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, 2018-03-08 09:24:44

MP Anuka

¸   &  

 & $ ,  $ , $


-HVWHÐP\ JUXSÃ SDVMRQDWµZ NWµU]\ ]DZRGRZR ]DMPXMÃ VLÇ SRND]\ZDQLHP SLÇNQD .RVPRVX
6Ã ZÐUµG QDV ]DUµZQR DVWURQRPRZLH MDN L Ć]\F\ REGDU]HQL XPLHMÇWQRÐFLDPL FLHNDZHJR
SU]HND]\ZDQLD ZLHG]\ R NRVPRVLH L ]MDZLVNDFK Z QLP ]DFKRG]ÃF\FK 3RWUDĆP\ SUDFRZDÅ
] G]LHÅPL L PÊRG]LH×à Z ND×G\P ZLHNX L SURZDG]LÅ ]DMÇFLD GRVWRVRZDQH GR V]NROQ\FK
SURJUDPµZ G\GDNW\F]Q\FK





































ZZZ SODQHWDULXP ZDZ SO


DQXND#DQXND SO

¸   &    &

$ ,  $ , $



-HVWHÐP\ JUXSÃ SDVMRQDWµZ NWµU]\ ]DZRGRZR ]DMPXMÃ VLÇ SRND]\ZDQLHP SLÇNQD .RVPRVX 6Ã ZÐUµG QDV ]DUµZQR DVWURQRPRZLH MDN L Ć]\F\
REGDU]HQL XPLHMÇWQRÐFLDPL FLHNDZHJR SU]HND]\ZDQLD ZLHG]\ R NRVPRVLH L ]MDZLVNDFK Z QLP ]DFKRG]ÃF\FK 3RWUDĆP\ SUDFRZDÅ ] G]LHÅPL L
PÊRG]LH×à Z ND×G\P ZLHNX L SURZDG]LÅ ]DMÇFLD GRVWRVRZDQH GR V]NROQ\FK SURJUDPµZ G\GDNW\F]Q\FK = QDPL .RVPRV MHVW ]QDF]QLH EOL×HM
1
1DV]H &HQWUXP DV]H &HQWUXP (GXNDF\MQH G]LDÊD MX× ODW L MHVW MHGQ\P ] QDMGÊX×HM G]LDÊDMÃF\FK Z 3ROVFH ']LÇNL WHPX GRÐZLDGF]HQLX RIHUXMHP\ QDMERJDWV]\
SURJUDP HGXNDF\MQ\ ]DUµZQR GOD G]LHFL L PÊRG]LH×\ ZH ZV]\VWNLFK JUXSDFK ZLHNRZ\FK MDN L GOD RVµE GRURVÊ\FK 6WDOH VLÇ UR]ZLMDP\ SRV]HU]DP\
QDV]Ã RIHUWÇ R QRZH WHPDW\ RUD] NRU]\VWDP\ ] QDMQRZV]\FK ]GRE\F]\ WHFKQLNL QS JRJOL 95 :V]\VWNLH SURSRQRZDQH SU]H] QDV IRUP\
SURZDG]HQLD ]DMÇÅ GRVWRVRZXMHP\ GR SRWU]HE ]DPDZLDMÃFHJR





¸ , $  



3RGF]DV VHDQVX Z PRELOQ\P SODQHWDULXP ]DELHUDP\ G]LHFL Z QLH]Z\NÊÃ SRGUµ× GR
QDMGDOV]\FK ]DNÃWNµZ NRVPRVX 3RND]\ GRVWDUF]DMÃ QLH]DSRPQLDQ\FK SU]H×\Å L Z]UXV]HÌ
SR]ZDODMÃ UR]EXG]LÅ ]DLQWHUHVRZDQLD ]DVSRNRLÅ FLHNDZRÐÅ X]XSHÊQLÅ SU]HUDELDQ\
PDWHULDÊ D ZV]\VWNR EH] NRQLHF]QRÐFL Z\FKRG]HQLD ]H V]NRÊ\ OXE SU]HGV]NROD





¡  


:DUV]WDW\ WR LQWHUDNW\ZQH ]DMÇFLD SRGF]DV NWµU\FK G]LHFL FDÊ\ F]DV VÃ DNW\ZQH QS
REVHUZXMÃ SU]H] WHOHVNRS ZFLHODMÃ VLÇ Z UROÇ DVWURQDXW\ NWµU\ QDSUDZLD VWDWHN NRVPLF]Q\
F]\ WZRU]Ã PRGHO V]WXF]QHJR VDWHOLW\ =LHPL QS 6SXWQLND : ]DMÇFLDFK W\FK PRJÃ
XF]HVWQLF]\Å QDZHW G]LHFL OHWQLH





M n $ , $


:V]\VF\ ZLHP\ MDN WUXGQR D QDZHW QLHEH]SLHF]QLH MHVW SDWU]HÅ SURVWR Z 6ÊRÌFH -HGQDN G]LÇNL
VSHFMDOQ\P WHOHVNRSRP VÊRQHF]Q\P NWµUH SU]\ZLH]LHP\ GR SU]HGV]NROD G]LHFL EÇGÃ PRJÊ\
EH]SLHF]QLH REHMU]HÅ WDUF]Ç QDV]HM JZLD]G\ D WDN×H QLHNWµUH QD QLHM V]F]HJµÊ\ MDN FLHPQH
SODPNL F]\OL SODP\ VÊRQHF]QH D SU]\ RGURELQLH V]F]ÇÐFLD WDN×H ROEU]\PLH Z\U]XW\ PDWHULL F]\OL
Z\EXFK\ QD 6ÊRÌFX = SHZQRÐFLÃ EÇG]LH WR FLHNDZH L ZDUWRÐFLRZH SU]H×\FLH GOD G]LHF







&HQWUXP (GXNDF\MQH 3ODQHWD $QXND

=$'=:2Ë '2 1$6
‘ M 
7(/
ZZZ SODQHWDULXP ZDZ SO
M

,  R DQXND#DQXND SO

¸   &    &

$ ,  $ , $



-HVWHÐP\ JUXSÃ SDVMRQDWµZ NWµU]\ ]DZRGRZR ]DMPXMÃ VLÇ SRND]\ZDQLHP SLÇNQD .RVPRVX 6Ã ZÐUµG QDV ]DUµZQR DVWURQRPRZLH MDN L Ć]\F\
REGDU]HQL XPLHMÇWQRÐFLDPL FLHNDZHJR SU]HND]\ZDQLD ZLHG]\ R NRVPRVLH L ]MDZLVNDFK Z QLP ]DFKRG]ÃF\FK 3RWUDĆP\ SUDFRZDÅ ] G]LHÅPL L
PÊRG]LH×à Z ND×G\P ZLHNX L SURZDG]LÅ ]DMÇFLD GRVWRVRZDQH GR V]NROQ\FK SURJUDPµZ G\GDNW\F]Q\FK = QDPL .RVPRV MHVW ]QDF]QLH EOL×HM
1
1DV]H &HQWUXP DV]H &HQWUXP (GXNDF\MQH G]LDÊD MX× ODW L MHVW MHGQ\P ] QDMGÊX×HM G]LDÊDMÃF\FK Z 3ROVFH ']LÇNL WHPX GRÐZLDGF]HQLX RIHUXMHP\ QDMERJDWV]\
SURJUDP HGXNDF\MQ\ ]DUµZQR GOD G]LHFL L PÊRG]LH×\ ZH ZV]\VWNLFK JUXSDFK ZLHNRZ\FK MDN L GOD RVµE GRURVÊ\FK 6WDOH VLÇ UR]ZLMDP\ SRV]HU]DP\
QDV]Ã RIHUWÇ R QRZH WHPDW\ RUD] NRU]\VWDP\ ] QDMQRZV]\FK ]GRE\F]\ WHFKQLNL QS JRJOL 95 :V]\VWNLH SURSRQRZDQH SU]H] QDV IRUP\
SURZDG]HQLD ]DMÇÅ GRVWRVRZXMHP\ GR SRWU]HE ]DPDZLDMÃFHJR





¸ , $  



3RGF]DV VHDQVX Z PRELOQ\P SODQHWDULXP ]DELHUDP\ G]LHFL Z QLH]Z\NÊÃ SRGUµ× GR
QDMGDOV]\FK ]DNÃWNµZ NRVPRVX 3RND]\ GRVWDUF]DMÃ QLH]DSRPQLDQ\FK SU]H×\Å L Z]UXV]HÌ
SR]ZDODMÃ UR]EXG]LÅ ]DLQWHUHVRZDQLD ]DVSRNRLÅ FLHNDZRÐÅ X]XSHÊQLÅ SU]HUDELDQ\
PDWHULDÊ D ZV]\VWNR EH] NRQLHF]QRÐFL Z\FKRG]HQLD ]H V]NRÊ\ OXE SU]HGV]NROD





¡  


:DUV]WDW\ WR LQWHUDNW\ZQH ]DMÇFLD SRGF]DV NWµU\FK G]LHFL FDÊ\ F]DV VÃ DNW\ZQH QS
REVHUZXMÃ SU]H] WHOHVNRS ZFLHODMÃ VLÇ Z UROÇ DVWURQDXW\ NWµU\ QDSUDZLD VWDWHN NRVPLF]Q\
F]\ WZRU]Ã PRGHO V]WXF]QHJR VDWHOLW\ =LHPL QS 6SXWQLND : ]DMÇFLDFK W\FK PRJÃ
XF]HVWQLF]\Å QDZHW G]LHFL OHWQLH





M n $ , $


:V]\VF\ ZLHP\ MDN WUXGQR D QDZHW QLHEH]SLHF]QLH MHVW SDWU]HÅ SURVWR Z 6ÊRÌFH -HGQDN G]LÇNL
VSHFMDOQ\P WHOHVNRSRP VÊRQHF]Q\P NWµUH SU]\ZLH]LHP\ GR SU]HGV]NROD G]LHFL EÇGÃ PRJÊ\
EH]SLHF]QLH REHMU]HÅ WDUF]Ç QDV]HM JZLD]G\ D WDN×H QLHNWµUH QD QLHM V]F]HJµÊ\ MDN FLHPQH
SODPNL F]\OL SODP\ VÊRQHF]QH D SU]\ RGURELQLH V]F]ÇÐFLD WDN×H ROEU]\PLH Z\U]XW\ PDWHULL F]\OL
Z\EXFK\ QD 6ÊRÌFX = SHZQRÐFLÃ EÇG]LH WR FLHNDZH L ZDUWRÐFLRZH SU]H×\FLH GOD G]LHF







&HQWUXP (GXNDF\MQH 3ODQHWD $QXND

=$'=:2Ë '2 1$6
‘ M 
7(/
ZZZ SODQHWDULXP ZDZ SO
M

,  R DQXND#DQXND SO









3/$16=( 3/(1(52:(










5(*,3,2 WR Z\GDZQLFWZR HGXNDF\MQ\FK JLHU
SODQV]RZ\FK L NDUFLDQ\FK GR QDXNL MÇ]\NµZ
REF\FK NWµUH Z QLHNRQZHQFMRQDOQ\ VSRVµE
Z\NRU]\VWXMÃ LGHÇ QDXNL SRSU]H] ]DEDZÇ
:V]\VWNLH QDV]H JU\ SRZVWDMÃ ] LQVSLUDFML
OHNWRUµZ L ZHGÊXJ LFK SRP\VʵZ 2SLHUDMà VLÇ
QD GRÐZLDGF]HQLX Z SUDF\ ]DUµZQR ] G]LHÅPL
M
MDN L GRURVÊ\PL :\DN L GRURVÊ\PL :\NRU]\VWXMÃ QLHRJUDQLF]RQÃ
NUHDW\ZQRÐÅ QDMOHSV]\FK QDXF]\FLHOL



1DV]H JU\ VÃ =$%$:1(

0(5<725<&=1( , ()(.7<:1(




7R JU\ SRZVWDMÃFH ] SDVML ]DDQJD×RZDQLD
L RJURPQHM ZLHG]\ PHWRG\F]QHM *UDMÃF
Z QDV]H JU\ XF]HÌ Z W\P VDP\P F]DVLH UR]ZLMD
XPLHMÇWQRÐFL ] ]DNUHVX JUDPDW\NL
VÊRZQLFWZD L PRZ\


(GXNDF\MQH JU\ MÇ]\NRZH 5(*,3,2 WR
SU]HGH ZV]\VWNLP LGHD QDXF]DQLD
QDMEDUG]LHM SUREOHPDW\F]Q\FK DVSHNWµZ
MÇ]\ND Z DWUDNF\MQ\ L ÊDWZR SU]\VZDMDOQ\
VSRVµE /HNWRU]\ L OLQJZLÐFL VWRVXMÃF\
MÇ]\NRZH JU\ 5(*,3,2 RVLÃJDMÃ Z\VRNLH
Z
Z\QLNL QDXF]DQLD D XF]QLRZLH Z VSRVµE \QLNL QDXF]DQLD D XF]QLRZLH Z VSRVµE
QDWXUDOQ\ SU]\VZDMDMÃ MÇ]\N




















_ 2)),&(#5(*,3,2 &20 _ ::: 5(*,3,2 &20

3/$16=( 3/(1(52:(










5(*,3,2 WR Z\GDZQLFWZR HGXNDF\MQ\FK JLHU
SODQV]RZ\FK L NDUFLDQ\FK GR QDXNL MÇ]\NµZ
REF\FK NWµUH Z QLHNRQZHQFMRQDOQ\ VSRVµE
Z\NRU]\VWXMÃ LGHÇ QDXNL SRSU]H] ]DEDZÇ
:V]\VWNLH QDV]H JU\ SRZVWDMÃ ] LQVSLUDFML
OHNWRUµZ L ZHGÊXJ LFK SRP\VʵZ 2SLHUDMà VLÇ
QD GRÐZLDGF]HQLX Z SUDF\ ]DUµZQR ] G]LHÅPL
M
MDN L GRURVÊ\PL :\DN L GRURVÊ\PL :\NRU]\VWXMÃ QLHRJUDQLF]RQÃ
NUHDW\ZQRÐÅ QDMOHSV]\FK QDXF]\FLHOL



1DV]H JU\ VÃ =$%$:1(

0(5<725<&=1( , ()(.7<:1(




7R JU\ SRZVWDMÃFH ] SDVML ]DDQJD×RZDQLD
L RJURPQHM ZLHG]\ PHWRG\F]QHM *UDMÃF
Z QDV]H JU\ XF]HÌ Z W\P VDP\P F]DVLH UR]ZLMD
XPLHMÇWQRÐFL ] ]DNUHVX JUDPDW\NL
VÊRZQLFWZD L PRZ\


(GXNDF\MQH JU\ MÇ]\NRZH 5(*,3,2 WR
SU]HGH ZV]\VWNLP LGHD QDXF]DQLD
QDMEDUG]LHM SUREOHPDW\F]Q\FK DVSHNWµZ
MÇ]\ND Z DWUDNF\MQ\ L ÊDWZR SU]\VZDMDOQ\
VSRVµE /HNWRU]\ L OLQJZLÐFL VWRVXMÃF\
MÇ]\NRZH JU\ 5(*,3,2 RVLÃJDMÃ Z\VRNLH
Z
Z\QLNL QDXF]DQLD D XF]QLRZLH Z VSRVµE \QLNL QDXF]DQLD D XF]QLRZLH Z VSRVµE
QDWXUDOQ\ SU]\VZDMDMÃ MÇ]\N




















_ 2)),&(#5(*,3,2 &20 _ ::: 5(*,3,2 &20

12:$ 2'6É21$ 0(025< *$0(















































PR×OLZRÐÅ QDXNL GRGDWNRZ\FK VʵZ QD SODWIRUPLH /(51,

QRZH SURSR]\FMH ]DEDZ


OLVWD VʵZ Z MÇ]\NX SROVNLP DQJLHOVNLP F]HVNLP QLHPLHFNLP KLV]SDÌVNLP URV\MVNLP





::: 5(*,3,2 &20

12:$ 2'6É21$ 0(025< *$0(















































PR×OLZRÐÅ QDXNL GRGDWNRZ\FK VʵZ QD SODWIRUPLH /(51,

QRZH SURSR]\FMH ]DEDZ


OLVWD VʵZ Z MÇ]\NX SROVNLP DQJLHOVNLP F]HVNLP QLHPLHFNLP KLV]SDÌVNLP URV\MVNLP





::: 5(*,3,2 &20





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

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

%.) ŏ.+6,+ 6xž ŏ 6% ž (*+Ä\ŏ3ŏāĊĊăŏ.+'1ŏČŏ#ž¨3*%!ŏ6 &)+3 ž ŏ/%xŏ,.+ 1' &Nŏ .0ŏ/6'+(*+ŏġŏ %1.+35 $ŏ& 'ŏ, ,%!.5ŏ'+(+.+3!Čŏ' .0+*5ŏ'+(+.+3!Čŏ'+/0'%ŏ %1.+3!ŏ
'+(+.+3!ŏ%ŏ % ž!ŏ+. 6ŏ3%!(!ŏ%**5 $ċŏ .xŏ( 0ŏ+ ŏ.+6,+ 6x % ŏ 6% ž (*+Ä %ŏü.) ŏ ŏ 6 'ŏ/0 ž ŏ/%xŏ 5/0.5 10+.!)ŏ .0ċŏ/6'+(*5 $ŏ%ŏ %1.+35 $ċ

/6 ŏü.) ŏ6 +, 0.1&!ŏ3ĥ3ŏ,.+ 1'05ŏ +ŏ 6%/% &ŏ* &3%x'/6!ŏ$1.0+3*%!ŏ* ŏ + ' ., %1ċ

ŏĂĀāĀŏ.+'1ŏ6 &x(%Ä)5ŏ/%xŏ + 0'+3+ŏ,.+ 1' &Nŏ (+'¨3ŏ0! $*% 6*5 $ŏ%ŏ.5/1*'+35 $ŏ3ŏ3/65/0'% $ŏ +/0x,*5 $ŏ"+.) 0 $ŏ+. 6ŏ,.6!'ž !'ŏ%* !'/1&N 5 $ċŏ
ŏ05)ŏ/ )5)ŏ.+'1ŏ3!/6(%Ä)5ŏ* ŏ.5*!'ŏ%*0!.*!0+35ŏ# 6%!ŏ6ŏ' ø 5)ŏ.+'%!)ŏ+ *+/%)5ŏ +. 6ŏ3%x'/6!ŏ/1' !/5ċ

6%x'%ŏ/65 '+ŏ.+63%& &N !&ŏ/%xŏ/,.6! ø5ŏ35/5ž'+3!&ŏ3ŏ +(/ !ŏ* /6 ŏü.) ŏ3ŏ . 6+ŏ'.¨0'%)ŏ+'.!/%!ŏ 6 /1ŏ65/' ž ŏ/+ %!ŏ+#.+)*Nŏ.6!/6!ŏ'(%!*0¨3ċ
.65ŏ'+*0 '0 $ŏ6ŏ'(%!*0!)ŏ/0 3% )5ŏ/+ %!ŏ* ŏ !#+ŏ,!ž*!ŏ6 +3+(!*%!ŏ%ŏ/ 05/" ' &!ŏ6ŏ +'+* *5 $ŏ1ŏ* /ŏ6 '1,¨3ċŏ &!)5ŏ/+ %!ŏ/,. 3xŏø!ŏ 6 /ŏ0+ŏ
,%!*%N 6ŏ ( 0!#+ŏ* /6Nŏ)+ *Nŏ/0.+*Nŏ&!/0ŏ!'/,.!/+3!ŏ.! (%6 &!ŏ6 )¨3%!*% ċ






(+'ŏ.5/1*'+35ŏ
/6'+(*5

!* čŏĀČĊĆŏ6ž














(+*5ŏ,.!)%1)ŏ /0!(!ŏ+(!&*!ŏ
! *+.+ø! ŏāĂŅĥĆŏ/60 āĂŏ'+(+.¨3ŏ !*0!(

!* čŏąČĂĀŏ6ž !* čŏćČĂĀŏ6ž


.+' 0ŏ/5,'%ŏ
ćŏ'+(+.¨3ŏąĉ#


!* čŏćČĀĀŏ6ž















( /0!(%* ŏ/6'+(* ŏ
ŏ /ŏĂąŏ'+(+.5 ( ) /0.5ŏĂąŏ'+(+.5

!* čŏĆČćĀŏ6ž !* čŏąČąĀŏ6ž





333ċ/$ *ċ +)ċ,( ĉĉĂġĉāĆġăăĆ


%*"+Į/$ *ċ +)ċ,(

%.) ŏ.+6,+ 6xž ŏ 6% ž (*+Ä\ŏ3ŏāĊĊăŏ.+'1ŏČŏ#ž¨3*%!ŏ6 &)+3 ž ŏ/%xŏ,.+ 1' &Nŏ .0ŏ/6'+(*+ŏġŏ %1.+35 $ŏ& 'ŏ, ,%!.5ŏ'+(+.+3!Čŏ' .0+*5ŏ'+(+.+3!Čŏ'+/0'%ŏ %1.+3!ŏ
'+(+.+3!ŏ%ŏ % ž!ŏ+. 6ŏ3%!(!ŏ%**5 $ċŏ .xŏ( 0ŏ+ ŏ.+6,+ 6x % ŏ 6% ž (*+Ä %ŏü.) ŏ ŏ 6 'ŏ/0 ž ŏ/%xŏ 5/0.5 10+.!)ŏ .0ċŏ/6'+(*5 $ŏ%ŏ %1.+35 $ċ

/6 ŏü.) ŏ6 +, 0.1&!ŏ3ĥ3ŏ,.+ 1'05ŏ +ŏ 6%/% &ŏ* &3%x'/6!ŏ$1.0+3*%!ŏ* ŏ + ' ., %1ċ

ŏĂĀāĀŏ.+'1ŏ6 &x(%Ä)5ŏ/%xŏ + 0'+3+ŏ,.+ 1' &Nŏ (+'¨3ŏ0! $*% 6*5 $ŏ%ŏ.5/1*'+35 $ŏ3ŏ3/65/0'% $ŏ +/0x,*5 $ŏ"+.) 0 $ŏ+. 6ŏ,.6!'ž !'ŏ%* !'/1&N 5 $ċŏ
ŏ05)ŏ/ )5)ŏ.+'1ŏ3!/6(%Ä)5ŏ* ŏ.5*!'ŏ%*0!.*!0+35ŏ# 6%!ŏ6ŏ' ø 5)ŏ.+'%!)ŏ+ *+/%)5ŏ +. 6ŏ3%x'/6!ŏ/1' !/5ċ
6%x'%ŏ/65 '+ŏ.+63%& &N !&ŏ/%xŏ/,.6! ø5ŏ35/5ž'+3!&ŏ3ŏ +(/ !ŏ* /6 ŏü.) ŏ3ŏ . 6+ŏ'.¨0'%)ŏ+'.!/%!ŏ 6 /1ŏ65/' ž ŏ/+ %!ŏ+#.+)*Nŏ.6!/6!ŏ'(%!*0¨3ċ

.65ŏ'+*0 '0 $ŏ6ŏ'(%!*0!)ŏ/0 3% )5ŏ/+ %!ŏ* ŏ !#+ŏ,!ž*!ŏ6 +3+(!*%!ŏ%ŏ/ 05/" ' &!ŏ6ŏ +'+* *5 $ŏ1ŏ* /ŏ6 '1,¨3ċŏ &!)5ŏ/+ %!ŏ/,. 3xŏø!ŏ 6 /ŏ0+ŏ
,%!*%N 6ŏ ( 0!#+ŏ* /6Nŏ)+ *Nŏ/0.+*Nŏ&!/0ŏ!'/,.!/+3!ŏ.! (%6 &!ŏ6 )¨3%!*% ċ






(+'ŏ.5/1*'+35ŏ
/6'+(*5

!* čŏĀČĊĆŏ6ž














(+*5ŏ,.!)%1)ŏ /0!(!ŏ+(!&*!ŏ
! *+.+ø! ŏāĂŅĥĆŏ/60 āĂŏ'+(+.¨3ŏ !*0!(

!* čŏąČĂĀŏ6ž !* čŏćČĂĀŏ6ž


.+' 0ŏ/5,'%ŏ
ćŏ'+(+.¨3ŏąĉ#


!* čŏćČĀĀŏ6ž















( /0!(%* ŏ/6'+(* ŏ
ŏ /ŏĂąŏ'+(+.5 ( ) /0.5ŏĂąŏ'+(+.5

!* čŏĆČćĀŏ6ž !* čŏąČąĀŏ6ž





333ċ/$ *ċ +)ċ,( ĉĉĂġĉāĆġăăĆ


%*"+Į/$ *ċ +)ċ,(

:\GDZQLFWZR -XQJ RII VND SRZVWDÊR Z URNX ] LQLFMDW\Z\ DNWRUNL (G\W\
-XQJRZVNLHM NWµUD ]DIDVF\QRZDQD WZµUF]RÐFLÃ $VWULG /LQGJUHQ SRVWDQRZLÊD
Z\GDÅ QDMZD×QLHMV]H G]LHÊD V]ZHG]NLHM SLVDUNL Z IRUPLH NVLÃ×HN GR VÊXFKDQLD
, WDN SRZVWDÊ\ VHULH DXGLRERRNµZ ] SU]\JRGDPL 3LSSL ']LHFL ] %XOOHUE\Q
.DUOVVRQD ] 'DFKX %UDFL /ZLH 6HUFH (PLOD ]H 6PDODQGLL L LQQ\FK

-X× SLHUZV]\ DXGLRERRN å 3LSSL 3RÌF]RV]DQND å ]RVWDÊ %HVWVHOOHUHP (PSLNX
D ']LHFL ] %XOOHUE\Q E\Ê\ QRPLQRZDQH GR WHM QDJURG\

: URNX URNX ']LHFL ] %XOOHUE\Q ]RVWDÊ\ %HVWVHOOHUHP (PSLNX RUD] RWU]\PDÊ\
:
W\WXÊ ì6XSHUSURGXNWë QDGDZDQ\ SU]H] F]DVRSLVPR ì0DP G]LHFNRë :\GDZQLFWZR -XQJ RII VND SU]HGVWDZLD

6HULÇ NVLÃ×HN NODV\ND OLWHUDWXU\ G]LHFLÇFHM (ULFKD .¦VWQHUD D ZÐUµG QLFK Z]UXV]DMÃFÃ
RSRZLHÐÅ R SRZLNÊDQ\FK ORVDFK GZX G]LHZF]\QHN SRGREQ\FK GR VLHELH MDN GZLH NURSOH ZRG\
0DQLD F]\ $QLD WU]\PDMÃF\ Z QDSLÇFLX NU\PLQDÊ (PLO L GHWHNW\ZL å SLÇNQÃ KLVWRULÇ R SU]\MDÕQL
L
L SRÐZLÇFHQLX R SRÐZLÇFHQLX RUD] PDMD å SHÊQÃ V]DORQHM Z\REUDÕQL L KXPRUX SRGUµ× PDÊHJR .RQUDGD ]H
VZ\P VWU\MHP 5DEDUEDUHP L NRQLHP QD ZURWNDFK 1HJUR .DEDOOR SU]H] QDMEDUG]LHM
]ZDULRZDQH NUDLQ\

,TJnjȈLJ EPTUǗQOF SØXOJFȈ X XFSTKJ MJNJUPXBOFK o [ BVEJPCPPLJFN X NJTUS[PXTLJN
XZLPOBOJV 1JPUSB 'SPOD[FXTLJFHP


































4[VLBK X OBKMFQT[ZDI

LTJǗHBSOJBDI PSB[ OB
-XQJ RII VND (G\WD -XQJRZVND 6S .

XO .U\SVND :DUV]DZD 3ROVND
H PDLO VNOHS#MXQJRIIVND SO

:\GDZQLFWZR -XQJ RII VND SRZVWDÊR Z URNX ] LQLFMDW\Z\ DNWRUNL (G\W\
-XQJRZVNLHM NWµUD ]DIDVF\QRZDQD WZµUF]RÐFLÃ $VWULG /LQGJUHQ SRVWDQRZLÊD
Z\GDÅ QDMZD×QLHMV]H G]LHÊD V]ZHG]NLHM SLVDUNL Z IRUPLH NVLÃ×HN GR VÊXFKDQLD
, WDN SRZVWDÊ\ VHULH DXGLRERRNµZ ] SU]\JRGDPL 3LSSL ']LHFL ] %XOOHUE\Q
.DUOVVRQD ] 'DFKX %UDFL /ZLH 6HUFH (PLOD ]H 6PDODQGLL L LQQ\FK

-X× SLHUZV]\ DXGLRERRN å 3LSSL 3RÌF]RV]DQND å ]RVWDÊ %HVWVHOOHUHP (PSLNX
D ']LHFL ] %XOOHUE\Q E\Ê\ QRPLQRZDQH GR WHM QDJURG\

: URNX URNX ']LHFL ] %XOOHUE\Q ]RVWDÊ\ %HVWVHOOHUHP (PSLNX RUD] RWU]\PDÊ\
:
W\WXÊ ì6XSHUSURGXNWë QDGDZDQ\ SU]H] F]DVRSLVPR ì0DP G]LHFNRë :\GDZQLFWZR -XQJ RII VND SU]HGVWDZLD

6HULÇ NVLÃ×HN NODV\ND OLWHUDWXU\ G]LHFLÇFHM (ULFKD .¦VWQHUD D ZÐUµG QLFK Z]UXV]DMÃFÃ
RSRZLHÐÅ R SRZLNÊDQ\FK ORVDFK GZX G]LHZF]\QHN SRGREQ\FK GR VLHELH MDN GZLH NURSOH ZRG\
0DQLD F]\ $QLD WU]\PDMÃF\ Z QDSLÇFLX NU\PLQDÊ (PLO L GHWHNW\ZL å SLÇNQÃ KLVWRULÇ R SU]\MDÕQL
L
L SRÐZLÇFHQLX R SRÐZLÇFHQLX RUD] PDMD å SHÊQÃ V]DORQHM Z\REUDÕQL L KXPRUX SRGUµ× PDÊHJR .RQUDGD ]H
VZ\P VWU\MHP 5DEDUEDUHP L NRQLHP QD ZURWNDFK 1HJUR .DEDOOR SU]H] QDMEDUG]LHM
]ZDULRZDQH NUDLQ\

,TJnjȈLJ EPTUǗQOF SØXOJFȈ X XFSTKJ MJNJUPXBOFK o [ BVEJPCPPLJFN X NJTUS[PXTLJN
XZLPOBOJV 1JPUSB 'SPOD[FXTLJFHP


































4[VLBK X OBKMFQT[ZDI

LTJǗHBSOJBDI PSB[ OB
-XQJ RII VND (G\WD -XQJRZVND 6S .

XO .U\SVND :DUV]DZD 3ROVND
H PDLO VNOHS#MXQJRIIVND SO

'$1,6+ '(6,*1 72<6






388W E üç đÑÄÝçÜôçüãÑÄ ã°Îô°ÀĖ°ãÄȤ đē÷çÜÑÄÛ Û°Üçø¼Ñ ÀôÄđã°ÑãÄ

Ė°»°đÜÑȤ ÜüèôÄ Ė°ñÄđãÑ· ôçĖđèÛ ÄÀþÜ°¼ēÛãē çô°Ė ÷ñçáļĖãēȩ
,Ä÷ü ôèđãÑÄĖ ãÑÄĖ»ÌÀãē đ ôçĖđçÛþ þâÑÄÛÌüãçø¼Ñ

ÜççôÀēã°¼ēÛãçɎâçüçôē¼Ėãēâȩ

3ççĐÄô Ɏ ÷ñļ۰Ýã° ÷ÄôÑ° ȭÜÑãÀÄôΰôüÄãȭ Ɏ
Ė°»°đÜÑ Ė üôĖēÝÄüãÑ· Îđ°ô°ã¼Û· ÀÝ° ñôĖÄÀ÷ĖÜçÝÑ
























































BôĖÄÀ÷ü°đѼÑÄÝ÷üđç 388W EL8ZH đ BçÝ÷¼Ä
HɓLE ]Ñâãç¼Ð ÷ñȮÛȮ
þÝȩ Ñ°áç÷üç¼Ü° ƹƴȤ ƵƺɎƴƵƴ X H#.-9X
đđđȮLçÀÝÄôȮñÝȤ ƹƴƵ ƶƵƷ ƷƷƺ

'$1,6+ '(6,*1 72<6






388W E üç đÑÄÝçÜôçüãÑÄ ã°Îô°ÀĖ°ãÄȤ đē÷çÜÑÄÛ Û°Üçø¼Ñ ÀôÄđã°ÑãÄ

Ė°»°đÜÑȤ ÜüèôÄ Ė°ñÄđãÑ· ôçĖđèÛ ÄÀþÜ°¼ēÛãē çô°Ė ÷ñçáļĖãēȩ
,Ä÷ü ôèđãÑÄĖ ãÑÄĖ»ÌÀãē đ ôçĖđçÛþ þâÑÄÛÌüãçø¼Ñ

ÜççôÀēã°¼ēÛãçɎâçüçôē¼Ėãēâȩ

3ççĐÄô Ɏ ÷ñļ۰Ýã° ÷ÄôÑ° ȭÜÑãÀÄôΰôüÄãȭ Ɏ
Ė°»°đÜÑ Ė üôĖēÝÄüãÑ· Îđ°ô°ã¼Û· ÀÝ° ñôĖÄÀ÷ĖÜçÝÑ
























































BôĖÄÀ÷ü°đѼÑÄÝ÷üđç 388W EL8ZH đ BçÝ÷¼Ä
HɓLE ]Ñâãç¼Ð ÷ñȮÛȮ
þÝȩ Ñ°áç÷üç¼Ü° ƹƴȤ ƵƺɎƴƵƴ X H#.-9X
đđđȮLçÀÝÄôȮñÝȤ ƹƴƵ ƶƵƷ ƷƷƺ

7TIGNEPM^YNIQ] WMʚ [ WTV^IHE˵] []WSOMIN NEOS˒GM EVX]OYɹ[ W^OSPR]GL >ESTEXVYNIQ]
TV^IHW^OSPE M W^OS] RE XIVIRMI GEIKS OVENY
+[EVERXYNIQ] EXVEOG]NRI GIR] W^]FOʈ HSWXE[ʚ SVE^ W^IVSOM EWSVX]QIRX TVSHYOXɹ[
W^OSPR]GL VIRSQS[ER]GL TVSHYGIRXɹ[ %WXVE &EQFMRS *MSVIPPS 7X 1ENI[WOM (IVJSVQ
; REW^]Q WOPITMI OYTMW^ FPSOM XIGLRMG^RI M V]WYROS[I JEVF] OVIHOM OPINI FMFY] TʚH^PI
XSVRMWXV] TMɹVRMOM M [MIPI MRR]GL
4V^] HY˵]GL ^EQɹ[MIRMEGL TVSTSRYNIQ] EXVEOG]NRI VEFEX] SVE^ TVI^IRX]
2
2MI GMI G^IOEN [INH˳ RE WXVSRʚ [[[ FMYV[E TP M ^VɹF ^EOYT] NY˵ H^M˒



7TIGNEPRE SJIVXE HPE W^Oɸ M TV^IW^OSPM


/E˵HE W^OSE M TV^IHW^OSPI OXɹVI Y REW ^VSFM ^EOYT] QS˵I PMG^]ʊ RE
HSHEXOS[] VEFEX [ []WSOSˑGM E˴
7/328%/89. 7-ʘ > 2%1- &= >=7/%ʈ 7;ɝ. -2(=;-(9%02= /3(

RMI HSX]G^] XS[EVɹ[ SFNʚX]GL TVSQSGNʈ







































8IP /SQ
[[[ FMYV[E TP


FMYVS$FMYV[E TP

7TIGNEPM^YNIQ] WMʚ [ WTV^IHE˵] []WSOMIN NEOS˒GM EVX]OYɹ[ W^OSPR]GL >ESTEXVYNIQ]
TV^IHW^OSPE M W^OS] RE XIVIRMI GEIKS OVENY
+[EVERXYNIQ] EXVEOG]NRI GIR] W^]FOʈ HSWXE[ʚ SVE^ W^IVSOM EWSVX]QIRX TVSHYOXɹ[
W^OSPR]GL VIRSQS[ER]GL TVSHYGIRXɹ[ %WXVE &EQFMRS *MSVIPPS 7X 1ENI[WOM (IVJSVQ
; REW^]Q WOPITMI OYTMW^ FPSOM XIGLRMG^RI M V]WYROS[I JEVF] OVIHOM OPINI FMFY] TʚH^PI
XSVRMWXV] TMɹVRMOM M [MIPI MRR]GL
4V^] HY˵]GL ^EQɹ[MIRMEGL TVSTSRYNIQ] EXVEOG]NRI VEFEX] SVE^ TVI^IRX]
2
2MI GMI G^IOEN [INH˳ RE WXVSRʚ [[[ FMYV[E TP M ^VɹF ^EOYT] NY˵ H^M˒



7TIGNEPRE SJIVXE HPE W^Oɸ M TV^IW^OSPM


/E˵HE W^OSE M TV^IHW^OSPI OXɹVI Y REW ^VSFM ^EOYT] QS˵I PMG^]ʊ RE
HSHEXOS[] VEFEX [ []WSOSˑGM E˴
7/328%/89. 7-ʘ > 2%1- &= >=7/%ʈ 7;ɝ. -2(=;-(9%02= /3(

RMI HSX]G^] XS[EVɹ[ SFNʚX]GL TVSQSGNʈ







































8IP /SQ
[[[ FMYV[E TP


FMYVS$FMYV[E TP

'5(6 6(5,$ %5$7
%OX]D F]DUQD Z WXUNXVRZH Z]RU\ VSRGQLH
WXUNXV ] Z]RUHP F]DUQ\P

&(1$ 2.à$'.2:$

1MRM1SHS XS NIH]R] [ W[SMQ VSH^ENY WOPIT MRXIVRIXS[] ^ QSHRʈ SH^MI˵ʈ HPE H^MIGM

7EQI NIWXI˒Q] QEQEQM M QME]˒Q] HSW]ʊ TSW^YOM[ERME HSFV]GL M SVKMREPR]GL YFVEʿ HPE REW^]GL
H^MIGM .EO HPE OE˵HIN HSFVIN QEQE [E˵RI HPE REW NIWX JYROGNSREPRS˒ʊ NEOS˒ʊ []KSHE M GIRE
3JIVS[ERE TV^I^ REW YFVEROE Wʈ XIWXS[ERI TV^I^ REW^I H^MI[G^]R] E XS RENPITW^] HS[ɹH
˵I QS˵RE REQ ^EYJEʊ

; VE^MI NEOMGLOSP[MIO T]XEʿ PYF [ʈXTPM[S˒GM OSRXEOXYNGMI WMʚ ^ REQM TSTV^I^ JSVQYPEV^ OSRXEOXS[]
;
TSH EHVIWIQ IQEMP WOPIT$QMRMQSHS TP PYF XIPIJSRMG^RMI TSH RYQIVIQ
7IVHIG^RMI ^ETVEW^EQ]
>ESKE WOPITY 1MRM1SHS



.203(7 0<6=.$
.RPSOHW VSµGQLF]ND GZLH IDOEDQ\
NURSHF]NL L EOX]D ] DSOLNDFMÃ JÊRZ\ P\V]NL
RUD] R]GREQÃ NRNDUGND

&(1$ 2.à$'.2:$











.203/(7 )/$0,1*
5HZHODF\MQ\ NRPSOHW ] PLÇNNLHM
EDZHÊQ\ VSµGQLF]ND R]GRELRQD Uµ×RZ\P
IXWHUNLHP EOX]HF]ND ] IXWU]DQ\PL ćDPLQJDPL

&(1$ 2.à$'.2:$







'5(6 6,2675$

'UHV ] VHULL 6LRVWUD %UDW


&(1$ 2.à$'.2:$
'5(6 0252
'UHV ] EOX]Ã ]DSLQDQÃ VSRGQLH ]H

ZVWDZNDPL PRUR
&(1$ 2.à$'.2:$


;]FMIV^ HSKSHRʈ HPE 'MIFMI QIXSHʚ OSRXEOXY [[[ QMRMQSHS TP

;]˒PMN IQEMP WOPIT$QMRMQSHS TP
>EH^[Sʿ

'5(6 6(5,$ %5$7
%OX]D F]DUQD Z WXUNXVRZH Z]RU\ VSRGQLH
WXUNXV ] Z]RUHP F]DUQ\P

&(1$ 2.à$'.2:$

1MRM1SHS XS NIH]R] [ W[SMQ VSH^ENY WOPIT MRXIVRIXS[] ^ QSHRʈ SH^MI˵ʈ HPE H^MIGM

7EQI NIWXI˒Q] QEQEQM M QME]˒Q] HSW]ʊ TSW^YOM[ERME HSFV]GL M SVKMREPR]GL YFVEʿ HPE REW^]GL
H^MIGM .EO HPE OE˵HIN HSFVIN QEQE [E˵RI HPE REW NIWX JYROGNSREPRS˒ʊ NEOS˒ʊ []KSHE M GIRE
3JIVS[ERE TV^I^ REW YFVEROE Wʈ XIWXS[ERI TV^I^ REW^I H^MI[G^]R] E XS RENPITW^] HS[ɹH
˵I QS˵RE REQ ^EYJEʊ

; VE^MI NEOMGLOSP[MIO T]XEʿ PYF [ʈXTPM[S˒GM OSRXEOXYNGMI WMʚ ^ REQM TSTV^I^ JSVQYPEV^ OSRXEOXS[]
;
TSH EHVIWIQ IQEMP WOPIT$QMRMQSHS TP PYF XIPIJSRMG^RMI TSH RYQIVIQ
7IVHIG^RMI ^ETVEW^EQ]
>ESKE WOPITY 1MRM1SHS



.203(7 0<6=.$
.RPSOHW VSµGQLF]ND GZLH IDOEDQ\
NURSHF]NL L EOX]D ] DSOLNDFMÃ JÊRZ\ P\V]NL
RUD] R]GREQÃ NRNDUGND

&(1$ 2.à$'.2:$











.203/(7 )/$0,1*
5HZHODF\MQ\ NRPSOHW ] PLÇNNLHM
EDZHÊQ\ VSµGQLF]ND R]GRELRQD Uµ×RZ\P
IXWHUNLHP EOX]HF]ND ] IXWU]DQ\PL ćDPLQJDPL

&(1$ 2.à$'.2:$







'5(6 6,2675$

'UHV ] VHULL 6LRVWUD %UDW


&(1$ 2.à$'.2:$
'5(6 0252
'UHV ] EOX]Ã ]DSLQDQÃ VSRGQLH ]H

ZVWDZNDPL PRUR
&(1$ 2.à$'.2:$


;]FMIV^ HSKSHRʈ HPE 'MIFMI QIXSHʚ OSRXEOXY [[[ QMRMQSHS TP

;]˒PMN IQEMP WOPIT$QMRMQSHS TP
>EH^[Sʿ

/SWQMG^RI -RWTMVEGNI XS SJMGNEPRE WXVSRE M WOPIT MRXIVRIXS[] JMVQ] %8%&) &IEXE '^EO

*MVQE ^ENQYNI WMʚ WTV^IHE˵ʈ EVX]OYɹ[ XIOWX]PR]GL M TS˒GMIPS[]GL SVE^ HSHEXOɹ[ []TSWE˵IRME [RʚXV^
1EV^IRMIQ [E˒GMGMIPOM SH ^E[W^I F]S ^ENQS[ERMI WMʚ []TSWE˵IRMIQ [RʚXV^ (YKS W^YOEE W[SNIN ^E[SHS[IN HVSKM 4SXVEJME
KSH^MREQM TV^IKPʈHEʊ QEKE^]R] M EPFYQ] [RʚXV^EVWOMI ˒PIH^Mʊ FPSKM M WXVSR] TS˒[MʚGSRI XIN XIQEX]GI 2MI WʈH^ME ˵I OMIH]OSP[MIO
SH[E˵] WMʚ RE XEOM OVSO M SXS NIWX
/SWQMG^RI -RWTMVEGNI SJIVYNʈ 4EʿWX[Y TVSHYOX] X]POS REN[]˵W^IN NEOS˒GM FI^TMIG^RI [ Y˵]XOS[ERMY TSWMEHENʈGI WXSWS[RI GIVX]JMOEX]
E E MGL HSHEXOS[]Q EXYXIQ Wʈ OSROYVIRG]NRI GIR]

7OPIT MRXIVRIXS[] /SWQMG^RI -RWTMVEGNI TS[WXE ^ Q]˒Pʈ S /PMIRXEGL OXɹV^] GIRMʈ WSFMI []KSHʚ M OSQJSVX NEOM HENʈ ^EOYT] SRPMRI
>ETVEW^EQ] 4EʿWX[E HS ˒PIH^IRME /SWQMG^R]GL -RWTMVEGNM M WOSV^]WXERME ^ FSKEXIN SJIVX] TVSHYOXɹ[ ^RER]GL TSPWOMGL TVSHYGIRXɹ[

E XEO˵I HSʈG^IRME HS KVSRE ^EHS[SPSR]GL /PMIRXɹ[




%8%&) &IEXE '^EO
(0% (>-)'- ;EVW^E[E YP ,S˵E

(PE REW^]GL RENQSHW^]GL SJIVYNIQ] TVSHYOX] S RMIFEREPR]Q [^SVRMGX[MI /SPSVS[I TSWMEHENʈGI ˵][ʈ M FEV[Rʈ KVEJMOʚ G^ʚWXS 8IPIJSR OSRXEOXS[]
TV^IHWXE[MENʈGI FSLEXIVɹ[ OVIWOɹ[IO M FENIO PYF YPYFMSR]GL ^[MIV^EOɹ[ 4VSHYOX] ^ [M^IVYROMIQ TSTYPEVR]GL OWMʚ˵RMG^IO M OYG]Oɹ[ HPE
H^MI[G^]RIO HPE GLSTGɹ[ QSHIPI YPYFMSR]GL []˒GMKɹ[IO M H^MIPR]GL WYTIVFSLEXIVɹ[ >EMRWTMVYN WMʚ REW^]QM TVSTS^]GNEQM M []FMIV^ [[[ EXEFI IY
TVSHYOX] [ TIRM LEVQSRM^YNʈGI ^ YTSHSFERMEQM 8[SNIKS H^MIGOE QMʚH^] MRR]QM OSH] H^MIGMʚGI TSHYW^OM TS˒GMIPI H^MIGMʚGI TSW^I[OM EXEFI$EXEFI IY
TV^I˒GMIVEHE VʚG^RMOM SVE^ HSHEXOM 3JIVYNIQ] GEOS[MGMI FI^TMIG^RI TVSHYOX] []OSRERI ^ REXYVEPR]GL XOERMR 4S^[ɹP 1EPYGLS[M []FVEʊ
W[[ɹN []QEV^SR] [^ɹV EF] GLʚXRMIN OEH WMʚ HS WRY [˒VɹH W[SMGL YPYFMSR]GL FSLEXIVɹ[
W

/SWQMG^RI -RWTMVEGNI XS SJMGNEPRE WXVSRE M WOPIT MRXIVRIXS[] JMVQ] %8%&) &IEXE '^EO

*MVQE ^ENQYNI WMʚ WTV^IHE˵ʈ EVX]OYɹ[ XIOWX]PR]GL M TS˒GMIPS[]GL SVE^ HSHEXOɹ[ []TSWE˵IRME [RʚXV^
1EV^IRMIQ [E˒GMGMIPOM SH ^E[W^I F]S ^ENQS[ERMI WMʚ []TSWE˵IRMIQ [RʚXV^ (YKS W^YOEE W[SNIN ^E[SHS[IN HVSKM 4SXVEJME
KSH^MREQM TV^IKPʈHEʊ QEKE^]R] M EPFYQ] [RʚXV^EVWOMI ˒PIH^Mʊ FPSKM M WXVSR] TS˒[MʚGSRI XIN XIQEX]GI 2MI WʈH^ME ˵I OMIH]OSP[MIO
SH[E˵] WMʚ RE XEOM OVSO M SXS NIWX
/SWQMG^RI -RWTMVEGNI SJIVYNʈ 4EʿWX[Y TVSHYOX] X]POS REN[]˵W^IN NEOS˒GM FI^TMIG^RI [ Y˵]XOS[ERMY TSWMEHENʈGI WXSWS[RI GIVX]JMOEX]
E E MGL HSHEXOS[]Q EXYXIQ Wʈ OSROYVIRG]NRI GIR]

7OPIT MRXIVRIXS[] /SWQMG^RI -RWTMVEGNI TS[WXE ^ Q]˒Pʈ S /PMIRXEGL OXɹV^] GIRMʈ WSFMI []KSHʚ M OSQJSVX NEOM HENʈ ^EOYT] SRPMRI
>ETVEW^EQ] 4EʿWX[E HS ˒PIH^IRME /SWQMG^R]GL -RWTMVEGNM M WOSV^]WXERME ^ FSKEXIN SJIVX] TVSHYOXɹ[ ^RER]GL TSPWOMGL TVSHYGIRXɹ[

E XEO˵I HSʈG^IRME HS KVSRE ^EHS[SPSR]GL /PMIRXɹ[




%8%&) &IEXE '^EO
(0% (>-)'- ;EVW^E[E YP ,S˵E

(PE REW^]GL RENQSHW^]GL SJIVYNIQ] TVSHYOX] S RMIFEREPR]Q [^SVRMGX[MI /SPSVS[I TSWMEHENʈGI ˵][ʈ M FEV[Rʈ KVEJMOʚ G^ʚWXS 8IPIJSR OSRXEOXS[]
TV^IHWXE[MENʈGI FSLEXIVɹ[ OVIWOɹ[IO M FENIO PYF YPYFMSR]GL ^[MIV^EOɹ[ 4VSHYOX] ^ [M^IVYROMIQ TSTYPEVR]GL OWMʚ˵RMG^IO M OYG]Oɹ[ HPE
H^MI[G^]RIO HPE GLSTGɹ[ QSHIPI YPYFMSR]GL []˒GMKɹ[IO M H^MIPR]GL WYTIVFSLEXIVɹ[ >EMRWTMVYN WMʚ REW^]QM TVSTS^]GNEQM M []FMIV^ [[[ EXEFI IY
TVSHYOX] [ TIRM LEVQSRM^YNʈGI ^ YTSHSFERMEQM 8[SNIKS H^MIGOE QMʚH^] MRR]QM OSH] H^MIGMʚGI TSHYW^OM TS˒GMIPI H^MIGMʚGI TSW^I[OM EXEFI$EXEFI IY
TV^I˒GMIVEHE VʚG^RMOM SVE^ HSHEXOM 3JIVYNIQ] GEOS[MGMI FI^TMIG^RI TVSHYOX] []OSRERI ^ REXYVEPR]GL XOERMR 4S^[ɹP 1EPYGLS[M []FVEʊ
W[[ɹN []QEV^SR] [^ɹV EF] GLʚXRMIN OEH WMʚ HS WRY [˒VɹH W[SMGL YPYFMSR]GL FSLEXIVɹ[
W

3°ñē Ñ ñÝ°ã÷ĖÄȤ ÜüèôÄ ñçüôĖÄ»þÛļÑÄȩ



4ÑÄÜüèôÄ ã°÷ĖÄ ñôçÀþÜüē ñç÷Ñ°À°Û· ¼ÄôüēķÜ°ü øôçÀÜèđ ÀēÀ°Üüē¼Ėãē¼Ð Ė°Ýļ°ãē¼Ð Àç þęēüÜþ ÷ĖÜçÝãÄÎçȩ ã°À°ãē ñôĖÄĖ 3ÑãÑ÷üô° ÀþÜ°¼ÛÑ 4°ôçÀçđÄÛ Ñ HñçôüþȮ





B. 4H]



XēÀ°đãѼüđ° HL# . NE8 EL á·¼Ė·¼ üô°Àē¼ēÛãÄ Ñ ãçđç¼ĖÄ÷ãÄ ñçâç¼Ä
ÀēÀ°Üüē¼ĖãÄ Àç đ÷ñÑÄô°ãÑ° Ñããçđ°¼ēÛãē¼Ð Íçôâ Ü÷Ėü°á¼ÄãÑ° çÍÄôþÛÄ ñçã°À Ƶƴƴ
üēüþáèđ ñÝ°ã÷Ė ÄÀþÜ°¼ēÛãē¼Ð Ɏ ø¼ÑÄããē¼Ðȩ çΰüÄ đ üôÄø¼ÑȤ ç»ô°ĖēȤ đēÜôÄ÷ēȤ
÷¼ÐÄâ°üēȤ ½đѼĖÄãÑ° Ñ ÑãÍçôâ°¼ÛÄ ñÝ°ã÷ĖÄ ÷· ¼Äããēâ ėôèÀáÄâ đÑÄÀĖē ÀÝ°
þ¼ĖãÑèđ ÷ĖÜèá ñçÀ÷ü°đçđē¼ÐȤ ÎÑâã°ĖÛèđ Ñ ÷ĖÜèá øôÄÀãѼÐȩ




3 BZ H]-8.4



XēÀ°đãѼüđ° HL# . NE8 EL đ ÷đçÛÄÛ çÍÄô¼ÑÄ
ñôçñçãþÛÄ ñçã°À ƽƴ üēüþáèđ â°ñ đ üēâ ÀĖÑ°á ÷ĖÜçÝãē
Ė â°ñ°âÑ ķĖē¼ĖãēâÑȤ ñçÝÑüē¼ĖãēâÑȣ IđÑ°ü°Ȥ þôçñēȤ
ÜçãüēãÄãüèđȤ ñ°ä÷üđ çô°Ė â°ñē ÀÝ° ķôâȣ ÀôçÎçđÄȤ
ÜçÀçđÄȤ çôΰãÑĖ°¼ēÛãÄȤ ñ°ãçô°âѼĖãÄ Ñ ÷°üÄÝÑü°ôãÄȩ




B838 BE] H]-8.4



4çđç¼ĖÄ÷ãÄ ¼ēÍôçđÄ ÑãüÄô°ÜüēđãÄ ã°ôĖÌÀĖÑ° Àç ã°þ¼Ė°ãÑ° ÀĖÑÄ¼Ñ đ đÑÄÜþ ñôĖÄÀ÷ĖÜçÝãēâ Ñ ÷ĖÜçÝãēâȤ ñôçÎô°âē
ÑãüÄô°ÜüēđãÄȤ ñÝ°ã÷ĖÄ Àç ÎÑÄô Ñ Ė°»°đȤ ÜÝç¼ÜÑ BçÝēÀôçãȤ çô°Ė üô°Àē¼ēÛãÄ ñÝ°ã÷ĖÄ ø¼ÑÄããÄ Üçã¼ÄãüôþÛ· ÷ÑÌ ã°
đ÷ĖļÐ÷üôçããēâ ôçĖđçÛþ ç÷ç»çđçø¼Ñ ÀĖÑļܰȩ HüēâþÝþÛ· çãÄ ÝçÎѼĖãÄ âēøÝÄãÑÄȤ þâÑÄÛÌüãçø¼Ñ ÜçâþãÑÜ°¼ēÛãÄȤ
ñç÷üôĖÄΰãÑÄ çôÑÄãü°¼ÛÑ ñôĖÄ÷üôĖÄããÄÛ çô°Ė ôçĖđèÛ þâÑÄÛÌüãçø¼Ñ âçüçôē¼Ėãē¼Ðȩ X÷Ėē÷üÜÑÄ ñçâç¼Ä ÀēÀ°Üüē¼ĖãÄ
ñôçâçđ°ãÑ° ÄÀþÜ°¼ÛÑ Ñ þ¼ĖÄãÑ° ÷ÑÌ ñôĖÄĖ Ė°»°đÌ ÷· ĖÎçÀãÄ Ė ãçôâ°âÑ »ÄĖñÑļĖÄä÷üđ° NãÑÑ þôçñÄÛ÷ÜÑÄÛȩ




48X8I

3°ñ° øđÑ°ü° ÀÝ° ÀĖÑļÑ












HL# . NE8 EL -ôē÷üÑ°ã -çâ°ãÀÄô

8Àôçđ·ę þÝȩ XÑÄÛ÷Ü° Ƶƻ Ȥ ƸƻɎƷƵƺ èô°ęÀęÄ
üÄÝȩȣ ʖƸƼ ƻƻ Ƹƺƻƻ ƷƼƼȤ âç»ÑÝȣ ʖƸƼ ƹƴƶ ƹƶƸ ƺƼƽ
đđđȮâ°ñē÷ĖÜçÝãÄȮñÝ

3°ñē Ñ ñÝ°ã÷ĖÄȤ ÜüèôÄ ñçüôĖÄ»þÛļÑÄȩ



4ÑÄÜüèôÄ ã°÷ĖÄ ñôçÀþÜüē ñç÷Ñ°À°Û· ¼ÄôüēķÜ°ü øôçÀÜèđ ÀēÀ°Üüē¼Ėãē¼Ð Ė°Ýļ°ãē¼Ð Àç þęēüÜþ ÷ĖÜçÝãÄÎçȩ ã°À°ãē ñôĖÄĖ 3ÑãÑ÷üô° ÀþÜ°¼ÛÑ 4°ôçÀçđÄÛ Ñ HñçôüþȮ





B. 4H]



XēÀ°đãѼüđ° HL# . NE8 EL á·¼Ė·¼ üô°Àē¼ēÛãÄ Ñ ãçđç¼ĖÄ÷ãÄ ñçâç¼Ä
ÀēÀ°Üüē¼ĖãÄ Àç đ÷ñÑÄô°ãÑ° Ñããçđ°¼ēÛãē¼Ð Íçôâ Ü÷Ėü°á¼ÄãÑ° çÍÄôþÛÄ ñçã°À Ƶƴƴ
üēüþáèđ ñÝ°ã÷Ė ÄÀþÜ°¼ēÛãē¼Ð Ɏ ø¼ÑÄããē¼Ðȩ çΰüÄ đ üôÄø¼ÑȤ ç»ô°ĖēȤ đēÜôÄ÷ēȤ
÷¼ÐÄâ°üēȤ ½đѼĖÄãÑ° Ñ ÑãÍçôâ°¼ÛÄ ñÝ°ã÷ĖÄ ÷· ¼Äããēâ ėôèÀáÄâ đÑÄÀĖē ÀÝ°
þ¼ĖãÑèđ ÷ĖÜèá ñçÀ÷ü°đçđē¼ÐȤ ÎÑâã°ĖÛèđ Ñ ÷ĖÜèá øôÄÀãѼÐȩ




3 BZ H]-8.4



XēÀ°đãѼüđ° HL# . NE8 EL đ ÷đçÛÄÛ çÍÄô¼ÑÄ
ñôçñçãþÛÄ ñçã°À ƽƴ üēüþáèđ â°ñ đ üēâ ÀĖÑ°á ÷ĖÜçÝãē
Ė â°ñ°âÑ ķĖē¼ĖãēâÑȤ ñçÝÑüē¼ĖãēâÑȣ IđÑ°ü°Ȥ þôçñēȤ
ÜçãüēãÄãüèđȤ ñ°ä÷üđ çô°Ė â°ñē ÀÝ° ķôâȣ ÀôçÎçđÄȤ
ÜçÀçđÄȤ çôΰãÑĖ°¼ēÛãÄȤ ñ°ãçô°âѼĖãÄ Ñ ÷°üÄÝÑü°ôãÄȩ




B838 BE] H]-8.4



4çđç¼ĖÄ÷ãÄ ¼ēÍôçđÄ ÑãüÄô°ÜüēđãÄ ã°ôĖÌÀĖÑ° Àç ã°þ¼Ė°ãÑ° ÀĖÑÄ¼Ñ đ đÑÄÜþ ñôĖÄÀ÷ĖÜçÝãēâ Ñ ÷ĖÜçÝãēâȤ ñôçÎô°âē
ÑãüÄô°ÜüēđãÄȤ ñÝ°ã÷ĖÄ Àç ÎÑÄô Ñ Ė°»°đȤ ÜÝç¼ÜÑ BçÝēÀôçãȤ çô°Ė üô°Àē¼ēÛãÄ ñÝ°ã÷ĖÄ ø¼ÑÄããÄ Üçã¼ÄãüôþÛ· ÷ÑÌ ã°
đ÷ĖļÐ÷üôçããēâ ôçĖđçÛþ ç÷ç»çđçø¼Ñ ÀĖÑļܰȩ HüēâþÝþÛ· çãÄ ÝçÎѼĖãÄ âēøÝÄãÑÄȤ þâÑÄÛÌüãçø¼Ñ ÜçâþãÑÜ°¼ēÛãÄȤ
ñç÷üôĖÄΰãÑÄ çôÑÄãü°¼ÛÑ ñôĖÄ÷üôĖÄããÄÛ çô°Ė ôçĖđèÛ þâÑÄÛÌüãçø¼Ñ âçüçôē¼Ėãē¼Ðȩ X÷Ėē÷üÜÑÄ ñçâç¼Ä ÀēÀ°Üüē¼ĖãÄ
ñôçâçđ°ãÑ° ÄÀþÜ°¼ÛÑ Ñ þ¼ĖÄãÑ° ÷ÑÌ ñôĖÄĖ Ė°»°đÌ ÷· ĖÎçÀãÄ Ė ãçôâ°âÑ »ÄĖñÑļĖÄä÷üđ° NãÑÑ þôçñÄÛ÷ÜÑÄÛȩ




48X8I

3°ñ° øđÑ°ü° ÀÝ° ÀĖÑļÑ












HL# . NE8 EL -ôē÷üÑ°ã -çâ°ãÀÄô

8Àôçđ·ę þÝȩ XÑÄÛ÷Ü° Ƶƻ Ȥ ƸƻɎƷƵƺ èô°ęÀęÄ
üÄÝȩȣ ʖƸƼ ƻƻ Ƹƺƻƻ ƷƼƼȤ âç»ÑÝȣ ʖƸƼ ƹƴƶ ƹƶƸ ƺƼƽ
đđđȮâ°ñē÷ĖÜçÝãÄȮñÝ

#4L E -LZX4 BE8 E 3Z N- Z,4


4çđç¼ĖÄ÷ãÄ ¼ēÍôçđÄ ÑãüÄô°ÜüēđãÄ ã°ôĖÌÀĖÑ° Àç ã°þ¼Ė°ãÑ° ÀĖÑÄ¼Ñ đ đÑÄÜþ ñôĖÄÀ÷ĖÜçÝãēâ Ñ ÷ĖÜçÝãēâȤ ñôçÎô°âē ÑãüÄô°ÜüēđãÄ
Üçã¼ÄãüôþÛ· ÷ÑÌ ã° đ÷ĖļÐ÷üôçããēâ ôçĖđçÛþ ç÷ç»çđçø¼Ñ ÀĖÑļܰȩ HüēâþÝþÛ· çãÄ ÝçÎѼĖãÄ âēøÝÄãÑÄȤ þâÑÄÛÌüãçø¼Ñ ÜçâþãÑÜ°¼ēÛãÄȤ
ñç÷üôĖÄΰãÑÄ çôÑÄãü°¼ÛÑ ñôĖÄ÷üôĖÄããÄÛ çô°Ė ôçĖđèÛ þâÑÄÛÌüãçø¼Ñ âçüçôē¼Ėãē¼Ðȩ X÷Ėē÷üÜÑÄ ñçâç¼Ä ÀēÀ°Üüē¼ĖãÄ ñôçâçđ°ãÑ°
ÄÀþÜ°¼ÛÑ Ñ þ¼ĖÄãÑ° ÷ÑÌ ñôĖÄĖ Ė°»°đÌ ÷· ĖÎçÀãÄ Ė ãçôâ°âÑ »ÄĖñÑļĖÄä÷üđ° NãÑÑ þôçñÄÛ÷ÜÑÄÛȩ





















L .# #4L E -LZX4 ȴ 3N.L#3 #



BçÀ â°ôÜ· HüÑÄÍÄÝ #ãüÄô°¼üÑĐÄ çÍÄôþÛÄâē ÜçâñÝÄÜ÷çđÄ ôçĖđÑ·Ė°ãÑ° ÀÝ° ÷ĖÜèá đÄ đÀô°ę°ãÑþ
ãçđç¼ĖÄ÷ãē¼Ð ÑãüÄô°Üüēđãē¼Ð Íçôâ ã°þ¼Ė°ãÑ° ôÄãçâçđ°ãē¼Ð ñôçÀþ¼Äãüèđȩ
8ÍÄôçđ°ãÄ ü°»ÝÑ¼Ä ÑãüÄô°ÜüēđãÄ üç ñçñþÝ°ôãÄ â°ôÜÑ D838 Ñ WL -Ȥ ÜôèüÜççÎãÑ÷ÜçđÄ
ñôçÛÄÜüçôē H 4Z8Ȥ "#L "# Ñ BH84Ȥ W#W#L ȩ 3çãü°ę ü°»ÝѼ ÑãüÄô°Üüēđãē¼Ð Ñ ñôçÛÄÜüçôèđ
çÍÄôþÛÄâē ã° ęē¼ĖÄãÑÄ ÜÝÑÄãü° đ ÷ē÷üÄâÑÄȣ 4 HL 2 Ȥ BE] HNX4Z .N 38 #.4Zȩ


4çđçø½ȫ

















.8 NHZ















HL# . NE8 EL -ôē÷üÑ°ã -çâ°ãÀÄô
8Àôçđ·ę þÝȩ XÑÄÛ÷Ü° Ƶƻ Ȥ ƸƻɎƷƵƺ èô°ęÀęÄ
üÄÝȩȣ ʖƸƼ ƻƻ Ƹƺƻƻ ƷƼƼȤ âç»ÑÝȣ ʖƸƼ ƹƴƶ ƹƶƸ ƺƼƽ
đđđȮâ°ñē÷ĖÜçÝãÄȮñÝ

#4L E -LZX4 BE8 E 3Z N- Z,4


4çđç¼ĖÄ÷ãÄ ¼ēÍôçđÄ ÑãüÄô°ÜüēđãÄ ã°ôĖÌÀĖÑ° Àç ã°þ¼Ė°ãÑ° ÀĖÑÄ¼Ñ đ đÑÄÜþ ñôĖÄÀ÷ĖÜçÝãēâ Ñ ÷ĖÜçÝãēâȤ ñôçÎô°âē ÑãüÄô°ÜüēđãÄ
Üçã¼ÄãüôþÛ· ÷ÑÌ ã° đ÷ĖļÐ÷üôçããēâ ôçĖđçÛþ ç÷ç»çđçø¼Ñ ÀĖÑļܰȩ HüēâþÝþÛ· çãÄ ÝçÎѼĖãÄ âēøÝÄãÑÄȤ þâÑÄÛÌüãçø¼Ñ ÜçâþãÑÜ°¼ēÛãÄȤ
ñç÷üôĖÄΰãÑÄ çôÑÄãü°¼ÛÑ ñôĖÄ÷üôĖÄããÄÛ çô°Ė ôçĖđèÛ þâÑÄÛÌüãçø¼Ñ âçüçôē¼Ėãē¼Ðȩ X÷Ėē÷üÜÑÄ ñçâç¼Ä ÀēÀ°Üüē¼ĖãÄ ñôçâçđ°ãÑ°
ÄÀþÜ°¼ÛÑ Ñ þ¼ĖÄãÑ° ÷ÑÌ ñôĖÄĖ Ė°»°đÌ ÷· ĖÎçÀãÄ Ė ãçôâ°âÑ »ÄĖñÑļĖÄä÷üđ° NãÑÑ þôçñÄÛ÷ÜÑÄÛȩ





















L .# #4L E -LZX4 ȴ 3N.L#3 #



BçÀ â°ôÜ· HüÑÄÍÄÝ #ãüÄô°¼üÑĐÄ çÍÄôþÛÄâē ÜçâñÝÄÜ÷çđÄ ôçĖđÑ·Ė°ãÑ° ÀÝ° ÷ĖÜèá đÄ đÀô°ę°ãÑþ
ãçđç¼ĖÄ÷ãē¼Ð ÑãüÄô°Üüēđãē¼Ð Íçôâ ã°þ¼Ė°ãÑ° ôÄãçâçđ°ãē¼Ð ñôçÀþ¼Äãüèđȩ
8ÍÄôçđ°ãÄ ü°»ÝÑ¼Ä ÑãüÄô°ÜüēđãÄ üç ñçñþÝ°ôãÄ â°ôÜÑ D838 Ñ WL -Ȥ ÜôèüÜççÎãÑ÷ÜçđÄ
ñôçÛÄÜüçôē H 4Z8Ȥ "#L "# Ñ BH84Ȥ W#W#L ȩ 3çãü°ę ü°»ÝѼ ÑãüÄô°Üüēđãē¼Ð Ñ ñôçÛÄÜüçôèđ
çÍÄôþÛÄâē ã° ęē¼ĖÄãÑÄ ÜÝÑÄãü° đ ÷ē÷üÄâÑÄȣ 4 HL 2 Ȥ BE] HNX4Z .N 38 #.4Zȩ


4çđçø½ȫ

















.8 NHZ















HL# . NE8 EL -ôē÷üÑ°ã -çâ°ãÀÄô
8Àôçđ·ę þÝȩ XÑÄÛ÷Ü° Ƶƻ Ȥ ƸƻɎƷƵƺ èô°ęÀęÄ
üÄÝȩȣ ʖƸƼ ƻƻ Ƹƺƻƻ ƷƼƼȤ âç»ÑÝȣ ʖƸƼ ƹƴƶ ƹƶƸ ƺƼƽ
đđđȮâ°ñē÷ĖÜçÝãÄȮñÝ

<#)#&-+

V VQ UGTKC MUKȤʑGM TQ\DWF\CLȤEC EKGMCYQɮȦ ɮYKCVC 7E\ȤEC Y PKGMQPYGPELQPCNP[ URQUȕD E\[NK RQRT\G\ QFRQYKGF\K PC TȕʑPG
R[VCPKC E\CUCOK \CFCYCPG RT\GYTQVPKG C E\CUCOK URTCYKCLȤEG YTCʑGPKG DCPCNP[EJ 6[OE\CUGO Y QFRQYKGF\KCEJ RQLCYKCLȤ
UKȶ PCYGV WUVCNGPKC PCWMQYG \ QUVCVPKEJ NCV RT\GMC\CPG PCRTCYFȶ RT\[UVȶRP[O Lȶ\[MKGO -UKȤʑMK UȤ DQICVQ KNWUVTQYCPG
\FLȶEKCOK T[UWPMCOK UEJGOCVCOK K OCRCOK <CYU\G \CYKGTCLȤ R[VCPKC QFPQU\ȤEG UKȶ FQ PCU\GIQ MTCLW NWD FQMQPCɛ 2QNCMȕY
IF[ʑ UVYQT\[NK LG RQNUE[ CWVQT\[ 0C UGTKȶ UMCFCLȤ UKȶ \CICFMK RT\[TQFPKE\G K OW\[E\PG RT\G\PCE\QPG FNC F\KGEK \G U\MQ[
R
RQFUVCYQYGL QTC\ ƒ\QFUVCYQYGL QTC\ ƒ\[E\PG EJGOKE\PG OCVGOCV[E\PG IGQITCƒE\PG JKUVQT[E\PG K URQTVQYG FNC OQF\KGʑ[ UVCTU\GL

<CICFMK RT\[TQFPKE\G

^ #WVQT ,CEGM 2CYG %[ICP ^ )RUPDW [ PP ^ .KE\DC UVTQP
:\GDZQLFWZR 'HPDUW 6$ G]LDĄD QD U\QNX MXľ RG ODW 6SHFMDOL]XMH VLÛ Z SXEOLNDFMDFK %LRORJLD MHVW G]LHG]LQÇ EOLVNÇ QDP ZV]\VWNLP 2EFXMHP\ ] QLÇ QD FR G]LHĆ FKRFLDľ 7DNľH SRGF]DV
JRWRZDQLD VSU]ÇWDQLD Z GURG]H GR V]NRĄ\ F]\ SUDF\ 2 W\P ľH VÇ WDNľH LQQL PLHV]NDĆF\ QDV]HJR GRPX
NDUWRJUDILF]Q\FK WXU\VW\F]Q\FK KLVWRU\F]Q\FK L V]NROQ\FK : QDV]HM UHGDNFML SRZVWDĄ\ ĝZLDGF]\ FKRFLDľE\ SDMÛF]\QD Z URJX SRNRMX =LHPLD MHVW ]GRPLQRZDQD SU]H] OXG]L $OH ERJDFWZR ĝZLDWD
DXWRUVNLH PDS\ DWODV\ L NVLÇľNL HGXNDF\MQH .RQVXOWXMHP\ MH ] IDFKRZFDPL GEDP\ Rľ\ZLRQHJR MHVW RJURPQH 3RPLPR QLHXVWDQQHJR SRVWÛSX WHFKQLNL L EDGDĆ QDXNRZ\FK QDGDO QLH XPLHP\
R HNVSRQRZDQLH SROVNLFK GRNRQDĆ XVWDOLÉ OLF]E\ JDWXQNµZ ]DPLHV]NXMÇF\FK QDV]Ç SODQHWÛ 3R]QDZDQLH ZDUWR UR]SRF]ÇÉ RG QDMEOLľV]HJR
RWRF]HQLD F]\OL RG URĝOLQ L ]ZLHU]ÇW ]DPLHV]NXMÇF\FK QDV]H ĄÇNL ODV\ SROD U]HNL L MH]LRUD : W\P ̰
L Z SR]QDQLX JDWXQNµZ ľ\MÇF\FK GDOHNR ̰ SRPRľH WD NVLÇľND = QLHM WDNľH PRľQD VLÛ ZLHOH GRZLHG]LHÉ
7\P UD]HP SURSRQXMHP\ 3DĆVWZX NVLÇľNL PDS\ L SRGNĄDGNL UR]EXG]DMÇFH FLHNDZRĝÉ R
R QDV VDP QDV VDP\FK ̰ R JDWXQNX OXG]NLP
L SURPXMÇFH DNW\ZQRĝÉ ZĝUµG G]LHFL L PĄRG]LHľ\ RUD] SODQV]H NWµUH ̰ PDP\ QDG]LHMÛ ̰
SRPRJÇ Z SRNRQDQLX SHZQ\FK WUXGQRĝFL XF]QLRP SLHUZV]\FK NODV V]NRĄ\ SRGVWDZRZHM <CICFMK OW\[E\PG

^ #WVQT ,QCPPC 1NE\[M ^ )RUPDW [ PP ^ .KE\DC UVTQP
= 0X]\NÇ PRľH E\É ZV]\VWNR : V]XPLH RWDF]DMÇF\FK QDV ]HZV]ÇG GļZLÛNµZ SU]HVWDOLĝP\ MXľ QD QLH
=HVSµĄ UHGDNF\MQ\ 'HPDUW 6$
UHDJRZDÉ =RERMÛWQLHOLĝP\ QDZHW QD SLÛNQH EU]PLHQLD 0X]\NL RF]\ZLĝFLH QDMOHSLHM VĄXFKDÉ DOH ZDUWR WHľ
R QLHM PµZLÉ L SR]QDZDÉ MHM NRU]HQLH VW\OH WZµUFµZ RUD] LFK LQVSLUDFMH 7HPX ZĄDĝQLH VĄXľ\ SLÛNQLH
]LOXVWURZDQ\ ]ELµU ]DJDGHN PX]\F]Q\FK


&\KGEK IQVWLȤ 9KGNMC MUKȶIC RT\GRKUȕY

^ #WVQT #IPKGU\MC )ȕTUMC
+NWUVTCELG /CTKCPPC 1MNGLCM ^ .KE\DC UVTQP
.UHDW\ZQH G]LDĄDQLH L QDXND SRSU]H] ]DEDZÛ MHVW RG GDZQD
VSUDZG]RQ\P SRP\VĄHP ']LHFL JRWXMÇ :LHOND NVLÛJD SU]HSLVµZ
WR SURSR]\FMD ZVSµOQHJR URG]LQQHJR VSÛG]DQLD F]DVX
JZDUDQWXMÇFD GREUÇ ]DEDZÛ VPDF]QH GDQLD D SU]\ RND]ML̿
XF]ÇFD SODQRZDQLD L RUJDQL]DFML
2.#05<' '&7-#%;,0'
VRT\G\PCE\QPG UȤ FNC WE\PKȕY MNCU 2QOQIȤ Y \TQ\WOKGPKW \CICFPKGɛ E\ȶUVQ URTCYKCLȤE[EJ F\KGEKQO MQRQV[ <CYKGTCLȤ
\CTȕYPQ QDTC\QYQ RT\GMC\CPG KPHQTOCELG LCM K \CFCPKC MVȕTG WE\Gɛ OQʑG Y[MQPCȦ UCOQF\KGNPKG &\KȶMK RQMT[EKW HQNKȤ RQ
RNCPU\CEJ OQʑPC RKUCȦ RKUCMKGO C PCUVȶRPKG WUWYCȦ VG \CRKUMK
)RUPDW L SDUDPHWU\ WHFKQLF]QH [ PP GZXVWURQQLH NRORURZH L IROLRZDQH RSUDZLRQH Z PHWDORZH OLVWHZNL ] ]DZLHV]NÇ



2NCPU\C <')#4


1D GZXVWURQQHM NRORURZHM SODQV]\ ]QDMGXMH VLÛ WDUF]D ]HJDURZD GR NWµUHM GRĄÇF]RQR
UXFKRPH ZVND]µZNL : SURVW\ VSRVµE PRFXMH VLÛ MH ]DFLVNLHP 6ĄXľÇ GR SUDNW\F]Q\FK
ÉZLF]HĆ SRVĄXJLZDQLD VLÛ ]HJDUHP ']LHFNR PRľH RGF]\WDÉ XVWDZLRQÇ JRG]LQÛ OXE
EO N
XVWDZLÉ ZVND]µZNL WDN E\ ZVND]\ZDĄ\ NRQNUHWQ\ F]DV 2SUµF] WHJR QD SODQV]\ VÇ
Y Y YFO CVQ R Z SRG]LDOH QD SU]HGSRĄXGQLRZH L SRSRĄXGQLRZH RUD] ZLHOH SUDNW\F]Q\FK ]DGDĆ
T
Z\MDĝQLHQLD GRW\F]ÇFH SRGVWDZRZ\FK HOHPHQWµZ ]HJDUD RGF]\WX PLQXW L JRG]LQ ̰
G

2NCPU\C /01ʐ'0+'


W H O
X O 3 R F ] W \ * G D Ć V N L H M D . V L Û J D U Q L D L Q W H U Q H W R Z D ' ] L D Ą K D Q G O R Z \ 'ZXVWURQQD NRORURZD SODQV]D GRW\F]ÇFD PQRľHQLD Z ]DNUHVLH ]DZLHUD
VXJHVW\ZQH REMDĝQLHQLD ']LHFNR PRľH GRFHQLÉ ľH PQRľHQLH MHVW Z\JRGQLHMV]H QLľ
F]DVRFKĄRQQH GRGDZDQLH ľH MHVW SU]HPLHQQH RUD] ľH WR FR SRZLQQR ]DSDPLÛWDÉ PRľH
:D U V ] D Z D W H O I D N V VSUDZG]LÉ OLF]ÇF NXONL ORGµZ OXE F]HNRODGNL 7D ̺VĄRGND̹ SODQV]D Z\MDĝQLD WHľ MDN
E L X U R K D Q G O R Z H #G H PD U W F R P S O
W H O K W W S V N O H S S R O V N D Q L H ] Z \ N O D S O NRU]\VWDÉ ] WDEOLF]NL PQRľHQLD F]\OL PDFLHU]\ NWµUD EÛG]LH PX F]ÛVWR WRZDU]\V]\ĄD
I D N V V N O H S #S R O V N D Q L H ] Z \ N O D S O Z GDOV]HM HGXNDFML
H PD L O L Q I R #G H PD U W F R P S O

<#)#&-+

V VQ UGTKC MUKȤʑGM TQ\DWF\CLȤEC EKGMCYQɮȦ ɮYKCVC 7E\ȤEC Y PKGMQPYGPELQPCNP[ URQUȕD E\[NK RQRT\G\ QFRQYKGF\K PC TȕʑPG
R[VCPKC E\CUCOK \CFCYCPG RT\GYTQVPKG C E\CUCOK URTCYKCLȤEG YTCʑGPKG DCPCNP[EJ 6[OE\CUGO Y QFRQYKGF\KCEJ RQLCYKCLȤ
UKȶ PCYGV WUVCNGPKC PCWMQYG \ QUVCVPKEJ NCV RT\GMC\CPG PCRTCYFȶ RT\[UVȶRP[O Lȶ\[MKGO -UKȤʑMK UȤ DQICVQ KNWUVTQYCPG
\FLȶEKCOK T[UWPMCOK UEJGOCVCOK K OCRCOK <CYU\G \CYKGTCLȤ R[VCPKC QFPQU\ȤEG UKȶ FQ PCU\GIQ MTCLW NWD FQMQPCɛ 2QNCMȕY
IF[ʑ UVYQT\[NK LG RQNUE[ CWVQT\[ 0C UGTKȶ UMCFCLȤ UKȶ \CICFMK RT\[TQFPKE\G K OW\[E\PG RT\G\PCE\QPG FNC F\KGEK \G U\MQ[
RQFUVCYQYGL QTC\ ƒ\QFUVCYQYGL QTC\ ƒ\[E\PG EJGOKE\PG OCVGOCV[E\PG IGQITCƒE\PG JKUVQT[E\PG K URQTVQYG FNC OQF\KGʑ[ UVCTU\GL
R

<CICFMK RT\[TQFPKE\G

^ #WVQT ,CEGM 2CYG %[ICP ^ )RUPDW [ PP ^ .KE\DC UVTQP
:\GDZQLFWZR 'HPDUW 6$ G]LDĄD QD U\QNX MXľ RG ODW 6SHFMDOL]XMH VLÛ Z SXEOLNDFMDFK %LRORJLD MHVW G]LHG]LQÇ EOLVNÇ QDP ZV]\VWNLP 2EFXMHP\ ] QLÇ QD FR G]LHĆ FKRFLDľ 7DNľH SRGF]DV
JRWRZDQLD VSU]ÇWDQLD Z GURG]H GR V]NRĄ\ F]\ SUDF\ 2 W\P ľH VÇ WDNľH LQQL PLHV]NDĆF\ QDV]HJR GRPX
NDUWRJUDILF]Q\FK WXU\VW\F]Q\FK KLVWRU\F]Q\FK L V]NROQ\FK : QDV]HM UHGDNFML SRZVWDĄ\ ĝZLDGF]\ FKRFLDľE\ SDMÛF]\QD Z URJX SRNRMX =LHPLD MHVW ]GRPLQRZDQD SU]H] OXG]L $OH ERJDFWZR ĝZLDWD
DXWRUVNLH PDS\ DWODV\ L NVLÇľNL HGXNDF\MQH .RQVXOWXMHP\ MH ] IDFKRZFDPL GEDP\ Rľ\ZLRQHJR MHVW RJURPQH 3RPLPR QLHXVWDQQHJR SRVWÛSX WHFKQLNL L EDGDĆ QDXNRZ\FK QDGDO QLH XPLHP\
R HNVSRQRZDQLH SROVNLFK GRNRQDĆ XVWDOLÉ OLF]E\ JDWXQNµZ ]DPLHV]NXMÇF\FK QDV]Ç SODQHWÛ 3R]QDZDQLH ZDUWR UR]SRF]ÇÉ RG QDMEOLľV]HJR
RWRF]HQLD F]\OL RG URĝOLQ L ]ZLHU]ÇW ]DPLHV]NXMÇF\FK QDV]H ĄÇNL ODV\ SROD U]HNL L MH]LRUD : W\P ̰
L Z SR]QDQLX JDWXQNµZ ľ\MÇF\FK GDOHNR ̰ SRPRľH WD NVLÇľND = QLHM WDNľH PRľQD VLÛ ZLHOH GRZLHG]LHÉ
R QDV VDP QDV VDP\FK ̰ R JDWXQNX OXG]NLP
7\P UD]HP SURSRQXMHP\ 3DĆVWZX NVLÇľNL PDS\ L SRGNĄDGNL UR]EXG]DMÇFH FLHNDZRĝÉ R
L SURPXMÇFH DNW\ZQRĝÉ ZĝUµG G]LHFL L PĄRG]LHľ\ RUD] SODQV]H NWµUH ̰ PDP\ QDG]LHMÛ ̰
SRPRJÇ Z SRNRQDQLX SHZQ\FK WUXGQRĝFL XF]QLRP SLHUZV]\FK NODV V]NRĄ\ SRGVWDZRZHM <CICFMK OW\[E\PG

^ #WVQT ,QCPPC 1NE\[M ^ )RUPDW [ PP ^ .KE\DC UVTQP
= 0X]\NÇ PRľH E\É ZV]\VWNR : V]XPLH RWDF]DMÇF\FK QDV ]HZV]ÇG GļZLÛNµZ SU]HVWDOLĝP\ MXľ QD QLH
=HVSµĄ UHGDNF\MQ\ 'HPDUW 6$
UHDJRZDÉ =RERMÛWQLHOLĝP\ QDZHW QD SLÛNQH EU]PLHQLD 0X]\NL RF]\ZLĝFLH QDMOHSLHM VĄXFKDÉ DOH ZDUWR WHľ
R QLHM PµZLÉ L SR]QDZDÉ MHM NRU]HQLH VW\OH WZµUFµZ RUD] LFK LQVSLUDFMH 7HPX ZĄDĝQLH VĄXľ\ SLÛNQLH
]LOXVWURZDQ\ ]ELµU ]DJDGHN PX]\F]Q\FK


&\KGEK IQVWLȤ 9KGNMC MUKȶIC RT\GRKUȕY

^ #WVQT #IPKGU\MC )ȕTUMC
+NWUVTCELG /CTKCPPC 1MNGLCM ^ .KE\DC UVTQP
.UHDW\ZQH G]LDĄDQLH L QDXND SRSU]H] ]DEDZÛ MHVW RG GDZQD
VSUDZG]RQ\P SRP\VĄHP ']LHFL JRWXMÇ :LHOND NVLÛJD SU]HSLVµZ
WR SURSR]\FMD ZVSµOQHJR URG]LQQHJR VSÛG]DQLD F]DVX
JZDUDQWXMÇFD GREUÇ ]DEDZÛ VPDF]QH GDQLD D SU]\ RND]ML̿
XF]ÇFD SODQRZDQLD L RUJDQL]DFML
2.#05<' '&7-#%;,0'
VRT\G\PCE\QPG UȤ FNC WE\PKȕY MNCU 2QOQIȤ Y \TQ\WOKGPKW \CICFPKGɛ E\ȶUVQ URTCYKCLȤE[EJ F\KGEKQO MQRQV[ <CYKGTCLȤ
\CTȕYPQ QDTC\QYQ RT\GMC\CPG KPHQTOCELG LCM K \CFCPKC MVȕTG WE\Gɛ OQʑG Y[MQPCȦ UCOQF\KGNPKG &\KȶMK RQMT[EKW HQNKȤ RQ
RNCPU\CEJ OQʑPC RKUCȦ RKUCMKGO C PCUVȶRPKG WUWYCȦ VG \CRKUMK
)RUPDW L SDUDPHWU\ WHFKQLF]QH [ PP GZXVWURQQLH NRORURZH L IROLRZDQH RSUDZLRQH Z PHWDORZH OLVWHZNL ] ]DZLHV]NÇ



2NCPU\C <')#4


1D GZXVWURQQHM NRORURZHM SODQV]\ ]QDMGXMH VLÛ WDUF]D ]HJDURZD GR NWµUHM GRĄÇF]RQR
UXFKRPH ZVND]µZNL : SURVW\ VSRVµE PRFXMH VLÛ MH ]DFLVNLHP 6ĄXľÇ GR SUDNW\F]Q\FK
ÉZLF]HĆ SRVĄXJLZDQLD VLÛ ]HJDUHP ']LHFNR PRľH RGF]\WDÉ XVWDZLRQÇ JRG]LQÛ OXE
EO N
XVWDZLÉ ZVND]µZNL WDN E\ ZVND]\ZDĄ\ NRQNUHWQ\ F]DV 2SUµF] WHJR QD SODQV]\ VÇ
Y Y YFO CVQ R Z SRG]LDOH QD SU]HGSRĄXGQLRZH L SRSRĄXGQLRZH RUD] ZLHOH SUDNW\F]Q\FK ]DGDĆ
T
Z\MDĝQLHQLD GRW\F]ÇFH SRGVWDZRZ\FK HOHPHQWµZ ]HJDUD RGF]\WX PLQXW L JRG]LQ ̰
G

2NCPU\C /01ʐ'0+'


W H O
X O 3 R F ] W \ * G D Ć V N L H M D . V L Û J D U Q L D L Q W H U Q H W R Z D ' ] L D Ą K D Q G O R Z \ 'ZXVWURQQD NRORURZD SODQV]D GRW\F]ÇFD PQRľHQLD Z ]DNUHVLH ]DZLHUD
VXJHVW\ZQH REMDĝQLHQLD ']LHFNR PRľH GRFHQLÉ ľH PQRľHQLH MHVW Z\JRGQLHMV]H QLľ
F]DVRFKĄRQQH GRGDZDQLH ľH MHVW SU]HPLHQQH RUD] ľH WR FR SRZLQQR ]DSDPLÛWDÉ PRľH
:D U V ] D Z D W H O I D N V VSUDZG]LÉ OLF]ÇF NXONL ORGµZ OXE F]HNRODGNL 7D ̺VĄRGND̹ SODQV]D Z\MDĝQLD WHľ MDN
E L X U R K D Q G O R Z H #G H PD U W F R P S O
W H O K W W S V N O H S S R O V N D Q L H ] Z \ N O D S O NRU]\VWDÉ ] WDEOLF]NL PQRľHQLD F]\OL PDFLHU]\ NWµUD EÛG]LH PX F]ÛVWR WRZDU]\V]\ĄD
I D N V V N O H S #S R O V N D Q L H ] Z \ N O D S O Z GDOV]HM HGXNDFML
H PD L O L Q I R #G H PD U W F R P S O

21&-Œ#&-+ )'1)4#(+%<0' /#2; 21&4ȵ%<0'
ȤE\Ȥ GUVGV[Mȶ K VTYCQɮȦ Y[MQPCPKC \ PKGYȤVRNKY[OK YCNQTCOK GFWMCE[LP[OK %\ȶUV[ MQPVCMV Y\TQMQY[ \CRGYPKC OKOQYQNPG OQIȤ D[Ȧ RQOQEPG Y PCWEG Q ɮYKGEKG K 2QNUEG FNC F\KGEK K OQF\KGʑ[ 2T\GFUVCYKCLȤ WMU\VCVQYCPKG RQYKGT\EJPK RQF\KC[
\CRCOKȶVCPKG RT\GUVT\GPPGIQ TQ\OKGU\E\GPKC MTCLȕY PC ɮYKGEKG K Y 'WTQRKG QTC\ TȕʑP[EJ QDKGMVȕY IGQITCƒE\P[EJ Y 2QNUEG CFOKPKUVTCE[LPG K RQNKV[E\PG CVTCMELG VWT[UV[E\PG K JKUVQTKȶ PCU\GIQ MTCLW &\KȶMK RQMT[EKW HQNKȤ RQ RNCPU\CEJ OQʑPC RKUCȦ
-QORNGV VYQT\Ȥ RTQHGULQPCNPG OCR[ 2QNUMK 'WTQR[ K ɮYKCVC RKUCMKGO C PCUVȶRPKG WUWYCȦ VG \CRKUMK
)RUPDW L SDUDPHWU\ WHFKQLF]QH [ PP ZLHU]FK ̳ WZDUGD IROLD VSµG ̳ DQW\SRĝOL]JRZD V]DUD VSLHQLRQD IROLD R JUXERĝFL PP )RUPDW L SDUDPHWU\ WHFKQLF]QH [ PP GZXVWURQQLH NRORURZH L IROLRZDQH RSUDZLRQH Z PHWDORZH OLVWHZNL ] ]DZLHV]NÇ


/CRC RQFTȶE\PC 2QNUMK ,70+14
2QFMCFMC 21.5-#

1D GZXVWURQQHM NRORURZHM PDSLH SU]H]QDF]RQHM GOD G]LHFL Z ZLHNX ODW
*ĄµZQ\P HOHPHQWHP SRGNĄDGNL MHVW PDSD IL]\F]QD 3ROVNL Z\NRQDQD Z VNDOL ]QDMGXMÇ VLÛ
b 1D MHM SRGVWDZLH PRľQD SR]QDÉ JĄµZQH NUDLQ\ JHRJUDILF]QH ̰ VDPRFKRGRZD PDSD 3ROVNL Z\NRQDQD Z VNDOL b b ] DWUDNFMDPL
U]HNL MH]LRUD V]F]\W\ RUD] SU]HĝOHG]LÉ SU]HELHJ JUDQLF OÇGRZ\FK L PRUVNLFK WXU\VW\F]Q\PL ]D]QDF]RQ\PL ]D SRPRFÇ NRORURZ\FK REUD]NµZ
QDV]HJR NUDMX (OHPHQW\ X]XSHĄQLDMÇFH VWDQRZLÇ PDSD SRG]LDĄX ̰ REUD]NRZH SODQ\ WXU\VW\F]Q\FK FHQWUµZ :DUV]DZ\ L .UDNRZD
DGPLQLVWUDF\MQHJR RUD] LQIRUPDFMH R SROVNLFK UHNRUGDFK WDNLFK MDN ] SURSR]\FMDPL VSDFHUµZ L RSLVDPL RELHNWµZ QD WUDVLH 1D GUXJLHM VWURQLH VÇ
QDMZ\ľV]H V]F]\W\ Z SRV]F]HJµOQ\FK SDVPDFK QDMGĄXľV]H U]HNL QDMZLÛNV]H ̰ PDSD IL]\F]QD 3ROVNL REUD]XMÇFD XNV]WDĄWRZDQLH SRZLHU]FKQL
L QDMJĄÛEV]H MH]LRUD LWS 7R ]QDNRPLWD SRPRF Z QDXFH JHRJUDILL QDV]HJR ̰ ̰ SLÛNQ\ U\VXQHN SLÛWURZRĝFL Z JµUDFK RUD] IRWRJUDILH FKDUDNWHU\VW\F]Q\FK
N
NUDMX UDMX NUDMREUD]µZ L Z\ND] SROVNLFK UHNRUGµZ JHRJUDILF]Q\FK



2QFMCFMC '7412# /CRC RQFTȶE\PC *+5614+# 21.5-+


0DSLH ] SRG]LDĄHP SROLW\F]Q\P (XURS\ Z VNDOL b WRZDU]\V]Ç 0DSD MHVW SU]\GDWQD Z QDXFH KLVWRULL 1D MHGQHM VWURQLH ]QDMGXMÇ VLÛ F]WHU\
PDS\ 3ROVNL JĄµZQD SU]HGVWDZLD SRG]LDĄ DGPLQLVWUDF\MQ\ ,, 5]HF]SRVSROLWHM
V\PEROH ZV]\VWNLFK HXURSHMVNLFK SDĆVWZ IODJL L KHUE\ RUD] LQIRUPDFMH R LFK Z URNX D WU]\ SRERF]QH V\WXDFMÛ SROLW\F]QÇ L ]PLDQ\ WHU\WRULDOQH
SRZLHU]FKQL L OLF]ELH OXGQRĝFL 3RGNĄDGND ] WDNÇ WUHĝFLÇ SRPRľH Z GRELH 3LDVWµZ -DJLHOORQµZ L UR]ELRUµZ
Z ]DSDPLÛWDQLX QD]Z NUDMµZ L LFK VWROLF 8WUZDOD REUD] UR]PLHV]F]HQLD QD
NRQW\QHQFLH SRV]F]HJµOQ\FK SDĆVWZ LFK VÇVLHG]WZD ] LQQ\PL SDĆVWZDPL 1D GUXJLHM VWURQLH SRND]DQ\ MHVW REV]DU QDV]HJR NUDMX Z UµľQ\FK ZDľQ\FK
LFK GRVWÛSQRĝÉ ̰ OXE MHM EUDN ̰ GR PRU]D OXE RFHDQX 3RND]XMH WHľ UHODFMÛ PRPHQWDFK KLVWRU\F]Q\FK QD SU]HVWU]HQL ZLHNµZ Z RGQLHVLHQLX GR JUDQLF
ZLHONRĝFL SRZLHU]FKQL NUDMµZ ZVSµĄF]HVQ\FK




2QFMCFMC ɭ9+#6

/CRC RQFTȶE\PC 2QNUMC
0DSD ĝZLDWD ] SRG]LDĄHP SROLW\F]Q\P MHVW Z\NRQDQD Z VNDOL b
3RG IODJDPL ZV]\VWNLFK SDĆVWZ VÇ LQIRUPDFMH R LFK SRZLHU]FKQL L OLF]ELH
OXGQRĝFL 7R ĝZLHWQD SRPRF Z RSDQRZDQLX QD]Z SDĆVWZ L LFK VWROLF ] *ĄµZQH PDS\ ̰ IL]\F]QD ] MHGQHM VWURQ\ D DGPLQLVWUDF\MQD ] GUXJLHM ̰ ]RVWDĄ\
Z\V]F]HJµOQLHQLHP QD MDNLP VÇ SRĄRľRQH NRQW\QHQFLH ]DSDPLÛWDQLX UHODFML Z\NRQDQH Z VNDOL b 2SUµF] V]F]HJµĄRZHJR EDUZQHJR REUD]X
ZLHONRĝFL L SRĄRľHQLD GDQHJR NUDMX Z]JOÛGHP LQQ\FK RUD] Z RGQLHVLHQLX GR XNV]WDĄWRZDQLD SRZLHU]FKQL PDSD IL]\F]QD ]DZLHUD VLHÉ U]HF]QÇ L MH]LRUD
PµU] L RFHDQµZ 'RGDWNRZR WDND PDSD SR]ZDOD SU]\SRU]ÇGNRZDÉ RSLV\ NUDLQ JHRJUDILF]Q\FK ZV]\VWNLH PLDVWD L GXľÇ OLF]EÛ ZVL JPLQQ\FK
ZDľQLHMV]H Z\VS\ L DUFKLSHODJL GR DGPLQLVWUXMÇF\FK MH SDĆVWZ D D WDNľH DNWXDOQÇ VLHÉ GUµJ L NROHLbRUD] JUDQLFH SDĆVWZ L ZRMHZµG]WZ
8PLHV]F]RQD QD RGZURFLH PDSD DGPLQLVWUDF\MQD Z F]\WHOQ\ VSRVµE
SU]HGVWDZLD ZV]\VWNLH SRZLDW\ QDWRPLDVW NRORURZH SODP\ SR]ZDODMÇ QD
ɭEKGPPC OCRC Ť 2QNUMC PKG\Y[MC V]\ENLH RSDQRZDQLH SU]HVWU]HQQHJR UR]PLHV]F]HQLD ZRMHZµG]WZ Z 3ROVFH
0DS\ Z PQLHMV]HM VNDOL SRND]XMÇ VNDUE\ NXOWXU\ L SU]\URG\ RUD] SRSU]HGQLH
^ (QTOCV Z OO SRG]LDĄ\ DGPLQLVWUDF\MQH
1RTCYC /CRC HQNKQYCPC \ YCMCOK K \CYKGU\MȤ U\PWTMQYȤ
:LHONRIRUPDWRZD ĝFLHQQD PDSD 3ROVND QLH]Z\NĄD Z\NRQDQD
Z VNDOL b MHVW SU]\MD]QD L ]UR]XPLDĄD GOD PĄRGHJR
F]\WHOQLND Z ZLHNX ODW 0D Z]EXG]LÉ MHJR ]DLQWHUHVRZDQLH
QDV]\P NUDMHP =DZLHUD ZLHOH DWUDNFML WXU\VW\F]Q\FK
SU]HGVWDZLRQ\FK Z IRUPLH NRORURZ\FK U\VXQNµZ Z W\P /CRC RQFTȶE\PC ɭ9+#6
QDMFHQQLHMV]H ]DE\WNL L SDUNL QDURGRZH =RVWDĄD Z\NRQDQD
] ] GXľÇ GEDĄRĝFLÇ R ZLHUQRĝÉ ORNDOL]DFML RELHNWµZ 5]HNL ODV\
PLDVWD Lb SURZDG]ÇFH GR QLFK NROHMH L JĄµZQH GURJL SRND]DQR EH] 0DS\ ĝZLDWD IL]\F]QD L SROLW\F]QD ]RVWDĄ\ Z\NRQDQH Z VNDOL
LQIDQW\OQ\FK XSURV]HĆ 1D SRGVWDZLH PDS\ PĄRG\ F]ĄRZLHN 3U]HMU]\VWHPX REUD]RZL XNV]WDĄWRZDQLD OÇGµZ L RFHDQµZ WRZDU]\V]Ç WDNLH
PRľH RV]DFRZDÉ RGOHJĄRĝÉ SRPLÛG]\ PLHMVFRZRĝFLDPL ̰ HOHPHQW\ WUHĝFL MDN JĄµZQD VLHÉ U]HF]QD L QDMZDľQLHMV]H MH]LRUD RSLV\
F]HPX VĄXľ\ RGSRZLHGQLR REMDĝQLRQD SRG]LDĄND F]\ WHľ ZDľQLHMV]\FK NUDLQ JHRJUDILF]Q\FK Z\VS SµĄZ\VSµZ PµU] EDVHQµZ
]DSODQRZDÉ WUDVÛ SRGUµľ\ GR RNUHĝORQHJR PLHMVFD Z\ELHUDMÇF L JU]ELHWµZ RFHDQLF]Q\FK 6WROLFH SDĆVWZ RUD] ZLHONLH PLDVWD D WDNľHbJUDQLFH
JĄµZQH GURJL R]QDF]RQH QXPHUDPL 3R]D PDSÇ SU]HGVWDZLRQR NUDMµZ L WHU\WRULµZ ]DOHľQ\FK GRSHĄQLDMÇ REUD] ZVSµĄF]HVQHJR ĝZLDWD
ZV]\VWNLHV]\VWNLH SROVNLH RELHNW\ ZSLVDQH QD OLVWÛ ĝZLDWRZHJR
Z 1D RGZURFLH NRORUDPL ]D]QDF]RQR REV]DU\ SDĆVWZ L SRGSLVDQR LFK VWROLFH
G]LHG]LFWZD 81(6&2 D D WDNľH SU]HGVWDZLRQR JĄµZQH RUJDQL]DFMH SROLW\F]QH L JRVSRGDUF]H
QD ĝZLHFLH


Y Y Y F G O C T V E Q O R N

21&-Œ#&-+ )'1)4#(+%<0' /#2; 21&4ȵ%<0'
ȤE\Ȥ GUVGV[Mȶ K VTYCQɮȦ Y[MQPCPKC \ PKGYȤVRNKY[OK YCNQTCOK GFWMCE[LP[OK %\ȶUV[ MQPVCMV Y\TQMQY[ \CRGYPKC OKOQYQNPG OQIȤ D[Ȧ RQOQEPG Y PCWEG Q ɮYKGEKG K 2QNUEG FNC F\KGEK K OQF\KGʑ[ 2T\GFUVCYKCLȤ WMU\VCVQYCPKG RQYKGT\EJPK RQF\KC[
\CRCOKȶVCPKG RT\GUVT\GPPGIQ TQ\OKGU\E\GPKC MTCLȕY PC ɮYKGEKG K Y 'WTQRKG QTC\ TȕʑP[EJ QDKGMVȕY IGQITCƒE\P[EJ Y 2QNUEG CFOKPKUVTCE[LPG K RQNKV[E\PG CVTCMELG VWT[UV[E\PG K JKUVQTKȶ PCU\GIQ MTCLW &\KȶMK RQMT[EKW HQNKȤ RQ RNCPU\CEJ OQʑPC RKUCȦ
-QORNGV VYQT\Ȥ RTQHGULQPCNPG OCR[ 2QNUMK 'WTQR[ K ɮYKCVC RKUCMKGO C PCUVȶRPKG WUWYCȦ VG \CRKUMK
)RUPDW L SDUDPHWU\ WHFKQLF]QH [ PP ZLHU]FK ̳ WZDUGD IROLD VSµG ̳ DQW\SRĝOL]JRZD V]DUD VSLHQLRQD IROLD R JUXERĝFL PP )RUPDW L SDUDPHWU\ WHFKQLF]QH [ PP GZXVWURQQLH NRORURZH L IROLRZDQH RSUDZLRQH Z PHWDORZH OLVWHZNL ] ]DZLHV]NÇ


/CRC RQFTȶE\PC 2QNUMK ,70+14
2QFMCFMC 21.5-#

1D GZXVWURQQHM NRORURZHM PDSLH SU]H]QDF]RQHM GOD G]LHFL Z ZLHNX ODW
*ĄµZQ\P HOHPHQWHP SRGNĄDGNL MHVW PDSD IL]\F]QD 3ROVNL Z\NRQDQD Z VNDOL ]QDMGXMÇ VLÛ
b 1D MHM SRGVWDZLH PRľQD SR]QDÉ JĄµZQH NUDLQ\ JHRJUDILF]QH ̰ VDPRFKRGRZD PDSD 3ROVNL Z\NRQDQD Z VNDOL b b ] DWUDNFMDPL
U]HNL MH]LRUD V]F]\W\ RUD] SU]HĝOHG]LÉ SU]HELHJ JUDQLF OÇGRZ\FK L PRUVNLFK WXU\VW\F]Q\PL ]D]QDF]RQ\PL ]D SRPRFÇ NRORURZ\FK REUD]NµZ
QDV]HJR NUDMX (OHPHQW\ X]XSHĄQLDMÇFH VWDQRZLÇ PDSD SRG]LDĄX ̰ REUD]NRZH SODQ\ WXU\VW\F]Q\FK FHQWUµZ :DUV]DZ\ L .UDNRZD
DGPLQLVWUDF\MQHJR RUD] LQIRUPDFMH R SROVNLFK UHNRUGDFK WDNLFK MDN ] SURSR]\FMDPL VSDFHUµZ L RSLVDPL RELHNWµZ QD WUDVLH 1D GUXJLHM VWURQLH VÇ
QDMZ\ľV]H V]F]\W\ Z SRV]F]HJµOQ\FK SDVPDFK QDMGĄXľV]H U]HNL QDMZLÛNV]H ̰ PDSD IL]\F]QD 3ROVNL REUD]XMÇFD XNV]WDĄWRZDQLH SRZLHU]FKQL
L QDMJĄÛEV]H MH]LRUD LWS 7R ]QDNRPLWD SRPRF Z QDXFH JHRJUDILL QDV]HJR ̰ ̰ SLÛNQ\ U\VXQHN SLÛWURZRĝFL Z JµUDFK RUD] IRWRJUDILH FKDUDNWHU\VW\F]Q\FK
NUDMX UDMX NUDMREUD]µZ L Z\ND] SROVNLFK UHNRUGµZ JHRJUDILF]Q\FK
N



2QFMCFMC '7412# /CRC RQFTȶE\PC *+5614+# 21.5-+


0DSLH ] SRG]LDĄHP SROLW\F]Q\P (XURS\ Z VNDOL b WRZDU]\V]Ç 0DSD MHVW SU]\GDWQD Z QDXFH KLVWRULL 1D MHGQHM VWURQLH ]QDMGXMÇ VLÛ F]WHU\
PDS\ 3ROVNL JĄµZQD SU]HGVWDZLD SRG]LDĄ DGPLQLVWUDF\MQ\ ,, 5]HF]SRVSROLWHM
V\PEROH ZV]\VWNLFK HXURSHMVNLFK SDĆVWZ IODJL L KHUE\ RUD] LQIRUPDFMH R LFK Z URNX D WU]\ SRERF]QH V\WXDFMÛ SROLW\F]QÇ L ]PLDQ\ WHU\WRULDOQH
SRZLHU]FKQL L OLF]ELH OXGQRĝFL 3RGNĄDGND ] WDNÇ WUHĝFLÇ SRPRľH Z GRELH 3LDVWµZ -DJLHOORQµZ L UR]ELRUµZ
Z ]DSDPLÛWDQLX QD]Z NUDMµZ L LFK VWROLF 8WUZDOD REUD] UR]PLHV]F]HQLD QD
NRQW\QHQFLH SRV]F]HJµOQ\FK SDĆVWZ LFK VÇVLHG]WZD ] LQQ\PL SDĆVWZDPL 1D GUXJLHM VWURQLH SRND]DQ\ MHVW REV]DU QDV]HJR NUDMX Z UµľQ\FK ZDľQ\FK
LFK GRVWÛSQRĝÉ ̰ OXE MHM EUDN ̰ GR PRU]D OXE RFHDQX 3RND]XMH WHľ UHODFMÛ PRPHQWDFK KLVWRU\F]Q\FK QD SU]HVWU]HQL ZLHNµZ Z RGQLHVLHQLX GR JUDQLF
ZLHONRĝFL SRZLHU]FKQL NUDMµZ ZVSµĄF]HVQ\FK




2QFMCFMC ɭ9+#6

/CRC RQFTȶE\PC 2QNUMC
0DSD ĝZLDWD ] SRG]LDĄHP SROLW\F]Q\P MHVW Z\NRQDQD Z VNDOL b
3RG IODJDPL ZV]\VWNLFK SDĆVWZ VÇ LQIRUPDFMH R LFK SRZLHU]FKQL L OLF]ELH
OXGQRĝFL 7R ĝZLHWQD SRPRF Z RSDQRZDQLX QD]Z SDĆVWZ L LFK VWROLF ] *ĄµZQH PDS\ ̰ IL]\F]QD ] MHGQHM VWURQ\ D DGPLQLVWUDF\MQD ] GUXJLHM ̰ ]RVWDĄ\
Z\V]F]HJµOQLHQLHP QD MDNLP VÇ SRĄRľRQH NRQW\QHQFLH ]DSDPLÛWDQLX UHODFML Z\NRQDQH Z VNDOL b 2SUµF] V]F]HJµĄRZHJR EDUZQHJR REUD]X
ZLHONRĝFL L SRĄRľHQLD GDQHJR NUDMX Z]JOÛGHP LQQ\FK RUD] Z RGQLHVLHQLX GR XNV]WDĄWRZDQLD SRZLHU]FKQL PDSD IL]\F]QD ]DZLHUD VLHÉ U]HF]QÇ L MH]LRUD
PµU] L RFHDQµZ 'RGDWNRZR WDND PDSD SR]ZDOD SU]\SRU]ÇGNRZDÉ RSLV\ NUDLQ JHRJUDILF]Q\FK ZV]\VWNLH PLDVWD L GXľÇ OLF]EÛ ZVL JPLQQ\FK
ZDľQLHMV]H Z\VS\ L DUFKLSHODJL GR DGPLQLVWUXMÇF\FK MH SDĆVWZ D D WDNľH DNWXDOQÇ VLHÉ GUµJ L NROHLbRUD] JUDQLFH SDĆVWZ L ZRMHZµG]WZ
8PLHV]F]RQD QD RGZURFLH PDSD DGPLQLVWUDF\MQD Z F]\WHOQ\ VSRVµE
SU]HGVWDZLD ZV]\VWNLH SRZLDW\ QDWRPLDVW NRORURZH SODP\ SR]ZDODMÇ QD
ɭEKGPPC OCRC Ť 2QNUMC PKG\Y[MC V]\ENLH RSDQRZDQLH SU]HVWU]HQQHJR UR]PLHV]F]HQLD ZRMHZµG]WZ Z 3ROVFH
0DS\ Z PQLHMV]HM VNDOL SRND]XMÇ VNDUE\ NXOWXU\ L SU]\URG\ RUD] SRSU]HGQLH
^ (QTOCV Z OO SRG]LDĄ\ DGPLQLVWUDF\MQH
1RTCYC /CRC HQNKQYCPC \ YCMCOK K \CYKGU\MȤ U\PWTMQYȤ
:LHONRIRUPDWRZD ĝFLHQQD PDSD 3ROVND QLH]Z\NĄD Z\NRQDQD
Z VNDOL b MHVW SU]\MD]QD L ]UR]XPLDĄD GOD PĄRGHJR
F]\WHOQLND Z ZLHNX ODW 0D Z]EXG]LÉ MHJR ]DLQWHUHVRZDQLH
QDV]\P NUDMHP =DZLHUD ZLHOH DWUDNFML WXU\VW\F]Q\FK
SU]HGVWDZLRQ\FK Z IRUPLH NRORURZ\FK U\VXQNµZ Z W\P /CRC RQFTȶE\PC ɭ9+#6
QDMFHQQLHMV]H ]DE\WNL L SDUNL QDURGRZH =RVWDĄD Z\NRQDQD
] ] GXľÇ GEDĄRĝFLÇ R ZLHUQRĝÉ ORNDOL]DFML RELHNWµZ 5]HNL ODV\
PLDVWD Lb SURZDG]ÇFH GR QLFK NROHMH L JĄµZQH GURJL SRND]DQR EH] 0DS\ ĝZLDWD IL]\F]QD L SROLW\F]QD ]RVWDĄ\ Z\NRQDQH Z VNDOL
LQIDQW\OQ\FK XSURV]HĆ 1D SRGVWDZLH PDS\ PĄRG\ F]ĄRZLHN 3U]HMU]\VWHPX REUD]RZL XNV]WDĄWRZDQLD OÇGµZ L RFHDQµZ WRZDU]\V]Ç WDNLH
PRľH RV]DFRZDÉ RGOHJĄRĝÉ SRPLÛG]\ PLHMVFRZRĝFLDPL ̰ HOHPHQW\ WUHĝFL MDN JĄµZQD VLHÉ U]HF]QD L QDMZDľQLHMV]H MH]LRUD RSLV\
F]HPX VĄXľ\ RGSRZLHGQLR REMDĝQLRQD SRG]LDĄND F]\ WHľ ZDľQLHMV]\FK NUDLQ JHRJUDILF]Q\FK Z\VS SµĄZ\VSµZ PµU] EDVHQµZ
]DSODQRZDÉ WUDVÛ SRGUµľ\ GR RNUHĝORQHJR PLHMVFD Z\ELHUDMÇF L JU]ELHWµZ RFHDQLF]Q\FK 6WROLFH SDĆVWZ RUD] ZLHONLH PLDVWD D WDNľHbJUDQLFH
JĄµZQH GURJL R]QDF]RQH QXPHUDPL 3R]D PDSÇ SU]HGVWDZLRQR NUDMµZ L WHU\WRULµZ ]DOHľQ\FK GRSHĄQLDMÇ REUD] ZVSµĄF]HVQHJR ĝZLDWD
Z
ZV]\VWNLHV]\VWNLH SROVNLH RELHNW\ ZSLVDQH QD OLVWÛ ĝZLDWRZHJR 1D RGZURFLH NRORUDPL ]D]QDF]RQR REV]DU\ SDĆVWZ L SRGSLVDQR LFK VWROLFH
G]LHG]LFWZD 81(6&2 D D WDNľH SU]HGVWDZLRQR JĄµZQH RUJDQL]DFMH SROLW\F]QH L JRVSRGDUF]H
QD ĝZLHFLH


Y Y Y F G O C T V E Q O R N

.IWXIQ TMVEVIQ KVE QIQS

4S^REN H^MOʈ TV^]VSHʚ 0SRHNM QVɹ[OSNEH] VIOMR] QET]
[MIPSV]F] M MRRI
TMʚORMI MPYWXVS[ERI OEVX] +VE TEQMʚGMS[E HPE H^MIGM
M HSVSW]GL >[]GMʚ^Gʈ ^SWXENI KVEG^ OXɹV] ^RENH^MI
RENFEVH^MIN TEWYNʈGI TEV]

'IRE ^







0.0 /ɸOS M /V^]˴]O

; XIN RS[IN KV^I [ OɹOS M OV^]˵]O WXEVEN WMʚ NEO RENW^]FGMIN
YQMI˒GMʊ [ NIHRIN PMRMM X[SNI TMSROM RE W^EGLS[RMG]
4MIV[W^] KVEG^ OXɹVIQY WMʚ XS YHE SXV^]QYNI TGLIOʚ ũ
TYROX 9[EKE [W^]WXOS ^EPI˵] SH XEOX]OM 4EVXMʚ []KV][E
KVEG^ OXɹV] TSWMEHE REN[MʚOW^ʈ MPS˒ʊ TGLIIO ũ TYROXɹ[

'IRE ^


/E˴H] VSH^MG QEV^] EF] NIKS H^MIGOS F]S ^HVS[I W^G^ʙˑPM[I M QʇHVI RMI
TV^IW^OEH^E NIˑPM HS XIKS [W^]WXOMIKS QE HSFV] KYWX

1IQS HSX]OS[I [ [SVIG^OY
9TSHSFERME M TSG^YGMI IWXIX]OM QS˴IQ] OW^XEXS[Eʉ SH QEIKS RMI FI^

^REG^IRME Wʇ [MʙG V^IG^] OXɸVI []FMIVEW^ HPE W[SNIN TSGMIGL] 2MI^[]O] [EVMERX KV] X]TY QIQS TSPIKENʈG] RE
^RENH][ERMY TEV ^E TSQSGʈ HSX]OY ;EPGS[EXI OPSGOM
;W^]WXOMI V^IG^] OXɹVI ^RENH^MIW^ [ REW^]Q WOPITMI []FMIVEPM˒Q] ^I W^G^IKɹPRʈ WXEVERRS˒GMʈ QENʈ Vɹ˵Rʈ TS[MIV^GLRMʚ OXɹVʈ REPI˵] VS^TS^REʊ TEPGEQM
XEO F] WTIRME] REN[E˵RMINW^I OV]XIVME &]] GMIOE[I M [W^IGLWXVSRRMI VS^[MNE] YQMINʚXRS˒GM +VE ^REOSQMGMI VS^[MNE ^Q]W HSX]OY
8[SNIKS H^MIGOE F]] WXEVERRMI []OSRERI ^ HSFV]GL QEXIVMEɹ[ F] MGL HIWMKR F] TV^]NIQR] HPE 'IRE ^
SOE QEPYGLɹ[ M GS REN[E˵RMINW^I F] G^EW WTʚH^SR] [ MGL XS[EV^]WX[MI F] []NʈXOS[]
>ETVEW^EQ]







+VE []ˑGMK 6ETMHMTPI\ G]VO .ERSH

+VE OEVGMERE ']VOS[] []˒GMK JVERGYWOMIN QEVOM
.%23( XS [WTERMEE ^EFE[E HPE H[ɹGL HS G^XIVIGL
SWɹF ũ ^EVɹ[RS H^MIGM NEO M HSVSW]GL
'IRE ^









1IVGM 1EQE YP 8VEOXSVS[E [IN˒GMI SH YP (YʿWOMIN -- TMʚXVS PSOEP RV Q ŽɹH˳ XIP [[[ QIVGMQEQE TP

.IWXIQ TMVEVIQ KVE QIQS

4S^REN H^MOʈ TV^]VSHʚ 0SRHNM QVɹ[OSNEH] VIOMR] QET]
[MIPSV]F] M MRRI
TMʚORMI MPYWXVS[ERI OEVX] +VE TEQMʚGMS[E HPE H^MIGM
M HSVSW]GL >[]GMʚ^Gʈ ^SWXENI KVEG^ OXɹV] ^RENH^MI
RENFEVH^MIN TEWYNʈGI TEV]

'IRE ^







0.0 /ɸOS M /V^]˴]O

; XIN RS[IN KV^I [ OɹOS M OV^]˵]O WXEVEN WMʚ NEO RENW^]FGMIN
YQMI˒GMʊ [ NIHRIN PMRMM X[SNI TMSROM RE W^EGLS[RMG]
4MIV[W^] KVEG^ OXɹVIQY WMʚ XS YHE SXV^]QYNI TGLIOʚ ũ
TYROX 9[EKE [W^]WXOS ^EPI˵] SH XEOX]OM 4EVXMʚ []KV][E
KVEG^ OXɹV] TSWMEHE REN[MʚOW^ʈ MPS˒ʊ TGLIIO ũ TYROXɹ[

'IRE ^


/E˴H] VSH^MG QEV^] EF] NIKS H^MIGOS F]S ^HVS[I W^G^ʙˑPM[I M QʇHVI RMI
TV^IW^OEH^E NIˑPM HS XIKS [W^]WXOMIKS QE HSFV] KYWX

1IQS HSX]OS[I [ [SVIG^OY
9TSHSFERME M TSG^YGMI IWXIX]OM QS˴IQ] OW^XEXS[Eʉ SH QEIKS RMI FI^

^REG^IRME Wʇ [MʙG V^IG^] OXɸVI []FMIVEW^ HPE W[SNIN TSGMIGL] 2MI^[]O] [EVMERX KV] X]TY QIQS TSPIKENʈG] RE
^RENH][ERMY TEV ^E TSQSGʈ HSX]OY ;EPGS[EXI OPSGOM
;W^]WXOMI V^IG^] OXɹVI ^RENH^MIW^ [ REW^]Q WOPITMI []FMIVEPM˒Q] ^I W^G^IKɹPRʈ WXEVERRS˒GMʈ QENʈ Vɹ˵Rʈ TS[MIV^GLRMʚ OXɹVʈ REPI˵] VS^TS^REʊ TEPGEQM
XEO F] WTIRME] REN[E˵RMINW^I OV]XIVME &]] GMIOE[I M [W^IGLWXVSRRMI VS^[MNE] YQMINʚXRS˒GM +VE ^REOSQMGMI VS^[MNE ^Q]W HSX]OY
8[SNIKS H^MIGOE F]] WXEVERRMI []OSRERI ^ HSFV]GL QEXIVMEɹ[ F] MGL HIWMKR F] TV^]NIQR] HPE 'IRE ^
SOE QEPYGLɹ[ M GS REN[E˵RMINW^I F] G^EW WTʚH^SR] [ MGL XS[EV^]WX[MI F] []NʈXOS[]
>ETVEW^EQ]







+VE []ˑGMK 6ETMHMTPI\ G]VO .ERSH

+VE OEVGMERE ']VOS[] []˒GMK JVERGYWOMIN QEVOM
.%23( XS [WTERMEE ^EFE[E HPE H[ɹGL HS G^XIVIGL
SWɹF ũ ^EVɹ[RS H^MIGM NEO M HSVSW]GL
'IRE ^









1IVGM 1EQE YP 8VEOXSVS[E [IN˒GMI SH YP (YʿWOMIN -- TMʚXVS PSOEP RV Q ŽɹH˳ XIP [[[ QIVGMQEQE TP

+VE XS[EV^]WOE GLMʾG^]O +VE (SQMRS 'MVGYW

.EO WMʚ KVE [ GLMʿG^]OE [ ^EWEH^MI OE˵H] GL]FE [MI
4MʚORE KVEJMOE WTVE[ME ˵I NIW^G^I QMPIN WTʚH^E WMʚ VE^IQ ; RMI^[]O]Q G]VOY 0SRHNM VS^FE[Mʈ 'Mʚ HS[GMT] OPEYRE
G^EW +VE YG^] GMIVTPM[S˒GM []XV[ES˒GM V][EPM^EGNM %YKYWXE ^SFEG^]W^ []NʈXOS[IKS WMEG^E M EOVSFEXOM [
Hʈ˵IRME HS []^REG^SRIKS GIPY E XEO˵I TSOE^YNI NEO WMʚ RMIWEQS[MX]GL RYQIVEGL [WTERMEI P[] SVE^
[]KV][E FʈH˳ TV^IKV][E REN[MIOW^IKS RE ˒[MIGMI WSRMEŷ

'IRE ^ 'IRE ^







+VE QEKRIX]G^RE (SQMRS +V] IHYOEG]NRI &MRKM QIQS (SQMRS 1EPM TV^]NEGMIPI

/PEW]G^RE KVE (SQMRS 'ES˒ʊ ^EQORMʚXE NIWX [ QIXEPS[I
TYHIOS (^MʚOM XIQY ˵I TSW^G^IKɹPRI IPIQIRX] KV] Wʈ +V] (SQMRS &MRKS M 1IQS [ NIHR]Q TYHIOY NIHR]Q
QEKRIWEQM KVEʊ QS˵IQ] [ OE˵H]Q QMINWGY )PIQIRX] WS[IQ TIRME W^G^ʚ˒GME
KV] RMI ^KYFMʈ REQ WMʚ E HSHEXOS[S HS KVERME QS˵IQ] &E[GMI WMʚ M KVENGMI ^ W]QTEX]G^R]QM ^[MIV^EOEQM
TS[VɹGMʊ [ OE˵H]Q QSQIRGMI

'IRE ^ 'IRE ^






+VE OEVGMERE >HVS[I SH˴][MERMI ^VʙG^RSˑGMS[E KVE &EHEFSYQ


4-' %77-)88) NIWX XS KVE OEVGMERE XVEOXYNʈGE S SH˵][ERMY VʚG^RS˒GM KVE FEHEFSYQ WOEHE WMʚ ^ QE]GL OYFOɹ[
^ TVSWX]Q TV^IWERMIQ QS˵RE NI˒ʊ [W^]WXOS EPI [ FEVH^S EX[]GL [ QSRXE˵Y M QEIN OSPSVS[IN OYPOM
WTSWɹF ^Vɹ[RS[E˵SR] 'IPIQ NIWX NEO RENW^]FW^I (^MIGM FʚHʈ ^EGL[]GSRI RENTMIV[ FYHYNʈG [MI˵ʚ E TEXIQ
WOSQTSRS[ERMI W[SNIKS QIRY TV^]WXE[OM HERME TVɹFYNʈG WXVʈGMʊ [W^]WXOS ^E TSQSGʈ QEIN OYPM
Kɹ[RIKS HIWIVY M W^OPEROM [SH]
'IRE ^
'IRE ^







4SHSKS[E KVE ;]ˑGMK ːPMQEOM .ERSH
+VE QEKRIX]G^RE (SQ
+VE TSHSKS[E ;]˒GMK JVERGYWOMIN QEVOM .ERSH XS
1EKRIX]G^RE KVE (SQ XS JERXEWX]G^RE ^EFE[E MRRE [WTERMEE ^EFE[E HPE H^MIGM WOEHENʈGE WMʚ ^ TPERW^]
^E OE˵H]Q VE^IQ (^MʚOM WTIGNEPRIN TPERW^] M E˵ ^ TY^^PM S []QMEVEGL \ GQ HVI[RMER]GL
QEKRIWSQ QS˵IGMI STS[MEHEʊ [GMʈ˵ RS[I LMWXSVMI TMSROɹ[ SVE^ H[ɹGL OSWXIO +VE TSPIKE RE HSXEVGMY

HS OSʿGE TPERW^] G^]PM HS TSPE S^REG^SRIKS
'IRE ^
'IRE ^






1IVGM 1EQE YP 8VEOXSVS[E [IN˒GMI SH YP (YʿWOMIN -- TMʚXVS PSOEP RV Q ŽɹH˳ XIP [[[ QIVGMQEQE TP

+VE XS[EV^]WOE GLMʾG^]O +VE (SQMRS 'MVGYW

.EO WMʚ KVE [ GLMʿG^]OE [ ^EWEH^MI OE˵H] GL]FE [MI
4MʚORE KVEJMOE WTVE[ME ˵I NIW^G^I QMPIN WTʚH^E WMʚ VE^IQ ; RMI^[]O]Q G]VOY 0SRHNM VS^FE[Mʈ 'Mʚ HS[GMT] OPEYRE
G^EW +VE YG^] GMIVTPM[S˒GM []XV[ES˒GM V][EPM^EGNM %YKYWXE ^SFEG^]W^ []NʈXOS[IKS WMEG^E M EOVSFEXOM [
Hʈ˵IRME HS []^REG^SRIKS GIPY E XEO˵I TSOE^YNI NEO WMʚ RMIWEQS[MX]GL RYQIVEGL [WTERMEI P[] SVE^
[]KV][E FʈH˳ TV^IKV][E REN[MIOW^IKS RE ˒[MIGMI WSRMEŷ

'IRE ^ 'IRE ^







+VE QEKRIX]G^RE (SQMRS +V] IHYOEG]NRI &MRKM QIQS (SQMRS 1EPM TV^]NEGMIPI

/PEW]G^RE KVE (SQMRS 'ES˒ʊ ^EQORMʚXE NIWX [ QIXEPS[I
TYHIOS (^MʚOM XIQY ˵I TSW^G^IKɹPRI IPIQIRX] KV] Wʈ +V] (SQMRS &MRKS M 1IQS [ NIHR]Q TYHIOY NIHR]Q
QEKRIWEQM KVEʊ QS˵IQ] [ OE˵H]Q QMINWGY )PIQIRX] WS[IQ TIRME W^G^ʚ˒GME
KV] RMI ^KYFMʈ REQ WMʚ E HSHEXOS[S HS KVERME QS˵IQ] &E[GMI WMʚ M KVENGMI ^ W]QTEX]G^R]QM ^[MIV^EOEQM
TS[VɹGMʊ [ OE˵H]Q QSQIRGMI

'IRE ^ 'IRE ^






+VE OEVGMERE >HVS[I SH˴][MERMI ^VʙG^RSˑGMS[E KVE &EHEFSYQ


4-' %77-)88) NIWX XS KVE OEVGMERE XVEOXYNʈGE S SH˵][ERMY VʚG^RS˒GM KVE FEHEFSYQ WOEHE WMʚ ^ QE]GL OYFOɹ[
^ TVSWX]Q TV^IWERMIQ QS˵RE NI˒ʊ [W^]WXOS EPI [ FEVH^S EX[]GL [ QSRXE˵Y M QEIN OSPSVS[IN OYPOM
WTSWɹF ^Vɹ[RS[E˵SR] 'IPIQ NIWX NEO RENW^]FW^I (^MIGM FʚHʈ ^EGL[]GSRI RENTMIV[ FYHYNʈG [MI˵ʚ E TEXIQ
WOSQTSRS[ERMI W[SNIKS QIRY TV^]WXE[OM HERME TVɹFYNʈG WXVʈGMʊ [W^]WXOS ^E TSQSGʈ QEIN OYPM
Kɹ[RIKS HIWIVY M W^OPEROM [SH]
'IRE ^
'IRE ^







4SHSKS[E KVE ;]ˑGMK ːPMQEOM .ERSH
+VE QEKRIX]G^RE (SQ
+VE TSHSKS[E ;]˒GMK JVERGYWOMIN QEVOM .ERSH XS
1EKRIX]G^RE KVE (SQ XS JERXEWX]G^RE ^EFE[E MRRE [WTERMEE ^EFE[E HPE H^MIGM WOEHENʈGE WMʚ ^ TPERW^]
^E OE˵H]Q VE^IQ (^MʚOM WTIGNEPRIN TPERW^] M E˵ ^ TY^^PM S []QMEVEGL \ GQ HVI[RMER]GL
QEKRIWSQ QS˵IGMI STS[MEHEʊ [GMʈ˵ RS[I LMWXSVMI TMSROɹ[ SVE^ H[ɹGL OSWXIO +VE TSPIKE RE HSXEVGMY

HS OSʿGE TPERW^] G^]PM HS TSPE S^REG^SRIKS
'IRE ^
'IRE ^






1IVGM 1EQE YP 8VEOXSVS[E [IN˒GMI SH YP (YʿWOMIN -- TMʚXVS PSOEP RV Q ŽɹH˳ XIP [[[ QIVGMQEQE TP

3ODFH ]DEDZ









-HVWHÐP\ ĆUPÃ ] WUDG\FMDPL G]LDÊDMÃFÃ QD U\QNX RG URNX 3RVLDGDP\ V]HURNÃ
JDPÇ EH]SLHF]Q\FK HGXNDF\MQ\FK ]DEDZHN PHEOL RUD] SODFµZ ]DEDZ

1DV]H SURGXNW\ SRVLDGDMÃ FHUW\ĆNDW\ L DWHVW\ RUD] PLHVLÇF]QÃ JZDUDQFMÇ
:V]\VWNLH XU]ÃG]HQLD GRVWÇSQH VÃ Z Uµ×QRURGQHM JDPLH NRORUµZ L Z]RUµZ

3UDJQLHP\ GRSHÊQLÅ ZV]HONLFK VWDUDÌ DE\ SRQL×V]D RIHUWD GRVWDUF]\ÊD G]LHFLRP MDN
QDMZLÇFHM FLHNDZ\FK L DWUDNF\MQ\FK IRUP ]DEDZ\





























































33+8 ì6=.2É$0,//(1,80ë
=DZLVW\ 1DGEX×QH XO 1XUVND
0DÊNLQLD *µUQD
ELXUR#V]NRODPLOOHQLXP SO WHO
ZZZ V]NRODPLOOHQLXP SO

3ODFH ]DEDZ









-HVWHÐP\ ĆUPÃ ] WUDG\FMDPL G]LDÊDMÃFÃ QD U\QNX RG URNX 3RVLDGDP\ V]HURNÃ
JDPÇ EH]SLHF]Q\FK HGXNDF\MQ\FK ]DEDZHN PHEOL RUD] SODFµZ ]DEDZ

1DV]H SURGXNW\ SRVLDGDMÃ FHUW\ĆNDW\ L DWHVW\ RUD] PLHVLÇF]QÃ JZDUDQFMÇ
:V]\VWNLH XU]ÃG]HQLD GRVWÇSQH VÃ Z Uµ×QRURGQHM JDPLH NRORUµZ L Z]RUµZ

3UDJQLHP\ GRSHÊQLÅ ZV]HONLFK VWDUDÌ DE\ SRQL×V]D RIHUWD GRVWDUF]\ÊD G]LHFLRP MDN
QDMZLÇFHM FLHNDZ\FK L DWUDNF\MQ\FK IRUP ]DEDZ\





























































33+8 ì6=.2É$0,//(1,80ë
=DZLVW\ 1DGEX×QH XO 1XUVND
0DÊNLQLD *µUQD
ELXUR#V]NRODPLOOHQLXP SO WHO
ZZZ V]NRODPLOOHQLXP SO

]
ÇU W 3UDJQLHP\ SU]HGVWDZLÅ 3DÌVWZX QLHNWµUH



Q LZ H ] QDV]\FK OLF]Q\FK UHDOL]DFML
PHEOL

SU]HGV]NROQ\FK L ELXURZ\FK



V×Q RDH










S
:\





















0HEOH Z\NRQXMHP\ SRG Z\PLDU L Z GRZROQHM

NRORU\VW\FH GRVWDUF]DP\ Z FDÊRÐFL

:V]\VWNLH QDV]H PHEOH SRVLDGDMÃ QLH]EÇGQH

FHW\ĆNDW\ L DWHVW\
















6NRPSOHWXM VZµM ]HVWDZ




33+8 ì6=.2É$0,//(1,80ë 7H L R ZLHOH ZLÇFHM PR×QD ]QDOHÕÅ QD
=DZLVW\ 1DGEX×QH XO 1XUVND QDV]HM VWURQLH LQWHUQHWRZHM Z ]DNÊDGFH
0DÊNLQLD *µUQD
ELXUR#V]NRODPLOOHQLXP SO WHO :\SRVD×HQLH

ZZZ V]NRODPLOOHQLXP SO

]
ÇU W 3UDJQLHP\ SU]HGVWDZLÅ 3DÌVWZX QLHNWµUH



Q LZ H ] QDV]\FK OLF]Q\FK UHDOL]DFML
PHEOL

SU]HGV]NROQ\FK L ELXURZ\FK



V×Q RDH










S
:\





















0HEOH Z\NRQXMHP\ SRG Z\PLDU L Z GRZROQHM

NRORU\VW\FH GRVWDUF]DP\ Z FDÊRÐFL

:V]\VWNLH QDV]H PHEOH SRVLDGDMÃ QLH]EÇGQH

FHW\ĆNDW\ L DWHVW\
















6NRPSOHWXM VZµM ]HVWDZ




33+8 ì6=.2É$0,//(1,80ë 7H L R ZLHOH ZLÇFHM PR×QD ]QDOHÕÅ QD
=DZLVW\ 1DGEX×QH XO 1XUVND QDV]HM VWURQLH LQWHUQHWRZHM Z ]DNÊDGFH
0DÊNLQLD *µUQD
ELXUR#V]NRODPLOOHQLXP SO WHO :\SRVD×HQLH

ZZZ V]NRODPLOOHQLXP SO














Click to View FlipBook Version