• Sonuç bulunamadı

Başlık: Bir sivil toplum örgütünün halkla ilişkiler aracı olarak sosyal paylaşım ağlarına yaklaşımı: HAYTAP Hayvan Hakları Federasyonu örneğiYazar(lar):TEKVAR, Sırma OyaCilt: 9 Sayı: 1.2 Sayfa: 173-204 DOI: 10.1501/Iltaras_0000000131 Yayın Tarihi: 2011 PD

N/A
N/A
Protected

Academic year: 2021

Share "Başlık: Bir sivil toplum örgütünün halkla ilişkiler aracı olarak sosyal paylaşım ağlarına yaklaşımı: HAYTAP Hayvan Hakları Federasyonu örneğiYazar(lar):TEKVAR, Sırma OyaCilt: 9 Sayı: 1.2 Sayfa: 173-204 DOI: 10.1501/Iltaras_0000000131 Yayın Tarihi: 2011 PD"

Copied!
32
0
0

Yükleniyor.... (view fulltext now)

Tam metin

(1)

%LU6LYLO7RSOXPgUJWQQ+DONODúOLüNLOHU$UDF×

2ODUDN6RV\DO3D\ODü×P$ùODU×QD<DNODü×P×

+$<7$3+D\YDQ+DNODU×

)HGHUDV\RQXgUQHùL

LOHWLÁLPDUDÁW¿UPDODU¿‡ ‹ 2011 ‡ 9(1-2) 173-204 6×UPD2\D7HNYDU g]HW

Bu oal×ùma, 7rkiye·deki bir sivil toplum |rgtnn sosyal paylaù×m aölar×n× bir halkla iliùkiler arac× olarak nas×l kulland×ö× ve halkla iliùkileri nas×l alg×lad×ö× zerine

odaklanm×ùt×r. Diyaloöa dayal× halkla iliùkiler modeline dayanan etik ve mkemmel halkla iliùiler anlay×ù×, sosyal paylaù×m aölar×n×n halkla iliùkilerde bir uygulama arac× olarak kullan×lmaya baùlanmas×yla yeniden deöerlendirilen diyalog kavram× ile beraber ele al×narak irdelenmektedir. Araùt×rma iki soru zerine temellendirilmiùtir Bunlar, halkla iliùkilerin nas×l alg×land×ö× ve sosyal paylaù×m aölar×n×n bu oeroevede nas×l yorumland×ö×d×r. dal×ùmada, 7rkiye·de hayvan haklar×na y|nelik tek federasyon olan HA<7A3 Hayvan Haklar× Federasyonu Baùkan× ile yz yze g|rùme

geroekleùtirilmiù, nitel bir o|zmleme yap×lm×ùt×r. (lde edilen bulgular, yukar×da s|z edilen konular oeroevesinde tart×ù×lm×ùt×r.

$QDKWDU6|]FNOHU Sosyal paylaù×m aölar×, yeni medya, mkemmel halkla iliùkiler, diyalog, sivil toplum |rgtleri.

An NGO’s Approach to Social Networks as Public Relations Tools: HAYTAP Animals Rights Federation

$EVWUDFW

7he research focuses on examining the possibility of social networks· role in transforming the practice of public relations in an 1*O in 7urkey. Social networks have become one of the tools that are being used by public relations practitioners, as a result of diffusion of new communication technologies. On the other hand, the concept of ethical and excellent public relations has been defined as dialogic public relations, which is based on the concept of dialogue. 7he research was grounded on two questions How is public relations perceived and will social networks support the expectations of excellent public relations" Within this context, a qualitative analysis was made by interviewing in depth with the 3resident of HA<A3 Animal 5ights Federation, the only animal rights federation in 7urkey. 7he findings were discussed through the issues indicated above.

.H\ZRUGV Social networks, new media, excellent public relations, dialogue, non-governmental organizations.

(2)

´%LU XOXVXQ E\NOù YH DKODNL JHOLüLPL KD\YDQODU×QD HGLOHQ PXDPHOH LOH |OoOUµ 0*DQGKL *HOHQHNVHOLOHWLüLPDUDoODU×QGDQIDUNO×RODUDNLQWHUQHWLQELOJLDN×-ü×Q×K×]ODQG×U×SNROD\ODüW×UPDV×HWNLOHüLPLVDùODPDV×]DPDQYHPHNDQ HQJHOOHULQLRUWDGDQNDOG×UPDV×VDQVUYHGHQHWLPPHNDQL]PDODU×Q×Q J|UQUELoLPGHROPD\×ü×YHNDW×O×PF×GHPRNUDVL\LJHOLüWLUPHJFQH VDKLS ROXüX LQWHUQHWL oDù×P×]×Q HQ HWNLOL LOHWLüLP DUDF× \DSP×üW×U %|\OHOLNOHLQWHUQHWEDüWDROPDN]HUHWPVD\×VDOLOHWLüLPDUDoODU×EDü-ODWW×ù×EWQWDUW×üPDODUYHoDO×üPDODUODELUOLNWHKDONODLOLüNLOHUDODQ×QD GDJLUPLüWLU

gUJWOHULQJLGHUHNDUWDQLOHWLüLPWDOHSOHULGRùUXOWXVXQGDLQWHUQHW-OH JHOLüHQ \HQL X\JXODPD VDKDODU×Q×Q |OoPH WHNQLNOHUL KXNXNVDO G]HQOHPHOHUDUDüW×UPDKL]PHWOHULJLELoDO×üPDODU×QKDONODLOLüNLOHULQ SHN oRN DOW GDO×QD YH JD]HWHFLOLN UHNODPF×O×N SD]DUODPD JLEL KDONOD LOLüNLOHULQ RUWDN DODQODU×QD JHQLü ELU J|Uü ND]DQG×UG×ù× V|\OHQHELOLU 6RV\DOSD\ODü×PDùODU×EDüWDROPDN]HUHoHYULPLoLJD]HWHFLOLNoHYUL-PLoL LQVDQ ND\QDNODU× SODWIRUPODU× :HE  X\JXODPDODU× LQWHUQHW UHNODP×WDQ×W×PDODQODU×RODQEORJFXODU>EORJJHU@YHVDQDODILüOHU>ban-QHU@ oHYULPLoL EDV×Q EOWHQOHUL :$3 606006 %OXHWRRWK :L)L 566VLVWHPOHUL**WHOHIRQODUYHEHQ]HULWHNQRORMLOHULüOHWPHOHUGHNL \HQL\|QHWLPDQOD\×ü×Q×YHHWNLOHüLPOLLOHWLüLPLELUEDüNDGH\LüOHoHYUL-PLoLKDONODLOLüNLOHULJHUHNOLN×ODQ|ùHOHUGLU

%XJHOLüPHOHUVUHFLQGH\HQLLOHWLüLPDUDoODU×Q×QLOHWLüLPPRGHOOH-

ULQGHNLG|QüPHNDWN×GDEXOXQGXùXQDYHKDONODLOLüNLOHUX\JXODPD-Bir Sivil Toplum Örgütünün

+DONODúOLüNLOHU$UDF×2ODUDN

6RV\DO3D\ODü×P$ùODU×QD<DNODü×P×

(3)

ODU×QD GD \HQL RODQDNODU VDùODG×ù×QD LOLüNLQ DUDüW×UPDODU×Q VD\×V× DUW-PDNWDG×U &RROH\  dDN×P  'XKp  *|UJQ  +D]HOWRQYG2QDW6D\×PHU<×OG×U×P%HFHULNOL 

gUQHùLQ\HQLWHNQRORMLOHULQJHOHQHNVHOKDONODLOLüNLOHUX\JXODPDODU×Q× VDUVDFDù×YHWHN\|QOPRQRORùDGD\DO×KDONODLOLüNLOHULQ\HULQLGL\DOR- JDGD\DO×VWDWNRFXROPD\DQ\HQLELUKDONODLOLüNLOHU\DUDWDFDù×V|\OHQ-PHNWHGLU 6ROLV YH %UHDNHQULGJH   %XL\LPVHU J|UüOHUH J|UH |QFHOLNOHLQWHUQHWNDUü×O×NO×HWNLOHüLPLJHOLüWLUPLüWLU%LUEDN×PD´HVNL- QLQ¶EL]NRQXüDO×PVL]GLQOH\LQ·V|\OHPLQLQ\HULQLDUW×N¶ELUOLNWHNRQX-üDO×P·V|\OHPLDOPDNWDG×Uµ .D]DQF× úNLQFLRODUDNLQWHUQHW K×]O×YHGüNPDOL\HWOLELULOHWLüLPVDùODPDNWDD\U×FD\D]×O×J|UVHOYH LüLWVHO RODUDN SHN oRN HWNLQOLùL D\Q× DQGD JHUoHNOHüWLUHELOPH RODQDù× VXQPDNWDG×U%XDQODPGDLQWHUQHWELUKDONODLOLüNLOHUDUDF×RODUDNVDGH- FHWLFDULüLUNHWOHUWDUDI×QGDQGHùLOVL\DVDOLOHWLüLPGHGHYOHWHEDùO×NXUX- OXüODUGDVLYLOWRSOXP|UJWOHULQGHYHGLùHUWP|UJWOHUGHKHGHINLW-OH\OH HWNLOHüLPOL LOHWLüLPL VDùODPDN YH LOHWLüLPVHO YHULPOLOLùL DUW×UPDN LoLQNXOODQ×OPDNWDG×U%XQXQODEHUDEHULQWHUQHWOHJHOLüHQVD\×VDOWRSOX-OXNODUKHGHINLWOHQLQV×Q×UODU×Q×JHQLüOHWPHNWHGLUúQWHUQHWLQVDùODG×ù× HWNLOHüLPOL LOHWLüLP LVH \DOQ×]FD EX KHGHI NLWOH\H HULüPH\L VDùODPDNOD NDOPDPDNWDRQODUODGRùUXGDQYHNDUü×O×NO×LOHWLüLPHJHoPHRODQDù×Q× GDVXQPDNWDG×U

ú\LPVHU\DNODü×PODUDNDUü×QLQWHUQHWLQKXNXNVDOYHHWLNDQODPGD \DVDODUFD WDP WDQ×PODQPDP×ü ROPDV× GD SHN oRN VRUX\X YH VRUXQX EHUDEHULQGH WDü×PDNWDG×U $\U×FD LQWHUQHWLQ JLGHUHN WLFDUL ELU RUWDPD G|QüPüROPDV×´|]HOOLNOHLoHULNED]×QGDNXOODQ×F×\×WHUFLKWHQ\RNVXQ

(4)

E×UDNDUDN NXOODQ×F× DOH\KLQGH VRQXoODU \DUDWDFDù× JLEL LQWHUQHW SODW-IRUPXQGD\DUDW×ODFDN\HQLOLNOHUVRQXFXQGDROXüDFDNNDPXVDOID\GD\× GDV×Q×UOD\DFDNµ %DüDUDQ ELUGXUXPRODUDNGHùHUOHQGLULO-PHNWHGLU'ROD\×V×\ODLQWHUQHWLQLüGQ\DV×QDNDPXNXUXPODU×QDVLYLO WRSOXPKD\DW×QDYHELUH\VHO\DüDPDEXGHQOLJLUPHVLLOLüNLELoLPOHUL-QLQ EX GHQOL G|QüPH XùUDPDV× WRSOXPVDO SROLWLN HNRQRPLN YH NOWUHODo×GDQGDLQWHUQHWLQoHüLWOLWDUW×üPDODU×EDüODWW×ù×Q×QELUJ|V-WHUJHVLGLU

%XQDNDUü×O×NKHUI×UVDWWDLQWHUQHWLQHQ|QHPOL|]HOOLùLQLQHWNLOHüL-PL VDùODPDN ROGXùXQXQ YXUJXODQPDV× $N×QF× 9XUDO  'RZQHV YH0F0LOODQ*HUD\;LIUD WHNWDUDIO×ELOJLYHUPHN \HULQHNXOODQ×F×Q×QWDOHSOHULQHJ|UH\|QOHQHQELOJLDN×ü×Q×VDùODG×ù×Q×Q GLOH JHWLULOPHVL LQWHUQHWLQ KDOND LOLüNLOHUL PNHPPHOOLùH J|WUHFHN RODQGL\DORùDGD\DO×VLPHWULNLOHWLüLPPRGHOLQLJHOLüWLULSJHOLüWLUPH\H-FHùLVRUXVXQXGDEHUDEHULQGHJHWLUPHNWHGLU

*HOHQHNVHO NLWOH LOHWLüLP DUDoODU×Q×Q WHN PHUNH]GHQ oRN DO×F×\D JLGHQLOHWLüLP\DS×V×Q×QDNVLQH\HQLLOHWLüLPWHNQRORMLOHULQLQoRNPHU-NH]GHQoRNDO×F×\DGRùUXDNDQELULOHWLRUWDP×Q×JHWLUPHVL 7RVXQ   VLYLO WRSOXP |UJWOHUL LoLQ GH SHN oRN DYDQWDM VDùODPDNWDG×U .DPXVDO DODQ |]HOOLùL WDü×\DQ VLYLO WRSOXP |UJWOHUL |]HOOLNOH VRV\DO PHG\D RUWDPODU×Q× NXOODQDUDN VDYXQGXNODU× NRQXODU×Q WDUW×ü×OPDV×Q× LOHWLOHULQLQ\D\×OPDV×Qׁ\HOHULQLQYHGHVWHNoLOHULQLQKDUHNHWHJHoLULO-PHVLQL VDùODPDNWDG×U 2QDW    %XQXQOD EHUDEHU JQP] LQWHUQHWGQ\DV×QGDEDüDWUROR\QD\DQVRV\DOSD\ODü×PDùODU×Q×QGL\D- ORùDGD\DO×KDONODLOLüNLOHUEHNOHQWLVLQHGHVWHNROXSROPD\DFDù×|QFH-OLNOH KDONOD LOLüNLOHULQ 7UNL\H·GHNL JQFHO DOJ×ODQPDV×Q×Q GD RUWD\D NRQPDV×Q×JHUHNWLUPHNWHGLU

6RV\DO3D\ODù×P$öODU×QD%DN×ù

úQWHUQHWWHLoHULùLQKHUNHVWDUDI×QGDQ\D\×QODQDELOLUKDOHJHOPHVL\-OH NLEXHQIRUPDV\RQGDù×W×P×Q×QELoLPGHùLüWLUPHVLLQVDQHWNLOHüLPL YH HNRVLVWHP oHYUHVLQGH G|QHQ KHU üH\L NDSVDPDNWDG×U  PHG\DQ×Q \HQLGHQ G]HQOHQPHVL JHUHNVLQLPL EDüODP×üW×U (WNLOL ELU GHQJHOH\LFL RODUDN KL]PHW HWWLùL V|\OHQHQ HWNLOHüLPOL LQWHUQHWLQ YDU RODQ GHQJH\L

(5)

WHUVG|QGUGùHWNL\L\HQLGHQGDù×WW×ù×YHEXQDGDGHYDPHGHFHùL V|\OHQPHNWHGLU 6ROLV[YL %XQXQODEHUDEHUPHG\DG]HQLQGH-NL G|QüPQ oRN GDKD |QFH EDüODG×ù× YH EXQXQ QHGHQOHULQLQ GH VRV\RHNRQRPLNROGXùXV|\OHQPHNWHGLU 8oNDQYH(UWHP 

*HUHN LQWHUQHW JHUHNVH GLùHU \HQL LOHWLüLP WHNQRORMLOHUL J|UQW VHVYHELOJLDO×üYHULüLQLVDùODPDNWDG×U%XWHNQRORMLOHULQ\DQ×QGDNLüLOH-ULQNDW×O×PF×ODU×QJ|UVHOYHLüLWVHOGRV\DODU×YHoRNOXRUWDPLoHULNOHUL ELUELUL\OHSD\ODüPDV×Q×VDùOD\DQHQ|QHPOLVLEXSD\ODü×PODUoHUoHYH- VLQGHGHùHUOHQGLUPH\DSPDODU×QDRODQDNWDQ×\DUDNHWNLOHüLPLJHOLüWL-UHQVRV\DOSD\ODü×PDùODU×LQWHUQHW]HULQGHQX\JXODQDQ\HQLLOHWLüLP WHNQRORMLOHULQLQEDü×QGDJHOPHNWHGLU 6ROLV  KHUNHVLQVRV\DOPHG\D\DDVO×QGDHULüHELOHFHùLQL ELUEDüNDGH\LüOHNRQXüPDQ×QKHU\HUGHRODELOGLùLQLYHLoHULùLQWHNELU NLüLYH\DLüOHWPHWDUDI×QGDQWDQ×PODQDPD]\|QOHQGLULOHPH]YHGHQHW- OHQHPH]ROGXùXQXEXGRùUXOWXGDGDKDE\NELUUHWLPLoLQGHNLüL-OHULQNDW×O×PF×ROGXùXQXYXUJXODPDNWDG×U <HQLo×NDQYHJHOLüHQELUPHG\DYDURODQNXUXPNOWUQHQIXV HWWLùLQGH LüJF NOWU YH WXWXPODU GD GHùLüPH\H EDüODPDNWDG×U *HQHOSROLWLNDODUORELFLOLNK×UVODUYHoHOLüNLOHUELU\DQDYDURODQVUHo- OHULQYHVLVWHPOHULQ\HQLPHG\D\DX\XPJ|VWHUPHVLYHWRSOXPVDOODü-PDV×NDo×Q×OPD]ROPDNWDG×U%LUEDüNDGH\LüOH:HE·LQVRV\DOELOJL LüOHP YH LüELUOLùLQH RODQDN VDùODPDV×\OD EHUDEHU üLUNHW DOW\DS×ODU× Lü SDUDGLJPDODU×GHùHUOHU]LQFLULYHLüDN×ü×GDNDo×Q×OPD]üHNLOGHGHùLü-PLüWLU6UHoOHUYH\|QWHPOHUYHULPOLOLNYH\HQLOLNLoLQ\HQLI×UVDWODU×Q DUDüW×U×OPDV×DPDF×\ODPHUFHNDOW×QDDO×QP×üW×U 6ROLV  %XQXQOD EHUDEHU :HE  LOH KHU ELUL ELUHU ´\D\×QF×µ KDOLQH JHOHQ YH VRV\DO DùODUOD ELUELULQH EDùODQDUDN WRSOXOXNODU ROXüWXUDQ ELUH\OHU GH DUW×N\HQLWUGHELUYDWDQGDüO×NELOLQFLJHOLüWLUPHNWHELU´úoHULN8OXVXµ ROXüWXUPDNWDG×UODU%XGXUXP´\HQLNDELOHOHUµ\HQLOLGHUOLNPHNDQL]-PDODU× \HQL WRSOXPVDOODüPD GLQDPLNOHUL ROXüWXUPDNWD YH üLUNHWOHULQ RUJDQL]DV\RQXQGDQ SD]DUODPD\D KNPHWOHUGHQ GHPRNUDWLN NDW×O×-PD JQGHOLN \DüDPGDQ SURIHV\RQHO XùUDüODUD SHN oRN üH\L N|NO ELoLPGH G|QüWUPHNWHGLU %ORVVRP·GDQ DNWDUDQ 8oNDQ YH (UWHP

(6)

   8oNDQ YH (UWHP EXUDGD ´LoHULNµ NDYUDP×QGD \NOHQHQ DQODP×Q|QHPOLROGXùXQXYXUJXODPDNWDG×U   úQWHUQHWYHGLùHULOHWLüLPDùODU×\ODGHùLüHQüH\LoHULNUHWLPLQLQ|OoHùL GHULQOLùLYHHWNLOHüLPLúQVDQODUDUW×NHULüLOHELOLULoHULNUHWLP\D\×PODPD YHGDù×W×PDUDoODU×\ODGDKD|QFHKLoELU]DPDQPPNQROPDP×üELUüH\L JHUoHNOHüWLUHELOL\RU0LO\DUODUFDLQVDQKHPNUHVHOKHPGH\HUHO|OoHNWH GHYDVD ELU ELOJL Dù×Q× ELUOLNWH ROXüWXUXS SD\ODüDELOL\RU úoHULùLQ GRùDV× GHùLüL\RUKLoROPDG×ù×NDGDUFDQO×HWNLOHüLPOLYHNDSVDPO×KDOHJHOL\RU (WNLOHüLPLQ WHPHO WDü×Q× ROXüWXUDQ LoHULN SD\ODü×P×Q×Q \DQ× V×UD VRV\DOSD\ODü×PDùODU×QGDHWNLOHüLPLROXüWXUDQGLùHU|ùHOHUGH´SURILO VXQXPX YH IDUNO× NLüLOHUOH RODQ EDùODQW×ODU×Q Do×N ELU üHNLOGH RUWD\D NRQPDV×KHPLOHWLüLPH\HQLNLüLOHULGDKLOHWPHKHPGHWDQ×G×NODU×ELU DUD\D JHWLUPH RODQDù× \DUDWPDV×µ RODUDN WDQ×PODQDELOLU 7RSUDN YG    %X oHUoHYHGH SD\ODü×P DùODU× IDUNO× WUOHUGH JUXSODQG×U×O-PDNWDG×U *HUD\  ‡ $UNDGDüO×ùDYHJHQHONXOODQ×PD\|QHOLNRODQODU ‡ %HOOLELUKHGHIH\|QHOLNRODUDNJUXSYHWHPDDùODU× ‡ .XUXPVDODùODU ! 7LFDULILUPDDùODU× ! 6RV\DODPDoO×DùODU ! 6LYLOWRSOXPNXUXOXüODU×DùODU× ! hQOOHULQVD\IDODU×

%X JUXSODU oHUoHYHVLQGH HQ \D\J×Q NXOODQ×ODQ VRV\DO SD\ODü×P DùODU×Q×Q V×UDODPDV× ü|\OHGLU  PLO\RQXQ ]HULQGH NXOODQ×F×\D VDKLS)DFHERRNLONV×UDGDG×U<DNODü×NPLO\RQNXOODQ×F×V×LOHoQ-F V×UDGD \HU DODQ PLNUREORJ SD\ODü×P Dù× 7ZLWWHU·G×U 061 6SDFHV \HGLQFL/LQNHG,1VHNL]LQFL0\VSDFHLVHRQoQFV×UDGD\HUDOPDN-WDG×U g]HOOLNOH)DFHERRN·WDGQ\DQ×QHQ\D\J×QNXOODQ×F×NLWOHOHULQGHQ ELULQHVDKLSROGXùXELOLQHQ7UNL\HLVH$YUXSD·Q×QoQFHQE\N ‡‡‡  %DN×Q×]KWWSHQZLNLSHGLDRUJZLNL/LVWBRIBVRFLDOBQHWZRUNLQJBZHEVLWHV

(7)

oHYULPLoLL]OH\LFLNLWOHVLQHVDKLSONHVLRODUDNEXOJXODQP×üW×U6D\×VDO GQ\DLOHLOJLOL|OoPHGHùHUOHQGLUPH\DSDQDUDüW×UPDüLUNHWLFRP6FRUH·D J|UH 7UNL\H·GH HQ oRN NXOODQ×ODQ Dù )DFHERRN DUG×QGDQ 7ZLWWHU :LQGRZV /LYH 3ODFHV YH (NüL 6|]ON·WU 7UNL\H·QLQ $ùXVWRV  LWLEDUL\OH WRSODP  PLO\DU GDNLND\× LQWHUQHW EDü×QGD JHoLUGLùL )DFHERRN·XQPLO\DUGDNLND\ODELULQFLV×UDGD\HUDOG×ù×EHOLUWLO- PLüWLU0LFURVRIWVLWHOHULLVHPLO\DUGDNLNDLOHLNLQFL*RRJOHVLWH-OHULPLO\DUGDNLNDLOHoQFV×UDGDG×U 5HDG 

6RV\DO SD\ODü×P Dù× NXOODQ×F×ODU×Q×Q JHQHOOLNOH JHUoHN \DüDPGD NDUü×O×ù×RODQKHUKDQJLELUGXUXPNDUü×V×QGDK×]ODWHSNLYHUPHHùLOLPL-QHVDKLSROGXùXEXGXUXPXQNLWOHOHULLOJLOHQGLUHQVL\DVDOHNRQRPLN ELU ROD\ RODELOHFHùL JLEL oRN GDKD NoN JUXSODU× LOJLOHQGLUHQ \D GD GDKD D] ELOLQLU ROD\ODU×Q GD RODELOHFHùL V|\OHQPHNWHGLU gUQHùLQ )DFHERRN·XQ |UJWOHQPH DPDoO× NXOODQ×P×QD EDN×OG×ù×QGD oHüLWOL NRQXODUGDFRüNXOXYH\RùXQWDUW×üPDODU×Q\DüDQG×ù×JUXSODU×QDo×OG×-ù× EX JUXSODUGD \HOHULQ oHüLWOL V|\OHPOHU JHOLüWLUHELOGLùL YH NDUü×W ILNLUOHULQGHEXJUXSODU×QGXYDU×QGDSD\ODü×ODELOGLùLJ|]OHPOHQPLüWLU 2OXüWXUXODQEXJUXSODU]DPDQ]DPDQoHüLWOLNRQXODUGDNDPSDQ\DODU G]HQOHPHNWHYH\DoHYULPG×ü×\UWOHQELUNDPSDQ\DLoLQGHJUXS VD\IDV×ROXüWXUXODELOPHNWHGLU%D]HQGH)DFHERRN·WDQ\UWOHQVDQDO |UJWOHQPH SUDWLNOHULQLQ JHUoHN \DüDPD JHoLULOGLùL J|]OHQPLüWLU 7RSUDNYG 

6ROLV  VRV\DOZHEYHGRùUXGDQWNHWLFLRGDNO×X\JXOD-PDODU×Q>GLUHFWWRFRQVXPHU'&@<DKRR*URXSVJLELWRSOXOXNODUDYH QLKD\HWLQGHGHVRV\DODùODUDGRùUXHYULPOHüHQLODQWDKWDODU×JLELROGX-ùXQX+70/HWNLQZHEVD\IDODU×Q×Qo×N×ü×Q×QGDD\Q×üHNLOGHWXWNXYH LOJL DODQODU×\OD LOJLOL KDEHUOHUL GüQFHOHUL YH J|]OHPOHUL SD\ODüDQ NLüLOHULGDKDGDKHYHVOHQGLUGLùLQLGLOHJHWLUPHNWHGLU%XVLWHOHUEORJOD-UDGD|QFRODUDNKL]PHWHWPLüWLU%LUEDüNDGH\LüOHIRUXPODUYHZHE VLWHOHUL GDKD JHQLü NLWOH\H HULüPHN ]HUH GDKD VRILVWLNH SDUODW×OP×ü IRUXPODUVRV\DODùODUYHEORJODURODQVRQUDNLQHVOH|QD\DNROPXüWXU <HQL QHVLO LVH Lü GLQDPLNOHULQL EXQGDQ E|\OH G|QüWUHFHN RODQ ELU SDUDGLJPDGHùLüLPLKDUHNHWL\DUDWP×üW×U

(8)

0LNUREORJRODUDNWDQ×PODQDQ7ZLWWHUEX\HQLQHVOLQHQSRSOHU DùODU×QGDQ ELULGLU 6ROLV    7ZLWWHU·×Q NROD\FD HULüLOHELOHQ WNHWLFLOHULQ LOJLOL ELOJL\L DQ×QGD NHüIHGLS SD\ODüPDV×Q× VDùOD\DQ YH G|QüWUHQ HNRVLVWHPOHUL \DUDWDQ ELU WU ´JHUoHN ]DPDQµ ´üLPGLµ LOLüNLVLQLRUWD\Do×NDUG×ù×Q×EHOLUWPHNWHGLU+HUQHNDGDUoHYULPLoLWDU-W×üPDODU J|]OHPOHU YH PXKDEEHWOHU UQ \|QHWLFLOHULQL PRWLYH HGLS DODUPDJHoLUVHGH\D]DUDVO×QGDJHUoHN]DPDQO×GL\DORùXQEDùODQW×ODU× YHJHQHORODUDNVRV\DOPHG\D\×VWDWDODQ×Q×YHEORJDODQ×Q×GDKDoRN EHVOHGLùLQLGLOHJHWLUPHNWHGLU 6RQXoRODUDNVRV\DOSD\ODü×PDùODU×Q×Q\XNDU×GDEDKVHGLOHQ|]HO-OLNOHUL\DOQ×]FDPüWHULLOLüNLOHUL\|QHWLPLQLQGHùLOKDONODLOLüNLOHUYH NXUXPVDOLOHWLüLPLQSHNoRNVUHFLQGHGLNNDWLoHNPHNWHGLUúüOHWPHOHU KHGHINLWOHOHULQHNHQGLOHULQLWDQ×WPDNNLPOLNYHLPDMODU×Q×\DQV×WPDN LoLQ\HQLLOHWLüLPWHNQRORMLOHULQLYHVRV\DOSD\ODü×PDùODU×Q×HWNLQROD- UDN|ùUHQPH\H\D\J×QüHNLOGHNXOODQPD\DYHX\JXODPD\DEDüODP×ü-ODUG×U %XQXQ HQ WHPHO QHGHQOHULQGHQ ELUL KHGHI NLWOH\H EX DUDoODUOD GDKDK×]O×YHXFX]HULüHELOPHNWLU%XQXQODEHUDEHU\HQLPHG\D\|QH- WLFLOHULYHLOHWLüLPX]PDQODU×Q×LQWHUQHWLQRODQDNODU×QGDQYHKL]PHWOH- ULQGHQHWNLQRODUDN\DUDUODQDELOPHOHULLoLQRQODU×GDKDELOJLOLYHGLVLS-OLQOLROPD\D]RUODPDNWDG×U %XoHUoHYHGHVRV\DOSD\ODü×PDùODU×Q×QKDONODLOLüNLOHUX\JXODPD-ODU×QGDQDV×OYHQH|OoGHHWNLQNXOODQ×ODELOHFHùLKDONODLOLüNLOHUHQDV×O NDWN×VDùOD\DELOHFHùL]HULQHOLWHUDWUGHGHoHüLWOLJ|UüOHUYHDUDüW×U-PDODU\HUDOPDNWDG×U

6RV\DO3D\ODù×P$öODU×QGD

'L\DORöD'D\DO×+DONOD÷OLùNLOHU

6RV\DOSD\ODü×PDùODU×Q×QPNHPPHOOLNDUD\×ü×QGDNLKDONODLOLü-NLOHUX\JXODPDODU×QDJHUoHNWHQNDo×Q×OPD]ROXSROPDG×ù×EXWU\HQL LOHWLüLPDUDoODU×Q×QPNHPPHOKDONODLOLüNLOHULoLQ|QJ|UOHQVLPHWULN LOHWLüLPL²GROD\×V×\ODGL\DORùXJHUoHNWHQHWNLQRODUDNVDùOD\×SVDùOD-\DPDG×ù×ELUWDUW×üPDNRQXVXGXU

.DPXODUODELUH\OHUOH NDUü×O×NO× LOLüNL NXUPDQ×Q KDONOD LOLüNLOHULQ WHPHO LüOHYL ROGXùX GüQOGùQGH LQWHUQHWOH NXUXODQ LOHWLüLPLQ

(9)

KDONODLOLüNLOHUGQ\DV×QGDVDGHFHNDPXODUDLGHDOüHNLOGHHULüPHRUWD- P×\DUDWPDG×ù×D\Q×]DPDQGDEXGQ\D\×NDPXODUODGL\DORùDJHoLUGL-ùL V|\OHQPHNWHGLU &RROH\    %LOJL\H VDKLS YH ELOJL\L GRùUX \|QHWHQ|UJWOHULQUHNDEHWWH|QHPOLELUDYDQWDMVDùODG×ù×\HQLLOHWLüLP WHNQRORMLOHUL ELOJL\L ]DPDQ YH RUWDPGDQ EDù×PV×] N×OG×ù× LoLQ PHG\D LOLüNLOHULQLQ GH JHOHFHN \×OODUGD KDONOD LOLüNLOHU oDO×üPDODU×Q×Q oRN |QHPOLELUE|OPQROXüWXUPD\DGHYDPHGHFHùLYXUJXODQPDNWDG×U 'ROD\×V×\OD VRV\DO PHG\D KDONOD LOLüNLOHULQ WHPHO KHGHIL RODQ ´oLIW \|QO LOHWLüLPL K×]ODQG×U×S JHOLüWLUHFHN YH E|\OHFH LüOHWPHOHULQ KHGHI NLWOHOHULLOHJHUoHNOHüWLUHFHNOHULLOHWLüLPHWNLQOLNOHULQGHE\NELUGHùL-üLP\DUDWDFDNW×Uµ <XUGDNXO %LUEDüNDGH\LüOHVRV\DO SD\ODü×P DùODU×Q×Q KDONOD LOLüNLOHU X\JXODPDODU×QGD ED]× GHùLüLPOHUH \RODoW×ù×EXGHùLüLPLQGHWHPHOGHVRV\DOSD\ODü×PDùODU×Q×Q\|QHWLP- OHU]HULQGHGHùLüLPEDVN×V×\DUDWPDJFQGHQND\QDNODQG×ù×EHOLUWLO- PHNWHGLU6RV\DOSD\ODü×PDùODU×Q×QGL\DORùDRODQDNWDQ×PDV×VD\HVLQ-GHEXRUWDPODUGDKDUHNHWVL]OLùLQYHJ|UPH]GHQJHOPHGXUXPXQXQV|] NRQXVXRODPD\DFDù×GDYXUJXODQPDNWDG×U 7HNYDU  'L\DORJVDOKDONODLOLüNLOHULQPPNQYHX\JXODQDELOLUROGXùXQX EHOLUWHQ.HQWYH7D\ORU  LVHGUVWONJYHQYHROXPOXEDN×ü Do×V× LONHOHULQH GD\DQG×ù× LoLQ GL\DORùXQ GDKD HWLN NDEXO HGLOGLùLQL V|\OHPHNWHGLUOHU.DUPDü×NYHoRN\|QOROPDV×QDYHHWLNKDONODLOLüNL-OHULJDUDQWLHWPHPHVLQHNDUü×O×NGL\DORJVD\HVLQGH|UJWYHNDPXODU×Q ELUELUOHULQLGDKDL\LDQOD\DFDNODU×YHLOHWLüLPLoLQWHPHONXUDOODU×QND]D-Q×ODFDù×YXUJXODQPDNWDG×U 'L\DORùX\HQLLOHWLüLPWHNQRORMLOHULDUDF×O×ù×\ODLOLüNLLQüDVׁ]HULQ- GHQHOHDODQ.HQWYH7D\ORU  HùHULOLüNLLQüDV×KDONODLOLüNLOH- ULQWHPHOL\VHLQWHUQHWWHNQRORMLVLQLQLOHWLüLPVHOLOLüNLOHULQDV×OHWNLOHGLùL-QL VRUPDNWDG×UODU <D]DUODUD J|UH WHNQRORMLQLQ NHQGLVL LOLüNLOHUL QH \DUDWPDNWDQHGH\RNHWPHNWHGLUgUJWNDPXLOLüNLOHULQLHWNLOH\HQLQ DVO×QGD WHNQRORMLQLQ QDV×O NXOODQ×O×\RU ROGXùXGXU %X oHUoHYHGH GL\D-ORJVDO ELU DUDo RODUDN LQWHUQHW ²GROD\×V×\OD VRV\DO SD\ODü×P DùODU× HùOHQFHOLYHPXKDEEHWHDo×NELUDUDoRODUDNJ|UOHELOLU%XQXQODEHUD-EHUGL\DORùDGD\DO×LOHWLüLPLOHWLüLPVHOELUDO×üYHULüHGD\DQPDNWDROXS NDUü×O×NO× LVWHN YH WDWPLQH GD\DO× |]QHOHUDUDV× ELU LOHWLüLP VUHFLQL JHUHNWLUPHNWHGLU

(10)

%X DQODPGD VRV\DO SD\ODü×P DùODU×QGD \|QHWLPKDON GL\DORùX- QXQ\DQ×V×UDKDONODU×QNHQGLDUDV×QGDNLGL\DORJGD|QHPOLELUHWNHQ-GLUgUQHùLQNLPLVRUXQODUDL]OH\LFLOHULQELUELUL\OHGL\DORùXVD\HVLQGH o|]P JHWLULOPHNWH YH\D ELULQLQ J|]QGHQ NDoP×ü ELU GXUXP YH\D o|]P \ROX ELU EDüND L]OH\LFL WDUDI×QGDQ |ùUHQLOLS |QHULOPHNWHGLU 7DOHSOHULQRUWD\DNRQPDV×Do×V×QGDQGDL]OH\LFLOHULQELUELUL\OHGL\DOR-ùXQXQ |QHP WDü×G×ù× EHOLUWLOPHNWHGLU 7HNYDU    'ROD\×V×\OD LQWHUQHW]HULQGHQKHU\|QGHGL\DORùDGD\DO×ELULOHWLüLPROPDG×ù×QGD VRV\DOSD\ODü×PDùODU×\ODX\JXODQDQKDONODLOLüNLOHUGHGHLQWHUQHW\HQL ELU PRQRORJVDO LOHWLüLPGHQ YH\D \HQL ELU SD]DUODPD WHNQRORMLVLQGHQ |WH\HJLGHPH\HFHNWLU

'L\DORùDLOLüNLQELU\DNODü×P×QHWNLOLROPDV×LoLQ|UJWVHOYDDWYH LOLüNL \DS×V× GHùHULQLQ NDEXO HGLOPHVL JHUHNPHNWHGLU %X oHUoHYHGH JQON KDONOD LOLüNLOHU oDO×üPDODU×QGD GL\DORùXQ X\JXODQDELOHFHùL o \ROEHOLUWLOPHNWHGLU .HQWYH7D\ORU 

1. .LüLOHUDUDV×úOHWLüLP.XUPDgUJWOLGHUOHULYHNDPX\ODLOLüNLLoLQGH-NL GLùHU |UJW oDO×üDQODU× GL\DORJ LoLQGH EDùODQPD NRQXVXQGD UDKDW ROPDO×G×UODU 'L\DORJ G×ü |ùHOHUOH LOHWLüLPL JoOHQGLUHQ ELU HWNHQGLU 'ROD\×V×\OD |UJW \HOHULQLQ GL\DORJ NRQXVXQGD HùLWLO-PHOHUL|QHPOLEXOXQPDNWDG×U

2. .LWOH úOHWLüLPGH 'L\DORJ úOLüNLOHULQLQ úQüDV× gUJWOHU NLWOH LOHWLüLP NDQDOODU×\ODGL\DORJEDùO×O×NODU×Q×GHVWHNOHPHNWHYHNDPX\ODHWNL-OHüLPOHULQL JHOLüWLUHELOPHNWHGLU .LWOH LOHWLüLP NDQDOODU× LoLQGH JQP]GHKDONODLOLüNLOHULoLQHQNDo×Q×OPD]RODQ×LQWHUQHWRODUDN J|UOPHNWHGLU

3. gUJWVHOúOHWLüLP.XUPD*HUHN|UJWLoLJHUHNVH|UJWG×ü×LOHWL-üLPGHNDPX\ODGRùUXGDQLOHWLüLPNXUPDNLoLQ|]HOOLNOHLQWHUQHWLQ |QHPOL ROGXùX YXUJXODQPDNWDG×U oQN LQWHUQHW |UJWVHO ND\-QDNODUD YH HùLWLPH EDùO×O×ù× GRùUXOWXVXQGD PRQRORJVDO \HULQH GL\DORJVDORODUDNJ|UHY\DSPDNWDG×U

.HQWYH7D\ORUNDPXODUODLQWHUQHW]HULQGHQGL\DORùDGD\DO×LOLü- NLOHULQüDHGHUNHQEHüLONH\HGLNNDWHGLOPHVLJHUHNWLùLQLGLOHJHWLUPHN-WHGLUOHU  

(11)

1. 'L\DORJVDO dHPEHU gUJW YH NDPXODU× DUDV×QGD GL\DORùD GD\DO× LOHWLüLP LoLQ JHULELOGLULP G|QJV X\JXQ ELU EDüODPD QRNWDV×G×U 'L\DORJVDO G|QJ LoLQGH LNL NRQX |QHPOLGLU gQFHOLNOH |UJWOHU HOHNWURQLNLOHWLüLPGHQVRUXPOXoDO×üDQODU×QDEXNRQX\ODLOJLOLHùL- WLPYHUPHOLGLUOHUúNLQFLRODUDNZHEVLWHOHULQGHJHOLüWLULOHFHNGL\D-ORJVDO G|QJGH LOHWLüLPGHQ VRUXPOX NLüLOHU NDPXQXQ ILNLUOHULQL VRUXODU×Q× YH LVWHNOHULQL \DQ×WOD\DELOHFHN \HWHUOLNWH ROPDO×G×U <DQ×W×QNHQGLVLGL\DORJVDOG|QJQQWHPHOSDUoDV×ROPDNODEHUD-EHULOLüNLLQüDV×QGD\DQ×W×QLoHULùLGHNULWLNWLU

2. %LOJLQLQ.XOODQ×üO×ù×%LOJLNDPXODU×QJHQHOGHùHUOHULQLNDSVD\DFDN üHNLOGHROPDO×G×U%XDQODPGDNDPXODUODLOLüNLOHUVDGHFH|UJWQ KDONOD LOLüNLOHU KHGHIOHULQH KL]PHW HGHFHN üHNLOGH NXUXOPDPDO× D\Q× ]DPDQGD VHVOHQLOHFHN NDPXODU×Q LOJLVLQH GHùHUOHULQH YH GüQFHOHULQHGHKLWDSHWPHOLGLU

3. <HQLGHQ=L\DUHWLQ6DùODQPDV×%LOJL\LJQFHOOHPHNGL\DORJVDOLOLüNL NRüXOODU×Q× ROXüWXUPDGD KDONOD LOLüNLOHU X\JXOD\×F×ODU× LoLQ NROD\ ELU \ROGXU $QFDN ELOJLQLQ \DOQ×]FD ´JQFHOµ ROPDV× YH ´LOJLQoµ LoHULNWHROPDV×WHN\|QOKDONODLOLüNLOHUGHQ|WH\HJLGHPHPHNWHGLU %XQXQ \HULQH HWNLOHüLPOL VWUDWHMLOHUGH IRUXPODU VRUXFHYDS ELoL-PLQGHNL LoHULNOHU YH EHOLUOL VH\LUOHUGH VLWH\HIRUXPODUD NDW×ODQ &(2 üLUNHW \|QHWLFLVL E|OP EDüNDQ× JLEL \HWNLOL NLüLOHU HWNLOL ROPDNWDG×U 4. .XOODQ×P.ROD\O×ù×2ODQ$UD\]%LOJLHGLQPHNYH\DPHUDNJLGHU- PHNLoLQZHEVLWHVLQL]L\DUHWHGHQNLüLOHULQLoHULùLNROD\FDDQODPD- V×YHVLWH\DS×V×Q×o|]HELOPHVL|QHPOLGLU=HQJLQLoHULNOHWDVDUODQD-FDNZHEVLWHOHULQGHELOJLK×]O×YHHWNLQüHNLOGHHULüLOHELOLUROPDO×G×U 5. =L\DUHWoLOHULQ.ROD\úOHWLüLPLúoLQ.XUDOODU(ùHU|UJWELUELOJLVDùOD-\DFDNVD EX ELOJL D\Q× ]DPDQGD NXOODQ×F×ODU×Q NDIDV×Q× NDU×üW×U×S RQODU× EDüND \|QH LWPH\HFHN VWUDWHMLN ELU \HUOHüLPGH ROPDO× YH VDGHFHSD]DUODPDYH\DUHNODPDUDF×ROPDPDO×G×U

6RQXoRODUDNLQWHUQHWYHVRV\DOSD\ODü×PDùODU×Q×QEX|]HOOLNOHULQ- GHQGROD\×VWUDWHMLNLOHWLüLPDUDoODU×RODUDNQLWHOHQGLULOHELOPHNOHEHUD-EHUKHU\DS×GDNLYHKHU|OoHNOL|UJWQVLEHUDODQGDNROD\FDHULüLOLUELU

(12)

\HUHGLQPHVLQHRODQDNVDùODPDNWDG×UúVWHUE\N|OoHNOLLVWHUNoN |OoHNOLROVXQ|UJWOHULQWHUQHWVD\HVLQGHDPDoODU×Q×YHNHQGLOHULKDN- N×QGDNLELOJLOHULVXQDELOPHNWHUQYH\DKL]PHWOHULQLGQ\D\DWDQ×-WDELOPHNWHGLU%XYHVLOH\OHELUH\OHUYHNDPXODUGD|UJWOHUOHNROD\FD LOHWLüLPH JHoHELOPHNWHGLU 'ROD\×V×\OD \HQL LOHWLüLP DUDoODU× |UJW YH NDPXODU× LoLQ GL\DORJ VDùODPD DUDF× RODELOPHNWH PNHPPHO KDONOD LOLüNLOHUX\JXODPDODU×Q×JHOLüWLUPHGHHüVL]ELU\RORODUDNJ|UOPHNWH-GLU

%XQXQOD EHUDEHU \HQL LOHWLüLP DUDoODU×Q×Q HWNLQ YH GL\DORùD Do×N RODUDNHWNLOHüLPOLELULOHWLüLPLJHUoHNWHQGHVDùOD\DELOPHVLLoLQQDV×OYH QLoLQ NXOODQ×OPDV× JHUHNWLùL |QHPOL ELU QRNWDG×U oQN %DOWD 3HOWHNRùOX·QXQGDEHOLUWWLùLJLEL  |]HOOLNOHVRV\DOPHG\DQ×Q VDGHFHNDWN×ODU×QGDQV|]HGLOPHVLEX\HQLLOHWLüLPRUWDPODU×Q×QHNVLN GHùHUOHQGLULOPHVL DQODP×QD JHOHFHNWLU %X QHGHQOH VRV\DO SD\ODü×P DùODU×Q×QGDLNL\|QOVLPHWULNLOHWLüLPLoLQQHGHUHFHYHQDV×OHWNLOLELU DUDoROGXùXWDUW×ü×OPDNYHGHùHUOHQGLULOPHNGXUXPXQGDG×U

6LYLO7RSOXPgUJWOHULQGHdHYULPLoL+DONOD÷OLùNLOHU

+DONODLOLüNLOHU\D\J×QRODUDNLüGQ\DV×YHVL\DVHWOHLOLüNLOHQGLULO-PHNWHGLU1HYDUNLoQFVHNW|URODUDNWDQ×PODQDQYHWLFDULDPDoO× ROPD\DQ VLYLO WRSOXP |UJWOHUL KD\×U JUXSODU× YH EX JUXSODU×Q NDP-SDQ\D HWNLQOLNOHULQGH KDONOD LOLüNLOHULQ JLGHUHN |QHPLQLQ DUWW×ù× EX DODQGD SURIHV\RQHO KDONOD LOLüNLOHU oDO×üDQODU×Q×Q \HU DOPDV× JHUHNWLùL YXUJXODQPDNWDG×U 0RUULVYH*ROGVZRUWK\ 

úONHVHO RODUDN J|QOOON HVDV×QD GD\DO× oDO×ü×ODQ VLYLO WRSOXP |UJWOHULQGH KDONOD LOLüNLOHU X\JXODPDV× RODUDN JHQHOOLNOH EDV×Q EO-WHQOHULQLQ\D]×OG×ù×HWNLQOLNOHULQKD]×UODQG×ù×YHGX\XUXOGXùXEDù×ü WRSODPDLüOHULQGHJ|UHYOHUVWOHQLOGLùLYHORELFLOLN\DS×OG×ù×J|UOPHN-WHGLU%XQXQODEHUDEHUEX|UJWOHUGHHQEDüWDJ|QOOOHULQ\|QHWLPL LOHLOJLOLELOJLHNVLNOLùLQLQROGXùXJHOLüWLULOPLüKDONODLOLüLOHUX\JXODPD- ODU×QDJHUHNGX\XOGXùXLOHWLüLPHJHoPHN]HUHKHGHINLWOHOHULQVDS-WDQPDV× LoLQ GDKD oRN oDO×üPDODU \DS×OPDV× JHUHNWLùL EXQXQ LoLQ GH GDKD oRN SHUVRQHOH LKWL\Do GX\XOGXùX EHOLUWLOPHNWHGLU '\HU YG  

(13)

$\U×FDVLYLOWRSOXP|UJWOHULQLQKDONODLOLüNLOHUoDO×üPDODU×KN-PHWOH LOLüNLOHUL WRSOXPOD LOLüNLOHUL NUL] LOHWLüLPLQL ULVN LOHWLüLPLQL YH VRUXQ\|QHWLPLQLGHNDSVDPDO×G×U6RQXoWDELUEDVN×ROXüWXUPDNLoLQ NDPXR\XQXQYHKDON×QLOJLVLQLoHNHFHNED]×NRQXODUGDUHNODPYHWDQ×-W×PoDO×üPDODU×WDNWLNOHULJHUHNPHNWHGLU +HDWKYH:D\PHU  %LUEDüNDGH\LüOHKDONODLOLüNLOHU\DOQ×]FDEDV×QYHPHG\D\ODLOLüNLOHU-GHQLEDUHWKHGHINLWOHVLQLQVDGHFHYDWDQGDüDLOHWLDN×ü×Q×QVDùODQG×ù× WHN\|QOELULüOHYRODUDNDOJ×ODQPDPDO×G×U%HQ]HUüHNLOGH%URQVWHLQ    GD JHWLUL DPDoO× ROPD\DQ SHN oRN |UJWQ KDONOD LOLüNLOHU X\JXODPDODU×Q× \DS×ODQG×UDQ HQ |QHPOL VWUDWHMLOHULQ LOLüNL \|QHWLPL ND\QDNSD\ODü×P×YHGL\DORùDGD\DO×LOHWLüLPROGXùXQXEXVWUDWHMLOH-ULQD\Q×]DPDQGDVRUXPOXOXNLONHVLQHEDùO×ELUVDYXQPDLoLQoHUoHYH oL]GLùLQLEHOLUWPHNWHGLU%X\DS×GDNL|UJWOHULQX\JXOD\×F×ODU×EHOLUWL-OHQVWUDWHMLOHULGLNNDWHDOG×ù×QGDKHP|UJWOHULLoLQJHUoHNVDYXQXFXODU RODUDN KL]PHW HWPLü RODFDNODU KHP GH ELU EWQ RODUDN |UJWOHULQLQ VD\J×QO×ù×Q× DUW×UP×ü RODFDNODUG×U %X oHUoHYHGH HWLN KDONOD LOLüNLOHU X\JXODPDODU×GD|UJWQLWLEDU×LoLQ|QHPOLELUUROR\QDPDNWDG×U

6LYLO WRSOXP YH GHPRNUDVL\OH LOJLOL WDUW×üPDODUGD LVH VLYLO WRSOX-PXQGHPRNUDVL\LNXUXFXLüOHYL|QHo×NDU×OPDNWDG×U%XWDUW×üPDODUGD VLYLOWRSOXP|UJWOHUL\XUWWDüODUDNDUDUDOPDVUHoOHULQHGHPRNUDWLN ‡‡‡

 <DSW×ù× DUDüW×UPDGD VLYLO |UJWOHULQ V×NO×NOD HWLN oHUoHYHGH ROPD\DQ KDONOD LOLüNLOHU WDNWLNOHULQH EDüYXUGXùXQX oQN JHWLUL RGDNO× LüOHWPHOHULQ WHUVLQH EX |UJWOHULQ GDKDE\NELUWRSOXPVDOID\GD\DKL]PHWHWPHDPDF×QGDROGXùXQXYHVDQVDV\RQ \DUDWDFDNHWLNROPD\DQKDONODLOLüNLOHUNDPSDQ\DODU×Q×QNDPXGLNNDWLQLYHGX\DUO×-O×ù×Q×GDKDoRNoHNWLùLQLEHOLUWHQ%URQVWHLQ  oDO×üPDV×QGD|UQHNRODUDNGQ\D oDS×QGD ELOLQHQ KD\YDQ KDNODU× |UJW 3(7$·Q×Q >3HRSOH IRU WKH (WKLFDO 7UHDWPHQW RI $QLPDOV@EHOLUWLOHQDPDoODULoLQVRUXPOXOXùDGD\DO×VDYXQXFXOXNLONHOHULQLLKODOHGHQ NDPSDQ\DODU \UWWùQ LIDGH HWPHNWHGLU 3(7$ $PHULND·GD HQ E\N NDQDWO× IDEULNDODU×QGDQELULQGHJL]OLNLPOLNOHELULQLLüHEDüODWP×üEXNLüLQLQRIDEULNDGDKD\-YDQODUD\DS×ODQ]XOPJL]OLNDPHUD\ODND\GHWPHVLQLVDùOD\DUDNWPE\NPHG\D NDQDOODU×QD J|UQW NRS\DODU×Q× GDù×WP×ü YH NHQGL ZHE VD\IDV×QGD \D\×QODP×üW×U %|\OHFHJ|UQWOHUXOXVDOKDEHUNDQDOODU×QGD\HUDODUDN.)&JLELE\NIDVWIRRG üLUNHWOHULQGH NUL]H \RO DoP×üW×U <D]DU 3(7$·Q×Q EX \ROOD NXüNXVX] HWNLQ VRQXoODU EDüDUG×ù×Q×DQFDNEXWUHWLNG×ü×X\JXODPDODU×Q|UJWOHULQLWLEDU×Q×YHEDüDU×ODU×Q× ULVNHVRNWXùXQXD\U×FDEXQXQNDUü×WDUDI×QKDNODU×Q×YHo×NDUODU×Q×GDLKODOHWWLùLQL YXUJXODP×üW×U

(14)

NDW×O×PYHGHPRNUDWLNP]DNHUHYDVI×Q×QND]DQG×U×OG×ù×\HUOHURODUDN GHùHUOHQGLULOPHNWHGLU $QFDN NDPXVDO WDUW×üPD YH NDW×O×P PHNDQL]- PDODU×Q×QL\LLüOH\HELOPHVLLoLQ\XUWWDüODU×QL\LELOJLOHQGLULOPHVLJHUHN-WLùLYXUJXODQPDNWDG×U'ROD\×V×\ODVLYLOWRSOXPXQGHPRNUDWLNLüOHYLQL \HULQH JHWLUHELOPHVL LoLQ \XUWWDüODU×Q ELOJL\H HULüLPLQL VDùOD\DFDN GüQFH YH LIDGH |]JUOùQQ 7RVXQ    EXQXQ LoLQ GH JHUHNOL YH \HWHUOL LOHWLüLP NDQDOODU×Q×Q YDU ROPDV×Q×Q |Q NRüXO RODUDN NDEXOHGLOPHVLJHUHNPHNWHGLU

6LYLOWRSOXPXQYHVLYLODùODU×QJHOLüWLULOPHVLQGHLQWHUQHWLQ|QHPL-QLQ DUWDFDù×QD LOLüNLQ L\LPVHU \DNODü×PODU JLGHUHN DUWPDNWDG×U %X oHUoHYHGH\HQLLOHWLüLPWHNQRORMLOHULDUDF×O×ù×\ODVLYLODùODU×QROXüXPX LNLDo×GDQ|QHPWDü×PDNWDG×U 7RVXQ 

.DW×O×PF× VUHoOHUH NDW×ODQ \XUWWDüODU×Q VD\×V×Q×Q YH oHüLWOLOLùLQLQ DUW×U×O- PDV×NDW×O×PF×ODU×QH\OHPHWNLQOLùLQLQYHDODQ×Q×QJHQLüOHWLOPHVLGHULQ-OHüWLULOPHVL%XLNLXQVXULQWHUQHWLQVLYLOWRSOXP|UJWOHULQLQDPDoODU×QD XODüPDGD\HQL\HOHUEXOPDGD|UJWVHOHWNLQOLNYHH\OHPOLOLùLQVUHNOL N×O×QPDV×QGD\DüDPVDO|QHPHVDKLSROGXùXQXRUWD\DNR\DU

6LYLOWRSOXPNXUXOXüODU×Q×QH\OHPHWNLQOLùLQLQYHDODQ×Q×QJHQLü-OHWLOPHVL YH VUHNOL N×O×QPDV× LoLQ \DOQ×]FD J|QOOOHULQ YH \HOHULQ GHùLOKDON×QGDGHVWHùL|QHPOLGLU%XQXQLoLQGH|UJWQJ|UQUO-ù \D\J×QO×ù× YH HULüLOHELOLU ROPDV× ELU EDüND GH\LüOH GL\DORùD Do×N ROPDV× JHUHNPHNWHGLU 'ROD\×V×\OD LQWHUQHW ]HULQGHQ \UWOHFHN KDONOD LOLüNLOHU X\JXODPDODU× JHOHQHNVHO DUDoODUOD NDUü×ODüW×U×OG×ù×QGD KHPGDKDGüNPDOL\HWOLKHPGDKDK×]O×YHNDSVDPO×E|\OHFHGDKD YHULPOLRODFDNW×U

7UNL\H·GH LVH VLYLO WRSOXP JHOLüPLü ONHOHUH N×\DVOD \HQL ELU ROJXGXU %DW×GDNL \DNODü×PGD YH LüOHYGH VLYLO WRSOXP |UJWOHULQLQ ROXüPDV× LoLQ JHUHNOL RODQ VRV\RHNRQRPLN NRüXOODU ONHPL]GH \HQL ROXüPD\DEDüODP×üW×U %LEHU %XQHGHQOHVLYLOWRSOXP|UJW-OHULQLQ KDONOD LOLüNLOHU oHUoHYHVLQGH KHP |UJW LoL YH KHP |UJW G×ü× oDO×üPDODU×EHUDEHU\UWPHVLüHIIDIO×NWXWDUO×O×NYHELOJLRGDNO×GL\D-ORùD Do×N LOHWLüLP VWUDWHMLOHUL JHOLüWLUPHVL YH EXQXQ LoLQ GH X\JXQ YH JHUHNOLWPPHG\DNDQDOODU×Q×HWNLQNXOODQPDV×|QHPOLGLU

(15)

<HQLPHG\DYHVRV\DOSD\ODü×PDùODU×Q×QVLYLOWRSOXP|UJOHULQLQ HWNLOL YHULPOL YH HWNLOHüLPOL KDONOD LOLüNLOHU oDO×üPDODU× \UWPHOHUL NRQXVXQGD QLFH DYDQWDM×Q×Q ROGXùX SHN oRN DUDüW×UPDGD YXUJXODQ-PDNWDG×U 2QDW  7RVXQ  g]GHPLU YH $NWDü <DPDQRùOX  %HFHULNOL YH g]NXO  'XWWD YH 3DO  7D\ORU YG   gUQHùLQ<×OG×U×P%HFHULNOLYHg]NXO·XQ\LQH+$<7$3]HULQGHQ\DS-W×NODU× ELU DUDüW×UPDGD   +$<7$3·×Q J|UHFH GüN PDOL\HWOL KHGHINLWOH\HHULüPHGHYHELOJLQLQ\D\×OPDV×QGDK×]O×ROGXùXLoLQoHY-ULPLoL NDQDOODUOD SHN oRN NDPSDQ\D \UWWù V|\OHQPHNWHGLU dDO×üPDGDHOHDO×QDQNDPSDQ\D\×O×\HUHOVHoLPOHUGH\UWOHQ ´+D\YDQODU×<RN6D\DQ6L\DVLOHUH2<<2.µNDPSDQ\DV×G×U%HOHGL\H DGD\ODU×VHoPHQOHUYHPHG\DQ×QWHPHOKHGHINLWOHROGXùXEXoHYULPL-oLNDPSDQ\DQ×QEXYHVLOH\OHEDV×QGDGDSHNoRNKDEHULQLQo×NW×ù×YH +$<7$3·×QNLPOLùLLOHNDPSDQ\DKDNN×QGDE|\OHFHELUNDPXR\XQXQ ROXüPDV×QGDNDWN×V×ROGXùXEXOJXODQP×üW×U 1HYDUNLEXoHYULPLoLNDQDOODU×Q\HWHUOLWHNQLNGRQDQ×PDYHELO-JL\HVDKLSROPDGDQNXOODQ×OPDV×ELUWDN×PVRUXQODU×YHGH]DYDQWDMODU× GDJHWLUPHNWHGLUgUQHùLQg]GHPLUYH$NWDü<DPDQRùOX  ZHE VD\IDODU×Q×Q|UJWVHOKHGHIOHULJ|]|QQGHEXOXQGXUPDGDQ\DS×ODQG×-U×OPDV×Q×Q VLYLO WRSOXP NXUXOXüODU×Q×Q DPDoODU×QD XODüPDODU×Q× GD ]RUODüW×UDFDù×Q×GLOHJHWLUPHNWHGLU

6LYLOWRSOXPNXUXOXüODU×ZHEVLWHOHULQLV×UDGDQ]L\DUHWoLOHULLoLQGHFD]LEH-OL ELU PHFUD RODUDN WDVDUODPDN GXUXPXQGDG×UODU dQN VLYLO WRSOXP NXUXOXüXQXQPFDGHOHVLQLJ|QOOOHULQ\HOHULQ\DQ×QGDJHQLüELUKDON NLWOHVLQLQGHVWHNOHPHVLGH|QHPOLGLU%XQHGHQOHZHEVLWHVLVLYLOWRSOXP NXUXOXüXQGDQ\DGDNXUXOXüXQoDO×üPDDODQODU×QGDQKDEHUGDUROPD\DQ ]L\DUHWoLOHUH NXUXOXüXQ NLP ROGXùX YH QH\L DPDoODG×ù×Q× RUWD\D NR\DQ WHPHO HQIRUPDV\RQODU× VXQPDO× YH EX ]L\DUHWoLOHUL NXUXOXüXQ H\OHP YH HWNLQOLNOHULQH oDù×UDQ GX\XUXODUD \HU YHUPHOLGLU g]GHPLU YH $NWDü <DPDQRùOX 

%LUEDüNDDo×GDQGDEDN×ODFDNROXUVDKDONODLOLüNLOHUGHELOJLOHQGLU-PHNLNQDHWPHNLOJLDODQ×Q×WDQ×PODPDNYHJoELUOLùLROXüWXUPDNLoLQ GLOYHGLùHUVHPEROLNELoLPOHULQNXOODQ×OG×ù×YHEXQODU×Q|QHPOLROGXùX GüQOGùQGH GLOLQ YH WDQ×PODPDQ×Q  |UJWVHO NXOODQ×P× PHG\D

(16)

YHNDPXR\XQH]GLQGHELUQHYLUHNDEHW\DUDWPDNWDG×U%XUHWRULNHWNLQ-OLNOHU VLYLO DODQ×Q HQ |QHPOL \HULQGH EXOXQPDNWDG×U +HDWK EX EDù× ´VHVOHULQ ]HQJLQ NDU×ü×P×µ RODUDN WDQ×PODP×üW×U DNWDUDQ 7D\ORU    0HG\D NDQDOODU× VRV\DO ELU NXUXOXüWDQ ELU oHUoHYH VHoHUNHQ EX JUXSODU×QNDPXVDODODQGDNLHWNLVLQLGH\D\PDNWDG×U'ROD\×V×\ODKDON WDEDQO×EX|UJWOHU\DQLVRUXQRGDNO×oDO×üDQNXUXOXüYHVLYLOWRSOXP |UJWOHULLoLQUHWRULNELUGHùHUIDU]HGLOPHNWHGLU 7D\ORU  6RQXoRODUDNJHUHN\HQLPHG\DJHUHNJHOHQHNVHOPHG\DYHGLùHU LOHWLüLPNDQDOODU×Q×QKHUELULLoLQIDUNO×UHWRULNYHV|\OHPELoLPOHULQLQ YHVOXSODU×QJHOLüWLULOPHVLJHUHNWLùLGüQOHFHNROXUVDVLYLOWRSOXP |UJWOHULQLQ KHGHI NLWOHOHULQH KLWDS HWPHN LoLQ X\JXODG×NODU× KDONOD LOLüNLOHUGHGHNDUPDELUPHG\DNXOODQ×P×Q×EHQLPVHPLüROPDODU×KDON- ODLOLüNLOHUoDO×üPDODU×Do×V×QGDQDQODPO×RODFDNW×U%XQHGHQOHGHJHOH-QHNVHO KDONOD LOLüNLOHU X\JXODPDODU× NDGDU oHYULPLoL KDONOD LOLüNLOHU X\JXODPDODU× GD VLYLO WRSOXP |UJWOHULQLQ HWNLQ LOHWLüLP oDO×üPDODU× \UWPHOHULQGHNDo×Q×OPD]ELU\HUHVDKLSWLU

+$<7$3+D\YDQ+DNODU×)HGHUDV\RQX·QXQ

+DONOD÷OLùNLOHU$UDF×2ODUDN

6RV\DO3D\ODù×P$öODU×QD<DNODù×P×

%X oDO×üPDGD DPDoO× |UQHNOHPOH +$<7$3 +D\YDQ +DNODU× )HGHUDV\RQX VHoLOPLü \] \]H GHULQOHPHVLQH J|UüPH LOH QLWHO ELU o|]POHPH \DS×OP×üW×U 7DQ×P× JHUHùL DPDoO× |UQHNOHP \DUJ×VDO |UQHNOHPRODUDNGDDGODQG×U×OPDNWDG×U QLWHODUDüW×UPDODUGDEHOOLELU NXUXPXQED]×D\×UWHGLFL|]HOOLNOHULQHGHQL\OHVHoLOPHVLDQODP×QDJHO-PHNWHGLU'ROD\×V×\ODQLWHODUDüW×UPDODUGD|UQHNOHPVHoLPLQGHKHGHI JHQHOOHPHOHUH XODüPDN GHùLOGLU &URVVPDQ WDULKVL]  +$<7$3 GD EX DQODPGDEHOOL|]HOOLNOHULQHGHQL\OHVHoLOPLüWLU

+$<7$3 7UNL\H·GH GRùDQ×Q oHYUHQLQ YH KD\YDQODU×Q KDNODU×-Q×QNRUXQPDV×LoLQEXNRQXGDD\Q×J|UüELUOLùLQGHRODQGHUQHNOHULQ ELUDUD\DJHWLUPLüROGXùXLONIHGHUDV\RQGXU7HPPX]WDULKLQGH IHGHUDV\RQRODQ+$<7$3·WDEXJQONHoDS×QGDLDüN×QUHVPLWHP-VLOFL EXOXQPDNWD\HRODQKD\YDQKDNODU×VDYXQXFXVXGHUQHNGH GDKDID]ODVHVGX\XUDELOPHNLoLQ+$<7$3üHPVL\HVLDOW×QGDELUOLNWH

(17)

KDUHNHWHWPHNWHGLU+$<7$37UNL\HGHNLKD\YDQKDNODU×LKODOOHULYH VDKLSVL]KD\YDQNRQXODU×QGDJHUoHNOHüWLUPH\HoDO×üW×ù×KDONODLOLüNLOHU HùLWLP KXNXNVDO oDO×üPDODU YH ORELFLOLN oDO×üPDODU×\OD EXJQH NDGDU \HUOHüPLüEDN×üDo×V×QGDQGDKDIDUNO×ELU\DS×JHOLüWLUPHNWHGLU7HPHO IHOVHIHVL WP FDQO×ODUD \DüDP KDNN× ]HULQH NXUXODQ )HGHUDV\RQ J|QOORODUDNoDO×üDQKXNXNoXODUDNDGHPLV\HQOHUYHWHULQHUKHNLP- OHULüGQ\DV×QGDNLoHüLWOLPHVOHNX]PDQODU×YHVLYLOJ|QOOOHUOHEHUD-EHUSURMHOHUHùLWLPPDWHU\DOOHULYHHùLWLPSURJUDPODU×KD]×UODPDNWD KD\YDQ KDNODU× GHVWHNoLOHUL\OH LOHWLüLP oDO×üPDODU× YH NDPSDQ\DODU WDVDUOD\DUDNKD\YDQKDNODU×YHHNRORMLNGHQJHNRQXVXQGDNDPXR\XQ-GD|OoOHELOLUIDUN×QGDO×NYHELOLQoOHQGLUPH\DUDWPD\DoDO×üPDNWDG×U

 .LPL ]DPDQ NDPSDQ\D YH HùLWLP oDO×üPDODU×\OD NLPL ]DPDQ 6D\×O×+D\YDQODU×.RUXPD<DVDV×·Q×LKODOHGHQ\HUHO\|QHWLPOHUH NDUü×X\JXODG×ù×EDVN×ODUKXNXNLYH|UJWOH\OHPOHUOHVRQ]DPDQODU-GD NDUü×X\JXODG×ù×EDVN×ODUKXNXNLYH|UJWOH\OHPOHUOHVRQ]DPDQODU-GD \HQL \DVD WDVDU×V×\OD PHG\DNDUü×X\JXODG×ù×EDVN×ODUKXNXNLYH|UJWOH\OHPOHUOHVRQ]DPDQODU-GD V×NoD JQGHPH JHOHELOHQ +$<7$3·×QHWNLQOLNOHULQLYHH\OHPOHULQLVRV\DOSD\ODü×PDùODU×DUDF×- O×ù×\ODGDHWNLQüHNLOGHGX\XUGXùXYHX\JXODPD\DJHoLUHELOGLùLGü-QOPHNWHGLU %X QHGHQOH GH )HGHUDV\RQXQ ELU VLYLO WRSOXP |UJW RODUDN\HQLLOHWLüLPNDQDOODU×QDQDV×OYHQHDPDoOD\DNODüW×ù×EXoHUoH-YHGH KDONOD LOLüNLOHUL QDV×O \RUXPODG×ù× |ùUHQLOHUHN GHùHUOHQGLULOPHN LVWHQPLüWLU

%LUEDüNDGH\LüOHDUDüW×UPDGDKDoRN+$<7$3·×QKDONODLOLüNLOHU YH VRV\DO SD\ODü×P DùDU× DOJ×V× ]HULQH NXUXOGXùX LoLQ |UJWQ EX DUDoODU× QDV×O DOJ×ODG×ù× GDKD |QHP WDü×PDNWDG×U %X QHGHQOH VRPXW o×NW× RODUDN|UJWQ VRV\DO SD\ODü×P DùODU× ]HULQGHQ \DSW×ù× SD\OD-ü×PODU×DQDOL]HWPHPHVLEXDUDüW×UPDQ×QV×Q×UO×O×ù×G×U

$UDùW×UPD6RUXODU×

dDO×üPDGD +$<7$3 %DüNDQ× $Y $KPHW .HPDO ûHQSRODW LOH  ûXEDWWDULKLQGHJHUoHNOHüWLULOHQ\]\]HJ|UüPH\|QWHPLNXO-ODQ×OP×üW×U*|UüPHVRUXODU×LNLJUXEDD\U×OP×üW×U

‡‡‡

(18)

1. +DONOD LOLüNLOHU YH NXUXPVDO LOHWLüLP X\JXODPDODU×QD LOLüNLQ DOJ× *|UüPHGHNDW×O×PF×\DKDONODLOLüNLOHUH\|QHOLNoDùU×ü×PODU×VRUXO- PXüWXU%XoHUoHYHGHKDQJLLOHWLüLPX\JXODPDODU×Q×KD\DWDJHoLU- GLNOHULSD\GDüODUDKLWDSHGHUNHQKDQJL\|QWHPYHDUDoODU×NXOODQ-G×NODU× YH HWNLOHüLPLNDW×O×P× QDV×O VDùODGLNOHULSD\GDüODUDKLWDSHGHUNHQKDQJL\|QWHPYHDUDoODU×NXOODQ-G×NODU× GD |ùUHQLOPH\H oDO×ü×OP×üW×U

2. 6RV\DO SD\ODü×P DùODU×Q×Q |UJWWHNL URO |QHPL YH |QJ|UOHUH LOLüNLQ sorulargUJWQVRV\DODùODU×QDV×OYHQHDPDoODNXOODQG×ù×X\JX- ODPDGDKDQJLVRUXQODUODNDUü×ODüW×NODU×EXQXQODLOJLOLPHYFXWDOW-\DS×ODU×Q×QQHROGXùXYHJHOHFHùHLOLüNLQ\HQLPHG\DNXOODQ×P×\OD LOJLOL SODQODU× |ùUHQLOPH\H oDO×ü×OP×üW×U %X \ROOD VRV\DO SD\ODü×P DùODU×Q×Q KDONOD LOLüNLOHU X\JXODPDODU×QGDNL URO YH HWNLQOLùLQLQ |ùUHQLOPHVLDPDoODQP×üW×U

%XOJXODU

+$<7$3 %DüNDQ× $Y $KPHW .HPDO ûHQSRODW KDONOD LOLüNLOHUL KD\DWDJHoLULOHFHNRODQELUSURMHQLQYH\DVXQXODFDNELUUQQKHGHI NLWOHQLQDQOD\DELOHFHùLELUGLOGHVXQXOPDV×oDO×üPDODU×RODUDNWDQ×POD-P×üW×U *HOLüWLULOHQ SURMHOHULQ KDOND DQOD\DELOHFHùL üHNLOGH DQODW×ODELO-PHVL LoLQ GH EHOOL DUDoODU×Q JHOLüWLULODQODW×ODELO-PHVL JHUHNWLùLQL YXUJXODP×üW×U <D\×OPDV×LVWHQLOHQLOHWLOHULQKHGHINLWOHOHUHXODüPDV×LoLQEX\DNODü×P-GDQ KDONOD LOLüNLOHU oDO×üPDODU×Q×Q \DS×OPDV× JHUHNPHNWHGLU oQN KDONODLOLüNLOHU|UJWQVHVLQLG×üGQ\D\DGX\XUDELOHFHùL|QHPOLELU DUDoRODUDNJ|UOPHNWHGLU

+$<7$3·WDNXUXPVDOELULOHWLüLPLQELULPLEXOXQPDPDNODEHUDEHU KDONODLOLüNLOHUoDO×üPDODU×Q×Q|UJWLoLQGHELULQFLO|QHPGHROGXùXYXU- JXODQP×üW×U%XDQODPGDLOHWLüLPYHKDONODLOLüNLOHUoDO×üPDODU×QׁVWOH-QHQ NLüLOHU GH GRùUXGDQ NDUDU DO×S \UWPH \HWNLVLQH VDKLSWLU 'ROD\×V×\OD|UJWWHLOHWLüLPLüOHULQL\UWHQEWQJ|UHYOLOHUVWUDWHMLN X\JXOD\×F×ODURODUDNNRQXPODQG×U×OPDNWDG×U+DONODLOLüNLOHULQEXDOJ×-V×oHUoHYHVLQGHPHG\DLOLüNLOHUL\|QHWLPL|QFHOLNOLELUGLVLSOLQRODUDN J|UOUNHQORELFLOLùLQGHKDONODLOLüNLOHUoDO×üPDODU×LoLQGHoRN|QHPOL ROGXùXEXOJXODQP×üW×UûHQSRODWKDONODLOLüNLOHUH\DNODü×P×Q×üXüHNLO-GHLIDGHHWPLüWLU

(19)

%L]LP G×ü GQ\D\D VHVLPL]L GX\XUDQ HQ |QHPOL N|SUGU EX NLüLOHULQ oDO×üPDODU×+DONODLOLüNLOHUoDO×üPDODU×ROPDVD\G×+$<7$3EXJQEXUDOD-UDJHOHPH]GLoQN|EUWUOKD\YDQVHYHULQKD\YDQVHYHUOHLOHWLüLPL RODUDNNDO×UG×%L]ELU67.RODUDNHULüHELOGLùLPL]WPLOOHUHWPNHVLPOH-UH FDPLOHUGHQ RNXOODUD VDQDWo×ODUGDQ EURNUDWODUD PHG\D\D DNO×QD JHOHELOHFHN KHU \HUH oDO×üPDODU×P×]× DQFDN KDONOD LOLüNLOHU YDV×WDV×\OD GX\XUDELOLUDQODWDELOLUL] +HGHINLWOHOHUHKLWDSHWPHGHNXOODQ×ODQLOHWLüLPNDQDOODU×LVHKHU QHNDGDUEDV×O×LOHWLüLPPDWHU\DOOHUL\RùXQRODUDNNXOODQ×OVDGD|QFHOLN- OHoHYULPLoLDUDoODUG×U)HGHUDV\RQXQoHYULPLoL\D\×QODQDQD\O×NEOWH-QLROGXùXEHOLUWLOPLüWLUúQWHUQHWJHOHQHNVHOPHG\DYHVRV\DOSD\ODü×P DùODU×Q×QHWNLQRODUDNNXOODQ×OPDV×Q×Q\DQ×V×UD+$<7$3·WDEDV×O×LOHWL- üLPPDWHU\DOOHULQLQNDUJRNXU\HDUDF×O×ù×\ODGDKHGHINLWOHOHUHGDù×W×O-G×ù×EHOLUWLOPLüWLU

g]HOOLNOH NXUXPVDO ZHE VLWHVLQLQ oRN HWNLQ NXOODQ×OG×ù×Q× LIDGH HGHQ ûHQSRODW \DS×ODQ EWQ oDO×üPDODU× |QFHOLNOH ZHE VD\IDV×QGDQ VRQUDGDVRV\DOSD\ODü×PDùODU×QGDQSD\ODüW×NODU×Q×E|\OHFHKHPPHG-\D\D EX NDQDOODUOD ELOJL VDùODG×NODU×Q× KHP GH GLùHU KD\YDQ KDNODU× VDYXQXFXODU×Q×QEXNDQDOODU×]L\DUHWHGHUHNLVWHGLNOHULELOJL\LHGLQHELO-GLNOHULQLYHEXELOJLOHUL|UQHNRODUDNNXOODQG×NODU×Q×EHOLUWPLüWLU<HQL RODQKHULOHWLüLPNDQDO×Q×Q|UJWQHWNLOLLOHWLüLPLLoLQ|QHPOLROGXùX YXUJXODQP×üW×U 'L\DORùDGD\DO×HWNLQKDONODLOLüNLOHUoDO×üPDODU×QGDJHULELOGLULP- OHULQDO×QPDV×GHùHUOHQGLULOPHVL|QHPOLGLU%XoHUoHYHGHEXJHULELOGL- ULPOHULQKDQJLNDQDOODUGDQHGLQLOGLùLGH|UJWQKDONODLOLüNLOHUX\JX- ODPDODU×LoLQKDQJLLOHWLüLPNDQDOODU×Q×HWNLQRODUDNNXOODQG×ù×Q×J|VWHU-PHNWHGLU <DS×ODQJ|UüPHGH+$<7$3·WDHQ\D\J×QJHULELOGLULPNDQDOODU× ZHEVD\IDV×HSRVWDYHVRV\DODùODUJLELoHYULPLoLLOHWLüLPNDQDOODU×YH WHOHIRQ J|UüPHOHUL RODUDN EXOJXODQP×üW×U $QFDN HGLQLOHQ JHULELOGL- ULPOHULQGHùHUOHQGLULOPHVLQLQDQNHWJLELSURIHV\RQHO|OoPHGHùHUOHQ- GLUPHELoLPLQGHQX]DNROGXùXV|\OHQHELOLU+$<7$3·WDWPoDO×üPD-ODU×Q J|QOOON HVDV×QD GD\DO× ROPDV× QHGHQL\OH J|QOO oDO×üPD

(20)

WDOHSOHULQGH EDüYXUXGD EXOXQDQ NLüLOHULQ \DSDFDNODU× X]XQ VUHOL YH NDO×F×oDO×üPDODU×Q×QGHùHUOHQGLULOGLùLEXQXQODEHUDEHU\DS×F×\|QGH JHOHQHOHüWLULOHULQGLNNDWHDO×QG×ù×EHOLUWLOPLüWLU%XQDHNRODUDN\×OGD LNL GHID G]HQOHQHQ LO WHPVLOFLOHUL WRSODQW×ODU×QGD EDüDU× |\NOHULQLQ SD\ODü×OG×ù×GHùHUOHQGLUPHOHUGH\DS×OPDNWDG×U

(QL\LJHULELOGLULPWHOHYL]\RQSURJUDPODU×QGDQYH\DJD]HWHKDEHUOHULQGHQ VRQUD ROX\RU %LU WHOHYL]\RQ SURJUDP×QD o×NW×NWDQ VRQUD HUWHVL JQ ZHE VD\IDP×]×QW×NODW×OPDRUDQ×QGDDUW×üROX\RU7HOHIRQDoDQODUHSRVWDJ|Q-GHUHQOHUJ|QOORODUDNoDO×üPDNLVWH\HQOHUROX\RUûLPGL)DFHERRNPRGD ROGXRUD\DJLULSoDO×üPDODU×J|UHQOHUEL]HEDüYXUX\RU'HùHUOHQGLUPH\H JHOLQFH EL]H \DS×ODQ EDüYXUXODU×Q oRùX JQELUOLN KDY\DQ VHYHUOHUGHQ <DQLRDQELUIHODNHWROPXüROX\RURJD]ODEL]HEDüYXUXS¶%HQGHoDO×üDFD-ù×PELUüH\OHU\DSDFDù×P·GHQL\RUVRQUDRKH\HFDQN×VDVUHGHELWL\RU XQXWXOX\RU 'ROD\×V×\OD EX NLüLOHULQ JHUoHNWHQ NDO×F× J|QOOOHU ROXS ROPDG×ù×Q×DQODPDP×]LoLQELUNHUHVUHNOLEL]LPOHLUWLEDWLoLQGHROPDV× \D]×üPDV×EDüDU×O×ELUoDO×üPD\ODNHQGLQLNDQ×WODPDV×OD]×P%XQXQG×ü×Q- GDHùHUGRùUXYH\DS×F×ELUHOHüWLULYDUVDRQXKHPHQG]HOWPH\HoDO×ü×\R-UX]6RQXoWDWHFUEHOLWPNLüLOHUGHQID\GDODQPDNLVWHUL]

+D\YDQ KDNODU× KDUHNHWLQLQ 7UNL\H·GH GLùHU KDUHNHWOHUH J|UH J|UHFH\HQLELUDODQROPDV×EXDODQGDNLVLYLOWRSOXP|UJWOHQPHVLQLQ WDPRODUDNNXUXPVDOODüPDP×üELUüHNLOGHGDù×Q×NYHHüJGPER]XN-OXùX LoLQGH LüOHPHVL EXQXQ VRQXFXQGD KD\YDQ KDNODU× |UJWOHUL YH VLYLOKD\YDQVHYHUOHUDUDV×QGDo×NDQNDYJDYHoDW×üPDODU×QV×NoD\DüDQ-PDV×NLPLGXUXPODUGDELUX]ODü×PDYDU×ODPDPDV×EXDODQGDNLEDüO×FD VRUXQRODUDN|QHVUOHELOLU%XGXUXPXQ+$<7$3·×QKHPNXUXPVDO LWLEDU×QD]DUDUYHUHELOHFHùLKHPGH|UJWPDGGLYHPDQHYL\×SUDWDEL- OHFHùLJHUHNoHVL\OH)HGHUDV\RQXQ ELUN×VP×VDOG×U×DPDoO×RODQ JHUL- ELOGLULPOHUHGDKDNDSDO×ROGXùXYHEXJHULELOGLULPOHULGHùHUOHQGLUPH-GHGDKDWHPNLQOLGDYUDQG×ù×V|\OHQHELOLU .×VDFDV×+$<7$3·WDPHG\DLOLüNLOHUL\|QHWLPLHQ|QHPOLDODQROD-UDN J|UOPHNWHGLU %XQXQOD EHUDEHU ORELFLOLùLQ GH ELU KDONOD LOLüNLOHU DODQ×RODUDN|QFHOLNOLROGXùXRUWD\Do×NP×üW×U%XQXQ\DQ×QGDoHYULPL-oL LOHWLüLP NDQDOODU×Q×Q EDV×O× LOHWLüLP PDWHU\DOOHULQLQ WHOHYL]\RQ JD]HWH JLEL JHOHQHNVHO PHG\DQ×Q YH VRV\DO SD\ODü×P DùODU×Q×Q HQ

(21)

\RùXQLOHWLüLPDUDoODU×RODUDNNXOODQ×OG×ù×EXOJXODQP×üW×U7RSODQW×ODU JLEL \] \]H LOHWLüLP YH WHOHIRQ NDQDO×\OD LOHWLüLP GH GLùHU LOHWLüLP NDQDOODU×G×U*HULELOGLULPOHULQ DO×Q×S GHùHUOHQGLULOPHVLGH\LQH oHYUL-PLoL NDQDOODU YH \] \]H LOHWLüLPOH \DS×OPDNWDG×U %X DQODPGD +$<7$3·×Q KHGHI NLWOHOHULQH XODüPDGD NDUPD ELU PHG\D LOHWLüLPLQL X\JXODG×ù×J|UOPHNWHGLU%XQXQODEHUDEHU+$<7$3·WDVWUDWHMLJHOLü-WLULFL DQNHW YE SURIHV\RQHO |OoPHGHùHUOHQGLUPH X\JXODPDODU×Q×Q \DS×OPDG×ù×EDù×ü\ROX\ODHOGHHGLOHQJHOLULQPHG\DYHNDPXR\XQD \|QHOLNLOHWLüLPYHKDONODLOLüNLOHUPDWHU\DOOHULQHDUDoODU×QDNXOODQ×O-G×ù×GLNNDWLoHNPLüWLU

+$<7$3·WD NXUXPVDO RODUDN NXOODQ×ODQ VRV\DO SD\ODü×P DùODU× )DFHERRNYH7ZLWWHU·G×U%XQXQ\DQ×QGD)HGHUDV\RQXQELUGH:HE79 X\JXODPDV×QDVDKLSROGXùXEXOJXODQP×üW×U

)HGHUDV\RQXQ %DüNDQ× $KPHW .HPDO ûHQSRODW VRV\DO SD\ODü×P DùODU×Q×Q NXOODQ×P×QD LOLüNLQ WHPHO VRUXQXQ ROXPVX] KDEHUOHULQ YH HOHüWLULOHULQDo×NüHNLOGHYHNROD\FDEXUDODUGD\HUDODELOGLùLQLGROD\×-V×\OD GD EX WU ROXPVX] JHULELOGLULPOHUL GHùHUOHQGLUPHQLQ YH \DQ×W YHUPHQLQULVNOLYHNULWLNROGXùXQXEHOLUWPLüWLU6RV\DOSD\ODü×PDùOD-U×Q×GDKDJHQLüNLWOHOHUHXODüPDNLoLQNXOODQG×NODU×Q×V|\OH\HQûHQSRODW \LQHEXDùODU×QNXOODQ×P×QGDNLHQE\NV×N×QW×Q×Q\×N×F×HOHüWLULOHUH PDUX]NDOPD\DoRNX\JXQRUWDPODUROGXùXQXD\U×FDEXDùODU×QGDKD oRNüHKLULQVDQ×QDKLWDSHWWLùLQLLIDGHHWPLüWLU

%X DùODU× NXOODQPD QHGHQLPL] JHQHOH XODüPDN \DQL \DOQ×]FD KD\YDQ VHYHUOHUGHùLOKD\YDQVHYPH\HQOHUHYHKD\YDQODUDQ|WU\DNODüDQODUDGD KLWDSHWPHNoQNRQODUPLO\RQODU$QFDNEXNDQDOODUGDQGDDo×NKDND-UHWOHUH PDUX] NDO×Q×\RU <DQL RQ WDQH WDNGLU DO×\RUVDQ \] WDQH GH DUW QL\HWOL PHVDM DO×\RUVXQ 'ROD\×V×\OD VHQLQ \DSP×ü ROGXùXQ XIDF×N ELU KDWDGDQYH\DNDUü×WDUDI×PXWOXHWPH\HFHNELU\D]×GDQI×UVDW\DUDW×SVDQD ODI VRNXüWXUX\RUODU 7DEL ELU GH LQWHUQHW GDKD oRN üHKLU LQVDQ×QD KLWDS HGL\RU.|\GHNLLQVDQ)DFHERRN·DJLUHPH\HELOLU2]DPDQGDJHOHQHNVHO NDQDOODU×WHUFLKHGL\RUX]

+$<7$3·WDVRV\DOSD\ODü×PDùODU×Q×QNXOODQ×P×YH\|QHWLPLLoLQ SURIHV\RQHO ELU HNLS EXOXQPDPDNWDG×U *|QOO ED]× +$<7$3

(22)

7HPVLOFLOHUL EX DùODU× \|QHWPHNWH YH ELOJL SD\ODü×P×Q× JHUoHNOHüWLU-PHNWHGLU%XQXQODEHUDEHU+$<7$3\HQLPHG\DRODUDNVD\×ODELOHFHN 606NDQDO×Q×|UJWLoLLOHWLüLPLoLQNXOODQPDNWDG×UgQFHNLVDW×UODUGD GDEHOLUWLOGLùLJLELWP\HQLLOHWLüLPNDQDOODU×Q×QKDONODLOLüNLOHUDUDF× RODUDNHWNLQELUüHNLOGHNXOODQ×OPD\DoDO×ü×OG×ù×EXDQODPGDGDJHOH- FHNWHEXDùODU×QGDKDGD|QHPND]DQDFDù×YH\D\J×QODüDFDù×|QJ|U-VQGHEXOXQXOGXùXEXOJXODQP×üW×U

+$<7$3·×Q ZHE VD\IDV×QGD SD\ODü×ODQ KHU üH\LQ VRV\DO DùODUGD GDSD\ODü×OG×ù×Q×EHOLUWHQ$KPHW.HPDOûHQSRODWEXDùODU×QNHQGLQL GDKD L\L LIDGH HWPH\L VDùODG×ù×Q× YH EX NDQDOODUGD JQGHPLQ GDKD NROD\\|QHWLOHELOGLùLQLE|\OHFHGHJQFHONDO×QDELOGLùLQLLIDGHHWPLü-WLU $\U×FD EX NDQDOODU NDPSDQ\D HWNLQOLNOHUL YH |UJWOHQPH LoLQ GH HWNLQ RODUDN NXOODQ×OPDNWDG×U ûHQSRODW VRV\DO SD\ODü×P DùODU×Q×Q PDOL\HWDo×V×QGDQoRNDYDQWDMO×ROGXùXQXGROD\×V×\ODGDEXQHGHQOH |QHPLQLQGHYDPHGHFHùLQLV|\OHPLüWLU

gUQHùLQ EXJQ 0HFOLVWH \DVD GHùLüLNOLùL\OH LOJLOL J|UüPHOHU \DS×OG× KHPHQ)DFHERRNYH7ZLWWHU·GDEXQXQODLOJLOLKDEHUOHUJLULOGL'ROD\×V×\OD \DU×QNLPVHNDON×S¶.UNHKD\×UDYROPDV×Q·IDODQGHPH\HFHN\DVDGHùL-üLNOLùL\OH LOJLOL NRQXüDFDN 6DOG×UVD ELOH \DVD\OD LOJLOL RODFDN EX VDOG×U× 6RQXoWD JQGHPL EL] EHOLUOHPLü ROX\RUX] YH LQVDQODU GD R JQGHPOH LOJLOLNRQXüPDNGXUXPXQGDNDO×\RU2DQODPGDoRNHWNLOLgUJWOHQPH\H GH HWNLVL ROX\RU<DSW×ù×Q×] ELU NDPSDQ\D EX NDQDOODU VD\HVLQGH KDEHUL ROPD\DQLQVDQODU×QELOHGLNNDWLQLoHNL\RU%XDùODU×Q|QHPLGHYDPHGH-FHNWDELoQNoRNXFX].DUJRQXQ|UQHùLQPDOL\HWLYDUYHEL]LPJLEL 67.·ODULoLQPDOL\HW|QHPOLELUVRUXQ g]HWOHVRV\DOSD\ODü×PDùODU×Q×QNXUXPVDORODUDNNXOODQ×P×QGD \DüDQDQEDüO×FDVRUXQODUEXRUWDPODU×QKHUNHVLQ\RUXP\D]PDV×QDYH EX\RUXPODU×\LQHKHUNHVLQRNX\DELOPHVLQHRODQDNVDùOD\DQNDQDOODU ROPDV×QHGHQL\OHROXPVX]HOHüWLULYHVDOG×U×ULVNLQHDo×NROPDV×EXQ-GDQGROD\×GDEXWUROXPVX]JHULELOGLULPOHULDOPDGDYHEXQODUD\DQ×W YHUPHGHNL\|QHWLP]RUOXùXRODUDNWDQ×PODQP×üW×U%XOJXODUoHUoHYH-VLQGH |QHPLQLQ JLGHUHN DUWDFDù× V|\OHQHQ VRV\DO SD\ODü×P DùODU×Q×Q NXUXPVDODo×GDQDYDQWDMODU×LVHü|\OHV×UDODQP×üW×U

‡ gUJWQ\DNODü×P×Q×YHDPDoODU×Q×GDKDL\LYHNROD\LIDGHHGHELOPH RODQDù×

(23)

‡ gUJWQ oDO×üPDODU×Q×Q JQFHO NDOPDV×Q× VDùODPD YH DODQD LOLüNLQ JQGHPL\|QHWHELOPHJF

‡ 0DOL\HW Do×V×QGDQ GLùHU LOHWLüLP DUDoODU×QD J|UH oRN GDKD HOYHULüOL ROPDV×

+$<7$3·WD \HQL LOHWLüLP WHNQRORMLOHUL YH VRV\DO SD\ODü×P DùODU× |QHPOLDUDoODURODUDNWDQ×PODQPDNODEHUDEHUEXDUDoODU×QHWNLQNXOOD-Q×P×YH\|QHWLPLQH\|QHOLNHùLWLPSODQ×Q×QROPDG×ù×EXOJXODQP×üW×U %X DODQGD QLWHOLN JHOLüWLUPH\H \|QHOLN HùLWLPOHULQ \DS×OPDPDV×Q×Q QHGHQLEXDODQODUGDQVRUXPOXWXWXODQJ|QOOOHULQEXDUDoODUDLOLüNLQ \HWHUOL ELOJL YH QLWHOLùH VDKLS ROPDV× GROD\×V×\OD EX DODQODU×Q HWNLQ RODUDN X\JXODQDELOGLùL GüQFHVL RODELOLU %XQXQ \DQ×QGD |UJWQ EDù×üWRSODPD\ROX\ODJHOLUHOGHHWWLùLYHEXDQODPGDSDUDVDORODQDN-ODU×Q×Q N×V×WO× ROPDV× QHGHQL\OH EX HùLWLPOHUH YH SURIHV\RQHO |OoPH GHùHUOHQGLUPH JLEL QLWHOLN JHOLüWLULFL ELU WDN×P X\JXODPDODUD \HWHUL NDGDU\DW×U×P\DS×ODPDPDV×GLNNDWHDO×QPDO×G×U

6RQXoYH'HöHUOHQGLUPH

<DS×ODQJ|UüPHEXOJXODU×QDJ|UHKDONODLOLüNLOHUROXPOXYH\DS×-F× oDO×üPDODU RODUDN DOJ×ODQPDNWDG×U$QFDN KDNOD LOLüNLOHULQ HQ EDüWD KDONODYDWDQGDüODLOHWLüLPNXUPDoDEDV×RODUDNV×Q×UO×ELUüHNLOGHQLWH-OHQGLULOGLùL GH GLNNDWL oHNPLüWLU +$<7$3 JLEL WRSOXPXQ WPQ ‡‡‡

 +DONODLOLüNLOHULQ\DOQ×]FDKDONODLOLüNLNXUDQoDO×üPDODU×NDSVDG×ù×DOJ×V×Q×QKDODSHN oRN NXUXP NXUXOXü YH X]PDQODU DUDV×QGD \D\J×Q ROXüX KDONOD LOLüNLOHULQ EDüO×FD VRUXQXRODQ\DQO×üYHHNVLNWDQ×PODQPDV×YHX\JXODQPDV×Q×QGDHQWHPHOQHGHQLGLU 2\VDKDONODLOLüNLOHUNXUXPLoLoDO×üDQODUGDQNXUXPSD\GDüODU×QDPHG\DDODQ×QGD-NLSD\GDüODUGDQUDNLSNLWOHOHUHYHPüWHULOHUHNDGDUoHYUHGHNLWPNDPXODU×KHGHI NLWOHOHUL NDSVD\DFDN üHNLOGH JHOLüWLULOHQ LOHWLüLP VWUDWHML YH WDNWLNOHULQGHQ ROXüPDN-WDG×U %XQXQOD EHUDEHU KDONOD LOLüNLOHU DODQ×QGD X]ODü×OP×ü ELU WDQ×PD KDOD HULüLOH-PHPLüROXQPDV×DNDGHPLNYHSURIHV\RQHOPHüUXL\HWDUD\×ü×oHUoHYHVLQGHWHPHOELU VRUXQ RODUDN J|UOPHNWHGLU$\U×FD UHNODP SURSDJDQGD SD]DUODPD JLEL DODQODUOD KDONODLOLüNLOHULQLoLoHROPDV×EXQHGHQOHGHKHPX\JXODPDGDKHPGHWDQ×PODPDGD EXDODQODU×QNROD\O×NODNDU×üW×U×OPDV×KDONODLOLüNLOHULQWDQ×PJoOùQQELUEDüND QHGHQL RODUDN GHùHUOHQGLULOHELOLU %X QHGHQOHUGHQ |WU KDONOD LOLüNLOHULQ QH ROGX-ùXYHQDV×OWDQ×PODQG×ù×GDDODQDJHWLULOHQIDUNO×WRSOXPVDOYHNOWUHO\DNODü×PODU oHUoHYHVLQGHVUHNOLJQFHOOHQPHNWHYH\HQLGHQLUGHOHQPHNWHGLU KDONODLOLüNLOHULQ JQFHOWDQ×P×QDLOLüNLQD\U×QW×O×ELOJLHGLQPHNLoLQEDN×Q×].D]DQF×$VQD %DOWD3HOWHNRùOXYH<×OG×U×P%HFHULNOL 

(24)

NDSVD\DFDNoRNJHQLüELUKHGHINLWOH\HKLWDSHWPHDPDF×GLNNDWHDO×Q-G×ù×QGDKDONODLOLüNLOHUOHLOJLOLE|\OHELUJHQHODOJ×Q×Q\HUOHüPLüROGXùX V|\OHQHELOLU $QFDNKHGHINLWOHQLQWRSOXPXQKHUNHVLPLRODUDNJHQHOOHQPHVLGH HWNLQKDONODLOLüNLOHUX\JXODPDODU×Q×]RUODüW×UPDNWDG×U+HQGUL[|UJ-WQHVDVKHGHINLWOHVLKDNN×QGDKDONODLOLüNLOHUX]PDQ×Q×QELOJLVDKLEL ROPDV×Q×Q|QHPLQLYXUJXODUNHQ´KHGHINLWOHOHULNHQGLLoOHULQGHoHüLWOL SDUoDODUD D\×UPDQ×Q YH D\U× KDON NULWHUOHULQH J|UH |]HO PHVDMODU×Q KD]×UODQPDV×Q×Q |QHPLQH GHùLQLUµ DNWDUDQ '\HU YG    %X |QHUPH\OH GHVWHNOHQHFHN ELoLPGH +$<7$3 +D\YDQ +DNODU× )HGHUDV\RQX·QXQKHGHINLWOHOHULQL\HOHUGHUQHNOHUNDPXNXUXOXüOD-U× PHG\D YH EDV×Q RODUDN D\×UG×ù× EXQXQOD EHUDEHU |UJWQ IDUNO× NHVLPOHUHKLWDEHQIDUNO×V|\OHPOHUJHOLüWLUGLùLEXOJXVXQGDQ\RODo×ND-UDN WRSOXP JHQHOLQGHNL KHGHI NLWOHOHULQL GH D\×UG×ù× V|\OHQHELOLU gUQHùLQN×UVDOYHWDüUDE|OJHOHULFDPLYHPIWONOHULoLQGDKDGLQL V|\OHPOHUJHOLüWLULUNHQEHOHGL\HOHUOHoDO×üPDODU×QGDVRNDNKD\YDQODU×-Q×Q N×V×UODüW×U×OPDV× Dü×ODQPDV× YH EDN×P HYOHUL NRQXODU×QGD VL\DVL SDUWLOHUYHPLOOHWYHNLOOHUL\OH6D\×O×+D\YDQODU×.RUXPD<DVDV×·Q×Q \HQLGHQG]HQOHQPHVLNRQXVXQGDE\NüHKLUKDON×QDGDGDKDoRN SHWVKRS NUN VLUN JLEL NRQXODU× DQODWPDN ]HUH LOHWLüLP oDO×üPDODU× \DSW×ù×EXOJXODQP×üW×U

6LYLOWRSOXPXQ7UNL\H·GH·OL\×OODUGDJQONKD\DWDJLULS]H-ULQGHWDUW×ü×OG×ù×J|UHFH\HQLELUROJXROPDV×EXDQODPGDVLYLOWRSOXP |UJW DQOD\×ü×Q×Q WDP NDYUDQDPDP×ü ROPDV× EX |UJWOHUH LOLüNLQ JYHQLQ GH WDP RODUDN JHOLüPHGLùLQL J|VWHUPHNWHGLU .DOG× NL ]DWHQ KDONOD LOLüNLOHULQ LoLQGH EXOXQPDV× JHUHNHQ JYHQ ELU VLYLO WRSOXP |UJWQQ EDüODQJ×o QRNWDV× RODUDN J|UOPHOLGLU %X DQODPGD +$<7$3·×Q WRSOXP YH LOJLOL VHNW|UOHU QH]GLQGH VD\J×QO×ù×Q× GHYDP HWWLUPH EX DPDoOD WXWDUO×O×ù× üHIIDIO×ù× o|]P RGDNO×O×ù× YH ELOLPH GD\DO× ELOJL YH KL]PHW UHWPH\L VUGUPH oDEDODU× 7UNL\H·GH VLYLO WRSOXP|UJWOHULQHJHWLULOHQED]×ROXPVX]OXNODU×YHELUWDN×P\ROVX]-OXNODU×N×UPDDo×V×QGDQ|QHPOLGLU

6RQXoRODUDNûHQSRODW·×QNHQGLGH\LPL\OHWDQ×PODG×ù×´LPDM×\HU-

(25)

OHUHVHULOPLüµKD\YDQKDNODU×DODQ×Q×Q\HQLGHQLWLEDUYHJYHQND]DQ-PDV×QD\|QHOLNüHIIDIO×NLüELUOLùLYHNDW×O×PF×O×NLONHVLQLWHPHODODUDN \DSW×ù× oDO×üPDODU EX DUDüW×UPDGD GD EXOJXODQP×üW×U 'ROD\×V×\OD +$<7$3·×Q KHP X]ODü×PF× KHP GH HWLN ELU KDONOD LOLüNLOHU DQOD\×ü×Q× EHQLPVHPH\HoDO×üW×ù×J|UOHELOLU

6RV\DOSD\ODü×PDùODU×Q×QYHGLùHU\HQLLOHWLüLPDUDoODU×Q×QKDONOD LOLüNLOHU DUDF× RODUDN NXOODQ×P×QD JHOLQFH +$<7$3·×Q )DFHERRN YH 7ZLWWHUKHVDE×Q×QNXUXPVDODQODPGDHWNLQRODUDN\UWOGùV|\OH-QHELOLU dDO×üPDQ×Q EXOJXODU×QD J|UH GH |QHPLQLQ JLGHUHN DUWDFDù× V|\OHQHQVRV\DOSD\ODü×PDùODU×Q×QNXUXPVDODo×GDQDYDQWDMODU×ü|\OH V×UDODQP×üW×U ‡ úOHWLOHULQGDKDK×]O×YHGDKDJHQLüNLWOHOHUH\D\×OPDV× ‡ +HGHINLWOHOHUHHULüLPNROD\O×ù× ‡ 0DOL\HWLQLQGLùHULOHWLüLPDUDoODU×QDJ|UHGDKDGüNROPDV× ‡ gUJWQoDO×üPDODU×Q×QJQFHONDOPDV×Q×VDùODPD

+$<7$3 WHVSLW HGLOHQ EX QHGHQOHU GROD\×V×\OD NDPSDQ\DODU×Q× VRV\DOSD\ODü×PDùODUׁ]HULQGHQGHKD\DWDJHoLUPHNWHYH\UWPHNWH- GLU%XQXQODEHUDEHUVRV\DOSD\ODü×PDùODU×Q×QNXUXPVDORODUDNNXOOD-Q×P×QGD\DüDQDQEDüO×FDVRUXQXQGDEXRUWDPODU×QROXPVX]HOHüWLULYH VDOG×U×ULVNLQHDo×NROPDV×G×U.DOG×NL|UJWQEDüNDQ×NLüLVHOVDOG×U×- ODUDYH\×N×F×HOHüWLULOHUHPDUX]NDOG×ù×LoLQ)DFHERRN·WDNLNLüLVHOKHVD-E×Q×NDSDWPDN]RUXQGDNDOG×ù×Q×GDEHOLUWPLüWLU

+$<7$3·×Q VRV\DO SD\ODü×P DùODU×Q× NXOODQPD YH \|QHWPHGH GL\DORJVDO G|QJQQ VUGUOHELOLU ROPDV× LoLQ HULüLPLQ EX NDQDOODU DUDF×O×ù×\OD GDKD NROD\ KDOH JHWLULOPHVL YH ]L\DUHWoLOHUOH NRQXüPDQ×Q GDKDHWNLQ\UWOPHVLJHUHNPHNWHGLU=LUD\DS×ODQJ|UüPHoHUoHYH-VLQGH \HQL LOHWLüLP WHNQRORMLOHUL YH VRV\DO PHG\D |QHPOL ELUHU QLWHOLN DODQODU×RODUDNJ|UOPHNOHEHUDEHUEXDODQODUD\|QHOLNHùLWLPSODQ×Q×Q ROPDG×ù×EXOJXODQP×üW×U%XVRQXoGD|UJWQNXUXPVDOVRV\DOSD\OD-ü×P DùODU× NRQXVXQGD GDKD oRN QLWHOLN JHOLüWLULFL oDO×üPDODU \DSPD JHUHNVLQLPLQLQROGXùXQXJ|VWHUPHNWHGLU

(26)

gWH\DQGDQ+$<7$3·×QKHPUHDNWLILOHWLüLPX\JXODPDODU×Q×KHP GHSURDNWLIX\JXODPDODU×D\Q×GHUHFHGHVUGU\RUROPDV×|UJWQ ELUKDONODLOLüNLOHUDUDF×RODUDNVRV\DOSD\ODü×PDùODU×Q×NXOODQPDELoL-PLQLDPDF×Q×YHX\JXODPDODU×Q×GDHWNLOHPHNWHGLU

+D\YDQ VHYHU NLWOHQLQ NDPXR\XQGD YH VW G]H\ \|QHWLPOHUGH JHQHORODUDNGüNELULWLEDUDVDKLSROPDV×ELUEDüNDGH\LüOH·O×\×O- ODUGDRUWD\Do×NP×ü´3DQWHU(PHOµLPJHVLDOW×QGDVDOG×UJDQ\DNODü×P-ODU×Q YH HWLN ROPD\DQ X\JXODPDODUGDRUWD\Do×NP×ü´3DQWHU(PHOµLPJHVLDOW×QGDVDOG×UJDQ\DNODü×P-ODU×Q NDPXR\X DOJ×V×QGD \HU HWPLü ROPDV×+$<7$3·×QGDNXUXPVDOLWLEDU×Q×WHKGLWHGLFL|QHPOLELUXQVXU-GXU+$<7$3EXROXPVX]LPDM×G]HOWPH\H\|QHOLNNXUXPLoLQGHYH NXUXPG×ü×QGDWDNWLNOHUEHOLUOHPHNWHJHOLüWLUPH\HoDO×üW×ù×DN×OF×LüELU-OLNoL YH o|]P RGDNO× NXUXPVDO NLPOLùLQL HùLWLPOHUOH YH NDPSDQ\D V|\OHPOHUL\OH LQüD HWPHNWHGLU hUHWWLùL PHWLQOHUGH YH V|\OHPOHUGH +$<7$3J|QOOOHULQLQNHQGLOHULQLKD\YDQVHYHURODUDNGHùLOKD\YDQ KDNODU×VDYXQXFXODU×RODUDNWDQ×PODPDODU×|UJWQUHDNWLIWDNWLNOHULQH ELU|UQHNRODUDNJ|VWHULOHELOLU %XQXQODEHUDEHUWPSD\GDüODU×Q×ELO-JLOHQGLULFLYHLOJLOL\DVDoHUoHYHVLQGHVRUXQODU×Qo|]POHULQLGDKDHWLN ELU\DNODü×PODX\JXODW×F×VWUDWHMLOHUJHOLüWLUPHVLYH\HQLOLNoLELUDQOD\×ü-OD SURMHOHU UHWPHVL +$<7$3·×Q SURDNWLI oDO×üPDODU× GD UHDNWLI oDO×ü-PDODUOD D\Q× \RùXQOXNWD VUGUGùQ J|VWHUPHNWHGLU úQWHUQHW WDEDQO×DO×üYHULüVLWHVL+$<7$36KRSSURDNWLIoDO×üPDODUDELU|QHNROD-UDN J|VWHULOHELOLU %X DUDGD +$<7$36KRS·×Q D\U×FD UHVPL )DFHERRN VD\IDV×ROGXùXGDEXOJXODQP×üW×U

‡‡‡

 3URDNWLIYHUHDNWLIKDONODLOLüNLOHU|]OFHWDQ×PODQDFDNROXUVDSURDNWLIKDONODLOLüNLOHU VRUXQODUD o|]P JHOLüWLUPHNWHQ ]L\DGH I×UVDW NROOD\×F×G×U 6DYXQXFX GHùLO KFXPD \|QHOLNG]HOWLFLGHùLOGHVWHNOH\LFLYHJHOLüWLULFL|]HOOLNOHUHVDKLSWLU5HDNWLIKDONOD LOLüNLOHUGHLVHKHUKDQJLELUNXUXP\DGDNXUXOXüXQNDUü×NDUü×\DNDOG×ù×N|WLPDM SD]DUND\E×JLELROXPVX]OXNODU×EDüDU×\ODDWODWDELOPHVLLoLQJHOLüWLULOHQKDONODLOLüNLOHU oDO×üPDODU×G×U %LU EDüND GH\LüOH NUL] GXUXPXQGD JHOLüWLULOHQ YH X\JXODQDQ HWNLQ-OLNOHULNDSVDPDNWDG×U SURDNWLIYHUHDNWLIKDONODLOLüNLOHULoLQEDN×Q×]%DOWD3HOWHNRùOX  

 %DN×Q×]ZZZKD\WDSRUJ  %DN×Q×]ZZZKD\WDSVKRSFRP

(27)

1HWLFHGH +$<7$3 +D\YDQ +DNODU× )HGHUDV\RQX·QXQ LOHWLüLPLQL KHPSURDNWLIKHPUHDNWLIRODUDN\UWPHVLVRV\DOSD\ODü×PDùODU×Q×GD GL\DORùDGD\DO×YHNDW×O×PF×KDONODLOLüNLOHUHWDPDQODP×\ODKL]PHWHGH- FHNüHNLOGHNXOODQDELOPHVLQL]RUODüW×U×F×ELUHWNHQRODUDNGHùHUOHQGLULO-PHOLGLU %XQXQOD EHUDEHU +$<7$3·×Q YDU RODQ )DFHERRN YH 7ZLWWHU SURILOOHULQLQGHVRQUDNLDUDüW×UPDODUGDQLFHOYHYH\DQLWHOELUo|]POH- PH\OHLQFHOHQPHVLEXNDQDOODU×QHWNLQOLùLQLQGDKDGRùUXYHDo×NROD-UDN WDQ×PODQPDV×QD NDWN× VDùOD\DFDNW×U oQN EX SURILOOHUH NDEDFD EDN×OG×ù×QGDWDNLSHGHQVD\×V×Q×QJ|UHFHoRNOXùXSD\ODü×ODQELOJLYH PDWHU\DOOHULQJQFHOOLùLEXSD\ODü×PODU×QL]OH\LFLOHUDUDV×QGDSD\ODü×O-PDV× YH \RUXPODU×Q \DS×OPDV× +$<7$3·×Q VRV\DO SD\ODü×P DùODU×Q× |QHPOL |OoGH HWNLQ NXOODQG×ù×Q×Q Do×N ELU J|VWHUJHVL RODUDN RUWD\D o×NPDNWDG×U

gWH \DQGDQ |UJW LoLQGH UHVPL NRQXPGD oDO×üDQ J|QOOOHULQ <|QHWLP.XUXOXh\HOHULYH7HPVLOFLOHU NDUDUDOPDVUHoOHULQHNDW×O×S NDUDUODU×Q\UWOPHVLQGH\|QHWLP\HWNLVLQHVDKLSROPDODU×|UJWG×ü× HWNLQOLNOHUGH GH \HUHO \|QHWLPOHU GHYOHW NXUXOXüODU× VSRQVRUODU YH PHG\D JLEL G×ü SD\GDüODU×Q SURMH YH o|]P JHOLüWLUPHGH NDUDU DOPD VUHoOHULQGH YH ELOJL SD\ODü×P×QGD HWNLOL ELU NRQXPD VDKLS ROPDODU× +$<7$3·×QKDONODLOLüNLOHUoDO×üPDODU×QGDNDW×O×PF×YHHWLNELU\DNODü×-P×EHQLPVHGLùLQLJ|VWHUPHNWHGLU

6RQXo RODUDN VRV\DO SD\ODü×P DùODU× \DOQ×]FD ZHE VD\IDV×QGDNL ELOJL YH LoHULùLQ DNWDU×OG×ù× VDOW ELOJL YHUPH\H YH LNQD HWPH\H RGDNO× WHN\|QOELULOHWLüLPDUDF×RODUDNJ|UOPHPHOLGLU%XPHFUDODUKHGHI NLWOHOHUHVRUXODUVRUXODUDNRQODU×QILNLUYHGHùHUOHULQLDQODPD\D\|QH- OLNJHULELOGLULPOHUDODUDNJHOLüLPX]ODü×PYHo|]PRGDNO×ELUGL\DOR-ùDJHoHUHNNDW×O×PF×YHNDUü×O×NO×DQOD\×üDGD\DO×ELULOHWLüLPRUWDP×Q×Q NXUXODELOPHVLQHRODQDNVDùODPDNWDG×U úQVDQODUDUW×NILNLUOHULQLWHSNLOHULQLLVWHNOHULQLYHLKWL\DoODU×Q×KLo oHNLQPHGHQ NROD\FD GLOH JHWLUHELOHFHNOHUL ELU RUWDPGD SDVLI L]OH\LFL NRQXPXQGDQ o×NPDNWD GDKD FHVXU YH NDW×O×PF× ROPDNWDG×U 6RV\DO ‡‡‡

  (NLP  WDULKL LWLEDUL\OH +$<7$3·×Q )DFHERRN·WD EHùHQ VD\×V×Q×Q  7ZLWWHU·GDWDNLSHGHQVD\×V×Q×QROGXùXEXOJXODQP×üW×U

(28)

SD\ODü×PDùODU×Q×QNLWOHOHUHVXQGXùXEXRODQDNRQODU×QDUW×NKHUDODQ-GDV|]KDNN×VDKLELROPDNHQGLOHULQLLOJLOHQGLUHQKHUNDUDUGDRQODU×Q GDWX]XQXQEXOXQPDV×EHNOHQWLVLQLDUW×UPDNWDG×U'ROD\×V×\ODGHPRN-UDWLNELUWRSOXPGD|QHPOLELU\HUHVDKLSROPDV×EHNOHQHQVLYLOWRSOXP |UJWOHULKDONODLOLüNLOHUX\JXODPDODU×QGDLOHWLüLPPHFUDODU×Q×SODQODU- NHQEXEHNOHQWLOHULQIDUN×QGDRODUDN|QJ|UOHULQLJHOLüWLUPHNYHJHQLü-OHWPHN GXUXPXQGDG×U %X GXUXP KDN YH DGLO G]HQ LoLQ PFDGHOH HGHQVLYLOWRSOXP|UJWOHULQLQGDKDoRNJYHQYHWDUDIND]DQPDV×QD GDRODQDNVDùOD\DFDNW×U

(29)

.D\QDNoD $N×QF×9XUDO=%HULO  ´*LULüµ%LOJLúOHWLüLP7HNQRORMLOHULYH<DQV×PDODU× GHU %=$N×QF×9XUDO$QNDUD1REHO<D\×Q'Dù×W×P $VQD$OkHGGLQ  .XUDPGDYH8\JXODPDGD+DONODúOLüNLOHUúVWDQEXO 3R]LWLI<D\×QODU× %DOWD3HOWHNRùOX)LOL]  +DONODúOLüNLOHU1HGLU" %DVN× úVWDQEXO%HWD %DV×P %DüDUDQ)XQGD  ´$ù(NRQRPLVLYHúQWHUQHWµúOHWLüLP$ùODU×Q×Q (NRQRPLVL7HOHNRPQLNDV\RQ.LWOHúOHWLüLPL<D]×O×PYHúQWHUQHW. GHU )%DüDUDQYH+*HUD\$QNDUD6L\DVDO.LWDSHYL %LEHU$\KDQ  6LYLO7RSOXPgUJWOHULQGH+DONODúOLüNLOHU$QNDUD1REHO <D\×Q'Dù×W×P %URQVWHLQ&DURO\Q  ´5HVSRQVLEOH$GYRFDF\IRU1RQSURILW 2UJDQL]DWLRQVµ(WKLFVLQ3XEOLF5HODWLRQV5HVSRQVLEOH$GYRFDF\ GHU  .)LW]SDWULFNYH&%URQVWHLQ6DJH3XEOLFDWLRQV,QF &RROH\7UDF\  ´,QWHUDFWLYH&RPPXQLFDWLRQ²3XEOLF5HODWLRQVRQWKH :HEµ3XEOLF5HODWLRQV4XDUWHUO\   dDN×PúGLO  ´'LJLWDO3XEOLF5HODWLRQV2QOLQH5HSXWDWLRQ 0DQDJHPHQWµ1HZ0HGLDDQG3XEOLF5HODWLRQV GHU 6&'XKp3HWHU /DQJ3XEOLVKLQJ,QF 'RZQHV(GZDUG-YH0FPLOODQ6DOO\-  ´'HILQLQJ,QWHUDFWLYLW\µ1HZ 0HGLD 6RFLHW\   'XKH6DQGUD& D ´1HZ0HGLDLQ3XEOLF5HODWLRQV3UDFWLH 5HODWLRQVKLSDQG5HSXWDWLRQ0DQDJHPHQW2YHUYLHZµ1HZ0HGLDDQG 3XEOLF5HODWLRQV GHU 6&'XKp1HZ<RUN3HWHU/DQJ3XEOLVKLQJ ,QF 'XWWD0RKDQ-YH3DO0DKX\D  ´7KH,QWHUQHWDVD6LWHRI5HVLVWDQFH 7KH&DVHRIWKH1RUPDGD%DFKDR$QGRODQµ1HZ0HGLDDQG3XEOLF 5HODWLRQV GHU 6&'XKp3HWHU/DQJ3XEOLVKLQJ,QF '\HU6DP%XHOO7HUL+DUULVRQ0DVKHUHYH:HEHU6DUDK  ´.kU $PDoO×2OPD\DQúüOHWPHOHUGH+DONODúOLüNLOHUµ+DONODúOLüNLOHUGH6HoPH <D]×ODU$ODQDúOLüNLQ%LU'HUOHPH GHU +*]YH6<×OG×U×P%HFHULNOL dHY$(QHU$QNDUD$OEDQ

(30)

*HUD\+DOXN  úOHWLüLPYH7HNQRORML8OXVODUDUDV×%LULNLP']HQLQGH<HQL 0HG\D3ROLWLNDODU×$QNDUDhWRS\D<D\×QODU× *HUD\+DOXN  7RSOXPVDO$UDüW×UPDODUGD1LFHOYH1LWHO<|QWHPOHUH*LULü  %DVN× $QNDUD*HQHVLV.LWDS *|UJQ$\WHQ  ´<HQL7HNQRORMLOHUYH+DONODúOLüNLOHU+DONODúOLüNLOHU $ODQ×QGD,QWHUQHW.XOODQ×P×h]HULQH%LU$UDüW×UPDµ,,8OXVDO+DONOD úOLüNLOHU6HPSR]\XPX<]\×OGD+DONODúOLüNLOHUGH<HQL<|QHOLPOHU 6RUXQODUYHd|]POHU1LVDQú]PLW.RFDHOLhQLYHUVLWHVL úOHWLüLP)DNOWHVL +D]HOWRQ9LQFHQW+DUULVRQ5H[URGH-LOOYH.HQQDQ:LOOLDP5   ´1HZ7HFKQRORJLHVLQWKH)RUPDWLRQRI3HUVRQDODQG3XEOLF5HODWLRQV 6RFLDO&DSLWDODQG6RFLDO0HGLDµ1HZ0HGLDDQG3XEOLF5HODWLRQV GHU 6&'XKp3HWHU/DQJ3XEOLVKLQJ,QF +HDWK5REHUW/YH:D\PHU'DPLRQ  ´$FWLYLVW3XEOLF5HODWLRQVDQG WKH3DUDGR[RIWKH3RVLWLYH$&DVH6WXG\RI)UHGHULFN'RXJODVV· ¶)RXUWKRI-XO\$GGUHVV·µ5KHWRULFDODQG&ULWLFDO$SSURDFKHVWR3XEOLF 5HODWLRQV,, GHU 5/+HDWK(7RWKYH':D\PHU5RXWOHGJH  .D]DQF×0HWLQ  .DPXGDYHg]HO.HVLPGH+DONODúOLüNLOHU %DVN×  $QNDUD7XUKDQ.LWDEHYL<D\×QODU× .HQW0LFKDHO/YH7D\ORU0DXUHHQ  ´%XLOGLQJ'LDORJLF5HODWLRQVKLSV 7KURXJKWKH:RUOG:LGH:HEµ3XEOLF5HODWLRQV5HYLHZ   .HQW0LFKDHO/YH7D\ORU0DXUHHQ  ´7RZDUGD'LDORJLF7KHRU\RI 3XEOLF5HODWLRQVµ3XEOLF5HODWLRQV5HYLHZ   .HQW0LFKDHO/YH7D\ORU0DXUHHQ  ´+DONODúOLüNLOHULQ'L\DORJVDO 7HRULVLQH'RùUXµ+DONODúOLüNLOHUGH6HoPH<D]×ODU$ODQDúOLüNLQ%LU 'HUOHPH GHU +*]YH6<×OG×U×P%HFHULNOLdHY1$\JQ $QNDUD$OEDQ 0RUULV7UHYRUYH*ROGVZRUWK\6LPRQ  3XEOLF5HODWLRQVIRUWKH1HZ (XURSH3DOJUDYH0DF0LOODQ 2QDW)HUDK  ´%LU+DONODúOLüNLOHU8\JXODPD$ODQ×2ODUDN6RV\DO 0HG\D.XOODQ×P×6LYLO7RSOXPgUJWOHULh]HULQH%LUúQFHOHPHµ úOHWLüLP.XUDPYH$UDüW×UPD'HUJLVL*]  

(31)

g]GHPLU%3×QDUYH$NWDü<DPDQRùOX0HOLNH  ´7UNL\H·GHNL6LYLO 7RSOXP.XUXOXüODU×:HE6LWHOHULQLQ'L\DORMLNúOHWLüLP.DSDVLWHOHUL h]HULQH%LUúQFHOHPHµ$QN\UD$QNDUDhQLYHUVLWHVL6RV\DO%LOLPOHU (QVWLWV'HUJLVL  '2,VEHGHUB 6D\×PHUúGLO  6DQDO2UWDPGD+DONODúOLüNLOHUúVWDQEXO%HWD%DV×P 6ROLV%ULDQYH%UHDNHQULGJH'HLUGUH  3XWWLQJWKH3XEOLF%DFNLQ3XEOLF 5HODWLRQV+RZ6RFLDO0HGLD,V5HLQYHQWLQJWKH$JLQJ%XVLQHVVRI35 1HZ-HUVH\)73UHVV 6ROLV%ULDQ  (QJDJH 7KH&RPSOHWH*XLGHIRU%UDQGVDQG%XVLQHVVWR%XLOG &XOWLYDWHDQG0HDVXUH6XFFHVVLQWKH1HZ:HE1HZ-HUVH\-RKQ:LOH\ 6RQV,QF 7D\ORU0DXUHHQ  ´&LYLO6RFLHW\DVD5KHWRULFDO3XEOLF5HODWLRQV 3URFHVVµ5KHWRULFDODQG&ULWLFDO$SSURDFKHVWR3XEOLF5HODWLRQV,, GHU  5/+HDWK(7RWKYH':D\PHU5RXWOHGJH 7D\ORU0DXUHHQ.HQW0LFKDHO/YH:KLWH:LOOLDP-  ´+RZ$FWLYLVW 2UJDQL]DWLRQV$UH8VLQJWKH,QWHUQHWWR%XLOG5HODWLRQVKLSVµ3XEOLF 5HODWLRQV5HYLHZ   7HNYDU6×UPD2\D  ´+DONODúOLüNLOHUGH7HN<|QOONYHúQWHUQHWgUQHN 2OD\2ODUDN8]HPgùUHQFL)RUXPODU×µ+DONODúOLüNLOHUYH5HNODP×Q $QDWRPLVL(OHüWLUHO%LU.DYUD\×ü GHU 6<×OG×U×P%HFHULNOL$QNDUD hWRS\D<D\×QODU× 7RSUDN$OL<×OG×U×P$\üHQXU$\JO(VHU%LQDUN0XWOX%|UHNoL6HQHPYH dRPX7XùUXO  7RSOXPVDO3D\ODü×P$ù×)DFHERRN´*|UO\RUXP g\OH\VH9DU×PúVWDQEXO.DONHGRQ<D\×QODU× 7RVXQ*OJQ(UGRùDQ  ´<HQLúOHWLüLP7HNQRORMLOHULYH6LYLO7RSOXPµ %LOJLúOHWLüLP7HNQRORMLOHULYH<DQV×PDODU× GHU %=$N×QF×9XUDO $QNDUD1REHO<D\×Q'Dù×W×P 8oNDQg]JUYH(UWHP&HPLO  :LNLOHDNV<HQL'Q\D']HQLQH +RüJHOGLQL] %DVN× úVWDQEXO(WNLOHüLP<D\×QODU× ;LIUD-RUGL  ´%XLOGLQJ5HODWLRQVKLSVWKURXJK,QWHUDFWLYLW\$ &RFUHDWLRQDO0RGHOIRU0XVHXP3XEOLF5HODWLRQVµ1HZ0HGLDDQG 3XEOLF5HODWLRns GHU 6&'XKp3HWHU/DQJ3XEOLVKLQJ,QF

(32)

<×OG×U×P%HFHULNOL6HPD  «9H+DONODúOLüNLOHUûH\WDQ×Q$YXNDWO×ù×QGDQ $UDEXOXFXOXùD%LU'LVLSOLQLQ(OHüWLUHO$QDOL]L$QNDUD.DU×QFD <D\×QODU× <×OG×U×P%HFHULNOL6HPDYHg]NXO'LGHP  ´2QOLQH3XEOLF5HODWLRQV &DPSDLJQVRI1*2VLQ7XUNH\$Q,QTXLU\RI+$<7$3µ&RQWHQW &KDQQHOVDQG$XGLHQFHVLQWKH1HZ0LOOHQQLXP,QWHUDFWLRQDQG ,QWHUUHODWLRQV GHU (9DUWDQRYD0RVNRYD)DFXOW\RI-RXUQDOLVP /RPRQRVRY0680HGLD0LU <XUGDNXO1LOD\%DüDN  ´úQWHUQHWYH+DONODúOLüNLOHUµ%LOJLúOHWLüLP 7HNQRORMLOHULYH<DQV×PDODU× GHU %=$N×QF×9XUDO$QNDUD1REHO <D\×Q'Dù×W×P ÷QWHUQHW.D\QDNODU× &URVVPDQ$VKOH\ WDULKVL] ´3XUSVLYH6DPSOHµKWWSVRFLRORJ\DERXW FRPRG7\SHVRI6DPSOHVD3XUSRVLYH6DPSOHKWP(ULüLPWDULKL +D]LUDQ ´+$<7$31HGLU"+$<7$3·×Q0DQLIHVWRVXµKWWSZZZKD\WDSRUJLQGH[ SKSKD\WDSWHPHOKD\WDSQHGLUKD\WDSLQ PDQLIHVWRVX(ULüLPWDULKL+D]LUDQ ´+$<7$36KRSµKWWSZZZKD\WDSVKRSFRP(ULüLPWDULKL+D]LUDQ  ´/LVWRI6RFLDO1HWZRUNLQJ:HEVLWHVµKWWSHQZLNLSHGLDRUJZLNL/LVWB RIBVRFLDOBQHWZRUNLQJBZHEVLWHV(ULüLPWDULKL0D\×V 5HDG0LNH  ´7XUNH\+DV7KLUG0RVW(QJDJHG2QOLQH$XGLHQFHLQ (XURSHµKWWSZZZFRPVFRUHFRP3UHVVB(YHQWV3UHVVB 5HOHDVHV7XUNH\B+DVB7KLUGB0RVWB(QJDJHGB2QOLQHB $XGLHQFHBLQB(XURSH(ULüLPWDULKL0D\×V <×OG×U×P%HFHULNOL6HPD  ´<HQLúOHWLüLP7HNQRORMLOHULQLQ+DONODúOLüNLOHU $ODQ×QD<DQV×PDV×µúü*oµ(QGVWULúOLüNLOHULYHúQVDQ.D\QDNODU× 'HUJLVL  6×UD1RKWWSZZZLVJXFGHUJLRUJ"S PDNDOH LG  FLOW  VD\L  \LO (ULüLPWDULKL0D\×V

Referanslar

Benzer Belgeler

Her kapalı aralı˘ gın bir kapalı k¨ ume oldu˘ gunun g¨ osterin5. Kapalı k¨ ume olan ama aralık olmayan bir k¨

[r]

[r]

Therefore, the compatibility of the system (1) is equivalent to integrability of the system of equations (3)... Therefore, if the system (1) is a compatible system, the crochet of F

A) Serhat çalışkan değilse zekidir. B) Serhat zeki ve çalışkandır. C) Serhat çalışkan değilse zeki değildir. D) Serhat çalışkan ise zekidir. E) Serhat zeki

The properties of q- Bernoulli, q-Euler and q-Genocchi numbers and polynomials are investigated at (Mahmudov and Momenzadeh, 2014) by using q- improved exponential

Açı k Ders Malzemeleri Sistemine eklerımek üzere hazırlanmış, yukarı da bilgisi verilen ders, düzen, kapsam ve ders ekleme kı lavuzunda belirtilen standartlar açısı

QHZ PRGDOLWLHV VHHPV WR EH UHOLDEOH DQG DSSOLFDEOH LQ. FOLQLFDO SUDFWLFH DSSURSULDWH SDWLHQW