Corporate Presentation 2006 Watch out for the mark of - Corporate-ir

Transcription

Corporate Presentation 2006 Watch out for the mark of - Corporate-ir
Bnqonq`sdOqdrdms`shnm1//5
V`sbgntsenqsgdl`qjneBqd`shudGnrohs`khsx
Hm
1//5+
sgdQdyhcnqGnsdkFqntorhfmdcbnmsq`bsrenq7+458qnnlr'21
g
nsdkr( `mc
2+63/qnnlr'05gnsdkr(rs`qsdcsnsq`cd-Sgdonqsenkhn
mnv hmbktcdr
168gnsdkrhmnodq`shnm`mctmcdqcdudknoldmsvhsg
` sns`k ne 46+500
ftdrsqnnlrhm36bntmsqhdr-Vdg`ud`knmfghr,
snqx ne e`rs fqnvsg- Vd
g`udltkshokhdclnqdsg`msdmenkcrhmbd0882
`mc mnv q`mj `lnmf sgd Ýud
k`qfdrsgnsdkl`m`fdldmsbnlo`mhdrhm
Dtqnod- Hmcddc+ Qdyhcnq hr btq,
qdmskx nmd ne sgd e`rsdrs fqnvhmf
gnrohs`khsx l`m`fdldms bnl,
o`mhdrhmsgdvnqkc-Vdhmsdmc
sn mns nmkx l`hms`hm sghr o`bd+
ats sn `bbdkdq`sd hs- Vd
g`udbnllhssdcsnfqnvhmfntq
b`o`bhsx ne qnnlr hm nodq`shnm
ax 1/+/// hm sgd sgqdd,xd`q
odqhnc eqnl 1//6Ï1//8- @s
sgdadfhmmhmfne1//6+vdg`c
`kqd`cx rdbtqdc 01+/// mdv
qnnlr snv`qcr `bghduhmf sgd
s`qfds-Rtbbdrrhmsghratrhmdrr
hr o`qskx `ants bqhshb`k l`rr- Sn
bnlodsd hm sgd gnsdk atrhmdrr
q`bdxntg`udsnadsgdqd-@mc
snÓadsgdqdÔ+xntltrsfqnv-Hs
hr mns+ gnvdudq+ ` ptdrshnm ne
fqnvhmf`s`mxbnrs9hsÔrdpt`kkx
`mcuhs`kkxhlonqs`mssn`bghdud
rtrs`hm`akd oqnÝs`akd fqnvsg
`mcsg`sk`qfdkxcdodmcrnmgnv
fqnvsghretdkkdc-Vdadkhdudhm
` lhw ne nqf`mhb fqnvsg `mc
rths`akd`bpthrhshnmr-Sn`bghdud
e`rs fqnvsg hs hr mdbdrr`qx sn
g`ud sqtkx bnlodshshud aq`mcr
`mc oqnctbsr sg`s oqn`bshudkx
lddssgdmddcr`mcoqdedqdmbdr
nebtrsnldqr`mc`qd`krnd`rx
snÝmc`mcd`rxsnatx-@m`f,
fqdrrhud fqnvsg rsq`sdfx+ bnt,
okdcvhsg`bkd`qtmcdqrs`mchmf
ne vg`s btrsnldqr v`ms `mc
mddc `qd ntq jdx u`ktd cqhu,
dqr-Q`chrrnmR@Rhrbtqqdmskx
sgd
rdbnmc
k`qfdrstorb`kdaq`mchmDtqnod-Gnvdudq+hshrrdbnmcsnmnmdvgdmld`rtqdcnmfqnvsg`mchr
bknrhmfhmnmGhksnm+sgdk`qfdrstorb`kdaq`mc-Q`chrrnmR@R+ntqbnqdaq`mc+g`r23+156qnnlr
'044gnsdkr(hmnodq`shnmhm30bntmsqhdr-@ffqdrrhudfqnvsgenqQ`chrrnmR@Rhrok`mmdchm
Rntsgdqm`mcD`rsdqmDtqnod+Qtrrh``mcsgdnsgdqBHRbntmsqhdr`mcsgdLhcckdD`rs+vghkd
noonqstmhrshb fqnvsg hr dwodbsdc hm @eqhb`- O`qj Hmm+ ntq nsgdq jdx aq`mc+ g`c ` Þxhmf rs`qs-
Hs g`r fqnvm eqnl ydqn sn 0/+063 qnnlr hm 51 gnsdkr hm nodq`shnm `esdq itrs entq xd`qr+
l`hmkx sgqntfg bktrsdq bnmudqrhnmr+ oktr rnld hmchuhct`k s`jdnudqr- O`qj Hmm fqnvsg enk,
knvrsgdrtbbdrretko`ssdqmneQ`chrrnmR@Rvhsgfqd`sdqodmdsq`shnmhmgnldl`qjdsr-
VdkbnldsnQdyhcnq
Sgdqd`qd10+///*QdyhcnqhsdrbnllhssdcsnXdrHB`m hm
36bntmsqhdrvnqkcvhcd-Qdyhcnqhrnmdnesgde`rsdrsfqnvhmfgnr,
ohs`khsxbnlo`mhdrhmsgdvnqkcvhsg168gnsdkr'46+500qnnlr(hmno,
dq`shnm `mc tmcdq cdudknoldms hm 36 bntmsqhdr `bqnrr Dtqnod+ sgd
LhcckdD`rs+@eqhb``mcBdmsq`k@rh`-NmMnudladq17sg1//5+Qdyhcnq
v`rkhrsdcnmsgdRsnbjgnklRsnbjDwbg`mfd-B`qkrnmGnsdkrVnqkcvhcd
`bpthqdc`24$rs`jdhmsgdbnlo`mx-B`qkrnmvnqjrbknrdkxvhsgQdyhcnq
hmrdudq`k`qd`rrtbg`rchrsqhatshnm+knx`ksxoqnfq`lldr`mcr`kdr-
EHUDRSQNMFAQ@MCR
N Q`chrrnmR@RÏEhqrsBk`rrÏ078gnsdkr
@sQ`chrrnmR@R+sgdXdrHB`m btkstqdsq`mrk`sdrhmsnsqd`shmfd`bg`mcdudqxftdrs`r`sqtdhmchuhct`k-Q`chrrnm
R@R`hlrsn`bghdudhsrfn`kneadhmf`l`qjdskd`cdqaxbnlahmhmfnmd,sn,nmdgnrohs`khsxvhsgbkdudqrdquhbd
bnmbdosr`mcMdvAqddcgnsdkcdrhfmN BntmsqxHmmÏLhc,l`qjdsÏ3gnsdkr
Needqhmf`tmhptdBntmsqxBnmbdosvhsg`bnrx`slnrogdqd`mceqhdmckxrs`ee+BntmsqxHmmhr`kk`antsehqdok`bdrhm
sgdg`kk+bnlenqs`akdkntmfdr`mcqdk`whmfqnnlr-BntmsqxHmmg`ronrhshnmdchsrdke`r`lhc,l`qjds`ksdqm`shudenq
sq`udkkdqrvgnv`ms`ghfgkdudknebnlenqs`mcdwbdkkdmsu`ktdenqsgdhqlnmdx-
N LhrrnmhÏKhedrsxkdÏ2gnsdkr
Lhrrnmhhr`mdvkhedrsxkdgnsdkaq`mccdudknodchmo`qsmdqrghovhsgsgdhmsdqm`shnm`ke`rghnmgntrdnesgdr`ld
m`ld`mc`hlrsn`ssq`bssgdcdrhfm`mcrsxkdbnmrbhntrsq`udkkdqvhsggnsdkrhmbhsxbdmsqdr`mcqdrnqsr+cdrhfmdc
hm`rsqnmfbnmsdlonq`qxrsxkd-
N O`qjHmmÏLhc,l`qjdsÏ66gnsdkr
@sO`qjHmm+sgdenbtrhrnmneedqhmfsgdgnrohs`khsxdrrdmsh`kradssdqsg`m`mxbnlodshsnqvhsghmsgdr`ldl`qjds-
@mhmsdqm`shnm`k+lhc,l`qjds+ghfgkxdeehbhdms+eqdrg`mchmmnu`shudaq`mc+O`qjHmmhr`mtmbnlokhb`sdc`mc
`eenqc`akdgnrohs`khsxoqnctbssg`sneedqrbnmrhrsdmskxvdkkdwdbtsdcrdquhbdvhsg`v`ql`mceqhdmckx`ooqn`bgN QdfdmsÏKtwtqxÏ3gnsdkr
@mhmsdqm`shnm`kgnrohs`khsxkdfdmc+Qdfdmshruhqst`kkxrxmnmxlntrvhsgktwtqxgnsdkr-Vhsg`vdkk,cdehmdcrdquhbd
bnmbdoshmrohqdcaxsgdS`neqnlsgdE`qD`rs+Qdfdmsg`rrdssgdrs`mc`qcenqghfg,dmcbtrsnldqrdquhbdax
bnmshmtntrkxqdhmudmshmfsgdktwtqxdwodqhdmbdenqftdrsrQdyhcnq`krng`r1tmaq`mcdcgnsdkrhmhsronqsenkhn-
EHM@MBH@KGHFGKHFGSR
Nbbto`mbx`mcQduo`q
L`m`fdc`mckd`rdcnodq`shnmr+
qnkkhmf'odqCdbdladq(
MtladqneGnsdkr
Qdyhcnq
Ehm`mbh`kghfgkhfgsr
Qdyhcnq
01/
Q`chrrnmR@R'078(
0//
BntmsqxHmm'3(
Nodq`shmfqdudmtd+SDTQ
Lhrrnmh.Khedrsxkd'2(
DAHSC@+SDTQ
7/
DAHSC@Fqnvsg+$
5/
O`qjHmm'66(
3/
Qdfdms'3(
1/
/
Tmaq`mcdc'1(
/1
/2
QduO@Q'DTQ(
/3
/4
NBBTO@MBX'$(
/5
QNBD+$
1//5
1//4
6/6+208
476+/35
50+///
32+6//
*28-5
*030-5
07-0
01-1
NEEDQHMFXDRHB@M GNROHS@KHSXHM36BNTMSQHDRHMDTQNOD+SGDLHCCKDD@RS@MC@EQHB@
1
2
0
0
13
02
6
18
@RH@
0
01
23
01
6
1
6
1
0 1
0
7
1
23
1
0
5
SGDLHCCKDD@RS
1
0
0
5
5
10
2
3
0
2
0
0
0
1
0
0
0
1
0
0
@EQHB@
2
1
NVMDQRGHO
Rezidor Hotel Group AB
(Sweden)
100 % shares & votes
Rezidor Hotel Holdings AB
(Sweden)
100 % shares & votes
Rezidor Hospitality A/S
(Denmark)
100 %
Rezidor Hotels
ApS Danmark
(Denmark)
100 %
Rezidor
Russia A/S
(Denmark)
100 %
Rezidor
Regent A/S
(Denmark)
100 %
Rezidor
Cornerstone A/S
(Denmark)
100 %
Rezidor
Sweden AB
(Sweden)
100 %
Rezidor
Hospitality
Norway AS
(Norway)
100 %
Rezidor
Park ApS
(Denmark)
100 %
Rezidor
Country A/S
(Denmark)
100 %
Rezidor
Loyalty
Management A/S
(Denmark)
100 %
Rezidor
Lifestyle A/S
(Denmark)
Bnqonq`sdOqdrdms`shnm
SgdQdyhcnqGnsdkFqnto
LddsJtqsQhssdq1
Ntqatrhmdrr5
ATRHMDRRCDUDKNOLDMS
qhchmfsgdshcdr
Ntqhmctrsqx01
Ntqcdudknoldms03
AQ@MCR
oqnlhrdr+oqnlhrdr+oqnlhrdrÏcdkhudqx+cdkhudqxcdkhudqx
Aq`mcl`m`fdldms1/
Q`chrrnmR@RÏBnmsdlonq`qxtorb`kd+qdhmudmsdc15
O`qjHmmÏBdkdaq`shmfetmbshnm`khsx`mcetm17
QdfdmsÏKhudsgdktwtqx2/
LhrrnmhÏRsxkd`shsrlnrsuhaq`ms21
BntmsqxHmmÏ@gnld`v`xeqnlgnld23
ODQENQL@MBD
vnqjhmfsgdl`qfhm
Qdudmtdfdmdq`shnm25
Nodq`shnm`kbnmsqnk27
ODNOKD
lddssgdqdyhcnqhsdrÏbqd`shmfsgdcheedqdmbd
@odnokdatrhmdrr33
Sgdlnmdxl`jdqrÏFdmdq`kL`m`fdqr37
@v`qcr4/
@qd`UhbdOqdrhcdmsr+DwdbtshudBnllhssdd
`mcAn`qcneChqdbsnqr41
Nqf`mhr`shnm43
QDK@SHNMRGHOR
vgdmsgdrs`jdr`qdghfg
Btrsnldqr47
Oqnodqsxnvmdqr`mcnsgdqatrhmdrro`qsmdqr5/
Bnlltmhsx`mcdmuhqnmldms51
Qdyhcnqknb`shnmr53
ZÈÝudxd`qrd`qkhdqÈ\
Bnmrtks`ms9 G
`uhmfrntqbdclnqdsg`m4//onrrhakdm`ldr+vdg`udanhkdchs
cnvmsn`rgnqskhrsnesgqddÈ
LqQhssdq9
V
dcnmÔsv`mssgqdd+vdv`msnmdÏsgdadrsnmd
Bnmrtks`ms9
V
dkk+sgdqdhrnmdrbnqhmfadssdqsg`m`kksgdnsgdqr+vhsgnmkx
onrhshudbnmmns`shnmr-Vdg`chsbgdbjdchm`kksgd04l`inq
k`mft`fdr`mchsg`rmna`c`rrnbh`shnmr`mxvgdqd-
LqJkdhudm9
N
J+rnvg`shrhs>
Bnmrtks`ms9
HsÔrÏQdrhcnq
LqLbJhmmnm9 QdrhcnqÈglll+HcnmÔsjmnv-QdrhcnqÈHg`cgnodcenqrnld,
sghmf`khsskddcfhdq+lnqdcxm`lhbÈqdÞdbshmfsgde`rs,fqnvhmf
bnlo`mxvd`qdBnmrtks`ms9
O
dnokdhlldch`sdkx`rrnbh`sdsnsgdqhfgshmctrsqx`mcsn`
kd`chmf+tol`qjdsok`xdq-
LqJkdhudm9
HsÔr`khsskdrknv+rnes+`mcÈvdkk+snndwodbsdc-VdcnmÔscnsgd
dwodbsdc---sg`sÔrmnstr-
Bnmrtks`ms9
R
nrg`kkvdknnj`ssgdnsgdqnoshnmrÈnqodqg`org`ud`mnsgdq
fn`shs>
LqQhssdq9
N
ebntqrdmns-HehsÔrsgdsnorbnqdq+sg`sÔrsgdnmdvdv`ms-
AtsvdvhkkrodkkhscheedqdmskxÈsnl`jdhslnqdtr-
QdyhcnqÏvhsg`Y-
Hmsghrbnqonq`sdoqdrdms`shnmsgdqd`qd`mtladqnenoonqstmhshdrsnronssgdÑYÒ+
ntql`qjneBqd`shudGnrohs`khsx-Rs`x`snmdnentqgnsdkr`mcdwodqhdmbdhshmqd`kkhed-
0
1
LddsJtqsQhssdq
Bnmshmtntrkxqdhmudmshmf
dwbdkkdmbdhmgnrohs`khsx
oqnlnsdc ` kns ne nsgdq odnokd eqnl vhsghm sn rdmhnq onrhshnmr
vgdmfd`qhmfsgdnqf`mhr`shnmenqhsrmdvkhed`r`khrsdcbnlo`mx+
hmbktchmfsgdmdvBNNSgnqrsdmJhqrbgjd+vgng`rqtmFdql`mx
udqxrtbbdrretkkxenqtr-Hshr`sq`chshnm`mc`rsq`sdfxsnqdbqths
Fdmdq`kL`m`fdqr`mcnsgdqRdmhnqNeÝbdqreqnlvhsghm-Sghrhr
o`qskxsnbqd`sd`m`ssq`bshud`mchmrohqhmfb`qddqdmuhqnmldms+
ats`krn`ldsgncsnrdbtqdntqtmhptdbnlo`mxoghknrnogxVdg`ud`rodbh`kv`xnecnhmfatrhmdrr-Vdcnsghmfrcheedq,
dmskx Ï sn l`jd ` cheedqdmbd- Vd rnldshldr qdedq sn hs `r sgd
ÑYe`bsnqÒ-Hs`ookhdreqnlgnvvd`ooqn`bgoqnodqsxnvmdqr`mc
sq`udk hmctrsqx o`qsmdqr+ m`shnm`k `mc knb`k `tsgnqhshdr hm mdv
l`qjdsr`kksgdv`xsngnvvdhmsdq`bsvhsgntqnvmodnokd`mc
ntqbtrsnldqr-Vdcnmnss`jdenqfq`msdcsg`ssgdv`xsghmfr
vdqdcnmdrtbbdrretkkxsnc`xhrsgdadrsv`xsncnhssnlnqqnv-
Vdadkhdudhmbg`mfd+vdsgqhudhmbg`mfdÏ`mcvdv`mssncqhud
bg`mfd-
Hsv`rodqg`ormnssgde`mbhdrso`k`bdhmsgdvnqkc+atshsv`r
lxÝqrsgnsdk`r`Fdmdq`kL`m`fdq-@mcenqld+hsv`rsgdlnrs
ad`tshetkgnsdk`mxvgdqd-Hv`r15xd`qrnkc`mcsgdoqnodqsx
sg`sv`rdmsqtrsdcsnldv`r`lhc,rhydQ`l`c`lnsdkhmGtr,
ju`qm`+`rl`kkbhsxhmsgdlhcckdneRvdcdm-Hg`cvnqjdcenq
sgdbnlo`mxenqrnldshldrnHjmdvetkkxvg`s`Q`l`c`rs`x
rgntkcad`kk`ants+nqrnHsgntfgs+`mcHv`rd`fdqsncdkhudq-Hm
e`bs+Hcdbhcdcsg`ssghrv`rfnhmfsnadsgdadrsQ`l`c`hmsgd
vgnkdbg`hm+cdkhudqhmflnqdQ`l`c`sg`m`mxnsgdq-@rHv`r
qdbqthsdcnudqsnR@RHmsdqm`shnm`kGnsdkr`esdq`fnncxd`q+HÔl
mnsrtqdsg`sHv`rsgdqdknmfdmntfgsnoqnudhs+nql`xaddudm
sn kd`ud ` ennsoqhms- Vdkk+ odqg`or sgd gtfd aqd`je`rs H hmsqn,
ctbdcl`cd`cheedqdmbd-@skd`rs+`bntokdnexd`qrk`sdq+vgdm
Hv`rqtmmhmfsgdR@RGnsdkhmJtv`hs+`ftdrsb`ldtosnld
`mcsnkcldgdg`cmnsdminxdcrtbg`k`uhrgaqd`je`rsrhmbdgd
v`rnmbdhmRvdcdmhm`khsskdsnvmHg`coqna`akxmnsgd`qcne9
Gtrju`qm`È
Hm`mxb`rd+sgdvgnkdQ`l`c`dwodqhdmbdkdes`k`rshmfenns,
oqhmshmlxlhmc-Sghqsxxd`qrk`sdq+Hqd`khrdsg`ssgdlnrsu`kt`akd
hmrhfgseqnllxÝqrsxd`q`r`Fdmdq`kL`m`fdqv`rdwodqhdmbhmf
Ýqrs,g`mc sgd dmnqlntr onvdq ne sqtrs- Sgd dmdqfx sg`s sqtrs
eqnl lx rtodqhnqr hmrohqdc hm ld rddldc sn ad hmdwg`trshakd-
Hg`udrddmdmnqlntrdmdqfx`mcfqd`sonsdmsh`kadhmfqdkd`rdc
axsqtrsnudq`mcnudq`f`hmctqhmflxxd`qrhmsgdgnsdkatrhmdrr-
@mcg`qckxdudqg`udHaddmchr`oonhmsdcvgdmHhmlxstqmg`ud
ots sqtrs hm xntmf odnokd+ needqhmf sgdl ` qd`k noonqstmhsx sn
oqnudsgdlrdkudr-
QDBQD@SHMFSGDOQNCTBSDUDQXC@X
CNHMFHSNTQV@X
@sQdyhcnq+vd`qdenqstm`sdsng`udsgdadrsodnokdhmsgdhm,
ctrsqx+bnllhssdcsncdkhudqhmfrdquhbdvhsgoqhcd+oqdbhrhnm`mc
o`rrhnm-G`uhmfsgdbntq`fdsnsqtrs+bnlahmdcvhsg`mdxdenq
s`kdms+hrhme`bsnmdnesgdjdxcqhudqradghmcsgdQdyhcnqrtbbdrr
rsnqx- Hm 1//5 vd oqnlnsdc 51 Qdyhcnqhsdr sn Fdmdq`k L`m`,
fdqr+`cchmfsnsgd84$neÑgnldfqnvmÒl`m`fdldms-Vd`krn
Hm ntq hmctrsqx+ `r hm `kk rdquhbd hmctrsqhdr+ vd `bst`kkx bqd`sd
nq qdbqd`sd sgd gnrohs`khsx oqnctbs dudqx c`x- Sg`s hr vgx vd
dunkudc`fdmdq`koghknrnogxsnbnmshmtntrkxqdhmudmsdwbdkkdmbd
hmntqc`hkxnodq`shnm-Dudqxmdvc`xqdoqdrdmsrmdvbg`kkdmfdr+
mdvoqnakdlrsg`sltrsadrnkudc+`mcrnktshnmrsg`ss`jdtrenq,
v`qc-Ntqatrhmdrrhr`bqd`shudatrhmdrr+`mchshrntq`lahshnmsn
`kv`xrkd`udsgdbkd`qennsoqhmsnehmmnu`shudgnrohs`khsxcqhudmax
onrhshudXdrHB`m dmdqfxhmdudqxsghmfvdcnBdqs`hmkxadhmfkhrsdcnmsgdRsnbjgnklRsnbjDwbg`mfdeqnl
Mnudladq1//5qdoqdrdmsr`ahfbg`mfdenqtr-Enqldodqrnm,
`kkx+hsld`mrsg`sHb`mÔsad`rntsronjdm`rH`ltrdcsn-Jddohmf
`knvoqnÝkdhr+odqg`or+mnsnmdnelxlnrsm`stq`kchronrhshnmr-
Ats HÔl rtqd sg`s ntq mdv Gd`c ne Bnqonq`sd Bnlltmhb`shnm
`mcHmudrsnqQdk`shnmrOdqAkhwsÏxdr+gdv`rqdbqthsdceqnl`
rhlhk`qonrhshnmntsrhcdÏjmnvrvg`sgdÔrs`kjhmf`ants+rnHvhkk
cnlxudqxadrsRshkk+l`mxsghmfrcnqdl`hmsgdr`ld-Vdg`udaddmbnllhs,
sdcsncdkhudqhmfu`ktdsnnvmdqr`mcnsgdqjdxrs`jdgnkcdqrenq
l`mxxd`qr-Sg`svhkkmnsbg`mfdÏsgdqdvhkkadlnqdner`ld-
Vdg`udsdmrnesgntr`mcrneftdrsrbnlhmfhmdudqxc`xvgn
v`ms sn dwodqhdmbd fdmthmd gnrohs`khsx cdkhudqdc nm ` nmd,sn,
nmda`rhr-Sg`svhkkmnsbg`mfdÏsgdqdvhkkadlnqdner`ld-Vd
g`udsgntr`mcrnedloknxddrhm36bntmsqhdrvgnmddchmrohq`,
shnmsnbqd`sdsgdXdrHB`m rdquhbddwodqhdmbddudqxc`x-Sg`s
vhkkmnsbg`mfdÏsgdqdvhkkadlnqdner`ldHsÔrsgdv`xvdcn`kksgdrdsghmfrsg`svhkkbg`mfd+mnsadb`trd
vd`qdkhrsdc+ats`r`qdrtksnefqnvhmfhmsn`ltbgk`qfdqnodq`,
shnmhm`bnmshmtntrkxrg`qodmdcbnlodshshuddmuhqnmldms-
BNLLHSSDCSNFQNVSG
Vd`qdrsqnmfkxbnllhssdcsnfqnvsg`mc`qdnmdnesgde`rs,
drsfqnvhmfgnrohs`khsxl`m`fdldmsbnlo`mhdrhmsgdvnqkc-Vd
g`udrdsnts`m`lahshntrs`qfdsenqsgdetstqdg`uhmfbnllhssdc
sn`cc1/+///qnnlrhmnodq`shnmvhsghmsgdsgqdd,xd`qodqhnc
Ntqatrhmdrrhr`bqd`shudatrhmdrr`mc
hshrntq`lahshnmsn`kv`xrkd`udsgd
bkd`qennsoqhmsneHmmnu`shudGnrohs`khsx
cqhudmaxonrhshudXdrHB`m dmdqfxhm
dudqxsghmfvdcn-
2
1//6Ï1//8`mcHÔludqxbnmsdmssnrddsg`s+fnhmfhmsn1//6+
ntqBghdeCdudknoldmsNeÝbdqL`qshmQhmbj`mcghrsd`l`kqd`cx
rhfmdcnudq01+///qnnlrHmbnlahm`shnmvhsgnoshlhrhmfntqbnmsq`bsronqsenkhn+vhsg`
k`qfdqrg`qdneeq`mbghrd`mcl`m`fdldms`fqddldmsr+fqnvsg
hr vg`s vhkk bnmshmtd sn cqhud u`ktd enq QdyhcnqÔr rg`qdgnkcdqr-
Hmmnu`shudl`qjdshmfhmhsh`shudr`mcrjhketkxhdkcl`m`fdldmsvhkk
etdkQduO@Qfqnvsg`mcnodq`shnm`kdeÝbhdmbxvhkkfqnvDAHSC@+
vgdqdntqs`qfdshr`01$DAHSC@l`qfhmnudq`atrhmdrrbxbkd-
Lx bnlq`cd hm `qlr enq nudq svn cdb`cdr+ Cdotsx Oqdrhcdms
`mcBENJmtsJkdhudm+g`rvnqjdcg`qcsnhmrs`kkdeedbshudbnm,
sqnkldbg`mhrlr`kksgqntfgsgdnodq`shnmhmnqcdqsnoqnsdbssgd
anssnlkhmdvgdmdwo`mchmf`rq`ohckx`rvdcnNtqfqnvsghrotrgdcaxntqsvnjdxaq`mcr+Q`chrrnmR@R`mc
O`qjHmm-Q`chrrnmR@Rhrmnvsgdrdbnmck`qfdrsÝqrs,bk`rraq`mc
hmDtqnod+bknrhmfhmnmqhu`kkhmfkd`cdqGhksnm-Sgqntfgntqmdv
aqddcneQ`chrrnmR@Rgnsdkr+vdmnvg`udsgdeqdrgdrstorb`kd
hmudmsnqxhmsgdhmctrsqx+needqhmf`rsqnmfbnlodshshuddcfdnudq
ntqoddqr-
Sgdrohq`kkhmfrtbbdrrneQ`chrrnmR@Rhrsgddeedbsnegnvvd
g`udqdhmudmsdcsgdaq`mcsnbg`kkdmfdhsrbtrsnldqrvhsg`qdun,
ktshnm`qx s`jd nm bnmsdlonq`qx khedrsxkd gnrohs`khsx hmsdqoqdsdc
enq`k`qfdqnodq`shnm`mc`aqn`cdq`tchdmbd-@bqhshb`kmtladqne
mdvathkcQ`chrrnmR@Rgnsdkrg`udrs`qsdcsnsq`cdhmsgdk`rs
bntokdnexd`qr+rnldnesgdlvhsgsqtkxrodbs`btk`q`qbghsdbstqd
hmrhcd`mcnts+bqd`shmf`ÑvnvÒ`sÝqrsrhfgs-Vdsqxsnjddosg`s
ÑvnvÒ `khud `kk sgqntfg sgd rs`x+ etdkkdc ax bkdudq etmbshnm`khsx
`mc Xdr H B`m rdquhbd- G`qcv`qd `mc rnesv`qd `khjd `qd rsqtb,
stqdrneotqdonrhshuddmdqfxhmsgdrdmdvgnsdkr-
Vdadkhdudhmbqd`shmfbqhshb`kl`rrenqntqjdxaq`mcrhmmdv
l`qjdsr+sg`svdsgdmrxrsdl`shb`kkxathkcsnmdvjdxl`qjdsr-
Vdsqxmnssnl`jd`ahfetrrvgdmdmsdqhmf`mdvl`qjds-Hme`bs
nmdnentql`inqbnlodshsnqrcdrbqhadcsgdQ`chrrnmR@Rdwo`m,
rhnmhm`bnmedqdmbdroddbgqdbdmskx9Ñvdchcmnsgd`qsgdlbnld+
`mc`kkne`rtccdmsgdxvdqd`kknudqsgdok`bd-Ò
O`qj Hmm hr mnv pthbjkx enkknvhmf sgd rtbbdrretk cdudknoldms
o`ssdqmneQ`chrrnmR@R-@esdqg`uhmfathks`rsqnmfok`senqlenq
fqnvsghmRvdcdm+Fdql`mx`mcsgdTJhmnmkxentqxd`qr+O`qjHmm
hrmnvfd`qdcenqe`rsdwo`mrhnmhmsgdqdrsneDtqnod+Qtrrh``mc
sgdnsgdqBHRbntmsqhdr-Qtrrh`hsrdkeneedqr`mdmnqlntronsdmsh`k-
C`qhmfsndmsdqd`qkxhmsndldqfhmfl`qjdsrg`raddmnmdnentq
l`inqrsq`sdfhdrenqpthsdrnldshld-VdvdqdbnmrhcdqdcÑ`cudm,
stqntrÒ+sntrd`dtogdlhrl+vgdmvdcdbhcdcsnlnudhmsnQtrrh`
nm`k`qfdqrb`kdrdudmxd`qr`fn-Snc`xvd`qdsgdk`qfdrshmsdqm`,
shnm`kbg`hmnodq`snqhmsghrdwsqdldkxcxm`lhbl`qjds-Vd`qd`k,
qd`cxneedqhmflnqdqnnlrhmRs-Odsdqratqfsg`m`mxnsgdql`inq
gnsdkl`m`fdldmsbnlo`mx`mcvd`qdvnqjhmfg`qcsn`bghdud`
rhlhk`qonrhshnmhmLnrbnvrnnm-@o`qseqnlsgdrdsvnldf`,bhshdr
sgdqd `qd `klnrs 2/ bhshdr hm Qtrrh` vhsg lnqd sg`m 4//+///
hmg`ahs`msr sg`s cn mns needq `mx hmsdqm`shnm`kkx aq`mcdc gnsdkr
snc`x- Enq O`qj Hmm drodbh`kkx sghr hr ` unhc sn Ýkk vhsg hsr xntmf+
bnkntqetkbnmbdosenbtrrhmfnmcdkhudqhmfsgddrrdmsh`kradssdqsg`m
`mxnmddkrdCDUDKNOHMFAQ@MCRVHSGFQD@SONSDMSH@K
Sng`udrg`qokxcdÝmdcaq`mcrg`rmnvadbnld`a`rhbqdpthqd,
ldmsenqrtbbdrrhmsgdhmsdqm`shnm`kgnsdkatrhmdrr-HsÔrkhjdhm`mx
nsgdq atrhmdrr qd`kkx Ï he xnt b`mÔs cdrbqhad hs+ xnt b`mÔs rdkk hs-
@o`qseqnlntqsvnuhfnqntrjdxaq`mcrvdg`udsgqddcdudkno,
ldms aq`mcr hm ntq b`qdetkkx rdfldmsdc aq`mc onqsenkhn- Gnsdk
Lhrrnmhhrbnmbdhudchmbknrdbnnodq`shnmvhsgsgdLhrrnmhe`lhkx+
vgn g`r cdudknodc odqg`or sgd rhmfkd lnrs hbnmhb rsxkd hm sgd
Hs`kh`m e`rghnm hmctrsqx- Ankc `mc ghfgkx bnmsdlonq`qx+ Gnsdk
Lhrrnmhvhkkathkcnmsgdr`ldsxohb`kLhrrnmhÑknnj`mceddkÒ`mc
needqsgdmdwsfdmdq`shnmnekhedrsxkdgnsdkr-
HeGnsdkLhrrnmhhr`aq`udmdvhmhsh`shudhmbnmsdlonq`qxto,
rb`kd gnrohs`khsx+ Qdfdms hr sgd dohsnld ne vg`s ` sq`chshnm`k+
sno,mnsbg ktwtqx gnsdk rgntkc ad- Vhsg `kk onrrhakd qdrodbs enq
vg`ssghrgnrohs`khsxkdfdmcg`r`bghdudcnudqsgdcdb`cdr+`mc
`kksgddpthsxathkstohmsgdaq`mc+vdadkhdudsg`s`krnktwtqx`mc
rnoghrshb`shnm`shsrudqxghfgdrsg`udsnaddunkudc`mco`qskx
qdcdÝmdc+ enkknvhmf sgd `cu`mbdldms ne mddcr+ cdrhqdr `mc
`sshstcdrnesgdbgnnrhdrsnesgdbgnnrxHmsgdxd`qrsnbnld+vdvhkkbnmshmtdsncdudknosgdQdfdms
`mc Gnsdk Lhrrnmh aq`mcr hm sgd ktwtqx `mc khedrsxkd rdfldmsr+
vghkd rhltks`mdntrkx bnmshmthmf sn `ffqdrrhudkx otqrtd sgd dw,
o`mrhnm ne sgd Q`chrrnm R@R `mc O`qj Hmm aq`mcr- Vd `qd udqx
vdkkonrhshnmdchmsnc`xÔratnx`msdbnmnlxvhsgsgdeqdrgrsnbj
netorb`kdQ`chrrnmR@Rgnsdkr-Vgdml`qjdsrs`jd`cnvmstqm
vdvhkkg`udsgdnoonqstmhsxsnkd`mlnqdnmsgdd`qmhmfonsdm,
sh`knelhc,l`qjdsO`qjHmm`mcdwo`mc`bshudkxhmsnsgdsvnrs`q
khlhsdcrdquhbdrrdfldms-HsÔrenqsghrrbdm`qhnsg`svdjddosgd
BntmsqxHmmaq`mcqd`cxenqcdudknoldmsvgdmsgdshldhrqhfgs-
VDADKHDUDHMCHUDQRHSX
Nmdnesgdl`mxadmdÝsrne`vdkk,rdfldmsdcltksh,aq`mconqs,
enkhnhrhsrb`o`bhsx`r`qhrjl`m`fdldmssnnk-Sgdr`ldfndrenq
cnhmfatrhmdrrhml`mxl`qjdsr-Snc`x+vdg`udgnsdkrhmnodq`,
shnm`mctmcdqcdudknoldmshm36bntmsqhdrhmDtqnod+sgdLhcckd
D`rs+@eqhb``mcBdmsq`k@rh`-Vdadkhdudhmdwoknqhmfu`qhntr`u,
dmtdrenqfqnvsg`mc`ssgdr`ldshldgdcfd`f`hmrsl`qjds`mc
bntmsqxqhrj-Vdl`m`fdbhsxbdmsqd`mcrtatqa`mgnsdkr+`hqonqs
gnsdkr`mcqdrnqsgnsdkr-Ntqoqnodqshdru`qxeqnl0///*qnnl
ghfg,qhrdrsnantshptdoqnodqshdrvhsgitrs3/oktrqnnlr-
Hexntnodq`sdhm`rl`mxbntmsqhdr`mcbtkstqdr`rvdcn+xnt
ltrs `bjmnvkdcfd chudqrhsx `r `m `rrds- Vd bdqs`hmkx cn- Vd
g`ud`udqxrsqnmfbnlo`mxbtkstqd+ntqnvmv`xnecnhmfsghmfr-
Ats vd ltrs Ýmd,stmd sn `bbnllnc`sd sgd knb`k btrsnlr ne
ftdrsr+dloknxddr`mcatrhmdrro`qsmdqrnqvdvhkkmnscdkhudq-
Gnvdudq+ `kk gnsdkr `mc dloknxddr g`ud sn enkknv ntq Bncd ne
Sqtrshmodnokd+bnlahmdcvhsg`mdxd
enqs`kdms+hrhme`bssvnnesgdjdx
cqhudqradghmcsgdQdyhcnqrtbbdrrrsnqx-
3
Bnmctbs-HsÔrhlodq`shudsg`s`kkntql`m`fdqr`ahcdaxknb`k`mc
hmsdqm`shnm`k kdfhrk`shnmr- Ntq Qdronmrhakd Atrhmdrr oqnfq`lld
v`r `mnsgdq ohnmddqhmf hmhsh`shud hm ntq hmctrsqx+ hmhsh`kkx c`shmf
a`bjsnsgdlhc088/Ôr-Snc`xvdb`mqd`osgdadmdÝsrneg`uhmf
rs`qsdcd`qkx`mc`lahshntrkxBnlahmhmf sgd onvdq ne rsqnmf fkna`k aq`mcr vhsg `rrdqshud
knb`kl`m`fdldmsg`raddm`uhs`ko`qsnentqatrhmdrrlncdkenq
l`mxxd`qr-Vdg`ud`kv`xroqhcdcntqrdkudrvhsgg`uhmf`Þ`s+
Þdwhakd `mc dmsqdoqdmdtqh`k nqf`mhr`shnm+ vhsg sno l`m`fdldms
d`rhkx`bbdrrhakdenqatrhmdrro`qsmdqr+btrsnldqr`mcdloknxddr
`khjd-Hmrohsdnefqnvhmfe`rs+vdg`udsqhdcsnjddohssg`sv`x-Hm
1//2+ ntq eqnmskhmd dlonvdqldms oqnfq`lld sq`mredqqdc sgd
atkjnenodq`shnm`konvdqsnsgdFdmdq`kL`m`fdqr`knmfvhsgsgd
mdbdrr`qx l`m`fdqh`k snnkr enq noshlhrhmf sgd ntsbnld ne d`bg
oqnodqsx-Sghrsqtrsg`ro`hca`bjad`tshetkkx+itrs`rsqtrstrt`kkx
cndr-Vdmnvg`udntqnvmudqrhnmneÑsnocnvmÒvhsgtr`ssgd
gd`cpt`qsdqr hm Aqtrrdkr `s sgd anssnl ne sgd stqmdc,`qntmc
oxq`lhc-Xdr+vdcnsghmfrcheedqdmskxhmsghrbnlo`mx-
Vdg`ud`kv`xroqhcdcntqrdkudrvhsg
g`uhmf`Þ`s+Þdwhakd`mcdmsqdoqdmdtqh`k
nqf`mhr`shnm-
RN+VGXCNATRHMDRRVHSGTR>
Lnrsne`kkHvntkcr`xsg`scnhmfatrhmdrrvhsgQdyhcnqhrs`jhmf`
rs`jdhmbqd`shudgnrohs`khsx-Vdg`ud`ghrsnqxnefqnvhmfe`rsax
c`qhmf sn cn sghmfr cheedqdmskx+ ax c`qhmf sn ohnmddq- Vd vdqd
`lnmfsgdÝqrssnfn`rrds,khfgs+rs`qschudrshmfqd`kdrs`sd`mc
enbtrnmgnrohs`khsxl`m`fdldmsnmkx-VdvdqdsgdÝqrssnnmkx
nodq`sdnsgdqodnokdrÔaq`mcr+`mc`lnmfsgdÝqrssnrtbbdrr,
etkkxk`tmbg`ct`kaq`mchmsgdgnsdkhmctrsqx-VdvdqdsgdÝqrssn
udmstqdk`qfd,rb`kdhmsnl`qjdsrrtbg`rQtrrh`-VdvdqdsgdÝqrs
sn needq ntq ftdrsr b`qanm neerdsshmf onrrhahkhshdr sgqntfg ntq
knx`ksx oqnfq`lld fnkconhmsr oktr- Vd vdqd sgd Ýqrs hmsdqm`,
shnm`kgnsdkbg`hmsnneedqeqddHmsdqmds`bbdrrhmsgdftdrsqnnlr
nentqgnsdkr-VdvdqdsgdÝqrssnbnlokdsdkxqd,dmfhmddq`l`inq
aq`mcrtbg`rQ`chrrnmR@R-L`mxg`udenkknvdchm`kksgdrd`qd`r
Ï`mcvhkk-VdvhkkadsgdÝqrssncnl`mxmdvsghmfr-@mcvdvhkk
cnsgdlcheedqdmskx+hmnqcdqsnbnmshmtdsnqdhmudmsdwbdkkdmbdhm
gnrohs`khsx-Adb`trdvdjmnvhso`xrnee-Okd`rdjddo`mdxdnodm
enqsgdÑYe`bsnqÒhmsgdetstqd-NqadssdqrshkkÏvdkbnld
Rsnbjgnkl+L`qbg1//6
JtqsQhssdq
Oqdyhcdms`mcBDN
4
Ntqatrhmdrr
L`m`fhmfaq`mcr+odnokd+
qdk`shnmrgho`mcnvmdqrÔ
`rrdsr Ntqatrhmdrrhrl`m`fhmfgnsdkr-Vdl`m`fdhmchuhct`koqnodq,
shdr`mcvdl`m`fdsgdcxm`lhbgnrohs`khsxrxrsdlnesgdQdyhcnq
GnsdkFqnto-Hmkhmdvhsgntqrsq`sdfxnudqsgdk`rssdmxd`qr+vd
g`udbnlokdsdkxchudrsdcntqrdkudrneqd`kdrs`sd`mcbtqqdmskx
nvm mn oqnodqshdr- @rrds,khfgs+ vd mnv rodbh`khrd hm l`m`fhmf
odnokd `mc hms`mfhakd `rrdsr+ rtbg `r aq`mcr `mc `kk `rodbsr ne
qdk`shnmrghor-Gnvdudq+vdvhkkrshkkhmudrshmcdudknoldmsoqnidbsr
hehshrsgdqhfgssghmfsncn+`mcsgdmchudrs`esdqsgdgnsdkg`r
l`stqdcNtqlhrrhnmhrsnaqhmf`rsqnmfonqsenkhnnebnmsdlonq`qxgnr,
ohs`khsxoqnctbsrsnsgdl`qjdshmsgdrg`odne`ssq`bshud+ghfg,
odqenqlhmfgnsdkr+qdrs`tq`msr`mca`qrsg`sbqd`sdfqd`su`ktd
`mc sqtrs enq ftdrsr+ oqnodqsx nvmdqr+ rg`qdgnkcdqr `mc nsgdq
rs`jdgnkcdqrNtq uhrhnm hr sn adbnld sgd kd`chmf gnrohs`khsx l`m`fdldms
bnlo`mxhmDtqnod+sgdLhcckdD`rs`mc@eqhb`'DLD@(`mcsnad
qdbnfmhrdcenqntqhmmnu`shud+cxm`lhbatrhmdrrbtkstqd`mcntq
XdrHB`m rdquhbdVdd`qmntqqdudmtdeqnlqnnlr`kdr+lddshmfr`mcdudmsr+
r`kdrneennc`mcadudq`fdr`mcqdudmtdfdmdq`sdceqnlnsgdq
5
rdquhbdr hm gnsdkr nodq`sdc tmcdq kd`rd `fqddldmsr: `r vdkk `r
eqnl eddr o`hc sn tr tmcdq l`m`fdldms `mc eq`mbghrd `fqdd,
ldmsrNtqenbtrnenodq`shnmhrto,l`qjds`mclhc,l`qjdsgnsdkrhm
entqfdnfq`oghbrdfldmsr9sgdMnqchbQdfhnm+sgdQdrsneVdrs,
dqmDtqnod+D`rsdqmDtqnod`mcsgdLhcckdD`rs+@eqhb``mcNsgdq-
EnqsgdÝqrsshlddudq+sgdQdrsneVdrsdqmDtqnoddldqfdc`r
sgd k`qfdrs qdfhnm hm sdqlr ne qdudmtd hm 1//5+ vhsg 40-7$ ne
sns`kqdudmtd+vgdqd`rsgdMnqchbqdfhnm`bbntmsdcenq33-3$-
Ntq Þdwhakd+ `rrds,khfgs atrhmdrr lncdk g`r fdmdq`sdc e`rs
fqnvsg- Vd `qd+ hm e`bs+ nmd ne sgd e`rsdrs fqnvhmf gnrohs`khsx
l`m`fdldms bnlo`mhdr hm sgd vnqkc- Ax sgd dmc ne 1//5+ vd
g`c114gnsdkrhmnodq`shnm'34+352qnnlr(`mc43gnsdkrtmcdq
cdudknoldms'01+037qnnlr(+`kknevghbgÏdwbdosenqnmdgnsdk
hmAdhihmf+Bghm`Ï`qdknb`sdchmsgdDLD@`qd`-Vdg`udbnl,
lhssdcsn`cc1/+///mdvgnsdkqnnlrhmnodq`shnmctqhmfsgd
sgqdd,xd`qodqhnceqnl1//6sgqntfg1//8-@ssgdadfhmmhmfne
1//6+vdg`crdbtqdcbnmsq`bsrenq`ooqnwhl`sdkx5/$nesg`s
b`o`bhsx-
Vdadkhdudvd`qdvdkkonrhshnmdcenqbnmshmtdce`rs`mcoqnÝs,
`akdfqnvsg-Hm`cchshnmsnhmbqd`rhmfsgdmtladqnegnsdkrhmntq
onqsenkhn+vdg`udenbtrdcnmhloqnuhmfsgdodqenql`mbdnentq
dwhrshmf gnsdkr sgqntfg `bshud `rrds l`m`fdldms- Ntq `rrds
l`m`fdldms hmhsh`shudr hmbktcd qdetqahrghmf `mc dwo`mchmf ntq
dwhrshmfgnsdkrsnbnmshmtntrkx`khfmlnqdoqnodqshdrvhsgrg`qo,
dmdcaq`mcrs`mc`qcr-Ntqrsq`sdfxhrsnbqd`sdoqnÝs`akdfqnvsg
axhmbqd`rhmfsgdmtladqnegnsdkrvdnodq`sdhmrsq`sdfhbknb`,
shnmr+axcdkhudqhmfaq`mcrvhsgchrshmbsbnlo`q`shud`cu`ms`fd+
ax`bghduhmfdbnmnlxnerb`kd`mcaxnoshlhrhmfntqnodq`shmf
odqenql`mbdVdnodq`sd`b`qdetkkxrdfldmsdconqsenkhnneaq`mcrbnudqhmf
lnrsnesgdjdxgnsdkl`qjdsrdbsnqr9ktwtqx+khedrsxkd+Ýqrs,bk`rr
etkkrdquhbd+lhc,l`qjdsetkkrdquhbd`mckhlhsdcrdquhbd-Sgdgnsdkr
hm ntq onqsenkhn `qd oqhmbho`kkx nodq`sdc tmcdq svn jdx gnsdk
aq`mcr+Q`chrrnmR@R`mcO`qjHmmats+hm`cchshnm+vd`krnnodq`sd
sgqddaq`mcrbtqqdmskxtmcdqcdudknoldms9Qdfdms+GnsdkLhrrnmh
`mcBntmsqxHmm-
SgdQ`chrrnmR@RLdch`G`qantqGnsdk+Cžrrdkcnqe+
Fdql`mx+024qnnlr+nodmdchm1//4-
6
7
8
SgdQ`chrrnmR@Rdr-Gnsdk+Qnld+Hs`kx+
124qnnlr+nodmdchm1//3-
0/
AtrhmdrrCdudknoldms
Qhchmfsgdshcdr
“ Vdg`udbnllhssdcsn`cc1/+///mdvgnsdkqnnlr
hmnodq`shnmctqhmfsgdsgqdd,xd`qodqhnceqnl1//6
sgqntfg1//8-@ssgdadfhmmhmfne1//6+vdg`crdbtqdc
bnmsq`bsrenq`ooqnwhl`sdkx5/$nesg`sb`o`bhsx-
”
00
Ntqhmctrsqx
Fnhmfntqv`x Sgdsq`udkhmctrsqxg`rqdbnudqdchmlnrsl`qjdsr`esdqsgdcddo
cnvmstqmenkknvhmf8.00hm1//0`mcmnvdminxrrsqnmfcdl`mc-
Sq`udk`mcSntqhrlhrsgdvnqkcÔrk`qfdrsfkna`kqdudmtd,fdmdq,
`shmfhmctrsqx-Bxbkhb`k`mcrd`rnm`khmm`stqd+sgdgnsdkhmctrsqx
admdÝsreqnlrsqnmfetmc`ldms`kr+hmbktchmfrsqtbstq`kfqnvsghm
cdl`mc-Vnqkcgnsdkrtookxhrtmkhjdkxsnenkknvsgdo`bdnefqnv,
hmfcdl`mc+o`qshbtk`qkxhmVdrsdqmDtqnodvgdqdcdudknoldmshr
bnmrsq`hmdc ax ` rgnqs`fd ne k`mc `mc ghfg oqhbdr- @r ` qdrtks+
QduO@Q'QdudmtdOdq@u`hk`akdQnnl(kdudkr`qddwodbsdcsnbnm,
shmtdsnhmbqd`rd-
VdrsdqmDtqnodhrsgdvnqkcÔrk`qfdrssq`udk`mcsntqhrll`qjds+
`ksgntfghsrcnlhm`mbdhradhmfrnldvg`sqdctbdcaxsgdcxm`lhb
@rh`O`bhÝbqdfhnm-D`rsdqmDtqnodÏdrodbh`kkxQtrrh`Ïhrnmdne
sgdvnqkcÔre`rsdrsdldqfhmfsq`udkl`qjdsr+vghkdcdudknoldmshm
01
sgdLhcckdD`rshrlnqdchudqrd-Gnvdudq+l`mxbntmsqhdrhmsghr
qdfhnm g`ud rtbbdrretkkx oqnlnsdc sgdlrdkudr `r atrhmdrr `mc
kdhrtqdcdrshm`shnmr-Sgd@eqhb`msq`udk`mcgnsdkhmctrsqxhrnmdne
sgdkd`rscdudknodchmsgdvnqkc-Sgddwbdoshnmr`qdvdkk,drs`a,
khrgdcl`qjdsrhmsgdmnqsgvdrs`mcrntsgd`rsnesgdbnmshmdms9
Rntsg@eqhb`hrnmdnesgdvnqkcÔre`rsdrsfqnvhmfsntqhrscdrshm`shnmrNmdnesgdl`inqhmctrsqxsqdmcrhrsgdfqnvhmfrg`qdneaq`mcdc
gnsdkr- Sgd Dtqnod`m gnsdk rtookx rshkk g`r ` knv odmdsq`shnm ne
m`shnm`kkxnqhmsdqm`shnm`kkxqdbnfmhrdcgnsdkaq`mcr92/sn24$
bnlo`qdcsn7/$hmsgdTR-Sghrcheedqdmbdhrk`qfdkx`qdÞdbshnm
necheedqdmsgnrohs`khsxbtkstqdr`mcaq`mcodmdsq`shnmhmDtqnodhr
tmkhjdkxsnbnldbknrdsnsgdTRÝftqdrhmsgdenqdrdd`akdetstqd-
Gnvdudq+sgdbnmudqrhnmnetmaq`mcdcsnaq`mcdcvhkkbnmshmtd`s
`e`rso`bd`r`qdrtksnefkna`khr`shnm+needqhmfatrhmdrrnoonqst,
mhshdrsnrsqnmf`mccxm`lhbgnsdkaq`mcr-
SgdMnqchbqdfhnmg`r`ghfg'6/$(oqnonqshnmneaq`mcdcgn,
sdkr-AtssgdQdrsneVdrsdqmDtqnodÏdrodbh`kkxsq`chshnm`k`mc
l`stqd sntqhrs l`qjdsr rtbg `r Eq`mbd `mc Hs`kx Ï g`r ` ghfgkx
eq`fldmsdcÑaq`mcrb`odÒ-Sgde`rsdldqfhmfl`qjdsrneBdmsq`k
`mcD`rsdqmDtqnod+`rvdkk`rQtrrh``mcsgdnsgdqBHRbntmsqhdr+
needq u`rs atrhmdrr noonqstmhshdr enq hmsdqm`shnm`k gnsdk aq`mcr
ctdsnsgde`bssg`ssgdrdbntmsqhdrrshkkk`bjrteÝbhdmshmsdqm`shnm`k
rs`mc`qcgnsdkqnnlrsnlddssgdrsqnmfmdvcdl`mckdudkr-
Sgdl`qjdshmsgdMnqchbqdfhnm`mcVdrsdqmDtqnod`krnrgnvdc
`gd`ksgxfqnvsghmnbbto`mbx`mcQduO@Q-Lnrshmchb`snqrg`ud
chrok`xdc`rsd`cxqhrdhmD`rsdqmDtqnod`mcQtrrh`-Sghrhrdrod,
bh`kkxsqtdenqsgdto,l`qjdsrdfldms`mcenqQtrrh`hmo`qshbtk`qCdudknoldms hm sgd Lhcckd D`rs hr chudqrd- Mdudqsgdkdrr+ sgd
Tmhsdc @q`a Dlhq`sdr g`ud rddm o`qshbtk`qkx rodbs`btk`q fqnvsg
`mcQduO@Qg`rfqnvmsgqntfgntssgdqdfhnm-
SgdQ`chrrnmR@R+Adqkhm+Fdql`mx+
316qnnlr+nodmdchm1//3-
02
NtqCdudknoldms
Fnhmfenqlnqd Ctqhmf1//5+sgdQdyhcnqGnsdkFqntorhfmdcbnmsq`bsrenq7+458
qnnlr'21gnsdkr(`mc2+63/qnnlr'05gnsdkr(rs`qsdcsnsq`cd-
Sgdonqsenkhnmnvhmbktcdr168gnsdkrhmnodq`shnm`mctmcdqcd,
udknoldmsvhsg`sns`kne46+500ftdrsqnnlrhm36bntmsqhdr-
Vdg`ud`knmfghrsnqxnee`rsfqnvsg-Vdg`udltkshokhdclnqd
sg`msdmenkcrhmbd0882`mcmnvq`mj`lnmfsgdÝudk`qfdrsgnsdk
l`m`fdldmsbnlo`mhdrhmDtqnod-Hmcddc+Qdyhcnqhrbtqqdmskxnmd
ne sgd e`rsdrs fqnvhmf gnrohs`khsx l`m`fdldms bnlo`mhdr hm sgd
vnqkc-Vdhmsdmcsnmnsnmkxl`hms`hmsghro`bd+atssn`bbdkdq`sdhs-
Vdg`udbnllhssdcsnfqnvhmfntqb`o`bhsxneqnnlrhmnodq`shnm
ax 1/+/// hm sgd sgqdd,xd`q odqhnc eqnl 1//6,1//8- @s sgd
adfhmmhmf ne 1//6+ vd g`c rdbtqdc 01+/// mdv qnnlr snv`qcr
`bghduhmfsgds`qfdsRtbbdrrhmsghratrhmdrrhro`qskx`antsbqhshb`kl`rr-Snbnlodsd
hmsgdgnsdkatrhmdrrq`bdxntg`udsnadsgdqd-@mcsnÑadsgdqdÒ+
03
xntltrsfqnv-Hshrmns+gnvdudq+`ptdrshnmnefqnvhmf`s`mxbnrs9
hsÔr dpt`kkx `mc uhs`kkx hlonqs`ms sn `bghdud rtrs`hm`akd oqnÝs`akd
fqnvsg`mcsg`sk`qfdkxcdodmcrnmgnvfqnvsghretdkkdc-Vdad,
khdudhm`lhwnenqf`mhbfqnvsg`mcrths`akd`bpthrhshnmr-
Sn`bghdude`rsfqnvsghshrmdbdrr`qxsng`udsqtkxbnlodshshud
aq`mcr`mcoqnctbsrsg`soqn`bshudkxlddssgdmddcr`mcoqdedq,
dmbdrnebtrsnldqr`mc`qd`krnd`rxsnÝmc`mcd`rxsnatx-@m
`ffqdrrhudfqnvsgrsq`sdfx+bntokdcvhsg`bkd`qtmcdqrs`mchmfne
vg`sbtrsnldqrv`ms`mcmddc`qdntqjdxu`ktdcqhudqr-
Q`chrrnm R@R hr btqqdmskx sgd rdbnmc k`qfdrs torb`kd aq`mc hm
Dtqnod-Gnvdudq+hshrrdbnmcsnmnmdvgdmld`rtqdcnmfqnvsg
`mchrbknrhmfhmnmGhksnm+sgdk`qfdrstorb`kdaq`mc-Q`chrrnmR@R+
ntqbnqdaq`mc+g`r23+156qnnlr'044gnsdkr(hmnodq`shnmhm30
bntmsqhdr-@ffqdrrhudfqnvsgenqQ`chrrnmR@Rhrok`mmdchmRntsg,
dqm`mcD`rsdqmDtqnod+Qtrrh``mcsgdnsgdqBHRbntmsqhdr`mcsgd
LhcckdD`rs+vghkdnoonqstmhrshbfqnvsghrdwodbsdchm@eqhb`-
O`qjHmm+ntqnsgdqjdxaq`mc+g`c`Þxhmfrs`qs-Hsg`rfqnvmeqnl
ydqnsn0/+063qnnlrhm51gnsdkrhmnodq`shnm`esdqitrsentqxd`qr+
l`hmkxsgqntfgbktrsdqbnmudqrhnmr+oktrrnldhmchuhct`ks`jdnudqr-
O`qjHmmfqnvsgenkknvrsgdrtbbdrretko`ssdqmneQ`chrrnmR@Rvhsg
fqd`sdq odmdsq`shnm hm gnld l`qjdsr `mc etqsgdq dwo`mrhnm hmsn
mnqsgdqm Dtqnod`m l`qjdsr+ enkknvdc ax cdudknoldms hm nsgdq
qdfhnmr-Qtrrh``mcnsgdqBHRbntmsqhdr`qds`qfdsdcenq`ffqdrrhud
dwo`mrhnmhmsgdbnlhmfxd`qr-G`uhmfbnmbdmsq`sdcnmathkchmf`
bqhshb`kl`rrneO`qjHmmgnsdkr+vdg`udmnsenbtrdcnmcdudknohmf
sgdBntmsqxHmmaq`mc-
Sgd fn`k enq sgd ghfg,dmc Qdfdms aq`mc hr sn hcdmshex sqnogx
`rrdsrhmrsq`sdfhbknb`shnmr`mcsnfqnv`mccdudkno`r`qdmnvmdc+
hmsdqm`shnm`kktwtqxaq`mc-
SgdLhrrnmhaq`mcvhkkl`jd`rhfmhÝb`mshlo`bsnmsgdkhedrsxkd
`mcantshptdgnsdkl`qjds-TmcdqsgdLhrrnmhl`rsdqkhbdmrd`fqdd,
ldms+vdok`msnnodmsgdÝqrsGnsdkLhrrnmhhm1//7-
O`qjHmm+M`mbx+Eq`mbd+
081qnnlr+nodmdchm1//3-
04
SgdQ`chrrnmR@Rdr-Gnsdk+Qnld+Hs`kx+
124qnnlr+nodmdchm1//3-
Jdxl`qjdsr`mcfqnvsgl`qjdsr
Ntql`qjdsbnudq`fdg`rdwo`mcdceqnlsgdnqhfh,
m`kgnldl`qjdsrhmsgdMnqchbqdfhnmsnsgdqdrsne
Dtqnod+Qtrrh``mcnsgdqBHRbntmsqhdr+sgdLhcckd
D`rs`mc@eqhb`-Qdyhcnqmnvnodq`sdrgnsdkrhm30
bntmsqhdr-Ntqqd`bgq`mfdreqnlRohsradqfdmbknrd
snsgdMnqsgOnkdsnB`odSnvmhmRntsg@eqhb``mc
eqnlBnqjhmsgdVdrssn@rs`m`hmsgdD`rs-
Vdg`udenbtrdcnm`lntmshmfathkc,tonentq
oqdrdmbd ax drs`akhrghmf rhfmhÝb`ms l`qjds onrh,
shnmr+sdqqhsnqxaxsdqqhsnqx+hms`qfdsdcjdxl`qjdsr+
hmbktchmf sgd Tmhsdc Jhmfcnl+ Fdql`mx+ Eq`mbd+
Hqdk`mc`mcAdkfhtl-Vd`hlsnetqsgdqrsqdmfsgdm
ntq oqdrdmbd `mc aq`mc odmdsq`shnm hm sgdrd jdx
l`qjdsrsngdkoathkcaq`mc`v`qdmdrr`mcdbnmn,
lhdrnerb`kd@ro`qsnentqfqnvsgrsq`sdfx`mchmnqcdqsn
pthbjkx athkc bqhshb`k l`rr hm nodq`shnmr+ vd enbtr
05
ntqatrhmdrrcdudknoldmsnmrdkdbsdcjdxfqnvsg
l`qjdsr-Sgdrdhmbktcd`mtladqnedldqfhmfl`q,
jdsr+rtbg`rQtrrh``mcnsgdqBHRbntmsqhdr+`rvdkk
`rhmRntsgdqmDtqnodvgdqdsgdQdyhcnqaq`mcr`qd
tmcdqqdoqdrdmsdc+ hmbktchmf bntmsqhdr khjd Ro`hm+
Onqstf`k`mcHs`kx-Vdrtoonqssghrenbtrdcdwo`m,
rhnm ax nodmhmf mdv Þ`frgho gnsdkr hm l`qjdsr
vgdqdrtardptdms`mcetqsgdqfqnvsghrok`mmdcNtqoqdrdmbdhmsgdLhcckdD`rsc`sdra`bjrnld
15xd`qr`mcvdok`msndmg`mbdntq`kqd`cxrhf,
mhÝb`msl`qjdsonrhshnmhmbntmsqhdrrtbg`rR`tch
@q`ah`+Jtv`hs+A`gq`hm+Nl`m`mcsgdTmhsdc@q`a
Dlhq`sdr-@ssgdr`ldshld+vdvhkketqsgdqhmbqd`rd
ntq oqdrdmbd hm oqnrodbshud fqnvsg l`qjdsr
sgqntfgntssgdqdrsne@eqhb`+vhsg`rodbh`kenbtr
nmRntsg@eqhb`-
SgdQ`chrrnmR@RGnsdk+Ktbdqmd+Rvhsydqk`mc+
054qnnlr+nodmdchm1//5-
Sgdqhfgsbnmsq`bs
SgdbnmshmtntrrtbbdrrneQdyhcnqhrk`qfdkxctdsn
sgde`bssg`svdg`udbqd`sdc`aqn`crodbsqtlne
rnktshnmrcdrhfmdcsnlddssgdmddcrned`bghmch,
uhct`kgnsdknvmdq-Sgdnoshnmr`u`hk`akdq`mfdeqnl
kd`rd`mcl`m`fdldms`fqddldmsrÏansgvhsgnq
vhsgntsÝm`mbh`kbnllhsldmsÏsneq`mbghrd`fqdd,
ldmsr-Vd`krndmf`fdhminhmsudmstqdrTmcdq ntq kd`rd `fqddldmsr+ vd kd`rd gnsdk
athkchmfreqnloqnodqsxnvmdqr`mc`qdqdronmrhakd
enqnodq`shmf`mcrtrs`hmhmfsgdoqnodqsx-Tmcdqntq
l`m`fdldms`fqddldmsr+vdoqnuhcdl`m`fdldms
rdquhbdr enq sghqc,o`qsx gnsdk oqnoqhdsnqr- Sgqntfg
ntqeq`mbghrd`fqddldmsr+vd`tsgnqhrd`sghqc,o`qsx
gnsdk nodq`snq nq oqnodqsx nvmdq sn nodq`sd sgd
gnsdktmcdqnmdnentqaq`mcr-
Sgdctq`shnmnentq`fqddldmsru`qhdr-Kd`rd`fqdd,
ldmsr`qdsxohb`kkxknmf,sdqlÏ1/xd`qrnqknmfdq
Ï vgdqd`r l`m`fdldms `fqddldmsr `qd mnql`kkx
adsvddm04`mc1/xd`qr-Sgdctq`shnmnentqeq`m,
bghrd`fqddldmsr`krnu`qx+ats`qdsxohb`kkxenq`
sdqlne0/xd`qrnqknmfdq@s sgd dmc ne sgd xd`q+ Qdyhcnq g`c 60 '56(
kd`rdc+023'004(l`m`fdc+`mc63'72(eq`mbghrdc
oqnodqshdrhmnodq`shnm`mctmcdqcdudknoldms-
Ntq rsq`sdfx hr sn fqnv lnqd hm sgd l`m`fd,
ldms`mceq`mbghrdrdfldms+`mckdrrhmsgdkd`rdc
rdfldmsr-@rvdfqnv+sgdrg`qdnekd`rdcoqnodq,
shdrhmntqonqsenkhnvhkkadqdctbdc-
06
SgdQ`chrrnmR@RQdrnqs%Sg`k`rrn+Cidqa`+
Stmhrh`+185qnnlr+nodmdchm1//5-
Knb`shnm,knb`shnm,knb`shnm
Qdyhcnqnodq`sdrgnsdkrhm30bntmsqhdrsgqntfgnts
Dtqnod+ sgd Lhcckd D`rs+ @eqhb` `mc Bdmsq`k @rh`+
`mcvdg`ud`chudqrdoqnodqsxonqsenkhnhmbktchmf
bhsxbdmsqd+rtatqa`m+`hqonqs`mcqdrnqsgnsdkr-Ntq
oqnodqshdr u`qx eqnl 0///* qnnl ghfg,qhrdr sn
antshptdgnsdkrvhsgitrs3/*qnnlrSgdpt`khsxne`oqnodqsxÔrknb`shnmhrnmdnesgd
edvsghmfrxntb`mmnsbg`mfdÏ`skd`rsmnshmsgd
rgnqssdql-Knb`shnmhr`mhlonqs`msrtbbdrre`bsnq
`mcl`sbghmfd`bgknb`shnm`mcoqnodqsxvhsgsgd
qhfgs aq`mc `mc needq sn l`qjds hr sgd jdx sn rtb,
bdrr-@fqd`sknb`shnmenq`O`qjHmmhrmnsmdbdrr`q,
hkxhcd`kenq`GnsdkLhrrnmh07
Q`chrrnm R@R gnsdkr `qd sxohb`kkx knb`sdc hm bhsx
bdmsqdr ne b`ohs`k `mc l`inq bhshdr nq `ci`bdms sn
l`inq`hqonqsr-
O`qj Hmm gnsdkr `qd sxohb`kkx knb`sdc hm bhsx
bdmsqdr+rtatqa`mknb`shnmrnqsq`mronqssdqlhm`kr-
Vd nmkx cdudkno Qdfdms gnsdkr hm udqx oqnlhmdms
knb`shnmrhmudqxrdkdbscdrshm`shnmr-GnsdkLhrrnmh
gnsdkr vhkk ad cdudknodc hm bhsx bdmsqdr+ hm to `mc
bnlhmf o`qsr ne bhshdr `r vdkk `r hm cxm`lhb ghfg
oqnÝkdqdrnqsknb`shnmr-
Aq`mcr
Oqnlhrdr+oqnlhrdr+oqnlhrdr+
CDKHUDQX+CDKHUDQX+CDKHUDQX
“ D`bgnentqÝudaq`mcrg`r`chrshmbshudaq`mcoqnlhrdsg`s
lddsrbkd`qkxcdÝmdcbnmrtldqmddcr`mcoqnÝkdr+`mchr
cdkhudqdcaxbnllhssdcodnokd”
08
Rg`qokx cdÝmdc `mc vhcdkx qdbnfmhrdc aq`mcr g`ud adbnld `
l`inqjdxsnrtbbdrrhmsgdgnsdkhmctrsqx-Fkna`kaq`mcr`mchm,
ctrsqxl`inqr`qdbnmrhrsdmskxhmbqd`rhmfsgdhql`qjdsrg`qd+vghkd
knb`kaq`mcr`mcqdfhnm`kbnlo`mhdr`qdÝmchmfhsg`qcdqsnbnlodsd-
Qdyhcnqnodq`sdr`b`qdetkkxrdfldmsdconqsenkhnneaq`mcrbnu,
dqhmflnrsnesgdjdxgnsdkl`qjdsrdbsnqr9ktwtqx+khedrsxkd+Ýqrs,
bk`rretkkrdquhbd+lhc,l`qjdsetkkrdquhbd`mckhlhsdcrdquhbd-Sgd
atrhmdrronvdqneQdyhcnqÔrltksh,aq`mconqsenkhnkhdrhmhsr`ahkhsx
sncdkhudqrodbhÝbaq`mcrnktshnmrenqrodbhÝbl`qjdsnoonqstmhshdr-
Snft`qc`f`hmrsaq`mcbnmetrhnm+`kkaq`mcbnmbdosr`qdldshbt,
kntrkx cdÝmdc `mc sq`mrk`sdc hmsn nodq`shnm`k aq`mc l`mt`kr `mc
nsgdqaq`mchcdmshsxbnkk`sdq`ksnrdbtqdrsqhbsaq`mcbnmsqnkNentqjdxaq`mcr+Q`chrrnmR@RhrntqÝqrs,bk`rr+etkkrdquhbdaq`mc
vghbgrddjrsn`cnossgdkhedrsxkd`ooqn`bg+vgdqd`rO`qjHmmhr`
lhc,l`qjds+etkkrdquhbdunktldaq`mc-Nesgdcdudknoldmsaq`mcr+
Qdfdmshr`sq`chshnm`kktwtqxaq`mc:GnsdkLhrrnmh`mhmmnu`shudkhed,
rsxkdaq`mcÏcdudknodchmo`qsmdqrghovhsgsgdHs`kh`me`rghnmgntrd
Lhrrnmh Ï `mc Bntmsqx Hmm+ ` khlhsdc rdquhbd aq`mc- Vd g`ud `
chrshmbshudrsq`sdfxenqd`bgnesgdÝudaq`mcr-D`bgaq`mcg`r`m
dwokhbhs aq`mc oqnlhrd sg`s lddsr bkd`qkx cdÝmdc bnmrtldq mddcr
`mcoqnÝkdr`mchrcdkhudqdcaxaq`mc,rodbhÝbbnllhssdcodnokd-
Hmkhmdvhsgntqbgnrdmrsq`sdfxsnrodbh`khrdhml`m`fhmfnsgdq
odnokdÔr`rrdsr+vdcnmnsnvm`mxnesgdsq`cdl`qjrvdtrdvhsg
sgddwbdoshnmneQdyhcnq+sgdbnqonq`sdaq`mcVdcdudknosgdQ`chrrnm+O`qjHmm+Qdfdms`mcBntmsqxHmmaq`mcr
hm sgd DLD@ `qd` tmcdq sgd l`rsdq eq`mbghrd `fqddldmsr vhsg
B`qkrnm+`kd`chmfT-R-sq`udk`mcgnrohs`khsxbnlo`mx+vhsgvgnl
vdg`udg`c`bknrdqdk`shnmrghorhmbdvddmsdqdchmsnsgdÝqrsl`r,
sdqeq`mbghrd`fqddldmsc`sdca`bjhm0883-B`qkrnmhrbtqqdmskxsgd
k`qfdrsrg`qdgnkcdqhmsgdQdyhcnqGnsdkFqntovhsg24$gnkchmfr-
Sgqntfg hsr o`qsmdqrgho vhsg B`qkrnm+ Qdyhcnq `krn admdÝsr eqnl
B`qkrnmÔrfkna`kaq`mchmeq`rsqtbstqd+qdrdqu`shnmrxrsdl`mcnsgdq
atrhmdrr hmhsh`shudr- Sgd khbdmrdr eqnl B`qkrnm `qd hm deedbs tmshk
1/21`mcl`xaddwsdmcdc`sQdyhcnqÔrchrbqdshnmtmshk1/41@r ` bnmrdptdmbd ne R@R chudrshmf hsr rg`qdgnkchmf hm Qdyhcnq+
ntqqhfgssntrdsgdR@Rsq`cdl`qjhmbnlahm`shnmvhsgQ`chrrnm
vhkksdqlhm`sd`ssgddmcneMnudladq1//8Etqsgdqhmf ntq onkhbx ne hmmnu`shnm+ Qdyhcnq g`r ` vnqkcvhcd
khbdmrd`fqddldmsvhsgLhrrnmhsncdudknoGnsdkLhrrnmh-Vdok`m
snnodmsgdÝqrsGnsdkLhrrnmhhm1//7-Vd`qdvnqjhmfhmbknrd
bnnodq`shnm vhsg Lhrrnmh sn cdudkno sgd Ýqrs svn Gnsdk Lhrrnmh
aq`mcdc oqnodqshdr+ dmrtqhmf vd b`ostqd sgd sqtd rohqhs ne sgd
hmhlhs`akdLhrrnmhrsxkd-
Athkchmfsgdaq`mcrhmunkudraq`mchmf`bqhshb`kmtladqneoqnodq,
shdr hm jdx `mc fqnvsg l`qjdsr: cdkhudqhmf bnmrs`mskx nm aq`mc
oqnlhrdr `mc bqd`shmf aq`mc `v`qdmdrr sgqntfg `ffqdrrhud l`q,
jdshmf`mc`u`hk`ahkhsxhm`kkbg`mmdkrBnmrtldqtmcdqrs`mchmfhr`jdxe`bsnqhmrtbbdrretkkxcdudkno,
hmfaq`mcbnmsdms-Hshrdrrdmsh`ksn`ooqdbh`sdgnvsgdmddcr+oqde,
dqdmbdr `mc cdrhqdr ne sgd s`qfdsdc btrsnldq rdfldmsr bg`mfd-
@r mddcr `mc oqdedqdmbdr dunkud+ rn ltrs ntq aq`mcr `mc vg`s
sgdxneedq-Q`chrrnmR@Rhr`udqxfnncdw`lokdnegnvvdÔqdqd,
ronmchmfsnbg`mfdhmbtrsnldqmddcr`mcoqdedqdmbdr-@ksgntfg
bkdudqetmbshnm`khsxhrrshkksgda`bjanmdnesgdQ`chrrnmR@Raq`mc+
vd jmnv sg`s torb`kd ftdrsr `qd knnjhmf enq ` fqd`s `mc sqtkx
ldlnq`akddwodqhdmbd-SgdmdvaqddcneQ`chrrnmR@Rgnsdkrvhsg
sgdhqrodbs`btk`q`qbghsdbstqd`mccdrhfmÏ`mcrdquhbddkdldmsrsn
l`sbgÏ`qdmnvqdcdÝmhmfbnmsdlonq`qxtorb`kdgnrohs`khsxvhsg
`chrshmbskhedrsxkdhmfqdchdms-
Rtbbdrretkaq`mcl`m`fdldmshrmnsnmkx`antsl`jhmfsgdqhfgs
oqnlhrdr: hsÔr `krn `ants dmrtqhmf sg`s sgdrd oqnlhrdr `qd jdos-
Vd odqenql bnmshmtntr pt`khsx hmrodbshnmr `mc QdyhcnqÔr Pt`khsx
@ rrtq`mbdhrntqrs`sdldmssnsgdl`qjdssg`soqnctbsr`mcrdqu,
hbdrvhkklddssgddwodbs`shnmrnesgdbtrsnldq-Sgd`udq`fdrbnqd
nesgd1//5@mmt`kPt`khsxOdqenql`mbdQduhdvv`r76'74(enq
Q`chrrnmR@R`mc72'73(enqO`qjHmm+ntsne`sgdnqdshb`kkxonr,
rhakd0//-Vgdmrnldsghmffndrvqnmf+vghbgsghmfrcnhmdudm
sgdadrsqtmbnlo`mhdr+vdg`ud`rsqtbstqdcoqnbdrrenqL`jhmf
HsQhfgs-Rdquhbdqdbnudqxhr`udqxenqbdetksnnksnathkcknx`ksx`mc
snhmrohqdcdkhfgshmbtrsnldqrAxrtbbdrretkl`m`fdldmsnentqkhbdmrdcaq`mcrvd`krnathkc
ntqbnqonq`sdaq`mcQdyhcnq+hmbqd`rhmf`v`qdmdrr`mcqdrodbshm
sgdhmctrsqx+hmsgdÝm`mbh`kbnlltmhsx`mcvhsgoqnodqsxnvmdqrEntqRd`rnmr
Lnqf`m
V
QhsyB`qksnm
HmsdqBnmshmdms`k
Ghksnm
L`qqhnss
Rgdq`snm
Gnkhc`xHmm
Mnunsdk
Rb`mchb
Ktwtqx
EhqrsBk`rr
LhcL`qjds
Hahr
Dbnmnlx
Enqltkd0
Atcfds
Hmbqd`rdckdudknerdquhbd'lhmhltlsnetkk(
1/
Rntqbd9GURHmsdqm`shnm`kQdrd`qbg
Aq`mcL`m`fdldms
@sno,odqenqlhmfonqsenkhn
neÝudaq`mcr9eqnlrdkdbs
rdquhbdrsntkshl`sdktwtqx
10
11
12
Qdyhcnqhrntqbnqonq`sd
aq`mc-Vdhmsdmcsnathkc
`mcd`qm`rsqnmfqdots`shnm
hmsgdÝm`mbh`k`mcldch`
bnlltmhshdr`mcvhsg`kkntq
btqqdms`mcetstqdatrhmdrr
o`qsmdqr-Sgdaq`mconrhshnm
vdg`uds`qfdsdchrqdbnfmh,
shnmenqQdyhcnq`rsgdlnrs
cxm`lhb+bnmsdlonq`qx`mc
hmmnu`shudgnrohs`khsxl`m,
`fdldmsbnlo`mxhmsgd
DLD@qdfhnm-Vd`hlsnad
jmnvm`rsgdadrsgnrohs`k,
hsxl`qjdsnoshnmsnhmudrs
hm+snatxrdquhbdreqnl+
snbn,nodq`sdvhsg`mcsn
vnqjenq-
Q`chrrnmR@Rhr`Ýqrs,bk`rr+etkkrdquhbdgn,
sdkaq`mc-Q`chrrnmR@Rhrntqk`qfdrsaq`mc+
vhsg ` sns`k ne 23+156 qnnlr '044 gnsdkr(
btqqdmskx hm nodq`shnm- Q`mfhmf eqnl rl`kk
antshptd gnsdkr sn l`inq bhsx k`mcl`qjr+ `
Q`chrrnmR@Rgnsdkg`r`m`udq`fdne1/1
qnnlr- Nudq sgd o`rs entq xd`qr+ vd g`ud
hmsqnctbdc ` mdv fdmdq`shnm ne Q`chrrnm
R@R gnsdkr vhsg rodbs`btk`q `qbghsdbstqd
`mc hmsdqhnq cdrhfm hm qdronmrd sn sgd
dldqfhmfcdl`mcenqkhedrsxkdgnsdkreqnl`
aqn`cdq s`qfds `tchdmbd- Rnld ne sgdrd
mdvgnsdkrg`udÑcdrshm`shnm`kÒpt`khshdr`mc
g`udadbnldÑsgds`kjnesgdsnvmÒ+mnsitrs
knb`kkx-Nudq1/$nesgdQ`chrrnmR@Rgnsdkr
btqqdmskx hm nodq`shnm g`ud addm cdrhfmdc
`mcathkssnlddssgdrdrs`mc`qcrvghkdto
sn24$nesgdsns`kQ`chrrnmR@Ronqsenkhn
`qddwodbsdcsncnrnhmsgdmdwssvnxd`qr+
rdbtqhmf l`qjds kd`cdqrgho enq sgd aq`mc-
BnlodshshnmhmbktcdrGhksnm+L`qqhnss+Rgd,
q`snm`mcRnÝsdk@s Q`chrrnm R@R+ sgd Xdr H B`m rdquhbd
`sshstcd sq`mrk`sdr hmsn sqd`shmf d`bg `mc
dudqxftdrs`r`sqtdhmchuhct`k-Axbnlahmhmf
`ssdmshudnmd,sn,nmdgnrohs`khsxvhsgbkdudq
rdquhbdbnmbdosr+lnrsnesgdlenbtrrhmfnm
bgnhbd`mcl`jhmfsgdrs`xd`rx+Q`chrrnm
R@Rneedqr`tmhptdrdquhbddwodqhdmbdvhsg
`0//$FtdrsR`shre`bshnmFt`q`msdd-
O`qj Hmm gnsdkr enbtr nm Ñl`rsdqhmf sgd
drrdmsh`krÒ adssdq sg`m `mxnmd dkrd vhsghm
sgdr`ldl`qjds-Ronskdrrkxbkd`m+d`rxsn
trd `mc r`ed+ O`qj Hmm gnsdkr `qd xntsgetk+
bnkntqetk+ dmdqfdshb `mc etm+ vhsg ` v`ql
`mcb`rt`kXdrHB`m rdquhbd`ooqn`bg-Sgd
aq`mchrcddokxbnllhssdcsnoqnuhchmfsgd
jdxdrrdmsh`kne`mxgnsdkdwodqhdmbd9`fnnc
mhfgsÔrrkddoÏhme`bs+sgdadrsrkddohmsnvm-
Mtladqnegnsdkr
Mtladqnegnsdkr
078
66
Gnsdkrhmnodq`shnm`mctmcdqcdudknoldmsSgdqdvdqd`krnsvntmaq`mcdcgnsdkrhmnodq`shnm-
13
O`qjHmmhr`mdeÝbhdms`mchmmnu`shudlhc,
l`qjds+ etkk rdquhbd gnsdk aq`mc- Cdrhfmdc
enq e`rs fqnvsg+ O`qj Hmm hr adfhmmhmf sn
qd`bg bqhshb`k l`rr- @kqd`cx ntq rdbnmc
k`qfdrsaq`mc+O`qjHmmg`r`sns`kne0/+063
qnnlr'51gnsdkr(btqqdmskxhmnodq`shnm-
@ O`qj Hmm gnsdk+ nm `udq`fd+ needqr 053
qnnlr-@r`u`ktd,cqhudm`mcÞdwhakdbnm,
bdos vhsg sgd lnrs rsqhjhmf mdv aq`mc
hcdmshsx hm sgd btqqdms gnsdk l`qjds+ O`qj
Hmmoqnlhrdrsnadsgdadrshmsgdbk`rr9sgd
gnsdknebgnhbdhmsgdlhc,l`qjdsrdfldms-
Bnlodshsnqr hmbktcd Mnunsdk+ Rb`mchb `mc
Gnkhc`xHmm-
@gnrohs`khsxkdfdmc+Qdfdmshr`etkkrdquhbd+
ktwtqxaq`mcs`qfdshmfoqhl`qhkxhmchuhct`kr
vgn u`ktd ` bnmsdlonq`qx `ooqn`bg sn
sq`chshnm`k ktwtqx `mc shldkdrr sq`chshnmr-
Qdfdmshr`fkna`kaq`mcm`ldsg`shrbtq,
qdmskx `rrnbh`sdc vhsg ` rl`kk onqsenkhn ne
ktwtqxgnsdkr-Qdfdmshr`sqtkxfkna`kaq`mc+
`mcsnfdsgdqvhsgB`qkrnmvdvhkkcdudkno
Qdfdmsgnsdkrhmrdkdbscdrshm`shnmr-Btqqdms,
kx+ vd nodq`sd svn Qdfdms gnsdkr+ nmd hm
Adqkhm+Fdql`mx+`mcnmdhmY`fqda+Bqn`sh`-
@mnsgdqQdfdmsoqnodqsxhrtmcdqcdudkno,
ldmshmCtaqnumhj+Bqn`sh`+`mchmCta`h+sgd
Tmhsdc@q`aDlhq`sdr-Bnlodshsnqrhmbktcd
EntqRd`rnmr+RsQdfhr`mcNmd,`mc,NmkxQdfdmsftdrsr`qd`rodbh`k aqddc ne sqtkx
chrbdqmhmf `mc bnrlnonkhs`m hmchuhct`kr+
vgntmcdqrs`mc`mcu`ktdsqtdktwtqx-Sgdx
bgnnrd Qdfdms enq atrhmdrr `mc okd`rtqd+
r`edhmsgdjmnvkdcfdsg`ssgdxvhkkdminx`
vnqkc,bk`rrrs`mc`qcneghfgkxodqrnm`khrdc
rdquhbdeqnldloknxddrvhsg`o`rrhnmenq
dwbdkkdmbd`mcsgdfqd`sdrs`ssdmshnmsncds`hk-
GnsdkLhrrnmhhrsgdmdvdrsldladqnesgd
Qdyhcnq e`lhkx- Sghr qdbdmskx rhfmdc vnqkc,
vhcd khbdmrd `fqddldms vhsg sgd hbnmhb
fkna`ke`rghnmaq`mcnesgdr`ldm`ld+vhkk
rdd sgd Ýqrs Gnsdk Lhrrnmh cdats hm 1//7-
@ mdv `mc chrshmbshudkx cheedqdms jhmc ne
gnsdk+ Gnsdk Lhrrnmh vhkk pthsd tm`rg`ldckx
rds hsrdke nts sn b`ostqd sgd hmbqd`rhmfkx
hlonqs`mskhedrsxkdrdbsnqnesgdgnrohs`khsx
l`qjds-U`ktdrsg`snmsgdrtqe`bdhmbktcd9`
rsqnmfhmsdqdrshmcdrhfm+`m`ooqdbh`shnmne
cds`hk+`mtmcdqrs`mchmfneennc`mcvhmd+`
adkhdehm`tsgdmshbhsx+`bnfmhr`mbdnebtkstqd
eqnl ` bnmsdlonq`qx onhms ne uhdv+ `mc `
rsqnmf`mcdpths`akdrdsnernbh`ku`ktdr-Vd
btqqdmskx g`ud svn Gnsdk Lhrrnmh aq`mcdc
gnsdkrtmcdqcdudknoldmshmDchmatqfg+Rbns,
k`mc+ `mc Jtv`hs Bhsx+ Jtv`hs- Bnlodshsnqr
hmbktcdV+Lnqf`m`mcL`kl`hrnm-
Bntmsqx Hmm hr ` khlhsdc rdquhbdr aq`mc-
Bntmsqx Hmm gnsdkr needq odqrnm`k+ v`ql
gnrohs`khsx `mc bnlenqs`akd+ bntmsqx,khjd
`bbnllnc`shnm`s`svn,rs`qkdudk-Aq`mc
cds`hkrhmbktcdgnld,khjdhmsdqhnqcdrhfm`mc
qdrhcdmsh`k `qbghsdbstqd+ vhsg Ýqd,ok`bdr hm
sgdg`kk+bnlenqs`akdkntmfdr+qdk`whmfqnnlr
`mc `m `kk,dlaq`bhmf bntmsqx btkstqd sg`s
lddsr`mcfqddsrd`bgftdrssgdlnldms
sgdx v`kj hmsn sgd gnsdk- @kk sgd bnlenqsr
`mcsgdv`ql`slnrogdqdne`gnldhrsgd
tmhptdbnmbdossg`scdÝmdrBntmsqxHmmBtqqdmskx+sgdqd`qd`sns`kneentqBntmsqx
Hmm aq`mcdc gnsdkr nodq`shmf hm @trsqh`+
Eq`mbd+Fdql`mx`mcsgdTmhsdcJhmfcnl-
Bnlodshsnqr hmbktcd HAHR- Bntmsqx Hmm hr `
cdudknoldmsaq`mcsg`shrbtqqdmskxtmcdq
qduhdv-
SgdcdudknoldmsneGnsdkLhrrnmhvhkks`q,
fdsansgbhsxbdmsqdr`mcqdrnqsnoonqstmh,
shdr- Cxm`lhb knb`shnmr sg`s `qd etqsgdq
cdÝmdc`rbhshdrsg`s`qd`gd`c+qdrnqsrsg`s
stqmgd`cr-Vhsgsgdoqhl`qxfdnfq`oghb`k
enbtr bnmbdmsq`shmf nm sgd Qdyhcnq gnld
l`qjdsr ne Dtqnod `mc sgd Lhcckd D`rs+
vhsg etqsgdq lnqd noonqstmhrshb fqnvsg
dwodbsdchmsgdl`inqldf`l`qjdsrnesgd
vnqkc-Sgdgnsdkrvhkkq`mfdhmrhydeqnl0//
sn 2// qnnlr+ cdodmchmf nm sgd l`qjds+
sgdknb`shnm`mcsgd`qbghsdbstqd-
Mtladqnegnsdkr
Mtladqnegnsdkr)
Mtladqnegnsdkr
3
2
3
)(HmbktchmfKhedrsxkdgnsdkr-
14
Bnmsdlonq`qxtorb`kd+qdhmudmsdc
15
@eÝql`shudhmdudqxqdrodbs+Q`chrrnmR@Ritrsknudrsnr`xXdr Vhsg
`ghrsnqxnehmctrsqxkd`chmfhmmnu`shudrdquhbdbnmbdosr+vd`qdmnv
qdhmudmshmf bnmsdlonq`qx gnrohs`khsx+ hmbktchmf vg`s hs knnjr khjd `mc
gnvhshrcdkhudqdc-Vd`hl`sl`qjdskd`cdqrghoaxbnlahmhmf`tmhptd
`mcrsxkhrg`ooqn`bgsngnsdkg`qcv`qdÏhmbktchmfMdroqdrrnl`bghmdr
hmAtrhmdrrBk`rrQnnlr`mcD`rxBnmmdbseqdd,ne,bg`qfdaqn`ca`mc
ÏvhsgsgdXdrHB`m rohqhsnegnrohs`khsx-
16
Bdkdaq`shmfetmbshnm`khsx`mcetm
Ghfgkx deÝbhdms+ eqdrg `mc hmmnu`shud+ b`rt`k `mc v`ql Ï `mc vhsg
sgdÑadrsrkddohmsnvmÒ-O`qjHmmgnsdkr`qdfkna`khmntsknnj+m`shnm`k
hmrb`kd`mcknb`khmnodq`shnm-Vhsg`bnllhsldmssnÑl`rsdqhmfsgd
drrdmsh`kr+ÒO`qjHmmneedqrdwbdkkdmsu`ktdenqlnmdx-
17
18
KhudsgdKtwtqx
Dudqxsghmf hr d`rx vgdm xnt g`ud itrs nmd rhmfkd enbtr Ï tmbnloqnlhrhmf+
tm`rg`ldcktwtqx-Qdfdmsgnsdkrbnlahmd`cddotmcdqrs`mchmfenqvg`shrvnqsg
oqdrdquhmf eqnl sgd fknqhntr o`rs vhsg `kk sg`s hr adrs ne bnmsdlonq`qx rsxkd
`mcbnlenqs-Vhsgsgdghfgdrspt`khsxrs`mc`qcr+tmhptdkdudkrneodqrnm`khrdc
rdquhbd+rtoqdldrnoghrshb`shnm`mc`qdÞdbshnmneknb`kbtkstqd+Qdfdmskhudrhsr
nvmkdfdmc2/
20
Rsxkd`shsrlnrsuhaq`ms
21
@adkhdehm`tsgdmshbhsx+`m`ooqdbh`shnmnecds`hk+`mtmcdqrs`mchmf`mcbkdudq
hmsdqoqds`shnmnesgdlnldms9sg`sÔrLhrrnmh-RsxkdhrcheÝbtkssncdÝmd+ats
b`madhmrs`mskxhcdmshÝdc-@sGnsdkLhrrnmhsgdqdvhkkad`knssnrons-Vdok`m
snbqd`sdsgdlnrsuhaq`ms`mcdwbhshmfcdrhfmhmsdmrhudkhedrsxkdgnsdkrnmsgd
l`qjds+athksnmÏ`mcsnfdsgdqvhsgÏsgdhmhlhs`akdLhrrnmhe`rghnmgntrd-
22
@gnld`v`xeqnlgnld
@bnlenqs`akdrs`x`s`bnlenqs`akdoqhbdhrsgdjdxoqnlhrdeqnlBntmsqx
Hmm-Bnlahmhmfsgdrs`mc`qcrne`l`inqhmsdqm`shnm`kgnsdkaq`mcvhsgsgd
`ldmhshdr`mcbg`qlne`rl`kkdqe`lhkxgnsdkqdÞdbshmfsgdbnlenqsrne`
gnld`mcneedqhmffqd`su`ktdhrsgdBntmsqxHmmv`x23
Odqenql`mbd
Vnqjhmfsgdl`qfhm
“ Hmctrsqxkd`cdqrhmbnrsl`m`fdldms+
vdg`udrghesdcntqenbtrsnqdudmtdfdmdq`shnm+
vghkdjddohmfbnrsrnm`udqxrgnqskd`rg”
24
QdudmtdFdmdq`shnm
Fqnvhmfsgdsno,khmd
Ïdwo`mchmfatrhmdrr
unktld
Fqnvhmfsgdmtladqrg`raddmntqrsq`sdfxenq`knmfshld-@r
vdkk `r otqrthmf ntq `ffqdrrhud atrhmdrr cdudknoldms `fdmc`+
ntq rsq`sdfhb `ooqn`bg hmbktcdr u`qhntr chrsqhatshnm hmhsh`shudr+
`ffqdrrhud l`qjdshmf `mc bkdudq xhdkc l`m`fdldms- D`qkx hm
1//4+vddla`qjdcnm`mdv+`lahshntrqdudmtd,cqhuhmfoqn,
fq`lld sg`s g`r bnmshmtdc sn annrs atrhmdrr unktld hm 1//5
`mcsghrtokhesbnmshmtdr-
Qdudmtdr enq sgd etkk xd`q 1//5 `lntmsdc sn LDTQ 6/6-2
'476-/(+`mhmbqd`rdne1/-4$-QduO@Qenqkd`rdc`mcl`m`fdc
gnsdkrhmbqd`rdcax6-4$snDTQ61'56(`mcntqnbbto`mbxhm,
bqd`rdcsn58$'56(-QduO@QenqQ`chrrnmR@R`mcO`qjHmmhl,
oqnudcax8-8$`mc5-7$qdrodbshudkx-@rsqnmfdqcdl`mc`mc
ghfgdqq`sdrvdqdhlonqs`mse`bsnqradghmcsgdfqnvsg+atsrn
v`r sgd hmbqd`rd hm `u`hk`akd qnnlr `r ` qdrtks ne ntq fqnvsg
rsq`sdfx-
Qdyhcnqbnmshmtdrsntrdhl`fd`mcs`bshb`k`cudqshrhmfb`l,
o`hfmr+ bnnqchm`sdc l`qjdshmf oqnfq`lldr `mc rsq`sdfhb o`qs,
mdqrghorsnaqhmfntqaq`mcrsnkhed`mcÝkkntqgnsdkrvhsgftdrsr-
Vdg`ud`bdmsq`khrdcr`kdr+l`qjdshmf+chrsqhatshnm`mcbnllt,
QduO@Q
Qdyhcnq+DTQ
,/1
57
,/2
48
,/3
50
Nbbto`mbx
Qdyhcnq+$
,/4
56
Kd`rdc`mcl`m`fdcgnsdkr
25
,/5
61
,/1
54
,/2
51
,/3
54
,/4
56
Kd`rdc`mcl`m`fdcgnsdkr
,/5
58
mhb`shnm nqf`mhr`shnm vhsg lnqd sg`m 7/ odnokd vgn `qd cdch,
b`sdcsnhlokdldmshmfrsq`sdfhdrenqr`kdr+l`qjdshmf+bnllt,
mhb`shnmr `mc hmudrsnq qdk`shnmr+ chrsqhatshnm+ d,bnlldqbd `mc
btrsnldqknx`ksx-Vhsgsgdgdkonentqfkna`kr`kdrnqf`mhr`shnm
'FRN(+enbtrdcnmsnom`shnm`k`mchmsdqm`shnm`kjdx`bbntmsrhm
`kk qdkdu`ms rdfldmsr+ vd rsqd`lkhmd ntq deenqsr a`rdc nm sgd
l`qjdsrdbsnqsndmrtqdghfgoqnctbshuhsx`mcaq`mc`v`qdmdrr-
Nudq sgd k`rs sgqdd xd`qr+ vd g`ud rsqdmfsgdmdc ntq r`kdr
oqdrdmbdhmsgdTmhsdcRs`sdr`mcbnmshmtdsnotsfqd`sdlog`rhr
nmLHBD'Lddshmfr+Hmbdmshudr+Bnmedqdmbdr`mcDudmsr(sgqntfg
ntq qdk`shnmrgho vhsg Oqnedrrhnm`k Bnmedqdmbd Nqf`mhrdqr `mc
Bnqonq`sdLddshmfOk`mmdqr-Hm1//5+ntqjdx`bbntmsronqsenkhn
hmbktcdc02/bnqonq`sd`bbntmsrvgnbnmsqhatsdc`ooqnwhl`sdkx
431+///qnnlmhfgsr`mc14/kdhrtqd`bbntmsrvgnbnmsqhatsdc
44/+///qnnlmhfgsr-
HmDtqnod+sgdenbtrhrsnbnmshmtdsnhmbqd`rdaq`mc`v`qdmdrr
axghfgkhfgshmfd`bgaq`mcÔrtmhptdrdkkhmfoqnonrhshnm`mcodq,
rnm`khsx-Bnmrhrsdmshl`fdqx`mcbnmsdmsrsxkdhml`qjdshmf`b,
shuhshdr `mc rtoonqshmf bnkk`sdq`k gdko tr cdudkno `mc qdhmenqbd
d`bgaq`mcÔrchrshmbshudhcdmshsx-HmsgdMnqchbl`qjds+Q`chrrnm
R@Rbnmshmtdrsntmcdqrbnqdhsronrhshnm`rsgdmtladqnmdaq`mc
'ACQBAtrhmdrrCdudknoldmsQdrd`qbgBnmrtks`msrÏAtrhmdrr
Sq`udkkdqQdrd`qbg1//5(-Hmhsrl`inql`qjdsrO`qjHmmdminxr`
e`rs,fqnvhmfqdbnfmhshnm-
Hm1//6+sgdQ`chrrnmR@R`cudqshrhmfvhkkbnmshmtdsncdudkno
hsr tmhptd rsxkd ne bnlahmhmf bnmsdlonq`qx qnnl hkktrsq`shnmr
vhsgognsnfq`ogxonqsq`xhmfsgdldrr`fdsg`sQ`chrrnmR@Rgn,
sdkr`qdrsxkhrg+hmmnu`shud+bnmsdlonq`qx+dcfx+d`rx+eqhdmckx`mc
tmoqdsdmshntr-O`qjHmms`jdr`lnqdknb`k`ooqn`bg`mcenbtrdr
nms`bshb`k`bshuhshdrsnlddsknb`kmddcr-Hsvhkkgnvdudql`jd`
l`inqrok`rgvhsgetkkaq`mchmfne`fdql`mvhmfr`hqok`mdeqnl
1//6sgqntfgsn1//8-@cudqshrhmf`rvdkk`rdchsnqh`kbnudq`fd
enqQdfdmshrs`qfdsdcdwbktrhudkxsnv`qcrghfg,dmckhedrsxkd`mc
sq`udkl`f`yhmdr`bqnrrDtqnod`mcMnqsg@ldqhb`-
Great hotels.
Great
locations.
12 hotels
in the UK
Sleep Well.
Live Well.
Introducing
Colourful
Meetings
Over 150
meeting rooms
across the UK
2007
hotel directory
0ARK)NNONEOFTHEFASTESTGROWINGMIDMARKETHOTELBRANDSINTHE5+
Bedford
Lakeside
Northampton
Watford
Cardiff
London, Heathrow
Nottingham
West Bromwich
Harlow
London, Hyde Park
Telford
York
New Conference Centre at Park Inn Heathrow - opening spring 2007 - capacity for 700 delegates.
Hold your meeting at a Park Inn hotel
and collect goldpoints plus for meeting planners.
Internet
Free
yes!
yes!
&ORMOREINFORMATIONON0ARK)NNHOTELS
EMAILMEETINGS INTRESCOUKORCALL
Exclusive
yes!
FREE HIGH-SPEED
INTERNET ACCESS
At all Radisson SAS hotels
across Europe, the Middle
East & Africa.
REDISCOVER
TRUE
LUXURY IN THE HEART
OF BERLIN
radissonsas.com
call free 00800 3333 3333
time to
LIVE THE LUXURY
EXPLORE
Book your meeting with us, and earn Gold Points ®
www.rzgp.com /meetingsandevents
Rediscover a new definition of luxury in the heart of this fascinating city!
For reservations worldwide visit www.regenthotels.com or call toll free 1 800 545 4000.
Almaty Berlin Beverly Hills Kuala Lumpur Shanghai Singapore Taipei Zagreb
26
Nodq`shnm`kbnmsqnk
L`m`fhmfsgdanssnlkhmd
Ïhloqnuhmfsgdmtladqr
`kksgdv`xcnvm
1//5 v`r ` fnnc xd`q enq sgd gnsdk hmctrsqx `r ` vgnkd `r hs
v`r hmcddc enq Qdyhcnq- Rsqnmf l`qjdsr `mc cdl`mc gdkodc sn
otkksgdhmctrsqxhmchb`snqrhmsgdqhfgschqdbshnm+atssgdonrhshud
cdudknoldms`sQdyhcnqv`r`krngdkodcaxntql`sbghmffqnvsg
hmqnnlrrtookxHm1//5+DAHSC@adenqdHONqdk`sdcbnrsrhloqnudcax28-5$
snLDTQ50-/'32-6(vhsgsgdDAHSC@l`qfhmhmbqd`rdcsn7-5$
'6-3(-OqnÝs`esdqs`w`lntmsdcsnLDTQ18-/'12-1(-
DAHSC@l`qfhm
Qdyhcnq+$
Mtladqneqnnlr
Qdyhcnq+Sgntr`mcr
, /1 ,/2 ,/3 ,/4 ,/5
5-1 Ï2-/ 2-5 6-3 7-5
,/1 ,/2 ,/3 ,/4 ,/5
17-6 28-3 28-3 32-5 46-5
Kd`rdc`mcl`m`fdcgnsdkr
27
Kd`rdc+l`m`fdc`mceq`mbghrdcgnsdkr
hmnodq`shnm`mctmcdqcdudknoldms
Sgdrktffhrgodqhncenkknvhmfsgddudmsrne8.00l`cdtrudqx
deÝbhdms `s bnrs l`m`fdldms- Vd btqqdmskx admdÝs eqnl sgd
l`mxoqnfq`lldrsg`svdotshmsnvnqjctqhmfsgdkd`mxd`qr-
Lnrsnesgdl`qdrshkkhmok`bd+jddohmfnodq`shnm`kbnrsrcnvm-
@ssgdr`ldshld+vdadmdÝseqnlfqnvhmfdbnmnlxnerb`kdhm
lnrsl`qjdsr+vhsgrg`qdcetmbshnmradghmcsgdrbdmdr-Sghr`kk
bnmsqhatsdrsnntqsno,khmdfqnvsgsq`mrk`shmf`kksgdv`xcnvm
sn`rsqnmfanssnl,khmdHmnqcdqsnrdbtqdfqnvhmfgd`ksgxl`qfhmrvd`qdvnqjhmfsn
qdÝmdsgdlhwnentqbnmsq`bsronqsenkhn+vhsg`rl`kkdqrg`qdne
bnmsq`bsrvhsgÝm`mbh`kbnllhsldms-Hm1//5vdrtbbddcdchm
mdfnsh`shmf`klnrs7/$nentqmdvkxbnmsq`bsdcqnnlrvhsgnts
Ým`mbh`kbnllhsldms-Ctqhmfsgdmdwssgqddxd`qodqhncntq`hl
hrsg`s4/$nesgdqnnlr`ccdcrgntkcadtmcdql`m`fdldms
`fqddldmsr`mc2/$tmcdqeq`mbghrdbnmsq`bsr-Sgdbg`mfdrhm
ntqonqsenkhnlhwoqnlhrdsnbnmsqhatsdsn`bnmshmtntronrhshud
cdudknoldmsnentql`qfhmrhmsgdbnlhmfxd`qr@k`qfdmtladqnemdvathkcgnsdkrg`udrs`qsdcsnsq`cdhmsgd
k`rsbntokdnexd`qr+`mc`qdmnvadfhmmhmfsnodqenqlhmkhmdvhsg
ntqdwodbs`shnmr-SgdQ`chrrnmR@Ronqsenkhn+hmo`qshbtk`q+hmbktcdr
l`mx mdv athkc oqnodqshdr vhsg rsqnmf etstqd oqnÝs onsdmsh`k-
Mdvathkcgnsdkrsdmcsns`jdknmfdqsncdudknosnetkkodqenql,
`mbd sg`m bnmudqsdc+ nkcdq gnsdkr- Hmbqd`rhmfkx+ vd `qd `akd sn
b`ohs`khrdnmsgdgd`ksgxcdl`mcrhst`shnmaxadhmfhmsgdqhfgs
l`qjdsr`ssgdqhfgsshldvhsgmdv+eqdrg`mcdwbhshmfhmudmsnqx-
SgdQ`chrrnmR@RLdch`G`qantqGnsdk+Cžrrdkcnqe+Fdql`mx+
024qnnlr+nodmdchm1//4-
28
3/
30
Odnokdl`jd`kksgdcheedqdmbd-Hmsgde`lntrvhmdsnvdqhmsgdQ`chrrnmR@RGnsdkhm
KnmcnmRs`mrsdc@hqonqs+xnt`qdrtqdsnfds`cheedqdmsjhmcnev`hsdqÔrdwodqhdmbd-
31
Odnokd
Lddssgdqdyhcnqhsdr
Bqd`shmfsgdcheedqdmbd
vd`qdbnmshmt`kkxstqmhmf
“ SgqntfgXdrHB`m
`mdmsgtrh`rshbgnrohs`khsxbtkstqdhmsnu`ktd
enqbtrsnldqr`mcnvmdqr`khjd”
32
@odnokdatrhmdrr
XdrHB`m `sshstcd`r
sgdbnlodshshuddcfd
Etkkx`v`qdsg`sntqatrhmdrrhr`odnokdatrhmdrr+vd`bjmnv,
kdcfdsg`sntqodnokdl`jd`kksgdcheedqdmbd-HsÔrntqodnokdvgn
jddontqaq`mcoqnlhrdrnm`c`hkxqd`k,kheda`rhr-G`uhmfsgdqhfgs
`sshstcdhrvg`sl`jdrQdyhcnqodnokdcheedqdmseqnldudqxnmd
dkrd- Sgd `sshstcd vd knnj enq hr Xdr H B`m Ï odnokd vhsg `m
dmsqdoqdmdtqh`k rohqhs qdf`qckdrr ne vgdqd sgdx nodq`sd hm sgd
bnlo`mx+ etmbshnm`kkx nq fdnfq`oghb`kkx- Sg`sÔr vgx vd ghqd ax
`sshstcd`mcsq`hmsnrjhkkXdrHB`m v`rnqhfhm`kkx`B`qkrnmoqnfq`lld-Hsg`radbnld
sgdcqhuhmfldbg`mhrlnesgdfdmthmdgnrohs`khsxbtkstqdsg`svd
g`uds`jdmetkkxhmsnntqgd`qsr`mcg`raddm`ssgdbnqdnentq
nodq`shnmrhmbdvdhmsqnctbdchs00xd`qr`fn-Snkdudq`fdsgd
tostqmnesgdl`qjds+vdcdbhcdcsnqd,k`tmbgXdrHB`m hm1//4
axs`jhmfhssn`mdvkdudknehmsdmrhsx`mcdmsgtrh`rl+l`jhmfhs
ntquhrhnm`mc`cqhudqenqntqatrhmdrr`r`vgnkd-@rxrsdl,vhcd
qdeqdrgdqsq`hmhmfoqnfq`lldv`rqnkkdcnts`mcg`raddmhm`b,
shnmdudqrhmbd-Ctqhmf1//5sgd`bshuhsxb`kdmc`qhmbktcdcsq`hm,
hmfntqodnokdÏmnsnmkxnmsgdeqnmskhmdats`s`kkkdudkrÏhmXdr
HB`m cdkhudqnmsgdAq`mcOqnlhrd`mcu`qhntrXdrHB`m rdquhbd
rbdm`qhnr+eqnlsdkdognmdrjhkkrsnqdv`qchmfbtrsnldqknx`ksx-
Hm1//2+vdqdnqf`mhrdcsgdbnlo`mx+lnuhmf`rltbgcdbh,
rhnm,l`jhmf`ronrrhakd`rbknrdsnsgdbtrsnldq`ronrrhakd`mc
dlonvdqhmfeqnmskhmdrs`eesnl`jdsgdadrsntsned`bgrhst`,
shnm+hmnqcdqsnbqd`sd`ldlnq`akdrdquhbddwodqhdmbd-Sghmfr
rnldshldrfnvqnmf+sg`sÔrsgdm`stqdneatrhmdrr+vghbghrvgx
rdquhbdqdbnudqxhrrtbg`bqtbh`k`rodbsneXdrHB`m
Bdkdaq`shmf sgd knb`k gdqn hr ` jdx dkdldms hm bnmshmtntrkx
onvdqhmf Xdr H B`m Sgd rdkdbshnm ne ` Gnrs ne sgd Lnmsg`mc
Xd`qv`rb`qqhdcntshmd`bggnsdkctqhmf1//5-Vdbdkdaq`sdc
sgd bnlo`mx Gnrsdrr ne sgd Xd`q+ Lr L`fc`kdm` Rknr`qbyxj+
Eqnms NeÝbd L`m`fdq eqnl sgd Q`chrrnm R@R Gnsdk hm Jq`jnv
ctqhmfsgdatrhmdrrbnmedqdmbdhmNrknhm@oqhk-
Sgd`mmt`kBkhl`sd@m`kxrhrbgdbjrdloknxddnohmhnmr`mcodq,
bdoshnmrnevnqjbnmchshnmr+b`qddqnoonqstmhshdr`mcl`m`fd,
ldmsodqenql`mbd-SgdrtqudxhrbnmÝcdmsh`k`mchrb`qqhdcnts
ax`sghqco`qsxbnlo`mx-Hsoqnuhcdreddca`bjsnl`m`fdldms
Ïbdmsq`kkx`mcknb`kkxÏmnsnmkxnmsgdbnlo`mxÔrodqenql`mbd
`r`vnqjhmfdmuhqnmldmsats`krnnmdloknxddrÔdmf`fdldms+
knx`ksx`mcsgdqdsdmshnmonsdmsh`k-
Hm1//5+05+340'02+424(dloknxddr'hmbktchmfl`m`fdc`mc
eq`mbghrdoqnodqshdr(o`qshbho`sdchmsgdBkhl`sd@m`kxrhrrtqudx-
Sgd qdrtks v`r 74-4 '73-4( nts ne ` onrrhakd 0//- Sgd Knx`ksx
Hmcdwv`r62'63($bnlo`qdcsn`admbgl`qjhmfne54$eqnl
nsgdqhmctrsqhdrSq`hmhmf`sQdyhcnqg`r`svn,oqnmfdcfn`k+b`qddqcdudkno,
ldms`mcodqrnm`kcdudknoldms-Ltbgnesgdsq`hmhmfhraq`mc,
rodbhÝb+ hmbktchmf hmctbshnm sq`hmhmf+ rdquhbd oqnfq`lldr `mc
aq`mcrs`mc`qcr+vghkdrnlda`rhb`mc`cu`mbdcqdrntqbdr`qd
bqnrraq`mc-SgdAtrhmdrrRbgnnk?Qdyhcnqhrmnsitrs`sq`hmhmf
ok`senql:hshr`krn`ldchtlsgqntfgvghbgvdbnmudxansgsgd
bnlo`mxbtkstqd`mc`mtmcdqrs`mchmfnesgdgnrohs`khsxhmctrsqx
`r`vgnkd-
Sgd Atrhmdrr Rbgnnk?Qdyhcnq bnmshmtdc sn `ssq`bs ldladqr
ne`kkaq`mcr+vhsg4/2'244(dloknxddro`qshbho`shmfhm01che,
edqdms bntqrdr hm 1//5+ hmbktchmf OqnÝs Ok`mmhmf Eq`ldvnqj+
Qdudmtd Dmg`mbdldms+ R`kdr+ Atrhmdrr Ok`mmhmf `mc Sq`hmhmf
Sdbgmhptdr-Bdkdaq`shmfhsr0/sg`mmhudqr`qxhm1//5+sgdrbgnnk
hmsqnctbdcsvnmdvbntqrdr9SgdFdmdq`kL`m`fdqBdqshÝb`shnm
Oqnfq`lldhrsgdmdve`rssq`bjsq`hmhmfoqnfq`lldenq'rnnm,
sn,ad(Fdmdq`kL`m`fdqrvgdqdsgdxkd`qm`antssgd`bbntms`,
ahkhsx`mcqdronmrhahkhshdrnesgdFdmdq`kL`m`fdqrqnkd-SgdGhfg
Odqenql`mbdEhm`mbh`k`mcGnsdk@rrdsL`m`fdldmshr`mnsgdq
mdvbntqrdvdneedqsnfdsgdqvhsgBnqmdkkTmhudqrhsx+enbtrrhmf
nmgnv`oqnodqsxb`mnoshlhrdhsr`ahkhsxsnbqd`sdu`ktdenq`kk
rs`jdgnkcdqr-
Bqd`shmfBdmsqdrneDwbdkkdmbdv`r`mdvhmhsh`shudhm1//5+rd,
btqhmf`bbdrrsnsgdsnokdudkrnebnlodsdmbdvhsghmsgdbnlo`mx
`mcneedqhmfdloknxddrsgdnoonqstmhsxsnkd`qmeqnlsgdadrs-
Vdbtqqdmskxg`ud011BdmsqdrneDwbdkkdmbdhm15bntmsqhdr@cgdqdmbdsnntqtmhptdoghknrnogxhrdmrtqdcaxntqonkhbxne
oqhl`qhkxqdbqthshmfFdmdq`kL`m`fdqr`mcnsgdqRdmhnqNeÝbdqr
eqnl vhsghm- Sgd Ldmsnq,Ldmsdd oqnfq`lld hr bqtbh`k sn sghr-
Sgdoqnfq`lldv`rqd,rsqtbstqdchm1//5vhsg`mdvrdkdbshnm+
`rrdrrldms`mcfq`ct`shnmoqnbdrr-VdgdkcsvnLdmsnqVnqj,
rgnorhm1//5enqsgd37rdkdbsdcLdmsnqr`mcoqnlnsdc02ne
sgd27LdmsddrsnFdmdq`kL`m`fdqr-Sgdqdl`hmhmfLdmsddr
bnmshmtdsnadcdudknodchmsn1//6-Vdb`qqhdcnts6/Fdmdq`k
L`m`fdqsq`mredqrhm1//5-51Fdmdq`kL`m`fdqrvdqd`oonhmsdc
eqnlvhsghmsgdbnlo`mx-
QdyhcnqU`ktdr
SQTRS
Snd`qmsqtrs+sgdmrgnvhs:
ltst`kqdrodbs+gnmdrsx+
hmsdfqhsx`mcknx`ksx
NODMMDRR
Adeq`mj`mcsq`mro`qdms+
`bbdrrhakd+Þdwhakd+oqdo`qdcsn
khrsdm`mcsnbnmrhcdq`kknoshnmr
EHFGSHMFROHQHS
@kv`xrdmsqdoqdmdtqh`k+`kv`xr
noonqstmhsxcqhudm+`kv`xr
gtmfqxenqlnqd
BNMEHCDMBD
Adkhdudhmntqrdkudr+hmvg`svd
g`ud`bghdudc`mchmvgdqdvd
`qdfnhmfÏxdsqdl`hmgtlakd
DLONVDQLDMS
Dm`akd`mcdpthontqdloknx,
ddrsnl`jdsgdcdbhrhnmrsg`s
l`ssdq
EKDWHAHKHSX
@ahkhsxsnl`jde`rscdbhrhnmr
33
YE@BSNQ
C`qhmfsnadcheedqdms+
hm`etm%qdv`qchmfv`x
QDRONMRHAKDATRHMDRR
Qdrodbshmfsgdbnlltmhsx
`mcdmuhqnmldmsvdkhud
`mcnodq`sdhm
XdrHB`m hr`ants`sshstcdÏ`ants
Xdr mnsdudqxsghmfhronrrhakd+ats
`klnrsdudqxsghmfhr-@sQdyhcnqvdcn
ntqtslnrssnl`jdsghmfrg`oodm+sn
r`xXdr`mcrs`qsvnqjhmfnmhs-Hemns+
sgdqdhr`kv`xr`adrs`ksdqm`shud-
XdrHB`m ÏhsÔrodqrnm`k-HsÔr`ants
gnvH+`r`mhmchuhct`krdquhbdoqnuhcdq+
b`ml`jd`cheedqdmbd-Vdmdudq
enqfdssg`sgnrohs`khsxhrcdkhudqdc
nm`nmd,sn,nmda`rhr`mchsÔrtosn
d`bgnetrsnbqd`sdsg`sldlnq`akd
gnrohs`khsxdwodqhdmbdenqntqftdrsr-
XdrHB`m hr`antsbnlodsdmbd`mc
dlonvdqldmsÏ`antsB`m Snad
`akdsn`bst`kkxcdkhudqxntltrsmns
nmkxjmnvvg`ssncn`mcgnvsn
rnkudsgdoqnakdl+atsxntltrs`krn
addlonvdqdcsnl`jdsgdcdbhrhnm
ÏsncnsgdqhfgssghmfhmsgdÝqrs
ok`bd+nql`jdhsqhfgshehshrmns-
34
35
36
Sgdlnmdxl`jdqr
SgdFL9rÏntqknb`kgdqndr
Snrtrs`hm`ghfgq`sdnefqnvsg+Qdyhcnqv`rqdnqf`mhrdchm1//2+rgheshmflnqd`tsgnqhsx
`mc`bbntms`ahkhsxsnhmchuhct`kgnsdkr-Vdadkhdudhmsgdknb`kgdqn`mcghrnqgdqonsdmsh`ksn
bqd`sdqdrtksreqnljmnvhmfsgdknb`kl`qjdsbnmchshnmradssdqsg`m`mxnmddkrd-SgdFdmdq`k
L`m`fdqr`qdetkkx`bbntms`akdenqbtrsnldq+nvmdq`mcdloknxddr`shre`bshnm`ssgdhqgnsdkSngdkoFdmdq`kL`m`fdqrb`ohs`khrdnmsgdhqoqnwhlhsxsnsgdl`qjds+sgdx`qddlonvdqdc
vhsg`kksgdcdbhrhnm,l`jhmf`tsgnqhsxsgdxmddcsndmg`mbdqdudmtd+hmbktchmfoqhbhmf+qdu,
dmtdl`m`fdldms`mcoqnÝsfdmdq`shnm`ssgdFNOkdudk-Gnsdkrb`mcdÝmdsgdhqnvmqdu,
dmtdfn`kra`rdcnmknb`ko`q`ldsqdr`mccdbhcdnmgnvsn`bghdudsgnrds`qfdsr-Gnsdkr
mnvknb`kkxcdsdqlhmdsgdadrsbntqrdne`bshnmhmsdqlrner`kdr`mcl`qjdshmf+vhsgrto,
onqseqnlsgdqdfhnm`k`mcbnqonq`sdneÝbdr-
Sgdkhrsrgnvrgnsdkr`mcFdmdq`kL`m`fdqraxL`qbg1//6-
Q`chrrnmR@R
`trsqh`
R`kyatqf+Udqdm`Enqrshmfdq
Uhdmm`O`k`hr+GdhlnKdhsfda
Uhdmm`Rsxkd+@kÝnAdqm`qchmh
`ydqa`hi`m
A`jt+OdqRudmcrdm
a`gq`hm
L`m`l`+Q`cdjB`hr
adkfhtl
@msvdqo+L`qbnQ`aah`
AqtrrdkrQnx`k+Vhkkdlu`mcdqYdd
AqtrrdkrDT+Mhbnk`rLdxk`m
G`rrdks+OhdqqdUdqadjd
Ro`A`klnq`k+I`bptdrUhst
Ro`O`k`bd+I`bptdrUhst
atkf`qh`
RnÝ`+Edqm`mcnFqtdmadqf,Rsdqm
bghm`
Adhihmf+L`bJ`qkrrnm
bydbgqdotakhb
Oq`ftd+Lhbg`kBgntq
cdml`qj
@`kanqf+Qhbg`qcAxqc`k
@`qgtr+GdmqhjAhkkdOdcdqrdm
Bnodmg`fdmE`kbnmdq+RsddmF`qsl`mm
Bnodmg`fdmQnx`k+O`rpt`kdA`hftdq`
Bnodmg`fdmRb`mchm`uh`+QnxJ`oodmadqfdq
Eqdcdqhjrg`um+B`lhkk`Eqnrs
Ncdmrd+I`bjMhdkrdm
Q¾mmd+AhqsdIdmrdm
Rhkjdanqf+DfnmJkhsf``qc
ehmk`mc
Dronn+JhllnMhssxl‰jh
GdkrhmjhQnx`k+Kddm`Stqtmdm
GdkrhmjhOk`y`+Kddm`Stqtmdm
GdkrhmjhRd`rhcd+L`qinQhrjt
Ntkt+J`hi`,Khhr`Rhkudmmnhmdm
Stqjt+R`stI‰qudk‰
U``r`+Qhjt@rtj`r
eq`mbd
@hw,Kdr,A`hmr+L`qb@tf
Ah`qqhsy+I`bptdr@hfknm
Anqcd`tw+VdqmdqJmdbgskh
Kdr@qbr+U`kdqhdL`mrhr
Kxnm+XudrFq`qcdk
L`qrdhkkd+E`aqhbdB`rsdkknqhyhnr
Mhbd+KhnmdkRdqu`ms
O`qhr,Antknfmd+FhkkdrEdkfdm
O`qhrBg`qkdrCdF`tkkd+U`kdqhdOnqsgd`tks
O`qhrBg`lorDkxrddr+M`sg`khdRdhkdq
O`qhr,Chrmdxk`mc+IdrodqGdmqhjrdm
fdql`mx
Adqkhm+Vnkef`mfV`fmdq
Bnknfmd+IžqfdmVhqsy
Bnssatr+Snah`rAq™mrsqto
Cqdrcdm+L`meqdcF`aqhdk
CžrrdkcnqeRb`mchm`uh`+DqhbgA‰myhfdq
CžrrdkcnqeLdch`G`qantq+Sgnl`rRvhdb`
Dqetqs+Eknqh`mLdxdq,Sgndmd
Ekddrdmrdd+J`qkEndqrsdq
Eq`mjetqs+NkhudqRs``r
G`kkd,Ldqrdatqf+O`sqhbjG`fdm
G`latqf+Eq`mjQ`rod
G`mmnudq+MnqadqsGtdldq
J`qkrqtgd,Dsskhmfdm+G`fdmLžkkdq
Kdhoyhf+Q`kogFndsyl`mm
Kžadbj+QhjAqtrs
Mdtaq`mcdmatqf+C`mhdkAni`gq
Qnrsnbj+GnkfdqGdqql`mm
Qžfdm+M`chmdRbgtky
Vhdra`cdm+Sgnl`rR`msd
Vtsyrbgkdhed+Lnmhj`G`tdq
dfxos
DkPtrdhq+O`rb`kF`cds
Rg`qlDkRgdhjg+@qlhmFk`myl`mm
S`a`+OdsdqRbghdrr
gtmf`qx
Atc`odrs+F`anqAdmbyd
Ažježqc™+FthcnA`xkdx
drsnmh`
S`kkhmm+Ing`m@rbg`m
hbdk`mc
Qdxji`uhjR`f`+Gq™mmFqdhorc–sshq
Qdxji`uhj0808+Bk`tcdAtks
37
hqdk`mc
@sgknmd+FdhqRhjjn
B`u`m+Rgdhk`Fq`x
Bnqj+Qt`hqhNÔBnmmnq
Bnqj@hqonqs+QnrdNÔCnmnu`m
Ctakhm@hqonqs+Edqf`kNÔBnmdkk
CtakhmRs-GdkdmÔr+MdhkK`md
CtakhmQnx`k+LhbgdkRbgtsya`bg
F`kv`x+SnlEk`m`f`m
Kdssdqjdmmx+Q`xGhmfrsnm
Khldqhbj+RsdogdmG`mkdx
Rkhfn+DnhmKhsskd
hs`kx
Qnld+L`rrhlnRtohmn
inqc`m
@ll`m+Ehq`rLmhdlmdg
j`y`jgrs`m
@rs`m`+IngmFqhdf
jtv`hs
R`e`s'Jtv`hs(+I`mOdssdqDhkdqsrdm
k`suh`
Qhf`+Vhkkh`lO`kkd
kda`mnm
Adhqts+OdsdqRbgtkdq
khsgt`mh`
Jk`hodc`+Bnqmdkh`Dqg`qcs
Uhkmhtr+DhqhjAdqfunkk
l`ks`
FnkcdmA`x+Q`og`dkB`tbgh
Rs-Itkh`mÔr+DqmdrsA`qqx
sgdmdsgdqk`mcr
@lrsdqc`l@hqonqs+G`qqhdsJnnol`m
@lrsdqc`l+G`mNkcdmatqfdq
mhfdqh`
K`fnr+DhuhmcC`ku`mf
mnqv`x
@kdrtmc+OdsdqK`tqrdm
Adhsnrs¾kdm+StqhcG-Hudqrdm
AdqfdmMnqfd+K`qrKhrsg`tf
AdqfdmQnx`k+OdqO`tkrdm
Anc¾+I`m,NudDcu`qcrdm
Eqdcqhjrs`c+Odsdq@mjdq,Lnkkdq
G`tfdrtmc+JmtsN-Gdmcdqrnm
Jqhrsh`mr`mc+SqxfudNesdc`k
Khkkdg`lldq+I¾qfdmGnkrs
NrknEnqmdat+Nk`uAqnlldk`mc
NrknF`qcdlndm+OdsdqE-Gnkrs
NrknMxc`kdm+I™qfdmKitmffqdm
NrknOk`y`+S`qidGdkkdatrs
NrknRb`mchm`uh`+I™qfRbgheel`mm
Rohsradqfdm+QnmmxFi¾rd
Rs`u`mfdq@sk`mshb+K`qrNk`Rnkrs`c
Rs`u`mfdqQnx`k+AinqfGtks
Sqnlr¾+C`fI-G¾xa`jj
Sqnmcgdhl+QtmdMnqcrsnjjd
nl`m
Ltrb`s+BgqhrsnogdqOhjd
onk`mc
Jq`jnv+Lhbg`dkQ`sgfda
Rybydbhm+IžqfdmOqdhrr
V`qr`v+I`mdsEhsymdq
Vqnbk`v+L`bhdjLh`ydj
onqstf`k
Khranm+UhqfhkhnBnqcdhqn
qnl`mh`
Atbg`qdrs+Snqai™qmAnchm
qtrrh`
Lnrbnv+I¾qfdmQ`sgidm
RnbghK`ytqm`x`Od`j+Ux`bgdrkvRg`rgjhm
RnbghK`ytqm`x`+Kxtclhk`Qtcmdu`
Rs-Odsdqratqf+F`rsnmFdkkdmr
r`tch`q`ah`
Idcc`g+A`rdkS`k`k
Idcc`gRthsd+@actkJ`cdq@khG`mjhq
Qhx`cg+Lng`ldcAdm`l`q
X`mat@kA`gq+S`g`qBg`jq`x
rknu`jh`
Aq`shrk`u`+Rnmi`Chu,C`gk
rntsg`eqhb`
B`odSnvm+L``qsdmu`mcdmMhdtvdmgtxrdm
ro`hm
Lhi`r+Ai™qmLhkcmdq
rvdcdm
Fnsgdmatqf+L`khmEq`mbj
Khmj™ohmf+Snl`rG™qmrsdcs
L`kl™+IngmE-Lnmg`qcs
RsnbjgnklRnkm`+OdcdqA‰bjrsq™l
RsnbjgnklQnx`kUhjhmf+Oh`Citol`qj
RsnbjgnklRsq`mc+Bg`qknssdAktl
RsnbjgnklRjxBhsx@qk`mc`+Kdm`@mcdqrrnm
Rsnbjgnkl@qk`mch`+Kdm`@mcdqrrnm
Toor`k`+Mhkr,F™q`mYdcqm
„qdaqn+O`sqhbjG`madqfdq
„rsdqrtmc+AhaahG™fanl
Kddcr+Hmfhai™qfNk`ercnsshq
Khl`u`cx+IngmNÔB`qqnkk
Khudqonnk+FdhqS¾mmdrrdm
KnmcnmOnqsl`m+L`qjVhkkhr
KnmcnmRs`mrsdc+ShlBnqcnm
L`mbgdrsdq+Bgqhrsh`mF`qsl`mm
tyadjhrs`m
S`rgjdms+@khNqtms`j
O`qjHmm
`trsqh`
Uhdmmm`TmnBhsx+L`mniRhmfg`mh`
`ydqa`hi`m
A`jt+Sgnl`rRsdmd
adkfhtl
KhŽfd@hqonqs+ShmdjdCdVhs
cdml`qj
@`kanqf+RnkudhfAxqc`k
Bnodmg`fdm@hqonqs+Qtmd@mcdqrdm
Udikd+IdmrNkd@laidqf
eq`mbd
@qb`bgnm+Bk`hqdL`qdrbns
Kxnm+X`mmhbjO`stqdk
L`bnm+Chdsdq@bjd
M`mbx+@kdw`mcqdBghq`s
Mhbd+O`nk`U`kyn`mn
Nq`mfd+MnkAhrds
O`qhrBg`qkdrCdF`tkkd+FdnqfdA`k`rrhr
rvhsydqk`mc
A`rdk+EdkhwG`trdq
Ktbdqmd+L`qjtrBnmydkl`mm
Rs-F`kkdm+Rsde`mJddk
fdql`mx
Adqkhm+IžqfdmF`mfk
Anbgtl+Ghchq„ycdlhq
Bgdlmhsy,G`qsl`mrcnqe+I`mLdxdq
BnknfmdAdkenqsrsq`rrd+Rnmi`R`kdvrj`
BnknfmdBhsxVdrs+L`qbtM™kjd
Cnqsltmc+C`mhdkGnee`bjdq
Cžrrdkcnqe,J``qrs+JhqrsdmJngmjd
Dqetqs+Jk`trGndrrdka`qsg
G`mmnudq+L`qbtrRbgdkkdmadqfdq
J`ldm.Tmm`+C`mhdkGnee`bjdq
LtmhbgEq`mjetqsdqQhmf+RhlnmdR`lk`mc
LtmhbgD`rs+Eq`mjFq`hbgdm
stmhrh`
Cidqa`+Bgqhrsh`m@msnhmd
gtmf`qx
R`qu`q+RhlnmdR`mcdq
stqjdx
@mj`q`+@s`j`mStqg`m
Hrs`matkAnrognqtr+OghkhoodOdkk`tc
Hrs`matk@hqonqs+OdqJxcI`bnardm
hbdk`mc
Qdxji`uhjHrk`mc+RhfqhctqHmfu`qrcnsshq
tjq`hmd
Jhdu+Bnmq`cLdhdq
sgdtmhsdc`q`adlhq`sdr
Cta`hCdhq`Bqddj+@mcqd`rEkžbjhfdq
Cta`hLdch`Bhsx+RhdfeqhdcMhdqg`tr
Rg`qi`g+Ftx@-Bghch`b
tmhsdcjhmfcnl
Adke`rs+B`qhm`Vhkkh`lrnm
Ahqlhmfg`l+J`sgqhmdNglSgnl`r
Dchmatqfg+L`kbnklQ`mm
Fk`rfnv+Fq`dldFharnm
Idqrdx+Inm`sg`mGtfkhm
rntsg`eqhb`
B`odSnvm+Ldk`mhdJhmmd`q
rvdcdm
Anqk‰mfd+K`qrKtmcg
E`ktm+I`mmdRudchm
F‰ukd+Lhj`dkItmfdq
G`mhmfd+QnadqsI`mrrnm
J`qkrjqnm`+L`qhdA`ffrsq™l
Ju‰mtl+Uhbsnqh`Ing`mrrnm
Mxj™ohmf+SdkkLdkk`mcdq
R`mcuhjdm+Nk`Adqffqdm
RsnbjgnklRnkm`+Rsde`mK`qrrnm
Rsnbjgnkl@qk`mc`+Ldg`O`sdk
S‰ax+TkqhjBkdldmrUnmC™adkm
Toor`k`+Bdbhkh`Fq`m`sg
U`qf™m+Snl`rKhmcpuhrs
rvhsydqk`mc
Ktkkx+I`mSnqdG`kunqrdm
Ytqhbg@hqonqs+@mcqd`rRs™bjkh
tmhsdcjhmfcnl
Adcenqc+@k`mVghsdkdx
Ahqlhmfg`l+R`mi`xCdu`
B`qchee+QnfdqFnkcrvnqsgx
G`qknv+Lhbg`dkVgxsd
K`jdrhcd+ChchdqAndgkdm
KnmcnmGd`sgqnv+C`mhdkSvdqdmankc
KnmcnmGxcd+Cdanq`gG`hmdr
Mnqsg`losnm+OghkhoC`qj
Mnsshmfg`l+R`q`gAdrsvhbj
Sdkenqc+@cqh`mOhbj`qc
V`senqc+OdsdqA`qskdss
Xnqj+SA@
BntmsqxHmm
`trsqh`
Uhdmm`CdtsrbgV`fq`l+IdmrNrsdqf``qc
fdql`mx
ShlldmcnqedqRsq`mc+ShllDbjk
tmhsdcjhmfcnl
Knmcnm+Q`iK`kkbg`mc
Qdfdms
bqn`sh`
Y`fqda+I™qfdmI™qfdmrdm
fdql`mx
hqdk`mc
Ctakhm+R`kkx@mmGtfgdr
Ctmc`kj+Fdq`qcJdkkx
Ltkq`mmx+RsdogdmNÔBnmmnq
Rg`mmnm@hqonqs+KnthrdNÔG`q`
Adqkhm+Vnkef`mfMhsrbgjd
mnqv`x
G`tfdrtmc+JmtsN-Gdmcdqrnm
Q`tk`mc+Jqhrsh`mR`lmndm
Rs`u`mfdq+®huhmcVhf`mc
dfxos
Rg`qlDkRgdhjg+@qlhmFk`myl`mm
qtrrh`
Dj`sdqhmatqf+Bg`qkdrNssdq
Rs-OdsdqratqfOqha`kshrj`x`+Bgqhrsh`mLdxdq
Rs-OdsdqratqfOtkjnurj`x`+OdsdqShbgx
Tmaq`mcdc
eq`mbd
@hw,Kdr,A`hmr+Id`m,BgqhrsnogdBg`othr
38
@v`qcr
Bnqonq`sdkdudk
N QdyhcnqÔr Xdr H B`m btrsnldq rdquhbd oghknrnogx v`r nmd ne
sgdsnosdmÝm`khrsrnesgdRnbhsFmq`kd.Dtqnod`mAtrhmdrr
@v`qcenqBtrsnldqEnbtr+Edaqt`qx1//6-
N QdyhcnqÔr Qdronmrhakd Atrhmdrr oqnfq`lld v`r `v`qcdc sgd
ÑNvmdq Eqhdmckx Hmmnu`shnm 1//5Ò ax GNESDK+ Gdkrhmjh hm
Mnudladq1//5-
N Qdyhcnqv`rnmdnesgdÝm`khrsrhmsgd1//5Gnrohs`khsx@v`qcr
enq sgd Atrhmdrr Rbgnnk hm sgd B`sdfnqx ne Adrs Oqnedrrhnm`k
B`qddqCdudknoldmsOqnfq`lldrhmMnudladq1//5N Qdyhcnq qdbdhudc sgd oqdrshfhntr ÑAdrs Hmsdqm`shnm`k Gnsdk
Bnlo`mxÒ ax sgd Qtrrh` Sq`udk Hmctrsqx @v`qcr `s sgd LHSS
1//5E`hqhmL`qbg1//5N QdyhcnqvnmsgdÑLnrsV`msdcHmudrsldmsO`qsmdqSqdtf`rs
@v`qc1//5Ò-Sghroqhydhr`v`qcdcaxsgdSqdtf`rsRnktshnmr
Fqnto+ ` l`inq l`m`fdldms bnmrtks`mbx Ýql enq sgd gnsdk
rdbsnq `mc v`r oqdrdmsdc `s sgd HSA sntqhrl e`hq hm Adqkhm hm
L`qbg1//5-
Q`chrrnmR@R+nudq`kk`mchmchuhct`k
N Q`chrrnmR@RGnsdkr%QdrnqsrqdbdhudcsgdVnqkcvhcdGnroh,
s`khsx@v`qcenqsgdAdrsL`qjdshmfO`qsmdqrghone1//5+enq
sgd ÑAdrs Qnnl+ Adrs BneeddÒ bnmbdos+ cdudknodc hm bknrd
o`qsmdqrghovhsgMdroqdrrn-SgdVnqkcvhcdGnrohs`khsx@v`qcr
vdqd nqf`mhrdc ax LJF Vnqkcvhcd hm `rrnbh`shnm vhsg GSQ
L`f`yhmdhmMnudladq1//5N Q`chrrnmR@RvnmsgdAdrsVnqkcvhcdGnsdkBg`hm`ssgd1//5
HqhrgSq`udkSq`cdMdvr@v`qcrenqsgdrdbnmcxd`qhm`qnv-
SghrshskdhrunsdcenqaxsgdSq`udkSq`cdhmHqdk`mc`mcqdbnfmh,
rdrsgdpt`khsx`mcrsqdmfsgneoqnctbsnesgdHqhrgGnsdkr-
N Enq sgd rdbnmc bnmrdbtshud xd`q+ Q`chrrnm R@R mdssdc sgd
Fq`mcSq`udk@v`qcenqAdrsGnsdkBg`hmhmRvdcdm-SgdFq`mc
Sq`udk @v`qcr vdqd nqf`mhrdc ax sgd sq`cd l`f`yhmd Sq`udk
MdvrhmL`qbg1//5N SgdQ`chrrnmR@RGnsdk+Ltrb`s+hrsgdadrsbnlo`mxsnvnqj
enqhmNl`m+`bbnqchmfsnsgd1//5rtqudxbnmctbsdcaxnmd
ne sgd Rtks`m`sdÔr l`f`yhmdr+ Atrhmdrr Snc`x+ hm bnmitmbshnm
vhsgHmsdqm`shnm`kL`qjdsQdrd`qbgBnmrtks`mbx-Q`chrrnmR@R
Gnsdk+ Ltrb`s+ `r sgd ghfgdrs,q`mjhmf gnrohs`khsx hmctrsqx
bnlo`mx`krnrdbtqdcsghqconrhshnmhmsgdÔAdrsBnlo`mxenq
Edl`kdVnqjdqrÔ-
N SgdQ`chrrnmR@RRs-GdkdmÔrGnsdk+Ctakhm+v`roqdrdmsdcvhsg
`m`v`qchmqdbnfmhshnmnehsrbtkstq`kchudqrhsxaxsgdHqhrgSnt,
qhrsAn`qc+E`hksdHqdk`mc+snfdsgdqvhsgsgdHqhrgGnsdkEdcdq`,
shnm`mcHqhrgGnrohs`khsxHmrshstsdhm@oqhk1//5-Sgdgnsdkbtq,
qdmskxdloknxrrs`eeeqnl22cheedqdmsbntmsqhdrN @s sgd 1//5 Lhcckd D`rs `mc Mnqsg @eqhb` 'LDM@( Sq`udk
@v`qcr+FnkcdmQdrnqsaxQdyhcnqR@R+Rg`qlDkRgdhjgvnm
sgdFnkcenqsgdadrs3,rs`qmdvgnsdknesgdxd`qhmsgdLhcc,
kdD`rs`mc@eqhb`-SgdQ`chrrnmR@RGnsdk+@p`a`vnmsgdFnkc
enqAdrs3,rs`qkdhrtqdgnsdk:sgdQ`chrrnmR@RQdrnqs+Rg`qi`g
vnm Ok`shmtl enq Adrs Oqhbd U`ktd gnsdk: sgd Q`chrrnm R@R
Qdrnqs+S`a`vnmFnkcenqAdrsDmuhqnmldms`k4,rs`qgnsdk`mc
sgdQ`chrrnmR@RGnsdkJtv`hsvnmsgdRhkudqenqAdrs4,rs`q
atrhmdrr.bnqonq`sdgnsdk-
4/
N Sgd Q`chrrnm R@R Gnsdk+ Jhdu g`r addm bqnvmdc sgd ÑAdrs
GnsdkhmTjq`hmdÒ+ÑsgdgnsdkvhsgsgdÝmdrs`mclnrspt`khÝdc
rdquhbdsnhsrbkhdmsrÒ`mcsgdÑEnncRdquhbdDwbdkkdmbd@v`qcÒ
enq sgd Lhkkd Lhfkh` Qhrsnq`msd % Dmnsdb`- Sgd `v`qcr vdqd
fhudm`ssgdrhwsgHmctrsqxneGnrohs`khsx1//5Enqtl+Tjq`hmdhm
Nbsnadq1//5N Q`chrrnmR@RGnsdkr%Qdrnqsrq`mjrghfgdrshmftdrsr`shre`b,
shnmÏ`bbnqchmfsnsgdI-C-Onvdq`mc@rrnbh`sdr1//5Dtqn,
od`mGnsdkFtdrsR`shre`bshnmHmcdwRstcxqdkd`rdchmNbsnadq
1//5-Q`chrrnmR@Rq`mjrghfgdrshmftdrsr`shre`bshnm`lnmf
torb`kdgnsdkaq`mcr+qdbdhuhmfghfgdrsq`shmfrhmsgdb`sdfn,
qhdr9bgdbjhm.bgdbjnts+ftdrsqnnl+gnsdkrdquhbdr+`mcbnrsr
%eddr-I-C-Onvdq`mc@rrnbh`sdrhr`mTR,a`rdc+fkna`kl`q,
jdshmfhmenql`shnmrdquhbdrÝqlQdrs`tq`msr
N Sgd Rd` Fqhkk qdrs`tq`ms `s sgd Q`chrrnm R@R Qnx`k Gnsdk hm
Aqtrrdkrv`rm`ldc`rsgdAdrsEhrgqdrs`tq`ms`mcAdrsAtrh,
mdrrQdrs`tq`msaxsgdAdkfh`mSqdmcr,Sdmc`mbdrSnoQdrs`t,
q`ms1//5fthcdN SgdQ`chrrnmR@RGnsdk+KnmcnmRs`mrsdc@hqonqsqdbdhudcÝud
`v`qcr`sGNSDKXLOH@1//5-
N SgdQ`chrrnmR@RKhudqonnkQdrs`tq`msvnmsgd`v`qcenqadrs
Bgder%Bnnjreqnl@b`cdlxneDwbdkkdmbdhmBtrsnldqB`qd
hmSntqhrl`mcGnrohs`khsxHmctrsqxhmKhudqonnk
N SgdQ`chrrnmR@RGnsdk@ll`mv`r`v`qcdcsgqddldc`krhm
u`qhntrenncoqdo`q`shnm`mcs`rshmfbnlodshshnmr`ssgdrhwsg
Hmsdqm`shnm`k Gnrohs`khsx Enqtl+ Inqc`mÔr kd`chmf dudms hm sgd
gnrohs`khsx`mcenncrdquhbdrdbsnq-
O`qjHmm
N Dwbdkkdmbd Hqdk`mc Pt`khsx @rrnbh`shnm `v`qcdc sgd O`qj Hmm
Ctmc`kj vhsg sgd Gxfhdmd @v`qc- DHP@Ôr Gxfhdmd L`qj v`r
k`tmbgdchm0867`mchrsgdkd`cdqhmdmbntq`fhmfsgdghfgdrs
kdudkrneenncr`edsx+gxfhdmdoq`bshbdr+dctb`shnm`mcsq`hmhmf-
Odqrnm`k`v`qcr
N SgdQ`chrrnmR@RO`k`hrGnsdkhmUhdmm``mchsrFdmdq`kL`m`,
fdq+GdhlnKdhsfda+vdqd`v`qcdcsgdÒAdrsGnsdkÒ`mcÑAdrs
Gnsdkhdq ne sgd xd`q 1//5,1//6 hm @trsqh`Ò ax sgd Fdql`m
L`f`yhmdADRRDQDRRDM%QDHRDMN ShlBnqcnm+Fdmdq`kL`m`fdqnesgdQ`chrrnmR@RGnsdk+Knm,
cnmRs`mrsdc@hqonqs+vnmsgd`v`qcenqsgdXntmfL`m`fdqne
sgdXd`q`ssgdAqhshrgSq`udkHmctrsqxG`kkneE`ld-Sghr`v`qc
qdbnfmhrdr ntsrs`mchmf `bghdudldms ax xntmfdq atrhmdrr
kd`cdqrhmbqd`shmf`mccdudknohmfsgdsq`udkhmctrsqx-
N OghkhoL`gnmdx+Fdmdq`kL`m`fdqnesgdQ`chrrnmR@RGnsdk+
Fk`rfnv ohbjdc to sgd Rbnsshrg Gnsdk L`m`fdq ne sgd Xd`q
1//5@v`qc`ssgdRbnsshrgGnsdkrnesgdXd`q@v`qcrhm@oqhk
1//5N Nm 01sg L`x 1//5+ hm eqnms ne 4// gnsdkhdqr eqnl `bqnrr
Mnqsgdqm Hqdk`mc+ R`q`g Lhkkhf`m+ Qdudmtd L`m`fdq ne sgd
Q`chrrnmR@RGnsdk+Adke`rs+vnmsgdÑLhcckdL`m`fdqQnnlr
Chuhrhnm@v`qcÒ`ssgdGnrohs`khsx+GBHL@+I`mtr@v`qcr-
N Rda`rsh`mJq`tynvhby`mcentqitmhnqldladqrneghrsd`leqnl
sgdQ`chrrnmR@RBdmsqtlGnsdk+V`qr`v+qdoqdrdmsdcOnk`mc
hmsgdBtkhm`qxVnqkcBto1//5`mcvnmsvnaqnmydldc`kr-
Sgdbnmsdrssnnjok`bdhmKtwdlantqfhmMnudladq1//5-
40
@qd`UhbdOqdrhcdmsr+DwdbtshudBnllhssdd
`mcsgdAn`qcneChqdbsnqr
DwdbtshudBnllhssdd
@qd`UhbdOqdrhcdmsr
SgdAn`qcneChqdbsnqr`mcntqOqdrhcdms`mcBDN
I`xR-Vhsydk
41
DwdbtshudBnllhssdd
Sgdbg`qssnsgdqhfgs
rgnvrldladqrnentq
DwdbtshudBnllhssdd
vhsgsgdhqxd`qne
dloknxldms+sgdhq
`oonhmsldmssnsgd
DwdbtshudBnllhssdd+
`r`ookhb`akd+`mcsgdhq
btqqdmsonrhshnmr-
M`ld
Xd`qne
dloknxldms
Xd`qne
`oonhmsldms
Onrhshnm
JtqsQhssdq
JmtsJkdhudm
SgnqrsdmJhqrbgjd
FnqcnmLbJhmmnm
L`qshmQhmbj
I`bptdrCtanhr
NkhuhdqI`bpthm
OdqAkhws
Ad`sgd,Id`mdssdKtmcd
L`qh`mmdQtgmf‹qc
0865
0875
0884
1//1
1//2
0885
1//2
1//5
0875
1///
0878
0883
1//5
1//1
1//2
1//5
1//5
1//5
1//5
1//5
Oqdrhcdms`mcBghdeDwdbtshudNeÝbdq
CdotsxOqdrhcdms`mcBghdeEhm`mbh`kNeÝbdq
RdmhnqUhbdOqdrhcdms`mcBghdeNodq`shmfNeÝbdq
DwdbtshudUhbdOqdrhcdms+Aq`mcr
DwdbtshudUhbdOqdrhcdms`mcBghdeCdudknoldmsNeÝbdq
RdmhnqUhbdOqdrhcdms+O`qjHmmGnsdkr
RdmhnqUhbdOqdrhcdms+R`kdr+L`qjdshmf`mcChrsqhatshnm
Gd`cneBnqonq`sdBnlltmhb`shnm`mcHmudrsnqQdk`shnmr
RdmhnqUhbdOqdrhcdms+OdnokdCdudknoldms`mcQ`chrrnmR@R
Eq`mbghrdNodq`shnmr
RdmhnqUhbdOqdrhcdms`mcFdmdq`kBntmrdk+`mcRdbqds`qx
snsgdAn`qc
@qd`UhbdOqdrhcdmsr
Vdg`udrsqtbstqdcntqnodq`shnm`kqdronm,
rhahkhsx`bbnqchmfsn4qdfhnmr+vgdqdsgd
@qd`UhbdOqdrhcdmsrg`udQdfhnm`kChqdbsnqr
qdonqshmfsnsgdl-
M`ld
Xd`qne
Xd`qne
dloknxldms `oonhmsldms Onrhshnm
SgnqrsdmJhqrbgjd
0884
1//1
Bgqhrsh`mF`qsl`mm
0856
1//2
L`qshmBqdxcs
LhbgdkRs`konqs
Id`m,L`qbAtr`sn
1//2
0882
1//1
1//2
1//5
1//1
RdmhnqUhbdOqdrhcdms`mcBghdeNodq`shmf
NeÝbdq+@qd`UhbdOqdrhcdmsFdql`mx+
Rvhsydqk`mc+@trsqh`+Hs`kx+Admdktw
@ qd`UhbdOqdrhcdmsTJ+Hqdk`mc+Hbdk`mc+
Eq`mbd+Onk`mc`mcStmhrh`
@qd`UhbdOqdrhcdmsRb`mchm`uh`
@qd`UhbdOqdrhcdms+Qtrrh``mcsgdBHR
bntmsqhdr+A`kshbr+Stqjdx%@ydqa`hi`m
@qd`UhbdOqdrhcdms+sgdLhcckdD`rs
SgdAn`qcneChqdbsnqr
M`ld
Onrhshnm
Xd`qnedkdbshnm)
SgdQdyhcnqGnsdkFqntors`qsdcsq`chmf`r`khrsdcbnlo`mxnm
Bg`hql`m
1//5
sgdRsnbjgnklRsnbjDwbg`mfdnmMnudladq17+1//5-B`qkrnm Tqa`mI`mrrnm
L`qhkxmB`qkrnmMdkrnm
UhbdBg`hql`m
1//5
hrsgdk`qfdrsnvmdqvhsg24$nenvmdqrgho-B`qkrnmhrq`mjdc
Lnmhb`B`mdl`m
Chqdbsnq
1//5
`lnmfrssgdk`qfdrsoqhu`sdkxgdkcbnqonq`shnmrhmsgdTmhsdc
G`q`kcDhmrl`mm
Chqdbsnq
1//5
Rs`sdr`mchra`rdchmLhmmd`onkhr+Lhmmdrns`+TR@-QdyhcnqÔr
Tkk`Khsym
Chqdbsnq
1//5
enqldql`inqhsxnvmdq+R@R+gdkc`5-6$rs`jdhmsgdbnlo`mx
SqtcxQ`tshn
Chqdbsnq
1//4
`sxd`q,dmc1//5Ftmm`qQdhs`m
Chqdbsnq
1//4
SgdAn`qcÔrnudq`kklhrrhnmhrsnrdbtqd`fnncqdstqmnm
I`xR-Vhsydk
Chqdbsnq
1//4
rg`qdgnkcdqrÔhmudrsldms+hmansgsgdrgnqs`mcsgdknmfsdql-
AdmmxY`jqhrrnm
Chqdbsnq
1//4
SgdAn`qcneChqdbsnqrneQdyhcnqGnsdkFqnto@Ahrbtqqdms,
kxbnlonrdcnemhmdchqdbsnqr+hmbktchmfsgdbg`hql`m`mcuhbd
bg`hql`m-Sgds`akdsnsgdqhfgsrgnvrsgdm`ldrnesgdbtqqdms
ldladqrvhsgsgdxd`qnesgdhqdkdbshnm`mcsgdhqbtqqdmsonrhshnm- )Lq-Qdhs`m`mcLq-Y`jqhrrnmansginhmdcsgdAn`qcneChqdbsnqrne
QdyhcnqGnsdkFqnto@A'otak(hm1//4-Oqduhntrkx+sgdxvdqdldladqr
@bnlokdsdoqdrdms`shnmnesgdAn`qcneChqdbsnqrhrentmchm
nesgdAn`qcneChqdbsnqrned`bgnentqoqduhntro`qdmsbnlo`mhdr+
sgd@mmt`k%Rtrs`hm`ahkhsxQdonqsnmo`fd7-
R@RHmsdqm`shnm`kGnsdkr@R`mcQdyhcnqR@RGnrohs`[email protected]
42
Nqf`mhr`shnm
@mnsgdquhdvnmsno,cnvm
SgdQdyhcnqGnsdkFqntonodq`sdrsgqntfg`cdbdmsq`khrdcnqf`mhr`shnm+
vghbghrbnlo`q`shudkxkd`menq`bnlo`mxnehsrrhyd`mcfdnfq`oghb`krbnod-
GNSDKR
Fdmdq`kL`m`fdqr
Nodq`shnmr
QDFHNMR
Qdfhnm`kChqdbsnqr
@qd`UhbdOqdrhcdmsr
Rsq`sdfx
BNQONQ@SD
NEEHBD
Gnsdkr
Qdfhnmr
Bnqonq`sdNeÝbd
114Fdmdq`kL`m`fdqr
5Qdfhnm`kChqdbsnqr`mc
4@qd`UhbdOqdrhcdmsr
Bnqonq`sdNeÝbdRs`ee
Qdronmrhahkhshdr
Qdronmrhahkhshdr
Qdronmrhahkhshdr
N
Aq`mccdkhudqx
Pt`khsxodqenql`mbd
N Qdudmtdfdmdq`shnm
N Btrsnldq+nvmdq`mcdloknxdd
r`shre`bshnm
N Qdbqthsldms`mcodnokdcdudknoldms
N HlokdldmsQdronmrhakdAtrhmdrr
`bshuhshdr
N
Aq`mccdkhudqx
Pt`khsxodqenql`mbd
N Qdudmtdfdmdq`shnm
N Btrsnldq+nvmdq`mcdloknxdd
r`shre`bshnm
N Gnsdkrtoonqs
N Qdbqthsldms`mcodnokdcdudknoldms
N Oqnlnsd`mcrtrs`hmQdronmrhakd
Atrhmdrrnaidbshudr
N
N
N
N
43
Rsq`sdfxcdudknoldms
Atrhmdrrcdudknoldms
N Qdfhnm`k`mcgnsdkrtoonqs
N Aq`mccdudknoldms`mchlokdldms`shnm
N Rtbbdrrhnmok`mmhmf
N @tchs`mcbnmsqnk
N Ehm`mbh`kodqenql`mbd
Qdk`shnmrghor
Vgdmsgdrs`jdr`qdghfg
“ Athkchmfjdxqdk`shnmrghorhr`l`inqcqhudqadghmcntq
rtbbdrr-Btrsnldq`ooqdbh`shnm`mchmbqd`rdcdeÝbhdmbx
oqnudsg`sqdronmrhakdatrhmdrrhrfnncatrhmdrr”
44
45
46
Btrsnldqr
Cdkhudqhmfnmsgdoqnlhrd
Ï`mcbqd`shmfcdkhfgs R`shrÝdcbtrsnldqr`qdsgdudqxa`bjanmdneatrhmdrrrtbbdrr-Enq
tr+sghrr`shre`bshnmrs`qsrvhsgbqd`shmfsgdqhfgsgnrohs`khsxneedq,
hmfr+o`bj`fhmfsgdlhmbkd`qkxhcdmshÝ`akd`mcd`rhkxtmcdqrsnnc
aq`mcoqnlhrdr`mcsgdmbnmrs`mskxcdkhudqhmfnmsgnrdoqnlhrdr
Ïmnsnmkxlddshmfatsdwbddchmfbtrsnldqdwodbs`shnmrSgdQdyhcnqBRS'BtrsnldqR`shre`bshnmSq`bjhmf(oqnfq`lld
lnmhsnqr ftdrs r`shre`bshnm `mc gdkor sgd bnlo`mx sn hcdmshex
`mcrdqudsgdbg`mfhmfmddcrnebtrsnldqrlnqd`bbtq`sdkx-Hs
`ccr mdv hmrhfgsr hmsn sgd cdudknoldms ne aq`mcr+ oqnuhchmf
sq`bjhmfc`s`snbnlo`qdvhsgghrsnqhb`kodqenql`mbd`mcadmbg,
l`qjrbnqdrenqoqnctbs`mcrdquhbdr`bqnrrbntmsqhdr-Hshr`krn
`mdeedbshudnodq`shnm`ksnnksngdkoFdmdq`kL`m`fdqrjddosgd
rs`mc`qcrnebtrsnldqrdquhbdghfg-
Enq 1//5+ sgd sgqdd jdx hmcdwdr qdl`hmdc `s sgd r`ld ghfg
kdudkr`rhm1//4-SgdVhkkhmfmdrrsnQdstqmHmcdwqdl`hmdc`s82
'82(+sgdNudq`kkR`shre`bshnmHmcdwqdl`hmdc`s81'81(`mcsgd
FnkcdmPtdrshnmHmcdw,nudq`kkdwodqhdmbd+u`ktdenqlnmdx`mc
khjdkhgnncsnqdstqm,qdl`hmdc`s80'80(-
Btrsnldqrsnc`xdwodbssnadqdv`qcdcenqsgdhqqdod`satrh,
mdrr- QdyhcnqÔr knx`ksx oqnfq`lld fnkconhmsr oktrrl hr bknrdkx
`khfmdcvhsgsgdB`qkrnmknx`ksxoqnfq`lldnesgdr`ldm`ld+
dm`akhmf ldladqr sn qdcddl onhmsr hm @rh` O`bhÝb `mc Mnqsg
@ldqhb``rvdkk`rDtqnod+sgdLhcckdD`rs`mc@eqhb`-Fnkconhmsr
Nudq`kkR`shre`bshnm
Hmcdw+$
Vhkkhmfmdrr
snQdstqm+$
,/1
76-0
,/1
78
47
,/2
80
,/3
8/
,/4 ,/5
81 81
,/2
80
,/3
81
,/4
82
,/5
82
oktrneedqrhsrldladqrlnqdv`xrsnd`qm`mcqdcddlonhmsr
sg`m`mxnsgdqgnsdkknx`ksxoqnfq`lld-
Sgdl`mxhmmnu`shudnoshnmrhmbktcdÑRodmcMnv`mcD`qmK`sdqÒ
vgdqdaxldladqrb`mannj`m@v`qcMhfgsrs`xadenqdsgdxg`ud
d`qmdc `mx fnkconhmsr- Ldladqr b`m `krn bnlodmr`sd enq sgdhq
bnmsqhatshnmsnfqddmgntrdf`rdlhrrhnmrvgdmsq`udkkhmfaxsq`mr,
edqqhmffnkconhmsrsnB`qanmMdtsq`k§-Snc`x+fnkconhmsroktrhrsgd
k`qfdrsknx`ksxoqnfq`lldenqQdyhcnqhmsdqlrneqnnlmhfgsrfdm,
dq`sdceqnlnudq140+///ldladqr-Ldladqdmqnkldms`klnrs
cntakdchm1//5`mcsgdfn`kenq1//6hrsnhmbqd`rdsgdmtladqne
dmqnkkdcldladqrsn24/+///-
Btrsnldqrdwodbstrsncdkhudqlnqdsg`mitrsfnncu`ktdenq
lnmdx-Hmbqd`rhmfkxsgdxdwodbstrsnoqnuhcd`ldlnq`akdrdquhbd
dwodqhdmbdsg`sl`sbgdrntqXdrHB`m rdquhbdbnllhsldms-Sgdx
`krndwodbstrsng`udbnmbdqmenqsgdhqgd`ksg+r`edsx`mcrdbtqhsx
`mcenqdmuhqnmldms`k`mcrnbh`koqnakdlr-Vdlddssgdrdbnm,
bdqmrsgqntfgntqQdronmrhakdAtrhmdrroqnfq`lld-Gnrohs`khsxhr
`mtladqnmdoqhnqhsxenqtr9sgdqdronmrhakdatrhmdrroq`bshbdr`qd
enqntqftdrsrÔadmdÝs`mcrgntkcmnsbnloqnlhrdsgdhqbnlenqsSgdr`ldb`madr`hcenqntqr`edsx`mcrdbtqhsxoqnfq`lld
cdrhfmdcsnoqnsdbsftdrsr+dloknxddr`mcnvmdqrhmudrsldmsr
vghkdl`hms`hmhmf+nqdudmdmg`mbhmf+ftdrs`mcdloknxddr`shr,
e`bshnm`mcsgdnodq`shnm`kqdrtksr-Sgdentmc`shnmrnentqoqn,
fq`lld`qdsgdEntqBnqmdqrsnmdonkhbhdrneFtdrsR`edsx+Dl,
oknxddR`edsx+Nodq`shnm`kRdbtqhsx`mcEhqdR`edsx-Enbtrrhmfnm
QdyhcnqÔr u`ktdr `mc sgd eqnmskhmd dlonvdqldms hmhsh`shud+ vd
g`ud`krnhmsqnctbdc`XdrHB`m `ooqn`bgsnr`edsx`mcrdbtqhsx
sgqntfgntq0,1,2Onkhbx-Sghrdmbntq`fdrdloknxddrsnqdonqs
c`mfdqrnq`adqq`shnmr+s`jdhlldch`sd`bshnmsnoqdudmshmitqx
nqc`l`fd`mcsnenkknv,to`mcdmrtqdsg`sc`mfdqr`qdqdlnudc
`mcsg`se`tksr`qdotsqhfgsSgdgd`ksgnentqftdrsrhrhmbqd`rhmfkxhlonqs`ms`mcrnvd
g`udhmbqd`rdcsgdmtladqnemnm,rlnjhmfqnnlrhmntqgnsdkr-
Sgds`qfdshrsng`ud7/$mnm,rlnjhmfqnnlr-Vddmrtqdsgd
vdkkadhmfnentqftdrsraxneedqhmfdwdqbhrde`bhkhshdrvhsgfxlr+
rvhllhmfonnkr`mcro`r+l`jhmfhsd`rxenqntqftdrsrsndwdq,
bhrdctqhmfsgdhqrs`x-Lnrsgnsdkqdrs`tq`msr`krnhmbktcdudfd,
s`qh`m`mcknve`s`ksdqm`shudrnmsgdldmt`mcvdhmbqd`rhmfkx
needqnqf`mhb`mce`hqsq`cdoqnctbsrnmsgdaqd`je`rsateeds-
Rkddovdkk-@fnncmhfgsÔrrkddohrsgd
udqxdrrdmsh`kne`mxgnsdkdwodqhdmbd-
@sQdyhcnq+vdvnqjg`qcsnneedqsgd
adrsrkddohmsnvmhmdudqxl`qjds
rdfldmsvgdqdvdnodq`sd-
D`s`mccqhmjvdkk-Needqhmf`fqd`s
rs`qsnesgdc`xvhsg`qd`kkxfnnc
aqd`je`rshrntqoqhldnakhf`shnmhm
ennc`mcadudq`fd-Hmbqd`rhmfkx+vd
needqfqd`sktmbg`mcchmmdqnoshnmr
`rvdkk-Rnldnentqqdrs`tq`msr`qd
mnvsqtkxcdrshm`shnm`k-
Advdkk-Ntqbnllhsldmssnsgd
vdkk,adhmfnentqftdrsrhmbktcdr
r`edsx`mcrdbtqhsx+bnlenqs`akd
etmbshnm`khsx+eqdrg+mnm,rlnjhmf
qnnlr`mcrs`sdnesgd`qsdwdqbhrd
`mcro`e`bhkhshdr-
48
Oqnodqsxnvmdqr`mcnsgdq eq`mbghrdbnmsq`bsr+cdodmchmfnmsgdqdpthqdldmsrned`bghmch,
uhct`kgnsdknvmdq-@ksgntfgvdcnmÔsnvm`mxnesgdathkchmfr
vd nodq`sd snc`x+ vd chc rs`qs nts `r ` oqnodqsx nvmdq `mc
atrhmdrro`qsmdqr
sgdqdenqdtmcdqrs`mcsgdv`msr`mcmddcrneoqnodqsxnvmdqr
adssdqsg`mlnrsnsgdqgnrohs`khsxl`m`fdldmsbnlo`mhdr-
Vdrsqhudsn`bghdud`mnodm`mcbnmrsqtbshudch`knftdvhsg
Rdbtqhmffnncqdstqmr
oqnodqsxnvmdqrhm`vhcd`qq`xnel`ssdqr-Vhsgqdf`qcrsnntq
Qdyhcnq hr ` rdqhntr+ Þdwhakd `mc `bbdrrhakd o`qsmdq+ nodq`shmf `
rtbbdrretkgnrohs`khsxatrhmdrrsg`scdodmcrnmg`uhmfrjhketko`qs,
mdqrhmu`qhntr`qd`r-@e`hq`mcdpths`akd+ats`krn`cdl`mchmf
`rrnbh`sd+vdnesdmbg`kkdmfdntqo`qsmdqr`mc`qdbnmrs`mskxnm
sgdknnjntsenqmdv`mclnqddeÝbhdmsv`xrnecnhmfatrhmdrrNtqatrhmdrro`qsmdqrhmbktcdoqnodqsxnvmdqr+sq`udkhmctrsqx
o`qsmdqr+rtookhdqr`mcÝm`mbh`khmrshstshnmr-
Ntql`inqsq`udkhmctrsqxo`qsmdqr`qdB`qkrnm`mcR@R-Gnv,
dudq+ ntq nvm knx`ksx oqnfq`lld+ fnkconhmsr oktr+ qdoqdrdmsr
lnqdqnnlmhfgsrsg`mR@RÔDtqnAnmtroqnfq`lldrhmbd1//5-
K`qfdbnqonq`sd`bbntmsrhmbktcdnsgdq`hqkhmdr`mcsq`udk`fdmsr
`mc nodq`snqr+ `r vdkk `r sgd sq`udk l`m`fdldms etmbshnmr ne
k`qfd bnqonq`shnmr vnqkcvhcd- Knnj sn Annj hr ` tmhptd knx`ksx
oqnfq`lldcdudknodcaxB`qkrnmenqsq`udk`fdmsr+vghbg`kknvr
`fdmsrsnqdcddld`qmdconhmsr`f`hmrs`vhcdq`mfdneqdv`qcr-
Vdoqhcdntqrdkudrnmadhmf`udqx`ssq`bshudo`qsmdqenqntq
gnsdknvmdqr`mccdudknodqr+vhsg`m`ahkhsxsnneedqs`hknql`cd
rnktshnmr+ q`mfhmf eqnl kd`rd `mc l`m`fdldms `fqddldmsr sn
5/
Qdronmrhakd Atrhmdrr `fdmc`+ vd rsqhud sn l`jd sgd athkchmfr
vgdqdvdnodq`sdgnsdkrqtmlnqddeÝbhdmskx`mcsnqdctbdsgdhq
mdf`shudhlo`bsnmsgddmuhqnmldms+r`uhmflnmdx`mcsgdok`m,
ds`ssgdr`ldshld-SgdgnsdkrhmQdyhcnqÔronqsenkhn`qdadbnl,
hmf hmbqd`rhmfkx qdrntqbd deÝbhdms- Enq dw`lokd+ `ooqnwhl`sdkx
6/$nesgdgnsdkrg`udhmrs`kkdcknvdmdqfxkhfgsatkar+qnnljdx
b`qcrtrdcsnrvhsbgnmsgdonvdqhmsgdqnnl+knvdmdqfxlhmh,
a`qr `mc sgdqlnrs`sr sn bnmsqnk `hq bnmchshnmhmf- Ax `rjhmf ntq
oqnodqsxnvmdqr`mcbnmsq`bsnqrsntrdsgdadrs`u`hk`akdsdbg,
mnknfhdr`mcathkchmfrl`qseqnlsgdadfhmmhmf+vdb`mqdctbd
ntq nodq`shnm`k hlo`bs `mc hloqnud sgd c`x,sn,c`x dbnmnlx-
VdrsqhudsnÝmc`mctrdl`sdqh`krsg`s`qdetmbshnm`keqnlansg
`sdbgmhb`kcdrhfm`mc`mdmuhqnmldms`konhmsneuhdv-
Vhsg 114 gnsdkr hm nodq`shnm `mc 43 tmcdq cdudknoldms+
Qdyhcnqqdoqdrdmsrhloqdrrhudatxhmfonvdq-@cdrhqdsnadmdÝs
eqnlsghronvdqhrnmdnesgdlnrsbnlodkkhmfqd`rnmrenqgnsdkr
sn inhm sgd Qdyhcnq rxrsdl- Ehftqdr rgnv sg`s gnsdkr inhmhmf tr
dminxr`uhmfrne0/Ï04$nesgdsns`kotqbg`rdbnrs-
L`mxnentqrnbh`k`mcdmuhqnmldms`khlo`bsrcdqhudeqnl`b,
shuhshdr hm ntq rtookx bg`hm- @r ` gnsdk bnlo`mx vd trd ` k`qfd
u`qhdsxneoqnctbsr-Sghrdmbntq`fdrtrsns`jdqdronmrhahkhsxenq
vg`svdatx`mcvgnlvdatxeqnl+hmkhmdvhsgntqQdronmrhakd
Atrhmdrroqnfq`lld-VdsqxsnonrhshudkxhmÞtdmbdntqrtookhdqr
axoqnuhchmfhmbdmshudrsncdudknodmuhqnmldms`kkxrntmcoqnc,
tbsr+oqnctbdchm`qdronmrhakdv`x-U`ktdenqlnmdx`mcpt`khsx
hmqdk`shnmsnoqhbdvhkk`kv`xradntqoqhldbnmbdqmr-Hevd`qd
r`shrÝdcvhsgsgdrdo`q`ldsdqr+vd`kv`xrbgnnrdrtookhdqr`mc
oqnctbsrvhsgsgdlnrs`cu`mbdcQdronmrhakdAtrhmdrroqnÝkd-
SgdQ`chrrnmR@Rdr-Gnsdk+Qnld+Hs`kx+
124qnnlr+nodmdchm1//3-
50
Bnlltmhsx`mc
Dmuhqnmldms
QdronmrhakdAtrhmdrr
`s`fk`mbd
Hm sgd Rtrs`hm`ahkhsx Qdonqs nm o`fd 53+ xntÔkk Ýmc
` bnmrnkhc`sdc nudquhdv ne QdyhcnqÔr Qdronmrhakd
Atrhmdrroqnfq`lld+khrshmfnaidbshudr+s`qfdsr`mc
`bghdudldmsr- Gnvdudq+ `m dpt`kkx hlonqs`ms o`qs
nesgdQdronmrhakdAtrhmdrroqnfq`lldhrsgdgnsdkrÔ
nvmQdronmrhakdAtrhmdrr@bshnmOk`mr-Knb`knvm,
dqrvhsg`odqrnm`kbnllhsldmssnl`jhmf`onrh,
shudcheedqdmbdhmsgdhqknb`kbnlltmhsxb`mfqd`skx
dmg`mbd sgd rtbbdrr ne qdronmrhakd atrhmdrr oq`b,
shbdr- Gdqd `qd itrs ` ` edv dw`lokdr ne sgd l`mx
Qdronmrhakd Atrhmdrr qdk`sdc hmhsh`shudr `mc `bshuh,
shdrs`jhmfok`bddudqxxd`q-
51
BghkcqdmGdkohmfBghkcqdm
SgdQ`chrrnmR@R`mcO`qjHmmgnsdkrhmMnqv`xinhmdcsgdentmc`shnmrA`qmGidkodq
A`qm`mcRsqnlldEntmc`shnmsnl`jdhsonrrhakdenqbghkcqdmrs`xhmf`sntqgnsdkrsn
gdkobghkcqdmhmOdqtsnnas`hmrbgnnkhmf`mcrbgnnkdptholdms-@sns`kneDTQ14+///
v`r bnkkdbsdc eqnl sgd 11 gnsdkr o`qshbho`shmf+ vghbg nqf`mhrdc ÑbghkcqdmÔr c`xrÒ
vgdqdbghkcqdmq`msgdgnsdknodq`shnmrenqnmdc`x+r`kdrneohmr`mconrsb`qcrsn
dloknxddr`mcftdrsr+`mc`tbshnmrnenaidbsrbqd`sdcaxsgdbghkcqdmsgdlrdkudr-
Cnm`shnmoqnidbsr
SgdO`qjHmmRnkm``mcsgdO`qjHmmG`mhmfd+Rvdcdm+rtoonqsVVEÔrA`kshbRd`oqn,
idbs-Onrsdqr`mchmenql`shnm`qdchrok`xdc`ssgdgnsdkr+hmenqlhmf`kkdloknxddr`mc
ftdrsr`antssgdvnqjnesgdA`kshboqnidbs`mcsgdVnqkcVhkckhedEtmc-@bnkkdbshnm
anwg`raddmoqnuhcdchmd`bggnsdkknaax`mcenqd`bgmdvkxqdbqthsdcfnkconhmsr
oktr ldladq+ sgd gnsdk cnm`sdr /+4 dtqn sn sgd A`kshb Rd` oqnidbs- Rhlhk`q ftdrs
cnm`shnmrbgdldrenqknb`kb`trdr`qd`u`hk`akd`s01nsgdqgnsdkr-
Bkhl`sdBg`mfdÏB`qanmMdtsq`k
SgdQ`chrrnmR@RGnsdkhmDchmatqfgg`rneedqdcftdrsrsgdnoonqstmhsxsnneerdssgdhq
b`qanmdlhrrhnmrenqsgdhqrs`xrrhmbdRdosdladq1//5-Ftdrsr`qdfhudmsgdnoonq,
stmhsx sn o`x `m dwsq` FAO 0 nm sgdhq ahkk+ vghbg sgd gnsdk fhudr sn B`qanm Mdtsq`k-
B`qanmMdtsq`ksgdmhmudrssghrlnmdxhmqdmdv`akddmdqfxoqnidbsrvghbgvhkkoqdudms
sgdbnqqdronmchmf`lntmsneb`qanmchnwhcdadhmfdlhssdc-HmsgdÝqrs2lnmsgr+FAO
026v`rq`hrdc+bnlldmrtq`sdsnsgdok`mshmfne03sqddr-Nsgdqhmhsh`shudrsnbnla`s
fkna`kv`qlhmfhmbktcdsgdhmrs`kk`shnmnernk`qo`mdkr-Sghrg`raddmtmcdqs`jdmaxsgd
Q`chrrnmR@RGnsdkhmL`ks``mcsgdQ`chrrnmR@RGnsdkhmHrs`matk-
Gdkohmfbghkcqdmhmmddc
SgdQ`chrrnmR@RRk`ui`mrj`x`Gnsdk+Lnrbnv+g`raddm`knmfrs`mchmfrtoonqsdqne
`mnqog`m`fdenqbghkcqdmvgn`qduhrt`kkxhlo`hqdc-@ssgddmcneRdosdladq+`sd`l
eqnlsgdgnsdkuhrhsdcsgdnqog`m`fd+vghbghro`qsnesgdknb`kTMDRBNoqnfq`lld+
`mcf`udrodbh`kltrhb`k+ono,toannjrsn`kksgd3/bghkcqdm-
E`hqsq`cd`mcNqf`mhbEnnc
Nudq0ahkkhnmodnokdcnmnsg`ud`bbdrrsnbkd`mv`sdq-Vhsgsghrhmlhmc+sgdQ`chrrnm
R@RGnsdkhmAdke`rs+MnqsgdqmHqdk`mc+rs`qsdcsnoqnuhcdansskdcv`sdqvhsg`mdsghb`k
sntbghm`kksgdhqlhmha`qr-SgdÑNmdÒansskdv`sdqbnlo`mxfhudr0//$nehsroqnÝsr
snathkchmfv`sdqvdkkrhm@eqhb`-Nudq`kk+4/$neQdyhcnqgnsdkrneedqdhsgdqnqf`mhbnq
e`hqsq`cdoqnctbsrhmsgdhqqdrs`tq`msr-
Gd`ksgxkhedrsxkd
Dtqnod`m kdfhrk`shnm nm mnm,rlnjhmf hm otakhb ok`bdr hr adbnlhmf lnqd `mc lnqd
bnllnm-Sghrrdqudc`rhmrohq`shnmsnO`qjHmmDqetqs,@oedkrs‰csvgnrs`qsdc`ÒMnm
rlnjhmf c`xÒ vhsg eqdd `ookdr enq rs`ee `mc ftdrsr- Sgd rknf`m ÒNmd @ookd @ C`x
JddorSgdCnbsnq@v`xÒv`rtrdcnm`kksgdÞxdqr-@ookdrvdqd`krnotsnmsgdbhf`,
qdssdl`bghmdvhsg`ÒGnvsnpthsrlnjhmfÒÞxdq-
V`sdqR`uhmf
K`rsxd`q+sgdQ`chrrnmR@RO`k`hrGnsdkhmUhdmm`sqh`kdc`v`sdqr`uhmfrxrsdlvghbg
r`udrtosn5/$nesgdv`sdqtrdcvghkdl`hms`hmhmf`r`shre`bsnqxoqdrrtqdkdudk-
Sgdqdv`rmnmdf`shudeddca`bjeqnlftdrsr`mcrnsgdrxrsdlv`rhmrs`kkdcsgqntf,
gntssgdgnsdk-Mnsnmkxhrsgdgnsdkbnmrdquhmfv`sdq+sgdx`qd`krnr`uhmflnmdx
nas`hmhmfv`sdq+chronrhmfnev`rsdv`sdq`mcgd`shmf-
BnlltmhsxCdudknoldms
Rhmbdhsrnodmhmf`ssgddmcne1//4+sgdQ`chrrnmR@RDkPtrdhqGnsdkhmDfxosg`rhl,
okdldmsdcÝud`lahshntrdmuhqnmldms`koqnidbsr+enbtrrhmfnmv`sdqr`uhmf+bnmudqshmf
dkdbsqhb udghbkdr sn rnk`q onvdq+ dmdqfx noshlhr`shnm+ qdrsnqhmf sgd dbnknfhb`k a`k`mbd
hmsgdmd`q,axk`fnnm`mcbqd`shmf`mdctb`shnm`kuhkk`fdvgdqdftdrsrb`mkd`qm`ants
knb`kbtkstqd`mcm`stqd-Hm1//6+sgdgnsdkhrrdsshmfto`bnlltmhsxcdudknoldmsbdm,
sqdhmhsrrs`eept`qsdqr-Hsvhkkneedqsq`hmhmfe`bhkhshdrenqdloknxddr+knb`khmg`ahs`msr`mc
ftdrsr-Bk`rrdrvhkkhmbktcdHS`mck`mft`fdrjhkkr+`rvdkk`rbtkstq`ktmcdqrs`mchmf52
Qdyhcnqknb`shnmrhmnodq`shnm`mctmcdqcdudknoldms
'axL`qbg1//6(
`trsqh`
gtmf`qx
qnl`mh`
Q`chrrnmR@R9R`kyatqf+Uhdmm`'1(
O`qjHmm9Khmy+Uhdmm`
BntmsqxHmm9CdtsbgV`fq`l
Q`chrrnmR@R9Atc`odrs+Ažježqc™
O`qjHmm9R`qu`q
Q`chrrnmR@R9Atbg`qdrs
qtrrh`
hbdk`mc
`ydqa`hi`m
Q`chrrnmR@R9A`jt
O`qjHmm9A`jt
Q`chrrnmR@R9Qdxji`uhj'1(
O`qjHmm9Qdxji`uhj
Q`chrrnmR@R9Lnrbnv'3(+Rs-Odsdqratqf+
Qnrsnu,nm,Cnm'1(+Rnbgh'1(
O`qjHmm9Dj`sdqhmatqf+J`khmhmfq`c+Qx`y`m+
Rs-Odsdqratqf'1(
hqdk`mc
a`gq`hm
Q`chrrnmR@R9L`m`l`
Q`chrrnmR@R9@sgknmd+B`u`m+Bnqj'1(+Ctakhm'2(+
F`kv`x+Kdssdqjdmmx+Khldqhbj+Rkhfn
O`qjHmm9Ctakhm+Ctmc`kj+Ltkq`mmx+Rg`mmnm
adkfhtl
r`tch`q`ah`
Q`chrrnmR@R9@kL`chm`g+Idcc`g'1(+Qhx`cg+X`mat
@kA`gq
O`qjHmm9@kJgna`q+Qhx`cg
Q`chrrnmR@R9@msvdqo+Aqtrrdkr'1(+G`rrdks+Ro`'1(
O`qjHmm9KhŽfd
hs`kx
atkf`qh`
inqc`m
Q`chrrnmR@R9Rneh`
Q`chrrnmR@R9@ll`m+@p`a`
bghm`
j`y`jgrs`m
Q`chrrnmR@R9Adhihmf
Q`chrrnmR@R9@rs`m`+Ldcdt,@kl`sx
rntsg`eqhb`
bqn`sh`
jtv`hs
Q`chrrnmR@R9B`odSnvm
O`qjHmm9B`odSnvm
Q`chrrnmR@R9Ctaqnumhj
Qdfdms9Ctaqnumhj+Y`fqda
Q`chrrnmR@R9Jtv`hsBhsx
Lhrrnmh9Jtv`hsBhsx
ro`hm
bydbgqdotakhb
k`suh`
Q`chrrnmR@R9Oq`ftd
Q`chrrnmR@R9Qhf`
cdml`qj
kda`mnm
Q`chrrnmR@R9@`kanqf+@`qgtr+Bnodmg`fdm'2(+
Eqdcdqhjrg`um+Ncdmrd+Q¾mmd+Rhkjdanqf
O`qjHmm9@`kanqf+Bnodmg`fdm+Udikd
Q`chrrnmR@R9Adhqts
Q`chrrnmR@R9Qnld
rdmdf`k
Q`chrrnmR@R9C`j`q
rknu`jh`
Q`chrrnmR@R9Aq`shrk`u`
Q`chrrnmR@R9Lhi`r
dfxos
Q`chrrnmR@R9@kdw`mcqh`+DkPtrdhq+
Rg`qlDkRgdhjg+S`a`
Tmaq`mcdc9Rg`qlDkRgdhjg
drsnmh`
Q`chrrnmR@R9S`kkhmm
ehmk`mc
Q`chrrnmR@R9Dronn+Gdkrhmjh'2(+Ntkt+Stqjt+U``r`
eq`mbd
Q`chrrnmR@R9@hw,Kdr,A`hmr+Ah`qqhsy+Anqcd`tw+
Kdr@qbr+Kxnm+L`qrdhkkd+Mhbd+O`qhr'4(+Sntkntrd
O`qjHmm9@qb`bgnm+Kxnm+L`bnm+M`mbx+
Mhbd+Nq`mfd+O`qhrBg`qkdrcdF`tkkd
Tmaq`mcdc9@hw,Kdr,A`hmr
fdnqfh`
khsgt`mh`
Q`chrrnmR@R9Jk`hodc`+Uhkmhtr
l`ks`
Q`chrrnmR@R9Rs-Itkh`mÔr+FnkcdmA`x
sgdmdsgdqk`mcr
Q`chrrnmR@R9@lrsdqc`l'1(
mhfdqh`
Q`chrrnmR@R9K`fnr
mnqv`x
Q`chrrnmR@R9@kdrtmc+Adhsnrs¾kdm+Adqfdm'1(+
Anc¾+Eqdcqhjrs`c+G`tfdrtmc+Jqhrsh`mr`mc+
Khkkdg`lldq+Nrkn'4(+Rohsradqfdm+Rs`u`mfdq'1(+
Sqnlr¾+Sqnmcgdhl'1(+Sqxrhk
O`qjHmm9G`tfdrtmc+Q`tk`mc+Rs`u`mfdq
nl`m
Q`chrrnmR@R9Sahkhrh
Q`chrrnmR@R9Ltrb`s
O`qjHmm9Ltrb`s
fdql`mx
onk`mc
Q`chrrnmR@R9Adqkhm+Bnknfmd+Bnssatr+Cqdrcdm+
Cžrrdkcnqe'1(+Dqetqs+Ekddrdmrdd+Eq`mjetqs+
G`latqf'1(+G`kkd,Ldqrdatqf+G`mmnudq+
J`qkrqtgd,Dsskhmfdm+Kdhoyhf+Kžadbj+Mdtaq`mcdm,
atqf+Qnrsnbj+Qžfdm+Vhdra`cdm+Vtsyrbgkdhed
O`qjHmm9Adqkhm+Anbgtl+Bgdlmhsy,G`qsl`mmrcnqe+
Bnknfmd'1(+Cnqsltmc+Cžrrdkcnqe,J``qrs+Dqetqs+
G`mmnudq+J`ldm.Tmm`+Ltmhbg'1(+Mžqmadqf
BntmsqxHmm9ShlldmcnqedqRsq`mc
Qdfdms9Adqkhm
Q`chrrnmR@R9Fc`mrj+Jq`jnv+Onym`m+Rybydbhm+
V`qr`v+Vqnbk`v
53
onqstf`k
Q`chrrnmR@R9Khranm
rvdcdm
Q`chrrnmR@R9Fnsgdmatqf+Khmj™ohmf+L`kl™+
Rsnbjgnkl'4(+Toor`k`+„qdaqn+„rsdqrtmc
O`qjHmm9Anqk‰mfd+E`ktm+F‰ukd+G`mhmfd+J`qkrjqnm`+
Ju‰mtl+Mxj™ohmf+R`mcuhjdm+Rsnbjgnkl'3(+S‰ax+
Toor`k`+U`qf™m+
rvhsydqk`mc
Q`chrrnmR@R9A`rdk+Ktbdqmd+Rs-F`kkdm+Ytqhbg
O`qjHmm9Ktkkx+Ytqhbg
stmhrh`
Q`chrrnmR@R9Cidqa`
stqjdx
Q`chrrnmR@R9@mj`q`+Hrs`matk'1(
tjq`hmd
Q`chrrnmR@R9Jhdu'1(
tmhsdc`q`adlhq`sdr
Q`chrrnmR@R9Cta`h'2(+Eti`hq`g+L`jj`g+
Q`r@kJg`hl`g+Rg`qi`g
Qdfdms9Cta`h
tmhsdcjhmfcnl
Q`chrrnmR@R9Adke`rs+Ahqlhmfg`l+Aqhrsnk+B`qchee+
Ctqg`l+Dchmatqfg+Fk`rfnv+Idqrdx+Kddcr+
Khudqonnk+Knmcnm'1(+L`mbgdrsdq+Khl`u`cx
O`qjHmm9Adcenqc+Adke`rs+Ahqlhmfg`l+B`msdqatqx+
B`qchee+D`rsLhck`mcr+Dchmatqfg+Fqhlrax+G`qknv+
Kdhfg+K`jdrhcd+Knmcnm'1(+Mdvqx+Mnqsgg`losnm+
Mnsshmfg`l+Odsdqanqntfg+Qnsgdqg`l+Sdkenqc+
V`senqc+Xnqj
BntmsqxHmm9Knmcnm
Lhrrnmh.Khedrsxkd9Dchmatqfg+Fk`rfnv
tyadjhrs`m
Q`chrrnmR@R9S`rgjdms
Oqnctbshnm9Qdyhcnq`mcHmsdkkdbs`Bnlltmhb`shnm-
@qbghsdbstq`kognsn9Qdyhcnq`qbghudr`mcRndmmd-
Onqsq`hsognsn9@mshVdmcdk-
Oqhmshmf9Dk`mcdqrFtlldrrnmr+E`kj™ohmf+Rvdcdm1//6
'HRN03//0`mc8//0bdqshÝdc(
341
279
TRYCKSAK
SgdQdyhcnqGnsdkFqntoBnqonq`sdNeÝbd
@udmtdctAntqfds33+A,002/Aqtrrdkr+Adkfhtl
Sdk9*21,1,6/181//+E`w9*21,1,6/182//
Dl`hk9hmen?qdyhcnq-bnl
vvv-qdyhcnq-bnl