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6OLGHVKRZ 'LVSOD\ 6JG UNKFG UJQY HWPEVKQP GPCDNGU [QW VQ RNC[ [QWT KOCIGU DCEM CWVQOCVKECNN[ KP UGSWGPVKCN QTFGT 6JKU KU XGT[ WUGHWN CPF GPVGTVCKPKPI HGCVWTG HQT TGXKGYKPI TGEQTFGF KOCIGU CPF HQT RTGUGPVCVKQPU 2TGUU VJG = ? DWVVQP 2TGUU VJG S DWVVQP 6JG RNC[DCEM OGPW KU FKURNC[GF 5GNGEV =5NKFG 5JQY? YKVJ VJG S T DWVVQPU VJGP RTGUU VJG 1- DWVVQP 7UG S T VQ UGNGEV VJG RNC[DCEM KPVGTXCN VJGP RTGUU VJG 1- DWVVQP 6JG UNKFGUJQY UVCTVU
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6Q %CPEGN VJG 2TQVGEVKQP 6Q ECPEGN RTQVGEVKQP HQT QPN[ QPG KOCIG FKURNC[ VJG KOCIG VJCV [QW YCPV VQ TGOQXG VJG KOCIG RTQVGEVKQP 5GNGEV =2TQVGEV? YKVJ VJG S T DWVVQPU HTQO VJG RNC[DCEM OGPW VJGP RTGUU VJG 1- DWVVQP 5GNGEV =5KPING? QT =#NN? YKVJ VJG S T DWVVQPU VJGP RTGUU VJG 1- DWVVQP 5GNGEV =%CPEGN? YKVJ VJG S T DWVVQPU VJGP RTGUU VJG 1- DWVVQP 2TGUU EQPVKPWQWUN[ VJG W DWVVQP VQ TGVWTP VQ VJG RNC[DCEM OQFG 6JG TGOQXCN QH KOCIG RTQVGEVKQP JCU DGGP GZGEWVGF 2TQVGEVKPI 5GNG
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5GNGEV =1P? QT =1HH? YKVJ VJG S T DWVVQPU CPF RTGUU VJG 1- DWVVQP 1P 6JG FCVG QH VJG RJQVQITCRJ YKNN CNUQ DG RTKPVGF 1HH 6JG FCVG QH VJG RJQVQITCRJ YKNN PQV DG RTKPVGF 5GNGEV =2TKPV 'PCDNG? YKVJ VJG S T DWVVQPU CPF RTGUU VJG 1- DWVVQP 5GNGEV ='ZGEWVG? YKVJ VJG S T DWVVQPU CPF RTGUU VJG 1- DWVVQP 6JKU ETGCVGU C ſNG EQPVCKPKPI VJG &21( KPHQTOCVKQP CPF YJGP VJG QRGTCVKQP KU ſPKUJGF RTGUU VJG W DWVVQP EQPVKPWQWUN[ VQ TGVWTP VQ VJG RNC[DCEM OQFG 6JG &21( KEQP = ?
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9LGHR 0HQX 6JKU OGPW KU HQT VJG DCUKE UGVVKPIU VQ DG WUGF YJGP TGEQTFKPI XKFGQ ENKRU 2WUJ CPF JQNF VJG 1- DWVVQP WPVKN VJG ECOGTC VWTPU QP 6QIING VJG T /1&' DWVVQP CPF UYKVEJ VQ = ? OQFG 2TGUU VJG S DWVVQP 6JG =8KFGQ 1WVRWV? OGPW KU FKURNC[GF 5GNGEV VJG FGUKTGF QRVKQP KVGO YKVJ VJG S T DWVVQPU VJGP RTGUU VJG 1- DWVVQP VQ GPVGT KVU TGURGEVKXG OGPW 5GNGEV VJG FGUKTGF UGVVKPI YKVJ VJG S T DWVVQPU VJGP RTGUU VJG 1- DWVVQP 6Q GZKV HTQO VJ
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$8)1$+0(02'86 )RWRJUDILHUHQ *UXQGODJHQ &T×EMGP 5KG UQ NCPIG CWH FKG 1- 6CUVG DKU FKG -COGTC CP KUV > -COGTCOQFWU 5VCPFCTFXQTUEJCW YKTF CPIG\GKIV #TTCPIKGTGP 5KG FKG #WHPCJOG CWH FGO /QPKVQT UQ FCUU UKEJ FCU #WHPCJOGQDLGMV KO (QMWUTCJOGP DGſPFGV &T×EMGP 5KG CWH FGP #WUNÑUGT WO FCU $KNF CWH\WPGJOGP # 0CEJ FGT #WHPCJOG KUV FCU $KNF ITѲGT CNU GU CWH FGO .
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(LQVWHOOHQ GHV PDQXHOOHQ :HL¹DEJOHLFKV 9GPP FKG /GP×QRVKQPGP MGKPG IGGKIPGVGP 'KPUVGNNWPIGP DKGVGP MÑPPGP 5KG FGP 9GK²CDINGKEJ OCPWGNN GKPUVGNNGP WPF URGKEJGTP &T×EMGP 5KG UQ NCPIG CWH FKG 1- 6CUVG DKU FKG -COGTC CP KUV &T×EMGP 5KG CWH FKG 6CUVG S &CU /GP× =#WHPCJ ? YKTF CPIG\GKIV 9¼JNGP 5KG OKV FGP 6CUVGP S T FKG 1RVKQP =9GK²CDINGKEJ? WPF FT×EMGP 5KG FCPP CWH FKG 1- 6CUVG 9¼JNGP 5KG OKV FGP 6CUVGP S T FKG 1RVKQP ==/CPWGNN 9$? WPF FT×EMGP 5KG FCPP CWH F
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9HUJUйHUQ YRQ %LOGHUQ 9¼JTGPF FGT $KNFYKGFGTICDG MÑPPGP 5KG GKPGP CWUIGY¼JNVGP $GTGKEJ FGU $KNFU XGTITѲGTP &CFWTEJ JCDGP 5KG FKG /ÑINKEJMGKV UKEJ FKG (QVQU CWEJ KO &GVCKN CP\WUGJGP #WH FGO /QPKVQT YKTF FCU CMVWGNNG 8GTITѲGTWPIUXGTJ¼NVPKU CPIG\GKIV 8 T T T &T×EMGP 5KG UQ NCPIG CWH FKG 1- 6CUVG DKU FKG -COGTC CP KUV &T×EMGP 5KG CWH FKG 6CUVG = ? &KG \WNGV\V IGOCEJVG #WHPCJOG YKTF CWH FGO .
$Q]HLJHQ YRQ 0LQLDWXUELOGHUQ /KV FKGUGT (WPMVKQP JCDGP 5KG FKG /ÑINKEJMGKV UKEJ CWH FGO .%& /QPKVQT /KPKCVWTDKNFGT INGKEJ\GKVKI CP\GKIGP \W NCUUGP &T×EMGP 5KG UQ NCPIG CWH FKG 1- 6CUVG DKU FKG -COGTC CP KUV &T×EMGP 5KG CWH FKG 6CUVG = ? &KG \WNGV\V IGOCEJVG #WHPCJOG YKTF CWH FGO .
:LHGHUJHEHQ DOV 'LDVFKDX /KV FGT &KCUEJCWHWPMVKQP JCDGP 5KG FKG /ÑINKEJMGKV UKEJ FKG $KNFGT PCEJGKPCPFGT CNU &KCUEJCW CP\GKIGP \W NCUUGP &KGUG (WPMVKQP KUV UGJT P×V\NKEJ WPF WPVGTJCNVUCO H×T FKG 9KGFGTICDG FGT CWHIGPQOOGP $KNFGT WPF H×T 2T¼UGPVCVKQPGP &T×EMGP 5KG CWH FKG 6CUVG = ? &T×EMGP 5KG CWH FKG 6CUVG S &CU 9KGFGTICDGOGP× YKTF CPIG\GKIV 9¼JNGP 5KG OKV FGP 6CUVGP S T FKG 1RVKQP =&KCUEJCW? WPF FT×EMGP 5KG FCPP CWH FKG 1- 6CUVG 9¼JNGP UKG OKV S T FCU
9,'(202'86 $XIQHKPHQ YRQ 9LGHRFOLSV /KV FKGUGT (WPMVKQP JCDGP 5KG FKG /ÑINKEJMGKV 8KFGQENKRU OKV 6QP ×DGT FCU GKPIGDCWVG /KMTQHQP CWH\WPGJOGP &T×EMGP 5KG UQ NCPIG CWH FKG 1- 6CUVG DKU FKG -COGTC CP KUV &T×EMGP 5KG CWH T /1&' WPF YGEJUGNP 5KG KP FGP /QFWU = ? &T×EMGP 5KG CWH FGP #WUNÑUGT WO FKG #WHPCJOG \W UVCTVGP 7O FKG #WHPCJOG \W DGGPFGP FT×EMGP 5KG GKP \YGKVGU /CN CWH FGP #WUNÑUGT $GK FGT #WHPCJOG GKPGU 8KFGQENKRU MCPP FGT $NKV\ PKEJV DGPWV\V YGTFGP (×T GK
:LHGHUJHEHQ YRQ 9LGHRFOLSV &KG 8KFGQENKRU MÑPPGP OKV FGT -COGTC CWEJ YKGFGTIGIGDGP YGTFGP 'KPG $GFKGPWPIUCPNGKVWPI YKTF Y¼JTGPFG FGT 9KGFGTICDG FGU 8KFGQU CWH FGO .
:,('(5*$%(02'86 (5:(,7(57( )81.7,21(1 /ÐVFKHQ YRQ %LOGHUQ 9LGHRFOLSV /KV FKGUGT (WPMVKQP MÑPPGP 5KG $KNFGT WPF 8KFGQENKRU NÑUEJGP FKG KO KPVGTPGP 5RGKEJGT WPF CWH FGT 5RGKEJGTMCTVG IGURGKEJGTV UKPF $GCEJVGP 5KG FCUU IGNÑUEJVG $KNFGT WPF 8KFGQENKRU PKEJV YKGFGTJGTIGUVGNNV YGTFGP MÑPPGP 5GKGP 5KG CNUQ XQTUKEJVKI DGKO .ÑUEJGP .ÑUEJGP KO 9KGFGTICDGOQFWU &T×EMGP 5KG CWH FKG 6CUVG = ? #WH FGO .
.ÑUEJGP GKPGU OCTMKGTVGP $KNFU &T×EMGP 5KG CWH FKG 6CUVG = ? &T×EMGP 5KG CWH FKG 6CUVG S &CU 9KGFGTICDGOGP× YKTF CPIG\GKIV 9¼JNGP 5KG FKG 1RVKQP =.ÑUEJGP? OKV FGP 6CUVGP S T CWU WPF FT×EMGP 5KG FCPP CWH FKG 1- 6CUVG &CU .
6FKÖW]HQ YRQ %LOGHUQ 9LGHRFOLSV &KG &CVGP YGTFGP OKV GKPGO 5EJTGKDUEJWV\ XGTUGJGP FCOKV FKGUG #WHPCJOGP PKEJV XGTUGJGPVNKEJ IGNÑUEJV YGTFGP MÑPPGP 5EJ×V\GP XQP $KNFGTP &T×EMGP 5KG CWH FKG 6CUVG = ? &KG \WNGV\V IGOCEJVG #WHPCJOG YKTF CWH FGO .%& /QPKVQT CPIG\GKIV 9¼JNGP 5KG OKV FGP 6CUVGP W X FCU $KNF CWU FCU OKV GKPGO .
#WHJGDGP FGU .ÑUEJUEJWV\GU 7O FGP .ÑUEJUEJWV\ PWT H×T GKP GKP\GNPGU $KNF CWH\WJGDGP TWHGP 5KG FKGUGU $KNF CWH FGO .
(LQVWHOOHQ GHU '32) )XQNWLRQ /KV FGT &21( (WPMVKQP &KIKVCNGU &TWEMCWHVTCIUHQTOCV MÑPPGP &TWEMKPHQTOCVKQPGP CWH FGT 5RGKEJGTMCTVG IGURGKEJGTV YGTFGP /KV &21( MÑPPGP 5KG HGUVNGIGP YGNEJG $KNFGT KP YGNEJGT #P\CJN IGFTWEMV YGTFGP UQNNGP 5GV\GP 5KG FCPP FKG 5RGKEJGTMCTVG KP GKPGP &21( H¼JKIGP &TWEMGT GKP FGT ×DGT GKPGP GPVURTGEJGPFGP 5RGKEJGTMCTVGPUVGEMRNCV\ XGTH×IV > &21( H¼JKIG &TWEMGT NKGUV FKG CWH FGT 5RGKEJGTMCTVG GPVJCNVGPGP +PHQTOCVKQPGP WPF H×JTV FGP &TWEM GPVURTGEJGPF CWU &T×
9¼JNGP 5KG OKV FGP 6CUVGP S T FKG 1RVKQP ='KP? QFGT =#WU? WPF FT×EMGP 5KG FCPP CWH FKG 1- 6CUVG 'KP &CU &CVWO FGT #WHPCJOG YKTF IGFTWEMV #WU &CU &CVWO FGT #WHPCJOG YKTF PKEJV IGFTWEMV 9¼JNGP 5KG OKV FGP 6CUVGP S T FKG 1RVKQP =&TWEMGP CMVKX? WPF FT×EMGP 5KG FCPP CWH FKG 1- 6CUVG 9¼JNGP 5KG OKV FGP 6CUVGP S T FKG 1RVKQP =#WUH×JT ? WPF FT×EMGP 5KG FCPP CWH FKG 1- 6CUVG &CDGK YKTF GKPG &CVGK OKV FGP &21( &CVGP GTUVGNNV &T×EMGP 5KG CDUEJNKG²GPF CWH FKG 6
$QVFKOLHVVHQ DQ HLQHQ 3LFWEULGJH NRPSDWLEOHQ 'UXFNHU 9GPP 5KG GKPGP &TWEMGT JCDGP FGT 2KEV$TKFIG WPVGTUV×V\V MÑPPGP 5KG FKG -COGTC QJPG FGP %QORWVGT FKTGMV CP FGP &TWEMGT CPUEJNKG²GP #PUEJNKG²GP FGT -COGTC CP FGP &TWEMGT 5EJNKG²GP 5KG FCU OKVIGNKGHGTVG 75$ -CDGN CP FGP 75$ #PUEJNWUU FGT -COGTC WPF CP FGP 75$ #PUEJNWUU FGU &TWEMGTU CP &CU (GPUVGT \WO #WUY¼JNGP FGU 75$ /QFWU YKTF CPIG\GKIV 9¼JNGP 5KG =2KEV$TKFIG? WPF FT×EMGP 5KG FCPP CWH FKG 1- 6CUVG &TWEMGP FGT $KNFGT 9GPP FKG
9GPP 5KG DGKO XQTJGTIGJGPFGP 5EJTKVV =9¼JNGP? CWUIGY¼JNV JCDGP GTUEJGKPV FKG #DDKNFWPI TGEJVU CWH FGO /QPKVQT 9¼JNGP 5KG OKV FGP 6CUVGP W X CNNG $KNFGT CWU FKG \WUCOOGP CWUIGFTWEMV YGTFGP UQNNGP 9¼JNGP 5KG OKV FGP 6CUVGP S T FKG 1RVKQP =&TWEMCP\CJN? DKU \W 9GPP 5KG FKG $KNFGT WPF FKG &TWEMCP\CJN HGUVIGNGIV JCDGP FT×EMGP 5KG \WO $GUV¼VKIGP CWH FKG 1- 6CUVG 9¼JNGP 5KG OKV FGP 6CUVGP S T FKG 1RVKQP =&TWEMGP CMVKX? WPF FT×EMGP 5KG FCPP C
$8)1(+0(1 921 817(5:$66(5%,/'(51 .
6LFKHUVWHOOHQ GHU 'LFKWKHLW 9KEJVKI > &KEJVTKPI FCTH 0+%*6 GKPIGHGVVGV YGTFGP 2T×HGP 5KG XQT LGFGO 6CWEJICPI UQTIH¼NVKI FGP &KEJVTKPI WPF FKG &KEJVTKPICWƀCIGƀ¼EJGP 9GPP FGT &KEJVTKPI CWUIGYGEJUGNV YGTFGP OWUU YGPFGP 5KG UKEJ CP GKPGP 5GC.
6LFKHUVWHOOHQ GHU 'LFKWKHLW ,GFG 5GC.
9GEJUGNP 5KG FGP &KEJVTKPI GKPOCN RTQ ,CJT CWU 8GTYGPFGP 5KG H×T FKG -COGTC PWT XQO *GTUVGNNGT GORHQJNGPG 5GC.KHG &KEJVTKPIG 6GKN 5. 'TUCV\FKEJVTKPIG GTJCNVGP 5KG DGK CWVQTKUKGTVGP 5GC.KHG *¼PFNGTP 0CEJ LGFGO 6CWEJICPI C .GIGP 5KG FKG -COGTC EC /KPWVGP NCPI KP 6TKPMYCUUGT &KG OGKUVGP 6CWEJDQVG XGTH×IGP ×DGT URG\KGNNG 6TKPMYCUUGTIGH¼²G FKG H×T 7PVGTYCUUGTH QVQCWUT×UVWPIGP XQTIGUGJGP UKPF .
(LQVHW]HQ XQG (QWIHUQHQ GHV 'LFKWULQJV 7O FGP &KEJVTKPI \W GPVHGTPGP JGDGP 5KG KJP \WP¼EJUV CP GKPGT FGT 'EMGP OKV GKPGO PKEJV UEJCTHGP )GIGPUVCPF JGTCWU 7O FGP &KEJVTKPI GKP\WUGV\GP FT×EMGP 5KG KJP XQTUKEJVKI KP FKG 4KNNG #EJVGP 5KG FCTCWH FCUU FGT &KEJVTKPI IGPCW KP FKG (QTO FGT 4KNNG GKPIGRCUUV YKTF > &KEJVTKPI FCTH FCDGK PKEJV XGTFTGJV YGTFGP &'
,QVWDOOLHUHQ GHV 'HIOHNWRUV > &GƀGMVQT YKTF PWT \WUCOOGP OKV FGO GZVGTPGP $NKV\ XGTYGPFGV 6GKN 5. & &KGUGT NGKVGV FGP $NKV\ FGT -COGTC \WO GZVGTPGP $NKV\UGPUQT FGT FCPP FGP GZVGTPGP $NKV\ CWUNÑUV 5GV\GP 5KG FGP &GƀGMVQT YKG CDIGDKNFGV KP FKG $CUKU FGU GZVGTPGP $NKV\GU GKP 'KPG CWUH×JTNKEJG #PNGKVWPI WPF 6KRRU \WT (GJNGTDGJGDWPI DGK FGT $GPWV\WPI FGU GZVGTPGP $NKV\GU ſPFGP 5KG KO FC\WIGJÑTKIGP $GPWV\GTJCPFDWEJ &KGUG GTJCNVGP 5KG DGK GKPGO 5GC.KHG *¼PFNGT KP +JTGT 0¼JG 'KPG .
,QVWDOOLHUHQ GHV 'HIOHNWRUV &KGUGT &GƀGMVQT MCPP CNU #FCRVGT H×T FCU QRVKQPCNG (NCUJ .KPM -CDGN 6GKN 5. XGTYGPFGV YGTFGP 'U YKTF GORHQJNGP FCU QRVKUEJG -CDGN \W DGPWV\GP WO UKEJGT\WUVGNNGP FCUU FGT GZVGTPG $NKV\ DGK CNNGP .
%HQXW]HQ XQG 5HLQLJHQ GHU .DPHUD XQWHU :DVVHU 'KPVCWEJGP OKV FGT -COGTC 5RTKPIGP 5KG PKEJV OKV FGT -COGTC KP FGP *¼PFGP KPU 9CUUGT )GJGP 5KG \WGTUV KPU 9CUUGT WPF NCUUGP 5KG UKEJ FCPP FKG -COGTC TGKEJGP 6KRRU \WO (QVQITCſGTGP ſPFGP 5KG WPVGT ő)GNWPIGPG 7PVGTYCUUGTHQVQU OCEJGPŒ 0CEJ FGO 6CWEJICPI 4GKEJGP 5KG GKPGT \YGKVGP 2GTUQP GTUV FKG -COGTC WPF UVGKIGP 5KG FCPP GTUV UGNDUV CWU FGO 9CUUGT .
*HOXQJHQH 8QWHUZDVVHUIRWRV PDFKHQ 7PVGTYCUUGTHQVQU UKPF GVYCU ICP\ CPFGTGU CNU .
/CEJGP 5KG OGJTGTG #WHPCJOGP FGUUGNDGP #WHPCJOGQDLGMVU 7PDTCWEJDCTG (QVQU MÑPPGP 5KG UR¼VGT NÑUEJGP &C 5KG OKV &KIKVCNMCOGTCU FKG (QVQU UR¼VGT CPUGJGP WPF NÑUEJGP MÑPPGP KUV GU UKPPXQNN OGJTGTG (QVQU GKPGU #WHPCJOGQDLGMVU \W OCEJGP &CU KUV FKG DGUVG #TV \W NGTPGP IWVG 7PVGTYCUUGTHQVQU \W OCEJGP 5VGNNGP 5KG DGK $GFCTH FKG $GNKEJVWPIUMQTTGMVWT GKP 9GKVGTG +PHQTOCVKQPGP ſPFGP 5KG WPVGT ő$GNKEJVWPIUMQTTGMVWTŒ 9GPP 5KG OKV FGO /QFWU 'ZV $NKV\ WPF GKPGO QRVKQPCNGP $NKV\ C
¶%(575$*(1 921 '$7(,(1 921 '(5 ',*,7$/.$0(5$ $8) '(1 &20387(5 5[UVGOCPHQTFGTWPIGP 9KPFQYU 2GPVKWO NNN /*\ QFGT JÑJGT 9KPFQYU /' :2 QFGT JÑJGT /$ 4#/ /$ (GUVRNCVVGPURGKEJGT %& 41/ .CWHYGTM (TGKGT 75$ #PUEJNWUU 5[UVGOCPHQTFGTWPIGP /CEKPVQUJ 2QYGT2% ) ) 15 QFGT JÑJGT /$ 4#/ /$ (GUVRNCVVGPURGKEJGT %& 41/ .
6FKULWW 6FKOLH¹HQ 6LH GLH 'LJLWDONDPHUD DQ GHQ &RPSXWHU DQ 5EJNKG²GP 5KG GKP 'PFG FGU 75$ -CDGNU CP FGP 75$ #PUEJNWUU FGT -COGTC CP 5EJNKG²GP 5KG FCU CPFGTG 'PFG FGU 75$ -CDGNU CP GKPGP HTGKGP 75$ #PUEJNWUU FGU %QORWVGTU CP &T×EMGP 5KG UQ NCPIG CWH FKG 1- 6CUVG FGT -COGTC DKU UKG GKPIGUEJCNVGV KUV #WH FGO .
6FKULWW /DGHQ 6LH GLH %LOGHU RGHU 9LGHRFOLSV KHUXQWHU 9GPP FKG GKPIGUEJCNVGVG &KIKVCNMCOGTC CP FGP %QORWVGT CPIGUEJNQUUGP KUV YKTF FKGUG YKG GKP &KUMGVVGP QFGT %& 41/ .CWHYGTM CNU YGKVGTGU .
,167$//,(5(1 '(5 %($5%(,781*662)7:$5( ,QVWDOOLHUHQ YRQ 3KRWR ([SORUHU 7NGCFs 2JQVQ 'ZRNQTGT DKGVGV +JPGP GKPG GKPHCEJG WPF GHſ\KGPVG /ÑINKEJMGKV +JTG FKIKVCNGP /GFKGP \W FWTEJUWEJGP ×DGTVTCIGP ¼PFGTP .
,QVWDOOLHUHQ YRQ 3KRWR ([SUHVV 7NGCFs 2JQVQ 'ZRTGUU KUV GKPG WOHCUUGPFG (QVQRTQLGMV 5QHVYCTG H×T FKIKVCNG $KNFGT /KV FGO 5EJTKVV H×T 5EJTKVV #DNCWH FGT XKUWGNNGP $GPWV\GTQDGTƀ¼EJG WPF FGO *KNHG #UUKUVGPVGP KO 2TQITCOO MÑPPGP 5KG CWHTGIGPFG (QVQRTQLGMVG GTUVGNNGP .
9(5:(1'(1 '(5 ',*,7$/(1 )272.$0(5$ $/6 3& .$0(5$ 5KG MÑPPGP FKG -COGTC CWEJ CNU 2% -COGTC XGTYGPFGP &CFWTEJ KUV GU OÑINKEJ OKV +JTGP )GUEJ¼HVURCTVPGTP 8KFGQMQPHGTGP\GP CD\WJCNVGP QFGT OKV +JTGP (TGWPFGP QFGT FGT (COKNKG KP 'EJV\GKV őIGIGP×DGT\WUVGJGPŒ 9GPP 5KG FKG &KIKVCNMCOGTC H×T 8KFGQMQPHGTGP\GP XGTYGPFGP OÑEJVGP OWUU FCU %QORWVGTU[UVGO ×DGT FKG HQNIGPFGP 6GKNG XGTH×IGP /KMTQHQP 5QWPFMCTVG .
6FKULWW 6FKOLH¹HQ 6LH GLH 'LJLWDONDPHUD DQ GHQ &RPSXWHU DQ 5EJNKG²GP 5KG GKP 'PFG FGU 75$ -CDGNU CP FGP 75$ #PUEJNWUU FGT -COGTC CP 5EJNKG²GP 5KG FCU CPFGTG 'PFG FGU 75$ -CDGNU CP GKPGP HTGKGP 75$ #PUEJNWUU FGU %QORWVGTU CP &T×EMGP 5KG UQ NCPIG CWH FKG 1- 6CUVG FGT -COGTC DKU UKG GKPIGUEJCNVGV KUV #WH FGO .
0(1¶237,21(1 0HQÖ o.
5\GPG/QFWU 9GKVGTG +PHQTOCVKQPGP FC\W ſPFGP 5KG KP FKGUGO $GPWV\GTJCPFDWEJ WPVGT ő#WUY¼JNGP FGU /QVKXOQFWUŒ '8 9GKVGTG +PHQTOCVKQPGP JKGT\W ſPFGP 5KG KP FKGUGO $GPWV\GTJCPFDWEJ KO #DUEJPKVV ő'KPUVGNNGP FGT $GNKEJVWPI '8 Œ 9GK²CDINGKEJ *KGT YKTF FGT 9GK²CDINGKEJ H×T FKG #WHPCJOG XQP (QVQU DGK XGTUEJKGFGPGP .KEJVDGFKPIWPIGP HGUVIGNGIV &CDGK YKTF FCU .KEJV FGT 'ORſPFWPI FWTEJ FCU OGPUEJNKEJG #WIG CPIGINKEJGP = .
+51 *KGT YKTF FKG .
0HQÖ o9LGHRDXVJDEHp +P FKGUGO /GP× YGTFGP FKG )TWPFGKPUVGNNWPIGP H×T FCU #WHPGJOGP XQP 8KFGQENKRU XQTIGPQOOGP &T×EMGP 5KG UQ NCPIG CWH FKG 1- 6CUVG DKU FKG -COGTC CP KUV &T×EMGP 5KG CWH FKG 6CUVG T /1&' WPF YGEJUGNP 5KG KP FGP = ? /QFWU &T×EMGP 5KG CWH FKG 6CUVG S &CU /GP× =8KFGQCWUICDG? YKTF CPIG\GKIV 9¼JNGP 5KG OKV FGP 6CUVGP S T FKG IGY×PUEJVG 1RVKQP WPF FT×EMGP 5KG CWH FKG 1- 6CUVG WO KP FCU GPVURTGEJGPFG /GP× \W IGNCPIGP 9¼JNGP 5K
0HQÖ o:LHGHUJDEHp .
0HQÖ o6HWXSp *KGT UVGNNGP 5KG FKG $GVTKGDUWOIGDWPI FGT -COGTC GKP &T×EMGP 5KG CWH FKG 6CUVG T /1&' WO \WO -COGTC QFGT 8KFGQOQFWU = ? \W YGEJUGNP QFGT FT×EMGP 5KG CWH FKG 6CUVG = ? &T×EMGP 5KG CWH FKG 6CUVG S WPF TWHGP 5KG OKV FGT 6CUVGP X FCU /GP× ő5GVWRŒ CWH &CU /GP× =5GVWR? YKTF CPIG\GKIV 9¼JNGP 5KG OKV FGP 6CUVGP S T FKG IGY×PUEJVG 1RVKQP WPF FT×EMGP 5KG CWH FKG 1- 6CUVG WO KP FCU GPVURTGEJGPFG /GP× \W IGNCPIGP 9¼JNGP 5KG OKV FGP 6
5RTCEJG 9GKVGTG +PHQTOCVKQPGP FC\W ſPFGP 5KG KP FKGUGO $GPWV\GTJCPFDWEJ WPVGT ő'KPUVGNNGP FGT 5RTCEJGŒ #WVQ #WU 9GPP ×DGT GKPGP DGUVKOOVGP
63(=,),.$7,21(1 'NGOGPV (WPMVKQP $KNFUGPUQT 'HHGMVKXG 2KZGN #WƀÑUWPI $KNFSWCNKV¼V 5RGKEJGTOGFKWO &CVGKHQTOCV 1DLGMVKX (QMWUDGTGKEJ .#0& (QMWUDGTGKEJ 79 .
)(+/(5%(+(%81* $GXQT 5KG FKG -COGTC H×T GKPG 4GRCTCVWT GKPUEJKEMGP UQNNVGP 5KG UKEJ FKG HQNIGPFGP 2TQDNGOG WPF .ÑUWPIUXQTUEJN¼IG FWTEJNGUGP 9GPP +JT 2TQDNGO FGPPQEJ PKEJV IGNÑUV YGTFGP MCPP YGPFGP 5KG UKEJ CP +JTGP (CEJJ¼PFNGT QFGT CP 5GC.KHG 5GTXKEG %GPVGT KP +JTGO .CPF 'KPG XQNNUV¼PFKIG .KUVG FGT 5GTXKEG %GPVGT KP +JTGO .CPF ſPFGP 5KG WPVGT YYY 5GC.
$XIQDKPH 2TQDNGO &KG -COGTC OCEJV DGKO &T×EMGP FGU #WUNÑUGTU MGKPG #WHPCJOG &KG #WHPCJOGP GTUEJGKPGP PKEJV CWH FGO .%& /QPKVQT 7TUCEJG .ÑUWPIUOÑINKEJMGKV &KG $CVVGTKGP #MMWU UKPF HCUV NGGT .
2TQDNGO 7TUCEJG .ÑUWPIUOÑINKEJMGKV > $NKV\ KUV CWUIGUEJCNVGV 5VGNNGP 5KG GKPGP CPFGTGP $NKV\OQFWU GKP > $NKV\ KUV PQEJ PKEJV DGTGKV QFGT PKEJV CWHIGNCFGP 'U FCWGTV EC 5GMWPFGP DKU FGT $NKV\ FGT -COGTC YKGFGT CWHIGNCFGP KUV 9CTVGP 5KG DKU FKG .'& #P\GKIG IT×P NGWEJVGV > $NKV\ KUV CWH #WVQ GKPIGUVGNNV WPF FKG 7OIGDWPI KUV JGNN 5EJCNVGP 5KG FGP $NKV\ #0 FCOKV FGT $NKV\ CWEJ DGK JGNNGO .
:LHGHUJDEH 2TQDNGO 7TUCEJG .ÑUWPIUOÑINKEJMGKV > +PJCNV YKTF PKEJV YKGFGTIGIGDGP &KG -COGTC KUV PKEJV KP FGP 9KGFGTICDGOQFWU IGUEJCNVGV &T×EMGP 5KG CWH FKG 9KGFGTICDGVCUVG = ? > +PJCNV FGT 5RGKEJGTMCTVG MCPP PKEJV YKGFGTIGIGDGP YGTFGP 5KG XGTUWEJGP GKPG 5RGKEJGTMCTVG YKGFGT\WIGDGP FKG PKEJV OKV FKGUGT -COGTC HQTOCVKGTV YWTFG 5GV\GP 5KG GKPG -CTVG GKP FKG OKV FKGUGT -COGTC HQTOCVKGTV YWTFG &KG &CVGKGP UKPF OKV GKPGO .ÑUEJUEJWV\ XGTUGJGP *GDGP 5KG FGP .
5.
