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 ɽȃɨȈȢȢȈȶǼ ljʤljȶɽ ƃȢȢɁʥȈȶǼ ʰɁʍ ɽɁ ljʯljɨƺȈɰlj ʰɁʍɨ ɨɁƃǁǼɁȈȶǼ ČɥɁɨɽɰ Ɂɨ


ČɥɁɨɽɰ ĄƃƺȈȶǼ :ƃɨ ƹʍȈȢɽ ƹljɽʥljljȶ іўњѕ ƃȶǁ іўќњ Ɂȶ ɰɁȴlj Ɂǹ ɽȃlj ʥɁɨȢǁԇɰ
ƹljɰɽ ɨɁƃǁɰ ƃȶǁ ljʯƺȈɽȈȶǼ ɨƃƺlj ɽɨƃƺȟɰӗ ʥȃȈȢɰɽ ɽƃȟȈȶǼ Ȉȶ ɽȃlj ɽȈɥ Ɂǹ ɽȃlj
ǹɨȈƺƃȶ :ɁȶɽȈȶljȶɽԇɰ ɰɥljƺɽƃƺʍȢƃɨ ɰƺljȶljɨʰӝ

KÇ졎KČ ¸ŽÃŽěKAә

yɁɨ ljȶɽɨʰ ȈȶǹɁɨȴƃɽȈɁȶ ʤȈɰȈɽ


9ɨɁʍǼȃɽ ɽɁ ʰɁʍ ƹʰ Čɥljljǁɰɽɨljƃȴ Kʤljȶɽɰӗ ÝɨǼƃȶȈɰljɨɰ Ɂǹ ʥʥʥӝɽȃljǼɽƺȢƃɰɰȈƺӝƺɁȴ
ɽȃlj ČɁʍɽȃ ǹɨȈƺƃȶ ‰ȈɰɽɁɨȈƺ {ɨƃȶǁ ĀɨȈʯ yljɰɽȈʤƃȢ Ɂɨ ljȴƃȈȢ ȈȶǹɁխɰɥljljǁɰɽɨljƃȴǼɨɁʍɥӝƺɁȴ
  










   

 
     
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.,% =&, & C9 = 8.E,+(95


 
 
 

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3HTIVYNOPUP 4\YJPLSHNV 37 := 3HTIVYNOPUP (]LU[HKVY 37 := 9VHKZ[LY 3HTIVYNOPUP 4\YJPLSHNV 37 :=
*LYHTPJ IYHRLZ /PNO SL]LS YLHY ^PUN ZTHSS  0UJO +PHU[O\Z MVYNLK OPNO NSVZZ ISHJR HSSV` *LYHTPJ )YHRLZ /PNO 3L]LS 9LHY >PUN :THSS
KLJHS VW[PVU  TPSLZ  ^OLLSZ *HYIVU ÄIYL PU[LYPVY WHJRHNL *HYIVU +LJHS VW[PVU  TPSLZ 
‰76( YHJL ZLH[Z 3PM[PUN Z`Z[LT  TPSLZ ‰   ‰  

3HTIVYNOPUP 4\YJPLSHNV 37 := 3HTIVYNOPUP (]LU[HKVY 37  := 3HTIVYNOPUP 4\YJPLSHNV 37 :=


*LYHTPJ IYHRLZ OPNO SL]LS YLHY ^PUN SHYNL  0UJO +PHU[O\Z MVYNLK OPNO NSVZZ ISHJR HSSV` *LYHTPJ IYHRLZ OPNO SL]LS YLHY ^PUN SHYNL
KLJHS VW[PVU  TPSLZ ^OLLSZ *HYIVU ÄIYL PU[LYPVY WHJRHNL *HYIVU KLJHS VW[PVU  TPSLZ  =(; X\HSPM`PUN
‰   YHJL ZLH[Z 3PM[PUN Z`Z[LT  TPSLZ ‰   ‰  

3HTIVYNOPUP 4\YJPLSHNV 37 *V\WL 3HTIVYNOPUP 4\YJPLSHNV 37 9VHKZ[LY 3HTIVYNOPUP 4\YJPLSHNV 37 *V\WL
=LYZHJL 3PTP[LK ,KP[PVU 5V  VM  )YHUKPUN 8JP[\YH Z[P[JOPUN /LTLYH HSSV` ^OLLSZ 8JP[\YH Z[P[JOPUN /LTLYH HSSV` ^OLLSZ
WHJR *LYHTPJ IYHRLZ /LTLYH HSSV^ ^OLLSZ *LYHTPJ IYHRLZ 3PM[PUN Z`Z[LT  TPSLZ *LYHTPJ IYHRLZ 3PM[PUN Z`Z[LT )YHUKPUN WHJR
3PM[PUN NLHY  TPSLZ  ‰    ‰    TPSLZ  ‰  

3HTIVYNOPUP /\YHJHU 37  :W`KLY 3HTIVYNOPUP 4\YJPLSHNV 37 *V\WL 3HTIVYNOPUP .HSSHYKV 37 *V\WL
¹ 4PTHZ HSSV` ^OLLSZ 8JP[\YH Z[P[JOPUN  := )VK` <WNYHKL ;<)0 ,_OH\Z[ *HYIVU ;YVMLV :[YHKHSL 3PTP[LK ,KP[PVU  VM  /PNO SL]LS
4HNUL[VYOLVSVNPJHS Z\ZWLUZPVU 9L]LYZL -PIYL +YP]PUN AVUL 9L]LYZL *HTLYH  YLHY ^PUN *HYIVU KYP]PUN aVUL *HYIVU L_[LYPVY
JHTLYH  TPSLZ ‰  TPSLZ  ‰   WHJR *LYHTPJ IYHRLZ  TPSLZ  ‰  

3HTIVYNOPUP .HSSHYKV 377LYMVYTHU[L 3HTIVYNOPUP 4\YJPLSHNV 37 *V\WL 3HTIVYNOPUP .HSSHYKV 37 :3,
-\SS JHYIVU ÄIYL PU[LYPVY WHJRHNL )YHUKPUN WHJR 3H[LZ[ 7PVULLY :H[ 5H] ^P[O (WWSL JHY WSH`  0UJO :RVYWP\Z HSSV`Z *SLHY LUNPUL IH` JV]LY -\SS
*HYIVU YHJL ZLH[Z 3PM[PUN NLHY *LYHTPJ IYLHRZ NSVZZ ISHJR /LYJ\SLZ HSSV` ^OLLSZ *HYIVU ÄIYL PU[LYPVY Z\WLYSLNNLYH PU[LYPVY 9VSS *HNL  TPSLZ
 TPSLZ  ‰   WHJRHNL *HYIVU YHJL ZLH[Z   ‰   ‰  

)<@05. 69 :,3305. 3(4)69./050 46;69*(9:


;      , ZHSLZ']]Z\RJV\R > ^^^]]Z\RJV\R

=PL^PUN I` HWWVPU[TLU[ VUS` (KKYLZZ! ==: <2 3;+ 7(92 -(94 .6<+/<9:; 96(+ *9(5)9662 2,5; ;531
^^^SHTIVYNOPUPI\`LYJVT (KKP[PVUHS >LIZP[LZ! ^^^Q\Z[SHTIVYNOPUPJVT
KČě
іўѝћ

¸Ɂɽʍɰ :ƃɨȢɽɁȶ ěʍɨƹɁ


ČʍɨljȢʰ ɽȃlj ƹljɰɽ ƃʤƃȈȢƃƹȢlj ljʯƃȴɥȢlj Ɂǹ ɽȃȈɰ ȈƺɁȶȈƺ ўѕԇɰ
ɰʍɥljɨӸɰƃȢɁɁȶӝ ‰ƃʤȈȶǼ ƺɁʤljɨljǁ Țʍɰɽ љӗњѕѕ ȴȈȢljɰ Ȉɽ Ȉɰ Ȉȶ
ȈȴȴƃƺʍȢƃɽlj ƺɁȶǁȈɽȈɁȶ ȈȶɰȈǁlj ƃȶǁ Ɂʍɽӝ Āɨljɰljȶɽljǁ ƺɁȴɥȢljɽlj
ʥȈɽȃ ȃƃȶǁƹɁɁȟɰ ƃȶǁ ɽȃlj ƺɁɨɨljƺɽ ȶʍȴƹljɨljǁ ƹɁɁȟӝ ӯĄ‰AӰӝ
Գіїљӗўўњ

yljɨɨƃɨȈ yy ¸Ɂɽʍɰ KȢȈɰlj ČljɨȈljɰ і ěʰɥlj љў ĀɁɨɰƺȃlj ўіі ěʍɨƹɁ :ɁȶʤljɨɽȈƹȢlj ĀɁɨɰƺȃlj ўіі {ěј ĄČ ŚljȈɰɰƃƺȃ
ěȃȈɰ ȈȴȴƃƺʍȢƃɽlj їѕії ljʯƃȴɥȢlj ȃƃɰ yȈɨɰɽ ɨljǼȈɰɽljɨljǁ Ȉȶ їѕѕѕ ƃȶǁ ƺɁʤljɨljǁ ěȃȈɰ їѕѕљ ɨljǼȈɰɽljɨljǁ ўўћ ǼljȶljɨƃɽȈɁȶ ěȃȈɰ їѕіѝ ўўіӝї {ěј ĄČ ȃƃɰ ƺɁʤljɨljǁ
ƺɁʤljɨljǁ Țʍɰɽ Ɂʤljɨ іљӗѕѕѕ ȴȈȢljɰӝ yȈȶȈɰȃljǁ Țʍɰɽ ўӗћѕѕ ȴȈȢljɰ ǹɨɁȴ ȶljʥӝ ěȃȈɰ Ȉɰ ўіі ȃƃɰ ƺɁʤljɨljǁ Țʍɰɽ Ɂʤljɨ їљӗѕѕѕ ȴȈȢljɰ Țʍɰɽ ǁljȢȈʤljɨʰ ȴȈȢljƃǼljӝ Žɽ Ȉɰ ʤljɨʰ ȃȈǼȃȢʰ
Ȉȶ ÇljɨɁ AƃʰɽɁȶƃ ʥȈɽȃ ÇljɨɁ ȃȈǁlj ƃȶǁ ƃ ɰʍɨljȢʰ ɽȃlj ƹljɰɽ ƃʤƃȈȢƃƹȢlj ljʯƃȴɥȢlj Ɂǹ Ȉȶ ɽȃlj ȃƃȶǁɰ Ɂǹ Ɂȶlj Ɂʥȶljɨ ʥȈɽȃ ƃ ǹʍȢȢ ɰɥljƺȈˎljǁ ʥȈɽȃ ɽȃlj ŚljȈɰɰƃƺȃ ɥƃƺȟӗ
ȃɁɰɽ Ɂǹ ƺƃɨƹɁȶ ɁɥɽȈɁȶɰӝ ӯĄ‰AӰӝ ɽȃȈɰ ɨƃɨlj ƃȶǁ ȈƺɁȶȈƺ ȴɁǁljȢӝ ӯĄ‰AӰӝ ĀɁɨɰƺȃlj ɰljɨʤȈƺlj ɨljƺɁɨǁӝ ӯĄ‰AӰӝ ƺljɨƃȴȈƺ ƹɨƃȟljɰ ƃȶǁ ȢȈǹɽȈȶǼ ƃʯȢljӝ ӯ¸‰AӰӝ
Գіјќӗўўњ Գїўӗўўњ Գњўӗўўњ Գїјќӗљўњ Ըřě

 ɰljȢljƺɽȈɁȶ Ɂǹ Ɂɽȃljɨ ʤljȃȈƺȢljɰ Ȉȶ ɰɽɁƺȟ


їѕіѝ ÃljɨƺljǁljɰӸÃƃʰƹƃƺȃ {ћњѕ ¸ƃȶǁƃʍȢljɽӗ ÃʰɰɽȈƺ ŚȃȈɽlj ʥȈɽȃ ƃ ɰƃȶǁ іўўј ‰Ɂȶǁƃ ӯĄ:љѕӰ ÇĄ ќњѕӗ ŚȈɽȃ Țʍɰɽ іӗќѕѕ ȴȈȢljɰ ǹɨɁȴ ȶljʥ ƃȶǁ
ȃɁɁǁ ծ Ȣljƃɽȃljɨӗ і Ɂǹ ўўӝ ŚȈɽȃ ǁljȢȈʤljɨʰ ȴȈȢljƃǼljӝ ӯ¸‰AӰ ӝ ӝ ӝ ӝ Գќїўӗіћѕ Ըřě ȈȴȴƃƺʍȢƃɽlj Ȉȶ ljʤljɨʰ ʥƃʰ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ Գѝўӗўўњ
їѕіѝ ÃljɨƺljǁljɰӸÃ{ {ěӸĄӗ ŽɨȈǁȈʍȴ ČȈȢʤljɨ ÃƃǼȶɁӗ ȃʍǼlj ɰɥljƺ ȈȶƺȢʍǁȈȶǼ їѕіѕ 9ÃŚ ‰Āї ÃljǼƃȴɁɽɁӗ ÝȶȢʰ љӗјўѕ ȴȈȢljɰ ǹɨɁȴ ȶljʥӝ Ýȶlj
ƺljɨƃȴȈƺ ƹɨƃȟljɰ ƃȶǁ ȴƃȶʰ ƺƃɨƹɁȶ ɁɥɽȈɁȶɰӝ ӯĄ‰AӰӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ Գіљјӗќљњ Ըřě Ɂǹ ƃ ʤljɨʰ ȢȈȴȈɽljǁ ȶʍȴƹljɨ Ȉȶ ɽȃlj ĩ¶ ƃȶǁ Ȉȶ ɥljɨǹljƺɽ ƺɁȶǁȈɽȈɁȶӝ ӝ ӝ Գіўӗўўњ
їѕії ÃljɨƺljǁljɰӸÃ{ Č¸Č ĄɁƃǁɰɽljɨӗ ÝƹɰȈǁȈƃȶ 9Ȣƃƺȟ ʥȈɽȃ ƃ :ȢƃɰɰȈƺ іўќѕ ÇɁɨɽɁȶ :ɁȴȴƃȶǁɁ °Ɂȃȶ ĀȢƃʰljɨ ČɥljƺȈƃȢ ѝњѕӗ °ʍɰɽ їӗїѕѕ ȴȈȢljɰ
Ąljǁ AljɰȈǼȶɁ ȃȈǁlj ƃȶǁ їќӗѕѕѕ ȴȈȢljɰ ǹɨɁȴ ȶljʥӝ ӯĄ‰AӰ ӝ ӝ Գііћӗћћѕ Ըřě ǹɨɁȴ ȶljʥ ƃȶǁ Ȉȶ ʤljɨʰ ǼɁɁǁ ƺɁȶǁȈɽȈɁȶ ɽȃɨɁʍǼȃɁʍɽ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ Գіљӗўўњ
їѕії ÃljɨƺljǁljɰӸÃ{ :ћј 9Ȣƃƺȟ ČljɨȈljɰӗ ŽɨȈǁȈʍȴ ČȈȢʤljɨӗ Țʍɰɽ їїӗѕѕѕ їѕѕѕ Ãř Ǽʍɰɽƃ yљ ќњѕ Čɽɨƃǁƃӗ ČȈȢʤljɨ ծ Ąljǁӗ ȶljʤljɨ ɨljǼȈɰɽljɨljǁ ƃȶǁ
ȴȈȢljɰ ǹɨɁȴ ȶljʥ ʥȈɽȃ ƃ ǹʍȢȢ Ãljɨƺljǁljɰ ȃȈɰɽɁɨʰӝ ӯĄ‰AӰ ӝ ӝ ӝ ӝ ӝ ӝ Գќљӗўўњ Ըřě ʥȈɽȃ Țʍɰɽ ǁljȢȈʤljɨʰ ȴȈȢljƃǼlj ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ ӝ Գіљӗўўњ

ȢȢ Ɂǹ ɽȃlj ƃƹɁʤlj ʤljȃȈƺȢljɰӗ ƃȶǁ ȴƃȶʰ ȴɁɨljӗ ƃɨlj ɰȃɁʥȶ Ɂȶ Ɂʍɨ ʥljƹɰȈɽlj ʥȈɽȃ ǹʍȢȢ ǁljɽƃȈȢɰ ƃȶǁ ɥȃɁɽɁǼɨƃɥȃɰӝ ťɁʍ ƺƃȶ ƃȢɰɁ ȟljljɥ ʍɥӸɽɁӸǁƃɽlj ʥȈɽȃ Ɂʍɨ Ȣƃɽljɰɽ ɰɽɁƺȟ ʤȈƃ ɰɁƺȈƃȢ
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ʥȈȢȢ ƹlj ƃƹȢlj ɽɁ ƃɰɰȈɰɽ Ȉȶ ɽȃlj ɥʍɨƺȃƃɰlj Ɂǹ ʰɁʍɨ ȶljʯɽ ʤljȃȈƺȢljӝ Ślj ƃɨlj ƃȢʥƃʰɰ Ɂȶ ɽȃlj ȢɁɁȟӸɁʍɽ ǹɁɨ ɰȈȴȈȢƃɨ ljʯƺljɥɽȈɁȶƃȢ ʤljȃȈƺȢljɰ ɽɁ ɥʍɨƺȃƃɰljӝ ĀȢljƃɰlj ǁɁ ƺƃȢȢ ʍɰӝ

Āƃɨȟ ¸ƃȶlj ӯĩ¶Ӱ ¸ɽǁ ӝ ĩȶȈɽ ў ӝ ȢɽɁȶ 9ʍɰȈȶljɰɰ :ljȶɽɨlj ӝ ÝȴljǼƃ Āƃɨȟ ӝ ȢɽɁȶ ӝ {ĩјљ їťĩ

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