• Nem Talált Eredményt

A Balaton antropogén szennyezettségének jellemzése bioindikátorok alkalmazásával

N/A
N/A
Protected

Academic year: 2022

Ossza meg "A Balaton antropogén szennyezettségének jellemzése bioindikátorok alkalmazásával"

Copied!
92
0
0

Teljes szövegt

(1)

$ % $/$721$175232*e16=(11<(=(776e*e1(.-(//(0=e6(

% ,2,1',.È7252.$/.$/0$=È6È9$/

)$5.$6$11$

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

9HV]SUpPL(J\HWHP.|UQ\H]HWWXGRPiQ\L 'RNWRUL,VNROD

7pPDYH]HW 'U6DOiQNL-iQRVDNDGpPLNXV

07$%DODWRQL/LPQROyJLDL.XWDWyLQWp]HW 7 ,+$1<

(2)

% ,2,1',.È7252.$/.$/0$=È6$$ % $/$721$175232*e1 6=(11<(=(776e*e1(.-(//(0=e6e5(

eUWHNH]pVGRNWRUL3K'IRNR]DWHOQ\HUpVHpUGHNpEHQ D9HV]SUpPL(J\HWHP.|UQ\H]HWWXGRPiQ\

'RNWRUL,VNROiMiKR]WDUWR]yDQ

ËUWD

)DUNDV$QQD

$MHO|OWDGRNWRULV]LJRUODWRQ«RWpUWHO

9HV]SUpP«

D6]LJRUODWL%L]RWWViJHOQ|NH

$]pUWHNH]pVWEtUiOyNpQWHOIRJDGiVUDMDYDVORP

%tUiOyQHYH««LJHQQHP

«««««««««

DOitUiV

%tUiOyQHYH««LJHQQHP

«««««««««

DOitUiV

$MHO|OWD]pUWHNH]pVQ\LOYiQRVYLWiMiQ«RWpUWHO

9HV]SUpP ««««««««««

D%tUiOy%L]RWWViJHOQ|NH

$GRNWRUL3K'RNOHYpOPLQ VtWpVH«

««««««««««

$]('7HOQ|NH

(3)

7 $57$/20-(*<=e.

.LYRQDWRN

% (9(=(7e6e6,52'$/0,È77(.,17e6

)HOV]tQLYL]HNELROyJLDLPHJILJ\HOpVH

%LROyJLDLPHJILJ\HOpVLPyGV]HUHN

)HOV]tQLYL]HNDQWURSRJpQV]HQQ\H]HWWVpJpQHNMHO]pVHELRLQGLNiFLy~WMiQ 9t]WHUHNWR[LNXVV]HQQ\H]HWWVpJpQHNELROyJLDLPRQLWRUR]iVD

$]iOODSRWPRQLWRUR]iVDVWDWLNXVPyGV]HUHN

$YiOWR]iVRNPRQLWRUR]iVDGLQDPLNXVPyGV]HUHN

9pV]iOODSRWRNPRQLWRUR]iVD

3RWHQFLiOLVV]HQQ\H] NODERUDWyULXPLWHV]WHOpVH|NRWR[LNROyJLDLWHV]WHN

$%DODWRQDQWURSRJpQV]HQQ\H]HWWVpJpQHNYL]VJiODWD 1HKp]IpPHNMHOHQOpWHD%DODWRQpVYt]J\ MW MHWHUOHWpQ

$%DODWRQOHGpNpQHNQHKp]IpPWDUWDOPD7HUPpV]HWHVKiWWpUV]LQW

$QWURSRJpQHUHGHW QHKp]IpPNRQFHQWUiFLyN

$%DODWRQYL]pQHNQHKp]IpPNRQFHQWUiFLyMD

%DODWRQLEHIRO\yNQHKp]IpPV]HQQ\H]HWWVpJH

/pJV]HQQ\H]pVV]HUHSHDWyYt]PLQ VpJpEHQ

/pJN|ULDHURV]RORNpVFVDSDGpNYL]HNQHKp]IpPWDUWDOPD

6]HUYHVV]HQQ\H] N

ÏQYHJ\OHWHNHO IRUGXOiVDD%DODWRQpVYt]J\ MW MHWHUOHWpQ 3HV]WLFLGHN±GHOWDPHWULQWR[LFLWiViQDNPHFKDQL]PXViUyO 3ROLNOyUR]RWWELIHQLOHN±3&%DVNRQJHQHUHO IRUGXOiVDD%DODWRQEDQ 3ROLDURPiVV]pQKLGURJpQHN±IHQDQWUpQpVIOXRUDQWpQHO IRUGXOiVDD%DODWRQEDQ

9t]LV]HUYH]HWHNDONDOPD]iVDD%DODWRQQHKp]IpPV]HQQ\H]HWWVpJpQHN

IHOPpUpVpUH±D]iOODSRWpVDYiOWR]iVRNPRQLWRUR]iVD±

$QWURSRJpQDQ\DJRNKDWiVDWDYLNDJ\OyNILOWUiFLyVDNWLYLWiViUD

±|NRWR[LNROyJLDLWHV]WHN±

& e/.,7 =e6(.

$ 1<$*e60Ï'6=(5

$%DODWRQQHKp]IpPV]HQQ\H]HWWVpJpQHNIHOPpUpVpUHLUiQ\XOySDVV]tY

PRQLWRUR]iV

$]iOODWRNJ\ MWpVHDYL]VJiODWRNKHO\HpVLGHMH

$ELROyJLDLPLQWiNQHKp]IpPNRQFHQWUiFLyLQDNPHJKDWiUR]iVDDWRPDEV]RUSFLyV

(4)

%LROyJLDLPLQWiNIHOWiUiVDQHGYHVVDYDVURQFVROiVVDO

$P V]HUHVPpUpVWHFKQLNiMD

$PLQWDHO NpV]tWpVpVPpUpVPHJEt]KDWyViJiQDNHOOHQ U]pVHUHIHUHQFLDPLQWiN

DONDOPD]iViYDO

7R[LNXVDQ\DJRNKDWiViQDNYL]VJiODWDWDYLNDJ\OyNILOWUiFLyVDNWLYLWiViUD

/DERUDWyULXPLWHV]WHN

7DYLNDJ\OyNILOWUiFLyVDNWLYLWiViQDNYL]VJiODWiUDNLGROJR]RWWPyGV]HUHN

$SHULyGLNXVDNWLYLWiVUHJLV]WUiOiVD

$V]LIyP N|GpVUHJLV]WUiOiVD

$V] UpVWHOMHVtWPpQ\PHJKDWiUR]iVD

$QWURSRJpQV]HQQ\H] NKDWiVDWDYLNDJ\OyNILOWUiFLyVDNWLYLWiViUD$WHV]WHOpV

NtVpUOHWLN|UOPpQ\HL

$QWURSRJpQDQ\DJRNKDWiVD$QRGRQWDF\JQHDSHULyGLNXVDNWLYLWiVUD

$QWURSRJpQDQ\DJRNKDWiVD$QRGRQWDF\JQHDpV8QLRWXPLGXVV]LIyP N|GpVpUH

$QWURSRJpQDQ\DJRNKDWiVD$QRGRQWDF\JQHDpV8QLRWXPLGXVV] UpVWHOMHVtWPpQ\pUH

$]DGDWRNpUWpNHOpVpQpODONDOPD]RWWVWDWLV]WLNDLHOMiUiVRN

( 5('0e1<(.

$%DODWRQQHKp]IpPV]HQQ\H]HWWVpJpQHNYL]VJiODWDSDVV]tYELRPRQLWRUR]iVVDO

%DODWRQLiOODWRNQHKp]IpPNRQFHQWUiFLyMD

%DODWRQL]RRSODQNWRQQHKp]IpPNRQFHQWUiFLyMD

%DODWRQLKDODNQHKp]IpPNRQFHQWUiFLyMD

$KDODNV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNV]LQWMH )DMLNO|QEVpJHNDQHKp]IpPHNIHOKDOPR]yGiViEDQ eYV]DNRVNO|QEVpJHNDKDODNV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNEDQ

$GpYpUNHV]HJV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNIJJpVHD]

HJ\HGIHMO GpVLVWiGLXPWyO

$GpYpUNHV]HJV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNNRUUHOiFLyMDD]HJ\HGHN

PpUHWpYHOpVNRQGtFLyMiYDO

$GpYpUNHV]HJV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNYiOWR]iVD

D]HJ\HGHNNRUiYDO

$EDODWRQLGpYpUNHV]HJQHKp]IpPWHUKHOpVpQHN|VV]HKDVRQOtWyYL]VJiODWD

D]±N|]|WWLLG V]DNEDQ

7R[LNXVDQ\DJRNKDWiVDWDYLNDJ\OyNILOWUiFLyVDNWLYLWiViUD

ÏQYHJ\OHWHNKDWiVD$QRGRQWDF\JQHDSHULyGLNXVDNWLYLWiViUD

(5)

'HOWDPHWULQKDWiVD$QRGRQWDF\JQHDILOWUiFLyVDNWLYLWiViUD

$SHULyGLNXVDNWLYLWiVUDNLIHMWHWWKDWiV

$V]LIyP N|GpVUHNLIHMWHWWKDWiV

3&%DVNRQJHQHUKDWiVD$QRGRQWDF\JQHDILOWUiFLyVDNWLYLWiViUD

$SHULyGLNXVDNWLYLWiVUDNLIHMWHWWKDWiV

$V]LIyP N|GpVUHNLIHMWHWWKDWiV

)HQDQWUpQpVIOXRUDQWpQKDWiVD$QRGRQWDF\JQHDpV8QLRWXPLGXV

ILOWUiFLyVDNWLYLWiViUD

$SHULyGLNXVDNWLYLWiVUDNLIHMWHWWKDWiV

$V]LIyP N|GpVUHNLIHMWHWWKDWiV

$V] UpVWHOMHVtWPpQ\UHNLIHMWHWWKDWiV

( 5('0e1<(.0(*%(6=e/e6(

%DODWRQLiOODWRNV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNIJJpVH

DIRQWRVDEEELROyJLDLpVN|UQ\H]HWLWpQ\H] NW O

$]LQGLNiWRUV]HUYH]HWHNEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNIJJpVH

D]RNWiSOiOpNOiQFRQEHOOHOIRJODOWKHO\]HWpW O )DMLVDMiWRVViJRNDQHKp]IpPHNDNNXPXOiFLyMiEDQ

$]LQGLNiWRUV]HUYH]HWHNEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNIJJpVH

D]HJ\HGHNPpUHWpW OpVNRQGtFLyMiWyO

$]LQGLNiWRUV]HUYH]HWHNEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyN

pYV]DNRVYiOWR]iVD

$%DODWRQQHKp]IpPV]HQQ\H]HWWVpJpQHNPHJtWpOpVHDSDVV]tYELRPRQLWRU

YL]VJiODWRNHUHGPpQ\HLDODSMiQ

$QWURSRJpQV]HQQ\H] DQ\DJRNWR[LFLWiViQDNGHWHNWiOiVDYt]LN|]HJHNEHQ

WDYLNDJ\OyNPLQWELRLQGLNiWRUV]HUYH]HWHNDONDOPD]iViYDO

6]HUYHWOHQpVV]HUYHVyQYHJ\OHWHN

'HOWDPHWULQ

3&%DVNRQJHQHU

3ROLDURPiVV]pQKLGURJpQHN±IHQDQWUpQpVIOXRUDQWpQ±

g 66=()2*/$/È6

Ò -(5('0e1<(.

1 (:5(68/76

, 52'$/0,+,9$7.2=È62.

. g6=g1(71<,/9È1Ë7È6

0 (//e./(7 6WDWLV]WLNDLWHV]WHNHUHGPpQ\WiEOi]DWDL

(6)

.LYRQDWRN

%LRLQGLNiWRURNDONDOPD]iVDD%DODWRQDQWURSRJpQV]HQQ\H]HWWVpJpQHNMHOOHP]pVpUH

$ %DODWRQ YpGHOPpW V]ROJiOy NXWDWiVRN UpV]HNpQW pV N|]|WW iWIRJy NXWDWiVRN LUiQ\XOWDN D Wy pO YLOiJD QHKp]IpP V]HQQ\H]HWWVpJpQHN IHOPpUpVpUH D WDYDW V]HQQ\H]

DQWURSRJpQ HUHGHW WR[LNXV DQ\DJRN MHOHQOpWpQHN pV D V]HQQ\H]pV PpUWpNpQHN NLPXWDWiViUD WRYiEEi |NRWR[LNROyJLDL WHV]WHN NLGROJR]iViUD pV WRYiEEIHMOHV]WpVpUH $ ODERUDWyULXPL YL]VJiODWRN D WDYL NDJ\OyN pOHWWDQL IXQNFLyLEDQ ± ILOWUiFLyV DNWLYLWiViEDQ ± IHOOpS YiOWR]iVRN pV]OHOpVpQpVPHQQ\LVpJLPHJKDWiUR]iViQDODSXOWDN

$ Wy QHKp]IpP V]HQQ\H]HWWVpJpQHN IHOPpUpVpUH LUiQ\XOy SDVV]tY ELRPRQLWRU YL]VJiODWRNEDQ ELRLQGLNiWRU V]HUYH]HWHNNpQW D &UXVWDFHD SODQNWRQW pV KiURP KDOIDMW GpYpUNHV]HJ IRJDVVOO pVDQJROQDYL]VJiOWXQN$&UXVWDFHDSODQNWRQEDQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNLG pV WpUEHOL DODNXOiViEyO NLW QW KRJ\ H V]HUYH]HWHN NDGPLXP yORP pV Up] V]HQQ\H]HWWVpJH D YL]VJiOW LG V]DNEDQ V]LJQLILNiQVDQ Q WW PtJ D FLQN V]LQWHNEHQ D] EDQ pV]OHOW V]iPRWWHY HQQDJ\REEpUWpNHNW OHOWHNLQWYHQHPPXWDWNR]RWWMHOHQW VLG V]DNRVHOWpUpV$WDYDW EHQpSHVtW KDODN QHKp]IpP V]HQQ\H]HWWVpJpW WHNLQWYH NLW QW KRJ\ D] L]RPV]|YHWEHQ D WR[LNXV QHKp]IpPHN NRQFHQWUiFLyMD OpQ\HJHVHQ NLVHEE D] pOHOPH]pV HJpV]VpJJ\L KDWiUpUWpNHNQpO HO IRUGXOW D]RQEDQ KRJ\ HJ\HV SpOGiQ\RNQiO D] L]RPEDQ PpUW WR[LNXV HOHPHN V]LQWMH PDJDVDEEYROWDQQiO$PHOOHWWKRJ\DKDODNV]HUYHLEHQIHOKDOPR]RWWPLNURHOHPHNPHQQ\LVpJH PLQG D] pYV]DNWyO PLQG D IDML KRYDWDUWR]iVWyO IJJ|WW V]iPRWWHY |VV]HIJJpVW WDOiOWXQN D]

HJ\HGHN PpUHWpYHO NRUiYDO YDODPLQW NRQGtFLyMiYDO 6]yUYiQ\RV HVHWHNW O HOWHNLQWYH D WDYDW EHQpSHVtW KDODNQHKp]IpPV]HQQ\H]HWWVpJpQHNDODNXOiViEDQDYL]VJiOWLG V]DNEDQV]LJQLILNiQV Q|YHNHGpVWYDJ\FV|NNHQpVWQHPWDSDV]WDOWXQN

$] |NRWR[LNROyJLDL WHV]WHN VRUiQ D %DODWRQW SRWHQFLiOLVDQ YHV]pO\H]WHW V]HQQ\H] N ±

GHOWDPHWULQ 3&% DV NRQJHQHU WULPHWLOyQ NORULG pV D SROLDURPiV V]pQKLGURJpQHN N|]O D

IHQDQWUpQ pV IOXRUDQWpQ ± KDWiViQDN YL]VJiODWiEyO NLW QW KRJ\ D WDYL NDJ\OyN ILOWUiFLyV

DNWLYLWiViW PHJKDWiUR]y SHULyGLNXV DNWLYLWiV V]LIyP N|GpV pV V] UpVWHOMHVtWPpQ\ PiU LJHQ NLV

NRQFHQWUiFLyQiO MHO]LN D] DQWURSRJpQ V]HQQ\H] N MHOHQOpWpW $] DQ\DJKDWiV D NDJ\OyNQiO

OHJHU WHOMHVHEEHQ D]RN V] UpV WHOMHVtWPpQ\pEHQ PXWDWNR]RWW DPLW D V]LIyP N|GpV PDMG D

SHULyGLNXVDNWLYLWiVEDQEHN|YHWNH]HWWYiOWR]iVRNN|YHWWHN

(7)

8VHRIELRLQGLFDWRUVLQPRQLWRULQJWKHDQWKURSRJHQLFSROOXWLRQRI/DNH%DODWRQ

8VLQJ SDVVLYH ELRPRQLWRULQJ PHWKRGV LQWHUDQQXDO DQG VSDWLDO YDULDWLRQV LQ WKH KHDY\ PHWDO ORDG RI /DNH %DODWRQ ZHUH VWXGLHG LQ WKH &UXVWDFHD SODQNWRQ DQG WKUHH ILVK VSHFLHV FRPPRQ EUHDPHHODQGSLNHSHUFKDVLQGLFDWRURUJDQLVPVEHWZHHQ±6LJQLILFDQWYDULDWLRQV ZHUHREVHUYHGLQWKHKHDY\PHWDOORDGRIRUJDQLVPVUHODWLQJWRWKHLUWURSKLFVWDWXVOLIHF\FOH YDULDELOLW\ LQ VL]H DQG WKHLU SK\VLFDO FRQGLWLRQ 7KH UHVXOWV DOVR UHYHDOHG WKDW WKH KHDY\ PHWDO SROOXWLRQ RI WKH /DNH DQG LWV ELRWD LV UHODWLYHO\ ORZ KRZHYHU VLJQLILFDQW VHDVRQDO DQG VSDWLDO GLIIHUHQFHVFRXOGEHREVHUYHG

7KH HFRWR[LFRORJLFDO WHVWV HODERUDWHG XVLQJ WKH ILOWHULQJ DFWLYLW\ RI IUHVKZDWHU PXVVHOV SURYHG WR EH YHU\ VHQVLWLYH DQG SURSHU IRU WKH TXDOLWDWLYH DQG TXDQWLWDWLYH LQGLFDWLRQ RI WKH DGYHUVHHIIHFWVRIWLQFRPSRXQGVSHVWLFLGHVSRO\FKORULQDWHGELSKHQ\OVDQGSRO\F\FOLFDURPDWLF K\GURFDUERQV

%HQXW]XQJ YRQ %LRLQGLNDWRUHQ LQ GHU .RQWUROOH GHU 8PZHOWYHUVFKPXW]XQJ GHV 3ODWWHQVHHV

'LH ODQJH %H]HLFKQXQJ XQG GLH WHUULWRULDOH 6FKZDQNXQJHQ GHU 6FKZHUPHWDOOEHODVWXQJ GHV 3ODWWHQVHHVZXUGHQ]ZLVFKHQGXUFKSDVVLYH%LRPRQLWRU0HWKRGHQVWXGLHUWPLWGHU

%HQXW]XQJ GHV .UHEVWLHUSODQNWRQV XQG GUHL )LVFKVDUWHQ DOOJHPHLQHQ %UDFKVHQ $DO XQG

=DQGHUDOV,QGLNDWRURUJDQLVPHQ%HGHXWHQGH6FKZDQNXQJHQLQGHU6FKZHUPHWDOOEHODVWXQJGHU 2UJDQLVPHQ ZXUGHQ LQ 9HUELQGXQJ PLW LKUHP WURSKLVFKHQ 6WDWXV /HEHQV]\FOXV 9HUlQGHUOLFKNHLWLQGHU*U|‰HXQGN|USHUOLFKHP=XVWDQGEHREDFKWHW(VKDWVLFKDXFKHUZLHVHQ GD‰GLH6FKZHUPHWDOOYHUVFKPXW]XQJGHV6HHVPLWVHLQHU)ORUDXQG)DXQDUHODWLYJHULQJLVW(V WUDWHQMHGRFKEHGHXWHQGHQVDLVRQEHGLQJWHQXQGUlXPOLFKHQ8QWHUVFKLHGHDXI

'LH|NRWR[LNRORJLVFKHQ8QWHUVXFKXQJHQDQGHU)LOWHUDNWLYLWlWGHU6‰ZDVVHUPXVFKHOQKDEHQ

VLFK DOV VHKU JHHLJQHW XQG HPSILQGOLFK IU GLH TXDOLWDWLYH XQG TXDQWLWDWLYH ,QGLNDWLRQ GHU

:LUNXQJYRQ=LQQPLWWHO3HVWL]LGHQSRO\FKORULHUWHQ%LSKHQ\OHXQGSRO\]\NOLVFKDURPDWLVFKHQ

.RKOHQZDVVHUVWRIIHHUZLHVHQ

(8)

% (9(=(7e6e6,52'$/0,È77(.,17e6

) (/6=Ë1,9,=(.%,2/Ï*,$,0(*),*<(/e6(

$ IHOV]tQL YL]HN DQWURSRJpQ V]HQQ\H]HWWVpJpQHN YL]VJiODWiEDQ pYWL]HGHNHQ NHUHV]WO FVDN NpPLDL pV IL]LNDL PyGV]HUHNHW DONDOPD]WDN PHO\HN D]RQEDQ QHP Q\~MWRWWDN HOpJVpJHV LQIRUPiFLyW D] |NRV]LV]WpPiN WpQ\OHJHV YHV]pO\H]WHWHWWVpJpQHN IHOLVPHUpVpKH] $ PpUJH]

DQ\DJRN HPLVV]LyV KDWiUpUWpNHLQHN PHJiOODStWiViEDQ HJ\HGO D NpPLDL pV IL]LNDL V]HPSRQWRN ILJ\HOHPEHYpWHOpYHO FVDN NRUOiWR]RWW V]iP~ WR[LNXV DQ\DJ WHUPpV]HWHV Yt]WHUHNEH W|UWpQ NLERFViWiViW OHKHWHWW V]DEiO\R]QL (]HQ LQWp]NHGpVHN D]RQEDQ QHP EL]RQ\XOWDN HOpJVpJHVQHN D IHOV]tQL YL]HN DQWURSRJpQ V]HQQ\H]pVpQHN KDWpNRQ\ NRUOiWR]iViUD .UDPHU 0LYHO D V]DEiO\R]iVEDQ J\DNUDQ NHUOQHN HO WpUEH HJpV]VpJJ\L YRQDWNR]iV~ KXPiQ WHYpNHQ\VpJHN KDOiV]DW Yt]L VSRUWRN LYyYt] HOOiWiV pUWKHW D Yt]PLQ VpJHW HOOHQ U] KDWyViJRN HOV GOHJHV W|UHNYpVH RO\DQ ELROyJLDL PRQLWRU PyGV]HUHN NLGROJR]iViUD PHO\HNNHO PHJKDWiUR]KDWy D EHIRJDGy YL]HNHW pUW V]HQQ\H]pVHN |NROyJLDL KDWiVD pV PHO\HN HJ\EHQ NLHJpV]tW DGDWNpQW V]ROJiOQDNDIL]LNDLpVNpPLDLPHJILJ\HOpVLPyGV]HUHNKH]

+HOODZHOOEDQPHJIRJDOPD]RWWGHILQtFLyMDV]HULQW+HOODZHOOPHO\HWD81(3LV HOIRJDGRWW Ä$ ÄPRQLWRULQJ´ PHJILJ\HOpV D N|UQ\H]HW HJ\ YDJ\ W|EE HOHPpQHN WpUEHQ pV LG EHQ HO UH PHJKDWiUR]RWW LG EHRV]WiV V]HULQWL pV |VV]HKDVRQOtWKDWy PyGV]HUHNHW DONDOPD]y PHJKDWiUR]RWW FpOODO LVPpWO G D N|UQ\H]HW YiOWR]iVDLQDN pU]pNHOpVH pV IRO\DPDWRV DGDWJ\ MWpVUHLOODNDSRWWHUHGPpQ\HNpUWpNHOpVpUHLUiQ\XOyWHYpNHQ\VpJ´

%LROyJLDLPHJILJ\HOpVLPyGV]HUHN

$ N|UQ\H]HW iOODSRWiQDN YL]VJiODWiW D ELROyJLDL YiOWR]yN EHYH]HWpVpW N|YHW HQ ELRPRQLWRUR]iVQDNYDJ\ELROyJLDLPRQLWRUYL]VJiODWRNQDNQHYH]]N$ELROyJLDLYiOWR]yNYDJ\

ELROyJLDL PHJILJ\HOpVHN MHOOHJpW O IJJ HQ D NO|QIpOH ELRPRQLWRU PyGV]HUHN MyO

PHJNO|QE|]WHWKHW N <DVXQR pV :KLWWRQ $] RUYRVL J\DNRUODWEDQ ELRPRQLWRUR]iVQDN

D]HPEHULWHVWEHQIHOKDOPR]RWWV]HQQ\H] DQ\DJRNNRQFHQWUiFLyLQDNPHJKDWiUR]iViWQHYH]]N

D]D] V]|YHWL NpPLDL PRQLWRUR]iV $ PDJDVDEE ELROyJLDL V]HUYH]HWWVpJL V]LQWHQ SRSXOiFLy

pOHWN|]|VVpJHN |NRV]LV]WpPiN YpJ]HWW YL]VJiODWRN D] pO YLOiJ LQWHJULWiViW PpULN 9pJO D

N|UQ\H]HWWXGRPiQ\EDQPLQGHQQHP ELROyJLDLLUiQ\XOWViJ~YL]VJiODW±DPHQQ\LEHQWHUPpV]HWHV

N|]HJHNELROyJLDLLQWHJULWiViQDNPLQ VpJPHJ U] pVYDJ\MDYtWyHOHP]pVpUHV]ROJiOXJ\DQFVDN

ELRPRQLWRUYL]VJiODWRNN|UpEHWDUWR]LN(QQHNPHJIHOHO HQELROyJLDLLQWHJULWiVQDNÄDN|]|VVpJ

V]HUNH]HWpQHNpVP N|GpVpQHNIHQQWDUWiVD´QHYH]KHW &DLUQVpV'LFNVRQ

(9)

(EEHQ D PHJN|]HOtWpVEHQ D ELROyJLDL PRQLWRUR]iV NO|QIpOH DVSHNWXVDLUD D N|YHWNH]

PHJKDWiUR]iVRNDWDGWiN&DLUQV

ELRDNNXPXOiFLy PRQLWRUR]iVD PHO\QHN VRUiQ D ELROyJLDL PLQWiNEDQ IHOKDOPR]RWW DQ\DJNRQFHQWUiFLyNDW PpULN ( YL]VJiODWQDN WHUHSHQ NpW MyO HONO|QO IRUPiMD LVPHUW D SDVV]tYELRPRQLWRUR]iVPHO\QHNVRUiQDYL]VJiOWpOHWWpUDQWURSRJpQV]HQQ\H]HWWVpJpUHD]

W EHQpSHVtW pO OpQ\HN V]HUYH]HWpEHQ IHOKDOPR]RWW V]HQQ\H] N V]LQWMpE O N|YHWNH]WHWQN YDODPLQW D] DNWtY ELRPRQLWRUR]iV DPHO\EHQ YLV]RQ\ODJ V]HQQ\H]HWOHQ pOHWWpUE O V]iUPD]y My DNNXPXOiFLyV NpSHVVpJ Yt]L V]HUYH]HWHNHW KHO\H]QN iW D]

HOHP]pVUHNLMHO|OWN|UQ\H]HWEHPDMGPHJIHOHO DNNRPRGiFLyVLG HOWHOWpYHOPHJPpUMND V]HUYHNEHQIHOKDOPR]RWWV]HQQ\H] NV]LQWMpW

WR[LNXVViJ PRQLWRUR]iVD DPLNRU D] HJ\HGHN IL]LROyJLDL YiODV]UHDNFLyLW N|YHWLN Q\RPRQ PpUJH] DQ\DJRN KDWiViUD VWDWLNXV ÄELRDVVD\´ pV GLQDPLNXV Ä%(:6 ± %LRORJLFDO (DUO\:DUQLQJ6\VWHP´ NRUDLELROyJLDLMHO] UHQGV]HUPyGV]HUHNNHO

V]QELROyJLDL PRQLWRUR]iV DPHO\EHQ D] |NRV]LV]WpPiN pSVpJpW pULQWHWOHQVpJpW YL]VJiOMiN PLQGHQQHP N|UQ\H]HWL EHKDWiV ILJ\HOHPEHYpWHOpYHO IDML |VV]HWpWHO HJ\HGV U VpJ GLYHU]LWiV LQGLNiWRU V]HUYH]HWHN HO IRUGXOiVD DODSYHW |NROyJLDL IRO\DPDWRNPpUpVHVWE

)HOV]tQLYL]HNDQWURSRJpQV]HQQ\H]HWWVpJpQHNMHO]pVHELRLQGLNiFLy~WMiQ

$] DQWURSRJpQ YDJ\LV HPEHUL WHYpNHQ\VpJKH] N|WKHW N|UQ\H]HWV]HQQ\H]pV MHO]pVpEHQ D]

DGRWWN|UQ\H]HWHWEHQpSHVtW pOHWN|]|VVpJHNQHNNXOFVIRQWRVViJ~V]HUHSHYDQ+HOODZHOO

$] pOHWN|]|VVpJHN VWUXNWXUiOLV pV IXQNFLRQiOLV YiOWR]iVDLQ D SRSXOiFLyN WpUEHOL pV LG EHOL PHJMHOHQpVpQ YDODPLQW PLQ VpJL pV PHQQ\LVpJL YLV]RQ\DLQ NHUHV]WO QHPFVDN D WHUPpV]HWHV YiOWR]iVRN GH D] DQWURSRJpQ EHKDWiVRN LV MyO Q\RPRQ N|YHWKHW N (QQHN PHJIHOHO HQ D Yt]L N|]HJHNHW pUW N|UQ\H]HWL WpQ\H] N KDWiVDLQDN IHOPpUpVH D] NHW EHQpSHVtW pO OpQ\HN YDJ\

pO OpQ\WiUVXOiVRNMHO]pVHLQHNDODSMiQDELRLQGLNiFLyVYL]VJiODWRNFVRSRUWMiEDWDUWR]LN

(OYEHQ EiUPHO\LN pO OpQ\HJ\WWHV pV DQQDN EiUPHO\ WXODMGRQViJD IHOKDV]QiOKDWy D Yt]WHUHN ELROyJLDL PLQ VtWpVpUH $ N|UQ\H]HWL YiOWR]iVRN ELROyJLDL KDWiViW IHOWiUy NXWDWiVRN J\DNRUODWL DONDOPD]iVDD]pUWPpJLVDN|YHWNH] LVPHUHWHNW OIJJ

PL D] D KDWiV DPHO\ OiWKDWy LOO HJ\pUWHOP NDSFVRODWED KR]KDWy D] HJ\HG LQGLNiWRU V]HUYH]HWLOODN|]|VVpJYiODV]iYDO

PHQQ\LUHVSHFLILNXVDKDWiVD]D]WRNR]yMHOHQVpJUHV]HQQ\H] DQ\DJUDVWE

PHQQ\LVpJLOHJPpUKHW YDJ\EHFVOKHW HDKDWiVNDSFVRODWDD]RNNDO

(10)

9t]WHUHNWR[LNXVV]HQQ\H]HWWVpJpQHNELROyJLDLPRQLWRUR]iVD

$ IHOV]tQL YL]HN PLQ VpJpQHN HOOHQ U]pVH ± KDJ\RPiQ\RVDQ ± HOV VRUEDQ NpPLDL pV IL]LNDL PpUpVHNHQDODSXO(]HNDYL]VJiODWRNDNpPLDLDQ\DJRNKRVV]~WiY~|NRWR[LNROyJLDLKDWiViUDpV N|UQ\H]HWL VRUViUD QHP LQIRUPDWtYDN 6DOiQNL pV PWV $] HJ\HGL DONRWy KDWiViQDN LVPHUHWH QHP V]iPRO D V]HQQ\H] N N|]|WWL N|OFV|QKDWiVRNNDO V]LQHUJL]PXV PLN|]EHQ D]

HPEHUL WHYpNHQ\VpJE O DGyGy V]HQQ\H] N UHQGV]HULQW NRPSOH[ NHYHUpN IRUPiMiEDQ MHOHQWNH]QHN

$ ELROyJLDL Yt]PLQ VtWpV HO Q\H D NpPLDL pV IL]LNDL PyGV]HUHNNHO V]HPEHQ DEEDQ UHMOLN KRJ\ D ELROyJLDL MHOOHP]pV D KRVV]DEE WiY~ Yt]PLQ VpJHW WNU|]L pV D Yt]L V]HUYH]HWHNHW pUW V]HQQ\H] N KDWiVDLW N|]YHWOHQ pV LQWHJUiOW PyGRQ PXWDWMD $ FVDN QHKH]HQ YDJ\ HJ\iOWDOiQ QHP GHWHNWiOKDWy KDWiVRNDW MHOH]QL pV pUWHOPH]QL NL]iUyODJ ELROyJLDL PyGV]HUHNNHO OHKHWVpJHV 6DOiQNLpV2HUWHO6]DNPDLpVN|UQ\H]HWSROLWLNDLV]HPSRQWRNPLDWWDELROyJLDLKDWiVRN YL]VJiODWD QHP IRJMD KHO\HWWHVtWHQL D NpPLDL DQDOt]LVW FV|NNHQWKHW D]RQEDQ D UXWLQ NpPLDL PpUpVHNV]iPDD]]DOKRJ\FVDNDGHWHNWiOWELROyJLDLKDWiVRNXWiQYpJH]QHNPLQGHQUHNLWHUMHG NpPLDLDQDOt]LVWHJ\LQWHJUiOWPRQLWRUR]iVNHUHWpEHQ

9t]L N|]HJHN DQWURSRJpQ V]HQQ\H]pVpUH D J\DNRUODWEDQ D ELRDNNXPXOiFLyV YL]VJiODWRN UHQGNtYO KDWiVRVQDN EL]RQ\XOWDN +HOODZHOO (3$ 6DOiQNL pV PWV ( YL]VJiODWRNEDQ HOV GOHJHV N|YHWHOPpQ\ D My ELRDNNXPXOiFLyV WXODMGRQViJRNNDO UHQGHONH]

pO OpQ\HND]~QÄDNNXPXOiWRUV]HUYH]HWHN´DONDOPD]iVD6HJtWVpJNNHOYDOyEDQDELROyJLDLODJ IHOYHKHW DONRWyN pV D]RN PHJMHOHQpVL IRUPiL GHWHNWiOKDWyN ,G EHOL pV KDWiVW LQWHJUiOy NpSHVVpJNNHO |VV]HWHWW PyGRQ WNU|]LN YLVV]D D N|UQ\H]HWNEHQ OpY V]HQQ\H] N LOO D] D]RN IHOYpWHOpWEHIRO\iVROyN|UQ\H]HWLWpQ\H] NHJ\WWHVKDWiViW

$]iOODSRWPRQLWRUR]iVDVWDWLNXVPyGV]HUHN

$ Yt]L |NRV]LV]WpPD V]HQQ\H]HWWVpJpQHN MHOOHP]pVpW D N|]HJHW EHQpSHVtW pO OpQ\HN V]HUYH]HWpEHQ IHOKDOPR]RWW WR[LNXV DQ\DJRN DODSMiQ VWDWLNXV ELROyJLDL PRQLWRUR]iVQDN QHYH]]N $ PyGV]HU FVDN D SHU]LV]WHQV V]HQQ\H] DQ\DJRN NLPXWDWiViUD DONDOPDV DPHQQ\LEHQ NRQFHQWUiFLyMXN D V]XEOHWiOLV V]LQWHW QHP KDODGMD PHJ 3XV]WXOiVW HO LGp]

NRQFHQWUiFLyN HVHWpQ D] DQ\DJIHOYpWHO LV NiURVRGLN H]pUW D] pO OpQ\HNEHQ NLPXWDWKDWy

NRQFHQWUiFLyQHPUHiOLVPXWDWyMDDN|UQ\H]HWV]HQQ\H]pVPpUWpNpQHN*ROGVPLWK6DOiQNL

pV2HUWHO

(11)

$ ELRLQGLNiFLyV PyGV]HUHN J\DNRUODWL DONDOPD]iVD PHJIHOHO ELRLQGLNiWRU V]HUYH]HW NLYiODV]WiViQpVVWDQGDUGL]iOWPpUpVLWHFKQLNDKDV]QiODWiQDODSV]LN$PyGV]HUNLYiODV]WiViQiO D OHJIRQWRVDEE N|YHWHOPpQ\HN D N|YHWNH] N 3KLOOLSV %U\DQ pV PWV 1DJHO pV /RVNLOO

D NLYiODV]WRWW LQGLNiWRU IDM HOWHUMHGW pV UHQGV]HUHVHQ PHJWDOiOKDWy D YL]VJiODQGy N|]HJHNEHQ

OHJ\HQPHJIHOHO PHQQ\LVpJEHQN|QQ\HQJ\ MWKHW MyDNNXPXOiFLyVpVWiUROiVLNpSHVVpJJHOUHQGHONH]]HQ OHJ\HQWROHUiQVDNLVHEEWHUKHOpVUH

KDD]pO OpQ\YDODPHO\V]HUYHELROyJLDLpU]pNHO NpQWV]ROJiOD]MyOL]ROiOKDWyOHJ\HQpVD PpUpVKH]V]NVpJHVPHQQ\LVpJ

$YiOWR]iVRNPRQLWRUR]iVDGLQDPLNXVPyGV]HUHN

$GRWW N|UQ\H]HW DQWURSRJpQ V]HQQ\H]pVpQHN LG EHOL W|EE pYHV DNiU pYV]DNRV YDJ\

YDODPLO\HQHVHPpQ\WN|YHW YiOWR]iViQDNIHOPpUpVHHJ\NLYiODV]WRWWELRLQGLNiWRUV]HUYH]HWEHQ IHOKDOPR]RWW WR[LNXV DQ\DJ NRQFHQWUiFLyMiQDN PHJKDWiUR]iViYDO D GLQDPLNXV ELRPRQLWRU PyGV]HUHN N|UpEH WDUWR]LN $] LG EHOL YiOWR]iVRN PRQLWRUR]iViUD RO\DQ GLQDPLNXV IXQNFLRQiOLV WHV]WHN LV DONDOPD]KDWyN PHO\HN FVDN LG WiYODWEDQ pUWpNHOKHW N pO OpQ\HN HJ\HGIHMO GpVH Q|YHNHGpVH V]DSRURGiVD DQ\DJFVHUH IRO\DPDWDLNDW MHOOHP] NO|QE|]

PXWDWyNDONDOPD]NRGyNpSHVVpJDSRSXOiFLyQDJ\ViJDIDMRNHO IRUGXOiVDELRGLYHU]LWiVIDMRN N|]|WWLDUiQ\RNDODNXOiVD

9pV]iOODSRWRNPRQLWRUR]iVD

$ NRUDL ELROyJLDL MHO] UHQGV]HU %(:6 pO V]HUYH]HWHNHW DONDOPD] MHO] NpQW $ PyGV]HU HOYH D PHJILJ\HOpVUH NLYiODV]WRWW N|UQ\H]HWEHQ EHN|YHWNH] KLUWHOHQ PLQ VpJURPOiV pV]OHOpVH D] LQGLNiWRU V]HUYH]HWHN IL]LROyJLDL LOO YLVHONHGpVL iOODSRWiEDQ EHN|YHWNH]HWW YiOWR]iVRN Q\RPRQ N|YHWpVpYHO $ N|UQ\H]HW iOODSRWiQDN IpOIRO\DPDWRV *UXEHU pV 'LDPRQG .UDPHUpV%RWWHUZHJ%DOGZLQpV.UDPHUYDJ\IRO\DPDWRVHOOHQ U]pVHYDODPHO\

ELROyJLDL YiODV] UHQGV]HUHV PpUpVpYHO pV LG QNpQWL NLpUWpNHOpVpYHO W|UWpQLN 6]LJQLILNiQV

YiOWR]iV VRUiQ D V]HQQ\H] IRUUiV PHJKDWiUR]iVD DQDOLWLNDL YL]VJiODWD pV D NiUHOKiUtWiVL

LQWp]NHGpVHN PHJKR]DWDOD D N|YHWNH] IHODGDW $ PyGV]HU DODSYHW N|YHWHOPpQ\H KRJ\ D

V]HUYH]HWHN YLVHONHGpVpEHQ EHN|YHWNH] YiOWR]iV SDUDPpWHUHL IRO\DPDWRVDQ pV DXWRPDWLNXVDQ

GHWHNWiOKDWyNOHJ\HQHN

(12)

3RWHQFLiOLVV]HQQ\H] NODERUDWyULXPLWHV]WHOpVH|NRWR[LNROyJLDLWHV]WHN

$WR[LNXVV]HQQ\H] NODERUDWyULXPLYL]VJiODWDHOV VRUEDQHJ\PHJKDWiUR]RWWLG DODWW RVSXV]WXOiVWHO LGp] NRQFHQWUiFLy/&

PHJKDWiUR]iViUDLUiQ\XODPLDWR[LNXVViJPXWDWyMD

$ V]XEOHWiOLV NRQFHQWUiFLyN KDWiViQDN LVPHUHWH UHQGNtYO IRQWRV PLYHO D V]HQQ\H] DQ\DJRN NLV NRQFHQWUiFLyEDQ LV NiURV KDWiVW IHMWKHWQHN NL D] pOHWWDQL IRO\DPDWRNUD pV H]iOWDO D]

pO OpQ\HN IHMO GpVpW V]DSRURGiViW DONDOPD]NRGyNpSHVVpJpW URQWMiN $ ODERUDWyULXPL WHV]WHN D PiU KDV]QiODWEDQ OpY pV D] |NRV]LV]WpPiEDQ HOWHUMHGW YDJ\ D EHYH]HWpV HO WW iOOy NpPLDL V]HQQ\H] NKDWiViQDNWLV]Wi]iViWFpOR]]iN

$ WDYL pOHWN|]|VVpJHNHW YHV]pO\H]WHW N|UQ\H]HWL KDWiVRN N|]|WW YLOiJV]HUWH QDJ\ ILJ\HOPHW IRUGtWDQDND]RNUDDV]HQQ\H] DQ\DJRNUDDPHO\HNDYt]J\ MW U OYDJ\DOpJN|UE OV]iUPD]QDN pV WR[LNXVDN D] pO V]HUYH]HWHNUH $ WR[LNXV NpPLDL V]HQQ\H] DQ\DJRN HUHGHWN V]HULQW NpW QDJ\ FVRSRUWUD RV]WKDWyN D WHUPpV]HWEHQ HO IRUGXOy DQ\DJRN LSDUL WHYpNHQ\VpJ VRUiQ HO iOOtWRWW YHJ\OHWHN $ QHKp]IpPHN pV HJ\HV YHJ\OHWHLN D] HOV FVRSRUWEDQ pSSHQ ~J\

HO IRUGXOQDN PLQW D PiVRGLNEDQ VRN V]LQWHWLNXVDQ HO iOOtWRWW IRUPiLNNDO pV V]iPRV V]HUYHV V]HQQ\H] YHO PHO\HN N|]|WW D NOyUR]RWW V]pQKLGURJpQHNHW D W|EEJ\ U V DURPiV V]pQKLGURJpQHNHW W|EEV]|U|VHQ NOyUR]RWW ELIHQLOHNHW QLWUR]DPLQRNDW V]HUYHV pV]WHUHNHW OHKHW NLHPHOQL

$WR[LNXVV]HQQ\H]pVHNV]HPSRQWMiEyODWDYL|NRV]LV]WpPiNEDQ±tJ\D%DODWRQHVHWpEHQLV

±DN|YHWNH] VDMiWRVViJRNNDONHOOV]iPROQL

DWDYDNPLQWEHIRJDGyNDYt]J\ MW IHOpQ\LWRWWUHQGV]HUHNDNLIRO\iVKLiQ\DHVHWpQYDJ\

KD D] QHP MHOHQW V D Yt]IRO\iVRNNDO pV D FVDSDGpNNDO pUNH] DQ\DJRN WDUWyVDQ PHJPDUDGQDNDWyEDQ

D Wy QDJ\ViJiWyO IJJ HQ D] iUDPOiVRN D V]pO RNR]WD Yt]PR]JiV D PpO\VpJW O IJJ IHONHYHUHGpVXJ\DQNO|QE|] OHKHWPpJLVDYt]EHMXWyYHJ\OHWHNJ\RUVDQHORV]ODQDNpV QDJ\NRQFHQWUiFLyJUDGLHQVHNQHPDODNXOQDNNL

D QDJ\ NLWHUMHGpV PpO\ WDYDN HVHWpEHQ D V]HQQ\H]HWWVpJ PpUWpNH NHYpVVp IJJ D FVDSDGpNPHQQ\LVpJpW OpVDSiUROJiVVHPNpSH]MHOHQW VNRQFHQWUiFLyQ|YHO WpQ\H] W PLQWKRJ\ D WDYDNEyO D Yt] QDJ\REEUpV]W SiUROJiVVDO pV FVDN NLVHEE UpV]EHQ HOIRO\iVVDO

YDJ\ Yt]NLYpWHOOHOWiYR]LNDEHMXWyQHPERPOyWR[LNXVDQ\DJRN iOODQGyDQKDOPR]yGQDN D]|NRV]LV]WpPiEDQ

)HQWLHNLVPHUHWpEHQYiOWV]NVpJHVVpD%DODWRQDQWURSRJpQV]HQQ\H]HWWVpJpQHNIHOPpUpVHpV

KRVV]~WiY~PRQLWRUR]iVDLVPHO\PDPiUW|EEPLQWNpWpYWL]HGHVP~OWUDWHNLQWYLVV]D0OOHU

6DOiQNLpVPWV9%DORJKpV6DOiQNL/LFVNy6DOiQNLpVPWV

0DVWDODpV9%DORJK

(13)

$ %$/$721$175232*e16=(11<(=(776e*e1(.9,=6*È/$7$

$ %DODWRQ pV Yt]J\ MW MpQHN N|UQ\H]HWiOODSRW IHOPpUpVH pV IHOJ\HOHWH D .|]pS'XQiQW~OL .|UQ\H]HWYpGHOPL)HOJ\HO VpJ.'.)D1\XJDW'XQiQW~OL.|UQ\H]HWYpGHOPL)HOJ\HO VpJ 1\'.)pVD'pO'XQiQW~OL.|UQ\H]HWYpGHOPL)HOJ\HO VpJ''.)KDWiVN|UpEHWDUWR]LN$

IHOJ\HOHWHLN DOi WDUWR]y UpJLyNEDQ PLQGKiURP LQWp]PpQ\ IRO\DPDWRVDQ HOOHQ U]L D N|UQ\H]HW iOWDOiQRV MHOOHP] LQHN DODNXOiViW WHOHSOpVL pV WHUPHOpVL N|UQ\H]HWKDV]QiODWRNDW pV LQWp]NHGpVHNHW IRJDQDWRVtWDQDN D N|UQ\H]HWHW NiURVtWy WHYpNHQ\VpJHN HOOHQ YDODPLQW D PHJURPORWW|NROyJLDLiOODSRWRNUHKDELOLWiFLyMiWLVLUiQ\tWMiN7HYpNHQ\VpJNU OpYHQWHUpV]OHWHV MHOHQWpVHNHWNpV]tWHQHNPHO\HNE ON|YHWNH]WHWQLOHKHWD%DODWRQWQDSMDLQNEDQLVpU DQWURSRJpQ HUHGHW QHKp]IpPV]HQQ\H]pVPpUWpNpUH

1HKp]IpPHNMHOHQOpWHD%DODWRQpVYt]J\ MW MHWHUOHWpQ

$ YL]VJiODWRN HOV VRUEDQ D %DODWRQEDQ HO IRUGXOy LOO RGD MXWy DQWURSRJpQ HUHGHW QHKp]IpPHN IRUUiVDLQDN pV LG EHOL YiOWR]iVDLQDN IHOWiUiViUD YDODPLQW D] pGHVYt]L V]HUYH]HWHNEHQEHN|YHWNH] IHOKDOPR]yGiVXNHOHP]pVpUHLUiQ\XOWDND]iOODSRWpVDYiOWR]iVRN ELROyJLDL PRQLWRUR]iVD PHO\HW D WpUVpJEHQ IRO\WDWRWW LSDUL pV PH] JD]GDViJL WHYpNHQ\VpJ LQGRNROW$NXWDWiVRNPiVLNYRQDOiWD%DODWRQEDQHO IRUGXOyWR[LNXVDQ\DJRNYt]LV]HUYH]HWHN pOHWIXQNFLyLUDNLIHMWHWWKDWiViQDNYL]VJiODWDNpSH]WH|NRWR[LNROyJLDLWHV]WHN

$%DODWRQOHGpNpQHNQHKp]IpPWDUWDOPD7HUPpV]HWHVKiWWpUV]LQW

$ EDODWRQL OHGpNHN IL]LNDL pV NpPLDL MHOOHJpQHN PHJLVPHUpVpUH V]iPRV IRUUiVPXQND iOO UHQGHONH]pVUH)UDQFp&VDMiJK\pV7ROQD\0OOHU)UDQNypV3RQ\L 0OOHU pV :DJQHU 'RERO\L /LMNOHPD pV PWV ( PXQNiNEyO NLW QW KRJ\ D

%DODWRQ OHGpNpQHN I MHOOHP] MH D QDJ\ NDOFLXP pV PDJQp]LXP UpV]DUiQ\ (J\HV KHO\HNHQ V]iPRWWHY D V]LOLNiW pV DJ\DJiVYiQ\RN NRQFHQWUiFLyMD pV D V]iUD]DQ\DJUD V]iPtWRWW V]HUYHV V]pQWDUWDORP ± J NJ

pUWpNKDWiURN N|]|WW YiOWDNR]LN $ Q\tOWYt]

W~OQ\RPy UpV]pQ D] OHGpN ± P P

DJ\DJWDUWDOP~ KRPRNOLV]WHV LV]DS DPHO\QHN V]iUD]DQ\DJWDUWDOPDDIHOV]tQW OFPPpO\VpJLJ±PP

N|]|WWOLQHiULVDQYiOWR]LN

$] OHGpN JHRNpPLDL MHOOHJpQHN LVPHUHWH UHQGNtYO IRQWRV D WDYL OHGpNHN QHKp]IpP

V]HQQ\H]HWWVpJpQHN EHFVOpVpEHQ PLYHO HWW O IJJ D] HOHP KiWWpUNRQFHQWUiFLyMD pV D]

(14)

DQWURSRJpQ IRUUiVEyO V]iUPD]y HOHPHN IHOG~VXOiViQDN PpUWpNH LV 7XUHNLDQ pV :HGHSRKO /D[HQ

$ %DODWRQ OHGpNpEHQ D JHROyJLDL PiOOiVEyO pV D WDODM NLO~JR]yGiViEyO HUHG QHKp]IpPHN NRQFHQWUiFLyMiUD PHO\HN D Wy WHUPpV]HWHV QHKp]IpP KiWWpU NRQFHQWUiFLyMiW NpSH]LN 0OOHU &]pJpQ\ pV PWV YDODPLQW 9%DORJK pV 0DVWDOD YL]VJiODWDL DODSMiQ N|YHWNH]WHWKHWQN ,VPHUW KRJ\ DQWURSRJpQ QHKp]IpP V]HQQ\H]pVUH XWDOQDN D V]LJQLILNiQVDQ QDJ\REE HOHPNRQFHQWUiFLyN D] OHGpN IHOV UpWHJHLEHQ (OV NpQW 0OOHU pV]OHOW HPOtWpVUHPpOWyQDJ\REE3E=QpV&XNRQFHQWUiFLyNDWD %DODWRQOHGpNpQHNIHOV UpWHJHLEHQ PDMG &]pJpQ\ pV PXQNDWiUVDL D .HV]WKHO\L PHGHQFpE O Yt]N|]pSU O J\ MW|WW

OHGpNRV]ORSRNEDQXJ\DQFVDNDFLQNHVHWpEHQpV]OHOWHNV]iPRWWHY PpO\VpJEHOLFV|NNHQpVW$]

EHQ9%DORJKpV0DVWDODYL]VJiODWLHUHGPpQ\HLDODSMiQPHJiOODStWRWWiNKRJ\D]

OHGpN&G&X+J1L3EpV=QNRQFHQWUiFLyMDFPHVPpO\VpJLJHJ\HQOHWHVHQFV|NNHQW$]

HQQpOPpO\HEEUpWHJHNHOHPNRQFHQWUiFLyMDD]RQEDQPiUQHPYiOWR]RWWV]iPRWWHY HQtJ\QDJ\

EL]WRQViJJDO N|YHWNH]WHWKHWQN DUUD KRJ\ D Wy OHGpNpQHN WHUPpV]HWHV HUHGHW QHKp]IpP NRQFHQWUiFLyMD D N|YHWNH] +J ± &G ± &X 3E 1L pV =Q PJ NJ

V]iUD]W|PHJ

$QWURSRJpQHUHGHW QHKp]IpPNRQFHQWUiFLyN

$ EDODWRQL OHGpN QHKp]IpPWDUWDOPiQDN YL]VJiODWD D] HVHWOHJHV DQWURSRJpQ V]HQQ\H]pV IHOPpUpVHFpOMiEyOFVDNEDQNH]G G|WWPHJ$]HOV YL]VJiODWLHUHGPpQ\HNDODSMiQ 7HKHUDQL pV PWV 0OOHU PDMG &]pJpQ\ pV PWV PHJiOODStWRWWiN KRJ\ D Wy OHGpNpQHN QHKp]IpP V]HQQ\H]HWWVpJH FVHNpO\ PpUWpN pV FVDN HVHWHQNpQW P~OMD IHOO D 7XUHNLDQpV:HGHSRKOiOWDODJ\DJIUDNFLyUDPHJDGRWWKiWWpUV]LQWHNHW

ÒMDEE D Wy HJpV] WHUOHWpUH NLWHUMHG YL]VJiODWRNDW YpJ]HWW N|]|WW D 0LQLV]WHUHOQ|NL+LYDWDO%DODWRQNXWDWiVL3URJUDPMDNHUHWpQEHOOD9HV]SUpPL(J\HWHP)|OGpV .|UQ\H]HWWXGRPiQ\L 7DQV]pNH +ODYD\ pV PWV $ YL]VJiODWRN VRUiQ D Wy |W NHUHV]WV]HOYpQ\HPHQWpQNLMHO|OWPLQWDYpWHOLSRQWUyOOGiEUDJ\ MW|WWOHGpNPLQWiNIHOV ± FPpEHQ KDWiUR]WiN PHJ D )H $O 0Q &X =Q 3E &G 1L &U pV $V NRQFHQWUiFLyNDW 0LQGNpWYL]VJiODWVRUiQD]OHGpNIHOV UpWHJHLE OYHWWpNDPLQWiNDWtJ\D]HUHGPpQ\HNDODSMiQ N|YHWNH]WHWQL OHKHW D EDODWRQL OHGpN QHKp]IpP WDUWDOPiQDN LG EHOL YiOWR]iVDLUD $] DGDWRN

|VV]HYHWpVpE O NLW QW KRJ\ D EDODWRQL OHGpNEHQ D] $V &X pV 3E NRQFHQWUiFLy QHP YiOWR]RWW

V]LJQLILNiQVDQD]HOP~OWpYVRUiQV]iPRWWHY HQFV|NNHQWD&U=QpV&GNRQFHQWUiFLyPtJ

D]OHGpN1LNRQFHQWUiFLyMDMHOHQW VHQPHJQ WW7iEOi]DW

(15)

7iEOi]DW$%DODWRQOHGpNpEHQPpUWQHKp]IpPNRQFHQWUiFLyNpUWpNWDUWRPiQ\RN

0pUpVHN PJNJ

V]iUD]W|PHJ

$V &G &R &U &X 1L 3E =Q

&]pJpQ\pV

PWV ± ± ±

+ODYD\pV

PWV ± ± ± ± ± ± ±

$NRUiEELYL]VJiODWRNDODSMiQV]iPRVIpPUHWDOiOKDWyNDGDWRND]pGHVYt]LWDYDNOHGpNpQHN WHUPpV]HWHVHUHGHW HOHPNRQFHQWUiFLyMiUDYRQDWNR]yDQ0HULDQ(]HNN|]OD&G D&UD&XD3ED+JD]$VD1LD=Q PJNJ

V]iUD]W|PHJNRQFHQWUiFLypUWpNHNN|]|WWYiOWR]LN$EDODWRQLOHGpNEHQPpUW QHKp]IpP NRQFHQWUiFLyNDW |VV]HYHWYH H]HQ pUWpNHNNHO NLW QW KRJ\ D Wy OHGpNpEHQ D IpPNRQFHQWUiFLyNiOWDOiEDQDWHUPpV]HWHVKiWWpUNRQFHQWUiFLyQEHOODODNXOWDNNLYpYHDQLNNHOW PHO\ V]iPRWWHY HQ QDJ\REE NRQFHQWUiFLyNEDQ IRUGXOW HO PLQW D] pGHVYt]L WDYDNUD PHJiOODStWRWW WHUPpV]HWHV KiWWpUV]LQW (QQHN DODSMiQ YDOyV]tQ VtWKHW KRJ\ D %DODWRQ

OHGpNpEHQ WDOiOKDWy QHKp]IpPHN QHP IHMWHQHN NL N|]YHWOHQ WR[LNXV KDWiVW D WDYDW EHQpSHVtW pO OpQ\HNUH

$%DODWRQYL]pQHNQHKp]IpPNRQFHQWUiFLyMD

$ %DODWRQ YL]pEHQ D] DONRWyN NRQFHQWUiFLyMiW HOV GOHJHVHQ D EHIRO\yN Yt]PLQ VpJH pV D WyEDQ ]DMOy IL]LNDLNpPLDL IRO\DPDWRN KDWiUR]]iN PHJ +HURGHN pV PWV $ Wy Yt]J\ MW MH G|QW UpV]EHQ PpV]N GRORPLW pV ED]DOW DODSN ]HWHQ WHUO HO H]iOWDO D EHIRO\yN YL]H MHOHQW V PHQQ\LVpJ &D

0J

pV +&2

LRQRNDW V]iOOtW D WyED $ Yt] S+MD iWODJRVDQ DQ\iU IRO\DPiQ D]HU WHOMHVHEE IRWRV]LQWp]LVHUHGPpQ\HNpQWHOpULDpUWpNHNHWLV XJ\DQDNNRU D QiGDVRN N|]HOpEHQ pV QpKiQ\ KHO\HQ D SDUWN|]HOEHQ D S+ pUWpN DOi LV FV|NNHQKHWGHDUHQGV]HUHVPpUpVHNVRUiQD%DODWRQEDQHGGLJPpJQHPPpUWHNDVHPOHJHVS+

DODWWLpUWpNHWQ\tOWYt]QHNV]iPtWyWHUOHWHQ9LUiJ

$ Yt] YLV]RQ\ODJ QDJ\ &D&2

WDUWDOPiEyO pV O~JRV NpPKDWiViEyO DGyGyDQ D QHKp]IpPHN

ROGRWW IRUPiEDQ UHQGNtYO NLV NRQFHQWUiFLyEDQ OHJW|EE HOHP HVHWpEHQ NLPXWDWiVL KDWiU N|UO

YDQQDNMHOHQ7iEOi]DW

(16)

7iEOi]DW $%DODWRQYL]pEHQPpUWQHKp]IpPNRQFHQWUiFLyN

0pUpVHN PJO

&G &X =Q 3E +J

7yWK

.RYiFVpVPWV 6DOiQNLpVPWV 1\'.)± ± ± ± ± ,URGDOPLKLYDWNR]iVEDQ1\XJDW'XQiQW~OL.|UQ\H]HWYpGHOPL)HOJ\HO VpJ

$]LURGDORPEyOLVPHUWKRJ\D]pGHVYt]LWDYDNEDQSpOGiXOD&XDNDGPLXPD +JD&UD3ED1LD=QPJO

HVNRQFHQWUiFLy WDUWRPiQ\EDQWDOiOKDWy0HULDQ)HQWLHNDODSMiQPHJiOODStWKDWyKRJ\D%DODWRQYL]pEHQ D N|]YHWOHQ DQWURSRJpQ QHKp]IpP V]HQQ\H]pVUH D Yt]EHQ OpY DONRWyN DODSMiQ QHP OHKHW N|YHWNH]WHWQL

%DODWRQLEHIRO\yNQHKp]IpPV]HQQ\H]HWWVpJH

$ %DODWRQ V]iPRWWHY Yt]KR]DP~ EHIRO\yLQDN Yt]PLQ VpJpW D Yt]J\L LJD]JDWyViJRN UHQGV]HUHVHQ HOOHQ U]LN ''.) .'.) 1\'.) iOWDOiEDQ KDYL J\DNRULViJJDO PpUYH D IRQWRVDEE Yt]NpPLDL SDUDPpWHUHNHW YDODPLQW D V]HUYHV pV V]HUYHWOHQ PLNURV]HQQ\H] N NRQFHQWUiFLyLW tJ\ D IRQWRVDEE QHKp]IpPHN NRQFHQWUiFLyLW LV $ IHOPpUpVHLN DODSMiQNLW QWKRJ\DEDODWRQLEHIRO\yNYL]pEHQD]ROGRWWQHKp]IpPNRQFHQWUiFLyNiWODJpUWpNHL PHJOHKHW VHQV]pOHVWDUWRPiQ\RNN|]|WWYiOWDNR]QDN7iEOi]DW

7iEOi]DW%DODWRQLEHIRO\yNYL]pEHQPpUWQHKp]IpPNRQFHQWUiFLyNiWODJDL

0pUpVHN PJO

&G &X =Q 3E +J

.'.)1\'.)''.) ± ± ± ± ±

$ IRO\yYL]HN LURGDOPL DGDWRNEyO 0HULDQ LVPHUW WHUPpV]HWHV KiWWpU NRQFHQWUiFLyMiW ILJ\HOHPEH YpYH ± &G &X +J 3E =Q PJ O

± HOPRQGKDWy KRJ\ D EDODWRQL EHIRO\yN YL]pEHQ D V]LJRU~ N|UQ\H]HWYpGHOPL NRUOiWR]iVRN HOOHQpUHHVHWHQNpQWDQWURSRJpQHUHGHW QHKp]IpPV]HQQ\H]pVpV]OHOKHW %iUDV]HQQ\H]pVQHP KDODGMD PHJ D] LYyYt]UH pUYpQ\HV HJpV]VpJJ\L KDWiUW HJ\HV IpPHN HVHWpEHQ IRO\DPDWRV WHUKHOpVIRUUiVWMHOHQWHQHND%DODWRQYL]pUHpVDWyEDQpO Yt]LV]HUYH]HWHNUH

(17)

/pJV]HQQ\H]pVV]HUHSHDWyYt]PLQ VpJpEHQ

$ %DODWRQ pV Yt]J\ MW MpQHN MHOHQW VHEE OpJN|UL QHKp]IpP V]HQQ\H]pVH D N|]~WL IRUJDORP YDODPLQWD]DHURV]RORNOHSHGpVpE OpVFVDSDGpNYL]HNE OHUHG$N|]~WLIRUJDORPEyOV]iUPD]y NLSXIRJyJi]RN RNR]]iN D YHV]pO\HVHEE LG V]DNRVDQ KDWiUpUWpN IHOHWWL V]HQQ\H]HWWVpJHW PHO\QHNI |VV]HWHY LDV]pQPRQR[LGV]pQKLGURJpQHNQLWURJpQR[LGRNpVyORPYHJ\OHWHN$

Ji]KDOPD]iOODSRW~V]HQQ\H] DQ\DJRNDPHWHRUROyJLDLpVGRPERU]DWLYLV]RQ\RNWyOIJJ HQD]

~WWHQJHO\W O V]iPtWRWW ± PUH LV MHOHQW V NRQFHQWUiFLyEDQ PpUKHW N $ .|]~WNH]HO 7iUVDViJRNIRUJDORPV]iPOiOiVDGDWDL pVD] HJ\HVJpSMiUP WtSXVRNLURGDOPLHPLVV]LyVIDNWRUDL DODSMiQ D N|UQ\H]HWYpGHOPL IHOJ\HO VpJHN MHOHQW V PpUWpN DQWURSRJpQ V]HQQ\H]pVW PXWDWWDN NLDEDODWRQLUpJLyEDQ7iEOi]DW

7iEOi]DW $ EDODWRQL UpJLyEDQ N|]~WL IRUJDORPEyO V]iUPD]y DQWURSRJpQ DQ\DJRN pYHV PHQQ\LVpJH

ÒW5pJLy +RVV] /pJV]HQQ\H] DQ\DJRNWpY

>NP@

6]pQ PRQR[LG

1LWURJpQ R[LGRN

ÏORP .pQ

GLR[LG

NRURP

V]

V]

V]

V]

0

=DODPHJ\HLWHOHS V]

1\'.)''.).'.)

/pJN|ULDHURV]RORNpVFVDSDGpNYL]HNQHKp]IpPWDUWDOPD

7HUPpV]HWHV IRO\DPDWRN pV D] HPEHUL WHYpNHQ\VpJ HUHGPpQ\HNpQW V]iPRV DQ\DJ tJ\ LJHQ NLVNRQFHQWUiFLyEDQQHKp]IpPHNV]HUYHVYHJ\OHWHNWiSDQ\DJRNpVPpUJH] DQ\DJRNNHUOQHN D OHYHJ EH PDMG D OpJiUDPODWRNNDO MHOHQW V WiYROViJRNUD MXWQDN HO YpJO V]iUD] NLOHSHGpV

~WMiQ YDJ\ D FVDSDGpNNDO ~MEyO D I|OGUH pV D WHUPpV]HWHV YL]HNEH NHUOQHN $] HJpV]VpJUH iUWDOPDVDQ\DJRNNRQFHQWUiFLyMDDW|EELV]HQQ\H] DQ\DJKR]NpSHVWLJHQNLFVLQpKiQ\QJP

pVDYHJ\OHWHNW|EEQ\LUHDOpJN|ULDHURV]ROUpV]HFVNpNKH]DGV]RUEHiOyGQDN

$ OpJN|UL DHURV]RORN IpPLRQ WDUWDOPiW D EDODWRQL UpJLyEDQ IRO\DPiQ 7LKDQ\EDQ

.HV]WKHO\HQ pV 6LyIRNRQ KHWL J\DNRULViJJDO J\ MW|WW PLQWiNEDQ PpUWpN HJ\LGHM OHJ

PHJKDWiUR]YD D IpPLRQRN HORV]OiViW D] DHURV]RORN NO|QE|] IUDNFLyLEDQ $ YL]VJiODWL

HUHGPpQ\HNE O NLW QW KRJ\ D EDODWRQL UpJLy DHURV]ROMiEDQ D YL]VJiOW QHKp]IpPHN V]LQWMH QHP

XWDOWDQWURSRJpQV]HQQ\H]pVUH+ODYD\+ODYD\pVPWVXJ\DQLVQHPKDODGWiNPHJ

(18)

&G&U&X)H0Q1L3E D=QQJP

6FKURHGHUpVPWVDODSMiQ

$ FVDSDGpNYL]HN IpPLRQ WDUWDOPD HOOHQEHQ V]pOHV WDUWRPiQ\RQ EHOO YiOWDNR]RWW 7iEOi]DW

7iEOi]DW 7LKDQ\L FVDSDGpNYL]HNEHQ PpUW QHKp]IpP NRQFHQWUiFLyNN|]|WW

1HKp]IpPHN 1HKp]IpPNRQFHQWUiFLyN>PJO

@

eUWpNKDWiURN iWODJ

PLQ PD[

)H

$O

0Q

&U

1L

&X

&G

3E

=Q

$V

+ODYD\pVPWV0(+NXWDWiVMHOHQWpV

6]HUYHVV]HQQ\H] N

$] HOP~OW NpW pYWL]HGEHQ HOV VRUEDQ D %DODWRQ pV D WDYDW EHQpSHVtW pO OpQ\HN QHKp]IpP V]HQQ\H]HWWVpJpYHO D QHKp]IpPHN DNNXPXOiFLyMiYDO pV D] pOHWIRO\DPDWRNUD NLIHMWHWW KDWiVDLN WDQXOPiQ\R]iViYDO IRJODONR]WDN PLQGLQNiEE HO WpUEH NHUOW D]RQEDQ D WDYDW pUW V]HUYHV V]HQQ\H]pV IHOPpUpVpQHN V]NVpJHVVpJH LV $ V]HUYHVDQ\DJ V]HQQ\H]pVHN PpUWpNpW pV DODNXOiViW D WDYL |NRV]LV]WpPiNEDQ iOWDOiEDQ DODFVRQ\ ROGpNRQ\ViJXN pV KRVV]~ OHERPOiVL LGHMN KDWiUR]]D PHJ PHO\QHN N|YHWNH]WpEHQ D YLV]RQ\ODJ ODVV~ Yt]IRUJiV~ Yt]WHUHN

OHGpNpEHQ PDJDV DNNXPXOiFLyV IDNWRUUDO UHQGHONH]KHWQHN WRYiEEi UHPRELOL]iFLyV pV ELRDNNXPXOiFLyV NpSHVVpJNE O DGyGyDQ KRVV]~ LG Q NHUHV]WO NRFNi]DWL WpQ\H] W MHOHQWHQHN PLQG D Yt]L YLOiJ pO OpQ\HLUH PLQG D] HPEHUUH ( WpQ\HN LVPHUHWpEHQ PHUOW IHO D %DODWRQ pV Yt]J\ MW MH V]HUYHVDQ\DJ V]HQQ\H]pVpQHN IHOPpUpVH LV PHO\ NO|QE|] YHJ\OHWFVRSRUWRN YL]VJiODWiWYHWHWWHIHO$NXWDWiVRNHOV VRUEDQDUpJLySHV]WLFLGV]HQQ\H]HWWVpJpQHNYL]VJiODWiUD LUiQ\XOWDN DPLW V]pOHV N|U PH] JD]GDViJL DONDOPD]iVXN LQGRNROW $ OHJIRQWRVDEE YHJ\OHWFVRSRUWRN N|]p D NOyUR]RWW V]pQKLGURJpQHN SROLNOyUR]RWW ELIHQLOHN V]HUYHV IRV]IRUVDYpV]WHUHN pV V]LQWHWLNXV SLUHWURLGRN WDUWR]QDN -HOHQOpWNHW D %DODWRQ YL]pEHQ pV

OHGpNpEHQ NpPLDL YL]VJiODWRN NLPXWDWWiN HJ\EHQ D] LV NLW QW KRJ\ UpV]EHQ EHPRVyGiVVDO

UpV]EHQ D NO|QE|] EHIRO\yN YL]pYHO MXWQDN D WyED .iURO\ pV )]HVL )]HVL pV PWV

+ODYD\pVPWV

(19)

ÏQYHJ\OHWHNHO IRUGXOiVDD%DODWRQpVYt]J\ MW MHWHUOHWpQ

$ %DODWRQ KDMyIRUJDOPiEyO DGyGyDQ IHOPHUOW D V]HUYHV yQYHJ\OHWHNNHO W|UWpQ WHUKHOpVpQHN IHOPpUpVH LV (]HN XJ\DQLV YpG IHVWpNHN NO|QIpOH FVRPDJROyDQ\DJRN pV PiV LSDULWHUPpNHNNRPSRQHQVHNpQWLOOQ|YpQ\YpG V]HUHNKDWyDQ\DJDNpQWNHUOQHNDN|UQ\H]HWEH

$V]HUYHVyQYHJ\OHWHNPpUJH] KDWiViWHOV GOHJHVHQDV]HUYHVJ\|N|NWHUPpV]HWHpVD]yQKR]

N|W|WWJ\|N|NV]iPDKDWiUR]]DPHJ(YHJ\OHWHNHU WHOMHVIHOG~VXOiViWWDSDV]WDOWiNYLOiJV]HUWH RO\DQ Yt]WHUHNEHQ DKRO KRVV]~ D Yt] WDUWy]NRGiVL LGHMH I OHJ GO |YH]HWHNEHQ $]

yQYHJ\OHWHN KDWiViQDN YL]VJiODWiW pSSHQ H IHOG~VXOiVL NpSHVVpJN LQGRNROWD WRYiEEi D] D WpQ\ KRJ\ V]HUYHV YHJ\OHWL IRUPiL PiU PJ O

NRQFHQWUiFLyEDQ LV HU WHOMHV PpUJH] KDWiVW IHMWHQHN NL D] DOJiNUD NDJ\OyIpOpNUH pV KDOHPEULyNUD %XOWHQ pV 0HLQHPD $ EDODWRQL EHIRO\yN pO OpQ\HLQHN yQ V]HQQ\H]pVUH YRQDWNR]y YL]VJiODWD VRUiQ NLW QW KRJ\ D] HJ\HV EHIRO\yNEyOJ\ MW|WWQDJ\PRFViULFVLJiNOiJ\V]|YHWpEHQD]yQiWODJNRQFHQWUiFLy“

PJ NJ

V]iUD]W|PHJ YROW PtJ D 0DUFDOL WiUR]yEyO J\ MW|WW SXKDWHVW HN V]HUYHLEHQ iWODJRVDQ

r PJ NJ

yQ YROW MHOOHP] 6DOiQNL DPL D EHIRO\yNQiO HVHWL SRQWV]HU yQ V]HQQ\H]pVUHHQJHGN|YHWNH]WHWQL

3HV]WLFLGHN±GHOWDPHWULQWR[LFLWiViQDNPHFKDQL]PXViUyO

$ GHOWDPHWULQ pGHVYt]L V]HUYH]HWHNUH NLIHMWHWW KDWiViQDN YL]VJiODWD PLQG HOWHUMHGWHEE PH] JD]GDViJL pV V]~Q\RJLUWyV]HUNpQWL DONDOPD]iVD WHWWH LQGRNROWWi $ URYDURNNDO V]HPEHQL WR[LFLWiVD D] LQJHUOpNHQ\ LGHJL PHPEUiQRNUD NLIHMWHWW KDWiViQ SRQWRVDEEDQ D PHPEUiQ LRQiWHUHV]W NpSHVVpJpQHNPHJYiOWR]iViEDQQ\LOYiQXOPHJ(]W~O]RWWLQJHUOpNHQ\VpJKH]YH]HW PHO\ D J|UFV|V UiQJiVRNRQ PDMG EpQXOiVRQ iW SXV]WXOiVW HUHGPpQ\H] /HDN pV :DONHU 1DUDKDVKL $ GHOWDPHWULQ WR[LNXV KDWiViW SXKDWHVW HN HVHWpEHQ LV NLPXWDWWiN DPL D QHXURQRN QiWULXP pV NiOLXP FVDWRUQiLQDN PRGXOiFLyMiEDQ Q\LOYiQXOW PHJ .LVV D E WRYiEEi KDODN &RDWV pV 2¶'RQQHOO-HIIUH\ 6]HJOHWHV pV PWV pV ]RRSODQNWRQ N|]|VVpJHNHQLV.DXVKLNpVPWV7LGRXpVPWV

3ROLNOyUR]RWWELIHQLOHN±3&%DVNRQJHQHUHO IRUGXOiVDD%DODWRQEDQ

$ SROLNOyUR]RWW ELIHQLOHNHW 3&% NHGYH] IL]LNDLNpPLDL WXODMGRQViJDLN PLDWW D] LSDUEDQ

V]pOHV N|UEHQ DONDOPD]]iN NpPLDL pV WHUPLNXV VWDELOLWiV W ]iOOyViJ QDJ\ GLHOHNWURPRV

iOODQGy NLV J ]Q\RPiV ÈOWDOiEDQ K FVHUpO IRO\DGpNNpQW NRQGHQ]iWRURNEDQ pV

(20)

P DQ\DJRNKR] DGDOpNNpQW DONDOPD]]iN 0LyWD IHOIHGH]WpN HU V UiNNHOW KDWiVXNDW 6LOEHUKRUQ pV PWV 6KDZ pV IHOWpWHOH]KHW KRJ\ V]DSRURGiVVDO NDSFVRODWRV IHMO GpVL pV LPPXQUHQGV]HUL UHQGHOOHQHVVpJHW LV RNR]QDN *HRUJH pV PWV DONDOPD]iVXNDW QDJ\PpUWpNEHQ NRUOiWR]]iN (QQHN HOOHQpUH D Yt]L |NRV]LV]WpPiNEDQ V]LQWH PLQGHQWW NLPXWDWKDWyN tJ\ SpOGiXO D 3&%DV NRQJHQHU PHO\ D SROLNOyUR]RWW ELIHQLOHN N|]O D PiVRGLN OHJHOWHUMHGWHEE DQWURSRJpQ V]HQQ\H] EHQ QpKiQ\ EDODWRQL NHV]HJPLQWD L]RP]DWiEDQNLPXWDWiVLKDWiUIHOHWWLNRQFHQWUiFLyEDQLVHO IRUGXOW+ODYD\

3ROLDURPiVV]pQKLGURJpQHN±IHQDQWUpQpVIOXRUDQWpQHO IRUGXOiVDD%DODWRQEDQ

9LOiJYLV]RQ\ODWEDQ Q|YHNY ILJ\HOHP LUiQ\XO QDSMDLQNEDQ D SROLDURPiV V]pQKLGURJpQHNUH PHO\HN D %DODWRQ Yt]pEHQ pV OHGpNpEHQ LV MHOHQ YDQQDN +ODYD\ $ 9HV]SUpPL (J\HWHP )|OG pV .|UQ\H]HWWDQ WDQV]pNH iOWDO EDQ YpJ]HWW IHOPpUpV VRUiQ D %DODWRQ |W NHUHV]WV]HOYpQ\pQ 0 . * $ ( NLMHO|OW PLQWDYpWHOL KHO\U O YHWW Yt] pV OHGpNPLQWiNEDQ SROLDURPiV V]pQKLGURJpQW VLNHUOW D]RQRVtWDQL pV PHJKDWiUR]QL QHYH]HWHVHQ QDIWDOLQ DFHQDIWpQ IOXRUpQ IHQDQWUpQ DQWUDFpQ IOXRUDQWpQ SLUpQ EHQ]>D@DQWUDFpQ NUL]pQ EHQ]>E@IOXRUDQWpQEHQ]>N@IOXRUDQWpQEHQ]>D@SLUpQGLEHQ]>DK@DQWUDFpQ$%DODWRQYt]pEHQD

± J\ U V YHJ\OHWHN NRQFHQWUiFLyMiW ± QJ O NRQFHQWUiFLy WDUWRPiQ\EDQ WDOiOWiN QDJ\ViJUHQGGHOEL]RQ\XOYDQDJ\REEQDNPLQWD]±J\ U VYHJ\OHWHNV]LQWMH$]OHGpNEHQ DSROLDURPiVV]pQKLGURJpQHNNRQFHQWUiFLyMDPLQWDYpWHOLKHO\W OIJJ HQUHQGNtYOYiOWR]yYROW D NLPXWDWiVL KDWiUWyO HJpV]HQ PJ NJ pUWpNLJ $ NLPXWDWiVL KDWiUQiO V]iPRWWHY HQ QDJ\REE NRQFHQWUiFLyWDIHQDQWUpQIOXRUDQWpQpVSLUpQYL]VJiODWDVRUiQWDOiOWDN7iEOi]DW

7iEOi]DW %DODWRQLOHGpNHN±J\ U VDURPiVV]pQKLGURJpQWDUWDOPDEDQ 9HJ\OHW ÈWODJNRQFHQWUiFLyNrV]yUiV>PJNJ

!

"

@

7DYDV] 1\iU V]

)HQDQWUpQ r r r

)OXRUDQWpQ r r r

3LUpQ r r r

+ODYD\pVPWV

$ SROLDURPiV V]pQKLGURJpQHN |NRWR[LNROyJLDL YL]VJiODWiW N|]LVPHUW PXWDJpQ pV NDUFLQRJpQ

KDWiVXNPLDWWWDUWMiNLQGRNROWQDNEiUQDSMDLQNLJHOV VRUEDQDEHQ]>D@SLUpQU OWDOiOKDWyE YHEE

LURGDORP1HII%DXPDUGpVPWV

(21)

9t]LV]HUYH]HWHNDONDOPD]iVDD%DODWRQQHKp]IpPV]HQQ\H]HWWVpJpQHNIHOPpUpVpUH±D]

iOODSRWpVDYiOWR]iVRNPRQLWRUR]iVD

$ %DODWRQ DQWURSRJpQ HUHGHW QHKp]IpP V]HQQ\H]pVpQHN ELROyJLDL PRQLWRUR]iViEDQ HJ\LN DODSYHW N|YHWHOPpQ\ D OHJKDWpNRQ\DEE ELRLQGLNiWRU V]HUYH]HWHN NLYiODV]WiVD PHO\HN VHJtWVpJpYHOYDOyEDQDELROyJLDLODJIHOYHKHW DONRWyNpVD]RNPHJMHOHQpVLIRUPiLD]RQRVtWKDWyN 2O\DQ V]HUYH]HWHNHW NHOO WDOiOQL PHO\HN LG EHOL pV KDWiVW LQWHJUiOy NpSHVVpJNNHO NRPSOH[

PyGRQ WNU|]LN YLVV]D D N|UQ\H]HWNEHQ OpY V]HQQ\H] N LOO D] D]RN IHOYpWHOpW EHIRO\iVROy N|UQ\H]HWL WpQ\H] N HJ\WWHV KDWiViW H]iOWDO PHJEt]KDWyDQ MHO]LN D YDOyV WHQGHQFLiNDW PLQW D NOV NRQFHQWUiFLyEDQ ± J\DNUDQ KLUWHOHQ ± EHN|YHWNH] YiOWR]iVRNDW GHWHNWiOy NpPLDL PpUpVHN

$ PLQWHJ\ NpW pYWL]HGH IRO\y YL]VJiODWRNEDQ LQGLNiWRU V]HUYH]HWNpQW HOV VRUEDQ D WDYDW EHQpSHVtW KDODNDW DONDOPD]WiN 0LNORYLFV pV PWV 6DOiQNL pV PWV 9tJK pV PWV GH J\DNUDQ PiV LQGLNiWRU V]HUYH]HWHNHW LV IHOKDV]QiOWDN PLQW SpOGiXO D WyEDQ pO NDJ\OyNDWpVSODQNWRQV]HUYH]HWHNHWLV6DOiQNLpVPWV9%DORJKpV6DOiQNL9

%DORJK

$ Yt]L N|]HJHN QHKp]IpP V]HQQ\H]HWWVpJpQHN PRQLWRUR]iViEDQ D KDODN UHQGNtYO My ELRLQGLNiWRU V]HUYH]HWQHN EL]RQ\XOWDN %URZQ pV &KRZ +DPLOWRQ pV 0HKUOH XJ\DQLVDWiSOiOpNOiQFEDQHOIRJODOWFV~FVKHO\]HWNE ODGyGyDQQDJ\ELRNRQFHQWUiFLyVIDNWRUUDO UHQGHONH]QHN pV YLV]RQ\ODJ KRVV]~ pOHWWDUWDPXN PLDWW D] pOHWWHUNHW pUW EHKDWiVRN Q\RPDLW KRVV]~ LG Q NHUHV]WO PHJ U]LN %URZQ pV PWV 6WRHSOHU 9RQ %XUJ pV

*UHHQZRRG 0HLOL $ KDODN V]HUYHLEHQ PpUW QHKp]IpP NRQFHQWUiFLyN V]LQWMH D IpPHN IHOYpWHOH D WiUROiV pV D OHDGiVL IRO\DPDWRN YDODPLQW D] HOHPHN MHOOHJ]HWHV ELROyJLDL IHOH]pVL LGHMpQHN |VV]HWHWW HUHGPpQ\pE O DGyGLN %URZQ pV &KRZ 0DWVXL $ KDODN ELRLQGLNiFLyV DONDOPD]iVDNRU ILJ\HOHPEH NHOO YHQQL KRJ\ D N|]YHWOHQ DQWURSRJpQ V]HQQ\H]pV D Yt] D] OHGpN pV D WiSOiOpNEDQ WDOiOKDWy IpPNRQFHQWUiFLyN YDODPLQW D N|]HJHW MHOOHP] IL]LNDL NpPLDL WpQ\H] N PHOOHWW )|UVWQHU pV :LWWPDQQ *MHVVLQJ 3HQWUHDWK +DUGLVW\ pV PWV D V]HUYH]HWNEHQ IHOKDOPR]RWW DQWURSRJpQ DQ\DJRN V]LQWMH MHOHQW VHQ IJJ D] iOODWRN PpUHWpW O LOO NRUiWyO LV 3KLOOLSV %HXPHU pV %DFKHU

0LQG J\DNUDEEDQ NHUOQHN DONDOPD]iVUD QHKp]IpP V]HQQ\H]pVHN NLPXWDWiViUD D SODQNWRQ

V]HUYH]HWHN PLYHO LJHQ QDJ\ NRQFHQWUiFLyEDQ NpSHVHN IHOKDOPR]QL D QHKp]IpPHNHW pV

DQ\DJFVHUpMN WRYiEEi IJJ OHJHV YiQGRUOiVXN pV D WiSOiOpNOiQFEDQ HOIRJODOW N|]SRQWL

KHO\]HWNUpYpQIRQWRVV]HUHSHWW|OWHQHNEHDIpPHNN|UIRUJiViEDQpVIJJ OHJHVV]iOOtWiViEDQ

(22)

$] DQWURSRJpQ V]HQQ\H]pVHN ELROyJLDL PRQLWRUR]iViEDQ NLWQWHWHWW V]HUHSHW W|OWHQHN EH D SXKDWHVW HN LV .LYiOy DONDOPD]KDWyViJXN V] U pV YLV]RQ\ODJ KHO\KH]N|W|WW pOHWPyGMXNEyO DGyGLN 0LYHO WiSOiONR]iVXN VRUiQ LG HJ\VpJUH YRQDWNR]WDWYD QDJ\ PHQQ\LVpJ YL]HW V] UQHN PHJ N|UQ\H]HWN DODFVRQ\ V]HQQ\H]HWWVpJpQpO LV MHOHQW V PHQQ\LVpJ PpUJH] DQ\DJ NHUO D V]HUYH]HWNEH tJ\ D V]HQQ\H]pVW D PpUJH] DQ\DJRN WiUROiVL pV OHDGiVL NLQHWLNiMD YDODPLQW HJ\pQLIHOH]pVLLGHMpW OIJJ HQKRVV]~LG QNHUHV]WONpSHVHNNLPXWDWQLGH.RFNpV%RZPHU 2HUWHO

$QWURSRJpQ DQ\DJRN KDWiVD WDYL NDJ\OyN ILOWUiFLyV DNWLYLWiViUD ± |NRWR[LNROyJLDL WHV]WHN

$ ELRPRQLWRU YL]VJiODWRN PHO\HNEHQ D WR[LNXV YDJ\ WR[LNXVQDN IHOWpWHOH]HWW DQ\DJRN pOHWWDQLIXQNFLyNUDNLIHMWHWWKDWiViQDNPHJiOODStWiVDDFpOD]|NRWR[LNROyJLDLWHV]WHNFVRSRUWMiW NpSH]LN (]HNEHQ D YL]VJiODWRNEDQ D PpUJH] DQ\DJRN V]XEOHWiOLV NRQFHQWUiFLyLQDN KDWiViW V]iPRV LQGLNiWRUV]HUYH]HWHQ WDQXOPiQ\R]]iN EDNWpULXPRN Q|YpQ\HN URYDU OiUYiN NDJ\OyN Yt]L FVLJiN UiNRN KDODN .|]ON D NDJ\OyN DONDOPD]iVD PpUJH] DQ\DJRN V]XEOHWiOLV NRQFHQWUiFLyLQDN WHV]WHOpVpUH YLOiJV]HUWH HOWHUMHGW $ WR[LNXV DQ\DJRN MHOHQOpWpW D] iOODWRN NHPRUHFHSWRUDLNNDOLVpU]pNHOLNpVDNiURVKDWiVWyOIJJ HQPHJYiOWR]QDND]pOHWIRO\DPDWDLNDW PHJKDWiUR]y pOHWWDQL IXQNFLyLN PLQW D SHULyGLNXV DNWLYLWiV pV V]LIyP N|GpV $ NDJ\OyN pOHWWHUpW ]DYDUy NHGYH] WOHQ EHKDWiVRN HJ\EHQ D] iOODWRN V] UpVWHOMHVtWPpQ\pW LV V]iPRWWHY HQ FV|NNHQWKHWLN

$ NDJ\OyN I EE pOHWWDQL IXQNFLyL D KpMPR]JiVVDO YDQQDN V]RURV |VV]HIJJpVEHQ $ KpMDN ]iUiViW LOO Q\LWiViW D ]iUyL]PRN pV D ]iUyV]DODJ HOOHQLUiQ\~ P N|GpVH HUHGPpQ\H]L (]

KDWiUR]]D PHJ D] iOODW ULWPLNXV pV SHULyGLNXV DNWLYLWiViW DPLW D N|]SRQWL LGHJUHQGV]HU V]DEiO\R]

$ NDJ\OyN WiSOiONR]iVXN VRUiQ NLV] ULN D Yt]E O D OHEHJ DQ\DJRNDW GHWULWXV EHQWLNXV pV SODQNWRQLOpQ\HNV]HUYHWOHQDQ\DJLUpV]HFVNpNPHO\HNQHNHJ\UpV]pWDNDJ\OyPHJHPpV]WLpV D]EHpSODWHVWEHpVDKpMED$]HPpV]WHWOHQIi]LVWDNDJ\OyNDN|]YHWOHQN|UQ\H]HWNEHUtWLN

$ NDJ\OyN V] U NpSHVVpJpQHN PpUWpNH D IDM pV D N|UQ\H]HWL WpQ\H] N K PpUVpNOHW R[LJpQWDUWDORP PpUHJDQ\DJRN IJJYpQ\H 6DOiQNL pV /XNDFVRYLFV YDODPLQW IJJ D]

HJ\HGHN PpUHWpW O LV PHUW W|PHJUH YRQDWNR]WDWYD D ILDWDO iOODWRN ILOWUiOy NDSDFLWiVD QDJ\REE

%D\QH pV PWV $ ILOWUiFLy D] iOODWRN DNWtY LG V]DNiEDQ W|UWpQLN tJ\ V] UpV

WHOMHVtWPpQ\N V]iPRWWHY HQ IJJ D] iOODWRN SHULyGLNXV DNWLYLWiViWyO .HGYH] N|UQ\H]HWL

N|UOPpQ\HN N|]|WW D NDJ\OyN pOHWULWPXViEDQ yUiV DNWtY pV yUiV Q\XJDOPL

V]DNDV]RNYiOWDNR]QDN6DOiQNL

(23)

$] DNWtY LG V]DN DODWW NpW DODSYHW IRO\DPDW PHJ\ YpJEH D NRQNUpW V] UpV DPLNRU D OHEHJ DQ\DJ NLYiODV]WiV pV EHNHEHOH]pV W|UWpQLN pV D] R[LJpQIHOYpWHOW VHJtW YHQWLOOiFLy SXPSiOiV DPLNRU D Yt] iWiUDPOLN D NDJ\OyN V]HUYH]HWpQ DQpONO KRJ\ D Yt]EHQ WDOiOKDWy OHEHJ DQ\DJRN V] UpVH W|UWpQQH %D\QH pV PWV $ NDJ\OyQ iWiUDPOy Yt] D NDXGiOLVDQ HOKHO\H]NHG EHiUDPOy V]LIyQ OpS EH pV D NLiUDPOy V]LIyQ iW WiYR]LN $ NDJ\OyN N|SHQ\pQHN SHUHPpQ D N|]pSV V]HJpO\V]DODJRQ YDODPLQW D EH pV NLiUDPOy V]LIyN N|UO NHPRUHFHSWRURN KHO\H]NHGQHN HO PHO\HN pU]pNHOLN D Yt] NpPLDL SDUDPpWHUHLW pV D]RN PHJYiOWR]iViW $ NHGYH] WOHQ EHKDWiV HOOHQ D NDJ\OyN NO|QE|] NpSSHQ YpGHNH]QHN $ODFVRQ\ WHUKHOpVQpO FV|NNHQ D WpQ\OHJHV V] UpVL WHOMHVtWPpQ\ pV PHJQ D YHQWLOOiFLy PtJ MHOHQW VHEE WHUKHOpVQpO D NDJ\OyQ\XJDOPLiOODSRWEDWpU

$ N|UQ\H]HWL N|UOPpQ\HN PHJYiOWR]iViWyO IJJ HQ PyGRVXO D NDJ\OyN ILOWUiFLyMiQDN pV KpMPR]JiVVDO |VV]HIJJ YHQWLOOiFLyMiQDN PpUWpNH ( NpW SDUDPpWHUW D Yt]EHQ OHEHJ DQ\DJL UpV]HFVNpN WHUPpV]HWH D V]HPFVpN PpUHWH pV NRQFHQWUiFLyMD KDWiUR]]D PHJ HOV GOHJHVHQ

%D\QH GH MHOHQW VHQ YiOWR]QDN D Yt] K PpUVpNOHWpYHO D] ROGRWW R[LJpQ NRQFHQWUiFLyMiYDOpVDWR[LNXVDQ\DJRNiOWDONLIHMWHWWKDWiVVDOLV$NDJ\OyNULWPLNXVDNWLYLWiVD YDODPLQW D V]LIy P N|GpV YL]VJiODWD KDWiVRV ELRLQGLNiFLyV PyGV]HUQHN EL]RQ\XOW D PpUJH]

DQ\DJRNMHO]pVpUH6DOiQNL.RQWUHF]N\pVPWV)DUNDVpVPWV

$ ILOWUiFLyV WHOMHVtWPpQ\W D] DQ\DJL UpV]HFVNpNW O WHOMHVHQ PHJWLV]WtWRWW Yt] WpUIRJDWiQDN LG HJ\VpJUH V]iPtWRWW pUWpNpYHO IHMH]]N NL PtJ D YHQWLOOiFLy PpUWpNpW D NLiUDPOy V]LIyQ iWKDODGyYt]LG HJ\VpJUHV]iPtWRWWWpUIRJDWDNpSH]L(NpWSDUDPpWHUDODNXOiVDKDWiUR]]DPHJD NDJ\OyNV] UpVpQHNKDWpNRQ\ViJiW0LQGNpWIRO\DPDWDNDJ\OyQ\LWRWWDNWtYV]DNDV]iEDQPHJ\

YpJEH $ NDJ\OyN ILOWUiFLyV pV YHQWLOOiFLyV WHOMHVtWPpQ\pQHN PHJKDWiUR]iViKR] N|]YHWOHQ pV N|]YHWHWW PyGV]HUHN LVPHUWHN $ N|]YHWOHQ HOMiUiVQiO D EH pV NLiUDPOy V]LIyQ iWKDODGy Yt]

iUDPOiViW PpULN PtJ D N|]YHWHWW PyGV]HUUHO D Yt]EHQ OHEHJ DQ\DJL UpV]HFVNpN OHYiODV]WiViW KDWiUR]]iN PHJ $ N|]YHWHWW PyGV]HU YDOyMiEDQ D V] UpV KDWpNRQ\ViJiQDN EHFVOpVpW WHV]L OHKHW Yp D N|]YHWOHQ HOMiUiVVDO SHGLJ D YHQWLOOiFLy PpUWpNH KDWiUR]KDWy PHJ PHO\

V]iPRWWHY HQPHJKDODGKDWMDDILOWUiFLyPpUWpNpW-¡UJHQVHQ2ZHQ

7R[LNXV DQ\DJRN KDWiViUD DGRWW WHUKHOpVL V]LQWQpO V]LJQLILNiQVDQ PHJYiOWR]KDW D NDJ\OyN

ILOWUiFLyVpVYHQWLOOiFLyVWHOMHVtWPpQ\HtJ\DV] UpVKDWpNRQ\ViJDLV

(24)

& e/.,7 =e6(.

$ELROyJLDLPRQLWRUR]iVQ\LOYiQYDOyJ\DNRUODWLHO Q\HLQHNLVPHUHWpEHQNXWDWiVDLQNVRUiQD

%DODWRQQHKp]IpPV]HQQ\H]pVpQHNiOODSRWIHOPpUpVpWpVLG EHOLYiOWR]iVDLQDNYL]VJiODWiWW ]WN NL FpOXO ELRLQGLNiFLy ~WMiQ (PHOOHWW RO\DQ WHV]WYL]VJiODWRNDW NtYiQWXQN NLGROJR]QL pV WRYiEEIHMOHV]WHQL PHO\HN DONDOPD]iViYDO LJHQ DODFVRQ\ N|UQ\H]HWL V]HQQ\H]pV LV NLPXWDWKDWy (]HN HUHGPpQ\HNpQW OHKHW VpJ Q\tOLN D V]HQQ\H]pV PpUWpNpQHN EHFVOpVpUH pV D PpUJH]

DQ\DJRNV]XEOHWiOLVNRQFHQWUiFLyNEDQNLIHMWHWWpOHWWDQLKDWiViQDNHOHP]pVpUHLV .XWDWiVDLQNFpOMDL

, )HOPpUQL D %DODWRQ QHKp]IpP WHUKHOpVpW D WDYDW EHQpSHVtW &UXVWDFHD SODQNWRQ pV

KDODN V]HUYHLEHQ IHOKDOPR]RWW QHKp]IpP NRQFHQWUiFLyN PHJKDWiUR]iViYDO PDMG HUHGPpQ\HLQNHW|VV]HYHWQLD]pYHNVRUiQYpJ]HWWKDVRQOyIHOPpUpVHNDGDWDLYDO

,, 7DQXOPiQ\R]QL pV WRYiEEIHMOHV]WHQL D %DODWRQ QHKp]IpP V]HQQ\H]pVpQHN

IHOPpUpVpEHQ HGGLJ DONDOPD]RWW SDVV]tY ELRPRQLWRU PyGV]HUHN VWUDWpJLDL UpV]OHWHLW PHO\HN OHKHW VpJHW Q\~MWDQDN D Wy QHKp]IpP WHUKHOpVpQHN WpU pV KRVV]~ WiY~ LG EHOL YiOWR]iVDLQDN PHQQ\LVpJL |VV]HKDVRQOtWiViUD ( WpPiEDQ D EDODWRQL GpYpUNHV]HJ V]HUYHLEHQ IHOKDOPR]RWW QHKp]IpP V]LQWHN pYV]DNRVViJiQDN YDODPLQW NRU PpUHW pV NRQGtFLyIJJ DODNXOiViQDNUpV]OHWHVHOHP]pVpWWHUYH]WN

,,, gNRWR[LNROyJLDL WHV]WHN NLGROJR]iVD pV WRYiEEIHMOHV]WpVH D PpUJH] DQ\DJRN

MHOHQOpWpQHN NLPXWDWiViUD pV D V]HQQ\H]pV PpUWpNpQHN EHFVOpVpUH $ ODERUDWyULXPL YL]VJiODWRN D WDYL NDJ\OyN pOHWWDQL IXQNFLyLEDQ ± ILOWUiFLyV DNWLYLWiViEDQ ± IHOOpS YiOWR]iVRN pV]OHOpVpQ pV PHQQ\LVpJL PHJKDWiUR]iViQ DODSXOQDN $ NtVpUOHWHN VRUiQ D

%DODWRQW SRWHQFLiOLVDQ YHV]pO\H]WHW V]HUYHV V]HQQ\H] N ± GHOWDPHWULQ 3&% DV NRQJHQHU WULPHWLOyQ NORULG pV D SROLDURPiV V]pQKLGURJpQHN N|]O D IHQDQWUpQ pV IOXRUDQWpQ ± NDJ\OyN SHULyGLNXV DNWLYLWiViUD D V]LIyP N|GpVUH pV D] iOODWRN V] UpVWHOMHVtWPpQ\pUHJ\DNRUROWNRQFHQWUiFLyIJJ KDWiViWYL]VJiOWXN

(25)

$ 1<$*e60Ï'6=(5

$%DODWRQQHKp]IpPV]HQQ\H]HWWVpJpQHNIHOPpUpVpUHLUiQ\XOySDVV]tYPRQLWRUR]iV

$ %DODWRQ QHKp]IpP WHUKHOpVpQHN IHOPpUpVpW D] pV N|]|WWLLG V]DNEDQ YpJH]WN

$IHOKDOPR]RWWQHKp]IpPHNV]LQWMpWD]RRSODQNWRQWHOMHVW|PHJpEHQYDODPLQWKiURPKDOIDMD]

DQJROQD $QJXLOOD DQJXLOOD IRJDVVOO 6WL]RVWHGLRQ OXFLRSHUFD / pV GpYpUNHV]HJ $EUDPLV EUDPD/L]RPV]|YHWpEHQNRSROW\~MiEDQpVPiMiEDQKDWiUR]WXNPHJ

$]iOODWRNJ\ MWpVHDYL]VJiODWRNKHO\HpVLGHMH

$ ]RRSODQNWRQW PRWRUFVyQDNNDO YRQWDWRWW [ FPHV NHUHW pV —P O\XNE VpJ SODQNWRQKiOyYDO J\ MW|WWN (] D PyGV]HU IDML |VV]HWpWHOpW WHNLQWYH YHJ\HV UiNSODQNWRQ pV 5RWDWRULD iOORPiQ\W HUHGPpQ\H]HWW $ PLQWiNDW P DQ\DJ HGpQ\EH KHO\H]WN K W WiVNiEDQ V]iOOtWRWWXN D ODERUDWyULXPED PDMG D IHOGROJR]iVLJ IDJ\DV]WYD WiUROWXN $ PLQWDYpWHOHN KHO\pW D] iEUiQ WQWHWWN IHO 0LQGHQ PLQWDYpWHOL KHO\ DQ\DJiEyO KiURP SiUKX]DPRV PLQWiW NpV]tWHWWQN PHO\HNE O HOWiYROtWRWWXN D] HVHWHQNpQW HO IRUGXOy LGHJHQ DQ\DJRNDW UR]VGD IHVWpN Q|YpQ\L UpV]HN VWE $ J\ MWpVHNHW D %DODWRQ |W NHUHV]WV]HOYpQ\pQ 0 . * $ ( NLMHO|OW PLQWDYpWHOL KHO\HQ YpJH]WN NO|QE|] pYV]DNRNEDQ KRJ\ D QHKp]IpP V]HQQ\H]HWWVpJ WpU pV LG EHOL YiOWR]iVDLW WDQXOPiQ\R]KDVVXN WRYiEEi D] HUHGPpQ\HLQNHW

|VV]HKDVRQOtWVXND]HOP~OWNpWpYWL]HGKDVRQOyMHOOHJ IHOPpUpVHLQHNHUHGPpQ\HLYHO

iEUD 0LQWDYpWHOLKHO\HND%DODWRQEDQ

(26)

$KDODNV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNIDMLVDMiWRVViJDLQDNHOHP]pVpUHpV D WHUKHOpV pYV]DNRV pV WHUOHWL NO|QEVpJHLQHN WLV]Wi]iViUD D %DODWRQ QpJ\ PHGHQFpMpE O .HV]WKHO\L , 6]LJOLJHWL ,, 6]HPHVL ,,, pV 6LyIRNL ,9 PHGHQFpN iEUD NLIRJRWW KDOiV]]ViNPiQ\EyO V]iUPD]y GpYpUNHV]HJ pV IRJDVVOO PLQWiNDW KDV]QiOWXN $ KDODNDW WDYDVV]DOQ\iURQpV VV]HOD%DODWRQL+DOJD]GDViJ5W%+57W|EEpYHQNHUHV]WOERFViWRWWD UHQGHONH]pVQNUH$]DQJROQiNV]HUYHLEHQIHOKDOPR]RWWQHKp]IpPNRQFHQWUiFLyNDODNXOiViWDWy .HV]WKHO\L pV 6LyIRNL PHGHQFpMpE O HOHNWURPRV KDOiV]JpSSHO J\ MW|WW PLQWiNEDQ HOHPH]WN

$ KDODNDW PLQGHQ PLQWDYpWHOL KHO\HQ IDMRQNpQW SpOGiQ\EDQ J\ MW|WWN 0LQGHQ HJ\HV SpOGiQ\QDNPHJPpUWND]|VV]W|PHJpWpVWHOMHVWHVWKRVV]iWYDODPLQWPHJKDWiUR]WXNDNRUiW$

GpYpUNHV]HJpVIRJDVVOO PLQWiNHVHWpEHQDNRUPHJKDWiUR]iVWSLNNHO\PLQWiNDODSMiQYpJH]WN PtJ DQJROQiN HVHWpEHQ D NRUW D] HJ\HGHN WHOMHV WHVWKRVV]iEyO EHFVOWN %tUy %tUy pV

*DUiGL3DXORYLWVpV%tUy

$ KDODN V]HUYHLEHQ IHOKDOPR]RWW QHKp]IpPHN NRU PpUHW pV NRQGtFLyEHOL IJJpVpQHN DODNXOiViW D EDODWRQL GpYpUNHV]HJHN QDJ\REE SpOGiQ\V]iP~ PLQWDiOORPiQ\DLQ YL]VJiOWXN $ KDODNDW D %DODWRQ .HV]WKHO\L pV 6LyIRNL PHGHQFpLQHN Q\tOWYt]L WHUOHWHLQ J\ MW|WWN PLQWHJ\

PUH D SDUWWyO pV PPHV V]HPE VpJ W|EE SDQHOHV NRSROW\~KiOyN DONDOPD]iViYDO (J\NpW yUiV KDOiV]DWRW N|YHW HQ D EHJ\ MW|WW KDODNDW K W WiVNiEDKHO\H]YHD]RQQDOODERUDWyULXPEDV]iOOtWRWWXN0LQGHQHJ\HVSpOGiQ\QDNDNRUiWH]

HVHWEHQLVSLNNHO\PLQWiNDODSMiQKDWiUR]WXNPHJYDODPLQWPHJPpUWND]|VV]W|PHJpWpVWHOMHV WHVWKRVV]iW

$ ELROyJLDL PLQWiN QHKp]IpP NRQFHQWUiFLyLQDN PHJKDWiUR]iVD DWRPDEV]RUSFLyV VSHNWURPHWULiYDO

$ Yt]L V]HUYH]HWHN V]|YHWPLQWiLEDQ &UXVWDFHD SODQNWRQ KDODN D NDGPLXP Up] yORP pV FLQN NRQFHQWUiFLyNDW 3HUNLQ (OPHU 3& DWRPDEV]RUSFLyV VSHNWURIRWRPpWHUUHO HOHNWURWHUPLNXV ]HPPyGEDQ +*$ JUDILWDWRPL]iWRU DONDOPD]iViYDO KDWiUR]WXN PHJ PtJ D PLQWiN KLJDQ\ NRQFHQWUiFLyMiW 0+6 DV KLJDQ\PHJKDWiUR]y HJ\VpJ DONDOPD]iViYDO PpUWN+DWFKpV2WW$NpV]OpNGHXWpULXPKiWWpUNRPSHQ]iFLyYDOUHQGHONH]HWW

%LROyJLDLPLQWiNIHOWiUiVDQHGYHVVDYDVURQFVROiVVDO

$ IpPNRQFHQWUiFLyN PHJKDWiUR]iViW QHGYHV VDYDV URQFVROiVVDO IHOWiUW PLQWiNEDQ YpJH]WN .ULVKQDPXUW\ HW DO 3DXV )DUNDV $ NDGPLXP Up] yORP pV FLQN PHJKDWiUR]iViKR] J QHGYHV DQ\DJRW yUiV V]iUtWiVW

#

&RQ N|YHW HQ

#

&RV

J ]IUG Q URQFVROWXQN (OV Ii]LVEDQ D PLQWiNDW KiURP yUiQ iW PO RV VDOpWURPVDY

(27)

KR]]iDGiViYDONH]HOWNPDMGPORVKLGURJpQSHUR[LGDGDJROiVXWiQ~MDEEKiURPyUiQ NHUHV]WOURQFVROWXN$ KDE]iVPHJDNDGiO\R]iVDFpOMiEyODIHOWiUiV HO WWPLQGHQPLQWiKR]

FVHSS QRFW\O DONRKROW DGDJROWXQN $ KLJDQ\ PHJKDWiUR]iVKR] D PLQWiNDW WHIORQ ERPEiEDQ WiUWXN IHO PO VDOpWURPVDY pV PO NpQVDY KR]]iDGiViYDO HOHNWURPRV I ] ODSRQ PHOHJtWYH +iURP yUiV URQFVROiVW N|YHW HQ D ERPEiNDW V]REDK PpUVpNOHWUH K W|WWN PDMG PLQGHQ PLQWiKR] WRYiEEL PO RV KLGURJpQSHUR[LGRW DGDJROWXQN $ NLK OW PLQWiNDW PLQGNpW HVHWEHQ XOWUDWLV]WDViJ~ Yt]]HO POUH KtJtWRWWXN pV D PpUpVLJ SROLHWLOpQ HGpQ\EHQ WiUROWXN

$P V]HUHVPpUpVWHFKQLNiMD

$ PpUpVHNHW HOHPW O IJJ HQ NO|QIpOH PiWUL[ PyGRVtWy MHOHQOpWpEHQ YpJH]WN ± &G 3E PJ 1+

$

%

32

$

PJ 0J12

&

%

=Q PJ 0J12

&

%

3HUNLQ(OPHU $ NpV]OpN NDOLEUiFLyMiKR] |W SRQWEyO iOOy NRQFHQWUiFLyVRUW DONDOPD]WXQN PHO\KH] D W|U]VROGDWRNDW J IpPLRQ O

'(

W|PpQ\VpJ KLWHOHVtWHWW VWDQGDUG ROGDWEyO PLQGHQ DONDORPPDO IULVVHQ NpV]tWHWWN 0LQGHQ PLQWiEDQ NpW SiUKX]DPEDQ KDWiUR]WXN PHJ D IpPNRQFHQWUiFLyNDW NO|QE|]

PpUpVVRUR]DWRNEDQPLQGHQHVHWEHQNO|QNDOLEUiFLyWDONDOPD]YD

$ PLQWDHO NpV]tWpV pV PpUpV PHJEt]KDWyViJiQDN HOOHQ U]pVH UHIHUHQFLD PLQWiN DONDOPD]iViYDO

$PLQWDHO NpV]tWpVWpVDPpUpVW'250KDOL]RPYDODPLQW'2/7KDOPiMKLWHOHVtWHWW UHIHUHQFLD PLQWiN DONDOPD]iViYDO HOOHQ UL]WN 0LQGHQ PpUpVVRUR]DWQiO PLQGNpW UHIHUHQFLD DQ\DJEyO QpJ\ SiUKX]DPRV PLQWiW LV EHYL]VJiOWXQN $ UHIHUHQFLD PLQWiNEyO YLVV]DPpUW QHKp]IpPNRQFHQWUiFLyNDWDHVV]7iEOi]DWWDUWDOPD]]D

7iEOi]DW 5HIHUHQFLD PLQWiN QHKp]IpP NRQFHQWUiFLyLQDN iWODJD pV D V]yUiV PJ IpP NJ

'(

V]iUD]W|PHJ

)pP 0pUWNRQFHQWUiFLy

'250Q

%L]RQ\ODWROW NRQFHQWUiFLy

'250

0pUWNRQFHQWUiFLy

'2/7Q

%L]RQ\ODWROW NRQFHQWUiFLy

'2/7

&G “ “ “ “

&X “ “ “ “

+J “ “ “ “

3E “ “ “ “

=Q “ “ “ “

(28)

$PLQWiNEDQPpUWQHKp]IpPHNNRQFHQWUiFLyLWV]iUD]W|PHJUHV]iPtWYDPJNJ EDQIHMH]WN NL pV D] HVHWOHJHV NO|QEVpJHN V]LJQLILNDQFLiMiW S RV YDOyV]tQ VpJL V]LQWHQ 6WXGHQW W WHV]WWHOHOOHQ UL]WN

7R[LNXVDQ\DJRNKDWiViQDNYL]VJiODWDWDYLNDJ\OyNILOWUiFLyVDNWLYLWiViUD /DERUDWyULXPLWHV]WHN

$ WDYL NDJ\OyN V] UpV WHOMHVtWPpQ\pQHN YL]VJiODWiKR] $QRGRQWD F\JQHD/ pV8QLR WXPLGXV 3K ± FP KpMKRVV]~ViJ~ IHOQ WW HJ\HGHLW DONDOPD]WXN $] iOODWRNDW D 0DUFDOL WiUR]yEyO J\ MW|WWN pV D NtVpUOHWHNLJ ± P

+

HV PHGHQFpNEHQ WiUROWXN iWIRO\y %DODWRQYt]EHQ pYV]DNWyO IJJ HQ

,

&RQ 7iSOiOpNXNDW PLQG D] DNNOLPDWL]iFLyV PLQG D NtVpUOHWL LG V]DNEDQDV] UHWOHQiWIRO\y%DODWRQYt]EHQWDOiOKDWyOHEHJ DQ\DJRNNpSH]WpN

7DYLNDJ\OyNILOWUiFLyVDNWLYLWiViQDNYL]VJiODWiUDNLGROJR]RWWPyGV]HUHN

$SHULyGLNXVDNWLYLWiVUHJLV]WUiOiVD

$ NDJ\OyN ]iUyL]RP P N|GpVH D KpMPR]JiVEDQ YDOyVXO PHJ pV W|EE IRQWRV pOHWIRO\DPDW N|]WNDV] UpVDODSPHFKDQL]PXViWEL]WRVtWyPDJDWDUWiVUHDNFLyQDNWHNLQWKHW 6DOiQNL

$ KpMDN PR]JiViW NDJ\Oy DNWRJUiIIDO UHJLV]WUiOWXN 9pUy pV 6DOiQNL )DUNDV pV 6DOiQNL iEUDIRO\DPDWRVV]iPtWyJpSHVDGDWU|J]tWpVVHO

$ NtVpUOHWHNHW OHV UDJDV]WRWW YHJ DNYiULXPRNEDQ YpJH]WN iWIRO\y UHQGV]HUEHQ 0LQGHQ NtVpUOHW VRUiQ Q\ROF NDJ\Oy KpMPR]JiViW UHJLV]WUiOWXN HJ\ KpWHQ iW V] UW %DODWRQ Yt]EHQ DPL D NRQWUROO DNWLYLWiVW NpSH]WH PDMG D WR[LNXV DQ\DJ KR]]iDGiViW N|YHW HQ ~MDEE HJ\KHWHVUHJLV]WUiOiVN|YHWNH]HWWEL]WRVtWYDPLQGYpJLJD]HJ\HQOHWHVNH]HOpVLNRQFHQWUiFLyW$

NH]HOpVL LG V]DNRW HJ\KHWHV NLPRViV N|YHWWH V] UW %DODWRQYt]]HO KRJ\ PHJYL]VJiOMXN D NRQWUROODNWLYLWiVWHOMHVYLVV]DiOOiViQDNOHKHW VpJpW

$ UHJLV]WUiOy EHUHQGH]pV OHJIRQWRVDEE UpV]H D PR]JiVpU]pNHO HV]N|] YROW DPHO\ D NDJ\OyKpMDNNOV ROGDOiQKHO\H]WQNHOpVPHJIHOHOWHJ\RO\DQLQGXNWtYDWWHQXiWRUQDNDPHO\

NpW D]RQRV IUHNYHQFLiUD KDQJROW SiUKX]DPRV UH]J N|UW WDUWDOPD] $ SULPHU pV V]HNXQGHU UH]J N|U LQGXNWtY FVDWROiVEDQ iOOW HJ\PiVVDO pV D N|]WN OHY FVDWROiV D NDJ\OyKpMDN HJ\PiVKR]YLV]RQ\tWRWWWiYROViJiWyOIJJ|WW

(29)

iEUD+pMPR]JiVUHJLV]WUiOiVDNDJ\OyDNWRJUiIIDO

DE±Yt]SHUI~]LyF±LQGXNWtYDWWHQXiWRUG±RV]FLOOiWRUHLQGXNiOWIHV]OWVpJ IV]iPtWyJpSJ±UHJLV]WUiWXP

$WR[LNXVDQ\DJRNNDJ\OyNUDNLIHMWHWWKDWiViWD]DNWtYpVQ\XJDOPLV]DNDV]RNLG WDUWDPiEDQ EHN|YHWNH]HWW YiOWR]iVVDO IHMH]]N NL D NRQWUROOKR] PpUWHQ 8J\DQDNNRU D NLPRViV VRUiQ pV]OHOWUHJHQHUiFLyPpUWpNHLVIRQWRVMHOOHP] D]DQ\DJKDWiVPHJtWpOpVpEHQ6DOiQNL$

NH]HOpVpVDNLPRViVVRUiQWDSDV]WDOWYiOWR]iVRNDWPLQGHQNDJ\OyUDHJ\pQLOHJpUWpNHOWNPDMG D NDSRWW HUHGPpQ\HNHW D Q\ROF NDJ\OyUD iWODJROWXN $] HOWpUpVHN V]LJQLILNDQFLiMiW WSUyEiYDO HOOHQ UL]WN

$V]LIyP N|GpVUHJLV]WUiOiVD

6WDWLNXV UHQGV]HUEHQ QHP iWIRO\y DNYiULXP UHJLV]WUiOWXN D NDJ\OyN NLiUDPOy V]LIyMiQDN

DNWLYLWiViW DNXW WHUKHOpV VRUiQ D ODERUDWyULXPXQNEDQ H FpOUD NLIHMOHV]WHWW pV EHYH]HWHWW

Yt]iUDPOiV GHWHNWRUUDO 7XUSDMHY pV PWV .RQWUHF]N\ pV PWV )DUNDV pV 6DOiQNL

iEUD $ NLiUDPOy V]LIy P N|GpVpEHQ NpW PRPHQWXP pV]OHOKHW D] DNWtY LG V]DN

DPLNRU IRO\DPDWRV Yt]NLERFViWiV W|UWpQLN pV D Q\XJDOPL LG V]DN DPLNRU D NLiUDPOy V]LIyQ

NHUHV]WOQLQFVYt]iWiUDPOiV$Yt]iUDPOiVLQWHQ]LWiVDYDODPLQWD]DNWtYpVQ\XJDOPLV]DNDV]RN

LG WDUWDPDDIHQWHPOtWHWWPyGV]HUUHOPpUKHW $Yt]NpPLDLWXODMGRQViJDLQDNPHJYiOWR]iVDNRU

PLQG D] iUDPOiV LQWHQ]LWiViEDQ PLQG D] DNWtY pV Q\XJDOPL V]DNDV]RN LG WDUWDPiEDQ pV

DUiQ\iEDQMHOHQW VPyGRVXOiVN|YHWNH]LNEH

(30)

iEUD.LiUDPOyV]LIyP N|GpVpWU|J]tW EHUHQGH]pV

D±NLiUDPOyV]LIyE±Yt]NLERFViWiVUDHOPR]GXOyHUQ\ F±PR]JiVpU]pNHO G±HU VtW H

±UHJLV]WUiOyNpV]OpNI±UHJLV]WUiWXP±Yt]NLERFViWiViWODJLG WDUWDPD±Q\XJDORP LG WDUWDPD±NLiUDPOyYt]LQWHQ]LWiVD

$YL]VJiODWKR]DNDJ\OyNDWOLWHUHVDNYiULXPEDKHO\H]WNWDODS]DWKR]U|J]tWHWWiOODSRWEDQ pV D NpV]OpN pU]pNHO MpW D NLiUDPOy V]LIy Q\tOiViUD LUiQ\tWRWWXN DWWyO PLQWHJ\ PPUH 0HJIHOHO DGDSWiFLyVLG HOWHOWpYHOQHJ\YHQSHUFLJUHJLV]WUiOWXNDV]LIyP N|GpVWV] UW%DODWRQ Yt]EHQPDMGDWR[LNXVDQ\DJKR]]iDGiVDXWiQ~MDEEQHJ\YHQSHUFHVUHJLV]WUiOiVN|YHWNH]HWW

$WR[LNXVDQ\DJKDWiViWDYt]iUDPOiVLQWHQ]LWiViQDNYDODPLQWDV]LIyDNWtYpVQ\XJDOPLLG L iWODJDLQDN V]i]DOpNRV HOWpUpVpYHO IHMH]WN NL D NRQWUROOKR] PpUWHQ $] HOWpUpVHN V]LJQLILNDQFLiMiWWSUyEiYDOHOOHQ UL]WN

$V] UpVWHOMHVtWPpQ\PHJKDWiUR]iVD

$ NDJ\OyN V] UpV WHOMHVtWPpQ\H ± U ± D] DQ\DJL UpV]HFVNpNW O WHOMHVHQ PHJWLV]WtWRWW Yt]

WpUIRJDWiQDN LG HJ\VpJUH V]iPtWRWW pUWpNH PHO\HW N|]YHWHWW PyGV]HUUHO VWDWLNXV UHQGV]HUEHQ KDWiUR]WXQNPHJD]iOWDOXQNHFpOUDNLGROJR]RWWHOMiUiVVDO$Yt]EHQOHEHJ DQ\DJLUpV]HFVNpN OHYiODV]WiViQDNKDWpNRQ\ViJiWD]DOiEELNpSOHWDONDOPD]iViYDOiOODStWRWWXNPHJ%D\QHpVPWV

U &

-

&

.

˜9&

-

˜1

/013254

W

DKRO U DV] UpVWHOMHVtWPpQ\>POJ

67

K

67

@

&

8

D]DOJDV]XV]SHQ]LyNORURILOODNRQFHQWUiFLyMDDV] UpVNH]GHWpQ>PJO

67

@

&

9

D]DOJDV]XV]SHQ]LyNORURILOODNRQFHQWUiFLyMDDV] UpVÄW´LG SRQWMiEDQ

>PJO

67

@

9 DNtVpUOHWLDNYiULXPEDQEL]WRVtWRWWYt]WpUIRJDWD> PO@

1

:;=<?>5@

D]HJ\HGHNW|PHJH>J@

(31)

W DV] UpVYL]VJiODWLG WDUWDPD> yUD@

$ NtVpUOHWHNKH] D 6HOHQDVWUXP FDSULFRUQXWXP ]|OGDOJD $&7 W|U]VpW KDV]QiOWXN PHO\HW D] HO tUW 1D12

A

.

B

+32

C

pV PLNURHOHP PHQQ\LVpJ IHOpW WDUWDOPD]y %* $&R WiSROGDWEDQ 5LSSND ]iUW ORPELN WHQ\pV]HWEHQ V]DSRUtWRWWXQN $] DOJDNXOW~UiW NOtPDEHUHQGH]pVVHOrƒ&RQWHPSHUiOWV]REiEDQ—PROIRWRQP

DB

V

DE

LQWHQ]LWiV~IHKpU IpQQ\HO FLNOXVRVDQ PHJYLOiJtWYD KK WDUWRWWXN IHQQ $ IHOOHWWpUIRJDW DUiQ\ Q|YHOpVH FpOMiEyO PO WiSROGDWRW WDUWDOPD]y POHV (UOHQPH\HU ORPELNRNDW KDV]QiOWXQN DPHO\HNEH VWHULO N|UOPpQ\HN N|]|WW ROWRWWXN D] LQRNXOXPRW $ NtVpUOHWHNKH] D V]DSRURGiV ORJDULWPLNXVIi]LViQDNYpJpQOHY WHQ\pV]HWHNHWKDV]QiOWXN

$] DOJDV]XV]SHQ]LyN NRQFHQWUiFLyMiW IOXRUHV]FHQV VSHNWURIRWRPpWHU +LWDFKL ) DONDOPD]iViYDO EHFV OWN $ PyGV]HU D] DOJiN NORURILOO SLJPHQWMHL QPHQ JHUMHV]WHWW IOXRUHV]FHQFLiMiQDN LQ YLYR PHJKDWiUR]iViQ DODSV]LN QPHQ $ PpUpVHN VRUiQ D] pO DOJDV]XV]SHQ]LyKR]

DC

0 '&08 ^GLFKORURSKHQLOGLPHWK\OXUHD` IRWRV]LQWp]LV LQKLELWRUW DGWXQN PDMG D IOXRULPHWULiV PpUpV SHUFHV V|WpW LQNXEiFLy XWiQ N|YHWNH]HWW 7iORV pV 9|U|V $ P V]HUHV PpUpV SRQWRVViJiW HO NtVpUOHWHNEHQ IRUGtWRWW SODQNWRQ PLNURV]NySSDOYpJ]HWWDOJDV]iPPHJKDWiUR]iVVDOHOOHQ UL]WN8WHUP|KO

$QWURSRJpQ V]HQQ\H] N KDWiVD WDYL NDJ\OyN ILOWUiFLyV DNWLYLWiViUD $ WHV]WHOpV NtVpUOHWL N|UOPpQ\HL

/DERUDWyULXPL NtVpUOHWHNEHQ WDQXOPiQ\R]WXN D GHOWDPHWULQ NpW yQYHJ\OHW yQNORULG WULPHWLOyQNORULGD3&%DVNRQJHQHUYDODPLQWNpWSROLDURPiVV]pQKLGURJpQ±IHQDQWUpQpV IOXRUDQWpQ ± KDWiViW $QRGRQWD F\JQHD pV 8QLR WXPLGXV ILOWUiFLyV DNWLYLWiViUD 0LQGNpW IDM HVHWpEHQ±FPKpMKRVV]~ViJ~HJ\HGHNHWDONDOPD]WXQN

$ NtVpUOHWHNHW D YL]VJiODW MHOOHJpW O IJJ HQ YiOWR]y WpUIRJDW~ YHJ DNYiULXPRNEDQ YpJH]WN

0LQGHQ NtVpUOHWEHQ V] UW %DODWRQYL]HW DONDOPD]WXQN DPHO\KH] D WHV]WDQ\DJRW W|U]VROGDWRNEyODGDJROWXN

$GHOWDPHWULQpVD]yQYHJ\OHWHNDGDJROiVDYL]HVW|U]VROGDWRNEyOW|UWpQW

$ 3&%DV NRQJHQHU YDODPLQW D IHQDQWUpQ pV IOXRUDQWpQ HVHWpEHQ RV PHWDQRO DODS~ W|U]VROGDWRNDW DONDOPD]WXQN PHO\HNHW RO\PyGRQ iOOtWRWWXQN HO KRJ\ D NtVpUOHWL NiGEDQDPHWDQRONRQFHQWUiFLyWHV]WNRQFHQWUiFLyWyOIJJHWOHQOPJO

DE

OHJ\HQ

(32)

0LQGHQ DQ\DJKDWiV YL]VJiODW VRUiQ DPHO\QpO PHWDQRO DODS~ W|U]VROGDWRW DONDOPD]WXQN HO NtVpUOHWHNEHQ WHV]WHOWN D] ROGyV]HU KDWiViW LV PJ O

FG

NRQFHQWUiFLyEDQ PLQG D NDJ\OyNSHULyGLNXVDNWLYLWiViUDPLQGD]iOODWRNV]LIyP N|GpVpUHpVV] UpVpUH

$QWURSRJpQDQ\DJRNKDWiVD$QRGRQWDF\JQHDSHULyGLNXVDNWLYLWiViUD

(J\KHWHV NtVpUOHWHNEHQ YL]VJiOWXN D YHJ\OHWHN NRQFHQWUiFLy IJJ KDWiViW D NDJ\OyN SHULyGLNXV DNWLYLWiViUD $] DQ\DJKDWiVW D KpMDN Q\LWRWW DNWtY pV ]iUW Q\XJDOPL iOODSRWDLQDN LG WDUWDPiEDQEHN|YHWNH]HWWYiOWR]iVVDOEHFVOWNDNRQWUROOKR]PpUWHQHJ\EHQDNLPRViVDODWW PXWDWNR]y PDJDWDUWiVW LV HOHPH]WN $ NH]HOpV pV D NLPRViV VRUiQ WDSDV]WDOW YiOWR]iVRNDW PLQGHQ NDJ\OyUD NO|Q pUWpNHOWN PDMG D NDSRWW HUHGPpQ\HNHW D Q\ROF HJ\HGUH iWODJROWXN $ N|]pSpUWpNHNN|]|WWLNO|QEVpJHNV]LJQLILNDQFLiMiWWSUyEiYDOHOOHQ UL]WN

$QWURSRJpQDQ\DJRNKDWiVD$QRGRQWDF\JQHDpV8QLRWXPLGXVV]LIyP N|GpVpUH

$ YHJ\OHWHN KDWiViW D NDJ\OyN V]LIyP N|GpVpUH D V]HUHN MHOOHJpW O IJJ HQ W|EE NRQFHQWUiFLyEDQ YL]VJiOWXN 0LQGHQ NH]HOpVL NRQFHQWUiFLy WHV]WHOpVpW OHJNHYHVHEE SiUKX]DPEDQ YpJH]WN NO|QE|] HJ\HGHN DONDOPD]iViYDO $ V]LIyP N|GpVEHQ pV]OHOW YiOWR]iVRN V]LJQLILNDQFLiMiW D NRQWUROOYLVHONHGpVKH] PpUWHQ XJ\DQFVDN WWHV]W DONDOPD]iViYDO HOOHQ UL]WN

$QWURSRJpQDQ\DJRNKDWiVD$QRGRQWDF\JQHDpV8QLRWXPLGXVV] UpVWHOMHVtWPpQ\pUH

$YL]VJiODWRNDWDWHV]WNLGROJR]iViQDNLG SRQWMiEyODGyGyDQFVDNDIHQDQWUpQpVIOXRUDQWpQ HVHWpEHQYpJH]WNHOpVPJO

FG

NH]HOpVLNRQFHQWUiFLyEDQ$NtVpUOHWHNVRUiQWDYLNDJ\OyN LVPHUW W|PHJ SpOGiQ\DLW KHO\H]WN PO DOJD V]XV]SHQ]LyED PHO\QHN NORURILOO NRQFHQWUiFLyMD ± PJ O

FG

pUWpNWDUWRPiQ\EDQ YiOWDNR]RWW 0LQGHQ NH]HOpVL NRQFHQWUiFLy WHV]WHOpVpW HNNRU LV OHJNHYHVHEE SiUKX]DPEDQ YpJH]WN NO|QE|] HJ\HGHN DONDOPD]iViYDO$NO|QEVpJHNV]LJQLILNDQFLiMiWH]HVHWEHQLVWWHV]WWHOHOOHQ UL]WN

(O NtVpUOHWHNEHQPJO

FG

PHWDQROMHOHQOpWpEHQHOOHQ UL]WND]DOJDV]XV]SHQ]LyNLOHSHGpVL

WHQGHQFLiMiW pV WHV]WHOWN D NDJ\OyN V] UpV WHOMHVtWPpQ\pW LV PHO\ HJ\EHQ D WR[LNXV DQ\DJRN

KDWiViQDNYL]VJiODWiEDQDNRQWUROOiOODSRWRWNpSYLVHOWH

(33)

$]DGDWRNpUWpNHOpVpQpODONDOPD]RWWVWDWLV]WLNDLHOMiUiVRNN

.|]pSpUWpNHNVWDWLV]WLNDLSUyEiL

9LV]RQ\ODJ NHYpV DGDWEyO iOOy NpW DODSVRNDViJ 1 N|]pSpUWpNHLQHN

|VV]HYHWpVpW WSUyEiYDO YpJH]WN $ N|]pSpUWpNHN N|]|WWL NO|QEVpJHN V]LJQLILNDQFLiMiW D V]iPtWRWW LOO D 6WXGHQWIpOH WWiEOi]DW S KLEDYDOyV]tQ VpJL V]LQW pV D] DGRWW V]DEDGViJIRN PHOOHWW PHJDGRWW NULWLNXV WpUWpNpQHN D]

|VV]HKDVRQOtWiViEyOiOODStWRWWXNPHJ

6RN DGDWEyO 1 ! iOOy NpW DODSVRNDViJ N|]pSpUWpNHLQHN |VV]HYHWpVpW 0DQQ :KLWQH\ 8 WHV]WWHO YpJH]WN $ NO|QEVpJHN V]LJQLILNDQFLiMiW H] HVHWEHQ S KLEDYDOyV]tQ VpJLV]LQWHQiOODStWRWWXNPHJ

.HWW QpO W|EE DODSVRNDViJ N|]pSpUWpNHLQHN |VV]HYHWpVpW YDULDQFLD DQDOt]LVVHO YpJH]WNSKLEDYDOyV]tQ VpJLV]LQWHQ

.YDQWLWDWtYYiOWR]yN|VV]HIJJpVYL]VJiODWD

(UHGPpQ\HLQN NLpUWpNHOpVpQpO HO IRUGXOW KRJ\ PpUpVL DGDWDLQN DODNXOiViW IJJ YiOWR]y HJ\ PiVLN WXODMGRQViJ DODNXOiVD MHOHQW VHQ EHIRO\iVROWD IJJHWOHQ YiOWR]y $PHQQ\LEHQ D YL]VJiODWL DGDWVRURN N|]|WW NDX]iOLV |VV]HIJJpV YROW IHOWpWHOH]KHW D NDSFVRODW V]LJQLILNDQFLiMiW 3 KLEDYDOyV]tQ VpJL V]LQWHQ UHJUHVV]LyDQDOt]LVVHOHOOHQ UL]WN

DPHQQ\LEHQ D] |VV]HYHWpVUH NHUOW PpUpVL DGDWVRURN DODNXOiViW IJJHWOHQ NYDQWLWDWtYYiOWR]yNV]iPRWWHY HQEHIRO\iVROWiNDNO|QEVpJHNV]LJQLILNDQFLiMiW3 KLEDYDOyV]tQ VpJLV]LQWHQNRYDULDQFLDDQDOt]LVVHOHOOHQ UL]WN

.YDQWLWDWtY YiOWR]y KDWiViQDN YL]VJiODWD NLNV]|E|OpVH D KLEiEyO pV D N|]pSpUWpNHN NRUUHNFLyMDNRYDULDQFLDDQDOt]LVVHO

DONDOPD]iVD N|]pSpUWpNHN NO|QEVpJpQHN YL]VJiODWD VRUiQ YiOW V]NVpJHVVp 6YiE DPLNRU D PHJILJ\HOW pUWpNHNNHO SO KDODN V]HUYHLEHQ D QHKp]IpP NRQFHQWUiFLyN RO\DQ NYDQWLWDWtY WpQ\H] NRUUHOiO DPHO\ D N|]pSpUWpNHN NO|QEVpJpW EHIRO\iVROMD $ NO|QEVpJHN V]LJQLILNDQFLiMiW 3 RV KLEDYDOyV]tQ VpJL V]LQWHQ HOOHQ UL]WN

(34)

( 5('0e1<(.

$%DODWRQQHKp]IpPV]HQQ\H]HWWVpJpQHNYL]VJiODWDSDVV]tYELRPRQLWRUR]iVVDO

%DODWRQLiOODWRNQHKp]IpPNRQFHQWUiFLyMD

$WyQHKp]IpPWHUKHOpVpQHNIHOPpUpVpUHNLYiODV]WRWWLQGLNiWRUV]HUYH]HWHNEHQDIHOKDOPR]RWW HOHPHNNRQFHQWUiFLyMiEDQMHOHQW VHOWpUpVHNPXWDWNR]WDNPLQGDIDMRNN|]|WWPLQGWHUOHWLpV pYV]DNRVIHOERQWiVEDQ

%DODWRQL]RRSODQNWRQQHKp]IpPNRQFHQWUiFLyMD

$ %DODWRQ Q\tOWYt]L UiNSODQNWRQ N|]|VVpJpW MHOHQW VHEE W|PHJV]i]DOpNEDQ D &ODGRFHUD UHQGEH WDUWR]y 'DSKQLD JDOHDWD WDYDV] Q\iU V] 'DSKQLD FXFXOODWD WDYDV] Q\iU V]

%RVPLQDORQJLURVWULVWDYDV]pV'LDSKDQRVRPDPRQJROLDQXPQ\iU V]DONRWMD$&RSHSRGD UHQGE O D &\FORSV YLFLQXV WDYDV] V] WpO pV D] (XGLDSWRPXV JUDFLOLV PLQGHQ pYV]DNEDQ D GRPLQiQVV]HUYH]HWHN3RQ\L*7yWK

$ ]RRSODQNWRQ PLQWiNEDQ D NDGPLXP Up] yORP pV FLQN NRQFHQWUiFLy V]pOHV WDUWRPiQ\EDQ KDWiUR]WXN PHJ $ KLJDQ\ pV QLNNHO NRQFHQWUiFLyN HOOHQEHQ QpKiQ\ NLYpWHOW O HOWHNLQWYH D P V]HUHV PpUpV pU]pNHQ\VpJL KDWiUD N|UO DGyGWDN tJ\ D] HUHGPpQ\HNHW H NpW IpPQpO QHP WXGWXNpUGHPEHQpUWpNHOQL7iEOi]DW

7iEOi]DW %DODWRQL ]RRSODQNWRQ ELRPDVV]D QHKp]IpP NRQFHQWUiFLyMD D] ± N|]|WWLLG V]DNEDQ

*\ MWpV 0LQWiN V]iPD

PJNJ

HJI

>iWODJrV]yUiV@

&G &X 3E =Q

PiMXV r r r r M~OLXV r r r r V]HSW r r r r PiMXV r r r r

M~OLXV r r r r

RNWyEHU r r r r

iSULOLV r r r r

DXJXV]W r r r r

M~OLXV r r r r

iSULOLV r r r r

M~OLXV r r r r

Hivatkozások

KAPCSOLÓDÓ DOKUMENTUMOK

$] HJ\ IĘUH MXWy *'3 YiOWR]y LWW LV EHIRO\iVROMD D PpUW YiOWR]yN N|]|WWL |VV]HIJJpVW $ OHJDOiEE HJ\ Q\HOYHQ NRPPXQLNiOQL NpSHVHN DUiQ\D pV D QHP]HWN|]L PRELOLWiVED

$] 55 iWODJRN WHNLQWHWpEHQ D] D]RQRV J\yJ\V]HUNRPELQiFLyYDO DOWDWRWW FVRSRUWRN N|]|WW QHP PXWDWNR]RWW V]LJQLILNiQV NO|QEVpJ /HJPDJDVDEE pUWpNHW D NHWDPLQ[\OD]LQ NRPELQiFLy D

$ IRJ\DWpNRV V]HPpO\ HJpV]VpJJ\L HOOiWiVD VRUiQ ² D] (WYHO |VV]KDQJEDQ ² ÀJ\HOHPPHO NHOO OHQQL D IRJ\DWpNRVViJiEyO DGyGy V]NVpJOHWHLUH $ IRJ\DWpNRV.. SVOE    SINOSZ    MVGYOSZ

$ ;9,,, V]i]DG YpJpUH MHOHQWHN PHJ D]RN D KHQJHUHV YDJ\ N~SRV WHVWť SRKDUDN DPHO\HNHW V]tQHV YHJEŋO NpV]tWHWWHN .REDOWNpN Y|U|V ]|OG EDUQD pV V]tQWHOHQ iWWHWV]ŋ YHJEŋO J\iU

$] 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

$ IēRUYRVQē £OWDO£EDQ UHȵHNW£O D] HJ\HV YLV]RQ\ODWRNEDQ D Q«YV]µL PHJ V]µO¯W£VRN OHKHWēV«JHLUH «V PHJN«UGH]L D EHWHJHW KRJ\ KRJ\DQ V]µO¯WKDWMD (] D JHV]WXV RO\DQ

«V NLGROJR]RWW Q\HOYKDV]Q£ODW¼ £PGH KL£Q\RV IHOHOHWHW SURGXN£Oµ WDQXOµQ£O YROWMHOOHP]ēDNLUēOV]LJQLȴN£QVDQSQDJ\REEDU£Q\EDQIHOW«WHOH]W«N KRJ\ V]HUHWL D Q\HOYWDQ W£UJ\DW PLQW

(]HQ DGDWRN DODSM£Q WHK£W D KLSRW«]LV PLV]HULQW D EHV]«OēN D] DQ\D