1DMZLÛNV]\ Z 3ROVFH LQWHUQHWRZ\
VNOHS ] JUDPL SODQV]RZ\PL
L KREE\VW\F]Q\PL ZZZ 5(%(/ SO
6./(3#5(%(/ 3/
::: 5(%(/ 3/
VËÞÂê©· ×Úāü¤Ì ĬāöüºÂ· ā¬öāüĺ¬ Ë ¬Ã¬Ä¬ê V¬×׬
süöĬæöË 9êÄ¤ËąÞº æË āËÂËö ×˽޺ ËĈüÄ Þ×·½¬āê· Þ¬¢ ö öüöĬê
öüÞ˺¬· ·ºË߬ ê¬ËË˺Ìö ā º½Þüº ½¬æÚæêÚü ā¬¬¢·Ɍ V¬¢ºÄ ©¬ÞæËÚ¬ êæËÚÞæö
ÞæÚ¬ =¬Ä¤ÚÄ ¬ Ú¬© ;ÞæÄÚ ö ÚöêÚËö· ¬ÄæÚ×Úæ·¬ üæü 9êĤËöÞº¬· ¬ V¬×׬ VËÅāËÞāĺ V¬×׬ ö©Ëā¬ Ä ×˺ V¬×׬ Ä VËÂêĬËöüÃ
VüĈºê
V¬ËæÚ %ÚËÄāöÞº¬¤Ë ÞāüºË ×ˬÂü ÞÚ ö¬½ê ×˽޺¬© ā¬¬ ¬ ¬© ÚËā¬Ìöɇ Þæ·
Þ¬¢ ÞæÞ½½Úì ÚüĺËöüìɌ Ë©æÚì æü© Ë×Ëö¬ß¬ Þ Ëö¬Ã êö¬½¬Ä ×Úāā VËāö̽ Þ¬¢ āÚ Ë Ä¬ā×ËÃÄ¬Ä¤Ë ßö¬æ ā¬¬ ā ê½½ÚüÄ
ā¬¬ Ä Âüà ßö¬¬ ×ËÞæ¬Ɇ V¬×׬ VËÅāËÞāĺɇ ;Ú½½ÞËÄ ā ©êɇ ì½ ā
]ýĬ¬ɇ æºæüö ½Ëúõ¬Þæɇ YÞÃêÞɇ =Ëææ ā 꽬ü öÄæêÚĬºÌöɇ Ú¬ =ö¬ ]Ú ā¬¬ ā ê½½ÚüÄ
āāü Ĭā×ËÃÄ¬Ä ā¬¬ ā ê½½ÚüÄɌ ê¬ËË˺¬ ÷ ×Úāü æüà öÞ×Ĭ Ë×Úö¢ s.c Cy s g== Y yD ] ×Úāü·¬ÌÂì ¬ Ĭ¤ü Þ¬¢ Ĭ
ÃêāüāÄ ¬ ¤ÚĈāÄɌ sÞāüÞæºË æË Þ×Úö¬ɇ Ą ÞÂê©ā Äæü©Ã¬Þæ ×ÚāÄËÞā Þ¬¢ ö ÄêāɌ VêÂºË ×Ë ü¤Ú© āìĬ· ö æ·ÃĬā
×ÂÄ ¬× ¬ ©êÃËÚê ßö¬æɇ ºæÌÚ¤Ë Âê¤Ë Ĭ © Ë×êÞāāɌ ê¬ËË˺¬ ]ºÚāüĬ¢ C¢ÚÌö ÞæÚ ÞāË×¢ ö āÌ·º ºÚü·Ìöº¢Ɍ .©
süöĬæö 9êÄ¤ËąÞº ÞæÄËö¬ Ëö¬Ã öÞ×Ĭ āö¢ ½ · ÚËā¬Äü ɫ êā s¬ßĬËö ]×ÌÂā¬½Ä¬ öüÞü ö¬ßĬ ö Úāê©© ā
ā¬¬ öÚĄ½¬öË߬ Ä Ëæā·ü ßö¬æɇ ½ ¬© ÚËā¬Ìö Þ ÞÄæüÃÄæ½Äüà ×ËöÚËæà ¤ÚĬ¢Ɍ 9Þæ æü½ Þ×ËÞËÌöɇ Ąü öÞËÂË Þ×¢ā¬ āÞɇ
Ë āÞÌö ā¬¬ÅÞæöɌ sÞ×Ì½Ä ÞÂê©Ä¬ æü© ö¬¤·ü© ¬ āĺËì¬ ©Ë ö Âüà 꽽ÚüÄ Ä¬ à ºËÃ×êæÚɌ Ȃ &J ~.D
āÚ½¬āËöÄü© ×Ë öā¤½¢Ã ·¢āüºËöüà ¬ ¬ÄæÚ×Úæü·Äüà Ë×Ëö¬ß¬ êÃËĄ½¬ö¬ J Y 9 ~ sy
Ä Äö¬āĬ Þ¬½Ä· ö¬¢ā¬ ì¢āü×˺˽ĬËö·ɇ ºæÌÚ æÚö½ ā× ö ×ì¢ āÚÌöÄË
ā¬¬ËÃɇ ·º ¬ ¬© ÚËā¬ËÃɌ ~×Úāü·ĂĬ· Þ¬¢ ā ;Ú½ÞÞËÄà ā ©êɇ Ĭ¤ü Þ¬¢ Ĭ Ëö¬Þāɇ Ë æË Äê
VËö¬ß¬ ]cY. =.D &Y D Ë ÞÂê©Ä¬ æË
Ĭā×ËÃÄ¬Ä ×ÚāĄü¬ ½ · ÚËā¬Äü
;˽·Ä Þ×ËæºÄ¬ ā ê½ê¬Åì ā¬¬ ɫ ×ÞËæĬºÃ¬ ā 꽬ü öÄæêÚĬºÌö
ā¬¬ ā 꽬ü öÄæêÚĬºÌö
Úê¤ ā¢ß ×Úāü¤Ì =Ëææü ¬ ·· ÚËāÅÞæöɌ ;×ÚüßÄɇ
ê×Úæ ¬ ×ÂÄ £Äæā·¬ ā¬öāüĺ ×ÚāĄüö ö¬½
ÞÃêæºÌö ¬ ÚË߬ āö¬āÄü© ā D¬ßº¬Ã ɬ êºË©Ä Ú¬Þāº ;Ú½ÞÞËÄ ā ©ê =æ·ü Þā׬¤
×½êÞāËö ßö¬ÄºɌ VÚÌê· ü ÞÃËā¬½Ä ¬ öüÃÌ Ä ¬ ;Ú½ÞÞËÄ ā ©ê ½æ āÄÌö āü ;Ú½ÞÞËÄ ā ©ê
ËæËāĬê Þ×ÂĬĬ Þöˬ© ĄüāÅɌ
c üÞæÚ ā¬¬º¬ ×˺˩ āüæ½Ä¬º ö ºĄüà ö¬ºêɌ ~×Úāü·ĂĬ· Þ¬¢ ā ºË½·Äüì Ë©æÚì ×Ëö¬ß¬ ÞæÚ¬ =¬Ä¤ÚÄ
VËāÄ· ì½ ā ]ýĬ¬ ɬ Ä·ÞÂüÄĬ·Þā¤Ë ×ÞËæĬº ö ]āö·¬
ì½ ā ]ýĬ¬
sü¤½ ·º Ĭ˺ɇ ½ ×ËāËÚü Ãü½Ɍ ^׬ ö ā× ¬ ā
ÞöË· êºË©Ä ÞæÚā½Ɍ s˽¬ ā·ß ©Ë¬Äº¢ āìÞæ
£Þ˽º¬ Þā×Ú¤Ëö·Ɍ sºÂ ¤ÂËö¢ Ë öāü ā ÚËÞËÂÃɌ
]āāü׬ Þ¬ËÞæÚ¢ɇ ¤Ä¬ ºËæɌ VÞˬ ¬½ Þ¬¢ Ɍ ËÚËß½¬
Ä·©¢æĬ· öüÞ½¬ü ¤Ë Ë ÃÚüº¬ɇ ü½ Þ¬¢ ¤Ë ×ËāüɌ
~ÂËĄ¢ Þ¬¢ɇ Ą ·êĄ ¤Ë ½ê¬¬Ɍ VÚā sì ɫ ì½ ā Ú¬ =ö¬ ]Ú ½ā¤Ë º×¬Þā Þ¬¢ YÞÃêÞ ¬ öÂÌā¢¤
]ýĬ¬Ɍ ö Þ×ËĬ©ɇ öê·ºêɍ
VËÞÂê©· ×Úāü¤Ì ĬāöüºÂ· ā¬öāüĺ¬ Ë ¬Ã¬Ä¬ê V¬×׬
süöĬæöË 9êÄ¤ËąÞº æË āËÂËö ×˽޺ ËĈüÄ Þ×·½¬āê· Þ¬¢ ö öüöĬê
öüÞ˺¬· ·ºË߬ ê¬ËË˺Ìö ā º½Þüº ½¬æÚæêÚü ā¬¬¢·Ɍ V¬¢ºÄ ©¬ÞæËÚ¬ êæËÚÞæö
ÞæÚ¬ =¬Ä¤ÚÄ ¬ Ú¬© ;ÞæÄÚ ö ÚöêÚËö· ¬ÄæÚ×Úæ·¬ üæü 9êĤËöÞº¬· ¬ V¬×׬ VËÅāËÞāĺ V¬×׬ ö©Ëā¬ Ä ×˺ V¬×׬ Ä VËÂêĬËöüÃ
VüĈºê
V¬ËæÚ %ÚËÄāöÞº¬¤Ë ÞāüºË ×ˬÂü ÞÚ ö¬½ê ×˽޺¬© ā¬¬ ¬ ¬© ÚËā¬Ìöɇ Þæ·
Þ¬¢ ÞæÞ½½Úì ÚüĺËöüìɌ Ë©æÚì æü© Ë×Ëö¬ß¬ Þ Ëö¬Ã êö¬½¬Ä ×Úāā VËāö̽ Þ¬¢ āÚ Ë Ä¬ā×ËÃÄ¬Ä¤Ë ßö¬æ ā¬¬ ā ê½½ÚüÄ
ā¬¬ Ä Âüà ßö¬¬ ×ËÞæ¬Ɇ V¬×׬ VËÅāËÞāĺɇ ;Ú½½ÞËÄ ā ©êɇ ì½ ā
]ýĬ¬ɇ æºæüö ½Ëúõ¬Þæɇ YÞÃêÞɇ =Ëææ ā 꽬ü öÄæêÚĬºÌöɇ Ú¬ =ö¬ ]Ú ā¬¬ ā ê½½ÚüÄ
āāü Ĭā×ËÃÄ¬Ä ā¬¬ ā ê½½ÚüÄɌ ê¬ËË˺¬ ÷ ×Úāü æüà öÞ×Ĭ Ë×Úö¢ s.c Cy s g== Y yD ] ×Úāü·¬ÌÂì ¬ Ĭ¤ü Þ¬¢ Ĭ
ÃêāüāÄ ¬ ¤ÚĈāÄɌ sÞāüÞæºË æË Þ×Úö¬ɇ Ą ÞÂê©ā Äæü©Ã¬Þæ ×ÚāÄËÞā Þ¬¢ ö ÄêāɌ VêÂºË ×Ë ü¤Ú© āìĬ· ö æ·ÃĬā
×ÂÄ ¬× ¬ ©êÃËÚê ßö¬æɇ ºæÌÚ¤Ë Âê¤Ë Ĭ © Ë×êÞāāɌ ê¬ËË˺¬ ]ºÚāüĬ¢ C¢ÚÌö ÞæÚ ÞāË×¢ ö āÌ·º ºÚü·Ìöº¢Ɍ .©
süöĬæö 9êÄ¤ËąÞº ÞæÄËö¬ Ëö¬Ã öÞ×Ĭ āö¢ ½ · ÚËā¬Äü ɫ êā s¬ßĬËö ]×ÌÂā¬½Ä¬ öüÞü ö¬ßĬ ö Úāê©© ā
ā¬¬ öÚĄ½¬öË߬ Ä Ëæā·ü ßö¬æɇ ½ ¬© ÚËā¬Ìö Þ ÞÄæüÃÄæ½Äüà ×ËöÚËæà ¤ÚĬ¢Ɍ 9Þæ æü½ Þ×ËÞËÌöɇ Ąü öÞËÂË Þ×¢ā¬ āÞɇ
Ë āÞÌö ā¬¬ÅÞæöɌ sÞ×Ì½Ä ÞÂê©Ä¬ æü© ö¬¤·ü© ¬ āĺËì¬ ©Ë ö Âüà 꽽ÚüÄ Ä¬ à ºËÃ×êæÚɌ Ȃ &J ~.D
āÚ½¬āËöÄü© ×Ë öā¤½¢Ã ·¢āüºËöüà ¬ ¬ÄæÚ×Úæü·Äüà Ë×Ëö¬ß¬ êÃËĄ½¬ö¬ J Y 9 ~ sy
Ä Äö¬āĬ Þ¬½Ä· ö¬¢ā¬ ì¢āü×˺˽ĬËö·ɇ ºæÌÚ æÚö½ ā× ö ×ì¢ āÚÌöÄË
ā¬¬ËÃɇ ·º ¬ ¬© ÚËā¬ËÃɌ ~×Úāü·ĂĬ· Þ¬¢ ā ;Ú½ÞÞËÄà ā ©êɇ Ĭ¤ü Þ¬¢ Ĭ Ëö¬Þāɇ Ë æË Äê
VËö¬ß¬ ]cY. =.D &Y D Ë ÞÂê©Ä¬ æË
Ĭā×ËÃÄ¬Ä ×ÚāĄü¬ ½ · ÚËā¬Äü
;˽·Ä Þ×ËæºÄ¬ ā ê½ê¬Åì ā¬¬ ɫ ×ÞËæĬºÃ¬ ā 꽬ü öÄæêÚĬºÌö
ā¬¬ ā 꽬ü öÄæêÚĬºÌö
Úê¤ ā¢ß ×Úāü¤Ì =Ëææü ¬ ·· ÚËāÅÞæöɌ ;×ÚüßÄɇ
ê×Úæ ¬ ×ÂÄ £Äæā·¬ ā¬öāüĺ ×ÚāĄüö ö¬½
ÞÃêæºÌö ¬ ÚË߬ āö¬āÄü© ā D¬ßº¬Ã ɬ êºË©Ä Ú¬Þāº ;Ú½ÞÞËÄ ā ©ê =æ·ü Þā׬¤
×½êÞāËö ßö¬ÄºɌ VÚÌê· ü ÞÃËā¬½Ä ¬ öüÃÌ Ä ¬ ;Ú½ÞÞËÄ ā ©ê ½æ āÄÌö āü ;Ú½ÞÞËÄ ā ©ê
ËæËāĬê Þ×ÂĬĬ Þöˬ© ĄüāÅɌ
c üÞæÚ ā¬¬º¬ ×˺˩ āüæ½Ä¬º ö ºĄüà ö¬ºêɌ ~×Úāü·ĂĬ· Þ¬¢ ā ºË½·Äüì Ë©æÚì ×Ëö¬ß¬ ÞæÚ¬ =¬Ä¤ÚÄ
VËāÄ· ì½ ā ]ýĬ¬ ɬ Ä·ÞÂüÄĬ·Þā¤Ë ×ÞËæĬº ö ]āö·¬
ì½ ā ]ýĬ¬
sü¤½ ·º Ĭ˺ɇ ½ ×ËāËÚü Ãü½Ɍ ^׬ ö ā× ¬ ā
ÞöË· êºË©Ä ÞæÚā½Ɍ s˽¬ ā·ß ©Ë¬Äº¢ āìÞæ
£Þ˽º¬ Þā×Ú¤Ëö·Ɍ sºÂ ¤ÂËö¢ Ë öāü ā ÚËÞËÂÃɌ
]āāü׬ Þ¬ËÞæÚ¢ɇ ¤Ä¬ ºËæɌ VÞˬ ¬½ Þ¬¢ Ɍ ËÚËß½¬
Ä·©¢æĬ· öüÞ½¬ü ¤Ë Ë ÃÚüº¬ɇ ü½ Þ¬¢ ¤Ë ×ËāüɌ
~ÂËĄ¢ Þ¬¢ɇ Ą ·êĄ ¤Ë ½ê¬¬Ɍ VÚā sì ɫ ì½ ā Ú¬ =ö¬ ]Ú ½ā¤Ë º×¬Þā Þ¬¢ YÞÃêÞ ¬ öÂÌā¢¤
]ýĬ¬Ɍ ö Þ×ËĬ©ɇ öê·ºêɍ
VÚāĄü· ĬÞÃËö¬æ ×Úāü¤Ëü ā æºæüöà ½Ëúõ¬Þæà ì½ ¬ æºæüö¬
=ꬬ ©¬ÞæËÚ¬ ÃÚËĄ ºÚö ö Ąü©ɍ ©¬ ö¬ā¬ Ë Þ¬¢
ÞæÂË ×ËāÞ ×öÄ· ×ËÚÌĄü ā DêÞææ Ë Ú½¬Ä ¬ ¤ā¬ Þ¬¢
×Ëā¬ÂË ǽǾǼ ÃÚºɍ öÚÞā¬ɇ ½ā¤Ë ì½ Ĭ ©¬Â
āö¬Ëì ×˽¬·¬ɍ Ú¬© ;ÞæÄÚ ā¬Úā sÞ ö Þà ßÚ˺
ºÚüìĽķ ā¤º¬ɇ ¤ā¬ āìÞæ Äêü ·Þæ ÚÞāāüº ÃË·¬ ¬
êĄ öº ×Ëāê¬ ©êÃËÚê
V꽬º· ËÞæ¢×Ä ÚÌöĬĄ ö £ËÚì
ºÞ¬Ąº¬ ËÚā ºÞ¬Ąº¬ ā ×ÂüæɌ
æºæüö ½Ëúõ¬Þæ æºæüö ½Ëúõ¬Þæ ¬ YÞÃêÞɇ æºæüö ½Ëúõ¬Þæ =¬ā ÞæÚËÄɆ ǽȄȀ
ÚüÚā ¬Â· YÌĄü Ąü· Ĭā׬āĬ JºÂºɆ cöÚ
~ÄêÚā Þ¬¢ ö ×ÂÄ ¬× ¬ ©êÃËÚê ßö¬æ ×Ëö¬ß¬ Ú¬© ;ƭÞæÄÚ .] DɆ ȅȃȄɬȄǿɬȂǾǾȂȀɬȀȂɬȅ
DɆ ȅȃȄȄǿȂǾǾȂȀȀȂȅ
ê¬ËË˺¬ ā ×Ëö¬ß¬Ã¬ ½ ā¬¬ ö ¬ÄæÚ×Úæ·¬ V¬ËæÚ %ÚËÄāöÞº¬¤Ë
ǿȁ ÷
CĬ āü Ĭ ~öÚ¬ËöÄ æÚÌ·º ɫ ÞæÚü· YÚÚɇ ·¤Ë Úæĺ ;ËÄÚ ËÚā
=æĬ ºË½ËĬɇ æÂêà ā¬¬ɇ ößÚÌ Ä¬© Ĭ ¬ CĬɌ ¤·ü ºËÅ Ä öÚË溩 D¤ÚË ;½½Ë ɫ ā¬Ú· ÄÞ ö ×ÂÄ
ā¬öāüĺ¬ ×ËËÄ Ë Þ¬¬ ·º ö¬ ºÚË×½ öËüɌ 9º ©êÃËÚê ×ËÚÌĄ ×Úāā ºÚ¬Ä¢ öüËÚĂĬɇ ¤ā¬ öÞāüÞæºË ·Þæ
æË ÃËĄ½¬öɍ D¬ºæ æ¤Ë Ĭ ö¬Ɍ D ×Ëāæºê Ĭ Ĭ öüöÚÌËÄ Ë ¤ÌÚü Äˤì ¬ öüÞæÚā½ËÄ ö ºËÞÃËÞɌ 9ß½¬ Ë æ·
ā×Ëö¬ ×Úāü·ĂĬɇ ½ ÞāüºË ˺āê· Þ¬¢ɇ Ą Âāü · ×ËÚü Ĭ¤ü Ĭ Ëö¬ā¬½¬ß¬ ºÚ¬Äü VÞ¬Úāê©Ìöɇ ^ö¬æ Ä J׺ɇ
āÄāĬ ö¬¢·ɇ ĬĄ Ãüß½Ɍ sÌöāÞ ö×· Ä Þā½ËÄü ö ºæÌÚüà ËÚËÞÂüì Úāā ā¬¬ ½Ë Ä·ÄËöËāßĬ·Þā¤Ë
×ËÃüÞÂɌ 9Ą½¬ ×½Ä Þ¬¢ ×Ëö¬ā¬ɇ ¬© Ąü¬ ºËö¬¬ Þ¬¢ ìÞæ
āìĬɇ ·êĄ Ä āöÞāɌɌɌ
V꽬º· ËÞæ¢×Ä ÚÌöĬĄ ö £ËÚì
V꽬º· ËÞæ¢×Ä ÚÌöĬĄ ö £ËÚì ºÞ¬Ąº¬ ËÚā ºÞ¬Ąº¬ ā ×ÂüæɌ
ºÞ¬Ąº¬ ËÚā ºÞ¬Ąº¬ ā ×ÂüæɌ
=¬ā ÞæÚËÄɆ ǽȂǼ
=¬ā ÞæÚËÄɆ ǽȃȂ JºÂºɆ cöÚ
JºÂºɆ cöÚ .] DɆ ȅȃȄɬȄǿɬȂǾǾȂȀɬȁǾɬǼ
.] DɆ ȅȃȄɬȄǿɬȂǾǾȂȀɬȀȀɬȁ DɆ ȅȃȄȄǿȂǾǾȂȀȁǾǼ
DɆ ȅȃȄȄǿȂǾǾȂȀȀȀȁ
C¬©Âº ā ×êº ā׺ ~©¢Ãü Ë ā×ËāÄĬ Þ¬¢ ā ÄÞā Ë£Úæ ËÚā Ëö¬āĬ ÄÞā· ÞæÚËÄü
C¬©Âº ·Þæ Ä·ÃĬ·Þāüà ©ÂË×Ã Ä ~¬Ã¬Ɍ C ā½ö¬ ׬¢ ¬ÄæÚÄæËö· ËÚā Þº½×ê ¬ÄæÚÄæËö¤ËɆ
ÄæüÃæÚÌö öāÚËÞæêɌ ^׬ ö ×êºê Ë ā׺ ¬ º×¬ Þ¬¢ ö öööɌ·êĤËöÞºɌ×½
Ãü½Ä¬āɌ Yāà ā ×ÚË£ÞËÚà +˺êÞà V˺êÞÃɇ āÚËā¬·Ã ā ɬì½Ɇ Þº½×ʱ·êÄ¤ËąÞºɌ×½
üÚºê ɵ;ËÃæɷ ×ÚāìÚā ßö¬æɇ ×ËāÄ· Ë æË ·Þæ ×Úāü·ĂÅ ¬ Ë ·Þæ ö
Ąü¬ê Ä·öĄÄ¬·ÞāɌ .ÞæĬ· ÚÌöĬĄ ÃËĄ½¬öËß āËڤĬāËöĬ ½ ¤Úê×ü ā¬¬ Þ×ËæºÄ¬
êæËÚÞº¬¤Ë ā üæ 9êĤËöÞºɌ ]āā¤ÌÂü Ä ÞæÚËĬ ¬ÄæÚÄæËö·Ɍ
=æ· º½Þ
]āºË ā ¬ÄæÚÄæà ¬ ¤Úê× ā×Úāü·ĂĬËÄü©ɇ āöÞā öÞ׬ڷü© Þ¬¢
©ÂË׺ÌöɌ s æ½ ā¬Ãɇ ßĬ¤ ËÚā ×Úāü¤ËæËöĬ Ë º½ÞËö¤Ë
×ÚāÞæö¬Ä¬ ×æɌ ɵ=æ· º½ÞɷɌ ~ ×ËāËÚê āöüā·Ä ©¬ÞæËÚ¬ɇ ]ā꺷 ö Ä·½×Þāü©
¤Â¢¬· Ë×Ëö¬ß ö¬¤¬½¬·Ä Ë Ä·öĄÄ¬·Þāü© öÚæË߬©Ɇ ×Úāü·ĂĬ ¬ 9êĤɬËąɬÞº üæ 9êĤËöÞº ]×Ɍ;Ɍ ºÞ¬¢¤ÚĬ© ËÚā ÄɆ
¬Þæˬ ×ËäĬ ¬ÄÄüÃɌ ê½Ɍ ;Úü×Þº Ǿȃɇ ǼȀɬǼȄǾ sÚÞāöɇ V˽޺
ɬì½Ɇ Þº½×ʱ·êÄ¤ËąÞºɌ×½
VÚāĄü· ĬÞÃËö¬æ ×Úāü¤Ëü ā æºæüöà ½Ëúõ¬Þæà ì½ ¬ æºæüö¬
=ꬬ ©¬ÞæËÚ¬ ÃÚËĄ ºÚö ö Ąü©ɍ ©¬ ö¬ā¬ Ë Þ¬¢
ÞæÂË ×ËāÞ ×öÄ· ×ËÚÌĄü ā DêÞææ Ë Ú½¬Ä ¬ ¤ā¬ Þ¬¢
×Ëā¬ÂË ǽǾǼ ÃÚºɍ öÚÞā¬ɇ ½ā¤Ë ì½ Ĭ ©¬Â
āö¬Ëì ×˽¬·¬ɍ Ú¬© ;ÞæÄÚ ā¬Úā sÞ ö Þà ßÚ˺
ºÚüìĽķ ā¤º¬ɇ ¤ā¬ āìÞæ Äêü ·Þæ ÚÞāāüº ÃË·¬ ¬
êĄ öº ×Ëāê¬ ©êÃËÚê
V꽬º· ËÞæ¢×Ä ÚÌöĬĄ ö £ËÚì
ºÞ¬Ąº¬ ËÚā ºÞ¬Ąº¬ ā ×ÂüæɌ
æºæüö ½Ëúõ¬Þæ æºæüö ½Ëúõ¬Þæ ¬ YÞÃêÞɇ æºæüö ½Ëúõ¬Þæ =¬ā ÞæÚËÄɆ ǽȄȀ
ÚüÚā ¬Â· YÌĄü Ąü· Ĭā׬āĬ JºÂºɆ cöÚ
~ÄêÚā Þ¬¢ ö ×ÂÄ ¬× ¬ ©êÃËÚê ßö¬æ ×Ëö¬ß¬ Ú¬© ;ƭÞæÄÚ .] DɆ ȅȃȄɬȄǿɬȂǾǾȂȀɬȀȂɬȅ
DɆ ȅȃȄȄǿȂǾǾȂȀȀȂȅ
ê¬ËË˺¬ ā ×Ëö¬ß¬Ã¬ ½ ā¬¬ ö ¬ÄæÚ×Úæ·¬ V¬ËæÚ %ÚËÄāöÞº¬¤Ë
ǿȁ ÷
CĬ āü Ĭ ~öÚ¬ËöÄ æÚÌ·º ɫ ÞæÚü· YÚÚɇ ·¤Ë Úæĺ ;ËÄÚ ËÚā
=æĬ ºË½ËĬɇ æÂêà ā¬¬ɇ ößÚÌ Ä¬© Ĭ ¬ CĬɌ ¤·ü ºËÅ Ä öÚË溩 D¤ÚË ;½½Ë ɫ ā¬Ú· ÄÞ ö ×ÂÄ
ā¬öāüĺ¬ ×ËËÄ Ë Þ¬¬ ·º ö¬ ºÚË×½ öËüɌ 9º ©êÃËÚê ×ËÚÌĄ ×Úāā ºÚ¬Ä¢ öüËÚĂĬɇ ¤ā¬ öÞāüÞæºË ·Þæ
æË ÃËĄ½¬öɍ D¬ºæ æ¤Ë Ĭ ö¬Ɍ D ×Ëāæºê Ĭ Ĭ öüöÚÌËÄ Ë ¤ÌÚü Äˤì ¬ öüÞæÚā½ËÄ ö ºËÞÃËÞɌ 9ß½¬ Ë æ·
ā×Ëö¬ ×Úāü·ĂĬɇ ½ ÞāüºË ˺āê· Þ¬¢ɇ Ą Âāü · ×ËÚü Ĭ¤ü Ĭ Ëö¬ā¬½¬ß¬ ºÚ¬Äü VÞ¬Úāê©Ìöɇ ^ö¬æ Ä J׺ɇ
āÄāĬ ö¬¢·ɇ ĬĄ Ãüß½Ɍ sÌöāÞ ö×· Ä Þā½ËÄü ö ºæÌÚüà ËÚËÞÂüì Úāā ā¬¬ ½Ë Ä·ÄËöËāßĬ·Þā¤Ë
×ËÃüÞÂɌ 9Ą½¬ ×½Ä Þ¬¢ ×Ëö¬ā¬ɇ ¬© Ąü¬ ºËö¬¬ Þ¬¢ ìÞæ
āìĬɇ ·êĄ Ä āöÞāɌɌɌ
V꽬º· ËÞæ¢×Ä ÚÌöĬĄ ö £ËÚì
V꽬º· ËÞæ¢×Ä ÚÌöĬĄ ö £ËÚì ºÞ¬Ąº¬ ËÚā ºÞ¬Ąº¬ ā ×ÂüæɌ
ºÞ¬Ąº¬ ËÚā ºÞ¬Ąº¬ ā ×ÂüæɌ
=¬ā ÞæÚËÄɆ ǽȂǼ
=¬ā ÞæÚËÄɆ ǽȃȂ JºÂºɆ cöÚ
JºÂºɆ cöÚ .] DɆ ȅȃȄɬȄǿɬȂǾǾȂȀɬȁǾɬǼ
.] DɆ ȅȃȄɬȄǿɬȂǾǾȂȀɬȀȀɬȁ DɆ ȅȃȄȄǿȂǾǾȂȀȁǾǼ
DɆ ȅȃȄȄǿȂǾǾȂȀȀȀȁ
C¬©Âº ā ×êº ā׺ ~©¢Ãü Ë ā×ËāÄĬ Þ¬¢ ā ÄÞā Ë£Úæ ËÚā Ëö¬āĬ ÄÞā· ÞæÚËÄü
C¬©Âº ·Þæ Ä·ÃĬ·Þāüà ©ÂË×Ã Ä ~¬Ã¬Ɍ C ā½ö¬ ׬¢ ¬ÄæÚÄæËö· ËÚā Þº½×ê ¬ÄæÚÄæËö¤ËɆ
ÄæüÃæÚÌö öāÚËÞæêɌ ^׬ ö ×êºê Ë ā׺ ¬ º×¬ Þ¬¢ ö öööɌ·êĤËöÞºɌ×½
Ãü½Ä¬āɌ Yāà ā ×ÚË£ÞËÚà +˺êÞà V˺êÞÃɇ āÚËā¬·Ã ā ɬì½Ɇ Þº½×ʱ·êÄ¤ËąÞºɌ×½
üÚºê ɵ;ËÃæɷ ×ÚāìÚā ßö¬æɇ ×ËāÄ· Ë æË ·Þæ ×Úāü·ĂÅ ¬ Ë ·Þæ ö
Ąü¬ê Ä·öĄÄ¬·ÞāɌ .ÞæĬ· ÚÌöĬĄ ÃËĄ½¬öËß āËڤĬāËöĬ ½ ¤Úê×ü ā¬¬ Þ×ËæºÄ¬
êæËÚÞº¬¤Ë ā üæ 9êĤËöÞºɌ ]āā¤ÌÂü Ä ÞæÚËĬ ¬ÄæÚÄæËö·Ɍ
=æ· º½Þ
]āºË ā ¬ÄæÚÄæà ¬ ¤Úê× ā×Úāü·ĂĬËÄü©ɇ āöÞā öÞ׬ڷü© Þ¬¢
©ÂË׺ÌöɌ s æ½ ā¬Ãɇ ßĬ¤ ËÚā ×Úāü¤ËæËöĬ Ë º½ÞËö¤Ë
×ÚāÞæö¬Ä¬ ×æɌ ɵ=æ· º½ÞɷɌ ~ ×ËāËÚê āöüā·Ä ©¬ÞæËÚ¬ɇ ]ā꺷 ö Ä·½×Þāü©
¤Â¢¬· Ë×Ëö¬ß ö¬¤¬½¬·Ä Ë Ä·öĄÄ¬·Þāü© öÚæË߬©Ɇ ×Úāü·ĂĬ ¬ 9êĤɬËąɬÞº üæ 9êĤËöÞº ]×Ɍ;Ɍ ºÞ¬¢¤ÚĬ© ËÚā ÄɆ
¬Þæˬ ×ËäĬ ¬ÄÄüÃɌ ê½Ɍ ;Úü×Þº Ǿȃɇ ǼȀɬǼȄǾ sÚÞāöɇ V˽޺
ɬì½Ɇ Þº½×ʱ·êÄ¤ËąÞºɌ×½
5VYQT\QPQ \ TCFQʋEKɁ FNC 6YQLGL TCFQʋEK
> REW^IKS HSVSW]GL TVEKRMIRME YW^G^ʚ˒PM[MIRME (^MIGM SVE^ ^ ^EQMS[ERME HS TV^IHQMSXɹ[ RMIXY^MROS[]GL S SV]KMREPR]Q
HIWMKRMI TS[WXE] REW^I FEWIRMOM
2S[SG^IWRI TEWYNʈGI HS OE˵HIKS [RʚXV^E E ^EVE^IQ HENʈGI (^MIGMSQ QRɹWX[S VEHS˒GM SVE^ HSWOSREPI WX]QYPYNʈGI MGL
VS^[ɹN 7OSQTSRYN W[ɹN []QEV^SR] ^IWXE[ M GMIW^ WMʚ ^ VEHS˒GM 8[SNIKS (^MIGOE SVE^ ^ []NʈXOS[IKS HIWMKRY OXɹV] HPE 2MIKS
WX[SV^]I˒
56914<101 < 4#&1ʊ%+ɀ &.# 691,', 4#&1ʊ%+
1,(32:7$5=$/1< '(6,*1
1$ 5<1.8 2' 52.8
%$6(1< : 5ĸ1<&+ 2'&,(1,$&+
321$'&=$62:(- 6=$52ę&,
3,ā., : .2/25$&+
52=0,$5< %$6(1:
[[[ QMRMFI TP
;EPM^OE &IH&S\o NIWX RMI^EWXʈTMSR]Q XS[EV^]W^IQ TSHVɹ˵] HPE H^MIGM 8S FEKE˵
TSHVʚG^R] [EPM^OE HS NE^H] SVE^ ɹ˵OS TSHRɹ˵IO HS WEQSPSXY [ NIHR]Q QMRMFI$QMRMFI TP
5VYQT\QPQ \ TCFQʋEKɁ FNC 6YQLGL TCFQʋEK
> REW^IKS HSVSW]GL TVEKRMIRME YW^G^ʚ˒PM[MIRME (^MIGM SVE^ ^ ^EQMS[ERME HS TV^IHQMSXɹ[ RMIXY^MROS[]GL S SV]KMREPR]Q
HIWMKRMI TS[WXE] REW^I FEWIRMOM
2S[SG^IWRI TEWYNʈGI HS OE˵HIKS [RʚXV^E E ^EVE^IQ HENʈGI (^MIGMSQ QRɹWX[S VEHS˒GM SVE^ HSWOSREPI WX]QYPYNʈGI MGL
VS^[ɹN 7OSQTSRYN W[ɹN []QEV^SR] ^IWXE[ M GMIW^ WMʚ ^ VEHS˒GM 8[SNIKS (^MIGOE SVE^ ^ []NʈXOS[IKS HIWMKRY OXɹV] HPE 2MIKS
WX[SV^]I˒
56914<101 < 4#&1ʊ%+ɀ &.# 691,', 4#&1ʊ%+
1,(32:7$5=$/1< '(6,*1
1$ 5<1.8 2' 52.8
%$6(1< : 5ĸ1<&+ 2'&,(1,$&+
321$'&=$62:(- 6=$52ę&,
3,ā., : .2/25$&+
52=0,$5< %$6(1:
[[[ QMRMFI TP
;EPM^OE &IH&S\o NIWX RMI^EWXʈTMSR]Q XS[EV^]W^IQ TSHVɹ˵] HPE H^MIGM 8S FEKE˵
TSHVʚG^R] [EPM^OE HS NE^H] SVE^ ɹ˵OS TSHRɹ˵IO HS WEQSPSXY [ NIHR]Q QMRMFI$QMRMFI TP
(GXNXMHP\ SU]H] ]DEDZÛ
=DEDZD G]LHFND WR LQWHQV\ZQH RGNU\ZDQLH L XF]HQLH VLÛ ĝZLDWD SU]\ MHGQRF]HVQ\P SR]QDZDQLX VDPHJR VLHELH
2G SRNROHĆ QDMPĄRGV]\P WRZDU]\V]Ç L SRPDJDMÇ Z W\P NORFNL NRQVWUXNF\MQH *G\ REVHUZXMH VLÛ SRFLHFKÛ XNĄDGDMÇFÇ
NRORURZH HOHPHQW\ R UµľQRURGQ\FK LQWU\JXMÇF\FK NV]WDĄWDFK Z U]HF]\ZLVWRĝFL MHVW VLÛ ĝZLDGNLHP QLHE\ZDĄHJR Z\MÇWNRZHJR
SURFHVX SR]QDZDQLD IRUP L PRľOLZRĝFL LFK ĄÇF]HQLD
.ORFNL NRQVWUXNF\MQH SR]ZDODMÇ G]LHFNX VWDÉ VLÛ PDĄ\P QDXNRZFHP NWµU\ G]LÛNL QLP ]QDMGXMH RGSRZLHG]L QD ZLHOH LVWRWQ\FK
S\WDĆ ΖOH VLĄ\ QDOHľ\ ZĄRľ\É DE\ SRĄÇF]\É SRV]F]HJµOQH VHJPHQW\"
&
&R VLÛ VWDQLH JG\ MXľ ]RVWDQÇ GRSDVRZDQH" : MDNL VSRVµE ]UHDOL]RZDÉ ZĄDVQH Z\REUDľHQLD" R VLÛ VWDQLH JG\ MXľ ]RVWDQÇ GRSDVRZDQH" : MDNL VSRVµE ]UHDOL]RZDÉ ZĄDVQH Z\REUDľHQLD"
.ORFNL /RRZL
:V]\VWNLH ]HVWDZ\ NWµUH ZFKRG]Ç Z VNĄDG VHULL NORFNµZ /RRZL VÇ ]XSHĄQÇ QRZRĝFLÇ QD U\QNX :SURZDG]RQH
Z 3ROVFH ] NRĆFHP URN RG UD]X SU]\SDGĄ\ PDĄ\P Xľ\WNRZQLNRP GR JXVWX .ORFNL NRQVWUXNF\MQH /RRZL
SRVLDGDMÇ XQLNDWRZH FHFK\ NWµUH GRFHQLÇ ]DUµZQR FL QDMPĄRGVL MDN L QLHFR VWDUVL NRQVWUXNWRU]\ 'R OLVW\ ]DOHW
QDOHľÇ QLHZLHOND ZDJD SRV]F]HJµOQ\FK HOHPHQWµZ RUD] WUZDĄRĝÉ Z\EXGRZDQ\FK NRQVWUXNFML RUD] ĄDWZRĝÉ
ĄÇF]HQLD L UR]ĄÇF]DQLD SRMHG\QF]\FK NORFNµZ
.ORFNL 0RUSKXQ
: QDV]\P VNOHSLH ]QDMG]LHFLH NORFNL NRQVWUXNF\MQH DQJLHOVNLHM
PDUNL 0RUSKXQ G\VWU\EXRZDQHM Z SRQDG NUDMDFK QD
ĝZLHFLH : ]DOHľQRĝFL RG Z\EUDQHJR ]HVWDZX G]LÛNL NORFNRP
PRľQD WZRU]\É QLHVDPRZLWH EXG\QNL ZLHORZ\PLDURZH
NRQVWUXNFMH ]ZLHU]ÛWD L SRMD]G\ : NDľG\P SXGHĄNX ]QDMGXMH
VLÛ LQVWUXNFMD VNĄDGDQLD ]DZLHUDMÇFD U\VXQNL ] SRGVWDZRZ\PL
PRGHODPL EXGRZOL DOH NORFNL PDMÇ R ZLHOH ZLÛNV]\ SRWHQFMDĄ
WZµUF]\ L WDN QDSUDZGÛ RG G]LHFL ]DOHľ\ RVWDWHF]Q\ Z\JOÇG ZµUF]\ L WDN QDSUDZGÛ RG G]LHFL ]DOHľ\ RVWDWHF]Q\ Z\JOÇG
W
NRQVWUXNFML : ]DOHľQRĝFL RG ZLHNX G]LHFND RIHURZDQH SU]H]
QDV NORFNL NRQVWUXNF\MQH 0RUSKXQ SU]H]QDF]RQH VÇ GOD
PDOXFKµZ SRZ\ľHM L URNX ľ\FLD
)LUPD +DQGORZD 2OOLQHFN
&]ÛVWRFKRZD XO 0DWHMNL 7HO
1DMOHSV]\ Z\EµU NORFNµZ NORFNL HGX SO
HGXNDF\MQ\FK L NRQVWUXNF\MQ\FK H PDLO VNOHS#NORFNL HGX SO
(GXNXMHP\ SU]H] ]DEDZÛ
=DEDZD G]LHFND WR LQWHQV\ZQH RGNU\ZDQLH L XF]HQLH VLÛ ĝZLDWD SU]\ MHGQRF]HVQ\P SR]QDZDQLX VDPHJR VLHELH
2G SRNROHĆ QDMPĄRGV]\P WRZDU]\V]Ç L SRPDJDMÇ Z W\P NORFNL NRQVWUXNF\MQH *G\ REVHUZXMH VLÛ SRFLHFKÛ XNĄDGDMÇFÇ
NRORURZH HOHPHQW\ R UµľQRURGQ\FK LQWU\JXMÇF\FK NV]WDĄWDFK Z U]HF]\ZLVWRĝFL MHVW VLÛ ĝZLDGNLHP QLHE\ZDĄHJR Z\MÇWNRZHJR
SURFHVX SR]QDZDQLD IRUP L PRľOLZRĝFL LFK ĄÇF]HQLD
.ORFNL NRQVWUXNF\MQH SR]ZDODMÇ G]LHFNX VWDÉ VLÛ PDĄ\P QDXNRZFHP NWµU\ G]LÛNL QLP ]QDMGXMH RGSRZLHG]L QD ZLHOH LVWRWQ\FK
S\WDĆ ΖOH VLĄ\ QDOHľ\ ZĄRľ\É DE\ SRĄÇF]\É SRV]F]HJµOQH VHJPHQW\"
&R VLÛ VWDQLH JG\ MXľ ]RVWDQÇ GRSDVRZDQH" : MDNL VSRVµE ]UHDOL]RZDÉ ZĄDVQH Z\REUDľHQLD" R VLÛ VWDQLH JG\ MXľ ]RVWDQÇ GRSDVRZDQH" : MDNL VSRVµE ]UHDOL]RZDÉ ZĄDVQH Z\REUDľHQLD"
&
.ORFNL /RRZL
:V]\VWNLH ]HVWDZ\ NWµUH ZFKRG]Ç Z VNĄDG VHULL NORFNµZ /RRZL VÇ ]XSHĄQÇ QRZRĝFLÇ QD U\QNX :SURZDG]RQH
Z 3ROVFH ] NRĆFHP URN RG UD]X SU]\SDGĄ\ PDĄ\P Xľ\WNRZQLNRP GR JXVWX .ORFNL NRQVWUXNF\MQH /RRZL
SRVLDGDMÇ XQLNDWRZH FHFK\ NWµUH GRFHQLÇ ]DUµZQR FL QDMPĄRGVL MDN L QLHFR VWDUVL NRQVWUXNWRU]\ 'R OLVW\ ]DOHW
QDOHľÇ QLHZLHOND ZDJD SRV]F]HJµOQ\FK HOHPHQWµZ RUD] WUZDĄRĝÉ Z\EXGRZDQ\FK NRQVWUXNFML RUD] ĄDWZRĝÉ
ĄÇF]HQLD L UR]ĄÇF]DQLD SRMHG\QF]\FK NORFNµZ
.ORFNL 0RUSKXQ
: QDV]\P VNOHSLH ]QDMG]LHFLH NORFNL NRQVWUXNF\MQH DQJLHOVNLHM
PDUNL 0RUSKXQ G\VWU\EXRZDQHM Z SRQDG NUDMDFK QD
ĝZLHFLH : ]DOHľQRĝFL RG Z\EUDQHJR ]HVWDZX G]LÛNL NORFNRP
PRľQD WZRU]\É QLHVDPRZLWH EXG\QNL ZLHORZ\PLDURZH
NRQVWUXNFMH ]ZLHU]ÛWD L SRMD]G\ : NDľG\P SXGHĄNX ]QDMGXMH
VLÛ LQVWUXNFMD VNĄDGDQLD ]DZLHUDMÇFD U\VXQNL ] SRGVWDZRZ\PL
PRGHODPL EXGRZOL DOH NORFNL PDMÇ R ZLHOH ZLÛNV]\ SRWHQFMDĄ
WZµUF]\ L WDN QDSUDZGÛ RG G]LHFL ]DOHľ\ RVWDWHF]Q\ Z\JOÇG ZµUF]\ L WDN QDSUDZGÛ RG G]LHFL ]DOHľ\ RVWDWHF]Q\ Z\JOÇG
W
NRQVWUXNFML : ]DOHľQRĝFL RG ZLHNX G]LHFND RIHURZDQH SU]H]
QDV NORFNL NRQVWUXNF\MQH 0RUSKXQ SU]H]QDF]RQH VÇ GOD
PDOXFKµZ SRZ\ľHM L URNX ľ\FLD
)LUPD +DQGORZD 2OOLQHFN
&]ÛVWRFKRZD XO 0DWHMNL 7HO
1DMOHSV]\ Z\EµU NORFNµZ NORFNL HGX SO
HGXNDF\MQ\FK L NRQVWUXNF\MQ\FK H PDLO VNOHS#NORFNL HGX SO
w s p i e r a m a l u c h y
w s p i e r a m a l u c h y
0(',$ 6(59,&( =$:$'$ 63 = 2 2
$O 6WDQµZ =MHGQRF]RQ\FK :DUV]DZD 7HO )D[
H PDLO NRQWDNW#PV] FRP SO _ ZZZ PV] FRP SO
:$.$&-( -$. = %$-.,
2NUHV ZDNDF\MQ\ Z SHÊQL -DN VSUDZLÅ E\ SR]RVWDZLÊ Z SDPLÇFL QDMPÊRGV]\FK ZVSRPQLHQLD
MDN ] EDMNL" 7R WDNLH SURVWH :\VWDUF]\ JDUÐÅ SXEOLNDFML ] XOXELRQ\PL ERKDWHUDPL
&RÐ QD SRGUµ×ð
&RÐ GR PDORZDQLDð
6HULD ì'REUDQD SDF]NDë WR GRVNRQDÊD SURSR]\FMD
ì=DEDZ\ ] NUHGNDPLë WR VHULD NVLÃ×HN ] ]HVWDZHP NUHGHN L QDNOHMHN GOD PDÊ\FK SRGUµ×QLNµZ .LHV]RQNRZD ZHUVMD
V
VNLHURZDQD GR ZV]\VWNLFK PDÊNLHURZDQD GR ZV]\VWNLFK PDÊ\FK IDQµZ ÐZLQNL 3HSS\ L MHM URG]LQNL NVLÃ×HF]NL GR NRORURZDQLD QDNOHMHN L NUHGHN WR
%OD]HèD :LVVSHU RUD] ERKDWHUµZ 3VLHJR 3DWUROX 3RSU]H] ]DEDZÇ XQLNDOQH UR]ZLÃ]DQLH NWµUH SR]ZROL XPLOLÅ F]DV
Z GURG]H QDG U]HNÃ QD SOD× GURG]H QDG U]HNÃ QD SOD×\ D WDN×H Z ND×G\P
G]LHFL PDMÃ PR×OLZRÐÅ QLH W\ONR SR]QDQLD NRORUµZ DOH WDN×H Z
ÅZLF]HQLD NRRUG\QDFML PDÊ\FK UÃF]HN :V]\VWNR WR ] XOXELRQ\PL PRPHQFLH ZDNDF\MQHJR RGSRF]\QNX :V]\VWNLH
ERKDWHUDPL .VLÃ×NL Z\GDQH Và QD Z\VRNLHM MDNRÐFL SDSLHU]H HOHPHQW\ ]HVWDZX VSDNRZDQH Và Z ]DP\NDQÃ
GRVWRVRZDQ\P GR SUDF\ ] NUHGNDPL GRÊÃF]RQ\PL GR ]HVWDZX R]GREQÃ VDV]HWNÇ
2%-Æ72ÏÄ _ &(1$ =É 2%-Æ72ÏÄ _ &(1$ =É
:$.$&-( &=$6 1$ 35=<-(01Å ('8.$&-Ù
&RÐ GR F]\WDQLDð
:DNDFMH WR F]DV RGSRF]\QNX UDGRÐFL L ]DEDZ\ .WR SRZLHG]LDÊ MHGQDN ×H QLH PR×QD
6HULD ì3HZQHJR UD]Xë WR NVLÃ×HF]NL
SU]\JRWRZDQH VSHFMDOQLH GOD QDMPÊRGV]\FK EDZLÅ VLÇ GRVNRQDOÃF MHGQRF]HÐQLH VZH XPLHMÇWQRÐFL" 0DP\ NLOND SURSR]\FML NWµUH
F]\WHOQLNµZ 3U]\JRG\ XOXELRQ\FK ERKDWHUµZ ÊÃF]Ã Z VRELH RELH WH PR×OLZRÐFL
SRND]DQH VÃ Z QLFK QD WZDUG\FK VWURQDFK
GRVWRVRZDQ\FK GR PDÊ\FK UÃF]HN G]LHFL 5D]HP
] PDOXFKDPL RGNU\MHFLH KLVWRULH VÊRGNLHM ÐZLQNL PDOXFKDPL RGNU\MHFLH KLVWRULH VÊRGNLHM ÐZLQNL
] &RÐ GR SLVDQLD ÐFLHUDQLD L SLVDQLD UD] MHV]F]Hð
3HSS\ L MHM URG]LQNL RGZD×QHJR 6WUD×DND 6DPD
SRPRFQHM :LVVSHU FLHNDZVNLHJR 7XSFLD &KUXSFLD ì3LV] L ÐFLHUDMë WR VHULD QLH]Z\NÊ\FK NVLÃ×HN ]H ÐFLHUDOQ\P PD]DNLHP VWZRU]RQD
HNLS\ 3VLHJR 3DWUROX RUD] %OD]HèD L PHJDPDV]\Q QD SRGVWDZLH HPLWRZDQ\FK QD SRSXODUQ\FK G]LHFLÇF\FK NDQDÊDFK EDMHN
6WDQRZL QLH]DVWÃSLRQD SRPRF GOD G]LHFL Z QDXFH SLVDQLD OLF]HQLD L U\VRZDQLD
2%-Æ72ÏÄ _ &(1$ =É :VSLHUD PRWRU\NÇ UR]ZLMD VSRVWU]HJDZF]RÐÅ ÅZLF]\ PDÊÃ UÃF]NÇ G]LHFND
&RÐ GR ]DEDZ\ð D PR×OLZRÐÅ ZLHORNURWQHJR SLVDQLD L ÐFLHUDQLD SRGF]DV UR]ZLÃ]\ZDQLD ]DGDÌ
] XOXELRQ\PL ERKDWHUDPL ]DPLHQLD VLÇ Z QLHNRÌF]ÃFÃ VLÇ ]DEDZÇ
0DJD]\Q ì'RUD SR]QDMH ÐZLDWë WR LGHDOQD SURSR]\FMD GOD ZV]\VWNLFK NWµU]\
:
NRFKDMà SRGUµ×H L GREUà ]DEDZÇ Z JURQLH SU]\MDFLµÊ 1D PDÊ\FK F]\WHOQLNµZ F]HNDMà : VSU]HGD×\ NVLÃ×NL ] VHULL 3LV] L ÐFLH VSU]HGD×\ NVLÃ×NL ] VHULL 3LV] L ÐFLHUDM ] :LVVSHU %OD]H P
3HSSÃ L ERKDWHUDPL 3VLHJR 3DWUROX
]DJDGNL PDWHPDW\F]QH ÊDPLJʵZNL ÅZLF]ÃFH VSRVWU]HJDZF]RÐÅ D WDN×H JU\ ] QDXNÃ
MÇ]\ND DQJLHOVNLHJR (GXNDF\MQ\ FKDUDNWHU ]DGDÌ ZVSRPDJD UR]ZµM PDOXFKµZ 2%-Æ72ÏÄ _ &(1$ =É
VWDQRZLÃF MHGQRF]HÐQLH ÐZLHWQÃ ]DEDZÇ 'R ND×GHJR QXPHUX GRÊÃF]RQ\ MHVW
Z\MÃWNRZ\ SUH]HQW 3LHUZV]D F]ÇÐÅ ] ORUQHWNÃ RUD] EÊ\V]F]ÃF\PL QDNOHMNDPL
2%-Æ72ÏÄ 67521 _ &(1$ =É
&RÐ GR QDXNLð
6HULD ì%DUG]R ZD×QH VSUDZ\ë WR NVLÃ×NL HGXNDF\MQH SRUXV]DMÃFH
NZHVWLH GREU\FK PDQLHU Z\FKRZDQLD RUD] SUREOHPµZ ] NWµU\PL
PDOXFK\ L LFK URG]LFH ]PDJDMÃ VLÇ QD FR G]LHÌ 8OXELHQL ERKDWHURZLH
6HULD ì%OD]H L PHJDPDV]\Q\ =DF]\QDP\ Z\ÐFLJ ë WR ]DFLHNDZLÃ QDMPÊRGV]\FK D WHPDW\ND SRPR×H RSLHNXQRP UR]SRF]ÃÅ
NVLÃ×HF]NL GOD SUDZG]LZ\FK IDQµZ V]\ENLFK
VDPRFKRGµZ : ÐURGNX NVLÃ×HN ]QDMGXMà VLÇ RGMD]GRZH UR]PRZÇ Rð EDUG]R ZD×Q\FK VSUDZDFK : VHULL ì%DUG]R ZD×QH
VSUDZ\ë XND]DÊ\ VLÇ SXEOLNDFMH ]H ÐZLQNÃ 3HSSÃ SW ì/XELÇ MHÐÅ
JU\ ]DEDZ\ L ÊDPLJʵZNL D GR ND×GHM F]ÇÐFL SXEOLNDFML ZDU]\ZDë ì6SU]ÃWDP VZµM SRNµMë ì0µZLÇ SU]HSUDV]DPë
GRÊÃF]RQ\ MHVW VXSHUV]\ENL SRMD]G
: NROHNFML GR ]HEUDQLD D× XQLNDOQ\FK VDPRFKRGµZ ì ì&KÇWQLH SRPDJDPë RUD] ] ERKDWHUDPL 3VLHJR 3DWURO SW ì&KFÇ E\Å
VWUD×DNLHPë ì&KFÇ E\Å SROLFMDQWHPë
2%-Æ72ÏÄ 67521 _ &(1$ =É 2%-Æ72ÏÄ _ &(1$ =É
0(',$ 6(59,&( =$:$'$ 63 = 2 2
$O 6WDQµZ =MHGQRF]RQ\FK :DUV]DZD 7HO )D[
H PDLO NRQWDNW#PV] FRP SO _ ZZZ PV] FRP SO
:$.$&-( -$. = %$-.,
2NUHV ZDNDF\MQ\ Z SHÊQL -DN VSUDZLÅ E\ SR]RVWDZLÊ Z SDPLÇFL QDMPÊRGV]\FK ZVSRPQLHQLD
MDN ] EDMNL" 7R WDNLH SURVWH :\VWDUF]\ JDUÐÅ SXEOLNDFML ] XOXELRQ\PL ERKDWHUDPL
&RÐ QD SRGUµ×ð
&RÐ GR PDORZDQLDð
6HULD ì'REUDQD SDF]NDë WR GRVNRQDÊD SURSR]\FMD
ì=DEDZ\ ] NUHGNDPLë WR VHULD NVLÃ×HN ] ]HVWDZHP NUHGHN L QDNOHMHN GOD PDÊ\FK SRGUµ×QLNµZ .LHV]RQNRZD ZHUVMD
V NVLÃ×HF]NL GR NRORURZDQLD QDNOHMHN L NUHGHN WR
VNLHURZDQD GR ZV]\VWNLFK PDÊNLHURZDQD GR ZV]\VWNLFK PDÊ\FK IDQµZ ÐZLQNL 3HSS\ L MHM URG]LQNL
%OD]HèD :LVVSHU RUD] ERKDWHUµZ 3VLHJR 3DWUROX 3RSU]H] ]DEDZÇ XQLNDOQH UR]ZLÃ]DQLH NWµUH SR]ZROL XPLOLÅ F]DV
Z GURG]H QDG U]HNÃ QD SOD× GURG]H QDG U]HNÃ QD SOD×\ D WDN×H Z ND×G\P
G]LHFL PDMÃ PR×OLZRÐÅ QLH W\ONR SR]QDQLD NRORUµZ DOH WDN×H Z
ÅZLF]HQLD NRRUG\QDFML PDÊ\FK UÃF]HN :V]\VWNR WR ] XOXELRQ\PL PRPHQFLH ZDNDF\MQHJR RGSRF]\QNX :V]\VWNLH
ERKDWHUDPL .VLÃ×NL Z\GDQH Và QD Z\VRNLHM MDNRÐFL SDSLHU]H HOHPHQW\ ]HVWDZX VSDNRZDQH Và Z ]DP\NDQÃ
GRVWRVRZDQ\P GR SUDF\ ] NUHGNDPL GRÊÃF]RQ\PL GR ]HVWDZX R]GREQÃ VDV]HWNÇ
2%-Æ72ÏÄ _ &(1$ =É 2%-Æ72ÏÄ _ &(1$ =É
:$.$&-( &=$6 1$ 35=<-(01Å ('8.$&-Ù
&RÐ GR F]\WDQLDð
:DNDFMH WR F]DV RGSRF]\QNX UDGRÐFL L ]DEDZ\ .WR SRZLHG]LDÊ MHGQDN ×H QLH PR×QD
6HULD ì3HZQHJR UD]Xë WR NVLÃ×HF]NL
SU]\JRWRZDQH VSHFMDOQLH GOD QDMPÊRGV]\FK EDZLÅ VLÇ GRVNRQDOÃF MHGQRF]HÐQLH VZH XPLHMÇWQRÐFL" 0DP\ NLOND SURSR]\FML NWµUH
F]\WHOQLNµZ 3U]\JRG\ XOXELRQ\FK ERKDWHUµZ ÊÃF]Ã Z VRELH RELH WH PR×OLZRÐFL
SRND]DQH VÃ Z QLFK QD WZDUG\FK VWURQDFK
GRVWRVRZDQ\FK GR PDÊ\FK UÃF]HN G]LHFL 5D]HP
] PDOXFKDPL RGNU\MHFLH KLVWRULH VÊRGNLHM ÐZLQNL PDOXFKDPL RGNU\MHFLH KLVWRULH VÊRGNLHM ÐZLQNL &RÐ GR SLVDQLD ÐFLHUDQLD L SLVDQLD UD] MHV]F]Hð
]
3HSS\ L MHM URG]LQNL RGZD×QHJR 6WUD×DND 6DPD
SRPRFQHM :LVVSHU FLHNDZVNLHJR 7XSFLD &KUXSFLD ì3LV] L ÐFLHUDMë WR VHULD QLH]Z\NÊ\FK NVLÃ×HN ]H ÐFLHUDOQ\P PD]DNLHP VWZRU]RQD
HNLS\ 3VLHJR 3DWUROX RUD] %OD]HèD L PHJDPDV]\Q QD SRGVWDZLH HPLWRZDQ\FK QD SRSXODUQ\FK G]LHFLÇF\FK NDQDÊDFK EDMHN
6WDQRZL QLH]DVWÃSLRQD SRPRF GOD G]LHFL Z QDXFH SLVDQLD OLF]HQLD L U\VRZDQLD
2%-Æ72ÏÄ _ &(1$ =É :VSLHUD PRWRU\NÇ UR]ZLMD VSRVWU]HJDZF]RÐÅ ÅZLF]\ PDÊÃ UÃF]NÇ G]LHFND
&RÐ GR ]DEDZ\ð D PR×OLZRÐÅ ZLHORNURWQHJR SLVDQLD L ÐFLHUDQLD SRGF]DV UR]ZLÃ]\ZDQLD ]DGDÌ
] XOXELRQ\PL ERKDWHUDPL ]DPLHQLD VLÇ Z QLHNRÌF]ÃFÃ VLÇ ]DEDZÇ
0DJD]\Q ì'RUD SR]QDMH ÐZLDWë WR LGHDOQD SURSR]\FMD GOD ZV]\VWNLFK NWµU]\
:
NRFKDMà SRGUµ×H L GREUà ]DEDZÇ Z JURQLH SU]\MDFLµÊ 1D PDÊ\FK F]\WHOQLNµZ F]HNDMà : VSU]HGD×\ NVLÃ×NL ] VHULL 3LV] L ÐFLH VSU]HGD×\ NVLÃ×NL ] VHULL 3LV] L ÐFLHUDM ] :LVVSHU %OD]H P
3HSSÃ L ERKDWHUDPL 3VLHJR 3DWUROX
]DJDGNL PDWHPDW\F]QH ÊDPLJʵZNL ÅZLF]ÃFH VSRVWU]HJDZF]RÐÅ D WDN×H JU\ ] QDXNÃ
MÇ]\ND DQJLHOVNLHJR (GXNDF\MQ\ FKDUDNWHU ]DGDÌ ZVSRPDJD UR]ZµM PDOXFKµZ 2%-Æ72ÏÄ _ &(1$ =É
VWDQRZLÃF MHGQRF]HÐQLH ÐZLHWQÃ ]DEDZÇ 'R ND×GHJR QXPHUX GRÊÃF]RQ\ MHVW
Z\MÃWNRZ\ SUH]HQW 3LHUZV]D F]ÇÐÅ ] ORUQHWNÃ RUD] EÊ\V]F]ÃF\PL QDNOHMNDPL
2%-Æ72ÏÄ 67521 _ &(1$ =É
&RÐ GR QDXNLð
6HULD ì%DUG]R ZD×QH VSUDZ\ë WR NVLÃ×NL HGXNDF\MQH SRUXV]DMÃFH
NZHVWLH GREU\FK PDQLHU Z\FKRZDQLD RUD] SUREOHPµZ ] NWµU\PL
PDOXFK\ L LFK URG]LFH ]PDJDMÃ VLÇ QD FR G]LHÌ 8OXELHQL ERKDWHURZLH
6HULD ì%OD]H L PHJDPDV]\Q\ =DF]\QDP\ Z\ÐFLJ ë WR ]DFLHNDZLÃ QDMPÊRGV]\FK D WHPDW\ND SRPR×H RSLHNXQRP UR]SRF]ÃÅ
NVLÃ×HF]NL GOD SUDZG]LZ\FK IDQµZ V]\ENLFK
VDPRFKRGµZ : ÐURGNX NVLÃ×HN ]QDMGXMà VLÇ RGMD]GRZH UR]PRZÇ Rð EDUG]R ZD×Q\FK VSUDZDFK : VHULL ì%DUG]R ZD×QH
VSUDZ\ë XND]DÊ\ VLÇ SXEOLNDFMH ]H ÐZLQNÃ 3HSSÃ SW ì/XELÇ MHÐÅ
JU\ ]DEDZ\ L ÊDPLJʵZNL D GR ND×GHM F]ÇÐFL SXEOLNDFML ZDU]\ZDë ì6SU]ÃWDP VZµM SRNµMë ì0µZLÇ SU]HSUDV]DPë
GRÊÃF]RQ\ MHVW VXSHUV]\ENL SRMD]G
: NROHNFML GR ]HEUDQLD D× XQLNDOQ\FK VDPRFKRGµZ ì ì&KÇWQLH SRPDJDPë RUD] ] ERKDWHUDPL 3VLHJR 3DWURO SW ì&KFÇ E\Å
VWUD×DNLHPë ì&KFÇ E\Å SROLFMDQWHPë
2%-Æ72ÏÄ 67521 _ &(1$ =É 2%-Æ72ÏÄ _ &(1$ =É
cāº ā ¤êú Ȁ cāº ā ¤êú cāº ā Úāº ¤Úê &½ËêÞ ĈāüāÄü ǽǽǼÃà ;˽ËÚËöĺ ɬ D ׬ºÄ¬ºê ;˽ËÚËöĺ VÚāü·¬½
æËÃÌöº¬ Ȁ ÚÞ C¬ÄĬ ~©Ã ÃÂ׺¬ ɬ ;˽ËÚê·¢ ¬ ĺ½·Ã
ÄɆ ȀɌȀǾ āÂ ÄɆ ǿɌǾǾ āÂ ÄɆ ǾȃɌǽȂ āÂ ÄɆ ǽǼɌȃȂ āÂ ÄɆ ȀɌȀǽ āÂ ÄɆ ȃɌȂȂ āÂ
V½º Ë ×ÚāÞāºË½ V½º Ë ×ÚāÞāºË½ V½º Ë ×ÚāÞāºË½ ìĬ &Ú &Ä· Ë ½ê ö VY=ɬg &Ú sü¤¬·æêÞ ½ûÄÚ &Ú ¬ê¬êº
Ú¬ ]æÚ =¬¤©æ % Ú½ËÄ ÄË×ÚÄËöü ]Ëö ½ûÄÚ ½ûÄÚ
ÄɆ ȁǼɌǼǼ āÂ ÄɆ ȂǽɌǿǼ āÂ ÄɆ ȁȁɌȀȅ āÂ ÄɆ ǿȀɌȀǽ āÂ ÄɆ ȀȅɌȅȂ āÂ ÄɆ ǾǿɌǿǽ āÂ
%Úü ö¬æÚĄËö ;½· ā Ú˺æà ÃËÞ ;½· ā Ú˺æà ÃËÞ ~Þæö ×êāā½¬ Ë ÚüÞËöĬ Vêāā½ ǾȀ Cû¬ D·½×Þ¬ Vêāā½ ǽǼǼ =ËËö
ÃËÞ Ȃ ºË½ËÚÌö &r ǽǼVǽȄ & =ǽǼ ǽǼ Ú¬Ë õÄæêÚÞ ×Úāü·¬½ ~ËÞ¬ ×Úāü¤Ë ÚÞ cÚĉ
ÄɆ ȁǽɌǾȄ āÂ ÄɆ ǾȁɌȃȁ āÂ ÄɆ ǽȀɌȅȀ āÂ ÄɆ ȂȃɌȅǾ āÂ ÄɆ ǾǾɌǼȅ āÂ ÄɆ ǽǾɌȂȂ āÂ
ZZZ ELXUZD SO
8IP /SQ FMYVS$FMYV[E TP
cāº ā ¤êú Ȁ cāº ā ¤êú cāº ā Úāº ¤Úê &½ËêÞ ĈāüāÄü ǽǽǼÃà ;˽ËÚËöĺ ɬ D ׬ºÄ¬ºê ;˽ËÚËöĺ VÚāü·¬½
æËÃÌöº¬ Ȁ ÚÞ C¬ÄĬ ~©Ã ÃÂ׺¬ ɬ ;˽ËÚê·¢ ¬ ĺ½·Ã
ÄɆ ȀɌȀǾ āÂ ÄɆ ǿɌǾǾ āÂ ÄɆ ǾȃɌǽȂ āÂ ÄɆ ǽǼɌȃȂ āÂ ÄɆ ȀɌȀǽ āÂ ÄɆ ȃɌȂȂ āÂ
V½º Ë ×ÚāÞāºË½ V½º Ë ×ÚāÞāºË½ V½º Ë ×ÚāÞāºË½ ìĬ &Ú &Ä· Ë ½ê ö VY=ɬg &Ú sü¤¬·æêÞ ½ûÄÚ &Ú ¬ê¬êº
Ú¬ ]æÚ =¬¤©æ % Ú½ËÄ ÄË×ÚÄËöü ]Ëö ½ûÄÚ ½ûÄÚ
ÄɆ ȁǼɌǼǼ āÂ ÄɆ ȂǽɌǿǼ āÂ ÄɆ ȁȁɌȀȅ āÂ ÄɆ ǿȀɌȀǽ āÂ ÄɆ ȀȅɌȅȂ āÂ ÄɆ ǾǿɌǿǽ āÂ
%Úü ö¬æÚĄËö ;½· ā Ú˺æà ÃËÞ ;½· ā Ú˺æà ÃËÞ ~Þæö ×êāā½¬ Ë ÚüÞËöĬ Vêāā½ ǾȀ Cû¬ D·½×Þ¬ Vêāā½ ǽǼǼ =ËËö
ÃËÞ Ȃ ºË½ËÚÌö &r ǽǼVǽȄ & =ǽǼ ǽǼ Ú¬Ë õÄæêÚÞ ×Úāü·¬½ ~ËÞ¬ ×Úāü¤Ë ÚÞ cÚĉ
ÄɆ ȁǽɌǾȄ āÂ ÄɆ ǾȁɌȃȁ āÂ ÄɆ ǽȀɌȅȀ āÂ ÄɆ ȂȃɌȅǾ āÂ ÄɆ ǾǾɌǼȅ āÂ ÄɆ ǽǾɌȂȂ āÂ
ZZZ ELXUZD SO
8IP /SQ FMYVS$FMYV[E TP
+FTUFėNZ EPėXJBED[POÁ LBESÁ [BXPEPXD¯X LU¯SB LSFVKF OPXF
USFOEZ OB SZOLV QSBDZ X PCT[BS[F BOJNBDKJ D[BTV XPMOFHP
/B[Á NJTKÁ KFTU QPCVE[FOJF QBTKJ X LBĸEZN LUP QSBHOJF
TBNPSFBMJ[BDKJ QPþÁD[POFK [ [BCBXÁ 8 PEQPXJFE[J OB [BQPUS[FCPXBOJF
SZOLV OB VTþVHJ BOJNBDZKOF EBKFNZ QBUFOU EP OPXFHP [BXPEV KBLP MJEFS
KFTUFėNZ UBN HE[JF OBT QPUS[FCVKFDJF
"OJNBUPS UP PH¯MOPQPMTLJ MJEFS X [BLSFTJF T[LPMFĀ "OJNBDKJ $[BTV 8PMOFHP
PSHBOJ[BDKJ FWFOU¯X PSB[ QPėSFEOJDUXB QSBDZ QS[Z SFBMJ[BDKJ BOJNBDKJ
IPUFMPXZDI [B HSBOJDÁ ,JMLVMFUOJB PCFDOPėÃ OB SZOLV UP TFULJ
QS[FQSPXBE[POZDI T[LPMFĀ DBTUJOH¯X J JNQSF[ EMB OBKXJÕLT[ZDI
5PVSPQFSBUPS¯X X LSBKV J &VSPQJF ,BĸEFHP SPLV DFSUZţLBU "OJNBUPSB
$[BTV 8PMOFHP PECJFSB CMJTLP LVSTBOU¯X QP UP BCZ QSBDPXBÃ
OB BOJNBDKBDI [B HSBOJDÁ PSB[ [EPCZXBÃ EPEBULPXF EPėXJBED[FOJF
XXX BOJNBUPSDFOUFS DPN
JOGP!BOJNBUPSDFOUFS DPN
+FTUFėNZ EPėXJBED[POÁ LBESÁ [BXPEPXD¯X LU¯SB LSFVKF OPXF
USFOEZ OB SZOLV QSBDZ X PCT[BS[F BOJNBDKJ D[BTV XPMOFHP
/B[Á NJTKÁ KFTU QPCVE[FOJF QBTKJ X LBĸEZN LUP QSBHOJF
TBNPSFBMJ[BDKJ QPþÁD[POFK [ [BCBXÁ 8 PEQPXJFE[J OB [BQPUS[FCPXBOJF
SZOLV OB VTþVHJ BOJNBDZKOF EBKFNZ QBUFOU EP OPXFHP [BXPEV KBLP MJEFS
KFTUFėNZ UBN HE[JF OBT QPUS[FCVKFDJF
"OJNBUPS UP PH¯MOPQPMTLJ MJEFS X [BLSFTJF T[LPMFĀ "OJNBDKJ $[BTV 8PMOFHP
PSHBOJ[BDKJ FWFOU¯X PSB[ QPėSFEOJDUXB QSBDZ QS[Z SFBMJ[BDKJ BOJNBDKJ
IPUFMPXZDI [B HSBOJDÁ ,JMLVMFUOJB PCFDOPėÃ OB SZOLV UP TFULJ
QS[FQSPXBE[POZDI T[LPMFĀ DBTUJOH¯X J JNQSF[ EMB OBKXJÕLT[ZDI
5PVSPQFSBUPS¯X X LSBKV J &VSPQJF ,BĸEFHP SPLV DFSUZţLBU "OJNBUPSB
$[BTV 8PMOFHP PECJFSB CMJTLP LVSTBOU¯X QP UP BCZ QSBDPXBÃ
OB BOJNBDKBDI [B HSBOJDÁ PSB[ [EPCZXBÃ EPEBULPXF EPėXJBED[FOJF
XXX BOJNBUPSDFOUFS DPN
JOGP!BOJNBUPSDFOUFS DPN
+DSS\+RS WR G\VWU\EXWRU Z\VRNLHM NODV\
GPXFKDĂFµZ L ]DEDZHN RJURGRZ\FK
: QDV]HM RIHUFLH ]QDMGÃ 3DÌVWZR ZV]\VWNR WR F]HJR :DV]H G]LHFL SRWU]HEXMÃ GR Z\ÐPLHQLWHM ]DEDZ\
2IHURZDQH GPXFKDÌFH SRVLDGDMÃ XQLNDOQ\ L FLHNDZ\ Z\JOÃG D SRQDGWR ND×G\ ] QLFK GRVWÇSQ\ MHVW
UµZQLH× Z ZHUVML NRPHUF\MQHM ZLÇNV]HM RG GRPRZ\FK RGSRZLHGQLNµZ
+DSS\ +RS ]DMPXMH VLÇ UµZQLH× RUJDQL]DFMÃ LPSUH] SOHQHURZ\FK ]GHMPXMÃF RERZLÃ]HN SODQRZDQLD
] EDUNµZ URG]LFµZ =DSHZQLDP\ G]LHFLRP QLH]DSRPQLDQH ZUD×HQLD L ZLHOH FLHNDZ\FK ]DEDZ
=DSUDV]DP\ GR ]DSR]QDQLD VLÇ ] QDV]Ã ERJDWÃ RIHUWÃ QD VWURQLH ĆUPRZHM +DSS\+RS
ZZZ KDSS\KRS SO
ELXUR#KDSS\KRS SO 5$%$78
+DVÊR UDEDWRZH
0DJD]\Q 3U]HGV]NROD
+DSS\+RS WR G\VWU\EXWRU Z\VRNLHM NODV\
GPXFKDĂFµZ L ]DEDZHN RJURGRZ\FK
: QDV]HM RIHUFLH ]QDMGÃ 3DÌVWZR ZV]\VWNR WR F]HJR :DV]H G]LHFL SRWU]HEXMÃ GR Z\ÐPLHQLWHM ]DEDZ\
2IHURZDQH GPXFKDÌFH SRVLDGDMÃ XQLNDOQ\ L FLHNDZ\ Z\JOÃG D SRQDGWR ND×G\ ] QLFK GRVWÇSQ\ MHVW
UµZQLH× Z ZHUVML NRPHUF\MQHM ZLÇNV]HM RG GRPRZ\FK RGSRZLHGQLNµZ
+DSS\ +RS ]DMPXMH VLÇ UµZQLH× RUJDQL]DFMÃ LPSUH] SOHQHURZ\FK ]GHMPXMÃF RERZLÃ]HN SODQRZDQLD
] EDUNµZ URG]LFµZ =DSHZQLDP\ G]LHFLRP QLH]DSRPQLDQH ZUD×HQLD L ZLHOH FLHNDZ\FK ]DEDZ
=DSUDV]DP\ GR ]DSR]QDQLD VLÇ ] QDV]Ã ERJDWÃ RIHUWÃ QD VWURQLH ĆUPRZHM +DSS\+RS
ZZZ KDSS\KRS SO
ELXUR#KDSS\KRS SO 5$%$78
+DVÊR UDEDWRZH
0DJD]\Q 3U]HGV]NROD
1$6=( 35(0,(5<
,JQDÐ .LWHN DUFKLWHNW
$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
3U]H]DEDZQD L QLHSRNRUQD NVLÃ×ND
9Ü«Ă¹« ôØãÊĎ«Êô ¼«ãØ¹Ê R UHDOL]RZDQLX VZRLFK SDVML ZEUHZ
SU]HFLZQRÐFLRP
« Õ« ¹Ã« «¼èÜãØÊôà =É
5µ]LD 5HZHOND LQ×\QLHUND
1DV]H Z\GDZQLFWZR VSHFMDOL]XMH VLÇ Z VWDUDQQ\P GRERU]H RIHUW\ L SURSRQXMH $QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
URG]LFRP L G]LHFLRP Z\VRNLHM MDNRÐFL NVLÃ×NL ]DUµZQR ZDUWRÐFLRZH OLWHUDFNR =DEDZQD L PÃGUD RSRZLHÐÅ R
MDN L SLÇNQLH LOXVWURZDQH 7R ìSLFWXUHERRNVë å NVLÃ×NL Z NWµU\FK WHNVW L REUD] UHDOL]RZDQLX SDVML L QLH]UD×DQLX
ZVSµÊJUDMà ]H VREà WZRU]ÃF XQLNDOQà MDNRÐÅ NWµUHM QLH GDÊRE\ VLÇ RVLÃJQÃÅ EH] VLÇ QLHSRZRG]HQLDPL
KDUPRQLL PLÇG]\ QLPL 6Ã WR SXEOLNDFMH GOD Z\PDJDMÃF\FK å SRXF]DMÃFD
L MHGQRF]HÐQLH HNVF\WXMÃFD OLWHUDWXUD G]LHFLÇFD =É
7HN 1RZRF]HVQ\ MDVNLQLRZLHF
3DWULFN 0F'RQQHOO
=DEDZQ\ VSRVµE PµZLHQLD R ]QDF]HQLX Z\ÊÃF]HQLD
RWDF]DMÃF\FK QDV XU]ÃG]HÌ L FLHV]HQLD VLÇ XURNDPL
SLÇNQHJR ÐZLDWD GRRNRÊD
=É
$GD %DPELQL 1DXNRZF]\QL
$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
=$32:,('Ô
#.LQGHUNXOND
:6=<67.,( .6,ÂÖ., '267Æ31( 1$ ::: .,1'(5.8/.$ 3/
1$6=( 35(0,(5<
,JQDÐ .LWHN DUFKLWHNW
$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
3U]H]DEDZQD L QLHSRNRUQD NVLÃ×ND
9Ü«Ă¹« ôØãÊĎ«Êô ¼«ãØ¹Ê R UHDOL]RZDQLX VZRLFK SDVML ZEUHZ
SU]HFLZQRÐFLRP
« Õ« ¹Ã« «¼èÜãØÊôà =É
5µ]LD 5HZHOND LQ×\QLHUND
1DV]H Z\GDZQLFWZR VSHFMDOL]XMH VLÇ Z VWDUDQQ\P GRERU]H RIHUW\ L SURSRQXMH $QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
URG]LFRP L G]LHFLRP Z\VRNLHM MDNRÐFL NVLÃ×NL ]DUµZQR ZDUWRÐFLRZH OLWHUDFNR =DEDZQD L PÃGUD RSRZLHÐÅ R
MDN L SLÇNQLH LOXVWURZDQH 7R ìSLFWXUHERRNVë å NVLÃ×NL Z NWµU\FK WHNVW L REUD] UHDOL]RZDQLX SDVML L QLH]UD×DQLX
ZVSµÊJUDMà ]H VREà WZRU]ÃF XQLNDOQà MDNRÐÅ NWµUHM QLH GDÊRE\ VLÇ RVLÃJQÃÅ EH] VLÇ QLHSRZRG]HQLDPL
KDUPRQLL PLÇG]\ QLPL 6Ã WR SXEOLNDFMH GOD Z\PDJDMÃF\FK å SRXF]DMÃFD
L MHGQRF]HÐQLH HNVF\WXMÃFD OLWHUDWXUD G]LHFLÇFD =É
7HN 1RZRF]HVQ\ MDVNLQLRZLHF
3DWULFN 0F'RQQHOO
=DEDZQ\ VSRVµE PµZLHQLD R ]QDF]HQLX Z\ÊÃF]HQLD
RWDF]DMÃF\FK QDV XU]ÃG]HÌ L FLHV]HQLD VLÇ XURNDPL
SLÇNQHJR ÐZLDWD GRRNRÊD
=É
$GD %DPELQL 1DXNRZF]\QL
$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
=$32:,('Ô
#.LQGHUNXOND
:6=<67.,( .6,ÂÖ., '267Æ31( 1$ ::: .,1'(5.8/.$ 3/
The words you are searching are inside this book. To get more targeted content, please make full-text search by clicking here.
Discover the best professional documents and content resources in AnyFlip Document Base.
Search