• Sonuç bulunamadı

Çizgi film karakterlerinin çocukların satın alma davranışlarında etkileri

N/A
N/A
Protected

Academic year: 2021

Share "Çizgi film karakterlerinin çocukların satın alma davranışlarında etkileri"

Copied!
130
0
0

Yükleniyor.... (view fulltext now)

Tam metin

(1)7& 6$.$5<$h1ø9(56ø7(6ø 626<$/%ø/ø0/(5(167ø7h6h        .  .    .  dø=*ø)ø/0.$5$.7(5/(5ø1ø1d2&8./$5,1 6$7,1$/0$'$95$1,ù/$5,1'$(7.ø/(5ø      .  .   . <h.6(./ø6$167(=ø . 9LOGDQ*h1(ù  .    (QVWLW$QDELOLP'DOÕ (QVWLW%LOLP'DOÕ . øúOHWPH hUHWLP<|QHWLPLYH3D]DUODPD.     .   7H]'DQÕúPDQÕ3URI'U5HP]L$/781,ù,.   .    7(008=.

(2) 7& 6$.$5<$h1ø9(56ø7(6ø 626<$/%ø/ø0/(5(167ø7h6h       .    .    dø=*ø)ø/0.$5$.7(5/(5ø1ø1d2&8./$5,1 6$7,1$/0$'$95$1,ù/$5,1'$(7.ø/(5ø    .  . .   <h.6(./ø6$167(=ø . 9LOGDQ*h1(ù .    (QVWLW$QDELOLP'DOÕ (QVWLW%LOLP'DOÕ . øúOHWPH hUHWLP<|QHWLPLYH3D]DUODPD.    .  .  %XWH]WDULKLQGHDúD÷ÕGDNLMULWDUDIÕQGDQR\ELUOL÷LLOHNDEXOHGLOPLúWLU      3URI'U5HP]L$/781,ù,.. 'Ro'U2UKDQ%$70$1.  -UL%DúNDQÕ-ULh\HVL . <'Ro+D\UHWWLQ=(1*L1. -ULh\HVL.  . .DEXO 5HG   .  . .DEXO 5HG  .  . .DEXO 5HG. . ']HOWPH. . ']HOWPH. . ']HOWPH. . . . . . . .

(3)  . %(<$1 %XWH]LQ\D]ÕOPDVÕQGDELOLPVHODKOkNNXUDOODUÕQDX\XOGX÷XQXEDúNDODUÕQÕQHVHUOHULQGHQ \DUDUODQÕOPDVÕ GXUXPXQGD ELOLPVHO QRUPODUD X\JXQ RODUDN DWÕIWD EXOXQXOGX÷XQX NXOODQÕODQYHULOHUGHKHUKDQJLELUWDKULIDW\DSÕOPDGÕ÷ÕQÕWH]LQKHUKDQJLELUNÕVPÕQÕQEX QLYHUVLWH YH\D EDúND ELU QLYHUVLWHGHNL EDúND ELU WH] oDOÕúPDVÕ RODUDN VXQXOPDGÕ÷ÕQÕ EH\DQHGHULP  . 9LOGDQ*h1(ù                                .

(4)  g16g= dRFXNODUÕQROXúWXUGX÷XWNHWLFLJUXEXSD]DUODPDFÕODULoLQ|QHPOLELUSD]DUE|OPQ ROXúWXUPDNWDGÕUdRFXNODUKHUJQNLWOHLOHWLúLPDUDoODUÕLOHLoLoHEXOXQPDNWDGÕUYHEX ELUOLNWHOLNoRFXNODUÕQVDWÕQDOPDGDYUDQÕúODUÕQÕHWNLOHPHNWHGLU*QP]GHLúOHWPHOHULQ oRFXN WNHWLFLOHUL HWNLOHPHN LoLQ NXOODQGÕNODUÕ DUDo oRFXNODUD |]HO \D\ÕQ \DSDQ NDQDOODUGDoRFXNODUÕQKD\UDQOÕNODL]OHGL÷LYHVHYGL÷LNDUDNWHUOHULUQOHULQLQ]HULQGH YHUQOHULQLQUHNODPODUÕQGDNXOODQDUDNRQODUDXODúPDNWÕU %X DUDúWÕUPD oL]JL ILOP NDUDNWHUOHULQLQ oRFXNODUÕQ VDWÕQDOPD GDYUDQÕúODUÕ ]HULQGHNL HWNLOHULQLoRFXNODUÕQL]OHGLNOHULoL]JLILOPNDQDOODUÕVHYGLNOHULoL]JLILOPNDKUDPDQODUÕ oRFXNWNHWLFLSD]DUÕQÕQE\NO÷JLELoRFXNWNHWLFLOHULQKDNNÕQGDNLoHúLWOLIDNW|UOHU LOHoRFXNWNHWLFLOHULQ]HULQGHNLHWNLOHULQLRUWD\DNR\PD\ÕKHGHIOHPHNWHGLU$\UÕFDEX NRQXGD ONHPL]GH \DSÕODQ ELU DUDúWÕUPD EXOXQPDGÕ÷Õ LoLQ oL]JL ILOP NDUDNWHUOHULQL oRFXNODUÕQVDWÕQDOPDGDYUDQÕúODUÕQGDNLHWNLOHULQLQFHOHPHVLDoÕVÕQGDQ|QHPOLGLU dDOÕúPDP VUHFLQGH \DSWÕNODUÕ NDWNÕODUGDQ GROD\Õ 'DQÕúPDQ +RFDP 3URI 'U 5HP]L $/781,ù,.  PDQHYL GHVWH÷L LOH oDOÕúPDODUÕPGD \DQÕPGD RODQ $UDúWÕUPD *|UHYOLVL .D]ÕP 0(57 YH \DUGÕPODUÕQÕ YH GHVWH÷LQL HVLUJHPH\HQ DEODP (VUD g='(0ø5 YH g÷UHQFLOHULQHDUNDGDúODUÕP øVPDLO7DúNÕQ7$ù.$.$1YH'LOHN6h50(/ø¶ \HoRN WHúHNNUHGHULP %HQL \HWLúWLUHQ \DúDPÕPD LOLúNLQ GL÷HU NRQXODU GD ROGX÷X JLEL ELOLPVHO \DNODúÕPÕ GD NHQGLOHULQGHQ |÷UHQGL÷LP YH oDOÕúPDODUÕP VUHVLQFH ELUoRN IHGDNkUOÕNODU J|VWHUHUHN PDGGL PDQHYL GHVWHNOHULQL HVLUJHPH\HQ DLOHPH HQ GHULQ GX\JXODUÕPOD WHúHNNU HGHULP  9LOGDQ*h1(ù   .

(5) ødø1'(.ø/(5  7$%/2/ø67(6øLY ù(.ø//ø67(6øYL g=(7YLL 6800$5<YLLL  *ø5øù %g/h07h.(7ø&ø'$95$1,ù/$5,9(7h.(7ø&ø'$95$1,ù/$5,1$ (7.ø('(1)$.7g5/(5 7NHWLFL'DYUDQÕúÕLOHøOJLOL7HPHO.DYUDPODUYH7DQÕPODU øVWHNYHøKWL\DoODU 7NHWLFL7NHWLPYH7NHWLFLGDYUDQÕúODUÕ 7NHWLFL'DYUDQÕúODUÕ 7NHWLFL'DYUDQÕúÕ0RGHOL9H7NHWLFL'DYUDQÕúÕQD(WNL(GHQ)DNW|UOHU 7NHWLFL'DYUDQÕúÕ0RGHOL 7NHWLFL'DYUDQÕúÕQD(WNL(GHQ)DNW|UOHU 7NHWLFL6DWÕQDOPD'DYUDQÕúÕ øKWL\DFÕQ'X\XOPDVÕ %LOJL7RSODPD $OWHUQDWLIOHUL'H÷HUOHQGLUPH 6DWÕQ$OPD$OPDPD.DUDUÕ 6DWÕQ$OPD$OPDPD6RQUDVÕ7NHWLFL'DYUDQÕúÕ dRFXNODUÕQ7NHWLFL2ODUDN6RV\DOOHúPHOHUL %LUH\VHO)DNW|UOHU 6RV\DOOHúPH$UDoODUÕ g÷UHQPH6LVWHPOHUL dRFXNODUÕQ7NHWLFL2ODUDN6RV\DOOHúPHOHULQLQ6RQXoODUÕ  %g/h0g=(/%ø57h.(7ø&ø*58%82/$5$.d2&8. dRFX÷XQ7NHWLFL2ODUDNgQHPL 3D]DUYHdRFXN7NHWLFL3D]DUÕ. . L.

(6) dRFXN7NHWLFL3D]DUÕ dRFX÷XQ.XOODQÕOGÕ÷Õ3D]DUODPD6WUDWHMLOHUL dRFX÷XQøoLQGH2OGX÷X3D]DUODPD6WUDWHMLOHUL dRFX÷XKHGHIOH\HQSD]DUODPDVWUDWHMLVL dRFXNhUQOHUL3D]DUÕQÕQ%\NO÷ dRFXN7NHWLFL3D]DUÕQGDNLhUQOHU dRFXN7NHWLFL3D]DUÕQGDNL/LVDQVOÕhUQOHU dRFXN7NHWLFL3D]DUÕQGDNL/LVDQV)LUPDODUÕ dRFXN7NHWLFLOHULQ7NHWLFL2ODUDN(÷LOLPOHUL dRFXN7NHWLFLOHULQ6DWÕQDOPD.DUDUODUÕQGDhUQH$LW%LOHúHQOHU dL]JL)LOP.DKUDPDQODUÕ 0DUND 5HNODP $PEDODM  %g/h0d2&8./$5,16$7,1$/0$'$95$1,ù/$5,1'$ dø=*ø)ø/0.$5$.7(5/(5ø1ø1(7.ø6ø dL]JL)LOP dL]JL)LOPLQ<DSÕVÕ dL]JL)LOP6HNW|U 'Q\DGDdL]JL)LOP6HNW|U 7UNL\H¶GHNLdL]JL)LOP6HNW|U dL]JL)LOP6HNW|UQGH3D]DUODPD dRFXNYH7HOHYL]\RQ 7HOHYL]\RQ dRFXN.DQDOODUÕ dL]JL)LOPOHU 7HOHYL]\RQ.DQDOODUÕøoLQGHdL]JL)LOPLQ<HUL dRFXNODUÕQVDWÕQDOPDGDYUDQÕúODUÕ dRFXN7NHWLFLOHULQ6DWÕQDOPD7HUFLKOHULQGHdL]JL)LOP.DUDNWHUOHUL  . . LL.

(7) %g/h0$1$/ø=9('(ö(5/(1'ø50( <|QWHP 9HUL$QDOL]L 'HPRJUDILN%LOJLOHU dRFXNODUÕQ7HOHYL]\RQø]OHPH'XUXPODUÕQDøOLúNLQ%LOJLOHU dRFXNODUÕQ7NHWLFL2ODUDNdL]JL)LOP.DKUDPDQODUÕQGDQ(WNLOHQPH 'XUXPODUÕQDøOLúNLQ%LOJLOHU 7DEORODUÕQ.DWÕOÕPFÕODUÕQ9HUGL÷L&HYDSODUD*|UH.L.DUH77HVWLYH 2QHZD\$QRYD$QDOL]L6RQXoODUÕ  6218d9(g1(5ø/(5 .$<1$.d$ (./(5 g=*(d0øù                     . . LLL.

(8) 7$%/2/ø67(6ø  7DEOR(QdRN5HNODP$ODQdRFXN.DQDOODUÕ 7DEORdRFXN.DQDOODUÕQD(QdRN5HNODP9HUHQ6HNW|UOHUYH6UHVL 7DEORdRFXN.DQDOODUÕQD(QdRN5HNODP9HUHQ0DUNDODUYH)LUPDODU 7DEOR(QdRN5HNODP$ODQdRFXN3URJUDPODUÕ 7DEOR.DWÕOÕPFÕODUD$LW'HPRJUDILN%LOJLOHU 7DEOR.DWÕOÕPFÕODUÕQ6ÕNOÕNOD7HOHYL]\RQø]OHPH6UHOHUL 7DEOR.DWÕOÕPFÕODUÕQ7HOHYL]\RQGD+DQJL.DQDOODUÕø]OHGLNOHULQHøOLúNLQ$QDOL] 7DEOR.DWÕOÕPFÕODUÕQ(QEH÷HQGLNOHULdRFXN3URJUDPÕQÕQ &LQVL\HWYH6ÕQÕIODUÕQDøOLúNLQdDSUD]7DEOR 7DEOR.DWÕOÕPFÕODUÕQ%H÷HQGL÷LdRFXN3URJUDPÕQÕ1HGHQ6HYGL÷LQHøOLúNLQ6ÕNOÕN 9H<]GHOHU 7DEOR.DWÕOÕPFÕODUÕQ(Q6HYGL÷LdL]JL)LOPOHUL&LQVL\HWYH6ÕQÕIODUÕQD øOLúNLQdDSUD]7DEOR 7DEOR.DWÕOÕPFÕODUÕQ6HYGL÷LdL]JL)LOPL1HGHQ6HYGL÷LQHøOLúNLQ$QDOL] 7DEOR.DWÕOÕPFÕODUÕQ6HYPHGL÷LdL]JL)LOPOHUL&LQVL\HWYH6ÕQÕIODUÕQD øOLúNLQdDSUD]7DEOR 7DEOR.DWÕOÕPFÕODUÕQ6HYPHGL÷LdL]JL)LOPL1HGHQ6HYPHGL÷LQHøOLúNLQ$QDOL] 7DEOR.DWÕOÕPFÕODUÕQø]OHPHNWHQ+RúODQGÕ÷ÕdL]JL)LOP.DKUDPDQODUÕQÕ 1HGHQ6HYGLNOHULQHøOLúNLQ$QDOL] 7DEOR.DWÕOÕPFÕODUÕQ%Rú=DPDQODUÕQGD2\QDGÕNODUÕ2\XQODUDøOLúNLQ$QDOL] 7DEOR.DWÕOÕPFÕODUÕQ5HNODPODUGD*|UGNOHULdL]JL)LOP.DKUDPDQODUÕ9H 2\XQFD÷ÕQD6DKLS2OXQDQdL]JL)LOP.DKUDPDQODUÕQÕQ.DUúÕODúWÕUÕOPDVÕ 7DEOR.DWÕOÕPFÕODUÕQ5HNODPODUGDdL]JL)LOP.DKUDPDQÕNDUDNWHUL%XOXQDQ hUQOHUL6DWÕQDOPD'XUXPXQXQ&LQVL\HW9H6ÕQÕIDøOLúNLQdDSUD]7DEOR 7DEORh]HULQGHdL]JL)LOP.DKUDPDQÕ2ODQhUQOHUL6DWÕQDOPD'XUXPXQXQ &LQVL\HW9H6ÕQÕIDøOLúNLQdDSUD]7DEOR 7DEOR.DWÕOÕPFÕODUÕQh]HULQGHdL]JL)LOP.DKUDPDQÕ2ODQhUQOHUL $OPDODUÕQD$LOHOHULQLQø]LQ9HUPH'XUXPXQXQ&LQVL\HW9H6ÕQÕID øOLúNLQdDSUD]7DEOR 7DEOR.DWÕOÕPFÕODUÕQ6DWÕQ$OGÕNODUÕhUQOHU9Hh]HULQGH+DQJLdL]JL)LOP .DKUDPDQÕ2OGX÷XQDøOLúNLQ.DUúÕODúWÕUPD. . LY.

(9) 7DEORdL]JL)LOPOHUGH<HU$ODQ2\XQFDNODUÕ$OÕQPDVÕQDøOLúNLQ$QDOL] 7DEORh]HULQGHdL]JL)LOP.DUDNWHUL%XOXQDQ(ú\DODUD6DKLS2OPD 'XUXPODUÕQDøOLúNLQ$QDOL] 7DEOR.DWÕOÕPFÕODUÕQ.LúLVHO%LU(ú\D6DWÕQDOÕUNHQdHYUHOHULQGHQ (WNLOHQPHOHULQL&LQVL\HW9H6ÕQÕIøOLúNLQdDSUD]7DEOR 7DEORdL]JL)LOP.DKUDPDQODUÕ\ODøOJLOLøIDGHOHUH.DWÕOÕP2UDQODUÕ 7DEOR5HNODPODUGDdL]JL)LOP.DUDNWHUL%XOXQDQhUQOHUL6DWÕQ $OPDODUÕQÕQ&LQVL\HWH*|UH.L.DUH$QDOL]L\OH.DUúÕODúWÕUÕOPDVÕ 7DEORh]HULQGHdL]JL)LOP.DUDNWHUL%XOXQDQhUQOHUL6DWÕQ$OPDODUÕQÕQ &LQVL\HWH*|UH.L.DUH$QDOL]L\OH.DUúÕODúWÕUÕOPDVÕ 7DEOR.DWÕOÕPFÕODUÕQ$LOHOHULQH%DNÕOGÕ÷ÕQGDh]HULQGHdL]JL)LOP .DUDNWHUL%XOXQDQhUQOHUL6DWÕQ$OPDODUÕQDø]LQ9HUPHVLQHøOLúNLQ &LQVL\HWH*|UH.L.DUH$QDOL]L\OH.DUúÕODúWÕUÕOPDVÕ 7DEOR&LQVL\HW*UXSODUÕ$UDVÕQGDdL]JL)LOP.DUDNWHUOHULQLQ 6DWÕQDOPD'DYUDQÕúODUÕQGDNL(WNL\HøOLúNLQ)DUNOÕOÕNODUÕQ 'H÷HUOHQGLULOPHVL 7DEOR6ÕQÕI*UXSODUÕ$UDVÕQGDdL]JL)LOP.DUDNWHUOHULQLQ 6DWÕQDOPD'DYUDQÕúODUÕQGDNL(WNL\HøOLúNLQ$QRYD7HVWL6RQXFX          . . Y.

(10) ù(.ø//ø67(6ø  ùHNLO7NHWLFL'DYUDQÕúÕ6UHFLQGHNL5ROOHU ùHNLO7PKDWODUÕ\OD7NHWLFL'DYUDQÕúODUÕ ùHNLOdRFXNODUÕQ7NHWLFL2ODUDN6RV\DOOHúPH6UHFL. ùHNLOdRFXN7NHWLFLOHULQhVWOHQGLNOHUL5ROOHU                          . . YL.

(11) 6$h6RV\DO%LOLPOHU(QVWLWV<NVHN/LVDQV7H]g]HWL 7H]LQ%DúOÕ÷ÕdL]JL)LOP.DUDNWHUOHULQLQdRFXNODUÕQ6DWÕQ$OPD'DYUDQÕúODUÕQGD(WNLOHUL 7H]LQ<D]DUÕ9LOGDQ*h1(ù'DQÕúPDQÕ3URI'U5HP]L$/781,ù,. .DEXO7DULKL6D\ID6D\ÕVÕYLLL |QNÕVÕP

(12)  7H]

(13)  HNOHU

(14)  $QDELOLPGDOÕøúOHWPH%LOLPGDOÕhUHWLP<|QHWLPLYH3D]DUODPD *QP] SD]DUODPDVÕQGD oRFXNODUÕQ DUWDQ URO YH HWNLOHUL JLGHUHN GDKD IDUN HGLOHELOLU KDOH JHOPHNWHGLU%LUWNHWLFLJUXEXRODUDNoRFXNODUVDGHFHoRFXNUQOHULSD]DUÕQÕQE\NO÷LOH GH÷LO DLOH WNHWLPLQGHNL GL÷HU DOÕúYHULúOHU ]HULQGHNL HWNLOHUL LOH GH |QHP DU] HWPHNWHGLU %X VHEHSOH SD]DUODPDFÕODU oRFXNODUD XODúPDQÕQ GH÷LúLN \ROODUÕQÕ DUDPDNWDGÕU %X ED÷ODPGD VRQ \ÕOODUGD oRFXNODUD \|QHOLN ILOP DQLPDV\RQ YH oL]JL ILOP JLEL PHG\D DUDoODUÕQÕQ GDKD \D\JÕQ NXOODQÕOPD\DEDúODGÕ÷ÕJ|]OHQPHNWHGLU%XQXQHQEHOLUJLQLúDUHWLLVHVDGHFHoRFXNODUD\|QHOLN \D\ÕQ\DSPDNWDRODQWHOHYL]\RQNDQDOODUÕLOHWHOHYL]\RQODUGDNLoRFXNSURJUDPODUÕQÕQVD\ÕVÕQGD J|UPHNPPNQGU %X oDOÕúPDGD oL]JL ILOP NDUDNWHUOHULQLQ oRFXNODUÕQ VDWÕQ DOPD NDUDUODUÕ ]HULQGHNL HWNLOHULQLQ |]HOOLNOH oRFXN NDQDOODUÕQGD L]OHGLNOHUL oL]JL ILOPOHULQ VDWÕQ DOPD VUHoOHULQGH WNHWLFL RODUDN oRFX÷XQ GDYUDQÕúODUÕ J|] |QQH DOÕQDUDN RUWD\D NRQXOPDVÕ DPDoODQPÕúWÕU dL]JL ILOP NDUDNWHULQLQ oRFXNODUÕQ VDWÕQ DOPDGDNL HWNLOHULQL LQFHOH\HQ EX oDOÕúPDGD OLWHUDWU DUDúWÕUPDODUÕ YH PODNDW oDOÕúPDODUÕ VRQUDVÕQGD LON|÷UHWLP   YH  VÕQÕIODUGD RNX\DQ oRFXNODUD EX NRQX KDNNÕQGDNLJ|UúOHULQLDoÕ÷DoÕNDUDELOPHNDPDFÕLOHDQNHWX\JXODQPÕúWÕU )LUPDODU VDGHFH oRFXNODUD \|QHOLN UQOHUL\OH LOJLOL RODUDN oRFXN KHGHI SD]DUODUÕ LOH oRFXN NDQDOODUÕQÕNXOODQDUDNGR÷UXGDQLOHWLúLPNXUPD\DoDOÕúPDNWDGÕUODUdRFXNODUD\|QHOLNUHNODPODU UHWPHNEXILUPDODULoLQHWNLQELUSD]DUODPDDUDFÕROPDNWDGÕU%XED÷ODPGDKHGHISD]DUÕoRFXN WNHWLFLOHU RODQ ILUPDODU UQOHULQGH oRFXNODUÕQ VHYGL÷L oL]JL ILOP NDKUDPDQODUÕQÕ NXOODQPDNWDGÕUODU YH oL]JL ILOPOHUGH NXOODQÕODQ UQOHU R\XQFDNODU oRFXNODU WDUDIÕQGDQ \R÷XQ ELULOJLJ|UPHNWHGLUdRFXNODUQH\LEH÷HQLUVHDLOHOHURUQDOPD\D\|QHOLUOHUEXED÷ODPGDVRQ G|QHPGH 7UNL\H¶ GH oRFXN NDQDOODUÕQD \DWÕUÕPODU DUWPÕú GXUXPGDGÕU %WQ EXQODUÕQ VRQXFX RODUDN DUWÕN oRFXN WNHWLFLOHU ILUPDODUÕQ \DNÕQ WDNLELQGHGLUOHU 'ROD\ÕVÕ\OD oRFXNODUD \|QHOLN SURJUDPODUÕQ oRFXNODU ]HULQGHNL HWNLVLQLQ LQFHOHQPHVL SD]DUODPD DoÕVÕQGDQ |QHP DU] HWPHNWHGLU  $QDKWDU .HOLPHOHU 7NHWLFL GDYUDQÕúODUÕ oRFXN WNHWLFLOHU oL]JL ILOP SD]DUODPD oRFXN WNHWLFLSD]DUÕ. . YLL.

(15) 6DNDU\D8QLYHUVLW\,QVWLWXWHRI6RFLDO6FLHQFHV$EVWUDFWRI0DVWHU¶V7KHVLV 7LWOHRI7KHVLV7KH(IIHFWVRI&DUWRRQ&KDUDFWHUVRQWKH3XUFKDVLQJ%HKDYLRXUVRI&KLOGUHQ $XWKRU9LOGDQ*h1(ù6XSHUYLVRU3URI'U5HP]L$/781,6,. 'DWH1XRI3DJHVYLLL SUHWH[W

(16)  PDLQERG\

(17)  DSSHQ

(18)  'HSDUWPHQW%XVLQHVV6XEILHOG3URGXFWLRQ0DQDJHPHQWDQG0DUNHWLQJ 7KH LQFUHDVLQJ UROH DQG LPSRUWDQFH RI FKLOGUHQ DUH EHFRPLQJ PRUH QRWLFDEOH LQ WRGD\¶V PDUNHWLQJ$VDVSHFLDOFRQVXPHUJURXSWKHLPSRUWDQFHRIFKLOGUHQLVQRWRQO\GXHWRWKHVL]H RI FKLOGUHQ¶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

(19) . . L[.

(20) *ø5øù dRFXNODUÕQ WNHWLP GDYUDQÕúÕ SD]DUODPDFÕODU YH H÷LWLPFLOHU DoÕVÕQGDQ JLGHUHN GDKD |QHPOL ELU KDOH JHOPHVLQH NDUúÕQ EX NRQXGD HWNLQ ELU WDNÕP NDUDUODUD YDUÕOPDVÕQD \DUD\DFDN oRN D] ELOLPVHO YHUL EXOXQPDNWDGÕU 3D]DUODPDFÕODU |]HO ELU WNHWLFL JUXEX RODQ oRFXNODUÕQ WNHWLP GDYUDQÕúODUÕ\OD ELU NDo QHGHQOH LOJLOHQLUOHU %XQODUÕQ EDúÕQGD VD\ÕODUÕJLGHUHNDUWDQoRFXNWNHWLFLOHULQKDUFDGÕNODUÕSDUDPLNWDUÕQÕQ\NVHNROPDVÕYH \HWLúNLQOHULQKDUFDPDNDOÕSODUÕQÕ|QHPOL|OoGHHWNLOHPHOHULJHOPHNWHGLU 0F1HDO g]JHQYH*|QHQ

(21)  g]HOOLNOH VD\ÕODUÕ SD]DUGD JLGHUHN DUWDQ YH KDUFDGÕNODUÕ SDUD PLNWDUÕ \NVHN RODQ EX oRFXN WNHWLFLOHU SD]DUODPDFÕODUÕQ JLGHUHN GDKD ID]OD LOJLVLQL oHNPHNWHGLU 0F1HDO 

(22)  dRFXNODUÕQ \DúODUÕ E\GNoH KDUFDPD JoOHULQLQ DUWWÕ÷Õ DLOHOHUL LOH LOJLOL DOÕúYHULúOHUGHGDKDID]ODVRUXPOXOXNVOHQGLNOHULYHKDQHKDONÕKDUFDPDODUÕQÕGR÷UXGDQ HWNLOHGLNOHULELOLQPHNWHGLU%XJQQoRFXNODUÕQÕQJHOHFH÷LQ\HWLúNLQOHULRODFD÷ÕJHUoH÷L KHU JQ oRN VD\ÕGD ILUPDQÕQ oRFXNODUD XODúPD\D oDOÕúPDVÕQÕ YH RQODUOD LOLúNL NXUPDN LVWHPHVL DQODPÕQD JHOPHNWHGLU g]JHQ  =ROOR 

(23)   øúWH WP EX VHEHSOHUGHQ GROD\Õ oRFXNODUSD]DUODPDFÕODULoLQoRN|QHPOL ELUKHGHIKDOLQH JHOPHNWHOHU )LUPDODU oRFXNODUD XODúDELOPHN LoLQ KHU \ÕO WHOHYL]\RQ GHUJL YH LQWHUQHW UHNODPODUÕQD UQ \HUOHúWLUPHOHUH SURPRV\RQODUD YH DPEDODM WDVDUÕPODUÕQD PLO\RQODUFD GRODU \DWÕUPDNWDGÕUODU dRFXNODUÕQ WNHWLP NDUDUODUÕQGDNL |QHPOHULQLQ JLGHUHN DUWPDVÕ WNHWLFL RODUDN GDYUDQÕúODUÕQÕQ DUDúWÕUÕOPDVÕQÕ JHUHNWLUPHNWHGLU dRFXNODUÕQ EDúOÕFD LOJL YH IDDOL\HW DODQODUÕ WHOHYL]\RQ VH\UHWPHN R\XQ R\QDPDN P]LN GLQOHPHN NLWDS RNXPDN VSRU \DSPDN NLúLVHO EDNÕP LOH LOJLOHQPHN YH DOÕúYHULú \DSPDNWÕU 6WLSS 

(24)  7HOHYL]\RQ H÷LWLFL |÷UHWLFL YH H÷OHQGLULFL ELU DUDo RODUDN VÕQÕUVÕ] RODQDNODUD VDKLSWLU g]HOOLNOH oRFXNODU \|QQGHQJ|UQWYHVHVLQELUOHúWL÷LÕúÕNOÕWHOHYL]\RQSHUGHVLEWQGQ\D\Õ HYLQLoLQHDNWDUDQE\OELUD\JÕWWÕU7HOHYL]\RQL]OHPHNYHR\XQR\QDPDNoRFXNODUÕQ RNXOVDDWOHULGÕúÕQGDX\DQÕNROGXNODUÕ]DPDQÕQE\NELUE|OPQNDSVDU <|UNR÷OX 6WLSS

(25)  2NXOoD÷ÕQGDNLoRFXNODUÕQLOJLVLQLHQoRNoHNHQWHOHYL]\RQSURJUDPODUÕoL]JLILOPOHUYH UHNODPODUGÕU%XED÷ODPGDoRFXNODUKHPWHOHYL]\RQGDNLUHNODPODUKHPGHSURJUDPODU. ϭ .

(26) \ROXLOHWNHWLPHLOLúNLQ PHVDMERPEDUGÕPDQÕQD PDUX]NDOPDNWDPDWHU\DOLVWH÷LOLPOHU JHOLúWLUPHNWHGLUOHU g]HOOLNOH oRFXNODUD \|QHOLN UHNODPODUGD UQ |QHULOLUNHQ oRFXNODU WDUDIÕQGDQ VHYLOHQ oL]JL YH DQLPDV\RQ NDUDNWHUOHULQ NXOODQÕOPDVÕ GD \D\JÕQ ELU X\JXODPDGÕU <|UNR÷OX.DSIHUHU

(27)  dDOÕúPDQÕQ$PDFÕ *QP]GHoRFXNWNHWLFLOHULQVDWÕQDOPDGDYUDQÕúODUÕQÕJHUoHNOHúWLULUNHQVDWÕQDOGÕNODUÕ UQOHUGH VHYGLNOHUL oL]JL ILOP NDUDNWHUOHULQGHQ GDKD oRN HWNLOHQGLNOHULQL V|\OHPHN PPNQGU dRFXNODUÕQ WNHWLFL GDYUDQÕúODUÕ YH oRFXNODUÕQ WNHWLFL RODUDN VDWÕQDOPD GDYUDQÕúÕQÕ JHUoHNOHúWLULUNHQ WNHWLFL GDYUDQÕúODUÕQD LOLúNLQ VÕQÕUOÕ VD\ÕGD oDOÕúPD EXOXQPDNWÕU %X ED÷ODPGD 7UNoH SD]DUODPD \D]ÕQÕQGD oL]JL ILOP NDUDNWHUOHULQLQ oRFXNODUÕQ VDWÕQ DOPD GDYUDQÕúODUÕ ]HULQGHNL HWNLOHUL ]HULQH \DSÕOPÕú ELU oDOÕúPD\D UDVWODPDNPPNQROPDPÕúWÕU%XVHEHSOHEXoDOÕúPDGDoRFXNWNHWLFLOHULQVDWÕQDOPD GDYUDQÕúÕQÕJHUoHNOHúWLULUNHQoL]JLILOPNDUDNWHUOHULQLQVDWÕQDOPDNDUDUODUODUÕQGDNLHWNLVL LQFHOHQPLúROXSEXED÷ODPGDDúD÷ÕGDNLVRUXODUDFHYDSDUDQPD\DoDOÕúÕOPÕúWÕU  dRFXNWNHWLFLOHULQGDYUDQÕúODUÕQGDHWNLVLRODQGÕúIDNW|UOHUQHOHUGLU"  7HOHYL]\RQGDNLoRFXNSURJUDPODUÕQÕQoL]JLILOPOHULQYHUHNODPODUÕQoRFXNODUÕQ VDWÕQDOPDGDYUDQÕúODUÕQGDNLHWNLOHULQHOHUGLU"  h]HULQGH oL]JL ILOP NDUDNWHUL EXODQDQ UQOHUL DOPD LVWHNOHULQLQ QHGHQOHUL QHOHUGLU" dDOÕúPDQÕQgQHPL *QP]GH oRFXN WNHWLFLOHULQGH DUWÕN ELU ELUH\ ROXS ELU UQ VDWÕQ DOÕQDFD÷Õ ]DPDQ NHQGL|]JULUDGHOHULLOHVDWÕQDOGÕNODUÕELUG|QHPGLUdRFXNODUÕQELUUQVDWÕQDOPD\D NHQGLOHULQLQ NDUDU YHUPHOHUL LoLQ VDWÕQDOPD VUHFLQL |÷UHQGLNOHUL ELU VUHoWHQ JHoPHNWHGLUOHU %X VUHFH oRFXN WNHWLFLOHULQ VRV\DOOHúPHVL VUHFL GHQLOPHNWHGLU dRFXN WNHWLFLOHU VRV\DOOHúPH VUHFLQGH DLOHOHULQGHQ DUNDGDúODUÕQGDQ YH LoLQGH EXOXQGXNODUÕVRV\DOoHYUHGHQHWNLOHQPHNWHYHVDWÕQDOPDNDUDUVUHoOHULQGHEXJUXSODUÕQ E\NELUHWNLVLROGX÷XJ|UOPHNWHGLUdRFXNWNHWLFLOHUDOGÕNODUÕKHUUQOHNHQGLOHULQL |]GHúOHúWLUPHNWHGLUDOGÕNODUÕKHUUQRQODUÕQELUSDUoDVÕROPDNWDGÕUdRFXNODUÕHQoRN HWNLOH\HQoHYUHXQVXUODUÕLVHWHOHYL]\RQDUNDGDúoHYUHVLUHNODPODUYHLQWHUQHWWLU. Ϯ .

(28) dL]JL ILOP NDUDNWHUOHULQLQ oRFXN WNHWLFLOHU ]HULQGHNL HWNLVL NRQXVXQX LQFHOH\HQ ND\QDNODUD UDVWODQPDPDNWDGÕU %X GD oDOÕúPDQÕQ LON GHID \DSÕOPÕú ELU oDOÕúPD ROPDVÕQGDQ GROD\Õ SD]DUODPD \|QHWLPL LoLQ EXJQQ YH JHOHFH÷LQ WNHWLFLOHULQLQ GDYUDQÕúODUÕQÕQELOLQPHVLQL|QHPOLNÕOPDNWDGÕU%XoDOÕúPDoRFXNODUÕQUQKL]PHWVDWÕQ DOÕPÕQGDQHOHUGHQHWNLOHQGLNOHULQLIDUNOÕGH÷LúNHQOHUDoÕVÕQGDQD\UÕD\UÕRUWD\DNR\PDVÕ DoÕVÕQGDQ|QHPOLGLU%XELOJLOHUÕúÕ÷ÕQGDSD]DUODPDIDDOL\HWOHULQH \|QND]DQGÕUDFDNELU oDOÕúPDGÕU dRFXNODUÕQ WNHWLFL NLPOL÷LQL GH ELU GHID GDKD NDQÕWOD\DQ EX oDOÕúPD KHP DUDúWÕUPDFÕODUKHPGHSD]DUODPDFÕODULoLQ|QHPOLYHULOHULoHUPHNWHGLU dDOÕúPDQÕQ.DSVDPÕ9H<|QWHPL %X NRQX\OD LOJL OLWHUDWU GH GDKD |QFH \DSÕOPÕú ELU oDOÕúPD ROPDPDVÕQGDQ GROD\Õ YH oRFXNWNHWLFLOHUHLOLúNLQoDOÕúPDODUÕQNÕVÕWOÕROPDVÕEXoDOÕúPDQÕQNHúLIVHOELUQLWHOLNWH oDOÕúPD ROPDVÕQÕ ]RUXQOX NÕOPÕúWÕU %X DPDoOD NDSVDPOÕ ELU OLWHUDWU WDUDPDVÕ \DSÕOPÕú OLWHUDWU WDUDPDVÕQGD GDKD |QFH oRFX÷XQ NRQX ROGX÷X oRFXN YH WHOHYL]\RQ oRFXN YH PDUND LOLúNLVLQLQ DUDúWÕUÕOGÕ÷Õ ND\QDNODU LQFHOHQPLúWLU /LWHUDWU WDUDPDVÕ YH oRFXNODUOD \DSÕODQ PODNDWODU VRQXFXQGD GH÷LúNHQOHU YH RQODUÕ HWNLOH\HQ IDNW|UOHU EHOLUOHQPH\H oDOÕúÕOPÕúWÕU%XED÷ODPGD\UWOHQoDOÕúPDODUVRQXFXQGDRUWD\DoÕNDQDQNHWIRUPXQD LON úHNOL SLORW WHVWOHUH WDEL WXWXODUDN VRUXODU ]HULQGH JHUHNOL GH÷LúLNOLNOHU \DSÕODUDN DQNHWLQ VRQ KDOL YHULOPLúWLU $QNHW IRUPXQGD FHYDSOD\ÕFÕODUÕQ WHOHYL]\RQ L]OHPH DOÕúNDQOÕNODUÕ WNHWLFL RODUDN oL]JL ILOP NDKUDPDQODUÕQGD HWNLOHQPH GXUXPODUÕ YH NHQGLOHULQHDLWGHPRJUDILNELOJLOHUEXOXQPDNWDGÕU $QNHW IRUPXQXQ JHOLúWLULOPH VUHFLQGH VRUXODU KD]ÕUODQÕUNHQ oRFXNODUÕQ DQOD\DELOHFH÷L úHNLOGH DoÕN XoOX YH NDSDOÕ XoOX VRUXODU KD]ÕUODQPÕú ROXS EX VRUXODUÕQ DQODúÕODELOLUOL÷L WHVW HGLOPHVL LoLQ DQNHWLQ X\JXODQDFD÷Õ \Dú JUXEXQGDNL oRFXNODU ]HULQGH SLORW X\JXODPD \DSÕOPÕúWÕU%XoDOÕúPDODUQHWLFHVLQGH HOGHHGLOHQELOJLOHUÕúÕ÷ÕQGDQLKDLYHUL WRSODPD DUDFÕ RODQ DQNHW úHNLOOHQGLULOPLúWLU *HOLúWLULOHQ EX DQNHW  oRFX÷XQ ]HULQGH SLORW X\JXODPD\D WDEL WXWXOPXúWXU 3LORW X\JXODPD VRQXFXQGD HOGH HGLOHQ YHULOHU GR÷UXOWXVXQGD DQNHW IRUPXQGD DQODúÕOPD\DQ \HUOHU G]HOWLOHUHN YH HNVLNOLNOHU WDPDPODQDUDNDQNHWLQVRQúHNOLYHULOPLúWLU $UDúWÕUPDQÕQ |UQHNOHPL (VNLúHKLU LOLQGH 0LOOL (÷LWLP %DNDQOÕ÷ÕQD ED÷OÕ LON|÷UHWLP RNXOODUÕGÕU $UDúWÕUPDGD LNL DúDPDOÕ |UQHNOHPH \DSÕOPÕúWÕU %LULQFL DúDPD RNXOODUÕQ VHoLOPHVLGLU 2NXOODUÕQ VHoLOPHVLQGH NDVWL |UQHNOHPH \|QWHPL NXOODQÕOPÕúWÕU %X ϯ .

(29) \|QWHPGH DPDFÕPÕ]D X\JXQ RODUDN IDUNOÕ VRV\DO GHPRJUDILN |]HOOLNOHUH VDKLS YH DOW VHJPHQW YH VW VHJPHQWLQ EXOXQGX÷X NDPX |]HO YH LOoH RNXOODUÕ VHoLOPLúWLU øNLQFL DúDPDGD LVH DQNHW X\JXODQDFDN LON|÷UHWLP   YH  6ÕQÕIWD RNX\DQ |÷UHQFLOHULQ VHoLPLGLUg÷UHQFLOHULQVHoLPLQGHLVHRDQGDRNXOGDEXOXQDQVÕQÕIODULoHULVLQGHNROD\GD |UQHNOH \|QWHPL NXOODQÕOPÕúWÕU (VNLúHKLU 0LOOL (÷LWLP 0GUO÷QGHQ JHUHNOL L]LQ DOÕQDUDN DQNHW X\JXODQPÕúWÕU $QNHW X\JXODQÕODFDN LON|÷UHWLP RNXOODUÕ (VNLúHKLU PHUNH] PHUNH]H X]DN RNXOODUGD YH ELU WDQH |]HO RNXOGD ROPDN ]HUH WRSODP  LON|÷UHWLP RNXOXQGD X\JXODQPÕúWÕU gUQHNOHP HYUHQL WHPVLO HGHELOHFHN úHNLOGH  NLúLGHQ ROXúPDNWDGÕU YH DQNHW X\JXODPDVÕ  LON|÷UHWLP RNXOXQGD \DSÕOPÕúWÕU $QNHW LON|÷UHWLPYHVÕQÕIODUGDRNX\DQ|÷UHQFLOHUHX\JXODQPÕúWÕU$QNHWX\JXODPDVÕ 1LVDQWDULKOHULQGHoRFX÷DX\JXODQPÕúROXSoHúLWOLG]HQOHPHOHUGHQVRQUD NXOODQÕODELOLUDQNHW6366SURJUDPÕQGDDQDOL]HWDELWXWXOPXúWXU dDOÕúPDQÕQøoHUL÷L dL]JL ILOP NDUDNWHUOHULQLQ oRFXNODUÕQ VDWÕQDOPD GDYUDQÕúODUÕQGD HWNLOHULQL NRQX DODQ EX oDOÕúPD G|UW E|OPGHQ ROXúPDNWDGÕU dDOÕúPDQÕQ LON E|OPQGH JHQHO RODUDN WNHWLFL GDYUDQÕúODUÕ YH WNHWLFL GDYUDQÕúODUÕQD HWNL HGHQ IDNW|UOHU NRQXODUÕQD GH÷LQLOPLúWLU 7NHWLFLWNHWLPYHWNHWLFLGDYUDQÕúODUÕQGDQEDKVHGLOGLNWHQVRQUDWNHWLFLGDYUDQÕúODUÕ ED÷ODPÕQGD oRFX÷XQ WNHWLFL RODUDN VRV\DOOHúPHVL NRQXVX DoÕNODQPÕúWÕU 7NHWLFL GDYUDQÕúODUÕ YH oRFX÷XQ WNHWLFL RODUDN VRV\DOOHúPHVL NRQXODUÕQÕQ LQFHOHQPHVL NRQXQ WHPHOGHL\LDQODúÕOPDVÕLoLQ|QHPWHúNLOHWPHNWHGLU$\UÕFDEXE|OPGHVDWÕQDOPDNDUDU VUHFL YH EX VUHoWH JHQHO DQODPGD WNHWLFLQLQ UROOHULQL HVDV DODQ DoÕNODPDODUGD EXOXQXOPXúWXU %X E|OP WNHWLFL RODQ oRFXNODUÕQ GDYUDQÕúODUÕQÕQ DQODúÕODELOPHVL DoÕVÕQGDQ|QHPWHúNLOHWPHNWHGLU øNLQFL E|OP RODUDN GúQOHQ NÕVÕPGD |]HO ELU WNHWLFL JUXEX RODUDN oRFXN LQFHOHQPLúWLU dRFX÷XQ WNHWLFL RODUDN |QHPL oRFXN WNHWLFL SD]DUÕ oRFXN WNHWLFL SD]DUÕQÕQE\NO÷YHoRFXNWNHWLFLOHULQVDWÕQDOPDNDUDUODUÕQGDHWNLOLRODQIDNW|UOHUH GH÷LQLOPLúWLU hoQFE|OPGHLVHoDOÕúPDQÕQHVDVNRQXVXRODQoL]JLILOPOHUGHQEDKVHGLOPLúWLU'DKD VRQUDVÕQGD oL]JL ILOPLQ VHNW|U 'Q\DGDNL YH 7UNL\H¶ GHNL oL]JL ILOP VHNW|UOHUL NRQXVXQD GH÷LOPLúWLU dL]JL ILOP VHNW|UQGHNL SD]DUODPD oDEDODUÕQGDQ YH EWQ EXQODUÕQ VRQXFX RODUDN oRFXN YH WHOHYL]\RQ DUDVÕQGDNL HWNLOHúLP DQODWÕOPÕúWÕU ϰ .

(30) *QP]GH WHOHYL]\RQXQ oRFXNODUÕQ \DúDPÕQÕQ YD]JHoLOPH] ELU SDUoDVÕ ROGX÷X DUWÕN NHQGLOHULQH |]HO VDGHFH RQODU LoLQ oL]JL ILOP \D\ÕQOD\DQ NDQDOODUÕQ ROGX÷X YH oRFXN UQOHULUHWHQYHSD]DUOD\DQILUPDODUÕQKHGHISD]DUÕRODQoRFXNODUDEXoRFXNNDQDOODUÕ YDVÕWDVÕ\ODQDVÕOXODúWÕNODUÕNRQXODUÕHOHDOÕQPÕúWÕU dDOÕúPDQÕQ X\JXODPD NÕVPÕQÕ ROXúWXUDQ G|UGQF E|OPGH LON|÷UHWLP   YH  VÕQÕIODUGD RNX\DQ  |÷UHQFL\H X\JXODQDQ DQNHW oDOÕúPDVÕ VRQUDVÕQGD HOGH HGLOHQ YHULOHUYHEXYHULOHULQDQDOL]YHVRQXoODUÕ\HUDOPDNWDGÕU dDOÕúPDQÕQ.ÕVÕWODUÕ dDOÕúPDQÕQ HQ |QHPOL NÕVÕWÕ DUDúWÕUPDQÕQ VDGHFH WHN ELU LOGHNL LON|÷UHWLP RNXOODUÕQGD \DSÕOPÕú ROPDVÕGÕU %XQXQ GD |WHVLQGH DUDúWÕUPDQÕQ VDGHFH LON|÷UHWLP   YH  VÕQÕIODUÕQGDRNX\DQ|÷UHQFLOHULOHVÕQÕUODQPÕúROPDVÕGDNÕVÕWODUGDQELUGL÷HULGLU.            . ϱ .

(31) %g/h07h.(7ø&ø'$95$1,ù/$5,9(7h.(7ø&ø '$95$1,ù/$5,1$(7.ø('(1)$.7g5/(5 %X E|OPGH WNHWLFL GDYUDQÕúODUÕQD YH WNHWLFL GDYUDQÕúODUÕQD HWNL HGHQ IDNW|UOHU JHQHO RODUDN DoÕNODQPDNWDGÕU %|OPQ VRQXQGD WNHWLFL GDYUDQÕúODUÕ ED÷ODPÕQGD oRFX÷XQ WNHWLFLRODUDNVRV\DOOHúPHVLNDYUDPÕHOHDOÕQDUDNDQODWÕOPDNWDGÕU 7NHWLFL'DYUDQÕúÕLOHøOJLOL7HPHO.DYUDPODUYH7DQÕPODU dD÷GDúSD]DUODPDoDEDODUÕWNHWLFLQLQLKWL\DoYHLVWHNOHULQLQWDWPLQHGLOPHVLQLDPDoODU 7NHWLFLQLQ QDVÕO WDWPLQ RODFD÷ÕQD \D GD RODPD\DFD÷ÕQD HWNL HGHQ IDNW|UOHULQ LQFHOHQPHVL YH ELOLQPHVL JHUHNLU 7NHWLFL GDYUDQÕúÕQÕQ WXWDUOÕ ELU ELoLPGH DQODúÕOPDVÕ SD]DUODPD VWUDWHMLOHULQLQ X]XQ G|QHPGH EDúDUÕOÕ RODELOPHVL LoLQ E\N |QHP WDúÕPDNWDGÕU $VOÕQGD WNHWLFL GDYUDQÕúÕQÕQ DQODúÕOPDVÕ oD÷GDú SD]DUODPD DQOD\ÕúÕ YH X\JXODPDODUÕQÕQWHPHOLQLROXúWXUPDNWDGÕU 2GDEDúÕYH%DUÕú

(32)  øVWHNYHøKWL\DoODU øKWL\Do %LUH\GH IL]\RORMLN YH SVLNRORMLN GHQJHQLQ ER]XOPDVÕ LOH HNVLNOLN RUWD\D oÕNPDNWDGÕU YH EX HNVLNOLN GXUXPX LKWL\DoODUÕ PH\GDQD JHWLUPHNWHGLU øKWL\DoODU LVH KHGHIOHUL EHOLUOHPHNWH YH KHGHIH \|QHOLN GDYUDQÕúODUD QHGHQ ROPDNWDGÕU %D\VDO YH 7HNDUVODQ

(33) g]HOOLNOH\RNOX÷XKLVVHGLOHQLKWL\DoKD\DWWDNDOPDNYHNHQGLPL]L L\L KLVVHWPHN DoÕVÕQGDQ |QHPOL LVH \RNOX÷XQXQ ROXúWXUDFD÷Õ JHULOLP GDKD NXYYHWOL KLVVHGLOLU %X QHGHQOH LKWL\DoODU WNHWLFLOHUL KDUHNHWH JHoLULU EDúND ELU LIDGH\OH WNHWLFLOHULEXLKWL\DoODUÕNDUúÕODPD\DJGOHPHNWHGLU 2GDEDúÕYH%DUÕú

(34)  øVWHN +LVVHGLOHQ LKWL\DFÕ NDUúÕODPDN DPDFÕ\OD DOWHUQDWLIOHU DUDVÕQGDQ WHUFLK HGLOHQGLU LKWL\Do ELU QHVQH\H \|QHOPHGL÷L PGGHWoH VSHVLILN ELU |]HOOLN WDúÕPD] %LU QHVQH\H \|QHOGL÷LQGH LVH VDWÕQDOPD DU]XVX LOH ELUOLNWH LKWL\Do LVWH÷H G|QúU YH DQFDN EX GXUXPGDHNRQRPLNRODUDNJHoHUOLELUVRQXoGR÷XUPDNWDGÕU 2GDEDúÕYH%DUÕú

(35)  7NHWLFL7NHWLPYH7NHWLFLGDYUDQÕúODUÕ 3D]DUODPDQÕQ WHPHO WDQÕPODUÕQÕQ DQODúÕODELOPHVL LoLQ EX EDúOÕN DOWÕQGD WNHWLFLQLQ NLP ROGX÷X WDQÕPÕ YH WNHWLFL ED÷ODPÕQGD WNHWLP NDYUDPÕ YH VRQUDVÕQGD LVH WNHWLFL GDYUDQÕúODUÕNRQXODUÕQDGH÷LQLOHFHNWLU. ϲ .

(36) 7NHWLFL 7NHWLFLOHU WNHWLFL GDYUDQÕúÕQGD DQDKWDU XQVXUGXU 7NHWLFLOHU LKWL\DoODUÕ ROGX÷XQX KDWÕUODU YH EX LKWL\DoODUÕQÕ NDUúÕOD\DELOHFHN UQOHU DUDU LKWL\DoODUÕQÕ WDWPLQ HWPHN LoLQ GH UQOHUL NXOODQÕUODU :HOOV YH 3UHQVN\ 

(37)  *HUHNVLQLPOHUL NDUúÕODPDN DPDFÕ\OD PDO YH KL]PHW VDWÕQ DODQ YH NXOODQDQ NLúLOHU WNHWLFL RODUDN DGODQGÕUÕOPDNWDGÕU 7NHWLFL ELU ELUH\ ELU DLOH YH\D NXUXP \D GD NXUXOXú RODELOLU 7NHWLFLNLúLVHODU]XLVWHNYHLKWL\DoODUÕQÕNDUúÕODPDNLoLQSD]DUODPDELOHúHQOHULQLVDWÕQ DODQ\DGDVDWÕQDOPDJFQGHRODQJHUoHNELUNLúLGLU øVODPR÷OX

(38)  7NHWLFLWDWPLQHGLOHFHNLKWL\DFÕKDUFD\DFDNSDUDVÕYHKDUFDPDLVWH÷LRODQNLúLNXUXP YHNXUXOXúODUGÕU 0XFXN

(39) %LUUQQYH\DPDPXOQGH÷HUOHQHELOPHVL\DQLELU PDO RODELOPHVL RQX VDWÕQ DODFDN WNHWLFLQLQ YDU ROPDVÕQD ED÷OÕ ROGX÷X LoLQ WNHWLFL YH RQXQ]RUXQOXOXNODUÕLOHDU]XODUÕEWQSD]DUODPD\DKkNLPGLU 7NHWLP.DYUDPÕ 7NHWLP NDYUDPÕQÕ EHOLUOL ELU LKWL\DFÕPÕ]Õ WDWPLQ HWPHN DPDFÕ\OD ELU UQ YH\D ELU KL]PHWLHGLQPHVDKLSOHQPHNXOODQPD\DGD\RNHWPHRODUDNWDQÕPODPDNPPNQGU %X GDYUDQÕúÕ JHUoHNOHúWLUHQ ELUH\ LVH WNHWLFL RODUDN DGODQGÕUÕOPDNWDGÕU 2GDEDúÕ 

(40)  *QP]GH WNHWLP IL]\RORMLN LKWL\DoODUÕ WDWPLQ HWPH VUHFLQGHQ oRN SVLNRORMLN WDWPLQL VD÷OD\DQ oHYUHPL] YH GÕú GQ\D LOH NXUGX÷XPX] LOHWLúLPLQ WHPHOLQL ROXúWXUDQ ELULOHWLúLPDUDFÕRODUDNNDUúÕPÕ]DoÕNPDNWDGÕU .Ro

(41)  7NHWLPIDUNOÕ]DPDQODUGDIDUNOÕJUXSODUWDUDIÕQGDQIDUNOÕDQODPODUYHULOHQoRN\|QO YH úDUWODUD ED÷OÕ ELU ROJXGXU 7NHWLFL GDYUDQÕúODUÕ oDOÕúPD DODQÕQÕQ WHPHO |QHUPHOHULQGHQELULLQVDQODUÕQVÕNOÕNODUQOHULQHLúH\DUDGÕNODUÕLoLQGH÷LOQHDQODPD JHOGLNOHUL LoLQ VDWÕQ DOGÕNODUÕGÕU %X SUHQVLS UQOHULQ HVDV IRQNVL\RQODUÕQÕQ |QHPVL] ROGX÷XQX LIDGH HWPHPHNOH ELUOLNWH DNVLQH UQOHULQ KD\DWÕPÕ]GD R\QDGÕNODUÕ UROQ VWOHQGLNOHULJ|UHYOHULQGH|WHVLQHGD\DQGÕ÷ÕQÕLIDGHHWPHNWHGLU%LUUQQGDKDGHULQ DQODPODUÕ UQQ EHQ]HU GL÷HU UQ YH KL]PHWOHU DUDVÕQGD  KHU úH\ HúLW ROGX÷XQGD

(42)  J|]H oDUSPDVÕQD \DUGÕPFÕ RODELOHFHNWLU YH LQVDQODU EDVWÕUÕOPÕú LKWL\DoODUÕQÕ LoHUHFHN LPDMD  KDWWD ELU NLúLOL÷H

(43)  VDKLS PDUNDODUÕ VHoHFHNWLU %LOLQGL÷L ]HUH EXJQ ELU WLFDUL PDUNDQÕQ SD]DUODPD VWUDWHMLOHUL PúWHULOHU LOH LOLúNLOHU LQúD HWPH ]HULQH YXUJX \DSPDNWDGÕU %X LOLúNLOHULQ \DSÕVÕ oHúLWOLOLNOHU J|VWHUHELOPHNWH YH EX ED÷ODU UQOHULQ. ϳ .

(44) EL]OHU LoLQ RODVÕ ED]Õ PDQDODUÕQÕ DQODPDPÕ]D \DUGÕPFÕ ROPDNWDGÕU %LU ELUH\LQ ELU UQ LOHDUDVÕQGDROPDVÕPXKWHPHOED]ÕLOLúNLWLSOHULú|\OHGLU 6RORPRQ

(45)  ‡%HQOLNLOLúNLVLhUQNXOODQÕFÕODUÕQNLPOLNOHULQLVDSWDPD\D\DUGÕPFÕROXU ‡1RVWDOMLNLOLúNLhUQELUH\LQJHoPLúLLOHNHQGLVLDUDVÕQGDED÷ODQWÕNXUDU ‡.DUúÕOÕNOÕ%D÷OÕOÕNhUQNXOODQÕFÕODUÕQJQGHOLNUXWLQOHULQLQELUSDUoDVÕGÕU ‡ 6HYJL hUQ VÕFDNOÕN WXWNX YH\D GL÷HU JoO GX\JXODU JLEL GX\JXVDO ED÷ODU NXUPD\Õ VD÷ODU 7NHWLFL'DYUDQÕúODUÕ ³7NHWLFL GDYUDQÕúÕ ELUH\OHULQ HNRQRPLN GH÷HUL RODQ PDO YH KL]PHWOHUL HOGH HWPH YH NXOODQPDODUÕ\OD GR÷UXGDQ LOJLOL HWNLQOLNOHU YH EXHWNLQOLNOHUH \RO DoDQ EHOLUOH\HQ NDUDU VUHoOHULGLU´ 7HN

(46)  7NHWLFLGDYUDQÕúÕELOLPGDOÕELUoRNDODQÕNDSVDU%LUH\OHULQYH\DJUXSODUÕQVHoLPOHULQL VDWÕQ DOPDODUÕQÕ UQOHUL NXOODQÕPODUÕQÕ YH\D NXOODQPDPDODUÕQÕ LVWHN YH LKWL\DoODUÕQÕ WDWPLQ HGHFHN KL]PHWOHUL ILNLUOHUL YH\D GHQH\LPOHUL NDSVD\DQ VUHoOHUL LoHUHQ ELU oDOÕúPD VDKDVÕGÕU 7NHWLFLOHU ELUoRN úHNLOGH RODELOLUOHU DQQHVLQH %DNXJDQ R\XQFD÷Õ DOPDVÕLoLQ\DOYDUDQGRNX]\DúÕQGDNLELUoRFXNWDQE\NELUúLUNHWWHPLO\RQODUFDGRODU WXWDUÕQGDELOJLVD\DUVLVWHPLDOPD\DNDUDUYHUHQELU\|QHWLFL\HNDGDUVÕQÕIODQGÕUÕODELOLUOHU 6RORPRQ

(47)  7NHWLFLOHULQ]DPDQHQHUMLYHSDUDJLELNÕVÕWOÕND\QDNODUÕQÕWNHWLPH\|QHOLNRODUDNQDVÕO NXOODQGÕNODUÕQÕLQFHOH\HQWNHWLFLGDYUDQÕúÕNLúLQLQUQOHULYHKL]PHWOHULVDWÕQDOPDYH NXOODQPDGDNLNDUDUODUÕYHEXQODUODLOJLOLIDDOL\HWOHULGLU 2GDEDúÕYH%DUÕú

(48)  7NHWLFL GDYUDQÕúÕ ELUH\OHULQ GH÷HUOL ND\QDNODUÕQÕ ]DPDQ SDUD oDED

(49)  WNHWLPOH LOJLOL XQVXUODU]HULQHKDUFDPD\DQDVÕONDUDUYHUGLNOHUL]HULQHRGDNODQÕU7NHWLFLGDYUDQÕúÕ WNHWLFLQLQLKWL\DoKLVVHWPHVLDQÕQGDQEDúOD\DUDNLKWL\DFÕQÕNDUúÕODPDNLoLQVDWÕQDOGÕ÷Õ PDOYHKL]PHWLNXOODQPDVÕGDKDVRQUDRQGDQVD÷ODGÕ÷ÕID\GD\ÕGH÷HUOHQGLUPHVLQHNDGDU JHoHQ ELU VUHo RODUDN SD]DUODPD\D NRQX ROPXúWXU 7NHWLFL GDYUDQÕúODUÕQÕ NDYUDPDGD EL]H \DUGÕPFÕ RODQ |QHPOL ELU D\ÕUÕP WNHWLFLQLQ VDWÕQ DOPD NDUDUÕ YH VDWÕQ DOPD GDYUDQÕúÕQÕQIDUNOÕVUHoOHUROPDVÕGÕU 7RUODNYHGL÷

(50) . ϴ .

(51) 7NHWLFL GDYUDQÕúÕ GÕú IDNW|UOHUGHQ HWNLOHQLU %X GÕú IDNW|UOHU NOWU DLOH GDQÕúPD JUXEX SD]DUODPD oHYUHVL GDYUDQÕúVDO HWNLOHU |UQHN RODUDN YHULOHELOLU %X IDNW|UOHULQ HWNLOHUL ]DPDQ GLOLPL LoHULVLQH IDUNOÕOÕNODU J|VWHUPHNWHGLU gUQH÷LQ UHNODP IL\DW LQGLULPL UQ DPEDODMÕQÕQ GH÷LúWLULOPHVL JLEL IDNW|UOHULQ HWNLVL NÕVD G|QHPOL RODELOPHNWHGLU $QFDN NOWU X]XQ ]DPDQ GLOLPL LoHULVLQGH GH IDUNOÕOÕNODU J|VWHUPHNWHGLU 7NHWLFLOHULQ LVWHN YH LKWL\DoODUÕQÕQ HQ L\L úHNLOGH NDUúÕODQDELOPHVL LoLQ JHUHNOL ELOJLOHULQ WRSODQPDVÕ GH÷HUOHQGLULOPHVL YH WNHWLFL GDYUDQÕúODUÕQÕQ KHU \|Q\OH. DQODúÕOPDVÕ YH SD]DUODPD NDUPDVÕQÕQ EXQD J|UH JHOLúWLULOPHVL JQP] SD]DUODPD DQOD\ÕúÕQÕ WDQÕPODPDNWDGÕU7NHWLFLRGDNOÕKDOHJHOHQJQP]SD]DUODPDDQOD\ÕúÕQGD WNHWLFL GDYUDQÕúODUÕQÕQELOLQPHVLSD]DUODPDVWUDWHMLOHULQLQROXúWXUXOPDVÕQGDNDoÕQÕOPD] ELU ]RUXQOXOXNWXU%XQXQLoLQLúOHWPHOHUWNHWLFLGHVDWÕQDOPDJGV\DUDWDELOPHNLoLQ |QFHOLNOHWNHWLFLLVWHNYHLKWL\DoODUÕQÕDQODPD\DoDOÕúPDOÕYHEXLVWHNYHLKWL\DoODUÕ HQ L\L NDUúÕOD\DELOHFHN UQ YH KL]PHWOHUL UHWHUHN EX UQ YH KL]PHWOHULQ UDNLSOHULQ VXQGXNODUÕQGDQ IDUNOÕ RODELOPHVLQL VD÷OD\DUDN WNHWLFL\L PXWOX HGHFHN ELU GH÷HU VXQPDOÕGÕU 7NHWLFL'DYUDQÕúÕ6UHFLQGHNL5ROOHU 7NHWLFL GDYUDQÕúÕ VUHFLQGH IDUNOÕ UROOHU EXOXQPDNWDGÕU 7NHWLFL EX UROOHUGHQ IDUNOÕ ELOHúLPOHU RUWD\D oÕNDUDELOLU %D]Õ VDWÕQDOPD GXUXPODUÕQGD KHU URO LoLQ D\UÕ ELU ELUH\ JHUHNLUNHQ ED]Õ GXUXPODUGD WP UROOHU ELU ELUH\GH WRSODQDELOPHNWHGLU *HQHO RODUDN WNHWLFL NDUDU YHUHQ ELULP RODUDN J|UOPHNWHGLU %HOLUOL ELU VDWÕQDOPD J|] |QQGH WXWXOXUVDRODVÕUROOHUEHúEDúOÕNDOWÕQGDLQFHOHQHELOLU 2GDEDúÕYH%DUÕú

(52)  %DúODWÕFÕ%D]ÕLVWHNYHLKWL\DoODUÕQNDUúÕODQPDGÕ÷ÕQÕQIDUNÕQDYDUDQYHEXGXUXPXQ GH÷LúPHVLLoLQVDWÕQDOPD\ÕWHNOLIHGHQNLúLGLU  (WNLOH\LFL %LOLQoOL \D GD ELOLQoVL] ELU úHNLOGH ED]Õ GDYUDQÕúODUÕ\OD YH V|]OHUL\OH VDWÕQDOPDNDUDUÕQÕVDWÕQDOPDGDYUDQÕúÕQՁUQ\DGDKL]PHWLQNXOODQÕPÕQÕROXPOX\DGD ROXPVX] RODUDN HWNLOH\HQ NLúLGLU %X GXUXPGD HWNLOH\LFL NLúLQLQ J|UúOHUL D÷ÕUOÕNOÕ RODUDNGH÷HUOHQGLULOLU .DUDU9HULFL6RQVHoLPLNDEXOHWWLUPHNRQXVXQGDPDGGLJoYHRWRULWHVLRODQNLúL NDUDUYHULFLGLU 6DWÕQDOÕFÕ6DWÕQDOPDH\OHPLQLJHUoHNOHúWLUHQNLúLGLU ϵ .

(53) .XOODQÕFÕ6DWÕQDOÕQDQUQ\DGDKL]PHWLWNHWHQNXOODQDQNLúLGLU 7NHWLFLQLQ GDYUDQÕúÕQÕQ IDUNOÕ NLúLOHU LoLQ IDUNOÕOÕN J|VWHUPHVL |]HOOL÷L NLúLVHO IDUNOÕOÕNODUÕQ ELU VRQXFX RODUDN NDEXO HGLOPHNWHGLU 7NHWLFLQLQ IDDOL\HWOHUL ]LKLQVHO GX\JXVDO YH IL]LNVHO QLWHOLNOHUGH RODELOPHNWHGLU 7NHWLFL GDYUDQÕúÕ LOH WNHWLFLQLQ ]DPDQHQHUMLYHSDUDJLELNÕVÕWOÕND\QDNODUÕQÕWNHWLPH\|QHOLNRODUDNQDVÕONXOODQÕOGÕ÷Õ DUDúWÕUÕOPDNWDGÕU ùHNLO7NHWLFL'DYUDQÕúÕ6UHFLQGHNL5ROOHU    ŽĐƵŬůĂƌĂ zƂŶĞůŝŬ7ůĞƚŝƔŝŵ. . ƚŬŝůĞLJŝĐŝ ;ĕŽĐƵŬůĂƌͿ.  ŶŶĞͲĂďĂ ;<ĂƌĂƌsĞƌŝĐŝͿ. . ŶŶĞͲĂďĂ ;^ĂƚŦŶůŦĐŦͿ. .  ďĞǀĞLJŶĞ  zƂŶĞůŝŬ7ůĞƚŝƔŝŵ. ŝůŐŝůĞƌŝĂůŦĐŦ  ;ďĞǀĞLJŶůĞƌͿ ŽĐƵŬůĂƌ ;dƺŬĞƚŝĐŝůĞƌͿ.   .D\QDN+DZNLQVYHGL÷DNW2GDEDúÕYH%DUÕú.  7NHWLFL'DYUDQÕúÕ0RGHOL9H7NHWLFL'DYUDQÕúÕQD(WNL(GHQ)DNW|UOHU %X E|OPGH WNHWLFL GDYUDQÕúÕ PRGHOL YH WNHWLFL GDYUDQÕúODUÕQD HWNL HGHQ IDNW|UOHUH GH÷LQLOHFHNWLU 7NHWLFL'DYUDQÕúÕ0RGHOL 7NHWLFLGDYUDQÕúODUÕQÕDoÕNODPDNDPDFÕ\ODELUELULQGHQIDUNOÕPRGHOOHU|QHVUOPúWU 7P PRGHOOHULQ YH \DNODúÕPODUÕQ RUWDN QRNWDVÕ WNHWLFL GDYUDQÕúÕQD HWNL HGHQ GH÷LúNHQOHULQJUXSODQPDVÕGÕU 2GDEDúÕYH%DUÕú

(54) . ϭϬ .

(55) 7NHWLFL. GDYUDQÕúÕ ÕúÕ. PRGHOL. WNHWLFLOHULQ. VDWÕQ VDWÕQDOPD. IDDOL\HWOHULQL. QDVÕO. JHUoHNOHúWLUGLNOHULQL YH EXQODUÕQ RUWD\D oÕNÕú úHNL úHNLOOHULQL OOHULQL WDQÕPOD\DQ WDQÕPOD\DQ \D GD DoÕNOD\DQ PDQWÕN\ROXRODUDNWDQÕPODQDELOLU WÕN\ROXRODUDNWDQÕPODQDELOLU øVODPR÷OX

(56)  ùHNLO7PKDWODUÕ\OD 7PKDWODUÕ\OD7NHWLFL'DYUDQÕúODUÕ.  .D\QDN+DZNLQVYHGL÷DNW2GDEDúÕYH%DUÕú +DZNLQVYHGL÷DNW2GDEDúÕYH%DUÕú. %X ED÷ODPGD WNHWLFL GDYUDQÕúODUÕQÕ DoÕNODPDN YH W WNHWLFL NHWLFL GDYUDQÕúODUÕQD HWNL HWNL HGHQ IDNW|UOHUL ELU VUHo ELU \DSÕ RODUDN RUWD\D NR\PDN NR\PDN LoLQ úHNLO ¶GHNL  PRGHOGHQ ID\GDODQÕOPÕúWÕU %X PRGHOGH WNHWLFL GDYUDQÕúODUÕQ GDYUDQÕúODUÕQD D HWNL HGHQ IDNW|UOHU LoVHO YH GÕúVDO GÕúVDO IDNW|UOHU D\UÕPÕQD WDEL WXWXOPXú YH WNHWLFL VDWÕQ VDWÕQDOPD DOPD GDYUDQÕúÕ LOH LOLúNLOHQGLULOHUHN LOLúNLOHQGLULOHUHN WNHWLFL GDYUDQÕúODUÕQÕQ LQFHOHQPHVL DoÕVÕQGDQ EW EWQFO QFO ELU \DSÕ ROXúWXUXOPXúWXU ROXúWXUXOPXúWX 'DO 

(57)  7NHWLFL'DYUDQÕ 7NHWLFL'DYUDQÕúÕQD(WNL(GHQ)DNW|UOHU hUQ YH\D PDUNDQÕQ NXOODQÕFÕVÕ RODQ WNHWLFLOHULQ GDYUDQÕúODUÕ GDYUDQÕúODUÕ \DúODUÕ JHOLUOHUL H÷LWLPOHUL\OH ELUELULGHQ D\UÕOPDNWDGÕU $\QÕ NOWUGH E\Pú  D\QÕ \Dú \Dú YH PHVOH÷H ϭϭ .

(58) VDKLSELUH\OHULQGDKLWNHWLPGDYUDQÕúODUÕQÕQIDUNOÕROGX÷XJ|UOPHNWHGLU%XQXQVHEHEL ELUH\OHULQ VDKLS ROGXNODUÕ GH÷HUOHUL JHoPLúWHNL GHQH\LPOHUL GX\JXODUÕ NLúLOLNOHUL YH VRV\DO VÕQÕIODUÕ JLEL LoVHO YH GÕúVDO IDNW|UOHUGHQ HWNLOHQHQ \DúDP WDU]ODUÕQÕQ IDUNOÕ ROXúXGXU 0DGUDQYH.DEDNoÕ

(59)  7NHWLFL GDYUDQÕúÕQÕ HWNLOH\HQ ELUoRN IDNW|U ROPDNOD EHUDEHU EXQODUÕ GHPRJUDILN SVLNRORMLN YH VRV\RNOWUHO IDNW|UOHU EDúOÕNODUÕ DOWÕQGD VÕQÕIODQGÕUPDN PPNQGU .RWOHUDNW2GDEDúÕYH%DUÕú

(60)  'HPRJUDILN)DNW|UOHU 7NHWLFLQLQ \DúÕ DLOH GXUXPX PHVOH÷L H÷LWLP|÷UHWLP G]H\L YH JHOLUL JLEL XQVXUODUÕ LoHUPHNWHGLU $WÕOJDQ

(61)  ‡<DúJL\LPJÕGDPRELO\DH÷OHQFHJLELWNHWLPLKWL\DoODUÕQÕQNDUúÕODQPDVÕQGDROGXNoD |QHPLRODQELUNLúLVHOIDNW|UGU ‡ $LOH 'XUXPX WNHWLFLOHULQ HYOL EHNkU YH oRFXNOX ROPDODUÕ RQODUÕQ WNHWLP PDOODUÕQÕ WHUFLKHGHUOHUNHQHWNLOHQGLNOHUL|QHPOLNULWHUOHUGHQELULVLGLU0RELO\DNRQXWHYHú\DVÕ JÕGDPDGGHOHULHYWHNVWLOLJLELUQOHUGHEXHWNLGDKDGD|QHPND]DQPDNWDGÕU ‡0HVOHNYH(÷LWLPg÷UHWLP']H\LWNHWLFLOHULQPHVOHNOHULLOHH÷LWLP|÷UHWLPG]H\OHUL RQODUÕQVDWÕQDOPDGDYUDQÕúODUÕQÕHWNLOH\HQELUGL÷HU|QHPOLIDNW|UGU%LUH\OHULQH÷LWLP |÷UHWLP G]H\OHUL \NVHOGLNoH RQODUÕQ WDOHS HWWLNOHUL UQOHULQ NDOLWH oHúLW YH WDVDUÕP RODUDNNDUPDúÕNODúWÕ÷ÕYHIDUNOÕODúWÕ÷ÕJ|UOPHNWHGLU ‡ *HOLU ']H\L WNHWLFLOHULQ JHOLU G]H\LQLQ DUWPDVÕ RQODUÕQ VDWÕQDOPD JFQ DUWWÕUÕUNHQ JHOLU G]H\LQLQ GúPHVL VDWÕQDOPD JFQ YH GDYUDQÕúÕQÕ ROXPVX] HWNLOHPHNWHGLU *HOLU G]H\LQLQ DUWPDVÕ WNHWLFLOHULQ ]RUXQOX WNHWLP KDUFDPDODUÕQGDQ ONVKDUFDPDODUGHGL÷LPL]KDUFDPDODUDND\PDODUÕQDQHGHQROPDNWDGÕU%LUH\OHULQVDWÕQ DOPD NDUDUODUÕQGD UDV\RQHO GDYUDQDFDNODUÕ YH HNRQRPLN SHN oRN HWNHQGHQ HWNLOHQHFHNOHULDoÕNWÕU 3VLNRORMLN)DNW|UOHU 7NHWLFLGDYUDQÕúÕQÕHWNLOH\HQSVLNRORMLNIDNW|UOHUúXúHNLOGHVÕUDODQPDNWDGÕU 2GDEDúÕ YH%DUÕúøVODPR÷OX

(62) . ϭϮ .

(63) ‡ g÷UHQPH YH %HOOHN 7NHWLFLOHU KDQJL PDUNDODUÕ VHoHFHNOHULQL DOGÕNODUÕ UQ QDVÕO WNHWLPH KD]ÕU GXUXPD JHWLUHFHNOHULQL |÷UHQHUHN NDUDU YHUPHNWHGLU 7HUFLK HGLOHQ NDKYHQLQ EHOLUOL ELU PDUND ROPDVÕQÕ LVWHPHN DUNDGDúODUGDQ J|UHUHN EH÷HQLOHQ GHRGRUDQWÕQ VDGÕN ELU WNHWLFLVL ROPDN \D GD |UQHN UQ IRUPXQGD GHQHQHUHN VDWÕQ DOÕQDQ úDPSXDQ |÷UHQPHQLQ VRQXFXGXU (Q JHQLú DQODPÕ LOH |÷UHQPH GDYUDQÕúODUGD PH\GDQDJHOHQNDOÕFÕELUGH÷LúLNOLNWLU 7NHWLFL GDYUDQÕúODUÕ DoÕVÕQGDQ |÷UHQPH UQOHU YH PDUNDODU LOH LOJLOL RODUDN DOJÕODPDODUGD GúQFHOHUGH YH H\OHPOHUGH GH÷LúLNOL÷L DoÕNODPDNWDGÕU g÷UHQPHQLQ |QHPOL|÷HOHULQGHQELULRODQKDWÕUGDWXWPD³EHOOHN´DQODPÕQDJHOPHNWHGLU(OGHHGLOHQ ELOJLOHU EHOOHNWH VDNODQÕU YH JHOPHNWH RODQ X\DUÕFÕODUÕQ QDVÕO \RUXPODQDFD÷ÕQD HWNLGH EXOXQXU 7NHWLFLOHU UQOHU YH PDUNDODU LOH LOJLOL GúQFHOHUL GHQH\LPOHUL EHOOHNWH EXOXQGXUXUYHEHOOHNWHNLELOJLOHUWNHWLFLQLQVDWÕQDOPDGDYUDQÕúÕQÕHWNLOHPHNWHGLU ‡ *GOHQPH 7NHWLFL ELU LKWL\DFÕQ RUWD\D oÕNPDVÕ\OD DUD\Õú LoLQH JLUHU øKWL\DoODU 0DVORZ¶XQ LKWL\DoODU KL\HUDUúLVLQH J|UH IL]\RORMLN JYHQOLN DLGL\HW VD\JÕ YH NHQGLQL JHUoHNOHúWLUPHLKWL\DoODUÕúHNOLQGHVÕUDODQPÕúWÕU7NHWLFLOHUDVOÕQGDUQOHULGH÷LOV|] HGLOHQ LKWL\DoODUD JHWLULOHFHN o|]POHUL \D GD WDWPLQL VDWÕQ DOÕUODU %X QHGHQOH SD]DUODPDFÕODU UQOHUL KDQJL JGOHUL WDWPLQ HWWL÷LQL EXOPDOÕ YH SD]DUODPD NDUPDVÕQÕ EXJGOHUHWUDIÕQGDROXúWXUPDOÕGÕUgUQH÷LQELUUQVDWÕQDOÕQÕUNHQPDUNDVÕDPEDODMÕ NRNXVX GD\DQÕNOÕOÕ÷Õ IL\DWÕ JLEL |]HOOLNOHUL J|] |QQH DOÕQÕUNHQ D\QÕ ]DPDQGD SUHVWLM EH÷HQLOPHJLEL|]HOOLNOHUGHNDUDUODUGDHWNLOLGLU ‡ $OJÕODPD 7NHWLFL GDYUDQÕúODUÕ DoÕVÕQGDQ ³DOJÕODPD´ NDYUDPÕ HOH DOÕQGÕ÷ÕQGD WNHWLFLQLQ VDWÕQ DOGÕ÷Õ UQQ QH PDOÕ ROGX÷X IL\DWÕQÕQ L\L ELU IL\DW ROXS ROPDGÕ÷Õ NDOLWH EHNOHQWLOHUL VRV\DO RODUDN UQH VDKLS ROPDQÕQ VD÷OD\DFD÷Õ \DUDUODU JLEL ELUoRN NRQXGD \DSWÕ÷Õ GH÷HUOHQGLUPHOHUGLU $OJÕODPD DOÕP |QFHVL DOÕP VÕUDVÕQGDNL YH DOÕP VRQUDVÕQGDNL\RUXPYHGDYUDQÕúODUÕHWNLOHPHNWHGLU ‡7XWXPODU3D]DUODPDDoÕVÕQGDQWXWXPELUUQ\DGDPDUND\ÕGH÷HUOHQGLUHQROXPOX \D GD ROXPVX] WDYÕUGÕU 7XWXPODUÕQ LQFHOHQPHVL WNHWLFLOHULQ GX\JX YH GúQFHOHULQLQ DQODúÕOPDVÕ\OD ELUOLNWH EX GX\JX YH GúQFHOHUL DQODPDN GDYUDQÕú GH÷LúLNOL÷LQH QHGHQ RODELOHFHN IDNW|UOHULQ WHúKLVLQH RODQDN YHUPHNWHGLU 7XWXPODUÕQ EHOLUOHQPHVL \HQL ELU UQQ RUWD\D oÕNDUÕOPDVÕQD PHYFXW ELU UQQ \HQLGHQ NRQXPODQGÕUÕOPDVÕQD UHNODP PHVDMÕQÕQ \DUDWÕOPDVÕQD YH JHQHO GDYUDQÕú NDOÕSODUÕ LoLQGH ELU PDUNDQÕQ WHUFLK HGLOPH ϭϯ .

(64) QHGHQOHULQL RUWD\D NR\PDNWDGÕU 7XWXPODU NLúLQLQ GHQH\LPOHUL JUXS YH DLOH HWNLVL YH NLúLOLNJLELIDNW|UOHUVRQXFXQGDúHNLOOHQPHNWHGLU ‡ .LúLOLN %LU NLúL\L GL÷HULQGHQ IDUNOÕODúWÕUDQ GDYUDQÕúODUÕQ EWQ NLúLOLN RODUDN WDQÕPODQPDNWDGÕU .DOÕWVDO YH oHYUHVHO IDNW|UOHU VRQXFX ROXúDQ NLúLOLN SD]DUODPDFÕODU LoLQ WNHWLFL GDYUDQÕúODUÕQÕ LUGHOHPHN DoÕVÕQGDQ ROGXNoD |QHPOLGLU hUQOHULQ NRQXPODQGÕUÕOPDVÕQGD. UHNODP. PHVDMODUÕQÕQ. VHoLPLQGH. GD÷ÕWÕP. NDQDOÕQÕQ. EHOLUOHQPHVLQGH YH GDKD ELUoRN SD]DUODPD NDUDUÕQGD WNHWLFLOHULQ NLúLOLN |]HOOLNOHUL |QHPOLUROR\QDPDNWDGÕU ‡<DúDP7DU]Õ.LúLOHULQERú]DPDQODUÕQGDNLIDDOL\HWOHULoHYUHOHULQHNDUúÕLOJLOHULGQ\D YH LQVDQODU KDNNÕQGDNL GúQFHOHULQL LoHUHQ \DúDPD ELoLPL \DúDP WDU]Õ RODUDN DGODQGÕUÕOPDNWDGÕU dHYUH GH÷LúNHQOHUL  NOWUHO GH÷HUOHU VRV\DO VÕQÕI DLOH UHIHUDQV JUXSODUÕ JLEL

(65)  YH Lo GH÷LúNHQOHUL  GX\JX YH NLúLOLN JLEL

(66)  \DúDP WDU]ÕQÕ HWNLOHU <DúDP WDU]Õ LVH LKWL\Do WXWXP YH GDYUDQÕúODUÕ GROD\ÕVÕ\OD GD VDWÕQDOPD GDYUDQÕúODUÕQÕ HWNLOHU %HQ]HU \DúDP WDU]ÕQD VDKLS WNHWLFLOHU JHQHOOLNOH D\QÕ UQ YH PDUNDODUÕ VDWÕQ DOPDNWDGÕUODU %LUH\OHULQ GH÷HUOHUL QHUHGH \DúDGÕNODUÕ QH \DSWÕNODUÕ QH \HGLNOHUL JLEL JQON\DúDQWÕQÕQQHUHGH\VHWPQNDSVD\DQELULoHUL÷HVDKLSRODQ\DúDPWDU]ÕWNHWLFL GDYUDQÕúÕQÕQ úHNOLQL EHOLUOHPHNWHGLU %X QHGHQOH UHWLFLOHU YH UHNODPFÕODU UQ YH UHNODPODUÕQD KHGHI NLWOHOHULQLQ \DúDP WDU]Õ WUHQGOHULQL \DQVÕWPDNWDGÕUODU 0DGUDQ YH .DEDNoÕ

(67)  6RV\R.OWUHO)DNW|UOHU 7NHWLFLQLQ LoHULVLQGH \DúDGÕ÷Õ oHYUH\OH LOJLOL XQVXUODUGDQ ROXúPDNWDGÕU %XQODU DLOH DUNDGDú oHYUHVL Lú RUWDPÕ WRSOXPVDO VÕQÕIODU YH NOWUHO XQVXUODUGÕU 7P EXQODU WNHWLFLOHULQ VDWÕQDOPD GDYUDQÕúODUÕQÕ ROXPOX YH\D ROXPVX] \|QGH HWNLOHPHNWHGLU $LOH \DSÕVÕQÕQ RWRULWHU ROXSROPDPDVÕ NOWUHO GH÷HUOHULQLQ YH\D WRSOXPVDO VÕQÕIODUÕQ PXKDID]DNkU YH\D OLEHUDO ROXSROPDPDVÕ JLEL XQVXUODU VDWÕQDOPD GDYUDQÕúÕ ]HULQGH |QHPOLHWNLOHUHVDKLSWLU $WÕOJDQ

(68)  øQVDQ GH÷HUOHULQLQ ROXúPDVÕQGD NOWUQ WRSOXPVDO NXUDOODUÕQ HWNLVL E\NWU øQVDQODUÕQ WRSOXPODúPD VUHFL LoHULVLQGH GH÷HUOHUL JHOLúPHNWHGLU %LUH\OHULQ GH÷HUOHUL WRSOXPVDO\DSÕLoLQGHNLIDUNOÕNRQXPODUÕQDYHGHQH\LPOHULQHJ|UHGH÷LúPHNWHGLU$\QÕ WRSOXPGD \DúD\DQ D\QÕ NOWUHO |]HOOLNOHUH VDKLS LQVDQODUÕQ IDUNOÕ GDYUDQÕú NDOÕSODUÕQÕ. ϭϰ .

(69) VHUJLOHPHOHULQLQ QHGHQL IDUNOÕ NLúLVHO GH÷HUOHUH VDKLS ROPDODUÕQGDQ ND\QDNODQPDNWDGÕU %XQXQOD EHUDEHU NLúLQLQ LoLQGH EXOXQGX÷X WRSOXPXQ \DSÕVÕ NOWU YH QRUPODUÕQÕ GD GH÷HUOHUL EHOLUOHPHNWHGLU 7NHWLFL GDYUDQÕúÕQÕ IDUNOÕ ONH YH NOWUOHUGH FLQVL\HW YH UQ oHúLGL DoÕVÕQGDQ LQFHOH\HQ DUDúWÕUPDODU NOWUOHU DUDVÕ IDUNOÕOÕNODU QHGHQL\OH KHU ONHGHIDUNOÕVRQXoODUDOÕQPÕúWÕU hQDOYH(UFLV

(70)  7PEXVÕUDODQDQIDNW|UOHULQHWNLVL\OHWNHWLFLGDYUDQÕúODUÕúHNLOOHQPHNWHGLUYHVRQXoWD WNHWLFLVDWÕQDOPD\DGDDOPDPDNRQXVXQGDELUNDUDUYHUPHNWHGLU 7NHWLFL6DWÕQDOPD'DYUDQÕúÕ 7NHWLFLOHULQLKWL\DoODUÕQÕHNVLNVL]RODUDNWDWPLQHWPH\H\|QHOLNoRNoHúLWOLoDEDODUÕELU WDNÕP EDVDPDNODUGD NDWHJRUL]H HGLOPHNWHGLU 7NHWLFL RODUDN :HOOV YH 3UHQVN\ 

(71)  

(72) 7DWPLQHGLOPHVLJHUHNHQELULKWL\DFÕQIDUNÕQDYDUÕOPDVÕ 

(73) LKWL\DFÕWDWPLQHWPHVLPXKWHPHODOWHUQDWLIOHULDUDQPDVÕ 

(74) $OWHUQDWLIOHULGH÷HUOHQGLUPHYHHQL\LRODQÕQVHoLOPHVL 

(75) 6DWÕQDOPDYHGH÷HUOHQGLULOHQDOWHUQDWLILNXOODQÕOPDVÕ 7NHWLFL ELU LKWL\DFÕQ IDUNÕQD YDUÕOPDVÕQGDQ VDWÕú VRQUDVÕ GH÷HUOHQGLUPH\H NDGDU RODQ VUHoWH ELU WDNÕP NDUDU YHULU %X NDUDU GL]LVLQH VDWÕQDOPD NDUDU VUHFL GHQPHNWHGLU 7NHWLFLELULKWL\DFÕQYDUOÕ÷ÕQÕ|QFHGHQPHYFXWRODQGHQJHQLQER]XOPDVÕ\ODIDUNHGHU 6RQUDVÕQGD EX LKWL\DFÕQÕ NDUúÕOD\DELOHFH÷L DOWHUQDWLIOHUL EHOLUOHU $OWHUQDWLIOHULQ OLVWHVLQL ]LKQLQGH ROXúWXUGXNWDQ VRQUD EXQODUÕ ID\GDPDOL\HW YH NROD\OÕN]RUOXN DoÕODUÕQGDQ GH÷HUOHQGLULU 'DYUDQÕúODU ]LKLQVHO IDDOL\HWOHULQH\OHPOHUH \DQVÕPDVÕGÕU 7NHWLFL NDUDU DOPDVUHFLQLQGR÷DOVRQXFXGDVDWÕQDOPDGDYUDQÕúÕGÕU%LUoRNIDNW|UQHWNLVLQGHNDODQ VDWÕQDOPD GDYUDQÕúÕ EDVNÕQ RODQ IDNW|UH J|UH GH÷LúLNOLNOHU J|VWHUHFHNWLU 'ROD\ÕVÕ\OD WNHWLFLOHULQ KHU WUO DOÕúYHULúOHULQGH VUHNOL RODUDN D\QÕ GDYUDQÕúÕ VHUJLOHPH\HFHNOHUL NHVLQOLNOH V|\OHQHELOPHNWHGLU 7NHWLFLOHU ]DPDQ LoLQGH ED]Õ GH÷LúNHQOHULQ HWNLVL\OH ED]ÕGDYUDQÕúODUÕDOÕúNDQOÕNKDOLQHJHWLUHELOLUOHU\DGDIDUNOÕ]DPDQODUGDIDUNOÕNLPOLNOHUOH RUWD\DoÕNDELOLUOHU 7RUODNYHGL÷

(76)  . ϭϱ .

Referanslar

Benzer Belgeler

Guidelines for pre-operative cardiac risk as- sessment and perioperative cardiac management in non-car- diac surgery: the Task Force for Preoperative Cardiac Risk Assessment

[r]

Keywords: Yashu method, Integral Equation, Second kind Volterra integral equation, Laplace transforms, Euler method,.. Picard method,

R ¨ uzerindeki sa˘ g ı¸sın, sol ı¸sın, sonlu t¨ umleyenli topolojiklerin metrik topoloji olmadı˘ gını g¨ osterin.. (ipucu: bu topolojilerin, Hausdoff ¨ ozelli˘ gine

EQ\HOHULQ \R÷UXOPD VX\X VX HPPH NXUX NoOPH SLúPH NoOPH YH WRSOX NoOPHOHUL KHVDSODQPÕúWÕU +HU IDUNOÕ oDPXU YH IDUNOÕ Nk÷ÕW oHúLGL\OH

X\JXODPDODUÕQD VWUDWHML SODQODUÕQGD \HU YHUHUHN EX DODQGD SURMH YH SURJUDPODU JHOLúWLUHUHND÷ÕUOÕN YHUPHNWHGLU$\QÕ ]DPDQGDNDQXQODUGDYHNDONÕQPDSODQODUÕQGDGD NDPX NXUXP

2.2 'LOH'DLU*|UúOHUL *HQHO RODUDN HGHEL\DWWD YH úLLUGH WRSOXPVDO ELU EDNÕú DoÕVÕQD VDKLS RODQ $OL HW7DQWkYv¶QLQ JHUoHNoL WRSOXPVDO YH GLQv GH÷HUOHUH |QHP YHUHQ ELU oL]JLGH

*ø5øù 7NHWLFLOHUL WDQÕPODPDN KRPRMHQ |]HOOLNOHUH VDKLS WNHWLFLOHUL JUXSODQGÕUPDN EX JUXSODUGDQ LúOHWPHQLQ VWUDWHMLOHULQH X\JXQ RODQODUÕ VHoPHN YH VHoLOHQ EX