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UNIVERZITET SINGIDUNUM

Dejan ivkovi

U VOD U A LG O R I TM E I
S T RU K T U R E P ODATA K A

Tree izdanje

Beograd, 2013.
UVOD U ALGIORITME I STRUKTURE PODATAKA

Autor:
dr Dejan ivkovi

Recenzent:
dr Dragan Cvetkovi

Izdava:
UNIVERZITET SINGIDUNUM
Beograd, Danijelova 32
www.singidunum.ac.rs

Za izdavaa:
dr Milovan Stanii

Tehnika obrada:
Dejan ivkovi

Dizajn korica:
Aleksandar Mihajlovi

Godina izdanja:
2013.

Tira:
300 primeraka

tampa:
Mladost Grup
Loznica

ISBN: 9788679124661

Copyright:
2013. Univerzitet Singidunum
Izdava zadrava sva prava.
Reprodukcija pojedinih delova ili celine ove publikacije nije dozvoljeno.
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QSJNJUJWOPH UJQB J OF PCSBBUJ QBOKV OB OKJIPWV LPOLSFUOV SFBMJ[BDJKV
"QTUSBLUOJ UJQPWJ QPEBUBLB JNBKV EWB QPFMKOB TWPKTUWB HFOFSBMJ[BDJ
KV J FOLBQTVMBDJKV LPKF OBN PNPHVBWBKV EB JTQVOJNP WBBO DJMK TPWFS
TLPH JOFOKFSTUWB WJFLSBUOV VQPUSFCMKJWPTU /BJNF QPUP JNQMFNFOUJ
SBNP BQTUSBLUOJ UJQ QPEBUBLB NPFNP HB LPSJTUJUJ V SB[MJJUJN QSPHSBNJ
NB
.PF TF EBLMF [BLMKVJUJ EB QPEBDJ V SBVOBSTUWV JNBKV EWB QPKBWOB
PCMJLB MPHJLJ J [JLJ /KJIPW MPHJLJ PCMJL TF PESFVKF EFOJDJKPN BQ
TUSBLUOPH UJQB QPEBUBLB EPL TF [JLJ PCMJL EPCJKB JNQMFNFOUBDJKPN PE
HPWBSBKVF TUSVLUVSF QPEBUBLB 0WP [BQBBOKF KF JMVTUSPWBOP OB TMJDJ 

 "MHPSJUNJ
4QPNFOVUP KF EB TV BMHPSJUNJ V UFTOPK WF[J TB TUSVLUVSBNB QPEBUB
LB J EB TF LPSJTUF [B QSPHSBNTLV SFBMJ[BDJKV EP[WPMKFOJI PQFSBDJKB OFLPH
BQTUSBLUOPH UJQB QPEBUBLB 5P KF JQBL TBNP KFEOB TQFDJOB QSJNFOB BM
HPSJUBNB B EB CJTNP JI QPTNBUSBMJ PQUJKF NPSBNP QPJ PE SBVOBSTLJI
QSPCMFNB LPKF BMHPSJUNJ SFBWBKV
 "MHPSJUNJ 

5JQ QPEBUBLB

"QTUSBLUOJ UJQ QPEBUBLB


TLVQ QPEBUBLB MPHJLB GPSNB
TLVQ PQFSBDJKB

4USVLUVSB QPEBUBLB
NFNPSJKTLB SFQSF[FOUBDJKB [JLB GPSNB
BMHPSJUBNTLB SFQSF[FOUBDJKB

4MJLB  -PHJLB J [JLB GPSNB QPEBUBLB

1PE SBVOBSTLJN
QSPCMFNPN TF QPESB[VNFWB [BEBUBL LPKJ USFCB J[
WSJUJ OB SBVOBSV 5BLBW [BEBUBL TF PQJTVKF QSFDJ[OPN TQFDJLBDJKPN
FMKFOPH VMB[OPJ[MB[OPH PEOPTB LPKJN TF J[SBBWB QSJSPEB QSPCMFNB /B
QSJNFS QSPCMFN TPSUJSBOKB OJ[B CSPKFWB NPF TF PQJTBUJ OB TMFEFJ OBJO
VMB[ KF OJ[ CSPKFWB V QSPJ[WPMKOPN SFEPTMFEV B J[MB[ KF OJ[ JTUJI CSPKFWB
LPKJ TV QSFVSFFOJ UBLP EB TF QPKBWMKVKV V SBTUVFN SFEPTMFEV PE OBKNB
OKFH EP OBKWFFH +P KFEBO QSJNFS KF QSPCMFN WSBBOKB LVTVSB VMB[ KF
OFLJ OPWBOJ J[OPT J BQPFOJ NFUBMOJI OPWJB B J[MB[ KF OBKNBOKJ CSPK UJI
OPWJB LPKJNB TF EBUJ J[OPT NPF QPUQVOP VTJUOJUJ
,PE NOPHJI QSPCMFNB OJKF EPWPMKOP OB PWBK OFGPSNBMBO OBJO EFOJ
TBUJ OKJIPW VMB[OPJ[MB[OJ PEOPT LPKJ TF USBJ /B QSJNFS LPE QSPCMFNB
TPSUJSBOKB LBLP TNP HB OBWFMJ OJKF KBTOP EB MJ OFLJ CSPKFWJ V VMB[OPN OJ[V
NPHV CJUJ KFEOBLJ J LBLP POEB KFEOBLJ CSPKFWJ USFCB EB CVEV QPSFBOJ V
J[MB[OPN OJ[V ;BUP TF V PQUFN TMVBKV LPSJTUJ GPSNBMOJKJ NBUFNBUJLJ
BQBSBU P LPNF HPWPSJNP V OBTUBWLV LBLP CJ TF PULMPOJMB TWBLB EWPTNJ
TMFOPTU *BLP UBK OBJO OFFNP QPTFCOP OBHMBBWBUJ V PWPK LOKJ[J KFS TF
LPSJTUJ PQJSBO QSJLB[ TWBLPH QSPCMFNB USFCB [OBUJ EB KF V QSBLTJ UP EPNJ
OBOUBO OBJO [CPH TWPKF LPODJ[OPTUJ J QSFDJ[OPTUJ
'PSNBMOP SBVOBSTLJ QSPCMFN TF [BEBKF VMB[OJN QBSBNFUSJNB J PEHP
  6WPE

WBSBKVJN J[MB[OJN QBSBNFUSJNB QSJ FNV PCF WSTUF QBSBNFUBSB [BEPWP


MKBWBKV PESFFOF VTMPWF LPKJNB TF EFOJF TN QSPCMFN *OTUBODB QSPCMF
NB TF TBTUPKJ PE WBMKBOJI LPOLSFUOJI WSFEOPTUJ [B VMB[OF QBSBNFUSF QSP
CMFNB B SFFOKF JOTUBODF QSPCMFNB TF TBTUPKJ PE PEHPWBSBKVJI WSFEOPTUJ
J[MB[OJI QBSBNFUBSB [B EBUF VMB[OF WSFEOPTUJ /B QSJNFS KFEOB JOTUBODB
QSPCMFNB TPSUJSBOKB KF OJ[ CSPKFWB       B SFFOKF UF JOTUBODF
KF OJ[ CSPKFWB      
4UBOEBSEOJ GPSNBU [B EFOJTBOKF QSPCMFNB TF TBTUPKJ PE EWB EFMB LPKJ
PESFVKV OKFHPWF VMB[OF J J[MB[OF QBSBNFUSF 0CB EFMB TF J[SBBWBKV QP
NPV QPHPEOJI NBUFNBUJLJI PCKFLBUB LBP UP TV CSPKFWJ TLVQPWJ GVOL
DJKF J UBLP EBMKF QSJ FNV VMB[OJ EFP QSFETUBWMKB HFOFSJLV JOTUBODV QSP
CMFNB J J[MB[OJ EFP QSFETUBWMKB HFOFSJLP SFFOKF PWF HFOFSJLF JOTUBODF
QSPCMFNB /B QSJNFS QSPCMFN WSBBOKB LVTVSB NPFNP GPSNBMOP EF
OJTBUJ V PCMJLV V LPKFN TF USBJ EB CVEF [BEPWPMKFO PWBK VMB[OPJ[MB[OJ
PEOPT
6MB[ 1P[JUJWBO DFP CSPK CSPK NFUBMOJI OPWJB
OJ[ PE QP[JUJWOJI
DFMJI CSPKFWB =   ? QPKFEOJOBOJ BQPFOJ OPWJB
J QP[JUJWBO
DFP CSPK OPWBOJ J[OPT

*[MB[ /J[ PE OFOFHBUJWOJI DFMJI CSPKFWB =   ? QPKFEOJOBOJ CSPKF


WJ OPWJB TJUOJOF
UBLP EB TV [BEPWPMKFOB EWB VTMPWB
   TJUOJOB KF JTQSBWOB [B EBUJ OPWBOJ J[OPT
J
 KF NJOJNBMOP [CJS OPWJB TJUOJOF KF OBKNBOKJ

+FEOB JOTUBODB QSPCMFNB WSBBOKB LVTVSB KF TQFDJLBDJKB LPOLSFUOJI


WSFEOPTUJ [B VMB[OF QBSBNFUSF PWPH QSPCMFNB PEOPTOP [B CSPK [ B OJ[ PE
FMFNFOBUB J [B CSPK /B QSJNFS   OJ[ =   ? PE FUJSJ FMFNFOUB
J   QSFETUBWMKBKV KFEOV JOTUBODV QSPCMFNB WSBBOKB LVTVSB 3FFOKF
PWF JOTUBODF QSPCMFNB WSBBOKB LVTVSB KF OJ[ =   ? PE FUJSJ FMFNFOUB
KFS KF           J [CJS       PESFVKF OBKNBOKJ
NPHVJ CSPK OPWJB EBUJI BQPFOB [B VTJUOKBWBOKF J[OPTB PE  OPWBOJI
KFEJOJDB
4BEB LBEB [OBNP UB TV SBVOBSTLJ QSPCMFNJ NPFNP QSFDJ[OJKF HP
WPSJUJ P BMHPSJUNJNB KFS POJ SFBWBKV UF QSPCMFNF 1SF TWFHB BMHPSJUBN KF
UBOP EFOJTBOB SBVOBSTLB QSPDFEVSB LPKB QSFUQPTUBWMKB OFLF QPEBULF
LBP VMB[ J QSPJ[WPEJ OFLF QPEBULF LBP J[MB[ 0WP QSWFOTUWFOP [OBJ EB TF
BMHPSJUBN TBTUPKJ PE KBTOF J OFEWPTNJTMFOF TQFDJLBDJKF OJ[B LPSBLB LPKJ
TF NPHV NFIBOJLJ J[WSJUJ OB SBVOBSV TMJLB 

 "MHPSJUNJ 

VMB[ JOTUBODB QSPCMFNB

"MHPSJUBN

BMHPSJUBNTLJ
LPSBDJ

J[MB[ SFFOKF JOTUBODF

4MJLB  1PKFEOPTUBWMKFOB TMJLB BMHPSJUNB

;B EPCSV JOUVJUJWOV TMJLV BMHPSJUNB NPF QPTMVJUJ BOBMPHJKB TB LV


IJOKTLJN SFDFQUPN [B OFLP KFMP CB LBP UP TF LVIJOKTLJ SFDFQU TBTUPKJ
PE OJ[B QSPTUJKJI LPSBLB LPKF J[WSBWB LVWBS UBLP TF BMHPSJUBN TBTUPKJ PE
OJ[B SBVOBSTLJI LPSBLB LPKF J[WSBWB SBVOBS 6MB[OJ QPEBDJ [B SFDFQU TV
QPUSFCOJ TBTUPKDJ [B LVWBOKF B EPCJKFOJ J[MB[ QPTMF J[WSBWBOKB SFDFQUB
KF TQSFNMKFOP KFMP
"MHPSJUBN SFBWB OFLJ QSPCMFN VLPMJLP TF [B TWBLV JOTUBODV UPH QSP
CMFNB QPE QSFUQPTUBWLPN EB TF OB VMB[V BMHPSJUNB OBMB[J KFEOB JOTUBODB
QSPCMFNB OB J[MB[V BMHPSJUNB EPCJKB SFFOKF UF JOTUBODF QSPCMFNB /B QSJ
NFS BMHPSJUBN LPKJ SFBWB QSPCMFN TPSUJSBOKB OB VMB[V EPCJKB OFVSFFO
OJ[ CSPKFWB J LBP SF[VMUBU OB J[MB[V QSPJ[WPEJ OJ[ JTUJI CSPKFWB V SBTUVFN
SFEPTMFEV
"MHPSJUBN [B OFLJ QSPCMFN KF EBLMF QSFDJ[OP OBWFEFO OJ[ JOTUSVLDJKB
LPKF SBVOBS USFCB EB J[WSJ SBEJ SFBWBOKB UPH QSPCMFNB PEOPTOP SBEJ
USBOTGPSNJTBOKB TWBLF JOTUBODF QSPCMFNB V OKFOP SFFOKF /BSBWOP KFEBO
QSPCMFN NPF JNBUJ WJF BMHPSJUBNB LPKJ HB SFBWBKV
/B PTOPWV TWFHB EP TBEB SFFOPH NPFNP TVNJSBUJ HMBWOF PEMJLF TWB
LPH BMHPSJUNB
"MHPSJUBN NPSB CJUJ QPTUVQBL LPKJ TF TBTUPKJ PE LPOBOP NOPHP LP
SBLB LPKJ TF NPHV J[WSJUJ OB SBVOBSV
"MHPSJUBN NPSB CJUJ QPTUVQBL QP LPKFN KF OFEWPTNJTMFOP PESFFO
TWBLJ TMFEFJ LPSBL [B J[WSBWBOKF
  6WPE

"MHPSJUBN NPSB CJUJ JTQSBWBO LPSFLUBO


QPTUVQBL 5P QSWFOTUWFOP
[OBJ EB TF [B TWBLV JOTUBODV QSPCMFNB OB VMB[V BMHPSJUNB NPSB
EPCJUJ OKFOP PEHPWBSBKVF SFFOKF OB J[MB[V BMHPSJUNB "MJ UP PCV
IWBUB J VTMPW LPKJ FNP QPESB[VNFWBUJ EB KF JTQVOKFO EB [B VMB[
BMHPSJUNB LPKJ OJKF JOTUBODB QSPCMFNB J[MB[ BMHPSJUNB OJKF CJUBO BMJ
TF J[WSBWBOKF BMHPSJUNB NPSB [BWSJUJ V TWBLPN TMVBKV
,SFBUJWOJ QSPDFT QJTBOKB BMHPSJUBNB LPKJN TF EPMB[J EP OFEWPTNJTMF
OJI JOTUSVLDJKB PE LPKJI TF TBTUPKJ KFEBO BMHPSJUBN OB[JWB TF EJ[BKO BMHPSJU
NB ;B PWBK QSPDFT OF QPTUPKJ BSPCOB GPSNVMB LPKB TF NPF QSJNFOJUJ V
PQUFN TMVBKV WF TF PE EJ[BKOFSB TMPFOPH BMHPSJUNB [BIUFWB J EP[B MV
DJEOPTUJ *QBL QPTUPKF TUBOEBSEOJ NFUPEJ LPKF NPFNP LPSJTUJUJ EB CJTNP
BMHPSJUBNTLJ SFJMJ NOPHF UJQPWF QSPCMFNB 5V TQBEBKV BMHPSJUBNTLF QB
SBEJHNF LBP UP TV SFLVS[JWOJ BMHPSJUNJ QPIMFQOJ BMHPSJUNJ BMHPSJUNJ
EJOBNJLPH QSPHSBNJSBOKB SBOEPNJ[JSBOJ BMHPSJUNJ J UBLP EBMKF
6 QPTUVQLV BOBMJ[F BMHPSJUNB TF LWBOUJUBUJWOP PESFVKF VQPUSFCB SB
VOBSTLJI SFTVSTB OFLPH BMHPSJUNB /BKTLVQMKJ SFTVSTJ LPKF PCJOP FMJNP
EB NJOJNJ[VKFNP TV WSFNF J[WSBWBOKB J NFNPSJKTLJ [BIUFWJ OFLPH BMHP
SJUNB J QSFNB UPNF HPWPSJNP P OKFHPWPK WSFNFOTLPK J NFNPSJKTLPK TMPF
OPTUJ 0WEF USFCB PCSBUJUJ QBOKV OB UP EB NFSB WFMJJOF SFTVSTB LPKF OFLJ
BMHPSJUBN LPSJTUJ VNOPHPNF [BWJTJ PE NPEFMB SBVOBSB OB LPKFN TF BMHP
SJUBN J[WSBWB 6 PWPK LOKJ[J TF LSFFNP JTLMKVJWP V HSBOJDBNB NPEFMB
TFLWFODJKBMOJI NBJOB NPEFMJ QBSBMFMOJI SBVOBSB J QBSBMFMOJ BMHPSJUNJ
[BTMVVKV QPTFCOV LOKJHV

 3BVOBSTLJ NPEFM


0OP UP KF PTUBMP OFEPSFFOP J[ QSFUIPEOF EJTLVTJKF P BMHPSJUNJNB KF
TV SBVOBSTLF JOTUSVLDJKF JMJ LPSBDJ
LPKF JOF BMHPSJUBN *BLP KF UP OBEB
NP TF JOUVJUJWOP KBTOP JUBPDJNB LPKJ JNBKV QSPHSBNFSTLP JTLVTUWP SBEJ
WFF KBTOPF QPUSFCOP KF JQBL OFUP WJF SFJ P UPNF LPKF OBN JOTUSVLDJKF
UBOP TUPKF OB SBTQPMBHBOKV LBEB QJFNP OFLJ BMHPSJUBN %SVHJN SFJNB
QPUSFCOP KF NBMP EFUBMKOJKF PQJTBUJ NPEFM SBVOBSB OB LPKFN TF J[WSBWBKV
BMHPSJUNJ P LPKJNB TNP HPWPSJMJ V QSFUIPEOPN PEFMKLV
6PQUFOP HPWPSFJ SBVOBSTLJ NPEFMJ TV QPKFEOPTUBWMKFOJ PQJTJ TUWBS
OJI SBVOBSB LPKJNB TF [BOFNBSVKF OKJIPWB QVOB TMPFOPTU PTJN OFLPMJLP
TWPKTUBWB [B LPKF TF TNBUSB EB OBKCPMKF PETMJLBWBKV GFOPNFO LPKJ TF J[VB
WB 1PUP KF NFSFOKF SBVOBSTLJI SFTVSTB WSFNF J QSPTUPS
LPKF BMHPSJUNJ
 3BVOBSTLJ NPEFM 

LPSJTUF KFEBO PE QSFENFUB OBFH J[VBWBOKB UP [OBJ EB OBKQSF USFCB QSFDJ


[OP GPSNVMJTBUJ NPEFM SBVOBSTLF NBJOF OB LPKPK TF BMHPSJUNJ J[WSBWBKV
J EFOJTBUJ QSJNJUJWOF PQFSBDJKF LPKF TF LPSJTUF QSJMJLPN J[WSBWBOKB .F
VUJN OFFNP JJ V UPMJLP EFUBMKB [B PQJT GPSNBMOPH SBVOBSTLPH NPEFMB
WF FNP V OBTUBWLV TBNP OFGPSNBMOP PQJTBUJ HMBWOF PEMJLF SBVOBSTLPH
NPEFMB TB LPKJN SBEJNP 5P KF EPWPMKOP [B OBV TWSIV KFS F OBT JOUFSF
TPWBUJ BTJNQUPUTLF QFSGPSNBOTF BMHPSJUBNB PEOPTOP OKJIPWB FLBTOPTU
[B WFMJLJ CSPK VMB[OJI QPEBUBLB 1PSFE UPHB UBOJ SBVOBSTLJ NPEFMJ TV
[BJTUB QPUSFCOJ [B EPLB[JWBOKF EPOKJI HSBOJDB TMPFOPTUJ BMHPSJUBNB 1P
UP TF UJNF OFFNP CBWJUJ V PWPK LOKJ[J OFNB QPUSFCF EB LPNQMJLVKFNP
J[MBHBOKF OFQPUSFCOJN EFUBMKJNB
0TOPWOB QSFUQPTUBWLB KF EB LPSJTUJNP SBVOBSTLJ NPEFM LPKJ QSFETUB
WMKB JEFBMJ[PWBO SFBMBO SBVOBS TB KFEOJN QSPDFTPSPN /F QPTUBWMKBNP
OJLBLWV HPSOKV HSBOJDV OB WFMJJOV NFNPSJKF UBLWPH SBVOBSB BMJ QSFUQP
TUBWMKBNP EB QSPHSBNJ LPKJ TF OB OKFNV J[WSBWBKV OF NPHV EB NPEJLVKV
TBNJ TFCF 4B ESVHF TUSBOF V PWPN NPEFMV OF QPTUPKJ NFNPSJKTLB IJKF
SBSIJKB OB QSJNFS LF JMJ WJSUVBMOB NFNPSJKB LBP LPE QSBWJI SBVOBSB
5BBO SFQFSUPBS JOTUSVLDJKB PWPH NPEFMB SBVOBSB OJKF QPTFCOP CJUBO
QPE VTMPWPN EB KF TLVQ UJI JOTUSVLDJKB TMJBO POPN LPKJ TF NPF OBJ LPE
QSBWJI SBVOBSB ;BUP QSFUQPTUBWMKBNP EB QPTUPKF BSJUNFUJLF PQFSBDJKF
[B TBCJSBOKF PEV[JNBOKF NOPFOKF EFMKFOKF EFMKFOKF TB PTUBULPN DF
MPCSPKOJ EFP CSPKB
MPHJLF PQFSBDJKF J JMJ OFHBDJKB
VMB[OPJ[MB[OF PQF
SBDJKF JUBOKF QJTBOKF
PQFSBDJKF [B QSFNFUBOKF QPEBUBLB LPQJSBOKF J[
NFNPSJKF V QSPDFTPS J PCSBUOP
PQFSBDJKF [B QPNFSBOKF CJUPWB QPEBUBLB
MFWP JMJ EFTOP [B NBMJ CSPK QP[JDJKB LBP J VQSBWMKBLF PQFSBDJKF [B VTMPWOP
J CF[VTMPWOP HSBOBOKF QP[JW J QPWSBUBL J[ QPUQSPDFEVSF
 0WF PQFSBDJKF
SBEF OBE TWPKJN PQFSBOEJNB LPKJ TV TNFUFOJ V NFNPSJKTLJN SFJNB JKF
TF BESFTF PESFVKV LPSJFOKFN EJSFLUOJI JMJ JOEJSFLUOJI FNB BESFTJSBOKB
,SBULP SFFOP NPEFM SBVOBSB LPKJ TF LPSJTUJ KF HFOFSJLJ KFEOPQSP
DFTPSTLJ SBVOBS TB QSPJ[WPMKOJN QSJTUVQPN NFNPSJKJ 0WB NBJOB TF QP
QVMBSOP OB[JWB 3". TLSBFOJDB PE FOHM SBOEPNBDDFTT NBDIJOF
J SBE
TB OKPN KF WSMP TMJBO SBEV TB QSBWJN SBVOBSJNB OB NBJOTLPN KF[JLV
1PESB[VNFWB TF EBLMF EB TF OBJ BMHPSJUNJ NPHV SFBMJ[PWBUJ V PCMJLV NB
JOTLJI QSPHSBNB LPKJ TF J[WSBWBKV OB 3".V
0TOPWOJ QPEBDJ LPKJNB TF NBOJQVMJF V 3".V TV CSPKFWJ DFMPCSPK
OPH UJQB J POJ TB QPLSFUOJN [BSF[PN %PEBUOP QSFUQPTUBWMKBNP EB QPTUPKJ
HSBOJDB WFMJJOF NFNPSJKTLF SFJ UBLP EB CSPKFWJ LPKJ TF VWBKV V OKJNB OF
  6WPE

NPHV EB SBTUV OFPHSBOJFOP /B QSJNFS BLP KF WFMJJOB NFNPSJKTLF SFJ


KFEOBLB CJUB UBEB V OBFN NPEFMV NPFNP QSFETUBWJUJ DFMF CSPKFWF LP
KJ TV NBOKJ JMJ KFEOBLJ  QP BQTPMVUOPK WSFEOPTUJ #SPKFWJ TB QPLSFUOJN
[BSF[PN TV QSFETUBWMKFOJ V TUBOEBSEOPN *&&& GPSNBUV
6 TFLWFODJKBMOPN NPEFMV 3".B TF JOTUSVLDJKF J[WSBWBKV KFEOB [B
ESVHPN CF[ QBSBMFMJ[NB ;BUP QSF OFHP UP NPFNP BOBMJ[JSBUJ TMPFOPTU
OFLPH BMHPSJUNB NPSBNP [OBUJ J WSFNF LPKF KF QPUSFCOP [B J[WSBWBOKF
TWBLF JOTUSVLDJKF LBP J UP LPMJLJ NFNPSJKTLJ QSPTUPS [BV[JNB TWBLJ PQF
SBOE 6 UV TWSIV FNP LPSJTUJUJ KFEJOJOJ NPEFM TMPFOPTUJ V LPKFN TF TWBLB
JOTUSVLDJKB J[WSBWB [B KFEOV KFEJOJDV WSFNFOB J TWBLJ PQFSBOE [BV[JNB
KFEOV KFEJOJDV NFNPSJKTLPH QSPTUPSB
0WBK NPEFM KF PEHPWBSBKVJ BLP TF NPF QSFUQPTUBWJUJ EB TF TWBLJ CSPK
LPKJ TF QPKBWMKVKF V QSPHSBNV NPF TNFTUJUJ V KFEOV NFNPSJKTLV SF "LP
QSPHSBN J[SBVOBWB WSMP WFMJLF CSPKFWF LPKJ TF OF NPHV SFBMJTUJOP V[FUJ
LBP PQFSBOEJ NBJOTLJI JOTUSVLDJKB B KFEJOJOJ NPEFM TMPFOPTUJ TF LPSJTUJ
TB OFQBOKPN JMJ [MPN OBNFSPN QP[OBUP KF EB NPFNP EPCJUJ MBOV TMJLV
P FLBTOPTUJ QSPHSBNB "MJ BLP TF KFEJOJOJ NPEFM TMPFOPTUJ QSJNFOKVKF
V TWPN EVIV OB QSJNFS SBE TB WFMJLJN CSPKFWJNB TF EFMJ V WJF KFEOPTUBW
OJKJI LPSBLB J OF LPSJTUF TF OFSFBMJTUJOP NPOF JOTUSVLDJKF
UBEB KF BOBMJ[B
TMPFOPTUJ V PWPN NPEFMV VNOPHPNF KFEOPTUBWOJKB J QSFDJ[OP PESBBWB
FLTQFSJNFOUBMOF SF[VMUBUF
6LSBULP V EJ[BKOV J BOBMJ[J BMHPSJUBNB J TUSVLUVSB QPEBUBLB WPEJNP
TF UJNF LBLP SBEF QSBWJ SBVOBSJ /BJNF OBFN JEFBMJ[PWBOPN SBVOBSV
OF FMJNP EB EBNP OFSFBMJTUJOP WFMJLF NPHVOPTUJ 4 ESVHF TUSBOF WPMFMJ
CJTNP EB OBN PO PNPHVVKF LPNGPSBO SBE CBS TB OJ[PWJNB QPEBUBLB TB
QSPJ[WPMKOJN QSJTUVQPN LBP J TB PTOPWOJN PQFSBDJKBNB JKJ TV PQFSBOEJ
TSFEOKF WFMJLJ CSPKFWJ

 ;BQJT BMHPSJUBNB


4MFEFF QJUBOKF LPKF TF QPTUBWMKB V WF[J TB BMHPSJUNJNB KF OPUBDJKB LPKB
TF LPSJTUJ [B PQJT QPTUVQLB LPKJ JOJ OFLJ BMHPSJUBN %B CJTNP QSFDJ[OP J[
SB[JMJ LPSBLF PE LPKJI TF TBTUPKJ OFLJ BMHPSJUBN NPFNP LPSJTUJUJ QP SFEP
TMFEV SBTUVF QSFDJ[OPTUJ QSJSPEBO KF[JL QTFVEPKF[JL J QSBWJ QSPHSBNTLJ
KF[JL /BBMPTU MBLPB J[SBBWBOKB JEF V PCSOVUPN SFEPTMFEV
"MHPSJUBNTLJ QPTUVQBL FTUP PCVIWBUB LPNQMJLPWBOF JEFKF QB CJTNP
[B PQJT BMHPSJUBNB FMFMJ EB LPSJTUJNP [BQJT LPKJ KF QSJSPEOJKJ J MBLJ [B SB
 ;BQJT BMHPSJUBNB 

[VNFWBOKF OFHP UP KF UP PEHPWBSBKVJ NBJOTLJ QSPHSBN [B 3". JMJ BL J


SBVOBSTLJ QSPHSBN OB QSPHSBNTLPN KF[JLV WJTPLPH OJWPB ;CPH UPHB KF
EJOJ VTMPW [B [BQJT BMHPSJUBNB KF EB TQFDJLBDJKB PEHPWBSBKVFH QPTUVQLB
PCF[CFVKF QSFDJ[BO OJ[ JOTUSVLDJKB LPKF SBVOBS USFCB EB J[WSJ 5P [OBJ
EB V QSJODJQV NPFNP LPSJTUJUJ PCJBO KF[JL [B BMHPSJUBNTLF LPSBLF "MJ
V TMPFOJKJN TMVBKFWJNB EB CJTNP OFEWPTNJTMFOP J[SB[JMJ BMHPSJUBNTLF
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JUFSBDJKF PTJN QSWF EVJOB PCMBTUJ QSFUSBHF KFEOBLB KF PUQSJMJLF QPMPWJOJ


EVJOF PCMBTUJ QSFUSBHF OB QPFULV QSFUIPEOF JUFSBDJKF %SVHJN SFJNB
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OB QPFULV USFF JUFSBDJKF EVJOB PCMBTUJ QSFUSBHF J[OPTJ PUQSJMJLF

      
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J UBLP EBMKF
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PEOPTOP
  
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/BKWFJ CSPK JUFSBDJKB ZKLOH QFUMKF V BMHPSJUNV ELQVHDUFK KF EBLMF


SFEB NQI QB KF UP J SFE WFMJJOF WSFNFOB J[WSBWBOKB UPH BMHPSJUNB +P
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5JQJOF GVOLDJKF WSFNFOB J[WSBWBOKB


1PKFEOPTUBWMKFOPN BOBMJ[PN BMHPSJUNB JKJ KF DJMK PESFJWBOKF OKFHP
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 "TJNQUPUTLP WSFNF J[WSBWBOKB 

EPCJKB TF OFLPMJLP TUBOEBSEOJI GVOLDJKB LPKF OBKFF PQJTVKV WSFNFOB


J[WSBWBOKB BMHPSJUBNB 1P[OBWBKVJ [BUP TBNP PWBK NBMJ CSPK GVOLDJKB
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KF WFB PE LBEB KF NBOKF PE  "MJ [B NBMJ CSPK VMB[OJI QPEBUBLB
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J
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CSPKFWJ    [ B OKJIPWB JNFOB
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NMBEJ WFSFO B   BLP KF NMBEJ TMPCPEBO 4MJOP ]  _
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;B QSFETUBWMKBOKF MJTUJ OBLMPOPTUJ TWJI NMBEJB NPF TF LPSJTUJUJ


NBUSJDB UBLP EB UJ SFE UF UBCFMF QSFETUBWMKB MJTUV OBLMPOPTUJ NMB
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[BQSPTJ
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NBUSJDB SBOHJSBOKB UBLP EB P[OBBWB SBOH NMBEJB [ B
EFWPKLV V OKFOPK MJTUJ OBLMPOPTUJ 5BLP  P[OBBWB EB TF
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OJ[B LPE LPHB TF TFLWFODJKBMOB VSFFOPTU EPCJKB JOEFLTJSBOKFN FMFNFOBUB
OJ[B MJOFBSOJ QPSFEBL FMFNFOBUB MJTUF TF PESFVKF QPLB[JWBFN V TWBLPN
FMFNFOUV OB TMFEFJ FMFNFOU V MJTUJ 0WB LPODFQUVBMOB TMJLB QPWF[BOF MJTUF
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4MJLB  1PWF[BOB MJTUB 

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5FSNJOPMPHJKB V WF[J TB MJTUBNB KF TMJOB POPK [B OJ[PWF #SPK FMFNF
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QSWPN JMJ EB KF QSWJ QSFUIPEOJL ESVHPN 1SWJ FMFNFOU MJTUF LPKJ TF PCJ
OP OB[JWB HMBWB MJTUF OFNB QSFUIPEOJLB QPTMFEOKJ FMFNFOU MJTUF LPKJ TF
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JOB QPWFBWB JMJ TNBOKVKF EPEBWBOKFN OPWJI JMJ VLMBOKBOKFN QPTUPKFJI
FMFNFOBUB ;BUP MJTUB LBP BQTUSBLUOJ UJQ QPEBUBLB JNB QSFEOPTU OBE OJ[PN
V QSJNFOBNB LPE LPKJI VLVQBO CSPK OFLJI JTUPSPEOJI FMFNFOBUB OJKF QP
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QP[OBU PCSB[BD
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QPFUJ PE QSWPH FMFNFOUB J TMFEFJ OKFHPWPH TMFECFOJLB EPJ EP ESVHPH
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OF TUJHOF EP FMKFOPH FMFNFOUB 1SFNB UPNF QSJTUVQ QSPJ[WPMKOPN FMF
  0TOPWOF TUSVLUVSF QPEBUBLB

NFOUV MJTUF OJKF PQFSBDJKB LPOTUBOUOPH WSFNFOB OFHP [BWJTJ PE OKFHPWF


QP[JDJKF V MJTUJ
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%PEBWBOKF OPWPH FMFNFOUB V MJTUV
6LMBOKBOKF EBUPH FMFNFOUB J[ MJTUF
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WB JMJ QPLB[JWBB ,BLP TWJ NPEFSOJ QSPHSBNTLJ KF[JDJ TBESF QPLB[JWBLJ
UJQ QPEBUBLB V OBTUBWLV TF LPOLSFUOJKF HPWPSJ TBNP P PWBLWPK JNQMFNFO
UBDJKJ MJTUF B JUBPDJNB TF [B WFCV PTUBWMKB EB PTNJTMF JNQMFNFOUBDJKV MJTUF
QPNPV OJ[PWB WJEFUJ  [BEBUBL OB LSBKV QPHMBWMKB


*NQMFNFOUBDJKB MJTUF QPNPV QPLB[JWBB


6 QSPHSBNTLJN KF[JDJNB LPKJ PNPHVBWBKV SBE TB QPLB[JWBJNB TUSVL
UVSB QPEBUBLB MJTUF SFBMJ[VKF TF OB QSJSPEBO J KFEOPTUBWBO OBJO TWBLJ
FMFNFOU MJTUF QSFETUBWMKB TF KFEOJN PCKFLUPN TB EWB QPMKB 0WBK PCKFLBU
TF PCJOP OB[JWB WPS MJTUF B QSWP QPMKF WPSB TBESJ SFMFWBOUBO QPEBUBL
PEHPWBSBKVFH FMFNFOUB MJTUF EPL ESVHP QPMKF WPSB TBESJ QPLB[BWB OB
TMFEFJ WPS MJTUF
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MJTUF QPTNBUSB OFVUSBMOP J PCJOP TF OB[JWB LMKVFN WPSB MJTUF 1SFNB
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EB TF TNBUSB EB KF MJTUB QSB[OB /B TMJDJ  KF JMVTUSPWBOB SFQSF[FOUBDJKB
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MJTUF     QPNPV QPLB[JWBB LPKB TBESJ FUJSJ FMFNFOUB   


UJN SFEPN

NOMX VOHG NOMX VOHG NOMX VOHG NOMX VOHG

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4MJLB  %PEBWBOKF WPSB V MJTUV J[B WPSB 

6 QPTFCOPN TMVBKV LBEB OPWJ WPS USFCB EPEBUJ OB QPFUBL MJTUF QP
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4MJLB  6LMBOKBOKF WPSB J[ MJTUF J[B WPSB 

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TF PESFVKF EB MJ TF V EBUPK MJTUJ OBMB[J WPS TB EBUJN LMKVFN " LP KF UP
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  NQI 
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4MJLB  4UBCMP SFLVS[JKF [B SFLVSFOUOV KFEOBJOV 




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TF V UPNF EB TF OBKQSF QSPNJMKFOP QSFUQPTUBWJ SFFOKF EBUF SFLVSFOUOF


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NQI

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NQI NQI  NQI
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NQI NQI NQI 


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NQI

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%BLMF V PWPN TMVBKV JOEVLDJKB QSPMB[J .FVUJN QPUP J[HMFEB EB KF


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NQI  NQI  NQI
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HEF KF  DFMPCSPKOB LPOTUBOUB B     J  TV
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QSJNFOPN WJFTUSVLF [BNFOF OB EBUV SFLVSFOUOV KFEOBJOV EPCJKBNP





  

 


  







 





  


HEF TNP V QPTMFEOKPK KFEOBLPTUJ JTLPSJTUJMJ GPSNVMV  "  LP


TBEB WSBUJNP 
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1PUP TVNJSBOKF OB EFTOPK TUSBOJ QSFETUBWMKB HFPNFUSJKTLJ [CJS UWSFOKF UF


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QPUP KF ESVHJ J[SB[ EPNJOBOUBO J




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JNF KF EPLB[ [BWSFO 


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/BBMPTU PWB KFEOBJOB OJKF V POPN PCMJLV V LPKFN NPFNP QSJNFOJUJ PQ
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KF [B KFEBO WFB PE EVCJOF OKFHPWPH SPEJUFMKB 7JTJOB WPSB TF UBLPF NP
F EFOJTBUJ SFLVS[JWOP WJTJOB MJTUB KF  B WJTJOB WPSB LPKJ OJKF MJTU KF
[B KFEBO WFB PE NBLTJNBMOF WJTJOF OKFHPWF EFDF 7JTJOB TUBCMB KF WJTJOB
OKFHPWPH LPSFOB /B QSJNFS WJTJOB TUBCMB OB TMJDJ  KF USJ B WJTJOB WPSB
KF EWB J OKFHPWB EVCJOB KF KFEBO

4UBCMP LBP TUSVLUVSB QPEBUBLB


4MJOP LBP V TMVBKV PTOPWOJI TUSVLUVSB QPEBUBLB OJ[PWB MJTUJ TUFLP
WB SFEPWB
EB CJTNP TUBCMB LPSJTUJMJ V QSPHSBNJNB [B PSHBOJ[BDJKV LPMFL
DJKF QPEBUBLB NPSBNP JNBUJ OBJO [B QSFETUBWMKBOKF TUBCBMB V SBVOBSV J
JNQMFNFOUJSBUJ TLVQ LPSJTOJI PQFSBDJKB OBE TUBCMJNB
6 SBEV TB TUBCMJNB TF NPF QPKBWJUJ QPUSFCB [B WSMP SB[OPMJLJN PQFSB
DJKBNB /B QSJNFS QPSFE PTOPWOJI PQFSBDJKB [B EPEBWBOKF VLMBOKBOKF JMJ
PESFJWBOKF EFUFUB EBUPH WPSB NPFNP JNBUJ J PQFSBDJKF LPKF LBP SF[VMUBU
EBKV SPEJUFMKB TBTWJN MFWPH EFUFUB JMJ EFTOPH CSBUB EBUPH WPSB 3BEJ MBL
FH QSPHSBNJSBOKB LPSJTOP CJ CJMP SFBMJ[PWBUJ J VQJUOF PQFSBDJKF LPKF PESF
VKV EB MJ KF EBUP TUBCMP QSB[OP JMJ EB MJ KF EBUJ WPS LPSFO JOUFSOJ FLTUFSOJ
 ,PSFOTLB TUBCMB 

J TMJOP /BK[BE USFCB JNBUJ OB VNV J QPNPOF PQFSBDJKF LPKF PCVIWBUBKV


QPTUVQLF LPOTUSVJTBOKB OPWPH TUBCMB PESFJWBOKB CSPKB WPSPWB WFMJJOF

TUBCMB PESFJWBOKF WJTJOF TUBCMB J UBLP EBMKF .FVUJN VLPMJLP TF LPSJTUJ


PEHPWBSBKVB SFQSF[FOUBDJKB TUBCMB TWF PWF PQFSBDJKF TF NPHV SFMBUJWOP
MBLP JNQMFNFOUJSBUJ J [BUP OFFNP JJ V LPOLSFUOF EFUBMKF OKJIPWF QSBLUJ
OF SFBMJ[BDJKF ;BUP FNP V PWPN PEFMKLV NBMP EFUBMKOJKF SB[NPUSJUJ TBNP
OBJOF [B QSFETUBWMKBOKF LPSFOTLJI TUBCBMB
1SF TWFHB TUBCMP QSFETUBWMKB LPMFLDJKV QPEBUBLB UBLP UP TF QPKFEJ
OBOJ QPEBDJ V LPMFLDJKJ OBMB[F V WPSPWJNB TUBCMB /B QSJNFS TUBCMP OB
TMJDJ  QSFETUBWMKB BSJUNFUJLJ J[SB[

OB QSJSPEBO OBJO LP
SFO UPH TUBCMB TBESJ PQFSBUPS [B NOPFOKF B OKFHPWB EFDB TV LPSFOJ EWB
QPETUBCMB LPKB QSFETUBWMKBKV QPEJ[SB[F J 

4MJLB  4UBCMP J[SB[B





4MJOP LBP LPE PTOPWOJI TUSVLUVSB QPEBUBLB QPKFEJOBOJ QPEBDJ V


WPSPWJNB TUBCMB TF OB PQUFN OJWPV QPJTUPWFVKV TB KFEOP[OBOPN WSFE
OPV LPKB TF OB[JWB OKJIPW LMKV J UBLP SBEJ KFEOPTUBWOPTUJ [BOFNBSVKV
EPEBUOJ QPEBDJ LPKF WPSPWJ V TUWBSOPTUJ NPEB TBESF /BKQSJSPEOJKB SF
QSF[FOUBDJKB TUBCMB LPKB OBKPJHMFEOJKF PESBBWB OKFHPWV MPHJLV TUSVLUV
SV CJMB CJ EB TF TWBLJ WPS TUBCMB QSFETUBWMKB PCKFLUPN LPKJ PCVIWBUB QPMKF
LMKVB WJF QPMKB V LPKJNB TF OBMB[F QPLB[JWBJ OB TWBLP EFUF UPH WPSB J
FWFOUVBMOP QPMKF [B QPLB[JWB OB SPEJUFMKB WPSB .FVUJN QPUP KF PWEF
SF P PQUJN TUBCMJNB PEOPTOP CSPK EFDF QP WPSV NPF CJUJ WSMP SB[MJJU
J OJKF VOBQSFE PHSBOJFO PWBK QSJTUVQ OJKF OBKCPMKJ KFS QSPJ[WPEJ MPF JT
LPSJFOKF NFNPSJKTLPH QSPTUPSB ;BUP TF PCJOP LPSJTUJ ESVHJ OBJO [B
QSFETUBWMKBOKF PQUJI TUBCBMB P LPNF TF LSBULP HPWPSJ V OBTUBWLV

1SFETUBWMKBOKF TUBCMB MJTUBNB EFDF WPSPWB +FEBO OBJO [B QSFWB[J


MBFOKF QSPCMFNB QSPJ[WPMKOPH CSPKB EFDF WPSPWB V PQUFN TUBCMV KF GPS
NJSBOKF QPWF[BOF MJTUF EFDF TWBLPH WPSB 0WBK QSJTUVQ KF WBBO KFS TF
  4UBCMB

NPF MBLP HFOFSBMJ[PWBUJ [B QSFETUBWMKBOKF TMPFOJKJI TUSVLUVSB LBP UP TV


HSBGPWJ 6 EFTOPN EFMV TMJLF  QSJLB[BOP KF LBLP TF TUBCMP V MFWPN
EFMV UF TMJLF NPF QSFETUBWJUJ OB PWBK OBJO

   

 
  
 
  
  
 
  


  



4MJLB  1SFETUBWMKBOKF TUBCMB MJTUBNB EFDF WPSPWB

,BP UP TF WJEJ TB TMJLF  V PWPK SFQSF[FOUBDJKJ TUBCMB TF OBMB[J KFEBO


OJ[ QPLB[JWBB JKJ FMFNFOUJ QSFETUBWMKBKV WPSPWF J [BUP KF OKFHPWB WFMJ
JOB KFEOBLB VLVQOPN CSPKV WPSPWB V TUBCMV 1PSFE UPHB TWBLJ FMFNFOU
OJ[B QPLB[VKF OB QPFUBL QPWF[BOF MJTUF WPSPWB TUBCMB 1SJ UPNF FMF
NFOUJ MJTUF OB LPKV QPLB[VKF FMFNFOU OJ[B TV WPSPWJ LPKJ TV EFDB WPSB
UBLP EB QPSFEBL FMFNFOBUB V MJTUJ PEHPWBSB QPSFULV EFDF TMFWB OB EFTOP
V TUBCMV /B QSJNFS OB TMJDJ  FMFNFOU QPLB[VKF OB MJTUV   QPUP
TV WPSPWJ  J  UJNF SFEPN EFDB WPSB 
+FEBO OFEPTUBUBL PWPH OBJOB QSFETUBWMKBOKB TUBCMB KF UP UP TF OF NP
HV MBLP LPOTUSVJTBUJ WFB TUBCMB PE NBOKJI 5P KF QPTMFEJDB JOKFOJDF UP
TWBLP TUBCMP JNB TWPK OJ[ QPLB[JWBB [B TWPKF WPSPWF 1SFNB UPNF EB
CJTNP OBQSBWJMJ OPWP TUBCMP SFDJNP PE EBUPH WPSB LBP LPSFOB J EWB EBUB
QPETUBCMB J NPSBMJ CJTNP EB LPQJSBNP J V USFF TUBCMP J EB
EPEBNP MJTUV [B OPWJ LPSFO JKB TV EFDB LPSFOJ [B J 

 #JOBSOB TUBCMB


#JOBSOP TUBCMP KF TUBCMP V LPKFN OJKFEBO WPS OFNB WJF PE EWPKF EFDF
%FDB OFLPH WPSB CJOBSOPH TUBCMB TF [PWV OKFHPWP MFWP EFUF J EFTOP EFUF
 #JOBSOB TUBCMB 

KFS TF OB DSUFJNB QSJLB[VKV MFWP J EFTOP PE WPSB LPKJ KF OKJIPW SPEJUFMK


'PSNBMOP CJOBSOP TUBCMP KF TUBCMP V LPKFN TWBLJ WPS JMJ OFNB EFDV JMJ
JNB TBNP MFWP EFUF JMJ JNB TBNP EFTOP EFUF JMJ JNB J MFWP J EFTOP EFUF
0CSBUJUF QBOKV OB UP EB QPKBN CJOBSOPH TUBCMB OJKF JTUJ LBP [B PCJOP
TUBCMP LPKF TNP EFOJTBMJ V QSFUIPEOPN PEFMKLV KFS TWBLP EFUF V CJOBS
OPN TUBCMV NPSB CJUJ MFWP EFUF JMJ EFTOP EFUF 0WB JOKFOJDB KF JMVTUSPWBOB
OB TMJDJ  OB LPKPK TV QSJLB[BOB EWB SB[MJJUB CJOBSOB TUBCMB J KFEOP PCJ
OP TUBCMP LPKF J[HMFEB WSMP TMJOP PWJN CJOBSOJN TUBCMJNB

  

  

     

  

B
C
D

4MJLB  3B[MJLF J[NFV CJOBSOJI J PCJOJI TUBCBMB

1SJNFUJNP EB TUBCMB QPE B


J C
OB TMJDJ  OJTV JTUB CJOBSOB TUBCMB
OJUJ KF OFLP PE OKJI VQPSFEJWP TB PCJOJN TUBCMPN QPE D
 /B QSJNFS V
CJOBSOPN TUBCMV QPE B
WPS  KF MFWP EFUF WPSB  B WPS  OFNB EFTOP
EFUF EPL V CJOBSOPN TUBCMV QPE C
WPS  OFNB MFWP EFUF BMJ JNB WPS 
LBP EFTOP EFUF 4B ESVHF TUSBOF V PCJOPN TUBCMV QPE D
OJKF EFOJTBOP
MFWP JMJ EFTOP EFUF WPS  KF TBNP EFUF WPSB  OJUJ MFWP OJUJ EFTOP
6QSLPT PWJN NBMJN LPODFQUVBMOJN SB[MJLBNB PTOPWOB UFSNJOPMPHJKB
PQUJI TUBCBMB QSFOPTJ TF J OB CJOBSOB TUBCMB 4WJ PTOPWOJ QPKNPWJ LPKF
TNP EFOJTBMJ [B PCJOB TUBCMB JNBKV TNJTMB J [B CJOBSOB TUBCMB
1SFETUBWMKBOKF CJOBSOPH TUBCMB KF VNOPHPNF QPKFEOPTUBWMKFOP [BIWB
MKVKVJ JOKFOJDJ EB TWBLJ WPS CJOBSOPH TUBCMB JNB OBKWJF EWPKF EFDF 6
QSBLTJ TF [B QSFETUBWMKBOKF CJOBSOJI TUBCBMB TLPSP JTLMKVJWP LPSJTUF QPLB
[JWBJ KFS KF UBLWB OKJIPWB SFQSF[FOUBDJKB QSJSPEOB J KFEOPTUBWOB 1SFDJ[OJ
KF CJOBSOP TUBCMP KF PSHBOJ[PWBOP V PCMJLV QPWF[BOF TUSVLUVSF QPEBUBLB
V LPKPK KF TWBLJ WPS TUBCMB QSFETUBWMKFO KFEOJN PCKFLUPN 5BK PCKFLBU
JNB QPMKF NOMX LPKF TBESJ LMKV WPSB LBP J EWB QPLB[JWBLB QPMKB OHYR
J GHVQR LPKB QPLB[VKV OB PCKFLUF LPKJ QSFETUBWMKBKV MFWP J EFTOP EFUF WP
  4UBCMB

SB "LP OFLP EFUF OJKF QSJTVUOP PEHPWBSBKVF QPLB[JWBLP QPMKF TBESJ
WSFEOPTU QXOO 4UBCMV TF LBP DFMJOJ QSJTUVQB QSFLP QPTFCOPH TQPMKBOKFH
QPLB[JWBB W LPKJ OJKF EFP TUBCMB J LPKJ QPLB[VKF OB LPSFO TUBCMB 0WBK OB
JO QSFETUBWMKBOKB CJOBSOPH TUBCMB KF JMVTUSPWBO V EFTOPN EFMV OB TMJDJ 
[B TUBCMP LPKF KF QSJLB[BOP V MFWPN EFMV

NOMX
OHYR GHVQR

 

 

   

 

4MJLB  1SFETUBWMKBOKF CJOBSOPH TUBCMB QPNPV QPLB[JWBB

0CJMB[BL CJOBSOPH TUBCMB


7BOB PQFSBDJKB OBE OFMJOFBSOPN TUSVLUVSPN TUBCMB KF OFLB BLUJWOPTU
LPKB TF J[WSBWB OBE QPEBDJNB LMKVFWJNB
TWJI WPSPWB TUBCMB 5B PQFSB
DJKB TF OFVUSBMOP OB[JWB PCJMB[BL TUBCMB J TBTUPKJ TF PE LSFUBOKB EV HSBOB
TUBCMB PE WPSB EP WPSB SBEJ QPTFJWBOKB TWJI WPSPWB TUBCMB BMJ OB TJ
TUFNBUJBO OBJO LBLP TF OFLJ WPS OF CJ QPOPWJP ,POLSFUOB BLUJWOPTU
LPKB TF PCBWMKB OBE QPEBDJNB V OFLPN WPSV QSJMJLPN OKFHPWPH QPTF
JWBOKB [BWJTJ PE QSJNFOF PQFSBDJKF PCJMBTLB TUBCMB J NPF PCVIWBUBUJ TWF
PE TBNP QSJLB[JWBOKB QPEBUBLB WPSB EP OFLF NOPHP TMPFOJKF PCSBEF
QPEBUBLB WPSB 
5SJ OBKFB TJTUFNBUJOB QPTUVQLB [B PCJMB[BL CJOBSOPH TUBCMB PE OKF
HPWPH LPSFOB KFTV PCJMB[BL WPSPWB V QSFPSEFS JOPSEFS J QPTUPSEFS SFEP
TMFEV 0OJ TF SB[MJLVKV TBNP QP SFEPTMFEV QP LPKFN TF QPTFVKV OBSFEOJ
WPS J OKFHPWP MFWP J EFTOP QPETUBCMP /B TMJDJ  TV JMVTUSPWBOB PWB USJ
OBJOB UBLP UP KF CSPKFWJNB   J  P[OBFO SFEPTMFE QP LPKFN TF QPTF
VKV OBSFEOJ WPS BLUVFMOJ LPSFO
J OKFHPWP MFWP J EFTOP QPETUBCMP J

'PSNBMOB SFLVS[JWOB EFOJDJKB QSFPSEFS JOPSEFS J QPTUPSEFS PCJMBTLB
CJOBSOPH TUBCMB KF
 #JOBSOB TUBCMB 

  

     

QSFPSEFS JOPSEFS QPTUPSEFS

4MJLB  5SJ OBJOB PCJMBTLB CJOBSOPH TUBCMB

 "LP KF TUBCMP QSB[OP OJUB TF OF PCJMB[J KFS OFNB OJKFEBO WPS


 *OBF OFLB KF LPSFO TUBCMB TB NPHVF QSB[OJN
MFWJN J EFTOJN
QPETUBCMJNB J JKJ TV LPSFOJ EFDB PE 0OEB

QSFPSEFS PCJMB[BL WPSPWB TUBCMB TBTUPKJ TF OBKQSF PE QPTFUF


LPSFOB [ BUJN PE SFLVS[JWOPH PCJMBTLB WPSPWB TUBCMB V
QSFPSEFS SFEPTMFEV J OB LSBKV PE SFLVS[JWOPH PCJMBTLB WPSPWB
TUBCMB V QSFPSEFS SFEPTMFEV
JOPSEFS PCJMB[BL WPSPWB TUBCMB TBTUPKJ TF OBKQSF PE SFLVS
[JWOPH PCJMBTLB WPSPWB TUBCMB V JOPSEFS SFEPTMFEV [BUJN
PE QPTFUF LPSFOB J OB LSBKV PE SFLVS[JWOPH PCJMBTLB WPSPWB
TUBCMB V JOPSEFS SFEPTMFEV
QPTUPSEFS PCJMB[BL WPSPWB TUBCMB TBTUPKJ TF OBKQSF PE SFLVS
[JWOPH PCJMBTLB WPSPWB TUBCMB V QPTUPSEFS SFEPTMFEV [BUJN
PE SFLVS[JWOPH PCJMBTLB WPSPWB TUBCMB V QPTUPSEFS SFEPTMF
EV J OB LSBKV PE QPTFUF LPSFOB 

/B TMJDJ  TV JMVTUSPWBOB QSFUIPEOB USJ OBJOB PCJMBTLB TWJI WPSPWB


OB LPOLSFUOPN QSJNFSV KFEOPH CJOBSOPH TUBCMB
*NBKVJ V WJEV TUBOEBSEOJ OBJO QSFETUBWMKBOKB CJOBSOJI TUBCBMB QP
NPV QPLB[JWBB MBLP TF NPHV OBQJTBUJ BMHPSJUNJ [B QSFPSEFS JOPSEFS J
QPTUPSEFS PCJMBTLF WPSPWB CJOBSOPH TUBCMB 6 OBTUBWLV KF QSJLB[BO TBNP
BMHPSJUBN [B JOPSEFS PCJMB[BL CJOBSOPH TUBCMB MJTUJOH 
QSJ FNV TF [B
TWBLJ WPS QSJLB[VKF OKFHPW LMKV "MHPSJUNJ [B PTUBMB EWB OBJOB PCJMBTLB
CJOBSOPH TUBCMB PTUBWMKBKV TF JUBPDJNB [B WFCV
  4UBCMB



QSFPSEFS         
 
JOPSEFS         

   QPTUPSEFS         

  

4MJLB  -JTUB WPSPWB CJOBSOPH TUBCMB EPCJKFOB OB QSFPSEFS JOPSEFS J


QPTUPSEFS OBJO

-JTUJOH  *OPSEFS PCJMB[BL CJOBSOPH TUBCMB

 8OD] YRU ELQDUQRJ VWDEOD


 ,]OD] LQRUGHU OLVWD NOMXHYD SRGVWDEOD VD NRUHQRP
DOJRULWKP EWLQRUGHU W

LI W  QXOO WKHQ
EWLQRUGHU WOHYR 
SULQW WNOMX 
EWLQRUGHU WGHVQR 

UHWXUQ

0CSBUJUF QBOKV OB UP EB KF SFLVS[JWOJ BMHPSJUBN EWLQRUGHU OFQPTSFE


OB JNQMFNFOUBDJKB SFLVS[JWOF EFOJDJKF JOPSEFS PCJMBTLB CJOBSOPH TUBCMB
1SJ UPNF PCSBEB TWBLPH WPSB QSJMJLPN OKFHPWPH QPTFJWBOKB TBTUPKJ TF
PE QSPTUPH QSJLB[JWBOKB LMKVB WPSB
/JKF UFLP QPLB[BUJ EB WSFNF J[WSBWBOKB BMHPSJUNB EWLQRUGHU [B CJ
OBSOP TUBCMP PE WPSPWB J[OPTJ 
5P KF UBOP J [B BMHPSJUNF PTUBMB
EWB OBJOB PCJMBTLB CJOBSOPH TUBOMB
5P KF QPTMFEJDB JOKFOJDF UP TF BM
HPSJUBN EWLQRUGHU QP[JWB UBOP EWB QVUB [B TWBLJ WPS TUBCMB KFEOPN
[B OKFHPWP MFWP EFUF J KFEOPN [B OKFHPWP EFTOP EFUF 1PUP TF EFP BM
HPSJUNB EWLQRUGHU LPKJ OF PCVIWBUB PWF SFLVS[JWOF QP[JWF J[WSBWB [B
LPOTUBOUOP WSFNF VLVQOP WSFNF J[WSBWBOKB CJF  
 

0WP KF EPCSB QSJMJLB EB TF PTWSOFNP J OB OB TUJM QSPHSBNJSBOKB F


 #JOBSOB TUBCMB QSFUSBHF 

TUP FNP KFEOPTUBWOF BMHPSJUNF LBP UP KF UP BMHPSJUBN EWLQRUGHU J[


SBBWBUJ V SFLVS[JWOPN PCMJLV /BSBWOP TWBLJ SFLVS[JWOJ BMHPSJUBN TF
NPF OBQJTBUJ JUFSBUJWOP TJNVMJSBKVJ BLP OJUB ESVHP SFLVS[JKV QPNPV
TUFLB 6 TUWBSJ V QSBLTJ KF CPMKF QJTBUJ BMHPSJUNF OB JUFSBUJWOJ OFHP OB SF
LVS[JWOJ OBJO KFS TF UBLP EPCJKB OB FLBTOPTUJ J[CFHBWBOKFN EPEBUOJI
JNQMJDJUOJI PQFSBDJKB LPKF TWBLB SFLVS[JKB OBNFF /B QSJNFS JUFSBUJWOB
WFS[JKB JTUPH BMHPSJUNB EWLQRUGHU QSJLB[BOB KF V MJTUJOHV 

-JTUJOH  *OPSEFS PCJMB[BL CJOBSOPH TUBCMB JUFSBUJWOB WFS[JKB

 8OD] YRU ELQDUQRJ VWDEOD


 ,]OD] LQRUGHU OLVWD NOMXHYD SRGVWDEOD VD NRUHQRP
DOJRULWKP EWLQRUGHU W

VWDFNPDNH V   LQLFLMDOL]DFLMD SUD]QRJ VWHND V


GR
ZKLOH W  QXOO GR
SXVK WV 
W WOHYR
W SRS V 
SULQW WNOMX 
W WGHVQR
ZKLOH VWDFNHPSW\ V __ W  QXOO 

UHWXUQ

/JKF UFLP SB[VNFUJ LBLP PWBK JUFSBUJWOJ BMHPSJUBN SBEJ PO V TVUJOJ


TJNVMJSB SFLVS[JKV QPNPV KFEOPH TUFLB * QBL JBLP TV SFLVS[JWOJ BMHPSJU
NJ NBOKF FLBTOJ TBNP V BQTPMVUOPN TNJTMV BMJ OF J BTJNQUPUTLJ
OBNB
KF CMJB SFLVS[JKB QPUP TF EPCJKBKV BMHPSJUNJ LPKJ TV TLPSP VWFL MBLJ [B
SB[VNFWBOKF J BOBMJ[JSBOKF

 #JOBSOB TUBCMB QSFUSBHF


#JOBSOP TUBCMP QSFUSBHF #41
KF CJOBSOP TUBCMP V LPKFN TWBLJ WPS
JNB UBLP[WBOP #41 TWPKTUWP TWJ WPSPWJ V MFWPN QPETUBCMV WPSB JNBKV
  4UBCMB

LMKVFWF LPKJ TV NBOKJ PE LMKVB WPSB B TWJ WPSPWJ V EFTOPN QPETUBCMV


WPSB JNBKV LMKVFWF LPKJ TV WFJ PE LMKVB WPSB WJEFUJ TMJLV 


4MJLB  #41 TWPKTUWP TWBLPH WPSB CJOBSOPH TUBCMB QSFUSBHF

#41 TWPKTUWP CJOBSOPH TUBCMB NPF TF GPSNBMOP J[SB[JUJ OB TMFEFJ OB


JO [B TWBLJ WPS TUBCMB BLP KF WPS V MFWPN QPETUBCMV WPSB POEB
KF YNOMX ! XNOMX B BLP KF WPS V EFTOPN QPETUBCMV WPSB POEB
KF YNOMX  ZNOMX 0WEF QSFUQPTUBWMKBNP QPKFEOPTUBWMKFO TMVBK EB
TV TWJ LMKVFWJ SB[MJJUJ
0CSBUJUF QBOKV OB UP EB TF V CJOBSOPN TUBCMV
QSFUSBHF JNQMJDJUOP QPESB[VNFWB EB TF LMKVFWJ WPSPWB TUBCMB NPHV NF
VTPCOP VQPSFJWBUJ 5P [OBJ EB LMKVFWJ QSJQBEBKV OFLPN UPUBMOP VSFF
OPN TLVQV UK TLVQV OBE JKJN FMFNFOUJNB KF EFOJTBOB SFMBDJKB NBOKF
PE 1SJNFSJ PWJI TLVQPWB PCVIWBUBKV TLVQPWF DFMJI J SFBMOJI CSPKFWB TB
VPCJBKFOPN SFMBDJKPN QPSFULB CSPKFWB LBP J TLVQ [OBLPWOJI TUSJOHPWB
TB MFLTJLPHSBGTLJN QPSFULPN
/B TMJDJ  TV QSJLB[BOB EWB CJOBSOB TUBCMB QSFUSBHF LPKB TBESF JTUJ
TLVQ WSFEOPTUJ LMKVFWB ,BP UP FNP QPLB[BUJ WSFNF J[WSBWBOKB WFJOF
PQFSBDJKB OBE CJOBSOJN TUBCMPN QSFUSBHF KF QSPQPSDJPOBMOP WJTJOJ TUBCMB
6 UPN TNJTMV EFTOP TUBCMP OB TMJDJ  KF NBOKF FLBTOP KFS JNB WFV
WJTJOV

#41 PQFSBDJKF
,PE TWJI PQFSBDJKB OBE OFLJN TUBCMPN UBLP J OBE CJOBSOJN TUBCMPN
QSFUSBHF
QPMB[J TF PE LPSFOB TUBCMB KFS TF QPESB[VNFWB EB KF QSJTUVQ TUB
CMV TQPMKB PNPHVFO KFEJOP QPLB[JWBFN OB OKFHPW LPSFO 5JQJOF PQFSB
DJKF OBE CJOBSOJN TUBCMPN QSFUSBHF TV USBFOKF WPSB V TUBCMV EPEBWBOKF
OPWPH WPSB V TUBCMP J VLMBOKBOKF EBUPH WPSB J[ TUBCMB 0 PWJN PQFSBDJKB
TF EFUBMKOP HPWPSJ V OBTUBWLV PWPH PEFMKLB
 #JOBSOB TUBCMB QSFUSBHF 




 


  
 

4MJLB  %WB CJOBSOB TUBCMB QSFUSBHF TB JTUJN LMKVFWJNB

5SBFOKF WPSB /BKKFEOPTUBWOJKB PQFSBDJKB OBE CJOBSOJN TUBCMPN QSF


USBHF KF OBMBFOKF WPSB TB EBUJN LMKVFN V CJOBSOPN TUBCMV QSFUSBHF 
%B CJ TF CS[P MPDJSBP WPS TB LMKVFN V TUBCMV JMJ TF VUWSEJMP EB TF WPS
TB UJN LMKVFN OF OBMB[J V TUBCMV LPSJTUJ TF #41 TWPKTUWP WPSPWB UBCMB
 1SFDJ[OJKF VLPMJLP TF VQPSFEJ TB LMKVFN LPSFOB TUBCMB SB[MJLVKV
TF USJ TMVBKB
1SWJ OBKMBLJ TMVBK KF BLP KF LMKV LPSFOB TUBCMB KFEOBL KFS TNP
POEB OBMJ USBFOJ WPS J NPFNP [BWSJUJ QSFUSBHV 6 ESVHPN TMVBKV BLP
KF LMKV LPSFOB TUBCMB WFJ PE QSFNB #41 TWPKTUWV NPFNP [BLMKVJUJ
EB TF WPS TB LMKVFN NPF OBJ TBNP V MFWPN QPETUBCMV LPSFOB TUBCMB
KFS TV V EFTOPN QPETUBCMV TWJ LMKVFWJ WFJ PE LMKVB LPSFOB QB UJNF J PE 
;CPH UPHB QSFUSBHV SFLVS[JWOP OBTUBWMKBNP OB JTUJ OBJO PE LPSFOB MFWPH
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3FEPWJ TB QSJPSJUFUJNB
3FE [B FLBOKF TB QSJPSJUFUJNB FMFNFOBUB QSFETUBWMKB TUSVLUVSV QPEB
UBLB V LPKPK KF TWBLPN FMFNFOUV PWF TUSVLUVSF QSJESVFOB PESFFOB OVNF
SJLB WSFEOPTU LPKB TF OB[JWB OKFHPW QSJPSJUFU JMJ LMKV
 ,MBTJOV QSJNF
OV PWF TUSVLUVSF QPEBUBLB OBMB[JNP V PQFSBUJWOPN TJTUFNV TB EFMKFOKFN
  4UBCMB

WSFNFOB JKJ KF PTOPWOJ [BEBUBL EB SBTQPSFVKF SB[MJJUF QSPDFTF V TJTUFNV


SBEJ J[WSBWBOKB PE TUSBOF QSPDFTPSB 6 SFBMJ[BDJKJ UPH [BEBUBLB UBLBW PQF
SBUJWOJ TJTUFN LPSJTUJ SFE JKJ TV FMFNFOUJ QPKFEJOJ QSPDFTJ V SBVOBSTLPN
TJTUFNV LPKJ FLBKV [B J[WSBWBOKF PE TUSBOF QSPDFTPSB
.FVUJN TWJ USFOVUOP BLUJWOJ QSPDFTJ V TJTUFNV OF NPSBKV JNBUJ JT
UV WBOPTU J [BUP TF LMBTJLVKV QSFNB TWPN QSJPSJUFUV /BKWJJ QSJPSJUFU
WFSPWBUOP JNBKV TJTUFNTLJ QSPDFTJ LBP UP TV VQSBWMKBLJ QSPHSBNJ [B UB
TUBUVSV JMJ NSFOV LBSUJDV ;BUJN QP WBOPTUJ EPMB[F LPSJTOJLJ QSPDFTJ V
LPKJNB TF J[WSBWBKV JOUFSBLUJWOF BQMJLBDJKF /B LSBKV EPMB[F QP[BEJOTLJ
QSPDFTJ LBP UP TV OFLJ QSPHSBN [B QSBWMKFOKF SF[FSWOJI LPQJKB EBUPUFLB
JMJ QSPHSBN [B OFLP EVHBLP J[SBVOBWBOKF LPKJ KF OBNFOTLJ QSFEWJFO EB
SBEJ TB OJTLJN QSJPSJUFUPN
4WBLJ QSPDFT V TJTUFNV TF [BUP QSFETUBWMKB KFEOJN PCKFLUPN LPKJ QPSFE
PTUBMJI QPMKB LPKB CMJF PQJTVKV QSPDFT TBESJ KP EWB QPMKB KFEOP DFMPCSPK
OP QPMKF [B JEFOUJLBDJPOJ CSPK QSPDFTB J KFEOP DFMPCSPKOP QPMKF [B QSJPSJUFU
QSPDFTB 0QFSBUJWOJ TJTUFN TB EFMKFOKFN WSFNFOB SBTQPSFVKF PWF QSPDFTF
SBEJ J[WSBWBOKB OB PTOPWV OKJIPWPH QSJPSJUFUB ,BEB TF V TJTUFNV QPLSFOF
OPWJ QSPDFT LPKJ USFCB J[WSJUJ PO OBKQSF EPCJKB TWPK JEFOUJLBDJPOJ CSPK J
QSJPSJUFU 0WBK QSPDFT TF OF J[WSBWB PENBI KFS NPEB QP TWPN QSJPSJUFUV
UP OF [BTMVVKF OFHP TF EPEBKF V TUSVLUVSV QPEBUBLB SFEB TWJI QSPDFTB TB
QSJPSJUFUJNB LPKJ FLBKV OB J[WSBWBOKF ,BEB QSPDFTPS QPTUBOF CFTQPTMFO
JMJ LBEB QSPDFT LPKJ TF USFOVUOP J[WSBWB JTLPSJTUJ TWPK LWBOUVN WSFNFOB
PQFSBUJWOJ TJTUFN PESFVKF QSPDFT OBKWJFH QSJPSJUFUB V SFEV QSPDFTB LPKJ
FLBKV OB J[WSBWBOKF J UBK QSPDFT EPEFMKVKF QSPDFTPSV SBEJ J[WSBWBOKB
/B PTOPWV PWPH QSJNFSB NPF TF [BLMKVJUJ EB TV PTOPWOF PQFSBDJKF
OBE SFEPN TB QSJPSJUFUJNB JTUF POF LPKF TF LPSJTUF [B SBE TB PCJOJN SF
EPWJNB [B FLBOKF JMJ TUFLPWJNB 5P TV PQFSBDJKF EPEBWBOKB J VLMBOKBOKB
FMFNFOBUB T UPN SB[MJLPN UP TF J[ SFEB TB QSJPSJUFUJNB VLMBOKB FMFNFOU
LPKJ JNB OBKNBOKJ QSJPSJUFU 1PETFUJNP TF EB TF LPE PCJOJI SFEPWB VLMB
OKB OBKTUBSJKJ FMFNFOU EPL TF LPE TUFLPWB VLMBOKB OBKOPWJKJ FMFNFOU

3FE TB QSJPSJUFUJNB KF EBLMF TUSVLUVSB QPEBUBLB LPKB TF TBTUPKJ PE LP


MFLDJKF FMFNFOBUB V LPKPK TWBLJ FMFNFOU TBESJ QPMKF LMKVB LPKF P[OBBWB
QSJPSJUFU FMFNFOUB SFEB %WF PTOPWOF PQFSBDJKF OBE SFEPN TB QSJPSJUFUJNB
TV
 0QFSBDJKB EPEBWBOKB STLQVHUW T[ LPKPN TF TF V SFE TB QSJPSJUF
UJNB EPEBKF OPWJ FMFNFOU 
 0QFSBDJKB VLMBOKBOKB STGHOHWHPLQ T LPKPN TF V SFEV TB QSJPSJUF
 1SJNFOF TUBCBMB 

UJNB OBKQSF QSPOBMB[J FMFNFOU OBKOJFH QSJPSJUFUB B [BUJN TF UBK


FMFNFOU VLMBOKB J[ SFEB J LBP EPEBUOJ SF[VMUBU WSBB TF QSJPSJUFU
UPH OBKNBOKFH FMFNFOUB
+FEBO FLBTBO OBJO [B JNQMFNFOUBDJKV SFEB TB QSJPSJUFUJNB KF QPNP
V CJOBSOPH IJQB P LPNF TNP HPWPSJMJ V PEFMKLV  0TOPWOF PQFSBDJKF
EPEBWBOKB J VLMBOKBOKB FMFNFOBUB [B SFE TB QSJPSJUFUJNB PEHPWBSBKV CF[
J[NFOB BMHPSJUNJNB KHDSLQVHUW J KHDSGHOHWHPLQ PEOPTOP PQFSBDJKB
NB EPEBWBOKB J VLMBOKBOKB FMFNFOBUB [B CJOBSOJ IJQ 1SJNFUJNP J EB KF
WSFNF J[WSBWBOKB PWJI PQFSBDJKB MPHBSJUBNTLP PEOPTOP
NQI [ B SFE
TB QSJPSJUFUJNB PE FMFNFOBUB
6 QSBLTJ KF TUSVLUVSB QPEBUBLB SFEB TB QSJPSJUFUJNB PCJOP TMPFOJKB
[CPH UPHB UP USFCB PCF[CFEJUJ EPEBUOF PQFSBDJKF [B TMPFOJKF BMHPSJUNF
LPKJ LPSJTUF OFLJ SFE TB QSJPSJUFUJNB /FQPUQVO TQJTBL PWJI EPEBUOJI PQF
SBDJKB KF
STPDNH TD  GPSNJSBUJ SFE TB QSJPSJUFUJNB PE EBUJI FMFNFOBUB V
OJ[V 
STFKDQJHNH\ T[Y  QSPNFOJUJ QSJPSJUFU EBUPH FMFNFOUB V SFEV
TB QSJPSJUFUJNB UBLP EB JNB OPWV WSFEOPTU 
STGHOHWH T[  VLMPOJUJ EBUJ QSPJ[WPMKOJ FMFNFOU J[ SFEB TB QSJP
SJUFUJNB 
"LP TF QPETFUJNP TUSVLUVSF QPEBUBLB CJOBSOPH IJQB J[ PEFMKLB  NP
FNP QSJNFUJUJ EB TF TWF PWF EPEBUOF PQFSBDJKF NPHV FLBTOP SFBMJ[PWBUJ
VLPMJLP KF SFE TB QSJPSJUFUJNB QSFETUBWMKFO CJOBSOJN IJQPN V PCMJLV OJ
[B /BJNF EB CJTNP LPOTUSVJTBMJ SFE TB QSJPSJUFUJNB PE EBUJI FMFNFOB
UB NPFNP JTLPSJTUJUJ BMHPSJUBN KHDSPDNH LPKJ TF J[WSBWB [B MJOFBSOP
WSFNF %B CJTNP QSPNFOJMJ QSJPSJUFU EBUPH FMFNFOUB LPKJ TF OBMB[J OFHEF
VOVUBS CJOBSOPH IJQB NPFNP JTLPSJTUJUJ BMHPSJUBN KHDSVLIWGRZQ [B OKF
HPWP QPNFSBOKF OBEPMF BLP NV TF QSJPSJUFU QPWFBWB JMJ BMHPSJUBN KHDS
EXEEOHXS [B OKFHPWP QPNFSBOKF OBWJF BLP NV TF QSJPSJUFU TNBOKVKF %B
CJTNP VLMPOJMJ QSPJ[WPMKOJ FMFNFOU J[ CJOBSOPH IJQB NPFNP QSJNFOJUJ
QPTUVQBL TMJBO POPN LPKJ TF LPSJTUJ [B VLMBOKBOKF NJOJNBMOPH FMFNFOUB
0CSBUJUF QBOKV OB UP EB V TWJN PWJN PQFSBDJKBNB EPMB[J EP [BNFOKJWBOKB
FMFNFOBUB EV OFLPH QVUB V IJQV V OBKHPSFN TMVBKV PE WSIB IJQB QB
TWF EP OKFHPWPH EOB JMJ PCSOVUP 5P [OBJ EB KF WSFNF J[WSBWBOKB PWJI
PQFSBDJKB MPHBSJUBNTLP
  4UBCMB

%JTKVOLUOJ TLVQPWJ
6 OFLJN QSJNFOBNB KF QPUSFCOP EB QPEBDJ CVEV PSHBOJ[PWBOJ V WJF
HSVQB QSJ FNV TV WBOF EWF PQFSBDJKF KFEOB LPKPN TF PESFVKF LPKPK
HSVQJ QSJQBEB OFLJ QPEBUBL J ESVHB LPKPN TF PCKFEJOKVKV EWF EBUF HSVQF V
KFEOV 6 UJN TMVBKFWJNB EPMB[J EP J[SBBKB TUSVLUVSB QPEBUBLB EJTKVOLU
OJI TLVQPWB
"QTUSBLUOB TUSVLUVSB QPEBUBLB EJTKVOLUOJI TLVQPWB QSFETUBWMKB FMF
NFOBUB HSVQJTBOJI V LPMFLDJKV PE OBKWJF EJTKVOLUOJI TLVQPWB 4WBLJ
TLVQ V LPMFLDJKJ TBESJ EBLMF NFVTPCOP SB[MJJUF FMFNFOUF LPKJ TV PCKFLUJ
JTUPH UJQB &LBTOF PQFSBDJKF QPUSFCOF [B SBE TB PWPN TUSVLUVSPN QPEB
UBLB TV
,POTUSVJTBOKF TLVQB PE KFEOPH FMFNFOUB 0QFSBDJKPN GVPDNH [ TF
LPOTUSVJF OPWJ TLVQ JKJ KF KFEJOJ MBO EBUJ FMFNFOU 1PUP TV TLV
QPWJ V LPMFLDJKJ EJTKVOLUOJ QPESB[VNFWB TF EB TF OF OBMB[J OJ V
KFEOPN ESVHPN TLVQV
0ESFJWBOKF NBUJOPH TLVQB 0QFSBDJKPN GVILQG [ TF EPCJKB JEFO
UJLBDJKB KFEJOTUWFOPH TLVQB V LPMFLDJKJ LPKJ TBESJ EBUJ FMFNFOU 
0CKFEJOKBWBOKF EWB TLVQB ;B EBUB EWB FMFNFOUB J LPKJ QSJQBEBKV
SB[MJJUJN EJTKVOLUOJN TLVQPWJNB J V LPMFLDJKJ PQFSBDJKPN
GVXQLRQ [\ PCKFEJOKVKV TF TLVQPWJ J V KFEBO OPWJ TLVQ
LPKJ QSFETUBWMKB OKJIPWV VOJKV 1SFDJ[OJKF GPSNJSB TF USFJ TLVQ
UBLBW EB KF  B LBLP TLVQPWJ V LPMFLDJKJ NPSBKV CJUJ
EJTKVOLUOJ TLVQPWJ J TF VLMBOKBKV J[ LPMFLDJKF OBLPO OKJIPWPH
PCKFEJOKBWBOKB
1SJNFOPN PQFSBDJKF PESFJWBOKB NBUJOPH TLVQB EBUPH FMFNFOUB LBP
SF[VMUBU TF EPCJKB JEFOUJLBDJKB UPH TLVQB 5BOB QSJSPEB JEFOUJLBDJKF
TLVQPWB V LPMFLDJKJ EJTKVOLUOJI TLVQPWB PCJOP KF WSMP FLTJCJMOB QPE
VTMPWPN EB KF EPTMFEOB 5P [OBJ EB SF[VMUBU PQFSBDJKB GVILQG [ J GV
ILQG \ NPSB CJUJ KFEOBL VLPMJLP FMFNFOUJ J QSJQBEBKV JTUPN TLVQV B
SB[MJJU V TVQSPUOPN TMVBKV /BKFF TF TWBLJ TLVQ V LPMFLDJKJ JEFOUJ
LVKF OFLJN TWPKJN MBOPN LPKJ TF OB[JWB QSFETUBWOJL UPH TLVQB

1SFETUBWMKBOKF EJTKVOLUOJI TLVQPWB QPNPV TUBCBMB +FEBO FLBTBO


OBJO [B QSFETUBWMKBOKF EJTKVOLUOJI TLVQPWB KF QPNPV LPMFLDJKF PQUJI

LPSFOTLJI TUBCBMB QSJ FNV TWBLJ WPS TUBCMB QSFETUBWMKB KFEOPH MBOB OF
LPH TLVQB J TWBLP TUBCMP QSFETUBWMKB KFEBO TLVQ J[ LPMFLDJKF 6 TWBLPN
 1SJNFOF TUBCBMB 

TUBCMV PWF SFQSF[FOUBDJKF KFEBO WPS TBESJ QPSFE FMFNFOUB TLVQB LPHB
QSFETUBWMKB KP TBNP QPLB[JWB OB TWPH SPEJUFMKB 4LVQ LPKJ KF QSFETUB
WMKFO KFEOJN TUBCMPN TF JEFOUJLVKF QSFLP QSFETUBWOJLB LPKJ TF OBMB[J V
LPSFOV UPH TUBCMB /B TMJDJ  KF JMVTUSPWBOB PWBLWB SFQSF[FOUBDJKB [B
LPMFLDJKV EJTKVOLUOJI TLVQPWB ]] _  ] _    _ J ]_

4MJLB  %JTKVOLUOJ TLVQPWJ QSFETUBWMKFOJ LPMFLDJKPN TUBCBMB

5SJ LBSBLUFSJTUJOF PQFSBDJKF [B SBE TB EJTKVOLUOJN TLVQPWJNB QSFE


TUBWMKFOJN LPMFLDJKPN TUBCBMB NPHV TF BMHPSJUBNTLJ SFBMJ[PWBUJ OB TMFEFJ
OBJO
6 BMHPSJUNV GVPDNH [ TF [B EBUJ PCKFLBU TB PEHPWBSBKVJN FMF
NFOUPN TLVQB QSPTUP LPOTUSVJF KFEBO WPS TUBCMB
6 BMHPSJUNV GVILQG [ TF QSBUF SPEJUFMKTLJ QPLB[JWBJ PE WPSB
EPL TF OF EPF EP LPSFOB TUBCMB ;B JEFOUJLBDJKV QSFETUBWOJLB

NBUJOPH TLVQB WPSB WSBB TF LBP SF[VMUBU FMFNFOU LPKJ TF OBMB[J


V LPSFOV TUBCMB
6 BMHPSJUNV GVXQLRQ [\ TF PCKFEJOKVKV EWB EJTKVOLUOB TLVQB
QSFETUBWMKFOB QPNPV EWB TUBCMB TB LPSFOJNB J UBLP UP TF LP
SFO TUBCMB NBOKF WJTJOF WF[VKF [B LPSFO TUBCMB WFF WJTJOF %SVHJN
SFJNB LPSFO TUBCMB WFF WJTJOF QPTUBKF SPEJUFMKTLJ WPS [B LPSFO
TUBCMB NBOKF WJTJOF 6 TMVBKV EWB TUBCMB JTUF WJTJOF QSPJ[WPMKOP
TF CJSB LPSFO KFEOPH TUBCMB EB CVEF SPEJUFMKTLJ WPS ESVHPH
0WBK
OBJO PCKFEJOKBWBOKB TUBCBMB OB[JWB TF PCKFEJOKBWBOKF QP WJTJOJ
0WBK OFGPSNBMOJ PQJT SFBMJ[BDJKF PQFSBDJKB [B SBE TB EJTKVOLUOJN TLV
QPWJNB QPLB[VKF EB TWBLPN WPSV V TUBCMJNB LPMFLDJKF USFCB QSJESVJUJ
JOGPSNBDJKV P OKFHPWPK WJTJOJ ;CPH UPHB TWBLJ WPS TBESJ DFMPCSPKOP
QPMKF K [B WJTJOV UPH WPSB 1PSFE UPHB TWBLJ WPS TBESJ QPMKF NOMX V
  4UBCMB

LPNF TF OBMB[J PEHPWBSBKVJ FMFNFOU TLVQB LBP J QPMKF S V LPNF TF OBMB


[J QPLB[JWB OB SPEJUFMKB WPSB /BSBWOP PWP QPLB[JWBLP QPMKF LPSFOB
TWBLPH TUBCMB TBESJ WSFEOPTU QXOO
,BEB TF PQFSBDJKPN GVPDNH LPOTUSVJF TUBCMP PE KFEOPH WPSB QP
FUOB WJTJOB UPH WPSB KF  0QFSBDJKPN GVILQG TF WJTJOF WPSPWB TUBCMB
VPQUF OF NFOKBKV ,PE QSJNFOF PQFSBDJKF GVXQLRQ NPHV TF EFTJUJ EWB
TMVBKB [BWJTOP PE WJTJOB LPSFOB TUBCBMB LPKB TF PCKFEJOKVKV 6 QSWPN TMV
BKV V LPKFN PWJ LPSFOJ JNBKV OFKFEOBLF WJTJOF LPSFO WFF WJTJOF QPTUBKF
SPEJUFMK LPSFOB NBOKF WJTJOF BMJ TBNF WJTJOF PTUBKV OFQSPNFOKFOF 6 ESV
HPN TMVBKV V LPKFN PWJ LPSFOJ JNBKV KFEOBLF WJTJOF QSPJ[WPMKOP TF CJSB
KFEBO PE LPSFOB EB CVEF SPEJUFMK ESVHPH BMJ TF OKFHPWB WJTJOB VWFBWB [B
KFEBO 6 OBTUBWLV TV V MJTUJO[JNB   J  OB QTFVEPKF[JLV QSFDJ
[OJKF QSJLB[BOJ EFUBMKJ BMHPSJUBNTLF SFBMJ[BDJKF PTOPWOJI PQFSBDJKB [B SBE
TB EJTKVOLUOJN TLVQPWJNB

-JTUJOH  ,POTUSVJTBOKF EJTKVOLUOPH TLVQB PE KFEOPH FMFNFOUB


 8OD] REMHNDW VD RGJRYDUDMXLP HOHPHQWRP VNXSD
 ,]OD] YRU VWDEOD X NROHNFLML VWDEDOD
DOJRULWKP GVPDNH [

[K 
[S QXOO

UHWXUQ [

-JTUJOH  /BMBFOKF QSFETUBWOJLB FMFNFOUB V EJTKVOLUOPN TLVQV


 8OD] YRU X NROHNFLML VWDEDOD
 ,]OD] SUHGVWDYQLN VNXSD NRML VDGUL HOHPHQW
DOJRULWKP GVILQG [

ZKLOH [S  QXOO GR


[ [S

UHWXUQ [
 1SJNFOF TUBCBMB 

-JTUJOH  0CKFEJOKBWBOKF EWB EJTKVOLUOB TLVQB

 8OD] NRUHQL L GYD VWDEOD X NROHNFLML VWDEDOD


 ,]OD] VWDEOR NRMH REMHGLQMXMH VWDEOD NRMD VDGUH L
DOJRULWKP GVXQLRQ [ \

LI [K ! \K WKHQ


\S [
UHWXUQ [  MH NRUHQ UH]XOWXMXHJ VWDEOD
HOVH
[S \
LI [K \K WKHQ
\K \K  
UHWXUQ \  MH NRUHQ UH]XOWXMXHJ VWDEOD

"MHPSJUNJ GVPDNH J GVXQLRQ TF PJHMFEOP J[WSBWBKV [B LPOTUBOUOP


WSFNF 1PUP WSFNF J[WSBWBOKB BMHPSJUNB GVILQG [BWJTJ PE WJTJOB TUB
CBMB V LPMFLDJKJ QPLB[BFNP EB WJTJOB OFLPH TUBCMB NPF SBTUJ OBKWJF
MPHBSJUBNTLJ V PEOPTV OB CSPK WPSPWB V UPN TUBCMV ;CPH UPHB LBEB
TF QSFMB[J QVU PE OFLPH WPSB V TUBCMV EP OKFHPWPH LPSFOB SBEJ OBMBF
OKB QSFETUBWOJLB PEHPWBSBKVFH TLVQB WSFNF J[WSBWBOKB UPH QPTUVQLB
KF QSPQPSDJPOBMOP OBKWJF MPHBSJUNV CSPKB WPSPWB V EBUPN TUBCMV 0WB
MPHBSJUBNTLB HSBOJDB WJTJOF OFLPH TUBCMB V LPMFLDJKJ TUBCBMB LPKB QSFETUB
WMKBKV EJTKVOLUOF TLVQPWF QSFDJ[OJKF TF J[SBBWB OB TMFEFJ OBJO

-FNB /FLB KF KFEOP TUBCMP V LPMFLDJKJ TUBCBMB LPKF KF QPFUOP LPOTUSVJTBOP


BMHPSJUNPN GVPDNH J [BUJN GPSNJSBOP WJFTUSVLPN
QSJNFOPN BMHPSJUNB
GVXQLRQ "LP KF WJTJOB TUBCMB KFEOBLB POEB JNB CBS  WPSPWB

%PLB[ 6 EPLB[V LPSJTUJNP JOEVLDJKV QP  #B[OJ TMVBK   KF PJHMF


EBO KFS TUBCMP NPSB JNBUJ TBNP KFEBO WPS J    1SFUQPTUBWJNP EB KF
UWSFOKF MFNF UBOP [B OFLP  J QPTNBUSBKNP TUBCMP V LPMFLDJKJ LPKF
JNB WJTJOV  6 OFLPN USFOVULV UPLPN GPSNJSBOKB TUBCMB PQFSBDJKB
NB PCKFEJOKBWBOKB QP WJTJOJ WJTJOB UPH TUBCMB KF QSWJ QVU EPTUJHMB WSFEOPTU
 +FEJOJ OBJO OB LPKJ KF NPHMP EB TF UBEB EPCJKF TUBCMP WJTJOF  KF
EB KF KFEOP TUBCMP WJTJOF QPTUBMP EFUF LPSFOB ESVHPH TUBCMB KFEOBLF
WJTJOF  4UBCMP TF TBTUPKJ EBLMF PE TUBCBMB J J NPEB OFLJI ESVHJI
TUBCBMB LPKB TV EPEBUB LBTOJKF *[HMFE TUBCMB KF JMVTUSPWBO OB TMJDJ 
  4UBCMB

4MJLB  4UBCMP WJTJOF  LPKF KF PCSB[PWBOP PQFSBDJKBNB PCKFEJOKB


WBOKB QP WJTJOJ

4UBCMB J QP JOEVLDJKTLPK QSFUQPTUBWDJ JNBKV CBS QP  WPSPWB 4


PC[JSPN OB UP EB TBESJ WPSPWF TUBCBMB J J NPEB EPEBUOF WPSPWF
NPSB JNBUJ CBS     WPSPWB 0WJN KF EPLB[BO JOEVLDJKTLJ
LPSBL B UJNF J UWSFOKF MFNF 
/B PTOPWV PWPH [BQBBOKB TMFEJ EB BLP OFLP TUBCMP V LPMFLDJKJ TUBCB
MB LPKB QSFETUBWMKBKV EJTKVOLUOF TLVQPWF JNB WPSPWB J WJTJOV POEB
NPSB CJUJ   -PHBSJUNPWBOKFN PCF TUSBOF PWF OFKFEOBLPTUJ EPCJKB
NP NQI 4UPHB WSFNF QPUSFCOP [B QSFMBFOKF QVUB PE OFLPH WPSB
V UPN TUBCMV EP OKFHPWPH LPSFOB KF
NQI  1SFNB UPNF BLP LPMFLDJKB
EJTKVOLUOJI TLVQPWB TBESJ VLVQOP FMFNFOBUB POEB KF OBSBWOP
QB WSFNF J[WSBWBOKB BMHPSJUNB GVILQG J[OPTJ
NQI 

;BEBDJ
 0EPHPWPSJUF OB TMFEFB QJUBOKB V WF[J TB TUBCMPN OB TMJDJ 
B
,PKJ WPSPWJ TV MJTUPWJ
C
,PKJ WPS KF LPSFO
D
,PKJ WPS KF SPEJUFMK WPSB
E
,PKJ WPSPWJ TV EFDB WPSB
F
,PKJ WPSPWJ TV QSFDJ WPSB

,PKJ WPSPWJ TV QPUPNDJ WPSB
H
,PKB KF EVCJOB WPSB
I
,PKB KF WJTJOB WPSB
;BEBDJ 

4MJLB 

 /BWFEJUF MJTUV WPSPWB TUBCMB OB TMJDJ  V QSFPSEFS JOPSEFS J QPTUP


EFS SFEPTMFEV

 /BDSUBKUF SFQSF[FOUBDJKV J[SB[B




V PCMJLV
TUBCMB

 /BQJJUF J BOBMJ[JSBKUF BMHPSJUBN [B J[SBVOBWBOKF EVCJOF WPSB V


TUBCMV 

 1PLBJUF EB KF WJTJOB TUBCMB KFEOBLB NBLTJNBMOPK EVCJOJ OFLPH MJTUB


V TUBCMV 

 %PLBJUF TMFEFF JOKFOJDF P TUBCMJNB


B
4WBLP TUBCMP TB WPSPWB JNB  HSBOV
C
4UFQFO WPSB V TUBCMV KF CSPK OKFHPWF EFDF 6 TWBLPN CJOBSOPN
TUBCMV KF CSPK MJTUPWB [B KFEBO WFJ PE CSPKB WPSPWB TUFQFOB EWB
D
#JOBSOP TUBCMP KF QSBWJMOP CJOBSOP TUBCMP BLP TWBLJ WPS JNB OVMB
JMJ EWPKF EFDF "LP UBLWP TUBCMP JNB WPSPWB LPKJ OJTV MJTUPWJ
POEB POP JNB  MJTU %BLMF TWBLP QSBWJMOP CJOBSOP TUBCMP JNB
OFQBSBO CSPK WPSPWB
E
1PETFUJNP TF EB QVOP CJOBSOP TUBCMP JNB MJTUPWF TBNP OB QPTMFE
OKFN OJWPV B TWBLJ WPS LPKJ OJKF MJTU JNB UBOP EWPKF EFDF "LP
KF WJTJOB QVOPH CJOBSOPH TUBCMB KFEOBLB POEB KF CSPK OKFHPWJI
WPSPWB KFEOBL  
  4UBCMB

 6LPMJLP KF CJOBSOP TUBCMP QSFETUBWMKFOP OB TUBOEBSEBO OBJO QPLB


[JWBJNB OB WPSPWF OBQJJUF J BOBMJ[JSBKUF BMHPSJUNF [B QSFPSEFS J
QPTUPSEFS PCJMBTLF WPSPWB CJOBSOPH TUBCMB

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HF LPKF TF EPCJKB LBEB TF UJ LMKVFWJ EPEBKV QPFUOP QSB[OPN TUBCMV
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B
      
C
      
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 ;B TWBLP PE CJOBSOJI TUBCMB QSFUSBHF EPCJKFOJI V QSFUIPEOPN [BEBULV


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J SBEJ KFEOPTUBWOPTUJ QSFUQPTUBWJNP EB KF KFEOBLP TUFQFOV CSPKB 
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C
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 6 TUBOEBSEOPK SFQSF[FOUBDJKJ CJOBSOPH TUBCMB QSFUSBHF QPNPV QPLB


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OB TWPH SPEJUFMKB /BQJJUF BMHPSJUBN EVWVXFFHVVRU WY LPKJ LBP
SF[VMUBU WSBB WPS TB LMKVFN LPKJ KF QSWJ TMFEFJ J[B LMKVB WPSB
V TPSUJSBOPN SBTUVFN SFEPTMFEV TWJI LMKVFWB CJOBSOPH TUBCMB QSF
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WPSB KF NJOJNBMOJ WPS V EFTOPN QPETUBCMV WPSB BLP POP QPTUP
KJ V TVQSPUOPN TMVBKV UP KF OBKOJJ QSWJ
QSFEBL WPSB JKF KF MFWP
EFUF UBLPF QSFEBL WPSB 

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TBO BMHPSJUBN EVWSUHGHFHVVRU WY LPKJ LBP SF[VMUBU WSBB WPS TB
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CJOBSOPN TUBCMV QSFUSBHF /B QSJNFS BLP KF EBUP CJOBSOP TUBCMP QSF
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TPSUJSBOF MJTUF LMKVFWB V SBTUVFN SFEPTMFEV

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QP KFEBO V EBUPN SFEPTMFEV
B
         
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UBN LPKJN TF OBMB[J OBKWFJ LMKV V NJOIJQV ,PKF KF WSFNF J[WSBWB
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   V SBTUVFN SFEPTMFEV V LPNF TF SFEPN J[WSBWBKV TMFEFF
EWF GB[F
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V QPFUOP QSB[OP CJOBSOP TUBCMP QSFUSBHF
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6 LPKFN SFEPTMFEV USFCB J[MJTUBUJ WPSPWF V ESVHPK GB[J PWPH BMHP
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D
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F
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QB
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CSPKFWB TPSUJSB V SBTUVFN SFEPTMFEV LPSJFOKFN TUSVLUVSF QPEBUBLB
CJOBSOPH IJQB ,PMJLP KF WSFNF J[WSBWBOKB PWPH OBJOB TPSUJSBOKB
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HPWPSJMJ OB TUSBOJ  ,POLSFUOP VLPMJLP KF SFE TB QSJPSJUFUJNB
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WJ TV QSJSPEBO NPEFM [B UBLWV SFQSF[FOUBDJKV +FEBO QSJNFS KF
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QPWF[BOPTUJ UJI HSBEPWB QVUFWJNB QSFETUBWMKB TF MJOJKBNB LPKF QPWF[VKV
PEHPWBSBKVF UBLF %SVHJ QSJNFS KF MPLBMOB NSFB SBVOBSB V LPKPK TF QP
KFEJOJ SBVOBSJ QSFETUBWMKBKV WPSPWJNB B EJSFLUOJ [JLJ MJOLPWJ J[NFV
SBVOBSB QSFETUBWMKBKV TF MJOJKBNB LPKF QPWF[VKV PEHPWBSBKVF WPSPWF
6 TUWBSJ TLPSP V TWJN PCMBTUJNB TWBLPEOFWOPH JWPUB OBJMB[JNP OB HSBGP
WF EPEVF FF QPE JNFOPN NSFF USBOTQPSUOF NSFF LPNVOJLBDJPOF
NSFF JOGPSNBDJPOF NSFF TPDJKBMOF NSFF J UBLP EBMKF /JKF EBMFLP PE
JTUJOF LPOTUBUBDJKB EB UP TF WJF SBEJ TB HSBGPWJNB UP TF TWF WJF HSBGPWJ
QSFQP[OBKV V TWFNV

;CPH TWPKF JSPLF QSBLUJOF QSJNFOF HSBGPWJ TV TWFQSJTVUOJ NPEFM


QPEBUBLB V SBVOBSTUWV B BMHPSJUNJ TB HSBGPWJNB TV PTOPWOJ HSBEJWOJ
FMFNFOUJ TMPFOJKJI BMHPSJUBNB *BLP HSBGPWJ NBUFNBUJLJ QSFETUBWMKBKV
PCJOF CJOBSOF SFMBDJKF POJ TF TLPSP VWFL WJ[VFMOP QSFETUBWMKBKV QPNPV
TLVQB UBBLB QPWF[BOJI MJOJKBNB JMJ TUSFMJDBNB 6 UPN TNJTMV KF HSBGPWTLJ
NPEFM QPEBUBLB VPQUFOKF TUSVLUVSF QPEBUBLB TUBCMB LPKV TNP J[VBWBMJ
V QPHMBWMKV 

6 PWPN QPHMBWMKV TF OBKQSF EFOJV PTOPWOJ QPKNPWJ LPKJ TF PEOPTF


OB HSBGPWF ;BUJN TF HPWPSJ P OFLPMJLP FMFNFOUBSOJI HSBGPWTLJI BMHPSJUB
NB LPKJ TV [OBBKOJ V QSJNFOBNB HSBGPWB 0 TMPFOJKJN HSBGPWTLJN BMHP
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OP PESFFO OBJO /B QSJNFS CJOBSOB TUBCMB QSFUSBHF JNBKV PCMJL LPKJ
KF EJLUJSBO OBJOPN OB LPKJ TF PCBWMKBKV PQFSBDJKF QSFUSBHF EPEBWBOKB J
VLMBOKBOKB WPSPWB V UJN TUBCMJNB .FVUJN QSJSPEB NOPHJI WBOJI QSP
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QPWF[BOJI OB QSPJ[WPMKBO OBJO
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LF PE UJI WPSPWB (SBGPWJ TF OFGPSNBMOP FTUP QSFETUBWMKBKV EJKBHSBNJNB
V LPKJNB TF WPSPWJ QSJLB[VKV NBMJN LSVHPWJNB B HSBOF TF QSJLB[VKV MJ
OJKBNB JMJ TUSFMJDBNB
LPKF TQBKBKV PEHPWBSBKVF LSVHPWF /B TMJDJ  KF
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HMBWOJKJN QVUFWJNB

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4MJLB  (SBG HSBEPWB V 4SCJKJ J QVUFWB LPKJ JI QPWF[VKV

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FNV TWBLB HSBOB J[ TQBKB EWB WPSB J[  (SBG TF P[OBBWB [BQJTPN

  EB CJ TF VLB[BMP EB TV TLVQ WPSPWB J TLVQ HSBOB V HSBGV


4WBLB HSBOB V KF EBLMF EWPFMFNFOUOJ QPETLVQ WPSPWB J[ LPKF
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TQBKB HSBOB LBFNP EB TV TVTFEOJ WPSPWJ JMJ EB KF HSBOB JODJEFOUOB
WPSPWJNB J  /B QSJNFS HSBG HSBEPWB V 4SCJKJ QPWF[BOJI QVUFWJNB
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OB TMJDJ  TBTUPKJ TF PE TLVQB TB  WPSPWB

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LBP J TLVQB TB  HSBOF

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KF TUFQFO WPSB  WPSPWJ OB ESVHPN LSBKV UJI JODJEFOUOJI HSBOB WPSB
OB[JWBKV TF TVTFEJ WPSB  %SVHBJKF SFFOP TUFQFO OFLPH WPSB KF CSPK
OKFHPWJI TVTFEB /B QSJNFS V HSBGV OB TMJDJ  TUFQFO WPSB #( KF  B
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6 TUWBSJ QSFUIPEOF EFOJDJKF TF PEOPTF OB OFVTNFSFOF HSBGPWF LBP
UP KF UP HSBG OB TMJDJ  ,PE UBLWJI HSBGPWB HSBOF P[OBBWBKV TJNFUSJ
BO PEOPT J[NFV WPSPWB OB OKJIPWJN LSBKFWB 4B ESVHF TUSBOF WPSPWJ
FTUP TUPKF V BTJNFUSJOPN PEOPTV J [B UBLWF TMVBKFWF TF LPSJTUF VTNF
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4MJLB  6TNFSFO HSBG

'PSNBMOP VTNFSFO HSBG


  TF TBTUPKJ PE TLVQB WPSPWB J
TLVQB VTNFSFOJI HSBOB  4WBLB VTNFSFOB HSBOB V KF VSFFO QBS EWB
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SFJNB VMPHB WPSPWB J OJKF [BNFOKJWB V VTNFSFOPK HSBOJ QB TF WPS
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LBP J TLVQB TB  VTNFSFOJI HSBOB





 
 
 
 
  
0CSBUJUF QBOKV OB UP EB VTNFSFOB HSBOB V VTNFSFOPN HSBGV NPF
JNBUJ QPFUBL J LSBK V JTUPN WPSV 5BLWB KFEOB HSBOB LPKB TF OB[JWB
QFUMKB V HSBGV OB TMJDJ  KF HSBOB LPE WPSB 4B ESVHF TUSBOF QFUMKF V
OFVTNFSFOJN HSBGPWJNB OJTV EP[WPMKFOF KFS HSBOB V OFVTNFSFOPN HSBGV
NPSB CJUJ QPETLVQ PE EWB SB[MJJUB WPSB
,PE VTNFSFOJI HSBGPWB TF SB[MJLVKF J[MB[OJ TUFQFO J VMB[OJ TUFQFO OFLPH
WPSB  J[MB[OJ TUFQFO KF CSPK VTNFSFOJI HSBOB LPKF J[MB[F J[ WPSB J
VMB[OJ TUFQFO KF CSPK VTNFSFOJI HSBOB LPKF VMB[F V WPS  4UFQFO WPSB
V VTNFSFOPN HSBGV KF [CJS OKFHPWPH J[MB[OPH J VMB[OPH TUFQFOB QSJ FNV
TF QFUMKB CSPKJ EWBQVU
/JKF UFLP QSJNFUJUJ EB TF TWBLJ OFVTNFSFO HSBG NPF TNBUSBUJ FLWJWB
MFOUOJN KFEOPN VTNFSFOPN HSBGV LPKJ JNB JTUJ TLVQ WPSPWB J JKJ TF TLVQ
HSBOB EPCJKB UBLP UP TF TWBLB HSBOB ] _ V OFVTNFSFOPN HSBGV [BNF
OJ EWFNB VTNFSFOJN HSBOBNB
J
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TBNP PQUJKF VTNFSFOF HSBGPWF 6QSLPT UPNF V PWPK LOKJ[J SBEJ KFEOPTUBW
OPTUJ VHMBWOPN HPWPSJNP P OFVTNFSFOJN HSBGPWJNB J [BUP FNP QPE LSB
JN J[SB[PN HSB QPESB[VNFWBUJ OFVTNFSFO HSBG VLPMJLP OJKF ESVHBJKF
OBHMBFOP

1VUFWJ J QPWF[BOPTU +FEOB PE PTOPWOJI PQFSBDJKB V HSBGV KF QSPMB[BL


LSP[ OJ[ WPSPWB QPWF[BOJI HSBOBNB 6[NJNP OB QSJNFS HSBG LPKJN TF
NPF QSFETUBWJUJ OFLJ WFC TBKU 6 UPN HSBGV WPSPWJ PEHPWBSBKV QPKFEJOB
OJN WFC TUSBOBNB J QPTUPKJ HSBOB J[NFV WPSB J BLP JNB IJQFSMJOL
OB  6 UBLWPN HSBGV KFEOB PQFSBDJKB QSPMBTLB LSP[ WPSPWF PEHPWBSB
OBJOV OB LPKJ OFLJ LPSJTOJL QSFHMFEB WFC TBKU QSBUFJ IJQFSMJOLPWF
1SFUIPEOB PQFSBDJKB TF GPSNBMJ[VKF QPKNPN QVUB V HSBGV 1VU V OFV
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QVUB KF CSPK HSBOB OB UPN QVUV PEOPTOP ;  B QVU TF FTUP LBF EB
KF UP QVU LPKJ JEF PE WPSB EP WPSB JMJ EB KF UP QVU /B TMJDJ 
OJ[ WPSPWB #( " 7" #( /4 PCSB[VKF QVU EVJOF  PE WPSB #( EP
WPSB /4
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QSPTU QVU OF SBVOBKVJ QSWJ J QPTMFEOKJ WPS (SBG LPKJ OFNB OJKFEBO DJLMVT
TF OB[JWB BDJLMJLJ HSBG
4WF PWF EFOJDJKF TF QSJSPEOP QSFOPTF OB VTNFSFOF HSBGPWF V[ KFEOV
J[NFOV V QVUV JMJ DJLMVTV TWJ QBSPWJ TVTFEOJI WPSPWB NPSBKV CJUJ QP
WF[BOJ VTNFSFOJN HSBOBNB JKJ TF TNFS NPSB QPUPWBUJ J[NFV TVTFEOJI
WPSPWB V QVUV JMJ DJLMVTV /B QSJNFS OJ[ WPSPWB OB TMJDJ 
PCSB[VKF QVU EVJOF  PE WPSB EP WPSB 
;B HSBG 
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  VLPMJLP KF
J  %SVHJN SFJNB HSBG KF QPEHSBG HSBGB BLP TV WPSPWJ

HSBGB QPETLVQ WPSPWB HSBGB B HSBOF HSBGB TV QPETLVQ HSBOB HSBGB


LPKF TV JODJEFOUOF WPSPWJNB V  /B TMJDJ  KF QSJLB[BO QSJNFS HSBGB
J KFEBO PE OKFHPWJI QPEHSBGPWB


   

  

4MJLB  (SBG J KFEBO PE OKFHPWJI QPEHSBGPWB 

/FVTNFSFO HSBG KF QPWF[BO VLPMJLP JNB TBNP KFEBO WPS J OJKFE


OV HSBOV
JMJ [B TWBLJ QBS WPSPWB J V QPTUPKJ OFLJ QVU PE EP 
1SJNFUJNP EB PWP OF [OBJ EB V QPWF[BOPN HSBGV QPTUPKJ HSBOB J[NFV
TWBLB EWB WPSB WF TBNP EB QPTUPKJ QVU NPHVF EVHBBL
J[NFV OKJI
1SJNFUJNP J EB BLP QPTUPKJ QVU V OFVTNFSFOPN HSBGV POEB QPTUPKJ
J  QVU V UPN HSBGV LPKJ TF TBTUPKJ PE PCSOVUPH OJ[B WPSPWB QVUB
(SBG OB TMJDJ  KF QSJNFS KFEOPH QPWF[BOPH HSBGB 4B ESVHF TUSBOF HSBG
OB TMJDJ  OJKF QPWF[BO HSBG KFS OF QPTUPKJ OJKFEBO QVU SFDJNP J[NFV
WPSPWB  J 
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5J EFMPWJ TF OB[JWBKV QPWF[BOF LPNQPOFOUF HSBGB JMJ LSBF TBNP LPNQP
OFOUF
LPKF QSFETUBWMKBKV NBLTJNBMOF QPWF[BOF QPEHSBGPWF 1SJNFUJNP

 ,PNQPOFOUB HSBGB KF NBLTJNBMOB V TNJTMV EB OJKF QSBWJ QPEHSBG OJKFEOPH ESVHPH


QPWF[BOPH QPEHSBGB EBUPH HSBGB
  (SBGPWJ



  

  

4MJLB  /FQPWF[BO HSBG

EB TF V OFVTNFSFOPN HSBGV TWBLJ WPS OBMB[J V UBOP KFEOPK PE OKFHPWJI


QPWF[BOJI LPNQPOFOUJ
%FOJDJKB QPWF[BOPTUJ VTNFSFOJI HSBGPWB OJKF UBLP QSPTUB LBP [B OF
VTNFSFOF HSBGPWF KFS KF NPHVF EB QPTUPKJ QVU PE WPSB EP WPSB BMJ
OF J PCSOVU QVU PE WPSB EP WPSB ; CPH UPHB LBFNP EB KF VTNFSFO
HSBG KBLP QPWF[BO VLPMJLP [B TWBLB EWB WPSB J QPTUPKJ QVU PE EP J
QVU PE EP /B QSJNFS VTNFSFO HSBG OB TMJDJ  OJKF KBLP QPWF[BO KFS
OF QPTUPKJ OJKFEBO QVU SFDJNP PE WPSB EP WPSB 

4MPCPEOB TUBCMB 1PWF[BO HSBG LPKJ OFNB OJKFEBO DJLMVT OB[JWB TF TMP
CPEOP TUBCMP 4MPCPEOB TUBCMB TF SB[MJLVKV PE LPSFOTLJI TUBCBMB P LPKJNB
TNP HPWPSJMJ V QPHMBWMKV  KFEJOP QP UPNF UP TV LPE TMPCPEOJI TUBCBMB
TWJ WPSPWJ SBWOPQSBWOJ PEOPTOP TMPCPEOB TUBCMB OFNBKV KFEBO QPTFCBO
WPS LPKJ TF [PWF LPSFO
/FLP TMPCPEOP TUBCMP TF MBLP NPF USBOTGPSNJTBUJ V LPSFOTLP TUBCMP
VLPMJLP TF OBKQSF J[BCFSF QSPJ[WPMKOJ WPS [B LPSFO J [BUJN TF QPWFV TWJ
WPSPWJ OB ESVHPN LSBKV TWJI HSBOB LPKF JEV PE UPH LPSFOB [BUJN QPWFV
TWJ WPSPWJ TWJI HSBOB LPKF JEV PE QSFUIPEOJI WPSPWB EFDF LPSFOB
J UBLP
EBMKF 4MJLPWJUJKJ OBJO [B SB[VNFWBOKF PWPH QPTUVQLB KF EB [BNJTMJNP EB
HSBOF V TMPCPEOPN TUBCMV QSFETUBWMKBKV LPODF LPKJNB TV QPWF[BOJ WPSPWJ
J EB TF UP TUBCMP QPEJHOF EB WJTJ V WB[EVIV ESFJ HB [B J[BCSBOJ LPSFO
5BLP OB QSJNFS EWB HSBGB OB TMJDJ  QSFETUBWMKBKV [BQSBWP JTUP TUBCMP UK
JNBKV JTUJ TLVQ WPSPWB J JTUJ QBSPWJ WPSPWB TV TQPKFOJ HSBOBNB .FVUJN
HSBG OB MFWPK TUSBOJ TMJLF  KF TMPCPEOP TUBCMP EPL KF HSBG OB EFTOPK TUSBOJ
UP TUBCMP USBOTGPSNJTBOP V LPSFOTLP TUBCMP TB WPSPN  LBP LPSFOPN
 1SFETUBWMKBOKF HSBGPWB 

 

 
  


   


4MJLB  4MPCPEOP TUBCMP J LPSFOTLP TUBCMP

6 QSBWPN TNJTMV SFJ TUBCMB TV OBKQSPTUJKB WSTUB QPWF[BOJI HSBGPWB


KFS VLMBOKBOKFN CJMP LPKF HSBOF J[ TUBCMB POP QPTUBKF OFQPWF[BOP (SBG
LPKJ TF TBTUPKJ PE WJF TUBCBMB UBOJKF HSBG JKF TWF QPWF[BOF LPNQPOFOUF
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4MJLB  VNB

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%B CJ TF HSBGPWJ NPHMJ FLBTOP LPSJTUJUJ V SBVOBSV NPSBKV TF QSFE
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LP UP TF KFEOB OFVTNFSFOB HSBOB J[NFV EWB WPSB QSFETUBWMKB [BQSBWP
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QP
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JNF TF BVUPNBUTLJ OF NPHV EPCJUJ BMHPSJUNJ CSJ PE


[ B SBE
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4MJLB  6TNFSFO HSBG QSFETUBWMKFO MJTUBNB TVTFETUWB

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UP TF KFEOB OFVTNFSFOB HSBOB QSFETUBWMKB EWFNB VTNFSFOJN HSBOBNB
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  (SBGPWJ


 
  
   
   
    

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*NQMFNFOUBDJKB QSFUSBHF V JSJOV .FUPE QSFUSBHF V JSJOV [BTOJWB TF


OB JTQJUJWBOKV TVTFEB WPSPWB SBEJ LPOTUSVJTBOKB UBMBTB PULSJWFOJI WPSP
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UJI TVTFEB OF QSJQBEB SBOJKFN UBMBTV PEOPTOP EB UJ TVTFEJ OJTV FWFOUV


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 8OD] YRU X JUDIX SUHGVWDYOMHQ OLVWDPD VXVHGVWYD


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%PLB[ 0FWJEOP KF EB V WSFNFOV J[WSBWBOKB BMHPSJUNB EIV EPNJOJSB


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/BK[BE BLP PWPN WSFNFOV EPEBNP QSFUIPEOP J[SBVOBUP WSFNF [B


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4UBCMP QSFUSBHF V JSJOV +FEOP WBOP TWPKTUWP QSFUSBHF V JSJOV HSBGB


KF EB TF OB WSMP QSJSPEBO OBJO NPF LPOTUSVJTBUJ TUBCMP TB LPSFOPN LPKJ
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4B ESVHF TUSBOF VLPMJLP OF QPTUPKJ QVU J[NFV WPSPWB J V HSBGV
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LPKF TBESF J 5P KF [BUP UP VLPMJLP CJ UBLBW WPS QPTUPKBP POEB CJ
QVUFWJ PE EP J PE EP PCSB[PWBMJ J QVU J[NFV J 1SFNB UPNF
VLPMJLP OF QPTUPKJ QVU J[NFV WPSPWB J POEB TV OKJIPWF QPWF[BOF
LPNQPOFOUF EJTKVOLUOF 
0WBK WSMP TUSVLUVSJSBOJ NFVTPCOJ PEOPT QPWF[BOJI LPNQPOFOUJ HSB
GB NPF TF JTLPSJTUJUJ [B OKJIPWP FLBTOP OBMBFOKF 1SJSPEOJ BMHPSJUBN KF
EB TF OBKQSF J[BCFSF QSPJ[WPMKOJ WPS J EB TF [BUJN QSFUSBHPN V JSJOV JMJ
EVCJOV HSBGB PE WPSB QSPJ[WFEF QPWF[BOB LPNQPOFOUB LPKB TBESJ UBK
QPFUOJ WPS *TUJ QPTUVQBL TF [BUJN QPOBWMKB PE QSPJ[WPMKOPH WPSB LPKJ
OJKF CJP QPTFFO QSFUIPEOPN QSFUSBHPN PE WPSB VLPMJLP TF UBLBW WPS
VPQUF NPF OBJ 0QSBWEBOKF [B PWBK QSJTUVQ MFJ V QSFUIPEOPK MFNJ
QPWF[BOF LPNQPOFOUF WPSPWB J TV NFVTPCOP EJTKVOLUOF "LP QPTMF
[BWSFULB ESVHF QSFUSBHF PE KP VWFL QPTUPKJ OFLJ WPS LPKJ OJKF CJP
QPTFFO QSFUIPEOJN QSFUSBHBNB JTUJ QPTUVQBL TF QPOBWMKB J PE WPSB J
UBLP EBMKF TWF EPL TF OF QPTFUF TWJ WPSPWJ HSBGB
/JKF UFLP QSPWFSJUJ EB KF WSFNF J[WSBWBOKB PWPH BMHPSJUNB [B OBMBF
OKF QPWF[BOJI LPNQPOFOUJ HSBGB PE WPSPWB J HSBOB KFEOBLP 

6 PWPN PCMJLV TNP SBOJKF J[SB[JMJ WSFNFOB J[WSBWBOKB BMHPSJUBNB [B QSF


USBHF V JSJOV J EVCJOV HSBGB BMJ UP WSFNF KF [BQSBWP NBOKF KFS TF V UJN BM
HPSJUNJNB LPSJTUF TBNP WPSPWJ J HSBOF QPWF[BOF LPNQPOFOUF LPKB TBESJ
QPFUOJ WPS QSFUSBHF .BEB TF QSFUSBHB HSBGB V QSFUIPEOPN BMHPSJUNV [B
OBMBFOKF TWJI QPWF[BOJI LPNQPOFOUJ HSBGB NPF QPOBWMKBUJ WJF QVUB [B
TWBLV HSBOV JMJ WPS PCBWMKB TF BLUJWOPTU LPOTUBOUOPH WSFNFOB JQBL TBNP
V JUFSBDJKJ V LPKPK TF LPOTUSVJF QPWF[BOB LPNQPOFUF LPKPK POJ QSJQBEBKV
;CPH UPHB KF WSFNF J[WSBWBOKB QSFUIPEOPH BMHPSJUNB [B OBMBFOKF TWJI
QPWF[BOJI LPNQPOFOUJ HSBGB VLVQOP KFEOBLP 

1SJNFS WFMJLB 57 NSFB


.OPHJ QSBLUJOJ QSPCMFNJ LPKJ TF QSFETUBWMKBKV HSBGPWJNB NPHV TF F
LBTOP SFJUJ BMHPSJUNPN [B OBMBFOKF TWJI QPWF[BOJI LPNQPOFOUJ HSBGB
+FEBO QSJNFS UBLWPH QSPCMFNB TF EPCJKB VLPMJLP TF [BNJTMJ EB KF HSBGPN
PQJTBOB WFMJLB 57 NSFB OFLF LPNQBOJKF 6 UPN HSBGV TWBLJ WPS QSFETUB
 0CJMB[BL HSBGB 

WMKB 57 TUBOJDV J TWBLB HSBOB QSFETUBWMKB EWPTNFSOJ LPNVOJLBDJPOJ LBOBM


J[NFV EWF TUBOJDF LPKJN TV POF EJSFLUOP [FNBMKTLJ QPWF[BOF J NPHV EB
NFVTPCOP QSJNBKV TJHOBM KFEOB PE ESVHF /B TMJDJ  KF QSJLB[BO QSJNFS
KFEOF 57 NSFF V PCMJLV OFVTNFSFOPH HSBGB

4MJLB  57 NSFB QSFETUBWMKFOB HSBGPN 57 TUBOJDB

6LPMJLP 57 NSFB VJWP QSFOPTJ OFLJ WFMJLJ TWFUTLJ EPHBBK OB QSJNFS


TWFUTLP GVECBMTLP QSWFOTUWP
EJSFLUOJ QSFOPTJ TF PCBWMKBKV QSFLP TBUBMJUB
KFS KF 57 NSFB HFPHSBGTLJ WSMP SBTQSPTUSBOKFOB 4BUFMJU NPF EB QSFOPTJ
TJHOBM EP CJMP LPKF 57 TUBOJDF B LBEB OFLB 57 TUBOJDB QSJNJ TJHOBM PE
TBUFMJUB POB HB NPF EBMKF [FNBMKTLJ FNJUPWBUJ EP TVTFEOJI 57 TUBOJDB
/B QSJNFS BLP TUBOJDF J OB TMJDJ  JTUPWSFNFOP EPCJKBKV TJHOBM PE
TBUFMJUB J EJGV[OP HB SFFNJUVKV TWF PTUBMF TUBOJDF V NSFJ F EPCJUJ TJHOBM
EJSFLUOPH QSFOPTB
;FNBMKTLP FNJUPWBOKF TJHOBMB KF NOPHP KFJOJKF PE TBUFMJUTLPH QSFOP
TB ;BUP KF QPUSFCOP PESFEJUJ NJOJNBMBO CSPK 57 TUBOJDB LPKF NPSBKV EB
EPCJKV TJHOBM PE TBUFMJUB LBLP CJ J TWF PTUBMF 57 TUBOJDF V NSFJ NPHMF
QSJNJUJ JTUJ TJHOBM +BTOP KF EB TF PEHPWPS OB QJUBOKF LPMJLJ KF PWBK NJOJ
NBMOJ CSPK TWPEJ OB OBMBFOKF CSPKB QPWF[BOJI LPNQPOFOUJ HSBGB LPKJ
QSFETUBWMKB 57 NSFV 1SFDJ[OJKF SFFOP HSBGPWTLJ QSPCMFN JKF TF FLB
TOP SFFOKF USBJ KF EB TF TWBLPN WPSV HSBGB QSJESVJ CSPK UBLBW EB TWJ
WPSPWJ V KFEOPK QPWF[BOPK LPNQPOFOUJ HSBGB EPCJKV JTUJ SFEOJ CSPK UF
LPNQPOFOUF
3FFOKF PWPH QSPCMFNB KF EBUP BMHPSJUNPN FRQQHFWHGFRPSRQHQWV V
MJTUJOHV  J QP TUSVLUVSJ KF WSMP TMJOP PTOPWOPN BMHPSJUNV [B OBMBFOKF
TWJI QPWF[BOJI LPNQPOFOUJ HSBGB TB WPSPWB J HSBOB 6 BMHPSJUNV
FRQQHFWHGFRPSRQHQWV TF [B CSPKFWF QSJESVFOF WPSPWJNB LPSJTUJ HMP
  (SBGPWJ

CBMOJ OJ[ WFMJJOF 0WJ CSPKFWJ LPNQPOFOUJ TF WPSPWJNB EPEFMKVKV OB


PTOPWV HMPCBMOPH CSPKBB LPKJN TF QSFCSPKBWBKV QPWF[BOF LPNQPOFO
UF HSBGB 3F[VMUBU BMHPSJUNB TV EBLMF FMFNFOUJ OJ[B UBLWJ EB [B TWBLJ
WPS V HSBGV WSFEOPTU QSFETUBWMKB SFEOJ CSPK LPNQPOFOUF WPSB  ;B
PULSJWBOKF KFEOF LPNQPOFOUF HSBGB TF SBEJ PESFFOPTUJ LPSJTUJ QSFUSBHB
V EVCJOV HSBGB 0OB KF V MJTUJOHV  SFBMJ[PWBOB BMHPSJUNPN GIVFF LPKJ
KF QSJMBHPFO UBLP EB TF TWBLPN QPTFFOPN WPSV QSJESVVKF SFEOJ CSPK
OKFHPWF LPNQPOFOUF

-JTUJOH  4WF QPWF[BOF LPNQPOFOUF HSBGB

 8OD] JUDI SUHGVWDYOMHQ OLVWDPD VXVHGVWYD


 ,]OD] QL] WDNDY GD MH EURM NRPSRQHQWH YRUD
DOJRULWKP FRQQHFWHGFRPSRQHQWV *

 6YL YRURYL VX SRHWQR QHSRVHHQL


IRU VYDNL YRU Y X QL]X OLVWL VXVHGVWYD * GR
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N   EURMD SRYH]DQLK NRPSRQHQWL JUDID

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IRU VYDNL YRU Y X QL]X OLVWL VXVHGVWYD * GR
LI S>Y@ IDOVH WKHQ
N N    YRU MH X QRYRM NRPSRQHQWL JUDID
GIVFF Y   QRYD SUHWUDJD X GXELQX RG YRUD

UHWXUQ F

-JTUJOH  +FEOB QPWF[BOB LPNQPOFOUB HSBGB

 8OD] YRU X JUDIX SUHGVWDYOMHQ OLVWDPD VXVHGVWYD


 ,]OD] EURM GRGHOMHQ VYLP YRURYLPD NRPSRQHQWH YRUD
DOJRULWKP GIVFF X

S>X@ WUXH  YRU MH SRVHHQ


F>X@ N  YRU SULSDGD DNWXHOQRM NRPSRQHQWL
 0CJMB[BL VTNFSFOPH HSBGB 

 ,VSLWDWL VYH VXVHGH YRUD


IRU VYDNL YRU Y X OLVWL VXVHGVWYD ]D YRU X GR
LI S>Y@ IDOVH WKHQ
GIVFF Y   UHNXU]LYQD SUHWUDJD RG YRUD

UHWXUQ

7SFNF J[WSBWBOKB BMHPSJUNB FRQQHFWHGFRPSRQHQWV BTJNQUPUTLJ KF


PJHMFEOP KFEOBLP WSFNFOV J[WSBWBOKB PTOPWOPH BMHPSJUNB [B OBMBFOKF
CSPKB QPWF[BOJI LPNQPOFOUJ HSBGB PEOPTOP UP WSFNF KF 

 0CJMB[BL VTNFSFOPH HSBGB


1PETFUJNP TF EB TV HSBOF V VTNFSFOJN HSBGPWJNB VTNFSFOF PE KFE
OPH EP ESVHPH WPSB HSBOB
JNB TNFS PE WPSB EP WPSB  0WBK
BTJNFUSJOJ PEOPT J[NFV WPSPWB QSPJ[WPEJ LWBMJUBUJWOP SB[MJJU FGFLBU
OB TUSVLUVSV VTNFSFOJI HSBGPWB 1PTNBUSBKNP OB QSJNFS *OUFSOFU J[ HSB
GPWTLF QFSTQFLUJWF LBP KFEBO WFMJLJ LPNQMJLPWBO HSBG JKJ WPSPWJ QSFETUB
WMKBKV QPKFEJOF WFC TUSBOF B HSBOF QSFETUBWMKBKV NFVTPCOF IJQFSMJOLPWF
1SFHMFEBOKF *OUFSOFUB TF POEB TWPEJ OB QSBFOKF OJ[B HSBOB V PWPN VTNF
SFOPN HSBGV QSJ FNV KF TNFS HSBOB PE TVUJOTLF WBOPTUJ KFS PCJOP OJKF
NPHVF VOB[BE QSBUJUJ IJQFSMJOLPWF LPKJ WPEF UP EBUF TUSBOF
7BOPTU TNFSB HSBOB PESBBWB TF EBLMF OB CJUOP ESVHBJKJ QPKBN QPWF
[BOPTUJ V VTNFSFOJN HSBGPWJNB OFHP V OFVTNFSFOJN HSBGPWJNB 6 VTNF
SFOPN HSBGV KF NPHVF EB PE WPSB QPTUPKJ QVU EP WPSB BMJ OF J QVU
PE EP 5P TF POEB QSFOPTJ OB TMPFOJKJ QPKBN QPWF[BOJI LPNQPOFOUJ
VTNFSFOPH HSBGB J [BUP TF QPTNBUSB TWPKTUWP KBLF QPWF[BOPTUJ VTNFSFOJI
HSBGPWB +BLB QPWF[BOPTU VTNFSFOJI HSBGPWB PUQSJMJLF PEHPWBSB PCJOPK
QPWF[BOPTUJ OFVTNFSFOJI HSBGPWB VTNFSFO HSBG KF KBLP QPWF[BO BLP [B
TWBLB EWB OKFHPWB WPSB QPTUPKJ QVU PE KFEOPH EP ESVHPH WPSB BMJ J PCS
OVU QVU PE ESVHPH EP QSWPH WPSB
4LPSP TWJ ESVHJ PTOPWOJ QPKNPWJ J BMHPSJUNJ [B OFVTNFSFOF HSBGPWF
JQBL TF WSMP QSJSPEOP NPHV QSJMBHPEJUJ [B VTNFSFOF HSBGPWF 0WP TQFDJ
OP WBJ J [B BMHPSJUNF [B QSFUSBHV V EVCJOV J JSJOV LPKJ TF V[ OF[OBUOF
J[NFOF NPHV QSJNFOJUJ [B VTNFSFOF HSBGPWF
  (SBGPWJ

1SFUSBHB VTNFSFOJI HSBGPWB TF LPODFQUVBMOP OF SB[MJLVKF PE QSFUSBHF


OFVTNFSFOJI HSBGPWB KFS TF KFEJOP NFOKB JOUFSQSFUBDJKB QPKNB TVTFEOJ
WPS ,PE VTNFSFOPH HSBGB WPS KF TVTFEBO WPSV BLP QPTUPKJ VTNF
SFOB HSBOB
"  MJ WPS OJKF BVUPNBUTLJ TVTFEBO WPSV PTJN BLP OF
QPTUPKJ J HSBOB
 "  LP TF V[NF V PC[JS PWB QSPNFOB JOUFSQSFUBDJKF SFMB
DJKF TVTFETUWB PTOPWOJ BMHPSJUNJ EIV J GIV NPHV TF CF[ J[NFOF QSJNFOJUJ
J [B VTNFSFOF HSBGPWF 1PSFE UPHB OB JEFOUJBO OBJO TF NPF QPLB[BUJ
EB KF OKJIPWP WSFNF J[WSBWBOKB [B VTNFSFO HSBG TB WPSPWB J HSBOB
UBLPF KFEOBLP 

6 OBTUBWLV PWPH QPHMBWMKB TF [BUP VTSFETSFVKFNP TBNP OB QSFUSBHV


V EVCJOV VTNFSFOPH HSBGB QSFUSBHB V JSJOV TF NPF TMJOP BOBMJ[JSBUJ
/B QSJNFS OB TMJDJ  JMVTUSPWBOP KF J[WSBWBOKF PTOPWOPH BMHPSJUNB GIV
[B KFEBO VTNFSFO HSBG

GIV 

GIV 
GIV 
   GIV 
GIV 
   GIV 
GIV 
GIV 
  
GIV 
GIV 
 GIV 

4MJLB  *[WSBWBOKF BMHPSJUNB GIV PE WPSB  EBUPH VTNFSFOPH HSBGB

/B QPUQVOP JTUJ OBJO LBP LPE OFVTNFSFOJI HSBGPWB NPF TF LPOTUSVJ


TBUJ TUBCMP QSFUSBHF V EVCJOV [B VTNFSFOF HSBGPWF BLP TF UPLPN J[WSBWB
OKB GIV X EJSFLUOP QP[JWB GIV Y TUBCMV TF EPEBKF WPS J HSBOB TUBCMB
LPKB QPWF[VKF TB UBLP EB WPS CVEF EFUF WPSB V TUBCMV %SVHJN
SFJNB TUBCMP QSFUSBHF V EVCJOV LPKF TF JOEVLVKF QSFUSBHPN V EVCJOV
HSBGB [ BQSBWP KF TUBCMP SFLVS[JWOJI QP[JWB BMHPSJUNB GIV LPKF TF EPCJKB
PE QPFUOPH QP[JWB UPH BMHPSJUNB [B OFLJ WPS HSBGB /B TMJDJ  KF
QSJLB[BOP TUBCMP EPCJKFOP QSFUSBHPN V EVCJOV LPKB PEHPWBSB QSJNFSV OB
TMJDJ 
.BEB TV BMHPSJUNJ QSFUSBHF V EVCJOV VTNFSFOJI J OFVTNFSFOJI HSBGP
 0CJMB[BL VTNFSFOPH HSBGB 


  


  

  
  


  





4MJLB  4UBCMP EPCJKFOP QSFUSBHPN V EVCJOV EBUPH VTNFSFOPH HSBGB


PE WPSB 

WB LPODFQUVBMOP WSMP TMJOJ OKJIPWP J[WSBWBOKF QSPJ[WPEJ QSJMJOP SB[MJJU


FGFLBU 1SWP QSFUSBHB V EVCJOV NPF QSPJ[WFTUJ VNV TUBCBMB BL J LBEB KF
VTNFSFO HSBG QPWF[BO /B QSJNFS EB TNP QSFUSBHV V EVCJOV OB TMJDJ 
QPFMJ PE WPSB  EPCJMJ CJTNP VNV PE EWB TUBCMB JMJ WJF OKJI %SVHP V
TMVBKV OFVTNFSFOPH HSBGB QPLB[BMJ TNP EB HSBOF HSBGB LPKF OJTV HSBOF
TUBCMB QSFUSBHF V EVCJOV PCBWF[OP QPWF[VKV OFLJ WPS TB KFEOJN PE OKFHP
WJI QSFEBLB V TUBCMV %SVHJN SFJNB HSBOF OFVTNFSFOPH HSBGB LPKF OJTV
HSBOF TUBCMB VWFL TV QPWSBUOF HSBOF 4B ESVHF TUSBOF HSBOF VTNFSFOPH
HSBGB V PEOPTV OB OKFHPWP TUBCMP QSFUSBHF V EVCJOV NPHV CJUJ KFEOPH
PE TMFEFB USJ UJQB
 %JSFLUOB HSBOB 5P KF VTNFSFOB HSBOB
V LPKB OJKF HSBOB
TUBCMB UBLWB EB KF WPS QSBWJ QPUPNBL WPSB BMJ OJKF EFUF WPSB
V  /B QSJNFS OB TMJDJ  HSBOB
  KF EJSFLUOB HSBOB
 1PWSBUOB HSBOB 5P KF VTNFSFOB HSBOB
V LPKB OJKF HSBOB TUB
CMB UBLWB EB KF WPS QSFEBL WPSB V  KF EP[WPMKFOP

/B QSJNFS OB TMJDJ  HSBOB
  KF QPWSBUOB HSBOB 0CSBUJUF QB
OKV OB UP EB TF QFUMKF LPKF TV EP[WPMKFOF V VTNFSFOJI HSBGPWJNB
  (SBGPWJ

TNBUSBKV QPWSBUOJN HSBOBNB


 1PQSFOB HSBOB 5P KF VTNFSFOB HSBOB
V LPKB OJKF HSBOB
TUBCMB UBLWB EB WPS OJKF OJ QSFEBL OJ QPUPNBL WPSB V 
%SVHBJKF SFFOP QPQSFOB HSBOB KF QSFPTUBMJ UJQ VTNFSFOJI HSBOB
V LPKF OJTV HSBOF TUBCMB  /B QSJNFS OB TMJDJ  HSBOB
 
KF QPQSFOB HSBOB 1SJNFUJNP EB QPQSFOF HSBOF NPHV QPWF[JWBUJ
WPSPWF SB[MJJUJI TUBCBMB V VNJ ;BUP V PQUFN TMVBKV [B PESFF
OV QPQSFOV HSBOV
OF NPSB CJUJ UBOP EB WPSPWJ J JNBKV
[BKFEOJLPH QSFULB
1SJNFUJNP OB TMJDJ  EB QPQSFOB HSBOB
  JNB TNFS [EFTOB OB
MFWP 5P OJKF TMVBKOPTU J WBJ V PQUFN TMVBKV TWBLB QPQSFOB HSBOB JNB
TNFS [EFTOB OB MFWP BL J V VNJ TUBCBMB QSFUSBHF V EVCJOV
%B CJTNP UP QPLB[BMJ OFLB KF
QPQSFOB HSBOB J QPTNBUSBKNP QP
[JW GIV X  0FWJEOP KF WPS QPUPNBL WPSB V TUBCMV QSFUSBHF V EVCJOV
BLP J TBNP BLP KF WPS EPEBU V TUBCMP J[NFV WSFNFOB QPFULB J[WSBWB
OKB GIV X J WSFNFOB [BWSFULB J[WSBWBOKB GIV X  6 UPN WSFNFOTLPN
JOUFSWBMV EP USFOVULB LBEB TF UPLPN J[WSBWBOKB GIV X QSPWFSBWB HSBOB

WPS KF NPSBP CJUJ WF QPTFFO KFS


OJKF HSBOB TUBCMB 1SFNB
UPNF WPS KF NPSBP CJUJ QPTFFO SBOJKF V UPLV J[WSBWBOKB GIV X JMJ
QSF QP[JWB GIV X  "MJ QSWJ TMVBK KF OFNPHV KFS CJ V TVQSPUOPN TMVBKV
WPS CJP QPUPNBL WPSB %BLMF WPS KF CJP EPEBU V TUBCMP QSFUSBHF V
EVCJOV QSF WPSB B QPUP TF WPSPWJ EPEBKV V SFEPTMFEV TMFWB OB EFTOP
NPSB CJUJ MFWP PE 

6TNFSFOJ BDJLMJLJ HSBGPWJ


"LP OFVTNFSFO HSBG OFNB OJKFEBO DJLMVT POEB JNB WSMP QSPTUV TUSVL
UVSV VNF TWF OKFHPWF QPWF[BOF LPNQPOFOUF TV TUBCMB "MJ [B VTNFSFO
HSBG KF NPHVF EB OFNB OJKFEBO VTNFSFO
DJLMVT J EB JNB TMPFOV TUSVL
UVSV /B QSJNFS VTNFSFO HSBG CF[ DJLMVTB TB WPSPWB NPF JNBUJ WFMJLJ
CSPK HSBOB SFEB
EPL TUBCMP OFVTNFSFO HSBG CF[ DJLMVTB
TB WPSP
WB JNB TBNP  HSBOV 6TNFSFO HSBG CF[ DJLMVTB TF TUBOEBSEOP OB[JWB
VTNFSFO BDJLMJLJ HSBG 6"(
J KFEBO QSJNFS UBLWPH HSBGB KF QSJLB[BO OB
TMJDJ 
6TNFSFO BDJLMJLJ HSBG TF V SBVOBSTUWV FTUP LPSJTUJ [B QSFETUBWMKBOKF
VTMPWOPH SFEPTMFEB OFLJI [BEBUBLB QP LPKFN TF POJ NPSBKV [BWSBWBUJ
/B QSJNFS QSJMJLPN [JEBOKB OFLF [HSBEF QSWJ TQSBU TF NPSB J[HSBEJUJ QSF
 0CJMB[BL VTNFSFOPH HSBGB 

 

  

 

4MJLB  6TNFSFO BDJLMJLJ HSBG

ESVHPH TQSBUB BMJ FMFLUSJOJ LBCMPWJ TF NPHV QPTUBWJUJ V JTUP WSFNF EPL TF
JOTUBMJSBKV QSP[PSJ OB KFEOPN TQSBUV %SVHJ QSJNFS KF QSPHSBN TUVEJSBOKB
OB OFLPN GBLVMUFUV HEF TV OFLJ QSFENFUJ QSFEVTMPWJ [B QPMBHBOKF ESVHJI
QSFENFUB +P KFEBO QSJNFS KF LPMFLDJKB QBSBMFMOJI QSPDFTB PE LPKJI TF
TBTUPKJ OFLJ SBVOBSTLJ QSPHSBN UBLP EB J[MB[ OFLPH QSPDFTB QSFETUBWMKB
VMB[ [B OFLJ ESVHJ QSPDFT J [BUP TF QSWJ QSPDFT NPSB [BWSJUJ QSF QPFULB
ESVHPH
1SJSPEOJ NPEFM PWBLWJI TUSVLUVSB [BWJTOPTUJ TV VTNFSFOJ BDJLMJLJ HSB
GPWJ VTNFSFOB HSBOB PE OFLPH [BEBULB EP ESVHPH [BEBULB QSFETUBWMKB
VTMPW EB TF NPSB [BWSJUJ QSF OFHP UP TF NPF QPFUJ /B TMJDJ 
KF JMVTUSPWBOB TUSVLUVSB [BWJTOPTUJ QFU [BEBUBLB 6 UPN QSJNFSV SFDJNP
[BEBUBL TF NPF PCBWJUJ TBNP LBEB TV [BEBDJ J [ BWSFOJ

4MJLB  6TNFSFO BDJLMJLJ HSBG [BWJTOPTUJ QFU [BEBUBLB

6 PQUFN TMVBKV QSFUQPTUBWJNP EB JNBNP TLVQ [BEBUBLB ]   _


LPKF USFCB PCBWJUJ J EB QPTUPKF [BWJTOPTUJ NFV OKJNB UBLWF EB [B J[WFTOF
QBSPWF [BEBUBLB J JNBNP VTMPW EB TF NPSB [BWSJUJ QSF QPFULB 0WB
LBW TLVQ NFVTPCOP [BWJTOJI [BEBUBLB NPF TF QSFETUBWJUJ VTNFSFOJN
HSBGPN TB WPSPWJNB LPKJ QSFETUBWMKBKV QPKFEJOF [BEBUBLF J HSBOBNB

LPKF QSFETUBWMKBKV VTMPW EB TF NPSB [BWSJUJ QSF QPFULB 


0JHMFEOP EB CJ PWB SFMBDJKB NFVTPCOF [BWJTOPTUJ [BEBUBLB VPQUF
JNBMB TNJTMB EPCJKFOJ VTNFSFO HSBG NPSB CJUJ BDJLMJLJ KFS VLPMJLP
  (SBGPWJ

TBESJ OFLJ DJLMVT POEB OF QPTUPKJ OBJO EB TF VSBEJ OJKFEBO [BEBUBL V


 /BJNF LBLP TWBLJ [BEBUBL V DJLMVTV JNB OFLJ ESVHJ [BEBUBL LPKJ TF
QSFUIPEOP NPSB [BWSJUJ OJKFEBO [BEBUBL V TF OF NPF PCBWJUJ KFS TF
OJKFEBO [BEBUBL OF NPF [BQPFUJ
6LPMJLP VTNFSFO HSBG [BWJTOPTUJ [BEBUBLB OFNB DJLMVTF QSJSPEOP KF
POEB USBJUJ SFEPTMFE UJI [BEBUBLB QP LPKFN TF POJ NPHV PCBWJUJ UBLP EB
TWF NFVTPCOF [BWJTOPTUJ [BEBUBLB CVEV QPUPWBOF 5BLBW JTQSBWBO SFEP
TMFE [BEBUBLB TF OB[JWB UPQPMPLJ SFEPTMFE 1SFDJ[OJKF UPQPMPLJ SFEPTMFE
VTNFSFOPH BDJLMJLPH HSBGB TB WPSPWB KF OFLJ MJOFSBOJ QPSFEBL OKF
HPWJI WPSPWB V OJ[V    UBLP EB [B TWBLV HSBOV
 WBJ  
4MJLPWJUP SFFOP TWF HSBOF HSBGB TV VTNFSFOF TMFWB OB EFTOP VLPMJLP TF
OKFHPWJ WPSPWJ OBDSUBKV EV IPSJ[POUBMOP MJOJKF V UPQPMPLPN SFEPTMFEV
/B QSJNFS UPQPMPLJ SFEPTMFE HSBGB OB TMJDJ  KF UP KF PENBI
VPMKJWP VLPMJLP TF JTUJ HSBG OBDSUB LBP OB TMJDJ  0CSBUJUF QBOKV OB UP
EB UBK MJOFBSOJ QPSFEBL WPSPWB OJKF KFEJOTUWFO ESVHJ OBJO [B UPQPMPLJ
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KBTOP KF EB TWJ PTOPWOJ QPKNPWJ [B PCJOF HSBGPWF JNBKV TNJTMB J [B
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4MJLB  .BUSJDB TVTFETUWB [B UFJOTLJ HSBG OB TMJDJ 

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DJ  KF QSJLB[BOB SFQSF[FOUBDJKB UFJOTLPH HSBGB OB TMJDJ  QPNPV OJ[B
MJTUJ TVTFETUWB
  

 


4MJLB  /J[ MJTUJ TVTFETUWB [B UFJOTLJ HSBG OB TMJDJ 

 .JOJNBMOP QPWF[VKVF TUBCMP


%B CJTNP VWFMJ QPKBN NJOJNBMOPH QPWF[VKVFH TUBCMB OFLPH UFJO
TLPH HSBGB SB[NPUSJNP OBKQSF KFEBO QSBLUJBO QSJNFS 1SFUQPTUBWJNP EB
OFLB LPNQBOJKF JNB WJF MJKBMB V SB[MJJUJN HSBEPWJNB LPKF USFCB EB TF QP
WFV V KFEJOTUWFOV NSFV %B CJ QPWF[BMB TWF MJKBMF V JOUFHSJTBOV NSFV
[B LPNQBOJKV KF WBOP EB PESFEJ OBKNBOKV DFOV J[OBKNMKJWBOKB UFMFLPNV
OJLBDJPOJI MJOJKB J[NFV TWPKJI MJKBMB
0WBK QSPCMFN TF NPF QSFETUBWJUJ UFJOTLJN HSBGPN TB WPSPWJNB LPKJ
P[OBBWBKV MJKBMF LPNQBOJKF J HSBOBNB TB OVNFSJLJN WSFEOPTUJNB LPKF
PEHPWBSBKV DFOBNB [BLVQMKFOJI QSFOPTOJI WF[B J[NFV QPKFEJOJI MJKB
MB /B TMJDJ  B
KF QSJLB[BO IJQPUFUJLJ HSBG LPKJ QSFETUBWMKB TWF NPHVF
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B
C

4MJLB  5FJOTLJ HSBG MJKBMB IJQPUFUJLF LPNQBOJKF

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OFLB TV J EWB OFQSB[OB EJTKVOLUOB QPETLVQB OKFHPWPH TLVQB WPSPWB


UBLWB EB KF   "LP KF KFEJOTUWFOB HSBOB OBKNBOKF UFJOF V
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PE POJI LPE LPKJI KF KFEBO LSBK V J ESVHJ LSBK V  /FLB KF CJMP LPKF
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4MJLB  'PSNJSBOKF DJLMVTB V NJOJNBMOPN QPWF[VKVFN TUBCMV EPEBWB


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EPCJKB TF OPWP TUBCMP  LPKF QPWF[VKF TWF WPSPWF HSBGB /BJNF
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OFNPHVF KFS KF NJOJNBMOP QPWF[VKVF TUBCMP HSBGB  
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SFEPTMFEV QSPWFSBWB TF EB MJ QSPJ[WPEJ DJLMVT VLPMJLP TF EPEB HSBOBNB
LPKF TV EP UBEB J[BCSBOF [B NJOJNBMOP QPWF[VKVF TUBCMP 5BOJKF BLP
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VNF POEB TF EPEBKF TLVQV J[BCSBOJI HSBOB J UB EWB TUBCMB TF PCKFEJOKVKV
V KFEOP TUBCMP 6 TVQSPUOPN BLP QPWF[VKF EWB WPSB J[ JTUPH TUBCMB EP
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%PLB[ 1SFUQPTUBWJNP QSJWSFNFOP EB TV TWF UFJOF HSBOB V HSBGV 

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4MJLB  *[WSBWBOKF ,SVTLBMPWPH BMHPSJUNB [B HSBG OB TMJDJ  B




OP TV J EJTKVOLUOJ TLVQPWJ KFS CJ TF V TVQSPUOPN TMVBKV EPEBWBOKFN


HSBOF PCSB[PWBP DJLMVT V 
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J TV OFQSB[OJ EJTKVOLUOJ QPETLVQPWJ WPSPWB UBLWJ EB KF  
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V HSBGV B V[ UP KF J KFEJOTUWFOB T UPN PTPCJOPN KFS TV TWF UFJOF HSB
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V SBTUVFN SFEPTMFEV UFJOB


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QPULPSBFOKF 
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TPSUJSBOKF VQPUSFCPN IJQB IFBQTPSU
QSFLPSBFOKF 
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TPSUJSBOKF [BNFOKJWBOKFN CVCCMF WSI 
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TUBCMP  MJTUB 
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NBUSJDB  WSFNF J[WSBWBOKB BMHPSJUNB 


OJ[  BTJNQUPUTLP 
PTOPWOF  OBKHPSJ TMVBK 
SFE TB QSJPSJUFUJNB  PFLJWBOP 
SFE [B FLBOKF  QSPTFOP 
TLVQ  WSFNFOTLB TMPFOPTU BMHPSJUNB 
TUBCMP 
TUFL 
TVTFEJ WPSB  ;
TVTFEOJ WPSPWJ  [BNFOB WSFEOPTUJ EWF QSPNFOMKJWF 
VNB  [BQJT BMHPSJUBNB 
TWPKTUWP DJLMVTB HSBGB 
TWPKTUWP QPEFMF HSBGB 

5
UFSOBSOB QSFUSBHB 
UFJOTLJ HSBGPWJ 
UJQJOF GVOLDJKF WSFNFOB J[WSBWBOKB 
UPQPMPLJ SFEPTMFE 
OBMBFOKF 

6
VMB[OJ TUFQFO WPSB 
VTNFSFO BDJLMJLJ HSBG 
UPQPMPLJ SFEPTMFE 
OBMBFOKF 
VTNFSFO HSBG 
BDJLMJLJ 
KBLB QPWF[BOPTU 
KBLP QPWF[BO 
NBUSJDB TVTFETUWB 
OJ[ MJTUJ TVTFETUWB 
PCJMB[BL 
QPOPS 
QSFUSBHB V EVCJOV
TUBCMP 

7
WFMJJOB VMB[B 
WF[JWBOKF
TBWSFOP 
TUBCJMOP 
WJSUVFMOB JOJDJKBMJ[BDJKB OJ[B 
7PSBMPW BMHPSJUBN 
Na osnovu lana 23. stav 2. taka 7. Zakona o porezu na dodatu vrednost (Slubeni
glasnik RS, br. 84/04... i 61/07), Odlukom Senata Univerziteta Singidunum, Beograd,
broj 260/07 od 8. juna 2007. godine, ova knjiga je odobrena kao osnovni udbenik na
Univerzitetu.

CIP -
,

004.421(075.8)
510.5(075.8)
004.6(075.8)

, , 1956-
Uvod u algoritme i strukture podataka /
Dejan ivkovi. - 3. izd. - Beograd :
Univerzitet Singidunum, 2013 (Loznica :
Mladost Grup). - VI, 275 str. : ilustr. ; 24
cm

Tira 300. - Bibliografija: str. 269. -


Registar.

ISBN 978-86-7912-466-1

a) b) ()
COBISS.SR-ID 195966732

2013.
Sva prava zadrana. Nijedan deo ove publikacije ne moe biti reprodukovan u bilo
kom vidu i putem bilo kog medija, u delovima ili celini bez prethodne pismene saglas-
nosti izdavaa.

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