Макроэкономика - Тамбовский государственный технический

advertisement
Fbgbkl_jkl\h h[jZah\ZgbyJhkkbckdhcN_^_jZpbb
LZf[h\kdbc]hkm^Zjkl\_ggucl_ogbq_kdbcmgb\_jkbl_l
F:DJHWDHGHFBD:
F_lh^bq_kdb_mdZaZgbyb l_fZlbdZdhgljhevguojZ[hl
^eyklm^_glh\aZhqgh]hhl^_e_gby
l_ogbq_kdboki_pbZevghkl_cb kemrZl_e_cNIID
;;DMSy M
F LZf[h\x Ba^Zl_evkl\hL=LMx Ml\_j`^_ghJ_^Zdpbhgghba^Zl_evkdbfkh\_lhfmgb\_jkbl_lZ
J_p_ga_gl
DZg^b^Zlwdhghfbq_kdbogZmd^hp_gl
E:@Zjbdh\Z
KhklZ\bl_eb
;B=_jZkbfh\X=DbjbebgZ
F FZdjhwdhghfbdZ F_lh^ mdZa Khkl ; B
=_jZkbfh\ X = DbjbebgZ LZf[h\ Ba^\h LZf[
]hkl_ogmglZk
F_lh^bq_kdb_ mdZaZgby kh^_j`Zl ijbf_jgmx
l_fZlbdm dhgljhevguo jZ[hl ieZgu \hijhku ^ey
ih\lhj_gbyb j_dhf_g^Zl_evguckibkhd ebl_jZlmju
Ij_^gZagZq_gu ^ey klm^_glh\ aZhqghc nhjfu
h[mq_gby l_ogbq_kdbo ki_pbZevghkl_c b kemrZl_e_c
NIID
” LZf[h\kdbc]hkm^Zjkl\_gguc
l_ogbq_kdbc
mgb\_jkbl_l
L=LM]
Ba^Zl_evkl\hL=LM
;;DMSy M
H;SB?F?LH>BQ?KDB?MD:A:GBY
>ey gZibkZgby dhgljhevghc jZ[hlu g_h[oh^bfh \u[jZlv l_fm b khklZ\blv ieZg
\dexqZxsbc ± gZb[he__ \Z`guo \hijhkh\ l_fu DZ`^Zy ba ij_^eh`_gguo \
f_lh^bq_kdbo mdZaZgbyo l_f khijh\h`^Z_lky ijbf_jguf ieZghf dhlhjuc fh`_l [ulv
baf_g_g beb ^hiheg_g <Zfb ih kh]eZkh\Zgbx k ij_ih^Z\Zl_e_f IeZg ihfh]Z_l
ij_^klZ\blv]jZgbpujZkkfZljb\Z_fhcl_fuihke_^h\Zl_evghklvbaeh`_gby
IeZgdZdijZ\behkhklhblbalj_oqZkl_c
\\_^_gby ]^_ ^Z_lky h[hkgh\Zgb_ ba[jZgghc l_fu agZq_gb_ f_klh \ dmjk_
wdhghfbq_kdhc l_hjbb oZjZdl_jbklbdZ \u[jZgguo bklhqgbdh\ ebl_jZlmjZ GZ wlh
hl\h^blky± kljZgbpul_dklZ
hkgh\ghc qZklb kh^_j`Zgb_ jZ[hlu \dexqZxs_c g_ [he__ ± \hijhkh\ < g_c
baeZ]Zxlky \k_ kms_kl\_ggu_ iheh`_gby l_fu gh\u_ k\_^_gby h ijh[e_f_ \aylu_ ba
fhgh]jZnbcb gZmqguoklZl_cklZlbklbq_kdb_^Zggu_
aZdexq_gbykh^_j`Zs_]h\u\h^uj_dhf_g^Zpbb
DZq_kl\hdhgljhevghcjZ[hluhp_gb\Z_lkyij_`^_\k_]hihlhfmgZkdhevdh]em[hdh<u
jZkdjueb l_fm h[hkgh\Zeb k\hb \u\h^u >ey wlh]h g_h[oh^bfh dZd fh`gh [he__ ihegh b
]jZfhlgh bkihevah\Zlv mq_[gmx hkgh\gmx b ^hihegbl_evgmx ebl_jZlmjm Z g_ [_a^mfgh
i_j_ibku\Zlv l_dkl mq_[gbdh\ Kibkhd j_dhf_g^h\Zgghc ebl_jZlmju g_ y\ey_lky
bkq_jiu\Zxsbf<ufh`_l_bkihevah\Zlvbgu_g_mdZaZggu_ \ kibkd_mq_[gbdbmq_[gu_
ihkh[byb gZmqgu_ljm^u
Djhf_ lh]h <u ^he`gu kZfhklhyl_evgh jZ[hlZy \ [b[ebhl_d_ ih^h[jZlv
khhl\_lkl\mxsb_l_f_fhgh]jZnbb`mjgZevgu_b ]Za_lgu_klZlvbklZlbklbq_kdb_^Zggu_
g_h[oh^bfu_^ey[he__]em[hdh]hZgZebaZbkke_^m_fhcijh[e_fu
Ijb jZ[hl_ j_dhf_g^m_lky bkihevah\Zlv `mjgZeu aZ ihke_^gb_ ± e_l <hijhku
wdhghfbdb Jhkkbckdbc wdhghfbq_kdbc Wdhghfbkl WDH Fbjh\Zy wdhghfbdZ b
f_`^mgZjh^gu_ hlghr_gby FW b FH Wdhghfbq_kdh_ jZa\blb_ Jhkkbb H[s_kl\h b
wdhghfbdZ b ]Za_lu WdhghfbdZ b `bagv Ba\_klby JZ[hqZy ljb[mgZ :j]mf_glu b
nZdluDhff_jkZglLZf[h\kdZy`bagvb li
?keb <u bkihevam_l_ pblZlu klZlbklbq_kdb_ ^Zggu_ lh hgb ^he`gu [ulv hnhjfe_gu
khhl\_lkl\mxsbf h[jZahf >ey pblZlu dZ\uqdb mdZaZgb_ bklhqgbdZ hldm^Z hgZ \aylZ
Z\lhj gZa\Zgb_ ijhba\_^_gby f_klh b ]h^ ba^Zgby lhf beb qZklv kljZgbpZ Ijb\h^y
klZlbklbq_kdb_^Zggu_± mdZaZlvbobklhqgbd
HnhjfeyyjZ[hlmg_h[oh^bfhgZlblmevghfebkl_mdZaZlvgZa\Zgb_mq_[gh]haZ\_^_gby
nZdmevl_l dmjk ]jmiim gZa\Zgb_ l_fu nZfbebx b bgbpbZeu Z\lhjZ ]h^ gZibkZgby GZ
ke_^mxs_febkl_ijb\h^blkyieZgjZ[hluk mdZaZgb_fkljZgbpkhhl\_lkl\mxsbojZa^_eh\
l_dkljZ[hluibr_lkyjZa[hjqb\hk iheyfb^ey\hafh`guoaZf_qZgbcj_p_ga_glZ
KljZgbpu^he`gu[ulvijhgmf_jh\Zgu< dhgp_dhgljhevghcjZ[hlugZ^h^Zlvkibkhd
bamq_gghcb bkihevah\Zgghcijb__ gZibkZgbbebl_jZlmjuk mdZaZgb_f\uoh^guo^Zgguoih
dZ`^hfmgZa\Zgbx
H[t_fjZ[hlu± jmdhibkguoebklh\± fZrbghibkguo
F:DJHWDHGHFBD:B ?? IJH;E?FU
FZdjhwdhghfbdZFZdjhwdhghfbq_kdbcZgZeba
P_ebb bgkljmf_glufZdjhwdhghfbdb
H[hkgh\Zgb_wdhghfbq_kdhciheblbdb
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkkfhljbl_ fZdjhwdhghfbdm dZd qZklv l_hj_lbq_kdhc wdhghfbdb dhlhjZy bkke_^m_l
wdhghfbdm dZd p_ehklgmx kbkl_fm nhjfmebjm_l p_eb wdhghfbq_kdhc iheblbdb b
hij_^_ey_lbgkljmf_glug_h[oh^bfu_^ey __ j_ZebaZpbb
WDHGHFBQ?KD:YJHEV=HKM>:JKL<:
<ZjbZgl Wdhghfbq_kdb_ nmgdpbb ]hkm^Zjkl\Z Kha^Zgb_ ijZ\h\hc [Zau wdhghfbq_kdhc
^_yl_evghklb
FZdjhwdhghfbq_kdZy klZ[bebaZpby P_eb nhjfu b bgkljmf_glu ]hkm^Zjkl\_ggh]h
j_]mebjh\Zgbywdhghfbdb
Jhev]hkm^Zjkl\Z\ nhjfbjh\ZgbbjugdZI_j_jZkij_^_e_gb_^hoh^h\b j_kmjkh\
A Z^ Zq Z Wdhghfbdk]e‹ k
<ZjbZgl Ijbqbgukha^Zgby ]hkm^Zjkl\_ggh]hk_dlhjZ\ wdhghfbd_
F_lh^u]hkm^Zjkl\_ggh]hj_]mebjh\Zgbywdhghfbdb
Nmgdpbb ]hkm^Zjkl\Z hkgh\gu_ gZijZ\e_gby b bgkljmf_glu ]hkm^Zjkl\_ggh]h
j_]mebjh\Zgbywdhghfbdb
A Z^ Zq Z Wdhghfbdk]e‹ k
B^_ZevgZy fh^_ev wdhghfbq_kdh]h mkljhckl\Z h[s_kl\Z ij_^iheZ]Z_l bkihevah\Zgb_
f_oZgbafZ ]hkm^Zjkl\_ggh]h j_]mebjh\Zgby ^ey j_r_gby jZaebqguo ijh[e_f JZkkfhljbl_
hkgh\gu_ ba gbo ijZ\h\h_ h[_ki_q_gb_ nmgdpbhgbjh\Zgby jughqgh]h f_oZgbafZ
ijhba\h^kl\hh[s_kl\_gguolh\Zjh\fbgbfbaZpbyljZgkZdpbhgguoba^_j`_dklZ[bebaZpby
fZdjhwdhghfbq_kdbodhe_[Zgbc
L?HJBYH;S?KL<?GGH=H <U;HJ:
Ij_^f_ll_hjbbh[s_kl\_ggh]h\u[hjZ
H[s_kl\_ggu_[eZ]Zb mkem]bJZkij_^_e_gb_j_kmjkh\gZh[s_kl\_ggu_[eZ]Z
Djm]hh[hjhl^hoh^Zj_kmjkh\b ijh^mdlZ\dexqZy]hkm^Zjkl\_gguck_dlhj
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkkfhljbl_\hafh`ghklvijbf_g_gbyf_lh^h\wdhghfbq_kdh]hZgZebaZd iheblbq_kdbf
ijhp_kkZf Bkihevamcl_ fh^_ev djm]hh[hjhlZ dZd bgkljmf_gl bamq_gby lh]h dZd
ijZ\bl_evkl\h \uihegy_l k\hb nmgdpbb i_j_jZkij_^_e_gby ^hoh^Z b j_kmjkh\
jZkij_^_e_gbyj_kmjkh\b klZ[bebaZpbbwdhghfbdb
BAF?J?GB?H;T?F:G:PBHG:EVGH=HIJHBA<H>KL<:
Kbkl_fZgZpbhgZevguokq_lh\ijbgpbiu__ ihkljh_gby
<Zeh\hcgZpbhgZevgucijh^mdl<GIIjhf_`mlhqgucijh^mdlDhg_qgucijh^mdl
G_ijhba\h^bl_evgu_k^_edb
KjZ\g_gb_ jZaghjh^guo h[t_fh\ ijhba\h^kl\Z k bkihevah\Zgb_f p_g \ ^_g_`ghf
\ujZ`_gbb
>\_klhjhgu<GIjZkoh^gZyb ^hoh^gZy
A Z^ Zq Z Wdhghfbdk]e‹ k
:gZeba wdhghfbq_kdh]h khklhygby kljZgu hkgh\u\Z_lky gZ kbkl_f_ gZpbhgZevguo
kq_lh\ dhlhju_ hljZ`Zxl h[t_f kh\hdmigh]h \uimkdZ ijh^mdpbb gZpbhgZevguc ^hoh^
kljmdlmjm ^hoh^h\ b jZkoh^h\ h[s_kl\Z JZkkfhljbl_ ^\Z kihkh[Z ih^kq_lZ <GI ih
jZkoh^Zfb ^hoh^Zf
G:PBHG:EVGH?IJHBA<H>KL<HB IHLHDB >HOH>H<B J:KOH>H<
<ZjbZgl JZkq_l<GIihjZkoh^Zf
Fh^_evdjm]hh[hjhlZ^_g_`guoihlhdh\
<ZjbZgl JZkq_l<GIih^hoh^Zf
GZpbhgZevgh_ijhba\h^kl\hb ihlhdbjZkoh^h\b ^hoh^h\
A Z^ Zq Z Wdhghfbdk]e‹ k
Mykgbl_ ^\Z f_lh^Z jZkq_lZ <GI b kljmdlmjm jZkoh^h\ h[s_kl\Z HoZjZdl_jbamcl_
hkgh\gu_ihdZaZl_ebbaf_jyxsb_^hoh^uh[s_kl\Z
BAF?J?GB?MJH<GYP?G
Bg^_dkp_g<GIb bg^_dkihlj_[bl_evkdbop_g
GhfbgZevgucb j_Zevguc<GI
Bgnebjh\Zgb_b ^_nebjh\Zgb_
A Z^ Z qZ Wdhghfbdk]e‹ k
H[tykgbl_ kihkh[ baf_j_gby h[s_]h mjh\gy p_g b ihdZ`bl_ jZaebqb_ f_`^m
ghfbgZevguf b j_Zevguf <GI >ey lh]h qlh[u \uy\blv j_Zevgh_ baf_g_gb_ h[t_fZ
gZpbhgZevgh]hijhba\h^kl\Zg_h[oh^bfhbkihevah\Zlvf_lh^ubgnebjh\Zgby_kebp_gu
jZklmlb ^_nebjh\Zgby _kebp_guiZ^Zxl
H;S?KL<?GGH?;E:=HKHKLHYGB?
Ihgylb_h[s_kl\_ggh]h[eZ]hkhklhygby<GIb h[s_kl\_ggh_[eZ]hkhklhygb_
G_`_eZl_evgu_ih[hqgu_ijh^mdlub h[s_kl\_ggh_[eZ]hkhklhygb_
G_jughqgu_hi_jZpbbK\h[h^gh_\j_fy
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkkfhljbl_ kh^_j`Zgb_ ihgylby qbklh_ wdhghfbq_kdh_ [eZ]hkhklhygb_ h[s_kl\Z b
h[tykgbl_ _]h hlebqb_ hl qbklh]h gZpbhgZevgh]h ijh^mdlZ QGI >Zcl_ hp_gdm
wdhghfbq_kdh]h[eZ]hkhklhygbyh[s_kl\Z
KH<HDMIGUCKIJHKB KH<HDMIGH?IJ?>EH@?GB?
Hkh[_gghklbfZdjhwdhghfbq_kdh]hZgZebaZWdhghfbq_kdb_Z]j_]Zlu
Kh\hdmiguckijhkb kh\hdmigh_ij_^eh`_gb_oZjZdl_j^bgZfbdbb ^_l_jfbgZglu
JZ\gh\_kb_j_Zevguch[t_fijhba\h^kl\Zb mjh\_gvp_g
A Z^ Zq Z Wdhghfbdk]e‹ k
Hkgh\gZy fh^_ev h[s_wdhghfbq_kdh]h jZ\gh\_kby \ujZ`Z_lky q_j_a jZ\_gkl\h
kh\hdmigh]hkijhkZb kh\hdmigh]hij_^eh`_gbyH[tykgbl_qlhlZdh_kh\hdmiguckijhkb
hij_^_ebl_p_gh\u_b g_p_gh\u_nZdlhju\ebyxsb_gZ_]h^bgZfbdmH[tykgbl_qlhlZdh_
kh\hdmigh_ ij_^eh`_gb_ b hij_^_ebl_ p_gh\u_ b g_p_gh\u_ nZdlhju \ebyxsb_ gZ _]h
^bgZfbdm JZkdjhcl_ ihgylb_ fZdjhwdhghfbq_kdh_ jZ\gh\_kb_ <uykgbl_ dZd \ebyxl
baf_g_gby :> kh\hdmigh]h kijhkZ b kh\hdmigh]h ij_^eh`_gby gZ ^bgZfbdm j_Zevgh]h
<GIb mjh\gyp_g
WDHGHFBQ?KDBCPBDE
Kh^_j`Zgb_ b h[sb_ q_jlu wdhghfbq_kdh]h pbdeZ Ijbqbgu dhe_[Zgbc ^_eh\hc
Zdlb\ghklb
NZau pbdeZ <ha^_ckl\b_ pbdeh\ gZ ijhba\h^kl\h lh\Zjh\ ^ebl_evgh]h b
djZldh\j_f_ggh]hihevah\Zgby
Bg\_klbpbbb ijbgpbi Zdk_e_jZlhjZF_oZgbaffmevlbiebdZlhjZ ± Zdk_e_jZlhjZ
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkkfhljbl_ kh^_j`Zgb_ b h[sb_ q_jlu wdhghfbq_kdh]h pbdeZ HoZjZdl_jbamcl_ nZau
pbdeZ ;,; b i_j\hc iheh\bgu ;; \_dh\ DZd ij_^klZ\ey_lky wdhghfbq_kdbc pbde
kh\j_f_gguf wdhghfbklZf" JZkkfhljbl_ lbiu wdhghfbq_kdbo pbdeh\ \ aZ\bkbfhklb hl bo
ijh^he`bl_evghklb
L?HJBYA:GYLHKLB
Pbdebq_kdb_dhe_[Zgbywdhghfbdbb [_ajZ[hlbpZHij_^_e_gb_iheghcaZgylhklb
Lbiu[_ajZ[hlbpuHij_^_e_gb_mjh\gy[_ajZ[hlbpu
Wdhghfbq_kdb_ba^_j`db[_ajZ[hlbpu\ Jhkkbb
A Z^ Zq Z Wdhghfbdk]e‹ k
<uykgbl_ jZaebqb_ f_`^m pbdebq_kdhc njbdpbhgghc b kljmdlmjghc nhjfZfb
[_ajZ[hlbpuJZkdjhcl_kh^_j`Zgb_b jhevaZdhgZHmd_gZ\ wdhghfbq_kdhfZgZeba_
;?AJ:;HLBP:D:DKHPB:EVGHWDHGHFBQ?KD:YIJH;E?F:
IhegZyaZgylhklvb [_ajZ[hlbpZ<b^u[_ajZ[hlbpu
<ebygb_[_ajZ[hlbpugZgZpbhgZevgmxwdhghfbdm
=hkm^Zjkl\_ggh_j_]mebjh\Zgb_aZgylhklbgZk_e_gby\ Jhkkbb
A Z^ Zq Z Wdhghfbdk]e‹ k
<uy\bl_ wdhghfbq_kdb_ ba^_j`db [_ajZ[hlbpu b ^jm]b_ hljbpZl_evgu_ l_g^_gpbb
jZa\blb_ dhlhjuo \uau\Z_lky __ jhklhf JZkkfhljbl_ hkgh\gu_ gZijZ\e_gby b f_lh^u
j_]mebjh\ZgbyjugdZljm^ZGm`gZebgZfihegZyaZgylhklv"
BGNEYPBY
<ZjbZgl Bgneypby__ baf_j_gb_Ijbqbgubgneypbb
<b^ubgneypbb
KhpbZevgu_ihke_^kl\bybgneypbb
<ZjbZgl BgneypbyBaf_j_gb_bgneypbb
BgneypbykijhkZBgneypbyij_^eh`_gby
Hkh[_gghklbbgneypbb\ Jhkkbb
A Z^ Zq Z Wdhghfbdk]e‹ k
Mykgbl_kmsghklvbgneypbbb kihkh[u baf_j_gby__ mjh\gy<uykgbl_jZaebqb_f_`^m
bgneypb_c kijhkZ b bgneypb_c ba^_j`_d ijhba\h^kl\Z f_`^m g_ij_^\b^_gghc b
ijh]ghabjm_fhc bgneypb_c Ijhke_^bl_ dZd \eby_l bgneypby gZ j_Zevgu_ ^hoh^u
aZgylhklvb gZ^bgZfbdmj_Zevgh]h<GI"
J?=MEBJH<:GB?BGNEYPBB
<ebygb_bgneypbbgZwdhghfbdm
:glbbgneypbhggZyiheblbdZp_ebijbgpbiub bgkljmf_glu
MijZ\e_gb_bgneypb_c\ mkeh\byoj_nhjfbjm_fhcwdhghfbdbJhkkbb
A Z^ Zq Z Wdhghfbdk]e‹ Zb [k
JZkkfhljbl_ ihablb\gu_ b g_]Zlb\gu_ ihke_^kl\by bgneypbhgguo ijhp_kkh\
HoZjZdl_jbamcl_ \hafh`gu_ ih^oh^u d mijZ\e_gbx ohayckl\hf \ mkeh\byo bgneypbb
Z^ZilZpbhggZy iheblbdZ b ihiuldZ ebd\b^bjh\Zlv bgneypbx <u]h^gZ eb bgneypby
]hkm^Zjkl\m"< q_fhkh[_gghklbbgneypbhggh]hijhp_kkZijhl_dZxs_]h\ Jhkkbb"
DE:KKBQ?KD:YB D?CGKB:GKD:YLJ:DLH<DB
F:DJHWDHGHFBDB
DeZkkbq_kdZyfh^_evfZdjhwdhghfbq_kdh]hjZ\gh\_kby
D_cgkbZgkdZyfh^_evfZdjhwdhghfbdb
KjZ\g_gb_deZkkbq_kdhcb d_cgkbZgkdhcfh^_e_c
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkkfhljbl_ \a]ey^u ij_^klZ\bl_e_c deZkkbq_kdhc rdheu gZ ijh[e_fm
fZdjhwdhghfbq_kdh]hjZ\gh\_kbyH[tykgbl_l_hj_lbq_kdh_iheh`_gb_deZkkbdh\h lhfqlh
aZdhg Kwy [m^_l kijZ\_^eb\ ^Z`_ ^ey wdhghfbdb kh agZqbl_evgufb k[_j_`_gbyfb DZdb_
Zj]mf_glubkihevah\Zebd_cgkbZgpuqlh[uhijh\_j]gmlvlhqdmaj_gbydeZkkbdh\h lhfqlh
aZdhg Kwy ijb\h^bl d mklhcqb\hc iheghc aZgylhklb" Ihq_fm d_cgkbZgpu klZ\yl ih^
khfg_gb_iheh`_gb_h[weZklbqghklbp_gb aZjZ[hlghcieZlu"Ijhbeexkljbjmcl_\a]ey^u
deZkkbdh\b d_cgkbZgp_\gZfh^_ebkh\hdmigh]hkijhkZb ij_^eh`_gby
BGKLJMF?GL:JBCD?CGKB:GKDHCL?HJBBA:GYLHKLB
<aZbfhaZ\bkbfhklv ^hoh^ihlj_[e_gb_ b ^hoh^k[_j_`_gb_ :JK b :J6 FJK b
FJ6NZdlhjuihlj_[e_gbyb k[_j_`_gbc
Bg\_klbpbbFhlb\ubg\_klbjh\Zgby
A Z^ Zq Z Wdhghfbdk]e‹ k
H[tykgbl_dZdb_aZ\bkbfhklbihdZau\ZxlZ]jZnbdihlj_[e_gby[]jZnbd
k[_j_`_gbc \ djb\Zy kijhkZ gZ bg\_klbpbb ] ]jZnbd bg\_klbpbc <uykgbl_
wdhghfbq_kdbckfukelZdboihgylbcdZd
‡ kj_^gyyb ij_^_evgZykdehgghklvd ihlj_[e_gbx
‡ kj_^gyy b ij_^_evgZy kdehgghklv d k[_j_`_gbx Hij_^_ebl_ kljmdlmjm
bg\_klbpbhgguo jZkoh^h\ b nZdlhju dhlhju_ hij_^_eyxl ^bgZfbdm Z\lhghfguo b
aZ\bkbfuobg\_klbpbc
L?HJBYFMEVLBIEBD:LHJ:
K[_j_`_gbybg\_klbpbbb mklZgh\e_gb_jZ\gh\_kby
FmevlbiebdZlhj b FJ ij_^_evgZy kdehgghklv d k[_j_`_gbx b FJK ij_^_evgZy
kdehgghklvd ihlj_[e_gbx
AgZq_gb_fmevlbiebdZlhjZIZjZ^hdk[_j_`eb\hklb
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkkfhljbl_ f_lh^ jZ\_gkl\Z batylbcbgt_dpbc ^ey hij_^_e_gby jZ\gh\_kby QGI
H[tykgbl_ fh^_ev fmevlbiebdZlhjZ b __ agZq_gb_ ^ey hij_^_e_gby baf_g_gbc \ h[t_f_
jZ\gh\_kgh]h QGI IhdZ`bl_ qlh ihiuldZ h[s_kl\Z [hevr_ k[_j_]Zlv fh`_l hdZaZlvky
ls_lghc\ k\yabk fgh]hdjZlgufkgb`_gb_fQGIDZdwlh]hba[_`Zlv"
J:<GH<?KGUCH;T?FIJHBA<H>KL<:< D?BGKB:GKDHBFH>?EB
Ihlj_[e_gb_k[_j_`_gbybg\_klbpbbb jZ\gh\_kguch[t_fijhba\h^kl\Z
JZ\gh\_kb_ b QGI \ mkeh\byo iheghc aZgylhklb J_p_kkbhgguc jZaju\
BgneypbhggucjZaju\
<g_rgyylhj]h\eyb jZ\gh\_kguch[t_f ijhba\h^kl\Z
A Z^ Zq Z Wdhghfbdk]e‹ k
Mykgbl_ ^\Z f_lh^Z baf_j_gby QGI b jZkdjhcl_ bo nmgdpbhgZevgh_ gZagZq_gb_
IhdZ`bl_ qlh jZ\gh\_kguc QGI fh`_l b g_ kh\iZ^Zlv k [_abgneypbhgguf mjh\g_f QGI
ijbiheghcaZgylhklb<uykgbl_\ebygb_\g_rg_clhj]h\ebgZjZ\gh\_kguch[t_fQGI
NBKD:EVG:YIHEBLBD:
NbkdZevgZyiheblbdZkmsghklv\b^ubgkljmf_glu
FmevlbiebdZpbhggh_ \ha^_ckl\b_ ]hkm^Zjkl\_gguo jZkoh^h\ b
ijhba\h^kl\h
F_oZgbaf^_ckl\bynbkdZevghciheblbdb
A Z^ Zq Z Wdhghfbdk]e‹ k
gZeh]h\ gZ
H[tykgbl_kh^_j`Zgb_b p_ebnbkdZevghciheblbdbJZkkfhljbl_f_oZgbaf\ha^_ckl\by
nbkdZevghc iheblbdb gZ jZ\gh\_kguc QGI IhdZ`bl_ agZq_gb_ fmevlbiebdZlhjZ
]hkm^Zjkl\_gguo aZdmihd ljZgkn_jlh\ gZeh]h\ b k[ZeZgkbjh\Zggh]h [x^`_lZ Mykgbl_
kmsghklv \kljh_gguo klZ[bebaZlhjh\ b bo \ha^_ckl\b_ gZ jZ\gh\_kguc QGI H[tykgbl_
dZd k ihfhsvx [x^`_lZ iheghc aZgylhklb fh`gh hij_^_eblv j_Zevgh_ \ebygb_
^bkdj_pbhgghcnbkdZevghciheblbdbgZjZ\gh\_kgucQGI
IJH;E?FUNBKD:EVGHCIHEBLBDB
NbkdZevgZyiheblbdZ\ oh^_wdhghfbq_kdh]hpbdeZ
NbgZgkbjh\Zgb_^_nbpblh\b kihkh[uba[Z\e_gbyhl[x^`_lguobaebrdh\
Ijh[e_fu\j_f_gb Iheblbq_kdb_ijh[e_fuWnn_dl\ul_kg_gby
Ijh[e_funbkdZevghciheblbdb\ Jhkkbb
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkkfhljbl_ijh[e_fudhlhju_\hagbdZxl\ oh^_hkms_kl\e_gbynbkdZevghciheblbdb
Hkh[h_\gbfZgb_m^_ebl_g_[eZ]hijbylghfm\ha^_ckl\bxnbkdZevghciheblbdbgZqZklgu_
bg\_klbpbb wnn_dl \ul_kg_gby \ Jhkkbb JZkdjhcl_ \hafh`gh_ \ha^_ckl\b_ nbkdZevghc
iheblbdbgZkh\hdmigh_ij_^eh`_gb_
L?HJBYWDHGHFBQ?KDH=H JHKL:
Wdhghfbq_kdbcjhkl_]hlbiu
J_]mebjh\Zgb_wdhghfbq_kdh]hjhklZ
KhpbZevgu_ihke_^kl\bywdhghfbq_kdh]hjhklZ
A Z^ Zq Z Wdhghfbdk]e‹ k
QlhlZdh_wdhghfbq_kdbc jhklb dZdhghij_^_ey_lky"Ijb\_^bl_b hp_gbl_Zj]mf_glu
aZb ijhlb\wdhghfbq_kdh]hjhklZJZkkfZljb\ZynZdlhjuwdhghfbq_kdh]hjhklZ\uykgbl_
jZagbpm f_`^m nZdlhjZfb ij_^eh`_gby b nZdlhjZfb kijhkZ DZdb_ f_ju ^ey
klbfmebjh\Zgby wdhghfbq_kdh]h jhklZ ij_^eZ]Zxl d_cgkbZgpu b klhjhggbdb wdhghfbdb
ij_^eh`_gby"
>?GV=B>?G?@GUCJUGHD
Kmsghklv^_g_]bonmgdpbb
Ij_^eh`_gb_^_g_]KijhkgZ^_gv]b
JZ\gh\_kb_gZ^_g_`ghfjugd_
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkkfhljbl_\ q_fg_^hklZlhdlh\Zjguo^_g_]\ q_fij_bfms_kl\hZ[mfZ`guo^_g_]
b [ dj_^blguo ^_g_] i_j_^ lh\Zjgufb ^_gv]Zfb IjhZgZebabjmcl_ jZaebqgu_ \a]ey^u gZ
kmsghklv b nmgdpbb ^_g_] <uykgbl_ jZaebqgu_ kihkh[u baf_j_gby ^_g_`ghc fZkku
<uy\bl_ nZdlhju \ebyxsb_ gZ kijhk ij_^ty\ey_fuc gZ ^_g_`ghf jugd_ DZdbf h[jZahf
jughd^_g_]ijb\h^blky\ jZ\gh\_kgh_khklhygb_"
DJ?>BLG:YKBKL?F:B ?? KLJMDLMJ:
Dj_^blgZykbkl_fZ__ kljmdlmjZ
Dj_^blgZynmgdpby[Zgdh\
>_g_`gucfmevlbiebdZlhj
A Z^ Zq Z WdhghfbdZ]e‹ k
JZkkfhljbl_ kljmdlmjm kh\j_f_gghc dj_^blgh[Zgdh\kdhc kbkl_fu GZah\bl_
\Z`g_crb_ \b^u dj_^blguo bgklblmlh\ < q_f jZagbpZ f_`^m j_]mebjmxsbfb b
j_]eZf_glbjmxsbfbnmgdpbyfbdj_^blghckbkl_fu"
DZdh\u bgkljmf_glu dj_^blguo k^_ehd" IjhZgZebabjmcl_ f_oZgbaf fmevlbiebdZpbb
^_g_]
DHFF?JQ?KDB?;:GDB
H[sZyoZjZdl_jbklbdZdhff_jq_kdbo[Zgdh\
Hi_jZpbbdhff_jq_kdbo[Zgdh\
Dhgdmj_gpby\ [Zgdh\kdhf^_e_
A Z^ Zq Z WdhghfbdZ]e‹ k
Mykgbl_ ihgylb_ [ZgdZ dZd \hagbdeb [Zgdb < q_f khklhyl hkgh\gu_ nmgdpbb
dhff_jq_kdbo [Zgdh\" JZkkfhljbl_ [Zgdh\kdb_ hi_jZpbb iZkkb\gu_ b Zdlb\gu_ DZdh\u
hkh[_gghklb[Zgdh\kdh]hdj_^blh\Zgby"
JUGHDP?GGUO;MF:=
DZiblZe\ nhjf_p_gguo[mfZ]\b^up_gguo[mfZ]
KljmdlmjZnhg^h\h]hjugdZnhg^h\hc[bj`b
<ebygb_]hkm^Zjkl\ZgZnhg^h\ucjughdJZa\blb_Jhkkbckdh]hjugdZp_gguo[mfZ]
A Z^ Zq Z Wdhghfbdk]e‹ k
>Zcl_ hij_^_e_gb_ p_gguf [mfZ]Zf jZkkfhljbl_ bo \b^u KhklZ\eyxsbfb dZdh]h
jugdZ y\eyxlky jughd p_gguo [mfZ] b jughd kj_^g_kjhqguo b ^he]hkjhqguo dj_^blh\"
Hij_^_ebl_ wlb jugdb DZdh\u hkh[_gghklb nhg^h\hc [bj`b \ Jhkkbb" JZkkfhljbl_
hkgh\gu_ gZijZ\e_gby \ha^_ckl\by ]hkm^Zjkl\Z gZ nhg^h\uc jughd q_j_a ghjfu
gZeh]hh[eh`_gbykljmdlmjmnhg^h\uok^_ehdb l^
DJ?>BLGH>?G?@G:YIHEBLBD:
Dj_^blgh^_g_`gZyiheblbdZjZ\gh\_kgucQGIb mjh\_gvp_g
IheblbdZ^_r_\uo^_g_]
IheblbdZ^hjh]bo^_g_]
A Z^ Zq Z Wdhghfbdk]e‹ k
Hibrbl_ p_ihqdm ijbqbgghke_^kl\_gguo k\ya_c f_`^m baf_g_gbyfb \ fhg_lZjghc
iheblbd_ b baf_g_gbyfb jZ\gh\_kgh]h QGI b mjh\gy p_g <uy\bl_ \ q_f aZdexqZ_lky
iheblbdZ^_r_\uob iheblbdZ^hjh]bo^_g_]
WNN?DLB<GHKLVDJ?>BLGH>?G?@GHCIHEBLBDB
D_cgkbZgkdbcih^oh^d wnn_dlb\ghklbdj_^blgh^_g_`ghciheblbdb
Fhg_lZjbklkdbcih^oh^d wnn_dlb\ghklbdj_^blgh^_g_`ghciheblbdb
>hklhbgkl\Zb h]jZgbq_gghklvdj_^blgh^_g_`ghciheblbdb
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkkfhljbl_ dZdh_ \ebygb_ hdZau\Z_l dj_^blgh^_g_`gZy iheblbdZ gZ ^bgZfbdm
j_Zevgh]h h[t_fZ ijhba\h^kl\Z b p_g DZdb_ hkgh\gu_ mjZ\g_gby iheh`_gu \ hkgh\m
d_cgkbZgkdh]h b fhg_lZjgh]h ih^oh^h\ d dj_^blgh^_g_`ghc iheblbd_" Knhjfmebjmcl_
fhg_lZjgh_ijZ\behFNjb^f_gZ
FHG?L:JG:YIHEBLBD:=HKM>:JKL<:
P_ebb h[t_dludj_^blgh^_g_`ghciheblbdb
Bgkljmf_glufhg_lZjghciheblbdb
Wnn_dlb\ghklvdj_^blgh^_g_`ghciheblbdb
Ijh[e_fudj_^blgh^_g_`ghciheblbdb\ Jhkkbb
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkkfhljbl_ kh^_j`Zgb_ b p_eb dj_^blgh^_g_`ghc iheblbdb HoZjZdl_jbamcl_
hkgh\gu_ bgkljmf_glu dj_^blgh^_g_`ghc iheblbdb baf_g_gb_ mq_lghc klZ\db
p_gljZevgh]h [ZgdZ baf_g_gb_ h[yaZl_evguo j_a_j\h\ hi_jZpbb gZ hldjulhf jugd_
DZdh\uhkh[_gghklbkh\j_f_gghc^_g_`ghdj_^blghciheblbdbJhkkbb"
<A:BFHK<YAVBGNEYPBB B ;?AJ:;HLBPU
p_g
<ebygb_ baf_g_gbc kh\hdmigh]h kijhkZ gZ j_Zevguc h[t_f ijhba\h^kl\Z b mjh\_gv
Djb\ZyNbeebikZ
KlZ[bebaZpbhggZyiheblbdZ
A Z^ Zq Z Wdhghfbdk]e‹ k
Mykgbl_ wdhghfbq_kdbc kfuke djb\hc NbeebikZ Ihq_fm klhjhggbdb ]bihl_au
Z^Zilb\guo h`b^Zgbc kqblZxl qlh djb\Zy NbeebikZ hlghkblky lhevdh d djZldhkjhqghfm
i_jbh^mghg_jZ[hlZ_l\ ^he]hkjhqghfi_jbh^_"H[tykgbl_ihabpbxklhjhggbdh\l_hjbb
jZpbhgZevguo h`b^Zgbc qlh djb\Zy NbeebikZ g_ kms_kl\m_l gb \ djZldhkjhqghf gb \
^he]hkjhqghfi_jbh^Zo
KL:=NEYPBY
Hij_^_e_gb_klZ]neypbb
DjZldhkjhqgZyb ^he]hkjhqgZydjb\ZyNbeebikZ
Kh\hdmigh_ij_^eh`_gb_\ djZldhkjhqghfb ^he]hkjhqghfi_jbh^_
KlZ]neypby\ Jhkkbb
A Z^ Zq Z Wdhghfbdk]e‹ k
<uykgbl_ ijbqbgu klZ]neypbb \ aZiZ^guo kljZgZo \ _ ]h^u b \ Jhkkbb \ _ ]h^u
OO klhe_lby HoZjZdl_jbamcl_ ihabpbx klhjhggbdh\ wdhghfbdb ij_^eh`_gby b bo
j_p_ilu bae_q_gby wdhghfbdb hl klZ]neypbb JZkkfhljbl_ kh^_j`Zgb_ jughqghc
iheblbdbhjb_glbjh\ZgghcgZk]eZ`b\Zgb_b ij_^hl\jZs_gb_klZ]neypbb
NBG:GKH<:YKBKL?F:=HKM>:JKL<:
NbgZgkunbgZgkh\u_hlghr_gbynbgZgkh\Zykbkl_fZ
=hkm^Zjkl\_gguc[x^`_lmijZ\e_gb_]hkm^Zjkl\_ggufbnbgZgkZfb
Ijh[e_fZnbgZgkh\JhkkbckdhcN_^_jZpbb
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkkfhljbl_ ihgylb_ nbgZgku hoZjZdl_jbamcl_ nbgZgkh\mx kbkl_fm ]hkm^Zjkl\Z
ijbgpbiu __ ihkljh_gby b hkh[_gghklb nbgZgkh\hc kbkl_fu \ Jhkkbb DZdh\u hkgh\gu_
dhgp_ipbbe_`Zsb_\ hkgh\_[x^`_lghciheblbdb]hkm^Zjkl\Z"
L?HJBYB IJ:DLBD:G:EH=HH;EH@?GBY
Kmsghklvb nmgdpbbgZeh]h\ Ijbgpbiub nhjfugZeh]hh[eh`_gby
Hkgh\gu_gZeh]b
Ijh[e_fugZeh]hh[eh`_gby\ Jhkkbb
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkkfhljbl_ kmsghklv gZeh]h\ dZd bgkljmf_glZ i_j_jZkij_^_e_gby gZpbhgZevgh]h
^hoh^Z b wdhghfbq_kdbo j_kmjkh\ Hibrbl_ hilbfZevgu_ gZ \Zr \a]ey^ ijbgpbiu
gZeh]hh[eh`_gbyDZdhgbj_Zebamxlky\ kh\j_f_gghcijZdlbd_gZeh]hh[eh`_gby\ Jhkkbb"
IhdZ`bl_gZkdhevdhj_Zebah\Zguhkgh\gu_p_ebgZeh]h\hcj_nhjfu\ Jhkkbb
KHPB:EVG:YIHEBLBD:=HKM>:JKL<:
QlhlZdh_khpbZevgZyiheblbdZ">hoh^ugZk_e_gbybklhqgbdbbonhjfbjh\Zgby
G_jZ\_gkl\h^hoh^h\b kbkl_fZkhpbZevghcaZsbluKhpbZevgZykijZ\_^eb\hklv
Kbkl_fZkhpbZevghcaZsblu\ Jhkkbb
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkkfhljbl_ kmsghklv b hkgh\gu_ gZijZ\e_gby khpbZevghc iheblbdb \ jughqghc
wdhghfbd_ Qlh lZdh_ `bag_gguc mjh\_gv gZk_e_gby b dZdbfb ihdZaZl_eyfb hg
hij_^_ey_lky" DZd kljhblky djb\Zy Ehj_gpZ" DZdb_ hkgh\gu_ ijh[e_fu khpbZevghc
iheblbdbj_rZxlky\ Jhkkbb\ oh^_wdhghfbq_kdboj_nhjf"
L?HJBBF?@>MG:JH>GHCLHJ=H<EB
Wdhghfbq_kdZyhkgh\Zf_`^mgZjh^ghclhj]h\eb
Ki_pbZebaZpbyb kjZ\gbl_evgu_ij_bfms_kl\Z
K\h[h^gZylhj]h\eyb ijhl_dpbhgbaf
A Z^ Zq Z Wdhghfbdk]e‹ k
MdZ`bl_ dZdbf h[jZahf ijbgpbi kjZ\gbl_evgh]h ij_bfms_kl\Z fh`gh ijbf_gblv d
ijhp_kkmf_`^mgZjh^ghcki_pbZebaZpbbb lhj]h\eb
<uykgbl_ jZaebqb_ f_`^m Z[khexlguf b kjZ\gbl_evguf ij_bfms_kl\hf kljZgu \
ijhba\h^kl\_ lh\Zjh\ b mkem] Hp_gbl_ hkgh\gu_ Zj]mf_glu \ ihevam iheblbdb
ijhl_dpbhgbafZb ij_^klZ\vl_dhgljZj]mf_glu
F?@>MG:JH>G:Y<:EXLG:YKBKL?F:B LHJ=H<UC ;:E:GK
<Zexlub bo\b^uDhg\_jlbjm_fhklv
<Zexlgucjughd<Zexlgu_dmjku
Lhj]h\uc[ZeZgkb [ZeZgkl_dmsbohi_jZpbc
Ijh[e_fulhj]h\h]h[ZeZgkZJhkkbb
A Z^ Zq Z Wdhghfbdk]e‹ k
Mykgbl_ dh]^Z \hagbdeb \Zexlgu_ hlghr_gby b dZdb_ wlZiu \ k\h_f jZa\blbb hgb
ijhreb
< q_f hkh[_gghklb mklZgh\e_gby \Zexlgh]h dmjkZ gZ hkgh\_ ahehlh]h klZg^ZjlZ" Qlh
ih^jZamf_\Z_lky ih^ [eZ]hijbylguf b g_[eZ]hijbylguf lhj]h\uf [ZeZgkhf DZdh\u
ihke_^kl\by[hevrh]h\g_rg_]hlhj]h\h]h^_nbpblZk lhqdbaj_gby\ha^_ckl\bygZwdhgh
fbdmb mjh\_gv`bagbgZk_e_gby
F?@>MG:JH>GH?><B@?GB?D:IBL:EH<
Kmsghklvb nhjfu^\b`_gbydZiblZeh\
L_hjbbf_`^mgZjh^gh]h^\b`_gbydZiblZeh\
F_oZgbafijyfuobg\_klbpbc
Bg\_klbpbhgguc debfZl b bg\_klbpbhggu_ jbkdb Jhkkby \ f_`^mgZjh^ghf
^\b`_gbbdZiblZeh\
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkkfhljbl_ oZjZdl_jgu_ q_jlu kh\j_f_ggh]h \u\haZ dZiblZeZ DZd k\yaZgu \u\ha
dZiblZeZ b bgl_jgZpbhgZebaZpby ijhba\h^kl\Z" Mykgbl_ fhlb\u ij_^ijbgbfZl_evkl\Z aZ
jm[_`hfDZdh\uhkh[_gghklb\\haZdZiblZeZ\ Jhkkbx"
IE:L?@GUC;:E:GK
KmsghklvieZl_`gh]h[ZeZgkZ
Kq_ll_dmsbohi_jZpbcKq_l^\b`_gbydZiblZeh\
J_]mebjh\Zgb_ieZl_`gh]h[ZeZgkZ
A Z^ Zq Z Wdhghfbdk]e‹ k
Mykgbl_qlhlZdh_ieZl_`guc[ZeZgkkljZgub ijhZgZebabjmcl__]hkljmdlmjmJ_rbl_
dZdbfb f_lh^Zfb fh`_l [ulv hlj_]mebjh\Zg ^_nbpbl ieZl_`gh]h [ZeZgkZ \ mkeh\byo
]hkih^kl\ZZahehlh]hklZg^ZjlZ[nbdkbjh\Zgguodmjkh\\Zexl\ieZ\Zxsbo\Zexlguo
dmjkh\"
DZdh\h khklhygb_ ieZl_`gh]h [ZeZgkZ Jhkkbckdhc N_^_jZpbb b dZd hg j_]mebjm_lky \
gZklhys__\j_fy"
WDHGHFBQ?KD:YBGL?=J:PBY
Ihgylb_kh^_j`Zgb_b nZdlhjubgl_]jZpbb
F_`^mgZjh^gh_ijhba\h^kl\_ggh_khljm^gbq_kl\h
=eZ\gu_bgl_]jZpbhggu_]jmiibjh\dbfbjZ
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkkfhljbl_ kmsghklv f_`^mgZjh^ghc wdhghfbq_kdhc bgl_]jZpbb DZdh\Z \aZbfhk\yav
f_`^mbgl_jgZpbhgZebaZpb_cohayckl\_gghc`bagbb f_`^mgZjh^gufjZa^_e_gb_fljm^Z"
<ebyxl eb \g_rg_wdhghfbq_kdb_ mkeh\by gZ ijhp_kk bgl_]jZpbb" DZdh\Z jhev GLJ
gZmqghl_ogbq_kdhc j_\hexpbb GLJ \ bgl_]jZpbhgghf ijhp_kk_" Kms_kl\mxl eb
\hafh`ghklb b i_jki_dlb\u \oh`^_gby Jhkkbb \ ?\jhi_ckdh_ wdhghfbq_kdh_ khh[s_kl\h
?WK"
IJH;E?FU;X>@?LGH=H>?NBPBL:B
=HKM>:JKL<?GGH=H>HE=:
;x^`_lguc^_nbpblb _]hijbqbguKihkh[uihdjulby[x^`_lgh]h^_nbpblZ
Dhgp_ipby[x^`_lghciheblbdb
=hkm^Zjkl\_gguc^he]
A Z^ Zq Z Wdhghfbdk]e‹ k
JZkdjhcl_ kh^_j`Zgb_ [x^`_lgh]h ^_nbpblZ b ]hkm^Zjkl\_ggh]h ^he]Z <uy\bl_
ihke_^kl\by ]hkm^Zjkl\_ggh]h ^he]Z JZkkfhljbl_ ijbqbgghke_^kl\_ggmx k\yav f_`^m
^_nbpblhf ]hk[x^`_lZ mjh\g_f ijhp_glguo klZ\hd h[t_fhf bg\_klbpbc aZjm[_`guf
kijhkhfgZgZpbhgZevgmx\Zexlm^bgZfbdm__ dmjkZb kZev^hlhj]h\h]h[ZeZgkZ
WDHGHFBQ?KDH?J:<GH<?KB?< I?J?OH>GUCI?JBH>
Wdhghfbq_kdh_jZ\gh\_kb_kmsghklvb ij_^ihkuedb
Jughqgh_jZ\gh\_kb_\ i_j_oh^ghcwdhghfbd_
A Z^ Zq Z Wdhghfbdk]e‹ k
KjZ\gbl_ h[s__ b qZklbqgh_ wdhghfbq_kdh_ jZ\gh\_kb_ < q_f khklhyl jZaebqb_ b
\aZbfhk\yav f_`^m wlbfb ihgylbyfb" DZdh\u ij_bfms_kl\Z jughqghc kbkl_fu
fZdjhj_]mebjh\Zgby b h[_ki_q_gby h[s_]h jZ\gh\_kby" DZdb_ ljm^ghklb ijboh^blky
ij_h^he_\Zlvijb^hklb`_gbbjughqgh]hjZ\gh\_kby\ i_j_oh^ghcwdhghfbd_JZkkfhljbl_
j_dhf_g^ZpbbD_cgkZ\ i_j_oh^ghcwdhghfbd_b boijbf_g_gb_
<HIJHKU>EYIH<LHJ?GBY
FZdjhwdhghfbdZdZdjZa^_ewdhghfbq_kdhcgZmdb
F_lh^heh]bq_kdb_b f_lh^bq_kdb_hkh[_gghklbfZdjhwdhghfbq_kdh]hZgZebaZ
Kbkl_fZgZpbhgZevguo Fq_lh\
<Zeh\hc gZpbhgZevguc ijh^mdl Ijhf_`mlhqguc ijh^mdl Dhg_qguc ijh^mdl
>h[Z\e_ggZyklhbfhklv
JZkq_l<GIihjZkoh^Zf
JZkq_l<GIih^hoh^Zf>jm]b_ihdZaZl_ebgZpbhgZevguokq_lh\
GhfbgZevguc b j_Zevguc <GI Ijhp_kk dhjj_dlbjh\db Bgnebjh\Zgb_ b
^_nebjh\Zgb_
Kh^_j`Zgb_b h[sb_q_jluwdhghfbq_kdh]hpbdeZ
NZaupbdeZ>bgZfbdZwdhghfbq_kdboihdZaZl_e_c
Kljmdlmjgu_ djbabku Ijh^he`bl_evghklv wdhghfbq_kdbo pbdeh\ Wnn_dl
Zdk_e_jZlhjZ
<ha^_ckl\b_]hkm^Zjkl\ZgZwdhghfbq_kdb_pbdeub djbabku
;_ajZ[hlbpZ Lbiu [_ajZ[hlbpu Hij_^_e_gb_ iheghc aZgylhklb Hij_^_e_gb_
mjh\gy[_ajZ[hlbpu
Wdhghfbq_kdb_b \g_wdhghfbq_kdb_ba^_j`db[_ajZ[hlbpuHlklZ\Zgb_h[t_fZ<GI
b aZdhgHmd_gZ
BgneypbyIjbqbgubgneypbb
:evl_jgZlb\gu_bklhqgbdbbgneypbb<b^ubgneypbb
Wdhghfbq_kdb_b khpbZevgu_ihke_^kl\bybgneypbbDjb\Zy NbeebikZ
:glbbgneypbhggZyiheblbdZ
Kh\hdmiguc kijhk Djb\Zy kh\hdmigh]h kijhkZ G_p_gh\u_ nZdlhju kh\hdmigh]h
kijhkZ
Kh\hdmigh_ ij_^eh`_gb_ Djb\Zy kh\hdmigh]h ij_^eh`_gby G_p_gh\u_ nZdlhju
kh\hdmigh]hij_^eh`_gby
FZdjhwdhghfbq_kdh_jZ\gh\_kb_fh^_ev $'$6Baf_g_gby\ jZ\gh\_kbbWnn_dl
ojZih\bdZ
DeZkkbq_kdZyl_hjbyfZdjhwdhghfbq_kdh]hjZ\gh\_kby
D_cgkbZgkdZy wdhghfbq_kdZy l_hjby Ihlj_[e_gb_ b k[_j_`_gb_ \ fZkrlZ[Zo
gZpbhgZevghcwdhghfbdb
Bg\_klbpbb NZdlhju hij_^_eyxsb_ mjh\_gv bg\_klbpbc Djb\Zy kijhkZ gZ
bg\_klbpbbG_klZ[bevghklvbg\_klbpbc
Hij_^_e_gb_jZ\gh\_kgh]hQGIFh^_ev,6
Baf_g_gbyjZ\gh\_kgh]hQGIb fmevlbiebdZlhj
IZjZ^hdk[_j_`eb\hklbJZ\gh\_kb_QGI\ mkeh\byoiheghcaZgylhklbJ_p_kkbhguc
jZaju\BgneypbhggucjZaju\
Wdhghfbq_kdb_nmgdpbb]hkm^Zjkl\Z
P_ebnhjfub bgkljmf_glu]hkm^Zjkl\_ggh]hj_]mebjh\Zgbywdhghfbdb
>bkdj_pbhggZy nbkdZevgZy iheblbdZ IjZ\bl_evkl\_ggu_ aZdmidb b
gZeh]hh[eh`_gb_
NbkdZevgZyiheblbdZ\ oh^_wdhghfbq_kdh]hpbdeZ
G_^bkdj_pbhggZynbkdZevgZyiheblbdZ<kljh_ggu_klZ[bebaZlhju
Ijh[e_funbkdZevghciheblbdbWnn_dl\ul_kg_gby
Ihgylb_b lbiu^_g_`guokbkl_f
>_g_`gZyfZkkZ>_g_`gu_Z]j_]ZluF b F
FmevlbiebdZpbhggh_
jZkrbj_gb_
[Zgdh\kdbo
^_ihablh\
>_g_`guc
fmevlbiebdZlhj
Dj_^bl_]hkmsghklvb nhjfu
KljmdlmjZkh\j_f_gghcdj_^blghckbkl_fu;Zgdbbonmgdpbb
;ZeZgkh\uc hlq_l dhff_jq_kdh]h [ZgdZ Ihgylb_ j_a_j\h\ h[yaZl_evgu_ b
ba[ulhqgu_j_a_j\u
K^_edbdhff_jq_kdh]h[ZgdZkha^Zxsb_^_gv]b
KijhkgZ^_gv]bJZ\gh\_kb_gZ^_g_`ghfjugd_
Ihgylb_ b p_eb dj_^blgh^_g_`ghc iheblbdb Bgkljmf_glu dj_^blgh ± ^_g_`ghc
iheblbdb
Dj_^blgh^_g_`gZy iheblbdZ jZ\gh\_kguc QGI b mjh\_gv p_g d_cgkbZgkdbc
\a]ey^
Wnn_dlb\ghklvdj_^blgh^_g_`ghciheblbdb\a]ey^ud_cgkbZgp_\b fhg_lZjbklh\
Jughdp_gguo[mfZ]<b^up_gguo[mfZ]
KljmdlmjZjugdZp_gguo[mfZ]I_j\bqgucb \lhjbqgucjughd
<ebygb_]hkm^Zjkl\ZgZnmgdpbhgbjh\Zgb_jugdZp_gguo[mfZ]
=hkm^Zjkl\_gguc[x^`_l_]hnmgdpbbb kljmdlmjZ
GZeh]bIjbgpbiub nhjfugZeh]hh[eh`_gbyDjb\ZyEZnn_jZ
;x^`_lgu_^_nbpblu]hkm^Zjkl\_gguc^he]
KhpbZevgZyiheblbdZ]hkm^Zjkl\Z>hoh^ugZk_e_gbyb bobklhqgbdb
G_jZ\_gkl\h^hoh^h\Djb\ZyEhj_gpZDhwnnbpb_gl>`bgb
Wdhghfbq_kdbcjhklb _]hlbiu
NZdlhjuwdhghfbq_kdh]hjhklZ
L_hjbyf_`^mgZjh^ghclhj]h\eb:[khexlgu_b kjZ\gbl_evgu_ij_bfms_kl\Z
F_`^mgZjh^gZyfb]jZpbyljm^Zb dZiblZeZ
F_`^mgZjh^gucjughdkkm^guodZiblZeh\
Wdhghfbq_kdZybgl_]jZpby
KIBKHDEBL?J:LMJU
:]Zih\ZL:K_j_]bgZKNFZdjhwdhghfbdZMq_[gbd^ey\mah\Ih^j_^:<
Kb^hjh\bqZF Ba^\h>BKk
;ZjjJIheblbq_kdZywdhghfby< lFF_`^mgZjhlghr_gbyLk
;eZm]FWdhghfbq_kdZyfukev\ j_ljhki_dlb\_I_jk Zg]e_ ba^F>_eh:L>
k
;hjbkh\?NWdhghfbq_kdZyl_hjbyDmjke_dpbcFXjZclk
=we[j_cl>`DWdhghfbq_kdb_l_hjbbb p_ebh[s_kl\ZFIjh]j_kkk
>heZgW>`>_gv]b[Zgdh\kdh_^_ehb ^_g_`ghdj_^blgZyiheblbdZI_jk Zg]eE
k
>hjg[mrJNbr_jKFZdjhwdhghfbdZI_jk Zg]eFBa^\hF=MBGNJ:F k
D_cgk>`FH[sZyl_hjbyaZgylhklbijhp_glZb ^_g_]FIjh]j_kkk
Dhauj_\<FHkgh\ukh\j_f_gghcwdhghfbdbMq_[gbdFNbgZgkub klZlbklbdZ
k
DhgklblmpbyHkgh\ghcaZdhgJNFXjb^bq_kdZy ebl_jZlmjZ
Dmjkwdhghfbq_kdhcl_hjbbMq_[ihkh[b_Ih^j_^:<Kb^hjh\bqZFBa^\h
>BKk
Dmjkwdhghfbq_kdhcl_hjbbMq_[gbd_ ba^^hik i_j_jZ[Dbjh\$&$
k
FZddhgg_ee D J ;jx K E WdhghfbdZ Ijbgpbiu ijh[e_fu iheblbdZ I_j k
Zg]eFJ_kim[ebdZk
FZdjhwdhghfbdZMq_[gbd^ey\mah\=Zevi_jbg<F=j_[_ggbdh\IBE_mkkdbc
:Bb ^j_ ba^i_j_jZ[b ^hiKI[Ba^\hKI[=MWNk
FZdjhwdhghfbdZ Mq_[ ihkh[b_ Ih^ j_^ B I GbdheZ_\hc F A:H
NbgklZlbgnhjfk
FZjrZee:Ijbgpbiuiheblbq_kdhcwdhghfbdb< lI_jk Zg]eFIjh]j_kk
k
FwgdvxG=FZdjhwdhghfbdZMq_[gbdI_jk Zg]eFBa^\hF=Mk
H[sZy wdhghfbq_kdZy l_hjby iheblwdhghfby Ih^ j_^ < B <b^yibgZ = I
@mjZ\e_\hcFIjhfhF_^bZk
H[sZywdhghfbq_kdZyl_hjbyDmjke_dpbcIh^j_^=I@mjZ\e_\hcFBa^\h
JW:bf=<Ie_oZgh\ZFk
Hkgh\uwdhghfbq_kdhcl_hjbbMq_[ihkh[b_^ey\mah\Ih^j_^<>DZfZ_\ZF
Ba^\hF=LMbfGW;ZmfZgZk
Ib]m : Wdhghfbq_kdZy l_hjby [eZ]hkhklhygby < lFIjh]j_kkL
kLk
JmaZ\bg=BFZjlugh\<LDmjkjughqghcwdhghfbdbIh^j_^ =BJmaZ\bgZ
F;Zgdbb [bj`bXGBLBk
KZ`bgZ F : Qb[jbdh\ = = Hkgh\u wdhghfbq_kdhc l_hjbb Mq_[ ihkh[b_ Ih^
j_^I<KZ\q_gdhFWdhghfbdZL_oeblk
Kfbl:Bkke_^h\Zgb_h ijbjh^_b ijbqbgZo[h]Zlkl\ZgZjh^h\FKhpwd]ba
k
K_eb]f_g;Hkgh\gu_l_q_gbykh\j_f_gghcwdhghfbq_kdhcfukebI_jk Zg]eF
Ijh]j_kkk
Kh\j_f_ggZywdhghfbdZH[s_^hklmigucmq_[gucdmjkGZmqj_^HXFZf_^h\
Jhklh\gZ>hgmk
L_hj_lbq_kdZy wdhghfbdZ Iheblwdhghfby Mq_[gbd ^ey \mah\ Ih^ j_^ = I
@mjZ\e_\hcGGFbevqZdh\hcF;Zgdbb [bj`bXGBLBk
DZfZ_\ < > K_f_gh\ < N Khjhdbg > ? Mq_[gbd ih hkgh\Zf wdhghfbq_kdhc
l_hjbbWdhghfbdZF<E:>HKk
Nbr_j K >hjg[mr J RfZe_gab J WdhghfbdZ I_j k Zg]e F >_eh EL> k
Oh\Zj^ D @mjZ\e_\Z = WjfZr\beb G Wdhghfbq_kdZy l_hjbyL_hjbyk\h[h^gh]h
jugdZMq_[gbd^ey\mah\F;Zgdbb [bj`bk
Rbrdbg:NWdhghfbq_kdZyl_hjbyMq_[ihkh[b_^ey\mah\< dg_ ba^F
<eZ^hkdgk
WdhghfbdZMq_[gbdIh^j_^:B:jobih\ZFIjhki_dlk
WdhghfbdZ b [bag_k Ih^j_^<>DZfZ_\ZFBa^\hF=LMbfGW;ZmfZgZ
k
WdhghfbdZMq_[gbdIh^j_^:K;meZlh\ZFBa^\h;WDk
Wdhghfbq_kdZyl_hjbyMq_[gbd^ey\mah\Ih^j_^<>DZfZ_\Z_ ba^i_j_jZ[
b ^hiF<eZ^hkk
Wdhghfbq_kdZyl_hjbyMq_[gbd^ey\mah\Ih^j_^GB;Zaue_\ZKILmjdh_
ba^i_j_jZ[b ^hiFbgkd;=WMk
Wdhghfbq_kdZy wgpbdehi_^by Bgklblml wdhghfbdb J:G =e j_^ E B :[Zedbg
FH:H Ba^\hWdhghfbdZk
Mq_[gh_ba^Zgb_
F:DJHWDHGHFBD:
F_lh^bq_kdb_mdZaZgbyb l_fZlbdZdhgljhevguojZ[hl
KhklZ\bl_eb
=_jZkbfh\ ;hjbkB\Zgh\bqDbjbebgZ Xeby=jb]hjv_\gZ
J_^Zdlhj LFN_^q_gdh
Dhfivxl_jgh_fZd_lbjh\Zgb_ B<?\k__\hc
EJ‹ hl]Iej‹ hl]
Ih^ibkZghd i_qZlb =ZjgblmjZ 7LPHV(7NhjfZl ;mfZ]Zhnk_lgZyI_qZlvhnk_lgZy
H[t_fmkei_qemqba^e
LbjZ`wdaK Ba^Zl_evkdhiheb]jZnbq_kdbcp_gljL=LMLZf[h\Kh\_lkdZyd
Download