öööɌÃüÚ¬æɌ×½
Þº½×ʱÃüÚ¬æɌ×½
CüY¬æ æË £ºæ ×ËÂāĬ ×Þ·¬ Ë Þāü¬ ā ©¢¬ æöËÚāĬ ¬ ×ËæÚā öüöËÂüöĬ
êßì©ê ɚāöÂÞāā Ä æöÚā© ā¬¬ɛɇ Ë ā æüà ¬ā¬ɇ ĬެĬ ö ^ö¬æ ËÚɌ
V¬ÚöÞāü ;Ú̽¬Äº ×ËöÞæ ā ×ËæÚāü ©ö¬½¬ ɬ ×öÄ¤Ë Ä¬ ÃË· ÌÚāº öüÃÚāü Þˬ
×Úā ÞÄà ɏ;½Ì½¬Äº c꽬ĺɏɌ D¬ö¬½ Ãüß½ êÞ¬ÂÃ Ë ÃÞāüÄü ¬ ā ×ËÂāĬ º¬½ºê
×Úāü׺Ëöü©ɇ ºË½ËÚËöü© ÃæÚ¬ÂÌöɇ ºæÌÚ Ã¬Âà ºêÚæ ×Ë Ú¢ºɇ ×ËöÞæ ׬ÚöÞāü ;Ú̽¬ÄºɌ
©Ë ì öüöÂË Þ¬¢ɇ Ą Ĭ ö Ä¬Ã Ë Þ¬¬ Ĭ ×Þê·ɇ àĬ ©¬Â Þ¬¢ ā Ĭà ÚËāÞæɌ
V VËÃüß½ÂÃɇ Ą ºĄ ā¬ºË ×Ëö¬ÄÄË Ã¬ 溬¤Ë êÞāæ¤Ë ×Úāü·¬½ɇ ºæÌÚü ¢ā¬ שĬÂ
ºË½ËÚËöüà ÞÄÃɇ ËÚËĬ ¤Ë ×Úā öüËÚĄËÄüà ×ËæöËÚÃɇ ×Ëāê¬ ā׬āÅÞæö ¬ ×Úāü×ËÃĬ
¬×ÂË ¬ Þ×˺̷ ÂÌĄāºɇ ¤ā¬ºË½ö¬º C½ê© ¢ā¬Ɍ cº ×ËöÞæ  ÞÚ¬ ËæºËöü©ɇ ÚÌöĬ
좺º¬© ·º Þà ºÚ̽¬ÄºËöü ׬ÚöËöāÌÚɇ ºÞËÚ¬ÌöɆ ºËüº¬ ¬ ×ËêÞāº¬Ɍ =ºº¬ɇ Âæö ö æÚÄÞ×ËÚ¬ɇ Ë
āÚĬ ā ÞË āöÞā ¬ öÞā¢ā¬Ɍ
öööɌÃüÚ¬æɌ×½ ǽǼ ā ā ºĄ¤Ë Þ×ÚāÄ¤Ë ;Ú̽¬Äº ×ÚāāÄāÃ Ä ×ËÃË ā¬¬Ëà ¢ü© ×Ë Ë׬º %êÄ·¬ VËÃËü
Þº½×ʱÃüÚ¬æɌ×½ ā¬¬Ëà ā ©ËÚËì DËöËæöËÚËöüì ö VËāÄĬêɇ ½ Ë æüà ö¬¢· Ë×Ëö¬Ã ö ā¬½ D×Úö¬ā ^ö¬æɌ
CüY¬æ æË £ºæ ×ËÂāĬ ×Þ·¬ Ë Þāü¬ ā ©¢¬ æöËÚāĬ ¬ ×ËæÚā öüöËÂüöĬ
êßì©ê ɚāöÂÞāā Ä æöÚā© ā¬¬ɛɇ Ë ā æüà ¬ā¬ɇ ĬެĬ ö ^ö¬æ ËÚɌ
V¬ÚöÞāü ;Ú̽¬Äº ×ËöÞæ ā ×ËæÚāü ©ö¬½¬ ɬ ×öÄ¤Ë Ä¬ ÃË· ÌÚāº öüÃÚāü Þˬ
×Úā ÞÄà ɏ;½Ì½¬Äº c꽬ĺɏɌ D¬ö¬½ Ãüß½ êÞ¬ÂÃ Ë ÃÞāüÄü ¬ ā ×ËÂāĬ º¬½ºê
×Úāü׺Ëöü©ɇ ºË½ËÚËöü© ÃæÚ¬ÂÌöɇ ºæÌÚ Ã¬Âà ºêÚæ ×Ë Ú¢ºɇ ×ËöÞæ ׬ÚöÞāü ;Ú̽¬ÄºɌ
©Ë ì öüöÂË Þ¬¢ɇ Ą Ĭ ö Ä¬Ã Ë Þ¬¬ Ĭ ×Þê·ɇ àĬ ©¬Â Þ¬¢ ā Ĭà ÚËāÞæɌ
V VËÃüß½ÂÃɇ Ą ºĄ ā¬ºË ×Ëö¬ÄÄË Ã¬ 溬¤Ë êÞāæ¤Ë ×Úāü·¬½ɇ ºæÌÚü ¢ā¬ שĬÂ
ºË½ËÚËöüà ÞÄÃɇ ËÚËĬ ¤Ë ×Úā öüËÚĄËÄüà ×ËæöËÚÃɇ ×Ëāê¬ ā׬āÅÞæö ¬ ×Úāü×ËÃĬ
¬×ÂË ¬ Þ×˺̷ ÂÌĄāºɇ ¤ā¬ºË½ö¬º C½ê© ¢ā¬Ɍ cº ×ËöÞæ  ÞÚ¬ ËæºËöü©ɇ ÚÌöĬ
좺º¬© ·º Þà ºÚ̽¬ÄºËöü ׬ÚöËöāÌÚɇ ºÞËÚ¬ÌöɆ ºËüº¬ ¬ ×ËêÞāº¬Ɍ =ºº¬ɇ Âæö ö æÚÄÞ×ËÚ¬ɇ Ë
āÚĬ ā ÞË āöÞā ¬ öÞā¢ā¬Ɍ
öööɌÃüÚ¬æɌ×½ ǽǼ ā ā ºĄ¤Ë Þ×ÚāÄ¤Ë ;Ú̽¬Äº ×ÚāāÄāÃ Ä ×ËÃË ā¬¬Ëà ¢ü© ×Ë Ë׬º %êÄ·¬ VËÃËü
Þº½×ʱÃüÚ¬æɌ×½ ā¬¬Ëà ā ©ËÚËì DËöËæöËÚËöüì ö VËāÄĬêɇ ½ Ë æüà ö¬¢· Ë×Ëö¬Ã ö ā¬½ D×Úö¬ā ^ö¬æɌ
åģÚDžƉÚŅƉĩų°ĜĹƼƉUĹŅÎĩƉbŅÎĩņƵ
4XS 0VEMRE IVGE (^EWY [ OX¾VIN [IWSēS Tē]RMI G^EW )SēÒG^ HS NIN QMIW^OEĕG¾[
.WXRMINI PIKIRHE ŏI 0RSGO 3SGO] TSGLSH^Ò ^ OVEMR] ^[ERIN IVGIQ (^EWY
0VEMR] ^ OX¾VIN TSGLSH^M G^EW M OX¾VE TV^]RSWM RE Į[MEX RENPITW^]GL REYG^]GMIPM ^IKEV¾[
[ GEēIN KEPEOX]GI 3E^][ERM WÒ 0RSGO 3SGOEQM M MGL QMWNÒ NIWX RMIWMIRMI TSQSG] [W^]WXOMQ
H^MIGMEOSQ GLGÒG]Q REYG^]Ô WMé SFWēYKM ^IKEVOE
IVGI (^EWY []KPÒHE NEO [MIPOM TPEG ^EFE[ KH^MI [ LEVQSRMM M [MIPOMIN TV^]NEōRM FE[MÒ
M YG^Ò WMé 0RSGO 3SGO] )PEXIKS XI ^EOVéGSRI WX[SV] QSŏRE WTSXOEÔ [W^éH^MI XEQ KH^MI
NIWX IWX VEHSĮÔ LEVGI TV^]NEōĕ M ^IKEVOM Ò FEVH^S OVIEX][RI XS ^REG^] ŏI QENÒ ^E[W^I X]WMÒG
N
WTSWSF¾[ RE WYTIV TV^]KSH] ^[MÒ^ERI ^ G^EWIQ M NIKS REYOÒ
']Ô QSŏI H^MéOM 0RSGO 3SGOSQ OXSĮ ^ ;EW VS^[MÒŏI REN[MéOW^Ò ^EKEHOé Į[MEXE Ƴ
TSHV¾ŏI [ G^EWMI
2SŏI FéH^MIW^ XS [ēEĮRMI 8] )
ƵƵƵţĩĹŅÎĩĹŅÎĩƼţÎŅĵ
åģÚDžƉÚŅƉĩų°ĜĹƼƉUĹŅÎĩƉbŅÎĩņƵ
4XS 0VEMRE IVGE (^EWY [ OX¾VIN [IWSēS Tē]RMI G^EW )SēÒG^ HS NIN QMIW^OEĕG¾[
.WXRMINI PIKIRHE ŏI 0RSGO 3SGO] TSGLSH^Ò ^ OVEMR] ^[ERIN IVGIQ (^EWY
0VEMR] ^ OX¾VIN TSGLSH^M G^EW M OX¾VE TV^]RSWM RE Į[MEX RENPITW^]GL REYG^]GMIPM ^IKEV¾[
[ GEēIN KEPEOX]GI 3E^][ERM WÒ 0RSGO 3SGOEQM M MGL QMWNÒ NIWX RMIWMIRMI TSQSG] [W^]WXOMQ
H^MIGMEOSQ GLGÒG]Q REYG^]Ô WMé SFWēYKM ^IKEVOE
IVGI (^EWY []KPÒHE NEO [MIPOM TPEG ^EFE[ KH^MI [ LEVQSRMM M [MIPOMIN TV^]NEōRM FE[MÒ
M YG^Ò WMé 0RSGO 3SGO] )PEXIKS XI ^EOVéGSRI WX[SV] QSŏRE WTSXOEÔ [W^éH^MI XEQ KH^MI
NIWX IWX VEHSĮÔ LEVGI TV^]NEōĕ M ^IKEVOM Ò FEVH^S OVIEX][RI XS ^REG^] ŏI QENÒ ^E[W^I X]WMÒG
N
WTSWSF¾[ RE WYTIV TV^]KSH] ^[MÒ^ERI ^ G^EWIQ M NIKS REYOÒ
']Ô QSŏI H^MéOM 0RSGO 3SGOSQ OXSĮ ^ ;EW VS^[MÒŏI REN[MéOW^Ò ^EKEHOé Į[MEXE Ƴ
TSHV¾ŏI [ G^EWMI
2SŏI FéH^MIW^ XS [ēEĮRMI 8] )
ƵƵƵţĩĹŅÎĩĹŅÎĩƼţÎŅĵ
:\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
> 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˒
FEWIR] [ H[ɹGL SHGMIRMEGL TSREHG^EWS[IN W^EVS˒GM
TMOM [ OSPSVEGL
&YNEO
&YNERMI YNERMI [WTMRERMI WMIH^IRMI VIPEOWS[ERMI WMʚ
&
FEPERWS[ERMI GLS[ERMI WMʚ# 8S [W^]WXOS NIWX
QS˵PM[I ^ RS[]Q FYNEOMIQ .YTMHYY 4V^]
[WTɹTVEG] ^ &EGSR (IWMKR [I *VEROJYVGMI JMVQE
.YTMHYY WX[SV^]E TVE[HSTSHSFRMI RENJENRMINW^]
FYNEO RE ˒[MIGMI ;]OSV^]WXERMI JSVQS[ERIKS
HVI[RE M WTIGNEPRIKS TVSGIWY TVSHYOG]NRIKS
Y
YQQS˵PM[MS WX[SV^IRMI YRMOEPRIKS TVSNIOXY M
OW^XEXY H^MʚOM G^IQY FYNEO XIR QE W^ERWʚ
^SWXEʊ OPEW]Oʈ ^EFE[IO
>NI˴H˴EPRME
2EE OE˵H]Q TPEGY ^EFE[ ^RENHYNI WMʚ ^E^[]G^EN
2
^NI˵H˵EPRME M NIWX SFPIKERE ^EVɹ[RS TV^I^ WXEVW^I
H^MIGM NEO M XI QSHW^I >NI˵H˵ERMI HSWXEVG^E MQ
TVE[H^M[]GL [VE˵Iʿ E TV^] X]Q TS^[EPE RE
;EPM^OE HPE H^MIGM TSTVE[ʚ ^HSPRS˒GM QSXSV]G^R]GL GS NIWX
7YGL] FEWIR ; ;]GMIG^OM XS ^E[W^I [MIPI [VE˵Iʿ HPE H^MIGM RMI^[]OPI [E˵RI HPE TVE[MHS[IKS VS^[SNY
H^MIGOE 3JIVS[ERE TV^I^ REW ^NI˵H˵EPRME .YTMHYY
^[MIH^ERMI RS[]GL QMINWG M OSV^]WXERMI ^ G^IOENʈG]GL X
XSS YV^ʈH^IRMI WX[SV^SRI ^ Q]˒Pʈ S H^MIGMEGL
(^MIGMʿWX[S^MIGMʿWX[S XS G^EW OXɹV] OE˵H] FʚHʈG NY˵
( XEQ EXVEOGNM XS TVE[H^M[E TV^]NIQRS˒ʊ OXɹVE OXɹVI TSXV^IFYNʈ EXVEOG]NR]GL FSH˳Gɹ[
SWSFʈ HSVSWʈ [WTSQMRE ^ TVE[H^M[ʈ HSWXEVG^E [WTSQRMIʿ RE PEXE /E˵H] []NE^H [Mʈ˵I WMʚ WX]QYPYNʈG]GL VS^[ɹN 0&1 /EQMP 7^EVIO
TV^]NIQRS˒GMʈ >ETI[RMNQ] [MʚG W[SMQ NIHREO ^ TSHVɹ˵ʈ G^ʚWXS OMPOYKSH^MRRʈ %F] WTʚH^Mʊ Nʈ 4S^REʿWOE
H^MIGMSQ RMI^ETSQRMERI [VE˵IRME H^MʚOM OXɹV]Q OSQJSVXS[S [EVXS TSQ]˒PIʊ S [MIPSJYROG]NRIN 8EVRS[S 4SHKɹVRI
XIR SOVIW MGL ˵]GME FʚH^MI [Mʈ^E WMʚ ^ [EPM^GI 4VSTSRS[ERE TV^I^ REW [EPM^OE HPE H^MIGM 7OSRXEOXYN WMʚ ^ REQM
RENPITW^]QM [WTSQRMIRMEQM 1S˵IQ] &
&IH&IH&S\ XS RMI X]POS RENPITW^] []FɹV RE FEKE˵
YW^G^ʚ˒PM[Mʊ TSGMIGL] TVSTSRYNʈG MQ EXVEOGNI TSHVʚG^R] [EPM^OE QS˵I F]ʊ NIHRSG^I˒RMI
OXXɹVI RMI X]POS HSWXEVG^ʈ MQ QRɹWX[E VEHS˒GM EPI TSHRɹ˵OMIQ HS WEQSPSXY QS˵I XEO˵I TIRMʊ JYROGNʚ
O
XEO˵I FʚHʈ WX]QYPS[Eʊ MGL VS^[ɹN NEO WYGLI ɹ˵OE > XEOʈ [EPM^Oʈ OE˵HE TSHVɹ˵ FʚH^MI [Mʈ^EE WMʚ ^
FEWIR] ^ TMIG^OEQM []KSHR]Q SHTSG^]ROMIQ
[[[ QMRMFI TP
QMRMFI$QMRMFI TP
> 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˒
FEWIR] [ H[ɹGL SHGMIRMEGL TSREHG^EWS[IN W^EVS˒GM
TMOM [ OSPSVEGL
&YNEO
&YNERMI YNERMI [WTMRERMI WMIH^IRMI VIPEOWS[ERMI WMʚ
&
FEPERWS[ERMI GLS[ERMI WMʚ# 8S [W^]WXOS NIWX
QS˵PM[I ^ RS[]Q FYNEOMIQ .YTMHYY 4V^]
[WTɹTVEG] ^ &EGSR (IWMKR [I *VEROJYVGMI JMVQE
.YTMHYY WX[SV^]E TVE[HSTSHSFRMI RENJENRMINW^]
FYNEO RE ˒[MIGMI ;]OSV^]WXERMI JSVQS[ERIKS
HVI[RE M WTIGNEPRIKS TVSGIWY TVSHYOG]NRIKS
Y
YQQS˵PM[MS WX[SV^IRMI YRMOEPRIKS TVSNIOXY M
OW^XEXY H^MʚOM G^IQY FYNEO XIR QE W^ERWʚ
^SWXEʊ OPEW]Oʈ ^EFE[IO
>NI˴H˴EPRME
2EE OE˵H]Q TPEGY ^EFE[ ^RENHYNI WMʚ ^E^[]G^EN
2
^NI˵H˵EPRME M NIWX SFPIKERE ^EVɹ[RS TV^I^ WXEVW^I
H^MIGM NEO M XI QSHW^I >NI˵H˵ERMI HSWXEVG^E MQ
TVE[H^M[]GL [VE˵Iʿ E TV^] X]Q TS^[EPE RE
;EPM^OE HPE H^MIGM TSTVE[ʚ ^HSPRS˒GM QSXSV]G^R]GL GS NIWX
7YGL] FEWIR ; ;]GMIG^OM XS ^E[W^I [MIPI [VE˵Iʿ HPE H^MIGM RMI^[]OPI [E˵RI HPE TVE[MHS[IKS VS^[SNY
H^MIGOE 3JIVS[ERE TV^I^ REW ^NI˵H˵EPRME .YTMHYY
^[MIH^ERMI RS[]GL QMINWG M OSV^]WXERMI ^ G^IOENʈG]GL X
XSS YV^ʈH^IRMI WX[SV^SRI ^ Q]˒Pʈ S H^MIGMEGL
(^MIGMʿWX[S^MIGMʿWX[S XS G^EW OXɹV] OE˵H] FʚHʈG NY˵
( XEQ EXVEOGNM XS TVE[H^M[E TV^]NIQRS˒ʊ OXɹVE OXɹVI TSXV^IFYNʈ EXVEOG]NR]GL FSH˳Gɹ[
SWSFʈ HSVSWʈ [WTSQMRE ^ TVE[H^M[ʈ HSWXEVG^E [WTSQRMIʿ RE PEXE /E˵H] []NE^H [Mʈ˵I WMʚ WX]QYPYNʈG]GL VS^[ɹN 0&1 /EQMP 7^EVIO
TV^]NIQRS˒GMʈ >ETI[RMNQ] [MʚG W[SMQ NIHREO ^ TSHVɹ˵ʈ G^ʚWXS OMPOYKSH^MRRʈ %F] WTʚH^Mʊ Nʈ 4S^REʿWOE
H^MIGMSQ RMI^ETSQRMERI [VE˵IRME H^MʚOM OXɹV]Q OSQJSVXS[S [EVXS TSQ]˒PIʊ S [MIPSJYROG]NRIN 8EVRS[S 4SHKɹVRI
XIR SOVIW MGL ˵]GME FʚH^MI [Mʈ^E WMʚ ^ [EPM^GI 4VSTSRS[ERE TV^I^ REW [EPM^OE HPE H^MIGM 7OSRXEOXYN WMʚ ^ REQM
RENPITW^]QM [WTSQRMIRMEQM 1S˵IQ] &
&IH&IH&S\ XS RMI X]POS RENPITW^] []FɹV RE FEKE˵
YW^G^ʚ˒PM[Mʊ TSGMIGL] TVSTSRYNʈG MQ EXVEOGNI TSHVʚG^R] [EPM^OE QS˵I F]ʊ NIHRSG^I˒RMI
OXXɹVI RMI X]POS HSWXEVG^ʈ MQ QRɹWX[E VEHS˒GM EPI TSHRɹ˵OMIQ HS WEQSPSXY QS˵I XEO˵I TIRMʊ JYROGNʚ
O
XEO˵I FʚHʈ WX]QYPS[Eʊ MGL VS^[ɹN NEO WYGLI ɹ˵OE > XEOʈ [EPM^Oʈ OE˵HE TSHVɹ˵ FʚH^MI [Mʈ^EE WMʚ ^
FEWIR] ^ TMIG^OEQM []KSHR]Q SHTSG^]ROMIQ
[[[ QMRMFI TP
QMRMFI$QMRMFI TP
'U ,UHQD 7U]FLHQLHFND 6FKQHLGHU G\GDNW\N ĆOR]RĆL L ORJLNL F]ÊRQHN .RPLVML 2FHQ\ 3RGUÇF]QLNµZ
3ROVNLHM $NDGHPLL 8PLHMÇWQRÐFL Z\NÊDGRZFD 8QLZHUV\WHWX 3HGDJRJLF]QHJR LP .(1 Z .UDNRZLH
RUD] :\×V]HM 6]NRÊ\ (XURSHMVNLHM LP NV -µ]HID 7LVFKQHUD
.VLÃ×ND :HURQLNL 6]HOÇJLHZLF] ì.RQLEHUNLë SU]H]QDF]RQD MHVW GOD G]LHFL Z ZLHNX å ODW FKRÅ PR×H
]DLQWHUHVRZDÅ WDN×H G]LHFL PÊRGV]H L VWDUV]H 1D WOH NVLÃ×HN SU]H]QDF]RQ\FK GOD WHM JUXS\ ZLHNRZHM
D GRVWÇSQ\FK REHFQLH QD QDV]\P U\QNX VWDQRZL EDUG]R SR]\W\ZQ\ Z\MÃWHN : RIHUFLH NVLÇJDUVNLHM
SU]HZD×DMÃ ]HVWDZ\ W\FK VDP\FK EDÐQL F]ÇVWR Z QLHXGROQ\FK SU]HUµENDFK OXE SU]HVÊRG]RQH L
QDIDV]HURZDQH QDGPLHUQ\P G\GDNW\]PHP RSRZLDVWNL ì] ×\FLDë ] UHJXÊ\ QLHPDMÃFH ZLHOH ZVSµOQHJR
] SUDZG]LZ\P ×\FLHP NLONXODWND ì.RQLEHUNLë VÃ EDÐQLÃ D ZLÇF GOD G]LHFL Z W\P ZLHNX OHNWXUÃ
:HURQLND 6]HOÇJLHZLF] SRFKRG]L ] .ÊRG]ND
3RF]ÃWNRZR PLDÊD ]RVWDÅ OHNDU]HP MHGQDN SRGF]DV V]F]HJµOQLH ZDUWRÐFLRZÃ ]H Z]JOÇGX QD RPDZLDQH SU]H] %HWWHOKHLPD SRMDZLDMÃFH VLÇ ZÊDÐQLH
ZµZF]DVµZF]DV SUµE\ UR]Uµ×QLHQLD GREUD L ]ÊD RUD] LGHQW\ĆNDFMÇ UµO VSRÊHF]Q\FK %DÐQLH ]DSRF]ÃWNRZXMÃ
]GDZDQLD PDWXU\ Z RVWDWQLHM FKZLOL ]PLHQLÊD ]GDQLH Z
L Z\EUDÊD SRORQLVW\NÇ QD 8- -HVW ZLHF]QLH ]DF]\WDQD WDN×H WZRU]HQLH VIHU\ VDFUXP NWµUD ZEUHZ RELHJRZ\P RSLQLRP QLH PXVL E\Å ]ZLÃ]DQD ]
RVWDWQLR OXEL NU\PLQDÊ\ = 7DUJµZ .VLÃ×NL ZUDFD MDNÃNROZLHN UHOLJLà DOH GHF\GXMH R QDV]\P F]ÊRZLHF]HÌVWZLH å PµZLÃF SURÐFLHM MHVWHÐP\ OXGÕPL
REÊDGRZDQD QRZ\PL W\WXÊDPL NWµUH SRZROL SRQLHZD× LVWQLHMH GOD QDV ìFRÐ ÐZLÇWHJRë %H] SRF]XFLD FXGRZQRÐFL ÐZLDWD EDÐQL å ÐZLDWD
SU]HVWDMÃ VLÇ PLHÐFLÅ Z MHM PLHV]NDQLX NRQLEHUNµZ PLQLDWXURZ\FK NRQLNµZ ]H VNU]\GHÊNDPL å VIHUD WD QLH PR×H VLÇ UR]ZLMDÅ ']LHFNR ÊDWZR
PR×H LGHQW\ĆNRZDÅ VLÇ ] NRQLEHUNDPL ]H Z]JOÇGX QD ERJDWÃ JDPÇ FKDUDNWHUµZ L ]DFKRZDÌ 6Ã
8F]\F]\ MÇ]\ND SROVNLHJR Z OLFHXP L JLPQD]MXP NRQLEHUNL QLHÐPLDÊH L SVRWQH D QDZHW GRNXF]OLZH VÃ GRMU]DÊH L ]XSHÊQLH G]LHFLQQH ,FK SRP\VÊ\ L
8
8F]QLRZLH FHQLÃ MÃ ]D QLHV]WDPSRZH L NUHDW\ZQH ]DMÇFLD ]DEDEDZ\ VÃ W\SRZ\PL ]DEDZDPL L SRP\VÊDPL G]LHFL WX QLHZÃWSOLZÃ SRPRFÃ GOD $XWRUNL E\OL GZDM
]
=DUD×D XF]QLµZ PLÊRÐFLà GR OLWHUDWXU\ L NU\W\F]QHJR V\QRZLH 1LH PD SRP\VʵZ QDSUDZGÇ QLHEH]SLHF]Q\FK Z QLHNWµU\FK NVLÃ×NDFK ]GDU]DMà VLÇ WDNLH D
P\ÐOHQLD SRP\VÊ\ U\]\NRZQH PDMÃ NRQVHNZHQFMH F]ÇVWR QLHPLÊH D ]DZV]H Z\PDJDMÃFH SRPRF\ GRURVÊ\FK
0LHV]NDLHV]ND L SUDFXMH Z .UDNRZLH +LVWRU\MNL R NRQLEHUNDFK
0 NRQLEHUNµZ
VWZRU]\ÊD GOD VZRLFK G]LHFL 2SRZLHÐFL E\ÊR QD W\OH : W\P PLHMVFX QDOH×\ SRGNUHÐOLÅ V]F]HJµOQ\ L U]DGNL ZDORU NVLÃ×NL :HURQLNL 6]HOÇJLHZLF] å
GX×R ×H PDPD DXWRUND SRVWDQRZLÊD MH VSLVDÅ , WDN SRGDZDQLH X]DVDGQLHÌ L PRW\ZDFML :V]\VWNLH ]DFKRZDQLD NRQLEHUNµZ PDMÃ Z\UDÕQH
VWRSQLRZR SU]\E\ZDÊR VWURQLF QD NWµU\FK G]LÐ SU]\F]\Q\ Z\SÊ\ZDMÃFH ]H ]GDU]HÌ
PR×HP\ QDV]\P G]LHFLRP SU]HF]\WDÅ OLF]QH KLVWRULH REHFQ\FK OXE SU]HV]Ê\FK DOH ]DZV]H
GR NWµU\FK FKÇWQLH VLÇ ZUDFD MDVQR SRGDQH L Z\MDÐQLRQH 3RGHMPRZDQH
G]LDÊDQLD PDMÃ WH× ZLGRF]QH
$XWRUND R VRELH *G\ SLVDÊDP ì.RQLEHUNLë QLH PLDÊDP DPELFML VWZRU]HQLD SRGUÇF]QLND &KFLDÊDP QDSLVDÅ SU]HZLG\ZDOQH GOD F]\WHOQLND
SRZLHÐÅ NWµUD E\ÊDE\ DWUDNF\MQD GOD VWDUV]\FK G]LHFL Z ZLHNX SU]HGV]NROQ\P L PÊRGV]\FK Z ZLHNX N
NRQVHNZHQFMH RQVHNZHQFMH %UDN QDZ\NX V]XNDQLD
V]NROQ\P 3LVDÊDP MÃ SU]HGH ZV]\VWNLP GOD PRMHJR V\QD ZµZF]DV V]HÐFLROHWQLHJR 6LÊÃ U]HF]\ ZLÇF X]DVDGQLHÌ L SU]HZLG\ZDQLD VNXWNµZ
]QDOD]Ê\ VLÇ Z QLHM SUREOHP\ NWµUH GRW\F]\Ê\ MHJR VDPHJR L MHJR UµZLHÐQLNµZ 3RQLHZD× XZD×DP ×H ZÊDVQ\FK G]LDÊDÌ GHF\GXMH R QLHPR×QRÐFL
NVLÃ×ND GOD WDN PDÊ\FK G]LHFL PXVL PLHÅ FKDUDNWHU G\GDNW\F]Q\ FKRÅ VWDUDÊDP VLÇ XQLNDÅ QDWUÇWQHJR RVLÃJQLÇFLD SLDJHWRZVNLHJR SR]LRPX
PRUDOL]DWRUVWZD RSRZLHG]LDQH SU]H]H PQLH KLVWRULH PRJÃ L LQQ\P G]LHFLRP SRPµF XSRUDÅ VLÇ ] P\ÐOHQLD DEVWUDNF\MQHJR D Z ×\FLX
SUREOHPDPL L NRQćLNWDPL MDNLH VWZDU]D QDXND ×\FLD Z JUXSLH UµZLHÐQLF]HM 3U]HFLH× MDN SLVDÊ %UXQR GRURVÊ\P SU]HMDZLD VLÇ MDNR SU]HNRQDQLH R
%
%HWWHOKHLP EDÐQLH VÃ FXGRZQH L SR×\WHF]QH JG\× PHWDIRUHWWHOKHLP EDÐQLH VÃ FXGRZQH L SR×\WHF]QH JG\× PHWDIRU\F]Q\P MÇ]\NLHP XF]Ã ×\FLD U]ÃG]ÃF\P ×\FLHP SHFKX L SU]\SDGNX L
V]XNDQLHP]XNDQLHP UHFHSW Z JD]HWRZ\FK
V
KRURVNRSDFK 8PLHMÇWQRÐÅ V]XNDQLD
SU]\F]\Q L NRQVHNZHQFML WR QLH]EÇGQ\
ZDUXQHN NU\W\F]QHJR P\ÐOHQLD 1D
NRQLHF]QRÐÅ NV]WDÊWRZDQLD W\FK XPLHMÇWQRÐFL
Z W\P ZÊDÐQLH ZLHNX ZVND]\ZDÊ 0DWWKHZ
/LSPDQ WZRU]ÃF VZµM VWRVRZDQ\ V]HURNR QD
ÐZLHFLH SURJZLHFLH SURJUDP ĆOR]RIRZDQLD ] G]LHÅPL
Ð
ZZZ OLWHURZND FRP
ƼÚ°ƵĹĜÎƋƵŅƉXĜƋåųņƵĩ°
YP 3S[SKVSH^OE ;EVW^E[E
FMYVS%PMXIVS[OE GSQ
'U ,UHQD 7U]FLHQLHFND 6FKQHLGHU G\GDNW\N ĆOR]RĆL L ORJLNL F]ÊRQHN .RPLVML 2FHQ\ 3RGUÇF]QLNµZ
3ROVNLHM $NDGHPLL 8PLHMÇWQRÐFL Z\NÊDGRZFD 8QLZHUV\WHWX 3HGDJRJLF]QHJR LP .(1 Z .UDNRZLH
RUD] :\×V]HM 6]NRÊ\ (XURSHMVNLHM LP NV -µ]HID 7LVFKQHUD
.VLÃ×ND :HURQLNL 6]HOÇJLHZLF] ì.RQLEHUNLë SU]H]QDF]RQD MHVW GOD G]LHFL Z ZLHNX å ODW FKRÅ PR×H
]DLQWHUHVRZDÅ WDN×H G]LHFL PÊRGV]H L VWDUV]H 1D WOH NVLÃ×HN SU]H]QDF]RQ\FK GOD WHM JUXS\ ZLHNRZHM
D GRVWÇSQ\FK REHFQLH QD QDV]\P U\QNX VWDQRZL EDUG]R SR]\W\ZQ\ Z\MÃWHN : RIHUFLH NVLÇJDUVNLHM
SU]HZD×DMÃ ]HVWDZ\ W\FK VDP\FK EDÐQL F]ÇVWR Z QLHXGROQ\FK SU]HUµENDFK OXE SU]HVÊRG]RQH L
QDIDV]HURZDQH QDGPLHUQ\P G\GDNW\]PHP RSRZLDVWNL ì] ×\FLDë ] UHJXÊ\ QLHPDMÃFH ZLHOH ZVSµOQHJR
] SUDZG]LZ\P ×\FLHP NLONXODWND ì.RQLEHUNLë VÃ EDÐQLÃ D ZLÇF GOD G]LHFL Z W\P ZLHNX OHNWXUÃ
:HURQLND 6]HOÇJLHZLF] SRFKRG]L ] .ÊRG]ND
3RF]ÃWNRZR PLDÊD ]RVWDÅ OHNDU]HP MHGQDN SRGF]DV V]F]HJµOQLH ZDUWRÐFLRZÃ ]H Z]JOÇGX QD RPDZLDQH SU]H] %HWWHOKHLPD SRMDZLDMÃFH VLÇ ZÊDÐQLH
ZµZF]DVµZF]DV SUµE\ UR]Uµ×QLHQLD GREUD L ]ÊD RUD] LGHQW\ĆNDFMÇ UµO VSRÊHF]Q\FK %DÐQLH ]DSRF]ÃWNRZXMÃ
]GDZDQLD PDWXU\ Z RVWDWQLHM FKZLOL ]PLHQLÊD ]GDQLH Z
L Z\EUDÊD SRORQLVW\NÇ QD 8- -HVW ZLHF]QLH ]DF]\WDQD WDN×H WZRU]HQLH VIHU\ VDFUXP NWµUD ZEUHZ RELHJRZ\P RSLQLRP QLH PXVL E\Å ]ZLÃ]DQD ]
RVWDWQLR OXEL NU\PLQDÊ\ = 7DUJµZ .VLÃ×NL ZUDFD MDNÃNROZLHN UHOLJLà DOH GHF\GXMH R QDV]\P F]ÊRZLHF]HÌVWZLH å PµZLÃF SURÐFLHM MHVWHÐP\ OXGÕPL
REÊDGRZDQD QRZ\PL W\WXÊDPL NWµUH SRZROL SRQLHZD× LVWQLHMH GOD QDV ìFRÐ ÐZLÇWHJRë %H] SRF]XFLD FXGRZQRÐFL ÐZLDWD EDÐQL å ÐZLDWD
SU]HVWDMÃ VLÇ PLHÐFLÅ Z MHM PLHV]NDQLX NRQLEHUNµZ PLQLDWXURZ\FK NRQLNµZ ]H VNU]\GHÊNDPL å VIHUD WD QLH PR×H VLÇ UR]ZLMDÅ ']LHFNR ÊDWZR
PR×H LGHQW\ĆNRZDÅ VLÇ ] NRQLEHUNDPL ]H Z]JOÇGX QD ERJDWÃ JDPÇ FKDUDNWHUµZ L ]DFKRZDÌ 6Ã
8F]\F]\ MÇ]\ND SROVNLHJR Z OLFHXP L JLPQD]MXP NRQLEHUNL QLHÐPLDÊH L SVRWQH D QDZHW GRNXF]OLZH VÃ GRMU]DÊH L ]XSHÊQLH G]LHFLQQH ,FK SRP\VÊ\ L
8
8F]QLRZLH FHQLÃ MÃ ]D QLHV]WDPSRZH L NUHDW\ZQH ]DMÇFLD ]DEDEDZ\ VÃ W\SRZ\PL ]DEDZDPL L SRP\VÊDPL G]LHFL WX QLHZÃWSOLZÃ SRPRFÃ GOD $XWRUNL E\OL GZDM
]
=DUD×D XF]QLµZ PLÊRÐFLà GR OLWHUDWXU\ L NU\W\F]QHJR V\QRZLH 1LH PD SRP\VʵZ QDSUDZGÇ QLHEH]SLHF]Q\FK Z QLHNWµU\FK NVLÃ×NDFK ]GDU]DMà VLÇ WDNLH D
P\ÐOHQLD SRP\VÊ\ U\]\NRZQH PDMÃ NRQVHNZHQFMH F]ÇVWR QLHPLÊH D ]DZV]H Z\PDJDMÃFH SRPRF\ GRURVÊ\FK
0LHV]NDLHV]ND L SUDFXMH Z .UDNRZLH +LVWRU\MNL R NRQLEHUNDFK
0 NRQLEHUNµZ
VWZRU]\ÊD GOD VZRLFK G]LHFL 2SRZLHÐFL E\ÊR QD W\OH : W\P PLHMVFX QDOH×\ SRGNUHÐOLÅ V]F]HJµOQ\ L U]DGNL ZDORU NVLÃ×NL :HURQLNL 6]HOÇJLHZLF] å
GX×R ×H PDPD DXWRUND SRVWDQRZLÊD MH VSLVDÅ , WDN SRGDZDQLH X]DVDGQLHÌ L PRW\ZDFML :V]\VWNLH ]DFKRZDQLD NRQLEHUNµZ PDMÃ Z\UDÕQH
VWRSQLRZR SU]\E\ZDÊR VWURQLF QD NWµU\FK G]LÐ SU]\F]\Q\ Z\SÊ\ZDMÃFH ]H ]GDU]HÌ
PR×HP\ QDV]\P G]LHFLRP SU]HF]\WDÅ OLF]QH KLVWRULH REHFQ\FK OXE SU]HV]Ê\FK DOH ]DZV]H
GR NWµU\FK FKÇWQLH VLÇ ZUDFD MDVQR SRGDQH L Z\MDÐQLRQH 3RGHMPRZDQH
G]LDÊDQLD PDMÃ WH× ZLGRF]QH
$XWRUND R VRELH *G\ SLVDÊDP ì.RQLEHUNLë QLH PLDÊDP DPELFML VWZRU]HQLD SRGUÇF]QLND &KFLDÊDP QDSLVDÅ SU]HZLG\ZDOQH GOD F]\WHOQLND
SRZLHÐÅ NWµUD E\ÊDE\ DWUDNF\MQD GOD VWDUV]\FK G]LHFL Z ZLHNX SU]HGV]NROQ\P L PÊRGV]\FK Z ZLHNX N
NRQVHNZHQFMH RQVHNZHQFMH %UDN QDZ\NX V]XNDQLD
V]NROQ\P 3LVDÊDP MÃ SU]HGH ZV]\VWNLP GOD PRMHJR V\QD ZµZF]DV V]HÐFLROHWQLHJR 6LÊÃ U]HF]\ ZLÇF X]DVDGQLHÌ L SU]HZLG\ZDQLD VNXWNµZ
]QDOD]Ê\ VLÇ Z QLHM SUREOHP\ NWµUH GRW\F]\Ê\ MHJR VDPHJR L MHJR UµZLHÐQLNµZ 3RQLHZD× XZD×DP ×H ZÊDVQ\FK G]LDÊDÌ GHF\GXMH R QLHPR×QRÐFL
NVLÃ×ND GOD WDN PDÊ\FK G]LHFL PXVL PLHÅ FKDUDNWHU G\GDNW\F]Q\ FKRÅ VWDUDÊDP VLÇ XQLNDÅ QDWUÇWQHJR RVLÃJQLÇFLD SLDJHWRZVNLHJR SR]LRPX
PRUDOL]DWRUVWZD RSRZLHG]LDQH SU]H]H PQLH KLVWRULH PRJÃ L LQQ\P G]LHFLRP SRPµF XSRUDÅ VLÇ ] P\ÐOHQLD DEVWUDNF\MQHJR D Z ×\FLX
SUREOHPDPL L NRQćLNWDPL MDNLH VWZDU]D QDXND ×\FLD Z JUXSLH UµZLHÐQLF]HM 3U]HFLH× MDN SLVDÊ %UXQR GRURVÊ\P SU]HMDZLD VLÇ MDNR SU]HNRQDQLH R
%
%HWWHOKHLP EDÐQLH VÃ FXGRZQH L SR×\WHF]QH JG\× PHWDIRUHWWHOKHLP EDÐQLH VÃ FXGRZQH L SR×\WHF]QH JG\× PHWDIRU\F]Q\P MÇ]\NLHP XF]Ã ×\FLD U]ÃG]ÃF\P ×\FLHP SHFKX L SU]\SDGNX L
V]XNDQLHP]XNDQLHP UHFHSW Z JD]HWRZ\FK
V
KRURVNRSDFK 8PLHMÇWQRÐÅ V]XNDQLD
SU]\F]\Q L NRQVHNZHQFML WR QLH]EÇGQ\
ZDUXQHN NU\W\F]QHJR P\ÐOHQLD 1D
NRQLHF]QRÐÅ NV]WDÊWRZDQLD W\FK XPLHMÇWQRÐFL
Z W\P ZÊDÐQLH ZLHNX ZVND]\ZDÊ 0DWWKHZ
/LSPDQ WZRU]ÃF VZµM VWRVRZDQ\ V]HURNR QD
ÐZLHFLH SURJZLHFLH SURJUDP ĆOR]RIRZDQLD ] G]LHÅPL
Ð
ZZZ OLWHURZND FRP
ƼÚ°ƵĹĜÎƋƵŅƉXĜƋåųņƵĩ°
YP 3S[SKVSH^OE ;EVW^E[E
FMYVS%PMXIVS[OE GSQ
¸ & &
$ , $ , $
-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
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[IR] ^ QSX][IQ
XVɹNOʈXɹ[ [ OSPSV^I W^EV]Q 8VɹNOʈX] S [MIPOS˒GM SOSS GQ
4SW^I[OE []OSʿG^SRE NIWX W^EVʈ []TYWXOʈ
^
4SHYW^OE S^HSFRE +[ME^HE
4SHYW^OE S^HSFRE [ OW^XEGMI K[ME^H] [ OSPSV^I W^EV]Q
678',2 32'8&+ 4SHYW^OE TMʚORMI FʚH^MI TVI^IRXS[EE 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[IR] [ 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[IR] ^ QSX][IQ
XVɹNOʈXɹ[ [ OSPSV^I W^EV]Q 8VɹNOʈX] S [MIPOS˒GM SOSS GQ
4SW^I[OE []OSʿG^SRE NIWX W^EVʈ []TYWXOʈ
^
4SHYW^OE S^HSFRE +[ME^HE
4SHYW^OE S^HSFRE [ OW^XEGMI K[ME^H] [ OSPSV^I W^EV]Q
678',2 32'8&+ 4SHYW^OE TMʚORMI FʚH^MI TVI^IRXS[EE 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[IR] [ 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
7TIGNEPM^YNIQ] WMʚ [ WTV^IHE˵] []WSOMIN NEOS˒GM EVX]OYɹ[ W^OSPR]GL >ESTEXVYNIQ]
TV^IHW^OSPE M W^OS] RE XIVIRMI GEIKS 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^OSE 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$FMYV[E TP
7TIGNEPM^YNIQ] WMʚ [ WTV^IHE˵] []WSOMIN NEOS˒GM EVX]OYɹ[ W^OSPR]GL >ESTEXVYNIQ]
TV^IHW^OSPE M W^OS] RE XIVIRMI GEIKS OVENY
+[EVERXYNIQ] EXVEOG]NRI GIR] W^]FOʈ HSWXE[ʚ SVE^ W^IVSOM EWSVX]QIRX TVSHYOXɹ[
W^OSPR]GL VIRSQS[ER]GL TVSHYGIRXɹ[ %WXVE &EQFMRS *MSVIPPS 7X 1ENI[WOM (IVJSVQ
; REW^]Q WOPITMI OYTMW^ FPSOM XIGLRMG^RI M V]WYROS[I JEVF] OVIHOM OPINI FMFY] TʚH^PI
XSVRMWXV] TMɹVRMOM M [MIPI MRR]GL
4V^] HY˵]GL ^EQɹ[MIRMEGL TVSTSRYNIQ] EXVEOG]NRI VEFEX] SVE^ TVI^IRX]
2
2MI GMI G^IOEN [INH˳ RE WXVSRʚ [[[ FMYV[E TP M ^VɹF ^EOYT] NY˵ H^M˒
7TIGNEPRE SJIVXE HPE W^Oɸ M TV^IW^OSPM
/E˵HE W^OSE M TV^IHW^OSPI OXɹVI Y REW ^VSFM ^EOYT] QS˵I PMG^]ʊ RE
HSHEXOS[] VEFEX [ []WSOSˑGM E˴
7/328%/89. 7-ʘ > 2%1- &= >=7/%ʈ 7;ɝ. -2(=;-(9%02= /3(
RMI HSX]G^] XS[EVɹ[ SFNʚX]GL TVSQSGNʈ
8IP /SQ
[[[ FMYV[E TP
FMYVS$FMYV[E TP
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
4°ÛđÑÌÜ÷Ėē đē»èô Ė°Îô°ãѼĖãē¼Ð Ü÷Ñ·ęÄÜ
ÄÀþÜ°¼ēÛãē¼Ð Ñ ã°þÜçđē¼Ð ã° ñçÝ÷ÜÑâ ôēãÜþȩ
ĖÑÌÜÑ đÑÄÝçÝÄüãÑÄâþ ÀçøđÑ°À¼ĖÄãÑþ ã° ôēãÜþ Ü÷Ñ·ęÜÑ Ɏ#BH Ė»þÀçđ°áç ôÄÝ°¼ÛÄ Ė ã°Ûđ°ęãÑÄÛ÷ĖēâÑ
đēÀ°đ¼°âÑ Ė ¼°áÄÎç øđÑ°ü°Ȥ đ üēâ ü°ÜęÄ Ė üēâÑȤ ÜüèôĖē ÷ñļ۰ÝÑĖþÛ· ÷ÑÌ đ đēÀ°đ°ãÑþ
ñçÀô̼ĖãÑÜèđ ñôĖÄÀ÷ĖÜçÝãē¼Ð Ñ đ¼ĖÄ÷ãç÷ĖÜçÝãē¼Ð Û°Ü ãñȩȣ BÄ°ô÷çã Àþ¼°üÑçãȤ N÷»çôãÄȤ "°¼ÐÄüüÄȤ
"çþÎÐüçã 3ÑÍĸÑã "°ô¼çþôüȤ 3¼ ô°đɎ"ÑÝÝȩ ĖÑÌÜÑ üÄâþ ã°÷Ñ -ÝÑÄã¼Ñ âçη Ėã°ÝÄė½ Àç÷üÌñ Àç »çΰüÄÛ
»°Ėē ñôçÀþÜüèđ đ ÛÄÀãēâ âÑÄÛ÷¼þȩ
B Bç÷Ñ°À°âē đ çÍÄô¼ÑÄ ãÑÄ üēÝÜç ñçÀô̼ĖãÑÜÑȤ ÝļĖ ü°ÜęÄ Ü÷Ñ·ęÜÑ »ÄÝÄüôē÷üē¼ĖãÄ ÀÝ° Ü°ęÀÄÛ Îôþñē
đÑÄÜçđÄÛ çô°Ė ÑãüÄô°ÜüēđãÄ ñôçÎô°âē ÄÀþÜ°¼ēÛãÄ ÀÝ° ã°þ¼Ėē¼ÑÄÝÑȤ ñçâ°Î°Û·¼Ä đ ÄÍÄÜüēđãÑÄÛ÷Ėē
÷ñç÷è» ñôĖē÷đçѽ þ¼ĖãÑçâ đÑÄÀĖÌ Ė Ė°ÜôÄ÷þ âȩÑãȩ â°üÄâ°üēÜÑȤ ã°þÜÑ ñÑ÷°ãÑ° çô°Ė ¼Ėēü°ãÑ°Ȥ ã°þÜÑ
ÛÌĖēÜèđ 综ē¼ÐȤ ôçĖđÑ·Ėēđ°ãÑ° ñôç»ÝÄâèđȩ
X X ã°÷ĖÄÛ çÍÄô¼ÑÄ Ėã°ÛÀþÛ· ÷ÑÌ â°üÄôÑ°áē Àç÷üç÷çđ°ãÄ Àç °âÄôēÜ°ä÷ÜÑÄÎç çô°Ė âÑÌÀĖēã°ôçÀçđÄÎç
ñôçÎô°âþ ã°þ¼Ė°ãÑ°ȩ XÑÄÝÄ Ė ãѼРñç÷Ñ°À° »çΰü· ç»þÀçđÌ ÄÝÄÜüôçãѼĖã·Ȥ Üüèô° ¼ĖēãÑ ÛÄ
ãçđç¼ĖÄ÷ãēâÑ Ñ °üô°Ü¼ēÛãēâÑ ÀÝ° ÀĖÑÄ¼Ñ çô°Ė ã°þ¼Ėē¼ÑÄÝÑ ° ü°ÜęÄ ñçĖđ°Ý° đ ñÄáãÑ đēÜçôĖē÷ü°½
ñçüÄã¼Û°á Ü°ęÀÄÎç þ¼ĖãÑ°ȩ ç÷ü°ô¼Ė°âē Ü÷Ñ·ęÜÑȤ ÜüèôÄȣ
N¼Ė· ÀĖÑÄ¼Ñ Û°Ü ¼ÑÄ÷Ėē½ ÷ÑÌ ÄÀþÜ°¼Û· BçÀô̼ĖãÑÜÑ Àç ã°þÜÑ Îô°â°üēÜÑȤ ñçñô°đãÄÛ đēâçđē çô°Ė
÷áçđãѼüđ° âçüēđþÛ· þ¼ĖãÑèđ Àç Ė°°ãΰęçđ°ãÑ° ɍ ÑãüÄô°ÜüēđãÄ ôçĖđÑ·Ė°ãÑ° Ė°¼Ð̼°Û· Àç
½đѼĖÄãÑ° ãçđē¼Ð þâÑÄÛÌüãçø¼Ñ çô°Ė ÷°âçÀç÷Üçã°ÝÄãÑ°ȩ
E EçĖđÑÛ°Û· đēç»ô°ėãÑÌ ç÷üÌñ Àç ÷ĖÄôçÜÑÄÛ Î°âē ñçĖē¼ÛÑ ÄÀþÜ°¼ēÛãē¼Ð Ñ »ÄÝÄüôē÷üē¼Ėãē¼Ð ñçĖđ°Ý°
ã° đĖ»çΰ¼ÄãÑÄ ÷áçđãѼüđ°Ȥ ñç÷ĖÄôĖ° ÐçôēĖçãüēȤ ôçĖđÑÛ° þâÑÄÛÌüãçø¼Ñ Ñ ñ°÷ÛÄȩ
-çâñÝÄüãē Ü°ü°ÝçÎ ñôçÀþÜüèđȤ °ÀôÄ÷ē Ü÷ÑÌΰôãÑ ÷ü°¼Ûçã°ôãē¼Ð çô°Ė ÑãÍçôâ°¼ÛÄ ç ķôâÑÄ Ėã°ÛÀ·
B°ä÷üđç ã° ÷üôçãÑÄȣ °»ÄȮñÝ
]°ñô°÷Ė°âē Àç Ė°ñçĖã°ãÑ° ÷ÑÌ Ė çÍÄôü·ȩ
ɓ#BH HñȮ Ė çȮçȮ
þÝȩ ôĖē»çđ÷Ü° Ʒƻ Ȥ ƴƴɎƼƹƹ X°ô÷Ė°đ°
üÄÝȩ ʖƸƼ ƶƶ ƺƹƸ ƴƺ ƻƹȤ Í°Ē ʖƸƼ ƶƶ ƺƹƶ ƴƻ ƺƻ
ÑãÍçÝÑãÑ° ƼƴƵ ƻƻƻ ƶƶƷȤ ÑãÍçˀ°»ÄȩñÝ đđđȮ°»ÄȮñÝ
аâñÑçã÷ XÐçÝÄ H¼ÐççÝ B°¼Ü
LÄ°¼Ð B đÑüÐ ¼çãķÀÄã¼ÄȤ đÑüÐ ĸÄĒÑ»ÝÄ ÷üÄñɎ»ēɎ÷üÄñ ÝÄ÷÷çã ñÝ°ã÷
°ãÀ ȭÐçđɎüçȭ ĐÑÀÄç÷ °ÝÝ ÀÄÝÑĐÄôÄÀ çãÝÑãÄ ĐÑ° 3ē EÑ÷ÑãÎ Hü°ô÷ȩ
Xаü÷ Ñã¼ÝþÀÄÀȪ
BÄôâ°ãÄãü đÐçÝÄɎ÷¼ÐççÝ °¼¼Ä÷÷ üç аâñÑçã÷
8ãÝÑãÄ ZÄ°ô÷ ƵɎƺ ĐÑ° 3ē EÑ÷ÑãÎ Hü°ô÷ B.NH ñôÑãüÄÀ
¼çñÑÄ÷ çÍ ZÄ°ô÷ ƵɎƺ LÄ°¼ÐÄôȭ÷ ççÜ÷
ǁƾ
Ƽƽƽƹ
ÑÎÑü°Ý EÄ÷çþô¼Ä÷ W ɓE83 ô°ÀÄ -
BôçÀþ¼ü 4°âÄȨ ÑÎÑü°Ý EÄ÷çþô¼Ä÷ W ɎE83 ô°ÀÄ -
#ãĐçÑ¼Ä LÑüÝÄȨ 3L"Ƶƺ L. EHE W E83 Eȩ -
#H 4ɓƺƹȨ ƴƷƶƼƼƸƽƹƴƶ
#H 4ɓƺƼȨ ƽƻƼƴƷƶƼƼƸƽƹƴƹ
çãü°Ñã÷ °ÝÝ ñôçÎô°â ôÄ÷çþô¼Ä÷ Íçô çÍĸÑãÄ þ÷Äȩ
ƻƾƾƺ
ƹƻ
.3 °ôÝē ÐÑÝÀÐççÀ ĒñôÄ÷÷
LÐÑ÷ ÄĒ¼ÑüÑãÎ Ä°ôÝē ¼ÐÑÝÀÐççÀ ñôçÎô°â ÎþÑÀÄ÷ ¼ÐÑÝÀôÄã °ÝçãÎ üÐÄ
ñôçĐÄã üô°¼Ü üç °¼°ÀÄâѼ ÷þ¼¼Ä÷÷Ȧ LÐÄ .3 °ôÝē
ÐÑÝÀÐççÀ ĒñôÄ÷÷˄ çÍÍÄô÷ ° ¼çâñôÄÐÄã÷ÑĐÄ ¼ÐÑÝÀɎ
¼ÄãüÄôÄÀ ¼þôôѼþÝþâ đÑüÐ üÄ°¼ÐÄô ÷þññçôü °ãÀ
ƶƵ÷ü ¼Äãüþôē üļÐãçÝçÎēȩ
ǀƾ
ƺƺƻǁ
W EZ Z 8NLH
ç ēçþ ñôÄÍÄô üç üÄ°¼Ð ¼Äôü°Ñã ¼çâñçãÄãü÷ çã ēçþô
ÑãüÄô°¼üÑĐÄ đÐÑüÄ»ç°ôÀ °ãÀ çüÐÄô÷ çã ° »þÝÝÄüÑã
»ç°ôÀȪ N÷Ä üÐÄ #ãüÄô°¼üÑĐÄ XÐÑüÄ»ç°ôÀ
NñÎô°ÀÄ đÑüÐ ēçþô ñôÑãü ÜÑü üç аĐÄ °¼¼Ä÷÷
üç »çüÐ ÀÄÝÑĐÄôē çñüÑçã÷ȩ
ǁƼǁ
ǁƿ
"çþÎÐüçã 3ÑÍĸÑã "°ô¼çþôü "°ãÀđôÑüÑãÎ çãüÑãþçþ÷
HüôçÜÄ çâñÝÄüÄ B°¼Ü°ÎÄȩ .ÄĐÄÝ ô°ÀÄ ƻ
LÐÄ ô°ÀÄ ƶ çãüÑãþçþ÷ HüôçÜÄ ¼Ý°÷÷ôççâ ñ°¼Ü
¼çâÄ÷ đÑüÐ ƶƴ HüþÀÄãü ÀÑüÑçã÷Ȥ Ƶ LÄ°¼ÐÄôȭ÷
ÀÑüÑçãȤ °ãÀ Ƶ ¼Ý°÷÷ôççâ ñç÷üÄôȩ
ƺƾƻǁ
ǁƹ
,çþôãÄē÷ ,çþôãÄē Íôçâ üç ] ÑÎ ççÜ
ô°ÀÄ - ° ççÜ çÍ Ȳ÷
¼çâñôÄÐÄã÷ÑĐÄ ÷çÝþüÑçã ÀÄ÷ÑÎãÄÀ ÷ñļÑķ¼°ÝÝē Íçô
ÄÀþ¼°üçô÷ ÑãüÄôÄ÷üÄÀ Ñã Ñã¼çôñçô°üÑãÎ ÄÝÄâÄãü÷ çÍ
° þÑÀÄÀ EÄ°ÀÑãÎ ñôçÎô°â Ñãüç üÐÄÑô ôÄ°ÀÑãÎ ¼Ý°÷÷ôççâȩ
ƽƹǂ
ƾƹ
3 L" ƻƹƺƿ 83384 8E HLN 4L #L#84
B - E -
LÐÄ -Ɏƹ ¼çã÷þâ°»ÝÄȤ üđçɎĐçÝþâÄ HüþÀÄãüɛ÷
ÀÑüÑçã ÄĒñ°ãÀ÷ ĐÑ÷þ°Ý ÝÄ°ôãÑãÎ °ãÀ ñôçĐÑÀÄ÷ °ã
ÄãΰÎÑãÎ đçôÜüÄĒü Íçô ÷üþÀÄãü÷ üç ôļçôÀ üÐÄÑô
÷çÝþüÑçã °ãÀ üÐÑãÜÑãÎȩ
ǀƹ
ǂǁ
3 L" ƻƹƺƿ 83384 8E L " E #L#84
B - E -
LÐÄ ãÄđ çââçã çôÄ â°üÐ ñôçÎô°â LÐÄ ãÄđ
ÄãWÑ÷Ñçãâ°üÐƶȩƴ Íçô Îô°ÀÄ÷ -Ɏƺ Ñ÷ ÍþÝÝē ñçđÄôÄÀ Íçô
çââçã çôÄ üç ÷þññçôü ñôÑãüȤ »ÝÄãÀÄÀȤ °ãÀ ƵȣƵ
ÀÑÎÑü°Ý ÝÄ°ôãÑãÎ ÄĒñÄôÑÄã¼Ä÷ȩ ¼¼çâñÝÑ÷Ð âçôÄȤ
đçôôē ÝÄ÷÷ȩ LÐÄ ñôçÎô°âȭ÷ ãÄđ çôΰãÑĖ°üÑçã
ǀƹ
ñôçâçüÄ÷ Íç¼þ÷ °ãÀ ¼çÐÄôÄã¼Äȩ ƻƺǀǀ
4Äđ þôôѼþÝþâ Ѽü°üÑçã LÄ÷ü÷
4Äđ þôôѼþÝþâ Ѽü°üÑçã LÄ÷ü÷ аĐÄ »ÄÄã
ÀÄĐÄÝçñÄÀ üç Äã÷þôÄ °ÝÝ ¼ÐÑÝÀôÄã °ôÄ °»ÝÄ üç đôÑüÄ
Íôçâ âÄâçôē ÷ÑâñÝÄ ÷ÄãüÄã¼Ä÷ ÀѼü°üÄÀ »ē üÐÄ
üÄ°¼ÐÄô °÷ ôÄóþÑôÄÀ »ē üÐÄ ãÄđ ãÎÝÑ÷Ð BçHȩ 8ãÄ
LÄ°¼ÐÄôȭ÷ ççÜ Íçô ZÄ°ô÷ ƵɎƺ ¼çãü°Ñã÷ Ƶƹ ÀѼü°üÑçã
ü°÷Ü÷ ñÄô ēÄ°ôȩ ƾǀƼ
Ƽƹ
EÄ°ÀÑãÎ ƻƹƺƺ EÄ°ÀÄô÷ °ãÀ XôÑüÄô÷ 4çüÄ»ççÜ ô°ÀÄ -
BôçĐÑÀÄ÷ ñô°¼üÑ¼Ä Ñã Îô°ââ°ô °ãÀ đôÑüÑãÎȤ °÷ đÄÝÝ °÷
ôÄÑãÍçô¼ÄâÄãü çÍ ÷ñÄÝÝÑãÎ ôþÝÄ÷ ¼çĐÄôÄÀ Ñã üÐÄ
LÄ°¼ÐÄô÷ ÀÑüÑçãȩ #ã¼ÝþÀÄ÷ ü°ÜÄɎÐçâÄ đçôÀ ÝÑ÷ü÷ °ãÀ
° ¼þâþÝ°üÑĐÄ ôÄĐÑÄđȩ 3°ē »Ä þ÷ÄÀ °÷ ° ¼çã÷þâ°»ÝÄ
đçôÜ»ççÜ çô ñÐçüç¼çñÑÄÀ °÷ »Ý°¼ÜÝÑãÄ â°÷üÄô÷ȩ
Ƽƹ
LÄ°¼ÐÄô³÷ 3°ãþ°Ý °Đ°ÑÝ°»ÝÄ ÷Äñ°ô°üÄÝēȩ ƽǁ
EÄ°ÀÑãÎ BÝ°ãÄü çâÄü HüôÄÄü -ÑÀ÷ BÑãÜ
üç 8ô°ãÎÄ þÑÀÄÀ EÄ°ÀÑãÎ B°¼Ü
çâÄü HüôÄÄü -ÑÀ÷ »ççÜ÷ °ãÀ üÄ°¼ÐÑãÎ ôÄ÷çþô¼Ä÷ ÍçÝÝçđ
üÐÄ °ÀĐÄãüþôÄ÷ çÍ E°ĐȤ ÷аȤ LÄ÷÷ °ãÀ ÑããȤ Íçþô çÍ üÐÄ
ôÄ÷ÑÀÄãü÷ çÍ çâÄü HüôÄÄüȩ LÐÄ÷Ä Íþã °ãÀ ÍÄÑ÷üē âçÀÄôã
¼Ð°ô°¼üÄô÷ ¼ôÄ°üÄ ÍôÄ÷ÐȤ ÄĒ¼ÑüÑãÎ ÷üçôÑÄ÷ üаü ¼ÐÑÝÀôÄãȤ ƿƻƽƽ
Ƽƾ
ñ°ôÄãü÷ °ãÀ üÄ°¼ÐÄô÷ đÑÝÝ ÝçĐÄȩ
EÄ°ÀÑãÎ BÝ°ãÄü Eç¼ÜÄü BÐçãѼ÷ BÑãÜ
üç EÄÀ #ãÀÄñÄãÀÄãü EÄ°ÀÑãÎ B°¼Ü
LÐÄ -Ɏƹ ¼çã÷þâ°»ÝÄȤ üđçɎĐçÝþâÄ HüþÀÄãüɛ÷
ÀÑüÑçã ÄĒñ°ãÀ÷ ĐÑ÷þ°Ý ÝÄ°ôãÑãÎ °ãÀ ñôçĐÑÀÄ÷ °ã
ÄãΰÎÑãÎ đçôÜüÄĒü Íçô ÷üþÀÄãü÷ üç ôļçôÀ üÐÄÑô
÷çÝþüÑçã °ãÀ üÐÑãÜÑãÎȩ
ǀƾƹ
ǀƾ
EÑλē H°ÑÝ÷ °ôÝē çâñÝÄüÄ B°¼Ü°ÎÄ ZÄÝÝçđ
H°ÑÝ÷ »ççÜ÷ »þÑÝÀ ĐÑ÷þ°Ý ÝÑüÄô°¼ē đÑüÐ ÄĒñç÷þôÄ üç °
Đ°ôÑÄüē çÍ Ý°ãÎþ°ÎÄ ÄĒñÄôÑÄã¼Ä÷ °ãÀ đôÑüüÄã Íçôâ÷ȩ
ççÜ÷ ÑââÄô÷Ä ÷üþÀÄãü÷ Ñã çô°ÝȤ đôÑüüÄãȤ °ãÀ
ĐÑ÷þ°Ý Ý°ãÎþ°ÎÄ đÐÑÝÄ »þÑÝÀÑãÎ ÷ÜÑÝÝ÷ Ñã ÝÑ÷üÄãÑãÎȤ
÷ñÄ°ÜÑãÎȤ ôÄ°ÀÑãÎȤ °ãÀ đôÑüÑãÎȩ
ƺƾ
ƺƼƻƾƽ
H°Ēçã BÐçãѼ÷ ƺ çâñÝÄüÄ
LÄ°¼ÐÄôȭ÷ 3°ãþ°ÝȤ đÐѼРñôçĐÑÀÄ÷ ēçþ đÑüÐ
ÀÑôļüÑçã÷ °ãÀ ÝÄ÷÷çã ÷¼ôÑñü÷Ȥ °ãÀ ñôÄñ°ô°üÑçã
Ñã÷üôþ¼üÑçã÷ȩ Ý÷ç Ñã¼ÝþÀÄ÷ ¼çÀÑãÎ ¼Ð°ôü÷Ȥ °
ÎÝç÷÷°ôēȤ °ãÀ ÀÄü°ÑÝÄÀ ΰâÄ ÀÑôļüÑçã÷ȩ
ǁƽǂ
ƽƾ
Hüçôēüçđã - BôçÎô°â
HüçôēLçđã Ñ÷ ° -ɍƺ EÄ°ÀÑãÎȯ.°ãÎþ°ÎÄ ôü÷ ñôçÎô°â
đÑüÐ ° ɘƶʖƶ üÐÄã EÄĐÑÄđə Ñã÷üôþ¼üÑçã°Ý ÀÄ÷ÑÎã Íçô ÷ÜÑÝÝ
°ãÀ ÷üô°üÄÎē ÀÄĐÄÝçñâÄãüȤ ñÝþ÷ ÀÑÍÍÄôÄãüÑ°üÄÀ
Ñã÷üôþ¼üÑçã üаü âÄÄü÷ üÐÄ ãÄÄÀ÷ çÍ °ÝÝ ÷üþÀÄãü÷ȩ
ƻƹƼǀƻ
ƺƹ
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