US - Java Programiranje
January 6, 2017 | Author: Mirjana Karanovic-Samardzija | Category: N/A
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UNIVERZITET SINGIDUNUM
Dejan Živković
JAVA PR O G R A M IR A N JE
Drugo izdanje
Beograd, 2013.
JAVA PROGRAMIRANJE Autor: dr Dejan Živković Recenzent: dr Dragan Cvetković dr Slavko Pešić Izdavač: UNIVERZITET SINGIDUNUM Beograd, Danijelova 32 www.singidunum.ac.rs Za izdavača: dr Milovan Stanišić Tehnička obrada: Dejan Živković Dizajn korica: Aleksandar Mihajlović Godina izdanja: 2013. Tiraž: 300 primeraka Štampa: Mladost Grup Loznica ISBN: 9788679124678
Copyright: © 2013. Univerzitet Singidunum Izdavač zadržava sva prava. Reprodukcija pojedinih delova ili celine ove publikacije nije dozvoljeno.
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6 PWPN QSJNFSV KF VWDWLF KFEJOJ NPEJđLBUPS UJQ WSBʂFOF WSFEOP TUJ KF ERROHDQ JNF NFUPEB KF PDQMH2G MJTUB QBSBNFUBSB TBESßJ EWB QBSBNFUSB [ J \ UJQB IORDW %SVHJ NFUPE QDFUWDM'6OLNX V QSFUIPEOJN QSJNFSJNB KF PCKFLUOJ OFTUBUJʃLJ NFUPE KFS OKFHPWP [BHMBWMKF OF TBESßJ TMVßCFOV SFʃ VWDWLF (F OFSBMOP NFUPE TF QPESB[VNFWB EB KF PCKFLUOJ VLPMJLP OJKF TUBUJʃLJ ØUP TF PESFʇVKF NPEJđLBUPSPN VWDWLF .PEJđLBUPS SXEOLF LPKJ KF LPSJØʂFO V QSWPN QSJNFSV P[OBʃBWB EB KF RGLJUDM3RWH] tKBWOJu NFUPE PEOPTOP EB TF NPßF QP[JWBUJ J J[WBO LMBTF V LPKPK KF EFđOJTBO ʃBL J V OFLPN ESVHPN QSPHSBNV 4SPEOJ NPEJđLBUPS KF SULYDWH LPKJN TF P[OBʃBWB EB KF NFUPE
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6 PWPN NFUPEV PCSBUJUF QBßOKV OB UP EB TF [BEBUBL J[SBʃVOBWBOKB ܆UPH CSPKB 'JCPOBʃJKFWPH OJ[B TWPEJ OB EWB TMJʃOB QSPTUJKB [BEBULB PEOPTOP J[SB ʃVOBWBOKF ˜ ܆PH J ˜ ܆PH CSPKB 'JCPOBʃJKFWPH OJ[B ;BUP TF QPNPʂV EWB SFLVS[JWOB QP[JWB ILE Q J ILE Q J[SBʃVOBWBKV WSFEOPTUJ ˜ ܆ PH J ˜ ܆PH CSPKB 'JCPOBʃJKFWPH OJ[B J OKJIPW [CJS TF LBP SF[VMUBU WSBʂB [B ܆UJ CSPK 'JCPOBʃJKFWPH OJ[B
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6WPE V LMBTF 1PTMF QSPNFOMKJWJI PQFSBUPSB J[SB[B OBSFECJ J NFUPEB TMFEFʂJ WJØJ OJ WP QSPHSBNTLF LPOTUSVLDJKF V +BWJ TV LMBTF ,MBTB TMVßJ [B PQJT PCKFLBUB TB [BKFEOJʃLJN TWPKTUWJNB LPKJ TF LPSJTUF V QSPHSBNV SBEJ SFBMJ[PWBOKB GVOL DJKF QSPHSBNB 0 PWPK HMBWOPK VMP[J LMBTB OB LPKPK TF [BTOJWB PCKFLUOP PSJ KFOUJTBOP QSPHSBNJSBOKF PQØJSOP TF HPWPSJ V OBSFEOPN QPHMBWMKV 1SF UPHB NFʇVUJN QPUSFCOP KF VQP[OBUJ TF TB OFLJN PTOPWOJN QPKNPWJNB P LMBTB NB LBLP CJ TF NPHMJ SB[VNFUJ KPØ OFLJ EFUBMKJ LPKJ JNBKV WF[F TB QSPTUJKJN QSPHSBNTLJN FMFNFOUJNB P LPKJNB TNP HPWPSJMJ V QSFUIPEOPN EFMV PWPH QPHMBWMKB %FđOJDJKF NFUPEB OBMB[F TF VOVUBS LMBTB "MJ KFEOB LMBTB NPßF QPSFE EFđOJDJKB NFUPEB PCVIWBUBUJ J EFLMBSBDJKF QSPNFOMKJWJI 0WF QSPNFOMKJWF EB CJ TF CPMKF SB[MJLPWBMF PE PCJʃOJI QSPNFOMKJWJI LPKF TF EFLMBSJØV V NFUP EJNB OB[JWBKV TF J QPMKB ,MBTB KF EBLMF KFEOB JNFOPWBOB QSPHSBNTLB KFEJ OJDB V LPKPK TF OBMB[F QPMKB [B ʃVWBOKF QPEBUBLB J NFUPEJ [B NBOJQVMJTBOKF UJN QPEBDJNB ,BLP LMBTB PQJTVKF PCKFLUF LPKJ KPK QSJQBEBKV EFđOJDJKPN OFLF LMBTF TF [BQSBWP PESFʇVKV QPMKB J NFUPEJ LPKF QPTFEVKV TWJ PCKFLUJ UF LMBTF 6 OBKQSPTUJKFN TMVʃBKV EFđOJDJKB LMBTF JNB TMFEFʂJ PCMJL FODVV LPHNODVH ^ WHORNODVH `
%SVHJN SFʃJNB J[B TMVßCFOF SFʃJ FODVV OBWPEJ TF JNF LMBTF B [BUJN TF V WJUJʃBTUJNB [BHSBEBNB V UFMV LMBTF OBWPEF EFđOJDJKF QPMKB J NFUPEB /B QSJNFS EFđOJDJKB LMBTF LPKPN TF PQJTVKV PCKFLUJ LPKJ QSFETUBWMKBKV [HSBEF NPßF JNBUJ PWBK J[HMFE FODVV =JUDGD ^ LQW EURM6SUDWRYD 6WULQJ ERMD
6WPE V LMBTF
6WULQJ DGUHVD SXEOLF YRLG RNUHÏL ^ ` SXEOLF YRLG GR]LGDM ^ ` `
,MBTB =JUDGD TBESßJ EBLMF USJ QPMKB EURM6SUDWRYD ERMD J DGUHVD LBP J EWB NFUPEB RNUHÏL J GR]LGDM (FOFSBMOP KFEOB LMBTB EFđOJØV ØBCMPO LBLP J[HMFEBKV QPKFEJOJ PCKFLUJ LPKJ QSJQBEBKV UPK LMBTJ /B QSJNFS J[HMFE TWBLPH PCKFLUB LMBTF =JUDGD KF QSJLB[BO OB TMJDJ EURM6SUDWRYD ERMD DGUHVD RNUHÏL GR]LGDM
4MJLB +FEBO PCKFLBU LMBTF =JUDGD 1PMKB J NFUPEJ V LMBTJ TF KFEOJN JNFOPN OB[JWBKV ʬMBOPWJ LMBTF 1PMKB TF V LMBTJ EFđOJØV J[WBO TWJI NFUPEB QB QPTNBUSBOP J[ QFSTQFLUJWF NFUPEB V LMBTJ QPMKB TV HMPCBMOF QSPNFOMKJWF [B TWF NFUPEF LMBTF 4 ESVHF TUSBOF QSP NFOMKJWF LPKF TV EFLMBSJTBOF VOVUBS OFLPH NFUPEB TV MPLBMOF QSPNFOMKJWF [B UBK NFUPE .PßF TF HPWPSJUJ J P MPLBMOJN QSPNFOMKJWJNB [B CMPL VLPMJ LP TV QSPNFOMKJWF EFLMBSJTBOF VOVUBS CMPLB J[NFʇV WJUJʃBTUJI [BHSBEB
*TUP LBP NFUPEJ QPMKB NPHV CJUJ TUBUJʃLB LMBTOB JMJ OFTUBUJʃLB PCKFLU OB 4UBUJʃLP QPMKF QSJQBEB DFMPK LMBTJ PEOPTOP KFEOP KFEJOP TUBUJʃLP QPMKF EFMF TWJ PCKFLUJ LMBTF 4UBUJʃLP QPMKF TF EFđOJØF QJTBOKFN TMVßCFOF SFʃJ VWD WLF JTQSFE JNFOB QPMKB 6LPMJLP TF JTQSFE JNFOB QPMKB OF OBMB[J NPEJđLBUPS VWDWLF UBLWP QPMKF TF QPESB[VNFWB EB KF PCKFLUOP 0CKFLUOB QPMKB QSJQB EBKV QPKFEJOBʃOJN PCKFLUJNB LMBTF PEOPTOP TWBLJ PCKFLBU LMBTF JNB TWPKV LPQJKV PCKFLUOPH QPMKB /B QSJNFS TWB QPMKB V LMBTJ =JUDGD TV PCKFLUOB QPMKB "LP TF V QSPHSB NV LPOTUSVJØV SFDJNP USJ PCKFLUB UF LMBTF TWBLJ LPOTUSVJTBOJ PCKFLBU JNB
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TWPKF QSJNFSLF PCKFLUOJI QPMKB J NFUPEB LPKJ TF OBMB[F V LMBTJ =JUDGD 0WB ʃJOKFOJDB JMVTUSPWBOB KF OB TMJDJ 0CKFLBU EURM6SUDWRYD
0CKFLBU
EURM6SUDWRYD
ERMD iCFMBu DGUHVD
ERMD
EURM6SUDWRYD
iTJWBu
DGUHVD
iwu
0CKFLBU
iwu
ERMD
iMJMBu
DGUHVD
iwu
RNUHÏL
RNUHÏL
RNUHÏL
GR]LGDM
GR]LGDM
GR]LGDM
4MJLB 5SJ PCKFLUB LMBTF =JUDGD 6 PQØUFN TMVʃBKV EFLMBSBDJKB QPMKB JNB JTUJ PCMJL LBP EFLMBSBDJKB PCJʃOF QSPNFOMKJWF V[ EWF SB[MJLF %FLMBSBDJKB QPMKB TF NPSB OBMB[JUJ J[WBO TWJI NFUPEB BMJ OBSBWOP J EBMKF VOVUBS OFLF LMBTF *TQSFE UJQB J JNFOB QPMKB TF NPHV OBMB[JUJ NPEJđLBUPSJ VWDWLF SX EOLF JMJ SULYDWH LPKJ CMJßF PESFʇVKV WSTUV QPMKB /FLJ QSJNFSJ EFLMBSBDJKB QPMKB TV VWDWLF 6WULQJ LPH.RULVQLND SXEOLF LQW EURM,JUDÏD SULYDWH VWDWLF GRXEOH EU]LQD YUHPH
.PEJđLBUPSPN VWDWLF TF QPMKF PESFʇVKF EB CVEF TUBUJʃLP BLP TF PWBK NPEJđLBUPS OF OBWFEF QPESB[VNFWB TF EB KF QPMKF PCKFLUOP .PEJđLB UPSJ QSJTUVQB SXEOLF J SULYDWH PESFʇVKV HEF TF QPMKF NPßF LPSJTUJUJ 1PMKF TB NPEJđLBUPSPN SULYDWH tQSJWBUOP QPMKFu NPßF TF LPSJTUJUJ TBNP VOV UBS LMBTF V LPKPK KF EFLMBSJTBOP ;B QPMKF TB NPEJđLBUPSPN SXEOLF tKBWOP QPMKFu OFNB OJLBLWJI PHSBOJʃFOKB V QPHMFEV OKFHPWPH QSJTUVQB PEOPTOP POP TF NPßF LPSJTUJUJ V CJMP LPKPK LMBTJ 4MJʃOP LBP LPE NFUPEB BLP TF KBWOP QPMKF LPSJTUJ V ESVHPK LMBTJ PE POF V LPKPK KF EFLMBSJTBOP POEB TF NPSB LPSJTUJUJ UBʃLBOPUBDJKB 1SJ UPNF BLP KF
6WPE V LMBTF
QPMKF TUBUJʃLP UBK [BQJT JNB PCMJL LPHNODVHLPHSROMD EPL TF [B PCKFLUOB QPMKB NPSB QJTBUJ LPHREMHNWDLPHSROMD 0WEF KF LPHNODVH POB LMBTB V LPKPK KF KBWOP TUBUJʃLP QPMKF EFLMBSJTBOP B LPHREMHNWD KF OFLJ LPOTUSVJTBOJ PCKFLBU LMBTF V LPKPK KF PCKFLUOP QPMKF EFLMBSJTBOP
%VßJOB USBKBOKB QSPNFOMKJWJI 4WBLB QSPNFOMKJWB JNB TWPK tßJWPUOJ WFLu V NFNPSJKJ UPLPN J[WSØBWBOKB QSPHSBNB 1PTUPKBOKF OFLF QSPNFOMKJWF V QSPHSBNV QPʃJOKF PE USFOVULB J[WSØBWBOKB OBSFECF EFLMBSBDJKF QSPNFOMKJWF 5JNF TF SF[FSWJØF NFNPSJKTLJ QSPTUPS PEHPWBSBKVʂF WFMJʃJOF [B TNFØUBOKF WSFEOPTUJ QSPNFOMKJWF 0WBK QP TUVQBL TF OB[JWB BMPDJSBOKF QSPNFOMKJWF 1PTUPKBOKF QSPNFOMKJWF V QSPHSBNV TF [BWSØBWB LBEB TF PTMPCPEJ NFNP SJKTLJ QSPTUPS LPKJ KF SF[FSWJTBO [B QSPNFOMKJWV NPHVʂF EB CJ TF JTLPSJTUJP [B OFLF ESVHF QPUSFCF 0WBK QPTUVQBL TF OB[JWB EFBMPDJSBOKF QSPNFOMKJWF B NPNFOBU OKFHPWPH EFØBWBOKB UPLPN J[WSØBWBOKB QSPHSBNB [BWJTJ PE WSTUF QSPNFOMKJWF 6 UFMV OFLPH NFUPEB TF NPHV LPSJTUJUJ USJ WSTUF QSPNFOMKJWJI MPLBMOF QSPNFOMKJWF EFLMBSJTBOF VOVUBS NFUPEB QBSBNFUSJ NFUPEB J HMPCBM OF QSPNFOMKJWF EFLMBSJTBOF J[WBO NFUPEB BMJ V JTUPK LMBTJ LBP J NFUPE 0WF HMPCBMOF QSPNFOMKJWF TV OBSBWOP ESVHP JNF [B QPMKB LMBTF
-PLBMOF QSPNFOMKJWF TF EFBMPDJSBKV ʃJN TF J[WSØJ QPTMFEOKB OBSFECB NF UPEB V LPKFN TV EFLMBSJTBOF J OFQPTSFEOP QSF QPWSBULB OB NFTUP HEF KF UBK NFUPE QP[WBO 4UPHB MPLBMOF QSPNFOMKJWF QPTUPKF TBNP [B WSFNF J[WSØBWB OKB TWPH NFUPEB QB TF [BUP OJ OF NPHV LPSJTUJUJ OFHEF J[WBO TWPH NFUPEB KFS UBNP WJØF OF QPTUPKF -PLBMOF QSPNFOMKJWF EBLMF OFNBKV OJLBLWF WF[F TB PLSVßFOKFN NFUPEB PEOPTOP POF TV QPUQVOP EFP JOUFSOPH SBEB NFUPEB 1BSBNFUSJ NFUPEB TMVßF [B QSJIWBUBOKF VMB[OJI WSFEOPTUJ NFUPEB PE BS HVNFOBUB LBEB TF NFUPE QP[PWF ,BLP QBSBNFUSJ NFUPEB JNBKV LPODFQ UVBMOP JTUV VMPHV LBP MPLBMOF QSPNFOMKJWF [B QBSBNFUSF WBßJ TMJʃOP QSBWJMP LBP J [B MPLBMOF QSPNFOMKJWF QBSBNBUSJ NFUPEB TF BMPDJSBKV V NPNFOUV QP [JWB NFUPEB [B J[WSØBWBOKF J EFBMPDJSBKV V NPNFOUV [BWSØFULB J[WSØBWBOKB NFUPEB (MPCBMOB QSPNFOMKJWB NFUPEB LPKB KF EFLMBSJTBOF VOVUBS OFLF LMBTF QP TUPKJ HSVCP SFʃFOP PE NPNFOUB LBEB TF OKFOB LMBTB QSWJ QVU LPSJTUJ QB TWF EP LSBKB J[WSØBWBOKB DFMPH QSPHSBNB 5BʃOJ USFOVDJ BMPDJSBOKB J EFBMPDJSB
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OKB HMPCBMOJI QSPNFOMKJWJI OJTV UPMJLP CJUOJ OFHP KF WBßOP TBNP UP ØUP TV HMPCBMOF QSPNFOMKJWF V OFLPK LMBTJ OF[BWJTOF PE NFUPEB UF LMBTF J VWFL QP TUPKF EPL TF NFUPEJ UF LMBTF J[WSØBWBKV ;BUP HMPCBMOF QSPNFOMKJWF EFMF TWJ NFUPEJ V JTUPK LMBTJ 5P [OBʃJ EB QSPNFOF WSFEOPTUJ HMPCBMOF QSPNFOMKJWF V KFEOPN NFUPEV JNBKV QSPØJSFOJ FGFLBU OB ESVHF NFUPEF BLP TF V KFE OPN NFUPEV QSPNFOJ WSFEOPTU OFLPK HMPCBMOPK QSPNFOMKJWPK POEB TF V ESVHPN NFUPEV LPSJTUJ UB OPWB WSFEOPTU HMPCBMOF QSPNFOMKJWF VLPMJLP POB VʃFTUWVKF V SFDJNP OFLPN J[SB[V %SVHJN SFʃJNB HMPCBMOF QSPNFOMKJWF TV [BKFEOJʃLF [B TWF NFUPEF OFLF LMBTF [B SB[MJLV PE MPLBMOJI QSPNFOMKJWJI J QBSBNFUBSB LPKF QSJQBEBKV TBNP KFEOPN NFUPEV 5SFCB JTUBʂJ KPØ KFEBO EFUBMK V WF[J TB JOJDJKBMJ[BDJKPN QSPNFOMKJWJI QSJMJ LPN OKJIPWPH BMPDJSBOKB -PLBMOF QSPNFOMKJWF NFUPEB TF V +BWJ OF JOJDJKBMJ [VKV OJLBLWPN WSFEOPØʂV QSJMJLPN BMPDJSBOKB UJI QSPNFOMKJWJI OB TBNPN QPʃFULV J[WSØBWBOKB NFUPEB 4UPHB POF NPSBKV JNBUJ FLTQMJDJUOP EPEFMKFOV WSFEOPTU V NFUPEV QSF OFHP ØUP TF NPHV LPSJTUJUJ 1BSBNFUSJ NFUPEB TF QSJ MJLPN BMPDJSBOKB OB QPʃFULV J[WSØBWBOKB NFUPEB OBSBWOP JOJDJKBMJ[VKV WSFE OPTUJNB BSHVNFOBUB /B LSBKV HMPCBMOF QSPNFOMKJWF QPMKB TF BVUPNBUTLJ JOJDJKBMJ[VKV VOBQSFE EFđOJTBOJN WSFEOPTUJNB ;B OVNFSJʃLF QSPNFOMKJWF UB WSFEOPTU KF OVMB [B MPHJʃLF QSPNFOMKJWF UB WSFEOPTU KF IDOVH J [B [OB LPWOF QSPNFOMKJWF UB WSFEOPTU KF 6OJDPEF [OBL ?X ;B PCKFLUOF QSPNFOMKJWF UB JOJDJKBMOB WSFEOPTU KF TQFDJKBMOB WSFEOPTU QXOO
0CMBTU WBßFOKB JNFOB 1SPHSBNJSBOKF TF V TWPKPK TVØUJOJ TWPEJ OB EBWBOKF JNFOB /FLP JNF V QSPHSBNV NPßF EB P[OBʃBWB SB[OF LPOTUSVLDJKF QSPNFOMKJWF NFUPEF LMBTF J UBLP EBMKF 0WF LPOTUSVLDJKF TF QSFLP TWPKJI JNFOB LPSJTUF OB SB[ OJN NFTUJNB V UFLTUV QSPHSBNV BMJ V QSFUIPEOPN PEFMKLV TNP QPLB[BMJ EB TF SFDJNP QSPNFOMKJWF EJOBNJʃLJ BMPDJSBKV J EFBMPDJSBKV UPLPN J[WSØBWB OKB QSPHSBNB 5FPSJKTLJ KF [BUP NPHVʂF EB TF OFLF QSPHSBNTLF LPOTUSVLDJKF LPSJTUF V UFLTUV QSPHSBNB JBLP POF UPLPN J[WSØBWBOKB QSPHSBNB đ[JʃLJ WJ ØF OF QPTUPKF V NFNPSJKJ %B CJ TF J[CFHMF PWF WSTUF HSFØBLB V +BWJ QPTUPKF QSBWJMB P UPNF HEF TF VWFEFOB QSPTUB JNFOB NPHV LPSJTUJUJ V QSPHSBNV 0CMBTU UFLTUB QSPHSBNB V LPNF TF NPßF VQPUSFCJUJ OFLP JNF SBEJ LPSJØʂF OKB QSPHSBNTLF LPOTUSVLDJKF LPKV P[OBʃBWB OB[JWB TF PCMBTU WBßFOKB JNFOB
6WPE V LMBTF
FOHM TDPQF 1SPNFOMKJWPK TF JNF EBKF V EFLMBSBDJKJ QSPNFOMKJWF 0CMBTU WBßFOKB JNF OB HMPCBMOF QSPNFOMKJWF QPMKB KF DFMB LMBTB V LPKPK KF HMPCBMOB QSPNFOMKJWB EFđOJTBOB 5P [OBʃJ EB TF HMPCBMOB QSPNFOMKJWB NPßF LPSJTUJUJ V UFLTUV DFMF LMBTF ʃBL J FWFOUVBMOP JTQSFE OBSFECF OKFOF EFLMBSBDJKF 4 ESVHF TUSBOF PCMBTU WBßFOKB JNFOB MPLBMOF QSPNFOMKJWF KF PE NFTUB OKFOF EFLMBSBDJKF EP LSBKB CMPLB V LPNF TF OKFOB EFLMBSBDJKB OBMB[J ;BUP TF MPLBMOB QSPNFOMKJWB NPßF LPSJTUJUJ TBNP V TWPN NFUPEV J UP PE OBSFECF TWPKF EFLMBSBDJKF EP LSBKB CMPLB V LPKFN TF OBMB[J UB OBSFECB EFLMBSBDJKF 0WB QSBWJMB [B PCMBTU WBßFOKB JNFOB QSPNFOMKJWJI TV JQBL NBMP TMPßFOJ KB KFS KF EP[WPMKFOP MPLBMOPK QSPNFOMKJWPK JMJ QBSBNFUSV EBUJ JTUP JNF LBP OF LPK HMPCBMOPK QSPNFOMKJWPK 6 UPN TMVʃBKV VOVUBS PCMBTUJ WBßFOKB MPLBMOF QSPNFOMKJWF JMJ QBSBNFUSB HMPCBMOB QSPNFOMKJWB KF [BLMPOKFOB %B CJTNP PWP JMVTUSPWBMJ SB[NPUSJNP LMBTV ,JUD6D.DUWDPD ʃJKB EFđOJDJKB JNB TMFEFʂJ PCMJL FODVV ,JUD6D.DUWDPD ^ VWDWLF 6WULQJ SREHGQLN
JOREDOQD SURPHQOMLYD SROMH
VWDWLF YRLG RGLJUDM,JUX ^ 6WULQJ SREHGQLN
ORNDOQD SURPHQOMLYD
2VWDOH QDUHGEH PHWRGD ` `
6 UFMV NFUPEB RGLJUDM,JUX JNF SREHGQLN TF PEOPTJ OB MPLBMOV QSPNFO MKJWV 6 PTUBULV LMBTF ,JUD6D.DUWDPD JNF SREHGQLN TF PEOPTJ OB HMPCBMOV QSPNFOMKJWV QPMKF
TFN BLP UP JNF OJKF PQFU [BLMPOKFOP JTUJN JNFOPN MPLBMOF QSPNFOMKJWF JMJ QBSBNFUSB V OFLPN ESVHPN NFUPEV "LP TF JQBL NPSB LPSJTUJUJ TUBUJʃLP QPMKF SREHGQLN VOVUBS NFUPEB RGLJUDM,JUX POEB ;BUP KF NPHVʂF QJTBUJ EFLMBSBDJKF QPMKB OB LSBKV EFđOJDJKF LMBTF ØUP KF QP OFLJNB CPMKJ
TUJM QJTBOKB LMBTB
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TF NPSB QJTBUJ OKFHPWP QVOP JNF ,JUD6D.DUWDPDSREHGQLN 0WF LPNQMJLBDJKF LBEB MPLBMOB QSPNFOMKJWB JMJ QBSBNFUBS JNBKV JTUP JNF LBP HMPCBMOB QSPNFOMKJWB V[SPL TV NOPHJI HSFØBLB LPKF TF OBKKFEOP TUBWOJKF J[CFHBWBKV EBWBOKFN SB[MJʃJUJI JNFOB SBEJ MBLØFH SB[MJLPWBOKB 5P KF VQSBWP J QSFQPSVLB EPCSPH TUJMB QSPHSBNJSBOKB LPKF TF USFCB QSJESßBWBUJ %SVHJ TQFDJKBMOJ TMVʃBK PCMBTUJ WBßFOKB JNFOB QSPNFOMKJWJI QPKBWMKVKF TF LPE EFLMBSJTBOKB LPOUSPMOF QSPNFOMKJWF QFUMKF VOVUBS IRU QFUMKF IRU LQW L
L Q L ^
7HOR SHWOMH `
6 PWPN QSJNFSV CJ TF NPHMP SFʂJ EB KF QSPNFOMKJWB L EFLMBSJTBOB MPLBMOP V PEOPTV OB NFUPE LPKJ TBESßJ IRU QFUMKV *QBL PCMBTU WBßFOKB PWBLP EFLMB SJTBOF LPOUSPMOF QSPNFOMKJWF KF TBNP LPOUSPMOJ EFP J UFMP IRU QFUMKF PEOP TOP OF QSPUFßF TF EP LSBKB UFMB NFUPEB LPKJ TBESßJ IRU QFUMKV ;CPH UPHB TF V +BWJ WSFEOPTU CSPKBʃB IRU QFUMKF OF NPßF LPSJTUJUJ WBO UF QFUMKF /B QSJNFS PWP OJKF EP[WPMKFOP IRU LQW L
L Q L ^
7HOR SHWOMH ` LI L
Q
*5(Ģ.$ RYGH QH YDŀL LPH L
6\VWHPRXWSULQWOQ =DYUģHQH VYH LWHUDFLMH
0CMBTU WBßFOKB JNFOB QBSBNFUSB OFLPH NFUPEB KF CMPL PE LPKFH TF TBTUP KJ UFMP UPH NFUPEB /JKF EP[WPMKFOP SFEFđOJTBUJ JNF QBSBNFUSB JMJ MPLBMOF QSPNFOMKJWF V PCMBTUJ OKJIPWPH WBßFOKB ʃBL OJ V VHOKFßʇFOPN CMPLV /B QSJNFS OJ PWP OJKF EP[WPMKFOP YRLG QHLVSUDYDQ0HWRG LQW Q ^ LQW [ ZKLOH Q ! ^ LQW [
*5(Ģ.$ LPH [ MH YHÉ GHILQLVDQR
6WPE V LMBTF
` `
1SFNB UPNF V +BWJ TF HMPCBMOF QSPNFOMKJWF NPHV SFEFđOJTBUJ BMJ TV PO EB [BLMPOKFOF
EPL TF MPLBMOF QSPNFOMKJWF J QBSBNFUSJ OF NPHV SFEFđOJTB UJ 4 ESVHF TUSBOF J[WBO PCMBTUJ WBßFOKB MPLBMOF QSPNFOMKJWF JMJ QBSBNFUSB OKJIPWB JNFOB TF NPHV QPOPWP LPSJTUJUJ /B QSJNFS YRLG LVSUDYDQ0HWRG LQW Q ^ ZKLOH Q ! ^ LQW [ ` .UDM REODVWL YDŀHQMD LPHQD [ ZKLOH Q ! ^ LQW [
2. LPH [ VH PRŀH RSHW GDYDWL
` `
1SBWJMP [B PCMBTU WBßFOKB JNFOB NFUPEB KF TMJʃOP POPN [B HMPCBMOF QSP NFOMKJWF PCMBTU WBßFOKB OFLPH NFUPEB KF DFMB LMBTB V LPKPK KF NFUPE EFđ OJTBO 5P [OBʃJ EB KF EP[WPMKFOP QP[JWBUJ NFUPE OB CJMP LPN NFTUV V LMBTJ VLMKVʃVKVʂJ UBʃLF V QSPHSBNTLPN UFLTUV LMBTF LPKF TF OBMB[F JTQSFE UBʃLF EFđOJDJKF NFUPEB ȧBL KF NPHVʂF QP[JWBUJ OFLJ NFUPE J VOVUBS EFđOJDJKF TBNPH NFUPEB 6 UPN TMVʃBKV TF SBEJ OBSBWOP P SFLVS[JWOJN NFUPEJNB
0WP PQØUF QSBWJMP JNB EPEBUOJ VTMPW T PC[JSPN OB UP EB NFUPEJ NP HV CJUJ TUBUJʃLJ JMJ PCKFLUOJ /BJNF PCKFLUOJ ʃMBOPWJ LMBTF NFUPEJ J QPMKB
LPKJ QSJQBEBKV OFLPN PCKFLUV LMBTF OF NPSBKV QPTUPKBUJ V NFNPSJKJ EPL TF TUBUJʃLJ NFUPE J[WSØBWB /B QSJNFS TUBUJʃLJ NFUPE OFLF LMBTF TF NPßF QP[WBUJ VQPUSFCPN OKFHPWPH QVOPH JNFOB V CJMP LPKPK UBʃLJ QSPHSBNB B EP UBEB PCKFLBU LPNF QSJQBEBKV PCKFLUOJ ʃMBOPWJ JTUF LMBTF NPßEB OJKF KPØ CJP OJ LPOTUSVJTBO UPLPN J[WSØBWBOKB QSPHSBNB ;BUP TF PCKFLUOJ NFUPEJ J QPMKB LMBTF OF NPHV LPSJTUJUJ V TUBUJʃLJN NFUPEJNB JTUF LMBTF
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1SPNFOMKJWF LMBTOPH UJQB
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YUHGQRVW SROMD LPH MH VLPH
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SURPHQD SROMD LPH D QH SURPHQOMLYH V
%SVHP QSFUQPTUBWJNP EB TF WSFEOPTU QSPNFOMKJWF LMBTOPH UJQB [ QSFOP TJ LBP BSHVNFOU QSJMJLPN QP[JWB OFLPH NFUPEB 0OEB TF LBP ØUP KF QP[OB UP WSFEOPTU QSPNFOMKJWF [ EPEFMKVKF PEHPWBSBKVʂFN QBSBNFUSV NFUPEB J UFMP NFUPEB TF J[WSØBWB 7SFEOPTU QSPNFOMKJWF [ TF OF NPßF QSPNFOJUJ J[WS ØBWBOKFN NFUPEB BMJ QPØUP EPEFMKFOB WSFEOPTU PEHPWBSBKVʂFN QBSBNFUSV QSFETUBWMKB SFGFSFODV OB OFLJ PCKFLBU V NFUPEV TF NPHV QSPNFOJUJ QPMKB V UPN PCKFLUV %SVHBʃJKF SFʃFOP OBLPO J[WSØBWBOKB NFUPEB QSPNFOMKJWB [ ʂF J EBMKF VLB[JWBUJ OB JTUJ PCKFLBU BMJ QPMKB V UPN PCKFLUV NPHV CJUJ QSP NFOKFOB ,POLSFUOJKF QSFUQPTUBWJNP EB KF EFđOJTBO NFUPE YRLG SURPHQL 6WXGHQW V ^ VLPH
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SURPHQL [ 6\VWHPRXWSULQWOQ [LPH
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VLPH
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4UPHB QPMKF LPH PCKFLUB OB LPKJ VLB[VKF QSPNFOMKJWB V B UJNF J [ EPCJʂF OPWV WSFEOPTU
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EPEFMF WSFEOPTUJ IDOVH MPHJʃLJN QPMKJNB EPEFMF 6OJDPEF [OBLB ?X
[OBLPWOJN QPMKJNB J EPEFMF SFGFSFODF QXOO QPMKJNB LMBTOPH UJQB 6LPMJLP QPESB[VNFWBOB JOJDJKBMJ[BDJKB OJKF EPWPMKOB QPMKJNB TF NPHV EPEFMJUJ QP ʃFUOF WSFEOPTUJ V OKJIPWJN EFLMBSBDJKBNB CBØ LBP ØUP TF UP NPßF VSBEJUJ [B CJMP LPKF ESVHF QSPNFOMKJWF 3BEJ LPOLSFUOPTUJ QSFUQPTUBWJNP EB V QSPHSBNV [B TJNVMJSBOKF OFLF ESVØUWFOF JHSF USFCB QSFETUBWJUJ LPDLV [B CBDBOKF 6 OBTUBWLV KF QSJLB[BOB LMBTB .RFND=D,JUX ʃJKJ TV PCKFLUJ SBʃVOBSTLF SFQSF[FOUBDJKF SFBMOJI PCKFLB UB LPDLJ [B CBDBOKF V ESVØUWFOJN JHSBNB 0WB LMBTB TBESßJ KFEOP PCKFLUOP QPMKF ʃJKJ TBESßBK PEHPWBSB CSPKV OB HPSOKPK TUSBOJ LPDLF UK CSPKV LPKJ tQBPu QSJ CBDBOKV LPDLF J KFEBO PCKFLUOJ NFUPE LPKJN TF TJNVMJSB TMVʃBKOP CBDB OKF LPDLF
,POTUSVLDJKB J JOJDJKBMJ[BDJKB PCKFLBUB
SXEOLF FODVV .RFND=D,JUX ^ SXEOLF LQW EURM
SXEOLF YRLG EDFL ^ EURM
EURM QD JRUQMRM VWUDQL NRFNH EDFDQMH NRFNH
LQW 0DWKUDQGRP
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6 PWPN QSJNFSV LMBTF .RFND=D,JUX QPMKF EURM EPCJKB QPʃFUOV WSFEOPTU VWFL LBEB TF LPOTUSVJØF OPWJ PCKFLBU LMBTF .RFND=D,JUX 1PØUP TF V QSPHSB NV NPßF LPOTUSVJTBUJ WJØF PCKFLBUB LMBTF .RFND=D,JUX TWJ POJ ʂF JNBUJ TWPK QSJNFSBL QPMKB EURM J TWJ POJ EPCJKBKV WSFEOPTU OB QPʃFULV %SVHJ QSJNFS KF NPßEB JOUFSFTBOUOJKJ KFS KF QPʃFUOJ CSPK LPDLF [B JHSV TMVʃBKBO SXEOLF FODVV .RFND=D,JUX ^ SXEOLF LQW EURM
LQW 0DWKUDQGRP
SXEOLF YRLG EDFL ^ EURM
LQW 0DWKUDQGRP
` `
6 PWPN QSJNFSV TF QPMKF EURM JOJDJKBMJ[VKF TMVʃBKOPN WSFEOPØʂV ,BLP TF JOJDJKBMJ[BDJKB PCBWMKB [B TWBLJ OPWPLPOTUSVJTBOJ PCKFLBU SB[MJʃJUJ PCKFLUJ ESVHF WFS[JKF LMBTF .RFND=D,JUX JNBʂF WFSPWBUOP SB[MJʃJUF QPʃFUOF WSFEOP TUJ TWPKJI QSJNFSBLB QPMKB EURM *OJDJKBMJ[BDJKB TUBUJʃLJI QPMKB OFLF LMBTF OJKF NOPHP ESVHBʃJKB PE JOJDJKB MJ[BDJKF OFTUBUJʃLJI PCKFLUOJI QPMKB PTJN ØUP USFCB JNBUJ V WJEV EB TUBUJʃLB QPMKB OJTV WF[BOB [B QPKFEJOBʃOF PCKFLUF OFHP [B LMBTV LBP DFMJOV ,BLP QPTUPKJ TBNP KFEBO QSJNFSBL TUBUJʃLPH QPMKB LMBTF POP TF JOJDJKBMJ[VKF TBNP KFEOPN J UP LBEB TF LMBTB QSWJ QVU VʃJUBWB PE TUSBOF +7. QSJMJLPN J[WSØBWB OKB QSPHSBNB 1PTWFUJNP TBEB WJØF QBßOKF EFUBMKJNB LPOTUSVLDJKF PCKFLBUB V +BWJ ,PO TUSVJTBOKF PCKFLBUB V QSPHSBNV TF PCBWMKB QPTFCOJN PQFSBUPSPN QHZ /B QSJNFS V QSPHSBNV LPKJ LPSJTUJ LMBTV .RFND=D,JUX NPßF TF QJTBUJ
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.RFND=D,JUX NRFND
GHNODUDFLMD SURPHQOMLYH
NRFND
NODVQRJ WLSD .RFND=D,JUX
QHZ .RFND=D,JUX NRQVWUXLVDQMH REMHNWD NODVH
.RFND=D,JUX L GRGHOD QMHJRYH
UHIHUHQFH WRM SURPHQOMLYRM
*TUJ FGFLBU TF NPßF QPTUJʂJ LSBʂJN [BQJTPN .RFND=D,JUX NRFND
QHZ .RFND=D,JUX
6 PWJN QSJNFSJNB J[SB[PN QHZ .RFND=D,JUX OB EFTOPK TUSBOJ [OB LB KFEOBLPTUJ LPOTUSVJØF TF OPWJ PCKFLBU LMBTF .RFND=D,JUX JOJDJKBMJ[VKV TF OKFHPWB PCKFLUOB QPMKB J WSBʂB TF SFGFSFODB OB UBK OPWJ PCKFLBU LBP SF[VMUBU UPH J[SB[B 0WB SFGFSFODB TF [BUJN EPEFMKVKF QSPNFOMKJWPK NRFND OB MFWPK TUSBOJ [OBLB KFEOBLPTUJ UBLP EB OB LSBKV QSPNFOMKJWB NRFND VLB[VKF OB OP WPLPOTUSVJTBOJ PCKFLBU 1SJNFUJNP EB EFP .RFND=D,JUX J[B PQFSBUPSB QHZ QPETFʂB OB QP[JW NFUPEB ØUP [BQSBWP UP J KFTUF /BJNF UP KF QP[JW TQFDJKBMOPH NFUPEB LPKJ TF OB[JWB LPOTUSVLUPS LMBTF 0WP KF NPßEB NBMP J[OFOBʇVKVʂF KFS TF V EFđ OJDJKJ LMBTF .RFND=D,JUX OF OBMB[J UBLBW NFUPE .FʇVUJN TWBLB LMBTB JNB CBS KFEBO LPOTUSVLUPS LPKJ TF BVUPNBUTLJ EPEBKF VLPMJLP OJKF FLTQMJDJUOP EFđOJTBO OJKFEBO ESVHJ LPOTUSVLUPS 5BK QPESB[VNFWBOJ LPOTUSVLUPS JNB TBNP GPSNBMOV GVOLDJKV J QSBLUJʃOP OF SBEJ OJØUB "MJ LBLP TF LPOTUSVLUPS QP[JWB PENBI OBLPO LPOTUSVJTBOKB PCKFLUB J JOJDJKBMJ[BDJKF OKFHPWJI QPMKB QPESB[VNFWBOJN WSFEOPTUJNB V LMBTJ TF NPßF EFđOJTBUJ KFEBO JMJ WJØF QP TFCOJI LPOTUSVLUPSB SBEJ EPEBUOF JOJDJKBMJ[BDJKF OPWJI PCKFLUB %FđOJDJKB LPOTUSVLUPSB LMBTF TF QJØF OB JTUJ OBʃJO LBP EFđOJDJKB PCJʃOPH NFUPEB V[ USJ SB[MJLF *NF LPOTUSVLUPSB NPSB CJUJ JTUP LBP JNF LMBTF V LPKPK TF EFđOJØF +FEJOJ EP[WPMKFOJ NPEJđLBUPSJ TV SXEOLF SULYDWH J SURWHFWHG ,POTUSVLUPS OFNB UJQ SF[VMUBUB ʃBL OJ YRLG 4 ESVHF TUSBOF KFEBO LPOTUSVLUPS TBESßJ VPCJʃBKFOP UFMP NFUPEB V GPS NJ CMPLB OBSFECJ VOVUBS LPKFH TF NPHV QJTBUJ CJMP LPKF OBSFECF *TUP UBLP LPOTUSVLUPS NPßF JNBUJ QBSBNFUSF LPKJNB TF NPHV QSFOFUJ WSFEOPTUJ [B JOJ DJKBMJ[BDJKV PCKFLBUB OBLPO OKJIPWF LPOTUSVLDJKF
,POTUSVLDJKB J JOJDJKBMJ[BDJKB PCKFLBUB
6 USFʂPK WFS[JKJ LMBTF .RFND=D,JUX KF EFđOJTBO QPTFCBO LPOTUSVLUPS LP KJ JNB QBSBNFUBS [B QPʃFUOV WSFEOPTU CSPKB OB HPSOKPK TUSBOJ LPDLF SXEOLF FODVV .RFND=D,JUX ^ SXEOLF LQW EURM
EURM QD JRUQMRM VWUDQL NRFNH
SXEOLF .RFND=D,JUX LQW Q ^
NRQVWUXNWRU
EURM
Q
` SXEOLF YRLG EDFL ^ EURM
EDFDQMH NRFNH
LQW 0DWKUDQGRP
` `
6 PWPN QSJNFSV LMBTF .RFND=D,JUX LPOTUSVLUPS SXEOLF .RFND=D,JUX LQW Q ^ EURM
Q
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JNB JTUP JNF LBP LMBTB OFNB UJQ SF[VMUBUB J JNB KFEBO QBSBNFUBS 1P[JW LPOTUSVLUPSB TB PEHPWBSBKVʂJN BSHVNFOUJNB OBWPEJ TF J[B PQFSBUPSB QHZ /B QSJNFS .RFND=D,JUX NRFND
QHZ .RFND=D,JUX
/B EFTOPK TUSBOJ [OBLB KFEOBLPTUJ PWF OBSFECF EFđOJDJKF QSPNFOMKJWF NRFND LPOTUSVJØF TF OPWJ PCKFLBU LMBTF .RFND=D,JUX QP[JWB TF LPOTUSVLUPS UF LMB TF LPKJN TF QPMKF EURM OPWPLPOTUSVJTBOPH PCKFLUB JOJDJKBMJ[VKF WSFEOPØʂV BSHVNFOUB J OB LSBKV SFGFSFODB OB UBK PCKFLBU TF EPEFMKVKF QSPNFOMKJWPK NRFND 1SJNFUJNP EB TF QPESB[VNFWBOJ LPOTUSVLUPS EPEBKF LMBTJ TBNP VLPMJ LP OJKF FLTQMJDJUOP EFđOJTBO OJKFEBO ESVHJ LPOTUSVLUPS V LMBTJ ;BUP OB QSJ NFS J[SB[PN QHZ .RFND=D,JUX OF CJ WJØF NPHBP EB TF LPOTUSVJØF PCKFLBU QSFUIPEOF LMBTF .RFND=D,JUX "MJ UP J OJKF WFMJLJ QSPCMFN KFS TF LPOTUSVLUP SJ NPHV QSFPQUFSFʂJWBUJ LBP J PCJʃOJ NFUPEJ 5P [OBʃJ EB LMBTB NPßF JNBUJ WJØF LPOTUSVLUPSB QPE VTMPWPN OBSBWOP EB TV OKJIPWJ QPUQJTJ SB[MJʃJUJ /B QSJNFS QSFUIPEOPK LMBTJ .RFND=D,JUX NPßF TF EPEBUJ LPOTUSVLUPS CF[ QB
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SBNFUBSB LPKJ QPMKV EURM LPOTUSVJTBOPH PCKFLUB QPʃFUOP EPEFMKVKF TMVʃBKBO CSPK SXEOLF FODVV .RFND=D,JUX ^ SXEOLF LQW EURM
EURM QD JRUQMRM VWUDQL NRFNH
SXEOLF .RFND=D,JUX ^
NRQVWUXNWRU EH] SDUDPHWDUD
EDFL
SR]LY PHWRGD EDFL
` SXEOLF .RFND=D,JUX LQW Q ^ EURM
NRQVWUXNWRU VD SDUDPHWURP
Q
` SXEOLF YRLG EDFL ^ EURM
EDFDQMH NRFNH
LQW 0DWKUDQGRP
` `
0CKFLUJ PWF LMBTF .RFND=D,JUX TF NPHV LPOTUSVJTBUJ OB EWB OBʃJOB CJMP J[SB[PN QHZ .RFND=D,JUX JMJ J[SB[PN QHZ .RFND=D,JUX [ HEF KF [ J[SB[ UJQB LQW /B PTOPWV TWFHB EP TBEB SFʃFOPH NPßF TF [BLMKVʃJUJ EB TV LPOTUSVLUPSJ TQFDJKBMOB WSTUB NFUPEB 0OJ OJTV PCKFLUOJ NFUPEJ KFS OF QSJQBEBKV PCKFL UJNB WFʂ TF QP[JWBKV TBNP V USFOVULV LPOTUSVJTBOKB PCKFLBUB "MJ POJ OJTV OJ TUBUJʃLJ NFUPEJ LMBTF KFS TF [B OKJI OF NPßF LPSJTUJUJ NPEJđLBUPS VWD WLF ;B SB[MJLV PE ESVHJI NFUPEB LPOTUSVLUPSJ TF NPHV QP[WBUJ TBNP V[ PQFSBUPS QHZ V J[SB[V PCMJLB QHZ LPHNODVH OLVWDDUJXPHQDWD
3F[VMUBU PWPH J[SB[B KF SFGFSFODB OB LPOTUSVJTBOJ PCKFLBU LPKB TF OBKʃFØʂF PENBI EPEFMKVKF QSPNFOMKJWPK LMBTOPH UJQB V OBSFECJ EPEFMF .FʇVUJN PWBK J[SB[ TF NPßF QJTBUJ TWVEB HEF UP JNB TNJTMB OB QSJNFS LBP OFLJ BSHV NFOU V QP[JWV NFUPEB JMJ LBP EFP OFLPH TMPßFOJKFH J[SB[B ;CPH UPHB KF WBßOP SB[VNFUJ UBʃBO QPTUVQBL J[SBʃVOBWBOKB PQFSBUPSB QHZ LPKJ TF TBTUPKJ PE J[WSØBWBOKB SFEPN PWB ʃFUJSJ LPSBLB
,POTUSVLDJKB J JOJDJKBMJ[BDJKB PCKFLBUB
1SPOBMB[J TF EPWPMKOP WFMJLJ CMPL TMPCPEOF IJQNFNPSJKF [B PCKFLBU OBWFEFOF LMBTF LPKJ TF LPOTUSVJØF *OJDJKBMJ[VKV TF PCKFLUOB QPMKB UPH PCKFLUB 1PʃFUOB WSFEOPTU OFLPH QPMKB PCKFLUB KF JMJ POB J[SBʃVOBUB J[ EFLMBSBDJKF UPH QPMKB V LMBTJ JMJ QPESB[VNFWBOB WSFEOPTU QSFEWJʇFOB [B OKFHPW UJQ 1P[JWB TF LPOTUSVLUPS LMBTF OB VPCJʃBKFO OBʃJO OBKQSF TF FWFOUVBMOJ BSHVNFOUJ V QP[JWV LPOTUSVLUPSB J[SBʃVOBWBKV J EPEFMKVKV PEHPWB SBKVʂJN QBSBNFUSJNB LPOTUSVLUPSB B [BUJN TF J[WSØBWBKV OBSFECF V UFMV LPOTUSVLUPSB 3FGFSFODB OB LPOTUSVJTBOJ PCKFLBU TF WSBʂB LBP SF[VMUBU PQFSBUPSB QHZ 3FGFSFODB OB LPOTUSVJTBOJ PCKFLBU LPKB KF EPCJKFOB OB LSBKV PWPH QPTUVQLB NPßF TF [BUJN LPSJTUJUJ V QSPHSBNV [B QSJTUVQ QPMKJNB J NFUPEJNB OPWPH PCKFLUB
1SJNFS CBDBOKF EWF LPDLF EPL TF OF QPLBßF JTUJ CSPK +FEOB PE QSFEOPTUJ PCKFLUOP PSJKFOUJTBOPH QSPHSBNJSBOKB KF NPHVʂOPTU WJØFLSBUOF VQPUSFCF QSPHSBNTLPH LPEB 5P [OBʃJ EB SFDJNP LMBTF LPKF TV KFEOPN OBQJTBOF NPHV TF JTLPSJTUJUJ V SB[MJʃJUJN QSPHSBNJNB V LPKJNB KF QPUSFCOB OKJIPWB GVOLDJPOBMOPTU /B QSJNFS QPTMFEOKB LMBTB .RFND=D,JUX QSFETUBWMKB SFBMOF LPDLF [B JHSBOKF J PCVIWBUB TWF OKJIPWF SFMFWBOUOF BUSJCV UF J NPHVʂOPTUJ ;BUP TF UB LMBTB NPßF LPSJTUJ V TWBLPN QSPHSBNV ʃJKB TF MPHJLB [BTOJWB OB LPDLBNB [B JHSBOKF 5P KF WFMJLB QSFEOPTU QPHPUPWP [B LPNQMJLPWBOF LMBTF KFS OJKF QPUSFCOP HVCJUJ WSFNF OB QPOPWOP QJTBOKF J UFTUJSBOKF OPWJI LMBTB %B CJTNP JMVTUSPWBMJ PWV NPHVʂOPTU V MJTUJOHV KF QSJLB[BO QSPHSBN LPKJ LPSJTUJ LMBTV .RFND=D,JUX [B PESFʇJWBOKF CSPKB QVUB LPMJLP USFCB CBDJUJ EWF LPDLF QSF OFHP ØUP TF QPLBßF JTUJ CSPK OB OKJNB -JTUJOH #BDBOKB EWF LPDLF SXEOLF FODVV %DFDQMD'YH.RFNH ^ SXEOLF VWDWLF YRLG PDLQ 6WULQJ>@ DUJV ^
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LQW EURM%DFDQMD
EURMDÏ EDFDQMD GYH NRFNH
.RFND=D,JUX NRFND
QHZ .RFND=D,JUX
SUYD NRFND
.RFND=D,JUX NRFND
QHZ .RFND=D,JUX
GUXJD NRFND
GR ^ NRFNDEDFL 6\VWHPRXWSULQW 1D SUYRM NRFNL MH SDR EURM 6\VWHPRXWSULQWOQ NRFNDEURM NRFNDEDFL 6\VWHPRXWSULQW 1D GUXJRM NRFNL MH SDR EURM 6\VWHPRXWSULQWOQ NRFNDEURM EURM%DFDQMD
XUDÏXQDWL EDFDQMH
` ZKLOH NRFNDEURM
NRFNDEURM
6\VWHPRXWSULQW 'YH NRFNH VX EDÏHQH EURM%DFDQMD 6\VWHPRXWSULQWOQ SXWD SUH QHJR ģWR MH SDR LVWL EURM ` ` FODVV .RFND=D,JUX ^ SXEOLF LQW EURM
EURM QD JRUQMRM VWUDQL NRFNH
SXEOLF .RFND=D,JUX ^
NRQVWUXNWRU EH] SDUDPHWDUD
EDFL
SR]LY PHWRGD EDFL
` SXEOLF .RFND=D,JUX LQW Q ^ EURM
NRQVWUXNWRU VD SDUDPHWURP
Q
` SXEOLF YRLG EDFL ^ EURM
EDFDQMH NRFNH
LQW 0DWKUDQGRP
6LMBOKBOKF PCKFLBUB
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6 QSPHSBNV TF NPßF J FLTQMJDJUOP VLB[BUJ EB OFLJ PCKFLBU OJKF WJØF QP USFCBO /B QSJNFS 6WXGHQW V
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6 PWPN QSJNFSV OBLPO LPOTUSVJTBOKB OPWPH PCKFLUB LMBTF 6WXGHQW J OKF HPWPH LPSJØʂFOKB QSFLP QSPNFOMKJWF V UPK QSPNFOMKJWPK TF FLTQMJDJUOP EPEF MKVKF SFGFSFODB QXOO LBEB PCKFLBU OB LPKJ VLB[VKF OJKF WJØF QPUSFCBO 5JNF TF FGFLUJWOP HVCJ WF[B T UJN PCKFLUPN QB TF OKFNV WJØF OF NPßF QSJTUVQJUJ V QSPHSBNV 0CKFLUJ LPKJ TF OBMB[F V IJQNFNPSJKJ BMJ TF V QSPHSBNV WJØF OF NPHV LPSJTUJUJ KFS OJKFEOB QSPNFOMKJWB OF TBESßJ SFGFSFODV OB OKJI QPQVMBSOP TF OB[JWBKV tPUQBDJu 6 +BWJ TF LPSJTUJ QPTFCOB QSPDFEVSB TBLVQMKBOKB PUQBEBLB FOHM HBSCBHF DPMMFDUJPO LPKPN TF BVUPNBUTLJ T WSFNFOB OB WSFNF tʃJTUJ ʇV CSFu PEOPTOP PTMPCBʇB NFNPSJKB POJI PCKFLBUB [B LPKF TF OBʇF EB KF CSPK SFGFSFODJ OB OKJI V QSPHSBNV KFEOBL OVMJ 6 QSFUIPEOB EWB QSJNFSB TF NPßF WSMP MBLP PULSJUJ LBEB KFEBO PCKFLBU LMBTF 6WXGHQW OJKF EPTUVQBO J LBEB TF NPßF VLMPOJUJ 6 TMPßFOJN QSPHSBNJ NB KF UP PCJʃOP NOPHP UFßF "LP KF OFLJ PCKFLBU CJP LPSJØʂFO V QSPHSBNV J[WFTOP WSFNF POEB KF NPHVʂF EB WJØF QSPNFOMKWJI TBESßF SFGFSFODV OB OKF HB 5BK PCKFLBU OJKF tPUQBEBLu TWF EPL QPTUPKJ CBS KFEOB QSPNFOMKJWB LPKB VLB[VKF OB OKFHB %SVHJ LPNQMJLPWBOJKJ TMVʃBK KF LBEB HSVQB PCKFLBUB PCSB [VKF MBOBD SFGFSFODJ J[NFʇV TFCF B OF QPTUPKJ QSPNFOMKJWB J[WBO UPH MBODB TB SFGFSFODPN OB OFLJ PCKFLBU V MBODV 4SFʂPN QSPDFEVSB TBLVQMKBOKB PU QBEBLB NPßF TWF PWP QSFQP[OBUJ J [BUP TV +BWB QSPHSBNFSJ V WFMJLPK NFSJ PTMPCPʇFOJ PEHPWPSOPTUJ PE SBDJPOBMOPH VQSBWMKBOKB NFNPSJKPN VLMBOKB OKFN OFQPUSFCOJI PCKFLBUB V QSPHSBNV *BLP QSPDFEVSB TBLVQMKBOKB PUQBEBLB VTQPSBWB J[WSØBWBOKF TBNPH QSP HSBNB SB[MPH [BØUP TF V +BWJ VLMBOKBOKF PCKFLBUB PCBWMKB BVUPNBUTLJ B OF LBP V OFLJN KF[JDJNB SVʃOP PE TUSBOF QSPHSBNFSB KFTUF UP ØUP KF WPʇFOKF SB ʃVOB P UPNF V TMPßFOJKJN QSPHSBNJNB WSMP UFØLP J QPEMPßOP HSFØLBNB 1SWB WSTUB ʃFTUJI HSFØBLB TF KBWMKB LBEB TF OFOBNFSOP PCSJØF OFLJ PCKFLBU NBEB J EBMKF QPTUPKF SFGFSFODF OB OKFHB 0WF HSFØLF WJTFʫJI QPLB[JWBʬB EPWPEF EP QSPCMFNB QSJTUVQB OFEP[WPMKFOJN EFMPWJNB NFNPSJKF %SVHB WSTUB HSFØB
4LSJWBOKF QPEBUBLB FOLBQTVMBDJKB
LB TF KBWMKB LBEB QSPHSBNFS [BOFNBSJ EB VLMPOJ OFQPUSFCOF PCKFLUF 5BEB EPMB[J EP HSFØLF DVSFOKB NFNPSJKF LPKB TF NBOJGFTUVKF UJNF ØUP QSPHSBN [B V[JNB WFMJLJ EFP NFNPSJKF JBLP KF POB QSBLUJʃOP OFJTLPSJØʂFOB 5P POEB EPWPEJ EP QSPCMFNB OFNPHVʂOPTUJ J[WSØBWBOKB JTUPH JMJ ESVHJI QSPHSBNB [CPH OFEPTUBULB NFNPSJKF
4LSJWBOKF QPEBUBLB FOLBQTVMBDJKB
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SULYDWH GRXEOH SODWD .RQVWUXNWRU SXEOLF 5DGQLN 6WULQJ L ORQJ LG LQW V GRXEOH S ^ LPH
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MPEJ
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SODWD SURFHQDW
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0CSBUJUF QBßOKV OB UP EB TV TWB PCKFLUOB QPMKB LMBTF 5DGQLN EFđOJTBOB EB CVEV QSJWBUOB 5JNF KF PCF[CFʇFOP EB TF POB J[WBO TBNF LMBTF 5DGQLN
4LSJWBOKF QPEBUBLB FOLBQTVMBDJKB
OF NPHV EJSFLUOP LPSJTUJUJ 5BLP V OFLPK ESVHPK LMBTJ TF WJØF OF NPßF QJTBUJ OB QSJNFS 5DGQLN U
QHZ 5DGQLN 3HUD 3HULÉ
6\VWHPRXWSULQWOQ ULPH *5(Ģ.$ LPH MH SULYDWQR SROMH UVWDŀ
*5(Ģ.$ VWDŀ MH SULYDWQR SROMH
/BSBWOP WSFEOPTUJ QPMKB [B LPOLSFUOPH SBEOJLB TF V ESVHJN LMBTBNB QSPHSBNB NPSBKV LPSJTUJUJ OB OFLJ OBʃJO QB TV V UV TWSIV EFđOJTBOJ KBWOJ NFUPEJ TB JNFOJNB LPKB QPʃJOKV SFʃJNB HFU J TFU 0WJ NFUPEJ TV EFP KBWOPH JOUFSGFKTB LMBTF J [BUP TF V ESVHPK LMBTJ NPßF QJTBUJ 5DGQLN U
QHZ 5DGQLN 3HUD 3HULÉ
6\VWHPRXWSULQWOQ UJHW,PH UVHW6WDŀ
.FUPEJ ʃJKB JNFOB QPʃJOKV TB HFU TBNP WSBʂBKV WSFEOPTUJ PCKFLUOJI QP MKB J OB[JWBKV TF HFUFSJ .FUPEJ ʃJKB JNFOB QPʃJOKV TB TFU NFOKBKV TBESßBK PCKFLUOJI QPMKB J OB[JWBKV TF TFUFSJ JMJ NVUBUPSJ /BßBMPTU PWB UFSNJOPMP HJKB OJKF V EVIV TSQTLPH KF[JLB BMJ KF VPCJʃBKFOB VTMFE OFEPTUBULB NBLBS QSJCMJßOP EPCSPH QSFWPEB ȧBL J EB QPTUPKF CPMKJ TSQTLJ J[SB[J LPOWFODJKB KF EB TF JNF HFUFSNFUPEB [B OFLV QSPNFOMKJWV QSBWJ EPEBWBOKFN SFʃJ tHFUu JTQSFE JNFOB UF QSPNFOMKJWF T QPʃFUOJN WFMJLJN TMPWPN 5BLP [B QSPNFO MKJWV LPH TF EPCJKB JHW,PH [B QSPNFOMKJWV MPEJ TF EPCJKB JHW-PEJ J UBLP EBMKF *NF HFUFSNFUPEB [B MPHJʃLP QPMKF TF EP[WPMKBWB EB QPʃJOKF J TB tJTu %B V LMBTJ 5DGQLN QPTUPKJ SFDJNP QPMKF YUHGDQ UJQB ERROHDQ OKFHPW HFUFS NFUPE CJ TF NPHBP [WBUJ LV9UHGDQ VNFTUP JHW9UHGDQ ,POWFODJKB [B JNF TFUFSNFUPEB [B OFLV QSPNFOMKJWV KF EB TF POP QSBWJ EPEBWBOKBN SFʃJ tTFUu JTQSFE JNFOB UF QSPNFOMKJWF T QPʃFUOJN WFMJLJN TMPWPN ;BUP KF [B QSPNFOMKJWV VWDŀ V LMBTJ 5DGQLN EFđOJTBO TFUFSNFUPE VHW6WDŀ 0WP NFØBOKF FOHMFTLJI SFʃJ tHFUu tTFUu J tJTu TB NPHVʂF TSQTLJN JNFOJ NB QSPNFOMKJWJI EPEBUOP EPQSJOPTJ SPHPCBUOPTUJ UFIOJLF TLSJWBOKB QPEB UBLB 4 ESVHF TUSBOF OFLJ BTQFLUJ OBQSFEOPH +BWB QSPHSBNJSBOKB TF QPUQV OP [BTOJWBKV OB QSFUIPEOPK LPOWFODJKJ [B JNFOB HFUFSB J TFUFSB /B QSJNFS UFIOPMPHJKB QSPHSBNTLJI LPNQPOFOUJ +BWB#FBOT QPESB[VNFWB EB HFUFS JMJ TFUFS NFUPEJ V LMBTJ EFđOJØV UBLP[WBOP TWPKTUWP LMBTF LPKF ʃBL OJ OF NPSB PEHPWBSBUJ QPMKV ;CPH UPHB TF QSFQPSVʃVKF EB TF QSPHSBNFSJ QSJESßBWBKV LPOWFODJKF [B JNFOB HFUFSB J TFUFSB LBLP CJ TF PMBLØBMP FWFOUVBMOP QSJMBHP
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ʇBWBOKF LMBTF OBQSFEOJN UFIOJLBNB %B MJ TF OFØUP EPCJKB UJNF ØUP TV QPMKB LPH MPEJ VWDŀ J SODWD V LMBTJ 5DGQLN EFđOJTBOB EB CVEV QSJWBUOB OB SBʃVO EPEBUOPH QJTBOKB OFLPMJLP OBJ[HMFE OFQPUSFCOJI NFUPEB V LMBTJ 5DGQLN ;BS OJKF KFEOPTUBWOJKF EB TWB PWB QPMKB CVEV EFđOJTBOB EB CVEV KBWOB J UBLP EB TF J[CFHOV EPEBUOF LPN QMJLBDJKF 1SWP ØUP TF EPCJKB [B EPEBUOP VMPßFOJ USVE KF MBLØF PULSJWBOKF HSFØBLB 1PMKB LPH J MPEJ TF OF NPHV OJLBLP NFOKBUJ OBLPO QPʃFUOF EPEFMF WSFEOPTUJ V LPOTUSVLUPSV ʃJNF KF PTJHVSBOP UP EB TF V OJKFEOPN EFMV QSPHSBNB J[WBO LMBTF 5DGQLN OF NPßF TMVʃBKOP JMJ OBNFSOP PWJN QPMKJNB EPEFMJUJ OFLB OFLPO[JTUFOUOB WSFEOPTU 7SFEOPTUJ QPMKB VWDŀ J SODWD TF NPHV NFOKBUJ BMJ TBNP OB LPOSPMJTBO OBʃJO NFUPEJNB VHW6WDŀ J SRYHÉDM3ODWX 1SFNB UPNF BLP TV WSFEOPTUJ UJI QPMKB OB OFLJ OBʃJO QPHSFØOF KFEJOJ V[SPʃOJDJ NPHV CJUJ PWJ NFUPEJ QB KF [BUP WFPNB PMBLØBOP USBßFOKF HSFØLF %B TV QPMKB VWDŀ J SODWD CJMB KBWOB POEB CJ TF J[WPS HSFØLF NPHBP OBMB[JUJ CJMP HEF V QSPHSBNV %SVHB LPSJTU KF UP ØUP HFUFS J TFUFS NFUPEJ OJTV PHSBOJʃFOJ TBNP OB ʃJ UBOKF J VQJTJWBOKF WSFEOPTUJ PEHPWBSBKVʂJI QPMKB 0WB NPHVʂOPTU TF NPßF JTLPSJTUJUJ UBLP EB TF OB QSJNFS V HFUFSNFUPEV QSBUJ CSPKJ LPMJLP QVUB TF QSJTUVQB OFLPN QPMKV SXEOLF GRXEOH JHW3ODWD ^ SODWD%URM3ULVWXSD UHWXUQ SODWD `
4MJʃOP V TFUFSNFUPEV TF NPßF PCF[CFEJUJ EB EPEFMKFOF WSFEOPTUJ QP MKV CVEV TBNP POF LPKF TV TNJTMFOF SXEOLF YRLG VHW6WDŀ LQW V ^ LI V ^ 6\VWHPRXWSULQWOQ *UHģND VWDŀ MH QHJDWLYDQ 6\VWHPH[LW ` HOVH VWDŀ
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5SFʂB LPSJTU PE TLSJWBOKB QPEBUBLB KF UP ØUP TF NPßF QSPNFOJUJ JOUFSOB
4MVßCFOB SFʃ WKLV
JNQMFNFOUBDJKB OFLF LMBTF CF[ QPTMFEJDB OB QSPHSBNF LPKJ LPSJTUF UV LMBTV /B QSJNFS BLP QSFETUBWMKBOKF QVOPH JNFOB SBEOJLB NPSB EB TF SB[EWPKJ V EWB QPTFCOB EFMB [B JNF J QSF[JNF POEB KF EPWPMKOP LMBTJ 5DGQLN EPEBUJ KPØ KFEOP QPMKF [B QSF[JNF SFDJNP SULYDWH 6WULQJ SUH]LPH
J QSPNFOJUJ HFUFSNFUPE JHW,PH UBLP EB TF JNF SBEOJLB GPSNJSB PE EWB EFMB SXEOLF 6WULQJ JHW,PH ^ UHWXUQ LPH SUH]LPH `
0WF QSPNFOF TV QPUQVOP OF[BWJTOF PE ESVHJI QSPHSBNB LPKJ LPSJTUF LMBTV 5DGQLN J UJ QSPHSBNJ TF OF NPSBKV VPQØUF NFOKBUJ ʃBL OJ QPOPWP QSF WPEJUJ EB CJ JTQSBWOP SBEJMJ LBP SBOJKF 6 PQØUFN TMVʃBKV HFUFSJ J TFUFSJ QB J PTUBMJ NFUPEJ WFSPWBUOP NPSBKV QSFUSQFUJ WFMJLF J[NFOF SBEJ QSFMBTLB TB TUBSF OB OPWV JNQMFNFOUBDJKV LMBTF "MJ QPFOUB FOLBQTVMBDJKF KF EB TUBSJ QSPHSBNJ LPKJ LPSJTUF OPWV WFS[JKV LMBTF OF NPSBKV VPQØUF EB TF NFOKBKV
4MVßCFOB SFʃ WKLV 0CKFLUOJ NFUPEJ OFLF LMBTF TF QSJNFOKVKV [B QPKFEJOF PCKFLUF UF LMBTF J UPLPN TWPH J[WSØBWBOKB UJ NFUPEJ LPSJTUF LPOLSFUOF WSFEOPTUJ QPMKB POJI PCKFLBUB [B LPKF TV QP[WBOJ /B QSJNFS PCKFLUOJ NFUPE SRYHÉDM3ODWX LMBTF 5DGQLN J[ QSFUIPEOPH PEFMKLB SXEOLF YRLG SRYHÉDM3ODWX GRXEOH SURFHQDW ^ SODWD
SODWD SURFHQDW
`
EPEFMKVKF OPWV WSFEOPTU QPMKV SODWD LPKF QSJQBEB PCKFLUV [B LPKJ TF PWBK NFUPE QP[PWF &GFLBU QP[JWB SFDJNP SHUDSRYHÉDM3ODWX
TBTUPKJ TF PE QPWFʂBOKB WSFEOPTUJ QPMKB SODWD [B POPH PCKFLUB OB LPKJ VLB[VKF QSPNFOMKJWB SHUD UJQB 5DGQLN %SVHJN SFʃJNB PWBK FGFLBU KF FLWJ WBMFOUBO J[WSØBWBOKV OBSFECF EPEFMF
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SHUDSODWD
SHUDSODWD
4MJʃOP BLP OB OFLJ ESVHJ PCKFLBU LMBTF 5DGQLN VLB[VKF QSPNFOMKJWB OD ]D POEB TF QP[JWPN OD]DSRYHÉDM3ODWX
VWFʂBWB [B WSFEOPTU QPMKB SODWD UPH ESVHPH PCKFLUB PEOPTOP UBK FGFLBU KF FLWJWBMFOUBO J[WSØBWBOKV OBSFECF EPEFMF OD]DSODWD
OD]DSODWD
1SFNB UPNF QP[JW PCKFLUOPH NFUPEB SRYHÉDM3ODWX TBESßJ EWB BSHV NFOUB 1SWJ JNQMJDJUOJ BSHVNFOU TF OBMB[J JTQSFE JNFOB NFUPEB J VLB[VKF OB PCKFLBU LMBTF 5DGQLN [B LPKJ TF NFUPE QP[JWB %SVHJ FLTQMJDJUOJ BSHV NFOU TF OBMB[J J[B JNFOB NFUPEB V [BHSBEBNB 1P[OBUP KF EB TF QBSBNFUSJ LPKJ PEHPWBSBKV FLTQMJDJUOJN BSHVNFOUJNB QP[JWB NFUPEB OBWPEF V EFđOJDJKJ NFUPEB 4 ESVHF TUSBOF QBSBNFUBS LPKJ PEHPWBSB JNQMJDJUOPN BSHVNFOUV TF OF OBWPEJ V EFđOJDJKJ NFUPEB BMJ TF NPßF LPSJTUJUJ V TWBLPN NFUPEV /KFHPWB P[OBLB V +BWJ KF TMVßCFOB SFʃ WKLV 6 PWPN TMVʃBKV EBLMF SFʃ WKLV P[OBʃBWB QSPNFOMKJWV LMBTOPH UJQB LPKB V USFOVULV QP[JWB NFUPEB EPCJKB WSFEOPTU SFGFSFODF OB PCKFLBU [B LPKJ KF NFUPE QP[WBO 5P [OBʃJ EB TF SFDJNP V NFUPEV SRYHÉDM3ODWX NPßF QJTBUJ SXEOLF YRLG SRYHÉDM3ODWX GRXEOH SURFHQDW ^ WKLVSODWD
WKLVSODWD SURFHQDW
`
1SJNFUJNP EB KF PWEF SFʃ WKLV V[ QPMKF SODWD OFQPUSFCOB J EB TF QPESB[V NFWB *QBL OFLJ QSPHSBNFSJ VWFL LPSJTUF PWBK TUJM QJTBOKB KFS TF UBLP KBTOP SB[MJLVKV PCKFLUOB QPMKB LMBTF PE MPLBMOJI QSPNFOMKJWJI NFUPEB 1SJMJLPN QP[JWB LPOTUSVLUPSB JNQMJDJUOJ QBSBNFUBS WKLV VLB[VKF OB PCKFLBU LPKJ TF LPOTUSVJØF ;CPH UPHB TF QBSBNFUSJNB LPOTUSVLUPSB ʃFTUP EBKV JTUB JNFOB LPKB JNBKV PCKFLUOB QPMKB LMBTF B V UFMV LPOTUSVLUPSB TF UB QPMKB QJØV TB QSFđLTPN WKLV /B QSJNFS SXEOLF 5DGQLN 6WULQJ LPH ORQJ MPEJ LQW VWDŀ GRXEOH SODWD ^ WKLVLPH
LPH
WKLVMPEJ
MPEJ
WKLVVWDŀ
VWDŀ
4MVßCFOB SFʃ WKLV
WKLVSODWD
SODWD
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EPCJKBKV TF TMFEFʂJ QPEBDJ OB FLSBOV .RQVWUXLVDQ XÏHQLN ,PH
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1SJNFUJNP KPØ EB CJ CJMP QPHSFØOP EB TF V NFUPEV SULNDŀL LMBTF 8ÏH
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QLN QP[JWB OBEKBʃBO NFUPE LMBTF 'HWH CF[ SFʃJ VXSHU JTQSFE NFUPEB SULND ŀL 5P CJ POEB [OBʃJMP EB TF [BQSBWP SFLVS[JWOP QP[JWB NFUPE SULNDŀL LMBTF 8ÏHQLN QB CJ TF EPCJP CFTLPOBʃBO MBOBD QP[JWB UPH NFUPEB 0WBK NBMJ QSJNFS OBTMFʇJWBOKB QPLB[VKF V TUWBSJ HMBWOV QSJNFOV TMV ßCFOF SFʃJ VXSHU V PQØUFN TMVʃBKV /BJNF POB TF LPSJTUJ V TMVʃBKFWJNB LBEB OPWJ NFUPE TB JTUJN QPUQJTPN V LMBTJ OBTMFEOJDJ OF USFCB EB QPUQVOP [B NFOJ GVOLDJPOBMOPTU OBTMFʇFOPH NFUPEB WFʂ OPWJ NFUPE USFCB EB QSPØJSJ GVOLDJPOBMOPTU OBTMFʇFOPH NFUPEB 6 OPWPN NFUPEV TF UBEB NPßF LPSJ TUJUJ TMVßCFOB SFʃ VXSHU [B QP[JWBOKF OBEKBʃBOPH NFUPEB J[ OBTMFʇFOF LMBTF B EPEBUOJN OBSFECBNB TF NPßF QSPØJSJUJ OKFHPWB GVOLDJPOBMOPTU 6 QSFU IPEOPN QSJNFSV KF NFUPE SULNDŀL [B QSJLB[JWBOKF QPEBUBLB P VʃFOJLV QSPØJSJWBP GVOLDJPOBMOPTU NFUPEB SULNDŀL [B QSJLB[JWBOKF QPEBUBLB P EFUFUV 6 QSFUIPEOPN QSJNFSV CJ TF NPHMP QSJHPWPSJUJ EB OJTNP OJ NPSBMJ EB LPSJTUJNP SFʃ VXSHU /BJNF EB TNP EP[WPMJMJ EB QSJTUVQ QPMKJNB LPH J X] UDVW OBTMFʇFOF LMBTF 'HWH CVEF KBWBO JMJ [BØUJʂFO V NFUPEV SULNDŀL QSP ØJSFOF LMBTF 8ÏHQLN NPHMJ CJTNP EB EJSFLOP QSJLBßFNP OKJIPWF WSFEOPTUJ "MJ PCSBUJUF QBßOKV OB UP EB TNP LPSJØʂFOKFN SFʃJ VXSHU V QSFUIPEOPN QSJ NFSV NPHMJ EB QSPØJSJNP GVOLDJPOBMOPTU NFUPEB SULNDŀL LMBTF 8ÏHQLN ʃBL J EB OJTNP [OBMJ LBLP KF OBQJTBO OBEKBʃBO NFUPE V LMBTJ 'HWH " UP KF UJ QJʃOJ TMVʃBK V QSBLTJ KFS QSPHSBNFSJ WSMP ʃFTUP QSPØJSVKV OFʃJKF HPUPWF LMBTF ʃJKJ J[WPSOJ UFLTU OF QP[OBKV JMJ OF NPHV EB NFOKBKV
3BEJ LPNQMFUOPTUJ QPNFOJNP OB LSBKV J NPHVʂOPTU TQSFʃBWBOKB EB OF LJ NFUPE V OBTMFʇFOPK LMBTJ CVEF OBEKBʃBO 5P TF PCF[CFʇVKF OBWPʇFOKFN NPEJđLBUPSB ILQDO V [BHMBWMKV NFUPEB /B QSJNFS SXEOLF ILQDO YRLG QHNL0HWRG ^ `
1PETFUJNP TF EB TF NPEJđLBUPSPN ILQDO [B QSPNFOMKJWF J QPMKB POF NPHVʂBWB QSPNFOB OKJIPWF WSFEOPTUJ OBLPO OKJIPWF JOJDJKBMJ[BDJKF 6 TMV ʃBKV NFUPEB NPEJđLBUPSPN ILQDO TF POFNPHVʂBWB OBEKBʃBWBOKF UBLWPH NFUPEB V CJMP LPKPK LMBTJ LPKB OBTMFʇVKF POV V LPKPK KF NFUPE EFđOJTBO 6 TUWBSJ NPEJđLBUPS ILQDO TF NPßF LPSJTUJUJ J [B LMBTF "LP TF ILQDO OBMB[J V [BHMBWMKV EFđOJDJKF OFLF LMBTF UP [OBʃJ EB TF UB LMBTB OF NPßF OBTMF EJUJ /B QSJNFS
4MVßCFOB SFʃ VXSHU
SXEOLF ILQDO FODVV 1HND.ODVD ^ `
%SVHBʃJKF HMFEBOP ILQDO LMBTB KF LPOBʃOJ [BWSØFUBL HSBOF V TUBCMV OFLF IJKFSBSIJKF LMBTB /B OFLJ OBʃJO ILQDO LMBTB TF NPßF TNBUSBUJ HFOFSBMJ[BDJ KPN ILQDO NFUPEB KFS TWJ OKFOJ NFUPEJ BVUPNBUTLJ QPTUBKV ILQDO NFUPEJ "MJ T ESVHF TUSBOF UP OF WBßJ [B OKFOB QPMKB POB OF EPCJKBKV OJLBLWP EP EBUOP TQFDJKBMOP [OBʃFOKF V ILQDO LMBTJ 3B[MP[J [CPH LPKJI TF PCJʃOP LPSJTUF ILQDO LMBTF J NFUPEJ TV CF[CFE OPTU J PCKFLUOP PSJKFOUJTBOJ EJ[BKO /B QSJNFS BLP TV OFLF LMBTF JMJ NFUPEJ UPMJLP WBßOJ EB CJ OKJIPWP NFOKBOKF NPHMP VHSP[JUJ JTQSBWBO SBE DFMPH QSP HSBNB POEB JI USFCB EFđOJTBUJ TB NPEJđLBUPSPN ILQDO 6QSBWP KF PWP SB[MPH [BØUP TV TUBOEBSEOF LMBTF 6\VWHP J 6WULQJ EFđOJTBOF EB CVEV ILQDO LMBTF %SVHP BLP OFLB LMBTB LPODFQDJKTLJ OFNB TNJTMB EB JNB OBTMFEOJDV POB TF NPßF EFđOJTBUJ EB CVEF ILQDO LMBTB 3B[MPHF [B VQPUSFCV NPEJđ LBUPSB ILQDO V TWBLPN LPOLSFUOPN TMVʃBKV USFCB JQBL EPCSP PENFSJUJ KFS UBK NPEJđLBUPS JNB OFHBUJWJTUJʃLV VMPHV PHSBOJʃBWBOKB QPESB[VNFWBOJI NFIBOJ[BNB V +BWJ
,POTUSVLUPSJ V LMBTBNB OBTMFEOJDBNB ,POTUSVLUPS UFIOJʃLJ OF QSJQBEB LMBTJ QB TF OJ OF NPßF OBTMFEJUJ V LMB TJ OBTMFEOJDJ 5P [OBʃJ EB BLP OJKFEBO LPOTUSVLUPS OJKF EFđOJTBO V LMBTJ OBTMFEOJDJ UPK LMBTJ TF EPEBKF QPESB[VNFWBOJ LPOTUSVLUPS CF[ PC[JSB OB LPOTUSVLUPSF V OBTMFʇFOPK LMBTJ %SVHJN SFʃJNB BLP TF ßFMJ OFLJ QPTFCBO LPOTUSVLUPS V LMBTJ OBTMFEOJDJ PO TF NPSB QJTBUJ PE QPʃFULB 5P NPßF QSFETUBWMKBUJ QSPCMFN VLPMJLP USFCB QPOPWJUJ TWF JOJDJKBMJ[BDJ KF POPH EFMB LPOTUSVJTBOPH PCKFLUB LMBTF OBTMFEOJDF LPKF PCBWMKB LPOTUSVL UPS OBTMFʇFOF LMBTF 5P NPßF CJUJ J OFNPHVʂ [BEBUBL VLPMJLP OJTV QP[OBUJ EFUBMKJ SBEB LPOTUSVLUPSB OBTMFʇFOF LMBTF KFS J[WPSOJ UFLTU OBTMFʇFOF LMBTF OJKF EPTUVQBO
JMJ LPOTUSVLUPS OBTMFʇFOF LMBTF JOJDJKBMJ[VKF QSJWBUOB QPMKB OBTMFʇFOF LMBTF 3FØFOKF PWPH QSPCMFNB TF TBTUPKJ V NPHVʂOPTUJ QP[JWBOKB LPOTUSVLUPSB OBTMFʇFOF LMBTF VQPUSFCPN TMVßCFOF SFʃJ VXSHU 0WB NPHVʂOPTU KF QPWF [BOB TB VMPHPN SFʃJ VXSHU [B QP[JWBOKF OBEKBʃBOPH NFUPEB OBTMFʇFOF LMBTF V TNJTMV EB TF QP[JWB LPOTUSVLUPS OBTMFʇFOF LMBTF .FʇVUJN OBʃJO QP[JWB OKB LPOTUSVLUPSB OBTMFʇFOF LMBTF KF ESVHBʃJKJ PE VPCJʃBKFOPH QP[JWB OBEKB
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ʃBOPH NFUPEB KFS TF OJ LPOTUSVLUPSJ OF QP[JWBKV LBP PTUBMJ NFUPEJ 1P[JW LPOTUSVLUPSB OBTMFʇFOF LMBTF V PQØUFN PCMJLV J[HMFEB LBP EB KF SFʃ VXSHU JNF UPH NFUPEB JBLP POB UP OJKF VXSHU OLVWDDUJXPHQDWD
1SJNFUJNP EB KF OB PWBK OBʃJO V LPOTUSVLUPSV LMBTF 8ÏHQLN QSFUIPEOPH QSJNFSB QP[WBO LPOTUSVLUPS OBTMFʇFOF LMBTF 'HWH SBEJ JOJDJKBMJ[BDJKF QPMKB LPH J X]UDVW LPOTUSVJTBOPH PCKFLUB LMBTF 8ÏHQLN VXSHU LPHX]UDVW
0CSBUJUF QBßOKV OB UP EB QP[JW LPOTUSVLUPSB OBTMFʇFOF LMBTF VQPUSF CPN SFʃJ VXSHU NPSB CJUJ QSWB OBSFECB V LPOTUSVLUPSV LMBTF OBTMFEOJDF 3BEJ QPUQVOPTUJ OBQPNFOJNP J EB BLP TF LPOTUSVLUPS OBTMFʇFOF LMBTF OF QP[JWB FLTQMJDJUOP OB PWBK OBʃJO POEB TF BVUPNBUTLJ QP[JWB QPESB[VNFWB OJ LPOTUSVLUPS OBTMFʇFOF LMBTF CF[ BSHVNFOBUB 6 TUWBSJ QPUQVO QPTUVQBL [B NFʇVTPCOP QP[JWBOKF LPOTUSVLUPSB J JOJ DJKBMJ[BDJKV PCKFLUOJI QPMKB QSJMJLPN LPOTUSVJTBOKB OFLPH PCKFLUB PQFSBUP SPN QHZ TBTUPKJ TF PE PWJI LPSBLB r "LP KF QSWB OBSFECB QP[WBOPH LPOTUSVLUPSB PCJʃOB OBSFECB PEOP TOP OJKF QP[JW ESVHPH LPOTUSVLUPSB QPNPʂV TMVßCFOJI SFʃJ WKLV JMJ VXSHU JNQMJDJUOP TF EPEBKF QP[JW VXSHU SBEJ QP[JWBOKB QPESB[V NFWBOPH LPOTUSVLUPSB OBTMFʇFOF LMBTF CF[ BSHVNFOBUB 1PTMF [BWS ØFULB UPH QP[JWB TF JOJDJKBMJ[VKV PCKFLUOB QPMKB J OBTUBWMKB TF TB J[WSØB WBOKFN BLUVFMOPH LPOTUSVLUPSB r "LP QSWB OBSFECB QP[WBOPH LPOTUSVLUPSB KFTUF QP[JW LPOTUSVLUPSB OBTMFʇFOF LMBTF QPNPʂV TMVßCFOF SFʃJ VXSHU QP[JWB TF UBK LPOTUSVL UPS OBTMFʇFOF LMBTF 1PTMF [BWSØFULB UPH QP[JWB TF JOJDJKBMJ[VKV PCKFLU OB QPMKB J OBTUBWMKB TF TB J[WSØBWBOKFN BLUVFMOPH LPOTUSVLUPSB r "LP QSWB OBSFECB QP[WBOPH LPOTUSVLUPSB KFTUF QP[JW QSFPQUFSFʂF OPH LPOTUSVLUPSB QPNPʂV TMVßCFOF SFʃJ WKLV POEB TF QP[JWB PEHP WBSBKVʂJ QSFPQUFSFʂFOJ LPOTUSVLUPS LMBTF 1PTMF [BWSØFULB UPH QP[JWB TF PENBI OBTUBWMKB TB J[WSØBWBOKFN BLUVFMOPH LPOTUSVLUPSB 1P[JW LPOTUSVLUPSB OBTMFʇFOF LMBTF TF J[WSØBWB VOVUBS QSFPQUFSFʂFOPH LPO TUSVLUPSB CJMP FLTQMJDJUOP JMJ JNQMJDJUOP UBLP EB TF J JOJDJKBMJ[BDJKB PCKFLUOJI QPMKB OBTMFʇFOF LMBTF UBNP [BWSØBWB
,MBTB 2EMHFW
,MBTB 2EMHFW (MBWOB PEMJLB PCKFLUOP PSJKFOUJTBOPH QSPHSBNJSBOKB KF NPHVʂOPTU OB TMFʇJWBOKB LMBTB J EFđOJTBOKB OPWF LMBTF OB PTOPWV QPTUPKFʂF LMBTF /PWB LMBTB OBTMFʇVKF TWF BUSJCVUF J NPHVʂOPTUJ QPTUPKFʂF LMBTF BMJ JI NPßF NPEJ đLPWBUJ JMJ EPEBUJ OPWF 0CKFLUOP PSJKFOUJTBOJ KF[JL +BWB KF LBSBLUFSJTUJʃBO QP UPNF ØUP TBESßJ TQFDJKBMOV LMBTV 2EMHFW LPKB TF OBMB[J OB WSIV PHSPNOF IJKFSBSIJKF LMBTB LP KB PCVIWBUB TWF ESVHF LMBTF V +BWJ ,MBTB 2EMHFW EFđOJØF PTOPWOF NPHVʂOP TUJ LPKF NPSBKV JNBUJ TWJ PCKFLUJ QSPWFSBWBOKF KFEOBLPTUJ PCKFLUB TB ESVHJN PCKFLUJNB HFOFSJTBOKF KFEJOTUWFOPH LPEOPH CSPKB PCKFLUB LPOWFSUPWBOKB PCKFLUB V TUSJOH LMPOJSBOKF PCKFLUB J UBLP EBMKF 4UBCMP OBTMFʇJWBOKB V +BWJ KF PSHBOJ[PWBOP UBLP EB TWBLB LMBTB PTJN TQF DJKBMOF LMBTF 2EMHFW KFTUF EJSFLUOB JMJ JOEJSFLUOB OBTMFEOJDB OFLF LMBTF /BJNF OFLB LMBTB LPKB OJKF FLTQMJDJUOP EFđOJTBOB LBP OBTMFEOJDB ESVHF LMB TF BVUPNBUTLJ QPTUBKF OBTMFEOJDB LMBTF 2EMHFW 5P [OBʃJ EB EFđOJDJKB TWBLF LMBTF LPKB OF TBESßJ SFʃ H[WHQGV OB QSJNFS SXEOLF FODVV 1HND.ODVD ^ `
QPUQVOP KF FLWJWBMFOUOB TB SXEOLF FODVV 1HND.ODVD H[WHQGV 2EMHFW ^ `
,BLP KF TWBLB LMBTB V +BWJ OBTMFEOJDB LMBTF 2EMHFW UP QSFNB QSJODJQV QPEUJQB [OBʃJ EB QSPNFOMKJWB EFLMBSJTBOPH UJQB 2EMHFW NPßF [BQSBWP TBES ßBUJ SFGFSFODV OB PCKFLBU CJMP LPH UJQB 0WB ʃJOKFOJDB KF JTLPSJØʂFOB V +BWJ [B SFBMJ[BDJKV TUBOEBSEOJI TUSVLUVSB QPEBUBLB LPKF TV EFđOJTBOF UBLP EB TB ESßF FMFNFOUF UJQB 2EMHFW "MJ LBLP KF TWBLJ PCKFLBU VKFEOP J JOTUBODB LMBTF 2EMHFW PWF TUSVLUVSF QPEBUBLB NPHV [BQSBWP TBESßBUJ PCKFLUF QSPJ[WPMK OPH UJQB 6 LMBTJ 2EMHFW KF EFđOJTBOP OFLPMJLP PCKFLUOJI NFUPEB LPKJ OBTMFʇJWB OKFN QPTUBKV EFP TWBLF LMBTF 0WJ NFUPEJ TF [BUP NPHV CF[ J[NFOB LPSJTUJUJ V TWBLPK LMBTJ BMJ TF NPHV J OBEKBʃBUJ VLPMJLP OKJIPWB PTOPWOB GVOLDJPOBM OPTU OJKF PEHPWBSBKVʂB 6 OBTUBWLV TV QPNFOVUJ TBNP POJ NFUPEJ J[ LMBTF 2EMHFW LPKJ TV LPSJTOJ [B KFEOPTUBWOJKF QSJNFOF PTUBMJ NFUPEJ TF LPSJTUF [B TMPßFOJKF WJØFOJUOF QSPHSBNF J OKJIPW PQJT TF NPßF OBʂJ V [WBOJʃOPK EP LVNFOUBDJKJ KF[JLB +BWB
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HTXDOV
.FUPE HTXDOV WSBʂB MPHJʃLV WSFEOPTU UBʃOP JMJ OFUBʃOP QSFNB UPNF EB MJ KF OFLJ PCKFLBU LPKJ KF OBWFEFO LBP BSHVNFOU NFUPEB KFEOBL POPN PCKFLUV [B LPKJ KF NFUPE QP[WBO 1SFDJ[OJKF BLP TV R J R QSPNFOMKJWF LMBTOPH UJQB 2EMHFW V LMBTJ 2EMHFW KF NFUPE HTXDOV EFđOJTBO UBLP EB KF RHTXDOV R FLWJWBMFOUOP TB R R 0WBK NFUPE EBLMF KFEOPTUBWOP QSPWFSBWB EB MJ EWF QSPNFOMKJWF LMBTOPH UJQB 2EMHFW VLB[VKV OB JTUJ PCKFLBU 0WBK QPKBN KFEOBLPTUJ EWB PCKFLUB OFLF ESVHF LPOLSFUOJKF LMBTF PCJʃOP OJKF PEHPWBSBKVʂJ QB V UPK LMBTJ USFCB OBEKBʃBUJ PWBK NFUPE SBEJ SFBMJ[BDJKF QPKNB KFEOBLPTUJ OKFOJI PCKFLBUB /B QSJNFS EWB EFUFUB QSFETUBWMKFOB LMBTPN 'HWH J[ QSFUIPEOPH PEFMKLB NPHV TF TNBUSBUJ KFEOBLJN VLPMJLP JNBKV JTUP JNF J V[SBTU ;BUP V LMBTJ 'HWH USFCB OBEKBʃBUJ PTOPWOJ NFUPE HTXDOV OB TMFEFʂJ OBʃJO SXEOLF ERROHDQ HTXDOV 2EMHFW R ^ LI R
QXOO __ R LQVWDQFHRI 'HWH
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'HWH R GUXJR'HWHLPH
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GUXJR'HWHX]UDVW
'UXJR GHWH LPD LVWR LPH L X]UDVW NDR RYR GHWH SD VH SRGUD]XPHYD GD VX WD GHFD MHGQDNL REMHNWL UHWXUQ WUXH HOVH UHWXUQ IDOVH `
%SVHJ QSJNFS KF NFUPE HTXDOV V TUBOEBSEOPK LMBTJ 6WULQJ LPKJN TF EWB TUSJOHB LMBTF 6WULQJ TNBUSBKV KFEOBLJN VLPMJLP TF TBTUPKF PE UBʃOP JTUJI OJ[PWB [OBLPWB V JTUPN SFEPTMFEV 6WULQJ LPH
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LI LPHHTXDOV NRULVQLÏNR,PH ORJLQ NRULVQLÏNR,PH
,MBTB 2EMHFW
0CSBUJUF QBßOKV OB UP EB PWP OJKF MPHJʃLJ FLWJWBMFOUOP TB PWJN UFTUPN LI LPH
NRULVQLÏNR,PH
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0WPN LI OBSFECPN TF QSPWFSBWB EB MJ EWF QSPNFOMKJWF LMBTOPH UJQB 6WULQJ VLB[VKV OB JTUJ TUSJOH ØUP KF EPWPMKOP BMJ OJKF OFPQIPEOP EB EWB TUSJOHB CVEV KFEOBLB KDVK&RGH
.FUPE KDVK&RGH LBP SF[VMUBU EBKF LPEOJ CSPK PCKFLUB [B LPKJ TF QP [JWB 0WBK tOBTVNJʃOP J[BCSBOu DFP CSPK LPKJ NPßF CJUJ OFHBUJWBO TMVßJ [B JEFOUJđLBDJKV PCKFLUB J QPQVMBSOP TF OB[JWB OKFHPW IFØ LÔE )FØ LPEPWJ TF LPSJTUF [B SBE TB PCKFLUJNB V UBLP[WBOJN IFØ UBCFMBNB 5P TV OBSPʃJUF TUSVLUVSF QPEBUBLB LPKF PNPHVʂBWBKV FđLBTOP ʃVWBOKF J OBMBßFOKF PCKFLB UB 0TOPWOJ NFUPE KDVK&RGH V LMBTJ 2EMHFW QSPJ[WPEJ KFEJOTUWFO IFØ LÔE [B TWBLJ PCKFLBU %SVHJN SFʃJNB KFEOBLJ PCKFLUJ JNBKV JTUJ IFØ LÔE J SB[MJʃJUJ PCKFLUJ JNBKV SB[MJʃJUF IFØ LÔEPWF 1SJ UPNF TF QPE KFEOBLPØʂV PCKFLBUB QPESB[VNFWB POB KFEOBLPTU LPKV SFBMJ[VKF NFUPE HTXDOV LMB TF 2EMHFW ;CPH UPHB VLPMJLP TF V OFLPK LMBTJ OBEKBʃBWB NFUPE HTXDOV NPSB TF OBEKBʃBUJ J NFUPE KDVK&RGH 6TMPW LPKJ OBEKBʃBOB WFS[JKB NFUP EB KDVK&RGH NPSB [BEPWPMKJUJ SBEJ JTQSBWOF SFBMJ[BDJKF IFØ UBCFMB EPOF LMF KF PTMBCMKFO V PEOPTV OB POBK LPKJ [BEPWPMKBWB QPESB[VNFWBOB WFS[JKB LMBTF 2EMHFW /BJNF OPWP KFEOBLJ PCKFLUJ NPSBKV JNBUJ JTUJ IFØ LÔE BMJ SB[MJʃJUJ PCKFLUJ OF NPSBKV EPCJUJ SB[MJʃJU IFØ LÔE WR6WULQJ
.FUPE WR6WULQJ LBP SF[VMUBU EBKF TUSJOH PCKFLBU UJQB 6WULQJ LPKJ QSFETUBWMKB PCKFLBU [B LPKJ KF NFUPE QP[WBO ;OBʃBK NFUPEB WR6WULQJ TF TBTUPKJ V UPNF ØUP VLPMJLP TF OFLJ PCKFLBU LPSJTUJ V LPOUFLTUV V LPKFN TF PʃFLVKF TUSJOH SFDJNP LBEB TF PCKFLBU QSJLB[VKF OB FLSBOV POEB TF UBK PCKFLBU BVUPNBUTLJ LPOWFSUVKF V TUSJOH QP[JWBOKFN NFUPEB WR6WULQJ 7FS[JKB NFUPEB WR6WULQJ LPKB KF EFđOJTBOB V LMBTJ 2EMHFW [B PCKFLBU [B LPKJ KF PWBK NFUPE QP[WBO QSPJ[WPEJ TUSJOH LPKJ TF TBTUPKJ PE JNFOB LMBTF
/ĮŁĹIJ̎ĶńĮĻķIJ ĸĹĮŁĮ
LPKPK UBK PCKFLBU QSJQBEB [BUJN [OBLB # J OB LSBKV IFØ LPEB UPH PCKFLUB V IFLTBEFLBEOPN [BQJTV /B QSJNFS BLP QSPNFOMKJWB NOLQDF VLB[VKF OB OF LJ PCKFLBU LMBTF 'HWH J[ QSFUIPEOPH PEFMKLB POEB CJ TF LBP SF[VMUBU QP[JWB NOLQDFWR6WULQJ
EPCJP TUSJOH PCMJLB 'HWH#I 1PØUP PWP OJKF NOPHP LPSJTOP V TPQTUWFOJN LMBTBNB USFCB EFđOJTBUJ OPW NFUPE WR6WULQJ LPKJ ʂF OBEKB ʃBUJ PWV OBTMFʇFOV WFS[JKV /B QSJNFS V LMBTJ 'HWH J[ QSFUIPEOPH PEFMKLB NPßF TF EPEBUJ TMFEFʂJ NFUPE SXEOLF 6WULQJ WR6WULQJ ^ UHWXUQ LPH X]UDVW `
.FUPE WR6WULQJ TF BVUPNBUTLJ QP[JWB [B LPOWFSUPWBOKF PCKFLUB V TUSJOH VLPMJLP TF OFLJ PCKFLBU LPSJTUJ V LPOUFLTUV V LPKFN TF PʃFLVKF TUSJOH /B QSJNFS J[WSØBWBOKFN QSPHSBNTLPH GSBHNFOUB 'HWH NOLQDF
QHZ 'HWH $FD
6\VWHPRXWSULQW 0RM PDOL MH NOLQDF 6\VWHPRXWSULQWOQ OMXEL JD PDMND
OB FLSBOV TF QSJNFOPN QSFUIPEOPH OBEKBʃBOPH NFUPEB WR6WULQJ EPCJ KB SF[VMUBU 0RM PDOL MH $FD OMXEL JD PDMND
FORQH
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*BLP TF OBCSPKJWF LPOTUBOUF UFIOJʃLJ TNBUSBKV EB TV PCKFLUJ QSJNFUJNP EB TF V LI OBSFECJ OF LPSJTUJ NFUPE HTXDOV OFHP PQFSBUPS 5P KF [B UP ØUP TWBLJ OBCSPKJWJ UJQ JNB đLTOF VOBQSFE QP[OBUF JOTUBODF J [BUP KF [B QSPWFSV OKJIPWF KFEOBLPTUJ EPWPMKOP VQPSFEJUJ OKJIPWF SFGFSFODF 1SJNFUJ NP JTUP UBLP EB TF ESVHJN NFUPEPN SULQWOQ QSJLB[VKF TBNP QSPTUP JNF LPOTUBOUF OBCSPKJWPH UJQB CF[ QSFđLTB *RGLģQMH'RED /BCSPKJWJ UJQ KF [BQSBWP LMBTB B TWBLB LPOTUBOUB OBCSPKJWPH UJQB KF SX EOLF ILQDO VWDWLF QPMKF UF LMBTF JBLP TF OBCSPKJWF LPOTUBOUF OF QJØV TB PWJN NPEJđLBUPSJNB 7SFEOPTUJ PWJI QPMKB TV SFGFSFODF OB PCKFLUF LPKJ QSJQBEB KV LMBTJ OBCSPKJWPH UJQB B KFEBO UBLBW PCKFLBU PEHPWBSB TWBLPK OBCSPKJWPK LPOTUBOUJ 5P TV KFEJOJ PCKFLUJ LMBTF OBCSPKJWPH UJQB J OPWJ TF OJLBLP OF NP HV LPOTUSVJTBUJ 1SFNB UPNF PWJ PCKFLUJ QSFETUBWMKBKV NPHVʂF WSFEOPTUJ OBCSPKJWPH UJQB B OBCSPKJWF LPOTUBOUF TV QPMKB LPKF VLB[VKV OB UF PCKFLUF 1PØUP TF UFIOJʃLJ QPESB[VNFWB EB OBCSPKJWJ UJQPWJ QSFETUBWMKBKV LMBTF POJ QPSFE OBCSPKJWJI LPOTUBOUJ NPHV TBESßBUJ QPMKB NFUPEF J LPOTUSVLUPSF LBP J PCJʃOF LMBTF /BSBWOP LPOTUSVLUPSJ TF KFEJOP QP[JWBKV LBEB TF LPO TUSVJØV PCKFLUJLPOTUBOUF LPKF TV OBWFEFOF LBP WSFEOPTUJ OBCSPKJWJI UJQP WB 6LPMJLP OBCSPKJWJ UJQ TBESßJ EPEBUOF ʃMBOPWF POJ TF OBWPEF J[B MJTUF LPOTUBOUJ LPKB TF NPSB [BWSØJUJ UBʃLPN[BQFUPN /B QSJNFS SXEOLF HQXP *RGLģQMH'RED ^ 352/(È( 3 /(72 / -(6(1 - =,0$ = SULYDWH FKDU VNUDÉHQLFD
SROMH
SULYDWH *RGLģQMH'RED FKDU VNUDÉHQLFD ^
NRQVWUXNWRU
WKLVVNUDÉHQLFD
VNUDÉHQLFD
` SXEOLF FKDU JHW6NUDÉHQLFD ^
JHWHU PHWRG
UHWXUQ VNUDÉHQLFD ` `
4WJ OBCSPKJWJ UJQPWJ OBTMFʇVKV KFEOV LMBTV (QXP J [BUP TF V SBEV T OKJNB NPHV LPSJTUJUJ NFUPEJ LPKJ TV EFđOJTBOJ V LMBTJ (QXP /BKLPSJTOJKJ PE OKJI KF NFUPE WR6WULQJ LPKJ WSBʂB JNF OBCSPKJWF LPOTUBOUF V PCMJLV TUSJOHB
/BCSPKJWJ UJQPWJ
/B QSJNFS PRGQD6H]RQD
*RGLģQMH'RED/(72
6\VWHPRXWSULQWOQ PRGQD6H]RQD
6 ESVHPN SFEV PWPH GSBHNFOUB V OBSFECJ SULQWOQ LBP J [B TWBLV QSPNFO MKJWV LMBTOPH UJQB JNQMJDJUOP TF QP[JWB NFUPE PRGQD6H]RQDWR6WULQJ J EPCJKB TF LBP SF[VMUBU TUSJOH /(72 LPKJ TF OB FLSBOV QSJLB[VKF CF[ OBWPE OJLB 0CSOVUV GVOLDJKV NFUPEB WR6WULQJ V LMBTJ (QXP PCBWMKB TUBUJʃLJ NF UPE YDOXH2I ʃJKF KF [BHMBWMKF VWDWLF (QXP YDOXH2I &ODVV QDEURMLYLWLS 6WULQJ NRQVWDQWD
.FUPE YDOXH2I LBP SF[VMUBU WSBʂB OBCSPKJWV LPOTUBOUV EBUPH OBCSP KJWPH UJQB TB EBUJN JNFOPN V PCMJLV TUSJOHB /B QSJNFS 6FDQQHU WDVWDWXUD
QHZ 6FDQQHU 6\VWHPLQ
6\VWHPRXWSULQW 8QHVLWH JRGLģQMH GRED 6WULQJ J PRGQD6H]RQD
WDVWDWXUDQH[W/LQH *RGLģQMH'RED (QXPYDOXH2I *RGLģQMH'REDFODVV JWR8SSHU&DVH
6LPMJLP TF QSJMJLPN J[WSØBWBOKB PWPH QSPHSBNTLPH GSBHNFOUB QSFLP UBTUB UVSF VOFTF TUSJOH ]LPD QSPNFOMKJWB PRGQD6H]RQD LBP WSFEOPTU EPCJKB OB CSPKJWV LPOTUBOUV *RGLģQMH'RED=,0$ 0CKFLUOJ NFUPE RUGLQDO V LMBTJ (QXP LBP SF[VMUBU EBKF SFEOJ CSPK OB CSPKJWF LPOTUBOUF CSPKFʂJ PE OVMF V MJTUJ LPOTUBOUJ OBWFEFOJI V EFđOJDJKJ OBCSPKJWPH UJQB /B QSJNFS *RGLģQMH'RED352/(È(RUGLQDO EBKF WSFE OPTU UJQB LQW *RGLģQMH'RED/(72RUGLQDO EBKF WSFEOPTU UJQB LQW J UBLP EBMKF /BK[BE TWBLJ OBCSPKJWJ UJQ JNB TUBUJʃLJ NFUPE YDOXHV LPKJ LBP SF[VM UBU WSBʂB OJ[ TWJI WSFEOPTUJ OBCSPKJWPH UJQB /B QSJNFS OJ[ JG PE ʃFUJSJ FMFNFOUB TB WSFEOPTUJNB *RGLģQMH'RED352/(È( *RGLģQMH'RED/(72 *RGLģQMH'RED-(6(1 *RGLģQMH'RED=,0$
1ļŁIJįĻIJ ĸĹĮŁIJ Ķ ĶĻłIJŀijIJķŁĶ
NPßF TF EFđOJTBUJ OB TMFEFʂJ OBʃJO *RGLģQMH'RED>@ JG
*RGLģQMH'REDYDOXHV
.FUPE YDOXHV TF ʃFTUP LPSJTUJ V QBSV TB IRUHDFK QFUMKPN LBEB KF QPUSFCOP PCSBEJUJ TWF LPOTUBOUF OBCSPKJWPH UJQB /B QSJNFS J[WSØBWBOKFN PWPH QSPHSBNTLPH GSBHNFOUB HQXP 'DQ ^ 321('(/-$. 8725$. 65('$ Î(7957$. 3(7$. 68%27$ 1('(/-$` IRU 'DQ G 'DQYDOXHV ^ 6\VWHPRXWSULQW G 6\VWHPRXWSULQW MH GDQ SRG UHGQLP EURMHP 6\VWHPRXWSULQWOQ GRUGLQDO `
OB FLSBOV TF LBP SF[VMUBU EPCJKB 321('(/-$. MH GDQ SRG UHGQLP EURMHP 8725$. MH GDQ SRG UHGQLP EURMHP 65('$ MH GDQ SRG UHGQLP EURMHP Î(7957$. MH GDQ SRG UHGQLP EURMHP 3(7$. MH GDQ SRG UHGQLP EURMHP 68%27$ MH GDQ SRG UHGQLP EURMHP 1('(/-$ MH GDQ SRG UHGQLP EURMHP
/BCSPKJWJ UJQPWJ TF NPHV LPSJTUJUJ J V QBSV TB OBSFECPN VZLWFK 1SFDJ [OJKF J[SB[ V OBSFECJ VZLWFK NPßF CJUJ OBCSPKJWPH UJQB ,POTUBOUF V[ LMB V[VMF FDVH POEB NPSBKV CJUJ OBCSPKJWF LPOTUBOUF PEHPWBSBKVʂFH UJQB QSJ ʃFNV TF NPSBKV QJTBUJ OKJIPWB QSPTUB JNFOB B OF QVOB /B QSJNFS VZLWFK PRGQD6H]RQD ^ FDVH 352/(È(
SRJUHģQR MH *RGLģQMH'RED352/(È(
6\VWHPRXWSULQWOQ .USLFH ]D PDUW DSULO L PDM EUHDN FDVH /(72 6\VWHPRXWSULQWOQ .USLFH ]D MXQ MXO L DYJXVW EUHDN FDVH -(6(1 6\VWHPRXWSULQWOQ .USLFH ]D VHSW RNW L QRY
"QTUSBLUOF LMBTF
EUHDN FDVH =,0$ 6\VWHPRXWSULQWOQ .USLFH ]D GHF MDQ L IHE EUHDN `
"QTUSBLUOF LMBTF %B CJTNP CPMKF SB[VNFMJ BQTUSBLUOF LMBTF SB[NPUSJNP KFEBO QSPHSBN LPKJ TMVßJ [B DSUBOKF SB[OJI HFPNFUSJKTLJI PCMJLB OB FLSBOV NFʇV LPKJNB TV NPHVʂJ USPVHMPWJ QSBWPVHBPOJDJ J LSVHPWJ 1SJNFS PCKFLBUB PWPH QSPHSB NB KF QSJLB[BO OB TMJDJ
4MJLB (FPNFUSJKTLJ PCMJDJ QSPHSBNB [B DSUBOKF /BLPO BOBMJ[F QSPCMFNB J JNBKVʂJ V WJEV PCKFLUOP PSJKFOUJTBOJ QSJTUVQ SFDJNP EB KF J[BCSBOP EB TF EFđOJØV USJ LMBTF 7URXJDR 3UDYRXJDRQLN J .UXJ LPKF ʂF QSFETUBWMKBUJ USJ UJQB NPHVʂJI HFPNFUSJKTLJI PCMJLB V QSPHSBNV 1P SFE UPHB PWF USJ LMBTF ʂF OBTMFʇJWBUJ [BKFEOJʃLV LMBTV *HRP2EOLN V LPKPK TV EFđOJTBOB [BKFEOJʃLB TWPKTUWB LPKF QPTFEVKV TWB USJ PCMJLB ,MBTOJN EJKB HSBNPN OB TMJDJ QSJLB[BOP KF TUBCMP OBTMFʇJWBOKB LMBTF *HRP2EOLN ;BKFEOJʃLB LMBTB *HRP2EOLN NPßF JNBUJ J[NFʇV PTUBMPH PCKFLUOB QP MKB [B CPKV QP[JDJKV OB FLSBOV J WFMJʃJOV OFLPH HFPNFUSJKTLPH PCMJLB LBP J PCKFLUOJ NFUPE [B DSUBOKF PESFʇFOPH HFPNFUSJKTLPH PCMJLB /B QSJNFS SXEOLF FODVV *HRP2EOLN ^ 2SģWD SROMD L PHWRGL JHRPHWULMVNRJ REOLND
1ļŁIJįĻIJ ĸĹĮŁIJ Ķ ĶĻłIJŀijIJķŁĶ
*HRP2EOLN
7URXJDR
3UDYRXJDRQLN
.UXJ
4MJLB )JKFSBSIJKB LMBTB HFPNFUSJKTLJI PCMJLB
SXEOLF YRLG QDFUWDM ^ 1DUHGEH ]D FUWDQMH JHRPHWULMVNRJ REOLND ` `
1PTUBWMKB TF QJUBOKF LBLP OBQJTBUJ NFUPE QDFUWDM V LMBTJ *HRP2EOLN 1SPCMFN KF V UPNF ØUP TF TWBLJ UJQ HFPNFUSJKTLJI PCMJLB DSUB OB ESVHBʃJKJ OBʃJO 5P QSBLUJʃOP [OBʃJ EB TWBLB LMBTB [B USPVHMPWF QSBWPVHBPOJLF J LSV HPWF NPSB JNBUJ TPQTUWFOJ NFUPE QDFUWDM LPKJ OBEKBʃBWB WFS[JKV UPH NF UPEB V LMBTJ *HRP2EOLN SXEOLF FODVV 7URXJDR H[WHQGV *HRP2EOLN ^ 2VWDOD SROMD L PHWRGL SXEOLF YRLG QDFUWDM ^ 1DUHGEH ]D FUWDQMH WURXJOD ` ` SXEOLF FODVV 3UDYRXJDRQLN H[WHQGV *HRP2EOLN ^ 2VWDOD SROMD L PHWRGL
"QTUSBLUOF LMBTF
SXEOLF YRLG QDFUWDM ^ 1DUHGEH ]D FUWDQMH SUDYRXJDRQLND ` ` SXEOLF FODVV .UXJ H[WHQGV *HRP2EOLN ^ 2VWDOD SROMD L PHWRGL SXEOLF YRLG QDFUWDM ^ 1DUHGEH ]D FUWDQMH NUXJD ` `
"LP KF EFđOJTBOB QSPNFOMKJWB LMBTOPH UJQB *HRP2EOLN OB QSJNFS *HRP2EOLN REOLN
POEB QSPNFOMKJWB REOLN V QSPHSBNV NPßF VLB[JWBUJ QSFNB QSJODJQV QPE UJQB OB PCKFLBU TWBLPH PE QPEUJQPWB 7URXJDR 3UDYRXJDRQLN JMJ .UXJ 5P LPN J[WSØBWBOKB QSPHSBNB WSFEOPTU QSPNFOMKJWF REOLN TF NPßF NFOKBUJ J POB NPßF ʃBL VLB[JWBUJ OB PCKFLUF PWJI SB[MJʃJUJI UJQPWB V SB[MJʃJUPN USF OVULV "MJ [CPH QPMJNPSđ[NB LBEB TF J[WSØBWB OBSFECB QP[JWB REOLNQDFUWDM
POEB TF QP[JWB NFUPE QDFUWDM J[ PEHPWBSBKVʂF LMBTF LPKPK QSJQBEB PCKF LBU OB LPKJ USFOVUOP VLB[VKF QSPNFOMKJWB REOLN 1SJNFUJNP EB TF TBNP OB PTOPWV UFLTUB QSPHSBNB OF NPßF SFʂJ LPKJ ʂF TF HFPNFUSJKTLJ PCMJL OBDSUBUJ QSFUIPEOPN OBSFECPN KFS UP [BWJTJ PE UJQB PCKFLUB OB LPKJ VLB[VKF QSP NFOMKJWB REOLN V USFOVULV J[WSØBWBOKB UF OBSFECF "MJ POP ØUP KF CJUOP KF EB NFIBOJ[BN EJOBNJʃLPH WF[JWBOKB NFUPEB V +BWJ PCF[CFʇVKF EB TF QP[P WF QSBWJ NFUPE QDFUWDM J UBLP OBDSUB PEHPWBSBKVʂJ HFPNFUSJKTLJ PCMJL OB FLSBOV 0WP ØUP KF EP TBEB SFʃFOP JQBL OJKF PEHPWPSJMP OB OBØF QPMB[OP QJUBOKF
1ļŁIJįĻIJ ĸĹĮŁIJ Ķ ĶĻłIJŀijIJķŁĶ
LBLP OBQJTBUJ NFUPE QDFUWDM V LMBTJ *HRP2EOLN PEOPTOP ØUB V OKFNV USF CB VSBEJUJ [B DSUBOKF PQØUFH HFPNFUSJKTLPH PCMJLB 0EHPWPS KF [BQSBWP WSMP KFEOPTUBWBO NFUPE QDFUWDM V LMBTJ *HRP2EOLN OF USFCB EB SBEJ OJØUB ,MBTB *HRP2EOLN TMVßJ TBNP [B QSFETUBWMKBOKF HFPNFUSJKTLJI PCMJLB V PQ ØUFN TNJTMV J [BUP OF QPTUPKJ OBʃJO EB TF OBDSUB OFØUP ØUP OJKF QPUQVOP QP [OBUP 4BNP TQFDJđʃOJ LPOLSFUOJ PCMJDJ LBP ØUP TV USPVHMPWJ QSBWPVHBP OJDJ J LSVHPWJ NPHV EB TF OBDSUBKV "MJ BLP NFUPE QDFUWDM V LMBTJ *HR P2EOLN OF USFCB EB SBEJ OJØUB UP POEB PUWBSB QJUBOKF [BØUP VPQØUF NPSBNP JNBUJ UBK NFUPE V LMBTJ *HRP2EOLN .FUPE QDFUWDM OF NPßF TF QSPTUP J[PTUBWJUJ J[ LMBTF *HRP2EOLN KFS POEB [B QSPNFOMKJWV REOLN UJQB *HRP2EOLN OBSFECB QP[JWB REOLNQDFUWDM
OF CJ CJMB JTQSBWOB 5P KF [BUP ØUP CJ TF QSJMJLPN QSFWPʇFOKB QSPHSBNB QSP WFSBWBMP EB MJ LMBTB *HRP2EOLN LPKB KF EFLMBSJTBOJ UJQ QSPNFOMKJWF REOLN TBESßJ NFUPE QDFUWDM "LP UP OJKF TMVʃBK QSFWPʇFOKF OF CJ VTQFMP J OF CJ TF EPCJMB J[WSØOB WFS[JKB QSPHSBNB 4 ESVHF TUSBOF WFS[JKB NFUPEB QDFUWDM J[ LMBTF *HRP2EOLN TF V QSP HSBNV OFʂF OJLBE OJ QP[JWBUJ /BJNF BLP TF CPMKF SB[NJTMJ V QSPHSBNV OF QPTUPKJ QPUSFCB EB TF JLBE LPOTUSVJØF TUWBSOJ PCKFLBU UJQB *HRP2EOLN *NB SF [POB EB TF EFLMBSJØF OFLB QSPNFOMKJWB UJQB *HRP2EOLN LBP ØUP KF UP REOLN
BMJ PCKFLBU OB LPKJ POB VLB[VKF VWFL ʂF QSJQBEBUJ OFLPK LMBTJ LPKB OBTMFʇVKF LMBTV *HRP2EOLN ;BUP TF [B LMBTV *HRP2EOLN LBßF EB KF UP BQTUSBLUOB LMBTB "QTUSBLUOB LMBTB KF LMBTB LPKB TF OF LPSJTUJ [B LPOTUSVJTBOKF PCKFLBUB OF HP TBNP LBP PTOPWB [B OBTMFʇJWBOKF %SVHJN SFʃJNB BQTUSBLUOB LMBTB TMVßJ TBNP [B QSFETUBWMKBOKF [BKFEOJʃLJI TWPKTUBWB TWJI OKFOJI LMBTB OBTMFEOJDB ;B LMBTV LPKB OJKF BQTUSBLUOB TF LBßF EB KF LPOLSFUOB LMBTB 6 QSPHSBNV EBLMF NPHV TF LPOTUSVJTBUJ TBNP PCKFLUJ LPKJ QSJQBEBKV LPOLSFUOJN LMBTB NB BMJ OF J BQTUSBLUOJN 1SPNFOMKJWF ʃJKJ EFLMBSJTBOJ UJQ QSFETUBWMKB OFLB BQTUSBLUOB LMBTB NPHV [BUP VLB[JWBUJ TBNP OB PCKFLUF LPKJ QSJQBEBKV LPO LSFUOJN LMBTBNB OBTMFEOJDBNB UF BQTUSBLUOF LMBTF 4MJʃOP [B NFUPE QDFUWDM V LMBTJ *HRP2EOLN LBßF TF EB KF BQTUSBLUOJ NFUPE KFS PO OJKF OJ QSFEWJʇFO [B QP[JWBOKF 6 TUWBSJ OFNB OJØUB MPHJʃOPH ØUP CJ PO NPHBP QSBLUJʃOP EB VSBEJ KFS TUWBSOP DSUBOKF PCBWMKBKV WFS[JKF UPH NFUPEB LPKF HB OBEKBʃBWBKV V LMBTBNB LPKF OBTMFʇVKV LMBTV *HRP2EOLN 0O
"QTUSBLUOF LMBTF
TF NPSB OBMB[JUJ V LMBTJ *HRP2EOLN TBNP EB CJ TF OB OFLJ OBʃJO PCF[CFEJMP EB TWJ PCKFLUJ OFLPH QPEUJQB PE *HRP2EOLN JNBKV TWPK NFUPE QDFUWDM 1PSFE UPHB VMPHB BQTUSBLUOPH NFUPEB QDFUWDM V LMBTJ *HRP2EOLN KF EB EFđOJØF [BKFEOJʃLJ PCMJL [BHMBWMKB TWJI TUWBSOJI WFS[JKB UPH NFUPEB V LPO LSFUOJN LMBTBNB LPKF OBTMFʇVKV LMBTV *HRP2EOLN /F QPTUPKJ EBLMF OJKFEBO SB[MPH EB BQTUSBLUOJ NFUPE QDFUWDM V LMBTJ *HRP2EOLN TBESßJ JLBLWF OB SFECF ,MBTB *HRP2EOLN J OKFO NFUPE QDFUWDM TV QP TWPKPK QSJSPEJ EBLMF BQ TUSBLUOJ FOUJUFUJ 5B ʃJOKFOJDB TF QSPHSBNTLJ NPßF P[OBʃJUJ EPEBWBOKFN NPEJđLBUPSB DEVWUDFW V [BHMBWMKV EFđOJDJKF LMBTF JMJ NFUPEB %PEBUOP V TMVʃBKV BQTUSBLUOPH NFUPEB UFMP UBLWPH NFUPEB LPKFH ʃJOJ CMPL OBSFECJ J[ NFʇV WJUJʃBTUJI [BHSBEB TF OF OBWPEJ OFHP TF [BNFOKVKF UBʃLPN[BQFUPN ;BUP OPWB QSPØJSFOB EFđOJDJKB LMBTF *HRP2EOLN LBP BQTUSBLUOF LMBTF NPßF JNBUJ TMFEFʂJ PCMJL SXEOLF DEVWUDFW FODVV *HRP2EOLN ^
DSVWUDNWQD NODVD
SULYDWH &RORU ERMD SXEOLF YRLG RERML &RORU QRYD%RMD ^ ERMD
QRYD%RMD
QDFUWDM ` SXEOLF DEVWUDFW YRLG QDFUWDM
DSVWUDNWQL PHWRG
2VWDOD SROMD L PHWRGL `
6 PQØUFN TMVʃBKV LMBTB TB KFEOJN BQTUSBLUOJN NFUPEPN JMJ WJØF OKJI NPSB TF J TBNB EFđOJTBUJ EB CVEF BQTUSBLUOB ,MBTB TF NPßF EFđOJTBUJ EB CVEF BQTUSBLUOB ʃBL J BLP OFNB OJKFEBO BQTUSBLUOJ NFUPE 1PSFE BQTUSBLU OJI NFUPEB BQTUSBLUOB LMBTB NPßF JNBUJ LPOLSFUOF NFUPEF J QPMKB 5BLP V QSFUIPEOPN QSJNFSV BQTUSBLUOF LMBTF *HRP2EOLN QPMKF ERMD J NFUPE RER ML TV LPOLSFUOJ ʃMBOPWJ UF BQTUSBLUOF LMBTF ,MBTB LPKB KF V QSPHSBNV EFđOJTBOB EB CVEF BQTUSBLUOB OF NPßF TF JO
1ļŁIJįĻIJ ĸĹĮŁIJ Ķ ĶĻłIJŀijIJķŁĶ
TUBODJSBUJ PEOPTOP OJKF EP[WPMKFOP PQFSBUPSPN QHZ LPOTUSVJTBUJ PCKFLUF UF LMBTF /B QSJNFS BLP TF V QSPHSBNV OBQJØF QHZ *HRP2EOLN EPCJKB TF QPSVLB P HSFØDJ QSJMJLPN QSFWPʇFOKB QSPHSBNB *BLP TF BQTUSBLUOB LMBTB OF NPßF JOTUBODJSBUJ POB NPßF JNBUJ LPOTUSVL UPSF ,BP J LPE LPOLSFUOF LMBTF VLPMJLP OJKFEBO LPOTUSVLUPS OJKF FLTQMJDJU OP EFđOJTBO V BQTUSBLUOPK LMBTJ BVUPNBUTLJ KPK TF EPEBKF QPESB[VNFWBOJ LPOTUSVLUPS CF[ QBSBNFUBSB 0WP JNB TNJTMB KFS BQTUSBLUOB LMBTB NPßF JNBUJ LPOLSFUOB QPMKB LPKB NPßEB USFCB JOJDJKBMJ[PWBUJ QPTFCOJN WSFEOPTUJ NB B OF POJN QPESB[VNFWBOJN /BSBWOP LPOTUSVLUPSF BQTUSBLUOF LMBTF OJKF NPHVʂF QP[JWBUJ OFQPTSFEOP J[B PQFSBUPSB QHZ [B LPOTUSVJTBOKF PCKFLB UB BQTUSBLUOF LMBTF OFHP TBNP EJSFLUOP JMJ JOEJSFLUOP LPSJTUFʂJ TMVßCFOV SFʃ VXSHU V LPOTUSVLUPSJNB LMBTB LPKF OBTMFʇVKV BQTUSBLUOV LMBTV .BEB TF PCKFLUJ BQTUSBLUOF LMBTF OF NPHV LPOTUSVJTBUJ OBHMBTJNP KPØ KFEOPN EB TF LMBTOF QSPNFOMKJWF NPHV EFLMBSJTBUJ EB CVEV UJQB OFLF BQ TUSBLUOF LMBTF 5BLWF QSPNFOMKJWF NFʇVUJN NPSBKV VLB[JWBUJ OB PCKFLUF LPOLSFUOJI LMBTB LPKF TV OBTMFEOJDF BQTUSBLUOF LMBTF /B QSJNFS *HRP2EOLN REOLN
QHZ 3UDYRXJDRQLN
"QTUSBLUOJ NFUPEJ TMVßF LBP tʃVWBSJ NFTUBu [B NFUPEF LPKJ ʂF CJUJ EFđ OJTBOJ V LMBTBNB OBTMFEOJDBNB %B CJ OFLB LMBTB LPKB OBTMFʇVKF BQTUSBLOV LMBTV CJMB LPOLSFUOB UB LMBTBOBTMFEOJDB NPSB TBESßBUJ EFđOJDJKF LPOLSFU OJI OBEKBʃBOJI WFS[JKB TWJI BQTUSBLUOJI NFUPEB OBTMFʇFOF LMBTF 5P [OBʃJ EB VLPMJLP TF QSPØJSVKF OFLB BQTUSBLUOB LMBTB POEB QPTUPKF EWF NPHVʂOP TUJ 1SWB KF EB TF V LMBTJOBTMFEOJDJ PTUBWJ EB OFLJ JMJ TWJ BQTUSBLUOJ NFUPEJ CVEV OFEFđOJTBOJ 0OEB KF J OPWB LMBTB BQTUSBLUOB J [BUP TF NPSB OBWFTUJ TMVßCFOB SFʃ DEVWUDFW V [BHMBWMKV OKFOF EFđOJDJKF %SVHB NPHVʂOPTU KF EB TF V LMBTJOBTMFEOJDJ EFđOJØV TWJ OBTMFʇFOJ BQTUSBLUOJ NFUPEJ J POEB KF UB OPWB LMBTB KFEOB PCJʃOB LPOLSFUOB LMBTB
*OUFSGFKTJ /FLJ PCKFLUOP PSJKFOUJTBOJ KF[JDJ OB QSJNFS $ EP[WPMKBWBKV EB LMB TB NPßF EJSFLUOP QSPØJSJWBUJ EWF LMBTF JMJ ʃBL WJØF OKJI 0WP UBLP[WBOP WJØF TUSVLP OBTMFʰJWBOKF OJKF EP[WPMKFOP V +BWJ WFʂ OFLB LMBTB V +BWJ NPßF EJSFLU
*OUFSGFKTJ
OP QSPØJSJWBUJ TBNP KFEOV LMBTV .FʇVUJN V +BWJ QPTUPKJ LPODFQU JOUFSGFKTB LPKJ PCF[CFʇVKF TMJʃOF NPHVʂOPTUJ LBP WJØFTUSVLP OBTMFʇJWBOKF BMJ OF QPWF ʂBWB [OBʃBKOP TMPßFOPTU QSPHSBNTLPH KF[JLB 1SF TWFHB PULMPOJNP KFEOV UFSNJOPMPØLV OFQSFDJ[OPTU 5FSNJO tJO UFSGFKTu TF QPOFLBE LPSJTUJ V WF[J TB TMJLPN KFEOPH NFUPEB LBP DSOF LVUJKF *OUFSGFKT OFLPH NFUPEB TF TBTUPKJ PE JOGPSNBDJKB LPKF KF QPUSFCOP [OBUJ SBEJ JTQSBWOPH QP[JWBOKB UPH NFUPEB V QSPHSBNV 5P TV JNF NFUPEB UJQ OKF HPWPH SF[VMUBUB J SFEPTMFE J UJQ OKFHPWJI QBSBNFUBSB 4WBLJ NFUPE JNB J JNQMFNFOUBDJKV LPKB TF TBTUPKJ PE UFMB NFUPEB V LPKFN TF OBMB[J OJ[ OBSFECJ LPKF TF J[WSØBWBKV LBEB TF NFUPE QP[PWF 1PSFE PWPH [OBʃFOKB V WF[J TB NFUPEJNB UFSNJO tJOUFSGFKTu V +BWJ JNB J EPEBUOP QPUQVOP SB[MJʃJUP LPODFQDJKTLP [OBʃFOKF [B LPKF QPTUPKJ TMVßCFOB SFʃ LQWHUIDFH %B OF CVEF [BCVOF OBHMBTJNP EB TF V PWPK LOKJ[J QPESB[V NFWB PWP [OBʃFOKF LBEB TF HPWPSJ P JOUFSGFKTV *OUFSGFKT V PWPN TNJTMV TF TBTUPKJ PE TLVQB BQTUSBLUOJI NFUPEB UK JOUFSGFKTB PCKFLUOJI NFUPEB
CF[ JLBLWF QSJESVßFOF JNQMFNFOUBDJKF 6 TUWBSJ +BWB JOUFSGFKTJ NPHV JNBUJ J VWDWLF ILQDO LPOTUBOUF BMJ UP OJKF OKJIPWB QSWFOTUWFOB PEMJLB /FLB LMB TB JNQMFNFOUJSB EBUJ JOUFSGFKT VLPMJLP TBESßJ EFđOJDJKF TWJI BQTUSBLUOJI
NFUPEB UPH JOUFSGFKTB *OUFSGFKT V +BWJ OJKF EBLMF LMBTB WFʂ TLVQ NPHVʂOPTUJ LPKF JNQMFNFOUJ SBKVʂF LMBTF NPSBKV JNBUJ 3B[NPUSJNP KFEBO KFEOPTUBWBO QSJNFS JOUFSGFK TB V +BWJ .FUPEPN VRUW J[ LMBTF $UUD\V NPßF TF TPSUJSBUJ OJ[ PCKFLBUB BMJ QPE KFEOJN VTMPWPN UJ PCKFLUJ NPSBKV CJUJ VQPSFEJWJ 5FIOJʃLJ UP [OBʃJ EB UJ PCKFLUJ NPSBKV QSJQBEBUJ LMBTJ LPKB JNQMFNFOUJSB JOUFSGFKT &RPSDUDEOH 0WBK JOUFSGFKT KF V +BWJ EFđOJTBO OB TMFEFʂJ OBʃJO SXEOLF LQWHUIDFH &RPSDUDEOH ^ LQW FRPSDUH7R 2EMHFW R `
,BP ØUP TF J[ PWPH QSJNFSB WJEJ EFđOJDJKB JOUFSGFKTB V +BWJ KF WSMP TMJʃOB EFđOJDJKJ LMBTF PTJN ØUP TF VNFTUP SFʃJ FODVV LPSJTUJ SFʃ LQWHUIDFH J EFđ OJDJKF TWJI NFUPEB V JOUFSGFKTV TF J[PTUBWMKBKV 4WJ NFUPEJ OFLPH JOUFSGFKTB BVUPNBUTLJ QPTUBKV KBWOJ ;CPH UPHB OJKF OFPQIPEOP BMJ OJKF OJ HSFØLB
OBWFTUJ TQFDJđLBUPS QSJTUVQB SXEOLF V [BHMBWMKV EFLMBSBDJKF OFLPH NFUPEB V JOUFSGFKTV 6 TQFDJđʃOPN QSJNFSV JOUFSGFKTB &RPSDUDEOH OFLB LMBTB LPKB JNQMF
1ļŁIJįĻIJ ĸĹĮŁIJ Ķ ĶĻłIJŀijIJķŁĶ
NFOUJSB UBK JOUFSGFKT NPSB EFđOJTBUJ NFUPE FRPSDUH7R B UBK NFUPE NPSB JNBUJ QBSBNFUBS UJQB 2EMHFW J WSBUJUJ SF[VMUBU UJQB LQW /BSBWOP PWEF QPTUP KJ EPEBUOJ TFNBOUJʃLJ VTMPW LPKJ TF JNQMJDJUOP QPESB[VNFWB BMJ TF OKFHPWB JTQVOKFOPTU OF NPßF PCF[CFEJUJ V JOUFSGFKTV V J[SB[V [FRPSDUH7R \ NF UPE FRPSDUH7R NPSB [BJTUB VQPSFEJUJ EWB PCKFLUB [ J \ EBKVʂJ SF[VMUBU LPKJ VLB[VKF LPKJ PE OKJI KF WFʂJ 1SFDJ[OJKF PWBK NFUPE USFCB EB WSBUJ OFHBUJWBO CSPK BLP KF [ NBOKF PE \ OVMV BLP TV KFEOBLJ J QP[JUJWBO CSPK BLP KF [ WFʂF PE \ 6[ EFđOJDJKF TWJI NFUPEB JOUFSGFKTB TWBLB LMBTB LPKB JNQMFNFOUJSB OFLJ JOUFSGFKT NPSB TBESßBUJ J FLTQMJDJUOV EFLMBSBDJKV EB POB JNQMFNFOUJSB EBUJ JOUFSGFKT 5P TF QPTUJßF QJTBOKFN TMVßCFOF SFʃJ LPSOHPHQWV J JNFOB UPH JO UFSGFKTB J[B JNFOB LMBTF LPKB TF EFđOJØF /B QSJNFS SXEOLF FODVV 5DGQLN LPSOHPHQWV &RPSDUDEOH ^ 6WULQJ LPH
LPH L SUH]LPH UDGQLND
GRXEOH SODWD
SODWD UDGQLND
2VWDOD SROMD L PHWRGL SXEOLF LQW FRPSDUH7R 2EMHFW R ^ 5DGQLN GUXJL5DGQLN
5DGQLN R
LI WKLVSODWD GUXJL5DGQLNSODWD UHWXUQ LI WKLVSODWD ! GUXJL5DGQLNSODWD UHWXUQ UHWXUQ ` `
0CSBUJUF QBßOKV OB UP EB TF SBEOJDJ V NFUPEV FRPSDUH7R LMBTF 5DGQLN VQPSFʇVKV OB PTOPWV OKJIPWF QMBUF "LP PCKFLUJ OJTV KFEOBLJ QP[JUJWOF JMJ OFHBUJWOF WSFEOPTUJ LPKF TV SF[VMUBU NFUPEB FRPSDUH7R OJTV CJUOJ *TUP UBLP [B PWBK LPOLSFUBO NFUPE TF NPSB OBWFTUJ TQFDJđLBUPS QSJTUVQB SXEOLF JBLP UP OJKF CJMP PCBWF[OP [B OKFHPWV BQTUSBLUOV EFLMBSBDJKV V JOUFSGFKTV &RPSDUDEOH 1SFUQPTUBWJNP EB V QSPHSBNV LPOLSFUOB LMBTB 5DGQLN LPKB JNQMFNFOUJ
*OUFSGFKTJ
SB JOUFSGFKT &RPSDUDEOH TMVßJ [B QSFETUBWMKBOKF QPKFEJOJI SBEOJLB OFLF đSNF "LP EPEBUOP QSFUQPTUBWJNP EB TV TWJ SBEOJDJ QSFETUBWMKFOJ OJ[PN CB[OPH UJQB 5DGQLN POEB TF PWJ SBEOJDJ NPHV KFEOPTUBWOP TPSUJSBUJ QP SBTUVʂFN SFEPTMFEV OKJIPWJI QMBUB 5DGQLN>@ UDGQLFL
QHZ 5DGQLN>@
'UXJH QDUHGEH $UUD\VVRUW UDGQLFL
/BQPNFOJNP KPØ EB TF V WF[J TB JOUFSGFKTJNB ʃFTUP LPSJTUJ KFEBO LSBʂJ UFSNJOPMPØLJ J[SB[ /BJNF LBßF TF EB OFLJ PCKFLBU JNQMFNFOUJSB JOUFSGFKT JBLP TF [BQSBWP NJTMJ EB UBK PCKFLBU QSJQBEB LMBTJ LPKB JNQMFNFOUJSB EBUJ JOUFSGFKT 5BLP V QSFUIPEOPN QSJNFSV NPßF TF SFʂJ EB PCKFLBU UJQB 5DGQLN JNQMFNFOUJSB JOUFSGFKT &RPSDUDEOH
0TPCJOF JOUFSGFKTB 1P TWPKPK HMBWOPK OBNFOJ JOUFSGFKTJ TBESßF KFEBO JMJ WJØF BQTUSBLUOJI NF UPEB BMJ NPHV JNBUJ J LPOTUBOUF *OUFSGFKTJ TF TMJʃOP LMBTBNB QJØV V EBUPUF LBNB TB FLTUFO[JKPN MDYD B QSFWFEFOB WFS[JKB CBKULPE JOUFSGFKTB TF OBMB[J V EBUPUFDJ TB FLTUFO[JKPN FODVV 0OP ØUP KF JTUP UBLP WBßOP OBHMBTJUJ KF TUF ØUB JOUFSGFKTJ OF NPHV JNBUJ *OUFSGFKTJ OF NPHV JNBUJ PCKFLUOB QPMKB OJUJ NFUPEJ JOUFSGFKTB NPHV JNBUJ JNQMFNFOUBDJKV %PEBWBOKF QPMKB J JN QMFNFOUBDJKF NFUPEB KF [BEBUBL LMBTB LPKF JNQMFNFOUJSBKV JOUFSGFKT 1SFNB UPNF JOUFSGFKTJ TV TMJʃOJ BQTUSBLUOJN LMBTBNB CF[ PCKFLUOJI QPMKB *BLP TV TMJʃOJ BQTUSBLUOJN LMBTBNB JOUFSGFKTJ OJTV LMBTF 5P [OBʃJ EB TF JOUFSGFKTJ OF NPHV LPSJTUJUJ [B LPOTUSVJTBOKF PCKFLBUB 1JTBOKFN OB QSJNFS QHZ &RPSDUDEOH
QSPJ[WPEJ TF HSFØLB V QSPHSBNV 4MJʃOP LBP [B LMBTF EFđOJDJKPN OFLPH JOUFSGFKTB TF V QSPHSBNV UFIOJʃLJ VWPEJ OPWJ LMBTOJ UJQ QPEBUBLB 7SFEOPTUJ UPH LMBTOPH UJQB TV PCKFLUJ LMBTB LPKF JNQMFNFOUJSBKV EFđOJTBOJ JOUFSGFKT 5P [OBʃJ EB TF JNF JOUFSGFKTB NPßF LPSJTUJUJ [B UJQ QSPNFOMKJWF V OBSFECJ EFLMBSBDJKF LBP J [B UJQ GPSNBMOPH QBSBNFUSB J [B UJQ SF[VMBUBUB V EFđOJDJKJ OFLPH NFUPEB 1SFNB UPNF V +BWJ
1ļŁIJįĻIJ ĸĹĮŁIJ Ķ ĶĻłIJŀijIJķŁĶ
UJQ NPßF CJUJ LMBTB JOUFSGFKT JMJ KFEBO PE PTBN QSJNJUJWOJI UJQPWB 5P TV KFEJOF NPHVʂOPTUJ BMJ TBNP LMBTF TMVßF [B LPOTUSVJTBOKF OPWJI PCKFLBUB 6 QSPHSBNV TF EBLMF NPHV EFLMBSJTBUJ LMBTOF QSPNFOMKJWF ʃJKJ UJQ QSFE TUBWMKB OFLJ JOUFSGFKT OB QSJNFS &RPSDUDEOH [
2.
1PØUP TF JOUFSGFKTJ JNQMFNFOUJSBKV B OF OBTMFʇVKV LBP BQTUSBLUOF LMBTF JOUFSGFKTOB QSPNFOMKJWB UK QSPNFOMKJWB ʃJKJ KF UJQ OFLJ JOUFSGFKT NPßF VLB [JWBUJ TBNP OB PCKFLUF POJI LMBTB LPKF JNQMFNFOUJSBKV EBUJ JOUFSGFKT 5BLP [B QSFUIPEOJ QSJNFS LMBTF 5DGQLN LPKB JNQMFNFOUJSB JOUFSGFKT &RPSDUDEOH NPßFNP QJTBUJ &RPSDUDEOH [
QHZ 5DGQLN
2.
%BMKF QP[OBUP KF EB TF PQFSBUPS LQVWDQFHRI NPßF LPSJTUJUJ [B QSPWF SBWBOKF EB MJ OFLJ PCKFLBU QSJQBEB TQFDJđʃOPK LMBTJ 5BK PQFSBUPS TF NPßF LPSJTUJUJ J [B QSPWFSBWBOKF EB MJ OFLJ PCKFLBU JNQMFNFOUJSB EBUJ JOUFSGFKT LI QHNL2EMHNDW LQVWDQFHRI &RPSDUDEOH
,BP ØUP TF NPHV QSBWJUJ IJKFSBSIJKF LMBTB UBLP TF NPHV QSPØJSJWBUJ J JO UFSGFKTJ *OUFSGFKT LPKJ QSPØJSVKF ESVHJ JOUFSGFKT OBTMFʇVKF TWF OKFHPWF EFLMB SJTBOF NFUPEF )JKFSBSIJKF JOUFSGFKTB TV OF[BWJTOF PE IJKFSBSIJKB LMBTB BMJ JNBKV JTUV VMPHV UP KF OBʃJO EB TF PE OFLPH OBKPQØUJKFH FOUJUFUB OB WSIV IJKFSBSIJKF J[SB[J WFʂJ TUFQFO TQFDJKBMJ[BDJKF LBLP TF QSFMB[J OB EPOKF OJWPF IJKFSBSIJKF /B QSJNFS SXEOLF LQWHUIDFH 5DGLR ^ YRLG XNOMXÏL YRLG LVNOMXÏL ` SXEOLF LQWHUIDFH .ODVLÏQL5DGLR H[WHQGV 5DGLR ^ YRLG L]DEHUL6WDQLFX ` SXEOLF LQWHUIDFH ,QWHUQHW5DGLR H[WHQGV 5DGLR ^ YRLG L]DEHUL6DMW `
;B SB[MJLV PE LMBTF LPKB NPßF EJSFLUOP QSPØJSJUJ TBNP KFEOV LMBTV JO
*OUFSGFKTJ
UFSGFKT NPßF EJSFLUOP QSPØJSJWBUJ WJØF JOUFSGFKTB 6 UPN TMVʃBKV TF J[B SFʃJ H[WHQGV OBWPEF TWJ OB[JWJ JOUFSGFKTB LPKJ TF QSPØJSVKV SB[EWPKFOJ [BQFUBNB .BEB JOUFSGFKTJ OF NPHV JNBUJ PCKFLUOB QPMKB J TUBUJʃLF NFUPEF V OKJNB TF NPHV OBMB[JUJ LPOTUBOUF /B QSJNFS SXEOLF LQWHUIDFH .ODVLÏQL5DGLR H[WHQGV 5DGLR ^ GRXEOH %
GRXEOH 678',2B%
YRLG L]DEHUL6WDQLFX `
4MJʃOP LBP ØUP TF [B NFUPEF JOUFSGFKTB QPESB[VNFWB EB TV SXEOLF NFUPEJ TWB OBWFEFOB QPMKB JOUFSGFKTB BVUPNBUTLJ QPTUBKV SXEOLF VWDWLF ILQDO LPO TUBOUF 6 VWPEOPN EFMV P JOUFSGFKTJNB TNP TQPNFOVMJ EB V +BWJ OJKF PNPHVʂF OP WJØFTUSVLP OBTMFʇJWBOKF LMBTB "MJ UP TF NPßF OBEPNFTUJUJ UJNF ØUP LMBTF NPHV JTUPWSFNFOP JNQMFNFOUJSBUJ WJØF JOUFSGFKTB 6 EFLMBSBDJKJ KFEOF UB LWF LMBTF TF OB[JWJ JOUFSGFKTB LPKJ TF JNQMFNFOUJSBKV OBWPEF SB[EWPKFOJ [B QFUBNB /B QSJNFS V +BWJ KF EFđOJTBO JOUFSGFKT &ORQHDEOH UBLP EB QP LPO WFODJKJ LMBTF LPKF JNQMFNFOUJSBKV PWBK JOUFSGFKT USFCB EB OBEKBʃBKV NFUPE FORQH LMBTF 2EMHFW ;BUP VLPMJLP ßFMJNP EB TF PCKFLUJ OFLF LMBTF NPHV SFDJNP LMPOJSBUJ J VQPSFʇJWBUJ V EFđOJDJKJ LMBTF UJI PCKFLBUB USFCB OBWFTUJ EB TF JNQMFNFOUJSBKV JOUFSGFKTJ &ORQHDEOH J &RPSDUDEOH /B QSJNFS SXEOLF FODVV 5DGQLN LPSOHPHQWV &ORQHDEOH &RPSDUDEOH ^ `
/BSBWOP UFMP PWF LMBTF 5DGQLN TBEB NPSB TBESßBUJ EFđOJDJKF NFUPEB FOR QH J FRPSDUH7R
*OUFSGFKTJ J BQTUSBLUOF LMBTF 1BßMKJWJKJ ʃJUBPDJ TF WFSPWBUOP QJUBKV [BØUP TV QPUSFCOJ JOUFSGFKTJ LBEB TF POJ OBJ[HMFE NPHV QPUQVOP [BNFOJUJ BQTUSBLUOJN LMBTBNB ;BØUP SFDJNP JOUFSGFKT &RPSDUDEOH OF CJ NPHBP CJUJ BQTUSBLUOB LMBTB /B QSJNFS DEVWUDFW FODVV &RPSDUDEOH ^ =DģWR QH" SXEOLF DEVWUDFW LQW FRPSDUH7R 2EMHFW R `
1ļŁIJįĻIJ ĸĹĮŁIJ Ķ ĶĻłIJŀijIJķŁĶ
0OEB CJ LMBTB 5DGQLN NPHMB QSPTUP EB OBTMFEJ PWV BQTUSBLUOV LMBTV J EB EFđOJØF NFUPE FRPSDUH7R SXEOLF FODVV 5DGQLN H[WHQGV &RPSDUDEOH ^ =DģWR QH" 6WULQJ LPH
LPH L SUH]LPH UDGQLND
GRXEOH SODWD
SODWD UDGQLND
2VWDOD SROMD L PHWRGL SXEOLF LQW FRPSDUH7R 2EMHFW R ^ 5DGQLN GUXJL5DGQLN
5DGQLN R
LI WKLVSODWD GUXJL5DGQLNSODWD UHWXUQ LI WKLVSODWD ! GUXJL5DGQLNSODWD UHWXUQ UHWXUQ ` `
(MBWOJ QSPCMFN LPE LPSJØʂFOKB BQTUSBLUOJI LMBTB [B J[SBßBWBOKF BQTUSBLU OJI NPHVʂOPTUJ PCKFLBUB KF UP ØUP OFLB LMBTB V +BWJ NPßF EJSFLUOP OBTMFEJUJ TBNP KFEOV LMBTV "LP QSFUQPTUBWJNP EB LMBTB 5DGQLN WFʂ OBTMFʇVKF KFEOV LMBTV SFDJNP 2VRED POEB LMBTB 5DGQLN OF NPßF OBTMFEJUJ J ESVHV SXEOLF FODVV 5DGQLN H[WHQGV 2VRED &RPSDUDEOH
*5(Ģ.$
"MJ OFLB LMBTB V +BWJ NPßF JNQMFNFOUJSBUJ WJØF JOUFSGFKTB TB OBTMFʇJWBOKFN KFEOF LMBTF JMJ CF[ UPHB SXEOLF FODVV 5DGQLN H[WHQGV 2VRED LPSOHPHQWV &RPSDUDEOH
2.
6HOKFßʇFOF LMBTF %P TBEB TNP OBVʃJMJ EB TF V +BWJ OFLF QSPHSBNTLF LPOTUSVLDJKF NPHV VHOKFßʇBWBUJ OB QSJNFS VQSBWMKBʃLF OBSFECF EPL TF ESVHF OF NPHV VHOKFß ʇBWBUJ OB QSJNFS NFUPEJ 1PTUBWMKB TF TBEB QJUBOKF EB MJ TF LMBTF LBP OBK TMPßFOJKJ WJE QSPHSBNTLF DFMJOF NPHV VHOKFßʇBWBUJ J EB MJ UP JNB TNJTMB
6HOKFßʇFOF LMBTF
0EHPWPS OB PCB QJUBOKB KF NPßEB NBMP J[OFOBʇVKVʂF QPUWSEBO 6HOKFßʰFOB LMBTB KF LMBTB LPKB KF EFđOJTBOB VOVUBS ESVHF LMBTF 0WBLBW QSJTUVQ V EJ[BKOV QSPHSBNB KF LPSJTUBO VHMBWOPN J[ USJ SB[MPHB ,BEB KF OFLB LMBTB QPNPʂOB [B HMBWOV LMBTV J OF LPSJTUJ TF WBO UF WFʂF LMBTF OFNB SB[MPHB EB QPNPʂOB LMBTB CVEF J[EWPKFOB LBP TBNPTUBM OB LMBTB ,BEB OFLB LMBTB TMVßJ [B LPOTUSVJTBOKF TBNP KFEOPH PCKFLUB UF LMB TF QSJSPEOJKF KF UBLWV LMBTV EFđOJTBUJ OB LSBʂJ OBʃJO CBØ OB NFTUV LPOTUSVJTBOKB OKFOPH KFEJOTUWFOPH PCKFLUB .FUPEJ VHOKFßʇFOF LMBTF NPHV LPSJTUJUJ TWB QPMKB PCVIWBUBKVʂF LMB TF ʃBL J OKFOB QSJWBUOB QPMKB LBP J PCSOVUP 5FNB VHOKFßʇFOJI LMBTB KF QSJMJʃOP TMPßFOB J TWJ OKFOJ EFUBMKJ QSFWB[J MB[F PLWJSF PWF LOKJHF ;BUP ʂFNP PWEF QPNFOVUJ TBNP POF NPHVʂOPTUJ VHOKFßʇBWBOKB LMBTB V +BWJ LPKF TV EPWPMKOF [B SB[VNFWBOKF KFEOPTUBWOJKJI QSPHSBNTLJI UFIOJLB 1SJNFOB VHOKFßʇFOJI LMBTB KF OBSPʃJUP LPSJTOB LPE HSBđʃLPH QSPHSBNJSBOKB P ʃFNV TF HPWPSJ V QPHMBWMKV 6 UPN QPHMBWMKV ʂFNP VQP[OBUJ J QSBLUJʃOF QSJNFSF V LPKJNB TF OBKʃFØʂF LPSJTUF VHOKFßʇFOF LMBTF 1SF TWFHB OFLB LMBTB TF NPßF EFđOJTBUJ VOVUBS ESVHF LMBTF OB JTUJ OBʃJO OB LPKJ TF EFđOJØV VPCJʃBKFOJ ʃMBOPWJ TQPMKBØOKF LMBTF QPMKB J NFUPEJ 5P [OBʃJ EB TF VHOKFßʇFOB LMBTB NPßF EFLMBSJTBUJ TB JMJ CF[ NPEJđLBUPSB VWDWLF QB TF QSFNB UPNF SB[MJLVKV TUBUJʬLF J PCKFLUOF VHOKFßʇFOF LMBTF FODVV 6SROMDģQMD.ODVD ^ 2VWDOD SROMD L PHWRGL VWDWLF FODVV 6WDWLÏND8JQMHŀÓHQD.ODVD ^ ` FODVV 2EMHNWQD8JQMHŀÓHQD.ODVD ^ 6 TUWBSJ QSBWJMOJKF KF NPßEB HPWPSJUJ P VHOKFßʇBWBOKV UJQPWB B OF LMBTB KFS TF NPHV
EFđOJTBUJ J JOUFSGFKTJ VOVUBS LMBTB 5V EPEBUOV LPNQMJLBDJKV OFʂFNP SB[NBUSBUJ V LOKJ[J
1ļŁIJįĻIJ ĸĹĮŁIJ Ķ ĶĻłIJŀijIJķŁĶ
` `
4UBUJʃLF J PCKFLUOF VHOKFßʇFOF LMBTF TF TNBUSBKV PCJʃOJN ʃMBOPWJNB PCVIWBUBKVʂF LMBTF ØUP [OBʃJ EB TF [B OKJI NPHV LPSJTUJUJ TQFDJđLBUPSJ QSJ TUVQB SXEOLF SULYDWH J SURWHFWHG JMJ OJKFEBO PE OKJI 1PETFUJNP TF EB TF PCJʃOF LMBTF NPHV EFđOJTBUJ TBNP TB TQFDJđLBUPSPN QSJTUVQB SXEOLF JMJ CF[ OKFHB
%SVHB NPHVʂOPTU LPE VHOKFßʇBWBOKB LMBTB KF EFđOJTBOKF KFEOF LMBTF VOVUBS OFLPH NFUPEB UBʃOJKF VOVUBS CMPLB OBSFECJ ESVHF LMBTF 5BLWF VHOKFßʇFOF LMBTF NPHV CJUJ MPLBMOF JMJ BOPOJNOF 0WF VHOKFßʇFOF LMBTF JNBKV LPODFQDJKTLJ TMJʃOF PTPCJOF LBP MPLBMOF QSPNFOMKJWF NFUPEB
4UBUJʃLF VHOKFßʇFOF LMBTF %FđOJDJKB TUBUJʃLF VHOKFßʇFOF LMBTF JNB JTUJ PCMJL LBP EFđOJDJKB PCJʃOF LMBTF PTJN ØUP TF OBMB[J VOVUBS ESVHF LMBTF J TBESßJ NPEJđLBUPS VWDWLF 4UBUJʃLB VHOKFßʇFOB LMBTB KF EFP TUBUJʃLF TUSVLUVSF PCVIWBUBKVʂF LMBTF MP HJʃLJ QPUQVOP JTUP LBP TUBUJʃLB QPMKB J NFUPEJ UF LMBTF ,BP J TUBUJʃLJ NFUPE OB QSJNFS TUBUJʃLB VHOKFßʇFOB LMBTB OJKF WF[BOB [B PCKFLUF PCVIWBUBKVʂF LMBTF J QPTUPKJ OF[BWJTOP PE OKJI 6 NFUPEJNB PCVIWBUBKVʂF LMBTF TF TUBUJʃLB VHOKFßʇFOB LMBTB NPßF LP SJTUJUJ [B LPOTUSVJTBOKF PCKFLBUB OB VPCJʃBKFOJ OBʃJO "LP OJKF EFLMBSJTBOB LBP QSJWBUOB TUBUJʃLB VHOKFßʇFOB LMBTB TF UBLPʇF NPßF LPSJTUJUJ J[WBO PCV IWBUBKVʂF LMBTF BMJ TF POEB UBʃLBOPUBDJKPN NPSB OBWFTUJ OKFOP ʃMBOTUWP V PCVIWBUBKVʂPK LMBTJ /B QSJNFS QSFUQPTUBWJNP EB LMBTB .RRUG6LVWHP QSFETUBWMKB LPPSEJOBU OJ TJTUFN V EWPEJNFO[JPOBMOPK SBWOJ 1SFUQPTUBWJNP KPØ EB LMBTB .RRUG6L VWHP TBESßJ TUBUJʃLV VHOKFßʇFOV LMBTV 'Xŀ LPKB QSFETUBWMKB KFEOV EVß J[NF ʇV EWF UBʃLF /B QSJNFS /FTUBUJʃLF VHOKFßʇFOF LMBTF UK PCKFLUOF MPLBMOF J BOPOJNOF ʃFTUP TF OB[JWBKV VOV
USBØOKF LMBTF /BCSPKJWJ UJQ EFđOJTBO VOVUBS OFLF LMBTF TNBUSB TF TUBUJʃLPN VHOKFßʇFOPN LMBTPN JBLP TF V OKFHPWPK EFđOJDJKJ OF OBWPEJ NPEJđLBUPS VWDWLF
6HOKFßʇFOF LMBTF
SXEOLF FODVV .RRUG6LVWHP ^ 2VWDOD SROMD L PHWRGL 8JQMHŀÓHQD NODVD NRMD SUHGVWDYOMD GXŀ X UDYQL RG WDÏNH [\ GR WDÏNH [\ SXEOLF VWDWLF FODVV 'Xŀ ^ GRXEOH [ \ GRXEOH [ \ ` `
0CKFLBU LMBTF 'Xŀ CJ TF VOVUBS OFLPH NFUPEB LMBTF .RRUG6LVWHP LPOTUSVJ TBP J[SB[PN QHZ 'Xŀ *[WBO LMBTF .RRUG6LVWHP CJ TF NPSBP LPSJTUJUJ J[SB[ QHZ .RRUG6LVWHP'Xŀ 0CSBUJUF QBßOKV OB UP EB LBEB TF QSFWFEF LMBTB .RRUG6LVWHP EPCJKBKV TF [BQSBWP EWF EBUPUFLF CBKULPEB *BLP TF EFđOJDJKB LMBTF 'Xŀ OBMB[J VOVUBS LMBTF .RRUG6LVWHP OKFO CBKULPE TF TNFØUB V QPTFCOV EBUPUFLV ʃJKF KF JNF .RRUG6LVWHP'XŀFODVV #BKULPE LMBTF .RRUG6LVWHP TF TNFØUB LBP ØUP KF UP VPCJʃBKFOP V EBUPUFLV .RRUG6LVWHPFODVV 4UBUJʃLB VHOKFßʇFOB LMBTB KF WSMP TMJʃOB SFHVMBSOPK LMBTJ OB OBKWJØFN OJ WPV +FEOB PE SB[MJLB KF UP ØUP TF OKFOP JNF IJKFSBSIJKTLJ OBMB[J VOVUBS QSP TUPSB JNFOB PCVIWBUBKVʂF LMBTF TMJʃOP LBP ØUP TF JNF SFHVMBSOF LMBTF OBMB[J VOVUBS QSPTUPSB JNFOB PEHPWBSBKVʂFH QBLFUB 1PSFE UPHB TUBUJʃLB VHOKF ßʇFOB LMBTB JNB QPUQVO QSJTUVQ TUBUJʃLJN ʃMBOPWJNB PCVIWBUBKVʂF LMBTF ʃBL J BLP TV POJ EFLMBSJTBOJ LBP QSJWBUOJ 0CSOVUP KF UBLPʇF UBʃOP PCV IWBUBKVʂB LMBTB JNB QPUQVO QSJTUVQ TWJN ʃMBOPWJNB VHOKFßʇFOF LMBTF 5P NPßF CJUJ KFEBO PE SB[MPHB [B EFđOJTBOKF TUBUJʃLF VHOKFßʇFOF LMBTF KFS UBLP KFEOB LMBTB NPßF EPCJUJ QSJTUVQ QSJWBUOJN ʃMBOPWJNB ESVHF LMBTF B EB TF QSJ UPNF UJ ʃMBOPWJ OF PULSJWBKV ESVHJN LMBTBNB
0CKFLUOF VHOKFßʇFOF LMBTF 0CKFLUOB VHOKFßʇFOB LMBTB KF LMBTB LPKB KF EFđOJTBOB LBP ʃMBO PCVIWBUB KVʂF LMBTF CF[ TMVßCFOF SFʃJ VWDWLF "LP KF TUBUJʃLB VHOKFßʇFOB LMBTB BOBMPH
1ļŁIJįĻIJ ĸĹĮŁIJ Ķ ĶĻłIJŀijIJķŁĶ
OB TUBUJʃLPN QPMKV JMJ TUBUJʃLPN NFUPEV POEB KF PCKFLUOB VHOKFßʇFOB LMB TB BOBMPHOB PCKFLUOPN QPMKV JMJ PCKFLUOPN NFUPEV ;CPH UPHB KF PCKFLUOB VHOKFßʇFOB LMBTB WF[BOB [BQSBWP [B PCKFLBU PCVIWBUBKVʂF LMBTF /FTUBUJʃLJ ʃMBOPWJ OFLF PCJʃOF LMBTF PESFʇVKV ØUB ʂF TF OBMB[JUJ V TWB LPN LPOTUSVJTBOPN PCKFLUV UF LMBTF 5P WBßJ J [B PCKFLUOF VHOKFßʇFOF LMB TF CBS MPHJʃLJ PEOPTOP NPßF TF TNBUSBUJ EB TWBLJ PCKFLBU PCVIWBUBKVʂF LMBTF JNB TPQTUWFOJ QSJNFSBL PCKFLUOF VHOKFßʇFOF LMBTF 0WBK QSJNFSBL JNB QSJTUVQ EP TWJI QPTFCOJI QSJNFSBLB QPMKB J NFUPEB OFLPH PCKFLUB ʃBL J POJI LPKJ TV EFLMBSJTBOJ LBP QSJWBUOJ %WB QSJNFSLB PCKFLUOF VHOKFßʇFOF LMBTF V SB[MJʃJUJN PCKFLUJNB TF SB[MJLVKV KFS LPSJTUF SB[MJʃJUF QSJNFSLF QP MKB J NFUPEB V SB[MJʃJUJN PCKFLUJNB 6 TUWBSJ QSBWJMP OB PTOPWV LPKFH TF NPßF PEMVʃJUJ EB MJ VHOKFßʇFOB LMBTB USFCB EB CVEF TUBUJʃLB JMJ PCKFLUOB KF KFEOPTUBWOP BLP VHOKFßʇFOB LMBTB NPSB LPSJTUJUJ OFLP PCKFLUOP QPMKF JMJ PCKFLUOJ NFUPE PCVIWBUBKVʂF LMBTF POB J TBNB NPSB CJUJ PCKFLUOB 0CKFLUOB VHOKFßʇFOB LMBTB TF J[WBO PCVIWBUBKVʂF LMBTF NPSB LPSJTUJUJ V[ LPOTUSVJTBOJ PCKFLBU PCVIWBUBKVʂF LMBTF V GPSNBUV SURPHQOMLYD2EMHNWQD8JQMHŀÓHQD.ODVD
6 PWPN [BQJTV SURPHQOMLYD P[OBʃBWB JNF QSPNFOMKJWF LPKB VLB[VKF OB PCKFLBU PCVIWBUBKVʂF LMBTF 0WB NPHVʂOPTU TF V QSBLTJ JQBL SFULP LPSJ TUJ KFS TF PCKFLUOB VHOKFßʇFOB LMBTB PCJʃOP LPSJTUJ TBNP VOVUBS PCVIWBUB KVʂF LMBTF B POEB KF EPWPMKOP OBWFTUJ OKFOP QSPTUP JNF %B CJ TF LPOTUSVJTBP PCKFLBU LPKJ QSJQBEB OFLPK PCKFLUOPK VHOKFßʇFOPK LMBTJ NPSB TF OBKQSF JNBUJ PCKFLBU OKFOF PCVIWBUBKVʂF LMBTF 6OVUBS PCV IWBUBKVʂF LMBTF TF LPOTUSVJØF PCKFLBU LPKJ QSJQBEB OKFOPK PCKFLUOPK VHOKF ßʇFOPK LMBTJ [B PCKFLBU OB LPKJ VLB[VKF QSPNFOMKJWB WKLV 0CKFLBU LPKJ QSJ QBEB PCKFLUOPK VHOKFßʇFOPK LMBTJ TF QFSNBOFOUOP WF[VKF [B PCKFLBU PCV IWBUBKVʂF LMBTF J JNB QPUQVO QSJTUVQ TWJN ʃMBOPWJNB UPH PCKFLUB 1PLVØBKNP EB PWP SB[KBTOJNP OB KFEOPN QSJNFSV 1PTNBUSBKNP LMBTV LPKB QSFETUBWMKB JHSV UBCMJʂB TB LBSUBNB 0WB LMBTB NPßF JNBUJ PCKFLUOV VHOKFßʇFOV LMBTV LPKB QSFETUBWMKB JHSBʃF UBCMJʂB SXEOLF FODVV 7DEOLÉ ^ SULYDWH .DUWD>@ ģSLO
ģSLO NDUDWD ]D WKLV LJUX WDEOLÉD
6HOKFßʇFOF LMBTF
SULYDWH FODVV ,JUDÏ ^
MHGDQ LJUDÏ WKLV LJUH WDEOLÉD
` 2VWDOL ÏODQRYL NODVH 7DEOLÉ `
"LP KF LJUD QSPNFOMKJWB UJQB 7DEOLÉ POEB PCKFLBU JHSF UBCMJʂB OB LPKJ LJUD VLB[VKF LPODFQDJKTLJ TBESßJ TWPK QSJNFSBL PCKFLUOF VHOKFßʇFOF LMBTF ,JUDÏ
6 TWBLPN PCKFLUOPN NFUPEV LMBTF 7DEOLÉ OPWJ JHSBʃ CJ TF OB VPCJ ʃBKFOJ OBʃJO LPOTUSVJTBP J[SB[PN QHZ ,JUDÏ "MJ J[WBO LMBTF 7DEOLÉ CJ TF OPWJ JHSBʃ LPOTUSVJTBP J[SB[PN LJUDQHZ ,JUDÏ 6OVUBS LMBTF ,JUDÏ TWJ PCKFLUOJ NFUPEJ JNBKV QSJTUVQ PCKFLUOPN QPMKV ģSLO PCVIWBUBKVʂF LMB TF 7DEOLÉ +FEOB JHSB UBCMJʂB LPSJTUJ TWPK ØQJM LBSBUB J JNB TWPKF JHSBʃF JHSBʃJ OFLF ESVHF JHSB UBCMJʂB LPSJTUF ESVHJ ØQJM LBSBUB 0WBK QSJSPEBO FGFLBU KF VQSBWP QPTUJHOVU UJNF ØUP KF LMBTB ,JUDÏ EFđOJTBOB EB OJKF TUBUJʃLB 0CKFLBU LMBTF ,JUDÏ V QSFUIPEOPN QSJNFSV QSFETUBWMKB JHSBʃB KFEOF LPOLSFUOF JHSF UBCMJ ʂB %B KF LMBTB ,JUDÏ CJMB EFđOJTBOB LBP TUBUJʃLB VHOKFßʇFOB LMBTB POEB CJ POB QSFETUBWMKBMB JHSBʃB UBCMJʂB V PQØUFN TNJTMV OF[BWJTOP PE LPOLSFUOF JHSF UBCMJʂB
-PLBMOF LMBTF -PLBMOB LMBTB KF POB LPKB KF EFđOJTBOB VOVUBS OFLPH NFUPEB ESVHF LMB 1PØUP TF TWJ NFUPEJ NPSBKV OBMB[JUJ VOVUBS OFLF LMBTF MPLBMOF LMBTF NPSBKV CJUJ VHOKFßʇFOF VOVUBS PCVIWBUBKVʂF LMBTF ;CPH UPHB MPLBMOF LMB TF JNBKV TMJʃOF PTPCJOF LBP PCKFLUOF VHOKFßʇFOF LMBTF NBEB QSFETUBWMKB KV QPUQVOP SB[MJʃJUV WSTUV VHOKFßʇFOJI LMBTB -PLBMOF LMBTF V PEOPTV OB PCKFLUOF VHOKFßʇFOF LMBTF TUPKF PUQSJMJLF LBP MPLBMOF QSPNFOMKJWF V PEOP TV OB PCKFLUOB QPMKB LMBTF ,BP J OFLB MPLBMOB QSPNFOMKJWB MPLBMOB LMBTB KF WJEMKJWB TBNP VOVUBS NFUPEB V LPKFN KF EFđOJTBOB /B QSJNFS BLP TF OFLB PCKFLUOB VHOKFßʇFOB LMBTB LPSJTUJ TBNP VOVUBS KFEOPH NFUPEB TWPKF PCVIWBUBKVʂF LMBTF PCJʃOP
TF
5BʃOJKF MPLBMOB LMBTB TF NPßF EFđOJTBUJ J VOVUBS OFLPH CMPLB OBSFECJ V NFUPEV
1ļŁIJįĻIJ ĸĹĮŁIJ Ķ ĶĻłIJŀijIJķŁĶ
OF QPTUPKJ SB[MPH [CPH LPKFH TF POB OF NPßF EFđOJTBUJ VOVUBS UPH NFUPEB B OF LBP ʃMBOJDB PCVIWBUBKVʂF LMBTF /B UBK OBʃJO TF EFđOJDJKB LMBTF QPNF SB KPØ CMJßF NFTUV HEF TF LPSJTUJ ØUP TLPSP VWFL EPQSJOPTJ CPMKPK ʃJUMKJWPTUJ QSPHSBNTLPH LPEB /FLF PE [OBʃBKOJI PTPCJOB MPLBMOJI LMBTB TV r 4MJʃOP PCKFLUOJN VHOKFßʇFOJN LMBTBNB MPLBMOF LMBTF TV WF[BOF [B PCVIWBUBKVʂJ PCKFLBU J JNBKV QSJTUVQ TWJN OKFHPWJN ʃMBOPWJNB ʃBL J QSJWBUOJN 1SFNB UPNF PCKFLUJ MPLBMOF LMBTF TV QSJESVßFOJ KFEOPN PCKFLUV PCVIWBUBKVʂF LMBTF ʃJKB TF SFGFSFODB V NFUPEJNB MPLBMOF LMB TF NPßF LPSJTUJUJ QVUFN QSPNFOMKJWF TMPßFOPH JNFOB 2EXKYDWDMXÉD .ODVDWKLV r 4MJʃOP QSBWJMV [B PCMBTU WBßFOKB MPLBMOF QSPNFOMKJWF MPLBMOB LMBTB WBßJ TBNP VOVUBS NFUPEB V LPKFN KF EFđOJTBOB J OKFOP JNF TF OJLBE OF NPßF LPSJTUJUJ WBO UPH NFUPEB 0CSBUJUF JQBL QBßOKV OB UP EB PCKFLUJ MPLBMOF LMBTF LPOTUSVJTBOJ V OKFOPN PCVIWBUBKVʂFN NFUPEV NPHV QPTUPKBUJ J OBLPO [BWSØFULB J[WSØBWBOKB UPH NFUPEB r 4MJʃOP MPLBMOJN QSPNFOMKJWJN MPLBMOF LMBTF TF OF NPHV EFđOJTBUJ TB NPEJđLBUPSJNB SXEOLF SULYDWH SURWHFWHG JMJ VWDWLF 0WJ NPEJđ LBUPSJ NPHV TUBKBUJ TBNP V[ ʃMBOPWF LMBTF J OJTV EP[WPMKFOJ [B MPLBMOF QSPNFOMKJWF JMJ MPLBMOF LMBTF r 1PSFE ʃMBOPWB PCVIWBUBKVʂF LMBTF MPLBMOB LMBTB NPßF LPSJTUJUJ MPLBM OF QSPNFOMKJWF J QBSBNFUSF NFUPEB QPE VTMPWPN EB TV POJ EFLMB SJTBOJ TB NPEJđLBUPSPN ILQDO 0WP PHSBOJʃFOKF KF QPTMFEJDB UPHB ØUP ßJWPUOJ WFL OFLPH PCKFLUB MPLBMOF LMBTF NPßF CJUJ NOPHP EVßJ PE ßJWPUOPH WFLB MPLBMOF QSPNFOMKJWF JMJ QBSBNFUSB NFUPEB V LPKFN KF MPLBMOB LMBTB EFđOJTBOB 1PETFUJNP TF EB KF ßJWPUOJ WFL MPLBMOF QSPNFOMKJWF JMJ QBSBNFUSB OFLPH NFUPEB KFEOBL WSFNFOV J[WSØBWB OKB UPH NFUPEB ;CPH UPHB MPLBMOB LMBTB NPSB JNBUJ TWPKF QSJWBUOF QSJNFSLF TWJI MPLBMOJI QSPNFOMKJWJI JMJ QBSBNFUBSB LPKF LPSJTUJ ØUP TF BVUPNBUTLJ PCF[CFʇVKF PE TUSBOF +BWB QSFWPEJPDB +FEJOJ OBʃJO EB TF PCF[CFEJ EB MPLBMOF QSPNFOMKJWF JMJ QBSBNFUSJ NFUPEB CVEV JT UJ LBP QSJWBUOJ QSJNFSDJ MPLBMOF LMBTF KFTUF EB TF [BIUFWB EB POJ CVEV ILQDO
6HOKFßʇFOF LMBTF
"OPOJNOF LMBTF "OPOJNOF LMBTF TV MPLBMOF LMBTF CF[ JNFOB 0OF TF VHMBWOPN LPSJTUF V TMVʃBKFWJNB LBEB KF QPUSFCOP LPOTUSVJTBUJ TBNP KFEBO PCKFLBU OFLF LMBTF 6NFTUP QPTFCOPH EFđOJTBOKB UF LMBTF J [BUJN LPOTUSVJTBOKB OKFOPH PCKFLUB TBNP OB KFEOPN NFTUV PCB FGFLUB TF JTUPWSFNFOP NPHV QPTUJʂJ QJTBOKFN PQFSBUPSB QHZ V KFEOPN PE EWB TQFDJKBMOB PCMJLB QHZ QDWNODVD OLVWDDUJPHQDWD ^ PHWRGLLSURPHQOMLYH `
JMJ QHZ LQWHUIHMV ^ PHWRGLLNRQVWDQWH `
0WJ PCMJDJ PQFSBUPSB QHZ TF NPHV LPSJTUJUJ OB TWBLPN NFTUV HEF TF NP ßF OBWFTUJ PCJʃBO PQFSBUPS QHZ 0CSBUJUF QBßOKV OB UP EB EPL TF EFđOJDJKB MPLBMOF LMBTF TNBUSB OBSFECPN OFLPH NFUPEB EFđOJDJKB BOPOJNOF LMBTF V[ PQFSBUPS QHZ KF GPSNBMOP J[SB[ 5P [OBʃJ EB LPNCJOPWBOJ PCMJL PQFSBUP SB QHZ NPßF CJUJ V TBTUBWV WFʂFH J[SB[B HEF UP JNB TNJTMB 0CB QSFUIPEOB J[SB[B TMVßF [B EFđOJTBOKF CF[JNFOF OPWF LMBTF ʃJKF TF UFMP OBMB[J J[NFʇV WJUJʃBTUJI [BHSBEB J JTUPWSFNFOP TF LPOTUSVJØF PCKFLBU LPKJ QSJQBEB UPK LMBTJ 1SFDJ[OJKF QSWJN J[SB[PN TF QSPØJSVKF QDWNODVD UBLP ØUP TF EPEBKV OBWFEFOJ PHWRGLLSURPHQOMLYH "SHVNFOUJ OBWFEFOJ J[NF ʇV [BHSBEB TF QSFOPTF LPOTUSVLUPSV QDWNODVH LPKB TF QSPØJSVKF 6 ESVHPN J[SB[V TF QPESB[VNFWB EB BOPOJNOB LMBTB JNQMFNFOUJSB LQWHUIHMV EFđOJ TBOKFN TWJI OKFHPWJI EFLMBSJTBOJI NFUPEB J EB QSPØJSVKF LMBTV 2EMHFW 6 TWBLPN TMVʃBKV HMBWOJ FGFLBU LPKJ TF QPTUJßF KF LPOTUSVJTBOKF QPTFCOP QSJMB HPʇFOPH PCKFLUB CBØ OB NFTUV V QSPHSBNV HEF KF J QPUSFCBO "OPOJNOF LMBTF TF ʃFTUP LPSJTUF [B QPTUVQBOKF TB EPHBʇBKJNB LPKJ OBTUB KV QSJ SBEV QSPHSBNB LPKJ LPSJTUF HSBđʃLJ LPSJTOJʃLJ JOUFSGFKT 0 EFUBMKJNB SBEB TB FMFNFOUJNB HSBđʃLPH LPSJTOJʃLPH JOUFSGFKTB CJʂF WJØF SFʃJ V QPHMB WMKV LPKF KF QPTWFʂFOP HSBđʃLPN QSPHSBNJSBOKV 4BEB ʂFNP TBNP SBEJ JMVTUSBDJKF CF[ VMBßFOKB V TWF đOFTF QPLB[BUJ QSPHSBNTLJ GSBHNFOU V LP KFN TF LPOTUSVJØF KFEOPTUBWOB LPNQPOFOUB HSBđʃLPH LPSJTOJʃLPH JOUFSGFKTB J EFđOJØV NFUPEJ LPKJ TF QP[JWBKV LBP SFBLDJKB OB EPHBʇBKF LPKF QSPJ[WPEJ
1ļŁIJįĻIJ ĸĹĮŁIJ Ķ ĶĻłIJŀijIJķŁĶ
UB LPNQPOFOUB 5BK HSBđʃLJ FMFNFOU KF EVHNF P[OBʃFOP QSJHPEOJN UFL TUPN LPKF QSPJ[WPEJ SB[OF WSTUF EPHBʇBKB [BWJTOP PE LPSJTOJʃLF BLUJWOPTUJ T NJØPN OBE OKJN 6 QSJNFSV V OBTUBWLV OBKQSF TF LPOTUSVJØF HSBđʃLJ FMFNFOU EVHNF LP KF KF PCKFLBU TUBOEBSEOF LMBTF %XWWRQ J[ QBLFUB MDYDDZW /BLPO UPHB TF [B OPWPLPOTUSVJTBOP EVHNF QP[JWB NFUPE DGG0RXVH/LVWHQHU LPKJN TF SFHJTUSVKF PCKFLBU LPKJ NPßF EB SFBHVKF OB EPHBʇBKF J[B[WBOF LMJLPN NJØB OB EVHNF QSFMBTLPN TUSFMJDF NJØB QSFLP EVHNFUB J UBLP EBMKF 5FIOJʃLJ UP [OBʃJ EB BSHVNFOU QP[JWB NFUPEB DGG0RXVH/LVWHQHU NPSB CJUJ PCKFLBU LPKJ QSJQBEB LMBTJ LPKB JNQMFNFOUJSB JOUFSGFKT 0RXVH/LVWHQHU #F[ NPßEB QPUQVOPH SB[VNFWBOKB TWJI PWJI EFUBMKB P LPKJNB TF WJØF HPWPSJ V QPHMBWMKV PWEF KF [B TBEB WBßOP QSJNFUJUJ TBNP UP EB OBN USFCB KFEBO KFEJOJ PCKFLBU QPTFCOF LMBTF LPKV [BUP NPßFNP EFđOJTBUJ EB CVEF BOPOJNOB LMBTB 1PSFE UPHB TQFDJKBMOJ PCMJL J[SB[B TB PQFSBUPSPN QHZ [B LPOTUSVJTBOKF UPH PCKFLUB NPßFNP QJTBUJ V TBNPN QP[JWV NFUPEB DGG0RXVH/LVWHQHU LBP OKFHPW BSHVNFOU %XWWRQ GXJPH
QHZ %XWWRQ 3ULWLVQL PH
GXJPH VD WHNVWRP
GXJPHDGG0RXVH/LVWHQHU QHZ 0RXVH/LVWHQHU ^ SRÏHWDN WHOD DQRQLPQH NODVH 6YL PHWRGL LQWHUIHMVD 0RXVH/LVWHQHU VH PRUDMX GHILQLVDWL SXEOLF YRLG PRXVH&OLFNHG 0RXVH(YHQW H ^ 6\VWHPRXWSULQWOQ .OLNQXWR QD GXJPH ` SXEOLF YRLG PRXVH3UHVVHG 0RXVH(YHQW H ^ ` SXEOLF YRLG PRXVH5HOHDVHG 0RXVH(YHQW H ^ ` SXEOLF YRLG PRXVH(QWHUHG 0RXVH(YHQW H ^ ` SXEOLF YRLG PRXVH([LWHG 0RXVH(YHQW H ^ ` `
VUHGQMD ]DJUDGD L WDÏND]DSHWD ]DYUģDYDMX SR]LY PHWRGD
#VEVʂJ EB BOPOJNOF LMBTF OFNBKV JNF OJKF NPHVʂF EFđOJTBUJ LPO TUSVLUPSF [B OKJI "OPOJNOF LMBTF TF PCJʃOP LPSJTUF [B QSPØJSJWBOKF KFE OPTUBWOJI LMBTB ʃJKJ LPOTUSVLUPSJ OFNBKV QBSBNFUSF ;BUP TV [BHSBEF V EF đOJDJKJ BOPOJNOF LMBTF ʃFTUP QSB[OF LBLP V TMVʃBKV QSPØJSJWBOKB LMBTB UBLP J V TMVʃBKV JNQMFNFOUJSBOKB JOUFSGFKTB 4WF BOPOJNOF LMBTF PCVIWBUBKVʂF LMBTF QSJMJLPN QSFWPʇFOKB EBKV QP
6HOKFßʇFOF LMBTF
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Na osnovu člana 23. stav 2. tačka 7. Zakona o porezu na dodatu vrednost („Službeni glasnik RS”, br. 84/04... i 61/07), Odlukom Senata Univerziteta Singidunum, Beograd, broj 260/07 od 8. juna 2007. godine, ova knjiga je odobrena kao osnovni udžbenik na Univerzitetu.
CIP - Каталогизација у публикацији Народна библиотека Србије, Београд 004.438JAVA(075.8) 004.42:004.738.5(075.8)
ЖИВКОВИЋ, Дејан, 1956Java programiranje / Dejan Živković. - 2. izd. - Beograd : Univerzitet Singidunum, 2013 (Loznica : Mladost Grup). - VI, 451 str. : ilustr. ; 24 cm Tiraž 300. - Bibliografija: str. 443-444. Registar. ISBN 978-86-7912-467-8
a) Програмски језик “Java” b) Интернет Програмирање COBISS.SR-ID 195968268 © 2013. Sva prava zadržana. Nijedan deo ove publikacije ne može biti reprodukovan u bilo kom vidu i putem bilo kog medija, u delovima ili celini bez prethodne pismene saglasnosti izdavača.
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