+/'$³ 1$3À7 $872%$7(5,( 2EMHGQDFm ´mVOR $ ' OHåLWp %H]SRGPtQHþQ 8SR]RUQ Qt þW WH =D ¨NRG\ NWHUk Y]QLNQRX QHUHVSHNWRYgQmP WRKRWR QgYRGX QHUX´mPH RGSRYÁGQRVW ]D 1HSÏHMmPgPH QgVOHGQk ¨NRG\ NWHUk .
• • 3RNXG PDMm E®W VRXµgVWL Y\VWDYHQ\ VLOQ®P RWÐHVØP QHER YLEUDFmP ]SØVREHP GRSRUXµXMH PÂNFH VH MH RGSRYmGDMmFmP Y\SRGORªLW $Y¨DN ]gVWUµNX QHER MLQDN ]DMLVWLW ªH SÐmVWURM MH EH] SURXGX • MH EH]SRGPmQHµQÂ QXWQk Y]mW Y rYDKX ªH VRXµgVWL QD SRNXG VH SRXªLMH KRÐODYkKR SÐHG PDWHULgOX 3ÐmVWURM Pg E®W Y]GgOHQ RG NYÂWLQRY®FK • Yg] • 3ÐmVWURM VH QHVPm SRXªmYDW YH VW\NX V • OHKFH QD ]DÐm]HQmFK GHVNgFK VRXµgVWNgFK SRXªmYgQR MHQ QHER WHKG\ MH OL 1DSgMHFm NDEHO\ Q
• • 3ÐmVWURMH SURYR]RYDQk SRG QDSÂWmP 9 D Y\¨¨mP 9¨HFKQ\ REYRG\ REY\NO®FK ORJLFN®FK ÐDG E®Yg PRªQk VPm SÐLSRMRYDW MHQ RGERUQmN VSRMRYDW 9\YHGHQk 9 NDªGkP SÐmSDG MH QXWQR RYÂÐLW ]GD MH VRXSUDYD QDSÂWm µLQm SURSRMHQmP SRXªLWm GDOHNRVgKOH )XQNFH NG\ª SRURYQgQD ]YROHQg KRUQm Y GUXKkP NRPSDUgWRUX GROQm MH REYRG 3RNXG YHVWDYÂQ MVRX GR NU\WX DEVROXWQ PH] PÂÐHQm QHY\KQXWHOQg PXVm SÐL E®W ] RWHYÐHQkP EH]SHµQRVWQmFK QDSÂWm QDSÂWm SÐmVWURML 7&$ VH 9 SUYQmP NRPSDUg
3RWk RWgµHMWH EOLNDW MH]GFHP µHUYHQg QD KRGQRWX /(' RNROR SRWHQFLRPHWUX SRWHQFLRPHWUX 1\Qm 3 ]Y\¨WH 9 D QDVWDYWH 3 Dª QDSgMHFm REGREQÂ EOLNgQm ]DµQH SgMHQm QDSÂWm VRXµgVWNDPL SRPRFm ªOXWk 3ÐHG YPRQWRYgQmP GHVN\ GR GREÐH ]DML¨WÂQkKR PmVWD 0RKOR E\ VH VWgW ªH REYRG ]D Y\ELMH GHO¨m GREX DXWREDWHULL P$ = GØYRGX MH YKRGQk RGHEmUDW QDSgMHFm QDSÂWm ] Wk SRMLVWN\ QD 6YÂGRPLWRX Y DXWRPRELOX MH GRSRUXµHQR SÐHGHP ML YHVWDYÂW GR PDOkKR NU\WX NWHUk MH QDSÂWm
VRXµgVWL 0LPR WR WDNk YHGRX SURXG D WmP ]DSÐmµLÊXMm EOXGQk SURXG\ D NUgWNg VSRMHQm : 3gMHFm ¨SLµND Pg E®W RµL¨WÂQD RG KRÐODY®FK OgWHN 3RNXG MH Dª VHP Y¨H Y SRÐgGNX D ]DSRMHQm SÐHVWR VWgOH QHIXQJXMH MHGQg VRXµgVWN\ 3RNXG VH V 8ªmYHMWH PDOk SgMHµN\ V WHSHOQ®P Y®NRQHP QHMY®¨H SUDYGÂSRGREQ HOHNWURQLNRX R WHSUYH ]gYDGX ]DµmQgWH SURWRªH PXVm E®W GREÐH RGYgGÂQR WHSOR 7R ]QDPHQg WHSOR SgMHµN\ PXVm E®W GREÐH YHGHQR GR SgMHQkKR PmVWD MH QHMYKRGQÂM¨m SRUDGLW VH VH ]QgP®PL NWHÐ
GR REMmPN\ XVD]HQ 2EMmPND PXVm EW RVD]HQD WDN 6WDYHEQm HWDSD , DE\ 0RQWgª VRX´gVWHN QD GHVNX WDWR ]QD´ND 'ROD¼RYDFm SRWHQFLRPHWU 1\Qm ]DSgMHMWH GR GHVN\ RED SRWHQFLRPHWU\ 3 N 3 N 3ÏmYRGQm VYRUNRYQLFH 'LRGD 1\Qm YVXÊWH GR SÐmVOX¨Qk SR]LFH QD GHVFH ¨URXERYRX VYRUNRYQLFL D SÐmYRGQm NROmµN\ ]H VWUDQ\ SOR¨Q®FK VSRMØ µLVWÂ ]DSgMHMWH × SÐmYRGQm VYRUNRYQLFH SoORYg 1\Qm RKQÂWH SUDYRrKOH Y®YRG\ GLRG\ WDN DE\ Y\KRYRYDO\ GDQkPX UDVWUX =DVXÊWH GLRGX GR SÐHGYUWDQ®FK RWYRUØ
3ÐLSgMHMWH QHMSUYH SHYQÂ SRX]H MHGHQ ] Y®YRGØ DE\ E\OR MH¨WÂ PRªQk GLRGX Y\URYQDW 3R Y\URYQgQm GLRG\ SÐLSgMHMWH GUXK® Y®YRG /' ]HOHQg /' ªOXWg /' µHUYHQg 3R]RU ,QWHJURYDQk REYRG\ MVRX YHOPL QD SÏHSoORYgQm 3URWR MH QXWQR GEgW FLWOLYk SÏmVOX¨QkKR R]QD´HQm ,2 ]gÏH] QHER WH´ND ,QWHJURYDQk REYRG\ VH ]gVDGQÁ QHVPÁMm Y\PÁÉRYDW QHER ]DVRXYDW GR REMmPHN SRNXG MH SÏLSRMHQR QDSgMHFm QDSÁWm ,2 7&$ RNkQNRY® GLVNULPLQgWRU ]gÐH] QHER WHµND PXVm XND]RYDW NH VYRUFH 9 3RNXG FK\Em M
6FKkPD ]DSRMHQm
3OgQ RVD]HQm
6WDYHEQm HWDSD ,, 3ÏLSRMHQm XYHGHQm GR FKRGX 3R RVD]HQm GHVN\ D RGVWUDQÂQm HYHQWXgOQmFK FK\E ¨SDWQ SgMHQk VSRMH FmQRYk PØVWN\ PتH E®W SURYHGHQ WHVW IXQNµQRVWL ]DÐm]HQm -H QXWQk PmW QDSgMHQD QDSÁWmP QD ]ÏHWHOL ªH VHVWDYD MHQ ILOWURYDQP ]H VmÕRYkKR EDWHULH DNXPXOgWRUX 7HQWR VPm EW VWHMQRVPÁUQP ]GURMH ]GURM QHER QDSÁWm PXVm EW WDNk VFKRSHQ GRGgYDW SRWÏHEQ SURXG $XWRQDEmMH´N\ QHER QDSgMHFm WUDID ªHOH]QL´QmFK PRGHO× QHMVRX VRX´gVWHN YKRGQ
2YÂÐWH WDNk ]GD MH NDªG® SgMHFm ERG RVD]HQ µDVWR NWHUk VH ]DSDORYgQm SÐLKRGm ªH EÂKHP SgMHQm QÂNWHUk SgMHFm ERG\ SÐHKOkGQHWH 0\VOHWH WDNk QD WR ªH GHVND SgMHQg V SRPRFm MH 3R VWDUWX PXVm OHWRYDFmFK SDVW OHWRYDFmFK NDSDOLQ QHER QHYKRGQ®P SRG QDSÂWmP PتH DOH SR ªOXWg MHQ /(' NUgWNkP SÐL ]DSQXWkP NUgWNRX µDVH GREX RSÂW VYmWLW VDPRµLQQ ]KDVQRXW FmQHP QHPXVm E®W IXQNµQm 3RXªLWm WÂFKWR SURVWÐHGNØ PتH YkVW NH Y]QLNX ]NUDWØ 3ÐL Y¨HFK HOHNW
1gURN\ QD ]gUXNX D RSUDYX ]DQLNDMm WDNk • SÐL ]PÂQgFK µL SRNXVHFK R RSUDYX SÐmVWURMH • SÐL VYkYROQ®FK rSUDYgFK ]DSRMHQm • SÐL NRQVWUXNFL QHSÐHGYmGDWHOQkKR D QHSÐLPÂÐHQkKR ]DSRMHQm VRXµgVWHN VSmQDµØ SÐLSRMHQm SRWHQFLRPHWUØ VRXµgVWHN NRQHNWRUØ DSRG MDNR YROQ®PL GUgW\ • SÐL SRXªLWm MLQ®FK GR RULJLQgOQm VWDYHEQLFH QHSDWÐmFmFK VRXµgVWHN • SÐL ]QLµHQm YRGLY®FK GUDK QHER SgMHFmFK RN • SÐL ¨SDWQkP RVD]HQm D WmP Y]QLNQXY¨mFK QgVOHGQ®FK ¨NRGgFK • SÐL SÐHWmªHQm RVD]HQk GHVN\ • SÐ
