• Tidak ada hasil yang ditemukan

Microsoft Press Microsoft Visual Basic 2005 Express Edition Build A Program Now Dec 2005 ISBN 0735622132 pdf

N/A
N/A
Protected

Academic year: 2019

Membagikan "Microsoft Press Microsoft Visual Basic 2005 Express Edition Build A Program Now Dec 2005 ISBN 0735622132 pdf"

Copied!
225
0
0

Teks penuh

(1)
(2)

B^Xgdhd[i

œ

J]giU`6Ug]W

œ

'%%*

(3)

38%/,6+('%<

0LFURVRIW3UHVV

$'LYLVLRQRI0LFURVRIW&RUSRUDWLRQ

2QH0LFURVRIW:D\

5HGPRQG:DVKLQJWRQ

&RS\ULJKW‹E\0LFURVRIW&RUSRUDWLRQ

,QIRUPDWLRQLQWKLVGRFXPHQWLQFOXGLQJ85/DQGRWKHU,QWHUQHW:HEVLWHUHIHUHQFHVLVVXEMHFWWRFKDQJHZLWKRXWQRWLFH8QOHVVRWKHU

ZLVHQRWHGWKHH[DPSOHFRPSDQLHVRUJDQL]DWLRQVSURGXFWVGRPDLQQDPHVHPDLODGGUHVVHVORJRVSHRSOHSODFHVDQGHYHQWVGHSLFWHG

KHUHLQDUHÀFWLWLRXVDQGQRDVVRFLDWLRQZLWKDQ\UHDOFRPSDQ\RUJDQL]DWLRQSURGXFWGRPDLQQDPHGHPDLODGGUHVVORJRSHUVRQ

SODFHRUHYHQWLVLQWHQGHGRUVKRXOGEHLQIHUUHG&RPSO\LQJZLWKDOODSSOLFDEOHFRS\ULJKWODZVLVWKHUHVSRQVLELOLW\RIWKHXVHU:LWKRXW

OLPLWLQJWKHULJKWVXQGHUFRS\ULJKWQRSDUWRIWKLVGRFXPHQWPD\EHUHSURGXFHGVWRUHGLQRULQWURGXFHGLQWRDUHWULHYDOV\VWHPRUWUDQV

PLWWHGLQDQ\IRUPRUE\DQ\PHDQVHOHFWURQLFPHFKDQLFDOSKRWRFRS\LQJUHFRUGLQJRURWKHUZLVHRUIRUDQ\SXUSRVHZLWKRXWH[SUHVV

ZULWWHQSHUPLVVLRQRI0LFURVRIW&RUSRUDWLRQ

0LFURVRIW'LUHFW;([FHO+RWPDLO,QWHOOL6HQVH-6FULSW0LFURVRIW3UHVV06'10612XWORRN7DKRPD9LVXDO%DVLF9LVXDO&

9LVXDO6WXGLR9LVXDO:HE'HYHORSHU:LQ:LQGRZV:LQGRZV6HUYHUDQG;ER[DUHHLWKHUUHJLVWHUHGWUDGHPDUNVRUWUDGHPDUNVRI

0LFURVRIW&RUSRUDWLRQLQWKH8QLWHG6WDWHVDQGRURWKHUFRXQWULHV

7KLVERRNH[SUHVVHVWKHDXWKRU·VYLHZVDQGRSLQLRQV7KHLQIRUPDWLRQFRQWDLQHGLQWKLVERRNLVSURYLGHGZLWKRXWDQ\H[SUHVVVWDWXWRU\

RULPSOLHGZDUUDQWLHV1HLWKHUWKHDXWKRUV0LFURVRIW&RUSRUDWLRQQRULWVUHVHOOHUVRUGLVWULEXWRUVZLOOEHKHOGOLDEOHIRUDQ\GDPDJHV

FDXVHGRUDOOHJHGWREHFDXVHGHLWKHUGLUHFWO\RULQGLUHFWO\E\WKLVERRN

(4)

6[TcgXe$

<agebWhV\aZ@\VebfbYgšI\fhT_5Tf\Vš

%##(8kceXff

$

L]Vi>h#C:I4 '

L]Vi>hK^hjVa7Vh^X'%%*4 )

>hK^hjVa7Vh^X'%%*VcDW_ZXi"Dg^ZciZYEgd\gVbb^c\

DDEAVc\jV\Z4 )

L]Vi>hK^hjVa7Vh^X'%%*:megZhh:Y^i^dc4 . L]Vi@^cYhd[6eea^XVi^dch8VcNdj7j^aYl^i]

K^hjVa7Vh^X'%%*:megZhh:Y^i^dc4 &% L]Vi6gZi]Z@Zn;ZVijgZhNdjCZZYid@cdl6Wdji4 &%

6[TcgXe%

<afgT__\aZI\fhT_5Tf\V%##(8kceXff8W\g\ba

$(

EgZeVg^c\id>chiVaaK^hjVa7Vh^X'%%*:megZhh

:Y^i^dc &+

>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc &,

6[TcgXe&

6eXTg\aZLbhe9\efg4cc_\VTg\ba

%(

IldIneZhd[6eea^XVi^dch/L]ViÈhi]Z9^[[ZgZcXZ4 '+

<Zii^c\HiVgiZY ',

>9:8dbedcZcih (%

Dcidi]ZEgd_ZXih (&

7j^aY^c\V8dchdaZ6eea^XVi^dc (&

6bagXagf

^^^

<Zii^c\id@cdlHdaji^dc:meadgZg (' <Zii^c\=Zae/B^Xgdhd[iK^hjVaHijY^d'%%*:megZhh:Y^i^dc

9dXjbZciVi^dc ((

8dY^c\Ndjg8dchdaZ6eea^XVi^dc (,

8jhidb^o^c\i]Z>9: (.

8gZVi^c\VL^cYdlh6eea^XVi^dc )&

6[TcgXe'

6eXTgXLbheBjaJXU5ebjfXe\a?XffG[Ta

9\iX@\ahgXf

'(

L]Vi>hVEgd_ZXi4 )+

L]Vi>hi]Z9Zh^\cAVndji4 ),

Ejii^c\>i6aaId\Zi]Zg *)

6[TcgXe(

6eXTg\aZLbhe9\efg9h__J\aWbjfš4cc_\VTg\ba

(*

HcVeVcY6a^\cI]dhZ8dcigdahJh^c\HcVeA^cZh *-Jh^c\>ciZaa^HZchZÄNdjgCZl7Zhi;g^ZcY *. >ciZaa^HZchZVcY8iga HeVXZWVg +% >ciZaa^HZchZVcYEZg^dY$AZ[iEVgZci]Zh^h +% >ciZaa^HZchZ;^aiZg^c\/GZbdk^c\i]ZÅJcXdbbdcÆ +' >ciZaa^HZchZ8dYZHc^eeZih/I]ZI^bZHVkZg +'

=dlid>ckd`Z8dYZHc^eeZih +(

GZVa"I^bZ:ggdg9ZiZXi^dcVcY8dggZXi^dc +)

(5)

^k B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

L]ViIneZhd[IVh`h8VcBn=ZaeBZL^i]4

+-GZcVb^c\

+-L]Vi8VcNdjGZcVbZ4

+-=dlVcYL]ZgZidJhZi]ZGZcVbZ;ZVijgZ +.

8dbbdcL^cYdlh8dcigdah ,'

L]Vi=VeeZchL]ZcVc:kZci>hIg^\\ZgZY4 ,*

6[TcgXe)

@bW\YlLbheJXU5ebjfXeAbj

+$

=dlid7g^c\JeNdjg6eea^XVi^dc -'

>ciZgVXi^c\I]gdj\]9^Vad\7dmZh

--6YY^c\Vc6Wdji7dm

--6YY^c\VCVk^\ViZ9^Vad\7dm .& 6Egd[Zhh^dcVaAdd`VcY;ZZaViNdjg;^c\Zgi^eh .) 6YY^c\VIddaHig^e8dciV^cZgVcYHdbZIddah .) 6YY^c\VHiVijh7VgidNdjg7gdlhZg .+ EZghdcVa^oZNdjg6eea^XVi^dcl^i]L^cYdlh>Xdch &%%

6[TcgXe*

9\k\aZg[X5eb^Xa5_bV^f

$#,

9ZWj\\^c\Vc6eea^XVi^dc &&%

Jh^c\V9AA^cVc6eea^XVi^dc &&% 6YY^c\VGZ[ZgZcXZidNdjg6eea^XVi^dc &&& 7gZV`ed^cih!AdXVah!:Y^iVcY8dci^cjZ!VcYK^hjVa^oZgh &&'

6[TcgXe+

@TaTZ\aZg[X7TgT

$%(

L]Vi>hV9ViVWVhZ4 &'+

L]ViÈh>cV9ViVWVhZ4 &'+

9ViVCdgbVa^oVi^dcVcY9ViV>ciZ\g^in &',

L]Vi>hCjaa4 &(%

L]Vi6gZEg^bVgn@ZnhVcY;dgZ^\c@Znh4 &(% =dl9dNdj>ciZgVXil^i]VGZaVi^dcVa9ViVWVhZ4 &((

HFAHZgkZg'%%*:megZhh^cK^hjVa7Vh^X'%%*

:megZhh:Y^i^dc &()

8gZVi^c\V9ViVWVhZJh^c\K^hjVa7Vh^X'%%*

:megZhh:Y^i^dc &(*

8gZVi^c\IVWaZh^cNdjg9ViVWVhZ &(, 8gZVi^c\GZaVi^dch]^eh7ZilZZci]ZIVWaZh &(. :ciZg^c\9ViV^cHFAHZgkZgIVWaZhJh^c\

K^hjVaHijY^d &)(

L]Vi6gZ69D#C:IVcY9ViVW^cY^c\4 &)+

I]Z8VgIgVX`Zg6eea^XVi^dc9ZkZadebZci

&)-8dbedcZciIgVn &*(

=dl9d><ZiBdgZBZVc^c\[ja>c[dgbVi^dc

DcBn;dgb4 &*)

6[TcgXe,

5h\_WLbheBjaJXTg[XeGeTV^Xe

4cc_\VTg\baAbj

$)&

;ZVijgZhd[i]ZLZVi]ZgIgVX`Zg6eea^XVi^dc &+)

I]Z=^\]"AZkZaEaVc &+)

8gZVi^c\i]Z6eea^XVi^dcJhZg>ciZg[VXZ &+* 6YY^c\Cdi^[^XVi^dc6gZV8VeVW^a^i^Zh &+, 6YY^c\i]ZHeaVh]HXgZZcVcY6Wdji9^Vad\7dm &,( 6YY^c\i]ZDei^dch9^Vad\7dm &,*

Jh^c\LZWHZgk^XZh &,,

JhZgHZii^c\h &-&

Ldg`^c\^ci]Z7VX`\gdjcY &-'

8dbeaZi^c\i]Z8dgZLZVi]ZgIgVX`Zg;jcXi^dcVa^in &-,

IZhi^c\LZVi]ZgIgVX`Zg &.(

Ldg`^c\l^i]i]ZDei^dch9^Vad\7dm &.)

IZhi^c\LZVi]ZgIgVX`Zg &.,

(6)

&.->cigdYjXi^dc k

<agebWhVg\ba

K^hjVa7Vh^X'%%*:megZhhVcYi]Zdi]ZgK^hjVaHijY^d'%%*

:megZhh:Y^i^dcegdYjXihVgZ!^cbnde^c^dc!dcZd[i]ZWZhi

VcYbdhi^ciZaa^\Zci^YZVhidXdbZdji[gdb9ZkZadeZg

9^k^h^dc]ZgZViB^Xgdhd[i#>ÈbVeeaVjY^c\VcYX]ZZg^c\[dg

i]ZeZdeaZl]d]VYi]^hWg^aa^Vci^YZVWZXVjhZ>WZa^ZkZi]ZgZ

^hVgZVacZZYVcYYZbVcY[dgVldgaY"XaVhhVcYedlZg[ja

egdYjXi[dgi]Z]dWWn^hiegd\gVbbZgh!hijYZcih!VcYegd"

[Zhh^dcVaYZkZadeZgh#6cYK^hjVa7Vh^X'%%*:megZhh:Y^i^dc

VchlZghVaad[i]ViVcYbdgZ#

K^hjVa7Vh^X'%%*:megZhh:Y^i^dc^hV[jaan[jcXi^dcVa

hjWhZid[K^hjVaHijY^d'%%*!hj^iVWaZ[dgXgZVi^c\VcYbV^c"

iV^c^c\L^cYdlhVeea^XVi^dchVcYa^WgVg^Zh#>iÈhcdiVi^bZY"

WdbWZY^i^dc!VYZbd!dgV[ZVijgZa^b^iZYkZgh^dc0cd!^iÈhV

`ZnB^Xgdhd[i^c^i^Vi^kZidgZVX]bdgZeZdeaZVcY\^kZi]Zb

i]ZVW^a^inid]VkZ[jcl]^aZXgZVi^c\Xddahd[ilVgZ#

L]d>hI]^h7dd`;dg4

I]^hWdd`^h[dgZkZgnWdYn/hijYZcih!]dWWn^hiegd\gVbbZgh!

VcYVahd[dgeZdeaZl]dValVnhi]dj\]iegd\gVbb^c\lVhV

idj\]iVh`#>iÈh[dgeZdeaZl]d]VY^YZVha^`Z/>l^h]>XdjaY

Wj^aYViddaidhidgZVaabngZX^eZh!>l^h]>XdjaYeg^cii]Zb

VcYhZcYi]Zbidbn[g^ZcYhDG>l^h]>XdjaYWj^aYi]^h

XddaXVgY\VbZi]Vi>]VkZcZkZg[djcYZahZl]ZgZDG>l^h]

>XdjaYWj^aYi]^hXddahd[ilVgZidhidgZbn9K9VcY89Xda"

aZXi^dcDG>l^h]>XdjaYWj^aYi]^hhd[ilVgZid]ZaebZldg`

l^i]bVig^XZhVcYeadi\gVe]^Xh[dgbnbVi]XaVhhVcYbVcn

bdgZegd_ZXihi]VidcZXVci]^c`d[

I]^hWdd`^h[dgeZdeaZl]d]VkZ^YZVhWjiYdcÈi`cdl

]dlidWg^c\i]ZbidgZVa^in#>iÈhV\ddY^cigdYjXi^dcidi]^h

VgiVcYhX^ZcXZi]Vi^hYZkZade^c\hd[ilVgZ#

=dlI]^h7dd`>hDg\Vc^oZY

I]^hWdd`Xdch^hihd[c^cZX]VeiZgh!ZVX]XdkZg^c\VeVgi^Xj"

aVg[ZVijgZdgiZX]cdad\nVWdjiK^hjVa7Vh^X'%%*:megZhh

:Y^i^dc#BdhiX]VeiZghWj^aYdcegZk^djhX]VeiZgh!hdndj

h]djaYeaVcdcgZVY^c\i]ZbViZg^VahZfjZci^Vaan#

8dckZci^dchVcY;ZVijgZh^cI]^h7dd`

I]^hWdd`egZhZcih^c[dgbVi^dcjh^c\XdckZci^dchYZh^\cZY

idbV`Zi]Z^c[dgbVi^dcgZVYVWaZVcYZVhnid[daadl#7Z[dgZ

ndjhiVgii]ZWdd`!gZVYi]Z[daadl^c\a^hi!l]^X]ZmeaV^ch

XdckZci^dchndjÈaahZZi]gdj\]djii]ZWdd`VcYed^cihdji

]Zae[ja[ZVijgZh^ci]ZWdd`i]Vindjb^\]ilVciidjhZ#

7cbjYbh]cbg

Q

:VX]ZmZgX^hZ^hVhZg^Zhd[iVh`h#:VX]iVh`^hegZhZciZYVh

VhZg^Zhd[cjbWZgZYhiZeh&!'!VcYhddc#:VX]ZmZg"

X^hZ^hegZXZYZYWnVegdXZYjgVa]ZVY^c\i]ViaZihndj

`cdll]Vindjl^aaVXXdbea^h]^ci]ZZmZgX^hZ#

(7)

k^ B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

Q

CdiZhaVWZaZYÅ8Vji^dcÆVaZgindjid^c[dgbVi^dcndj

cZZYidX]ZX`WZ[dgZXdci^cj^c\#

Q

IZmii]VindjineZdg^iZbhndjhZaZXidgXa^X`VeeZVg^c

WdaY#

Q

BZcjXdbbVcYh!Y^Vad\Wdmi^iaZh!VcYdi]ZgjhZg^ciZg"

[VXZZaZbZcihVeeZVgl^i]ZVX]ldgYXVe^iVa^oZY#

Q

6eajhh^\c WZilZZcild`ZncVbZhbZVchi]Vindj

bjhiegZhhi]dhZ`ZnhVii]ZhVbZi^bZ#;dgZmVbeaZ!

ÅEgZhh6ai IVWÆbZVchi]Vindj]daYYdlci]Z6ai`Zn

l]^aZndjegZhhi]ZIVW`Zn#

Ch\Yf:YUhifYg

Q

H]VYZYh^YZWVghi]gdj\]djii]ZWdd`egdk^YZbdgZ^c"

YZei]^c[dgbVi^dcVWdjii]ZXdciZci#I]Zh^YZWVghb^\]i

XdciV^cWVX`\gdjcY^c[dgbVi^dc!YZh^\ci^eh!dg[ZVijgZh

gZaViZYidi]Z^c[dgbVi^dcWZ^c\Y^hXjhhZY#

Q

:VX]X]VeiZgZcYhl^i]Vc>cHjbbVgn½hZXi^dci]Vi

Wg^Z[angZk^Zlhl]VindjaZVgcZY^ci]ZXjggZciX]VeiZg

VcYegZk^Zlhl]Vii]ZcZmiX]VeiZgl^aaegZhZci#

HnhiZbGZfj^gZbZcih

NdjÈaacZZYi]Z[daadl^c\]VgYlVgZVcYhd[ilVgZidXdbeaZiZ

i]ZZmZgX^hZh^ci]^hWdd`/

Q

B^Xgdhd[iL^cYdlhMEl^i]HZgk^XZEVX`'!B^Xgdhd[i

L^cYdlhHZgkZg'%%(l^i]HZgk^XZEVX`&!dgB^Xgdhd[i

L^cYdlh'%%%l^i]HZgk^XZEVX`)

Q

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc

Q

E8l^i]VEZci^jb>>>"XaVhhegdXZhhdg!+%%B=o

GZXdbbZcYZY/&<=o

Q

&'-B7G6B'*+B7dgbdgZgZXdbbZcYZY

Q

K^YZd-%%m+%%dg]^\]ZggZhdaji^dcbdc^idgl^i]Vi

aZVhi'*+Xdadgh&%')m,+-=^\]8dadg&+"W^igZXdb"

bZcYZY

Q

89"GDBdg9K9"GDBYg^kZ

Q

B^Xgdhd[iBdjhZdgXdbeVi^WaZed^ci^c\YZk^XZ

NdjÈaaVahdcZZYVYb^c^higVidgVXXZhhidndjgXdbejiZg

idXdc[^\jgZHFAHZgkZg'%%*:megZhh#

8dYZHVbeaZh

I]ZXdYZhVbeaZh[dgi]^hWdd`XVcWZYdlcadVYZY[gdbi]Z

Wdd`ÈhXdbeVc^dcXdciZcieV\ZVii]Z[daadl^c\VYYgZhh/

]iie/$$lll#b^Xgdhd[i#Xdb$bhegZhh$XdbeVc^dc$%",(*+"''&("'$

NdjÈaajhZi]ZXdYZhVbeaZhVcYhiVgiZghdaji^dchVhndj

eZg[dgbi]ZZmZgX^hZh^ci]ZWdd`#7njh^c\i]ZXdYZhVb"

eaZh!ndjldcÈilVhiZi^bZXgZVi^c\[^aZhi]ViVgZcÈigZaZkVci

idi]ZZmZgX^hZ#I]Z[^aZhVcYi]ZhiZe"Wn"hiZe^chigjXi^dch^c

i]ZaZhhdchVahdaZindjaZVgcWnYd^c\!l]^X]^hVcZVhnVcY

Z[[ZXi^kZlVnidVXfj^gZVcYgZbZbWZgcZlh`^aah#NdjÈaaVahd

[^cYi]ZXdbeaZiZhdaji^dch^[ndjlVciidkZg^[nndjgldg`

dg^[ndjh^beanlVciidadd`Vi^i#

I]Z89"GDBeVX`V\ZY^ci]Z WVX`d[i]^hWdd`XdciV^chi]Z K^hjVa7Vh^X'%%*:megZhh:Y^i^dc hd[ilVgZcZZYZYidXdbeaZiZi]Z ZmZgX^hZh^ci]^hWdd`#

(8)

>chiVaa^c\i]Z8dYZHVbeaZh

;daadli]ZhZhiZehid^chiVaai]ZXdYZhVbeaZhdcndjgXdbejiZg#

$

8ckb`cUXh\YWcXYgUad`YgZfca]iie/$$lll#b^Xgdhd[i#Xdb$bhegZhh$XdbeVc^dc$%",(*+"''&("'$"

%

5ZhYfmciXckb`cUXh\YWcXYgUad`YgZ]`Y fibh\Y]bghU``Yf"

&

:c``ckh\Y]bghfiWh]cbgh\UhUddYUf"

I]ZXdYZhVbeaZhVgZ^chiVaaZYidi]Z[daadl^c\adXVi^dcdcndjgXdbejiZg/

Bn9dXjbZcihQB^Xgdhd[iEgZhhQK7'%%*:megZhh

Jh^c\i]Z8dYZHVbeaZh

:VX]X]VeiZg^ci]^hWdd`ZmeaV^chl]ZcVcY]dlidjhZVcnXdYZhVbeaZh[dgi]ViX]VeiZg#

L]Zc^iÈhi^bZidjhZVXdYZhVbeaZ!i]ZWdd`l^aaa^hii]Z^chigjXi^dch[dg]dliddeZci]Z

[^aZh#I]ZX]VeiZghVgZWj^aiVgdjcYhXZcVg^dhi]Vih^bjaViZgZVaegd\gVbb^c\egd_ZXih!hd

ndjXVcZVh^anVeeani]Zh`^aahndjaZVgcidndjgdlcldg`#

;dgi]dhZd[ndjl]da^`Zid`cdlVaai]ZYZiV^ah!Va^hid[i]ZXdYZhVbeaZegd_ZXih

VeeZVghdci]ZcZmieV\Z#6abdhiVaaegd_ZXih]VkZhdaji^dchVkV^aVWaZ[dgi]ZegVXi^XZZmZg"

X^hZh#I]Zhdaji^dch[dgZVX]egd_ZXiVgZ^cXajYZY^ci]Z[daYZg[dgZVX]X]VeiZgVcYVgZ

aVWZaZY

8dbeaZiZ

#

Jc^chiVaa^c\i]Z8dYZHVbeaZh

;daadli]ZhZhiZehidgZbdkZi]ZXdYZhVbeaZh[gdbndjgXdbejiZg#

$

=b7cbhfc`DUbY` cdYb5XXCfFYacjYDfc[fUag"

%

:fcah\Y`]ghcZ7iffYbh`m=bghU``YXDfc[fUag gY`YWh6i]`XUDfc[fUaBckUbXW`]W_FYacjY" A]WfcgcZhJ]giU`6Ug]W&$$)9ldfYgg9X]h]cb.

&

:c``ckh\Y]bghfiWh]cbgh\UhUddYUfhcfYacjYh\YWcXYgUad`Yg"

(9)

k^^^ B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

Egd_ZXi 9ZhXg^ei^dc

8]VeiZg&' CdhVbeaZegd_ZXih 8]VeiZg(

Bn;^ghi8dchdaZ6eea^XVi^dc 6eea^XVi^dci]ViiV`ZhildcjbWZghVcYVYYhi]Zb id\Zi]Zg!i]ZcY^heaVnhi]Zhjb^cVXdchdaZl^cYdl# Bn;^ghiL^cYdlh6eea^XVi^dc HVbZVeea^XVi^dcWjiY^heaVnhi]ZgZhjai^cV

bZhhV\ZWdm#

8]VeiZg)

BnDlc7gdlhZg H^beaZLZWWgdlhZgVeea^XVi^dci]ViZcVWaZhi]Z

jhZgidWgdlhZdci]Z>ciZgcZi#

8]VeiZg*

IZhiEgd_ZXi 6eea^XVi^dci]ViZcVWaZhndjidjhZi]Zbdhi^bedgiVci [ZVijgZh^cK^hjVa7Vh^X'%%*:megZhh:Y^i^dc#

8]VeiZg+

BnDlc7gdlhZg I]^h^hi]ZXdci^cjVi^dcd[i]ZVeea^XVi^dc[gdb 8]VeiZg)#>i^hi]ZLZWWgdlhZgidl]^X]ndjÈaaVYY

bZcjh!iddaWVgh!VhiVijhVcYegd\gZhhWVg!VcYV

cVk^\Vi^dcl^cYdll^i]VjidXdbeaZiZ#

8]VeiZg,

9ZWj\\Zg 6cVeea^XVi^dc[jaad[egdWaZbhid]ZaendjaZVgc]dl

idYZWj\jh^c\[ZVijgZhd[K^hjVa7Vh^X'%%*

:megZhh:Y^i^dc#

8]VeiZg-8VgIgVX`Zg 6cVeea^XVi^dcZcVWa^c\i]ZjhZgidigVX`XVgVYh[gdb i]Z>ciZgcZijh^c\VHFAHZgkZg'%%*:megZhhYViVWVhZ

idhidgZi]Z^c[dgbVi^dc#

8]VeiZg.

LZVi]ZgIgVX`Zg 6cVeea^XVi^dci]Vigjch^ci]ZhnhiZb"igVnVcY]Vh Vc^XZJ>idY^heaVnlZVi]ZgYViVXdaaZXiZYWnndjg Veea^XVi^dc[gdbY^kZghZLZWhZgk^XZh#6YZeadnbZci eVX`V\Z^hVahdXgZViZY[dgi]ZY^hig^Wji^dcd[ndjg

(10)

EgZgZaZVhZHd[ilVgZ

I]^hWdd`lVhgZk^ZlZYVcYiZhiZYV\V^chii]Z6j\jhi'%%*

gZaZVhZXVcY^YViZ#I]^hWdd`^hZmeZXiZYidWZ[jaanXdbeVi"

^WaZl^i]i]Z[^cVagZaZVhZd[K^hjVaHijY^d'%%*#>[i]ZgZVgZ

VcnX]Vc\ZhdgXdggZXi^dch[dgi]^hWdd`!i]ZnÈaaWZXdaaZXiZY

VcYVYYZYidVB^Xgdhd[i@cdlaZY\Z7VhZVgi^XaZ#HZZi]Z

ÅHjeedgi[dgI]^h7dd`ÆhZXi^dc^ci]^h>cigdYjXi^dc[dgbdgZ

^c[dgbVi^dc#

IZX]cdad\nJeYViZh

6hiZX]cdad\^ZhgZaViZYidi]^hWdd`VgZjeYViZY!a^c`hid

VYY^i^dcVa^c[dgbVi^dcl^aaWZVYYZYidi]ZB^Xgdhd[iEgZhh

IZX]cdad\nJeYViZhLZWeV\Z#K^h^ii]^heV\ZeZg^dY^XVaan

[dgjeYViZhdcK^hjVaHijY^d'%%*VcYdi]ZgiZX]cdad\^Zh#

]iie/$$lll#b^Xgdhd[i#Xdb$bhegZhh$jeYViZh$

Hjeedgi[dgI]^h7dd`

:kZgnZ[[dgi]VhWZZcbVYZidZchjgZi]ZVXXjgVXnd[i]^h

Wdd`VcYi]ZXdbeVc^dcXdciZci#6hXdggZXi^dchdgX]Vc\Zh

VgZXdaaZXiZY!i]ZnÈaaWZVYYZYidVB^Xgdhd[i@cdlaZY\Z

7VhZVgi^XaZ#Idk^Zli]Za^hid[`cdlcXdggZXi^dch[dgi]^h

Wdd`!k^h^ii]Z[daadl^c\Vgi^XaZ/

]iie/$$hjeedgi#b^Xgdhd[i#Xdb$`W$.%*%()

B^Xgdhd[iEgZhhegdk^YZhhjeedgi[dgWdd`hVcYXdbeVc"

^dcXdciZciVii]Z[daadl^c\LZWh^iZ/

]iie/$$lll#b^Xgdhd[i#Xdb$aZVgc^c\$hjeedgi$Wdd`h$

FjZhi^dchVcY8dbbZcih

>[ndj]VkZXdbbZcih!fjZhi^dch!dg^YZVhgZ\VgY^c\i]Z

Wdd`dgi]ZXdbeVc^dcXdciZcidg]VkZfjZhi^dchi]ViVgZ

cdiVchlZgZYWnk^h^i^c\i]Zh^iZhVWdkZ!eaZVhZhZcYi]Zb

idB^Xgdhd[iEgZhhk^VZ"bV^aid

bhe^ceji5b^Xgdhd[i#Xdb

dgk^VedhiVabV^aid

B^Xgdhd[iEgZhh

6iic/K^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVb

Cdl:Y^idg

DcZB^Xgdhd[iLVn

GZYbdcY!L6.-%*'"+(..

EaZVhZcdiZi]ViB^Xgdhd[id[[Zghcdhd[ilVgZegdYjXi

hjeedgii]gdj\]i]ZhZVYYgZhhZh#

(11)

4Ubhgg[X4hg[be

EVig^XZEZaaVcY

EVig^XZEZaaVcY^hViZX]c^XVaaZVYViB^Xgdhd[ildg`^c\^c

i]Z9ZkZadeZg9^k^h^dc#=ZadkZh#C:IVcYLZWhZgk^XZh

VcY![dgi]ZeVhi[djgnZVgh!]Z]VhWZZcldg`^c\!iZVX]^c\!

ZkVc\Za^o^c\!VcYiVa`^c\VWdjii]ZbidZkZgndcZ#

;dgi]ZeVhiilZakZnZVgh!]Z]VhWZZcldg`^c\^c

hd[ilVgZYZkZadebZci^ckVg^djhgdaZh/YZkZadeZg!egd_ZXi

aZVY!bVcV\ZgVcYbZcidg!VcYhd[ilVgZZc\^cZZg^cF6

dg\Vc^oVi^dch#=Z]VhkVhiZmeZg^ZcXZheVcc^c\bjai^eaZ

iZX]cdad\^ZhVcY[^ZaYh/YZkZadeZgiddah![^WZgdei^XhiZaZ"

Xdbbjc^XVi^dc!Vk^Vi^dc!Xd[[ZZVcYYV^gnXdbeVc^Zh!VcY

Vahdi]gZZnZVghiZVX]^c\XdbejiZghX^ZcXZVcYhd[ilVgZ

YZkZadebZciViVXdaaZ\Z^c8VcVYV#

L]ZccdiYZkZade^c\\gZViiddah[dgYZkZadeZghVcY

]Zae^c\XjhidbZghi]gdj\]djii]ZldgaY!]ZZc_dnhheZcY"

^c\i^bZl^i]]^h[Vb^anVcY[g^ZcYh!eaVn^c\\VbZhdc

M7DMVcYE8!gZVY^c\Wdd`h!gZVY^c\VWdjiEdghX]ZVcY

YgZVb^c\VWdjiYg^k^c\dcZ!eaVn^c\]dX`Zn!lViX]^c\

C=A]dX`ZnVcYC;A[ddiWVaa!VcY]Vk^c\\gZViY^ccZgh

l^i]\ddY[ddYVcY[^cZYg^c`hl^i][g^ZcYhVcY[Vb^an#=Z

gZh^YZhl^i]]^h[Vb^an^cHVbbVb^h]!L6#

9ZY^XVi^dc

I]^hWdd`^hYZY^XViZYidbnl^[Z!=‚aƒcZ#Bnl^[Z^hVWgZVhi

XVcXZghjgk^kdg!VcY]ZgXdjgV\ZVcYhigZc\i]ejh]bZid

YdWZiiZgi]^c\hVcYid[VXZbdgZXdbeaZmX]VaaZc\Zh#H]ZÈh

WZVji^[ja0h]ZÈhbn^Yda!bn^che^gVi^dc!bnhjch]^cZ!bn

WZhi[g^ZcY!bnadkZ!VcYVcVlZhdbZbdi]ZgBdcVbdjg!

i]Vc`h[dgWZ^c\l]dndjVgZVcY[dgWZ^c\i]ZgZ[dgbZ>

adkZndj

I]Vc`h

;^ghid[Vaa!i]Vc`hidbneVgZcih#Bdb!9VY!ndj\VkZbZ

Vaai]ZX]VcXZhidWZl]Vi>Vb^ca^[ZVcYndj\VkZbZi]Z

kVajZhidWZi]ZbVc>Vb#I]Vc`hVcY>adkZndj

6Wdd`^hV]j\ZVYkZcijgZ^chdbZWdYnÈha^[Z!VcY^i

ldjaYcdiWZedhh^WaZl^i]djii]Z]Zaed[bVcneZdeaZ#>ÈkZ

ValVnhgZVYi]Zi]Vc`ndjhZXi^dch^cdi]ZgeZdeaZÈhWdd`h

VcY>lVhValVnhVbVoZYVi]dlbVcneZdeaZVgZcZZYZY

idbV`ZVWdd`l]Vi^i^h#Cdl>gZVaanjcYZghiVcYl]n

L]^aZlg^i^c\VWdd`^hidj\]!gZVaidj\]!^iÈhgZVaanhVi"

^h[n^c\Vii]ZhVbZi^bZ#9jg^c\i]Zlg^i^c\egdXZhh!ndj

hdbZi^bZh]VkZYdjWih!VcY>]VYbnh]VgZd[""ZheZX^Vaan

i]dhZc^\]ihVi(/%%V#b#l]ZcVaadi]Zghdjah^ci]Z]djhZ

VgZVhaZZe!ZkZcbnYd\!VcYi]ZegdYjXi]VYVWj\egZ"

kZci^c\bZ[gdbiZhi^c\hdbZi]^c\0l]Zc>lVh^c[gdcid[

bnaVeidel^i]VcZmXZei^dcVcYVl]^iZeV\Z^cLdgY0

l]ZcZkZgnWdYnlVhdckVXVi^dci]^hhjbbZgl]^aZ>lVh

ldg`^c\Vii]Za^WgVgn^cHVbbVb^h]#>XVcÈigZbZbWZg

]dlbVcni^bZh>ÈkZhV^Yidbn[g^ZcYh!ÅCd!>ldcÈiWZ

VWaZidWZi]ZgZ#>cZZYidldg`dcbnWdd`Æ7ji^iÈhVc

VlZhdbZZmeZg^ZcXZidlg^iZVWdd`0ZkZgnWdYnl]d]Vh

i]ZX]VcXZh]djaYiV`Zi]ZX]VaaZc\Z

(12)

8]VeiZg/8]VeiZgI^iaZ m^

L^i]i]VihV^Y!>[^ghicZZYidi]Vc`bnadkZan[Vb^an#Bn

`^YhAVjgV!&&!VcY6cid^cZ!.VcYbnl^[Z!=‚aƒcZ!lZgZ

hd\gZViVcYE6I>:CI#=dlbVcni^bZh>]ZVgYi]ZbhVn!

Å9VYYn!^iÈhbdk^Zc^\]i½d]nZV]!^iÈhigjZ!ndjÈgZldg`"

^c\dcndjgWdd`V\V^cÆ7jiVii]ZhVbZi^bZ!i]ZnlZgZ

gZheZXi^c\i]ZheVXZ>cZZYZYVcYi]Zi^bZVadcZNdj

\jnhVgZ\gZViVcY>adkZndj

>]VkZidi]Vc`Vaai]ZeZdeaZViBHAZVgc^c\VcYi]Z

ejWa^h]^c\iZVb#>ldjaYZheZX^Vaana^`Zidi]Vc`7Zc[dg

]Zae^c\bZ\Zi^ci]Zlg^i^c\ldgaY0HVcYgV[dg]ZgXdchiVci

bdi^kVi^dc!]Zae!hj\\Zhi^dch!VcYVahd[dg]Zae^c\bZid\d

i]gdj\]Vaai]Z]jgYaZhd[lg^i^c\VWdd`0VcYBZ\Vc[dgVaa

ndjg]Zae\Zii^c\i]Z_dWYdcZVcYVgZVa!iVc\^WaZegdYjXi#

Ndj\jnh]VkZbngZheZXi[dgldg`^c\YVn^c!YVndji^ci]Z

XgVonldgaYd[ejWa^h]^c\#

>ldjaYVahda^`Zidi]Vc`Vaai]ZeZdeaZ^ci]ZK7!8!

L^cYdlh;dgbh!BH9CVcYhZijeiZVbhl]d]ZaeZYbZ

WnVchlZg^c\VaabnfjZhi^dch^cVYncVb^XVcYXdchiVcian

X]Vc\^c\egdYjXia^[ZXnXaZ#>ldjaYa^`Zidi]Vc`bdgZ

heZX^[^XVaan9Vc;ZgcVcYZo!?dZ7^cYZg!7g^Vc@ZaaZg!7g^Vc

?d]chdc!=dc\<Vd!?VnGdmZ!@Vk^i]VGVY]V`g^h]cVc!@Zci

H]Vg`Zn!A^hV;Z^\ZcWVjb!H]VbZoGV_Vc!HiZkZAVh`Zg!6Vgdc

HiZWcZg!VcY=VW^W=ZnYVg^Vc#

6heZX^Vai]Vc`hid?Z[[Egdh^hZ[dgWZ^c\hjX]V\ddY

lg^iZg!VcVlZhdbZigV^cZg!VcY[dglg^i^c\VWad\VWdjii]Z

lg^i^c\egdXZhh#NdjlZgZi]ZheVg`i]Vi^\c^iZYbn[aVbZid

lg^iZViZX]c^XVaWdd`#

I]Vc`hVahdidbnXdaaZV\jZh[gdbi]Z998EMiZVb[dg

ValVnh\^k^c\bZ\ddYldgYhd[ZcXdjgV\ZbZci!id7dg^h

;ZaYbVc[dgh]Vg^c\]^hZmeZg^ZcXZhVhVlg^iZgVcY![^cVaan!

i]Vc`hidbn\ddY[g^ZcY!?d]c8gdhh![dg]^hXdchigjXi^kZ

[ZZYWVX`#

I]Vc`hidbn\ddY[g^ZcYh]ZgZ^ci]ZEj\ZiHdjcYVgZV

[dgi]Z`^cYldgYhd[ZcXdjgV\ZbZciVcYidbn[Vb^anVcY

[g^ZcYh^c8VcVYV[dgjcYZghiVcY^c\l]n>ÈbcdiXVaa^c\dg

\^k^c\VcncZlh#Hdggn!BdbVcY9VY

6cYi]Vc`hidbn\ddYcZ^\]WdghVcY[g^ZcYh!B^`ZVcY

:a^oVWZi]![dgi]Z^gXdchiVciZcXdjgV\ZbZciVcY[dgaZii^c\

bZjhZi]Z^gYd\ÈhcVbZ!Bdaan!^cbnDDE^cigdYjXi^dc#

I]Vc`hidZkZgnWdYn>b^\]i]VkZ[dg\diiZc

(13)
(14)

&

J[Tg<f!A8G2%

J[Tg<fI\fhT_5Tf\V

%##(2'

J[Tg<fI\fhT_5Tf\V%##(

8kceXff8W\g\ba2,

6[TcgXe$

<agebWhV\aZ@\VebfbYg

š

I\fhT_5Tf\V

š

%##(

8kceXff8W\g\ba

&

(15)

' B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

L]Vi>h#C:I4

;^\jgZ&"&

Fb`XXkT`c_XfbYj[XeXlbh`\Z[g[TiXVb`XTVebffT eXYXeXaVXgb!A8G

Hdcdl!l]Vi^hi]Vi

#C:I

i]^c\i]ViZkZgnWdYn^hiVa`^c\VWdji4BVnWZndjÈkZhZZc^i

hdbZl]ZgZdca^cZdg]VkZXdbZVXgdhhi]ZiZgb^ci]Z_dWhhZXi^dc^cndjgHjcYVncZlheV"

eZg#;dg^chiVcXZ!i]ZiZgbb^\]i]VkZVeeZVgZYl]ZcndjlZgZad\\^c\dcid=dibV^aœdg

^cVcdca^cZVYl]ZgZVXdbeVcn^hadd`^c\[dgVYZkZadeZgl^i]#C:Ih`^aah#Add`Vi

;^\jgZ&"&[dghdbZZmVbeaZhd[l]ZgZndjb^\]i]VkZXdbZVXgdhhVgZ[ZgZcXZid#C:I#

I]ZiZgb

#C:I

Wn^ihZa[YdZhcdibZVcbjX]#NdjXdjaYVh`&%Y^[[ZgZcieZdeaZ^ci]Z

^cYjhign!VcYndjldjaY\Zi&%Y^[[ZgZciVchlZgh#I]ZiZgb^hl^YZanjhZYVcYl^i]Vadid[

Y^[[ZgZcibZVc^c\h#>c[VXi!#C:I]VhWZZcjhZYl^i]Vadid[bVg`Zi]neZViiVX]ZYid^i!Va^i"

iaZW^ia^`Zi]ZiZgb

BE(

#Hd^cgZVa^in!l]Zcndj]ZVgdggZVY

#C:I

!ndjgZVaanh]djaYWZ

i]^c`^c\VWdjii]Z#C:I;gVbZldg`#

=ZgZ^hV[dgbVaYZ[^c^i^dcd[i]Z#C:I;gVbZldg`/

I]Z#C:I;gVbZldg`^hVeaVi[dgbi]ViVaadlhndjidYZkZadehd[ilVgZVeea^XVi^dch

VcYa^WgVg^ZhXVaaZYÆbVcV\ZYVeea^XVi^dchÇ0^iegdk^YZhndjl^i]i]ZXdbe^aZgVcYiddahid

WZVWaZidWj^aY!YZWj\!VcYZmZXjiZbVcV\ZYVeea^XVi^dch#

;dgdjgejgedhZh!ndjXdjaYhVn#C:I^hi]ZeaVi[dgbi]Vi\^kZhndjZkZgni]^c\ndjcZZY

idYZkZadeVcYgjcbVcV\ZYVeea^XVi^dchi]VigjcdcL^cYdlh#

(16)

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc (

LZhVni]ViVeea^XVi^dchVgZbVcV\ZYWZXVjhZi]Z^gZmZXji^dc^hbVcV\ZYWni]Z

#C:I;gVbZldg`#>c[VXi!i]Z#C:I;gVbZldg`^h

bVcV\^c\

i]ZZmZXji^dcWnegdk^Y^c\

VXdcigdaaZYgjci^bZZck^gdcbZcid[[Zg^c\Vl^YZkVg^Zind[hZgk^XZha^`ZadVY^c\ndjg

Veea^XVi^dch!bVcV\^c\i]ZbZbdgn!VcY[^cVaanbdc^idg^c\VcYbV^ciV^c^c\i]ZhZXjg^in

VcY^ciZ\g^inl]^aZi]ZVeea^XVi^dc^hZmZXjiZY#7Z[dgZ#C:IVcY?VkV!Veea^XVi^dchlZgZ

jcbVcV\ZYWZXVjhZi]ZnlZgZcdiZmZXjiZYWnVXdcigdaaZYgjci^bZZck^gdcbZci#Cd

di]ZgXdbedcZcid[i]ZhnhiZbegdk^YZYi]ZhZgk^XZh#C:Id[[Zgh#I]ZVeea^XVi^dch]VYid

bVcV\Zi]Z^gdlchZgk^XZh!l]^X]hdbZi^bZhaZYidZggdcZdjhXdYZ!hZXjg^in]daZh!VcYYViV

Xdggjei^dc#7ZXVjhZd[i]ZhZegdWaZbh!Veea^XVi^dchlZgZidj\]idbV^ciV^cVcYYZWj\#

I]Z#C:I;gVbZldg`egdk^YZhndjl^i]Vl^YZkVg^Zind[iddahhjX]Vh

Xdbe^aZgh

!

YZWj\\Zgh

!

egd\gVbb^c\aVc\jV\Zh

!Vc

ZmZXji^dcZc\^cZ

cVbZY8AGÃ8dbbdc

AVc\jV\ZGjci^bZ!YZkZadeZgiddah!VcYVaVg\ZcjbWZgd[egZYZ[^cZYÅWj^aY^c\WadX`hÆ

a^WgVg^Zh#I]dhZa^WgVg^ZhVgZcVbZY

;8A;gVbZldg`8aVhhA^WgVg^Zh

#NdjXVci]^c`d[ZVX]

#C:IXdbedcZciVhVWj^aY^c\WadX`^cV]djhZ!Vh^aajhigViZY^ci]^h^bV\Z#

>ldcÈiejindjidhaZZel^i]Vaai]Z

YZ[^c^i^dch[dgZVX]WadX`d[i]^h]djhZ!WZXVjhZ

lZÈgZ\d^c\idjhZdgiVa`VWdjibdhid[i]Zb

^cdjgegd_ZXih0>Èaah^bean^cigdYjXZi]ZWadX`h

VhVeegdeg^ViZ#?jhiXdch^YZgi]^h^aajhigVi^dcVcY

XdbZWVX`id^iVhcZZYZY#

IldcdiZhVWdjii]^hheZX^Va]djhZVgZ

ldgi]bZci^dc^c\#

;^ghi!add`Vii]ZWZ^\ZXdbedcZcidci]Z

g^\]ih^YZd[i]Z]djhZ#>i^hcdieVgid[i]Z#C:I

;gVbZldg`!Wji^iidjX]Zhi]Z#C:I;gVbZldg`

ViVaaaZkZah#I]ZYddg`cdWdci]^hXdbedcZci

^cY^XViZhi]Vii]gdj\]i]^hVeea^XVi^dc!ndjXVc

YZkZadeVeea^XVi^dchi]Vil^aaVaadlndjidjX]

Vaai]ZXdbedcZcihd[i]Z#C:I;gVbZldg`#

I]gdj\]djii]^hWdd`!>ÈaaWZjh^c\ i]ZiZgbh[gVbZldg`VcY#C:I ;gVbZldg`Vhhncdcnbh# A B G 8

>iÈhcdicZXZhhVgnid]VkZB^Xgdhd[iK^hjVaHijY^dœid YZkZade#C:IVeea^XVi^dch!Wjijh^c\^id[[ZghbVcn VYkVciV\Zh#

(17)

) B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

HZXdcY!cdi^XZi]Vi8dbbdcAVc\jV\ZGjci^bZ8AG^hi]Zeg^bVgneVgid[i]Z]djhZÈh

[djcYVi^dc#>iÈhVXgjX^VaeVgid[i]Z[djcYVi^dcWZXVjhZ^iÈhi]ZZc\^cZi]ViadVYhVcY

bVcV\Zhi]ZZmZXji^dcd[hdjgXZXdYZ#6aadi]ZghZgk^XZhndjcZZYidYZkZadeVeea^XVi^dch

VgZdcided[i]Z8AG#

L]Vi>hK^hjVa7Vh^X'%%*4

K^hjVa7Vh^X'%%*^hdcZd[i]ZVkV^aVWaZegd\gVbb^c\aVc\jV\Zhi]ViiVg\Zii]Z#C:I

;gVbZldg`#A^`ZVcnhed`Zc$lg^iiZcaVc\jV\Z!K^hjVa7Vh^X]VhhnciVmgjaZhVcYVhZg^Zhd[

kVa^YldgYhndjXVcjhZidXgZViZndjgVeea^XVi^dch#K^hjVa7Vh^X^hVedejaVgX]d^XZ[dg

WZ\^ccZghWZXVjhZhdbZeZdeaZ[^cYi]ZhnciVmh^beaZgi]Vci]ZhnciVmd[bVcndi]Zgegd"

\gVbb^c\aVc\jV\Zh#>[ndj]VkZVagZVYnjhZYVcdaYZgkZgh^dcd[K^hjVa7Vh^XhjX]Vh

K^hjVa7Vh^X)#m!*#m!dgK^hjVa7Vh^X+#%idegd\gVb!ndjÈaa[^cYhdbZ[Vb^a^VgXdchigjXihVcY

V[Vb^a^VgjhZg^ciZg[VXZ

J>

^cK^hjVa7Vh^X'%%*#

>hK^hjVa7Vh^X'%%*VcDW_ZXi"Dg^ZciZYEgd\gVbb^c\DDEAVc\jV\Z4

K^hjVa7Vh^X'%%*^hV[jaan[aZY\ZYdW_ZXi"dg^ZciZYegd\gVbb^c\aVc\jV\Z#AZiÈhiVa`VWdji

l]Vii]^hbZVch#

DW_ZXi"dg^ZciZYegd\gVbb^c\DDE^hVegd\gVbb^c\hinaZdgegd\gVbb^c\

eVgVY^\b#I]ZgZVgZdi]Zgegd\gVbb^c\eVgVY^\bh!hjX]Vh[jcXi^dcVadgegdXZYjgVa

egd\gVbb^c\#AVc\jV\Zha^`Z8!;dgigVc!EVhXVa!VcYegZk^djhkZgh^dchd[K^hjVa7Vh^XVgZVaa

egd\gVbb^c\eVgVY^\bh#7jii]ZhZeVgVY^\bh[dXjhbdgZdci]ZVXi^dchl]^aZDDE[dXjhZh

bdgZdci]ZYViV^ihZa[#

6eea^XVi^dchi]VijhZi]ZDDEeVgVY^\bVgZYZkZadeZYjh^c\DDEaVc\jV\ZhDDEA#

I]Z[^ghiDDEAlZgZ^cigdYjXZY^ci]Z&.+%h!Wjii]ZngZVaanWZXVbZedejaVg^ci]ZaViZ

&.,%h#I]ZnVgZl^YZanjhZYidYVnWZXVjhZbdhieZdeaZV\gZZi]Vii]ZnÈgZZVhnidaZVgc!

jhZ!YZWj\!VcYbV^ciV^c#;dg^chiVcXZ!DDEAZVh^angZegZhZcigZVa"ldgaYdW_ZXih#K^hjVa7Vh^X

'%%*^hVcDDEaVc\jV\ZVhVgZ8!8 !?VkV!HbVaaIVa`!VcYA^he#

L^i]8 ndjXVcYZkZadeegd" XZYjgVaVeea^XVi^dch!ejgZdW_ZXi" dg^ZciZYVeea^XVi^dch!dgVb^md[ Wdi]#

(18)

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc *

Egd\gVbbZghjhZDDEidlg^iZegd\gVbhi]VigZegZhZcii]ZYZXdbedh^i^dcd[gZVa"

ldgaYegdWaZbh^cidbdYjaZh#I]dhZbdYjaZhgZegZhZcigZVa"ldgaYdW_ZXihVcYVgZcVbZY

XaVhhZhdgineZh#NdjXVci]^c`d[VcDDEegd\gVbVhVXdaaZXi^dcd[dW_ZXih^ciZgVXi^c\l^i]

ZVX]di]Zg#Jh^c\DDE!Vegd\gVbbZgYZ[^cZhcZlineZhidgZegZhZcigZVa"ldgaYdW_ZXih!

hjX]VhVeaVcZ!VeZghdc!VXjhidbZg!VYd\!dgVXVg#I]dhZineZhdgXaVhhZhXgZViZdW_ZXih

dg^chiVcXZh#6cdW_ZXi^hVjc^ii]VigZegZhZcihdcZ^chiVcXZd[i]ZgZValdgaY#>iÈhVhZa["

XdciV^cZYjc^iWZXVjhZ^i^cXajYZhVaai]ZYViVVcY[jcXi^dcVa^inVhhdX^ViZYl^i]i]VidW_ZXi#

I]^hbZVchi]ViZVX]dW_ZXiXgZViZY^cVcVeea^XVi^dcXdciV^chVaai]Z^c[dgbVi^dci]Vi

X]VgVXiZg^oZh^i

YViVbZbWZgh

VcYVaai]ZVXi^dch

bZi]dYh

i]ViXVcVXXZhhdgbdY^[n

i]Vi^c[dgbVi^dc#

=ZgZ^hVh^beaZZmVbeaZ^cK^hjVa7Vh^X'%%*i]ViYZ[^cZhVeZghdcÈhXaVhh/

3XEOLF&ODVV3HUVRQ

¶'DWDPHPEHUV

3XEOLF1DPH$V6WULQJ

3XEOLF$GGUHVV$V6WULQJ

3XEOLF&LW\$V6WULQJ

3XEOLF6WDWH$V6WULQJ

3XEOLF=,3$V6WULQJ

3XEOLF&RXQWU\$V6WULQJ

¶0HWKRGV

2YHUULGDEOH6XE'LVSOD\

&RQVROH:ULWH/LQH1DPH &RQVROH:ULWH/LQH$GGUHVV &RQVROH:ULWH/LQH&LW\ &RQVROH:ULWH/LQH6WDWH

&RQVROH:ULWH/LQH=,3

&RQVROH:ULWH/LQH&RXQWU\

(QG6XE

(QG&ODVV

(19)

+ B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

AZiÈhjhZVY^[[ZgZciZmVbeaZid\ddkZgi]ZhZXdcXZeih#BnYd\!8]de^c!^hVc^chiVcXZ

d[i]ZXaVhh9d\VcYi]ZXaVhh9d\^hVhjWXaVhhd[i]Z6c^bVaXaVhh#7ZXVjhZ8]de^c^hV

9d\!]Z]VhhdbZWZ]Vk^dghVcYYViVi]ViVgZegdeZg[dgVYd\#7jiWZXVjhZ9d\^hVahdVc

6c^bVa!8]de^cVahd^c]Zg^ihhdbZYViVVcYWZ]Vk^dgh[gdbi]Z6c^bVaXaVhh#

I]^hbZVchi]Vii]Z^chiVcXZ8]de^cd[i]Z9d\XaVhh]VhYViVbZbWZghi]ViX]VgVXiZg^oZ

]^bVcYbZi]dYhi]Vi>XVcXVaadci]Via^iiaZ[jggnWVaa#;dgZmVbeaZ!]ZgZ^hi]Z^chiVcXZ

^c[dgbVi^dc[dgi]Z8]de^cdW_ZXi/

9ViV

7gZZY/=ZÈhVBVaiZhZ#

<ZcYZg/=ZÈhbVaZ#

LZ^\]i/=^hlZ^\]i^h*#*edjcYh#

8dadg/=ZÈhl]^iZ#

CVbZ/=^hcVbZ^h8]de^c8]VW^heZa#

6\Z/=ZÈh&#*nZVghdaY#

6Xi^dch

=ZheZV`hWVg`h#

=ZZVih#

=ZbdkZh#

=ZhaZZeh#

6aad[i]ZhZYViV^iZbhWgZZY!\ZcYZg!lZ^\]i!Xdadg!cVbZ!VcYV\ZVcYVXi^dchheZV`!

ZVi!bdkZ!VcYhaZZeX]VgVXiZg^oZ]^b!Wjii]ZnXVcVahdX]VgVXiZg^oZVcndi]ZgYd\!a^`Zbn

cZ^\]WdgÈhYd\!Bdaan#6cY^[ndji]^c`VWdji^i!i]dhZ^iZbhXVcX]VgVXiZg^oZVcnVc^bVa#

I]^hbZVchi]Vii]ZXaVhh9d\

^c]Zg^ih

YViVbZbWZghVcYbZi]dYh[gdbi]ZXaVhh6c^bVa#

(20)

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc ,

AZiÈhadd`Vii]ZEZghdcXaVhhZmVbeaZV\V^c#I]^hi^bZ!Vc:beadnZZXaVhhi]ViYZg^kZh

[gdbi]ZEZghdcXaVhh^hVYYZY#I]Z:beadnZZXaVhhYZg^kZh[gdbi]ZEZghdcXaVhhjh^c\i]Z

`ZnldgY

>c]Zg^ih

[daadlZYWni]ZEZghdcZaZbZci#I]Z`ZnldgY

DkZgg^YZh

X]Vc\Zhi]Z

^beaZbZciVi^dcd[i]Z

9^heaVn

bZi]dY#

3XEOLF&ODVV(PSOR\HH

,QKHULWV3HUVRQ

3XEOLF/HYHO$V,QWHJHU

3XEOLF6DODU\$V,QWHJHU

2YHUULGHV6XE'LVSOD\

&RQVROH:ULWH/LQH1DPH´LVDWOHYHO´/HYHO7R6WULQJ

´DQGKDVDVDODU\RI´6DODU\7R6WULQJ´µ &RQVROH:ULWH/LQH´+LVDGGUHVVLVµ

&RQVROH:ULWH/LQH$GGUHVV

&RQVROH:ULWH/LQH&LW\´µ6WDWH´´=,3 &RQVROH:ULWH/LQH&RXQWU\

(QG6XE

(QG&ODVV

>ci]^hXVhZ!i]Z:beadnZZXaVhh^c]Zg^ih[gdbi]ZEZghdcXaVhhVcYi]ZgZ[dgZ\ZihVaa

i]ZYViV[^ZaYh[gdbi]ViWVhZXaVhh#:beadnZZXaVhhYdZhcÈi]VkZidgZYZ[^cZVaa[^ZaYh^c

^ihYZ[^c^i^dcWZXVjhZ^i\Zihi]ZbVjidbVi^XVaan[gdbEZghdc#Hd![dgi]Z:beadnZZXaVhh!

ndjbjhiheZX^[ndcanl]Vi^hY^[[ZgZci[gdbVc^chiVcXZd[i]ZEZghdcXaVhh#;dgZmVbeaZ!

Vc^chiVcXZd[i]Z:beadnZZXaVhhldjaY]VkZaZkZaVcYhVaVgnl]ZgZVhcdiVaa^chiVcXZhd[

i]ZEZghdcXaVhhldjaY#Eajh!i]Z9^heaVnbZi]dY[dg:beadnZZXdjaYVYYaZkZaVcYhVaVgn

^c[dgbVi^dcidi]ZY^heaVnZYbZhhV\Zl]ZcXVaaZY#

I]^hlVh_jhiVWg^Z[^cigdYjXi^dcidDDEVcYhdbZd[^ihXdcXZeih#K^hjVa7Vh^X'%%*

hjeedgihVaad[i]ZhZXdcXZeihVcYbVcnbdgZ#I]gdj\]djii]^hWdd`ndjÈaahZZbdgZDDE

XdcXZeih!VcYl]ZcndjYd!>Èaa]^\]a^\]ii]Zb^cVgZVYZgV^Y^c[dgbVi^dcWdm#

=ZgZÈhi]ZXdbeaZiZa^hi^c\jhZY^ci]^hhZXi^dcl^i]i]ZVYY^i^dcd[Vcdi]ZgXaVhh/i]Z

8jhidbZgXaVhh#

,PSRUWV6\VWHP

3XEOLF&ODVV3HUVRQ

¶'DWDPHPEHUV

>c#C:I!VaaXaVhhjai^bViZanYZg^kZh [gdbi]ZDW_ZXiXaVhh!ZkZcl]Zc ^i^hcdiheZX^[^ZY#

F 8 8 4 ? F B

(21)

- B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

3XEOLF1DPH$V6WULQJ

3XEOLF$GGUHVV$V6WULQJ

3XEOLF&LW\$V6WULQJ

3XEOLF6WDWH$V6WULQJ

3XEOLF=,3$V6WULQJ

3XEOLF&RXQWU\$V6WULQJ

¶0HWKRGV

2YHUULGDEOH6XE'LVSOD\

&RQVROH:ULWH/LQH1DPH &RQVROH:ULWH/LQH$GGUHVV &RQVROH:ULWH/LQH&LW\ &RQVROH:ULWH/LQH6WDWH

&RQVROH:ULWH/LQH=,3

&RQVROH:ULWH/LQH&RXQWU\

(QG6XE

(QG&ODVV

3XEOLF&ODVV&XVWRPHU

,QKHULWV3HUVRQ

3XEOLF,'$V,QWHJHU

3XEOLF,V3DUWQHU$V%RROHDQ

2YHUULGHV6XE'LVSOD\

'LPSDUWQHU0HVVDJH$V6WULQJ

,I,V3DUWQHU7KHQ

SDUWQHU0HVVDJH ´LVDSDUWQHUµ

(OVH

SDUWQHU0HVVDJH ´LVQRWDSDUWQHUµ

(QG,I

&RQVROH:ULWH/LQH´&XVWRPHU,'´,'7R6WULQJ &RQVROH:ULWH/LQH1DPHSDUWQHU0HVVDJH

&RQVROH:ULWH/LQH$GGUHVV

&RQVROH:ULWH/LQH&LW\´µ6WDWH´´=,3 &RQVROH:ULWH/LQH&RXQWU\

(QG6XE

(QG&ODVV

(22)

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc .

,QKHULWV3HUVRQ

3XEOLF/HYHO$V,QWHJHU

3XEOLF6DODU\$V,QWHJHU

2YHUULGHV6XE'LVSOD\

&RQVROH:ULWH/LQH1DPH´LVDWOHYHO´/HYHO7R6WULQJ´DQGKDVD

VDODU\RI´6DODU\7R6WULQJ´µ

&RQVROH:ULWH/LQH´+LVDGGUHVVLVµ &RQVROH:ULWH/LQH$GGUHVV

&RQVROH:ULWH/LQH&LW\´µ6WDWH´´=,3 &RQVROH:ULWH/LQH&RXQWU\

(QG6XE

(QG&ODVV

I]^h^hVh^beaZXVhZ!Wji^i^aajhigViZhhdbZd[i]ZWVh^XXdcXZeihd[DDE#

L]Vi>hK^hjVa7Vh^X'%%*:megZhh:Y^i^dc4

K^hjVa7Vh^X'%%*:megZhh:Y^i^dc^hi]ZiddalZl^aajhZi]gdj\]djii]^hWdd`idaZVgc]dl

idYZkZadeVeea^XVi^dchgjcc^c\dcL^cYdlh#

I]Z:megZhh:Y^i^dchd[K^hjVaHijY^d'%%*lZgZYZh^\cZYid[dXjhdcegdYjXi^k^in#

6hl^i]i]Z^g]^\]"ZcYkZgh^dcXdjciZgeVgih!i]Z:megZhh:Y^i^dchd[K^hjVaHijY^d'%%*VgZ

Vahdl]VilZXVaaGVe^Y6eea^XVi^dc9ZkZadebZciiddahG69iddahWZXVjhZi]Z^ge]^adhde]n

^h\ZVgZYidlVgYegdYjXi^k^in#I]ZhZcZlkZgh^dchd[K^hjVaHijY^dVgZZVhnidjhZ!ZVhnid

aZVgc!VcYhigZVba^cZYWZXVjhZ!Vai]dj\]i]ZnXdciV^cbdhiani]ZhVbZXdbedcZcih!i]Zn

aVX`i]Z[jaaWgZVYi]d[[ZVijgZh[djcY^ci]Z]^\]Zg"ZcYkZgh^dchd[K^hjVaHijY^d#Bdhi[ZV"

ijgZhVcYXdbedcZcih^ci]Z:megZhh:Y^i^dchlZgZh^bea^[^ZYidbV`Zi]ZaZVgc^c\XjgkZaZhh

hiZZeVcYid[^ii]ZcZZYhd[i]Zcdcegd[Zhh^dcVaYZkZadeZg#

(23)

&% B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

L]Vi@^cYhd[6eea^XVi^dch8VcNdj7j^aYl^i]K^hjVa7Vh^X'%%*

:megZhh:Y^i^dc4

L^i]i]^hkZgh^dcd[K^hjVaHijY^d'%%*!ndjÈaaWZVWaZidXgZViZi]Z[daadl^c\ineZhd[Veea^"

XVi^dch/

L^cYdlh6eea^XVi^dch

6eea^XVi^dchi]Vi]VkZV\gVe]^XVa^ciZg[VXZl^i]Wjiidch!l^c"

Ydlh!bZcjh!iddaWVgh!VcYhddc!Vh^cB^Xgdhd[iLdgYdg>ciZgcZi:meadgZg#

8dchdaZ6eea^XVi^dch

6eea^XVi^dchi]Vi]VkZcd\gVe]^XVa^ciZg[VXZVcYh^beanjhZiZmi

idXdbbjc^XViZl^i]i]ZjhZg#Ine^XVaan!i]ZhZVgZVXdbbVcYl^cYdldg9DHl^cYdl#

GZjhVWaZ8dbedcZcihdg8aVhhA^WgVg^Zh

6\gdjed[iddahXgZViZYid]ZaeWj^aYdi]Zg

Veea^XVi^dch#

L]VindjldcÈiWZVWaZidWj^aYVgZLZWh^iZhVcYLZWhZgk^XZh#IdXgZViZVcnineZd[

LZWVeea^XVi^dc!ndjl^aacZZYid\ZiB^Xgdhd[iK^hjVaLZW9ZkZadeZgž'%%*:megZhh:Y^i^dc#

L]Vi6gZi]Z@Zn;ZVijgZhNdjCZZYid@cdl6Wdji4

I]Za^hiWZadl!Vai]dj\]cdiXdbeaZiZ!egdk^YZhi]ZZhhZci^Va[ZVijgZhd[K^hjVa7Vh^X'%%*

:megZhh:Y^i^dc#6ii]^hed^ci!YdcÈildggn^[ndjYdcÈijcYZghiVcYZkZgnh^c\aZ[ZVijgZa^hiZY

WZadl#>egZhZcii]Z[ZVijgZh^ci]Za^hiWZXVjhZndjÈaaXdbZVXgdhhVaad[i]Zb^chdbZlVn^c

i]Z[jchVbeaZhi]Vindjl^aaWZXgZVi^c\#

Bdhid[i]Z[ZVijgZha^hiZY]ZgZZbe]Vh^oZi]ZG69

e]^adhde]n#6ai]dj\]i]Z^YZV

^hid\^kZndjVcdkZgk^Zld[i]Z^ciZgZhi^c\[ZVijgZhi]ViXVcbV`Zndjga^[ZZVh^Zg!i]Z

[ZVijgZcVbZhVadcZVgZcdihj[[^X^ZciidjcYZghiVcYl]Vii]ZnbZVc#Hd>^cXajYZVWg^Z[

YZhXg^ei^dc\^k^c\ndji]ZZhhZci^VahVcY]dli]Znh]djaY]ZaendjidYZkZadeVeea^XVi^dch#

7j^ai"^cHiVgiZg@^ih

;jaanYZkZadeZYVeea^XVi^dchl^i]WZhiegVXi^XZhVcYZmVbeaZhid

[daadl#I]ZhZVeea^XVi^dchl^aa\^kZndjVcdi]ZgZmVbeaZidWVhZndjgaZVgc^c\dc#I]Zn

l^aaWZV\ddYXdbeaZbZciidl]VilZVgZYd^c\l^i]i]^hWdd`#

7Z\^ccZgÈhIVg\ZiZY9dXjbZciVi^dcVcYIjidg^Vah

6[VhiVcYZVhnlVnid\Zii]Z

^c[dgbVi^dc#I]ZnVahdegdk^YZhVbeaZh#

(24)

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc &&

>ciZaa^HZchZœ

Egdk^YZhgZVa"a^[ZhnciVmhj\\Zhi^dchVcYZkZc[^c^h]Zhndjgine^c\[dg

ndj#

8dYZHc^eeZih

Egdk^YZXdYZ[dgbdgZi]Vc'%%egd\gVbb^c\iVh`hid]ZaendjXdb"

eaZiZbVcnXdbbdciVh`hVjidbVi^XVaan#8dYZhc^eeZihh]dli]ZgZXdbbZcYZYlVnd[

Yd^c\i]^c\h#I]ZnVgZY^gZXian^ciZ\gViZY^ci]ZYZkZadebZciZck^gdcbZci!VcYi]ZnVgZ

ZmiZch^WaZ0i]Vi^h!dkZgi^bZB^Xgdhd[il^aaXdci^cjZidhjeeancZlXdYZhc^eeZihVcY

bZbWZghd[dca^cZXdbbjc^i^Zhl^aaXdcig^WjiZi]Z^ghc^eeZihVhlZaa#8dYZhc^eeZi

ZmiZch^W^a^inhZZbhidWZVgZVaanc^XZ[ZVijgZi]Vil^aa]ZaeeZdeaZh]VgZjhZ[jai]^c\h^c

i]Zdca^cZXdbbjc^i^Zh#

I]Z

Bn

8dchigjXi

I]^hcZlK^hjVa7Vh^X[ZVijgZegdk^YZhh^beaZVXXZhhidedejaVg#C:I

;gVbZldg`XaVhhZhVcYXdbbdciVh`h#>iZcVWaZhndjideZg[dgbiVh`hl^i]dji`cdl^c\

Vaai]Z[gVbZldg`^ciZgcVah#I]ZhZiVh`hVgZc^XZanlgVeeZYVcYegdk^YZndjl^i]VcZVhn

VcYXaZVclVnd[\Zii^c\i]^c\hYdcZ#6ai]dj\]h^b^aVgidXdYZhc^eeZih!i]ZBn

8dchigjXiZaZbZcih]VkZi]Z^ghdjgXZXdYZ]^YYZcVcYlgVeeZY^cdcZa^cZd[XdYZ#

9ViV"ZcVWaZY6eea^XVi^dch

I]ZhZVeea^XVi^dchVaadlndjidXdccZXiidB^Xgdhd[iHFA

HZgkZgž'%%*:megZhh:Y^i^dcVcYVYYYViVWVhZhVcYXdYZidVXXZhhi]ZhZYViV^cndjg

Veea^XVi^dch#

L^cYdlh;dgb9Zh^\cZg

L^i]i]ZhZcZliddah!ndjXVcZVh^anYZh^\cndjgL^cYdlh

Veea^XVi^dc!^cXajY^c\[ZVijgZhhjX]VhhcVea^cZhi]VibV`ZhjgZndjgXdcigdahVgZ

Va^\cZY^cndjg[dgbVcYVjidXdggZXiid\^kZndjgZVa"i^bZXdbe^aZg[ZZYWVX`#NdjldcÈi

]VkZidXdbe^aZndjgXdYZid`cdl^[ndj]VkZZggdgh0K^hjVa7Vh^X'%%*l^aa\^kZi]Zb

idndjVhndjineZVcYZkZc\^kZndjediZci^Va[^mZh#

MBALZWHZgk^XZh

I]^hegdYjXiegdk^YZhZVhn"id"jhZiddahVcYl^oVgYhi]Vil^aa]Zae

ndjXdccZXiidejWa^h]ZYMBA"WVhZYLZWHZgk^XZhVcYji^a^oZi]Z^g[jcXi^dcVa^i^Zh#

(25)

&' B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

HbVgiIV\h

BdhiL^cYdlh;dgbXdcigdahi]ViXdbZl^i]i]ZegdYjXi^cXajYZHbVgi

IV\h#6h^cbVcnB^Xgdhd[iD[[^XZVeea^XVi^dch!VHbVgiIV\^hgZegZhZciZYWnVa^iiaZWaVX`

ig^Vc\aZdgVc^XdcVcYVa^iiaZWaVX`ig^Vc\aZViiVX]ZYidVXdcigda#6HbVgiIV\\^kZhndj

VXXZhhidi]ZbdhiXdbbdcVXi^dchndjXVceZg[dgbdcVXdcigda#

8a^X`"dcXZ9ZeadnbZci

I]^h[ZVijgZhVaadlhndjidZVh^anejWa^h]ndjgVeea^XVi^dchdc

i]Z>ciZgcZi!dcVadXVaVgZVcZildg`A6C!VcZildg`h]VgZ!dgdcV89#>iVahdh^bea^[^Zh

ejWa^h]^c\jeYViZh#

:Y^iVcY8dci^cjZ

L]^aZndjVgZYZWj\\^c\ndjgVeea^XVi^dc!:Y^iVcY8dci^cjZaZih

ndjbdY^[ni]ZXdYZ!bdkZWVX`VcY[dgi]^ci]ZYZWj\\Zg!gZ"ZmZXjiZXdYZ!VYY[jcX"

i^dcVa^in!dg[^mWj\hdci]Z[anl^i]djihidee^c\egd\gVbZmZXji^dc#

9ZWj\\ZgK^hjVa^oZgh

L]^aZndjVgZYZWj\\^c\ndjgVeea^XVi^dc!i]Zk^hjVa^oZgh\^kZ

ndjVcZVhnlVnid\ZigZVYVWaZgZegZhZciVi^dchd[ndjgVeea^XVi^dcYViV#I]Zn\^kZndj

V]jbVc"gZVYVWaZgZegZhZciVi^dcd[i]ZhidgZYYViV!ZkZc[dgbdgZXdbeaZmineZh[djcY

^c69D#C:Idg:miZch^WaZBVg`jeAVc\jV\ZMBA#

8dbbjc^in6XXZhhVcYHiVgiEV\Z

L^i]i]ZhZ[ZVijgZh!ndjXVcVXXZhhVYY^i^dcVa

^c[dgbVi^dc[gdbdca^cZXdbbjc^i^ZhVcY[gdbY^[[ZgZcihdjgXZhd[dca^cZ]Zae!^cXajY^c\

Y^kZghZGHHG^X]H^iZHjbbVgndgGZVaanH^beaZHncY^XVi^dc;ZZYh#GHH^hV[Vb^and[

MBA[^aZ[dgbVih0^i^hl^YZanjhZYWni]ZlZWad\Xdbbjc^inVcYcZlhLZWh^iZh#

H^bea^[^ZY9ZkZadebZci:ck^gdcbZci

:kZgni]^c\^ci]ZYZkZadebZciZck^gdcbZci

lVhXgZViZYhdi]VindjXVcZVh^anVXXZhh`Zn[jcXi^dcVa^i^Zh!iddah!VcYdW_ZXih#

(26)

8]VeiZg&/>cigdYjX^c\B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc &(

>cHjbbVgn###

Ndjcdl`cdli]Vi#C:I^hV[gVbZldg`XdbedhZYd[Xdbe^aZgh!iddah!aVc\jV\Zh!YZWj\"

\Zgh!VcYVcZmZXji^dcZc\^cZ#I]Z8AG!dg8dbbdcAVc\jV\ZGjci^bZ!^hi]ViZmZXji^dc

Zc\^cZ!VcY^i^hgZhedch^WaZ[dgadVY^c\VcYZmZXji^c\bVcV\ZYVeea^XVi^dch#>cZhhZcXZ!

#C:I^ha^`ZV]djhZl^i]i]Z8AGVhi]Z[djcYVi^dcVcYVaadi]ZghZgk^XZhWj^aidcided[^i#

NdjVahdaZVgcZYi]ViK^hjVa7Vh^X'%%*^hVcdW_ZXi"dg^ZciZYegd\gVbb^c\aVc\jV\Z

i]Vi]VhVh^beaZghnciVmi]Vcdi]ZgbdYZgcegd\gVbb^c\aVc\jV\Zh#NdjVahdhiVgiZYid

aZVgcl]VidW_ZXi"dg^ZciZYegd\gVbb^c\^hVcYhiVgiZYidaZVgci]ZWVh^Xhd[DDE^cK^hjVa

7Vh^X'%%*#

(27)
(28)

&*

CeXcTe\aZgb<afgT__

I\fhT_5Tf\V%##(8kceXff

8W\g\ba$)

<afgT__\aZI\fhT_5Tf\V

%##(8kceXff8W\g\ba$*

6[TcgXe%

<afgT__\aZI\fhT_

5Tf\V%##(

8kceXff8W\g\ba

'

>ci]^hX]VeiZg!ndjÈaa^chiVaai]ZegdYjXiVcYhiVgi\Zii^c\id`cdll]Vi

XdbedcZcihVgZ^cXajYZYl^i]^i#>Èaa\j^YZndji]gdj\]Vaai]ZhiZehd[i]^h

^chiVaaVi^dchdi]VindjXVcWZgZVYnidhiVgiWj^aY^c\Veea^XVi^dchjh^c\

B^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dcg^\]iVlVn#>l^aaiVa`VWdji

hdbZXdbbdc^chiVaaVi^dchXZcVg^dh!\^kZndjhdbZi^eh!VcY>l^aaVahd

XdkZgl]ViidYd^[i]ZjcZmeZXiZY]VeeZch#

(29)

&+ B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

EgZeVg^c\id>chiVaaK^hjVa7Vh^X'%%*:megZhh:Y^i^dc

I]ZgZVgZVXdjeaZd[dei^dch[dg^chiVaa^c\K^hjVa7Vh^X'%%*!eVgi^XjaVgan^[ndjÈkZ]VYegZk^"

djhkZgh^dch^chiVaaZYWZ[dgZdg^[ndj^chiVaaZYVcZVgankZgh^dcd[i]ZegdYjXi#7Z[dgZndj

hiVgii]Z^chiVaaVi^dc!bV`ZhjgZndjgXdbejiZgbZZihi]Zhd[ilVgZVcY]VgYlVgZgZXdb"

bZcYVi^dch#NdjXVcgZk^Zli]Z>cigdYjXi^dcd[i]^hWdd`[dgVaacZXZhhVgn^c[dgbVi^dc#Ndj

l^aaVahdlVciidZchjgZi]VindjgXdbejiZg]VhWZZcjeYViZYl^i]i]ZaViZhijeYViZh[gdb

L^cYdlhJeYViZh

]iie/$$l^cYdlhjeYViZ#b^Xgdhd[i#Xdb

dgB^Xgdhd[iJeYViZh

]iie/$$jeYViZ#

b^Xgdhd[i#Xdb

#I]^hl^aaXdc[^gbi]VindjgbVX]^cZ]VhVaai]ZaViZhihZXjg^injeYViZhVadc\

l^i]hdbZ^chiVaaVi^dcegZgZfj^h^iZhWZ[dgZhiVgi^c\i]ZVXijVaegdYjXi^chiVaaVi^dc#

>[ndj]VkZVcVci^k^gjhdgVcVci^henlVgZVeea^XVi^dc^chiVaaZYVcYgjcc^c\!ndjg

Vci^henlVgZegd\gVbb^\]iegdbeindjidVaadlXZgiV^chZijeiVh`hidegdXZZY#;dg

^chiVcXZ!l^i]i]ZaViZhiB^Xgdhd[iL^cYdlhœ6ci^HenlVgZ7ZiV

]iie/$$lll#b^Xgdhd[i#Xdb$

Vi]dbZ$hZXjg^in$henlVgZ$hd[ilVgZ$YZ[Vjai#bhem

!>lVhVh`ZYildi^bZhidVaadlXZgiV^ciVh`h

idegdXZZYVcYV[Zldi]Zgi^bZhi]ZVci^henlVgZegdYjXigZXd\c^oZYi]ZhdjgXZVcYh^bean

bZci^dcZY^iVcYXdci^cjZY#I]^hlVhi]ZZmeZg^ZcXZ>]VYl^i]i]ZB^Xgdhd[iegdYjXi#>[

ndjVgZjh^c\Vcdi]ZgVci^henlVgZVeea^XVi^dc!ndjgZmeZg^ZcXZb^\]ikVgnha^\]ianWjil^aa

WZVghdbZh^b^aVg^i^Zhidi]^hegdXZhh#I]ZVci^k^gjhVcYVci^henlVgZegdYjXihVgZ\^k^c\ndj

Vcdeedgijc^inidXdc[^gbi]Zdg^\^cd[i]ZegdYjXindjÈgZVWdjiid^chiVaa#L]ZcndjÈgZhjgZ

^iÈh[gdbB^Xgdhd[i!Vaadli]ZhZijeVeea^XVi^dcidXdci^cjZ^ih_dWWnVaadl^c\i]ZVXi^dc#

9jg^c\i]Z^chiVaaVi^dc!^[hdbZi]^c\\dZhlgdc\!ndjÈgZegdWVWancdii]ZdcaneZghdc

idZcXdjciZgi]^hegdWaZb#I]Z[^ghii]^c\idYd^hidadd`Vii]ZaViZhiGZVYbZ^c[dgbVi^dc

bV^ciV^cZYWni]ZHZijeiZVbdcBH9CVcY[daadli]ZhiZehegdk^YZYidhdakZ^chiVaaVi^dc

egdWaZbh#=ZgZVgZilda^c`hidi]ZBH9CœgZhdjgXZh/

:megZhhDca^cZGZVYbZ/

]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$4A^c`>Y2*&(''

:megZhhDca^cZ@cdlc>hhjZh/

]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$4A^c`>Y2*&('*

(30)

8]VeiZg'/>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc &,

EgZk^djhKZgh^dchd[K^hjVa7Vh^X'%%*:megZhh:Y^i^dc>[ndj]VkZVegZ"gZaZVhZÄ

ZheZX^VaanVegZ"7ZiV'kZgh^dcd[K^hjVa7Vh^X'%%*:megZhh:Y^i^dcdgVcnkZgh^dcd[K^hjVa

HijY^d'%%*8IEÄ8dbbjc^inIZX]cdad\nEgZk^ZldgV7ZiVkZgh^dc

Åndjbjhijc^chiVaa

VaaegZ"gZaZVhZXdbedcZcihWZ[dgZ^chiVaa^c\i]^hcZlkZgh^dc

#I]Zhd[ilVgZXdbedcZcihbjhi

WZjc^chiVaaZY^cVeVgi^XjaVgdgYZg[dgndjgcZl^chiVaaVi^dcidWZhjXXZhh[ja#I]Zbdhije"

id"YViZ^c[dgbVi^dc[dgjc^chiVaa^c\VcnegZ"gZaZVhZkZgh^dchd[i]ZegdYjXi^hVkV^aVWaZdc

i]Z[daadl^c\BH9C=ZaeeV\Z/

]iie/$$\d#b^Xgdhd[i#Xdb$[la^c`$4A^c`>Y2),%+'

#

I]ZegZ"gZaZVhZegZ"7ZiV'kZgh^dchgZegZhZciVkZgh^dcd[i]Z[^cVaegdYjXiZVgan^ci]Z

YZkZadebZciXnXaZ#I]ZnVgZcdid[[^X^VaanhjeedgiZYWnB^Xgdhd[i!hdl]Zcndj^chiVaaZVgan

WZiVdg8IEkZgh^dch!ndjVahdjcYZghiVcYi]Vii]ZegdYjXi^hjcYZg\d^c\Xdci^cjVaX]Vc\Zh!

l]^X]jai^bViZangZ[aZXih^ci]Z^chiVaaVi^dcegdXZhh#

L]Zcndjjc^chiVaaVegZ"gZaZVhZkZgh^dcd[Vcnhd[ilVgZ!ndjb^\]iZcXdjciZg

egdWaZbh#6ihdbZed^ci!ndjbVn]VkZcdX]d^XZWjiidgZ[dgbVindjg]VgYYg^kZVcY

gZ^chiVaandjgdeZgVi^c\hnhiZb#I]^h^hcdiVcjcXdbbdch^ijVi^dcl]Zcndjldg`l^i]egZ"

gZaZVhZhd[ilVgZ#7jii]^hh^ijVi^dc]VhVhdaji^dc#7Z[dgZWZ\^cc^c\i]Zjc^chiVaaegdXZYjgZ!

VcYVhVegZXVji^dcVgnbZVhjgZ!ndjÈaalVciidWVX`jeVaandjgYViVWZ[dgZWZ\^cc^c\#>[

edhh^WaZ!V\ddYegVXi^XZ^hidVkd^Y^chiVaa^c\VcnegZ"gZaZVhZkZgh^dchd[VcnegdYjXihdc

ndjgbV^cXdbejiZg#Jh^c\ViZhibVX]^cZdgk^gijVahd[ilVgZl^aa]ZaendjVkd^Yadh^c\

Vcn^bedgiVciYViVVcYldcÈihadlndjgegdYjXi^k^in^ci]ZZkZcihdbZi]^c\\dZhlgdc\#Id

aZVgcbdgZVWdjii]Zk^gijVahdaji^dci]ViB^Xgdhd[id[[Zgh!ndjXVcadd`ViB^Xgdhd[iK^gijVa

E8'%%)Vi

]iie/$$lll#b^Xgdhd[i#Xdb$l^cYdlh$k^gijVaeX$YZ[Vjai#bhem#

>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc

Cdli]VilZÈkZVYYgZhhZYVadid[ediZci^Va^hhjZhVcYcdli]VindjgbVX]^cZ^hgZVYn!ndj

XVcegdXZZYl^i]i]Z^chiVaaVi^dc#Ndjh]djaY[^cYV89dg9K9Vii]ZZcYd[i]^hWdd`i]Vi

XdciV^chV[jaaldg`^c\ZY^i^dcd[i]ZegdYjXi#H^bean^chZgi^i^cidVcnVkV^aVWaZ89dg9K9

Yg^kZ^cndjghnhiZbVcY[daadli]ZhiZehWZadl#

EaZVhZbV`ZhjgZndjXVgZ[jaan gZVYi]^hhZXi^dcdci]ZBH9C =ZaeeV\ZWZ[dgZhiVgi^c\i]Z jc^chiVaaegdXZhh

6 4 H G < B A

:kZci]dj\]i]ZegZ"gZaZVhZkZg" h^dchd[i]Zhd[ilVgZVgZcdi d[[^X^VaanhjeedgiZYWnB^Xgdhd[i! ndjl^aa[^cYgZhdjgXZhdci]Z B^Xgdhd[ih^iZid]Zaendjl^i] ^chiVaaVi^dc#>ceVgi^XjaVg!ndjl^aa [^cY^c[dgbVi^dcdc]dlidjc^c" hiVaaVcY^cl]VidgYZgidjc^c" hiVaai]ZegdYjXih#

(31)

&- B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

ID>CHI6AAK>HJ6A76H>8'%%*:MEG:HH:9>I>DC

$

=Z5ihcfib]gYbUV`YX h\Y]bghU``Uh]cbdfcWYggg\ci`XghUfhUihcaUh]WU``m"=Z]hXcYgbÇhghUfhUihcaUh]WU``mUZhYfUZYkgYWcbXg Zc``ckh\YgYghYdg.

V#7`]W_h\YHiVgiVihhcb UbXh\YbW`]W_Bn8dbejiZg"

W#F][\h!W`]W_h\Y78cf8J8Xf]jYh\Uh\Ugh\YdfcXiWhaYX]UUbXgY`YWh:meadgZ"

X#=bh\Y`]ghcZZ]`Yg `cWUhYUbXXciV`Y!W`]W_HZije#ZmZhcghUfhh\Y=bghU``Uh]cbK]nUfX"

%

K]h\]bUZYkgYWcbXg mcig\ci`XgYYh\Uhh\YgYhiddfc[fUa]gWcdm]b[U``bYWYggUfm]bghU``Uh]cbZ]`YghcUhYadcfUfmZc`XYfUgg\ckb]b:][ifY&!%"

;^\jgZ'"&

6bcl\aZfXghcY\_Xf_bVT__lgbT gX`cbeTelYb_WXe

;^\jgZ'"'

<a\g\T_\m\aZg[XfXghccebVXff NdjÈaa]VkZcdi]^c\idYdWjilV^i

Vii]^hed^ci#I]ZlV^ih]djaYcdi WZadc\ÄaZhhi]VcVb^cjiZ^c bdhiXVhZh!YZeZcY^c\dcndjg XdbejiZgheZZY#

A B G 8

(32)

8]VeiZg'/>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc &.

'

BYlh mciÇ``VY[fYYhYXVmh\YKY`WcaYdU[Y:][ifY&!' k\]W\dfcj]XYggcaY]bZcfaUh]cb

UVcihh\YdfcXiWhUbXh\Ydcgg]V]`]h]YgmciÇ``\UjY kcf_]b[k]h\]h"MciÇ``U`gcVYbch]Z]YX]Zmcif aUW\]bYXcYgbchaYYhUbmdfYfYei]g]hYgZcf`cUX! ]b[h\YgcZhkUfY"7`]W_BYlhhcWcbh]biYcf7UbWY` hcYl]hh\Y]bghU``Uh]cbdfc[fUa"

;^\jgZ'"( JX_Vb`XcTZX

(

HcWcbh]biYh\Y]bghU``Uh]cbdfcWYgg mciaighfYUXUbXUWWYdhh\Y`]WYbgYU[fYYaYbh

:][ifY&!("D`YUgYfYUX]hWUfYZi``mhcgYYk\Uhmci WUbUbXWUbÇhXck]h\h\]gdfcXiWh"K\YbmciÇfY XcbYUbXmciÇfYfYUXmhcUWWYdhh\Y`]WYbgYU[fYY! aYbh W`]W_h\YW\YW_Vcl UbXh\YbW`]W_BYlhhc Wcbh]biY"

(33)

'% B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

)

H\Y=bghU``Uh]cbCdh]cbgdU[YUddYUfg Ugg\ckb]b:][ifY&!)"Cbh\]gdU[Y VYgifYhc

gdYW]Zmh\UhmcikUbhUWWYgghch\Y<Y`dgmghYa AG8B9ldfYgg@]VfUfmUbXh\YA]WfcgcZhGE@ GYfjYf&$$)9ldfYgg9X]h]cb"

GE@GYfjYf&$$)9ldfYgg9X]h]cb]gUfY`Uh]cbU`XUhU! VUgYaUbU[YaYbhgmghYaF86AGh\Uhk]``YbUV`Y mcihcYUg]`maUb]di`UhYXUhU]bmcifUdd`]WUh]cb" H\]g]gUb]adcfhUbhghYd":cfYlUad`Y ]ZmciÇfYWfY! Uh]b[h\Y8J8Wc``YWh]cbaUbU[YaYbhUdd`]WUh]cb k\]W\]gcbYcZh\YGhUfhYf?]hg U``h\YXUhUfY`UhYX hcmcif8J8Wc``YWh]cbk]``bYYXhcVYghcfYX]bU XUhUVUgYig]b[GE@GYfjYf&$$)9ldfYgg9X]h]cb"

K\YbmciÇfYXcbYk]h\mcifgY`YWh]cbg W`]W_

BYlhhcWcbh]biY"

+

H\Y8Ygh]bUh]cb:c`XYfdU[YUddYUfg Ugg\ckb]b:][ifY&!*"H\]gdU[Yk]``Ug_mci

k\YfYhc]bghU``h\YgcZhkUfYcbmcifWcadihYf"= fYWcaaYbXh\UhmciigYh\YXYZUi`h`cWUh]cb"

I]ZdcangZVhdccdiid^chiVaai]ZadXVaBH9C]Zaedg HFAHZgkZg'%%*:megZhh:Y^i^dc^ha^b^iZY]VgYYg^kZ heVXZ#7ZhjgZndjjcYZghiVcYi]ZXdchZfjZcXZhd[ndjg hZaZXi^dch#>[ndjYdcÈi^chiVaaBH9C:megZhhA^WgVgn! ndjÈaacZZYVXXZhhidi]Z>ciZgcZiid\Zi]Zae[gdbBH9C Dca^cZ#>[ndjYdcÈi^chiVaaHFAHZgkZg'%%*:megZhh!ndj ldcÈiWZVWaZidXgZViZVeea^XVi^dchi]VibjhiVXXZhh di]ZghdjgXZhd[YViV!hjX]VhB^Xgdhd[i6XXZhhYViVWVhZ ^c[dgbVi^dc!:miZch^WaZBVg`jeAVc\jV\ZMBA[^aZh! dgdi]ZgineZhd[G97BH^c[dgbVi^dc#>cVYY^i^dc!hdbZ hVbeaZ[^aZh[gdbi]^hWdd`ldcÈildg`VjidbVi^XVaan! VcYndjÈaa]VkZideZg[dgbhdbZbVc^ejaVi^dchdggZ" ^chiVaaVi^dchid\Zii]Zbidldg`#

A B G 8

;^\jgZ'"* FXglbhe\afgT__T g\babcg\baf[XeX

;^\jgZ'"+ 7Xfg\aTg\ba9b_WXe

*

>[ndjX]ddhZid^chiVaai]Zhd[ilVgZ^cV[daYZgdi]Zg i]Vci]ZgZXdbbZcYZYYZ[Vjai!ndjb^\]i]VkZegdW" aZbhldg`^c\l^i]hdbZd[i]ZeVi]hVcY[^aZhbZc" i^dcZYaViZg^ci]ZWdd`#>[ndjYd^chiVaa^cVY^[[ZgZci adXVi^dc!gZhiVhhjgZY>Èaa\^kZndjhdbZXVji^dcVgn cdiZhl]ZcZkZgndjbVngjc^cidegdWaZbh#

(34)

8]VeiZg'/>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc '&

7`]W_

=bghU``

hcghUfhh\Y]bghU``Uh]cb"H\Y]bghU`! `Uh]cbdfc[fYggVUfUddYUfgUbXh\Y]bghU``Uh]cb ]gibXYfkUmgYY:][ifY&!+H\]ga][\hVYU[ccX h]aYhc[YhgcaYh\]b[hcXf]b_VYWUigY]bghU``Uh]cb Wci`XhU_YgcaYh]aY"

<YfY]gh\Y`]ghcZWcadcbYbhgh\Uhk]``VY]bghU``YX.

QH\Y"B9H:fUaYkcf_&"$H\]gkUgcif\cigY ]``ighfUhYX]b7\UdhYf%"

QJ]giU`6Ug]W&$$)9ldfYgg9X]h]cbH\]g]gh\Y hcc`]hgY`Z k\]W\kUgh\YVY][YV`cW_fYdfYgYbh]b[ h\YXccfcZcif\cigY]b7\UdhYf%"

QAG8B9ldfYgg@]VfUfmH\]gkUgXYgWf]VYXYUf`]Yf"

QGE@GYfjYf&$$)9ldfYgg9X]h]cbH\]gkUg XYgWf]VYXYUf`]Yf"

H\YGYhid7cad`YhYdU[YUddYUfggYY:][ifY&!, UbXmciUfYbckZ]b]g\YXk]h\h\Y]bghU``Uh]cb"Bch hccdU]bZi` kUg]h36YZcfYmciW`]W_h\Y9l]hVihhcb d`YUgYfYUXh\YZc``ck]b[bchYg"

DchdbZXdbejiZgh!YZeZcY^c\dci]ZL^cYdlhkZg" h^dc!l]Zci]Z#C:I;gVbZldg`^chiVaaVi^dc^hXdbeaZi" ZY!ndjb^\]iWZVh`ZYidgZWddindjgXdbejiZgWZ[dgZ i]Z^chiVaaVi^dcXdci^cjZh#

A B G 8

;^\jgZ'", <afgT__Tg\baCebZeXff

;^\jgZ'"-FXghc6b`c_XgX I]Z^chiVaaVi^dci^bZl^aakVgnWVhZYdcndjgX]d^XZh

dci]ZegZk^djheV\Z#DcVkZgV\Z!^[ndjhZaZXiZYWdi] BH9CA^WgVgnVcYHFAHZgkZg'%%*:megZhh:Y^i^dc!i]Z ^chiVaaVi^dch]djaYWZVgdjcY&%id(%b^cjiZhYZeZcY" ^c\dcndjgXdbejiZgÈhheZZY#

(35)

'' B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

L]ZcZkZgndj^chiVaaVcZlVeea^XVi^dc!^iÈhValVnhV\ddY]VW^iid\didB^Xgdhd[i

JeYViZ

]iie/$$jeYViZ#b^Xgdhd[i#Xdb

dgL^cYdlhJeYViZ

]iie/$$l^cYdlhjeYViZ#b^Xgdhd[i#

Xdb

id\ZiVaai]Z]^\]"eg^dg^injeYViZh#DgndjXVcXa^X`dci]ZL^cYdlhJeYViZ]neZga^c`

[gdbi]ZhZijeVeea^XVi^dcVhh]dlc^c;^\jgZ'"-#>egZ[ZgB^Xgdhd[iJeYViZWZXVjhZ

ndj\ZiVaai]ZjeYViZhndjcZZY[dgVaai]ZB^Xgdhd[ihd[ilVgZVagZVYn^chiVaaZYdcndjg

]VgYYg^kZ#NdjÈaa\ZindjgL^cYdlh!D[[^XZ!VcY#C:I;gVbZldg`jeYViZhVadc\l^i]ndjg

]VgYlVgZYg^kZghjeYViZh!Vaa^cdcZhide

>iÈhVahd^bedgiVciidkZg^[ni]VindjgVci^k^gjhVeea^XVi^dcVcY^ihh^\cVijgZhVgZje"id"

YViZVcYi]Vindj]VkZjeYViZYVci^henlVgZ^chiVaaZY#DcZaVhii]^c\/^[ndj]VkZi]ZaViZhi

HZgk^XZEVX`^chiVaaZYdcndjgbVX]^cZ!ndjh]djaY]VkZi]ZHZXjg^in8ZciZg^cndjg8dcigda

EVcZa#>[ndjYdcÈi]VkZ^i!eaZVhZjeYViZndjgdeZgVi^c\hnhiZbidi]ZaViZhiHZgk^XZEVX`

dcanVkV^aVWaZdcB^Xgdhd[iL^cYdlhHZgkZgž'%%(VcYL^cYdlhME#DeZci]ZHZXjg^in

8ZciZgVcYbV`ZhjgZVaaa^\]ih[dgi]Z;^gZlVaa!K^gjhEgdiZXi^dc!VcY6jidbVi^XJeYViZhVgZ

\gZZc#>[cdi!VYYgZhhi]dhZ^hhjZhidegZkZciVcnhZXjg^in]VoVgYh#

8a^X`i]Z:m^iWjiidcl]ZcndjVgZYdcZ#DcZm^i!i]ZhZijeVeea^XVi^dcl^aahZcYhdbZ

[ZZYWVX`dcndjg^chiVaaVi^dcidi]ZB^Xgdhd[ihZgkZghVhh]dlc^c;^\jgZ'".#

;^\jgZ'".

G[XFXghcTcc_\VTg\bafXaWf\afgT__T g\baYXXWUTV^gbg[X@\VebfbYgfXeiXef

>ci]Z[jijgZ!bdgZegdYjXihl^aa WZVYYZYidi]^ha^hi#

(36)

8]VeiZg'/>chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc '(

>cHjbbVgn###

I]^hX]VeiZg[dXjhZYdc^chiVaa^c\K^hjVa7Vh^X'%%*:megZhh:Y^i^dc#>iVYYgZhhZYbdhi^hhjZh

i]VindjbVnZcXdjciZgYjg^c\i]Z^chiVaaVi^dc!Y^[[ZgZcihZijehXZcVg^dh!VcYVahdegdk^YZY

a^c`hidBH9C[dgbdgZ]Zae#

6[iZgldg`^c\i]gdj\]i]^hX]VeiZg!ndjh]djaYcdl]VkZi]Z#C:I;gVbZldg`'#%!K^hjVa

7Vh^X'%%*:megZhh:Y^i^dc!BH9C:megZhhA^WgVgn!VcYHFAHZgkZg'%%*:megZhh:Y^i^dc

^chiVaaZYVcYgZVYnid\d#NdjgXdbejiZgh]djaYVahdWZjeidYViZl^i]VaajeYViZh^chiVaaZY

VcYVaahZii^c\hgZaViZYidhZXjg^indc\gZZc#

(37)
(38)

'*

GjbGlcXfbY

4cc_\VTg\baf-J[TgÆf

g[X7\YYXeXaVX2%)

:Xgg\aZFgTegXW%*

Bagbg[XCeb]XVgf&$

6[TcgXe&

6eXTg\aZLbhe

9\efg4cc_\VTg\ba

(

NdjÈkZWZZc^cigdYjXZYidB^Xgdhd[iœK^hjVa7Vh^Xœ'%%*:megZhh:Y^i^dc0

cdl^iÈhi^bZidXgZViZndjg[^ghiVeea^XVi^dc#NdjÈaahiVgii]^hX]VeiZgWn

aZVgc^c\VWdjii]ZY^[[ZgZcXZhWZilZZcV

XdchdaZVeea^XVi^dc

VcYV

L^cYdlhVeea^XVi^dc

#NdjÈaai]Zcadd`Vii]Z

>ciZ\gViZY9ZkZadebZci

:ck^gdcbZci>9:

#6h^ihcVbZ^bea^Zh!i]Z>9:^hi]ZVeea^XVi^dci]Viegd"

k^YZhVaai]ZiddahndjcZZYidYZh^\c!eaVc!YZkZade!VcYY^hig^WjiZndjg

Veea^XVi^dch#LZXdjaY]VkZjhZYVcniZmiZY^idg!a^`ZCdiZeVY![dgZmVbeaZ!

Wji^ci]^hX]VeiZgVcY[dgi]ZgZb^cYZgd[i]ZWdd`!ndjÈaaWZjh^c\i]Z>9:

idXgZViZndjgVeea^XVi^dch#

(39)

'+ B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

IldIneZhd[6eea^XVi^dch/L]ViÈhi]Z9^[[ZgZcXZ4

6hbZci^dcZYdci]ZegZk^djheV\Z!ndjÈgZ\d^c\idXgZViZildkZgh^dchd[i]ZhVbZVeea^"

XVi^dc/VXdchdaZVeea^XVi^dcVcYVB^Xgdhd[iL^cYdlhœVeea^XVi^dc#Ndjb^\]ildcYZgl]n

ndjZkZc]VkZidldggnVWdjii]^hY^hi^cXi^dcl]ZcndjÈgZXgZVi^c\Vegd\gVb#LZaa!hdbZ"

i^bZhndjgVeea^XVi^dcXVcÈidgYdZhcÈicZZYid]VkZV\gVe]^XVa^ciZg[VXZ#;dg^chiVcXZ!

hdbZVeea^XVi^dchcZZYidWZZmZXjiZY^cVhXg^eidgVWViX][^aZdgi]ZnXVcÈi]VkZV\gVe]^"

XVa^ciZg[VXZWZXVjhZcdjhZg^ciZgVXihl^i]^i#>chdbZdi]ZgXVhZhndjYdcÈicZZY

V\gVe]^XVa^ciZg[VXZ[dgVL^cYdlhVeea^XVi^dc#;dgZmVbeaZ!VL^cYdlhhZgk^XZ^hVcVeea^"

XVi^dci]VigjchdcL^cYdlh^ci]ZWVX`\gdjcYÄ^iYdZhcÈi]VkZVjhZg^ciZg[VXZ!YdZhcÈi

egdYjXZVcnk^hjVadjieji!hiVgihl]ZcL^cYdlhhiVgih!VcYYdZhcÈiZkZcgZfj^gZ

VjhZgidWZad\\ZY^cidhiVgiZmZXji^c\#

>chdbZdi]ZgXVhZh!ndjYdcÈilVcijhZghid^ciZgVXil^i]V\gVe]^XVa^ciZg[VXZndjÈkZ

XgZViZY#;dg^chiVcXZ!ndjXdjaYlg^iZVcVeea^XVi^dci]Vibdc^idghi]ZVkV^aVWaZe]nh^XVa

bZbdgndcVXdbejiZgi]ZcY^heaVnhi]Vi^c[dgbVi^dcdcXZ^igZVX]ZhVXZgiV^caZkZa#I]Z

^c[dgbVi^dc^hY^heaVnZY^cVjhZg^ciZg[VXZWjiYdZhcdigZfj^gZVcn^ceji[gdbi]ZjhZg#

;^\jgZ("&h]dlhi]ZgZhjaid[i]Z[Vbdjh=ZaadLdgaYVeea^XVi^dcVhVXdchdaZ

Veea^XVi^dc#

;^\jgZ("&

6bafb_XTcc_\VTg\ba

L^cYdlhMEHE'XdbZhl^i] gdj\]an[djgYdoZcL^cYdlh hZgk^XZh#;dgZmVbeaZ!VL^cYdlh hZgk^XZkVa^YViZhndjgjhZgcVbZ VcYeVhhldgYVihiVgije#

A B G 8

(40)

8]VeiZg(/8gZVi^c\Ndjg;^ghi6eea^XVi^dc ',

8dchdaZVeea^XVi^dchXVcWZVh[ZVijgZg^X]VcYVhXdbeaZmVhL^cYdlhVeea^XVi^dch#

I]ZdcanY^[[ZgZcXZ^hi]Vii]ZnYdcÈi]VkZV\gVe]^XVa^ciZg[VXZ#AZiÈhadd`VidcZedhh^WaZ

jhZ[dgXdchdaZVeea^XVi^dch#

>cXdgedgViZYViVXZciZgh!bVcnVeea^XVi^dchZmZXjiZVaaYVnVcYc^\]i!egdYjX^c\V

aVg\ZVbdjcid[YViV#>ildjaYWZi^bZ"Xdchjb^c\VcYegdWaZbVi^XidgZandceZdeaZid

kZg^[ni]ZYViV#HdYViVXZciZghVgZjhjVaan]^\]anVjidbViZYid[VX^a^iViZi]^h_dW#8dchdaZ

Veea^XVi^dchegdYjXZ!bVc^ejaViZ!VcYkZg^[ni]ZYViV^chXg^eihdgWViX][^aZh#8dchdaZ

Veea^XVi^dchXVcWZlg^iiZc^cbVcnY^[[ZgZciegd\gVbb^c\aVc\jV\Zh8!8 !8!K^hjVa

7Vh^X!VcYhddcVcYhXg^ei^c\aVc\jV\ZhEZga!Eni]dc!dg?HXg^eiœ#

>cXdcigVhiidVXdchdaZVeea^XVi^dc!VL^cYdlh

Veea^XVi^dc]VhV\gVe]^XVa^ciZg[VXZ!Vhh]dlc^c

;^\jgZ("'#>i^hVahdXVaaZYVL^cYdlh;dgbh

Veea^XVi^dc^c#C:I#

I]ZhZVeea^XVi^dchVgZjhjVaan^chiVaaZYVcYVXXZhh^"

WaZ^ci]ZL^cYdlhHiVgibZcj!VcYWnYZ[Vjaii]Zn

h]VgZhdbZXdbbdcX]VgVXiZg^hi^Xh!hjX]VhV8adhZ

Wjiidc!VBVm^b^oZWjiidc!VcYVB^c^b^oZWjiidc#

H^beaZIZmiVcY

6H8>>8]VgVXiZgh

H^beaZiZmiVahdXVaaZY 6H8>>X]VgVXiZgh^hi]ZjhjVa djiejid[VXdchdaZVeea^XVi^dc! WjihdbZXdchdaZVeea^XVi^dch jhZ6H8>>\gVe]^XX]VgVXiZgh# 6H8>>hiVcYh[dg6bZg^XVc HiVcYVgY8dYZ[dg>c[dgbVi^dc >ciZgX]Vc\Z#6c6H8>>XdYZ^h i]ZcjbZg^XVagZegZhZciVi^dc d[VX]VgVXiZghjX]VhÆ%Çdg ÆÇdgVcVXi^dcd[hdbZhdgi# EgZhh^c\:ciZg^cVldgYegd" XZhhdgidbdkZVa^cZd[iZmi^h VcVXi^dcgZegZhZciZYWnVc 6H8>>X]VgVXiZg![dg^chiVcXZ# I]Z6H8>>\gVe]^XX]VgVXiZghZi! VahdXVaaZYZmiZcYZY6H8>>X]Vg" VXiZgh!^cXajYZhkZgi^XVaa^cZh! kZgi^XVaYdjWaZa^cZh!XdgcZgh! VcYbjX]bdgZ#6H8>>X]VgVX" iZghVgZhdbZi^bZhjhZYidXgZ" ViZWdmZhVgdjcYiZmi^cXdchdaZ Veea^XVi^dch#

EaZVhZcdiZi]ViXdchdaZVeea^" XVi^dchVgZhi^aaZmZXjiZY^c L^cYdlh!Wji^cVXdchdaZXdciZmi#

A B G 8 ;^\jgZ("'

J\aWbjfTcc_\VTg\ba

<Zii^c\HiVgiZY

Id\ZihiVgiZYlg^i^c\i]ZXdYZ[dgi]Z[^ghikZgh^dcd[i]ZVeea^XVi^dc!ndjÈaacZZYidhiVgi

B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc#IdYdi]^h[daadli]ZhZi]gZZZVhnhiZeh/Xa^X`

HiVgi!X]ddhZ6aaEgd\gVbh!i]ZchZaZXiB^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc#

(41)

'- B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

I]Z[^ghii^bZndjhiVgiB^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc!^il^aaiV`ZhdbZi^bZ

idadVYh^cXZi]Z>9:^hWZ^c\Xdc[^\jgZY#Ndjh]djaYhZZVhXgZZch^b^aVgid;^\jgZ("(#

7Z[dgZlZ\d[ji]Zg!aZiÈheVjhZVcY

VYb^gZi]Z>9:^cVaa^ih\adgn#L^i]i]^hkZg"

h^dcd[K^hjVa7Vh^X!i]Z>9:\diVc^XZcZl

bV`ZdkZg#Add`Vi;^\jgZ(")VcY[ZZai]Z

ZmX^iZbZci#

>[ndjÈgZcdi[ZZa^c\i]ZZmX^iZbZcinZi!

ndjhddcl^aa#I]ZYZkZadebZciZck^gdcbZci]VhWZZcYZh^\cZYidbV`ZVadibdgZ^c[dg"

bVi^dcVkV^aVWaZje[gdciVcYid\ZindjbdgZegdYjXi^kZ[VhiZg#;gdbi]^hhXgZZc!ZkZgn"

i]^c\ndjcZZYidWj^aYVcVeea^XVi^dc^hVkV^aVWaZ^cVXdjeaZd[Xa^X`h#;gdbi]Z>9:ndj

;^\jgZ("(

8ai\eba`XagVbaY\ZheTg\baYbeY\efg g\`XhfXbY@\VebfbYgI\fhT_5Tf\V %##(8kceXff8W\g\ba

;^\jgZ(")

G[X<78\aT__\gfZ_bel

AU]bHcc`VUf

Gc`ih]cb9ld`cfYf

AG8BJ]giU`6Ug]WFGG :YYX

AYbi6Uf

Hcc`Vcl

FYWYbhDfc^YWhg

;Yhh]b[GhUfhYX

J]giU`6Ug]W 9ldfYgg<YUX`]bYg

(42)

8]VeiZg(/8gZVi^c\Ndjg;^ghi6eea^XVi^dc '.

ineZ^cndjgXdYZ!Xdbe^aZndjgXdYZ!aVjcX]i]ZVeea^XVi^dc![^cYndjgb^hiV`ZhVcY[^m

i]Zb!\Zi]Zaedci]ZhnciVm!VcYbVcndi]Zgi]^c\h#;jgi]ZgbdgZ!i]ZK^hjVa7Vh^X'%%*>9:

^hYZh^\cZYid]ZaendjWn\ZcZgVi^c\Vadid[XdYZ[dgndjhdi]Vindj]VkZaZhhidineZ^c#

>[ndjY^YcÈi]VkZi]Z>9:VcYndjlVciZYidlg^iZVL^cYdlh;dgbhVeea^XVi^dc!ndjldjaY

cdgbVaan]VkZidlg^iZVadibdgZXdYZVcY^ildjaYWZbdgZegdcZidZggdgh#L^i]i]ZcZl

>9:!bdhid[i]ZVXi^dchndjÈaaeZg[dgbl^aaVjidbVi^XVaan\ZcZgViZVadid[XdYZWZ]^cYi]Z

hXZcZh#

6hndjheZcYbdgZi^bZl^i]i]Zegd\gVb!ndjÈaa[^cYi]Vii]ZgZVgZbVcnY^[[ZgZcilVnh

ideZg[dgbi]ZhVbZVXi^dch#;dg^chiVcXZ!idXdbeaZiZVheZX^[^XVXi^dcndjXVcjhZVhZg^Zh

d[bZcjX]d^XZh!dgjhZV`Znhigd`Zh]dgiXji!dgXa^X`Vc

^Xdc

dcV

iddaWVg

!Xa^X`dcV

]neZga^c`

^cVeV\Z!dgndjXVcg^\]i"Xa^X`VcYX]ddhZVcdei^dc[gdbV

XdciZmi"hZch^i^kZ

bZcj

#7Z[dgZY^k^c\^ciddjg[^ghiVeea^XVi^dcVcYWZ[dgZndjlg^iZhdbZXdYZ!lZÈaa\d

i]gdj\]ZVX]W^\XdbedcZcid[i]Z>9:#

I]Z[^ghieV\ZndjhZZ^hVgZVaanjhZ[jadcZ/i]ZHiVgiEV\Z#AZiÈh\Zi^cidl]Vi

^c[dgbVi^dcndjhZZdci]VieV\Z#

GZXZciEgd_ZXih

=ZgZ!ndjÈaa\Zii]Za^hid[egd_ZXihdghdaji^dchi]VilZgZgZXZcian

deZcZY#NdjXVcVahdXgZViZVcZlegd_ZXidgdeZcVcZm^hi^c\egd_ZXii]Vi^hcdi^ci]Z

a^hi#

<Zii^c\HiVgiZY

>XVaai]^hjhZ[jahZXi^dc=Zae8ZcigVaWZXVjhZ^[ndjcZZYfj^X`]Zae!

i]^h^hdcZd[i]ZWZhieaVXZhid\ZiVchlZgh#L]Zi]ZgndjcZZY]Zael^i]hdbZK^hjVa

7Vh^XXdchigjXih!dgndjlVciidhZZVa^hid[=dlIdVgi^XaZh!dgndjh^beanlVci]neZg"

a^c`hidXdbbjc^i^Zhd[egd\gVbbZgh!ndjXVcd[iZc[^cY]Zae^ci]Z<Zii^c\HiVgiZY

hZXi^dcd[i]Z>9:#

K^hjVa7Vh^X:megZhh=ZVYa^cZh

I]^h^hl]ZgZndj[^cYheZX^[^XcZlhVWdjiK^hjVa7Vh^X

:megZhhXdb^c\[gdbB^Xgdhd[i#I]ZhZegdYjXi]ZVYa^cZhYZa^kZgheZX^VabZhhV\ZhheZX^[^X

idK^hjVa7Vh^X'%%*:megZhh:Y^i^dcVcYVccdjcXZcZljeYViZh!cZlgZaZVhZh!cZlXdYZ

hc^eeZih!dgVcni]^c\i]VicZZYhheZX^VaViiZci^dcdcndjgeVgi#

>l^aah]dlndj]dlVcYl]ZgZ idadd`[dgi]^h\ZcZgViZYXdYZ^c 8]VeiZg*#

A B G 8

:kZcl]Zci]ZHiVgiEV\ZY^hVe" eZVgh!ndjXVcValVnh\Zi^iWVX` Wn\d^c\idi]ZK^ZlbZjVcY hZaZXi^c\HiVgiEV\Z#

I]Z[^ghiVcYdcangjaZd[i]^hWdd` ^hidcdiWZV[gV^YidZmeZg^bZci# 8a^X`!add`!gZVY!VcYignl]Zc" ZkZgedhh^WaZ#I]^h^hgZVaani]Z WZhilVnidaZVgc#>Èaah]dlndj hdbZ^bedgiVcibViZg^Va!i^eh!VcY ig^X`hi]gdj\]djii]^hWdd`!Wji bnVYk^XZidndj^hid\dWZndcY i]ZhZZmVbeaZhVcY_jhiignVcY ignVcYign###

(43)

(% B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

BH9C;ZZYh

I]^hhZXi^dcd[i]ZHiVgiEV\Z^cXajYZh]neZga^c`hidVgi^XaZh[gdbdcZd[

i]Z

BH9CGHH

B^Xgdhd[i9ZkZadeZgCZildg`GZVaanH^beaZHncY^XVi^dc[ZZYh#I]ZhZ

Vgi^XaZhXVcWZXdc[^\jgZYidVcnkVa^YGHH[ZZY[gdbi]ZLZW#I]ZYZ[Vjai^hhZiidi]Z

BH9CœK^hjVa7Vh^X'%%*:megZhhGHH[ZZY#I]ZhZVgi^XaZhVgZY^[[ZgZci[gdbi]ZK^hjVa

7Vh^X:megZhh=ZVYa^cZh0dXXVh^dcVaan!i]Znb^\]iWZi]ZhVbZ!Wjii]ZVgi^XaZh[gdbBH9C

XdkZgcdidcanK^hjVa7Vh^X:megZhhWjiVaaide^Xh^cXajY^c\K^hjVaHijY^dIZVbHnhiZbh!

B^Xgdhd[iHFAHZgkZgž!LZWHZgk^XZh!VcYhd[dgi]#NdjXVc

bdY^[ni]Z[ZZYWnhZaZXi^c\Dei^dch[gdbi]ZIddahbZcj!

ZmeVcY^c\:ck^gdcbZci!hZaZXi^c\HiVgije!VcYjeYVi^c\

i]ZHiVgiEV\ZCZlh8]VccZa[^ZaYl^i]VkVa^YGHH[ZZYd[

ndjgX]d^XZ#

>9:8dbedcZcih

HdbZ^bedgiVciXdbedcZcihd[i]Z>9:VgZcdieVgid[i]ZHiVgieV\Z#

BZcj7Vg

I]^h^hl]ZgZndjXVchZaZXiVcYeZg[dgbVabdhiVaaedhh^WaZVXi^dchgZaViZYid

ndjgegd_ZXih![^aZh!VcY=Zae#I]ZVkV^aVWaZdei^dchX]Vc\ZWVhZYdci]ZXjggZciXdciZmi#

;dgZmVbeaZ!l]ZcndjYdcÈi]VkZVcdeZcegd_ZXindj]VkZ[ZlZgbZcjX]d^XZh/dcan

;^aZ!:Y^i!K^Zl!Iddah!L^cYdl!8dbbjc^in!VcY=Zae#L]ZcVegd_ZXi^hdeZc!i]ZbZcj

X]d^XZhl^aaVahd^cXajYZEgd_ZXi!7j^aY!9ZWj\!VcY9ViV#

BV^cIddaWVg

I]^hiddaWVgXdciV^ch^Xdchi]ViVgZZhhZci^Vaanh]dgiXjihidVXi^dchi]Vi

ndjXVcVahdeZg[dgbWn\d^c\i]gdj\]i]ZbZcjh#

IddaWdm

>[ndjhXgdaadkZgi]ZiddaWdmdci]ZaZ[ih^YZd[i]ZHiVgiEV\ZhXgZZc!^il^aa

ZmeVcY#>[i]ZgZ^hcddeZcZYegd_ZXi!i]ZiddaWdmh]djaYWZZbein#I]ZiddaWdmXdciV^ch

Xdcigdahi]ViVgZjhZY^cndjgVeea^XVi^dch#6ii]^hed^cindjXVci]^c`d[XdcigdahVhk^hjVa

ZaZbZcih^cL^cYdlhVeea^XVi^dchi]ViedhhZhhV\gVe]^XVa^ciZg[VXZ#;dg^chiVcXZ!dcXZV

egd_ZXi^hdeZcZY!i]ZiddaWdml^aa^cXajYZWjiidch!aVWZah!iZmiWdmXdcigdah!bZcjh!idda"

WVgh!VcYhddc#I]ZhZXdcigdahVgZYZ[^cZYVcYZmeaV^cZY^c\gZViZgYZiV^a^c8]VeiZg*#

Hdaji^dc:meadgZg

I]^h[ZVijgZa^hihi]Z[^aZhVcYXdbedcZcih^cndjgegd_ZXi#>[cdegd_"

ZXi^hdeZc!^ih]djaYWZZbein#NdjÈaahZZbdgZYZiV^ahVWdjii]ZHdaji^dc:meadgZgaViZg

^ci]^hX]VeiZg#

I]ZB^Xgdhd[i9ZkZadeZgCZildg` BH9C^hVhZid[dca^cZVcY d[[a^cZhZgk^XZhYZh^\cZYid]Zae YZkZadeZghlg^iZVeea^XVi^dch jh^c\B^Xgdhd[iegdYjXihVcY iZX]cdad\^Zh#

A B G 8

HdbZ]neZga^c`hdci]ZHiVgieV\Z gZfj^gZVa^kZXdccZXi^dcidi]Z >ciZgcZi#Hd!^[ndjVgZjcVWaZid gZVYi]Z]neZga^c`h!eaZVhZkZg^[n ndjg>ciZgcZiXdccZXi^dchiVijh#

A B G 8 >[ndjYdcihZZHiVgijeVcYdi]Zg

hZii^c\h^ci]ZDei^dchY^Vad\Wdm! ZchjgZi]VindjhZaZXii]ZH]dl 6aaHZii^c\hX]ZX`Wdm^ci]ZadlZg aZ[iXdgcZgd[i]ZDei^dchY^Vad\ Wdm#

(44)

8]VeiZg(/8gZVi^c\Ndjg;^ghi6eea^XVi^dc (&

HiVijh7Vg

I]ZhiVijhWVgY^heaVnhVl^YZkVg^Zind[^c[dgbVi^dcXdggZhedcY^c\idi]Z

hiViZd[XZgiV^cVXi^kZdeZgVi^dch#;dg^chiVcXZ!l]ZcndjadVYVegd_ZXindjÈaahZZV

bZhhV\ZdcndjghXgZZchjX]VhÅAdVY^c\egd_ZXiX/QWaVWaVQWaVWaV#kWegd_[gdbndjg]VgY

Yg^kZ#ÆL]ZcndjÈgZWj^aY^c\VcVeea^XVi^dcndjÈaahZZhdbZi]^c\a^`ZÅ7j^aYhiVgiZY0ÆVcY

l]Zci]ZVeea^XVi^dc]Vh[^c^h]ZY!ndjÈaahZZÅ7j^aYhjXXZZYZYÆdgÅ7j^aY[V^aZYÆYZeZcY"

^c\dci]ZhjXXZhhd[i]ZegdXZhh#

Dcidi]ZEgd_ZXih

;gdbi]^hed^cidc!ndjÈaa[dXjhdcl]VindjgZVaanXVbZ]ZgZidYd/Wj^aYhdbZegd_ZXih#Hd

aZiÈhhiVgil^i]ndjg[^ghiVeea^XVi^dc#;^ghi!ndjÈaaWj^aYi]ZXdchdaZkZgh^dcd[i]ZVeea^XVi^dc#

7j^aY^c\V8dchdaZ6eea^XVi^dc

LZÈkZWZZciVa`^c\VWdjil]ViVXdchdaZVeea^XVi^dcXVcYdVcYl]Vi^il^aaadd`a^`Z!hd

l]nYdcÈilZWj^aYdcZ4>ci]^hhZXi^dc!ndjÈaaXgZViZVh^beaZbVi]ZbVi^XVeea^XVi^dc#

ID7J>A968DCHDA:6EEA>86I>DC

$

=ZJ]giU`6Ug]W&$$)9ldfYgg9X]h]cb]gbchfibb]b[ ghUfh]hVmW`]W_]b[J]giU`6Ug]W&$$)9ldfYgg9X]h]cb" GhUfh#5``Dfc[fUag#A]WfcgcZh

%

MciWUbW\ccgYhcghUfhVi]`X]b[mcifUdd`]WUh]cbY]h\YfVmW`]W_]b[h\YVUf VmgY`YWh]b[7fYUhY.Dfc^YWh"""Zfcah\YGhUfhDU[Y cfVmW`]W_]b[BYkDfc^YWh:]`Y#BYkDfc^YWh]Wcbcbh\Yhcc`!cbh\Y aYbiVUf"

&

=bh\YBYkDfc^YWhX]U`c[Vcl gY`YWh7cbgc`Y5dd`]WUh]cb]bh\YBUaYVcl"H\YBYkDfc^YWhX]U`c[Vclg\ci`XVYg]a]`Ufhch\YcbY]b7cbgc`Y5dd`]WUh]cb]bh\YHYad`UhYggYWh]cb UbXhmdYAm:]fgh :][ifY'!)"7`]W_C?k\YbmciÇfYfYUXmhc[chch\YbYlhghYd"

;dgYZbdhVcYhVbeaZh!>gZXdb" bZcYi]VindjineZ^cVaai]Z hdjgXZXdYZhdndjXVchZZVcY WZiiZgjcYZghiVcYXdcXZeih# =dlZkZg![dgadc\ZghdjgXZXdYZ a^hi^c\h!ndjXVcVahdYdlcadVYi]Z XdbeaZiZYXdYZhVbeaZh#]iie/$$ lll#b^Xgdhd[i#Xdb$bhegZhh$XdbeVc" ^dc$%",(*+"''&("'$

(45)

(' B^Xgdhd[iK^hjVa7Vh^X'%%*:megZhh:Y^i^dc/7j^aYVEgd\gVbCdl

Ndjh]djaYcdlhZZi]Z>9:^cVc^YaZhiViZlV^i^c\[dgndjidlg^iZi]ZVeea^XVi^dcÈh

XdYZ#NdjghXgZZch]djaYcdladd`a^`Zi]ZdcZh]dlc]ZgZ^c;^\jgZ("+#

<Zii^c\id@cdlHdaji^dc:meadgZg

7Z[dgZndjlg^iZi]ZXdYZ!ndjcZZYidaZVgcVWdjii]ZHdaji^dc:meadgZg#6hhZZcdci]Z

g^\]ih^YZd[i]ZhXgZZc^c;^\jgZ("+!i]ZHdaji^dc:meadgZgegdk^YZhVcdg\Vc^oZYk^Zld[

ndjgegd_ZXihVcYVaai]Z[^aZhi]ViVgZVhhdX^ViZYl^i]i]Zb!VhlZaaVhhdbZjhZ[jaXdb"

bVcYh^ci]Z[dgbd[ViddaWVg#NdjÈaa[^cYVaai]ZhdjgXZXdYZ[^aZh!i]Zegd_ZXihZii^c\h!

gZhdjgXZ[^aZha^`Zi]ZVeea^XVi^dc^Xdc!Xdc[^\jgVi^dc[^aZh!VcYhddc^ci]ZHdaji^dc

:meadgZg#

7nYZ[Vjai^cK^hjVa7Vh^X'%%* :megZhh:Y^i^dc!l]ZcndjXa^X` D@!egd_ZXihVgZXgZViZY^cViZb" edgVgnadXVi^dc#L]ZcndjhVkZdg XadhZi]Zegd_ZXi![^aZhVgZhVkZY ^cBn9dXjbZcihQK^hjVaHijY^d '%%*QEgd_ZXih#NdjXVcX]Vc\Z i]ZYZ[Vjaiegd_ZXihadXVi^dcWn \d^c\idIddah$Dei^dch$Egd_ZXih VcYHdaji^dchVcY[^cY^c\i]Z [^ghiiZmiWdmcVbZYK^hjVaHijY^d Egd_ZXihadXVi^dc#NdjÈaaadd`^cid l]Vii]dhZ[^aZhVgZVcYl]Vii]Z^g XdciZci^haViZg^ci]^hX]VeiZgVcY Vahd^c8]VeiZg*#

A B G 8

;^\jgZ("*

6eXTg\aZTVbafb_XTcc_\VTg\bahf\aZ g[XAXjCeb]XVgW\T_bZUbk

>[i]ZHdaji^dc:meadgZgY^hVeeZVgh [dgVcngZVhdc!ndjXVc\Zi^iWVX` Wn\d^c\idi]ZK^ZlbZcjVcY hZaZXi^c\Hdaji^dc:meadgZg#

Referensi

Dokumen terkait

Oleh karena itu, penulis membuat suatu program sederhana untuk memenuhi Tugas Akhir yang berjudul “APLIKASI BISNIS PENYEWAAN PERALATAN BAYI DAN MAINAN ANAK-ANAK

Private Sub DaftarMemberTSMI_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles DaftarMemberTSMI.Click. FrmRptMember.ShowDialog()

Seluruh dosen program studi Diploma III Teknik Informatika fakultas Matematika dan Ilmu pengetahuan Alam Universitas Sumatera Utara yang telah memberikan ilmu

Now drag an XmlDataSource control from the Data section of the Toolbox onto the page, and select Configure Data Source from the XmlDataSource Tasks pane.. Click the

In the role-based security model that is imple- mented for Reporting Services, users who are assigned to the Content Manager role or Publisher role have automatic permissions to

After your database connection is open click the Groups button to have the data migrated from Access to SQL Server or Oracle. When all of the data has been processed, you see a

Regardless of the window you’re using, when you select the vendor who sold you the purchase order items, QuickBooks alerts you that open purchase orders exist for the vendor and

You find out how to launch Visual Studio 2005 (the development tool for your VB applications), how to start a new project, and how to build a form visually and make it work with