• Nem Talált Eredményt

Hajtatott zöldségfélék károsítói elleni védekezés fejlesztése Magyarországon, különös tekintettel a biológiai védekezési eljárásokra (1974-1999)

N/A
N/A
Protected

Academic year: 2022

Ossza meg "Hajtatott zöldségfélék károsítói elleni védekezés fejlesztése Magyarországon, különös tekintettel a biológiai védekezési eljárásokra (1974-1999)"

Copied!
159
0
0

Teljes szövegt

(1)

9(6=35e0,(*<(7(0

*(25*,.210(= *$='$6È*78'20È1<,.$5 1|YpQ\YpGHOPL,QWp]HW

1|YpQ\YpGHOPLÈOODWWDQL7DQV]pN

3URJUDPYH]HW $OSURJUDPpVWpPDYH]HW '56È5,1*(5*<8/$'56È5,1*(5*<8/$

07$UHQGHVWDJMD07$UHQGHVWDJMD

'5+$%,/1È'$6<0,./Ï6 PH] JD]GDViJLWXGRPiQ\NDQGLGiWXVD

$+$-7$7277=g/'6e*)e/e..È526Ë7Ï,(//(1,9e'(.(=e6 )(-/(6=7e6(0$*<$5256=È*21.h/g1g67(.,17(77(/

$%,2/Ï*,$,9e'(.(=e6,(/-È5È62.5$

'2.725,3K'e57(.(=e6

.pV]tWHWWH

%8'$,&6$%$

.(6=7+(/<

(2)

%(9(=(7e6

$]|OGVpJKDMWDWiVNLDODNXOiVD0DJ\DURUV]iJRQ

(J\UH QDJ\REE ILJ\HOPHW NHOO IRUGtWDQL D] HJpV]VpJHV WiSOiONR]iV

NLDODNtWiViUD DPHO\EHQ D ]|OGVpJIRJ\DV]WiV LV MHOHQW V V]HUHSHW NDS $

]|OGVpJQ|YpQ\HN D YLWDPLQRN GH NO|Q|VHQ D] iVYiQ\L DQ\DJRN PLDWW IRQWRV

UpV]pWDONRWMiND]HPEHULWiSOiONR]iVQDN

$]pOHOPH]pVWXGRPiQ\PHJiOODStWiVDV]HULQWD]HJ\pYEHQHOIRJ\DV]WRWW

]|OGVpJ ELROyJLDLODJ PHJNtYiQW PpUWpNH NJI PHO\ D IHOQ WW HPEHU

WiSOiOpNV]NVpJOHWpQHN PLQWHJ\ iW MHOHQWL (WW O D PHQQ\LVpJW O PpJ

YDODPHO\HVW HOPDUDGXQN D] HJ\ I UH MXWy ]|OGVpJPHQQ\LVpJ NJ

N|UOPR]RJpYHQWHKD]iQNEDQ

$] pY PLQGHQ V]DNiEDQ LJpQ\HOMN WiSOiONR]iVXQNEDQ D IULVV

]|OGVpJIpOpNHW DPHO\HN HO iOOtWiViKR]YLV]RQ\ODJU|YLGLG iOOUHQGHONH]pVUHD

V]DEDGI|OGL ]|OGVpJWHUPHV]WpV WHUOHWpQ (]pUW V]NVpJHV ]iUWUHQGV]HU

EHUHQGH]pVHNEHQ PHJKRVV]DEEtWDQL D NHUWpV]HWL NXOW~UiN WHUPHV]WpVL

OHKHW VpJpWEL]WRVtWYDH]]HOD]pYHQNpQWLW|EEV]|ULWHUPpVEHWDNDUtWiVW

7|UWpQHWLOHJ YLVV]DWHNLQWYH D ]|OGVpJKDMWDWiV D] XWyEEL pYWL]HGHNEHQ

ERQWDNR]RWW NL KD]iQNEDQ .RUiEEDQ FVXSiQ ELRI WpVHV PHOHJiJ\DNNDO pV

KROODQGiJ\DNNDO WDOiONR]KDWWXQN WiEOi]DW &VRQJUiG PHJ\pEHQ LV PD

YLV]RQWHJ\UHJ\RUVDEEDQN|YHWLNHJ\PiVWD]~MWHUPHV]WpVLPyGV]HUHN

$] RUV]iJ HOV MHOHQW VHEE WHUPiONHUWpV]HWpW D PLQGV]HQWL 7LV]DYLUiJ

7V] KR]WD OpWUH D] DV pYHN PiVRGLN IHOpEHQ pV D]yWD LV ]HPHO H] D

KDMWDWyWHOHS

$WHUPHV]W EHUHQGH]pVHNWHUOHWLQ|YHNHGpVH&VRQJUiGPHJ\pEHQ

&VRQJUiG0HJ\HL7DQiFVDGDWDL

WiEOi]DW

(3)

0HJQHYH]pV 7HUOHWKD

hYHJKi]

)yOLDKi]

) W|WWIyOLDKi]

0HOHJiJ\LDEODN

gVV]HVHQ

=|OGVpJSDOiQWDQHYHOpVVHOpV]|OGVpJKDMWDWiVVDOKDV]QRVtWRWW WHUPHV]W EHUHQGH]pVHN0DJ\DURUV]iJRQ62026HWDO

WiEOi]DW

0HJQHYH]pV 7HUOHWKD

1|YpQ\Ki]

0HOHJiJ\LDEODN

)yOLD

*RPEDWHUPHV]W pSOHW

gVV]HVHQ

9i]QpONOLWDNDUiV

$] H[SRUWUD NHUO iUXPHQQ\LVpJ Q|YHOpVH D EHOI|OGL LJpQ\HN

NLHOpJtWpVH XWiQ YiOW OHKHW Yp )LJ\HOHPUH PpOWy V H] MHO]L D KDMWDWiV

NLHPHONHG OHKHW VpJpW KRJ\ D PLQG|VV]H KDQ\L

WHUPHV]W EHUHQGH]pVEHQ D WHUPHOpVL pUWpN PLQWHJ\ IHOpW WHWWH NL D KD

V]iQWyI|OG]|OGVpJWHUPHV]WpVEHYpWHOpQHNWiEOi]DW

=|OGVpJKDMWDWiVRUV]iJRVWHUOHWLPHJRV]OiVD iUXpVpUWpNWHUPHOpVUH

WiEOi]DW

(4)

+DMWDWyEHUHQGH]pV WtSXVD

7HUOHW KD

+R]DP WRQQD

%HYpWHO PLOOLy)W

hYHJKi]

$EODNRVPHOHJiJ\

0 DQ\DJIyOLDViWUDN

*RPEDWHUPHV]W Ki]DN

gVV]HVHQ

6]iQWyI|OGL

]|OGVpJWHUPHV]WpV

$ WHUOHWL IHOIXWiV pV N|]|WW M|WW OpWUH WiEOi]DW D

]|OGVpJSURJUDP iOODPL WiPRJDWiViYDO (]HNEHQ D] pYHNEHQ KR]WD OpWUH D

V]HQWHVLÈUSiG7V]D]D]yWDLVNLHPHONHG HQSURVSHUiOyQ|YpQ\Ki]LWHOHSHLW

$ KHNWiU IHOOHWHW PHJKDODGy WHUPHV]W EHUHQGH]pV D V]iQWyI|OGL

WHUPHV]WpVPpUHWHLKH]NpSHVWFVHNpO\QHPHJpV]KiQ\DGRWMHOHQWGHKDD

ODNRVViJ V]iPiKR] YLV]RQ\tWMXN PiU QHP LV RO\DQ NHYpV D]W MHOHQWL KRJ\

PLQGHQI UHP

WHUP WHUOHWMXWEHO OH

.O|QOHJHVHQ My JHRWHUPLNXV DGRWWViJDLQN IRO\WiQ WHUPiOYL]HNEHQ

(XUySDHJ\LNOHJJD]GDJDEERUV]iJDYDJ\XQN$KpYt]IRUUiVRNWHUPiOYL]HPLQW

KHO\L HQHUJLDEi]LV OHKHW IRQWRV IHOKDV]QiOiVD HOV VRUEDQ D PH] JD]GDViJ

V]iPiUDQDJ\MHOHQW VpJ

$]YHJDODWWL]|OGVpJKDMWDWiVI W DQ\DJN|OWVpJHtJ\FVXSiQHJ\WL]HGH

DKDJ\RPiQ\RVV]pQW]HOpV PHJROGiVQDN$WHUPHV]W EHUHQGH]pVHNI WpVpEHQ

WRYiEEUD LV QDJ\ V W HJ\UH IRNR]yGy V]HUHSH OHV] D KDMWDWiV JD]GDViJRVViJiW

G|QW HQpULQW WHUPiOYt]HQHUJLiQDN$]|OGVpJKDMWDWiVWHUOHWLIHMOHV]WpVpEHQLV

PHJKDWiUR]yV]HUHSHWNDSH]DI WpVLPyG

$ IyOLDKi]DNNDO KDV]QRVtWRWW EHUHQGH]pVHN WHUOHWpQHN Q|YHNHGpVpW

OHKHWHWWSURJQRV]WL]iOQLPHO\D]HVKHNWiUUyOUHKHNWiUUD

(5)

Q WW iEUD $ WiYODWL WHUYHN V]HULQW EHQ |VV]HVHQ KHNWiU IHOOHWHW

IRJERUtWDQLDWHUPHV]W EHUHQGH]pVD]RUV]iJEDQ

$0e0IHMOHV]WpVLWHUYHPHUpV]SURJUDPRWWHUYH]WiEOi]DWD]RQEDQ

H]QHPYDOyVXOPHJPDUDGpNWDODQXO

$ MHOHQW VHEE KDMWDWRWW ]|OGVpJIpOpN N|]O OHJQDJ\REE pUWpNHW D

PHOHJLJpQ\HVHNNpSYLVHOQHN$KDMWDWiVLVWUXNW~UiEDQDI Q|YpQ\HNN|]|WWD

SDSULNDNDODSDUDGLFVRPNDOPtJD]XERUNDNDOV]HUHSHO

+LGHJW U HO YHWHPpQ\W D WHOMHV WHUOHW iQ WDOiOXQN HEE O D VDOiWD

UpV]HVHGpVHDUHWHNpPtJDIHQQPDUDGyDNiSRV]WDIpOpN

7HUPHV]W EHUHQGH]pVHNIHMOHV]WpVLWHUYH 0e0DGDWRN

WiEOi]DW

0HJQHYH]pV 7HUOHWKD

1|YpQ\Ki]

)yOLDKi]

gVV]HVHQ

9i]QpONOLWDNDUiV

-HOHQW V pUWpNHW NpSYLVHO IULVV]|OGVpJ H[SRUWXQN LV PHO\QHN

|VV]HWpWHOpEHQSDSULNiEyOyWDHJ\HQOHWHVHQQ|YHNHGHWWDNLYLWHOQN

$] H[SRUW QDJ\DUiQ\~ IHMOHV]WpVH XJ\DQ QHP V]HUHSHO D

JD]GDViJSROLWLNDL FpONLW ]pVHN N|]|WW D]RQEDQ D EHOI|OGL V]NVpJOHWHN

HGGLJLQpOWHOMHVHEENLHOpJtWpVpEHQIRQWRVIHODGDWKiUXOD]|OGVpJKDMWDWiVUD

$ ]|OGVpJKDMWDWiVVDO KDV]QRVtWRWW Q|YpQ\Ki]L IHOOHW EDQ PiU

PHJKDODGWDD]KHNWiUWWiEOi]DWDNLHPHOWWHUPpNDIHKpUK~V~SDSULND

iEUDPHO\QHND]H[SRUWYROXPHQHMHOHQW V

(6)

7HNLQWHWWHODUUDKRJ\DYiUKDWy(XUySDL8QLyVFVDWODNR]iVQHPKHO\H]

NLOiWiVED D ]|OGVpJ pV J\P|OFV WHUPpNHN HVHWpEHQ NRUOiWR]iVRNDW D KD]DL

]|OGVpJKDMWDWiV MHOHQW V IHMOHV]WpV HO WW iOO 1DSMDLQNEDQ H] D KLGHJIyOLiV

WHUPHV]WpVUH YRQDWNR]LN HOV VRUEDQ PHUW D PDJDV I WpVL N|OWVpJHN PLDWW D]

V]LWDYDV]L LG V]DNEDQ QHP OHKHWQN YHUVHQ\NpSHVHN D PHGLWHUUiQ pJKDMODW~

RUV]iJRNNHGYH] EEWHUPHV]WpVIHOWpWHOHLYHO

$]|OGVpJKDMWDWiVRUV]iJRVWHUOHWLDGDWDL

=|OGVpJpV*\P|OFV7HUPpNWDQiFVNLDGYiQ\D

WiEOi]DW

=|OGVpJNXOW~UD 7HUP WHUOHWKD

+DMWDWRWWSDSULND

+DMWDWRWW SDUDGLFVRP

+DMWDWRWWXERUND

.RUDLIHMHVNiSRV]WD

.RUDLNDUILRO

.RUDLViUJDUpSD

.RUDLSHWUH]VHO\HP

.RUDLNtQDLNHO

.RUDLNHONiSRV]WD

gVV]HVHQ

$ N J\DSRWRV WHUPHV]WpVL PyG WHUMHG EHQ YDQ V EHQ PiU N|]HO

KDRQ KDMWDWQDN LO\HQ PyGRQ HOV VRUEDQ SDUDGLFVRPRW PHUW D] XQ

KRVV]~NXOW~UiVWHUPHV]WpVQHNNLHPHONHG HQPDJDVDEHYpWHOLOHKHW VpJH

$Q\iULLG V]DNNtQiODWiWPHJKDWiUR]yNRUGRQRVpVV]DEDGI|OGLWHUOHWHN

LVWRYiEEQ|YHNHGWHN

(7)

$ KDMWDWRWW XERUND WHUPHV]WpVH LJpQ\OL D OHJQDJ\REE OpJWHU

EHUHQGH]pVW H]pUW D IHOOHW E YtWpVH LJHQ EHKDWiUROW (PLDWW D SDUDGLFVRP

PHOOHWW D] XERUND D OHJQDJ\REE YROXPHQEHQ LPSRUWiOW SULP U

]|OGVpJQ|YpQ\QN $ NRUDL IHMHV NiSRV]WiUD PHVV]H QLQFV RO\DQ LJpQ\ PLQW

DPLO\HWDWHUPHV]WpVLNDSDFLWiVPHJHQJHGQH

$ *\P|OFV pV =|OGVpJ 7HUPpNWDQiFV DMiQODWD DODSMiQ D KD]DL KDMWDWy

IHOOHWHNNpWKiURPV]RURVE YtWpVHNtYiQDWRVOHQQHDM|Y EHQPHO\HOV VRUEDQ

DKLGHJKDMWDWiVE YtWpVpUHYRQDWNR]QD

$] H[SRUWUpV]HVHGpVHN RUV]iJRQNpQWL PHJRV]OiVD 3DSULND

1pPHWRUV]iJ $XV]WULD &VHKRUV]iJ 3DUDGLFVRP

&VHKRUV]iJ

1|YpQ\YpGHOHPD]|OGVpJKDMWDWiVEDQ

$]|OGVpJKDMWDWiVFVDN~J\JD]GDViJRVKDDNHUWpV]HNDNLHPHONHG HQ

My PLQ VpJ SULP UE O PDJDV WHUPpViWODJRW D V]iQWyI|OGL ]|OGVpJWHUPHV]WpV

pUWpNpQHN W|EEV]|U|VpW WXGMiN PHJWHUPHOQL (QQHN HOpUpVpEHQ NO|Q|VHQ QDJ\

V]HUHSHWNDSDQ|YpQ\WiSOiOiVpVDQ|YpQ\YpGHOHPLWHYpNHQ\VpJ

$WHUPHV]W EHUHQGH]pVHN]iUWNOtPiMDDNiURVtWyNQDNLVNHGYH]H]pUWD

Q|YpQ\YpGHOPL PXQND UHQGNtYO LQWHQ]tYYp YiOLN $] YHJKi]DNEDQ D

Q|YpQ\YpGHOPL PXQND PHJNO|QE|]WHWHWW ILJ\HOPHW pUGHPHO D]pUW LV PHUW D

WHUPHV]WpVNRFNi]DWDLVPHJQ DQDJ\WHUPHOpVLpUWpNHNPLDWW

$ WHWHPHV pUWpN PHJyYiVD D Q|YpQ\YpGHOPL PXQNiWyO LV QDJ\REE

HU IHV]tWpVHNHWNtYiQDYpGHNH]pVHNV]iPDpVMHOHQW VpJHPHJQ

$ IULVV IRJ\DV]WiVUD V]iQW ]|OGVpJIpOpN NH]HOpVH V]LJRU~ V]DEiO\RN

EHWDUWiViW WHV]L V]NVpJHVVp $ V U Q V]UHWHOW pV U|JW|Q IRJ\DV]WiVUD NHUO

SULP U|NQpOSRQWRVDQ|VV]HNHOOHJ\H]WHWQLDQ|YpQ\YpG V]HUHVNH]HOpVHNpVD

V]HGpVHNLG SRQWMiW

$ KDMWDWiV ~MIpOH V]DEDGI|OG|Q QHP YDJ\ FVDN ULWNiQ DONDOPD]RWW

QDJ\KDWiV~ Q|YpQ\YpGHOPL HOMiUiVRNDW LV V]NVpJHVVp WHV] D WHUPpVEL]WRQViJ

(8)

pUGHNpEHQ,O\HQSpOGiXODWDODMVWHULOL]iOiVYt]J ]]HOpVYHJ\V]HUHNNHODPHOHJ

Q|YpQ\YpG V]HUN|G|N DONDOPD]iVD YDJ\ D] pUpVV]DEiO\R]y V]HUHN KDV]QiODWD

0LQGH]HNVSHFLiOLVV]DNpUWHOPHWQDJ\IRN~V]DNPDLIHONpV]OWVpJHWLJpQ\HOQHN

$ Q|YpQ\YpGHOPL PXQND LJHQ VRNUpW KLV]HQDNiUWHY NpVNyURNR]yN

LV QDJ\ V]iPEDQ pV YiOWR]DWRV IRUPiEDQ OpSQHN IHO XJ\DQDNNRU D WHUPHV]WpV

VRUiQVRNIpOHKHO\]HWDODNXOKDWNL

$ WHUPHV]WpVL V]tQYRQDOWyO IJJ HQ D Q|YpQ\YpGHOPL WHYpNHQ\VpJ LV

HOWpU VH]HNN|OWVpJHpVKDWpNRQ\ViJDLVYiOWR]DWRV

$WHUPHV]WpVLV]tQYRQDOOpSFV IRNDLQDSMDLQNEDQDN|YHWNH] N

KLGHJIyOLiVKDMWDWiVNLVOpJWHU Q|YpQ\Ki]DNEDQ

I W|WWIyOLDKi]DN]HPHOWHWpVHIRO\DPDWRVKDMWDWiVVDO

I W|WWYHJKi]DNEDQIRO\yKRVV]~NXOW~UiVWHUPHV]WpV

$NpWXWyEELYiOWR]DWQiOHJ\UHQDJ\REEWHUOHWHQWpUQHNiWDN J\DSRWRV

WHUPHV]WpVL PyGUD PHO\ D Q|YpQ\YpGHOPHW LV ~M DODSRNUD KHO\H]L $

KLGURSyQLiV WHUPHV]WpVNRU XJ\DQLV iW OHKHW WpUQL D Q|YpQ\YpG V]HUHN

WiSROGDWRQ NHUHV]WO W|UWpQ NLMXWWDWiViUD PHO\QHN VRUiQ D IHOV]tYyGy

NpV]tWPpQ\HNHWDQ|YpQ\HNDJ\|NHUHLNNHOYHV]LNIHOpVpStWLNEH

$Q|YpQ\YpGHOPLPXQNiQDNW|EEIpOHPyGMDLVPHUW

WHUPHV]WpVWHFKQLNDLYpGHNH]pV

YHJ\V]HUHVYpGHNH]pV

ELRWHFKQROyJLDLYpGHNH]pV

ELROyJLDLYpGHNH]pV

$] LQWHJUiOW YpGHNH]pV D NLHPHONHG PLQ VpJHW V]ROJiOMD $ Q|YpQ\HN

YpGHOPpEHQ HO Q\EHQ UpV]HVOQHN D ELROyJLDL ELRWHFKQLNDL YDODPLQW D

WHUPHV]WpVWHFKQLNDL YpGHNH]pV HOMiUiVDL DPHOO\HO D NHPLNiOLiN IHOKDV]QiOiViW

V]LJRU~DQDV]NVpJHVPpUWpNUHOHKHWNRUOiWR]QL

$] YHJKi]L Q|YpQ\YpGHOPpQHN NRUV]DNDLW D] HOP~OW pY VRUiQ D

N|YHWNH] NEHQOHKHWPHJMHO|OQL

(9)

$NpPLDLYpGHNH]pVNH]GHWH

(EEHQ D] LG V]DNEDQ D V]iQWyI|OG|Q LV DONDOPD]RWW WHFKQROyJLiNNDO

IRO\WDYpGHNH]pVDQ|YpQ\Ki]DNEDQLV

1|YpQ\YpGHOHPVSHFLiOLVNpV]tWPpQ\HNNHOpV~MV]HU DSSOLNiFLyYDO

$] DV pYHNW O NH]G G HQ NHUOW VRU D Q|YpQ\YpG V]HUHN XQ

]iUWWpUL HQJHGpO\H]pVQHN EHYH]HWpVpUH 0HJMHOHQWHN D PHOHJN|G

EHUHQGH]pVHN pV D IVWSDWURQRN PHO\HN SUDNWLNXVVi WHWWpN D

Q|YpQ\YpGHOPLPXQNiW

%LROyJLDLYpGHNH]pVLHOMiUiVRNEHYH]HWpVH

6HJtWVpJNNHO KHO\HWWHVtWHQL OHKHW D UHQGNtYO WR[LNXV KDWiV~

Q|YpQ\YpG V]HUHN NLMXWWDWiViW (O Q\N WRYiEEi KRJ\ D NLIHMH]HWW

Q|YpQ\YpG V]HU UH]LV]WHQFLiYDO UHQGHONH] NiURVtWyN HOOHQ LV

HUHGPpQ\HVHQDONDOPD]KDWyND]HOMiUiVRN

,QWHJUiOWWHUPHV]WpVEHYH]HWpVH

$ UHQGV]HUEHQ D N|UQ\H]HWNtPpO Q|YpQ\YpGHOPL HOMiUiVRN

WHUPHV]WpVWHFKQLNDL ELRWHFKQLNDL ELROyJLDL NLHPHOW MHOHQW VpJHW

NDSQDN

$GROJR]DWFpOMD

6]HUHQFVpVHQDODNXOWpOHWSiO\iPVRUiQMyIRUPiQHJ\HWOHQPXQNDKHO\HQ

D +yGPH] YiViUKHO\HQ P N|G &VRQJUiG 0HJ\HL 1|YpQ\YpG ÈOORPiVRQ

WHYpNHQ\NHGWHP DKRO D] HV pYHNW O NH]G G HQ UpV]W YHWWHP D] YHJKi]L

Q|YpQ\YpGHOHPHOMiUiVDLQDNNLDODNtWiViEDQpVNRUV]HU VtWpVpEHQ

$] RUV]iJ KDMWDWy IHOOHWpQHN MHOHQW V KiQ\DGD HEEHQ D PHJ\pEHQ

NRQFHQWUiOyGRWW tJ\ PLQGLJ LV NLHPHOW IHODGDW KiUXOW D] iOORPiV V]DNPDL

NROOHNWtYiMiUD H]HQ D WpUHQ $ VSHFLiOLV V]DNWHUOHW JRQGR]iVD QDJ\IRN~

NUHDWLYLWiVW LJpQ\HOW PLQGHQNLW O ~MDEE pV ~MDEE KHO\]HWHN DGyGWDN PHO\HN D

PXQNiWYiOWR]DWRVVipVpUGHNHVVpLVWHWWpN

(10)

$] iOORPiVRQ EHOO D] LG N IRO\DPiQ W|EEIpOH EHRV]WiVEDQ pV

V]HUHSN|UEHQ PHJDGDWRWW V]iPRPUD KRJ\ H V]DNPDL YRQDODW NpSYLVHOMHP pV

P YHOMHP HQWRPROyJXVNpQW pV QHPDWROyJXVNpQW (] D WHYpNHQ\VpJ QHP]HWN|]L

HJ\WWP N|GpVW LV V]NVpJHVVp WHWW H WpUHQ V D V]DNPDL WHUOHW MHOOHJpE O

DGyGyDQDKROODQGNDSFVRODWRNPHJKDWiUR]yNQDNPXWDWNR]WDN

'ROJR]DWRP FpOMD EHPXWDWQL D]RNDW D] pY N|]|WWL

IHMOHV]WpVLHUHGPpQ\HNHWPHO\HNWHYpNHQ\VpJHPKH]LVI ] GQHN

eOHWSiO\iPPDO UHPpOHP VLNHUOW KR]]iMiUXOQL HJ\ RO\DQ YHJKi]L

Q|YpQ\YpGHOPL WHFKQROyJLDL V]tQYRQDO NLDODNtWiViKR] PHO\ OHKHW Yp WHV]L D]

RUV]iJPH] JD]GDViJiQDNM|Y EHQLWHUYHLQHNPHJYDOyVtWiViW

,52'$/0,È77(.,17e6

1|YpQ\Ki]DNEDQHO IRUGXOyNiUWHY N

$]YHJKi]DNEDQDIyOLDKi]DNEDQpVDSDOiQWDQHYHO EHUHQGH]pVHNEHQ

QDJ\V]iP~NiURVtWyV]HUYH]HWIRUGXOHO DPHO\HNYHV]pO\H]WHWLNDWHUPHV]WpVW

$] HJ\VpJQ\L WHUOHWUH YRQDWNR]WDWRWW NiUWpWHON PpUWpNH iOWDOiEDQ PHJKDODGMD

DV]DEDGI|OG|QWDSDV]WDOWDNDW

$]]DOKRJ\DIRO\DPDWRVDQWHOHStWHWWQ|YpQ\HNQHNNHGYH] IHOWpWHOHNHW

WHUHPWQN yYMXN NHW D V]pOV VpJHV LG MiUiVL KDWiVRNWyO D NiURVtWyNQDN LV

PHJIHOHO EE pOHWOHKHW VpJHNHW EL]WRVtWXQN .O|Q|VHQ pUYpQ\HVO H] D] HJpV]

pYL KDMWDWiVW OHKHW Yp WHY WHUPHV]W EHUHQGH]pVHNEHQ DKRO D NOV WpOL KLGHJ

LG V]DNNiURVtWyNRUOiWR]yV]HUHSHQHPMHOHQWNH]LN

$ ]iUW WHUPHV]W EHUHQGH]pVHNEHQ IRO\y KDMWDWiV NiURVtWyL HVHWHQNpQW

NO|QE|]QHN D V]DEDG N|UQ\H]HWEHQ D V]iQWyI|OG|Q pV D NHUWHNEHQ WDOiOKDWy

V]HUYH]HWHNW O V N|]|WWN RO\DQRN LV YDQQDN DPHO\HN KD HO LV IRUGXOQDN D

V]DEDGEDQV]HPEHW Q NiUWQHPWXGQDNRNR]QL

$]|OGVpJKDMWDWiVYHV]pO\HVNiUWHY L0DJ\DURUV]iJRQ

%8'$,HWDO

(11)

DWiEOi]DW

1HPDWRGD +HWHURGHULGDH

.HUWpV]HWLJ\|NpUJXEDFVIRQiOIpUHJ 0HORLGRJ\QHLQFRJQLWD.RIRLGHW :KLWH

6]DEDGI|OGLJ\|NpUJXEDFVIRQiOIpUHJ 0HORLGRJ\QHKDSOD&KLWZRRG

%XUJRQ\DURQWyJ\|NpUJXEDFVIRQiOIpUHJ 0HORLGRJ\QHWKDPHVL&KLWZRRG

1|YpQ\Ki]LJ\|NpUJXEDFVIRQiOIpUHJ 0HORLGRJ\QHDUHQDULD1HDO

*DVWURSRGD $JUROLPDFLGDH

.HUWLKi]DWODQFVLJD $ULRQKRUWHQVLV)HUUXVDH 6]iQWyI|OGLKi]DWODQFVLJD 'HURFHUDVDJUHVWH/LQQp +iOy]DWRVKi]DWODQFVLJD 'HURFHUDVUHWLFXODWXP0OOHU 2UWKRSWHUD *U\OORWDOSLGDH

/yWFV|N *U\OORWDOSDJU\OORWDOSD/LQQp

3K\VRSRGD 7ULSLGDH

'RKiQ\WULSV] 7KULSVWDEDFL/LQGHPDQ

1\XJDWLYDJ\NDOLIRUQLDLYLUiJWULSV] )UDQNOLQLHOODRFFLGHQWDOLV3HUJDQGH

+RPRSWHUD $OH\URGLGDH

'RKiQ\PRO\WHW %HPLVLDWDEDFL*HQQDGLXV

hYHJKi]LPRO\WHW 7ULDOHXURGHVYDSRUDLRUXP:HVWZRRG

+RPRSWHUD $SKLGLGDH

8ERUNDOHYpOWHW $SKLVJRVV\SLL*ORYHU

=|OG V]LEDUDFNOHYpOWHW 0\]XVSHUVLFDH6XO]HU

)ROWRVEXUJRQ\DOHYpOWHW $XODFRUWKXPVRODQL.DLWHQEDFK

&VtNRVEXUJRQ\DOHYpOWHW 0DFURVLSKXPHXSKRUELDH7KRPDV 6iUJDEXUJRQ\DOHYpOWHW $SKLVQDVWXUWLL.DOWHQEDFK

.iSRV]WDOHYpOWHW %UHYLFRU\QHEUDVVLFDH/LQQp 0HJMHJ\]pVQHPHQGpPLNXVIDM

$ NiURVtWyN N|UO FVDN D OHJYHV]pO\HVHEEHNHW pV HOV VRUEDQ D]RNDW D

SROLIiJ V]HUYH]HWHNHW YHVV]N VRUUD DPHO\HN QHPFVDN HJ\ Q|YpQ\IpOHVpJHW

KDQHP D KDMWDWRWW NXOW~UiN W|EEVpJpW WiPDGMiN $] LVPHUWHWpVNRU HOV VRUEDQ

%$/È=6 pV 6È5,1*(5 '$59$6 LQ %8'$,

6(35 6 YDODPLQW %8'$, PXQNiLUD WiPDV]NRGWXQN $

NiUWHY NHW|VV]HIRJODOyDQDDpVEWiEOi]DWRQWQWHWWNIHO

(12)

$ WHUPpV]HWHV HOOHQVpJHN LVPHUWHWpVHNRU FVDN D] iOODWL V]HUYH]HWHNHW YHWWN

ILJ\HOHPEH

$]|OGVpJKDMWDWiVYHV]pO\HVNiUWHY L0DJ\DURUV]iJRQ

EWiEOi]DW

&ROHRSWHUD &XUFXOLRQLGDH

5HSFHV]iURUPiQ\RV &HQWRUK\XHKXVSDOOLGDFW\OLVV\Q&

TXDGULGHQV0DUFKDP

/HSLGRSWHUD 1RFWXLGDH

*DPPDEDJRO\OHSNH $XWRJTUDSKDJDPPD/LQQp

*\DSRWWRNEDJRO\OHSNH +HOLFRYHUSDDUPLJHUD+EQHU .iSRV]WDEDJRO\OHSNH 0DPHVWUDEUDVVLFDH/LQQp 9HWpVLEDJRO\OHSNH $JURWLVVHJHWXP6FKLIIHUPOOHU 6DOiWDEDJRO\OHSNH /DFDQRWLDROHUDFHD/LQQp

'LSWHUD $JURP\]LGDH

3DUDGLFVRPDNQi]yOpJ\ /LULRP\]DEU\RQLDH.DOWHQEDFK

*HUEHUDDNQi]yOpJ\ /LULRP\]DWULIROLL%XUJHVV

'LSWHUD $QWKRP\LGDH

.iSRV]WDOpJ\ 'HOLDUDGLFXP%RXFKp

$FDULQD 7HWUDQ\FKLGDH

.pWIROWRVWDNiFVDWND 7HWUDQ\FKXVXUWLFDH.RFK

$FDULQD 7DUVRQHPLGDH

6]pOHVDWND 3RO\SKDJRWDUVRQHPXVODWXV%DQNV

$FDULQD (ULRSK\GDH

3DUDGLFVRPOHYpODWND $FXORSVO\FRSHUVLFL0DVVHH 0HJMHJ\]pVQHPHQGpPLNXVIDM

*\|NpUJXEDFVIRQiOIpUJHN 1HPDWRGD+HWHURGHULGDH .iURVtWyIDMRN

.HUWpV]HWLJ\|NpUJXEDFVIRQiOIpUHJ0HORLGRJ\QHLQFRJQLWD

6]DEDGI|OGLJ\|NpUJXEDFVIRQiOIpUHJ0HORLGRJ\QHKDSOD

(13)

%XUJRQ\DURQWyJ\|NpUJXEDFVIRQiOIpUHJ0HORLGRJ\QHWKDPHVL

1|YpQ\Ki]LJ\|NpUJXEDFVIRQiOIpUHJ0HORLGRJ\QHDUHQDULD

0RUIROyJLD

$ IRQiOIpUJHNUH D] LJHQ QDJ\PpUWpN LYDUL GLPRUIL]PXV MHOOHP] $

KtPIRQiODODN~PPKRVV]~DQ VWpQ\N|UWHYDJ\SDODFNDODN~

PPiWPpU M

eOHWPyG

+DWiUR]DWODQQHP]HGpNV]iP~IDMRNhYHJKi]LN|UOPpQ\HNN|]|WW

QHP]HGpNN OHKHW $ WDODM IHOV FPHV IHOV UpWHJpEHQ pOQHN pV RQQDQ

IHUW ]QHN LQYi]LyV OiUYiLN ~WMiQ /iUYiLN D WDODMV]HPFVpN N|]|WWL NDSLOOiULV

Yt]EHQ NtJ\y]y PR]JiVVDO NHUHVLN IHO D J\|NHUHNHW DKRYD EHKDWROYD EHOV

pO VN|G NpQW WiSOiONR]QDN iEUD $ WDODMEDQ D Q VWpQ\HN iOWDO OHUDNRWW

WRMiVRN]VHODWLQV]HU DQ\DJEDQPDUDGQDNIHQQ

.iUWpWHO

$ NiUWpWHO D PHJWiPDGRWW Q|YpQ\HN WiSOiOpN pV Yt]IHOYpWHOpQHN

EpQtWiViEDQ Q\LOYiQXO PHJ $ WiSOiONR]iVXN Q\RPiQ D Q|YpQ\L V]|YHWHNEHQ

HQ]LPDWLNXV KDWiVUD yULiVVHMWHN NpS] GQHN PHO\HN QHP WXGMiN HOOiWQL

IXQNFLyMXNDW (PLDWW D Q|YpQ\ D IHMO GpVEHQ OHPDUDG SURGXNFLyMD FV|NNHQ $

J\|NHUHNHQ OiWKDWy VRNV]RU GLy QDJ\ViJRW LV PHJKDODGy PHJYDVWDJRGiVRNUyO

JXEDFVRNUyOOHKHWIHOLVPHUQLDIHUW ]pVWiEUD

$] LQIHNFLy PiU D SDOiQWi]iV XWiQL QDSRQ EHOO PHJW|UWpQLN

'523.,1 pV %221( eOHWPyGMXN VDMiWRVViJD KRJ\ V]DSRURGiVXN

WHPH HOV VRUEDQ D WDODMK PpUVpNOHWW O IJJ 6]DSRURGiVXN K PpUVpNOHWL

WDUWRPiQ\D

& H]HQ EHOO D] RSWLPiOLV D

& *5,)),1 pV

-25*(1621 (]HQ D K PpUVpNOHWHQ QDS HOHJHQG D

QHP]HGpNYiOWiVKR] (J\HJ\ QHP]HGpN yULiVL PpUWpNEHQ J\DUDStWMD D WDODM

IRQiOIpUHJ IDXQiMiW D Q VWpQ\HN MHOHQW V GE WRMiVSURGXNFLyMD

IRO\WiQ + LJpQ\NE O DGyGyDQ HOV VRUEDQ D WDODMI WpVHV YHJKi]DN pV IyOLiN

NiURVtWyL

(14)

*\DNRUL D J\|NpUEXUMiQ]iV LV $ IRQiOIpUJHN JD]GDQ|YpQ\HL N|]O D

VHNpO\HQ J\|NHUH] XERUND D OHJpU]pNHQ\HEE +DMWDWiVL N|UOPpQ\HN N|]|WW D

PDJDVWDODMK PpUVpNOHWNO|QNHGYH]DNiUWHY NHOV]DSRURGiViQDN$

SDUDGLFVRPKDMWDWiVEDQKR]DPNLHVpVWRNR]QDNDUH]LV]WHQFLiYDOQHPUHQGHONH]

IDMWiNRQ PHO\HN HOV VRUEDQ IpOGHWHUPLQiOW YiOWR]DWRN $ Q|YpQ\HN

WHUPpVN|WpVH D] DOVy HPHOHWHNHQ PpJ QRUPiOLV N|]pSWiMWyO NH]G G HQ D

N|W GpV YLV]RQW PiU KLiQ\RV $ SDSULND D J\|NpU]|OGVpJIpOpN N|UH pV D VDOiWD

XJ\DQFVDNNiURVRGLN

7HUPpV]HWHVHOOHQVpJHN

$UWKURERWU\VROLJRVSRUD0$76.(,9,$UWKURERWU\VLUUHJXOiULV

&$<52/ 3DHFLORP\FHV OLODFLQXV -$7$/$ 9HUWLFLOOLXP

FKODP\GRVSRULXP 025*$1 %DFLOOXV SHQHWUDQV 0$1.$8 +\SRDVSLVDFXOHLIHU$FDUL,16(55$pV'$9,6

+i]DWODQFVLJiN

*DVWURSRGD$JUROLPDFLGDH .iURVtWyIDMRN

.HUWLKi]DWODQFVLJD$ULRQKRUWHQVLV

6]iQWyI|OGLKi]DWODQFVLJD'HURFHUDVDJUHVWH

+iOy]DWRVKi]DWODQFVLJD'HURFHUDVUHWLFXODWXP

$IHOVRUROWIDMRNRQNtYOPpJV]iPRVNiURVtWyWWDOiOXQNDQ|YpQ\Ki]DLQNEDQ

0RUIROyJLD

$ PH]WHOHQ FVLJiNUD MHOOHP] KRJ\ QHP KRUGDQDN PHV]HV DQ\DJEyO

NpV]OW FVLJDKi]DW +iWXNRQ D IHM P|J|WW NLVVp NLHPHONHG HOOLSV]LV DODN~

pOHVHQKDWiUROWUpV]DSDM]VWDOiOKDWy+RVV]XNPPV]tQNDIHKpUW OD

V]HQQ\HV NUpPV]tQ LJ YiOWR]LN 7HVWN Q\iONiV 7DOSXNRQ LV Q\iONiV YiODGpNRW

XQFVLJDQ\iODWYiODV]WDQDNNLDPL~WMXNDWVLNDPOyVViWHV]L

(15)

eOHWPyG

1|YpQ\NHGYHO XJ\DQDNNRU IpQ\NHUO iOODWRN +tPQ VHN IDMWyO

IJJ HQ D WRMiVSURGXNFLyMXN GE 7RMiVXNDW D WDODMEDQ DV

FVRPyNEDQKHO\H]LNHOeOHWWDUWDPXNpYeYHVQHP]HGpNV]iPXNLOOHWYH

NpWpYHV IHMO GpV HN LV OHKHWQHN *2'$1 $ Q|YpQ\Ki]DN IDOPHQWL

V]HJpO\pEHQJ\DNRULEEDN

.iUWpWHO

.iUWpWHON D NO|QIpOH Q|YpQ\L UpV]HN DEODNRV UiJiViEDQ Q\LOYiQXO

PHJ GH D WHUPpVHNEH LV EHOHI~UQDN )RJD]RWW Q\HOYN V]LQWH PHJUHV]HOL D

WiSOiOpNRW 0LQGHQHY IDMRN GH HOV VRUEDQ D OpG~V ]VHQJH Q|YpQ\HNHW

NHGYHOLN

(OKDQ\DJROW WDODMI WpVHV EHUHQGH]pVHNEHQ J\RPRV N|UQ\H]HWEHQ pU]LN LJD]iQ

MyOPDJXNDW

7HUPpV]HWHVHOOHQVpJHN

/DPS\ULV QRFWLOXFD &DUDEXV VS 0HJDVHOLD GHJQDOLV 6QFURSKDJD

PHODQXUD5LFFDUGRHOODOLPDFXP$UWKURSRGD*2'$1

/yWFV|N

2UWKRSWHUD*U\OORWDOSLGDH .iURVtWyIDM

/yWFV|N*U\OORWDOSDJU\OORWDOSD

0RUIROyJLD

$ NLIHMOHWW iOODW IHOO EDUQD V]tQ DOXO KHJ\HVGHG IRUPiM~ EiUVRQ\RV

WHVW iOODW iViVUD DODNXOW HOV OiEDNNDO iEUD $ WRMiVRNEyO NLNHO OiUYiN

HO V]|UQDJ\REEKDQJ\iNKR]KDVRQOtWDQDN.LIHMO GYHNpWSiUV]iUQ\XNN|]OD

IHOV SHUJDPHQWV]HU IHG V]iUQ\ $ SiU]iVL LG V]DNEDQ PiMXVM~QLXVEDQ

UHSOQLLVNpSHVHNVLO\HQNRUFLULSHO KDQJRWDGQDN

(16)

eOHWPyG

.pWpYHQNpQW HJ\ QHP]HGpNN DODNXO NL 7RMiVUDNiVNRU HOV VRUEDQ D

V]HUYHV DQ\DJRNEDQ JD]GDJ WDODMRNRQ YDJ\ V]HUYHV WUiJ\iEDQ DODNtWDQDN NL

IpV]NHW $ Q VWpQ\ SHWpLW DV FVRPyNEDQ GLy QDJ\ViJ~ EHOOU O

NLWDSDV]WRWW UHJEH UDNMD FP PpO\VpJEHQ .DQQLEDOL]PXVUD KDMODPRVDN

$ WDODMEDQ WHOHOQHN I W|WW EHUHQGH]pVHNEHQ QHP KDWROQDN PpO\UH $

SRWURKXNEyO NLIHFVNHQGH]HWW IRO\DGpNRW HOOHQVpJHLQHN PHJIpOHPOtWpVpUH

KDV]QiOMiN

.iUWpWHO

7iSOiOpNXN I OHJ iOODWL HUHGHW I|OGL JLOLV]WiNDW FVLJiNDW URYDURNDW

WDOiOXQNEHQQHQ|YpQ\HNHWFVDNNLYpWHOHVHVHWHNEHQIRJ\DV]WDQDN.iUWpWHOND

WDODM|VV]HYLVV]DIXUNiOiViEDQQ\LOYiQXOPHJËJ\D]~WMXNEDNHUO Q|YpQ\HNHW

NLW~UMiNHVHWOHJDJ\|NpUQ\DNLUpV]N|QiWUiJMiN

7HUPpV]HWHVHOOHQVpJHN

1HRDSOHFWDQD FDUSRFDSVDH 1HPDWRGD 67$186=(. 7KHORVWRPD VNUMDELQL 3VLORFHSKDOD SVLORFHSKDOD 7DOSLFROD RUQDWD %LQHPD VS

0,+$-/29$

7ULSV]HN 3K\VRSRGD7ULSLGDH .iURVtWyIDMRN

'RKiQ\WULSV]7KULSVWDEDFL

1\XJDWLYDJ\NDOLIRUQLDLYLUiJWULSV])UDQNOLQLHOODRFFLGHQWDOLV

0RUIROyJLD

1DJ\RQDSUyV]~UyV]tYyV]iMV]HUY URYDURNPHO\HNHWV]DEDGV]HPPHO

I OHJ D NHVNHQ\ Q\~OiQN WHVWDONDWXNUyO pV J\RUV PR]JiVXNUyO OHKHW IHOLVPHUQL

PP WHVWKRVV]~ViJ~ iOODWRN 0LQGNpW SiU V]iUQ\XN V]pOpQ KRVV]~ V U Q

HJ\PiV PHOOHWW HOKHO\H]NHG VHUWpN WDOiOKDWyN /iEXN U|YLG YpJN|Q WDSDGy

KyO\DJYDQ

(17)

eOHWPyG

)RNR]DWRV iWDODNXOiVVDO IHMO GQHN $ WRMiVRNDW D Q VWpQ\HN

WRMyFV|YHLNNHO D Q|YpQ\ V]|YHWHLEH KHO\H]LN /iUYiMXN D] LPiJyKR] KDVRQOy

hYHJKi]DNEDQ V]DSRURGiVXN HJpV] pYHQ iWWDUW $] LPiJyN D YHGOpV XWiQL

KDUPDGLNQDSRQNH]GLNHODWRMiVUDNiVW

1|YpQ\Ki]DNEDQ QHP]HGpNN LV NLIHMO GKHW KHWHV

FLNOXVRNNDOeOHWNHJ\V]DNDV]iEDQQLPIDiOODSRWEDQDWDODMEDK~]yGQDN

$ EHKXUFROW )UDQNOLQLHOOD RFFLGHQWDOLV IDMW FVDN PLNURV]NySL

YL]VJiODWWDO VSHFLiOLV DODNWDQL EpO\HJHN FViSV]HUYHN V]iPD VWE DODSMiQ OHKHW

PHJNO|QE|]WHWQLDKRQRVGRKiQ\WULSV]W O

.iUWpWHO

$ KDMWDWRWW ]|OGVpJIpOpN N|]O D SDSULND pV D] XERUND D OHJNHGYHOWHEE

WiSQ|YpQ\N .O|Q|VHQ D IHKpU K~V~ SDSULNiN NiURVRGQDN pU]pNHQ\HQ

-HOHQOpWNHW D ORPER]DWRQ H]VWIHKpU V]tYiVQ\RP MHO]L GHDOHJI EENiUWpWHON

D SDSULND WHUPpVpQ MHOHQWNH] NRFViQ\ N|UO EDUQXOiV NR]PHWLNDL NiU $

YLUiJRNEDQ W|PHJHVHQ MHOHQ YDQQDN D ILDWDO ORPER]DW D V]tYiVXN Q\RPiQ

GHIRUPiOyGKDW

$ NDOLIRUQLDL YLUiJWULSV] D SDUDGLFVRPEURQ]IROWRVViJYtUXV 76:9

YHNWRUDNpQWKtUKHGWWpYiOW

7HUPpV]HWHVHOOHQVpJHN

2ULXV DOELGLSHQQLV 2 LQVLGLRVXV 2 ODHYLJDWXV 2 WULVWLFRORU 6\USKXV FRUROODH/(:,6$PEO\VHLXVPFNHQVLH$FXFXPHULV5$0$.(56pV /(,%85*

0RO\WHWYHN

+RPRSWHUD$OH\URGLGDH .iURVtWyIDMRN

hYHJKi]LPRO\WHW 7ULDOHXURGHVYDSRUDULRUXP

'RKiQ\PRO\WHW %HPLVLDWDEDFL

(18)

0RUIROyJLD

$]LPiJyNSDUiQ\LPRO\OHSNpKH]KDVRQOyDNiEUD/iUYiMXNDWpVD]

LPiJy WHVWpW OLV]WV]HU IHKpU YLDV]SRU ILQRP UpWHJH ERUtWMD (EE O DGyGLN D

OLV]WHVNHHOQHYH]pV

3DM]VWHW V]HU OiUYiMXNFVDND]HOV VWiGLXPEDQPR]JiVNpSHVVH]DODWW

DONDOPDV KHO\HW NHUHV PDJiQDN D WiSOiONR]iVKR] $ WRYiEELDNEDQ KHO\KH]

N|W|WWHQpODOHYpOIRQiNLIHOOHWHNHQ$NLIHMOHWWOiUYDE|OFV EHQDODNXOEiEEi

eOHWPyG

$] YHJKi]L PRO\WHW 0H[LNyEyO YDJ\ %UD]tOLiEyO V]iUPD]LN $

Q VWpQ\ Q\HOHV WRMiVDLW N|UN|U|VHQ KHO\H]L HO D OHYHOHN IRQiNiQ V

UDJDV]WyDQ\DJJDO U|J]tWL $ WRMiV NH]GHWEHQ IHKpU PDMG NpW QDS P~OYD

IVWV]tQ YpYiOLN$Q VWpQ\HNiOWDOOHUDNRWWWRMiVRNPHQQ\LVpJHDWiSQ|YpQ\W O

IJJXERUNiQDSDUDGLFVRPRQDSDSULNiQHQQpOMyYDONHYHVHEE9DQ

/(17(5(1HWDOWiEOi]DW

hYHJKi]DNEDQ pYL QHP]HGpNH LV NLDODNXOKDW (J\ DGRWW OLV]WHVNH

QpSHVVpJ |VV]HWpWHOH D IHMO GpVL DODNRN DUiQ\iW WHNLQWYH pUGHNHV NpSHW DG

1$&.29$$]LPiJyNDPHO\HNDOHJV]HPEHW Q EEHNDQpSHVVpJQHN

FVDN D iW DONRWMiN $ OiUYiN EDQ IRUGXOQDN HO D] |VV]HV

HJ\HG D SHGLJ WRMiV iOODSRW~ $] LPiJyN PR]JiViW UHSOpVpW D

K PpUVpNOHW G|QW HQ EHIRO\iVROMD

&RQ PpJ MyIRUPiQ PR]GXODWODQRN

&RQPR]JiVNpSHVVpJNNRUOiWR]RWWpVFVDN

&IHOHWWLK PpUVpNOHWHQWXGQDN

QDJ\REEWiYROViJRNDWUHSOYHPHJWHQQL

$ GRKiQ\PRO\WHW PLQW EHKXUFROW NiUWHY FVDN HOYpWYH MHOHQWNH]LN D

]|OGVpJKDMWDWiVEDQVFVDNRWWDKROYHJ\HVKDMWDWiV]|OGVpJGtV]Q|YpQ\IRO\LN

$]YHJKi]LPRO\WHW ELROyJLiMiQDNQpKiQ\

MHOOHP] DGDWD

9DQ/(17(5(1pV:2(76

WiEOi]DW

(19)

0HJQHYH]pV 8ERUND 3DUDGLFVRP 3DSULND ,PiJypOHWWDUWDPDQDSRNEDQ

&

gVV]HVWRMiVV]iP

1DSLWRMiVV]iP

$IHMO GpVLG WDUWDPDQDSRNEDQ

0RUWDOLWiVL

.iUWpWHO

$] LPiJyN pV OiUYiN V]tYRJDWiVD Q\RPiQ D Q|YpQ\HN WHQ\pV]LGHMH

OHU|YLGO D WHUPpVPHQQ\LVpJ FV|NNHQ $ URYDURN iOWDO UtWHWW Pp]KDUPDWRQ D

NRURPSHQpV] $SLDVSRULXP VS J\RUVDQ PHJWHOHSV]LN DPL V]HQQ\H]L D

Q|YpQ\WURQWMDDPLQ VpJHWpVFV|NNHQWLD]DNWtYDVV]LPLOiFLyVIHOOHWHW

$] LPiJyN YtUXVYHNWRURN HJ\HV ViUJDViJWtSXV~ YtUXVEHWHJVpJHW

WHUMHV]WHQHN+259È7+

7HUPpV]HWHVHOOHQVpJHN

&KU\VRSD VHSWHPSXQFWDWD &KULVRSHUOD FDUQHD .+$5,=$129 (QFDUVLDIRUPRVD(SHUJDQGLHOOD(WULFRORU9DQ/(17(5(1pV6&+$((/

0DFURORSKXVFDOLJLQRVXV'LF\SKXVK\DOLQLSHQQLV&(*/$56.$HWDO

/HYpOWHWYHN +RPRSWHUD$SKLGLGDH .iURVtWyIDMRN

8ERUNDOHYpOWHW $SKLVJRVV\SLL

=|OG V]LEDUDFNOHYpOWHW 0\]XVSHUVLFDH

)ROWRVEXUJRQ\DOHYpOWHW $XODFRUWKXPVRODQL

&VtNRVEXUJRQ\DOHYpOWHW 0DFURVLSKXPHXSKRUELDH

(20)

6iUJDEXUJRQ\DOHYpOWHW $SKLVQDVWXUWLL

.iSRV]WDOHYpOWHW %UHYLFRULQHEUDVVLFDH

0RUIROyJLD

$ PP QDJ\ViJ~ URYDURNQDN D WHVWH SXKD ]|OG ViUJD YDJ\ V]UNH

V]tQ RO\NRUYLDV]SRUUDOIHGHWW

6]iUQ\DVpVV]iUQ\QpONOLDODNMDLNHJ\DUiQWHO IRUGXOKDWQDN

8ERUNDOHYpOWHW

$V]iUQ\DWODQQ VWpQ\ViUJiV]|OGV]tQ WHVWHYLDV]SRUWyOKDPYDV$IHM

pV D NpW HOV FViSt] V|WpWHEE D IDUNRFVND V]UNpV]|OG $ V]iUQ\DV

Q VWpQ\ IHMH WRUD IHNHWH D ]|OG SRWURK KiWROGDOiQ V]DNDGR]RWW

NHUHV]WViYRNpVROGDOIROWWDOiOKDWy

=|OG V]LEDUDFNOHYpOWHW

$ V]iUQ\DWODQ Q VWpQ\ WHVWH WRMiVGDG DODN~ ]|OGHVViUJD V]tQ $

FViSYpJHN D OiEt]HN pV D SRWURKFV|YHN YpJH IVWV]tQ D OiEIHMHN

IHNHWpN$IHMIHOOHWHDSUyNLHPHONHGpVHNNHOERUtWRWWDFViSRNUFVN|V

IHOOHW KRPORNGXGRURNRQOQHN

$ V]iUQ\DV Q VWpQ\ IHMH WRUD IHNHWH D SRWURK V]tQH YLOiJRV]|OG

KiWROGDOiQHJ\VpJHVIHNHWHN|]pSIROWWDO

)ROWRVEXUJRQ\DOHYpOWHW

$ V]iUQ\DWODQ Q VWpQ\ WHVWH HJ\V]tQ ViUJiV]|OG OiEIHMHL V|WpWEDUQiN

3RWURKFV|YH YLOiJRV W|YpQpO ]|OG IROW WDOiOKDWy $ V]iUQ\DV Q VWpQ\

WRUDEDUQDSRWURKDYLOiJRV]|OGDSRWURKFV|YHNYpJLJV]tQWHOHQHN

&VtNRVEXUJRQ\DOHYpOWHW

$ V]iUQ\DWODQ Q VWpQ\ WHVWH RUVy DODN~ W|EEQ\LUH YLOiJRV]|OG V]tQ $

V]iUQ\DVQ VWpQ\WRUDYLOiJRVEDUQD

6iUJDEXUJRQ\DOHYpOWHW

$ V]iUQ\DWODQ Q VWpQ\ WHVWH ViUJiV]|OG OiEIHMHL EDUQiN U|YLG

SRWURKFV YHLQHN YpJH IHNHWH YDJ\ IVWV]tQ $ V]iUQ\DV Q VWpQ\ IHMH

(21)

WRUD IHNHWH D SRWURK ViUJD V]UNH ROGDOIROWWDO DPHO\HN N|]O D

OHJXWROVyEDUQDSRWURKFV|YHNP|J|WWIHNV]LN

.iSRV]WDOHYpOWHW

$ V]iUQ\DWODQ Q VWpQ\ DODSV]tQH YLOiJRV]|OG DPLW HOWDNDU D WHVWHW

HOERUtWyV]UNHV]tQ YLDV]SRU$IHMpVDFViSV|WpWV]UNH$OiEDNpVD

U|YLG SRWURKFV|YHN IHNHWpN D IDUNRFVND V|WpW]|OG $ V]iUQ\DV Q VWpQ\

IHMHWRUDIHNHWHSRWURKD]|OGKiURPKiURPIHNHWHROGDOIROWWDO

$ONDOPL NiUWHY NpQW PpJ V]iPRV OHYpOWHW IDM EHWHOHSHGKHW D

Q|YpQ\Ki]DNEDV]iPXNI|OpWHKHW %$6.<V]yEHOLN|]OpVH

VRNV]RUHJpV]HQPHJOHS KHO\]HWHNHWpVNiUWpWHOHNHWRNR]YD

eOHWPyG

$V]DEDGEDQFVDNLG V]DNRVDQMHOHQOHY OHYpOWHWYHNDQ|YpQ\Ki]DNEDQ

IRO\DPDWRVDQ DQKRORFLNOLNXVDQ V]DSRURGQDN eYHQWH QHP]HGpNN LV

OHKHW6=$/$<0$5=6Ï

$] iOODWRN D OHJW|EE KDMWDWRWW Q|YpQ\HQ D ILDWDO Q|YpQ\L UpV]HNHQ D

KDMWiVYpJHNHQDELPEyNEDQYDJ\DOHYHOHNIRQiNiQWDUWy]NRGQDN

.iUWpWHO

.iUWpWHON HOV VRUEDQ D V]tYRJDWiV $ WiSOiOpNHOYRQiV N|YHWNH]WpEHQ D

PHJWiPDGRWW Q|YpQ\ UHQGHOOHQHVHQ Q|YHNV]LN HVHWOHJ D OHYHOH KXOOLN (]HQ

NtYO HU V Pp]KDUPDW NLYiODV]WiVVDO pV OHYHGOHWW OiUYDE UHLNNHO V]HQQ\H]LN D

Q|YpQ\W .|]YHWHWW NiUWpWHON D Q|YpQ\HN YtUXVRV EHWHJVpJHLQHN WHUMHV]WpVH $

EHWHJ Q|YpQ\U O Q\iOXNNDO YLV]LN iW D IHUW ] DQ\DJRW D] HJpV]VpJHVUH

.(11('<HWDOV]HULQWD] V]LEDUDFNOHYpOWHW W|EEPLQWYtUXVIDM

pVW|U]VYHNWRUiQDNWHNLQWKHW

7HUPpV]HWHVHOOHQVpJHN

(JpV] URYDUFVDOiGRN IDMDLQDN G|QW W|EEVpJH LV V]LQWH NL]iUyODJ

OHYpOWHWYHNNHO WiSOiONR]LN SO&RFFLQHOOLGDH 6\USKLGDH 32/*È5 LQ

%8'$, &\FORQHGD VDQTXLQHQ $SKLVJRVV\SLLHOOHQ :<$77

(22)

$SKLGLGDH pV$SKHOLQXV IDMRN (5' 6 32/*È5 &U\VRSHUOD

FDUQHD.+$5,=$129

5HSFHV]iURUPiQ\RV

&ROHRSWHUD&XUFXOLRQLGDH .iURVtWyIDM

5HSFHV]iURUPiQ\RV&HXWRUK\QFKXVTXDGULGHQV

0RUIROyJLD

$] LPiJy V]UNpVIHNHWH V]tQ D V]iUQ\IHG N WDOiONR]iViQiO D

SDM]VRFVND DODWW QpJ\V]|JOHW IHKpU IROW WDOiOKDWy $ FViSRN pV D OiEIHMHN

ViUJiVY|U|VHN $ OiUYD WHVWV]tQH IHKpUHV IHMWRNMD ViUJiVEDUQD KiURP IHMO GpVL

VWiGLXPiWOHKHWPHJNO|QE|]WHWQL

eOHWPyG

eYHQWH HJ\ QHP]HGpNH IHMO GLN ,PiJy DODNEDQ WHOHO $] LPiJyN PiU

PiUFLXVEDQ DNWtYDN V IHONHUHVLN D SDOiQWDWHUPHO WHOHSHNHW DKRO D SDOiQWiNRQ

WiSOiONR]QDN $ WRMiVUDNiV ~J\ W|UWpQLN KRJ\ D Q VWpQ\ RUPiQ\iYDO UHJHW

NpV]tW HOV VRUEDQ D OHYpOQ\pOEH PDMG PHJIRUGXOYD HOKHO\H]L WRMiVDLW (J\HJ\

FVRPyED WRMiVW UDN $] iWWHOHOW LPiJyN HOK~]yGy UDM]iVD PLDWW D Q\iU

IRO\DPiQLVIHUW ] GKHWQHNDNiSRV]WiN)$5.$6

.iUWpWHO

$ NiSRV]WDIpOpNHQ D] LPiJyN pUpVL WiSOiONR]iVD N|YHWNH]WpEHQ D

OHYHOHNHQ DSUy NHUHN O\XNDN MHOHQQHN PHJ .pV EE D Q|YpQ\HN ODQNDGQDN $

V]iUDWpVDOHYpOHUHWIHOKDVtWYDW|EENXNDFRWWDOiOXQNEHQQH

7HUPpV]HWHVHOOHQVpJHN

1HRDSOHFWDQDFDUSRFDSVDH-285'1(8,

%DJRO\OHSNpN /HSLGRSWHUD1RFWXLGDH .iURVtWyIDMRN

(23)

*DPPDEDJRO\OHSNH$XWRJUDSKDJDPPD

.iSRV]WDEDJRO\OHSNH0DPHVWUDEUDVVLFDH

6DOiWDEDJRO\OHSNH/DFRQRELDROHUDFHD

*\DSRWWRNEDJRO\OHSNH+HOLFRYHUSDDUPLJHUD

9HWpVLEDJRO\OHSNH$JURWLVVHJHWXP

0RUIROyJLD

6|WpW V]tQ pMV]DNDL OHSNpN 7RUXN HU V SRWURKXN KHJ\HVHG IHMN

NLFVL$WRUHOHMpQDV] U]HWJ\DSMDVJDOOpUWDONRWDPLDOHSNpNQHNEDJRO\V]HU

NOV W N|OFV|Q|] +HUQ\yLN FVXSDV]DN QDSSDOUD W|EEQ\LUH HOUHMW ]N|GYH

WDUWy]NRGQDNpVpMMHOWiSOiONR]QDN

*DPPDEDJRO\OHSNH

$] LPiJy PP KRVV]~ V]tQH LJHQ YiOWR]y ViUJiVEDUQiV ,JHQ

MHOOHP] Ui D] H]VWIHKpU V]tQ JDPPD J UDM]RODW DPHO\ N|UO D V]iUQ\

V|WpWHEEV]tQ $OiUYiNQDNFVDNSiUKDVLOiEXNYDQVMiUiVXNDUDV]ROyMHOOHJ

.iSRV]WDEDJRO\OHSNH

(OOV V]iUQ\D V|WpW EDUQiVV]UNH DPHO\HW NHWW V KXOOiPYRQDO

PH] UH RV]W $ V]iUQ\ NOV V]HJpO\YRQDOD IHKpU V NpW 0 DODN~ UDM]RODWRW

YLVHO

$OiUYDKiWLUpV]pQUp]V~WRVIHNHWHYRQDOK~]yGLNYpJLJ$VWLJPiNIHKpUHN

6DOiWDEDJRO\OHSNH

$] LPiJy HOOV V]iUQ\D UR]VGDEDUQD V]tQ IHKpU KXOOiPYRQDOODO pV

QDUDQFVViUJD YHVHIROWWDO $ V]iUQ\ NOV V]HJpO\YRQDOD IHKpU V HJ\ 0 DODN~

UDM]RODWRW YLVHO %2*1È5 $ KHUQ\y D KiWiQ YLOiJRV KRVV]DQWL

YRQDODWpVIHNHWpQV]HJHWWYLOiJRVSRQWVRURNDWYLVHO

*\DSRWWRNEDJRO\OHSNH

)HOV V]iUQ\DYLOiJRVViUJiVGHD]ROtYD]|OGW ODQDUDQFVViUJiLJYiOWR]y

OHKHW $] DOVy V]iUQ\ V|WpW V]pOHLQHN N|]HSpQ NUpPV]tQ YDJ\ Uy]VDV]tQ IROW

WDOiOKDWy $ W|EEL EDJRO\OHSNpW O HOWpU HQ QDSSDO LV UHDJiO /iUYiL YLOiJRV

(24)

ViUJiV]|OGW ODV|WpWOLOiVIHNHWpLJYDULiOKDWQDNROGDOXNRQV]pOHVYLOiJRVV]DODJ

K~]yGLN

9HWpVLEDJRO\OHSNH

(OOV V]iUQ\D D ViUJiVEDUQiWyO D IHNHWpVEDUQiLJ YiOWR]LN YHVHIROWMD

QDJ\ EHQQH N|U DODN~ UDM]RODWWDO $ V]UNpV IpQ\HV OiUYD KiWiQ KiURP

UHQGV]HULQWHOPRVyGyViUIXWYpJLJ

eOHWPyG

$ J\DSRWWRN EDJRO\OHSNpW O HOWHNLQWYH PHO\QHN QHP]HGpNH YDQ

PLQGHQ NiURVtWy IDMQDN NpW JHQHUiFLyMD IHMO GLN NL V]DEDGEDQ $ J\DSRWWRN

EDJRO\OHSNH D GpOU O M|Y YiQGRU OHSNpN N|]p WDUWR]LN GH D] XWyEEL HJ\NpW

pYEHQPHJWHOHSHGHWWQiOXQNViWWHOHODWHUPHV]W EHUHQGH]pVHNEHQ

7RMiVSURGXNFLyMXN PDJDV GE $ OiUYDVWiGLXP iOWDOiEDQ KiURP KpWLJ

WDUWXWiQDDWDODMEDQEiER]yGQDN

.iUWpWHO

$ NiSRV]WDEDJRO\OHSNH D VDOiWDEDJRO\OHSNH YDODPLQW D JDPPD

EDJRO\OHSNH NLV IROWRNDW UiJ D OHYHOHNHQ $ YHWpVLEDJRO\OHSNH OiUYiMD

HOV VRUEDQ D SDSULNiW NiURVtWMD .H]GHWEHQ D ORPER]DWRQ PDMG D J\|NpU DODS~

UpV]pQ UiJ $ J\DSRWWDNEDJRO\OHSNpN WRMiVDLNDW D YLUiJRN pV WHUPpVHN

N|]HOpEHQ UDNMiN OH $ NLNHO OiUYiN D ELPEyNED D YLUiJRNED pV D IHMO G

WHUPpVHNEHI~UQDNEHiEUDVDJHQHUDWtYUpV]HNHWIRJ\DV]WMiN

7HUPpV]HWHVHOOHQVpJHN

1HRDSOHFWDQDFDUSRFDSVDH6$1'(1(5

7ULFKRJUDPPD HXSURFWLGLV 7 (YDQHVFHQV(XORSKXVSHQQLFRUQLV(ODUYDUXP 1,.2/6=.$-$pV75-$3,&,1

$NQi]yOHJ\HN 'LSWHUD$JURP\]LGDH .iURVtWyIDMRN

3DUDGLFVRPDNQi]yOpJ\/LULRP\]DEU\RQLDH

(25)

*HUEHUDDNQi]yOpJ\/LULRP\]DWULIROLL

0RUIROyJLD

$] LPiJyN PP QDJ\ViJ~ ViUJD pV IHNHWH V]tQ OHJ\HN $ NpW IDM

NLIHMOHWW HJ\HGHLW D KtP HSLSKDOOXVD DODSMiQ OHKHW PHJNO|QE|]WHWQL

'$*8,/$5 pV 0$57,1(= /iUYiLN LV NO|QE|]QHN D VWLJPDV]iP

DODSMiQ'$59$6pV+$7$/È1e=6(//e5,

eOHWPyG

$ Q VWpQ\HN WRMiVDLNDW D OHYpOOHPH]EH VOO\HV]WLN $] QDSLJ WDUWy

OiUYDVWiGLXP DODWW D OiUYiN NDQ\DUJyV V]pOHVHG MiUDWRNDW NpV]tWHQHN D

OHYpOOHPH]EHQ iEUD $ NLIHMOHWW OiUYiN D WDODM IHOV]tQL UpWHJHLEHQ

EiER]yGQDN

$ JHUEHUD DNQi]yOpJ\ NDUDQWpQ NiUWHY FVDN LG QNpQW NHUO EH D] RUV]iJED

IHUW ]|WWV]DSRUtWyDQ\DJJDO

.iUWpWHO

$NiUWpWHONN|YHWNH]WpEHQD]DVV]LPLOiFLyVIHOOHWFV|NNHQ3ROLIiJRN

Q|YpQ\FVDOiGWDUWR]LNDWiSQ|YpQ\N|UNEH

7HUPpV]HWHVHOOHQVpJHN

'DFDQXVD KRVSLWD ' VLELULFD 2SLXV SDOOLSHV63(1&(5 'LJO\SKXV

LVDHD9DQ/(17(5(1HWDO

.iSRV]WDOpJ\

'LSWHUD$QWKRP\LGDH .iURVtWyIDM

.iSRV]WDOpJ\'HOLDUDGLFXP

0RUIROyJLD

0HJMHOHQpVNEHQ D Ki]L OHJ\HNUH HPOpNH]WHWQHN D]RNWyO I NpSS FVDN

V]iUQ\HUH]HWNEHQWpUQHNHO

(26)

)HKpU Q\YHLN D NiSRV]WDIpOpNEHQ IHMO GQHN NLIHMO GYH PP KRVV]~DN

KHQJHUHVWHVWNHO UHHOYpNRQ\RGy

eOHWPyG

0DJ\DURUV]iJRQ QHP]HGpNN YDQ %2*1È5 pV +8=,È1

%iE DODNEDQ D WDODMEDQ WHOHOQHN 7DYDVV]DO D OHJ\HN NRUiQ PHJMHOHQQHN pV

WRMiVDLNDW D ILDWDO Q|YpQ\HN V]iUiQDN W|YpUH UDNMiN OH GEEyO iOOy

FVRPyNEDQ $ NLNHO OiUYiN D J\|NHUHNUH K~]yGQDN pV D]RNDW KiPR]JDWMiN

PDMGDV]iUEHOVHMpEHKDWROQDN

.iUWpWHO

$ NiSRV]WDIpOpN UHQGNtYO V~O\RV NiUWHY MH $ Q|YpQ\HN D IHMO GpVEHQ

OHPDUDGQDN OHYHOHLN NpNHV yOPRV V]tQW YHV]QHN IHO /DQNDGiV OiWV]LN PDMG D

ILDWDOQ|YpQ\HNHOSXV]WXOQDN$]LG VHEEQ|YpQ\HNQHPpU]LNPHJW~OViJRVDQD

NiUWpWHOW

7HUPpV]HWHVHOOHQVpJHN

$SKDHUHWD GLIILFLOLV $ WHQQLFRUQLV $ PLQDWD 'DFQXVD VWUDRQLQHLSHV 2SLXV SURFHUXV+(11,1*$OHRFKDUDELSXVWXODWD%2*1È5 .pWIROWRVWDNiFVDWND

$FDULQD7HWUDQ\FKLGDH .iURVtWyIDM

.pWIROWRVWDNiFVDWND7HWUDQ\FKXVXUWLFDH

0RUIROyJLD

$ NLIHMOHWW iOODWRN WHVWH NHUHNGHG WHVWQDJ\ViJXN PP N|UOL $]

DGXOWDN SiU OiE~DN YLV]RQW D OiUYiNQDN FVDN OiEXN YDQ pV D V]tQN

YLOiJRVDEE

$] iOODWRN KiWiQ NpW V|WpWHEE IROW WDOiOKDWy PHO\QHN QDJ\ViJD UHQGNtYO

YiOWR]DWRVHVHWOHJWHOMHVHQ|VV]HpUYHDKiWV]tQHIHNHWHLVOHKHW1pJ\SiUOiEXN

D]RQRVIHMOHWWVpJ 6]~UyV]tYyV]iMV]HUYYHOUHQGHONH]QHN

(27)

eOHWPyG

$ WRMiVRN QDS DODWW NHOQHN NL D OiUYDIHMO GpV LG WDUWDPD QDS

$ Q VWpQ\KyQDSLJLVHOpOKHWVWRMiVWLVUDNKDWhYHJKi]DNEDQpYHQWH

QHP]HGpNH OHKHW %2*1È5 pV +8=,È1 0HOHJNHGYHO N I W|WW

EHUHQGH]pVHNEHQHJpV]pYHQiWV]DSRURGKDWQDN%8'$,HWDO

.iUWpWHO

hYHJKi]DNEDQ OHJLQNiEE D] XERUNiW pV D SDSULNiW NiURVtWMiN $

PHJWiPDGRWW OHYHOHN V]tQH NLYLOiJRVRGLN iEUD IHKpUHV V]LQW YHV] IHO $

OHYpOIRQiNLUpV]HQV]|YHGpNEHQWDOiOKDWyND]iOODWRN

7HUPpV]HWHVHOOHQVpJHN

3K\WRVHLXOXV SHUVLPLOLV $PEO\VHLXV FXFXPHULV $ PDFNHQ]LH $ FKDQQDEDVDUDQQL 6&+/,(66.( 7ULSKORGURPXV H[KLODUDWXV

5$*86$

6]pOHVDWND

$FDULQD7DUVRQHPLGDH .iURVtWyIDM

6]pOHVDWND3RO\SKDJRWDVRQHPXVODWXV

0RUIROyJLD

$Q VWpQ\PPQDJ\ViJ~KDOYiQ\ViUJDV]tQ 1pJ\SiUOiEDN|]OD

KiWXOVySiUMHOOHJ]HWHVHQHOYpNRQ\RGLNIRQiODODN~$KtPQpJ\SiUOiEDN|]O

DKiWXOVySiUHU VIRJyOiEEiDODNXOPHO\QHNYpJpQNDURPV]HU NpSOHWWDOiOKDWy

eOHWPyG

(J\ QHP]HGpNH

&RQ QDS DODWW IHMO GLN NL$Q VWpQ\HNQDSRV

pOHWWDUWDPXNDODWWWRMiVWUDNQDN%8'$,HWDO

(28)

.iUWpWHO

(OV VRUEDQ D SDSULNiW WiPDGMiN $ Q|YpQ\ YLUiJDL OHKXOODQDN OHYHOHL

KDMWiVDLGHIRUPiOyGQDN$WHUPpVHONHVNHQ\HGLNHVHWOHJIHOUHSHGVE UV]|YHWH

SDUiVRGLNiEUD

7HUPpV]HWHVHOOHQVpJHN

$PEO\VHLXVVWLSXODWXV$KLELVFL%52:1pV-21(6

3DUDGLFVRPOHYpODWND

$FDULQD(ULRSK\LGDH

$NiURVtWyIDM

3DUDGLFVRPOHYpODWND$FXORSVO\FRSHUVLFL

0RUIROyJLD

$ Q VWpQ\ ViUJiVEDUQD ODStWRWW WHVW RUVy DODN~ PP

QDJ\ViJ~.pWSiUOiEDYDQ

eOHWPyG

(J\ QHP]HGpNH QDS DODWW IHMO GLN NL $ Q VWpQ\HN iWODJRVDQ D

KtPHN QDSLJ pOQHN (J\ Q VWpQ\ GE N|UOL WRMiVW UDN)HOV]DSRURGiViKR]

PDJDV

&K PpUVpNOHWpVFVHNpO\SiUDWDUWDORPNHGYH]

.iUWpWHO

$ SDUDGLFVRP OHYHOpQ V]iUiQ pV WHUPpVpQ V]tYRJDW $ NiURVtWRWW OHYpO

V]tQH ViUJiVEDUQD D IRQiND H]VW|VHQ FVLOORJy $ V]iU Y|U|VHVEDUQiUD

V]tQH] GLN

7HUPpV]HWHVHOOHQVpJHN

3URQHPDWXVXELTXLWXV6FRORWKULSVVH[PDFXODWXV$%28$:$'

9pGHNH]pVLHOMiUiVRNDQ|YpQ\Ki]DNEDQ

$ ]|OGVpJKDMWDWiVEDQ DONDOPD]RWW Q|YpQ\YpGHOPL HOMiUiVRN W|EEVpJH

YDODPLO\HQ Q|YpQ\YpGHOPL JpSKH] YDJ\ EHUHQGH]pVKH] N|W|WW %8'$, HW DO

(29)

$ KDV]QiODWRV HV]N|]|N UpV]EHQ PHJHJ\H]QHN D V]iQWyI|OG|Q pV D

V]DEDGI|OGL NHUWpV]HWHNEHQ DONDOPD]RWWDNNDO D]RQEDQ D ]iUW WpU OHKHW Yp WHV]L

QpKiQ\VSHFLiOLVHV]N|]pVHOMiUiVDONDOPD]iViWLV

$Q|YpQ\Ki]DNEDQDN|YHWNH] YpGHNH]pVLHOMiUiVRNDODNXOWDNNL

7HUPHV]W EHUHQGH]pVHNEHOV IHUW WOHQtWpVH

$WHUPHV]W EHUHQGH]pVHNWDODMiQDNIHUW WOHQtWpVH

9HJ\V]HUHVJ\RPLUWiV

3DOiQWDQHYHOpVQ|YpQ\YpGHOPLHOMiUiVDL

9HW PDJFViYi]iV

1|YpQ\V]HOHNFLy

&VDOpWNHNNLV]yUiVD

3HUPHWH]pV

3RUR]iV

7HUPLNXVN|GNpS]pV

)VWSDWURQRNDONDOPD]iVDiEUD

.OtPDV]DEiO\R]iV

$ Q|YpQ\YpGHOHP PyGV]HUHLW LOOHW HQ HEEHQ D IHMH]HWEHQ D YHJ\V]HUHV

pV ELROyJLDL Q|YpQ\YpGHOHP NpUGpVHLYHO NtYiQXQN IRJODONR]QL EHPXWDWYD H]HQ

DWpUHQDPDLKHO\]HWNLDODNXOiViQDNHO ]PpQ\HLW

9HJ\V]HUHViOORPiQ\YpGHOHP

$Q|YpQ\Ki]LYpGHNH]pVLWHFKQROyJLiNDWD]HVpYHNW ONH]G G HQ

%(&=1(5 HW DO PXQNiMiEyO NtVpUKHWMN ILJ\HOHPPHO (EEHQ D]

LG V]DNEDQ PpJ QHP YROW HONO|QtWYH D ]|OGVpJIpOpN V]DEDGI|OGL pV ]iUWWpUL

Q|YpQ\YpGHOPH

$YpGHNH]pVPyGMDLDN|YHWNH] NpSSHQDODNXOWDN

=|OGVpJPDJYDNFViYi]iVDV]HUYHVKLJDQ\YHJ\OHWHNNHO

(30)

1HGYHVFViYi]iV

3RUFViYi]iV

6]WUHSWRPLFLQHVFViYi]iV.g+/(5

7DODMIHUW WOHQtWpVJ ]|OpVVHO.$5$,

* ]|O KRUGy

* ]|O WDOLFVND

* ]|O V]HNUpQ\

)yOLDSiUQiVWDODMIHUW WOHQtWpViEUD

6SHFLILNXVKDWiV~WDODMIHUW WOHQtW V]HUHNDONDOPD]iVD

7RWiOLVYDJ\iOWDOiQRVKDWiV~WDODMIHUW WOHQtW V]HUHNDONDOPD]iVD

9DSDP%DVDPLG)RUPDOLQ

$]iOODWLNiUWHY NHOOHQDONDOPD]RWWNpV]tWPpQ\HN

$UYDOLQOyWHW HOOHQ

/LQGiQ(NDWR[(&'LSWHUH['LWULIRQUiJyNiUWHY NHOOHQ

0HWLOSDUDWKLRQ:3:RIDWR[6SULW]SXOYHU3DUDWKLRQ:3

(NDWR[(&V]tYyNiUWHY NHOOHQ

+HODULRQ/LPDFLG6SRODQDPH]WHOHQFVLJiNHOOHQ

7HGLRQ93RO$NDULWR[WDNiFVDWNiNHOOHQ

$ ]iUW OpJWHU Q|YpQ\YpGHOHP HOV FpO]RWW pV KRVV]~ LG UH VLNHUHV

KDWiV~ NpV]tWPpQ\HL D OHYpOWHWYHN HOOHQL SLULPLNDUE 3LULPRU pV SLULPLIRV]

PHWLO $FWHOOLF (& YROW (EEHQ D] LG EHQ DV pYHN HOHMH NH]GWpN

DONDOPD]QL D 1RJRV (& pV 9DSRQD (& LQV]HNWLFLGHNHW OHYHJ EH

SRUODV]WYDPHO\~WW|U NH]GHPpQ\H]pVQHNV]iPtWRWW

$] DV pYHNEHQ H]HQ NtYO D EXSURIH]LQ KDWyDQ\DJ $SSODXG

(& IRUUDGDOPDVtWRWWD D ]iUWWpUL Q|YpQ\YpGHOPHW ÈWW HUHMpYHO KRVV]~ LG Q

NHUHV]WOPHJROGRWWDD]YHJKi]LPRO\WHW HOOHQLYpGHNH]pVW

$MHO]HWWLG V]DNRWiWWHNLQWYHDN|YHWNH] NpSDODNXONL

HVpYHNNRQYHQFLRQiOLVV]DEDGI|OG|QLVDONDOPD]RWW

KDWyDQ\DJRNDONDOPD]iVD

(31)

W O NH]G G HQ D SLULPLNDUE KDWyDQ\DJ EHYH]HWpVH 6]HQWHV

ÈUSiG 0JWV] IRV]IRUVDYpV]WHU pV NDUEDPiW LQV]HNWLFLGHN

KDV]QiODWD

pVSLUHWURLGKDWyDQ\DJ~URYDU|O V]HUHNDONDOPD]iVD

HV pYHN Q|YHNHGpV V]DEiO\]y ~M JHQHUiFLyV NpV]tWPpQ\HN

NLSUyEiOiVDpVEHYH]HWpVH

$ NLMXWWDWiVWHFKQLND D SHUPHWH]pVW O NH]G G HQ D PHOHJN|G

NH]HOpVHNHQ NHUHV]WO HOMXWRWW D KLGURSyQLiQ DONDOPD]RWW DSSOLNiFLyKR] pV PD

PiUNRUV]HU PHJROGiVRNiOOQDNUHQGHONH]pVUH

$ ]|OGVpJKDMWDWiV D Q|YpQ\YpG V]HUHNNHO V]HPEHQ IRNR]RWW

N|YHWHOPpQ\HNHW WiPDV]W $ NpV]tWPpQ\HN PHJEt]KDWy ELROyJLDL KDWiViQ NtYO

DODSYHW V]HPSRQWNpQW MHOHQWNH]LN D U|YLG pOHOPH]pV pV PXQNDHJpV]VpJJ\L

YiUDNR]iVLLG LVXJ\DQLVDW|EEKyQDSUDQ\~OyV]UHWLLG V]DNEDQDKHWHQNpQWL

V]HULV]HGpVN|]EHQLVV]NVpJYDQQ|YpQ\YpG V]HUHVEHDYDWNR]iVRNUD

0LQGHEE O DGyGyDQ D IHOKDV]QiOiVUD HQJHGpO\H]HWW NpV]tWPpQ\HN

iUV]tQYRQDOD PHJKDODGMD D V]iQWyI|OG|Q EHYiOW Q|YpQ\YpG V]HUHNpW V tJ\ D

Q|YpQ\YpGHOPL UiIRUGtWiVRN DODNXOiVD DODSYHW HQ D Q|YpQ\YpG V]HU

N|OWVpJHNW OIJJ

$] WiEOi]DW WDUWDOPD]]D D] HV pYHNEHQ D V]HQWHVL ÈUSiG

0JWV] KDMWDWy ]HPpQHN iWODJiEDQ D] KDUD HV Q|YpQ\YpG V]HUN|OWVpJHNHW

%8'$, pV &6g//( $ V]iPV]HU DGDWRNEyO NLW QLN KRJ\ D

WHUOHWHJ\VpJUH HV UiIRUGtWiV MyYDO W|EE D V]iQWyI|OGL Q|YpQ\YpGHOHP

N|OWVpJpQpO

$]KDUDHV Q|YpQ\YpG V]HUN|OWVpJDODNXOiVD ÈUSiG0JWV]6]HQWHV

WiEOi]DW

1|YpQ\YpG V]HUN|OWVpJ)WKD

eY hYHJKi] )yOLD ÈWODJ

(32)

$ KDMWDWRWW NXOW~UiN ORPENiURVtWyL NiUWHY iOODWRN JRPEiN HOOHQL

iOORPiQ\NH]HOpVHN V]iPD LJHQ QDJ\ W|EEV]|U|VHQ PHJKDODGMD D V]DEDGI|OGL

WHUPHV]WpVYpGHNH]pVHLQHNV]iPiWWiEOi]DW

ÈOORPiQ\NH]HOpVHNV]iPDQ|YpQ\NXOW~UiQNpQW ÈUSiG0JWV]6]HQWHV

WiEOi]DW

.H]HOpVHNV]iPD

.XOW~UD hYHJKi] ) W|WWIyOLD +LGHJIyOLD

3DOiQWDQHYHOpV

3DUDGLFVRP V]L

3DUDGLFVRPWDYDV]L

3DSULND

8ERUND

6DOiWD

.iSRV]WD

1|YpQ\Ki]DNWDODMiQDNIHUW WOHQtWpVH

$ WHUPHV]W EHUHQGH]pVHN PRQRNXOW~UiV pV PRQRNXOW~UDMHOOHJ

LQWHQ]tY KDV]QRVtWiVD VRUiQ D WHUPpV HUHGPpQ\HN HJ\UH LQNiEE FV|NNHQHN

6&+(,13)+8* pV D WHUPHV]WpV EL]WRQViJD pUGHNpEHQ YDODPLO\HQ

EHDYDWNR]iVUDYDQV]NVpJ

0DJ\DURUV]iJRQ H] D SUREOpPD NLIHMH]HWWHQ D] DV pYHN HOHMpQ

YHW G|WW IHO DPLNRU D QDJ\REE KDMWDWy IHOOHWHNHQ D Q|YpQ\SDUD]LWD

(33)

IRQiOIpUJHNQHN PLQW D WDODMXQWViJ HJ\LN ELRWLNXV HO LGp] MpQHN D NiUWpWHOH

Q\LOYiQYDOyYi YiOW V W HJ\HV DOWDODMI WpVHV EHUHQGH]pVEHQ NRPRO\DEE

JD]GDViJLNiULVNHOHWNH]HWW

$IRQiOIpUHJNiUWpWHOHNPiUHJ\PDJXNEDQLVLQGRNROMiNDYpGHNH]pVD

WDODMNH]HOpV V]NVpJHVVpJpW (]W EL]RQ\tWMD D] KRJ\ D QDJ\ KDJ\RPiQ\RNNDO

UHQGHONH] EHOWHUMHV KROODQG NHUWpV]HWHNEHQ HJ\ pY DODWW KHNWiU

IHOOHWHQYpJH]WHNWDODMIHUW WOHQtWpVW(,66$

$ WDODMIHUW WOHQtW V]HUHN EHYH]HWpVH HO WW D KDMWDWiVEDQ MHOHQWNH]

V~O\RVDEE NiURNDW HOV VRUEDQ Yt]J ]NH]HOpVVHO DNDGiO\R]WiN PHJ

+(''(5*277

$ QHPDWyGiN K pU]pNHQ\VpJpW H]HQNtYO PpJ W|EEIpOH PyGRQ

LJ\HNH]WHN NLKDV]QiOQL D YpGHNH]pVEHQ 25/5 EHV]iPRO DUUyO KRJ\

eV]DN$IULNiEDQ D WUySXVL QDS K KDWiViW DNQi]]iN NL 8=/29$ SHGLJ

QDSLJ WDUWy WDODMI WpV IRQiOIpUHJ SXV]WtWy KDWiViUyO tU PHOO\HO D

WDODMK PpUVpNOHWHW

& UD VLNHUOW IHOHPHOQL $] HOHNWURPRV iUDPPDO

W|UWpQ NH]HOpVHUHGPpQ\H%$%$.pV(5629$LVK KDWiVRQDODSXO

$WDODMJ ]|OpVKD]DLSUyEiONR]iVDLUyOJ\DNRUODWLPHJROGiVDLUyO.$5$,

pVDGUpV]OHWHVOHtUiVW

$ IRQiOIpUJHN HOOHQ LUiQ\XOy NpPLDL IHUW WOHQtWpV NRUV]DNiW D GLNOyU

SURSiQGLNOyUSURSHQ '' Q\LWRWWD PHJ EHQ $]yWD QDJ\V]iP~

KDWyDQ\DJ pV NpV]tWPpQ\ NHUOW IRUJDORPED pV D YpGHNH]pVL PyGRN LV LJHQ

YiOWR]DWRVDN

$ QHPDWLFLG KDWiVVDO UHQGHONH] NpV]tWPpQ\HN N|]O D GLEURPNOyU

SURSiQ 1HPDJRQ QHPFVDN WHQ\pV]LG V]DNRQ NtYO KDQHP

Q|YpQ\iOORPiQ\EDQ LV IHOKDV]QiOKDWy YpGHNH]pVUH PHUW V]HPEHQ D] LO\HQ

WtSXV~ NpV]tWPpQ\HN W|EEVpJpYHO QLQFV ILWRWR[LNXV KDWiVD ',$&218 HW DO

$ WDODMED NHYHUKHW pV D Q|YpQ\HN iOWDO IHOYHKHW V]LV]WHPLNXV

JUDQXOiWXPRN PLQW SO D7HUUDFXU * pV7HPLN * NLYiOy ELROyJLDL

KDWiViUyO W|EEHN N|]|WW '(51 WHV] HPOtWpVW XJ\DQDNNRU -2+1621

(34)

D] |QW|] Yt]EH DGDJROW pVNLMXWWDWRWWQHPDWLFLGHNMHOHQW VWHUPpVQ|YHO

KDWiViWHPHOLNL

$ WDODMEDQ Ji]RVRGy IRO\pNRQ\ NpV]tWPpQ\HN PLQW SO D6KHOO ''

7HORQHNLMXWWDWiVDFVDNVSHFLiOLVEHUHQGH]pVHNNHOLQMHNWRURNNDOROGKDWyPHJV H] J\DNUDQ DSSOLNiFLyV QHKp]VpJHNHW RNR] (KKH] DG iWKLGDOy PHJROGiVW

9,7$129DNLPyGV]HUpEHQD9DSDPNpV]tWPpQ\WDUiQ\EDQ

Yt]]HO KtJtWYD ORFVROMD NL D] HO NpV]tWHWW WHUOHWUH $ PLNURJUDQXOiWXP

NLV]HUHOpV GD]RPHWKDWyDQ\DJ~%DVDPLG*NpV]tWPpQQ\HOYLV]RQWPpJHQQpOLV

SUDNWLNXVDEEDQ OHKHW D WDODMIHUW WOHQtWpVW HOYpJH]QL '(51 $

WDODMIHOOHWUH HJ\HQOHWHVHQ NLV]yUW V]HUW URWiFLyV NDSiYDO YDJ\ PiV DONDOPDV

HV]N|]]HODWDODMEDNHOOGROJR]QLVD]DWDODMQHGYHVVpJKDWiViUDJi]RVRGLN

$ WHUPHV]W EHUHQGH]pVHN WDODMiEDQ QHPFVDN D IRQiOIpUJHN

HOSXV]WtWiViUyO V]NVpJHV JRQGRVNRGQL $ KDMWDWRWW ]|OGVpJIpOpN

JRPEDEHWHJVpJHLQHN W|EEVpJH LV D WDODMEyO IHUW ] V]DSRUtWyNpSOHWHLN LWW

KDOPR]yGQDN IHO $ MiUYiQQ\DO IHQ\HJHW )XVDULXP R[LVSRUXP I O\FRSHUVLFL

IHOOpSpVH */$6(5 LV WDODMHUHGHW GH D NLWDUWy NpSOHWHNHW IHMOHV]W

JRPEDIDMRN6FOHURWLQLDVSS%RWKU\WLVVSSLViOODQGyYHV]pO\WMHOHQWHQHN

$ WDODMEyO IHUW ] JRPEiN V]DSRUtWy V]HUYHLQHN HOSXV]WtWiViUD

~J\QHYH]HWW iOWDOiQRV KDWiV~ IHUW WOHQtW V]HUHNHW NH]GHWW DONDOPD]QL D

Q|YpQ\YpGHOHP $ NH]GHWL SUyEiONR]iVRN HJ\LN HOV NpV]tWPpQ\H D NORUSLNULQ

%285',1YROWPHO\QHNDIXQJLFLGKDWiVDLVPHJIHOHO QHNEL]RQ\XOW

+5,6=729$HWDODSDUDGLFVRPIX]iULy]LVDHOOHQLWDODMIHUW WOHQtWpVVHO

W|UWpQ HUHGPpQ\HV YpGHNH]pVU O V]iPRO EH PtJ 3$,7,(5 pV 9$11,(5

D VDOiWD6FOHURWLQLD pV%RWKU\WLVEHWHJVpJHHOOHQWDOiOWDPHJIHOHO QHND

WDODMIHUW WOHQtWpVW $]$OWHUQDULD VRODQL HOOHQL YpGHNH]pVEHQ LV IRQWRV OpSpVQHN

EL]RQ\XOWD]iOWDOiQRVWDODMIHUW WOHQtW V]HUUHOYpJ]HWWNH]HOpV

$ KDMWDWiV Q|YpQ\HJpV]VpJJ\L NpUGpVHLQHN VRUiEDQ V]NVpJ YDQ D

J\RPQ|YpQ\HN HOOHQL KDWKDWyV YHJ\V]HUHV YpGHNH]pV PyGV]HUHLQHN

NLGROJR]iViUDLV$G~VDQWHQ\pV] J\RPRNQHPFVDND]]DORNR]QDNNiUWKRJ\D

(35)

NXOW~UQ|YpQ\HN pOHWIHOWpWHOHLW URQWMiN KDQHP SiUDWHOW OHYHJ WOHQ

N|UOPpQ\HNHWWHUHPWYHDQ|YpQ\EHWHJVpJHNIHOOpSpVpWLVHO VHJtWLN

$] iOWDOiQRV KDWiV~ WDODMIHUW WOHQtW V]HUHN D WDODMEDQ D J\RPPDJYDNDW LV

HOSXV]WtWMiNDNH]HOWUpWHJEHQYDJ\FVtUi]iVJiWOyKDWiVWIHMWHQHNNLiEUD

$ WHUULNRO URYDUNiUWHY N GUyWIpUHJ OyWFV|N HOOHQL YpGHNH]pVUH LV

HUHGPpQ\HVHQ DONDOPD]KDWyN D WDODMEDQ Ji]RVRGy V]HUHN 0$57,129,&+

%LROyJLDLYpGHNH]pVLHOMiUiVRN

%HFVOpVHN PLQW D YLOiJ Q|YpQ\Ki]L IHOOHWH N|]HO KD (]HQ D

WHUOHWHQ D V]DEDGI|OGLQpO LQWHQ]tYHEE WHYpNHQ\VpJHW NHOO IRO\WDWQL XJ\DQLV D

WHUPHV]W EHUHQGH]pVHN PHVWHUVpJHVHQ V]DEiO\R]RWW N|UQ\H]HWL YLV]RQ\DL

QHPFVDN D KDMWDWRWW Q|YpQ\HNQHN KDQHP D]RN NiUWHY LQHN LV NHGYH] EE

pOHWWHUHW WHUHPWHQHN $ IRNR]RWW Q|YpQ\YpGHOPL PXQND D QDJ\ KDWiV~

Q|YpQ\YpG V]HUHNpVDVSHFLiOLVHOMiUiVRNW|EEV]|ULDONDOPD]iViWMHOHQWLPHO\

MHOHQW VN|UQ\H]HWV]HQQ\H]pVVHOMiU

(]pUW IRUGXOW D ILJ\HOHP D] XWyEEL pYWL]HGHNEHQ D YHJ\V]HUHV

Q|YpQ\YpGHOPHW IHOYiOWy D N|UQ\H]HWUH iUWDOPDWODQ ELROyJLDL YpGHNH]pVL

PyGV]HUHNIHOpiEUD

(]HN IHMOHV]WpVpEHQ D NLMXWWDWiVEDQ HO|OMiUy RUV]iJRNEDQWyO

UHKHNWiUIHOOHWU OKDUDQ WWD]DONDOPD]iVLWHUOHW%8'$,

(XUySiEDQ PD PiU FpJ IRJODONR]LN SDUD]LWRLGRN UDJDGR]yN pV

URYDUSDWRJpQ PLNURRUJDQL]PXVRN HO iOOtWiViYDO pV IRUJDOPD]iViYDO %8'$,

$] HOP~OW pY DODWW NiUWHY IDM HOOHQ KDV]QRV V]HUYH]HWHW

IHGH]WHN IHO pV DONDOPD]QDN VLNHUHVHQ D PDL QDSLJ 9DQ /(17(5(1 HW DO

$] YHJKi]L Q|YpQ\YpGHOPL HOMiUiVRN DONDOPD]iVD D 3K\WRVHLXOXV

SHUVLPLOLVYHJKi]LUDJDGR]yDWNDEHYH]HWpVpYHOLQGXOW(XUySiEDQ

(36)

$ UDJDGR]yDWNiW EDQ HJ\ &KLOpE O V]iUPD]y V]iOOtWPiQ\EDQ

'266(SURIHVV]RUWDOiOWDPHJ$]iOODWPDJ\DUHOQHYH]pVH'$59$6HW

DOQ\RPiQYHJKi]LUDJDGR]yDWNDNpQWHOIRJDGRWW

$ UDJDGR]yDWND WHUPpV]HWHV N|UOPpQ\HN N|]|WW /LEDQRQ $OJtU 'pO

)UDQFLDRUV]iJ pV &KLOH PHOHJ WHQJHUSDUWL YLGpNHLQ IRUGXO HO %(*/-$529

$ KD]DL ]|OGVpJKDMWDWiVEDQ D OHJQDJ\REE YROXPHQEHQ WHUPHV]WHWW

NXOW~UiN N|]O SDSULND SDUDGLFVRP XERUND D3 SHUVLPLOLV DONDOPD]iVD

SDSULNiEDQ LJD]ROyGRWW $ SDUDGLFVRPKDMWDWiVEDQ WDNiFVDWNiN HOOHQL

YpGHNH]pVpUH FVDN NLYpWHOHV HVHWHNEHQ NHUO VRU ÒMDEEDQ D]RQEDQ HJ\

SDUDGLFVRP UDVV] PHJMHOHQpVpU O V]iPROQDN EH %8'$, V]HPpO\HV

N|]OpVPHO\LJHQQDJ\YHV]pO\WMHOHQWDNXOW~UiUDQp]YH

$3 SHUVLPLOLV ROLJRIiJ iOODWWiSOiOpNiWDWDNiFVDWNiN7HWUDQ\FKLGDH

N|UpEH WDUWR]y iOODWRN NpSH]LN )pOiWDODNXOiVVDO IHMO GLN V D WRMiVEyO NLNHO

OiUYiNQDNSiUDQLPIiNQDNSiUOiEDYDQ

$3 SHUVLPLOLV IHMO GpVH J\RUV HJ\ JHQHUiFLy NLDODNXOiVD NHGYH]

N|UQ\H]HWLYLV]RQ\RNN|]|WWQDSLJWDUW/HJNHGYH] EEV]iPiUDD

&

K PpUVpNOHW $ OHYHJ SiUDWDUWDOPiW LOOHW HQ D OHJNHGYH] EEQHN D

WHNLQWKHW GHDUDJDGR]yDWNDPiUIHOHWWLVMyOV]DSRURGLN

$ Q VWpQ\ pOHWH IRO\DPiQ WRMiVW UDN GH HVHWHQNpQW N|UOL

WRMiVV]iPLVHO IRUGXOKDW$QDSRQWDOHUDNRWWWRMiVRNV]iPDGELVOHKHW

$3 SHUVLPLOLV WLSLNXV DNDURIiJIDMDQ|YpQ\HNOHYHOHLWWHUPpVpWQHP

NiURVtWMD 7iSOiONR]iViQDN LQWHQ]LYLWiViUD MHOOHP] KRJ\ QDSRQWD

DNWtYDQNiURVtWyWDNiFVDWNiNYDJ\DWNDWRMiVWWXGHOSXV]WtWDQL

$ OHJHOV VLNHUHV YpGHNH]pVW KDMWDWRWW XERUNiEDQ tUWiN OH pV D

OHJQDJ\REEIHOOHWHQPDLVRWWDONDOPD]]iN%5$9(1%2(5pV'266(

N|]|ODGDWRNDWD]HOV EL]WDWyKROODQGLDLNtVpUOHWHNU O

$ WiEOi]DW VHJtWVpJpYHO D UDJDGR]yDWND IHOKDV]QiOiViQDN HOWHUMHGpVH

N|YHWKHW Q\RPRQDNH]GHWLLG NEHQ

(37)

$3K\WRVHLXOXVSHUVLPLOLVIHOKDV]QiOiViQDNDONDOPD]iVDD KROODQGYHJKi]DNEDQKD

5$9(16%(5*HWDO

WiEOi]DW

eY 8ERUND 3DSULND

gVV] 3SHUVLPLOLV gVV] 3SHUVLPLOLV

$ KDWpNRQ\ViJRW pU]pNHOWHW HQ 72/0$&6(9$ V]iPRO EH HJ\

0RV]NYD N|UQ\pNL ]HP XERUNDKDMWDWiViEDQ WDNiFVDWND HOOHQL YHJKi]L

UDJDGR]yDWNiYDO YpJ]HWW YpGHNH]pVU O (QQHN HUHGPpQ\HNpQW QHP KDV]QiOWDN

LQV]HNWLFLGHWpVP

U OiWODJRVDQNJWHUPpVW|EEOHWHWWDNDUtWRWWDNEH

&VHKV]ORYiNLiEDQ 6.52%È. PHJILJ\HOpVHL V]HULQW

QpJ\]HWPpWHUHQNpQW GE UDJDGR]y NLERFViWiVD V]NVpJWHOHQQp WHWWH D

N|]|QVpJHV WDNiFVDWND HOOHQL YHJ\V]HUHV YpGHNH]pVW pV D] XERUNDiOORPiQ\

WHQ\pV]LGHMHHJ\KyQDSSDOKRVV]DEEOHWW

$ UDJDGR]yDWNiW +ROODQGLiEDQ IRUJDOPD]y .233(57 % 9

SURVSHNWXVDL YHJKi]L NXOW~UiEDQ MDYDVROMD D WDNiFVDWNiN HOOHQL YpGHNH]pVUH

YDOy IHOKDV]QiOiViW SDUDGLFVRPRQ XERUNiQ SDSULNiQ WRMiVJ\P|OFV|Q

GLQQ\pQEDERQpVW|N|Q

$] YHJKi]L PRO\WHW 7ULDOHXURGHV YDSRULRUXP (XUySiEDQ yWD

LVPHUW%$/È6

(38)

$] (QFDUVLD IRUPRVD IUNpV]GDUD]VDW PLQW D] YHJKi]L PRO\WHW PiLJ

OHJLVPHUWHEE SDUD]LWiMiW D] DPHULNDL NRQWLQHQVHQ ,GDKR iOODPEDQ *$+$1

WDOiOWDPHJ$]HOV N|]OpVyWDD]HJpV]YLOiJRQHOWHUMHGWD]DONDOPD]iVD

.|UQ\H]HWL LJpQ\pW QHP VRNNDO D IHOIHGH]pV XWiQ $QJOLiEDQ tUWiN OH

63(<(5 PDMG EHQ NH]GWHN HO ~MUD IRJODONR]QL YHOH D] (J\HVOW

ÈOODPRNEDQ0,//,521

(XUySiEDQ D] HV pY MHOHQW V GiWXP D] ( IRUPRVD

IHOKDV]QiOiViQDN W|UWpQHWpEHQ XJ\DQLV HEEHQ D] HV]WHQG EHQ D KROODQGLDL

YHJKi]DNEDQ yULiVL OLV]WHVNH LQYi]Ly PXWDWNR]RWW pV D .233(57 FpJ DPHO\

DGGLJ HOV VRUEDQ UDJDGR]yDWND IRUJDOPD]iViYDO IRJODONR]RWW HO WpUEH KHO\H]WH

DIUNpV]GDUi]VWHQ\pV]WpVpWpVIRUJDOPD]iViW

$]( IRUPRVD IHMO GpVPHQHWH D N|YHWNH] NpSSHQ DODNXO D WRMyFV|YH

VHJtWVpJpYHO HJ\HJ\ WRMiVW UDN D] YHJKi]L PRO\WHW OiUYiMiED $ OiUYiQ EHOO

OHV] D WRMiVEyO GDUi]VOiUYD PDMG EiE pV LPiJy .|]EHQ D PRO\WHW OiUYD

PHJIHNHWHGYHHOSXV]WXOiEUDDIUNpV]GDUi]VSHGLJU|SO\XNDWUiJPDJiQDN

pVNLE~MLNDJD]GDiOODWEyO

$]YHJKi]LPRO\WHW pVD](QFDUVLDIRUPRVD IHMO GpVLLGHMH

-$16(1

WiEOi]DW + PpUVpNOHW hYHJKi]LPRO\WHW (QFDUVLDIRUPRVD

)HMO GpVLLG NQDS

PLQ iWODJ PD[ PLQ iWODJ PD[

(39)

&

&

&

$ K PpUVpNOHW PHOOHWW WiEOi]DW D OHYHJ QHGYHVVpJWDUWDOPD LV

EHIRO\iVROMD D SDUD]LWD IHMO GpVPHQHWpW %(*/-$529 pV /(%(*<(9

YL]VJiODWDL V]HULQW D RV SiUDWDUWDORP PLQGHQ K PpUVpNOHWL WDUWRPiQ\EDQ

NHGYH] WOHQ

0LQW OiWKDWy D PDJDVDEE K PpUVpNOHW PHOOHWW D] ( IRUPRVD

IHMO GpVPHQHWHVRNNDOJ\RUVDEED]YHJKi]LPRO\WHW pQpO

$ WHUPpV]HWHV HOOHQVpJHN IHOKDV]QiOiViUD pSO ELROyJLDL YpGHNH]pVL

HOMiUiVRN N|]O D OHYpOWHWYHN HOOHQL YpGHNH]pV OiWV]LN D OHJN|QQ\HEEHQ

PHJYDOyVtWKDWyQDN %8'$, HW DO .|]LVPHUW KRJ\ QHPFVDN QpKiQ\

URYDUIDMKDQHPHJpV]URYDUFVDOiGRNIDMDLQDNG|QW W|EEVpJHLVV]LQWHNL]iUyODJ

OHYpOWHWYHNNHO WiSOiONR]LN SO &RFFLQHOOLGDH 6\USKLGDH $] YHJKi]L

ELROyJLDL Q|YpQ\YpGHOHPEHQ LV V]iPtWiVED YHKHW DILGRIiJ IDMRNDW D

&RFFLQHOOLGDH NDWLFDERJiU &HFLGRPL]LGDH JXEDFVV]~Q\RJ &KU\VRSLGDH IiW\ROND$SKHOLQLGDHWHW URQWy IUNpV] pV D]$SKLGLGDH OHYpOWHW IUNpV]

URYDUFVDOiGRNEDQOHKHWIHOOHOQL32/*È5

(] D WpWHO LG N|]EHQ KD]DL YLV]RQ\RN N|]|WW PHJYiOWR]RWW XJ\DQLV D

ELROyJLDL YpGHNH]pV LJHQ N|OWVpJHV pV D PHJEt]KDWyViJD LV NpUG MHOHVVp YiOW

1HP V]iPtWYD QpKiQ\ NOV pO VN|G HNWRSDUD]LWD DWNDIDMW D OHYpOWHWYHN

Q|YpQ\YpGHOPL V]HPSRQWEyO KDWpNRQ\ SDUD]LWiL D OHYpOWHW IUNpV]HN

$SKLGLGDH pV D WHW URQWyIpPIUNpV]HN $SKHOLQLGDH FVDOiGMiEyO NHUOQHN NL

WiEOi]DW0DJ\DURUV]iJRQHGGLJ$SKLGLGDHpV$SKHOLQXVIDMWPXWDWWDN

NL(5' 632/*È5

$ IHOVRUROW IUNpV]GDUD]VDN N|]O D]$SKLGLXV IDMRN W|PHJWHQ\pV]WpVH

pVYHJKi]LDONDOPD]iVDYiOWDOHJVLNHUHVHEEp

(40)

$ PLNURELROyJLDL YpGHNH]pV D ELROyJLDL YpGHNH]pVQHN D] D IRUPiMD

DPHO\EHQ PLNURRUJDQL]PXVRNDW KDV]QiOQDN IHO D Q|YpQ\L NiURVtWyN HOOHQ

-(50< $ W|PHJHV PHJEHWHJHGpVHN NLYiOWKDWyN W|EEHN N|]|WW

YtUXVRNNDO EDNWpULXPRNNDO pV JRPEiNNDO $ PLNURRUJDQL]PXVRN N|]O D]

YHJKi]L ELROyJLDL YpGHNH]pVEHQ I OHJ D JRPEiN DONDOPD]iViQDN OHKHW VpJHLW

YL]VJiOWiN

3DUD]LWRLGRNOHYpOWHW pVWiSQ|YpQ\NDSFVRODWDL DKD]DLQ|YpQ\Ki]DNEDQ

32/*È5LQ%8'$,

WiEOi]DW /HYpOWHW .XOW~UD $SKHOLQXV $SKLGLXV 3UDRQ 7ULR[LV

IDM DV\FKLV PDWULFDULDH YROXFUH DQJHOLFD

$SKLV SDSULND

QDVWXUWLL SDUDGLFVRP

$XODFRUWKXP SDSULND

VRODQL

0\]XV SDSULND

SHUVLFDH SDUDGLFVRP

NiSRV]WD

%UHYLFRU\QH NiSRV]WD

EUDVVLFDH NtQDLNHO

$] $VFKHUVRQLD URYDUSDUD]LWD JRPEDIDMRN JD]GiL FVDN D PRO\WHWYHN

$OH\URGLGDH pV D SDM]VWHWYHN &RFFLGLGDH UHQGV]HUWDQL FVRSRUWMiEyO

LVPHUHWHVHN $] XWyEEL pYWL]HGHNEHQ I OHJ %XOJiULiEyO pV D 6]RYMHWXQLyEyO

V]iPRV NXWDWy .5,6=729$ .2*$1 pV 6=(5-$3,1 N|]|OW

DGDWRNDW D JRPED NtVpUOHWL IHOKDV]QiOiViUyO YHJKi]L PRO\WHW HOOHQ $] HOV

PDJ\DURUV]iJLHUHGPpQ\HNU O%8'$,HWDOV]iPROEH

(41)

$]$VFKHUVRQLDVSDOLV]WHVNHOiUYiLWSXV]WtWMDHOiEUDDWRMiVWD]

XWROVy VWiGLXP~ QLPID pV D] LPiJy iOODSRWEDQ OHY HJ\HGHNHW QHP NpSHV

IHUW ]QL $ JRPED PLFpOLXPD iWKDWRO D NOWDNDUyQ PDMG D URYDU WHVWpEHQ

WRYiEEIHMO GYHWHOMHVHQIHOpOLpViWV]|YLD]W

$9HUWLFLOOLXP OHFDQLL JRPED V]pOHV N|UEHQ HOWHUMHGW URYDUSDWRJpQ

LOOHWYH KLSHUSDUD]LWD V]HUYH]HW /HJJ\DNUDEEDQ D+RPRSWHUDUHQGEH WDUWR]y

IDMRNUyO L]ROiOWiN H]HQ EHOO LV OHJW|EEV]|U OHYpOWHWYHNHQ IRUGXO HO

/($7+(5'$/( $ VSyUDV]XV]SHQ]LyV SHUPHWH]pV KDWiViUD D

JD]GDiOODW QDS P~OYD SXV]WXO HO UDMWD YDWWDV]HU PLFpOLXPV]|YHGpN MHOHQLN

PHJ 0HJIHOHO LGHLJ WDUWy QHGYHV SHULyGXV XWiQ D VSyUDV]XV]SHQ]LyYDO NH]HOW

XERUND pV SDUDGLFVRPQ|YpQ\HNHQ W|EE HVHWEHQ VLNHUOW RV YHJKi]L

PRO\WHW OiUYDSXV]WXOiVWHOpUQL(.%20

$ EDNWpULXPNpV]tWPpQ\HN N|]O MHOHQOHJ D %DFLOOXV WKXULQJLHQVLV

VSyUiNDW pV NULVWiO\RV ]iUYiQ\RNDW WDUWDOPD]y ELRSUHSDUiWXPDLW KDV]QiOMiN D]

YHJKi]LQ|YpQ\YpGHOHPEHQ

$% WKULQJLHQVLV iOWDO NLYiOWRWW NyUIRO\DPDW '$59$6 HW DO

V]HULQW D N|YHWNH] D OHSNHKHUQ\yN O~JRV NpPKDWiV~ HO EHOpEHQ D WiSOiOpNNDO

EHMXWRWW VSyUiNEyO NLV]DEDGXO D EDNWpULXP YHJHWDWtY DODNMD XJ\DQDNNRU D]

HQGRWR[LQNULVWiO\LVIHOROGyGLN$WR[LNy]LVKDWiViUDDURYDUEpOSHULV]WDOWLNiMD

PHJEpQXO pV D] iOODW EHV]QWHWL D WiSOiONR]iVW $ EDNWpULXP D WHVWIRO\DGpNEDQ

HOV]DSRURGYD iOWDOiQRV V]HSV]LVW RNR] $ EDNWpULXPNpV]tWPpQ\HNHW 'LSHO

7KXULFLGH %DFWXFLG QDSMDLQNEDQ D J\DSRWWRNEDJRO\OHSNH +HOLFRYHUSD DUPLJHUD pV JDPPD EDJRO\OHSNH $XWRJUDSKD JDPPD HOOHQ DONDOPD]]iN VLNHUHVHQDKD]DLQ|YpQ\Ki]DNEDQ

$OHYpODNQi]yOHJ\HN/LULRP\]DVSSHOOHQLYpGHNH]pVEHQDN|YHWNH]

IUNpV]GDUi]VIDMRNIHOKDV]QiOiViUDYDQOHKHW VpJ

'DFQXVD VLELULFD2SLXV SDOOLSHV %UDFRQLGDH YDODPLQW D'LJOLSKXV LVDHD (XORSKLGLGDH $ NXWDWyPXQND D NpW%UDFRQLGDHFVDOiGED WDUWR]y IUNpV]UH

(42)

LUiQ\XOW V tJ\ VLNHUOW NLGROJR]QL D ELROyJLDL YpGHNH]pV PyGMiW +(1'5,.6(

$IRQiOIpUJHNDONDOPD]iViWD]YHJKi]LNiUWHY NHOOHQDN|]HOP~OWHUHGPpQ\HL

WHWWpN OHKHW Yp $6WHLQHUQHPD pV+HWHURUKDEGLWLV URYDUSDUD]LWD IRQiOIpUHJ

IDMRNDW PD PiU /HSLGRSWHUD KHUQ\yN DNQi]y OHJ\HN /LULRP\]D VSS pV

PH]WHOHQFVLJiN/LPDFLGDHHOOHQDONDOPD]]iNVLNHUHVHQ

$ IRQiOIpUJHN QP KRVV]~ViJ~ XQ LQIHNWtY OiUYiL iOWDOiEDQ D

V]iMQ\tOiVRQ NHUHV]WO MXWQDN D URYDU WHVWUHJpEH $ IHUW ]pV XWiQ QDSSDO D

IRQiOIpUHJ iOWDO V]iOOtWRWW EDNWpULXPPDO PHJWiPDGRWW iOODW WR[LNy]LVEDQ

SXV]WXOHO

(OV YHJKi]L DONDOPD]iVXNUD /$8021' VDOiWiQ NHUOW VRU

$JURWLV\SVLORQEDJRO\OHSNHOiUYiNHOOHQ

1DSMDLQNEDQDELROyJLDLWHUPpNHNV]pOHVYiODV]WpNDiOOUHQGHONH]pVUH

DKROODQG.RSSHUW%9pVDEHOJD%,2%(67FpJNtQiODWiEyO

$ KDV]QRV pO V]HUYH]HWHN IHOKDV]QiOiViQDN HQJHGpO\H]pVH

V]DEiO\R]RWWVKDVRQOyDQ|YpQ\YpG V]HUHNKDWyViJLPLQ VtWpVpKH]0LQGH]HN

NDSFVROyGQDN D YLUiJEHSRU]iVUD DONDOPD]RWW SRV]PpKHN %20%86

EHYH]HWpVpKH] PHO\HNQHN IHOKDV]QiOiVD XJUiVV]HU HQ Q WW D KD]DL SDUDGLFVRP

pVSDSULNDKDMWDWiVEDQ

(XUySDLYHJKi]DNEDQVSRQWiQPHJMHOHQ UDJDGR]yPH]HLSRORVNiN

)255$<HWDO

WiEOi]DW 2UV]iJ 0LULGDHSRORVNDIDMRN

(43)

0DUFRORSKXV 'LF\SKXV 'LF\SKXV &\UWRSHOWLV 'LF\SKXV

FDOLJLQRVXV WDPDQLQLL HUUDQV WHQXLV K\DOLQLSHQQLV

)UDQFLDR

6SDQ\ROR

2ODV]R

*|U|JR

0DJ\DUR

$ UDJDGR]y SRORVNiN MHOHQW VpJH D] XWyEEL LG NEHQ PHJQ WW D]

YHJKi]L LQWHJUiOW Q|YpQ\YpGHOPL SURJUDPRNEDQ $0DFURORSKXV FDOLJLQRVXV

PH]HL SRORVND +HWHURSWHUD 0LULGDH D ELROyJLDL YpGHNH]pVEHQ D] HJ\LN

OHJMREEDQ HOWHUMHGW SRORVNDIDM WiEOi]DW 'pO(XUySiEDQ V]LQWH PLQGHQ

PRO\WHW YHO IHUW ]|WW KHO\HQ PHJWDOiOKDWy WHUPpV]HWHV N|UQ\H]HWEHQ -HOHQOHJ

PHVWHUVpJHVHQ V]DSRUtWMiN pV ELROyJLDL iJHQVNpQW DONDOPD]]iN D KDMWDWiVEDQ

7iSOiOpNiW I OHJ D] YHJKi]L PRO\WHW 7ULDOHXURGHV YDSRUDULRUXP pV

DGRKiQ\PRO\WHW %HPLVLDWDEDFLWHV]LNL%(18==,pV0267,

$ YHJ\HV WiSOiONR]iV~ SROLIiJ PH]HL SRORVNiNUD YiUKDWyDQ QDJ\REE

V]HUHSKiUXODPDJ\DURUV]iJLYHJKi]LLQWHJUiOWYpGHNH]pVEHQLV

,QWHJUiOWQ|YpQ\YpGHOHP

$ QDSMDLQNEDQ DONDOPD]RWW SHV]WLFLGHNHW LJHQ VRN NULWLND pUL

.L]iUyODJRV pV HJ\ROGDO~ DONDOPD]iVXNNDO NDSFVRODWRVDQ D N|YHWNH]

QHKp]VpJHNNHUOQHNHO WpUEH'$59$6LQ%8'$,

SHV]WLFLGUH]LV]WHQFLD]RRFLGUH]LV]WHQFLD

WHUPpV]HWHVV]DEiO\R]yPHFKDQL]PXVRNPHJV]QWHWpVH

N|UQ\H]HWYpGHOPLSUREOpPiN

$ SHV]WLFLGHN VRUR]DWRV DONDOPD]iVD VRUiQ UH]LV]WHQV UDVV]RN

V]HOHNWiOyGQDN NL DPHO\HN QDJ\REE W U NpSHVVpJHW PXWDWQDN D] DONDOPD]RWW

(44)

KDWyDQ\DJJDO V]HPEHQ ( IRO\DPDWUD PHJJ\ ] SpOGDNpQW V]ROJiO

Q|YpQ\Ki]DLQN W|EEQHP]HGpNHV NiUWHY L N|]O D] YHJKi]L PRO\WHW LV

:$5'/2: HW DO ''7 pVPDODWLRQ KDWyDQ\DJRNUD IRJpNRQ\ pV

UH]LV]WHQV PRO\WHW W|U]VHN YL]VJiODWDNRU PiV KDVRQOy NpPLDL V]HUNH]HW

DQ\DJRNNDO W|UWpQ YpGHNH]pVNRU LV UHQGNtYO HOWpU KDWpNRQ\ViJL pUWpNHNHW

NDSRWW $PDODWLRQ UHVPHWULQ GLNORUIRV] KDWyDQ\DJRNUD N|QQ\HQ DODNXO NL

UH]LV]WHQFLD D] YHJKi]L PRO\WHW HVHWpEHQ $ &VRQJUiG PHJ\HL

Q|YpQ\Ki]DNEDQ GLNORUIRV]UD UH]LV]WHQV W|U]VHN PHJMHOHQpVpU O '$59$6 pV

%8'$,V]iPROQDNEH

$ WHUPpV]HWHV V]DEiO\]yPHFKDQL]PXVRN PHJV]QWHWpVpYHO D

SHV]WLFLGHN D NiUWHY QpSHVVpJpE O KDPDUDEE NLV]RUtWMiN D KDVRQOy

pU]pNHQ\VpJ SDUD]LWiNDW SO (QFDUVLD IRUPRVD $ N|UQ\H]HWYpGHOPL

SUREOpPiN VRUiEDQ D] DV pYHNEHQ D N|]YpOHPpQ\ HJ\ UpV]H D

NpPLDL PyGV]HUHN PHJIHOHO V]LQW HOOHQ U]pV QpONOL KDV]QiODWiQDN

EHV]QWHWpVpWV]RUJDOPD]WD&$5621

$] LQWHJUiOW Q|YpQ\YpGHOHP %$57/(77 NpV EE 67(51 HW DO

PHJIRJDOPD]iViEDQ PpJ FVDN D ELROyJLDL pV NpPLDL YpGHNH]pVL

PyGV]HUHN HJ\WWHV DONDOPD]iViW MHOHQWHWWH $] ,QWHJUDWHG 3HVW &RQWURO ,3&

IRJDOPiW HO V]|U .(11('< DONDOPD]WD XJ\DQDNNRU D NiUWHY

V]DEiO\R]iVW ,QWHJUDWHG 3HVW 0DQHJHPHQW ,30 1$6 HPOtWHWWH

|VV]HIRJODOyWDQXOPiQ\iEDQ

+D]iQNEDQ 75e1<, KDQJV~O\R]WD HO V]|U D UHQGHONH]pVUH iOOy

YpGHNH]pVL HJ\WWHV DONDOPD]iViQDN V]NVpJHVVpJpW -(50< D

N|YHWNH] NDWHJyULiNEHYH]HWpVpWMDYDVROMD

NRPSOH[ Q|YpQ\YpGHOHP D Q|YpQ\iOORPiQ\ NiURVtWyLQDN OHN]GpVpUH

DONDOPDVPyGV]HUHNNRPELQiFLyMDDPHO\FpOMiWOHJJD]GDViJRVDEEDQD]HPEHUW

pVN|UQ\H]HWpWDOHJNHYpVEpYHV]pO\H]WHW PyGRQpULHO

LQWHJUiOW Q|YpQ\YpGHOHP D NRPSOH[ Q|YpQ\YpGHOHPQHN D] HVHWH

DPHO\ D NiURVtWyN HJ\HGV]iPiQDN D JD]GDViJL NiU DODWWL V]LQWHQ YDOy

(45)

V]DEiO\R]iViKR] D] DJURELRFQR]LV WHUPpV]HWHV ELRWLNXV V]DEiO\R]y WpQ\H] LW LV

IHOKDV]QiOMD

1DSMDLQNEDQ HO WpUEH NHUOW D] LQWHJUiOW WHUPpN HO iOOtWiViQDN

SURJUDPMD $ IRJDORP GHILQtFLyMiW D N|YHWNH] NEHQ OHKHW PHJMHO|OQL $]

LQWHJUiOW WHUPHOpV HJ\ PH] JD]GDViJL KDV]RQIRUPD DPHO\ D WHUPHV]WpVKH]

PDJDV pUWpN WiSDQ\DJRNDW pV Q\HUVDQ\DJRNDW WHUPpV]HWHV HU IRUUiVRNDW pV

V]DEiO\]yPHFKDQL]PXVRNDW PLQW D N|UQ\H]HWHW PHJWHUKHO HV]N|]|N

KHO\HWWHVtW LW KDV]QiOMD IHO HJ\ WDUWyV PH] JD]GDViJL WHUPHV]WpV EL]WRVtWiVD

pUGHNpEHQ

(46)

$1<$*e60Ï'6=(5

ÒMNiUWHY NDPDJ\DUQ|YpQ\Ki]DNEDQ

$WHUPHV]W EHUHQGH]pVHNEHQLG QNpQWIHOW QQHN~MD]LGiLJQHPLVPHUW

NiURVtWyN PHO\HN YiUDWODQViJXN IRO\WiQ QHKp] KHO\]HWHNHW WHUHPWHQHN (]HN

HJ\UpV]HV]DEDGI|OGLNiUWHY VDN|UQ\H]HWE OV]DEDGXOEHDQ|YpQ\Ki]EDSO

NXNRULFDPRO\ SDUDGLFVRPRQ WDMWpNRV NDEyFD IHMHVVDOiWiQ PiV UpV]NHW

YLV]RQW iOWDOiEDQ YDODPLO\HQ Q|YpQ\L UpVV]HO V]DSRUtWyDQ\DJJDO NOI|OGU O

KXUFROMiNEHSDVV]tY~WRQ

*\|NpUJXEDFVIRQiOIpUJHN

$0HORLGRJ\QLGDHFVDOiGEDKiURPQHPHWVRUROWDN

0HORLGRJ\QH*2(/',0HORLGRGHUHOOD.+$1pV0HORLQHPD&+2,pV

*(5$(57 $0HORLGRJ\QH QHPQHN IpOV]i] IDMiW tUWiN OH HEE O (XUySiEDQ

HGGLJ IDMW PXWDWWDN NL 0DJ\DURUV]iJRQ LJ QpJ\0HORLGRJ\QH IDMW

pV]OHOWHN

'pONHOHW 0DJ\DURUV]iJRQ IRO\DPDWRVDQ UHQGV]HUHVHQ IHOPpUWN D

J\|NpUJXEDFVIRQiOIpUJHN NiUWpWHOpW PLQG V]DEDGI|OG|Q PLQG D

WHUPHV]W EHUHQGH]pVHNEHQ )LJ\HOHPPHO NtVpUWN D IHUW ]pV NLV]pOHVHGpVpQHN

IRO\DPDWiWpVLGHQWLILNiOWXNDWDOiOWIDMRNDW

( PXQND VRUiQ D 'XQD7LV]D N|]H KRPRNRV WpUVpJpQHN QHPDWROyJLDL

IHOYpWHOH]pVH VRUiQ M~QLXViEDQ 7LV]DNpFVNH N|]VpJ KDWiUiEDQ HJ\ KD]DL

IDXQiUD~MIDMNiURVtWiViUDILJ\HOWQNIHOIyOLDDODWWKDMWDWRWWSDUDGLFVRPRQ

pV Q\DUiQ D 6]HJHG N|UQ\pNL )RUUiVN~W KDWiUiEDQ

KRPRNWDODMRQ NpW Si]VLWI IpOH J\RPQ|YpQ\ D SLUyN ~MMDVPXKDU 'LJLWDULD

VDQJXLQDOLVpVDIDNyPXKDU6HWDULDJODXFDJ\|NHUpQNpS] G|WWJXEDFVRNEyO VLNHUOWL]ROiOQLPDMGLGHQWLILNiOQLHJ\DKD]DLIDXQiUD~MIRQiOIpUHJIDMW

(47)

hYHJKi]LORPENiUWHY N

$ QDJ\ WHUPHOpVL pUWpNHNHW NpSYLVHO SULP U|N NiUWHY L VRUiEyO D]

DV pYHN HOHMpQ NpW EHKXUFROW DWNDIDM PHJMHOHQpVpUH D &VRQJUiG PHJ\HL

KDMWDWyWHOHSHNHQVLNHUOWIHOILJ\HOQL

$] EHQ D 6]HQWHVL ÈUSiG 6]|YHWNH]HW HJ\LN P

HV

YHJKi]iEDQ D Q\iUL LG V]DNEDQ )HKpU|]|Q IDMWiM~ SDSULNiQ DGGLJ QHP

WDSDV]WDOW EDUQD SDUiV IROWRN MHOHQWNH]WHN D J\P|OFV|N|Q $ MHOHQVpJ D

WHUPHV]W EHUHQGH]pVEHQ JyFRNEDQ IROWRQNpQW PXWDWNR]RWW $ Q|YpQ\YpGHOPL

V]DNHPEHUHN YDODPL ~M Q|YpQ\EHWHJVpJUH YtUXV JRPED J\DQDNRGWDN V

V]iPRV ODERUDWyULXPED HOMXWRWWDN D Q|YpQ\L PLQWiN $ WQHWHN DQQ\LUD

~MV]HU HN YROWDN KRJ\ PpJ D] LV IHOYHW G|WW KRJ\ D N|UQ\pNL WDUOypJHWpVHN

IVWMpQHNKDWiViUDN|YHWNH]HWWEHDNiURVRGiV

$ &VRQJUiG PHJ\HL 1|YpQ\YpG ÈOORPiVRQ VLNHUOW IHOIHGH]QL D] ~M

DWNiW 3RO\SDJRWDUVRQHPXV ODWXV $ IHOGHUtWpVW QHKH]tWHWWH D V]HUpQ\

iOODWV U VpJpVD]DWNiNIpQ\NHUO PR]JiVD

9L]VJiODWDLQNDW pV PHJILJ\HOpVHLQNHW &VRQJUiG PHJ\H ]|OGVpJKDMWDWy

]HPHLEHQ D .HUWpV]HWL (J\HWHP 1|YpQ\YpGHOPL 7DQV]pNpQ YDODPLQW D

&VRQJUiG PHJ\HL 1|YpQ\YpGHOPL pV $JURNpPLDL ÈOORPiV ODERUDWyULXPiEDQ

YpJH]WNWDYDV]iQ

$ NiURVtWiV IRO\DPDWiW WHUPHV]W KHO\L LOOHWYH ODERUDWyULXPL

YL]VJiODWRNVRUiQiOODStWRWWXNPHJ

$ V]pOHVDWND pOHWPyGMiW ILDWDO SDSULNDOHYHOHNHQ QpJ\IpOH PyGV]HUUHO

NO|QE|] N|UQ\H]HWLIHOWpWHOHNN|]|WWYL]VJiOWXN$]HOV PyGV]HUQpO3HWUL

FVpV]pEHIHUW ]|WWSDSULNDOHYHOHWKHO\H]WQNDPHO\HNHQWRMiVYROWD

W|EEL IHMO GpVL DODNRW HO ] OHJ HOWiYROtWRWWXN $ 3HWULFVpV]pEHQ D PDJDV

SiUDWDUWDOPDWYL]HVYDWWiYDOEL]WRVtWRWWXN$K PpUVpNOHW

&YROW

$ OHYHOHNHW QDSRQWD HJ\V]HU YL]VJiOWXN PHJ V]WHUHyPLNURV]NyS DODWW

PHJV]iPROYD pV IHOMHJ\H]YH PLQGHQ IHMO GpVL DODNRW $ PiVRGLN pV KDUPDGLN

PyGV]HUQpO SHWULFVpV]pEH HU VHQ IHUW ]|WW OHYHOHW KHO\H]WQN $

(48)

PiVRGLN pV KDUPDGLN VRUR]DWRW K W V]HNUpQ\EHQ WDUWRWWXN

&RQ LOOHWYH

&RQ $ SHWULFVpV]pNEHQ D PDJDV SiUDWDUWDOPDW D] HO ] PyGRQ

EL]WRVtWRWWXN $ IHUW ]|WW OHYHOHNHW KiURPQDSRQNpQW YL]VJiOWXN iW D SRSXOiFLy

QDJ\ViJD PLDWW V]iPV]HU IHOMHJ\]pVW QHP YpJH]WQN FVDN D] HJ\HV IHMO GpVL

DODNRN pOHWNpSHVVpJpW ILJ\HOWN PHJ 0LQGKiURP PHJILJ\HOpVW QDSLJ

IRO\WDWWXN

$ QHJ\HGLN PyGV]HUQpO V]LQWpQ SHWULFVpV]pEH IHUW ]|WW OHYHOHW

KHO\H]WQN GH H] FVDN QDSLJ WDUWRWWXN

& RQ PDMG

& RV

N|UQ\H]HWEHKHO\H]WNiW

9pGHNH]pVL NtVpUOHWHLQNHW iSULOLViEDQ pV PiMXViEDQ KDMWDWy

Ki]DNEDQ6]HQWHVHQYpJH]WN

$NtVpUOHWHNHWMDQXiUEDQOWHWHWW)HKpU|]|QSDSULNDIDMWiQP

HV SDUFHOOiNRQ LVPpWOpV QpONO IRO\WDWWXN $ YpGHNH]pVKH] Q|YpQ\YpG

V]HUW KDV]QiOWXQN IHO $ NpV]tWPpQ\HN KDWpNRQ\ViJiW SDUFHOOiQNpQW

PLQWDYpWHOLKHO\HQILDWDOOHYpODODSMiQiOODStWRWWXNPHJ

$ PR]Jy DODNRNDW D NH]HOpV HO WW PDMG D NH]HOpV XWiQL pV QDSRQ

V]iPROWXN PHJ pV D] DGDWRNEyO D +HQGHUVRQ7LOWRQ NpSOHWWHO PRUWDOLWiVW

V]iPtWRWWXQN

EHQ V]LQWpQ D] V]HQWHVL ÈUSiG 6]|YHWNH]HWEHQ MHOHQWNH]HWW

SDUDGLFVRPSDOiQWiQ HJ\ ~M YHJKi]L NiUWHY $ IHOOpSpVW D ELROyJLDL

Q|YpQ\YpGHOPL W|UHNYpVHN (QFDUVLD IRUPRVD DONDOPD]iViKR] V]NVpJHV

Q|YpQ\YpG V]HUPHQWHVN|UQ\H]HWVHJtWHWWH

$ JHUEHUD DNQi]yOpJ\ /LULRP\]D WULIROLL LVPpWHOW PDJ\DURUV]iJL

PHJMHOHQpVHNRU ,/29$, HW DO D V]HJHGL )OyUDWRP .IWEHQ D NiUWHY ~M

KD]DLWiSQ|YpQ\HLWtUWXNOH

(49)

9pGHNH]pVLWHFKQROyJLiNNLGROJR]iVD

7DODMIHUW WOHQtWpVLWHFKQROyJLiNNLGROJR]iVD

$ WHUPHV]W EHUHQGH]pVHNEHQ IRO\y Q|YpQ\YpGHOPL PXQNiNQDN

V~O\SRQWRV UpV]H D WDODMEDQ pO pV RQQDQ WiPDGy NiURVtWyN HOOHQL YpGHNH]pV

XJ\DQLV D Q|YpQ\Ki] WDODMiQDN |NROyJLDL WpQ\H] L WDODMK PpUVpNOHW

WDODMQHGYHVVpJ VWE QHPFVDN D KDMWDWRWW Q|YpQ\HN KDQHP D NiURVtWyN G|QW

W|EEVpJpQHNIHMO GpVpUHV]DSRURGiViUDLVUHQGNtYONHGYH] HN

$ WDODMIHUW WOHQtWpV WHFKQROyJLiLQDN NLGROJR]iVD QDJ\V]iP~

WR[LNROyJLDL YL]VJiODWRW WHWW V]NVpJHVVp PHO\HNNHO PHJSUyEiOWXN NLYiODV]WDQL

D OHJKDWpNRQ\DEE NpV]tWPpQ\HNHW pV HOMiUiVRNDW 9L]VJiODWDLQN NLWHUMHGWHN D

NpPLDL WDODMIHUW WOHQtWpV pV D WDODMJ ]|OpV HJ\HV ]HPV]HUYH]pVL

|VV]HIJJpVHLQHNIHOWiUiViUDLV

$]YHJKi]WDODMiEDQWDOiOKDWyNiURVtWyNIHOPpUpVH

$ NiURVtWyN HO IRUGXOiViQDN IHOOpSpVpQHN IHOPpUpVpUH LUiQ\XOy

YL]VJiODWRN NLWHUMHGWHN D WDODMODNy JRPEDNyURNR]yN IHUW ]pVL YLV]RQ\DLQDN

IHOWpUNpSH]pVpUH D] YHJKi]DN pV IyOLDViWUDN J\RPIOyUiMiQDN N|UYRQDOD]iViUD

LV

(PHOOHWW HOV VRUEDQ D J\|NpUJXEDFV IRQiOIpUJHN IHUW ]pVL YLV]RQ\DLW

NtVpUWN ILJ\HOHPPHO KRVV]~ LG Q NHUHV]WO (UUH YRQDWNR]yODJ PHJSUyEiOWXQN

PHJIHOHO ~MPyGV]HUHNHWNLGROJR]QL

$]YHJKi]DNJ\RPIOyUiMiQDNYL]VJiODWD

$ J\RPIHOYpWHOH]pVL PyGV]HUHN QDJ\ UpV]H D J\RPV]iPOiOiVRQ

DODSV]LN $] YHJ DODWWL IHOOHWHN NRUOiWR]RWW WHUMHGHOPH J\RPIOyUiMiQDN

KRPRJHQLWiVD OHKHW Yp WHV]L KRJ\ H]W D YLV]RQ\ODJ HJ\V]HU GH NLIRJiVWDODQ

HUHGPpQ\HNHWDGyPyGV]HUWYiODVV]XN

$] YHJKi]DN WHUPHV]WpVEH YRQiVDNRU iOWDOiEDQ D] RWW OpY DGRWW

WDODMRQNH]GLNPHJDKDMWDWiVWPHO\UHQGV]HULQWV]iQWyI|OGLJ\RPRNPDJYDLYDO

HU VHQIHUW ]|WW

Hivatkozások

KAPCSOLÓDÓ DOKUMENTUMOK

)DUNDVY|OJ\L )ULJ\HVQp JRQGRODWDLW IRO\WDWWD9LQF]H -XGLW D 6HPPHOZHLV .LDGy IĘV]HU NHV]WĘMH9pOHPpQ\H V]HULQW LV HODYXOW PiU D]2UYRVL KHO\HVtUiVL V]yWiU pV

$] HOLVPHUWVpJ D]W MHOHQWL KRJ\ PDJDV V]tQYRQDO~ D NpS]pV NLYiOyDN D] HOKHO\H]- NHGpVL OHKHWĘVpJHN D] LWW V]HU]HWW GLSORPi- YDOLOOHWYHKRJ\D]LQWp]PpQ\DPXQNDDGyN N|UpEHQ LV

$ GROJR]DWRP D V]i]DGIRUGXOy N|UQ\pNL HJUL LQJDWODQRN WXODMGR QRVDLQDN pV EpUOĘLQHN YL]VJiODWiYDO IRJODONR]LN LOOHWYH D NO|QE|]Ę

$ NRPELQiFLyV NpV]tWPpQ\HN KDWyDQ\DJDL N|]O D SHQGLPHWDOLQ DWUD]LQ pV D PHWRODNOyU WHUEXWULQ EL]RQ\XOWDN KDWpNRQ\DEEQDN $ SHQGLPHWDOLQ DWUD]LQ KDWyDQ\DJRN V]LJQLILNiQVDQ

$N|UQ\H]HWYpGHOPLVWUDWpJLDPHJKDWiUR]iVDNRU YLVV]D NHOO WpUQL D NLLQGXOySRQWKR] D YiOODODWLN|UQ\H]HWKH]pVD]RNKR]D]DODSYHW HUIRUUiVRNKR]PHO\HND]iOWDOiQRVVWUDWpJLiWLV PHJKDWiUR]WiN

HV]N|]|NNHODOHKHW OHJNLVHEEN|OWVpJHNPHOOHWWpUMNHO$HVpYHNyWDHJ\UHQDJ\REE ILJ\HOPHW NDSQDN D N|UQ\H]HWYpGHOHPEHQ D N|]JD]GDViJL V]DEiO\R]yHV]N|]|N ± N|]WN D V]HQQ\H]pVL DGyN

$N|YHWNH] WtSXVEDD]RQSURMHNWHNWDUWR]QDNDPHO\HNDV]RNiVRVSpQ]J\LPXWDWyNV]HULQW QHP WpUOQHN PHJ D]RQEDQ MHOHQWV UHMWHWW N|OWVpJ pV IHOWpWHOHV N|OWVpJ PHJWDNDUtWiVRNDW HUHGPpQ\H]QHN

$N|UQ\H]HWLMHOHQWpVNLDGiVDPiU|QPDJiEDQLVSR]LWtYDQpUWpNHOKHW KLV]HQDYiOODODWH]]HO Q\LW D Q\LOYiQRVViJ pV D WiUVDGDOPL FVRSRUWRN LUiQ\iED $ MHOHQWpVHNQHN D]RQEDQ VRNNDO QDJ\REE