'3
-"("/
ԡ5
'3"/"ԡ4
7PVTUSPVWFSF[MBMJTUFDPNQM¨UFEFTDFOUSFTEFTFSWJDF
BQS¨TWFOUFDIPJTJTQBSԡ,&"FUMFVSTOVN©SPTEFU©M©QIPOF
SFTQFDUJGT MBԒOEFDFUUFOPUJDF
ԡ5"-ԡ"/0
$POTVMUBSFMFMFODPDPNQMFUPEFJ$FOUSJEJ"TTJTUFO[B
OPNJOBUJEBԡ,&"FEFJSFMBUJWJOVNFSJEJUFMFGPOPOFMMVMUJNB
QBHJOBEFMQSFTFOUFNBOVBMF
'3"/"ԡ4
ԡ5"-ԡ"/0
צ
עצ
'3"/"ԡ4
צ
5BCMFEFTNBUJ¨SFT
ԡOGPSNBUJPOTEFT©DVSJU©
$POTJHOFTEFT©DVSJU©
%FTDSJQUJPOEFMBQQBSFJM
#BOEFBVEFDPNNBOEF
4©MFDUJPOEFTQSPHSBNNFT
3©HMBHFTEFCBTF
"WBOUMBQSFNJ¨SFVUJMJTBUJPO
6UJMJTBUJPORVPUJEJFOOF
צ
ר
ת
פף
רף
שף
$POTFJMT
&OUSFUJFOFU/FUUPZBHF
%©QBOOBHF
$BSBDU©SJTUJRVFTUFDIOJRVFT
&ONBUJ¨SFEFQSPUFDUJPOEF
MFOWJSPOOFNFOU
("3"/5ԡ&ԡ,&"("3"/5ԡ&ԡ,&"
'3"/$&
עפ
פפ
קפ
ףץ
ףץ
פץ
4PVTS©TFSWFEFNPEJԒDBUJPOT
ԡOGPSNBUJPOTEFT©DVSJU©
"WBOUEJOTUBMMFSFUEVUJMJTFSDFUBQQBSFJM MJTF[TPJHOFVTFNFOU
MFTJOTUSVDUJPOTGPVSOJFT-FGBCSJDBOUOFQPVSSBªUSFUFOVQPVS
SFTQPOTBCMFEFTCMFTTVSFTFUE©H¢UTS©TVMUBOUEVOFNBVWBJTF
JOTUBMMBUJPOPVVUJMJTBUJPO$POTFSWF[UPVKPVSTMFTJOTUSVDUJPOT
EBOTVOMJFVT»SFUBDDFTTJCMFQPVSWPVTZS©G©SFS
VMU©SJFVSFNFOU
4©DVSJU©EFTFOGBOUTFUEFTQFSTPOOFT
WVMO©SBCMFT
ȋ
ȋ
ȋ
$FUBQQBSFJMQFVUªUSFVUJMJT©QBSEFTFOGBOUTEFQMVTEF
תBOT BJOTJRVFEFTQFSTPOOFTEPOUMFTDBQBDJU©TQIZTJRVFT
TFOTPSJFMMFTFUNFOUBMFTTPOUS©EVJUFTPVEPOUMFT
DPOOBJTTBODFTFUMFYQ©SJFODFTPOUJOTVԔTBOUFT DPOEJUJPO
EªUSFTVSWFJMM©TPVEBWPJSSF§VEFTJOTUSVDUJPOTDPODFSOBOU
MVUJMJTBUJPOT©DVSJT©FEFMBQQBSFJMFUEFDPNQSFOESFMFT
SJTRVFTFODPVSVT
-FTFOGBOUTFOUSFץFUתBOTFUMFTQFSTPOOFTBZBOUVO
IBOEJDBQUS¨TJNQPSUBOUFUDPNQMFYFEPJWFOUªUSFUFOVT
M©DBSUEFMBQQBSFJM NPJOTEªUSFTVSWFJMM©TFO
QFSNBOFODF
-FTFOGBOUTEFNPJOTEFץBOTEPJWFOUªUSFUFOVT M©DBSUEF
MBQQBSFJM NPJOTEªUSFTVSWFJMM©TFOQFSNBOFODF
'3"/"ԡ4
ȋ
ȋ
ȋ
ȋ
ק
/FMBJTTF[QBTMFTFOGBOUTKPVFSBWFDMBQQBSFJM
/FMBJTTF[QBTMFTE©UFSHFOUT MBQPSU©FEFTFOGBOUT
5FOF[MFTFOGBOUTFUMFTBOJNBVY©MPJHO©TEFMBQQBSFJM
MPSTRVFMBQPSUFFTUPVWFSUF
-FTFOGBOUTOFEPJWFOUQBTOFUUPZFSOJFOUSFQSFOESFVOF
PQ©SBUJPOEFNBJOUFOBODFTVSMBQQBSFJMTBOTTVSWFJMMBODF
4©DVSJU©H©O©SBMF
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
$FUBQQBSFJMFTUDPO§VVOJRVFNFOUQPVSVOVTBHF
EPNFTUJRVFFUEFTTJUVBUJPOTUFMMFTRVF
ǿ C¢UJNFOUTEFGFSNF DVJTJOFTS©TFSW©FTBVYFNQMPZ©T
EBOTMFTNBHBTJOT CVSFBVYFUBVUSFTMJFVYEFUSBWBJM
ǿ QPVSVOFVUJMJTBUJPOQSJW©F QBSMFTDMJFOUT EBOTEFTI´UFMT
FUBVUSFTMJFVYEFT©KPVS
/FNPEJԒF[QBTMFTDBSBDU©SJTUJRVFTEFDFUBQQBSFJM
-BQSFTTJPOEFMFBVFOGPODUJPOOFNFOU NJOJNBMFFU
NBYJNBMF EPJUTFTJUVFSFOUSF תע ת קעע קעCBS .1B
3FTQFDUF[MFOPNCSFNBYJNBMEFץףDPVWFSUT
4JMFD¢CMFEBMJNFOUBUJPOFTUFOEPNNBH© JMEPJUªUSF
SFNQMBD©QBSMFGBCSJDBOU VOTFSWJDFEFNBJOUFOBODFBHS©©
PVVOUFDIOJDJFORVBMJԒ©BԒOE©WJUFSUPVUEBOHFS
1MBDF[MFTDPVWFSUTEBOTMFQBOJFS DPVWFSUT BWFDMFT
FYUS©NJU©TQPJOUVFTWFSTMFCBT PVQMBDF[MFTEBOTMFCBD
DPVWFSUTFOQPTJUJPOIPSJ[POUBMF CPSETUSBODIBOUTWFSTMF
CBT
/FMBJTTF[QBTMBQPSUFEFMBQQBSFJMPVWFSUFTBOT
TVSWFJMMBODFQPVS©WJUFSEFWPVTQSFOESFBDDJEFOUFMMFNFOU
MFTQJFETEFEBOT
"WBOUUPVUFPQ©SBUJPOEFOUSFUJFO ©UFJHOF[MBQQBSFJMFU
E©CSBODIF[MBԒDIFEFMBQSJTFTFDUFVS
/FQVMW©SJTF[QBTEFBVOJEFWBQFVS IBVUFQSFTTJPOQPVS
OFUUPZFSMBQQBSFJM
'3"/"ԡ4
ȋ
ȋ
ר
4JMBQQBSFJMEJTQPTFEPSJԒDFTEB©SBUJPO MBCBTF WFJMMF[
OFQBTMFTDPVWSJS QBSFYBWFDEFMBNPRVFUUF
-BQQBSFJMEPJUªUSFSBDDPSE©BVDJSDVJUEFBV MBJEFEFT
UVZBVYOFVGTGPVSOJT/VUJMJTF[QBTEFUVZBVYQSPWFOBOU
EBODJFOTBQQBSFJMT
$POTJHOFTEFT©DVSJU©
ԡOTUBMMBUJPO
ȋ
"7&35ԡ44&.&/5-BQQBSFJMEPJU
ªUSFJOTUBMM©VOJRVFNFOUQBSVO
QSPGFTTJPOOFMRVBMJԒ©
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
3FUJSF[MJOU©HSBMJU©EFMFNCBMMBHF
/JOTUBMMF[QBTFUOFCSBODIF[QBTVO
BQQBSFJMFOEPNNBH©
1PVSEFTSBJTPOTEFT©DVSJU© OVUJMJTF[QBT
MBQQBSFJMBWBOUEFMBWPJSJOTUBMM©EBOTMB
TUSVDUVSFFODBTUS©F
4VJWF[TDSVQVMFVTFNFOUMFTJOTUSVDUJPOT
EJOTUBMMBUJPOGPVSOJFTBWFDMBQQBSFJM
4PZF[UPVKPVSTWJHJMBOUTMPSTRVFWPVT
E©QMBDF[MBQQBSFJMDBSJMFTUMPVSE6UJMJTF[
UPVKPVSTEFTHBOUTEFT©DVSJU©FUEFT
DIBVTTVSFTGFSN©FT
/JOTUBMMF[QBTMBQQBSFJMPVOFMVUJMJTF[
QBTEBOTVOFOESPJUP¹MBUFNQ©SBUVSF
BNCJBOUFFTUJOG©SJFVSF עp$
ԡOTUBMMF[MBQQBSFJMEBOTVOMJFVT»SFU
BEBQU©S©QPOEBOUBVYFYJHFODFT
EJOTUBMMBUJPO
ȋ
ȋ
ȋ
3BDDPSEFNFOU MBSSJW©FEFBV
ȋ
ȋ
3BDDPSEFNFOU©MFDUSJRVF
"7&35ԡ44&.&/53JTRVF
EJODFOEJFPVE©MFDUSPDVUJPO
ȋ
ȋ
ȋ
ȋ
-ȃBQQBSFJMEPJUªUSFSFMJ© MBUFSSF
"TTVSF[WPVTRVFMFTQBSBN¨USFTԒHVSBOU
TVSMBQMBRVFTJHOBM©UJRVFDPSSFTQPOEFOU
BVYEPOO©FT©MFDUSJRVFTOPNJOBMFEF
MȃBMJNFOUBUJPOTFDUFVS
6UJMJTF[UPVKPVSTVOFQSJTFEFDPVSBOUEF
T©DVSJU©DPSSFDUFNFOUJOTUBMM©F
/VUJMJTF[QBTEBEBQUBUFVSTNVMUJQSJTFFU
EFSBMMPOHFT
7FJMMF[ OFQBTFOEPNNBHFSMBԒDIF
TFDUFVSOJMFD¢CMFEBMJNFOUBUJPO-F
SFNQMBDFNFOUEVD¢CMFEȃBMJNFOUBUJPOEF
MȃBQQBSFJMEPJUªUSFFԑFDUV©QBSOPUSF
TFSWJDFBQS¨TWFOUFBHS©©
/FCSBODIF[MBԒDIFTFDUFVSEBOTMBQSJTF
TFDUFVSRV MBԒOEFMJOTUBMMBUJPO
"TTVSF[WPVTRVFMBQSJTFTFDUFVSFTU
BDDFTTJCMFBQS¨TMJOTUBMMBUJPO
/FUJSF[QBTTVSMFD¢CMFTFDUFVSQPVS
E©CSBODIFSMBQQBSFJM5JSF[UPVKPVSTTVS
MBԒDIFEFMBQSJTFTFDUFVS
$FUBQQBSFJMFTUGPVSOJBWFDVOD¢CMF
EBMJNFOUBUJPOEF"ץף4JWPVTEFWF[
DIBOHFSMFGVTJCMFEFMBԒDIFTFDUFVS
VUJMJTF[VOJRVFNFOUVOGVTJCMF"ץף
BQQSPVW©"45" #4 פרץף3PZBVNF6OJFU
ԡSMBOEFVOJRVFNFOU ȋ
ȋ
7FJMMF[ OFQBTFOEPNNBHFSMFTUVZBVY
EFDJSDVMBUJPOEFBV
"WBOUEJOTUBMMFSEFTUVZBVYOFVGT EFT
UVZBVYOBZBOUQBTTFSWJEFQVJT
MPOHUFNQT MPSTRVVOFS©QBSBUJPOB©U©
FԑFDUV©FPVRVVOOPVWFBVEJTQPTJUJGB
©U©JOTUBMM© DPNQUFVSTEFBV FUD MBJTTF[
MFBVT©DPVMFSKVTRV DFRVFMMFTPJU
QBSGBJUFNFOUQSPQSFFUDMBJSF
1FOEBOUFUBQS¨TMBQSFNJ¨SFVUJMJTBUJPO
EFMBQQBSFJM W©SJԒF[RVBVDVOFGVJUFOFTU
WJTJCMF
-FUVZBVEBSSJW©FEFBVDPNQPSUFVOF
WBOOFEFT©DVSJU©FUVOFHBJOFBWFDVO
D¢CMFEBMJNFOUBUJPOJOU©SJFVS
'3"/"ԡ4
ȋ
"7&35ԡ44&.&/55FOTJPO
EBOHFSFVTF
4JMFUVZBVEBSSJW©FEFBVFTU
FOEPNNBH© GFSNF[JNN©EJBUFNFOUMF
SPCJOFUEFBVFUE©CSBODIF[MBԒDIFEFMB
QSJTFTFDUFVS$POUBDUF[MFTFSWJDFBQS¨T
WFOUFQPVSSFNQMBDFSMFUVZBVEBSSJW©F
EFBV
ש
ȋ
4FSWJDF
ȋ
ȋ
6UJMJTBUJPO
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
/FQMBDF[QBTEFQSPEVJUTJOԓBNNBCMFT
PVE©M©NFOUTJNCJC©TEFQSPEVJUT
JOԓBNNBCMFT MJOU©SJFVSPV QSPYJNJU©
EFMBQQBSFJM OJTVSDFMVJDJ
-FTQSPEVJUTEFMBWBHFQPVSMBWFWBJTTFMMF
TPOUEBOHFSFVY4VJWF[MFTDPOTJHOFTEF
T©DVSJU©ԒHVSBOUTVSMFNCBMMBHFEV
QSPEVJUEFMBWBHF
/FCVWF[QBTMFBVEFMBQQBSFJMOFKPVF[
QBTBWFD
/FOMFWF[QBTMBWBJTTFMMFEFMBQQBSFJM
BWBOUMBԒOEVQSPHSBNNFԡMTFQFVURVF
MBWBJTTFMMFDPOUJFOOFFODPSFEVQSPEVJU
EFMBWBHF
/FQPTF[QBTEȃPCKFUTFUOȃBQQMJRVF[QBT
EFQSFTTJPOTVSMBQPSUFPVWFSUFEF
MBQQBSFJM
%FMBWBQFVSDIBVEFQFVUT©DIBQQFSEF
MBQQBSFJMTJWPVTPVWSF[MBQPSUFQFOEBOU
MFE©SPVMFNFOUEVOQSPHSBNNF
DMBJSBHFJOU©SJFVS
"7&35ԡ44&.&/53JTRVFEF
CMFTTVSF
ȋ
$PODFSOBOUMBMFTMBNQF T MȃJOU©SJFVSEF
DFQSPEVJUFUMFTMBNQFTEFSFDIBOHF
WFOEVFTT©QBS©NFOU$FTMBNQFTTPOU
DPO§VFTQPVSS©TJTUFS EFTDPOEJUJPOT
QIZTJRVFTFYUSªNFTEBOTMFTBQQBSFJMT
©MFDUSPN©OBHFST UFMMFTRVFMB
UFNQ©SBUVSF MFTWJCSBUJPOT MȃIVNJEJU© PV
TPOUDPO§VFTQPVSTJHOBMFSEFT
JOGPSNBUJPOTTVSMFTUBUVUPQ©SBUJPOOFMEF
MȃBQQBSFJM&MMFTOFTPOUQBTEFTUJO©FT
ªUSFVUJMJT©FTEBOTEBVUSFTBQQMJDBUJPOTFU
OFDPOWJFOOFOUQBT Mȃ©DMBJSBHFEFT
QJ¨DFTEȃVOMPHFNFOU
1PVSSFNQMBDFSM©DMBJSBHFJOU©SJFVS
DPOUBDUF[MFTFSWJDFBQS¨TWFOUFBHS©©
ȋ
ȋ
1PVSS©QBSFSMBQQBSFJM DPOUBDUF[VO
TFSWJDFBQS¨TWFOUFBHS©©6UJMJTF[
FYDMVTJWFNFOUEFTQJ¨DFTEPSJHJOF
7FVJMMF[OPUFSRVȃVOFBVUPS©QBSBUJPOPV
VOFS©QBSBUJPOOPOQSPGFTTJPOOFMMF
QFVWFOUBWPJSEFTDPOT©RVFODFTTVSMB
T©DVSJU©FUBOOVMFSMBHBSBOUJF
-FTQJ¨DFTEFSFDIBOHFTVJWBOUFTTFSPOU
EJTQPOJCMFTQFOEBOUשBOTBQS¨TMȃBSSªUEV
NPE¨MFNPUFVS QPNQFEFDJSDVMBUJPOFU
EFWJEBOHF ©M©NFOUTDIBVԑBOUT EPOU
UIFSNPQPNQFT DBOBMJTBUJPOTFU
©RVJQFNFOUTDPSSFTQPOEBOUTEPOU
UVZBVY WBMWFT ԒMUSFTFU©MFDUSPWBOOFT
BRVBTUPQT QJ¨DFTTUSVDUVSFMMFTFU
JOU©SJFVSFTMJ©FTBVYBTTFNCMBHFTEF
QPSUFT DBSUFTEFDJSDVJUTJNQSJN©T
BԔDIBHFT©MFDUSPOJRVFT QSFTTPTUBUT
UIFSNPTUBUTFUDBQUFVST MPHJDJFMFU
ԒSNXBSFEPOUMPHJDJFMEFS©JOJUJBMJTBUJPO
7FVJMMF[OPUFSRVFDFSUBJOFTEFDFTQJ¨DFT
EFSFDIBOHFOFTPOUEJTQPOJCMFT
RVȃBVQS¨TEFS©QBSBUFVSTQSPGFTTJPOOFMT
FURVFUPVUFTMFTQJ¨DFTEFSFDIBOHFOF
TPOUQBTBEBQU©FT UPVTMFTNPE¨MFT
-FTQJ¨DFTEFSFDIBOHFTVJWBOUFTTFSPOU
EJTQPOJCMFTQFOEBOUעףBOTBQS¨TMȃBSSªU
EVNPE¨MFDIBSOJ¨SFFUKPJOUTEFQPSUF
BVUSFTKPJOUT CSBTEBTQFSTJPO ԒMUSFTEF
WJEBOHF TVQQPSUTJOU©SJFVSTFU
Q©SJQI©SJRVFTFOQMBTUJRVFUFMTRVF
QBOJFSTFUDPVWFSDMFT
'3"/"ԡ4
ת
ȋ
.JTFBVSFCVU
"7&35ԡ44&.&/53JTRVFEF
CMFTTVSFPVEBTQIZYJF
ȋ
ȋ
%©CSBODIF[MBQQBSFJMEFMBMJNFOUBUJPO
©MFDUSJRVF
$PVQF[MFD¢CMFEBMJNFOUBUJPOFUNFUUF[
MFBVSFCVU
3FUJSF[MFEJTQPTJUJGEFWFSSPVJMMBHFEFMB
QPSUFQPVSFNQªDIFSMFTFOGBOUTFUMFT
BOJNBVYEFTFOGFSNFSEBOTMBQQBSFJM
%FTDSJQUJPOEFMBQQBSFJM
-FHSBQIJRVFDJEFTTPVTFTU
VOJRVFNFOUVOFWVFEȃFOTFNCMF
EVQSPEVJU1PVSEFTJOGPSNBUJPOT
QMVTE©UBJMM©FT WFVJMMF[DPOTVMUFS
MFTBVUSFTDIBQJUSFTFUPVMFT
EPDVNFOUTGPVSOJTBWFDMȃBQQBSFJM
10
9
1
2
3
8
ף
פ
ץ
צ
ק
ר
7
#SBTEBTQFSTJPOJOG©SJFVS
'JMUSFT
1MBRVFTJHOBM©UJRVF
3©TFSWPJSEFTFMS©H©O©SBOU
%JTUSJCVUFVSEFMJRVJEFEFSJO§BHF
%JTUSJCVUFVSEFE©UFSHFOU
6
5
ש
ת
עף
4
1BOJFS DPVWFSUT
1BOJFSJOG©SJFVS
#SBTEBTQFSTJPOTVQ©SJFVS
1BOJFSTVQ©SJFVS
'3"/"ԡ4
#BOEFBVEFDPNNBOEF
1
2
3
4
5
6
6
ף5PVDIF.BSDIF"SSªU5PVDIF
3©JOJUJBMJTFS
פ5PVDIF%©QBSUEJԑ©S©
ץ7PZBOUT
צ5PVDIFTEFQSPHSBNNF
ק1PXFS$MFBOUPVDIF
" ר6505PVDIFEFQSPHSBNNF
7PZBOUT
7PZBOU
%FTDSJQUJPO
7PZBOUEVMJRVJEFEFSJO§BHFԡMTBMMVNFMPSTRVFMFEJTUSJCVUFVSEFMJRVJEFEF
SJO§BHFEPJUªUSFSFNQMJ3FQPSUF[WPVTBVDIBQJUSFk"WBOUMBQSFNJ¨SF
VUJMJTBUJPO{
7PZBOUEVTFMS©H©O©SBOUԡMTBMMVNFMPSTRVFMFS©TFSWPJSEFTFMS©H©O©SBOU
EPJUªUSFSFNQMJ3FQPSUF[WPVTBVDIBQJUSFk"WBOUMBQSFNJ¨SFVUJMJTBܱ
UJPO{
.BDIJOF$BSFWPZBOUԡMTBMMVNFMPSTRVFMBQQBSFJMO©DFTTJUFVOOFUUPZBHF
JOUFSOFBWFDMFQSPHSBNNF.BDIJOF$BSF3FQPSUF[WPVTBVDIBQJUSFk&Oܱ
USFUJFOFUOFUUPZBHF{
7PZBOUEFQIBTFEFT©DIBHFԡMTBMMVNFMPSTRVVOQSPHSBNNFDPNQSFOBOU
VOFQIBTFEFT©DIBHFFTUT©MFDUJPOO©ԡMDMJHOPUFBVDPVSTEFMBQIBTFEF
T©DIBHF3FQPSUF[WPVTBVDIBQJUSFk4©MFDUJPOEVQSPHSBNNF{
4©MFDUJPOEFTQSPHSBNNFT
" ȋ
1SPHSBNNFT
A
B
C
2VJDLעץFTUMFQSPHSBNNFMFQMVT
DPVSUBEBQU©QPVSVOFWBJTTFMMF
GSB®DIFNFOUPVM©H¨SFNFOUTBMF
ȋ 3JOTF)PMEFTUVOQSPHSBNNF
EFTUJO© SJODFSMFTSFTUFTEBMJNFOUT
EFTQMBUTԡMFNQªDIFMBGPSNBUJPO
EPEFVSTEBOTMBQQBSFJM/VUJMJTF[QBT
EFQSPEVJUEFMBWBHFBWFDDF
QSPHSBNNF
# ע.JOVUFTFTUVOQSPHSBNNFBEBQU©
QPVSMBWFSFUT©DIFSVOFWBJTTFMMF
OPSNBMFNFOUTBMF
'3"/"ԡ4
עף
-ȃPQUJPO1PXFS$MFBOFTUDPNQBUJCMFBWFDMFT
QSPHSBNNFTTVJWBOUT2VJDLע עץ.JOVUFT
FU&$0
$ &$0FTUMFQSPHSBNNFMFQMVTMPOH
BTTVSBOUMBDPOTPNNBUJPOEFBVFU
E©OFSHJFMBQMVTFԔDBDFQPVSMBWBJTTFMMF
FUMFTDPVWFSUTOPSNBMFNFOUTBMFTԡM
TBHJUEVQSPHSBNNFTUBOEBSEQPVSMFT
JOTUJUVUTEFUFTUTף
"650
1PXFS$MFBO
-FQSPHSBNNF"650BKVTUF
BVUPNBUJRVFNFOUMFDZDMFEFMBWBHFBVUZQF
EFWBJTTFMMF
1PXFS$MFBOBN©MJPSFMFTS©TVMUBUTEF
MBWBHFEVQSPHSBNNFT©MFDUJPOO©$FUUF
PQUJPOBVHNFOUFMBEVS©FFUMBUFNQ©SBUVSF
EFMBWBHF
-BQQBSFJME©UFDUFMFEFHS©EFTBMJTTVSFFUMB
RVBOUJU©EFWBJTTFMMFEBOTMFTQBOJFSTԡMS¨HMF
BVUPNBUJRVFNFOUMBUFNQ©SBUVSFFUMF
WPMVNFEFBV BJOTJRVFMBEVS©FEVMBWBHF
1S©TFOUBUJPOEFTQSPHSBNNFT
1SPHSBNNF 5ZQFEFDIBSHF %FHS©EFTBMJTܱ 1IBTFTEVQSPHSBNNF
TVSF
ȋ
ȋ
7BJTTFMMF
$PVWFSUT
ȋ
'SB®DIF
ȋ
ȋ
ȋ
ȋ
0QUJPOT
-BWBHF עקp$
ȋ
3JO§BHFJOUFSN©ܱ
EJBJSF
3JO§BHFԒOBM קצp$
"VUP0QFO
-FTPQUJPOTOFTPOU
QBTDPNQBUJCMFT
BWFDDFQSPHSBNܱ
NF
ȋ
5PVTUZQFT
EFWBJTTFMMF
ȋ
5PVTEFHS©T ȋ
EFTBMJTTVSF
1S©MBWBHF
ȋ
ȋ
ȋ
ȋ
7BJTTFMMF
$PVWFSUT
$BTTFSPMFT
1PªMFT
ȋ
ȋ
/PSNBMF
-©H¨SFܱ
NFOUT¨DIF
-BWBHF ערp$
ȋ
3JO§BHFJOUFSN©ܱ
EJBJSF
3JO§BHFԒOBM קקp$
4©DIBHF
"VUP0QFO
ȋ
ȋ
ȋ
ȋ
7BJTTFMMF
$PVWFSUT
$BTTFSPMFT
1PªMFT
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
/PSNBMF
-©H¨SFܱ
NFOUT¨DIF
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
1S©MBWBHF
ȋ
-BWBHF עקp$
3JO§BHFJOUFSN©ܱ
EJBJSF
3JO§BHFԒOBM קקp$
4©DIBHF
"VUP0QFO
$FQSPHSBNNFFTUVUJMJT©QPVS©WBMVFSMBDPOGPSNJU©BWFDMFS¨HMFNFOUDPDPODFQUJPOEFMB$PNNJTTJPO 6&
ת׳ת
'3"/"ԡ4
ףף
1SPHSBNNF 5ZQFEFDIBSHF %FHS©EFTBMJTܱ 1IBTFTEVQSPHSBNNF
TVSF
ȋ
ȋ
ȋ
ȋ
.BDIJOF
$BSF
ȋ
7BJTTFMMF
$PVWFSUT
$BTTFSPMFT
1PªMFT
1BTEFWBJTܱ
TFMMF
-FQSPHSBNNF
TBEBQUF
UPVTMFTEFܱ
HS©TEFTBMJTܱ
TVSF
ȋ
ȋ
ȋ
-FQSPHSBNNF
OFUUPJFMJOU©ܱ
SJFVSEFMBQܱ
QBSFJM
3FQPSUF[WPVT
BVDIBQJUSF
k&OUSFUJFOFU
OFUUPZBHF{
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
0QUJPOT
1S©MBWBHF
-BWBHF ערעקp$
3JO§BHFJOUFSN©ܱ
EJBJSF
3JO§BHFԒOBM ערp$
4©DIBHF
"VUP0QFO
-FTPQUJPOTOFTPOU
QBTDPNQBUJCMFT
BWFDDFQSPHSBNܱ
NF
-BWBHF עשp$
3JO§BHFJOUFSN©ܱ
EJBJSF
3JO§BHFԒOBM
"VUP0QFO
-FTPQUJPOTOFTPOU
QBTDPNQBUJCMFT
BWFDDFQSPHSBNܱ
NF
7BMFVSTEFDPOTPNNBUJPO
1SPHSBNNFף
.BDIJOF$BSF
&BV M
OFSHJF L8I
%VS©F NJO
פףףפ
תרערקקע
עץ
פצצץ
קףעעפףעע
קף
שףףר
ץתעףרתתע
ע
ץרץע פעפע
שפפ
תפף
ץפפףףצרע
עשףעפף
שעףתת
פרקערצע
ער
-FTWBMFVSTEFDPOTPNNBUJPOQFVWFOUDIBOHFSFOGPODUJPOEFMBQSFTTJPOFUEFMBUFNQ©SBUVSFEFMFBV EFT
WBSJBUJPOTEFMBMJNFOUBUJPO©MFDUSJRVF EFMBRVBOUJU©EFWBJTTFMMFDIBSH©FBJOTJRVFEFTPQUJPOTT©MFDUJPOO©FT
$POGPSN©NFOUBVS¨HMFNFOUתתװת
$POGPSN©NFOUBVS¨HMFNFOUת׳ת
ԡOGPSNBUJPOTQPVSMFTJOTUJUVUTEFUFTU
1PVSSFDFWPJSMFTJOGPSNBUJPOTSFMBUJWFTBVY
QFSGPSNBODFTEFUFTU QBSFYDPOGPSN©NFOU
MBOPSNF&/ רץצערFOWPZF[VODPVSSJFS
©MFDUSPOJRVF MBESFTTF
JOGPUFTU!EJTIXBTIFSQSPEVDUJPODPN
%BOTWPUSFEFNBOEF OPUF[MBS©G©SFODFEV
QSPEVJU 1/$ TJUV©FTVSMBQMBRVF
TJHOBM©UJRVF
1PVSUPVUFBVUSFRVFTUJPODPODFSOBOUWPUSF
MBWFWBJTTFMMF WFVJMMF[WPVTSFQPSUFSBV
NBOVFMEVUJMJTBUJPOGPVSOJBWFDWPUSF
BQQBSFJM
'3"/"ԡ4
פף
3©HMBHFTEFCBTF
7PVTQPVWF[DPOԒHVSFSMBQQBSFJMFO
NPEJԒBOUMFTS©HMBHFTEFCBTFFOGPODUJPO
EFWPTCFTPJOT
/VN©SP
3©HMBHFT
7BMFVST
%FTDSJQUJPOף
ף
%VSFU©EFMFBV
%VOJWFBVףBV
OJWFBV עףQBS
E©GBVUק
1PVSS©HMFSMFOJWFBVEFMBEPVDJTTFVSEFBV
FOGPODUJPOEFMBEVSFU©EFMFBVEFWPUSFS©ܱ
HJPO
פ
/PUJԒDBUJPOEV
EJTUSJCVUFVSEF
MJRVJEFEFSJO§Bܱ
HFWJEF
"DUJW© QBSE©ܱ
GBVU
%©TBDUJW©
"DUJWFSPVE©TBDUJWFSMFEJTUSJCVUFVSEFMJRVJܱ
EFEFSJO§BHF
ץ
5POBMJU©EFԒO
"DUJW©
%©TBDUJW© QBS
E©GBVU
1PVSBDUJWFSPVE©TBDUJWFSMFTJHOBMTPOPSF
JOEJRVBOUMBԒOEVOQSPHSBNNF
צ
0VWFSUVSFBVUPܱ
NBUJRVFEFMB
QPSUF
"DUJW© QBSE©ܱ
GBVU
%©TBDUJW©
1PVSBDUJWFSPVE©TBDUJWFSMF"VUP0QFO
ק
5POBMJU©TEFT
UPVDIFT
"DUJW© QBSE©ܱ
GBVU
%©TBDUJW©
1PVSBDUJWFSPVE©TBDUJWFSMBUPOBMJU©EFT
UPVDIFTMPSTRVFWPVTBQQVZF[EFTTVT
1PVSQMVTEFE©UBJMT SFQPSUF[WPVTBVYJOGPSNBUJPOTEFDFDIBQJUSF
7PVTQPVWF[NPEJԒFSMFTS©HMBHFTEFCBTF
FO.PEFS©HMBHF
-PSTRVFMȃBQQBSFJMFTUFONPEF
1SPHSBNNBUJPO MFTWPZBOUTTVSMFCBOEFBV
EFDPNNBOEFSFQS©TFOUFOUMFTS©HMBHFT
EJTQPOJCMFT1PVSDIBRVFS©HMBHF VOWPZBOU
E©EJ©DMJHOPUF
4
1
5
3
"EPVDJTTFVSEFBV
-BEPVDJTTFVSEFBV©MJNJOFMFTNJO©SBVYEF
MBSSJW©FEFBVRVJQPVSSBJFOUBWPJSVOJNQBDU
O©HBUJGTVSMFTS©TVMUBUTEFMBWBHFFUTVS
MBQQBSFJM
1MVTMBUFOFVSFONJO©SBVYFTU©MFW©F QMVT
MFBVFTUEVSF-BEVSFU©EFMFBVFTU
NFTVS©FFO©DIFMMFTE©RVJWBMFODF
-BEPVDJTTFVSEPJUªUSFS©HM©FOGPODUJPOEV
EFHS©EFEVSFU©EFMFBVEFWPUSFS©HJPO
7PUSFDPNQBHOJFEFTFBVYQFVUWPVT
JOEJRVFSMBEVSFU©EFMFBVEBOTWPUSFS©HJPO
ԡMFTUJNQPSUBOUEFS©HMFSMBEPVDJTTFVSEFBV
TVSVOOJWFBVBE©RVBUQPVSWPVTHBSBOUJSEF
CPOTS©TVMUBUTEFMBWBHF
2
'3"/"ԡ4
ץף
%VSFU©EFMFBV
%FHS©TBMMFܱ
NBOET pE)
%FHS©TGSBO§BJT
pG)
NNPMM
%FHS©T$MBSLF 3©HMBHFEVOJWFBV
EFMBEPVDJTTFVS
EFBV
עקשצ
עצת
ע צ ת
ץרתק
עף
רצץצ
ץתרש
ץ תר ש
שקץק
פצשץ
קשקר
ק שק ר
פקרצ
ת
רץפ
צרףק
צ רף ק
קצרץ
ש
תפץפ
עקעצ
ע קע צ
קץתפ
ר
פפף
ץץץ
ץץ ץ
שפץפ
ףק
תףקף
פץרפ
פ ץר פ
פפתף
צ
צףףף
קפף
ק פ ף
שףץף
ץ
עףצ
תףש
ת ףש ע
פףק
פ
צ
ש
ש ע
ק
פף
3©HMBHFTEVTJOF
/VUJMJTF[QBTEFTFM DFOJWFBV
2VFMRVFTPJUMFUZQFEFE©UFSHFOUVUJMJT©
S©HMF[MFOJWFBVEFEVSFU©EFMFBV
BQQSPQSJ©BԒOEBDUJWFSMFWPZBOUEF
SFNQMJTTBHFEVTFMS©H©O©SBOU
3©HMBHFEVOJWFBV
EFMBEPVDJTTFVS
EFBV
2VBOUJU©EFBV M
ף
עקפ
פ
עעף
ץ
פר
1SPDFTTVTEFS©H©O©SBUJPO
צ
שצ
1PVSMFGPODUJPOOFNFOUDPSSFDUEF
MȃBEPVDJTTFVSEȃFBV MBS©TJOFEVEJTQPTJUJG
BEPVDJTTFVSEPJUªUSFS©HVMJ¨SFNFOU
S©H©O©S©F$FQSPDFTTVTFTUBVUPNBUJRVFFU
GBJUQBSUJFEVGPODUJPOOFNFOUOPSNBMEV
MBWFWBJTTFMMF
ק
קפ
ר
שף
ש
עף
ת
ק
ץ
עף
ץ
-FTQBTUJMMFTUPVUFOףDPOUFOBOU
EVTFMS©H©O©SBOUOFTPOUQBT
BTTF[FԔDBDFTQPVSBEPVDJSMFBV
EVSF
4JMBRVBOUJU©EȃFBVQSFTDSJUF WPJSMFTWBMFVST
EBOTMFUBCMFBV B©U©VUJMJT©FEFQVJTMF
EFSOJFSQSPDFTTVTEFS©H©O©SBUJPO VO
OPVWFBVQSPDFTTVTEFS©H©O©SBUJPOTFSB
MBOD©FOUSFMFSJO§BHFԒOBMFUMBԒOEV
QSPHSBNNF
&ODBTEFS©HMBHF©MFW©EFMȃBEPVDJTTFVS
EȃFBV DFMBQFVU©HBMFNFOUTFQSPEVJSFBV
NJMJFVEVQSPHSBNNF BWBOUMFSJO§BHF EFVY
GPJTQFOEBOUVOQSPHSBNNF -FMBODFNFOU
'3"/"ԡ4
EFMBS©H©O©SBUJPOOȃBBVDVOJNQBDUTVSMB
EVS©FEVDZDMF TBVGTȃJMTFQSPEVJUBVNJMJFV
EVOQSPHSBNNFPV MBԒOEȃVOQSPHSBNNF
BWFDVOFDPVSUFQIBTFEFT©DIBHF%BOTDFT
DBT MBS©H©O©SBUJPOQSPMPOHFMBEVS©FUPUBMF
EȃVOQSPHSBNNFEFקNJOVUFT
TVQQM©NFOUBJSFT
&OTVJUF MFSJO§BHFEFMȃBEPVDJTTFVSEȃFBVRVJ
EVSFקNJOVUFTQFVUDPNNFODFSBVDPVST
EVNªNFDZDMFPVBVE©CVUEVQSPHSBNNF
TVJWBOU$FUUFBDUJWJU©BVHNFOUFMB
DPOTPNNBUJPOEȃFBVUPUBMFEȃVOQSPHSBNNF
EFצMJUSFTTVQQM©NFOUBJSFTFUMB
DPOTPNNBUJPO©OFSH©UJRVFUPUBMFEȃVO
QSPHSBNNFEFפ8ITVQQM©NFOUBJSFT-F
SJO§BHFEFMȃBEPVDJTTFVSTFUFSNJOFBWFDVOF
WJEBOHFDPNQM¨UF
$IBRVFSJO§BHFEȃBEPVDJTTFVSFԑFDUV©
QMVTJFVSTQPTTJCMFTBVDPVSTEVNªNFDZDMF
QFVUQSPMPOHFSMBEVS©FEVQSPHSBNNFEF
קNJOVUFTTVQQM©NFOUBJSFTTȃJMTFQSPEVJU
OȃJNQPSUFRVFMQPJOUBVE©CVUPVBVNJMJFV
EȃVOQSPHSBNNF
5PVUFTMFTWBMFVSTEF
DPOTPNNBUJPOJOEJRV©FTEBOT
DFUUFTFDUJPOTPOUE©UFSNJO©FT
DPOGPSN©NFOU MBOPSNF
BDUVFMMFNFOUFOWJHVFVSEBOTEFT
DPOEJUJPOTEFMBCPSBUPJSFBWFD
VOFEVSFU©EFMȃFBVEFק פNNPMDPOGPSN©NFOUBVS¨HMFNFOU
פפעפףעפBEPVDJTTFVSEȃFBV
OJWFBV ץ
-BQSFTTJPOFUMBUFNQ©SBUVSFEF
MȃFBVBJOTJRVFMFTWBSJBUJPOTEF
MȃBMJNFOUBUJPOTFDUFVSQFVWFOU
NPEJԒFSMFTWBMFVST
צף
SFNQMJ4JMFTS©TVMUBUTEFT©DIBHFTPOU
TBUJTGBJTBOUTFOOVUJMJTBOURVFEFTQBTUJMMFT
UPVUFO ףJMFTUQPTTJCMFEFE©TBDUJWFSMB
OPUJԒDBUJPOJOEJRVBOURVJMGBVUSFNQMJSMF
S©TFSWPJSEFMJRVJEFEFSJO§BHF$FQFOEBOU
QPVSEFNFJMMFVSFTQFSGPSNBODFTEF
T©DIBHF VUJMJTF[UPVKPVSTEVMJRVJEFEF
SJO§BHF
4JWPVTVUJMJTF[VOE©UFSHFOUTUBOEBSEPVEFT
QBTUJMMFTUPVUFOףTBOTBHFOUEFSJO§BHF
BDUJWF[MBOPUJԒDBUJPOQPVSRVFMFWPZBOU
3FNQMJTTBHFEVMJRVJEFEFSJO§BHFSFTUF
BDUJG
5POBMJU©EFԒO
7PVTQPVWF[BDUJWFSMFTJHOBMTPOPSF
E©DMFODI©MPSTRVFMFQSPHSBNNFFTU
UFSNJO©
%FTTJHOBVYTPOPSFTSFUFOUJTTFOU
MPSTRVVOFBOPNBMJFEF
GPODUJPOOFNFOUTFTUQSPEVJUFԡM
FTUJNQPTTJCMFEFE©TBDUJWFSDFT
TJHOBVYTPOPSFT
"VUP0QFO
"VUP0QFOBN©MJPSFMFTS©TVMUBUTEFT©DIBHF
FOVUJMJTBOUNPJOTE©OFSHJF%VSBOUMBQIBTF
EFT©DIBHF MBQPSUFTPVWSF
BVUPNBUJRVFNFOUFUSFTUFFOUSPVWFSUF
/PUJԒDBUJPOEVS©TFSWPJSEFMJRVJEF
EFSJO§BHFWJEF
-FMJRVJEFEFSJO§BHFQFSNFU MBWBJTTFMMFEF
T©DIFSTBOTUSBDFTOJUBDIFTԡMFTUMJC©S©
BVUPNBUJRVFNFOUBVDPVSTEFMBQIBTFEF
SJO§BHFDIBVE
-PSTRVFMFS©TFSWPJSEVMJRVJEFEFSJO§BHFFTU
WJEF MJOEJDBUFVSEVMJRVJEFEFSJO§BHF
BQQBSB®UQPVSWPVTJOEJRVFSRVJMEPJUªUSF
"VUP0QFOFTUBVUPNBUJRVFNFOUBDUJW©F
BWFDUPVTMFTQSPHSBNNFT MFYDFQUJPOEV
QSPHSBNNF3JOTF)PME
'3"/"ԡ4
קף
"55&/5ԡ0//FUFOUF[QBTEF
SFGFSNFSMBQPSUFEFMBQQBSFJM
EBOTMFTפNJOVUFTTVJWBOUTPO
PVWFSUVSFBVUPNBUJRVF7PVT
SJTRVFSJF[EFOEPNNBHFS
MBQQBSFJM
A
"55&/5ԡ0/4JEFTFOGBOUT EFT
BOJNBVYPVEFTQFSTPOOFTBZBOU
VOIBOEJDBQPOUBDD¨T
MBQQBSFJM E©TBDUJWF[MPQUJPO
"VUP0QFO-PVWFSUVSF
BVUPNBUJRVFEVIVCMPUQPVSSBJU
FOUSB®OFSVOEBOHFSFUFYQPTFS
MJOU©SJFVSEFMBQQBSFJMBVY
SJTRVFTQPUFOUJFMT DPNNFMFT
DPVUFBVY MFTPCKFUTQPJOUVT MFT
QSPEVJUTDIJNJRVFT 5POBMJU©TEFTUPVDIFT
-FTUPVDIFTEVCBOEFBVEFDPNNBOEF
©NFUUFOUVODMJDMPSTRVFWPVTBQQVZF[
EFTTVT7PVTQPVWF[E©TBDUJWFSDFTPO
$PNNFOUFOUSFSFO.PEFS©HMBHF
7PVTQPVWF[FOUSFSFO.PEFS©HMBHFBWBOU
EFMBODFSVOQSPHSBNNF7PVTOFQPVWF[
QBTFOUSFSFO.PEFS©HMBHFMPSTRVFMF
QSPHSBNNFFTUFODPVST
1PVSFOUSFSFO.PEFS©HMBHF NBJOUFOF[
FU
TJNVMUBO©NFOUMFTUPVDIFT
FOGPOD©FTQFOEBOUFOWJSPOץTFDPOEFT
-BMVNJ¨SFDPSSFTQPOEBOU MȃJOEJDBUFVS
ȋ
ȋ
C
" 1S©D©EFOUUPVDIF
# 0,UPVDIF
$ 4VJWBOUUPVDIF
6UJMJTF[1S©D©EFOUFU4VJWBOUQPVSOBWJHVFS
FOUSFMFTS©HMBHFTEFCBTFFUDIBOHFSMFVS
WBMFVS
6UJMJTF[0,QPVSNPEJԒFSMFS©HMBHF
T©MFDUJPOO©FUDPOԒSNFSMFDIBOHFNFOUEF
WBMFVS
$PNNFOUNPEJԒFSMFS©HMBHF
"TTVSF[WPVTRVFMBQQBSFJMFTUFO.PEF
S©HMBHF
" ףQQVZF[TVS1S©D©EFOUPV4VJWBOU
KVTRVȃ DFRVFMFWPZBOUE©EJ©BVS©HMBHF
TPVIBJU©DMJHOPUF
.PEFS©HMBHF
ȋ
B
FU
DMJHOPUFOU
-FTWPZBOUT
FU TPOU
BMMVN©T
-FTWPZBOUTDPSSFTQPOEBOUBVY
UPVDIFTEVQSPHSBNNFTPOUBMMVN©T
$PNNFOUOBWJHVFSEBOTMF.PEF
S©HMBHF
7PVTQPVWF[OBWJHVFSEBOTMF.PEFS©HMBHF
FOVUJMJTBOUMFTUPVDIFTEFQSPHSBNNF
JOEJRVFMBWBMFVSEF
-FWPZBOUDPOOFYF
S©HMBHFBDUVFMMF
ȋ 1PVSMFTS©HMBHFT EFVYWBMFVST
NBSDIFFUBSSªU MFWPZBOUFTU
BMMVN©F MFS©HMBHFFTUBMMVN© PV
©UFJOU MFS©HMBHFFTU©UFJOU ȋ 1PVSMFTS©HMBHFTBWFDQMVTJFVST
WBMFVST OJWFBVY MFWPZBOUDMJHOPUF
-FOPNCSFEFDMJHOPUFNFOUTJOEJRVF
MFS©HMBHFBDUVFM QBSFYק
DMJHOPUFNFOUT QBVTF ק
DMJHOPUFNFOUTOJWFBV ק
" פQQVZF[TVS0,QPVSNPEJԒFSMF
S©HMBHF
ȋ -FWPZBOUDPSSFTQPOEBOU MBUPVDIF
FTUBMMVN©
ȋ -FTBVUSFTWPZBOUTTPOU©UFJOUT
JOEJRVF
-FWPZBOUFOSBQQPSUBWFD
MBWBMFVSEFS©HMBHFBDUVFMMF
" ץQQVZF[TVS1S©D©EFOUPV4VJWBOUQPVS
DIBOHFSMBWBMFVS
ȋ
'3"/"ԡ4
רף
" צQQVZF[TVS0,QPVSDPOԒSNFSMF
S©HMBHF
ȋ -FOPVWFBVS©HMBHFFTUN©NPSJT©
ȋ -ȃBQQBSFJMSFWJFOUBVNPEFEF
T©MFDUJPOEFS©HMBHF
ק.BJOUFOF[TJNVMUBO©NFOUMFTUPVDIFT
FU
FOWJSPOץTFDPOEFTQPVSRVJUUFSMF.PEF
S©HMBHF
-BQQBSFJMSFWJFOUBVNPEFEFT©MFDUJPOEF
QSPHSBNNF
$FTS©HMBHFTTFSPOUTBVWFHBSE©TKVTRV DF
RVFWPVTMFTDIBOHJF[ OPVWFBV
FOGPOD©FTQFOEBOU
"WBOUMBQSFNJ¨SFVUJMJTBUJPO
" ףTTVSF[WPVTRVFMFS©HMBHFBDUVFMEF
MBEPVDJTTFVSEFBVFTUDPNQBUJCMF
BWFDMBEVSFU©EFMBSSJW©FEFBV4JDF
OFTUQBTMFDBT S©HMF[MFOJWFBVEF
MBEPVDJTTFVSEFBV
פ3FNQMJTTF[MFS©TFSWPJSEFTFM
S©H©O©SBOU
ץ3FNQMJTTF[MFEJTUSJCVUFVSEFMJRVJEFEF
SJO§BHF
צ0VWSF[MFSPCJOFUEFBV
ק%©NBSSF[MFQSPHSBNNF2VJDLעץQPVS
©MJNJOFSUPVUS©TJEVEFGBCSJDBUJPO
/VUJMJTF[QBTEFQSPEVJUEFMBWBHFFU
MBJTTF[MFTQBOJFSTWJEFT
-PSTRVFWPVTE©NBSSF[VOQSPHSBNNF
MBQQBSFJMQFVUQSFOESFקNJOVUFTQPVS
SFDIBSHFSMBS©TJOFEBOTMBEPVDJTTFVSEFBV
-BQIBTFEFMBWBHFOFE©NBSSFRVVOFGPJT
DFUUFQSPD©EVSFBDIFW©F-BQSPD©EVSFTFSB
S©Q©U©FS©HVMJ¨SFNFOU
3FNQMJTTBHFEVS©TFSWPJSEFTFM
S©H©O©SBOU
ף
פ
ץ
צ
3©TFSWPJSEFTFMS©H©O©SBOU
"55&/5ԡ0/6UJMJTF[VOJRVFNFOU
EVHSPTTFMTQ©DJBMFNFOUDPO§V
QPVSMFTMBWFWBJTTFMMF-FTFMԒO
BVHNFOUFMFSJTRVFEFDPSSPTJPO
-FTFMQFSNFUEFSFDIBSHFSMBS©TJOFEBOT
MBEPVDJTTFVSEFBVFUEFHBSBOUJSEFCPOT
S©TVMUBUTEFMBWBHFBVRVPUJEJFO
.FUUF[ףMJUSFEFBV
EBOTMFS©TFSWPJSEF
TFMS©H©O©SBOU
VOJRVFNFOUMB
QSFNJ¨SFGPJT 7FSTF[ףLHEFTFM
EBOTMFS©TFSWPJSEF
TFMS©H©O©SBOU
'3"/"ԡ4
שף
ק
ץ
צ
max
5PVSOF[MFDPVWFSDMF
EVS©TFSWPJSEFTFM
S©H©O©SBOUWFSTMB
ESPJUFQPVSMF
SFGFSNFS
ק
MAX
"55&/5ԡ0/%FMFBVFUEVTFM
QFVWFOUTPSUJSEVS©TFSWPJSEFTFM
S©H©O©SBOUMPSTRVFWPVTMF
SFNQMJTTF["ԒOE©WJUFSMB
DPSSPTJPO MBODF[JNN©EJBUFNFOU
VOQSPHSBNNFBQS¨TBWPJSSFNQMJ
MFS©TFSWPJSEFTFMS©H©O©SBOU
3FNQMJTTBHFEVEJTUSJCVUFVSEF
MJRVJEFEFSJO§BHF
ף
פ
43
21
1PVSS©HMFSMB
RVBOUJU©EFMJRVJEF
EFSJO§BHFMJC©S©F
UPVSOF[MFT©MFDUFVS
FOUSFMBQPTJUJPOף
RVBOUJU©NJOJNBMF
FUMBQPTJUJPOצ
RVBOUJU©NBYJNBMF 6UJMJTBUJPORVPUJEJFOOF
ף0VWSF[MFSPCJOFUEFBV
פ.BJOUFOF[MBUPVDIF FOGPOD©FKVTRV
DFRVFMBQQBSFJMTBMMVNF
ץ3FNQMJTTF[MFS©TFSWPJSEFTFMS©H©O©SBOU
TJMFTUWJEF
צ3FNQMJTTF[MFEJTUSJCVUFVSEFMJRVJEFEF
SJO§BHFTJMFTUWJEF
ק$IBSHF[MFTQBOJFST
" רKPVUF[EVQSPEVJUEFMBWBHF
ש4©MFDUJPOOF[FUE©NBSSF[VO
QSPHSBNNF
ת6OFGPJTMFQSPHSBNNFGFSNJO© GFSNF[
MFSPCJOFUEFBV
'3"/"ԡ4
תף
6UJMJTBUJPOEVQSPEVJUEFMBWBHF
ף
פ
ȋ
3©HMF[MFEJTUSJCVUFVSEFMJRVJEFEF
SJO§BHFTVSMFOJWFBVMFQMVTGBJCMF
-FTQBTUJMMFTUPVUFOףDPOUFOBOU
EVTFMS©H©O©SBOUOFTPOUQBT
BTTF[FԔDBDFTQPVSBEPVDJSMFBV
EVSF
$PNNFOUT©MFDUJPOOFSFUMBODFSVO
QSPHSBNNF
צ
ץ
" ףQQVZF[TVSMBUPVDIFEVQSPHSBNNF
RVFWPVTTPVIBJUF[T©MFDUJPOOFS
-FWPZBOUDPSSFTQPOEBOU MBUPVDIF
DMJHOPUF
" פDUJWF[1PXFS$MFBOTJWPVTMFTPVIBJUF[
' ץFSNF[MBQPSUFEFMBQQBSFJMQPVS
E©NBSSFSMFQSPHSBNNF
$PNNFOUT©MFDUJPOOFSFUMBODFSMF
QSPHSBNNF
A
.FUUF[MFQSPEVJUEF
MBWBHFPVMFT
QBTUJMMFTUPVUFOVO
EBOTMF
DPNQBSUJNFOU " 4JMFQSPHSBNNFDPNQPSUFVOFQIBTFEF
QS©MBWBHF WFSTF[VOFQFUJUFRVBOUJU©EF
QSPEVJUEFMBWBHF MJOU©SJFVSEFMBQPSUFEF
MBQQBSFJM
ף1PVST©MFDUJPOOFS
NBJOUFOF[MB
UPVDIF
FOGPOD©FQFOEBOU
ץTFDPOEFT
-FWPZBOUDPSSFTQPOEBOU MBUPVDIF
DMJHOPUF
1PXFS$MFBOOȃFTUQBTDPNQBUJCMF
BWFDDFQSPHSBNNF
' פFSNF[MBQPSUFEFMBQQBSFJMQPVS
E©NBSSFSMFQSPHSBNNF
$PNNFOUBDUJWFS1PXFS$MFBO
ף4©MFDUJPOOF[VOQSPHSBNNF
4JWPVTVUJMJTF[QMVTJFVSTQBTUJMMFTRVJ
DPOUJFOOFOUEVTFMS©H©O©SBOUFUEVMJRVJEF
EFSJO§BHF JMOFTUQBTO©DFTTBJSFEFSFNQMJS
MFS©TFSWPJSEFTFMS©H©O©SBOUOJMF
EJTUSJCVUFVSEFMJRVJEFEFSJO§BHF
ȋ 3©HMF[MBEPVDJTTFVSEFBVBVOJWFBV
NJOJNBM
" פQQVZF[TVS -FWPZBOUDPSSFTQPOEBOU MBUPVDIFFTU
BMMVN©
1PXFS$MFBOOȃFTUQBTVOFPQUJPO
QFSNBOFOUFFUEPJUªUSFBDUJW©F
DIBRVFGPJTRVFWPVTE©NBSSF[
VOQSPHSBNNF
ԡMOȃFTUQBTQPTTJCMFEȃBDUJWFSOJEF
E©TBDUJWFS1PXFS$MFBOQFOEBOU
MȃFY©DVUJPOEȃVOQSPHSBNNF
"DUJWFS1PXFS$MFBOBVHNFOUFMB
DPOTPNNBUJPOEȃFBVFUEȃ©OFSHJF
BJOTJRVFMBEVS©FEVQSPHSBNNF
'3"/"ԡ4
ף
$PNNFOUT©MFDUJPOOFSFUMBODFSMF
QSPHSBNNF"650
" ףQQVZF[TVS
-FWPZBOUDPSSFTQPOEBOU MBUPVDIFFTU
BMMVN©
1PXFS$MFBOOȃFTUQBTDPNQBUJCMF
BWFDDFQSPHSBNNF
' פFSNF[MBQPSUFEFMBQQBSFJMQPVS
E©NBSSFSMFQSPHSBNNF
-BQQBSFJME©UFDUFMFUZQFEFDIBSHFFUDIPJTJU
VODZDMFEFMBWBHFBEBQU©
$PNNFOUEJԑ©SFSMFE©QBSUEVO
QSPHSBNNF
7PVTQPVWF[EJԑ©SFSEFץIFVSFTMF
E©NBSSBHFEVQSPHSBNNF
ף4©MFDUJPOOF[VOQSPHSBNNF
" פQQVZF[TVS
-FWPZBOUDPSSFTQPOEBOU MBUPVDIFFTU
BMMVN©
' ץFSNF[MBQPSUFEFMBQQBSFJMQPVS
E©NBSSFSMFE©DPNQUF
1FOEBOUVOE©DPNQUF JMOȃFTUQBTQPTTJCMF
EFDIBOHFSMFDIPJYEVQSPHSBNNF
-PSTRVFMFE©DPNQUFFTUUFSNJO© MF
QSPHSBNNFE©NBSSF
$PNNFOUBOOVMFSMFE©QBSUEJԑ©S©
BVDPVSTEVE©DPNQUF
.BJOUFOF[MBUPVDIF FOGPOD©FQFOEBOU
FOWJSPOץTFDPOEFT
-BQQBSFJMSFWJFOUBVNPEFEFT©MFDUJPOEF
QSPHSBNNF
4JWPVTBOOVMF[MFE©QBSUEJԑ©S©
WPVTEFWF[S©HMFSEFOPVWFBVMF
QSPHSBNNF
1PVSBOOVMFSVOQSPHSBNNFFODPVST
.BJOUFOF[MBUPVDIF
FOWJSPOץTFDPOEFT
FOGPOD©FQFOEBOU
-BQQBSFJMSFWJFOUBVNPEFEFT©MFDUJPOEF
QSPHSBNNF
"TTVSF[WPVTRVFMFEJTUSJCVUFVS
EFQSPEVJUEFMBWBHFOFTUQBT
WJEFBWBOUEFE©NBSSFSVO
OPVWFBVQSPHSBNNFEFMBWBHF
0VWFSUVSFEFMBQPSUFBVDPVSTEV
GPODUJPOOFNFOUEFMBQQBSFJM
4JWPVTPVWSF[MBQPSUFMPSTRVVOQSPHSBNNF
FTUFODPVST MBQQBSFJMTBSSªUF$FMBQFVU
BWPJSVOJNQBDUTVSMBDPOTPNNBUJPO
E©OFSHJFFUMBEVS©FEVQSPHSBNNF
-PSTRVFWPVTSFGFSNF[MBQPSUF MBQQBSFJM
SFQSFOEM P¹JMB©U©JOUFSSPNQV
%VSBOUMBQIBTFEFT©DIBHF TJMB
QPSUFFTUPVWFSUFQFOEBOUQMVTEF
עץTFDPOEFT MFQSPHSBNNFFO
DPVSTTBSSªUF$FDJOFTFQSPEVJU
QBTTJMBQPSUFFTUPVWFSUFQBSMB
GPODUJPO"VUP0QFO
-BGPODUJPO"VUP0ԑ
$FUUFGPODUJPOQFSNFUE©DPOPNJTFSEF
M©OFSHJFFONFUUBOU MBSSªUMBQQBSFJM
MPSTRVJMOFTUQBTFODPVSTEF
GPODUJPOOFNFOU
-BGPODUJPOTȃBDUJWFBVUPNBUJRVFNFOU
ȋ "QS¨TקףTFDPOEFTNBYJNVNVOFGPJTMF
QSPHSBNNFUFSNJO©
ȋ "VCPVUEFקNJOVUFTTJMFQSPHSBNNFOB
QBTE©NBSS©
'JOEVQSPHSBNNF
-PSTRVFMFQSPHSBNNFFTUUFSNJO© MB
GPODUJPO"VUP0ԑ©UFJOUBVUPNBUJRVFNFOU
MBQQBSFJM
5PVUFTMFTUPVDIFTTPOUJOBDUJWFT MFYDFQUJPOEFMBUPVDIF.BSDIF"SSªU
'3"/"ԡ4
עפ
$POTFJMT
ǿ 6UJMJTF[MFEPTBHFSFDPNNBOE©EF
E©UFSHFOUFUEFMJRVJEFEFSJO§BHF
ǿ "TTVSF[WPVTRVFMFOJWFBVS©HM©QPVS
MBEPVDJTTFVSEFBVDPSSFTQPOE MB
EVSFU©EFMFBVEFWPUSFS©HJPO
ǿ 4VJWF[MFTJOTUSVDUJPOTEVDIBQJUSF
k&OUSFUJFOFUOFUUPZBHF{
ԡOGPSNBUJPOTH©O©SBMFT
4VJWF[MFTDPOTFJMTDJEFTTPVTQPVSHBSBOUJS
EFTS©TVMUBUTEFMBWBHFFUEFT©DIBHF
PQUJNBVYBVRVPUJEJFOFUQPVSQSPU©HFS
MFOWJSPOOFNFOU
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
-BWFSMFTQMBUTBVMBWFWBJTTFMMFDPNNF
JOEJRV©EBOTMBOPUJDFEȃVUJMJTBUJPOQFSNFU
H©O©SBMFNFOUEFDPOTPNNFSNPJOT
EȃFBVFUEȃ©OFSHJFQBSSBQQPSUBVMBWBHF
EFTQMBUT MBNBJO
$IBSHF[MFMBWFWBJTTFMMF TBDBQBDJU©
NBYJNBMFQPVS©DPOPNJTFSMȃFBVFU
Mȃ©OFSHJF1PVSPCUFOJSMFTNFJMMFVST
S©TVMUBUTEFOFUUPZBHF EJTQPTF[MFT
BSUJDMFTEBOTMFTQBOJFSTDPNNFJOEJRV©
EBOTMBOPUJDFEVUJMJTBUJPOFUOF
TVSDIBSHF[QBTMFTQBOJFST
/FSJODF[QBTWPTQMBUT MBNBJOBV
QS©BMBCMF$FMBBVHNFOUFMB
DPOTPNNBUJPOEȃFBVFUEȃ©OFSHJF4J
O©DFTTBJSF T©MFDUJPOOF[VOQSPHSBNNF
BWFDVOFQIBTFEFQS©MBWBHF
&OMFWF[MFTQMVTHSPTS©TJEVTEȃBMJNFOUT
EFTQMBUTFUWJEF[MFTUBTTFTFUMFTWFSSFT
BWBOUEFMFTNFUUSFEBOTMȃBQQBSFJM
'BJUFTUSFNQFSPVS©DVSF[M©H¨SFNFOUMB
WBJTTFMMFDPOUFOBOUEFTBMJNFOUTUS¨TDVJUT
BWBOUEFMBQMBDFSEBOTMBQQBSFJM
7©SJԒF[RVFMFTQMBUTOFTFUPVDIFOUQBT
EBOTMFTQBOJFSTPVOFTFSFDPVWSFOUQBT
MFTVOTMFTBVUSFT-FBVQFVUBJOTJ
BUUFJOESFUPVUFMBWBJTTFMMFFUMBMBWFS
QBSGBJUFNFOU
7PVTQPVWF[VUJMJTFSEVE©UFSHFOU EV
MJRVJEFEFSJO§BHFFUEVTFMS©H©O©SBOU
T©QBS©NFOU PVEFTQBTUJMMFTUPVUFOף
4VJWF[MFTJOTUSVDUJPOTJOTDSJUFTTVS
MFNCBMMBHF
4©MFDUJPOOF[VOQSPHSBNNFFOGPODUJPO
EVUZQFEFDIBSHFFUEVEFHS©EFTBMFU©
&$0BTTVSFMȃVUJMJTBUJPOMBQMVTFԔDBDFEF
DPOTPNNBUJPOEȃFBVFUEȃ©OFSHJF
1PVSFNQªDIFSMBGPSNBUJPOEFE©Q´UT
DBMDBJSFT MȃJOU©SJFVSEFMȃBQQBSFJM
ǿ 3FNQMJTTF[MFS©TFSWPJSEFTFM
S©H©O©SBOUE¨TRVFO©DFTTBJSF
6UJMJTBUJPOEFTFMS©H©O©SBOU EF
MJRVJEFEFSJO§BHFFUEFQSPEVJUEF
MBWBHF
ȋ
ȋ
ȋ
ȋ
ȋ
6UJMJTF[VOJRVFNFOUEVTFMS©H©O©SBOU EV
MJRVJEFEFSJO§BHFFUEVQSPEVJUEFMBWBHF
DPO§VTQPVSMFTMBWFWBJTTFMMF%BVUSFT
QSPEVJUTQFVWFOUFOEPNNBHFSMBQQBSFJM
%BOTMFTS©HJPOTP¹MFBVFTUEVSFPVUS¨T
EVSF OPVTSFDPNNBOEPOTMVUJMJTBUJPO
T©QBS©FEVOE©UFSHFOUTJNQMF QPVESF
HFM QBTUJMMF TBOTGPODUJPO
TVQQM©NFOUBJSF EFMJRVJEFEFSJO§BHFFU
EFTFMS©H©O©SBOUQPVSEFTS©TVMUBUTEF
MBWBHFFUEFT©DIBHFPQUJNBVY
-FTUBCMFUUFTEFE©UFSHFOUOFTF
EJTTPMWFOUQBTDPNQM¨UFNFOUEVSBOUMFT
QSPHSBNNFTDPVSUT1PVS©WJUFSRVFEFT
S©TJEVTEFQSPEVJUEFMBWBHFOFTF
E©QPTFOUTVSMBWBJTTFMMF OPVT
SFDPNNBOEPOTEVUJMJTFSEFTQBTUJMMFTEF
E©UFSHFOUBWFDEFTQSPHSBNNFTMPOHT
6UJMJTF[UPVKPVSTMBRVBOUJU©BE©RVBUFEF
E©UFSHFOU6OEPTBHFJOTVԔTBOUEF
E©UFSHFOUQFVUFOUSB®OFSEFNBVWBJT
S©TVMUBUTEFOFUUPZBHFFUMBGPSNBUJPO
EȃVOFQFMMJDVMFPVEFUBDIFTEȃFBVEVSF
TVSMFTBSUJDMFT6UJMJTFSUSPQEFE©UFSHFOU
BWFDVOFFBVEPVDFPVBEPVDJFFOUSB®OF
MBQS©TFODFEFS©TJEVTEFE©UFSHFOUTVS
MFTQMBUT"KVTUF[MBRVBOUJU©EFE©UFSHFOU
FOGPODUJPOEFMBEVSFU©EFMȃFBV
3FQPSUF[WPVTBVYJOTUSVDUJPOTԒHVSBOU
TVSMFNCBMMBHFEVQSPEVJUEFMBWBHF
6UJMJTF[UPVKPVSTMBRVBOUJU©BE©RVBUFEF
MJRVJEFEFSJO§BHF6OEPTBHFJOTVԔTBOU
EVMJRVJEFEFSJO§BHFEJNJOVFMFT
S©TVMUBUTEFT©DIBHF6UJMJTFSUSPQEF
MJRVJEFEFSJO§BHFFOUSB®OFMBGPSNBUJPO
EFDPVDIFTCMFVU©FTTVSMFTBSUJDMFT
'3"/"ԡ4
ȋ
"TTVSF[WPVTRVFMFOJWFBVEȃBEPVDJTTFVS
EȃFBVFTUDPSSFDU4JMFOJWFBVFTUUSPQ
©MFW© MBRVBOUJU©BDDSVFEFTFM
S©H©O©SBOUEBOTMȃFBVQFVUFOUSB®OFSMB
GPSNBUJPOEFSPVJMMFTVSMFTDPVWFSUT
ףפ
$IBSHFNFOUEFTQBOJFST
3FQPSUF[WPVT MBCSPDIVSF
GPVSOJFQPVSDPOTVMUFSEFT
FYFNQMFTEFDIBSHFEFTQBOJFST
2VFGBJSFTJWPVTOFWPVMF[QMVT
VUJMJTFSEFQBTUJMMFTUPVUFOף
ȋ
ȋ
"WBOUEFDPNNFODFS VUJMJTFSMFQSPEVJUEF
MBWBHF MFTFMS©H©O©SBOUFUMFMJRVJEFEF
SJO§BHFT©QBS©NFOU TVJWF[MFT©UBQFT
TVJWBOUFT
ȋ
ף3©HMF[MBEPVDJTTFVSEFBVTVSMFOJWFBV
NBYJNBM
" פTTVSF[WPVTRVFMFS©TFSWPJSEFTFM
S©H©O©SBOUFUMFEJTUSJCVUFVSEFMJRVJEF
EFSJO§BHFTPOUQMFJOT
ץ-BODF[MFQSPHSBNNF2VJDLעץ
/BKPVUF[QBTEFQSPEVJUEFMBWBHFFU
MBJTTF[MFTQBOJFSTWJEFT
צ-PSTRVFMFQSPHSBNNFEFMBWBHFFTU
UFSNJO© S©HMF[MBEPVDJTTFVSEFBVFO
GPODUJPOEFMBEVSFU©EFMFBVEBOTWPUSF
S©HJPO
" קKVTUF[MBRVBOUJU©EFMJRVJEFEFSJO§BHF
MJC©S©F
ȋ
"WBOUMFE©NBSSBHFEVOQSPHSBNNF
"WBOUEFMBODFSMFQSPHSBNNFT©MFDUJPOO©
BTTVSF[WPVTRVF
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
-FTԒMUSFTTPOUQSPQSFTFUDPSSFDUFNFOU
JOTUBMM©T
-FCPVDIPOEVS©TFSWPJSEFTFM
S©H©O©SBOUFTUWJTT©
-FTCSBTEBTQFSTJPOOFTPOUQBT
PCTUSV©T
ԡMZBBTTF[EFTFMS©H©O©SBOUFUEFMJRVJEF
EFSJO§BHF TBVGTJWPVTVUJMJTF[EFT
QBTUJMMFTUPVUFO ף
-BWBJTTFMMFFTUCJFOQPTJUJPOO©FEBOTMFT
QBOJFST
-FQSPHSBNNFFTUBEBQU©BVUZQFEF
WBJTTFMMFFUBVEFHS©EFTBMJTTVSF
7PVTVUJMJTF[MBCPOOFRVBOUJU©EFQSPEVJU
EFMBWBHF
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
6UJMJTF[UPVKPVSTUPVUMFTQBDFEFTQBOJFST
/VUJMJTF[MBQQBSFJMRVFQPVSMBWFSEFT
BSUJDMFTBEBQU©TBVMBWFWBJTTFMMF
/FMBWF[QBTEBOTMȃBQQBSFJMEFTBSUJDMFT
GBCSJRV©TFOCPJT DPSOF BMVNJOJVN
©UBJOFUDVJWSFDBSJMTQPVSSBJFOUTF
ԒTTVSFS TFE©GPSNFS ªUSFE©DPMPS©TPV
QJRV©T
/FQMBDF[QBTEBOTMBQQBSFJMEFTPCKFUT
QPVWBOUBCTPSCFSMFBV ©QPOHFT DIJԑPOT
EFOFUUPZBHF &OMFWF[MFTSFTUFTEBMJNFOUTTVSMFT
BSUJDMFT
'BJUFTUSFNQFSMBWBJTTFMMFDPOUFOBOUEFT
BMJNFOUTCS»M©TBWBOUEFMBQMBDFSEBOT
MBQQBSFJM
$IBSHF[MFTBSUJDMFTDSFVY UBTTFT WFSSFT
FUDBTTFSPMFT FOMFTSFUPVSOBOU
-BWBJTTFMMFFUMFTDPVWFSUTOFEPJWFOUQBT
ªUSFJOT©S©TMFTVOTEBOTMFTBVUSFTOJTF
DIFWBVDIFS.©MBOHF[MFTDVJMM¨SFTBWFD
EBVUSFTDPVWFSUT
7©SJԒF[RVFMFTWFSSFTOFTFUPVDIFOUQBT
QPVS©WJUFSRVJMTOFTFCSJTFOU
1MBDF[MFTQFUJUTBSUJDMFTFUMFTDPVWFSUT
EBOTMFQBOJFS DPVWFSUT
1MBDF[MFTPCKFUTM©HFSTEBOTMFQBOJFS
TVQ©SJFVS7FJMMF[ DFRVFMFTBSUJDMFTOF
QVJTTFOUQBTCPVHFS
"TTVSF[WPVTRVFMFCSBTEBTQFSTJPO
UPVSOFMJCSFNFOUBWBOUEFMBODFSVO
QSPHSBNNF
%©DIBSHFNFOUEFTQBOJFST
" ףUUFOEF[RVFMBWBJTTFMMFSFGSPJEJTTF
BWBOUEFMBSFUJSFSEFMBQQBSFJM-B
WBJTTFMMFFODPSFDIBVEFFTUTFOTJCMFBVY
DIPDT
פ$PNNFODF[QBSE©DIBSHFSMFQBOJFS
JOG©SJFVS QVJTMFQBOJFSTVQ©SJFVS
6OFGPJTMFQSPHSBNNFUFSNJO© JM
QFVUSFTUFSEFMFBVTVSMFT
TVSGBDFTJOU©SJFVSFTEFMBQQBSFJM
'3"/"ԡ4
פפ
&OUSFUJFOFU/FUUPZBHF
"7&35ԡ44&.&/5"WBOUUPVUF
PQ©SBUJPOEFOUSFUJFOBVUSFRVFMF
QSPHSBNNF.BDIJOF$BSF
NFUUF[ MBSSªUMBQQBSFJMFU
E©CSBODIF[MBԒDIFEFMBQSJTF
TFDUFVS
-FTԒMUSFTTBMFTFUMFTCSBT
EBTQFSTJPOPCTUSV©TPOUVO
JNQBDUO©HBUJGTVSMFTS©TVMUBUTEF
MBWBHF$POUS´MF[MFT
S©HVMJ¨SFNFOUFUOFUUPZF[MFTTJ
O©DFTTBJSF
/FUUPZBHFJOU©SJFVS
ȋ
ȋ
ȋ
.BDIJOF$BSF
/FUUPZF[TPJHOFVTFNFOUMBQQBSFJM Z
DPNQSJTMFKPJOUFODBPVUDIPVDEFMB
QPSUF BWFDVODIJԑPOEPVYIVNJEF
/VUJMJTF[QBTEFQSPEVJUTBCSBTJGT EF
UBNQPOT S©DVSFS EPVUJMTUSBODIBOUT EF
QSPEVJUTDIJNJRVFTBHSFTTJGT E©QPOHFT
N©UBMMJRVFT OJEFTPMWBOUT
1PVSNBJOUFOJSEFTQFSGPSNBODFT
PQUJNBMFT VUJMJTF[VOQSPEVJUEF
OFUUPZBHFTQ©DJԒRVFNFOUDPO§VQPVSMFT
MBWFWBJTTFMMF BVNPJOTVOFGPJTUPVTMFT
EFVYNPJT 3FQPSUF[WPVTBVY
JOTUSVDUJPOTԒHVSBOUTVSMFNCBMMBHFEF
DFTQSPEVJUT
1PVSEFTS©TVMUBUTEFMBWBHFPQUJNBVY
MBODF[MFQSPHSBNNF.BDIJOF$BSF
.BDIJOF$BSFFTUVOQSPHSBNNFDPO§VQPVS
MBWFSMJOU©SJFVSEFMBQQBSFJM QPVSEFT
S©TVMUBUTPQUJNBVYԡM©MJNJOFMFUBSUSFFU
MBDDVNVMBUJPOEFHSBJTTFT
ȋ
-PSTRVFMBQQBSFJME©UFDUFRVJMBCFTPJO
7©SJԒF[MFTԒMUSFTFUMFDPMMFDUFVSEȃFBVBQS¨T
DIBRVFVUJMJTBUJPOEVMBWFWBJTTFMMF-FT
DPSQT©USBOHFS QBSFYFNQMFMFTNPSDFBVY
EFWFSSF EFQMBTUJRVF MFTPTPVMFTDVSF
EFOUT FUD S©EVJTFOUMFTQFSGPSNBODFTEF
OFUUPZBHFFUQFVWFOUFOEPNNBHFSMB
QPNQFEFWJEBOHF
EªUSFOFUUPZ© MFWPZBOU TBMMVNF-BODF[
MFQSPHSBNNF.BDIJOF$BSFQPVSMBWFS
MJOU©SJFVSEFMBQQBSFJM
$PNNFOUMBODFSMFQSPHSBNNF
.BDIJOF$BSF
"WBOUEFMBODFSMFQSPHSBNNF
.BDIJOF$BSF OFUUPZF[MFTԒMUSFT
FUMFTCSBTEBTQFSTJPO
ף6UJMJTF[VOQSPEVJUEFE©UBSUSBHFPVEF
OFUUPZBHFTQ©DJBMFNFOUDPO§VQPVSMFT
MBWFWBJTTFMMF4VJWF[MFTJOTUSVDUJPOT
JOTDSJUFTTVSMFNCBMMBHF/FQMBDF[QBT
EFWBJTTFMMFEBOTMFTQBOJFST
פ.BJOUFOF[TJNVMUBO©NFOUMFTUPVDIFT
FU
FOGPOD©FTQFOEBOUFOWJSPO
ץTFDPOEFT
-FTJOEJDBUFVST FU DMJHOPUFOU
' ץFSNF[MBQPSUFEFMBQQBSFJMQPVS
E©NBSSFSMFQSPHSBNNF
-PSTRVFMFQSPHSBNNFFTUUFSNJO©
MȃJOEJDBUFVS
FTU©UFJOU
3FUSBJUEFDPSQT©USBOHFST
ף%©NPOUF[MFTZTU¨NFEFԒMUSFTDPNNF
JOEJRV©EBOTDFDIBQJUSF
פ3FUJSF[MFTDPSQT©USBOHFST MBNBJO
"55&/5ԡ0/4JWPVTOF
QPVWF[QBTSFUJSFSMFTDPSQT
©USBOHFST DPOUBDUF[VO
TFSWJDFBQS¨TWFOUFBHS©©
ץ3FNPOUF[MFTԒMUSFTDPNNFJOEJRV©EBOT
DFDIBQJUSF
/FUUPZBHFFYU©SJFVS
ȋ
ȋ
ȋ
/FUUPZF[MBQQBSFJMBWFDVODIJԑPOEPVY
IVNJEF
6UJMJTF[VOJRVFNFOUEFTQSPEVJUTEF
MBWBHFOFVUSFT
/VUJMJTF[QBTEFQSPEVJUTBCSBTJGT EF
UBNQPOT S©DVSFSOJEFTPMWBOUT
'3"/"ԡ4
ץפ
/FUUPZBHFEFTԒMUSFT
ף
ר
ק
D
פ
C
B
A
"TTVSF[WPVTRVJMOF
SFTUFBVDVOS©TJEV
BMJNFOUBJSFOJ
TBMJTTVSF MJOU©SJFVS
PVBVUPVSEVCPSE
EVDPMMFDUFVSEFBV
ץ
-FTZTU¨NFEFԒMUSFT
FTUDPNQPT©EF
ץQBSUJFT
3FNFUUF[MFԒMUSF
QMBU " FOQMBDF
"TTVSF[WPVTRVJM
FTUDPSSFDUFNFOU
QPTJUJPOO©TPVTMFT
פHVJEFT % 3FNPOUF[MFTԒMUSFT
# FU $ 3FNFUUF[
MFTFOQMBDFEBOTMF
ԒMUSF " 5PVSOF[MB
QPJHO©FWFSTMB
ESPJUFKVTRV MB
CVU©F
6ONBVWBJTQPTJUJPOOFNFOUEFT
ԒMUSFTQFVUFOUSB®OFSEFNBVWBJT
S©TVMUBUTEFMBWBHFFU
FOEPNNBHFSMBQQBSFJM
צ
/FUUPZBHFEVԒMUSFEVUVZBV
EBSSJW©F
ף
1PVSSFUJSFSMFT
3FUJSF[MFԒMUSFQMBU
ԒMUSFT # FU $
" -BWF[MFԒMUSF
UPVSOF[MBQPJHO©F
MFBVDPVSBOUF
WFSTMBHBVDIFFU
UJSF[MBWFSTMFIBVU
3FUJSF[MFԒMUSF $ EV
ԒMUSF # -BWF[MFT
ԒMUSFT MFBV
DPVSBOUF
פ
A
'FSNF[MFSPCJOFU
EFBV
%©CSBODIF[MF
UVZBV5PVSOF[
MBUUBDIF"EBOTMF
TFOTIPSBJSF
'3"/"ԡ4
ץ
צפ
צ
/FUUPZF[MFԒMUSFEV
UVZBVEBSSJW©F
/FUUPZBHFEVCSBTEBTQFSTJPO
JOG©SJFVS
/PVTWPVTDPOTFJMMPOTEFOFUUPZFS
S©HVMJ¨SFNFOUMFCSBTEBTQFSTJPOJOG©SJFVS
BԒOE©WJUFSRVFTFTPSJԒDFTOFTFCPVDIFOU
4JMFTPSJԒDFTTPOUCPVDI©T MFTS©TVMUBUTEF
MBWBHFQFVWFOUOFQBTªUSFTBUJTGBJTBOUT
ף
1PVSSFUJSFSMFCSBT
EBTQFSTJPO
JOG©SJFVS UJSF[MF
WFSTMFIBVU
פ
/FUUPZF[MFCSBT
EBTQFSTJPO MFBV
DPVSBOUF6UJMJTF[VO
PVUJMQPJOUVDPNNF
VODVSFEFOUQPVS
FYUSBJSFUPVUFTMFT
QBSUJDVMFTEFTBMFU©
JODSVTU©FTEBOTMFT
PSJԒDFT
ץ
1PVSS©JOTUBMMFSMF
CSBTEBTQFSTJPO
FOGPODF[MFWFSTMF
CBT
'3"/"ԡ4
קפ
%©QBOOBHF
"7&35ԡ44&.&/56OFNBVWBJTF
S©QBSBUJPOEFMBQQBSFJMQFVU
FOUSB®OFSVOEBOHFSQPVSMB
T©DVSJU©EFMVUJMJTBUFVS5PVUF
S©QBSBUJPOOFEPJUªUSFFԑFDUV©F
RVFQBSVOUFDIOJDJFORVBMJԒ©
3FQPSUF[WPVTBVUBCMFBVDJEFTTPVTQPVS
PCUFOJSQMVTEJOGPSNBUJPOTTVSMFT
QSPCM¨NFTQPTTJCMFT
-BQMVQBSUEFTQSPCM¨NFTQFVWFOUªUSF
S©TPMVTTBOTBWPJSSFDPVSTBVTFSWJDF
BQS¨TWFOUFBHS©©
1SPCM¨NFFUDPEFEBMBSNF
$BVTFFUTPMVUJPOQPTTJCMFT
7PVTOFQPVWF[QBTNFUUSF
ȋ
FOGPODUJPOOFNFOUMBQQBSFJM
ȋ
"TTVSF[WPVTRVFMBԒDIFEVD¢CMFEBMJNFOUBUJPOFTUCJFO
JOT©S©FEBOTMBQSJTFEFDPVSBOU
"TTVSF[WPVTRVBVDVOGVTJCMFOBEJTKPODU©EBOTMBCP®UF
GVTJCMFT
-FQSPHSBNNFOFTFMBODF
QBT
7©SJԒF[RVFMBQPSUFEFMBQQBSFJMFTUGFSN©F
4JWPVTBWF[T©MFDUJPOO©VOE©QBSUEJԑ©S© BOOVMF[MFPV
BUUFOEF[MBԒOEVE©DPNQUF
-BQQBSFJMSFDIBSHFMBS©TJOF MJOU©SJFVSEFMBEPVDJTTFVS
EFBV-BEVS©FEFDFUUFQSPD©EVSFFTUEFOWJSPOקNJOVܱ
UFT
ȋ
ȋ
ȋ
-BQQBSFJMOFTFSFNQMJUQBT
EFBV
ȋ -FTWPZBOUTDPSSFTQPOܱ
EBOUBVYUPVDIFTEVQSPܱ
HSBNNFDMJHOPUFOUףGPJT
QBSJOUFSNJUUFODF
ȋ 6OTJHOBMTPOPSFSFUFOUJU
QBSJOUFSNJUUFODF
ȋ
ȋ
-BQQBSFJMOFWJEBOHFQBT
MFBV
ȋ -FTWPZBOUTDPSSFTQPOܱ
EBOUBVYUPVDIFTEVQSPܱ
HSBNNFDMJHOPUFOUפGPJT
QBSJOUFSNJUUFODF
ȋ 6OTJHOBMTPOPSFSFUFOUJU
QBSJOUFSNJUUFODF
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
"TTVSF[WPVTRVFMFSPCJOFUEFBVFTUPVWFSU
"TTVSF[WPVTRVFMBQSFTTJPOEFMBSSJW©FEFBVOFTUQBT
USPQCBTTF1PVSPCUFOJSDFUUFJOGPSNBUJPO DPOUBDUF[WPܱ
USFGPVSOJTTFVSEȃFBV
"TTVSF[WPVTRVFMFSPCJOFUEFBVOFTUQBTPCTUSV©
"TTVSF[WPVTRVFMFԒMUSFEVUVZBVEBSSJW©FEFBVOFTU
QBTPCTUSV©
"TTVSF[WPVTRVFMFUVZBVEȃBSSJW©FEȃFBVOFQS©TFOUFOJ
QMJT OJDPVEFT
"TTVSF[WPVTRVFMFTJQIPOEFM©WJFSOFTUQBTPCTUSV©
"TTVSF[WPVTRVFMFTZTU¨NFEVԒMUSFJOU©SJFVSOFTUQBT
PCTUSV©
"TTVSF[WPVTRVFMFUVZBVEFWJEBOHFOFQS©TFOUFOJQMJT
OJDPVEFT
'3"/"ԡ4
רפ
1SPCM¨NFFUDPEFEBMBSNF
$BVTFFUTPMVUJPOQPTTJCMFT
-FEJTQPTJUJGBOUJJOPOEBUJPO
FTUBDUJW©
ȋ -FTWPZBOUTDPSSFTQPOܱ
EBOUBVYUPVDIFTEVQSPܱ
HSBNNFDMJHOPUFOUץGPJT
QBSJOUFSNJUUFODF
ȋ 6OTJHOBMTPOPSFSFUFOUJU
QBSJOUFSNJUUFODF
ȋ
ȋ
ȋ
'FSNF[MFSPCJOFUEFBV
7©SJԒF[RVFMȃBQQBSFJMFTUDPSSFDUFNFOUJOTUBMM©
"TTVSF[WPVTRVFMFTQBOJFSTTPOUDIBSH©TDPNNFJOEJܱ
RV©EBOTMBOPUJDFEȃVUJMJTBUJPO
%ZTGPODUJPOOFNFOUEVDBQܱ
UFVSEFE©UFDUJPOEVOJWFBV
EFBV
ȋ -FTWPZBOUTDPSSFTQPOܱ
EBOUBVYUPVDIFTEVQSPܱ
HSBNNFDMJHOPUFOUצGPJT
QBSJOUFSNJUUFODF
ȋ 6OTJHOBMTPOPSFSFUFOUJU
QBSJOUFSNJUUFODF
ȋ
ȋ
"TTVSF[WPVTRVFMFTԒMUSFTTPOUQSPQSFT
.FUUF[ MBSSªUMȃBQQBSFJMFUSFNFUUF[MFFOGPODUJPOOFܱ
NFOU
%ZTGPODUJPOOFNFOUEFMB
QPNQFEFMBWBHFPVEFMB
QPNQFEFWJEBOHF
ȋ -FTWPZBOUTDPSSFTQPOܱ
EBOUBVYUPVDIFTEVQSPܱ
HSBNNFDMJHOPUFOUקGPJT
QBSJOUFSNJUUFODF
ȋ 6OTJHOBMTPOPSFSFUFOUJU
QBSJOUFSNJUUFODF
ȋ
UFJHOF[MȃBQQBSFJMFUSBMMVNF[MF
-BUFNQ©SBUVSFEFMȃFBV MȃJOܱ ȋ
U©SJFVSEFMBQQBSFJMFTUUSPQ
©MFW©FPVVOEZTGPODUJPOOFܱ ȋ
NFOUEVDBQUFVSEFUFNQ©SBܱ
UVSFTȃFTUQSPEVJU
ȋ -FTWPZBOUTDPSSFTQPOܱ
EBOUBVYUPVDIFTEVQSPܱ
HSBNNFDMJHOPUFOUרGPJT
QBSJOUFSNJUUFODF
ȋ 6OTJHOBMTPOPSFSFUFOUJU
QBSJOUFSNJUUFODF
"TTVSF[WPVTRVFMBUFNQ©SBUVSFEFMȃFBVEFMȃBSSJW©FOF
E©QBTTFQBTערp$
UFJHOF[MȃBQQBSFJMFUSBMMVNF[MF
'3"/"ԡ4
שפ
1SPCM¨NFFUDPEFEBMBSNF
$BVTFFUTPMVUJPOQPTTJCMFT
%ZTGPODUJPOOFNFOUUFDIOJܱ
RVFEFMȃBQQBSFJM
ȋ -FTWPZBOUTDPSSFTQPOܱ
EBOUBVYUPVDIFTEVQSPܱ
HSBNNFDMJHOPUFOUפףGPJT
QBSJOUFSNJUUFODF
ȋ 6OTJHOBMTPOPSFSFUFOUJU
QBSJOUFSNJUUFODF
ȋ
UFJHOF[MȃBQQBSFJMFUSBMMVNF[MF
-FOJWFBVEȃFBV MȃJOU©SJFVS
EFMȃBQQBSFJMFTUUSPQ©MFW©
ȋ -FTWPZBOUTDPSSFTQPOܱ
EBOUBVYUPVDIFTEVQSPܱ
HSBNNFDMJHOPUFOUקףGPJT
QBSJOUFSNJUUFODF
ȋ 6OTJHOBMTPOPSFSFUFOUJU
QBSJOUFSNJUUFODF
ȋ
ȋ
ȋ
UFJHOF[MȃBQQBSFJMFUSBMMVNF[MF
"TTVSF[WPVTRVFMFTԒMUSFTTPOUQSPQSFT
"TTVSF[WPVTRVFMFUVZBVEFTPSUJFFTUJOTUBMM© MBCPOOF
IBVUFVSBVEFTTVTEVTPM$POTVMUF[MFTJOTUSVDUJPOTEJOTܱ
UBMMBUJPO
-BQQBSFJMTBSSªUFFUSFE©ܱ
ȋ
NBSSFQMVTJFVSTGPJTFODPVST
EFGPODUJPOOFNFOU
$FMBFTUOPSNBM$FMBWPVTHBSBOUJUEFTS©TVMUBUTEFMBWBܱ
HFPQUJNBVYFUEFT©DPOPNJFTE©OFSHJF
-FQSPHSBNNFEVSFUSPQ
MPOHUFNQT
4JWPVTBWF[T©MFDUJPOO©MPQUJPOEFE©QBSUEJԑ©S© BOOVܱ
MF[MFPVBUUFOEF[MBԒOEVE©DPNQUF
"DUJWFSMPQUJPO1PXFS$MFBOBMMPOHFMBEVS©FEVQSPHSBNܱ
NF
ȋ
ȋ
1FUJUFGVJUFBVOJWFBVEFMB
QPSUFEFMBQQBSFJM
ȋ
ȋ
-BQPSUFEFMBQQBSFJMFTUEJGܱ
GJDJMF GFSNFS
ȋ
ȋ
-BQPSUFEFMȃBQQBSFJMTȃPVWSF
QFOEBOUMFDZDMFEFMBWBHF
ȋ
-ȃBQQBSFJMOȃFTUQBTEBQMPNC%FTTFSSF[PVTFSSF[MFT
QJFETS©HMBCMFT TJEJTQPOJCMFT -BQPSUFEFMBQQBSFJMOFTUQBTDFOUS©FBWFDMBDVWF3©ܱ
HMF[MFQJFEBSSJ¨SF TJEJTQPOJCMF -ȃBQQBSFJMOȃFTUQBTEBQMPNC%FTTFSSF[PVTFSSF[MFT
QJFETS©HMBCMFT TJEJTQPOJCMFT %FMBWBJTTFMMFE©QBTTFEFTQBOJFST
-BGPODUJPO"VUP0QFOFTUBDUJW©F$FUUFGPODUJPOPVWSFMB
QPSUFEFMBQQBSFJMQFOEBOUMBQIBTFEFT©DIBHFQPVS
BN©MJPSFSMFTQFSGPSNBODFTEFT©DIBHFFUMBJTTFSMBWBJTܱ
TFMMFSFGSPJEJS-BQPSUFSFTUFFOUSPVWFSUF
ǿ -BEVS©FEFMBQIBTFEFT©DIBHFFUMFNPNFOUBVRVFM
MBQPSUFFTUPVWFSUFWBSJFOUTFMPOMFQSPHSBNNFFUMFT
PQUJPOTT©MFDUJPOO©T
4JWPVTOFWPVMF[QBTRVFMBQPSUFTȃPVWSFBVUPNBUJRVFܱ
NFOU E©TBDUJWF[MBGPODUJPO"VUP0QFO$POTVMUF[k3©ܱ
HMBHFT{
'3"/"ԡ4
תפ
1SPCM¨NFFUDPEFEBMBSNF
$BVTFFUTPMVUJPOQPTTJCMFT
#SVJUEFDMJRVFUJTPVEFCBUUFܱ ȋ
NFOU MJOU©SJFVSEFMBQQBܱ
SFJM
ȋ
-BWBJTTFMMFOFTUQBTDPSSFDUFNFOUSBOH©FEBOTMFTQBܱ
OJFST3FQPSUF[WPVTBVNBOVFMEFDIBSHFNFOUEVQBOJFS
"TTVSF[WPVTRVFMFTCSBTEBTQFSTJPOQFVWFOUUPVSOFSMJܱ
CSFNFOU
-BQQBSFJME©DMFODIFMFEJTܱ
KPODUFVS
-BNQ©SBHFOFTUQBTTVԔTBOUQPVSBMJNFOUFSUPVTMFTBQܱ
QBSFJMTFODPVSTEFGPODUJPOOFNFOUTJNVMUBO©NFOU7©SJܱ
ԒF[MBNQ©SBHFEFMBQSJTFFUMBDBQBDJU©EVN¨USF PV
©UFJHOF[MVOEFTBQQBSFJMTRVJTPOUFODPVSTEFGPODUJPOܱ
OFNFOU
%©GBVU©MFDUSJRVFJOUFSOFEFMBQQBSFJM$POUBDUF[VOTFSWJܱ
DFBQS¨TWFOUFBHS©©
ȋ
ȋ
"QS¨TBWPJSW©SJԒ©MBQQBSFJM ©UFJHOF[QVJT
SBMMVNF[MF4JMFQSPCM¨NFQFSTJTUF
DPOUBDUF[MFTFSWJDFBQS¨TWFOUFBHS©©
"7&35ԡ44&.&/5/PVTWPVT
DPOTFJMMPOTEFOFQBTVUJMJTFS
MBQQBSFJMUBOURVFMFQSPCM¨NFOB
QBT©U©FOUJ¨SFNFOUS©TPMV
%©CSBODIF[MȃBQQBSFJMFUOFMF
SFCSBODIF[QBTUBOURVFWPVT
OȃªUFTQBTDFSUBJORVȃJMGPODUJPOOF
DPSSFDUFNFOU
-FTS©TVMUBUTEFMBWBHFFUEFT©DIBHFOFTPOUQBTTBUJTGBJTBOUT
1SPCM¨NF
3©TVMUBUTEFMBWBHFJOTBUJTGBJܱ
TBOUT
$BVTFFUTPMVUJPOQPTTJCMFT
ȋ
ȋ
ȋ
ȋ
3FQPSUF[WPVTBVYDIBQJUSFTk6UJMJTBUJPORVPUJEJFOܱ
OF{ k$POTFJMT{FUBVNBOVFMEFDIBSHFNFOUEVQBܱ
OJFS
6UJMJTF[VOQSPHSBNNFEFMBWBHFQMVTJOUFOTF
"DUJWF[MPQUJPO1PXFS$MFBOQPVSBN©MJPSFSMFTS©TVMUBUT
EFMBWBHFEVQSPHSBNNFT©MFDUJPOO©
/FUUPZF[MFTKFUTEFTCSBTEBTQFSTJPOFUMFԒMUSF3FQPSܱ
UF[WPVTBVDIBQJUSFk&OUSFUJFOFUOFUUPZBHF{
'3"/"ԡ4
פ
1SPCM¨NF
$BVTFFUTPMVUJPOQPTTJCMFT
3©TVMUBUTEFT©DIBHFJOTBUJTGBJܱ ȋ
TBOUT
ȋ
ȋ
ȋ
ȋ
ȋ
ԡMZBEFTUSB®O©FTCMBODI¢USFT
PVQFMMJDVMFTCMFV¢USFTTVSMFT
WFSSFTFUMBWBJTTFMMF
ȋ
ȋ
ԡMZBEFTUBDIFTFUUSBDFTEF
HPVUUFTEFBVT©DI©FTTVSMFT
WFSSFTFUMBWBJTTFMMF
ȋ
ȋ
-BWBJTTFMMFFTUSFTU©FUSPQMPOHUFNQT MJOU©SJFVSEF
MBQQBSFJM QPSUFGFSN©F"DUJWF[MPQUJPO"VUP0QFOQPVS
E©ԒOJSMPVWFSUVSFBVUPNBUJRVFEFMBQPSUFFUBN©MJPSFS
MFTQFSGPSNBODFTEFT©DIBHF
ԡMOZBQBTEFMJRVJEFEFSJO§BHFPVMFEPTBHFEVMJRVJEF
EFSJO§BHFOFTUQBTTVԔTBOU3FNQMJTTF[MFEJTUSJCVUFVS
EFMJRVJEFEFSJO§BHFPVS©HMF[MFOJWFBVEFMJRVJEFEF
SJO§BHFTVSVOOJWFBVQMVT©MFW©
ԡMTFQFVURVFMBRVBMJU©EVMJRVJEFEFSJO§BHFTPJUFO
DBVTF
/PVTWPVTSFDPNNBOEPOTEFUPVKPVSTVUJMJTFSEVMJRVJܱ
EFEFSJO§BHF NªNFTJWPVTVUJMJTF[E©K EFTQBTUJMMFT
UPVUFOף
-FTBSUJDMFTFOQMBTUJRVFTQFVWFOUBWPJSCFTPJOEªUSFFTܱ
TVZ©T
-FQSPHSBNNFOFQPTT¨EFQBTEFQIBTFEFT©DIBHF
3FQPSUF[WPVTBVDIBQJUSFk1S©TFOUBUJPOEFTQSPܱ
HSBNNFT{
-BRVBOUJU©EFMJRVJEFEFSJO§BHFMJC©S©FFTUUSPQJNQPSܱ
UBOUF1MBDF[MFT©MFDUFVSEFEPTBHFEVMJRVJEFEFSJO§Bܱ
HFTVSVOOJWFBVQMVTGBJCMF
-BRVBOUJU©EFQSPEVJUEFMBWBHFFTUFYDFTTJWF
-BRVBOUJU©EFMJRVJEFEFSJO§BHFMJC©S©FOFTUQBTTVԔܱ
TBOUF1MBDF[MFT©MFDUFVSEFEPTBHFEVMJRVJEFEFSJO§Bܱ
HFTVSVOOJWFBVQMVT©MFW©
ԡMTFQFVURVFMBRVBMJU©EVMJRVJEFEFSJO§BHFTPJUFO
DBVTF
-JOU©SJFVSEFMBQQBSFJMFTUIVܱ
NJEF
ȋ
$FDJOFTUQBTVOE©GBVUEFMBQQBSFJM%FMBJSIVNJEFTF
DPOEFOTFTVSMFTQBSPJTEFMBQQBSFJM
.PVTTFJOIBCJUVFMMFFODPVST
EFMBWBHF
ȋ
6UJMJTF[VOJRVFNFOUEFTQSPEVJUTEFMBWBHFTQ©DJBMFܱ
NFOUDPO§VTQPVSMFTMBWFWBJTTFMMF
ԡMZBVOFGVJUFEBOTMFEJTUSJCVUFVSEFMJRVJEFEFSJO§Bܱ
HF$POUBDUF[VOTFSWJDFBQS¨TWFOUFBHS©©
ȋ
5SBDFTEFSPVJMMFTVSMFTDPVܱ
WFSUT
ȋ
ȋ
ԡMZBUSPQEFTFMS©H©O©SBOUEBOTMFBVVUJMJT©FQPVSMF
MBWBHF3FQPSUF[WPVTBVDIBQJUSFk"EPVDJTTFVS
EFBV{
-FTDPVWFSUTFOBSHFOUFUFOBDJFSJOPYZEBCMFPOU©U©
QMBD©TFOTFNCMFWJUF[EFQMBDFSMFTDPVWFSUTFOBSHFOU
FUFOBDJFSJOPYZEBCMFMFTVOT D´U©EFTBVUSFT
'3"/"ԡ4
עץ
1SPCM¨NF
ԡMZBEFTS©TJEVTEFE©UFSHFOU
EBOTMFEJTUSJCVUFVSEFQSPEVJU
EFMBWBHF MBԒOEVQSPHSBNܱ
NF
$BVTFFUTPMVUJPOQPTTJCMFT
ȋ
ȋ
ȋ
-BQBTUJMMFEFE©UFSHFOUFTUSFTU©FDPJOD©FEBOTMFEJTUSJܱ
CVUFVSEFQSPEVJUEFMBWBHF RVJOBEPODQBT©U©FOUJ¨ܱ
SFNFOU©MJNJO©FQBSMFBV
-FBVOFQFVUQBT©MJNJOFSMFE©UFSHFOUEVEJTUSJCVUFVS
EFQSPEVJUEFMBWBHF"TTVSF[WPVTRVFMFTCSBTEBTQFSܱ
TJPOOFTPOUQBTCMPRV©TPVPCTUSV©T
"TTVSF[WPVTRVFMBWBJTTFMMFEBOTMFTQBOJFSTOFCMPܱ
RVFOUQBTMPVWFSUVSFEVDPVWFSDMFEVEJTUSJCVUFVSEFMJܱ
RVJEFEFSJO§BHF
0EFVST MJOU©SJFVSEFMBQQBܱ
SFJM
ȋ
ȋ
3FQPSUF[WPVTBVDIBQJUSFk/FUUPZBHFJOU©SJFVS{
-BODF[MFQSPHSBNNF.BDIJOF$BSFBWFDVOBHFOUE©ܱ
UBSUSBOUPVVOQSPEVJUEFOFUUPZBHFDPO§VQPVSMFTMBWF
WBJTTFMMF
%©Q´UTDBMDBJSFTTVSMBWBJTTFMܱ
MF EBOTMBDVWFFU MJOU©SJFVS
EFMBQPSUF
ȋ
-FOJWFBVEFTFMS©H©O©SBOUFTUCBT W©SJԒF[MFWPZBOU
EFSFNQMJTTBHF
-FCPVDIPOEVS©TFSWPJSEFTFMS©H©O©SBOUFTUE©WJTT©
-FBVEFWPUSFBSSJW©FFTUEVSF3FQPSUF[WPVTBVDIBQJܱ
USFk"EPVDJTTFVSEFBV{
6UJMJTF[EVTFMS©H©O©SBOUFUT©MFDUJPOOFSMBS©H©O©SBܱ
UJPOEFMFBVNªNFTJWPVTVUJMJTF[EFTQBTUJMMFTUPVUFO
VO3FQPSUF[WPVTBVDIBQJUSFk"EPVDJTTFVSEFBV{
-BODF[MFQSPHSBNNF.BDIJOF$BSFBWFDVOE©UBSUSBOU
DPO§VQPVSMFTMBWFWBJTTFMMF
4JEFTE©Q´UTEFDBMDBJSFQFSTJTUFOU OFUUPZF[MBQQBSFJM
BWFDVOOFUUPZBOUTQ©DJBMQPVSMFE©UBSUSBHFEFMBQQBܱ
SFJM
5FTUF[EJԑ©SFOUTQSPEVJUTEFMBWBHF
$POUBDUF[MFGBCSJDBOUEVQSPEVJUEFMBWBHF
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
7BJTTFMMFUFSOJF E©DPMPS©FPV
©CS©DI©F
ȋ
ȋ
ȋ
"TTVSF[WPVTEFOFQMBDFSEBOTMBQQBSFJMRVFEFTBSUJܱ
DMFTBEBQU©TBVMBWFWBJTTFMMF
$IBSHF[FUE©DIBSHF[MFQBOJFSBWFDQS©DBVUJPOT3Fܱ
QPSUF[WPVTBVNBOVFMEFDIBSHFNFOUEVQBOJFS
1MBDF[MFTPCKFUTE©MJDBUTEBOTMFQBOJFSTVQ©SJFVS
3FQPSUF[WPVTBVYDIBQJUSFT
k"WBOUMBQSFNJ¨SF
VUJMJTBUJPO{ k6UJMJTBUJPO
RVPUJEJFOOF{PVk$POTFJMT{
QPVSDPOOB®USFMFTBVUSFTDBVTFT
QSPCBCMFT
'3"/"ԡ4
ףץ
$BSBDU©SJTUJRVFTUFDIOJRVFT
%©OPNJOBUJPOEVQSPEVJU
-BWFWBJTTFMMFFOUJ¨SFNFOUJOU©HS©
%JNFOTJPOT
-BSHFVSIBVUFVSQSPGPOܱ
EFVS NN
עקקתתתףתרק
#SBODIFNFOU©MFDUSJRVFף
5FOTJPO 7
עצפעפפ
'S©RVFODF )[
עק
1SFTTJPOEFMBSSJW©FEFBV
.JONBYCBS .1B
תע ת קעע קע
"SSJW©FEFBV
&BVGSPJEFPVFBVDIBVEFפ
NBYערp$
$BQBDJU©
$PVWFSUT
ץף
$POTPNNBUJPO©MFDUSJRVF
.PEFk7FJMMF{ 8
עק
$POTPNNBUJPO©MFDUSJRVF
.PEFkUFJOU{ 8
עקע
3FQPSUF[WPVT MBQMBRVFTJHOBM©UJRVFQPVSEBVUSFTWBMFVST
4JMFBVDIBVEFFTUQSPEVJUF QBSUJSEFTPVSDFTE©OFSHJFSFTQFDUVFVTFTEFMFOWJSPOOFNFOU QBSFYFNQMF QBOܹ
OFBVYTPMBJSFTPV©OFSHJF©PMJFOOF VUJMJTF[VOFBSSJW©FEFBVDIBVEFBՋOEFS©EVJSFMBDPOTPNNBUJPOE©OFSHJF
-JFOWFSTMBCBTFEFEPOO©FT&13&EFMȃ6&
-FDPEF23QS©TFOUTVSMȃ©UJRVFUUF
©OFSH©UJRVFGPVSOJFBWFDMȃBQQBSFJMDPOUJFOU
VOMJFO8FCQFSNFUUBOUEȃFOSFHJTUSFSDFU
BQQBSFJMEBOTMBCBTFEFEPOO©FT&13&-EF
Mȃ6&$POTFSWF[Mȃ©UJRVFUUF©OFSH©UJRVF UJUSF
EFS©G©SFODFBWFDMFNBOVFMEȃVUJMJTBUJPOFU
UPVTMFTBVUSFTEPDVNFOUTGPVSOJTBWFDDFU
BQQBSFJM
MBCBTFEFEPOO©FT&13&-EFMȃ&6HS¢DFBV
MJFOIUUQTFQSFMFDFVSPQBFVBWFDMFOPN
EVNPE¨MFFUMFOVN©SPEFQSPEVJUTF
USPVWBOUTVSMBQMBRVFTJHOBM©UJRVFEF
MȃBQQBSFJM3FQPSUF[WPVTBVDIBQJUSF
k%FTDSJQUJPOEVQSPEVJU{
1PVSEFTJOGPSNBUJPOTQMVTE©UBJMM©FTTVS
Mȃ©UJRVFUUF©OFSH©UJRVF DPOTVMUF[MFTJUF
XXXUIFFOFSHZMBCFMFV
ԡMFTUQPTTJCMFEFUSPVWFSEFTJOGPSNBUJPOT
SFMBUJWFTBVYQFSGPSNBODFTEVQSPEVJUEBOT
&ONBUJ¨SFEFQSPUFDUJPOEFMFOWJSPOOFNFOU
3FDZDMF[MFTNBU©SJBVYQPSUBOUMFTZNCPMF
%©QPTF[MFTFNCBMMBHFTEBOTMFT
DPOUFOFVSTQS©WVT DFUFԑFU$POUSJCVF[
MBQSPUFDUJPOEFMFOWJSPOOFNFOUFU WPUSF
T©DVSJU© SFDZDMF[WPTQSPEVJUT©MFDUSJRVFTFU
©MFDUSPOJRVFT/FKFUF[QBTMFTBQQBSFJMT
QPSUBOUMFTZNCPMF BWFDMFTPSEVSFT
N©OBH¨SFT&NNFOF[VOUFMQSPEVJUEBOT
WPUSFDFOUSFMPDBMEFSFDZDMBHFPVDPOUBDUF[
WPTTFSWJDFTNVOJDJQBVY
'3"/"ԡ4
פץ
("3"/5ԡ&ԡ,&"
1PVSDPNCJFOEFUFNQTMBHBSBOUJFԡ,&"
FTUFMMFWBMBCMF
S©QBSBUJPOEVQSPEVJUE©GFDUVFVYPV TPO
SFNQMBDFNFOUQBSVOQSPEVJU©RVJWBMFOU
$FUUFHBSBOUJFFTUWBMBCMFQPVSפBOT
DPNQUFSEFMBEBUFEBDIBUEFWPUSFBQQBSFJM
DIF[ԡ,&"-FUJDLFUEFDBJTTFFTUO©DFTTBJSF
DPNNFQSFVWFEBDIBU4JMFTUSBWBVY
EFOUSFUJFOTPOUFԑFDUV©TTPVTHBSBOUJF DFMB
OFQSPMPOHFSBQBTMBQ©SJPEFEFHBSBOUJFEF
MBQQBSFJM
2VFTUDFRVJOFTUQBTDPVWFSUQBSMB
HBSBOUJF
ȋ
ȋ
2VJTFDIBSHFSBEVTFSWJDFBQS¨TWFOUF
-FTFSWJDFBQS¨TWFOUFԡ,&"TFDIBSHFSBEV
TFSWJDFQBSMFCJBJTEFTFTQSPQSFTTFSWJDFT
PVEVS©TFBVEFQBSUFOBJSFTBVUPSJT©T
2VFDPVWSFDFUUFHBSBOUJF
$FUUFHBSBOUJFDPVWSFMFTEPNNBHFTEVT
EFTDPNQPTBOUTE©GFDUVFVYPVEFTE©GBVUT
EFGBCSJDBUJPOTVSWFOBOUBQS¨TMBEBUF
EBDIBUDIF[ԡ,&"$FUUFHBSBOUJFFTUWBMBCMF
VOJRVFNFOUMPSTRVFMȃBQQBSFJMFTUVUJMJT©
QPVSVOVTBHFEPNFTUJRVF-FTFYDFQUJPOT
TPOUJOEJRV©FTEBOTMFQBSBHSBQIFȆ2VFTU
DFRVJOFTUQBTDPVWFSUQBSMBHBSBOUJF ȇ
1FOEBOUMBEVS©FEFMBHBSBOUJF MFTDP»UT
EFTS©QBSBUJPOT EFTQJ¨DFTEFSFDIBOHF EF
MBNBJOEĒVWSFFUEVE©QMBDFNFOUTFSPOU
QSJTFODIBSHF DPOEJUJPORVFMBQQBSFJMTPJU
EJTQPOJCMFQPVSS©QBSBUJPOTBOTPDDBTJPOOFS
EFE©QFOTFTTQ©DJBMFTFURVFMFEPNNBHF
TPJUMJ© VOFE©GFDUVPTJU©EȃVODPNQPTBOU
PV VOE©GBVUEFGBCSJDBUJPODPVWFSUQBSMB
HBSBOUJF%BOTDFTDPOEJUJPOT MBEJSFDUJWF
FVSPQ©FOOF צצ$& FUMFT
S©HMFNFOUBUJPOTMPDBMFTEPJWFOUªUSF
BQQMJRV©FT-FTQJ¨DFTSFNQMBD©FT
EFWJFOOFOUMBQSPQSJ©U©Eԡ,&"
ȋ
ȋ
ȋ
ȋ
2VFGBJUԡ,&"FODBTEFQSPCM¨NF
-FTFSWJDFBQS¨TWFOUFDIPJTJQBSԡ,&"
FYBNJOFMFQSPEVJUFUE©DJEF TBTFVMF
EJTDS©UJPO TJMBE©GFDUVPTJU©FTUDPVWFSUFQBS
MBHBSBOUJF4JUFMFTUMFDBT MFTFSWJDFBQS¨T
WFOUFԡ,&"QBSMFCJBJTEFTFTQSPQSFT
TFSWJDFTPVEVOQBSUFOBJSFBVUPSJT©
QSPD¨EFBMPST TBTFVMFEJTDS©UJPO MB
ȋ
ȋ
-VTVSFOPSNBMF
-FTEPNNBHFTDBVT©TE©MJC©S©NFOUPV
QBSO©HMJHFODF MFTEPNNBHFTS©TVMUBOU
EVOPOSFTQFDUEFTJOTUSVDUJPOT
EVUJMJTBUJPO EVOFJOTUBMMBUJPOJODPSSFDUF
PVEȃVOCSBODIFNFOUOPODPOGPSNFEF
MBQQBSFJM MFTEPNNBHFTDBVT©TQBSVOF
S©BDUJPODIJNJRVFPV©MFDUSPDIJNJRVF
MPYZEBUJPO MBDPSSPTJPOPVVOE©H¢UEFT
FBVY JODMVBOUTBOTTZMJNJUFS MFT
EPNNBHFTDBVT©TQBSVOFRVBOUJU©
FYDFTTJWFEFDBMDBJSFBVOJWFBVEV
SBDDPSEFNFOU MFBV MFTE©H¢UTS©TVMUBOU
EFDPOEJUJPOTFOWJSPOOFNFOUBMFT
BOPSNBMFT
-FTDPOTPNNBCMFTUFMTRVFMFTQJMFTFU
BNQPVMFT
-FTQJ¨DFTOPOGPODUJPOOFMMFTFU
E©DPSBUJWFT RVJOPOUQBTEJODJEFODFTVS
MVUJMJTBUJPOOPSNBMFEFMBQQBSFJM EF
NªNFRVFMFTSBZVSFTFU©WFOUVFMMFT
WBSJBUJPOTEFDPVMFVS
-FTE©H¢UTBDDJEFOUFMTDBVT©TQBSVOF
TVCTUBODFPVVODPSQT©USBOHFS MF
OFUUPZBHFPVE©CPVDIBHFEFԒMUSFT
TZTU¨NFTE©WBDVBUJPOPVDPNQBSUJNFOUT
EFQSPEVJUTEFMBWBHF
-FTEPNNBHFTDPOTUBU©TTVSMFT
©M©NFOUTTVJWBOUTWJUSPD©SBNJRVF
BDDFTTPJSFT QBOJFST WBJTTFMMFFU
DPVWFSUT UVZBVYEBMJNFOUBUJPOFUEF
WJEBOHF KPJOUT BNQPVMFTFUEJԑVTFVST
©DSBOT NBOFUUFTFUUPVDIFTDBSSPTTFSJF
FU©M©NFOUTEFMBDBSSPTTFSJF4BVGTJMFTU
QPTTJCMFEFQSPVWFSRVFDFTEPNNBHFT
POU©U©DBVT©TQBSEFTE©GBVUTEF
GBCSJDBUJPO
-FTDBTP¹BVDVOFE©GFDUVPTJU©OB©U©
DPOTUBU©FQBSMFUFDIOJDJFO
-FTS©QBSBUJPOTRVJOPOUQBT©U©
FԑFDUV©FTQBSEFTUFDIOJDJFOTEFTFSWJDF
BQS¨TWFOUFE©TJHO©TFUPVVOQBSUFOBJSF
'3"/"ԡ4
DPOUSBDUVFMBVUPSJT©OJDFMMFTP¹MPOOB
QBTVUJMJT©EFTQJ¨DFTEPSJHJOF
ȋ -FTEPNNBHFTS©TVMUBOUEVOF
JOTUBMMBUJPOJODPSSFDUFPVOPO
SFTQFDUVFVTFEFTTQ©DJԒDBUJPOT
EȃJOTUBMMBUJPO
ȋ -VUJMJTBUJPOEFMBQQBSFJMEBOTVO
FOWJSPOOFNFOUOPOEPNFTUJRVF QBS
FYFNQMFQPVSVOVTBHFQSPGFTTJPOOFM ȋ %PNNBHFTEVTBVUSBOTQPSU4JMFDMJFOU
USBOTQPSUFMFQSPEVJUDIF[MVJPV VOF
BVUSFBESFTTF ԡ,&"OFQPVSSBFOBVDVO
DBTªUSFUFOVSFTQPOTBCMFEFTEPNNBHFT
TVSWFOBOUQFOEBOUMFUSBOTQPSU&O
SFWBODIF TJԡ,&"MJWSFMFQSPEVJU
MBESFTTFEFMJWSBJTPOEVDMJFOU UPVU
FOEPNNBHFNFOUEVQSPEVJUTVSWFOBOU
FODPVSTEFUSBOTQPSUTFSBDPVWFSUQBSMB
QS©TFOUFHBSBOUJF
ȋ 'SBJTEJOTUBMMBUJPOJOJUJBMFEFMBQQBSFJM
ԡ,&"&OSFWBODIF TJVOGPVSOJTTFVSEF
TFSWJDFBQS¨TWFOUFԡ,&"PVTPO
QBSUFOBJSFBVUPSJT©S©QBSFPVSFNQMBDF
MBQQBSFJMBVYUFSNFTEFMBQS©TFOUF
HBSBOUJF MFGPVSOJTTFVSEFTFSWJDFBQS¨T
WFOUFPVTPOQBSUFOBJSFBVUPSJT©
S©JOTUBMMFSBMBQQBSFJMS©QBS©PVJOTUBMMFSB
MBQQBSFJMEFSFNQMBDFNFOU TFMPOMFDBT
$FUUFSFTUSJDUJPOOFDPODFSOFQBTMFTDBTP¹
VOTFSWJDFBQS¨TWFOUFRVBMJԒ©BUSBWBJMM©
TBOTGBJSFEFSSFVSFUFOVUJMJTBOUMFTQJ¨DFT
EPSJHJOFBԒOEBEBQUFSMBQQBSFJMBVY
OPSNFTEFT©DVSJU©UFDIOJRVFTEVOBVUSF
QBZTEFM6OJPOFVSPQ©FOOF
"QQMJDBUJPOEFMBHBSBOUJFM©HBMF
-BHBSBOUJFԡ,&"WPVTEPOOFEFTESPJUT
TQ©DJԒRVFT RVJDPVWSFOUPVE©QBTTFOU
UPVUFTMFTFYJHFODFTM©HBMFTMPDBMFTRVJ
QFVWFOUWBSJFSEVOQBZT MBVUSF
ץץ
ȋ
MBQQBSFJMFTUDPOGPSNFFUJOTUBMM©
DPOGPSN©NFOUBVYTQ©DJԒDBUJPOT
UFDIOJRVFTEVQBZTEBOTMFRVFMMB
EFNBOEFEFHBSBOUJFFTUFԑFDUV©F
ȋ MBQQBSFJMFTUDPOGPSNFFUJOTUBMM©
DPOGPSN©NFOUBVYJOTUSVDUJPOTEF
NPOUBHFFUDPOTJHOFTEFT©DVSJU©
JOEJRV©FTEBOTMBOPUJDFEVUJMJTBUJPO
4FSWJDFBQS¨TWFOUFE©EJ©BVYBQQBSFJMT
ԡ,&"
/I©TJUF[QBT DPOUBDUFSMF4FSWJDFBQS¨T
WFOUFԡ,&"QPVS
ףFԑFDUVFSVOFS©DMBNBUJPOEBOTMFDBESF
EFDFUUFHBSBOUJF
פEFNBOEFSVOFQS©DJTJPOQPVSJOTUBMMFS
WPUSFBQQBSFJMԡ,&"EBOTEFTNFVCMFTEF
DVJTJOFԡ,&"-FTFSWJDFBQS¨TWFOUFOF
GPVSOJSBQBTEFQS©DJTJPOFODFRVJ
DPODFSOF
ȋ MJOTUBMMBUJPOEFOTFNCMFEFMBDVJTJOF
ԡ,&"
ȋ MFTSBDDPSEFNFOUT©MFDUSJRVFT TJ
MBQQBSFJMFTUGPVSOJTBOTQSJTFFUTBOT
D¢CMF MFBVFUBVHB[DBSJMTEPJWFOU
ªUSFFԑFDUV©TQBSVOQSPGFTTJPOOFM
RVBMJԒ©
ץMBEFNBOEFEFQS©DJTJPOTTVSMFDPOUFOV
EFMBOPUJDFEVUJMJTBUJPOFUMFT
DBSBDU©SJTUJRVFTEFMBQQBSFJMԡ,&"
1PVSRVFOPVTQVJTTJPOTWPVTGPVSOJSMB
NFJMMFVSFBTTJTUBODF MJTF[BUUFOUJWFNFOUMFT
JOTUSVDUJPOTEFNPOUBHFFUPVMFDIBQJUSF
DPODFSO©EFMBQS©TFOUFOPUJDFEVUJMJTBUJPO
BWBOUEFOPVTDPOUBDUFS
$PNNFOUOPVTDPOUBDUFSFODBTEF
CFTPJO
;POFEFWBMJEJU©
1PVSMFTBQQBSFJMTBDIFU©TEBOTVOQBZTEF
M6OJPOFVSPQ©FOOFFUUSBOTQPSU©TEBOTVO
BVUSFQBZTEFM6OJPOFVSPQ©FOOF MFT
TFSWJDFTTFSPOUGPVSOJTEBOTMFDBESFEFT
DPOEJUJPOTEFHBSBOUJFWBMBCMFTEBOTDF
EFSOJFS-PCMJHBUJPOEFGPVSOJSEFTTFSWJDFT
EBOTMFDBESFEFMBHBSBOUJFOFYJTUFRVFTJ
7PVTUSPVWFSF[MBMJTUFDPNQM¨UFEFTDPOUBDUT
EFTFSWJDFBQS¨TWFOUFDIPJTJTQBSԡ,&"FU
MFVSTOVN©SPTEFU©M©QIPOFSFTQFDUJGT MB
ԒOEFDFUUFOPUJDF
'3"/"ԡ4
1PVSRVFOPVTQVJTTJPOTWPVT
GPVSOJSVOTFSWJDFSBQJEFFU
DPNQ©UFOU OPVTWPVTDPOTFJMMPOT
EVUJMJTFSMFTOVN©SPTEF
U©M©QIPOFTQ©DJԒRVFTJOEJRV©T
MBԒOEFDFUUFOPUJDF7PVT
USPVWFSF[UPVTMFTOVN©SPTEF
U©M©QIPOFVUJMFTEBOTMBOPUJDF
EVUJMJTBUJPODPSSFTQPOEBOU
WPUSFBQQBSFJM"WBOUEFOPVT
BQQFMFS W©SJԒF[RVFWPVTBWF[
WPUSFQPSU©FMFOVN©SPEBSUJDMF
ԡ,&" DPEF תDIJԑSFT FUMF
OVN©SPEFT©SJF MFDPEF ת
DIJԑSFTTFUSPVWFTVSMBQMBRVF
TJHOBM©UJRVF QPVSMBQQBSFJMQPVS
MFRVFMWPVTBWF[CFTPJOEFOPUSF
BJEF
צץ
$0/4&37&;7053&5ԡ$,&5%&
$"ԡ44&
$FTUWPUSFQSFVWFEBDIBUJMWPVT
TFSBEFNBOE©QPVSUPVUBQQFM
TPVTHBSBOUJF7FVJMMF[OPUFSRVF
MFUJDLFUEFDBJTTFDPOUJFOUBVTTJMF
OPNFUMFOVN©SPEFMBSUJDMFԡ,&"
DPEF תDIJԑSFT EFDIBRVF
BQQBSFJMBDIFU©
"WF[WPVTCFTPJOEBJEFTVQQM©NFOUBJSF
1PVSUPVUFRVFTUJPOTVQQM©NFOUBJSFOPOMJ©F
BV4FSWJDFBQS¨TWFOUFEFWPTBQQBSFJMT
WFVJMMF[DPOUBDUFSWPUSFNBHBTJOԡ,&"MFQMVT
QSPDIF/PVTWPVTSFDPNNBOEPOTEFMJSF
BUUFOUJWFNFOUMBOPUJDFEVUJMJTBUJPOEF
MBQQBSFJMBWBOUEFOPVTDPOUBDUFS
("3"/5ԡ&ԡ,&"'3"/$&
$0/53"5%&("3"/5ԡ&&5%&4&37ԡ$&
"13&47&/5&ԡ,&"
%©DSFUOpקצעףשתSFMBUJG MBQS©TFOUBUJPO
EFT©DSJUTDPOTUBUBOUMFTDPOUSBUTEFHBSBOUJF
FUEFTFSWJDFBQS¨TWFOUF Դ03'EVפ
E©DFNCSF שתף1S©BMBCMFNFOU MBTJHOBUVSF
EVCPOEFDPNNBOEF MFWFOEFVSJOEJRVFSB
MȃBDIFUFVSMFTJOTUBMMBUJPOTO©DFTTBJSFTQPVS
BTTVSFSMFCSBODIFNFOUEFMȃBQQBSFJMTFMPO
MFTS¨HMFTEFMȃBSU
/VN©SPTEFNPE¨MFFUEFT©SJF 3FQPSUFS
JDJMFOVN©SPEȃJEFOUJԒDBUJPOQPSU©TVS
Mȃ©UJRVFUUFDPEFCBSSFEVQSPEVJU
.PE¨MF
/pEFT©SJF
%BUFEȃBDIBU 3FQPSUFSJDJMBEBUFEȃBDIBU
QPSU©FTVSWPUSFUJDLFUEFDBJTTF -FWFOEFVSFTUUFOVEFGPVSOJSVOF
NBSDIBOEJTFDPOGPSNF MBDPNNBOEF
-JWSBJTPOFUNJTFFOTFSWJDF
-JWSBJTPO EPNJDJMFPVJ TJEFNBOE©FQBSMF
DMJFOU TFMPONPEBMJU©TE©ԒOJFTFU
NFOUJPOO©FTTVSMBGBDUVSFEBDIBUPVMFCPO
EFDPNNBOEF (SBUVJUFOPO UBSJGFUNPEBMJU©TEJTQPOJCMFT
FONBHBTJOFUGPVSOJTBVDMJFOUBVNPNFOU
EFMBDPNNBOEFPVEFMȃBDIBU .JTFFO
TFSWJDFOPO
&ODBTEFE©GBVUTBQQBSFOUTPVEȃBCTFODFEF
OPUJDFEȃFNQMPJFUEȃFOUSFUJFO MȃBDIFUFVSB
JOU©SªU MFTGBJSFDPOTUBUFSQBS©DSJUQBSMF
WFOEFVSPVMFMJWSFVSMPSTEFMȃFOM¨WFNFOUEF
MBMJWSBJTPOPVEFMBNJTFFOTFSWJDF
(BSBOUJF-©HBMF TBOTTVQQM©NFOUEFQSJY
"MBDPOEJUJPORVFMȃBDIFUFVSGBTTFMBQSFVWF
EVE©GBVUDBDI© MFWFOEFVSEPJUM©HBMFNFOU
FOS©QBSFSUPVUFTMFTDPOT©RVFODFT BSUףצרף
FUTVJWBOUTEV$PEF$JWJM 4JMȃBDIFUFVS
TȃBESFTTFBVYUSJCVOBVY JMEPJUMFGBJSFEBOT
VOE©MBJEFEFVYBOT DPNQUFSEFMB
E©DPVWFSUFEVE©GBVUDBDI© BSUתצרףEV
$PEF$JWJM /PUB&ODBTEFSFDIFSDIFEFTPMVUJPOT
BNJBCMFTQS©BMBCMFNFOU UPVUFBDUJPOFO
KVTUJDF JMFTUSBQQFM©RVFMMFTOJOUFSSPNQFOU
QBTMFE©MBJEFQSFTDSJQUJPO
-BS©QBSBUJPOEFTDPOT©RVFODFTEVE©GBVU
DBDI© MPSTRVȃJMB©U©QSPVW© DPNQPSUF
TFMPOMBKVSJTQSVEFODF
'3"/"ԡ4
ȋ
TPJUMBS©QBSBUJPOUPUBMFNFOUHSBUVJUFEF
MBQQBSFJM ZDPNQSJTMFTGSBJTEFNBJO
EȃĒVWSFFUEFE©QMBDFNFOUBVMJFVEFMB
NJTFFOTFSWJDF
ȋ TPJUTPOSFNQMBDFNFOUPVMF
SFNCPVSTFNFOUUPUBMPVQBSUJFMEFTPO
QSJYBVDBTP¹MȃBQQBSFJMTFSBJUUPUBMFNFOU
PVQBSUJFMMFNFOUJOVUJMJTBCMF
ȋ FUԡJOEFNOJTBUJPOEVEPNNBHF
©WFOUVFMMFNFOUDBVT©BVYQFSTPOOFTPV
BVYCJFOTQBSMFE©GBVUEFMȃBQQBSFJM-B
HBSBOUJFM©HBMFEVFQBSMFWFOEFVS
OFYDMVUFOSJFOMBHBSBOUJFM©HBMFEVFQBS
MFDPOTUSVDUFVS
-JUJHFT©WFOUVFMT
&ODBTEFEJԔDVMU©WPVTBWF[MBQPTTJCJMJU©
BWBOUUPVUFBDUJPOFOKVTUJDF EFSFDIFSDIFS
VOFTPMVUJPOBNJBCMF OPUBNNFOUBWFD
MȃBJEF
ȋ
ȋ
EȃVOFBTTPDJBUJPOEFDPOTPNNBUFVST
PVEȃVOFPSHBOJTBUJPOQSPGFTTJPOOFMMFEF
MBCSBODIF
ȋ PVEFUPVUBVUSFDPOTFJMEFWPUSFDIPJY
ԡMFTUSBQQFM©RVFMBSFDIFSDIFEȃVOFTPMVUJPO
BNJBCMFOȃJOUFSSPNQUQBTMFE©MBJEFEFVY
BOTEFMȃBSUתצרףEV$PEF$JWJMԡMFTUBVTTJ
SBQQFM©RVȃFOS¨HMFH©O©SBMFFUTPVTS©TFSWF
EFMȃBQQS©DJBUJPOEFTUSJCVOBVY MFSFTQFDU
EFTEJTQPTJUJPOTEFMBQS©TFOUFHBSBOUJF
DPOUSBDUVFMMFTVQQPTF
ȋ
2VFMȃBDIFUFVSIPOPSFTFTFOHBHFNFOUT
ԒOBODJFSTFOWFSTMFWFOEFVS
ȋ 2VFMȃBDIFUFVSVUJMJTFMȃBQQBSFJMEFGB§PO
OPSNBMF 7PJSMBOPUJDFEȃFNQMPJFU
EȃFOUSFUJFOFUMFTDPOEJUJPOTEȃBQQMJDBUJPO
EFMBHBSBOUJFDPOUSBDUVFMMF ȋ 2VFQPVSMFTPQ©SBUJPOTO©DFTTJUBOUVOF
IBVUFUFDIOJDJU©BVDVOUJFSTOPOBHS©©
QBSMFWFOEFVSPVMFDPOTUSVDUFVS
OȃJOUFSWJFOOFQPVSS©QBSBUJPOTVS
MȃBQQBSFJM TBVGDBTEFGPSDFNBKFVSFPV
DBSFODFQSPMPOH©FEVWFOEFVS (BSBOUJFDPOUSBDUVFMMFԡ,&"
13ԡ9SJFO QBZFSFOTVT%63&& קDJOR
BOT10ԡ/5%&%&1"35 DPNQUFSEFMBEBUF
EȃBDIBUDIF[ԡ,&"31"3"5ԡ0/%&
-ȃ"11"3&ԡ-
קץ
ȋ
SFNQMBDFNFOUEFTQJ¨DFT NBJOEȃĒVWSF
E©QMBDFNFOU USBOTQPSUEFTQJ¨DFTPVEF
MȃBQQBSFJMPVJ
ȋ HBSBOUJFEFTQJ¨DFTSFNQMBD©FTOPO
ȋ E©MBJEȃJOUFSWFOUJPOGPODUJPOEVUZQFEF
S©QBSBUJPOFUQPSU© MBDPOOBJTTBODFEF
MȃBDIFUFVSBWBOUJOUFSWFOUJPO
3&.1-"$&.&/5063&.#0634&.&/5%&
-ȃ"11"3&ԡ- FODBTEȃJNQPTTJCJMJU©EF
S©QBSBUJPOSFDPOOVFQBSMFWFOEFVSFUMF
DPOTUSVDUFVS PVJ
1PVSNFUUSFFOĒVWSFMFTFSWJDFBQS¨TWFOUF
FODBTEFQBOOFDPVWFSUFQBSMBHBSBOUJF
DPOUSBDUVFMMF PVQPVSPCUFOJSEFT
JOGPSNBUJPOTUFDIOJRVFTQPVSMBNJTFFO
TFSWJDFPVMFCPOGPODUJPOOFNFOUEF
MȃBQQBSFJM DPOUBDUFSԡ,&"BVOVN©SPEF
U©M©QIPOFSFTQFDUJG TVJWBOUMFQBZT JOEJRV©
MBԒOEFDFUUFOPUJDFFUDPSSFTQPOEBOU
WPUSFBQQBSFJM
$POTFSWF[WPUSFQSFVWFEȃBDIBUBWFDMF
EPDVNFOUEFHBSBOUJF JMTWPVTTFSPOU
O©DFTTBJSFTQPVSMBNJTFFOĒVWSFEFMB
HBSBOUJF
$0/%ԡ5ԡ0/4%&("3"/5ԡ&
$0/53"$56&--&ԡ,&"
2VFMMFFTUMBEVS©FEFWBMJEJU©EFMB
HBSBOUJF
-BQS©TFOUFHBSBOUJFFTUWBMBCMFDJOR קBOT
DPNQUFSEFMBEBUFEȃBDIBUDIF[ԡ,&"EȃVO
BQQBSFJM©MFDUSPN©OBHFSEFMȃBTTPSUJNFOU
DVJTJOFT MȃFYDFQUJPOEFTBQQBSFJMT-"("/
RVJTPOUHBSBOUJTQPVSVOFEVS©FEFEFVY פ
BOT-ȃPSJHJOBMEVUJDLFUEFDBJTTF EFMB
GBDUVSFPVEVCPOEFMJWSBJTPOFODBTEF
WFOUF EJTUBODFTFSBFYJH©DPNNFQSFVWF
EFMȃBDIBU$POTFSWF[MFEBOTVOFOESPJUT»S
-BS©QBSBUJPOPVMFSFNQMBDFNFOUEVQSPEVJU
E©GFDUVFVYOȃBQBTQPVSDPOT©RVFODFEF
QSPMPOHFSMBEVS©FJOJUJBMFEFHBSBOUJF
5PVUFGPJT DPOGPSN©NFOU MȃBSU-רףףףפEV
$PEFEFMB$POTPNNBUJPO UPVUFQ©SJPEF
EJNNPCJMJTBUJPOEVQSPEVJU QPVSVOF
SFNJTFFO©UBUDPVWFSUFQBSMBHBSBOUJF EBV
NPJOTTFQUKPVSTWJFOUTBKPVUFS MBEVS©FEF
MBHBSBOUJFRVJSFTUBJU DPVSJS MBEBUFEFMB
EFNBOEFEJOUFSWFOUJPOEVDPOTPNNBUFVS
'3"/"ԡ4
PVEFMBNJTF EJTQPTJUJPOQPVSS©QBSBUJPO
EVCJFOFODBVTF TJDFUUFNJTF EJTQPTJUJPO
FTUQPTU©SJFVSF MBEFNBOEFEJOUFSWFOUJPO
2VFMTTPOUMFTBQQBSFJMT©MFDUSPN©OBHFST
DPVWFSUTQBSMBHBSBOUJF
-BHBSBOUJFԡ,&"EFDJOR קBOTDPVWSFUPVT
MFTBQQBSFJMT©MFDUSPN©OBHFSTEF
MȃBTTPSUJNFOUDVJTJOFT IPSTBQQBSFJMTEFMB
T©SJF-"("/RVJTPOUHBSBOUJTQPVSVOF
EVS©FEFEFVY פBOT BDIFU©TDIF[ԡ,&"
DPNQUFSEVףFSBP»Uשעעפ
2VJFTUDPVWFSUQBSMBHBSBOUJF
-BQS©TFOUFHBSBOUJFDPODFSOFMBDIFUFVS
BHJTTBOUFORVBMJU©EFDPOTPNNBUFVS
DPNQUFSEFMBEBUFEBDIBUEVQSPEVJU
2VJFY©DVUFSBMFTQSFTUBUJPOTEBOTMF
DBESFEFMBHBSBOUJF
-FQSFTUBUBJSFEFTFSWJDFTE©TJHO©QBSԡ,&"
GPVSOJSBMȃBTTJTUBODFEFTPOS©TFBVEF
S©QBSBUFVSTBHS©©TQPVSWPVTTFSWJSEBOTMF
DBESFEFDFUUFHBSBOUJF1PVSMBNJTFFO
ĒVWSF WFVJMMF[WPVTSFQPSUFS MBSVCSJRVF
k$PNNFOUOPVTKPJOESF{
2VFDPVWSFDFUUFHBSBOUJF
-BQS©TFOUFHBSBOUJFԡ,&"DPVWSFMFTE©GBVUT
EFDPOTUSVDUJPOFUEFGBCSJDBUJPO
TVTDFQUJCMFTEFOVJSF VOFVUJMJTBUJPO
OPSNBMF DPNQUFSEFMBEBUFEBDIBUDIF[
ԡ,&"QBSMFDMJFOU&MMFOFTȃBQQMJRVFRVFEBOT
MFDBESFEȃVOVTBHFEPNFTUJRVF
-FTFYDMVTJPOTTPOUSFQSJTFTEBOTMB
TFDUJPOȇ2VȃFTUDFRVJOȃFTUQBTDPVWFSUEBOT
MFDBESFEFDFUUFHBSBOUJF ȇ-FTQS©TFOUFT
DPOEJUJPOTEFHBSBOUJFDPVWSFOUMFTGSBJTEF
S©QBSBUJPO EFQJ¨DFTEFSFDIBOHF EFNBJO
EȃĒVWSFFUEFE©QMBDFNFOUEVQFSTPOOFM
EPNJDJMFQFOEBOUVOFQ©SJPEFEFDJOR ק
BOT SBNFO©F EFVY פBOTTVSMBT©SJF
-"("/ DPNQUFSEFMBEBUFEȃBDIBUDIF[
ԡ,&" TPVTS©TFSWFRVFMFTE©GBVUTTPJFOU
DPVWFSUTFU DPOEJUJPORVFMBQQBSFJMTPJU
EJTQPOJCMFQPVSS©QBSBUJPOTBOTPDDBTJPOOFS
EFE©QFOTFTTQ©DJBMFT7PJSBVTTJȇ3BQQFM
EFTEJTQPTJUJPOTM©HBMFTȇ-FTQJ¨DFT
SFNQMBD©FTEFWJFOOFOUMBQSPQSJ©U©EFԡ,&"
$FTEJTQPTJUJPOTOFTȃBQQMJRVFOUQBTBVY
רץ
S©QBSBUJPOTFԑFDUV©FTTBOTBVUPSJTBUJPOEV
QSFTUBUBJSFEFTFSWJDFTԡ,&"
2VFGFSPOTOPVTQPVSSFN©EJFSBV
QSPCM¨NF
%BOTMFDBESFEFDFUUFHBSBOUJF MF
QSFTUBUBJSFEFTFSWJDFE©TJHO©QBSԡ,&"
FYBNJOFSBMFQSPEVJU4JBQS¨TW©SJԒDBUJPO FU
IPSNJTNJTFFOĒVWSFEFMBHBSBOUJFM©HBMF
JMFTUSFDPOOVRVFWPUSFS©DMBNBUJPOFTU
DPVWFSUFQBSMBQS©TFOUFHBSBOUJF
DPOUSBDUVFMMF JMTFSBQSPD©E© MBS©QBSBUJPO
EVQSPEVJUE©GFDUVFVY PVFODBT
EȃJNQPTTJCJMJU©EFS©QBSBUJPO TPO
SFNQMBDFNFOUQBSMFNªNFBSUJDMFPVQBSVO
BSUJDMFEFRVBMJU©FUEFUFDIOJDJU©
DPNQBSBCMF$PNQUFUFOVEFT©WPMVUJPOT
UFDIOPMPHJRVFT MȃBSUJDMFEFSFNQMBDFNFOUEF
RVBMJU©©RVJWBMFOUFQFVUªUSFEȃVOQSJY
JOG©SJFVSBVNPE¨MFBDIFU©4JBVDVOBSUJDMF
©RVJWBMFOUOȃFTUEJTQPOJCMF FUFODBT
EȃJNQPTTJCJMJU©UPUBMFPVQBSUJFMMFEF
S©QBSBUJPOSFDPOOVFQBSMFQSFTUBUBJSFEF
ԡ,&"PVTPOSFQS©TFOUBOUBHS©© TPVT
S©TFSWFRVFMFTDPOEJUJPOTEȃBQQMJDBUJPOEFMB
HBSBOUJFTPJFOUSFNQMJFT ԡ,&"QSPD¨EFSBBV
SFNCPVSTFNFOUUPUBMPVQBSUJFMEFMȃBQQBSFJM
SFDPOOVE©GFDUVFVY-FQSFTUBUBJSFEF
TFSWJDFE©TJHO©QBSԡ,&"TȃFOHBHF UPVU
NFUUSFFOĒVWSFQPVSBQQPSUFSVOFTPMVUJPO
SBQJEFFUTBUJTGBJTBOUFEBOTMFDBESFEFDFUUF
HBSBOUJFNBJTOJԡ,&" OJMFQSFTUBUBJSFOF
TBVSBJFOUªUSFUFOVTQPVSSFTQPOTBCMFTEFT
DBTEFGPSDFTNBKFVST UFMTRVFE©ԒOJTQBSMB
KVSJTQSVEFODF TVTDFQUJCMFTEȃFNQªDIFS
MȃBQQMJDBUJPODPSSFDUFEFMBHBSBOUJF
2VȃFTUDFRVJOȃFTUQBTDPVWFSUEBOTMF
DBESFEFMBQS©TFOUFHBSBOUJF
ȋ
ȋ
ȋ
-ȃVTVSFOPSNBMFFUHSBEVFMMFJOI©SFOUF
BVYBQQBSFJMT©MFDUSPN©OBHFST DPNQUF
UFOVEFMBEVS©FEFWJFFUEV
DPNQPSUFNFOUDPNNVO©NFOUBENJT
QPVSEFTQSPEVJUTTFNCMBCMFT
-FTEPNNBHFTFOHBHFBOUMB
SFTQPOTBCJMJU©EVOUJFSTPVS©TVMUBOU
EVOFGBVUFJOUFOUJPOOFMMFPVEPMPTJWF
-FTEPNNBHFTS©TVMUBOUEVOPOSFTQFDU
EFTDPOTJHOFTEȃVUJMJTBUJPO EȃVOF
NBVWBJTFJOTUBMMBUJPOOPODPOGPSNFBVY
JOTUSVDUJPOTEVGBCSJDBOUFUPVBVYS¨HMFT
'3"/"ԡ4
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
EFMȃBSU OPUBNNFOUFONBUJ¨SFEF
SBDDPSEFNFOUBVS©TFBV©MFDUSJRVF PV
BVYBSSJW©FTEȃFBVPVEFHB[RVJ
SFRVJ¨SFOUMȃJOUFSWFOUJPOEȃVO
QSPGFTTJPOOFMRVBMJԒ©
-FTEPNNBHFTUFMTRVF FOUSFBVUSFT MF
WPM MBDIVUFPVMFDIPDEȃVOPCKFU
MȃJODFOEJF MBE©DPMPSBUJPO MBMVNJ¨SF MFT
CS»MVSFT MȃIVNJEJU©PVMBDIBMFVST¨DIF
FYDFTTJWFPVUPVUFBVUSFDPOEJUJPO
FOWJSPOOFNFOUBMFBOPSNBMF MFT
DPVQVSFT MFT©SBԓVSFT UPVUF
JNQS©HOBUJPOQBSVOMJRVJEF MFTS©BDUJPOT
DIJNJRVFTPV©MFDUSPDIJNJRVFT MBSPVJMMF
MBDPSSPTJPO PVVOE©H¢UEFTFBVY
S©TVMUBOUFOUSFBVUSFT EȃVOUBVYEF
DBMDBJSFUSPQ©MFW©EBOTMȃFBV
EȃBQQSPWJTJPOOFNFOU
-FTQJ¨DFTEȃVTVSFOPSNBMFEJUFTQJ¨DFT
DPOTPNNBCMFT DPNNFQBSFYFNQMFMFT
QJMFT MFTBNQPVMFT MFTԒMUSFT MFTKPJOUT
UVZBVYEFWJEBOHF FUDRVJO©DFTTJUFOUVO
SFNQMBDFNFOUS©HVMJFSQPVSMF
GPODUJPOOFNFOUOPSNBMEFMȃBQQBSFJM
-FTEPNNBHFTBVY©M©NFOUTOPO
GPODUJPOOFMTFUE©DPSBUJGTRVJOȃBԑFDUFOU
QBTMȃVTBHFOPSNBMEFMȃBQQBSFJM
OPUBNNFOUMFTSBZVSFT DPVQVSFT
©SBԓVSFT E©DPMPSBUJPO
-FTEPNNBHFTBDDJEFOUFMTDBVT©TQBS
EFTDPSQTPVTVCTUBODFT©USBOHFSTFUQBS
MFOFUUPZBHFFUE©CMPDBHFEFTԒMUSFT
TZTU¨NFTEȃ©WBDVBUJPOPVDPNQBSUJNFOUT
QPVSE©UFSHFOU
-FTEPNNBHFTDBVT©TBVYQJ¨DFT
TVJWBOUFTWFSSFD©SBNJRVF BDDFTTPJSFT
QBOJFST WBJTTFMMFFU DPVWFSUT UVZBVY
EȃBMJNFOUBUJPOFUEȃ©WBDVBUJPO KPJOUT
MBNQFTFUQSPUFDUJPOTEFMBNQFT ©DSBOT
CPVUPOTFUQPJHO©FT DIBTTJTFUQBSUJFTEF
DIBTTJT
-FTGSBJTEFUSBOTQPSUEFMBQQBSFJM EF
E©QMBDFNFOUEVS©QBSBUFVSFUEFNBJO
EPFVWSFSFMBUJG VOEPNNBHFOPO
HBSBOUJPVOPODPOTUBU©QBSMFS©QBSBUFVS
BHS©©
-FTS©QBSBUJPOTFԑFDUV©FTQBSVO
QSFTUBUBJSFEFTFSWJDFFUPVVOQBSUFOBJSF
OPOBHS©©T PVFODBTEȃVUJMJTBUJPOEF
QJ¨DFTBVUSFTRVFEFTQJ¨DFTEȃPSJHJOF
שץ
UPVUFS©QBSBUJPOEFGPSUVOFPVQSPWJTPJSF
SFTUBOU MBDIBSHFEVDMJFOURVJ
TVQQPSUFSBJUFOPVUSF MFTDPOT©RVFODFT
EFMBHHSBWBUJPO©WFOUVFMMFEVEPNNBHF
FOS©TVMUBOU
ȋ -ȃVUJMJTBUJPOFOFOWJSPOOFNFOUOPO
EPNFTUJRVF QBSFYFNQMFVTBHF
QSPGFTTJPOOFMPVDPMMFDUJG PVEBOTVOMJFV
QVCMJD
ȋ -FTEPNNBHFTMJ©TBVUSBOTQPSUMPSTRVF
MȃBQQBSFJMFTUFNQPSU©QBSMFDMJFOUMVJ
NªNFPVVOQSFTUBUBJSFEFUSBOTQPSURVȃJM
BMVJNªNFE©TJHO©-PSTRVFMȃBQQBSFJMFTU
MJWS©QBSԡ,&" MFTEPNNBHFTS©TVMUBOUEV
USBOTQPSUTFSPOUQSJTFODIBSHFQBSԡ,&"
-FDMJFOUEPJUW©SJԒFSTFTDPMJTFUQPSUFS
ԡ.1&3"5ԡ7&.&/5TVSMFCPOEFMJWSBJTPO
EFT3&4&37&413&$ԡ4&4JOEJDBUJPOEV
OPNCSFEFDPMJTNBORVBOUTFUPV
FOEPNNBH©T FUEFTDSJQUJPOE©UBJMM©FEV
EPNNBHF©WFOUVFM FNCBMMBHFPVWFSUPV
E©DIJS© QSPEVJUE©U©SJPS©PVNBORVBOU
FUD
ȋ -FTDP»UTEȃJOTUBMMBUJPOJOJUJBVY5PVUFGPJT
TJMFQSFTUBUBJSFEFTFSWJDFPVTPO
QBSUFOBJSFBHS©©QSPD¨EF VOF
S©QBSBUJPOPVVOSFNQMBDFNFOU
EȃBQQBSFJMTFMPOMFTUFSNFTEFMBQS©TFOUF
HBSBOUJF MFQSFTUBUBJSFEFTFSWJDFPVTPO
QBSUFOBJSFBHS©©S©JOTUBMMFSPOUMFDBT
©DI©BOUMȃBQQBSFJMS©QBS©PVSFNQMBD©
-BHBSBOUJFSFTUFUPVUFGPJTBQQMJDBCMFBVY
BQQBSFJMTBZBOUGBJUMȃPCKFUEȃVOFBEBQUBUJPO
EBOTMFSFTQFDUEFTSªHMFTEFMȃBSUQBSVO
TQ©DJBMJTUFRVBMJԒ©BWFDEFTQJ¨DFTEȃPSJHJOF
EVGBCSJDBOUQPVSVOFNJTFFODPOGPSNJU©EF
MȃBQQBSFJMBVYTQ©DJԒDBUJPOTUFDIOJRVFTEȃVO
BVUSFQBZTNFNCSFEFMȃ6OJPO&VSPQ©FOOF
3BQQFMEFTEJTQPTJUJPOTM©HBMFT
-FGBCSJDBOUTȃFOHBHF HBSBOUJSMB
DPOGPSNJU©EFTCJFOTBVDPOUSBUBJOTJRVFMFT
©WFOUVFMTWJDFTDBDI©T DPOGPSN©NFOUBVY
EJTQPTJUJPOTM©HBMFTԒHVSBOUDJBQS¨T TBOT
RVFDFMBOFGBTTFPCTUBDMF MBNJTFFO
ĒVWSFEFMBHBSBOUJFDPNNFSDJBMFDJEFTTVT
DPOTFOUJFMPSTRVFDFMMFDJFTUQMVT©UFOEVF
RVFMBHBSBOUJFM©HBMF
k(BSBOUJFM©HBMFEFDPOGPSNJU©{ FYUSBJU
EVDPEFEFMBDPOTPNNBUJPO
'3"/"ԡ4
ȋ
"SU-צףףפk-FWFOEFVSFTUUFOVEF
MJWSFSVOCJFODPOGPSNFBVDPOUSBUFU
S©QPOEEFTE©GBVUTEFDPOGPSNJU©
FYJTUBOUMPSTEFMBE©MJWSBODFԡMS©QPOE
©HBMFNFOUEFTE©GBVUTEFDPOGPSNJU©
S©TVMUBOUEFMȃFNCBMMBHF EFTJOTUSVDUJPOT
EFNPOUBHFPVEFMȃJOTUBMMBUJPOMPSTRVF
DFMMFDJB©U©NJTF TBDIBSHFQBSMF
DPOUSBUPVB©U©S©BMJT©FTPVTTB
SFTQPOTBCJMJU©{
ȋ "SU-פףףףפk-ȃBDUJPOS©TVMUBOUEV
E©GBVUEFDPOGPSNJU©TFQSFTDSJUQBSEFVY
BOT DPNQUFSEFMBE©MJWSBODFEVCJFO{
ȋ "SU-קףףפk1PVSªUSFDPOGPSNFBV
DPOUSBU MFCJFOEPJU
ףp&USFQSPQSF MȃVTBHFIBCJUVFMMFNFOU
BUUFOEVEȃVOCJFOTFNCMBCMFFU MFDBT
©DI©BOU
ȋ
DPSSFTQPOESF MBEFTDSJQUJPOEPOO©FQBS
MFWFOEFVSFUQPTT©EFSMFTRVBMJU©TRVF
DFMVJDJBQS©TFOU©FT MȃBDIFUFVSTPVT
GPSNFEȃ©DIBOUJMMPOPVEFNPE¨MF
ȋ QS©TFOUFSMFTRVBMJU©TRVȃVOBDIFUFVS
QFVUM©HJUJNFNFOUBUUFOESFFV©HBSEBVY
E©DMBSBUJPOTQVCMJRVFTGBJUFTQBSMF
WFOEFVS QBSMFQSPEVDUFVSPVQBSTPO
SFQS©TFOUBOU OPUBNNFOUEBOTMB
QVCMJDJU©PVMȃ©UJRVFUBHF
פp0VQS©TFOUFSMFTDBSBDU©SJTUJRVFTE©ԒOJFT
EȃVODPNNVOBDDPSEQBSMFTQBSUJFTPVªUSF
QSPQSF UPVUVTBHFTQ©DJBMSFDIFSDI©QBS
MȃBDIFUFVS QPSU© MBDPOOBJTTBODFEV
WFOEFVSFURVFDFEFSOJFSBBDDFQU©{
k%FMBHBSBOUJFEFTE©GBVUTEFMBDIPTF
WFOEVF{ FYUSBJUEVDPEFDJWJM
ȋ
"SUףצרףk-FWFOEFVSFTUUFOVEFMB
HBSBOUJF SBJTPOEFTE©GBVUTDBDI©TEFMB
DIPTFWFOEVFRVJMBSFOEFOUJNQSPQSF
MVTBHFBVRVFMPOMBEFTUJOF PVRVJ
EJNJOVFOUUFMMFNFOUDFUVTBHF RVF
MBDIFUFVSOFMBVSBJUQBTBDRVJTF PVOFO
BVSBJUEPOO©RVVONPJOESFQSJY TJMMFT
BWBJUDPOOVT{
ȋ "SUף תצרףFSBMJO©B k-BDUJPOS©TVMUBOU
EFTWJDFTS©EIJCJUPJSFTEPJUªUSFJOUFOU©F
QBSMBDRV©SFVSEBOTVOE©MBJEFEFVYBOT
DPNQUFSEFMBE©DPVWFSUFEVWJDF{
0¹TȃBQQMJRVFMBQS©TFOUFHBSBOUJF
תץ
4PVTS©TFSWFEFDPOGPSNJU©BVY
TQ©DJԒDBUJPOTUFDIOJRVFTFUS©HMFNFOUBUJPOT
BQQMJDBCMFTFUQSPQSFT DIBRVFQBZTMFDBT
©DI©BOU MFTHBSBOUJFTQPVSSPOUªUSF
FYFSD©FTBVQS¨TEFMȃPSHBOJTBUJPOԡ,&"MPDBMF
EVQBZTP¹MFQSPEVJUFTUVUJMJT©TVSUPVUMF
UFSSJUPJSFEFMȃ6OJPO&VSPQ©FOOF IPST%0.
FU50. -FTDPOEJUJPOTEFHBSBOUJF
©UFOEVFTFUMJNJUFT TPOUDFMMFTBQQMJDBCMFT
TVSMFNBSDI©MPDBMԡMFTUSFDPNNBOE©EFTF
MFTQSPDVSFSBVQS¨TEFMȃPSHBOJTBUJPOԡ,&"
MPDBMF
-F4FSWJDF"QS¨T7FOUFBQQMJDBCMF WPT
BQQBSFJMT©MFDUSPN©OBHFSTԡ,&"
/I©TJUF[QBT DPOUBDUFSMF4FSWJDF"QS¨T
7FOUFԡ,&"QPVS
ףSFRV©SJSMBNJTFFOPFVWSFEVTFSWJDF
EBOTMFDBESFEFDFUUFHBSBOUJF
DPOUSBDUVFMMF
פPCUFOJSEFTDPOTFJMTQPVSMȃJOTUBMMBUJPOEF
MBQQBSFJMԡ,&"EBOTVONFVCMFEF
DVJTJOFԡ,&"QS©WV DFUFԑFU-FTFSWJDF
OȃJODMVUUPVUFGPJTQBTMFTJOGPSNBUJPOT
SFMBUJWFT
ȋ BVNPOUBHFFU MȃJOTUBMMBUJPOEȃVOF
DVJTJOFDPNQM¨UFԡ,&"
ȋ BVSBDDPSEFNFOUBVS©TFBV©MFDUSJRVF
MPSTRVFMȃBQQBSFJMFTUGPVSOJTBOT
QSJTFOJD¢CMF FUBVYBSSJW©FTEȃFBVFU
EFHB[ RVJSFRVJ¨SFOUMȃJOUFSWFOUJPO
EȃVOQSPGFTTJPOOFMRVBMJԒ©
ץPCUFOJSEFTJOGPSNBUJPOTSFMBUJWFTBV
DPOUFOVEVNBOVFMVUJMJTBUFVSFUBVY
TQ©DJԒDBUJPOTEFMȃBQQBSFJMԡ,&"QPVSVO
CPOGPODUJPOOFNFOUEFDFMVJDJ
1PVSQPVWPJSWPVTBQQPSUFSMBNFJMMFVSF
BTTJTUBODF BTTVSF[WPVTEBWPJSMV
BUUFOUJWFNFOUMFTJOTUSVDUJPOTEFNPOUBHF
FUPVMFNBOVFMEFMVUJMJTBUFVSBWBOUEF
OPVTDPOUBDUFS
$PNNFOUOPVTKPJOESFQPVSMBNJTFFO
PFVWSFEFMBQS©TFOUFHBSBOUJF
'3"/"ԡ4
$POTVMUF[MBEFSOJ¨SFQBHFEFDFMJWSFUQPVS
MBMJTUFDPNQM¨UFEFTOVN©SPTEFU©M©QIPOF
SFTQFDUJGTQBSQBZTEFTDPOUBDUTE©TJHO©T
QBSԡ,&"
%BOTMFCVUEFWPVTGPVSOJSVO
TFSWJDFSBQJEF WFVJMMF[VUJMJTFS
VOJRVFNFOUMFOVN©SPEF
U©M©QIPOFTQ©DJԒRVF WPUSFQBZT
EPOO©EBOTMBMJTUFFOEFSOJ¨SF
QBHFEFDFMJWSFUEFHBSBOUJF
1PVSMBNJTFFOPFVWSFEFMB
HBSBOUJF JMGBVUUPVKPVSTTF
SFQPSUFS MBMJTUFEFTOVN©SPTEF
U©M©QIPOFSFQSJTEBOTMFMJWSFU
GPVSOJBWFDMȃBQQBSFJMԡ,&"
DPSSFTQPOEBOU"WBOUEFOPVT
BQQFMFS BTTVSF[WPVTEFEJTQPTFS
QPSU©FEFNBJOMBS©G©SFODF
ԡ,&" DPEF תDIJԑSFT
DPSSFTQPOEBOU MBQQBSFJMQPVS
MFRVFMWPVTBWF[CFTPJO
EBTTJTUBODF
$0/4&37&;ԡ.1&3"5ԡ7&.&/5
-ȃ03ԡ(ԡ/"-%&7053&5ԡ$,&5%&
$"ԡ44& '"$563&06#0/%&
-ԡ73"ԡ40/"7&$-&-ԡ73&5%&
("3"/5ԡ&
ԡMTWPVTTFSPOUO©DFTTBJSFT
DPNNFQSFVWFEFMȃBDIBUQPVS
WPVTQFSNFUUSFEFC©O©ԒDJFSEF
MBQS©TFOUFHBSBOUJF FUQPVS
SFUSPVWFSGBDJMFNFOUMB
E©TJHOBUJPOFUMBS©G©SFODFԡ,&"
DPEF תDIJԑSFT EFDIBRVF
BQQBSFJMBDIFU©
#FTPJOEȃBJEFTVQQM©NFOUBJSF
4JWPVTBWF[EFTRVFTUJPOTTVQQM©NFOUBJSFT
TVSMFTDPOEJUJPOTEȃBQQMJDBUJPOEFTHBSBOUJFT
ԡ,&" ©UFOEVFTFUMJNJUFT QSPEVJUTDPVWFSUT
BESFTTF[WPVT WPUSFNBHBTJOԡ,&"MFQMVT
QSPDIF"ESFTTFFUIPSBJSFTTVSMFTJUF
XXXԡ,&"GS EBOTMFDBUBMPHVFԡ,&"PVQBS
U©M©QIPOFBVקף ע עעעץעףקפתעȕNO ץ
ԡ5"-ԡ"/0
עצ
ԡOEJDF
ԡOGPSNB[JPOJEJTJDVSF[[B
ԡTUSV[JPOJEJTJDVSF[[B
%FTDSJ[JPOFEFMQSPEPUUP
1BOOFMMPEJDPOUSPMMP
4FMF[JPOFEFMQSPHSBNNB
ԡNQPTUB[JPOJCBTF
1SJNBEJVUJMJ[[BSFMFMFUUSPEPNFTUJDP
6UJMJ[[PRVPUJEJBOP
עצ
פצ
צצ
קצ
קצ
תצ
פק
ץק
$POTJHMJFTVHHFSJNFOUJVUJMJ
1VMJ[JBFDVSB
3JTPMV[JPOFEFJQSPCMFNJ
%BUJUFDOJDJ
$POTJEFSB[JPOJTVMMBNCJFOUF
("3"/;ԡ"ԡ,&"
רק
תק
ער
רר
שר
שר
$POSJTFSWBEJNPEJԒDIF
ԡOGPSNB[JPOJEJTJDVSF[[B
-FHHFSFBUUFOUBNFOUFMFJTUSV[JPOJGPSOJUFQSJNBEJJOTUBMMBSFF
VUJMJ[[BSFMBQQBSFDDIJBUVSBԡQSPEVUUPSJOPOTPOPSFTQPOTBCJMJ
EJFWFOUVBMJMFTJPOJPEBOOJEFSJWBOUJEBVOJOTUBMMB[JPOFPVO
VTPTDPSSFUUJ$POTFSWBSFTFNQSFMFJTUSV[JPOJJOVOMVPHP
TJDVSPFBDDFTTJCJMFQFSQPUFSMFDPOTVMUBSFJOGVUVSP
4JDVSF[[BEFJCBNCJOJFEFMMFQFSTPOFWVMOFSBCJMJ
ȋ
ȋ
ȋ
ȋ
ȋ
2VFTUBBQQBSFDDIJBUVSBQV²FTTFSFVTBUBEBCBNCJOJB
QBSUJSFEBHMJתBOOJFEBBEVMUJDPOMJNJUBUFDBQBDJU ԒTJDIF
TFOTPSJBMJPNFOUBMJPDPOTDBSTBFTQFSJFO[BPDPOPTDFO[B
TVMMVTPEFMMBQQBSFDDIJBUVSB TPMBNFOUFTFTPSWFHMJBUJPTF
JTUSVJUJSFMBUJWBNFOUFBMMVTPEFMMBQQBSFDDIJBUVSBFTFIBOOP
DPNQSFTPJSJTDIJDPJOWPMUJ
ԡCBNCJOJEJFU DPNQSFTBGSBJץFHMJתBOOJFMFQFSTPOFDPO
EJTBCJMJU EJԑVTFFDPNQMFTTFWBOOPUFOVUJMPOUBOJ
EBMMBQQBSFDDIJBUVSBBNFOPDIFOPOWJTJBVOBTVQFSWJTJPOF
DPOUJOVB
5FOFSFMPOUBOJEBMMBQQBSFDDIJBUVSBJCBNCJOJBMEJTPUUPEFJ
ץBOOJTFOPODPTUBOUFNFOUFTVQFSWJTJPOBUJ
/PODPOTFOUJSFBJCBNCJOJEJHJPDBSFDPOMBQQBSFDDIJBUVSB
5FOFSFJEFUFSTJWJBMEJGVPSJEFMMBQPSUBUBEFJCBNCJOJ
ԡ5"-ԡ"/0
ȋ
ȋ
ףצ
5FOFSFJCBNCJOJFHMJBOJNBMJEPNFTUJDJMPOUBOP
EBMMBQQBSFDDIJBUVSBRVBOEPMPCM²¨BQFSUP
ԡCBNCJOJOPOEFWPOPFTFHVJSFJOUFSWFOUJEJQVMJ[JBF
NBOVUFO[JPOFTVMMBQQBSFDDIJBUVSBTFO[BFTTFSF
TVQFSWJTJPOBUJ
"WWFSUFO[FEJTJDVSF[[BHFOFSBMJ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
2VFTUPFMFUUSPEPNFTUJDP¨EFTUJOBUPBEVOVTPEPNFTUJDPF
BQQMJDB[JPOJTJNJMJ RVBMJ
ǿ DBTFEJDBNQBHOBDVDJOFEJOFHP[J VԔDJFBMUSJBNCJFOUJ
EJMBWPSP
ǿ DMJFOUJEJIPUFM NPUFM CFEBOECSFBLGBTUFBMUSJBNCJFOUJ
SFTJEFO[JBMJ
/PONPEJԒDBSFMFTQFDJԒDIFUFDOJDIFEFMMBQQBSFDDIJBUVSB
-BQSFTTJPOFEJFTFSDJ[JPEFMMBDRVB NJOJNBFNBTTJNB
EFWFFTTFSFDPNQSFTBUSB תע ת קעע קעCBS .1B
3JTQFUUBSFJMOVNFSPNBTTJNPEJץףDPQFSUJ
4FJMDBWPEJBMJNFOUB[JPOF¨EBOOFHHJBUP EFWFFTTFSF
TPTUJUVJUPEBMQSPEVUUPSF EBM$FOUSPEJ"TTJTUFO[B
"VUPSJ[[BUPPEBVOBQFSTPOBRVBMJԒDBUBQFSFWJUBSF
TJUVB[JPOJEJQFSJDPMP
.FUUFSFMFQPTBUFBMMJOUFSOPEFMDFTUFMMPDPOMFFTUSFNJU
BQQVOUJUFSJWPMUFWFSTPJMCBTTP PQQVSFNFUUFSMFOFMDBTTFUUP
EFMMFQPTBUFJOQPTJ[JPOFPSJ[[POUBMFDPOMFFTUSFNJU BԔMBUF
SJWPMUFWFSTPJMCBTTP
/POMBTDJBSFMBQQBSFDDIJBUVSBDPOMBQPSUBBQFSUBTFO[B
TPSWFHMJBO[BQFSFWJUBSFDIFRVBMDVOPJODJBNQJFDBEB
1SJNBEJFTFHVJSFRVBMVORVFJOUFSWFOUPEJNBOVUFO[JPOF
TQFHOFSFMBQQBSFDDIJBUVSBFEFTUSBSSFMBTQJOBEBMMBQSFTB
/POVTBSFBDRVBTQSBZBEBMUBQSFTTJPOFO©WBQPSFQFS
QVMJSFMBQQBSFDDIJP
ԡ5"-ԡ"/0
ȋ
ȋ
פצ
2VBMPSBMBQQBSFDDIJBUVSBEJTQPOHBEJBQFSUVSFEJ
WFOUJMB[JPOFOFMMBCBTF RVFTUFOPOWBOOPDPQFSUFEB
PHHFUUJRVBMJBEFTFNQJPVOUBQQFUP
-BQQBSFDDIJBUVSBEFWFFTTFSFDPMMFHBUBDPSSFUUBNFOUF
BMMJNQJBOUPJESJDPDPOJUVCJOVPWJGPSOJUJԡUVCJVTBUJOPO
EFWPOPFTTFSFSJVUJMJ[[BUJ
ԡTUSV[JPOJEJTJDVSF[[B
ԡOTUBMMB[JPOF
ȋ
"77&35&/;"-ȃJOTUBMMB[JPOF
EFMMBQQBSFDDIJBUVSBEFWFFTTFSF
FTFHVJUBEBQFSTPOBMFRVBMJԒDBUP
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
3JNVPWFSFUVUUJJNBUFSJBMJEJJNCBMMBHHJP
/POJOTUBMMBSFPVUJMJ[[BSF
MBQQBSFDDIJBUVSBTF¨EBOOFHHJBUB
/POVTBSFMBQQBSFDDIJBUVSBQSJNBEJ
JOTUBMMBSMBOFMMBTUSVUUVSBBJODBTTPEBUFMF
NJTVSFEJTJDVSF[[B
"UUFOFSTJBMMFJTUSV[JPOJGPSOJUFJOTJFNF
BMMBQQBSFDDIJBUVSB
1SFTUBSFTFNQSFBUUFO[JPOFJOGBTFEJ
TQPTUBNFOUPEFMMBQQBSFDDIJBUVSB EBUP
DIF¨QFTBOUF6TBSFTFNQSFJHVBOUJEJ
TJDVSF[[BFMFDBM[BUVSFBEFHVBUF
/PODPMMPDBSFPVTBSFMȃBQQBSFDDIJBUVSBJO
VOMVPHPJODVJMBUFNQFSBUVSBQPTTB
TDFOEFSFBMEJTPUUPEJעp$
ԡOTUBMMBSFMBQQBSFDDIJBUVSBJOVOMVPHP
TJDVSPFJEPOFPDIFTPEEJTԒJSFRVJTJUJEJ
JOTUBMMB[JPOF
ȋ
ȋ
ȋ
$PMMFHBNFOUPEFMMȃBDRVB
ȋ
ȋ
$PMMFHBNFOUPFMFUUSJDP
"77&35&/;"3JTDIJPEJJODFOEJP
FTDPTTBFMFUUSJDB
ȋ
ȋ
ȋ
ȋ
-BQQBSFDDIJBUVSBEFWFEJTQPSSFEJVOB
NFTTBBUFSSB
7FSJԒDBSFDIFJQBSBNFUSJTVMMBUBSHIFUUB
TJBOPDPNQBUJCJMJDPOMFJOEJDB[JPOJ
FMFUUSJDIFEFMMBMJNFOUB[JPOF
6UJMJ[[BSFTFNQSFVOBQSFTBFMFUUSJDBDPO
DPOUBUUPEJQSPUF[JPOFDPSSFUUBNFOUF
JOTUBMMBUB
/POVUJMJ[[BSFQSFTFNVMUJQMFFQSPMVOHIF
"DDFSUBSTJEJOPOEBOOFHHJBSFMBTQJOBFJM
DBWP2VBMPSBJMDBWPFMFUUSJDPEFCCB
FTTFSFTPTUJUVJUP MȃJOUFSWFOUPEPWS FTTFSF
FԑFUUVBUPEBMOPTUSP$FOUSPEJ"TTJTUFO[B
BVUPSJ[[BUP
ԡOTFSJSFMBTQJOBEJBMJNFOUB[JPOFOFMMB
QSFTBTPMPBMUFSNJOFEFMMJOTUBMMB[JPOF
7FSJԒDBSFDIFMBTQJOBEJBMJNFOUB[JPOF
SJNBOHBBDDFTTJCJMFEPQPMJOTUBMMB[JPOF
/POUJSBSFJMDBWPEJBMJNFOUB[JPOFQFS
TDPMMFHBSFMȃBQQBSFDDIJBUVSB5JSBSF
TFNQSFEBMMBTQJOB
-BQQBSFDDIJBUVSB¨EPUBUBEJVOBQSFTBץף
"4FTJSFOEFTTFOFDFTTBSJPDBNCJBSFJM
GVTJCJMFEFMMBTQJOBEJBMJNFOUB[JPOF
VUJMJ[[BSOFVOPEB""ץף45" #4פרץף
TPMP3FHOP6OJUPFԡSMBOEB ȋ
ȋ
/POEBOOFHHJBSFJUVCJEFMMBDRVB
1SJNBEJFTFHVJSFJMDPMMFHBNFOUPBUVCJ
OVPWJ UVCJOPOVTBUJBMVOHP EPWFTPOP
TUBUJFTFHVJUJJOUFSWFOUJEJSJQBSB[JPOFP
TPOPTUBUJJOTFSJUJOVPWJEJTQPTJUJWJ
NJTVSBUPSJEFMMBDRVB FDD
MBTDJBSTDPSSFSFMBDRVBԒOPBDIFOPO
TBS USBTQBSFOUFFMJNQJEB
7FSJԒDBSFDIFOPOWJTJBOPQFSEJUFWJTJCJMJ
EVSBOUFFEPQPJMQSJNPVTP
EFMMBQQBSFDDIJBUVSB
ԡMUVCPEJDBSJDPEFMMBDRVBEJTQPOFEJVOB
WBMWPMBEJTJDVSF[[BFVOBHVBJOBDPOVO
DBWPFMFUUSJDPJOUFSOP
ԡ5"-ԡ"/0
ȋ
"77&35&/;"5FOTJPOF
QFSJDPMPTB
4FJMUVCPEJDBSJDP¨EBOOFHHJBUP
DIJVEFSFJNNFEJBUBNFOUFJMSVCJOFUUPF
TDPMMFHBSFJNNFEJBUBNFOUFMBTQJOBEBMMB
QSFTBFMFUUSJDB$POUBUUBSFJM$FOUSPEJ
"TTJTUFO[BBVUPSJ[[BUPQFSTPTUJUVJSFJM
UVCPEJDBSJDPEFMMȃBDRVB
ץצ
ȋ
"TTJTUFO[B
ȋ
ȋ
6UJMJ[[P
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
/POBQQPHHJBSFPUFOFSFMJRVJEJP
NBUFSJBMJJOԒBNNBCJMJ O©PHHFUUJ
GBDJMNFOUFJODFOEJBCJMJ
TVMMBQQBSFDDIJBUVSB BMTVPJOUFSOPP
OFMMFJNNFEJBUFWJDJOBO[F
ԡEFUFSTJWJQFSMBMBWBTUPWJHMJFTPOP
QFSJDPMPTJ"UUFOFSTJBMMFJTUSV[JPOJEJ
TJDVSF[[BSJQPSUBUFTVMMBDPOGF[JPOFEFM
EFUFSTJWP
/POCFSFPHJPDBSFDPOMȃBDRVBBMMȃJOUFSOP
EFMMȃBQQBSFDDIJBUVSB
/POSJNVPWFSFJQJBUUJ
EBMMBQQBSFDDIJBUVSBԒOPBM
DPNQMFUBNFOUPEFMQSPHSBNNB
1PUSFCCFSJNBOFSFEFMEFUFSHFOUFTVJ
QJBUUJ
/POQPHHJBSFPHHFUUJPBQQMJDBSF
QSFTTJPOFTVMMPCM²BQFSUP
EFMMBQQBSFDDIJBUVSB
-BQQBSFDDIJBUVSBQV²SJMBTDJBSFWBQPSF
DBMEPTFTJBQSFMBQPSUBEVSBOUFMP
TWPMHJNFOUPEFMQSPHSBNNB
ԡMMVNJOB[JPOFJOUFSOB
"77&35&/;"3JTDIJPEJMFTJPOJ
ȋ
1FSRVBOUPSJHVBSEBMBMBNQBEBPMF
MBNQBEFBMMJOUFSOPEJRVFTUPQSPEPUUPF
MFMBNQBEFEJSJDBNCJPWFOEVUF
TFQBSBUBNFOUF2VFTUFMBNQBEFTPOP
EFTUJOBUFBSFTJTUFSFBDPOEJ[JPOJԒTJDIF
FTUSFNFOFHMJFMFUUSPEPNFTUJDJ DPNF
UFNQFSBUVSB WJCSB[JPOJ VNJEJU PTPOP
EFTUJOBUFBTFHOBMBSFJOGPSNB[JPOJTVMMP
TUBUPPQFSBUJWPEFMMBQQBSFDDIJP/PO
TPOPEFTUJOBUFBEFTTFSFVUJMJ[[BUFJOBMUSF
BQQMJDB[JPOJFOPOTPOPBEBUUFQFS
MJMMVNJOB[JPOFEJBNCJFOUJEPNFTUJDJ
1FSTPTUJUVJSFMBMVDFJOUFSOB DPOUBUUBSFJM
$FOUSPEJ"TTJTUFO[BBVUPSJ[[BUP
ȋ
ȋ
1FSSJQBSBSFMBQQBSFDDIJBUVSBDPOUBUUBSF
VO$FOUSPEJ"TTJTUFO[B"VUPSJ[[BUP
6UJMJ[[BSFFTDMVTJWBNFOUFSJDBNCJ
PSJHJOBMJ
5FOFSFQSFTFOUFDIFMBSJQBSB[JPOF
BVUPOPNBPOPOQSPGFTTJPOBMFQPTTPOP
BWFSFDPOTFHVFO[FTVMMBTJDVSF[[BF
QPUSFCCFSPJOWBMJEBSFMBHBSBO[JB
ԡTFHVFOUJQF[[JEJSJDBNCJPTBSBOOP
EJTQPOJCJMJQFSשBOOJEPQPMJOUFSSV[JPOF
EFMNPEFMMPNPUPSF QPNQBEJ
DJSDPMB[JPOFFEJTDBSJDP SJTDBMEBUPSJFE
FMFNFOUJSJTDBMEBOUJ DPNQSFTFMFQPNQF
EJDBMPSF UVCB[JPOJFSFMBUJWFBUUSF[[BUVSF
DPNQSFTJUVCJԓFTTJCJMJ WBMWPMF ԒMUSJF
BDRVBTUPQ QBSUJTUSVUUVSBMJFJOUFSOF
SFMBUJWFBHMJBTTFNCMBHHJEFMMFQPSUF
DJSDVJUJTUBNQBUJ EJTQMBZFMFUUSPOJDJ
QSFTTPTUBUJ UFSNPTUBUJFTFOTPSJ TPGUXBSF
FԒSNXBSFDPNQSFTPJMTPGUXBSFEJSFTFU
4JQSFHBEJOPUBSFDIFBMDVOJEJRVFTUJ
QF[[JEJSJDBNCJPTPOPEJTQPOJCJMJTPMPQFS
JSJQBSBUPSJQSPGFTTJPOJTUJFDIFOPOUVUUJJ
QF[[JEJSJDBNCJPTPOPSJMFWBOUJQFSUVUUJJ
NPEFMMJ
ԡTFHVFOUJQF[[JEJSJDBNCJPTBSBOOP
EJTQPOJCJMJQFSעףBOOJEPQPMJOUFSSV[JPOF
EFMNPEFMMPDFSOJFSFFHVBSOJ[JPOJEFMMF
QPSUF BMUSFHVBSOJ[JPOJ CSBDDJBTQSV[[P
ԒMUSJEJTDBSJDP SBDLJOUFSOJFQFSJGFSJDIFJO
QMBTUJDBDPNFDFTUFMMJFDPQFSDIJ
ԡ5"-ԡ"/0
צצ
ȋ
ȋ
4NBMUJNFOUP
"77&35&/;"3JTDIJPEJMFTJPOJP
TPԑPDBNFOUP
ȋ
5BHMJBSFJMDBWPEJSFUFFTNBMUJSMP
3JNVPWFSFJMCMPDDPQPSUBQFSFWJUBSFDIF
CBNCJOJFBOJNBMJEPNFTUJDJSJNBOHBOP
DIJVTJBMMJOUFSOPEFMMBQQBSFDDIJBUVSB
4UBDDBSFMBTQJOBEBMMBMJNFOUB[JPOF
FMFUUSJDB
%FTDSJ[JPOFEFMQSPEPUUP
-FJNNBHJOJEJTFHVJUPPԑSPOP
TPMPVOBQBOPSBNJDBHFOFSBMFEFM
QSPEPUUP1FSJOGPSNB[JPOJQJ¹
EFUUBHMJBUFTJSJNBOEBBEBMUSJ
DBQJUPMJFPEPDVNFOUJGPSOJUJDPO
MBQQBSFDDIJBUVSB
10
9
1
2
3
8
ף
פ
ץ
צ
ק
ר
7
.VMJOFMMPJOGFSJPSF
'JMUSJ
5BSHIFUUBEJJEFOUJԒDB[JPOF
$POUFOJUPSFEFMTBMF
$POUFOJUPSFEFMCSJMMBOUBOUF
&SPHBUPSFEFMEFUFSTJWP
6
5
ש
ת
עף
4
$FTUFMMPQFSMFQPTBUF
$FTUFMMPJOGFSJPSF
#SBDDJPEJJSSPSB[JPOFTVQFSJPSF
$FTUFMMPTVQFSJPSF
ԡ5"-ԡ"/0
קצ
1BOOFMMPEJDPOUSPMMP
1
2
3
4
5
6
6
ף
פ
ץ
צ
5BTUP0O0ԑ5BTUPSFTFU
5BTUPBWWJPSJUBSEBUP
ק1PXFS$MFBOUBTUP
" ר6505BTUP1SPHSBNNJ
4QJF
5BTUJQSPHSBNNJ
4QJF
4QJB
%FTDSJ[JPOF
4QJBEFMCSJMMBOUBOUF-BTQJB¨BDDFTBRVBOEP¨OFDFTTBSJPSJDBSJDBSFJMDPOܱ
UFOJUPSFEFMCSJMMBOUBOUF7FEFSFJMDBQJUPMP1SFQBSB[JPOFBMQSJNPVUJMJ[ܱ
[Pȇ
4QJBEFMTBMF-BTQJB¨BDDFTBRVBOEP¨OFDFTTBSJPSJDBSJDBSFJMDPOUFOJUPSF
EFMTBMF7FEFSFJMDBQJUPMP1SFQBSB[JPOFBMQSJNPVUJMJ[[Pȇ
.BDIJOF$BSFTQJB4JBDDFOEFRVBOEPMBQQBSFDDIJBUVSBOFDFTTJUBVOBQVMJܱ
[JBJOUFSOBDPMQSPHSBNNB.BDIJOF$BSF7FEFSFJMDBQJUPMP1VMJ[JBFDVܱ
SBȇ
4QJBGBTFEJBTDJVHBUVSBBDDFTBRVBOEP¨TFMF[JPOBUPVOQSPHSBNNBDPO
MBGBTFEJBTDJVHBUVSB-BNQFHHJBRVBOEP¨JODPSTPMBGBTFEJBTDJVHBUVSB
'BSFSJGFSJNFOUPBMMBTF[JPOF4FMF[JPOFQSPHSBNNBȇ
4FMF[JPOFEFMQSPHSBNNB
" ȋ
1SPHSBNNJ
A
B
C
2VJDL¨עץJMQSPHSBNNBQJ¹CSFWF
BEBUUPQFSMBWBSFVODBSJDPDPO
TQPSDPSFDFOUFFEJQJDDPMBFOUJU ȋ 3JOTF)PME¨VOQSPHSBNNBQFS
TDJBDRVBSFJSFTUJEJDJCPEBJQJBUUJ
&WJUBMBGPSNB[JPOFEJPEPSJBMMJOUFSOP
EFMMBQQBSFDDIJBUVSB/POVUJMJ[[BSFJM
EFUFSTJWPDPORVFTUPQSPHSBNNB
# ע.JOVUFT¨VOQSPHSBNNBBEBUUPQFS
MBWBSFFBTDJVHBSFBSUJDPMJTQPSDIJ
$ &$0¨JMQSPHSBNNBQJ¹MVOHPDIFPԑSF
MVTPQJ¹FԔDJFOUFEFMDPOTVNPEJ
ԡ5"-ԡ"/0
רצ
FOFSHJBFEJBDRVBQFSTUPWJHMJFFQPTBUF
DPOUFSSBOPSNBMF1SPHSBNNBTUBOEBSE
QFSHMJJTUJUVUJEJQSPWBף
"650
ԡMQSPHSBNNB"650SFHPMB
BVUPNBUJDBNFOUFJMDJDMPEJMBWBHHJPJOCBTF
BMUJQPEJDBSJDP
1PXFS$MFBO
-BQQBSFDDIJBUVSBSJMFWBJMHSBEPEJTQPSDPF
MBRVBOUJU EJQJBUUJQSFTFOUJOFJDFTUFMMJ
3FHPMBMBUFNQFSBUVSBFMBRVBOUJU
EFMMBDRVBPMUSFDIFMBEVSBUBEFMMBWBHHJP
1PXFS$MFBONJHMJPSBJSJTVMUBUJEJ
MBWBHHJPEFMQSPHSBNNBTFMF[JPOBUP
"VNFOUBMBUFNQFSBUVSBFMBEVSBUBEFM
MBWBHHJP
-PQ[JPOF1PXFS$MFBO¨QSFWJTUBDPOJ
TFHVFOUJQSPHSBNNJ2VJDLע עץ.JOVUFTF
&$0
1BOPSBNJDBEFMQSPHSBNNB
1SPHSBNNB 5JQPEJDBSJDP (SBEPEJTQPSDP 'BTJEFMQSPHSBNNB
ȋ
ȋ
4UPWJHMJF
1PTBUF
ȋ
'SFTDP
ȋ
ȋ
0Q[JPOJ
ȋ
ȋ
-BWBHHJPBעקp$
3JTDJBDRVPJOUFSNFܱ
EJP
3JTDJBDRVPԒOBMFB
קצp$
"VUP0QFO
ȋ
ȋ
5VUUJJUJQJEJ ȋ
DBSJDP
5VUUJJMJWFMMJ
EJTQPSDP
ȋ
"NNPMMP
-FPQ[JPOJOPOTPܱ
OPBQQMJDBCJMJBRVFܱ
TUPQSPHSBNNB
ȋ
ȋ
ȋ
ȋ
4UPWJHMJF
1PTBUF
1FOUPMF
5FHBNJ
/PSNBMF
-FHHFSܱ
NFOUFTFDܱ
DP
ȋ
ȋ
-BWBHHJPBערp$
3JTDJBDRVPJOUFSNFܱ
EJP
3JTDJBDRVPԒOBMFB
קקp$
"TDJVHBUVSB
"VUP0QFO
ȋ
"NNPMMP
-BWBHHJPBעקp$
3JTDJBDRVPJOUFSNFܱ
EJP
3JTDJBDRVPԒOBMFB
קקp$
"TDJVHBUVSB
"VUP0QFO
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
4UPWJHMJF
1PTBUF
1FOUPMF
5FHBNJ
ȋ
ȋ
/PSNBMF
-FHHFSܱ
NFOUFTFDܱ
DP
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
2VFTUPQSPHSBNNB¨VUJMJ[[BUPQFSWBMVUBSFMBDPOGPSNJU BMSFHPMBNFOUPEFMMB$PNNJTTJPOFTVMMB
QSPHFUUB[JPOFFDPDPNQBUJCJMF 6& ת׳ת
ԡ5"-ԡ"/0
שצ
1SPHSBNNB 5JQPEJDBSJDP (SBEPEJTQPSDP 'BTJEFMQSPHSBNNB
ȋ
ȋ
ȋ
ȋ
4UPWJHMJF
1PTBUF
1FOUPMF
5FHBNJ
ԡMQSPHSBNNB ȋ
TJBEBUUBBUVUUJ ȋ
JUJQJEJTQPSDJܱ ȋ
[JB
ȋ
ȋ
ȋ
.BDIJOF
$BSF
ȋ
"TTFO[BEJ
DBSJDP
ԡMQSPHSBNNB
QVMJTDFMJOUFSܱ
OPEFMMBQQBܱ
SFDDIJBUVSB
7FEFSFJMDBQJܱ
UPMP1VMJ[JBF
DVSBȇ
ȋ
ȋ
ȋ
ȋ
0Q[JPOJ
"NNPMMP
-BWBHHJPערעקp$
3JTDJBDRVPJOUFSNFܱ
EJP
3JTDJBDRVPԒOBMFB
ערp$
"TDJVHBUVSB
"VUP0QFO
-FPQ[JPOJOPOTPܱ
OPBQQMJDBCJMJBRVFܱ
TUPQSPHSBNNB
-BWBHHJPBעשp$
3JTDJBDRVPJOUFSNFܱ
EJP
3JTDJBDRVPԒOBMF
"VUP0QFO
-FPQ[JPOJOPOTPܱ
OPBQQMJDBCJMJBRVFܱ
TUPQSPHSBNNB
7BMPSJEJDPOTVNP
1SPHSBNNBף
.BDIJOF$BSF
"DRVB M
&OFSHJBFMFUUSJDB
L8I
%VSBUB NJO
פףףפ
תרערקקע
עץ
פצצץ
קףעעפףעע
קף
שףףר
ץתעףרתתע
ע
ץרץע פעפע
שפפ
תפף
ץפפףףצרע
עשףעפף
שעףתת
פרקערצע
ער
ԘWBMPSJQPTTPOPWBSJBSFBTFDPOEBEFMMBQSFTTJPOFFEFMMBUFNQFSBUVSBEFMMBDRVB EFMMFWBSJB[JPOJEFMMBMJNFOUBܹ
[JPOFFMFUUSJDB EFMMFPQ[JPOJTFMF[JPOBUFFEFMMBRVBOUJU EJTUPWJHMJF
ԘODPOGPSNJU DPOJMSFHPMBNFOUPתתװת
ԘODPOGPSNJU DPOJMSFHPMBNFOUPת׳ת
ԡOGPSNB[JPOJQFSHMJJTUJUVUJEJQSPWB
1FSSJDFWFSFMFJOGPSNB[JPOJOFDFTTBSJFQFS
FTFHVJSFJUFTUQSFTUB[JPOBMJ BEFTFNQJP
DPOGPSNFNFOUFB&/ רץצערJOWJBSFVOF
NBJMB
JOGPUFTU!EJTIXBTIFSQSPEVDUJPODPN
/FMMBWPTUSBSJDIJFTUBJOTFSJSFJMDPEJDF
OVNFSPQSPEPUUP 1/$ JOEJDBUPTVMMB
UBSHIFUUB
1FSBMUSFEPNBOEFSFMBUJWBNFOUFBMMB
MBWBTUPWJHMJFJOWJUJBNPBDPOTVMUBSFJM
NBOVBMFGPSOJUPJOEPUB[JPOFDPO
MBQQBSFDDIJBUVSB
ԡ5"-ԡ"/0
תצ
ԡNQPTUB[JPOJCBTF
4BS QPTTJCJMFDPOԒHVSBSFMBQQBSFDDIJBUVSB
NPEJԒDBOEPMFJNQPTUB[JPOJEJCBTFB
TFDPOEBEFMMFQSPQSJFFTJHFO[F
/VNFSP
ԡNQPTUB[JPOJ
7BMPSJ
%FTDSJ[JPOFף
ף
%VSF[[BBDRVB
%BMMJWFMMPףBMMJܱ
WFMMP עףWBMPSF
QSFEFԒOJUPק
3FHPMBSFJMMJWFMMPEFMEFDBMDJԒDBUPSFEFMMȃBDܱ
RVBJOCBTFBMMBEVSF[[BEFMMBDRVBMPDBMF
פ
/PUJԒDBCSJMMBOܱ
UBOUFWVPUP
0O WBMPSFQSFܱ
EFԒOJUP
0ԑ
"UUJWBPEJTBUUJWBMBTQJBEFMCSJMMBOUBOUF
ץ
4FHOBMFEJԒOF
DJDMP
0O
0ԑ WBMPSFQSFܱ
EFԒOJUP
"UUJWBSFPEJTBUUJWBSFJMTFHOBMFBDVTUJDPQFS
JMUFSNJOFEJVOQSPHSBNNB
צ
"QFSUVSBBVUPܱ
NBUJDB
0O WBMPSFQSFܱ
EFԒOJUP
0ԑ
"UUJWBSFPEJTBUUJWBSF"VUP0QFO
ק
5POPEFJUBTUJ
0O WBMPSFQSFܱ
EFԒOJUP
0ԑ
"UUJWBSFPEJTBUUJWBSFJMTVPOPEFJUBTUJRVBOܱ
EPWFOHPOPQSFNVUJ
1FSVMUFSJPSJEFUUBHMJSJNBOEJBNPBMMFJOGPSNB[JPOJGPSOJUFOFMQSFTFOUFDBQJUPMP
4BS QPTTJCJMFNPEJԒDBSFMFJNQPTUB[JPOJ
CBTFOFMMBNPEBMJU JNQPTUB[JPOF
2VBOEPMBQQBSFDDIJBUVSBTJUSPWBOFMMB
NPEBMJU JNQPTUB[JPOF MFTQJFTVMQBOOFMMP
EJDPOUSPMMPJOEJDBOPMFJNQPTUB[JPOJ
EJTQPOJCJMJ1FSPHOJJNQPTUB[JPOFMBNQFHHJB
VOBTQJBEFEJDBUB
4
1
ԡMEFDBMDJԒDBUPSFSJNVPWFEBMMBDRVBJ
NJOFSBMJDIFBWSFCCFSPFԑFUUJOFHBUJWJTVJ
SJTVMUBUJEJMBWBHHJPFTVMMBQQBSFDDIJBUVSB
-BEVSF[[BEFMMBDRVBEJQFOEFEBMDPOUFOVUP
EJRVFTUJNJOFSBMJ-BEVSF[[BEFMMBDRVB¨
NJTVSBUBJOTDBMFFRVJWBMFOUJ
ԡMEFDBMDJԒDBUPSFEFMMBDRVBEFWFFTTFSF
SFHPMBUPJOCBTFBMMBEVSF[[BEFMMȃBDRVB
MPDBMF1FSJOGPSNB[JPOJTVMMBEVSF[[B
EFMMȃBDRVBOFMMBQSPQSJB[POB¨QPTTJCJMF
SJWPMHFSTJBMMȃFOUFFSPHBUPSFMPDBMF
JNQPSUBOUFJNQPTUBSFJMMJWFMMPDPSSFUUPEFM
EFDBMDJԒDBUPSFEFMMBDRVBQFSHBSBOUJSFCVPOJ
SJTVMUBUJEJMBWBHHJP
5
3
%FDBMDJԒDBUPSFEFMMȃBDRVB
2
ԡ5"-ԡ"/0
צ
%VSF[[BBDRVB
(SBEJUFEFTDIJ
pE)
(SBEJGSBODFTJ
pG)
NNPMM
(SBEJ$MBSLF -JWFMMPEFMEFDBMDJԒܱ
DBUPSFEFMMȃBDRVB
עקשצ
עצת
ע צ ת
ץרתק
עף
רצץצ
ץתרש
ץ תר ש
שקץק
פצשץ
קשקר
ק שק ר
פקרצ
ת
רץפ
צרףק
צ רף ק
קצרץ
ש
תפץפ
עקעצ
ע קע צ
קץתפ
ר
פפף
ץץץ
ץץ ץ
שפץפ
ףק
תףקף
פץרפ
פ ץר פ
פפתף
צ
צףףף
קפף
ק פ ף
שףץף
ץ
עףצ
תףש
ת ףש ע
פףק
פ
צ
ש
ש ע
ק
פף
ԘNQPTUB[JPOJEJGBCCSJDB
/POVUJMJ[[BSFJMTBMFBRVFTUPMJWFMMP
"QSFTDJOEFSFEBMUJQPEJEFUFSTJWPVTBUP
JNQPTUBSFJMMJWFMMPEJEVSF[[BEFMMBDRVB
BEFHVBUPQFSUFOFSFBUUJWBMBTQJBEJ
JOEJDB[JPOFSJFNQJNFOUPTBMF
-FNVMUJQBTUJHMJFDPOUFOFOUJTBMF
OPOTPOPTVԔDJFOUFNFOUF
FԔDBDJQFSBNNPSCJEJSFMBDRVB
EVSB
1SPDFTTPEJSJHFOFSB[JPOF
1FSJMDPSSFUUPGVO[JPOBNFOUP
EFMMBEEPMDJUPSFEBDRVB MBSFTJOB
EFMMBEEPMDJUPSFEFWFFTTFSFSJHFOFSBUB
SFHPMBSNFOUF2VFTUPQSPDFTTP¨
BVUPNBUJDPFGBQBSUFEFMOPSNBMF
GVO[JPOBNFOUPEFMMBMBWBTUPWJHMJF
2VBOEPMBRVBOUJU EBDRVBQSFTDSJUUB WFEJ
WBMPSJOFMMBUBCFMMB ¨TUBUBVUJMJ[[BUBEPQPJM
QSFDFEFOUFQSPDFTTPEJSJHFOFSB[JPOF USBJM
SJTDJBDRVPԒOBMFFMBԒOFEFMQSPHSBNNB
WJFOFBWWJBUPVOOVPWPQSPDFTTPEJ
SJHFOFSB[JPOF
-JWFMMPEFMEFDBMDJԒܱ
DBUPSFEFMMȃBDRVB
2VBOUJUBUJWPEJBDܱ
RVB ԡ
ף
עקפ
פ
עעף
ץ
פר
צ
שצ
ק
קפ
ר
שף
ש
עף
ת
ק
ץ
עף
ץ
ԡODBTPEJJNQPTUB[JPOFEFMMBEEPMDJUPSF
EBDRVBBMUP QV²BWWFOJSFBODIFBNFU EFM
QSPHSBNNB QSJNBEFMSJTDJBDRVP EVFWPMUF
EVSBOUFVOQSPHSBNNB -BWWJPEFMMB
SJHFOFSB[JPOFOPOIBBMDVOJNQBUUPTVMMB
EVSBUBEFMDJDMP BNFOPDIFOPOBWWFOHBOFM
ԡ5"-ԡ"/0
עק
CFMNF[[PEJVOQSPHSBNNBPBMMBԒOFEJVO
QSPHSBNNBDPOVOBCSFWFGBTFEJ
BTDJVHBUVSBԡORVFTUPDBTP MBSJHFOFSB[JPOF
QSPMVOHBMBEVSBUBUPUBMFEJVOQSPHSBNNB
EJBMUSJקNJOVUJ
4FTJVUJMJ[[BVOEFUFSTJWPTUBOEBSEP
QBTUJHMJFNVMUJGVO[JPOFTFO[BCSJMMBOUBOUF
BUUJWBSFMBTQJBEJSJFNQJNFOUP
4VDDFTTJWBNFOUF JMSJTDJBDRVP
EFMMBEEPMDJUPSFEFMMBDRVBDIFEVSBקNJOVUJ
QV²JOJ[JBSFOFMMPTUFTTPDJDMPPBMMJOJ[JPEFM
QSPHSBNNBTVDDFTTJWP2VFTUBBUUJWJU
BVNFOUBJMDPOTVNPUPUBMFEJBDRVBEJVO
QSPHSBNNBEJVMUFSJPSJצMJUSJFJMDPOTVNP
UPUBMFEJFOFSHJBEJVOQSPHSBNNBEJ
VMUFSJPSJפ8IԡMSJTDJBDRVPEFMMBEEPMDJUPSF
UFSNJOBDPOVOPTDBSJDPDPNQMFUP
5FSNJOBUPJMQSPHSBNNB TBS QPTTJCJMF
BUUJWBSFMFNJTTJPOFEJVOTFHOBMFBDVTUJDP
0HOJSJTDJBDRVPDPOBNNPSCJEFOUFFTFHVJUP
QPTTJCJMFQJ¹EJVOPOFMMPTUFTTPDJDMP QV²
QSPMVOHBSFMBEVSBUBEFMQSPHSBNNBEJBMUSJ
קNJOVUJRVBOEPTJWFSJԒDBJORVBMTJBTJQVOUP
BMMJOJ[JPPBNFU EJVOQSPHSBNNB
5VUUJJWBMPSJEJDPOTVNP
NFO[JPOBUJJORVFTUBTF[JPOF
TPOPEFUFSNJOBUJTFDPOEPMB
OPSNBBUUVBMNFOUFJOWJHPSFJO
DPOEJ[JPOJEJMBCPSBUPSJPDPO
EVSF[[BEFMMBDRVBEJק פNNPMTFDPOEPMBOPSNBפפעפףעפ
BEEPMDJUPSFEBDRVBMJWFMMP ץ
-BQSFTTJPOFFMBUFNQFSBUVSB
EFMMBDRVB DPT¬DPNFMFWBSJB[JPOJ
EFMMBMJNFOUB[JPOFEJSFUF
QPTTPOPNPEJԒDBSFJWBMPSJ
ԡOEJDB[JPOFBTTFO[BCSJMMBOUBOUF
ԡMCSJMMBOUBOUFQFSNFUUFEJBTDJVHBSFMF
TUPWJHMJFTFO[BTUSJTDFPNBDDIJF7JFOF
SJMBTDJBUPBVUPNBUJDBNFOUFEVSBOUFMBGBTF
EJSJTDJBDRVPBDBMEP
2VBOEPMBWBTDIFUUBEFMCSJMMBOUBOUF¨WVPUB
MBTQJBDPSSJTQPOEFOUF¨BUUJWBQFSJOEJDBSFEJ
BHHJVOHFSFBMUSPCSJMMBOUBOUF4FJSJTVMUBUJEJ
MBWBHHJPTPOPTPEEJTGBDFOUJRVBOEP
WFOHPOPVTBUFTPMPQBTUJHMJFNVMUJGVO[JPOF
TBS QPTTJCJMFEJTBUUJWBSFMBOPUJԒDBQFSJM
SJGPSOJNFOUPEFMCSJMMBOUBOUF1FSQSFTUB[JPOJ
EJBTDJVHBUVSBFDDFMMFOUJ DPOTJHMJBNP
UVUUBWJBEJVTBSFTFNQSFJMCSJMMBOUBOUF
4FHOBMFBDVTUJDPEJԒOF
ԡTFHOBMJBDVTUJDJWFOHPOPFNFTTJ
BODIFJODBTPEJ
NBMGVO[JPOBNFOUP
EFMMBQQBSFDDIJBUVSB/PO¨
QPTTJCJMFEJTBUUJWBSFRVFTUJ
TFHOBMJ
"VUP0QFO
"VUP0QFONJHMJPSBJSJTVMUBUJEJBTDJVHBUVSB
DPODPOTVNJFMFUUSJDJSJEPUUJ-BQPSUBTJBQSF
BVUPNBUJDBNFOUFEVSBOUFMBGBTFEJ
BTDJVHBUVSBFSFTUBTPDDIJVTB
"VUP0QFOWJFOFBUUJWBUBBVUPNBUJDBNFOUF
DPOUVUUJJQSPHSBNNJ FTDMVTP3JOTF)PME
"55&/;ԡ0/&/PODFSDBSFEJ
DIJVEFSFMBQQBSFDDIJBUVSBפ
NJOVUJEPQPMBQFSUVSB
BVUPNBUJDB$J²QPUSFCCF
EBOOFHHJBSFMBQQBSFDDIJP
ԡ5"-ԡ"/0
ףק
"55&/;ԡ0/&2VBMPSBCBNCJOJ
BOJNBMJEPNFTUJDJPQFSTPOFDPO
EJTBCJMJU BCCJBOPBDDFTTP
MBQQBSFDDIJBUVSB EJTBUUJWBSF
"VUP0QFO-BQFSUVSBBVUPNBUJDB
EFMMBQPSUBQPUSFCCFDPTUJUVJSFVO
QFSJDPMPFEFTQPSSFBQPUFO[JBMJ
QFSJDPMJBMMJOUFSOP
EFMMBQQBSFDDIJBUVSB BEFTFNQJP
DPMUFMMJ PHHFUUJBԔMBUJ TPTUBO[F
DIJNJDIF 5POPEFJUBTUJ
ԡQVMTBOUJTVMQBOOFMMPEFJDPNBOEJ
FNFUUPOPVOTVPOPTJNJMFBVODMJDRVBOEP
WFOHPOPQSFNVUJ4BS QPTTJCJMFEJTBUUJWBSF
RVFTUPTVPOP
.PEBMJU JNQPTUB[JPOF
$PNFBDDFEFSFBMMBNPEBMJU
JNQPTUB[JPOF
4BS QPTTJCJMFBDDFEFSFBMMBNPEBMJU
JNQPTUB[JPOFQSJNBEJBWWJBSFVO
QSPHSBNNB/POTBS QPTTJCJMFBDDFEFSFBMMB
NPEBMJU JNQPTUB[JPOFNFOUSFJMQSPHSBNNB
¨JOGVO[JPOF
1FSBDDFEFSFBMMBNPEBMJU JNQPTUB[JPOF
UFOFSFQSFNVUJDPOUFNQPSBOFBNFOUF
F
QFSDJSDBץTFDPOEJ
FMJOEJDBUPSF
ȋ
-BTQJBMFHBUBB
MBNQFHHJBOP
ȋ
ȋ
-FTQJF
F TPOPBDDFTF
-FTQJFBTTPDJBUFBJUBTUJEFJ
QSPHSBNNJTPOPBDDFTF
$PNFTQPTUBSTJOFMMBNPEBMJU
JNQPTUB[JPOF
$POJUBTUJEJQSPHSBNNBTJQV²OBWJHBSF
OFMMBNPEBMJU JNQPTUB[JPOF
A
B
C
" 1SFDFEFOUFUBTUP
# 0,UBTUP
$ 4VDDFTTJWPUBTUP
6TBSF1SFDFEFOUFF4VDDFTTJWPQFS
TQPTUBSTJGSBMFJNQPTUB[JPOJEJCBTFF
NPEJԒDBSOFJMWBMPSF
6TBSF0,QFSBDDFEFSFBMMJNQPTUB[JPOF
TFMF[JPOBUBFQFSDPOGFSNBSFMBNPEJԒDBEFM
WBMPSF
$PNFNPEJԒDBSFVOJNQPTUB[JPOF
7FSJԒDBSFDIFMBQQBSFDDIJBUVSBTJBJO
NPEBMJU JNQPTUB[JPOF
ף1SFNFSF1SFDFEFOUFP4VDDFTTJWPԒOPB
DIFMBTQJBEFEJDBUBTVMMJNQPTUB[JPOF
EFTJEFSBUBMBNQFHHJB
JOEJDBJMWBMPSF
-BTQJBMFHBUBB
EFMMJNQPTUB[JPOFBUUVBMF
ȋ 1FSMFJNQPTUB[JPOJDPOEVFWBMPSJ PO
FPԑ MBTQJB¨BDDFTB MJNQPTUB[JPOF¨BDDFTB PQQVSFPԑ MJNQPTUB[JPOF¨TQFOUB ȋ 1FSMFJNQPTUB[JPOJDPOQJ¹WBMPSJ
MJWFMMJ MBMVDFMBNQFHHJBԡMOVNFSP
EFJMBNQFHHJBNFOUJJOEJDBJMWBMPSF
BUUVBMFEFMMJNQPTUB[JPOF BEFTק
MBNQFHHJBNFOUJ QBVTB ק
MBNQFHHJBNFOUJMJWFMMP ק
פ1SFNFSF0,QFSDPOGFSNBSF
MJNQPTUB[JPOF
ȋ -BTQJBBTTPDJBUBBMMJNQPTUB[JPOF¨
BDDFTB
ȋ -FBMUSFTQJFTPOPEJTBUUJWBUF
JOEJDBJMWBMPSF
-BTQJBMFHBUBB
EFMMJNQPTUB[JPOFBUUVBMF
ץ1SFNFSFJMUBTUP1SFDFEFOUFPQQVSF
4VDDFTTJWPQFSNPEJԒDBSFJMWBMPSF
ȋ
ԡ5"-ԡ"/0
צ1SFNFSF0,QFSDPOGFSNBSF
MJNQPTUB[JPOF
ȋ -BOVPWBJNQPTUB[JPOF¨TUBUB
NFNPSJ[[BUB
ȋ -BQQBSFDDIJBUVSBUPSOBBMMBTFMF[JPOF
EFMMJNQPTUB[JPOF
ק5FOFSFQSFNVUJDPOUFNQPSBOFBNFOUF
פק
-BQQBSFDDIJBUVSBUPSOBBMMBTFMF[JPOFEFM
QSPHSBNNB
-FJNQPTUB[JPOJTBMWBUFSFTUBOPWBMJEFԒOPB
DIFOPOWFOHPOPOVPWBNFOUFNPEJԒDBUF
F
QFSDJSDBץTFDPOEJQFS
VTDJSFEBMMBNPEBMJU JNQPTUB[JPOF
1SJNBEJVUJMJ[[BSFMFMFUUSPEPNFTUJDP
" ףDDFSUBSTJDIFJMMJWFMMPEFM
EFDBMDJԒDBUPSFEFMMBDRVBBUUVBMFTJB
DPOGPSNFBMMBEVSF[[BEFMMBDRVBԡO
DBTPDPOUSBSJP SFHPMBSFJMMJWFMMPEFM
EFDBMDJԒDBUPSFEFMMBDRVB
פ3JFNQJSFJMDPOUFOJUPSFEFMTBMF
ץ3JFNQJSFJMDPOUFOJUPSFEFMCSJMMBOUBOUF
" צQSJSFJMSVCJOFUUPEFMMȃBDRVB
" קWWJBSFJMQSPHSBNNB2VJDLעץQFS
FMJNJOBSFHMJFWFOUVBMJSFTJEVJEFM
QSPDFTTPEJQSPEV[JPOF/POVTBSF
EFUFSTJWPFOPONFUUFSFJQJBUUJOFJ
DFTUFMMJ
%PQPBWFSBWWJBUPJMQSPHSBNNB
MBQQBSFDDIJBUVSBSJDBSJDBMBSFTJOBOFM
EFDBMDJԒDBUPSFEFMMBDRVBQFSVOUFNQP
NBTTJNPEJקNJOVUJ-BGBTFEJMBWBHHJPTJ
BWWJBTPMUBOUPBMUFSNJOFEJUBMFQSPDFEVSB
-BQSPDFEVSBWJFOFSJQFUVUBBJOUFSWBMMJ
QFSJPEJDJ
3JFNQJSFJMDPOUFOJUPSFEFMTBMF
ף
פ
ץ
צ
$POUFOJUPSFEFMTBMF
"55&/;ԡ0/&6TBSFTBMFHSPTTP
TQFDJԒDPQFSMBWBTUPWJHMJFԡMTBMF
ԒOPBVNFOUBJMSJTDIJPEJ
DPSSPTJPOF
ԡMTBMFWJFOFVUJMJ[[BUPQFSSJHFOFSBSFMB
SFTJOBOFMEFDBMDJԒDBUPSFFQFSBTTJDVSBSF
CVPOJSJTVMUBUJEJMBWBHHJPOFMMVTP
RVPUJEJBOP
7FSTBSFףMJUSP
EȃBDRVBOFM
DPOUFOJUPSFEFMTBMF
TPMPMBQSJNBWPMUB 7FSTBSFףLHEJTBMF
OFMSJTQFUUJWP
DPOUFOJUPSF
ԡ5"-ԡ"/0
ץק
ק
ץ
צ
max
3VPUBSFJMUBQQPEFM
DPOUFOJUPSFEFMTBMF
JOTFOTPPSBSJPQFS
DIJVEFSMP
ק
MAX
"55&/;ԡ0/&"DRVBFTBMF
QPTTPOPGVPSJVTDJSFEBM
DPOUFOJUPSFEFMTBMFEVSBOUFJM
SJFNQJNFOUP%PQPBWFSSJFNQJUP
JMDPOUFOJUPSFEFMTBMF BWWJBSF
JNNFEJBUBNFOUFVOQSPHSBNNB
WPMUPBEFWJUBSFMBDPSSPTJPOF
3JFNQJSFJMDPOUFOJUPSFEFM
CSJMMBOUBOUF
ף
פ
43
21
1FSSFHPMBSFMB
RVBOUJU EJ
CSJMMBOUBOUFFSPHBUB
SVPUBSFJMTFMFUUPSF
EFMEPTBHHJPUSBMB
QPTJ[JPOF ףRVBOUJU
NJOJNB FMB
QPTJ[JPOF צRVBOUJU
NBTTJNB 6UJMJ[[PRVPUJEJBOP
" ףQSJSFJMSVCJOFUUPEFMMȃBDRVB
פ5FOFSFQSFNVUP ԒOPBDIF
MBQQBSFDDIJBUVSBOPOWJFOFBUUJWBUB
ץ3JFNQJSFJMDPOUFOJUPSFEJTBMFTF¨WVPUP
צ3JFNQJSFJMDPOUFOJUPSFEJCSJMMBOUBOUFTF
¨WVPUP
ק$BSJDBSFJDFTUFMMJ
" רHHJVOHFSFJMEFUFSTJWP
ש4FMF[JPOFFBWWJBSFVOQSPHSBNNB
ת$IJVEFSFJMSVCJOFUUPEFMMBDRVBBM
UFSNJOFEFMQSPHSBNNB
ԡ5"-ԡ"/0
צק
6UJMJ[[PEFMEFUFSTJWP
ף
פ
-FNVMUJQBTUJHMJFDPOUFOFOUJTBMF
OPOTPOPTVԔDJFOUFNFOUF
FԔDBDJQFSBNNPSCJEJSFMBDRVB
EVSB
$PNFTFMF[JPOBSFFBWWJBSFVO
QSPHSBNNB
צ
ץ
ף1SFNFSFJMUBTUPEFEJDBUPEFMQSPHSBNNB
DIFTJEFTJEFSBJNQPTUBSF
-BTQJBBTTPDJBUBBMUBTUPMBNQFHHJB
" פUUJWBSF1PXFS$MFBOTFMPTJEFTJEFSB
ץ$IJVEFSFMBQPSUBEFMMBQQBSFDDIJBUVSB
QFSBWWJBSFJMQSPHSBNNB
$PNFTFMF[JPOBSFFBWWJBSFJM
QSPHSBNNB
ף1FSTFMF[JPOBSF
A
.FUUFSFJMEFUFSTJWP
JOQPMWFSFPJO
QBTUJHMJFDPNCJOBUF
OFMDPOUFOJUPSFEFM
EFUFSTJWP " 4FJMQSPHSBNNBIBVOBGBTFEJQSFMBWBHHJP
NFUUFSFVOBQJDDPMBRVBOUJU EJEFUFSTJWP
OFMMBQBSUFJOUFSOBEFMMBQPSUB
EFMMBQQBSFDDIJBUVSB
UFOFSFQSFNVUP
QFSץTFDPOEJ
-BTQJBBTTPDJBUBBMUBTUPMBNQFHHJB
1PXFS$MFBOOPO¨BQQMJDBCJMFB
RVFTUPQSPHSBNNB
פ$IJVEFSFMBQPSUBEFMMBQQBSFDDIJBUVSB
QFSBWWJBSFJMQSPHSBNNB
$PNFBUUJWBSF1PXFS$MFBO
ף4FMF[JPOBSFVOQSPHSBNNB
פ1SFNFSF -BTQJBBTTPDJBUBBMUBTUP¨BDDFTB
1PXFS$MFBOOPO¨VOPQ[JPOF
QFSNBOFOUFFEFWFFTTFSF
BUUJWBUBPHOJWPMUBQSJNBEFMMBWWJP
EJVOQSPHSBNNB
/PO¨QPTTJCJMFBUUJWBSFP
EJTBUUJWBSF1PXFS$MFBOEVSBOUF
MFTFDV[JPOFEJVOQSPHSBNNB
2VBOEPTJVTBOPQBTUJHMJFNVMUJGVO[JPOFDIF
DPOUFOHPOPTBMFFCSJMMBOUBOUF OPO¨
OFDFTTBSJPSJFNQJSFJMDPOUFOJUPSFEFMTBMFF
EFMCSJMMBOUBOUF
ȋ ԡNQPTUBSFJMEFDBMDJԒDBUPSFEFMMBDRVBTVM
MJWFMMPQJ¹CBTTP
ȋ ԡNQPTUBSFJMDPOUFOJUPSFEFMCSJMMBOUBOUF
TVMMBQPTJ[JPOFJOGFSJPSF
-BUUJWB[JPOFEJ1PXFS$MFBO
BVNFOUBJMDPOTVNPEJBDRVBFE
FOFSHJBPMUSFDIFMBEVSBUBEFM
QSPHSBNNB
ԡ5"-ԡ"/0
קק
$PNFTFMF[JPOBSFFBWWJBSFJM
QSPHSBNNB"650
ף1SFNFSF
-BTQJBBTTPDJBUBBMUBTUP¨BDDFTB
1PXFS$MFBOOPO¨BQQMJDBCJMFB
RVFTUPQSPHSBNNB
פ$IJVEFSFMBQPSUBEFMMBQQBSFDDIJBUVSB
QFSBWWJBSFJMQSPHSBNNB
-BQQBSFDDIJBUVSBSJMFWBJMUJQPEJDBSJDPF
TVHHFSJTDFJMDJDMPEJMBWBHHJPBEFHVBUP
$PNFSJUBSEBSFMBWWJPEJVO
QSPHSBNNB
QPTTJCJMFQPTUJDJQBSFMBQBSUFO[BEFM
QSPHSBNNBTFMF[JPOBUPEJץPSF
ף4FMF[JPOBSFVOQSPHSBNNB
פ1SFNFSF
-BTQJBBTTPDJBUBBMUBTUP¨BDDFTB
ץ$IJVEFSFMBQPSUBEFMMBQQBSFDDIJBUVSB
QFSBWWJBSFJMDPOUPBMMBSPWFTDJB
%VSBOUFJMDPOUPBMMBSPWFTDJBOPO¨QPTTJCJMF
NPEJԒDBSFMBTFMF[JPOFEFMQSPHSBNNB
"QQFOB¨DPNQMFUBUPJMDPOUPBMMBSPWFTDJB JM
QSPHSBNNBTJBWWJB
"OOVMMBNFOUPEFMSJUBSEPNFOUSF¨JO
DPSTPJMDPOUPBMMBSPWFTDJB
1SFNFSFFUFOFSFQSFNVUP QFSDJSDBץ
TFDPOEJ
-BQQBSFDDIJBUVSBUPSOBBMMBTFMF[JPOFEFM
QSPHSBNNB
4FTJBOOVMMBMBQBSUFO[BSJUBSEBUB
¨OFDFTTBSJPTFMF[JPOBSF
OVPWBNFOUFJMQSPHSBNNB
$PNFBOOVMMBSFVOQSPHSBNNBJO
DPSTP
1SFNFSFFUFOFSFQSFNVUP
TFDPOEJ
QFSDJSDBץ
-BQQBSFDDIJBUVSBUPSOBBMMBTFMF[JPOFEFM
QSPHSBNNB
7FSJԒDBSFDIFWJTJBEFMEFUFSTJWP
OFMMBQQPTJUPDPOUFOJUPSFQSJNBEJ
BWWJBSFVOOVPWPQSPHSBNNB
"QFSUVSBEFMMBQPSUBEVSBOUFJM
GVO[JPOBNFOUPEFMMBQQBSFDDIJBUVSB
"QSFOEPMBQPSUBNFOUSF¨JODPSTPVO
QSPHSBNNB MȃBQQBSFDDIJBUVSBTJBSSFTUB$J²
QV²JOԓVFO[BSFJMDPOTVNPEJFOFSHJBFMB
EVSBUBEFMQSPHSBNNB%PQPMBDIJVTVSB
EFMMBQPSUB MBQQBSFDDIJBUVSBSJQSFOEFEBM
QVOUPJODVJFSBTUBUBJOUFSSPUUB
4FMBQPSUBSJNBOFBQFSUBQFSQJ¹
EJעץTFDPOEJEVSBOUFMBGBTFEJ
BTDJVHBUVSB JMQSPHSBNNBJO
DPSTPUFSNJOB$J²OPOBWWJFOFTF
MBQPSUBWJFOFBQFSUBEBMMB
GVO[JPOF"VUP0QFO
-BGVO[JPOF"VUP0ԑ
2VFTUBGVO[JPOFSJTQBSNJBFOFSHJB
TQFHOFOEPMBQQBSFDDIJBUVSBRVBOEPOPO¨
JOGVO[JPOF
-BGVO[JPOFTJBUUJWBBVUPNBUJDBNFOUF
ȋ %PQPVONBTTJNPEJקףTFDPOEJ VOBWPMUB
DPNQMFUBUPJMQSPHSBNNB
ȋ %PQPקNJOVUJTFOPO¨TUBUPBWWJBUPVO
QSPHSBNNB
5FSNJOFEFMQSPHSBNNB
2VBOEPJMQSPHSBNNB¨DPNQMFUPMB
GVO[JPOF"VUP0ԑTQFHOFBVUPNBUJDBNFOUF
MBQQBSFDDIJBUVSB
5VUUJJUBTUJTPOPJOBUUJWJBEFDDF[JPOFEFM
UBTUP0O0ԑ
ԡ5"-ԡ"/0
רק
$POTJHMJFTVHHFSJNFOUJVUJMJ
ǿ 6UJMJ[[BSFJMEPTBHHJPSBDDPNBOEBUP
EFMEFUFSTJWPFEFMCSJMMBOUBOUF
ǿ "DDFSUBSTJDIFJMMJWFMMPEFM
EFDBMDJԒDBUPSFEFMMBDRVB
QSFJNQPTUBUPEBMMBGBCCSJDBTJB
DPOGPSNFBMMBEVSF[[BEFMMBDRVB
ǿ 4FHVJSFMFJTUSV[JPOJOFMDBQJUPMP
1VMJ[JBFDVSB
(FOFSBMF
ԡTFHVFOUJTVHHFSJNFOUJHBSBOUJSBOOPVOB
QVMJ[JBFSJTVMUBUJEJBTDJVHBUVSBRVPUJEJBOJ
PUUJNBMJFEBJVUFSBOOPBTBMWBHVBSEBSF
MBNCJFOUF
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ԡMMBWBHHJPEFJQJBUUJJOMBWBTUPWJHMJF DPNF
JOEJDBUPOFMNBOVBMFEVTP EJTPMJUP
DPOTVNBNFOPBDRVBFEFOFSHJBSJTQFUUP
BMMBWBHHJPBNBOP
$BSJDBSFMBMBWBTUPWJHMJFBMNBTTJNPEFMMB
TVBDBQBDJU QFSSJTQBSNJBSFBDRVBFE
FOFSHJB1FSPUUFOFSFJNJHMJPSJSJTVMUBUJEJ
QVMJ[JB TJTUFNBSFHMJPHHFUUJOFJDFTUFMMJ
DPNFJOEJDBUPOFMNBOVBMFEVTPFOPO
TPWSBDDBSJDBSFJDFTUFMMJ
/POQSFMBWBSFMFTUPWJHMJFBNBOP
"VNFOUBJMDPOTVNPEJBDRVBFEJ
FOFSHJB0WFOFDFTTBSJP TFMF[JPOJVO
QSPHSBNNBDPOVOGBTFEJQSFMBWBHHJP
5PHMJFSFJSFTJEVJQJ¹HSBOEJEJDJCPEBMMF
TUPWJHMJFFTWVPUBSFUB[[FFCJDDIJFSJ
QSJNBEJNFUUFSMJBMMJOUFSOP
EFMMBQQBSFDDIJBUVSB
ԡNNFSHFSFMFQFOUPMFJOBNNPMMPP
MFHHFSNFOUFJOBDRVBDPODJCJCFODPUUJP
DPUUJBMGPSOPQSJNBEJMBWBSMF
OFMMBQQBSFDDIJP
7FSJԒDBSFDIFHMJPHHFUUJOFJDFTUFMMJOPOTJ
UPDDIJOPPDPQSBOP4PMPJORVFM
NPNFOUPMBDRVBQV²SBHHJVOHFSFF
MBWBSFJQJBUUJ
QPTTJCJMFVUJMJ[[BSFJMEFUFSTJWPQFS
MBWBTUPWJHMJF JMCSJMMBOUBOUFFJMTBMF
TFQBSBUBNFOUFPMFQBTUJHMJF
NVMUJGVO[JPOF BEFTFNQJP"MMJO ף
4FHVJSFMFJTUSV[JPOJSJQPSUBUFTVMMB
DPOGF[JPOF
ԡNQPTUBSFJMQSPHSBNNBDPSSFUUPQFSJM
UJQPEJDBSJDPFEJMJHSBEPEJTQPSDP&$0
PԑSFMVTPQJ¹FԔDJFOUFQPTTJCJMFEFM
DPOTVNPEJBDRVBFEJFOFSHJB
1FSFWJUBSFMBDDVNVMPEJDBMDBSF
BMMJOUFSOPEFMMBQQBSFDDIJBUVSB
ǿ 3JFNQJSFJMDPOUFOJUPSFEFMTBMFPHOJ
WPMUBDIF¨OFDFTTBSJP
4FTJVUJMJ[[BOPTBMF CSJMMBOUBOUFF
EFUFSTJWP
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
6UJMJ[[BSFTPMUBOUPTBMF CSJMMBOUBOUFF
EFUFSTJWPTQFDJԒDJQFSMBWBTUPWJHMJF"MUSJ
QSPEPUUJQPTTPOPEBOOFHHJBSF
MBQQBSFDDIJBUVSB
ԡO[POFDPOBDRVBEVSBFNPMUPEVSBTJ
DPOTJHMJBEJVUJMJ[[BSFTPMPEFUFSTJWP JO
QPMWFSF HFM QBTUJHMJFTFO[BGVO[JPOJ
BHHJVOUJWF CSJMMBOUBOUFFTBMF
TFQBSBUBNFOUFQFSSJTVMUBUJEJQVMJ[JBF
BTDJVHBUVSBPUUJNBMJ
-FQBTUJHMJFQPTTPOPOPOTDJPHMJFSTJ
DPNQMFUBNFOUFOFJDJDMJCSFWJ1FSFWJUBSF
SFTJEVJEJEFUFSTJWPTVMMFTUPWJHMJF
DPOTJHMJBNPEJVUJMJ[[BSFJMEFUFSTJWPJO
QBTUJHMJFDPOJQSPHSBNNJMVOHIJ
6UJMJ[[BSFTFNQSFMBRVBOUJU EJEFUFSTJWP
DPSSFUUB6OEPTBHHJPJOTVԔDJFOUFEJ
EFUFSTJWPQV²QPSUBSFBSJTVMUBUJEJQVMJ[JB
TDBEFOUJFBMMBGPSNB[JPOFEJQFMMJDPMFP
NBDDIJFEJBDRVBEVSBTVHMJBSUJDPMJ-VTP
EJUSPQQPEFUFSTJWPDPOBDRVBNPSCJEBP
BEEPMDJUBQSPWPDBMBGPSNB[JPOFEJSFTJEVJ
EJEFUFSTJWPTVMMFTUPWJHMJF3FHPMBSFMB
RVBOUJU EJEFUFSTJWPJOCBTFBMMBEVSF[[B
EFMMBDRVB0TTFSWBSFMFJTUSV[JPOJ
SJQPSUBUFTVMMBDPOGF[JPOFEFMEFUFSTJWP
6UJMJ[[BSFTFNQSFMBRVBOUJU EJ
CSJMMBOUBOUFDPSSFUUB6OEPTBHHJP
JOTVԔDJFOUFEJCSJMMBOUBOUFQFHHJPSBJ
SJTVMUBUJEJBTDJVHBUVSB-VTPEJUSPQQP
CSJMMBOUBOUFQPSUBBMMBGPSNB[JPOFEJTUSBUJ
CMVBTUSJTVMMFTUPWJHMJF
"TTJDVSBSTJDIFJMMJWFMMPEFMMBEEPMDJUPSF
EFMMBDRVBTJBDPSSFUUP4FJMMJWFMMP¨
USPQQPBMUP MBVNFOUPEFMMBRVBOUJU EJ
ԡ5"-ԡ"/0
TBMFOFMMBDRVBQPUSFCCFDBVTBSFMB
GPSNB[JPOFEJSVHHJOFTVMMFQPTBUF
שק
ȋ
ȋ
$PTBGBSFTFOPOTJEFTJEFSBVUJMJ[[BSF
QJ¹JMEFUFSTJWPJOQBTUJHMJF
NVMUJGVO[JPOF
ȋ
1SJNBEJJOJ[JBSFBEVTBSFTFQBSBUBNFOUF
EFUFSTJWP TBMFFCSJMMBOUBOUFDPNQMFUBSFMB
TFHVFOUFQSPDFEVSB
ȋ
ףԡNQPTUBSFJMMJWFMMPQJ¹BMUPEFM
EFDBMDJԒDBUPSFEFMMBDRVB
" פTTJDVSBSTJDIFJDPOUFOJUPSJEFMTBMFFEFM
CSJMMBOUBOUFTJBOPQJFOJ
" ץWWJBSFJMQSPHSBNNB2VJDLעץ/PO
BHHJVOHFSFJMEFUFSTJWPFOPONFUUFSFJ
QJBUUJOFJDFTUFMMJ
צ6OBWPMUBDPNQMFUBUPJMQSPHSBNNB
SFHPMBSFJMEFDBMDJԒDBUPSFEFMMBDRVBJO
CBTFBMMBEVSF[[BEFMMBDRVBMPDBMF
ק3FHPMBSFMBRVBOUJU EJCSJMMBOUBOUF
SJMBTDJBUB
1SJNBEJBWWJBSFJMQSPHSBNNB
1SJNBEJBWWJBSFJMQSPHSBNNBTFMF[JPOBUP
WFSJԒDBSFDIF
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ԡԒMUSJTJBOPQVMJUJFJOTUBMMBUJ
DPSSFUUBNFOUF
ԡMUBQQPEFMDPOUFOJUPSFEFMTBMFTJB
TFSSBUP
ԡGPSJTVJNVMJOFMMJOPOTJBOPPTUSVJUJ
4JBOPQSFTFOUJJMTBMFQFSMBWBTUPWJHMJFFJM
CSJMMBOUBOUFBTVԔDJFO[B BNFOPDIFOPO
TJVUJMJ[[JOPMFQBTUJHMJFDPNCJOBUF -FTUPWJHMJFTJBOPSJQPTUFDPSSFUUBNFOUF
OFJDFTUFMMJ
ԡMQSPHSBNNBTJBBEBUUPBMUJQPEJDBSJDPF
BMHSBEPEJTQPSDP
4JVUJMJ[[JMBRVBOUJU DPSSFUUBEJEFUFSTJWP
FBEEJUJWJ
$BSJDBSFJDFTUFMMJ
'BSFSJGFSJNFOUPBMMPQVTDPMPJO
EPUB[JPOFQFSHMJFTFNQJTVDPNF
DBSJDBSFJDFTUFMMJ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
6UJMJ[[BSFTFNQSFUVUUPMPTQB[JPQSFTFOUF
OFJDFTUFMMJ
6TBSFMȃBQQBSFDDIJBUVSBQFSMBWBSFTPMP
BSUJDPMJDIFQPTTPOPFԑFUUJWBNFOUF
FTTFSFMBWBUJJOMBWBTUPWJHMJF
/POMBWBSFOFMMȃBQQBSFDDIJBUVSBBSUJDPMJEJ
MFHOP PTTP BMMVNJOJP QFMUSPPSBNFJO
RVBOUPQPUSFCCFSPDSFQBSTJ EFGPSNBSTJ
TDPMPSJSTJPSPNQFSTJ
/POMBWBSFOFMMBQQBSFDDIJBUVSBPHHFUUJ
DIFQPTTBOPBTTPSCJSFBDRVB TQVHOF
QBOOJQFSMBQVMJ[JB &MJNJOBSFJSFTJEVJEJDJCPEBMMFTUPWJHMJF
ԡNNFSHFSFMFQFOUPMFDPOSFTJEVJCSVDJBUJ
QSJNBEFMMBWBHHJPBMMJOUFSOP
EFMMBQQBSFDDIJBUVSB
%JTQPSSFHMJVUFOTJMJDBWJ UB[[F CJDDIJFSJF
QBEFMMF DPOMȃBQFSUVSBSJWPMUBWFSTPJM
CBTTP
"TTJDVSBSTJDIFMFQPTBUFFJQJBUUJOPO
BEFSJTDBOPUSBMPSP.FTDPMBSFJDVDDIJBJ
DPOBMUSFQPTBUF
7FSJԒDBSFDIFJCJDDIJFSJOPOTJUPDDIJOP
GSBMPSP
4JTUFNBSFMFQPTBUFFJQJDDPMJPHHFUUJOFM
DFTUFMMPQPSUBQPTBUF
4JTUFNBSFHMJPHHFUUJMFHHFSJOFMDFTUFMMP
TVQFSJPSF7FSJԒDBSFDIFHMJBMJNFOUJOPO
TJNVPWBOPMJCFSBNFOUF
1SJNBEJBWWJBSFVOQSPHSBNNB
BTTJDVSBSTJDIFJNVMJOFMMJQPTTBOPSVPUBSF
MJCFSBNFOUF
4DBSJDBSFJDFTUFMMJ
ף-BTDJBSFSBԑSFEEBSFJQJBUUJQSJNBEJ
FTUSBSMJEBMMBQQBSFDDIJBUVSB-FTUPWJHMJF
DBMEFQPTTPOPFTTFSFQJ¹GBDJMNFOUF
EBOOFHHJBCJMJ
פ7VPUBSFQSJNBJMDFTUFMMPJOGFSJPSFF
RVJOEJRVFMMPTVQFSJPSF
%PQPBWFSDPNQMFUBUPJM
QSPHSBNNBMBDRVBQV²SFTUBSF
TVMMFTVQFSԒDJJOUFSOF
EFMMBQQBSFDDIJBUVSB
ԡ5"-ԡ"/0
תק
1VMJ[JBFDVSB
"77&35&/;"1SJNBEJFTFHVJSF
RVBMVORVFJOUFSWFOUPEJWFSTP
EBMMBWWJPEFMQSPHSBNNB
.BDIJOF$BSF EJTBUUJWBSF
MBQQBSFDDIJBUVSBFEFTUSBSSFMB
TQJOBEBMMBQSFTB
'JMUSJTQPSDIJFNVMJOFMMJPTUSVJUJ
SJEVDPOPJSJTVMUBUJEJMBWBHHJP
&TFHVJSFDPOUSPMMJQFSJPEJDJF
QVMJSMJ TFOFDFTTBSJP
1VMJ[JBJOUFSOB
ȋ
ȋ
ȋ
.BDIJOF$BSF
.BDIJOF$BSF¨VOQSPHSBNNBQSPHFUUBUP
QFSQVMJSFMJOUFSOPEFMMBQQBSFDDIJBUVSBDPO
SJTVMUBUJPUUJNBMJ&MJNJOBMBGPSNB[JPOFEJ
DBMDBSFFHSBTTJ
2VBOEPMBQQBSFDDIJBUVSBQFSDFQJTDFMB
OFDFTTJU EJFTFHVJSFVOPQFSB[JPOFEJQVMJ[JB
MBTQJB TJBDDFOEF"WWJBSFJMQSPHSBNNB
.BDIJOF$BSFQFSQVMJSFMJOUFSOP
EFMMBQQBSFDDIJBUVSB
$PNFBWWJBSFJMQSPHSBNNB.BDIJOF
$BSF
1SJNBEJBWWJBSFJMQSPHSBNNB
.BDIJOF$BSF QVMJSFJԒMUSJFJ
NVMJOFMMJ
ף6TBSFVOEJTJODSPTUBOUFPVOQSPEPUUP
EFUFSHFOUFSFBMJ[[BUPBQQPTJUBNFOUFQFS
MFMBWBTUPWJHMJF4FHVJSFMFJTUSV[JPOJ
SJQPSUBUFTVMMBDPOGF[JPOF/PONFUUFSFJ
QJBUUJOFJDFTUFMMJ
פ5FOFSFQSFNVUJDPOUFNQPSBOFBNFOUF
F
QFSDJSDBץTFDPOEJ
-FTQJF F MBNQFHHJBOP
ץ$IJVEFSFMBQPSUBEFMMBQQBSFDDIJBUVSB
QFSBWWJBSFJMQSPHSBNNB
2VBOEPJMQSPHSBNNB¨DPNQMFUP MBTQJB
TJTQFHOF
ȋ
1VMJSFBDDVSBUBNFOUFMBQQBSFDDIJBUVSB
JODMVTBMBHVBSOJ[JPOFJOHPNNBEFMMB
QPSUB DPOVOQBOOPNPSCJEPVNJEP
/POVTBSFQSPEPUUJBCSBTJWJ TQVHOFUUF
BCSBTJWF VUFOTJMJBԔMBUJ BHFOUJDIJNJDJ
GPSUJ TNBDDIJBUPSJPTPMWFOUJ
1FSNBOUFOFSFBMNFHMJPMFQSFTUB[JPOJ
EFMMBQQBSFDDIJBUVSB TJDPOTJHMJBEJ
VUJMJ[[BSFVOQSPEPUUPTQFDJԒDPQFSMB
QVMJ[JBQFSMBWBTUPWJHMJFBMNFOPVOBWPMUB
PHOJEVFNFTJ4FHVJSFBUUFOUBNFOUFMF
JOEJDB[JPOJSJQPSUBUFTVMMFDPOGF[JPOJEFJ
QSPEPUUJ
1FSSJTVMUBUJEJQVMJ[JBPUUJNBMJ BWWJBSFJM
QSPHSBNNB.BDIJOF$BSF
3JNP[JPOFEJPHHFUUJFTUSBOFJ
$POUSPMMBSFJԒMUSJFJMQP[[FUUPEPQPPHOJ
VUJMJ[[PEFMMBMBWBTUPWJHMJF0HHFUUJFTUSBOFJ
BEFTQF[[JEJWFUSP QMBTUJDB PTTBP
TUV[[JDBEFOUJ FDD SJEVDPOPMFQSFTUB[JPOJEJ
QVMJ[JBFQPTTPOPDBVTBSFEBOOJBMMBQPNQB
EJTDBSJDP
ף4NPOUBSFJMTJTUFNBEJԒMUSJDPNFJOEJDBUP
JORVFTUPDBQJUPMP
פ3JNVPWFSFFWFOUVBMJDPSQJFTUSBOFJB
NBOP
"55&/;ԡ0/&4FOPOTJSJFTDF
BSJNVPWFSFHMJPHHFUUJ
DPOUBUUBSFJM$FOUSPEJ
"TTJTUFO[B"VUPSJ[[BUP
ץ3JNPOUBSFJԒMUSJDPNFJOEJDBUPJORVFTUP
DBQJUPMP
1VMJ[JBFTUFSOB
ȋ
ȋ
ȋ
1VMJSFMBQQBSFDDIJBUVSBDPOVOQBOOP
JOVNJEJUPFNPSCJEP
6UJMJ[[BSFTPMPEFUFSHFOUJOFVUSJ
/POVTBSFQSPEPUUJBCSBTJWJ TQVHOFUUF
BCSBTJWFPTPMWFOUJ
ԡ5"-ԡ"/0
ק
1VMJ[JBEFJԒMUSJ
ף
ר
ק
D
פ
C
B
A
"TTJDVSBSTJDIFOPO
ԡMTJTUFNBEFMԒMUSPTJ
WJTJBOPSFTJEVJEJ
DPNQPOFEJUSFQBSUJ
DJCPPEJTQPSDP
BMMJOUFSOPPBUUPSOP
BMCPSEPEFMMBWBTDB
EJSBDDPMUB
צ
ץ
1PTJ[JPOBSF
3JNPOUBSFJԒMUSJ #
OVPWBNFOUFJMԒMUSP F $ 4JTUFNBSMJJO
QJBUUP " QPTJ[JPOFOFMԒMUSP
"TTJDVSBSTJDIFTJB
" 3VPUBSFMB
QPTJ[JPOBUP
NBOJHMJBJOTFOTP
DPSSFUUBNFOUFBMEJ
PSBSJPԒODI©OPOTJ
TPUUPEFMMFEVF
CMPDDBJOQPTJ[JPOF
HVJEF % 6OȃFSSBUBQPTJ[JPOFEFJԒMUSJQV²
DPNQPSUBSFTDBEFOUJSJTVMUBUJEJ
MBWBHHJPFEBOOJ
BMMȃBQQBSFDDIJBUVSB
1VMJ[JBEFMԒMUSPEFMUVCPEJDBSJDP
ף
1FSSJNVPWFSFJԒMUSJ
# F $ SVPUBSFMB
NBOJHMJBJOTFOTP
BOUJPSBSJPFE
FTUSBSMB&TUSBSSFJM
ԒMUSP $ EBMԒMUSP # 4DJBDRVBSFJԒMUSJDPO
BDRVB
3JNVPWFSFJMԒMUSP
QJBUUP " 4DJBDRVBSFJMԒMUSP
DPOBDRVB
פ
A
$IJVEFSFJMSVCJOFUUP 4DPMMFHBSFJMUVCP
EFMMBDRVB
3VPUBSFJMEJTQPTJUJWP
EJTFSSBHHJP"JO
TFOTPPSBSJP
ԡ5"-ԡ"/0
ער
צ
ץ
1VMJSFJMԒMUSPEFM
UVCPEJDBSJDP
1VMJ[JBEFMNVMJOFMMPJOGFSJPSF
ץ
1FSSFJOTUBMMBSFJM
NVMJOFMMPJOGFSJPSF
QSFNFSMPWFSTPJM
CBTTP
4JDPOTJHMJBEJQVMJSFSFHPMBSNFOUFJM
NVMJOFMMPJOGFSJPSFQFSFWJUBSFDIFMPTQPSDP
PTUSVJTDBJGPSJ'PSJPTUSVJUJQPTTPOPDBVTBSF
SJTVMUBUJEJMBWBHHJPJOTPEEJTGBDFOUJ
פ
ף
1FSUPHMJFSFJM
NVMJOFMMPJOGFSJPSF
UJSBSMPWFSTPMBMUP
-BWBSFJMNVMJOFMMP
TPUUPMBDRVB
DPSSFOUF6UJMJ[[BSF
VOPHHFUUPTPUUJMF
BQQVOUJUP BEFT
VOPTUV[[JDBEFOUJ
QFSSJNVPWFSFJ
SFTJEVJEJTQPSDPEBJ
GPSJ
3JTPMV[JPOFEFJQSPCMFNJ
"77&35&/;"6OBSJQBSB[JPOF
TDPSSFUUBEFMMBQQBSFDDIJBUVSB
QPUSFCCFQSFTFOUBSFEFJQFSJDPMJ
QFSMBTJDVSF[[BEFMMVUFOUF
2VBMTJBTJUJQPEJSJQBSB[JPOFEFWF
FTTFSFFTFHVJUBEBQFSTPOBMF
RVBMJԒDBUP
-BNBHHJPSQBSUFEFJQPTTJCJMJQSPCMFNJ
QPTTPOPFTTFSFSJTPMUJTFO[BJMCJTPHOPEJ
DPOUBUUBSFJM$FOUSPEJ"TTJTUFO[B
"VUPSJ[[BUP
3JNBOEJBNPBMMBUBCFMMBRVJEJTFHVJUPQFS
JOGPSNB[JPOJTVJQPTTJCJMJQSPCMFNJ
ԡ5"-ԡ"/0
ףר
1SPCMFNBFDPEJDFBMMBSNF
1PTTJCJMFDBVTBFTPMV[JPOF
/PO¨QPTTJCJMFBDDFOEFSF
MBQQBSFDDIJBUVSB
ȋ
ȋ
7FSJԒDBSFDIFMBTQJOBTJBDPMMFHBUBBMMBQSFTBFMFUUSJDB
"TTJDVSBSTJDIFJMGVTJCJMFBMMJOUFSOPEFMRVBESPFMFUUSJDP
OPOTJBEBOOFHHJBUP
ԡMQSPHSBNNBOPOTJBWWJB
ȋ
ȋ
$POUSPMMBSFDIFMBQPSUBEFMMBQQBSFDDIJBUVSBTJBDIJVTB
4F¨TUBUPJNQPTUBUPJMSJUBSEP BOOVMMBSFMJNQPTUB[JPOFP
BUUFOEFSFJMUFSNJOFEFMDPOUPBMMBSPWFTDJB
-BQQBSFDDIJBUVSBSJDBSJDBMBSFTJOBBMMJOUFSOPEFMEFDBMDJԒܱ
DBUPSFEFMMBDRVB-BQSPDFEVSBEVSBBMMJODJSDBקNJOVUJ
ȋ
-ȃBQQBSFDDIJBUVSBOPODBSJDB
BDRVB
ȋ -FTQJFDPMMFHBUFBMQSPܱ
HSBNNBMBNQFHHJBOPף
WPMUBJONPEBMJU JOUFSNJUܱ
UFOUF
ȋ 7JFOFFNFTTPVOTFHOBMF
BDVTUJDPJONPEBMJU JOUFSܱ
NJUUFOUF
ȋ
ȋ
-BQQBSFDDIJBUVSBOPOTDBSJܱ
DBMBDRVB
ȋ -FTQJFDPMMFHBUFBMQSPܱ
HSBNNBMBNQFHHJBOPפ
WPMUFJONPEBMJU JOUFSNJUܱ
UFOUF
ȋ 7JFOFFNFTTPVOTFHOBMF
BDVTUJDPJONPEBMJU JOUFSܱ
NJUUFOUF
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ԡMEJTQPTJUJWPBOUJBMMBHBNFOUP ȋ
¨BUUJWP
ȋ
ȋ -FTQJFDPMMFHBUFBMQSPܱ
HSBNNBMBNQFHHJBOPץ
ȋ
WPMUFJONPEBMJU JOUFSNJUܱ
UFOUF
ȋ 7JFOFFNFTTPVOTFHOBMF
BDVTUJDPJONPEBMJU JOUFSܱ
NJUUFOUF
$POUSPMMBSFDIFJMSVCJOFUUPEFMMBDRVBTJBBQFSUP
$POUSPMMBSFDIFMBQSFTTJPOFEFMMBDRVBEJBMJNFOUB[JPOF
OPOTJBUSPQQPCBTTB1FSPUUFOFSFJOGPSNB[JPOJBRVFTUP
QSPQPTJUP DPOUBUUBSFMFOUFFSPHBUPSFMPDBMF
$POUSPMMBSFDIFJMSVCJOFUUPEFMMBDRVBOPOTJBPTUSVJUP
$POUSPMMBSFDIFJMԒMUSPOFMUVCPEJDBSJDPOPOTJBPTUSVJUP
7FSJԒDBSFDIFJMUVCPEJDBSJDPOPOTJBBUUPSDJHMJBUPPQJFܱ
HBUP
$POUSPMMBSFDIFMPTDBSJDPEFMMBWFMMPOPOTJBPTUSVJUP
$POUSPMMBSFDIFJMTJTUFNBEFMԒMUSPJOUFSOPOPOTJBPTUSVJܱ
UP
7FSJԒDBSFDIFJMUVCPEJTDBSJDPOPOTJBBUUPSDJHMJBUPPQJFܱ
HBUP
$IJVEFSFJMSVCJOFUUPEFMMBDRVB
7FSJԒDBSFDIFMȃBQQBSFDDIJBUVSBTJBJOTUBMMBUBDPSSFUUBNFOܱ
UF
"TTJDVSBSTJDIFJDFTUFMMJTJBOPDBSJDBUJDPNFJOEJDBUPOFM
NBOVBMFEVTP
ԡ5"-ԡ"/0
פר
1SPCMFNBFDPEJDFBMMBSNF
1PTTJCJMFDBVTBFTPMV[JPOF
.BMGVO[JPOBNFOUPEFMTFOܱ
ȋ
TPSFEJSJMFWBNFOUPEFMMJWFMMP ȋ
EFMMBDRVB
ȋ -FTQJFDPMMFHBUFBMQSPܱ
HSBNNBMBNQFHHJBOPצ
WPMUFJONPEBMJU JOUFSNJUܱ
UFOUF
ȋ 7JFOFFNFTTPVOTFHOBMF
BDVTUJDPJONPEBMJU JOUFSܱ
NJUUFOUF
"TTJDVSBSTJDIFJԒMUSJTJBOPQVMJUJ
4QFHOFSFFSJBDDFOEFSFMBNBDDIJOB
.BMGVO[JPOBNFOUPEFMMB
QPNQBEJMBWBHHJPPEFMMB
QPNQBEJTDBSJDP
ȋ -FTQJFDPMMFHBUFBMQSPܱ
HSBNNBMBNQFHHJBOPק
WPMUFJONPEBMJU JOUFSNJUܱ
UFOUF
ȋ 7JFOFFNFTTPVOTFHOBMF
BDVTUJDPJONPEBMJU JOUFSܱ
NJUUFOUF
4QFHOFSFFSJBDDFOEFSFMBNBDDIJOB
ȋ
-BUFNQFSBUVSBEFMMBDRVBBMܱ ȋ
MJOUFSOPEFMMBQQBSFDDIJBUVSB
¨USPQQPBMUBPTJ¨WFSJԒDBUP ȋ
VONBMGVO[JPOBNFOUPEFM
TFOTPSFEJUFNQFSBUVSB
ȋ -FTQJFDPMMFHBUFBMQSPܱ
HSBNNBMBNQFHHJBOPר
WPMUFJONPEBMJU JOUFSNJUܱ
UFOUF
ȋ 7JFOFFNFTTPVOTFHOBMF
BDVTUJDPJONPEBMJU JOUFSܱ
NJUUFOUF
"TTJDVSBSTJDIFMBUFNQFSBUVSBEFMMBDRVBJOJOHSFTTPOPO
TVQFSJJערp$
4QFHOFSFFSJBDDFOEFSFMBNBDDIJOB
(VBTUPUFDOJDPEFMMBQQBSFDܱ
DIJBUVSB
ȋ -FTQJFDPMMFHBUFBMQSPܱ
HSBNNBMBNQFHHJBOPפף
WPMUFJONPEBMJU JOUFSNJUܱ
UFOUF
ȋ 7JFOFFNFTTPVOTFHOBMF
BDVTUJDPJONPEBMJU JOUFSܱ
NJUUFOUF
4QFHOFSFFSJBDDFOEFSFMBNBDDIJOB
ȋ
ԡ5"-ԡ"/0
ץר
1SPCMFNBFDPEJDFBMMBSNF
1PTTJCJMFDBVTBFTPMV[JPOF
ԡMMJWFMMPEFMMBDRVBBMMJOUFSOP ȋ
EFMMBQQBSFDDIJBUVSB¨USPQQP ȋ
BMUP
ȋ
ȋ -FTQJFDPMMFHBUFBMQSPܱ
HSBNNBMBNQFHHJBOPקף
WPMUFJONPEBMJU JOUFSNJUܱ
UFOUF
ȋ 7JFOFFNFTTPVOTFHOBMF
BDVTUJDPJONPEBMJU JOUFSܱ
NJUUFOUF
4QFHOFSFFSJBDDFOEFSFMBNBDDIJOB
"TTJDVSBSTJDIFJԒMUSJTJBOPQVMJUJ
"TTJDVSBSTJDIFJMUVCPEJVTDJUBTJBJOTUBMMBUPBMMBMUF[[B
HJVTUBTPQSBJMQBWJNFOUP'BSFSJGFSJNFOUPBMMFJTUSV[JPOJ
EJJOTUBMMB[JPOF
-BQQBSFDDIJBUVSBTJBSSFTUBF ȋ
SJQBSUFQJ¹WPMUFEVSBOUFJM
GVO[JPOBNFOUP
/POTJUSBUUBEJVOBOPNBMJB1FSNFUUFEJPUUFOFSFSJTVMUBUJ
EJQVMJ[JBPUUJNBMJFSJTQBSNJBSFFOFSHJB
ԡMQSPHSBNNBEVSBUSPQQP
4F¨TUBUBJNQPTUBUBMBQBSUFO[BSJUBSEBUB BOOVMMBSFMJNܱ
QPTUB[JPOFPBUUFOEFSFJMUFSNJOFEFMDPOUPBMMBSPWFTDJB
-BEVSBUBEFMQSPHSBNNBBVNFOUBDPOMBUUJWB[JPOFEJ1Pܱ
XFS$MFBO
ȋ
ȋ
-FHHFSBQFSEJUBEBMMBQPSUB
EFMMBQQBSFDDIJBUVSB
ȋ
ȋ
-BQQBSFDDIJBUVSBOPO¨QFSGFUUBNFOUFJOQJBOP"MMFOUBSF
PTUSJOHFSFJQJFEJOJSFHPMBCJMJ PWFQSFWJTUJ -BQPSUBEFMMBQQBSFDDIJBUVSBOPO¨DFOUSBUBSJTQFUUPBMMB
WBTDB3FHPMBSFJMQJFEJOPQPTUFSJPSF PWFQSFWJTUP -BQPSUBEFMMBQQBSFDDIJBUVSB ȋ
TJDIJVEFDPOEJԔDPMU ȋ
-BQQBSFDDIJBUVSBOPO¨QFSGFUUBNFOUFJOQJBOP"MMFOUBSF
PTUSJOHFSFJQJFEJOJSFHPMBCJMJ PWFQSFWJTUJ "MDVOFQBSUJEJQFOUPMFFTUPWJHMJFTQPSHPOPEBJDFTUFMMJ
-ȃPCM²EFMMBQQBSFDDIJBUVSBTJ
BQSFEVSBOUFVODJDMPEJMBܱ
WBHHJP
ȋ
4JBUUJWB"VUP0QFO2VFTUBGVO[JPOFBQSFMȃPCM²EFMMBQQBܱ
SFDDIJBUVSBEVSBOUFMBGBTFEJBTDJVHBUVSBQFSNJHMJPSBSF
MFQSFTUB[JPOJEJBTDJVHBUVSBFGBSSBԑSFEEBSFMFTUPWJHMJF
-PCM²SFTUBTPDDIJVTP
ǿ -BEVSBUBEFMMBGBTFEJBTDJVHBUVSBFJMUFNQPEJBQFSܱ
UVSBEFMMPCM²WBSJBOPBTFDPOEBEFMQSPHSBNNBFEFMܱ
MFPQ[JPOJTFMF[JPOBUF
4FOPOTJEFTJEFSBDIFMȃPCM²TJBQSFJONPEPBVUPNBUJDP
EJTBUUJWBSF"VUP0QFO'BSFSJGFSJNFOUPBȆԡNQPTUB[JPOJȇ
5JOUJOOJPDPMQJQSPWFOJFOUJ
EBMMJOUFSOPEFMMBQQBSFDDIJBܱ
UVSB
ȋ
-FQFOUPMFFMFTUPWJHMJFOPOTPOPTUBUFTJTUFNBUFBEFHVBܱ
UBNFOUFOFJDFTUFMMJ'BSFSJGFSJNFOUPBMMJCSFUUPDPOUFOFOܱ
UFMFJOEJDB[JPOJQFSDBSJDBSFJMDFTUFMMP
"DDFSUBSTJDIFJNVMJOFMMJQPTTBOPHJSBSFMJCFSBNFOUF
ȋ
ԡ5"-ԡ"/0
צר
1SPCMFNBFDPEJDFBMMBSNF
-BQQBSFDDIJBUVSBGBTDBUUBSF
MJOUFSSVUUPSFQSJODJQBMF
1PTTJCJMFDBVTBFTPMV[JPOF
ȋ
-BNQFSBHHJP¨JOTVԔDJFOUFQFSTPQQPSUBSFMVTPEJQJ¹
BQQBSFDDIJBUVSFDPOUFNQPSBOFBNFOUF7FSJԒDBSFMBNQFܱ
SBHHJPEFMMBQSFTBFMBDBQBDJU EFMDPOUBUPSFPTQFHOFSF
VOBEFMMFBQQBSFDDIJBUVSFJOVTP
(VBTUPFMFUUSJDPJOUFSOPBMMBQQBSFDDIJBUVSB$POUBUUBSF
VO$FOUSPEJ"TTJTUFO[B"VUPSJ[[BUP
ȋ
6OBWPMUBDPOUSPMMBUBMBQQBSFDDIJBUVSB
TQFHOFSMBFSJBDDFOEFSMBԡODBTPEJ
SJDPNQBSTBEFMMBOPNBMJB DPOUBUUBSFJM
$FOUSPEJ"TTJTUFO[B"VUPSJ[[BUP
"77&35&/;"$POTJHMJBNPEJOPO
VUJMJ[[BSFMBQQBSFDDIJBUVSBԒOPB
DIFJMQSPCMFNBOPOTBS TUBUP
SJTPMUPDPNQMFUBNFOUF
4DPMMFHBSFMBQQBSFDDIJBUVSBF
OPOSJDPMMFHBSMBԒODI©OPOTJ¨
DFSUJDIFGVO[JPOJDPSSFUUBNFOUF
ԡSJTVMUBUJEJMBWBHHJPFEJBTDJVHBUVSBOPOTPOPTPEEJTGBDFOUJ
1SPCMFNB
1PTTJCJMFDBVTBFTPMV[JPOF
3JTVMUBUJEJMBWBHHJPJOTPEEJTGBܱ ȋ
DFOUJ
ȋ
ȋ
ȋ
3JTVMUBUJEJBTDJVHBUVSBJOTPEEJܱ ȋ
TGBDFOUJ
ȋ
ȋ
ȋ
ȋ
ȋ
'BSFSJGFSJNFOUPB6UJMJ[[PRVPUJEJBOPȇ $POTJHMJF
TVHHFSJNFOUJȇFBMMJCSFUUPDPOUFOFOUFMFJOEJDB[JPOJ
QFSDBSJDBSFJMDFTUFMMP
6TBSFVOQSPHSBNNBEJMBWBHHJPQJ¹JOUFOTP
"UUJWBSFMPQ[JPOF1PXFS$MFBOQFSNJHMJPSBSFJSJTVMUBUJ
EJMBWBHHJPEJVOQSPHSBNNBTFMF[JPOBUP
1VMJSFJNVMJOFMMJFEJMԒMUSP7FEFSFJMDBQJUPMP1VMJ[JBF
DVSBȇ
1FOUPMFFTUPWJHMJFTPOPTUBUFMBTDJBUFUSPQQPUFNQPBMܱ
MJOUFSOPEFMMBQQBSFDDIJBUVSBDIJVTB"UUJWBSF"VUP0QFO
QFSJNQPTUBSFMBQFSUVSBBVUPNBUJDBNFOUFEFMMBQPSUB
PMUSFDIFQFSNJHMJPSBSFMFQFSGPSNBODFEJBTDJVHBUVSB
#SJMMBOUBOUFBTTFOUFPRVBOUJU EJCSJMMBOUBOUFJOTVԔܱ
DJFOUF3JFNQJSFJMDPOUFOJUPSFEFMCJMMBOUBOUFPJNQPTUBܱ
SFJMMJWFMMPEJCSJMMBOUBOUFTVVOMJWFMMPQJ¹BMUP
-BDBVTBQPUSFCCFFTTFSFMBRVBMJU EFMCSJMMBOUBOUF
4JDPOTJHMJBEJVUJMJ[[BSFTFNQSFJMCSJMMBOUBOUF BODIFJO
DPNCJOB[JPOFDPOQBTUJHMJFNVMUJGVO[JPOF
(MJPHHFUUJEJQMBTUJDBEFWPOPFTTFSFBTDJVHBUJDPOVO
QBOOP
ԡMQSPHSBNNBOPOJODMVEFVOBGBTFEJBTDJVHBUVSB'BSF
SJGFSJNFOUPBMMBTF[JPOF1BOPSBNJDBQSPHSBNNJȇ
ԡ5"-ԡ"/0
קר
1SPCMFNB
4VCJDDIJFSJFTUPWJHMJFSJNBOܱ
HPOPEFMMFTUSJBUVSFCJBODBTUSF
PTUSJBUVSFCMVBTUSF
1PTTJCJMFDBVTBFTPMV[JPOF
ȋ
ȋ
.BDDIJFFUSBDDFEJHPDDFEBDܱ
RVBTVCJDDIJFSJFTUPWJHMJF
ȋ
ȋ
-BRVBOUJU EJCSJMMBOUBOUFFSPHBUB¨USPQQPFMFWBUB3Fܱ
HPMBSFJMMJWFMMPEFMCSJMMBOUBOUFTVVOBQPTJ[JPOFJOGFSJPܱ
SF
TUBUBVUJMJ[[BUBVOBEPTFFDDFTTJWBEJEFUFSTJWP
-BRVBOUJU EJCSJMMBOUBOUFFSPHBUBOPO¨TVԔDJFOUF3Fܱ
HPMBSFJMMJWFMMPEFMCSJMMBOUBOUFTVVOBQPTJ[JPOFTVQFܱ
SJPSF
-BDBVTBQPUSFCCFFTTFSFMBRVBMJU EFMCSJMMBOUBOUF
-JOUFSOPEFMMBQQBSFDDIJBUVSB¨ ȋ
CBHOBUP
/POTJUSBUUBEJVOBOPNBMJB-BSJBVNJEBTJDPOEFOTB
TVMMFQBSFUJEFMMBQQBSFDDIJBUVSB
ԡOTPMJUBQSPEV[JPOFEJTDIJVNB
EVSBOUFJMMBWBHHJP
ȋ
ȋ
6UJMJ[[BSFTPMPEFUFSTJWPTQFDJԒDPQFSMBWBTUPWJHMJF
1FSEJUBEBMDPOUFOJUPSFEFMCSJMMBOUBOUF$POUBUUBSFVO
$FOUSPEJ"TTJTUFO[B"VUPSJ[[BUP
5SBDDFEJSVHHJOFTVMMFQPTBUF
ȋ
QSFTFOUFUSPQQPTBMFOFMMBDRVBVUJMJ[[BUBQFSJMMBWBHܱ
HJP'BSFSJGFSJNFOUPB%FDBMDJԒDBUPSFEFMMBDRVBȇ
4POPTUBUFTJTUFNBUFJOTJFNFQPTBUFEBSHFOUPFBDDJBJP
JOPTTJEBCJMF/PONFUUFSFPHHFUUJEBSHFOUPFBDDJBJP
JOPTTJEBCJMFVOPBDDBOUPBMMBMUSP
ȋ
4POPQSFTFOUJSFTJEVJEJEFUFSܱ
TJWPBMMJOUFSOPEFMDPOUFOJUPSF
BMUFSNJOFEFMQSPHSBNNB
ȋ
ȋ
ȋ
0EPSJBMMJOUFSOPEFMMBQQBSFDܱ
DIJBUVSB
ȋ
ȋ
-BQBTUJHMJBEFMEFUFSTJWPTJ¨JODPMMBUBBMMJOUFSOPEFM
DPOUFOJUPSFFMBDRVBOPO¨SJVTDJUBBEFMJNJOBSMBDPNܱ
QMFUBNFOUF
-BDRVBOPO¨JOHSBEPEJFMJNJOBSFJMEFUFSTJWPEBMDPOܱ
UFOJUPSF"TTJDVSBSTJDIFJNVMJOFMMJOPOTJBOPCMPDDBUJPE
PTUSVJUJ
"TTJDVSBSTJDIFHMJPHHFUUJOFJDFTUFMMJOPOJNQFEJTDBOP
MBQFSUVSBEFMDPQFSDIJPEFMDPOUFOJUPSFEFMEFUFSTJWP
'BSFSJGFSJNFOUPB1VMJ[JBJOUFSOBȇ
"WWJBSFJMQSPHSBNNB.BDIJOF$BSFDPOVOEJTJODSPܱ
TUBOUFPVOQSPEPUUPEFUFSHFOUFQSPHFUUBUPQFSMFMBWBܱ
TUPWJHMJF
ԡ5"-ԡ"/0
רר
1SPCMFNB
ԡMDBMDBSFQV²EFQPTJUBSTJTV
QFOUPMFFTUPWJHMJF OFMMBWBTDB
PBMMJOUFSOPEFMMBQPSUB
1PTTJCJMFDBVTBFTPMV[JPOF
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
ȋ
1FOUPMFFTUPWJHMJFPQBDIF TDPܱ ȋ
MPSJUFPJODSJOBUF
ȋ
ȋ
ԡMMJWFMMPEJTBMF¨CBTTP DPOUSPMMBSFMJOEJDBUPSFEJSJFNܱ
QJNFOUP
ԡMUBQQPEFMDPOUFOJUPSFEFMTBMF¨MFOUP
-BDRVBEJSVCJOFUUP¨EVSB'BSFSJGFSJNFOUPB%FDBMDJܱ
ԒDBUPSFEFMMBDRVBȇ
6TBSFJMTBMFFJNQPTUBSFMBSJHFOFSB[JPOFEFMMBEEPMDJUPܱ
SFEFMMBDRVBBODIFTFWFOHPOPVTBUFQBTUJHMJFNVMUJ
GVO[JPOF'BSFSJGFSJNFOUPB%FDBMDJԒDBUPSFEFMMBDܱ
RVBȇ
"WWJBSFJMQSPHSBNNB.BDIJOF$BSFDPOVOQSPEPUUPEJܱ
TJODSPTUBOUFQFSMBWBTUPWJHMJF
2VBMPSBJEFQPTJUJEJDBMDBSFSJNBOHBOP QVMJSFMBQQBܱ
SFDDIJBUVSBDPOEFUFSHFOUJQBSUJDPMBSNFOUFBEBUUJBUBM
ԒOF
1SPWBSFVOEFUFSTJWPEJWFSTP
$POUBUUBSFJMQSPEVUUPSFEFMEFUFSHFOUF
"TTJDVSBSTJEJJOUSPEVSSFOFMMBQQBSFDDIJBUVSBTPMPPHܱ
HFUUJMBWBCJMJJOMBWBTUPWJHMJF
$BSJDBSFFTDBSJDBSFJMDFTUFMMPEFMJDBUBNFOUF'BSFSJGFSJܱ
NFOUPBMMJCSFUUPDPOUFOFOUFMFJOEJDB[JPOJQFSDBSJDBSFJM
DFTUFMMP
4JTUFNBSFHMJPHHFUUJEFMJDBUJOFMDFTUFMMPTVQFSJPSF
'BSFSJGFSJNFOUPB1SFQBSB[JPOF
BMQSJNPVUJMJ[[Pȇ 6UJMJ[[P
RVPUJEJBOPȇP$POTJHMJF
TVHHFSJNFOUJȇQFSBMUSFQPTTJCJMJ
DBVTF
%BUJUFDOJDJ
%FOPNJOB[JPOFQSPEPUUP
-BWBTUPWJHMJFDPNQMFUBNFOUFJOUFHSBUB
%JNFOTJPOJ
-BSHIF[[B"MUF[[B1SPGPOEJܱ
U NN
עקקתתתףתרק
$PMMFHBNFOUPFMFUUSJDPף
5FOTJPOF 7
עצפעפפ
'SFRVFO[B )[
עק
1SFTTJPOFEFMMȃBDRVBEJBMJܱ
NFOUB[JPOF
.JONBYCBS .1B
תע ת קעע קע
$PMMFHBNFOUPEFMMBDRVB
"DRVBGSFEEBPDBMEBפ
NBYערp$
ԡ5"-ԡ"/0
שר
$BQBDJU
$PQFSUJ
ץף
$POTVNPEJFOFSHJB
.PEBMJU "DDFTP 8
עק
$POTVNPEJFOFSHJB
.PEBMJU 4QFOUP 8
עקע
' BSFSJGFSJNFOUPBMMBUBSHIFUUBEFJEBUJQFSHMJBMUSJWBMPSJ
$POTJHMJBNPJMDPMMFHBNFOUPBMMBDRVBDBMEBTFQSPEPUUBNFEJBOUFVUJMJ[[PEJVOBGPOUFEJFOFSHJBBMUFSOBUJWB
QFSFTQBOOFMMJTPMBSJ JNQJBOUJFPMJDJ QFSSJEVSSFJMDPOTVNPEJFOFSHJB
$PMMFHBNFOUPBMMBCBODBEBUJ&13&EFMM6&
ԡMDPEJDF23TVMMFUJDIFUUBFOFSHFUJDBGPSOJUB
DPOMBQQBSFDDIJPGPSOJTDFVOMJOLXFCQFSMB
SFHJTUSB[JPOFEJRVFTUPBQQBSFDDIJPOFMMB
CBODBEBUJ&13&-EFMM6&$POTFSWBSF
MFUJDIFUUBFOFSHFUJDBDPNFSJGFSJNFOUP
JOTJFNFBMNBOVBMFEVTPFBUVUUJHMJBMUSJ
EPDVNFOUJGPSOJUJDPORVFTUPBQQBSFDDIJP
CBODBEBUJ&13&-EFMMȃ6&VUJMJ[[BOEPJMMJOL
IUUQTFQSFMFDFVSPQBFVFJMOPNFEFM
NPEFMMPFJMOVNFSPEJQSPEPUUPDIFTJ
USPWBOPTVMMBUBSHIFUUBEFMMBQQBSFDDIJP
7FEFSFJMDBQJUPMPȆ%FTDSJ[JPOFEFMQSPEPUUPȇ
1FSJOGPSNB[JPOJEFUUBHMJBUFTVMMȃFUJDIFUUB
FOFSHFUJDB WFEFSFXXXUIFFOFSHZMBCFMFV
QPTTJCJMFUSPWBSFMFTUFTTFJOGPSNB[JPOJ
DPSSFMBUFBMMFQSFTUB[JPOJEFMQSPEPUUPOFMMB
$POTJEFSB[JPOJTVMMBNCJFOUF
3JDJDMBSFJNBUFSJBMJDPOJMTJNCPMP #VUUBSF
MJNCBMMBHHJPOFHMJBQQPTJUJDPOUFOJUPSJQFSJM
SJDJDMBHHJP"JVUBSFBQSPUFHHFSFMȃBNCJFOUFF
MBTBMVUFVNBOBFBSJDJDMBSFSJԒVUJEFSJWBOUJ
EBBQQBSFDDIJBUVSFFMFUUSJDIFFE
FMFUUSPOJDIF/POTNBMUJSFMF
BQQBSFDDIJBUVSFDIFSJQPSUBOPJMTJNCPMP
JOTJFNFBJOPSNBMJSJԒVUJEPNFTUJDJ1PSUBSFJM
QSPEPUUPBMQVOUPEJSJDJDMBHHJPQJ¹WJDJOPP
DPOUBUUBSFJMDPNVOFEJSFTJEFO[B
("3"/;ԡ"ԡ,&"
7BMJEJU EFMMBHBSBO[JB
-BQSFTFOUFHBSBO[JB¨WBMJEBQFSפBOOJB
QBSUJSFEBMMBEBUBEJBDRVJTUPPSJHJOBMFEFM
WPTUSPFMFUUSPEPNFTUJDPQSFTTPVOQVOUP
WFOEJUBԡ,&"-PTDPOUSJOPPSJHJOBMF¨
JOEJTQFOTBCJMFDPNFSJDFWVUBEBDRVJTUP6OB
SJQBSB[JPOFFԑFUUVBUBOFMMBNCJUPEFMMB
HBSBO[JBOPOFTUFOEFJMQFSJPEPEJHBSBO[JB
QFSMFMFUUSPEPNFTUJDP
$IJGPSOJTDFJMTFSWJ[JPBJDMJFOUJ
-BTTJTUFO[BBJDMJFOUJTBS HBSBOUJUBEBM
GPSOJUPSFEFMTFSWJ[JPOPNJOBUPEBԡ,&"
BUUSBWFSTPMBQSPQSJBPSHBOJ[[B[JPOFPMB
QSPQSJBSFUFEJQBSUOFSEJBTTJTUFO[B
BVUPSJ[[BUJ
$PTBDPQSFMBHBSBO[JB
-BHBSBO[JBDPQSFHMJFWFOUVBMJEJGFUUJMFHBUJ
BJNBUFSJBMJFPBMMBDPTUSV[JPOF
EFMMFMFUUSPEPNFTUJDPFE¨WBMJEBBQBSUJSF
EBMMBEBUBEJBDRVJTUPEFMMFMFUUSPEPNFTUJDP
QSFTTPVOQVOUPWFOEJUBԡ,&"-BHBSBO[JB¨
WBMJEBTPMPTVFMFUUSPEPNFTUJDJEFTUJOBUJ
BMMJNQJFHPEPNFTUJDP-FFDDF[JPOJTPOP
EFTDSJUUFBMMBWPDF$PTBOPODPQSFMB
ԡ5"-ԡ"/0
HBSBO[JB/FMQFSJPEPEJWBMJEJU EFMMB
HBSBO[JB JMGPSOJUPSFEFMTFSWJ[JPOPNJOBUP
EBԡ,&"TPTUFSS JDPTUJQFSMBSJQBSB[JPOF J
QF[[JEJSJDBNCJP MBNBOPEPQFSBFMF
USBTGFSUFEFMQFSTPOBMFEJNBOVUFO[JPOF
BNNFTTPDIFJMQSPEPUUPQPTTBFTTFSF
SJQBSBUPTFO[BDPTUJUSPQQPFMFWBUJFDIFJM
EJGFUUPMFHBUPBJNBUFSJBMJPBMMBDPTUSV[JPOF
SJFOUSJOFMMBDPQFSUVSBEFMMHBSBO[JB2VFTUF
DPOEJ[JPOJTPOPDPOGPSNJBMMFEJSFUUJWF&6 /
צצ$& FBMMFOPSNFFEJTQPTJ[JPOJMPDBMJ
BQQMJDBCJMJ-FQBSUJTPTUJUVJUFEJWFOUFSBOOPEJ
QSPQSJFU EJԡ,&"
$PNFJOUFSWFSS ԡ,&"QFSSJTPMWFSFJM
QSPCMFNB
ԡMGPSOJUPSFEFMTFSWJ[JPOPNJOBUPEBԡ,&"
FTBNJOFS JMQSPEPUUPFEFDJEFS BQSPQSJB
FTDMVTJWBEJTDSF[JPOFTFMPTUFTTPSJFOUSB
OFMMBDPQFSUVSBEFMMBHBSBO[JBԡODBTP
BԑFSNBUJWP JMGPSOJUPSFEFMTFSWJ[JP
OPNJOBUPEBԡ,&"PVOTVPQBSUOFSEJ
BTTJTUFO[BBVUPSJ[[BUPQSPWWFEFS BQSPQSJB
FTDMVTJWBEJTDSF[JPOFBSJQBSBSFJMQSPEPUUP
EJGFUUPTPPBTPTUJUVJSMPDPOVOQSPEPUUP
VHVBMFPFRVJWBMFOUF
$PTBOPODPQSFMBHBSBO[JB
ȋ
ȋ
ȋ
ȋ
ȋ
/PSNBMFVTVSB
%BOOJQSPWPDBUJEFMJCFSBUBNFOUFPQFS
OFHMJHFO[BFEBOOJQSPWPDBUJEBMMB
NBODBUBPTTFSWBO[BEFMMFJTUSV[JPOJEJ
GVO[JPOBNFOUP EBVOJOTUBMMB[JPOFOPO
DPSSFUUBPEBMDPMMFHBNFOUPBVO
WPMUBHHJPFSSBUP%BOOJQSPWPDBUJEB
SFB[JPOJDIJNJDIFPFMFUUSPDIJNJDIF
SVHHJOF RVBMJU EFMMBDRVB QFSFTFNQJP
QSFTFO[BEJFDDFTTJWPDBMDBSFOFMMF
DPOEVUUVSFJESJDIF FWFOUJBUNPTGFSJDJP
DPOEJ[JPOJBNCJFOUBMJBOPNBMF
1BSUJTPHHFUUFBEVTVSB QFSFTFNQJP
CBUUFSJFFMBNQBEJOF
%BOOJBQBSUJEFDPSBUJWFFOPOGVO[JPOBMJ
DIFOPOJOԓVJTDPOPTVMOPSNBMFVUJMJ[[P
EFMMFMFUUSPEPNFTUJDP QFSFTFNQJPHSBԔ
FWBSJB[JPOJEJDPMPSF
%BOOJBQBSUJDPNFWFUSPDFSBNJDB
BDDFTTPSJ DFTUJQFSTUPWJHMJFFQPTBUF UVCJ
EJBMJNFOUB[JPOFFTDBSJDP HVBSOJ[JPOJ
MBNQBEJOFFSFMBUJWFDPQFSUVSF TDIFSNJ
תר
QPNFMMJ SJWFTUJNFOUJFQBSUJEJ
SJWFTUJNFOUJPJOWPMVDSJ TBMWP
ȋ %BOOJBQBSUJDPNFWFUSPDFSBNJDB
BDDFTTPSJ DFTUJQFSTUPWJHMJFFQPTBUF UVCJ
EJBMJNFOUB[JPOFFTDBSJDP HVBSOJ[JPOJ
MBNQBEJOFFSFMBUJWFDPQFSUVSF TDIFSNJ
QPNFMMJ SJWFTUJNFOUJFQBSUJEJ
SJWFTUJNFOUJPJOWPMVDSJ TBMWPRVBMPSBTJ
QPTTBQSPWBSFDIFUBMJEBOOJTPOPTUBUJ
DBVTBUJEBEJGFUUJEJQSPEV[JPOF
ȋ $BTJJODVJOPOTJBOPSJMFWBUJEJGFUUJ
EVSBOUFMBWJTJUBEJVOUFDOJDP
ȋ 3JQBSB[JPOJOPOFԑFUUVBUFEBMGPSOJUPSF
EFMTFSWJ[JPOPNJOBUPEBԡ,&"PEBVO
QBSUOFSEJBTTJTUFO[BBVUPSJ[[BUPP
SJQBSB[JPOJJODVJTJBOPTUBUFVUJMJ[[BUF
QBSUJOPOPSJHJOBMJ
ȋ 3JQBSB[JPOJDBVTBUFEBJOTUBMMB[JPOF
JNQSPQSJBPOPODPOGPSNFBMMFTQFDJԒDIF
ȋ 6TPEFMMFMFUUSPEPNFTUJDPJOBNCJFOUF
OPOEPNFTUJDP QFSFTFNQJPQFSVTP
QSPGFTTJPOBMFPDPNNFSDJBMF
ȋ %BOOJEPWVUJBMUSBTQPSUPԡODBTPEJ
USBTQPSUPFԑFUUVBUPEBMDMJFOUFQSFTTPMB
QSPQSJBBCJUB[JPOFPVOBMUSPSFDBQJUP
ԡ,&"OPOQPUS SJUFOFSTJSFTQPOTBCJMFQFS
FWFOUVBMJEBOOJWFSJԒDBUJTJEVSBOUFJM
USBTQPSUP5VUUBWJB TFJMUSBTQPSUPQSFTTP
JMSFDBQJUPEFMDMJFOUF¨FԑFUUVBUPEBԡ,&"
HMJFWFOUVBMJEBOOJEPWVUJBMUSBTQPSUP
SJFOUSFSBOOPOFMMBQSFTFOUFHBSBO[JB
ȋ $PTUPEJJOTUBMMB[JPOFJOJ[JBMF
EFMMBQQBSFDDIJBUVSBԡ,&"4FVOGPSOJUPSF
EJTFSWJ[JPOPNJOBUPEBԡ,&"PVOTVP
QBSUOFSEJBTTJTUFO[BBVUPSJ[[BUPFԑFUUVB
VOBSJQBSB[JPOFPTPTUJUV[JPOF
EFMMBQQBSFDDIJBUVSBOFMMBNCJUPEFMMB
HBSBO[JB JMGPSOJUPSFPJMQBSUOFSEJ
BTTJTUFO[BEPWS QSPWWFEFSFBODIFBMMB
SFJOTUBMMB[JPOFEFMMBQQBSFDDIJBUVSB
SJQBSBUBPBMMJOTUBMMB[JPOF
EFMMBQQBSFDDIJBUVSBTPTUJUVUJWB TF
OFDFTTBSJP
5BMJMJNJUB[JPOJOPOTJBQQMJDBOPBMBWPSJ
FTFHVJUJBSFHPMBEBSUFEBQFSTPOBMF
RVBMJԒDBUPFDPOMVTPEJQBSUJPSJHJOBMJQFS
BEBUUBSFMFMFUUSPEPNFTUJDPBMMFOPSNFEJ
TJDVSF[[BEJVOBMUSBOB[JPOFEFMM6&
"QQMJDBCJMJU EFMMFMFHHJOB[JPOBMJ
ԡ5"-ԡ"/0
ר
-BHBSBO[JBԡ,&"DPOGFSJTDFBMDMJFOUFEJSJUUJ
MFHBMJTQFDJԒDJJOBHHJVOUBBJEJSJUUJQSFWJTUJ
EBMMBMFHHFFWBSJBCJMJBTFDPOEBEFJQBFTJ
"SFBEJWBMJEJU
1FSHMJFMFUUSPEPNFTUJDJBDRVJTUBUJJOVOB
OB[JPOF6&FUSBTGFSJUJJOVOBMUSBOB[JPOF6&
JTFSWJ[JTBSBOOPGPSOJUJJOCBTFBMMF
DPOEJ[JPOJEJHBSBO[JBBQQMJDBCJMJOFMMBOVPWB
OB[JPOF-PCCMJHPEJGPSOJSFJMTFSWJ[JPJO
CBTFBMMFDPOEJ[JPOJEFMMBHBSBO[JBTVTTJTUF
TPMPTF
ȋ
MFMFUUSPEPNFTUJDP¨DPOGPSNFBMMF
TQFDJԒDIFUFDOJDIFEFMQBFTFJODVJ¨
SJDIJFTUBMBQQMJDB[JPOFEFMMBHBSBO[JB
ȋ MFMFUUSPEPNFTUJDP¨DPOGPSNFFJOTUBMMBUP
DPOGPSNFNFOUFBMMFԡTUSV[JPOJEJ
NPOUBHHJPFBMMFJOGPSNB[JPOJQFSMB
TJDVSF[[BDPOUFOVUFOFM.BOVBMFEVTP
4FSWJ[JP"TTJTUFO[BEFEJDBUPBHMJ
FMFUUSPEPNFTUJDJԡ,&"
/POFTJUBUFBDPOUBUUBSFJM4FSWJ[JP"TTJTUFO[B
ԡ,&"QFS
ףVTVGSVJSFEFMMBHBSBO[JB
פDIJFEFSFDIJBSJNFOUJTVMMJOTUBMMB[JPOF
EFHMJFMFUUSPEPNFTUJDJԡ,&"OFJNPCJMJEB
JODBTTPTQFDJԒDJEJԡ,&"ԡMTFSWJ[JPOPO
GPSOJS BTTJTUFO[BPDIJBSJNFOUJJONFSJUP
B
ȋ JOTUBMMB[JPOFEJDVDJOFDPNQMFUFԡ,&"
ȋ DPMMFHBNFOUJFMFUUSJDJ TFMBQQBSFDDIJP
¨GPSOJUPTFO[BDBWJFTQJOF
BMMBDDJBNFOUJJESBVMJDJFDPMMFHBNFOUJ
BMMJNQJBOUPEFMHBTDIFEFWPOP
FTTFSFFTFHVJUJEBVOUFDOJDPEJ
BTTJTUFO[BBVUPSJ[[BUP
ץDIJFEFSFDIJBSJNFOUJTVMDPOUFOVUPEFM
NBOVBMFEVTPFTVTQFDJԒDIF
EFMMFMFUUSPEPNFTUJDPԡ,&"
1FSHBSBOUJSWJMBNJHMJPSFBTTJTUFO[B 7J
QSFHIJBNPEJMFHHFSFBUUFOUBNFOUFMF
ԡTUSV[JPOJEJNPOUBHHJPFPJM.BOVBMFEVTP
QSJNBEJDPOUBUUBSDJ
$PNFDPOUBUUBSDJTFBWFUFCJTPHOPEFM
OPTUSPJOUFSWFOUP
$POTVMUBSFMFMFODPDPNQMFUPEFJGPSOJUPSJEJ
TFSWJ[JPԡ,&"FEFJSFMBUJWJOVNFSJEJUFMFGPOP
OFMMVMUJNBQBHJOBEFMQSFTFOUFNBOVBMF
1FSHBSBOUJS7JVOTFSWJ[JPQJ¹
SBQJEP SBDDPNBOEJBNPEJ
VUJMJ[[BSFJOVNFSJEJUFMFGPOP
FMFODBUJBMMBԒOFEFMQSFTFOUF
NBOVBMF2VBOEPSJDIJFEFUF
BTTJTUFO[B GBUFTFNQSF
SJGFSJNFOUPBJDPEJDJTQFDJԒDJ
EFMMFMFUUSPEPNFTUJDPDIFUSPWBUF
OFMQSFTFOUFNBOVBMF1SJNBEJ
DPOUBUUBSDJ BDDFSUBUJEJBWFSFB
QPSUBUBEJNBOPJMOVNFSP
EFMMBSUJDPMPԡ,&" DPEJDFBתDJGSF
FJMOVNFSPEJTFSJF DPEJDFBת
DJGSFSJQPSUBUPTVMMBUBSHIFUUBEJ
DMBTTJԒDB[JPOF
EFMMFMFUUSPEPNFTUJDPQFSJMRVBMF
OFDFTTJUJEJBTTJTUFO[B
$0/4&37"5&-04$0/53ԡ/0
&MB7PTUSBQSPWBEJBDRVJTUPFE¨
OFDFTTBSJPFTJCJSMPQFSQPUFS
VTVGSVJSFEFMMBHBSBO[JB4VMMP
TDPOUSJOPTPOPSJQPSUBUJBODIFJM
OPNFFJMDPEJDF BתDJGSF
EFMMFMFUUSPEPNFTUJDPԡ,&"DIF
BWFUFBDRVJTUBUP
7JTFSWFBMUSPBJVUP
1FSVMUFSJPSJEPNBOEFOPOJOFSFOUJJMTFSWJ[JP
BTTJTUFO[BTVMMFBQQBSFDDIJBUVSF DPOUBUUBSF
JMQJ¹WJDJOPQVOUPWFOEJUBԡ,&"7J
QSFHIJBNPEJMFHHFSFBUUFOUBNFOUFMB
EPDVNFOUB[JPOFEFMMBQQBSFDDIJBUVSBQSJNB
EJDPOUBUUBSDJ
Country
België
Belgique
Phone number
070 246016
עש
Call Fee
Opening time
Binnenlandse gesprekskosten
8 tot 20 Weekdagen
Tarif des appels nationaux
8 à 20. En semaine
България
00359888164080
0035924274080
Такса за повикване от страната
От 9 до 18 ч в работни дни
Česká Republika
246 019721
Cena za místní hovor
Danmark
70 15 09 09
Landstakst
8 až 20 v pracovních dnech
man. - fre. 09.00 - 20.00
lør. - søn. 09.00 - 18.00
Deutschland
+49 1806 33 45 32*
* 0,20 €/Verbindung aus dem Festnetz max. 0,60 €/Verbindung
aus dem Mobilfunknetz
Werktags von 8.00 bis 20.00
Ελλάδα
211 176 8276
Υπεραστική κλήση
8 έως 20 κατά τις εργάσιμες ημέρες
España
91 1875537
Tarifa de llamadas nacionales
De 8 a 20 en días laborables
France
0170 36 02 05
Tarif des appels nationaux
9 à 21. En semaine
Hrvatska
00385 1 6323 339
Trošak poziva 27 lipa po minuti
radnim danom od ponedjeljka
do petka od 08:00 do 16:00
Ireland
0 14845915
National call rate
8 till 20 Weekdays
Ísland
+354 5852409
Innanlandsgjald fyrir síma
9 til 18. Virka daga
Italia
02 00620818
a applicata
alle chiamate nazionali
dalle 8 alle 20 nei giorni feriali
22 030 529
Υπεραστική κλήση
www.ikea.com
8 έως 20 κατά τις εργάσιμες ημέρες
Κυπρος
Lietuva
5 230 06 99
Nacionalinių pokalbių tarifai
Pr. - Ketv.: 8:00 - 12:00, 12:45 - 17:00 Pnkt.:
8:00 - 12:00, 12:45 - 15:45
Magyarország
06-1-252-1773
Belföldi díjszabás
Hétköznap 8.00 és 17.00 óra között
Nederland
Luxembourg
0900 - 235 45 32
(0900-BEL IKEA)
0031 - 50 316 8772
(internationaal)
Geen extra kosten.
Alleen lokaal tarief.
ma-vr: 8.00 - 21.00
zat: 9.00 - 21.00
zon / pub. vakantie: 10.00 - 18.00
Norge
22 72 35 00
Takst innland
8 til 20 ukedager
Österreich
+43-1-2056356
max. 10 Cent/min.
Mo - Fr 8.00 - 20.00 Uhr
Polska
801 400 711
Stawka wg taryfy krajowej
Od 8 do 20 w dni robocze
Portugal
211557985
Chamada Nacional
9 às 21. Dias de Semana
*excepto feriados
România
021 211 08 88
Tarif apel naţional
8 - 20 în zilele lucrătoare
Россия
8 495 6662929
Действующие телефонные
тарифы
с 8 до 20 по рабочим дням
Время московское
Schweiz
Tarif für Anrufe im Bundesgebiet
8 bis 20 Werktage
Tarif des appels nationaux
8 à 20. En semaine
a applicata
alle chiamate nazionali
dalle 8 alle 20 nei giorni feriali
(02) 3300 2554
Cena vnútroštátneho hovoru
8 až 20 v pracovných dňoch
Suomi
030 6005203
Lankapuhelinverkosta
0,0835 €/puhelu + 0,032 €/min
Matkapuhelinverkosta 0,192 €/min
arkipäivisin 8.00 - 20.00
Sverige
0775 700 500
lokalsamtal (lokal taxa)
mån-fre 8.30 - 20.00
lör-sön 9.30 - 18.00
United Kingdom
020 3347 0044
National call rate
9 till 21. Weekdays
Србија
+381 11 7 555 444
(ако позивате изван Србије)
011 7 555 444
(ако позивате из Србије)
Цена позива у националном
саобраћају
Понедељак – субота: 09 – 20
Недеља: 09 – 18
Suisse
031 5500 324
Svizzera
Slovensko
Eesti, Latvija, Slovenija, Україна
www.ikea.com
עפעפקפ"עתשץרקף
פעקתףפ""
21552
עפעפiԡOUFSԡ,&"4ZTUFNT#7
">
Link público atualizado
O link público para o seu chat foi atualizado.
