The words you are searching are inside this book. To get more targeted content, please make full-text search by clicking here.
Discover the best professional documents and content resources in AnyFlip Document Base.
Search
Published by B&R, 2017-07-26 07:04:41

MAGAZYN PRZEDSZKOLA ZZ^^^_Flat.

0$*$=<1






35=('6=.2/$ 8ZEBXOJDUXP ƴXJǗUFHP 'JMJQBZEBXOJDUXP ƴXJǗUFHP 'JMJQB
;JFMPOZ ;BLnjUFLJFMPOZ ;BLnjUFL
;
8

'JMIBSNPOJBJMIBSNPOJB
'
$
$PMPSBEPPMPSBEP
1SF[FOUFSSF[FOUFS
1
.RFKDQL 5RG]LFH .JMMFOJVNJMMFOJVN
.
/%8%03+%8%03+
/ .BNZ QS[ZKFNOPǴǎ [BQSF[FOUPXBǎ '
'FFCZFFCZ
'
'
-
1BǩTUXV TQFDKBMOF XZEBOJF v.BHB[ZOV 4 -JUFSJBJUFSJB
4QSPOHGSFFQSPOHGSFF

1S[FET[LPMBw X LUØSZN [OBKE[JFDJF %FMJQBSLFMJQBSL
(
(PMCPYPMCPY
/%8%03+
1BǩTUXP UZMLP XZKnjULPXF öSNZ DJFT[njDF
TJǗ EVȈZN V[OBOJFN OB UFSFOJF 1PMTLJ
%
; ;BQSBT[BNZ EP MFLUVSZ ,
,BSUZ (SBCPXTLJFHPBSUZ (SBCPXTLJFHP
&DPQIPODPQIPO
+FEOPD[FǴOJF [BDIǗDBNZ EP SFHVMBSOZDI &
PEXJFE[JO OBT[FK TUSPOZ JOUFSOFUPXFK
XXX NBHB[ZOQS[FET[LPMB QM

1BNJǗUBKDJF 8BT[B PCFDOPǴǎ KFTU EMB OBT
.BNZ [BT[D[ZU QPJOGPSNPXBǎ XTQBSDJFN J JOTQJSBDKnj
JȈ 1"530/&. XZEBOJB KFTU
5HGDNFMD











4FSEFD[OJF [BQSBT[BNZ EP
[BQP[OBOJB TJǗ [ DB’nj PGFSUnj
QSF[FOUPXBOZDI öSN OB
’BNBDI LBUBMPHV













0DJD]\Q 3U]HGV]NROD

ZZZ PDJD]\QSU]HGV]NROD SO

0 %DO#PDJD]\QSU]HGV]NROD SO

0$*$=<1






35=('6=.2/$ 8 ;JFMPOZ ;BLnjUFLJFMPOZ ;BLnjUFL
;
8ZEBXOJDUXP ƴXJǗUFHP 'JMJQBZEBXOJDUXP ƴXJǗUFHP 'JMJQB

'
'JMIBSNPOJBJMIBSNPOJB
$PMPSBEPPMPSBEP
$
1SF[FOUFSSF[FOUFS
1
.RFKDQL 5RG]LFH .JMMFOJVNJMMFOJVN
.
/ .BNZ QS[ZKFNOPǴǎ [BQSF[FOUPXBǎ '
/%8%03+%8%03+
'
'FFCZFFCZ
'
-
1BǩTUXV TQFDKBMOF XZEBOJF v.BHB[ZOV 4 -JUFSJBJUFSJB
4QSPOHGSFFQSPOHGSFF

1S[FET[LPMBw X LUØSZN [OBKE[JFDJF %
(PMCPYPMCPY
(
/%8%03+
1BǩTUXP UZMLP XZKnjULPXF öSNZ DJFT[njDF
TJǗ EVȈZN V[OBOJFN OB UFSFOJF 1PMTLJ
%FMJQBSLFMJQBSL
; ;BQSBT[BNZ EP MFLUVSZ ,
,BSUZ (SBCPXTLJFHPBSUZ (SBCPXTLJFHP
&
+FEOPD[FǴOJF [BDIǗDBNZ EP SFHVMBSOZDI &DPQIPODPQIPO
PEXJFE[JO OBT[FK TUSPOZ JOUFSOFUPXFK
XXX NBHB[ZOQS[FET[LPMB QM

1BNJǗUBKDJF 8BT[B PCFDOPǴǎ KFTU EMB OBT
.BNZ [BT[D[ZU QPJOGPSNPXBǎ XTQBSDJFN J JOTQJSBDKnj
JȈ 1"530/&. XZEBOJB KFTU
5HGDNFMD











4FSEFD[OJF [BQSBT[BNZ EP
[BQP[OBOJB TJǗ [ DB’nj PGFSUnj
QSF[FOUPXBOZDI öSN OB
’BNBDI LBUBMPHV













0DJD]\Q 3U]HGV]NROD

ZZZ PDJD]\QSU]HGV]NROD SO

0 %DO#PDJD]\QSU]HGV]NROD SO





























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











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


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

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


















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


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

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



















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

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











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


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

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


















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


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

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



















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

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












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

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

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


0RQLWRU ZLHONRIRUPDWRZ\ GRW\NRZ\ )LWRXFK 79, + ]Ą EUXWWR

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


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

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

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

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






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

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












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

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

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


0RQLWRU ZLHONRIRUPDWRZ\ GRW\NRZ\ )LWRXFK 79, + ]Ą EUXWWR

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


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

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

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

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






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

3ODFH ]DEDZ









-HVWHÐP\ ĆUPÃ ] WUDG\FMDPL G]LDÊDMÃFÃ QD U\QNX RG URNX 3RVLDGDP\ V]HURNÃ
JDPÇ EH]SLHF]Q\FK HGXNDF\MQ\FK ]DEDZHN PHEOL RUD] SODFµZ ]DEDZ

1DV]H SURGXNW\ SRVLDGDMÃ FHUW\ĆNDW\ L DWHVW\ RUD] PLHVLÇF]QÃ JZDUDQFMÇ
:V]\VWNLH XU]ÃG]HQLD GRVWÇSQH VÃ Z Uµ×QRURGQHM JDPLH NRORUµZ L Z]RUµZ

3UDJQLHP\ GRSHÊQLÅ ZV]HONLFK VWDUDÌ DE\ SRQL×V]D RIHUWD GRVWDUF]\ÊD G]LHFLRP MDN
QDMZLÇFHM FLHNDZ\FK L DWUDNF\MQ\FK IRUP ]DEDZ\





























































33+8 ì6=.2É$0,//(1,80ë
=DZLVW\ 1DGEX×QH XO 1XUVND
0DÊNLQLD *µUQD
ELXUR#V]NRODPLOOHQLXP SO WHO
ZZZ V]NRODPLOOHQLXP SO

3ODFH ]DEDZ









-HVWHÐP\ ĆUPÃ ] WUDG\FMDPL G]LDÊDMÃFÃ QD U\QNX RG URNX 3RVLDGDP\ V]HURNÃ
JDPÇ EH]SLHF]Q\FK HGXNDF\MQ\FK ]DEDZHN PHEOL RUD] SODFµZ ]DEDZ

1DV]H SURGXNW\ SRVLDGDMÃ FHUW\ĆNDW\ L DWHVW\ RUD] PLHVLÇF]QÃ JZDUDQFMÇ
:V]\VWNLH XU]ÃG]HQLD GRVWÇSQH VÃ Z Uµ×QRURGQHM JDPLH NRORUµZ L Z]RUµZ

3UDJQLHP\ GRSHÊQLÅ ZV]HONLFK VWDUDÌ DE\ SRQL×V]D RIHUWD GRVWDUF]\ÊD G]LHFLRP MDN
QDMZLÇFHM FLHNDZ\FK L DWUDNF\MQ\FK IRUP ]DEDZ\





























































33+8 ì6=.2É$0,//(1,80ë
=DZLVW\ 1DGEX×QH XO 1XUVND
0DÊNLQLD *µUQD
ELXUR#V]NRODPLOOHQLXP SO WHO
ZZZ V]NRODPLOOHQLXP SO

]
ÇU W 3UDJQLHP\ SU]HGVWDZLÅ 3DÌVWZX QLHNWµUH



Q LZ H ] QDV]\FK OLF]Q\FK UHDOL]DFML
PHEOL

SU]HGV]NROQ\FK L ELXURZ\FK



V×Q RDH










S
:\





















0HEOH Z\NRQXMHP\ SRG Z\PLDU L Z GRZROQHM

NRORU\VW\FH GRVWDUF]DP\ Z FDÊRÐFL

:V]\VWNLH QDV]H PHEOH SRVLDGDMÃ QLH]EÇGQH

FHW\ĆNDW\ L DWHVW\
















6NRPSOHWXM VZµM ]HVWDZ




33+8 ì6=.2É$0,//(1,80ë 7H L R ZLHOH ZLÇFHM PR×QD ]QDOHÕÅ QD
=DZLVW\ 1DGEX×QH XO 1XUVND QDV]HM VWURQLH LQWHUQHWRZHM Z ]DNÊDGFH
0DÊNLQLD *µUQD
ELXUR#V]NRODPLOOHQLXP SO WHO :\SRVD×HQLH

ZZZ V]NRODPLOOHQLXP SO

]
ÇU W 3UDJQLHP\ SU]HGVWDZLÅ 3DÌVWZX QLHNWµUH



Q LZ H ] QDV]\FK OLF]Q\FK UHDOL]DFML
PHEOL

SU]HGV]NROQ\FK L ELXURZ\FK



V×Q RDH










S
:\





















0HEOH Z\NRQXMHP\ SRG Z\PLDU L Z GRZROQHM

NRORU\VW\FH GRVWDUF]DP\ Z FDÊRÐFL

:V]\VWNLH QDV]H PHEOH SRVLDGDMÃ QLH]EÇGQH

FHW\ĆNDW\ L DWHVW\
















6NRPSOHWXM VZµM ]HVWDZ




33+8 ì6=.2É$0,//(1,80ë 7H L R ZLHOH ZLÇFHM PR×QD ]QDOHÕÅ QD
=DZLVW\ 1DGEX×QH XO 1XUVND QDV]HM VWURQLH LQWHUQHWRZHM Z ]DNÊDGFH
0DÊNLQLD *µUQD
ELXUR#V]NRODPLOOHQLXP SO WHO :\SRVD×HQLH

ZZZ V]NRODPLOOHQLXP SO





3ODVWHOLQRZH DEHFDGÊR ]Ê

)DNW G]LHFLRP


ì3ODVWHOLQRZH $%(&$'É2ë WR ZVSDQLDÊD SRPRF GOD G]LHFL Z SR]QDZDQLX OLWHU å
LFK NV]WDÊWX L VSRVREX SLVDQLD .V]WDÊW ZLHONLFK OLWHU G]LHFNR SR]QDMH Z\NOHMDMÃF MH
SODVWHOLQÃ ]DÐ NV]WDÊWX PDÊ\FK OLWHU XF]\ VLÇ SLV]ÃF MH SR ÐODG]LH 3RGSRZLHG]LÃ Z
VSRVRELH SLVDQLD OLWHU Z OLQLDWXU]H VÃ VWU]DÊNL ZVND]XMÃFH NLHUXQHN NUHÐOHQLD OLQLL







3RGUµ× GRRNRÊD ÐZLDWD
7HO ]Ê
SUHQXPHUDWD D[HO#TJ FRP 3DNLHW NVLÃ×HN

ZZZ OLWHULD SO .ROHNFMD 3RGUµ× GRRNRÊD ÐZLDWD WR VHULD JHRJUDĆF]Q\FK ]HV]\WµZ

HGXNDF\MQ\FK GOD G]LHFL 6\PSDW\F]QL ERKDWHURZLH -XOND 7RPHN L PLHV]NDMÃF\
Z ]DF]DURZDQ\P JOREXVLH G×LQ ]DSUDV]DMÃ Z SHÊQÃ SU]\JµG SRGUµ× SU]H] ODG\
/,7(5,$ SO WR NLRVN LQWHUQHWRZ\ Z NWµU\P PR×QD NXSLÅ SURGXNW\ Z\GDQH SU]H] L PRU]D
5LQJLHU $[HO 6SULQJHU :ÊDÐFLFLHO VNOHSX ĆUPD 5LQJLHU $[HO 6SULQJHU 3ROVND LVWQLHMH
RG URNX L QDOH×\ GR JURQD QDMZLÇNV]\FK Z\GDZFµZ SUDV\ Z 3ROVFH

.OXE 3RGUµ×QLND

3UHQXPHUDWD )DVRONL QDMZLÇNV]H SU]HERMH ]Ê
)DNW PX]\ND GOD G]LHFL
./8% 32'5•Ö1,.$ WR NROHNFMD NODV\F]Q\FK SRZLHÐFL PÊRG]LH×RZ\FK å NVLÃ×HN WDNLFK PLVWU]µZ
SLµUD MDN $OHNVDQGHU 'XPDV -DFN /RQGRQ F]\ -XOLXV] 9HUQH 1LH PRJÊR Z QLHM ]DEUDNQÃÅ L SROVNLFK .VLÃ×ND ]DZLHUD WHNVW\ QDMSRSXODUQLHMV]\FK SLRVHQHN ]HVSRÊX )DVRONL
DNFHQWµZ F\NOX R 7RPNX :LOPRZVNLP F]\ ì: SXVW\QL L Z SXV]F]\ +HQU\ND 6LHQNLHZLF]D 'OD NVLÃ×ND &' 'R NVLÃ×NL GRÊÃF]RQD MHVW SÊ\WD &' ] QDJUDQLDPL
ZV]\VWNLFK NWµU\P QLHREF\ MHVW GXFK SU]\JRG\ SUDZG]LZD Z\GDZQLF]D JUDWND :\NRQDZFD SLRVQHN XWZµU .U]\V]WRI 0DU]HF L ì=HVSµÊ )DVRONLë ZV]\VWNLH
SR]RVWDÊH XWZRU\ ì=HVSµÊ )DVRONLë
7RP\ 7RP\ 7RP\ 7RP\ 7RP\
]Ê ]Ê ]Ê ]Ê ]Ê



&KZ\Å EDMHF]NÇ ]Ê

.UDLQD ORGX


8UXFKRP Z\REUDÕQLÇ L ZHMGÕ GR ÐZLDWD ĆOPµZ 'LVQH\D 3U]HF]\WDM R SU]\JRGDFK
$QQ\ L (OV\ D QDVWÇSQLH UR]ZLÃ× ]DGDQLD ]H VZRLPL XOXELRQ\PL ERKDWHUDPL
Z URODFK JʵZQ\FK 8GDQHM ]DEDZ\








3RGZRGQ\ ÐZLDW
]Ê 1DNOHMNL LVNLHUNL ]Ê




0RUVNLH IDOH V]XPLÃ L VQXMÃ RSRZLHÐFL R VWZRU]HQLDFK ] SRGZRGQHJR ÐZLDWD
=QL×ND QD ]DNXS SU]H] VWURQÇ LQWHUQHWRZÃ NRG 0DJD]\Q3U]HGV]NROD 'RSDVXM QDNOHMNL GR UDPHN L GDM VLÇ SRQLHÐÅ PRUVNLP RSRZLHÐFLRP

.RG L RIHUWD ZD×QD GR U OXE GR Z\F]HUSDQLD ]DSDVµZ

3ODVWHOLQRZH DEHFDGÊR ]Ê

)DNW G]LHFLRP


ì3ODVWHOLQRZH $%(&$'É2ë WR ZVSDQLDÊD SRPRF GOD G]LHFL Z SR]QDZDQLX OLWHU å
LFK NV]WDÊWX L VSRVREX SLVDQLD .V]WDÊW ZLHONLFK OLWHU G]LHFNR SR]QDMH Z\NOHMDMÃF MH
SODVWHOLQÃ ]DÐ NV]WDÊWX PDÊ\FK OLWHU XF]\ VLÇ SLV]ÃF MH SR ÐODG]LH 3RGSRZLHG]LÃ Z
VSRVRELH SLVDQLD OLWHU Z OLQLDWXU]H VÃ VWU]DÊNL ZVND]XMÃFH NLHUXQHN NUHÐOHQLD OLQLL







3RGUµ× GRRNRÊD ÐZLDWD
7HO ]Ê
SUHQXPHUDWD D[HO#TJ FRP 3DNLHW NVLÃ×HN

ZZZ OLWHULD SO .ROHNFMD 3RGUµ× GRRNRÊD ÐZLDWD WR VHULD JHRJUDĆF]Q\FK ]HV]\WµZ

HGXNDF\MQ\FK GOD G]LHFL 6\PSDW\F]QL ERKDWHURZLH -XOND 7RPHN L PLHV]NDMÃF\
Z ]DF]DURZDQ\P JOREXVLH G×LQ ]DSUDV]DMÃ Z SHÊQÃ SU]\JµG SRGUµ× SU]H] ODG\
/,7(5,$ SO WR NLRVN LQWHUQHWRZ\ Z NWµU\P PR×QD NXSLÅ SURGXNW\ Z\GDQH SU]H] L PRU]D
5LQJLHU $[HO 6SULQJHU :ÊDÐFLFLHO VNOHSX ĆUPD 5LQJLHU $[HO 6SULQJHU 3ROVND LVWQLHMH
RG URNX L QDOH×\ GR JURQD QDMZLÇNV]\FK Z\GDZFµZ SUDV\ Z 3ROVFH

.OXE 3RGUµ×QLND

3UHQXPHUDWD )DVRONL QDMZLÇNV]H SU]HERMH ]Ê
)DNW PX]\ND GOD G]LHFL
./8% 32'5•Ö1,.$ WR NROHNFMD NODV\F]Q\FK SRZLHÐFL PÊRG]LH×RZ\FK å NVLÃ×HN WDNLFK PLVWU]µZ
SLµUD MDN $OHNVDQGHU 'XPDV -DFN /RQGRQ F]\ -XOLXV] 9HUQH 1LH PRJÊR Z QLHM ]DEUDNQÃÅ L SROVNLFK .VLÃ×ND ]DZLHUD WHNVW\ QDMSRSXODUQLHMV]\FK SLRVHQHN ]HVSRÊX )DVRONL
DNFHQWµZ F\NOX R 7RPNX :LOPRZVNLP F]\ ì: SXVW\QL L Z SXV]F]\ +HQU\ND 6LHQNLHZLF]D 'OD NVLÃ×ND &' 'R NVLÃ×NL GRÊÃF]RQD MHVW SÊ\WD &' ] QDJUDQLDPL
ZV]\VWNLFK NWµU\P QLHREF\ MHVW GXFK SU]\JRG\ SUDZG]LZD Z\GDZQLF]D JUDWND :\NRQDZFD SLRVQHN XWZµU .U]\V]WRI 0DU]HF L ì=HVSµÊ )DVRONLë ZV]\VWNLH
SR]RVWDÊH XWZRU\ ì=HVSµÊ )DVRONLë
7RP\ 7RP\ 7RP\ 7RP\ 7RP\
]Ê ]Ê ]Ê ]Ê ]Ê



&KZ\Å EDMHF]NÇ ]Ê

.UDLQD ORGX


8UXFKRP Z\REUDÕQLÇ L ZHMGÕ GR ÐZLDWD ĆOPµZ 'LVQH\D 3U]HF]\WDM R SU]\JRGDFK
$QQ\ L (OV\ D QDVWÇSQLH UR]ZLÃ× ]DGDQLD ]H VZRLPL XOXELRQ\PL ERKDWHUDPL
Z URODFK JʵZQ\FK 8GDQHM ]DEDZ\








3RGZRGQ\ ÐZLDW
]Ê 1DNOHMNL LVNLHUNL ]Ê




0RUVNLH IDOH V]XPLÃ L VQXMÃ RSRZLHÐFL R VWZRU]HQLDFK ] SRGZRGQHJR ÐZLDWD
=QL×ND QD ]DNXS SU]H] VWURQÇ LQWHUQHWRZÃ NRG 0DJD]\Q3U]HGV]NROD 'RSDVXM QDNOHMNL GR UDPHN L GDM VLÇ SRQLHÐÅ PRUVNLP RSRZLHÐFLRP

.RG L RIHUWD ZD×QD GR U OXE GR Z\F]HUSDQLD ]DSDVµZ

5DV\ NRWµZ ]Ê &LDÊR F]ÊRZLHND ]Ê

)DNW G]LHFLRP )DNW HQF\NORSHGLD


.WµU\ NRW SRWUDĆ RWZLHUDÅ GU]ZL L V]Xć DG\" : F]\P HJLSVNL PDX SRGREQ\ =DSUDV]DP\ &LÇ Z IDVF\QXMÃFÃ SRGUµ× Z JÊÃE OXG]NLHJR FLDÊD 2GNU\MHV] MDN
MHVW GR JHSDUGD" -DND UDVD WR W\JU\V Z PLQLDWXU]H" 'ODF]HJR WXUHFNL 9DQ XZLHOELD IXQNFMRQXMH QDV] RUJDQL]P RUD] GR F]HJR VÊX×à Uµ×QH QDU]ÃG\ 'RZLHV] VLÇ NWµU\
]DEDZ\ Z ZRG]LH" PLÇVLHÌ MHVW QDMEDUG]LHM ]DSUDFRZDQ\ GODF]HJR PLJGDÊNL F]DVHP URELÃ VLÇ
F]HUZRQH RUD] FR WR VÃ UXFK\ UREDF]NRZH 8F] VLÇ EDZLÃF QDNOHMNDPL







-HGQRUR×FH ]Ê 5DV\ SVµZ ]Ê

1DNOHMNL LVNLHUNL )DNW G]LHFLRP


*G]LHÐ GDOHNR ×\MÃ QLH]Z\NÊH MHGQRUR×FH .WR MH XMU]\ EÇG]LH PLDÊ V]F]ÇÐFLH 3LHV MHVW MHGQ\P ] QDMZF]HÐQLHM XGRPRZLRQ\FK ]ZLHU]ÃW -HJR QDWXUDOQH FHFK\
']LÐ ]DSUDV]DMÃ FLÇ GR ]DEDZ\ 8PLHÐÅ Z RGSRZLHGQLFK PLHMVFDFK QDNOHMNL VSUDZLÊ\ ×H VWDÊ VLÇ SRPRFQLNLHP L QDMOHSV]\P SU]\MDFLHOHP F]ÊRZLHND ']LÇNL
] MHGQRUR×FDPL D RQH QD SHZQR SRMDZLÃ VLÇ Z WZRLFK VQDFK E\ SU]\QLHÐÅ QDNOHMNRP SR]QDV] QDMZLÇNV]H L QDMPQLHMV]H UDV\ GRZLHV] VLÇ NWµUH QDMOHSLHM
FL SUH]HQW å QLHVSRG]LDQNÇ WURSLÃ ]ZLHU]\QÇ D NWµUH VÊ\QÃ ] LQWHOLJHQFML OXE ZDOHF]QRÐFL







.XIHUHN EDMHN ]Ê $WODV ćDJ ]Ê

)DNW EDMNL )DNW HGXNDFMD


3LÇNQH NRORURZH LOXVWUDFMH L LQWHUHVXMÃFH WHNVW\ VSRZRGXMà ×H EDMNRZ\ ÐZLDW $WODV ćDJ WR NVLÃ×ND G]LÇNL NWµUHM PÊRG]L RGNU\ZF\ QDXF]à VLÇ UR]SR]QDZDÅ ćDJL
VWDQLH SU]HG QDPL RWZRUHP :\VWDUF]\ RWZRU]\Å NVLÃ×NÇ E\ ]QDOHÕÅ VLÇ Uµ×Q\FK SDÌVWZ 3R]QDMà LFK V\PEROLNÇ L LQWHUHVXMÃFH IDNW\ QD WHPDW HOHPHQWµZ
Z ÐZLHFLH ZUµ×HN ]DNOÇÅ L F]DUµZ JG]LH ZV]\VWNR PR×H VLÇ ]GDU]\Å QD QLFK XPLHV]F]RQ\FK 'RGDWNRZR QD NRORURZ\FK PDSDFK ]D]QDF]RQR SDÌVWZD
RUD] FKDUDNWHU\VW\F]QH GOD QLFK SRVWDFL EXGRZOH F]\ ]ZLHU]ÇWD






.OXE NXF\NµZ ]Ê $WODV ]ZLHU]ÃW ]Ê

.UDLQD ORGX )DNW HQF\NORSHGLD


:VSDQLDÊD NVLÃ×ND GOD PLÊRÐQLNµZ NRQL 2SLVXMH QLH]Z\NÊà SU]\JRGÇ F]WHUHFK =DSUDV]DP\ &LÇ Z QLH]Z\NÊà SRGUµ× GRRNRÊD ÐZLDWD 'RZLHV] VLÇ MDNLH
SU]\MDFLµÊHN QDOH×ÃF\FK GR .OXEX .XF\NµZ ']LHZF]\QNL Z\ELHUDMà VLÇ QD ]ZLHU]ÇWD PLHV]NDMà QD 6DKDU]H D NWµUH ZÐUµG ORGµZ $QWDUNW\G\ 3R]QDV]
SRV]XNLZDQLD ]DJLQLRQHM NODF]\ R LPLHQLX .VLÇ×QLF]ND &]\ XGD LP VLÇ RGQDOHÕÅ RJURPQHJR VPRND ] .RPRGR L JµUVNLHJR OZD ] $PHU\NL 2GNU\MHV] SWDND
XNRFKDQHJR NRQLD" -DNà ZVSDQLDÊà QLHVSRG]LDQNÇ RGNU\Mà QD SRODQLH" ] QDMEDUG]LHM NRORURZ\P G]LREHP L Z\MÃWNRZR QLHEH]SLHF]QH ZÇ×H






3V\ .RORUXMÇ L QDNOHMDP ]Ê .27< -DN UR]SR]QDÅ UDV ]Ê

)DNW HGXNDFMD )DNW HQF\NORSHGLD


.RORURZDQLH WR QLH]Z\NOH ZD×QH ÅZLF]HQLH Z UR]ZRMX PDÊHJR G]LHFND ']LÇNL -DN Z\JOÃGDMÃ F]\P MH NDUPLÅ MDNLH PDMÃ ]Z\F]DMH 3R]QDM
QLHPX QDMPÊRGVL XF]Ã VLÇ UR]Uµ×QLDÅ NRORU\ GRVNRQDOÃ XPLHMÇWQRÐFL QDMSRSXODUQLHMV]\FK UDV 'RZLHG] VLÇ ZV]\VWNLHJR R ×\FLX NRWµZ
JUDIRPRWRU\F]QH ÅZLF]Ã NRQFHQWUDFMÇ RUD] UR]ZLMDMÃ NUHDW\ZQH P\ÐOHQLH 6WDÌ VLÇ HNVSHUWHP Z WHM G]LHG]LQLH L ]DVNDNXM ZLHG]Ã

ZZZ OLWHULD SO

5DV\ NRWµZ ]Ê &LDÊR F]ÊRZLHND ]Ê

)DNW G]LHFLRP )DNW HQF\NORSHGLD


.WµU\ NRW SRWUDĆ RWZLHUDÅ GU]ZL L V]Xć DG\" : F]\P HJLSVNL PDX SRGREQ\ =DSUDV]DP\ &LÇ Z IDVF\QXMÃFÃ SRGUµ× Z JÊÃE OXG]NLHJR FLDÊD 2GNU\MHV] MDN
MHVW GR JHSDUGD" -DND UDVD WR W\JU\V Z PLQLDWXU]H" 'ODF]HJR WXUHFNL 9DQ XZLHOELD IXQNFMRQXMH QDV] RUJDQL]P RUD] GR F]HJR VÊX×à Uµ×QH QDU]ÃG\ 'RZLHV] VLÇ NWµU\
]DEDZ\ Z ZRG]LH" PLÇVLHÌ MHVW QDMEDUG]LHM ]DSUDFRZDQ\ GODF]HJR PLJGDÊNL F]DVHP URELÃ VLÇ
F]HUZRQH RUD] FR WR VÃ UXFK\ UREDF]NRZH 8F] VLÇ EDZLÃF QDNOHMNDPL







-HGQRUR×FH ]Ê 5DV\ SVµZ ]Ê

1DNOHMNL LVNLHUNL )DNW G]LHFLRP


*G]LHÐ GDOHNR ×\MÃ QLH]Z\NÊH MHGQRUR×FH .WR MH XMU]\ EÇG]LH PLDÊ V]F]ÇÐFLH 3LHV MHVW MHGQ\P ] QDMZF]HÐQLHM XGRPRZLRQ\FK ]ZLHU]ÃW -HJR QDWXUDOQH FHFK\
']LÐ ]DSUDV]DMÃ FLÇ GR ]DEDZ\ 8PLHÐÅ Z RGSRZLHGQLFK PLHMVFDFK QDNOHMNL VSUDZLÊ\ ×H VWDÊ VLÇ SRPRFQLNLHP L QDMOHSV]\P SU]\MDFLHOHP F]ÊRZLHND ']LÇNL
] MHGQRUR×FDPL D RQH QD SHZQR SRMDZLÃ VLÇ Z WZRLFK VQDFK E\ SU]\QLHÐÅ QDNOHMNRP SR]QDV] QDMZLÇNV]H L QDMPQLHMV]H UDV\ GRZLHV] VLÇ NWµUH QDMOHSLHM
FL SUH]HQW å QLHVSRG]LDQNÇ WURSLÃ ]ZLHU]\QÇ D NWµUH VÊ\QÃ ] LQWHOLJHQFML OXE ZDOHF]QRÐFL







.XIHUHN EDMHN ]Ê $WODV ćDJ ]Ê

)DNW EDMNL )DNW HGXNDFMD


3LÇNQH NRORURZH LOXVWUDFMH L LQWHUHVXMÃFH WHNVW\ VSRZRGXMà ×H EDMNRZ\ ÐZLDW $WODV ćDJ WR NVLÃ×ND G]LÇNL NWµUHM PÊRG]L RGNU\ZF\ QDXF]à VLÇ UR]SR]QDZDÅ ćDJL
VWDQLH SU]HG QDPL RWZRUHP :\VWDUF]\ RWZRU]\Å NVLÃ×NÇ E\ ]QDOHÕÅ VLÇ Uµ×Q\FK SDÌVWZ 3R]QDMà LFK V\PEROLNÇ L LQWHUHVXMÃFH IDNW\ QD WHPDW HOHPHQWµZ
Z ÐZLHFLH ZUµ×HN ]DNOÇÅ L F]DUµZ JG]LH ZV]\VWNR PR×H VLÇ ]GDU]\Å QD QLFK XPLHV]F]RQ\FK 'RGDWNRZR QD NRORURZ\FK PDSDFK ]D]QDF]RQR SDÌVWZD
RUD] FKDUDNWHU\VW\F]QH GOD QLFK SRVWDFL EXGRZOH F]\ ]ZLHU]ÇWD






.OXE NXF\NµZ ]Ê $WODV ]ZLHU]ÃW ]Ê

.UDLQD ORGX )DNW HQF\NORSHGLD


:VSDQLDÊD NVLÃ×ND GOD PLÊRÐQLNµZ NRQL 2SLVXMH QLH]Z\NÊà SU]\JRGÇ F]WHUHFK =DSUDV]DP\ &LÇ Z QLH]Z\NÊà SRGUµ× GRRNRÊD ÐZLDWD 'RZLHV] VLÇ MDNLH
SU]\MDFLµÊHN QDOH×ÃF\FK GR .OXEX .XF\NµZ ']LHZF]\QNL Z\ELHUDMà VLÇ QD ]ZLHU]ÇWD PLHV]NDMà QD 6DKDU]H D NWµUH ZÐUµG ORGµZ $QWDUNW\G\ 3R]QDV]
SRV]XNLZDQLD ]DJLQLRQHM NODF]\ R LPLHQLX .VLÇ×QLF]ND &]\ XGD LP VLÇ RGQDOHÕÅ RJURPQHJR VPRND ] .RPRGR L JµUVNLHJR OZD ] $PHU\NL 2GNU\MHV] SWDND
XNRFKDQHJR NRQLD" -DNà ZVSDQLDÊà QLHVSRG]LDQNÇ RGNU\Mà QD SRODQLH" ] QDMEDUG]LHM NRORURZ\P G]LREHP L Z\MÃWNRZR QLHEH]SLHF]QH ZÇ×H






3V\ .RORUXMÇ L QDNOHMDP ]Ê .27< -DN UR]SR]QDÅ UDV ]Ê

)DNW HGXNDFMD )DNW HQF\NORSHGLD


.RORURZDQLH WR QLH]Z\NOH ZD×QH ÅZLF]HQLH Z UR]ZRMX PDÊHJR G]LHFND ']LÇNL -DN Z\JOÃGDMÃ F]\P MH NDUPLÅ MDNLH PDMÃ ]Z\F]DMH 3R]QDM
QLHPX QDMPÊRGVL XF]Ã VLÇ UR]Uµ×QLDÅ NRORU\ GRVNRQDOÃ XPLHMÇWQRÐFL QDMSRSXODUQLHMV]\FK UDV 'RZLHG] VLÇ ZV]\VWNLHJR R ×\FLX NRWµZ
JUDIRPRWRU\F]QH ÅZLF]Ã NRQFHQWUDFMÇ RUD] UR]ZLMDMÃ NUHDW\ZQH P\ÐOHQLH 6WDÌ VLÇ HNVSHUWHP Z WHM G]LHG]LQLH L ]DVNDNXM ZLHG]Ã

ZZZ OLWHULD SO

BÑÄôđ÷Ė° ÷â°ôü




üô°âñçÝÑã° ã° øđÑļÑÄȦ

















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

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


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




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

BÑÄôđ÷Ė° ÷â°ôü




üô°âñçÝÑã° ã° øđÑļÑÄȦ

















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

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


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




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

đđđȩ÷ñôÑãÎÍôÄÄȩñÝ


































XēñôçÀþÜçđ°ãçȩ ü°Ü »ē đēüôĖēâ°áç



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


đ »ô°ãęēȩ °ÝÄ ñçâ°Î°âē ÛÄ üđçôĖē½









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





















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




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

đđđȩ÷ñôÑãÎÍôÄÄȩñÝ


































XēñôçÀþÜçđ°ãçȩ ü°Ü »ē đēüôĖēâ°áç



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


đ »ô°ãęēȩ °ÝÄ ñçâ°Î°âē ÛÄ üđçôĖē½









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





















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




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

+SP&S\ 1 \



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




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



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



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




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

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




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


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




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

+SP&S\ 1 \



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




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



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



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




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

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




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


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




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









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

PQRľHQLD SU]H] ]DEDZÛ





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








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

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

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

PQRľHQLD SU]H] ]DEDZÛ





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








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

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

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


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















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



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

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

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

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










::: .$57<*5$%2:6.Ζ(*2 3/

WHO _ LQIR#NDUW\JUDERZVNLHJR SO

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


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















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



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

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

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

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










::: .$57<*5$%2:6.Ζ(*2 3/

WHO _ LQIR#NDUW\JUDERZVNLHJR SO










Click to View FlipBook Version