The words you are searching are inside this book. To get more targeted content, please make full-text search by clicking here.
Discover the best professional documents and content resources in AnyFlip Document Base.
Search
Published by B&R, 2017-07-31 08:08:56

MP Swiety Pawel_Flat

]ã đđđȮÄÀē¼Û°ȮñÝ






4°ñÑ÷Ėȣ
ÄÀē¼Û°˅ÄÀē¼Û°ȮñÝ


]°ÀĖđçäȣ

Ƽƽ Ƽƿƻ ƹƿ ǁǂ






















ȟô°»°ü Àçüē¼Ėē đēá·¼ĖãÑÄ ñþ»ÝÑÜ°¼ÛÑ Ė çÍÄôüē Àē¼ÛÑ
IđÑÌüÄÎç B°đá° Ñ ãÑÄ á·¼Ėē ÷ÑÌ Ė ÑããēâÑ ñôçâç¼Û°âÑȩ
E°»°ü ñôĖē Ė°ÜþñÑÄ ã° ÷üôçãÑÄ đđđȩÄÀē¼Û°ȩñÝ Ýþ» üÄÝȩ
ñçÀ ãþâÄôÄâ ƷƸ Ʒƻƴ ƼƷ ƹƴȩ


°ÛÜ° ç ñôĖēÎçÀ°¼Ð ¼ĖüÄôļР÷ÜôĖ°üèđ
âÑÄ÷ĖÜ°Û·¼ē¼Ð đ Lē÷Ñ·¼ÝÄüãÑâ .Ä÷ÑÄ

IãÑÄÎþÝѼĖÜÑȩ H°÷°ãÜÑȩ 3°øÝ°Ü° Ñ Ðôç»çüÜ°Ȯ

BçÀ÷üÌñãē 3ôçÜþã Ė ñçâç¼· °ôâÑÑ ¼Ė°ôãē¼Ð
Ėáçđôçã Ė°âÑÄôĖ° ĖãÑ÷Ė¼Ėē½ Lē÷Ñ·¼ÝÄüãÑ .°÷ȩ

XüÄÀē ÀĖÑÄÝãÄ ÷ÜôĖ°üē ñç÷ü°ã°đÑ°Û· Àç üÄÎç
ãÑÄ Àçñþø¼Ñ½ȩ 8ÀÜôēđ°Û·Ȥ ęÄ ÷Ñá° Àç»ô° ÛÄ÷ü
đÑÄÝÜ° Ñ ęÄ Àç»ôÄâ âçęã° Ėđē¼ÑÌęē½ Ü°ęÀÄ Ėáçȩ










đđđȮÄÀē¼Û°ȮñÝ






4°ñÑ÷Ėȣ
ÄÀē¼Û°˅ÄÀē¼Û°ȮñÝ


]°ÀĖđçäȣ
Ƽƽ Ƽƿƻ ƹƿ ǁǂ























ȟô°»°ü Àçüē¼Ėē đēá·¼ĖãÑÄ ñþ»ÝÑÜ°¼ÛÑ Ė çÍÄôüē Àē¼ÛÑ IđÑÌüÄÎç B°đá°
Ñ ãÑÄ á·¼Ėē ÷ÑÌ Ė ÑããēâÑ ñôçâç¼Û°âÑȩ E°»°ü ñôĖē Ė°ÜþñÑÄ ã° ÷üôçãÑÄ
đđđȩÄÀē¼Û°ȩñÝ Ýþ» üÄÝȩ ñçÀ ãþâÄôÄâ ƷƸ Ʒƻƴ ƼƷ ƹƴȩ
E°»°ü đ°ęãē Àç ƷƵ ÎôþÀãÑ° ƶƴƵƻôȩ


TIJî˓„ĹhTÙÝ̄ĹõĒõŕ˒IJvÌĹ





HÜôĖ°üē ¼Ðđ°üē



°ÛÜ° ç ñôĖēÎçÀ°¼Ð ¼ĖüÄôļР÷ÜôĖ°üèđ âÑÄ÷ĖÜ°Û·¼ē¼Ð
đ Lē÷Ñ·¼ÝÄüãÑâ .Ä÷ÑÄȣ IãÑÄÎþÝѼĖÜÑȤ H°÷°ãÜÑȤ 3°øÝ°Ü°
Ñ Ðôç»çüÜ°ȩ BçÀ÷üÌñãē 3ôçÜþã Ė ñçâç¼· °ôâÑÑ ¼Ė°ôãē¼Ð
Ėáçđôçã Ė°âÑÄôĖ° ĖãÑ÷Ė¼Ėē½ Lē÷Ñ·¼ÝÄüãÑ .°÷ȩ XüÄÀē ÀĖÑÄÝãÄ
÷ÜôĖ°üē ñç÷ü°ã°đÑ°Û· Àç üÄÎç ãÑÄ Àçñþø¼Ñ½ȩ 8ÀÜôēđ°Û·Ȥ ęÄ ÷Ñá°
Àç»ô° ÛÄ÷ü đÑÄÝÜ° Ñ ęÄ Àç»ôÄâ âçęã° Ėđē¼ÑÌęē½ Ü°ęÀÄ Ėáçȩ

Äã°Ȩ ƻƽȩǂƾ Ėá







BôĖēÎçÀē ÷áçãÑÜ° çâ»ÑÜ°


ɗBôĖēÎçÀē ÷áçãÑÜ° çâ»ÑÜ°ə üç Ė»Ñèô ñÑ̼Ñþ çñçđÑÄø¼Ñ
ç ÛÄÀēãēâ ã° øđÑļÑÄ á°¼Ñ°üēâ ÷áçãÑþȩ -°ęÀ° Ė ãѼРĖ°¼ÑÄÜ°đÑ°
Ñ »°đÑ Í°»þá·Ȥ °ÝÄ ü°ÜęÄ ñçâ°Î° đ ôçĖđÑ·Ė°ãÑþ üôþÀãē¼Ð
ÀĖÑļÑ̼ē¼Ð ñôç»ÝÄâèđȩ ɗ °ÛÜ° ç ᰼Ѱüēâ ÷áçãÑþə ɍ ñçâ°Î°
ñçÜçã°½ ÜçâñÝÄÜ÷ »ē¼Ñ° Ñããēâȩ
Äã°Ȩ Ƽƽȩǂƾ Ėá









-ôĖēø ã° ,°÷ãÄÛ èôĖÄ


BÑÄôđ÷Ė° đ BçÝ÷¼Ä Ü÷Ñ·ęļĖÜ° ç ,°÷ãÄÛ èôĖÄ ã°ñÑ÷°ã°
÷ñļ۰ÝãÑÄ ÀÝ° ÀĖÑļÑȦ ,°÷ã° èô° ÷áēãÑÄ đ ¼°áēâ øđÑļÑÄȩ
X°ôüçȤ »ē Ñ ñçÝ÷ÜÑÄ ÀĖÑÄ¼Ñ ñçĖã°áē Àç»ôĖÄ ÐÑ÷üçôÑÌ ÷°ãÜüþ°ôÑþâȤ
ÛÄÎç ã°Ûđ°ęãÑÄÛ÷ĖÄ Ė°Ü·üÜÑȤ ñç÷ü°¼ÑÄ ĖđÑ·Ė°ãÄ Ė üēâ âÑÄÛ÷¼Äâȩ
8ñçđÑÄ Ñâ ç ãѼРñÄđÑÄã ÷ēâñ°üē¼Ėãē ñ°þÝÑãȤ »ô°ü 3°ô¼ÑãȤ
Üüèôē ÷ñçüÜ° ã° ,°÷ãÄÛ èôĖÄ â°áÄÎç ¼Ðáçñ¼°Ȥ -ôĖē÷Ñ°ȩ
Äã°Ȩ ƿȩǂƾ Ėá







B°÷üþ÷ĖÜçđÑÄ Ė °üÑâē



BÑÌÜãÑÄ ÑÝþ÷üôçđ°ã° Ü÷Ñ·ęļĖÜ°Ȥ çñçđÑ°À°Û·¼° ÐÑ÷üçôÑÌ üôèÛÜÑ
ñ°÷üþ÷ĖÜèđȣ 2þ¼ÛÑȤ ô°ã¼Ñ÷ĖÜ° Ñ "Ñ°¼ēãüēȤ Üüèôēâ đ ƵƽƵƻ ôçÜþ
đ °üÑâÑÄ ç»Û°đÑá° ÷ÑÌ 3°üÜ° çę°ȩ -çÝçôçđÄ ôē÷þãÜÑ Ñ á°üđ°
đ çÀ»ÑçôĖÄȤ ôēâçđ°ã° üôÄø½ Ė°¼ÐÌ¼Ñ ã°ÛâáçÀ÷Ėē¼Ð Àç
ñçĖã°ãÑ° Ñ ñôĖÄęē¼Ñ° đēÀ°ôĖÄä ÷ñôĖÄÀ ÷üþ Ý°üȩ

Äã°Ȩ ƺƺȩǂƾ Ėá


ËhàËUĹÌĹõĒõŕËT‡TîËUĹhËhà×î“





3çÛ° Ñ»ÝÑ°Ȯ èÎ âãÑÄ Üç¼Ð°



L° Ü÷Ñ·ęļĖÜ° üç Ėã°ÜçâÑüÄ đñôçđ°ÀĖÄãÑÄ ÀĖÑÄ¼Ñ Àç ÝÄÜüþôē
÷áçđ° çęÄÎçȩ ]° ñçâç¼· đ÷Ü°ĖèđÄÜ ÀÝ° ôçÀĖѼèđȤ ñôç÷üē¼Ð
üÄÜ÷üèđ Ñ »°ôđãē¼Ð ÑÝþ÷üô°¼ÛÑȤ đ Àēã°âѼĖãē Ñ ¼ÑÄÜ°đē ÷ñç÷è»
ñôĖÄÀ÷ü°đÑ° ã°ÛâáçÀ÷Ėēâ ã°Û»°ôÀĖÑÄÛ Ėã°ãÄ ÐÑ÷üçôÑÄ »Ñ»ÝÑÛãÄȩ
BçÀ¼Ė°÷ ¼Ėēü°ãÑ° đ°ôüç Ėđôè¼Ñ½ þđ°ÎÌ ã° Ė°À°ãÑ° Àç
đēÜçã°ãÑ° ñôĖÄĖ ÀĖÑļÜçȩ
Äã°Ȩ ƺǂȩǂƾ Ėá






Ñ»ÝÑ°Ȯ "Ñ÷üçôÑÄ çÀđ°ęãē¼Ð Üç»ÑÄü


Ñ»ÝÑ°ȩ "Ñ÷üçôÑÄ çÀđ°ęãē¼Ð Üç»ÑÄü üç çñçđÑÄø¼Ñ »Ñ»ÝÑÛãÄ þÜ°Ė°ãÄ ã°
ãçđçȤ ñôç÷üēâ ÛÌĖēÜÑÄâȤ ÀĖÑÌÜÑ ¼ĖÄâþ ÷ü°Û· ÷ÑÌ ñôĖē÷üÌñãÄ
Ñ »°ôÀĖÑÄÛ ĖôçĖþâÑ°áÄȩ BÑÌÜã° ÷Ė°ü° Îô°ķ¼Ėã°Ȥ »°ôđãÄ ÑÝþ÷üô°¼ÛÄ
Ė ñÄđãçø¼Ñ· ñçĖđçÝ· âáçÀēâ ¼ĖēüÄÝãѼĖÜçâ ñçĖã°½ ÛÄÀãÄ
Ė ã°ÛÀĖÑÄÝãÑÄÛ÷Ėē¼Ð Üç»ÑÄü đ ÐÑ÷üçôÑÑȤ °ÝÄ ôèđãÑÄę ñçâçη Ñâ
çÀđ°ęãÑÄ ñôĖÄęēđ°½ ÷đçÛ· đÑ°ôÌȩ

Äã°Ȩ Ƽǂȩǂƾ Ėá







3ÑãÑ Ñ»ÝÑ° ÀÝ° ÀĖÑļÑ


BÄôÄáÜ° Ė °ãÑçáÜÑÄâ ãô ƻ


3°á° Ü÷Ñ·ęļĖÜ° ñôĖÄÀ÷ü°đÑ°Û·¼° ĖđÑÌėÝÄ ÐÑ÷üçôÑÌ çęē¼Ð ñÝ°ãèđ
âÑáçø¼Ñ Ė°đ°ôü· đ Ñ»ÝÑÑȩ 8À ÷üđçôĖÄãÑ° øđÑ°ü° Ñ ¼ĖáçđÑÄÜ°Ȥ ñçñôĖÄĖ
ÀĖÑÄÛÄ #Ėô°ÄÝ°Ȥ đ°ãÎÄÝÑÄȤ ÐÑ÷üçôÑÌ ñÑÄôđçüãÄÎç -çø¼Ñçá°Ȥ °ę Àç
¼Ė°÷èđȤ ÜÑÄÀē B°ã ,ÄĖþ÷ ñçãçđãÑÄ Àç ã°÷ ñôĖē»ÌÀĖÑÄȩ

Äã°Ȩ Ƽȩƾƹ Ėá







Ñ»ÝÑ° ÀÝ° ÀĖÑļÑ



Ñ»ÝÑ° đēÛ°øãÑ° ÀĖÑļÑçâ ãÑÄĖđēÜá· ÐÑ÷üçôÑÌ Ė»°đÑÄãÑ°ȩ 4°ÛâáçÀ÷Ñ
Ėã°ÛÀ· üþ »ÝÑ÷Üç ƺƴ ã°Ûđ°ęãÑÄÛ÷Ėē¼Ð çñçđÑ°À°ä ĖÄ Hü°ôÄÎç
Ñ 4çđÄÎç LÄ÷ü°âÄãüþȩ 8ñçđÑ°À°ãÑ° Ėç÷ü°áē ñôĖēÎçüçđ°ãÄ ü°ÜȤ °»ē
ñçâè¼ ÀĖÑļÑçâ đ ñçñô°đãēâ ĖôçĖþâÑÄãÑþ üÄÜ÷üþ »Ñ»ÝÑÛãÄÎç
Ñ Ė°¼Ð̼ѽ ѼРÀç ęē¼Ñ° ã° ¼ç ÀĖÑÄä üēâȤ ¼ç èÎ ñôçñçãþÛÄȩ

Äã°Ȩ ƽƽȩǂƾ Ėá


‡ŇÝTvÙU

IđÑÄüÝÑÜÑ 3Ñáç÷ÑÄôÀĖÑ°


ɘ3Ñáç÷ÑÄôÀĖÑÄə üç ÀÝ° ÀĖÑÄ¼Ñ üôþÀãÄ ÷áçđçȤ °ÝÄ ÀĖÑÌÜÑ »ô°üþ
Eþ¼Ñä÷ÜÑÄâþ Ñ ÛÄÎç çñçđÑÄø¼Ñçâ çô°Ė ÀĖÑÌÜÑ đ÷ñ°ãÑ°áēâ
ÜçÝçôçđēâ ÑÝþ÷üô°¼Ûçâ ÀĖÑÄ¼Ñ ãÑÄ üēÝÜç »ÌÀ· đÑÄÀĖÑ°áēȤ ã° ¼Ėēâ
ñçÝÄΰ »ē¼ÑÄ âÑáç÷ÑÄôãēâ đç»Ä¼ Ñããē¼ÐȤ °ÝÄ ĖÀļēÀçđ°ãÑÄ
ñçÝþ»Ñ· ¼ĖēãÑÄãÑÄ âÑáç÷ÑÄôÀĖÑ° đç»Ä¼ Ñããē¼Ðȩ 3áçÀē ¼ĖēüÄÝãÑÜȤ
¼Ėēü°Û·¼ ñç÷Ė¼ĖÄÎèÝãÄ çñçđÑ°À°ãÑ° ÷°â °Ý»ç Ė ñçâç¼·
Àçôç÷áē¼ÐȤ ãÑÄ üēÝÜç ñçĖã° ¼ÑÄÜ°đÄ ÐÑ÷üçôÑÄ ÀĖÑļÑȤ ÜüèôÄ
¼
¼ĖēããÑÄĖēããÑÄ đá·¼Ėēáē ÷ÑÌ đ ñçâç¼ ñçüôĖÄ»þÛ·¼ēâȤ °ÝÄ ĖôçĖþâÑÄȤ
ÜÑÄÀēȤ đ Û°ÜѼР÷ēüþ°¼Û°¼Ð Üçâþø âçęã° Ñ üôĖÄ»° ñçâè¼ȩ
Äã°Ȩ ƻƽȩǂƾ Ėá






,°Ü ñçđ÷ü°á øđÑ°üȮ -çÝçôçđ°ãÜ°



-çÝçôçđ°ãÜ°Ȥ Üüèô° ã°ÛâáçÀ÷Ėēâ ñçĖđçÝÑ üđèô¼Ėç Ñ ô°ÀçøãÑÄ
÷ñÌÀĖѽ ¼Ė°÷ȩ -ôèüÜÑ üÄÜ÷ü ñôĖē»ÝÑęē ÀĖÑļÑçâ ÐÑ÷üçôÑÌ ÷üđçôĖÄãÑ°
øđÑ°ü°Ȥ ° ñÑÌÜãÄ ÑÝþ÷üô°¼ÛÄ Ė ñÄđãçø¼Ñ· »ÌÀ· đÑÄÝÜ· Ė°¼ÐÌü· Àç
đēñÄáãÑÄãÑ° ÛÄÛ ÜçÝçô°âÑȩ çÀ°üÜçđç đ Ü÷Ñ·ęļĖ¼Ä þâÑÄ÷Ė¼Ėçãē
ÛÄ÷ü °ôÜþ÷Ė Ė ã°ÜÝÄÛÜ°âÑȤ ¼ç Îđ°ô°ãüþÛÄ đ÷ñ°ãÑ°á· Ė°»°đÌȩ

Äã°Ȩ ƿȩǂƾ Ėá







Bôç÷ĖÌȩ ÀĖÑÌÜþÛÌȩ ñôĖÄñô°÷Ė°â



-üç ÀĖÑø ãÑÄ Ėã° ÜôèüÜѼÐȤ ñôç÷üē¼ÐȤ °ÝÄ Û°ÜęÄ đ°ęãē¼ÐȤ
â·Àôē¼ÐȤ ęē¼Ñçđē¼Ð ÷ÄãüÄã¼ÛÑ đēáçđÑçãē¼Ð Ė ÐçâÑÝÑÑ
Ñ ñôĖÄâèđÑÄä ñ°ñÑÄę° ô°ã¼Ñ÷ĖÜ°ȩ X üÄÛ â°áÄÛ Ü÷Ñ·ęļĖ¼Ä
Ė Ė°»°đãēâÑ ôē÷þãÜ°âÑ ÛÄ÷ü ãÑÄĖđēÜÝÄ đ°ęãÄ ñôĖÄ÷á°ãÑÄ
ñ°ñÑÄę°Ȥ °»ēøâē ãÑÎÀē ãÑÄ Ė°ñçâÑã°ÝÑ đ ã°÷Ėēâ ęē¼Ñþ
ç đÑÄÝÜÑâ Ėã°¼ĖÄãÑþ üôĖļРđ°ęãē¼Ð ÷áèđȩ

Äã°Ȩ ƻȩǂƾ Ėá







3çÀÝÑüđē ÀÝ° ÀĖÑļÑ


3çÀÝÑüÄđãÑÜ Ė°đÑÄô° âçÀÝÑüđē ã° ôèęãÄ çÜçÝѼĖãçø¼Ñ ęē¼Ñ° çô°Ė üÄ
üô°Àē¼ēÛãÄȤ Ėã°ãÄ Ė Ü°üļÐÑĖâþȩ 8Àâ°đÑ°Û·¼ ÛÄȤ ÀĖÑÄ¼Ñ ñçĖã°Û· çΰȤ
Üüèôē ÛÄ÷ü ѼРã°ÛđÑÌÜ÷Ėēâ BôĖēÛ°¼ÑÄÝÄâ çô°Ė ã°þ¼Ė· ÷ÑÌ ôçĖâ°đÑ°½
Ė 4Ñâ đ Ü°ęÀÄÛ ¼çÀĖÑÄããÄÛ ñçüôĖÄ»ÑÄȩ çÀ°üÜçđ· Ė°ÝÄü· âçÀÝÑüÄđãÑÜ° ÷·
ñôç÷üÄ đ÷Ü°ĖèđÜÑȤ ÜüèôÄ ñçâçη ÀĖÑļÑçâ Àç»ôĖÄ ñôĖÄęē½ Ü°ęÀē ÀĖÑÄäȩ

Äã°Ȩ ƺƻȩǂƾ Ėá


-HVWHÐP\ ĆUPÃ EHGÃFÃ QD U\QNX MX× RG URNX &DÊ\ F]DV VLÇ UR]ZLMDP\ L SRV]HU]DP\ QDV]Ã RIHUWÇ 3URZDG]LP\ VSU]HGD× PRQWD× Z\QDMHP

5R]SRF]\QDOLÐP\ MDNR ĆUPD ]DMPXMÃFD VLÇ Z\ÊÃF]QLH G\VWU\EXFMÃ VSU]ÇWX QDJÊRÐQLHQLRZHJR L RÐZLHWOHQLRZHJR L VHUZLV VSU]ÇWX QDJÊRÐQLHQLRZHJR
2EHFQLH SR NLONX ODWDFK HZROXFML RIHUXMHP\ ]QDF]QLH ZLÇFHM RÐZLHWOHQLRZHJR L '-
=DMPXMHP\ VLÇ VSU]HGD×à KXUWRZà L GHWDOLF]Qà QDJÊRÐQLHQLD RÐZLHWOHQLD RUD] VSU]ÇWX GOD GM µZ :VSµÊSUDFXMHP\ ] OLF]Q\PL 6HUGHF]QLH ]DSUDV]DP\ GR ZVSµÊSUDF\
VNOHSDPL ĆUPDPL LQVWDODWRUVNLPL NOLHQWDPL LQVW\WXFMRQDOQ\PL RUD] V]HURNÃ JUXSÃ NOXEµZ L RGELRUFµZ SU\ZDWQ\FK

,PSRUWXMHPSRUWXMHP\ SURGXNW\ ] )UDQFML 1LHPLHF &KLQ RUD] +RODQGLL -HVWHÐP\ Z\ÊÃF]Q\P G\VWU\EXWRUHP QD 3ROVNÇ PDUNL 0\'HH-D\
, /); $*(1&<
L /\WRU RUD] DXWRU\]RZDQ\P G\VWU\EXWRUHP PDUNL $/3,1( +HDULQJ 3URWHFWLRQ $'- /,*+7 6281' '- (48,30(17
,PSRUWXMHP\ VDPRG]LHOQLH UµZQLH× SURGXNW\ WDNLFK PDUHN MDN )XWXUHOLJKW (XUROLWH 2PQLWURQLF 2PQLOX[ *( /LJKWLQJ $QWDUL XO *µUF]HZVND _ :DUV]DZD
3662 (XURSDOPV $OXWUXVV $PHULFDQ 'M $PHULFDQ $XGLR $FFX $UULED 9HOOHPDQ WHO _ WHO

: RIHUFLH ]QDMGXMÃ VLÇ WH× SURGXNW\ LQ RIHUFLH ]QDMGXMÃ VLÇ WH× SURGXNW\ LQQ\FK PDUHN 46& $NDL 0;/ $GDP (YD &0( (PX 5RGH 5PH 1RUG 6RQ\ 7F +HOLFRQ
: NRP _ KDQGORZ\#OI[ SO
:DOGRUI .5. 'HQRQ 3LRQHHU 0DUWLQ -%/ '%; /H[LFRQ 7HFKQLFV $OOHQ +HDWK 6RXQGFUDIW 6HQQKHLVHU 7XUERVRXQG
%HKULQJHU &URZQ 3RO $XGLR 5HORRS 1XPDUN -D\WHF 6KXUH 2UWRIRQ 9HVWD[ 7HFKQLFV 3KLOLSV 2VUDP 8'* 0;/ 8'*
6FDQLF L ZLHOH LQQ\FK


ï 3RVLDGDP\ VNOHS ] QDJÊRÐQLHQLHP RÐZLHWOHQLHP RUD] VSU]ÇWHP GOD 'M D JG]LH SURZDG]LP\ VSU]HGD× GHWDOLF]QÃ L KXUWRZÃ
ï 1DV]H SURGXNW\ PR×QD ]DNXSLÅ RQ OLQH Z VNOHSLH LQWHUQHWRZ\P ZZZ /); FRP SO
ï 2IHUXMHP\ XVÊXJL LQVWDODF\MQH L SURMHNWRZH :\NRQXMHP\ NRPSOHWQH RÐZLHWOHQLRZR GÕZLÇNRZH DUDQ×DFMH ORNDOL
WDNLFK MDN SXE\ G\VNRWHNL VLÊRZQLH NOXE\ VDOH NRQIHUHQF\MQH L Z\VWDZRZH 5HDOL]XMHP\ WDNLH LQVWDODFMH ZJ
SURMHNWµZ ZÊDVQ\FK MDN L GRVWDUF]RQ\FK SU]H] .OLHQWD

ï : RGSRZLHG]L QD SRWU]HE\ QDV]\FK .OLHQWµZ XUXFKRPLOLÐP\ Z\SR×\F]DOQLÇ VSU]ÇWX : VWDÊHM RIHUFLH
Z\SR×\SR×\F]DOQL MHVW NLONDVHW XU]ÃG]HÌ QDJÊRÐQLHQLRZ\FK RÐZLHWOHQLRZ\FK RUD] HIHNWµZ VSHFMDOQ\FK
Z
ï '\VSRQXMHP\ ]HVSRÊHP UHDOL]XMÃF\P REVÊXJÇ ]OHFHÌ Z NWµU\FK VSU]ÇW MHVW GRVWDUF]RQ\ L UR]VWDZLRQ\ QD F]DV LPSUH]\
OXE Z\GDU]HQLD D QDVWÇSQLH ]RVWDMH ]GHPRQWRZDQ\ 'RW\F]\ WR JÊRZQLH LPSUH] SOHQHURZ\FK NLONXGQLRZ\FK Z\VWDZ JG]LH
QD PLHMVFX MHVW Z\NRQ\ZDQD EXGRZD VWRLVND 2IHUWD MHVW EDUG]R UR]EXGRZDQD L HODVW\F]QD RG SURVWHJR ]HVWDZX PLNURIRQµZ
] QDJÊRÐQLHQLHP SR EXGRZÇ VFHQ\ GOD '- D OXE ]HVSRÊX PX]\F]QHJR ] ]DEXGRZDQ\PL UDPSDPL RÐZLHWOHQLRZ\PL

::: /); 3/
ï 3URZDG]LP\ ZÊDVQ\ VHUZLV VSU]ÇWX


-HVWHÐP\ ĆUPÃ EHGÃFÃ QD U\QNX MX× RG URNX &DÊ\ F]DV VLÇ UR]ZLMDP\ L SRV]HU]DP\ QDV]Ã RIHUWÇ 3URZDG]LP\ VSU]HGD× PRQWD× Z\QDMHP

5R]SRF]\QDOLÐP\ MDNR ĆUPD ]DMPXMÃFD VLÇ Z\ÊÃF]QLH G\VWU\EXFMÃ VSU]ÇWX QDJÊRÐQLHQLRZHJR L RÐZLHWOHQLRZHJR L VHUZLV VSU]ÇWX QDJÊRÐQLHQLRZHJR
2EHFQLH SR NLONX ODWDFK HZROXFML RIHUXMHP\ ]QDF]QLH ZLÇFHM RÐZLHWOHQLRZHJR L '-
=DMPXMHP\ VLÇ VSU]HGD×à KXUWRZà L GHWDOLF]Qà QDJÊRÐQLHQLD RÐZLHWOHQLD RUD] VSU]ÇWX GOD GM µZ :VSµÊSUDFXMHP\ ] OLF]Q\PL 6HUGHF]QLH ]DSUDV]DP\ GR ZVSµÊSUDF\
VNOHSDPL ĆUPDPL LQVWDODWRUVNLPL NOLHQWDPL LQVW\WXFMRQDOQ\PL RUD] V]HURNÃ JUXSÃ NOXEµZ L RGELRUFµZ SU\ZDWQ\FK

,PSRUWXMHPSRUWXMHP\ SURGXNW\ ] )UDQFML 1LHPLHF &KLQ RUD] +RODQGLL -HVWHÐP\ Z\ÊÃF]Q\P G\VWU\EXWRUHP QD 3ROVNÇ PDUNL 0\'HH-D\
, /); $*(1&<
L /\WRU RUD] DXWRU\]RZDQ\P G\VWU\EXWRUHP PDUNL $/3,1( +HDULQJ 3URWHFWLRQ $'- /,*+7 6281' '- (48,30(17
,PSRUWXMHP\ VDPRG]LHOQLH UµZQLH× SURGXNW\ WDNLFK PDUHN MDN )XWXUHOLJKW (XUROLWH 2PQLWURQLF 2PQLOX[ *( /LJKWLQJ $QWDUL XO *µUF]HZVND _ :DUV]DZD
3662 (XURSDOPV $OXWUXVV $PHULFDQ 'M $PHULFDQ $XGLR $FFX $UULED 9HOOHPDQ WHO _ WHO

: RIHUFLH ]QDMGXMÃ VLÇ WH× SURGXNW\ LQ RIHUFLH ]QDMGXMÃ VLÇ WH× SURGXNW\ LQQ\FK PDUHN 46& $NDL 0;/ $GDP (YD &0( (PX 5RGH 5PH 1RUG 6RQ\ 7F +HOLFRQ
: NRP _ KDQGORZ\#OI[ SO
:DOGRUI .5. 'HQRQ 3LRQHHU 0DUWLQ -%/ '%; /H[LFRQ 7HFKQLFV $OOHQ +HDWK 6RXQGFUDIW 6HQQKHLVHU 7XUERVRXQG
%HKULQJHU &URZQ 3RO $XGLR 5HORRS 1XPDUN -D\WHF 6KXUH 2UWRIRQ 9HVWD[ 7HFKQLFV 3KLOLSV 2VUDP 8'* 0;/ 8'*
6FDQLF L ZLHOH LQQ\FK


ï 3RVLDGDP\ VNOHS ] QDJÊRÐQLHQLHP RÐZLHWOHQLHP RUD] VSU]ÇWHP GOD 'M D JG]LH SURZDG]LP\ VSU]HGD× GHWDOLF]QÃ L KXUWRZÃ
ï 1DV]H SURGXNW\ PR×QD ]DNXSLÅ RQ OLQH Z VNOHSLH LQWHUQHWRZ\P ZZZ /); FRP SO
ï 2IHUXMHP\ XVÊXJL LQVWDODF\MQH L SURMHNWRZH :\NRQXMHP\ NRPSOHWQH RÐZLHWOHQLRZR GÕZLÇNRZH DUDQ×DFMH ORNDOL
WDNLFK MDN SXE\ G\VNRWHNL VLÊRZQLH NOXE\ VDOH NRQIHUHQF\MQH L Z\VWDZRZH 5HDOL]XMHP\ WDNLH LQVWDODFMH ZJ
SURMHNWµZ ZÊDVQ\FK MDN L GRVWDUF]RQ\FK SU]H] .OLHQWD

ï : RGSRZLHG]L QD SRWU]HE\ QDV]\FK .OLHQWµZ XUXFKRPLOLÐP\ Z\SR×\F]DOQLÇ VSU]ÇWX : VWDÊHM RIHUFLH
Z\SR×\SR×\F]DOQL MHVW NLONDVHW XU]ÃG]HÌ QDJÊRÐQLHQLRZ\FK RÐZLHWOHQLRZ\FK RUD] HIHNWµZ VSHFMDOQ\FK
Z
ï '\VSRQXMHP\ ]HVSRÊHP UHDOL]XMÃF\P REVÊXJÇ ]OHFHÌ Z NWµU\FK VSU]ÇW MHVW GRVWDUF]RQ\ L UR]VWDZLRQ\ QD F]DV LPSUH]\
OXE Z\GDU]HQLD D QDVWÇSQLH ]RVWDMH ]GHPRQWRZDQ\ 'RW\F]\ WR JÊRZQLH LPSUH] SOHQHURZ\FK NLONXGQLRZ\FK Z\VWDZ JG]LH
QD PLHMVFX MHVW Z\NRQ\ZDQD EXGRZD VWRLVND 2IHUWD MHVW EDUG]R UR]EXGRZDQD L HODVW\F]QD RG SURVWHJR ]HVWDZX PLNURIRQµZ
] QDJÊRÐQLHQLHP SR EXGRZÇ VFHQ\ GOD '- D OXE ]HVSRÊX PX]\F]QHJR ] ]DEXGRZDQ\PL UDPSDPL RÐZLHWOHQLRZ\PL

::: /); 3/
ï 3URZDG]LP\ ZÊDVQ\ VHUZLV VSU]ÇWX


/); $JHQF\ Z\ÊÃF]Q\ G\VWU\EXWRU SURGXNWµZ 0'-








)8==<



3U]HQRÐQ\ JÊRÐQLN DNXPXODWRURZ\
] %OXHWRRWK SRGÐZLHWOHQLHP /(' ]ÊÃF]HP
86% L 6' SLORWHP RUD] PLNURIRQHP

'RVNRQDOH VSUDZG]L VLÇ SRGF]DV LPSUH]\ Z SOHQHU]H EÃGÕ
3,&.< Z
Z ND×G\P LQ ND×G\P LQQ\P PLHMVFX EH] GRVWHSX GR ]DVLODQLD VLHFLRZHJR
=HVWDZ Z\SRVD]RQ\ Z PR×OLZRÐÅ EH]SU]HZRGRZHJR SU]HV\ÊX
3U]HQRÐQD NROXPQD W\SX WUROOH\ ] ZEXGRZDQ\P DNXPXODWRUHP PX]\NL 3RVLDGD SUDNW\F]QÃ UÃF]NÇ XÊDWZLDMÃFÃ SU]HQRV]HQLH
']LHNL DNXPXODWRURZL NROXPQÇ PR×QD ]DEUDÅ QD LPSUH]Ç 0R] PX]\F]QD : JÊRVQLN ÐUHGQLFD FP
Z SOHQHU]H F]\ NRQIHUHQFMÇ Z PLHMVFX JG]LH QLH PD ]DVLODQLD 9
,GHDOQH UR]ZLÃ]DQLH GR SURZDG]HQLD PDÊ\FK ]HEUDÌ F]\ VSRWNDÌ 'RGDWNRZR
EL]QHVRZ\FK 3URVWD Z REVÊXG]H ] ZLHORPD IXQNFMDPL RÐZLHWOHQLH /(' 5*%
: NRPSOHFLH PLNURIRQ EH]SU]HZRGRZ\ L SLORW RVREQD UHJXODFMD PLNURIRQX

: :HMÐFLD %OXHWRRWK $8;86% NDUW\ 6' IXQ IXQNFMD êHFKRë
:EXGRZDQ\ RGWZDU]DF] 03 5$',2 ZHMÐFLH PLNURIRQRZH -DFN
0RF PX]\F]QD : ZRRIHU ZHMÐFLH -DFN
0R×OLZRÐÅ SRGÊÃF]HQLD GR ]HZQÇWU]QHJR DNXPXODWRUD 9
'
'RGDWRGDWNRZR UHJXODFMD WRQµZ Z\VRNLFK L QLVNLFK PR×OLZRÐÅ QDJU\ZDQLD PLNURIRQX RVREQD
UHJXODFMD Z]PRFQLHQLD PLNURIRQX IXQNFMD HFKR ] PR×OLZRÐFLÃ UHJXODFML ZHMÐFLH
PLNURIRQRZH -DFN ZHMÐFLH -DFN MHGQRF]HÐQLH RGWZDU]DQ\ GÕZLÇN L SUDFD PLNURIRQX 3,&.<
SRGÐZLHWOHQLH SDQHOX SU]HGQLHJR /('
3U]HQRÐQD NROXPQD W\SX WUROOH\ ] ZEXGRZDQ\P
DNXPXODWRUHP : NRPSOHFLH PLNURIRQ
EH]SU]HZRGRZ\ L SLORW :HMÐFLD %OXHWRRWK $8;86%
NDUW\ 6' :EXGRZDQ\ RGWZDU]DF] 03 5$',2
3,&.<

0RF PX]\F]QD : ZRRIHU ë
3U]HQRÐQD NROXPQD W\SX WUROOH\ ] ZEXGRZDQ\P ZJUDQH JRWRZH SURJUDP\ NRUHNFML MD]] SRS LWS
DNXPXODWRUHP : NRPSOHFLH PLNURIRQ JQLD]GR QD VWDW\Z UÃF]ND ERF]QD
UHJXODFMD JÊRÐQRÐFL PLNURIRQX UHJXODFMD JÊRÐQRÐFL PLNURIRQX
EH]SU]HZRGRZ\ L SLORW :HMÐFLD %OXHWRRWK $8;86%
NDUW\ 6' :EXGRZDQ\ RGWZDU]DF] 03 5$',2 IXQNFMD êHFKRë ] UHJXODFMÃ
UHJXODFMD Z\VRNLFK L QLVNLFK WRQµZ
0RF PX]\F]QD : ZRRIHU ë SRGÐZLHWOHQLH /(' 5*% SDQHOX SU]HGQLHJR
ZJUDQH JRWRZH SURJUDP\ NRUHNFML MD]] SRS LWS QDJU\ZDQLH PLNURIRQX
JQLD]GR QD VWDW\Z UÃF]ND ERF]QD F]DV SUDF\ QD DNXPXODWRU]H K
PR×OLZRÐÅ SRGÊÃF]HQLD GR ]HZQÇWU]QHJR PR×OLZRÐÅ SRGÊÃF]HQLD GR ]HZQÇWU]QHJR

UHJXODFMD JÊRÐQRÐFL PLNURIRQX UHJXODFMD JÊRÐQRÐFL PLNURIRQX
IXQNFMD êHFKRë ] UHJXODFMÃ DNXPXODWRUD 9
UHJXODFMD Z\VRNLFK L QLVNLFK WRQµZ
SRGÐZLHWOHQLH /(' SDQHOX SU]HGQLHJR
F]DV SUDF\ QD DNXPXODWRU]H K
6=&=(*•É2:( ,1)250$&-( 2 352'8.7$&+
1$ 1$6=(- 67521,( ,17(51(72:(-


ZZZ /); FRP SO

'<675<%8725 /); $*(1&<
XO *µUF]HZVND _ :DUV]DZD

WHO _ WHO 0$6= 3<7$1,( 1$3,6=
NRP _ KDQGORZ\#OI[ SO +$1'/2:<#/); 3/


/); $JHQF\ Z\ÊÃF]Q\ G\VWU\EXWRU SURGXNWµZ 0'-








)8==<



3U]HQRÐQ\ JÊRÐQLN DNXPXODWRURZ\
] %OXHWRRWK SRGÐZLHWOHQLHP /(' ]ÊÃF]HP
86% L 6' SLORWHP RUD] PLNURIRQHP

'RVNRQDOH VSUDZG]L VLÇ SRGF]DV LPSUH]\ Z SOHQHU]H EÃGÕ
3,&.< Z
Z ND×G\P LQ ND×G\P LQQ\P PLHMVFX EH] GRVWHSX GR ]DVLODQLD VLHFLRZHJR
=HVWDZ Z\SRVD]RQ\ Z PR×OLZRÐÅ EH]SU]HZRGRZHJR SU]HV\ÊX
3U]HQRÐQD NROXPQD W\SX WUROOH\ ] ZEXGRZDQ\P DNXPXODWRUHP PX]\NL 3RVLDGD SUDNW\F]QÃ UÃF]NÇ XÊDWZLDMÃFÃ SU]HQRV]HQLH
']LHNL DNXPXODWRURZL NROXPQÇ PR×QD ]DEUDÅ QD LPSUH]Ç 0R] PX]\F]QD : JÊRVQLN ÐUHGQLFD FP
Z SOHQHU]H F]\ NRQIHUHQFMÇ Z PLHMVFX JG]LH QLH PD ]DVLODQLD 9
,GHDOQH UR]ZLÃ]DQLH GR SURZDG]HQLD PDÊ\FK ]HEUDÌ F]\ VSRWNDÌ 'RGDWNRZR
EL]QHVRZ\FK 3URVWD Z REVÊXG]H ] ZLHORPD IXQNFMDPL RÐZLHWOHQLH /(' 5*%
: NRPSOHFLH PLNURIRQ EH]SU]HZRGRZ\ L SLORW RVREQD UHJXODFMD PLNURIRQX

: :HMÐFLD %OXHWRRWK $8;86% NDUW\ 6' IXQ IXQNFMD êHFKRë
:EXGRZDQ\ RGWZDU]DF] 03 5$',2 ZHMÐFLH PLNURIRQRZH -DFN
0RF PX]\F]QD : ZRRIHU ZHMÐFLH -DFN
0R×OLZRÐÅ SRGÊÃF]HQLD GR ]HZQÇWU]QHJR DNXPXODWRUD 9
'
'RGDWRGDWNRZR UHJXODFMD WRQµZ Z\VRNLFK L QLVNLFK PR×OLZRÐÅ QDJU\ZDQLD PLNURIRQX RVREQD
UHJXODFMD Z]PRFQLHQLD PLNURIRQX IXQNFMD HFKR ] PR×OLZRÐFLÃ UHJXODFML ZHMÐFLH
PLNURIRQRZH -DFN ZHMÐFLH -DFN MHGQRF]HÐQLH RGWZDU]DQ\ GÕZLÇN L SUDFD PLNURIRQX 3,&.<
SRGÐZLHWOHQLH SDQHOX SU]HGQLHJR /('
3U]HQRÐQD NROXPQD W\SX WUROOH\ ] ZEXGRZDQ\P
DNXPXODWRUHP : NRPSOHFLH PLNURIRQ
EH]SU]HZRGRZ\ L SLORW :HMÐFLD %OXHWRRWK $8;86%
NDUW\ 6' :EXGRZDQ\ RGWZDU]DF] 03 5$',2
3,&.<

0RF PX]\F]QD : ZRRIHU ë
3U]HQRÐQD NROXPQD W\SX WUROOH\ ] ZEXGRZDQ\P ZJUDQH JRWRZH SURJUDP\ NRUHNFML MD]] SRS LWS
DNXPXODWRUHP : NRPSOHFLH PLNURIRQ JQLD]GR QD VWDW\Z UÃF]ND ERF]QD
UHJXODFMD JÊRÐQRÐFL PLNURIRQX UHJXODFMD JÊRÐQRÐFL PLNURIRQX
EH]SU]HZRGRZ\ L SLORW :HMÐFLD %OXHWRRWK $8;86%
NDUW\ 6' :EXGRZDQ\ RGWZDU]DF] 03 5$',2 IXQNFMD êHFKRë ] UHJXODFMÃ
UHJXODFMD Z\VRNLFK L QLVNLFK WRQµZ
0RF PX]\F]QD : ZRRIHU ë SRGÐZLHWOHQLH /(' 5*% SDQHOX SU]HGQLHJR
ZJUDQH JRWRZH SURJUDP\ NRUHNFML MD]] SRS LWS QDJU\ZDQLH PLNURIRQX
JQLD]GR QD VWDW\Z UÃF]ND ERF]QD F]DV SUDF\ QD DNXPXODWRU]H K
PR×OLZRÐÅ SRGÊÃF]HQLD GR ]HZQÇWU]QHJR PR×OLZRÐÅ SRGÊÃF]HQLD GR ]HZQÇWU]QHJR

UHJXODFMD JÊRÐQRÐFL PLNURIRQX UHJXODFMD JÊRÐQRÐFL PLNURIRQX
IXQNFMD êHFKRë ] UHJXODFMÃ DNXPXODWRUD 9
UHJXODFMD Z\VRNLFK L QLVNLFK WRQµZ
SRGÐZLHWOHQLH /(' SDQHOX SU]HGQLHJR
F]DV SUDF\ QD DNXPXODWRU]H K
6=&=(*•É2:( ,1)250$&-( 2 352'8.7$&+
1$ 1$6=(- 67521,( ,17(51(72:(-


ZZZ /); FRP SO

'<675<%8725 /); $*(1&<
XO *µUF]HZVND _ :DUV]DZD

WHO _ WHO 0$6= 3<7$1,( 1$3,6=
NRP _ KDQGORZ\#OI[ SO +$1'/2:<#/); 3/


7SPM OPSGO¾[ RMI WTSW¾F TV^IGIRMÔ /Yŏ SH RENQēSHW^]GL PEX VS^[MNENÒ SRI
H^MIGMéGÒ []SFVEōRMé OVIEX][RSĮÔ X[¾VG^I M PSKMG^RI Q]ĮPIRMI YG^Ò
XV¾N[]QMEVS[IKS WTSNV^IRME RE Į[MEX E GS REN[EŏRMINW^I VS^[MNENÒ
^HSPRSĮGM QERYEPRI XEO RMIHSGIRMERI SFIGRMI [ Į[MIGMI
[W^IGLSFIGR]GL OSQTYXIV¾[ M WQEVXJSR¾[ ;WT¾PRE ^EFE[E
^ V¾[MIĮRMOEQM G^] XIŏ ^ VSH^MGEQM XS TMéORI M W^G^éĮPM[I GL[MPI [ G^EWMI
OX¾V]GL [ REXYVEPR] WTSW¾F VS^[MNEQ] ^HSPRSĮGM OSQYRMOEG]NRI SVE^
ŏ]GMI WTSēIG^RI M VSH^MRRI [Mé^] )S XIKS WTV^IHE[ERI TV^I^ REW OPSGOM
ŏ
GIGLYNI REN[]ŏW^E IYVSTINWOE NEOSĮÔ SVE^ RSVQ] ^ETI[RMENÒGI
FI^TMIG^IĕWX[S H^MIGM 3E [W^]WXOMI T]XERMI ^ QMēÒ GLéGMÒ SHTS[MIQ]
QEMPS[S ^ETVEW^EQ]



>EQ¾[ SRPMRI PYF OYT SWSFMĮGMI [ WEPSRMI

0438&08
,EPIVME 9VW]R¾[ WXEGNE QIXVE 3EXSPMR
&P 0*3 PSO 9 TMéXVS



8IP OSQ XIP
I QEMP WOPIT%[]FMIV^ OPSGOM TP

[[[ []FMIV^ OPSGOM TP










































;]FMIV^ OPSGOMƾ



FS OPSGOM OSPIKS WÒ HPE OEŏHIKS


,ē¾[RÒ ^EPIXÒ G]TV]NWOMGL OPSGO¾[ )b:Fbjŷ NIWX YQSŏPM[MIRMI H^MIGMSQ W^]FOMIKS M ēEX[IKS FYHS[ERME
TVSWX]GL PYF ^ēSŏSR]GL QSHIPM TV^] Yŏ]GMY FEVH^S QEēIN PMG^F] V¾ŏR]GL OSQTSRIRX¾[ ]WXIQ ^SWXEē
[]REPI^MSR] TV^I^ F]ēIKS REYG^]GMIPE M MRŏ]RMIVE OX¾V] GLGMEē [W^G^ITMÔ YG^RMSQ TEWNI HS XIGLRMOM +MVQE
VS^[MNE W[SNI TVSHYOX] RE FE^MI ^EXV^EWOS[]GL OSQTSRIRX¾[ VS^[MNENÒG NI S TV^IOēEHRMI OSēE TEWS[I
WMPRMG^OM G^] TERIPI WēSRIG^RI .RWXVYOGNI FYHS[] HSWXéTRI WÒ [ MRXIVEOX][RIN ETPMOEGNM RE WXVSRMI
TVSHYGIRXE TSQEKENÒG H^MIGMSQ [INĮÔ [ MRXIVEOGNI ^ XIGLRSPSKMÒ M YG^]Ô TSTV^I^ ^EFE[é 5VSHYOX]
WOMIVS[ERI HPE H^MIGM SH PEX


ƒˆ)`LjƀƉz~ ›jƉb)›ˆjb Ɖ )«›_ %bj… ØƉz4%

)^MéOM ^IWXE[S[M ). (4:*7.3, 8*2 5VE[E 3I[XSRE Ƴ FI^[ēEHRSĮÔ
TéH IRIVKME OMRIX]G^RE M TSXIRGNEPRE H^MIGM QENÒ QSŏPM[SĮÔ TS^RERME
TSHWXE[ QIGLERMOM OPEW]G^RIN ^[ERIN RI[XSRS[WOÒ OX¾VE STMWYNI
[MéOW^SĮÔ ^RER]GL REQ ^NE[MWO WTSX]OER]GL [ GSH^MIRR]Q ŏ]GMY
IOWTIV]QIRX¾[ ^ IRIVKMÒ OMRIX]G^RÒ M TSXIRGNEPRÒ SVE^ MGL [ēEĮGM[SĮGM
NEO IRIVKME TSXIRGNEPRE ^QMIRME WMé [ OMRIX]G^RÒ M RE SH[V¾X


ŎƖĿ ƉzXb
ĿĿ



ĂLjƐLjƉFb™)bˆj~ƉĂLjƉ`j%)XƒƉ`jˆj~F«)%Ɖƒ)ˆ

>EE[ERWS[ERE PMRME .3:*3847 24847.>*) XS ^IWXE[] OPSGO¾[
[]TSWEŏSRI [ WMPRMG^IO IPIOXV]G^R] HS RETéHY MGL IPIQIRX¾[
VYGLSQ]GL 5S[]ŏW^] ^IWXE[ YQSŏPM[ME ^FYHS[ERMI V¾ŏR]GL
QSHIPM .3:*3847 XS OPSGOM []WSOMIN NEOSĮGM ^ OEXIKSVMM IHYOEG]NR]GL
OSRWXVYOG]NRS MRŏ]RMIV]NR]GL OX¾VI ēÒG^Ò WMé [ OEŏHIN TēEW^G^]ōRMI
) GS WTVE[ME ŏI WÒ YRMOEXS[I


ƖƖĿ ƉzXb
ĿĿ


ŎƅƐŎƉFb™)bˆj~ƉŎƅƉ`j%)XƒƉ ~ƒ


.3:*3847 QSHIPM WEQSGLSH¾[ XS ^IWXE[ OPSGO¾[ []WSOMIN NEOSĮGM
^ OEXIKSVMM IHYOEG]NR]GL OSRWXVYOG]NRS MRŏ]RMIV]NR]GL YQSŏPM[MENÒG]
^FYHS[ERMI QSHIPM TSNE^H¾[ M ēÒG^IRME IPIQIRX¾[ [ OEŏHIN TēEW^G^]ōRMI
) TV^I^ GS OPSGOM WÒ YRMOEXS[I 5SHWXE[S[E PMRME .3:*3847 XS ^IWXE[]
H^MéOM OX¾V]Q MWXRMINI QSŏPM[SĮÔ ^FYHS[ERME SH HS QSHIPM ^IWXE[]
XIQEX]G^RI WEQSGLSH] WEQSPSX] QSXSG]OPI TSNE^H] WTIGNEPRI

ŎƐĿ ƉzXb
ĿĿ



LjíƐĉƉFb™)bˆj~ƉíƉ`j%)XƒƉFb%ƒˆ~F X


.3:*3847 QSHIPM TSNE^H¾[ WTIGNEPR]GL XS ^IWXE[
OPSGO¾[ []WSOMIN NEOSĮGM ^ OEXIKSVMM IHYOEG]NR]GL
OSRWXVYOG]NRS MRŏ]RMIV]NR]GL YQSŏPM[MENÒG] ^FYHS[ERMI
QSHIPM TSNE^H¾[ M ēÒG^IRME IPIQIRX¾[ [ OEŏHIN TēEW^G^]ōRMI
) TV^I^ GS OPSGOM WÒ YRMOEXS[I



ƅĉ ƉzXb
ĿĿ


:)j` :ƕ XS W^[ENGEVWOM TVSHYGIRX OPSGO¾[ QEKRIX]G^R]GL 8E RMI^[]OPI TVSWXE ^EFE[OE WOēEHE WMé Kē¾[RMI ^
RMOPS[ER]GL OYPIO SVE^ TPEWXMOS[]GL TVéGMO¾[ [ [I[RÒXV^ OX¾V]GL ^RENHYNÒ WMé H[E QEKRIW] ĒÒG^ÒG ^I WSFÒ XI H[E
IPIQIRX] QSŏRE ^FYHS[EÔ FEVH^S HYŏS V¾ŏR]GL KISQIXV]G^R]GL ǻKYV SVE^ MRR]GL WXVYOXYV ) M ) )SHEXOS[]Q
IPIQIRXIQ ^EFE[OM WÒ TERIPI WēYŏÒGI HS YW^X][RMIRME OSRWXVYOGNM )^MéOM QSŏPM[SĮGM ēEX[IKS ^FYHS[ERME M
VS^IFVERME FYHS[PM W]WXIQ VS^[MNE []SFVEōRMé M NIWX TSQSGR] HS REYOM ^EKEHRMIĕ QEXIQEX]G^R]GL ǻ^]G^R]GL
GLIQMG^R]GL SVE^ VS^[MNE OVIEX][RSĮÔ H^MIGOE 5VSHYOX] HIH]OS[ERI H^MIGMSQ TS[]ŏIN VSOY ŏ]GME


:)jěƖĂĂƉ jXj~ƉŎƖLjƉ)Xţ

,ISQEK XS [WTERMEēE ^EFE[OE IHYOEG]NRE STEVXE RE TSēÒG^IRMY
ǻ^]G^R]GL [ēEĮGM[SĮGM QEKRIWY M W^[ENGEVWOMIN MRRS[EG]NRSĮGM ĒÒG^ÒG
QEKRIX]G^RI TEēIG^OM ^ RMOPS[ER]QM OYPOEQM QSŏIQ] [ FEVH^S TVSWX]
WTSW¾F FYHS[EÔ XV¾N[]QMEVS[I SFMIOX] M TV^IHQMSX]


ŎĿĿ ƉzXb
ĿĿ




:)jěƀƖƖƉ`) B bF ƒƉŎĉƅƉ)Xţ

,ISQEK XS [WTERMEēE ^EFE[OE IHYOEG]NRE STEVXE RE TSēÒG^IRMY ǻ^]G^R]GL
[ēEĮGM[SĮGM QEKRIWY M W^[ENGEVWOMIN MRRS[EG]NRSĮGM ĒÒG^ÒG QEKRIX]G^RI
TEēIG^OM ^ RMOPS[ER]QM OYPOEQM SVE^ TERIPEQM QSŏIQ] [ FEVH^S TVSWX]
WTSW¾F FYHS[EÔ XV¾N[]QMEVS[I SFMIOX] M TV^IHQMSX] /IH]R]Q
SKVERMG^IRMIQ NIWX XY REW^E [ēEWRE JERXE^NE M MPSĮÔ IPIQIRX¾[


ŎíĿ ƉzXb
ĿĿ

5VSHYOX¾[ HYĕWOMIN ǻVQ] X):jŷ TV^IHWXE[MEÔ GL]FE RMOSQY RMI XV^IFE ;EVXS NIH]RMI ^E^REG^]Ô Mŏ TVSHYGIRX TSWMEHE
H[E RMI^EPIŏRI W]WXIQ] OPSGO¾[ )9514 HPE H^MIGM [ [MIOY PEX SVE^ 1*,4 ]WXIQ HPE H^MIGM SH VSOY ŏ]GME (S
GMIOE[I H[E TSHWXE[S[I OPSGOM 1*,4 ¡ QSŏRE TSēÒG^]Ô [ V¾ŏRI OSQFMREGNI > XV^IGL OPSGO¾[ MPSĮÔ OSQFMREGNM
[]RSWM NYŏ ^EĮ ^ W^IĮÔ IPIQIRX¾[ HENI QSŏPM[SĮÔ TSēÒG^IRME RE WTSWSF¾[ 4 OVIEX][RSĮÔ H^MIGM
QSŏIQ] [MéG F]Ô WTSOSNRM NIŏIPM HS XIKS HSHEQ] OMPOEREĮGMI V¾ŏR]GL WIVMM XIQEX]G^R]GL HSFVE ^EFE[E QYVS[ERE
ŎLjíƐƐƉ%zXjƉz~«)%ƒ«UjX)


>IWXE[] ^ WIVMM 2SNI QMEWXS 1*,4q )9514q TS^[EPE ^FYHS[EÔ
HSWOSREPI ^RERI SXSG^IRMI M SHKV][EÔ [ RMQ VIEPMWX]G^RI WGIROM
^ YH^MEēIQ RS[SG^IWR]GL ǻKYVIO )9514 8IR FEV[R] ^IWXE[ )9514
^EGLéGM QEPYGL] HS SHKV][ERME V¾ŏR]GL WGIRIO ^ MGL HRME ƴ SH ^EFE[]
RE QEGMI TV^I^ TSWMēOM M GSH^MIRRÒ XSEPIXé Eŏ TS WTV^ÒXERMI >EGLéÔ
H^MIGOS HS [GMIPERME WMé [ V¾ŏRI VSPI M WTVE[ F] W^]FGMIN TS^RE[EēS Į[MEX


ƀŎ ƉzXb
ĿĿ


ŎLjíĉíƉ%zXjƉ`jI)ƉzF)~›ƒ«)ƉUXj UF

8IR [WTERMEē] ^IWXE[ ^ []FSVIQ TSHWXE[S[]GL OPSGO¾[
1*,4q )9514q VS^TEPM []SFVEōRMé OEŏHIKS QEPYGLE M HE QY
[MIPI KSH^MR Į[MIXRIN ^EFE[] >E[EVXI [ X]Q ^IWXE[MI OPSGOM
SVE^ OEVX] ^ MRWXVYOGNEQM TS^[EPENÒ ^FYHS[EÔ [W^]WXOS GS X]POS
TSHWYRMI []SFVEōRME


ƀŎ ƉzXb
ĿĿ


{`¥‰UF ƐŎ ƉzXb
ĉĿ
Ukc„‰ŽU ¥Ic)

„¥„‰)aŽƉ
%zXjƉ47&>

X):jƉ

ĂƐ ƉzXb
ĿĿ

X ƒƒF Ɖ«)ƒˆ ›ƉU~) ˆ¤›b):jƉUjbƒˆ~Uˆj~

MéKRMN TS ^IWXE[ OVIEX][RIKS OSRWXVYOXSVE 1*,4q (PEWWMG
M [OVSG^ HS Į[MEXE RMG^]Q RMIWOVéTS[ERIN []SFVEōRM M TEWNM
X[SV^IRME /EWRI OSPSVS[I M YRM[IVWEPRI OPSGOM 1*,4
TSFYH^ENÒ []SFVEōRMé HS FYHS[ERME M ^EFE[]

íĿ ƉzXb
ĿĿ


~) ˆj~Ɖ~j jˆěj%U~¤›
8IR RMIWEQS[MX] QSHIP ^VSFM [VEŏIRMI RE 8[SMGL ^RENSQ]GL
7SFSXE SHOV][G] RMI WTSW¾F ^ RMOMQ TSQ]PMÔ /IWX FēéOMXRS G^EVRS W^EV]
QE NEWRS^MIPSRI SG^] H^MEēENÒGI KÒWMIRMGI SFVEGENÒGÒ WMé KēS[é M OSVTYW
E XEOŏI VYGLSQI VEQMSRE ^I W^TIVEG^IQ M H^MEēENÒG]Q GL[]XEOMIQ

ƀŎ ƉzXb
ĿĿ


IbFj~ƒƉ~j« Fm~U

,H^MI WMé ^ETSH^MEē XIR OEWO$ (^EW FVEÔ WMé HS VSFSX] RE TPEGY FYHS[]
1*,4q (MX] >IWXE[ ^E[MIVE ēEX[I HS ^FYHS[ERME TSNE^H] XEOMI NEO
[][VSXOE OSTEVOE ^ SFVSXS[]Q VEQMIRMIQ ^ X]ēY Hō[MK ^ OYPÒ
[]FYV^IRMS[Ò E HS XIKS FYH]RIO [ XVEOGMI FYHS[]

ŎƖĂ ƉzXb
ĿĿ


8~F)b%ƒƉ%jƒˆ › Ɖzj`FbUm›Ɖ›ƉB) ~ˆX U)

MéKRMN TS ^IWXE[ )SWXE[GE YTSQMRO¾[ [ -IEVXPEOI 1*,4q
+VMIRHW M TSQ¾ŏ XITLERMI HSWXEVG^]Ô TVI^IRX] ; TYHIēOY
^RENH^MIW^ WEQSGL¾H HSWXE[G^] M JVSRX WOPITY ^ QMINWGIQ RE
TVI^IRX] WOV^]ROÒ TSG^XS[Ò M OEWÒ

íLj ƉzXb
ĿĿ


Fˆ¤Ɖƒˆ~ ¯ UFƉ›m«Ɖˆ) BbF «b¤

&RXIRE WEXIPMXEVRE [ RMIFI^TMIG^IĕWX[MI 3E W^G^éĮGMI RE QMINWGI
TéH^M NYŏ WXVEŏEGOM [¾^ XIGLRMG^R] /IWX SR []TSWEŏSR] [ YRSW^SR]
M STYW^G^ER] []WMéKRMO RE TV^]G^ITMI WTIGNEPR] [Òŏ ^ []V^YXRMÒ
OPSGO¾[ [SH] KEĮRMGé WTV^éX SGLVSRR] M [MIPI MRR]GL EOGIWSVM¾[

ŎƐĉ ƉzXb
ĿĿ


BÑÄôđ÷Ė° ÷â°ôü




üô°âñçÝÑã° ã° øđÑļÑÄȦ

















Hâ°ôü üô°âñçÝÑã° ɓ đ÷ñ°ãÑ°á° Ė°»°đ° Ñ Îđ°ô°ãüçđ°ãÄ »ÄĖñÑļĖÄä÷üđçȮ

4çđ°üçô÷ÜÑÄ ôçĖđÑ·Ė°ãÑ° Ñ »ÄĖñÑļĖãÄ ÷Ü°Ü°ãÑÄȮ


]°âÑ°÷ü ÷ñôÌęēã ñôÌüē Ė đáèÜã° ÷ĖÜÝ°ãÄÎç þâÑÄ÷Ė¼ĖçãÄ ÷· ñçÀ â°ü· Ñ ã°À ô°â·Ȥ ñçĖ° Ė°÷ÑÌÎÑÄâ ÷Ü°¼Ė·¼ÄÛ ç÷ç»ēȩ E°â° ñôĖÄãÑÄ÷Ñçã° đ ü°ÜÑÄ âÑÄÛ÷¼ÄȤ
»ē ãÑÄ »ēá âçĖÝÑđē Üçãü°Üü Ė ãÑ· ñçÀ¼Ė°÷ ÷Ü°Ü°ãÑ°ȩ 3ÑÌÜÜ° Üô°đÌÀė â°üē °»÷çô»þÛ·¼° ÄãÄôÎÑÌ Ñ °âçôüēĖþÛ·¼° þÀÄôĖÄãÑ°ȩ BçüđÑÄôÀĖçãçȤ ęÄ ÛÄ÷ü °ę Ʒƴ
ÜôçüãÑÄ ÷ÜþüļĖãÑÄÛ÷Ė° đ á°ÎçÀĖÄãÑþ þÀÄôĖÄãÑ°ȩ BçüđÑÄôÀĖçãçȤ ęÄ ÛÄ÷ü °ę Ʒƴ ÜôçüãÑÄ ÷ÜþüļĖãÑÄÛ÷Ė° đ á°ÎçÀĖÄãÑþ þÀÄôĖÄä ãÑę Üô°đÌÀė â°üē
üô°Àē¼ēÛãÄÛȩ Ý°÷üē¼Ėã° ÷Ñ°üÜ° çü°¼Ė°Û·¼° üô°âñçÝÑãÌ çÀ»ÑÛ°Û·¼° ÷Üç¼ĖÜ° Ė ñçđôçüÄâ ã° â°üÌ Ñ Ė°ñç»ÑÄΰ۷¼° þñ°ÀÜÑÄâ Ė üô°âñçÝÑãēȩ ]°âÑ°÷ü
âÄü°Ýçđē¼Ð ÷áþñÜèđ ñçÀüôĖēâþÛ·¼ē¼Ð ÷Ñ°üÜÌ Ė°÷üç÷çđ°ãç ÄÝ°÷üē¼ĖãÄ ñôÌüēȩ
L
Lç ãÛ°Û»ÄĖñÑļĖãÑÄÛ÷Ė° üô°âñçÝÑã° ã° øđÑļÑÄ ķôâē HñôÑãÎÍôÄÄȩ HüđçôĖēá Û° ôȩ -ÄÑüÐ ÝÄĒ°ãÀÄô ñôçÍÄ÷çô þãÑđÄô÷ēüÄüþ çÍ °üÄôã»þôē đ ÐôÑ÷¼Ðþô¼Ð
ɂ4çđ° ]ÄÝ°ãÀÑ°Ƀȩ ĖÑÄÜÑ ÛÄÎç ñô°¼ē Ñ Ė°°ãΰęçđ°ãÑþ þ÷þãÑÌüç °ę ƽƴʔ âÑÄÛ÷¼Ȥ đ Üüèôē¼Ð Ñ÷üãÑ°áē Àç üÄÛ ñçôē ôÄ°ÝãÄ Ė°ÎôçęÄãÑ° ÀçĖã°ãÑÄâ ÜçãüþĖÛÑȩ
ĖÑÄÜÑ çñô°¼çđ°ãÑþ üÄÎç »ÄĖñÑļĖãÄÎç đ þĖēüÜçđ°ãÑþ ñôĖÄĖ ÀĖÑÄ¼Ñ âçÀÄÝþȤ âçęÄâē »ē¼ ÷ñçÜçÛãÑ ç üçȤ ęÄ ã°÷Ėēâ ñç¼ÑļÐçâ ÷ü°ãÑÄ ÷ÑÄ ¼ç÷ ĖáÄÎç
ã°đÄü đèđ¼Ė°÷Ȥ ÛÄøÝÑ ÷Ü°Ü°ãÑÄ »ÌÀĖÑÄ »°ôÀĖÑÄÛ ÑãüÄã÷ēđãÄȩ BçĖ° »ÄĖñÑļĖÄä÷üđÄâ Ė°ñÄđãÑçãç üÄę â°Ü÷ēâ°Ýã· ęēđçüãçø½ çÍÄôçđ°ãē¼Ð ñôçÀþÜüèđȩ
X
XēēÜçã°ãÄ ñôĖĖ ķôâÌ HñôÑãÎÍôÄÄ üô°âñçÝÑãē ÷· đ ÷ü°ãÑÄ đēüôĖēâ°½ 综ѷęÄãÑÄ ôèđãÄ â°÷ÑÄ ñôĖļÑÌüãÄÎç ÷°âç¼ÐçÀþ ç÷ç»çđÄÎçȩ HÑ°üÜ° đēÜçã°ã°
Ėç÷ü°á° Ė â°üÄôÑ°áþ çÀñçôãÄÎç ã° ñôçâÑÄãÑçđ°ãÑÄ NWȤ ÄÝ°÷üē¼ĖãÄ ñôÌüē ñçÀüôĖēâþÛ·¼Ä ÷Ñ°üÜÌ ÷· üôĖē ô°Ėē âç¼ãÑÄÛ÷ĖÄ ãÑĖ âÄü°ÝçđÄȩ E°â° ñç÷Ñ°À°
üôĖē đ°ô÷üđē ç¼ÐôçããÄȤ çÀñçôãÄ ã° ÜçôçĖÛÌȩ E°âē ÷· Îôþ»÷ĖÄȩ




HñôÑãÎÍôÄÄ ɓ B°ĐÄÝ Eþ÷ãçÜ ĖÑ°á ÷ñôĖÄÀ°ęēȨ đđđȮ÷ñôÑãÎÍôÄÄȮñÝ
ç»ôļܰ ƶƻȤ ƸƷɎƸƴƴ ÑÄ÷ĖēãȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ LÄÝȩȣ ʖƸƼ ƺƴƴ ƽƶƵ ƽƼƴȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ


BÑÄôđ÷Ė° ÷â°ôü




üô°âñçÝÑã° ã° øđÑļÑÄȦ

















Hâ°ôü üô°âñçÝÑã° ɓ đ÷ñ°ãÑ°á° Ė°»°đ° Ñ Îđ°ô°ãüçđ°ãÄ »ÄĖñÑļĖÄä÷üđçȮ

4çđ°üçô÷ÜÑÄ ôçĖđÑ·Ė°ãÑ° Ñ »ÄĖñÑļĖãÄ ÷Ü°Ü°ãÑÄȮ


]°âÑ°÷ü ÷ñôÌęēã ñôÌüē Ė đáèÜã° ÷ĖÜÝ°ãÄÎç þâÑÄ÷Ė¼ĖçãÄ ÷· ñçÀ â°ü· Ñ ã°À ô°â·Ȥ ñçĖ° Ė°÷ÑÌÎÑÄâ ÷Ü°¼Ė·¼ÄÛ ç÷ç»ēȩ E°â° ñôĖÄãÑÄ÷Ñçã° đ ü°ÜÑÄ âÑÄÛ÷¼ÄȤ
»ē ãÑÄ »ēá âçĖÝÑđē Üçãü°Üü Ė ãÑ· ñçÀ¼Ė°÷ ÷Ü°Ü°ãÑ°ȩ 3ÑÌÜÜ° Üô°đÌÀė â°üē °»÷çô»þÛ·¼° ÄãÄôÎÑÌ Ñ °âçôüēĖþÛ·¼° þÀÄôĖÄãÑ°ȩ BçüđÑÄôÀĖçãçȤ ęÄ ÛÄ÷ü °ę Ʒƴ
ÜôçüãÑÄ ÷ÜþüļĖãÑÄÛ÷Ė° đ á°ÎçÀĖÄãÑþ þÀÄôĖÄãÑ°ȩ BçüđÑÄôÀĖçãçȤ ęÄ ÛÄ÷ü °ę Ʒƴ ÜôçüãÑÄ ÷ÜþüļĖãÑÄÛ÷Ė° đ á°ÎçÀĖÄãÑþ þÀÄôĖÄä ãÑę Üô°đÌÀė â°üē
üô°Àē¼ēÛãÄÛȩ Ý°÷üē¼Ėã° ÷Ñ°üÜ° çü°¼Ė°Û·¼° üô°âñçÝÑãÌ çÀ»ÑÛ°Û·¼° ÷Üç¼ĖÜ° Ė ñçđôçüÄâ ã° â°üÌ Ñ Ė°ñç»ÑÄΰ۷¼° þñ°ÀÜÑÄâ Ė üô°âñçÝÑãēȩ ]°âÑ°÷ü
âÄü°Ýçđē¼Ð ÷áþñÜèđ ñçÀüôĖēâþÛ·¼ē¼Ð ÷Ñ°üÜÌ Ė°÷üç÷çđ°ãç ÄÝ°÷üē¼ĖãÄ ñôÌüēȩ
Lç ãÛ°Û»ÄĖñÑļĖãÑÄÛ÷Ė° üô°âñçÝÑã° ã° øđÑļÑÄ ķôâē HñôÑãÎÍôÄÄȩ HüđçôĖēá Û° ôȩ -ÄÑüÐ ÝÄĒ°ãÀÄô ñôçÍÄ÷çô þãÑđÄô÷ēüÄüþ çÍ °üÄôã»þôē đ ÐôÑ÷¼Ðþô¼Ð
L
ɂ4çđ° ]ÄÝ°ãÀÑ°Ƀȩ ĖÑÄÜÑ ÛÄÎç ñô°¼ē Ñ Ė°°ãΰęçđ°ãÑþ þ÷þãÑÌüç °ę ƽƴʔ âÑÄÛ÷¼Ȥ đ Üüèôē¼Ð Ñ÷üãÑ°áē Àç üÄÛ ñçôē ôÄ°ÝãÄ Ė°ÎôçęÄãÑ° ÀçĖã°ãÑÄâ ÜçãüþĖÛÑȩ
ĖÑÄÜÑ çñô°¼çđ°ãÑþ üÄÎç »ÄĖñÑļĖãÄÎç đ þĖēüÜçđ°ãÑþ ñôĖÄĖ ÀĖÑÄ¼Ñ âçÀÄÝþȤ âçęÄâē »ē¼ ÷ñçÜçÛãÑ ç üçȤ ęÄ ã°÷Ėēâ ñç¼ÑļÐçâ ÷ü°ãÑÄ ÷ÑÄ ¼ç÷ ĖáÄÎç
ã°đÄü đèđ¼Ė°÷Ȥ ÛÄøÝÑ ÷Ü°Ü°ãÑÄ »ÌÀĖÑÄ »°ôÀĖÑÄÛ ÑãüÄã÷ēđãÄȩ BçĖ° »ÄĖñÑļĖÄä÷üđÄâ Ė°ñÄđãÑçãç üÄę â°Ü÷ēâ°Ýã· ęēđçüãçø½ çÍÄôçđ°ãē¼Ð ñôçÀþÜüèđȩ
X
XēēÜçã°ãÄ ñôĖĖ ķôâÌ HñôÑãÎÍôÄÄ üô°âñçÝÑãē ÷· đ ÷ü°ãÑÄ đēüôĖēâ°½ 综ѷęÄãÑÄ ôèđãÄ â°÷ÑÄ ñôĖļÑÌüãÄÎç ÷°âç¼ÐçÀþ ç÷ç»çđÄÎçȩ HÑ°üÜ° đēÜçã°ã°
Ėç÷ü°á° Ė â°üÄôÑ°áþ çÀñçôãÄÎç ã° ñôçâÑÄãÑçđ°ãÑÄ NWȤ ÄÝ°÷üē¼ĖãÄ ñôÌüē ñçÀüôĖēâþÛ·¼Ä ÷Ñ°üÜÌ ÷· üôĖē ô°Ėē âç¼ãÑÄÛ÷ĖÄ ãÑĖ âÄü°ÝçđÄȩ E°â° ñç÷Ñ°À°
üôĖē đ°ô÷üđē ç¼ÐôçããÄȤ çÀñçôãÄ ã° ÜçôçĖÛÌȩ E°âē ÷· Îôþ»÷ĖÄȩ




HñôÑãÎÍôÄÄ ɓ B°ĐÄÝ Eþ÷ãçÜ ĖÑ°á ÷ñôĖÄÀ°ęēȨ đđđȮ÷ñôÑãÎÍôÄÄȮñÝ
ç»ôļܰ ƶƻȤ ƸƷɎƸƴƴ ÑÄ÷ĖēãȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ LÄÝȩȣ ʖƸƼ ƺƴƴ ƽƶƵ ƽƼƴȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ


đđđȩ÷ñôÑãÎÍôÄÄȩñÝ


































XēñôçÀþÜçđ°ãçȩ ü°Ü »ē đēüôĖēâ°áç



3ē ãÑÄ üēÝÜç ÷ñÄáãÑ°âē ÷ü°ãÀ°ôÀē Û°Üçø¼Ñ


đ »ô°ãęēȩ °ÝÄ ñçâ°Î°âē ÛÄ üđçôĖē½









çđÑÄÀĖ ÷ÑÌȩ Üüèô° üô°âñçÝÑã° ñ°÷þÛÄ Àç üđÄÛ ôçÀĖÑãē





















Eƾƽ ɓ çâñ°¼ü çÜô·Î ƹǀǀ ɓ 3ÄÀÑþâ çđ°Ý ƹǀǀ ɓ 3ÄÀÑþâ çđ°Ý ƹǂƻ ɓ .°ôÎÄ çđ°Ý HƺƺƼ ɓ .°ôÎÄ Üđ°Àô°ü Hƺƾƾ ɓ ,þâ»ç Üđ°Àô°ü
Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ·
»ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ°




HñôÑãÎÍôÄÄ ɓ B°ĐÄÝ Eþ÷ãçÜ ĖÑ°á ÷ñôĖÄÀ°ęēȨ đđđȮ÷ñôÑãÎÍôÄÄȮñÝ
ç»ôļܰ ƶƻȤ ƸƷɎƸƴƴ ÑÄ÷ĖēãȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ LÄÝȩȣ ʖƸƼ ƺƴƴ ƽƶƵ ƽƼƴȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ


đđđȩ÷ñôÑãÎÍôÄÄȩñÝ


































XēñôçÀþÜçđ°ãçȩ ü°Ü »ē đēüôĖēâ°áç



3ē ãÑÄ üēÝÜç ÷ñÄáãÑ°âē ÷ü°ãÀ°ôÀē Û°Üçø¼Ñ


đ »ô°ãęēȩ °ÝÄ ñçâ°Î°âē ÛÄ üđçôĖē½









çđÑÄÀĖ ÷ÑÌȩ Üüèô° üô°âñçÝÑã° ñ°÷þÛÄ Àç üđÄÛ ôçÀĖÑãē





















Eƾƽ ɓ çâñ°¼ü çÜô·Î ƹǀǀ ɓ 3ÄÀÑþâ çđ°Ý ƹǀǀ ɓ 3ÄÀÑþâ çđ°Ý ƹǂƻ ɓ .°ôÎÄ çđ°Ý HƺƺƼ ɓ .°ôÎÄ Üđ°Àô°ü Hƺƾƾ ɓ ,þâ»ç Üđ°Àô°ü
Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ·
»ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ°




HñôÑãÎÍôÄÄ ɓ B°ĐÄÝ Eþ÷ãçÜ ĖÑ°á ÷ñôĖÄÀ°ęēȨ đđđȮ÷ñôÑãÎÍôÄÄȮñÝ
ç»ôļܰ ƶƻȤ ƸƷɎƸƴƴ ÑÄ÷ĖēãȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ LÄÝȩȣ ʖƸƼ ƺƴƴ ƽƶƵ ƽƼƴȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ


+SP&S\ 1 \



&3-7/3 13&-02) (0% (>-)'- 3 ;=1 1 < 1




&SMWOE QSFMPRI M WXEGNSREVRI HPE TV^IHW^OSPM M W^O·ă



+SP&S\ 1 \ &%1&-2-



&3-7/3 13&-02) (0% 46>)(7>/30%/—; 3 ;=1 < 1




+SP&S\ 1 \ &%1&-2- NIWX XS FSMWOS QSFMPRI
+SP&S\ 1 [ [IVWNM FI^ FERH [ QMINWGI OX¶V]GL
^EQSRXS[ERI ^SWXEĂ] WMEXOM WTIĂRMENÈGI JYROGNÜ +SP&S\ 1 XS FSMWOE QSFMPRI TV^IRSęRI TV^I^REG^SRI HPE H^MIGM [ [MIOY PEX +SP&S\ 1 \ NIWX FSMWOMIQ
TMĂOSĂETY 7]WXIQ TVSŶPM EPYQMRMS[]GL WMEXIO QSFMPR]Q ^ETVSNIOXS[ER]Q HS Yĺ]XOS[ERME TV^I^ H^MIGM [ [MIOY PEX .IWX XS W]WXIQ FERH M TVSŶPM
TSPMTVST]PIRS[]GL SVE^ KYQS[]GL SFGMÈĺRMO¶[ EPYQMRMS[]GL X[SV^ÈG]GL TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ W^]FOM M FI^TMIG^R] QSRXEĺ M HIQSRXEĺ QE\
X[SV^] TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ W^]FOM M QMRYX +SP&S\ 1 [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM ^[]OĂÈ TS[MIV^GLRMÜ [ FSMWOS WTSVXS[I 1SFMPRI FSMWOE +SP&S\
FI^TMIG^R] QSRXEĺ M HIQSRXEĺ +SP&S\ 1 \ 1 [ HPE H^MIGM YQSĺPM[MENÈ TVS[EH^IRMI ^ENÜÊ SK¶PRSVS^[SNS[]GL [ STEVGMY RMI X]POS S IPIQIRX] TMĂOM RSĺRIN
&%1&-2-%1&-2- [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM TS[MIV
& EPI XEOĺI OSW^]O¶[OM YRMLSOINE QMRM XIRMWE MXT
^GLRMÜ OSVXY WEPM KMQREWX]G^RIN G^] FSMWOE [
[]H^MIPSRI QMRM FSMWOS YĂEX[MENÈGI TVS[EH^IRMI
^ENÜÊ WTSVXS[]GL ^ TV^IHW^OSPEOEQM [ JSVQMI +SP&S\ 7 &%1&-2- \
^EFE[] ^ TMĂOEQM

&3-7/3 78%'.32%62) (0% (>-)'- 3 ;=1 < 1
+SP&S\ 1 \ &%1&-2- 4PYW




&3-7/3 13&-02) (0% 46>)(7>/30%/—; 3 ;=1 < 1


+SP&S\ 1 \ &%1&-2- 4PYW NIWX XS FSMWOS QS
FMPRI +SP&S\ 1 [ [IVWNM ^ FERHEQM X]POS TV^]
FVEQOEGL RE SFY OV¶XW^]GL FSOEGL FSMWOE 2E
HĂYĺW^]GL FSOEGL FSMWOE FERH] RMI []WXÜTYNÈ E [
MGL QMINWGI ^EQSRXS[ERI ^SWXEĂ] WMEXOM WTIĂRMENÈGI
JYROGNÜ TMĂOSĂETY 7]WXIQ TVSŶPM EPYQMRMS[]GL
WMEXIO TSPMTVST]PIRS[]GL SVE^ KYQS[]GL SF
GMÈĺRMO¶[ X[SV^] TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ
W^]FOM M FI^TMIG^R] QSRXEĺ M HIQSRXEĺ +SP&S\ 1 +SP&S\ 7 &%1&-2- XS FSMWOE WXEGNSREVRI +SP&S\ 7 [ [IVWNM HPE H^MIGM [ [MIOY TV^IHW^OSPR]Q M
\ &%1&-2- 4PYW [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM [G^IWRSW^OSPRR]Q &SMWOE +SP&S\ 7 &%1&-2- WÈ MHIEPR]Q SFMIOXIQ WTSVXS[S VIOVIEG]NR]Q HS
TS[MIV^GLRMÜ OSVXY WEPM KMQREWX]G^RIN G^] FSMWOE ^EQSRXS[ERME RE XIVIRMI TV^IHW^OSPM M W^O¶Ă TSHWXE[S[]GL SVE^ NEOS Y^YTIĂRMIRMI TPEG¶[ ^EFE[ RE
[ []H^MIPSRI QMRM FSMWOS YĂEX[MENÈGI TVS[EH^IRMI SWMIHPEGL [ TEVOEGL RE XIVIREGL VIOVIEG]NR]GL SVE^ [ SęVSHOEGL []TSG^]ROS[]GL
^ENÜÊ WTSVXS[]GL ^ TV^IHW^OSPEOEQM [ JSVQMI
^EFE[] ^ TMĂOEQM




7OSRXEOXYN WMÜ ^ REQM
)2)6+= 4%682)6 &SKHER +VEPE
6S^ĂSKM Ę[MIFSH^MR
) QEMP WOPIT$KSPFS\ TP [[[ KSPFS\ TP


+SP&S\ 1 \



&3-7/3 13&-02) (0% (>-)'- 3 ;=1 1 < 1




&SMWOE QSFMPRI M WXEGNSREVRI HPE TV^IHW^OSPM M W^O·ă



+SP&S\ 1 \ &%1&-2-



&3-7/3 13&-02) (0% 46>)(7>/30%/—; 3 ;=1 < 1




+SP&S\ 1 \ &%1&-2- NIWX XS FSMWOS QSFMPRI
+SP&S\ 1 [ [IVWNM FI^ FERH [ QMINWGI OX¶V]GL
^EQSRXS[ERI ^SWXEĂ] WMEXOM WTIĂRMENÈGI JYROGNÜ +SP&S\ 1 XS FSMWOE QSFMPRI TV^IRSęRI TV^I^REG^SRI HPE H^MIGM [ [MIOY PEX +SP&S\ 1 \ NIWX FSMWOMIQ
TMĂOSĂETY 7]WXIQ TVSŶPM EPYQMRMS[]GL WMEXIO QSFMPR]Q ^ETVSNIOXS[ER]Q HS Yĺ]XOS[ERME TV^I^ H^MIGM [ [MIOY PEX .IWX XS W]WXIQ FERH M TVSŶPM
TSPMTVST]PIRS[]GL SVE^ KYQS[]GL SFGMÈĺRMO¶[ EPYQMRMS[]GL X[SV^ÈG]GL TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ W^]FOM M FI^TMIG^R] QSRXEĺ M HIQSRXEĺ QE\
X[SV^] TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ W^]FOM M QMRYX +SP&S\ 1 [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM ^[]OĂÈ TS[MIV^GLRMÜ [ FSMWOS WTSVXS[I 1SFMPRI FSMWOE +SP&S\
FI^TMIG^R] QSRXEĺ M HIQSRXEĺ +SP&S\ 1 \ 1 [ HPE H^MIGM YQSĺPM[MENÈ TVS[EH^IRMI ^ENÜÊ SK¶PRSVS^[SNS[]GL [ STEVGMY RMI X]POS S IPIQIRX] TMĂOM RSĺRIN
&%1&-2-%1&-2- [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM TS[MIV
& EPI XEOĺI OSW^]O¶[OM YRMLSOINE QMRM XIRMWE MXT
^GLRMÜ OSVXY WEPM KMQREWX]G^RIN G^] FSMWOE [
[]H^MIPSRI QMRM FSMWOS YĂEX[MENÈGI TVS[EH^IRMI
^ENÜÊ WTSVXS[]GL ^ TV^IHW^OSPEOEQM [ JSVQMI +SP&S\ 7 &%1&-2- \
^EFE[] ^ TMĂOEQM

&3-7/3 78%'.32%62) (0% (>-)'- 3 ;=1 < 1
+SP&S\ 1 \ &%1&-2- 4PYW




&3-7/3 13&-02) (0% 46>)(7>/30%/—; 3 ;=1 < 1


+SP&S\ 1 \ &%1&-2- 4PYW NIWX XS FSMWOS QS
FMPRI +SP&S\ 1 [ [IVWNM ^ FERHEQM X]POS TV^]
FVEQOEGL RE SFY OV¶XW^]GL FSOEGL FSMWOE 2E
HĂYĺW^]GL FSOEGL FSMWOE FERH] RMI []WXÜTYNÈ E [
MGL QMINWGI ^EQSRXS[ERI ^SWXEĂ] WMEXOM WTIĂRMENÈGI
JYROGNÜ TMĂOSĂETY 7]WXIQ TVSŶPM EPYQMRMS[]GL
WMEXIO TSPMTVST]PIRS[]GL SVE^ KYQS[]GL SF
GMÈĺRMO¶[ X[SV^] TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ
W^]FOM M FI^TMIG^R] QSRXEĺ M HIQSRXEĺ +SP&S\ 1 +SP&S\ 7 &%1&-2- XS FSMWOE WXEGNSREVRI +SP&S\ 7 [ [IVWNM HPE H^MIGM [ [MIOY TV^IHW^OSPR]Q M
\ &%1&-2- 4PYW [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM [G^IWRSW^OSPRR]Q &SMWOE +SP&S\ 7 &%1&-2- WÈ MHIEPR]Q SFMIOXIQ WTSVXS[S VIOVIEG]NR]Q HS
TS[MIV^GLRMÜ OSVXY WEPM KMQREWX]G^RIN G^] FSMWOE ^EQSRXS[ERME RE XIVIRMI TV^IHW^OSPM M W^O¶Ă TSHWXE[S[]GL SVE^ NEOS Y^YTIĂRMIRMI TPEG¶[ ^EFE[ RE
[ []H^MIPSRI QMRM FSMWOS YĂEX[MENÈGI TVS[EH^IRMI SWMIHPEGL [ TEVOEGL RE XIVIREGL VIOVIEG]NR]GL SVE^ [ SęVSHOEGL []TSG^]ROS[]GL
^ENÜÊ WTSVXS[]GL ^ TV^IHW^OSPEOEQM [ JSVQMI
^EFE[] ^ TMĂOEQM




7OSRXEOXYN WMÜ ^ REQM
)2)6+= 4%682)6 &SKHER +VEPE
6S^ĂSKM Ę[MIFSH^MR
) QEMP WOPIT$KSPFS\ TP [[[ KSPFS\ TP


& + 1 " / 1 & 3 " N K V S E Ć V = J E = @ H = A @ Q G = ? F E












=HVWDZ LQWHUDNW\ZQ\ GOD SU]HGV]NROL L%RDUG

=HVWDZ ]DZLHUD WDEOLFÛ LQWHUDNW\ZQÇ L%RDUG '8$/ SURMHNWRU 1(& 9 ; XFKZ\W
VXILWRZ\ L NDEHO 9*$ P
3/1

=HVWDZ LQWHUDNW\ZQ\ GOD SU]HGV]NROL VNĄDGD VLÛ ] 9$7
=$35$6=$0< WDEOLF\ LQWHUDNW\ZQHM L%RDUG '8$/ SR]\FMRQRZDQLH Z SRGF]HUZLHQL GOD HGXNDFML
SURMHNWRUD PXOWLPHGLDOQHJR 1(& 9 ;
7HOHVNRSRZHJR XFKZ\WX VXILWRZHJR SURMHNWRUD ,QWHUDFWLYH 35%
GR VNOHSX LQWHUQHWRZHJR ILUP\ 1RUGZHFR =QDMGÇ WX 3DĆVWZR QDMZLÛNV]\ Z\EµU .DEOD 9*$ GĄXJRĝFL PHWUµZ
SURMHNWµZ WDEOLF LQWHUDNW\ZQ\FK WDEOHWµZ ZL]XDOL]HUµZ XU]ÇG]HĆ QDJĄDĝQLDMÇF\FK 5RF]QHJR GRVWÛSX RQ OLQH GR Z\EUDQHJR SDNLHWX ] ]DVREµZ SRUWDOX 1DXF]\FLHO SO
$OH WR QLH ZV]\VWNR FR SRVLDGD Z RIHUFLH 3UH]HQWHU SO
]Ą EUXWWR
0RQLWRU ZLHONRIRUPDWRZ\ GRW\NRZ\ )LWRXFK 79, + 9$7 GOD HGXNDFML

FDORZ\ PRQLWRU ] GRW\NRZ\P HNUDQHP ]DEH]SLHF]RQ\P DQW\UHIOHNV\MQÇ V]\EÇ SDQFHUQÇ VWDQRZL
LGHDOQH UR]ZLÇ]DQLH Z VDODFK OHNF\MQ\FK PDĄ\FK VDODFK NRQIHUHQF\MQ\FK L V]NROHQLRZ\FK RUD] MDNR
FHQWUXP LQIRUPDF\MQR UHNODPRZH Z JDOHULDFK KDQGORZ\FK QD ORWQLVNDFK F]\ VWDFMDFK NROHMRZ\FK


0RQLWRU\ ZLHONRIRUPDWRZH
)LWRXFK ]RVWDĄ\ Z\SRVDľRQH
Z GRW\NRZ\ HNUDQ ]DEH]SLHF]RQ\
SDQFHUQÇ DQW\UHIOHNV\MQÇ V]\EÇ

6]\ED ]DSRELHJD ]\ED ]DSRELHJD HZHQWXDOQ\P
6
XV]NRG]HQLRP PDWU\F\ D G]LÛNL
DQW\UHIOHNV\MQHM SRZĄRFH
QLHZLGRF]QH VÇ QD QLHM RGEODVNL
SRZRGRZDQH SU]H] ODPS\ F]\
ĝZLHWOµZNL 3RQDGWR SRZĄRND
DQW\UHIOHNV\MQD XĄDWZLD SUDFÛ QD
P
PRQLRQLWRU]H SRQLHZDľ SDOHF ĄDWZLHM
ĝOL]JD VLÛ SR WDNLHM SRZLHU]FKQL
QLľ SR V]\ELH EĄ\V]F]ÇFHM

'R PRQLWRUD PRľQD SRGĄÇF]\É GRZROQ\ NRPSXWHU VWDFMRQDUQ\ OXE SU]HQRĝQ\ 0RľQD UµZQLHľ
]DVWRVRZDÉ NRPSXWHU W\SX QHWWRS SU]\PRFRZDQ\ ] W\ĄX REXGRZ\ PRQLWRUD WZRU]ÇF W\P VDP\P
XU]ÇG]HQLH DOO LQ RQH

0RQLWRU\ )LWRXFK REVĄXJXMÇ WU\E 0XOWL 7RXFK SXQNW\ GRW\NX ] IXQNFMÇ UR]SR]QDZDQLD JHVWµZ
P LQ REUDFDQLH SRZLÛNV]DQLH L ]PQLHMV]DQLH F]\ SU]HFLÇJDQLH HOHPHQWµZ






1RUGZHFR VS ] R R 6]F]HFLQ _ XO :LHQLDZVNLHJR _ _ ,QIROLQLD ::: 35(=(17(5 3/


& + 1 " / 1 & 3 " N K V S E Ć V = J E = @ H = A @ Q G = ? F E












=HVWDZ LQWHUDNW\ZQ\ GOD SU]HGV]NROL L%RDUG

=HVWDZ ]DZLHUD WDEOLFÛ LQWHUDNW\ZQÇ L%RDUG '8$/ SURMHNWRU 1(& 9 ; XFKZ\W
VXILWRZ\ L NDEHO 9*$ P
3/1

=HVWDZ LQWHUDNW\ZQ\ GOD SU]HGV]NROL VNĄDGD VLÛ ] 9$7
=$35$6=$0< WDEOLF\ LQWHUDNW\ZQHM L%RDUG '8$/ SR]\FMRQRZDQLH Z SRGF]HUZLHQL GOD HGXNDFML
SURMHNWRUD PXOWLPHGLDOQHJR 1(& 9 ;
7HOHVNRSRZHJR XFKZ\WX VXILWRZHJR SURMHNWRUD ,QWHUDFWLYH 35%
GR VNOHSX LQWHUQHWRZHJR ILUP\ 1RUGZHFR =QDMGÇ WX 3DĆVWZR QDMZLÛNV]\ Z\EµU .DEOD 9*$ GĄXJRĝFL PHWUµZ
SURMHNWµZ WDEOLF LQWHUDNW\ZQ\FK WDEOHWµZ ZL]XDOL]HUµZ XU]ÇG]HĆ QDJĄDĝQLDMÇF\FK 5RF]QHJR GRVWÛSX RQ OLQH GR Z\EUDQHJR SDNLHWX ] ]DVREµZ SRUWDOX 1DXF]\FLHO SO
$OH WR QLH ZV]\VWNR FR SRVLDGD Z RIHUFLH 3UH]HQWHU SO
]Ą EUXWWR
0RQLWRU ZLHONRIRUPDWRZ\ GRW\NRZ\ )LWRXFK 79, + 9$7 GOD HGXNDFML

FDORZ\ PRQLWRU ] GRW\NRZ\P HNUDQHP ]DEH]SLHF]RQ\P DQW\UHIOHNV\MQÇ V]\EÇ SDQFHUQÇ VWDQRZL
LGHDOQH UR]ZLÇ]DQLH Z VDODFK OHNF\MQ\FK PDĄ\FK VDODFK NRQIHUHQF\MQ\FK L V]NROHQLRZ\FK RUD] MDNR
FHQWUXP LQIRUPDF\MQR UHNODPRZH Z JDOHULDFK KDQGORZ\FK QD ORWQLVNDFK F]\ VWDFMDFK NROHMRZ\FK


0RQLWRU\ ZLHONRIRUPDWRZH
)LWRXFK ]RVWDĄ\ Z\SRVDľRQH
Z GRW\NRZ\ HNUDQ ]DEH]SLHF]RQ\
SDQFHUQÇ DQW\UHIOHNV\MQÇ V]\EÇ

6]\ED ]DSRELHJD ]\ED ]DSRELHJD HZHQWXDOQ\P
6
XV]NRG]HQLRP PDWU\F\ D G]LÛNL
DQW\UHIOHNV\MQHM SRZĄRFH
QLHZLGRF]QH VÇ QD QLHM RGEODVNL
SRZRGRZDQH SU]H] ODPS\ F]\
ĝZLHWOµZNL 3RQDGWR SRZĄRND
DQW\UHIOHNV\MQD XĄDWZLD SUDFÛ QD
P
PRQLRQLWRU]H SRQLHZDľ SDOHF ĄDWZLHM
ĝOL]JD VLÛ SR WDNLHM SRZLHU]FKQL
QLľ SR V]\ELH EĄ\V]F]ÇFHM

'R PRQLWRUD PRľQD SRGĄÇF]\É GRZROQ\ NRPSXWHU VWDFMRQDUQ\ OXE SU]HQRĝQ\ 0RľQD UµZQLHľ
]DVWRVRZDÉ NRPSXWHU W\SX QHWWRS SU]\PRFRZDQ\ ] W\ĄX REXGRZ\ PRQLWRUD WZRU]ÇF W\P VDP\P
XU]ÇG]HQLH DOO LQ RQH

0RQLWRU\ )LWRXFK REVĄXJXMÇ WU\E 0XOWL 7RXFK SXQNW\ GRW\NX ] IXQNFMÇ UR]SR]QDZDQLD JHVWµZ
P LQ REUDFDQLH SRZLÛNV]DQLH L ]PQLHMV]DQLH F]\ SU]HFLÇJDQLH HOHPHQWµZ






1RUGZHFR VS ] R R 6]F]HFLQ _ XO :LHQLDZVNLHJR _ _ ,QIROLQLD ::: 35(=(17(5 3/


& + 1 " / 1 & 3 " N K V S E Ć V = J E = @ H = A @ Q G = ? F E











,GHDOQ\ ]HVWDZ SDQRUDPLF]Q\ )XOO +' ] WDEOLFÇ L%RDUG '8$/ (NRQRPLF]Q\ ]HVWDZ V]NROQ\ L%RDUG '8$/


=HVWDZ ]DZLHUD WDEOLFÛ LQWHUDNW\ZQÇ SDQRUDPLF]QÇ L%RDUG '8$/ SURMHNWRU =HVWDZ ]DZLHUD WDEOLFÛ LQWHUDNW\ZQÇ L%RDUG '8$/ SURMHNWRU 1(& 9( ; XFKZ\W VXILWRZ\
XOWUDNUµWNRRJQLVNRZ\ )XOO +' 1(& 8 + ('8 XFKZ\W ĝFLHQQ\ L NDEHO 9*$ P L NDEHO 9*$ P
3/1 3/1

=HVWDZ LQWHUDNW\ZQ\ GOD SU]HGV]NROL VNĄDGD VLÛ ] =HVWDZ LQWHUDNW\ZQ\ GOD SU]HGV]NROL VNĄDGD VLÛ ]
WDEOLF\ LQWHUDNW\ZQHM SDQRUDPLF]QHM L%RDUG '8$/ SR]\FMRQRZDQLH Z SRGF]HUZLHQL WDEOLF\ LQWHUDNW\ZQHM L%RDUG '8$/ SR]\FMRQRZDQLH Z SRGF]HUZLHQL
SURMHNWRUD XOWUDNUµWNRRJQLVNRZHJR )XOO +' 1(& 8 + ('8 SURMHNWRUD PXOWLPHGLDOQHJR 1(& 9( ;
8FKZ\WX ĝFLHQQHJR SURMHNWRUD 7HOHVNRSRZHJR XFKZ\WX VXILWRZHJR SURMHNWRUD ,QWHUDFWLYH 35%
.DEOD 9*$ GĄXJRĝFL PHWUµZ .DEOD 9*$ GĄXJRĝFL PHWUµZ
5RF]QHJR GRVWÛSX RQ OLQH GR Z\EUDQHJR SDNLHWX ] ]DVREµZ SRUWDOX 1DXF]\FLHO SO 5RF]QHJR GRVWÛSX RQ OLQH GR Z\EUDQHJR SDNLHWX ] ]DVREµZ SRUWDOX 1DXF]\FLHO SO


















,GHDOQ\ ]HVWDZ LQWHUDNW\ZQ\ L%RDUG '8$/ 1(& 80 ; ,GHDOQ\ ]HVWDZ SDQRUDPLF]Q\ )XOO +' ] WDEOLFÇ ,3%RDUG '8$/


=HVWDZ ]DZLHUD WDEOLFÛ LQWHUDNW\ZQÇ L%RDUG '8$/ SURMHNWRU XOWUDNUµWNRRJQLVNRZ\ 1(& 80 ; =HVWDZ ]DZLHUD WDEOLFÛ LQWHUDNW\ZQÇ SDQRUDPLF]QÇ ,3%RDUG '8$/ SURMHNWRU
('8 XFKZ\W ĝFLHQQ\ L NDEHO 9*$ P XOWUDNUµWNRRJQLVNRZ\ )XOO +' 1(& 8 + ('8 XFKZ\W ĝFLHQQ\ L NDEHO 9*$ P

=HVWDZ LQWHUDNW\ZQ\ GOD SU]HGV]NROL VNĄDGD VLÛ ] 3/1 =HVWDZ LQWHUDNW\ZQ\ GOD SU]HGV]NROL VNĄDGD VLÛ ] 3/1
WDEOLF\ LQWHUDNW\ZQHM L%RDUG '8$/ SR]\FMRQRZDQLH Z SRGF]HUZLHQL WDEOLF\ LQWHUDNW\ZQHM SDQRUDPLF]QHM ,3%RDUG '8$/ HOHNWURPDJQHW\F]QD SDV\ZQD
SURMHNWRUD XOWUDNUµWNRRJQLVNRZHJR 1(& 80 ; ('8 SURMHNWRUD XOWUDNUµWNRRJQLVNRZHJR )XOO +' 1(& 8 + ('8
8FKZ\WX ĝFLHQQHJR SURMHNWRUD 8FKZ\WX ĝFLHQQHJR SURMHNWRUD
.DEOD 9*$ GĄXJRĝFL PHWUµZ .DEOD 9*$ GĄXJRĝFL PHWUµZ
5RF]QHJR GRVWÛSX RQ OLQH GR Z\EUDQHJR SDNLHWX ] ]DVREµZ SRUWDOX 1DXF]\FLHO SO 5RF]QHJR GRVWÛSX RQ OLQH GR Z\EUDQHJR SDNLHWX ] ]DVREµZ SRUWDOX 1DXF]\FLHO SO



















,QIROLQLD ::: 35(=(17(5 3/


& + 1 " / 1 & 3 " N K V S E Ć V = J E = @ H = A @ Q G = ? F E











,GHDOQ\ ]HVWDZ SDQRUDPLF]Q\ )XOO +' ] WDEOLFÇ L%RDUG '8$/ (NRQRPLF]Q\ ]HVWDZ V]NROQ\ L%RDUG '8$/


=HVWDZ ]DZLHUD WDEOLFÛ LQWHUDNW\ZQÇ SDQRUDPLF]QÇ L%RDUG '8$/ SURMHNWRU =HVWDZ ]DZLHUD WDEOLFÛ LQWHUDNW\ZQÇ L%RDUG '8$/ SURMHNWRU 1(& 9( ; XFKZ\W VXILWRZ\
XOWUDNUµWNRRJQLVNRZ\ )XOO +' 1(& 8 + ('8 XFKZ\W ĝFLHQQ\ L NDEHO 9*$ P L NDEHO 9*$ P
3/1 3/1

=HVWDZ LQWHUDNW\ZQ\ GOD SU]HGV]NROL VNĄDGD VLÛ ] =HVWDZ LQWHUDNW\ZQ\ GOD SU]HGV]NROL VNĄDGD VLÛ ]
WDEOLF\ LQWHUDNW\ZQHM SDQRUDPLF]QHM L%RDUG '8$/ SR]\FMRQRZDQLH Z SRGF]HUZLHQL WDEOLF\ LQWHUDNW\ZQHM L%RDUG '8$/ SR]\FMRQRZDQLH Z SRGF]HUZLHQL
SURMHNWRUD XOWUDNUµWNRRJQLVNRZHJR )XOO +' 1(& 8 + ('8 SURMHNWRUD PXOWLPHGLDOQHJR 1(& 9( ;
8FKZ\WX ĝFLHQQHJR SURMHNWRUD 7HOHVNRSRZHJR XFKZ\WX VXILWRZHJR SURMHNWRUD ,QWHUDFWLYH 35%
.DEOD 9*$ GĄXJRĝFL PHWUµZ .DEOD 9*$ GĄXJRĝFL PHWUµZ
5RF]QHJR GRVWÛSX RQ OLQH GR Z\EUDQHJR SDNLHWX ] ]DVREµZ SRUWDOX 1DXF]\FLHO SO 5RF]QHJR GRVWÛSX RQ OLQH GR Z\EUDQHJR SDNLHWX ] ]DVREµZ SRUWDOX 1DXF]\FLHO SO


















,GHDOQ\ ]HVWDZ LQWHUDNW\ZQ\ L%RDUG '8$/ 1(& 80 ; ,GHDOQ\ ]HVWDZ SDQRUDPLF]Q\ )XOO +' ] WDEOLFÇ ,3%RDUG '8$/


=HVWDZ ]DZLHUD WDEOLFÛ LQWHUDNW\ZQÇ L%RDUG '8$/ SURMHNWRU XOWUDNUµWNRRJQLVNRZ\ 1(& 80 ; =HVWDZ ]DZLHUD WDEOLFÛ LQWHUDNW\ZQÇ SDQRUDPLF]QÇ ,3%RDUG '8$/ SURMHNWRU
('8 XFKZ\W ĝFLHQQ\ L NDEHO 9*$ P XOWUDNUµWNRRJQLVNRZ\ )XOO +' 1(& 8 + ('8 XFKZ\W ĝFLHQQ\ L NDEHO 9*$ P

=HVWDZ LQWHUDNW\ZQ\ GOD SU]HGV]NROL VNĄDGD VLÛ ] 3/1 =HVWDZ LQWHUDNW\ZQ\ GOD SU]HGV]NROL VNĄDGD VLÛ ] 3/1
WDEOLF\ LQWHUDNW\ZQHM L%RDUG '8$/ SR]\FMRQRZDQLH Z SRGF]HUZLHQL WDEOLF\ LQWHUDNW\ZQHM SDQRUDPLF]QHM ,3%RDUG '8$/ HOHNWURPDJQHW\F]QD SDV\ZQD
SURMHNWRUD XOWUDNUµWNRRJQLVNRZHJR 1(& 80 ; ('8 SURMHNWRUD XOWUDNUµWNRRJQLVNRZHJR )XOO +' 1(& 8 + ('8
8FKZ\WX ĝFLHQQHJR SURMHNWRUD 8FKZ\WX ĝFLHQQHJR SURMHNWRUD
.DEOD 9*$ GĄXJRĝFL PHWUµZ .DEOD 9*$ GĄXJRĝFL PHWUµZ
5RF]QHJR GRVWÛSX RQ OLQH GR Z\EUDQHJR SDNLHWX ] ]DVREµZ SRUWDOX 1DXF]\FLHO SO 5RF]QHJR GRVWÛSX RQ OLQH GR Z\EUDQHJR SDNLHWX ] ]DVREµZ SRUWDOX 1DXF]\FLHO SO



















,QIROLQLD ::: 35(=(17(5 3/


3LµUQLN WXED 327:25.,

3RZÊRND ]HZQÇWU]QD SLµUQLNµZ Z\NRQDQD
MHVW ] WNDQLQ SROLHVWURZ\FK Q\ORQX
5R]PLDU [ PP





-DNRÐÅ ]D UR]VÃGQÃ FHQÇ

3LµUQLN ÏUHGQL ] GZLHPD
3URGXFHQW JDG×HWµZ UHNODPRZ\FK WHF]HN L DUW\NXʵZ V]NROQ\FK NODSNDPL 327:25.,


2IHUXMHP\ V]HURNL Z\EµU SLµUQLNµZ Z W\P PRGHOH MHGQR GZX L WU]\NRPRURZH PLQL :QÇWU]H Z\NRQDQH ] NDUWRQX SRNU\WHJR
RUD] W]Z WXE\ 6WDUDP\ VLÇ VWZRU]\Å NRPSOHNVRZÃ RIHUWÇ JDG×HWµZ UHNODPRZ\FK IROLÃ .RORU NDUWRQX L JXP Z ]DOH×QRÐFL
SU]\GDWQ\FK Z×\FLX FRG]LHQQ\P RUD] HVWHW\F]QLH Z\NRQDQ\FK RG SRZÊRNL ]HZQÇWU]QHM


3 : 5 0DMHZVNLXO .DUÊRZLF]D =LHORQD *µUD
WHO ID[ ELXUR


=DSUDV]DP\ GR ]DSR]QDQLD VLÇ ] V]F]HJµÊRZà RIHUWà L GR VNÊDGDQLD ]DPµZLHÌ 3LµUQLN GZXNRPRURZ\

327:25.,


:QÇWU]H Z\NRQDQH ] NDUWRQX SRNU\WHJR
IROLÃ .RORU NDUWRQX L JXP Z ]DOH×QRÐFL
RG SRZÊRNL ]HZQÇWU]QHM



ZZZ U PDMHZVNL SO

ELXUR#U PDMHZVNL SO
3LµUQLN ÏUHGQL ] GZLHPD

NODSNDPL 0,/,7$5<


:QÇWU]H Z\NRQDQH ] NDUWRQX SRNU\WHJR
IROLÃ .RORU NDUWRQX L JXP Z ]DOH×QRÐFL
RG SRZÊRNL ]HZQÇWU]QHM



3LµUQLN 'ZXNRPRURZ\

0,/,7$5<



:QÇWU]H Z\NRQDQH ] NDUWRQX SRNU\WHJR
IROLÃ .RORU NDUWRQX L JXP Z ]DOH×QRÐFL
RG SRZÊRNL ]HZQÇWU]QHM


3LµUQLN WXED 327:25.,

3RZÊRND ]HZQÇWU]QD SLµUQLNµZ Z\NRQDQD
MHVW ] WNDQLQ SROLHVWURZ\FK Q\ORQX
5R]PLDU [ PP





-DNRÐÅ ]D UR]VÃGQÃ FHQÇ

3LµUQLN ÏUHGQL ] GZLHPD
3URGXFHQW JDG×HWµZ UHNODPRZ\FK WHF]HN L DUW\NXʵZ V]NROQ\FK NODSNDPL 327:25.,


2IHUXMHP\ V]HURNL Z\EµU SLµUQLNµZ Z W\P PRGHOH MHGQR GZX L WU]\NRPRURZH PLQL :QÇWU]H Z\NRQDQH ] NDUWRQX SRNU\WHJR
RUD] W]Z WXE\ 6WDUDP\ VLÇ VWZRU]\Å NRPSOHNVRZÃ RIHUWÇ JDG×HWµZ UHNODPRZ\FK IROLÃ .RORU NDUWRQX L JXP Z ]DOH×QRÐFL
SU]\GDWQ\FK Z×\FLX FRG]LHQQ\P RUD] HVWHW\F]QLH Z\NRQDQ\FK RG SRZÊRNL ]HZQÇWU]QHM


3 : 5 0DMHZVNLXO .DUÊRZLF]D =LHORQD *µUD
WHO ID[ ELXUR


=DSUDV]DP\ GR ]DSR]QDQLD VLÇ ] V]F]HJµÊRZà RIHUWà L GR VNÊDGDQLD ]DPµZLHÌ 3LµUQLN GZXNRPRURZ\

327:25.,


:QÇWU]H Z\NRQDQH ] NDUWRQX SRNU\WHJR
IROLÃ .RORU NDUWRQX L JXP Z ]DOH×QRÐFL
RG SRZÊRNL ]HZQÇWU]QHM



ZZZ U PDMHZVNL SO

ELXUR#U PDMHZVNL SO
3LµUQLN ÏUHGQL ] GZLHPD

NODSNDPL 0,/,7$5<


:QÇWU]H Z\NRQDQH ] NDUWRQX SRNU\WHJR
IROLÃ .RORU NDUWRQX L JXP Z ]DOH×QRÐFL
RG SRZÊRNL ]HZQÇWU]QHM



3LµUQLN 'ZXNRPRURZ\

0,/,7$5<



:QÇWU]H Z\NRQDQH ] NDUWRQX SRNU\WHJR
IROLÃ .RORU NDUWRQX L JXP Z ]DOH×QRÐFL
RG SRZÊRNL ]HZQÇWU]QHM


3LµUQLN 7XED %(//$ 3LµUQLN 'ZXNRPRURZ\ $1,0$/6

3RZÊRND ]HZQÇWU]QD SLµUQLNµZ Z\NRQDQD
MHVW ] WNDQLQ SROLHVWURZ\FK Q\ORQX 3LµUQLNL ] SRZÊRNÃ ]HZQÇWU]QÃ ] WNDQLQ\ SROLHVWURZHM
5R]PLDU [ PP ] QDGUXNLHP Z\NRQDQ\P WHFKQLNÃ VLWRGUXNRZÃ
OXE VXEOLPDF\MQÃ OXE RELHPD MHGQRF]HÐQLH




3LµUQLN 7XED $&7,9(

3LµUQLN ÏUHGQL ] GZLHPD 3LµUQLNL ] SRZÊRNÃ ]HZQÇWU]QÃ ] WNDQLQ\

SROLHVWURZHM ] QDGUXNLHP Z\NRQDQ\P
NODSNDPL %(//$ WHFKQLNÃ VLWRGUXNRZÃ OXE VXEOLPDF\MQÃ

:QÇWU]H Z\NRQDQH ] NDUWRQX SRNU\WHJR OXE RELHPD MHGQRF]HÐQLH
IROLÃ .RORU NDUWRQX L JXP Z ]DOH×QRÐFL
RG SRZÊRNL ]HZQÇWU]QHM

3LµUQLN 'ZXNRNPRURZ\ $&7,9(

3LµUQLN 'ZXNRPRURZ\ %(//$ 3LµUQLNL ] SRZÊRNÃ ]HZQÇWU]QÃ ] WNDQLQ\ SROLHVWURZHM

] QDGUXNLHP Z\NRQDQ\P WHFKQLNÃ VLWRGUXNRZÃ OXE
:QÇWU]H Z\NRQDQH ] NDUWRQX SRNU\WHJR VXEOLPDF\MQÃ OXE RELHPD MHGQRF]HÐQLH
IROLÃ .RORU NDUWRQX L JXP Z ]DOH×QRÐFL
RG SRZÊRNL ]HZQÇWU]QHM






:RUHN QD JLPQDVW\NÇ
3LµUQLN 7XED $1,0$/6
:RUHN QD JLPQDVW\NÇ
3LµUQLNL ] SRZÊRNÃ ]HZQÇWU]QÃ ] WNDQLQ\ ]H V]QXUNDPL DCOD SOHFDF]HN
SROLHVWURZHM ] QDGUXNLHP Z\NRQDQ\P 7NDQLQD SROLHVWHU
WHFKQLNÃ VLWRGUXNRZÃ OXE VXEOLPDF\MQÃ :\PLDU\ [ PP
OXE RELHPD MHGQRF]HÐQLH





3LµUQLN .XELN $1,0$/6

5R]PLDU [ [ PP
2NÊDGND SS UHJXORZDQD

] ERNDPL VDPRSU]\OHSQ\PL
W\SX $ SOXV




2NÊDGND XQLZHUVDOQD ] ERNDPL
VDPRSU]\OHSQ\PL W\SX $ SRZLÇNV]RQD
,GHDOQD QD GX×H SRGUÇF]QLNL W\SX
0R×OLZRÐÅ Z\GUXNRZDQLD QD]Z\ SU]HGV]NROD V]NRÊ\ F]\ DWODV\ L G]LHQQLNL
WH× ORJD D QDZHW LQG\ZLGXDOQHJR SURMHNWX ]DPDZLDMÃFHJR
GRW\F]\ SLµUQLNµZ RUD] ZRUNµZ QD JLPQDVW\NÇ


3LµUQLN 7XED %(//$ 3LµUQLN 'ZXNRPRURZ\ $1,0$/6

3RZÊRND ]HZQÇWU]QD SLµUQLNµZ Z\NRQDQD
MHVW ] WNDQLQ SROLHVWURZ\FK Q\ORQX 3LµUQLNL ] SRZÊRNÃ ]HZQÇWU]QÃ ] WNDQLQ\ SROLHVWURZHM
5R]PLDU [ PP ] QDGUXNLHP Z\NRQDQ\P WHFKQLNÃ VLWRGUXNRZÃ
OXE VXEOLPDF\MQÃ OXE RELHPD MHGQRF]HÐQLH




3LµUQLN 7XED $&7,9(

3LµUQLN ÏUHGQL ] GZLHPD 3LµUQLNL ] SRZÊRNÃ ]HZQÇWU]QÃ ] WNDQLQ\

SROLHVWURZHM ] QDGUXNLHP Z\NRQDQ\P
NODSNDPL %(//$ WHFKQLNÃ VLWRGUXNRZÃ OXE VXEOLPDF\MQÃ

:QÇWU]H Z\NRQDQH ] NDUWRQX SRNU\WHJR OXE RELHPD MHGQRF]HÐQLH
IROLÃ .RORU NDUWRQX L JXP Z ]DOH×QRÐFL
RG SRZÊRNL ]HZQÇWU]QHM

3LµUQLN 'ZXNRNPRURZ\ $&7,9(

3LµUQLN 'ZXNRPRURZ\ %(//$ 3LµUQLNL ] SRZÊRNÃ ]HZQÇWU]QÃ ] WNDQLQ\ SROLHVWURZHM

] QDGUXNLHP Z\NRQDQ\P WHFKQLNÃ VLWRGUXNRZÃ OXE
:QÇWU]H Z\NRQDQH ] NDUWRQX SRNU\WHJR VXEOLPDF\MQÃ OXE RELHPD MHGQRF]HÐQLH
IROLÃ .RORU NDUWRQX L JXP Z ]DOH×QRÐFL
RG SRZÊRNL ]HZQÇWU]QHM






:RUHN QD JLPQDVW\NÇ
3LµUQLN 7XED $1,0$/6
:RUHN QD JLPQDVW\NÇ
3LµUQLNL ] SRZÊRNÃ ]HZQÇWU]QÃ ] WNDQLQ\ ]H V]QXUNDPL DCOD SOHFDF]HN
SROLHVWURZHM ] QDGUXNLHP Z\NRQDQ\P 7NDQLQD SROLHVWHU
WHFKQLNÃ VLWRGUXNRZÃ OXE VXEOLPDF\MQÃ :\PLDU\ [ PP
OXE RELHPD MHGQRF]HÐQLH





3LµUQLN .XELN $1,0$/6

5R]PLDU [ [ PP
2NÊDGND SS UHJXORZDQD

] ERNDPL VDPRSU]\OHSQ\PL
W\SX $ SOXV




2NÊDGND XQLZHUVDOQD ] ERNDPL
VDPRSU]\OHSQ\PL W\SX $ SRZLÇNV]RQD
,GHDOQD QD GX×H SRGUÇF]QLNL W\SX
0R×OLZRÐÅ Z\GUXNRZDQLD QD]Z\ SU]HGV]NROD V]NRÊ\ F]\ DWODV\ L G]LHQQLNL
WH× ORJD D QDZHW LQG\ZLGXDOQHJR SURMHNWX ]DPDZLDMÃFHJR
GRW\F]\ SLµUQLNµZ RUD] ZRUNµZ QD JLPQDVW\NÇ


2)(57$ '/$ '=Ζ(&Ζ



6WDMQLD 6WXG]LHQLHF ȏ 1DXND MD]G\ NRQQHM LQG\ZLGXDOQLH L Z JUXSDFK

























ȏ ΖQWHJUDF\MQH VSRWNDQLD JUXSRZH XURG]LQ\



















ȏ 6]NROQH Z\FLHF]NL HGXNDF\MQH
L SOHQHURZH OHNFMH SU]\URG\



6WDMQLD 6WXG]LHQLHF ]QDMGXMH VLÛ Z SLÛNQ\P ]DNÇWNX SRZLDWX ľ\UDUGRZVNLHJR QLHRSRGDO 3XV]F]\ : FHQLH NDľGHJR VSRWNDQLD
0DULDĆVNLHM Z RWXOLQLH %ROLPRZVNLHJR 3DUNX .UDMREUD]RZHJR 2G :DUV]DZ\ G]LHOL QDV ]DOHGZLH
PLQXW MD]G\ DXWRVWUDGÇ $ Z NLHUXQNX ăRG]L ']LÛNL SRĄRľHQLX Z VÇVLHG]WZLH GZµFK FKURQLRQ\FK ȏ RSLHND LQVWUXNWRUD MD]G\ NRQQHM
REV]DUµZ SU]\URGQLF]\FK UH]HUZDW SU]\URG\ 3XV]F]D 0DULDĆVND L 1DWXUD ]DSHZQLDP\ ȏ SU]HMDľGľNL QD NRQLDFK
IDQWDVW\F]QH ZLGRNL R NDľGHM SRU]H URNX RUD] EOLVNL NRQWDNW ] RWDF]DMÇFÇ QDV QDWXUÇ ȏ RJQLVNR
/
/HNFMHHNFMH MD]G\ NRQQHM SURZDG]RQH VÇ SU]H] ΖQVWUXNWRUµZ QD ZV]\VWNLFK SR]LRPDFK ]DDZDQVRZDQLD ȏ NRU]\VWDQLH ] SODFX ]DEDZ L WHUHQX UHNUHDF\MQHJR
'OD NOLHQWµZ LQG\ZLGXDOQ\FK SURSRQXMHP\ MD]GÛ QD ORQľ\ GOD SRF]ÇWNXMÇF\FK WUHQLQJL VSRUWRZH GOD ȏ XEH]SLHF]HQLH 11:

EDUG]LHM ]DZDQVRZDQ\FK L SU]HMDľGľNL ZLHU]FKHP SR OHVLH ȏ SDUNLQJ ȏ SDUNLQJ
3RVLDGDP\RVLDGDP\ SHĄQÇ LQIUDVWUXNWXUÛ MHļG]LHFNÇ RUD] ROEU]\PL RJURG]RQ\ WHUHQ UHNUHDF\MQ\ ] SODFHP
3
]DEDZ ZLDWÇ PLHMVFHP QD RJQLVNR L NXFKQLÇ SRORZÇ : RIHUFLH RSUµF] MD]G\ NRQQHM SURSRQXMHP\ 2IHUXMHP\ ZLHOH DWUDNFML GRGDWNRZ\FK
RUJDQL]DFMÛ RJQLVN SOHQHURZ\FK OHNFML SU]\URG\ GOD QDMPĄRGV]\FK ZDUV]WDWµZ NRPXQLNDF\MQ\FK L
JLHU WHUHQRZ\FK GOD PĄRG]LHľ\ RUD] LPSUH] LQWHJUDF\MQ\FK GOD GRURVĄ\FK :V]\VF\ XF]HVWQLF\ REMÛFL =DSUDV]DP\ GR VNRU]\VWDQLD ] RIHUW\
VÇ XEH]SLHF]HQLHP




Ζ*% 0$=29Ζ$ )LOLD Z 6WXG]LHĆFX ZZZ VWDMQLDVWXG]LHQLHF SO

3XV]F]D 0DULDĆVND 7HO V VWU]HV]HZVND#LJEPD]RYLD SO


2)(57$ '/$ '=Ζ(&Ζ



6WDMQLD 6WXG]LHQLHF ȏ 1DXND MD]G\ NRQQHM LQG\ZLGXDOQLH L Z JUXSDFK

























ȏ ΖQWHJUDF\MQH VSRWNDQLD JUXSRZH XURG]LQ\



















ȏ 6]NROQH Z\FLHF]NL HGXNDF\MQH
L SOHQHURZH OHNFMH SU]\URG\



6WDMQLD 6WXG]LHQLHF ]QDMGXMH VLÛ Z SLÛNQ\P ]DNÇWNX SRZLDWX ľ\UDUGRZVNLHJR QLHRSRGDO 3XV]F]\ : FHQLH NDľGHJR VSRWNDQLD
0DULDĆVNLHM Z RWXOLQLH %ROLPRZVNLHJR 3DUNX .UDMREUD]RZHJR 2G :DUV]DZ\ G]LHOL QDV ]DOHGZLH
PLQXW MD]G\ DXWRVWUDGÇ $ Z NLHUXQNX ăRG]L ']LÛNL SRĄRľHQLX Z VÇVLHG]WZLH GZµFK FKURQLRQ\FK ȏ RSLHND LQVWUXNWRUD MD]G\ NRQQHM
REV]DUµZ SU]\URGQLF]\FK UH]HUZDW SU]\URG\ 3XV]F]D 0DULDĆVND L 1DWXUD ]DSHZQLDP\ ȏ SU]HMDľGľNL QD NRQLDFK
IDQWDVW\F]QH ZLGRNL R NDľGHM SRU]H URNX RUD] EOLVNL NRQWDNW ] RWDF]DMÇFÇ QDV QDWXUÇ ȏ RJQLVNR
/
/HNFMHHNFMH MD]G\ NRQQHM SURZDG]RQH VÇ SU]H] ΖQVWUXNWRUµZ QD ZV]\VWNLFK SR]LRPDFK ]DDZDQVRZDQLD ȏ NRU]\VWDQLH ] SODFX ]DEDZ L WHUHQX UHNUHDF\MQHJR
'OD NOLHQWµZ LQG\ZLGXDOQ\FK SURSRQXMHP\ MD]GÛ QD ORQľ\ GOD SRF]ÇWNXMÇF\FK WUHQLQJL VSRUWRZH GOD ȏ XEH]SLHF]HQLH 11:

EDUG]LHM ]DZDQVRZDQ\FK L SU]HMDľGľNL ZLHU]FKHP SR OHVLH ȏ SDUNLQJ ȏ SDUNLQJ
3RVLDGDP\RVLDGDP\ SHĄQÇ LQIUDVWUXNWXUÛ MHļG]LHFNÇ RUD] ROEU]\PL RJURG]RQ\ WHUHQ UHNUHDF\MQ\ ] SODFHP
3
]DEDZ ZLDWÇ PLHMVFHP QD RJQLVNR L NXFKQLÇ SRORZÇ : RIHUFLH RSUµF] MD]G\ NRQQHM SURSRQXMHP\ 2IHUXMHP\ ZLHOH DWUDNFML GRGDWNRZ\FK
RUJDQL]DFMÛ RJQLVN SOHQHURZ\FK OHNFML SU]\URG\ GOD QDMPĄRGV]\FK ZDUV]WDWµZ NRPXQLNDF\MQ\FK L
JLHU WHUHQRZ\FK GOD PĄRG]LHľ\ RUD] LPSUH] LQWHJUDF\MQ\FK GOD GRURVĄ\FK :V]\VF\ XF]HVWQLF\ REMÛFL =DSUDV]DP\ GR VNRU]\VWDQLD ] RIHUW\
VÇ XEH]SLHF]HQLHP




Ζ*% 0$=29Ζ$ )LOLD Z 6WXG]LHĆFX ZZZ VWDMQLDVWXG]LHQLHF SO

3XV]F]D 0DULDĆVND 7HO V VWU]HV]HZVND#LJEPD]RYLD SO


2)(57$ '/$ 6=.•ă Ζ 35=('6=.2/Ζ 3Ζ.1Ζ.Ζ 52'=Ζ11(



ȏ :\FLHF]NL V]NROQH RJQLVND 1D G]LHĆ ZLRVQ\ G]LHĆ G]LHFND LWS



























ȏ 3OHQHURZH OHNFMH SU]\URG\ L JU\ WHUHQRZH
2)(58-(0< 3(ă(1 :$&+/$5= $75$.&-Ζ '2'$7.2:<&+
HNRORJLD Z SLJXĄFH _ G]LHĆ ] ľ\FLD NRQLD _ ZL]\WD X SDQD %REUD 0 Ζ1 '08&+$ą&( $1Ζ0$725=< 35=(-$Ľ'Ľ.Ζ :2=(0 &$7(5Ζ1*
SRľ\WHF]QH SV]F]RĄ\ _ ']LNLH SWDNL _ LQQH .8&+1Ζ$ 32/2:$ Ζ73












2.2/Ζ&$



2GZLHG]DMÇF 6WDMQLÛ 6WXG]LHQLHF PRľHP\
3DĆVWZX ]DJZDUDQWRZDÉ QLH W\ONR MD]GÛ
NRQQÇ DOH WDNľH ZVSDQLDĄH ZLGRNL FLV]Û L
SHĄQ\ NRQWDNW ] QDWXUÇ : RGOHJĄRĝFL
PHWUµZ RG VWDMQL ZFKRG]LP\ GR
%ROLPRZVNLHJR 3DUNX .UDMREUD]RZHJR
JG]LH ]DSUDV]DP\ QD EH]NUZDZH
ȌSRORZDQLDȋSRORZDQLDȋ Ȃ ] DSDUDWHP Z UÛNX ERZLHP Z
Ȍ
QDV]\P NRPSOHNVLH OHĝQ\P VSRWNDÉ PRľQD

OLF]QH VWDGD G]LNLFK ]ZLHU]ÇW 3RQDGWR ODV\ WH
REȴWXMÇ Z EXMQÇ L U]DGNÇ URĝOLQQRĝÉ

&HQ\ XVWDODP\ Z ]DOHľQRĝFL RG OLF]HEQRĝFL JUXS\ 0LĄRĝQLF\ MDJµG RUD] JU]\EREUDQLD EÛGÇ
2IHUXMHP\ ]QLľNL GOD V]NµĄ UµZQLHľ XVDW\VIDNFMRQRZDQL




Ζ*% 0$=29Ζ$ )LOLD Z 6WXG]LHĆFX ZZZ VWDMQLDVWXG]LHQLHF SO

3XV]F]D 0DULDĆVND 7HO V VWU]HV]HZVND#LJEPD]RYLD SO


2)(57$ '/$ 6=.•ă Ζ 35=('6=.2/Ζ 3Ζ.1Ζ.Ζ 52'=Ζ11(



ȏ :\FLHF]NL V]NROQH RJQLVND 1D G]LHĆ ZLRVQ\ G]LHĆ G]LHFND LWS



























ȏ 3OHQHURZH OHNFMH SU]\URG\ L JU\ WHUHQRZH
2)(58-(0< 3(ă(1 :$&+/$5= $75$.&-Ζ '2'$7.2:<&+
HNRORJLD Z SLJXĄFH _ G]LHĆ ] ľ\FLD NRQLD _ ZL]\WD X SDQD %REUD 0 Ζ1 '08&+$ą&( $1Ζ0$725=< 35=(-$Ľ'Ľ.Ζ :2=(0 &$7(5Ζ1*
SRľ\WHF]QH SV]F]RĄ\ _ ']LNLH SWDNL _ LQQH .8&+1Ζ$ 32/2:$ Ζ73












2.2/Ζ&$



2GZLHG]DMÇF 6WDMQLÛ 6WXG]LHQLHF PRľHP\
3DĆVWZX ]DJZDUDQWRZDÉ QLH W\ONR MD]GÛ
NRQQÇ DOH WDNľH ZVSDQLDĄH ZLGRNL FLV]Û L
SHĄQ\ NRQWDNW ] QDWXUÇ : RGOHJĄRĝFL
PHWUµZ RG VWDMQL ZFKRG]LP\ GR
%ROLPRZVNLHJR 3DUNX .UDMREUD]RZHJR
JG]LH ]DSUDV]DP\ QD EH]NUZDZH
ȌSRORZDQLDȋSRORZDQLDȋ Ȃ ] DSDUDWHP Z UÛNX ERZLHP Z
Ȍ
QDV]\P NRPSOHNVLH OHĝQ\P VSRWNDÉ PRľQD

OLF]QH VWDGD G]LNLFK ]ZLHU]ÇW 3RQDGWR ODV\ WH
REȴWXMÇ Z EXMQÇ L U]DGNÇ URĝOLQQRĝÉ

&HQ\ XVWDODP\ Z ]DOHľQRĝFL RG OLF]HEQRĝFL JUXS\ 0LĄRĝQLF\ MDJµG RUD] JU]\EREUDQLD EÛGÇ
2IHUXMHP\ ]QLľNL GOD V]NµĄ UµZQLHľ XVDW\VIDNFMRQRZDQL




Ζ*% 0$=29Ζ$ )LOLD Z 6WXG]LHĆFX ZZZ VWDMQLDVWXG]LHQLHF SO

3XV]F]D 0DULDĆVND 7HO V VWU]HV]HZVND#LJEPD]RYLD SO


6SUDZG]RQ\ VSRVµE QD QDXNÛ OLF]HQLD L WDEOLF]NL

PQRľHQLD SU]H] ]DEDZÛ





.DUW\ *UDERZVNLHJR SRZVWDĄ\ SRQDG ODW WHPX Z URNX
Z Z\QLNX QLHFRG]LHQQHM VSRUWRZHM KLVWRULL 6WZRU]\Ą MH $QGU]HM 0RW\ZHP SU]HZRGQLP ZV]\VWNLFK .DUW *UDERZVNLHJR MHVW SRVWDÉ
*UDERZVNL WUHQHU OHNNLHM DWOHW\NL 1D SRF]ÇWNX ODW QD ZĄDVQHM SRP\VĄRGDZF\ $QGU]HMD *UDERZVNLHJR ZUD] ] EDZLÇF\PL VLÛ G]LHÉPL
VNµU]H RGF]XĄ SU]HPLDQ\ VSRĄHF]QR JRVSRGDUF]H Z 3ROVFH 3RPLPR
VXNFHVµZ ]H VZRLPL ]DZRGQLNDPL ]DSURSRQRZDQR PX SUDFÛ
Z NOXELH VSRUWRZ\P ]DȐ ]ĄRW\FK PLHVLÛF]QLH 0DMÇF SU]HG VREÇ
QLHSHZQÇ SU]\V]ĄRĝÉ DOH UµZQLHľ XNRĆF]RQH VWXGLD PDWHPDW\F]QH Ȃ
S .DUW\ *UDERZVNLHJR 'RGDZDQLH L RGHMPRZDQLH
SRGMÇĄ SUDFÛ Z V]NROH SRGVWDZRZHM RGMÇĄ SUDFÛ Z V]NROH SRGVWDZRZHM
-Xľ QD SRF]ÇWNX SUDF\ $QGU]HM *UDERZVNL GR]QDĄ V]RNX ȌMDN WR
PRľOLZH ľHE\ G]LHFL Z NODVLH QLH ]QDĄ\ WDEOLF]NL PQRľHQLD" ȋ :WHG\ .DUW\ *UDERZVNLHJR 'RGDZDQLH L RGHMPRZDQLH VÇ ]HVWDZHP JLHU HGXNDF\MQ\FK GOD G]LHFL NWµUH XF]Ç
DNW\ZQLH UR]ZLMDĄ VZRMÇ SRP\VĄRZRĝÉ ľHE\ SRPµF G]LHFLRP Z QDXFH GRGDZDQLD L RGHMPRZDQLD SU]H] ]DEDZÛ 2G SRQDG ODW SRPDJDMÇ G]LHFLRP Z FDĄHM 3ROVFH Z GRVNRQDOHQLX
WDEOLF]NL PQRľHQLD 3RF]ÇWNRZR RUJDQL]RZDĄ JU\ VSRUWRZH ] SLĄNDPL XPLHMÛWQRĝFL GRGDZDQLD L RGHMPRZDQLD =GRE\Ą\ RQH X]QDQLH ZĝUµG URG]LFµZ QDXF]\FLHOL L LQVW\WXFML
L U\ZDOL]DFMÇ ']LHFLRP VLÛ WR VSRGREDĄR 3RV]HGĄ R NURN GDOHM QD HGXNDF\MQ\FK
]Z\NĄ\FK NDUWRQLNDFK VWZRU]\Ą NDUW\ PDWHPDW\F]QH 5HDNFMD G]LHFL"
Ȍ7H NDUW\ VÇ ĝZLHWQH ȋ $QGU]HM *UDERZVNL : ]HVWDZX ZFKRG]Ç NDUW\ GXľH ] OLF]EDPL GľRNHU\ RUD] NDUW\ PDĄH ]H ]QDNDPL G]LDĄDĆ UµZQRĝFL QLHUµZQRĝFL RUD]
QDZLDVDPL V]DEORQ Ȍ*UDIȋ ']LÛNL NDUWRP PDĄ\P PDP\ PRľOLZRĝÉ WZRU]HQLD UµľQHJR W\SX UµZQDĆ L QLHUµZQRĝFL
Ζ : :V]\VWNLH JU\ RSLVDQH VÇ Z NVLÇľFH ] WHM VHULL 'R G\VSR]\FML MHVW JLHU *U\ RGSRZLHGQLH VÇ GR ]UHDOL]RZDQLD
ΖFKFK HQWX]MD]P L UDGRĝÉ GDĄ\ SRP\VĄRGDZF\ LPSXOV GR VWZRU]HQLD SURIHVMRQDOQ\FK NDUW L EOLVNR JLHU
3RP\VĄ RND]DĄ VLÛ VSRVREHP QD XWU]\PDQLH URG]LQ\ Z QLHSHZQ\FK F]DVDFK FKRÉ QLH E\ĄR WR SURVWH Z SU]HGV]NROX V]NROH SRGVWDZRZHM RUD] Z GRPX
3RF]ÇWNRZR $QGU]HM *UDERZVNL ZUD] ] ľRQÇ %RľHQÇ VWDUDOL VLÛ GRFLHUDÉ WHOHIRQLF]QLH GR V]NµĄ
0RPHQWHP SU]HĄRPRZ\P E\ĄR SRSDUFLH 0LQLVWHUVWZD (GXNDFML 1DURGRZHM GOD .DUW 7DEOLF]ND
PQRľHQLD L SU]\]QDQLH LP UHNRPHQGDFML 3µļQLHM ]RUJDQL]RZDQR Z 6]F]HFLQNX SLHUZV]H 0LVWU]RVWZD
3ROVNL Z 7DEOLF]FH 0QRľHQLD .DUW\ ZF]HĝQLHM ]QDQH MDNR PDWHPDW\F]QH QDWXUDOQLH ]DF]ÛĄ\ SU]\MPRZDÉ
QD]ZÛ Ȍ.DUW\ *UDERZVNLHJRȋ
2U\JLQDOQDU\JLQDOQD V]DWD JUDȴF]QD .DUW VWZRU]RQD Z ODWDFK SR]RVWDĄD QLH]PLHQLRQD SR G]Lĝ G]LHĆ : VXPLH
2
$QGU]HMRZL *UDERZVNLHPX XGDĄR VLÛ VWZRU]\É URG]DMH NDUW 7DEOLF]ND PQRľHQLD 'RGDZDQLH
L RGHMPRZDQLH URN Z\GDQLD RUD] *U\ ORJLF]QH URN Z\GDQLD 6WZRU]\Ą RQ UµZQLHľ Z
URNX EÇF]ND PDWHPDW\F]QHJR 3LUXHW







.DUW\ *UDERZVNLHJR .DUW\ *UDERZVNLHJR
&HQWUDOD %LXUR Z 3R]QDQLX

XO %XGRZODQ\FK XO 'ÇEURZVNLHJR
6]F]HFLQHN ΖΖ SLÛWUR SRNµM ::: .$57<*5$%2:6.Ζ(*2 3/
1Ζ3 3R]QDĆ WHO _ LQIR#NDUW\JUDERZVNLHJR SO


6SUDZG]RQ\ VSRVµE QD QDXNÛ OLF]HQLD L WDEOLF]NL

PQRľHQLD SU]H] ]DEDZÛ





.DUW\ *UDERZVNLHJR SRZVWDĄ\ SRQDG ODW WHPX Z URNX
Z Z\QLNX QLHFRG]LHQQHM VSRUWRZHM KLVWRULL 6WZRU]\Ą MH $QGU]HM 0RW\ZHP SU]HZRGQLP ZV]\VWNLFK .DUW *UDERZVNLHJR MHVW SRVWDÉ
*UDERZVNL WUHQHU OHNNLHM DWOHW\NL 1D SRF]ÇWNX ODW QD ZĄDVQHM SRP\VĄRGDZF\ $QGU]HMD *UDERZVNLHJR ZUD] ] EDZLÇF\PL VLÛ G]LHÉPL
VNµU]H RGF]XĄ SU]HPLDQ\ VSRĄHF]QR JRVSRGDUF]H Z 3ROVFH 3RPLPR
VXNFHVµZ ]H VZRLPL ]DZRGQLNDPL ]DSURSRQRZDQR PX SUDFÛ
Z NOXELH VSRUWRZ\P ]DȐ ]ĄRW\FK PLHVLÛF]QLH 0DMÇF SU]HG VREÇ
QLHSHZQÇ SU]\V]ĄRĝÉ DOH UµZQLHľ XNRĆF]RQH VWXGLD PDWHPDW\F]QH Ȃ
S .DUW\ *UDERZVNLHJR 'RGDZDQLH L RGHMPRZDQLH
SRGMÇĄ SUDFÛ Z V]NROH SRGVWDZRZHM RGMÇĄ SUDFÛ Z V]NROH SRGVWDZRZHM
-Xľ QD SRF]ÇWNX SUDF\ $QGU]HM *UDERZVNL GR]QDĄ V]RNX ȌMDN WR
PRľOLZH ľHE\ G]LHFL Z NODVLH QLH ]QDĄ\ WDEOLF]NL PQRľHQLD" ȋ :WHG\ .DUW\ *UDERZVNLHJR 'RGDZDQLH L RGHMPRZDQLH VÇ ]HVWDZHP JLHU HGXNDF\MQ\FK GOD G]LHFL NWµUH XF]Ç
DNW\ZQLH UR]ZLMDĄ VZRMÇ SRP\VĄRZRĝÉ ľHE\ SRPµF G]LHFLRP Z QDXFH GRGDZDQLD L RGHMPRZDQLD SU]H] ]DEDZÛ 2G SRQDG ODW SRPDJDMÇ G]LHFLRP Z FDĄHM 3ROVFH Z GRVNRQDOHQLX
WDEOLF]NL PQRľHQLD 3RF]ÇWNRZR RUJDQL]RZDĄ JU\ VSRUWRZH ] SLĄNDPL XPLHMÛWQRĝFL GRGDZDQLD L RGHMPRZDQLD =GRE\Ą\ RQH X]QDQLH ZĝUµG URG]LFµZ QDXF]\FLHOL L LQVW\WXFML
L U\ZDOL]DFMÇ ']LHFLRP VLÛ WR VSRGREDĄR 3RV]HGĄ R NURN GDOHM QD HGXNDF\MQ\FK
]Z\NĄ\FK NDUWRQLNDFK VWZRU]\Ą NDUW\ PDWHPDW\F]QH 5HDNFMD G]LHFL"
Ȍ7H NDUW\ VÇ ĝZLHWQH ȋ $QGU]HM *UDERZVNL : ]HVWDZX ZFKRG]Ç NDUW\ GXľH ] OLF]EDPL GľRNHU\ RUD] NDUW\ PDĄH ]H ]QDNDPL G]LDĄDĆ UµZQRĝFL QLHUµZQRĝFL RUD]
QDZLDVDPL V]DEORQ Ȍ*UDIȋ ']LÛNL NDUWRP PDĄ\P PDP\ PRľOLZRĝÉ WZRU]HQLD UµľQHJR W\SX UµZQDĆ L QLHUµZQRĝFL
Ζ : :V]\VWNLH JU\ RSLVDQH VÇ Z NVLÇľFH ] WHM VHULL 'R G\VSR]\FML MHVW JLHU *U\ RGSRZLHGQLH VÇ GR ]UHDOL]RZDQLD
ΖFKFK HQWX]MD]P L UDGRĝÉ GDĄ\ SRP\VĄRGDZF\ LPSXOV GR VWZRU]HQLD SURIHVMRQDOQ\FK NDUW L EOLVNR JLHU
3RP\VĄ RND]DĄ VLÛ VSRVREHP QD XWU]\PDQLH URG]LQ\ Z QLHSHZQ\FK F]DVDFK FKRÉ QLH E\ĄR WR SURVWH Z SU]HGV]NROX V]NROH SRGVWDZRZHM RUD] Z GRPX
3RF]ÇWNRZR $QGU]HM *UDERZVNL ZUD] ] ľRQÇ %RľHQÇ VWDUDOL VLÛ GRFLHUDÉ WHOHIRQLF]QLH GR V]NµĄ
0RPHQWHP SU]HĄRPRZ\P E\ĄR SRSDUFLH 0LQLVWHUVWZD (GXNDFML 1DURGRZHM GOD .DUW 7DEOLF]ND
PQRľHQLD L SU]\]QDQLH LP UHNRPHQGDFML 3µļQLHM ]RUJDQL]RZDQR Z 6]F]HFLQNX SLHUZV]H 0LVWU]RVWZD
3ROVNL Z 7DEOLF]FH 0QRľHQLD .DUW\ ZF]HĝQLHM ]QDQH MDNR PDWHPDW\F]QH QDWXUDOQLH ]DF]ÛĄ\ SU]\MPRZDÉ
QD]ZÛ Ȍ.DUW\ *UDERZVNLHJRȋ
2U\JLQDOQDU\JLQDOQD V]DWD JUDȴF]QD .DUW VWZRU]RQD Z ODWDFK SR]RVWDĄD QLH]PLHQLRQD SR G]Lĝ G]LHĆ : VXPLH
2
$QGU]HMRZL *UDERZVNLHPX XGDĄR VLÛ VWZRU]\É URG]DMH NDUW 7DEOLF]ND PQRľHQLD 'RGDZDQLH
L RGHMPRZDQLH URN Z\GDQLD RUD] *U\ ORJLF]QH URN Z\GDQLD 6WZRU]\Ą RQ UµZQLHľ Z
URNX EÇF]ND PDWHPDW\F]QHJR 3LUXHW







.DUW\ *UDERZVNLHJR .DUW\ *UDERZVNLHJR
&HQWUDOD %LXUR Z 3R]QDQLX

XO %XGRZODQ\FK XO 'ÇEURZVNLHJR
6]F]HFLQHN ΖΖ SLÛWUR SRNµM ::: .$57<*5$%2:6.Ζ(*2 3/
1Ζ3 3R]QDĆ WHO _ LQIR#NDUW\JUDERZVNLHJR SO


.DUW\ *UDERZVNLHJR *U\ ORJLF]QH %ÇF]HN PDWHPDW\F]Q\ 3LUXHW


.DUW\ *UDERZVNLHJR *U\ ORJLF]QH SRPDJDMÇ QDXF]\É VLÛ SRGVWDZ %ÇF]HN PDWHPDW\F]Q\ 3LUXHW WR JUD HGXNDF\MQD GOD SU]HGV]NRODNµZ RUD] G]LHFL QDZHW GR URNX ľ\FLD
OLF]HQLD L ORJLF]QHJR P\ĝOHQLD Z WUDNFLH ]DEDZ\ 3U]\MD]QD G]LHFNX JUDȴND 2G ODW SRPDJD G]LHFLRP Z FDĄHM 3ROVFH Z GRVNRQDOHQLX OLF]HQLD RUD] ÉZLF]HQLX XPLHMÛWQRĝFL
L GRGDWNRZH UHNZL]\W\ Ȃ SDW\F]NL SLRQ\ L NRVWND Ȃ Z]EXG]DMÇ MHJR PDQXDOQ\FK
FLHNDZRĝÉ ']LHFNR FKÛWQLH XNĄDGD SDVMDQVH L DQJDľXMH VLÛ SRGF]DV JLHU ']LHFL NUÛFÇ EÇF]NLHP QDNĄDGDMÇ QD QLHJR SLHUĝFLHQLH L OLF]Ç MH %DUG]R V]\ENR ȌZFLÇJDMÇ VLÛȋ GR ]DEDZ\
NDUFLDQ\FK RUD] JLHU SODQV]RZ\FK ] NDUWDPL ']LHMH VLÛ WDN G]LÛNL SRĄÇF]HQLX G\QDPLNL UR]JU\ZNL ] FLHNDZ\PL Z]RUDPL QD SLHUĝFLHQLDFK NWµUH
: VNĄDG ]HVWDZX ZFKRG]Ç NDUW SDW\F]NL Z NRORUDFK NRVWND GR ZSUDZLRQH Z UXFK ]DFKZ\FDMÇ G]LHFNR
JU\ RUD] SLRQ\ *
*U\U\ ] EÇF]NLHP 3LUXHW VÇ ĝZLHWQÇ RND]MÇ GR ZVSµOQHM QDXNL L ]DEDZ\ GOD G]LHFL RUD] URG]LFµZ 5RG]LF PRľH
:V]\VWNLHV]\VWNLH JU\ RSLVDQH VÇ Z NVLÇľFH ] WHM VHULL 'R G\VSR]\FML MHVW JLHU
: NUÛFLÉ EÇF]NLHP D G]LHFNR QDNĄDGDÉ SLHUĝFLHQLH &LHNDZÇ SURSR]\FMÇ MHVW QDNĄDGDQLH SLHUĝFLHQL QD
*U\ RGSRZLHGQLH VÇ GR ]UHDOL]RZDQLD Z SU]HGV]NROX V]NROH SU]HPLDQ SU]H] RVRE\
SRGVWDZRZHM RUD] Z GRPX &R URNX JUXGQLD RG U RGE\ZDMÇ VLÛ 0LVWU]RVWZD 3ROVNL Z .UÛFHQLX %ÇF]NLHP 3LUXHW =DZRG\
RGE\ZDMÇ VLÛ Z V]NRĄDFK EÇGļ SU]HGV]NRODFK : WUDNFLH ]DZRGµZ G]LHFL VWDUDMÇ VLÛ QDU]XFLÉ QD EÇF]ND MDN
QDMZLÛFHM SLHUĝFLHQL .DľGD SODFµZND PRľH Z]LÇÉ XG]LDĄ Z WDNLFK ]DZRGDFK















.DUW\ *UDERZVNLHJR 7DEOLF]ND PQRľHQLD :DUV]WDW\ GOD QDXF]\FLHOL


=DSUDV]DP\ SODFµZNL HGXNDF\MQH GR RUJDQL]DFML ZDUV]WDWµZ ] Z\NRU]\VWDQLD .DUW *UDERZVNLHJR QD
.DUW\ *UDERZVNLHJR 7DEOLF]ND PQRľHQLD WR ]HVWDZ JLHU HGXNDF\MQ\FK OHNFMDFK RUD] ]DMÛFLDFK SR]DV]NROQ\FK :DUV]WDW\ QDVWDZLRQH VÇ QD SUDNW\NÛ ΖFK FHOHP MHVW ]DSR]QDQLH
GOD G]LHFL NWµUH XF]Ç WDEOLF]NL PQRľHQLD SU]H] ]DEDZÛ 2G ODW QDXF]\FLHOL SU]HGV]NROD HGXNDFML ZF]HVQRV]NROQHM L QDXF]\FLHOL PDWHPDW\NL ] .DUWDPL *UDERZVNLHJR L LFK
SRPDJDMÇ G]LHFLRP QD FDĄ\P ĝZLHFLH Z V]\ENLP MHM RSDQRZDQLX ZDORUDPL HGXNDF\MQ\PL .DľGD RVRED ELRUÇFD XG]LDĄ Z V]NROHQLX Z\QLHVLH ] QLHJR GXľR SUDNW\F]QHM
G]LHFLRP .DUW\ *UDERZVNLHJR VÇ QD OLĝFLH UHNRPHQGRZDQ\FK ZLHG]\ SU]\GDWQHM GR UHDOL]DFML QD ]DMÛFLDFK
PDWHULDĄµZ G\GDNW\F]Q\FK 0LQLVWHUVWZD (GXNDFML 1DURGRZHM

: VNĄDG ]HVWDZX ZFKRG]Ç NDUW F]DUQ\FK ] LORF]\QDPL RUD] NDUW &]DV WUZDQLD ZDUV]WDWµZ JRG]LQ
F]HUZRQ\FK ] Z\QLNDPL &HQQLN

.DUW\DUW\ VÇ RGSRZLHGQLH ]DUµZQR GOD G]LHFL NWµUH ]DF]\QDMÇ QDXNÛ WDEOLF]NL
.
PQRľHQLD MDN L GOD W\FK NWµU]\ PDMÇ MXľ MÇ RSDQRZDQÇ 6WRSLHĆ WUXGQRĝFL JUXSD GR RVµE ]Ą EUXWWR
JLHU PRľQD GRVWRVRZDÉ GR XPLHMÛWQRĝFL L FKDUDNWHUX G]LHFND 'R JUXSD GR RVµE ]Ą EUXWWR
G\VSR]\FML PDP\ JU\ VSRNRMQH G\QDPLF]QH VWUDWHJLF]QH VSRUWRZH QD MHĝOL PLHMVFH ZDUV]WDWµZ RGE\ZD VLÛ Z RGOHJĄRĝFL ZLÛNV]HM QLľ NP RG 3R]QDQLD Ȃ GRSĄDWD GR
F]DV L ZLHOH LQQ\FK ZDUV]WDWµZ Z\QRVL ]Ą

:V]\VWNLH JU\ RSLVDQH VÇ Z NVLÇľNDFK ] WHM VHULL 'R G\VSR]\FML MHVW JLHU
*U\ RGSRZLHGQLH VÇ GR ]UHDOL]RZDQLD Z V]NROH SRGVWDZRZHM RUD] Z GRPX &HQD ]DZLHUD PDWHULDĄ\ GOD XF]HVWQLNµZ NRV]W\ GRMD]GX L HZHQWXDOQHJR
QRFOHJX .DľGD RVRED RWU]\PD WHF]NÛ ] SODQHP ZDUV]WDWµZ RSLVDPL GZµFK
JLHU NWµUH QLH ]QDMGXMÇ VLÛ Z NVLÇľNDFK RUD] GUREQH JDGľHW\ 3ODFµZND
HGXNDF\MQD RUJDQL]XMÇFD ZDUV]WDW\ RWU]\PD NRPSOHW ZV]\VWNLFK .DUW
*UDERZVNLHJR ZUD] ] NVLÇľNDPL RUD] EÇF]ND 3LUXHW










::: .$57<*5$%2:6.Ζ(*2 3/

WHO _ LQIR#NDUW\JUDERZVNLHJR SO


Click to View FlipBook Version