Меркурий

advertisement
<_ku lhj]h\u_we_dljhggu_
F_jdmjbc Jmdh\h^kl\hihwdkiemZlZpbb
:<E= JW
KBKL?F:F?G?>@F?GL:D:Q?KL<:
k_jlbnbpbjh\ZgZgZkhhl\_lkl\b_lj_[h\ZgbyfklZg^Zjlh\
',1(1,62
Hj]ZgK_jlbnbdZpbb
7h9 &(57
=HKLJ BKH
Hj]ZgK_jlbnbdZpbb
BgBK<<L
',1(1,62
=HUWLILNDW FHKD<:
J_^Zdpby hl yg\Zjy ]
Kh^_j`Zgb_
Kh^_j`Zgb_
<\_^_gb_ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
HibkZgb_b jZ[hlZ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GZagZq_gb_ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
L_ogbq_kdb_oZjZdl_jbklbdb BBBBBBBBBBBBBBBBBBBBBBBBBBBB
KhklZ\ba^_eby BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Mkljhckl\hb jZ[hlZ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
FZjdbjh\dZb iehf[bjh\Zgb_ BBBBBBBBBBBBBBBBBBBBBBBBB
MiZdh\dZ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Dhfie_dlihklZ\db BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Bkihevah\Zgb_ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MdZaZgb_f_j[_ahiZkghklb BBBBBBBBBBBBBBBBBBBBBBBBBBB
WdkiemZlZpbhggu_h]jZgbq_gby BBBBBBBBBBBBBBBBBBBBBBBB
Ih^]hlh\dZd jZ[hl_BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Ihjy^hdjZ[hlu BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
H[sb_iheh`_gby BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
J_`bfujZ[hlu\_kh\ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
©<a\_rb\Zgb_\_kh\h]hlh\ZjZª BBBBBBBBBBBBBBBBBBB
©Mfgh`_gb_p_gurlmqgh]hlh\ZjZª BBBBBBBBBBBBBBBB
©>h[Z\e_gb_p_gurlmqgh]hlh\ZjZªBBBBBBBBBBBBBBBB
©JZ[hlZk aZijh]jZffbjh\Zggufblh\ZjZfbª BBBBBBBB
©H[kem`b\Zgb_ihdmiZl_eyª BBBBBBBBBBBBBBBBBBBBBBB
©LZjZª BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
©JZ[hlZk dZkkh\ufZiiZjZlhfªBBBBBBBBBBBBBBBBBBBB
©MklZgh\dZiZjZf_ljh\jZ[hluª BBBBBBBBBBBBBBBBBBB
©Ih\_jdZª BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
F_lh^ub kj_^kl\Zih\_jdb BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Kh^_j`Zgb_
Kh^_j`Zgb_
AZy\dZgZ]ZjZglbcgucj_fhgl
Hi_jZpbbih\_jdb BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB Kj_^kl\Zih\_jdb BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB Lj_[h\Zgby[_ahiZkghklbBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB Mkeh\byih\_jdb BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB Ih^]hlh\dZd ih\_jd_BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB Ijh\_^_gb_ih\_jdb BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB Hnhjfe_gb_j_amevlZlh\ih\_jdb BBBBBBBBBBBBBBBBBBBBBBB L_ogbq_kdh_h[kem`b\Zgb_ BBBBBBBBBBBBBBBBBBBBBBBBBBBBB OjZg_gb_ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB LjZgkihjlbjh\Zgb_ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB =ZjZglbbba]hlh\bl_ey BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB K\b^_l_evkl\hh ijb_fd_dhgk_j\Zpbbb miZdh\d_ BBBBBBBBBB J_amevlZlu]hkm^Zjkl\_gghcih\_jdbijb\uimkd_ BBBBBBBBBB Mq_ll_ogbq_kdh]hh[kem`b\ZgbyBBBBBBBBBBBBBBBBBBBBBBBBB J_amevlZlul_ogbq_kdh]hhk\b^_l_evkl\h\Zgby ki_pbZevgufb
hj]ZgZfb BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB I_j_q_gvki_pbZebabjh\Zgguohj]ZgbaZpbc\uihegyxsbo
]ZjZglbcgucb ihke_]ZjZglbcgucj_fhgl\_kh\©F_jdmjbc ª :dl\\h^Z\_kh\©F_jdmjbcª\ wdkiemZlZpbx BBBBBBBBBBBBB Hlju\ghcdhgljhevguclZehg©:dlZ\\h^Z\_kh\©F_jdmjbcª\
wdkiemZlZpbxª BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB AZy\dZgZ]ZjZglbcgucj_fhgl BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB gZijZ\blvihZ^j_km]Fhkd\Zmey IZjdh\Zy
HHH ³F_jdmjbcLj_c^K_j\bk´
<_ku³F_jdmjbc´
>ZlZba]hlh\e_gby³BBBBB´BBBBBBBBBBBBBBBBBB]
aZ\h^kdhcghf_j‹ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GZbf_gh\Zgb_ b Z^j_kij_^ijbylbyba]hlh\bl_eyA:H©BGDHL?DKª
]Fhkd\Zmey IZjdh\Zy^
>ZlZijh^Z`bbeb\\h^Z\ wdkiemZlZpbx³BB´BBBBBBBBBBBBBBBB]
GZbf_gh\Zgb_ b Z^j_kij_^ijbylbyihlj_[bl_ey BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GZjZ[hldZ\_kh\k gZqZeZwdkiemZlZpbb^hhldZaZq BBBBBBBBBBBBBBBBBBBBBBBBBBBB
<g_rg__ijhy\e_gb_hldZaZ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Ijbgylu_f_ju ghf_jhldZaZ\r_]h[ehdZihabpbyb lbihldZaZ\r_]hwe_f_glZ
ijbqbgZhldZaZ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Ki_pbZebklhl\_lkl\_gguc
aZj_fhgl\_kh\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
ih^ibkv
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
nZfbebybh
©BBª BBBBBBBBBBBBBBBBB B]
Jmdh\h^bl_evij_^ijbylby
hkms_kl\eyxs_]h]ZjZglbcgucj_fhgl
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Jmdh\h^bl_ev
ij_^ijbylbyihlj_[bl_ey
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
ih^ibkv
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
nZfbebybh
©BBª BBBBBBBBBBBBBBBBBB B]
FI
ih^ibkv
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
nZfbebybh
©BBª BBBBBBBBBBBBBBBBB B]
FI
Kh^_j`Zgb_
FIaZ\h^Zba]hlh\bl_ey
GZagZq_gb_
<\_^_gb_
GZklhys__ jmdh\h^kl\h ih wdkiemZlZpbb ij_^gZagZq_gh ^ey
bamq_gbyijZ\bewdkiemZlZpbb\_kh\we_dljhgguogZklhevguo©F_jdm
jbcª:<E= b ©F_jdmjbcª:<E=bf_gm_fuo
\ ^Zevg_cr_f² \_kuJmdh\h^kl\hkh^_j`bl\k_k\_^_gbyg_h[oh^b
fu_ ^ey h[_ki_q_gby ihegh]h bkihevah\Zgby \k_o l_ogbq_kdbo \ha
fh`ghkl_c\_kh\ijZ\bevghcwdkiemZlZpbbb l_ogbq_kdh]hh[kem`b\Z
gby
Ij_^ijbylb_ba]hlh\bl_ev A:H ©BGDHL?DKª Fhkd
\Zme y IZjdh\Zy HibkZgb_b jZ[hlZ
GZagZq_gb_
<_kulhj]h\u_we_dljhggu_©F_jdmjbcª ij_^gZagZq_
gu^eybaf_j_gbyfZkkub \uqbke_gbyklhbfhklblh\Zjh\gZij_^ijb
ylbyolhj]h\ebb h[s_kl\_ggh]hiblZgby
<_ku ij_^gZagZq_gu ^ey wdkiemZlZpbb ijb l_fi_jZlmj_ hdjm
`Zxs_ckj_^uhl^h ƒK ijbhlghkbl_evghc\eZ`ghklb^h ijbƒK bZlfhkn_jghf^Z\e_gbbhl ^hff jlkly
dIZ
L_ogbq_kdb_oZjZdl_jbklbdb
GZb[hevrbc ij_^_e\a\_rb\Zgby GI<d] ±
GZb[hevrbcij_^_e\a\_rb\Zgbyi_j\h]h^bZ
iZahgZGI<d]
GZb[hevrbc ij_^_e\a\_rb\Zgby\lhjh]h^bZ
iZahgZGI<d]
GZbf_gvrbcij_^_e\a\_rb\Zgby GfI<d] ±
>bkdj_lghklvhlkq_lZGGfZkkub p_gZih\_jhqgh]h
^_e_gby_] ±
>bkdj_lghklvbg^bdZpbb\\_^_gghcp_gub klhbfhklb
\a\_rb\Z_fh]h lh\ZjZ_^bgbpfeZ^r_]hjZajy^Z ±
AgZq_gby ij_^_eh\ ^himklbfhc ih]j_rghklb ijb\_
^_gu\ lZ[e
<\_^_gb_
L_ogbq_kdb_ oZjZdl_jbklbdb
Bgl_j\Zeu\a\_
rb\Zgby
d]
Hl^h\dexq
LZ[e
Ijbi_j\bqghcih\_j IjbwdkiemZlZpbb
d_gZij_^ijbylbb
b ihke_j_fhglZ
ba]hlh\bl_e_b j_
gZwdkiemZlbjmx
fhglghfij_^ijbylbb s_fij_^ijbylbb
]
]
r
r
Hl^h\dexq
r
r
K\ur_
r Hl^h\dexq
Hl^h\dexq
r
r
Ihjh]qm\kl\bl_evghklb_g_[he__±
DeZkklhqghklb\_kh\ih=HKL ±
r
r r >bZiZahg\u[hjdbfZkkulZjud] ±
JZaghklvf_`^mbg^bdZpb_cklhbfhklbb __jZkq_l
gufagZq_gb_fihemq_gguf\ j_amevlZl_mfgh`_gby
baf_j_gghcfZkkub \\_^_gghcp_guk mq_lhfhdjm]e_
gbyklhbfhklb]jgg_ [he__±
<j_fybaf_j_gbyfZkkuk \uqbke_gb_fklhbfhklb
\a\_rb\Z_fh]hlh\ZjZkg_[he__±
Ihlj_[ey_fZyfhsghklv<: g_[he__±
FZkkZ\_kh\d] g_[he__±
=Z[Zjblgu_jZaf_ju\_kh\ffg_[he__
^ebgZ
rbjbgZ
\ukhlZ
Dhebq_kl\hjZajy^h\
bg^bdZlhjZ©F:K:ª
bg^bdZlhjZ©P,G:ª
bg^bdZlhjZ©<:JL,KLVª
<j_fyg_ij_ju\ghcjZ[hlu\_kh\\ wdkiemZlZpbhg
ghfj_`bf_qZkkmlg_[he__
HibkZgb_ b jZ[hlZ
kj_^gbc
y FI
FIaZ\h^Zba]hlh\bl_ey
:dl\\h^Z\_kh\\ wdkiemZlZpbx
Hlju\ghcdhgljhevguclZehg©:dlZ\\h^Z\_
kh\©F_jdmjbcª\ wdkiemZlZpbxª
KhklZ\ ba^_eby
GZijZ\blvihZ^j_km]Fhkd\ZmeZyIZjdh\Zy^
HHH ©F_jdmjbcLj_c^K_j\bkª
Mkeh\bywdkiemZlZpbb± l_fi_jZlmjZ\ha^moZ±ƒK BBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
J_amevlZl \\h^Z \ wdkiemZlZpbx gm`gh_ ih^q_jdgmlv \\_^_gu \ wdkiemZlZpbx
ijbagZgug_ijb]h^gufblj_[mxlaZf_gu
>ZlZ\\h^Z\ wdkiemZlZpbx©BBBBBªBBBBBBBBBBBBBBBBBBBBB]
GZjZ[hldZ\ ijhp_kk_\\h^Z\ wdkiemZlZpbxq BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Hj]ZgbaZpbyijhba\h^b\rZy \\h^\ wdkiemZlZpbx BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
gZbf_gh\Zgb_Z^j_k
Hj]ZgbaZpbyp_gljZebah\Zggh]h h[kem`b\ZgbydhlhjZy[m^_lijhba\h^blvl_ogb
q_kdh_h[kem`b\Zgb_ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
gZbf_gh\Zgb_Z^j_k
Ki_pbZebklijhba\h^b\rbc
mklZgh\dm\_kh\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
ih^ibkv
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
nZfbebybh
©BBª BBBBBBBBBBBBBBBBBB B]
Jmdh\h^bl_evij_^ijbylby
hkms_kl\eyxs_]h ]ZjZglbcgucj_fhgl
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Jmdh\h^bl_ev
ij_^ijbylbyihlj_[bl_ey
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
ih^ibkv
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
nZfbebybh
©BBª BBBBBBBBBBBBBBBBB B]
FI
H[sbc\b^\_kh\©F_jdmjbcªijb\_^_ggZjbkZ ©F_j
dmjbcªgZjbk
gZbf_gh\Zgb_ij_^ijbylbyihqlh\ucZ^j_kl_e_nhg
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
NBH ^he`ghklv ki_pbZebklZ ijhba\h^b\r_]h \\h^ \ wdkiemZlZpbx ghf_j m^h
klh\_j_gbyb ^ZlZ_]h\u^Zqb BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Hj]ZgbaZpbyhkms_kl\eyxsZy]ZjZglbcgucj_fhgl BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
KhklZ\ba^_eby
<_kulhj]h\u_we_dljhggu_©F_jdmjbcª
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
AZ\h^kdhcghf_j
>ZlZ\uimkdZ©BBBBBªBBBBBBBBBBBBBBBBBBBBB]
F_klhmklZgh\db BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
gZbf_gh\Zgb_Z^j_k
Jbk<_kulhj]h\u_we_dljhggu_ F_jdmjbc <_kukhklhylbake_^mxsbokhklZ\guoqZkl_c
± ehlhd
± ZfimeZmjh\gy
± [ehdbg^bdZpbb
± deZ\bZlmjZ
± bgl_jn_ckgucjZat_f
± dhjimk
JZkiheh`_gb_bg^bdZlhjh\ijb\_^_ghgZ jbk«Z bogZagZ
q_gb_ijb\_^_gh\ lZ[e
DeZ\bZlmjZ jZkiheh`_gZ kh klhjhguijh^Z\pZb ij_^gZagZq_
gZ ^ey \\h^Z agZq_gbc p_gu hlimkdZ_fh]h lh\ZjZ iZjZf_ljh\ ijb
ijh]jZffbjh\Zgbb b \uiheg_gby dZeb[jh\hd GZagZq_gb_ hl^_evguo
dghihddeZ\bZlmju\_kh\ijb\_^_gh\ lZ[e
ih^ibkv
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
nZfbebybh
©BBª BBBBBBBBBBBBBBBBBB B]
:dl\\h^Z\_kh\\ wdkiemZlZpbx
HibkZgb_ b jZ[hlZ
KhklZ\ ba^_eby
:dl\\h^Z\_kh\\ wdkiemZlZpbx
:dl\\h^Z\_kh\©F_jdmjbcª\ wdkiemZlZpbx
<_ku©F_jdmjbcªaZ\h^kdhc‹BBBBBBBBBBBBBBBBBBBBBBBBBBB
Ba]hlh\e_gu©BBBªBBBBBBBBBBBBBBBBB]
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
\\_^_gu\ wdkiemZlZpbxaZ[jZdh\Zgu± gm`gh_\ibkZlv
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
gZbf_gh\Zgb_ b Z^j_khj]ZgbaZpbbijhba\h^b\r_c\\h^\ wdkiemZlZpbx
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
bebNBHghf_jm^hklh\_j_gby ki_pbZebklZ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
hj]ZgbaZpbyhkms_kl\eyxsZy]ZjZglbcgucj_fhglgZbf_gh\Zgb_ b Z^j_k
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Ki_pbZebklijhba\h^b\rbc
<\h^\ wdkiemZlZpbx
Jbk<_kulhj]h\u_we_dljhggu_F_jdmjbc +/
+/
+/
+/
+/
+/
+/
+/
+/
+/ +/ +/
+/ +/ +/ +/ +/ +/
Jbk;ehdbg^bdZpbb\_kh\ ©F_jdmjbc ª
HibkZgb_ b jZ[hlZ
BBBBBBBBBBBBBBBBBBBBBBBB
^he`ghklvNBHih^ibkv
Ki_pbZebklij_^ijbylby
ihlj_[bl_eymqZkl\h\Z\rbc
\h\\h^_
BBBBBBBBBBBBBBBBBBBBBBBB
^he`ghklvNBHih^ibkv
>ZlZ\\h^Z\ wdkiemZlZpbx©BBBªBBBBBBBBBBBBBBBB]
IJBF?Q:GB?ihke_\\h^Z\_kh\\ wdkiemZlZpbxaZihegy_lkyhlju\
ghclZehg©:dlZ\\h^Z\_kh\\ wdkiemZlZpbxªb \kjhdg_iha^g__
^g_cgZijZ\ey_lkyihZ^j_km]Fhkd\ZmeZyIZjdh\Zy
^HHH ©F_jdmjbcLj_c^K_j\bkª
:dl\\h^Z\_kh\\ wdkiemZlZpbx
KhklZ\ ba^_eby
I_j_q_gvhj]ZgbaZpbc\uihegyxsbo]ZjZglbcgucj_fhgl
I_j_q_gvki_pbZebabjh\Zgguohj]ZgbaZpbc
\uihegyxsbo]ZjZglbcgucb ihke_]ZjZglbcguc
j_fhgl\_kh\©F_jdmjbcª
Hj]ZgbaZpby
HHH ©J?FD:Kª
ƒ L_ogbq_kdZyih^^_j`dZdhg
kmevlZpbb
ƒ L_ogbq_kdh_h[kem`b\Zgb_b
j_fhgl\_kh\\ ]Fhkd\_
+/
+/
+/
+/
+/
+/
+/
:^j_kb l_e_nhg
]Fhkd\Zme;Ihqlh
\Zy^
L_enZdk
(PDLO UHPNDV#FRPDLOUX
ZZZUHPNDVUX
+/
+/
+/ +/ +/
+/ +/ +/ +/ +/ +/
HHH ©F_jdmjbcLj_c^K_j\bkª
]Fhkd\Zmey
ƒ AZdexq_gb_^h]h\hjh\gZl_o IZjdh\Zy^
gbq_kdh_h[kem`b\Zgb_\_kh\
L_enZdk ƒ Ijh^Z`ZABIb j_fhglghc^h
dmf_glZpbb
ƒ Hnhjfe_gb_]ZjZglbcguoj_ (PDLO PHUFXU\WV#PHUFXU\WVUX
NQD#LQFRWH[RUFUX
fhglh\
ƒ L_ogbq_kdh_h[kem`b\Zgb_ b
j_fhgl\_kh\
P_gljul_ogbq_kdh]hh[kem`b\Zgby\_kh\bf_xsb_^h]h\hjk
A:H©BGDHL?DKªgZijZ\h\uiheg_gby]ZjZglbcgh]hihke_]ZjZg
lbcgh]hj_fhglZb l_ogbq_kdh]hh[kem`b\Zgby\_kh\©F_jdmjbcª
Jbk;ehdbg^bdZpbb\_kh\©F_jdmjbcª
+/$
+/)
+/(
+/'
Jbk AgZq_gb_hl^_evguok_]f_glh\b kbf\heh\bg^bdZlhjZ+/
LZ[e
BG>BD:LHJ
Ghf_j
+/
+/$
gZebqb_\ iZfylbihdmihd
+/(
©L:J:ª
+/)
+/'
+/«+/
I_j_q_gvhj]ZgbaZpbc\uihegyxsbo]ZjZglbcgucj_
fhgl
+/«+/
GZagZq_gb_
nbdkZpby©ª
©KL:;,EVG,KLVª
©Iª Bg^bdZpbyj_`bfZijhkfhljZihdmihd
Bg^bdZpbyagZq_gby©F:K:ª
Bg^bdZpbyagZq_gby©P,G:ª
HibkZgb_ b jZ[hlZ
+/«+/
KhklZ\ ba^_eby
Bg^bdZpbyagZq_gby©<:JL,KLVª
J_amevlZlul_ogbq_kdh]hhk\b^_l_evkl\h\Zgby
J_amevlZlul_ogbq_kdh]hhk\b^_l_evkl\h\Zgbyki_
pbZevgufbhj]ZgZfb
>ZlZ
hk\b
^_l_ev
kl\h\Z
gby
HibkZgb_ b jZ[hlZ
GZbf_gh
\Zgb_
b
h[hagZq_
gb_
J_amevlZ
luhk\b^_
l_evkl\h
\Zgby
I_jbh^bq
ghklvhk\b
^_l_ev
kl\h\Zgby
Kjhd
ke_^mx
s_]hhk
\b^_
l_evkl
\h\Zgby
>he`ghklv
nZfbebyb
ih^ibkvij_^
klZ\bl_ey
dhgljhevgh]h
hj]ZgZ
J_amevlZlul_ogbq_kdh]hhk\b^_l_evkl\h\Zgby
Mq_ll_ogbq_kdh]hh[kem`b\Zgby
Mq_ll_ogbq_kdh]hh[kem`b\Zgby
>ZlZ
<b^l_ogbq_kdh]h
h[kem`b\Zgby
AZf_qZgbyh l_ogbq_
kdhfh[kem`b\Zgbb
>he`ghklvb nZfb
ebyhl\ebpZ
Mkljhckl\h b jZ[hlZ
H[hagZq_gb_
GZagZq_gb_
Dghidb\u[hjZyq__dijyfh]h^hklmiZ
LZ[e
DghidZ\u[hjZj_`bfZ©IJH=J:FM<:G
GY LH<:J1<ª
DghidZijhkfhljZ
DghidZ©<,>G,F:GGYª
DghidZ©L:J:ª
DghidZ\dexq_gby\udexq_gby\_kh\
DghidZ©FGH@?GGYª
DghidZ©>H>:<:GGYª
DghidZ©<<?>?GGYª
DghidZ©KDB>:GGYª
«
Dghidb\\h^Zqbkeh\uoagZq_gbcp_gu
dhebq_kl\Zihdmihdb iZjZf_ljh\gZkljh_d
Mkljhckl\hb jZ[hlZ
Ijbgpbi ^_ckl\by \_kh\ aZdexqZ_lky \ ke_^mxs_f l_gahqm\
kl\bl_evgu_j_abklhju\dexq_ggu_ihfhklh\hcko_f_ih^^_ckl\b
_fbaf_jy_fh]h]jmaZbaf_gyxl\_ebqbgmkhijhlb\e_gbyie_q< aZ\b
kbfhklbhljZa[ZeZgkbjh\dbfhklZnhjfbjm_lkyjZaghklgh_gZijy`_
gb_ dhlhjh_ ihklmiZ_l gZ \oh^ ZgZeh]hpbnjh\h]h ij_h[jZah\Zl_ey
we_dljhggh]h[ehdZJ_amevlZlbaf_g_gby\oh^gh]hgZijy`_gby\ _^b
gbpZofZkkubg^bpbjm_lkygZ^bkie_yoijh^Z\pZb ihdmiZl_ey
Mq_ll_ogbq_kdh]hh[kem`b\Zgby
HibkZgb_ b jZ[hlZ
FZjdbjh\dZ b iehf[bjh\Zgb_
J_amevlZlu]hkm^Zjkl\_gghcih\_jdb
FZjdbjh\dZb iehf[bjh\Zgb_
GZ\_kZomdZaZguke_^mxsb_hkgh\gu_^Zggu_
² gZbf_gh\Zgb_ij_^ijbylbyba]hlh\bl_ey
² h[hagZq_gb_\_kh\
² aZ\h^kdhcghf_jihkbkl_f_ba]hlh\bl_ey
² deZkklhqghklbih=HKL
² agZq_gb_gZb[hevr_]hij_^_eZ\a\_rb\ZgbyGI<
² agZq_gb_gZbf_gvr_]hij_^_eZ\a\_rb\ZgbyGfI<
² jZ[hqbc^bZiZahgl_fi_jZlmj
² ihlj_[ey_fZyfhsghklv
² qZklhlZiblZxs_]hgZijy`_gby
² \_ebqbgZiblZxs_]hgZijy`_gby
² fZdkbfZevgucihlj_[ey_fuclhd
² ]h^\uimkdZ
² agZdml\_j`^_gbylbiZihIJ
F_klh^eygZg_k_gbyhllbkdZih\_jbl_evgh]hde_cfZjZkiheh
`_ghgZhkgh\Zgbb\_kh\ b ^hklmigh^eyh[haj_gby
MiZdh\dZ
K\b^_l_evkl\hh ijb_fd_dhgk_j\Zpbbb miZdh\d_
<_kulhj]h\u_we_dljhggu_lbiZ©F_jdmjbcªBBBBBBBBBBBBB
aZ\h^kdhc ‹BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBkhhl\_lkl\mxll_ogbq_kdbfmkeh\byf
LMb ijbagZgu]h^gufb^eywdkiemZlZpbb
>ZlZ\uimkdZBBBBBBBBBBBBBBBBBBBBB
FI
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
ebqgu_ih^ibkbhllbkdbebqguode_cf^he`ghklguoebpij_^ijbylbyhl\_lkl\_gguoaZijb_fdmba^_ebyi_qZlvaZ\h^Zba]hlh\bl_ey
<_ku©F_jdmjbcª:<E= beb©F_jdmjbcª:<E=
aZ\h^kdhc‹BBBBBBBBBBBBBBBBBBBBBmiZdh\Zgu kh]eZkghdhgkljmdlhjkdhc
^hdmf_glZpbbdhgk_j\Zpbyg_lj_[m_lky
>ZlZmiZdh\db©BBBBBªBBBBBBBBBBBBBBBB]
LjZgkihjlgZylZjZkhhl\_lkl\m_l=HKL b kh^_j`blke_
^mxsb_ fZgbimeypbhggu_ agZdb ©Hklhjh`gh ojmidh_ª ©<_joª ©G_
dZglh\Zlvª ©>himklbfh_ dhebq_kl\h ba^_ebc mklZgZ\eb\Z_fuo ^jm]
gZ^jm]ZijbojZg_gbbª
GZwlbd_ldZoijbde_b\Z_fuogZ[hdh\u_kl_gdbljZgkihjlgh]h
ysbdZmdZaZgh
² gZbf_gh\Zgb_\_kh\
² mkeh\gh_de_cfhmiZdh\sbdZb dhgljhe_jZ
² ^ZlZmiZdh\db
MiZdh\dmijhba\_eBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Dhfie_dl ihklZ\db ^he`_g khhl\_lkl\h\Zlv i_j_qgx ijb\_^_gghfm \
lZ[e
GZhkgh\Zgbbj_amevlZlh\=hkm^Zjkl\_gghc ih\_jdbijhba\_^_gghc
H[hagZq_gb_
Dhfie_dlihklZ\db
GZbf_gh\Zgb_
:<E=
<_ku©F_jdmjbcª
:<E=
:^Zil_jk_l_\hc©F_jdmjbcª
:<E=
:<E=JW
<_ku©F_jdmjbcª
Jmdh\h^kl\hihwdkiemZlZpbb
HibkZgb_ b jZ[hlZ
LZ[e
Dhe\h
rl
wda
^ZlZih^ibkvnZfbebybgbpbZeu
<_kuihke_miZdh\dbijbgyeBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
ih^ibkvNBH
J_amevlZlu]hkm^Zjkl\_gghcih\_jdbijb\uimkd_
<_kulhj]h\u_we_dljhggu_lbiZ©F_jdmjbcªBBBBBBBBBBBBB
aZ\h^kdhc‹BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
\g_k_gu\ =hkj__kljaZ‹BBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BB\_kuijbagZgu]h^gufbb ^hims_gud ijbf_g_gbx
=hkm^Zjkl\_ggucih\_jbl_evBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
ih^ibkv
©BBBBBªBBBBBBBBBBBBBBBBBBBBBB]
FI
J_amevlZlu]hkm^Zjkl\_gghcih\_jdb
=ZjZglbbba]hlh\bl_ey
=ZjZglbbba]hlh\bl_ey
<_ku ^he`gu [ulv ijbgylu HLD ij_^ijbylbyba]hlh\bl_ey b
ijh\_j_guhj]ZgZfb=hkklZg^ZjlZ
Ba]hlh\bl_ev ]ZjZglbjm_l khhl\_lkl\b_ \_kh\ l_ogbq_kdbf mk
eh\byfijbkh[ex^_gbbihlj_[bl_e_fijZ\bewdkiemZlZpbbbaeh`_g
guo\ gZklhys_fJmdh\h^kl\_
=ZjZglbcguckjhdwdkiemZlZpbb± f_kyp_\kh^gy\\h^Z\_
kh\\ wdkiemZlZpbxghg_[he__f_kyp_\kh^gyhl]jmadb\_kh\ba
]hlh\bl_e_f
>ZlZ \\h^Z \_kh\ \ wdkiemZlZpbx nbdkbjm_lky \ Zdl_ \\h^Z \
wdkiemZlZpbx aZiheg_gguc hlju\ghc lZehg ZdlZ \\h^Z \ wdkiemZlZ
pbx hlijZ\ey_lky ih Z^j_km HHH ©F_jdmjbcLj_c^K_j\bkª
]Fhkd\Zmey IZjdh\Zy^
Ijbf_qZgb_ \ kemqZ_ g_\uiheg_gby i ]ZjZglbcguc kjhd bkqbk
ey_lkyhl^Zluba]hlh\e_gby\_kh\
Ihlj_[bl_evebrZ_lkyijZ\ZgZ]ZjZglbcgh_h[kem`b\Zgb_
ƒ ijb gZjmr_gbb ijZ\be ljZgkihjlbjh\Zgby ojZg_gby b wdk
iemZlZpbb
ƒ ijb gZebqbb f_oZgbq_kdbo ih\j_`^_gby gZjm`guo ^_lZe_c b
maeh\\_kh\
ƒ ijbgZjmr_gbbiehf[
=ZjZglbcgh_b ihke_]ZjZglbcgh_h[kem`b\Zgb_Z lZd`_\\h^\
wdkiemZlZpbx \_kh\ ijhba\h^blky lhevdh ki_pbZebabjh\Zggufb p_g
ljZfb ihj_fhglmb h[kem`b\Zgbxihke_ihemq_gbyaZy\dbhlihlj_[b
l_eygZijh\_^_gb_khhl\_lkl\mxsbojZ[hl:^j_kp_gljZ]ZjZglbcgh
]h h[kem`b\Zgby aZghkblky \ jmdh\h^kl\h ih wdkiemZlZpbb ijb \\h^_
\_kh\\ wdkiemZlZpbx
<_ku iehf[bjmxlky iehf[hc mklZgZ\eb\Z_fhc k gb`g_c klh
jhgudhjimkZk ihfhsvxfZklbdb[blmfghc‹=HKL
=ZjZglbbba]hlh\bl_ey
MdZaZgb_ f_j [_ahiZkghklb
Bkihevah\Zgb_
MdZaZgb_f_j[_ahiZkghklb
D jZ[hl_ k \_kZfb b _z l_ogbq_kdhfm h[kem`b\Zgbx ^he`_g
^himkdZlvky i_jkhgZe ijhr_^rbc bgkljmdlZ` ih l_ogbd_ [_ahiZkgh
klb
<h\j_fyihbkdZg_bkijZ\ghkl_cwe_dljhf_oZgbdhf\k_baf_
jbl_evgh_h[hjm^h\Zgb_^he`gh[ulvgZ^_`ghaZa_fe_gh<k_k[h
jhqghjZa[hjhqgu_jZ[hluaZf_gmwe_f_glh\iZcdmdhglZdlh\ijhba
\h^blvlhevdhijb\udexq_gghc\bed_[ehdZiblZgbybak_l_\hcjha_l
db
WdkiemZlZpbhggu_h]jZgbq_gby
AZij_sZ_lky mklZgZ\eb\Zlv gZ baf_jbl_evgmx ieZlnhjfm \_
kh\]jmafZkkhcij_\urZxs_cGI< d]qlhfh`_lijb\_klbd
nbabq_kdhfmih\j_`^_gbxdhjimkZ\_kh\eb[h\uoh^mbakljhy\_kh
baf_jbl_evgh]h^ZlqbdZ
AZij_sZ_lky mklZgZ\eb\Zlv b wdkiemZlbjh\Zlv \_ku \[ebab
we_dljhgZ]j_\Zl_evguo ijb[hjh\bklhqgbdh\hldjulh]hh]gy
Dhgkljmdpby \_kh\ ij_^mkfZljb\Z_l aZsblm ^ZlqbdZ hl i_j_
]jmadb F_oZgbaf aZsblu hl i_j_]jmaZ fh`_l kjZ[Zlu\Zlv _keb ]jma
fZkkZ dhlhjh]h g_ ij_\urZ_l GI< gh [he__ d] jZaf_s_g gZ djZx
ieZlnhjfuIjbwlhfihdZaZgby\_kh\[m^mlaZgb`_gu
<GBF:GB?<k_]^ZjZaf_sZcl_]jma\ k_j_^bg_ieZlnhjfu
Ih^]hlh\dZd jZ[hl_
<_ku ©F_jdmjbc ª ihklZ\eyxlky
ij_^ijbylb_fba]hlh\bl_e_f kh kgyluf \ughk
guf^bkie__f^Ze__<>Ihke_ba\e_q_gbyba
miZdh\dbg_h[oh^bfhijhba\_klbmklZgh\dm<>\
ke_^mxs_cihke_^h\Zl_evghklb
ƒ hjb_glbjh\Zlv <> iha kh]eZkgh jbk \uj_ahf\ klhcd_ ihad dhjimkm\_kh\iha
ƒ \klZ\blv\ughkghc^bkie_c\ ^_j`Zl_ev
ihajbkg_^himkdZybaehfh\b aZs_fe_
gby]b[dbodZ[_e_c^hmihjZ
ƒ aZnbdkbjh\Zlv\ughkghc^bkie_ck ihfh
svx\bglZihajbk
MklZgh\blv\_kugZklhebebij_^gZagZ
q_ggmx ^ey mklZgh\db \_kh\ ]hjbahglZevgmx
Jbk
ih\_joghklv g_ ih^\_j]Zxsmxky \b[jZpbyf <jZs_gb_f j_]mebjh
\hqguo gh`_d mklZgh\blv \_ku \ kljh]h ]hjbahglZevghf iheh`_gbb
Bkihevah\Zgb_
Ihjy^hd jZ[hlu
dhgljhebjmy ]hjbahglZevghklv mklZgh\db ih mjh\gx jZkiheh`_gghfm
gZ\_jog_c]hjbahglZevghcih\_joghklb dhjimkZke_\Z
MklZgh\blvehlhdgZdhjimk_\_kh\kh]eZkghjbk
Ih^dexqblvk_l_\hcZ^Zil_jd \_kZfb \dexqblv_]h\ jha_ldm
we_dljhk_lbgZijy`_gb_f<qZklhlhc =p
DjZldh\j_f_ggh gZ`Zlv dghidm deZ\bZlmju ©212))ª Ihke_
gZ`ZlbygZbg^bdZlhjZoijh^Z\pZb ihdmiZl_ey \l_q_gb_g_kdhevdbo
k_dmg^bg^bpbjm_lky
Iheh`_gb_ ^_kylbqghc lhqdb mklZgZ\eb\Z_lky \ jZajy^Zo ©P,G:ª b
©<:JL,KLVª ^bkie__\ ijh^Z\pZ b ihdmiZl_ey \ aZ\bkbfhklb hl gZ
kljh_dQ_j_ag_kdhevdhk_dmg^gZ^bkie_yo\_kh\bg^bpbjmxlkygme_
\u_ agZq_gby \ jZajy^Zo ©F:K:ª ©P,G:ª b ©<:JL,KLVª ^bkie__\
ijh^Z\pZb ihdmiZl_ey
MklZgh\dZihdZaZgbcgZghevijbg_h[oh^bfhklblZd`_ijhba
\h^blkydjZldh\j_f_ggufgZ`Zlb_fdghidb©212))ª
<udexq_gb_\_kh\ijhba\h^blkym^_j`Zgb_fdghidb©212))ª
\ gZ`Zlhfiheh`_gbb^hihy\e_gbygZbg^bdZlhj_gZ^ibkb©2))ª
Ihjy^hdjZ[hlu
D jZ[hl_ k \_kZfb ^himkdZ_lky i_jkhgZe bamqb\rbc ^Zggh_
Jmdh\h^kl\h
Ijb h[gZjm`_gbb g_bkijZ\ghklb g_h[oh^bfh ij_djZlblv jZ
[hlmhldexqblv\_kuhliblZxs_ck_lbb \ua\Zlvwe_dljhf_oZgbdZ
JZ[hlm k \_kZfb ijhba\h^blv \ khhl\_lkl\bb k gZklhysbf Jm
dh\h^kl\hf
Bkihevah\Zgb_
LjZgkihjlbjh\Zgb_
Ba^_eby \ miZdh\d_ ^he`gu khojZgylv k\hb iZjZf_lju ihke_
ljZgkihjlbjh\Zgby Z\lhfh[bevguf `_e_agh^hjh`guf \ha^mrguf
ljZgkihjlhf[_ah]jZgbq_gbykdhjhklbb jZkklhygby
LjZgkihjlbjh\Zgb_ ^he`gh ijh\h^blky \ khhl\_lkl\bb k ^_c
kl\mxsbfb ijZ\beZfb
i_j_\hadb ]jmah\ ke_^mxsbfb \b^Zfb
ljZgkihjlZ
ZZ\lhfh[bevguf IjZ\beZi_j_\hadb]jmah\Z\lhfh[bevgufljZgk
ihjlhf_ ba^FLjZgkihjl ]
[ `_e_agh^hjh`guf IjZ\beZi_j_\hadb]jmah\FLjZgkihjl
]b L_ogbq_kdbf mkeh\byfih]jmadbb dj_ie_gby]jmah\FIK]
\ Z\bZpbhgguf \ hlZieb\Z_fuo ]_jf_lbabjh\Zgguo hlk_dZo Jmdh\h^kl\hih]jmah\ufi_j_\hadZf]jZ`^ZgkdhcZ\bZpbb]
<b^hlijZ\db f_edZylbiih^\b`gh]hkhklZ\Z djulu_\Z]h
gub mgb\_jkZevgu_ dhgl_cg_ju
<h \j_fy ih]jmahqghjZa]jmahqguo jZ[hl b ijb ljZgkihjlbjh
\Zgbb ysbdb g_ ^he`gu ih^\_j]Zlvky j_adbf m^ZjZf b \ha^_ckl\bx
Zlfhkn_jguohkZ^dh\
JZkiZdh\dmba^_ebcihke_ljZgkihjlbjh\dbijbhljbpZl_evguo
l_fi_jZlmjZo ke_^m_l ijh\h^blv \ ghjfZevguo mkeh\byo ij_^\Zjb
l_evgh \u^_j`Z\ \_ku g_ jZkiZdh\u\Zy \ l_q_gb_ qZkh\ \ wlbo
mkeh\byo Ij_^\Zjbl_evgh ijh\_jblv khojZgghklv ljZgkihjlghc miZ
dh\dbb gZebqb_iehf[
H[sb_iheh`_gby
<_ku bf_xl j_]bkljh\ ijyfh]h ^hklmiZ ^Zxsbo \hafh`
ghklv ijh^Z\pm ijh]jZffbjh\Zlv lbi b p_gm jZaebqguo lh\Zjh\
qlhiha\hey_lagZqbl_evghmkdhjblvh[kem`b\Zgb_ihdmiZl_e_c
<_kuiha\heyxlijh^Z\pmijhba\h^blvj_]bkljZpbxhlimkdZ_
fuolh\Zjh\
<_ku bf_xl we_dljhgguc `mjgZe \ dhlhjuc aZibku\Z_lky bg
nhjfZpby h[ hlimkdZ_fuo lh\ZjZo ihdmiZl_ex ?keb lh\Zj y\ey_lky
\_kh\uflh\ iZfylvaZghkblkyagZq_gb__]hp_guhlims_gghcfZkku
b klhbfhklb ?keb lh\Zj rlmqguc lh ijhba\h^blky nbdkZpby p_gu
dhebq_kl\Z b klhbfhklb < ijhp_kk_ h[kem`b\Zgby ihdmiZl_ey ijh^Z
\_p bf__l \hafh`ghklv ijhkfhljZ \k_o hlims_gguo lh\Zjh\ k \ha
fh`ghklvxm^Ze_gbyex[h]hbagboIjbjZkq_l_k ihdmiZl_e_fijhba
LjZgkihjlbjh\Zgb_
LjZgkihjlbjh\Zgb_
Hnhjfe_gb_ j_amevlZlh\ ih\_jdb
L_ogbq_kdh_h[kem`b\Zgb_
<eZ^_evpm \_kh\ p_e_khh[jZagh ihklZ\blv \_ku gZ l_ogbq_
kdh_ h[kem`b\Zgb_ \ ki_pbZevghc hj]ZgbaZpbb gZqbgZy k fhf_glZ
\\h^Zbo\ wdkiemZlZpbx
JZ[hluih\\h^m\ wdkiemZlZpbxb l_ogbq_kdhfmh[kem`b\Zgbx
\uihegyxlkylhevdhki_pbZebabjh\Zggufbij_^ijbylbyfbmiheghfh
q_ggufbij_^ijbylb_fba]hlh\bl_e_faZkq_lihlj_[bl_ey
JZ[hlu ih l_ogbq_kdhfm h[kem`b\Zgbx hkms_kl\eyxlky g_
j_`_h^gh]hjZaZ\ f_kypb \dexqZxl\ k_[yke_^mxsb_hi_jZpbb
² \g_rgbchkfhlj\_kh\
² ijh\_jdm ijZ\bevghklb ihdZaZgbc \_kh\ k bkihevah\Zgb_f dhg
ljhevguo]bjv
Ijb wdkiemZlZpbb \_kh\ ihlj_[bl_ev h[yaZg _`_^g_\gh ke_
^blvaZijZ\bevghcmklZgh\dhc\_kh\gZjZ[hq_ff_kl_ihmjh\gx
G_h[oh^bfh ijhba\h^blv _`_^g_\gmx ijhlbjdm deZ\bZlmju
^bkie__\ijh^Z\pZb ihdmiZl_eyoehiqZlh[mfZ`ghcldZgvx
OjZg_gb_
Ba^_eby ke_^m_l ojZgblv gZ kl_eeZ`Zo\ hlZieb\Z_fuoihf_
s_gbyoijbl_fi_jZlmj_ \ha^moZhl q&^h qKijbhlghkbl_ev
ghc\eZ`ghklb\ha^moZg_[he__ijbkh^_j`Zgbb\ \ha^mo_iueb
fZkeZ \eZ]b b Z]j_kkb\guo ijbf_k_c g_ ij_\urZxsbo ghjf mklZ
gh\e_gguo =HKL ^ey jZ[hq_c ahgu ijhba\h^kl\_gguo ihf_
s_gbc
Ijbf_qZgb_ L_jfbg ©OjZg_gb_ª hlghkblky lhevdh d ojZg_gbx \
kdeZ^kdbo ihf_s_gbyo ihlj_[bl_ey beb ihklZ\sbdZ b g_ jZkijh
kljZgy_lky gZojZg_gb_ba^_ebcgZ`_e_agh^hjh`guokdeZ^Zo
KdeZ^bjh\Zgb_ miZdh\Zgguo ba^_ebc ^he`gh ijhba\h^blky g_
[he__q_f\ yjmkh\ih\ukhl_JZkklhygb_f_`^mkdeZ^bjh\Zggufb
ba^_ebyfb kl_gZfb b ihehf ^he`gh
[ulv g_ f_g__ kf
L_ogbq_kdh_ h[kem`b\Zgb_
J_`bfu jZ[hlu \_kh\
\h^blkyhqbkldZ`mjgZeZ
<_kubf_xl\hafh`ghklvh[f_gZbgnhjfZpb_ch \_k_p_g_b
klhbfhklb lh\ZjZ k dZkkh\uf ZiiZjZlhf ©F_jdmjbcNª beb ZiiZ
jZlhf^jm]hcfZjdbih^^_j`b\ZxsbfZgZeh]bqgucijhlhdheh[f_gZ
J_`bfu jZ[hlu\_kh\
<_kufh]mljZ[hlZlv\ h^ghfbake_^mxsboj_`bfh\
² ©<a\_rb\Zgb_\_kh\h]hlh\ZjZª
² ©>h[Z\e_gb_p_gurlmqgh]hlh\ZjZª
² ©Mfgh`_gb_p_gurlmqgh]hlh\ZjZª
² ©JZ[hlZk aZijh]jZffbjh\Zggufblh\ZjZfbª
² ©H[kem`b\Zgb_ihdmiZl_eyª
² ©LZjZª
² ©JZ[hlZk dZkkh\ufZiiZjZlhfª
² ©MklZgh\dZiZjZf_ljh\jZ[hluª
² ©Ih\_jdZª
©<a\_rb\Zgb_\_kh\h]hlh\ZjZª
>ey \a\_rb\Zgby \_kh\h]h lh\ZjZ g_h[oh^bfh ihf_klblv lh\Zj gZ
ieZlnhjfm\_kh\\\_klbp_gmaZd]gZ`Zlvdghidm©€ªIhke_wlh]h
agZq_gby\_kZ\a\_rb\Z_fh]hlh\ZjZ_]hp_gub klhbfhklbaZghkylky
\ iZfylv ^ey ^Zevg_cr_c h[jZ[hldb \ j_`bf_ ©H;KEM@B<:
GB? IHDMI:L?EYª lhevdh ihke_ klZ[bebaZpbb agZq_gby \_kZ H
^hklb`_gbbklZ[bebaZpbb\_kZkb]gZebabjm_lbg^bdZlhj+/'
H gZebqbb\ iZfylb \_kh\uob rlmqguolh\Zjh\hlims_gguol_dms_fm
ihdmiZl_exkhh[sZ_lbg^bdZlhj+/$
©>h[Z\e_gb_p_gurlmqgh]hlh\ZjZª
>ey^h[Z\e_gbyp_gurlmqgh]hlh\ZjZg_h[oh^bfhgZ`Zlvdghidm©ª
deZ\bZlmju gZ bg^bdZlhj_ +/ bg^bpbjm_lky ©Gª ± jmqgZy ijh^Z`Z
rlmqgh]hlh\ZjZ\\_klbp_gmb gZ`Zlvdghidm©€ªihke_q_]hagZq_
gb_ klhbfhklb rlmqgh]h lh\ZjZ aZghkblky \ iZfylv ^ey ^Zevg_cr_c
h[jZ[hldb\ j_`bf_©H;KEM@B<:GB?IHDMI:L?EYª
©Mfgh`_gb_p_gurlmqgh]hlh\ZjZª
>eymfgh`_gbyp_gu rlmqgh]hlh\ZjZg_h[oh^bfh
² gZ`Zlvdghidm©ªdeZ\bZlmju
² \\_klbp_gmaZrl
² gZ`Zlvdghidm©Oª
² \\_klbdhebq_kl\hhlimkdZ_fuolh\Zjh\
Bkihevah\Zgb_
J_`bfu jZ[hlu \_kh\
² gZ`Zlvdghidm©€ªagZq_gb_p_gurlmqgh]hlh\ZjZ_]hdhebq_kl\Z
b klhbfhklb aZghkblky \ iZfylv^ey^Zevg_cr_ch[jZ[hldb\ j_`bf_
©H;KEM@B<:GB?IHDMI:L?EYª
©JZ[hlZk aZijh]jZffbjh\Zggufb lh\ZjZfbª
< \_kZo ij_^mkfhlj_gZ \hafh`ghklvojZg_gbyb hi_jZlb\gh]h\uah\Z
bgnhjfZpbbh p_g_g_[he__]jgdhib lbi_lh\Zjh\
Ijh]jZffbjh\Zgb_lh\Zjh\
>ey mklZgh\db j_`bfZ ©ijh]jZffbjh\Zgb_ lh\Zjh\ª g_h[oh^bfh gZ
`Zlvdghidm©Fªihke_q_]hgZ^bkie__bg^bpbjm_lky©$GUª
>eyijh]jZffbjh\Zgbylh\Zjh\g_h[oh^bfh\uihegblvke_^mxs__
² \u[jZlv yq_cdm iZfylb \ dhlhjmx <u ohlbl_ aZijh]jZffbjh\Zlv
p_gmb lbilh\ZjZ^eyq_]hgZ`Zlvdghidmijyfh]h^hklmiZbebgZ
[jZlvghf_jyq_cdb«b gZ`Zlvdghidm©3/8ªihke_\u[hjZ
yq_cdbgZ^bkie__bg^bpbjm_lkyl_dmsb_khojZg_ggu_p_gZb lbi
lh\ZjZ
² \\_klbp_gmlh\ZjZ
² ^eybaf_g_gbylbiZlh\ZjZgZrlmqguc± gZ`Zlvdghidm©ªgZ\_
kh\hc ± dghidm ©ª ijb ijh]jZffbjh\Zgbb rlmqgh]h lh\ZjZ gZ
^bkie__bg^bpbjm_lky©ª\ ijhlb\ghfkemqZ_ ©ª
² gZ`Zlvdghidm©€ª^eyaZibkb\ iZfylv
>Zggu_hi_jZpbbijh^_eu\Zxlky^eydZ`^h]hi_j_ijh]jZffbjm_fh]h lh\ZjZ
>ey aZ\_jr_gby jZ[hlu \ j_`bf_ ©Ijh]jZffbjh\Zgb_ lh\Zjh\ª gZ
`Zlvdghidm©Fª
Bkihevah\Zgb_aZijh]jZffbjh\Zgguo lh\Zjh\
>eyjZ[hluk aZijh]jZffbjh\Zggufblh\ZjZfbg_h[oh^bfh
² ihf_klblvlh\Zj_kebhgjZa\_kghcgZ\_ku
² gZ`Zlv khhl\_lkl\mxsmx dghidm ijyfh]h ^hklmiZ beb gZ[jZlv gh
f_jyq_cdbiZfylb«b gZ`Zlvdghidm©3/8ª^Zggu_h p_g_aZ
d] \uau\Zxlky ba iZfylb b bg^bpbjmxlky \ ihe_ bg^bdZpbb pgZd]
?keblh\ZjrlmqguclhgZ^bkie__\_kh\bg^bpbjmxlky^Zggu_p_gu
aZ rlIjbg_h[oh^bfhklb<ufh`_l_gZ`Z\dghidm©Oª\\_klbdh
ebq_kl\hrlmd^Zggh]hlh\ZjZhlimkdZ_fh]hihdmiZl_ex
² gZ`Zlv dghidm ©€ª \_k p_gZ b klhbfhklv lh\ZjZ aZghkylky \ iZ
fylv ^ey ^Zevg_cr_c h[jZ[hldb \ j_`bf_ ©H;KEM@B<:GB? IHDM
I:L?EYª
Hnhjfe_gb_ j_amevlZlh\ ih\_jdb
gbyfb\_kh\ijbdZ`^hcgZ]jmad_
<uqbke_ggu_ jZaghklb g_ ^he`gu ij_\urZlv ij_^_eh\ ^himkdZ_fhc
ih]j_rghklb^ey^ZgghcgZ]jmadb
Hij_^_e_gb_ihjh]Zqm\kl\bl_evghklb\_kh\
Ihjh]qm\kl\bl_evghklb\_kh\hij_^_eyxlijbo agZq_gbyogZ]jmahd
GfI<GI<b GI<
GZ]jm`Zxl \_ku ^h GfI< b ^h[Z\eyxl ^_kylv ^hihegbl_evguo ]bjv
fZkkhc ih _ AZibku\Zxl ihdZaZgb_ b gZqbgZxl m^Zeylv ih h^ghc
^hihegbl_evghc]bj_^hl_oihjihdZihdZaZgb_\_kh\g_mf_gvrblky
q_ldhgZh^gh^_e_gb_Hklhjh`gh\ha\jZsZxlgZ]jmahijb_fgh_mkl
jhckl\hh^gmbakgyluo]bjvb ieZ\gh^h[Z\eyxl]bjbfZkkhcGIjb
wlhfihdZaZgb_\_kh\^he`ghbaf_gblvkygZh^gh^_e_gb_
:gZeh]bqghijh\_jyxlihjh]qm\kl\bl_evghklbijb^jm]bogZ]jmadZo
Hnhjfe_gb_j_amevlZlh\ih\_jdb
Iheh`bl_evgu_j_amevlZluih\_jdbhnhjfeyxl
ijb \uimkd_ ba ijhba\h^kl\Z aZibkvx \ IZkihjl_ aZ\_j_gghc
ih^ibkvx ih\_jbl_ey k gZg_k_gb_f hllbkdZ ih\_jbl_evgh]h de_cfZ b
iehf[bjh\Zgb_faZdju\Zxs_f^hklmid mkljhckl\mdZeb[jh\db
ijb i_jbh^bq_kdhc ih\_jd_ jZ\gh dZd b ijb \uimkd_ \_kh\ ihke_
j_fhglZ gZg_k_gb_f hllbkdZ ih\_jbl_evgh]h de_cfZ gZ fZklbdm
iehf[uaZdju\Zxs_c^hklmid mkljhckl\mdZeb[jh\db
<_ku g_ m^h\e_l\hjyxsb_ mklZgh\e_gguf lj_[h\Zgbyf d \u
imkdm b ijbf_g_gbx g_ ^himkdZxl g_ de_cfyl b \u^Zxl ba\_s_gb_ h
g_ijb]h^ghklb\ khhl\_lkl\bbk IJ
©H[kem`b\Zgb_ihdmiZl_eyª
Ihke_\\h^ZdZ`^hcbaihdmihd\ we_dljhgguc`mjgZe\_kh\gZ`Zlb_f
Bkihevah\Zgb_
F_lh^u b kj_^kl\Z ih\_jdb
Ijh\_^_gb_ ih\_jdb
J_`bfu jZ[hlu \_kh\
=bjb gZdeZ^u\Zxl ihhq_j_^gh >ey bkdexq_gbyih]j_rghklbhdjm]e_
gbypbnjh\hcbg^bdZpbbijbdZ`^hcgZ]jmad_gZ]bjxihke_klZ[beb
aZpbb ihdZaZgbc ihkl_i_ggh ^hdeZ^u\Zxl ^hihegbl_evgu_ ]bjb fZk
khc_^hl_oihjihdZihdZaZgb_g_m\_ebqblkygZh^gh^_e_gb_
Ih]j_rghklv\_kh\ijbdZ`^hcgZ]jmad_\uqbkeyxlihnhjfme_
dghidb©€ª ijh^Z\_p bf__l \hafh`ghklv ijhkfhljZ \k_o hlims_gguo
lh\Zjh\ihdmiZl_exhkms_kl\e_gby\ha\jZlZihdmidbZ lZd`_jZkq_lZ
k^Zqb
Ijhkfhljh[s_ckmffuhlims_gguoihdmiZl_exlh\Zjh\
² gZoh^ykv\ j_`bf_\a\_rb\ZgbygZ`Zlvdghidm©'
'ªijbwlhf\_ku
i_j_oh^yl \ j_`bf ijhkfhljZ dhebq_kl\Z b h[s_c klhbfhklb hl
ims_gguoihdmiZl_exlh\Zjh\
² gZ`Zlvdghidm©Kª^ey\ha\jZlZ\ j_`bf\a\_rb\Zgby
I F _ F P
]^_ F ihdZaZgby\_kh\ijbgZ]jm`_gbb]bjyfbF
F ghfbgZevgh_agZq_gb_fZkku]bjv
P ghfbgZevgh_agZq_gb_fZkku^hihegbl_evguo]bjv
Hij_^_e_gb_ ih]j_rghklb ijb g_p_gljZevghf iheh`_gbb ]jmaZ ijh
\h^ylke_^mxsbfh[jZahf
=jmahijb_fgmx qZrdm \bamZevgh ^_eylgZq_luj_ijyfhm]hevgu_qZk
lb < p_glj dZ`^hc ba o qZkl_c ihke_^h\Zl_evgh ihf_sZxl ]bjx
[ebadmxihfZkk_d GI<\_kh\Hij_^_eyxlih]j_rghklv\ dZ`^hc
lhqd_ihf_lh^bd_baeh`_gghc\ur_
Ihemq_ggu_ ih]j_rghklb \_kh\ g_ ^he`gu ij_\urZlv ij_^_eh\ ^h
imkdZ_fuoih]j_rghkl_c^eydZ`^hcgZ]jmadb
Hij_^_e_gb_ ih]j_rghklb ^ey gZ]jmahd g_llh ijb jZ[hl_ mkl
jhckl\Z\u[hjdbfZkkulZju
Hij_^_e_gb_ ih]j_rghklb ^ey gZ]jmahd g_llh ijh\h^yl ijb ^\mo agZ
q_gbyofZkkulZjub hlgZb[hevr_]hagZq_gbyfZkkulZju
dhlhjZyfh`_l[ulvih^\_j]gmlZ\u[hjd_ GZ]jm`Zxl\_kugZhl
gZb[hevr_]h agZq_gby fZkku lZju dhlhjZy fh`_l [ulv ih^\_j]gmlZ
\u[hjd_ lZjbjmxl b k ihfhsvx ]bjv deZkkZ F hij_^_eyxl ih]j_r
ghklv ^ey iylb gZ]jmahd g_llh ijb[ebabl_evgh jZ\ghf_jgh jZkij_^_
e_gguo lZd dZd hibkZgh \ i aZl_f \ dZq_kl\_ lZju [_jml gZ
]jmadm ijbf_jgh jZ\gmx hl gZb[hevr_]h agZq_gby fZkku lZju
dhlhjZyfh`_l[ulvih^\_j]gmlZ\u[hjd_Hi_jZpbbih\lhjyxl
Ih]j_rghklbg_^he`guij_\urZlvij_^_eh\^himkdZ_fuoih]j_rgh
kl_c^eykhhl\_lkl\mxsbogZ]jmahdg_llh
Hij_^_e_gb_jZafZoZj_amevlZlh\baf_j_gbc
JZafZoj_amevlZlh\baf_j_gbchij_^_eyxlijb^\moagZq_gbyogZ]jma
dbijbf_jghjZ\guoGI<b GI<
IjbdZ`^hcgZ]jmad_\uihegyxlihljbgZ]jm`_gbyb jZa]jm`_gbyBk
ihevamxl ^hihegbl_evgu_ ]bjb fZkkhc jZ\ghc _ ^ey bkdexq_gby
ih]j_rghklb hdjm]e_gby ijb dZ`^hf gZ]jm`_gbb dZd hibkZgh \ i
Hij_^_eyxl jZaghklb f_`^m fZdkbfZevguf b fbgbfZevguf ihdZaZ
F_lh^u b kj_^kl\Z ih\_jdb
Ijhkfhljlh\Zjh\
² gZoh^ykv\ j_`bf_ijhkfhljZh[s_cklhbfhklbhlims_gguoihdm
'ª \_ku i_j_oh^yl \ j_`bf ijh
iZl_ex lh\Zjh\ gZ`Zlv dghidm ©'
kfhljZihdmihdh ijhkfhlj_kb]gZebabjm_lkbf\he©IªgZbg^bdZ
'ª hkms_kl\ey_lky
lhj_ +/ ijb ke_^mxsbo gZ`Zlbyo dghidb ©'
ihke_^h\Zl_evgucijhkfhljhlims_gguolh\Zjh\
² gZ`Zlvdghidm©KªdeZ\bZlmju^ey\ha\jZlZ\ j_`bf\a\_rb\Zgby
<ha\jZlhl^_evguolh\Zjh\
² ^ey \ha\jZlZ dZdh]h eb[h lh\ZjZ g_h[oh^bfh dghidhc ©'
'ª \u
[jZlv ^Zggu_ h \ha\jZsZ_fhc ihdmid_ dhlhjmx ihdmiZl_ev \ha
\jZsZ_lb gZ`Zlvdghidm©ª
JZkq_lk^Zqbb aZ\_jr_gb_h[kem`b\ZgbyihdmiZl_ey
² gZoh^ykv \ j_`bf_ ijhkfhljZ h[s_c klhbfhklb ihdmihd gZ`Zlv
dghidm©ªgZ^bkie__bg^bpbjm_lky©3$&F^ª
² \\_klbkmffmihemq_ggmxhlihdmiZl_ey
² gZ`Zlvdghidm©€ª
² _keb\\_^_ggZykmffZhdZ`_lkyf_gvr_h[s_cklhbfhklbihdmihd
gZ ^bkie__ djZldh\j_f_ggh bg^bpbjm_lky ©HUURUª b \_ku \ha\jZ
sZxlky \ j_`bf ijhkfhljZ h[s_c kmffu ihdmihd ba dhlhjh]h
fh`gh i_j_clb \ j_`bf ijhkfhljZ ihdmihd gZijbf_j ^ey m^Ze_
gbyg_dhlhjuobebijhba\_klbih\lhjgucjZkq_lk^Zqb?kebjZk
q_l k^Zqb ijhr_e mki_rgh lh gZ ^bkie__ \uk\_qb\Z_lky kmffZ
k^Zqbkhijh\h`^ZxsZykygZ^ibkvx©&^$$ª
² ^eyhdhgqZgbyh[kem`b\ZgbyihdmiZl_eyb m^Ze_gbybaiZfylb lh
\Zjh\b h[s_cklhbfhklbihdmihdg_h[oh^bfhgZoh^ykv\ j_`bf_
ijhkfhljZ h[s_c klhbfhklb ihdmihd beb kmffu k^Zqb gZ`Zlv
dghidm©€ªgZ`Zlb_dghidb©Kª\ wlboj_`bfZo\ha\jZsZ_l\_ku\
j_`bf \a\_rb\Zgby [_a hqbs_gby iZfylb ^ey ^Zevg_cr_]h h[
kem`b\ZgbyihdmiZl_ey
Bkihevah\Zgb_
©LZjZª
J_`bfu jZ[hlu \_kh\
>eyjZ[hlu\ j_`bf_aZ^ZgbylZjug_h[oh^bfh
² mklZgh\blvlZjmgZbaf_jbl_evgmxieZlnhjfm\_kh\
² gZ`Zlvdghidm©LªLZjZ
² aZ]hjZ_lkybg^bdZlhj+/( ©Bg^bdZpbymklZgh\dblZjuª
IjbkgylbblZjuk baf_jbl_evghc ieZlnhjfu\_kh\__ \_kbg^bpbjm
ªIjb\a\_rb\Zgbblh\Zjh\ihf_s_gguo\ wlhclZ
_lkykhagZdhf©
j_gZ^bkie__[m^_lbg^bpbjh\Zlvky\_kG?LLH
Ijbhk\h[h`^_gbbijb_fgh]hehldZ\_kh\g_aZ\bkbfhhlj_`bfZlZju
gZbg^bdZlhj_aZ]hjZ_lkybg^bdZlhj+/) nbdkZpby©ª
Ijbf_qZgb_ Ijb \dexq_gbb \_kh\g_h[oh^bfhhk\h[h^blv]jmahijb
_fgucehlhd
©JZ[hlZk dZkkh\ufZiiZjZlhfª
<_ku ©F_jdmjbc ª ^himkdZxl \hafh`ghklv jZ[hlu ih bgl_j
n_ckm56k dhgljhevghdZkkh\hcfZrbghcDDF©F_jdmjbcNª
beb mkljhckl\Zfb ^jm]bo fZjhd ih^^_j`b\Zxsbfb ZgZeh]bqgu_ ijh
lhdheu h[f_gZ hibkZgb_ ijhlhdheZ fh`gh ihemqblv \ Bgl_jg_l_ ih
Z^j_km ZZZPHJKROGLQJUX Ih^dexq_gb_ DDF ijhba\h^blky ijb ih
fhsb bgl_jn_ckgh]h gmevfh^_fgh]h dZ[_ey d bgl_jn_ckghfm jZat_
fm iha jbk Ihjy^hd jZ[hlu ijb\_^_g \ jmdh\h^kl\_ ih wdk
iemZlZpbbkhhl\_lkl\mxs_]hmkljhckl\Z
©MklZgh\dZiZjZf_ljh\jZ[hluª
MklZgh\dZ^_kylbqghclhqdb
>eymklZgh\db^_kylbqghclhqdbhl^_eyxs_cfeZ^rb_jZajy^ubg^b
dZlhjh\p_gub klhbfhklbg_h[oh^bfh
² gZ`Zlv dghidm ©ª b m^_j`b\Zy _z gZ`Zlv dghidm ©212))ª gZ
^bkie__ ihy\blky khh[s_gb_ ©G3 ª l_dmsZy mklZgh\dZ ± ^_ky
lbqgZylhqdZhl^_ey_l^\ZfeZ^rbojZajy^Zp_gub klhbfhklb
² \\_klb gh\h_ iheh`_gb_ ^_kylbqghc lhqdb hl ^h gZ`Z\ khhl
\_lkl\mxsmxpbnjh\mxdghidm
² gZ`Zlv dghidm ©€ª ^ey aZihfbgZgby gh\hc mklZgh\db gZ ^bkie__
ihy\blkykhh[s_gb_©(QGª
MklZgh\dZ\j_f_gbZ\lhfZlbq_kdh]hhldexq_gbyiblZgby
< \_kZo ij_^mkfhlj_gZnmgdpbyZ\lhfZlbq_kdh]hhldexq_gbyiblZgby
\_kh\ _keb \ l_q_gb_ aZ^Zggh]h \j_f_gb gZ \_kZo g_ ijhba\h^behkv
gbdZdbo hi_jZpbc >ey mklZgh\db \j_f_gb Z\lhhldexq_gby g_h[oh^b
fh
² gZ`Zlv dghidm ©ª b m^_j`b\Zy _z gZ`Zlv dghidm ©212))ª gZ
^bkie__ihy\blkykhh[s_gb_©W2)) ªl_dmsZymklZgh\dZ\j_f_
Bkihevah\Zgb_
Ijh\_^_gb_ ih\_jdb
Ijh\_^_gb_ih\_jdb
<g_rgbchkfhljHijh[h\Zgb_
Ijb\g_rg_fhkfhlj_\_kh\^he`gh[ulvmklZgh\e_gh
hlkmlkl\b_\b^bfuoih\j_`^_gbcdhjimkZ\_kh\
khojZgghklveZdhdjZkhqguoihdjulbc
gZebqb_b khojZgghklv\k_ogZ^ibk_cb fZjdbjh\db
Ijbhijh[h\Zgbbijh\_jyxljZ[hlhkihkh[ghklv\_kh\
ijZ\bevghklvijhoh`^_gbyl_klZijb\dexq_gbb\_kh\
hlkmlkl\b_pbnjh\uoihdZaZgbcfZkkuaZagZq_gb_fGI<_
Ijh\_jdm ij_^_eh\ bg^bdZpbb \_kh\ ijh\h^yl gZ]jm`_gb_f \_kh\ ]b
jyfbfZkkhcjZ\ghcGI<?kebihdZaZgby\_kh\ijbwlhff_gvr_q_f
GI<ghgZoh^ylky\ ij_^_eZo^himkdZ_fuoih]j_rghkl_clhg_h[oh
^bfh ^h[Z\blv ^hihegbl_evgu_ ]bjb ihdZ ihdZaZgby \_kh\ g_ klZgml
jZ\gufbGI<AZl_f^h[Z\blv]bjbjZ\gu__Ijbwlhfbg^bdZpby
\_kh\^he`gZhldexqblky
Ijh\_jdZwe_dljbq_kdhcijhqghklbbaheypbb
Ijh\_jdm we_dljbq_kdhc ijhqghklb baheypbb ijh\h^yl gZ \ukhdh
\hevlghcmklZgh\d_BkiulZl_evgh_gZijy`_gb_ieZ\gh\ l_q_gb_
k ih\urZxl^h d<b \u^_j`b\Zxl\ l_q_gb_ fbgBkiulZgbyijh
\h^blvijb\udexq_gghfi_j_dexqZl_e_k_lb
We_dljbq_kdh_khijhlb\e_gb_baheypbbijh\_jyxlf_]hff_ljhf
gZ < ih^dexqZy ihiZjgh ijh\_jy_fu_ dhglZdlu d aZ`bfZf f_
]hff_ljZBaf_j_gbyijh\h^ylk \udexq_ggufi_j_dexqZl_e_fk_lb
Hij_^_e_gb_f_ljheh]bq_kdbooZjZdl_jbklbd
Hij_^_e_gb_ih]j_rghklbihke_mklZgh\dbgZgmevijhba\h^yl
\ ke_^mxs_cihke_^h\Zl_evghklb
GZ]jm`Zxl \_ku ]bjyfb fZkkhc jZ\ghc _ ^h baf_g_gby ihdZaZgbc
gZh^gh^_e_gb_H^gmba]bjvfZkkhcjZ\ghc_ kgbfZxlb mkljhc
kl\hfmklZgh\dbgZgmevk ihfhsvxdghidbGMEVmklZgZ\eb\Zxlih
dZaZgby gZ gmev AZl_f ihke_^h\Zl_evgh gZ]jm`Zxl ]bjyfb fZkkhc
_^hl_oihjihdZihdZaZgb_\_kh\g_\hajZkl_lgZh^gh^_e_gb_
<uqbkeyxlih]j_rghklvmklZgh\dbgZgmevihnhjfme_
' _ f ]^__ p_gZih\_jhqgh]h^_e_gby
f fZkkZ ^hihegbl_evguo ]bjv \ua\Z\rZy baf_g_gb_
ihdZaZgby\_kh\gZh^gh^_e_gb_
Ihemq_ggh_agZq_gb_ih]j_rghklbg_^he`ghij_\urZlvr_
Hij_^_e_gb_ih]j_rghklb\_kh\
Ih]j_rghklv\_kh\hij_^_eyxlijbgZ]jm`_gbb^hGI<b jZa]jm`_gbb
gZ]jmadZfbjZ\gufb____GI<
F_lh^u b kj_^kl\Z ih\_jdb
Lj_[h\Zgby [_ahiZkghklb
GZbf_gh\Zgb_kj_^kl\ih\_jdbb bol_ogbq_kdb_oZ
Ghf_jimgdlZ
jZdl_jbklbdb
=jmau[ebadb_ihfZkk_d GI<
=bjbdeZkkZF ih=HKL
=bjbdeZkkZF ih=HKL
=bjbdeZkkZF ih=HKL
=jmau[ebadb_ihfZkk_d hlGI<b hl
GI<
=bjbdeZkkZF ih=HKL
=jmau[ebadb_ihfZkk_d hlGI<b GI<
=bjbdeZkkZF ih=HKL =jmau[ebadb_ihfZkk_d GfI<hlGI<b
GI<
=bjbdeZkkZF ih=HKL
Lj_[h\Zgby[_ahiZkghklb
D jZ[hl_ ih ih\_jd_ \_kh\ fh]ml [ulv ^hims_gu khljm^gbdb
ijhr_^rb_ bgkljmdlZ` ih l_ogbd_ [_ahiZkghklb we_dljhmklZgh\hd k
gZijy`_gb_f<
J_`bfu jZ[hlu \_kh\
gbZ\lhhldexq_gby± nmgdpbyZ\lhhldexq_gbyg_Zdlb\gZ
² \\_^bl_gh\h_agZq_gb_\j_f_gbZ\lhhldexq_gby\ fbgmlZohl^h
gZ`Z\khhl\_lkl\mxsmxpbnjh\mxdghidmbeb^eyhldexq_gby
^Zgghcnmgdpbb
² gZ`Zlv dghidm ©€ª ^ey aZihfbgZgby gh\hc mklZgh\db gZ ^bkie__
ihy\blkykhh[s_gb_©(QGª
Hldexq_gb_a\mdh\h]hkhijh\h`^_gbygZ`Zlbydghihd
>eyhldexq_gbya\mdh\h]hkhijh\h`^_gbygZ`Zlbydghihdg_h[oh^bfh
gZ`Zlv dghidm ©ª b m^_j`b\Zy _z gZ`Zlvdghidm©212))ªGZ^bk
ie__ djZldh\j_f_ggh ihy\blky khh[s_gb_ ©6RXQG 2))ª ihke_ q_]h
\_ku i_j_c^ml \ j_`bf \a\_rb\Zgby <dexq_gb_ a\mdh\h]h khijh\h`
^_gby gZ`Zlby dghihd ijhba\h^blkyZgZeh]bqghb khijh\h`^Z_lkykh
h[s_gb_f©6RXQGRQª
©Ih\_jdZª
>Zggucj_`bfbkihevam_lkyijbih\_jd_\_kh\ki_pbZebabjh\Zggufb
ij_^ijbylbyfbmiheghfhq_ggufbij_^ijbylb_fba]hlh\bl_e_f\u
ihegylvjZ[hluihj_fhglmb l_ogbq_kdhfmh[kem`b\Zgbx
Mkeh\byih\_jdb
Hi_jZpbb ih \k_f imgdlZf gZklhys_c f_lh^bdb ijh\h^yl ijb
ex[hf khq_lZgbc \ebyxsbo nZdlhjh\ khhl\_lkl\mxsbo jZ[hqbf mk
eh\byfwdkiemZlZpbbih\_jy_fuo\_kh\
l_fi_jZlmj_hdjm`Zxs_]h\ha^moZqK «««««hl^h
hlghkbl_evghc\eZ`ghklbhdjm`Zxs_]h\ha^moZ«hl^h
Ih^]hlh\dZd ih\_jd_
I_j_^ijh\_^_gb_fih\_jdbg_h[oh^bfh
Ijb\_klb \_ku \ jZ[hq__ khklhygb_ \ khhl\_lkl\bb k Jmdh\h
^kl\hfihwdkiemZlZpbb
<u^_j`Zlv \_ku ijb ihklhygghc l_fi_jZlmj_ \ l_q_gb_ o qZ
kh\
Ijh\h^blvih\_jdmijbkdhjhklb\ha^moZg_[he__fk
<dexqblv\_kub ijh]j_lvbo\ l_q_gbbg_f_g__fbgml
F_lh^u b kj_^kl\Z ih\_jdb
Bkihevah\Zgb_
Hi_jZpbb ih\_jdb
F_lh^ub kj_^kl\Zih\_jdb
<_kuih^e_`Zl]hkm^Zjkl\_gghcih\_jd_ijb\uimkd_baijhba\h^kl\Z
ih\_jdZ \_kh\ ijh\h^blky ih f_lh^bd_ ih\_jdb \_kh\ lhj]h\uo we_d
ljhgguo ©F_jdmjbc ª jZajZ[hlZgghc =PB KB ©<GBBF
bf > B F_g^_e__\Zª
Hkgh\gh_ih\_jhqgh_h[hjm^h\Zgb_± ]bjb ,9jZajy^Z=HKL
F_`ih\_jhqgucbgl_j\Ze± f_kyp_\
Hi_jZpbbih\_jdb
Ijb ijh\_^_gbb ih\_jdb ^he`gu [ulv \uiheg_gu hi_jZpbb
mdZaZggu_\ lZ[e
Kj_^kl\Z ih\_jdb
‹‹
ii
GZbf_gh\Zgb_hi_
jZpbb
<g_rgbchkfhlj
Ijh\_jdZwe_dljbq_
kdhcijhqghklbbah
eypbb
Ijh\_jdZkhijhlb\
e_gbybaheypbb
Hijh[h\Zgb_
Hij_^_e_gb_f_l
jheh]bq_kdbooZjZd
l_jbklbd
Hij_^_e_gb_ih
]j_rghklbg_gZ]jm
`_gguo\_kh\ihke_
ijbf_g_gbymkljhc
kl\ZmklZgh\dbgZ
gmev
Hij_^_e_gb_ih
]j_rghklb\_kh\
Hij_^_e_gb_ih
]j_rghklb^eygZ
]jmahdg_llhijbjZ
[hl_mkljhckl\Z\u
[hjdbfZkkulZju
Hij_^_e_gb_jZafZ
oZj_amevlZlh\ba
f_j_gbc
Hij_^_e_gb_ihjh]Z
qm\kl\bl_evghklb
\_kh\
F_lh^u b kj_^kl\Z ih\_jdb
Ghf_j
imgdlZ
LZ[ebpZ
<uiheg_gb_hi_jZpbbijb
i_j\bqghc i_jbh^bq_kdhc
ih\_jd_
ih\_jd_
>Z
>Z
>Z
G_l
>Z
G_l
>Z
>Z
>Z
>Z
>Z
>Z
>Z
>Z
>Z
>Z
>Z
>Z
>Z
>Z
Kj_^kl\Zih\_jdb
Ijb ih\_jd_ ijbf_gyxlky kj_^kl\Z baf_j_gbc mdZaZggu_ \
lZ[e
LZ[ebpZ
F_lh^u b kj_^kl\Z ih\_jdb
Download