The words you are searching are inside this book. To get more targeted content, please make full-text search by clicking here.
Discover the best professional documents and content resources in AnyFlip Document Base.
Search
Published by B&R, 2018-11-05 06:51:44

MP SmartBooks II

+KS= F=GKĶċ


SĶNĩ@ GOEĆŎAG



@H= @VEA?EW













































Âں™æ¬Ä¤ʱ™êÚËɬ£ËêÞɌ×½
ZZZ VPDUWERRNV SO

J Y DJ ɇ ;].$y gɌ

V˽޺‚ ™•ü·‚ ºê½æËö™· ‚ÙÚüº‚ÅÞº¬™· ºÞ¬‰Ąº¬ •½‚ •ā¬™¬
&Ë˕Ĭ¤©æ CËËÄɇ ·™•Ä™¤Ë ā Ă·ö¬¢ºÞāü© Ž™Þæޙ½½™ÚÌö
ºÞ¬‰ĄºËöü© ËÞæ‚æĬ™¤Ë Þæ꽙¬‚ ¬ º‚ÄËÄê ßö¬‚æËö™·
½¬æ™Ú‚æêÚü •ā¬™¬¢™·ɉ
c‚ ×˙æüº‚ ā‚Þü׬‚ĺ‚ɇ Ă׬ނĂ ×ËÕ ȃǼ ½‚æ æ™Ãê
c
×Úā™ā āĂºËÃ¬æ‰ ‚êæËÚº¢ ºÞ¬‰Ą™º •½‚ •ā¬™¬ C‚Ú¤‚Ú™æ
s¬Þ™ ÚËöÄɇ ā ‚ÚæüÞæüāÄüì ¬½êÞæڂ·‚ì ½™Ã™Äæ‚
+êڕ‚ɇ •Ë •ā¬ß Ĭ™ Þæڂ¬Â‚ Ĭ ā™ ÞöË·™¤Ë ×ˤ˕ę¤Ë
º½¬Ã‚æê ¬ ×½‚ÞæüāÄËߏ¬ɇ ā‚©öü‚·‰ ºË½™·Ä™ ×˺˽™Ä¬‚
•ā¬™¬ Ă ‚Âüà ßö¬™¬™Ɍ =¬æ™Ú‚º¬ ×Úā™ºÂ‚• ½¬āü
1RZD MDNRĕÉ ZĕUµG NVLÇĴHN GOD G]LHFL V¬ËæÚËöÞº¬™·ɇ ê悽™ÄæËö‚Ä™· ¬ ö¬™½ËºÚËæĬ™ äڂ•ā‚Ä™·
×
×Ë˙溬ɇ Þ×ڂö¬‚ɇ Ą™ ºÞ¬‰Ąº‚ Þæ‚ÄËö¬ öü·‰æºËö‰ ×Ëāü·¢
1DV]H PRWWR ȔPÇGUH NVLÇĴNL ] DUW\VW\F]QÇ GXV]Ç ȓ •½‚ ×˽޺¬© ˕Ž¬ËڏÌöɌ
C‚Úº‚ ]ÂÚæ ËËºÞ æË ÄËö‚ ·‚ºËߐ ºÞ¬‰Ą™º •½‚ •ā¬™¬ ¬ ÃÂ˕ā¬™Ąü Ă Úüĺê öü•‚öĬāüÃɇ ºæÌڂ ;Þ¬‰Ąº‚ ×Úā™•Þæ‚ö¬‚ ɬ ö ‚æÃËÞ£™Úā™ ¬™×‚ ¬ Þ×˺˷ê ɬ ö¬™āËÚÄü Úüæê‚ •ā¬™º‚ɇ ºæÌڙ ×Ë ºË½™¬
×ËöÞæ‚‚ ö ǾǼǽȁ Ú˺êɌ sü•‚öĬæöË ]ÂÚæ ËËºÞ ö©Ë•ā¬ ö ޺‚• &Úê×ü sü•‚öĬā™· ; =¬Ž™Úɇ ÃÌö¬ ɵ•ËŽÚ‚Äˏɷ öÞāüÞ溬à ×Úā™•Ã¬ËæËà ö Þöˬà ×˺˷êɌ c‚ ö¬™ÚÞāËö‚Ä‚ Ë×Ëö¬™ß Ă
öü•‚öĬæö ā ×ËÕ ǾǼɬ½™æĬà •Ëßö¬‚•ā™Ä¬™Ã ö ŽÚ‚ÄĄüɌ sÞ×ÌÂ×ڂê·™Ãü ā ö¬™½Ë •ËŽÚ‚Äˏ êºË¬ ¬ êºËÂüÞā™ æöË·™ •ā¬™ºË •Ë ÞÄê Ëڂā ×ËÃËĄ™ Ãê ×ËāĂö‚ ¬ ËÞö‚·‚ Ë悏ā‚·‰ü ·™
Ĭ™ā‚½™ĄÄüì öü•‚ö‚ì 좕āüĂÚ˕Ëöüì Ëڂā æöËÚāüÃü ö‚Þęɇ êĬº‚æËö™ ×ÚË·™ºæüɌ ßö¬‚æɌ ˎڂÄˏɇ ºÞ¬¢Ąüê ‰ā‰ ö‚½ËÚü ºËÂüނĺ¬ ¬ £êĺ·™ ×ËāĂöā™ɇ ×ˤ‚ êÚꏩËì
öüˎڂĂĬ¢ ¬ öÞ׬™Ú‚ ©‚ÚÃËĬ·Äü ÚËāöÌ· ™¤Ë •ā¬™º‚Ɍ
s ¬‰¤ê æÚā™© ½‚æ •ā¬‚‚½ÄËߏ¬ öü•‚½¬ßÃü ×ËÕ ǽǼǼ æüæêÂÌö ºÞ¬‰Ą™º •½‚ •ā¬™¬ɇ ö æüÃ
Ž™Þæޙ½½™ÚËö‰ ޙڬ¢ ɵCJ9 V. Ys]~ ǽǼǼɈɷɇ ‚ 悺Ą™ Ă·ÄËöÞā™ ×Ëāü·™ ·‚º Ä×Ɍ ºê½æËö‚ D c =. ~D Ɇ ǿȅɇȅǼ~B ɢ YgccJɣ
ºÞ¬‰Ąº‚ɬêÞü׬‚ĺ‚ ɵ ˎڂÄˏɇ ºÞ¬¢Ąüêɷɇ āü äÚ˕āËĂ ×Úā™ā ŽÚüæü·Þº¬ ×Úˤڂà ºÞ¬‰Ąº‚
ɵD¬™āöüºÂ™ 悷™ÃĬ™ɷɌ ZZZ GREUDQRFNVLH]\FX SO

V
Vꎽ¬êŽ½¬º‚·™ ]ÂÚæ ËËºÞ ™©ê·™ Þāā™¤Ì½Ä‚ •Ž‚ÂËߐ Ë Ä‚·öüĄÞā‰ ·‚ºËߐ ×˕ öā¤½¢•™Ã
ā‚ö‚ÚæËߏ¬ ÙÚüæËÚüāę·ɇ ¤Ú‚Ĉº¬ Ëڂā öüºËĂĬ‚Ɍ sÞāüÞ溬™ ºÞ¬‰Ąº¬ ÞיÂĬ‚·‰ öü¤‚Ĭ‚
•Ëæüā‰™ Ž™ā׬™ā™ÅÞæö‚ ¬ ˎËö¬‰ā귉ü© ÄËÚà ·‚ºËߏ¬ Ă æ™Ú™Ä¬™ gĬ¬ êÚËי·Þº¬™· Ëڂā މ
•ÚêºËö‚Ä™ öü‰āĬ™ ö V˽ޏ™Ɍ

D. ~sy;B c 9 CD.

āü ā‚Þæ‚Ä‚ö¬‚·‰ ¬¢ •ā¬öę ˕¤ÂËÞü ÞÂüÞā‚Ä™ Äˏ‰ɍ āü ÂÞā
öڂĄ™Ä¬™ɇ Ą™ Ĭ™ ·™Þæ™ßÃü ·™•üĉ üö¬½¬ā‚·‰ ö ºËÞÃËÞ¬™ɍ
]ÂüÞā‚Â™ß Ë s¬™½º¬™· ]æË׬™ɍ
J•ºÚü·•ºÚü· Ă·ö¬¢ºÞā™ ¬ Ă·¬™º‚öÞā™ 悷™ÃĬ™ öÞ×̏ā™Þę¤Ë
J
ßö¬‚æ‚ ɬ ˕ ×ËæöËڂ ā ·™ā¬Ëڂ =ˏ© D™ÞÞɇ •Ë ß½‚•Ìö
×ËāËÞæ‚ö¬ËÄü© ×Úā™ā g%Jɉ D¬™ā¬•™ÄæüĈºËö‚Ä™ ˎ¬™ºæüɇ
ā‚¤‚•ºËö™ ā‚¤¬Ä¬¢¬‚ɇ ÞêיÚÃˏ™ɇ Ĭ™āöüºÂ™ ā•‚Úā™Ä¬‚ ¬
öü·‰æºËö™ ÞæöËÚā™Ä¬‚ ɬ ËæË •Ëö˕ü Ă ¬ÞæĬ™Ä¬™
Ĭ™öüæÂêā‚½Äü© ā·‚ö¬Þº ¬ æ™ËÚ¬™ ĂêºËöÌöɉ ~ì™Úā Þ¬¢ ā
æüÃɇ Ë Ĭ™öü·‚ßĬËęɇ Ž‚•‚· ×Úāüׂ•º¬ɇ ‚Ä‚½¬āê· £‚ºæü ¬
Ú
ÚËËāö¬‰āê· æ‚·™ÃĬ™Ɍ V‚ì¢æ‚· ɬ Ĭ™ öÞāüÞæºË ·™Þæ 悺¬™ɇ ·‚º¬Ã
Þ¬¢ öü•‚·™ɌɌɌ
;Þ¬‰Ąº‚ D. ~sy;B c 9 CD. ËæÚāü‚ ×ڙÞæ¬ĄËö‰
äÚ˕¢ āü晽ĬºÌö ¬ ö¬•āÌö 晽™ö¬āü·Ä™¤Ë ×ÚˤڂÃê
ŽÚüæü·Þº¬™¤Ë ɬ ½ê™ V™æ™Ú Ë˺ ö‚Ú• ǾǼǽȄɌ
D c =. ~D Ɇ ǽȅɇȅǼ~B ɢ YgccJɣ







ZZZ VPDUWERRNV SO


Âں™æ¬Ä¤ʱ™êÚËɬ£ËêÞɌ×½

J Y DJ ɇ ;].$y gɌ

V˽޺‚ ™•ü·‚ ºê½æËö™· ‚ÙÚüº‚ÅÞº¬™· ºÞ¬‰Ąº¬ •½‚ •ā¬™¬
&Ë˕Ĭ¤©æ CËËÄɇ ·™•Ä™¤Ë ā Ă·ö¬¢ºÞāü© Ž™Þæޙ½½™ÚÌö
ºÞ¬‰ĄºËöü© ËÞæ‚æĬ™¤Ë Þæ꽙¬‚ ¬ º‚ÄËÄê ßö¬‚æËö™·
½¬æ™Ú‚æêÚü •ā¬™¬¢™·ɉ
c‚ ×˙æüº‚ ā‚Þü׬‚ĺ‚ɇ Ă׬ނĂ ×ËÕ ȃǼ ½‚æ æ™Ãê
c
×Úā™ā āĂºËÃ¬æ‰ ‚êæËÚº¢ ºÞ¬‰Ą™º •½‚ •ā¬™¬ C‚Ú¤‚Ú™æ
s¬Þ™ ÚËöÄɇ ā ‚ÚæüÞæüāÄüì ¬½êÞæڂ·‚ì ½™Ã™Äæ‚
+êڕ‚ɇ •Ë •ā¬ß Ĭ™ Þæڂ¬Â‚ Ĭ ā™ ÞöË·™¤Ë ×ˤ˕ę¤Ë
º½¬Ã‚æê ¬ ×½‚ÞæüāÄËߏ¬ɇ ā‚©öü‚·‰ ºË½™·Ä™ ×˺˽™Ä¬‚
•ā¬™¬ Ă ‚Âüà ßö¬™¬™Ɍ =¬æ™Ú‚º¬ ×Úā™ºÂ‚• ½¬āü
1RZD MDNRĕÉ ZĕUµG NVLÇĴHN GOD G]LHFL V¬ËæÚËöÞº¬™·ɇ ê悽™ÄæËö‚Ä™· ¬ ö¬™½ËºÚËæĬ™ äڂ•ā‚Ä™·
×
×Ë˙溬ɇ Þ×ڂö¬‚ɇ Ą™ ºÞ¬‰Ąº‚ Þæ‚ÄËö¬ öü·‰æºËö‰ ×Ëāü·¢
1DV]H PRWWR ȔPÇGUH NVLÇĴNL ] DUW\VW\F]QÇ GXV]Ç ȓ •½‚ ×˽޺¬© ˕Ž¬ËڏÌöɌ
C‚Úº‚ ]ÂÚæ ËËºÞ æË ÄËö‚ ·‚ºËߐ ºÞ¬‰Ą™º •½‚ •ā¬™¬ ¬ ÃÂ˕ā¬™Ąü Ă Úüĺê öü•‚öĬāüÃɇ ºæÌڂ ;Þ¬‰Ąº‚ ×Úā™•Þæ‚ö¬‚ ɬ ö ‚æÃËÞ£™Úā™ ¬™×‚ ¬ Þ×˺˷ê ɬ ö¬™āËÚÄü Úüæê‚ •ā¬™º‚ɇ ºæÌڙ ×Ë ºË½™¬
×ËöÞæ‚‚ ö ǾǼǽȁ Ú˺êɌ sü•‚öĬæöË ]ÂÚæ ËËºÞ ö©Ë•ā¬ ö ޺‚• &Úê×ü sü•‚öĬā™· ; =¬Ž™Úɇ ÃÌö¬ ɵ•ËŽÚ‚Äˏɷ öÞāüÞ溬à ×Úā™•Ã¬ËæËà ö Þöˬà ×˺˷êɌ c‚ ö¬™ÚÞāËö‚Ä‚ Ë×Ëö¬™ß Ă
öü•‚öĬæö ā ×ËÕ ǾǼɬ½™æĬà •Ëßö¬‚•ā™Ä¬™Ã ö ŽÚ‚ÄĄüɌ sÞ×ÌÂ×ڂê·™Ãü ā ö¬™½Ë •ËŽÚ‚Äˏ êºË¬ ¬ êºËÂüÞā™ æöË·™ •ā¬™ºË •Ë ÞÄê Ëڂā ×ËÃËĄ™ Ãê ×ËāĂö‚ ¬ ËÞö‚·‚ Ë悏ā‚·‰ü ·™
Ĭ™ā‚½™ĄÄüì öü•‚ö‚ì 좕āüĂÚ˕Ëöüì Ëڂā æöËÚāüÃü ö‚Þęɇ êĬº‚æËö™ ×ÚË·™ºæüɌ ßö¬‚æɌ ˎڂÄˏɇ ºÞ¬¢Ąüê ‰ā‰ ö‚½ËÚü ºËÂüނĺ¬ ¬ £êĺ·™ ×ËāĂöā™ɇ ×ˤ‚ êÚꏩËì
öüˎڂĂĬ¢ ¬ öÞ׬™Ú‚ ©‚ÚÃËĬ·Äü ÚËāöÌ· ™¤Ë •ā¬™º‚Ɍ
s ¬‰¤ê æÚā™© ½‚æ •ā¬‚‚½ÄËߏ¬ öü•‚½¬ßÃü ×ËÕ ǽǼǼ æüæêÂÌö ºÞ¬‰Ą™º •½‚ •ā¬™¬ɇ ö æüÃ
Ž™Þæޙ½½™ÚËö‰ ޙڬ¢ ɵCJ9 V. Ys]~ ǽǼǼɈɷɇ ‚ 悺Ą™ Ă·ÄËöÞā™ ×Ëāü·™ ·‚º Ä×Ɍ ºê½æËö‚ D c =. ~D Ɇ ǿȅɇȅǼ~B ɢ YgccJɣ
ºÞ¬‰Ąº‚ɬêÞü׬‚ĺ‚ ɵ ˎڂÄˏɇ ºÞ¬¢Ąüêɷɇ āü äÚ˕āËĂ ×Úā™ā ŽÚüæü·Þº¬ ×Úˤڂà ºÞ¬‰Ąº‚
ɵD¬™āöüºÂ™ 悷™ÃĬ™ɷɌ ZZZ GREUDQRFNVLH]\FX SO

V
Vꎽ¬êŽ½¬º‚·™ ]ÂÚæ ËËºÞ ™©ê·™ Þāā™¤Ì½Ä‚ •Ž‚ÂËߐ Ë Ä‚·öüĄÞā‰ ·‚ºËߐ ×˕ öā¤½¢•™Ã
ā‚ö‚ÚæËߏ¬ ÙÚüæËÚüāę·ɇ ¤Ú‚Ĉº¬ Ëڂā öüºËĂĬ‚Ɍ sÞāüÞ溬™ ºÞ¬‰Ąº¬ ÞיÂĬ‚·‰ öü¤‚Ĭ‚
•Ëæüā‰™ Ž™ā׬™ā™ÅÞæö‚ ¬ ˎËö¬‰ā귉ü© ÄËÚà ·‚ºËߏ¬ Ă æ™Ú™Ä¬™ gĬ¬ êÚËי·Þº¬™· Ëڂā މ
•ÚêºËö‚Ä™ öü‰āĬ™ ö V˽ޏ™Ɍ

D. ~sy;B c 9 CD.

āü ā‚Þæ‚Ä‚ö¬‚·‰ ¬¢ •ā¬öę ˕¤ÂËÞü ÞÂüÞā‚Ä™ Äˏ‰ɍ āü ÂÞā
öڂĄ™Ä¬™ɇ Ą™ Ĭ™ ·™Þæ™ßÃü ·™•üĉ üö¬½¬ā‚·‰ ö ºËÞÃËÞ¬™ɍ
]ÂüÞā‚Â™ß Ë s¬™½º¬™· ]æË׬™ɍ
J•ºÚü·•ºÚü· Ă·ö¬¢ºÞā™ ¬ Ă·¬™º‚öÞā™ 悷™ÃĬ™ öÞ×̏ā™Þę¤Ë
J
ßö¬‚æ‚ ɬ ˕ ×ËæöËڂ ā ·™ā¬Ëڂ =ˏ© D™ÞÞɇ •Ë ß½‚•Ìö
×ËāËÞæ‚ö¬ËÄü© ×Úā™ā g%Jɉ D¬™ā¬•™ÄæüĈºËö‚Ä™ ˎ¬™ºæüɇ
ā‚¤‚•ºËö™ ā‚¤¬Ä¬¢¬‚ɇ ÞêיÚÃˏ™ɇ Ĭ™āöüºÂ™ ā•‚Úā™Ä¬‚ ¬
öü·‰æºËö™ ÞæöËÚā™Ä¬‚ ɬ ËæË •Ëö˕ü Ă ¬ÞæĬ™Ä¬™
Ĭ™öüæÂêā‚½Äü© ā·‚ö¬Þº ¬ æ™ËÚ¬™ ĂêºËöÌöɉ ~ì™Úā Þ¬¢ ā
æüÃɇ Ë Ĭ™öü·‚ßĬËęɇ Ž‚•‚· ×Úāüׂ•º¬ɇ ‚Ä‚½¬āê· £‚ºæü ¬
Ú
ÚËËāö¬‰āê· æ‚·™ÃĬ™Ɍ V‚ì¢æ‚· ɬ Ĭ™ öÞāüÞæºË ·™Þæ 悺¬™ɇ ·‚º¬Ã
Þ¬¢ öü•‚·™ɌɌɌ
;Þ¬‰Ąº‚ D. ~sy;B c 9 CD. ËæÚāü‚ ×ڙÞæ¬ĄËö‰
äÚ˕¢ āü晽ĬºÌö ¬ ö¬•āÌö 晽™ö¬āü·Ä™¤Ë ×ÚˤڂÃê
ŽÚüæü·Þº¬™¤Ë ɬ ½ê™ V™æ™Ú Ë˺ ö‚Ú• ǾǼǽȄɌ
D c =. ~D Ɇ ǽȅɇȅǼ~B ɢ YgccJɣ







ZZZ VPDUWERRNV SO


Âں™æ¬Ä¤ʱ™êÚËɬ£ËêÞɌ×½

&+$7.$ 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 Q NWyUü ĘPLDâR PRĤHP\ QD]ZDþ UR]U\ZNü SU]\V]âRĘFL 7R ZâDĘQLH
QD D 3RPRU]X VXSHUQRZRF]HVQ\ V\VWHP DVHNXUDFML
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

&+$7.$ 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
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 Q NWyUü ĘPLDâR PRĤHP\ QD]ZDþ UR]U\ZNü SU]\V]âRĘFL 7R ZâDĘQLH
QD D 3RPRU]X VXSHUQRZRF]HVQ\ V\VWHP DVHNXUDFML
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





%$%<6(16(6 .2175$672:(



=$%$:., '/$ 1,(02:/$7



.RQWUDVWRZH ]DEDZNL PDW\ L DNFHVRULD GOD QLHPRZOÃW %DE\ 6HQVHV SRZVWDMÃ Z FDÊRÐFL
Z 3ROVFH QD SRGVWDZLH DXWRUVNLFK Z]RUµZ
3URGXNW\ PDUNL ]RVWDÊ\ ]DSURMHNWRZDQH WDN DE\ ZVSLHUDÅ UR]ZµM NLONX ]P\VʵZ MHGQRF]HÐQLH 'X×H NRQWUDVWRZH SURVWH

Z]RU\ UR]ZLMDMÃ Z]URN PDOXV]ND V]HOHV]F]ÃFH JU]HFKRF]ÃFH L G]ZRQLÃFH HOHPHQW\ ]DEDZHN VW\PXOXMÃ VÊXFK
QDWRPLDVW Uµ×QRURGQH IDNWXU\ WNDQLQ SREXG]DMÃ ]P\VÊ GRW\NX

:65Ï' %(676(//(5Ï: =1$-'$ 3$167:2




ï .RQWUDVWRZH PDW\ HGXNDF\MQH

ï .RQWUDVWRZD NDUX]HOD GUHZQLDQD

ï : RIHUFLH ĆUP\ %DE\6HQVHV ]QDMGà 3DÌVWZR UµZQLH× EDZHÊQLDQH NVLÃ×HF]NL
NRQWUDVWRZH NRVWNL VHQVRU\F]QH JU\]DNL ] GUHZQD EXNRZHJR ] GRÊÃF]RQ\PL
]DEDZNDPL PRELOH ]DZLHV]NL GR Zµ]ND L ʵ×HF]ND V]HOHÐFLNL V]PDWNL VHQVRU\F]QH
L ZLHOH LQQ\FK

=$35$6=$0< '2 2':,('=(1,$



1$6=(- 67521<









ZZZ EDE\VHQVHV SO


ELXUR#EDE\VHQVHV SO _

%$%<6(16(6 .2175$672:(



=$%$:., '/$ 1,(02:/$7



.RQWUDVWRZH ]DEDZNL PDW\ L DNFHVRULD GOD QLHPRZOÃW %DE\ 6HQVHV SRZVWDMÃ Z FDÊRÐFL
Z 3ROVFH QD SRGVWDZLH DXWRUVNLFK Z]RUµZ
3URGXNW\ PDUNL ]RVWDÊ\ ]DSURMHNWRZDQH WDN DE\ ZVSLHUDÅ UR]ZµM NLONX ]P\VʵZ MHGQRF]HÐQLH 'X×H NRQWUDVWRZH SURVWH

Z]RU\ UR]ZLMDMÃ Z]URN PDOXV]ND V]HOHV]F]ÃFH JU]HFKRF]ÃFH L G]ZRQLÃFH HOHPHQW\ ]DEDZHN VW\PXOXMÃ VÊXFK
QDWRPLDVW Uµ×QRURGQH IDNWXU\ WNDQLQ SREXG]DMÃ ]P\VÊ GRW\NX

:65Ï' %(676(//(5Ï: =1$-'$ 3$167:2




ï .RQWUDVWRZH PDW\ HGXNDF\MQH

ï .RQWUDVWRZD NDUX]HOD GUHZQLDQD

ï : RIHUFLH ĆUP\ %DE\6HQVHV ]QDMGà 3DÌVWZR UµZQLH× EDZHÊQLDQH NVLÃ×HF]NL
NRQWUDVWRZH NRVWNL VHQVRU\F]QH JU\]DNL ] GUHZQD EXNRZHJR ] GRÊÃF]RQ\PL
]DEDZNDPL PRELOH ]DZLHV]NL GR Zµ]ND L ʵ×HF]ND V]HOHÐFLNL V]PDWNL VHQVRU\F]QH
L ZLHOH LQQ\FK

=$35$6=$0< '2 2':,('=(1,$



1$6=(- 67521<









ZZZ EDE\VHQVHV SO


ELXUR#EDE\VHQVHV SO _

$UW\NXâ\ GOD QLHPRZOĆW 8EUDQND GOD G]LHFL 3LHOXFK\ HNRORJLF]QH 8EUDQND GOD ZF]HğQLDNyZ


&KFHP\ DE\ QDV]D ILUPD %REL VKRS E\âD SU]\MD]QD PDâ\P NOLHQWRP L LFK URG]LFRP

6WDUDQQLH GRELHUDP\ DVRUW\PHQW DE\ RIHURZDQH SU]H] QDV SURGXNW\ E\â\ GREUHM MDNRğFL L EH]SLHF]QH GOD G]LHFL
3URSRQXMHP\ XEUDQND MXī GOD ZF]HğQLDNyZ RG UR]PLDUX MDN L GOD W\FK W\FK ZLċNV]\FK
3RVLDGDP\ XEUDQND GOD G]LHFL ] GREU\FK PDWHULDâyZ WDNLFK MDN QS EDZHâQD RUJDQLF]QD F]\ EDZHâQD VXSLPD

6WDZLDP\ WDNīH QD HNRORJLF]QH NRVPHW\NL SLHOXFK\ L ğURGNL F]\VWRğFL
'OD PDP\ SURSRQXMHP\ DUW\NXâ\ GOD PDP\ WDNLH MDN XEUDQLD DUW\NXâ\ KLJLHQLF]QH NRVPHW\NL HNRORJLF]QH



0\MND IURWWH %DE\2QR

0\MNL %DE\ 2QR WR SURGXNW GRVNRQDâHM MDNRğFL Z\NRQDQH ] EDUG]R
JUXEHJR PLċNNLHJR L FKâRQQHJR IURWWH EDZHâQ\
] KDIWRZDQ\PL DSOLNDFMDPL
&HQD 3/1



ĞOLQLDNL &DWFK )ROG ] SRMHPQLNLHP 5RZHUHN ELHJRZ\ $57, 6SHHG\ 0 /X[H 3LQN
RS V]W %URWKHU 0D[
5RZHUHN $57, 6SHHG\ 0 /X[H WR QRZRF]HVQ\ VXSHU OHNNL
=HVWDZ ĞOLQLDNyZ RSUDFRZDQH WDN DE\ SURFHV L EH]SLHF]Q\ URZHUHN ELHJRZ\ /HNND VWDORZD UDPD VSUDZLD
NDUPLHQLD VWDâ VLċ F]\VWV]\ L âDWZLHMV]\ GOD īH SU]HMDīGīNL VĆ EDUG]R SU]\MHPQH L QLH PċF]Ć G]LHFND NyâND
URG]LFyZ SU]\ MHGQRF]HVQ\P ]DSHZQLHQLX Z\NRQDQH ] EDUG]R Z\WU]\PDâHJR WZRU]\ZD SLDQNRZH NRâD
G]LHFNX WDNLHJR ğOLQLDND NWyU\ RIHUXMH SUDZG]LZ\ ]DSHZQLĆ NRPIRUW EH] REDZ\ R SU]HELFLH RSRQ\
NRPIRUW SU]\ VSRī\ZDQLX SRVLâNyZ &HQD 3/1
&HQD 3/1






:V]\VWNR Z MHGQ\P ² $OO LQ 2QH
,GHDOQ\ GR RVXV]DQLD FLDâD SR NĆSLHOL Z EDVHQLH
PRU]X OXE ZDQQLH
'RVNRQDâH WDNīH MDNR XEUDQNR GR ]DEDZ RJU]HMH 7ZRMH NRORUyZ 1HRSUHQRZD SLDQND GR
G]LHFNR L VSUDZL īH EċG]LH ğZLHWQLH Z\JOĆGDâR Sâ\ZDQLD GOD G]LHFL +DSS\ 1DSS\
8EUDQNR RWZLHUD VLċ FDâNRZLFLH E\ XâDWZLý XELHUDQLH PD
JâċERNL FLHSâ\ L Z\JRGQ\ NDSWXU /DERUDWRULXP 6SODVK $ERXW SR UD] NROHMQ\ ZSURZDG]Lâ GR
+DIWRZDQH GHWDOH U\END QD SU]HGQLHM NLHV]HQL DIWRZDQH GHWDOH U\END QD SU]HGQLHM NLHV]HQL
+ JUXS\ UHZHODF\MQ\FK SLDQHN GOD G]LHFL XWU]\PXMĆF\FK
L GRSDVRZDQH NRORU\VW\F]QLH Z\NRĕF]HQLH FLHSâR Z ZRG]LH QRZĆ QHRSUHQRZĆ SLDQNċ +DSS\ 1DSS\
&HQD 3/1
:\JOĆGHP SU]\SRPLQDMĆFD %DE\ 6QXJ MHGQDN
]DZLHUDMĆFD SUDNW\F]QH PRG\ILNDFMH P LQ VXZDN
QD SOHFDFK ]DPLDVW U]HSX

&HQD 3/1
( PDLO VNOHS#ERELVKRS SO
ZZZ ERELVKRS SO
ZZZ ERELVKRS SO
ZZZ ERELVKRS SO

$UW\NXâ\ GOD QLHPRZOĆW 8EUDQND GOD G]LHFL 3LHOXFK\ HNRORJLF]QH 8EUDQND GOD ZF]HğQLDNyZ


&KFHP\ DE\ QDV]D ILUPD %REL VKRS E\âD SU]\MD]QD PDâ\P NOLHQWRP L LFK URG]LFRP

6WDUDQQLH GRELHUDP\ DVRUW\PHQW DE\ RIHURZDQH SU]H] QDV SURGXNW\ E\â\ GREUHM MDNRğFL L EH]SLHF]QH GOD G]LHFL
3URSRQXMHP\ XEUDQND MXī GOD ZF]HğQLDNyZ RG UR]PLDUX MDN L GOD W\FK W\FK ZLċNV]\FK
3RVLDGDP\ XEUDQND GOD G]LHFL ] GREU\FK PDWHULDâyZ WDNLFK MDN QS EDZHâQD RUJDQLF]QD F]\ EDZHâQD VXSLPD

6WDZLDP\ WDNīH QD HNRORJLF]QH NRVPHW\NL SLHOXFK\ L ğURGNL F]\VWRğFL
'OD PDP\ SURSRQXMHP\ DUW\NXâ\ GOD PDP\ WDNLH MDN XEUDQLD DUW\NXâ\ KLJLHQLF]QH NRVPHW\NL HNRORJLF]QH



0\MND IURWWH %DE\2QR

0\MNL %DE\ 2QR WR SURGXNW GRVNRQDâHM MDNRğFL Z\NRQDQH ] EDUG]R
JUXEHJR PLċNNLHJR L FKâRQQHJR IURWWH EDZHâQ\
] KDIWRZDQ\PL DSOLNDFMDPL
&HQD 3/1



ĞOLQLDNL &DWFK )ROG ] SRMHPQLNLHP 5RZHUHN ELHJRZ\ $57, 6SHHG\ 0 /X[H 3LQN
RS V]W %URWKHU 0D[
5RZHUHN $57, 6SHHG\ 0 /X[H WR QRZRF]HVQ\ VXSHU OHNNL
=HVWDZ ĞOLQLDNyZ RSUDFRZDQH WDN DE\ SURFHV L EH]SLHF]Q\ URZHUHN ELHJRZ\ /HNND VWDORZD UDPD VSUDZLD
NDUPLHQLD VWDâ VLċ F]\VWV]\ L âDWZLHMV]\ GOD īH SU]HMDīGīNL VĆ EDUG]R SU]\MHPQH L QLH PċF]Ć G]LHFND NyâND
URG]LFyZ SU]\ MHGQRF]HVQ\P ]DSHZQLHQLX Z\NRQDQH ] EDUG]R Z\WU]\PDâHJR WZRU]\ZD SLDQNRZH NRâD
G]LHFNX WDNLHJR ğOLQLDND NWyU\ RIHUXMH SUDZG]LZ\ ]DSHZQLĆ NRPIRUW EH] REDZ\ R SU]HELFLH RSRQ\
NRPIRUW SU]\ VSRī\ZDQLX SRVLâNyZ &HQD 3/1
&HQD 3/1






:V]\VWNR Z MHGQ\P ² $OO LQ 2QH
,GHDOQ\ GR RVXV]DQLD FLDâD SR NĆSLHOL Z EDVHQLH
PRU]X OXE ZDQQLH
'RVNRQDâH WDNīH MDNR XEUDQNR GR ]DEDZ RJU]HMH 7ZRMH NRORUyZ 1HRSUHQRZD SLDQND GR
G]LHFNR L VSUDZL īH EċG]LH ğZLHWQLH Z\JOĆGDâR Sâ\ZDQLD GOD G]LHFL +DSS\ 1DSS\
8EUDQNR RWZLHUD VLċ FDâNRZLFLH E\ XâDWZLý XELHUDQLH PD
JâċERNL FLHSâ\ L Z\JRGQ\ NDSWXU /DERUDWRULXP 6SODVK $ERXW SR UD] NROHMQ\ ZSURZDG]Lâ GR
+DIWRZDQH GHWDOH U\END QD SU]HGQLHM NLHV]HQL DIWRZDQH GHWDOH U\END QD SU]HGQLHM NLHV]HQL
+ JUXS\ UHZHODF\MQ\FK SLDQHN GOD G]LHFL XWU]\PXMĆF\FK
L GRSDVRZDQH NRORU\VW\F]QLH Z\NRĕF]HQLH FLHSâR Z ZRG]LH QRZĆ QHRSUHQRZĆ SLDQNċ +DSS\ 1DSS\
&HQD 3/1
:\JOĆGHP SU]\SRPLQDMĆFD %DE\ 6QXJ MHGQDN
]DZLHUDMĆFD SUDNW\F]QH PRG\ILNDFMH P LQ VXZDN
QD SOHFDFK ]DPLDVW U]HSX

&HQD 3/1
( PDLO VNOHS#ERELVKRS SO
ZZZ ERELVKRS SO
ZZZ ERELVKRS SO
ZZZ ERELVKRS SO

1DPLRW GRPHN %(5* 7UDPSROLQD 0$7(5$& %(67:$<
6KLPPHU L 6KLQH )DYRULW FP ; :=25<
] VLDWNÇ &RPIRUW







6SHĀQLDP\ PDU]HQLD PDĀ\FK L GXĴ\FK


D‚Þā‰ ì޷‰ ·™Þæ ā‚×™öĬ™Ä¬™ êß왏©ê •ā¬™¬Ëà ö º‚Ą•üà ö¬™ºê Ëڂā
•Ž‚ÂËߐ Ë ¬© ×ڂö¬•ÂËöü ÚËāöÌ· ¬Ä晽™ºæꂽÄü ¬ ÂÄꂽÄüɌ s ĂÞā™· Ë£™Ú¬™
āĂ·•‰ ׂÅÞæöË Þā™Ú˺‰ ¤‚â ā‚Ž‚ö™ºɇ ¤¬™Úɇ ÚËö™ÚºÌöɇ öÌāºÌö ¬ £Ë晽¬ºÌö
ނÃˏ©Ë•Ëöü© ‚ 悺Ą™ ā‚Ž‚öº¬ •Ú™öĬ‚Ä™ ¬ ˤÚ˕Ëö™ &HQD ]Ā &HQD ]Ā &HQD ]Ā



)(%(5 'XĴ\ 3ODF %$6(1 52=3252:<
3L]]D 'XĴ\ 0DWHUDF
=DEDZ $FWLYLW\ .260,&=1<
GR SĀ\ZDQLD 'PXFKDQ\
&HQWHU =MHĴGĴDOQLD

















&HQD ]Ā &HQD ]Ā &HQD ]Ā



'08&+$1$ 3,ÿ.$ '08&+$1< &<5. %DUELH 3L]]HULD
3/$ij2:$ )52=(1 ),6+(5 35,&( =HVWDZ ODOND
.5$,1$ /2'8 $= &0 =$%$:.$ %(67:$<

















&HQD ]Ā &HQD ]Ā &HQD ]Ā



C‚DêÞ¬‚
ê½Ɍ cüÞ¬‰½™¬‚ V‚ÅÞæö‚ V˽޺¬™¤Ë ǽǼ‚
ǼȁɬȁǾǼ ;ËÄÞæ‚ď¬Äɬ9™ā¬ËÚĂ
Jæö‚Úæ™Ɇ VÄɬVæ ȄɆǼǼɬǽȂɆǼǼ ZZZ PDQXVLD SO
ʐȀȄ ȁǼȁ ǿǼ ȀǾ ȀǾ Þº½™×ʱÂÄêÞ¬‚Ɍ×½

1DPLRW GRPHN %(5* 7UDPSROLQD 0$7(5$& %(67:$<
6KLPPHU L 6KLQH )DYRULW FP ; :=25<
] VLDWNÇ &RPIRUW







6SHĀQLDP\ PDU]HQLD PDĀ\FK L GXĴ\FK


D‚Þā‰ ì޷‰ ·™Þæ ā‚×™öĬ™Ä¬™ êß왏©ê •ā¬™¬Ëà ö º‚Ą•üà ö¬™ºê Ëڂā
•Ž‚ÂËߐ Ë ¬© ×ڂö¬•ÂËöü ÚËāöÌ· ¬Ä晽™ºæꂽÄü ¬ ÂÄꂽÄüɌ s ĂÞā™· Ë£™Ú¬™
āĂ·•‰ ׂÅÞæöË Þā™Ú˺‰ ¤‚â ā‚Ž‚ö™ºɇ ¤¬™Úɇ ÚËö™ÚºÌöɇ öÌāºÌö ¬ £Ë晽¬ºÌö
ނÃˏ©Ë•Ëöü© ‚ 悺Ą™ ā‚Ž‚öº¬ •Ú™öĬ‚Ä™ ¬ ˤÚ˕Ëö™ &HQD ]Ā &HQD ]Ā &HQD ]Ā



)(%(5 'XĴ\ 3ODF %$6(1 52=3252:<
3L]]D 'XĴ\ 0DWHUDF
=DEDZ $FWLYLW\ .260,&=1<
GR SĀ\ZDQLD 'PXFKDQ\
&HQWHU =MHĴGĴDOQLD

















&HQD ]Ā &HQD ]Ā &HQD ]Ā



'08&+$1$ 3,ÿ.$ '08&+$1< &<5. %DUELH 3L]]HULD
3/$ij2:$ )52=(1 ),6+(5 35,&( =HVWDZ ODOND
.5$,1$ /2'8 $= &0 =$%$:.$ %(67:$<

















&HQD ]Ā &HQD ]Ā &HQD ]Ā



C‚DêÞ¬‚
ê½Ɍ cüÞ¬‰½™¬‚ V‚ÅÞæö‚ V˽޺¬™¤Ë ǽǼ‚
ǼȁɬȁǾǼ ;ËÄÞæ‚ď¬Äɬ9™ā¬ËÚĂ
Jæö‚Úæ™Ɇ VÄɬVæ ȄɆǼǼɬǽȂɆǼǼ ZZZ PDQXVLD SO
ʐȀȄ ȁǼȁ ǿǼ ȀǾ ȀǾ Þº½™×ʱÂÄêÞ¬‚Ɍ×½





D‚Þā‚ ĈÚ VC gYJ ·êĄ ˕ ö¬™½ê ½‚æ ā‚·Ã귙 Þ¬¢ ºËÃ×½™ºÞËöüà öü×ËނĄ™Ä¬™Ã
×Úā™•ÞāºË½¬ ¬ ÞāºÌ ö ËÞÂËÄü ¤Úā™·Ä¬ºËö™ɇ َ½™ Ž¬êÚËö™ ¬ Þˏ·‚½Ä™ ‚ 悺Ą™ º‚Ž¬Äü
ނĬæ‚ÚęɌ
VËā‚ ×Ú˕꺏·‰ ËÞÂËÄ ¤Úā™·Ä¬ºËöü© ×ËÞ¬‚•‚Ãü ÚÌöĬ™Ą ā™Þæ‚öü َ½¬ Ù悽Ëöü©
êāêיÂĬ‚·‰ æüà ނÃüà ˣ™Úæ¢ Ë Þā‚£º¬ Þā‚æĬËö™ ¬ Þˏ·‚½Ä™Ɍ

ā¬¢º¬ā¬¢º¬ •Ëßö¬‚•ā™Ä¬ê ·‚º¬™ ×ËÞ¬‚•‚Ãü Ăެ º½¬™Ä¬ öüڂĄ‚·‰ ÞöË·‰ ×Ëāüæüöĉ Ë׬Ĭ¢ ö

öüÞæ‚ö¬‚Äü© Ăà ڙ£™Ú™Ä·‚©Ɍ~‚×™öĬ‚Ãü £‚©Ëö‰ ×Ëڂ•¢ ö öüŽËÚā™
˕×Ëö¬™•Ä¬© ™½™Ã™ÄæÌö ÃËÄæ‚ĄËöü© ·‚º ¬ æڂÄÞ×ËÚæ Ëڂā ÃËÄæ‚Ą Ă æ™Ú™Ä¬™ ‚™¤Ë
ºÚ‚·êɌ



J]BJDy = VY~ ]~;J=. . ]~;KB


~‚Ž™ā׬™ā™Ä¬™ ¤Úā™·Ä¬ºÌö ˎê•Ëö‰ ā ×Âüæü •‚·™ יöÄËߐ ˏ©ÚËÄü ×Úā™• êڂā‚ì ·‚º¬™
ÃËĄ™ öüöË‚ ºËÄ悺æ ā æö‚Ú•üì ¬ ¤Ëډüì ™½™Ã™Äæ‚ì ¤Úā™öāüìɌ

süŽÌÚ öāËÚÌö ·‚º ¬ ºË½ËÚÌö ·™Þæ ÃËĄ½¬öü ā Þā™Ú˺¬™· ׂ½™æü ºæÌڂ ‚Âü ā‚Þ Þ¬¢ ×Ëö¬¢ºÞā‚Ɍ

]י·‚½Ä‚×™·‚½Ä‚ Ë£™Úæ‚ Þ‰ ËÞÂËÄü •½‚ •ā¬™¬ɇ ºæÌڙ ‰ā‰ ā‚Ž‚ö¢ ÚËāö¬·‚·‰‰ ê왷¢æÄËߏ¬
]
ÂÄꂽę ½ꏩ‚ɇ ā Ëā•ËŽÄüà ™½™Ã™Äæ™Ãɇ öāŽË¤‚‚·‰üà ‚Ú‚ÄĄ‚·™ ×Ëì™Þāā™Ä¬‚ ¬
ˤڂĬā‚·‰üà •ËÞæ¢× ĂÞāü© Ă·ÃÂ˕Þāü© •Ë Ĭ™Ž™ā׬™āę¤Ë •½‚ Ĭ© êÚā‰•ā™Ä¬‚Ɍ
sāËÚü މ 悺 ā‚×ÚË·™ºæËö‚Ä™ ‚Žü Ă·ÃÂ˕ެ ā™Úׂ½¬ ā Ĭ© ·‚º Ă·ö¬¢™· ā‚Ž‚öü ¬ ڂ•Ëߏ¬ɇ
‚ ×Úāü æüà ŽüÂü •½‚ Ĭ© ‚ºËö¬¬™ Ž™ā׬™āęɌ Ë öüºËĂĬ‚ ËÞÂËÄ ¤Úā™·Ä¬ºËöü©
ÞæËÞ귙Ãü ×Âüæ¢ C % Ë ¤ÚêŽËߏ¬ ǽǾÃÃɇ öüºËŏāËĉ ½‚º¬™Ú™Ã ‚ºÚü½ËöüÃɇ‚ºËö¬¬™
™ºË½Ë¤¬āÄüà ¬ Ž™ā׬™āÄüà ö ºËÄ悺¬™ ā •ā¬™Ã¬Ɍ

ā¬¢º¬ā¬¢º¬ êĬö™Úނ½Äüà ÃˏËö‚ĬËÃɇ ÃËĄ™ Žü ×Ëö¬™ÞāËĂ Ž™ā×Ëßڙ•Ä¬Ë Ă ¤Úā™·Ä¬º‚©ɇ

×ڂºæüāĬ™ º‚Ą•™¤Ë æü×êɌ CËĄ™Ãü æ™Ą öüºËÐ •½‚ V‚ÅÞæö‚ יÂę ËÞÂËÄü Ă º‚½ËÚü£™Úü
æ·Ɍ ā‚Þ‚Ĭ‚·‰™ ¤Úā™·Ä¬º Ĭ™ æü½ºË ā £ÚËÄæê ‚½™ æ™Ą ā ŽËºê ¬ ˕ ¤ÌÚü ×ËāËÞæ‚ö¬‚·‰ •ËÞæ¢× •Ë
æ™ÚÃËÞæ‚æÌö ¬ ËæöËÚÌö ˕×Ëö¬™æÚā‚·‰ü©Ɍ
~‚×™öĬ‚Ãü £‚©Ëö‰ ×Ëڂ•¢ ö öüŽËÚā™ ˕×Ëö¬™•Ä¬© ™½™Ã™ÄæÌö ÃËÄæ‚ĄËöü© ·‚º
¬ æڂÄÞ×ËÚæ Ëڂā ÃËÄæ‚Ą Ă æ™Ú™Ä¬™ ‚™¤Ë ºÚ‚·êɌ

]ā‚ÄËöĬ V‚ÅÞæöË ā‚×ڂÞā‚Ãü ÚÌöĬ™Ą •Ë ĂÞā™¤Ë Þº½™×ê ¬Äæ™ÚęæËö™¤Ë
öööɌÞº½™×ɬ×άêÚËɌ×½




M M
\ _e
= M ^ f Y öööɌ×άêÚËɌ×½





WM a
[Z `
P [ ` W ê½Ɍ ;Ëߏ¬êÞāº¬ ǽǾȀ ɒǽǿȂ ʹ ȁǼɬȀǿȅ sÚˏ‚ö
Ž¬êÚËʱ×άêÚËɌ×½

™½Ɍ ʐȀȄ ȃǽ ȃǿȁ ǿǾ ǿǾ ʹ ºËÃɌ ȂǼǾ ǿȄǾ ȀȁǾ
æ

D‚Þā‚ ĈÚ VC gYJ ·êĄ ˕ ö¬™½ê ½‚æ ā‚·Ã귙 Þ¬¢ ºËÃ×½™ºÞËöüà öü×ËނĄ™Ä¬™Ã
×Úā™•ÞāºË½¬ ¬ ÞāºÌ ö ËÞÂËÄü ¤Úā™·Ä¬ºËö™ɇ َ½™ Ž¬êÚËö™ ¬ Þˏ·‚½Ä™ ‚ 悺Ą™ º‚Ž¬Äü
ނĬæ‚ÚęɌ
VËā‚ ×Ú˕꺏·‰ ËÞÂËÄ ¤Úā™·Ä¬ºËöü© ×ËÞ¬‚•‚Ãü ÚÌöĬ™Ą ā™Þæ‚öü َ½¬ Ù悽Ëöü©
êāêיÂĬ‚·‰ æüà ނÃüà ˣ™Úæ¢ Ë Þā‚£º¬ Þā‚æĬËö™ ¬ Þˏ·‚½Ä™Ɍ

ā¬¢º¬ā¬¢º¬ •Ëßö¬‚•ā™Ä¬ê ·‚º¬™ ×ËÞ¬‚•‚Ãü Ăެ º½¬™Ä¬ öüڂĄ‚·‰ ÞöË·‰ ×Ëāüæüöĉ Ë׬Ĭ¢ ö

öüÞæ‚ö¬‚Äü© Ăà ڙ£™Ú™Ä·‚©Ɍ~‚×™öĬ‚Ãü £‚©Ëö‰ ×Ëڂ•¢ ö öüŽËÚā™
˕×Ëö¬™•Ä¬© ™½™Ã™ÄæÌö ÃËÄæ‚ĄËöü© ·‚º ¬ æڂÄÞ×ËÚæ Ëڂā ÃËÄæ‚Ą Ă æ™Ú™Ä¬™ ‚™¤Ë
ºÚ‚·êɌ



J]BJDy = VY~ ]~;J=. . ]~;KB


~‚Ž™ā׬™ā™Ä¬™ ¤Úā™·Ä¬ºÌö ˎê•Ëö‰ ā ×Âüæü •‚·™ יöÄËߐ ˏ©ÚËÄü ×Úā™• êڂā‚ì ·‚º¬™
ÃËĄ™ öüöË‚ ºËÄ悺æ ā æö‚Ú•üì ¬ ¤Ëډüì ™½™Ã™Äæ‚ì ¤Úā™öāüìɌ

süŽÌÚ öāËÚÌö ·‚º ¬ ºË½ËÚÌö ·™Þæ ÃËĄ½¬öü ā Þā™Ú˺¬™· ׂ½™æü ºæÌڂ ‚Âü ā‚Þ Þ¬¢ ×Ëö¬¢ºÞā‚Ɍ

]י·‚½Ä‚×™·‚½Ä‚ Ë£™Úæ‚ Þ‰ ËÞÂËÄü •½‚ •ā¬™¬ɇ ºæÌڙ ‰ā‰ ā‚Ž‚ö¢ ÚËāö¬·‚·‰‰ ê왷¢æÄËߏ¬
]
ÂÄꂽę ½ꏩ‚ɇ ā Ëā•ËŽÄüà ™½™Ã™Äæ™Ãɇ öāŽË¤‚‚·‰üà ‚Ú‚ÄĄ‚·™ ×Ëì™Þāā™Ä¬‚ ¬
ˤڂĬā‚·‰üà •ËÞæ¢× ĂÞāü© Ă·ÃÂ˕Þāü© •Ë Ĭ™Ž™ā׬™āę¤Ë •½‚ Ĭ© êÚā‰•ā™Ä¬‚Ɍ
sāËÚü މ 悺 ā‚×ÚË·™ºæËö‚Ä™ ‚Žü Ă·ÃÂ˕ެ ā™Úׂ½¬ ā Ĭ© ·‚º Ă·ö¬¢™· ā‚Ž‚öü ¬ ڂ•Ëߏ¬ɇ
‚ ×Úāü æüà ŽüÂü •½‚ Ĭ© ‚ºËö¬¬™ Ž™ā׬™āęɌ Ë öüºËĂĬ‚ ËÞÂËÄ ¤Úā™·Ä¬ºËöü©
ÞæËÞ귙Ãü ×Âüæ¢ C % Ë ¤ÚêŽËߏ¬ ǽǾÃÃɇ öüºËŏāËĉ ½‚º¬™Ú™Ã ‚ºÚü½ËöüÃɇ‚ºËö¬¬™
™ºË½Ë¤¬āÄüà ¬ Ž™ā׬™āÄüà ö ºËÄ悺¬™ ā •ā¬™Ã¬Ɍ

ā¬¢º¬ā¬¢º¬ êĬö™Úނ½Äüà ÃˏËö‚ĬËÃɇ ÃËĄ™ Žü ×Ëö¬™ÞāËĂ Ž™ā×Ëßڙ•Ä¬Ë Ă ¤Úā™·Ä¬º‚©ɇ

×ڂºæüāĬ™ º‚Ą•™¤Ë æü×êɌ CËĄ™Ãü æ™Ą öüºËÐ •½‚ V‚ÅÞæö‚ יÂę ËÞÂËÄü Ă º‚½ËÚü£™Úü
æ·Ɍ ā‚Þ‚Ĭ‚·‰™ ¤Úā™·Ä¬º Ĭ™ æü½ºË ā £ÚËÄæê ‚½™ æ™Ą ā ŽËºê ¬ ˕ ¤ÌÚü ×ËāËÞæ‚ö¬‚·‰ •ËÞæ¢× •Ë
æ™ÚÃËÞæ‚æÌö ¬ ËæöËÚÌö ˕×Ëö¬™æÚā‚·‰ü©Ɍ
~‚×™öĬ‚Ãü £‚©Ëö‰ ×Ëڂ•¢ ö öüŽËÚā™ ˕×Ëö¬™•Ä¬© ™½™Ã™ÄæÌö ÃËÄæ‚ĄËöü© ·‚º
¬ æڂÄÞ×ËÚæ Ëڂā ÃËÄæ‚Ą Ă æ™Ú™Ä¬™ ‚™¤Ë ºÚ‚·êɌ

]ā‚ÄËöĬ V‚ÅÞæöË ā‚×ڂÞā‚Ãü ÚÌöĬ™Ą •Ë ĂÞā™¤Ë Þº½™×ê ¬Äæ™ÚęæËö™¤Ë
öööɌÞº½™×ɬ×άêÚËɌ×½




M M
\ _e
= M ^ f Y öööɌ×άêÚËɌ×½





WM a
[Z `
P [ ` W ê½Ɍ ;Ëߏ¬êÞāº¬ ǽǾȀ ɒǽǿȂ ʹ ȁǼɬȀǿȅ sÚˏ‚ö
Ž¬êÚËʱ×άêÚËɌ×½

™½Ɍ ʐȀȄ ȃǽ ȃǿȁ ǿǾ ǿǾ ʹ ºËÃɌ ȂǼǾ ǿȄǾ ȀȁǾ
æ

2E REW^IN [MXV]RMI /EVSPOE TP GLGIQ] ^ETVI^IRXS[Eʉ ;EQ RMITS[XEV^EPRI TV^IHQMSX]
OXɸVI W[SMQ SV]KMREPR]Q M RMIXY^MROS[]Q []KPʇHIQ QSKʇ S^HSFMʉ RMINIHRS [RʙXV^I




; WTSWɹF W^G^IKɹPR] MRXIVIWYNIQ] WMʚ TVSNIOXEQM TV^I^REG^SR]QM HPE H^MIGM ;]OSRERI
TV^I^ REW ^EFE[OM PYF IPIQIRX] []WXVSNY TSOSNY H^MIGMʚGIKS [][SYNʈ Y˒QMIGL RE X[EV^EGL
H^MIGM E XEO˵I MGL VSH^MGɹ[

-RWTMVEGNI HS X[SV^IRME RS[]GL GMIOE[]GL TVSNIOXɹ[ G^IVTMIQ] [ OE˵H]Q QMINWGY
M [ OE˵H]Q G^EWMI [MʚG [ TV^]T][MI MRWTMVEGNM RE WXVSRMI TSNE[MEʊ WMʚ FʚHʈ ^HNʚGME RS[]GL
TSQ]Wɹ[ XEO˵I X]GL RMI HS OSʿGE ^[Mʈ^ER]GL ^ H^MIʊQM
>
>ETETVEW^EQ] HS VIKYPEVRIKS SH[MIH^ERME REW^IN WXVSR] MRXIVRIXS[IN E [ TV^]TEHOY
NEOMGLOSP[MIO T]XEʿ TVSWMQ] S OSRXEOX QEMPS[] RE EHVIW OEVSPOE$OEVSPOE TP ; XIR WTSWɹF
QS˵IGMI REQ TSQɹG [ YHSWOSREPIRMY REW^IN SJIVX] SVE^ WXVSR] MRXIVRIXS[IN

















































[[[ OEVSPOE TP



OEVSPOE$OEVSPOE TP

2E REW^IN [MXV]RMI /EVSPOE TP GLGIQ] ^ETVI^IRXS[Eʉ ;EQ RMITS[XEV^EPRI TV^IHQMSX]
OXɸVI W[SMQ SV]KMREPR]Q M RMIXY^MROS[]Q []KPʇHIQ QSKʇ S^HSFMʉ RMINIHRS [RʙXV^I




; WTSWɹF W^G^IKɹPR] MRXIVIWYNIQ] WMʚ TVSNIOXEQM TV^I^REG^SR]QM HPE H^MIGM ;]OSRERI
TV^I^ REW ^EFE[OM PYF IPIQIRX] []WXVSNY TSOSNY H^MIGMʚGIKS [][SYNʈ Y˒QMIGL RE X[EV^EGL
H^MIGM E XEO˵I MGL VSH^MGɹ[

-RWTMVEGNI HS X[SV^IRME RS[]GL GMIOE[]GL TVSNIOXɹ[ G^IVTMIQ] [ OE˵H]Q QMINWGY
M [ OE˵H]Q G^EWMI [MʚG [ TV^]T][MI MRWTMVEGNM RE WXVSRMI TSNE[MEʊ WMʚ FʚHʈ ^HNʚGME RS[]GL
TSQ]Wɹ[ XEO˵I X]GL RMI HS OSʿGE ^[Mʈ^ER]GL ^ H^MIʊQM
>
>ETETVEW^EQ] HS VIKYPEVRIKS SH[MIH^ERME REW^IN WXVSR] MRXIVRIXS[IN E [ TV^]TEHOY
NEOMGLOSP[MIO T]XEʿ TVSWMQ] S OSRXEOX QEMPS[] RE EHVIW OEVSPOE$OEVSPOE TP ; XIR WTSWɹF
QS˵IGMI REQ TSQɹG [ YHSWOSREPIRMY REW^IN SJIVX] SVE^ WXVSR] MRXIVRIXS[IN

















































[[[ OEVSPOE TP



OEVSPOE$OEVSPOE TP





/PSGOS[RME ĂÈG^] [ WSFMI ^EPIX] TPEGY ^EFE[ M GIRXVYQ IHYOEGNM W^G^IK¶PRMI
[ ^EOVIWMI VS^[MNERME OSQTIXIRGNM WTSĂIG^R]GL M [WT¶ĂH^MEĂERME X[¶VG^IKS Q]ęPIRME
TV^IWXV^IRRIKS PSKMOM []SFVEĸRM OSRGIRXVEGNM SVE^ QEĂIN M HYĺIN QSXSV]OM ; ^EFE[MI
OPSGOEQM H^MIGOS HSę[MEHG^E W[SMGL TMIV[W^]GL [ĂEWR]GL WYOGIW¶[ M SWMÈKRMÜÊ

IOWTIV]QIRXYNI TSTIĂRME FĂÜH] TV^] X]Q RMIę[MEHSQMI M RMIYWXERRMI WMÜ YG^ÈG
; /PSGOS[RM HENIQ] H^MIGMSQ HS H]WTS^]GNM OPSGOM YRMOEPR]GL OW^XEĂX¶[ V¶ĺRIN [MIPOSęGM

[MIPSVEOMIN WXVYOXYV] >SWXEĂ] SRI HSFVERI [ XEOM WTSW¶F EF] FE[MÊ WMÜ RMQM TV^I^ HĂYĺW^]
G^EW FI^ ^RYH^IRME [ĂEęGM[MI RMKH] RMI FYHYNÈG XIN WEQIN FYHS[PM H[E VE^]
3JIVXE HPE W^O·ă M TV^IHW^OSPM

7^YOEW^ TSQ]WĂY RE TV^ITVS[EH^IRMI OVIEX][R]GL ^ENÜÊ# 4V^]NHĸ ^ X[SNÈ KVYTÈ OPEWÈ
HS /PSGOS[RM M []OSV^]WXEN REW^I OPSGOM HS WX[SV^IRMI RMITS[XEV^EPR]GL ^ENÜÊ PIOGNM
Ê[MG^IRME QEĂIN QSXSV]OM OSRGIRXVEGNM TSHWXE[ QEXIQEX]OM Ŷ^]OM FMSPSKMM M GLIQMM PSKMOM
OVIEX][R]GL XIGLRMO XIEXVEPR]GL MXT (YĺS ^EPIĺ] SH 'MIFMI G^] H^MIGM TSOSGLENÈ XS G^IKS
YG^]W^ M NEO HEPIN FÜHE WMÜ VS^[MNEÊ 2MI ^QEVRYN XIN W^ERW] 2EW^ TIVWSRIP HSVEH^M 'M OX¶VÈ
WXVIJÜ []FVEÊ M NEO QSĺIW^ STX]QEPRMI ^SVKERM^S[EÊ ^ENÜGME


;EVW^E[E +EPIVME 6IRSZE TMÝXVS 4MSXVO·[ 8V]FYREPWOM +EPIVME *SGYW 1EPP
ZMW E ZMW ,ERIWYWLM TMÜXVS SFSO /MRE ,IPMSW
YP 6IQFMIPMĄWOE YP 7ĂS[EGOMIKS
;EVW^E[E 4MSXVO¶[ 8V]F
XIPIJSR XIPIJSR

I QEMP VIRSZE$OPSGOS[RME GSQ I QEMP TMSXVOS[$OPSGOS[RME GSQ










8IP
[[[ OPSGOS[RME GSQ





FMYVS$OPSGOS[RME GSQ

/PSGOS[RME ĂÈG^] [ WSFMI ^EPIX] TPEGY ^EFE[ M GIRXVYQ IHYOEGNM W^G^IK¶PRMI
[ ^EOVIWMI VS^[MNERME OSQTIXIRGNM WTSĂIG^R]GL M [WT¶ĂH^MEĂERME X[¶VG^IKS Q]ęPIRME
TV^IWXV^IRRIKS PSKMOM []SFVEĸRM OSRGIRXVEGNM SVE^ QEĂIN M HYĺIN QSXSV]OM ; ^EFE[MI
OPSGOEQM H^MIGOS HSę[MEHG^E W[SMGL TMIV[W^]GL [ĂEWR]GL WYOGIW¶[ M SWMÈKRMÜÊ

IOWTIV]QIRXYNI TSTIĂRME FĂÜH] TV^] X]Q RMIę[MEHSQMI M RMIYWXERRMI WMÜ YG^ÈG
; /PSGOS[RM HENIQ] H^MIGMSQ HS H]WTS^]GNM OPSGOM YRMOEPR]GL OW^XEĂX¶[ V¶ĺRIN [MIPOSęGM

[MIPSVEOMIN WXVYOXYV] >SWXEĂ] SRI HSFVERI [ XEOM WTSW¶F EF] FE[MÊ WMÜ RMQM TV^I^ HĂYĺW^]
G^EW FI^ ^RYH^IRME [ĂEęGM[MI RMKH] RMI FYHYNÈG XIN WEQIN FYHS[PM H[E VE^]
3JIVXE HPE W^O·ă M TV^IHW^OSPM

7^YOEW^ TSQ]WĂY RE TV^ITVS[EH^IRMI OVIEX][R]GL ^ENÜÊ# 4V^]NHĸ ^ X[SNÈ KVYTÈ OPEWÈ
HS /PSGOS[RM M []OSV^]WXEN REW^I OPSGOM HS WX[SV^IRMI RMITS[XEV^EPR]GL ^ENÜÊ PIOGNM
Ê[MG^IRME QEĂIN QSXSV]OM OSRGIRXVEGNM TSHWXE[ QEXIQEX]OM Ŷ^]OM FMSPSKMM M GLIQMM PSKMOM
OVIEX][R]GL XIGLRMO XIEXVEPR]GL MXT (YĺS ^EPIĺ] SH 'MIFMI G^] H^MIGM TSOSGLENÈ XS G^IKS
YG^]W^ M NEO HEPIN FÜHE WMÜ VS^[MNEÊ 2MI ^QEVRYN XIN W^ERW] 2EW^ TIVWSRIP HSVEH^M 'M OX¶VÈ
WXVIJÜ []FVEÊ M NEO QSĺIW^ STX]QEPRMI ^SVKERM^S[EÊ ^ENÜGME


;EVW^E[E +EPIVME 6IRSZE TMÝXVS 4MSXVO·[ 8V]FYREPWOM +EPIVME *SGYW 1EPP
ZMW E ZMW ,ERIWYWLM TMÜXVS SFSO /MRE ,IPMSW
YP 6IQFMIPMĄWOE YP 7ĂS[EGOMIKS
;EVW^E[E 4MSXVO¶[ 8V]F
XIPIJSR XIPIJSR

I QEMP VIRSZE$OPSGOS[RME GSQ I QEMP TMSXVOS[$OPSGOS[RME GSQ










8IP
[[[ OPSGOS[RME GSQ





FMYVS$OPSGOS[RME GSQ

3°ñē Ñ ñÝ°ã÷ĖÄȤ ÜüèôÄ ñçüôĖÄ»þÛļÑÄȩ



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





B. 4H]



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




3 BZ H]-8.4




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




B838 BE] H]-8.4



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




48X8I
3°ñ° øđÑ°ü° ÀÝ° ÀĖÑļÑ













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

3°ñē Ñ ñÝ°ã÷ĖÄȤ ÜüèôÄ ñçüôĖÄ»þÛļÑÄȩ



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





B. 4H]



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




3 BZ H]-8.4




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




B838 BE] H]-8.4



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




48X8I
3°ñ° øđÑ°ü° ÀÝ° ÀĖÑļÑ













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

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



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




















L .# #4L E -LZX4 ȴ 3N.L#3 #




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

4çđçø½ȫ
















.8 NHZ















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

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



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




















L .# #4L E -LZX4 ȴ 3N.L#3 #




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

4çđçø½ȫ
















.8 NHZ















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

8]POS SV]KMREPRI YFVEROE ^ FENIO


7TVE[ EF] 8[SNE TSGMIGLE TSG^YE WMI []NʈXOS[S NY˵ H^M˒







2EN[E˴RMINW^E NIWX GSH^MIRRE VEHSˑʉ 8[SNIKS (^MIGOE




(FENʈG GSH^MIRRMI S 2EW^I 4SGMIGL] GLGIQ] EF] ^E[W^I []KPʈHE] []NʈXOS[S M EF] G^Y] WMʚ []NʈXOS[S (PEXIKS ^ Q]˒Pʈ S RMGL WX[SV^]PM˒Q] WOPIT
[[[ YFMIVENH^MIGOS TP OXɹV] WTVE[ME ˵I ;EW^I H^MIGM FʚHʈ ^E[W^I SV]KMREPRMI M WX]PS[S YFVERI TSTV^I^ W^IVSOM []FɹV PMGIRGNSRS[ERIKS EWSVX]QIRXY
[ REW^]Q WOPITMI 9 REW YFMIV^IW^ W[SNI 4SGMIGL] SH HS VSOY ˵]GME []FMIVENʈG YFVERME ^ YPYFMSR]QM FSLEXIVEQM TVSWXS ^ FENOM

(SOEHEQ] [W^IPOMGL WXEVEʿ EF] ^EQɹ[MIRME F]] VIEPM^S[ERI F]WOE[MG^RMI E SJIVS[ER] XS[EV F] REN[]˵W^IN NEOS˒GM (^MʚOM ^EERKE˵S[ERMY REW^]GL
JEGLS[Gɹ[ OXɹV^] GLʚXRMI YH^MIPENʈ TSVEH ^EOYT] [ REW^]Q WOPITMI MRXIVRIXS[]Q WXENʈ WMʚ G^]WXʈ TV^]NIQRS˒GMʈ


9FVERME OXɹVI 4EʿWX[Y TVSTSRYNIQ] Wʈ SV]KMREPRI SVE^ []Vɹ˵RMENʈ WMʚ YRMOEPR]Q WX]PIQ M NEOS˒GMʈ NEO ^ FENOM H^MʚOM
G^IQY 8[SNI H^MIGOS ^E[W^I FʚH^MI []KPʈHES QSHRMI WX]PS[S E GS REN[E˵RMINW^I []NʈXOS[S .IWXI˒Q] TV^IOSRERM
˵I OE˵H] ^ 4EʿWX[E ^RENH^MI GS˒ HPE W[SNIKS H^MIGOE > REQM [W^]WXOMI 4EʿWX[E TSGMIGL] FʚHʈ []NʈXOS[I


















































7IVHIG^RMI ^ETVEW^EQ] HS 2EW^IKS WOPITY M ˵]G^]Q] YHER]GL ^EOYTɹ[
>IWTɹ 7OPITY [[[ YFMIVENH^MIGOS TP

8]POS SV]KMREPRI YFVEROE ^ FENIO


7TVE[ EF] 8[SNE TSGMIGLE TSG^YE WMI []NʈXOS[S NY˵ H^M˒







2EN[E˴RMINW^E NIWX GSH^MIRRE VEHSˑʉ 8[SNIKS (^MIGOE




(FENʈG GSH^MIRRMI S 2EW^I 4SGMIGL] GLGIQ] EF] ^E[W^I []KPʈHE] []NʈXOS[S M EF] G^Y] WMʚ []NʈXOS[S (PEXIKS ^ Q]˒Pʈ S RMGL WX[SV^]PM˒Q] WOPIT
[[[ YFMIVENH^MIGOS TP OXɹV] WTVE[ME ˵I ;EW^I H^MIGM FʚHʈ ^E[W^I SV]KMREPRMI M WX]PS[S YFVERI TSTV^I^ W^IVSOM []FɹV PMGIRGNSRS[ERIKS EWSVX]QIRXY
[ REW^]Q WOPITMI 9 REW YFMIV^IW^ W[SNI 4SGMIGL] SH HS VSOY ˵]GME []FMIVENʈG YFVERME ^ YPYFMSR]QM FSLEXIVEQM TVSWXS ^ FENOM

(SOEHEQ] [W^IPOMGL WXEVEʿ EF] ^EQɹ[MIRME F]] VIEPM^S[ERI F]WOE[MG^RMI E SJIVS[ER] XS[EV F] REN[]˵W^IN NEOS˒GM (^MʚOM ^EERKE˵S[ERMY REW^]GL
JEGLS[Gɹ[ OXɹV^] GLʚXRMI YH^MIPENʈ TSVEH ^EOYT] [ REW^]Q WOPITMI MRXIVRIXS[]Q WXENʈ WMʚ G^]WXʈ TV^]NIQRS˒GMʈ


9FVERME OXɹVI 4EʿWX[Y TVSTSRYNIQ] Wʈ SV]KMREPRI SVE^ []Vɹ˵RMENʈ WMʚ YRMOEPR]Q WX]PIQ M NEOS˒GMʈ NEO ^ FENOM H^MʚOM
G^IQY 8[SNI H^MIGOS ^E[W^I FʚH^MI []KPʈHES QSHRMI WX]PS[S E GS REN[E˵RMINW^I []NʈXOS[S .IWXI˒Q] TV^IOSRERM
˵I OE˵H] ^ 4EʿWX[E ^RENH^MI GS˒ HPE W[SNIKS H^MIGOE > REQM [W^]WXOMI 4EʿWX[E TSGMIGL] FʚHʈ []NʈXOS[I


















































7IVHIG^RMI ^ETVEW^EQ] HS 2EW^IKS WOPITY M ˵]G^]Q] YHER]GL ^EOYTɹ[
>IWTɹ 7OPITY [[[ YFMIVENH^MIGOS TP

4EXIRX RE WTEGIV ^ H[ɸNOʇ QEPYGLɸ[











































































>%1ɝ; 8)6%> (378%;/ʘ (0% 7;3.)+3 (>-)'/%
GMIW^ WMʚ W[SFSHR]Q M FI^WXVIWS[]Q WTEGIVIQ

4EXIRX RE WTEGIV ^ H[ɸNOʇ QEPYGLɸ[











































































>%1ɝ; 8)6%> (378%;/ʘ (0% 7;3.)+3 (>-)'/%
GMIW^ WMʚ W[SFSHR]Q M FI^WXVIWS[]Q WTEGIVIQ

.IWXIęQ] RMI^EPIĺR]Q FVERHIQ SH^MIĺS[]Q 7XE[MEQ] RE NEOSęÊ QEXIVMEö[
[]OSĄG^IRME M V¶ĺRSVSHRSęÊ [^SV¶[ ;MIV^]Q] TV^] X]Q ĺI HSFVE SH^MIĺ RMI

QYWM F]Ê HVSKE HPEXIKS WXEVEQ] WMÜ YXV^]QEÊ NEO RENPITW^] WXSWYRIO NEOSęGM
HS GIR] 4VSNIOX OSV^]WXE []ĂÈG^RMI ^I ęVSHO¶[ M WYVS[G¶[ HSWXÜTR]GL

[ 4SPWGI E [ W^G^IK¶PRSęGM [SNI[¶H^X[E /YNE[WOS 4SQSVWOMIKS

*VIIWLMSR NIWX EPXIVREX][È HPE ^HSQMRS[ERIKS TV^I^ OSVTSVEGNI

M GLMĄW^G^]^RÜ OVENS[IKS V]ROY SH^MIĺS[IKS

7^]NIQ] []ĂÈG^RMI YRMOEPRI OV¶XOMI WIVMI M G^ÜWXS ^QMIRMEQ] [^SV]

;W^]WXOS TS XS F] REW^E SH^MIĺ TS^SWXEĂE []NÈXOS[E


2EW^I [^SV] M OSPSV]WX]OE RE[MÈ^YNÈ HS RENPITW^]GL XVIRH¶[ QSH]
IYVSTINWOMIN TV^] ^EGLS[ERMY RENPITW^IN NEOSęGM []OSRERME





























>ETVEW^EQ] HS ^EOYT·[ M [WT·ăTVEG]











[[[ JVIIWLMSR TP


FEVXIO$JVIIWLMSR TP

.IWXIęQ] RMI^EPIĺR]Q FVERHIQ SH^MIĺS[]Q 7XE[MEQ] RE NEOSęÊ QEXIVMEö[
[]OSĄG^IRME M V¶ĺRSVSHRSęÊ [^SV¶[ ;MIV^]Q] TV^] X]Q ĺI HSFVE SH^MIĺ RMI

QYWM F]Ê HVSKE HPEXIKS WXEVEQ] WMÜ YXV^]QEÊ NEO RENPITW^] WXSWYRIO NEOSęGM
HS GIR] 4VSNIOX OSV^]WXE []ĂÈG^RMI ^I ęVSHO¶[ M WYVS[G¶[ HSWXÜTR]GL

[ 4SPWGI E [ W^G^IK¶PRSęGM [SNI[¶H^X[E /YNE[WOS 4SQSVWOMIKS

*VIIWLMSR NIWX EPXIVREX][È HPE ^HSQMRS[ERIKS TV^I^ OSVTSVEGNI

M GLMĄW^G^]^RÜ OVENS[IKS V]ROY SH^MIĺS[IKS

7^]NIQ] []ĂÈG^RMI YRMOEPRI OV¶XOMI WIVMI M G^ÜWXS ^QMIRMEQ] [^SV]

;W^]WXOS TS XS F] REW^E SH^MIĺ TS^SWXEĂE []NÈXOS[E


2EW^I [^SV] M OSPSV]WX]OE RE[MÈ^YNÈ HS RENPITW^]GL XVIRH¶[ QSH]
IYVSTINWOMIN TV^] ^EGLS[ERMY RENPITW^IN NEOSęGM []OSRERME





























>ETVEW^EQ] HS ^EOYT·[ M [WT·ăTVEG]











[[[ JVIIWLMSR TP


FEVXIO$JVIIWLMSR TP

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






388W E üç đÑÄÝçÜôçüãÑÄ ã°Îô°ÀĖ°ãÄȤ đē÷çÜÑÄÛ Û°Üçø¼Ñ ÀôÄđã°ÑãÄ
Ė°»°đÜÑȤ ÜüèôÄ Ė°ñÄđãÑ· ôçĖđèÛ ÄÀþÜ°¼ēÛãē çô°Ė ÷ñçáļĖãēȩ

,Ä÷ü ôèđãÑÄĖ ãÑÄĖ»ÌÀãē đ ôçĖđçÛþ þâÑÄÛÌüãçø¼Ñ
ÜççôÀēã°¼ēÛãçɎâçüçôē¼Ėãēâȩ

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























































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

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






388W E üç đÑÄÝçÜôçüãÑÄ ã°Îô°ÀĖ°ãÄȤ đē÷çÜÑÄÛ Û°Üçø¼Ñ ÀôÄđã°ÑãÄ
Ė°»°đÜÑȤ ÜüèôÄ Ė°ñÄđãÑ· ôçĖđèÛ ÄÀþÜ°¼ēÛãē çô°Ė ÷ñçáļĖãēȩ

,Ä÷ü ôèđãÑÄĖ ãÑÄĖ»ÌÀãē đ ôçĖđçÛþ þâÑÄÛÌüãçø¼Ñ
ÜççôÀēã°¼ēÛãçɎâçüçôē¼Ėãēâȩ

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























































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





























1$6=( 35(0,(5<



,JQDÐ .LWHN DUFKLWHNW

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV

3U]H]DEDZQD L QLHSRNRUQD NVLÃ×ND

9Ü«ˆĂ¹« ôØãÊύ«Êô— ¼«ã—؁¹Ê R UHDOL]RZDQLX VZRLFK SDVML ZEUHZ
SU]HFLZQRÐFLRP



« Õ« ¹Ã«— «¼èÜãØÊôÃ— =É




5µ]LD 5HZHOND LQ×\QLHUND

1DV]H Z\GDZQLFWZR VSHFMDOL]XMH VLÇ Z VWDUDQQ\P GRERU]H RIHUW\ L SURSRQXMH $QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
URG]LFRP L G]LHFLRP Z\VRNLHM MDNRÐFL NVLÃ×NL ]DUµZQR ZDUWRÐFLRZH OLWHUDFNR =DEDZQD L PÃGUD RSRZLHÐÅ R
MDN L SLÇNQLH LOXVWURZDQH 7R ìSLFWXUHERRNVë å NVLÃ×NL Z NWµU\FK WHNVW L REUD] UHDOL]RZDQLX SDVML L QLH]UD×DQLX

ZVSµÊJUDMà ]H VREà WZRU]ÃF XQLNDOQà MDNRÐÅ NWµUHM QLH GDÊRE\ VLÇ RVLÃJQÃÅ EH] VLÇ QLHSRZRG]HQLDPL
KDUPRQLL PLÇG]\ QLPL 6Ã WR SXEOLNDFMH GOD Z\PDJDMÃF\FK å SRXF]DMÃFD
L MHGQRF]HÐQLH HNVF\WXMÃFD OLWHUDWXUD G]LHFLÇFD =É








7HN 1RZRF]HVQ\ MDVNLQLRZLHF

3DWULFN 0F'RQQHOO


=DEDZQ\ VSRVµE PµZLHQLD R ]QDF]HQLX Z\ÊÃF]HQLD
RWDF]DMÃF\FK QDV XU]ÃG]HÌ L FLHV]HQLD VLÇ XURNDPL
SLÇNQHJR ÐZLDWD GRRNRÊD






$GD %DPELQL 1DXNRZF]\QL

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV


=$32:,('Ô





#.LQGHUNXOND




:6=<67.,( .6,ÂÖ., '267Æ31( 1$ ::: .,1'(5.8/.$ 3/


Click to View FlipBook Version