Professional Documents
Culture Documents
"/&+0%&
3&4Ê%604%"$0/4536b¬0$*7*-
&3&4Ê%60470-6.0404
PSJFOUBm{FTQBSBPTFVMJDFODJBNFOUP
FBQMJDBmkPEBSFTPMVmkPDPOBNB
Ç3&"4%&."/&+0%&
3&4Ê%604%"$0/4536b¬0$*7*-
&3&4Ê%60470-6.0404
PSJFOUBm{FTQBSBPTFVMJDFODJBNFOUP
FBQMJDBmkPEBSFTPMVmkPDPOBNB
TFNJOgSJPEFMJDFODJBNFOUPBNCJFOUBM
EFEFTUJOBmkPGJOBMEFSFTrEVPTTwMJEPT
¼ ½
GJDIBUnDOJDB
SFQ|CMJDBGFEFSBUJWBEPCSBTJM
MVJ[JOgDJPMVMBEBTJMWB°1SFTJEFOUF
NJOJTUnSJPEPNFJPBNCJFOUF
NBSJOBTJMWB°.JOJTUSBEF&TUBEP
WJDUPS[VMBS[WFJCJM°4FDSFUgSJP/BDJPOBMEF2VBMJEBEF"NCJFOUBM
SVEPMGEFOPSPOIB°%JSFUPSEP1SPHSBNB/BDJPOBMEF3FTrEVPT
4wMJEPT6SCBOPT
SVZHwFTMFJUFEFCBSSPT°%JSFUPSEP1SPHSBNBEF1SPUFmkP
F.FMIPSJBEB2VBMJEBEF"NCJFOUBM
NJOJTUnSJPEBTDJEBEFT
NBSDJPGPSUFTEFBMNFJEB°.JOJTUSPEF&TUBEP
BCFMBSEPEFPMJWFJSB¾MIP°4FDSFUgSJP/BDJPOBMEF4BOFBNFOUP"NCJFOUBM
NBSDPTIFMBOPGFSOBOEFTNPOUFOFHSP°%JSFUPSEP%FQBSUBNFOUP
EF%FTFOWPMWJNFOUPF$PPQFSBmkP5nDOJDB
FRVJQFUnDOJDB
NJOJTUnSJPEPNFJPBNCJFOUF
BOBFMJ[BCFUINFEFJSPTGFSOBOEFT
NPFNBEFTg
SJUBMJNBEFBMNFJEB
TrMWJBHPOmBMWFT
TJMWJBNBSUBSFMMPBTUPMQIP
NJOJTUnSJPEBTDJEBEFT
EBONPDIFTDIOFJEFS
NBSJBTUFMMBNBHBMIkFTHPNFT
OBEKBMJNFJSBBSB|KP
UBSDrTJPEFQBVMBQJOUP
¼ ½
Ç3&"4%&."/&+0%&
3&4Ê%604%"$0/4536b¬0$*7*-
&3&4Ê%60470-6.0404
¼ PSJFOUBm{FTQBSBPTFVMJDFODJBNFOUP
FBQMJDBmkPEBSFTPMVmkPDPOBNB ½
4VHFSFTFRVFPTwSHkPTBNCJFOUBJTDPNQFUFOUFTOPSNBUJ[FNPTQSP
DFEJNFOUPT QBSB P MJDFODJBNFOUP EF gSFBT EF NBOFKP F SFTrEVPT EF
DPOTUSVmkPDJWJM°gSFBTEFUSBOTCPSEPFUSJBHFN
JODMVrEPTPTQPOUPT
EFFOUSFHBEFQFRVFOPTWPMVNFT
gSFBTEFSFDJDMBHFNFBUFSSPT°OB
GPSNBEF3FTPMVm{FT
*OTUSVm{FT/PSNBUJWBT
*OTUSVm{FT5nDOJDBTPV
PVUSPTJOTUSVNFOUPT
¼ ½
BQSFTFOUBmkP
"4FDSFUBSJBEF2VBMJEBEF"NCJFOUBMEP.JOJTUnSJPEP.FJP
"NCJFOUF DPPSEFOB
EF GPSNB BSUJDVMBEB
EPJT HSBOEFT QSPHSB
NBT GFEFSBJT GPDBEPT OB NFMIPSJB EB RVBMJEBEF BNCJFOUBM
OP
DPOUSPMFEBQPMVJmkPFOPBQFSGFJmPBNFOUPEPTBOFBNFOUPFEP
PSEFOBNFOUPBNCJFOUBMP1SPHSBNBEF1SPUFmkPF.FMIPSJBEB
2VBMJEBEF"NCJFOUBM
POEFFTUgJOTFSJEPP1SPKFUPEF*OTUSVNFO
UPTEF(FTUkP"NCJFOUBM130(&45¬0FP1SPHSBNB/BDJPOBM
EF3FTrEVPT4wMJEPT6SCBOPT
RVFFOWPMWF
BJOEB
P.JOJTUnSJP
EBT$JEBEFTP.JOJTUnSJPEB4B|EF
QPSJOUFSNnEJPEB'VOEBmkP
/BDJPOBMEF4B|EF
P.JOJTUnSJPEP%FTFOWPMWJNFOUP4PDJBMFP
.JOJTUnSJP EP %FTFOWPMWJNFOUP
*OE|TUSJB F $PNnSDJP &YUFSJPS
QPSNFJPEP#BODPEF%FTFOWPMWJNFOUP&DPOyNJDPF4PDJBM
7gSJBTJOJDJBUJWBTWpNTFOEPEFTFOWPMWJEBTQBSBJNQMFNFOUB
mkPEFTUFTQSPHSBNBTFQSPKFUPT
FOUSFFMBT
BQSPNPmkPEFTF
NJOgSJPTUnDOJDPTQBSBBQSPGVOEBNFOUPEFUFNBTDBSPThHFTUkP
EPTSFTrEVPTTwMJEPTVSCBOPT
/FTUBQFSTQFDUJWBTFJOTDSFWFVP4FNJOgSJPEF-JDFODJBNFOUP
"NCJFOUBMEF%FTUJOBmkP'JOBMEF3FTrEVPT4wMJEPT
SFBMJ[BEPFO
USFEFOPWFNCSPFEFEF[FNCSPEF04FNJOgSJPSFVOJV
wSHkPTEFNFJPBNCJFOUFFTUBEVBJT
EJTUSJUBMFGFEFSBM
BMnNEFPV
USPTBUPSFTFOWPMWJEPTOPQSPDFTTP
CVTDBOEPQSPNPWFSBIBSNP
OJ[BmkPEFQSPDFEJNFOUPTBQMJDBEPTBPMJDFODJBNFOUPBNCJFOUBM
/P4FNJOgSJP
P.JOJTUnSJPEBT$JEBEFTBQSFTFOUPVPEPDV
NFOUP²ÇSFBTEFNBOFKPEFSFTrEVPTEBDPOTUSVmkPDJWJM³
PSB
DPOTVCTUBODJBEP OFTUB QVCMJDBmkP ²ÇSFBT EF NBOFKP EF SFTr
EVPT EB DPOTUSVmkP DJWJM F SFTrEVPT WPMVNPTPT PSJFOUBm{FT
QBSBPTFVMJDFODJBNFOUPFBQMJDBmkPEB3FTPMVmkP$0/"."
³&TUBQVCMJDBmkP
BQwTP4FNJOgSJP
DPOUPVDPNB
DPOUSJCVJmkPEFBMHVOTwSHkPTFTUBEVBJTEFNFJPBNCJFOUF
EP
.JOJTUnSJPEP.FJP"NCJFOUFFEP.JOJTUnSJPEBT$JEBEFT
%VSBOUF P 4FNJOgSJP
P EPDVNFOUP GPJ BQSFTFOUBEP BPT
QBSUJDJQBOUFTRVBOUPBPTTFVTPCKFUJWPT|MUJNPT
RVBJTTFKBN
TVHFSJSEJSFUSJ[FTPSJFOUBUJWBTBPMJDFODJBNFOUPBNCJFOUBMEF
gSFBTEFNBOFKPEFSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPTWP
MVNPTPT
RVFEFWFDPOTJEFSBS
BMnNEB3FTPMVmkP
BT
OPSNBTUnDOJDBTEB"TTPDJBmkP#SBTJMFJSBEF/PSNBT5nDOJDBT
°"#/5FBMFHJTMBmkPBNCJFOUBMEPTFTUBEPTPVNVOJDrQJPT
$PN B BQSPWBmkP EB 3FTPMVmkP F EF OPWBT OPS
NBTCSBTJMFJSBT
PQBrTFTUgNVEBOEPPNPEPEFMJEBSDPNFT
UFTSFTrEVPT/FTUFTFOUJEP
FTQFSBNPTRVFEPEFCBUFGPNFO
UBEP QFMP .JOJTUnSJP EP .FJP "NCJFOUF SFTVMUFN OPSNBT F
EJSFUSJ[FTFNBOBEBTEPTwSHkPTBNCJFOUBJTDPNQFUFOUFTQBSB
PMJDFODJBNFOUPEBTgSFBTEFNBOFKPEFTUFTSFTrEVPT
OBGPSNB
EF3FTPMVm{FT
*OTUSVm{FT/PSNBUJWBT
*OTUSVm{FT5nDOJDBTPV
PVUSPT JOTUSVNFOUPT DPOEJ[FOUFT DPN BT NFMIPSFT TPMVm{FT
UnDOJDBTFBNCJFOUBJT
DPNBTEJGFSFODJBEBTSFBMJEBEFTSFHJP
OBJTCSBTJMFJSBTFDPNBTQPMrUJDBTBNCJFOUBJTEPT.VOJDrQJPT
EPT&TUBEPT
EP%JTUSJUP'FEFSBMFEP(PWFSOP'FEFSBM
WJDUPS[VMBS[WFJCJM
4FDSFUgSJP/BDJPOBMEF2VBMJEBEF"NCJFOUBM
¼ ½
TVNgSJPEPDPOUF|EP
DPOTJEFSBm{FTHFSBJT
0T SFTrEVPT EB DPOTUSVmkP DJWJM
FN HSBOEF QBSUF
OkP SFQSF
TFOUBN HSBOEFT SJTDPT BNCJFOUBJT /P FOUBOUP
NVJUBT DJEBEFT
CSBTJMFJSBT TPGSFN HSBWFT JNQBDUPT BNCJFOUBJT QSPWPDBEPT QFMB
JOUFOTB EFQPTJmkP JSSFHVMBS EF SFTrEVPT EB DPOTUSVmkP F EFNP
MJmkP 3$%
" QBSUJS EF EFTUBDBTF
OP #SBTJM
P JOrDJP EP
FTUBCFMFDJNFOUPEFQPMrUJDBTQ|CMJDBTWPMUBEBTQBSBBJOEVmkPEB
JNQMBOUBmkPEFgSFBTQBSBPNBOFKPTVTUFOUgWFMEFTTFTSFTrEVPT
&TTBTgSFBTGPSBNOPSNBUJ[BEBTBQFOBTSFDFOUFNFOUFFPTwSHkPT
BNCJFOUBJTEFWFNTFQSFQBSBSQBSBPTFVMJDFODJBNFOUPF¾TDBMJ
[BmkP
FTUBCFMFDFOEPQSPDFEJNFOUPTDMBSPTQBSBBUFOEJNFOUPEB
EFNBOEBDSFTDFOUFQPSFNQSFFOEJNFOUPTEFTUFUJQP
QSPDFEJNFOUPTQSPQPTUPTQBSBMJDFODJBNFOUP
MJDFODJBNFOUPEFgSFBTEFUSBOTCPSEPFUSJBHFNQBSB
SFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPTWPMVNPTPT BUUT
&RVJQBNFOUPTEFQFRVFOPQPSUF
QPEFNTFSFORVBESBEPTDPNP
OkPQBTTrWFJTEFMJDFODJBNFOUPBNCJFOUBM
BDSJUnSJPEPwSHkPBN
CJFOUBM DPNQFUFOUF %FWFSkP
OP FOUBOUP
PCUFS BVUPSJ[BmkP EF
GVODJPOBNFOUPFNiNCJUPNVOJDJQBMPVFTUBEVBM
DPNPPVUSBT
¼ ½
BUJWJEBEFTVSCBOBT/PDBTPEFMJDFODJBNFOUPDPOKVOUPEF"55T
DPNBUFSSPTPVgSFBTEFSFDJDMBHFN
PMJDFODJBNFOUPBNCJFOUBM
QPEFSgSFTUSJOHJSTFBPEBBUJWJEBEFQSJODJQBM$POTJEFSBTFRVF
PT1POUPTEF&OUSFHBQBSBQFRVFOPTWPMVNFTQPEFSkPOkPFTUBS
TVKFJUPTBPMJDFODJBNFOUPBNCJFOUBM/PMJDFODJBNFOUPPVBVUP
SJ[BmkPEFGVODJPOBNFOUP
BT"55TEFWFSkPBUFOEFSBTDPOEJm{FT
PQFSBDJPOBJTBOVODJBEBTOB/#3
FOUSFPVUSBT
BTSFMBDJP
OBEBTOP²1MBOPEF$POUSPMFEF3FDFCJNFOUPEF3FTrEVPT³
MJDFODJBNFOUPEFBUFSSPTEFSFTrEVPTTwMJEPT
EBDPOTUSVmkPDJWJMFSFTrEVPTJOFSUFT
0TBUFSSPTEFSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPTJOFSUFT
EFT
UJOBEPThEJTQPTJmkPFYDMVTJWBEFSFTrEVPTDMBTTF"USJBEPT
¾DBN
TVKFJUPTBPMJDFODJBNFOUPBNCJFOUBMOPiNCJUPEPwSHkPBNCJFO
UBMDPNQFUFOUF0TQSPDFEJNFOUPTQBSBMJDFODJBNFOUPQSFDJTBN
TFS BQMJDBEPT UBOUP B BUFSSPT WJTBOEP B SFTFSWBmkP EF NBUFSJBJT
QBSB VTP GVUVSP
RVBOUP B BUFSSPT WJTBOEP P VTP GVUVSP EB gSFB
SFTVMUBOUF
FQPEFSkPTFSEJGFSFODJBEPTDPOGPSNFPQPSUFEPTFN
QSFFOEJNFOUPTBMJDFODJBS"UFSSPTEFQFRVFOPQPSUF
RVFUFOIBN
¾OBMJEBEFJNFEJBUBEFSFHVMBSJ[BmkPEFUFSSFOPTQBSBFEJ¾DBmkP
QPEFNTFSDBSBDUFSJ[BEPTDPNPOkPQBTTrWFJTEFMJDFODJBNFOUP
0MJDFODJBNFOUPBNCJFOUBMQBSBBUFSSPTEFWFSgDPOTJEFSBS
FOUSF
PVUSBTDPOEJm{FT
BTFTUBCFMFDJEBTOB/#3QBSBJNQMBOUB
mkP
QSPKFUPFPQFSBmkP
FOGBUJ[BOEPTFBOFDFTTJEBEFEP²1MBOP
EF $POUSPMF F .POJUPSBNFOUP³
²1MBOP EF *OTQFmkP F .BOVUFO
mkP³F²1MBOPEF.BOVUFOmkPEBÇSFBEF3FTFSWBmkPPVEF&ODFS
SBNFOUPEP"UFSSPF6TP'VUVSPEBÇSFB³
¼ ½
MJDFODJBNFOUPEFgSFBTEFSFDJDMBHFNEFSFTrEVPT
TwMJEPTEBDPOTUSVmkPDJWJM
0TFNQSFFOEJNFOUPTEFSFDJDMBHFNEFSFTrEVPTEBDPOTUSVmkPUSJB
EPTEFWFSkPTVCNFUFSTFBPMJDFODJBNFOUPBNCJFOUBMOPiNCJUPEP
wSHkP BNCJFOUBM DPNQFUFOUF
TFOEP TVKFJUPT B QSPDFEJNFOUPT TJ
NJMBSFTBPTFTUBCFMFDJEPTQBSBPVUSBTBUJWJEBEFTJOEVTUSJBJT&TTFT
FNQSFFOEJNFOUPT QSPDFTTBSkP SFTrEVPT DMBTTF " Kg USJBEPT PV PT
PSJVOEPTEFgSFBTEFUSJBHFNFTUBCFMFDJEBTOPQSwQSJPFNQSFFOEJ
NFOUPRVF
OFTUFDBTP
QPEFSkPTFSMJDFODJBEBTFNDPOKVOUPDPNB
BUJWJEBEFQSJODJQBM"TgSFBTEFSFDJDMBHFNEFWFSkPBUFOEFS
FOUSF
PVUSBTDPOEJm{FT
BTFTUBCFMFDJEBTOB/#3QBSBJNQMBO
UBmkP
QSPKFUPFPQFSBmkP
SFTTBMUBOEPTFBJNQPSUiODJBEP²1MBOP
EF*OTQFmkPF.BOVUFOmkP³FEP²1MBOPEF0QFSBmkP³
QSPDFEJNFOUPTQBSBDBTPTFTQFDr¾DPT
4kP BQSFTFOUBEBT TVHFTU{FT QBSB TPMVmkP EF DBTPT FTQFDr¾DPT
DPNPSFDJDMBHFNEFSFTrEVPTDMBTTF#°NBEFJSB
JNQMBOUBmkPEF
BUFSSPTFNDBWBTFYBVSJEBTEFNJOFSBmkP
NPWJNFOUBmkPEFTPMP
FNPCSBTEFUFSSBQMFOBHFN
SFDFQmkPEFTPMPQBSBSFHVMBSJ[BmkP
EFUFSSFOP
EJTQPTJmkPEFSFTrEVPTQSPWFOJFOUFTEFPCSBTMJOFBSFT
FVTPEFSFTrEVPTUSJBEPTPVSFDJDMBEPTFNTFSWJmPTEFJOGSBFTUSV
UVSBFNBUFSSPTTBOJUgSJPT
QSPDFEJNFOUPTQSPQPTUPTQBSBGJTDBMJ[BmkP
&OUSFPTBTQFDUPTBTFSFN¾TDBMJ[BEPTSFTTBMUBTFPDVNQSJNFOUP
EPT DPNQSPNJTTPT FTUBCFMFDJEPT OP QSPKFUP F OP MJDFODJBNFOUP
¼ ½
BNCJFOUBM F B WFSJ¾DBmkP EP DVNQSJNFOUP EPT 1MBOPT FTUBCFMF
DJEPT &OGBUJ[BTF B OFDFTTJEBEF EF WFSJ¾DBmkP EB QSFTFOmB EPT
$POUSPMFTEF5SBOTQPSUFEF3FTrEVPT$53TEPTNBUFSJBJTSFDFCJ
EPT
EPTQSPEVUPTEPTQSPDFTTPTFEPTSFKFJUPTFYQVSHBEPT
QPJT
FNOFOIVNBEBTUSpTBUJWJEBEFTBTFSFNMJDFODJBEBTIgBQPTTJCJ
MJEBEFEFJOFYJTUpODJBEFFYQVSHPEFNBUFSJBJT
gSFBTEFUSBOTCPSEPFUSJBHFNQBSB
SFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPTWPMVNPTPT
4kPTJHOJ¾DBUJWPTPTBTQFDUPTDPOUSPMFRVBMJUBUJWPFRVBOUJUBUJWP
EFSFTrEVPTSFDFCJEPTFUSBOTGFSJEPT
TFNQSFQPSNFJPEF$53
SFDFQmkPBQFOBTEFSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPTWP
MVNPTPTUSJBHFNJOUFHSBMEPTSFTrEVPTBDFJUPTEFTUJOBmkPBEF
RVBEBEPTSFTrEVPTFSFKFJUPTSFTVMUBOUFTPCTFSWBmkPEP²1MBOP
EF$POUSPMFEF3FDFCJNFOUPEF3FTrEVPT³
BUFSSPTEFSFTrEVPTTwMJEPTEBDPOTUSVmkP
DJWJMFSFTrEVPTJOFSUFT
4kPTJHOJ¾DBUJWPTPTBTQFDUPTTPNFOUFEFWFNTFSSFDFCJEPTOP
BUFSSP PT SFTrEVPT EB DPOTUSVmkP DJWJM F PT SFTrEVPT JOFSUFT PT
SFTrEVPTEFWFNTFSUSJBEPTTPNFOUFQPEFNTFSEJTQPTUPTPTSF
TrEVPTEFDPOTUSVmkPDJWJMDMBTTF"PVSFTrEVPTJOFSUFTFNgSFBT
EF SFTFSWBmkP
B EJTQPTJmkP EF SFTrEVPT EFWF TFS GFJUB EF GPSNB
TFHSFHBEB
DPOGPSNF PT UJQPT HFSBEPT OB USJBHFN EFWFN TFS
NBOUJEPTOBJOTUBMBmkP
NFTNPDPNBMUFSBmkPEBUJUVMBSJEBEFF
BUnP¾NEBWJEB|UJM
PT$53TFPVUSPTSFHJTUSPTPCTFSWBmkPEP
²1MBOPEF$POUSPMFF.POJUPSBNFOUP³
²1MBOPEF*OTQFmkPF.B
OVUFOmkP³F²1MBOPEF.BOVUFOmkPEBÇSFBEF3FTFSWBmkPPVEF
&ODFSSBNFOUPEP"UFSSPF6TP'VUVSPEBÇSFB³
¼ ½
gSFBTEFSFDJDMBHFNEFSFTrEVPTTwMJEPT
EBDPOTUSVmkPDJWJM
4kP TJHOJ¾DBUJWPT PT BTQFDUPT TPNFOUF QPEFN TFS BDFJUPT SFTr
EVPTEBDPOTUSVmkPDJWJMPTSFTrEVPTEFWFNTFSUSJBEPTEFWFNTFS
SFDJDMBEPTBQFOBTPTSFTrEVPTDMBTTF"
JODMVTPPTPMPBgSFBEFWF
TFSEPUBEBEFTJTUFNBTEFDPOUSPMFEFWJCSBm{FT
SVrEPTFQPMVFO
UFTBUNPTGnSJDPTEFWFTFSFYJHJEPPDPOUSPMFEFFOUSBEBFTBrEBEPT
SFTrEVPT°$53PCTFSWBmkPEP²1MBOPEF*OTQFmkPF.BOVUFOmkP³
FEP²1MBOPEF0QFSBmkP³
TrOUFTFEBTOPSNBTUnDOJDBT
&TUkPBQSFTFOUBEBTEFGPSNBTJOUnUJDBBTOPSNBT/#3
/#3
F/#3
UPEBTEF
HMPTTgSJP
&TUkPBQSFTFOUBEBTBTQSJODJQBJTEF¾OJm{FTBEPUBEBTOBT/PSNBT
#SBTJMFJSBT
BOFYPT
¼ ½
Ç3&"4%&."/&+0%&
3&4Ê%604%"$0/4536b¬0$*7*-
&3&4Ê%60470-6.0404
¼ PSJFOUBm{FTQBSBPTFVMJDFODJBNFOUP
FBQMJDBmkPEBSFTPMVmkPDPOBNB
½
¼ ½
DPOTJEFSBm{FTHFSBJT
.VJUBTDJEBEFTCSBTJMFJSBT
TPCSFUVEPBRVFMBTRVFBQSFTFO
UBN QSPDFTTPT BDFMFSBEPT EF VSCBOJ[BmkP
TPGSFN HSBWFT JN
QBDUPTBNCJFOUBJTQSPWPDBEPTQFMBJOUFOTBEFQPTJmkPJSSFHVMBS
EFSFTrEVPTEBDPOTUSVmkPDJWJM&TTBHSBOEFNBTTBEFSFTrEVPT
RVFOP#SBTJMWBSJBEFBEBNBTTBEFSFTrEVPTTwMJEPT
VSCBOPT
TPCSFDBSSFHB PT TFSWJmPT NVOJDJQBJT EF MJNQF[B Q|
CMJDBFESFOB
DPOUJOVBNFOUF
FTDBTTPTSFDVSTPTQ|CMJDPTEFT
UJOBEPT B QBHBS B DPOUB EB DPMFUB
USBOTQPSUF F EJTQPTJmkP EF
SFTrEVPTEFQPTJUBEPTJSSFHVMBSNFOUFFNgSFBTQ|CMJDBT
DPOUB
FTTBRVF
OBSFBMJEBEF
nEFSFTQPOTBCJMJEBEFEPTHFSBEPSFT
" QBSUJS EF
EFTUBDBTF
OP #SBTJM
P JOrDJP EP FTUBCF
MFDJNFOUP EF QPMrUJDBT Q|CMJDBT
OPSNBT
FTQFDJ¾DBm{FT UnDOJ
DBT F JOTUSVNFOUPT FDPOyNJDPT
WPMUBEPT BP FRVBDJPOBNFOUP
EPTQSPCMFNBTSFTVMUBOUFTEPNBOFKPJOBEFRVBEPEPTSFTrEVPT
&TUFDPOKVOUPEFQPMrUJDBT
OPSNBTFJOTUSVNFOUPTFDPOyNJDPT
DPMPDBPQBrTFNEFTUBRVFFOUSFPTTJUVBEPTOP)FNJTGnSJP4VM
&
QPSPVUSPMBEP
UPSOBQPTTrWFMRVFPTBHFOUFTFOWPMWJEPTOB
DBEFJBEPTSFTrEVPTEFTFOWPMWBNJOJDJBUJWBTOPSVNPEBTVTUFOUB
CJMJEBEFEPTQSPDFTTPTEFHFTUkP&YJTUFIPKFVNHSBOEFO|NFSP
EFDPOTUSVUPSBTRVF
DBQJUBOFBEBTQPSTVBTJOTUJUVJm{FTTFUPSJBJT
FN EJWFSTBT VOJEBEFT EB 'FEFSBmkP
JOUSPEV[FN TJTUFNBT EF
HFSFODJBNFOUPFNTFVTDBOUFJSPTEFPCSB
RVFEFNBOEBNVNB
EFTUJOBmkPDPNQSPNJTTBEB1PSTVBWF[
FTTFQSPDFTTPJOEV[FN
¼ ½
QSFFOEFEPSFTQSJWBEPTBJOWFTUJSFNOBBCFSUVSBEFOPWPTFSFOUgWFJT
OFHwDJPTOBTBUJWJEBEFTEFUSJBHFN
SFDJDMBHFNFEJTQPTJmkPDPSSFUB
" 3FTPMVmkP $0/"." EF
DPNQMFNFOUBEB
QFMB3FTPMVmkP$0/"."EF
FTUBCFMFDFEJSFUSJ[FT
DSJUnSJPT F QSPDFEJNFOUPT QBSB B HFTUkP EPT SFTrEVPT EB DPOTUSV
mkPDJWJM%FBDPSEPDPNBNFODJPOBEBSFTPMVmkP
PTSFTrEVPTEB
DPOTUSVmkPDJWJMOkPQPEFSkPTFSEJTQPTUPTFNBUFSSPTEFSFTrEVPT
EPNJDJMJBSFT
FNgSFBTEF²CPUBGPSB³
FNFODPTUBT
DPSQPTEµgHVB
MPUFTWBHPTFFNgSFBTQSPUFHJEBTQPS-FJ
EFWFOEPBUFOEFSPBSUJHP
EB3FTPMVmkP$0/"."&TUFBSUJHPEFUFSNJOBRVFPT
SFTrEVPTEBDPOTUSVmkPDJWJMEFWFSkPTFSSFVUJMJ[BEPT
SFDJDMBEPTPV
FODBNJOIBEPTBgSFBTFTQFDr¾DBT6NDPOKVOUPEF/PSNBT5nDOJ
DBT #SBTJMFJSBT /#3T
F
BQSF
TFOUBEJSFUSJ[FTQBSBQSPKFUP
JNQMBOUBmkPFPQFSBmkPEFTUBTgSFBT
EFOPNJOBOEPBT DPNP gSFBT EF USBOTCPSEP F USJBHFN JODMVrEPT
PT QPOUPT EF FOUSFHB EF QFRVFOPT WPMVNFT
gSFBT EF SFDJDMBHFN
FBUFSSPTEFSFTrEVPTEBDPOTUSVmkPDJWJM&TTBTgSFBTEFWFNPCUFS
MJDFODJBNFOUPBNCJFOUBMPVTFSFNDBSBDUFSJ[BEBTDPNPOkPQBTTr
WFJTEFMJDFODJBNFOUP
BDSJUnSJPEPwSHkPBNCJFOUBMDPNQFUFOUF
0TSFTrEVPTEBDPOTUSVmkPDJWJMCSBTJMFJSPT
FNHSBOEFQBSUF
OkPSFQSFTFOUBNHSBOEFTSJTDPTBNCJFOUBJTFNSB[kPEFTVBTDB
SBDUFSrTUJDBTRVrNJDBTFNJOFSBJTTFSFNTFNFMIBOUFTBPTBHSFHB
EPTOBUVSBJTFTPMPT
FNFTQFDJBMPTSFTrEVPTEBDMBTTF"
&OUSFUBOUP
QPEFN BQSFTFOUBS PVUSPT UJQPT EF SFTrEVPT
DPNP
wMFPTEFNBRVJOgSJPTVUJMJ[BEPTOBDPOTUSVmkP
QJOUVSBTFBTCFTUPT
EFUFMIBTEFDJNFOUPBNJBOUP/PT&TUBEPT6OJEPT
QPSFYFNQMP
B
RVBOUJEBEFEFSFTrEVPTQFSJHPTPTQSFTFOUFTOBNBTTBEFSFTrEVPTEB
DPOTUSVmkPnEF
QFSDFOUVBMRVF
OBDPOTUSVmkPCSBTJMFJSB
QPEF
TFSNFOPSBJOEBFGBDJMNFOUFFRVBDJPOBEPOBTPQFSBm{FTEFUSJBHFN
¼ ½
0 HFSFODJBNFOUP EF SFTrEVPT FN DBOUFJSPT EF PCSBT F P
DPNQSPNJTTP EPT HFSBEPSFT DPN B TVB EFTUJOBmkP FN gSFBT
FTQFDr¾DBT TkP Bm{FT RVF ¾OBMNFOUF DPNFmBN B EBS SFTVMUB
EPT /B NFEJEB FN RVF Ig EFNBOEB QBSB B JNQMBOUBmkP EF
gSFBT DVKP NBOFKP GPJ OPSNBUJ[BEP BQFOBT SFDFOUFNFOUF
PT
wSHkPTBNCJFOUBJTEFWFNTFQSFQBSBSQBSBPTFVMJDFODJBNFOUP
F¾TDBMJ[BmkP
FTUBCFMFDFOEPQSPDFEJNFOUPTDMBSPT
*TTP DPOUSJCVJSg
EF GPSNB EFDJTJWB
QBSB B JNQMBOUBmkP
EFgSFBTHFSJEBTEFGPSNBTVTUFOUgWFM
FMJNJOBOEPPVTPEPT
²CPUBGPSBT³°POPNFTJOUFUJ[BUPEBVNBGPSNBJSSFTQPOTgWFM
EFEFTUJOBmkPEPTSFTrEVPT
PSJFOUBm{FTQBSBPMJDFODJBNFOUP
0TQSPDFEJNFOUPTBTFSFNFTUBCFMFDJEPTQBSBPMJDFODJB
NFOUP EBT gSFBT QSFWJTUBT OB 3FTPMVmkP F OPSNBUJ
[BEBTQFMBT/#3T
FQP
EFNTFSTJNQMJ¾DBEPT
EBEBTBTDBSBDUFSrTUJDBTEPTSFTrEVPT
EBDPOTUSVmkPDJWJM
TFBTTJNFOUFOEJEPQFMPwSHkPBNCJFO
UBMDPNQFUFOUF
DPOGPSNFFTUBCFMFDJEPQFMB3FTPMVmkP$0
/"."
0T SFTrEVPT EB DPOTUSVmkP
FN FTQFDJBM PT SFTrEVPT EB
DMBTTF "
UpN BMUB JOFSUJDJEBEF F DPOTUJUVFN CBTJDBNFOUF P
NFTNPNBUFSJBMQSFTFOUFOBTGVOEBm{FTEPTFEJGrDJPTEFOPT
¼ ½
TBTDJEBEFT
TFOEPQPTTrWFMEF¾OJSQSPDFEJNFOUPTF¾DB[FTFOkP
DPNQMFYPTQBSBPFTUBCFMFDJNFOUPEBTgSFBTOFDFTTgSJBTBPNB
OFKPDPSSFUPEFTUFTSFTrEVPT
" ¾N EF JMVTUSBS FTTB QPTTJCJMJEBEF
TkP BQSFTFOUBEPT
B
TFHVJS
QSPDFEJNFOUPT TJNQMJ¾DBEPT BEPUBEPT OPT wSHkPT BN
CJFOUBJT
FTUBEVBMFNVOJDJQBJT
EP&TUBEPEF4kP1BVMP
MJDFODJBNFOUPEFgSFBTEFUSBOTCPSEP
FUSJBHFN BUUT
QBSBSFTrEVPTEBDPOTUSVmkP
DJWJMFSFTrEVPTWPMVNPTPT
"TgSFBTEFUSBOTCPSEPFUSJBHFN°"55TTkPFNQSFFOEJNFO
UPT
FN HFSBM EF QFRVFOP QPSUF
EFTUJOBEPT FYDMVTJWBNFOUF h
USJBHFNFUSBOTCPSEPEFSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPT
WPMVNPTPT
DPOGPSNF EFTDSJUP OB /#3 F UFSkP P
MJDFODJBNFOUP BNCJFOUBM SFHJEP QFMP wSHkP BNCJFOUBM DPNQF
UFOUF+gFYJTUFNDBTPTFNRVFPMJDFODJBNFOUPOkPGPJFYJHJEP
QPS OkP UFS TJEP DPOTJEFSBEB BUJWJEBEF QPUFODJBMNFOUF QPMVJ
EPSB
B FYFNQMP EP DSJUnSJP BEPUBEP OP &TUBEP EF 4kP 1BVMP
POEF BQFOBT PT NVOJDrQJPT FYJHFN B MJDFOmB MPDBM PV VNB BV
UPSJ[BmkPTJNQMFTEFGVODJPOBNFOUP
DPNPBTGPSOFDJEBTQBSB
PVUSBTBUJWJEBEFTVSCBOBTEFCBJYPJNQBDUP
"55T RVF PQFSFN DPOKVOUBNFOUF DPN ÇSFBT EF 3FDJDMBHFN
/#3
F"UFSSPTEF3FTrEVPTEB$POTUSVmkP$JWJMF3F
TrEVPT*OFSUFT /#3
EFWFSkPTFSMJDFODJBEBT
OPiN
CJUPEPMJDFODJBNFOUPFYJHJEPQBSBBTEVBTBUJWJEBEFTQSJODJQBJT
5BOUPOPDBTPEFMJDFODJBNFOUPDPOKVOUPEF"55TDPNBUFS
SPTPVgSFBTEFSFDJDMBHFN
DPNPOPDBTPEFBVUPSJ[BmkPBQFOBT
OPiNCJUPNVOJDJQBM
BBOgMJTFEFMJDFOmBBNCJFOUBMPVBVUPSJ
¼ ½
[BmkPEFGVODJPOBNFOUPEFWFSgDPOTJEFSBS
FOUSFPVUSBTDPO
EJm{FT
BBQSFTFOUBmkPEP²1MBOPEF$POUSPMFEF3FDFCJNFOUP
EF3FTrEVPT³EFTDSJUPOB/#3
%FGPSNBBJOEBNBJTKVTUJ¾DBEBRVFOPDBTPEBT"55TQBSB
HSBOEFT WPMVNFT
PT 1POUPT EF &OUSFHB QBSB QFRVFOPT WPMV
NFT
B TFSFN JNQMFNFOUBEPT QFMBT BENJOJTUSBm{FT NVOJDJ
QBJT
DPNP QBSUF EBT EJSFUSJ[FT EB 3FTPMVmkP $0/"."
QPEFSkP OkP FTUBS TVKFJUPT BP MJDFODJBNFOUP BNCJFOUBM
TF B
BUJWJEBEFOkPGPSDPOTJEFSBEBQPUFODJBMNFOUFQPMVJEPSBQFMP
wSHkP BNCJFOUBM DPNQFUFOUF FTUFT FRVJQBNFOUPT Q|CMJDPT
WpNTFOEPDPOTJEFSBEPTDPNPFYQSFTTkPEBBmkPEBBENJOJT
USBmkPQBSBBJOUFSSVQmkPEBBHSFTTkPBPNFJPBNCJFOUFFRVF
QPSUBOUP
OkPSFRVFSFNMJDFODJBNFOUPBNCJFOUBMFTQFDr¾DP
MJDFODJBNFOUPEFBUFSSPTEFSFTJEVPTTwMJEPT
EBDPOTUSVmkPDJWJMFSFTJEVPTJOFSUFT
0TBUFSSPTEFSFTrEVPTTwMJEPTEBDPOTUSVmkPDJWJMFSFTr
EVPTJOFSUFT
EFTUJOBEPThEJTQPTJmkPFYDMVTJWBEFSFTrEVPT
DMBTTF " USJBEPT
EFWFSkP TVCNFUFSTF BP MJDFODJBNFOUP
BNCJFOUBM
OPiNCJUPEPwSHkPBNCJFOUBMDPNQFUFOUF0T
QSPDFEJNFOUPT QBSB MJDFODJBNFOUP QSFDJTBN TFS BQMJDBEPT
UBOUP B BUFSSPT WJTBOEP B SFTFSWBmkP EF NBUFSJBJT QBSB VTP
GVUVSP
RVBOUPBBUFSSPTWJTBOEPPVTPGVUVSPEBgSFB1BSBP
MJDFODJBNFOUPEBBUJWJEBEFEFWFNTFSPVWJEPT
RVBOEPDPV
CFS
PTwSHkPTSFTQPOTgWFJTQFMBHFTUkP¿PSFTUBM
EFSFDVS
TPTIrESJDPTFPVUSPT
0MJDFODJBNFOUPEFTTBBUJWJEBEFQPEFSgTFSGFJUPEFGPSNB
EFTDFOUSBMJ[BEBFEJGFSFODJBEB
EFBDPSEPDPNPQPSUFEPFN
¼ ½
QSFFOEJNFOUP
B FYFNQMP EPT QSPDFEJNFOUPT BEPUBEPT OP &T
UBEPEF4kP1BVMP
B
BUFSSPTDVKBDBQBDJEBEFUPUBMOkPFYDFEBNFRVFSF
DFCBNVNBRVBOUJEBEFEFSFTrEVPTJHVBMPVJOGFSJPSBN
QPSEJB
QPEFSkPTFSMJDFODJBEPTOBTBHpODJBTSFHJPOBJTEPT
wSHkPTBNCJFOUBJT
RVBOEPFYJTUJSFN
C
BUFSSPTDVKBDBQBDJEBEFUPUBMTFKBTVQFSJPSBNFRVF
SFDFCBNVNBRVBOUJEBEFEFSFTrEVPTTVQFSJPSBNQPS
EJBFJOGFSJPSPVJHVBMBNQPSEJB
QPEFSkPTFSMJDFODJB
EPTOBTBHpODJBTSFHJPOBJTEPTwSHkPTBNCJFOUBJT
PVWJEPT
PTwSHkPTDFOUSBJTEFMJDFODJBNFOUPFTUBEVBM
D
BUFSSPTDVKBDBQBDJEBEFUPUBMTFKBTVQFSJPSBNFRVF
SFDFCBNVNBRVBOUJEBEFEFSFTrEVPTTVQFSJPSBNQPS
EJB
EFWFSkPTFSMJDFODJBEPTOPTwSHkPTDFOUSBJTEFMJDFODJB
NFOUPFTUBEVBM FN4kP1BVMPWFNTFOEPFYJHJEBBQFOBTB
BQSFTFOUBmkPEF3FMBUwSJP"NCJFOUBM1SFMJNJOBS°3"1
0TBUFSSPTRVFTJNVMUBOFBNFOUFPDVQFNgSFBJHVBMPVJOGFSJPS
BN
WPMVNFUPUBMPVJOGFSJPSBNFUFOIBNDPNP¾OB
MJEBEFJNFEJBUBBSFHVMBSJ[BmkPEFUFSSFOPTQBSB¾OTEFFEJ¾DBmkP
QPEFN TFS DBSBDUFSJ[BEPT DPNP OkP QBTTrWFJT EF MJDFODJBNFOUP
BNCJFOUBM¾DBOEPTVKFJUPT
QPSnN
hNBOJGFTUBmkPEPTwSHkPTEF
QSPUFmkP¿PSFTUBM
SFDVSTPTIrESJDPTFOUSFPVUSPT
FTVKFJUPThTBV
UPSJ[Bm{FTQBSBNPWJNFOUBmkPEFTPMP
EFDVOIPNVOJDJQBM
&N4kP1BVMP
WFNTFOEPPCKFUPEFBOBMJTFEPTwSHkPTDFO
USBJTEFMJDFODJBNFOUPFTUBEVBMPTBUFSSPTDVKBMPDBMJ[BmkPTFFO
RVBESFFN
B
6OJEBEFT EF $POTFSWBmkP EF¾OJEBT QFMB -FJ 'FEFSBM
¼ ½
$BQrUVMP***FBTgSFBTMJNrUSPGFThTNFTNBT
C
ÇSFBTFNPOVNFOUPTUPNCBEPTQFMPTwSHkPTEFEFGFTBEP
QBUSJNyOJPIJTUwSJDP
PVFRVJWBMFOUFT
D
ÇSFBTDPNDPCFSUVSBWFHFUBMQSJNgSJBPVTFDVOEgSJBFNFT
UgHJPNnEJPPVBWBOmBEPEFSFHFOFSBmkP
0MJDFODJBNFOUPBNCJFOUBMQBSBBUFSSPTEFSFTrEVPTTwMJEPT
EBDPOTUSVmkPDJWJMFSFTrEVPTJOFSUFTEFWFSgDPOTJEFSBS
FOUSF
PVUSBT DPOEJm{FT
BT FTUBCFMFDJEBT OB /#3 QBSB
JNQMBOUBmkP
QSPKFUPFPQFSBmkP
DPNpOGBTFOBOFDFTTJEBEF
EF²1MBOPEF$POUSPMFF.POJUPSBNFOUP³
²1MBOPEF*OTQFmkP
F.BOVUFOmkP³F²1MBOPEF.BOVUFOmkPEBÇSFBEF3FTFSWBmkP
PVEF&ODFSSBNFOUPEP"UFSSPF6TP'VUVSPEBÇSFB³
MJDFODJBNFOUPEFgSFBTEFSFDJDMBHFN
EFSFTrEVPTTwMJEPTEBDPOTUSVmkPDJWJM
0TFNQSFFOEJNFOUPTEFTUJOBEPThSFDJDMBHFNEFSFTrEVPTEB
DPOTUSVmkP USJBEPT UFSkP P MJDFODJBNFOUP BNCJFOUBM SFHJEP QFMP
wSHkPBNCJFOUBMDPNQFUFOUF0TQSPDFEJNFOUPTQPEFSkPTFSTJNJ
MBSFTBPTFTUBCFMFDJEPTQBSBPVUSBTBUJWJEBEFTEFDVOIPJOEVTUSJBM
"TÇSFBTEF3FDJDMBHFNQSPDFTTBSkPSFTrEVPTDMBTTF"KgUSJB
EPTOBGPOUFHFSBEPSB
FN"55TGPSOFDFEPSBTPVFNgSFBTEFUSJB
HFN FTUBCFMFDJEBT OP QSwQSJP FNQSFFOEJNFOUP RVF
OFTUF DBTP
EFWFSkPTFSMJDFODJBEBTFNDPOKVOUPDPNBÇSFBEF3FDJDMBHFN
ÇSFBTEF3FDJDMBHFNRVFPQFSFNDPOKVOUBNFOUFDPN"UFS
SPTEFSFTrEVPTEBDPOTUSVmkPDJWJMQPEFSkPUFSQSPDFEJNFOUP
EFMJDFODJBNFOUPTJNJMBSBPFYJHJEPQBSBPTBUFSSPT
FNGVOmkP
EFTFVQPSUF
¼ ½
0MJDFODJBNFOUPBNCJFOUBMQBSBÇSFBTEF3FDJDMBHFNEFWFSg
DPOTJEFSBS
BMnNEBMFHJTMBmkPBNCJFOUBMQFSUJOFOUF
FOUSFPV
USBT DPOEJm{FT
BT FTUBCFMFDJEBT OB /#3 QBSB JN
QMBOUBmkP
QSPKFUP F PQFSBmkP
DPN pOGBTF OB OFDFTTJEBEF EF
²1MBOP EF $POUSPMF F .POJUPSBNFOUP³
²1MBOP EF *OTQFmkP F
.BOVUFOmkP³F²1MBOPEF.BOVUFOmkPEBÇSFBEF3FTFSWBmkP
PVEF&ODFSSBNFOUPEP"UFSSPF6TP'VUVSPEBÇSFB³
QSPDFEJNFOUPTQBSBDBTPTFTQFDr¾DPT
"FWPMVmkPEBTJOJDJBUJWBTFBOFDFTTJEBEFEFDPOTUSVJSTPMVm{FT
QBSBTJUVBm{FTSFBJT
QPTTJCJMJUBNQSPDFEJNFOUPTFTQFDr¾DPT
B
SFDJDMBHFNEFSFTrEVPTDMBTTFC°NBEFJSB
¼ ½
C
JNQMBOUBmkPEFBUFSSPTFNDBWBTFYBVSJEBTEFNJOFSBmkP
0MJDFODJBNFOUPEFBUFSSPTEFSFTrEVPTEFDPOTUSVmkPDJWJM
FSFTrEVPTJOFSUFTBTFSFNJNQMBOUBEPTFNDBWBTFYBVSJEBTEF
NJOFSBmkPEBSTFgEFBDPSEPDPNPTFTUVEPTFQSPDFEJNFO
UPTEF¾OJEPTQFMPwSHkPBNCJFOUBMDPNQFUFOUF
D
NPWJNFOUBmkPEFTPMPFNPCSBTEFUFSSBQMFOBHFN
0TBUFSSPTQSPWFOJFOUFTEBNPWJNFOUBmkPJOUFSOBEFTPMP
FNPCSBTEFUFSSBQMFOBHFN
EFOUSPEFVNNFTNPUFSSFOPPV
FNQSFFOEJNFOUPKgBVUPSJ[BEPPVMJDFODJBEPBNCJFOUBMNFOUF
QPEFSkP TFS DBSBDUFSJ[BEPT DPNP OkP QBTTrWFJT EF MJDFODJB
NFOUP BNCJFOUBM FTQFDr¾DP
B DSJUnSJP EP wSHkP BNCJFOUBM
DPNQFUFOUF
E
SFDFQmkPEFTPMPQBSBSFHVMBSJ[BmkPEFUFSSFOP
"SFDFQmkPEFTPMPDPNB¾OBMJEBEFEFSFHVMBSJ[BmkPEF
UFSSFOP QBSB B JNFEJBUB PDVQBmkP QPS FEJ¾DBmkP PV PVUSP
VTPVSCBOP
QSFWJTUBOPiNCJUPEPQSPKFUPBQSPWBEPEFTTB
PDVQBmkP
QPEFSgTFSDBSBDUFSJ[BEBDPNPOkPQBTTrWFMEFMJ
DFODJBNFOUPBNCJFOUBMFTQFDr¾DP
PVTFSGFJUBOPiNCJUPEP
MJDFODJBNFOUPBNCJFOUBMEBPDVQBmkP
TFBNFTNBGPSPCKFUP
EFMJDFODJBNFOUPBNCJFOUBM
¼ ½
F
EJTQPTJmkPEFSFTrEVPTQSPWFOJFOUFTEFPCSBTMJOFBSFT
G
VTPEFSFTrEVPTUSJBEPTPVSFDJDMBEPTFNTFSWJmPTEFJOGSB
FTUSVUVSBFNBUFSSPTTBOJUgSJPT
"3FTPMVmkP$0/"."QSPJCJVBEJTQPTJmkPEFSFTrEVPT
EBDPOTUSVmkPDJWJMFNBUFSSPTTBOJUgSJPT%F¾OJV
OPFOUBOUP
P
BHSFHBEPSFDJDMBEPDPNPTFOEPPSFTrEVPCFOF¾DJBEP USJBEPPV
SFDJDMBEP
DPNDBSBDUFSrTUJDBTUnDOJDBTQBSBBQMJDBmkPFNPCSBT
EFBUFSSPTTBOJUgSJPTFOUSFPVUSBT
&TUB EJSFUSJ[ QFSNJUF B¾SNBS DPNP DPSSFUB F SFQSPEVUrWFM B
QSgUJDBEFEJWFSTPTNVOJDrQJPTFNVUJMJ[BSFNPTSFTrEVPTDMBTTF
"
USJBEPTPVSFDJDMBEPT
FNTFSWJmPTEJWFSTPTOPTBUFSSPT
UBJT
DPNPPQSFQBSPEFWJBTJOUFSOBT
QSFQBSPEBDPCFSUVSBEFDnMV
MBT
QSFQBSPEFESFOPTFPVUSBTBQMJDBm{FT
¼ ½
QSPDFEJNFOUPTQSPQPTUPT
QBSBBGJTDBMJ[BmkP
$PNQFUJOEPBGJTDBMJ[BmkPBPwSHkPSFTQPOTgWFMQFMP
MJDFODJBNFOUPFBPTwSHkPTBFMFJOUFSMJHBEPT
DPOTJEFSB
TF JNQPSUBOUF B WFSJGJDBmkP EP DVNQSJNFOUP EPT DPN
QSPNJTTPTFTUBCFMFDJEPTOPQSPKFUPEPFNQSFFOEJNFOUP
FOPQSPDFTTPEFMJDFODJBNFOUPFBWFSJGJDBmkPEBTDPOEJ
m{FTPQFSBDJPOBJTEBgSFB
&OUSF BT DPOEJm{FT PQFSBDJPOBJT UPSOBTF JNQPSUBOUF B
WFSJ¾DBmkPEBQSFTFOmBEPT$POUSPMFTEF5SBOTQPSUFEF3F
TrEVPT DUST
UBOUPEPTNBUFSJBJTSFDFCJEPT
DPNPEPTQSP
EVUPTEPTQSPDFTTPTFEPTSFKFJUPTFYQVSHBEPT&NOFOIVNB
EBTUSpTBUJWJEBEFTBTFSFNMJDFODJBEBTIgBQPTTJCJMJEBEFEF
JOFYJTUpODJBEFFYQVSHPEFNBUFSJBJT5PEBTBTDMBTTFTEFSF
TrEVPTEBDPOTUSVmkPQPEFSkPTFSSFDFCJEBT
QPSnN
BQwTB
USJBHFN
QPEFSkPTFSBDFJUBTFJOUSPEV[JEBTOBgSFBEFPQFSB
mkPBQFOBTBTDMBTTFTEFSFTrEVPTQSFWJTUBTOBT/PSNBT#SB
TJMFJSBT0TSFKFJUPTBTFSFNFYQVSHBEPTFTUBSkPDPOTUJUVrEPT
QSJODJQBMNFOUFEFSFTrEVPTEPNJDJMJBSFT
DPOUBNJOBOUFTEP
SDE
RVFEFWFSkPTFSEJTQPTUPTFNBUFSSPTTBOJUgSJPT
1PEFOEPBTgSFBTEFNBOFKPEFSFTrEVPTEBDPOTUSVmkPTFS
MJDFODJBEBTQPSJOTUiODJBTEFHPWFSOPEJWFSTBT
DPOTJEFSBTFJN
QPSUBOUFRVF
OBPDPSSpODJBEFEFO|ODJBEFJODPNPEJEBEF
PwS
HkP¾TDBMJ[BEPSBDJPOBEP
NFTNPOkPTFOEPEBNFTNBFTGFSB
¼ ½
EFHPWFSOPSFTQPOTgWFMQFMPMJDFODJBNFOUP
BUFOEBBEFNBOEBF
BUnNFTNPQBSBFWJUBSTFDPOPUBmkPEFQSFWBSJDBmkP
P¾DJFhJOT
UiODJBEFHPWFSOPSFTQPOTgWFM
DPNBTPMJDJUBmkPEFQSPWJEpODJBT
4kPPTTFHVJOUFTPTBTQFDUPTPQFSBDJPOBJTNBJTTJHOJ¾DBUJ
WPTh¾TDBMJ[BmkP
gSFBTEFUSBOTCPSEPFUSJBHFNQBSBSFTrEVPTEB
DPOTUSVmkPDJWJMFSFTrEVPTWPMVNPTPT
B
DPOUSPMFRVBMJUBUJWPFRVBOUJUBUJWPEFSFTrEVPTSFDFCJEPTF
USBOTGFSJEPTQPSNFJPEFDUS
C
SFDFQmkPBQFOBTEFSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPT
WPMVNPTPT
D
USJBHFNJOUFHSBMEPTSFTrEVPTBDFJUPT
E
FWJUBSPBD|NVMPEFNBUFSJBMOkPUSJBEP
F
EFTUJOBmkPBEFRVBEBEPTSFTrEVPTFSFKFJUPTSFTVMUBOUFTEB
USJBHFN
G
TJTUFNBEFDPOUSPMFEFQPFJSBTFSVrEPT
gSFBTEFSFDJDMBHFNEFSFTrEVPTTwMJEPT
EBDPOTUSVmkPDJWJM
B
TPNFOUF QPEFN TFS BDFJUPT OB gSFB EF SFDJDMBHFN PT SFTr
EVPTEBDPOTUSVmkPDJWJMDMBTTF"
C
PTSFTrEVPTSFDFCJEPTEFWFNTFSQSFWJBNFOUFUSJBEPT
OB
GPOUF HFSBEPSB
FN gSFBT EF USBOTCPSEP F USJBHFN PV OB
QSwQSJBgSFBEFSFDJDMBHFN
EFNPEPRVFOFMBTFKBNSFDJDMB
EPTBQFOBTPTSFTrEVPTEFDPOTUSVmkPDJWJMDMBTTF"
JODMVTP
PTPMP
¼ ½
D
B gSFB EF USJBHFN
TF FTUBCFMFDJEB OB QSwQSJB JOTUBMBmkP
EFWFFTUBSFNDPOGPSNJEBEFDPNBOCS
E
PTFRVJQBNFOUPTFBJOTUBMBmkPEFWFNTFSEPUBEPTEFTJTUFNBT
EFDPOUSPMFEFWJCSBm{FT
SVrEPTFQPMVFOUFTBUNPTGnSJDPT
F
EFWFTFSFYJHJEPPDPOUSPMFEFFOUSBEBEPTSFTrEVPTSFDFCJ
EPTBEFTDSJmkPEPTSFTrEVPTSFKFJUBEPTFTVBEFTUJOBmkP
BEFTDSJmkPFEFTUJOBmkPEPTSFTrEVPTSFVUJMJ[BEPTBEFT
DSJmkPFEFTUJOBmkPEPTSFTrEVPTSFDJDMBEPTFPDPOUSPMFEB
RVBMJEBEFEPTQSPEVUPTHFSBEPT
G
PTPQFSBEPSFTEFWFNNBOUFSPTDUSSFDFCJEPTFFNJUJEPT
QBSBFWFOUVBMBQSFTFOUBmkPEFSFMBUwSJP
BUFSSPTEFSFTrEVPTTwMJEPTEBDPOTUSVmkP
DJWJMFSFTrEVPTJOFSUFT
B
TPNFOUF EFWFN TFS SFDFCJEPT OP BUFSSP PT SFTrEVPT EB
DPOTUSVmkPDJWJMFPTSFTrEVPTJOFSUFT
C
PT SFTrEVPT BDFJUPT EFWFN TFS QSFWJBNFOUF USJBEPT
OB
GPOUFHFSBEPSB
FNgSFBTEFUSBOTCPSEPFUSJBHFNPVFN
gSFBEFUSJBHFNFTUBCFMFDJEBOPQSwQSJPBUFSSP
EFNPEP
RVFOFMFTFKBNEJTQPTUPTBQFOBTPTSFTrEVPTEFDPOTUSVmkP
DJWJMDMBTTF"PVSFTrEVPTJOFSUFT
D
PT SFTrEVPT EFWFN TFS EJTQPTUPT FN DBNBEBT TPCSFQPT
UBTFOkPTFSgQFSNJUJEPPEFTQFKPQFMBMJOIBEFUPQP&N
gSFBTEFSFTFSWBmkPBEJTQPTJmkPEFSFTrEVPTEFWFTFSGFJUB
EFGPSNBTFHSFHBEB
EFNPEPBWJBCJMJ[BSBSFVUJMJ[BmkPPV
SFDJDMBHFNGVUVSBEFWFNTFSTFHSFHBEPTPTTPMPT
PTSFTr
EVPTEFDPODSFUPFBMWFOBSJB
PTSFTrEVPTEFQBWJNFOUPT
WJgSJPTBTGgMUJDPTFPTSFTrEVPTJOFSUFT
¼ ½
E
EFWFTFSNBOUJEPOBJOTUBMBmkP
BUnP¾NEBWJEB|UJMFOPQF
SrPEPEFQwTGFDIBNFOUP
VNSFHJTUSPEBEFTDSJmkPFRVBOUJ
EBEFEFDBEBSFTrEVPSFDFCJEPFBEBUBEFEJTQPTJmkP
JODMV
rEPTPTDUSOPDBTPEFSFTFSWBmkPEFSFTrEVPT
JOEJDBmkP
EPTFUPSPOEFPSFTrEVPGPJEJTQPTUPEFTDSJmkP
RVBOUJEBEF
FEFTUJOBmkPEPTSFTrEVPTSFKFJUBEPTEFTDSJmkP
RVBOUJEBEF
FEFTUJOBmkPEPTSFTrEVPTSFBQSPWFJUBEPTSFHJTUSPEBTBOg
MJTFT FGFUVBEBT OPT SFTrEVPT SFHJTUSP EBT JOTQFm{FT SFBMJ
[BEBTFEPTJODJEFOUFTPDPSSJEPTFSFTQFDUJWBTEBUBTEBEPT
SFGFSFOUFTBPNPOJUPSBNFOUPEBTgHVBTTVQFS¾DJBJTFTVC
UFSSiOFBT0SFHJTUSPEFWFTFSNBOUJEPFNDBTPEFBMUFSBmkP
EBUJUVMBSJEBEFEBgSFBPVFNQSFFOEJNFOUPFQBSBFWFOUVBM
BQSFTFOUBmkPEFSFMBUwSJPT
TrOUFTFEBTOPSNBTUnDOJDBT
OCS°SFTrEVPTEBDPOTUSVmkPDJWJM
FSFTrEVPTWPMVNPTPT°gSFBTEFUSBOTCPSEPF
USJBHFN°EJSFUSJ[FTQBSBQSPKFUP
JNQMBOUBmkPFPQFSBmkP
¼ ½
B
DPOEJm{FTEFJNQMBOUBmkP
C
DPOEJm{FTQBSBQSPKFUP
4kPJNQPSUBOUFTPTBTQFDUPTSFMBUJWPThTJOGPSNBm{FTDBEBT
USBJT
NFNPSJBMEFTDSJUJWP
DSPRVJEPFNQSFFOEJNFOUPFSFMBUwSJP
GPUPHSg¾DPEBgSFB
SFTQPOTBCJMJEBEFQFMPQSPKFUPF
FTQFDJBMNFOUF
PTSFMBUJWPTBP²1MBOPEF$POUSPMFEF3FDFCJNFOUPEF3FTrEVPT³
D
DPOEJm{FTEFPQFSBmkP
*NQPSUBNBTRVFTU{FTSFMBUJWBTBPDPOUSPMFEPSFDFCJNFOUP
F FYQFEJmkP EF SFTrEVPT F BT EJSFUSJ[FT FTUBCFMFDJEBT QBSB B
PQFSBmkP
QSJODJQBMNFOUFFNSFMBmkPB
EJTQPOJCJMJ[BmkPEFSFMBUwSJPTNFOTBJTDPNDPOUSPMFRVBMJ
UBUJWPFRVBOUJUBUJWPEPTSFTrEVPTSFDFCJEPTFUSBOTGFSJEPT
QSFTFOmBEPTDUSEFUPEBTBTDBSHBTSFDFCJEBTFFYQVSHBEBT
SFDFQmkPBQFOBTEFSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPT
WPMVNPTPT
USJBHFNJOUFHSBMEPTSFTrEVPTBDFJUPT
FWJUBSPBD|NVMPEFNBUFSJBMOkPUSJBEP
EFTUJOBmkPBEFRVBEBEPTSFTrEVPTFSFKFJUPTSFTVMUBOUFTEB
USJBHFN
¼ ½
FYJTUpODJBEFgSFBEFFTQFSBFTQFDr¾DBQBSBPTSFTrEVPTEF
DMBTTJ¾DBmkPRVFTUJPOBEB
OCS°SFTrEVPTTwMJEPTEBDPOTUSVmkP
DJWJMFSFTrEVPTJOFSUFT°BUFSSPT°EJSFUSJ[FTQBSB
QSPKFUP
JNQMBOUBmkPFPQFSBmkP
4kPBTTFHVJOUFTBTEFUFSNJOBm{FTEBOCSQBSBBTDPO
EJm{FTEFJNQMBOUBmkP
EFQSPKFUPFEFPQFSBmkP
UBOUPQBSBBSFTFS
WBmkPEFNBUFSJBJTEFGPSNBTFHSFHBEBDPNPQBSBBTVBEJTQPTJmkP
DPNWJTUBThGVUVSBVUJMJ[BmkPEBgSFBSFTVMUBOUF
DPNpOGBTFOB
OFDFTTJEBEFEF²1MBOPEF$POUSPMFF.POJUPSBNFOUP³
²1MBOPEF
*OTQFmkPF.BOVUFOmkP³F²1MBOPEF.BOVUFOmkPEBÇSFBEF3FTFS
WBmkPPVEF&ODFSSBNFOUPEP"UFSSPF6TP'VUVSPEBÇSFB³
B
DPOEJm{FTEFJNQMBOUBmkP
4kPJNQPSUBOUFTPTBTQFDUPTSFGFSFOUFThNJOJNJ[BmkPEFJN
QBDUPTBNCJFOUBJTFBBDFJUBmkPEBJOTUBMBmkPQFMBQPQVMBmkP
h
BEFRVBmkPhMFHJTMBmkPEFVTPEPTPMPFBJOEBhHFPMPHJBFUJQPT
EF TPMPT FYJTUFOUFT
IJESPMPHJB
QBTTJWP BNCJFOUBM
WFHFUBmkP
WJBTEFBDFTTP
gSFBFWPMVNFEJTQPOrWFJTFEJTUiODJBEFO|DMFPT
QPQVMBDJPOBJT*NQPSUBNUBNCnNPTBTQFDUPTSFGFSFOUFTB
BDFTTPT
JTPMBNFOUPFTJOBMJ[BmkP°BDFTTPTJOUFSOPTFFYUFS
OPT
GFDIBNFOUPEFUPEPPQFSrNFUSP
QPSU{FTDPNDPOUSPMF
BOUFQBSPQBSBQSPUFmkPEBWJ[JOIBOmBFGBJYBEFQSPUFmkPJO
UFSOBBPQFSrNFUSP
DPOEJm{FTEFJMVNJOBmkP
GPSOFDJNFOUPEFFOFSHJBFDPNV
OJDBmkP
¼ ½
QSPUFmkPEBTgHVBTTVCUFSSiOFBT°QSFWJTkPEFTJTUFNBEF
NPOJUPSBNFOUP EP BRrGFSP NBJT QSwYJNP h TVQFSGrDJF
RVFQPEFSgTFSEJTQFOTBEPBDSJUnSJPEPwSHkPBNCJFOUBM
FNGVOmkPEBDPOEJmkPIJESPHFPMwHJDBMPDBMFQBSBBUFSSPT
EFQFRVFOPQPSUF
DPNgSFBJOGFSJPShNFWPMVNF
EFEJTQPTJmkPJOGFSJPShN
QSPUFmkP EBT gHVBT TVQFS¾DJBJT ° QSFWJTkP EF NFEJEBT
QBSBQSPUFmkPEBTgHVBTTVQFS¾DJBJTFEFTJTUFNBTEFESF
OBHFNRVFJNQFmBNPBDFTTPEFgHVBTQSFDJQJUBEBTOP
FOUPSOPFPDBSSFBNFOUPEFNBUFSJBMTwMJEPQBSBGPSBEB
gSFBEPBUFSSP
C
DPOEJm{FTQBSBQSPKFUP
4kPJNQPSUBOUFTBTJOGPSNBm{FTBTFSFNQSFTUBEBTOPNF
NPSJBMEFTDSJUJWP
NFNPSJBMUnDOJDP
DSPOPHSBNBTFEFTFOIPT
EPFNQSFFOEJNFOUP
QSJODJQBMNFOUFFNSFMBmkPB
NFNPSJBMEFTDSJUJWP°BTQFDUPTDPNPDBSBDUFSJ[BmkPUPQP
HSg¾DB
HFPMwHJDBFHFPUnDOJDB
FEBDJSDVOWJ[JOIBOmB VTP
EPTPMP
VTPEBTDPMFm{FTIrESJDBTFQSFTFOmBEFWFHFUBmkP
DPODFQmkPEPQSPKFUP BO|ODJPEBBMUFSOBUJWBEFSFTFSWBmkP
EFNBUFSJBJTTFHSFHBEPTQBSBVTPGVUVSPPVVTPGVUVSPEB
gSFBSFTVMUBOUF
QSFQBSPEPMPDBMEFEJTQPTJmkP DPNSF
NPmkPUPUBMEBDPCFSUVSBWFHFUBMFTJNQMFTSFHVMBSJ[BmkP
EPUFSSFOP
MPDBMJ[BmkPEPTJTUFNBEFESFOBHFNFEPTQP
mPTEFNPOJUPSBNFOUP OPNrOJNPVNBNPOUBOUFFUSpTB
KVTBOUF
EFTDSFWFOEPTFBJOEB
²1MBOP EF $POUSPMF F .POJUPSBNFOUP³ ° DPOUSPMFT EF
PSJHFNFRVBOUJEBEFEPTSFTrEVPTSFDFCJEPTFNPOJUPSB
¼ ½
NFOUPEBRVBMJEBEFEPTSFTrEVPTEJTQPTUPT
RVFQFSNJUBNB
SFDPOTUJUVJmkPEBDBEFJBEFSFTQPOTBCJMJEBEFTDPOUSPMFTEB
RVBMJEBEFEBTgHVBTTVCUFSSiOFBTFTVQFS¾DJBJT
²1MBOP EF *OTQFmkP F .BOVUFOmkP³ ° DPOUSPMFT EP TJT
UFNBEFESFOBHFN
EBFTUBCJMJEBEFEPBUFSSP
EBEJTQFSTkP
EF NBUFSJBM QBSUJDVMBEP
EB FNJTTkP EF SVrEPT F EB TFHV
SBOmBPDVQBDJPOBM
²1MBOPEF.BOVUFOmkPEBÇSFBEF3FTFSWBmkP³°EFTDSJmkP
EPTQSPDFEJNFOUPTBTFSFNNBOUJEPTQBSBHBSBOUJBEBTDPO
EJm{FTEFESFOBHFN
JTPMBNFOUPFFTUBCJMJEBEFHFPUnDOJDB
²1MBOP EF &ODFSSBNFOUP EP "UFSSP F 6TP 'VUVSP EB ÇSFB³
°EFTDSJmkPEPVTPGVUVSPEBgSFB
EPTQSPDFEJNFOUPTQBSBNBOV
UFOmkPEBFTUBCJMJEBEFFQSPDFEJNFOUPTQBSBNPOJUPSBNFOUPEBT
gHVBTTVCUFSSiOFBTFTVQFS¾DJBJTBQwTPUnSNJOPEBPQFSBmkP
NFNPSJBMUnDOJDP°DPNDgMDVMPEPTFMFNFOUPTBEPUBEPTOP
QSPKFUPFDgMDVMPEBDBQBDJEBEFEFSFTFSWBmkPPVEBWJEB|UJM
EPBUFSSP
EFTFOIPT F QMBOUBT ° DPN DPO¾HVSBmkP PSJHJOBM F ¾OBM EB
gSFB
TFRpODJBDPOTUSVUJWB
TJTUFNBTEFQSPUFmkPBNCJFOUBM
FEF¾OJmkPEBgSFBEFUSJBHFNFTUBCFMFDJEBOPQSwQSJPBUFSSP
FNDPOGPSNJEBEFDPNBOCS
D
DPOEJm{FTEFPQFSBmkP
¼ ½
SFDFCJNFOUPEFSFTrEVPT°TPNFOUFQPEFNTFSSFDFCJEPT
PTSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPTJOFSUFT
BDPNQB
OIBEPTTFNQSFEPTDUS
USJBHFNEPTSFTrEVPT°UPEPTPTSFTrEVPTSFDFCJEPTEFWFN
TFSUSJBEPTOBGPOUF
FN"55T
PVFNgSFBTEFUSJBHFNFT
UBCFMFDJEBTOPBUFSSPPTSFTrEVPTEFDMBTTF#
$F%FPT
DPOTJEFSBEPTSFKFJUPTEFWFNTFSFYQVSHBEPTEPBUFSSP
EJTQPTJmkPTFHSFHBEBEFSFTrEVPT°FNBUFSSPTEFSFTFSWB
mkPEFWFNTFSTFHSFHBEPTPTTPMPT
DPODSFUPFBMWFOBSJB
QBWJNFOUPTBTGgMUJDPTFSFTrEVPTJOFSUFT
QSPDFEJNFOUPT QBSB SFHJTUSP EB PQFSBmkP ° EFTDSJmkP F
RVBOUJEBEFEFDBEBSFTrEVP
EBUBFMPDBMEFEJTQPTJmkPOP
BUFSSP
EFTUJOBmkPEPTSFTrEVPTSFKFJUBEPT
EFTUJOBmkPEPT
SFTrEVPT SFBQSPWFJUBEPT
BOgMJTF SFBMJ[BEB OPT SFTrEVPT
EBEPTEBTJOTQFm{FTFNPOJUPSBNFOUPT
0TSFHJTUSPTSFBMJ[BEPTEFWFNTFSNBOUJEPTFNDBTPEF
BMUFSBmkPEBUJUVMBSJEBEFEPFNQSFFOEJNFOUPPVEBQPTTF
EBgSFB
OCS°SFTrEVPTTwMJEPTEBDPOTUSVmkP
DJWJM°gSFBTEFSFDJDMBHFN°EJSFUSJ[FT
QBSBQSPKFUP
JNQMBOUBmkPFPQFSBmkP
4kPBTTFHVJOUFTBTEFUFSNJOBm{FTEBOCSQBSBBT
DPOEJm{FTEFJNQMBOUBmkP
EFQSPKFUPFEFPQFSBmkPEBTgSFBT
EFSFDJDMBHFN
SFTTBMUBOEPTFBJNQPSUiODJBEP²1MBOPEF*OT
QFmkPF.BOVUFOmkP³FEP²1MBOPEF0QFSBmkP³
¼ ½
B
DPOEJm{FTEFJNQMBOUBmkP
C
DPOEJm{FTQBSBQSPKFUP
4kPJNQPSUBOUFTBTJOGPSNBm{FTBTFSFNQSFTUBEBTOPNF
NPSJBMEFTDSJUJWPFOPQSPKFUPCgTJDP
NFNPSJBMEFTDSJUJWP°BTQFDUPTDPNPDBSBDUFSJ[BmkPEPMPDBM
EFJNQMBOUBmkP
EFTDSJmkPEBTPQFSBm{FT
EPTFRVJQBNFOUPT
BTFSFNVUJMJ[BEPTFTVBTDBQBDJEBEFT
FRVJQBNFOUPTEFTF
HVSBOmB
EFUBMIFTEP²1MBOPEF0QFSBmkP³FEP²1MBOPEF
*OTQFmkPF.BOVUFOmkP³
QSPKFUPCgTJDP°JOEJDBmkPEFDPOGSPOUBOUFT
EJTQPTJUJWPT
EF BDFTTP F ESFOBHFN
FEJ¾DBm{FT B DPOTUSVJS
EP MPDBM
EFSFDFCJNFOUPFUSJBHFNFNDPOGPSNJEBEFDPNBOCS
¼ ½
MPDBMEFBSNB[FOBNFOUPUFNQPSgSJPEFSFTrEVPT
OkPSFDJDMgWFJT
MPDBMEFQSPDFTTBNFOUPFEFBSNB[FOB
NFOUPEPTQSPEVUPT
D
DPOEJm{FTEFPQFSBmkP
*NQPSUBNBTRVFTU{FTSFMBUJWBTBPSFDFCJNFOUP
USJBHFNFQSP
DFTTBNFOUPEFSFTrEVPT
DPOUSPMFTEBQPMVJmkPBNCJFOUBM
PUSFJ
OBNFOUPEFGVODJPOgSJPTFPTFRVJQBNFOUPTEFTFHVSBOmBQSFWJT
UPTFPTQSPDFEJNFOUPTFTUBCFMFDJEPTQBSBJOTQFmkPFNBOVUFOmkP
FQBSBSFHJTUSPEBPQFSBmkP
QSJODJQBMNFOUFFNSFMBmkPB
SFDFCJNFOUPEFSFTrEVPT°TPNFOUFQPEFNTFSBDFJUPTOB
gSFBEFSFDJDMBHFNPTSFTrEVPTEBDPOTUSVmkPDJWJMDMBTTF"
JODMVTPPTPMP
USJBHFNEPTSFTrEVPT°UPEPTPTSFTrEVPTSFDFCJEPT BDPN
QBOIBEPTTFNQSFEPTDUS
EFWFNTFSUSJBEPTOBGPOUF
FN
"55T
PVFNgSFBEFUSJBHFNFTUBCFMFDJEBOPFNQSFFOEJ
NFOUPPTSFTrEVPTEFDMBTTF#
$F%FPTDPOTJEFSBEPT
SFKFJUPTEFWFNTFSFYQVSHBEPTEBgSFBEFSFDJDMBHFN
DPOUSPMFT EB QPMVJmkP BNCJFOUBM ° FRVJQBNFOUPT F JOTUB
MBm{FTEFWFSkPTFSEPUBEPTEFEJTQPTJUJWPTEFDPOUSPMFEF
WJCSBm{FT
SVrEPTFFNJTTkPEFQPMVFOUFTBUNPTGnSJDPT
USFJOBNFOUPFFRVJQBNFOUPTEFTFHVSBOmB°PSJFOUBmkPQBSB
BTBUJWJEBEFTFTQFDr¾DBTFQSPDFEJNFOUPTEFTFHVSBOmB
QSF
TFOmBEFFRVJQBNFOUPTEFTFHVSBOmBJOEJWJEVBM
EFQSPUFmkP
DPOUSBEFTDBSHBTBUNPTGnSJDBTFEFDPNCBUFBJODpOEJP
²1MBOPEF*OTQFmkPF.BOVUFOmkP³°DPOUSPMFTEPTJTUFNB
EF ESFOBHFN
EB EJTQFSTkP EF NBUFSJBM QBSUJDVMBEP
EB
FNJTTkPEFSVrEPTFWJCSBm{FT
¼ ½
²1MBOPEF0QFSBmkP³°DPOUSPMFTEFPSJHFNFRVBOUJEBEFEPT
SFTrEVPT SFDFCJEPT
EJTDSJNJOBmkP EPT QSPDFEJNFOUPT EF
USJBHFN
SFDJDMBHFNFBSNB[FOBNFOUP
EFTUJOBmkPEPTSFTr
EVPTBTFSFNSFKFJUBEPT
SFVUJMJ[BEPT
SFDJDMBEPT
DPOUSPMFEB
RVBMJEBEFEPTQSPEVUPTHFSBEPT
0TSFHJTUSPTSFBMJ[BEPTFPTDUSSFDFCJEPTEFWFNTFSNBOUJ
EPTQBSBBPDBTJkPEB¾TDBMJ[BmkP
HMPTTgSJP
4kPEF¾OJEPTQFMB3FTPMVmkPDPOBNBFQFMBT/PSNBT
#SBTJMFJSBT
gSFBEFSFDJDMBHFNEFSFTrEVPTEBDPOTUSVmkPDJWJMDPNP
gSFBEFTUJOBEBBPSFDFCJNFOUPFUSBOTGPSNBmkPEFSFTrEVPT
EB DPOTUSVmkP DJWJM DMBTTF "
Kg USJBEPT
QBSB QSPEVmkP EF
BHSFHBEPTSFDJDMBEPT
gSFBEFUSBOTCPSEPFUSJBHFNEFSFTrEVPTEBDPOTUSV
mkPDJWJMFSFTrEVPTWPMVNPTPT BUU
DPNPgSFBEFTUJOBEB
BPSFDFCJNFOUPEFSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPT
WPMVNPTPT
QBSBUSJBHFN
BSNB[FOBNFOUPUFNQPSgSJPEPT
NBUFSJBJTTFHSFHBEPT
FWFOUVBMUSBOTGPSNBmkPFQPTUFSJPSSF
NPmkPQBSBEFTUJOBmkPBEFRVBEB
TFNDBVTBSEBOPThTB|EF
Q|CMJDBFBPNFJPBNCJFOUF
BUFSSPEFSFTrEVPTEBDPOTUSVmkPDJWJMDPNPgSFBPOEF
¼ ½
TkP FNQSFHBEBT UnDOJDBT EF EJTQPTJmkP EF SFTrEVPT EB
DPOTUSVmkPDJWJMDMBTTF"FSFTrEVPTJOFSUFTOPTPMP
WJTBOEP
BSFTFSWBmkPEFNBUFSJBJTTFHSFHBEPT
EFGPSNBBQPTTJCJMJ
UBSPVTPGVUVSPEFNBUFSJBJTFPVGVUVSBVUJMJ[BmkPEBgSFB
DPOGPSNF QSJODrQJPT EF FOHFOIBSJB QBSB DPO¾OgMPT BP
NFOPSWPMVNFQPTTrWFM
TFNDBVTBSEBOPThTB|EFQ|CMJDB
FBPNFJPBNCJFOUF
DPOUSPMFEFUSBOTQPSUFEFSFTrEVPT DUS
DPNPEPDV
NFOUPFNJUJEPQFMPUSBOTQPSUBEPSEFSFTrEVPTRVFGPSOFDF
JOGPSNBm{FTTPCSFHFSBEPS
PSJHFN
RVBOUJEBEFFEFTDSJ
mkPEPTSFTrEVPTFTFVEFTUJOP
HFSBEPSFTDPNPQFTTPBTGrTJDBTPVKVSrEJDBT
SFTQPOTgWFJT
QPSBUJWJEBEFTPVFNQSFFOEJNFOUPTRVFHFSBNSFTrEVPTEB
DPOTUSVmkPDJWJM
WPMVNPTPTPVJOFSUFT
QPOUP EF FOUSFHB EF QFRVFOPT WPMVNFT DPNP gSFB EF
USBOTCPSEP F USJBHFN EF QFRVFOP QPSUF
EFTUJOBEB B FO
USFHBWPMVOUgSJBEFQFRVFOBTRVBOUJEBEFTEFSFTrEVPTEB
DPOTUSVmkPDJWJMFSFTrEVPTWPMVNPTPT
JOUFHSBOUFEPTJT
UFNBQ|CMJDPEFMJNQF[BVSCBOB
SFTFSWBmkP EF SFTrEVPT DPNP QSPDFTTP EF EJTQPTJmkP
TFHSFHBEBEFSFTrEVPTUSJBEPTQBSBSFVUJMJ[BmkPPVSFDJ
DMBHFNGVUVSB
SFTrEVPTEBDPOTUSVmkPDJWJMDPNPPTQSPWFOJFOUFTEF
DPOTUSVm{FT
SFGPSNBT
SFQBSPTFEFNPMJm{FTEFPCSBT
EFDPOTUSVmkPDJWJM
FPTSFTVMUBOUFTEBQSFQBSBmkPFFT
DBWBmkPEFUFSSFOPTUBJTDPNPUJKPMPT
CMPDPTDFSiNJDPT
DPODSFUP FN HFSBM
TPMPT
SPDIBT
NFUBJT
SFTJOBT
DP
MBT
UJOUBT
NBEFJSBTFDPNQFOTBEPT
GPSSP
BSHBNBTTB
HFTTP
UFMIBT
QBWJNFOUPBTGgMUJDP
WJESPT
QMgTUJDPT
UV
¼ ½
CVMBmkP
¾BmkPFMnUSJDBFUD
DPNVNFOUFDIBNBEPTEFFO
UVMIPTEFPCSBT
DBMJmBPVNFUSBMIB
SFTrEVPTEBDPOTUSVmkPDJWJMDMBTTFB FNDPOGPSNJEBEF
DPNB3FTPMVmkPDPOBNB
DPNPSFTrEVPTSFVUJMJ[gWFJT
PVSFDJDMgWFJTDPNPBHSFHBEPT
UBJTDPNP
EF DPOTUSVmkP
EFNPMJmkP
SFGPSNBT F SFQBSPT EF QBWJ
NFOUBmkPFEFPVUSBTPCSBTEFJOGSBFTUSVUVSB
JODMVTJWF
TPMPTQSPWFOJFOUFTEFUFSSBQMFOBHFN
EF DPOTUSVmkP
EFNPMJmkP
SFGPSNBT F SFQBSPT EF FEJGr
DJPT DPNQPOFOUFT DFSiNJDPT UJKPMPT
CMPDPT
UFMIBT
QMBDBTEFSFWFTUJNFOUPFUD
BSHBNBTTBFDPODSFUP
EFQSPDFTTPEFGBCSJDBmkPFPVEFNPMJmkPEFQFmBTQSn
NPMEBEBT FN DPODSFUP CMPDPT
UVCPT
NFJP¾PT FUD
QSPEV[JEBTOPTDBOUFJSPTEFPCSBT
SFTrEVPTEFDPOTUSVmkPDJWJMDMBTTFC FNDPOGPSNJEBEF
DPNB3FTPMVmkPDPOBNB
DPNPSFTrEVPTSFDJDMgWFJT
QBSBPVUSBTEFTUJOBm{FT
UBJTDPNPQMgTUJDPT
QBQFM
QBQFMkP
NFUBJT
WJESPT
NBEFJSBTFPVUSPT
SFTrEVPTEFDPOTUSVmkPDJWJMDMBTTFD FNDPOGPSNJEBEF
DPNB3FTPMVmkPDPOBNB
DPNPSFTrEVPTQBSBPTRVBJT
OkPGPSBNEFTFOWPMWJEBTUFDOPMPHJBTPVBQMJDBm{FTFDPOP
NJDBNFOUFWJgWFJTRVFQFSNJUBNBTVBSFDJDMBHFNFSFDVQF
SBmkPUBJTDPNPPTQSPEVUPTPSJVOEPTEPHFTTP
SFTrEVPTEBDPOTUSVmkPDJWJMDMBTTFE FNDPOGPSNJEBEF
DPNBT3FTPMVm{FTDPOBNBF
DPNPSFTrEVPTQFSJ
HPTPTPSJVOEPTEPQSPDFTTPEFDPOTUSVmkPUBJTDPNPUJOUBT
TPMWFOUFT
wMFPT
BNJBOUPFPVUSPT
PVBRVFMFTDPOUBNJOB
EPTPSJVOEPTEFEFNPMJm{FT
SFGPSNBTFSFQBSPTEFDMrOJDBT
SBEJPMwHJDBT
JOTUBMBm{FTJOEVTUSJBJTFPVUSPT
¼ ½
SFTrEVPT WPMVNPTPT DPNP SFTrEVPT DPOTUJUVrEPT CBTJDB
NFOUFQPSNBUFSJBMWPMVNPTPOkPSFNPWJEPQFMBDPMFUBQ|
CMJDBNVOJDJQBMDPNPNwWFJTFFRVJQBNFOUPTEPNnTUJDPT
JOVUJMJ[BEPT
HSBOEFTFNCBMBHFOTFQFmBTEFNBEFJSB
QP
EBTFPVUSPTBTTFNFMIBEPT
OkPQSPWFOJFOUFTEFQSPDFTTPT
JOEVTUSJBJT
SFTrEVPTDMBTTFJJC°JOFSUFT OCS
DPNPSFTrEVPT
RVF
RVBOEPBNPTUSBEPTEFVNBGPSNBSFQSFTFOUBUJWB
TF
HVOEP B BCOU OCS
F TVCNFUJEPT B VN DPOUBUP
EJOiNJDPFFTUgUJDPDPNgHVBEFTUJMBEBPVEFTJPOJ[BEB
h
UFNQFSBUVSBBNCJFOUF
DPOGPSNFBCOUOCS
OkP
UJWFSFNOFOIVNEFTFVTDPOTUJUVJOUFTTPMVCJMJ[BEPTBDPO
DFOUSBm{FTTVQFSJPSFTBPTQBES{FTEFQPUBCJMJEBEFEFgHVB
FYDFUVBOEPTFBTQFDUP
DPS
UVSCJEF[
EVSF[BFTBCPS
USBOTQPSUBEPSFTDPNPQFTTPBTGrTJDBTPVKVSrEJDBT
SFT
QPOTgWFJT QFMB DPMFUB F QFMP USBOTQPSUF EPT SFTrEVPT EB
DPOTUSVmkPDJWJMFWPMVNPTPTFOUSFBTGPOUFTHFSBEPSBTFBT
gSFBTEFEFTUJOBmkP
¼ ½
BOFYPT
¼ ½