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, 2018-12-14 06:06:03

MP MDR Dystrybucja

52= * 5<:.$ = +8025(0



















































0'5 '\VWU\EXFMD 6S ] R R 6S N

XO 0HLVVQHUD ORN ZZZ PGUJU\ SO
:DUV]DZD ELXUR#PGUG\VWU\EXFMD SO

0RW\O XU]ÆG]Lô NRWX V]DORQ\ UDMG SR ôÆFH :\WÖĥ ]P\Vô
REVHUZDFML SU]HĊOHGģ GURJÖ PRW\OD L ZVNDĥ QD F]\P
XVLÆG]LH .U]\F] Ʈ0RW\OD QRJD ƭ JG\ ]REDF]\V] ĥH NRW
]ôDSDô PRW\OD 027</$ 12*$ WR JUD GOD FDôHM URG]LQ\
OLF]Æ VLÖ Z QLHM UHIOHNV L VSRVWU]HJDZF]RĊÈ

&HQD ]ô














5REDF]NL RSDQRZDô\ SRGZ´UNR L EDZLÆ VLÖ ] NXUNÆ Z
FLXFLXEDENÖ 7DN GDOHM E\È QLH PRĥH 3RP´ĥ NXUFH
Z\ôDSDÈ UREDF]NL ER VDPD VRELH QLH UDG]L
: RGSRZLHGQLP PRPHQFLH NU]\F] Ʈ.XU]D VWRSD ƭ
DE\ ]JDUQÆÈ MH ZV]\VWNLH ]H VWRôX .85=$ 6723$ WR
JUD GOD FDôHM URG]LQ\ OLF]Æ VLÖ Z QLHM UHIOHNV
L VSRVWU]HJDZF]RĊÈ

&HQD ]ô












3LôND PLVND SRGXV]ND VNDUSHWD L NDSFLH
5R]SRF]ÖôR VLÖ QLH]Z\NôH SRORZDQLH QD SVLH VNDUE\

:VNDĥ SVD NW´U\ MHVW QDMV]\EV]\ L Z QDJURGÖ
]GRE\ZDM SXQNW\ .U]\F] Ʈ3VLD NRĊÈ ƭ JG\ ]REDF]\V]
SVD ] NRĊFLÆ L Z\JUDM JUÖ 36,$ .2ĉÇ WR JUD GOD FDôHM
URG]LQ\ OLF]Æ VLÖ Z QLHM UHIOHNV L VSRVWU]HJDZF]RĊÈ
&HQD ]ô


XZDJD VSHFMDOQD SURPRFMD QD KDVôR 0/(&=.2 SLHUZV]H

3VLD NRĊÈ .XU]D VWRSD L 0RW\OD QRJD WR JU\ NW´UH XF]Æ NRQFHQWUDFML ÈZLF]Æ UHIOHNV 3U]HGV]NROL RWU]\PD ]HVWDZ JLHU
L VSRVWU]HJDZF]RĊÈ 'RGDWNRZR SU]\F]\QLDMÆ VLÖ GR SRJôÖELDQLD UHODFML URG]LQQ\FK RUD] :Hģ XG]LDô Z UR]GDQLX L Z\JUDM ]H ]HVWDZ´Z JLHU QD UHIOHNV L VSRVWU]HJDZF]RĊÈ ] U\VXQNDPL
SR]\W\ZQLH ZSô\ZDMÆ QD LQWHJUDFMÖ ] U´ZLHĊQLNDPL $QGU]HMD 0OHF]NL : ]HVWDZLH ]QDMGXMÆ VLÖ JU\ 3VLD NRĊÈ .XU]D VWRSD L 0RW\OD QRJD =DVDG\
VÆ G]LHFLQQLH SURVWH Z\ĊOLM PDLOD QD DGUHV ELXUR#PGUG\VWU\EXFMD SO QDSLV] VNÆG PDV] LQIRUPDFMÖ
R DNFML L ]JôRĊ VZRMH 3U]HGV]NROH : ZLDGRPRĊFL SRGDMFLH KDVôR 0OHF]NR 3URPRFMD WUZD RG
GR Z\JU\ZD SLHUZV]\FK ]JôRV]Hö RG 3U]HGV]NROL

0RW\O XU]ÆG]Lô NRWX V]DORQ\ UDMG SR ôÆFH :\WÖĥ ]P\Vô
REVHUZDFML SU]HĊOHGģ GURJÖ PRW\OD L ZVNDĥ QD F]\P
XVLÆG]LH .U]\F] Ʈ0RW\OD QRJD ƭ JG\ ]REDF]\V] ĥH NRW
]ôDSDô PRW\OD 027</$ 12*$ WR JUD GOD FDôHM URG]LQ\
OLF]Æ VLÖ Z QLHM UHIOHNV L VSRVWU]HJDZF]RĊÈ

&HQD ]ô














5REDF]NL RSDQRZDô\ SRGZ´UNR L EDZLÆ VLÖ ] NXUNÆ Z
FLXFLXEDENÖ 7DN GDOHM E\È QLH PRĥH 3RP´ĥ NXUFH
Z\ôDSDÈ UREDF]NL ER VDPD VRELH QLH UDG]L
: RGSRZLHGQLP PRPHQFLH NU]\F] Ʈ.XU]D VWRSD ƭ
DE\ ]JDUQÆÈ MH ZV]\VWNLH ]H VWRôX .85=$ 6723$ WR
JUD GOD FDôHM URG]LQ\ OLF]Æ VLÖ Z QLHM UHIOHNV
L VSRVWU]HJDZF]RĊÈ

&HQD ]ô












3LôND PLVND SRGXV]ND VNDUSHWD L NDSFLH
5R]SRF]ÖôR VLÖ QLH]Z\NôH SRORZDQLH QD SVLH VNDUE\

:VNDĥ SVD NW´U\ MHVW QDMV]\EV]\ L Z QDJURGÖ
]GRE\ZDM SXQNW\ .U]\F] Ʈ3VLD NRĊÈ ƭ JG\ ]REDF]\V]
SVD ] NRĊFLÆ L Z\JUDM JUÖ 36,$ .2ĉÇ WR JUD GOD FDôHM
URG]LQ\ OLF]Æ VLÖ Z QLHM UHIOHNV L VSRVWU]HJDZF]RĊÈ
&HQD ]ô


XZDJD VSHFMDOQD SURPRFMD QD KDVôR 0/(&=.2 SLHUZV]H

3VLD NRĊÈ .XU]D VWRSD L 0RW\OD QRJD WR JU\ NW´UH XF]Æ NRQFHQWUDFML ÈZLF]Æ UHIOHNV 3U]HGV]NROL RWU]\PD ]HVWDZ JLHU
L VSRVWU]HJDZF]RĊÈ 'RGDWNRZR SU]\F]\QLDMÆ VLÖ GR SRJôÖELDQLD UHODFML URG]LQQ\FK RUD] :Hģ XG]LDô Z UR]GDQLX L Z\JUDM ]H ]HVWDZ´Z JLHU QD UHIOHNV L VSRVWU]HJDZF]RĊÈ ] U\VXQNDPL
SR]\W\ZQLH ZSô\ZDMÆ QD LQWHJUDFMÖ ] U´ZLHĊQLNDPL $QGU]HMD 0OHF]NL : ]HVWDZLH ]QDMGXMÆ VLÖ JU\ 3VLD NRĊÈ .XU]D VWRSD L 0RW\OD QRJD =DVDG\
VÆ G]LHFLQQLH SURVWH Z\ĊOLM PDLOD QD DGUHV ELXUR#PGUG\VWU\EXFMD SO QDSLV] VNÆG PDV] LQIRUPDFMÖ
R DNFML L ]JôRĊ VZRMH 3U]HGV]NROH : ZLDGRPRĊFL SRGDMFLH KDVôR 0OHF]NR 3URPRFMD WUZD RG
GR Z\JU\ZD SLHUZV]\FK ]JôRV]Hö RG 3U]HGV]NROL

02'/,7:< 6.5=$7$ , -(*2 %5$7$
0RGOLWZ\ VNU]DWD L MHJR EUDWD WR SLÇNQLH LOXVWURZDQD NVLÃ×ND ]DZLHUDMÃFD GZDG]LHÐFLD
F]WHU\ PRGOLWZ\ G]LHFLÇFH SLVDQH ZLHUV]HP 2EUD]\ L WHNVW\ SRGNUHÐODMÃ MDN ZD×QH GOD
F]ÊRZLHND VÃ ZLÇ]L URG]LQQH XF]Ã MDN QDOH×\ ]DFKRZ\ZDÅ VLÇ ZREHF GUXJLHJR
:\GDZQLFWZR $UFKLGLHFH]ML /XEHOVNLHM *DXGLXP SRVLDGD SRQDG OHWQLH GRÐZLDGF]HQLH Z EUDQ×\ Z\GDZQLF]R F]ÊRZLHND E\ ×\Å ]JRGQLH ] (ZDQJHOLÃ SRND]XMÃ SUDZGÇ R W\P ×H %µJ GDÊ
SROLJUDĆF]QHM =DMPXMH VLÇ Z\GDZDQLHP L G\VWU\EXFMà SXEOLNDFML R FKDUDNWHU]H UHOLJLMQ\P WM NVLÃ×HN SRGUÇF]QLNµZ F]ÊRZLHNRZL Z GDU]H SLÇNQ\ ÐZLDW R NWµU\ WU]HED VLÇ WURV]F]\Å
GR QDXNL UHOLJLL SRPRF\ NDWHFKHW\F]Q\FK P LQ NVLÃ×HN L NRORURZDQHN GOD G]LHFL 3RQDGWR Z\GDMH SU]HZRGQLNL &HQD ]Ê
DOEXP\ L LQQH SXEOLNDFMH SU]HGVWDZLDMÃFH SLÇNQR V]WXNL VDNUDOQHM Z DUFKLGLHFH]ML OXEHOVNLHM .VLÃ×NL ì*DXGLXPë
]GRE\ZDMÃ SUHVWL×RZH QDJURG\ P LQ )(1,.6 L Z NDWHJRULL OLWHUDFNLHM
:(62É( 35=<*2'< $0(/., &=
: :\GDZQLFWZR SLHOÇJQXMH UHODFMH ] DXWRUDPL SDUWQHUDPL EL]QHVRZ\PL L NOLHQWDPL :VSµÊSUDFXMH ]H
ÐURGRZLVNLHP DNDGHPLFNLP P LQ .DWROLFNL 8QLZHUV\WHW /XEHOVNL 8QLZHUV\WHW 0DULL &XULH 0LQÇÊ\ ZDNDFMH $PHOND L 7DWLDQND UR]SRF]\QDMÃ QDXNÇ Z F]ZDUWHM NODVLH
3U]\MDFLµÊNL Và QLHUR]ÊÃF]QH 5D]HP FKRG]à GR V]NRÊ\ L ] QLHM ZUDFDMà VLHG]à Z
6NÊRGRZVNLHM 8QLZHUV\WHW 0HG\F]Q\ Z /XEOLQLH L F]DVRSLVPDPL RSLQLRWZµUF]\PL UµZQLH× Z ZHUVML MHGQHM ÊDZFH UµZQLH× SRSRÊXGQLD VSÇG]DMÃ QD ZVSµOQ\FK ]DEDZDFK 2ELH VÃ
HOHNWURQLF]QHM QS HNDL SO OXEOLQ JRVF SO RSRND RUJ SO DNFHQWSLVPR SO $QJD×XMH VLÇ Z DNFMH R
FKDUDNWHU]H SURVSRÊHF]Q\P :VSLHUD V]NRÊ\ SU]HGV]NROD L IXQGDFMH SURPXMÃFH /XEOLQ L /XEHOV]F]\]QÇ VRELH RGGDQH L QLH]DZRGQH : WUXGQ\FK V\WXDFMDFK ]DZV]H VLÇ ZVSLHUDMÃ
RUD] WDOHQW\ DUW\VW\F]QH QS 6SRWNDQLD WHDWUDOQH =ZLHUFLDGÊD 6NU]\SFRZH VSRWNDQLD 8F]HVWQLF]\ Z SRFLHV]DMÃ L PRJÃ QD VLHELH OLF]\Å
×\FLX VSRÊHF]QRÐFL ORNDOQHM SRSU]H] SDUW\F\SDFMÇ Z Uµ×QHJR URG]DMX IHVWLZDODFK L NRQNXUVDFK QS &HQD ]Ê

))HVWLZDO 7U]HFK .XOWXU .RQNXUV ZLHG]\ ELEOLMQHM


.2/252:$1.$ = 1$./(-.$0, Ï: )$867<1$
,'=,(0< '2 .2Ï&,2É$ 0•- 3,(5:6=< 06=$/,.
ÏZLÇWD )DXVW\QD .RZDOVND .VLÃ×HF]ND GR NRORURZDQLD SU]HGVWDZLD MÇ]\NLHP : NVLÃ×FH ]QDMGXMH VLÇ RSLV OLWXUJLL 0V]\ ÐZ NWµUD ]RVWDÊD RSLVDQD Z VSRVµE
SU]\VWÇSQ\P GOD G]LHFL VFHQ\ ] ×\FLD ÐZLÇWHM ]DNRQQLF\ L PLVW\F]NL ,OXVWUDFMRP ]UR]XPLDÊ\ GOD PDÊHJR G]LHFND =QDMGXMÃ VLÇ Z QLHM NRORURZH REUD]NL
WRZDU]\V]Ã NUµWNLH WHNVW\ QD MHM WHPDW
&HQD ]Ê
&HQD ]Ê



-$1 3$:(É ,, 5<&(5= .5•/2:(- 1,(%$ '(7(.7<: 0$502/$7.$
-DQ 3DZHÊ ,, å U\FHU] .UµORZHM 1LHED WR KLVWRULD ×\FLD .DUROD :RMW\Ê\ å ZLHONLHJR 'HWHNW\Z 0DUPRODWND WR V\PSDW\F]Q\ L QLH]Z\NÊ\ VNU]DW NWµU\ XZLHOELD KHUEDWÇ
3RODND L ÐZLÇWHJR SDSLH×D -DQD 3DZÊD ,, RSRZLHG]LDQD ZLHUV]HP L EDUZQ\PL ] VXV]RQ\FK OLÐFL SR]LRPHN PLHV]ND Z G]LXSOL RJURPQHJR GU]HZD L PD EDUG]R ZLHOX
LOXVWUDFMDPL 5\PRZDQ\ WHNVW ÊDWZR ZSDGD Z XFKR JÊÇERNLH WUHÐFL ]DSDGDMà SU]\MDFLµÊ &KÇWQLH SRPDJD UR]ZLNÊDÅ QDMEDUG]LHM VNRPSOLNRZDQH ]DJDGNL
Z VHUFH D VSRVµE SU]HGVWDZLHQLD ÏZLÇWHJR ]DFKÇFD GR REUDQLD JR ]D Z]µU GR =H VZRLP F]HUZRQ\P QRWHVLNLHP ZLHONÃ OXSÃ L RWZDUW\P VHUFHP SURZDG]L
QDÐODGRZDQLD Z ×\FLX ÐOHG]WZR WDN GÊXJR D× XGD PX VLÇ GRWU]HÅ GR SUDZG\

&HQD ]Ê &HQD ]Ê

&=(.$0< 1$ 3$1$ -(=86$
'=,(&, = )$7,0<
.VLÃ×ND GOD G]LHFL ì&]HNDP\ QD 3DQD -H]XVDë VÊX×\ SU]\JRWRZDQLX GR 3LHUZV]HM
.VLÃ×ND SU]H]QDF]RQD GOD QDMPÊRGV]\FK F]\WHOQLNµZ RSRZLDGD KLVWRULÇ .RPXQLL ÏZLÇWHM 0D QD FHOX SU]\EOL×HQLH QDMZD×QLHMV]\FK NZHVWLL GRW\F]ÃF\FK
NWµUD Z\GDU]\ÊD VLÇ VWR ODW WHPX 7UµMND SRUWXJDOVNLFK G]LHFL )UDQFLV]HN VDNUDPHQWX SRNXW\ L SRMHGQDQLD RUD] (XFKDU\VWLL 3RVLDGD DWUDNF\MQÃ IRUPÇ NRORURZÃ
+LDF\QWD L ÉXFMD VSRWNDÊD VLÇ ] 0DU\Mà Z QLH]Z\NÊ\FK RNROLF]QRÐFLDFK 0DWND JUDĆNÇ NRORURZDQNL UHEXV\ ODELU\QW\ NU]\×µZNL ÊDPLJʵZNL UR]ZLMDMÃFH Z\REUDÕQLÇ
%R×D ]DSURVLÊD G]LHFL GR JRUOLZHM PRGOLWZ\ QD Uµ×DÌFX L GR ×\FLD Z ÐZLÇWRÐFL VSRVWU]HJDZF]RÐÅ NUHDW\ZQRÐÅ L ]GROQRÐÅ ORJLF]QHJR P\ÐOHQLD

&HQD ]Ê &HQD ]Ê








:\GDZQLFWZR $UFKLGLHFH]ML /XEHOVNLHM ì*DXGLXPë 6HNUHWDULDW .VLÇJDUQLD
XO 2JURGRZD /XEOLQ WHO ID[ WHO WHO ZZZ JDXGLXP SO
WHO ID[ VHNUHWDULDW#JDXGLXP SO NVLHJDUQLD#JDXGLXP SO
Z\GDZQLFWZR#JDXGLXP SO

02'/,7:< 6.5=$7$ , -(*2 %5$7$
0RGOLWZ\ VNU]DWD L MHJR EUDWD WR SLÇNQLH LOXVWURZDQD NVLÃ×ND ]DZLHUDMÃFD GZDG]LHÐFLD
F]WHU\ PRGOLWZ\ G]LHFLÇFH SLVDQH ZLHUV]HP 2EUD]\ L WHNVW\ SRGNUHÐODMÃ MDN ZD×QH GOD
F]ÊRZLHND VÃ ZLÇ]L URG]LQQH XF]Ã MDN QDOH×\ ]DFKRZ\ZDÅ VLÇ ZREHF GUXJLHJR
:\GDZQLFWZR $UFKLGLHFH]ML /XEHOVNLHM *DXGLXP SRVLDGD SRQDG OHWQLH GRÐZLDGF]HQLH Z EUDQ×\ Z\GDZQLF]R F]ÊRZLHND E\ ×\Å ]JRGQLH ] (ZDQJHOLÃ SRND]XMÃ SUDZGÇ R W\P ×H %µJ GDÊ
SROLJUDĆF]QHM =DMPXMH VLÇ Z\GDZDQLHP L G\VWU\EXFMà SXEOLNDFML R FKDUDNWHU]H UHOLJLMQ\P WM NVLÃ×HN SRGUÇF]QLNµZ F]ÊRZLHNRZL Z GDU]H SLÇNQ\ ÐZLDW R NWµU\ WU]HED VLÇ WURV]F]\Å
GR QDXNL UHOLJLL SRPRF\ NDWHFKHW\F]Q\FK P LQ NVLÃ×HN L NRORURZDQHN GOD G]LHFL 3RQDGWR Z\GDMH SU]HZRGQLNL &HQD ]Ê
DOEXP\ L LQQH SXEOLNDFMH SU]HGVWDZLDMÃFH SLÇNQR V]WXNL VDNUDOQHM Z DUFKLGLHFH]ML OXEHOVNLHM .VLÃ×NL ì*DXGLXPë
]GRE\ZDMÃ SUHVWL×RZH QDJURG\ P LQ )(1,.6 L Z NDWHJRULL OLWHUDFNLHM
:(62É( 35=<*2'< $0(/., &=
: :\GDZQLFWZR SLHOÇJQXMH UHODFMH ] DXWRUDPL SDUWQHUDPL EL]QHVRZ\PL L NOLHQWDPL :VSµÊSUDFXMH ]H
ÐURGRZLVNLHP DNDGHPLFNLP P LQ .DWROLFNL 8QLZHUV\WHW /XEHOVNL 8QLZHUV\WHW 0DULL &XULH 0LQÇÊ\ ZDNDFMH $PHOND L 7DWLDQND UR]SRF]\QDMÃ QDXNÇ Z F]ZDUWHM NODVLH
3U]\MDFLµÊNL Và QLHUR]ÊÃF]QH 5D]HP FKRG]à GR V]NRÊ\ L ] QLHM ZUDFDMà VLHG]à Z
6NÊRGRZVNLHM 8QLZHUV\WHW 0HG\F]Q\ Z /XEOLQLH L F]DVRSLVPDPL RSLQLRWZµUF]\PL UµZQLH× Z ZHUVML MHGQHM ÊDZFH UµZQLH× SRSRÊXGQLD VSÇG]DMÃ QD ZVSµOQ\FK ]DEDZDFK 2ELH VÃ
HOHNWURQLF]QHM QS HNDL SO OXEOLQ JRVF SO RSRND RUJ SO DNFHQWSLVPR SO $QJD×XMH VLÇ Z DNFMH R
FKDUDNWHU]H SURVSRÊHF]Q\P :VSLHUD V]NRÊ\ SU]HGV]NROD L IXQGDFMH SURPXMÃFH /XEOLQ L /XEHOV]F]\]QÇ VRELH RGGDQH L QLH]DZRGQH : WUXGQ\FK V\WXDFMDFK ]DZV]H VLÇ ZVSLHUDMÃ
RUD] WDOHQW\ DUW\VW\F]QH QS 6SRWNDQLD WHDWUDOQH =ZLHUFLDGÊD 6NU]\SFRZH VSRWNDQLD 8F]HVWQLF]\ Z SRFLHV]DMÃ L PRJÃ QD VLHELH OLF]\Å
×\FLX VSRÊHF]QRÐFL ORNDOQHM SRSU]H] SDUW\F\SDFMÇ Z Uµ×QHJR URG]DMX IHVWLZDODFK L NRQNXUVDFK QS &HQD ]Ê
))HVWLZDO 7U]HFK .XOWXU .RQNXUV ZLHG]\ ELEOLMQHM



.2/252:$1.$ = 1$./(-.$0, Ï: )$867<1$
,'=,(0< '2 .2Ï&,2É$ 0•- 3,(5:6=< 06=$/,.
ÏZLÇWD )DXVW\QD .RZDOVND .VLÃ×HF]ND GR NRORURZDQLD SU]HGVWDZLD MÇ]\NLHP : NVLÃ×FH ]QDMGXMH VLÇ RSLV OLWXUJLL 0V]\ ÐZ NWµUD ]RVWDÊD RSLVDQD Z VSRVµE
SU]\VWÇSQ\P GOD G]LHFL VFHQ\ ] ×\FLD ÐZLÇWHM ]DNRQQLF\ L PLVW\F]NL ,OXVWUDFMRP ]UR]XPLDÊ\ GOD PDÊHJR G]LHFND =QDMGXMÃ VLÇ Z QLHM NRORURZH REUD]NL
WRZDU]\V]Ã NUµWNLH WHNVW\ QD MHM WHPDW
&HQD ]Ê
&HQD ]Ê



-$1 3$:(É ,, 5<&(5= .5•/2:(- 1,(%$ '(7(.7<: 0$502/$7.$
-DQ 3DZHÊ ,, å U\FHU] .UµORZHM 1LHED WR KLVWRULD ×\FLD .DUROD :RMW\Ê\ å ZLHONLHJR 'HWHNW\Z 0DUPRODWND WR V\PSDW\F]Q\ L QLH]Z\NÊ\ VNU]DW NWµU\ XZLHOELD KHUEDWÇ
3RODND L ÐZLÇWHJR SDSLH×D -DQD 3DZÊD ,, RSRZLHG]LDQD ZLHUV]HP L EDUZQ\PL ] VXV]RQ\FK OLÐFL SR]LRPHN PLHV]ND Z G]LXSOL RJURPQHJR GU]HZD L PD EDUG]R ZLHOX
LOXVWUDFMDPL 5\PRZDQ\ WHNVW ÊDWZR ZSDGD Z XFKR JÊÇERNLH WUHÐFL ]DSDGDMà SU]\MDFLµÊ &KÇWQLH SRPDJD UR]ZLNÊDÅ QDMEDUG]LHM VNRPSOLNRZDQH ]DJDGNL
Z VHUFH D VSRVµE SU]HGVWDZLHQLD ÏZLÇWHJR ]DFKÇFD GR REUDQLD JR ]D Z]µU GR =H VZRLP F]HUZRQ\P QRWHVLNLHP ZLHONÃ OXSÃ L RWZDUW\P VHUFHP SURZDG]L
QDÐODGRZDQLD Z ×\FLX ÐOHG]WZR WDN GÊXJR D× XGD PX VLÇ GRWU]HÅ GR SUDZG\

&HQD ]Ê &HQD ]Ê

&=(.$0< 1$ 3$1$ -(=86$
'=,(&, = )$7,0<
.VLÃ×ND GOD G]LHFL ì&]HNDP\ QD 3DQD -H]XVDë VÊX×\ SU]\JRWRZDQLX GR 3LHUZV]HM
.VLÃ×ND SU]H]QDF]RQD GOD QDMPÊRGV]\FK F]\WHOQLNµZ RSRZLDGD KLVWRULÇ .RPXQLL ÏZLÇWHM 0D QD FHOX SU]\EOL×HQLH QDMZD×QLHMV]\FK NZHVWLL GRW\F]ÃF\FK
NWµUD Z\GDU]\ÊD VLÇ VWR ODW WHPX 7UµMND SRUWXJDOVNLFK G]LHFL )UDQFLV]HN VDNUDPHQWX SRNXW\ L SRMHGQDQLD RUD] (XFKDU\VWLL 3RVLDGD DWUDNF\MQÃ IRUPÇ NRORURZÃ
+LDF\QWD L ÉXFMD VSRWNDÊD VLÇ ] 0DU\Mà Z QLH]Z\NÊ\FK RNROLF]QRÐFLDFK 0DWND JUDĆNÇ NRORURZDQNL UHEXV\ ODELU\QW\ NU]\×µZNL ÊDPLJʵZNL UR]ZLMDMÃFH Z\REUDÕQLÇ
%R×D ]DSURVLÊD G]LHFL GR JRUOLZHM PRGOLWZ\ QD Uµ×DÌFX L GR ×\FLD Z ÐZLÇWRÐFL VSRVWU]HJDZF]RÐÅ NUHDW\ZQRÐÅ L ]GROQRÐÅ ORJLF]QHJR P\ÐOHQLD

&HQD ]Ê &HQD ]Ê








:\GDZQLFWZR $UFKLGLHFH]ML /XEHOVNLHM ì*DXGLXPë 6HNUHWDULDW .VLÇJDUQLD
XO 2JURGRZD /XEOLQ WHO ID[ WHO WHO ZZZ JDXGLXP SO
WHO ID[ VHNUHWDULDW#JDXGLXP SO NVLHJDUQLD#JDXGLXP SO
Z\GDZQLFWZR#JDXGLXP SO

ĬÜŵÜ
Ř đĥ Ň
ĢĬò


ĬŔŵ
Ň
Ü Ř












ʹ˜˥ˠ˔ Ϣʴʺ˅˂ʠʷʴˁˀʼˆϡ ʺ˥˔ˠˢ˪˦˖ˬ ˆˣʡʽʡ ˭ ˦˜˘˗˭˜˕͗ ˪ ʵ˨˞ˢ˪˖˨ ˪ˢ˝ʡ ˪˜˘˟˞ˢˣˢ˟˦˞˜˘
ˣˢ˪˦˧˔·˔ ˪ ʤʬʬʦ˥ʡ ʺˢ˦ˣˢ˗˔˥˨˝˘ ˡ˔ ʫʩʣ ˛˔ ˜ ˭˔˝ˠ˨˝ͩ ˦˜ͩ ˗˭˜˔·˔˟ˡˢΝ˖˜͗ ˪ ˭˔˞˥˘˦˜˘
ˣ˥ˢ˗˨˞˖˝˜ ˥ˢΝ˟˜ˡˡ˘˝ ˜ ˭˪˜˘˥˭ͩ˖˘˝ʟ ˪ ˧ˬˠ ˛ˢ˗ˢ˪˟͗ ˞ͅ˭ʠ ˦˧˔˗ˢ ˣˢ˗˦˧˔˪ˢ˪˘ ˪ˬˡˢ˦˜
ˢ˕˘˖ˡ˜˘ ʥʣʣʣ ˦˭˧˨˞ʡ ˆˣͅ·˞˔ ˭˔˝ˠ˨˝˘ ˦˜ͩ ˦˞˨ˣ˘ˠ ˠ˟˘˞˔ ˞ˢ˭˜˘˚ˢʟ ˝˘˚ˢ ˣ˥˭˘˧˪ͅ˥˦˧˪˘ˠ
˜ ˗ˬ˦˧˥ˬ˕˨˖˝͗ ˚ˢ˧ˢ˪ˬ˖˛ ˪ˬ˥ˢ˕ͅ˪ ˪ ˃ˢ˟˦˖˘ ˜ ˭˔ ˚˥˔ˡ˜˖͗ʡ ˊ ˖˭˘˥˪˖˨ ʥʣʣʩ ˣ˥˭ˬ
ˣˢˠˢ˖ˬ ˙˜ˡ˔ˡ˦ˢ˪˘˝ ˭ ˣ˥ˢ˚˥˔ˠ˨ ˆʴ˃ʴ˅ʷ ˭ˢ˦˧˔· ˢ˗˗˔ˡˬ ˗ˢ ˨κˬ˧˞˨ ˡˢ˪ˢ˖˭˘˦ˡˬ
˭˔˞·˔˗ ˠ˟˘˖˭˔˥˦˞˜ʡ

Ϣ
Ϣʴʺ˅˂ʠʷʴˁˀʼˆϡʴʺ˅˂ʠʷʴˁˀʼˆϡ ˝˘˦˧ ˝˘˗ˬˡˬˠ ˭˔˞·˔˗˘ˠ ˪ ˃ˢ˟˦˖˘ ˣ˥ˢ˗˨˞˨˝͗˖ˬˠ ˪ˬ˥ˢ˕ˬ ˪ˬ·͗˖˭ˡ˜˘
˭ ˠ˟˘˞˔ ˞ˢ˭˜˘˚ˢʟ ˣˢ˦˜˔˗˔˝͗˖ˬˠ ˡˢ˪ˢ˖˭˘˦ˡˬ ˣ˔˥˞ ˠ˔˦˭ˬˡˢ˪ˬ ˢ˥˔˭ ʤʣʣʘ ˣˢ˟˦˞˜˘˚ˢ
˞˔ˣ˜˧˔·˨ʡ ˍ˔˞·˔˗ ˣ˥ˢ˗˨˞˖ˬ˝ˡˬ ˖˔·˞ˢ˪˜˖˜˘ ˗ˢ˦˧ˢ˦ˢ˪˔ˡˬ ˝˘˦˧ ˗ˢ ˢ˕ˢ˪˜͗˭˨˝͗˖ˬ˖˛
˪ˬˠˢ˚ͅ˪ ˜ ˣ˥˭˘ˣ˜˦ͅ˪ ˈʸʟ ˣ˥˭˘˦˧˥˭˘˚˔ ˭˔˦˔˗ ˗ˢ˕˥˘˝ ˣ˥˔˞˧ˬ˞˜ ˣ˥ˢ˗˨˞˖ˬ˝ˡ˘˝ ˪˘
˪˗˥ˢκˢˡˬˠ ˦ˬ˦˧˘ˠ˜˘ ʻʴʶʶ˃ ˜ ʵ˅ʶʡ ˃˥ˢ˖˘˦ˬ ˣ˥ˢ˗˨˞˖ˬ˝ˡ˘ ˢˣ˜˘˥˔ ˡ˔ ˡˢ˪ˢ˖˭˘˦ˡ˘˝
˧˘˖˛ˡ˜˖˘ ˜ ˡ˔˝ˡˢ˪˦˭ˬ˖˛ ˧˘˖˛ˡˢ˟ˢ˚˜˔˖˛ʟ ˔ ˠ˟˘˞ˢ ˣ˥˭˘˭ˡ˔˖˭ˢˡ˘ ˗ˢ ˣ˥ˢ˗˨˞˖˝˜ ˝˘˦˧
ˡ˔˝˪ˬκ˦˭˘˝ ˝˔˞ˢΝ˖˜ʡ ˀ˜˦˝͗ ˙˜˥ˠˬ ˝˘˦˧ ˦˧˔·˘ ˗͗κ˘ˡ˜˘ ˗ˢ ˨˧˥˭ˬˠ˔ˡ˜˔ ˪ˬ˦ˢ˞˜˘˚ˢ ˣˢ˭˜ˢˠ˨
˝
˝˔˞ˢΝ˖˜˔˞ˢΝ˖˜ ˢ˙˘˥ˢ˪˔ˡˬ˖˛ ˪ˬ˥ˢ˕ͅ˪ ˭ ˠ˟˘˞˔ ˞ˢ˭˜˘˚ˢʟ ˖ˢ ˣ˥˭˘˞·˔˗˔ ˦˜ͩ ˡ˔ ˨˭ˡ˔ˡ˜˘
˞ˢˡ˦˨ˠ˘ˡ˧ͅ˪ʡ ʹ˜˥ˠ˔ ˪ˬ˖˛ˢ˗˭͗˖ ˡ˔ˣ˥˭˘˖˜˪ ˢ˖˭˘˞˜˪˔ˡ˜ˢˠ ˞ˢˡ˦˨ˠ˘ˡ˧ͅ˪
˪ˣ˥ˢ˪˔˗˭˔ ˡ˔ ˥ˬˡ˘˞ ˡˢ˪˘ ˪ˬ˥ˢ˕ˬ

˭ ˠ˟˘˞˔ ˞ˢ˭˜˘˚ˢ ˢ ˕˔˥˗˭ˢ ˪ˬ˦ˢ˞˜˘˝ ˝˔˞ˢΝ˖˜ʟ ˖ˢ ˚˪˔˥˔ˡ˧ˢ˪˔͙ ˠ˔ ˦˧˔˕˜˟ˡˢΝ͙
˦ˣ˥˭˘˗˔κˬ ˢ˥˔˭ ˨˧˥˭ˬˠ˔ˡ˜˘ ˠ˔˥˞˜ ˙˜˥ˠˬ ˡ˔ ˧˥˨˗ˡˬˠ ˥ˬˡ˞˨ ˔˥˧ˬ˞˨·ͅ˪ ˦ˣˢκˬ˪˖˭ˬ˖˛ʡ
ˊ ˖˛˪˜˟˜ ˢ˕˘˖ˡ˘˝ ˠ˟˘˖˭˔˥ˡ˜˔ ˣ˥˭˘˥˔˕˜˔ ˢ˞ˢ·ˢ ʩ ˠ˟ˡ ˟˜˧˥ͅ˪ ˀ˟˘˞˔ʡ

Ϣʴʺ˅˂ʠʷʴˁˀʼˆϡ ˘˞˦ˣˢ˥˧˨˝˘ ˦˪ˢ˝˘ ˪ˬ˥ˢ˕ˬ ˗ˢʭ ˁ˜˘ˠ˜˘˖ʟ ʶ˭˘˖˛ʟ ˆ·ˢ˪˔˖˝˜ʟ Άˢ˧˪ˬʟ ʿ˜˧˪ˬʟ
ʸ˦˧ˢˡ˜˜ʟ ʹ˜ˡ˟˔ˡ˗˜˜ʟ ˈ˞˥˔˜ˡˬʡ

Ƞȟȟʤ ĢĴŻđ÷ īĥ÷ĢĴ















ʴʺ˅˂ʠʷʴˁˀʼˆ ʺ˅ʴˀ˂ˊˆʶˌ ˆ˃ʡ ʽʡ ˊˊˊʡʷʴˁˀʼˆʡʶ˂ˀʡ˃ʿ

ʵ˨˞ˢ˪˜˘˖ ʦʧʟ ʩʧʠʫʦʧ ˊˬ˦˭ˬˡˬ ˗˔ˡˠ˜˦ʳ˗˔ˡˠ˜˦ʡ˖ˢˠʡˣ˟

ĬÜŵÜ
Ř đĥ Ň
ĢĬò


ĬŔŵ
Ň
Ü Ř












ʹ˜˥ˠ˔ Ϣʴʺ˅˂ʠʷʴˁˀʼˆϡ ʺ˥˔ˠˢ˪˦˖ˬ ˆˣʡʽʡ ˭ ˦˜˘˗˭˜˕͗ ˪ ʵ˨˞ˢ˪˖˨ ˪ˢ˝ʡ ˪˜˘˟˞ˢˣˢ˟˦˞˜˘
ˣˢ˪˦˧˔·˔ ˪ ʤʬʬʦ˥ʡ ʺˢ˦ˣˢ˗˔˥˨˝˘ ˡ˔ ʫʩʣ ˛˔ ˜ ˭˔˝ˠ˨˝ͩ ˦˜ͩ ˗˭˜˔·˔˟ˡˢΝ˖˜͗ ˪ ˭˔˞˥˘˦˜˘
ˣ˥ˢ˗˨˞˖˝˜ ˥ˢΝ˟˜ˡˡ˘˝ ˜ ˭˪˜˘˥˭ͩ˖˘˝ʟ ˪ ˧ˬˠ ˛ˢ˗ˢ˪˟͗ ˞ͅ˭ʠ ˦˧˔˗ˢ ˣˢ˗˦˧˔˪ˢ˪˘ ˪ˬˡˢ˦˜
ˢ˕˘˖ˡ˜˘ ʥʣʣʣ ˦˭˧˨˞ʡ ˆˣͅ·˞˔ ˭˔˝ˠ˨˝˘ ˦˜ͩ ˦˞˨ˣ˘ˠ ˠ˟˘˞˔ ˞ˢ˭˜˘˚ˢʟ ˝˘˚ˢ ˣ˥˭˘˧˪ͅ˥˦˧˪˘ˠ
˜ ˗ˬ˦˧˥ˬ˕˨˖˝͗ ˚ˢ˧ˢ˪ˬ˖˛ ˪ˬ˥ˢ˕ͅ˪ ˪ ˃ˢ˟˦˖˘ ˜ ˭˔ ˚˥˔ˡ˜˖͗ʡ ˊ ˖˭˘˥˪˖˨ ʥʣʣʩ ˣ˥˭ˬ
ˣˢˠˢ˖ˬ ˙˜ˡ˔ˡ˦ˢ˪˘˝ ˭ ˣ˥ˢ˚˥˔ˠ˨ ˆʴ˃ʴ˅ʷ ˭ˢ˦˧˔· ˢ˗˗˔ˡˬ ˗ˢ ˨κˬ˧˞˨ ˡˢ˪ˢ˖˭˘˦ˡˬ
˭˔˞·˔˗ ˠ˟˘˖˭˔˥˦˞˜ʡ

Ϣ
Ϣʴʺ˅˂ʠʷʴˁˀʼˆϡʴʺ˅˂ʠʷʴˁˀʼˆϡ ˝˘˦˧ ˝˘˗ˬˡˬˠ ˭˔˞·˔˗˘ˠ ˪ ˃ˢ˟˦˖˘ ˣ˥ˢ˗˨˞˨˝͗˖ˬˠ ˪ˬ˥ˢ˕ˬ ˪ˬ·͗˖˭ˡ˜˘
˭ ˠ˟˘˞˔ ˞ˢ˭˜˘˚ˢʟ ˣˢ˦˜˔˗˔˝͗˖ˬˠ ˡˢ˪ˢ˖˭˘˦ˡˬ ˣ˔˥˞ ˠ˔˦˭ˬˡˢ˪ˬ ˢ˥˔˭ ʤʣʣʘ ˣˢ˟˦˞˜˘˚ˢ
˞˔ˣ˜˧˔·˨ʡ ˍ˔˞·˔˗ ˣ˥ˢ˗˨˞˖ˬ˝ˡˬ ˖˔·˞ˢ˪˜˖˜˘ ˗ˢ˦˧ˢ˦ˢ˪˔ˡˬ ˝˘˦˧ ˗ˢ ˢ˕ˢ˪˜͗˭˨˝͗˖ˬ˖˛
˪ˬˠˢ˚ͅ˪ ˜ ˣ˥˭˘ˣ˜˦ͅ˪ ˈʸʟ ˣ˥˭˘˦˧˥˭˘˚˔ ˭˔˦˔˗ ˗ˢ˕˥˘˝ ˣ˥˔˞˧ˬ˞˜ ˣ˥ˢ˗˨˞˖ˬ˝ˡ˘˝ ˪˘
˪˗˥ˢκˢˡˬˠ ˦ˬ˦˧˘ˠ˜˘ ʻʴʶʶ˃ ˜ ʵ˅ʶʡ ˃˥ˢ˖˘˦ˬ ˣ˥ˢ˗˨˞˖ˬ˝ˡ˘ ˢˣ˜˘˥˔ ˡ˔ ˡˢ˪ˢ˖˭˘˦ˡ˘˝
˧˘˖˛ˡ˜˖˘ ˜ ˡ˔˝ˡˢ˪˦˭ˬ˖˛ ˧˘˖˛ˡˢ˟ˢ˚˜˔˖˛ʟ ˔ ˠ˟˘˞ˢ ˣ˥˭˘˭ˡ˔˖˭ˢˡ˘ ˗ˢ ˣ˥ˢ˗˨˞˖˝˜ ˝˘˦˧
ˡ˔˝˪ˬκ˦˭˘˝ ˝˔˞ˢΝ˖˜ʡ ˀ˜˦˝͗ ˙˜˥ˠˬ ˝˘˦˧ ˦˧˔·˘ ˗͗κ˘ˡ˜˘ ˗ˢ ˨˧˥˭ˬˠ˔ˡ˜˔ ˪ˬ˦ˢ˞˜˘˚ˢ ˣˢ˭˜ˢˠ˨
˝
˝˔˞ˢΝ˖˜˔˞ˢΝ˖˜ ˢ˙˘˥ˢ˪˔ˡˬ˖˛ ˪ˬ˥ˢ˕ͅ˪ ˭ ˠ˟˘˞˔ ˞ˢ˭˜˘˚ˢʟ ˖ˢ ˣ˥˭˘˞·˔˗˔ ˦˜ͩ ˡ˔ ˨˭ˡ˔ˡ˜˘
˞ˢˡ˦˨ˠ˘ˡ˧ͅ˪ʡ ʹ˜˥ˠ˔ ˪ˬ˖˛ˢ˗˭͗˖ ˡ˔ˣ˥˭˘˖˜˪ ˢ˖˭˘˞˜˪˔ˡ˜ˢˠ ˞ˢˡ˦˨ˠ˘ˡ˧ͅ˪
˪ˣ˥ˢ˪˔˗˭˔ ˡ˔ ˥ˬˡ˘˞ ˡˢ˪˘ ˪ˬ˥ˢ˕ˬ

˭ ˠ˟˘˞˔ ˞ˢ˭˜˘˚ˢ ˢ ˕˔˥˗˭ˢ ˪ˬ˦ˢ˞˜˘˝ ˝˔˞ˢΝ˖˜ʟ ˖ˢ ˚˪˔˥˔ˡ˧ˢ˪˔͙ ˠ˔ ˦˧˔˕˜˟ˡˢΝ͙
˦ˣ˥˭˘˗˔κˬ ˢ˥˔˭ ˨˧˥˭ˬˠ˔ˡ˜˘ ˠ˔˥˞˜ ˙˜˥ˠˬ ˡ˔ ˧˥˨˗ˡˬˠ ˥ˬˡ˞˨ ˔˥˧ˬ˞˨·ͅ˪ ˦ˣˢκˬ˪˖˭ˬ˖˛ʡ
ˊ ˖˛˪˜˟˜ ˢ˕˘˖ˡ˘˝ ˠ˟˘˖˭˔˥ˡ˜˔ ˣ˥˭˘˥˔˕˜˔ ˢ˞ˢ·ˢ ʩ ˠ˟ˡ ˟˜˧˥ͅ˪ ˀ˟˘˞˔ʡ

Ϣʴʺ˅˂ʠʷʴˁˀʼˆϡ ˘˞˦ˣˢ˥˧˨˝˘ ˦˪ˢ˝˘ ˪ˬ˥ˢ˕ˬ ˗ˢʭ ˁ˜˘ˠ˜˘˖ʟ ʶ˭˘˖˛ʟ ˆ·ˢ˪˔˖˝˜ʟ Άˢ˧˪ˬʟ ʿ˜˧˪ˬʟ
ʸ˦˧ˢˡ˜˜ʟ ʹ˜ˡ˟˔ˡ˗˜˜ʟ ˈ˞˥˔˜ˡˬʡ

Ƞȟȟʤ ĢĴŻđ÷ īĥ÷ĢĴ















ʴʺ˅˂ʠʷʴˁˀʼˆ ʺ˅ʴˀ˂ˊˆʶˌ ˆ˃ʡ ʽʡ ˊˊˊʡʷʴˁˀʼˆʡʶ˂ˀʡ˃ʿ

ʵ˨˞ˢ˪˜˘˖ ʦʧʟ ʩʧʠʫʦʧ ˊˬ˦˭ˬˡˬ ˗˔ˡˠ˜˦ʳ˗˔ˡˠ˜˦ʡ˖ˢˠʡˣ˟

5VYQT\QPQ \ TCFQʋEKɁ FNC 6YQLGL TCFQʋEK


> REW^IKS HSVSW]GL TVEKRMIRME YW^G^ʚ˒PM[MIRME (^MIGM SVE^ ^ ^EQMS[ERME HS TV^IHQMSXɹ[ RMIXY^MROS[]GL S SV]KMREPR]Q

HIWMKRMI TS[WXE] REW^I FEWIRMOM
2S[SG^IWRI TEWYNʈGI HS OE˵HIKS [RʚXV^E E ^EVE^IQ HENʈGI (^MIGMSQ QRɹWX[S VEHS˒GM SVE^ HSWOSREPI WX]QYPYNʈGI MGL
VS^[ɹN 7OSQTSRYN W[ɹN []QEV^SR] ^IWXE[ M GMIW^ WMʚ ^ VEHS˒GM 8[SNIKS (^MIGOE SVE^ ^ []NʈXOS[IKS HIWMKRY OXɹV] HPE 2MIKS
WX[SV^]I˒










56914<101 < 4#&1ʊ%+ɀ &.# 691,', 4#&1ʊ%+





1,(32:7$5=$/1< '(6,*1




1$ 5<1.8 2' 52.8





%$6(1< : 5“ĸ1<&+ 2'&,(1,$&+



321$'&=$62:(- 6=$52ę&,






3,ā., : .2/25$&+





52=0,$5< %$6(1“:









[[[ QMRMFI TP
;EPM^OE &IH&S\o NIWX RMI^EWXʈTMSR]Q XS[EV^]W^IQ TSHVɹ˵] HPE H^MIGM 8S FEKE˵
TSHVʚG^R] [EPM^OE HS NE^H] SVE^ ɹ˵OS TSHRɹ˵IO HS WEQSPSXY [ NIHR]Q QMRMFI$QMRMFI TP

5VYQT\QPQ \ TCFQʋEKɁ FNC 6YQLGL TCFQʋEK


> REW^IKS HSVSW]GL TVEKRMIRME YW^G^ʚ˒PM[MIRME (^MIGM SVE^ ^ ^EQMS[ERME HS TV^IHQMSXɹ[ RMIXY^MROS[]GL S SV]KMREPR]Q

HIWMKRMI TS[WXE] REW^I FEWIRMOM
2S[SG^IWRI TEWYNʈGI HS OE˵HIKS [RʚXV^E E ^EVE^IQ HENʈGI (^MIGMSQ QRɹWX[S VEHS˒GM SVE^ HSWOSREPI WX]QYPYNʈGI MGL
VS^[ɹN 7OSQTSRYN W[ɹN []QEV^SR] ^IWXE[ M GMIW^ WMʚ ^ VEHS˒GM 8[SNIKS (^MIGOE SVE^ ^ []NʈXOS[IKS HIWMKRY OXɹV] HPE 2MIKS
WX[SV^]I˒










56914<101 < 4#&1ʊ%+ɀ &.# 691,', 4#&1ʊ%+





1,(32:7$5=$/1< '(6,*1




1$ 5<1.8 2' 52.8





%$6(1< : 5“ĸ1<&+ 2'&,(1,$&+



321$'&=$62:(- 6=$52ę&,






3,ā., : .2/25$&+





52=0,$5< %$6(1“:









[[[ QMRMFI TP
;EPM^OE &IH&S\o NIWX RMI^EWXʈTMSR]Q XS[EV^]W^IQ TSHVɹ˵] HPE H^MIGM 8S FEKE˵
TSHVʚG^R] [EPM^OE HS NE^H] SVE^ ɹ˵OS TSHRɹ˵IO HS WEQSPSXY [ NIHR]Q QMRMFI$QMRMFI TP

V‚Úº ~‚æËÚ½‚Ä• æË ¬™º‚ö™ 왷ޏ™ ÞæöËÚāËę •½‚ Ă·ÃÂ˕Þāü© ā Ãüß½‰ Ë ¬© ™•êº‚·¬ ×Ë×Úā™ā ÚËāÚüöº¢Ɍ

~‚æËÚ½‚Ä• æË ºËÃ×½™ºÞ æÚā™© æ™Ã‚æüāÄü© ׂںÌöɆ V‚Úºê ¬ÄËā‚êÚÌöɇ V‚Úºê Jö‚•Ìö ¬ V‚Úºê C¬æ˽ˤ¬¬Ɍ YËāÚüöº¬ •ËÞæ‚ڏāü =êĂׂںɌ

;‚Ą•ü ā ĂÞāü© ׂںÌö æË Ä¬™āöüºÂ™ 왷ޏ™ êÃËĄ½¬ö¬‚·‰™ ×ËāĂĬ™ 悷™ÃĬ ˕½™¤Â™· ×Úā™ÞāÂËߏ¬ɇ £‚ޏüÄ귉ü© ©¬ÞæËÚ¬¬ āü ˕ºÚüö‚Ĭ‚

Ĭ™āöüºÂ™· ×ÚāüÚ˕üɌ cË ÚÌöĬ™Ą ×Úā™ÞæÚā™Å •Ë öü×ˏāüÄºê ¬ öÞׂĬ‚™· ā‚Ž‚öü •½‚ ‚™· Ú˕ā¬ÄüɌ

g D ] D g; ]c 9 ].$ s]VJ D. B ~ s



















































V Y;
VJ~D 9 D ]~ V Y;.Ɇ Yg +JCy + V Y; Js Ks V Y; C.cJ=J&.. =gD V Y;


.DJ~ gYKs







sy . ~;. ]~;J=D ɰ ~ Y ~ Ysg9 9g ~.^ c =ɌɆ ȂǼǽ ȄȁȄ Ȅȁǽ sssɌ~ cJY= D ɌV=

V‚Úº ~‚æËÚ½‚Ä• æË ¬™º‚ö™ 왷ޏ™ ÞæöËÚāËę •½‚ Ă·ÃÂ˕Þāü© ā Ãüß½‰ Ë ¬© ™•êº‚·¬ ×Ë×Úā™ā ÚËāÚüöº¢Ɍ

~‚æËÚ½‚Ä• æË ºËÃ×½™ºÞ æÚā™© æ™Ã‚æüāÄü© ׂںÌöɆ V‚Úºê ¬ÄËā‚êÚÌöɇ V‚Úºê Jö‚•Ìö ¬ V‚Úºê C¬æ˽ˤ¬¬Ɍ YËāÚüöº¬ •ËÞæ‚ڏāü =êĂׂںɌ

;‚Ą•ü ā ĂÞāü© ׂںÌö æË Ä¬™āöüºÂ™ 왷ޏ™ êÃËĄ½¬ö¬‚·‰™ ×ËāĂĬ™ 悷™ÃĬ ˕½™¤Â™· ×Úā™ÞāÂËߏ¬ɇ £‚ޏüÄ귉ü© ©¬ÞæËÚ¬¬ āü ˕ºÚüö‚Ĭ‚

Ĭ™āöüºÂ™· ×ÚāüÚ˕üɌ cË ÚÌöĬ™Ą ×Úā™ÞæÚā™Å •Ë öü×ˏāüÄºê ¬ öÞׂĬ‚™· ā‚Ž‚öü •½‚ ‚™· Ú˕ā¬ÄüɌ

g D ] D g; ]c 9 ].$ s]VJ D. B ~ s



















































V Y;
VJ~D 9 D ]~ V Y;.Ɇ Yg +JCy + V Y; Js Ks V Y; C.cJ=J&.. =gD V Y;


.DJ~ gYKs







sy . ~;. ]~;J=D ɰ ~ Y ~ Ysg9 9g ~.^ c =ɌɆ ȂǼǽ ȄȁȄ Ȅȁǽ sssɌ~ cJY= D ɌV=

2IHUXMHP\ Z\VRNÇ MDNRĝÉ Z GREUHM FHQLH -HĝOL PDV] ZÇWSOLZRĝFL 635$:'Ļ 1$6
:]UDVWDMÇFH Z\PDJDQLD KLJLHQ\ L F]\VWRĝFL Z ]DNĄDGDFK SUDF\ RUD] WHQGHQFMD GR Z\G]LHODQLD
IXQNFML SRPRFQLF]\FK QD ]HZQÇWU] SU]HGVLÛELRUVWZ SRZRGXMÇ ľH XVĄXJL WHNVW\OQH ]\VNXMÇ
Z 3ROVFH FRUD] ZLÛNV]Ç SRSXODUQRĝÉ 8VĄXJL Z\QDMPX PDW ZHMĝFLRZ\FK ĝZLDGF]RQH SU]H]
0XOWL&OHDQ SROHJDMÇ QD NRPSOHNVRZ\P SU]HMÛFLX SU]H] ȴUPÛ REVĄXJL NOLHQWD Z ]DNUHVLH
]DRSDWU]HQLD Z PDW\ ZHMĝFLRZH 0XOWL&OHDQ ]DNXSXMH Z LPLHQLX NOLHQWD PDW\ GZD NRPSOHW\
Q QD NDľGH PLHMVFH Z\ĄRľHQLD NWµUH VÇ LQG\ZLGXDOQLH R]QDNRZDQH %UXGQH PDW\ VÇ F\NOLF]QLH
RGELHUDQD SU]H] SUDFRZQLND 0XOWL&OHDQ L Z\PLHQLDQH QD F]\VWH 0XOWL&OHDQ SRVLDGD ZĄDVQ\
]DNĄDG JG]LH PDW\ VÇ SUDQH NRQVHUZRZDQH L QDSUDZLDQH





6(5'(&=1Ζ( =$35$6=$0< '2 .217$.78












































6(5:Ζ6 '=Ζ$ă +$1'/2:< .217$.7

3LRWU &HQWRZVNL =HQRQ 5DG]LHMHZVNL 0XOWL&OHDQ 6S ] R R 6S N ZZZ PXOWLFOHDQ SO
'=Ζ$ă 2%6ă8*Ζ ./Ζ(17$ PRE PRE XO 3ROVND 3R]QDĆ
H PDLO LQIR#PXOWLFOHDQ SO H PDLO VHUZLV#PXOWLFOHDQ SO H PDLO ]HQRQ UDG]LHMHZVNL#PXOWLFOHDQ SO 7HO ELXUR#PXOWLFOHDQ SO

2IHUXMHP\ Z\VRNÇ MDNRĝÉ Z GREUHM FHQLH -HĝOL PDV] ZÇWSOLZRĝFL 635$:'Ļ 1$6
:]UDVWDMÇFH Z\PDJDQLD KLJLHQ\ L F]\VWRĝFL Z ]DNĄDGDFK SUDF\ RUD] WHQGHQFMD GR Z\G]LHODQLD
IXQNFML SRPRFQLF]\FK QD ]HZQÇWU] SU]HGVLÛELRUVWZ SRZRGXMÇ ľH XVĄXJL WHNVW\OQH ]\VNXMÇ
Z 3ROVFH FRUD] ZLÛNV]Ç SRSXODUQRĝÉ 8VĄXJL Z\QDMPX PDW ZHMĝFLRZ\FK ĝZLDGF]RQH SU]H]
0XOWL&OHDQ SROHJDMÇ QD NRPSOHNVRZ\P SU]HMÛFLX SU]H] ȴUPÛ REVĄXJL NOLHQWD Z ]DNUHVLH
]DRSDWU]HQLD Z PDW\ ZHMĝFLRZH 0XOWL&OHDQ ]DNXSXMH Z LPLHQLX NOLHQWD PDW\ GZD NRPSOHW\
Q QD NDľGH PLHMVFH Z\ĄRľHQLD NWµUH VÇ LQG\ZLGXDOQLH R]QDNRZDQH %UXGQH PDW\ VÇ F\NOLF]QLH
RGELHUDQD SU]H] SUDFRZQLND 0XOWL&OHDQ L Z\PLHQLDQH QD F]\VWH 0XOWL&OHDQ SRVLDGD ZĄDVQ\
]DNĄDG JG]LH PDW\ VÇ SUDQH NRQVHUZRZDQH L QDSUDZLDQH





6(5'(&=1Ζ( =$35$6=$0< '2 .217$.78












































6(5:Ζ6 '=Ζ$ă +$1'/2:< .217$.7

3LRWU &HQWRZVNL =HQRQ 5DG]LHMHZVNL 0XOWL&OHDQ 6S ] R R 6S N ZZZ PXOWLFOHDQ SO
'=Ζ$ă 2%6ă8*Ζ ./Ζ(17$ PRE PRE XO 3ROVND 3R]QDĆ
H PDLO LQIR#PXOWLFOHDQ SO H PDLO VHUZLV#PXOWLFOHDQ SO H PDLO ]HQRQ UDG]LHMHZVNL#PXOWLFOHDQ SO 7HO ELXUR#PXOWLFOHDQ SO

/DPSNL G]LHFLÇFH



3UDNW\F]QH L QRZRF]HVQH ODPSNL QD ELXUNR GOD G]LHFL SU]\GDG]Ã VLÇ ND×GHPX SRF]ÃWNXMÃFHPX
QDXNRZFRZL SURMHNWDQWRZL SLVDU]RZL EÃGÕ LQ×\QLHURZL 3RVWDZ QD RÐZLHWOHQLH NWµUH SRSUDZL NRPIRUW
QDXNL 7ZRMHM SRFLHFK\ D WDN×H VSUDZL ×H ZQÇWU]H ]\VND ]XSHÊQLH LQQ\ FKDUDNWHU

.D×GD GRVWÇSQD Z QDV]HM RIHUFLH ODPSND GOD G]LHFND GRVNRQDOH QDGDMH VLÇ GR XVWDZLHQLD SU]\ ELXUNX
']LÇNL ×DUµZNRP /(' ]DSHZQLV] RGSRZLHGQLH ZDUXQNL GR QDXNL 2ÐZLHWOHQLH SXQNWRZH MHVW
V]F]HJµOQH ]DOHFDQH PÊRG\P RVRERP NWµUH ZLÇNV]RÐÅ F]DVX VSÇG]DMÃ QD SLVDQLX F]\WDQLX
EÃGÕ SUDF\ SU]\ NRPSXWHU]H SRGF]DV NWµU\FK QDMZD×QLHMV]D MHVW GEDÊRÐÅ R Z]URN RUD]
RGSRZLHGQLÃ SRVWDZÇ FLDÊD 3RQDGWR SURGXNW\ SRVLDGDMÃ EH]SLHF]QÃ HODVW\F]QÃ
NRQVWUXNFMÇ LGHDOQÃ GOD GUREQ\FK GÊRQL
























0DJLF





]DFKZ\Å VLÇ

PDJLÃ NRORUµZ


























1,/6(1 3ROVND
XO %XGRZODQD /XEOLQ
ZZZ QLOVHQ SO



VNOHS#QLOVHQ SO

/DPSNL G]LHFLÇFH



3UDNW\F]QH L QRZRF]HVQH ODPSNL QD ELXUNR GOD G]LHFL SU]\GDG]Ã VLÇ ND×GHPX SRF]ÃWNXMÃFHPX
QDXNRZFRZL SURMHNWDQWRZL SLVDU]RZL EÃGÕ LQ×\QLHURZL 3RVWDZ QD RÐZLHWOHQLH NWµUH SRSUDZL NRPIRUW
QDXNL 7ZRMHM SRFLHFK\ D WDN×H VSUDZL ×H ZQÇWU]H ]\VND ]XSHÊQLH LQQ\ FKDUDNWHU

.D×GD GRVWÇSQD Z QDV]HM RIHUFLH ODPSND GOD G]LHFND GRVNRQDOH QDGDMH VLÇ GR XVWDZLHQLD SU]\ ELXUNX
']LÇNL ×DUµZNRP /(' ]DSHZQLV] RGSRZLHGQLH ZDUXQNL GR QDXNL 2ÐZLHWOHQLH SXQNWRZH MHVW
V]F]HJµOQH ]DOHFDQH PÊRG\P RVRERP NWµUH ZLÇNV]RÐÅ F]DVX VSÇG]DMÃ QD SLVDQLX F]\WDQLX
EÃGÕ SUDF\ SU]\ NRPSXWHU]H SRGF]DV NWµU\FK QDMZD×QLHMV]D MHVW GEDÊRÐÅ R Z]URN RUD]
RGSRZLHGQLÃ SRVWDZÇ FLDÊD 3RQDGWR SURGXNW\ SRVLDGDMÃ EH]SLHF]QÃ HODVW\F]QÃ
NRQVWUXNFMÇ LGHDOQÃ GOD GUREQ\FK GÊRQL
























0DJLF





]DFKZ\Å VLÇ

PDJLÃ NRORUµZ


























1,/6(1 3ROVND
XO %XGRZODQD /XEOLQ
ZZZ QLOVHQ SO



VNOHS#QLOVHQ SO





%.) ŏ.+6,+ 6xž ŏ 6% ž (*+Ä\ŏ3ŏāĊĊăŏ.+'1ŏČŏ#ž¨3*%!ŏ6 &)+3 ž ŏ/%xŏ,.+ 1' &Nŏ .0ŏ/6'+(*+ŏġŏ %1.+35 $ŏ& 'ŏ, ,%!.5ŏ'+(+.+3!Čŏ' .0+*5ŏ'+(+.+3!Čŏ'+/0'%ŏ %1.+3!ŏ
'+(+.+3!ŏ%ŏ % ž!ŏ+. 6ŏ3%!(!ŏ%**5 $ċŏ .xŏ( 0ŏ+ ŏ.+6,+ 6x % ŏ 6% ž (*+Ä %ŏü.) ŏ ŏ 6 'ŏ/0 ž ŏ/%xŏ 5/0.5 10+.!)ŏ .0ċŏ/6'+(*5 $ŏ%ŏ %1.+35 $ċ

/6 ŏü.) ŏ6 +, 0.1&!ŏ3ĥ3ŏ,.+ 1'05ŏ +ŏ 6%/% &ŏ* &3%x'/6!ŏ$1.0+3*%!ŏ* ŏ + ' ., %1ċ

ŏĂĀāĀŏ.+'1ŏ6 &x(%Ä)5ŏ/%xŏ + 0'+3+ŏ,.+ 1' &Nŏ (+'¨3ŏ0! $*% 6*5 $ŏ%ŏ.5/1*'+35 $ŏ3ŏ3/65/0'% $ŏ +/0x,*5 $ŏ"+.) 0 $ŏ+. 6ŏ,.6!'ž !'ŏ%* !'/1&N 5 $ċŏ
ŏ05)ŏ/ )5)ŏ.+'1ŏ3!/6(%Ä)5ŏ* ŏ.5*!'ŏ%*0!.*!0+35ŏ# 6%!ŏ6ŏ' ø 5)ŏ.+'%!)ŏ+ *+/%)5ŏ +. 6ŏ3%x'/6!ŏ/1' !/5ċ

6%x'%ŏ/65 '+ŏ.+63%& &N !&ŏ/%xŏ/,.6! ø5ŏ35/5ž'+3!&ŏ3ŏ +(/ !ŏ* /6 ŏü.) ŏ3ŏ . 6+ŏ'.¨0'%)ŏ+'.!/%!ŏ 6 /1ŏ65/' ž ŏ/+ %!ŏ+#.+)*Nŏ.6!/6!ŏ'(%!*0¨3ċ

.65ŏ'+*0 '0 $ŏ6ŏ'(%!*0!)ŏ/0 3% )5ŏ/+ %!ŏ* ŏ !#+ŏ,!ž*!ŏ6 +3+(!*%!ŏ%ŏ/ 05/" ' &!ŏ6ŏ +'+* *5 $ŏ1ŏ* /ŏ6 '1,¨3ċŏ &!)5ŏ/+ %!ŏ/,. 3xŏø!ŏ 6 /ŏ0+ŏ
,%!*%N 6ŏ ( 0!#+ŏ* /6Nŏ)+ *Nŏ/0.+*Nŏ&!/0ŏ!'/,.!/+3!ŏ.! (%6 &!ŏ6 )¨3%!*% ċ






(+'ŏ.5/1*'+35ŏ
/6'+(*5

!* čŏĀČĊĆŏ6ž













(+*5ŏ,.!)%1)ŏ /0!(!ŏ+(!&*!ŏ
! *+.+ø! ŏāĂŅĥĆŏ/60 āĂŏ'+(+.¨3ŏ !*0!(

!* čŏąČĂĀŏ6ž !* čŏćČĂĀŏ6ž


.+' 0ŏ/5,'%ŏ
ćŏ'+(+.¨3ŏąĉ#

!* čŏćČĀĀŏ6ž














( /0!(%* ŏ/6'+(* ŏ
ŏ /ŏĂąŏ'+(+.5 ( ) /0.5ŏĂąŏ'+(+.5

!* čŏĆČćĀŏ6ž !* čŏąČąĀŏ6ž






333ċ/$ *ċ +)ċ,( ĉĉĂġĉāĆġăăĆ

%*"+Į/$ *ċ +)ċ,(

%.) ŏ.+6,+ 6xž ŏ 6% ž (*+Ä\ŏ3ŏāĊĊăŏ.+'1ŏČŏ#ž¨3*%!ŏ6 &)+3 ž ŏ/%xŏ,.+ 1' &Nŏ .0ŏ/6'+(*+ŏġŏ %1.+35 $ŏ& 'ŏ, ,%!.5ŏ'+(+.+3!Čŏ' .0+*5ŏ'+(+.+3!Čŏ'+/0'%ŏ %1.+3!ŏ
'+(+.+3!ŏ%ŏ % ž!ŏ+. 6ŏ3%!(!ŏ%**5 $ċŏ .xŏ( 0ŏ+ ŏ.+6,+ 6x % ŏ 6% ž (*+Ä %ŏü.) ŏ ŏ 6 'ŏ/0 ž ŏ/%xŏ 5/0.5 10+.!)ŏ .0ċŏ/6'+(*5 $ŏ%ŏ %1.+35 $ċ

/6 ŏü.) ŏ6 +, 0.1&!ŏ3ĥ3ŏ,.+ 1'05ŏ +ŏ 6%/% &ŏ* &3%x'/6!ŏ$1.0+3*%!ŏ* ŏ + ' ., %1ċ

ŏĂĀāĀŏ.+'1ŏ6 &x(%Ä)5ŏ/%xŏ + 0'+3+ŏ,.+ 1' &Nŏ (+'¨3ŏ0! $*% 6*5 $ŏ%ŏ.5/1*'+35 $ŏ3ŏ3/65/0'% $ŏ +/0x,*5 $ŏ"+.) 0 $ŏ+. 6ŏ,.6!'ž !'ŏ%* !'/1&N 5 $ċŏ
ŏ05)ŏ/ )5)ŏ.+'1ŏ3!/6(%Ä)5ŏ* ŏ.5*!'ŏ%*0!.*!0+35ŏ# 6%!ŏ6ŏ' ø 5)ŏ.+'%!)ŏ+ *+/%)5ŏ +. 6ŏ3%x'/6!ŏ/1' !/5ċ

6%x'%ŏ/65 '+ŏ.+63%& &N !&ŏ/%xŏ/,.6! ø5ŏ35/5ž'+3!&ŏ3ŏ +(/ !ŏ* /6 ŏü.) ŏ3ŏ . 6+ŏ'.¨0'%)ŏ+'.!/%!ŏ 6 /1ŏ65/' ž ŏ/+ %!ŏ+#.+)*Nŏ.6!/6!ŏ'(%!*0¨3ċ

.65ŏ'+*0 '0 $ŏ6ŏ'(%!*0!)ŏ/0 3% )5ŏ/+ %!ŏ* ŏ !#+ŏ,!ž*!ŏ6 +3+(!*%!ŏ%ŏ/ 05/" ' &!ŏ6ŏ +'+* *5 $ŏ1ŏ* /ŏ6 '1,¨3ċŏ &!)5ŏ/+ %!ŏ/,. 3xŏø!ŏ 6 /ŏ0+ŏ
,%!*%N 6ŏ ( 0!#+ŏ* /6Nŏ)+ *Nŏ/0.+*Nŏ&!/0ŏ!'/,.!/+3!ŏ.! (%6 &!ŏ6 )¨3%!*% ċ






(+'ŏ.5/1*'+35ŏ
/6'+(*5

!* čŏĀČĊĆŏ6ž













(+*5ŏ,.!)%1)ŏ /0!(!ŏ+(!&*!ŏ
! *+.+ø! ŏāĂŅĥĆŏ/60 āĂŏ'+(+.¨3ŏ !*0!(

!* čŏąČĂĀŏ6ž !* čŏćČĂĀŏ6ž


.+' 0ŏ/5,'%ŏ
ćŏ'+(+.¨3ŏąĉ#

!* čŏćČĀĀŏ6ž














( /0!(%* ŏ/6'+(* ŏ
ŏ /ŏĂąŏ'+(+.5 ( ) /0.5ŏĂąŏ'+(+.5

!* čŏĆČćĀŏ6ž !* čŏąČąĀŏ6ž






333ċ/$ *ċ +)ċ,( ĉĉĂġĉāĆġăăĆ

%*"+Į/$ *ċ +)ċ,(

7TIGNEPM^YNIQ] WMʚ [ WTV^IHE˵] []WSOMIN NEOS˒GM EVX]OYɹ[ W^OSPR]GL >ESTEXVYNIQ]
TV^IHW^OSPE M W^OS] RE XIVIRMI GEIKS OVENY
+[EVERXYNIQ] EXVEOG]NRI GIR] W^]FOʈ HSWXE[ʚ SVE^ W^IVSOM EWSVX]QIRX TVSHYOXɹ[
W^OSPR]GL VIRSQS[ER]GL TVSHYGIRXɹ[ %WXVE &EQFMRS *MSVIPPS 7X 1ENI[WOM (IVJSVQ
; REW^]Q WOPITMI OYTMW^ FPSOM XIGLRMG^RI M V]WYROS[I JEVF] OVIHOM OPINI FMFY] TʚH^PI
XSVRMWXV] TMɹVRMOM M [MIPI MRR]GL
4V^] HY˵]GL ^EQɹ[MIRMEGL TVSTSRYNIQ] EXVEOG]NRI VEFEX] SVE^ TVI^IRX]
2
2MI GMI G^IOEN [INH˳ RE WXVSRʚ [[[ FMYV[E TP M ^VɹF ^EOYT] NY˵ H^M˒



7TIGNEPRE SJIVXE HPE W^Oɸ M TV^IW^OSPM


/E˵HE W^OSE M TV^IHW^OSPI OXɹVI Y REW ^VSFM ^EOYT] QS˵I PMG^]ʊ RE
HSHEXOS[] VEFEX [ []WSOSˑGM E˴

7/328%/89. 7-ʘ > 2%1- &= >=7/%ʈ 7;ɝ. -2(=;-(9%02= /3(
RMI HSX]G^] XS[EVɹ[ SFNʚX]GL TVSQSGNʈ






































8IP /SQ
[[[ FMYV[E TP



FMYVS$FMYV[E TP

7TIGNEPM^YNIQ] WMʚ [ WTV^IHE˵] []WSOMIN NEOS˒GM EVX]OYɹ[ W^OSPR]GL >ESTEXVYNIQ]
TV^IHW^OSPE M W^OS] RE XIVIRMI GEIKS OVENY
+[EVERXYNIQ] EXVEOG]NRI GIR] W^]FOʈ HSWXE[ʚ SVE^ W^IVSOM EWSVX]QIRX TVSHYOXɹ[
W^OSPR]GL VIRSQS[ER]GL TVSHYGIRXɹ[ %WXVE &EQFMRS *MSVIPPS 7X 1ENI[WOM (IVJSVQ
; REW^]Q WOPITMI OYTMW^ FPSOM XIGLRMG^RI M V]WYROS[I JEVF] OVIHOM OPINI FMFY] TʚH^PI
XSVRMWXV] TMɹVRMOM M [MIPI MRR]GL
4V^] HY˵]GL ^EQɹ[MIRMEGL TVSTSRYNIQ] EXVEOG]NRI VEFEX] SVE^ TVI^IRX]
2
2MI GMI G^IOEN [INH˳ RE WXVSRʚ [[[ FMYV[E TP M ^VɹF ^EOYT] NY˵ H^M˒



7TIGNEPRE SJIVXE HPE W^Oɸ M TV^IW^OSPM


/E˵HE W^OSE M TV^IHW^OSPI OXɹVI Y REW ^VSFM ^EOYT] QS˵I PMG^]ʊ RE
HSHEXOS[] VEFEX [ []WSOSˑGM E˴

7/328%/89. 7-ʘ > 2%1- &= >=7/%ʈ 7;ɝ. -2(=;-(9%02= /3(
RMI HSX]G^] XS[EVɹ[ SFNʚX]GL TVSQSGNʈ






































8IP /SQ
[[[ FMYV[E TP



FMYVS$FMYV[E TP

)PIKERGOE WYOMIROE

7YOMIROE ;]KSHRE IPEWX]G^RE WYOMIROE OXɸVE ^ GEE

TI[RSˑGMʇ ˑ[MIXRMI WTVE[H^M WMʙ RE [MIG^SVRI
0IXRME WYOMIROE FI^ VʙOE[ɸ[ ^ TMʙOR]Q []NˑGME (VSFRI VS^GMʙGME VʙOE[ɸ[ []OSʾG^SRI
O[MIGMWX]Q [^SVIQ WTVE[H^M WMʙ QE]QM TIVIOEQM TV^]GMʇKRʇ [^VSO OE˴HIKS

MHIEPRMI RE GS H^MIʾ NEO M RE Vɸ˴RI
SOSPMG^RSˑGMS[I TV^]NʙGME ;WXE[OM 1EVW^G^IRME Y HSY WYOMIROM [T][ENʇ RE NIN MHIEPRI
YOEHERMI WMʙ RE GMIPI
OEVQMʇGI TS^[EPENʇ RE Y˴]XOS[ERMI
WYOMIROM TV^I^ OSFMIX] [ GMʇ˴] M ˑ[MI˴S 'IRE ^

YTMIG^SRI QEQ] ;WXE[OE OEVQMʇGE
RMI []OPYG^E WYOMIROM ^ Y˴]XOS[ERME MI []OPYG^E WYOMIROM ^ Y˴]XOS[ERME
R
TV^I^ OSFMIX] OXɸVI SOVIW GMʇ˴] G^]
OEVQMIRME TMIVWMʇ QENʇ ^E WSFʇ

'IRE ^


















7TSHRMI ^ []WSOMQ TEWIQ



7TSHRMI ^ IPEWX]G^R]Q []WSOMQ TEWIQ
MHIEPRMI WTVE[H^ENʇ WMʙ TSHG^EW GMʇ˴]
4EW REGLSH^M RE GMʇ˴S[] FV^YW^IO
H^MʙOM G^IQY WTSHRMI RMI WTEHENʇ M RMI
^[MNENʇ WMʙ TSH FV^YGLIQ ^ETI[RMENʇG
OSQJSVX Y˴]XOS[ERME


'IRE ^
&PY^OE


&PY^OE WX[SV^SRE ^ Q]ˑPʇ S OSFMIXEGL [ GMʇ˴] NEO
M QEQEGL OEVQMʇG]GL TMIVWMʇ ;]KSHRMI

TSHRSW^SRE TV^IHRME G^ʙˑʉ FPY^OM YQS˴PM[ME
H]WOVIXRI OEVQMIRMI TMIVWMʇ REW^IKS QEPYW^OE
;]NʇXOS[] GLEVEOXIV FPY^GI REHENʇ []GMʙXI 1-6%'0) YP >HVS[MI ;SH^MQMIV^ɸ[
VEQMSRE M TVSWX] OVɸN H^MʙOM OXɸVIQY FPY^OE 7OSRXEOXYN WMʙ ^ REQM XIP FMYVS$QMVEGPI GSQ TP

MHIEPRMI HSTEWS[YNI WMʙ HS REW^IKS GMEE [[[ QMVEGPI GSQ TP
'IRE ^

)PIKERGOE WYOMIROE

7YOMIROE ;]KSHRE IPEWX]G^RE WYOMIROE OXɸVE ^ GEE

TI[RSˑGMʇ ˑ[MIXRMI WTVE[H^M WMʙ RE [MIG^SVRI
0IXRME WYOMIROE FI^ VʙOE[ɸ[ ^ TMʙOR]Q []NˑGME (VSFRI VS^GMʙGME VʙOE[ɸ[ []OSʾG^SRI
O[MIGMWX]Q [^SVIQ WTVE[H^M WMʙ QE]QM TIVIOEQM TV^]GMʇKRʇ [^VSO OE˴HIKS

MHIEPRMI RE GS H^MIʾ NEO M RE Vɸ˴RI
SOSPMG^RSˑGMS[I TV^]NʙGME ;WXE[OM 1EVW^G^IRME Y HSY WYOMIROM [T][ENʇ RE NIN MHIEPRI
YOEHERMI WMʙ RE GMIPI
OEVQMʇGI TS^[EPENʇ RE Y˴]XOS[ERMI
WYOMIROM TV^I^ OSFMIX] [ GMʇ˴] M ˑ[MI˴S 'IRE ^

YTMIG^SRI QEQ] ;WXE[OE OEVQMʇGE
RMI []OPYG^E WYOMIROM ^ Y˴]XOS[ERME MI []OPYG^E WYOMIROM ^ Y˴]XOS[ERME
R
TV^I^ OSFMIX] OXɸVI SOVIW GMʇ˴] G^]
OEVQMIRME TMIVWMʇ QENʇ ^E WSFʇ

'IRE ^


















7TSHRMI ^ []WSOMQ TEWIQ



7TSHRMI ^ IPEWX]G^R]Q []WSOMQ TEWIQ
MHIEPRMI WTVE[H^ENʇ WMʙ TSHG^EW GMʇ˴]
4EW REGLSH^M RE GMʇ˴S[] FV^YW^IO
H^MʙOM G^IQY WTSHRMI RMI WTEHENʇ M RMI
^[MNENʇ WMʙ TSH FV^YGLIQ ^ETI[RMENʇG
OSQJSVX Y˴]XOS[ERME


'IRE ^
&PY^OE


&PY^OE WX[SV^SRE ^ Q]ˑPʇ S OSFMIXEGL [ GMʇ˴] NEO
M QEQEGL OEVQMʇG]GL TMIVWMʇ ;]KSHRMI

TSHRSW^SRE TV^IHRME G^ʙˑʉ FPY^OM YQS˴PM[ME
H]WOVIXRI OEVQMIRMI TMIVWMʇ REW^IKS QEPYW^OE
;]NʇXOS[] GLEVEOXIV FPY^GI REHENʇ []GMʙXI 1-6%'0) YP >HVS[MI ;SH^MQMIV^ɸ[
VEQMSRE M TVSWX] OVɸN H^MʙOM OXɸVIQY FPY^OE 7OSRXEOXYN WMʙ ^ REQM XIP FMYVS$QMVEGPI GSQ TP

MHIEPRMI HSTEWS[YNI WMʙ HS REW^IKS GMEE [[[ QMVEGPI GSQ TP
'IRE ^





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










Click to View FlipBook Version