FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
;ehd PIM K
|
|
|
|
,Q |
6&;7 |
&3 )& K |
aZibkv gh\h]h agZq_gby&3 |
,Q |
« |
|
dhfZg^Z g_ bkihevamxsZy*35 |
,Q |
029 |
5 GDWD; |
aZibkv \ *35gh\uo ^Zgguo |
x Baf_g_gb_ agZq_gby mdZaZl_ey kljZgbpu ^Zgguo |
|
|
||||||
|
DhfZg^u \uqbkeyxsb_ nbabq_kdbc Z^j_k hi_jZg^h\ |
k ihfhsvx |
||||||
'33Qj_]bkljh\ Q |
« g_ fh]ml bkihevah\Zlv gh\h_ agZq_gb_ '33Q |
|||||||
j_]bkljZ baf_g_ggh_ \ g_ihkj_^kl\_ggh ij_^r_kl\mxs_c dhfZg^_ Ihwlhfm |
||||||||
^ey m\_j_gghklb |
\ bkihevah\Zgbb gh\h]h |
agZq_gby |
'33Qj_]bkljZ |
|||||
g_h[oh^bfh \klZ\blv dZd fbgbfmf h^gm dhfZg^m f_`^m dhfZg^hc aZibkb |
||||||||
gh\h]h agZq_gby '33Qj_]bkljZ |
b |
ke_^mxs_c dhfZg^hc |
bkihevamxsmx |
|||||
j_`bf ijyfhc beb dhk\_gghc |
Z^j_kZpbb dZd ihdZaZgh |
\ |
ke_^mxs_f |
|||||
ijbf_j_ |
|
|
|
|
|
|
|
|
,Q |
029 |
'33 |
|
\u[hj kljZgbpu ^Zgguo |
||||
|
|
|
|
|
k ihfhsvx'33 |
|
|
|
,Q |
« |
|
|
|
dhfZg^Z g_ bkihevamxsZy'33 |
|||
,Q |
029 |
'33 + 5 |
|
i_j_f_s_gb_ kh^_j`bfh]h5 |
||||
|
|
|
|
|
ih Z^j_kmC+ |
\ kljZgbp_ |
||
|
|
|
|
|
k_]f_glZpby \dexq_gZ |
|
||
x |
Baf_g_gb_ agZq_gby mdZaZl_ey kl_dZ |
|
|
|
||||
|
Gb h^gZ ba dhfZg^ 5(7 5(7, 5(76 5(73 beb 323 g_ fh`_l |
|||||||
dhjj_dlgh |
bkihevah\Zlv gh\h_ |
agZq_gb_ |
63j_]bkljZ |
baf_g_ggh_ |
||||
g_ihkj_^kl\_ggh i_j_^ \uiheg_gb_f wlhc dhfZg^u LZdbf h[jZahf ^ey |
||||||||
^hklmiZ d kl_dm ih gh\hfm agZq_gby 63j_]bkljZ g_h[oh^bfh \klZ\blv dZd |
||||||||
fbgbfmf h^gm dhfZg^m f_`^m dhfZg^hc aZibkb \ 63j_]bklj b h^ghc ba |
||||||||
bkihevamxsbo 63j_]bklj \ur_mihfygmluo dhfZg^ dZd ihdZaZgh gZ |
||||||||
ke_^mxs_f ijbf_j_ |
|
|
|
|
|
|||
,Q |
029 |
63 )$K |
\u[hj gh\hc \_jrbgu kl_dZ |
|
||||
,Q |
« |
|
|
dhfZg^Z g_ bkihevamxsZy |
|
|||
|
|
|
|
\ha\jZl hi_jZg^h\ ba kbkl_fgh]h kl_dZ |
||||
,Q |
323 5 |
|
\ha\jZl agZq_gby keh\Z ba \_jrbgu |
|||||
|
|
|
|
gh\h]h kl_dZ \ 5 |
|
|
||
x |
Ihke_^h\Zl_evghklv ^_ckl\bc ijb ^hklmi_ d \g_rg_c iZfylb |
|||||||
|
DhfZg^u gZoh^ysb_ky gZ jZaebqguo klZ^byo dhg\_c_jZ fh]ml |
|||||||
h^gh\j_f_ggh \u^Z\Zlv aZijhku gZ dhgljhee_j \g_rg_c rbgu (%& |
||||||||
Ihke_^h\Zl_evghklv dhfZg^ \uihegy_fuo PIM fh`_l hlebqZlvky hl |
||||||||
ihke_^h\Zl_evghklb ^hklmiZ d |
\g_rg_c iZfylb kh\_jrZ_fh]h (%& |
|||||||
JZaebqgu_ |
hi_jZpbb ^hklmiZ |
d |
\g_rg_c |
iZfylb bf_xl |
jZaebqgu_ |
|||
ijbhjbl_lu |
|
|
|
|
|
|
|
|
FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
;ehd PIM K
|
|
|
|
||
Ql_gb_ ^Zgguo |
|
|
|
||
|
<u[hjdZ dh^Z |
|
|
|
|
|
AZibkv ^Zgguo |
|
|
|
|
x MijZ\e_gb_ ij_ju\Zgbyfb |
|
|
|||
Ijh]jZffgu_ baf_g_gby |
36: dZd ijyfu_ lZd b g_y\gh |
||||
\ujZ`_ggu_ ijhba\h^ylky \ klZ^bb \uiheg_gby khhl\_lkl\mxsbo dhfZg^ |
|||||
Ijb \g_k_gbb baf_g_gbc \ mjh\gb ijbhjbl_lh\ gh\u_ mjh\gb ijbhjbl_lh\ |
|||||
[m^ml bkihevah\Zlvky lhevdh ihke_ hdhgqZgby ke_^mxs_c dhfZg^u Bgufb |
|||||
keh\Zfb ihke_ dhfZg^u hldexqZxs_c ij_ju\Zgby k ihfhsvx ,(1 beb |
|||||
,/9/ \ l_q_gbb ke_^mxs_]h lZdlZ fh`_l [ulv ihemq_g hl\_l gZ aZijhk gZ |
|||||
ij_ju\Zgb_ LZdbf h[jZahf |
djblbqgmx dh \j_f_gb bkiheg_gby |
||||
ihke_^h\Zl_evghklv dhfZg^ g_ ke_^m_l gZqbgZlv ihke_ dhfZg^u |
|||||
hldexqZxs_c ij_ju\Zgby dZd ihdZaZgh gZ ke_^mxs_f ijbf_j_ |
|||||
,17B2)) |
|
%&/5 |
,(1 |
ihegh_ aZij_s_gb_ ij_ju\Zgbc |
|
|
|
,1 |
|
g_ djblbqgZy dhfZg^Z dh \j_f_gb |
|
&5,7B 67 ,1 |
|
|
gZqZeh g_ij_ju\Z_fhc djblbqghc |
||
|
|
|
|
dh \j_f_gb bkiheg_gby aZ\bkbfhklb |
|
|
|
« |
|
|
|
&5,7B/$67 |
,1 ; |
|
dhg_p aZ\bkbfhklb |
||
,17B21 |
|
%6(7 |
,(1 |
h[s__ jZaj_r_gb_ ij_ju\Zgbc |
|
Ijbf_qZgb_ Hibku\Z_fZy aZ^_j`dZ \ h^bg lZdl lZd`_ bf__l f_klh |
|||||
\ kemqZ_ jZaj_r_gby ij_ju\Zgbc l _ g_ ijbagZ_lky aZijhk gZ ij_ju\Zgb_ ^h |
|||||
\uiheg_gby ke_^mxs_c dhfZg^u |
|
|
|||
x BgbpbZebaZpby \u\h^h\ ihjlh\ |
||
Baf_g_gb_ gZijZ\e_gby \u\h^h\ ihjlh\ \\h^ beb \u\h^ \klmiZ_l \ |
||
kbem lhevdh ihke_ dhfZg^u ke_^mxs_c aZ dhfZg^hc baf_g_gby |
||
gZijZ\e_gby LZd dZd [blh\u_ dhfZg^u %6(7 %&/5 bkihevamxl |
||
aZ\bkbfhklv ql_gb_ baf_g_gb_ aZibkv ^hklmigmx ^ey \k_]h ihjlZ lh |
||
dhfZg^Z ke_^mxsZy aZ dhfZg^hc baf_g_gby gZijZ\e_gby ihjlZ g_ ^he`gZ |
||
bf_lv ^hklmiZ d wlhfm ihjlm |
|
|
G_ ijZ\bevgh |
|
|
%6(7 |
'3 |
Hij_^_e_gb_3gZ \u\h^ |
%6(7 |
3 |
3\k_ _s_ hij_^_e_g gZ \oh^ |
|
|
F_oZgbaf ql_gb_ baf_g_gb_ aZibkv |
|
|
qblZ_l3 |
IjZ\bevgh%6(7 |
'3 |
Hij_^_e_gb_3gZ \u\h^ |
123 |
|
Ex[Zy dhfZg^Z g_ bkihevamxsZy3RUW |
%6(7 |
3 |
3m`_ hij_^_e_g gZ \oh^ |
|
|
F_oZgbaf ql_gb_ baf_g_gb_ aZibkv |
|
|
qblZ_l agZq_gb_3 |
FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
;ehd PIM K
x Baf_g_gb_ dhgnb]mjZpbb kbkl_fu
DhfZg^Z ke_^mxsZy aZ dhfZg^hc baf_gyxs_c dhgnb]mjZpbx kbkl_fu iml_f i_j_aZibkb kh^_j`bfh]h j_]bkljZ 6<6&21 l _ jZkiheh`_gb_ \gmlj_gg_c 520 k_]f_glZpby jZaf_j kl_dZ g_ fh`_l bkihevah\Zlv gh\mx dhgnb]mjZpbx < wlhf kemqZ_ g_h[oh^bfh \klZ\blv dhfZg^m g_ bf_xsmx ^hklmiZ d gh\uf j_kmjkZf >hklmi d ijh]jZffghfm dh^m \ gh\hc h[eZklb 520 [m^_l \hafh`_g lhevdh ihke_ dhfZg^u [_amkeh\gh]h i_j_oh^Z d wlhc h[eZklb
Ijbf_qZgb_ DZd ijZ\beh dhfZg^u baf_gyxsb_ jZkiheh`_gb_ 520^he`gu bkihegylvky ba \gmlj_gg_c5$0beb \g_rg_c iZfylb
x %86&21 $''56(/
DhfZg^Z ke_^mxsZy aZ dhfZg^hc baf_gyxs_c k\hckl\Z \g_rg_c Z^j_kghc h[eZklb g_ fh`_l bkihevah\Zlv hi_jZg^u ba gh\hc h[eZklb < wlhf kemqZ_ g_h[oh^bfh \klZ\blv dhfZg^m g_ bkihevamxsmx ^hklmiZ d wlbf Z^j_kZf >hklmi d dh^m \ h[eZklb gh\uo Z^j_kh\ [m^_l ihemq_g lhevdh ihke_ dhfZg^u [_amkeh\gh]h i_j_oh^Z \ wlm h[eZklv
Ijbf_qZgb_ DZd ijZ\beh dhfZg^u \uihegyxsb_ baf_g_gb_ k\hckl\ \g_rg_c rbgu g_ jZkiheZ]Zxlky \ baf_gy_fhc h[eZklb \g_rg_c iZfylb
x <j_f_ggu_ aZ\bkbfhklb
Dhg\_c_jgZy h[jZ[hldZ dhfZg^ mf_gvrZ_l kj_^g__ \j_fy \uiheg_gby dhfZg^ \ [hevrbgkl\_ kemqZ_\ \f_klh q_luj_o lZdlh\ bkihevam_lky h^bg
H^gZdh \ j_^dbo kemqZyo ijb \hagbdgh\_gbb hkh[uo kblmZpbb \ dhg\_c_j_ \j_fy \uiheg_gby dhfZg^u m\_ebqb\Z_lky eb[h gZ iheh\bgm eb[h gZ p_euc fZrbgguc lZdl Ohly ^hihegbl_evgh aZljZq_ggh_ \j_fy ij_^klZ\ey_l kh[hc lhevdh fZemx ^hex hl \j_f_gb bkiheg_gby \k_c ijh]jZffu \ g_dhlhjuo kemqZyo g_h[oh^bfh ba[_]Zlv aZ^_j`_d ijb bkiheg_gbb djblbqguo dh \j_f_gb fh^me_c ijh]jZffu
Ke_^mxsbc jZa^_e ihk\ys_g hibkZgbx g_dhlhjuo kihkh[h\ hilbfbaZpbb qZkl_c ijh]jZff djblbqguo dh \j_f_gb bkiheg_gby ^ey dhg\_c_jghc h[jZ[hldb
FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
;ehd PIM K
;blh\h_ mijZ\e_gb_ b [blh\Zy aZsblZ
K bf__l g_kdhevdh f_oZgbafh\ ^ey [blh\h]h mijZ\e_gby Wlb f_oZgbafu eb[h fZgbimebjmxl k [blZfb j_]bkljh\ mijZ\e_gby mijZ\eyy \gmlj_gg_c i_jbn_jb_c eb[h mijZ\eyxl nmgdpbyfb \\h^Z \u\h^Z k ihfhsvx \u\h^h\ ihjlh\
DhfZg^u %6(7 %&/5 %$1' %25 %;25 %029 %0291 mklZgZ\eb\Zxl beb hqbsZxl agZq_gby g_h[oh^bfuo [blh\ DhfZg^u%)/'/ b %)/'+iha\heyxl h^gh\j_f_ggh baf_gylv ^h [blh\ [ZclZ DhfZg^u -%& b -1%Z lZd`_ dhfZg^u mkeh\gh]h i_j_oh^Z hp_gb\Zxl agZq_gby [blh\ ^ey hij_^_e_gby \hafh`ghklb kh\_jr_gby i_j_oh^Z
Ijbf_qZgb_ ;blh\u_ hi_jZpbb kh\_jrZ_fu_ k g_hij_^_e_ggufb h[eZklyfb iZfylb \k_]^Z kqblu\Zxl gme_\h_ agZq_gb_ [blZ ijb wlhf hi_jZpby aZibkb g_ ^Z_l gbdZdh]h wnn_dlZ \ ^Zgghc [blh\hc h[eZklb
<k_ kh\_jrZxsb_ hi_jZpbb k [blZfb beb ]jmiiZfb [blh\ dhfZg^u bkihevamxl \gmlj_ggbc f_oZgbaf ql_gb_ baf_g_gb_ aZibkv dhlhjuc h[_ki_qb\Z_l ^hklmi dh \k_fm keh\m dhlhjh_ kh^_j`bl g_h[oh^bfuc [bl u
Wlhl f_lh^ bf__l g_kdhevdh hkh[_gghkl_c
x Fh]ml [ulv baf_g_gu lhevdh jZkiheh`_ggu_ \h \gmlj_gg_c h[eZklb Z^j_kh\ [blu l _ \gmlj_ggyy 5$0 b 6)5j_]bklju <g_rgb_ Z^j_kZ g_ fh]ml bkihevah\Zlvky ^ey [blh\uo dhfZg^
Ih[blgh Z^j_km_fu lhevdh \_jogb_ [Zcl 6)5j_]bkljh\ h[eZklv (6)5j_]bkljh\ b \gmlj_ggyy5$0 kf jZa^_e©Hj]ZgbaZpby iZfylbª>ey ^jm]bo6)5j_]bkljh\ g_h[oh^bfh ijbf_gylv dhfZg^u ^ey jZ[hlu k [ZclZfb b keh\Zfb
Ijbf_qZgb_ <k_*35j_]bklju g_aZ\bkbfh hl jZkiheh`_gby [ZgdZ j_]bkljh\ ih[blgh Z^j_km_fu k ihfhsvx &RQWH[W 3RLQWHU &3 >Z`_ l_ *35j_]bklju dhlhju_ jZkiheh`_gu \g_ h[eZklb ih[blgh Z^j_km_fhc iZfylb bf_xl \hafh`ghklv ih[blghc Z^j_kZpbb
x F_oZgbaf ql_gb_ baf_g_gb_ aZibkv fh`_l [ulv hiZkguf ijb h[jZs_gbb d [blZf ihdZau\Zxsbf ZiiZjZlgh_ khklhygb_ kbkl_fu < wlhf kemqZ_ fbdjhdhgljhee_j fh`_l ZiiZjZlgh baf_gblv g_h[oh^bfuc [bl \h \j_fy kh\_jr_gby hi_jZpbb ql_gb_ baf_g_gb_ aZibkv Ijb wlhf \h \j_fy h[jZlghc aZibkb \hafh`gZ i_j_aZibkv gh\h]h agZq_gby [blZ k]_g_jbjh\Zggh]h fbdjhdhgljhee_jhf >ey j_r_gby wlhc ijh[e_fu eb[h h[_ki_qb\Z_lky \gmlj_ggyy aZsblZ kf gb`_ eb[h bkihevam_lky ki_pbZevgh_ ijh]jZffbjh\Zgb_ kf©Hkh[u_ wnn_dlu dhg\_c_jZª
AZsbs_ggu_ [blu g_ baf_gyxl k\h_]h agZq_gby \h \j_fy \uiheg_gby ihke_^h\Zl_evghklb ql_gb_ baf_g_gb_ aZibkv :iiZjZlgZy eh]bdZ aZsblu ]ZjZglbjm_l qlh hi_jZpby h[jZlghc aZibkb [m^_l bf_lv wnn_dl lhevdh kh agZqZsbfb [blZfb
FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
;ehd PIM K
Ijbf_qZgb_ < kemqZ_ ihiuldb ZiiZjZlgh]h ^hklmiZ h^gh\j_f_ggh k ijh]jZffguf baf_g_gb_f agZq_gby [blZ [he__ \ukhdbc ijbhjbl_l bf__l ijh]jZffguc ^hklmi d wlhfm [blm
<k_ aZsbs_ggu_ [blu \dexq_ggu_ \ K ijb\_^_gu \ dhgp_ ]eZ\u ©H[ahj Zjobl_dlmju fbdjhdhgljhee_jZª
<j_fy \uiheg_gby dhfZg^ ,QVWUXFWLRQ 6WDWH 7LPH
<j_fy \uiheg_gby dhfZg^ aZ\bkbl hl f_klhjZkiheh`_gby bkoh^gh]h dh^Z f_klhjZkiheh`_gby kqblu\Z_fuo hi_jZg^h\ b f_klhjZkiheh`_gby j_amevlZlh\ hi_jZpbb KZfuc [ukljuc j_`bf jZ[hlu K h[_ki_qb\Z_lky ijb bkihevah\Zgbb ijh]jZffgh]h dh^Z jZkiheh`_ggh]h \h \gmlj_gg_c 520 < wlhf kemqZ_ [hevrbgkl\h dhfZg^ fh`_l h[jZ[Zlu\Zlvky aZ h^bg fZrbgguc lZdl ijb wlhf ^hklb]Z_lky fbgbfZevgh \hafh`gh_ \j_fy \uiheg_gby dhfZg^
<k_ ihiuldb ^hklmiZ d \g_rgbf j_kmjkZf hkms_kl\eyxlky k ihfhsvx dhgljhee_jZ \g_rg_c rbgu (%& jZ[hlZxs_]h iZjZee_evgh k
PIM >_lZevgh_ hibkZgb_ \j_f_gb \uiheg_gby jZaebqguo dhfZg^ fh`gh gZclb \ ©HibkZgbb gZ[hjZ dhfZg^ k_f_ckl\Z fbdjhdhgljhee_jh\ K[ª
6)5 j_]bklju
Y^jh PIM gm`^Z_lky \ gZ[hj_ 6)5j_]bkljh\ ^ey ojZg_gby bgnhjfZpbb h khklhygbb kbkl_fu ^ey ojZg_gby g_h[oh^bfuo :EM dhgklZgl ^ey Z^j_kZpbb j_]bkljh\ ^ey mijZ\e_gby kbkl_fhc b dhgnb]mjZpb_c rbgu Z lZd`_ ^ey hi_jZpbc mfgh`_gby b ^_e_gby \ :EM k_]f_glZpbb iZfylb dh^Z jZa[blby iZfylb ^Zgguo gZ kljZgbpu b ^hklmiZ d j_]bkljZf hkgh\gh]h gZagZq_gby b kbkl_fghfm kl_dZ
F_oZgbaf ^hklmiZ d wlbf 6)5j_]bkljZf \ y^j_ PIM b^_glbq_g f_oZgbafm ^hklmiZ ^ey ^jm]bo 6)5j_]bkljh\ LZd dZd \k_ 6)5j_]bklju fh]ml mijZ\eylvky ihkj_^kl\hf ex[uo dhfZg^ ^_ckl\bl_evguo ^ey Z^j_kgh]h ijhkljZgkl\Z 6)5j_]bkljh\ lh hliZ^Z_l g_h[oh^bfhklv \ kha^Zgbb gZ[hjZ ki_pbZevguo kbkl_fguo dhfZg^
H^gZdh aZf_lbf qlh d g_dhlhjuf 6)5j_]bkljZf y^jZ PIM h]jZgbq_g ^hklmi qlh g_h[oh^bfh ^ey h[_ki_q_gby \uiheg_gby hi_jZpbc ijhp_kkhjhf Gb ijb dZdhf mkeh\bb g_evay hkms_kl\blv ^hklmi d mdZaZl_ex dhfZg^ ,3 b mdZaZl_ex k_]f_glZ dh^Z &63 Bo agZq_gby fh]ml [ulv lhevdh dhk\_ggh baf_g_gu ihkj_^kl\hf dhfZg^ i_j_oh^Z
36: 63 b 0'6j_]bklj fh]ml [ulv baf_g_gu g_ lhevdh k ihfhsvx ijyfuo dhfZg^ gh b ihkj_^kl\hf \uiheg_gby ki_pbZevguo dhfZg^ PIM
Ijbf_qZgb_ Ex[u_ hi_jZpbb aZibkb h^gh]h [ZclZ \ 6)5j_]bklj hqbsZxl agZq_gb_ k\yaZggh]h k gbf ^jm]h]h [ZclZ keh\Z6)5j_]bkljZ