Reexamining Thai Political Lanscape

-J6SA#K<
G:N%L/D0N/3N=L;K<<R/N;R.LA#N/=3N/N:AK=8K32R
N<B=
N<B=
9<9I;B[CV9SJ;$TE_CYO*c9D
Re-examining the Political Landscape of Thailand
P
BB
U}udzyXBU}w|ugu}}uu}
ZuwzYw}w
h|uuui}y}
BB
U}udzyXBm}axu}~}u
Zuwzgw}{uxU|{
h|uuui}y}
P

P
<B=
<B=
FIIJ
h|}~ywuyxv
h|u}\yu|d}Zxu}<h|u}\yu|=
auFDEG
BB
Uw}uydzyXBb}}duuuu
Zuwzd}}wugw}ywy
W|u{i}y}
N6V>%=>%9#D%6%=&6%D%>/6/>I6/-6D,>*<B=
MMCLBBH
EDEFD
NDFGHGEIDDNDFGHGEIIE
B|u}|yu|BB|
NFIIJ
NE@DDD
NNDIGFEGIIL
NJ(%>%6/>I6/-%K.&>.6>$>/<#AQ A<B=
6">&=%4B5>%K.&>.6>$>/<-7>3#.>1=.I.L7-<ddg]=
EHICIEBBBIDGDD
NDIGGFKIMDAENDIGGFKIMDAE7EJ
B|By
9-E1#>&//>%D/-9796-D J7>!@
BAAN
<B=
@FIIJB

EFLBAA<=B

EBAAB]B]]BB
GDIBDMIMG
'lT;lT

<B=

>?

-@Q6//*>369>
5=J%L2N5 [/<Z35=JW1B[E3]^ [; [.W53GND=J#L1R31L"DK";

X?JAK,32==;.K`"W.N;G"DK";3K`3]A0O5=J%L2N5[/<%R;%3GLBK<
1R31L"AK,32==;G"X/ ?J%R;%3;LW53E3 A<G"L=/ GDS
1L"L=W;QG"Z3%R;%35=J%L2N5[/<1K`"Z3=J.K4W?^]Z3E;S 4L3
Z3/dL4?#30P"=J.K4ZE} ]=J.K4%L/N1K`"DN3
$V77V$EEC=ER$TJ
<B=
B

B@B@<=B
@B@ @ B
@B @B@B
@B@B @B@
@B@

<9LEZ=
/ GZEAL;DK;8K32X44GR50K;:<K"";OG<S #="AL;DK;8K32
X44X3A/K`"3O`^;N[.W53?KC-JE?KG"DK";GO/ G[5/="K3L;
AL;DK;8K32 Z3?KC-JGQ_3]Y.<W$8LJZ3W%N"X3A3G3#J;OAL;
DdLK}W8_;`3

<=

I@DDDAED@DDD
HD9
FIIF

A

<y yyx ux u}u}=
FD

BBFIHD

<yzzyw}yy=

<
=

<=

<
=

kuy<FDEFNJAM=

<}A}}}u}uxuzyAz}}w}y=

BB

<
=

AL;#="E=GDK##JDdLE=K43]E3P_"3K`3;K3G<S /="1O_A L
WLWLZ#X?J;G"WE^3W1 L[=W1 L3K`3WG"DN"Z.1O_G<S WE3QGD/N5}}L
AL;=SAL;WLZ#G"/3E=G/3<K"[; WLZ#33K`3#J[; 0QGA L
W53AL;#="G"WLX/ AL;#="
G"3]E3P_"3K`3#JW.N3Q4[.WD;G/L;D/N5}}LAL;=S
X?JAL;WLZ#1O_W8_;`31R]AK3
<9;lT

@ @ @
@@ @@@
FIIGFIIJI
:LE3P_"
A2OL=BPCLX?JA==-==;5=1KB3
G2N4L<A2OL=BPCLG4W/G"L=BPCL
G#dLK.G"L=BPCLX?J141A3A==-==;
WO_<AK4L=W5?O_<3X5?"G"DK";[1<
:LDL;
:S;N1KB3L=W;QG"[1<G:N5=L<0P"
X3AY3;ZE} ]G"L=W5?O_<3X5?"
1L":S;N1KB3G"DK";[1<Z3=G4
E?L<DN451O_6 L3;L&P_"W535##K<
W4Q`G"E?K"
G"AL;K.X<"1L"L=W;QG"
1O_.dL="G<S Z35##4K3
:LDG"
/G4dL0L;E?KG"L=A#K<&P_";O1K`"DN3dL0L;E?K/ G[53O`
Z=W533WDQG` WE?QG"3WDQG` X."1dL[;#P"W533WDQG` WE?QG"WDQG` X."
3Y<4L<5=J%L3N<;;O6?G< L"[=/ G1KB3/NX?J8>/N==;
1L"L=W;QG"G"6S; DO 1N 2N?c "JX33AL;<L#3AL;WE?QG_ ;?dL`
1L"WB=C*N#W53DLWE/RG"AL;K.X<"1L"L=W;QG"E=G[;
W"3W535##K<%O`L.Z3L=W?QG/K`"E=G[; X?JdL0L;DR.1L<QG
=J44GR50K;:;OAL;&K4&G3G< L"[=
:LDO_
41D=R5W%Q_G;=G<ZEWE^3:L8=A;
G"WE/RX?J5##K<XE "AL;K.X<"
1L"L=W;QG"
:LEL
3K<1L"3Y<4L<1O_[.#LL=A#K<
LTE<S
12
32
13
33
S
16
44

16
19
52
54

59
68
LTE<S7TET*
EFIID
F
G
H
I
EL
GH
GI
HM
ME
LTE<S
88
128
138
89
129
139
96
132
110
134
140

136
142
LTE<SE[=
EFIFMAFIIF
F
G[}}
H
I
J
K
L
GM
HD
HF
LL
LM
LM
MD
MF
12
BT'M;Xg*
I:W$TE
JX`GRIEE5$EEC
$KT
=E9SJ;
141A3:S;N1KB3L=W;QG"[1<
13
9KD2O^!A2OL=BPCLX?JA==-==;5=1KB3
1.1
I:W$TEJX$KT
DdL=A#AL;WE^3
5=J;A?6?
"L3A#K<:LD3L;
.A<X44DG40L;
.A<A2O1L"D0N/N
W%N";L3RC<A1<L

IE=F=G=
H= I=

14
141A3:S;N1KB3L=W;QG"[1<

%O<_%7%O**T;I+SD

G?

<B=

H?

<zu}{A
zuyuy=
I?

J?

$GZC7SIODT*

<zw{=<}y}y=

<y}u}y=


<zyyx z yyw|=
%OC[G_EgO*$TE.YhO_LWD*

=ER_6f;L8T<S;$KS7ED

15

EEF
DGGH
BEEF
BEEF

16
141A3:S;N1KB3L=W;QG"[1<
1.2
=E9SJ;IEE5$EEC
L=W5?O<_ 3X5?"Y="D=L"1L"WB=C*N#Z3=G4<OD_ 4N 516O_ L 3;L3K3`
1dLZEL= G/KAX?JL=X//KAW53%3%K`3E=G?R ;%31O_;O4R?N
?KC-JZE; ]W53[5G< L"AL"AL"X?JE?LE?L<;LA LZ3G.O/
G< L";O3K<DdLK}
F

FD

$TE_=GWgD;`=G*9T*_JEK2$V+

1.

FD

17

<Azu }wy=

<{yuyuuw}y=

[Xd ED9

GL9

<y}w}xywy=

<ibXd@FDED=

2.

<wuw|u{y=

|ux x} x}y

18
141A3:S;N1KB3L=W;QG"[1<
<ywxuv=

FIHD

<zy}u=

<zuyw=
<}zu
yw=

FIGD

FIGD

<xw}}=

FIHD

KG9 FIID

E
.K<K!0N^CJ-C@2W<!!K22F<I33W>IY2<I33F!4<IV0AZ0;4
dL?K"X=""L3
:LWC/===;
3G:LWC/===;
:L1L"L=
3
24
:L3G=J44
34.3
38.7
1O_;L

19
L=W;QG":L5=J%L%3W53L=W;QG"3G=J44=L%L=1OW_ /N4Y/3` ;L
G< L"DdLK}Z31BA==CW53/3;LL=W;QG"X443O` S 3L3K3[5
K4L=W;QG"X44W531L"L=;O?KC-J?L<K3K4L=W?Q_G3[EA
1L"L=W;QG"1O_W=<K3A L4A3L=1L"DK";E=G4A3L=1L"
DK";X44ZE;
$TE_=GWgD;`=G*9T*$TE_CYO*

EMMDAFDDD<BBFIGIAFIIG=

< B=
<=

<yuAvyuwu}w }=

FIED FIGI
<UyEMMG=FIGD

<v}w |yy=

FIHD

FIFD

<w}u yy=
<yw}uyy=

<FIHEO FIHL=
EMMD

<[uu y uB FDDMO _y{}~ ux
\y}FDDM=
FIED<V}yFDDI=

FD

FIGD

< FIGKO
FIHJoFIGLqOFIGM@FIHGOiyxuFDDD=
FIGD FDDD

<BB=
<by EMMLO U{|} FDDF=
<U{|} FDDEO by FDDF=

FIHD

<byFDDIO
b}|}u} FDDIO V}y FDDLu@ FDDLvO kuy
FDDLOFIIE=

141A3:S;N1KB3L=W;QG"[1<

FIFD FIGD

EMMD


H
G?
FIFDH?I?
J?
1.
HKHF
FIFD
<Uy EMMG=
<FIHJ=

<FIHJNL=

21

FIFD

FIGH
FIHM<Wuu|uFDDINEDKALOFIIEN
EHMAEID=

k}}uWuu|u<FDDI=

Wuu|u

<Wuu|uFDDINEDIAJ=

22

<
=

<FIIG=

<

=

FD

FIHD

<FIIG=

FIHD

<cwyFDDGO
kuyFDDLOV}yFDDLv=
141A3:S;N1KB3L=W;QG"[1<

E E

ûy
cwy<FDDG=cwy
FIHD<EMMK=

cwy

<cwy FDDGN JKF=
FIHD

]aZ

FIHD cwy

FIHD
23
G"=5=G"D A31G"0N3 ;OAL;DdLK}/ G%OA/ G"%R;%31G"0N3

;L<N"`3L==J#L<GdL3L#DS 1G"0N3 G3L" G6?[.#="
/ GL=1O%_ ;R %3#J;OGDN =JZ3L=dLE3.1NB1L"L=8K,3LG"/3WG"

FIHD
cwy

FIHD

cwy

cwy
cwy
cwy

FIHD

cwy

FIHD
BB cwy

cwy
cwy

2.

G

G <E=
<F=
<B=
24
<G=
<B=

FIHM

BB<
=

EMKD

B
Xu}yU{|}
FIEI FIEL

FIGM
<B=
B E
F FIHH
141A3:S;N1KB3L=W;QG"[1<

B
B

B<U{|}
FDDFNFFLAFGD=
U{|} B
B

B
U{|}B

B

<U{|}FDDFNFGEAI=B
U{|} B
BBB
B FIHD
B
B FIHJ
< U{|} =

B
B

B

U{|}

FIED

FIGD
25

FIGD

U{|}

B B

FIGD

BB
BB
BB<U{|}FDDFNFGM=
U{|}
B

BB
B

B
BB
B

<V}yFDDLu=
B

3.

FIGD FIHD
26
141A3:S;N1KB3L=W;QG"[1<
6S;OGN12N8?Z31G"0N3;K0S;G"A LW536S1O_D=L"*L3GdL3L#
1L"WB=C*N#`3;LZ31G"0N3[; A L#JY.<GLBK<GL%O86.(E;L<
E=G0S(E;L<E=G1K`"DG"D A3
<
=
< FIHM=
<\y}uxau}yu}FDDD=
<iyxuFDDD= <
FIHG= <b}|}u} FDDI=

<FIGK=

<FIHM=

iyxu<FDDD=

\y}
ux au}yu}

EMKDAEMLD

<vyuwu}w}=
<y}}w=<\y}ux
au}yu}FDDDNEMLAM=

<FIHG=

b}|}u}<FDDI=b}|}u}

b}|}u}

27

<
=

\y} ux
au}yu}<FDDD=
\y} ux au}yu}

\y} ux au}yu}
<
=

<
=

<FIGK=

28
141A3:S;N1KB3L=W;QG"[1<

HF

4.

<U{|}FDDEOby
FDDI=

<V}y FDDLu@ FDDLv=
<U{|} FDDF=
<kuy
FDDL=

a}w|uyby<EMML@
FDDI= Xu}y U{|} <FDDE=

_u|y}yV}y

<FDDLu=<FDDLv=
Uxy kuy <FDDL=
<
<FIGH==
>G?
<byEMMLOU{|}
FDDE=>H? <V}y
FDDLv=>I?
<V}yFDDLu=>J?
<kuyFDDL=

by
<EMML=

by<FDDI=

29
W"_G3[G"L=?"JX33WDO<"W?QG/K`";N[.0SdLE3.[." L<]
.A<23N#L=W;QG"L=&Q`GWDO<"[; DL;L=0Z%L=EA L3XE&Q`G
Y.<[; W?QGW=G L<1O_8G#JL.EAK"A L#J[.=K4W?QG[; [.

by

A

by<FDDI=
B

U{|}<FDDE=
FIGGFIGL

FIGG

<
=
FIGG

by

V}y <FDDLv=

V}y
I

V}y

<V}yFDDLuNHMLAM=V}y

EMMD
V}y

V}y <FDDLu=

<

=

Uxykuy
<FDDL=
kuy

kuy
G

G

<wyw}uyw|u{y<yAv}{=uuw|=

<|}}wuuxw}Awuuuw|=

141A3:S;N1KB3L=W;QG"[1<

<
=

FIGD

J

31
30%
DDW?QG/K`"
G"6S/ G4X44DG40L;
1OW_ E^3A L% G"A L"=JEA L"
3=A<K43#33K3`
E L";L#3=K4[; [.
70%
DDX/ "/K`"
C@2W3!<K;Z- F!Z0;Y24
46.68%
W53G"?R ;3=A<1O_DR.
D A3G"?R ;3#31O_DR.;OW8<"
6.76%
=K*4L?WQG41R%R. G35
1dL[.3G<;LW3Q_G"#LW53=K*4L?
6D;E?L<8==1O_ [=1NB1L"
X?JL.WG:L8[=WD0O<=:L8
X?J;OGL<RDK`3
32
BT'LO*
7O<a+9D
MGS$%O*
$TEI+SD
141A3:S;N1KB3L=W;QG"[1<
33
9KCF!/G4Y#1<E?KG""L3A#K<
2.1
b'E'YO';_LYhO_MGYO*_LYhO`6*

>y{yw
w}yw?
>{|C{{z?

>wyw{wz{E{{{{?

y{ ww
<FIIJ=
J
E
>hG?
<
BBFIID
=
<

= C
<
=
1 F@FDDI
E=F=G=H=
I=HDDJDD
EKEIBBFIII
34
141A3:S;N1KB3L=W;QG"[1<

>hH?
@
C

>oG?

>oH?

C

>d?

C

<=<=
bhG

bhH

bo
`fE `fF
`m
`
`fE@ `fF
`m

C

<}yvuyx=
>d{?

F
.K<K!0N^C<Q4V,*K<W3!>Q:CNVD]2- @;J3VD.Q5>D<FZ: VD]2- @; Z: Z- VD]2- @;

WE/R6?L=W?Q_G3[EA
ZE1KCN3?K4;L
X [AL;WE?Q_G;?d`L
X [G==K5%K_3
;OL=Z%WE/R6?X44G3R=KC3N<;%L/N3N<;
R2
R2
Y2
?R ;DO
LR2 Y2
WE^3.A<E=G[; ^ [.
1O_;L"L3A#K<W%N"5=;L-L=DdL=A#AL;N.WE^3G"5=J%L%3WO_<AK4L=W5?O_<3X5?".L3WB=C*N#X?JDK";[1<8B
LY
35
GF
.K<K!0N^K<"J->Q:CN0K!K<V:PF!
?R ;< G<1O_
2
3
?KC-JAL;N.WE^3X=W"LELWL L<
=G<?J
?R ;1O_[; WL L<?R ;ZE} ?R ;Z.W?<
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
?R ;1O_G<LZE1KCN-?K4;LX?J/G"L=X5}ELAL;WE?Q_G;?d`LE=GG==K5%K_3
X/ [; [.WL L<G3R=KC3N<;%L/N3N<;E=G[; WE^3.A<K4L=3dLD0L4K3I;LW53WE/R6?Z3L=W?Q_G3[EA
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
4.97
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
?R ;1O_G<LZE1KCN-?K4;LX?J/G"L=X5}ELAL;WE?Q_G;?d`LE=GG==K5%K_3
GO1K`"<K"WL L<G3R=KC3N<;%L/N3N<;
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
24.23
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
?R ;1O_WE^3.A<K4L=W?Q_G3[EAW8_GX5}ELAL;WE?Q_G;?d`LW8<"5=JW.^3W.O<A
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
?R ;1O_WE^3.A<K4L=W?Q_G3[EAW8_GX5}ELAL;WE?Q_G;?d`LX?JG==K5%K_3
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
9.27
9.27
?R ;1O_WE^3.A<K4L=W?Q_G3[EAW8_GX5}ELG==K5%K_3W8<"5=JW.^3W.O<A
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
?R ;1O_/G"L=X5}ELAL;WE?Q_G;?d`LX?JE=GG==K5%K_3X?JWL L<G3R=KC3N<;%L/N3N<;X/ [; WE^3.A<K4L=

ZEWGL1KCN-;LW535=JW.^3Z3L=W?Q_G3[EA1L"L=W;QG"E=G[; [./G"L=ZE1KCN-?K4;L
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
4.88
?R ;1O_WL L<G3R=KC3N<;%L/N3N<;X?JGL##J/G"L=G==K5%K_3[.X/ [; [.WE^3.A<K45=JW.^3AL;WE?Q_G;?d`L
X?J[; WE^3.A<K4L=ZEWGL1KCN-;LW535=JW.^3Z3L=W?Q_G3[EA1L"L=W;QG"E=G[; [./G"L=ZE1KCN-?K4;L
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
4.43
ZE1KCN-?K4;L
X [AL;WE?Q_G;?d`L
ZEX [G==K5%K_3
G3R=KC3N<;
=A;
36

F<FIIJ=
<w}yw}w
u=
a}}u
`{}G

mE<b=
fE

bmF
fE
fF
fE

fE
mE
<zuyw=

<}zu=
fEmF

fEfF<fE=
<
=

< by=
fE

fE

<
=<=
<=
141A3:S;N1KB3L=W;QG"[1<

mE

<mE=

H

by

Uuuxgw|u}<FDEFNJJAJK=
FIIF
<
=@<=@
< <yzAyyx==

>?
I

<yy{}{AyA
}xxyAwu=J
<yuv}|yxA}xxyAwu=K
<FIIIN FAG=

37

E

<zw{=
<FIII=
2<FIIJ=A
CA
A
A

AB
ABBFIID
EEF
3
fE<=
EF<FIIJNJ=
4 A

5h|yy}uwyuyxywzvyyAzzyyvymyBh|Vu{yy<uwu}wywuy=uyy}yvymy@
|}y}xyVu{|yvyy
zzuyy}yvymyB
6
7<FIIJNLEI=
<zuyw=
38
<FIIING=
<
=

<yw}wxyy}}=

L

<w}yw}wzuw=
<xyy}}{
zuw=<}zy}uzuw=

141A3:S;N1KB3L=W;QG"[1<
< by=
<u}}w=

C

$TE$O7SI%O*-;-Sh;$GT*bMC
`GR$TE_=GWgD;`=G*
9T*LS*'C_JEK2$V+b;EO<DWgLV<=

LBL9
KBG
FIIF
J <
FIIHNHKAHL=

HFBF9 FIGEKBK9
IFIIG

HMBK9EDBH9
39
FGBK9FBJ9<duuxd|yFDEFNEGAEH=

E
<R40N^CJ-C@2K<V4>N^;2W4>!FK$N7$@!4

GK/=LL=W5?O_<3X5?"=G<?J
50
40
30
20
10
0
2529
2531
2533
2535
2537
2539
2540
2541
2542
2543
2547
2549
2550
2552
WC/=
W#LG"N#L=L=LX?JGR/DLE==;
5=JG4A%L%O8
X=""L31K_A[5
WD;O<3LL<83K"L34=L=
L=6?N/X?J83K"L3Z3GR/DLE==;
1O_;LG;S?L=DM=A#:LAJWB=C*N#X?JDK";G"=KAW=G3
EE
G@ @AA
FIFMFIHM
FIHMFIIFF
141A3:S;N1KB3L=W;QG"[1<
<R40N^K" K!V#>N^;Y2W.>IFK$N7

L#L"W$?O_<4L1
25,000
20,000
15,000
10,000
5,000
0
6S5=JG4
A%L%O8
2544
6S4=EL=
WD;O<3
L=L
X?J4=L=
2548
WC/===;
L=6?N/
X=""L3
8`3*L3
=A;
2552
1O_;LL=DM=A#:LAJL=1M"L3G"5=J%L=E;L<WE/RZE5W535*L3

I@DDDFIIFM

GF9
FIIF<II9FIFM=
G@FEH

GI9
FIIF
I@DDDAED@DDD

ED9FIFMFD9
FIIF

I@LFL

<J@FGM= FIIF
< FIIHN GKAGL=

FD
<FIHKNEE=

S
S
41
EIAGH
FIGFA
FIHE
GBI

b}
<FDDJN du ]]@ HDAHE= FIHK
ED EBGJ
EM9
DBMHFIFM
F@IFIM@GEE

KD9
EE
<=

_yy <FDED=
B B
_yy
FIHL

<_yyFDEDNEIAEJ=

_yy

<}y}|xx}y}z}wu}=
9E@ILJFIIF
10JD9
11EM9I9FI9
HD9FIIF
42
141A3:S;N1KB3L=W;QG"[1<

<G=
<R40N^KCJ:4<ICM01Mb
0.55
0.50
0.45
0.40
0.35
0.30
1960
1965
Thailand
1970
1975
Malaysia
1980
1985
Philippines
1990
1995
2000
2005
Indonesia
Source : UNDP (2010) cited from Prof.Hal Hill. ANU.
FD9IDBDI9 FIGM
HJBJL9FIIGJBED9JBKJ9
<duuxd|yFDEFNEIAEJ=
FD9JM<duuxVuyFDEFNFEM=
ED9
EBLI9 FIHM
E@HJLFBF9FIIGF@EGG
ED9GIBEE9GJBMJ9
ELBMKEJBJJ
<duuxd|yFDEFNEJAEK=

DBIADBJ FIGJAFIIF

<DBJIADBK=
GBJ9

EBH9 FIHIAFIIE
I9

<duuxd|yFDEFNEM@FE=

<JFAJH9 FIHLAFIIG=
<
GD= FIHHEF

FI9
FIIG EFBK9

FH
<duuxd|yFDEFNEL=

FD

43

HD9 FIIF

<=

<wuuv}}}y=
C

<}zuyw=

12 GD KIBF9
44
141A3:S;N1KB3L=W;QG"[1<
2.2
9lTcC+*_=;';_LYhO`6*
`GR9lTcC+*_=;';_LYhO_MGYO*
AL;WE^3W%N"?4G"3=R"W18I[; A L#JW53WE?QG"E=GX."
/ GL=W;QG"X44W?QG/K"` 3K3` GL#WN.#LL=1O_ L=W;QG"X44W?QG/K"`
1K`"DG"=J.K4[; D "6?1O_WE^3[.%K.W#3/ G%OA/5=J#dLAK3G"3
=R"W18IW3Q_G"#L=R"W18I;O*L3JW53BS3<?L"G"5=JW1B
Z3WQG41R.L3
9lTcC+*_=;';_LYhO`6*
EM FIHM
<}zxyuy=
EG

FIID
FIID

EMG

<yx=

< =
C
EM

AFIIG

<x}yzuw|}yy=

EH

45
EI

FIHM

EJ

EF
EM FIIG

EK
EL
13<FIIJ=
14<}}wuuxwuy=
15
16
17

FIHM@@

46
141A3:S;N1KB3L=W;QG"[1<
9lTcC+*_=;';_LYhO_MGYO*EL
<FIII=
EM
C

1.

FD

C

<uu}u}=
_u}u <FDDJN ELAFD=

I

K A
M

FIEG ûw <FDDM=

<uu}w}y= M
<}uyx}u=

<u=FIEJ

<h|{w|u} FDDL=

A

47
2.
<FIII=

FE
<
=

<FIIJN
GHAGI@LGALJ=

mF

mE

fE <=
mF
<=
fE<=
mFmE
fE <
=

fE

mE mF
fE

18

19
A
20FJBBFIIJB
21

bd` FIHD
<uvyzy=U]g

KDNGD
48

mF
mE

fE

fE

fF
fF

fE
<=fF

fE

fF

fE
fF

fE
141A3:S;N1KB3L=W;QG"[1<
D

hH

fF

fE
fF

<FIII=

<
<FIII=

=

FF

22 <Vyuwu}wd}=

49

H <FIIJN
GG=
.K<K!0N^>JB,I0K!VA<B)M"W>ICJ!:F!5R .F3W33CF3/K:Y2V.<Q!V07HW>I.K!"J!D@J/KAX5=
GL<R
DK.D A3W8BE}N"
DK.D A36SG<S Z3W/W1B4L?
=L<[.
#dL3A35L=BPCL
FK$N7CJ-C@2"K0J_!D:-
L=L%L=
83K"L3WG%3Z3=J44
83K"L3WG%33G=J44
2R=N#D A3/KA
WC/==
=K4#L"
3KW=<33KBPCL
X; 4L3
GL%O8GQ_3]
/ L"#K"EAK.#K"EAK.
LW$?O_<
LW4O_<"W43;L/=*L3
3.93

=R"W18;EL3=
LW$?O_<
LW4O_<"W43;L/=*L3
4.2


<=

141A3:S;N1KB3L=W;QG"[1<
DdLE=K4%3%K`3?L"W LWL;O8`31O_X?JW=_G";QGE?LE?L<Z3L=
/ G=G"K4=K*1O_ [.6?G<S X?AY.<[; /G"8_"L=W?QG/K`"

3.

qs

IF

IF

<=

4.

<=

<=

51

C
>?
<FIIJ=

E

GD9

EI@DDDFD@DDD<F=
FIIF
>{wx~{zzz{yw?

FIDG

BB FIDD

BB
CC

KD9 GD9

KDNGD

FIGD

FG
<yuw}=

C
<u =

23<}}wuuxwuy=G
52
141A3:S;N1KB3L=W;QG"[1<
2.3
;aD<TD=ER-T;VDCCW>GODT*cE7O9SJ;'7V
`GR@F7V$EEC9T*$TE_CYO*%O*>[CWLV9:VkG*'R`;;

FIHH

C
chcd

C
ED <FIIJ=
<=

mE

<}y uy uAA
=

<
=

<FIIJN GHAGI=
mF
fE
fF
mF
fE

fE

fF
mF

fE

<FIIINEE=

IF
ejef

53

FIIE

< FIIIN J=

EM FIHM

54
141A3:S;N1KB3L=W;QG"[1<
2.4
'ITCDT$+;`GR'ITC_MGYgOCGlhT9T*_JEK2$V+
_=;LT_M7Z%O*'ITC%S6`D*9T*$TE_CYO*MEOcC
AL;WE?Q_G;?d`L1L"WB=C*N#[; Z% 5##K<dLE3.L=W?QGW53
3WDQG` WE?QG"E=G3WDQG` X."ELX/ W535##K<.L3GR.;L=-X?J1O_
?P<N"A L3K`3<K"5##K<W%N"#N/A1<LDK";ELW=LWLZ#3K<WE? L3O`^#J
[; 3 LX5?Z#/ GL=1O_3WDQ`GX."&P_"=SDPA L/3W536SDS}WDO<#L
L==K*5=JEL=Z35#L5}ELDG";L/=*L3X?J#LL=
0S.SE;N3.SX?3WN.AL;1R Z#W8=LJDK";[=AL;<R/N2==;
<FIIJN EI=

E

< by=

<IEBI9=

FKBLI9

fE

<FG=

<FIIJN
GHAGI=
<by=<b=
mF

< by=

fE

<
FIIIN EAH=

<FIII=

55

FIHM

S

C>
?>?
>?

D
>?

>?
>
?

L
GF
<
=

>?

56
141A3:S;N1KB3L=W;QG"[1<
AL;=SDP[; 8GZ#G"3W=L3O`W53GL=;-1O_5=JDL3E=G
W%Q_G;Y<"[5DS GL=;-5=JW:1GQ_3W% 3AL;K4X3Z#W8=LJDK";
[=AL;<R/N2==;

>?> ?

>?>?

C

<_yy EMJKN GKAGM=

<_yyEMJKNFFAGI=

S
ûwaBVuvuy<y}=

<auwwuh|y=

<y=

{{{
{}{wy{B{}{|{
h{{{

<\v
FDDINEFMD=<

>?
>? <FIHHNJFK=

=

<y{yuwy
y{yzy=Vuvuy

<u y}=
<hyuxgyFDDINFIFAFIG=

<
uxwuyywu}=

<x}}v}zywy=

<w}uwuy=
<y{y=

<hyuxgy
FDDINFIG=

<y{yuwy@
y{yzyFH=

<vu}w }{|=
57

<w}u
|}|=
Vuvuy

<w}uyu}|}=

<ywy}= <|}xu}y=

<C

C

=
<wu wxy=

24<FIHHNLGF=
y{yuwy@y{yzy

58

<hyuxgyFDDINFIIAFIJ=
Vuvuy

<x}zzyy}u}=
<zu{yu}=
<
=

<hy ux gy
FDDIN FIJ= <

=

141A3:S;N1KB3L=W;QG"[1<

<w}{ z
y}= Vuvuy

<=

FIHM

59
2.5
_*;cCb-=++SD-Wh%T6
b;$TE_GYO$7Sh*
L=&Q`GWDO<"1O_6 L3;LZ3G.O/WN.`3Z34=411L"L=W;QG"1O_
%3%K3` 3dL<K"EA"GdL3L#<K"[; WN.L==J#L<GdL3L#3` 1dLZEGLd 3L#
G2N5 [/<G"%LA4L3;O=LL0SX/ W;Q_GY="D=L"1L"WB=C*N#
X?JL=W;QG"W5?O<_ 3[5%LA4L3/=JE3K0P"GdL3L#G2N5[/<G"/3WG"
;L`3L=/K.DN3Z#1L"L=W;QG"Z3=J4A3L=W?QG/K`"#P";O
AL;E;L<`3

Wuu|u<FDDI=

FIGI
FIIG

D <=

141A3:S;N1KB3L=W;QG"[1<
a'E*LET*$TE_CYO*%O*$TE.YhO_LWD*

FDD@GDDIDD

1.

2.

CC

EH
FIEJEHFIEJ

FD
FIFM

BB

FIGI

FIEDAFIGD
61

BBB

3.

<Vyuwu}w
d}=<yw|wu=

4.

<=
LD

I
FI
GBF

62
141A3:S;N1KB3L=W;QG"[1<
L=W?QG/K`"?L<W53AL;#dLW531L"L=W;QG"#3=J1K_"
1R1G"0N3W33<d`LA LL=W?QG/K`"QGL=1O_8AWLDL;L=0XD."
/KA/31L"L=W;QG"[.G< L"%K.W#3
@G_CYO*bMC$S<_JEK2$V+
`GR$TE_CYO*c9D
MGS*9JIEEK

>G?FIHDAID

<
=
>H?

<B=

>I?

FIHD

<=
<
=

B B

<E=

<F=


_*;-Wh%T6>G_GYO$7Sh*cCc6

<E=

<F=

<G=

<FIII=

<EK=

63

MD9
< EM
FD=
<
EH= <FIII=
<=

DDDD
MFPIF

@@

64
141A3:S;N1KB3L=W;QG"[1<

<E=
<F=

<G=
<H=
1.

<FIII= < FD FE=

<FIII=

3.

<=

2.

<FIII=

<FIII= B
B B
<FIII=
<FIII=

65
4.

<FIII=

G FIIH

}uy

GAH

'ITCMCTD9T*LS*'C
%O*_*;.YhO_LWD*

66
141A3:S;N1KB3L=W;QG"[1<

FIGD

1.

2.

3.

FI
4.

FJ

5.

FK

67

25V}y<FDDLu@FDDLv=
26 B <FIII=
27B
68
141A3:S;N1KB3L=W;QG"[1<
2.6
'ITCLSC@S;:ER6S<9O*8Vg;
`GRER<<OZ=8SCB
3KA%LL=GW;=K3#dL3A3;LZ3-J3K`3;OAL;WE^3A L
DK";[1<[=&P_"AL;DK;8K32W%N"X3A3G3W53DK";1O_[=AL;W53
D A3=A;E=GDL2L=-J[=;A?%3E=GX;X/ %3%K`3==;L%O8

FAG

%O+lT$S6%O*`;I'V6
_EgO*ER<<OZ=8SCB

<uu{y= <yw}w}=

<|}yuw|=

<xux}w u{yyy=

<wu yy=

<ky}{x@EMMKNGFH=FL

<
=

F
69

EMID EMKD

gw|}x<yxB=<EMKK=@Wu|u<yxB=<EMLF=

<Wx ku=

<xywuw=
<axy}u}=

<y}}w=

<U{|}FDDEawyFDDD=
28ky}{x
141A3:S;N1KB3L=W;QG"[1<
414L1G"6S3Ld Z3=J.K41G"0N3^W=_;;OL=W5?O_<3X5?"
W;Q_GWB=C*N#Z3=J.K4%L/NW/N4Y/`3G< L"=A.W=Â;OL=WN.`3G"
W#L8 G6S Z%4L=;OW"3X?JGN12N8?Z3L=D=L"GL-L#K=G"/3
Z3=J.K41G"0N3X?J#K"EAK.

<xy=

`w}yaB\u
EMID
<w}u |}yuw|}y=

C

<yu{y=

<h|yyuyv}w@uy@
yyuyu}u=

<
= <w|u}u=
<{Auuw}w=

<|yu}}wu=<kuyFDEFNEDAEF=


<u}}wu=

FIFD FIGD

<yv}{=

<yywu w}=

<w}}u}=

71

C

<kuyFDEFNEEAEG=

<
axy}u}=
< 5S=

<
=

<^yy\B_y@EMLF=

<yu{y=
juf\u
<w}y=
<w}y z}yx|}=
<uAw}yvx=
72

<_yEMLFNEIEAEIL=
_y

FAG

<}x}

kuy= <x}wy=

C

141A3:S;N1KB3L=W;QG"[1<

<
=

<=
'ITCDY6MDZ;%O*'ITCLSC@S;:
_-V*`;I7Sh*

F

1D

<BB=
BB
73
DN"E3P_"1O_3 LD3Z#Z3=-O3O`QG[; ;O7L<E3P_"7L<Z.Z3W=G L<

AL;DK;8K32=J.K41G"0N3 G<S Z3D0L3J1O._ G <A LE=G/W53W4O<` ? L"
G<S /?G.WA?L
BB

BB
BB
BB
BB

BB

BB
BB

BB

< =

BB

BB

BB

BB
BB

BB
BB
BB

74
141A3:S;N1KB3L=W;QG"[1<

2.

FIIG
B

B

B

B

B

<FIIJ=

<
=

75
+TE7-;<9c9D

Uxy kuy

<u w}}=
<wu}=<=
<ux}}u}= <kuy FDDL@
ux FDEF@ W|uy K=

C

1.

< FIII=

76
141A3:S;N1KB3L=W;QG"[1<
L=#J[.;L&P_"L=<G;=K43K40QGAL;WL=8AL;[AW3Q`GW%Q_GZ#
#L%LA4L35#W#%36S3K`3#dLW53/G"XD."ZEWE^3A L/3G<S L"3
Z31G"0N38=G;1O_#J/ GDSX?JG<S WO<"L"%LA4L3

< =
<

=

<
=
<
=
<FIII=

<FIIIN GN
=
2.

77

<
FIII=

B

DD
>
?

B

BB

<
=

B

<
FIIIN HHAHJ=

3.

<FIII=
FM

<

=
29

<
=

<FIIINEIGAEIH=
78

BBFIIG
<B=

>?

<FIII=

141A3:S;N1KB3L=W;QG"[1<

D

<FIIINHJ=

_'EOT7V
'ITCLSC@S;:@Yh;2T;9Wg.S<.O;

<zxuyu=

<wuy{=
<_yEMLFNEIF=

GD

C

79

<

=

<

=
30wuy{

H @
@ @

WukBgyy@U}uzu}}yNXy}w{zu}@}U}uWu
au}wNUU|{}wu]xw}@yx}yxv[uYu<g}{uyNdy}wy\u@EMMG=@BMGAMH

141A3:S;N1KB3L=W;QG"[1<

>
?

$TELET*'ITCLSC@S;:bMCe

`GR_'EO%TDb;`;I;O;

<FIII= >{w}{?

81
[; Z% X W=G L<G"5#W#4R?E=G?R ;< G</ L"]X/ W53

W=G L<G"AL;E;L<G;S? LADL=E=GX;X/ W=G L<G"
GR.;L=-1O_;O= A;K3
<FIIIN
@

=

>
?>

DD
?

$TELET*LlT;X$9T*$TE_CYO*
`GR$TELET*_'EO%TD
1.
<FIII=

<B=

82
141A3:S;N1KB3L=W;QG"[1<
E3P_"Z3L=/Q_3/KA1O_DLd K}]1K`"E?L<QGL=/Q_3/KAZ3W=_G"DN12N
Y.<W$8LJDN12NZ3L=WL0P"X?JL=Z%1=K8<L=

EM
FIHM

MFBI
a\n

IE

<
FIIINF=

<
FIIIN HN
=
2.

83
FMFIIG

GFGO

ME

FGFIIG

HDD

I

MGBDa\
EI BB

@
DDD@@

< FIIIN I@
=
'ITCLSC@S;:9Wg.S<.O;`GRDY6MDZ;
$ITER<<OZ=8SCB

84
JAK
<
=

< =

<FIII=

<
=

141A3:S;N1KB3L=W;QG"[1<

<=

85
2C@2YD|F!CJ!:Z0;

;O*L3J1L"WB=C*N#Z3K`3%3%K`3?L"
=J.K4? L".K"WE^3[.#LDK.D A3G"6S1O_;O
=L<[./d_LA LWD3AL;<L#33K`3;OW8<"
%3%K
`3ZE;
W536S1O_;ODN12NcGGWDO<"
W?QG/K`"?R ;ZE} 1O_DR.
2VCP_FW-!ZEAL;DdLK}K4
5=J%L2N5 [/<X44=K*D:L
ZEAL;DdLK}
K4L=W?QG/K`"
2VCP_FVD>PF!W335=J%L2N5[/<
X44/=A#DG4X?J;OD A3= A;
AL1==;E?K1OW_ 53
AL;K.X<"=JEA L"DO
=J.K41G"0N3 E=GL=W?QG/K"` =J.K4%L/N G"?R; DR.KA` ;OW8<"
$TE_GYO$7Sh*
5=J%L%3D A3;L^<"K ZEAL;DdLK}
X;A L%3%K`3?L"W LX?J

%3%K`3ZE; #J;OAL;N.1O_
K.X<"K3X/ 31K`"DG"?R ;
/ L"^GL"A L/3WG"<P.;K_3
Z3=J4G45=J%L2N5[/<
ES2:EEC;[
dLE3.ZE6SD;K=DD
/G"DK"K.8==L=W;QG"
W53WA?L[; 3G<A L
86
BT'LTC
$TE_=GWgD;`=G*
B[CV9SJ;
%O*LS*'C
141A3:S;N1KB3L=W;QG"[1<
9KCK:L=W5?O_<3X5?":S;N1KB3G"DK";
87

F
<yw}w wuy= <}xy{}wu wuy=

3.1
$TE_=GWgD;`=G*
B[CV9SJ;_JEK2$V+b;EO<DWgLV<=
FD <v}}=

<}y}|xx}y}z}wu}=
SS

88
141A3:S;N1KB3L=W;QG"[1<

FIIF KBMF9
GE < H=GF
FIHGAFIID
<I=JDBI9
<KFBI9=<JEBM9=HMBI9<=
HIBE9<=FIGKGG
<R40N^4<:K,D2N_CM2V#>N^;.F<J@V<F2W3!.K:9R:M9K

E3 A<4L1
250,000
200,000
150,000
100,000
50,000
0
2543
2544
2545
2547
2549
2550
2552
1K_A5=JW1B
1;X?J5=;-+?
:L?L"
:LWE3QG
:L/JAK3GGW$O<"WE3QG
:LZ/
2554
1O_;LM3A-#LL=DM=A#:LAJWB=C*N#X?JDK";G"=KAW=G3DM3K"L3D0N/NXE "%L/N
31 EE
BBFIIF
32EAG
33<FIIH=B
<=@FADEDCFIIG@BFIIGADED@IIAIJB
89
<R40N^CJ-C@220N^:ND2N_CM2"LW2.K:9R:M9K
E3 A<=G<?J
80
70
60
50
40
30
2537
2539
2541
2543
2545
2547
2549
2550
1K_A5=JW1B
1;X?J5=;-+?
:L?L"
:LWE3QG
:L/JAK3GGW$O<"WE3QG
:LZ/
2552
1O_;LG;S?L=DM=A#:LAJWB=C*N#X?JDK";=KAW=G3DM3K"L3D0N/NXE "%L/N
J
<R40N^4<:K,D2N_CM2V#>N^;.F<J@V<F2W3!.K:V.K<4<F!
E3 A<4L1
200,000
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
2543
Z3W/W1B4L?
2544
2545
3GW/W1B4L?
2549
2550
2552
141A3:S;N1KB3L=W;QG"[1<

<K=
<R40N^4<:K,D2N_CM2V#>N^;.F<J@V<F2W3!.K:>JB,IVA<B)M"CJ!:<J@V<F2

E3 A<4L1
500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
2543
2544
2545
2547
2549
2550
2552
2554
=KAW=G31K`"E;.
WC/==6SW53W#LG"1O_.N3
WC/==6SW% L1O_.N3
6S.MW3N32R=N#G"/31O_[; Z% WC/=
6S5(N4K/N"L3A%L%O8
WD;O<383K"L3L<X?JZE4=L=
FIGKAFIHI
IEAJL
FIHKAFIIFJDBLAJJ9
GH
<zu }wy=
FIHK
IGI
91
.K<K!0N^CJ-C@2F!WD>!<K;Z- <J@V<F2Y29K$230

<[fy{}udxw= < L=

<v}}=
A <zuw}}uy=

34<FIIHNII=
35 I LhuvyKFJZ}{yMFHb}du{u@<FDDJ=Bh|yxyw}yux
ywyzh|u}u{}wyNwuy@yy@ywuxw|uy{y]ZUcBfu}x[|zgyywyxU}uYw}yN`yux
}}wu}zu{}wyuxzxyw}fyv}wz_yu@h|u}ux@uxj}ybuB
92
141A3:S;N1KB3L=W;QG"[1<
<R40N^CJ-C@2F!5>5>M.9KK<VB.<W>I9KFQ.CKD<<:.F5>5>M.<@:<I-J39K

E3 A<=G<?J
:LWE3QG
100
90
80
70
60
50
40
30
20
10
0
1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003
:LZ/
100
90
80
70
60
50
40
30
20
10
0
1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003
:L/JAK3/
100
90
80
70
60
50
40
30
20
10
0
1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003
:LL=WC/=
1O_;L
:L/JAK3GGW$O<"WE3QG
100
90
80
70
60
50
40
30
20
10
0
1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003
:L?L"
100
90
80
70
60
50
40
30
20
10
0
1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003
:L/JAK3GG
100
90
80
70
60
50
40
30
20
10
0
1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003
:LGR/DLE==;
93
3%341[.D=L"AL;DK;8K32 Z3W%N"?R ;X?JG"=`3;LZE;

L==A;?R ;X?JG"=:L<Z3%R;%31O_;L#LL=D3K4D3R3X?J
L=W%Q_G;/ GK4DK";:L<3GWN.`3W8_GZE [.;L&P_"1=K8<L=
"45=J;L-X?J3Y<4L<DL2L=-J1K`"3O`W8=LJ3Y<4L<DL2L=-J
#J1dLZE%OA/G"6S3Z3%R;%3G<S [.

<uy yw=

<v}ywyy|}w= ^BWB
gw <EMKJ=

gw
<v}ywyyw=

<}A}}}u}ux
uzyAz}}w}y=

<yw}w}=

L9

94
141A3:S;N1KB3L=W;QG"[1<
L==A;?R; X?JL=D=L"W=G L<1L"DK";Z3X3A3G33O`[; W8<"

X/ X// L"Y.<DN3W%N"#LAL;DK;8K32E=GW=G L<1O_W<;OG<S
X/ W.N;&P_";O?KC-JX3A/K`"EL<K"D=L"6?=J141O_?.1G3AL;
DdLK}G"AL;DK;8K32.K"? LAY.<W$8LJAL;DK;8K32W%N"
GR50K;:

<u=

C
GJ

C

<yyzvy{}{=

GK

<y
yyxuxu}u}=

<uvyy=

<yu}yy=
<FIIIN=

95

<
FIII=

GL
<xyz
uyAw}y yu}=

FIGG
GM

<y}wy
}xy=
36
37<FIIJNGAI=
38
39<}wy{u=
96
141A3:S;N1KB3L=W;QG"[1<
3.2
$TE_=GWgD;`=G*B[CV9SJ;
9T*$TE_CYO*
W;Q_G8==L=W;QG"W53W8<"X L==A;?R ;G< L"E?A;]
G"EKAE3L;R"X?A;R"/ L"]E=G8==E3P_"]#P"8=G;#J<L<DK"K.
W;Q_G5=JW;N3X?AA LDK"K.ZE; ;OYGLDE=GX3AY3;Z3L=W53
8=== A;=K*4L?E=G;O1=K8<L=;LA L8==W.N;

BB FIHD

<yzzyw}y {yy=

FIHM
$TE=1VE[=L8T<S;9T*$TE_CYO*
`GR$TEG*MGS$=$2T;
%O*$TE_CYO*`<<_GYO$7Sh*
FIFD
BB FIFE
BB FIHD

<}yzzyw}y=

<zu{yyx=
<u
}}wu u=

<=

< =

<BB=

97

<
=

<BB=
<
=<=

<u{{y{u}z}yy=

HD

<wuv}w{x=

BB

BB

40
98
<wux}xuy wyy=
<uwyy=

BB

BBFIHD
<}yAyu
w}yw=
BB <wux}xuy
wyy=

<=
BB

BB

<
=

FIHH HE
HF

<g}}uFDDJNJDAJEO\}wyFDDJ=
141A3:S;N1KB3L=W;QG"[1<
<\}wyFDDENFDDJ=

<

=

<=<uz}u{
yu=

BB

BB
BBFIGF

BBFIGIHG
99

1.

<y
uy=

<uyAv}uyx=

3.
BB

2.

<auw]yFDDG=<y
uy=
<yu}w uwA}w=

=
<x}wy}=<wyu}A
u}=
=
BB FHLM
41BBFIELBBFIGMED BB
ID<g}}uFDDJNhuvyFBJ@JG=
42J<auw]yFDDGNHG=
43 BB FIID BB
BB

BB

<FIHJFNFIKAFJJ=
BBFIFE

BB FD
BB

BB

BB
<FIGMN
MGAMG@EJD=
==

<wux}xuywyy=C
<uwyy=
141A3:S;N1KB3L=W;QG"[1<
BB

BB

HI
BB

BB

HJ

HK

BB

HL

4.

<zu{yyx=HH


HM
5.

BBFIHD

<zu{yyx=

44g}}u<FDDJNEIIAEJH=
45FGBBFIIDJ
BBGEIBBHLD GI

ME
46

47

48

49ù}xy<FDDLuNLGF=
141A3:S;N1KB3L=W;QG"[1<
DN"WE? L3O`"[; WN.`3EL=K*2==;3S}$4K48B&P_"W53

.G6?G"AL;W?Q_G3[EAW8_G5(N=S5=J44L=W;QG"Z31BA==C
1O_;N[.;O6?4K"K4Z%X/ W;Q_GWN.`3X?A"[; 6.8?L.3K
1O_#JGL"A LDdL3P1L"L=W;QG"G"5=J%L%31O_EA"XE3DN12NZ3L=
W?QG/K`"[.W8_;`3;LZ3% A"WA?LDN45WBC1O_6 L3;L
ES2:EEC;[@J
$S<$TELET*ES2<TG9WgCW=ERLV9:V>G
BB FIHD

<yAu yAy=
BB

<uA}=

I BB

<}yv}uyx=ID

BB
BB

BBBB

KBF
FIFMAFIGMGBL FIHHFBJ
FIHLIE

<= <=

1.
BB MD

JD
BB

MD

BB

<wyx}vy|yu=

2.
BB
BB

FEK

3.
BB
HD
BB

BB

<E=
<{uxwu}}{yy=

<}}wu}}
{yy=
< =
<=
<= <cwy FDDG=

BBFIHD

FIHH

GD

FIHD

50 BBHF
FIHH
51\}wy<FDDJNGMG=yzzyw}yvyz}}wuu
BB FIHL

FIHD

FIHH

FIHH

BB

BB

FIFM FIGH

BBFIHD

141A3:S;N1KB3L=W;QG"[1<
<B=

B

BB
FIHJ B
<B= K@KKI
<B=KI

B

<FIIG=

JGBI FIHIKEBL
BBFIHL
C B
B
FIID
FIHLAFIIG
LD FIHL
LKBF
LMBKFIIG
A

<FIIJN
GHAGI=
D
mF<b=

fE
fF mE
fE
mE<b=

fE
fFmF fE
B
>?
mF
<b=fF
fE
mE
fEIF

mF

fF
mF

BB

B

B

B

B
IG

B

HD9B

B
B

<FIIHNFMAGI=

BB FIHH
BB FIHD
FIGD

FIHD

52B
53
B FIHF B
FH9
141A3:S;N1KB3L=W;QG"[1<
3WE? L3O`/G"L=8`31O_1L"L=W;QG"W8_G6?K.K36?5=JY<%3
G"/3WG"5}EL1O_WLW6%N}G<S W535}EL1L"L=W;QG"
[; Z% L==G"1R1L"WB=C*N#E=G=G"GL=GR50K;:#L=K*
$TE$O7SI%O*-;-Sh;$GT*bMC
$S<'ITC%S6`D*_EgO*$TE_CYO*
`<<_GYO$7Sh*

<=

<u}u}=

<wuuv}}}y=
C

<yyyx=

<
=

FIHD
<y yyx
uxu}u}=

FIHH

<FIIG=
>?

IH

II

> ?

IJ
FIHM

FIGH

FIHH
FIHM

54BBFIIH
55 < <FIIJ==

AA

56BBFIIG
141A3:S;N1KB3L=W;QG"[1<
L=<L</KAG"L=W;QG"X44W?QG/K`"=J.K41G"0N3Y.<W$8LJ
G< L"<N"/K`"X/ W53/3;L<K"5=JY<%3X 3?R ;3O`3G<;L
W3Q_G"#L8AWL#dL3A3;LGLBK<G<S Z3W//KAW;QG" &P_"W53W/
W1B4L?E=GW;QG"ZE}

FIDD

BBFIHH

BBFIHD

BB
FIHH

FIHJ


BBFIHJ
B

FIHJ

BB
CC

KD9
GD9

<x}}v}y}}w=

141A3:S;N1KB3L=W;QG"[1<
3.3
$TE_=GWgD;`=G*B[CV9SJ;
6T;OZ6C$TE5
Z3=-OG"?R ;L=W;QG"8K32;N/=5=J%L%3W8_G5=J%L2N5[/<
X3 3G3A L6S3Ld ?R ;4L"3X?J6SD3K4D3R3?R ;E?L<31dL2R=N#
E=G;OW5 LE;L<1L"2R=N#X441R33N<;Y?L:NAK/3

A

< =


FIHK

B[CV9SJ;6T;OZ6C$TE5
%O*';_LYhO_MGYO*-;-Sh;$GT*_$T

<u}y
xyy}}u}u}=

FIFD
<AWxku=
FIEL

<\uy EMMD=
<Axy}=

111

<Zx}=

<Uuxu}EMMJ=
ED

<FIHM=

112

ZhU

<{yAvx=

<FIIE=
C

FIFD
<FIHLh|{w|u}FDDL=

141A3:S;N1KB3L=W;QG"[1<

A

<zz}w}u u}u}=
<|{y}u}=

<[yy
EMLG@ gw EMML=

|zw{w

<FIGK=


A

FIHD

BB

FIHD

113
FIGD
FIID

IK

<u =

57
<b[c=
FIFD

FIGD
<FIHL=
EMFIHM
FIIDFIHM
114
141A3:S;N1KB3L=W;QG"[1<

<w}u v}}=

B[CV9SJ;9T*$TE_CYO*
%O*';_LYhO`6*-;-Sh;$GT*bMC
<E=
<F=
<G=<H=

1.

C

BBB


<v}}=

<A
=
< A =
2.

ED FIIF

<FIII=
<FIII=
115

A

EEFIL

58EEF

116
141A3:S;N1KB3L=W;QG"[1<
=K*2==;3S}$4K4?L<?KC-GK C=8B[.D=L"AK,32==;
1L"L=W;QG"[1<X44ZE; `3;L? LAQG[.1Ld ZE8==L=W;QG"
W;X^"3` =*K 4L?;OWD0O<=:L8;L3` X?J3Y<4L<G"8==L=W;QG"
;O6?[.6?WDO<Y.</="K4=LC(=;L`3

F
FIHM
EM
FIHM
FIIE
FIIE

FIID

y{B{wy{

3.

4.
<FIGHNFKI=
m|}z}huuxu

< FKJ=

BB

BBFIHD

117

BBFIHD

FIHD

FIHD
FIID EM
FIHM

FIHD
FIID

FIHD

FIHD

118
141A3:S;N1KB3L=W;QG"[1<
L=1dLAL;WLZ#3WDQG` X."#dLW53/G"GLBK<X3AAW=LJE1O_ AL"

[5A LL=AW=LJEW%N"%3%K3` W8=LJ?KC-JW%N"%3%K3` G"3WDQG` X."
3K3` E?LE?L<A L1O;_ K ? LA0P"K3Z3X" G"<R12A2O L=W?QG_ 3[EA
;A?%3D;K<ZE;
FIHD

FIHD

<FIII=

BBB

< FIGH=

5.

119

EMFIHM

B
FIID
BB

B

FIIE
B
B

B B

BB

FIHM

B

EEF GGH<BEEF=

B

141A3:S;N1KB3L=W;QG"[1<

B

B

FIHM
<B=FIID

D
D FIIE

121
=J44AL;DK;8K32 ZE; 1O_WN.`33O`WG"1O_?L<W53=J445 G"K3:K<

W8=LJ3dL;L&P_"G6S8K3W8_GZE [.;L&P_"1=K8<L=#L:L<3G
1K`"=K*4L?8==L=W;QG"G"=5=G"1G"0N3X?JG"=GQ_3]
&P_"#dLW53DdLE=K4%OA/1O_W5?O_<3[5G"6S3

6.1

<}}wz}xy}=

G
FIIH

C BB

BB
<vwy=

6.

122

BB
BB

141A3:S;N1KB3L=W;QG"[1<

>?
DD>?

<}}wuuuw}}=
GBBFIIH
<uyy=
6.2

<FIII=
123
1=K8<L=.K"? LA3O`;OE?L<?KC-JX/ #Ld W53DdLE=K4Y?%OA/

X44ZE; G"%LA3L1O8_ G#J1dLZE%AO / G"3%341G<S [.X?JWL;LX13
AL;DK;8K32X44W.N;Z3DK";X44WC/===;.K`"W.N;

<FIII=

>w|{w{?

>DDHKJO?

icb

K

GO
HKJO HKKF
124
141A3:S;N1KB3L=W;QG"[1<
6.3

<FIII=

<FN
=

< J
=
< I
N

=

<
G N
=

< HN
=

FIDD
FIED
FIHD

FD


FD

W|uy_yy
<w}u }u{y=
<_yyFDED=
LlT;X$%O*@G_CYO*bMC

<y
}}wAwu w}}y|}=

125
C

<wu w}}y|}=

IM
auVy|a}

<a}FDEFNLL=

59fyufux

<|y}{|vyx}zzyyuxvy{@}uxywu}w@u}w}uyy=<k}}yx}u@|yzyyywwyx}u@Xy{u|}w
zg|Uy}wu@}|NCCyB}}yx}uB{C}}CXy{u|}wszsg|sUy}wu<JFIII==
126
141A3:S;N1KB3L=W;QG"[1<
;O3WDQ`GWE?QG"#dL3A3;L1O_W533%K`3?L"=J.K4? L"
W% 3W.O<AK43WDQ`GX."Z3-JW.O<AK3^;O3WDQ`GX."1O_;L#L
%3%K3` ?L"W L.A<Z3X" 3O` AL;K.X<"#P";O?K C-JW53AL;K.X<"
W%N"GR.;L=-? LAQGW53AL;K.X<"K3G"GR.;L=-
AL;<P.;K_3/ G0N3*L3K4:LAJ[=0N3*L3

GDAHD

Uxykuy

<}xxyA}wyyuu=

<yyyxuxu}u}=

kuy

<}}wuyuu=<kuyFDEF=

<yyx}u=

B
D
DDD


B

B
B

C

<w|uuwAy}}w=

127

128
BT'LWg
<9LEZ=
141A3:S;N1KB3L=W;QG"[1<
129
9KCN^41D=R5
4.1
$TE_=GWgD;`=G*a'E*LET*9T*_JEK2$V+
`GRa'E*LET*9T*$TE_CYO*
5,000-10,000
%3%K`3ZE;
E=G%3%K`3?L"=J.K4? L"
;NZ% ?R ;31O_<L#31O_DR.

G"DK";[1<
X/ W536S;ODN12NcGGWDO<"
?R ;ZE} 1O_DR.G"DK";

<w|uuwy}}w=<=

I@DDDAED@DDD
HD9FIIF
A

<yyx ux u}u}=
FD

141A3:S;N1KB3L=W;QG"[1<
AL;K.X<"1L"L=W;QG"5##4K3#P";O=L*L3E=G;OAL;
DQ4W3Q_G"#LAL;K.X<"W%N"?R ;%3%K`31L"WB=C*N#6D;G<S .A<
G< L";O3K<DdLK}W=LGL##K.5=JW:1AL;K.X<"3O`[.A L
W53AL;K.X<"1L"L=W;QG"G"L==J#L<1=K8<L=

BB FIHD

<uwAyy}w=
<yzzyw}yy=

<wxw}y=

<}y}|x=

FIGI
BBFIHD

9KCN^41D=R5

BBFIHH

<x}}v}y
}}w=

131

FIHM

KDNGD

132
141A3:S;N1KB3L=W;QG"[1<
4.2
$TE_CYO*OS7GS$K5
`GR$TE_CYO*OZ6C$TE5
3WDQ`GWE?QG"[; [A Z#5=J%L2N5[/<X44=K*D:L[; W%Q_G0QG
L=W?QG/K`"D3K4D3R3L=0 A".R?#LGdL3L#3G=J44=K*D:L
3WDQ`GX."W33AL;W1 LW1O<;X?JAL;WD;G:LZ3L=WL0P"
GdL3L#1L"L=W;QG"X?J=J4A3L=<R/N2==;

C

<
=<xyy}}{zuw=

<wxw}y=

<vuv}}=

9KCN^41D=R5

< =

133

< FIIDAFIIG=

FIHK<
=
134
141A3:S;N1KB3L=W;QG"[1<
4.3
@G_CYO*bMC
X/ -8B3O`W"_G3[1L"WB=C*N#Y.<W$8LJG< L"<N"=J.K4AL;
<L#33X3E=G#dL3A33#3<L3K3` ?K4?L<W53D A3L"3G<
G"DK";[5X?AX;=J1K_"Z3E;S 6S;OGL%O8WC/===;&P_"W=LW%Q_GK3
A LW536S1O_;O*L3J.G<1O_DR.G"DK";[1<^/L;

kuy <FDEFN JAM=

<}A}}}u}
uxuzyAz}}w}y=

BB

<}y}|xx}y}z}wu}=

<FIII=

9KCN^41D=R5

<FIII=

135

<vwy=

<yywu }}w=

136
141A3:S;N1KB3L=W;QG"[1<
4.4
%Oa7`D*7OCZCCO*%O*$TEJX$KT
LS*'C$TE_CYO*c9D

FIFGAFIGG
FIHG

<x}uwyyyw}y=

<Vyuwu}w
d}=FIFG

<ayd}}w=

<u}y=

CC

<gwEMKJ=

JD

kuy<FDEF=

9KCN^41D=R5

<=
<=
< H=

137

>?

60

138
BT'MT
;SD9T*
;aD<TD
141A3:S;N1KB3L=W;QG"[1<
139
9KD K3K<1L"3Y<4L<
5.1
$TELS*$S6LW9T*$TE_CYO*
_=;c=ODT*$IT*%IT*b;_$YO<9Z$LI;%O*LS*'C
47%
W536SDK"K.WDQ`GX."
DG"W$.
28.5%
W536SDK"K.WDQ`GWE?QG"
1RW$.DO
19%
W536S [; DK"K.DOZ.
Z31L"AL;N.?R ;
ED<FIIJ=<b=EM9
HK9FLBI9
GHb
EI
141A3:S;N1KB3L=W;QG"[1<
5.2
IT9$EEC%O*'ITC%S6`D*ERMIT*LW`<<LZ6%ShI
CW>[_Mf;6ID+lT;I;;ODCT$
`7$GS<$GTD_=;IT9$EECMGS$%O*'ITC%S6`D*
?R ;W?Q_G3[EAW8_G5=JW.^3
55 G"D0L4K3
1.22%
91.69%
AL;G<R/N2==;X?J5}ELG"
L=W;QG"X44W?QG/K`"
1.67%
G<LZE1KCN-?K4;LI
A

<ED=JE
EBFF9
< E=JF EBJK9

<yy}=

G9
<= MEBJM9
61

62

BBFIID
141
9KD K3K<1L"3Y<4L<
$TE`$c%=MT'ITCODZ7V:EEC9Sh*6T;_JEK2$V+$TE_CYO*`GRLS*'C

<
=

D;A=? LA<d`LZE%K.W#3A L ?R ;5}EL3O`=G4?R;5=JW.^3AL;[; W532==;

1L"L=W;QG"X?JDK";X?JW=L[; DL;L=01P1KWGLWG"A LAL;G<R/N2==;1L"DK";
X?JL=W;QG";O3d`LE3K3G<A LAL;<L#3X?JAL;[; W1 LW1O<;1L"WB=C*N#
$GZC=ER_6f;=MT%O*$TE_CYO*`<<_GYO$7Sh*

142
141A3:S;N1KB3L=W;QG"[1<
<EE5T;Z$EC
U{|}@XB<FDDE=BZ{ywyBZ{{{wzZ{y{wwfywj~wwzBf}w|xNWB
B<FDDF=Bd}}wufyzuxW}}gw}yu|y`wu`yyNh|u}ux`wu[yyfyzB

]XBawWu{<YxB=@h{|}j~wyBWy|u{yNb]UgB
V}y@_BUB<FDDI=Bh|yguyux|yf}{|k}{Nh|yj}u{ygwayy}h|u}uxB]^Bbu|<YxB=@

iywc{{WW~}ywh{wz{<BHJAJI=BczxNVuwyB
B<FDDLu=Bgux}{}|yg|uxNczau}wu}ux|yfyzky}uj}u{yYyw}}b|y

h|u}uxBW{yw[~}GI<E=@EGJAEIGB
B<FDDLv=BjyV}{uxj}u{ycu{y}uYyw}}b|yh|u}uxNfywy`y{ufyz}

\}}wuWyB`w|Wwiz{JK<F=@HJMAIEEB
Wu|u@WB<EMLF=BW}yy}ux|yguyB]WBWu|u<YxB=@fw{fww}{wzfxyf{Pfyw

Y{{~{cz{iw{<BEAGI=BbymNgau}dyB
Wuu|u@kBUB<FDDI=Bh|yX}wyzjyV}{uxd}}wufyz}h|u}uxBfwy|yW||wKL<E=@MIAEEGB
W}}@gBkB<FDEF=Bh|u}uxWuyWz}wB]aB^Bayu@dBW|uw|uu{:UBW|{}u}u

<YxB=@Xw}cwHFGFf{{y{wZz{zj~wwz<BEDLAEEM=Bg}{uyN]gYUgdv}|}{B
Xy{u|}wzg|Uy}wuB<BxB=]k}}yx}u@|yzyyywwyx}uBfy}yyxgyyvyJ@FDEF@

z|NCCyB}}yx}uB{C}}CXy{u|}wzsg|Uy}wu
[uu@^B@du@VBA[B@:W|}@mBA^B<FDDL=BZu}yx]yu}u}uxgw}uayyXyw}yBYywWw

iz{@HD<G=@GGMAGKFB
[yy@YB<EMLG=BdwwzdwwBczxNVuwyB
\uy@XB<EMMD=Bj~{Yz|fz{PW[~{e}|YwY~w}{BWuv}x{yN

aUNVuwyB
\y}@_B@:h|{@aB<FDDD=BXyy}{d}w}uWu}u}NUdz}yz|yYw}wuxd}}wu

fyzuby[yyu}}_|_uy@h|u}uxB]fBawjy<YxB=@c{wzf{fyw

j~wwz<BEMIAFEL=BW|}u{au}Ng}B
\}wy@UB<FDDJ=BZd|}udu}uyNa}ydu}y}dyAEMMKh|u}uxB]aB\Bby<YxB=@

j~wwzd{fyPa}fwwz~_{o{wxHFFG<BEHIAEKI=BVu{N_}{

du~ux|}]}yuxk|}y`dyB
\v@UBgB<FDDI=Be|zWzwy{zb{w{Zyw|Y{[}~BczxNczxi}y}dyB
ûw@dBUB<FDDM=Bauy@yx}u@uxu{}wNh|u}uxuw|uu}uxy}B_{CWwYw

iz{@ED@GJEAGLDB
_y@^B\B<EMLF=BUu}u{{}{|yx{Nh|yuAw}yxy}h|u}x}yB]WBW|}|y<YxB=@fw{

fww}{wzfxyf{PfywY{{~{cz{iw{<BEHFAEJE=B`xNZuwy

d}yB
_yy@WBZB<EMJK=B_wPh{}wd~{w{j~wwzB]|uwuNWyi}y}@g|yuU}ud{uB
B<FDED@byvy=B\f{wwYwlw}{Ph{|}}~{hwd~{j~wwzB

duyyyyxu|yUyw}uywy{u}yxv|yU|{[uxuyd{u@h|uuu

i}y}@Vu{B
_}}}u{u@_B@:\y}@_B<FDDM=Bgw}uyyux}}wu}}}wyuh|u}uxB

j~{fwy|yh{{@FF<H=@HIEAHKKB
4==-L3R=;
143
ù|uuu@UB<EMMG=Bgyy}{[}uUuy5h|ya}xxyWu}h|u}d}}wBWwh{{@K<E=@KLAEFIB
B<EMMJ=BUhuyzhXywuw}yNWz}w}{dywy}zYyw}uxXywuw}h|u}uxB

]fB\Bhu<YxB=@j~{fy|[{yi~{wWw<BFDEAFFG=Bku|}{@XWNkx

k}WyydyB
ù}xy@`BgB<FDDL=Biw{B_wz_zwZ{{{P_zwz{{{}wz}wz}

y{jwwwzj~wwzyw{z<jBF=BUuw|yNg|uyjyu{B
auw]y@UB<FDDG=Bj~{f{|_PfywWy~{y{wz]{{B`xNWyi}y}

dyB
awWu{@XB<FDDK=Bh|u}ux|yfy{ywyzj}ywy}|yh|u}g|]XBawWu{<YxB=@h{~}

j~wwzi~{l{y{<BGIAJL=Bg}{uyNbu}ui}y}zg}{uydyB
awy@fB<FDDD=Bc{wzf{fywj~wwzBWy|u{yNbx}w]}yzU}ux}yB
a}@aBVB<FDEF=Bh|u}av}}}yuxWuW}}y|}BYywWwiz{@HH@LIAEEFB
axy}u}B<BxB=]k}}yx}u@|yzyyywwyx}uBfy}yyxU}EG@FDEG@z|NCCyB}}yx}uB{C

}}Caxy}u}B
by@aB\B<EMML=BY{wW~wzbywZ{ywwj~wwzPWYw{iz\Y~wy~{}w

fy{BVu{Nk|}y`dyB
B<FDDI=BWw}fywfywiy{j~wwzPf~wBjwBwz^wa~ww{B\{_{N

h|yg|yuU}ufyyuw|Wyy<gYUfW=h|yW}i}y}z\{_{B
b}du{uB<FDDJ=Bh|yXyw}yuxfywyzh|u}U{}wyNWuy@fyy@dywux

W|uy{yB]ZUcB<YxB=@hwz]~|i{{yzWw[y{Ph{xy|a{wBj~wwzwz

l{wBVu{NZUcfy{}uczz}wyzU}uux|yduw}z}wB
b}|}u}@mB<FDDI=Bh|yauc}{}zh|u}uxd}w}ug{uNh|yWuyzVu|ug}uAuw|uBj~{

i~{wWwh{{wy~Y{{>i[WhY?@EG<F=@ELHAFGHB
cwy@^B<FDDG=BW|u{yuxW}}}|yh|u}d}}wudugyBU}ugy@HG<H=@JJGAJLDB
d|{u}w|}@dB:Vuy@WB<FDDL=Bh|u}d}B`w|Y{wWw@GL<E=@JFALGB
B<FDEF=Bh|u}ux}hvyNfyz|yXxxyWz}wu{Y}yB]aB^BayuB@

dBW|uw|uu{:UyuuW|{}u}u<YxB=@Xw}cwHFGFPf{{y{wZz{z

j~wwz<BFEHAFFM=Bg}{uyN]gYUgdv}|}{B
d|{u}w|}@dB@:Vyuu}@dB<FDED@auw|=BYwzhNUhyw|}wubyh|u}uxBduyyyyx

u|yZYg<Z}yx}w|Yvyg}z{=fy{}uZ|yYwz{u}yxvZYgux

hXf]@du\y@Vu{@h|u}uxB
f}{{@ZBkB<EMJJ=Bj~wwzPj~{cz{w|wX{wywyfB\NYuAkyWyydyB
f}{{@^B@:buuu@gB<FDDE=BYvuw}{|y[vu}h|u}uxNUw}}uxdu{u}}uYuz

Xyu{u}u}u}BmzZ{{{@FM<J=@MHIAMJDB
f}{{@^B@jyyu{@gB@jyyu{@`B@:f|}uuw|@dB<FDDL=Bfywz}{}{fuguwyuxfyu}{

fu`}y}Wyuh|u}uxB`w|i~{wWwiz{@GM@GIIAGLEB
guuxyy@gBbB<FDDJ=Bj~wfywfw{~{W}{|h{|BVu{N]}yzdv}wd}wgx}yB
gw|}x@gBkB@[u}@`B@ùx@WB\B@:gw@^BWB<YxB=B<EMKK=B\{zB\{Bwz\wyPWh{wz{

fywY{{BVyyyNi}y}zWu}z}udyB
gw@^BWB<EMKJ=Bj~{cw[y|~{f{wwPh{x{wzi{y{i~{wWwBby\uyN

muyi}y}dyB
g}uuu@UB<EMMJ=Bh|u}U{}wyNZY{}yz[|gyguBjZh_gw{h{{@EE<H=@GAEDB
g}uuu@UB@:^}w|@gB<FDEF=Bh|ygw}AYw}wVuyz|yfyxCmyX}}xyNUgu}}wuUu}B

]aB^Bayu@dBW|uw|uu{:UBW|{}u}u<YxB=@Xw}cwHFGFPf{{y{

wZz{zj~wwz<BJHAKE=Bg}{uyN]gYUgdv}|}{B
144
141A3:S;N1KB3L=W;QG"[1<
gyy@WBkB<EMMG=BU}uzu}}yNXy}w{zu}B][BYu<YxB=@WwYwcwyPW

W~}yw_zy<BLMAEEK=Bg}{uyNdy}wy\uB
hy~u}u@_B<FDDJ=Bh}{h|u}Bd{b{|h{{@GM@IAGKB
hy@^B\B@:gy@^BYB<FDDI=Bj~{iy}|[BbymNWuv}x{yi}y}dyB
iyxu@mB<FDDD=Bh|yYyyyz_|uB]fBawjy<YxB=@c{wzf{fywj~wwz<BEIHAEMH=B

W|}u{au}Ng}B
ibXdB<FDED=B\ugyw}@hxuuxhNh|u}ux\uXyyyfyFDDMB
kuy@UB<FDDL=Bh|yfuW}}ux|yYyxud}}wzYyw}}b|yh|u}uxB`w|

Y{wWw@GL<E=@LHAEDIB
B<FDEF=Bj~wwzfywf{wwPf{~{cz{hw[yBaux}Nh|yi}y}z

k}w}dyB
ky}{x@UB<EMKK=Bdu@uu{y@ux}}wuu}yB]gyzzykB@`Bgw|}x@WB\B`B[u}:^BWB

gw<YxB=@\{zB\{Bwz\wyPWh{wz{fywY{{<BGFGAGGK=BVyyyN

i}y}zWu}z}udyB
k}}w|u@hB<FDDL=Bbu}u}ux|yfux}wu]y}{y}u}h|u}uxBj~zmzgw{@FM@IKIAIMEB
B<FIII=BP

BBN

<B=@

<B=@<ddg]=B
B<FIHM=B
B<=@

PBNB
B<FIHD=B E P

EBNB
B<FIHL=B P

B <=B

B
<FIID=BBN

B
B<FIGH=BB@EG<E=@FJJAFLHB
B<FIBBFIIE=BBNJB
B<FIIG=BBFJFIIIN|NCCBu}w|BwB|Cy

xyu}B|Sy}xQEFMEDEJLDD:{}x:wu}xQDFvwu}xQDFDF
B<FIII=BBNFJFIIIN|NCCBu}w|B

wB|Cysxyu}B|Sy}xQEFKLMEMIGH:{}x:wu}xQDF
B<FIIF=BPC

>?BJD@

B
B<FIIH=B

>?BN

<B=
B<FIIE=BNB@

J<H=@EHDAEIIB
B<FIHE=BPOOBNB
B<FIIG=B P B FEFIIG

N|NCCuw|uu}BwCC~uCFLHELB
4==-L3R=;
145
B<FIII=BPDB

BN<B=@

<B=@

<ddg]=B
B<FIID=BBN

B
B<FIII=B B

BN

<B=@<B=@

<ddg]=B
B<FIHK=BB@F<E=@IJAJEB
B<FIHL=BPBNB
B<FIIF=BB@G<F=@IAEGB
B<FIII=BPB

BN<B=@

<B=@

<ddg]=B
B<FIGK=BNB@EM<F=@KIAMJB
B<FIGM=BP

BNB
B<FIHJ=BDDHKJF<BF=BNB
B<FIIJ=B P

DDHKKKB BN

<B=@

<B=@<ddg]=B
B<FIGM=BB@FF<F=@JAHMB
B<FIHG=BNB@GE<F=@EJLAFGIB
B<FIII=BB

BN<B=@

<B=@

<ddg]=B
B<FIIG=B DD

HKJLCHKKIBEGFIIHN|NCCB}BuwB|CuCyx{yCu}wysxyu}B

|S}xQEKB
< =B<FIIH=B P

>?BN

<B=@

<B=@<ddg]=B
B<FIGK=BBNB
B<FIIF=B

BFIIF

@@@

@@

@

@B
146
141A3:S;N1KB3L=W;QG"[1<
B<FIID=B

BN

B
B<FIHH=B>d{cz{[}~Cj~wZyw?BN

B
B<FIHL=BBBBBNBBB
B<FIHJ=B
BN

B
B<@FIHK=BB

FIHKN@

@@

@@B
B<ELFIIE=BB@BFEB
B<FIII=BBBN

<B=@

<B=@<ddg]=B
B<@FIIH=B>YB

Z{y{wwwzfwfwyw?BFIIHGH

@B
B<FIII=BBBN

<B=@

<B=@<ddg]=B
B<=P

<FHMDAFIID=B
<FIIG=BB

N<B=@

<B=@

<ddg]=B
B<@FIHK=BB

FIHKNB@

@@

@@B
B<FIII=BBN

B
B<FIHJ=BBNh}}{d}dyB
B<FIIG=B

BNB

Reexamining Thai Political Lanscape

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Reexamining Thai Political Lanscape

Uploaded by

Copyright:

Available Formats

-J6SA#K<

5=J%L2N5 [/<Z35=JW1B[E3]^ [; [.W53GND=J#L1R31L"DK";

 <U{|} FDDEO by FDDF=

G"=5=G"D A31G"0N3 ;OAL;DdLK}/ G%OA/ G"%R;%31G"0N3

C @2W3 !<K;Z- F!Z0;Y24

.K<K!0N^C<Q4V,*K<W3 !>Q :CNVD]2- @;J3VD.Q5>D<FZ: VD]2- @; Z: Z- VD]2- @;

?R ;1O_/G"L=X5}ELAL;WE?Q_G;?d`LX?JE=GG==K5%K_3X?JWL L<G3R=KC3N<;%L/N3N<;X/ [; WE^3.A<K4L=

<R40N^CJ-C @2K<V4>N^;2W4>!FK$N7$ @!4

<R40N^ K" K!V#>N^;Y2W. >IFK$N7

Source : UNDP (2010) cited from Prof.Hal Hill. ANU.

DN"E3P_"1O_3 LD3Z#Z3=-O3O`QG[; ;O7L<E3P_"7L<Z.Z3W=G L<

[; Z% X W=G L<G"5#W#4R?E=G?R ;< G</ L"]X/ W53

2C @2YD| F!CJ!:Z0;

5=J%L%3D A3;L^<"K ZEAL;DdLK}

X;A L%3%K`3?L"W LX?J

<R40N^4<:K,D2N_CM2V#>N^;. F<J@V<F2W3 !.K:9R:M9K

<R40N^4<:K,D2N_CM2V#>N^;. F<J@V<F2W3 !.K:>JB,IVA<B)M"CJ!:<J@V<F2

.K<K!0N^CJ-C @2F!WD> !<K;Z- <J@V<F2Y29K$230

<R40N^CJ-C @2F!5>5>M.9KK<VB.<W>I9KFQ.CKD<<:. F5>5>M.<@:<I-J39K

3%341[.D=L"AL;DK;8K32 Z3W%N"?R ;X?JG"=`3;LZE;

L==A;?R; X?JL=D=L"W=G L<1L"DK";Z3X3A3G33O`[; W8<"

BBGEIBBHLD GI 

DN"WE? L3O`"[; WN.`3EL=K*2==;3S}$4K48B&P_"W53

L=1dLAL;WLZ#3WDQG` X."#dLW53/G"GLBK<X3AAW=LJE1O_ AL"

=J44AL;DK;8K32 ZE; 1O_WN.`33O`WG"1O_?L<W53=J445 G"K3:K<

1=K8<L=.K"? LA3O`;OE?L<?KC-JX/ #Ld W53DdLE=K4Y?%OA/

;NZ% ?R ;31O_<L#31O_DR.

D;A=? LA<d`LZE%K.W#3A L ?R ;5}EL3O`=G4?R;5=JW.^3AL;[; W532==;

You might also like

-J6SA#K<

5=J%L2N5 [/<Z35=JW1B[E3]^ [; [.W53GND=J#L1R31L"DK";

<U{|} FDDEO by FDDF=

G"=5=G"D A31G"0N3 ;OAL;DdLK}/ G%OA/ G"%R;%31G"0N3

C@2W3!<K;Z- F!Z0;Y24

.K<K!0N^C<Q4V,*K<W3!>Q:CNVD]2- @;J3VD.Q5>D<FZ: VD]2- @; Z: Z- VD]2- @;

?R ;1O_/G"L=X5}ELAL;WE?Q_G;?d`LX?JE=GG==K5%K_3X?JWL L<G3R=KC3N<;%L/N3N<;X/ [; WE^3.A<K4L=

<R40N^CJ-C@2K<V4>N^;2W4>!FK$N7$@!4

<R40N^K" K!V#>N^;Y2W.>IFK$N7

DN"E3P_"1O_3 LD3Z#Z3=-O3O`QG[; ;O7L<E3P_"7L<Z.Z3W=G L<

[; Z% X W=G L<G"5#W#4R?E=G?R ;< G</ L"]X/ W53

2C@2YD|F!CJ!:Z0;

5=J%L%3D A3;L^<"K ZEAL;DdLK}

X;A L%3%K`3?L"W LX?J

<R40N^4<:K,D2N_CM2V#>N^;.F<J@V<F2W3!.K:9R:M9K

<R40N^4<:K,D2N_CM2V#>N^;.F<J@V<F2W3!.K:>JB,IVA<B)M"CJ!:<J@V<F2

.K<K!0N^CJ-C@2F!WD>!<K;Z- <J@V<F2Y29K$230

<R40N^CJ-C@2F!5>5>M.9KK<VB.<W>I9KFQ.CKD<<:.F5>5>M.<@:<I-J39K

3%341[.D=L"AL;DK;8K32 Z3W%N"?R ;X?JG"=`3;LZE;

L==A;?R; X?JL=D=L"W=G L<1L"DK";Z3X3A3G33O`[; W8<"

BBGEIBBHLD GI

DN"WE? L3O`"[; WN.`3EL=K*2==;3S}$4K48B&P_"W53

L=1dLAL;WLZ#3WDQG` X."#dLW53/G"GLBK<X3AAW=LJE1O_ AL"

=J44AL;DK;8K32 ZE; 1O_WN.`33O`WG"1O_?L<W53=J445 G"K3:K<

1=K8<L=.K"? LA3O`;OE?L<?KC-JX/ #Ld W53DdLE=K4Y?%OA/

;NZ% ?R ;31O_<L#31O_DR.

D;A=? LA<d`LZE%K.W#3A L ?R ;5}EL3O`=G4?R;5=JW.^3AL;[; W532==;