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X CMCM
VMOHRYM
RX@HODNL YMGMT
Vxaevn{ m R{hk{hlmbnrmdke`m lnovhthj ry{ninlon
S{hirohilma Ry{nlah ihdea{nyrah nabm oh
'RIN- m ies{hirohinvn oxtm Iedn ln{ein Ke$
rlh m Gh{bhjevmlh Rx`hodnl Ymgmt ekm`ohcme oh
ox|h{ x Vxaevn{x m Lhdhymlx ;3 jeimqlombx
ei mz`nran mz r{sramg aelbhly{nbmelmg `eje{n,
s{hlerm Fhln
X e{jnlmznbm om G{vnyraej i{xqyvn r{sramg
aelbhly{nbmelmg `eje{n x Vxaevn{x oh ei{cnln rvh$
|nln nanihdm on ae oeo rx, se{hi |`nlevn i{xqyvn,
lomgevmg se{eimbn, s{hirynvlman j{nin Vxaevn{n m k{n $
lm`nbn Vxaevn{n, s{mrxryvevn`n m mznr`nlryvn s{hirohilm$
an m s{hdm oh{n yh V`nih m Rnke{n [hsxk`mah G{vnyrah, rne$
sthle oh mz RINYmgmt oh x ek{ntnlox ln rvh|nleo nanihdm om {hane
in y{hkn ekm`ohcnvnym m sndymym evnavh m r`m|lh jeimqlom$
bh in rh z`e lh km znke{nvm`e m in rh lmanin lh km se$
levm`e Mrynalxe oh lhesgeilery s{ebhrxm{nlon rvmg
{nylmg z`e|mln m z`e|mlnbn, yh anae y{hkn mlrmrym{nym ln
sey{nzm zn lhryn`mdn Sezvne oh ln rx{nilox Vxaevn$
{n m R{hk{hlmbh, ane ivn rmdke`n lnovhthj ry{ninlon
m z`e|mln x Kerlm m Gh{bhjevmlm m G{vnyraeo
Ekm`ohcnvnl oh oh lnrynv`ohle ekm`nraed dohryn {nz$
dohlh x Lhdhymlx jioh rh Ymgmt rxr{he rn rve omd kmv$
qmd rxsnylmbmdn, znye|hlmbmdn r{sramg aelbhly{nbmelmg
`eje{n, yh rx rh zn ohile s{mrohym`m yhqamg inln m y{hlx$
ynan S{hirohilma RIN oh kme znye|hl x shy aelbhly{n$
bmelmg `eje{n $ x Kernlraed Qnd bx, K{|aed, Knynolm$
bm x Khej{nix, Knyaevmtx aei Km oh`omlh m R{hdraeo Dm$
y{evmbm Ynaeph{, s{hirohilma Ymgmt rh rxr{he m rn Yedm$
r`nved Sx{ied, rnesthle oh mz R`xckh zn eilerh r on$
vleqtx RIN
Aelh{hlbm on zn le vmln{h x e{$
jnlmznbm om Aee{imlnbm oh dmlmryn$
{n ek{nze vnlon m lnxah x FKmG
'ADELFKmG- ox|h{ rh s{hyve{m`n
x on vlx ihknyx mzdhpx hih{n`lh
v`nrym m mzin vn|n Se vei zn aelh$
{hlbm ox km`e oh s{hirynv `onl oh ae$
ln|lej mz vohqyn on e {hbhlzm{nlox
{xaesmrn zn xickhlmah ih vhyej
{nz{hin erle vlh qae`h, ae om oh
xrve ohl x xye{na ln >2 rohilmbm
ADLEFKmG, zn ae ohj hih{n`ln
v`nry yv{im in th, se{hi seimznlon
avn`myhyn, kmyle rdnlomym bm ohlx
xickhlman m ln yno ln|ml ies{mlm$
ohym rdnlohl ox y{eqae vn x ax $
tlmd kxichymdn
R i{xjh ry{nlh, mzin vn|m rh s{e$
ym vh le vexrserynv `ohleo s{ebhix$
{m x ek`nrym xickhlm|ah se`mymah
yv{ihtm in, zkej le vmg znaelramg
{ohqhlon, xickhlmbm lhth kmym oh ymlm$
om lmym th kmym zn v{qhlm ln v{m ohdh
S{hvmrean bmohln
$ R ekzm{ed ln ye in oh iernin$
qlon xickhlm|an se`myman x FKmG km$
`n esyh{hthln dlejek{eolmd s{e$
sxrymdn m lhie{h|hlerymdn, ae om rx
edejxtn vn`m zk{ax ln y{cmqyx, zk{ax
aei iohbh m {eimyh`on, lhes{nv inle
vmreax bm ohlx xickhlman, dleje$
k{eolh j{hqah x eink{nlmd xickh$
lmbmdn m lhes{nv inle vh`mam k{eo
eiek{hlmg xickhlman, ae om oh ermjx$
{n vne esrynlna m xickhlmbmdn ae$
om ye rve omd avn`myhyed lmrx znr`x$
cm`m, ADLEFKmG oh xrseryn vme se$
ysxle le vx, y{nlrsn{hlylm ox, hfan$
rlm ox m avn`myhylm ox s{ebhix{x mz{n$
ih, einkm{n m eiek{n vnlon xickh$
lman zn erle vlx qae`x, rye om x im oh$
`x rnesqyhlon ae oh seysmrx oh
ADLEFKmGS{hdn {m oh|mdn Indm{n Dnqmtn,
s{hirohin vn oxthj ADLEFKmG m
hih{n`lej dmlmry{n ek{nze vnlon m
lnxah, ln >2 rohilmbn Aee{imlnbm$
oh, ae`mae mg oh ie rnin ei{cnle,
mzdm ohlohl oh bm oh`m rhy s{n vlmg nan$
yn ae om rx {hjx`mrn`m evx ek`nry
Ei`xaed e seryxsax s{ms{hdnlon
m eiek{n vnlon xickhlman, {nilmg
xickhlman m i{xjmg lnryn vlmg r{hi$
ryn vn zn erle vlh m r{hiloh qae`h, ae$
ox rx ln qhryeo rohilmbm seysmred vh$
{mfae vn`m rvm |`nle vm ADLEFKmG,
ihflmrnle oh in rh ln aelax{rmdn
zn s{mknv `onl oh xickhlman eie$
k{n vn rnde ohinl xickhlma zn oh$
inl s{hidhy$ Ln kxixtmd aelax{rmdn th rh
eiek{n vnym ohinl xickhlma zn ohinl
s{hidhy m ohinl {nz{hi, ae om oh
erve ome lno vhtm k{eo keie vn, n`m lh
dnlom ei =3 serye ei dnarmdn`lej
k{e on dejxtmg keie vn In seiroh$
ymd, s{hygeiln j{nlmbn km`n oh 73
serye Ynaeph{, eiek{n vnloh oh$
ilej xickhlman th rdnlomym zk{ax
m s{ek`hdh, anzne oh Dnqmt
$ Ln evnavx xickhlm|ax se`mymax
chryeae rx {hnje vn`m mzin vn|m, ae om
rx rh ox|h{ se on vm`m ln aelh{hlbm$
om mnae lmrx km`m zvnlm|le sezvnlm
Decin lnoznlmd`om vm om ime ihknyh
kme oh lnael qye rx mzin vn|m ei dm$
lmry{n Dnqmtn y{ncm`m in md ln vhih
kn{hd ohilx i{cn vx, |`nlmbx HX,
ae on s{naymax oh se`mymax ohinl
xickhlma $ ohinl {nz{hi $ ohinl s{h$
idhy Dmlmryn{, dhpxymd, lm oh ine
aela{hynl eije ve{, selnv `on oxtm
in oh s{hie|hln s{ebhix{n le vn,
y{nlrsn{hlylm on, hfanrlm on
Delese`mrym|an s{narn
$ R`m|le oh km`e m lnael qye rx mz$
in vn|m m le vmln{m y{ncm`m ei Dnqmtn
in md ekonrlm ln ae om ln|ml rh, zn$
s{n ve, qymym aelax{hlbm on, nae rh
lnryn vlmah%bh ie vhih x rmyxnbm ox in
md {hbhlzhlyram ymde vm ei{hih rn$
de ohilx alomjx zn ohinl s{h$
idhy5 Mzin vn|m rx ei`x|le mzlm oh$
`m rynv in oh evnavn s{narn delese$
`mrym|an, oh{ edejxtx oh mzin vn|mdn
in, lnael qye {hbhlzhlyram ymde vm
eiek{h ei{hphlm xickhlma, e{$
dm{n ox bm ohlx se r`ekeileo ve`om Mz$
in vn|m yv{ih in hih{n`lh v`nrym
lhdn ox lmanavh dhgnlmzdh in
km ynavh ryvn{m rs{m oh|m`h
$ Fhih{n`lh v`nrym eryn`h rx s{m
ryn on`mqyx in th xickhlmbm kmym oh $
ymlm om, avn`myhylm om m ln v{m ohdh, iea
rx mzin vn|m eryn`m s{m yv{ilom in
xickhlmbm lhth kmym oh ymlm om m in
th anrlmym
I, DEBLNO
Ihknyn ln aelfh{hlbmom zn levmln{h
X qxdndn zngvnthlmd secn$
{ed x yxz`nlraed lnrh`ox Axcm$
tm, ae oh rx xin`ohlh ivohryeym$
lona dhyn{n ei axtn, x ser`oh$
ilon y{m inln eiohax ox ha rs`ezm$
oh im oh`e vn 'zvel|mtm- anrhylmg
kedkm, ae oh rx kn|hlh yeaed
nj{hrm oh ln Kerlx m Gh{bhje vmlx
Rynle vlmbm Axcmtn rx x s{m$
s{n vlerym m ry{ngx ox in rh secn{
lh s{eqm{m ln lomge vh axth, ei
ae omg rh lhah ln`nzh rnde lhae$
`mae dhyn{n ei qxdh ae on je{m
Ynaeph{, rynle vlmbm evej dohr$
yn rx eje{|hlm, oh{ m >: jeimln
lnael {nyn anrhylh kedkh lmrx
xa`elohlh m rvnaeilh vle s{m oh$
yh `oximdn
Lndoh{lh sn`ohvmlh5
M vny{ejnrbm rx lhdetlm in zn$
xryn vh vny{x, oh{ rh x qxdndn ln$
`nzh anrhylh kedkh, n sxy ie ln$
rh`on Axcmtm oh x mzxzhyle `eqhd
rynlox‐I{cmde ye sei aely{e`ed ae$
`mae dechde _ln|m, ye oh sei{x$
|oh dn`e lhzjeile zkej ymg zn$
eryn`mg lhha rs`eim{nlmg xke om$
ymg r{hiryn vn Vmqh lh zlnde ax$
in rx rvh yn|le {nrxym yzv zvel$
|mtm Ye oh {nzknbnle se bm oh`ed
yh{hlx Ryn`le mz`nzmde ln yh$
{hl, je{h ln ohiled im oh`x ihcx$
{nde [nimde m Gxrmle M ynde oh
secn{ Sednch lnd Veie vei,
lhdnde rvej vezm`n Mdnde rn$
de ivn vezm`n, n y{hlxyle rx y{m
hamsh ln yh{hlx—, anzne lnd oh
Secn{ naymvm{ne imoh`evh anrhylmg
Rynlevlmbm Axcmtn rx x s{ms{nvlerym m ry{ngxox in rh secn{ lhs{eqm{m ln lomgevh axth, ei aeomg rh lhah ln`nzh rnde lhae`maedhyn{n ei qxdh aeon je{m
Xznlm sxy eyhcnvn s{mryxs
Vny{n rh rdm{xoh
Secn{ x {h oelx Jeryxl x esqymlm Leve Je{ncih rdm{me rh yeaed letm, rn$
esqyhle oh mz Xs{nvh Bmvm`lh znqymyh [hsxk`mah R{srah S`ndhl ln secn{mqyx
lm oh vmrea, n vny{n rh ln`nzm ln 73 ie >33 dhyn{n ei sev{nylm|amg axtn Se$
cn{ rh qm{m ln oxjemrye|lx ry{nlx ei Ax`h, n`m ln yed im oh`x lhdn ekohanyn,
onvm`n oh R{lnSecn{m x Qmsevx x {h oelx B{lm v{g, Y{hkmlox ln Y{hkmloramd k{imdn, x Km`h$
tm x {h oelx _vm oh{mln, x Jnbax ln seyhzx Feolmbn $ Ied{nah $ [nvlm m Lhvhrm$
lox x ek`nrym Y{xrmln m in`oh rx naymvlm, n rynloh ln secn{mqymdn rh s{nym Se$
cn{m rx r`nkm ohj mlyhlzmyhyn, n `oxim m ekohaym lmrx xj{echlm
HARS@E_MOH EIOX K@M_MLM AXTN
Mzinvn|m lnonvm`manqlohloh xickhlman
Iea fhih{n`ln v`nry yv{im in th kmyle rdnlomymbmohlx xickhlman, mzinvn|m rh s{eymvh levmdznaelramd {ohqhlomdn
Aee{imlnbmon dmlmryn{n?
Anae xvhrym {hi5
Feye? N, ANODEVMT