63
" 7TIGMEP GSEXMRK TIEGI SJ QMRH
8LI GLEVKIV IPIGXVSRMG FSEVHW EVI GSEXIH [MXL [EXIVTVSSJ ERH XVSTMGEPMWIH ZEVRMWL
%R ERXM HVMT GSZIVMRK TVSXIGXW XLI GLEVKIV JVSQ [EXIV MRKVIWW
8LI IRXMVI GLEVKIV GEWMRK TEMRX MW WTIGM´GEPP] GSEXIH XS TVIZIRX GSVVSWMSR
" 1EREKMRK XIGLRSPSK] LMKL TIVJSVQERGI
8LI PEXIWX ,* XIGLRSPSK] ERH '37 4,- VIKYPEXMSR MRXIKVEXIH 4*' ¦ 4S[IV *EGXSV 'SVVIGXMSR
IRWYVI RSQMREP GLEVKIV STIVEXMSR MR XLI IZIRX SJ [MHI MRTYX µYGXYEXMSR %W %' GLEVKIV MRTYX
GSRWYQTXMSR MW PS[ ]SY IGSRSQMWI KIRIVEXSV TS[IV
" -R FYMPX TVSXIGXMSR VIPMEFMPMX]
8LI '47 FEXXIV] GLEVKIVW LEZI RYQIVSYW MR FYMPX TVSXIGXMSR HIZMGIW TSPEVMX] VIZIVWEP
WLSVX GMVGYMXW XLVSYKL VIQSZEFPI JYWIW SZIV LIEXMRK IXG
IRWYVMRK E PSRK GLEVKIV PMJI
" 4EVEPPIP QSYRX µI\MFMPMX]
=SY GER TEVEPPIP QSYRX SYV GLEVKIVW XLIVIF] QYPXMTP]MRK XLI SYXTYX GYVVIRX SJJ : %
GLEVKIVW [MPP HIPMZIV : %
=SY GER TEVEPPIP QSYRX YT XS GLEVKIVW TVIJIVEFP] XLI WEQI WM^I
8LI TS[IV WLEVMRK JYRGXMSR MW EGXMZI MJ SRP] SRI WMRKPI SYXTYX MW YWIH TIV GLEVKIV SR QSHIPW
: % : % : % : % : % : % ERH : %
8LI WXVIRKXL
SJ MRRSZEXMSR
'47 FEXXIV] GLEVKIVW XLI ERW[IV XS GSRWXERXP] GLERKMRK VIUYMVIQIRXW MR E GPMQEXI
SJ MRGVIEWMRKP] WXVMGXIV WXERHEVHW
"
'LSSWI
]SYV GLEVKMRK GYVZI
7EJIX] ERH JVIIHSQ
"
'LSSWI
]SYV FEXXIV] X]TI
1EHI XS QIEWYVI FEXXIV] GLEVKMRK
XIGLRSPSK]
VI GLEVKMRK
YV WTIGM´G
VKIVW LEZI
GLEVKI PIZIP
XIGLRSPSK]
W WYGL EW
IP IXG
"
9RMZIVWEP %' TS[IVMRK
;SVPH[MHI YWI
8LI %' MRTYX ZSPXEKI ERH JVIUYIRG] EYXS VERKMRK ¦ JVSQ XS :%' ERH
JVSQ XS ,^ ¦ KYEVERXIIW FEXXIVMIW GER FI GLEVKIH ER][LIVI MR )YVSTI
ERH MR XLI 97%
JVSQ GSQQIVGMEP 1EMRW SV KIRIVEXSVW IZIR [LIR EZEMPEFPI
TS[IV MW PMQMXIH IRH SJ TSRXSSR JSVIMKR RIX[SVO IXG
)\GITX QSHIP : %
:%' TLEWIW
3R '47 GLEVKIVW XLI &3378 TLEWI MW
TEVXMGYPEVP] WEJI EW MX MW RSX SRP] XMQIH FYX
EPWS GYVVIRX GSRXVSPPIH -R XLI IZIRX SJ E GYX
MR XLI GLEVKIV TS[IV WYTTP] XLI GLEVKMRK
G]GPI HSIW RSX VIWIX
8LI WXIT GLEVKI QSHI FIMRK JEWXIV
&3378 %&73648-32 ERH *03%8-2+
MX MW
TEVXMGYPEVP] YWIJYP [LIR ]SY VYR SYX SJ XMQI
XS GLEVKI XLI FEXXIVMIW GLEVKIV TS[IVIH
JVSQ E KIRIVEXSV WLSVX WXE] MR XLI QEVMRE
IXG
-X MW TSWWMFPI XS MRXIVVYTX XLI &SSWX
TLEWI [MXL ER MRXIVREP W[MXGL JSV WTIGM´G
ETTPMGEXMSRW [LIVI XLMW JYRGXMSR MW RSX
VIUYMVIH [MRXIVMRK WIPJ QEMRXEMRMRK FEXXIV]
%W ]SYV GLSMGI VIKEVHMRK FEXXIV]
MW I\XIRWMZI ]SY LEZI XS QEOI WY
GLEVEGXIVMWXMGW GSQTP] [MXL ]S
FEXXIV] X]TI '47 FEXXIV] GLE
MRXIVREP WIPIGXSVW JSV WIXXMRK XLI
MR GSQTPMERGI [MXL XLI FEXXIV]
ERH ETTPMGEXMSR QER] WIXXMRK
0IEH WIEPIH 'EPGMYQ 0IEH %+1 +
GLEVKI SV [LIR XLI GLEVKIV MW YWIH EW
HMVIGX GYVVIRX VIKYPEXIH ERH ´PXIVIH TS[IV
WYTTP]
"
1YPXMTPI SYXTYXW
'LEVKI FEXXIVMIW
WMQYPXERISYWP]
'47 FEXXIV] GLEVKIVW LEZI MRHITIRHIRX
SYXTYXW I\GITX QSHIPW "
%
[LMGL GER
MRHMZMHYEPP] HIPMZIV RSQMREP SYXTYX GYVVIRX
3RI SJ XLIWI SYXTYXW MW HIWMKRIH JSV QEXGLMRK
WTIGM´G IRKMRI FEXXIV] VIUYMVIQIRXW JSV QEVMRI
ETTPMGEXMSR
8LI FYMPX MR FEXXIV] MWSPEXSV SR IEGL FEXXIV]
FERO QIERW XLI FEXXIVMIW WXE] TIVQERIRXP]
GSRRIGXIH XS XLI GLEVKIV ERH XLIVI MW RS RIIH
XS HMWGSRRIGX XLIQ HYVMRK IRKMRI WXEVXYT
8LI '6-78)' '47 FEXXIV] GLEVKIVW EVI XLI SRP]
SRIW EZEMPEFPI SR XLI QEVOIX [MXL ER I\XVE
XIVQMREP XS GSRRIGX ER EHHMXMSREP I\XIVREP
FEXXIV] MWSPEXSV JSV GSRRIGXMRK YT XS
MRHITIRHIRX FEXXIV] FEROW JVSQ XLI GLEVKIV
ERH JVSQ XLI FEXXIV] MWSPEXSV
'6-78)' VIGSQQIRHW YWMRK E ZSPXEKI HVST
JVII MWSPEXSV 4PIEWI VIJIV XS XLI '6-78)' 6')
FEXXIV] MWSPEXSV VERKI