODQPD 8\JXODQDPDPD 6UHoOHUL %|OJHVHO .DONÃQPD YH <|QHWLÙLP 6HPSR]\XPX .DVÃP0HUVLQ
KWWSZZZGSWJRYWUEJ\XDEESDEESKWPO
ZZZHXUDGDRUJ(ULÙLPWDULKL
15