Dok 32
Dok 32
$EERWW -XVWLQ ( %DKQ % $ 7UDQVODWLRQ RI KHU $XWRELRJUDSK\ DQG 9HUVHV )RUHZRUG E\ $QQH )HOGKDXV 'HOKL 0RWLODO %DQDUVLGDVV $EHJJ (PLO 'HU 3UHWDNDOSD GHV *DUXDSXUDQD (LQH 'DUVWHOOXQJ GHV KLQGXLVWLVFKHQ 7RWHQNXOWHV XQG -HQVHLWVJODXEHQV XQYHU $XIODJH %HUOLQ :DOWHU GH *UX\WHU $EKD\DQDQGD 6 -QDQHVKYDU 7KH /LIH DQG :RUNV RI WKH FHOHEUDWHG WK &HQWXU\ ,QGLDQ 0\VWLF3RHW &ODVVLFV RI 0\VWLFDO /LWHUDWXUH 6HULHV 2O\PSLD $WPD %RRNV $EKLQDYDJXSWD 3DUDPUWKDVUD KUVJ PLW IUDQ]vVLVFKHU EHUVHW]XQJ YRQ 6 6LOEXUQ 3DULV ,QVWLWXW GH &LYLOLVDWLRQ ,QGLHQQH ,G 7DQWUORND ZLWK FRPPHQWDU\ E\ 5MQDND -D\DUDWKD LQ 6DQVNULW HGLWHG E\ 3DQGLW 0. 6KDVWUL .DVKPLU 6HULHV RI 7H[WV DQG 6WXGLHV 1R /9,, 9RO ;, %RPED\ 1LUD\D 6JDU 3UHVV ,G 7DQWUDVUD LQ 6DQVNULW HGLWHG E\ 0XNXQGD 5DPD 6DVWUL .DVKPLU 6HULHV RI 7H[WV DQG 6WXGLHV QR 6ULQDJDU 5HVHDUFK 'HSDUWPHQW -DPPX DQG .DVKPLU 6WDWH ,G $ 7ULGHQW RI :LVGRP 7UDQVODWLRQ RI 3DUWULN 9LYDUDD E\ -DLGHYD 6LQJK HGLWHG E\ %HWWLQD %f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vSIHULVFKHQ .Uf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
%LEOLRJUDSKLH
293
%DUWKZDO 3' 7UDGLWLRQV RI ,QGLDQ 0\VWLFLVP EDVHG XSRQ 1LUJXQD 6FKRRO RI +LQGL 3RHWU\ ZLWK D IRUHZRUG E\ 6\DP 6XQGHU 'DV 1HZ 'HOKL +HULWDJH 3XEOLVKHUV %DVKDP $/ 7KH :RQGHU WKDW ZDV ,QGLD WZHQWLHWK LPSUHVVLRQ 1HZ 'HOKL XD 5XSD &R %HUWKROHW $OIUHG LQ 9HUELQGXQJ PLW +DQV )HLKHUUQ YRQ &DPSHQKDXVHQ :vUWHUEXFK GHU 5HOLJLRQHQ YLHUWH $XIODJH QHX EHDUEHLWHW HUJfQ]W XQG KHUDXVJHJHEHQ YRQ .XUW *ROGDPPHU XQWHU 0LWZLUNXQJ YRQ -RKDQQHV /DXEH XQG 8GR 7ZRUXVFKND 6WXWWJDUW $OIUHG .UvQHU 9HUODJ %HWWHOKHLP %UXQR .LQGHU EUDXFKHQ 0fUFKHQ $XIODJH 0cQFKHQ '79 %KDJDYDGJW VLHKH *DUEH 5 XQG 5DGKDNULVKQDQ 6 %KDUDWL $JHKDQDQGD 7KH 7DQWULF 7UDGLWLRQ /RQGRQ 5LGHU &R %LDUGHDX 0DGHOHLQH +LQGXLVPXV 7KH $QWKURSRORJ\ RI D &LYLOLVDWLRQ )UHQFK 6WXGLHV LQ 6RXWK $VLDQ &XOWXUH DQG 6RFLHW\ ,,, 'HOKL 2[IRUG 8QLYHUVLW\ 3UHVV %ORFK -XOHV )RUPDWLRQ RI WKH 0UK /DQJXDJH WUDQVODWHG E\ 'HY 5DM &KDQDQD 'HOKL 0RWLODO %DUVLGDVV %RHWKOLQN 2WWR XQG 5RWK 5XGROSK 6DQVNULW:vUWHUEXFK %GH 6W 3HWHUVEXUJ 3HWHUVEXUJHU :vUWHUEXFK %UDKPD 6WUD E\ %DGDU\DD HGLWHG DQG WUDQVODWHG E\ 6ZDPL *DPEKLUDQDQGD WKLUG HGLWLRQ &DOFXWWD $GYDLWD $VKUDPD %UDKPDVWUD DNDUD %K\D ZLWK WKH &RPPHQWDULHV %KPDW .DOSDWDUX DQG 3DULPDOD HG E\ ./ -RVKL 3DULPDO 6DQVNULW 6HULHV 1R , YROV $KPHGDEDG 3DULPDO 3XEOLFDWLRQV %ULJJV *HRUJH :HVWRQ *RUDNKQWK DQG WKH .QSKDD <RJV 'HOKL 0RWLODO %DQDUVLGDVV %URRNV 'RXJODV 5HQIUHZ $XVSLFLRXV :LVGRP 7KH 7H[WV DQG 7UDQVODWLRQV RI UYLG\ NWD 7DQWULVP LQ 6RXWK ,QGLD $OEDQ\ 6WDWH 8QLYHUVLW\ RI 1HZ <RUN 3UHVV %UcFNQHU +HLGUXQ =XP %HZHLVYHUIDKUHQ DNDUDV (LQH 8QWHUVXFKXQJ GHU )RUP XQG )XQNWLRQ YRQ GQWDV LP %KDGUD\DNRSDQLDGEK\D XQG LP &KQGRJ\RSDQLDGEK\D GHV DNDUD %KDJDYDWSGD 0DUEXUJHU 6WXGLHQ ]XU $IULND XQG $VLHQNXQGH +HUDXVJHEHU +- *UHVFKDW + -XQJUDLWKP\DU : 5DX %HUOLQ 9HUODJ YRQ 'LHWULFK 5HLPHU %cKQHPDQQ *XGUXQ 3M $ 6WXG\ LQ 6PUWD 5LWXDO :LHQ ,QVWLWXW IcU ,QGRORJLH GHU 8QLYHUVLWfW :LHQ &DSUD )ULWMRI 'DV 7DR GHU 3K\VLN 'LH .RQYHUJHQ] YRQ ZHVWOLFKHU :LVVHQVFKDIW XQG vVWOLFKHU 3KLORVRSKLH DFKWH YRP $XWRU UHYLGLHUWH XQG HUZHLWHUWH 1HXDXVJDEH %HUQ XD 6FKHU] 9HUODJ &KDWWHUML -& .DVKPLU 6KDLYLVP $OEDQ\ 6WDWH 8QLYHUVLW\ RI 1HZ <RUN 3UHVV 'DP -\RWLVKPDQ 6KLYD<RJD ,QGLHQV JURHU <RJL *RUDNVKDQDWKD 0cQFKHQ (XJHQ 'LHGHULFKV 9HUODJ
293
%LEOLRJUDSKLH
294
'DVJXSWD 6KDVKLEKXVKDQ $Q ,QWURGXFWLRQ WR 7QWULF %XGGKLVP VHFRQG HGLWLRQ &DOFXWWD &DOFXWWD 8QLYHUVLW\ 3UHVV ,G 2EVFXUH 5HOLJLRXV &XOWV &DOFXWWD )LUPD ./ 0XNKRSDGK\D\ 'DVJXSWD 6XUHQGUDQDWK $ +LVWRU\ RI ,QGLDQ 3KLORVRKSK\ 9RO ,9 &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV 'HXVVHQ 3DXO 'DV 6\VWHP GHV 9HGQWD QDFK GHQ %UDKPD6WUDV GHV %GDU\DD XQG GHP .RPPHQWDUH GHV DNDUD c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cQFKHQ (XJHQ 'LHGHULFKV 9HUODJ ,G 0DVWHUV RI (QFKDQWPHQW 7KH /LYHV DQG /HJHQGV RI WKH 0DKVLGGKDV 5RFKHVWHU XD ,QQHU 7UDGLWLRQV ,QWHUQDWLRQDO /WG 'XUJVDSWDDW VLHKH 'HYPDKWP\DP 'YLYHG +DMUSUDVG 1WKD6DSUDG\D LQ 0DUK WW\D VDVNDUD ,OKEG /RNDEKUDW 3UDNDQ '\F]NRZVNL 0DUN 6. 7KH 'RFWULQH RI 9LEUDWLRQ $Q $QDO\VLV RI WKH 'RFWULQHV DQG 3UDFWLFHV RI .DVKPLU 6KDLYLVP 'HOKL 0RWLODO %DQDUVLGDVV ,G 7KH $SKRULVPV RI LYD 7KH LYDVWUD ZLWK %KVNDUDV &RPPHQWDU\ WKH 9UWLND WUDQVODWHG ZLWK ([SRVLWLRQ DQG 1RWHV E\ 0DUN 6* '\F]NRZVNL )RUHZRUG E\ 3DXO ( 0XOOHU2UWHJD $OEDQ\ 6WDWH 8QLYHUVLW\ RI 1HZ <RUN 3UHVV (OLDGH 0LUFHD <RJD 8QVWHUEOLFKNHLW XQG )UHLKHLW )UDQNIXUW DP 0DLQ 6XKUFDPS (YDQV:HQW] :< 7LEHWV *UHDW <RJL 0LODUHSD $ ELRJUDSK\ IURP WKH 7LEHWDQ HGLWHG ZLWK ,QWURGXFWLRQ DQG $QQRWDWLRQV VHFRQG HGLWLRQ 2[IRUG 8QLYHUVLW\ 3UHVV )HOGKDXV $QQH 7KH5HOLJLRXV 6\VWHP RI WKH 0DKQXEKYD 6HFW 7KH 0DKQXEKYD 6WUDSKD 6RXWK $VLD ,QVWLWXWH 1HZ 'HOKL %UDQFK +HLGHOEHUJ 8QLYHUVLW\ 6RXWK $VLDQ 6WXGLHV ;,, 1HZ 'HOKL 0DQRKDU )LVFKHU /H[LNRQ /LWHUDWXU KUVJ YRQ 8OIHUV 5LFNOHIV )UDQNIXUW DP 0DLQ )LVFKHU 7DVFKHQEXFK 9HUO *PE+
294
%LEOLRJUDSKLH
295
*DUEH 5LFKDUG 'LH %KDJDYDGJW DXV GHP 6DQVNULW cEHUVHW]W PLW HLQHU (LQOHLWXQJ cEHU LKUH XUVSUc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vIIHQWOLFKW LP ,QWHUQHW YRQ 0LNH 0DJHH ODXW 0DJHH
RXW RI SULQW
KWWSZZZKXEFRPFRPPDJHHWDQWUD*25$.++70 *RUDNDSDGGKDWL 0D 6DVNWD ORNVDKD 0DUK $UWKD\D LQ 6DQVNULW X 0DUK DQXYG . 0 %SD 3XH XD *UDWKD 0LD\FH KLNQ *RUDNDDWDND KUVJ YRQ )DXVWD 1RYRWQ\ 'RNXPHQW GHU *HLVWHVJHVFKLFKWH .vOQ ,G LQ %ULJJV *: *RUDNKQWK DQG WKH .QSKDD <RJV *RXGULDDQ 7HXQ 6DQMXNWD *XSWD +LQGX 7DQWULF DQG NWD /LWHUDWXU $ +LVWRU\ RI ,QGLDQ /LWHUDWXUH 9RO ,, IDVF :LHVEDGHQ 2WWR +DUUDVVRZLW] *UvQEROG *cQWKHU DDJD\RJD 5DYLUMV *XDEKDUDLQPD DDJD\RJDLSSD PLW 7H[W EHUVHW]XQJ XQG OLWHUDWXUKLVWRULVFKHP .RPHQWDU 0c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
295
%LEOLRJUDSKLH
296
-YDQPXNWLYLYHND 7H[W DQG 7UDQVODWLRQ 7KH $G\DU /LEUDU\ %XOOHWLQ 9RO 7KH $G\DU /LEUDU\ DQG 5HVHDUFK &HQWUH 7KHRVRSKLFDO 6RFLHW\ 0DGUDV SULQWHG DQG SXEOLVKHG E\ . 5DPDQDWKDQ DW WKH 9DVDQWD 3UHVV -QHYDU -QGHY UMQHYDU LQ 0DUK 0DKUDUD VDQ LND 9LEKJ 0DWUOD\D 0XED ,G 6UWKD -QHYDU LQ 0DUK DNH $' VDSGDN YD DQXYGDN %ODND $QDWD %KLH QDYDYH SXQDUPXGUDD 0XED 3UDNDN 'K% KDYDH ,G 6UWKD -QHYDU JWORN ORNSDGDFKKHG DQYD\UWKD S VDGDUEKDVDKD NDWKQDNH LQ 0DUK DNH $' 9LQ\DN 1U\D -R 6NKDUH 0DKUM YWWL WHUY 3XH <DRGKDQ 3UDNDQ ,G -QQHVKYDUL %KDYUWKDGLSLN $ 6RQJVHUPRQ RQ WKH %KDJDYDGJW WUDQVODWHG IURP WKH 0DUK E\ 9* 3UDGKQ HGLWHG E\ +0 /DPEHUW WZR YROV VHFRQG ,QGLDQ UHSULQW %RPED\ XD *HRUJH $OOHQ 8QZLQ ,G -QDQHVKZDUV *LWD $ 5HQGHULQJ RI -QDQHVKZDUL HG 6ZDPL .ULSDQDQGD $OEDQ\ 6WDWH 8QLYHUVLW\ RI 1HZ <RUN 3UHVV ,G $QXEKDYPWD DQHN MXQ\ SRWK\FH GKUH VLGGKD NHOHO QDY VDRGKLW YWWL YD W\FH EKWDU LQ 0DUK VDSGDN 9 ' *RNKDOH 3XH 1ODNDWKD 3UDNDQ ,G 6UWKD $PWQXEKDYD L 6UWKD &JDGHYD 3VD DQYD\D VXERGKD DUWKDYLYDUDD NDKD DEGF NRD L RY\F DQXNUDPDLN \VDKD LQ 0DUK 9LX 1DUDVLKD -RJD VWDY YWW 3XH 3UDNDQ .UDPND ,G $PULWDQXEKDYD $Q (QJOLVK 5HQGHULQJ E\ %3 %DKLUDW 'HOKL 0RWLODO %DQDUVLGDVV -RVKL 0DGKXNDU 5PFDGUD 1WKDVDSUDG\D 3XH 9HQXV 3UDNDQ -RVKL 3UDOKGD 1DUDKDUD 1WKDVDSUDG\D XGD\D YD YLVWUD LQ 0DUK KDH 5MY 3UDNDQ*UDWKD 3UDNDN -XQJ &* 'LH 5ROOH GHU 6\PEROH LQ &* -XQJ 0/ Y )UDQ] -/ +HQGHUVRQ - -DFREL $ -DIIH 'HU 0HQVFK XQG VHLQH 6\PEROH $XIODJH 2OWHQ :DOWHU9HUODJ .DQH 39 +LVWRU\ RI 'KDUPDVWUD YROV 3XQH UHSULQWHG %KDQGDUNDU 2ULHQWDO 5HVHDUFK ,QVWLWXWH .DQJOH 53 7KH .DXLO\D $UWKDVWUD 3DUW ,, $Q (QJOLVK 7UDQVODWLRQ ZLWK &ULWLFDO DQG ([SODQDWRU\ 1RWHV %RPED\ 8QLYHUVLW\ RI %RPED\ .DXODMQDQLUD\D DQG VRPH PLQRU WH[WV RI WKH VFKRRO RI 0DWV\HQGUDQWKD HGLWHG E\ 3UDERGK &KDQGUD %DJFKL &DOFXWWD 6DQVNULW 6HULHV 1R ,,, &DOFXWWD 0HWURSROLWDQ 3ULQWLQJ 3XEOLVKLQJ +RXVH .DYLUM *RSLQWK 7QWULN 6GKDQ DXU 6LGGKQW 3DQ %LKU5UDEK3DULDG ,G 7KH 6\VWHPV RI &DNUDV DFFRUGLQJ WR *RUDNDQWKD $VSHFWV RI ,QGLDQ 7KRXJKW 8QLYHUVLW\ RI %XUGZDQ .LHKQOH &DWKDULQD -QGHY 6WXGLHV , DQG ,, 6RQJV RQ <RJD 7H[WV DQG 7HDFKLQJV RI WKH 0DKDUULDQ 1WKV 6WXWWJDUW )UDQ] 6WHLQHU 9HUODJ
296
%LEOLRJUDSKLH
297
,G -QGHY 6WXGLHV ,,, 7KH &RQVHUYDWLYH 9DLDYD $QRQ\PRXV 6RQJV RI WKH -QGHY *WK 6WXWWJDUW )UDQ] 6WHLQHU 9HUODJ ,G -QDGHYD *RWW XQG *vWWLQGLH (OWHUQ GHV 8QLYHUVXPV LQ 6cGDVLHQDQWKRORJLH EHUVHW]XQJHQ DXV 6cGDVLDWLVFKHQ /LWHUDWXUHQ KUVJ YRQ *c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vWWLQJHQ 9DQGHQKRHFN X 5XSUHFKW /DNVKPDQ -HH 6ZDPL .DVKPLU DLYLVP .DVKPLU DLYD 6WXGLHV 1R ,, ILUVW HGLWLRQ SXEOLVKHG E\ 8QLYHUVDO 6KDLYD 7UXVW 6ULQDJDU 3DXOV 3UHVV /HDGEHDWHU &: 7KH &DNUDV $ 0RQRJUDSK WZHOIWK UHSULQW 0DGUDV 7KHRVRSKLFDO 3XEOLVKLQJ +RXVH /FDULWUD VLHKH .ROWH /RUHQ]HQ '1 7KH .SOLNDV DQG .OPXNKDV 7ZR ORVW DLYLWH 6HFWV UHSULQW HGLWLRQ 'HOKL 0RWLODO %DQDUVLGDVV 0GKDYD 9LG\UD\D DNDUD'LJ9LMD\D 7KH 7UDGLWLRQDO /LIH RI 6UL 6DQNDUDFKDU\D WUDQVODWHG E\ 6ZDPL 7DSDV\DQDQGD 0DGUDV 6UL 5DPDNULVKQD 0DWK 0DKQLUYD 7DQWUD 7KH *UHDW /LEHUDWLRQ HGLWHG DQG WUDQVODWHG E\ $UWKXU $YDORQ VL[WK HGLWLRQ 0DGUDV *DQHVK DQG &R 0OLQYLMD\D 7DQWUD HGLWHG E\ 0DGKXVXGDQ .DXO 6DVWUL .DVKPLU 6HULHV RI 7H[WV DQG 6WXGLHV QR 6ULQDJDU *RYW 3UHVV 0DQQ 8OOULFK 6FKvSIXQJVP\WKHQ 6WXWWJDUW .UHX]9HUODJ 0DQL 9HWWDP 3XULF (QF\FORSDHGLD $ &RPSUHKHQVLYH 'LFWLRQDU\ ZLWK 6SHFLDO 5HIHUHQFH WR WKH (SLF DQG 3XULF /LWHUDWXUH 'HOKL 0RWLODO %DQDUVLGDVV
297
%LEOLRJUDSKLH
298
0DUK 9JPD\NRD NKDD SDKLO 0DUK *UDWKDNUD LV VDSGDN *DJDGKU 'HYDUY .KDQRODNDU 0XED 0DKUUD 5M\D 6KLW\D 6DVNWL 0DD 0DVVRQ - 0XVDLHII 7KH 2FHDQLF )HHOLQJ 7KH 2ULJLQV RI 5HOLJLRXV 6HQWLPHQW LQ $QFLHQW ,QGLD 6WXGLHV RI &ODVVLFDO ,QGLD 'RUGUHFKW ' 5HLGHO 3XEOLVKLQJ &RPSDQ\ 0DVWHU $OIUHG $ *UDPPDU RI 2OG 0DUK 2[IRUG &ODUHQGRQ 3UHVV 0HKWD 6LOYD 0LUD DQG 6K\DP <RJD 7KH ,\HQJDU :D\ )RUHZRUG E\ %.6 ,\HQJDU 1HZ <RUN $OIUHG $ .QRSI 0HW]OHU /LWHUDWXU /H[LNRQ %HJLIIH XQG 'HILQLWLRQHQ KUVJ YRQ *cQWKHU X ,UPJDUG 6FKZHLNOH 6WXWWJDUW -% 0HW]OHUVFKH 9HUODJVEXFKKDQGOXQJ 0LFKDHO 7DUD &RUSV 6XEWLO HW &RUSV &DXVDO
/D GHVFULSWLRQ GHV VL[ &DNUD
HW TXHOTXHV WH[WHV VDQVFULWV VXU OH .XDOLQ <RJD 3DULV /H &RXUULHU GX /LYUH 0LFKDHOV $[HO 'HU +LQGXLVPXV *HVFKLFKWH XQG *HJHQZDUW 0c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cUJHQ %LOGJHVHJQHW XQG ELOGYHUIOXFKW )RUVFKXQJHQ ]XU VSUDFKOLFKHQ 0HWDSKRULN (UWUfJH GHU )RUVFKXQJ %G 'DUPVWDGW :LVVHQVFKDIWOLFKH %XFKJHVHOOVFKDIW
298
%LEOLRJUDSKLH
299
1RZRWQ\ )DXVWD (LQH GXUFK 0LQLDWXUHQ HUOfXWHUWH 'RFWULQD 0\VWLFD DXV UQDJDU ,QGR,UDQLDQ 0RQRJUDSKV 9RO ,,,
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vUWHUEXFK VLHKH %vWKOLQJN 2WWR 3RWWHU .DUO + (QF\FORSHGLD RI ,QGLDQ 3KLORVRSKLHV 9RO , %LEOLRJUDSK\ VHFRQG UHYLVHG HGLWLRQ 'HOKL 0RWLODO %DQDUVLGDVV 3UDW\DEKLMKGD\DP VLHKH .HPDUMD 3VFK\UHPEHO .OLQLVFKHV :vUWHUEXFK QHX EHDUEHLWHWH $XIODJH EHDUEHLWHW YRQ GHU :vUWHUEXFK5HGDNWLRQ GHV 9HUODJHV XQWHU /HLWXQJ YRQ +HOPXW +LOGHEUDQGW %HUOLQ XD :DOWHU GH *UX\WHU 5DGKDNULVKQDQ 6 'LH %KDJDYDGJW 6DQVNULWWH[W PLW (LQOHLWXQJ XQG .RPPHQWDU YRQ 6 5DGKDNULVKQDQ PLW GHP LQGLVFKHQ 8UWH[W YHUJOLFKHQ XQG LQV 'HXWVFKH cEHUVHW]W YRQ 6LHJIULHG /LHQKDUG %DGHQ%DGHQ +ROOH 9HUODJ
299
%LEOLRJUDSKLH
300
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
300
%LEOLRJUDSKLH
301
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cKHQ -DKUKXQGHUW )UDQNIXUW
301
%LEOLRJUDSKLH
302
6RZLQVNL %HUQKDUG 6WLOLVWLN ]ZHLWH $XIODJH cEHUDUEHLWHW XQG DNWXHOO 6DPPOXQJ 0HW]OHU %G 6WXWWJDUW 9HUODJ -% 0HW]OHU 6SDQGD .ULNV VLHKH 6LQJK -DLGHYD 6SHLMHU -6 6DQVNULW 6\QWD[ 'HOKL 0RWLODO %DQDUVLGDVV 6WHLQPDQQ 5DOSK 0DUF *XUXL\D6DPEDQGKD 'DV 0HLVWHU6FKcOHU9HUKfOWQLV LP WUDGLWLRQHOOHQ XQG PRGHUQHQ +LQGXLVPXV 6WXWWJDUW )UDQ] 6WHLQHU 9HUODJ 6WHQ]OHU $) (OHPHQWDUEXFK GHU 6DQVNULW6SUDFKH *UDPPDWLN 7H[WH :vUWHUEXFK IRUWJHIcKUW YRQ 5LFKDUG 3LVFKHO XPJHDUEHLWHW YRQ .DUO ) *HOGQHU VLHE]HKQWH $XIODJH YHUEHVVHUWHU 1DFKGUXFN %HUOLQ :DOWHU GH *UX\WHU 6WUDSWK VLHKH )HOGKDXV $QQH 6YDFFKDQGDWDQWUD ZLWK FRPPHQWDU\
8G\RWD
E\ .HPDUMFU\D LQ 6DQVNULW HGLWHG E\ 9UDM 9DOODEK 'ZLYHGL 9ROV 'HOKL 3DULPDO 3XEOLFDWLRQV 7DQVOH\ 'DYLG 9 6XEWOH %RG\ (VVHQFH DQG 6KDGRZ 1HZ <RUN 7KDPHV DQG +XGVRQ 7DQWUORND VLHKH $EKLQDYDJXSWD 7KLHO+RUVWPDQQ 0RQLND 'G/LHGHU 6WXWWJDUW )UDQ] 6WHLQHU 9HUODJ 7KRPL 3 $YDGKWDJW 7H[W EHUVHW]XQJ .RPPHQWDU :LFKWUDFK ,QVWLWXW IcU ,QGRORJLH :LFKWUDFK 6FKZHL] 7cUVWLJ +DQV*HRUJ -\RWLD 'DV 6\VWHP GHU LQGLVFKHQ $VWURORJLH 6WXWWJDUW )UDQ] 6WHLQHU 9HUODJ 7XSXH DNDU *RSDO $Q 2OG 0DUK 5HDGHU HGLWHG ZLWK *UDPPDWLFDO LQWURGXFWLRQ (QJOLVK 7UDQVODWLRQ QRWHV DQG JORVVDU\ 3RRQD 9HQXV 3UDNDQ ,G &ODVVLFDO 0DUK /LWHUDWXUH )URP WKH %HJLQQLQJ WR $' $ +LVWRU\ RI ,QGLDQ /LWHUDWXUH 9RO ,; IDVF :LHVEDGHQ 2WWR +DUUDVVRZLW] 7XUED\QH &0 7KH 0\WK RI 0HWDSKHU UHYLVHG HGLWLRQ 1HZ +DYHQ 8QEHVFKHLG *cQWKHU .QSKD 8QWHUVXFKXQJ ]X .XOW 0\WKRORJLH XQG *HVFKLFKWH LYDLWLVFKHU 7DQWULNHU LQ 1HSDO 6WXWWJDUW )UDQ] 6WHLQHU 9HUODJ 8SDGHDVKDVU DNDUDV 8SDGHDVKDVU FULWLFDOO\ HGLWHG ZLWK LQWURGXFWLRQ DQG LQGLFHV E\ 6HQJDNX 0D\HGD 7RN\R +RNXVHLGR 3UHVV 8SDQLDGV 7KH 3ULQFLSDO 8SDQLDGV HGLWHG ZLWK LQWURGXFWLRQ WH[W WUDQVODWLRQ DQG QRWHV E\ 6 5DGKDNULVKQDQ WKLUG LPSUHVVLRQ SXEOLVKHG E\ 6. 0RRNHUMHH 'HOKL 2[IRUG 8QLYHUVLW\ 3UHVV ,G 6HFK]LJ 8SDQLVKDGV GHV 9HGD DXV GHP 6DQVNULW cEHUVHW]W XQG PLW (LQOHLWXQJHQ XQG $QPHUNXQJHQ YHUVHKHQ YRQ 3DXO 'HXVVHQ GULWWH $XIODJH /HLS]LJ )$ %URFNKDXV ,G 7KH <RJD 8SDQLDGV ZLWK FRPPHQWDU\ RI U 8SDQLDG%UDKPD\RJLQ HGLWHG E\ 3DQGLW $ 0DKDGHYD 6DVWUL 7KH $G\DU /LEUDU\ 6HULHV 9RO 9, 0DGUDV 7KH $G\DU /LEUDU\ 6HULHV DQG 5HVHDUFK &HQWUH ,G 7KH 0LQRU 8SDQLDGV %G , 6DQ\VD 8SDQLDGV KUVJ YRQ )2 6FKUDGHU 0DGUDV 7KH $G\DU /LEUDU\
302
%LEOLRJUDSKLH
303
YDQ 6N\KDZN +XJK %KDNWL XQG %KDNWD 5HOLJLRQVJHVFKLFKWOLFKH 8QWHUVXFKXQJ ]XP +HLOVEHJULII XQG ]XU 5HOLJLvVHQ 8PZHOW GHV U 6DQW (NDQWK 6WXWWJDUW )UDQ] 6WHLQHU 9HUODJ 9DXGHYLOOH &K .DEU 9RO , 2[IRUG &ODUHQGRQ 3UHVV ,G .DEU9 UHFHQVLRQ RFFLGHQWDOH ,QWURGXFWLRQ &RQFRUGDQFHV SDU &K 9DXGHYLOOH ,QVWLWXWH )UDQFDLV G,QGRORJLH 3RQGLFKHU\ 9HGQWDSDULEK E\ 'KDUPDUMD $GKYDULQ HGLWHG ZLWK (QJOLVK 7UDQVODWLRQ E\ 66 6XU\DQDUD\DQD 6DVWUL ZLWK D )RUHZRUG E\ 'U 6 5DGKDNULVKQDQ 0DGUDV $G\DU /LEUDU\ DQG 5HVHDUFK &HQWUH 9LMQDEKDLUDYD VLHKH 6LQJK -DLGHYD 9LVKQX 7LUWKD 6ZDPL 'HYDWPD 6KDNWL .XQGDOLQL 'LYLQH 3RZHU ZLWK D IRUHZRUG E\ 0DKDPDKRSDGK\D\D *RSLQDWK .DYLUDM SXEOLVKHU <RJVKUL 3HHWK 7UXVW VL[WK HGLWLRQ 5LVKLNHVK 9LJ\DQ 3UHVV 9LYHNDFPDL ZLWK DQ (QJOLVK WUDQVODWLRQ RI WKH FRPPHQWDU\ LQ 6DVNW E\ -DJDGJXUX U &KDQGUDHNKDUD %KUDW 6YPLQD U DNDUFU\D RI UDG 3KD JHUL WUDQVODWRU 3 6DQNDUDQDUD\DQDQ WKLUG HGLWLRQ %RPED\ %KDUDWL\D 9LG\D %KDYDQ 9LYHNDGDUSDD 1WKDSDUDSDUHWOD JDG\D JUDWKD 9LYHNDGDUSDD JRUDNKDDPDUDQWKD VDYGD LQ 0DUK HG E\ 9' .XNDU 0DUK 6YGK\\D6DRGKDQ 3DWWULN 0DUK 9LEKJD 8VPQL\ 9LG\SWKD +\GHUDEDG 9RO 9, 9LYHNDVLGKX G\DNDYL 0XNXGDUMD YLUDFLWD DUWKD S SDULLH DEGUWKDVFL L GUJKD YLYHFDN SUDVWYDQ \VDKD LQ 0DUK VDSGDN 0 9L *RNKDOH SUDWKDPYWWL 3XH <DYDW 3UDNDQ YRQ $YLOD 7HUHVD 'LH LQQHUH %XUJ KHUDXVJHJHEHQ XQG cEHUVHW]W YRQ )ULW] 9RJHOVDQJ =cULFK 'LRJHQHV 9HUODJ $* YRQ :LOSHUW *HUR 6DFKZvUWHUEXFK GHU /LWHUDWXU YHUEHVVHUWH XQG HUZHLWHUWH $XIODJH 6WXWWJDUW $OIUHG .UvQHU 9HUODJ :DFNHUQDJHO -DFRE $OEHUW 'HEUXQQHU $OWLQGLVFKH *UDPPDWLN %G ,,,, *v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
303
%LEOLRJUDSKLH
304
<RJDYVLWKD 7KH (VVHQFH RI <RJDYDVLVKWKD FRPSLOHG E\ 6UL -QDQDQDQGD %KDUDWL WUDQVODWHG E\ 6DPYLG ILUVW HGLWLRQ SXEOLVKHG E\ 9 6DGDQDQG 6DPDWD %RRNV 0DGUDV $OO ,QGLD 3UHVV <RJDYLD\D VLHKH 6LGGKDVLGGKQWDSDGGKDWWL ,G 7KH <RJDYLVKD\D RI 0LQDQDWK YHUvIIHQWOLFKW LP ,QWHUQHW YRQ 0LNH 0DJHH KWWS KXEFRPFRPPDJHHWDQWUDYLVKD\DKWP <RJLQWDQWUD LQ $YDORQ $UWKXU 7DQWUD RI WKH *UHDW /LEDUDWLRQ 0DKQLUYD 7DQWUD UHSULQW HGLWLRQ 1HZ <RUN 'RYHU 3XEOLFDWLRQV =LPPHU +HLQULFK ,QGLVFKH 0\WKHQ XQG 6\PEROH 'cVVHOGRUI XD (XJHQ 'LHGHULFKV 9HUODJ
304