›

Tài liệu Kiểm soát vện sinh thú y - Chương 1: Phần mở đầu

pdf 219 trang hapham 2290
Download
Bạn đang xem 20 trang mẫu của tài liệu "Tài liệu Kiểm soát vện sinh thú y - Chương 1: Phần mở đầu", để tải tài liệu gốc về máy bạn click vào nút DOWNLOAD ở trên

Tài liệu đính kèm:

  • pdftai_lieu_kiem_soat_ven_sinh_thu_y_chuong_1_phan_mo_dau.pdf

Nội dung text: Tài liệu Kiểm soát vện sinh thú y - Chương 1: Phần mở đầu

  1. đại học cần thơ - khoa nông nghiệp giáo trình giảng dạy trực tuyến ‡ÄQJ 7S&ĂQ7K†7HO )D[ :HEVLWHKWWSZZZFWXHGXYQNQQHPDLOGPLQK#FWXHGXYQ YWDQK#FWXHGXYQ Kiểm soát vệ sinh thú y Các sản phẩm động vật An toàn thực phẩm Ch−ơng 1 Phần mở đầu Chủ biên: PGs. Ts. Châu Bá Lộc Lý Thị Liên Khai, MVD, M.Sc.
  2. &Kˆ‡QJ  3+h|10ltih|8   ,.+$v,1,j€0   &D‘FQˆ‡‘FJRœLODŽP†Q9…›VLQKWKˆ›FSKƒ˜Pd)RRG+\JLHQHe"Qˆ‡‘FWD JRœL W…Q ODŽ .L…˜P QJKL…›P WKX‘ VDQ" QJK‹D KH›S NK†QJ SKDQ DQK K…šW „ˆ‡œF„†šLWˆ‡œQJSKDLQJKL…QFˆ‘X'RYƒ›\"QD\JRœLW…QODŽP†QNL…˜P VRD‘WY…›VLQK7KX‘\FD‘FVDQSKƒ˜P„†œQJYƒ›WdIRRGDQLPDOVRULJLQ K\JLHQH0  /DŽP†QFKX\…QP†QQJKL…QFˆ‘XY…—JLDVX‘FYDŽFD‘FVDQSKƒ˜PFXD FKX‘QJ'ˆ›DYDŽROXƒ›WO…›KL…›QKDŽQK7KX‘\„…˜WKˆ›FKL…›Q  &D‘QE†œ7KX‘\ODŽPF†QJWD‘FQƒ—\SKDLFR‘NL…šQWKˆ‘FW†˜QJK‡œSY…—N\ WKXƒ›W7KX‘\YDŽY…›VLQKWKˆ›FSKƒ˜P   ,,ik,7ml1*   &R‘„†šLWˆ‡œQJFKŒQK"„R‘ODŽ  7KWWKWWˆ‡L"WKWˆ‡‘SOD›QK"„†QJOD›QK"WKWPX†šL"YDŽFD‘FFK…š SKƒ˜PFXDWKW  6ˆDVˆDWˆ‡LYDŽFD‘FFK…šSKƒ˜PFXDVˆD  7Uˆ‘QJWUˆ‘QJWˆ‡L"WUˆ‘QJPX†šL  &D‘FD‘Wˆ‡LFD‘FVDQSKƒ˜PFK…šEL…šQFXDFD‘  III.08€&iq&+B<v1*+p$  iDPEDRVˆ‘FNKRHFKRFRQQJˆ‡ŽLFXQJFƒšSVX‘FVDQSKƒ˜PDQWRDŽQ" 2
  3. FKƒšW Oˆ‡œQJ 9‰ JLD VX‘F FR‘ WK…˜ ODŽP Oƒ\ ODQVDQJQJˆ‡ŽLP†œWV†šE…›QK QKL…›W WKD‘Q" ODR" GD›L" „R‘QJ GƒšX"%UXFHOORVLV"/HSWRVSLURVLV"YY&D‘F E…›QK N\‘ VLQK WUXŽQJ JLXQ EDR" JD›R i†œF W†š 6DOPRQHOOD &ORVWULGLXP ERWXOLQXP 1J‚QFK‚›QGFKE…›QKOƒ\ODQGRFD‘F†˜GFKWDFKˆDNL…˜PVRD‘W„ˆ‡œF NKƒXP†˜WKW"PXDED‘Q"Yƒ›QFKX\…˜Q"ED‘QFKD›\JLDVX‘FE…›QK  <vQJK‹DNLQKW…šWUD‘QKQD›QOD›PVD‘W"QƒQJFDRJLD‘WUKDŽQJ[XƒšWNKƒ˜X" EDRY…›„DŽQJLDVX‘FFDŽ\NH‘R"JR‘SSKƒ—QWŒFKFˆ›FWURQJYL…›FEDRY…›YDŽ SKD‘WWUL…˜Q„DŽQJLDVX‘F   ,96l/ml&/r&+6mt0k1+2&   'RWKƒš\„ˆ‡œFWD‘FKD›LNKLQJˆ‡ŽL‚QWKˆ‘F‚QFR‘QJX†—QJ†šF„†œQJ Yƒ›WNK†QJ„ˆ‡œFNL…˜PWUDFƒ˜QWKƒ›Q9DŽRWK…šN\P†œWV†šQˆ‡‘FWU…Q WK…šJL‡‘LOƒ›SUDEDQNL…˜PVRD‘W"YDŽJLDRQKL…›PYX›Qƒ—\FKRFDQKVD‘W  1KˆQJY‰QJˆ‡ŽLFDQKVD‘WNK†QJFR‘NL…šQWKˆ‘F„ƒ—\„XY…—7KX‘\ FXQJQKˆNL…šQWKˆ‘FY…—Y…›VLQKWKˆ›FSKƒ˜P"Q…QYL…›F[ˆO\‘FXDKRœODŽP NK†QJ„ˆ‡œFW†šW.KLNL…šQWKˆ‘FWKX‘\SKD‘WWUL…˜Q"\…XFƒ—XFRQQJˆ‡ŽLSKD‘W WUL…˜Q"QJˆ‡ŽLWDJLDRQKL…›PYX›Qƒ—\OD›LFKRE…Q\W…š  0DL„…šQ„ƒ—XWK…šN\QJˆ‡ŽLWDWKƒš\WKƒ—\WKX†šFFXQJNK†QJDP KL…˜XWˆ‡ŽQJWƒ›QFD‘FE…›QKFXDJLDVX‘F+RœNK†QJ„DPEDRQKL…›PYX› TXDQWURœQJODŽQJ‚QFK‚›QGFKE…›QKOƒ\ODQFKRJLDVX‘F  1Jˆ‡ŽL WD QKƒ›Q WKƒš\ U‚“QJ FKŠ FR‘ QJˆ‡ŽL FD‘QE†œWKX‘\P‡‘L„DP QKƒ›Q„ˆ‡œFF†QJYL…›FQƒ—\YDŽFKX‘\‘FDP‚›W„DPEDRFKƒšWOˆ‡œQJY…› VLQKWKˆ›FSKƒ˜PFKRFRQQJˆ‡ŽLYDŽ„DPEDRFKR„DŽQJLDVX‘FSKD‘WWUL…˜Q   90k,48$1+j€9lv,&$v&0k1+2&.+$v&  0†Q NL…˜P VRD‘W Y…› VLQK WKX‘ \ FD‘F  VDQSKƒ˜P„†œQJYƒ›WODŽP†œW P†QKRœFEDRJ†—PFDNL…šQWKˆ‘F[DK†œL"FKX\…QP†Q1R‘OL…QK…›Pƒ›W 3
  4. WKL…šWY‡‘LFD‘FQJDŽQK&K‚QQX†L7KX‘\VLQKO\‘"JLDLSKƒ˜X"W†˜FKˆ‘FE…›QK O\‘"VLQKKR‘D"E…›QKWUX\…—QQKL…™P"E…›QKN\‘VLQKWUXŽQJ"QJRD›LNKRD"Q†œL NKRD"VDQNKRD  1JRDŽL UD" FD‘Q E†œ WKX‘ \ ODŽP F†QJ WD‘F NL…˜P QJKL…›P SKDL Q‚–P YˆQJFKXWUˆ‡QJ"FKŒQKVD‘FKFXDQKDŽQˆ‡‘F"FKŒQKVD‘FKFKXQJY…—FK‚Q QX†L"FKŒQKVD‘FKUL…QJY…—NL…˜PVRD‘WY…›VLQKWKX‘\FD‘FVDQSKƒ˜P„†œQJ Yƒ›W" Q‚–P YˆQJ SKD‘S FK…š WKX‘ \ .L…˜P VRD‘W Y…› VLQK WKX‘ \ VDQ SKƒ˜P „†œQJYƒ›WSKDLGD›\VDXNKL„DKRœF[RQJWƒšWFDFD‘FP†QFKX\…QP†Q   9,1+,j€098€48<j|1+$€1&8t$&$v1%k7+8v<  1KL…›PYX›  &D‘QE†œWKX‘\SKDLQ‚–PYˆQJFD‘FV‚–FO…›QK"QJK„QK"WK†QJWˆ TXL„QKFXDQKDŽQˆ‡‘FY…—.L…˜PVRD‘WVD‘WVLQK.L…˜PGFK„†œQJYƒ›W" SKDLFR‘O\‘OXƒ›QYDŽWKDRWD‘FW†šW"FR‘NLQKQJKL…›PWKˆ›FW…š"FKX\…QP†Q" „…˜[D‘F„QKE…›QK„X‘QJ"FKR[ˆO\‘FKŒQK[D‘F"„DPEDRSKƒ˜PFKƒšWWKˆ›F SKƒ˜P „D NL…˜P QJKL…›P W†šW FKR QJˆ‡ŽL WL…X WKX›" „DP EDR GFK E…›QK NK†QJOƒ\ODQ  4X\…—QKD›Q  B4X\…šW„QKWURQJYL…›FNKD‘PV†šQJ"[ˆO\‘WURQJYL…›FNKD‘PVDX NKLP†˜ B.\‘JLƒš\FKR[XƒšWUDWKWUˆ‡ŽQJQKˆQJWKWW†šW B7UD‘QKP…›QKO…›QK"„†œF„RD‘Q"NKL…PW†šQKRœFKRL   4
  5. đại học cần thơ - khoa nông nghiệp giáo trình giảng dạy trực tuyến ‡ÄQJ 7S&ĂQ7K†7HO )D[ :HEVLWHKWWSZZZFWXHGXYQNQQHPDLOGPLQK#FWXHGXYQ YWDQK#FWXHGXYQ Kiểm soát vệ sinh thú y Các sản phẩm động vật An toàn thực phẩm Ch−ơng 2 Hệ vi sinh vật trong thực phẩm (food microbiology) Chủ biên: PGs. Ts. Châu Bá Lộc Lý Thị Liên Khai, MVD, M.Sc.
  6. &Kˆ‡QJ  +j€9,6,1+9h€77521*7+m€&3+h}0 )RRGPLFURELRORJ\   7Kˆ›FSKƒ˜PFKˆ‘DQKˆQJWKDŽQKSKƒ—QGˆ‡QJFKƒšWWKŒFKK‡œSFKR Vˆ› SKD‘W WUL…˜Q  FXD P†œW V†š O‡‘Q YL VLQK Yƒ›W&KX‘QJW†—QWD›LWURQJWKˆ›F SKƒ˜PFR‘WK…˜Jƒ\KˆKRQJKD\Jƒ\E…›QKFKRQJˆ‡ŽL9LWK…šFKX‘QJWD Fƒ—QFR‘P†œWTXLWU‰QKFK…šEL…šQWKˆ›FSKƒ˜PK‡œSY…›VLQKWUD‘QKYLVLQK Yƒ›WOƒ\QKL…™P  &D‘F ORD›L YL VLQK Yƒ›W WKˆ‡ŽQJ J‚›S QKƒšW  WURQJ F†QJ QJK…› WKˆ›F SKƒ˜PODŽQƒšPP†šFQƒšPPHQYLNKXƒ˜Q   ,1h00k&  1ƒšPP†šFODŽP†œWYLVLQKYƒ›W„DEDŽR6ˆ›SKD‘WWUL…˜QFXDQƒšPP†šF WU…QWKˆ›FSKƒ˜PQKDQKFKR‘QJG…™GDŽQJQKƒ›QEL…šWGRVˆ›[XƒšWKL…›QFD‘F V‡œLP†šFGD›QJQXŽLE†QJP‡ŽQKD›WV‡œLPDŽX7KŒGX›QƒšPV‡œLWU…QWKW P†šF[DQKWU…QED‘QKP‰FX  7U…QWKˆ›FW…šQƒšPP†šFODŽQJX\…QQKƒQODŽPKˆKRQJQKL…—XORD›L WKˆ›F SKƒ˜P 7X\ QKL…Q P†œW V†š QƒšPP†šF„‚›FKL…›X„ˆ‡œFGXŽQJWURQJ F†QJ QJK…› FK…š EL…šQ WKˆ›F SKƒ˜P KD\ ODŽ QKˆQJ WKDŽQK SKƒ—Q FXD WKˆ›F SKƒ˜P 7KŒ GX›  QƒšP P†šFWURQJFK…šEL…šQFKHHVHVR\VDXFHWD›RDFLG FLWULFWURQJVDQ[XƒšWVRIWGULQN  6ˆ›VLQKWUˆ‡QJFXDQƒšPP†šF  1ƒšPVLQKVDQY†WŒQKE‚“QJEDŽRWˆP†œWV†šORŽDLQƒšPP†šFFXQJ K‰QKWKDŽQKEDŽRWˆKˆXWŒQK   4
  7. &D‘F\…šXW†šDQKKˆ‡QJ„…šQVˆ›SKD‘WWUL…˜QFXDQƒšPP†šF 1KL…›W„†œR&QKL…—XORD›LPRœFW†šW‡R&  S+DFLGS+ ODŽW†šLˆX  1KˆQJ V‡œL YDŽ QKˆQJ Y…›W „HQWU…QWKWODŽGRVˆ›SKD‘WWUL…˜QFXD QƒšPP†šFWURQJ„L…—XNL…›QNK†K‡QVRY‡‘LYLNKXƒ˜Q1KˆQJFKƒšP„HQ ODŽGRVˆ›SKD‘WWUL…˜QFXD&ODGRVSRULXPQR‘FR‘WK…˜PRœFWU…QKR‚›FGˆ‡‘LE…— P‚›WFXDWKW‡FDQKL…›W„†œR&  'R„R‘Q…šXEDRTXDQWKWWURQJWK‡ŽLJLDQGDŽLFƒ—Q„†QJOD›QKWKW WKƒšS K‡Q QKL…›W „†œ Qƒ—\ 1KˆQJ „†L NKL Vˆ› SKD‘W WUL…˜Q FXD QƒšP P†šF [DQKP†šFV‡WKƒš\[XƒšWKL…›QWURQJJLDL„RD›QEDRTXDQ„†QJOD›QK   ,,1h00(1   1ƒšPPHQODŽP†œWYLVLQKYƒ›W„‡QEDŽR6LQKVDQWKHRNL…˜X„ƒP FK†—L1ƒšPPHQFR‘WK…˜FR‘ŒFKKD\FR‘KD›L„†šLY‡‘LWKˆ›FSKƒ˜P1ƒšPPHQ GXŽQJWURQJFK…šEL…šQFD‘FWKˆ›FSKƒ˜PGD›QJO…QPHQQKˆED‘QKP‰ELD Uˆ‡œXJLƒšPSKRPD‘W  1ƒšPPHQ„ˆ‡œFSKƒQORD›LFKX\…šXGˆ›DWU…Q„‚›F„L…˜PK‰QKWKD‘L FXDFKX‘QJ  &D‘F\…šXW†šDQKKˆ‡QJ„…šQVˆ›SKD‘WWUL…˜QFXDQƒšPPHQ  1ƒšPPHQSKD‘WWUL…˜Q‡QKL…›W„†œSKRŽQJQKL…—XORD›LSKD‘WWUL…˜QFD‡ R&YDŽEGL…›W‡QKL…›W„†œ!R&1ƒšPPHQFƒ—Q„ƒ—\„XQˆ‡‘F„…˜SKD‘W WUL…˜Q P†œW V†š ORDŽLFR‘WK…˜PRœF‡P†LWUˆ‡ŽQJNK†1KL…›W„†œWU…Q„L…˜P „†QJ„‚›FQƒšPPHQSKD‘WWUL…˜QJƒ\UDQKˆQJ„L…˜PQƒXWU…QWKW   ,,,9,.+8h}1   9L NKXƒ˜Q  ODŽ YL VLQK Yƒ›W UƒšW QKR 9L NKXƒ˜Q FR‘ QKD EDŽR QKˆ %DFLOOXV&ORVWULGLXPFR‘NKDQ‚QJK‰QKWKDŽQKQKDEDŽRQ…Q„…—NKD‘QJFDR 5
  8. Y‡‘LQKˆQJWKD\„†˜LFXDFD‘FWD‘FQKƒQYƒ›WO\‘YDŽKR‘DKRœFQKˆQR‘QJOD›QK FKƒšWNKD‘QJVLQKK‡QYLNKXƒ˜QNK†QJFR‘QKDEDŽR  0†œW V†š „‚›F„L…˜PY…—K‰QKWKD‘LQX†LFƒš\Yƒ›WO\‘FXDYLNKXƒ˜Q FXQJFƒ—QQ‚–PYˆQJY‰FKŒQKFKX‘QJODŽQJX\…QQKƒQODŽPDQKKˆ‡QJ „…šQVˆ›EDRTXDQYDŽVˆ›KˆKRQJFXDWKˆ›FSKƒ˜P  6ˆ›SKD‘WWUL…˜QFXDYLNKXƒ˜Q  9L NKXƒ˜Q VLQK VDQ E‚“QJ FD‘FK QKƒQ „†L 9L NKXƒ˜Q JLDW‚QJV†š Oˆ‡œQJWKHRKDŽPORJDULWKPLF&KX‘QJW‚QJWUˆ‡QJUƒšWQKDQKWURQJP†œW WK‡ŽLJLDQQJ‚–Q7KŒGX›WˆŽYLNKXƒ˜QVDXKSKD‘WWUL…˜QWKDŽQKWUL…›XYL NKXƒ˜Q  ltQKL…›W„†œWKƒšSVˆ›SKD‘WWUL…˜QFXDYLNKXƒ˜QVHFKƒ›POD›LQKˆQJ‡ QKL…›W„†œR&P†œWV†šYLNKXƒ˜QQKˆ3VHXGRPRQDVFR‘WK…˜SKƒQFKLDŒW QKƒšWOƒ—QKWˆŽYLNKXƒ˜QSKD‘WWUL…˜QW‚QJO…QYLNKXƒ˜QVDX QJDŽ\W‚QJWKDŽQKWUL…›XVDXQJDŽ\  9LNKXƒ˜QSKD‘WWUL…˜QWU…QE…—P‚›WWKWFR‘WK…˜„ˆ‡œFSKƒQFKLDWURQJ SKDVHV  /DJSKDVHYLNKXƒ˜QWKŒFKˆ‘QJY‡‘LP†LWUˆ‡ŽQJP‡‘LSKD‘KX\W…šEDŽR VˆGX›QJFKƒšWGLQKGˆ‡QJFXDP†LWUˆ‡ŽQJQKˆQJFKˆDSKD‘WWUL…˜Q  /RJSKDVHWK‡ŽLN\ŽVLQKWUˆ‡QJFXDYLNKXƒ˜QYLNKXƒ˜QW‚QJWUˆ‡QJ QKDQKQKƒšWW‚QJYDŽJLˆ‡P†œWK‚“QJV†š  6WDWLRQDU\SKDVHV†šOˆ‡œQJYLNKXƒ˜QJLˆ‡K‚“QJV†šWKˆ›FSKƒ˜PG…™ EKˆKRQJWUˆŽQKˆQJWKˆ›FSKƒ˜PO…QPHQ  'HDWKSKDVHODŽJLDL„RD›QYLNKXƒ˜QJLDPV†šOˆ‡œQJ       6
  9.      3  2 4       &D‘F\…šXW†šDQKKˆ‡QJ„…šQV†šOˆ‡œQJYLNKXƒ˜Q  D6†šOˆ‡œQJEDQ„ƒ—X  qWYLNKXƒ˜QYƒš\QKL…™PEDQ„ƒ—XVHW‚QJWK‡ŽLJLDQEDRTXDQWKˆ›F SKƒ˜P7KŒGX›‡QKL…›W„†œR&V†šYLNKXƒ˜QQKL…™PEDQ„ƒ—XYL NKXƒ˜QFPVDXWXƒ—QWKWEKˆKRQJWKWEQK‡‘W1…šXEDQ„ƒ—XFR‘ YLNKXƒ˜QFPVDXWXƒ—QWKWEQK‡‘W  'R„R‘PX†šQNH‘RGDŽLWK‡ŽLJLDQEDRTXDQWKˆ›FSKƒ˜PFKƒšWOˆ‡œQJ W†šWàW‚QJJLDL„RD›QODJSKDVH  E1KL…›W„†œ  1KL…›W„†œWKƒšSFR‘WD‘FGX›QJW‚QJJLDL„RD›QODJSKDVH*LDPVLQK WUˆ‡QJFXDYLNKXƒ˜Q7KŒGX›  L3VHXGRPRQDVàSKD‘WWUL…˜QYDŽODŽPKˆKRQJWKWE…—P‚›WWKWˆ‡‘W  1…šXQKL…›W„†œ!R&WKWEKˆVDXQJDŽ\    !R&WKWEKˆVDXQJDŽ\  R&YLNKXƒ˜QQJˆŽQJSKD‘WWUL…˜Q  L&ORVWULGLXP6DOPRQHOOD6WDSK\ORFRFFXVFKX‘QJSKD‘WWUL…˜QQKDQK ‡QKL…›W„†œR&WKƒš\‡WKWQKˆQJFKX‘QJQJˆŽQJSKD‘WWUL…˜QR& 7
  10. 7X\QKL…QP†œWV†šYLNKXƒ˜QFR‘WK…˜SKD‘WWUL…˜Q‡R&QKL…›W„†œˆ‡‘S OD›QK  9‰ Yƒ›\ „…˜ WUD‘QKKˆKRQJWKˆ›FSKƒ˜PODŽPOD›QKQKDQKYDŽEDR TXDQ‡QKL…›W„†œWKƒšSVX†šWWURQJTXD‘WU‰QKEDRTXDQFK…šEL…šQEDRJR‘L Yƒ›QFKX\…˜Q  Fh}P„†œ,+./  0†œW\…XFƒ—XTXDQWURœQJ„…˜YLNKXƒ˜QSKD‘WWUL…˜QODŽQˆ‡‘F1ˆ‡‘FODŽ DZ OZDWHUDFWLYLW\Q1…šXJLˆWKˆ›FSKƒ˜P‡Pˆ‘FQˆ‡‘FDZWKƒšSODŽPYL NKXƒ˜Q NK†QJ SKD‘W WUL…˜Q „ˆ‡œF 'R „R‘ JLˆFKRE…—P‚›WWKWNK†DZ‡ Pˆ‘FWKƒšSODŽPYLNKXƒ˜QNK†QJSKD‘WWUL…˜QJLX‘SEDRTXDQWKWW†šW  GS+   9LNKXƒ˜QSKD‘WWUL…˜Q‡S+ W†šLˆX 3+YLNKXƒ˜Q FKƒ›PSKD‘WWUL…˜Qˆ‘QJGX›QJWURQJFK…šEL…šQWKˆ›FSKƒ˜PO…QPHQGXŽQJ EDRTXDQWKˆ›FSKƒ˜P   'ˆ›DYDŽRKDŽPOˆ‡œQJDFLGWURQJWKˆ›FSKƒ˜PWDWŒQKQKL…›W„†œFƒ—Q [ˆO\‘7Kˆ›FSKƒ˜PFR‘„†œDFLGWKƒšSFƒ—QQKL…›W„†œ[ˆO\‘FDRVRY‡‘LWKˆ›F SKƒ˜PFR‘„†œDFLGFDR  H.KŒ  9LNKXƒ˜Q„ˆ‡œFFKLDODŽPQKR‘P  +L…šXNKŒFƒ—Q2  <…šPNKŒNK†QJFƒ—Q2&ORVWULGLXP  <…šPNKŒWX\ŽWL…›QSKD‘WWUL…˜QNK†QJFR‘2QKˆQJYƒ™QPRœFFKƒ›PNKLFR‘ 2/DFWREDFLOOXV  9LKL…šXNKŒWKŒFKK‡œS‡Q†—QJ„†œ2WKƒšS 8
  11.   %DQJ6ˆ›SKƒQORD›LYLNKXƒ˜QWKHR\…XFƒ—XVLQKWUˆ‡QJ   1KR‘PYLNKXƒ˜Q 74W†šLWKL…˜X 74W†šLˆX 74W†šL„D ;4&< ;4&< ;4&< &KXQKL…›W7KHUPRSKLOHV&ORV    WKHUPRVDFFKDURVHSWLFXP % VWHDURWKHUPRSKLOXV kQ KRŽD 0HVRSKLOHV ( FROL    %DFLOOXVVXEWLOLV &KXOD›QK3V\FKURSKLOHV à   mD OD›QK 3V\FKURWURSV à   3VHXGRPRQDV $FKURPREDFWHULXP  1KˆQJ „L…—X TXDQ WURœQJ Fƒ—Q OˆX WƒP „†šL Y‡‘L FD‘F WKˆ›F SKƒ˜P „†œQJYƒ›WGD›QJWˆ‡LV†šQJQKˆWKWJLDVX‘FFD‘WKWJLDFƒ—P  &D‘FORDŽLYLNKXƒ˜QWURQJQKR‘P†QKRŽD&ROLIRUPVFD‘FYLNKXƒ˜QJƒ\ E…›QKQKˆ&ORVWULGLXP6DOPRQHOODYDŽ6WDSK\ORFRFFXVSKD‘WWUL…˜QQKDQK‡ FD‘FWKƒQWKWJLDVX‘FJLDFƒ—PQKˆQJNH‘PKD\NK†QJSKD‘WWUL…˜Q‡QKL…›W „†œR&  ltQKL…›W„†œR&ODŽQKL…›W„†œGXŽQJODŽPOD›QKWKˆ›FSKƒ˜PltQKL…›W„†œ Qƒ—\ QKR‘P YL NKXƒ˜Q ˆD OD›QK YDŽ FKX OD›QK SKD‘W WUL…˜Q W†šW WU…Q WKˆ›F SKƒ˜PVX‘FVDQQKˆ3VHXGRPRQDV&KX‘QJODŽQJX\…QQKƒQODŽPKˆKRQJ FD‘FVX‘FVDQSKƒ˜P  &D‘FORDŽLYLNKXƒ˜QˆDOD›QKSKD‘WWUL…˜QW†šW‡QKL…›W„†œFDRK‡QQKL…›W„†œ WKƒšSW†šLWKL…˜X  'R„R‘„…˜WUD‘QKYLNKXƒ˜Q[ƒPQKƒ›SYDŽSKD‘WWUL…˜QODŽPKˆKRQJVX‘F VDQSKƒ˜PWˆ‡LV†šQJWKˆ›FSKƒ˜PSKDL„ˆ‡œFODŽPOD›QKQKDQKYDŽJLˆ‡ QKL…›W„†œWKƒšSWURQJVX†šWTXD‘WU‰QKFK…šEL…šQEDRJR‘LYƒ›QFKX\…˜QEDR 9
  12. TXDQ &D‘F YL NKXƒ˜Q TXDQ WURœQJ WURQJ K…› YL NKXƒ˜Q Jƒ\ Kˆ KRQJ WKˆ›F SKƒ˜PJ†—PFD‘FJL†šQJWL…XEL…˜XVDX„ƒ\  L *L†šQJ $FHWREDFWHU ODŽ YL NKXƒ˜Q ODŽP Kˆ KRQJ WUD‘L Fƒ\OVSRLODJH SUREOHPRQIUXLWVQQˆ‡šFJLDLNKD‘WWUD‘LFƒ\  L*L†šQJ$HURPRQDVYLNKXƒ˜QJƒ\KˆKRQJFD‘FWKˆ›FSKƒ˜PWKX\VDQ $K\GURSKLODFR‘WK…˜Jƒ\E…›QKFKRQJˆ‡ŽLFD‘…šFKYDŽFD‘FORDŽLKˆXQKX NKD‘F  9  *L†šQJ $OFDOLJHQHV $ YLVFRODFWLV Jƒ\ Kˆ VˆD GD›QJ NH‘R Gƒ\ $ PHWDOFDOLJHQHVJƒ\QKDŽ\QK‡‘WWU…QSKRPD‘WFK…šEL…šQWˆŽVˆDJD›QNHP  9*L†šQJ$OWHURPRQDVJƒ\KˆKRQJWU…QWKˆ›FSKƒ˜PKDLVDQ  9*L†šQJ%DFLOOXV%FHUHXVJƒ\„R‘QJYR‘QVˆD  9*L†šQJ%URFKRWUL[Jƒ\KˆKRQJWKWYDŽFD‘FVDQSKƒ˜PWKWNKLEDR TXDQWURQJ„L…—XNL…›Q\…šPNKŒKD\FKƒQNK†QJYDŽJLˆ‡QKL…›W„†œOD›QK  9*L†šQJ&DPS\OREDFWHU&MHMXQLYDŽ(FROLODŽQJX\…QQKƒQFKŒQKFXD „DV†šWUˆ‡ŽQJK‡œSYL…PUX†œW‡QJˆ‡ŽLGR‚QWKˆ›FSKƒ˜PEQKL…™P&D‘F WKˆ›FSKƒ˜PFR‘WK…˜EQKL…™P&DPS\OREDFWHUODŽVˆDWˆ‡LWKWFˆŽXWKWJDŽ VˆD WL…›W WUXŽQJ E QKL…™P KDPEXUJHU JDŽ TXD\ FD FRQ OEDUEHFXHG FKLFNHQQ  9 *L†šQJ &ORVWULGLXP YL NKXƒ˜Q Jƒ\ Kˆ KRQJ UDX TXD „R‘QJ K†œS & SHUIULQJHQVJƒ\„R‘QJYR‘QVˆD&EXW\ULFXPJƒ\VLQKK‡LFKƒ›PVˆ›„†QJ WX›SKRPD‘W  9*L†šQJ&RU\QHEDFWHULXP&ERYLVWURQJVˆDWˆ‡LY‚–WNH‘PY…›VLQK  9*L†šQJ'HVXOIRWRPDFXOXP'QLJULILFDQVJƒ\KˆKRQJ„†—ŽK†œS  9*L†šQJ(FROL1KL…—XFKXQJ(FROLJƒ\WL…XFKD\KD\Jƒ\QJ†œ„†œF 10
  13. WKˆ›FSKƒ˜P‡QJˆ‡ŽLFKX‘QJ„ˆ‡œF[D‘F„QKODŽHQWHURSDWKRJHQLF(FROL -((&.&D‘FWUL…›XFKˆ‘QJE…›QKGR(FROL‡QJˆ‡ŽL„ˆ‡œFFKLDODŽPQKR‘P FKŒQK  1KR‘PJ†—PFD‘FFKXQJ(FROLVLQK„†œFW†šUX†œWJƒ\E…›QKFKRQJˆ‡ŽL WK…˜&KROHUDOLNHi†œFW†šFXD(FROLJ†—P67YDŽ/7YDŽFKX‘QJODŽQJX\…Q QKƒQJƒ\WL…XFKD\‡WUHHPV‡VLQKYDŽWL…XFKD\FKRGXNKD‘FK   1KR‘PJ†—PFD‘FFKXQJ(FROLVLQK„†œFW†šGD›QJF\WRWR[LQFKX‘QJ Jƒ\E…›QKWK…˜YL…PN…šWWUDŽQJKD\WUL…›XFKˆ‘QJJL†šQJE…›QKO\’ OG\VHQWHU\OLNHQ    1JRDŽL  QKR‘P WU…QFR‘QKR‘P(FROLJƒ\GXQJKX\…šWWL…XFKD\FR‘ PD‘XYDŽ„DXEX›QJGˆG†œL  7Kˆ›FSKƒ˜PFR‘WK…˜EQKL…™P(FROLFDRKD\GREDRTXDQKR‚›FWUˆOD›QK NK†QJ„X‘QJTXLFD‘FK  9 *L†šQJ  )ODYREDFWHULXP &D‘F FKXQJ YL NKXƒ˜Q VLQKPDŽXOYDŽQJW‡‘L PDŽXFDPQFR‘WK…˜Jƒ\PƒšWPDŽXWU…QE…—P‚›WFXDWKWYDŽODŽPKˆKRQJ ORDŽLQKX\…™QWK…˜JLDFƒ—PWUˆ‘QJE‡YDŽVˆD  9*L†šQJ.OHEVLHOODODŽQJX\…QQKƒQJƒ\E…›QK„ˆ‡ŽQJK†KƒšSYDŽWL…X KR‘D‡QJˆ‡ŽL  AA*LD„‰QK/DFWREDFLOODFHDH  9 *L†šQJ /DFWREDFLOOXV 1KR‘P YL NKXƒ˜QODFWREDFLOOLFR‘NKDQ‚QJO…Q PHQVLQKDFLGODFWLFFXDFD‘FVDQSKƒ˜PVˆDWKˆ›FYƒ›WYDŽF†QJQJKL…›S FK…šEL…šQUˆ‡œXELD1KL…—XFKXQJ/DFWREDFLOOXVFR‘WK…˜SKD‘WWUL…˜QODŽPKˆ WKWEDRTXDQ‡QKL…›W„†œOD›QK/YLULGHVFHQVODŽQJX\…QQKƒQODŽP[DQK OD›S[ˆ‡QJ  9*L†šQJ/HXFRQRVWRF/GH[WUDQLFXPYDŽ/FUHPRULVO…QPHQDFLGFLWULF FXDVˆDWD›RPXŽLYDŽNŒFKWKŒFKYLNKXƒ˜QVWUHSWRFRFFLODFWLFWURQJYDLWURŽ dODFWLFVWDWHUeWURQJFK…šEL…šQVˆDNHPE‡YDŽSKRPDW 11
  14.  9 *L†šQJ /LVWHULD  / PRQRF\WRJHQV ODŽ QJX\…Q  QKƒQ Jƒ\ E…›QK FKR QJˆ‡ŽL GR ‚Q WKˆ›F SKƒ˜P QKL…™P YL NKXƒ˜Q 1Jˆ‡ŽL E…›QK ‡ WK…˜ QKL…™P WUXŽQJKX\…šWYL…PPDŽQJQDRYL…PQDRYL…PPDŽQJQDR9LNKXƒ˜QFR‘ WURQJVˆDWKWJDŽFˆŽXEE…›QK7Kˆ›FSKƒ˜PQKL…™P/PRQRF\WRJHQVWˆŽ Qˆ‡‘FVˆDVLODJHF†šQJUDQKFXDQKL…—XORDŽLJLDVX‘FYDŽSKƒQQJˆ‡ŽL  9*L†šQJ0LFUREDFWHULXP/DŽYLNKXƒ˜QQKL…™PYDŽRFD‘FVDQSKƒ˜PVˆD„D SDVWHXUKR‘DQKˆVˆDVˆDE†œW  9 *L†šQJ 0LFURFRFFXV WKˆ‡ŽQJ J‚›S‡WKˆ›FSKƒ˜PFK…šEL…šQWURQJ„L…—X NL…›QY…›VLQKNH‘P  9*L†šQJ0\FREDFWHULXPODŽQJX\…QQKƒQJƒ\E…›QKODR0WXEHUFXORVLV Yƒš\QKL…™PYDŽRWKˆ›FSKƒ˜P„‚›FEL…›WVˆDWˆ‡LWˆŽERŽE…›QKODR  9 *L†šQJ 3KRWREDFWHULXP ODŽ YL NKXƒ˜Q FR‘ WK…˜ SKD‘W TXDQJ 3 SKRVSKRUHXP„ˆ‡œF[HPODŽQJX\…QQKƒQSKD‘WTXDQJFXDWKWYDŽFD‘  9*L†šQJ3URSLRQLEDFWHLXPSLJPHQWHGSURSLRQLEDFWHULDFR‘WK…˜Jƒ\EL…šQ „†˜LPDŽXFXDSKRPDW  9 *L†šQJ 3URWHXV ODŽ YL NKXƒ˜Q Jƒ\ Kˆ KRQJ WKW „†— EL…˜Q WUˆ‘QJ 9L NKXƒ˜Q WKˆ‡ŽQJ Jƒ\ QKL…™P V†š Oˆ‡œQJO‡‘QWURQJFD‘FWKˆ›FSKƒ˜PNK†QJ EDRTXDQOD›QKQR‘ODŽQJX\…QQKƒQJƒ\QJ†œ„†œFWKˆ›FSKƒ˜P  9 *L†šQJ 3VHXGRPRQDV P†œW V†š FKXQJ 3VHXGRPRQDVFR‘WK…˜ODŽQJX\…Q QKƒQJƒ\QJ†œ„†œFWKˆ›FSKƒ˜P9LNKXƒ˜QFR‘WK…˜SKD‘WWUL…˜Q‡QKL…›W„†œ OD›QK0†œWV†šFKXQJYLNKXƒ˜QVDQVLQKPDŽXQKˆ3IOXRUHVFHQVVDQVLQK PDŽX KX\ŽQK TXDQJ [DQK OD‘ Fƒ\ QKD›W 3 QLJULIDFLHQV VLQK PDŽX WU‚–QJ PDŽXNHPPDŽ„RQKD›WQƒXKD\PDŽX„HQ  9*L†šQJ6DOPRQHOODODŽYLNKXƒ˜QFR‘WK…˜SKD‘WWUL…˜QWURQJWKˆ›FSKƒ˜PYDŽ ODŽQJX\…QQKƒQJƒ\E…›QKGR‚QWKˆ›FSKƒ˜PQKL…™PYLNKXƒ˜Qiƒ\ODŽ P†œWE…›QKGRYLNKXƒ˜QOƒ\WUX\…—QTXDWKˆ›FSKƒ˜P  12
  15. 9*L†šQJ6KLJHOODJƒ\E…›QKO\’ODŽE…›QKOƒ\WUX\…—QTXDWKˆ›FSKƒ˜P  9 *L†šQJ 6WDSK\ORFRFFXV YL NKXƒ˜Q VLQK „†œF W†š UX†œW HQWHURWR[LQ ODŽ QJX\…Q QKƒQ Jƒ\ QJ†œ „†œF WKˆ›F SKƒ˜P 1JX†—Q Jƒ\ QJ†œ „†œF FXD 6 DXUHXVFKX\…šXQKL…™PWˆŽQJˆ‡ŽLYDŽJLDVX‘F6WDSKLORFRFFLODŽQJX\…QQKƒQ Jƒ\YL…PYX‘ERŽYDŽVLQK„†œFW†šFR‘WURQJVˆDYDŽFD‘FVDQSKƒ˜PFXDVˆD  &D‘FWKˆ›FSKƒ˜PFR‘WK…˜QKL…™PVWDSKLORFRFFLQKˆODŽWKWQJX†œLWKW JLD Fƒ—P ED‘QK VˆD WUˆ‘QJ FD‘F WKˆ›F SKƒ˜P FR‘ NHP QKˆ ED‘QK VDXFHV FUHDPWKWYDŽFD‘FVDQSKƒ˜PWKWFD‘YDŽFD‘FVDQSKƒ˜PFD‘VˆDYDŽFD‘FVDQ SKƒ˜PVˆDVDODGVED‘QKSDW…  9 *L†šQJ 6WUHSWRFRFFXV &R‘  QKR‘P TXDQ WURœQJ Jƒ\ QJ†œ „†œF WKˆ›F SKƒ˜P1KR‘PVLQKPXOS\RJHQLFQQKR‘PYLULGDQVQKR‘PODFWLFQKR‘P HQWHURFRFFXV   1KR‘P VLQK PX OS\RJHQLFQ 6 DJDODFWLDH Jƒ\ YL…P YX‘ ‡ ERŽ 6 S\RJHQHVJƒ\YL…PKRœQJV†šWEDQ„R‡QJˆ‡ŽLYDŽFD‘FE…›QKNKD‘F  1KR‘PYLULGDQV6WKHUPRSKLOXVFR‘WURQJVDQ[XƒšWFKHHVHO…QPHQ VˆDFKXDQKˆ\RJXUW  1KR‘PODFWLF6ODFWLVYDŽ6FUHPRULVVˆGX›QJQKˆVWDUWHUFXDFKHHVH E‡6ODFWLVYDŽ/HXFRQRVWRFVSSGXŽQJWURQJFK…šEL…šQVˆDFKXD            13
  16. đại học cần thơ - khoa nông nghiệp giáo trình giảng dạy trực tuyến ‡ÄQJ 7S&ĂQ7K†7HO )D[ :HEVLWHKWWSZZZFWXHGXYQNQQHPDLOGPLQK#FWXHGXYQ YWDQK#FWXHGXYQ Kiểm soát vệ sinh thú y Các sản phẩm động vật An toàn thực phẩm Ch−ơng 3 Các bệnh gây ra do thực phẩm súc sản Mối nguy hại đến sức khỏe cộng đồng Chủ biên: PGs. Ts. Châu Bá Lộc Lý Thị Liên Khai, MVD, M.Sc.
  17. &Kˆ‡QJ   &$v&%j€1+*h<5$'27+m€&3+h}068v&6$t1 0k,1*8<+$€,ij16mv&.+2t(&k1*ik|1*  )22'%251(',6($6(6 $38%/,&+($/7++$=$5'   1J†œ„†œFWKˆ›FSKƒ˜PODŽGDQKWˆŽGXŽQJ„…˜FKŠFD‘FE…›QKFƒšSWŒQK [D\UDGR‚QWKˆ›FSKƒ˜P7X\QKL…Q%FR‘QKL…—XWUˆ‡ŽQJK‡œSE…›QK[D\UD GRFD‘FORDŽLYLVLQKYƒ›WNK†QJVLQK„†œFW†š%Q…QGXŽQJW…QFD‘FE…›QKGR WKˆ›FSKƒ˜PVX‘FVDQODŽWKŒFKK‡œSFKRWƒšWFDFD‘FE…›QKJƒ\UDGR‚QWKˆ›F SKƒ˜PFR‘QJX†—QJ†šF„†œQJYƒ›W  3KƒQORD›LFD‘FGD›QJE…›QKJƒ\UDGRWKˆ›FSKƒ˜PVX‘FVDQ   1J†œ„†œFGRWKˆ›FSKƒ˜P  .1J†œ„†œFWKˆ›FSKƒ˜PGR„†œFW†šFXDYLNKXƒ˜Q  .1J†œ„†œFWKˆ›FSKƒ˜PGR„†œFW†šFXDWKˆ›FYƒ›WYDŽ„†œQJYƒ›W  .1J†œ„†œFWKˆ›FSKƒ˜PGRKR‘DFKƒšW  .1J†œ„†œFWKˆ›FSKƒ˜PGR„†œFW†šQƒšP   %…›QKGRWKˆ›FSKƒ˜PVX‘FVDQ  .%…›QKGRYLNKXƒ˜Q  .%…›QKGRN\‘VLQKWUXŽQJ  .%…›QKGRYLUX‘W%5LFNHWWVLD  14
  18. 3Kƒ—Q  1*kik&'27+m€&3+h}0 )RRGSRLVRQLQJ IRRGLQWR[LFDWLRQ/  1J†œ„†œFGRWKˆ›FSKƒ˜PODŽFD‘FE…›QKJƒ\UDGR‚QWKˆ›FSKƒ˜PFR‘FKˆ‘D „†œFW†š GRKR‘DFKƒšW 1J†œ„†œF  GR„†œFW†š .„†œFW†šFXDWKˆ›FYƒ›W .„†œFW†š„†œQJYƒ›W  .„†œFW†šYLVLQKYƒ›W        i†œFW†šFXDWDR i†œFW†šQƒšPi†œFW†šYLNKXƒ˜Q    $1*kik&7+m€&3+h}0'2ik&7k&8t$9,.+8h}1   1J†œ„†œFWKˆ›FSKƒ˜PGR„†œFW†šFXD6WDSK\ORFRFFXVYDŽ&ORVWULGLXP ERWXOLQXPODŽE…›QKGRQJˆ‡ŽL‚QWKˆ›FSKƒ˜PFR‘FKˆ‘D„†œFW†š„ˆ‡œFUX†œW KƒšSWKXWˆ‘FWK‰YDŽFR‘EL…˜XKL…›QQJ†œ„†œFQJD\  ,ik&7k&8t$&/2675,',80%278/,180  /DŽE…›QKJƒ\W…OL…›WQDR‡QJˆ‡ŽLYDŽFD‘F„†œQJYƒ›WNKD‘FGR‚QWKˆ›F SKƒ˜PFR‘FKˆ‘D„†œFW†šKHDWODELOHWR[LQ8/79FXDYLNKXƒ˜Q&ORVWULGLXP ERWXOLQXPWL…šWUD%…›QK[D\UDNK‚–SQ‡LWU…QWK…šJL‡‘L%FR‘WK…˜EQJ†œ„†œF GR‚QQKL…—XORD›LWKˆ›FSKƒ˜PNKD‘FQKDX  i†œFW†šW\SH$%%%(%KD\)FXDYLNKXƒ˜Q&ORVWULGLXPERWXOLQXP Jƒ\QJ†œ„†œFFKRQJˆ‡ŽLi†œFW†šW\SH&YDŽ'Jƒ\QJ†œ„†œF‡JLDVX‘F i†œF W†š W\SH *„D„ˆ‡œFSKD‘WKL…›Q%QKˆQJFKˆDWKƒš\WUˆ‡ŽQJK‡œSJƒ\ QJ†œ„†œFFKRQJˆ‡ŽLYDŽJLDVX‘F  15
  19. &D‘F„‚›F„L…˜P„‚›FWUˆQJFXDYLNKXƒ˜Q  &ORVWULGLXPERWXOLQXPODŽP†œWWUˆ›FNKXƒ˜Q*%†QKRŽD%GL„†œQJ% \…šPNKŒ%FR‘QKDEDŽR%KRD›LVLQK  .0‚›FGXŽODŽP†œWYLNKXƒ˜Q\…šPNKŒE‚–WEX†œF%QKˆQJQR‘FR‘WK…˜ W‚QJWUˆ‡QJYDŽVLQK„†œFW†šWURQJP†LWUˆ‡ŽQJFR‘R[\Q…šXNKDQ‚QJR[\ KR‘DNKˆ„XWKƒšSQKˆVDX +L…›QGL…›QWU…QE…—P‚›WWKˆ›FSKƒ˜P„DEDRJR‘LE‚“QJSODVWLF   +L…›Q GL…›Q ‡ WKˆ›F SKƒ˜P GD›QJ NK†šLQKˆOD›S[ˆ‡QJFK…šEL…šQ E‚“QJWKW%FD‘  .KLYLNKXƒ˜QEYƒš\QKL…™PR[\PDŽNKDQ‚QJR[\KR‘DNKˆ WKƒšSK‡QKD\Vˆ›VDQVLQKUD„L…—XNL…›Q\…šPNKŒWU…QE…—P‚›WFXDWKˆ›F SKƒ˜P  .7…šEDŽRVLQKGˆ‡QJFXD&ORVWULGLXPERWXOLQXP„…—NKD‘QJY‡‘LQKL…›W „†œWKƒšS8EJL…šW‡R&YDŽLJLƒ\KD\FDRK‡Q97X\QKL…Q%QKDEDŽR „…—NKD‘QJY‡‘LQKL…›W„†œFDR  .1KDEDŽRFXDYLNKXƒ˜Q&ORVWULGLXPERWXOLQXPQKD›\Y‡‘LFKORULQH  .&D‘F„†œFW†šNH‘PFKXQKL…›WKƒ—XK…šWE…—QYˆQJ‡S+DFLGYDŽUƒšW NKD‘QJY‡‘LWLDEˆ‘F[D›  7K‡ŽLN\ŽQXQJE…›QK   K„…šQQJDŽ\%WKˆ‡ŽQJK  7UL…›XFKˆ‘QJ   %X†—QQ†Q%R‘LPˆD%WD‘RER‘Q%QK‰QWKƒš\DQK„†L%NKD‘WQˆ‡‘F%NKR‘ QX†šW%QKL…›W„†œGˆ‡‘LPˆ‘FE‰QKWKˆ‡ŽQJ%OL…›WF‡TXDQK†KƒšS%„DXEX›QJ &R‘WK…˜FK…šWWURQJQJDŽ\   7URQJ QKˆQJ WUˆ‡ŽQJ K‡œS E…›QK QKH›% E‰QK SKX›F KRDŽQ WRDŽQ VDX YDŽLWKD‘QJ 16
  20. 1JX†—QYLNKXƒ˜Q  9LNKXƒ˜QFR‘WURQJ„ƒšW%EXŽQ%Qˆ‡‘FYDŽ„ˆ‡ŽQJUX†œWFXDJLDVX‘F  &D‘FORD›LWKˆ›FSKƒ˜PFKˆ‘D„†œFW†šJ†—P   .7Kˆ›FSKƒ˜P[ˆO\‘QKL…›WOX‘F„ƒ—XNK†QJ„X‘QJTX\FD‘FK   .7Kˆ›FSKƒ˜PEDRTXDQ‡QKL…›W„†œ R&%NKRDQJQKL…›W„†œ WKŒFKK‡œSFKR&ORVERWXOLQXPSKD‘WWUL…˜QYDŽVDQVLQK„†œFW†%šYDŽNKL‚Q NK†QJQƒšXOD›L8„†—K†œS9   .7Kˆ›FSKƒ˜PJLˆ%EDRTXDQWURQJP†œWWK‡ŽLJLDQGDŽL  &D‘F„L…—XNL…›QWKXƒ›QO‡œLFKRVˆ›SKD‘WWUL…˜QYDŽVLQK„†œFW†šFXD YLNKXƒ˜Q&ORVWULGLXPERWXOLQEXP  D4XD‘WU‰QKEDRTXDQ„DORD›LWKDLFD‘FYLNKXƒ˜QFD›QKWUDQK  E;ˆO\‘QKL…›WWD›RQ…Q„L…—XNL…›Q\…šPNKŒ  F6ˆ›SKD‘KX\FD‘FW…šEDŽRWURQJTXD‘WU‰QKFK…šEL…šQODŽPWKRD‘WGFKW…š EDŽR%EDRJ†—PFD„†œFW†š  Gi†—K†œS%YDŽFD‘FORD›LWKˆ›FSKƒ˜PEDRTXDQOƒX   .L…˜PVRD‘WYDŽSKRŽQJE…›QKQJ†œ„†œFGR&ORVERWXOLQXP  D;ˆO\‘QKL…›W„X‘QJFD‘FK„†šLY‡‘LFD‘FORD›LWKˆ›FSKDƒ˜QFR‘„†œDFLGWKƒšS% „†—K†œS  E.L…˜PVRD‘WVˆ›Oƒ\QKL…™PGRQˆ‡‘FODŽPOD›QKWKˆ›FSKƒ˜P  F&D‘FWKˆ›FSKƒ˜PWUˆOD›QKSKDLJLˆ‡QKL…›W„†œWKƒšSK‡QQKL…›W„†œYL NKXƒ˜QFR‘WK…˜SKD‘WWUL…˜Q 17
  21.  G.L…˜PWUDFD‘FWL…XFKXƒ˜QY…›VLQKWKˆ›FSKƒ˜P  H*LˆWKWWUˆ‡‘FYDŽWURQJNKL[ˆO\‘‡QKL…›W„†œOD›QK„X‘QJ\…XFƒ—X 8≤R&9  I6ˆGX›QJJLDY„DWL…›WWUXŽQJYDŽFKƒšWOˆ‡œQJW†šWKD\GXŽQJFD‘FWKˆ›F OL…›X„DTXD[ˆO\‘WL…›WWUXŽQJ  J6ˆGX›QJFD‘FFKƒšWSKX›JLDFR‘V†šQKDEDŽRWKƒšSYDŽNK†QJFR‘YLNKXƒ˜Q \…šPNKŒJƒ\WK†šLUˆD  K6ˆGX›QJFD‘FFKƒšWˆ‘FFK…šVˆ›SKD‘WWUL…˜QFXDYLNKXƒ˜Q„X‘QJQ†—QJ„†œ% WKŒGX›1D&OT%QLWUDWHYY  L.L…˜PVRD‘WTXD‘WU‰QK[†QJNKR‘L8R&SKX‘W‡SKƒ—QOD›QKQKƒšW9  M/RD›LERWƒšWFD„†—K†œSESK†—QJ  N.K†QJ‚QQKˆQJWKˆ›FSKƒ˜PFR‘PXŽLNKD‘FWKˆ‡ŽQJQJKLQJ‡Ž%WKˆ›F SKƒ˜P„DWL…›WWUXŽQJVDX„R‘EDRTXDQ‡QKL…›W„†œNK†QJWKŒFKK‡œS   &D‘FKSKRŽQJGFKE…›QKQ†˜UD  D6ˆGX›QJTXLWU‰QKFK…šEL…šQ[ˆO\‘QKL…›WWKŒFKK‡œSFKRWKˆ›FSKƒ˜P ODŽ„†—K†œS  E/RD›LERWƒšWFDWKˆ›FSKƒ˜PESK†—QJGRVLQKJDVYDŽFD‘FWKˆ›FSKƒ˜P KˆWK†šL  F7ˆŽFK†šLQ…šPFD‘FWKˆ›FSKƒ˜PQJKLQJ‡Ž  G 7UD‘QK ‚QFD‘FWKˆ›FSKƒ˜P„DQƒšXQKˆQJVDX„R‘JLˆ‡QKL…›W„†œ NK†QJ„X‘QJTXL„QK  18
  22. HiXQV†LWKˆ›FSKƒ˜PQJKLQJ‡ŽYDŽNKXƒš\OL…QWX›FWURQJSKX‘W  I7UD‘QK‚QFD‘FWKˆ›FSKƒ˜PWˆ‡LV†šQJKR‚›FFKˆDQƒšXQˆ‡‘QJQKˆQJ„D „ˆ‡œF „†QJOD›QK%UD„†QJYDŽ„…˜‡QKL…›W„†œSKRŽQJWURQJP†œWNKRDQJ WK‡ŽLJLDQGDŽL  ,,ik&7k&8t$67$3+</2&2&&86$85(86  7Kˆ›F FKƒšW QJ†œ „†œFWKˆ›FSKƒ˜PWKˆ‡ŽQJ[D\UDQKƒšWGR‚QSKDL „†œFW†šUX†œWFXDYLNKXƒ˜Q6WDSK\ORFRFFXVDXUHXVi†œFW†šUX†œWODŽQJX\…Q QKƒQJƒ\YL…PGD›GDŽ\UX†œWWKˆ‡ŽQJNK†QJJƒ\FK…šW1KˆQJE…›QKQKƒQ FR‘WK…˜FK…šWWURQJW‰QKWUD›QJVX\\…šXNKLEQJ†œ„†œF  &‚QE…›QK   i†œFW†šUX†œWW\SH$%%%&%'%(%KD\)FXDYLNKXƒ˜Q 6WDSK\ORFRFFXVDXUHXV  &D‘F„‚›F„L…˜P„‚›FWUˆQJFXDYLNKXƒ˜Q6WDSK\ORFRFFXVDXUHXV  D9LNKXƒ˜QNKLSKD‘WWUL…˜QWURQJWKˆ›FSKƒ˜PQR‘NK†QJVDQVLQKPXŽL% Y  E&‡WK…˜FRQQJˆ‡ŽLODŽP†œWWURQJFD‘FQJX†—QWˆ›QKL…QFKŒQK\…šXFXDYL NKXƒ˜Q6WDSK\ORFRFFXVDXUHXV  F6WDSK\ORFRFFXVDXUHXVODŽP†œWYLNKXƒ˜QFKXQKL…›W  G.KRDQJQKL…›W„†œFKRW‚QJWUˆ‡QJODŽR&  H1R‘ODŽYLNKXƒ˜QFR‘Vˆ›FD›QKWUDQK\…šX  Ii†œFW†šE…—QYˆQJY‡‘LQKL…›WFR‘WK…˜FKX„ˆ‡œFQKL…›W„†œV†LWURQJ SKX‘W%QJD\FDQKL…›W„†œDXWRFODYH  7K‡ŽLN\ŽQXQJE…›QKK%WKˆ‡ŽQJK 19
  23.  7UL…›XFKˆ‘QJ   7L…šWQˆ‡‘FERœW%EX†—QQ†Q%R‘LWK‰QKO‰QK[D\UD%„DXEX›QJ%NL…›WVˆ‘F% WL…XFKD\%QKˆ‘F„ƒ—X%„DXF‡%WRD‘WP†—K†L%‡‘QOD›QK%PD›FK\…šX%FKRD‘QJ% K†KƒšS\…šX%QKL…›W„†œWKƒšSK‡QE‰QKWKˆ‡ŽQJ7URQJWK‡ŽLJLDQQJ‚–Q%FKŠ NH‘RGDŽLWURQJQJDŽ\  1JX†—QYLNKXƒ˜QYDŽGFKW…™KRœF  &D‘FFKƒšWWL…šWWˆŽPXL%Kƒ—X%WD\YDŽGD%Y…šWWKˆ‡QJQKL…™PWUXŽQJ% PX›Q QKRœW% PX›Q WUˆ‘QJ FD‘% SKƒQ iˆ‡ŽQJ K† KƒšS WU…Q FXD QJˆ‡ŽL ODŽ QJX†—QYLNKXƒ˜QFKX\…šX9L…PYX‘‡JLDVX‘FFKRVˆD.K‡‘SYDŽF‡FXD JLDFƒ—PEWKƒPWŒP&D‘FWKˆ›FSKƒ˜PEYƒš\QKL…™PVDXNKL„DQƒšXFKŒQ  &D‘FWKˆ›FSKƒ˜PFR‘„†œFW†š  -DPE†QJ%WKWYDŽFD‘FVDQSKƒ˜PWKWWKWJLDFƒ—PQˆ‡‘FFKƒšPYDŽ Qˆ‡‘F[†šWED‘QKNHPNKRDLWƒ\%WKWJLDFƒ—PYDŽFD‘‚QY‡‘LUDXWU†œQJLƒšP VˆDYDŽFD‘FVDQSKƒ˜PFXDVˆD%SKRPD‘WFD‘YDŽFD‘FVDQSKƒ˜PFXDFD‘;X‘F [ŒFK&D‘FWKˆ›FSKƒ˜PJLDŽX„D›P  .L…˜PVRD‘W„†œFW†š6WDSK\ORFRFFXVDXUHXV  L*LDPF‡K†œLYƒš\QKL…™P  D*LˆY…›VLQKFD‘QKƒQQJˆ‡ŽLYƒ›QFKX\…˜QWKˆ›FSKƒ˜P  E 1KˆQJ QJˆ‡ŽL FR‘ Y…šW WKˆ‡QJ QKL…™P WUXŽQJ KD\ FR‘ WKR‘L TXHQ [ƒšX NK†QJQ…QYƒ›QFKX\…˜QWKˆ›FSKƒ˜P  F'XŽQJGX›QJFX›VD›FK„…˜Oƒš\WKˆ›FSKƒ˜PWKD\Y‰GXŽQJWUˆ›FWL…šSE‚“QJ WD\  G7UD‘QKODŽPYƒš\QKL…™PWKˆ›FSKƒ˜P„DFK…šEL…šQFKŒQTXDWKˆ›FSKƒ˜P FRŽQWˆ‡LV†šQJ  20
  24. H6ˆGX›QJFD‘FWKˆ›FOL…›XV†šQJFR‘FKƒšWOˆ‡œQJW†šW  I*LD‘RGX›FFKRF†QJQKƒQFK…šEL…šQY…—Wƒ—PTXDQWURœQJFXDY…›VLQK WKˆ›FSKƒ˜P  LL1J‚QQJˆŽDVˆ›SKD‘WWUL…˜QYDŽVˆ›VDQVLQK„†œFW†š   %DRTXDQWKˆ›FSKƒ˜P‡QKL…›W„†œFDRK‡QKD\WKƒšSK‡QNKRDQJ QKL…›W„†œPDŽYLNKXƒ˜Q6WDSK\ORFRFFXVFR‘WK…˜W‚QJWUˆ‡QJ  ./DŽPOD›QKQKDQKWKˆ›FSKƒ˜PW‡‘LQKL…›W„†œ≤R&  .1…šXWKˆ›FSKƒ˜PFƒ—Q‚QQR‘QJSKDLEDRTXDQ‡QKL…›W„†œQR‘QJ  LLLi…—SKRŽQJGFKE…›QKQ†˜UD  i…˜SKRŽQJE…›QKQJ†œ„†œFWKˆ›FSKƒ˜PGR„†œFW†š6WDSK\ORFRFFXV DXUHXVWDFƒ—Q  .1J‚QQJˆŽD6WDSK\ORFRFFXVYƒš\QKL…™PYDŽRWKˆ›FSKƒ˜PE‚“QJSKˆ‡QJ SKD‘SJLˆY…›VLQK%GXŽQJWKˆ›FOL…›XNK†QJFKˆ‘DFƒ—XNKXƒ˜Q%WKŒGX›GXŽQJ VˆDSDVWHXUW†šWK‡QVˆDWˆ‡L%JLˆF†QJQKƒQEE…›QKFDPOD›QK%PX›Q QKRœW%FD‘FK[DWKˆ›FSKƒ˜P  .1J‚QQJˆŽDVˆ›SKD‘WWUL…˜QFXDYLNKXƒ˜Q6WDSK\ORFRFFXVE‚“QJFD‘FKJLˆ WKˆ›FSKƒ˜PWURQJQKL…›W„†œOD›QKWKŒFKK‡œS%E‚“QJFD‘FK„L…—XFKŠQKS+ WKˆ›F SKƒ˜P DFLG FDR 7K…P YDŽR FD‘F FKƒšW NL…—P KDP YL NKXƒ˜Q QKˆ PX†šL%NKD‘QJVLQK  .'L…›WYLNKXƒ˜Q6WDSK\ORFRFFXVFR‘WURQJWKˆ›FSKƒ˜PE‚“QJSKˆ‡QJ SKD‘S[ˆO\‘QKL…›W„X‘QJFD‘FK  %1*kik&'2ik&7k&8t$ik1*9$s7+m€&9h€7  ,1*kik&'2ik&7k&8t$&$v&/2$s,+$t,6$t1ik&7k *h<%$€,/,j€7 21
  25. %…›QK QJ†œ „†œF [D\ UD ODŽ GR QJˆ‡ŽL ‚Q SKDL WUDL%VRŽ%†šF%K…Qš%FD‘ V†šQJ‡EL…˜Q'RFKX‘QJFR‘FKˆ‘DFD‘F„†œFW†šVLQKKRœF8ELRWR[LQV9Jƒ\QJ†œ „†œFFR‘WŒQKFKƒšWWKHRPXŽDWURQJQ‚P  &D‘F„‚›F„L…˜P„‚›FWUˆQJFXD„†œFW†šVLQKKRœF  .  i†œF W†š NK†QJ E SKD‘ KX\ TXD QƒšX Qˆ‡‘QJ% „†QJ OD›QK% [†QJ NKR‘L% PX†šLKD\SK‡LNK†  .i†œFW†šKRŽDWDQWURQJQˆ‡‘FUƒšWW†šW%Y‰WK…šQˆ‡‘FVX‘SKD\FDQKQƒšXY‡‘L FD‘KD\QJK…X%VRŽ%†šF%K…šQFR‘WK…˜EQJ†œ„†œFGR„†œFW†šQƒ—\  .i†œFW†šVLQKKRœFFXDFD‘EL…˜QYDŽFD‘FWKˆ›FSKƒ˜PEL…˜QNK†QJWK…˜SKD‘W KL…›QNKLNL…˜PWUD  7K‡ŽLJLDQQXQJQ…›QK  SKX‘WKD\OƒXK‡Q  7UL…›XFKˆ‘QJ  7UL…›XFKˆ‘QJQJ†œ„†œFSKˆ‘FWD›S%EL…˜XKL…›Q‡„ˆ‡ŽQJWL…XKR‘D%WLP PD›FKYDŽFDK…›WKƒ—QNLQK1KˆQJWUL…›XFKˆ‘QJ„‚›FWUˆQJQKˆODŽP„DR QJˆ‡œFFDPJLD‘FQR‘QJOD›QK%W…P†L%W…„ƒ—XQJR‘QWD\%W…Oˆ‡LQJˆ‘DUƒ—Q Wˆ‘FKL%YDŽQJˆ‘DVƒ—QGˆG†œLVDXNKL‚Q1Jˆ‡ŽLFR‘WK…˜FK…šWWURQJK GROL…›WK†KƒšS  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘D„†œFW†š  i†œFW†šWKˆ‡ŽQJWKƒš\WURQJFD‘%QJK…X%VRŽ%†šF%K…šQYXŽQJQKL…›W„‡‘L YD‘D‘QKL…›W„‡‘L%SK†˜EL…šQ‡YXŽQJQˆ‡‘FFKXQJTXDQK„D‘QJƒ—PVDQK†YDŽ TXDQKFD‘FKRŽQ„DR  3KRŽQJE…›QK  .1J‚QFK‚›QNK†QJFKRED‘QFD‘%W†P%FXD%VRŽ%†šFQJKLQJ‡ŽFR‘„†œFW†š  22
  26. . .L…˜P VRD‘W YXŽQJ Qˆ‡‘F  „ˆ‡œF EL…šW ODŽ FR‘„†œFW†šYDŽQJ‚QQJˆŽDYL…›F „D‘QKE‚–WFD‘%W†P%FXD%VRŽ%†šFYDŽRQKˆQJWK‡ŽL„L…˜PPDŽSKL…XVLQKYƒ›W PDQJ„†œFW†š„DQJKL…›QGL…›QWURQJQˆ‡‘FY‡‘LQ†—QJ„†œFDR  ,,1*kik&'2ik&7k&8t$&$v18s1*18€&+$<&2s1*2, /$s&$v7+81+h€7%$t1;6&20%52,'),6+32,621,1*@  /DŽ E…›QK QJ†œ „†œF GR KLVWDPLQH% ODŽ FKƒšW FR‘ WURQJ FD‘ YDŽ FD‘F VDQ SKƒ˜P FXD FD‘ EYLNKXƒ˜QSKƒQKX\%…›QK[D\UDNK‚–SQ‡LWU…QWK…š JL‡‘L &R‘ WUL…›X FKˆ‘QJ JL†šQJ K…›W QKˆ SKDQ ˆ‘QJ G ˆ‘QJ Y‡‘L „†œF W†š KLDWDPLQH  %…›QK  [D\ UD GR ‚Q P†œW WURQJFD‘FFRQFD‘WURQJQKR‘PJ†—PFD‘ QJˆŽ&DOLIRQL%FD‘WKX%FD‘QKD\%FD‘QJˆŽ  7D‘FQKƒQJƒ\QJ†œ„†œF  1KR‘PFD‘QXŽQJQX›FFR‘FKˆ‘DP†œWKDŽPOˆ‡œQJO‡‘QKLVWDPLQH%≥ PJJWKWQD›FFD‘  i‚›F„L…˜P„‚›FWUˆQJFXD„†œFW†š  i†œFW†š„…—NKD‘QJY‡‘LQKL…›W„†œ  7K‡ŽLJLDQQXQJE…›QK  7K‡ŽLJLDQQXQJE…›QKWURQJYDŽLSKX‘W„…šQYDŽLJL‡Ž  7UL…›XFKˆ‘QJ  &DP JLD‘F UD‘WERQJPL…›QJ%„RˆQJP‚›WYDŽF†˜%QKˆ‘F„ƒ—X%EX†—Q Q†Q% R‘L% Q†˜L P…—„D\%WLPPD›FKQKDQK%K†—LK†œS%QJˆ‘DGDYDŽFR‘WUL…›X FKˆ‘QJE…›QK„ˆ‡ŽQJUX†œW%…›QKWKˆ‡ŽQJWKƒš\NHŽPWKHRODŽE†œLQKL…™PYL NKXƒ˜Q3URWHXVPRUJDQLLYDŽ.OHEVLHOODSQHXPRQLDH  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘D„†œFW†š 23
  27.  &D‘Wˆ‡L%FD‘K†œS%FD‘NK†%FD‘[†QJNKR‘L%FD‘PX†šL„…—XFR‘WK…˜FR‘ FKˆ‘D„†œFW†š  3KRŽQJE…›QK  1KR‘PFD‘G…™WD›RKLVWDPLQHQ…QODŽPOD›QKQKDQKYDŽJLˆOD›QKOL…Q WX›FVDXNKL„D‘QKE‚–W  ,,,1*kik&'2ik&7k&2v7521*7+r7&8t$&$v ;&,*8$7(5$32,621,1*@  i‚›F„L…˜PFXDE…›QK  0†œWV†šORDŽLFD‘Jƒ\KL…›QWˆ‡œQJQJ†œ„†œFFKRQJˆ‡ŽLNKL‚QSKDL 7X\ QKL…Q% FD‘F ORDŽL FD‘ Qƒ—\ NK†QJVDQVLQK„†œFW†šQKˆQJQR‘WKˆ‡ŽQJ [X\…Q‚QFD‘FFRQFD‘QKRK‡QFR‘FKˆ‘DFD‘F„†œFW†šGR‚QFD‘FSKL…XVLQK Yƒ›W8QKƒšWODŽFD‘FSKL…XVLQKYƒ›WFR‘PDŽX„R9%FD‘FORDŽLWKˆ›FYƒ›WKD\FD‘F ORDŽLWDRFR‘FKˆ‘D„†œFW†šš1KL…—XWUˆ‡ŽQJK‡œSQJ†œ„†œFGRQJˆ‡ŽL‚QFD‘„D [D‘F„QKFKRWKƒš\U‚“QJGRFD‘‚QWDR/\QJE\DPDMXVFXODFR‘„†œFW†š  7UL…›XFKˆ‘QJ  &D‘FWUL…›XFKˆ‘QJE…›QK„ˆ‡ŽQJWL…XKR‘DYDŽK…›WKƒ—QNLQKGRQJˆ‡ŽL ‚QFD‘EL…˜QQKˆFD‘FKŠYDŽQJ%FD‘PX‘PDŽFKX‘QJ„DQJOˆXJLˆ„†œFW†šWURQJ E‚–SWKW%…›QKWKˆ‡ŽQJ[D\UD‡FD‘FE‡ŽEL…˜QYXŽQJQKL…›W„‡‘LYDŽD‘QKL…›W „‡‘L   3KRŽQJE…›QK  .L…˜PVRD‘WYXŽQJQˆ‡‘F„ˆ‡œFEL…šWODŽFR‘QKL…—XSKL…XVLQKYƒ›WFR‘ „†œFW†š 1J‚Q QJˆŽD YL…›F „D‘QK E‚–W FD‘% ‚Q FD‘ ‡ QKˆQJ YXŽQJ EL…˜Q YDŽR QKˆQJWK‡ŽL„L…˜PPDŽSKL…XVLQKYƒ›WPDQJ„†œFW†š„DQJKL…›QGL…›QWURQJ Qˆ‡‘FY‡‘LPƒ›W„†œFDR  24
  28. ,91*kik&'2ik&7k&$v12v&  i‚›F„L…˜PFXDE…›QK  &D‘ QR‘FEL…˜Q86SKHURLGHVYHUPLFXODULV9%WKWFD‘UƒšWQJRQQKˆQJ SKXWD›QJUƒšW„†œF&KƒšW„†œFODŽWHWURGRQLQ%DFLGWHWURGRQLF%WHWURGRWR[LQ ‡EX†—QJWUˆ‘QJ%KHSDWR[LQ‡JDQ7KWFD‘FRŽQWˆ‡LNK†QJ„†œFQKˆQJFD‘ ˆ‡Q%FKƒšW„†œFWˆŽSKXWD›QJQKL…™PYDŽRWKWJƒ\QJ†œ„†œF  7K‡ŽLJLDQQXQJE…›QK   %…›QKSKD‘WUDWˆŽSKX‘W„…šQJL‡ŽVDXNKL‚QSKDLFD‘FR‘FKƒšW„†œF  7UL…›XFKˆ‘QJ   7HWURGRQLQODŽ„†œFW†šJƒ\OL…›WWKƒ—QNLQKWULJLD‘F%WKƒ—QNLQKYƒ›Q „†œQJ%WKƒ—QNLQKK†KƒšS1Jˆ‡ŽLEQJ†œ„†œFEL…˜XKL…›QFD‘FWUL…›XFKˆ‘QJ VDX .KR‘FKX%EX†—QQ†Q%R‘L%P‚›W„R%WL…XFKD\%„†—QJWˆFRVDX„R‘ GDQ%P…›WPRL%UH‘WUXQ%W…FD‘F„ƒ—XQJR‘QWD\%…›QKQ‚›QJWKƒš\W…FKƒQ%W… OL…›WWRDŽQWKƒQ%FKƒQWD\EƒšW„†œQJ%GDWŒPQJ‚–W%QKL…›W„†œKDœ%KX\…šWD‘SKD› WKƒšS%WK‡NKR‘%OL…›WK†KƒšS%WUX›\WLPPD›FK%YDŽFK…šW  91*kik&'2ik&7k&21&2v&  i‚›F„L…˜PWUL…›XFKˆ‘QJFXDE…›QK   &RQ FR‘F FR‘ WX\…šQ QRœF „†œF VDX KDL P‚–W% WL…šW UD FKƒšW „†œF QKˆ EXIRJLQ%EXILGLQ%EXIRQLQ‡GDOˆQJ%‡GDEX›QJYDŽ‡SKXWD›QJFKX \…šX‡JDQYDŽWUˆ‘QJFR‘F  .&D‘FFKƒšW„†œF‡VDXP‚–WJƒ\YL…PN…šWPD›FYDŽJLD‘FPD›FP‚–W  . 7X\…šQ QRœF „†œF ‡ GD OˆQJ WL…šW UD FKƒšW „†œF Jƒ\ WUL…›X FKˆ‘QJ JL†šQJQKˆE…›QKX†šQYD‘Q%FKƒšW„†œFFR‘WŒQKDFLG%„‚–QJ%„‚›FQKˆNHP% NK†NKLWL…šS[X‘FY‡‘LNK†QJNKŒ 25
  29.   .7X\…šQQRœF„†œF‡GDEX›QJWL…šWUDFKƒšW„†œFJƒ\NŒFKWKŒFKQL…›P PD›F%K‚–WK‡LYDŽJƒ\W…OL…›W%FKƒšW„†œFORDQJ%NK†QJPDŽX%NK†QJPXŽLY% WUXQJWŒQKKD\NL…—P  3KRŽQJE…›QK   3KRŽQJQJ†œ„†œFGR‚QWKWFR‘FWDFƒ—QOˆX\‘NK†QJ‚QGDYDŽSKX WD›QJ   9,  1*k ik& '2 ik& 7k &8t$ /$v &h< i$€, +2$s1* ;5+8%$5%/($)32,621,1*@  7D‘FQKƒQYDŽQJX†—QJƒ\QJ†œ„†œF   $FLGR[DOLFFR‘WURQJOD‘Fƒ\„D›LKRDŽQJ  7K‡ŽLJLDQQXQJE…›QK  K  7UL…›XFKˆ‘QJ  2vL%WL…XFKD\%NKD‘WQˆ‡‘F  3KRŽQJE…›QK  *LD‘RGX›FQKƒQGƒQY…—DQWRDŽQWKˆ›FSKƒ˜P   9,,  1*k ik& '2 +$€7  7+h|8 'h|8  ;&$6725 %($1 32,621,1*@  7D‘FQKƒQYDŽŽQJX†—QJƒ\QJ†œ„†œF  26
  30. 5LFLQODŽP†œWORD›L„†œFW†šFR‘WURQJFƒ\WKƒ—ŽXGƒ—X  7K‡ŽLJLDQQXQJE…›QK   9DŽLSKX‘W„…šQYDŽLJL‡Ž  7UL…›XFKˆ‘QJ   iDXEX›QJ%NKD‘WQˆ‡‘F%R‘L%WL…XFKD\%‡‘QOD›QK%\…šXVˆ‘F%VX\VX›S  3KRŽQJE…›QK   7UD‘QK‚QKD›WWKƒ—ŽXGƒ—X  &  1*k ik& '2 ik& 7k 1h0 0<&27,&  72;,16 32,621,1*  ,1*kik&'2g11h0ik&  7D‘FQKƒQJƒ\E…›QK  &D‘F ORD›L„†œFW†š8SKDOORLGLQHYDŽFD‘FDONDORLG9FKˆ‘DWURQJP†œWV†šORDŽL QƒšP  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘D„†œFW†š  1J†œ „†œF QƒšP WKˆ‡ŽQJ [D\ UD GR QJˆ‡ŽL ‚Q QƒšP $PDQLWD SKDOORLGHVYDŽ$PXVFDULDFR‘FKˆ‘D„†œFW†šDPDWR[LQ&KŠ‚QWDLQƒšP ODŽFR‘WK…˜Jƒ\FK…šWQJˆ‡ŽL  7K‡ŽLJLDQQXQJE…›QK  SKX‘W„…šQJL‡Ž  7UL…›XFKˆ‘QJ  27
  31. &KD\ Qˆ‡‘FERœW%WK‰QKO‰QK„DXEX›QJGˆG†œL%NKD‘WQˆ‡‘FQKL…—X% EX†—QQ†Q%Q†QRH›NKDQ%R‘L%WL…XFKD\QKL…—XQˆ‡‘F%„†˜P†—K†LTXD‘Pˆ‘F% FKD\Qˆ‡‘FP‚–Wi†œFW†šDPDWR[LQODŽ„†œFW†šJƒ\W†˜QWKˆ‡QJJDQ%WKƒ›QYDŽ WKˆ‡ŽQJJƒ\FK…šWQ…šXNK†QJ„ˆ‡œF„L…—XWU  3KRŽQJE…›QK  .&KŠ‚QQƒšPNKLEL…šWURODŽORD›LQƒšPNK†QJFR‘„†œFW†š  .*LD‘RGX›FFKRWRDŽQGƒQNL…šQWKˆ‘FY…—DQWRDŽQWKˆ›FSKƒ˜P  ,,1*kik&'2ik&7k1h0  Di†œFW†š(UJRWLVPFXDQƒšP(UJRW  i‚›F„L…˜PFXDQƒšP  /DŽORD›LQƒšPN\‘VLQKWU…QKD›WQJXF†šFQKˆOX‘DP‰%OX‘DPD›FKi†œF W†š HUJRWLVP ODŽ P†œW  „†œF W†š FKX QKL…›W% NK†QJ E SKD‘ KX\ NKL QƒšX Qˆ‡‘QJ%ODŽPED‘QKi†œFW†šQƒšPFR‘WK…˜Yƒš\QKL…™PYDŽRWKˆ›FSKƒ˜P%WKˆ‘F ‚QJLDVX‘F%FD‘FQJX\…QOL…›XFK…šEL…šQWKˆ›FSKƒ˜P  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘D„†œFW†š   i†œFW†šFR‘WURQJED‘QKP‰%E†œWQJXF†šF  7K‡ŽLJLDQQXQJE…›QK   %…›QK WKˆ‡ŽQJ [D\UDVDXNKL‚QSKDLED‘QKP‰KD\FD‘FPR‘Q‚Q ODŽPE‚“QJE†œWQJXF†šFQKL…™PQƒšPQ‚›QJ  7UL…›XFKˆ‘QJ  +RD›LWˆWˆ‘FKL%„‚›FEL…›WFD‘FQJR‘QWD\%QJR‘QFKƒQ%„†LNKL‡WDL% PXLFRJLƒ›W%VX\\…šXYDŽX…˜RDL%QKˆ‘F„ƒ—X%FKR‘QJP‚›W%„DXEX†šWWˆ‘FKL YDŽQJˆ‘DGD 28
  32.  3KRŽQJE…›QK   &KŠVˆGX›QJE†œWQJXF†šFFKRFK…šEL…šQWˆŽKD›WQJXF†šFNK†QJE QKL…™PQƒšP  Ei†œFW†š$IODWR[LQFXDQƒšP$VSHUJLOOXVIODYXVH$SDUDVLWLFXV„†œF W†šJƒ\YL…PJDQ  1J†œ„†œFJƒ\UDGR„†œFW†šDIODWR[LQODŽP†œWE…›QKWUƒ—PWURœQJ[D\ UD‡FDQJˆ‡ŽLYDŽJLDVX‘F  i‚›F„L…˜PYDŽWD‘FQKƒQJƒ\E…›QK  I%…›QK GR „†œF W†š DIODWR[LQ FXD QƒšP $VSHUJLOOXV IODYXV! $ SDUDOLWLFXVJƒ\UD   E1ƒšPSKD‘WWUL…˜QW†šWYDŽVDQVLQK„†œFW†š‡FD‘FWKˆ›FOL…›XFR‘ƒ˜P„†œ WU…QTYDŽQKL…›W„†œFDR‡NKRDQJWˆŽR&  Ei†œFW†šNK†QJESKD‘KX\TXDFK…šEL…šQWK†QJWKˆ‡ŽQJKD\TXD QƒšXQˆ‡‘QJ  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘D„†œFW†š   i†œFW†šFR‘WURQJKD›WQJXF†šFQKˆJD›R%E‚–S&D‘FKD›WFR‘Gƒ—XJLDŽX SURWHLQQKˆ„ƒ›XSK†œQJ%KD›WE†QJ%F‡PGˆŽD%ED‘QKP‰VˆD%WKW%WUˆ‘QJ FXDJLDVX‘F%JLDFƒ—P‚QWKˆ‘F‚Q%FREQKL…™PQƒšP  7UL…›XFKˆ‘QJ   9DŽQJGD%EX›QJVˆQJ%NK†QJPX†šQ‚Q%XQJWKˆJDQYDŽFK…šW  3KRŽQJE…›QK  .7U†—QJQKL…—XORD›LQJXF†šF%KRDPDŽX„…—NKD‘QJY‡‘LVˆ›SKD‘WWUL…˜QYDŽ 29
  33. VLQK„†œFW†šFXDQƒšP  .iDPEDRQJXF†šFVDXNKLWKXKRD›FK„ˆ‡œFODŽPNK†„X‘QJ\…XFƒ—XY…— Y…›VLQKYDŽEDRTXDQJLˆ„ˆ‡œFFKƒšWOˆ‡QJW†šW  .3KXQDFHWLFDFLGKD\DFLGSURSLRQLFQ†—QJ„†œTNKLQJXF†šFFRŽQ Wˆ‡L„…˜QJ‚QQJˆŽDQƒšPP†šFSKD‘WWUL…˜Q  . /RœF Gƒ—X „ƒ›X SK†œQJ E‚“QJ PDŽQJ ORœF „‚›F EL…›W WURQJ VX†šWTXD‘WU‰QK FKL…šWVXƒšW„…˜ORD›LDIODWR[LQ  .'XŽQJD‘QKQ‚–QJ„…˜ODŽPNK†„†šLY‡‘LFD‘FORD›LED‘QKGƒ—XEQKL…™PQƒšP  .iL…—XWUDYDŽNL…˜PVRD‘WQ†—QJ„†œDIODWR[LQWURQJWKˆ›FSKƒ˜P  '1*kik&'2+2v$&+h7 ,1*kik&$17,021;$17,021<32,621,1*@  7D‘FQKƒQJƒ\E…›QK   &D‘FGX›QJFX›%„†—GXŽQJ›WUD‘QJPHQFR‘FKˆ‘DDQWLPRQ  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘D„†œFW†š  &D‘FWKˆ›FSKƒ˜PYƒš\QKL…™P„†œFW†šNKLFKˆ‘DWURQJGX›QJFX›WUD‘QJ PHQ%QKƒšWODŽWKˆ›FSKƒ˜PFR‘WŒQKDFLG  7K‡ŽLJLDQQXQJE…›QK   %…›QKSKD‘WUDWURQJYDŽLSKX‘W„…šQYDŽLJL‡Ž  7UL…›XFKˆ‘QJ   2‘L%„DXEX›QJ%FRWK‚–WUX†œW%VX\VX›S%„†LNKL„ˆD„…šQWˆYRQJ  30
  34. 3KRŽQJE…›QK   .K†QJ„ˆ‡œFVˆGX›QJFD‘FGX›QJFX›FR‘WUD‘QJPHQ„…˜FKˆ‘DFD‘FVDQ SKƒ˜P„DFK…šEL…šQ   ,,1*kik&&$'0,80  7D‘FQKƒQJƒ\E…›QK   i†œFW†šFDGPLXPFR‘WURQJFD‘FGX›QJFX›NLPORD›LPD›   &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘D„†œFW†š  &D‘FWKˆ›FSKƒ˜PYƒš\QKL…™P„†œFW†šODŽWKˆ›FSKƒ˜PFR‘WŒQKDFLGEDR J†—PFDQˆ‡‘FWUD‘LFƒ\NKLFKˆ‘DWURQJGX›QJFX›KD\FD‘FNKD\FKˆ‘DODŽP E‚“QJNLPORD›LPDFDGPLXP  7K‡ŽLJLDQQXQJE…›QK   %…›QK[D\UDWURQJQˆDJL‡ŽKD\V‡‘PK‡Q  7UL…›XFKˆ‘QJ   %X†—QQ†Q%R‘L%„DXQKˆ‘F%YDŽWKˆ‡ŽQJJƒ\FK…šW  3KRŽQJE…›QK   .K†QJGXŽQJFD‘FGX›QJFX›NLPORD›LPD›FDGPLXPODŽP„†—FKˆ‘D WKˆ›FSKƒ˜P  ,,,1*kik&ik|1*;&233(532,621,1*@  7D‘FQKƒQJƒ\E…›QK  31
  35.  %…›QK[D\UDGRE…—P‚›WWKˆ›FSKƒ˜PWL…šS[X‘FY‡‘L„†—QJ  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘D„†œFW†š  &D‘FWKˆ›FSKƒ˜PYƒš\QKL…™P„†œFW†šODŽWKˆ›FSKƒ˜PFR‘WŒQKDFLGNKL E…—P‚›WWL…šS[X‘FY‡‘L„†—QJ  7K‡ŽLJLDQQXQJE…›QK  %…›QK[D\UDP†œWJL‡ŽKD\V‡‘PK‡QVDXNKL‚QSKDLWKˆ›FSKƒ˜PFR‘ „†œFW†š  7UL…›XFKˆ‘QJ   2‘LPˆD%NK†QJFR‘WUL…›XFKˆ‘QJ„‚›FKL…›X  3KRŽQJE…›QK   %DRY…›NK†QJFKRFD‘FWKˆ›FSKƒ˜PFR‘WŒQKDFLG%FD‘FWKˆ›FSKƒ˜P GD›QJORQJKD\GD›QJFKƒšWORQJFR‘FDUERQDWHWL…šS[X‘FY‡‘L„†—QJ  ,,,1*kik&.(u0;=,1&32,621,1*@  7D‘FQKƒQJƒ\E…›QK   &D‘FGX›QJFX›PD›NHP  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘D„†œFW†š   %ƒšW Fˆ‘ WKˆ›F SKƒ˜P QDŽR Yƒš\ QKL…™P NHP „…—X Jƒ\ QJ†œ „†œF% FD‘F WKˆ›FSKƒ˜PFR‘WŒQKDFLGNKL„…˜WURQJGX›QJFX›FR‘WUD‘QJNHP  7K‡ŽLJLDQQXQJE…›QK  0†œWJL‡ŽKD\V‡‘PK‡QVDXNKL‚QSKDLWKˆ›FSKƒ˜PFR‘QKL…™P„†œF W†šNHP 32
  36.  7UL…›XFKˆ‘QJ   7L…XFKD\%ODŽPVHOˆ‡L  3KRŽQJE…›QK  .7‚QJFˆ‡ŽQJF†QJWD‘FJLD‘RGX›FFKRWRDŽQGƒQNL…šQWKˆ‘FY…—DQWRDŽQ WKˆ›FSKƒ˜P  .*LD‘RGX›FFKRQJˆ‡ŽLVDQ[XƒšWWKˆ›FSKƒ˜PNL…šQWKˆ‘FY…—Y…›VLQKWKˆ›F SKƒ˜P%„†œFW†šYDŽFD‘FWD‘FKD›LFXDQR‘  ,91*kik&;<$18$;&<$1,'(32,621,1*@  7D‘FQKƒQJƒ\E…›QK   &D‘FGX›QJFX›[LED›FFR‘FKˆ‘D[\DQXD  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘D„†œFW†š   %ƒšWFˆ‘WKˆ›FSKƒ˜PQDŽRYƒš\QKL…™P[\DQXD„…—XJƒ\QJ†œ„†œF  7K‡ŽLJLDQQXQJE…›QK  0†œWJL‡ŽKD\V‡‘PK‡QVDXNKL‚QSKDLWKˆ›FSKƒ˜PFR‘QKL…™P„†œF W†š[\DQXD  7UL…›XFKˆ‘QJ   %X†—Q Q†Q% R‘L% WL…X FKD\% ‡‘QOD›QK%„†˜P†—K†L%NL…›WVˆ‘F%WKˆ‡ŽQJ Jƒ\FK…šW  3KRŽQJE…›QK   .K†QJGXŽQJFD‘FGX›QJFX›PD›ED›FFR‘[\DQXDODŽP„†—FKˆ‘DWKˆ›F 33
  37. SKƒ˜PKD\SKDLWKƒ›QWURœQJNKLVˆGX›QJFKX‘QJ  91*kik&$56(1,&;1*kik&7+$€&+7q1@  7D‘FQKƒQJƒ\E…›QK   i†œF W†š FR‘ FKˆ‘D WURQJ FD‘F ORD›L WKX†šF GL…›WF†QWUXŽQJKD\WKX†šF GL…›WFD‘FORDŽLJƒ›PQKƒšP  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘D„†œFW†š   %ƒšWFˆ‘WKˆ›FSKƒ˜PQDŽRYƒš\QKL…™P$UVHQLFKD\FRŽQJRœLODŽWKD›FK WŒQ„…—XJƒ\QJ†œ„†œFFR‘WK…˜Jƒ\FK…šWQJˆ‡ŽL  7K‡ŽLJLDQQXQJE…›QK  0†œWJL‡ŽKD\V‡‘PK‡QVDXNKL‚QSKDLWKˆ›FSKƒ˜PFR‘QKL…™P„†œF W†šDUVHQLF  7UL…›XFKˆ‘QJ   2‘L%WL…XFKD\%„†LNKLJƒ\FK…šW  3KRŽQJE…›QK   'XŽQJFD‘FORD›LWKX†šFWUˆŽVƒXFR‘PDŽXYDŽEDRTXDQWURQJ„L…—XNL…›Q WKŒFKK‡œS%WUD‘QKWKX†šFYƒš\QKL…™PYDŽRWKˆ›FSKƒ˜P  9,1*kik&)/285,'(  7D‘FQKƒQJƒ\E…›QK   i†œF W†š FR‘ WURQJ FD‘F ORD›L WKX†šF GL…›W F†Q WUXŽQJ FR‘ FKˆ‘D PX†šL VRGLXPIORXULGH  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘D„†œFW†š 34
  38.   %ƒšWFˆ‘WKˆ›FSKƒ˜PQDŽRYƒš\QKL…™P„†œFW†šIORXULGH„…—XJƒ\QJ†œ „†œF  7K‡ŽLJLDQQXQJE…›QK  0†œW  JL‡Ž KD\ E…›QK SKD‘W UD QKDQK K‡Q VDX NKL ‚Q SKDL WKˆ›F SKƒ˜PFR‘QKL…™P„†œFW†šIORXULGH  7UL…›XFKˆ‘QJ   2‘L%Q†QRH›%„DX„‡‘Q%WD‘LQK‡œW%NL…›WVˆ‘F%WKˆ‡ŽQJJƒ\FK…šW  3KRŽQJE…›QK   .K†QJ Vˆ GX›QJ WURQJ WKˆ›F SKƒ˜P FD‘F WKX†šF GL…›W F†QWUXŽQJFR‘ FKˆ‘DIORXULGH  9,,1*kik&&+n  7D‘FQKƒQJƒ\E…›QK   i†œFW†šFR‘WURQJWKX†šFWUˆŽVƒX  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘D„†œFW†š   %ƒšWFˆ‘WKˆ›FSKƒ˜PQDŽREYƒš\QKL…™PFK‰„…—XJƒ\QJ†œ„†œF   7K‡ŽLJLDQQXQJE…›QK  0†œWJL‡ŽKD\OƒXK‡QVDXNKL‚QSKDLWKˆ›FSKƒ˜PFR‘QKL…™P„†œF W†šFK‰ 7UL…›XFKˆ‘QJ   iDXEX›QJ%R‘L%FR‘WK…˜Jƒ\FK…šW  35
  39. 3KRŽQJE…›QK   6ˆGX›QJFD‘FORD›LWKX†šFWUˆŽVƒXFR‘PDŽXYDŽEDRTXDQWURQJ„L…—X NL…›QWKŒFKK‡œS%WUD‘QKWKX†šFYƒš\QKL…™PYDŽRWKˆ›FSKƒ˜P  9,,,1*kik&08k,1,75$7(  i‚›F„L…˜PYDŽWD‘FQKƒQJƒ\E…›QK   1LWUDWH ODŽ P†œW FKƒšW EDR TXDQ WKˆ‡ŽQJ „ˆ‡œF GXŽQJ WURQJ WKˆ›F SKƒ˜P„…˜W‚QJWK‡ŽLJLDQEDRTXDQ1LWUDWHFR‘WD‘FGX›QJVD‘WNKXƒ˜QQKH›% WD›RPDŽX„R„H›SFKRWKW  7ŒQKWRD‘QQKƒ—PKD\Oƒš\QKƒ—PWKˆ‡ŽQJODŽO\‘GRGƒ™Q„…šQYL…›FFKR WK…PYDŽRWKˆ›FSKƒ˜PTXD‘OL…—XWURQJNKLFK…šEL…šQ/L…—XFKRSKH‘SODŽ SSP  6ˆ GX›QJ PX†šL QLWUDWH WURQJ WKˆ›F SKƒ˜P ODŽ P†œW YL…›F FRŽQ „DQJ EDŽQ OXƒ›Q 9‰ QR‘ WUDL TXD P†œW FKX†™L SKDQ ˆ‘QJ% N…šW TXD WD›R WKDŽQK 1LWURVDPLQHV%ODŽFKƒšWJƒ\XQJWKˆ0†œWFKƒšWEDRTXDQFR‘NKDQ‚QJJƒ\ XQJWKˆSKDL„ˆ‡œFOˆXWƒPWUˆ‡‘FNKLVˆGX›QJQR‘WURQJFK…šEL…šQYDŽEDR TXDQWKˆ›FSKƒ˜P  7UL…›XFKˆ‘QJ   1Kˆ‘F„ƒ—X%EX†—QQ†Q%FKR‘QJP‚›W%R‘L%WL…XFKD\iƒ—XWˆ‘FKL%P†L% P‚›W%WDLWŒPWD‘L%QJD›WWK‡%K†QP…%Gƒ™Q„…šQWˆYRQJ  3KRŽQJE…›QK  .*LD‘RGX›FFKRWRDŽQGƒQNL…šQWKˆ‘FY…—DQWRDŽQWKˆ›FSKƒ˜P  .*LD‘RGX›FFKRFD‘FQKDŽFK…šEL…šQY…—Y…›VLQKYDŽFKƒšWOˆ‡œQJWKˆ›FSKƒ˜P  ,;1*kik&62',801,&27,1$7(M62',8068/),7(  36
  40. D6RGLXPQLFRWLQDWH  i‚›F„L…˜PYDŽWD‘FQKƒQJƒ\E…›QK   1LFRWLQLF DFLG% KD\ PX†šL VRGLXP QLFRWLQDWH „ˆ‡œF Vˆ GX›QJ„…˜ JLˆ PDŽX „R Wˆ‡L FXD WKW GR QR‘ SKDQ ˆ‘QJ Y‡‘L KHPRJORELQ YDŽ P\RJORELQ1…šX‚QWKˆ›FSKƒ˜PFR‘QLFRWLQLFDFLGKD\PX†šLQLFRWLQDWH Y‡‘LOˆ‡œQJODŽPJKD\OL…—XFDRK‡Q%QR‘FR‘WK…˜Jƒ\FKˆ‘QJJLDQWRDŽQ PD›FK  7UL…›XFKˆ‘QJ   1Jˆ‘DGˆ‡‘LGD%UD‘WERQJ%QR‘QJYDŽ„RGD%JLDQWRDŽQPD›FK  E6RGLXPVXOILWH   6RGLXPVXOILWH„ˆ‡œFVˆGX›QJ„…˜QJX›\WUDQJWKW„DKˆKRQJ% NH‘PSKƒ˜PFKƒšW1R‘FR‘WK…˜UƒšWQJX\KL…˜PQ…šXQJˆ‡ŽL‚QWKˆ›FSKƒ˜PFR‘ VRGLXPVXOILWHODŽQJˆ‡ŽLEGˆ‘QJY‡‘LQR‘  ;1*kik&7+8<t1*h1  i‚›F„L…˜PWD‘FQKƒQYDŽQJX†—QJƒ\E…›QK  7KX\QJƒQODŽNLPORD›LQ‚›QJK‰QKWKDŽQKWURQJFRQJLDVX‘F1R‘ODŽ P†œWWD‘FQKƒQJƒ\E…›QKTXDQWURœQJOƒ\WUX\…—QTXDWKˆ›FSKƒ˜P7KX\ QJƒQFR‘WURQJWKX†šFGL…›WQƒšP%QR‘FR‘WK…˜QKL…™PYDŽRQJX†—QQˆ‡‘FYDŽ„R‘ FKŒQKODŽQJX†—Q„ˆ‡œFW‰PWKƒš\‡FD‘ED‘Q‡WKWUˆ‡ŽQJ7Kˆ‡ŽQJWKX\QJƒQ QKL…™PYDŽRK…›WKˆ›FYƒ›WQKRPDŽK…›WKˆ›FYƒ›WQƒ—\ODŽQJX†—QWKˆ‘F‚QFKR FD‘YDŽQJˆ‡ŽL  7ˆ‡QJWˆ›%QJ†œ„†œFWKX\QJƒQFR‘WK…˜[D\UDFKRQJˆ‡ŽLNKL‚QWKW JLDVX‘FPDŽFKX‘QJ„ˆ‡œFQX†LE‚“QJWKˆ‘F‚Q„ˆ‡œF[ˆO\‘E‚“QJKR‘DFKƒšW 7KŒGX›QKˆWUˆ‡ŽQJK‡œSQJ†œ„†œFWKX\QJƒQGRQJˆ‡ŽL‚QWKWKHRQX†L WˆŽWKˆ‘F‚QFR‘KD›WE‚–S„D[ˆO\‘E‚“QJKR‘DFKƒšW  37
  41. &D‘F NKX VDQ [XƒšW F†QJ QJKL…›S ODŽ QJX\…Q QKƒQ Jƒ\ QJ†œ „†œF WKX\QJƒQ‡QJˆ‡ŽL%GRQJX†—QQˆ‡‘FX†šQJEQKL…™P„†œF  7UL…›XFKˆ‘QJ   %…›QK[D\UD‡QJˆ‡ŽLYDŽJLDVX‘FFR‘FXŽQJWUL…›XFKˆ‘QJODŽOL…›WWX\ V†šQJ  ;,1*kik&7+8k&  7Kˆ›FSKƒ˜PYƒš\QKL…™PFD‘FFKƒWšKRD‘KRœFFR‘WK…˜GRWD‘F„†œQJFXD FD‘FED‘FV‹WKX‘\&D‘FQKDŽFK‚QQX†LFXQJFƒšSWKˆ›FSKƒ˜PQJX†—QJ†šF „†œQJYƒ›WSKDLQKƒ›QEL…šWURY…—NKDQ‚QJK‰QKWKDŽQKFD‘FGˆOˆ‡œQJWURQJ WKˆ›FSKƒ˜P%‡LY‰QR‘K‰QKWKDŽQKGRVˆGX›QJWKX†šFWURQJFK‚QQX†L QKˆODŽKRUPRQW‚QJWUˆ‡QJ%NKD‘QJVLQK%WKX†šFGL…›WF†QWUXŽQJ 3Kƒ—Q  %j€1+'27+m€&3+h}0 )RRGERUQHLQIHFWLRQV   $ %j€1+ '2 7+m€& 3+h}0 &2v &+mv$ 9, .+8h}1 *h< %j€1+   %…›QKGRWKˆ›FSKƒ˜PODŽQKˆQJE…›QKJƒ\UDGR‚QSKDLWKˆ›FSKƒ˜P FR‘FKˆ‘DYLNKXƒ˜QJƒ\E…›QK.KLYLNKXƒ˜QYDŽRF‡WK…˜FKX‘QJ[ƒPQKƒ›S% W‚QJWUˆ‡QJYDŽSKD‘KX\FD‘FW…šEDŽRFXDYƒ›WFKXYDŽJƒ\E…›QK  ,%j€1+'2&/2675,',803(5)5,1*(16 i‚›F„L…˜PYDŽWD‘FQKƒQFXDYLNKXƒ˜QJƒ\E…›QK  &ORVWULGLXPSHUIULQJHQVWUˆ‡‘FFRŽQJRœLODŽ&ORVZHOFKLL%ODŽYLNKXƒ˜QJƒ\ E…›QKYL…PUX†œWKRD›LWKˆFR‘VLQKJDVY‡‘LEL…˜XKL…›QKRD›LWˆ%WL…XFKD\‡ QJˆ‡ŽL%O\’‡FˆŽXFRQ%QKL…™P„†œFKX\…šW‡FˆŽXYDŽE… 38
  42. &ORVSHUIULQJHQV$:HOFKLL9W\SH$QKL…™PYDŽR„ˆ‡ŽQJUX†œWY‡‘LP†œWV†š Oˆ‡œQJ O‡‘Q ‡ WK…˜ W…š EDŽR VLQK WUˆ‡QJ% &KX‘QJ VH VDQ VLQK „†œF W†š UX†œW 8HQWHURWR[LQODŽP†œWSURWHLQ9WURQJVX†šWJLDL„RD›QVLQKQKDEDŽR‡WURQJ UX†œW  .9LNKXƒ˜QSKD‘WWUL…˜QW†šW‡NKRDQJQKL…›W„†œWˆŽR&  .1KDEDŽR„…—NKD‘QJNH‘PY‡‘LQKL…›WiDV†šQKDEDŽREKX\GL…›W‡QKL…›W „†œ  R&WURQJK%WURQJNKL„R%‘P†œWV†šNKD‘FEGL…›W‡ R& WURQJYDŽLSKX‘W  .9LNKXƒ˜QNK†QJSKD‘WWUL…˜Q‡S+KD\S+!  .9LNKXƒ˜QEQJ‚QWU‡KRD›W„†œQJ‡Q†šQJ„†œPX†šLT8DZ 9  .9LNKXƒ˜QQKD›\FDPY‡‘LQKL…›W„†œEDRTXDQ„†QJOD›QK  .&ƒ—QFR‘„XP†œWV†šOˆ‡œQJYLNKXƒ˜QW‚QJWUˆ‡QJ%QJK‹DODŽFƒ—QYN JWKˆ›FSKƒ˜P„…˜Jƒ\E…›QK6†šOˆ‡œQJYLNKXƒ˜QYƒš\QKL…™PQƒ—\„D›W„…šQ Pˆ‘F„†œ„X„…˜Jƒ\E…›QKWURQJK%‡QKL…›W„†œR&  .7…šEDŽRVLQKWUˆ‡QJQKL…™PYDŽR„ˆ‡ŽQJWL…XKR‘D%K‰QKWKDŽQKQKDEDŽR ‡UX†œWQD›QQKƒQYDŽVDQVLQKUD„†œFW†šNKLYLNKXƒ˜QESKƒQKX\  . 1KˆQJ EL…šQ „†˜L Y…— QKL…›W „†œ NŒFK WKŒFK QKD EDŽR Qƒ˜\ Pƒ—P VLQK WUˆ‡QJ  7K‡ŽLN\ŽQXQJE…›QK   7ˆŽŽK%WUXQJE‰QKK  7UL…›XFKˆ‘QJ   iDX EX›QJ FƒšS WŒQK%WL…XFKD\7KŠQKWKRDQJPƒšWQˆ‡‘FYDŽNL…›W Vˆ‘F%X†—QQ†Q%R‘L%„†LNKLWKƒš\V†šW%‡‘QOD›QK7UL…›XFKˆ‘QJ[D\UDWURQJ NKRDQJWK‡ŽLJLDQQJ‚–QQJDŽ\KD\V‡‘PK‡Q 39
  43.  'FKW…˜QJX†—QYLNKXƒ˜Q   9LNKXƒ˜QFR‘WURQJSKƒQQJˆ‡ŽLYDŽJLDVX‘FP‚–FE…›QK9LNKXƒ˜Q FRŽQW‰PWKƒš\WURQJ„ƒšW%EX›L%Qˆ‡‘FWKDL&D‘FORD›LWKˆ›FSKƒ˜P‡GD›QJWˆ‡L V†šQJYDŽFDGD›QJ„DFK…šEL…šQWKˆ‡ŽQJYƒš\QKL…™QY‡‘L&ORVSHUIULQJHQV  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q   9LNKXƒ˜QFR‘WURQJWKWKHRYDŽJLDFƒ—P„DFK…šEL…šQQKˆQJEDR TXDQWURQJWK‡ŽLJLDQGDŽL8QKL…—XJL‡Ž9‡QKL…›W„†œSKRŽQJ%KD\ODŽPOD›QK FKƒ›P9LNKXƒ˜QFRŽQW‰PWKƒš\‡Qˆ‡‘F[†šW%WKWKƒ—P%YDŽED‘QKSDW… 3KRŽQJE…›QK  D1ƒšXWKˆ›FSKƒ˜P‡QKL…›W„†œ„X„…˜WL…XGL…›WKƒ—XK…šWFD‘FQKDEDŽR„…— NKD‘QJY‡‘LQKL…›WQKL…›W„†œ!R&WURQJK  E*LˆOD›QKFD‘FWKˆ›FSKƒ˜PWˆ‡L  F1…šXWKˆ›FSKƒ˜PGXŽQJ‡GD›QJQR‘QJ%JLˆQR‘‡QKL…›W„†œWU…QR& 1…šXWKˆ›FSKƒ˜PGXŽQJ‡GD›QJOD›QK%JLˆQR‘‡QKL…›W„†œOD›QK  Gi…˜FD‘FPL…šQJWKWYDŽRFD‘FNKD\NLPORD›LFD›Q„…˜ODŽPOD›QKQKDQK  H7D‘FKUL…QJWKWYDŽQˆ‡‘FWKWQJD\VDXNKLQƒšXQˆ‡‘QJ[RQJ  I1KˆQJPL…šQJWKWO‡‘QNKLQƒšXSKDLF‚–WUDWKDŽQKQKˆQJPL…šQJQKR  J7UD‘QKVˆ›WD‘LQKL…™PFXDFD‘FVDQSKƒ˜P„DFK…šEL…šQE‚“QJFD‘FKEDR JR‘LYDŽ„DPEDRY…›VLQKNKLYƒ›QFKX\…˜Q  K1…šXWKˆ›FSKƒ˜PSKDL„ˆ‡œFKƒPQR‘QJ%FKŠKƒPQR‘QJQJD\WUˆ‡‘F NKL‚Q  ,,%j€1+'29,.+8h}16$/021(//$ 40
  44. %…›QKWKˆ‡QJKDŽQGRYLNKXƒ˜Q6DOPRQHOODVSSJƒ\UDODŽE…›QK WKˆ‡ŽQJJ‚›SQKƒšWWURQJFD‘FE…›QKGR‚QWKˆ›FSKƒ˜P  7D‘FQKƒQJƒ\E…›QKi‚›F„L…˜PFXDYLNKXƒ˜Q  D7D‘FQKƒQJƒ\E…›QK  6DOPRQHOODFKROHUDVXLV!6HQWHULWLGLV!6W\SKLPXULXP!6KHLGHOEHUJ! 6GHUE\!6MDYD!6LQIDQWLF!6PRQWHYLGHR%YYODŽWD‘FQKƒQJƒ\E…›QK WKˆ‡QJKDŽQFKRQJXˆ‡ŽLYDŽJLDVX‘F  Ei‚›F„L…˜PTXDQWURœQJFXDYLNKXƒ˜QJƒ\E…›QK  .%…›QKWKˆ‡QJKDŽQODŽP†œWE…›QKJƒ\FKRP†œWV†š„†QJQJˆ‡ŽLP‚–FSKDL   .6WUHVVODŽP†œW\…šXW†šUƒšWTXDQWURœQJODŽPE…›QKQ†˜UD  .i†œFW†šFXDYLNKXƒ˜QFR‘OL…QK…›„…šQVˆ›V†šQJN\‘VLQKWURQJW…šEDŽR 8LQWUDFHOOXODUSDUDVLWH9  .i†œFW†š[XƒšWKL…›Q%W‚QJWKHRWK‡ŽLJLDQ  .9ƒ›WPDQJWUXŽQJODŽQJX\…QQKƒQODŽPE…›QKQ†˜UD  1JX†—QE…›QK'FKW…˜KRœF  1JX†—QYLNKXƒ˜QWKˆ‡QJKDŽQFKX\…šXWˆŽSKƒQJLDVX‘F%QJˆ‡ŽLKD\ „†œQJ Yƒ›W KRDQJ GD E E…›QK 1Jˆ‡ŽL YDŽ Yƒ›W E E…›QK WU‡ WKDŽQK QJX†—Q PDQJWUXŽQJ9LWUXŽQJWKHRSKƒQUDQJRDŽLQKL…™PYDŽRWKˆ›FSKƒ˜P.KL YDŽRF‡WK…˜QJˆ‡ŽLYDŽJLDVX‘FQR‘Jƒ\YL…PUX†œW%QKL…™PWUXŽQJKX\…šWJƒ\ FK…šW%KD\NKLE‰QKSKX›FYLWUXŽQJ„QKY‡WX‘LPƒ›WYDŽQJˆ‡ŽLWU‡WKDŽQK QJX†—QPDQJYDŽWKDLYLWUXŽQJODŽPE…›QKODQWUX\…—QUD[XQJTXDQK  1JX†—Q YL NKXƒ˜Q WKˆ‡QJ KDŽQ Oƒ\ QKL…™P YDŽR WKˆ›F SKƒ˜P WˆŽ FKX†—QJ WUD›L FK‚Q QX†L% ORŽ JL…šW P†˜ JLD VX‘F% NKX FK…š EL…šQ 1JRDŽL UD% QJX†—QPDQJWUXŽQJFR‘WK…˜WˆŽGX›QJFX›%WD\FKƒQF†QJQKƒQJL…šWP†˜% 41
  45. F†QJQKƒQFK…šEL…šQ%O†QJ%GD%SKƒQYƒš\QKL…™PYDŽRTXDŽ\WKWVDXNKL JL…šWP†˜7KWJLDVX‘FEQKL…™PYLNKXƒ˜Q%NKLFK…šEL…šQ%EDRTXDQNK†QJ „X‘QJN\WKXƒ›W%QJˆ‡ŽL‚QYDŽRVHEE…›QKWKˆ‡QJKDŽQ  /RDŽL Jƒ›P QKƒšPODŽYƒ›WWUXQJJLDQODŽPOƒ\QKL…™PYLWUXŽQJYDŽR WKˆ‘F‚QJLDVX‘FQKˆE†œWWKW%E†œW[ˆ‡QJ%E†œWO†QJYX7Kˆ‘F‚QFXQJWU‡ WKDŽQKYƒ›WPDQJYDŽWUX\…—QE…›QK  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q   7Kˆ›FSKƒ˜PJLDŽX„D›PQJX†—QJ†šF„†œQJYƒ›W%WKW%VˆD%WUˆ‘QJYDŽ FD‘FVDQSKƒ˜PFXDFKX‘QJ&D‘FWKˆ›FSKƒ˜PNKD‘FQKˆGˆŽD%QƒšPPHQ%KD›W E†QJJLDŽX„D›P%FD‘[†QJNKR‘L%VˆDE†œW%NH›RFKRFRODWH  7K‡ŽLN\ŽQXQJE…›QK   7ˆŽK%WKˆ‡ŽQJWˆŽK  7UL…›XFKˆ‘QJ   7L…XFKD\%„DXEX›QJ%‡‘QOD›QK%V†šW%R‘L%PƒšWQˆ‡‘F%P…›WOD%NL…›WVˆ‘F% FKD‘Q‚Q%QKˆ‘F„ƒ—X%NKR‘FKX7UL…›XFKˆ‘QJNH‘RGDŽLQKL…—XQJDŽ\9L…P UX†œWFR‘WK…˜WU‡WKDŽQK†˜E…›QKODŽPGFKE…›QKOƒ\ODQ  3KRŽQJYDŽNL…˜PVRD‘WE…›QKWKˆ‡QJKDŽQ D.L…˜PVRD‘WJLDVX‘FQX†L  .&KRœQQKˆQJFRQJLDVX‘F%JLDFƒ—PQX†LODŽQKˆQJFRQNK†QJFR‘E…›QK WKˆ‡QJKDŽQ  .*LDVX‘FSKDL„ˆ‡œFQX†LE‚“QJNKƒ˜XSKƒ—QWKˆ‘F‚QNK†QJEQKL…™P NKXƒ˜Q  .iDPEDRNKXYˆ›FFK‚QQX†LY…›VLQKW†šW  .7UD‘QKJƒ\VWUHVVFKRJLDVX‘FNKLYƒ›QFKX\…˜Q„…šQORŽP†˜„…˜JL…šWWKW 42
  46.  .i†šLY‡‘LWKX‘QKDLOD›L%SKDLFKRQKQ„R‘LWUˆ‡‘FNKLYƒ›QFKX\…˜QW‡‘LORŽ P†˜  .*LˆFKX†—QJQK†šWJLDVX‘FOX†QVD›FKVH  E.L…˜PVRD‘WWURQJTXD‘WU‰QKFK…šEL…šQ  .7UD‘QKOƒ\QKL…™PYLNKXƒ˜QWˆŽFKƒšWFKˆ‘DWURQJUX†œWYDŽRWKWKD\Jƒ\ QKL…™PWU…QE…—P‚›WWKW  .7KWJLDVX‘F%VˆDYDŽFD‘FVDQSKƒ˜PFXDFKX‘QJSKDL„ˆ‡œFJLˆOD›QK FDŽQJQKDQKFDŽQJW†šW‡QKL…›W„†œWKƒšSGˆ‡‘LPˆ‘FQKL…›W„†œYLNKXƒ˜QW‚QJ WUˆ‡QJ  ..L…˜PWUDFKƒšWOˆ‡œQJFD‘FQJX\…QOL…›XGXŽQJWURQJFK…šEL…šQWKˆ›F SKƒ˜P  .7URQJTXLWU‰QKFK…šEL…šQQ…QSKƒQFKLDFD‘FQJX\…QOL…›XWK†%Wˆ‡LUD WKDŽQKFD‘FORD›LNKD‘FQKDXWX\ŽWKHRPˆ‘F„†œYƒš\QKL…™P  .7D‘FKUL…QJFD‘FVDQSKƒ˜P„DFK…šEL…šQY‡‘LFD‘FVDQSKƒ˜PWˆ‡L%FKˆD FK…šEL…šQ%„…˜WUD‘QKYƒš\QKL…™PYLNKXƒ˜QYDŽRWKDŽQKSKƒ˜PWˆŽGX›QJFX› KD\WˆŽQJˆ‡ŽLVDQ[XƒšW%QJˆ‡ŽLYƒ›QFKX\…˜QWKˆ›FSKƒ˜P  .;ƒ\Gˆ›QJP†œWTXLWU‰QKFK…šEL…šQWKHRP†œWWKˆ‘Wˆ›WKŒFKK‡œSFKRWKˆ›F W…šVDQ[XƒšW„…˜VDQ[XƒšWUDWKDŽQKSKƒ˜PFKƒšWOˆ‡œQJW†šW  .7Kˆ›FKL…›QTXLWU‰QKNL…˜PVRD‘WFD‘FORDŽLJƒ›PQKƒšPYDŽF†QWUXŽQJ  .&DLWL…šQ„L…—XNL…›QFK…šEL…šQ„DPEDRW†šWNKƒXWL…›WWUXŽQJ7KRDPDQ WUˆ‡‘FWL…Q\…XFƒ—XY…—FKƒšWOˆ‡œQJFXDVDQSKƒ˜P  ..L…˜PVRD‘WTXLWU‰QKEDRTXDQYDŽSKƒQSK†šLVDQSKƒ˜P„…˜WUD‘QKVˆ› WD‘LYƒš\QKL…™PYLNKXƒ˜QYDŽRWKˆ›FSKƒ˜P„DFK…šEL…šQWL…›WWUXŽQJW†šW  .7KL…šWOƒ›SP†œWFKˆ‡QJWU‰QKY…›VLQK%WL…X„†œFFKRWƒšWFDFD‘FNKXVDQ 43
  47. [XƒšW%FK…šEL…šQ%EDRTXDQWKˆ›FSKƒ˜P  .*LD‘RGX›FFKRF†QJQKƒQY…—Vˆ›Fƒ—QWKL…šWFXDYL…›FJLˆY…›VLQKFD‘QKƒQ W†šW+XƒšQOX\…›Q%JLD‘PVD‘W%NL…˜PWUDY…›VLQKWƒšWFDFD‘FNKƒXWURQJTXL WU‰QKFK…šEL…šQ*L‚›WTXƒ—QD‘RP†™LQJDŽ\%WUXŽPNŒQWR‘FNKLWKDPJLDVDQ [XƒšW  F.L…˜PVRD‘WQ‡LQƒšXQˆ‡‘QJWKˆ›FSKƒ˜P  .*LˆY…›VLQKFD‘QKƒQQJKL…PQJ‚›WWURQJFD‘FNKXYˆ›FVDQVXƒšWWKˆ›F SKƒ˜P  .1ƒšXWKˆ›FSKƒ˜PP†œWFD‘FKFƒ˜QWKƒ›Q  .+ƒšSNKˆWUXŽQJWKHRSKˆ‡QJSKD‘S3DVWHXUKR‘DFD‘FVDQSKƒ˜PFXD WUˆ‘QJYDŽVˆD  .7UD‘QKYƒš\QKL…™PYLNKXƒ˜QWˆŽWKˆ›FSKƒ˜PFRŽQWˆ‡LV†šQJVDQJWKˆ›F SKƒ˜P„DQƒšXFKŒQ  .7Kˆ›FSKƒ˜PF‚–WWKDŽQKWˆŽQJPL…šQJQKRYDŽQKDQKFKR‘QJEDRTXDQ OD›QK  .%DRY…›WKˆ›FSKƒ˜P[DQJX†—QFKƒšWWKDLWˆŽQJˆ‡ŽL%JLDVX‘F%FKLP%F†Q WUXŽQJYDŽORDŽLJƒ›PQKƒšP  .5ˆDWD\VD›FKVDXNKL„LWRLOHWYDŽVDXNKLWL…šS[X‘FY‡‘LWKWV†šQJ  ,,,%j€1+'29,%5,23$5$+$(02/<7,&86  i‚›F„L…˜PFXDYLNKXƒ˜Q  9LEULR SDUDKDHPRO\WLFXV ODŽ QJX\…Q QKƒQ Jƒ\ UD K†œL FKˆ‘QJ QJ†œ „†œFWKˆ›FSKƒ˜P9SDUDKDHPRO\WLFXVODŽWUˆ›FNKXƒ˜Q*%GL„†œQJ1R‘ODŽYL NKXƒ˜Q ˆD PX†šL 8\…X Fƒ—X T 1D&O9 YDŽVHSKD‘WWUL…˜Q‡P†LWUˆ‡ŽQJ PX†šLT  44
  48. 1KL…›W„†œSKD‘WWUL…˜QWURQJNKRDQJR&YDŽSKD‘WWUL…˜QWKŒFK K‡œS QKƒšW  ODŽ R&1R‘NK†QJSKD‘WWUL…˜Q‡S+YDŽS+!9 SDUDKDHPRO\WLFXV W‰P WKƒš\ WURQJ WKˆ›F SKƒ˜P QJX†—Q J†šF  KDL VDQ QKˆ W†P%WUDL%VRŽ%KDŽX%K…šQ%FXD9LNKXƒ˜QEWL…XGL…›WNKLQƒšXFD‘FKDLVDQ „X‘QJFD‘FK  +ƒ—X K…šW FD‘F E…›QK QJ†œ„†œFGR‚QKDLVDQNK†QJQƒšXFKŒQKD\ WKˆ›F SKƒ˜P „D QƒšX FKŒQ E Yƒš\ QKL…™P YL NKXƒ˜Q 7Kˆ›F SKƒ˜P JLˆ‡ QKL…›W„†œSKRŽQJFDRODŽPQR‘SKD‘WWUL…˜QQKDQKiR‘ODŽN…šWTXDFXDWUL…›X FKˆ‘QJQJ†œ„†œF  9LEULR FKROHUD 7\SH KX\…šW WKDQK QKR‘P 2 „ˆ‡œF [HPODŽQJX\…Q QKƒQJƒ\GFKE…›QKGFKWD„DSKˆ‡QJ‡&KƒXD‘%…›QKGFKWDWKƒ›WVˆ› ODŽP†œWE…›QKQJKL…PWURœQJ%[D\UDNK‚–SQ‡LWU…QWK…šJL‡‘L%WKˆ‡ŽQJ[HP „ƒ\ODŽE…›QKGRQJX†—QQˆ‡‘FOƒ\QKL…™P%…›QKQƒ—\FR‘OL…QTXDQ„…šQWKˆ›F SKƒ˜PODŽWUDL%VRŽ%†šFK…šQ   7K‡ŽLJLDQQXQJE…›QK   K%WKˆ‡ŽQJK  7UL…›XFKˆ‘QJ   iDXEX›QJ%WL…XFKD\8SKƒQORQJQKˆQˆ‡‘F%FR‘Oƒ™QPD‘XYDŽGFK QKƒ—\9%X†—QQ†Q%R‘L%V†šWYˆŽD%‡‘QOD›QK%QKˆ‘F„ƒ—X%VX\NL…›W%…›QKE‰QK SKX›FWURQJQJDŽ\  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q  &D‘F ORD›LWKˆ›FSKƒ˜PEL…˜QGD›QJWˆ‡LV†šQJ%FD‘EL…˜Q%W†PFXD†šF% „†œQJYƒ›WJLD‘S[D‘F%FD‘FVDQSKƒ˜PFXDFD‘  3KRŽQJE…›QK   gQ WKˆ›F SKƒ˜P „D QƒšX FKŒQ „X‘QJ FD‘FK% ODŽP OD›QK QKDQK WKˆ›F 45
  49. SKƒ˜P NKL FKLD UD WKDŽQK QKˆQJ NK†šL Oˆ‡œQJ QKR 1J‚Q QJˆŽD Vˆ› Yƒš\ QKL…™PFKH‘RWˆŽFD‘Qˆ‡‘FP‚›Q%GX›QJFX›Y…›VLQK7UD‘QKGXŽQJQˆ‡‘FEL…˜Q „…˜QJƒPKD\UˆDWKˆ›FSKƒ˜PKDLVDQGXŽQJFKR‚QWˆ‡L%V†šQJ  ,9%j€1+'29,%5,2&+2/(5$M%j€1+'r&+7$tR 7D‘FQKƒQJƒ\E…›QK   %…›QK GR YL NKXƒ˜Q 9LEULR FKROHUDJƒ\UD9LNKXƒ˜QWKHRSKƒQ QJˆ‡ŽLE…››QKWKDLUDP†LWUˆ‡ŽQJ%Jƒ\WKDŽQKGFKE…›QK‡QKˆQJYXŽQJY…› VLQKWKˆ›FSKƒ˜PNH‘P7Kˆ›FSKƒ˜PYƒš\QKL…™PYLNKXƒ˜QWK‡WKDŽQKYRŽQJ Oƒ\WUX\…—QE…›QKVX†šWE†šQPXŽD  i‚›F„L…˜PFXDYLNKXƒ˜Q  ..KLQJˆ‡ŽL‚QWKˆ›FSKƒ˜PKD\X†šQJQˆ‡‘FFR‘QKL…™P9LEULRFKROHUD% YDŽRWURQJUX†œWQRQQR‘VLQKWUˆ‡QJYDŽWL…šW„†œFW†šUX†œW8HQWHURWR[LQ9  .9LEULRFKROHUDUƒšWQKD›\FDPY‡‘LDFLGYDŽFR‘WK…˜EWUXQJKRŽDE‡LDFLG‡ GFKGD›GDŽ\1…šX$FLG‡GD›GDŽ\WD›PWK‡ŽLFR‘WD‘FGX›QJWUXQJKRDŽKD\ WL…XGL…›WYLNKXƒ˜Q%QKˆQJNKLNKƒ˜XSKƒ—Q‚QJLDŽX„D›PKD\QKL…—XFKƒšW ORQJWK‰YLNKXƒ˜QFR‘WK…˜W†—QWD›LYDŽSKD‘WWUL…˜Q‡UX†œWQRQ  .9LNKXƒ˜QYLEULRFKROHUDSKDLED‘PGŒQKYDŽRE…—P‚›WQL…PPD›FUX†œW WUˆ‡‘FNKLVLQKWUˆ‡QJW‚QJV†šOˆ‡œQJ‡UX†œWQRQ  .7ŒQKWUƒ—PWURœQJFXDE…›QKGFKWDSKX›WKX†œFYDŽRNKDQ‚QJVLQK„†œF W†šUX†œW8HQWHURWR[LQ9YDŽV†šOˆ‡œQJ„†œFW†šVLQKUDWURQJUX†œWQRQFXDFD‘F FKXQJYLNKXƒ˜QYLEULRFKROHUDNKD‘FQKDX  7K‡ŽLJLDQQXQJE…›QK   7K‡ŽLJLDQQXQJE…›QKWˆŽQJDŽ\  7UL…›XFKˆ‘QJ  46
  50.  7L…X FKD\ Gˆ G†œL%SKƒQORQJQKˆQˆ‡‘FFR‘PDŽXQˆ‡‘FF‡PYR% „DXEX›QJ%R‘L%QKˆ‘F„ƒ—X%V†šW&K…šWWKˆ‡ŽQJGRPƒšWQˆ‡‘FWUƒ—PWURœQJ  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q   &D‘FORD›LWKˆ›FSKƒ˜PWKˆ‡ŽQJFR‘OL…QTXDQ„…šQE…›QKGFKWDODŽUDX TXD%FD‘%WKWKHR%WKˆ›FSKƒ˜PKDLVDQWˆ‡LV†šQJKD\QƒšXNK†QJ„X‘QJ TX\FD‘FK%Qˆ‡‘FWKDL1ˆ‡‘FWKDLWKˆ‡ŽQJ„ˆ‡œFGXŽQJ„…˜Wˆ‡‘LUDXWURQJ Yˆ‡ŽQ1ˆ‡‘FWKDLODŽPQKL…™PEƒ˜QQJX†—QQˆ‡‘FVLQKKRD›WODŽQJX\…QQKƒQ FKX\…šXODŽPE…›QKGFKWDQ†˜UD  3KRŽQJE…›QK  .  3KRŽQJ E‚“QJ YDFFLQH WD›R PL…™Q GFK FK†šQJ E…›QK ODŽ \…X Fƒ—X WURQJ YXŽQJFR‘GFKQ†˜UDi†šLY‡‘LGXNKD‘FKQ…QSKRŽQJE…›QKNKLYDŽRNKX Yˆ›FFR‘E…›QKGFKWD  . /RD›LWUˆŽFD‘FQJX†—QOƒ\QKL…™PFR‘WK…˜Jƒ\QJX\KL…˜PQJX†—QQˆ‡‘F FXQJFƒšSFKRF†œQJ„†—QJYDŽFKRWˆŽQJJLD„‰QK  .;ˆO\‘FKƒšWWKDL„X‘QJ\…XFƒ—XN\WKXƒ›W  .;ˆO\‘QJX†—QQˆ‡‘FWUˆ‡‘FNKLVˆGX›QJ  .*LD‘PVD‘WQJKL…PQJ‚›WTXLWU‰QKFK…šEL…šQYDŽSKƒQSK†šLWKˆ›FSKƒ˜P   9%j€1+'2(6&+(5,&+,$&2/, 7D‘FQKƒQJƒ\E…›QK   &R‘FKXQJ(FROL„ˆ‡œFEL…šWODŽQJX\…QQKƒQJƒ\E…›QKYL…PGD› GDŽ\UX†œW‡QJˆ‡ŽL%†šQFKXQJ„R‘ODŽHQWHURSDWKRJHQLF(FROL8(3(&9% HQWHURLQYDVLYH ( FROL 8(,(&9% HQWHURWR[LJHQLF ( FROL 8(7(&9% YDŽ KHPRUUKDJLF ( FROL 8+(&9  7URQJ  FKXQJ Qƒ—\% ED FKXQJ „ƒ—X Jƒ\ E…›QKFKRQJˆ‡ŽL%YDŽFKXQJWKˆ‘Wˆ8+(&9ODŽQJX†—QJƒ\E…›QKFKRJLD VX‘F 47
  51.   1JRDŽL UD%(FROL2+„ˆ‡œF[D‘F„QKODŽQJX\…QQKƒQJƒ\ E…›QKFKRQJˆ‡ŽLNKL‚QWKWV†šQJKD\VˆDWˆ‡LFKˆDTXDFK…šEL…šQ  7K‡ŽLJLDQQXQJE…›QK   7ˆŽ K%WUXQJE‰QKK8(,(&9%K%WUXQJE‰QKK 8(7(&9  7UL…›XFKˆ‘QJ  D'R(,(&Jƒ\UD  6†šW% ‡‘Q OD›QK% QKˆ‘F „ƒ—X% „DX EX›QJ% WL…X FKD\ SKƒQ ORQJ QKˆ Qˆ‡‘F%JL†šQJQKˆE…›QKO\’GR6KLJHOOD   E'R(7(&Jƒ\UD   7L…XFKD\SKƒQORQJFR‘PDŽXQKˆQˆ‡‘FF‡PYR%R‘L%PƒšWQˆ‡‘F% NL…›WVˆ‘F%JL†šQJQKˆE…›QKGFKWD  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q   &D‘K†—L%SKRPD‘W%WKW%VˆD  3KRŽQJE…›QK  ./DŽPOD›QKQKDQKWKˆ›FSKƒ˜PVDXNKLFKLDWKDŽQKWˆŽQJPL…šQJQKR  .gQWKˆ›FSKƒ˜PQƒšXQˆ‡‘QJFƒ˜QWKƒ›Q  .*LˆY…›VLQKFD‘QKƒQW†šW  .&KXƒ˜QEYDŽFK…šEL…šQWKˆ›FSKƒ˜PWKHRTXLWU‰QKK‡œSY…›VLQK .%DRY…›YDŽ[ˆO\‘W†šWQJX†—QQˆ‡‘F 48
  52.  .;ˆO\‘W†šWQˆ‡‘FWKDL  9,%j€1+'26+,*(//$6211(,  7D‘FQKƒQJƒ\E…›QK   %…›QK O\’  ODŽ P†œW E…›QK Jƒ\ UDGRWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q 6KLJHOODVSSNKLFK…šEL…šQNK†QJK‡œSY…›VLQK   &D‘F FKXQJ 6KLJHOOD VSS Jƒ\ E…›QK J†—P 6 VRQQHL! 6 IOH[QHUL! 6 G\VHQWHULDH!6ER\GLL  7K‡ŽLJLDQQXQJE…›QK   7ˆŽQJDŽ\%WKˆ‡ŽQJWK‡ŽLJLDQQXQJE…›QKV‡‘PK‡QQJDŽ\  7UL…›XFKˆ‘QJ   7UL…›XFKˆ‘QJWKD\„†˜LWˆŽWK…˜YˆŽD„…šQWK…˜Q‚›QJ1Jˆ‡ŽLE…›QKE „DXEX›QJ%V†šW%‡‘QOD›QK%WL…XFKD\SKƒQORQJ8WKˆ‡ŽQJFR‘Oƒ™QPD‘X%QL…P PD›F%PX9%QKˆ‘F„ƒ—X%Q†QPˆD%X…˜RDL%NL…›WVˆ‘F%PƒšWQˆ‡‘F  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q   &D‘FORD›LWKˆ›FSKƒ˜PWU†œQGD›QJˆ‡‘W%VˆD%„ƒ›X%NKRDLWƒ\%W†P%JDŽ% UDXFDLWU†œQ  3KRŽQJE…›QK  .*LˆY…›VLQKFD‘QKƒQW†šW  ./DŽPOD›QKQKDQKWKˆ›FSKƒ˜PVDXNKLFKLDWKDŽQKWˆŽQJPL…šQJQKR  .&KXƒ˜QEYDŽFK…šEL…šQWKˆ›FSKƒ˜PWKHRTXLWU‰QKK‡œSY…›VLQK  49
  53. .gQWKˆ›FSKƒ˜PQƒšXQˆ‡‘QJFƒ˜QWKƒ›Q  .%DRY…›YDŽ[ˆO\‘W†šWQJX†—QQˆ‡‘F  .;ˆO\‘W†šWQˆ‡‘FWKDL  ..L…˜PVRD‘WUX†—LQK‚›QJ  9,,%j€1+'2&$03</2%$&7(5-(-81,  7D‘FQKƒQJƒ\E…›QK   &DPS\OREDFWHUVSSODŽQJX\…QQKƒQFKX\…šXJƒ\E…›QKGRWKˆ›F SKƒ˜P QKL…™P YL NKXƒ˜Q 0†œW V†š FKX\…Q JLD FKR WKƒš\ ODŽ E…›QK GR &DPS\OREDFWHUQ†˜UDFRŽQSK†˜EL…šQK‡QFDE…›QKWKˆ‡QJKDŽQ+L…›QQD\ FR‘  FKXQJ YL NKXƒ˜Q Jƒ\ E…›QK FKR QJˆ‡ŽL% „R‘ODŽ&MHMXQL!&FROL!& ODULGLV! & IHWXV VSS! & K\SRLQWHVWLQDOLV! & FLQDHGL! & IHQQHOOLDH! & XSVDOLHQVLV!&S\ORU\ i‚›F„L…˜PFXDYLNKXƒ˜Q  &DPS\OREDFWHUMHMXQLODŽYLNKXƒ˜Q*%YLKL…šXNKŒ%FKXQKL…›W%QKˆQJQR‘ SKD‘W WUL…˜Q W†šW ‡ QKL…›W „†œ R&YDŽ\…XFƒ—XP†LWUˆ‡ŽQJQX†LFƒš\„‚›F KL…›X  .7Kˆ›FSKƒ˜PQKL…™PYLNKXƒ˜Q„HPWUˆOD›QKVHNŒFKWKŒFKFKX‘QJW‚QJ WUˆ‡QJYDŽ‡QKL…›W„†œ„†QJOD›QKP†œWV†šŒWSKƒ—QWU‚PYLNKXƒ˜QFR‘WK…˜ V†šQJWURQJP†œWWK‡ŽLJLDQGDŽL  .7ŒQKJƒ\E…›QKFXDFKX‘QJFDRFKŠNKRDQJW…šEDŽRYLNKXƒ˜QFR‘WK…˜ „X „…˜ Jƒ\ E…›QK YDŽ FKX‘QJ SKƒQ E†š U†œQJ WURQJ Wˆ› QKL…Q% Gƒ™Q „…šQ QJX\…QQKƒQJƒ\E…›QKGR‚QWKˆ›FSKƒ˜PQKL…™PYLNKXƒ˜Q  1JX†—QE…›QK  &MHMXQLFR‘WURQJWKˆ›FSKƒ˜PQJX†—QJ†šF„†œQJYƒ›W7KWJLDFƒ—P YDŽFD‘FVDQSKƒ˜PWˆ‡LV†šQJFXDFKX‘QJiR‘ODŽQJX†—QJƒ\QKL…™PY‡‘LWŠO…› 50
  54. FDR%Jƒ—QTFD‘FWUˆ‡ŽQJK‡œS„DQJKL…QFˆ‘X+ƒ—XK…šWFD‘FJLDVX‘FQKˆ KHR% WUƒX ERŽ% JLD Fƒ—P NKRH PD›QK EDŽL WL…šW & MHMXQLWURQJSKƒQYDŽV†š Oˆ‡œQJYLNKXƒ˜QO…QW‡‘LYLNKXƒ˜QJSKƒQ  7K‡ŽLJLDQQXQJE…›QK   7K‡ŽLJLDQQXQJE…›QKWˆŽQJDŽ\  7UL…›XFKˆ‘QJ   6†šW% WL…X FKD\ Gˆ G†œL 8WKŠQK WKRDQJ WKƒš\ FR‘ PD‘X9% „DX EX›QJ% EX†—QQ†Q  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q   9LNKXƒ˜QW‰PWKƒš\‡WURQJVˆDWˆ‡L%Qˆ‡‘F%WKWJLDVX‘F7KWJLD Fƒ—PKL…›QQD\„ˆ‡œFEL…šWODŽQJX†—QJƒ\E…›QKFKRWUHHP%…›QKWUX\…—Q GR QJˆ‡ŽL PDQJ YL NKXƒ˜Q QKL…™PYDŽRWKˆ›FSKƒ˜P%YDŽWKˆ›FSKƒ˜PQƒ—\ ODŽPOƒ\E…›QKVDQJFKRQJˆ‡ŽL 3KRŽQJE…›QK  .;ˆO\‘VˆDE‚“QJQKL…›W3DVWHXUKR‘D  .;ˆO\‘W†šWQJX†—QQˆ‡‘FVˆGX›QJ  .  *LDP Pˆ‘F „†œ Oƒ\  QKL…™P &DPS\OREDFWHU VSS E‚“QJ N\ WKXƒ›WFK‚Q QX†L„X‘QJ%NL…˜PVRD‘WTXLWU‰QKJL…šWP†˜%FK…šEL…šQFD‘FWKˆ›FSKƒ˜PQJX†—Q J†šF„†œQJYƒ›W  .gQWKˆ›FSKƒ˜P„D„ˆ‡œFFK…šEL…šQWKHR„X‘QJ\…XFƒ—XDQWRDŽQY…›VLQK  9,,,%j€1+'2675(372&2&&86)$(&$/,6  7D‘FQKƒQJƒ\E…›QK   6WUHSWRFRFFXVIDHFDOLVODŽYLNKXƒ˜QWKˆ‡ŽQJFˆWUX‘WURQJ„ˆ‡ŽQJUX†œW 51
  55. FXD QJˆ‡ŽL YDŽ JLD VX‘F /DŽ YL NKXƒ˜Q Jƒ\ E…›QK FKR QJˆ‡ŽL GR ‚Q WKˆ›F SKƒ˜PFR‘Pƒ—PE…›QK  7K‡ŽLJLDQQXQJE…›QK   7ˆŽK  7UL…›XFKˆ‘QJ   7UL…›XFKˆ‘QJJL†šQJE…›QKWKˆ‡QJKDŽQQKˆQJ‡WK…˜QKH›K‡Q6†šW% R‘LPˆD%WL…XFKD\%‡‘QOD›QK  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q  7KW ERŽ% WKW KHR YDŽ FD‘F VDQ SKƒ˜P FXD FKX‘QJ ODŽ QJX†—Q WKˆ›F SKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q  3KRŽQJE…›QK   .L…˜PVRD‘WE…›QKWU…QWKˆ›FW…šSKDLTXDNKƒXJLˆY…›VLQKQJKL…P QJ‚›WWKˆ›FSKƒ˜PFR‘QJX†—QJ†šF„†œQJYƒ›W%‡LY‰WD‘FQKƒQJƒ\E…›QK„…— NKD‘QJNH‘PY‡‘LQKL…›W%FKX‘QJFR‘WK…˜V†šQJ‡R&WURQJSKX‘W  ,;%j€1+'2%$&,//86&(5(869,j0'$€'$s<58k7   /DŽP†œWE…›QKGRYLNKXƒ˜QFR‘WURQJWKˆ›FSKƒ˜PJƒ\UDWˆ‡QJWˆ› QKˆE…›QKGR&ORVSHUIULQJHQVQKˆQJE…›QK‡WK…˜QKH›K‡Q  7D‘FQKƒQJƒ\E…›QK   %…›QK[D\UDGRQJˆ‡ŽL‚QWKˆ›FSKƒ˜PFR‘YLNKXƒ˜Q%DFLOOXVFHUHXV 9LNOKXƒ˜Q%DFLOOXV FHUHXV WL…šWQ†œLYDŽQJRD›L„†œFW†šiƒšWYDŽEX›LODŽKDL QJX†—QE…›QKFKŒQKODŽPE…›QKOƒ\ODQUD[XQJTXDQK  i‚›F„L…˜PFXDYLNKXƒ˜Q  52
  56. ./DŽP†œWYLNKXƒ˜QWKˆ‡ŽQJV†šQJKRD›LVLQK%FR‘NKDQ‚QJVLQKQKDEDŽR „…—NKD‘QJY‡‘LQKL…›W&R‘WK…˜V†šQJ‡R&WURQJK  .1KL…›W„†œFR‘WK…˜NŒFKWKŒFKEDŽRWˆQƒ˜\Pƒ—P  .7Kˆ›FSKƒ˜PKL…›QGL…›QYDŽLEDŽRWˆFKŠFR‘\‘QJK‹DJƒ\E…›QKQ…šXFKX‘QJ FR‘ WK…˜ W‚QJ WUˆ‡QJ O…Q „…šQ V†š Oˆ‡œQJ KDŽQJ WUL…›X YL NKXƒ˜Q JWKˆ›F SKƒ˜PWUˆ‡‘FNKLWKˆ›FSKƒ˜P„R‘„ˆ‡œFQJˆ‡ŽLWL…XWKX›  .i†œFW†šFKŠ„ˆ‡œFW…šEDŽRSKR‘QJWKŒFKUDNKLQR‘‡WURQJUX†œWQRQ  7K‡ŽLJLDQQXQJE…›QK   %…›QK[D\UDWˆŽKVDXNKL‚QSKDLWKˆ›FSKƒ˜PFR‘YLNKXƒ˜Q  7UL…›XFKˆ‘QJ   %X†—Q Q†Q% „DX EX›QJ% WL…X FKD\ SKƒQ QKˆ Qˆ‡‘F% FR‘ NKL E R‘L %…›QKNH‘RGDŽLNKRDQJQJDŽ\KD\QJ‚–QK‡Q    &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q   *D›R%QJXF†šF%E†œWE‚–S%YDŽFD‘FE†œWQJXF†šFPR‘QED‘QKWUˆ‘QJVˆD% PR‘Q‚QWUD‘QJPL…›QJ%Qˆ‡‘F[†šW%WKWJDŽQˆ‡‘QJQJX\…QFRQ%  3KRŽQJE…›QK  .1ƒšXWKˆ›FSKƒ˜PN\NKL‚Q  .7Kˆ›FSKƒ˜P„ˆ‡œFFKXƒ˜QEWURQJP†œWWK‡ŽLJLDQQJ‚–QQJD\WUˆ‡‘FNKL ‚Q  .7Kˆ›FSKƒ˜PFKLDWKDŽQKNK†šLOˆ‡œQJQKRYDŽODŽPOD›QKQKDQKFKR‘QJ  53
  57. .1…šXWKˆ›FSKƒ˜PFƒ—QJLˆ‡WUD›QJWKD‘LƒšP%Q…QJLˆ‡QKL…›W„†œ!R&  .*LˆY…›VLQKFD‘QKƒQW†šW%WKˆ›FSKƒ˜POX†Q„ˆ‡œFFK…šEL…šQYDŽFKXƒ˜QE WURQJ„L…—XNL…›QK‡œSY…›VLQK  ./DŽPQR‘QJWKˆ›FSKƒ˜POD›LWUˆ‡‘FNKL‚Q‡QKL…›W„†œ!R&   ;%j€1+'2<(56,1,$(17(52&2/,7,&$  7D‘FQKƒQJƒ\E…›QK  %…›QK Jƒ\ UD GR YL NKXƒ˜Q <HUVLQLD HQWHURFROLWLFD! < SVHXGRWXUEHUFXORVLV  QKL…™P YDŽR WKˆ›F SKƒ˜P &KX‘QJ FR‘ WK…˜ SKD‘WWUL…˜Q WURQJWKˆ›FSKƒ˜PWUˆOD›QK  7K‡ŽLJLDQQXQJE…›QK  7ˆŽQJDŽ\VDXNKL‚QSKDLWKˆ›FSKƒ˜PFR‘QKL…™PYLNKXƒ˜Q% WUXQJE‰QKWˆŽQJDŽ\  7UL…›XFKˆ‘QJ   7L…XFKD\%V†šW%„DXEX›QJ%E…›QKNH‘RGDŽLWURQJQKL…—XQJDŽ\%„R‘ODŽ GƒšXKL…›X„‚›FWUˆQJFXDE…›QKGR<HQWHURFROLWLFD7URQJP†œWV†šWUˆ‡ŽQJ K‡œS%E…›QKGR<HUVLQLDODŽE…›QKN…šSKD‘WFXDE…›QKWKˆ‡QJKDŽQ  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q  9L NKXƒ˜Q W‰P WKƒš\ ‡ WURQJ VˆD Wˆ‡L% FD‘F VDQ SKƒ˜P FXD VˆD% QJX†—QQˆ‡‘F%WKWJLDVX‘F7URQJ„R‘WKWKHRODŽQJX†—QJƒ\E…›QKFKŒQK FKR QJˆ‡ŽL %…›QK WUX\…—Q GR QJˆ‡ŽL PDQJ YL NKXƒ˜Q QKL…™P YDŽR WKˆ›F SKƒ˜P%YDŽWKˆ›FSKƒ˜PQƒ—\ODŽPOƒ\E…›QKVDQJFKRQJˆ‡ŽL   3KRŽQJE…›QK 54
  58.  .;ˆO\‘VˆDE‚“QJQKL…›W3DVWHXUKR‘D  .;ˆO\‘W†šWQJX†—QQˆ‡‘FVˆGX›QJ  .*LDPPˆ‘F„†œOƒ\QKL…™P<HUVLQLDYL…›FNL…˜PVRD‘WTXLWU‰QKJL…šWP†˜% FK…šEL…šQFD‘FWKˆ›FSKƒ˜PQJX†—QJ†šF„†œQJYƒ›W  .gQWKˆ›FSKƒ˜P„DFK…šEL…šQWKHR„X‘QJ\…XFƒ—XY…›VLQK%DQWRDŽQWKˆ›F SKƒ˜P  ;,%j€1+'2/,67(5,$0212&<72*(1(6  7D‘FQKƒQJƒ\E…›QKi‚›F„L…˜PFXDYLNKXƒ˜Q   /LVWHULD PRQRF\WRJHQHV / LQRFXODODŽQJX\…QQKƒQJƒ\E…›QKGR QJˆ‡ŽL‚QWKˆ›FSKƒ˜P   / PRQRF\WRJHQHV ODŽ P†œW WUˆ›F NKXƒ˜Q * % GL „†œQJ% NK†QJ K‰QK WKDŽQKQKDEDŽR%FR‘WK…˜SKD‘WWUL…˜Q‡QKL…›W„†œR&YDŽSKƒQE†šU†œQJWURQJ P†L WUˆ‡ŽQJ &KX‘QJ „ˆ‡œF SKƒQ Oƒ›S WURQJ Kƒ—X K…šW FD‘FWKˆ›FSKƒ˜PFR‘ QJX†—QJ†šF„†œQJYƒ›W  &R‘ŒWQKƒšWFKXQJYLNKXƒ˜Q%WURQJ„R‘FR‘FKXQJD%E%EODŽ QJX\…Q QKƒQ Jƒ\ E…›QK FKR QJˆ‡ŽL WURQJ  T WUˆ‡ŽQJ K‡œS E…›QK 9L NKXƒ˜QKL…›QKL…›QWURQJUX†œWQJˆ‡ŽLQKˆQJNK†QJFR‘WUL…›XFKˆ‘QJFKL…šP WŠO…›NKRDQJT  9L NKXƒ˜Q FR‘ WK…˜ V†šQJ YDŽ W‚QJ WUˆ‡QJ WURQJ P†œW WK‡ŽL JLDQGDŽL WURQJ WKˆ›F SKƒ˜P WUˆ OD›QK YDŽ FR‘ WK…˜ W‚QJ „†œF Oˆ›F ‡ QKL…›W „†œ WKƒšS 7URQJ P†œW V†š WUˆ‡ŽQJ K‡œS%YLNKXƒ˜QFR‘WK…˜V†šQJ‡QKL…›W„†œSDVWHXU KR‘DYDŽWURQJFDTXLWU‰QKFK…šEL…šQWKˆ›FSKƒ˜P  7K‡ŽLJLDQQXQJE…›QK   7K‡ŽLJLDQQXQJE…›QKYDŽOL…—XJƒ\E…›QKW†šLWKL…˜XYƒ™QFKˆD„ˆ‡œF 55
  59. [D‘F„QKŽ  1JX†—QE…›QK   9LNKXƒ˜QFR‘WURQJ„ƒšW%QJX†—QQˆ‡‘F%VˆD%FD‘FVDQSKƒ˜PFXDVˆD% WKWJLDVX‘FJLDFƒ—P%WKˆ›FSKƒ˜PKDLVDQ%FRXFKXD%Qˆ‡‘FWKDL%SKƒQ FXDQKL…—XORDŽLJLDVX‘FYDŽQJˆ‡ŽL  7UL…›XFKˆ‘QJ   %…›QKOL…QTXDQ„…šQFD‘FWUL…›XFKˆ‘QJYL…PQDR%YL…PQDRYL…P PDŽQJQDR%QKL…™PWUXŽQJPD‘XYDŽVƒ˜\WKDL  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q   9L NKXƒ˜Q FR‘ WURQJ VˆD „D SDVWHXU KR‘D% WURQJ P†L WUˆ‡ŽQJ FK…š EL…šQVˆD%YDŽFD‘FVDQSKƒ˜PVˆD7UD‘LFƒ\%UDXFDLQKL…™PYLNKXƒ˜QGR QJˆ‡ŽLER‘QSKƒQWˆ‡L%FKˆDTXD[ˆO\‘WL…XGL…›WPƒ—PE…›QK  3KRŽQJE…›QK  9L…›FSKRŽQJ%QJ‚QQJˆŽDE…›QK[D\UDJ‚›SNKR‘NK‚QGR„‚›F„L…˜P YLNKXƒ˜QFR‘NKDQ‚QJW†—QWD›LYDŽVLQK„†œFW†š‡FDWKˆ›FSKƒ˜PWUˆOD›QK  .7XƒQWKXQJKL…PQJ‚›W\…XFƒ—XY…›VLQK%DQWRDŽQWKˆ›FSKƒ˜PWURQJ FK…šEL…šQYDŽSKƒQSK†šLVDQSKƒ˜P   .9…›VLQKQJX†—QQˆ‡‘F  .;ˆO\‘W†šWFKƒšWWKDL  .;ˆO\‘W†šWQJX†—QSKƒQWUˆ‡‘FNKLVˆGX›QJ„…˜ER‘QFƒ\WU†—QJ  ;,,%j€1+'2%58&(//$633  7D‘FQKƒQJƒ\E…›QK 56
  60.   %…›QK GR YL NKXƒ˜Q %UXFHOOD VSS Jƒ\ UD %…›QK Oƒ\ ODQ GR WKˆ›F SKƒ˜PPDQJPƒ—PE…›QK  7K‡ŽLJLDQQXQJE…›QK   7ˆŽ QJDŽ\%QKˆQJFR‘WK…˜NH‘RGDŽLWURQJQKL…—XWKD‘QJWUˆ‡‘F NKLEL…˜XKL…›QWUL…›XFKˆ‘QJ  7UL…›XFKˆ‘QJ   7UL…›X FKˆ‘QJ „‚›F WUˆQJ FXD E…›QK ODŽV†šWO…Q[X†šQJGD›QJQKƒšS QK† %…›QK[D\UDWUƒ—PWURœQJ‡QKˆQJQJˆ‡ŽLWL…šS[X‘FY‡‘LPƒ—PE…›QK QKˆQ†QJGƒQ%ED‘FV‹WKX‘\%F†QJQKƒQORŽP†˜  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q   6ˆDWˆ‡L%VˆDFKˆDFK…šEL…šQ%FD‘FVDQFXDSKƒ˜PVˆD7KWJLDVX‘F NK†QJW‰PWKƒš\YLNKXƒ˜QJƒ\E…›QK  3KRŽQJE…›QK  .iDPEDR\…XFƒ—XY…›VLQK%DQWRDŽQWKˆ›FSKƒ˜PWURQJFK…šEL…šQWKˆ›F SKƒ˜P%„‚›FEL…›WWURQJNKƒXVDQ[XƒšWVˆD  .L…˜PWUDQJ‚QQJˆŽDE…›QKFKR„DŽQJLDVX‘F  ;,,,%j€1+'29,.+8h}1)5$1&,6(//$78/$5(16,6 i‚›F„L…˜PFXDE…›QK  %…›QKJƒ\UDGRWKˆ›FSKƒ˜PQKL…™PYLNKXƒ˜Q%ODŽE…›QKOL…QTXDQ „…šQFD‘FWKX‘KRDQJGDQX†LODŽPFDQKQKˆWKR%VR‘F%JƒšXWUX‘F0\%…›QK Q†˜UDGRQJˆ‡ŽLYƒ›QFKX\…˜Q%WL…šS[X‘FY‡‘LWKX‘FDQKK‡QODŽGR‚QWKWE QKL…™PNKXƒ˜Q  57
  61. 7K‡ŽLJLDQQXQJE…›QK  7K‡ŽLN\ŽQXQJE…›QKWˆŽK  7UL…›XFKˆ‘QJ  1Kˆ‘F„ƒ—X%‡‘QOD›QK%V†šW%R‘LPˆD%  3KRŽQJE…›QK  .  *Lˆ Y…› VLQK QJKL…PQJ‚›WNKLFR‘WKR‘LTXHQWL…šS[X‘FY‡‘L„†œQJYƒ›W FDQKJLX‘SŒFKWURQJYL…›FSKRŽQJE…›QK  .&K…šEL…šQWKW‡QKL…›W„†œR&WURQJSKX‘W„…˜SKRŽQJE…›QKOƒ\ODQ GR‚QWKˆ›FSKƒ˜P  ;,9%j€1+'2+(02/<7,&675(372&2&&,   9LNKXƒ˜Q+HPRO\WLF6WUHSWRFRFFLFˆWUX‘WURQJKƒ—XKRœQJYDŽ[RDQJ PXLWURQJP†œWV†šQJˆ‡ŽL6ˆDYDŽFD‘FWKˆ›FSKƒ˜PNKD‘FELQKL…™PNKXƒ˜Q TXDFKƒšWWL…šWFXDQKˆQJQJˆ‡ŽLEE…›QKNKLKRKD\K‚–FK‡L%RŽFD‘LE YL…PYX‘ODŽQJX†—QWUX\…—QE…›QKFKRQJˆ‡ŽLTXDVˆDYDŽJƒ\UDK†œLFKˆ‘QJ YL…PKRœQJ„‚›FKL…›X7Kˆ‡ŽQJWK‡ŽLN\ŽQXQJE…›QKODŽQJDŽ\    ;9%j€1+'29,.+8h}1$(52021$6+<'523+,//$    $K\GURSKLOODODŽWUˆ›FNKXƒ˜Q*%GL„†œQJ%SKD‘WWUL…˜QW†šW‡QKL…›W „†œR&1R‘FR‘WK…˜Jƒ\E…›QKFKRFD‘%…šFKQKD‘L%ORDŽLKˆXQKXYDŽFDFRQ QJˆ‡ŽL*KLQKƒ›QP‡‘L„ƒ\FKRWKƒš\QR‘ODŽQJX\…QQKƒQJƒ\WL…XFKD\ GR‚QWKˆ›FSKƒ˜P1R‘SKƒQE†šU†œQJWURQJQJX†—QQˆ‡‘FYDŽODŽQJX\…Q QKƒQODŽPE…›QKQ†˜UD‡QKL…—XQˆ‡‘FNKD‘FQKDX   %  %j€1+ '2 7+m€& 3+h}0 &2v &+mv$ 9,586 9$s 5,&.(776,$*h<%j€1+ 58
  62.  ,%j€1+'2+(3$7,7,69,586  7D‘FQKƒQJƒ\E…›QK   %…›QKGRLQIHFWLRXVKHSDWLWLVYLUXVW\SH$YDŽ%Jƒ\UD  7K‡ŽLJLDQQXQJE…›QK  .i†šLY‡‘LW\SH$%WK‡ŽLJLDQQXQJE…›QKWˆŽŽQJDŽ\%WUXQJE‰QK QJDŽ\  .i†šLY‡‘LW\SH%%WK‡ŽLJLDQQXQJE…›QKWˆŽŽWKD‘QJ  7UL…›XFKˆ‘QJ   6†šW%FKD‘Q‚Q%U†šLORD›QWL…XKR‘D%E…›QKYDŽQJGDYDŽJƒ\FK…šWY‡‘LWŠ O…›WKƒšS  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q  .9L…PJDQGRYLUXVW\SH$FD‘FWKˆ›FSKƒ˜PFR‘QKL…™PYLUXVQKˆFD‘F VDQSKƒ˜PFXDVˆD%FD‘FORDŽLQKX\…™QWK…˜%FD‘FF‡V‡FK…šEL…šQED‘QKWKX F†QJ% FD‘FWKˆ›FSKƒ˜PFK…šEL…šQY‡‘LTXLWU‰QKNK†QJK‡œSY…›VLQK&D‘F WKˆ›FSKƒ˜PODŽWKDŽQKSKƒ—QFXDEˆD‚QQKˆNKRDLWƒ\%VDODG  .1ˆ‡‘FODŽQJX†—QWUX\…—QE…›QKTXDQWURœQJ  .9…›VLQKFD‘QKƒQNH‘P%Y…›VLQKNKXFK…šEL…šQNH‘PFXQJODŽQJX†—QODŽP E…›QKOƒ\ODQ  3KRŽQJE…›QK  ..L…˜PWUDYDŽ[ˆO\‘QJX†—QQˆ‡‘F  . .L…˜P WUD Y…› VLQK FD‘ QKƒQ W†šW% NL…˜P WUD Y…› VLQK Yƒ›Q FKX\…˜Q WKˆ›F 59
  63. SKƒ˜P*LˆY…›VLQKW†šW„†šLY‡‘LFD‘FQKDŽYƒ›QFKX\…˜QWKˆ›FSKƒ˜P  .7Kˆ‡ŽQJ[X\…QYDŽ„QKN\ŽODŽPY…›VLQK%WL…X„†œFNKXVDQ[XƒšW%FK…š EL…šQWKˆ›FSKƒ˜P  ..L…˜PVRD‘WTXLWU‰QKFK…šEL…šQVˆDYDŽFD‘FORD›LWKˆ›FSKƒ˜P%„DPEDR K‡œSY…›VLQKYDŽDQWRDŽQWKˆ›FSKƒ˜P  .1ƒšXFKŒQNKL‚QFD‘FORDŽLQKX\…™QWK…˜  ,,%j€1+'232/,20<&(/,7,6(17(529,586  7D‘FQKƒQJƒ\E…›QK   %…›QKGRSROLRHQWHURYLUXVW\SH,%,,%,,,Jƒ\UD  7K‡ŽLJLDQQXQJE…›QK  7K‡ŽLJLDQQXQJE…›QKWˆŽŽQJDŽ\  7UL…›XFKˆ‘QJ    6†šW%R‘LPˆD%QKˆ‘F„ƒ—X%„DXQKˆ‘FF‡E‚–S%ED›LOL…›W  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q  .6ˆDWˆ‡LFKˆDFK…šEL…šQ%KD\VˆD„DSDVWHXUKRD‘QKˆQJYƒ›QFKX\…˜Q NK†QJ K‡œS Y…› VLQK ODŽ QJX\…Q QKƒQ ODŽP E…›QK Q†˜ UD 1Jˆ‡ŽL E…›QK WUX\…—QYLUXVVDQJQJˆ‡ŽLNKRHTXDWKˆ›FSKƒ˜PYƒš\QKL…™PYLUXV   3KRŽQJE…›QK  . .L…˜P WUD Y…› VLQK FD‘ QKƒQ W†šW% NL…˜P WUD Y…› VLQK Yƒ›Q FKX\…˜Q WKˆ›F SKƒ˜P*LˆY…›VLQKW†šW„†šLY‡‘LFD‘FQKDŽYƒ›QFKX\…˜QWKˆ›FSKƒ˜P  60
  64. .;ˆO\‘W†šWQJX†—QQˆ‡‘F  .%DRY…›NK†QJFKRUX†—LQK‚›QJWL…šS[X‘FY‡‘LWKˆ›FSKƒ˜P  .4XLWU‰QKFK…šEL…šQ„DPEDR„X‘QJN\WKXƒ›W[ˆO\‘QKL…›W„†šLY‡‘LFD‘F ORD›LWKˆ›FSKƒ˜P%„DPEDRK‡œSY…›VLQKYDŽDQWRDŽQWKˆ›FSKƒ˜P   ,,,%j€1+'25,&.(776,$6  i‚›F„L…˜P7D‘FQKƒQJƒ\E…›QK  %…›QKGRULFNHWWVLDFKX\…šXJƒ\UDNKLQJˆ‡ŽLE„†œQJYƒ›WFKƒQ„†šW QKˆERœFKH‘W%FKƒš\Uƒ›Q%YHF‚–QWUX\…—QPƒ—PE…›QKTXDPD‘XFXDFKX‘QJ 5LFNHWWVLDJƒ\E…›QKV†šWGRULFNHWWVLDWU…QF‡WK…˜Q†˜LFD‘FPX›QPDŽX„R WŒP%E…›QK„ƒ›XGRULFNHWWVLD%E…›QKV†šW4%V†šW5RFN\PRXQWDLQVSRWWHG FKRQJˆ‡ŽL  %RŽ VˆD E E…›QK V†šW 4  GR ULFNHWWVLDJƒ\UDFR‘W…QODŽ&R[LHOOD EXUQHWLL%ODŽYƒšQ„…—„DQJOˆXWƒPFXDVˆ‘FNKRH\W…šF†œQJ„†—QJ9LVLQK Yƒ›WQƒ—\„ˆ‡œFWL…šWYDŽRWX\…šQVˆD%WD›RP†œWV†šOˆ‡œQJO‡‘QWURQJVˆDYDŽQR‘ ODŽPODQWUX\…—QE…›QKVDQJFKRQJˆ‡ŽL6ˆDSDVWHXUKR‘D‡QKL…›W„†œ„X WL…X GL…›W 0\FREDFWHULXP WXEHUFXORVLV 8R& WURQJ  SKX‘W9 QKˆQJ & EXUQHWLL!&EXUQHWLL„DPEDREWL…XGL…›W‡QKL…›W„†œ R&WURQJ SKX‘W  &R[LHOODEXUQHWLLODŽYLVLQKYƒ›WJƒ\E…›QKV†šW4%ODŽE…›QK[D\UD NK‚–SQ‡LWU…QWK…šJL‡‘L   7K‡ŽLJLDQQXQJE…›QK   7ˆŽWXƒ—Q  7UL…›XFKˆ‘QJ  61
  65.  %…›QKFR‘EL…˜XKL…›QWUL…›XFKˆ‘QJ‡„ˆ‡ŽQJK†KƒšS  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q   7Kˆ›F SKƒ˜P ODŽ QJX†—Q ODŽP Oƒ\ WUX\…—Q E…›QK 7URQJ „R‘% VˆD ODŽ QJX†—QWUX\…—QE…›QKTXDQWURœQJ1JX†—QJƒ\E…›QKFKX\…šXODŽWUƒXERŽ% G…%FˆŽX  3KRŽQJE…›QK  . 4XL WU‰QK FK…š EL…šQ  „DP EDR „X‘QJ N\WKXƒ›W„†šLY‡‘LFD‘FORD›LWKˆ›F SKƒ˜P„‚›FEL…›WODŽVˆDYDŽFD‘FVDQSKƒ˜PFXDVˆD  . 9…› VLQK WL…X „†œF P†L WUˆ‡ŽQJ [XQJ TXDQK% WL…X GL…›W FD‘F P†L JL‡‘L WUX\…—QE…›QK   &  %j€1+ '2 7+m€& 3+h}0 &2v &+mv$ .<v 6,1+ 758s1* *h<%j€1+  ,%j€1+'27$(1,$633 7D‘FQKƒQJƒ\E…›QK   7DHQLDVDJLQDWDYDŽ7VRGLXPN\‘VLQK‡UX†œWQJˆ‡ŽL*LDL„RD›QƒšX WUXŽQJ8NH‘Q9QR‘N\‘VLQK‡WKWWUƒXERŽ8NH‘QFXDVD‘Q7VDJLQDWD9%N\‘ VLQKWURQJWKWKHR8NH‘QFXDVD‘Q7VRGLXP9%…›QKJD›RKHRWUƒ—PWURœQJ K‡QJD›RERŽ   7K‡ŽLJLDQQXQJE…›QK   1KL…—XWXƒ—QO…™  7UL…›XFKˆ‘QJ  62
  66. D*D›RERŽMF\VWLFHUFXVERYLVR   iDXEX›QJ%FDPWKƒš\„R‘L%E†—QFK†—Q%ORO‚–QJ  E*D›RKHRMF\VWLFHUFXVFHOOXORVDHR   7UL…›XFKˆ‘QJWKD\„†˜LWˆŽPDQWŒQKJƒ\U†šLORD›QWL…XKR‘D„…šQ E…›QKWUƒ—PWURœQJJƒ\NKR‘FKX%YL…PQDRYDŽFR‘WK…˜Jƒ\FK…šW  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q  7KWERŽ%WKWKHRWD‘LODŽQJX†—QTXDQWURœQJODŽPƒšXWUXŽQJE…›QKJD›R GD›QJWˆ‡LOƒ\ODQVDQJQJˆŽ‡L1JRDŽLUD%ƒšXWUXŽQJE…›QKJD›RWˆŽSKƒQOƒ\ WUX\…—QTXD„ˆ‡ŽQJWL…XKR‘D  3KRŽQJE…›QK  .0XDWKWERŽ%WKWKHR„DTXDVˆ›NL…˜PVRD‘WVD‘WVLQKFXDED‘FV‹WKX‘\ .1ƒšXN\WKWERŽWKWKHRWUˆ‡‘FNKL‚Q  ,,%j€1+'275,&+,1(//$63,5$/,6 7D‘FQKƒQJƒ\E…›QK  %…›QKGRN\‘VLQKWUXŽQJ7ULFKLQHOODVSLUDOLVJƒ\UD  7K‡ŽLJLDQQXQJE…›QK   7ˆŽQJDŽ\%WUXQJE‰QKQJDŽ\7URQJWUˆ‡ŽQJK‡œSQ‚›QJE…›QK [D\UDVDXNKLQKL…™PK  7UL…›XFKˆ‘QJ   %X†—QQ†Q%R‘LPˆD%WL…XFKD\%V†šW%NKR‘WK‡%VˆQJPLP‚–W%„†LNKL Jƒ\FK…šW  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q 63
  67.   7KWKHRV†šQJKD\WKWWD‘LYDŽFD‘FVDQSKƒ˜PFXDWKWFK…šEL…šQ[ˆ O\‘QKL…›WNK†QJ„X‘QJTXLFD‘FK7KWFD‘YRL%KDLFƒ˜X%JƒšX%KD\WKWKDLPD FR‘FKˆ‘DƒšXWUXŽQJGD›QJWˆ‡L  3KRŽQJE…›QK  .&K…šEL…šQ%[ˆO\‘QKL…›WWKWKHRYDŽFD‘FVDQSKƒ˜PWKW„X‘QJTXLFD‘FK  .i†QJOD›QKWKW‡ .R&WURQJQJDŽ\% .R&WURQJQJDŽ\KD\ .R&WURQJQJDŽ\  .&K…šEL…šQFD‘FFKƒšWSKX›SKƒ˜PODŽPWKˆ‘F‚QJLDVX‘F  .'L…›WFKX†œWWURQJNKXFKX†—QJWUD›LFK‚QQX†L  ,,,%j€1+72;23/$6026,6 7D‘FQKƒQJƒ\E…›QK  7R[RSODVPDJRQGLLODŽP†œWQJX\…QVLQK„†œQJYƒ›WOƒ\WUX\…—QE…›QK FKR QJˆ‡ŽL TXD YL…›F ‚Q WKW Wˆ‡L KD\WKW„DFK…šEL…šQEQKL…™PPƒ—P E…›QK%KD\QKL…™PSKƒQPHŽRhšXWUXŽQJ8NH‘Q9FXD7JRQGLLV†šQJWURQJ E‚–SF‡FXDYƒ›WFKXEE…›QKWURQJQKL…—XQ‚P  7UL…›XFKˆ‘QJ   3KD‘ KX\ K…› WK†šQJ WKƒ—Q NLQK% YL…P PDŽQJ YRQJ PD›F% Vƒ˜\ WKDL %…›QKFR‘WŒQKFKƒšWQJK…—QJKL…›S%F†QJQKƒQ%Q†QJGƒQ%ED‘FV‹WKX‘\FR‘ QJX\F‡P‚–FE…›QKQKL…—XK‡Q  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q  7KWJLDVX‘F  64
  68. 3KRŽQJE…›QK  .*LD‘RGX›FFKRF†œQJ„†—QJ%„‚›FEL…›WODŽFD‘FEDŽPH›„DQJWURQJWK‡ŽLN\Ž QX†LFRQQKR  .*LˆY…›VLQKWD\FKƒQNKLE‚–WKD\„XŽDJL‡QY‡‘LFRQPHŽR%„‚›FEL…›WNKL WL…šS[X‘FY‡‘LSKƒQPHŽR .iDPEDR‚QWKWQƒšXFKŒQ%NK†QJ‚QWKWWˆ‡LV†šQJ%WKWWD‘L%KD\QƒšX TXDORD ,9  %j€1+ '2 (1'2*(1286 &8t$ &$v ;(1'2*(1286 ',6($6(2)),6+@%j€1+6$v1'h<  7D‘FQKƒQJƒ\E…›QK  1KL…—XE…›QKWUX\…—QQKL…™P‡QJˆ‡ŽL„ˆ‡œFW‰PWKƒš\QJX\…QQKƒQ ODŽGR‚QFD‘Qˆ‡‘FQJRœW7X\QKL…Q%P†œWV†šORDŽLFD‘EL…˜QFXQJJƒ\E…›QK QKˆFD‘K†—L  %…›QKGRVD‘QGƒ\'LSK\OORERWKULXPODWXPJƒ\UD  7K‡ŽLJLDQQXQJE…›QK  7ˆŽWXƒ—Q  7UL…›XFKˆ‘QJ  7Kˆ‡ŽQJNK†QJFR‘EL…˜XKL…›QWUL…›XFKˆ‘QJ„‚›FWUˆQJ%…›QKQKƒQ EL…˜XKL…›QWKL…šXPD‘XWURQJWUˆ‡ŽQJK‡œSE…›QKQ‚›QJ  &D‘FORD›LWKˆ›FSKƒ˜PFR‘FKˆ‘DYLNKXƒ˜Q   &D‘V†šQJ%FD‘QƒšXWD‘LFR‘FKˆ‘DƒšXWUXŽQJ  3KRŽQJE…›QK  65
  69. .7UD‘QK‚QFD‘[†QJNKR‘LV†šQJ  .gQFD‘QƒšXFKŒQN\                            66
  70. đại học cần thơ - khoa nông nghiệp giáo trình giảng dạy trực tuyến ‡ÄQJ 7S&ĂQ7K†7HO )D[ :HEVLWHKWWSZZZFWXHGXYQNQQHPDLOGPLQK#FWXHGXYQ YWDQK#FWXHGXYQ Kiểm soát vệ sinh thú y Các sản phẩm động vật An toàn thực phẩm Ch−ơng 4 Nguyên tắc vệ sinh đối với lò mổ gia súc Chủ biên: PGs. Ts. Châu Bá Lộc Lý Thị Liên Khai, MVD, M.Sc.
  71. &Kˆ‡QJ   1*8<j17g{&9j€6,1+ik,9lv,/2s0k}*,$68v&   ,08€&iq&+<j8&h|8   &D‘F[ŒQJKL…›SORŽJL…šWP†˜FK…šEL…šQJLDVX‘FJLDFƒ—PFKXDQK Kˆ‡QJUƒšWO‡‘QFXD„L…—XNL…›QE…QQJRDŽLQKˆYL…›F[ƒ\Gˆ›QJWUDQJWKL…šW E P†L WUˆ‡ŽQJ 7Kƒ›W Yƒ›\ Q…šX [ƒ\ Gˆ›QJ NK†QJ „X‘QJ \…X Fƒ—X N\ WKXƒ›WWKL…šWEWK†V‡VHJLHRU‚–FPƒ—PE…›QKUD[XQJTXDQKODŽPOƒ\ODQ E…›QKVDQJFKRQJˆ‡ŽLYDŽJLDVX‘F  /RŽP†˜GXŽ‡TXLP†WRQKRNKD‘FQKDXFXQJSKDL„DPEDRFD‘F \…XFƒ—XVDX  B.K†QJJƒ\†QKL…™PUDP†LWUˆ‡ŽQJ[XQJTXDQK  B&XQJFƒšSWKWJLDVX‘FFKƒšWOˆ‡œQJW†šW„DPEDRY…›VLQKFKRQJˆ‡ŽL WL…XWKX›  B1J‚QFK‚›QGFKE…›QKOƒ\VDQJQJˆ‡ŽLYDŽJLDVX‘F  B3KD‘WKL…›Q„ˆ‡œFGFKE…›QK‡„DSKˆ‡QJYXŽQJFXQJFƒšSWKX‘„…˜ NSWK‡ŽLGƒ›SW‚–W  B1J‚QFK‚›Q„ˆ‡œFQD›QOD›PVD‘W  B;DQKDŽGƒQSK†šFK‡œWUˆ‡ŽQJKRœFE…›QKYL…›Q  B7L…›Q„ˆ‡ŽQJJLDRWK†QJQKˆQJSKDL[DWUX›FO†œJLDRWK†QJFKŒQKYDŽ [ƒ\FX†šLKˆ‡‘QJJLR‘FKŒQK  B;DQJX†—QJƒ\QKL…™PEƒ˜QEDLUD‘FEDLXSKƒQQKDŽWL…XF†QJF†œQJ [ŒQJKL…›SWKDLEX›LNKŒ„†œF 67
  72. BiD„L…˜PSKDLFDRUD‘RWKRD‘QJPD‘WVD›FKVHFD‘FKP‚›WQˆ‡‘FQJƒ—P! P  B&R‘F†˜QJ[XƒšWQKƒ›SUL…QJ[XQJTXDQKFR‘Wˆ‡ŽQJFDRPVƒXP YDŽFR‘Fƒ\„…˜„DPEDRPD‘WPH  ,,6lik|/2s0k} &KLDODŽPNKX  .KXFK‚QQX†L  &R‘NL…˜XFKX†—QJ‡OL…—QF†˜QJVDXF†˜QJQKƒ›SJLDVX‘F  B&KX†—QJNL…˜PVRD‘WJLDVX‘FNL…˜PWUDOƒPVDŽQJNKD‘PV†šQJ  B  &KX†—QJ QJKŠ QJ‡L FR‘ E†š WUŒ PD‘QJ ‚Q PD‘QJ X†šQJ FKR ‚Q NKƒ˜XSKƒ—QGX\WU‰  B&KX†—QJFK‡ŽJL…šWP†˜FKŠFKRX†šQJQˆ‡‘F  .KRDQJFD‘FKJLˆDFD‘FFKX†—QJODŽP7KL…šWN…š[ƒ\Gˆ›QJV†š† FKX†—QJSKDL„DPEDRGˆ›WUˆWURQJQJDŽ\VDQ[XƒšW'L…›QWŒFKFDNKX FKX†—QJFKL…šPW†˜QJGL…›QWŒFK  .KXFD‘FKO\YDŽJL…šWJLDVX‘FE…›QK  .KX Qƒ—\ WKˆ‡ŽQJODŽPUL…QJUDP†œWJR‘FFX†šLKˆ‡‘QJJLR‘YDŽFD‘F NKXNKD‘FŒWQKƒšWP&R‘FKX†—QJFD‘FKO\JLDVX‘FE…›QKFR‘Q‡LP†˜ [H‘WQJKL…›PQ‡L[ˆO\‘JLDVX‘FE‚“QJQKL…›W„†œFDRORŽWKL…X[D‘FE…˜FKˆ‘D Qˆ‡‘FEƒ˜QYDŽSKDL[ˆO\‘Qˆ‡‘FEƒ˜Q‡NKXFD‘FKO\WUˆ‡‘FNKLFKD\YDŽRK…› WK†šQJF†šQJFKXQJ7†šWQKƒšWODŽPUDŽRQJ‚QFD‘FKY‡‘LFD‘FNKXNKD‘F&D‘Q E†œSKX›WUD‘FKNKXQƒ—\NK†QJ„ˆ‡œF„LYDŽRFD‘FNKXNKD‘FYDŽQJˆ‡œFOD›L  .KXVDQ[XƒšW  ;ƒ\ Gˆ›QJ FD‘FK [DFD‘FNKXNKD‘FŒWQKƒšWP7X\ŽPˆ‘F„†œO‡‘Q QKRFR‘W…QJRœLORŽP†˜KD\QKDŽPD‘\WKWOL…QK‡œS  G/RŽP†˜JLDVX‘FODŽQ‡LFXQJFƒšSWKWYDŽSKXWD›QJFRŽQFD‘FSKX› 68
  73. SKƒ˜PNKD‘FKƒ—XQKˆER„LNK†QJQKˆQJNK†QJWƒ›QGX›QJY…—NLQKW…š PDŽFKŒQKQKˆQJVDQSKƒ˜PSKX›Qƒ—\ODŽPPƒšWY…›VLQKYDŽJLDRU‚–FPƒ—P E…›QKFKRQJˆ‡ŽLYDŽJLDVX‘F  ;…šSORD›LORŽP†˜H/RŽP†˜P†˜JLDVX‘FQJDŽ\    H/RŽP†˜!P†˜!JLDVX‘FQJDŽ\  G1KDŽPD‘\WKWOL…QK‡œSQ‡LJL…šWP†˜JLDVX‘FFKRUDWKDŽQKSKƒ˜P KR‚›FED‘QWKDŽQKSKƒ˜P*†—PQKL…—XSKƒQ[ˆ‡QJNKD‘FQKDXJ†—PFR‘FD‘F NKƒXVDQ[XƒšWF‡EDQVDX   .KRGˆ›WUˆWKX‘ *L…šWP†˜SKƒQF‚–W[X‘FWKW  ;ˆO\‘VDQSKƒ˜PSKX›  ;ˆO\‘ORŽQJUX†œW  6DQ[XƒšWP‡‚Q  m‡‘SJLˆGD  &K…šEL…šQFD‘FSK…šSKƒ˜PWKDŽQKWKˆ‘F‚QJLDVX‘FYDŽVDQSKƒ˜P F†QJQJK…›  .KRˆ‡‘SOD›QK„†QJOD›QK  .KXFK…šEL…šQ„ƒ\ODŽNKƒXKL…›Q„D›LQKƒšWWURQJN\QJK…›WKW lt„ƒ\PRœLYƒ›W„ˆ‡œFVˆGX›QJWUL…›W„…˜FR‘ORD›L  B7KWFKRUDWKDŽQKSKƒ˜PGXŽQJQJD\„ˆ‡œFOD›S[ˆ‡QJ„†—K†œS MDPSRQWKWKXQJNKR‘LSDWHQHPFKD /†QJ WKDŽQK EDŽQ FKDL 'D WKDŽQKF‚›SGDJLDŽ\GH‘S;ˆ‡QJ  WKDŽQK  E†œW [ˆ‡QJ 6ˆŽQJ WKDŽQK „†— VˆŽQJ„†—P\QJK…›  B7KWFKRUDED‘QWKDŽQKSKƒ˜PWKWWˆ‡LWKWˆ‡‘SOD›QKWKW„†QJ OD›QKO†QJGDVˆŽQJPR‘QJ[ˆ‡QJ„D„ˆ‡œFWL…X„†œFNKˆWUXŽQJFR‘WK…˜ „ˆD„…šQFD‘FSKƒQ[ˆ‡QJNKD‘FJLDF†QJ   .KXVDQ[XƒšWFR‘WK…˜E†šWUŒSKRŽQJWKX‘\FKX‘\‘WKˆ‘Wˆ›E†šWUŒVDR FKRSKXŽK‡œSY‡‘LGƒ\FKX\…—QVDQ[XƒšW1‡LNKD‘PWKWWURQJORŽP†˜QKR WKˆ‡ŽQJN…šWK‡œSY‡‘LSKRŽQJQ‡LEDRTXDQWKWWKDŽQKWKX›F7URQJORŽ P†˜TXLP†O‡‘QQ‡LNKD‘PWKWWKˆ‡ŽQJ„ˆ‡œF[ƒ\Gˆ›QJWL…šSY‡‘LSKRŽQJ JL…šWWKWVDRFKRGƒ\FKX\…—QVDQ[XƒšW„ˆ‡œFOL…QWX›FWUD‘QKVˆ›Oƒ™QO†œQ 69
  74. Yˆ‡QYDLFD‘FFKƒšWEƒ˜QYDŽRWKDŽQKSKƒ˜P  'X›QJFX›Fƒ—QWUDQJEW†šLWKL…˜XWURQJORŽP†˜F‡QKRJ†—P  H+…›WK†šQJPR‘FV‚–W„…˜PR‘FWKƒQWKW„ƒ—XORŽQJ  H+DLE†œGDRNKD‘PV‚–FEH‘QFƒ\OL…šFGDR  HWKXŽQJV‚–WFR‘NKR‘D„…˜„ˆ›QJFD‘FE†œSKƒ›QKX\ERNKLNKD‘P  H%†œGƒšXYDŽPˆ›F„R‘QJGƒšX                                     6lik|/2s0k}&h37o1+73  .+8+$s1+&+$v1+.+86$t1;8h7 3KRŽQJWKˆ‡ŽQJWUˆ›FF†˜QJFKŒQK  1‡LW‚–PJLDVX‘F 3KRŽQJKDŽQKFKD‘QKWDŽLYX›   %…›FKRœFWL…šW 3KRŽQJ„L…›QQˆ‡‘F†W†F‡NKŒ  &KDRFD›RO†QJ  7KD‘SQˆ‡‘F%DŽQP†˜KHR 3KRŽQJ7KX‘\0R‘FWUHRWKWKHR &ƒQ[XƒšWVDQSKƒ˜P 1‡LODŽPORŽQJKHR %DŽQP†˜„D›LJLDVX‘F  0R‘F WUHR WKW „D›L JLD VX‘F    1‡L ODŽP ORŽQJ „D›L JLD VX‘F 70
  75.   .KROD›QK    .+8&+g118k,   .+8&$v&+/< &ƒQQKƒ›SJLDVX‘F  &KX†—QJFD‘FKO\ &KX†—QJQK†šWKHR1‡L[H‘WQJKL…›PJVE…›QKFK…šW &KX†—QJQK†šWWUƒXERŽ 1‡LP†˜JLDVX‘FE…›QK +†šSKƒQ   /RŽWKL…X[D‘F  1‡L[ˆO\‘JLDVX‘F E‚“QJQKL…›W„†œFDR   ,,,7+,j7.j1mlv&7521*/2s0k}   1ˆ‡‘FODŽNKƒXUƒšWTXDQWURœQJWURQJORŽP†˜  +…›WK†šQJQˆ‡‘FVD›FK   1ˆ‡‘FVD›FKVˆGX›QJWURQJORŽP†˜TXL„QKSKDLGXŽQJQˆ‡‘FPD‘\ WKHR\…XFƒ—XY…›VLQKWKˆ›FSKƒ˜P1…šXNK†QJFR‘Qˆ‡‘FPD‘\FR‘WK…˜GXŽQJ Qˆ‡‘FJL…šQJ1ˆ‡‘FSKDL„ˆ‡œFNL…˜PWUD„QKN\ŽWKHRKDŽQJWKD‘QJKDŽQJ TXŒY…—FKŠV†š(FROL7X\…›W„†šLNK†QJGXŽQJQˆ‡‘FV†QJQˆ‡‘FDRWXŽ    7X\ŽWKHR\…XFƒ—XFXDORŽP†˜PDŽFR‘N…šKRD›FKFXQJFƒšSQˆ‡‘FKR‚›F „DŽRJL…šQJ0X†šQ„DPEDRQKL…—XNKƒXY…›VLQKFKX†—QJWUD›LVDŽQQ…—Q ORŽP†˜GX›QJFX›W‚–PUˆDWKX‘V†šQJODŽPORŽQJUˆDWKW  B7UƒXERŽ OQJDŽ\FRQ  B+HR OQJDŽ\FRQ  +…›WK†šQJQˆ‡‘FEƒ˜Q   0X†šQ„DPEDRY…›VLQKQR‘LFKXQJ„DPEDRNK†QJOƒ\ODQGFK E…›QKUD[XQJTXDQKWK‰YƒšQ„…—Qˆ‡‘FEƒ˜QSKDL„ˆ‡œFFKX‘\‘WL…X„†œFVD‘W WUXŽQJW†šW7URQJORŽP†˜SKDLFR‘K…›WK†šQJWKRD‘WQˆ‡‘FEƒ˜QW†šWYDŽWƒ›S WUXQJYDŽRE…˜FKˆ‘DFKŒQK„…˜WL…X„†œF   7L…X „†œF E‚“QJ QKL…—X SS Yƒ›W O\‘ KRD‘ KRœF FKORU VLQK KRœFO…Q 71
  76. PHQO‚–QJ„RœQJ$O62+2  ,9<j8&h|8.<t7+8h€77521*;h<'m€1*  B6DŽQORŽP†˜‡NKXFK‚QQX†LVDQ[XƒšWODŽPORŽQJSKDLGXŽQJ QJX\…Q OL…›X NK†QJ WKƒšP Qˆ‡‘F „…˜ G…™ WL…X „†œF VD‘W WUXŽQJ FR‘ „†œ G†šF WKŒFK K‡œS 4  4 1…šX ODŽP E‚“QJ FLPHQW SKDL FR‘ NKŒD „…˜ „‡ WU‡Q QKˆQJNKŒDNK†QJTXD‘VƒXNKR‘ODŽPY…›VLQK  B7ˆ‡ŽQJSKDLOD‘WJD›FKPHQKR‚›FOD‘QJFLPHQWQK‚”QFD‘FKP‚›W„ƒšW 2„…˜G…™ODŽPY…›VLQK  B&ˆDV†˜SKDLFKL…šPGL…›QWŒFKQ…—QORŽP†˜YDŽNK†QJ Q…QODŽPFDRTXD‘D‘QKVD‘QJVHFKL…šXYDŽRŒW&ˆDV†˜Q…QODŽPO‡‘SO‡‘S Oˆ‡‘LO‡‘SFˆDNŒQKYˆŽD„DPEDRWKRD‘QJYˆŽDQJ‚QUX†—LQK‚›QJYDŽR  B$‘QKVD‘QJW†šWQKƒšWGXŽQJ„HŽQ„L…›Q„HŽQP‚QJ[†QJ  B  +…› WK†šQJ F†šQJ UDQKSKDLODŽPQJƒ—PYDŽFR‘„†œG†šFVDRFKR Qˆ‡‘FWKRD‘WQKDQK„…šQE…˜FKˆ‘DWL…›QYL…›FWL…X„†œFVD‘WWUXŽQJ  B'X›QJFX›PR‘FSKDLODŽPE‚“QJNLPORD›LNK†QJVH‘WJŠ  72
  77. đại học cần thơ - khoa nông nghiệp giáo trình giảng dạy trực tuyến ‡ÄQJ 7S&ĂQ7K†7HO )D[ :HEVLWHKWWSZZZFWXHGXYQNQQHPDLOGPLQK#FWXHGXYQ YWDQK#FWXHGXYQ Kiểm soát vệ sinh thú y Các sản phẩm động vật An toàn thực phẩm Ch−ơng 5 Khám thú sống (living animal inspection) Chủ biên: PGs. Ts. Châu Bá Lộc Lý Thị Liên Khai, MVD, M.Sc.
  78. &Kˆ‡QJ .+$v07+8v6k1* /,9,1*$1,0$/,163(&7,21  , 08€&iq&+<v1*+p$ &K‚PVR‘FYDŽNKD‘PWKX‘V†šQJWƒšWFDFD‘FORDŽL„†œQJYƒ›WODŽP†œWNKƒX TXDQWURœQJY‰ &K‚PVR‘FW†šWQKˆQJJLDVX‘FJL…šWWKWODŽPFKRJLDVX‘FNK†QJEVX›W FƒQ%QƒQJFDRSKƒ˜PFKƒšWWKWYDŽSKXWD›QJ .KD‘PWKX‘V†šQJJLX‘SWDSKƒQORD›LJLDVX‘FNKRHY‡‘LJLDVX‘F\…šX%JLD VX‘FQXQJE…›QKYDŽJLDVX‘F„DQJSKD‘WE…›QKWUX\…—QQKL…™P„…˜NSWK‡ŽL FD‘FKO\%[ˆO\‘%WUD‘QKOƒ\ODQ *LX‘SŒFKUƒšWQKL…—XFKRYL…›FNL…˜PQJKL…›PVDXNKLJL…šWP†˜  ,,.,j}062$v7*,$68v&.+,9h€1&+8<j}1ij1  iƒ\ ODŽ  P†œW WURQJ QKˆQJ Eˆ‡‘F NKD‘P V†šQJ 0X†šQ NL…˜P WUD QKDQKFKR‘QJYDŽFR‘N…šWTXDWDSKDL &KXƒ˜QE„D„L…˜PFKRJLDVX‘F[X†šQJ[H%Fƒ—QFR‘WUDQJWKL…šWEFKRJLD VX‘F[X†šQJ[HQKˆFƒ—XWKDQJ%E…›[HSKDL‚QNK‡‘SY‡‘LWKDŽQK[H„…˜JLD VX‘F[X†šQJ[HG…™GDŽQJ 1‡LQK†šWJLDVX‘FNKL[X†šQJ[H67D›PWK‡ŽL„XQK†šWJLDVX‘FWURQJ P†œW[HWUƒXERŽFRQ +HR67D›PWK‡ŽLFRQ 6&†š„QKQK†šWFRQFKX†—QJ  .L…˜PWUDY…—KDŽQKFKD‘QK 73
  79. 6*Lƒš\NL…˜PGFK„†œQJYƒ›WFXD7KX‘<„DSKˆ‡QJ%[HPWKX‘FR‘[XƒšW SKD‘WWˆŽYXŽQJDQWRDŽQGFKNK†QJ 6 *Lƒš\ WL…P SKRŽQJ „…— SKRŽQJ WUˆ‡ŽQJ K‡œS WL…PSKRŽQJFKˆDW‡‘LWK‡ŽL JLDQPL…™QGFK 6.L…˜PWUDV†šOˆ‡œQJJLDVX‘F[HPFR‘NK‡‘SY‡‘LV†šOˆ‡œQJWU…QJLƒš\W‡ŽYƒ›Q FKX\…˜Q NK†QJ 1JKH ED‘R FD‘R W‰QK K‰QK „DŽQJLDVX‘FWURQJTXD‘WU‰QK Yƒ›Q FKX\…˜Q FXD QKƒQ YL…Q D‘S WDL 1…šX WKL…šX Y‰ E…›QK WUX\…—Q QKL…™P SKDLQ†œSEL…QEDQ[ˆO\‘OL…QTXDQWURQJTXD‘WU‰QKYƒ›QFKX\…˜Q 6i†šLY‡‘LWUƒXERŽNL…˜PWUDWK…PJLƒš\SK…šFDQK 66DXNKLNL…˜PWUD[RQJSKƒQ„DŽQWKHR  [XƒšW[ˆ‘ WURœQJOˆ‡œQJ  „‚›FWŒQKNKRH%P…›W%FK…šW[H%E…›QKWUX\…—QQKL…™P  *LDVX‘FQK†šWFK‡ŽJL…šWP†˜„ˆ‡œFFKR‚QX†šQJ„ƒ—\„X7KHRGRL NSWK‡ŽL„…˜SKD‘WKL…›QJLDVX‘FQJKLKR‚›FEE…›QK„…˜FD‘FKO\7L…X„†œF Oƒ—QWXƒ—Q%WUD‘QKJƒ\VWUHVVFKRJLDVX‘F #%j€1+'29h€1&+8<j}1 7KX‘P…›W 'RQK†šWFKƒ›W%NK†QJWKRD‘QJ 7UL…›XFKˆ‘QJ  *LD VX‘F [X†šQJ [H „L ODR „DR% „LNK†QJYˆQJ%FKƒQVDXPX†šQ TX\’’[X†šQJ%QKL…›W„†œE‰QKWKˆ‡ŽQJKR‚›FK‡LWKƒšS%K†KƒšSNKR‘NK‚Q%WLP „ƒ›SQKDQKOƒ—QSKX‘W%QL…PPD›F[XƒšWKX\…šW%QKX„†œQJUX†œWJLDP% „ƒ—ŽXTXD\Y…—P†œWSKŒD%NŒFKWKŒFKNK†QJFR‘SKDQˆ‘QJ&ƒ—QSKƒQEL…›W WKX‘P…›WYDŽWKX‘E…›QKWUX\…—QQKL…™P 7KX‘QJD›WWK‡ *LDVX‘FPƒ›S%QK†šWFKƒ›W%WKL…šXWKRD‘QJNKŒ%WLP„ƒ›S\…šX%FR‘WK…˜W… OL…›WU†—LFK…šW 74
  80. 7KX‘QJ†œ„†œFPX†šL 'R QJˆ‡ŽL ED‘Q PX†šQ W‚QJ WURœQJ Oˆ‡œQJ Q…Q FKR JLD VX‘F X†šQJ Qˆ‡‘FPX†šLKR‚›FJLDVX‘FWˆ›OL…šPSKDL D7UL…›XFKˆ‘QJ *LDVX‘FO‡Ž„‡Ž%„LODR„DR%QJDY…—P†œWSKŒD%„LTXD\YRŽQJ%…›QK Q‚›QJF‡UXQ%„†œQJNLQK7KX‘NK†QJV†šW%WL…˜XQKL…—X%WK‡NKR‘ E&‡FK…šGR1DWŒFKWUˆ‡W…šEDŽRQDR%NKLQˆ‡‘FYDŽRF‡WK…˜FKHŽQH‘S P†QDRJƒ\SKXŽQDR  ,,,&+g062v&18k,'mlu1**,$68v&&+ls*,j77+r7 *LD VX‘F VDX NKL„ˆ‡œFSKƒQ„DŽQVHQX†LQK†šWWD›LNKXFKX†—QJ QJKŠQJ‡L7URQJNKXFKX†—QJQƒ—\FR‘E†šWUŒPD‘QJ‚Q%PD‘QJX†šQJ%Q…—Q FKX†—QJ[ƒ\FR‘„†œG†šFG…™WKRD‘WQˆ‡‘F%G…™WL…X„†œF&KRJLDVX‘F‚Q%X†šQJ „ƒ—\„X&KRJLDVX‘FQJKŠQJ‡LQKƒ—PODŽPFKRTXƒ—\WKWVDXNKLJL…šWP†˜ „D›WFKƒšWOˆ‡œQJW†šW9‰VDXNKLQJKŠQJ‡LWˆŽK%JLDVX‘FNKLJL…šW P†˜ 6&KRœFWL…šWPD‘XUDKRDŽQWRDŽQ 61ƒQJFDRSKƒ˜PFKƒšWWKW 6mv‘FFK…šYLWUXŽQJ[ƒPQKƒ›SYDŽRWKW *LD VX‘F WUˆ‡‘F NKL „ˆD YDŽR JL…šW P†˜    K WUˆ‡‘F NKLJL…šWP†˜ NK†QJFKRX†šQJQˆ‡‘F1…šXFRŽQFXQJFƒšSQˆ‡‘FFKRJLDVX‘F%NKLJL…šW WKWQˆ‡‘FWˆŽGD›GDŽ\WUDŽRUDODŽPFKRWKWNH‘PSKƒ˜PFKƒšWYDŽSKXWD›QJ NKLWD‘FKVHJ‚›SNKR‘NK‚Q <vQJK‹DFXDYL…›FFK‚PVR‘FJLDVX‘FWUˆ‡‘FNKLJL…šWP†˜ 67L…šWNL…›PWKˆ‘F‚Q  6/RŽQJ„ˆ‡œFUˆDVD›FK  6&KRœFWL…šWPD‘XUDKRDŽQWRDŽQ%WKWNK†QJFR‘Y…šWPD‘XWX› 75
  81. 6'…™O†œWGD 7Uˆ‡‘F NKL „ˆD O…Q „ˆ‡ŽQJ Gƒ\ JL…šW P†˜% JLD VX‘F „ˆ‡œFNL…˜PWUD QKL…›W„†œOƒ—QFX†šL9L…›FNL…˜PWUDQƒ—\QKƒ—PJLX‘SSKD‘WKL…›QQKˆQJJLD VX‘FFR‘E…›QKWUX\…—QQKL…™P„DFR‘WUL…›XFKˆ‘QJEL…˜XKL…›QUR6DX„R‘%JLD VX‘F„ˆ‡œFW‚–PUˆDVD›FKVHYDŽ„ˆD„LJL…šWWKW  ,9.+$v07+8v75mlv&.+,im$9$s2.+8*,j70k}  6DXWK‡ŽLJLDQQJKŠQJ‡LWKHRTXL„QKFXD7KX‘\JLDVX‘FK KL%JLDFƒ—PKJDŽK%YWQJ†™QJKLWUˆ‡‘FNKLJL…šWP†˜FD‘QE†œ WKX‘\SKDLNL…˜PWUDWRDŽQ„DŽQJLDVX‘FQKL…›W„†œ%GD‘QJ„L…›X%Gˆ›DYDŽR WUL…›XFKˆ‘QJOƒPVDŽQJFKLDJLDVX‘F„…˜SKƒQORD›L  6*LDVX‘FJL…šWP†˜E‰QKWKˆ‡ŽQJ  67KX‘QJKLE…›QKWKHRGRLQKL…›W„†œ%K†KƒšSJL…šWNKƒ˜Q JL…šWE‰QKWKˆ‡ŽQJ%FX†šL„ˆ‡ŽQJGƒ\  67KX‘JL…šWNKƒ˜QKNKXFD‘FKO\LGRP…›W%FK…šW[H%E…›QKWUX\…—Q QKL…™P 4XDQVD‘WWUD›QJWKD‘LYƒ›Q„†œQJ%QKSWK‡%WUƒXERŽNL…˜PWUDWƒ—QV†š QKDL OD›L4XDQVD‘WGD%P‚–W%PXL%PL…›QJ%Kƒ›XP†Q7UƒXERŽTXDQVD‘W WK…PW‰QKWUD›QJPƒ›S%†šP%NL…˜PWUDU‚QJ„QKWX†˜L  7KX‘QJKLQJ‡ŽJLˆOD›LWKHRGRL‡NKXFD‘FKO\1…šXNL…˜PWUDSKD‘W KL…›QFR‘E…›QKWUX\…—QQKL…™P%SKDLNL…˜PWUDOD›LWRDŽQ„DŽQ%JLDVX‘FQDŽRFR‘ QKL…›W„†œFDRSKDLQK†šWFD‘FKO\%FKX‘\‘NKLNKD‘PWKX‘FD‘L .KL[D\UDE…›QKWUX\…—QQKL…™PWK…˜D‘FWŒQKSKDLJL…šW‡NKXFD‘FKO\ WL…X„†œFVD‘WWUXŽQJWUL…›W„…˜  97KX‘„XWL…XFKXƒ˜QJL…šWP†˜ 6 7UƒXERŽNKRHPD›QK%„XWX†˜LWKHR1i&3+i&3%QKQ „R‘LK%FKŠFKRX†šQJQˆ‡‘F%KWUˆ‡‘FNKLJL…šWP†˜QJˆQJFKRX†šQJ 76