MP SBM

/"(30%ć %-" /"4 4ć

6ě.*&$)/*ď5& 58"3;&
/"4;:$) $;:5&-/*,»8



0GFSUB TLJFSPXBOB EP OBKN’PET[ZDI KFTU
CBSE[P SØŗOPSPEOB 4L’BEBKľ TJņ OB OJľ [CJPSZ
CBKFL CBŐOJ MFHFOE J XJFST[Z B UBLŗF FODZLMPQFEJF
J LTJľŗLJ FEVLBDZKOF EMB E[JFDJ X XJFLV QS[FET[LPMOZN
J XD[FTOPT[LPMOZN /BT[F LTJľŗLJ NPŗOB LVQJĿ X LTJņHBSOJBDI &NQJLV
X TLMFQBDI JOUFSOFUPXZDI





888 8:%"8/*$5804#. 1-

4#.!8:%"8/*$580 4#. 1-

/"(30%ć %-" /"4 4ć 6ě.*&$)/*ď5& 58"3;&

/"4;:$) $;:5&-/*,»8


8ZEBXOJDUXP 4#. JTUOJFKF PE SPLV
.BNZ QPOBE UZUV’ØX [ OBKSØŗOJFKT[ZDI E[JFE[JO 4ľ UP LTJľŗLJ [BSØXOP EMB

E[JFDJ KBL J EMB EPSPT’ZDI D[ZUFMOJLØX
0GFSUB TLJFSPXBOB EP OBKN’PET[ZDI KFTU CBSE[P SØŗOPSPEOB 4L’BEBKľ TJņ OB OJľ [CJPSZ
CBKFL CBŐOJ MFHFOE J XJFST[Z B UBLŗF FODZLMPQFEJF J LTJľŗLJ FEVLBDZKOF EMB E[JFDJ
X XJFLV QS[FET[LPMOZN J XD[FTOPT[LPMOZN

%
%PPSPT’ZN D[ZUFMOJLPN QPMFDBNZ BMCVNZ LSBKP[OBXD[F J UFNBUZD[OF QPSBEOJLJ EPUZD[ľDF TUZMV
ŗZDJB J PHSPEOJDUXB LTJľŗLJ LVMJOBSOF QS[FXPEOJLJ UVSZTUZD[OF PSB[ BUMBTZ EMB IPCCZTUØX








































888 8:%"8/*$5804#. 1-
4#.!8:%"8/*$580 4#. 1-











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

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

: URNX URNX ']LHFL ] %XOOHUE\Q ]RVWDÊ\ %HVWVHOOHUHP (PSLNX RUD] RWU]\PDÊ\
:
W\WXÊ ì6XSHUSURGXNWë QDGDZDQ\ SU]H] F]DVRSLVPR ì0DP G]LHFNRë :\GDZQLFWZR -XQJ RII VND SU]HGVWDZLD
6HULÇ NVLÃ×HN NODV\ND OLWHUDWXU\ G]LHFLÇFHM (ULFKD .¦VWQHUD D ZÐUµG QLFK Z]UXV]DMÃFÃ
RSRZLHÐÅ R SRZLNÊDQ\FK ORVDFK GZX G]LHZF]\QHN SRGREQ\FK GR VLHELH MDN GZLH NURSOH ZRG\
0DQLD F]\ $QLD WU]\PDMÃF\ Z QDSLÇFLX NU\PLQDÊ (PLO L GHWHNW\ZL å SLÇNQÃ KLVWRULÇ R SU]\MDÕQL
L
L SRÐZLÇFHQLX R SRÐZLÇFHQLX RUD] PDMD å SHÊQÃ V]DORQHM Z\REUDÕQL L KXPRUX SRGUµ× PDÊHJR .RQUDGD ]H
VZ\P VWU\MHP 5DEDUEDUHP L NRQLHP QD ZURWNDFK 1HJUR .DEDOOR SU]H] QDMEDUG]LHM
]ZDULRZDQH NUDLQ\
,TJnjȈLJ EPTUǗQOF SØXOJFȈ X XFSTKJ MJNJUPXBOFK o [ BVEJPCPPLJFN X NJTUS[PXTLJN
XZLPOBOJV 1JPUSB 'SPOD[FXTLJFHP


































4[VLBK X OBKMFQT[ZDI
LTJǗHBSOJBDI PSB[ OB
-XQJ RII VND (G\WD -XQJRZVND 6S .

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

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

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

: URNX URNX ']LHFL ] %XOOHUE\Q ]RVWDÊ\ %HVWVHOOHUHP (PSLNX RUD] RWU]\PDÊ\
:
W\WXÊ ì6XSHUSURGXNWë QDGDZDQ\ SU]H] F]DVRSLVPR ì0DP G]LHFNRë :\GDZQLFWZR -XQJ RII VND SU]HGVWDZLD
6HULÇ NVLÃ×HN NODV\ND OLWHUDWXU\ G]LHFLÇFHM (ULFKD .¦VWQHUD D ZÐUµG QLFK Z]UXV]DMÃFÃ
RSRZLHÐÅ R SRZLNÊDQ\FK ORVDFK GZX G]LHZF]\QHN SRGREQ\FK GR VLHELH MDN GZLH NURSOH ZRG\
0DQLD F]\ $QLD WU]\PDMÃF\ Z QDSLÇFLX NU\PLQDÊ (PLO L GHWHNW\ZL å SLÇNQÃ KLVWRULÇ R SU]\MDÕQL
L
L SRÐZLÇFHQLX R SRÐZLÇFHQLX RUD] PDMD å SHÊQÃ V]DORQHM Z\REUDÕQL L KXPRUX SRGUµ× PDÊHJR .RQUDGD ]H
VZ\P VWU\MHP 5DEDUEDUHP L NRQLHP QD ZURWNDFK 1HJUR .DEDOOR SU]H] QDMEDUG]LHM
]ZDULRZDQH NUDLQ\
,TJnjȈLJ EPTUǗQOF SØXOJFȈ X XFSTKJ MJNJUPXBOFK o [ BVEJPCPPLJFN X NJTUS[PXTLJN
XZLPOBOJV 1JPUSB 'SPOD[FXTLJFHP


































4[VLBK X OBKMFQT[ZDI
LTJǗHBSOJBDI PSB[ OB
-XQJ RII VND (G\WD -XQJRZVND 6S .

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

















Ȉ
QVCMJLVKFNZ




;BXBSUPǴǎ
UFSNJOBS[ [BEBǩ EZSFLUPSB QMBDØXLJ
OBKOPXT[F BLUZ QSBXOF XSB[ [ LPNFOUBS[BNJ
T[D[FHؒPXF PNØXJFOJB [BHBEOJFǩ N JO [ OBTUǗQVKnjDZDI [BLSFTØX
OBE[ØS QFEBHPHJD[OZ BXBOT [BXPEPXZ OBVD[ZDJFMB
EPUBDKF PDISPOB EBOZDI PTPCPXZDI LPOUSPMB [BS[njED[B
OB ’BNBDI
HP HPUPXF EP FEZDKJ J XZESVLV X[PSZ EPLVNFOUØX
TDFOBSJVT[F [BKǗǎ J [BCBX
P






















EBKF NPȈMJXPǴǎ LPS[ZTUBOJB



,4*ƋLj,* $% ;BNØX KVȈ UFSB[ J PECJFS[
1",*&5 108*5"-/:
[BNPXJFOJB!PöDZOBNN QM

OS UFM
QPETUBXǗ
QSPHSBNPXnj XZDIPXBOJB QS[FET[LPMOFHP J LT[UB’DFOJB PHØMOFHP
X T[LP’BDI 0öDZOB .. [BTUS[FHB TPCJF QSBXP [NJBOZ QSF[FOUV OB JOOZ X SB[JF XXX PöDZOBNN QM
XZD[FSQBOJB [BQBTØX FLPMPHJD[OFHP [FTUBXV QJǴNJFOOJD[FHP

Ȉ
QVCMJLVKFNZ




;BXBSUPǴǎ
UFSNJOBS[ [BEBǩ EZSFLUPSB QMBDØXLJ
OBKOPXT[F BLUZ QSBXOF XSB[ [ LPNFOUBS[BNJ
T[D[FHؒPXF PNØXJFOJB [BHBEOJFǩ N JO [ OBTUǗQVKnjDZDI [BLSFTØX
OBE[ØS QFEBHPHJD[OZ BXBOT [BXPEPXZ OBVD[ZDJFMB
EPUBDKF PDISPOB EBOZDI PTPCPXZDI LPOUSPMB [BS[njED[B
OB ’BNBDI
HP HPUPXF EP FEZDKJ J XZESVLV X[PSZ EPLVNFOUØX
TDFOBSJVT[F [BKǗǎ J [BCBX
P






















EBKF NPȈMJXPǴǎ LPS[ZTUBOJB



,4*ƋLj,* $% ;BNØX KVȈ UFSB[ J PECJFS[
1",*&5 108*5"-/:
[BNPXJFOJB!PöDZOBNN QM

OS UFM
QPETUBXǗ
QSPHSBNPXnj XZDIPXBOJB QS[FET[LPMOFHP J LT[UB’DFOJB PHØMOFHP
X T[LP’BDI 0öDZOB .. [BTUS[FHB TPCJF QSBXP [NJBOZ QSF[FOUV OB JOOZ X SB[JF XXX PöDZOBNN QM
XZD[FSQBOJB [BQBTØX FLPMPHJD[OFHP [FTUBXV QJǴNJFOOJD[FHP





%j`)UƉb Ɖ%~«)›F)
;MIO PEX
1MG^FE KVEG^]
(^EW KV] QMR

«ÅƚÚƚģƉƵƼĵ°ųDŽŅĹƼƉÚŅĵåĩƉĹ°ƉÚųDŽåƵĜåúƉ

;]HE[RMGX[S ƺ3EW^E 0WMéKEVRMEƹ XS SǻG]RE YRMOEXS[E [ĮV¾H []HE[G¾[ PMXIVEXYV] HPE 2 2EW^ HS H]WTS^]GNM TSREH EXVEOGNM OX¾VI QSŏIW^
H^MIGM M QēSH^MIŏ] ēÒG^ÒGE [ WSFMI XVEH]GNé M RS[SG^IWRSĮÔ ; NIN SJIVGMI ^RENHYNÒ WMé [ RMQ YQMIĮGMÔ LEQEO QSWX PMRS[] OE[MEVRMé OMRS
^EV¾[RS RMI^ETSQRMERI PIOXYV] REW^IKS H^MIGMĕWX[E OWMÒŏOM ^ WIVMM ƺ5SG^]XEN QM QEQSƹ M [MIPI MRR]GL ^EWOEOYNÒG]GL TSQMIW^G^Iĕ X[¾V^
G^] 5V^]KSH] OSXE +MPIQSRE Į[MEXS[I FIWXWIPPIV] Q MR )^MIRRMO G[ERMEG^OE NEO M OPEW]G^RI RENēEHRMINW^] M RENPITMIN []TSWEŏSR] HSQIO RE
TSREHG^EWS[I TS^]GNI 0YFYĮ 5YGLEXIO (LEXOE 5YGLEXOE H^MI[MéGMSXSQS[] G]OP HV^I[MI 9[EKE 5MPRYN EF] TSHG^EW FYHS[]
S 2YQMROEGL SVE^ OWMÒŏOM &WXVMH 1MRHKVIR ƺ3EW^E 0WMéKEVRMEƹ NIWX XIŏ []HE[GÒ WIVMM HV^I[S RMI TV^IGL]PMēS WMé [ OX¾VÒĮ ^I WXVSR
S 2MOSēENOY ^REOSQMXIKS HYIXY EYXSVWOS MPYWXVEXSVWOMIKS IQT³Ƴ,SWGMRR]

5 5VSTS^]GNé HPE RENQēSHW^]GL Y^YTIēRMENÒ OWMÒŏOM HS WēYGLERME G^]XERI TV^I^ ^REOSQMX]GL
TSPWOMGL EOXSV¾[ E SH RMIHE[RE ųŅÚDŽĜĹĹåƉčųƼƉŞĬ°ĹŸDŽŅƵå STVEGS[ERI TV^I^ Į[MEXS[IN
WēE[] EYXSV¾[ []V¾ŏRMENÒGI WMé REN[]ŏW^Ò NEOSĮGMÒ SVE^ IJIOXS[RÒ W^EXÒ KVEǻG^RÒ

5SREHXS [ SJIVGMI []HE[RMGX[E WÒ V¾[RMIŏ TYFPMOEGNI WOMIVS[ERI HS HSVSWēIKS G^]XIPRMOE 8 ~¤U Ɖ~j jˆm›
;MIO PEX
1MG^FE KVEG^]
;]HE[RMGX[S 3& >& 0 .è,&73.& (^EW KV] QMR

;EVW^E[E YP EVEF ERH] G ƒŞŅŸƋųDŽåč°ƵÎDŽŅźÐƉĜƉųåāåĩŸú
XIP JE\
I QEMP REW^EOWMIKEVRME%RO GSQ TP ; ; JEFV]GI TVEGE [VI 3E XEĮQMI TVSHYOG]NRIN
TSNE[MENÒ WMé V¾ŏRSOSPSVS[I VSFSX] >EHERMIQ
[[[ REW^EOWMIKEVRME TP KVEG^] NIWX NEO RENW^]FW^I SHREPI^MIRMI VSFSXE RE
[[[ RO GSQ TP ` [[[ [RO GSQ TP OX¾VIKS [ēEĮRMI TV^]W^ēS ^EQ¾[MIRMI &F] []KVEÔ
QYWMW^ F]Ô W^]FW^] SH TS^SWXEē]GL KVEG^] 'ÒHō
NIHREO SWXVSŏR] FS [ JEFV]GI G^EWEQM RMI QE
^EQE[MERIKS VSFSXE

,V] TPERW^S[I





`~m›UF :~ Ɖb Ɖ)`j I B
;MIO PEX ;MIO PEX
1MG^FE KVEG^] SW¾F 1MG^FE KVEG^]
(^EW KV] QMR (^EW KV] QMR

«°Å°Ƶ°ƉĜƉĹ°ƚĩ°ƉĬĜÎDŽåĹĜ°ú :ų°ƉĹ°ƉåĵŅÎģ°ÎĘƉģåŸDŽÎDŽåƉĹĜčÚƼƉĹĜåƉÅƼĴ°ƉƋ°ĩ°Ɖ
DŽ°Å°ƵĹ°úƉ
8 8[SMQ ^EHERMIQ NIWX SHRENH][ERMI QEē]GL QV¾[IO
[ [MIPOMQ QVS[MWOY 3MI FéH^MI XS NIHREO ēEX[I >EHENIW^ T]XERMI ^EG^]RENÒGI WMé SH ƺ/&0 .è (>9/è
TSRMI[Eŏ QV¾[OM WÒ [ V¾ŏR]GL OSPSVEGL M QENÒ V¾ŏRI ,)=ƾƹ E TS^SWXEPM KVEG^I []OēEHENÒ TS NIHRIN OEVGMI Ƴ
RYQIV] Ƴ FéH^MIW^ QYWMEē SHREPIōÔ Xé NIHRÒ XEOMIN OX¾VE [IHēYK RMGL RENPITMIN TEWYNI HS
[ēEĮGM[Ò ;]KVE KVEG^ OX¾V] SHRENH^MI REN[MéGIN SHTS[MIH^M RE X[SNI T]XERMI ;]FMIVEW^ Xé OX¾VÒ
Y[EŏEW^ ^E RENPITMIN SHHENÒGÒ X[SNI IQSGNI
QV¾[IO

%j`)UƉb Ɖ%~«)›F)
;MIO PEX
1MG^FE KVEG^]
(^EW KV] QMR

«ÅƚÚƚģƉƵƼĵ°ųDŽŅĹƼƉÚŅĵåĩƉĹ°ƉÚųDŽåƵĜåúƉ

;]HE[RMGX[S ƺ3EW^E 0WMéKEVRMEƹ XS SǻG]RE YRMOEXS[E [ĮV¾H []HE[G¾[ PMXIVEXYV] HPE 2 2EW^ HS H]WTS^]GNM TSREH EXVEOGNM OX¾VI QSŏIW^
H^MIGM M QēSH^MIŏ] ēÒG^ÒGE [ WSFMI XVEH]GNé M RS[SG^IWRSĮÔ ; NIN SJIVGMI ^RENHYNÒ WMé [ RMQ YQMIĮGMÔ LEQEO QSWX PMRS[] OE[MEVRMé OMRS
^EV¾[RS RMI^ETSQRMERI PIOXYV] REW^IKS H^MIGMĕWX[E OWMÒŏOM ^ WIVMM ƺ5SG^]XEN QM QEQSƹ M [MIPI MRR]GL ^EWOEOYNÒG]GL TSQMIW^G^Iĕ X[¾V^
G^] 5V^]KSH] OSXE +MPIQSRE Į[MEXS[I FIWXWIPPIV] Q MR )^MIRRMO G[ERMEG^OE NEO M OPEW]G^RI RENēEHRMINW^] M RENPITMIN []TSWEŏSR] HSQIO RE
TSREHG^EWS[I TS^]GNI 0YFYĮ 5YGLEXIO (LEXOE 5YGLEXOE H^MI[MéGMSXSQS[] G]OP HV^I[MI 9[EKE 5MPRYN EF] TSHG^EW FYHS[]
S 2YQMROEGL SVE^ OWMÒŏOM &WXVMH 1MRHKVIR ƺ3EW^E 0WMéKEVRMEƹ NIWX XIŏ []HE[GÒ WIVMM HV^I[S RMI TV^IGL]PMēS WMé [ OX¾VÒĮ ^I WXVSR
S 2MOSēENOY ^REOSQMXIKS HYIXY EYXSVWOS MPYWXVEXSVWOMIKS IQT³Ƴ,SWGMRR]

5 5VSTS^]GNé HPE RENQēSHW^]GL Y^YTIēRMENÒ OWMÒŏOM HS WēYGLERME G^]XERI TV^I^ ^REOSQMX]GL
TSPWOMGL EOXSV¾[ E SH RMIHE[RE ųŅÚDŽĜĹĹåƉčųƼƉŞĬ°ĹŸDŽŅƵå STVEGS[ERI TV^I^ Į[MEXS[IN
WēE[] EYXSV¾[ []V¾ŏRMENÒGI WMé REN[]ŏW^Ò NEOSĮGMÒ SVE^ IJIOXS[RÒ W^EXÒ KVEǻG^RÒ

5SREHXS [ SJIVGMI []HE[RMGX[E WÒ V¾[RMIŏ TYFPMOEGNI WOMIVS[ERI HS HSVSWēIKS G^]XIPRMOE 8 ~¤U Ɖ~j jˆm›
;MIO PEX
1MG^FE KVEG^]
;]HE[RMGX[S 3& >& 0 .è,&73.& (^EW KV] QMR

;EVW^E[E YP EVEF ERH] G ƒŞŅŸƋųDŽåč°ƵÎDŽŅźÐƉĜƉųåāåĩŸú
XIP JE\
I QEMP REW^EOWMIKEVRME%RO GSQ TP ; ; JEFV]GI TVEGE [VI 3E XEĮQMI TVSHYOG]NRIN
TSNE[MENÒ WMé V¾ŏRSOSPSVS[I VSFSX] >EHERMIQ
[[[ REW^EOWMIKEVRME TP KVEG^] NIWX NEO RENW^]FW^I SHREPI^MIRMI VSFSXE RE
[[[ RO GSQ TP ` [[[ [RO GSQ TP OX¾VIKS [ēEĮRMI TV^]W^ēS ^EQ¾[MIRMI &F] []KVEÔ
QYWMW^ F]Ô W^]FW^] SH TS^SWXEē]GL KVEG^] 'ÒHō
NIHREO SWXVSŏR] FS [ JEFV]GI G^EWEQM RMI QE
^EQE[MERIKS VSFSXE

,V] TPERW^S[I





`~m›UF :~ Ɖb Ɖ)`j I B
;MIO PEX ;MIO PEX
1MG^FE KVEG^] SW¾F 1MG^FE KVEG^]
(^EW KV] QMR (^EW KV] QMR

«°Å°Ƶ°ƉĜƉĹ°ƚĩ°ƉĬĜÎDŽåĹĜ°ú :ų°ƉĹ°ƉåĵŅÎģ°ÎĘƉģåŸDŽÎDŽåƉĹĜčÚƼƉĹĜåƉÅƼĴ°ƉƋ°ĩ°Ɖ
DŽ°Å°ƵĹ°úƉ
8 8[SMQ ^EHERMIQ NIWX SHRENH][ERMI QEē]GL QV¾[IO
[ [MIPOMQ QVS[MWOY 3MI FéH^MI XS NIHREO ēEX[I >EHENIW^ T]XERMI ^EG^]RENÒGI WMé SH ƺ/&0 .è (>9/è
TSRMI[Eŏ QV¾[OM WÒ [ V¾ŏR]GL OSPSVEGL M QENÒ V¾ŏRI ,)=ƾƹ E TS^SWXEPM KVEG^I []OēEHENÒ TS NIHRIN OEVGMI Ƴ
RYQIV] Ƴ FéH^MIW^ QYWMEē SHREPIōÔ Xé NIHRÒ XEOMIN OX¾VE [IHēYK RMGL RENPITMIN TEWYNI HS
[ēEĮGM[Ò ;]KVE KVEG^ OX¾V] SHRENH^MI REN[MéGIN SHTS[MIH^M RE X[SNI T]XERMI ;]FMIVEW^ Xé OX¾VÒ
Y[EŏEW^ ^E RENPITMIN SHHENÒGÒ X[SNI IQSGNI
QV¾[IO

ˆ› ~%¤Ɖj~«) BƉ%jƉ«:~¤«F)bF bU~ˆ
;MIO PEX ;MIO PEX
1MG^FE KVEG^] 1MG^FE KVEG^]
(^EW KV] QMR (^EW KV] QMR

:ų°ƉĬŅčĜÎDŽĹ°ƉÚĬ°ƉΰĴåģƉųŅÚDŽĜĹƼú båčŅÎģ°ÎģåØƉĩųDŽƼĩĜƉĜƉčƵ°ųƉģ°ĩƉĹ°ƉƋ°ųčƚú
3 3EPIŏ] [ TV^IQ]ĮPER] WTSW¾F TV^IQMIW^G^EÔ W[SNÒ ; XIN KV^I RMI G^IOEW^ RE W[SNÒ OSPINOé [W^]WG]
[MI[M¾VOé TS HV^I[MI M KVSQEH^MÔ OSPINRI SV^IGL] KVENÒ V¾[RSG^IĮRMI
5PERYNÒG W[SNI VYGL] RMI FÒHō NIHREO ^F]X , ,VEG^I [GMIPENÒ WMé [ VSPé OYTG¾[ LERHPYNÒG]GL
^EGLēERR] Ƴ G^EWEQM STēEGE WMé ^HSF]Ô NIHRIKS XS[EVEQM RE XEVKY ;ĮV¾H K[EVY M OV^]O¾[
SV^IGLE F] ^E QSQIRX WMéKRÒÔ TS [MéOW^Ò PMG^Fé []QMIRMENÒ WMé OEVXEQM XS[EV¾[ WXEVENÒG WMé ^HSF]Ô
5VSWXI ^EWEH] TS^[EPENÒ GMIW^]Ô WMé KVÒ ^EV¾[RS NEO REN[MéGIN XS[EVY NIHRIKS VSH^ENY
HSVSWē]Q NEO M QēSH]Q KVEG^SQ



0WMÒŏOM


›F)XU Ɖ F) «U
;MIO PEX ˆ°ģåĵĹĜÎDŽåƉDŽĹĜĩĹĜöÎĜåƉÚåƋåĩƋƼƵ°ƉzŅDŽƼƋƼƵĩĜ
1MG^FE KVEG^] ;MIO
(^EW KV] QMR &YXSV ,V^IKSV^ 0EWHITOI
1MG^FE WXVSR
zĬ°ĹŅƵ°ĹĜåƉĜƉĬŅčĜÎDŽĹåƉĵƼźĬåĹĜåú
5V^IH HV^[MEQM EKIRGNM HIXIOX][MWX]G^RIN ƺ7¾ŏS[I
0EŏH] KVEG^ TSWMEHE TMVEX¾[ OX¾V]Q TSQEKE [ 4OYPEV]ƹ ^IFVEē WMé RMIQEē] XēYQIO 5ER 2MIXIO
YGMIG^GI ^ PSGL¾[ 5MVEGM QYW^Ò HSXV^IÔ HS )SQMRMO M >Y^ME MGL QEQE TERM 7]G^EN M &WMEƾ
G^IOENÒGIN RE RMGL ēSH^M /IWX SRE NIHREO ^E QEēE M RMI ;W^]WG] GLGÒ WTVE[H^MÔ G^] HIXIOX][ 5S^]X][OE
HPE [W^]WXOMGL []WXEVG^] [ RMIN QMINWGE 2YWMW^ [ RETVE[Hé ^RMORÒē 2SŏI ^EGLSVS[Eē$ ;]TVS[EH^Mē
TV^IQ]ĮPER] WTSW¾F TV^IQMIW^G^EÔ W[SMGL TMVEX¾[ WMé$ &PFS []NIGLEē WēYŏFS[S$ 8]POS HPEG^IKS FI^
3
3MI ^MI ^E[W^I []KV][E XIR OX¾V] FMIKRMI RENW^]FGMIN TSŏIKRERME$ 8S HS RMIKS RMITSHSFRI & QSŏI GSĮ
Q
QYY WMé WXEēS$ 2MIW^OEĕG] OEQMIRMG] RMI GLGÒ
HSTYĮGMÔ HS WMIFMI RENG^EVRMINW^]GL Q]ĮPM






zF~ bF)ú ƋĬ°ŸƉĵĜ°ŸƋ
;MIO PEX ;MIO
1MG^FE KVEG^] &YXSV ,ISVKME (LIVV] 2EVXMR -EEOI
(^EW KV] QMR
1MG^FE WXVSR
›ƉƋåģƉčųDŽåƉƋƼĬĩŅƉģåÚĹ°ƉŅŸŅÅ°Ɖ 4H[MIHō ^ OWMÒŏOÒ REWXéTYNÒGI QMEWXE 1M^FSRE
ŞųDŽåčųƼƵ°ØƉŞŅDŽŅŸƋ°ĬĜƉƵƼčųƼƵ°ģ¼úƉƉ 'EVGIPSRE 1SRH]R &QWXIVHEQ 5EV]ŏ 7^]Q 'IVPMR
3 3E OEVEMFWOMIN []WTMI KVEG^I WTSX]OENÒ -IPWMROM 4WPS 0STIRLEKE ^XSOLSPQ &XIR]
TSW^YOM[EG^E TV^]K¾H Ƴ (EVPSWE >EHERMI NIWX XEQFYē 5VEKE 'YHETIW^X 2SWO[E 2SRXVIEP
TVSWXI TV^IQMIW^G^EÔ KS TS TPERW^] [ XEOM WTSW¾F 8SVSRXS (LMGEKS 3S[] /SVO ER +VERGMWGS 2IOW]O
EF] RMI [TEHē HS V^IOM TIēRIN TMVERMM 5S^SWXEPM KVEG^I 7MS HI /ERIMVS 'YIRSW &MVIW ;EVW^E[E -SRKOSRK
^VSFMÒ NIHREO [W^]WXOS EF] (EVPSW [TEHē HS [SH] 8SOMS IYP 2YQFEN SVE^ ]HRI]

[ēEĮRMI [ X[SNIN OSPINGI

ˆ› ~%¤Ɖj~«) BƉ%jƉ«:~¤«F)bF bU~ˆ
;MIO PEX ;MIO PEX
1MG^FE KVEG^] 1MG^FE KVEG^]
(^EW KV] QMR (^EW KV] QMR

:ų°ƉĬŅčĜÎDŽĹ°ƉÚĬ°ƉΰĴåģƉųŅÚDŽĜĹƼú båčŅÎģ°ÎģåØƉĩųDŽƼĩĜƉĜƉčƵ°ųƉģ°ĩƉĹ°ƉƋ°ųčƚú
3 3EPIŏ] [ TV^IQ]ĮPER] WTSW¾F TV^IQMIW^G^EÔ W[SNÒ ; XIN KV^I RMI G^IOEW^ RE W[SNÒ OSPINOé [W^]WG]
[MI[M¾VOé TS HV^I[MI M KVSQEH^MÔ OSPINRI SV^IGL] KVENÒ V¾[RSG^IĮRMI
5PERYNÒG W[SNI VYGL] RMI FÒHō NIHREO ^F]X , ,VEG^I [GMIPENÒ WMé [ VSPé OYTG¾[ LERHPYNÒG]GL
^EGLēERR] Ƴ G^EWEQM STēEGE WMé ^HSF]Ô NIHRIKS XS[EVEQM RE XEVKY ;ĮV¾H K[EVY M OV^]O¾[
SV^IGLE F] ^E QSQIRX WMéKRÒÔ TS [MéOW^Ò PMG^Fé []QMIRMENÒ WMé OEVXEQM XS[EV¾[ WXEVENÒG WMé ^HSF]Ô
5VSWXI ^EWEH] TS^[EPENÒ GMIW^]Ô WMé KVÒ ^EV¾[RS NEO REN[MéGIN XS[EVY NIHRIKS VSH^ENY
HSVSWē]Q NEO M QēSH]Q KVEG^SQ



0WMÒŏOM


›F)XU Ɖ F) «U
;MIO PEX ˆ°ģåĵĹĜÎDŽåƉDŽĹĜĩĹĜöÎĜåƉÚåƋåĩƋƼƵ°ƉzŅDŽƼƋƼƵĩĜ
1MG^FE KVEG^] ;MIO
(^EW KV] QMR &YXSV ,V^IKSV^ 0EWHITOI
1MG^FE WXVSR
zĬ°ĹŅƵ°ĹĜåƉĜƉĬŅčĜÎDŽĹåƉĵƼźĬåĹĜåú
5V^IH HV^[MEQM EKIRGNM HIXIOX][MWX]G^RIN ƺ7¾ŏS[I
0EŏH] KVEG^ TSWMEHE TMVEX¾[ OX¾V]Q TSQEKE [ 4OYPEV]ƹ ^IFVEē WMé RMIQEē] XēYQIO 5ER 2MIXIO
YGMIG^GI ^ PSGL¾[ 5MVEGM QYW^Ò HSXV^IÔ HS )SQMRMO M >Y^ME MGL QEQE TERM 7]G^EN M &WMEƾ
G^IOENÒGIN RE RMGL ēSH^M /IWX SRE NIHREO ^E QEēE M RMI ;W^]WG] GLGÒ WTVE[H^MÔ G^] HIXIOX][ 5S^]X][OE
HPE [W^]WXOMGL []WXEVG^] [ RMIN QMINWGE 2YWMW^ [ RETVE[Hé ^RMORÒē 2SŏI ^EGLSVS[Eē$ ;]TVS[EH^Mē
TV^IQ]ĮPER] WTSW¾F TV^IQMIW^G^EÔ W[SMGL TMVEX¾[ WMé$ &PFS []NIGLEē WēYŏFS[S$ 8]POS HPEG^IKS FI^
3 TSŏIKRERME$ 8S HS RMIKS RMITSHSFRI & QSŏI GSĮ
3MI ^MI ^E[W^I []KV][E XIR OX¾V] FMIKRMI RENW^]FGMIN
QYY WMé WXEēS$ 2MIW^OEĕG] OEQMIRMG] RMI GLGÒ
Q
HSTYĮGMÔ HS WMIFMI RENG^EVRMINW^]GL Q]ĮPM






zF~ bF)ú ƋĬ°ŸƉĵĜ°ŸƋ
;MIO PEX ;MIO
1MG^FE KVEG^] &YXSV ,ISVKME (LIVV] 2EVXMR -EEOI
(^EW KV] QMR
1MG^FE WXVSR
›ƉƋåģƉčųDŽåƉƋƼĬĩŅƉģåÚĹ°ƉŅŸŅÅ°Ɖ 4H[MIHō ^ OWMÒŏOÒ REWXéTYNÒGI QMEWXE 1M^FSRE
ŞųDŽåčųƼƵ°ØƉŞŅDŽŅŸƋ°ĬĜƉƵƼčųƼƵ°ģ¼úƉƉ 'EVGIPSRE 1SRH]R &QWXIVHEQ 5EV]ŏ 7^]Q 'IVPMR
3 3E OEVEMFWOMIN []WTMI KVEG^I WTSX]OENÒ -IPWMROM 4WPS 0STIRLEKE ^XSOLSPQ &XIR]
TSW^YOM[EG^E TV^]K¾H Ƴ (EVPSWE >EHERMI NIWX XEQFYē 5VEKE 'YHETIW^X 2SWO[E 2SRXVIEP
TVSWXI TV^IQMIW^G^EÔ KS TS TPERW^] [ XEOM WTSW¾F 8SVSRXS (LMGEKS 3S[] /SVO ER +VERGMWGS 2IOW]O
EF] RMI [TEHē HS V^IOM TIēRIN TMVERMM 5S^SWXEPM KVEG^I 7MS HI /ERIMVS 'YIRSW &MVIW ;EVW^E[E -SRKOSRK
^VSFMÒ NIHREO [W^]WXOS EF] (EVPSW [TEHē HS [SH] 8SOMS IYP 2YQFEN SVE^ ]HRI]

[ēEĮRMI [ X[SNIN OSPINGI