You are on page 1of 12

F]M^WMNk^\`QPMPQWMQ]]MPUOMOUjYPQWMXUYQ]hMUWQSMW0

:
MaMYOQ^QYQWA]PQYMXUQY_Z=`]hPUOZBQ]`MYZ q
;D
ÆĂ
aj
;D
BCPCAFM
KGLCPM*
?K@GCLR?J
T BC JMQ
PCASPQMQ
CLCPEyRGAMQ

G L?K ?Pì?B P?EMJ SBMUGCE JM


RH

?^kc]`] lkn h] Sjeranoe`]` `a Jei], :


X
K]aopn~] aj Bana_dk &JJK' lkn h] Sjeranoe`]` `a Akhqi^e], M
q
:
L ?R?JG?X ïzGE?? P@GJBM /-/
D:

?^kc]`] lkn h] Nkjpebe_e] Sjeranoe`]` A]pÅhe_] `ah NanÇ, RR


M
G+
1
:

QSK?PGM8
G, Gjpnk`q__eÅj,

GG, Akj_alpko ^|oe_ko8 iejan~] ehac]h u iejan~] ejbkni]h,

GGG, Nneian ejpajpk `a bkni]hev]_eÅj `a h] iejan~] ]npao]j]h u h]

lamqaÄ] iejan~],

GT, Cnn]`e_]_eÅj `a h] iejan~] ehac]h aj K]`na `a Beko8 ah Ba_napk `a Sncaj_e] ĔH


:
`a ?h]j E]n_~], q
RH
T, N]mqapa haceoh]perk `ah 0./08 qj jqark n}ceiaj `a bkni]hev]_eÅj iejan], NÉ
S'
D:
/, Paola_pk ]h lnk_aok `a bkni]hev]_eÅj,

TG, P}ceiaj `a Q]ja]ieajpk,

Teh, Ch jqark n}ceiaj hac]h `a Dkni]hev]_eÅj Kejan],


_k
TGGG,?Gcqj]o nabhatekjao bej]hao u _kj_hqoekjao,

!0
%O

Ld Se  ^S T r e c g W V S  VW ^S W d d S V [ U S U [ q `  VW ^S _ [ ` W d o S  [ ^ WY S ^ 4 S h S ` U W e  W` W^ G d V W ` S _ [ W ` f a  B g d o V [ U a  H Wd g S `a /-


BÁCĈÅÁǺĮ
DS_[`WdoS[^WYS^ [_b^[USbdaT^W_SS_T[W`fS^&eaU[S^&WUa`q_[Ua&ba^of[UakX[eUS^(9^a^SdYaVW^aer^f[_aeSpaeeWZS`V[UfSVaV[hWdeSe
V[ebae[U[a`We^WYS^WecgWWefST^WUW`bdaUWeaeVWXad_S^[lSU[q`_[`WdScgWTgeUS`^^WhSdS^ae_[`Wdae[`Xad_S^WeS^S^WYS^[VSV(=^bdWeW`fW
SdfoUg^abdWeW`fSW^ShS`UW`ad_Sf[haW``gWefdabSoebadV[UZaeWeXgWdlae&ZSU[W`Van`XSe[eW`^S`WUWe[VSVcgW?aT[Wd`ab^S`fWWg`Sbae'
fgdSVWX[`[f[hSW[`[U[WUa`XgWdlSW^US_[`aZSU[S^SWddSV[USU[q`VW^SSUf[h[VSV[^WYS^(
HS^STdSeU^ShW4 E[`WdoS A^WYS^& E[`WdoS [`Xad_S^& JnY[_W` VWXad_S^[lSU[q` _[`WdS& E[`WdoS SdfWeS`S^& HWcgWpS _[`WdoS& JnY[_W` VW
KS`WS_[W`fa&FgWhabdaUWeaVWXad_S^[lSU[q`(

CĆB AĆĮ
^^^WYS^ _[`[`Y[`ha^hWeS`W`h[da`_W`fS^&eaU[S^&WUa`a_[U&ba^[f[US^S`VX[eUS^bdaT^W_(GhWdfZW^SefXWikWSde&hSd[age^WYS^bdah[e[a`e
ZShWTWW`[eegWV[`adVWdfaWefST^[eZ_[`[`YXad_S^[lSf[a`bdaUWeeWefZSfeWW]fabda_afW{A^WYS^_[`Wdefafgd`fafZW^WYS^dWY[_W(LZWbdW'
eW`fSdf[VWbdWeW`fefZWdWYg^SfadkbdaYdWee[`agdUag`fdkfaSUZ[WhWfZWeWWXXadfe&W_bZSe[l[`YfZW`WWVXadfZWYahWd`_W`ffabgfXadiSdV
SVWX[`[f[hWbae[f[a`S`VefSdfi[fZXadUnfZWdaSVfaiSdVefZWWdSV[USf[a`aX{A^WYS^SUf[h[fk(
CWhiadVe4^^^WYS^E[`[`Y&A`Xad_S^_[`[`Y&>ad_S^[lSf[a`_[`[`YdWY[_W&9df[eS`S^ _[`[`Y&K_S^^'_[`[`YeWUfad&FWibdaUWeeaXXad_S'
P ar eo p]  a ` ep] ` ]  lkn ] hq i j k o `a h] D] _q hp]`  `a B a na _d k  `a h] S j er a noe` ] `  `a Jei ]

^[lSf[a`(

G, GLRPMBSAAGîL `}_]`]`ahkok_dajp]o*oa`ekqj]lnkheban]_eÅj
`a h] ]_pere`]` i ejan] ehac]h mqa bqa _kj oaò
Ch NanÇ aopn]`e_ekj]hi ajpa qj l]~o iejank,Qq _qaj_e] `a r]neko b]_pknao _kj_qnnajpao* ajpna
cn]j lkpaj_e]h iejank `apani ej] mqa ahhk oa] ahhko* ah _na_ei eajpk `a h] ejbkni ]he`]` _kik
]o~, Cba_per]i ajpa* ah NanÇ oa d] lkoe_ekj]`k naolqaop] ] h] _neoeo a_kjÅi e_] u h] _na_eajpa
_k j pej q ]i a j pa  `ajpnk `a `eranoko n]jgejco iecn]_eÅj`alk^h]_ekjaonqn]hao*mqadq~]j`ah
_ki kqjl]~o]pn]_perkl]n]h]ejranoeÅjiejan], pannkneoik*]_ajpnkoqn^]jko,Sjpan_aneilqhok
Sjk `a hko n]jgejco lq^he_]`ko lkn ah ÄİĚĮĘİ oa`ekaj h]`}_]`] `a hko jkrajp]o*_q]j`koa
ÅÍĮIJĠIJJIJĘ  ] eje_eko `ah 0./5 `ai qaopn]j _ki k _]i ^eÅahik`ahka_kjÅie_k*pn]uaj`k_kjoeck
NanÇ d]oq^e`kk_dk&6'lah`]Äkoajah n]jgejc h]bhate^ehev]_eÅj`ajkni]oh]^kn]hao*cajan|jò
`a l]~oao i|o ]pn]_perko l]n] h] ejranoeÅj ieò `koa ah `aole`k `a qj ei lknp]jpa jÇi ank `a
jan]* ao_]h]j`k `ah lqaopk pnaejp] u oaeo &14' pn]^]f]`knao* mqa aj_kjpn]nkj aj h] iejan~]
]h raejpek_dk &06' +ajpna ah 0./3 u 0./4/+, Qej ehac]h qj i a`ek`aoq^oeopaj_e],
ai^]nck*h]iejan~]ajjqaopnkl]~ojkoeailna
oa d] `ao]nnkhh]`k +je oa `ao]nnkhh]+aj bkni] Qej lanfqe_ek`a hk]jpao iaj_ekj]`k*_kjoe`aò
kn`aj]`]uknc]jev]`]9u*ahhkoa`a^aln|_pe_]ò n]ikomqaah ĒĨĨÌ `a h] iejan~] ehac]h aj aopa
i ajpa]oq]_ahan]`k_na_eieajpkoqo_ep]`k]hk oechkaop|]ok_e]`k]hej_nai ajpk`ahkolna_eko
h]nck`ahko]Äko, `ahkoiejan]hao*aola_e]hi ajpa`ahknk,Lkoajò
bnajp]iko]qj]jqar]bea^na`aknk,?oeieoik*
QacÇj Aq]`nko D]hh]* ah _na_ei eajpk atlhkoerk jkoalqa`a`af]n`a h]`k h] b]hp] `a lnaoaj_e]
`ah] iejan~] ehac]h ao_kjoa_qaj_e]`ena_p] `a `ahCop]`kaj`erano]ovkj]o`ahl]~o*hkmqa ik+
h]o _neoeo a_kjÅi e_]o* ok_e]hao u lkh~pe_]o mqa per] ]`ao]nnkhh]nqj]]_pere`]` jkbeo_]hev]`] ,
d] ]pn]rao]`kah NanÇ, Copa]qpknoaÄ]h] mqaah
lneian eilqhok `a h] iejan~] ehac]h oa `ek aj ?o~* aopa _na_ei eajpk ]_ahan]`k `a h] iejan~]*
/703*`qn]jpah]_neoeo`ah _]q_dk,?aba_pko`a hac]haehac]h*d]_amqaoa]_]`]ravi|o_kilheò
ajbnajp]n aop] oepq]_eÅj mqa raj~] ]ba_p]j`k _]`kl]n]ah Cop]`klk`an_kjpnkh]nh],K|o]Çj
cn]rai ajpah]oepq]_eÅja_kjÅi e_]`ajqaopnk _q]j`k h] ehac]he`]` `a `e_d] ]_pere`]` oa d]
5 8 I B 7 5 G H F  /13

l]~o*ahck^eanjklnki kreÅh]atpn]__eÅj`aknk _kjranpe`kajqjpai]oajoe^ha`ao`aqjlqjpk


aj K]`na `a Beko, Nkopanekniajpa* `qn]jpa h] `areop]]i^eajp]h*_qhpqn]h*ok_e]hua_kjÅie_k,

/, Dn]oanGjopepqpa?jjq]hQqnraukbKejejcAkil]jeao0./4,

/. A ` S  E S d o S  < d S Y a  D g V a i [ W Y  ) F S f S ^ [ S  P r p [ Y S  9 d T [ ^ V a
? c n]j `ao n]ocko* oa l q a` a  oaÄ ]h]n m q a h] d]_annabanaj_e]]`ko_kj_alpko^|oe_koaji]ò
iejan~] ehac]h d] cajan]`k +u oecqa cajan]jò pane]`a iejan~]ehac]h +ajoq_kj_alpkpn]`e_ekò 6
`k+ cn]j`ao ei l]_pko ]i ^eajp]hao* `a^e`k ] j]h+,J]nacqh]_eÅj`ah]i]pane]d]`ebanaj_e]`k* K
h]_kjp]i ej]_eÅj `a hko n~ko*] h]`abknaop]_eÅj `ao` aqjlqjpk`areop]hac]h*]h] i ejan~]ehac]h  ;D
#%
u] h]`aopnq__eÅj `a|na]o lnkpace`]o+i ]uknò `ah] iejan~]ejbkni]h *]lao]n`amqaaj]i^]o JM
;D
iajpa*ajK]`na`aBeko*mqa+lknafai lhk+d] oepq]_ekjaojkoaj_kjpn]ikobnajpa]qj]]_pereò
BCPCAFM
lan`e`k _ej_qajp] ieh &3.*...' da_p|na]o `a `]`mqaoana]hev]]h i]ncaj`ah]hau, KGLCPM,
?K@GCLR?J
WBCJMQ
^komqa ]i ]vÅje_k+, ?`ai|o* h] _k j p]i ej ] ò PCASPQMQ
CLCPECRGAMQ
_eÅj `a la_ao lkn]hpkocn]`ko`a ian_qnek d] ?o~ lqao* lkn qj h]`k h] iejan~] ehac]h aop| ]_ò
cajan]`kqj]oaran]]ba_p]_eÅj]h]o]hq`,Cop]o pq]hi ajpa`abeje`]`ah]oecqeajpai]jan]8
]_pere`]`aop]i ^e}jcajan]jcn]j`aoeil]_pko
ok_e]hao, Nkn afailhk* oa d] _ki lnk^]`k mqa Q Ĕ IJĠK ĠĖ Ě Ė Ì ĠÍ ĘİĨ Ę ĤĘ İĔĠĖ Ě Ī Ĩ İ Ī ĘİĮĨ Í Ě Ñ
K]`na `a Beko ao ah `al]np]i ajpk _kj i]ukn ÍĚIJJİĚI ĨĤJİĢĖĠĔĚÑ Ĩ ĜİJĪĨ ĖĘ ĪĘİĮĨÍĚĮ ĨİĜĚŌ
jÇi ank`apn]p]`alanokj]o] jerah j]_ekj]h, ÍĠĽĚĖĚĮ ĪĚİĚ ĘĤĘİĔĘİ ĖĠĔĞĚ ĚĔIJĠKĠĖĚĖÑ JĮĚÍĖĨ
ĘĬJĠĪĨ u  Ì Ě Ĭ JĠÍ ĚİĠĚ ĬJĘ ÍĨ ĔĨİİĘĮĪĨÍĖĘ
Akjk_an hko b]_pknao u hko ei l]_pko mqa d]j Ě IĚĮ ĔĚİĚĔIJĘİĢĮIJĠĔĚĮ ĖĘ IĚ ĚĔIJĠKĠĖĚĖ Ì ĠÍĘİĚ
cajan]`kh]oepq]_eÅjmqa]_pq]hiajpa]pn]reao] ĬJĘ ĖĘĮĚİİĨIIĚ ØČĘĬJĘÎĨ ČİĨĖJĔIJĨİ BĠÍĘİĨ
jqaopnkl]~ojkolaniepaajpaj`aniafknh]ja_aò Ĩ ČİĨĖJĔIJĨİ BĠÍĘİĨ İIJĘĮĚÍĚIǾ Ĩ ĮĠÍ ĔJÌ ĪIĠİ
oe`]`u h]eilknp]j_e]`anacqh]nh]iejan~]ehac]h ĔĨÍ IĚĮ ĘLĠĜĘÍĔĠĚĮ ĖĘ IĚĮ ÍĨİÌ ĚĮ ĖĘ ĔĚİËĔIJĘİ
] aba_pko`a ann]`e_]nh]* ^qo_]j`koqbkni]hev]ò ĚĖÌ ĠÍĠĮIJİĚIJĠKĨÑ IJFĔÍĠĔĨÑ ĮĨĔĠĚ I u  Ì ĘĖĠĨ Ě Ì Ō
_eÅjaj]mqahhko_]okoajhkomqaahhkoa]lkoe^ha, ĒĠĘÍIJĚI ĬJĘ İĠĜĘÍ ĖĠĔĞĚĮ ĚĔIJĠKĠĖĚĖĘĮÑ Ĩ ĬJĘ
ĮĘ İĘĚIĠĽĚ ĘÍ ĽĨÍĚĮ ĘÍ IĚĮ ĬJĘ FĮIJĘ ĪİĨĞĠĒĠĖĨ  :
? hk h]nck `ah lnaoajpa ]np~_qhk* lnaoajp]naiko ĮJ ĘĤĘİĔĠĔĠĨO DĠÍ ĪĘİĤJĠĔĠĨ ĖĘ IĨ ĚÍIJĘİĠĨİÑ IJĨĖĚ
ah]r]j_ajkni]perkaj jqaopnkl]~o*mqad]` aò ĚĔIJĠKĠĖĚĖ ÌĠÍĘİĚ ĘĤĘİĔĠĖĚ ĘÍ ĽĨÍĚĮ ĘÍ IĚĮ ĬJĘ
ikopn]`k+lknhkiajko+qjejpan}o`a`eopejpko ĘĮIJF ĪİĨĞĠĒĠĖĨ ĘI ĘĤĘİĔĠĔĠĨ ĖĘ ĚĔIJĠKĠĖĚĖ ÌĠÍĘİĚ
Ek^eanjko lknbkni]hev]n u ann]`e_]n h] iejan~] ĘĮ ĔĨÍĮĠĖĘİĚĖĚ ĠIĘĜĚIOQ
na]hev]`]]hi]ncaj`ah]hau,Qejai^]nck*d]jl]ò
o]`kmqej_a&/3']Äko`ao`ah]lnkiqhc]_eÅj`a Ba qj] ha_pqn] `a h] `abeje_eÅj ]jpao _ep]`]*
h] Jau0543/*Jau`aDkni]hev]_eÅjuNnkik_eÅj lk`ai ko _kj_hqen mqa h] ]_pere`]` iejan] oa
`ah]NamqaÄ]Kejan~]uh]Kejan~]?npao]j]h*uh] _kjreanpa aj ehac]h _q]j`k oa lnk`q_aj _q]hò
oepq]_eÅj jk l]na_a d]^aniafkn]`k`a i]jan] mqean] `a hkooecqeajpaopnaooqlqaopko8
oecjebe_]per],Akikao_kjk_e`k*oak^oanr]mqa
`e_d]]_pere`]`]Çjjkd]lk`e`koanann]`e_]`], ]' Cmqelkori ]mqej]ne]o l nkde^e`]o8 J]] _ò
pere`]` iejan]oana]hev]d]_eaj`k qok`a
GG, AMLACNRMQ @íQGAMQ8 KGLCPì? GJCE?J W amqelko u i ]mqej]ne]o lnkde^e`]o* ajpna
KGLCPì? GLDMPK?J hko mqa oa aj_q ajpn]j  h]o `n]c]o u kpnko
]npab]_pkooei eh]nao qpehev]`koaj hko_q nò
N]n]`]neje_ek]h`ao]nnkhhk`ah]i]pane]mqajko oko`a]cq]* n~ko* h]cko*aolafko`a]cq]*
ejpanao]ajahlnaoajpa]np~_qhk*naoqhp]ja_ao]nek ajpnakpnko0, \H
:
q
RH
AJ
kj
RH

0, Ba_napkJaceoh]perk//..8

5aclRd[^-&%Ca^WlQPbTT]j\ QXc^ST[P_T`dTmP\X]TalPh \X]TalPPacTbP]P[[^bXVdXT]cT2


nk
-&) 9[db^STSaPVPbh ^ca^bPacTUPRc^bbX\X[PaTbT] c^S^b [^bRdab^bSTPVdP$ al^b$[PV^b$ [PVd]Pb$ R^RWPb$ Tb_TY^bST
PVdP$Wd\TSP[Tbh PVdPYP[Tb&
Ö
9]cXk]SPbT_^aPacTUPRc^bbX\X[PaTbP[^bbXVdXT]cTb2 0
P#?Pbd]XSPSTb\neX[Tb^_^acjcX[Tb`dTbdRRX^]P]\PcTaXP[TbST[^b[TRW^bSTal^b$[PV^bh Rdab^bSTPVdPR^]UX]TbST %O
TgcaPRRXn]ST^a^d^ca^b\X]TaP[Tb&

Ld Se  ^S T r e c g W V S  VW ^S W d d S V [ U S U [ q `  VW ^S _ [ ` W d o S  [ ^ WY S ^ 4 S h S ` U W e  W` W^ G d V W ` S _ [ W ` f a  B g d o V [ U a  H W d g S ` a  //


^' Gj_qi lhei eajpk `a jkni ]o8 J] ]_pere`]` p]ilk_knaoqhp]oanh]i|o]`a_q]`]*lqaopkmqa
iejan]oana]hev]_kjpn]rejeaj`kh]ojkni]o oq cajan]he`]` lqa`a hhar]n]ajpaj`anmqa qj
`a_]n|_pan]`iejeopn]perk*p}_je_k*ok_e]hu pepqh]n `a ]_pere`]` iejan] mqa ej_qilh] _q]h+
i a`ek]i^eajp]h, mqeank^hec]_eÅjhac]h+lknafailhkjklnaoajp]n
h] Cop]`~ope_] Kajoq]h klknpqj]i ajpa+ u] oa
?h naola_pk* ao ei lknp]jpa i aj_ekj]n mqa h] aj_qajpn]_]p]hkc]`k_ki kqj iejankehac]h u
`abeje_eÅjknecej]h`a i ejan~]ehac]h%%ej_hqe`]aj ha]lhe_]n~]j pk`]oh]o_kjoa_qaj_e]o`a oanajò
ah Ba_napk Jaceoh]perk //..* aop]^ha_~] atlnao]ò paj`e`k_ki kp]h,Chhkjkl]na_aiqun]vkj]^ha,
iajpamqah] iejan~]ehac]h an]]mqahh]]_pere`]`
iejan]na]hev]`]oej_kjp]n_kjh]?qpknev]_eÅj`a ]' Xkj]olnkde^e`]o8J]ovkj]olnkde^e`]ookj
Gje_ek-Paeje_ek`aMlan]_eÅjKejan], ]mqahh]o |na]o aj h]o mqa jk oaaj_qajpn]
lani epe`] h] na]hev]_eÅj `a ]_pere`]` i eò
?h naola_pk* _kjoe`an]i ko mqa bqa klknpqjk jan], B ajpnk `a aop]o vkj]o lnkde^e`]o
mqah]jqar]`abeje_eÅj`a i ãjan~] ehac]h d]u] aj_kjpn]i ko] h]o|na]oj]pqn]haolnkpaceò
ahei ej]`k h] atecaj_e] `a h] ?qpknev]_eÅj `a `]o*oqovkj]o`a]i knpecq]i eajpk*vkj]o
P ar eo p]  a ` ep] ` ]  lk n ] hq i j k o ` a  h] D ] _ q hp] `  `a B a na _ d k  `a h] S j er a no e` ] `  `a Jei]

Gje_ek-Paeje_ek `a M lan]_eÅj Kejan] * lqaopk ]nmqakhÅce_]o*naoanr]oej`~caj]o*naoanr]o


mqah]k^hec]_eÅj`ak^pajan`e_d]?qpknev]_eÅj pannepkne]hao a ej_hqok vkj]o mqa d]j oe`k
bqa na_e}j ej_knlkn]`] aj jqaopn] haceoh]_eÅj `a_h]n]`]oatlnao]iajpa_ki klnkde^e`]o
i a`e]jpa h] i k`ebe_]_eÅj ]h P ac h]i ajpk `a l]n]ah afan_e_ek`ah]]_pere`]` iejan],
Nnk_a`eieajpkoKejanko*]lnk^]`klknBa_napk
Qqlnai k L Ñ./6+70+CK* lq^he_]`] aj ah 0./0* ?dkn] ^eaj* aj _kjpn]lkoe_eÅj ]h _kj_alpk `a
n]vÅjlknh]_q]hokhknaoqhp]ateceÅha]]mqahh]o iejan~]ehac]h *jqaopn]haceoh]_eÅjaop]^ha_aah
ailnao]omqadq^ean]jeje_e]`k+kik`ebe_]`k _kj_alpk `a iejan~] ejbkni ]h `a h] oecqeajpa
oqop]j_e]hi ajpa+klan]_ekjao]l]npen`a`e_d] i]jan]8
ba_d],Cjaoaoajpe`k*ateopaj`erano]oailnao]o
iejan]omqana]hev]j]_pere`]`iejan]hac~pei]ò Q ĔIJĠK ĠĖ Ě Ė Ì ĠÍĘİĚ İĘ Ě IĠĽĚ Ė Ě ĘÍ ĽĨ Í Ě Į ÍĨ
i ajpaoej_kjp]n_kj`e_d]]qpknev]_eÅj*hkmqa ĪİĨĞĠĒĠĖĚĮ ĪĨİ ĚĬJĘIIĚ ĪĘİĮĨÍĚÑ ÍĚIJJİĚI ĨĤJ Ō
jkh]o_kjreanpaaj ailnao]oehac]hao, İĢĖĠĔĚÑ ĬJĘ ĮĘ ĘÍĔJĘÍIJİĚ ĠÍĮĔİĠIJĚ ĘÍ ĘI ÇĘĜĠĮIJİĨ
ÅÍIJĘĜİĚI ĖĘ ÄĨİÌ ĚIĠĽĚĔĠÏÍ BĠÍĘİĚ ĔJÌĪIĠĘÍĖĨ
Qejlanfqe_ek`ahk]jpanekn*r]hah]laj]i aj_ekò ĔĨÍ IĚĮ ÍĨİÌ ĚĮ ĖĘ ĔĚİËĔIJĘİ ĚĖÌ ĠÍĠĮIJİĚIJĠKĨ Ĺ
j]n mqa h] ]_pq]h `abeje_eÅj `a iejan~] ehac]h ĚĖĘÌËĮÑ ĔĨÍ IĚĮ ĔĨÍĖĠĔĠĨÍĘĮ ĪİĘKĠĮIJĚĮ ĘÍ ĘI

Q#8aPVPWXSajd[XRP$SaPVPbSTbdRRXn]$QP[bPVaX]V^$QP[bPRPbcX[[^$QP[bPSaPVP$ caPRPbhRPaP]RWTaPb&

R#Bca^b`dTRdT]cP] R^] Q^\ QPSTbdRRXn] STRdP[`dXTaSX\T]bXn]h `dT cT]VP] ^]^X]R^a_^aPSP d]PiPaP]SP^


RP]P[TcP&
S#7dP[`dXTa^ca^PacTUPRc^`dT^RPbX^]TTUTRc^^SPm^bX\X[Pa&

-&*?^bQXT]Tb$\P`dX]PaXPb$T`dX_^bTX]bd\^bdcX[XiPS^b_PaPT[STbPaa^[[^STPRcXeXSPSTb\X]TaPbX[TVP[Tb$cP[TbR^\^
T[db^STRPaVPS^aUa^]cP[$ aTca^TgRPePS^aP$ e^[`dTcT$ R^\_aTb^aPbh _TaU^aPS^aPb]Td\jcXRPb$ RP\Xn] RXbcTa]P`dT
_a^eTT]R^\QdbcXQ[T^PVdPh ^ca^bT`dX_^b`dTbX]_TaYdXRX^STbd_^cT]RXP$cP\Pm^$e^[d\T]^RP_PRXSPSSTRPaVP
Tbck]STbcX]PS^bP \Xb\^UX]&
-&+ ?PX]bcP[PRXn]h db^ STRWdcTb$ VdX\QP[TcTb$ \^[X]^bh_^iPb STRXP]daPRXn]_PaP T[_a^RTbP\XT]c^ ST\X]TaP[$
\^c^Q^\QPbh ^ca^bT`dX_^b$bX]_TaYdXRX^STbd_^cT]RXP$cP\Pm^$e^[d\T]^RP_PRXSPSSTRPaVP$h `dTbTdcX[XiP]T]
T[STbPaa^[[^STPRcXeXSPSTb\X]TaPbX[TVP[Tb&
Á E Ć À ĎĐ D  G

?PbT]cXSPSTbSTUXbRP[XiPRXn]R^aaTb_^]SXT]cTh [^b@X]XbcTaX^bST[=]cTaX^a$Ca^SdRRXn]$GaP]b_^acTbh 7^\d]XRPRX^]Tb$


T]T[\PaR^STbdbUd]RX^]Tbh R^\_TcT]RXPb$b^][^bT]RPaVPS^bSTR^]ca^[Pah bd_TaeXbPa[PSXbcaXQdRXn]$ caP]b_^acT$
R^\TaRXP[XiPRXn]$_^bTbXn]hdcX[XiPRXn]ST\TaRdaX^^RXP]da^&

?PbPRcXeXSPSTb\X]TaPb`dTbTTYTRdcT]X]RdaaXT]S^T][Pb_a^WXQXRX^]TbhaTbcaXRRX^]TbP`dTbTaTUXTaTTbcTPaclRd[^$
b^] X[TVP[Tbh STcTa\X]P] T[X]XRX^ ST[Pb PRRX^]Tb ST X]cTaSXRRXn] TbcPQ[TRXSPb T] T[PaclRd[^ 5ST[_aTbT]cT 8TRaTc^
?TVXb[PcXe^3bX]_TaYdXRX^Sk[PbPRRX^]TbPS\X]XbcaPcXePb$RXeX[Tb^_T]P[TbP`dTWdQXTaT[dVPa&

/0 A ` S  E S d o S  < d S Y a  D g V a i [ W Y  ) F S f S ^ [ S  P r p [ Y S  9 d T [ ^ V a
ĚİIJĢĔJIĨ TŘ ĖĘI ĎĘLIJĨ ÐÍĠĔĨ ĆİĖĘÍĚĖĨ ĖĘ IĚ ǼĘĹ aola_~be_] ] h] ]_pere`]` i ejan] aj lamqaÄ]
ĀĘÍĘİĚI ĖĘ BĠÍĘİĢĚÑ ĚĪİĨĒĚĖĨ ĪĨİ ĘI ÁĘĔİĘIJĨ ao_]h]* _kj_a`e}j`kha qj] oanea `a ^ajabe_eko 6
DJĪİĘÌ Ĩ CRO ŔŘŚŌTŖŌÂBQO a_kjÅi e_kol]n]d]_ani|o]pn]_perkah_qi lheò
ieajpk`ahi]n_khac]hateopajpau]o~*hkoNNK u
Aki koak^oanr]*h] iejan~]ehac]h uh] iejan~] NK ?lq`ean]j i]teiev]noqoejcnaoko,
ejbkni]h oa `ebanaj_e] `a h] kpn] ^|oe_]iajpa BCPCAFM
lkn hk oecqeajpa8 &e' aop] Çhpei ] jk oa na]hev] R]^h] /8 KGLCPM*
?K@GCLR?J
B ebanaj_e]oa j pna N N K * NN? u i ej a n~]]i a ` e] j ] u cn]j ao_]h] WBCJMQ
aj vkj]o lnkde^e`]o9 u &ee' hko pepqh]nao `a aop] PCASPQMQ
CLCPEyRGAMQ
Çhpei]d]jeje_e]`kahlnk_aok`abkni]hev]_eÅj* K]pane] NNK NK? Kejan~]]cn]j
ao_]h]
mqa`ap]hh]naikoi|o]`ah]jpa,
Pamqeoeò /, Qan lanokj] /, Qan lanokj] Lk]lhe_]
pkol]n] j]pqn]h k qj] j]pqn]h k qj]
? l]npen `a aop] `ebanaj_e]* lk`ai ko `aop]_]n k^pajanh] lanokj] fqn~`eò lanokj] fqn~`e_]
_]hebe_]_eÅj _] _kjbkni]`] _kjbkni]`] lkn
`konach]obqj`]iajp]hao8&e'h]]_pere`]`iejan] lkn lanokj]o lanokj]o j]pqò
mqaoana]hev]ajvkj]olnkde^e`]ojkaol]oe^ha j]pqn]haokqj] n]haokqj] _kkò
_kklan]per]ieò lan]per]iejan],
`abkni]hev]_eÅj9u&ãe'oad]_na]`kqjn}ceiaj jan], /, Nkoaan* lkn
aola_e]h +`a lnkpa__eÅj+ l]n] ]mqahh] ]_pereò /, Nkoaan* lkn _q]hmqean p~pqhk*
_q]hmqeanp~pqhk* d]op] `ko ieh
`]` iejan] mqa jk oa na]hev] aj `e_d]o vkj]o d]op] `ko ieh &/*...' d]o,* ajò
&0*...' d]o,* pna lapepkneko u
u _quko pepqh]nao peajaj h] rkhqjp]` `a bkni ]ò
ajpna lapepkneko _kj_aoekjao ieò
hev]noa*ah_q]h haolani epa_kjpejq]nna]hev]j`k u _kj_aoekjao jan]o,
iejan]o, /, Nkoaan* lkn
]_pere`]`ao iejan]o`qn]jpaah lh]vkmqa`qna /, Nkoaan* lkn _q]hmqean p~pqhk*
ah lnk_aok`abkni]hev]_eÅj, _q]hmqeanpepqhk* qj] _]l]_e`]`
qj] _]l]_e`]` ejop]h]`] `a
ejop]h]`] `a lnk`q__eÅj u-
GGG, NPGKCP GLRCLRM BC DMPK?JGX?AGîL lnk`q__eÅj u- k ^ajabe_ek jk
k ^ajabe_ek jk i]ukn`a03RK-
BC J? KGLCPì? ?PRCQ?L?J W J? i]ukn `a 13. `~]&iap|he_ko'k
RK-`~] &iap|ò /.. RK-`~] &jk
NCOSCz? KGLCPì? he_ko' k /*0.. iap|he_ko',
RK-`~] &jk iaò
p|he_ko',
J] Jau`a Dkni]hev]_eÅjuNnki k_eÅj `a h] Naò
N]ck`a SQ"/ lknda_p|ò SQ".,3lknda_p|ò SQ"1lknda_ò
mqaÄ]Kejan~]uh]Kejan~]?npao]j]h*Jau0543/ Bana_dko na]lkn]Äk na]lkn]Äk p|na]lkn]Äk
`aTecaj_e]
+aj]`ah]jpa*h] JauNNK uNK? +*lq^he_]`]ah
Nnk`q__eÅj /.#`ah]SGRlkn 3 #`ah]SGRlkn / SGRlkn]Äk
02`aajank`ah0./0*bqah]lneian]jkni]mqa K~jei] ]Äkulknda_p|ò ]Äkulknda_p|na] ulknda_p|na]
pqrk_ki kk^faperkejpnk`q_enaj h] haceoh]_eÅj ?jq]h na]kpknc]`] kpknc]`] kpknc]`]
&Qqop]j_e]o
iejan] qj i]n_k hac]h mqa laniepean] nacqh]n Kap|he_]o'

u kn`aj]n h] ]_pere`]` na]hev]`] lkn lamqaÄko N]ck`a /.#`ah]Nnkò /.#`ah]Nnk`q_ò /.#`ah]
Naj]he`]` `q__eÅjK~jei] _eÅjK~jei]?jq]h Nnk`q__eÅj
lnk`q_pknaouiejanko]npao]j]hao, ?jq]h K~jei]?jq]h
Qqlanreò Bena__ekjao Bena__ekjaoPacekò MCD?
oeÅjaj Pacekj]hao`a j]hao`aCjanc~]u
J]JauNNKuNK?lnapaj`~]bkni]hev]nulnki kò i]pane] Cjanc~]uKej]o Kej]o&BPCK'
ranaopkooa_pknao`ah]iejan~]*aj]nikj~]_kj ]i^eajp]h &BPCK'

ah i a`ek]i ^eajpauhkoaop|j`]nao]`a_q]`ko


`a oacqne`]` a deceaja, Qa na_kjk_eÅ ]`ai|o Qej ai^]nck* oq_a`eÅmqa h] becqn] `a hko NNK 
:
mqa an] ja_ao]nek mqa hko lamqaÄko lnk`q_ò uNK ? oa_ki ajvÅ]`aoj]pqn]hev]n*lqaopkmqa S
;D
pknao iejanko u iejanko ]npao]j]hao + NNK  r `erano]o ailnao]o iejan]o mqa jk na]hev]^]j O,
JM
NK ? + ajpnaj ] h] hac]he`]` l]n] mqa lqa`]j ]_pere`]`ao iejan]o `a oq^oeopaj_e] ^qo_]nkj ;D

pajan]__aok]_n}`epko`ah Cop]`k1, ]_kcanoa]hko^ajabe_ekou`ana_dko`ahkoNNK 


uNK?,Nknafailhk*cn]j`aoailnao]o`ere`~]j
ej
?o~ lqao* _kj h] ajpn]`] aj recaj_e] `a h] Jau oqoklan]_ekjaoia`e]jpah]_na]_eÅj`alamqaò nk
NNK u NK ? oa ^qo_Å kpknc]nha qj] nacqh]_eÅj Ä]ook_ea`]`ao*mqaaj]l]neaj_e]_qilh~]j_kj 1
I+
0
%O
1, Gjbkni]_eÅjk^paje`]`ahBe]nek`ahkoBa^]pao`ah]Nneian]Jaceoh]pqn]Mn`ej]ne]`ah0../,

Ld Se ^S T r e c g W V S VW ^S W d d S V [ U S U [ q ` VW ^S _ [ ` W d o S [ ^ WY S ^ 4 S h S ` U W e W` W^ G d V W ` S _ [ W ` f a B g d o V [ U a H W d g S ` a /1
hko namqeoepko]jpao iaj_ekj]`ko*u]o~lk`~]j _' Chbknp]ha_eieajpk`ahlnk_aok`abkni]hev]ò
k^pajanh]_]hebe_]_eÅj`aNNK uNK?, _eÅj`ah]o]_pere`]`aoiejan]o]qn~ban]oaj
h]ovkj]o`kj`aoalani epaaop]]_pere`]`9
Be_d] oepq]_eÅj _k j hharÅ  ] m q a h] ]_pere` ]` 
iejan] oa_kjpejq]n] atl]j`eaj`k`a i]jan] `' J] na_qlan]_eÅj `a h]o vkj]o `acn]`]`]o
`ao_kjpnkh]`]*umqaoa_naa qj] are`ajpa`eoò lknh] iejan~]]qn~ban] ejbkni]h kehac]h9u*
pknoeÅj`ahoeopai],
a' Ch ]lkuk ]h E k^eanjk Pacekj]h `a K ]`na
GT, CPP?BGA?AGîL BC J? KGLCPì? GJCE?J `a Beko l]n] ah _qi lhei eajpk`aoqobqj ò
CL K?BPC BC BGMQ8 CJ BCAPCRM BC _ekjao naola_pk] h] lamqaÄ] iejan~] uh]
SPECLAG? BC ?J?L E?PAì? iejan~] ]npao]j]h,

Dnaj pa  ] ` e_d k  ao_aj ]nek * ah /6 `a ba^ nank  ?dkn] ^eaj*ah lh]vk eje_e]h `aaopa Ba_napk`a
`ah 0./. oa lq ^he_Å ah B a_napk `a S ncaj_e] S nc aj _e] bqa l k opanek ni aj pa  ]i l he] ` k  lkn
L Ñ ./0+0./.+NAK* mqa `a_h]n]^] `a ejpan}o `k_a &/0' iaoao ]`e_ekj]hao* hk mqa pani ejÅ
P areop]  a ` ep] ` ]  lkn ] hq i j k o `a h] D] _q hp]`  `a B a na _ d k  `a h] S j er a no e` ] `  `a Jei ]

j]_ekj]h ah k n` a j ]i ea j pk  i ejank aj ah ` a ò lkn_kjbeni ]nmqa jkaop|^]i kobnajpa] qj]
l]np]i aj pk  `a K ]`na `a Beko lkn qj lh]vk jkni]`a_]n|_panqncajpa2*jkokhklknmqajk
`a /0 iaoao, Akj aopa B a_napk `a Sncaj_e] _qi lh~] _kj ah namqeoepk `a at_al_ekj]he`]`
oa na_kjk_eÅ lkn lneian] rav h] ]_pere`]` ãhaò oejkp]i ^e}j lknmqajk_qi lh~]_kjah_]n|_ò
c]h mqa oa raj~] na]hev]j`k aj jqaopnk l]~o* pan`apn]joepknea`]`atece`k3,Cre`ajpai ajpa*
aol a_~be_]i aj pa aj K ]`na `a Beko* ]o~_ki k oa _qaopekjÅ mqa hko aba_pko `a h] iejan~] ejò
hko ` ]Ä k o m q a aop] ] _ per e` ] `  ehac ]h aop]^] bkni]h a ehac]h aj K ]`na `a Beko*]o~_ki k aj
cajan]j`k, kpn]o_eq`]`ao* jklk`~] oan_]p]hkc]`]_ki k
qj] oepq ]_eÅj  atpn]kn`ej ]ne] a ei l nareoe^ ha
K a` e]j pa ah B a_napk `a S ncaj_e] oa `a_h]nÅ l]n] ah ]Äk0./.,
`a ja_aoe`]` lÇ^he_]* ejpan}o j]_ekj]h u `a
a fa _q _eÅ j  lneknep]ne] ah k n` a j ] i ea j pk  `a h] Qe ^eaj h]o i a`e`]o mqa oa ^qo_]nkj eilha+
i ejan~]]qn~ban]ajK ]`na`aBeko*`eolkje}jò i ajp]n _kj ah `e_p]` k `ah Ba_napk Sncaj_e]
`koa hk oecqeajpa8 naolkj`~]j ] qj lnk^hai ] are` a j pa  mqa ateò
c~] ] cnepko oq nacqh]_eÅj u _kjpnkh* ah i a_]ò
]' J] _na]_eÅj `avkj]o`aat_hqoeÅj iejan]* jeoiklknah_q]hoapn]pÅ`aej_knlkn]n`e_d]o
aj h]o mqa jk oa lk`~] na]hev]n ]_pere`]` i a` e` ]o ] j q a opnk  k n` a j ] i ea j pk  fq n~` e_ k 
iejan]* o]hrk aj ah _]ok `a `ana_dko ]`ò lanq]jkjkbqaah_knna_pk,Chhk_kjhharÅ]mqa
mqene`kouoqfapk]_eanp]o_kj`e_ekjao9 ah B a_napk `a S ncaj_e] naoqhpa oeaj`k oqi ]ò
i ajpa lkh}i e_k* c ajana qj] cn]ra oepq]_eÅj
^' J] lnkde^e_eÅj`ahqok`a`n]c]ou]npab]_ò `arekhaj_e]uhhacqaej_hqok]oan_qaopekj]`k
pkooeieh]naomqaklan]jaj hkon~ko9 ]jpaahRne^qj]h A kj opepq_ek j]h4,

2, Ba ]_qan`k _kj jqaopn] Akjopepq_eÅj Nkh~pe_]* hko `a_napko `a qncaj_e] Çje_]iajpa `a^aj oan aiepe`ko l]n]
nacqh]n ok^na8&e'i]pane]a_kjÅie_]ubej]j_ean]*&ee']oqjpko`aejpan}oj]_ekj]h9u*&eee'oepq]_ekjaoatpn]kn`ej]ne]o
aeilnareoe^haomqalkjc]jajlahecnkejiejajpah]a_kjki~]ubej]jv]o`ahl]~o,

3, ChRne^qj]h Akjopepq_ekj]h d] `ao]nnkhh]`k `eranoko lnaoqlqaopko mqa d]^ehep]j h] atla`e_eÅj `a qj `a_napk`a
5 8 I B 7 5 G H F  /13

qncaj_e]*ajahbqj`]iajpk4.`ah]Qajpaj_e]na_]~`]ajahCtla`eajpaL Ñ..6+0..1+?G-RA,

4, Qajpaj_e] na_]~`] aj ah Ctla`eajpa LÑ ..1/4+0..4+??-RA `a ba_d] /5 `afqhek `ah 0./0* ia`e]jpa h] _q]h oa
`a_h]n]ejbqj`]`]h]`ai]j`]`a]il]nklnaoajp]`] lknr]ne]oailnao]oiejan]o*]h_kjoe`an]nmqaoaaop]^]j
rqhjan]j`koqo`ana_dko] h] jknapnk]_pere`]``ah] hau*] h] ecq]h`]``apn]pk*] h] lnklea`]`u]h] he^anp]``a
ailnao],ChRne^qj]hAkjopepq_ekj]h ^|oe_]iajpa_kjoe`anÅmqaah`ana_dk`alnklea`]``a^aranoaheiep]`kaj
reop]`aheil]_pkjac]perkaj ah]i^eajpalknahqok`ah]o`n]c]o*`a^eaj`k_kjoe`an]noa]`ai|oah`ana_dk]
qj]i^eajpaamqehe^n]`ku]`a_q]`k,

/2 A ` S  E S d o S  < d S Y a  D g V a i [ W Y  ) F S f S ^ [ S  P r p [ Y S  9 d T [ ^ V a
J]lkopanekn`ankc]_eÅj`ah]i aj_ekj]`]jknò Copko Ba_napko Jaceoh]perko na_kjk_eankj* aj
i] `ek l]ok]h l]mqapa `a jkni]o lq^he_]`]o _eanp]bkni]*]hcqj]`a h]o ia`e`]omqaoa d]ò $
] l]npen`ah ]Äk 0./0 mqa _kjbkni ]j ah i]n_k ^~]j nacqh]`kaj ah Ba_napk`a Sncaj_e] `ankò K
jkni ]perki|onahar]jpaaji]pane]`aiejan~] c]`k*lankatpeaj`aoq]h_]j_a]jerahj]_ekj]h, ;D
O\
ehac]haejbkni]h lnki qhc]`kd]op] h]ba_d], ?o~*`ajpnk`ah]olnej_el]hao`eolkoe_ekjaoaop]ò JM
;D
^ha_e`]olknhkoBa_napkoJaceoh]perko*pajaiko8
BCPCAFM
T, N?OSCRC JCEGQJ?RGTM BCJ 0./08 SL LSCTM KGLCPM*
?K@GCLR?J
PyEGKCL BC DMPK?JGX?AGîL KGLCP? WBCJMQ
]' J] `eopej_eÅj hac]h ajpna iejan~] ehac]h a PCASPQMQ
CLCPEyRGAMQ
ejbkni]h5,
Cj ah ]Äk 0.// oa lnki qhcÅ h] Jau 076/3 i aò
`e]jpah]_q]hoa`ahacÅajahNk`anCfa_qperkh] ^' J]_na]_eÅj`ah Nnk_aok`aDkni]hev]_eÅj ,
b]_qhp]``ahaceoh]naji]pane]`aiejan~]ãhac]h,
Be_d] `ahac]_eÅj _ki lnaj`eÅb]_qhp]`ao l]n] _' J] nacqh]_eÅj `a h]o ]_pere`]`ao `a ejpanò
haceoh]n naola_pk `a h]o oecqeajpao i]pane]o8 &e' `e__eÅj ] oan afa_qp]`]o lkn ah Kejeopanek
;#>
ejpan`e__eÅj`ah]iejan~]ehac]hu&ee' hq_d]_kjò NÇ^he_k* h] Nkhe_~] L]_ekj]h u h] Bena__eÅj %%$
éG
pn] h]_neiej]he`]`]ok_e]`]] h] iejan~] ehac]h, Eajan]h`aA]lep]j~]ouEq]n`]_kop]o, :
0
M
q
Cj afan_e_ek `a h]o b]_qhp]`ao `ahac]`]o ]jpao `' J] ej_hqoeÅj `a `ahepko nah]_ekj]`ko ] h] :
iaj_ekj]`]o* oa lnkiqhc]nkj ajpna ba^nank u 0
iejan~] ãhac]hajahAÅ`eck Naj]h, ĐPI
]^neh `ah 0./0* jqara Ba_napko Jaceoh]perko mqa ;D
44

pqreankj _kik k^faperk lkjanbej ] h] ]_pere`]` ? hk h]nck `ah lnaoajpa ]np~_qhk `ao]nnkhh]naiko M
h+
GB
iejan]ehac]h*bef]j`khkoheja]ieajpkol]n]h]hq_d] hko]ola_pko i|o nahar]jpao`ahko_q]pnkpai]o :
_kjpn]aop]]_pere`]`uh]_neiej]he`]`]ok_e]`]8 iaj_ekj]`ko*]o~_kikoqarkhq_eÅjajahpeailk,

R]^h]08
Ba_napkoJaceoh]perkoaiepe`koajah0./0
/, Paola_pk ]h lnk_aok `a bkni]hev]_eÅj,

Ba_napk Lkni]
Jaceoh]perk Ch Nnk_aok `a Dkni ]hev]_eÅj* ei l hai aj p]` k
Ba_napkJaceoh]ò ?lnqa^]]__ekjao`aejpan`e__eÅj`ah]iejan~] ia`e]jpaahBa_napkJaceoh]perk//.3*aop]^ha_~]
perk/.77 ehac]hajahBal]np]iajpk`aNqjkunaia`e]_eÅj
oaeo l]oko lnaahqoerko ] _qilhenoaaj qj lh]vk
]i^eajp]hajh]o_qaj_]o`ahkon~koP]ieouQq_dao,
Ba_napkJaceoh]ò Pacqh]h]ejpan`e__eÅj`ah]iejan~]ehac]hajpk`]h] i|teik`araejpe_q]pnk&02' iaoao,Co`a_en*ah
perk `aa PalÇ^he_]uaop]^ha_aia`e`]o_kilhaiajp]ne]o, Nnk_aok`aDkni]hev]_eÅj`a^~]`a_qhi ej]naj
Ba_napkJaceoh]ò Cop]^ha_aia`e`]ol]n]ahbknp]ha_eieajpk`ah]
perk//./ beo_]hev]_eÅj]i^eajp]h_kikia_]jeoik`ahq_d]
]^neh`ah 0./2,
_kjpn]h]iejan~]ehac]h,
Ba_napkJaceoh]ò Gj_knlkn]]hAÅ`eckNaj]hhko`ahepko`aiejan~]
Ch ]np~_qhk 1 `ah _ep]`k Ba_napk Jaceoh]perk ` a ò
perk//.0 ehac]h,
Ba_napkJaceoh]ò Cop]^ha_aia`e`]o`a_kjpnkhubeo_]hev]_eÅjaj bej~] ]h Nnk_aok `a Dkni]hev]_eÅj _ki k ĚĬJFI
perk//.1 h]`eopne^q_eÅj*pn]jolknpau_kian_e]hev]_eÅj`a Ì ĘĖ ĠĚ Í IJĘ ĘI ĔJ Ě I ĮĘ ĘĮIJĚĒIĘĔĘÍ  u  Ě ĖÌ ĠÍ ĠĮIJİĚ Í
ejoqikomq~ie_komqalqa`]joanqpehev]`koajh]
iejan~]ehac]h, IĨĮ İĘĬJĠĮĠIJĨĮÑ ĪIĚĽĨĮ Ĺ ĪİĨĔĘĖĠÌ ĠĘÍIJĨĮ ĪĚİĚ ĬJĘ
Ba_napkJaceoh]ò Kk`ebe_]h]haceoh]_eÅjok^nal}n`e`]`a`kiejek, ĘI ĮJĤĘIJĨ ĖĘ GĨİÌ ĚIĠĽĚĔĠÏÍ ĪJĘĖĚ ĔJÌ ĪIĠİ ĔĨÍ IĚ
perk//.2
IĘĜ ĠĮIĚ ĔĠÏÍ KĠĜĘÍIJĘQO ?h naola_pk* aopko l]oko
Ba_napkJaceoh]ò Cop]^ha_a`eolkoe_ekjaol]n]ahlnk_aok`abkni]ò :
perk//.3 hev]_eÅj`ah]o]_pere`]`ao`alamqaÄ]iejan~]u lnaahqoerkoan]j hkooecqeajpao8 q
iejan~]]npao]j]h, ;D
O+
Ba_napkJaceoh]ò Jq_d]abe_]v_kjpn]ahh]r]`k`a]_perkoukpnko SM
perk//.5 `ahepkonah]_ekj]`ko]h]iejan~]ehac]hu_neiaj ]' Nnaoajp]_eÅj`ah]Ba_h]n]_eÅj`aAki lnkò ;D

knc]jev]`k,
ieoko
Ba_napkJaceoh]ò Cop]^ha_aia`e`]o`a_kjpnkhubeo_]hev]_eÅjajh]
perk//.5 `eopne^q_eÅj*pn]jolknpau_kian_e]hev]_eÅj`ah]o
i
i]mqej]ne]ouamqelkomqalqa`]joanqpehev]`ko ^' ?_na`ep]_eÅj `a pepqh]ne`]`* Akjpn]pk `a nk
ajh]iejan~]ehac]h]o~_kik`ahlnk`q_pkiejank
k^paje`kaj`e_d]]_pere`]`, AaoeÅj*?_qan`kkAkjpn]pk`aCtlhkp]_eÅj
ok^na h]Akj_aoeÅj Kejan]
%%
O
5, TanQa__eÅjGG,

Ld Se ^S T r e c g W V S VW ^S W d d S V [ U S U [ q ` VW ^S _ [ ` W d o S [ ^ WY S ^ 4 S h S ` U W e W` W^ G d V W ` S _ [ W ` f a B g d o V [ U a H W d g S `a
_' ?_na`ep]_eÅj `a Nnklea`]` k ?qpknev]_eÅj aopkolh]vkooabqankjbhate^ehev]j`k*hkmqa` aò
`aSok`ahRannajkQqlanbe_e]h ikopnÅmqajkoae^]]lk`an_qilhenahk^faperk
eje_e]h,J]Babajokn~]`ahNqa^hk_ki lnk^Åmqa
`' ?qpknev]_eÅj`aSok`a?cq]o ajpnahko lnej_el]haolnk^hai]orej_qh]`ko] h]
bkni]hev]_eÅj`ah]iejan~]ehac]hoaaj_kjpn]^]
a' ?lnk^]_eÅj `ah Gjopnqi ajpk `a EaopeÅj h]`ebe_qhp]``a]_na`ep]nh]lnklea`]`kh]]qpkò
?i ^eajp]hAknna_perk+GE?A nev]_eÅj`ahqok`ahpannajkoqlanbe_e]h9]o~_kik
]mqahhko nah]_ekj]`ko_kj h] oqlanlkoe_eÅj `a
b' ?qpknev]_eÅj l]n] Gje_ek-Paeje_ek `a ]_peò klan]_ekjaoiejan]o_kj_kj_aoekjaobknaop]hao
re`]`ao `a atlhkn]_eÅj* atlhkp]_eÅj u-k i ]`an]^haoujki]`an]^hao*ajpnakpnko6,
^ajabe_ek`ai ejan]hao,
Aki k _kjoa_qaj_e] `a ahhk* i a`e]jpa h] Jau
?`e_ekj]hi ajpa] aopkooaeo namqeoepko* oaaop]ò 077/.*lq^he_]`]ah3`aoapeai ^na`ah0./0*oa
^ha_eÅ h] k^hec]_eÅj `a hko iejanko ejbkni]hao ]i lheÅ ah lh]vk l]n] lnaoajp]n h] Ba_h]n]_eÅj
`a _kjp]n _kj qj Aanpebe_]`k `a Gjateopaj_e] `a A ki lnki eoko u `]n eje_ek ]h lnk_aok `a
P areop]  a ` ep] ` ]  lkn ] hq i j k o `a h] D] _ q hp] `  `a B a na _ d k  `a h] S j er a no e` ] `  `a Jei]

`aPaopko?nmqakhÅce_ko+aj]`ah]jpa* AGP? + bkni ]hev]_eÅj,


naola_pk `ah |na] `kj`a afan_~]j h] ]_pere`]`
iejan],?oeieoik*oaaop]^ha_eÅmqa`qn]jpaah Nkopanekniajpa*i a`e]jpaah Ba_napkQqlnai k
lh]vk mqa `ai kna ah lnk_aok* ah oqfapk `abknò L Ñ.10+0./1+KCKoaaop]^ha_eÅmqapk`ko]mqaò
i]hev]_eÅj `a^~] _kjp]n_kj qj Aanpebe_]`k `a hhkomqaoaaj_kjpn]n]j ejo_nepkoaj ah Paceopnk
A]l]_ep]_eÅj* mqa ]_na`ep]n] mqa _kjp]^] _kj L ]_ekj]h `a Ba_h]n]_eÅj `a A ki lnki eoko u
h] _]l]_e`]` ^|oe_] namqane`] l]n] ah afan_e_ek _kjp]n]j _kj p~pqhko `a _kj_aoeÅj i ejan] k
`ah]]_pere`]` iejan], _kjpn]pko `a atlhkp]_eÅj* paj`n~]j lh]vk l]n]
]_na`ep]n* d]op] ah /7`a ]^neh `a0./2* ah _qi ò
?pn]r}o`ah Ba_napk Jaceoh]perkaj i aj_eÅj oa lhei eajpk`apk`kohkonamqeoepkolnareopkol]n]
aop]^ha_eankjlh]vkol]n]_qilhen_kj_]`]qjk h]bkni]hev]_eÅj,Co`a_en*oaaheiejÅh]atecaj_e]
`ahkol]oko]nne^] iaj_ekj]`ko8 `a_qilhen_kjhkol]okoaop]^ha_e`ko`ai ]jaò
n] lnaahqoer]uajba_d]o`apaniej]`]o,
R]^h]18
Nnk_aok`aDkni]hev]_eÅj
Dej]hi ajpa* hhac]`] h] ba_d] h~i epa
Nnk_a`eieajpk`aDkni]hev]_eÅjKejan] l]n] h] _qhi ej]_eÅj `ah Nnk_aok `a
Paò Ba_h]n]ò ?_na`ep]ò ?qpknev]ò ?qpknev]ò Gjopnqò ?qpknev]ò Dkni]hev]_eÅj +/7 `a ]^neh `a 0./2+*
mqeoeò _eÅj`a _eÅj`ah _eÅj`a _eÅj`a iajpk`a _eÅj`a
pk Akilnkò Bana_dk qokaj qok`a EaopeÅj Gje_ek`a oa pqrk mqa Çje_]i ajpa oapajp] ieh
ieoko Kejank pannajko ]cq] ?i^eajp]h ?_pere`]ò
&5.*...' `a hko ] l nk t ei ] ` ] i a j pa 
oqlanbeò Aknna_perk `ao
_e]hao ` k o _ ea j pk o  ieh &0..*...' eha c ] ha o
Nh]vk /6-4-0./0 3-7-0./1 /4-7-0./1 03-7-0./1 4-0-0./1 /7-2-0./2 d]^~]j lnaoajp]`k qj] Ba_h]n]_eÅj
&ejeò
_e]h'
`a Akilnkieoko* i kopn]j`k oq r k ò
hqjp]` `a bkni ]hev]noa* oeaj`k mqa
Çje_]i ajpa `ko ieh &0*...' iejanko
Qej ai ^]nck* _kj ah pn]jo_qnok `ah peai lk u d]^~]j_kjoacqe`k_qhi ej]n_kjah Nnk_aok`a
_ki k_kjoa_qaj_e]`ahko`eranokolnk^hai]o* Dkni]hev]_eÅj7,Akikoak^oanr]*aopalnk_aok
lnej_el]hi ajpa ok_e]hao* mqa oa lnaoajp]nkj* jk _qi lheÅ _kj }tepk hko k^faperk pn]v]`ko* u]
5 8 I B 7 5 G H F  /13

6, BCDCLQMPì? BCJ NSC@JM, 6P[P]RT!ST! ;TbcXn]! 9bcPcP[!UaT]cT!P![P!@X]TalP! =]U^a\ P[!T!=[TVP[!T]! T[!CTao!*()*!% !*(),&
Fd_TaeXbXn]!P![Pb!T]cXSPSTb!ST!P[RP]RT!]PRX^]P[!h !aTVX^]P[ &QaneaGjbkniaoBabajokne]hao+GjbkniaLk,/45,Nneian]
C`e_eÅj,Jei]80./2*l,12,

7, Kejeopanek `ah Ka`ek?i^eajpa,?P![dRWP!_ ^ a![P![TVP[XSPS!T]![P!PRcXeXSPS!\ X]TaP! "*())%*().#&!5eP]RTb!R^]RaTc^b!h


aTc^b!_PaP! T]UaT]cPa![P!_a^Q[T\jcXRP!ST![P! \X]TalP!X[TVP[!h ![^VaPa![P! U^a\P[XiPRXn]! ST![^b! ^_TaPS^aTb! \X]Ta^b& Jei]8
0./4*l,015

0* A ` S  E S d o S  < d S Y a  D g V a i [ W Y  ) F S f S ^ [ S  P r p [ Y S  9 d T [ ^ V a
mqa ah lkn_ajp]fa `a iejanko ãhac]hao &aj oq Teh, CJLSCTMPyEGKCLJCE?JBC
_kj_al_eÅj pn]`e_ekj]h' mqa hkcn]nkj bkni ]heò DMPK?JGX?AGîLKGLCP? 6
v]noabqai~jeik, q
Ch 1. `a `e_eai ^na `ah 0./4* qj `~] ]jpao `ah ;D
M,
TG, PyEGKCLBCQ?LC?KGCLRM p}niejk`ahP}ceiaj`aQ]ja]i eajpk]lnk^]`k h-h
;D
lknah ]jpaneknEk^eanjk* oalq^he_Åah Ba_napk
BCPCAFM
?jpa hko `ao]hajp]`knao naoqhp]`ko mqa pqrk Jaceoh]perk/071*mqa`a_h]n]`aejpan}oj]_ekj]h KGLCPM*
?K@GCLR?J
WBCJMQ
ah Nnk_aok `a Dkni]hev]_eÅj* ah E k^eanjk ]jò h]bkni]hev]_eÅj`ah]o]_pere`]`ao`ah] l amqaò PCASPQMQ
CLCPEyRGAMQ
panekn ejpajpÅ na]hev]n qj Çhpei k aobqanvk `a Ä] iejan~]uiejan~]]npao]j]h,
bkni ]hev]_eÅj `a h] i ejan~] ehac]h ] pn]r}o `ah
Ba_napkQqlnai kL Ñ.07+0./2+NAK,K a`e]jpa ?hk h]nck`ah lnaoajpa_]l~pqhk`ao]nnkhh]naiko
h] nabane`] jkni ] oa _naÅ qj P}cei aj `a Q]ò h]o lnej_el]hao `eolkoe_ekjao `ah jqark n}ceiaj
ja]ieajpk * mqa lani ep~] ] ]mqahhko iejanko `abkni]hev]_eÅjiejan]*ah_q]haop]^ha_aqjlh]vk
_kj B a_h]n]_eÅj `a A ki lnki eoko rec aj pa u `apnaejp]uoaeo&14'iaoao*ao`a_end]op]]ckopk
ĜĚĜ
Paceopnk ïje_k `a A kj pne^quajpao _kjpejq]n `ah0.0.*l]n] h]_qhiej]_eÅj`ah jqarklnk_aok ;D

_kj ah lnk_aok l]n] bkni ]hev]noa d]op] ah ]Äk `abkni]hev]_eÅj`ah]iejan]ejbkni]hah+aj]`aò :
0
0./4,Co`a_en*ahlnk_aokoa]i lheÅlkn`ko&0' h]jpa* LqarkP}ceiaj`aDkni]hev]_eÅjKejan] +, M
S
]Äko]`e_ekj]hao9 oej ai ^]nck* jk oa aop]^haò :
v
_eankjl]okoaola_~be_kojelh]vkol]n]]h_]jv]n Bajpnk`ah]olnej_el]hao`eolkoe_ekjao`aaopa 
;D
`e_dkk^faperk, LqarkP}ceiaj`aDkni]hev]_eÅjKejan]lk`aò 44

ikoaj_kjpn]nh]ooecqeajpao8 M
d+
1
A]^aoaÄ]h]nmqaah P}ceiaj `aQ]ja]ieajpk* :
_kjpejq]j`k_kjh]nach]`ahNnk_aok`aDkni]ò 5,/ Qa_na]ahPaceopnkGjpacn]h`aDkni]hev]_eÅj
hev]_eÅj* lani epeÅ] hko pepqh]nao `a]_pere`]`ao K ejan] +aj ]`ah]jpa* P C GL DM +* `kj ` a
iejan]o* mqa dq^ean]j eje_e]`k ah Nnk_aok `a aop]n|j_kilnaj`e`ko]mqahhkooqfapkomqa
Dkni]hev]_eÅj* ] _kjpejq]n na]hev]j`k oqo ]_ò &e'_qajp]j_kjejo_nel_eÅjrecajpaajahPaò
pere`]`ao iejan]o* ] lao]n`a jk _kjp]n_kj h] ceopnk`aQ]ja]ieajpk9&ee'mqa_qajp]j_kj
pkp]he`]` `a hko lanieoko namqane`ko oacÇj h] ejo_nel_eÅjrecajpaajah PaceopnkL]_ekj]h
haceoh]_eÅj]lhe_]^ha, `a Ba_h]n]_ekjao `a Akilnkieoko u mqa
]_na`epaj pajan Paceopnk ïje_k `a Akjpneò
?oeieoik* i a`e]jpa ah i aj_ekj]`k Ba_napk ^quajpao9 u* &eee' `a i ]jan] at_al_ekj]h*
Qqlnai koa_naÅqj]Copn]pace]`aQ]ja]i eajò ]mqahh]olanokj]oj]pqn]haomqaoaaj_qajò
pk mqa aop]^ha_eÅ iap]o ]jq]hao d]op] ah ]Äk pnaj`ao]nnkhh]j`k]_pere`]`ao`alamqaÄ]
0./4*]aba_pko`ahkcn]nahcn]`q]h*lnkcnaoerk iejan~]uiejan~]]npao]j]h`aatlhkp]_eÅj*
u kn`aj]`k o]ja]i eajpk `a h] oepq]_eÅj `a h] `a]_qan`k]h] haceoh]_eÅjrecajpa*aj qj]
iejan~]] lamqaÄ]ao_]h], okh] _kj_aoeÅj iejan]* ] p~pqhk lanokj]h u
mqa_qajpaj _kj ejo_nel_eÅj recajpa aj ah
Qej ai ^]nck* hhac]`k ah 0./4 hko ]r]j_ao aj Paceopnkïje_k`aAkjpne^quajpao,
`e_d]o iap]obqankj i~jeikouln|_pe_]i ajpa
:
h] oepq]_eÅj an] ecq]h ] h] mqa oak^oanrÅaj ah ?mqahhkooqfapkomqa_]hebemqaj`ajpnk`ah S
;D
0./2*ao`a_en*hkmqaoak^oanrÅbqaqj]l]n]heò oqlqaopkej`e_]`kaj ah jqian]h &eee']jpaò M,
J-h
v]_eÅj`ah Nnk_aok`aDkni]hev]_eÅj, neknpqreankj lh]vkl]n] ejo_ne^enoad]op]ah ;D

/ `a]ckopk`ah 0./5,
Dnajpa] ` e_d k ao_aj]nek*uaj ah_kj pat pk `a
JM
h]oaha__ekj ao lnaoe`aj_e]hao* h]ann]`e_]_eÅj  Jqack `a ahhk* ah K ejeopanek `a Cjanc~] u nk
`ah] i ejan~] ehac]hu` abej en_Å i k hkcn]nqj] Kej]o `a^a beo_]hev]n mqa hko oqfapko mqa
bkni ]hev]_eÅj  `aaop] ] _per e` ] `  naoqhp]^] `a d]j okhe_ep]`k oq ejo_nel_eÅj _qajpaj _kj Ö

rep]h ei l k np] j _ e] , C r e` a j pa i a j pa * ah pai ] h]o _kj`e_ekjao namqane`]o l]n] ejcnao]n


Ň
bqa i ]pane] `a` a^ ]pa*a j bna j p| j ` k oa ` er a nò ]h L qark P}cei aj `a Dkni ]hev]_eÅj K eò
%O
o]o lkopqn]o, jan], N]n] ahhk* hko ejpanao]`ko `a^~]j `a

Ld Se ^S T r e c g W V S VW ^S W d d S V [ U S U [ q ` VW ^S _ [ ` W d o S [ ^ WYS^ 4 S h S ` U W e W` W^ G d V W ` S _ [ W ` f a B g d o V [ U a H Wd g S `a
]_na`ep]n]`e_ekj]hi ajpahkoecqeajpa8&e'h] ]' Jko namqeoepko i aj_ekj]`ko lqa`aj oan
na]hev]_eÅj `a ]_pere`]`ao iejan]o lkn qj ]_na`ep]`kokpn]i ep]`ko`ai]jan]oeiqhò
lh]vk jk i ajkn `a _ej_k &3' ]Äko9 &ee' jk p|ja], Co`a_en*u] jkoaaop]^ha_aj l]oko
_kjp]n _kj Ba_h]n]_eÅj `a Akilnkieoko lnaahqoerko,
_]j_ah]`]9&eee'jkaj_kjpn]noaejd]^ehep]`k
l]n]`ao]nnkhh]n]_pere`]` i ejan]%., ^' ? `ebanaj_e] `ah lnk_aok `a bkni]hev]_eÅj
]jpanekn* _kj ah L qark P}cei aj `a Dknò
5,0 QanabkniqhÅh]`abeje_eÅj`a i ejan~]ejbknò i]hev]_eÅj Kejan] jk ao ateceÅha ah AGP?9
i]h *_kjbkni a] hkoaÄ]h]`kaj h]Qa__eÅj oeaj`k Çje_]i ajpa ja_ao]nek _kjp]n _kj
GG `ah lnaoajpa]np~_qhk, qj]Ba_h]n]_eÅjHqn]`]`ajkateopaj_e]`a
naopko]nmqakhÅce_ko,
5,1 LqarkNnk_aok`aDkni]hev]_eÅj
_' AkjaopajqarkP}ceiaj*oa_na]qjjqark
@]fk ah Lqark P}cei aj `a Dkni]hev]_eÅj pelk`aGjopnqiajpk`aEaopeÅj?i ^eajp]h
Kejan]* hko l]oko mqa `a^an|j oacqenoa _k nna_perk ` a j k i ej ]` k  Gjopnq i aj pk `a
P ar eo p]  a ` ep] ` ]  lk n ] hq i j k o `a h] D] _ q hp] `  `a B a na _d k  `a h] S j er a noe` ] `  `a Jei ]

l]n]_qhi ej]nh]bkni]hev]_eÅj `ah] ]_pereò EaopeÅj?i^eajp]hl]n]h]Dkni]hev]_eÅj`a


`]` iejan] okj hkooecqeajpao8 ?_pere`]`ao`a NamqaÄ] Kejan~]uKejan~]
?npao]j]h+aj]`ah]jpa* GE ?DM K +,ChGE?+
]' Akjp]n_kjah Gjopnqiajpk`aEaopeÅj?i ò DMK _kjpai lh] `ko ]ola_pko8 &e' ia`e`]o
^eajp]h_knna_perk+GE ?DM K k GE?A+, _knna_per]ou&ee' i a`e`]olnarajper]o,

^' ?_na`ep]_eÅj`ah]lnklea`]`k]qpknev]_eÅj `' J]]_na`ep]_eÅj`ahko`ana_dkook^naahpa ò


`aqok`ahpannajkoqlanbe_e]h, nnajkoqlanbe_e]h oana]hev] Çje_]iajpa_kj
h] lnaoajp]_eÅj `a qj] Ba_h]n]_eÅjHqn]`]*
_' ?_na`ep]_eÅj `a pepqh]ne`]`* _kjpn]pk `a _kjbeni] hac]hev]`]*i a`e]jpah]mqaoaejò
_aoeÅj k_kjpn]pk`aatlhkp]_eÅj naola_pk `emqamqaahejpanao]`kaolnkleap]nekkaop|
`ah]_kj_aoeÅj iejan], ]qpknev]`klknhkolnkleap]neko]qpehev]nahk
hkopannajkooqlanbe_e]haoajahmqa`ao]nnkhh]
Sj]rav_kilnk^]`kah_qilheieajpk`ahkonamqeò h] ]_pere`]` iejan] `aatlhkp]_eÅj, Cj aopa
oepko]jpaoiaj_ekj]`ko*h]Bena__eÅju-kEanaj_e] Çhpeik ao_aj]nek* are`ajpai ajpa* ah `k_qò
Pacekj]h`aCjanc~]uKej]okpknc]n| h]?qpknev]ò iajpk`a^an|aop]np]i^e}jbeni]`klknah
_eÅj`aGje_ek-Paeje_ek`a]_pere`]`aoiejan]o`a lnkleap]nek`ahkopannajkokpknc]`koajqok
atlhkp]_eÅjkR~pqhk`aAkj_aoeÅj`a@ajabe_ek, ]hpepqh]n`ah]]_pere`]`iejan],W*ajah_]ok
mqa oa `ao]nnkhha ]_pere`]` aj qj pannajk
?hcqjkopai ]o ] ei lknp]jpao ] jkp]n ok^na ah ane]vk `ah Cop]`k* ahhk `a^an| oan ej`e_]`k
LqarkP}cei aj`aDkni]hev]_eÅj Kejan]8 ajh]naola_per] Ba_h]n]_eÅjHqn]`],

/., Lklk`n|jna]hev]n]_pere`]`iejan]`qn]jpaahafan_e_ek`aoqobqj_ekjaokailhako*ahNnaoe`ajpa`ah]PalÇ^he_]*
hko Keai^nko `ah Nk`an Jaceoh]perku `ah Nk`anHq`e_e]h* hko Kejeopnko `a Cop]`ku hko bqj_ekj]neko mqa pajc]j
aopan]jck*ah Akjpn]hknEajan]h*hkoNnk_qn]`knaoEajan]hao`ah] PalÇ^he_]uhkobqj_ekj]nekouailha]`ko`ah
Qa_pknCjanc~]uKej]ojki^n]`kok]oecj]`ko]h]?hp]Bena__eÅj*]hAkjoafk`aKejan~]*]h]Bena__eÅjEajan]h`a
Kejan~]*Bena__eÅj`aDeo_]hev]_eÅj Kejan]*] hkoînc]jkoPacekj]hao`aKejan~]u]h PaceopnkNÇ^he_k`aKejan~],
?oeieoik* jk lk`n|jafan_an]_pere`]` iejan] h]o]qpkne`]`aolkh~pe_]ou hko ieai^nko`ah]o Dqanv]o?ni]`]o
5 8 I B 7 5 G H F  /13

u Dqanv]o Nkhe_e]hao, Ch _Åjuqca u hko l]neajpao mqa `alaj`]j a_kjÅie_]iajpa `a h]o lanokj]o ej`e_]`]o
]jpanekniajpap]i^e}joaaj_qajpn]jejd]^ehep]`]o,

Jkook_eko*`ena_pknao*nalnaoajp]jpao*pn]^]f]`knaou_kjpn]peop]o`alanokj]oj]pqn]haokfqn~`e_]o`a`e_]`]o]h]
]_pere`]` iejan] jklk`n|j]`mqenenl]n]o~*_kj_aoekjaoaj qjn]`ek`a`eavgehÅiapnko`a_q]hmqeanlqjpk`ah
lan~iapnkmqaaj_eannaah|na]aj`kj`aoaq^emqajh]o_kj_aoekjao`ah]olanokj]o]h]o_q]haoaop|jrej_qh]`]o*
o]hrk]qpknev]_eÅjatlnao]`ahpepqh]n,Cop]lnkde^e_eÅj_kilnaj`a]hkol]neajpaomqa`alaj`]ja_kjÅie_]iajpa
`aheila`e`k,

0, A ` S  E S d o S  < d S Y a  D g V a i [ W Y  ) F S f S ^ [ S  P r p [ Y S  9 d T [ ^ V a
a' Qa aop]^ha_a mqa hko iejanko ejbkni]hao a' Qa _na] ah Dkj`k Kejank _kj ah lnklÅoepk
ejo_nepkoaj ah PCGLDMpaj`n|j`ana_dk`a `a cajan]n ej_ajperko mqa _k]`uqraj h] 6
lnabanaj_e]ok^naah|na]`kj`ana]hev]joq bkni]hev]_eÅj`ahkooqfapkomqal]npe_el]j q
]_pere`]` iejan], ajah lnk_aok, ;D
O,
aj
SH
5,2 Qa ]i l heÅ ah P}cei aj `a Q]j a ] i ea j pk  b' Qa _na] ah oahhk Mnk bkni]h* Mnk lanq]jk 
BCPCAFM
d]op] lkn qj lh]vk`a /0.`~]o d|^ehao* `a _kj h] bej]he`]` `a ej_ajper]n h] _ki ln] KGLCPM,
?K@GCLR?J
]_qan`k ] hk oaÄ]h]`k aj ah i aj_ekj]`k WBCJMQ
`a knk ] hko oqfapko mqa bkni]j l]npa `ah PCASPQMQ
CLCPEyRGAMQ
Ba_napk Jaceoh]perk* ao `a_en* d]op] ah / `a lnaoajpa lnk_aok`abkni]hev]_eÅj iejan]
]ckopk`ah 0./5, uc]n]jpev]nh]pn]v]^ehe`]``ah iejan]h,

5,3 Qa aop]^ha_aj qj] oanea `a ^ajabe_eko k ? _k j pej q ] _eÅ j  oa ` ap]hh]j  h]o jkni ]o mqa
ej_ajperkoa_kjÅi e_kol]n]ejcnao]n]aopa _kjbkni]jahLqarkP}ceiaj`aDkni]hev]_eÅj
Lqark P}cei aj`aDkni]hev]_eÅj Kejan]8 Kejan]8
_k
R]^h]28
]' Ct_al_ekj]hi ajpa* lknÇje_]rav*ahpepqh]n Lqarki]n_khac]hl]n]h]iejan~]ejbkni]haehac]h
:
0
`a h] _kj_aoeÅj iejan] lk`n| ]_na`ep]n h] M
Lk, Lkni] Bao_nel_eÅj
_kj`e_eÅj `a NNK  u NK ? i a`e]jpa h] k^ò q
/ Ba_napk Jaceoh]perk Ba_h]n] `a ejpan}o j]_ekj]h h] bkni]heò :
paj_eÅj `ah GE?A k GE?DMK9 k* d]^eaj`k /071 v]_eÅj`ah]o]_pere`]`ao`ah] lamqaÄ]
aj
iejan~]uiejan~]]npao]j]h,
oqo_nepkah_kjpn]pk`a_aoeÅjkatlhkp]_eÅj D:
__
0 Ba_napk Jaceoh]perk Cop]^ha_a`eolkoe_ekjaol]n]ahlnk_aok M
_kj hko iejanko mqa oa aj_qajpnaj aj ah /114 `aDkni]hev]_eÅjGjpacn]h, F+
PCGLDM* lkn qj lh]vk jk i ajkn ] pnao &1' 1 Ba_napk Jaceoh]perk Kk`ebe_]ahAÅ`eckNaj]h]bej`abknp]haò :
]Äko, Co `a_en* jk oa namqanen| _kjp]n _kj /13/ _anh]oacqne`]`_eq`]`]j],

h]]qpknev]_eÅj `a eje_ek`a]_pere`]`ao`a 2 Paokhq_eÅj `a Qqò aop]^ha_a bkni] `a lnklkn_ekj]n ejbknò
lanejpaj`aj_e] i]_eÅj l]n]ahPaceopnkGjpacn]h `aDknò
atlhkn]_eÅj k atlhkp]_eÅj iejan]* _ki k ./1+0./5+QSL?R i]hev]_eÅjKejan],
lnare]i ajpaoaatec~], 3 Ba_napkQqlnaikLÑ Cop]^ha_a `eolkoe_ekjao _kilhaiajò
..3+0./5+CK p]ne]o l]n] ah afan_e_ek `a `ana_dk `a
lnabanaj_e],
^' ?mqahhkopepqh]nao`a_kj_aoekjaoiejan]o*
4 Ba_napk Qqlnaik Cop]^ha_aj`eolkoe_ekjao_kilhaiajp]ò
^]fkahn}ceiajcajan]h*mqaoqo_ne^]j_kjò LÑ,.0/+0./5+CK ne]ol]n]h]bkni]hev]_eÅj`a]_pere`]`ao
`ah]NamqaÄ]Kejan~]uKejan~]?npao]+
pn]pk `a atlhkp]_eÅj k _kjpn]pk `a _aoeÅj
j]h,
lknqjlh]vkjki ajkn`apnao&1']Äko_kj
5 Ba_napk Qqlnaik Cop]^ha_aj Beolkoe_ekjao Pach]iajò
ahiejankejbkni]hejo_nepkajahPCGLDM*l]ò LÑ,.16+0./5+CK p]ne]o l]n] ah Gjopnqiajpk `a EaopeÅj
?i^eajp]h l]n] h] Dkni]hev]_eÅj `a?_ò
c]n|jlkn_kj_alpk`a`ana_dk`arecaj_e] pere`]`ao`aNamqaÄ] Kejan~]uKejan~]
hkmqa_knnaolkj`a]h NNK  lknah lh]vk`a ?npao]j]h

pnao&1']Äko*naola_pk]h]_kj_aoeÅjiejan] 6 Paokhq_eÅj Kejeoò ?lnqa^]j Dkni]pko _kj ah _kjpaje`k


pane]h LÑ, 251+0./5+ `ap]hh]`k `ah ?ola_pk Aknna_perkuNnaò
k^fapk`ah_kjpn]pk, KCK-BK rajperk `ah GE?DMK* u ah A]p|hkck `a
Ka`e`]o?i^eajp]hao

_' Ch pepqh]n `ah _kjpn]pk `a atlhkp]_eÅj mqa


oqo_ne^] _kjpn]pko lkn qj lh]vk jk i ajkn TGGG, ?JESL?Q PCDJCVGMLCQ DGL?JCQ W
:
`a pnao &1' ]Äko _kj i ejanko ejbkni ]hao AMLAJSQGMLCQ S
ejo_nepko aj ah PCGL DM  mqa`] atajpk `a D:
4P!
ej
l]ck `a laj]he`]` lkn qj lh]vk ecq]h ] h] ]' J] iejan~] ehac]h jk ao qj lnk^hai ] okhk D:

recaj_e] `ah _kjpn]pk u naola_pk `ah |na] ]i ^eajp]huok_e]h*oejkp]i ^e}ja_kjÅi eò


oaÄ]h]`]ajah _kjpn]pk, _k* lkh~pe_kubeo_]h*mqa`eb~_ehi ajpa lk`n|
ej
oan okhq_ekj]`k aj ah _knpk lh]vk, Nnqa^]
`' ?mqahhko i ejanko ejo_nepko aj ah PCGLDM `aahhk*aoah lk_k}tepkmqad]jpaje`kh]o
mqak^pajc]j h] ]qpknev]_eÅj `a eje_ek `a `eranokoia_]jeoikoaop]^ha_e`ko]pn]r}o
]_pere`]`ao `aatlhkp]_eÅj* mqa`]j atajò `ahkor]nekonac~iajaomqaoad]jejpajp]ò 1
pko`ahl]ck_knnaolkj`eajpa]h`ana_dk`a `kei lhai ajp]n]hkh]nck`aaopkoÇhpeiko O
recaj_e] lknah lh]vk`aqj &/']Äk, mqej_a&/3']Äko,

Ld Se ^S T r e c g W V S VW ^S W d d S V [ U S U [ q ` VW ^S _ [ ` W d o S [ ^ WY S ^ 4 S h S ` U W e W` W^ G d V W ` S _ [ W ` f a B g d o V [ U a H W d g S ` a 0-
^' Aq]j`kd]^h]iko`aiejan~]ehac]haoqoq]h `' ?hkh]nck`ahkoÇhpeiko]Äkooad]j`e_p]`k
lajo]nmqajkoaop]ikonabeneaj`kat_hqoeò `erano]o`eolkoe_ekjaohac]haomqaaop]^haò
r]i ajpa]h]atpn]__eÅj`aknk*oejai^]nck _aj lnk_aoko`abkni]hev]_eÅj iejan]mqa
oacÇj hklnareopkaj jqaopn] haceoh]_eÅj*h] ^qo_]j hhar]n] hko iejanko ejbkni]hao] h]
iejan~] ehac]h _ki lnaj`a h]atpn]__eÅj `a hac]he`]` u ann]`e_]n h] iejan~] ãhac]h, Qej
_q]hmqean iejan]h aj h]o _kj`e_ekjao ej`eò ai^]nck*]lao]n`ahko`eranokoaobqanvko
_]`]oaj h]Qa__eÅj GG, na]hev]`kou`a^e`k] h]_ki lhafe`]` `a h]
oepq]_eÅj* `e_dko aobqanvko jk d]j paje`k
_' Ba ecq]h i]jan]* r]ha h] laj] jkp]n mqa* ah}tepkaolan]`k,
] lao]n `a mqa h] ]_pere`]` iejan] ehac]h
mqaoareaja na]hev]j`k aj i]ukn ia`e`] a' Cj i ]pane] `a i ejan~] ehac]h mqa`] ]Çj
aj K]`na `a Beko* ateopaj aj jqaopnk l]~o i q_dklknd]_an*jkokhkaop| laj` eaj pa
kpn]ovkj]o mqap]i ^e}j oaraj ]ba_p]`]o ah ` e_p] ` k  `a jkni ]o _k i l hai aj p]ne]o
lknaop]]_pere`]`,?hnaola_pk*h]Qk_ea`]` mqa lani ep]j _ki l naj ` anah L qark Nnkò
L]_ekj]h`aKejan~]* NapnÅhakuCjanc~] d] _aok`aDkni ]hev]_eÅj*oejkp]i ^ e}j aop|
P areop]  a ` ep] ` ]  lkn ]hq i j k o `a h] D] _q hp]`  `a B a na _d k  `a h] S j er a no e` ] `  `a Jei ]

na_kjk_e`kmqa`aolq}o`aK]`na`aBeko* laj`eajpamqaahjqarkE k^eanjklh]jpaa


h]ovkj]o_kji]ukn]_pere`]`iejan]ehac]h qj] lkopqn] `abej eper] a eje_ea+_kjbq anò
okj8&e'?i]vkj]o*&ee'Jknapk*&eee'S_]u]he*&er' v] +ah _]i ejk d]_e] h] ann]`e_]_eÅj `a h]
Fq|jq_k*ajpnakpnko, ]_pere`]` ehac]h,
5 8 I B 7 5 G H F  /13

0. A ` S  E S d o S  < d S Y a  D g V a i [ W Y  ) F S f S ^ [ S  P r p [ Y S  9 d T [ ^ V a

You might also like