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
Published by B&R, 2017-12-21 03:04:13

MP 2018

C?4E ; :0! '/ 6 ;!4E / ;E0C' /J








= PLÊRÐFLÃ L VWDUDQQRÐFLÃ ZÊDVQRUÇF]QLH WZRU]\P\ RU\JLQDOQH SURMHNW\ WDN DE\ E\Ê\ SLÇNQH L SUDNW\F]QH


3RWU]HEXMHV] NRPSOHNVRZHM Z\SUDZNL GOD QRZRURGND SUH]HQWX QD VSHFMDOQÃ RND]MÇ OXE NROHMQH XURG]LQ\ D PR×H XU]ÃG]DV] SRNµM GOD G]LHFND"
1LH PDV] SRMÇFLD FR Z\EUDÅ ] PQµVWZD SURGXNWµZ GRVWÇSQ\FK QD U\QNX OXE V]XNDV] XQLNDWRZ\FK Z]RUµZ" 'REU]H WUDĆÊDÐ
3RGSRZLHP &L L GRUDG]Ç D SRWHP VWZRU]Ç WR FR VSHÊQL 7ZRMH RF]HNLZDQLD
0DMÃF WUµMNÇ PDOXFKµZ MX× ZLHP NWµUH JDG×HW\ VÃ ]EÇGQH D FR MHVW DEVROXWQ\P ìPXVW KDYHë ' =DSUDV]DP





































= PLÊRÐFLÃ L VWDUDQQRÐFLÃ ZÊDVQRUÇF]QLH WZRU]\P\ RU\JLQDOQH
SURMHNW\ WDN DE\ E\Ê\ SLÇNQH L SUDNW\F]QH 5HDOL]XMHP\ UµZQLH×
LQG\ZLGXDOQH ]DPµZLHQLD









ZZZ YLJDZLWKORYH SO

NRQWDNW#YLJDZLWKORYH SO


&R PRİHP\ SRGDURZDþ ']LĊNL WHPX ĪH G]LHFNR ZLG]L Z NVLąĪFH VLHELH ']LĊNL QRZRF]HVQHM WHFKQRORJLL WUDG\F\MQH
G]LHFLRP G]LčNL WHFKQRORJLL L VZRLFK QDMEOLĪV]\FK áDWZLHM MHVW PX VLĊ NVLąĪNL ]\VNXMą QRZ\ Z\PLDU $JDWD
1RZRF]HVQH WHFKQRORJLH QD GREUH ]DDQJDĪRZDü Z OHNWXUĊ NVLąĪND MHVW GOD ĝOLZLĔVND DXWRUND SURMHNWX )RWREDVQLH SO
RGELRUF\ FLHNDZV]D D PDOHF VWDMH VLĊ MHM
PDU]\ R W\P DE\ GRURVáH G]LHFL SR ODWDFK
]DGRPRZLá\ VLĊ Z QDV]HM FRG]LHQQRĞFL L G]LĞ SUDZG]LZ\P ERKDWHUHP 3U]HGH ZV]\VWNLP ZUDFDá\ GR NVLąĪHF]HN Z NWyU\FK PRJą
QLNRJR MXĪ QLH G]LZL ĪH GZXODWHN VSUDZQLHM MHGQDN PáRG\ F]áRZLHN F]XMH VLĊ ]QDOHĨü SDFKQąFH G]LHFLĔVWZHP SDPLąWNL D
REVáXJXMH WDEOHW RG QLHMHGQHJR GRURVáHJR GRZDUWRĞFLRZDQ\ L ]EXGRZDQ\ QDZHW RGF]\W\ZDü MH VZRLP G]LHFLRP
SU]HGVWDZLHQLHPU]HGVWDZLHQLHP JR MDNR RVRE\ QD NWyUHM
1 S S
1LHNWyU]\LHNWyU]\ SDWU]ą QD WR ] QDG]LHMą LQQL ]
SRND]XMąFRND]XMąF MHGQRF]HĞQLH MDN Z\JOąGDáD PDPD
QLHSRNRMHP -HGQDN QRZRF]HVQH WHFKQRORJLH PRĪQD SROHJDü OXE EDEFLD NLONDG]LHVLąW ODW WHPX
PRJą VSUDZLü ĪH GRW\FKF]DVRZH U]HF]\ GOD )RWREDĞQLH QLH W\ONR EDZLą DOH L XF]ą ² IDEXáD
QDV]\FK SRFLHFK ]\VNDMą SUDZG]LZą GXV]Ċ RSLHUD VLĊ QD W\P ĪH G]LHFNR VWDUD VLĊ SRPyF
1LH PD SLĊNQLHMV]HJR SUH]HQWX GOD PDOXFKD ]ZLHU]ąWNX Z NáRSRWDFK V]XND NUHDW\ZQ\FK
QLĪ GHG\NRZDQ\ XSRPLQHN Sá\W\ ] UR]ZLą]DĔ OXE RGGDMH ]QDOH]LRQą ZF]HĞQLHM
SLRVHQNDPL Z NWyU\FK SDGD LPLĊ G]LHFND ]JXEĊ 5\PRZDQH WHNVW\ VSUDZLDMą ĪH WUHĞü
P
PDVNRWNLDVNRWNL ]ZUDFDMąFH VLĊ GR G]LHFND SR LPLHQLX MHVW áDWZLHM SU]\VZDMDOQD L PRĪQD Mą V]\ENR
F]\ PLVLH LPLWXMąFH V]XP ] EU]XV]ND PDP\ ]DSDPLĊWDü

:
: RIHUFLH )RWREDĞQL Vą WHĪ VHQVRU\F]QH
NVLąĪNL SHUVRQDOL]RZDQH ² VWZRU]RQH
RGSRZLHGQLR GR ZLHNX NVLąĪNL GOD G]LHFL Z
SU]HG]LDOH ODW .VLąĪNL VHQVRU\F]QH QLH Vą
SU]HáDGRZDQH LOXVWUDFMDPL FR VSUDZLD ĪH Vą
F]\WHOQH GOD PDOXV]ND ,FK ]DGDQLHP MHVW
SREXG]HQLH Z\REUDĨQL L FLHNDZRĞFL PDáHJR
F]\WHOQLND ]\WHOQLND 6ą WHĪ SRP\ĞODQH Z WDNL VSRVyE E\
F
SR ODWDFK VWDQRZLá\ SLĊNQą SDPLąWNĊ GOD %\ü PRĪH Z SU]\V]áRĞFL NXSLRQH G]LĞ
REGDURZDQHJR G]LHFND NVLąĪHF]NL EĊGą SUDZG]LZ\P VNDUEHP Z
HSRFH SRZV]HFKQHM F\IU\]DFML
=DPDZLDMąF NVLąĪNL Z ILUPLH )RWREDĞQLH QLH
]DPDZLDP\ W\ONR XVáXJL DOH SUDZG]LZ\ :\ VZRMH NVLąĪNL PRĪHFLH NXSLü MXĪ G]LĞ QD
'R WHJR JURQD ]DOLF]\ü G]LĞ PRĪQD UyZQLHĪ RVRELVW\ SUH]HQW $JDWD ĝOLZLĔVND ² DXWRUND VWURQLH )RWREDVQLH SO ] NRGHP UDEDWRZ\P
NVLąĪNL GOD G]LHFL NWyUH PRJą VWDü VLĊ EDUG]R )RWREDĞQL Z PLDUĊ PRĪOLZRĞFL VWDUD VLĊ Ä0DJD]\Q3U]HGV]NROD´ RWU]\PDFLH ]QLĪNL
)RWREDVQLH SO ]DSUDV]DMą
RVRELVW\P SUH]HQWHP L SLĊNQą SDPLąWNą GRGDZDü ]GMĊFLD URG]LFyZ L LQQ\FK EOLVNLFK
3 G]LHFNX RVyE MHĞOL W\ONR RWU]\PD WDNLH
3HUVRQDOL]RZDQHHUVRQDOL]RZDQH NVLąĪNL GOD G]LHFL ER R QLFK
WX PRZD WR ERJDWR LOXVWURZDQH RSRZLHĞFL IRWRJUDILH 5REL WR Z FHQLH SURGXNWX SRQLHZDĪ
]DOHĪ\DOHĪ\ MHM QD VWZRU]HQLX URG]LQQHM SDPLąWNL
]
NWyU\FK F]ĊĞFLą VWDMH VLĊ G]LHFNR 'R NVLąĪNL NWyUD VWDQLH VLĊ SUDZG]LZ\P
NVLąĪNRZ\FK LOXVWUDFML PRĪQD GRGDü ]GMĊFLD URG]LQQ\P VNDUEHP áąF]ąF\P SRNROHQLD
G]LHFND Z WDNL VSRVyE ĪH Z\JOąGDMą MDN LFK
LQWHJUDOQD F]ĊĞü

1DD VWURQLH )RWREDVQLH SO PRĪQD ]REDF]\ü FDáą
1
NVLąĪNĊ SU]HG ]DNXSHP FR VSUDZL ĪH áDWZLHM
MHVW GREUDü ]GMĊFLD SDVXMąFH GR VFHQ NVLąĪNL
'R VWZRU]HQLD MHGQHM ILUPD )RWREDĞQLH
Z\NRU]\VWXMH PLQLPXP GR ]GMĊü ']LĊNL
QRZRF]HVQ\P WHFKQRORJLRP ]GMĊFLD [[[ JSXSFEWRMI TP
Z\NRU]\VW\ZDQH Z LOXVWUDFML PRĪQD
RGSRZLHGQLRGSRZLHGQLR VIRUPDWRZDü GRĞZLHWOLü L
R WXYHMS$JSXSFEWRMI TP
HG\WRZDü Z WDNL VSRVyE ĪH G]LHFL Z\JOąGDMą
MDNE\ QDSUDZGĊ XF]HVWQLF]\á\ Z SU]\JRGDFK
]ZLHU]ąWHN Z Z\U\VRZDQ\P ĞZLHFLH
3RáąF]HQLH UĊF]QHM SUDF\ ] GRVNRQDá\PL
QDU]ĊG]LDPL JUDILF]Q\PL GDMH Z\MąWNRZ\ HIHNW
NWyU\ ] SHZQRĞFLą ]DFKZ\FL PDá\FK
E
ERKDWHURRKDWHURZ MDN UyZQLHĪ LFK URG]LFyZ


&R PRİHP\ SRGDURZDþ ']LĊNL WHPX ĪH G]LHFNR ZLG]L Z NVLąĪFH VLHELH ']LĊNL QRZRF]HVQHM WHFKQRORJLL WUDG\F\MQH
G]LHFLRP G]LčNL WHFKQRORJLL L VZRLFK QDMEOLĪV]\FK áDWZLHM MHVW PX VLĊ NVLąĪNL ]\VNXMą QRZ\ Z\PLDU $JDWD
1RZRF]HVQH WHFKQRORJLH QD GREUH ]DDQJDĪRZDü Z OHNWXUĊ NVLąĪND MHVW GOD ĝOLZLĔVND DXWRUND SURMHNWX )RWREDVQLH SO
RGELRUF\ FLHNDZV]D D PDOHF VWDMH VLĊ MHM
PDU]\ R W\P DE\ GRURVáH G]LHFL SR ODWDFK
]DGRPRZLá\ VLĊ Z QDV]HM FRG]LHQQRĞFL L G]LĞ SUDZG]LZ\P ERKDWHUHP 3U]HGH ZV]\VWNLP ZUDFDá\ GR NVLąĪHF]HN Z NWyU\FK PRJą
QLNRJR MXĪ QLH G]LZL ĪH GZXODWHN VSUDZQLHM MHGQDN PáRG\ F]áRZLHN F]XMH VLĊ ]QDOHĨü SDFKQąFH G]LHFLĔVWZHP SDPLąWNL D
REVáXJXMH WDEOHW RG QLHMHGQHJR GRURVáHJR GRZDUWRĞFLRZDQ\ L ]EXGRZDQ\ QDZHW RGF]\W\ZDü MH VZRLP G]LHFLRP
SU]HGVWDZLHQLHPU]HGVWDZLHQLHP JR MDNR RVRE\ QD NWyUHM
1 S S
1LHNWyU]\LHNWyU]\ SDWU]ą QD WR ] QDG]LHMą LQQL ]
SRND]XMąFRND]XMąF MHGQRF]HĞQLH MDN Z\JOąGDáD PDPD
QLHSRNRMHP -HGQDN QRZRF]HVQH WHFKQRORJLH PRĪQD SROHJDü OXE EDEFLD NLONDG]LHVLąW ODW WHPX
PRJą VSUDZLü ĪH GRW\FKF]DVRZH U]HF]\ GOD )RWREDĞQLH QLH W\ONR EDZLą DOH L XF]ą ² IDEXáD
QDV]\FK SRFLHFK ]\VNDMą SUDZG]LZą GXV]Ċ RSLHUD VLĊ QD W\P ĪH G]LHFNR VWDUD VLĊ SRPyF
1LH PD SLĊNQLHMV]HJR SUH]HQWX GOD PDOXFKD ]ZLHU]ąWNX Z NáRSRWDFK V]XND NUHDW\ZQ\FK
QLĪ GHG\NRZDQ\ XSRPLQHN Sá\W\ ] UR]ZLą]DĔ OXE RGGDMH ]QDOH]LRQą ZF]HĞQLHM
SLRVHQNDPL Z NWyU\FK SDGD LPLĊ G]LHFND ]JXEĊ 5\PRZDQH WHNVW\ VSUDZLDMą ĪH WUHĞü
P
PDVNRWNLDVNRWNL ]ZUDFDMąFH VLĊ GR G]LHFND SR LPLHQLX MHVW áDWZLHM SU]\VZDMDOQD L PRĪQD Mą V]\ENR
F]\ PLVLH LPLWXMąFH V]XP ] EU]XV]ND PDP\ ]DSDPLĊWDü

:
: RIHUFLH )RWREDĞQL Vą WHĪ VHQVRU\F]QH
NVLąĪNL SHUVRQDOL]RZDQH ² VWZRU]RQH
RGSRZLHGQLR GR ZLHNX NVLąĪNL GOD G]LHFL Z
SU]HG]LDOH ODW .VLąĪNL VHQVRU\F]QH QLH Vą
SU]HáDGRZDQH LOXVWUDFMDPL FR VSUDZLD ĪH Vą
F]\WHOQH GOD PDOXV]ND ,FK ]DGDQLHP MHVW
SREXG]HQLH Z\REUDĨQL L FLHNDZRĞFL PDáHJR
F]\WHOQLND ]\WHOQLND 6ą WHĪ SRP\ĞODQH Z WDNL VSRVyE E\
F
SR ODWDFK VWDQRZLá\ SLĊNQą SDPLąWNĊ GOD %\ü PRĪH Z SU]\V]áRĞFL NXSLRQH G]LĞ
REGDURZDQHJR G]LHFND NVLąĪHF]NL EĊGą SUDZG]LZ\P VNDUEHP Z
HSRFH SRZV]HFKQHM F\IU\]DFML
=DPDZLDMąF NVLąĪNL Z ILUPLH )RWREDĞQLH QLH
]DPDZLDP\ W\ONR XVáXJL DOH SUDZG]LZ\ :\ VZRMH NVLąĪNL PRĪHFLH NXSLü MXĪ G]LĞ QD
'R WHJR JURQD ]DOLF]\ü G]LĞ PRĪQD UyZQLHĪ RVRELVW\ SUH]HQW $JDWD ĝOLZLĔVND ² DXWRUND VWURQLH )RWREDVQLH SO ] NRGHP UDEDWRZ\P
NVLąĪNL GOD G]LHFL NWyUH PRJą VWDü VLĊ EDUG]R )RWREDĞQL Z PLDUĊ PRĪOLZRĞFL VWDUD VLĊ Ä0DJD]\Q3U]HGV]NROD´ RWU]\PDFLH ]QLĪNL
)RWREDVQLH SO ]DSUDV]DMą
RVRELVW\P SUH]HQWHP L SLĊNQą SDPLąWNą GRGDZDü ]GMĊFLD URG]LFyZ L LQQ\FK EOLVNLFK
3 G]LHFNX RVyE MHĞOL W\ONR RWU]\PD WDNLH
3HUVRQDOL]RZDQHHUVRQDOL]RZDQH NVLąĪNL GOD G]LHFL ER R QLFK
WX PRZD WR ERJDWR LOXVWURZDQH RSRZLHĞFL IRWRJUDILH 5REL WR Z FHQLH SURGXNWX SRQLHZDĪ
]DOHĪ\DOHĪ\ MHM QD VWZRU]HQLX URG]LQQHM SDPLąWNL
]
NWyU\FK F]ĊĞFLą VWDMH VLĊ G]LHFNR 'R NVLąĪNL NWyUD VWDQLH VLĊ SUDZG]LZ\P
NVLąĪNRZ\FK LOXVWUDFML PRĪQD GRGDü ]GMĊFLD URG]LQQ\P VNDUEHP áąF]ąF\P SRNROHQLD
G]LHFND Z WDNL VSRVyE ĪH Z\JOąGDMą MDN LFK
LQWHJUDOQD F]ĊĞü

1DD VWURQLH )RWREDVQLH SO PRĪQD ]REDF]\ü FDáą
1
NVLąĪNĊ SU]HG ]DNXSHP FR VSUDZL ĪH áDWZLHM
MHVW GREUDü ]GMĊFLD SDVXMąFH GR VFHQ NVLąĪNL
'R VWZRU]HQLD MHGQHM ILUPD )RWREDĞQLH
Z\NRU]\VWXMH PLQLPXP GR ]GMĊü ']LĊNL
QRZRF]HVQ\P WHFKQRORJLRP ]GMĊFLD [[[ JSXSFEWRMI TP
Z\NRU]\VW\ZDQH Z LOXVWUDFML PRĪQD
RGSRZLHGQLRGSRZLHGQLR VIRUPDWRZDü GRĞZLHWOLü L
R WXYHMS$JSXSFEWRMI TP
HG\WRZDü Z WDNL VSRVyE ĪH G]LHFL Z\JOąGDMą
MDNE\ QDSUDZGĊ XF]HVWQLF]\á\ Z SU]\JRGDFK
]ZLHU]ąWHN Z Z\U\VRZDQ\P ĞZLHFLH
3RáąF]HQLH UĊF]QHM SUDF\ ] GRVNRQDá\PL
QDU]ĊG]LDPL JUDILF]Q\PL GDMH Z\MąWNRZ\ HIHNW
NWyU\ ] SHZQRĞFLą ]DFKZ\FL PDá\FK
E
ERKDWHURRKDWHURZ MDN UyZQLHĪ LFK URG]LFyZ


7[IXVS[E WYOMIROE

1-6%'0) YP ŽɸH^OE E 7[IXVS[E WYOMIROE MHIEPRE RE NIWMIʾ
4MSXVOɸ[ 8V]FYREPWOM
7OSRXEOXYN WMʙ ^ REQM XIP M ^MQʙ (Y˴] KSPJ TS^[EPE RE Vɸ˴RI
) QEMP FMYVS$QMVEGPI GSQ TP WX]PM^EGNI []OSʾG^IRMI WYOMIROM

[[[ QMVEGPI GSQ TP TSHW^I[Oʇ ^ETI[RME OSQJSVX M []KSHʙ
[ Y˴]XOS[ERMY

'IRE ^




7X]PS[E M TSREHG^EWS[E SH^MI˴ ^EVɸ[RS HPE OSFMIX [ GMʇ˴] NEO M HPE OSFMIX OXɸVI XIR SOVIW
QENʇ TV^IH WSFʇ PYF NY˴ ^EOSʾG^]] GMʇ˴I 9FVERME QEVOM 1MVEGPI []OSRERI Wʇ [ [MʙOW^SˑGM
^ IPEWX]G^R]GL QEXIVMEɸ[ H^MʙOM G^IQY HSTEWS[YNʇ WMʙ SRI HS ^QMIRMENʇG]GL WMʙ OW^XEXɸ[
GMEE SVE^ VSWRʇGIKS [ G^EWMI GMʇ˴] FV^YW^OE 2E XIR W^G^IKɸPR] SOVIW GMʇ˴] RMI QYWMQ]
RSWMʉ RMIEXVEOG]NR]GL ^E HY˴]GL YFVEʾ QEQ] QS˴PM[Sˑʉ []FSVY JEWSRY G^] XI˴ OSPSVY
(E[RI G^EW] KH] OSFMIX] QYWME] RSWMʉ FI^OW^XEXRI HY˴I W^EVI YFVERME GMʇ˴S[I QMRʙ] FI^
TS[VSXY 9FVERME QEVOM 1MVEGPI TSHOVIˑPENʇ FV^YW^IO RMI TSW^IV^ENʇ W]P[IXOM WTVE[MENʇ ˴I
QS˴S˴IQ] TSG^Yʉ WMʙ OSFMIGS M WIOWS[RMI 2EWM TVSNIOXERGM ^EHFEPM S XS EF] REW^E SH^MI˴ F]E
Q
JYROGNSRE S WEQIKS TSG^ʇXOY GMʇ˴] E˴ HS NIN ^EOSʾG^IRME RMI ^ETSQRMIPM Vɸ[RMI˴ S QEQEGL
OXɸVI ^HIG]HS[E] WMʙ RE OEVQMIRMI TMIVWMʇ ;]KSHRI [WXE[OM OEVQMʇGI YQS˴PM[MENʇ
H]WOVIXRI OEVQMIRMI
;MIPI ^ REW ^EWXERE[ME WMʙ NEOM VS^QMEV []FVEʉ G^] XEOM NEO TV^IH GMʇ˴ʇ G^] XI˴ [MʙOW^] 8EFIPI
VS^QMEVS[I ^E[EVXI TV^] OE˴H]Q TVSHYOGMI YEX[Mʇ 'M XIR []FɸV 2EW^I FPY^OM SVE^ FPY^] EF]
^ETI[RMʉ OSQJSVX M W[SFSHʙ QENʇ TV^IHY˴SR] TV^ɸH RMITSHRSW^ʇ WMʙ ERM RMI TSH[MNENʇ RE
VSWRʇG]Q [VE^ ^ REW^]Q QEPIʾWX[IQ FV^YGLY

7TSHRMI TSWMEHENʇ []KSHRI TEW] OXɸVI TSHXV^]QYNʇ FV^YGL M [ GLSHRMINW^I HRM HENʇ HSHEXOS[I
GMITS (YKSˑʉ FPY^IO SVE^ WYOMIRIO [^VEWXE WXERHEVHS[S S GIRX]QIXV [ VS^QMEV^I









&PY^E ^ OETXYVIQ 7YOMIROE


9RM[IVWEPRE FPY^E ^ OETXYVIQ MHIEPRMI GMʇ˴S[S OEVQMʇGE
WTVE[H^M WMʙ TSHG^EW GMʇ˴] [ SOVIWMI 7YOMIROE ^ETVSNIOXS[ERE ^ Q]ˑPʇ

OEVQMIRME TMIVWMʇ NEO M RE GS H^MIʾ +ɸVE S OSFMIXEGL OEVQMʇG OSFMIXEGL OEVQMʇG]GL TMIVWMʇ
S
FPY^] OXɸVʇ [ EX[] WTSWɸF QS˴RE 4SHRSW^SRE KɸVRE [EVWX[E
TSHRMIˑʉ M REOEVQMʉ REW^I QEPIʾWX[S QEXIVMEY RE TMIVWMEGL YQS˴PM[ME
TSHW^]XE NIWX GMIT]Q TSPEVIQ H]WOVIXRI M []KSHRMI OEQMIRMI
7OEH FE[IRE IPEWXER (IXEPI XEOMI NEO VS^GMʙXI VʙOE[] G^]


'IRE ^ TEWIO WTVE[MENʇ ˴I WYOMIROE MHIEPRMI
WTVE[H^M WMʙ RE TV^]NʙGMEGL

'IRE ^


7[IXVS[E WYOMIROE

1-6%'0) YP ŽɸH^OE E 7[IXVS[E WYOMIROE MHIEPRE RE NIWMIʾ
4MSXVOɸ[ 8V]FYREPWOM
7OSRXEOXYN WMʙ ^ REQM XIP M ^MQʙ (Y˴] KSPJ TS^[EPE RE Vɸ˴RI
) QEMP FMYVS$QMVEGPI GSQ TP WX]PM^EGNI []OSʾG^IRMI WYOMIROM

[[[ QMVEGPI GSQ TP TSHW^I[Oʇ ^ETI[RME OSQJSVX M []KSHʙ
[ Y˴]XOS[ERMY

'IRE ^




7X]PS[E M TSREHG^EWS[E SH^MI˴ ^EVɸ[RS HPE OSFMIX [ GMʇ˴] NEO M HPE OSFMIX OXɸVI XIR SOVIW
QENʇ TV^IH WSFʇ PYF NY˴ ^EOSʾG^]] GMʇ˴I 9FVERME QEVOM 1MVEGPI []OSRERI Wʇ [ [MʙOW^SˑGM
^ IPEWX]G^R]GL QEXIVMEɸ[ H^MʙOM G^IQY HSTEWS[YNʇ WMʙ SRI HS ^QMIRMENʇG]GL WMʙ OW^XEXɸ[
GMEE SVE^ VSWRʇGIKS [ G^EWMI GMʇ˴] FV^YW^OE 2E XIR W^G^IKɸPR] SOVIW GMʇ˴] RMI QYWMQ]
RSWMʉ RMIEXVEOG]NR]GL ^E HY˴]GL YFVEʾ QEQ] QS˴PM[Sˑʉ []FSVY JEWSRY G^] XI˴ OSPSVY
(E[RI G^EW] KH] OSFMIX] QYWME] RSWMʉ FI^OW^XEXRI HY˴I W^EVI YFVERME GMʇ˴S[I QMRʙ] FI^
TS[VSXY 9FVERME QEVOM 1MVEGPI TSHOVIˑPENʇ FV^YW^IO RMI TSW^IV^ENʇ W]P[IXOM WTVE[MENʇ ˴I
QS˴S˴IQ] TSG^Yʉ WMʙ OSFMIGS M WIOWS[RMI 2EWM TVSNIOXERGM ^EHFEPM S XS EF] REW^E SH^MI˴ F]E
Q
JYROGNSRE S WEQIKS TSG^ʇXOY GMʇ˴] E˴ HS NIN ^EOSʾG^IRME RMI ^ETSQRMIPM Vɸ[RMI˴ S QEQEGL
OXɸVI ^HIG]HS[E] WMʙ RE OEVQMIRMI TMIVWMʇ ;]KSHRI [WXE[OM OEVQMʇGI YQS˴PM[MENʇ
H]WOVIXRI OEVQMIRMI
;MIPI ^ REW ^EWXERE[ME WMʙ NEOM VS^QMEV []FVEʉ G^] XEOM NEO TV^IH GMʇ˴ʇ G^] XI˴ [MʙOW^] 8EFIPI
VS^QMEVS[I ^E[EVXI TV^] OE˴H]Q TVSHYOGMI YEX[Mʇ 'M XIR []FɸV 2EW^I FPY^OM SVE^ FPY^] EF]
^ETI[RMʉ OSQJSVX M W[SFSHʙ QENʇ TV^IHY˴SR] TV^ɸH RMITSHRSW^ʇ WMʙ ERM RMI TSH[MNENʇ RE
VSWRʇG]Q [VE^ ^ REW^]Q QEPIʾWX[IQ FV^YGLY

7TSHRMI TSWMEHENʇ []KSHRI TEW] OXɸVI TSHXV^]QYNʇ FV^YGL M [ GLSHRMINW^I HRM HENʇ HSHEXOS[I
GMITS (YKSˑʉ FPY^IO SVE^ WYOMIRIO [^VEWXE WXERHEVHS[S S GIRX]QIXV [ VS^QMEV^I









&PY^E ^ OETXYVIQ 7YOMIROE


9RM[IVWEPRE FPY^E ^ OETXYVIQ MHIEPRMI GMʇ˴S[S OEVQMʇGE
WTVE[H^M WMʙ TSHG^EW GMʇ˴] [ SOVIWMI 7YOMIROE ^ETVSNIOXS[ERE ^ Q]ˑPʇ

OEVQMIRME TMIVWMʇ NEO M RE GS H^MIʾ +ɸVE S OSFMIXEGL OEVQMʇG OSFMIXEGL OEVQMʇG]GL TMIVWMʇ
S
FPY^] OXɸVʇ [ EX[] WTSWɸF QS˴RE 4SHRSW^SRE KɸVRE [EVWX[E
TSHRMIˑʉ M REOEVQMʉ REW^I QEPIʾWX[S QEXIVMEY RE TMIVWMEGL YQS˴PM[ME
TSHW^]XE NIWX GMIT]Q TSPEVIQ H]WOVIXRI M []KSHRMI OEQMIRMI
7OEH FE[IRE IPEWXER (IXEPI XEOMI NEO VS^GMʙXI VʙOE[] G^]


'IRE ^ TEWIO WTVE[MENʇ ˴I WYOMIROE MHIEPRMI
WTVE[H^M WMʙ RE TV^]NʙGMEGL

'IRE ^


3$67$ %(= )/8258 =( 6=&=27(&=. '2 1$8., 0<&,$ =Æ%•:

3DVWD GR QDXNL SLHOÇJQDFML ]ÃENµZ QHQHGHQWp EDE\ GR GHOLNDWQHJR P\FLD
SLHUZV]\FK ]ÃENµZ V]F]RWHF]ND GR ]ÇEµZ ] VLOLNRQX GOD QLHPRZOÃW L G]LHFL
PLÇG]\ D PLHVLÃFHP ×\FLD
3/1





6./(3 2572'217<&=12 6720$72/2*,&=1< 25726./(3

'5 +,1= 3É<7.$ 35=('6,21.2:$ 67233,
3U]H] ODWD GRÐZLDGF]HQLD QDZLÃ]DOLÐP\ ZVSµÊSUDFÇ ] ]DXIDQ\PL SURGXFHQWDPL NWµU]\ Z\NRQXMà Uµ×QHJR
URG]DMX SURGXNW\ RUWRGRQW\F]QH VWRPDWRORJLF]QH ORJRSHG\F]QH WDNLH MDN PLÇG]\ LQQ\PL ZLEUDWRU VSHFMDOLVW\F]Q\ VPRF]HN GR RG]Z\F]DMDQLD RG VVDQLD NFLXND EXWHONL VPRF]ND
ORJRSHG\F]Q\ 5HUHN SÊ\WND SU]HGVLRQNRZD ĆUP\ 'U +LQ] D WDN×H VSHFMDOLVW\F]QH SÊ\Q\ GR GH]\QIHNFML WDNL RG GR URNX ×\FLD
MDN (FRODE ,QFLGLQ (FRODE 6NLQVHSW SXU ÐURGNL GR Z\ELHODQLD ]ÇEµZ ×HO 2SDOHVFHQFMH 3ROD 1LJKW L ZLHOH 3/1

LQQ\FK VNXWHF]Q\FK SURGXNWµZ L SUHSDUDWµZ
: RIHUFLH QDV]HJR VNOHSX ]QDMGÃ 3DÌVWZR PLÇG]\ LQQ\PL

ï
ï DUW\NXÊ\ RUWRGRQW DUW\NXÊ\ RUWRGRQW\F]QH VWRVRZDQH Z FHODFK NRUHNFML ]JU\]X WDNLH MDN DSDUDW RUWRGRQW\F]Q\ VWDÊ\
HODVW\F]Q\ DSDUDW RUWRGRQW\F]Q\ F]\ SÊ\WND SU]HGVLRQNRZD *& 7227+ 02866( 5(&$/'(17 0/ 3É<11( 6=./,:2
ï VSHFMDOLVW\F]QH SÊ\Q\ SU]H]QDF]RQH GR F]\V]F]HQLD RUD] GH]\QIHNFML SRZLHU]FKQL VSU]ÇWµZ VNµU\ 3UHSDUDW GR RFKURQ\ QD QRF ]ZLÇNV]DMÃFHM SR]LRP ELRGRVWÇSQ\FK MRQµZ
]QDMGXMÃF\FK VLÇ Z JDELQHFLH WDNLH MDN PLÇG]\ LQQ\PL (FRODE ,QFLGLQ å SURIHVMRQDOQ\ SUHSDUDW Z VSUD\èX ZDSQLD IRVIRUDQX L ćXRUX NRQLHF]Q\FK GR UHPLQHUDOL]DFML L SURĆODNW\NL
QLV]F]ÃF\ ZV]HONLH ]DUD]NL EDNWHULH L JU]\E\

ï SURGXNW\ VWRVRZDQH Z SU]\SDGNX Uµ×QHJR URG]DMX ZDG Z\PRZ\ WDNLH MDN ZLEUDWRU ORJRSHG\F]Q\ 3/1
JU\]DN V]SDWXÊND
ï SDVW\ L ×HOH SU]H]QDF]RQH GOD SDFMHQWD EÇGÃFHJR Z W SDVW\ L ×HOH SU]H]QDF]RQH GOD SDFMHQWD EÇGÃFHJR Z WUDNFLH OHF]HQLD RUWRGRQW\F]QHJR 'RVWDUF]DP\ SURGXNW\ G]LÇNL NWµU\P SRSUDZLD VLÇ QLH W\ONR Z\JOÃG Ć]\F]Q\ Z\ELHORQH ]ÇE\ G]LÇNL
ï
ï SDVW\ L ×HOH SU]H]QDF]RQH GR Z\ELHODQLD ]ÇEµZ WDNLH MDN QD SU]\NÊDG SUHSDUDW PDUNL 2SDOHVFHQFH 3ROD SURGXNWRP 2SDOHVFHQFH L SURVW\ ]JU\] ]D VSUDZÃ DSDUDWµZ RUWRGRQW\F]Q\ RUD] SÊ\WNL SU]HGVLRQNRZHM
1LJKW VWRVRZDQ\ SRG QDG]RUHP OHNDU]D VWRPDWRORJD DOH UµZQLH× SROHSV]D VLÇ VDPRSRF]XFLH ZLEUDWRU ORJRSHG\F]Q\ SRPR×H Z ]ZDOF]DQLX ZDG Z\PRZ\ NWµUH
QLHU]DGNR VSUDZLDMÃ ×H G]LHFNR VWDMH VLÇ QLHÐPLDÊH L PDÊRPµZQH
: QDV]HM RIHUFLH ]QDMGÃ 3DÌVWZR SURGXNW\ WDNLFK PDUHN MDN PLÇG]\ LQQ\PL (FRODE ,QFLGLQ $UN 05&
%$%< %586+ *5<=$. '/$ '=,(&, : :,(.8 2' 0,(6,Æ&< &XUDSUR[ 2UDO E *& .LQ 2UWKR 7HFKQRORJ\ RUWKRSOXV 502 6RQLFDUH 7RUN 9LUXVROYH F]\ <RWXHO
,GHDOQ\ UR]ZLÃ]DQLH GOD PDÊ\FK G]LHFL NWµUH QLH OXELÃ P\Å ]ÇEµZ OXE FLHUSLÃ ]
SRZRGX ]ÃENRZDQLD SRPDJD Z FRG]LHQQHM KLJLHQLH MDP\ XVWQHM QDMPÊRGV]\FK
G]LHFL RUD] ÊDJRG]L EµO Z\ZRÊDQ\ ]ÃENRZDQLHP
3/1





%$%< %586+ 6=&=27.$ 621,&=1$ .,'=621,& '/$ '=,(&,

6]F]RWHF]ND .LG]6RQLF ]H VZRLP PLÇNNLP ZÊRVLHP RUD] GHOLNDWQ\PL GUJDQLDPL MHVW
LGHDOQ\P QDU]ÇG]LHP SR]ZDODMÃF\P QDMPÊRGV]\P QD GHOLNDWQH RUD] GRNÊDGQH
F]\V]F]HQLH SRZLHU]FKQL ]ÇEµZ L G]LÃVHÊ

3/1





ZZZ VNOHSRUWR FRP SO



2UWR6NOHS _ XO 2VWURJVNLFK _ 7DUQµZ _ WHO _ PDLO RUWRVNOHS#JPDLO FRP


3$67$ %(= )/8258 =( 6=&=27(&=. '2 1$8., 0<&,$ =Æ%•:

3DVWD GR QDXNL SLHOÇJQDFML ]ÃENµZ QHQHGHQWp EDE\ GR GHOLNDWQHJR P\FLD
SLHUZV]\FK ]ÃENµZ V]F]RWHF]ND GR ]ÇEµZ ] VLOLNRQX GOD QLHPRZOÃW L G]LHFL
PLÇG]\ D PLHVLÃFHP ×\FLD
3/1





6./(3 2572'217<&=12 6720$72/2*,&=1< 25726./(3

'5 +,1= 3É<7.$ 35=('6,21.2:$ 67233,
3U]H] ODWD GRÐZLDGF]HQLD QDZLÃ]DOLÐP\ ZVSµÊSUDFÇ ] ]DXIDQ\PL SURGXFHQWDPL NWµU]\ Z\NRQXMà Uµ×QHJR
URG]DMX SURGXNW\ RUWRGRQW\F]QH VWRPDWRORJLF]QH ORJRSHG\F]QH WDNLH MDN PLÇG]\ LQQ\PL ZLEUDWRU VSHFMDOLVW\F]Q\ VPRF]HN GR RG]Z\F]DMDQLD RG VVDQLD NFLXND EXWHONL VPRF]ND
ORJRSHG\F]Q\ 5HUHN SÊ\WND SU]HGVLRQNRZD ĆUP\ 'U +LQ] D WDN×H VSHFMDOLVW\F]QH SÊ\Q\ GR GH]\QIHNFML WDNL RG GR URNX ×\FLD
MDN (FRODE ,QFLGLQ (FRODE 6NLQVHSW SXU ÐURGNL GR Z\ELHODQLD ]ÇEµZ ×HO 2SDOHVFHQFMH 3ROD 1LJKW L ZLHOH 3/1

LQQ\FK VNXWHF]Q\FK SURGXNWµZ L SUHSDUDWµZ
: RIHUFLH QDV]HJR VNOHSX ]QDMGÃ 3DÌVWZR PLÇG]\ LQQ\PL

ï
ï DUW\NXÊ\ RUWRGRQW DUW\NXÊ\ RUWRGRQW\F]QH VWRVRZDQH Z FHODFK NRUHNFML ]JU\]X WDNLH MDN DSDUDW RUWRGRQW\F]Q\ VWDÊ\
HODVW\F]Q\ DSDUDW RUWRGRQW\F]Q\ F]\ SÊ\WND SU]HGVLRQNRZD *& 7227+ 02866( 5(&$/'(17 0/ 3É<11( 6=./,:2
ï VSHFMDOLVW\F]QH SÊ\Q\ SU]H]QDF]RQH GR F]\V]F]HQLD RUD] GH]\QIHNFML SRZLHU]FKQL VSU]ÇWµZ VNµU\ 3UHSDUDW GR RFKURQ\ QD QRF ]ZLÇNV]DMÃFHM SR]LRP ELRGRVWÇSQ\FK MRQµZ
]QDMGXMÃF\FK VLÇ Z JDELQHFLH WDNLH MDN PLÇG]\ LQQ\PL (FRODE ,QFLGLQ å SURIHVMRQDOQ\ SUHSDUDW Z VSUD\èX ZDSQLD IRVIRUDQX L ćXRUX NRQLHF]Q\FK GR UHPLQHUDOL]DFML L SURĆODNW\NL
QLV]F]ÃF\ ZV]HONLH ]DUD]NL EDNWHULH L JU]\E\

ï SURGXNW\ VWRVRZDQH Z SU]\SDGNX Uµ×QHJR URG]DMX ZDG Z\PRZ\ WDNLH MDN ZLEUDWRU ORJRSHG\F]Q\ 3/1
JU\]DN V]SDWXÊND
ï SDVW\ L ×HOH SU]H]QDF]RQH GOD SDFMHQWD EÇGÃFHJR Z W SDVW\ L ×HOH SU]H]QDF]RQH GOD SDFMHQWD EÇGÃFHJR Z WUDNFLH OHF]HQLD RUWRGRQW\F]QHJR 'RVWDUF]DP\ SURGXNW\ G]LÇNL NWµU\P SRSUDZLD VLÇ QLH W\ONR Z\JOÃG Ć]\F]Q\ Z\ELHORQH ]ÇE\ G]LÇNL
ï
ï SDVW\ L ×HOH SU]H]QDF]RQH GR Z\ELHODQLD ]ÇEµZ WDNLH MDN QD SU]\NÊDG SUHSDUDW PDUNL 2SDOHVFHQFH 3ROD SURGXNWRP 2SDOHVFHQFH L SURVW\ ]JU\] ]D VSUDZÃ DSDUDWµZ RUWRGRQW\F]Q\ RUD] SÊ\WNL SU]HGVLRQNRZHM
1LJKW VWRVRZDQ\ SRG QDG]RUHP OHNDU]D VWRPDWRORJD DOH UµZQLH× SROHSV]D VLÇ VDPRSRF]XFLH ZLEUDWRU ORJRSHG\F]Q\ SRPR×H Z ]ZDOF]DQLX ZDG Z\PRZ\ NWµUH
QLHU]DGNR VSUDZLDMÃ ×H G]LHFNR VWDMH VLÇ QLHÐPLDÊH L PDÊRPµZQH
: QDV]HM RIHUFLH ]QDMGÃ 3DÌVWZR SURGXNW\ WDNLFK PDUHN MDN PLÇG]\ LQQ\PL (FRODE ,QFLGLQ $UN 05&
%$%< %586+ *5<=$. '/$ '=,(&, : :,(.8 2' 0,(6,Æ&< &XUDSUR[ 2UDO E *& .LQ 2UWKR 7HFKQRORJ\ RUWKRSOXV 502 6RQLFDUH 7RUN 9LUXVROYH F]\ <RWXHO
,GHDOQ\ UR]ZLÃ]DQLH GOD PDÊ\FK G]LHFL NWµUH QLH OXELÃ P\Å ]ÇEµZ OXE FLHUSLÃ ]
SRZRGX ]ÃENRZDQLD SRPDJD Z FRG]LHQQHM KLJLHQLH MDP\ XVWQHM QDMPÊRGV]\FK
G]LHFL RUD] ÊDJRG]L EµO Z\ZRÊDQ\ ]ÃENRZDQLHP
3/1





%$%< %586+ 6=&=27.$ 621,&=1$ .,'=621,& '/$ '=,(&,

6]F]RWHF]ND .LG]6RQLF ]H VZRLP PLÇNNLP ZÊRVLHP RUD] GHOLNDWQ\PL GUJDQLDPL MHVW
LGHDOQ\P QDU]ÇG]LHP SR]ZDODMÃF\P QDMPÊRGV]\P QD GHOLNDWQH RUD] GRNÊDGQH
F]\V]F]HQLH SRZLHU]FKQL ]ÇEµZ L G]LÃVHÊ

3/1





ZZZ VNOHSRUWR FRP SO



2UWR6NOHS _ XO 2VWURJVNLFK _ 7DUQµZ _ WHO _ PDLO RUWRVNOHS#JPDLO FRP


6NOHS LQWHUQHWRZ\ ] SRV]HZNDPL /LWWOH 'UHDPV SRZVWDÊ ] SRWU]HE\ SRG]LHOHQLD VLÇ
SLÇNQHP L XURNLHP MDNLH GDMÃ QDV]\P ZQÇWU]RP SRGXFK\ VWZRU]RQH ] SDVMÃ
:LÇNV]RÐÅ ] 1DV RGF]XZD SRWU]HEÇ RWDF]DQLD VLÇ HVWHWLÇNV]RÐÅ ] 1DV RGF]XZD SRWU]HEÇ RWDF]DQLD VLÇ HVWHW\F]Q\PL Z\MÃWNRZ\PL
:
SU]HGPLRWDPL D SRGXV]NL VÃ EDUG]R ZG]LÇF]Q\P HOHPHQWHP GHNRUDFML QDV]\FK GRPµZ
0DÊH GX×H RNUÃJÊH NRORURZH KDIWRZDQH F]\ SURVWH L QDWXUDOQH å ZV]\VWNLH SLÇNQLH
SUH]HQWXMÃ VLÇ Z QDV]\FK GRPDFK 1DGDMÃ LP QLHSRZWDU]DOQ\ FKDUDNWHU L QDVWUµM D LFK
XURN VSUDZLD ×H QLH PR×HP\ RGHUZDÅ RG QLFK RF]X 6à QDV]\PL SU]\MDFLµÊPL JG\ GXPQLH
]GRELÃ QDV]H ZQÇWU]D DOH UµZQLH× ZWHG\ JG\ V]XNDP\ Z QLFK XNRMHQLD








0-880) (6)%17 4SW^I[OE HIOSVEG]NRE

4SW^I[OE HIOSVEG]NRE []OSRERE ^ PIOOMIN FE[IR] ^ QSX][IQ
XVɹNOʈXɹ[ [ OSPSV^I W^EV]Q 8VɹNOʈX] S [MIPOS˒GM SOSS GQ
4SW^I[OE []OSʿG^SRE NIWX W^EVʈ []TYWXOʈ

4SHYW^OE S^HSFRE +[ME^HE

4SHYW^OE S^HSFRE [ OW^XEGMI K[ME^H] [ OSPSV^I W^EV]Q
678',2 ‡ 32'8&+ 4SHYW^OE TMʚORMI FʚH^MI TVI^IRXS[EE WMʚ [
˒[MʈXIG^R]GL EVER˵EGNEGL EPI Vɹ[RMI˵ WTVE[H^M WMʚ NEOS
HIOSVEGNE H^MIGMʚGIKS TSOSNY



























4SW^I[OE HIOSVEG]NRE '^EVRI 7S[]

4SW^I[OE HIOSVEG]NRE []OSRERE ^ FE[IR] [ TV^ITMʚORI G^EVRI WS[]
4SW^I[OE MHIEPRE HS TSOSNY H^MIGMʚGIKS EPI RMI X]POS




888P,)55,%$3% -4P1,



PMXXPIHVIEQW FMYVS$[T TP


6NOHS LQWHUQHWRZ\ ] SRV]HZNDPL /LWWOH 'UHDPV SRZVWDÊ ] SRWU]HE\ SRG]LHOHQLD VLÇ
SLÇNQHP L XURNLHP MDNLH GDMÃ QDV]\P ZQÇWU]RP SRGXFK\ VWZRU]RQH ] SDVMÃ
:LÇNV]RÐÅ ] 1DV RGF]XZD SRWU]HEÇ RWDF]DQLD VLÇ HVWHWLÇNV]RÐÅ ] 1DV RGF]XZD SRWU]HEÇ RWDF]DQLD VLÇ HVWHW\F]Q\PL Z\MÃWNRZ\PL
:
SU]HGPLRWDPL D SRGXV]NL VÃ EDUG]R ZG]LÇF]Q\P HOHPHQWHP GHNRUDFML QDV]\FK GRPµZ
0DÊH GX×H RNUÃJÊH NRORURZH KDIWRZDQH F]\ SURVWH L QDWXUDOQH å ZV]\VWNLH SLÇNQLH
SUH]HQWXMÃ VLÇ Z QDV]\FK GRPDFK 1DGDMÃ LP QLHSRZWDU]DOQ\ FKDUDNWHU L QDVWUµM D LFK
XURN VSUDZLD ×H QLH PR×HP\ RGHUZDÅ RG QLFK RF]X 6à QDV]\PL SU]\MDFLµÊPL JG\ GXPQLH
]GRELÃ QDV]H ZQÇWU]D DOH UµZQLH× ZWHG\ JG\ V]XNDP\ Z QLFK XNRMHQLD








0-880) (6)%17 4SW^I[OE HIOSVEG]NRE

4SW^I[OE HIOSVEG]NRE []OSRERE ^ PIOOMIN FE[IR] ^ QSX][IQ
XVɹNOʈXɹ[ [ OSPSV^I W^EV]Q 8VɹNOʈX] S [MIPOS˒GM SOSS GQ
4SW^I[OE []OSʿG^SRE NIWX W^EVʈ []TYWXOʈ

4SHYW^OE S^HSFRE +[ME^HE

4SHYW^OE S^HSFRE [ OW^XEGMI K[ME^H] [ OSPSV^I W^EV]Q
678',2 ‡ 32'8&+ 4SHYW^OE TMʚORMI FʚH^MI TVI^IRXS[EE WMʚ [
˒[MʈXIG^R]GL EVER˵EGNEGL EPI Vɹ[RMI˵ WTVE[H^M WMʚ NEOS
HIOSVEGNE H^MIGMʚGIKS TSOSNY



























4SW^I[OE HIOSVEG]NRE '^EVRI 7S[]

4SW^I[OE HIOSVEG]NRE []OSRERE ^ FE[IR] [ TV^ITMʚORI G^EVRI WS[]
4SW^I[OE MHIEPRE HS TSOSNY H^MIGMʚGIKS EPI RMI X]POS




888P,)55,%$3% -4P1,



PMXXPIHVIEQW FMYVS$[T TP


&HUW\ILNRZDQH JDGİHW\ RGEODVNRZH WR ĐZLHWQH

UR]ZLÅ]DQLH ]DU³ZQR GOD EH]SLHF]HûVWZD G]LHFL

MDN L HGXNDFML :ÖİH RGEODVNRZH GOD JUXS SU]HGV]NROQ\FK
PDVNRWNL RGEODVNRZH Z ]DEDZQ\FK NV]WDùWDFK Ŋ WR W\ONR

F]ÖĐÇ RGEODVN³Z NW³UH QDMPùRGVL SRWUDNWXMÅ MDN ]DEDZNL
]DSHZQLDMÅFH RFKURQÖ Z UXFKX XOLF]Q\P


ƒ†œ™‘Ñ ‘††œ‹ƒÏ …œ‡™ǣ ή ͜͠ ͘͞͡ ͙͙͡ ͘͜͜
ƒ†œ™‘Ñ •Ž‡’ †›‹ƒ ȋ Ȍǣ ή ͜͠ ͛͛͟ ͚͘͞ ͜͜͝
„•Ï—‰ƒ ‘††œ‹ƒÏ …œ‡™ǣ ’ǤǦ ’–Ǥ ͠ǣ͘͘ Ǧ ͙͞ǣ͘͘
‹ Œ‡•–‡ä›ǫ „•Ï—‰ƒ •Ž‡’ †›‹ƒ ǣ ’ǤȂ •‘„Ǥ ͡ǣ͘͘Ǧ ͚͙ǣ͘͘Ǥ ‹‡†œ‹‡Žƒǣ ͙͘ǣ͘͘ Ǧ ͚͘ǣ͘͘


ƒƒƒ ‹†• ’ƒ…Š‹‡ „ƒƒƒ‹ ‹ Œ‡äŽ‹ …Š‘…‹ƒĂ ƒ ‘‡– œƒ‹‡•œ ‘…œ›ǡ œ‘„ƒ…œ›•œ ƒŽ‹ˆ‘”‹¸ ‹ †œ‹‡…‹ „‹‡‰ƒŒ¦…‡ ’‘ ’ŽƒĂ›Ǥ
Š…‡›ǡ DŽ› ƒ•œ‡ †œ‹‡…‹ …œ—Ï› ™‹ƒ–” ™‡ ™Ï‘•ƒ…Šǡ •Ï‘Ñ…‡ ƒ „—œ‹ƒ…Š ‹ •Ï›•œƒÏ› •œ— ˆƒŽǤ
—„‹› ’ƒ–”œ‡© ƒ •œ…œ¸äŽ‹™‡ †œ‹‡…‹ǡ ƒ œƒ„ƒ™¸ǡ ƒ ”ƒ†‘ä©Ǥ –‡Ă …Š…‡› •Ï›•œ‡© •œ— ˆƒŽǡ œƒ‰Ï—•œƒ› ’”œ‡œ 䏋‡…ŠǤ


ƒ…› Œ‡•–‡ä›ǫ

ƒƒƒ ‹†• Œ‡•– ™‡•‘σ Œƒ †œ‹‡…‹ œ ƒ–—”›ǡ ’‘‰‘†ƒ ‹ ‘†™ƒĂƒǤ †œ‹‡ •™‘Œ¦ †”‘‰¦ǡ ƒ–—”ƒŽ‹‡ ‹ •™‘„‘†‹‡Ǥ ‡•– ’‡Ïƒ Ž—œ—Ǥ ‘–ƒ–̻„ƒƒƒ‹†•Ǥ’Ž ȁ ™™™Ǥ„ƒƒƒ‹†•Ǥ’Ž

œ‹‡…‹ ™ ƒ•œ›…Š —„”ƒ‹ƒ…Š œ‹‡”œƒŒ¦ ™ ’‘†•‘ƒ…Š ™ •–”‘¸ ‘•œƒŽƒ…‹‡Œ ‡Ž‡‰ƒ…Œ‹ǡ •–›Ž‘™‡‰‘ ‹‡Ïƒ†—ǡ ”ƒ†‘•‡Œ
–™×”…œ‘ä…‹Ǥ „‹‡”ƒ› †œ‹‡…‹ ƒŽ‡ ‹ ‹‡ ’”œ‡•œƒ†œƒ› ™ „›…‹— •‘„¦Ǥ ƒƒƒ ‹†• –‘ †œ‹‡…‹ ’‡Ï‡ ƒ–—”ƒŽ‡Œ ‡•’”‡•Œ‹Ǥ


ƒ†œ™‘Ñ ‘††œ‹ƒÏ …œ‡™ǣ ή ͜͠ ͘͞͡ ͙͙͡ ͘͜͜
ƒ†œ™‘Ñ •Ž‡’ †›‹ƒ ȋ Ȍǣ ή ͜͠ ͛͛͟ ͚͘͞ ͜͜͝
„•Ï—‰ƒ ‘††œ‹ƒÏ …œ‡™ǣ ’ǤǦ ’–Ǥ ͠ǣ͘͘ Ǧ ͙͞ǣ͘͘
‹ Œ‡•–‡ä›ǫ „•Ï—‰ƒ •Ž‡’ †›‹ƒ ǣ ’ǤȂ •‘„Ǥ ͡ǣ͘͘Ǧ ͚͙ǣ͘͘Ǥ ‹‡†œ‹‡Žƒǣ ͙͘ǣ͘͘ Ǧ ͚͘ǣ͘͘


ƒƒƒ ‹†• ’ƒ…Š‹‡ „ƒƒƒ‹ ‹ Œ‡äŽ‹ …Š‘…‹ƒĂ ƒ ‘‡– œƒ‹‡•œ ‘…œ›ǡ œ‘„ƒ…œ›•œ ƒŽ‹ˆ‘”‹¸ ‹ †œ‹‡…‹ „‹‡‰ƒŒ¦…‡ ’‘ ’ŽƒĂ›Ǥ
Š…‡›ǡ DŽ› ƒ•œ‡ †œ‹‡…‹ …œ—Ï› ™‹ƒ–” ™‡ ™Ï‘•ƒ…Šǡ •Ï‘Ñ…‡ ƒ „—œ‹ƒ…Š ‹ •Ï›•œƒÏ› •œ— ˆƒŽǤ
—„‹› ’ƒ–”œ‡© ƒ •œ…œ¸äŽ‹™‡ †œ‹‡…‹ǡ ƒ œƒ„ƒ™¸ǡ ƒ ”ƒ†‘ä©Ǥ –‡Ă …Š…‡› •Ï›•œ‡© •œ— ˆƒŽǡ œƒ‰Ï—•œƒ› ’”œ‡œ 䏋‡…ŠǤ


ƒ…› Œ‡•–‡ä›ǫ

ƒƒƒ ‹†• Œ‡•– ™‡•‘σ Œƒ †œ‹‡…‹ œ ƒ–—”›ǡ ’‘‰‘†ƒ ‹ ‘†™ƒĂƒǤ †œ‹‡ •™‘Œ¦ †”‘‰¦ǡ ƒ–—”ƒŽ‹‡ ‹ •™‘„‘†‹‡Ǥ ‡•– ’‡Ïƒ Ž—œ—Ǥ ‘–ƒ–̻„ƒƒƒ‹†•Ǥ’Ž ȁ ™™™Ǥ„ƒƒƒ‹†•Ǥ’Ž

œ‹‡…‹ ™ ƒ•œ›…Š —„”ƒ‹ƒ…Š œ‹‡”œƒŒ¦ ™ ’‘†•‘ƒ…Š ™ •–”‘¸ ‘•œƒŽƒ…‹‡Œ ‡Ž‡‰ƒ…Œ‹ǡ •–›Ž‘™‡‰‘ ‹‡Ïƒ†—ǡ ”ƒ†‘•‡Œ
–™×”…œ‘ä…‹Ǥ „‹‡”ƒ› †œ‹‡…‹ ƒŽ‡ ‹ ‹‡ ’”œ‡•œƒ†œƒ› ™ „›…‹— •‘„¦Ǥ ƒƒƒ ‹†• –‘ †œ‹‡…‹ ’‡Ï‡ ƒ–—”ƒŽ‡Œ ‡•’”‡•Œ‹Ǥ


6SHFMDOQD RIHUWD GOD RGELRUFµZ 0DJD]\QX 3U]HGV]NROH
352-(.7 3/$&8 =$%$: *5$7,6





*583$ +<'52 WZRU]\P\ EH]SLHF]QH SODFH ]DEDZ



2G SRQDG ODW WZRU]\P\ EH]SLHF]QH SODFH ]DEDZ NWµUH FLHV]Ç VLÛ Z\VRNÇ MDNRĝFLÇ L X]QDQLHP G]LHFL 3U]HG URNLHP
IXQNFMRQRZDOLĝP\ SRG QD]ZD +<'52 :Ζ(/.232/6.$ 1DV]H ZLHOROHWQLH GRĝZLDGF]HQLH SRPRJĄR QDP ]GRE\É ]DXIDQLH ZLHOX JPLQ
ZVL PLDVW V]NµĄ SU]HGV]NROL SDUNµZ UR]U\ZNL GOD NWµU\FK VWZRU]\OLĝP\ EH]SLHF]QÇ SU]HVWU]HĆ 6SHFMDOL]XMHP\ VLÛ Z
ȏ SODFDFK ]DEDZ
ȏ VLĄRZQLDFK ]HZQÛWU]Q\FK
ȏ HOHPHQWDFK PDĄHM DUFKLWHNWXU\


-DNR SURGXFHQW SODFµZ ]DEDZ GEDP\ R G]LHFL L PĄRG]LHľ D WDNľH GRURVĄ\FK :LHU]\P\ ľH DNW\ZQRĝÉ ȴ]\F]QD L VZRERGQD ]DEDZD MHVW NRQLHF]QD GR KDUPRQLMQHJR UR]ZRMX
NDľGHJR F]ĄRZLHND 7ZRU]\P\ ]JUDQ\ ]HVSµĄ VSHFMDOLVWµZ GOD NWµU\FK EH]SLHF]HĆVWZR RUD] ĝURGRZLVNR QDWXUDOQH VÇ SULRU\WHWDPL

1DV]H SURGXNW\ FHFKXMÇ VLÛ WUZDĄRĝFLÇ D Z]RUQLFWZR MHVW SU]H] QDV VWDOH UR]ZLMDQH DE\ SURSRQRZDQH SU]H] QDV UR]ZLÇ]DQLD E\Ą\ QLH W\ONR IXQNFMRQDOQH DOH WDNľH DWUDNF\MQH
ZL]XDOQLH 'R NDľGHJR NOLHQWD PDP\ LG\ZLGXDOQH SRGHMĝFLH XZ]JOÛGQLDMÇF MHJR SRWU]HE\ RUD] XNV]WDĄWRZDQLH WHUHQX





























35=< 5($/,=$&-, 3/$&8 =$%$: =$3(:1,$0<


-$.2ĜÈ QDV]H XVĄXJL RUD] SURGXNW\ VSHĄQLDMÇ QDMZ\ľV]H VWDQGDUG\ MDNRĝFLRZH 3RGFKRG]LP\ GR NDľGHJR ]OHFHQLD ] QDMZ\ľV]Ç GEDĄRĝFLÇ R V]F]HJµĄ\
%(=3Ζ(&=(ą67:2 SRVLDGDP\ V]HUHJ FHUW\ȴNDWµZ L GRNXPHQWµZ SRWZLHUG]DMÇF\FK EH]SLHF]HĆVWZR QDV]\FK SURGXNWµZ
'25$'=7:2 MDNR ]HVSµĄ VSHFMDOLVWµZ RG DUFKLWHNWXU\ NUDMREUD]X L SURMHNWRZDQLD SODFµZ ]DEDZ GRUDG]DP\ QDMOHSV]H SUDNW\NL RUD]
Z\NRQXMHP\ EH]SĄDWQH ZL]XDOL]DFMH WHUHQX ] XZ]JOÛGQLHQLHP ĝURGRZLVND QDWXUDOQHJR
Ζ1'<:Ζ'8$/1( 32'(-Ĝ&Ζ( ZDľQH GOD QDV MHVW LQG\ZLGXDOQH SRGHMĝFLH GR NDľGHJR ]OHFHQLD WDN DE\ SRĄÇF]\É SRWU]HE\ G]LHFL
PĄRG]LHľ\ RUD] RSLHNXQµZ






ZZZ SODF]DEDZ FRP SO ΖQIROLQLD



K\GUR#SODF]DEDZ FRP SO WHO


6SHFMDOQD RIHUWD GOD RGELRUFµZ 0DJD]\QX 3U]HGV]NROH
352-(.7 3/$&8 =$%$: *5$7,6





*583$ +<'52 WZRU]\P\ EH]SLHF]QH SODFH ]DEDZ



2G SRQDG ODW WZRU]\P\ EH]SLHF]QH SODFH ]DEDZ NWµUH FLHV]Ç VLÛ Z\VRNÇ MDNRĝFLÇ L X]QDQLHP G]LHFL 3U]HG URNLHP
IXQNFMRQRZDOLĝP\ SRG QD]ZD +<'52 :Ζ(/.232/6.$ 1DV]H ZLHOROHWQLH GRĝZLDGF]HQLH SRPRJĄR QDP ]GRE\É ]DXIDQLH ZLHOX JPLQ
ZVL PLDVW V]NµĄ SU]HGV]NROL SDUNµZ UR]U\ZNL GOD NWµU\FK VWZRU]\OLĝP\ EH]SLHF]QÇ SU]HVWU]HĆ 6SHFMDOL]XMHP\ VLÛ Z
ȏ SODFDFK ]DEDZ
ȏ VLĄRZQLDFK ]HZQÛWU]Q\FK
ȏ HOHPHQWDFK PDĄHM DUFKLWHNWXU\


-DNR SURGXFHQW SODFµZ ]DEDZ GEDP\ R G]LHFL L PĄRG]LHľ D WDNľH GRURVĄ\FK :LHU]\P\ ľH DNW\ZQRĝÉ ȴ]\F]QD L VZRERGQD ]DEDZD MHVW NRQLHF]QD GR KDUPRQLMQHJR UR]ZRMX
NDľGHJR F]ĄRZLHND 7ZRU]\P\ ]JUDQ\ ]HVSµĄ VSHFMDOLVWµZ GOD NWµU\FK EH]SLHF]HĆVWZR RUD] ĝURGRZLVNR QDWXUDOQH VÇ SULRU\WHWDPL

1DV]H SURGXNW\ FHFKXMÇ VLÛ WUZDĄRĝFLÇ D Z]RUQLFWZR MHVW SU]H] QDV VWDOH UR]ZLMDQH DE\ SURSRQRZDQH SU]H] QDV UR]ZLÇ]DQLD E\Ą\ QLH W\ONR IXQNFMRQDOQH DOH WDNľH DWUDNF\MQH
ZL]XDOQLH 'R NDľGHJR NOLHQWD PDP\ LG\ZLGXDOQH SRGHMĝFLH XZ]JOÛGQLDMÇF MHJR SRWU]HE\ RUD] XNV]WDĄWRZDQLH WHUHQX





























35=< 5($/,=$&-, 3/$&8 =$%$: =$3(:1,$0<


-$.2ĜÈ QDV]H XVĄXJL RUD] SURGXNW\ VSHĄQLDMÇ QDMZ\ľV]H VWDQGDUG\ MDNRĝFLRZH 3RGFKRG]LP\ GR NDľGHJR ]OHFHQLD ] QDMZ\ľV]Ç GEDĄRĝFLÇ R V]F]HJµĄ\
%(=3Ζ(&=(ą67:2 SRVLDGDP\ V]HUHJ FHUW\ȴNDWµZ L GRNXPHQWµZ SRWZLHUG]DMÇF\FK EH]SLHF]HĆVWZR QDV]\FK SURGXNWµZ
'25$'=7:2 MDNR ]HVSµĄ VSHFMDOLVWµZ RG DUFKLWHNWXU\ NUDMREUD]X L SURMHNWRZDQLD SODFµZ ]DEDZ GRUDG]DP\ QDMOHSV]H SUDNW\NL RUD]
Z\NRQXMHP\ EH]SĄDWQH ZL]XDOL]DFMH WHUHQX ] XZ]JOÛGQLHQLHP ĝURGRZLVND QDWXUDOQHJR
Ζ1'<:Ζ'8$/1( 32'(-Ĝ&Ζ( ZDľQH GOD QDV MHVW LQG\ZLGXDOQH SRGHMĝFLH GR NDľGHJR ]OHFHQLD WDN DE\ SRĄÇF]\É SRWU]HE\ G]LHFL
PĄRG]LHľ\ RUD] RSLHNXQµZ






ZZZ SODF]DEDZ FRP SO ΖQIROLQLD



K\GUR#SODF]DEDZ FRP SO WHO


:$56=7$7<


&HUW\ILNRZDQH JDGİHW\ RGEODVNRZH WR ĐZLHWQH

UR]ZLÅ]DQLH ]DU³ZQR GOD EH]SLHF]HûVWZD G]LHFL

MDN L HGXNDFML :ÖİH RGEODVNRZH GOD JUXS SU]HGV]NROQ\FK
PDVNRWNL RGEODVNRZH Z ]DEDZQ\FK NV]WDùWDFK Ŋ WR W\ONR

F]ÖĐÇ RGEODVN³Z NW³UH QDMPùRGVL SRWUDNWXMÅ MDN ]DEDZNL
]DSHZQLDMÅFH RFKURQÖ Z UXFKX XOLF]Q\P


Click to View FlipBook Version