0DS\ L SODQV]H
ºæÌÚ ×ËæÚāê·¬Ɍ
D¬ºæÌÚ ÄÞā ×ÚËêºæü ×ËÞ¬· ÚæüĈºæ ßÚ˺Ìö üºæüāÄü© ā½Äü© Ë êĄüæºê ÞāºË½Ä¤Ëɇ
ÄÄü ×Úāā C¬Ä¬ÞæÚ êº·¬ DÚËËö· ¬ ]×ËÚæêɌ
DÞā Ë£Úæ æË ×ËÃË üºæüāÄɆ Ã×ü ÞāºË½Äɇ Ã×ü ߬ÄÄɇ ×½ÄÞā êºü·Äɇ ×½ÄÞā ·¢āüºËöɇ 潬 ¬ÄæÚºæüöÄɇ
×ÚˤÚÃü êºü·Äɇ ×ËÃË ¬ ¤Úü ×ÚāÞāºË½Äɇ 潬 üºæüāÄɇ ¤½ËêÞü ËÚā ½Ã¬ÄËöÄ Ã £ËÚÃæü ɬ ×˺º¬ Ä
¬êÚºËɌ sÞāüÞ溬 ×½ÄÞā üºæüāÄ ¬ Ã×ü Þ ËêÞæÚËÄĬ ½Ã¬ÄËöÄɇ ÷ Âê¤ ĄüöËæÄËß ¬ ā©Ëöê· æÚöÂËß ºË½ËÚÌöɌ
67,()(/ (852&$57 .U\VWLDQ .RPDQGHU
JÚËöĄ ê½Ɍ s¬·Þº ǽȃ ɇ ȀȃɬǿǽȂ &ÌÚĄĄ
æ½ɌɆ ʐȀȄ ȃȃ ȀȂȃȃ ǿȄȄɇ Ãˬ½Ɇ ʐȀȄ ȁǼǾ ȁǾȀ ȂȄȅ
ZZZ PDS\V]NROQH SO
0DS\ L SODQV]H
ºæÌÚ ×ËæÚāê·¬Ɍ
D¬ºæÌÚ ÄÞā ×ÚËêºæü ×ËÞ¬· ÚæüĈºæ ßÚ˺Ìö üºæüāÄü© ā½Äü© Ë êĄüæºê ÞāºË½Ä¤Ëɇ
ÄÄü ×Úāā C¬Ä¬ÞæÚ êº·¬ DÚËËö· ¬ ]×ËÚæêɌ
DÞā Ë£Úæ æË ×ËÃË üºæüāÄɆ Ã×ü ÞāºË½Äɇ Ã×ü ߬ÄÄɇ ×½ÄÞā êºü·Äɇ ×½ÄÞā ·¢āüºËöɇ 潬 ¬ÄæÚºæüöÄɇ
×ÚˤÚÃü êºü·Äɇ ×ËÃË ¬ ¤Úü ×ÚāÞāºË½Äɇ 潬 üºæüāÄɇ ¤½ËêÞü ËÚā ½Ã¬ÄËöÄ Ã £ËÚÃæü ɬ ×˺º¬ Ä
¬êÚºËɌ sÞāüÞ溬 ×½ÄÞā üºæüāÄ ¬ Ã×ü Þ ËêÞæÚËÄĬ ½Ã¬ÄËöÄɇ ÷ Âê¤ ĄüöËæÄËß ¬ ā©Ëöê· æÚöÂËß ºË½ËÚÌöɌ
67,()(/ (852&$57 .U\VWLDQ .RPDQGHU
JÚËöĄ ê½Ɍ s¬·Þº ǽȃ ɇ ȀȃɬǿǽȂ &ÌÚĄĄ
æ½ɌɆ ʐȀȄ ȃȃ ȀȂȃȃ ǿȄȄɇ Ãˬ½Ɇ ʐȀȄ ȁǼǾ ȁǾȀ ȂȄȅ
ZZZ PDS\V]NROQH SO
]×·½¬āê·Ãü Þ¬¢ ö Þ×ÚāĄü öüÞ˺¬· ·ºË߬ ÚæüºêÂÌö ÞāºË½Äü©Ɍ
~Ë×æÚê·Ãü ×ÚāÞāºË½ ¬ ÞāºËÂü Ä æÚĬ Â¤Ë ºÚ·êɌ
&öÚÄæê·Ãü æÚºü·Ä Äüɇ Þāüº ËÞæö¢ ËÚā ÞāÚ˺¬ ÞËÚæüÃÄæ
×ÚËêºæÌö ÞāºË½Äü© ÚÄËÃËöÄü© ×ÚËêÄæÌöɆ ÞæÚɇ ìÄËɇ %¬ËÚ½½Ëɇ
]æɬC·öÞº¬ɇ Ú£ËÚà s ÄÞāüà ޺½×¬ ºê׬Þā ½Ëº¬ æ©Ä¬āÄ ¬ ÚüÞêĺËöɇ
£Úüɇ ºÚº¬ɇ º½·ɇ ¬êÂüɇ ×¢ā½ɇ æËÚĬÞæÚüɇ ׬ÌÚĬº¬ ¬ ö¬½ ¬ÄÄü©Ɍ
VÚÚāü êĄü© āÃÌö¬Ä¬© ×ÚË×ËÄê·Ãü æÚºü·Ä Úæü ËÚā ×ÚāÄæüɌ
V
D¬ āº·ɇ ö·Ă Ä ÞæÚËÄ¢ öööɌ¬êÚöɌ×½ ¬ āÚÌ āºê×ü ·êĄ ā¬ßɉ
]×·½Ä Ë£Úæ ½ ÞāºÌ ¬ ×ÚāÞāºË½¬ɉ
;Ą ÞāºË ¬ ×ÚāÞāºË½ ºæÌÚ ê ÄÞ
āÚˬ āºê×ü ÃËĄ ½¬āü Ä
ËæºËöü Úæ ö öüÞ˺Ë߬ Ą Ȅʦɉ
8IP /SQ
ZZZ ELXUZD SO
FMYVS$FMYV[E TP
]×·½¬āê·Ãü Þ¬¢ ö Þ×ÚāĄü öüÞ˺¬· ·ºË߬ ÚæüºêÂÌö ÞāºË½Äü©Ɍ
~Ë×æÚê·Ãü ×ÚāÞāºË½ ¬ ÞāºËÂü Ä æÚĬ Â¤Ë ºÚ·êɌ
&öÚÄæê·Ãü æÚºü·Ä Äüɇ Þāüº ËÞæö¢ ËÚā ÞāÚ˺¬ ÞËÚæüÃÄæ
×ÚËêºæÌö ÞāºË½Äü© ÚÄËÃËöÄü© ×ÚËêÄæÌöɆ ÞæÚɇ ìÄËɇ %¬ËÚ½½Ëɇ
]æɬC·öÞº¬ɇ Ú£ËÚà s ÄÞāüà ޺½×¬ ºê׬Þā ½Ëº¬ æ©Ä¬āÄ ¬ ÚüÞêĺËöɇ
£Úüɇ ºÚº¬ɇ º½·ɇ ¬êÂüɇ ×¢ā½ɇ æËÚĬÞæÚüɇ ׬ÌÚĬº¬ ¬ ö¬½ ¬ÄÄü©Ɍ
VÚÚāü êĄü© āÃÌö¬Ä¬© ×ÚË×ËÄê·Ãü æÚºü·Ä Úæü ËÚā ×ÚāÄæüɌ
V
D¬ āº·ɇ ö·Ă Ä ÞæÚËÄ¢ öööɌ¬êÚöɌ×½ ¬ āÚÌ āºê×ü ·êĄ ā¬ßɉ
]×·½Ä Ë£Úæ ½ ÞāºÌ ¬ ×ÚāÞāºË½¬ɉ
;Ą ÞāºË ¬ ×ÚāÞāºË½ ºæÌÚ ê ÄÞ
āÚˬ āºê×ü ÃËĄ ½¬āü Ä
ËæºËöü Úæ ö öüÞ˺Ë߬ Ą Ȅʦɉ
8IP /SQ
ZZZ ELXUZD SO
FMYVS$FMYV[E TP
cāº ā ¤êú Ȁ cāº ā ¤êú cāº ā Úāº ¤Úê &½ËêÞ ĈāüāÄü ǽǽǼÃà ;˽ËÚËöĺ ɬ D ׬ºÄ¬ºê ;˽ËÚËöĺ VÚāü·¬½
æËÃÌöº¬ Ȁ ÚÞ C¬ÄĬ ~©Ã ÃÂ׺¬ ɬ ;˽ËÚê·¢ ¬ ĺ½·Ã
ÄɆ ȀɌȀǾ āÂ ÄɆ ǿɌǾǾ āÂ ÄɆ ǾȃɌǽȂ āÂ ÄɆ ǽǼɌȃȂ āÂ ÄɆ ȀɌȀǽ āÂ ÄɆ ȃɌȂȂ āÂ
V½º Ë ×ÚāÞāºË½ V½º Ë ×ÚāÞāºË½ V½º Ë ×ÚāÞāºË½ ìĬ &Ú &Ä· Ë ½ê ö VY=ɬg &Ú sü¤¬·æêÞ ½ûÄÚ &Ú ¬ê¬êº
Ú¬ ]æÚ =¬¤©æ % Ú½ËÄ ÄË×ÚÄËöü ]Ëö ½ûÄÚ ½ûÄÚ
ÄɆ ȁǼɌǼǼ āÂ ÄɆ ȂǽɌǿǼ āÂ ÄɆ ȁȁɌȀȅ āÂ ÄɆ ǿȀɌȀǽ āÂ ÄɆ ȀȅɌȅȂ āÂ ÄɆ ǾǿɌǿǽ āÂ
%Úü ö¬æÚĄËö ;½· ā Ú˺æà ÃËÞ ;½· ā Ú˺æà ÃËÞ ~Þæö ×êāā½¬ Ë ÚüÞËöĬ Vêāā½ ǾȀ Cû¬ D·½×Þ¬ Vêāā½ ǽǼǼ =ËËö
ÃËÞ Ȃ ºË½ËÚÌö &r ǽǼVǽȄ & =ǽǼ ǽǼ Ú¬Ë õÄæêÚÞ ×Úāü·¬½ ~ËÞ¬ ×Úāü¤Ë ÚÞ cÚĉ
ÄɆ ȁǽɌǾȄ āÂ ÄɆ ǾȁɌȃȁ āÂ ÄɆ ǽȀɌȅȀ āÂ ÄɆ ȂȃɌȅǾ āÂ ÄɆ ǾǾɌǼȅ āÂ ÄɆ ǽǾɌȂȂ āÂ
ZZZ ELXUZD SO
8IP /SQ FMYVS$FMYV[E TP
cāº ā ¤êú Ȁ cāº ā ¤êú cāº ā Úāº ¤Úê &½ËêÞ ĈāüāÄü ǽǽǼÃà ;˽ËÚËöĺ ɬ D ׬ºÄ¬ºê ;˽ËÚËöĺ VÚāü·¬½
æËÃÌöº¬ Ȁ ÚÞ C¬ÄĬ ~©Ã ÃÂ׺¬ ɬ ;˽ËÚê·¢ ¬ ĺ½·Ã
ÄɆ ȀɌȀǾ āÂ ÄɆ ǿɌǾǾ āÂ ÄɆ ǾȃɌǽȂ āÂ ÄɆ ǽǼɌȃȂ āÂ ÄɆ ȀɌȀǽ āÂ ÄɆ ȃɌȂȂ āÂ
V½º Ë ×ÚāÞāºË½ V½º Ë ×ÚāÞāºË½ V½º Ë ×ÚāÞāºË½ ìĬ &Ú &Ä· Ë ½ê ö VY=ɬg &Ú sü¤¬·æêÞ ½ûÄÚ &Ú ¬ê¬êº
Ú¬ ]æÚ =¬¤©æ % Ú½ËÄ ÄË×ÚÄËöü ]Ëö ½ûÄÚ ½ûÄÚ
ÄɆ ȁǼɌǼǼ āÂ ÄɆ ȂǽɌǿǼ āÂ ÄɆ ȁȁɌȀȅ āÂ ÄɆ ǿȀɌȀǽ āÂ ÄɆ ȀȅɌȅȂ āÂ ÄɆ ǾǿɌǿǽ āÂ
%Úü ö¬æÚĄËö ;½· ā Ú˺æà ÃËÞ ;½· ā Ú˺æà ÃËÞ ~Þæö ×êāā½¬ Ë ÚüÞËöĬ Vêāā½ ǾȀ Cû¬ D·½×Þ¬ Vêāā½ ǽǼǼ =ËËö
ÃËÞ Ȃ ºË½ËÚÌö &r ǽǼVǽȄ & =ǽǼ ǽǼ Ú¬Ë õÄæêÚÞ ×Úāü·¬½ ~ËÞ¬ ×Úāü¤Ë ÚÞ cÚĉ
ÄɆ ȁǽɌǾȄ āÂ ÄɆ ǾȁɌȃȁ āÂ ÄɆ ǽȀɌȅȀ āÂ ÄɆ ȂȃɌȅǾ āÂ ÄɆ ǾǾɌǼȅ āÂ ÄɆ ǽǾɌȂȂ āÂ
ZZZ ELXUZD SO
8IP /SQ FMYVS$FMYV[E TP
JYy&.D =D
ā¬ºË ā׬āĬ·Þā
ÚËā¬ Þ×˺˷Ĭ·Þ¬ɉ
&ÚöÚËöÄ Ë×Þº ā ÄêÃÚà 潣ËÄê
Ë ÚËā¬ ¬ āĺ¬Ã . ɚ.Ä Þ Ë£ ÃÚ¤Äüɛ
]×·½Ä Ë×Þº Þ¬½¬ºËÄËö ā öüæÂËāËÄüà ÄêÃÚà 潣ËÄê à ā×öĬ ·º Ä·ÞāüÞā
ËæÚ¬ Ë ÚËā¬Ɍ D¬ā¤êº¬ Þ ×Úāü¤ËæËöÄ Þ×·½Ä¬ ½ ā¬¬ ºæÌÚ ×Úāüö· ×Ëā
ËÃÃɇ Þāā¤Ì½Ä¬ ·ß½¬ ā¬ºË à ×Úāüö ö ĬāÄÄüà Ãê ËæËāĬêɌ
D¬ā¤êº¬ ā·¢Âü . ì·Þ ö ºËĺêÚÞ¬ ^ö¬æ
VÚāü·āÄü ā¬ºê ö ºæ¤ËÚ¬¬ ɵ ā׬āÅÞæöË
ā¬ºɷ ö ǾǼǽȃÚɌ ;ËĺêÚÞ ËڤĬāËöÄü ×Úāā
;Ëìææ J©ÚËÄü VÚö ā¬ºɌ
'ZD QXPHU\ WHOHIRQX
6\PERO ,&(
6DIH .LG 6S ] R R
:DQG\ :DUV]DZD
QLH]JXENL#JPDLO FRP
ZZZ QLH]JXENL SO
7UZDĂ\ L EH]SLHF]Q\ VLOLNRQ
JYy&.D =D
ā¬ºË ā׬āĬ·Þā
ÚËā¬ Þ×˺˷Ĭ·Þ¬ɉ
&ÚöÚËöÄ Ë×Þº ā ÄêÃÚà 潣ËÄê
Ë ÚËā¬ ¬ āĺ¬Ã . ɚ.Ä Þ Ë£ ÃÚ¤Äüɛ
]×·½Ä Ë×Þº Þ¬½¬ºËÄËö ā öüæÂËāËÄüà ÄêÃÚà 潣ËÄê à ā×öĬ ·º Ä·ÞāüÞā
ËæÚ¬ Ë ÚËā¬Ɍ D¬ā¤êº¬ Þ ×Úāü¤ËæËöÄ Þ×·½Ä¬ ½ ā¬¬ ºæÌÚ ×Úāüö· ×Ëā
ËÃÃɇ Þāā¤Ì½Ä¬ ·ß½¬ ā¬ºË à ×Úāüö ö ĬāÄÄüà Ãê ËæËāĬêɌ
D¬ā¤êº¬ ā·¢Âü . ì·Þ ö ºËĺêÚÞ¬ ^ö¬æ
VÚāü·āÄü ā¬ºê ö ºæ¤ËÚ¬¬ ɵ ā׬āÅÞæöË
ā¬ºɷ ö ǾǼǽȃÚɌ ;ËĺêÚÞ ËڤĬāËöÄü ×Úāā
;Ëìææ J©ÚËÄü VÚö ā¬ºɌ
'ZD QXPHU\ WHOHIRQX
6\PERO ,&(
6DIH .LG 6S ] R R
:DQG\ :DUV]DZD
QLH]JXENL#JPDLO FRP
ZZZ QLH]JXENL SO
7UZDĂ\ L EH]SLHF]Q\ VLOLNRQ
çÝÑ㰠аôÝçŀē ɒ ÄãÄôÎÑ° Ė ÷Äô¼° ã°üþôē
Lþę Ė° Háþñ÷ÜÑÄâȤ ° Ė°ÝÄÀđÑÄ Ƶƴ Üâ çÀ ã°Àâçô÷ÜÑÄÎç Üþôçôüþ
N÷üÜÑȤ ñçøôèÀ »þÜçđÄÎç Ý°÷þȤ Ė À°Ý° çÀ đÑÄÝÜçâÑÄÛ÷ÜÑÄÎç ĖÎÑÄáÜþȤ
çÀã°ÛÀĖÑÄ÷Ė ÷đçÛ· ç°ĖÌ ÷ñçÜçÛþ ɍ çÝÑãÌ Ð°ôÝçüüēȩ Lç âÑÄÛ÷¼Ä
Àç÷Üçã°ÝÄ Ėã°ãÄ đ÷Ėē÷üÜÑâȤ ÜüèôĖē ñç÷ĖþÜþÛ· đēÛ·üÜçđē¼Ð đô°ęÄä Ñ
ãÑÄĖ°ñçâãÑ°ãē¼Ð ñôĖÄęē½Ȥ ° ÛÄÀãç¼ĖÄøãÑÄ ñô°Îã· đēñç¼Ė·½ đ
ôÄÝ°Ü÷þÛ·¼ēâ çüç¼ĖÄãÑþȩ
4 4°÷Ėēâ Îçø¼Ñçâ çÍÄôþÛÄâē ãç¼ÝÄÎÑ đ ç»ÑÄÜü°¼ÐȤ ñçáçęçãē¼Ð ã°À â°ÝçđãѼĖēâ
,ÄĖÑçôÄâ ]°âÄáçđ÷ÜÑâȤ đøôèÀ ñÑÌÜãē¼Ð Ý°÷èđȩ HüēÝçđç Ñ çôēÎÑã°ÝãÑÄ þôĖ·ÀĖçãÄ
đãÌüôĖ°Ȥ đēÎçÀãÄ Ñ ñôĖēüþÝãÄ ñçÜçÛÄ çô°Ė đ÷ñ°ãÑ°áÄ Ė°ñÝļĖÄ ôÄÜôÄ°¼ēÛãÄ ÷ñô°đÑ·Ȥ
ęÄ Ü°ęÀēȤ Üüç ¼Ðç½ ô°Ė Ė°đÑü°á đ ã°÷ĖÄ ñôçÎÑȤ Ė°ñô°ÎãÑÄ Ė°Îçø¼Ñ½ đ ãѼРñçãçđãÑÄȩ
Hñ°¼Äôē ñç çÜçÝѼē Àç÷ü°ô¼Ė· Îçø¼Ñçâ ãÑÄĖ°ñçâãÑ°ãē¼Ð đô°ęÄäȩ
çÎçΰüÄ Ė°ñÝļĖÄ °üô°Ü¼ÛÑȤ ã° ÜüèôÄ ÷Üá°À°Û· ÷ÑÌȣ ÀđÑÄ ÷°ÝÄ Ė°»°đɂ3°áñÑ °ÛȤ »°÷Äã Ė
ñÑáļĖÜ°âÑȤ Ü°ôþĖÄÝ°ɃȤ ÷°Ýçã ÎÑÄô ÀÝ° ÀĖÑļÑɂ°þüçâ°üēɃȤ XçÀãÄ ]88 H°Í°ôÑɂôÄÛ÷ áçÀĖÑ·ɃȤ ]88
" E.8LL Ȥ ÍçÜ°ôÑþâȤ Üô°Ñã° »°ÛÄÜȤ ñÝ°¼ Ė°»°đ Ė ñÑ°÷ÜçđãѼ°âÑ đēñÄáãÑçãēâÑ ñÑ°÷ÜÑÄâ
âçô÷ÜÑâȤ ñ°ôÜ ÝÑãçđēȤ ÜçãÑÄȤ Ü°Û°ÜÑȤ ôçđÄôē đçÀãÄ çô°Ė áçđÑ÷ÜçȤ ñôĖēñ°ÀãÑÄ Àç Îþ÷üþ Ė°ôèđãç
÷ü°ô÷ĖēâȤ Û°Ü Ñ âáçÀ÷Ėēâȩ X ÐçüÄÝþ Ėã°ÛÀþÛÄ ÷ÑÌ ü°ÜęÄ ÷üēÝçđē Eç¼Ü Bþ» Ė ÜôÌÎÑÄÝãÑ· Ñ »ÑÝ°ôÀÄâȤ
ç»÷ēñ°ãÄ đÑÄÝçâ° ã°ÎôçÀ°âÑ HB °ÝÑ "°Ñ Ė ñôçÎô°âÄâ üÄô°ñÄþüē¼Ėãēâ çñ°ôüēâ ã° ÷ü°ôç»°ÝÑÛ÷ÜѼÐ
ôēüþ°á°¼Ð đēÜçãēđ°ãē ñôĖÄĖ »°ÝÑÛ÷ÜÑÄ üÄô°ñÄþüÜÑ çô°Ė ÷üôÄÍ° đÄÝÝãÄ÷÷ȣ »°÷ÄãȤ Û°¼þĖĖÑȤ ÷°þã° ÷þ¼Ð°Ȥ
ñ°°ôçđ°Ȥ ÷°ã°ôÑþâ çô°Ė Ė °ôçâ°üÄô°ñÑ· Ñ »áçüã°Ȥ ÷°Ý° ķüãÄ÷÷Ȥ ÀđÑÄ ÷üēÝçđç þôĖ·ÀĖçãÄ ôÄ÷ü°þô°¼ÛÄ Ė Üþ¼ÐãÑ·Ȥ
ñ
Üüèô° Ė°÷ñçÜçÑ ñçÀãÑÄ»ÑÄãÑ° ã°Ûđē»ôÄÀãÑÄÛ÷Ėē¼Ð ÷â°Üç÷Ėē çô°Ė °âķüÄ°üôȤ đ Üüèôēâ ¼ç ôçÜþ çÀ»ēđ°Û· ÷ÑÌ
ÝѼĖãÄ ÑâñôÄĖēȤ âȩÑãȩ Ėã°ãē đ ¼°áÄÛ þôçñÑÄ Ä÷üÑđ°Ý .ÄÎÄãÀ Eç¼Ü°ȩ
]°üôĖēâ°Û ¼Ė°÷ đ ÷Äô¼þ â°ÎѼĖãÄÛ çÝÑãē
đđđȮÀçÝÑ㰼аôÝçŀēȮñÝ ȧ ÐçüÄÝ˅¼Ð°ôÝçŀ°ȮñÝ ȧ ʛƽǁ ƾǂ ǁƽǀ ƽƼ ƹƹ ȧ HüôĖÄÝÑãÜç ƺƽȩ ǀƿɓƻƹƹ Háþñ÷Ü
çÝÑ㰠аôÝçŀē ɒ ÄãÄôÎÑ° Ė ÷Äô¼° ã°üþôē
Lþę Ė° Háþñ÷ÜÑÄâȤ ° Ė°ÝÄÀđÑÄ Ƶƴ Üâ çÀ ã°Àâçô÷ÜÑÄÎç Üþôçôüþ
N÷üÜÑȤ ñçøôèÀ »þÜçđÄÎç Ý°÷þȤ Ė À°Ý° çÀ đÑÄÝÜçâÑÄÛ÷ÜÑÄÎç ĖÎÑÄáÜþȤ
çÀã°ÛÀĖÑÄ÷Ė ÷đçÛ· ç°ĖÌ ÷ñçÜçÛþ ɍ çÝÑãÌ Ð°ôÝçüüēȩ Lç âÑÄÛ÷¼Ä
Àç÷Üçã°ÝÄ Ėã°ãÄ đ÷Ėē÷üÜÑâȤ ÜüèôĖē ñç÷ĖþÜþÛ· đēÛ·üÜçđē¼Ð đô°ęÄä Ñ
ãÑÄĖ°ñçâãÑ°ãē¼Ð ñôĖÄęē½Ȥ ° ÛÄÀãç¼ĖÄøãÑÄ ñô°Îã· đēñç¼Ė·½ đ
ôÄÝ°Ü÷þÛ·¼ēâ çüç¼ĖÄãÑþȩ
4 4°÷Ėēâ Îçø¼Ñçâ çÍÄôþÛÄâē ãç¼ÝÄÎÑ đ ç»ÑÄÜü°¼ÐȤ ñçáçęçãē¼Ð ã°À â°ÝçđãѼĖēâ
,ÄĖÑçôÄâ ]°âÄáçđ÷ÜÑâȤ đøôèÀ ñÑÌÜãē¼Ð Ý°÷èđȩ HüēÝçđç Ñ çôēÎÑã°ÝãÑÄ þôĖ·ÀĖçãÄ
đãÌüôĖ°Ȥ đēÎçÀãÄ Ñ ñôĖēüþÝãÄ ñçÜçÛÄ çô°Ė đ÷ñ°ãÑ°áÄ Ė°ñÝļĖÄ ôÄÜôÄ°¼ēÛãÄ ÷ñô°đÑ·Ȥ
ęÄ Ü°ęÀēȤ Üüç ¼Ðç½ ô°Ė Ė°đÑü°á đ ã°÷ĖÄ ñôçÎÑȤ Ė°ñô°ÎãÑÄ Ė°Îçø¼Ñ½ đ ãѼРñçãçđãÑÄȩ
Hñ°¼Äôē ñç çÜçÝѼē Àç÷ü°ô¼Ė· Îçø¼Ñçâ ãÑÄĖ°ñçâãÑ°ãē¼Ð đô°ęÄäȩ
çÎçΰüÄ Ė°ñÝļĖÄ °üô°Ü¼ÛÑȤ ã° ÜüèôÄ ÷Üá°À°Û· ÷ÑÌȣ ÀđÑÄ ÷°ÝÄ Ė°»°đɂ3°áñÑ °ÛȤ »°÷Äã Ė
ñÑáļĖÜ°âÑȤ Ü°ôþĖÄÝ°ɃȤ ÷°Ýçã ÎÑÄô ÀÝ° ÀĖÑļÑɂ°þüçâ°üēɃȤ XçÀãÄ ]88 H°Í°ôÑɂôÄÛ÷ áçÀĖÑ·ɃȤ ]88
" E.8LL Ȥ ÍçÜ°ôÑþâȤ Üô°Ñã° »°ÛÄÜȤ ñÝ°¼ Ė°»°đ Ė ñÑ°÷ÜçđãѼ°âÑ đēñÄáãÑçãēâÑ ñÑ°÷ÜÑÄâ
âçô÷ÜÑâȤ ñ°ôÜ ÝÑãçđēȤ ÜçãÑÄȤ Ü°Û°ÜÑȤ ôçđÄôē đçÀãÄ çô°Ė áçđÑ÷ÜçȤ ñôĖēñ°ÀãÑÄ Àç Îþ÷üþ Ė°ôèđãç
÷ü°ô÷ĖēâȤ Û°Ü Ñ âáçÀ÷Ėēâȩ X ÐçüÄÝþ Ėã°ÛÀþÛÄ ÷ÑÌ ü°ÜęÄ ÷üēÝçđē Eç¼Ü Bþ» Ė ÜôÌÎÑÄÝãÑ· Ñ »ÑÝ°ôÀÄâȤ
ç»÷ēñ°ãÄ đÑÄÝçâ° ã°ÎôçÀ°âÑ HB °ÝÑ "°Ñ Ė ñôçÎô°âÄâ üÄô°ñÄþüē¼Ėãēâ çñ°ôüēâ ã° ÷ü°ôç»°ÝÑÛ÷ÜѼÐ
ôēüþ°á°¼Ð đēÜçãēđ°ãē ñôĖÄĖ »°ÝÑÛ÷ÜÑÄ üÄô°ñÄþüÜÑ çô°Ė ÷üôÄÍ° đÄÝÝãÄ÷÷ȣ »°÷ÄãȤ Û°¼þĖĖÑȤ ÷°þã° ÷þ¼Ð°Ȥ
ñ°°ôçđ°Ȥ ÷°ã°ôÑþâ çô°Ė Ė °ôçâ°üÄô°ñÑ· Ñ »áçüã°Ȥ ÷°Ý° ķüãÄ÷÷Ȥ ÀđÑÄ ÷üēÝçđç þôĖ·ÀĖçãÄ ôÄ÷ü°þô°¼ÛÄ Ė Üþ¼ÐãÑ·Ȥ
ñ
Üüèô° Ė°÷ñçÜçÑ ñçÀãÑÄ»ÑÄãÑ° ã°Ûđē»ôÄÀãÑÄÛ÷Ėē¼Ð ÷â°Üç÷Ėē çô°Ė °âķüÄ°üôȤ đ Üüèôēâ ¼ç ôçÜþ çÀ»ēđ°Û· ÷ÑÌ
ÝѼĖãÄ ÑâñôÄĖēȤ âȩÑãȩ Ėã°ãē đ ¼°áÄÛ þôçñÑÄ Ä÷üÑđ°Ý .ÄÎÄãÀ Eç¼Ü°ȩ
]°üôĖēâ°Û ¼Ė°÷ đ ÷Äô¼þ â°ÎѼĖãÄÛ çÝÑãē
đđđȮÀçÝÑ㰼аôÝçŀēȮñÝ ȧ ÐçüÄÝ˅¼Ð°ôÝçŀ°ȮñÝ ȧ ʛƽǁ ƾǂ ǁƽǀ ƽƼ ƹƹ ȧ HüôĖÄÝÑãÜç ƺƽȩ ǀƿɓƻƹƹ Háþñ÷Ü
7[IXVS[E WYOMIROE
1-6%'0) YP >HVS[MI 7[IXVS[E WYOMIROE MHIEPRE RE NIWMIʾ
;SH^MQMIV^ɸ[
7OSRXEOXYN WMʙ ^ REQM XIP M ^MQʙ (Y˴] KSPJ TS^[EPE RE Vɸ˴RI
) QEMP FMYVS$QMVEGPI GSQ TP WX]PM^EGNI []OSʾG^IRMI WYOMIROM
[[[ QMVEGPI GSQ TP TSHW^I[Oʇ ^ETI[RME OSQJSVX M []KSHʙ
[ Y˴]XOS[ERMY
'IRE ^
7X]PS[E M TSREHG^EWS[E SH^MI˴ ^EVɸ[RS HPE OSFMIX [ GMʇ˴] NEO M HPE OSFMIX OXɸVI XIR SOVIW
QENʇ TV^IH WSFʇ PYF NY˴ ^EOSʾG^]] GMʇ˴I 9FVERME QEVOM 1MVEGPI []OSRERI Wʇ [ [MʙOW^SˑGM
^ IPEWX]G^R]GL QEXIVMEɸ[ H^MʙOM G^IQY HSTEWS[YNʇ WMʙ SRI HS ^QMIRMENʇG]GL WMʙ OW^XEXɸ[
GMEE SVE^ VSWRʇGIKS [ G^EWMI GMʇ˴] FV^YW^OE 2E XIR W^G^IKɸPR] SOVIW GMʇ˴] RMI QYWMQ]
RSWMʉ RMIEXVEOG]NR]GL ^E HY˴]GL YFVEʾ QEQ] QS˴PM[Sˑʉ []FSVY JEWSRY G^] XI˴ OSPSVY
(E[RI G^EW] KH] OSFMIX] QYWME] RSWMʉ FI^OW^XEXRI HY˴I W^EVI YFVERME GMʇ˴S[I QMRʙ] FI^
TS[VSXY 9FVERME QEVOM 1MVEGPI TSHOVIˑPENʇ FV^YW^IO RMI TSW^IV^ENʇ W]P[IXOM WTVE[MENʇ ˴I
QS˴S˴IQ] TSG^Yʉ WMʙ OSFMIGS M WIOWS[RMI 2EWM TVSNIOXERGM ^EHFEPM S XS EF] REW^E SH^MI˴ F]E
Q
JYROGNSRE S WEQIKS TSG^ʇXOY GMʇ˴] E˴ HS NIN ^EOSʾG^IRME RMI ^ETSQRMIPM Vɸ[RMI˴ S QEQEGL
OXɸVI ^HIG]HS[E] WMʙ RE OEVQMIRMI TMIVWMʇ ;]KSHRI [WXE[OM OEVQMʇGI YQS˴PM[MENʇ
H]WOVIXRI OEVQMIRMI
;MIPI ^ REW ^EWXERE[ME WMʙ NEOM VS^QMEV []FVEʉ G^] XEOM NEO TV^IH GMʇ˴ʇ G^] XI˴ [MʙOW^] 8EFIPI
VS^QMEVS[I ^E[EVXI TV^] OE˴H]Q TVSHYOGMI YEX[Mʇ 'M XIR []FɸV 2EW^I FPY^OM SVE^ FPY^] EF]
^ETI[RMʉ OSQJSVX M W[SFSHʙ QENʇ TV^IHY˴SR] TV^ɸH RMITSHRSW^ʇ WMʙ ERM RMI TSH[MNENʇ RE
VSWRʇG]Q [VE^ ^ REW^]Q QEPIʾWX[IQ FV^YGLY
7TSHRMI TSWMEHENʇ []KSHRI TEW] OXɸVI TSHXV^]QYNʇ FV^YGL M [ GLSHRMINW^I HRM HENʇ HSHEXOS[I
GMITS (YKSˑʉ FPY^IO SVE^ WYOMIRIO [^VEWXE WXERHEVHS[S S GIRX]QIXV [ VS^QMEV^I
&PY^E ^ OETXYVIQ 7YOMIROE
9RM[IVWEPRE FPY^E ^ OETXYVIQ MHIEPRMI GMʇ˴S[S OEVQMʇGE
WTVE[H^M WMʙ TSHG^EW GMʇ˴] [ SOVIWMI 7YOMIROE ^ETVSNIOXS[ERE ^ Q]ˑPʇ
OEVQMIRME TMIVWMʇ NEO M RE GS H^MIʾ +ɸVE S OSFMIXEGL OEVQMʇG OSFMIXEGL OEVQMʇG]GL TMIVWMʇ
S
FPY^] OXɸVʇ [ EX[] WTSWɸF QS˴RE 4SHRSW^SRE KɸVRE [EVWX[E
TSHRMIˑʉ M REOEVQMʉ REW^I QEPIʾWX[S QEXIVMEY RE TMIVWMEGL YQS˴PM[ME
TSHW^]XE NIWX GMIT]Q TSPEVIQ H]WOVIXRI M []KSHRMI OEQMIRMI
7OEH FE[IRE IPEWXER (IXEPI XEOMI NEO VS^GMʙXI VʙOE[] G^]
'IRE ^ TEWIO WTVE[MENʇ ˴I WYOMIROE MHIEPRMI
WTVE[H^M WMʙ RE TV^]NʙGMEGL
'IRE ^
7[IXVS[E WYOMIROE
1-6%'0) YP >HVS[MI 7[IXVS[E WYOMIROE MHIEPRE RE NIWMIʾ
;SH^MQMIV^ɸ[
7OSRXEOXYN WMʙ ^ REQM XIP M ^MQʙ (Y˴] KSPJ TS^[EPE RE Vɸ˴RI
) QEMP FMYVS$QMVEGPI GSQ TP WX]PM^EGNI []OSʾG^IRMI WYOMIROM
[[[ QMVEGPI GSQ TP TSHW^I[Oʇ ^ETI[RME OSQJSVX M []KSHʙ
[ Y˴]XOS[ERMY
'IRE ^
7X]PS[E M TSREHG^EWS[E SH^MI˴ ^EVɸ[RS HPE OSFMIX [ GMʇ˴] NEO M HPE OSFMIX OXɸVI XIR SOVIW
QENʇ TV^IH WSFʇ PYF NY˴ ^EOSʾG^]] GMʇ˴I 9FVERME QEVOM 1MVEGPI []OSRERI Wʇ [ [MʙOW^SˑGM
^ IPEWX]G^R]GL QEXIVMEɸ[ H^MʙOM G^IQY HSTEWS[YNʇ WMʙ SRI HS ^QMIRMENʇG]GL WMʙ OW^XEXɸ[
GMEE SVE^ VSWRʇGIKS [ G^EWMI GMʇ˴] FV^YW^OE 2E XIR W^G^IKɸPR] SOVIW GMʇ˴] RMI QYWMQ]
RSWMʉ RMIEXVEOG]NR]GL ^E HY˴]GL YFVEʾ QEQ] QS˴PM[Sˑʉ []FSVY JEWSRY G^] XI˴ OSPSVY
(E[RI G^EW] KH] OSFMIX] QYWME] RSWMʉ FI^OW^XEXRI HY˴I W^EVI YFVERME GMʇ˴S[I QMRʙ] FI^
TS[VSXY 9FVERME QEVOM 1MVEGPI TSHOVIˑPENʇ FV^YW^IO RMI TSW^IV^ENʇ W]P[IXOM WTVE[MENʇ ˴I
QS˴S˴IQ] TSG^Yʉ WMʙ OSFMIGS M WIOWS[RMI 2EWM TVSNIOXERGM ^EHFEPM S XS EF] REW^E SH^MI˴ F]E
Q
JYROGNSRE S WEQIKS TSG^ʇXOY GMʇ˴] E˴ HS NIN ^EOSʾG^IRME RMI ^ETSQRMIPM Vɸ[RMI˴ S QEQEGL
OXɸVI ^HIG]HS[E] WMʙ RE OEVQMIRMI TMIVWMʇ ;]KSHRI [WXE[OM OEVQMʇGI YQS˴PM[MENʇ
H]WOVIXRI OEVQMIRMI
;MIPI ^ REW ^EWXERE[ME WMʙ NEOM VS^QMEV []FVEʉ G^] XEOM NEO TV^IH GMʇ˴ʇ G^] XI˴ [MʙOW^] 8EFIPI
VS^QMEVS[I ^E[EVXI TV^] OE˴H]Q TVSHYOGMI YEX[Mʇ 'M XIR []FɸV 2EW^I FPY^OM SVE^ FPY^] EF]
^ETI[RMʉ OSQJSVX M W[SFSHʙ QENʇ TV^IHY˴SR] TV^ɸH RMITSHRSW^ʇ WMʙ ERM RMI TSH[MNENʇ RE
VSWRʇG]Q [VE^ ^ REW^]Q QEPIʾWX[IQ FV^YGLY
7TSHRMI TSWMEHENʇ []KSHRI TEW] OXɸVI TSHXV^]QYNʇ FV^YGL M [ GLSHRMINW^I HRM HENʇ HSHEXOS[I
GMITS (YKSˑʉ FPY^IO SVE^ WYOMIRIO [^VEWXE WXERHEVHS[S S GIRX]QIXV [ VS^QMEV^I
&PY^E ^ OETXYVIQ 7YOMIROE
9RM[IVWEPRE FPY^E ^ OETXYVIQ MHIEPRMI GMʇ˴S[S OEVQMʇGE
WTVE[H^M WMʙ TSHG^EW GMʇ˴] [ SOVIWMI 7YOMIROE ^ETVSNIOXS[ERE ^ Q]ˑPʇ
OEVQMIRME TMIVWMʇ NEO M RE GS H^MIʾ +ɸVE S OSFMIXEGL OEVQMʇG OSFMIXEGL OEVQMʇG]GL TMIVWMʇ
S
FPY^] OXɸVʇ [ EX[] WTSWɸF QS˴RE 4SHRSW^SRE KɸVRE [EVWX[E
TSHRMIˑʉ M REOEVQMʉ REW^I QEPIʾWX[S QEXIVMEY RE TMIVWMEGL YQS˴PM[ME
TSHW^]XE NIWX GMIT]Q TSPEVIQ H]WOVIXRI M []KSHRMI OEQMIRMI
7OEH FE[IRE IPEWXER (IXEPI XEOMI NEO VS^GMʙXI VʙOE[] G^]
'IRE ^ TEWIO WTVE[MENʇ ˴I WYOMIROE MHIEPRMI
WTVE[H^M WMʙ RE TV^]NʙGMEGL
'IRE ^
0LD -* WR SURMHNW UHDOL]RZDQ\ ] SRWU]HE\ VSHÊQLHQLD WZµUF]\FK WDOHQWµZ RUD]
QLHRJUDQLF]RQHM PLÊRÐFL GR G]LHFL -HVWHÐP\ GUX×\QÃ 0DPD &µUND NWµUH SHZQHJR
GQLD VWZLHUG]LÊ\ ×H FµUNL SRP\VÊ\ D PDP\ ]GROQH UÃF]NL WR QDSUDZGÇ GREUH SRÊÃF]HQLH
$ SRQLHZD× Z 1DV]HM URG]LQLH QLH PD ZLÇNV]HM PLÊRÐFL QL× WD GR G]LHFL SRVWDQRZLÊ\ÐP\
VWZRU]\Å OLQLÇ SURGXNWµZ G]LHFLÇF\FK NWµUH SU]HÊDPXMÃ QXGÇ NWµUH VÃ RU\JLQDOQH
L Z\MÃWNRZH QLH PDUNHWRZH QLH VLHFLRZH QLH WDÐPRZH WDNLH SR SURVWX 1DV]H
'X×R SRGUµ×XMHX×R SRGUµ×XMHP\ >NWR E\ SRP\ÐODÊ @ D ] ND×GHJR RGZLHG]DQHJR PLHMVFD ]DPLDVW
'
SDPLÃWHN SU]\ZR]LP\ EHONL PDWHULDʵZ ] NWµU\FK WR ND×GHJR GQLD WZRU]\P\ QDV]H
FXGQRÐFL : ×\FLX EDUG]R FHQLP\ ]JRGÇ PLÇG]\ VWDQHP XP\VÊX L FLDÊD D QDV]D SUDFD
MHVW W\ONR GRZRGHP QD WR ×H WDNLH SRUR]XPLHQLH LVWQLHMH 0\ SR SURVWX NRFKDP\ WR FR
URELP\ , VWDUDP\ VLÇ XF]\QLÅ ] WHJR VSRVµE QD ×\FLH
0,$-* +$1'0$'(#*0$,/ &20
0LD -* WR SURMHNW UHDOL]RZDQ\ ] SRWU]HE\ VSHÊQLHQLD WZµUF]\FK WDOHQWµZ RUD]
QLHRJUDQLF]RQHM PLÊRÐFL GR G]LHFL -HVWHÐP\ GUX×\QÃ 0DPD &µUND NWµUH SHZQHJR
GQLD VWZLHUG]LÊ\ ×H FµUNL SRP\VÊ\ D PDP\ ]GROQH UÃF]NL WR QDSUDZGÇ GREUH SRÊÃF]HQLH
$ SRQLHZD× Z 1DV]HM URG]LQLH QLH PD ZLÇNV]HM PLÊRÐFL QL× WD GR G]LHFL SRVWDQRZLÊ\ÐP\
VWZRU]\Å OLQLÇ SURGXNWµZ G]LHFLÇF\FK NWµUH SU]HÊDPXMÃ QXGÇ NWµUH VÃ RU\JLQDOQH
L Z\MÃWNRZH QLH PDUNHWRZH QLH VLHFLRZH QLH WDÐPRZH WDNLH SR SURVWX 1DV]H
'X×R SRGUµ×XMHX×R SRGUµ×XMHP\ >NWR E\ SRP\ÐODÊ @ D ] ND×GHJR RGZLHG]DQHJR PLHMVFD ]DPLDVW
'
SDPLÃWHN SU]\ZR]LP\ EHONL PDWHULDʵZ ] NWµU\FK WR ND×GHJR GQLD WZRU]\P\ QDV]H
FXGQRÐFL : ×\FLX EDUG]R FHQLP\ ]JRGÇ PLÇG]\ VWDQHP XP\VÊX L FLDÊD D QDV]D SUDFD
MHVW W\ONR GRZRGHP QD WR ×H WDNLH SRUR]XPLHQLH LVWQLHMH 0\ SR SURVWX NRFKDP\ WR FR
URELP\ , VWDUDP\ VLÇ XF]\QLÅ ] WHJR VSRVµE QD ×\FLH
0,$-* +$1'0$'(#*0$,/ &20
&+$7.$ 1$ .85=(- á$3&( GLQR]DXUyZ GRNâDGQLH WDNLH MDNLH XĤ\ZDQH E\â\
Z +RO +ROO\ZRRG P LQ SU]\ NUĆFHQLX ILOPX -XUDVVLF 3DUN
QD Z\VRNRĘFL PHWUyZ QD FLHQNLHM NXU]HM âDSFH GRPHN Z
VZyM PD %DED -DJD VLHG]üFD X SURJX 1LH SRGFKRGĢ ]E\W 7ZRU]\P\ HIHNW\ VSHFMDOQH UHDOLVW\F]QH Z RSDUFLX R LFK
EOLVNR RQD QLH OXEL QLHSURV]RQ\FK JRĘFL QDMGUREQLHMV]H GHWDOH WDNLH MDN EXGRZD FLDâD F]\ UXFK\
PLĆĘQL SRQLHNüG GDMüF Ĥ\FLH Z QLHRĤ\ZLRQH SU]HGPLRW\
3RND] WUHVXU\ GLQR]DXUyZ WR SU]HGVWDZLHQLH Z NWyU\P
7HO _ 0DOERUN XO 7RUXĎVND HIHNW\ Vü WDN IDQWDVW\F]QH D SU]\ W\P WDN UHDOQH ĤH MHVW
ZZZ GLQRSDUN PDOERUN SO WR GRĘZLDGF]HQLH NWyUHJR ]Z\F]DMQLH QLH GD VLĆ
]
NRQWDNW#GLQRSDUN PDOERUN SO ]DDSRPQLHþ
0,1, =22
.ROHMQD QLHVDPRZLWD DWUDNFMD NWyUü PRĤQD ]ZLHG]Dþ MXĤ
RG URNX 0XIORQ\ $OSDNL 'DQLHOH .DQJXU\ .y]NL
.DUâRZDWH WR W\ONR QLHNWyU]\ PLHV]NDĎF\ PDOERUVNLHJR
: <67$:$ ' 12:2Ėü 3$5. 602.Ð: SDUNX =REDF] ]ZLHU]ĆWD QD Ĥ\ZR SRG]LZLDMüF LFK SLĆNQR
3R]ZyOFLH SU]HQLHĘþ VLĆ Z LQQ\ Z\PLDU L ]REDF]\þ ĘZLDW &]\P MHVW VPRN FK\ED NDĤG\ ZLH -HGQDN PQLHM ]QDQ\ MHVW IDNW ĤH ZĘUyG GRVNRQDOH ZNRPSRQRZDQHM VFHQHULL SDUNX
GLQR]DXUyZ VSU]HG PLOLRQyZ ODW Z FDâNLHP QRZHM VWZRU\ WH SDQRV]\â\ VLĆ SR ĘZLHFLH QLH W\ONR Z EDUG]R
SHUVSHNW\ZLH VWHUHR ' 2JOüGDMüF QDV]ü Z\VWDZĆ PRĤQD ]DPLHU]FKâ\FK F]DVDFK 6PRNL ZFLüĤ SREXG]DMü Z\REUDĢQLĆ
XOHF LOX]ML ĤH GLQR]DXU\ Z\FKRG]ü ] UDP REUD]yZ NROHMQ\FK SRNROHĎ EXG]ü UHVSHNW L VWUDFK ']LĘ Vü MXĤ RSRZLHĘFLü
:\VWDZD GRVWĆSQD RG F]HUZFD URNX L KLVWRULü GRSHâQLDMüF WĆ PLHV]DQNĆ R PDJLH L IDQWDVW\NĆ '20(. = 3,(51,.$
'DZQR GDZQR WHPX Ĥ\â VRELH -DĘ L 0DâJRVLD« F]\OL GRPHN
]H ]QDQHM ZV]\VWNLP EDMNL R âüF]QHM SRZLHU]FKQL P
=DSUDV]DP\ GR ĘURGND SRF]XM VLĆ MDN Z SUDZG]LZHM EDMFH
/XG]LN ] NORFNyZ ² NWyĤ ] QDV QLH EDZLâ VLĆ Z G]LHFLĎVWZLH
NORFNDPL" .XOWRZ\ OXG]LN VWDQüâ ZâDĘQLH Z QDV]\P SDUNX
0D P Z]URVWX L EDUG]R OXEL ]GMĆFLD :LRVND
-DVNLQLRZFyZ ² F]\OL SRSXODUQH GZLH URG]LQ\ )OLQVWRQyZ
L
L 5XEEOH·yZ 5XEEOH·yZ 3RVWDFLH PDMü U]HF]\ZLVWH UR]PLDU\
.,12 '
3U]\JRWXMFLH VLĆ QD QDSUDZGĆ VLOQH HPRFMH MHVW WR QLH ODGD
JUDWND GOD PLâRĘQLNyZ RVWU\FK ZUDĤHĎ 6XSHUQRZRF]HVQH
HIHNW\ DXGLR ² YLGHR SRâüF]RQH ] QRZRF]HVQü VDOü NLQRZü GR
3$5. ',12=$85Ð: 3$5. /,12: < HIHNWyZ VSHFMDOQ\FK ]UREL QD NDĤG\P RJURPQH ZUDĤHQLH«
.LQR ' WR PLHMVFH Z NWyU\P ZLG] RGELHUD ILOP ZV]\VWNLPL
1D VZRMHM GURG]H VSRWNDFLH RNRâR F]WHUG]LHVWX 3DUN /LQRZ\ 0DOERUNVWRQHV ]QDMGXMH VLĆ QD WHUHQLH ]P\VâDPL 2EUD] ' L GLJLWDO VXUURXQG WR Z G]LVLHMV]\FK
UXFKRP\FK GLQR]DXUyZ NWyUH Z RWRF]HQLX SLĆNQHM 'LQRSDUNX =DSUDV]DP\ 3DĎVWZD GR ZVSDQLDâHM ]DEDZ\ F]DVDFK ]D PDâR 1DGV]HGâ F]DV QD QRZH GR]QDQLD .LQR '
]LHOHQL ODVX SU]HSURZDG]ü :DV SU]H] SRV]F]HJyOQH Z QDV]\P SDUNX OLQRZ\P 0DOERUNVWRQHV 3LHUZV]\ (
([W[WUHPH WR SU]\NâDG QDMQRZRF]HĘQLHMV]HM IRUP\ UR]U\ZNL
RNUHV\ Z G]LHMDFK ]LHPL 1D ĘFLHĤFH G\GDNW\F]QHM R QD D 3RPRU]X VXSHUQRZRF]HVQ\ V\VWHP DVHNXUDFML NWyUü ĘPLDâR PRĤHP\ QD]ZDþ UR]U\ZNü SU]\V]âRĘFL 7R ZâDĘQLH
Q
GâXJRĘFL PHWUyZ ]REDF]\FLH MDN Z\JOüGDâ\ VHWNL ]DLQVWDORZDQ\ Z SDUNX JZDUDQWXMH EH]SLHF]Qü L VSRNRMQü WX ZLG] ]QDMG]LH VLĆ Z VDP\P VHUFX Z\GDU]HĎ L VWDQLH VLĆ
PLOLRQyZ ODW WHPX -HVW WR ZVSDQLDâ\ ]ELyU LQIRUPDFML ]DEDZĆ GOD G]LHFL L GRURVâ\FK 3RG RNLHP LQVWUXNWRUyZ 08=(80 6.$0,(1,$/2Ė&, DNW\ZQ\P XF]HVWQLNLHP VHDQVX ILOPRZHJR 7\ONR Z NLQLH '
ZUD] ] UHDOLVW\F]QLH Z\JOüGDMüF\PL GLQR]DXUDPL NDĤG\ PRĤH VSĆG]Lþ PLâH FKZLOH Z ZROQ\P F]DVLH ZLG] PRĤH ZFLHOLþ VLĆ Z UROĆ ERKDWHUD ILOPX L QD ZâDVQHM
(NVSRQDW\ Z\GDMü GĢZLĆNLNVSRQDW\ Z\GDMü GĢZLĆNL UXV]DMü JâRZü RJRQHP
( $NW\ZQ\ Z\SRF]\QHN RUD] ZVSDQLDâD SU]\JRGD &LHNDZD L IDVF\QXMüFD SU]\JRGD ] PRĤOLZRĘFLü REHMU]HQLD VNyU]H SRF]Xþ F]\P MHVW SU]HSUDZD NROHMNü JyUVNü Z]Lüþ
SRZLHNDPL D QDZHW EU]XFKHP ² LPLWXMüF RGG\FKDQLH HNVSRQDWyZ ] SU]HG VHWHN PLOLRQyZ ODW : PX]HXP XG]LDâ Z Z\ĘFLJX VDPRFKRGRZ\P GRWNQüþ ]LPQ\FK IDO
SUH]HQWXMHP\ ]JURPDG]RQü NROHNFMĆ VNDPLHQLDâRĘFL
RFHDFHDQX SRF]Xþ ]DSDFK SUHKLVWRU\F]Q\FK JDGyZ F]\ SU]HĤ\þ
VWDQRZLüF\FK V]F]üWNL ]ZLHU]üW L URĘOLQ RUD] ĘODG\ LFK R
G]LDâDOQRĘFL ]DFKRZDQH Z VNDâDFK 3UH]HQWRZDQH SUDZG]LZü ]DPLHþ ĘQLHĤQü Z OHWQL ZLHF]yU
VNDPLHQLDâRĘFL NWyU\PL Vü ]DUyZQR ZLHONLH MDN L GUREQH
RUJDQL]P\ ZLGRF]QH MHG\QLH Z PLNURVNRSRZ\P
SRRZLĆNV]HQLX RUD] OLF]QH UHNRQVWUXNFMH SUHKLVWRU\F]Q\FK
S
]ZLHU]üW XPRĤOLZLDMü ]ZLHG]DMüF\P SR]QDQLH
SRV]F]HJyOQ\FK HWDSyZ HZROXFML Ĥ\FLD QD =LHPL
$1,0$7521,&=1( 32.$=<
',12=$85Ð: 1$ Ģ<:2
: QDV]\P SDUNX PRĤHP\ SRV]F]\FLþ VLĆ Z\NRU]\VWDQLHP
QDMQRZV]HM ]DDZDQVRZDQHM WHFKQRORJLL Z G]LHG]LQLH
DQLPDWURQLNL SRVLDGDP\ DQLPDWURQLF]QH SRVWDFLH
&+$7.$ 1$ .85=(- á$3&( GLQR]DXUyZ GRNâDGQLH WDNLH MDNLH XĤ\ZDQH E\â\
Z +RO +ROO\ZRRG P LQ SU]\ NUĆFHQLX ILOPX -XUDVVLF 3DUN
QD Z\VRNRĘFL PHWUyZ QD FLHQNLHM NXU]HM âDSFH GRPHN Z
VZyM PD %DED -DJD VLHG]üFD X SURJX 1LH SRGFKRGĢ ]E\W 7ZRU]\P\ HIHNW\ VSHFMDOQH UHDOLVW\F]QH Z RSDUFLX R LFK
EOLVNR RQD QLH OXEL QLHSURV]RQ\FK JRĘFL QDMGUREQLHMV]H GHWDOH WDNLH MDN EXGRZD FLDâD F]\ UXFK\
PLĆĘQL SRQLHNüG GDMüF Ĥ\FLH Z QLHRĤ\ZLRQH SU]HGPLRW\
3RND] WUHVXU\ GLQR]DXUyZ WR SU]HGVWDZLHQLH Z NWyU\P
7HO _ 0DOERUN XO 7RUXĎVND HIHNW\ Vü WDN IDQWDVW\F]QH D SU]\ W\P WDN UHDOQH ĤH MHVW
ZZZ GLQRSDUN PDOERUN SO WR GRĘZLDGF]HQLH NWyUHJR ]Z\F]DMQLH QLH GD VLĆ
]DDSRPQLHþ
NRQWDNW#GLQRSDUN PDOERUN SO ]
0,1, =22
.ROHMQD QLHVDPRZLWD DWUDNFMD NWyUü PRĤQD ]ZLHG]Dþ MXĤ
RG URNX 0XIORQ\ $OSDNL 'DQLHOH .DQJXU\ .y]NL
.DUâRZDWH WR W\ONR QLHNWyU]\ PLHV]NDĎF\ PDOERUVNLHJR
: <67$:$ ' 12:2Ėü 3$5. 602.Ð: SDUNX =REDF] ]ZLHU]ĆWD QD Ĥ\ZR SRG]LZLDMüF LFK SLĆNQR
3R]ZyOFLH SU]HQLHĘþ VLĆ Z LQQ\ Z\PLDU L ]REDF]\þ ĘZLDW &]\P MHVW VPRN FK\ED NDĤG\ ZLH -HGQDN PQLHM ]QDQ\ MHVW IDNW ĤH ZĘUyG GRVNRQDOH ZNRPSRQRZDQHM VFHQHULL SDUNX
GLQR]DXUyZ VSU]HG PLOLRQyZ ODW Z FDâNLHP QRZHM VWZRU\ WH SDQRV]\â\ VLĆ SR ĘZLHFLH QLH W\ONR Z EDUG]R
SHUVSHNW\ZLH VWHUHR ' 2JOüGDMüF QDV]ü Z\VWDZĆ PRĤQD ]DPLHU]FKâ\FK F]DVDFK 6PRNL ZFLüĤ SREXG]DMü Z\REUDĢQLĆ
XOHF LOX]ML ĤH GLQR]DXU\ Z\FKRG]ü ] UDP REUD]yZ NROHMQ\FK SRNROHĎ EXG]ü UHVSHNW L VWUDFK ']LĘ Vü MXĤ RSRZLHĘFLü
:\VWDZD GRVWĆSQD RG F]HUZFD URNX L KLVWRULü GRSHâQLDMüF WĆ PLHV]DQNĆ R PDJLH L IDQWDVW\NĆ '20(. = 3,(51,.$
'DZQR GDZQR WHPX Ĥ\â VRELH -DĘ L 0DâJRVLD« F]\OL GRPHN
]H ]QDQHM ZV]\VWNLP EDMNL R âüF]QHM SRZLHU]FKQL P
=DSUDV]DP\ GR ĘURGND SRF]XM VLĆ MDN Z SUDZG]LZHM EDMFH
/XG]LN ] NORFNyZ ² NWyĤ ] QDV QLH EDZLâ VLĆ Z G]LHFLĎVWZLH
NORFNDPL" .XOWRZ\ OXG]LN VWDQüâ ZâDĘQLH Z QDV]\P SDUNX
0D P Z]URVWX L EDUG]R OXEL ]GMĆFLD :LRVND
-DVNLQLRZFyZ ² F]\OL SRSXODUQH GZLH URG]LQ\ )OLQVWRQyZ
L 5XEEOH·yZ 5XEEOH·yZ 3RVWDFLH PDMü U]HF]\ZLVWH UR]PLDU\
L
.,12 '
3U]\JRWXMFLH VLĆ QD QDSUDZGĆ VLOQH HPRFMH MHVW WR QLH ODGD
JUDWND GOD PLâRĘQLNyZ RVWU\FK ZUDĤHĎ 6XSHUQRZRF]HVQH
HIHNW\ DXGLR ² YLGHR SRâüF]RQH ] QRZRF]HVQü VDOü NLQRZü GR
3$5. ',12=$85Ð: 3$5. /,12: < HIHNWyZ VSHFMDOQ\FK ]UREL QD NDĤG\P RJURPQH ZUDĤHQLH«
.LQR ' WR PLHMVFH Z NWyU\P ZLG] RGELHUD ILOP ZV]\VWNLPL
1D VZRMHM GURG]H VSRWNDFLH RNRâR F]WHUG]LHVWX 3DUN /LQRZ\ 0DOERUNVWRQHV ]QDMGXMH VLĆ QD WHUHQLH ]P\VâDPL 2EUD] ' L GLJLWDO VXUURXQG WR Z G]LVLHMV]\FK
UXFKRP\FK GLQR]DXUyZ NWyUH Z RWRF]HQLX SLĆNQHM 'LQRSDUNX =DSUDV]DP\ 3DĎVWZD GR ZVSDQLDâHM ]DEDZ\ F]DVDFK ]D PDâR 1DGV]HGâ F]DV QD QRZH GR]QDQLD .LQR '
]LHOHQL ODVX SU]HSURZDG]ü :DV SU]H] SRV]F]HJyOQH Z QDV]\P SDUNX OLQRZ\P 0DOERUNVWRQHV 3LHUZV]\ ([W[WUHPH WR SU]\NâDG QDMQRZRF]HĘQLHMV]HM IRUP\ UR]U\ZNL
(
RNUHV\ Z G]LHMDFK ]LHPL 1D ĘFLHĤFH G\GDNW\F]QHM R QD D 3RPRU]X VXSHUQRZRF]HVQ\ V\VWHP DVHNXUDFML NWyUü ĘPLDâR PRĤHP\ QD]ZDþ UR]U\ZNü SU]\V]âRĘFL 7R ZâDĘQLH
Q
GâXJRĘFL PHWUyZ ]REDF]\FLH MDN Z\JOüGDâ\ VHWNL ]DLQVWDORZDQ\ Z SDUNX JZDUDQWXMH EH]SLHF]Qü L VSRNRMQü WX ZLG] ]QDMG]LH VLĆ Z VDP\P VHUFX Z\GDU]HĎ L VWDQLH VLĆ
PLOLRQyZ ODW WHPX -HVW WR ZVSDQLDâ\ ]ELyU LQIRUPDFML ]DEDZĆ GOD G]LHFL L GRURVâ\FK 3RG RNLHP LQVWUXNWRUyZ 08=(80 6.$0,(1,$/2Ė&, DNW\ZQ\P XF]HVWQLNLHP VHDQVX ILOPRZHJR 7\ONR Z NLQLH '
ZUD] ] UHDOLVW\F]QLH Z\JOüGDMüF\PL GLQR]DXUDPL NDĤG\ PRĤH VSĆG]Lþ PLâH FKZLOH Z ZROQ\P F]DVLH ZLG] PRĤH ZFLHOLþ VLĆ Z UROĆ ERKDWHUD ILOPX L QD ZâDVQHM
( $NW\ZQ\ Z\SRF]\QHN RUD] ZVSDQLDâD SU]\JRGD &LHNDZD L IDVF\QXMüFD SU]\JRGD ] PRĤOLZRĘFLü REHMU]HQLD VNyU]H SRF]Xþ F]\P MHVW SU]HSUDZD NROHMNü JyUVNü Z]Lüþ
(NVSRQDW\ Z\GDMü GĢZLĆNLNVSRQDW\ Z\GDMü GĢZLĆNL UXV]DMü JâRZü RJRQHP
SRZLHNDPL D QDZHW EU]XFKHP ² LPLWXMüF RGG\FKDQLH HNVSRQDWyZ ] SU]HG VHWHN PLOLRQyZ ODW : PX]HXP XG]LDâ Z Z\ĘFLJX VDPRFKRGRZ\P GRWNQüþ ]LPQ\FK IDO
SUH]HQWXMHP\ ]JURPDG]RQü NROHNFMĆ VNDPLHQLDâRĘFL
RFHDFHDQX SRF]Xþ ]DSDFK SUHKLVWRU\F]Q\FK JDGyZ F]\ SU]HĤ\þ
VWDQRZLüF\FK V]F]üWNL ]ZLHU]üW L URĘOLQ RUD] ĘODG\ LFK R
G]LDâDOQRĘFL ]DFKRZDQH Z VNDâDFK 3UH]HQWRZDQH SUDZG]LZü ]DPLHþ ĘQLHĤQü Z OHWQL ZLHF]yU
VNDPLHQLDâRĘFL NWyU\PL Vü ]DUyZQR ZLHONLH MDN L GUREQH
RUJDQL]P\ ZLGRF]QH MHG\QLH Z PLNURVNRSRZ\P
SRRZLĆNV]HQLX RUD] OLF]QH UHNRQVWUXNFMH SUHKLVWRU\F]Q\FK
S
]ZLHU]üW XPRĤOLZLDMü ]ZLHG]DMüF\P SR]QDQLH
SRV]F]HJyOQ\FK HWDSyZ HZROXFML Ĥ\FLD QD =LHPL
$1,0$7521,&=1( 32.$=<
',12=$85Ð: 1$ Ģ<:2
: QDV]\P SDUNX PRĤHP\ SRV]F]\FLþ VLĆ Z\NRU]\VWDQLHP
QDMQRZV]HM ]DDZDQVRZDQHM WHFKQRORJLL Z G]LHG]LQLH
DQLPDWURQLNL SRVLDGDP\ DQLPDWURQLF]QH SRVWDFLH
3 L H U Z V ] H O D W D Ī \ F L D G ] L H F N D W R F ] D V
E H ] W U R V N L H M ] D E D Z \ N W y U ą 5 R G ] L F H V W D U D M ą
V L Ċ Z ] E R J D F L ü R H O H P H Q W \ H G X N D F \ M Q H
5 R G ] L F H L R S L H N X Q R Z L H S R V ] X N X M ą
U R ] Z L ą ] D Ĕ N W y U H E Ċ G ą V W \ P X O R Z D ü U R ] Z y M
G ] L H F N D Q D Z L H O X S á D V ] F ] \ ] Q D F K D
G R G D W N R Z R E Ċ G ą D W U D N F \ M Q H G O D
PD O X V ] N y Z
PD O X V ] N y Z S U ] H ] G á X J L F ] D V - H G Q ą ]
Q R Z \ F K S U R S R ] \ F M L Q D U \ Q N X V ą N O R F N L
Ä 3 L U D P L G D ] D E D Z ´ N W y U H Z V Z H M S U R V W R F L H
] D Z L H U D M ą ] á R Ī R Q ą S D O H W Ċ P R Ī O L Z R Ğ F L
] D E D Z L V W \ P X O D F M L U R ] Z R M X P D á H J R
F ] á R Z L H N D ] D U y Z Q R Z V I H U ] H S R ] Q D Z F ] H M
M D N L P R W R U \ F ] Q H M
3 R E X G ] D Q L H U R ] Z R M X G ] L H F N D W R
G R V W D U F ] D Q L H P X F L H N D Z \ F K ] D E D Z H N D O H
W H Ī S R P \ V á y Z Q D L F K U y Ī Q R U R G Q H
Z \ N R U ] \ V W D Q L H . O R F N L Ä 3 L U D P L G D ] D E D Z ´
W R S U R S R ] \ F M D N W y U D R S U y F ] H V W H W \ F ] Q H J R
L S U ] \ F L ą J D M ą F H J R X Z D J Ċ Z \ J O ą G X G D M H
R J U R P P R Ī O L Z R Ğ F L ] D E D Z \ = D E D Z \ N W y U ą
P R Ī Q D N H U X Q N R Z \ Z D ü D O H W H Ī ] D E D Z \
P R Ī Q DXL
V S R Q W D Q L F ] Q H M S R ] Z D O D M ą F H M G ] L H F N X Q D
U R ] Z y M M H V ] F ] H M H G Q H M Q L H R F H Q L R Q H M
X P L H M Ċ W Q R Ğ F L D P L D Q R Z L F L H Z \ R E U D Ĩ Q L
3 R O H F D P ] D E D Z Ċ N O R F N D P L L N U H R Z D Q L H
Q R Z \ F K I R U P S U D F \ ] Q L P L
0DUWD /HV]NR *DZRU
3V\FKRORJ
3U\ZDWQLH PDPD NWyUą IDVF\QXMH
SHGDJRJLND 0RQWHVVRUL
3/1
:LHĪD R Z\VRNRĞFL FP
3LUDPLGD =DEDZ ± MHM VLáD WNZL Z SURVWRFLH 7DN MDN ZLĊNV]RĞFL XQLZHUVDOQ\FK
L SRQDGF]DVRZ\FK ]DEDZHN 0D W\OH ]DVWRVRZDĔ LOH PRĪOLZRĞFL GDMH Z\REUDĨQLD
3 L U D P L G D W R ] D E D Z N D R W Z D U W D F ] \ O L W D N D N W y U D V W D Q R Z L Q L H Z \ F ] H U S D Q H Ĩ U y G á R L Q V S L U D F M L ' ] L H F N R
P R Ī H M ą Z \ N R U ] \ V W D ü Z H G á X J Z á D V Q H J R S R P \ V á X 7 R ] X S H á Q H S U ] H F L Z L H Ĕ V W Z R ] D E D Z H N N W y U \ P L
E D Z L ü V L Ċ P R Ī Q D W \ O N R ] J R G Q L H ] Q D U ] X F R Q \ P S U ] H S L V H P S R G ą Ī D M ą F ] D L Q V W U X N F M ą R E V á X J L $% 3XEOLVKLQJ XO 5RPDQRZLF]D D 7DUQyZ
3 L U D PL G D L Q V S L U R Z D Q D M H V W U y Ī R Z ą Z L H Ī ą 0 D U L L 0 R Q W H V V R U L WHO _ PDLO LQIR#SLUDPLGD]DEDZ SO
3 L H U Z V ] H O D W D Ī \ F L D G ] L H F N D W R F ] D V
E H ] W U R V N L H M ] D E D Z \ N W y U ą 5 R G ] L F H V W D U D M ą
V L Ċ Z ] E R J D F L ü R H O H P H Q W \ H G X N D F \ M Q H
5 R G ] L F H L R S L H N X Q R Z L H S R V ] X N X M ą
U R ] Z L ą ] D Ĕ N W y U H E Ċ G ą V W \ P X O R Z D ü U R ] Z y M
G ] L H F N D Q D Z L H O X S á D V ] F ] \ ] Q D F K D
G R G D W N R Z R E Ċ G ą D W U D N F \ M Q H G O D
PD O X V ] N y Z
PD O X V ] N y Z S U ] H ] G á X J L F ] D V - H G Q ą ]
Q R Z \ F K S U R S R ] \ F M L Q D U \ Q N X V ą N O R F N L
Ä 3 L U D P L G D ] D E D Z ´ N W y U H Z V Z H M S U R V W R F L H
] D Z L H U D M ą ] á R Ī R Q ą S D O H W Ċ P R Ī O L Z R Ğ F L
] D E D Z L V W \ P X O D F M L U R ] Z R M X P D á H J R
F ] á R Z L H N D ] D U y Z Q R Z V I H U ] H S R ] Q D Z F ] H M
M D N L P R W R U \ F ] Q H M
3 R E X G ] D Q L H U R ] Z R M X G ] L H F N D W R
G R V W D U F ] D Q L H P X F L H N D Z \ F K ] D E D Z H N D O H
W H Ī S R P \ V á y Z Q D L F K U y Ī Q R U R G Q H
Z \ N R U ] \ V W D Q L H . O R F N L Ä 3 L U D P L G D ] D E D Z ´
W R S U R S R ] \ F M D N W y U D R S U y F ] H V W H W \ F ] Q H J R
L S U ] \ F L ą J D M ą F H J R X Z D J Ċ Z \ J O ą G X G D M H
R J U R P P R Ī O L Z R Ğ F L ] D E D Z \ = D E D Z \ N W y U ą
P R Ī Q D N H U X Q N R Z \ Z D ü D O H W H Ī ] D E D Z \
P R Ī Q DXL
V S R Q W D Q L F ] Q H M S R ] Z D O D M ą F H M G ] L H F N X Q D
U R ] Z y M M H V ] F ] H M H G Q H M Q L H R F H Q L R Q H M
X P L H M Ċ W Q R Ğ F L D P L D Q R Z L F L H Z \ R E U D Ĩ Q L
3 R O H F D P ] D E D Z Ċ N O R F N D P L L N U H R Z D Q L H
Q R Z \ F K I R U P S U D F \ ] Q L P L
0DUWD /HV]NR *DZRU
3V\FKRORJ
3U\ZDWQLH PDPD NWyUą IDVF\QXMH
SHGDJRJLND 0RQWHVVRUL
3/1
:LHĪD R Z\VRNRĞFL FP
3LUDPLGD =DEDZ ± MHM VLáD WNZL Z SURVWRFLH 7DN MDN ZLĊNV]RĞFL XQLZHUVDOQ\FK
L SRQDGF]DVRZ\FK ]DEDZHN 0D W\OH ]DVWRVRZDĔ LOH PRĪOLZRĞFL GDMH Z\REUDĨQLD
3 L U D P L G D W R ] D E D Z N D R W Z D U W D F ] \ O L W D N D N W y U D V W D Q R Z L Q L H Z \ F ] H U S D Q H Ĩ U y G á R L Q V S L U D F M L ' ] L H F N R
P R Ī H M ą Z \ N R U ] \ V W D ü Z H G á X J Z á D V Q H J R S R P \ V á X 7 R ] X S H á Q H S U ] H F L Z L H Ĕ V W Z R ] D E D Z H N N W y U \ P L
E D Z L ü V L Ċ P R Ī Q D W \ O N R ] J R G Q L H ] Q D U ] X F R Q \ P S U ] H S L V H P S R G ą Ī D M ą F ] D L Q V W U X N F M ą R E V á X J L $% 3XEOLVKLQJ XO 5RPDQRZLF]D D 7DUQyZ
3 L U D PL G D L Q V S L U R Z D Q D M H V W U y Ī R Z ą Z L H Ī ą 0 D U L L 0 R Q W H V V R U L WHO _ PDLO LQIR#SLUDPLGD]DEDZ 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 ::: .$57<*5$%2:6.Ζ(*2 3/
6]F]HFLQHN ΖΖ SLÛWUR SRNµM
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 ::: .$57<*5$%2:6.Ζ(*2 3/
6]F]HFLQHN ΖΖ SLÛWUR SRNµM
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
.DUW\ *UDERZVNLHJR 7DEOLF]ND PQRľHQLD WR ]HVWDZ JLHU HGXNDF\MQ\FK =DSUDV]DP\ SODFµZNL HGXNDF\MQH GR RUJDQL]DFML ZDUV]WDWµZ ] Z\NRU]\VWDQLD .DUW *UDERZVNLHJR QD
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
.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
.DUW\ *UDERZVNLHJR 7DEOLF]ND PQRľHQLD WR ]HVWDZ JLHU HGXNDF\MQ\FK =DSUDV]DP\ SODFµZNL HGXNDF\MQH GR RUJDQL]DFML ZDUV]WDWµZ ] Z\NRU]\VWDQLD .DUW *UDERZVNLHJR QD
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