MP BEEA

0HWNL 1DNOHMNL





'$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





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

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

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

,TJnjȈLJ EPTUǗQOF SØXOJFȈ X XFSTKJ MJNJUPXBOFK o [ BVEJPCPPLJFN X NJTUS[PXTLJN
XZLPOBOJV 1JPUSB 'SPOD[FXTLJFHP


































4[VLBK X OBKMFQT[ZDI
LTJǗHBSOJBDI PSB[ OB
-XQJ RII VND (G\WD -XQJRZVND 6S .
XO .U\SVND :DUV]DZD 3ROVND
H PDLO VNOHS#MXQJRIIVND SO

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

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

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

,TJnjȈLJ EPTUǗQOF SØXOJFȈ X XFSTKJ MJNJUPXBOFK o [ BVEJPCPPLJFN X NJTUS[PXTLJN
XZLPOBOJV 1JPUSB 'SPOD[FXTLJFHP


































4[VLBK X OBKMFQT[ZDI
LTJǗHBSOJBDI PSB[ OB
-XQJ RII VND (G\WD -XQJRZVND 6S .
XO .U\SVND :DUV]DZD 3ROVND
H PDLO VNOHS#MXQJRIIVND SO

¸   &    &

$ ,  $ , $



-HVWHÐP\ JUXSÃ SDVMRQDWµZ NWµU]\ ]DZRGRZR ]DMPXMÃ VLÇ SRND]\ZDQLHP SLÇNQD .RVPRVX 6Ã ZÐUµG QDV ]DUµZQR DVWURQRPRZLH MDN L Ć]\F\
REGDU]HQL XPLHMÇWQRÐFLDPL FLHNDZHJR SU]HND]\ZDQLD ZLHG]\ R NRVPRVLH L ]MDZLVNDFK Z QLP ]DFKRG]ÃF\FK 3RWUDĆP\ SUDFRZDÅ ] G]LHÅPL L
PÊRG]LH×à Z ND×G\P ZLHNX L SURZDG]LÅ ]DMÇFLD GRVWRVRZDQH GR V]NROQ\FK SURJUDPµZ G\GDNW\F]Q\FK = QDPL .RVPRV MHVW ]QDF]QLH EOL×HM
1
1DV]H &HQWUXP DV]H &HQWUXP (GXNDF\MQH G]LDÊD MX× ODW L MHVW MHGQ\P ] QDMGÊX×HM G]LDÊDMÃF\FK Z 3ROVFH ']LÇNL WHPX GRÐZLDGF]HQLX RIHUXMHP\ QDMERJDWV]\
SURJUDP HGXNDF\MQ\ ]DUµZQR GOD G]LHFL L PÊRG]LH×\ ZH ZV]\VWNLFK JUXSDFK ZLHNRZ\FK MDN L GOD RVµE GRURVÊ\FK 6WDOH VLÇ UR]ZLMDP\ SRV]HU]DP\
QDV]Ã RIHUWÇ R QRZH WHPDW\ RUD] NRU]\VWDP\ ] QDMQRZV]\FK ]GRE\F]\ WHFKQLNL QS JRJOL 95 :V]\VWNLH SURSRQRZDQH SU]H] QDV IRUP\
SURZDG]HQLD ]DMÇÅ GRVWRVRZXMHP\ GR SRWU]HE ]DPDZLDMÃFHJR





¸ , $  


3RGF]DV VHDQVX Z PRELOQ\P SODQHWDULXP ]DELHUDP\ G]LHFL Z QLH]Z\NÊÃ SRGUµ× GR
QDMGDOV]\FK ]DNÃWNµZ NRVPRVX 3RND]\ GRVWDUF]DMÃ QLH]DSRPQLDQ\FK SU]H×\Å L Z]UXV]HÌ
SR]ZDODMÃ UR]EXG]LÅ ]DLQWHUHVRZDQLD ]DVSRNRLÅ FLHNDZRÐÅ X]XSHÊQLÅ SU]HUDELDQ\
PDWHULDÊ D ZV]\VWNR EH] NRQLHF]QRÐFL Z\FKRG]HQLD ]H V]NRÊ\ OXE SU]HGV]NROD




¡  


:DUV]WDW\ WR LQWHUDNW\ZQH ]DMÇFLD SRGF]DV NWµU\FK G]LHFL FDÊ\ F]DV VÃ DNW\ZQH QS
REVHUZXMÃ SU]H] WHOHVNRS ZFLHODMÃ VLÇ Z UROÇ DVWURQDXW\ NWµU\ QDSUDZLD VWDWHN NRVPLF]Q\
F]\ WZRU]Ã PRGHO V]WXF]QHJR VDWHOLW\ =LHPL QS 6SXWQLND : ]DMÇFLDFK W\FK PRJÃ
XF]HVWQLF]\Å QDZHW G]LHFL OHWQLH





M n $ , $


:V]\VF\ ZLHP\ MDN WUXGQR D QDZHW QLHEH]SLHF]QLH MHVW SDWU]HÅ SURVWR Z 6ÊRÌFH -HGQDN G]LÇNL
VSHFMDOQ\P WHOHVNRSRP VÊRQHF]Q\P NWµUH SU]\ZLH]LHP\ GR SU]HGV]NROD G]LHFL EÇGÃ PRJÊ\
EH]SLHF]QLH REHMU]HÅ WDUF]Ç QDV]HM JZLD]G\ D WDN×H QLHNWµUH QD QLHM V]F]HJµÊ\ MDN FLHPQH
SODPNL F]\OL SODP\ VÊRQHF]QH D SU]\ RGURELQLH V]F]ÇÐFLD WDN×H ROEU]\PLH Z\U]XW\ PDWHULL F]\OL
Z\EXFK\ QD 6ÊRÌFX = SHZQRÐFLÃ EÇG]LH WR FLHNDZH L ZDUWRÐFLRZH SU]H×\FLH GOD G]LHF








&HQWUXP (GXNDF\MQH 3ODQHWD $QXND

=$'=:2Ë '2 1$6
‘ M 
7(/
ZZZ SODQHWDULXP ZDZ SO
M

,  R DQXND#DQXND SO

¸   &    &

$ ,  $ , $



-HVWHÐP\ JUXSÃ SDVMRQDWµZ NWµU]\ ]DZRGRZR ]DMPXMÃ VLÇ SRND]\ZDQLHP SLÇNQD .RVPRVX 6Ã ZÐUµG QDV ]DUµZQR DVWURQRPRZLH MDN L Ć]\F\
REGDU]HQL XPLHMÇWQRÐFLDPL FLHNDZHJR SU]HND]\ZDQLD ZLHG]\ R NRVPRVLH L ]MDZLVNDFK Z QLP ]DFKRG]ÃF\FK 3RWUDĆP\ SUDFRZDÅ ] G]LHÅPL L
PÊRG]LH×à Z ND×G\P ZLHNX L SURZDG]LÅ ]DMÇFLD GRVWRVRZDQH GR V]NROQ\FK SURJUDPµZ G\GDNW\F]Q\FK = QDPL .RVPRV MHVW ]QDF]QLH EOL×HM
1
1DV]H &HQWUXP DV]H &HQWUXP (GXNDF\MQH G]LDÊD MX× ODW L MHVW MHGQ\P ] QDMGÊX×HM G]LDÊDMÃF\FK Z 3ROVFH ']LÇNL WHPX GRÐZLDGF]HQLX RIHUXMHP\ QDMERJDWV]\
SURJUDP HGXNDF\MQ\ ]DUµZQR GOD G]LHFL L PÊRG]LH×\ ZH ZV]\VWNLFK JUXSDFK ZLHNRZ\FK MDN L GOD RVµE GRURVÊ\FK 6WDOH VLÇ UR]ZLMDP\ SRV]HU]DP\
QDV]Ã RIHUWÇ R QRZH WHPDW\ RUD] NRU]\VWDP\ ] QDMQRZV]\FK ]GRE\F]\ WHFKQLNL QS JRJOL 95 :V]\VWNLH SURSRQRZDQH SU]H] QDV IRUP\
SURZDG]HQLD ]DMÇÅ GRVWRVRZXMHP\ GR SRWU]HE ]DPDZLDMÃFHJR





¸ , $  


3RGF]DV VHDQVX Z PRELOQ\P SODQHWDULXP ]DELHUDP\ G]LHFL Z QLH]Z\NÊÃ SRGUµ× GR
QDMGDOV]\FK ]DNÃWNµZ NRVPRVX 3RND]\ GRVWDUF]DMÃ QLH]DSRPQLDQ\FK SU]H×\Å L Z]UXV]HÌ
SR]ZDODMÃ UR]EXG]LÅ ]DLQWHUHVRZDQLD ]DVSRNRLÅ FLHNDZRÐÅ X]XSHÊQLÅ SU]HUDELDQ\
PDWHULDÊ D ZV]\VWNR EH] NRQLHF]QRÐFL Z\FKRG]HQLD ]H V]NRÊ\ OXE SU]HGV]NROD




¡  


:DUV]WDW\ WR LQWHUDNW\ZQH ]DMÇFLD SRGF]DV NWµU\FK G]LHFL FDÊ\ F]DV VÃ DNW\ZQH QS
REVHUZXMÃ SU]H] WHOHVNRS ZFLHODMÃ VLÇ Z UROÇ DVWURQDXW\ NWµU\ QDSUDZLD VWDWHN NRVPLF]Q\
F]\ WZRU]Ã PRGHO V]WXF]QHJR VDWHOLW\ =LHPL QS 6SXWQLND : ]DMÇFLDFK W\FK PRJÃ
XF]HVWQLF]\Å QDZHW G]LHFL OHWQLH





M n $ , $


:V]\VF\ ZLHP\ MDN WUXGQR D QDZHW QLHEH]SLHF]QLH MHVW SDWU]HÅ SURVWR Z 6ÊRÌFH -HGQDN G]LÇNL
VSHFMDOQ\P WHOHVNRSRP VÊRQHF]Q\P NWµUH SU]\ZLH]LHP\ GR SU]HGV]NROD G]LHFL EÇGÃ PRJÊ\
EH]SLHF]QLH REHMU]HÅ WDUF]Ç QDV]HM JZLD]G\ D WDN×H QLHNWµUH QD QLHM V]F]HJµÊ\ MDN FLHPQH
SODPNL F]\OL SODP\ VÊRQHF]QH D SU]\ RGURELQLH V]F]ÇÐFLD WDN×H ROEU]\PLH Z\U]XW\ PDWHULL F]\OL
Z\EXFK\ QD 6ÊRÌFX = SHZQRÐFLÃ EÇG]LH WR FLHNDZH L ZDUWRÐFLRZH SU]H×\FLH GOD G]LHF








&HQWUXP (GXNDF\MQH 3ODQHWD $QXND

=$'=:2Ë '2 1$6
‘ M 
7(/
ZZZ SODQHWDULXP ZDZ SO
M

,  R DQXND#DQXND SO

6NOHS LQWHUQHWRZ\ ] SRV]HZNDPL /LWWOH 'UHDPV SRZVWDÊ ] SRWU]HE\ SRG]LHOHQLD VLÇ
SLÇNQHP L XURNLHP MDNLH GDMÃ QDV]\P ZQÇWU]RP SRGXFK\ VWZRU]RQH ] SDVMÃ
:LÇNV]RÐÅ ] 1DV RGF]XZD SRWU]HEÇ RWDF]DQLD VLÇ HVWHWLÇNV]RÐÅ ] 1DV RGF]XZD SRWU]HEÇ RWDF]DQLD VLÇ HVWHW\F]Q\PL Z\MÃWNRZ\PL
:
SU]HGPLRWDPL D SRGXV]NL VÃ EDUG]R ZG]LÇF]Q\P HOHPHQWHP GHNRUDFML QDV]\FK GRPµZ
0DÊH GX×H RNUÃJÊH NRORURZH KDIWRZDQH F]\ SURVWH L QDWXUDOQH å ZV]\VWNLH SLÇNQLH
SUH]HQWXMÃ VLÇ Z QDV]\FK GRPDFK 1DGDMÃ LP QLHSRZWDU]DOQ\ FKDUDNWHU L QDVWUµM D LFK
XURN VSUDZLD ×H QLH PR×HP\ RGHUZDÅ RG QLFK RF]X 6à QDV]\PL SU]\MDFLµÊPL JG\ GXPQLH
]GRELÃ QDV]H ZQÇWU]D DOH UµZQLH× ZWHG\ JG\ V]XNDP\ Z QLFK XNRMHQLD








0-880) (6)%17 4SW^I[OE HIOSVEG]NRE

4SW^I[OE HIOSVEG]NRE []OSRERE ^ PIOOMIN FE[IR] ^ QSX][IQ
XVɹNOʈXɹ[ [ OSPSV^I W^EV]Q 8VɹNOʈX] S [MIPOS˒GM SOSS GQ
4SW^I[OE []OSʿG^SRE NIWX W^EVʈ []TYWXOʈ
^
4SHYW^OE S^HSFRE +[ME^HE

4SHYW^OE S^HSFRE [ OW^XEGMI K[ME^H] [ OSPSV^I W^EV]Q
678',2 ‡ 32'8&+ 4SHYW^OE TMʚORMI FʚH^MI TVI^IRXS[EE WMʚ [
˒[MʈXIG^R]GL EVER˵EGNEGL EPI Vɹ[RMI˵ WTVE[H^M WMʚ NEOS
HIOSVEGNE H^MIGMʚGIKS TSOSNY
^


























4SW^I[OE HIOSVEG]NRE '^EVRI 7S[]

4SW^I[OE HIOSVEG]NRE []OSRERE ^ FE[IR] [ TV^ITMʚORI G^EVRI WS[]
4SW^I[OE MHIEPRE HS TSOSNY H^MIGMʚGIKS EPI RMI X]POS
^



888P,)55,%$3% -4P1,



PMXXPIHVIEQW FMYVS$[T TP

6NOHS LQWHUQHWRZ\ ] SRV]HZNDPL /LWWOH 'UHDPV SRZVWDÊ ] SRWU]HE\ SRG]LHOHQLD VLÇ
SLÇNQHP L XURNLHP MDNLH GDMÃ QDV]\P ZQÇWU]RP SRGXFK\ VWZRU]RQH ] SDVMÃ
:LÇNV]RÐÅ ] 1DV RGF]XZD SRWU]HEÇ RWDF]DQLD VLÇ HVWHWLÇNV]RÐÅ ] 1DV RGF]XZD SRWU]HEÇ RWDF]DQLD VLÇ HVWHW\F]Q\PL Z\MÃWNRZ\PL
:
SU]HGPLRWDPL D SRGXV]NL VÃ EDUG]R ZG]LÇF]Q\P HOHPHQWHP GHNRUDFML QDV]\FK GRPµZ
0DÊH GX×H RNUÃJÊH NRORURZH KDIWRZDQH F]\ SURVWH L QDWXUDOQH å ZV]\VWNLH SLÇNQLH
SUH]HQWXMÃ VLÇ Z QDV]\FK GRPDFK 1DGDMÃ LP QLHSRZWDU]DOQ\ FKDUDNWHU L QDVWUµM D LFK
XURN VSUDZLD ×H QLH PR×HP\ RGHUZDÅ RG QLFK RF]X 6à QDV]\PL SU]\MDFLµÊPL JG\ GXPQLH
]GRELÃ QDV]H ZQÇWU]D DOH UµZQLH× ZWHG\ JG\ V]XNDP\ Z QLFK XNRMHQLD








0-880) (6)%17 4SW^I[OE HIOSVEG]NRE

4SW^I[OE HIOSVEG]NRE []OSRERE ^ PIOOMIN FE[IR] ^ QSX][IQ
XVɹNOʈXɹ[ [ OSPSV^I W^EV]Q 8VɹNOʈX] S [MIPOS˒GM SOSS GQ
4SW^I[OE []OSʿG^SRE NIWX W^EVʈ []TYWXOʈ
^
4SHYW^OE S^HSFRE +[ME^HE

4SHYW^OE S^HSFRE [ OW^XEGMI K[ME^H] [ OSPSV^I W^EV]Q
678',2 ‡ 32'8&+ 4SHYW^OE TMʚORMI FʚH^MI TVI^IRXS[EE WMʚ [
˒[MʈXIG^R]GL EVER˵EGNEGL EPI Vɹ[RMI˵ WTVE[H^M WMʚ NEOS
HIOSVEGNE H^MIGMʚGIKS TSOSNY
^


























4SW^I[OE HIOSVEG]NRE '^EVRI 7S[]

4SW^I[OE HIOSVEG]NRE []OSRERE ^ FE[IR] [ TV^ITMʚORI G^EVRI WS[]
4SW^I[OE MHIEPRE HS TSOSNY H^MIGMʚGIKS EPI RMI X]POS
^



888P,)55,%$3% -4P1,



PMXXPIHVIEQW FMYVS$[T TP

> 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˒
FEWIR] [ H[ɹGL SHGMIRMEGL TSREHG^EWS[IN W^EVS˒GM
TMOM [ OSPSVEGL

&YNEO

&YNERMI YNERMI [WTMRERMI WMIH^IRMI VIPEOWS[ERMI WMʚ
&
FEPERWS[ERMI GLS[ERMI WMʚ# 8S [W^]WXOS NIWX
QS˵PM[I ^ RS[]Q FYNEOMIQ .YTMHYY 4V^]
[WTɹTVEG] ^ &EGSR (IWMKR [I *VEROJYVGMI JMVQE
.YTMHYY WX[SV^]E TVE[HSTSHSFRMI RENJENRMINW^]
FYNEO RE ˒[MIGMI ;]OSV^]WXERMI JSVQS[ERIKS
HVI[RE M WTIGNEPRIKS TVSGIWY TVSHYOG]NRIKS
Y
YQQS˵PM[MS WX[SV^IRMI YRMOEPRIKS TVSNIOXY M
OW^XEXY H^MʚOM G^IQY FYNEO XIR QE W^ERWʚ
^SWXEʊ OPEW]Oʈ ^EFE[IO



>NI˴H˴EPRME

2EE OE˵H]Q TPEGY ^EFE[ ^RENHYNI WMʚ ^E^[]G^EN
2
^NI˵H˵EPRME M NIWX SFPIKERE ^EVɹ[RS TV^I^ WXEVW^I
H^MIGM NEO M XI QSHW^I >NI˵H˵ERMI HSWXEVG^E MQ
TVE[H^M[]GL [VE˵Iʿ E TV^] X]Q TS^[EPE RE
;EPM^OE HPE H^MIGM TSTVE[ʚ ^HSPRS˒GM QSXSV]G^R]GL GS NIWX

7YGL] FEWIR ; ;]GMIG^OM XS ^E[W^I [MIPI [VE˵Iʿ HPE H^MIGM RMI^[]OPI [E˵RI HPE TVE[MHS[IKS VS^[SNY
H^MIGOE 3JIVS[ERE TV^I^ REW ^NI˵H˵EPRME .YTMHYY
^[MIH^ERMI RS[]GL QMINWG M OSV^]WXERMI ^ G^IOENʈG]GL X
XSS YV^ʈH^IRMI WX[SV^SRI ^ Q]˒Pʈ S H^MIGMEGL
(^MIGMʿWX[S^MIGMʿWX[S XS G^EW OXɹV] OE˵H] FʚHʈG NY˵
( XEQ EXVEOGNM XS TVE[H^M[E TV^]NIQRS˒ʊ OXɹVE OXɹVI TSXV^IFYNʈ EXVEOG]NR]GL FSH˳Gɹ[ 0&1 /EQMP 7^EVIO
SWSFʈ HSVSWʈ [WTSQMRE ^ TVE[H^M[ʈ HSWXEVG^E [WTSQRMIʿ RE PEXE /E˵H] []NE^H [Mʈ˵I WMʚ WX]QYPYNʈG]GL VS^[ɹN
TV^]NIQRS˒GMʈ >ETI[RMNQ] [MʚG W[SMQ NIHREO ^ TSHVɹ˵ʈ G^ʚWXS OMPOYKSH^MRRʈ %F] WTʚH^Mʊ Nʈ 4S^REʿWOE
H^MIGMSQ RMI^ETSQRMERI [VE˵IRME H^MʚOM OXɹV]Q OSQJSVXS[S [EVXS TSQ]˒PIʊ S [MIPSJYROG]NRIN 8EVRS[S 4SHKɹVRI
XIR SOVIW MGL ˵]GME FʚH^MI [Mʈ^E WMʚ ^ [EPM^GI 4VSTSRS[ERE TV^I^ REW [EPM^OE HPE H^MIGM 7OSRXEOXYN WMʚ ^ REQM
RENPITW^]QM [WTSQRMIRMEQM 1S˵IQ] &
&IH&IH&S\ XS RMI X]POS RENPITW^] []FɹV RE FEKE˵
YW^G^ʚ˒PM[Mʊ TSGMIGL] TVSTSRYNʈG MQ EXVEOGNI TSHVʚG^R] [EPM^OE QS˵I F]ʊ NIHRSG^I˒RMI
OXXɹVI RMI X]POS HSWXEVG^ʈ MQ QRɹWX[E VEHS˒GM EPI TSHRɹ˵OMIQ HS WEQSPSXY QS˵I XEO˵I TIRMʊ JYROGNʚ
O
XEO˵I FʚHʈ WX]QYPS[Eʊ MGL VS^[ɹN NEO WYGLI ɹ˵OE > XEOʈ [EPM^Oʈ OE˵HE TSHVɹ˵ FʚH^MI [Mʈ^EE WMʚ ^
FEWIR] ^ TMIG^OEQM []KSHR]Q SHTSG^]ROMIQ
[[[ QMRMFI TP

QMRMFI$QMRMFI TP

> 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˒
FEWIR] [ H[ɹGL SHGMIRMEGL TSREHG^EWS[IN W^EVS˒GM
TMOM [ OSPSVEGL

&YNEO

&YNERMI YNERMI [WTMRERMI WMIH^IRMI VIPEOWS[ERMI WMʚ
&
FEPERWS[ERMI GLS[ERMI WMʚ# 8S [W^]WXOS NIWX
QS˵PM[I ^ RS[]Q FYNEOMIQ .YTMHYY 4V^]
[WTɹTVEG] ^ &EGSR (IWMKR [I *VEROJYVGMI JMVQE
.YTMHYY WX[SV^]E TVE[HSTSHSFRMI RENJENRMINW^]
FYNEO RE ˒[MIGMI ;]OSV^]WXERMI JSVQS[ERIKS
HVI[RE M WTIGNEPRIKS TVSGIWY TVSHYOG]NRIKS
Y
YQQS˵PM[MS WX[SV^IRMI YRMOEPRIKS TVSNIOXY M
OW^XEXY H^MʚOM G^IQY FYNEO XIR QE W^ERWʚ
^SWXEʊ OPEW]Oʈ ^EFE[IO



>NI˴H˴EPRME

2EE OE˵H]Q TPEGY ^EFE[ ^RENHYNI WMʚ ^E^[]G^EN
2
^NI˵H˵EPRME M NIWX SFPIKERE ^EVɹ[RS TV^I^ WXEVW^I
H^MIGM NEO M XI QSHW^I >NI˵H˵ERMI HSWXEVG^E MQ
TVE[H^M[]GL [VE˵Iʿ E TV^] X]Q TS^[EPE RE
;EPM^OE HPE H^MIGM TSTVE[ʚ ^HSPRS˒GM QSXSV]G^R]GL GS NIWX

7YGL] FEWIR ; ;]GMIG^OM XS ^E[W^I [MIPI [VE˵Iʿ HPE H^MIGM RMI^[]OPI [E˵RI HPE TVE[MHS[IKS VS^[SNY
H^MIGOE 3JIVS[ERE TV^I^ REW ^NI˵H˵EPRME .YTMHYY
^[MIH^ERMI RS[]GL QMINWG M OSV^]WXERMI ^ G^IOENʈG]GL X
XSS YV^ʈH^IRMI WX[SV^SRI ^ Q]˒Pʈ S H^MIGMEGL
(^MIGMʿWX[S^MIGMʿWX[S XS G^EW OXɹV] OE˵H] FʚHʈG NY˵
( XEQ EXVEOGNM XS TVE[H^M[E TV^]NIQRS˒ʊ OXɹVE OXɹVI TSXV^IFYNʈ EXVEOG]NR]GL FSH˳Gɹ[ 0&1 /EQMP 7^EVIO
SWSFʈ HSVSWʈ [WTSQMRE ^ TVE[H^M[ʈ HSWXEVG^E [WTSQRMIʿ RE PEXE /E˵H] []NE^H [Mʈ˵I WMʚ WX]QYPYNʈG]GL VS^[ɹN
TV^]NIQRS˒GMʈ >ETI[RMNQ] [MʚG W[SMQ NIHREO ^ TSHVɹ˵ʈ G^ʚWXS OMPOYKSH^MRRʈ %F] WTʚH^Mʊ Nʈ 4S^REʿWOE
H^MIGMSQ RMI^ETSQRMERI [VE˵IRME H^MʚOM OXɹV]Q OSQJSVXS[S [EVXS TSQ]˒PIʊ S [MIPSJYROG]NRIN 8EVRS[S 4SHKɹVRI
XIR SOVIW MGL ˵]GME FʚH^MI [Mʈ^E WMʚ ^ [EPM^GI 4VSTSRS[ERE TV^I^ REW [EPM^OE HPE H^MIGM 7OSRXEOXYN WMʚ ^ REQM
RENPITW^]QM [WTSQRMIRMEQM 1S˵IQ] &
&IH&IH&S\ XS RMI X]POS RENPITW^] []FɹV RE FEKE˵
YW^G^ʚ˒PM[Mʊ TSGMIGL] TVSTSRYNʈG MQ EXVEOGNI TSHVʚG^R] [EPM^OE QS˵I F]ʊ NIHRSG^I˒RMI
OXXɹVI RMI X]POS HSWXEVG^ʈ MQ QRɹWX[E VEHS˒GM EPI TSHRɹ˵OMIQ HS WEQSPSXY QS˵I XEO˵I TIRMʊ JYROGNʚ
O
XEO˵I FʚHʈ WX]QYPS[Eʊ MGL VS^[ɹN NEO WYGLI ɹ˵OE > XEOʈ [EPM^Oʈ OE˵HE TSHVɹ˵ FʚH^MI [Mʈ^EE WMʚ ^
FEWIR] ^ TMIG^OEQM []KSHR]Q SHTSG^]ROMIQ
[[[ QMRMFI TP

QMRMFI$QMRMFI TP

/SWQMG^RI -RWTMVEGNI XS SJMGNEPRE WXVSRE M WOPIT MRXIVRIXS[] JMVQ] %8%&) &IEXE '^EO
*MVQE ^ENQYNI WMʚ WTV^IHE˵ʈ EVX]OYɹ[ XIOWX]PR]GL M TS˒GMIPS[]GL SVE^ HSHEXOɹ[ []TSWE˵IRME [RʚXV^

1EV^IRMIQ [E˒GMGMIPOM SH ^E[W^I F]S ^ENQS[ERMI WMʚ []TSWE˵IRMIQ [RʚXV^ (YKS W^YOEE W[SNIN ^E[SHS[IN HVSKM 4SXVEJME
KSH^MREQM TV^IKPʈHEʊ QEKE^]R] M EPFYQ] [RʚXV^EVWOMI ˒PIH^Mʊ FPSKM M WXVSR] TS˒[MʚGSRI XIN XIQEX]GI 2MI WʈH^ME ˵I OMIH]OSP[MIO
SH[E˵] WMʚ RE XEOM OVSO M SXS NIWX
/SWQMG^RI -RWTMVEGNI SJIVYNʈ 4EʿWX[Y TVSHYOX] X]POS REN[]˵W^IN NEOS˒GM FI^TMIG^RI [ Y˵]XOS[ERMY TSWMEHENʈGI WXSWS[RI GIVX]JMOEX]
E E MGL HSHEXOS[]Q EXYXIQ Wʈ OSROYVIRG]NRI GIR]
7OPIT MRXIVRIXS[] /SWQMG^RI -RWTMVEGNI TS[WXE ^ Q]˒Pʈ S /PMIRXEGL OXɹV^] GIRMʈ WSFMI []KSHʚ M OSQJSVX NEOM HENʈ ^EOYT] SRPMRI

>ETVEW^EQ] 4EʿWX[E HS ˒PIH^IRME /SWQMG^R]GL -RWTMVEGNM M WOSV^]WXERME ^ FSKEXIN SJIVX] TVSHYOXɹ[ ^RER]GL TSPWOMGL TVSHYGIRXɹ[
E XEO˵I HSʈG^IRME HS KVSRE ^EHS[SPSR]GL /PMIRXɹ[





%8%&) &IEXE '^EO
(0% (>-)'- ;EVW^E[E YP ,S˵E
(PE REW^]GL RENQSHW^]GL SJIVYNIQ] TVSHYOX] S RMIFEREPR]Q [^SVRMGX[MI /SPSVS[I TSWMEHENʈGI ˵][ʈ M FEV[Rʈ KVEJMOʚ G^ʚWXS 8IPIJSR OSRXEOXS[]
TV^IHWXE[MENʈGI FSLEXIVɹ[ OVIWOɹ[IO M FENIO PYF YPYFMSR]GL ^[MIV^EOɹ[ 4VSHYOX] ^ [M^IVYROMIQ TSTYPEVR]GL OWMʚ˵RMG^IO M OYG]Oɹ[ HPE
H^MI[G^]RIO HPE GLSTGɹ[ QSHIPI YPYFMSR]GL []˒GMKɹ[IO M H^MIPR]GL WYTIVFSLEXIVɹ[ >EMRWTMVYN WMʚ REW^]QM TVSTS^]GNEQM M []FMIV^ [[[ EXEFI IY
TVSHYOX] [ TIRM LEVQSRM^YNʈGI ^ YTSHSFERMEQM 8[SNIKS H^MIGOE QMʚH^] MRR]QM OSH] H^MIGMʚGI TSHYW^OM TS˒GMIPI H^MIGMʚGI TSW^I[OM EXEFI$EXEFI IY
TV^I˒GMIVEHE VʚG^RMOM SVE^ HSHEXOM 3JIVYNIQ] GEOS[MGMI FI^TMIG^RI TVSHYOX] []OSRERI ^ REXYVEPR]GL XOERMR 4S^[ɹP 1EPYGLS[M []FVEʊ
W[[ɹN []QEV^SR] [^ɹV EF] GLʚXRMIN OEH WMʚ HS WRY [˒VɹH W[SMGL YPYFMSR]GL FSLEXIVɹ[
W

/SWQMG^RI -RWTMVEGNI XS SJMGNEPRE WXVSRE M WOPIT MRXIVRIXS[] JMVQ] %8%&) &IEXE '^EO
*MVQE ^ENQYNI WMʚ WTV^IHE˵ʈ EVX]OYɹ[ XIOWX]PR]GL M TS˒GMIPS[]GL SVE^ HSHEXOɹ[ []TSWE˵IRME [RʚXV^

1EV^IRMIQ [E˒GMGMIPOM SH ^E[W^I F]S ^ENQS[ERMI WMʚ []TSWE˵IRMIQ [RʚXV^ (YKS W^YOEE W[SNIN ^E[SHS[IN HVSKM 4SXVEJME
KSH^MREQM TV^IKPʈHEʊ QEKE^]R] M EPFYQ] [RʚXV^EVWOMI ˒PIH^Mʊ FPSKM M WXVSR] TS˒[MʚGSRI XIN XIQEX]GI 2MI WʈH^ME ˵I OMIH]OSP[MIO
SH[E˵] WMʚ RE XEOM OVSO M SXS NIWX
/SWQMG^RI -RWTMVEGNI SJIVYNʈ 4EʿWX[Y TVSHYOX] X]POS REN[]˵W^IN NEOS˒GM FI^TMIG^RI [ Y˵]XOS[ERMY TSWMEHENʈGI WXSWS[RI GIVX]JMOEX]
E E MGL HSHEXOS[]Q EXYXIQ Wʈ OSROYVIRG]NRI GIR]
7OPIT MRXIVRIXS[] /SWQMG^RI -RWTMVEGNI TS[WXE ^ Q]˒Pʈ S /PMIRXEGL OXɹV^] GIRMʈ WSFMI []KSHʚ M OSQJSVX NEOM HENʈ ^EOYT] SRPMRI

>ETVEW^EQ] 4EʿWX[E HS ˒PIH^IRME /SWQMG^R]GL -RWTMVEGNM M WOSV^]WXERME ^ FSKEXIN SJIVX] TVSHYOXɹ[ ^RER]GL TSPWOMGL TVSHYGIRXɹ[
E XEO˵I HSʈG^IRME HS KVSRE ^EHS[SPSR]GL /PMIRXɹ[





%8%&) &IEXE '^EO
(0% (>-)'- ;EVW^E[E YP ,S˵E
(PE REW^]GL RENQSHW^]GL SJIVYNIQ] TVSHYOX] S RMIFEREPR]Q [^SVRMGX[MI /SPSVS[I TSWMEHENʈGI ˵][ʈ M FEV[Rʈ KVEJMOʚ G^ʚWXS 8IPIJSR OSRXEOXS[]
TV^IHWXE[MENʈGI FSLEXIVɹ[ OVIWOɹ[IO M FENIO PYF YPYFMSR]GL ^[MIV^EOɹ[ 4VSHYOX] ^ [M^IVYROMIQ TSTYPEVR]GL OWMʚ˵RMG^IO M OYG]Oɹ[ HPE
H^MI[G^]RIO HPE GLSTGɹ[ QSHIPI YPYFMSR]GL []˒GMKɹ[IO M H^MIPR]GL WYTIVFSLEXIVɹ[ >EMRWTMVYN WMʚ REW^]QM TVSTS^]GNEQM M []FMIV^ [[[ EXEFI IY
TVSHYOX] [ TIRM LEVQSRM^YNʈGI ^ YTSHSFERMEQM 8[SNIKS H^MIGOE QMʚH^] MRR]QM OSH] H^MIGMʚGI TSHYW^OM TS˒GMIPI H^MIGMʚGI TSW^I[OM EXEFI$EXEFI IY
TV^I˒GMIVEHE VʚG^RMOM SVE^ HSHEXOM 3JIVYNIQ] GEOS[MGMI FI^TMIG^RI TVSHYOX] []OSRERI ^ REXYVEPR]GL XOERMR 4S^[ɹP 1EPYGLS[M []FVEʊ
W[[ɹN []QEV^SR] [^ɹV EF] GLʚXRMIN OEH WMʚ HS WRY [˒VɹH W[SMGL YPYFMSR]GL FSLEXIVɹ[
W

23$6.$ Ï:,(&Â&$ 52*, 5(1,)(5$


23$6.$ Ï:,(&Â&$ å 52*, 5(1,)(5$
5RJL SU]\PRFRZDQH VÃ GR SODVWLNRZHM RSDVNL NWµUD VWDELOQLH
XWU]\PXMH MH QD JÊRZLH :HZQÃWU] ]QDMGXMÃ VLÇ EDWHULH G]LÇNL
12:232:67$É$ +8572:1,$ '/$ 35=('6=.2/, F]HPX RSDVND MHVW JRWRZD GR X×\FLD

6=.•É $1,0$725•: (9(172:&•: .RORU F]HUZRQ\

]Ê ] 9$7
ZZZ +XUWRZQLD$QLPDWRUD SO WR Z\MÃWNRZ\ VNOHS LQWHUQHWRZ\ Z NWµU\P
]QDMG]LHV] DNFHVRULD QLH]EÇGQH GR SUDF\ 3HGDJRJD $QLPDWRUD (YHQWRZFD
+XUWRZQLD$QLPDWRUD SO SRVLDGD ERJDWÃ RIHUWÇ Z\VRNLHM MDNRÐFL DNFHVRULµZ .2/252:$1., ' å 12:< 75(1' 1$ 5<1.8

Z EDUG]R GREU\FK FHQDFK 0LÊD REVÊXJD V]\END Z\V\ÊND .5($7<:1<&+ =$%$:(.
=PDOXMP\ FRÐ NUHDW\ZQHJR .RORURZDQNL Z\ÊÃF]QLH GOD
QDMPÊRGV]\FK" $OH× VNÃG 2GNÃG QLH]Z\NÊÃ NDULHUÇ ]URELÊ\

5$%$78 NRORURZDQNL GOD GRURVÊ\FK QLNW MX× QLH PD ZÃWSOLZRÐFL ×H WD
IRUPD UR]U\ZNL MHVW GRVNRQDÊD GOD PDÊ\FK L GX×\FK

GR NRÌFD URNX QD ZV]\VNLH ]DPµZLHQLD SRZ ]Ê ]D SURGXNW\ ]Ê ] 9$7
Z NRV]\NX QLH ZOLF]DMÃF NRV]WµZ Z\V\ÊNL

KXUWRZQLDDQLPDWRUD SO











































WHO
ZZZ KXUWRZQLDDQLPDWRUD SO

ERN#KXUWRZQLDDQLPDWRUD SO

23$6.$ Ï:,(&Â&$ 52*, 5(1,)(5$


23$6.$ Ï:,(&Â&$ å 52*, 5(1,)(5$
5RJL SU]\PRFRZDQH VÃ GR SODVWLNRZHM RSDVNL NWµUD VWDELOQLH
XWU]\PXMH MH QD JÊRZLH :HZQÃWU] ]QDMGXMÃ VLÇ EDWHULH G]LÇNL
12:232:67$É$ +8572:1,$ '/$ 35=('6=.2/, F]HPX RSDVND MHVW JRWRZD GR X×\FLD

6=.•É $1,0$725•: (9(172:&•: .RORU F]HUZRQ\

]Ê ] 9$7
ZZZ +XUWRZQLD$QLPDWRUD SO WR Z\MÃWNRZ\ VNOHS LQWHUQHWRZ\ Z NWµU\P
]QDMG]LHV] DNFHVRULD QLH]EÇGQH GR SUDF\ 3HGDJRJD $QLPDWRUD (YHQWRZFD
+XUWRZQLD$QLPDWRUD SO SRVLDGD ERJDWÃ RIHUWÇ Z\VRNLHM MDNRÐFL DNFHVRULµZ .2/252:$1., ' å 12:< 75(1' 1$ 5<1.8

Z EDUG]R GREU\FK FHQDFK 0LÊD REVÊXJD V]\END Z\V\ÊND .5($7<:1<&+ =$%$:(.
=PDOXMP\ FRÐ NUHDW\ZQHJR .RORURZDQNL Z\ÊÃF]QLH GOD
QDMPÊRGV]\FK" $OH× VNÃG 2GNÃG QLH]Z\NÊÃ NDULHUÇ ]URELÊ\

5$%$78 NRORURZDQNL GOD GRURVÊ\FK QLNW MX× QLH PD ZÃWSOLZRÐFL ×H WD
IRUPD UR]U\ZNL MHVW GRVNRQDÊD GOD PDÊ\FK L GX×\FK

GR NRÌFD URNX QD ZV]\VNLH ]DPµZLHQLD SRZ ]Ê ]D SURGXNW\ ]Ê ] 9$7
Z NRV]\NX QLH ZOLF]DMÃF NRV]WµZ Z\V\ÊNL

KXUWRZQLDDQLPDWRUD SO











































WHO
ZZZ KXUWRZQLDDQLPDWRUD SO

ERN#KXUWRZQLDDQLPDWRUD SO

.ROHNFMH QDV]HJR REXZLD GRFHQLDQH VÆ QLH W\ONR Z 3ROVFH %XW\ G]LHFLØFH NW´UH SURGXNXMHP\ RUD] F]ØėFLHM ]QDMGXMÆ
X]QDQLH QD U\QNDFK ZLHOX HXURSHMVNLFK NUDM´Z 6WDUDQQH Z\NRQDQLH QRZRF]HVQH Z]RUQLFWZR D SU]HGH ZV]\VWNLP
Z\JRGD L NRPIRUW GOD G]LHFND WR FHO QDV]HM ILUP\




)LUPD =(732/ ]DMPXMH VLØ SURGXNFMÆ WHNVW\OQHJR REXZLD GOD G]LHFL RG SUDZLH

GZXG]LHVWX ODW =GRE\WH SU]H] WHQ F]DV GRėZLDGF]HQLH SR]ZDOD ]DRIHURZDÈ 3DăVWZX REXZLH
G]LHFLØFH QDMZ\ĶV]HM MDNRėFL























3URMHNWRZDQH SU]H] VSHFMDOLVW´Z SR]ZDOD ]DSHZQLÈ NRPIRUW FKRG]HQLD D MHGQRF]HėQLH LFK
GHVLJQ MHVW SU]\MHPQ\ GOD RND : WURVFH R ]GURZLH G]LHFL SURSRQXMHP\ REXZLH ] ZNāDGNÆ
DNXSUHVXURZÆ L ZNāDGNÆ SIRULODNW\F]QÆ






=(732/ 35=<-$&,(/


'=,(&,×&<&+ 67”3



















3RVLDGDMÇF NLONXG]LHVLÙFLROHWQLH GRĘZLDGF]HQLH ĘPLDĂR PRķHP\ SRZLHG]LHÉ ķH QDV]H
REXZLH MHVW REHFQLH MHGQ\PL ] OHSV]\FK GRVWÙSQ\FK QD U\QNX




ZZZ ]HWSRO SO


]HWSRO#]HWSRO SO

3RF]HVQD N &]ÙVWRFKRZ\ XO 3RĂXGQLRZD
WHO ID[ WHO

.ROHNFMH QDV]HJR REXZLD GRFHQLDQH VÆ QLH W\ONR Z 3ROVFH %XW\ G]LHFLØFH NW´UH SURGXNXMHP\ RUD] F]ØėFLHM ]QDMGXMÆ
X]QDQLH QD U\QNDFK ZLHOX HXURSHMVNLFK NUDM´Z 6WDUDQQH Z\NRQDQLH QRZRF]HVQH Z]RUQLFWZR D SU]HGH ZV]\VWNLP
Z\JRGD L NRPIRUW GOD G]LHFND WR FHO QDV]HM ILUP\




)LUPD =(732/ ]DMPXMH VLØ SURGXNFMÆ WHNVW\OQHJR REXZLD GOD G]LHFL RG SUDZLH

GZXG]LHVWX ODW =GRE\WH SU]H] WHQ F]DV GRėZLDGF]HQLH SR]ZDOD ]DRIHURZDÈ 3DăVWZX REXZLH
G]LHFLØFH QDMZ\ĶV]HM MDNRėFL























3URMHNWRZDQH SU]H] VSHFMDOLVW´Z SR]ZDOD ]DSHZQLÈ NRPIRUW FKRG]HQLD D MHGQRF]HėQLH LFK
GHVLJQ MHVW SU]\MHPQ\ GOD RND : WURVFH R ]GURZLH G]LHFL SURSRQXMHP\ REXZLH ] ZNāDGNÆ
DNXSUHVXURZÆ L ZNāDGNÆ SIRULODNW\F]QÆ






=(732/ 35=<-$&,(/


'=,(&,×&<&+ 67”3



















3RVLDGDMÇF NLONXG]LHVLÙFLROHWQLH GRĘZLDGF]HQLH ĘPLDĂR PRķHP\ SRZLHG]LHÉ ķH QDV]H
REXZLH MHVW REHFQLH MHGQ\PL ] OHSV]\FK GRVWÙSQ\FK QD U\QNX




ZZZ ]HWSRO SO


]HWSRO#]HWSRO SO

3RF]HVQD N &]ÙVWRFKRZ\ XO 3RĂXGQLRZD
WHO ID[ WHO

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

- HVWHÐP\ ĆUPà ]DMPXMÃFà VLÇ LQWHUQHWRZà VSU]HGD×à ]DEDZHN
L DNFHVRULµZ GOD G]LHFL

: QDV]HM RIHUFLH ]QDMGÃ 3DÌVWZR SURGXNW\ ]QDQH RUD] WH
GRSLHUR ]\VNXMÃFH SRSXODUQRÐÅ SU]H]QDF]RQH ]DUµZQR GOD
LQG\ZLGXDOQHJR NOLHQWD MDN L GOD SU]HGV]NROL ×ÊRENµZ
L NOXEµZ PDOXFKD

$E\ VSURVWDÅ RF]HNLZDQLRP NOLHQWµZ VWDOH SRV]HU]DP\ VZµM
$
DVRUW\PHQW 3U]\NÊDGDP\ V]F]HJµOQÃ XZDJÇ GR MDNRÐFL
SURGXNWµZ =DEDZNL VSU]HGDZDQH Z QDV]\P VNOHSLH SRVLDGDMÃ
ZV]\VWNLH Z\PDJDQH DWHVW\ L FHUW\ĆNDW\

=DFKÇFDP\ GR UHJXODUQHJR RGZLHG]DQLD QDV]HM
VWURQ\ L ]DSR]QDZDQLD VLÇ ] QRZRÐFLDPL





WHO






































ŕŕŕę¦TÙîXThTŕÝUęĒáĹnĹËî¦öę¦TÙîXThTŕÝUfºçTËáęvõè

*TàÝUĹ-ËvõáĹ¹ŀvè


/DOND WR LGHDOQ\ SUH]HQW GOD PDÊHM NVLÇ×QLF]NL %ÇG]LH MHM SU]\WXODQNÃ
XNRFKDQÃ ]DEDZNÃ L SLÇNQÃ R]GREÃ SRNRLNX

0LÇNND FHQW\PHWURZD ODOHF]ND 1LNRO WR PLOXWND SU]\MDFLµÊND L WRZDU]\V]ND
SU]\JµG GR NWµUHM ]DZV]H PR×QD VLÇ SU]\WXOLÅ 0D UR]PLDU LGHDOQ\ GOD PDOXWNLFK
UÃF]HN 0LÇFLXWNLH PDWHULDÊ\ VSUDZLDMÃ ×H WR WDN×H LGHDOQD SU]\WXODQND GR
]DV\SLDQLD
’îUƒĹ¹òꍍŊæ




)àõvÝÌĹ " -@ĹÊĹK <Ĺ¹µĹ’à’ç’îĻýŕ


2JURPQH NORFNL ]DFKÇFDMÃ G]LHFL GR EXGRZ\ QRZ\FK
L QLHNRQZHQFMRQDOQ\FK EXGRZOL QLHRJUDQLF]RQ\FK QLF]\P

.ORFNL ]DSHZQLDMÃ G]LHFLRP ZVSDQLDÊÃ ]DEDZÇ L VÃ GRVNRQDÊÃ
]DEDZNÃ GOD ND×GHJR G]LHFND 8NÊDGDQLH NORFNµZ UR]ZLMD X G]LHFND
NUHDW\ZQRÐÅ ]GROQRÐÅ ORJLF]QHJR P\ÐOHQLD UR]ZLMD Z\REUDÕQLÇ
L ÅZLF]\ NRRUG\QDFMÇ UXFKRZÃ

’îUƒĹĊòµęµŤĹŠæ



)àõvÝÌĹ:ī’ĮĻī’îî“ĹKT¶“Ĺ,"LŇŇţřĹP’ĮĻTŕĹĊòŤĹ’á


=DEDZD NORFNDPL SRPDJD G]LHFNX UR]ZLMDÅ Z\REUDÕQLÇ NUHDW\ZQRÐÅ
]GROQRÐFL PDQXDOQH L ORJLF]QH P\ÐOHQLH

.ORFNL ZDćH 0,; ]HVWDZ HOHPHQWµZ =DEDZD NORFNDPL SRPDJD G]LHFNX
UR]ZLMDÅ Z\REUDÕQLÇ NUHDW\ZQRÐÅ ]GROQRÐFL PDQXDOQH L ORJLF]QH P\ÐOHQLH ']LHFL
XF]Ã VLÇ UR]SR]QDZDQLD NV]WDÊWµZ L NRORUµZ ']LHFNR RG QDMPÊRGV]\FK ODW PR×H
EXGRZDÅ SU]HUµ×QH NRQVWUXNFMH SU]HVWU]HQQH EXGRZOH SRMD]G\ ZV]\VWNR ]DOH×\
RG MHJR Z\REUDÕQL
’îUƒĹò¹ęŀŤĹŠæ



KT¶“Ĺ " -@ĹÊĹ1ºĩõçî“ĹÝàõvÝÌĹÝõîĮĻĩŇÝvŘÙî“




:\PLDU\ MHGQHJR HOHPHQWX WR D× FP [ FP
.ORFNL ]DSHZQLDMÃ G]LHFLRP ZVSDQLDÊÃ ]DEDZÇ 6Ã GRVNRQDÊÃ
]DEDZNÃ GOD ND×GHJR G]LHFND 8NÊDGDQLH NORFNµZ UR]ZLMD X G]LHFND
NUHDW\ZQRÐÅ ]GROQRÐÅ ORJLF]QHJR P\ÐOHQLD UR]ZLMD Z\REUDÕQLÇ
L ÅZLF]\ NRRUG\QDFMÇ UXFKRZÃ
’îUƒĹĊòĶ굍Ŋæ








ŕŕŕę¦TÙîXThTŕÝUęĒáĹnĹËî¦öę¦TÙîXThTŕÝUfºçTËáęvõè

ŇţUĹÝõĒTĩÝUĹْšˆŠËÞĹĩŇvÇõçUĹæŘţÝUĹĜÝTĮÞ


.RSDUND SRVLDGD UXFKRPà Ê\×NÇ L UDPLÇ QD VLÊRZQLNDFK VSUÇ×\QRZ\FK

6LHG]LVNR NRSDUNL SRVLDGD Z\SXVWNL DQW\SRÐOL]JRZH D FR QDMZD×QLHMV]H MHVW REURWRZH
PR×QD QLP Z\NRQDÅ SHÊHQ REUµW VWRSQL .RSDUNÃ PR×QD MHÕG]LÅ Z SU]µG L Z W\Ê
= W\ÊX NRSDUND SRVLDGD KDN G]LÇNL NWµUHPX PR×H E\Å KRORZDQD SU]H] LQQH SRMD]G\
GRVWÇSQH Z QDV]\P VNOHSLH
’îUƒĹĊĊķꍍŊæ




,õĻõĩĹْšˆŠËÞĹh˒ºõŕř


0RWRUHN ÏFLJDF] MHÕG]LN RGS\FKDF] 0RWRUHN Z\JOÃGD MDN SUDZG]LZ\
ÐFLJDF] ]DSHZQL G]LHFNX ZLHOH JRG]LQ ZVSDQLDÊHM ]DEDZ\

0RWRUHN PD RSÊ\ZRZ\ NV]WDÊW FLHNDZÃ NRORU\VW\NÇ QDNOHMNL
] QXPHUHP VWDUWRZ\P -HVW Z\JRGQ\ Z SURZDG]HQLX PD V]HURNLH
NRÊD G]LÇNL F]HPX MHVW EDUG]R VWDELOQ\

’îUƒĹķꍍŊæ




@D*1)1Ĺ=ĻõàËÞĹĮTçõvÇõ‡õŕřĹĒõ‡ĩýţîËÝUĹŕŵĹÝõàõĩTvÈĹ



-HG\Q\ QD U\QNX EH]SLHF]Q\ VWROLN GR IRWHOLND VDPRFKRGRZHJR OXE Zµ]ND
%H]SLHF]Q\ 6WROLN 3RGUµ×QLND 78/2.2 SU]HV]HGÊ SR]\W\ZQLH G\QDPLF]Q\ WHVW
]GHU]HQLRZ\ Z\NRQDQ\ Z 3U]HP\VÊRZ\P ,QVW\WXFLH 0RWRU\]DFML 3,027 6WROLN
SRGUµ×QLND SU]\GDMH VLÇ GR U\VRZDQLD MHG]HQLD XNÊDGDQLD SX]]OL RJOÃGDQLD
NVLÃ×HF]HN RUD] ]DEDZ\ Z WUDNFLH SRGUµ×\ VDPRFKRGHP OXE LQQ\P ÐURGNLHP
WUDQVSRUWX

’îUƒĹĊŤòꍍŊæ



K <ĹP’ĮĻTŕĹîTyŘñĹîUĹĻTvřĹŀ¹’á


=HVWDZ QDF]\Ì ĆUP\ :$'(5 32/(6,( MHVW LGHDOQ\ QD ND×GH SU]\MÇFLH GOD ODOHN L PLVLµZ
=HVWDZ NDZRZ\ ĆUP\ :$'(5 32/(6,( ] NWµUHJR PDÊ\ PLVWU] Z\F]DUXMH
VZRMH GDQLD SRSLVRZH L SRGD MH QD SLÇNQHM ]DVWDZLH ] ]HVWDZX =QDMG]LHP\ WX
F]DMQLN ] SRNU\ZNÃ FXNLHUQLF]NÇ ] SRNU\ZNÃ G]EDQXV]HN GR POHND
WDOHU]\NµZ L V]WXÅFH GOD RVµE QR×H ZLGHOFH Ê\×NL ĆOL×DQNL V]NODQNL
RUD] WDFÇ
’îUƒĹŀµęŤŤĹŠæ








ŕŕŕę¦TÙîXThTŕÝUęĒáĹnĹËî¦öę¦TÙîXThTŕÝUfºçTËáęvõè

)õàõĩõŕřĹÝõْwĹĸĹĒæõĻ’ÞĹŠĹĻõĩha


3ÊRWHN NRMHF GRVNRQDOH VSUDZG]L VLÇ ]DUµZQR Z GRPX MDN L QD SRGZµUNX

.RORURZ\ SÊRWHN NRMHF GOD G]LHFL =HVWDZ VNÊDGD VLÇ ] NRORURZ\FK HOHPHQWµZ
] Qµ×NDPL Z\NRQDQ\FK ] JUXEHJR SODVWLNX Z\VRNLHM MDNRÐFL = HOHPHQWµZ PR×QD
XÊR×\Å SU]\WXOQ\ NRMHF GOD PÊRGV]\FK G]LHFL D WDN×H X×\Å JR MDNR SÊRWND NWµU\
]DJURG]L G]LHFNX SU]HMÐFLH GR PLHMVF Z NWµU\FK QLH PR×H RQR SU]HE\ZDÅ
’îUƒĹŅòꍍŊæ




:øĻ’ĩŇî’ÞĹ)õçËĮTĩËTļĹķŀĊ’áęĹ)àõvÝÌĹ àõvÝÌĹ:õàËvÙU


=HVWDZ NORFNµZ %ORFNµZ NRPSDW\ELOQ\FK ] NORFNDPL /HJR

=HVWDZ VNÊDGD VLÇ ] HOHPHQWµZ .ORFNL VÃ Z\NRQDQH ] Z\WU]\PDÊHJR
SODVWLNX Z ×\Z\FK NRORUDFK SRVLDGDMÃ ZLHOH UXFKRP\FK HOHPHQWµZ
= NORFNµZ PR×QD ]EXGRZDÅ GX×\ NRPLVDULDW ] ZLÇ]LHQLHP GZD DXWD
SROLF\MQH RUD] PRWRU SROLF\MQ\ =HVWDZ ]DZLHUD ĆJXUHN OXG]LNµZ


’îUƒĹòĶꍍŊæ




)õæöĹ TĩîvTĩĮÝ˓ŇàUĹ ŠË’vÌĹĜĹ àËîU„Ĺ TĩhřĹÌĹ Ýv’ĮõĩËU


.RÊR JDUQFDUVNLH ] PDVÃ L IDUENDPL GR PDORZDQLD =HVWDZ MHVW VWDUDQQLH
Z\NRQDQ\ L Z\SRVD×RQ\ ZH ZV]\VWNLH QLH]EÇGQH HOHPHQW\

.RÊR JDUQFDUVNLH ÐZLHWQLH UR]ZLMD ]GROQRÐFL PDQXDOQH Z\REUDÕQLÇ NUHDW\ZQRÐÅ
RUD] WZµUF]H P\ÐOHQLH 7ZµM PDÊ\ DUW\VWD PD QLHVNRÌF]HQLH ZLHOH PR×OLZRÐFL QD
UHDOL]DFMÇ VZRLFK SRP\VʵZ QD WZRU]HQLH NV]WDÊWRZDQLH RUD] GHNRURZDQLH
QRZ\FK DUF\G]LHÊ 7R ÐZLHWQD ]DEDZD NWµUD SREXG]L 7ZRMH G]LHFNR RUD] GRVWDUF]\
PX UDGRÐFL L VDW\VIDNFML ] ]DEDZ\
’îUƒĹ¹ķęĶŀĹŠæ



K <ĹْšˆŠËÞĹĒĩ’çËŇèĹŅ



-HÕG]LN 35(0,80 FLÇ×DUµZND Z\SRVD×RQ\ MHVW Z UXFKRPà VNU]\QLÇ ÊDGXQNRZà Z\ZURWNÇ

3RMD]G Z\NRQDQ\ MHVW ] OHNNLHJR D ]DUD]HP Z\WU]\PDÊHJR SODVWLNX RGSRUQHJR
QD ZDUXQNL DWPRVIHU\F]QH -HÕG]LN MHVW EDUG]R VWDELOQ\ ZVSRPDJD QDXNÇ
XWU]\PDQLD UµZQRZDJL L XPLHMÇWQRÐÅ RGS\FKDQLD VLÇ QRJDPL



’îUƒĹĶŤęŤĹŠæ








ŕŕŕę¦TÙîXThTŕÝUęĒáĹnĹËî¦öę¦TÙîXThTŕÝUfºçTËáęvõè

-('<1( : 32/6&( 08/7Ζ0('Ζ$/1(


12:2&=(61( =$6.$.8-Æ&(


1$-/(36=< 352'8.7 785<67<&=1<




=$35$6=$0< 2' :725.8 '2 1Ζ('=Ζ(/Ζ 2' '2

ZZZ PX]HXPSLRVHQNL SO






&HOHP XWZRU]HQLD 0X]HXP 3ROVNLHM 3LRVHQNL Z 2SROX MHVW SU]HGH ZV]\VWNLP
WUZDĄD RFKURQD NXOWXURZHJR G]LHG]LFWZD QDURGRZHJR L ]ZLÛNV]HQLH UROL SROVNLHM &(1< %Ζ/(7•:
SLRVHQNL Z GLDORJX PLÛG]\NXOWXURZ\P QD U]HF] SURPRFML PLDVWD L SRGQLHVLHQLD MHJR
DWUDNF\MQRĝFL WXU\VW\F]QHM 2SROH MDNR ȌVWROLFD SROVNLHM SLRVHQNLȋ ] WUDG\FMDPL SRQDG ȏ QRUPDOQ\ Ȃ ]Ą ȏ XOJRZ\ Ȃ ]Ą ȏ JUXSRZ\ Ȃ ]Ą
F]WHUG]LHVWROHWQLHM KLVWRULL .UDMRZHJR )HVWLZDOX 3ROVNLHM 3LRVHQNL MHVW QDMOHSV]\P ȏ URG]LQQ\ Ȃ ]Ą GRURVĄ\FK G]LHFL
PLHMVFHP GR SRZVWDQLD LQVW\WXFML ]DMPXMÇFHM VLÛ JURPDG]HQLHP NDWDORJRZDQLHP %LOHW\ PRJÇ 3DĆVWZR NXSLÉ
NRQVHUZRZDQLHP GLJLWDOL]RZDQLHP QDXNRZ\P RSUDFRZ\ZDQLHP L XGRVWÛSQLDQLHP
] ȏ Z NDVDFK 1&33 Z $PȴWHDWU]H
]ELRUµZ GRW\F]ÇF\FK SROVNLHM SLRVHQNL 3RWU]HED ]DMÛFLD VLÛ GRURENLHP SROVNLFK ELRUµZ GRW\F]ÇF\FK SROVNLHM SLRVHQNL 3RWU]HED ]DMÛFLD VLÛ GRURENLHP SROVNLFK
SLRVHQHN NWµUH SRVLDGDMÇ RJURPQH QLH GR NRĆFD ]EDGDQH ]DVRE\ ȏQD VWURQLH ZZZ ELOHW\ PX]HXPSLRVHQNL SO
MHVW SU]HGVLÛZ]LÛFLHP ZDľQ\P SU]HGH ZV]\VWNLP E\ ]DFKRZDÉ WHQ ERJDW\ FHQQ\ %LOHW\ XOJRZH VÇ ZDľQH ZUD] ] GRNXPHQWHP SRWZLHUG]DMÇF\P XSRZDľQLHQLH GR ]QLľNL
L LQWHUHVXMÇF\ PDWHULDĄ GOD SU]\V]Ą\FK SRNROHĆ








































08=(80 32/6.Ζ(- 3Ζ26(1.Ζ

_ ZZZ PX]HXPSLRVHQNL SO _ PX]HXP#PX]HXPSLRVHQNL SO
XO 3LDVWRZVND $ 2SROH $PȴWHDWU ZHMĝFLH RG XO %DUOLFNLHJR

-('<1( : 32/6&( 08/7Ζ0('Ζ$/1(


12:2&=(61( =$6.$.8-Æ&(


1$-/(36=< 352'8.7 785<67<&=1<




=$35$6=$0< 2' :725.8 '2 1Ζ('=Ζ(/Ζ 2' '2

ZZZ PX]HXPSLRVHQNL SO






&HOHP XWZRU]HQLD 0X]HXP 3ROVNLHM 3LRVHQNL Z 2SROX MHVW SU]HGH ZV]\VWNLP
WUZDĄD RFKURQD NXOWXURZHJR G]LHG]LFWZD QDURGRZHJR L ]ZLÛNV]HQLH UROL SROVNLHM &(1< %Ζ/(7•:
SLRVHQNL Z GLDORJX PLÛG]\NXOWXURZ\P QD U]HF] SURPRFML PLDVWD L SRGQLHVLHQLD MHJR
DWUDNF\MQRĝFL WXU\VW\F]QHM 2SROH MDNR ȌVWROLFD SROVNLHM SLRVHQNLȋ ] WUDG\FMDPL SRQDG ȏ QRUPDOQ\ Ȃ ]Ą ȏ XOJRZ\ Ȃ ]Ą ȏ JUXSRZ\ Ȃ ]Ą
F]WHUG]LHVWROHWQLHM KLVWRULL .UDMRZHJR )HVWLZDOX 3ROVNLHM 3LRVHQNL MHVW QDMOHSV]\P ȏ URG]LQQ\ Ȃ ]Ą GRURVĄ\FK G]LHFL
PLHMVFHP GR SRZVWDQLD LQVW\WXFML ]DMPXMÇFHM VLÛ JURPDG]HQLHP NDWDORJRZDQLHP %LOHW\ PRJÇ 3DĆVWZR NXSLÉ
NRQVHUZRZDQLHP GLJLWDOL]RZDQLHP QDXNRZ\P RSUDFRZ\ZDQLHP L XGRVWÛSQLDQLHP
] ȏ Z NDVDFK 1&33 Z $PȴWHDWU]H
]ELRUµZ GRW\F]ÇF\FK SROVNLHM SLRVHQNL 3RWU]HED ]DMÛFLD VLÛ GRURENLHP SROVNLFK ELRUµZ GRW\F]ÇF\FK SROVNLHM SLRVHQNL 3RWU]HED ]DMÛFLD VLÛ GRURENLHP SROVNLFK
SLRVHQHN NWµUH SRVLDGDMÇ RJURPQH QLH GR NRĆFD ]EDGDQH ]DVRE\ ȏQD VWURQLH ZZZ ELOHW\ PX]HXPSLRVHQNL SO
MHVW SU]HGVLÛZ]LÛFLHP ZDľQ\P SU]HGH ZV]\VWNLP E\ ]DFKRZDÉ WHQ ERJDW\ FHQQ\ %LOHW\ XOJRZH VÇ ZDľQH ZUD] ] GRNXPHQWHP SRWZLHUG]DMÇF\P XSRZDľQLHQLH GR ]QLľNL
L LQWHUHVXMÇF\ PDWHULDĄ GOD SU]\V]Ą\FK SRNROHĆ








































08=(80 32/6.Ζ(- 3Ζ26(1.Ζ

_ ZZZ PX]HXPSLRVHQNL SO _ PX]HXP#PX]HXPSLRVHQNL SO
XO 3LDVWRZVND $ 2SROH $PȴWHDWU ZHMĝFLH RG XO %DUOLFNLHJR

-('<1( : 32/6&( 08/7Ζ0('Ζ$/1(


12:2&=(61( =$6.$.8-Æ&(


1$-/(36=< 352'8.7 785<67<&=1<




=$35$6=$0< 2' :725.8 '2 1Ζ('=Ζ(/Ζ 2' '2

ZZZ PX]HXPSLRVHQNL SO






0DULD 6DGRZVND SRSURZDG]LĄD 0DĄÇ $NDGHPLÛ 3LRVHQNL
$QQD :\V]NRQL Z 0DĄHM $NDGHPLL 3LRVHQNL
0DULD 6DGRZVND WR SROVND SLRVHQNDUND Z\NRQXMÇFD PX]\NÛ MD]] SRS IXQN

: SRQLHG]LDĄHN NZLHWQLD JRĝFLHP 0DĄHM $NDGHPLL 3LRVHQNL EÛG]LH $QQD L HOHNWURQLF]QÇ D WDNľH VFHQDU]\VWND L UHľ\VHU ȴOPRZ\ 0D QD NRQFLH G]LHZLÛÉ VRORZ\FK
:\V]NRQL ZRNDOLVWND L NRPSR]\WRUND QLHJG\ĝ ]ZLÇ]DQD ] ]HVSRĄHP Ȍă]\ȋ SĄ\W P LQ 7ULEXWH WR .RPHGD ]ĄRWD SĄ\WD L Z SHĄQL DXWRUVNÇ Ȍ6SLV WUHĝFLȋ -HM HWLXGD

$UW\VWFH EÛG]LH WRZDU]\V]\Ą JRVSRGDU] PX]\F]Q\ ΖJRU 3U]HELQGRZVNL : SURJUDPLH IDEXODUQD SW Ȍ6NU]\GĄDȋ SRND]\ZDQD E\ĄD QD PLÛG]\QDURGRZ\FK IHVWLZDODFK
ȴOPRZ\FK P LQ Z 0RVNZLH 7DMSHM %RORQLL %DUFHORQLH 6WDPEXOH L 3DU\ľX
PX]\F]QH ]DMÛFLD GOD G]LHFL Z ZLHNX SU]HGV]NROQ\P L ZF]HVQRV]NROQ\P D WDNľH
PLQLNRQFHUW GOD QDMPĄRGV]\FK 2SRODQ 0 0DULD 6DGRZVND E\ĄD JRĝFLHP 0DĄHM $NDGHPLL 3LRVHQNL PDUFD $UW\VWND ZUD]
] JRVSRGDU]HP PX]\F]Q\P ΖJRUHP 3U]HELQGRZVNLP ]DSURVLOL G]LHFL QD QLH]Z\NĄH ZDUV]WDW\
PX]\F]QH SRGF]DV NWµU\FK ZVSµOQLH ĝSLHZDOL DOH SU]HGH ZV]\VWNLP GREU]H VLÛ EDZLOL










































08=(80 32/6.Ζ(- 3Ζ26(1.Ζ

_ ZZZ PX]HXPSLRVHQNL SO _ PX]HXP#PX]HXPSLRVHQNL SO
XO 3LDVWRZVND $ 2SROH $PȴWHDWU ZHMĝFLH RG XO %DUOLFNLHJR

-('<1( : 32/6&( 08/7Ζ0('Ζ$/1(


12:2&=(61( =$6.$.8-Æ&(


1$-/(36=< 352'8.7 785<67<&=1<




=$35$6=$0< 2' :725.8 '2 1Ζ('=Ζ(/Ζ 2' '2

ZZZ PX]HXPSLRVHQNL SO






0DULD 6DGRZVND SRSURZDG]LĄD 0DĄÇ $NDGHPLÛ 3LRVHQNL
$QQD :\V]NRQL Z 0DĄHM $NDGHPLL 3LRVHQNL
0DULD 6DGRZVND WR SROVND SLRVHQNDUND Z\NRQXMÇFD PX]\NÛ MD]] SRS IXQN

: SRQLHG]LDĄHN NZLHWQLD JRĝFLHP 0DĄHM $NDGHPLL 3LRVHQNL EÛG]LH $QQD L HOHNWURQLF]QÇ D WDNľH VFHQDU]\VWND L UHľ\VHU ȴOPRZ\ 0D QD NRQFLH G]LHZLÛÉ VRORZ\FK
:\V]NRQL ZRNDOLVWND L NRPSR]\WRUND QLHJG\ĝ ]ZLÇ]DQD ] ]HVSRĄHP Ȍă]\ȋ SĄ\W P LQ 7ULEXWH WR .RPHGD ]ĄRWD SĄ\WD L Z SHĄQL DXWRUVNÇ Ȍ6SLV WUHĝFLȋ -HM HWLXGD

$UW\VWFH EÛG]LH WRZDU]\V]\Ą JRVSRGDU] PX]\F]Q\ ΖJRU 3U]HELQGRZVNL : SURJUDPLH IDEXODUQD SW Ȍ6NU]\GĄDȋ SRND]\ZDQD E\ĄD QD PLÛG]\QDURGRZ\FK IHVWLZDODFK
ȴOPRZ\FK P LQ Z 0RVNZLH 7DMSHM %RORQLL %DUFHORQLH 6WDPEXOH L 3DU\ľX
PX]\F]QH ]DMÛFLD GOD G]LHFL Z ZLHNX SU]HGV]NROQ\P L ZF]HVQRV]NROQ\P D WDNľH
PLQLNRQFHUW GOD QDMPĄRGV]\FK 2SRODQ 0 0DULD 6DGRZVND E\ĄD JRĝFLHP 0DĄHM $NDGHPLL 3LRVHQNL PDUFD $UW\VWND ZUD]
] JRVSRGDU]HP PX]\F]Q\P ΖJRUHP 3U]HELQGRZVNLP ]DSURVLOL G]LHFL QD QLH]Z\NĄH ZDUV]WDW\
PX]\F]QH SRGF]DV NWµU\FK ZVSµOQLH ĝSLHZDOL DOH SU]HGH ZV]\VWNLP GREU]H VLÛ EDZLOL










































08=(80 32/6.Ζ(- 3Ζ26(1.Ζ

_ ZZZ PX]HXPSLRVHQNL SO _ PX]HXP#PX]HXPSLRVHQNL SO
XO 3LDVWRZVND $ 2SROH $PȴWHDWU ZHMĝFLH RG XO %DUOLFNLHJR





















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



,JQDÐ .LWHN DUFKLWHNW

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV

3U]H]DEDZQD L QLHSRNRUQD NVLÃ×ND

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



« Õ« ¹Ã«— «¼èÜãØÊôÃ— =É




5µ]LD 5HZHOND LQ×\QLHUND

1DV]H Z\GDZQLFWZR VSHFMDOL]XMH VLÇ Z VWDUDQQ\P GRERU]H RIHUW\ L SURSRQXMH $QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
URG]LFRP L G]LHFLRP Z\VRNLHM MDNRÐFL NVLÃ×NL ]DUµZQR ZDUWRÐFLRZH OLWHUDFNR =DEDZQD L PÃGUD RSRZLHÐÅ R

MDN L SLÇNQLH LOXVWURZDQH 7R ìSLFWXUHERRNVë å NVLÃ×NL Z NWµU\FK WHNVW L REUD] UHDOL]RZDQLX SDVML L QLH]UD×DQLX
ZVSµÊJUDMà ]H VREà WZRU]ÃF XQLNDOQà MDNRÐÅ NWµUHM QLH GDÊRE\ VLÇ RVLÃJQÃÅ EH] VLÇ QLHSRZRG]HQLDPL
KDUPRQLL PLÇG]\ QLPL 6Ã WR SXEOLNDFMH GOD Z\PDJDMÃF\FK å SRXF]DMÃFD
L MHGQRF]HÐQLH HNVF\WXMÃFD OLWHUDWXUD G]LHFLÇFD =É








7HN 1RZRF]HVQ\ MDVNLQLRZLHF

3DWULFN 0F'RQQHOO


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

SLÇNQHJR ÐZLDWD GRRNRÊD


=É


$GD %DPELQL 1DXNRZF]\QL

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV


=$32:,('Ô





#.LQGHUNXOND




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

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



,JQDÐ .LWHN DUFKLWHNW

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV

3U]H]DEDZQD L QLHSRNRUQD NVLÃ×ND

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



« Õ« ¹Ã«— «¼èÜãØÊôÃ— =É




5µ]LD 5HZHOND LQ×\QLHUND

1DV]H Z\GDZQLFWZR VSHFMDOL]XMH VLÇ Z VWDUDQQ\P GRERU]H RIHUW\ L SURSRQXMH $QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
URG]LFRP L G]LHFLRP Z\VRNLHM MDNRÐFL NVLÃ×NL ]DUµZQR ZDUWRÐFLRZH OLWHUDFNR =DEDZQD L PÃGUD RSRZLHÐÅ R

MDN L SLÇNQLH LOXVWURZDQH 7R ìSLFWXUHERRNVë å NVLÃ×NL Z NWµU\FK WHNVW L REUD] UHDOL]RZDQLX SDVML L QLH]UD×DQLX
ZVSµÊJUDMà ]H VREà WZRU]ÃF XQLNDOQà MDNRÐÅ NWµUHM QLH GDÊRE\ VLÇ RVLÃJQÃÅ EH] VLÇ QLHSRZRG]HQLDPL
KDUPRQLL PLÇG]\ QLPL 6Ã WR SXEOLNDFMH GOD Z\PDJDMÃF\FK å SRXF]DMÃFD
L MHGQRF]HÐQLH HNVF\WXMÃFD OLWHUDWXUD G]LHFLÇFD =É








7HN 1RZRF]HVQ\ MDVNLQLRZLHF

3DWULFN 0F'RQQHOO


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

SLÇNQHJR ÐZLDWD GRRNRÊD


=É


$GD %DPELQL 1DXNRZF]\QL

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV


=$32:,('Ô





#.LQGHUNXOND




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







=GURZH VWRS\ 'R SURGXNFML REXZLD 0HPR VWRVR

ZDQH VĈ QDMZ\İV]HM MDNRĤFL PDWHULDã\ :LHU
G]LHFND ]FKQLD L ZHZQčWU]QD F]čĤþ EXWD Z\NRQDQD
MHVW ] QDWXUDOQ\FK PLčNNLFK VNyU NR]LFK
LGHDOQ\FK GOD VWRS\ G]LHFND 6NyU\ WH Z
VSRVyE QDWXUDOQ\ GRVWRVRZXMĈ VLč GR
0HPR WR QDMZ\İV]HM MDNRĤFL REXZLH GOD
G]LHFL Z\NRQDQH Z NODV\F]Q\P VW\OX ] VWRS\ W\P VDP\P ]ZLčNV]DMĈ NRPIRUW Xİ\W
QDWXUDOQ\FK PDWHULDãyZ SU]\MD]Q\FK VWRSLH NRZDQLD 1LHNWyUH PRGHOH Z\SRVDİRQH
G]LHFND 8QLNDWRZĈ IXQNFMč GLDJQRVW\F]QĈ ]RVWDã\ Z VSHFMDOLVW\F]QĈ SRGV]HZNč
]DSHZQLD V\VWHP PRQLWRULQJX Z SRGHV]ZLH EH]FKURPRZĈ 1DWXUDOQH PDWHULDã\ R
0HPR :\SUDFRZDQD SU]H] ODWD NRQVWUXN ZãDĤFLZRĤFLDFK KLJURVNRSLMQ\FK VSUDZLDMĈ
FMD L WHFKQRORJLD PRQWDİX EXWyZ 0HPR İH EXW RGG\FKD D VWRSD QLH XOHJD
] ]DSRFHQLX
]\VNDãD\VNDãD X]QDQLH VSHFMDOLVWyZ MDNR
VNXWHF]QD PHWRGD SURILODNW\NL L OHF]HQLD
QDMF]čVWV]\FK ZDG SRVWDZ\









8QLNDWRZ\ V\VWHP G\QDPLF]QHM NRQWUROL
VWyS G]LHFND GDMĈF\ PRİOLZRĤþ ELHİĈFHJR
PRQLWRURZDQLD VWDQX VWyS RUD] QDW\FKPLD
VWRZHM UHDNFML 6SHFMDOQ\ RGVWDZLRQ\ NV]
WDãW SRGHV]Z\ GRGDWNRZR VWDELOL]XMH VWRSč
L ]DSHZQLD SUDZLGãRZH MHM XãRİHQLH SRG 6SHFMDOQD WHFKQRORJLD PRQWDİX
F]DV FKRGX 'LDJQRVW\F]QD SRGHV]ZD 9 WHFK SROHJDMĈFD QD SUDZLGãRZ\P XVW
0HPR 2EV]DUHP GLDJQRVW\F]Q\P REXZLD DZLHQLX FKROHZNL SRGF]DV SURFHVX PRQ
0HPR MHVW MHJR SRGHV]ZD 1D MHM SRZLHU WRZDQLD EXWD 7HFKQRORJLD WD JZDUDQWXMH
]FKQL RUD] QD REFDVLH ]RVWDãR Z\RGUčEQL ]DFKRZDQLH RVL V\PHWULL Z Z\SURGXNRZ
RQ\FK V]HĤþ SRQXPHURZDQ\FK VWUHI ] Z\ DQ\P EXFLH D W\P VDP\P ZUD] ] FKDUDNW
SXNã\PL SDVNDPL ELHİQLND VWUHID QRUP\ HU\VW\F]Q\P V]W\ZQ\P ]DSLčWNLHP L Z\VRNĈ
VWUHID U\]\ND RUD] F]WHU\ VWUHI\ GXİHM G\V FKROHZNĈ ZVSRPDJD SUDZLGãRZ\ UR]ZyM
IXQNFML 3RGF]DV Xİ\WNRZDQLD SDVNL XOHJDMĈ VWyS 2EXZLH 0HPR SR]EDZLRQH MHVW FHFK
ĤFLHUDQLX G]LčNL F]HPX VWDUWH IUDJPHQW\ NRQVWUXNF\MQ\FK PRJĈF\FK ]DNãyFLþ
XPRİOLZLDMĈ V]\ENĈ L SUHF\]\MQĈ GLDJQR]č REUD] U]HF]\ZLVWHM IL]MRORJLL L SRWU]HE VWyS Z
ZDG VWyS RUD] HZHQWXDOQH GREUDQLH RNUHVLH Z]UDVWDQLD ']LčNL WHPX REXZLH
ZNãDGHN : SU]\SDGNX EUDNX NRQLHF]QRĤFL 0HPR XMDZQLD LFK SUDZLGãRZRĤþ PRUIR
VWRVRZDQLD ZNãDGHN NRU\JXMĈF\FK EXW\ ORJLF]QRF]\QQRĤFLRZĈ OXE LVWQLHMĈFH
0HPR VSHãQLDMĈ IXQNFMč SURILODNW\F]QĈ ZDG\ EĈGĮ LFK V\PSWRP\
=HVWDZ ZNãDGHN ZFKRG]ĈF\FK Z VNãDG
V\VWHPX\VWHPX 0HPR ZUD] ] ZEXGRZDQ\P Z
V 3URGXNW X]\VNDã SR]\W\ZQĈ RSLQLč
SRGHV]ZLH REFDVHP 7KRPDV·D QDGDMH Å&HQWUXP =GURZLD ']LHFNDµ
EXWRP 0HPR FKDUDNWHU REXZLD NRUHNF\M
QHJR 2GSRZLHGQLD GOD G]LHFND ZNãDGND
PRİH E\þ GREUDQD EH]SRĤUHGQLR SU]H]
URG]LFD QD SRGVWDZLH ]DãĈF]RQHM LQVWUXNFML
Xİ\WNRZDQLD 6\VWHPX 0HPR OXE ZJ ZVND
]Dę VSHFMDOLVW\




ZZZ ]GURZHEXFLNL SO