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, 2017-11-28 09:25:48

MP FeltForFun

= PLĂRĚFL GR G]LHFL LźILOFX
















































ZZZ IHOWIRUIXQ SO


IRW 0RQLND 6]DÊHN

= PLĂRĚFL GR G]LHFL LźILOFX







3DQL 0DUWR MHVW 3DQL SV\FKRORJLHP G]LHFLÇF\P L PDPÃ WUµMNL G]LHFL Z ZLHNX V]NROQ\P L
SU]HGV]NROQ\P -DNLH L JG]LH VÃ QDMZLÇNV]H Z\]ZDQLD Z ]RUJDQL]RZDQLX ]DEDZ\
WDNLHM GUX×\QLH"
1DMZLÇNV]\P Z\]ZDQLHP GOD URG]LFµZ JURPDGNL SRFLHFK MHVW Z\DMZLÇNV]\P Z\]ZDQLHP GOD URG]LFµZ JURPDGNL SRFLHFK MHVW Z\P\ÐOHQLH ]DEDZ\
1
NWµUD EÇG]LH RGSRZLHGQLD GOD G]LHFL Z Uµ×Q\P ZLHNX ]DLQWHUHVXMH NLONRUR G]LHFL
MHGQRF]HÐQLH L MHV]F]H EÇG]LH F]\VWD FLFKD L QLHGURJD = PRMÃ JURPDGNÃ ODWD
VSUDZG]D VLÇ QDMOHSLHM VWZRU]RQH ZÊDVQRUÇF]QLH ] G]LHÅPL ìSXGHÊNR QXG\ë : QLP
)LOFRZH NUHDW\ZQH NVLÅĹNL HGXNDF\MQH PDP\ NDUWNL ] ]DSLVDQ\PL ]DEDZDPL ] SRÐUµG NWµU\FK ORVXMHP\ ZF]HÐQLHM ]DSLVDQH
SRP\VÊ\ QD JU\ L ]DEDZ\ 7DP VÃ ]DEDZ\ GDOV]H L EOL×V]H RSLVDQHPX PRGHORZL
3U]\]QDP ×H WURFKÇ W\P VWHUXMÇ .LHG\ PDP F]DV SU]HVWU]HÌ L VLÊÇ W\ONR QD ]DEDZ\
GOD GXĹ\FK L PDĂ\FK F
FLFKH L VSRLFKH L VSRNRMQLHMV]H SU]HG ORVRZDQLHP XVXZDP WH KDÊDÐOLZH F]\ EUXG]ÃFH L
RGZURWQLH =DFKRZXMÇ SU]\ W\P UµZQRZDJÇ ×HE\ G]LHFL QLH Z\F]XÊ\
SRGVWÇSXð'REU]H MHVW NLHG\ Z Z\P\ÐODQLX ]DEDZ ELRUÃ XG]LDÊ WDN×H G]LHFL L ND×GÃ
NROHMQÃ ]DEDZÇ ]DSLVXMHP\ L ZU]XFDP\ GR SXGHÊND 7\P VSRVREHP ]DZDUWRÐÅ
SXGHÊND MHVW G\QDPLF]QDð3XGHÊNR QXG\ VSUDZG]D VLÇ WDN VDPR GREU]H ] MHGQ\P
G]LHFNLHP MDN L ] JUXSÃ QS Z SU]HGV]NROX F]\ QD ZVSµOQ\FK Z\MD]GDFK ] G]LHÅPL
ï )LOFRZD NVLÃ×HF]ND SHÊQD ]DEDZ GOD G]LHFL
ï =DSURMHNWRZDQD SU]H] SV\FKRORJD -HVW 3DQL WDN×H SV\FKRORJLHP Z NLONX ZDUV]DZVNLFK SU]HGV]NRODFK
-DND MHVW WDP 3DQL UROD"
ï 7HVWRZDQD SU]H] G]LHFL 0
0RMÃ UROÃ MHVW ZVSLHRMÃ UROÃ MHVW ZVSLHUDQLH Z\FKRZDZFµZ L URG]LFµZ Z SU]HFKRG]HQLX SU]H] SURFHV UR]ZRMX G]LHFND 2EVHUZXMÇ ]DFKRZDQLD G]LHFL
ï :\NRQDQD UÇF]QLH Z SU]HGV]NROX ] SHUVSHNW\Z\ SV\FKRORJLL UR]ZRMRZHM L ]DVWDQDZLDP VLÇ GODF]HJR GDQH ]DFKRZDQLH PR×H SRMDZLDÅ VLÇ Z W\P
PRPHQFLH L FR PµZL QDP R PRPHQFLH UR]ZRMX G]LHFND 1DVWÇSQLH DQDOL]XMÇ ZVSµOQLH Z\FKRZDZFDPL MDNÃ SRWU]HEÇ XND]XMH
ï :LHOH JLHU L ]DEDZ G]LHFNR SRSU]H] GDQH ]DFKRZDQLH OXE MDND SRWU]HEÇ WDNLP ]DFKRZDQLHP Z\SHÊQLD =DZV]H GÃ×Ç ]DZV]H GR GREUHM SDUWQHUVNLHM
ZVSµÊSUDF\ WDN×H ] URG]LFDPL ERZLHP RQL Và QDMZLÇNV]\PL VSHFMDOLVWDPL MHÐOL FKRG]L R LFK G]LHFNR :LDGRPR ×H URG]LFDPL ]DZV]H
N
NLHUXMÃ GREUH LQWHQFMH D MD MHVWHP SR WR DLHUXMÃ GREUH LQWHQFMH D MD MHVWHP SR WR DE\ MH SU]HÊR×\Å QD ZÊDÐFLZH ]DFKRZDQLD FR QLH MHVW ZFDOH WDNLH SURVWH .RPXQLNDFMD
PLÇG]\ URG]LFDPL L SU]HGV]NROHP SRZLQQD E\Å V]F]HUD U]HF]RZD VHUGHF]QD D FR QDMZD×QLHMV]H F]ÇVWD L V\VWHPDW\F]QD 5R]ZµM
G]LHFND WR SU]HFLH× SURFHV D QLH MHGQRUD]RZH LQF\GHQW\ Z\FKRZDZF]H
: XELHJÊ\P URNX VWZRU]\ÊD 3DQL PDUNÇ )HOW )RU )XQ å VHULÇ ]DEDZHN HGXNDF\MQ\FK ] ĆOFX 6NÃG SRP\VÊ QD SURMHNWRZDQLH ]DEDZHN"
1LHVSHÊQLRQH WDOHQW\ SODVW\F]QH"""
-D E\QDMPQLHM QLH PDP WDOHQWX SODVW\F]QHJR 0RMD SU]\JRGD ] ]DEDZNDPL ]DF]ÇÊD VLÇ RG SRV]XNLZDQLD ]DEDZNL ÊÃF]ÃFHM NLOND UµO L
IXQNFML 0DU]\ÊD PL VLÇ ]DEDZND VW\PXOXMÃFD UR]ZµM G]LHFND GDMÃFD PR×OLZRÐÅ ]DEDZ\ ]DUµZQR ] URG]LFDPL MDN L VDPRG]LHOQLH
WUZDÊD OHNND ÊDWZD GR ]DEUDQLD ]H VREÃ L QLH EÇGÃFD HOHNWURQLF]Q\P FDFNLHP DQL ZV]HFKREHFQ\P SODVWLNLHP = WDNLFK ]DÊR×HÌ L
SRV]XNLZDÌ Z\V]HGÊ PL ðĆOF 3LHUZV]à NVLÃ×HF]NÇ ]DSURMHNWRZDÊDP Z\FLQDÊDP L XV]\ÊDP VDPD 2ND]DÊD VLÇ KLWHP Z ]DEDZLH ]
PRLPL G]LHÅPL DOH WDN×H RF]DURZDÊD LQQ\FK URG]LFµZ =DF]ÇÊ\ VLÇ ]DPµZLHQLD RG ]QDMRP\FKð: WHQ VSRVµE SRZVWDÊD PDUND )HOW
)
)RU RU )XQ F]\OL VHULD NVLÃ×HN ] ĆOFX ] FLHNDZ\PL ]DEDZDPL L JUDPL QD ND×GHM VWURQLH .VLÃ×HF]NL GRVWRVRZ\ZDÊDP GR Uµ×Q\FK JUXS
ZLHNRZ\FK NRU]\VWDMÃF ] ]DVREµZ ZLHG]\ SV\FKRORJLL UR]ZRMRZHM ']LVLDM Z PRMHM SUDFRZQL SURGXNXMHP\ UÇF]QLH NLOND VHULL
NVLÃ×HF]HN D ZH ZVSµÊSUDF\ ] SODVW\NDPL WZRU]\P\ NROHMQH L GRGDMHP\ GR QDV]HJR VNOHSX 1DV]H VHU\MQH NVLÃ×HF]NL Và Z VWDÊHM
VSU]HGD×\ DOH PDP\ WH× FRUD] ZLÇFHM ]DPµZLHÌ DXWRUVNLFK QS GOD ĆUP SU]HGV]NROL F]\ JUXS ]DMÇFLRZ\FK


'ODF]HJR ĆOF D QLH SODVWLN F]\ GUHZQR"
= ND×GHJR ] W\FK WZRU]\Z PR×QD VWZRU]\Å ÐZLHWQÃ ]DEDZNÇ )LOF MHVW MHGQDN QDMEDUG]LHM ZG]LÇF]Q\P PDWHULDÊHP SRQLHZD× MHVW
WUZDOV]\ QL× SDSLHU O×HMV]\ QL× GUHZQR ]GURZV]\ QL× SODVWLN NRORURZ\ L ÊDWZ\ GR Z\FLQDQLD D FR QDMZD×QLHMV]H QLF]\P QLH
SURPLHQLXMH -HVW WH× PLÇNNL L PLÊ\ Z GRW\NX -D QLH UXV]DP VLÇ ] G]LHÅPL EH] NWµUHMÐ ] NVLÃ×HF]HN 3URV]Ç VSRMU]HÅ G]LÐ PDP Z
WRUHEFH QDV]H QDMQRZV]H G]LHÊR F]\OL 7UDYHO %RRN 0DP\ WH× ]DEDZNL VH]RQRZH 7HUD] KLWHP VÃ ĆOFRZH FKRLQHF]NL GR
VDPRG]LHOQHM GHNRUDFML 5RELP\ WH× RSDVNL G ZÊRVµZ GOD PÊRG\FK GDP NRURQ\ XURG]LQRZH GOD PDÊ\FK MXELODWµZ F]\ PDW\
SRGÊRJRZH OXE ÐFLHQQH GR ]DEDZ\

. .WµUH ]DEDZNL 3DQL SURMHNWX PRJÃ VSUDZG]LÅ VLÇ Z SU]HGV]NRODFK L Z MDNL VSRVµE"
1DV]H ZV]\VWNLH ]DEDZNL PR×QD Z\NRU]\VWDÅ Z SU]HGV]NROX DOH ZLG]LP\ SHZQH SUHIHUHQFMH MHÐOL FKRG]L R ]DPµZLHQLD ]
SU]HGV]NROL = QDV]\FK VHU\MQ\FK ]DEDZHN QDMZLÇFHM ]DPµZLHÌ ] SU]HGV]NROL MHVW QD %RER %RRN GOD G]LHFL ODWD L 6PDUW %RRN GOD
ZZZ IHOWIRUIXQ SO MX× VÃ LQG\ZLGXDOQH SURMHNW\ L UR]ZLÃ]DQLD
VWDUV]DNµZ ODW ÖÊRENL FKÇWQLH ]DPDZLDMÃ %XV\ %DE\ GOD PDOXV]NµZ GR ODW 0DP\ WH× ]DPµZLHQLD QD PDW\ NUHDW\ZQH DOH WR


1D ]DNRÌF]HQLH QDMZD×QLHMV]H MDN PR×QD NXSLÅ 3DQL NVLÃ×HF]NL GR SU]HGV]NROD F]\ LQG\ZLGXDOQLH GOD G]LHFND" &]\ Và VSHFMDOH
1DV]H VHU\MQH NVLÃ×HF]NL QDMSURÐFLHM PR×QD ]DPµZLÅ QD VWURQLH ZZDV]H VHU\MQH NVLÃ×HF]NL QDMSURÐFLHM PR×QD ]DPµZLÅ QD VWURQLH ZZZ IHOOWIRUIXQ SO -HVWHÐP\ WDN×H QD SµÊNDFK ZDUV]DZVNLFK
1
NRQWDNW#IHOWIRUIXQ SO ZDUXQNL ]DNXSX GOD SU]HGV]NROL L ×ÊRENµZ"
EXWLNµZ ] Z\V]XNDQ\PL ]DEDZNDPL WDNLFK MDN %DZLPLVLH =DEDZNL 1LHEDQDOQH .µÊNR L .U]\×\N 'UHZQLDQH &R 1LH &R F]\
)U\]MHUNRZR 'OD SU]HGV]NROL PDP\ VSHFMDOQH ZDUXQNL ]DNXSX Z ]DOH×QRÐFL RG ]DLQWHUHVRZDQLD L SRWU]HE SU]HGV]NROD =DSUDV]DP\
GR NRQWDNWX QD QDV]HM VWURQLH XVWDOLP\ ZV]\VWNR LQG\ZLGXDOQLH ] ND×G\P PLHMVFHP NWµUH NRFKD G]LHFL

= PLĂRĚFL GR G]LHFL LźILOFX







3DQL 0DUWR MHVW 3DQL SV\FKRORJLHP G]LHFLÇF\P L PDPÃ WUµMNL G]LHFL Z ZLHNX V]NROQ\P L
SU]HGV]NROQ\P -DNLH L JG]LH VÃ QDMZLÇNV]H Z\]ZDQLD Z ]RUJDQL]RZDQLX ]DEDZ\
WDNLHM GUX×\QLH"
1DMZLÇNV]\P Z\]ZDQLHP GOD URG]LFµZ JURPDGNL SRFLHFK MHVW Z\DMZLÇNV]\P Z\]ZDQLHP GOD URG]LFµZ JURPDGNL SRFLHFK MHVW Z\P\ÐOHQLH ]DEDZ\
1
NWµUD EÇG]LH RGSRZLHGQLD GOD G]LHFL Z Uµ×Q\P ZLHNX ]DLQWHUHVXMH NLONRUR G]LHFL
MHGQRF]HÐQLH L MHV]F]H EÇG]LH F]\VWD FLFKD L QLHGURJD = PRMÃ JURPDGNÃ ODWD
VSUDZG]D VLÇ QDMOHSLHM VWZRU]RQH ZÊDVQRUÇF]QLH ] G]LHÅPL ìSXGHÊNR QXG\ë : QLP
)LOFRZH NUHDW\ZQH NVLÅĹNL HGXNDF\MQH PDP\ NDUWNL ] ]DSLVDQ\PL ]DEDZDPL ] SRÐUµG NWµU\FK ORVXMHP\ ZF]HÐQLHM ]DSLVDQH
SRP\VÊ\ QD JU\ L ]DEDZ\ 7DP VÃ ]DEDZ\ GDOV]H L EOL×V]H RSLVDQHPX PRGHORZL
3U]\]QDP ×H WURFKÇ W\P VWHUXMÇ .LHG\ PDP F]DV SU]HVWU]HÌ L VLÊÇ W\ONR QD ]DEDZ\
GOD GXĹ\FK L PDĂ\FK F
FLFKH L VSRLFKH L VSRNRMQLHMV]H SU]HG ORVRZDQLHP XVXZDP WH KDÊDÐOLZH F]\ EUXG]ÃFH L
RGZURWQLH =DFKRZXMÇ SU]\ W\P UµZQRZDJÇ ×HE\ G]LHFL QLH Z\F]XÊ\
SRGVWÇSXð'REU]H MHVW NLHG\ Z Z\P\ÐODQLX ]DEDZ ELRUÃ XG]LDÊ WDN×H G]LHFL L ND×GÃ
NROHMQÃ ]DEDZÇ ]DSLVXMHP\ L ZU]XFDP\ GR SXGHÊND 7\P VSRVREHP ]DZDUWRÐÅ
SXGHÊND MHVW G\QDPLF]QDð3XGHÊNR QXG\ VSUDZG]D VLÇ WDN VDPR GREU]H ] MHGQ\P
G]LHFNLHP MDN L ] JUXSÃ QS Z SU]HGV]NROX F]\ QD ZVSµOQ\FK Z\MD]GDFK ] G]LHÅPL
ï )LOFRZD NVLÃ×HF]ND SHÊQD ]DEDZ GOD G]LHFL
ï =DSURMHNWRZDQD SU]H] SV\FKRORJD -HVW 3DQL WDN×H SV\FKRORJLHP Z NLONX ZDUV]DZVNLFK SU]HGV]NRODFK
-DND MHVW WDP 3DQL UROD"
ï 7HVWRZDQD SU]H] G]LHFL 0
0RMÃ UROÃ MHVW ZVSLHRMÃ UROÃ MHVW ZVSLHUDQLH Z\FKRZDZFµZ L URG]LFµZ Z SU]HFKRG]HQLX SU]H] SURFHV UR]ZRMX G]LHFND 2EVHUZXMÇ ]DFKRZDQLD G]LHFL
ï :\NRQDQD UÇF]QLH Z SU]HGV]NROX ] SHUVSHNW\Z\ SV\FKRORJLL UR]ZRMRZHM L ]DVWDQDZLDP VLÇ GODF]HJR GDQH ]DFKRZDQLH PR×H SRMDZLDÅ VLÇ Z W\P
PRPHQFLH L FR PµZL QDP R PRPHQFLH UR]ZRMX G]LHFND 1DVWÇSQLH DQDOL]XMÇ ZVSµOQLH Z\FKRZDZFDPL MDNÃ SRWU]HEÇ XND]XMH
ï :LHOH JLHU L ]DEDZ G]LHFNR SRSU]H] GDQH ]DFKRZDQLH OXE MDND SRWU]HEÇ WDNLP ]DFKRZDQLHP Z\SHÊQLD =DZV]H GÃ×Ç ]DZV]H GR GREUHM SDUWQHUVNLHM
ZVSµÊSUDF\ WDN×H ] URG]LFDPL ERZLHP RQL Và QDMZLÇNV]\PL VSHFMDOLVWDPL MHÐOL FKRG]L R LFK G]LHFNR :LDGRPR ×H URG]LFDPL ]DZV]H
N
NLHUXMÃ GREUH LQWHQFMH D MD MHVWHP SR WR DLHUXMÃ GREUH LQWHQFMH D MD MHVWHP SR WR DE\ MH SU]HÊR×\Å QD ZÊDÐFLZH ]DFKRZDQLD FR QLH MHVW ZFDOH WDNLH SURVWH .RPXQLNDFMD
PLÇG]\ URG]LFDPL L SU]HGV]NROHP SRZLQQD E\Å V]F]HUD U]HF]RZD VHUGHF]QD D FR QDMZD×QLHMV]H F]ÇVWD L V\VWHPDW\F]QD 5R]ZµM
G]LHFND WR SU]HFLH× SURFHV D QLH MHGQRUD]RZH LQF\GHQW\ Z\FKRZDZF]H
: XELHJÊ\P URNX VWZRU]\ÊD 3DQL PDUNÇ )HOW )RU )XQ å VHULÇ ]DEDZHN HGXNDF\MQ\FK ] ĆOFX 6NÃG SRP\VÊ QD SURMHNWRZDQLH ]DEDZHN"
1LHVSHÊQLRQH WDOHQW\ SODVW\F]QH"""
-D E\QDMPQLHM QLH PDP WDOHQWX SODVW\F]QHJR 0RMD SU]\JRGD ] ]DEDZNDPL ]DF]ÇÊD VLÇ RG SRV]XNLZDQLD ]DEDZNL ÊÃF]ÃFHM NLOND UµO L
IXQNFML 0DU]\ÊD PL VLÇ ]DEDZND VW\PXOXMÃFD UR]ZµM G]LHFND GDMÃFD PR×OLZRÐÅ ]DEDZ\ ]DUµZQR ] URG]LFDPL MDN L VDPRG]LHOQLH
WUZDÊD OHNND ÊDWZD GR ]DEUDQLD ]H VREÃ L QLH EÇGÃFD HOHNWURQLF]Q\P FDFNLHP DQL ZV]HFKREHFQ\P SODVWLNLHP = WDNLFK ]DÊR×HÌ L
SRV]XNLZDÌ Z\V]HGÊ PL ðĆOF 3LHUZV]à NVLÃ×HF]NÇ ]DSURMHNWRZDÊDP Z\FLQDÊDP L XV]\ÊDP VDPD 2ND]DÊD VLÇ KLWHP Z ]DEDZLH ]
PRLPL G]LHÅPL DOH WDN×H RF]DURZDÊD LQQ\FK URG]LFµZ =DF]ÇÊ\ VLÇ ]DPµZLHQLD RG ]QDMRP\FKð: WHQ VSRVµE SRZVWDÊD PDUND )HOW
)
)RU RU )XQ F]\OL VHULD NVLÃ×HN ] ĆOFX ] FLHNDZ\PL ]DEDZDPL L JUDPL QD ND×GHM VWURQLH .VLÃ×HF]NL GRVWRVRZ\ZDÊDP GR Uµ×Q\FK JUXS
ZLHNRZ\FK NRU]\VWDMÃF ] ]DVREµZ ZLHG]\ SV\FKRORJLL UR]ZRMRZHM ']LVLDM Z PRMHM SUDFRZQL SURGXNXMHP\ UÇF]QLH NLOND VHULL
NVLÃ×HF]HN D ZH ZVSµÊSUDF\ ] SODVW\NDPL WZRU]\P\ NROHMQH L GRGDMHP\ GR QDV]HJR VNOHSX 1DV]H VHU\MQH NVLÃ×HF]NL Và Z VWDÊHM
VSU]HGD×\ DOH PDP\ WH× FRUD] ZLÇFHM ]DPµZLHÌ DXWRUVNLFK QS GOD ĆUP SU]HGV]NROL F]\ JUXS ]DMÇFLRZ\FK


'ODF]HJR ĆOF D QLH SODVWLN F]\ GUHZQR"
= ND×GHJR ] W\FK WZRU]\Z PR×QD VWZRU]\Å ÐZLHWQÃ ]DEDZNÇ )LOF MHVW MHGQDN QDMEDUG]LHM ZG]LÇF]Q\P PDWHULDÊHP SRQLHZD× MHVW
WUZDOV]\ QL× SDSLHU O×HMV]\ QL× GUHZQR ]GURZV]\ QL× SODVWLN NRORURZ\ L ÊDWZ\ GR Z\FLQDQLD D FR QDMZD×QLHMV]H QLF]\P QLH
SURPLHQLXMH -HVW WH× PLÇNNL L PLÊ\ Z GRW\NX -D QLH UXV]DP VLÇ ] G]LHÅPL EH] NWµUHMÐ ] NVLÃ×HF]HN 3URV]Ç VSRMU]HÅ G]LÐ PDP Z
WRUHEFH QDV]H QDMQRZV]H G]LHÊR F]\OL 7UDYHO %RRN 0DP\ WH× ]DEDZNL VH]RQRZH 7HUD] KLWHP VÃ ĆOFRZH FKRLQHF]NL GR
VDPRG]LHOQHM GHNRUDFML 5RELP\ WH× RSDVNL G ZÊRVµZ GOD PÊRG\FK GDP NRURQ\ XURG]LQRZH GOD PDÊ\FK MXELODWµZ F]\ PDW\
SRGÊRJRZH OXE ÐFLHQQH GR ]DEDZ\

. .WµUH ]DEDZNL 3DQL SURMHNWX PRJÃ VSUDZG]LÅ VLÇ Z SU]HGV]NRODFK L Z MDNL VSRVµE"
1DV]H ZV]\VWNLH ]DEDZNL PR×QD Z\NRU]\VWDÅ Z SU]HGV]NROX DOH ZLG]LP\ SHZQH SUHIHUHQFMH MHÐOL FKRG]L R ]DPµZLHQLD ]
SU]HGV]NROL = QDV]\FK VHU\MQ\FK ]DEDZHN QDMZLÇFHM ]DPµZLHÌ ] SU]HGV]NROL MHVW QD %RER %RRN GOD G]LHFL ODWD L 6PDUW %RRN GOD
ZZZ IHOWIRUIXQ SO MX× VÃ LQG\ZLGXDOQH SURMHNW\ L UR]ZLÃ]DQLD
VWDUV]DNµZ ODW ÖÊRENL FKÇWQLH ]DPDZLDMÃ %XV\ %DE\ GOD PDOXV]NµZ GR ODW 0DP\ WH× ]DPµZLHQLD QD PDW\ NUHDW\ZQH DOH WR


1D ]DNRÌF]HQLH QDMZD×QLHMV]H MDN PR×QD NXSLÅ 3DQL NVLÃ×HF]NL GR SU]HGV]NROD F]\ LQG\ZLGXDOQLH GOD G]LHFND" &]\ Và VSHFMDOH
1DV]H VHU\MQH NVLÃ×HF]NL QDMSURÐFLHM PR×QD ]DPµZLÅ QD VWURQLH ZZDV]H VHU\MQH NVLÃ×HF]NL QDMSURÐFLHM PR×QD ]DPµZLÅ QD VWURQLH ZZZ IHOOWIRUIXQ SO -HVWHÐP\ WDN×H QD SµÊNDFK ZDUV]DZVNLFK
1
NRQWDNW#IHOWIRUIXQ SO ZDUXQNL ]DNXSX GOD SU]HGV]NROL L ×ÊRENµZ"
EXWLNµZ ] Z\V]XNDQ\PL ]DEDZNDPL WDNLFK MDN %DZLPLVLH =DEDZNL 1LHEDQDOQH .µÊNR L .U]\×\N 'UHZQLDQH &R 1LH &R F]\
)U\]MHUNRZR 'OD SU]HGV]NROL PDP\ VSHFMDOQH ZDUXQNL ]DNXSX Z ]DOH×QRÐFL RG ]DLQWHUHVRZDQLD L SRWU]HE SU]HGV]NROD =DSUDV]DP\
GR NRQWDNWX QD QDV]HM VWURQLH XVWDOLP\ ZV]\VWNR LQG\ZLGXDOQLH ] ND×G\P PLHMVFHP NWµUH NRFKD G]LHFL

















8VSR WOēEHER] NIHRSVE^S[] RSGRMO HPE H^MIGM


,H] XSEPIXE NIWX RMIHSWXéTRE VS^[MÒ^YNI TVSFPIQ ^EēEX[MERME TSXV^IF
ǻ^NSPSKMG^R]GL TV^I^ H^MIGM [ QMINWGEGL TYFPMG^R]GL PYF [ TSHV¾ŏ]



87;&Ē=






0Ē&)&3= '*>5.*(>3=
. 0425&084;= . 3.*>&;4)3=













Ē&8;= 57&08=(>3=
; 9Ŏ=(.9 . +930(/43&13=




*0414,.(>3=






3MI^[]OPI W SPMHR]
9XV^]QYNI REGMWO OK 5SVéG^R] M TV^IRSĮR]

0SRWXVYOGNE RSGRMOE 8743 ^SWXEēE WOVYTYPEXRMI 5VSWX] M ēEX[] [ Yŏ]GMY
TV^IFEHERE TV^I^ RMI^EPIŏR] .RWX]XYX
2EXIVMEē¾[ M 0SRWXVYOGNM 'YHS[PER]GL /IHRSVE^S[] RSGRMO 8743 NIWX RMI^[]OPI TVEOX]G^R]
5 > ēEX[SĮGMÒ QMIĮGM WMé [ HEQWOMIN XSVIFGI G^]
5SPMXIGLRMOM 0VEOS[WOMIN ;]RMOM FEHEĕ []OE^Eē]
ŏI VS^ēSŏSR] 8743 FI^ TVSFPIQY []XV^]QYNI [ WTSHRMEGL ; TSV¾[RERMY HS MRR]GL VS^[MÒ^Eĕ
RSGRMOSGRMO 8743 TS^[EPE RE NIKS Yŏ]GMI FI^ TSXV^IF]
REGMWO OK E TV^] ^[MéOW^ERMY SFGMÒŏIRME R
REWXéTYNI OSRXVSPS[ERI ^KRMEXERMI TēEW^G^]^R []OSR][ERME WOSQTPMOS[ER]GL G^]RRSĮGM TV^] NIKS
TMSRS[]GL WXIPEŏY RSGRMOE VS^OēEHERMY M WOēEHERMY





> WYTIVGLēSRRÒ [OēEHOÒ
OYXIG^RMI TSGLēERME Tē]R] M IPMQMRYNI ^ETEGL]

3SGRMO NIWX PIOOM QEē] TSWMEHE FMSHIKVEHS[EPR]
WYTIVGLēSRR] TSPMQIVS[] [OēEH &5 OX¾V] NIWX GIRMSR]
TV^IHI [W^]WXOMQ ^I [^KPéHY RE W[SNÒ RMI^[]OēÒ ^HSPRSĮÔ
[GLēERMERME Tē]R¾[ M RMITV^]NIQR]GL ^ETEGL¾[ YP SēX]WS[WOE & 0VEO¾[
)^MéOM ^MéOM XIQY TVSGIW EFWSVTGNM M ^IWXEPERME REWXéTYNI
) XIPIJSR
NYŏ [ QSQIRGMI OSRXEOXY ^ Tē]RIQ PYF WYFWXERGNEQM
QMéOOMQM ;MIPOSĮÔ [OēEHOM Yŏ]XE [ NIHRSVE^S[]Q ƵƵƵţƋųŅĹţåƚţÎŅĵ
RSGRMOY 8743 NIWX [ WXERMI TSGLēSRÒÔ QP GMIG^]
[ GMÒKY WIOYRH MRJS%XVSR IY GSQ

8VSR WOēEHER] NIHRSVE^S[] RSGRMO HPE H^MIGM


,H] XSEPIXE NIWX RMIHSWXéTRE VS^[MÒ^YNI TVSFPIQ ^EēEX[MERME TSXV^IF
ǻ^NSPSKMG^R]GL TV^I^ H^MIGM [ QMINWGEGL TYFPMG^R]GL PYF [ TSHV¾ŏ]



87;&Ē=






0Ē&)&3= '*>5.*(>3=
. 0425&084;= . 3.*>&;4)3=













Ē&8;= 57&08=(>3=
; 9Ŏ=(.9 . +930(/43&13=




*0414,.(>3=






3MI^[]OPI W SPMHR]
9XV^]QYNI REGMWO OK 5SVéG^R] M TV^IRSĮR]

0SRWXVYOGNE RSGRMOE 8743 ^SWXEēE WOVYTYPEXRMI 5VSWX] M ēEX[] [ Yŏ]GMY
TV^IFEHERE TV^I^ RMI^EPIŏR] .RWX]XYX
2EXIVMEē¾[ M 0SRWXVYOGNM 'YHS[PER]GL /IHRSVE^S[] RSGRMO 8743 NIWX RMI^[]OPI TVEOX]G^R]
5 > ēEX[SĮGMÒ QMIĮGM WMé [ HEQWOMIN XSVIFGI G^]
5SPMXIGLRMOM 0VEOS[WOMIN ;]RMOM FEHEĕ []OE^Eē]
ŏI VS^ēSŏSR] 8743 FI^ TVSFPIQY []XV^]QYNI [ WTSHRMEGL ; TSV¾[RERMY HS MRR]GL VS^[MÒ^Eĕ
RSGRMOSGRMO 8743 TS^[EPE RE NIKS Yŏ]GMI FI^ TSXV^IF]
REGMWO OK E TV^] ^[MéOW^ERMY SFGMÒŏIRME R
REWXéTYNI OSRXVSPS[ERI ^KRMEXERMI TēEW^G^]^R []OSR][ERME WOSQTPMOS[ER]GL G^]RRSĮGM TV^] NIKS
TMSRS[]GL WXIPEŏY RSGRMOE VS^OēEHERMY M WOēEHERMY





> WYTIVGLēSRRÒ [OēEHOÒ
OYXIG^RMI TSGLēERME Tē]R] M IPMQMRYNI ^ETEGL]

3SGRMO NIWX PIOOM QEē] TSWMEHE FMSHIKVEHS[EPR]
WYTIVGLēSRR] TSPMQIVS[] [OēEH &5 OX¾V] NIWX GIRMSR]
TV^IHI [W^]WXOMQ ^I [^KPéHY RE W[SNÒ RMI^[]OēÒ ^HSPRSĮÔ
[GLēERMERME Tē]R¾[ M RMITV^]NIQR]GL ^ETEGL¾[ YP SēX]WS[WOE & 0VEO¾[
)^MéOM ^MéOM XIQY TVSGIW EFWSVTGNM M ^IWXEPERME REWXéTYNI
) XIPIJSR
NYŏ [ QSQIRGMI OSRXEOXY ^ Tē]RIQ PYF WYFWXERGNEQM
QMéOOMQM ;MIPOSĮÔ [OēEHOM Yŏ]XE [ NIHRSVE^S[]Q ƵƵƵţƋųŅĹţåƚţÎŅĵ
RSGRMOY 8743 NIWX [ WXERMI TSGLēSRÒÔ QP GMIG^]
[ GMÒKY WIOYRH MRJS%XVSR IY GSQ

:V]\VWNR F]HJR WU]HED



7:2-(08 0$/86=.2:,






6HUGHF]QLH ]DSUDV]DP\ QD VWURQÇ VNOHSX LQWHUQHWRZHJR 0,1,$1,$

-HVW WR QRZD ĆUPD VWDZLDMÃFD SRQDG ZV]\VWNR QD ]DGRZROHQLH NOLHQWD R Z\VRNLFK Z\PDJDQLDFK

3RVLDGDP\ Z RIHUFLH SURGXNW\ ] PDWHULDʵZ QDMZ\×V]HM NODV\

2IHUXMHP\ V]HURNL DVRUW\PHQW DUW\NXʵZ G]LHFLÇF\FK RG QDMOHSV]\FK SROVNLFK SURGXFHQWµZ
NWµUH ] SHZQRÐFLÃ EÇGÃ ]DSHZQLDÊ\ Z\VRNL NRPIRUW 7ZRMHPX 0DOXV]NRZL

: NRV]\NX ]QDMGà 3DÌVWZR ʵ×HF]ND ZLHOH NROHNFML SRÐFLHOL GRGDWNL RUD] DNFHVRULD ]QDNRPLFLH
S SDVXMÃFH GR Z\VWURMX SRNRLNX G]LHFLÇFHJR

=DSUDV]DP GR ]DSR]QDQLD VLÇ ] RIHUWÃ VNOHSX NWµUD EÇG]LH VWRSQLRZR UR]V]HU]DQD R QRZH SURGXNW\

*ZDUDQWXMHP\ XGDQH ]DNXS\



.$&3(5 0,Æ72:(

3RSXODUQ\ L HVWHW\F]Q\ PRGHO ʵ×HF]ND .DFSHU Z NRORU]H PLÇWRZ\P NU\MÃF\
']LÇNL ]DVWRVRZDQLX IDUE\ NU\MÃFHM ʵ×HF]NR LGHDOQLH NRPSRQXMH VLÇ
] QRZRF]HVQ\PL L PRGQ\PL ZQÇWU]DPL





=(67$: 35=('6=.2/$.$

3RV]HZND QD SRGXV]NÇ ] JUDZHUHP GZXVWURQQD ™ FP
3RV]HZND QD NRÊGHUNÇ ] JUDZHUHP GZXVWURQQD [ FP
:RUHN QD NDSFLH ] JUDZHUHP ™ FP





35=<78/$1.$ 86<3,$1.$ /,=
:\SRVD×RQD MHVW Z %DE\ 6HQVRU NWµU\ HPLWXMH NLOND
NRMÃF\FK GÕZLÇNµZ V]XP ELFLH VHUFD L NRÊ\VDQNL
8DNW\ZQLD VLÇ QD SÊDF] OXE GRW\N /L] MHVW ZVSDQLDÊÃ
SRPRFÃ GOD URG]LFµZ OXE RSLHNXQµZ



ZZZ PLQLDQLD SO





VNOHS#PLQLDQLD SO _ 7HO
XO .ROHMRZD 3U]DVQ\V]

:V]\VWNR F]HJR WU]HED



7:2-(08 0$/86=.2:,






6HUGHF]QLH ]DSUDV]DP\ QD VWURQÇ VNOHSX LQWHUQHWRZHJR 0,1,$1,$

-HVW WR QRZD ĆUPD VWDZLDMÃFD SRQDG ZV]\VWNR QD ]DGRZROHQLH NOLHQWD R Z\VRNLFK Z\PDJDQLDFK

3RVLDGDP\ Z RIHUFLH SURGXNW\ ] PDWHULDʵZ QDMZ\×V]HM NODV\

2IHUXMHP\ V]HURNL DVRUW\PHQW DUW\NXʵZ G]LHFLÇF\FK RG QDMOHSV]\FK SROVNLFK SURGXFHQWµZ
NWµUH ] SHZQRÐFLÃ EÇGÃ ]DSHZQLDÊ\ Z\VRNL NRPIRUW 7ZRMHPX 0DOXV]NRZL

: NRV]\NX ]QDMGà 3DÌVWZR ʵ×HF]ND ZLHOH NROHNFML SRÐFLHOL GRGDWNL RUD] DNFHVRULD ]QDNRPLFLH
S SDVXMÃFH GR Z\VWURMX SRNRLNX G]LHFLÇFHJR

=DSUDV]DP GR ]DSR]QDQLD VLÇ ] RIHUWÃ VNOHSX NWµUD EÇG]LH VWRSQLRZR UR]V]HU]DQD R QRZH SURGXNW\

*ZDUDQWXMHP\ XGDQH ]DNXS\



.$&3(5 0,Æ72:(

3RSXODUQ\ L HVWHW\F]Q\ PRGHO ʵ×HF]ND .DFSHU Z NRORU]H PLÇWRZ\P NU\MÃF\
']LÇNL ]DVWRVRZDQLX IDUE\ NU\MÃFHM ʵ×HF]NR LGHDOQLH NRPSRQXMH VLÇ
] QRZRF]HVQ\PL L PRGQ\PL ZQÇWU]DPL





=(67$: 35=('6=.2/$.$

3RV]HZND QD SRGXV]NÇ ] JUDZHUHP GZXVWURQQD ™ FP
3RV]HZND QD NRÊGHUNÇ ] JUDZHUHP GZXVWURQQD [ FP
:RUHN QD NDSFLH ] JUDZHUHP ™ FP





35=<78/$1.$ 86<3,$1.$ /,=
:\SRVD×RQD MHVW Z %DE\ 6HQVRU NWµU\ HPLWXMH NLOND
NRMÃF\FK GÕZLÇNµZ V]XP ELFLH VHUFD L NRÊ\VDQNL
8DNW\ZQLD VLÇ QD SÊDF] OXE GRW\N /L] MHVW ZVSDQLDÊÃ
SRPRFÃ GOD URG]LFµZ OXE RSLHNXQµZ



ZZZ PLQLDQLD SO





VNOHS#PLQLDQLD SO _ 7HO
XO .ROHMRZD 3U]DVQ\V]

/DOND 0HWRR WR VNOHS LQWHUQHWRZ\ Z NWµU\P ]QDMG]LHV] ÐSLÃFH ODONL ] XV]NDPL L SLÇNQH
R]GRE\ GR G]LHFLÇF\FK SRNRLNµZ 3R]QDM QDV]H QLHWX]LQNRZH SURGXNW\ L RGZLHGÕ QDV
QD ZZZ ODONDPHWRR SO

-HVWHÐP\ 2ĆFMDOQ\P '\VWU\EXWRUHP RU\JLQDOQ\FK ODOHN 0HWRR



35202&-$




.2$/$ &0 3/86 /$/.$ = 86=.$0, : %,$É(- 68.,(1&(


3URPRF\MQ\ SDNLHW /DOND NRDOD FP ] LPLHQLHP SOXV QDV] EHVWVHOOHU ODOND ] XV]NDPL Z ELDÊHM

VXNLHQFH ] LPLHQLHP

1D ODONDFK ] LPLHQLHP QD ×\F]HQLH XPLHV]F]DP\ GRZROQ\ QDSLV : W\P FHOX Z RNLHQNX QDOH×\ ZSLVDÅ LPLÇ RUD]
Z\EUDÅ NRORU F]FLRQNL L LQIRUPDFMÇ QD MDNLHM ODOFH NWµUH LPLÇ PDP\ XPLHÐFLÅ 1S .RDOD =RVLD 8V]DWND 0DU\VLD
&]DV RF]HNLZDQLD QD ODONÇ ] LPLHQLHP WR RN GQL URERF]H ]DPµZLHÌ Z\V\ÊDP\ MX× QD GUXJL G]LHÌ

/DOHF]NL ĆUP\ 0HWRR VÃ RU\JLQDOQH L SRVLDGDMÃ V\PERO &( FR R]QDF]D ×H SURGXNW MHVW ]JRGQ\ ] SRGVWDZRZ\PL
Z\PDJDQLDPL ]GURZLD EH]SLHF]HÌVWZD L ÐURGRZLVND \PDJDQLDPL ]GURZLD EH]SLHF]HÌVWZD L ÐURGRZLVND
Z

3/1






























::: /$/.$0(722 3/




8OLFD :LHU]ELFND D _ 5DGRP :RMHZµG]WZR PD]RZLHFNLH 7HOHIRQ _ H PDLO KHOOR#ODONDPHWRR SO

/DOND 0HWRR WR VNOHS LQWHUQHWRZ\ Z NWµU\P ]QDMG]LHV] ÐSLÃFH ODONL ] XV]NDPL L SLÇNQH
R]GRE\ GR G]LHFLÇF\FK SRNRLNµZ 3R]QDM QDV]H QLHWX]LQNRZH SURGXNW\ L RGZLHGÕ QDV
QD ZZZ ODONDPHWRR SO

-HVWHÐP\ 2ĆFMDOQ\P '\VWU\EXWRUHP RU\JLQDOQ\FK ODOHN 0HWRR



35202&-$




.2$/$ &0 3/86 /$/.$ = 86=.$0, : %,$É(- 68.,(1&(


3URPRF\MQ\ SDNLHW /DOND NRDOD FP ] LPLHQLHP SOXV QDV] EHVWVHOOHU ODOND ] XV]NDPL Z ELDÊHM

VXNLHQFH ] LPLHQLHP

1D ODONDFK ] LPLHQLHP QD ×\F]HQLH XPLHV]F]DP\ GRZROQ\ QDSLV : W\P FHOX Z RNLHQNX QDOH×\ ZSLVDÅ LPLÇ RUD]
Z\EUDÅ NRORU F]FLRQNL L LQIRUPDFMÇ QD MDNLHM ODOFH NWµUH LPLÇ PDP\ XPLHÐFLÅ 1S .RDOD =RVLD 8V]DWND 0DU\VLD
&]DV RF]HNLZDQLD QD ODONÇ ] LPLHQLHP WR RN GQL URERF]H ]DPµZLHÌ Z\V\ÊDP\ MX× QD GUXJL G]LHÌ

/DOHF]NL ĆUP\ 0HWRR VÃ RU\JLQDOQH L SRVLDGDMÃ V\PERO &( FR R]QDF]D ×H SURGXNW MHVW ]JRGQ\ ] SRGVWDZRZ\PL
Z\PDJDQLDPL ]GURZLD EH]SLHF]HÌVWZD L ÐURGRZLVND \PDJDQLDPL ]GURZLD EH]SLHF]HÌVWZD L ÐURGRZLVND
Z

3/1






























::: /$/.$0(722 3/




8OLFD :LHU]ELFND D _ 5DGRP :RMHZµG]WZR PD]RZLHFNLH 7HOHIRQ _ H PDLO KHOOR#ODONDPHWRR SO





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

-TÙŕ˒ÝıřĹŕŘhýĩĹàTà’Þ '$;721 32/$1' :DOGHPDU .RVDÊND
7DUQµZ XO 3U]HP\VÊRZD
WHO _ IDNV
HPDLO VNOHS#ODONL SO
ZZZ ODONL SO








/$/.$ %$5%,( ÐZLÃWHF]QD Z F]HUZLHQL /$/.$ 0RQVWHU *LUO ] F]HUZRQÃ SHOHU\QÃ


1LHSRZWDU]DOQD %DUELH Z ÐZLÃWHF]Q\P ZFLHOHQLX &]DV SR]QDÅ QDMEDUG]LHM RU\JLQDOQH WRZDU]\VWZR Z FDÊ\P
] V]NROQLFWZLH ÐUHGQLP 8F]QLRZLH 0RQVWHU +LJK WR XSLRU\
] OLPLWRZDQHM VHULL ODOHN NROHNFMRQHUVNLFK %DUELH XEUDQD MHVW
Z ]DFKZ\FDMÃFÃ NUµOHZVNÃ SXUSXURZÃ VXNQLÇ ]H ]ÊRW\PL ] NODVÃ NWµUH QLH OXELÃ QXG]LÅ VLÇ Z V]NROH SRGREQLH MDN
Z\NRÌF]HQLDPL L DNFHQWDPL 3XNOH MHM ZÊRVµZ VNUÇFDMÃFH VLÇ ZV]\VWNLH QDVWRODWNL &KRÅ VÃ G]LHÅPL ]QDQ\FK SRWZRUµZ
MDN SÊ\QQH ]ÊRWR VNU]ÃFH VLÇ HOHPHQW\ L PDMHVWDW\F]QD VDPH QLH VWUDV]Ã OHF] ]DELMDMÃ VW\OHP L SU]HZURWQ\P
F]HUZLHÌ VSUDZLDMÃ ×H %DUELH VWDMH VLÇ SUDZG]LZÃ .UµORZÃ KXPRUHP NWµU\ SRGELMH VHUFD G]LHZF]\QHN /XELÃ PRGÇ
=LP\ L QDMEDUG]LHM EDMHF]Q\P SUH]HQWHP ]DEDZÇ L PX]\NÇ å L SLV]Ã ZÊDVQH SDPLÇWQLNL


3/1 3/1






&+É23,(& ] QLHELHVNLP NRF\NLHP FP /DOND (FR %XGV ,5,6 5XEHQV %DUQ

/DOND %REDV 1RZRURGHN FKÊRSF]\N ] NRF\NLHP ÏOLF]QLH 5XEHQV %DUQ WR PDUND XQLNDWRZ\FK HPSDW\F]Q\FK UÇF]QLH
XEUDQD VÊRGND EXÕND NRF\N JUDWLV 7HQ VÊRGNL EREDV URELRQ\FK ODOHN L DNFHVRULµZ GOD G]LHFL /DONL 5XEHQV %DUQ
%HUHQJXHU WR QRZRURGHN QD UÃF]FH ZFLÃ× PD RSDVNÇ Và SURMHNWRZDQH Z 6]ZHFML L UÇF]QLH Z\NRQDQH Z
V]SLWDOQÃ =REDF] 7HQ ÐOLF]Q\ /D 1HZERUQ MHVW ]DZV]H ] PLÇNNLHM QDWXUDOQHM EDZHÊQ\
JRWRZ\ DE\ ]PLHQLÅ PX SLHOXV]NÇ SU]HEUDÅ Z QRZH XEUDQNR 'RVWÇSQH VÃ Uµ×QH VHULH ODOHN Uµ×QLÃFH VLÇ Z\JOÃGHP
F]\ QDNDUPLÅ /DOND %REDV WR LGHDOQ\ SUH]HQW GOD ND×GHM L SURSRUFMDPL 0DMÃ Uµ×QH NRORU\ ìVNµU\ë FR XF]\ G]LHFL
G]LHZF]\QNL D WDN×H L FKÊRSFD WROHUDQFML



3/1 3/1





-8/.$ *$'8É.$ ODOND NWµUD PµZL 02-$ 3,(5:6=$ .6,ÆÖ1,&=.$ ×µÊWD ] PHORGLÃ
7ZRLP JÊRVHP Z NURSNL
Ö\F]HQLD PDÊ\FK NVLÇ×QLF]HN PRJà VWDÅ VLÇ SUDZG]LZH ] ODONDPL
-XOND *DGXÊND WR ODOND NWµUD ]DFKZ\FL ND×GH G]LHFNR 0\ )LUVW %HDXWLIXO 3ULQFHVV .D×GD ODOND SRVLDGD VSHFMDOQÃ ÐOLF]QÃ
=RVWDQLH QLHRGÊÃF]Qà SU]\MDFLµÊNà ND×GHM G]LHZF]\QNL VXNLHQNÇ NWµUD MHVW XGHNRURZDQD VFHQDPL ]H VZRLFK SU]\JµG
3RWUDĆ PµZLÅ SR SROVNX PDPD GDMH EX]LDF]NL L ÐPLHMH VLÇ RUD] GLDGHP NWµU\ PLHQL VLÇ SLÇNQ\PL NOHMQRWDPL /DOND SRVLDGD
'RGDWNRZR ODOHF]ND SRWUDĆ PµZLÅ 7ZRLP JÊRVHP REURWRZH NRÌF]\Q\ RUD] JÊRZÇ 1D MHM VWRSDFK VÃ ELDÊH EXFLNL
:\VWDUF]\ QDFLVQÃÅ SUDZÃ OXE OHZÃ UÃF]NÇ ODOHF]NL :\VRNRÐÅ ODONL WR FP
L SRZLHG]LHÅ FRÐ GR QLHM



ŕŕŕęàTàÝÌęĒá
3/1 3/1

-TÙŕ˒ÝıřĹŕŘhýĩĹàTà’Þ '$;721 32/$1' :DOGHPDU .RVDÊND
7DUQµZ XO 3U]HP\VÊRZD
WHO _ IDNV
HPDLO VNOHS#ODONL SO
ZZZ ODONL SO








/$/.$ %$5%,( ÐZLÃWHF]QD Z F]HUZLHQL /$/.$ 0RQVWHU *LUO ] F]HUZRQÃ SHOHU\QÃ


1LHSRZWDU]DOQD %DUELH Z ÐZLÃWHF]Q\P ZFLHOHQLX &]DV SR]QDÅ QDMEDUG]LHM RU\JLQDOQH WRZDU]\VWZR Z FDÊ\P
] V]NROQLFWZLH ÐUHGQLP 8F]QLRZLH 0RQVWHU +LJK WR XSLRU\
] OLPLWRZDQHM VHULL ODOHN NROHNFMRQHUVNLFK %DUELH XEUDQD MHVW
Z ]DFKZ\FDMÃFÃ NUµOHZVNÃ SXUSXURZÃ VXNQLÇ ]H ]ÊRW\PL ] NODVÃ NWµUH QLH OXELÃ QXG]LÅ VLÇ Z V]NROH SRGREQLH MDN
Z\NRÌF]HQLDPL L DNFHQWDPL 3XNOH MHM ZÊRVµZ VNUÇFDMÃFH VLÇ ZV]\VWNLH QDVWRODWNL &KRÅ VÃ G]LHÅPL ]QDQ\FK SRWZRUµZ
MDN SÊ\QQH ]ÊRWR VNU]ÃFH VLÇ HOHPHQW\ L PDMHVWDW\F]QD VDPH QLH VWUDV]Ã OHF] ]DELMDMÃ VW\OHP L SU]HZURWQ\P
F]HUZLHÌ VSUDZLDMÃ ×H %DUELH VWDMH VLÇ SUDZG]LZÃ .UµORZÃ KXPRUHP NWµU\ SRGELMH VHUFD G]LHZF]\QHN /XELÃ PRGÇ
=LP\ L QDMEDUG]LHM EDMHF]Q\P SUH]HQWHP ]DEDZÇ L PX]\NÇ å L SLV]Ã ZÊDVQH SDPLÇWQLNL


3/1 3/1






&+É23,(& ] QLHELHVNLP NRF\NLHP FP /DOND (FR %XGV ,5,6 5XEHQV %DUQ

/DOND %REDV 1RZRURGHN FKÊRSF]\N ] NRF\NLHP ÏOLF]QLH 5XEHQV %DUQ WR PDUND XQLNDWRZ\FK HPSDW\F]Q\FK UÇF]QLH
XEUDQD VÊRGND EXÕND NRF\N JUDWLV 7HQ VÊRGNL EREDV URELRQ\FK ODOHN L DNFHVRULµZ GOD G]LHFL /DONL 5XEHQV %DUQ
%HUHQJXHU WR QRZRURGHN QD UÃF]FH ZFLÃ× PD RSDVNÇ Và SURMHNWRZDQH Z 6]ZHFML L UÇF]QLH Z\NRQDQH Z
V]SLWDOQÃ =REDF] 7HQ ÐOLF]Q\ /D 1HZERUQ MHVW ]DZV]H ] PLÇNNLHM QDWXUDOQHM EDZHÊQ\
JRWRZ\ DE\ ]PLHQLÅ PX SLHOXV]NÇ SU]HEUDÅ Z QRZH XEUDQNR 'RVWÇSQH VÃ Uµ×QH VHULH ODOHN Uµ×QLÃFH VLÇ Z\JOÃGHP
F]\ QDNDUPLÅ /DOND %REDV WR LGHDOQ\ SUH]HQW GOD ND×GHM L SURSRUFMDPL 0DMÃ Uµ×QH NRORU\ ìVNµU\ë FR XF]\ G]LHFL
G]LHZF]\QNL D WDN×H L FKÊRSFD WROHUDQFML



3/1 3/1





-8/.$ *$'8É.$ ODOND NWµUD PµZL 02-$ 3,(5:6=$ .6,ÆÖ1,&=.$ ×µÊWD ] PHORGLÃ
7ZRLP JÊRVHP Z NURSNL
Ö\F]HQLD PDÊ\FK NVLÇ×QLF]HN PRJà VWDÅ VLÇ SUDZG]LZH ] ODONDPL
-XOND *DGXÊND WR ODOND NWµUD ]DFKZ\FL ND×GH G]LHFNR 0\ )LUVW %HDXWLIXO 3ULQFHVV .D×GD ODOND SRVLDGD VSHFMDOQÃ ÐOLF]QÃ
=RVWDQLH QLHRGÊÃF]Qà SU]\MDFLµÊNà ND×GHM G]LHZF]\QNL VXNLHQNÇ NWµUD MHVW XGHNRURZDQD VFHQDPL ]H VZRLFK SU]\JµG
3RWUDĆ PµZLÅ SR SROVNX PDPD GDMH EX]LDF]NL L ÐPLHMH VLÇ RUD] GLDGHP NWµU\ PLHQL VLÇ SLÇNQ\PL NOHMQRWDPL /DOND SRVLDGD
'RGDWNRZR ODOHF]ND SRWUDĆ PµZLÅ 7ZRLP JÊRVHP REURWRZH NRÌF]\Q\ RUD] JÊRZÇ 1D MHM VWRSDFK VÃ ELDÊH EXFLNL
:\VWDUF]\ QDFLVQÃÅ SUDZÃ OXE OHZÃ UÃF]NÇ ODOHF]NL :\VRNRÐÅ ODONL WR FP
L SRZLHG]LHÅ FRÐ GR QLHM



ŕŕŕęàTàÝÌęĒá
3/1 3/1

.6,ÅĻ(&=.$ 3(5621$/,=2:$1$





/BKQJǗLOJFKT[Z QSF[FOU OB .JLP’BKB J 8JHJMJǗ




'/$&=(*2 02-$ %$-.$ -(67 :<-Ä7.2:$"




t XTQBOJB’F QS[FȈZDJF LUØSF VD[Z J SP[XJKB XZPCSBȇOJǗ
t JNJǗ J [EKǗDJF E[JFDLB XJFMPLSPUOJF VȈZUF X CBKDF

t CF[Q’BUOB XZTZ’LB J EFEZLBDKB
t SFBMJ[BDKB EP EOJ SPCPD[ZDI

t TUSPO QJǗLOZDI JMVTUSBDKJ
t NJǗLLB QS[ZKB[OB EMB E[JFDLB PQSBXB



%-" ;".»8*&Ʃ (36108:$) 3"#"5:
* %6Ʃ4,*& (3"5*4: 1-"45:$;/&



0,.2ā$- , :,*,/,$ 78ĸ 78ĸ



1,( =:/(.$-













( $
& 1


ā
=
















::: 02-$%$-.$ 3/





.217$.7#02-$%$-.$ 3/

.6,ÅĻ(&=.$ 3(5621$/,=2:$1$





/BKQJǗLOJFKT[Z QSF[FOU OB .JLP’BKB J 8JHJMJǗ




'/$&=(*2 02-$ %$-.$ -(67 :<-Ä7.2:$"




t XTQBOJB’F QS[FȈZDJF LUØSF VD[Z J SP[XJKB XZPCSBȇOJǗ
t JNJǗ J [EKǗDJF E[JFDLB XJFMPLSPUOJF VȈZUF X CBKDF

t CF[Q’BUOB XZTZ’LB J EFEZLBDKB
t SFBMJ[BDKB EP EOJ SPCPD[ZDI

t TUSPO QJǗLOZDI JMVTUSBDKJ
t NJǗLLB QS[ZKB[OB EMB E[JFDLB PQSBXB



%-" ;".»8*&Ʃ (36108:$) 3"#"5:
* %6Ʃ4,*& (3"5*4: 1-"45:$;/&



0,.2ā$- , :,*,/,$ 78ĸ 78ĸ



1,( =:/(.$-













( $
& 1


ā
=
















::: 02-$%$-.$ 3/





.217$.7#02-$%$-.$ 3/













1$6=<&+ .6,ÆIJ(. 1,( 02IJ( 3,26(1., 35=('6=.2/$.$ 3,26(1., 1$6=(*2


=$%5$.1ÆÈ : 7:2,0 '208 ;OBKE[JFNZ UV QJPTFOLJ [OBOF XT[ZTULJN '=,(&,þ67:$ &'
+FE[JF QPDJnjH [ EBMFLB ,SBLPXJBD[FL KFEFO D[Z
E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN
8 LTJnjȈFD[DF [FCSBOP NFMPEJF 1JFTLJ NB’F EXB UP QJPTFOLJ [OBOF XT[ZTULJN
E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN
QS[FLB[ZXBOF [ QPLPMFOJB OB QPLPMFOJF 8 LTJnjȈFD[DF [FCSBOP NFMPEJF QS[FLB[ZXBOF
LUØSF OB E’VHP [BKNnj VXBHǗ [BSØXOP [ QPLPMFOJB OB QPLPMFOJF LUØSF OB E’VHP [BKNnj
NB’ZDI KBL J XJǗLT[ZDI QPDJFDI VXBHǗ [BSØXOP NB’ZDI KBL J XJǗLT[ZDI QPDJFDI

&(1$ ǮǮ ǶǶ =ü &(1$ ǰǶ Ƕǭ =ü







%(=3,(&=1( '=,(&,$., /,7(5., , &<)(5., : =22

;BQFXOJFOJF CF[QJFD[FǩTUXB E[JFDJPN ,TJnjȈFD[LB [BXJFSB XFTP’F XJFST[ZLJ E[JǗLJ
UP KFEOP [ OBK XBȈOJFKT[ZDI [BEBǩ LUØSZN N’PET[F E[JFDJ QP[OBKnj MJUFSLJ J DZGFSLJ
: Q D V ] \ P V N O H S L H ] Q D M G Ç 3 D ÿ V W Z R N V L Ç ij N L SPE[JDØX OBVD[ZDJFMJ PQJFLVOØX /BT[B PSB[ QPETUBXPXF E[JB’BOJB J [OBLJ
NBUFNBUZD[OF KBL QMVT NJOVT [OBL SØXOPǴDJ
G O D G ] L H F L N V L Ç ij N L G O D Pý R G ] L H ij \ N R O R U R Z D Q N L LTJnjȈLB [BXJFSB OBKXBȈOJFKT[F [BTBEZ %PXJFE[nj TJǗ UFȈ EP D[FHP T’VȈnj X [EBOJV
CF[QJFD[FǩTUXB /BVLB SFHV’ [BDIPXBOJB
G O D G ] L H F L N V L Ç ij N L N X O L Q D U Q H R U D ] S R U D G Q L N L TJǗ X SØȈOZDI TZUVBDKBDI PECZXB TJǗ LSPQLB XZLS[ZLOJL J [OBL [BQZUBOJB /BUPNJBTU
TUBST[F QPDJFDIZ CǗEnj NPH’Z EPTLPOBMJǎ
D[[ZUBOJF NFUPEnj TZMBCPXnj
] V H U L L 6 L R V W U D 0D U L D QS[F[ [BCBXǗ D
&(1$ ǯDZ ǶǶ =ü &(1$ ǮDz ǶǶ =ü





$.$'(0,$ $.$'(0,$ 35(=(17•:
.5($7<:1(*2 '=,(&.$ "LBEFNJB QSF[FOUØX UP XTQBOJB’B LTJnjȈLB EMB

"LBEFNJB LSFBUZXOFHP E[JFDLB [BXJFSB E[JFDJ J N’PE[JFȈZ E[JǗLJ LUØSFK CǗEnj NPH’Z
XJFMF XTQBOJB’ZDI QSPKFLUØX OB P[EPCZ QS[ZHPUPXBǎ QJǗLOF QSF[FOUZ EMB OBKCMJȈT[ZDI
J QS[FENJPUZ LUØSF LBȈEF E[JFDLP NPȈF J PSZHJOBMOF P[EPCZ ǴXJnjUFD[OF 8T[ZTULJF
TBNPE[JFMOJF XZLPOBǎ B QØȇOJFK [BXBSUF X "LBEFNJJ QSPQP[ZDKF Tnj CBSE[P
QSBLUZD[OJF XZLPS[ZTUBǎ MVC LPNVǴ ’BUXF EP XZLPOBOJB B LBȈEZ PQJT PQBUS[POZ
QPEBSPXBǎ KFTU CBSXOZNJ GPUPHSBöBNJ
&(1$ ǯǶ ǶǶ =ü &(1$ ǯǶ ǶǶ =ü







/(*(1'< 32/6.,( /(*(1'< 32/6.,(

-FHFOEZ 1PMTLJF UP PQPXJFǴDJ -FHFOEZ 1PMTLJF UP PQPXJFǴDJ TUBOPXJnjDF
TUBOPXJnjDF XJFMLnj MJUFSBDLnj QS[ZHPEǗ XJFMLnj MJUFSBDLnj QS[ZHPEǗ [BSØXOP EMB
[BSØXOP EMB OBKN’PET[ZDI KBL UFȈ EMB OBKN’PET[ZDI KBL UFȈ EMB TUBST[ZDI
TUBST[ZDI QBTKPOBUØX OJFTBNPXJUZDI QBTKPOBUØX OJFTBNPXJUZDI IJTUPSJJ LUØS[Z
IJTUPSJJ LUØS[Z E[JǗLJ OJFK CǗEnj NPHMJ E[JǗLJ OJFK CǗEnj NPHMJ DIPǎ OB DIXJMǗ
WHO ZHZ _ VNOHS#Z\GDZQLFWZRPDUWHO SO DIPǎ OB DIXJMǗ QPXSØDJǎ EP QJǗLOZDI QPXSØDJǎ EP QJǗLOZDI D[BTØX TXPKFHP
E[JFDJǩTUXB
D[BTØX TXPKFHP E[JFDJǩTUXB
ZZZ Z\GDZQLFWZRPDUWHO SO &(1$ ǮǮ ǶǶ =ü &(1$ ǮǮ ǶǶ =ü

1$6=<&+ .6,ÆIJ(. 1,( 02IJ( 3,26(1., 35=('6=.2/$.$ 3,26(1., 1$6=(*2


=$%5$.1ÆÈ : 7:2,0 '208 ;OBKE[JFNZ UV QJPTFOLJ [OBOF XT[ZTULJN '=,(&,þ67:$ &'
+FE[JF QPDJnjH [ EBMFLB ,SBLPXJBD[FL KFEFO D[Z
E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN
8 LTJnjȈFD[DF [FCSBOP NFMPEJF 1JFTLJ NB’F EXB UP QJPTFOLJ [OBOF XT[ZTULJN
E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN
QS[FLB[ZXBOF [ QPLPMFOJB OB QPLPMFOJF 8 LTJnjȈFD[DF [FCSBOP NFMPEJF QS[FLB[ZXBOF
LUØSF OB E’VHP [BKNnj VXBHǗ [BSØXOP [ QPLPMFOJB OB QPLPMFOJF LUØSF OB E’VHP [BKNnj
NB’ZDI KBL J XJǗLT[ZDI QPDJFDI VXBHǗ [BSØXOP NB’ZDI KBL J XJǗLT[ZDI QPDJFDI

&(1$ ǮǮ ǶǶ =ü &(1$ ǰǶ Ƕǭ =ü







%(=3,(&=1( '=,(&,$., /,7(5., , &<)(5., : =22

;BQFXOJFOJF CF[QJFD[FǩTUXB E[JFDJPN ,TJnjȈFD[LB [BXJFSB XFTP’F XJFST[ZLJ E[JǗLJ
UP KFEOP [ OBK XBȈOJFKT[ZDI [BEBǩ LUØSZN N’PET[F E[JFDJ QP[OBKnj MJUFSLJ J DZGFSLJ
: Q D V ] \ P V N O H S L H ] Q D M G Ç 3 D ÿ V W Z R N V L Ç ij N L SPE[JDØX OBVD[ZDJFMJ PQJFLVOØX /BT[B PSB[ QPETUBXPXF E[JB’BOJB J [OBLJ
NBUFNBUZD[OF KBL QMVT NJOVT [OBL SØXOPǴDJ
G O D G ] L H F L N V L Ç ij N L G O D Pý R G ] L H ij \ N R O R U R Z D Q N L LTJnjȈLB [BXJFSB OBKXBȈOJFKT[F [BTBEZ %PXJFE[nj TJǗ UFȈ EP D[FHP T’VȈnj X [EBOJV
CF[QJFD[FǩTUXB /BVLB SFHV’ [BDIPXBOJB
G O D G ] L H F L N V L Ç ij N L N X O L Q D U Q H R U D ] S R U D G Q L N L TJǗ X SØȈOZDI TZUVBDKBDI PECZXB TJǗ LSPQLB XZLS[ZLOJL J [OBL [BQZUBOJB /BUPNJBTU
TUBST[F QPDJFDIZ CǗEnj NPH’Z EPTLPOBMJǎ
D[[ZUBOJF NFUPEnj TZMBCPXnj
] V H U L L 6 L R V W U D 0D U L D QS[F[ [BCBXǗ D
&(1$ ǯDZ ǶǶ =ü &(1$ ǮDz ǶǶ =ü





$.$'(0,$ $.$'(0,$ 35(=(17•:
.5($7<:1(*2 '=,(&.$ "LBEFNJB QSF[FOUØX UP XTQBOJB’B LTJnjȈLB EMB

"LBEFNJB LSFBUZXOFHP E[JFDLB [BXJFSB E[JFDJ J N’PE[JFȈZ E[JǗLJ LUØSFK CǗEnj NPH’Z
XJFMF XTQBOJB’ZDI QSPKFLUØX OB P[EPCZ QS[ZHPUPXBǎ QJǗLOF QSF[FOUZ EMB OBKCMJȈT[ZDI
J QS[FENJPUZ LUØSF LBȈEF E[JFDLP NPȈF J PSZHJOBMOF P[EPCZ ǴXJnjUFD[OF 8T[ZTULJF
TBNPE[JFMOJF XZLPOBǎ B QØȇOJFK [BXBSUF X "LBEFNJJ QSPQP[ZDKF Tnj CBSE[P
QSBLUZD[OJF XZLPS[ZTUBǎ MVC LPNVǴ ’BUXF EP XZLPOBOJB B LBȈEZ PQJT PQBUS[POZ
QPEBSPXBǎ KFTU CBSXOZNJ GPUPHSBöBNJ
&(1$ ǯǶ ǶǶ =ü &(1$ ǯǶ ǶǶ =ü







/(*(1'< 32/6.,( /(*(1'< 32/6.,(

-FHFOEZ 1PMTLJF UP PQPXJFǴDJ -FHFOEZ 1PMTLJF UP PQPXJFǴDJ TUBOPXJnjDF
TUBOPXJnjDF XJFMLnj MJUFSBDLnj QS[ZHPEǗ XJFMLnj MJUFSBDLnj QS[ZHPEǗ [BSØXOP EMB
[BSØXOP EMB OBKN’PET[ZDI KBL UFȈ EMB OBKN’PET[ZDI KBL UFȈ EMB TUBST[ZDI
TUBST[ZDI QBTKPOBUØX OJFTBNPXJUZDI QBTKPOBUØX OJFTBNPXJUZDI IJTUPSJJ LUØS[Z
IJTUPSJJ LUØS[Z E[JǗLJ OJFK CǗEnj NPHMJ E[JǗLJ OJFK CǗEnj NPHMJ DIPǎ OB DIXJMǗ
WHO ZHZ _ VNOHS#Z\GDZQLFWZRPDUWHO SO DIPǎ OB DIXJMǗ QPXSØDJǎ EP QJǗLOZDI QPXSØDJǎ EP QJǗLOZDI D[BTØX TXPKFHP
E[JFDJǩTUXB
D[BTØX TXPKFHP E[JFDJǩTUXB
ZZZ Z\GDZQLFWZRPDUWHO SO &(1$ ǮǮ ǶǶ =ü &(1$ ǮǮ ǶǶ =ü









XO 0RG]HOHZVNLHJR
$JHQFMD 0X]\F]QD 3ROVNLHJR 5DGLD :DUV]DZD
7HO
SROHFD DOEXP\ GOD G]LHFL VNOHS#SROVNLHUDGLR SO

ZZZ VNOHS SROVNLHUDGLR SO






$QLHOVNLH VSUDZNL



ì$QLHOVNLH 6SUDZNLë WR KLVWRULD FKRUHM G]LHZF]\QNL å 0XV]HONL NWµUHM
QDMOHSV]\PL SU]\MDFLµÊPL Và RGZLHG]DMÃFH Mà $QLRÊ\ %DMND ]RVWDÊD
Z\EUDQD VSRÐUµG SRQDG QDGHVÊDQ\FK SU]H] SHGDJRJµZ =HVSRÊX
6]NµÊ 6SHFMDOQ\FK QU LP (Z\ 6]HOEXUJ å =DUHPELQ\ Z ,3&=' ]H
Z]JOÇGX QD MHM SR]\W\ZQ\ SU]HND] RUD] ZDUWRÐFL WHUDSHXW\F]QH


&HQD ]Ê






2SRZLHÐFL %LEOLMQH


']LHFL SR]QDMÃ ÐZLDW QD Uµ×QH VSRVRE\ 2ERN ZVSµOQHM OHNWXU\
SURSRQXMHP\ ZVSµOQH VÊXFKDQLH WHNVWµZ NWµUH SU]\VWÇSQ\P MÇ]\NLHP
SU]\EOL×à WUHÐÅ %LEOLL 6SHFMDOQLH Z\EUDQH ]DJDGQLHQLD 3LVPD ÏZLÇWHJR
SU]HGVWDZLRQH Z NUµWNLFK L QLH]Z\NOH EDUZQ\FK RSRZLHÐFLDFK
]DFKÇFÃ G]LHFL GR GDOV]HJR SR]QDZDQLD %LEOLL 1D F]WHUHFK SÊ\WDFK &'
WHNVW\ RSUDZLRQH PX]\NÃ 5HQDW\ %DV]XQ F]\WD $QGU]HM .UXVLHZLF]


&HQD ]Ê






.DVLD L 3LSSL QD WURSLH =DJXELRQ\ 3DQWRIHOHN

3Ê\WD ] PX]\NÃ GOD G]LHFL ] NRQFHUWX SW ì=DJXELRQ\ SDQWRIHOHNë
NWµU\ RGE\Ê VLÇ Z GQLDFK PDUFD U Z 6WXGLX .RQFHUWRZ\P
LP : /XWRVÊDZVNLHJR Z :DUV]DZLH 3RGF]DV NRQFHUWX ]RVWDÊD
]DSUH]HQWRZDQD PX]\ND ] Uµ×Q\FK VWURQ ÐZLDWD DWUDNF\MQD QDZHW
GOD EDUG]R PÊRG\FK VÊXFKDF]\ :\ERUX GRNRQDÊD G]LHQQLNDUND
3URJUDPX .DVLD 6WRSDUF]\N NWµUHM EOLVND MHVW WHPDW\ND G]LHFLÇFD


&HQD ]Ê

3LRVHQNL QLH W\ONR R ]ZLHU]ÇWDFK


ì3LRVHQNL QLH W\ONR R ]ZLHU]ÇWDFKë ,]DEHOL %\U\ WR SÊ\WD GHG\NRZDQD
QDMPÊRGV]\P 1RZDWRUVWZR L QLH]Z\NÊRÐÅ WHM PX]\NL SROHJD QD
SRZD×Q\P WUDNWRZDQLX G]LHFND VÊXFKDF]D ]DUµZQR Z VIHU]H
WHNVWRZHM MDN L PX]\F]QHM FKRÅ ] GX×à GR]à GRZFLSX ,VWRWQD MHVW WH×
V]F]HURÐÅ L F]\VWRÐÅ SU]HND]X


&HQD ]Ê







5DSXMÃFH F\IU\


3Ê\WD ê5DSXMÃFH F\IU\ë ]DZLHUD DXWRUVNLFK G]LHFLÇF\FK
SLRVHQHN .D×GD ] SLRVHQHN RSDUWD MHVW QD
LQQ\P FKDUDNWHU\VW\F]Q\P U\WPLH MHVW W\WXÊRZ\ UDS
ERRJLH UHJJDH VZLQJ ZDOF DOH WH× SROVNLH U\WP\ å NXMDZLDN
REHUHN F]\ F]HVND SROND


&HQD ]Ê






=DMÇFLD GRGDWNRZH

'UXJD SÊ\WD ']LHFLÇFHJR =HVSRÊX .251,., NWµU\ WZRU]Ã G]LHFL
] 5\SLQD L R 5\SLQD L RNROLF Z ZLHNX ODW NWµUH UHJXODUQLH ÅZLF]Ã VZµM ZDUV]WDW
]
ZRNDOQ\ SRG RNLHP &]DUND .XEDFNLHJR :LHORNURWQLH EUDÊ\ XG]LDÊ L ]GRE\ZDÊ\
QDJURG\ Z NRQNXUVDFK ZRMHZµG]NLFK RJµOQRSROVNLFK L PLÇG]\QDURGRZ\FK
$OEXP ]QDF]QLH RGELHJD RG W\SRZ\FK SURGXNFML SÊ\WRZ\FK GOD G]LHFL
6W\OLVW\F]QLH ]Uµ×QLFRZDQD ]DZLHUD XWZRU\ Z VW\OLVW\FH UHJJDH KDUG URFND
EOXHJUDVVX VDPE\ F]\ URFN Q UROOD

&HQD ]Ê






-DQ 3DZHÊ ,, F]\OL MDN .DUROHN ]RVWDÊ SDSLH×HP


3HÊQ\ WHNVW NVLÃ×NL ]RVWDÊ QDJUDQ\ Z IRUPLH VÊXFKRZLVND JG]LH RN
DNWRUµZ ZFLHOLÊR VLÇ Z UROH SRVWDFL ]DPLHV]F]RQ\FK Z NVLÃ×FH
$NWRUVNLH Z\NRQDQLH WHNVWX ]RVWDÊR RSUDZLRQH HIHNWDPL
GÕZLÇNRZ\PL RUD] PX]\NÃ +LVWRULD SU]HGVWDZLRQD MHVW Z VSRVµE
SURVW\ L ]UR]XPLDÊ\ VSHFMDOQLH GOD PÊRGHJR VÊXFKDF]D


&HQD ]Ê

'RNWRU :LWDPLQND


3Ê\WD ì'U :LWDPLQNDë ]HVSRÊX 2UHJDQNL SRG ZLHORPD Z]JOÇGDPL MHVW
Z\MÃWNRZD
-HVW G]LHFNLHP GLHWHW\ND -RDQQ\ 1HXKRII 0XUDZVNLHM åDXWRUNL
WHNVWµZ L =E\V]ND 0XUDZVNLHJR å DXWRUD PX]\NL -HM SRZVWDQLH E\ÊR
PR×OLZH G]LÇNL ZVSDQLDÊ\P PX]\NRP L G]LHFLRP ] JUXS\ ZRNDOQHM
7HUHVLÌVNLHJR 2ÐURGND .XOWXU\


&HQD ]Ê






.RUQLNL

3Ê\WD ] SLRVHQNDPL GOD G]LHFL Z ZLHNX ODW ]DZLHUDMÃFD
SU]HERMRZ\FK XWZRUµZ Z VW\OX URFN UROOD ] ODW L PX]\NL IRON 3Ê\WD
]DZLHUD UµZQLH× MDNR ERQXV XWZRU\ Z ZHUVML NDUDRNH

.RUQLNL ]HVSµÊ G]LHFLÇF\ ] 5\SLQD ]GRE\ZFD ZLHOX QDJUµG QD
RJµOQRSROVNLFK SU]HJOÃGDFK 'RGDWNRZR Z QDJUDQLX Z\NRU]\VWDQR
]HVSµÊ DNRPSDQLXMÃF\ ]ÊR×RQ\ ] WUDG\F\MQ\FK DNXVW\F]Q\FK
LQVWUXPHQWµZ


&HQD ]Ê





3ROVNLH 5DGLR ']LHFLRP 9ROXPH


3ROVNLH 5DGLR SUH]HQWXMH QDMSLÇNQLHMV]H XWZRU\ DXWRUVWZD -DQD
%U]HFKZ\ UHF\WRZDQH SU]H] Z\ELWQ\FK DNWRUµZ L ÐSLHZDQH SU]H]
Z\ELWQ\FK DUW\VWµZ -HGHQ ] XWZRUµZ UHF\WRZDQ\ MHVW RVRELÐFLH SU]H]
-DQD %U]HFKZÇ :ÐUµG Z\NRQDZFµZ QDOH×\ Z\PLHQLÅ P LQ ,UHQÇ
.ZLDWNRZVNÃ .U\VW\QÇ 6LHQNLHZLF] $QGU]HMD %RJXFNLHJR =ELJQLHZD
=DSDVLHZLF]D 0DU\OÇ 5RGRZLF] $OLFMH 0DMHZVNÃ

&HQD ]Ê







3ROVNLH 5DGLR ']LHFLRP YRO -XOLDQ 7XZLP

.ROHMQD SÊ\WD ] VHULL 3ROVNLH 5DGLR ']LHFLRP ]DZLHUD QDMSLÇNQLHMV]H
XWZRU\ DXWRUVWZD -XOLDQD 7XZLPD UHF\WRZDQH SU]H] Z\ELWQ\FK DNWRUµZ
L ÐSLHZDQH SU]H] Z\ELWQ\FK DUW\VWµZ 6ZRLFK JÊRVµZ XG]LHODMÃ WX
P LQ ,UHQD .ZLDWNRZVND 0DJGDOHQD =DZDG]ND :LHÌF]\VÊDZ *OLÌVNL
0DULDQ .RVLQLDN $QGU]HM %RJXFNL $QQD 6HQLXN :LNWRU =ERURZVNL
-DGZLJD 5DSSH $OLFMD 0DMHZVND 6WDQLVÊDZD &HOLÌVND .U\VW\QD
.UµOµZQD :ÊDG\VÊDZ .RZDOVNL 5\V]DUG %DU\F]

&HQD ]Ê

3ROVNLH 5DGLR ']LHFLRP YRO

ì3U]\JRG\ 'RU\ L )ORU\ë WR Z\ÐPLHQLWH ]DUµZQR SRG Z]JOÇGHP
OLWHUDFNLP MDN L PX]\F]Q\P VÊXFKRZLVNR GOD G]LHFL 3RZVWDÊR ODW WHPX
DOH QLH WD RNUÃJÊD Z NRÌFX URF]QLFD MHVW SRZRGHP GOD NWµUHJR ZDUWR
L WU]HED MH SU]\SRPQLHÅ 6WZRU]\Ê\ MH VDPH ]QDNRPLWRÐFL D WR (ULF
/LQNODWHU ÐZLHWQ\ SLVDU] DQJLHOVNL NWµU\ Z URNX QDSLVDÊ NVLÃ×NÇ
ì7KH :LQG 2Q 7KH 0RRQë XKRQRURZDQÃ URN SµÕQLHM QLH]Z\NOH
SUHVWL×RZÃ EU\W\MVNÃ QDJURGÃ OLWHUDFNÃ &DUQHJLH 0HGDO

&HQD ]Ê








3ROVNLH 5DGLR ']LHFLRP YRO


0RQRJUDĆF]Q\ DOEXP &' ]DZLHUDMÃF\ XWZRU\ GOD G]LHFL -DQLQ\
3RUD]LÌVNLHM MHVW NRQW\QXDFMÃ SURFHVX XGRVWÇSQLDQLD
]ELRUµZ $UFKLZXP 3ROVNLHJR 5DGLD V]HURNLHPX DXG\WRULXP -HJR WUHÐÅ
VWDQRZLÃ EDÐQLH SRH]MD SU]\SRZLHÐFL L SLHÐQL DXWRUVWZD SROVNLHM SRHWNL
SLVDUNL L WÊXPDF]NL OLWHUDWXU\ V]ZHG]NRMÇ]\F]QHM -DQLQ\ 3RUD]LÌVNLHM

&HQD ]Ê








3ROVNLH 5DGLR ']LHFLRP YRO


.ROHMQ\ DOEXP ] VHULL 3ROVNLH 5DGLR ']LHFLRP QD NWµU\P ]QDOD]Ê\ VLÇ
]UHNRQVWUXRZDQH GÕZLÇNRZR DUFKLZDOQH VÊXFKRZLVND ]UHDOL]RZDQH
Z 7HDWU]H 3ROVNLHJR 5DGLD 7\P UD]HP VÃ WR DGDSWDFMH GZµFK NODV\F]Q\FK
EDÐQL GOD G]LHFL &]HUZRQHJR .DSWXUND RUD] 2 W\P MDN NUDZLHF SDQ
1LWHF]ND NUµOHP ]RVWDÊ


&HQD ]Ê








3ROVNLH 5DGLR ']LHFLRP YRO


6]µVWD S\WD ] VHULL 3ROVNLH 5DGLR ']LHFLRP $OEXP ]DZLHUD DGDSWDFMH
WU]HFK NODV\F]Q\FK EDÐQL GOD G]LHFL ÏSLÃFD .UµOHZQD ,PEU\F]HN
5µ×RZ\ EDORQLN 0X]\NÇ GR VÊXFKRZLVN VNRPSRQRZDÊ L QDJUDÊ ZUD] ]H
VZRLP ]HVSRÊHP -HU]\ :DVRZVNL NWµU\ Z\VWÃSLÊ UµZQLH× Z UROL
QDUUDWRUD DXWRUD L Z\NRQDZF\ SLRVHQHN


&HQD ]Ê

:\FLHF]ND GR




GROLQ\ VNU]DW´Z








:\FLHF]NL GOD JUXS ]RUJDQL]RZDQ\FK W\ONR SR UH]HUZDFML RGE\ZDMÃ VLÇ RG SRQLHG]LDÊNX GR
SLÃWNX Z JRG] JRG]LQ\ PRJÃ XOHF SU]HVXQLÇFLX
3RMHG\QF]\FK JRÐFL L URG]LQ\ ]DSUDV]DP\ Z ZHHNHQG\ FR JRG]LQÇ RG GR


*UXS\ ]RUJDQL]RZDQH G]LHORQH VÃ ]DOH×QLH RG ZLHONRÐFL QD SRGJUXS\ RG GR SR PQLHM ZLHFHM RVµE
] NWµU\FK ] ND×GÃ SURZDG]RQH VÃ ]DMÇFLD ] DQLPDWRUHP SR RN PLQ SR F]\P QDVWÇSXMH Z\PLDQD

:VWÇS GOD JUXS ]RUJDQL]RZDQ\FK ]Ê RG RVRE\ 5RG]LQ\ GR RV ]Ê 6(=21 27:$57< '2 5

2SUµF] WHJR PR×HP\ ]DRIHURZDÅ RJQLVNR ] UXV]WHP E\ JUXSD PRJÊD XSLHF OXE SRGJU]DÅ VRELH SRVLÊHN
MHG]HQLH å NLHÊEDVNL QDSRMH LWS JUXS\ SU]\ZR×à ZH ZÊDVQ\P ]DNUHVLH FR QLH ZSÊ\ZD QD FHQÇ






































'DQH NRQWDNWRZH
)ORUHQW\QµZ 3DU]ÇF]HZ
6NU]DWRORJ WHO
5H]HUZDFMH WHO
2NUHV RWZDUFLD RG PDMD GR SDÕG]LHUQLND

L QLHF]\QQH

ZZZ GROLQDVNU]DWRZ SO



GROLQDVNU]DWRZ#JPDLO FRP

:\FLHF]ND GR




GROLQ\ VNU]DW´Z








:\FLHF]NL GOD JUXS ]RUJDQL]RZDQ\FK W\ONR SR UH]HUZDFML RGE\ZDMÃ VLÇ RG SRQLHG]LDÊNX GR
SLÃWNX Z JRG] JRG]LQ\ PRJÃ XOHF SU]HVXQLÇFLX
3RMHG\QF]\FK JRÐFL L URG]LQ\ ]DSUDV]DP\ Z ZHHNHQG\ FR JRG]LQÇ RG GR


*UXS\ ]RUJDQL]RZDQH G]LHORQH VÃ ]DOH×QLH RG ZLHONRÐFL QD SRGJUXS\ RG GR SR PQLHM ZLHFHM RVµE
] NWµU\FK ] ND×GÃ SURZDG]RQH VÃ ]DMÇFLD ] DQLPDWRUHP SR RN PLQ SR F]\P QDVWÇSXMH Z\PLDQD

:VWÇS GOD JUXS ]RUJDQL]RZDQ\FK ]Ê RG RVRE\ 5RG]LQ\ GR RV ]Ê 6(=21 27:$57< '2 5

2SUµF] WHJR PR×HP\ ]DRIHURZDÅ RJQLVNR ] UXV]WHP E\ JUXSD PRJÊD XSLHF OXE SRGJU]DÅ VRELH SRVLÊHN
MHG]HQLH å NLHÊEDVNL QDSRMH LWS JUXS\ SU]\ZR×à ZH ZÊDVQ\P ]DNUHVLH FR QLH ZSÊ\ZD QD FHQÇ






































'DQH NRQWDNWRZH
)ORUHQW\QµZ 3DU]ÇF]HZ
6NU]DWRORJ WHO
5H]HUZDFMH WHO
2NUHV RWZDUFLD RG PDMD GR SDÕG]LHUQLND

L QLHF]\QQH

ZZZ GROLQDVNU]DWRZ SO



GROLQDVNU]DWRZ#JPDLO FRP

3RGXVLD &KPXUND 3DVLDVWD
ÏPLHV]QD SRGXVLD SU]\WXODQND &KPXUND ] *UDQDWRZR ELDÊ\PL UDMWX]NDPL
×µÊW\PL VNDUSHWNDPL L F]DUXMÃFà PXFKÃ

:\NRQDQD ] EDZHÊQ\ GX×D &KPXUND ÏSLRV]HN ] GÊXJLPL ]ZLVDMÃF\P EH]WURVNR
Qµ×NDPL ] SHZQRÐFLÃ RFLHSOL VW\ORZH ZQÇWU]H SRNRMX G]LHFLÇFHJR





'HNRUDFMD ' 0\V]ND GHOLNDWQ\ UyŊ
'HNRUDFMÇ VWDQRZL PLÇFLXWNL GHOLNDWQLH Uµ×RZ\ REÊRF]HN ] LPLHQLHP
G]LHFND ] SU]HV\PSDW\F]QÃ PDÊÃ 0\V]NÃ

'HNRUDFMD Z\NRQDQD MHVW ] ĆOFX EDZHÊQ\ L PLÇFLXWNLHJR ZHOXUX L Z\SHÊQLRQD
5ĖF]QLH Z\NRQDQH GHNRUDFMH GR SRNRMX G]LHFLĖFHJR ]RVWDÊD DQW\DOHUJLF]Q\P ZNÊDGHP VLOLNRQRZ\P

=DSUDV]DP\ GR VW\ORZHM PDQXIDNWXU\ Z NWµUHM ] SDVMÃ L ZLHONÃ F]XÊRÐFLÃ WZRU]RQH VÃ RU\JLQDOQH ]á
L XQLNDWRZH GHNRUDFMH GR SRNRMX 0DOXV]ND
*LUODQGD 'XŊD 'HOLNDWQD 0LĖWD L 5yŊ
: QDV]HM RIHUFLH ]QDMG]LHV] DXWRUVNLH JLUODQG\ SRGXV]NL RFKUDQLDF]H QD ʵ×HF]NR ]DZLHV]NL RUD] ZLHOH *LUODQGD GR SRNRMX G]LHFLÇFHJR GRVWÇSQD Z Uµ×Q\FK
LQQ\FK QLHSRZWDU]DOQ\FK GHNRUDFML L DNFHVRULµZ Z\NRQDQ\FK ] ZLHONÃ GEDÊRÐFLÃ R QDMGUREQLHMV]\ GHWDO ZHUVMDFK NRORU\VW\F]Q\FK
SRQLHZD× ZLHP\ ×H SRNµM 7ZRMHJR G]LHFND WR Z\MÃWNRZH PLHMVFH Z NWµU\P F]XÊRÐÅ L EH]SLHF]HÌVWZR
ÊÃF]\ VLÇ ] QDMZ\×V]Ã MDNRÐFLÃ



2FKUDQLDF] &KPXUND 6]DU\ Z ELDáH NURSHF]NL
2FKUDQLDF] XV]\W\ ] EDZHÊQ\ Z NRORU]H V]DU\P Z ELDÊH NURSHF]NL
DSOLNDFMH JZLD]GNL ELDÊH Z V]DUH NURSHF]NL Z\SHÊQLRQ\ MHVW
DQW\DOHUJLF]QÃ JUXEÃ L PLÇNNÃ RFLHSOLQÃ G]LÇNL NWµUHM RFKUDQLDF] FKURQL
G]LHFNR RG NRQWDNWX ] WZDUG\PL V]F]HEHONDPL ʵ×HF]ND

]á ]á



'HNRUDFMD QDG áyŊHF]NR 6áRGNLFK VQyZ 6yZNR )ODPLQJ )ORUHQFMD

:\NRQDQD Z FDÊRÐFL ] EDZHÊQ\ RUD] PLÇFLXWNLHJR ZHOXUX ]DZLHV]ND ] PDÊÃ 6\PSDW\F]Q\ 5µ×RZ\ )ODPLQJ
ZHVRÊÃ 6µZNÃ XWXOL GR VQX QDZHW QDMEDUG]LHM FLHNDZHJR ÐZLDWD EU]GÃFD ] RSDVNÃ L NRNDUGÃ QD Z]µU ODW WU]\G]LHVW\FK
'RVWÇSQD Z Uµ×Q\FK ZHUVMDFK NRORU\VW\F]Q\FK =DFKRZDQ\ Z NRORU\VW\FH LQWHQV\ZQHJR Uµ×X

]á )ODPLQJ ] ZLHONÃ NRNDUGÃ SU]\SDGQLH GR JXVWX
ND×GHM 0DÊHM .VLÇ×QLF]FH

)ODPLQJ XV]\W\ UÇF]QLH ]H EODPLQJ XV]\W\ UÇF]QLH ]H EDZHÊQ\
)
.RQLN QD ELHJXQDFK Z\SHÊQLRQ\ MHVW DQW\DOHUJLF]Q\P ZNÊDGHP
%DZHÊQLDQ\ .RQLN D ZÊDÐFLZLH -HGQRUR×HF QD %LHJXQDFK VLOLNRQRZ\P Z SHÊQL EH]SLHF]Q\P GOD G]LHFL
:\NRQDQ\ ]H EDZHÊQ\ ] DSOLNDFMDPL ] PLÇFLXWNLHJR ZHOXUX %DDDDUG]R GX×\ 5µ×RZ\ )ODPLQJ ] SRGNXUF]RQÃ
]DFKRZDQ\ Z NRORU\VW\FH ELDÊR V]DUHM Z NURSHF]NL ] MDVQR×µÊW\PL GHWDODPL Qµ×Nà WR QLHEDQDOQD MHGQRVWURQQD GHNRUDFMD GR
,GHDOQLH GRSHÊQLD ZQÇWU]H L QDGDMH FKDUDNWHU G]LHFLÇFHJR SRNRMX ]DZLHV]HQLD QD ÐFLDQÇ OXE ʵ×HF]NR





6NRQWDNWXM VLĖ ] QDPL

( PDLO NRQWDNW#1D6]QXUHF]NX SO ZZZ QDV]QXUHF]NX SO

3RGXVLD &KPXUND 3DVLDVWD
ÏPLHV]QD SRGXVLD SU]\WXODQND &KPXUND ] *UDQDWRZR ELDÊ\PL UDMWX]NDPL
×µÊW\PL VNDUSHWNDPL L F]DUXMÃFà PXFKÃ

:\NRQDQD ] EDZHÊQ\ GX×D &KPXUND ÏSLRV]HN ] GÊXJLPL ]ZLVDMÃF\P EH]WURVNR
Qµ×NDPL ] SHZQRÐFLÃ RFLHSOL VW\ORZH ZQÇWU]H SRNRMX G]LHFLÇFHJR





'HNRUDFMD ' 0\V]ND GHOLNDWQ\ UyŊ
'HNRUDFMÇ VWDQRZL PLÇFLXWNL GHOLNDWQLH Uµ×RZ\ REÊRF]HN ] LPLHQLHP
G]LHFND ] SU]HV\PSDW\F]QÃ PDÊÃ 0\V]NÃ

'HNRUDFMD Z\NRQDQD MHVW ] ĆOFX EDZHÊQ\ L PLÇFLXWNLHJR ZHOXUX L Z\SHÊQLRQD
5ĖF]QLH Z\NRQDQH GHNRUDFMH GR SRNRMX G]LHFLĖFHJR ]RVWDÊD DQW\DOHUJLF]Q\P ZNÊDGHP VLOLNRQRZ\P

=DSUDV]DP\ GR VW\ORZHM PDQXIDNWXU\ Z NWµUHM ] SDVMÃ L ZLHONÃ F]XÊRÐFLÃ WZRU]RQH VÃ RU\JLQDOQH ]á
L XQLNDWRZH GHNRUDFMH GR SRNRMX 0DOXV]ND
*LUODQGD 'XŊD 'HOLNDWQD 0LĖWD L 5yŊ
: QDV]HM RIHUFLH ]QDMG]LHV] DXWRUVNLH JLUODQG\ SRGXV]NL RFKUDQLDF]H QD ʵ×HF]NR ]DZLHV]NL RUD] ZLHOH *LUODQGD GR SRNRMX G]LHFLÇFHJR GRVWÇSQD Z Uµ×Q\FK
LQQ\FK QLHSRZWDU]DOQ\FK GHNRUDFML L DNFHVRULµZ Z\NRQDQ\FK ] ZLHONÃ GEDÊRÐFLÃ R QDMGUREQLHMV]\ GHWDO ZHUVMDFK NRORU\VW\F]Q\FK
SRQLHZD× ZLHP\ ×H SRNµM 7ZRMHJR G]LHFND WR Z\MÃWNRZH PLHMVFH Z NWµU\P F]XÊRÐÅ L EH]SLHF]HÌVWZR
ÊÃF]\ VLÇ ] QDMZ\×V]Ã MDNRÐFLÃ



2FKUDQLDF] &KPXUND 6]DU\ Z ELDáH NURSHF]NL
2FKUDQLDF] XV]\W\ ] EDZHÊQ\ Z NRORU]H V]DU\P Z ELDÊH NURSHF]NL
DSOLNDFMH JZLD]GNL ELDÊH Z V]DUH NURSHF]NL Z\SHÊQLRQ\ MHVW
DQW\DOHUJLF]QÃ JUXEÃ L PLÇNNÃ RFLHSOLQÃ G]LÇNL NWµUHM RFKUDQLDF] FKURQL
G]LHFNR RG NRQWDNWX ] WZDUG\PL V]F]HEHONDPL ʵ×HF]ND

]á ]á



'HNRUDFMD QDG áyŊHF]NR 6áRGNLFK VQyZ 6yZNR )ODPLQJ )ORUHQFMD

:\NRQDQD Z FDÊRÐFL ] EDZHÊQ\ RUD] PLÇFLXWNLHJR ZHOXUX ]DZLHV]ND ] PDÊÃ 6\PSDW\F]Q\ 5µ×RZ\ )ODPLQJ
ZHVRÊÃ 6µZNÃ XWXOL GR VQX QDZHW QDMEDUG]LHM FLHNDZHJR ÐZLDWD EU]GÃFD ] RSDVNÃ L NRNDUGÃ QD Z]µU ODW WU]\G]LHVW\FK
'RVWÇSQD Z Uµ×Q\FK ZHUVMDFK NRORU\VW\F]Q\FK =DFKRZDQ\ Z NRORU\VW\FH LQWHQV\ZQHJR Uµ×X

]á )ODPLQJ ] ZLHONÃ NRNDUGÃ SU]\SDGQLH GR JXVWX
ND×GHM 0DÊHM .VLÇ×QLF]FH

)
)ODPLQJ XV]\W\ UÇF]QLH ]H EODPLQJ XV]\W\ UÇF]QLH ]H EDZHÊQ\
.RQLN QD ELHJXQDFK Z\SHÊQLRQ\ MHVW DQW\DOHUJLF]Q\P ZNÊDGHP
%DZHÊQLDQ\ .RQLN D ZÊDÐFLZLH -HGQRUR×HF QD %LHJXQDFK VLOLNRQRZ\P Z SHÊQL EH]SLHF]Q\P GOD G]LHFL
:\NRQDQ\ ]H EDZHÊQ\ ] DSOLNDFMDPL ] PLÇFLXWNLHJR ZHOXUX %DDDDUG]R GX×\ 5µ×RZ\ )ODPLQJ ] SRGNXUF]RQÃ
]DFKRZDQ\ Z NRORU\VW\FH ELDÊR V]DUHM Z NURSHF]NL ] MDVQR×µÊW\PL GHWDODPL Qµ×Nà WR QLHEDQDOQD MHGQRVWURQQD GHNRUDFMD GR
,GHDOQLH GRSHÊQLD ZQÇWU]H L QDGDMH FKDUDNWHU G]LHFLÇFHJR SRNRMX ]DZLHV]HQLD QD ÐFLDQÇ OXE ʵ×HF]NR





6NRQWDNWXM VLĖ ] QDPL

( PDLO NRQWDNW#1D6]QXUHF]NX SO ZZZ QDV]QXUHF]NX SO






Click to View FlipBook Version
Previous Book
Yeshiva Toras Chaim 2017
Next Book
Bently The Fox Fights For His Home