=DOHFHQLD EH]SLHF]H VWZD
3U]HG LQVWDODFM SU]HQLHVLHQLH Z LQQH PLHMVFH
3U]HVWURJD
=DFKRZD V]F]HJyOQ RVWUR QR
8U] G]HQLH ZD \ NJ OXE ZL FHM L PXVL E\ SU]HQRV]RQH SU]H] PLQ GZLH
RVRE\ 1LH FKZ\WD ]D WD P RSDNRZDQLD 3RGF]DV UR]SDNRZ\ZDQLD L SU]H-
QRV]HQLD XU] G]HQLD QDOH \ QRVL U NDZLFH RFKURQQH Z FHOX RFKURQ\ U N
SU]HG ]UDQLHQLHP VSRZRGRZDQ\P X HEURZDQLHP OXE NUDZ G]LDPL LQQ\FK
F]
FL
=DSHZQL
EH]SLHF]Q
XW\OL]DFM
ZDQLD WDNLH MDN JZR G]LH L LQQH HOHPHQW\ PHWDORZH RUD] GUHZQLDQH PRJ
VSRZRGRZD UDQ\ N XWH L LQQH REUD HQLD FLD D
3U]HG UR]SRF] FLHP SUDF QD Z\SRVD HQLX HOHN-
WU\F]Q\P
3U]HVWURJD
8SHZQL VL H ]DLQVWDORZDQR Z\ F]QLNL DXWRPDW\F]QH ,FK EUDN PR H E\
SU]\F]\Q SRUD HQLD SU GHP HOHNWU\F]Q\P
'R GRSURZDG]HQLD ]DVLODQLD X \ VWDQGDUGRZ\FK NDEOL RGSRZLHGQLFK GR
ZLHONR FL REFL
HQLD : SU]HFLZQ\P UD]LH PR H GRM
QLD OXE SR DUX
.DEOH ]DVLODM FH XN DGD WDN DE\ QLH E\ \ QDSU
F]H PR H VSRZRGRZD S NDQLH OXE SU]HUZDQLH RUD] SU]HJU]DQLH NDEOL D Z
NRQVHNZHQFML SR DU
8 \ZDQLH MHGQRVWHN ]HZQ WU]Q\FK ] F]\QQLNLHP
FK RGQLF]\P 5$
3U]HVWURJD
: SU]\SDGNX EH]V]ZRZ\FK UXU PLHG]LDQ\FK OXE ]H VWRSyZ PLHG]L GR
F]HQLD UXU F]\QQLND FK RGQLF]HJR QDOH \ X \ZD VWRSX PLHG]L ] IRVIRUHP
& 8SHZQL VL H UXU\ V ZHZQ WU] F]\VWH L QLH ]DZLHUDM
V]NRGOLZ\FK ]DQLHF]\V]F]H WDNLFK MDN ]ZL ]NL VLDUNL XWOHQLDF]H ]DEUXG]H-
QLD OXE S\ 6WRVRZD UXU\ R RNUH ORQHM JUXER FL 3DWU] SXQNW : UD]LH
SRQRZQHJR Z\NRU]\VWDQLD LVWQLHM F\FK UXU NWyUH ]DZLHUD \ F]\QQLN FK RG-
QLF]\ 5 QDOH \ XZ]JO GQL SRQL V]H ]DOHFHQLD
:\PLHQLü LVWQLHM FH QDNU WNL NLHOLFKRZH L SRZWyU]\ü NLHOLFKRZDQLH UXU NLHOLFKR-
ZDQ\FK
1LH X \ZDü FLHQNLFK UXU 3DWU] SXQNW
5XU\ SU]H]QDF]RQH GR LQVWDODFML QDOH \ SU]HFKRZD
QLH XVXZD ]D OHSHN ] LFK NR FyZ D GR F]DVX OXWRZDQLD =RVWDZL NR-
ODQND LWS Z LFK RSDNRZDQLDFK : SU]\SDGNX SU]HGRVWDQLD VL S\ X ]DQLH-
F]\V]F]H OXE ZLOJRFL GR UXU F]\QQLND FK RGQLF]HJR PR H GRM
V]HQLD VL MDNR FL ROHMX OXE DZDULL VSU
-DNR ROHM FK RGQLF]\ GR VPDURZDQLD UXU NLHOLFKRZDQ\FK SRZLQLHQ E\
X \ZDQ\ ROHM HVWURZ\ ROHM HWHURZ\ OXE ROHM DONLOREHQ]HQRZ\ PD D LOR
=PLHV]DQLH ROHMX PLQHUDOQHJR ] ROHMHP FK RGQLF]\P PR H SRJRUV]\ MHJR
MDNR
0LHMVFH LQVWDODFML
D
B
5\V
SU]\ WUDQVSRUFLH L LQVWDODFML XU] G]H
PDWHULD X RSDNRZDQLD 0DWHULD \ RSDNR-
GR ]ZDUFLD SU]HJU]D-
RQH 3ROX]RZDQLH SR -
Z SRPLHV]F]HQLX L
GR SRJRU-
DUNL
A
E
C
1DOH \ RNUHVRZR VSUDZG]D F]\ SRGVWDZD PRQWD RZD L PRFRZDQLD MHG-
QRVWNL ]HZQ WU]QHM QLH V RGNU FRQH S NQL WH OXE Z LQQ\ VSRVyE XV]NRG]R-
QH 1LHXVXQL FLH WDNLFK XVWHUHN PR H GRSURZDG]L GR XSDGNX XU] G]HQLD
SRZRGXM F XV]NRG]HQLH L REUD HQLD FLD D
1LH X \ZD ZRG\ GR P\FLD MHGQRVWNL ]HZQ WU]QHM 5\]\NR SRUD HQLD SU -
GHP HOHNWU\F]Q\P
'RNU FL QDNU WNL NLHOLFKRZH ]JRGQLH ]H VSHF\¿NDFM X \ZDM F NOXF]D G\-
QDPRPHWU\F]QHJR =E\W PRFQH GRNU FHQLH PR H GRSURZDG]L GR S NQL FLD
QDNU WNL NLHOLFKRZHM SR G X V]\P F]DVLH L Z\FLHNX F]\QQLND FK RGQLF]HJR
:\NRQD SUDZLG RZH X]LHPLHQLH XU] G]HQLD 1LH
M FHJR ] UXUDPL JD]RZ\PL DQL ZRGQ\PL LQVWDODFM RGJURPRZ DQL ] WHOH-
IRQLF]Q\PL SU]HZRGDPL X]LHPLDM F\PL 1LHZ D FLZH X]LHPLHQLH XU] G]HQLD
PR H VWZDU]D U\]\NR SRUD HQLD SU GHP HOHNWU\F]Q\P
=DVWRVRZD
Z\ F]QLNL
RG F]QLNL EH]SLHF]QLNL % RUD] DXWRPDW\F]QH Z\ F]QLNL NRPSDNWRZH
VSH QLDM FH Z\PDJDQLD Z ]DNUHVLH SRGDQHJR SURJX ]DG]LD DQLD 8 \FLH Z\-
F]QLNyZ R SURJX ]DG]LD DQLD ZL NV]\P QL SRGDQ\ PR H E\ SU]\F]\Q
XV]NRG]HQLD XU] G]HQLD OXE SR DUX
-
8 \ZD Z\ F]QLH F]\QQLND FK RGQLF]HJR 5$ : SU]\SDGNX X \FLD LQQH-
JR F]\QQLND FK RGQLF]HJR FKORU VSRZRGXMH SRJRUV]HQLH MDNR FL ROHMX
DGQ\FK
6WRVRZD QL HM Z\PLHQLRQH QDU] G]LD SU]H]QDF]RQH VSHFMDOQLH GR SUDF\ ]
F]\QQLNLHP FK RGQLF]\P 5$ &]\QQLN FK RGQLF]\ 5$ Z\PDJD VWRVR-
ZDQLD SRQL V]\FK QDU] G]L : UD]LH MDNLFKNROZLHN S\WD QDOH \ NRQWDNWR-
ZD VL ] ORNDOQ\P VSU]HGDZF
3U]\á F]H PDQRPHWUX
:
]DVLODM F\
:\NU\ZDF] Z\FLHNX JD]X
.OXF] G\QDPRPHWU\F]Q\
8SHZQL VL H V VWRVRZDQH RGSRZLHGQLH QDU] G]LD : SU]\SDGNX SU]H-
GRVWDQLD VL S\ X ]DQLHF]\V]F]H OXE ZLOJRFL GR UXU F]\QQLND FK RGQLF]H-
JR MDNR
ROHMX FK RGQLF]HJR PR H XOHF SRJRUV]HQLX
'R ]D DGXQNX F]\QQLND QLH VWRVRZD EXWOL : UD]LH X \ZDQLD EXWOL GR ]D D-
GXQNX F]\QQLND FK RGQLF]HJR MHJR VN DG PR H XOHF ]PLDQLH SURZDG] F GR
REQL HQLD Z\GDMQR FL
5XUD F]\QQLND FK RGQLF]HJR U\V
1DOH \ XSHZQL VL H Uy QLFD Z\VRNR FL PL G]\ MHGQRVWN ZHZQ WU]Q
L ]HZQ WU]Q G XJR
PLHV]F] VL Z JUDQLFDFK SU]HGVWDZLRQ\FK SRQL HM
0RGHO
6:
6:
6:
2JUDQLF]HQLH Uy QLF\ Z\VRNR FL RERZL ]XMH QLH]DOH QLH RG WHJR NWyUD MHGQRVWND
ZHZQ WU]QD F]\ ]HZQ WU]QD ]QDMGXMH VL Z\ HM
D -HGQRVWND ZHZQ WU]QD
E -HGQRVWND ]HZQ WU]QD
F]\ SU]HZRGX X]LHPLD-
DXWRPDW\F]QH
Z\ F]QLNL
1DU] G]LD NRPSDW\ELOQH ] 5$
.LHOLFKRZQLFD
6SUDZG]LDQ GR SRPLDUX UHJXODFML
$GDSWHU SRPS\ SUy QLRZHM
(OHNWURQLF]QD ZDJD GR X]XSHáQLDQLD
F]\QQLND
UXU\ F]\QQLND FK RGQLF]HJR RUD] OLF]ED ]JL
A 'áXJR ü UXU\
B 5y QLFD
Z MHGQ VWURQ
Z\VRNR FL
P ± P
0DNV P
P ± P
0DNV P
P ± P
0DNV P
]LHPQR]ZDUFLRZH
UXU\
C /LF]ED ]JL ü
Z MHGQ VWURQ
0DNV
0DNV
0DNV