EBL?J:LMJ: :[Zdmfh\<:Wdheh]bq_kdb_fh^bnbdZpbbbjZa\blb_[bhp_ghah\Wdheh ]bq_kdb_fh^bnbdZpbbbdjbl_jbbwdheh]bq_kdh]hghjfbjh\ZgbyLjm^uf_`

реклама
EBL?J:LMJ:
:[Zdmfh\ <: Wdheh]bq_kdb_ fh^bnbdZpbb b jZa\blb_ [bhp_ghah\ Wdheh
]bq_kdb_fh^bnbdZpbbbdjbl_jbbwdheh]bq_kdh]hghjfbjh\ZgbyLjm^uf_`
^mgZjh^gh]hkbfihabmfZE=b^jhf_l_hba^ZlK
:[Zdmfh\<:Kbj_gdhE:Df_lh^mdhgljheywdheh]bq_kdbofh^bnbdZpbc
[bhp_ghah\GZmqgu_hkgh\u[bhfhgblhjbg]Zij_kgh\h^guowdhkbkl_fLjm
^ukh\_lkdhnjZgpmakdh]hkbfihabmfZE=b^jhf_l_hba^ZlK
:[Zdmfh\ <: Kms_gy EF =b^jh[bheh]bq_kdbc fhgblhjbg] ij_kgh\h^guo
wdhkbkl_fbimlb_]hkh\_jr_gkl\h\ZgbyWdheh]bq_kdb_fh^bnbdZpbbbdjb
l_jbb wdheh]bq_kdh]h ghjfbjh\Zgby Ljm^u f_`^mgZjh^gh]h kbfihabmfZ E
=b^jhf_l_hba^ZlK
:[jZfh\ <B R_\q_gdh <: Bkihevah\Zgb_ ZjZ[b^hikbkZ $UDELGRSVLV WKD
OLDQD/+H\QK^eyfhgblhjbg]ZaZ]jyag_gby]hjh^kdhckj_^uFhkd\uL_a
^hde kt_a^Z ih jZ^bZp bkke_^ ³JZ^bh[bhe jZ^bhwdhe jZ^bZp [_ahiZk´
ImsbghK
:\_jbgp_\<=Hp_gdZk_ahgghc^bgZfbdbnmgdpbhgZevgh]hkhklhygby\ukh
dhZjdlbq_kdbof_edh\h^guowdhkbkl_fA_febNjZgpZBhkbnZf_lh^hf$%&
Ijh[e_fuwdheh]bbiheyjguoh[eZkl_cFGZmdZ<uiK
:\_jbgp_\<=@mdh\<BKhhlghr_gb_dmfmeylb\guoijhp_glh\[bhfZkku
b qbke_gghklb dZd ihdZaZl_ev khklhygby khh[s_kl\ Ijh[e q_l\_jl iZe_h
wdhebiZe_h]jk_\fhj_c:iZlbluK
:^e_jXIFZjdh\Z?<=jZgh\kdbcX<IeZgbjh\Zgb_wdki_jbf_glZijb
ihbkd_hilbfZevguomkeh\bcFGZmdZk
Ebl_jZlmjZ
:e_dk__\<:Hkh[_gghklbhibkZgby^j_\hklh_\\ mkeh\byoZlfhkn_jgh]haZ
]jyag_gby <aZbfh^_ckl\b_ e_kguo wdhkbkl_f b Zlfhkn_jguo aZ]jyagbl_e_c
LZeebgK
:e_dk__\ <: G_dhlhju_ \hijhku ^bZ]ghklbdb b deZkkbnbdZpbb ih\j_`^_g
guo aZ]jyag_gb_f e_kguo wdhkbkl_f E_kgu_ wdhkbkl_fu b Zlfhkn_jgh_ aZ
]jyag_gb_EK
:ebfh\:N>bgZfbdZ[bhfZkkuijh^mdlb\ghklvwdhkbkl_fdhglbg_glZevguo
\h^h_fh\@h[s[bhe‹K
:jfZg^ :> DZc^Zdh\Z << DmrgZj_\Z =< >h[jh^__\ <= Hij_^_e_gb_
ij_^_eh\ mklhcqb\hklb ]_hkbkl_f gZ ijbf_j_ hdj_klghkl_c Fhgq_]hjkdh]h
f_lZeemj]bq_kdh]hdhf[bgZlZBa\:GKKKJK_j]_h]j‹K
;ZdZgh\ :B Bkihevah\Zgb_ dhf[bgbjh\Zgguo bg^_dkh\ ^ey fhgblhjbg]Z
ij_kgh\h^guo \h^h_fh\ ih ahh[_glhkm <h^ j_kmjku ‹ K
;ZdZgh\:BBkihevah\Zgb_ahh[_glhkZ^eyfhgblhjbg]Zij_kgh\h^guo\h^h
_fh\;bhe\gmlj\h^‹K
;ZdZgh\:BKf_lZgbgFFRboh\ZGFHg_dhlhjuoih^oh^ZodZgZebam
b dhebq_kl\_gghc hp_gd_ kljmdlmj \h^guo wdhkbkl_f Bgl [bhe \gmlj \h^
J:G;hjhdk>_i\<BGBLB‹<
;ZemrdbgZ?<Objhghfb^udZdbg^bdZlhjukl_i_gbaZ]jyag_gby\h^uF_
;ZemrdbgZ ?< Ijbf_g_gb_ bgl_]jZevgh]h ihdZaZl_ey ^ey hp_gdb dZq_kl\Z
lh^u[bheh]bq_kdh]hZgZebaZij_kguo\h^EK
\h^ ih kljmdlmjguf oZjZdl_jbklbdZf ^hgguo khh[s_kl\ Lj Ahhe bglZ
J:GK
;ZemrdbgZ ?< Djbl_jbb b f_lh^u hp_gdb mjh\gy Zgljhih]_gghc gZ]jmadb b
dZq_kl\Z \h^u L_a ^hde f_`^mgZj gZmq dhgn ³FZeu_ j_db Kh\j_f_ggh_
wdheh]bq_kdh_khklhygb_ZdlmZevgu_ijh[e_fu´LhevyllbK
;Zjbgh\Z KK D hp_gd_ khklhygby \h^guo wdhkbkl_f Zjobi_eZ]Z Gh\Zy A_fey
Gh\ha_f_evkdbcaZih\_^gbdJhkkby:ev]heh]by‹K
;_^h\Z I< Hp_gdZ khklhygby \h^ghc kj_^u \ J_kim[ebd_ FZjbc We k ihfh
svx ]b^jh[bhglh\ L_a ^hde F_`^mgZj dhgn ³Nbgm]hj fbj khklhygb_
ijbjh^ubj_]bhgkljZl_]byaZsbluhdjm`kj_^u´Kudlu\dZjK
Ebl_jZlmjZ
;hjbkh\ ;F D \hijhkm h[ hp_gd_ khklhygby a^hjh\vy gZk_e_gby \ mkeh\byo
Zgljhih]_ggh]haZ]jyag_gbyhdjm`Zxs_ckj_^uWdheijhfij\Z‹
K
;me]Zdh\ G= KljmdlmjZ b nmgdpbb bgnhjfZpbhgghc ZgZeblbq_kdhc kbkl_fu
Wdheh]byij_kguo\h^JhkkbbFZeu_j_dbKh\j_f_ggh_wdheh]bq_kdh_kh
klhygb_ ZdlmZevgu_ ijh[e_fu L_abku ^hdeZ^h\ F_`^mgZjh^ghc gZmqghc
dhgn_j_gpbbLhevyllbBW<;J:GK
;me]Zdh\ G= Bkihevah\Zgb_ ^Zgguo [bheh]bq_kdh]h b nbabdhobfbq_kdh]h
fhgblhjbg]Zij_kgh\h^guowdhkbkl_f^eyhp_gdbZgljhih]_ggh]hbijbjh^gh
]h \ha^_ckl\by gZ [bhlm Kh\j_f_ggu_ ijh[e_fu [bhbg^bdZpbb b [bhfhgb
lhjbg]Z L_abku ^hdeZ^h\ ;, F_`^mgZjh^gh]h kbfihabmfZ ih [bhbg^bdZlh
jZfKudlu\dZjK
;me]Zdh\ G= Bg^bdZpby khklhygby ijbjh^guo wdhkbkl_f b ghjfbjh\Zgb_
nZdlhjh\ hdjm`Zxs_c kj_^u H[ahj kms_kl\mxsbo ih^oh^h\ Mki kh\j_f
[bheL‹K
;me]Zdh\ G= Ijbf_j kha^Zgby bgnhjfZpbhgghc kbkl_fu h[t_^bgyxs_c
^Zggu_ [bheh]bq_kdh]h b nbabdhobfbq_kdh]h fhgblhjbg]Z ij_kguo \h^ Jhk
kbbbkhij_^_evguokljZgLjm^u<k_jhkkbckdhcgZmqghcdhgn_j_gpbbGZ
mqguc k_j\bk \ k_lb Bgl_jg_l F Ba^\h Fhkdh\kdh]h mgb\_jkbl_lZ K
;me]Zdh\ G= Wdheh]bq_kdb ^himklbfu_ mjh\gb Z[bhlbq_kdbo nZdlhjh\ \ \h
^h_fZoJhkkbbbkhij_^_evguokljZgAZ\bkbfhklvhl]_h]jZnbq_kdbobdebfZ
lbq_kdbohkh[_gghkl_c<h^gu_j_kmjku\i_qZlb
;me]Zdh\G=E_\bq:IGbdhgh\ZJKKZehfZlbgZL<Hk\yabf_`^mwdh
eh]bq_kdbfbiZjZf_ljZfbbijh^mdpbhggufbihdZaZl_eyfb\ujhklgh]hju[h
\h^gh]hijm^Z<_klgbdF=MK_j[bhe‹K
;me]Zdh\G=>m[bgbgZ<= E_\bq :IL_j_obg:L F_lh^ihbkdZkhijy
`_gghkl_cf_`^m]b^jh[bheh]bq_kdbfbihdZaZl_eyfbbZ[bhlbq_kdbfbnZdlh
jZfbkj_^ugZijbf_j_ meh\h\b mjh`Zcghklbijhfukeh\uoju[Ba\J:G
K_j[bhe‹K
Ebl_jZlmjZ
;me]Zdh\ G= E_\bq :I FZdkbfh\ <G Ijh]gha khklhygby wdhkbkl_f b
ghjfbjh\Zgb_ nZdlhjh\ kj_^u \ \h^guo h[t_dlZo Gb`g_]h >hgZ Ba\ J:G
K_j[bhe‹K
;me]Zdh\ G= :[Zdmfh\ <: B\Zgh\ <X Bkihevah\Zgb_ ^Zgguo h [bheh
]bb]b^jhobfbbb]b^jheh]bbij_kguo\h^Jhkkbbbkhij_^_evguokljZgijb
ihkljh_gbb dhfivxl_jghc bgnhjfZpbhgghc kbkl_fu Ba\_klby :G K_jby
[bheh]bq_kdZy‹K
;me]Zdh\ G= FZdkbfh\ <G E_\bq :I J_]bhgZevguc wdheh]bq_kdbc dhg
ljhevgZhkgh\_[bhlbq_kdbobZ[bhlbq_kdbo^Zgguofhgblhjbg]ZWdheh]b
q_kdbc fhgblhjbg] F_lh^u [bheh]bq_kdh]h b nbabdhobfbq_kdh]h fhgblh
jbg]Z Mq_[gh_ ihkh[b_ QZklv 9 Gb`gbc Gh\]hjh^ Ba^\h Gb`_]hjh^kdh]h
mgb\_jkbl_lZ\i_qZlb
;mjeZdh\Z?;>h^bgZ=IAxabdh\G:Dhjh]h^bg<BDhjh]h^bgZ<E
DjZkZ\bg ?: Dh]^bg <G FZebdh\ :G I_ljmq_gdh GF I_lbg <= J_
r_lgbdh\Z <B R_\q_gdh <: Reyolbg =< Yjbebg :: >_ckl\b_ fZehc
^haubhgbabjmxs_]hbaemq_gbybobfbq_kdboaZ]jyag_gbcgZq_eh\_dZb[bh
lm Ijh]jZffZ ³Hp_gdZ khq_lZggh]h ^_ckl\by jZ^bhgmdeb^guo b obfbq_kdbo
aZ]jyag_gbc´:lhfwg_j]by‹K
;ukljh\Z:DWdheh]bybdZiblZebklbq_kdbc]hjh^FGZmdZk
;yeh[hd K J_]mebjh\Zgb_ aZ]jyag_gby Zlfhkn_ju AZ]jyag_gb_ \ha^moZ b
<_ljh\<<OjmiZq_\:=F_lh^hp_gdbbijh]ghabjh\Zgby\ebygby\j_^guo
`bagvjZkl_gbcEK
l_ogh]_gguo nZdlhjh\ gZ ijh^he`bl_evghklv `bagb q_eh\_dZ <_klg gh\
f_^l_oghe‹K
<hjh[_cqbd ?E KZ^udh\ HN NZjZnhglh\ F= Wdheh]bq_kdh_ ghjfbjh\Z
gb_l_ogh]_gguoaZ]jyag_gbc?dZl_jbg[mj]GZmdZk
<lhj`_gb_\ijbjh^gmxkj_^mHp_gdZ\ha^_ckl\byFIjh]j_kkk
<m^b\bkk N ;bhlbq_kdbc bg^_dk j Lj_gl FZdjh[_kiha\hghqgu_ b [bheh]b
q_kdh_h[ke_^h\Zgb_GZmqgu_hkgh\udhgljheydZq_kl\Zih\_joghklguo\h^
ih ]b^jh[bheh]bq_kdbf ihdZaZl_eyf Lj Kh\_lkdhZg]ebckdh]h k_f E =b^
jhf_l_hba^ZlK
Ebl_jZlmjZ
<uojbklxd E: Abgq_gdh L> Rblbdh\ <D F_lh^ bgl_]jZevghc hp_gdb
wdheh]bq_kdh]hkhklhygbyj_qguokbkl_fgZijbf_j_jZ\gbgguoj_dKj_^g_]h
Ih\he`vyL_a^hdef_`^mgZjgZmqdhgn³FZeu_j_dbKh\j_f_ggh_wdh
eh]bq_kdh_khklhygb_ZdlmZevgu_ijh[e_fu´LhevyllbK
=Zr_\ KG Fe_dhiblZxsb_ \ kbkl_f_ wdheh]bq_kdh]h fhgblhjbg]Z gZ ijb
f_j_Lxf_gkdhch[eZklb:\lhj_n^bk^hdl[bhegZmdLxf_gv
=_eZr\beb >; Qmijmgh\ ?< JZ^Z_\ :: Hp_gdZ kl_i_gb kbff_ljbb l_kl
hj]Zgbafh\\[bhfhgblhjbg]_gZa_fguob\h^guowdhkbkl_fL_a^hdef_`
^mgZjgZmq dhgn³FZeu_j_dbKh\j_f_ggh_wdheh]bq_kdh_ khklhygb_Zdlm
Zevgu_ijh[e_fu´LhevyllbK
=j_rlZY<ebygb_ijhfure_gghcaZ]jyag_gghklb\ha^moZgZkhkgh\u_b_eh
\u_ ^j_\hklhb JZklbl_evghklv b ijhfure_ggu_ aZ]jyag_gby K\_j^eh\kd
K
=jh^abgkdbcF>Wfibjbq_kdb_bnhjfZevghklZlbklbq_kdb_f_lh^uhij_^_
e_gby h[eZkl_c ^himklbfuo b ghjfZevguo khklhygbc GZmqgu_ ih^oh^u d
hij_^_e_gbxghjfgZ]jmahdgZeZg^rZnluFK
=jma^_\Z EI AZe_lZ_\ <K =jb[h\kdZy BN Baf_g_gb_ dhfihg_glh\ [bh
]_hp_ghah\ ^hebgu j_db Ymau \ j_amevlZl_ \h^hohayckl\_gghc b ^jm]hc ^_y
l_evghklbihnhg^mnmg^Zf_glZevguobkke_^h\Zgbc:gljhih]aZ]jyag_gb_
ijbjh^kj_^ubimlb__hilbfba‹K
=m^_jbZgJAZ]jyag_gb_\ha^mrghckj_^uFFbjk
=ma_\<KIjhkyggbdh\?<Ijhkyggbdh\ZKI Baf_g_gbyihq\_gguo fbd
jh[bhp_ghah\bbonmgdpbhgbjh\Zgby\wdhkbkl_fZoaZ]jyag_gguo\u[jhkZfb
Q_jgh[uevkdhc :WK L_a >hde kt_a^Z H\Z ihq\h\_^h\ Dg F K
>_j_\_gkdZy HX Fbg]Zah\Z GF Khh[s_kl\Z ahhieZgdlhgZ ha_j ijb bo aZ
]jyag_gbbb\hkklZgh\e_gbb=b^jh[bhe`‹K
>bfbljb_\>:RZjZih\ZH<<hjhgph\Z=F<ebygb_Zgljhih]_gguowdh
eh]bq_kdbo nZdlhjh\ gZ mjh\_gv f_jl\hjh`^_gghklb Ba\ GZp ZdZ^ gZmd b
bkdmkkl\Qm\ZrJ_ki‹K
>fbljb_\Z G< H[jb^dh K< Wdheh]bq_kdb_ fh^bnbdZpbb khh[s_kl\ nblh
ieZgdlhgZbfZdjhahh[_glhkZj_qgh]hmqZkldZ=hjvdh\kdh]h\h^hojZgbebsZih
Ebl_jZlmjZ
fgh]he_lgbf ^Zgguf ]b^jh[bheh]bq_kdh]h fhgblhjbg]Z Bgl a_f fZ]g_lba
fZ bhghkn_ju b jZkijhklj jZ^bh\heg J:G Ljhbpd Fhkd h[e k
>_i\<BGBLB‹<
>jh[hl<BKljmdlmjgu_baf_g_gbyahhieZgdlhgguokhh[s_kl\\h^h_fh\aZ
ih\_^gbdZ ³;hevrZy DhdrZ]Z´ L_a ^hde F_`^mgZj dhgn ³Nbgm]hj fbj
khklhygb_ ijbjh^u b j_]bhg kljZl_]by aZsblu hdjm` kj_^u´ Kudlu\dZj
K
?\eZgh\ B: Fbg__\ :D Jha_g[_j] =K Hp_gdZ khklhygby ij_kgh\h^guo
wdhkbkl_f ih fhjnheh]bq_kdbf ZghfZebyf m ebqbghd ju[ Lhevyllb BW<;
J:Gk
?`_]h^gbdbdZq_kl\Zih\_joghklguo\h^bwnn_dlb\ghklbijh\_^_gguo\h^h
hojZgguo f_jhijbylbc ² Jhklh\gZ>hgm K_\_jhDZ\dZakdh_ l_j
jblhjbZevgh_mijZ\e_gb_ih]b^jhf_l_hjheh]bb
?`_]h^gbdbkhklhygbywdhkbkl_fih\_joghklguo\h^KKKJih]b^jh[bheh]b
q_kdbfihdZaZl_eyf²H[gbgkd
?`_]h^gu_ ^Zggu_ h dZq_kl\_ ih\_joghklguo \h^ kmrb K_\_jh
DZ\dZakdh_l_jjblhjbZevgh_mijZ\e_gb_ih]b^jhf_l_hjheh]bb
?`_d\ZjlZevgu_ [xee_l_gb dZq_kl\Z ih\_joghklguo \h^ kmrb ²
Jhklh\gZ>hgm K_\_jhDZ\dZakdh_ l_jjblhjbZevgh_ mijZ\e_gb_ ih ]b^jhf_
l_hjheh]bb
@b]ZevkdbcH:Wdheh]bq_kdh_ghjfbjh\Zgb_Zgljhih]_gguogZ]jmahdL_a
^hdef_`^mgZjdhgn³Hk\h_gb_K_\_jZbijh[ej_dmevlb\Zpbb´Kudlu\
dZjK
AZfheh^qbdh\>=Hp_gdZwdheh]bq_kdb^himklbfuo mjh\g_cZgljhih]_ggh]h
AZfheh^qbdh\>=Hp_gdbwdheh]bq_kdb^himklbfuomjh\g_cZgljhih]_ggh]h
\ha^_ckl\by>hdeJ:G‹
\ha^_ckl\by gZ ij_kgh\h^gu_ wdhkbkl_fu Ijh[e_fu wdheh]bq_kdh]h fhgb
lhjbg]Zbfh^_ebjh\Zgb_wdhkbkl_fLKI[K
AZfheh^qbdh\>=;me]Zdh\G==mjkdbc:=E_\bq:IQ_kghdh\K<D
f_lh^bd_ ijbf_g_gby ^_l_jfbgZpbhggh]h ZgZebaZ ^ey h[jZ[hldb wdheh]bq_
kdbo ^Zgguo GZmqgu_ ^hdeZ^u \ukr_c rdheu ;bheh]bq_kdb_ gZmdb ‹K
Ebl_jZlmjZ
AZoZjh\<FA^hjh\v_kj_^udhgp_ipbyFP_gljwdheh]bq_kdhciheblbdb
Jhkkbbk
AZoZjh\<FDeZjd>Fj_^;bhl_klbgl_]jZevgZyhp_gdZa^hjh\vywdhkb
kl_f b hl^_evguo \b^h\ F Fhkdh\kdh_ hl^_e_gb_ f_`^mgZjh^gh]h nhg^Z
;bhl_klk
AZoZjh\ < F ;ZjZgh\ : K ;hjbkh\ < B <Ze_pdbc : < Djy`_\Z G =
Qbklydh\Z ? D Qm[bgbr\beb :L A^hjh\v_ kj_^u f_lh^bdZ hp_gdb F
P_gljwdheh]bq_kdhciheblbdbJhkkbbk
Abgq_gdhL> <uojbklxd E: Rblbdh\ <D F_lh^heh]bq_kdbc ih^oh^ d
hp_gd_wdheh]bq_kdh]hkhklhygbyj_qguokbkl_fih]b^jhobfbq_kdbfb]b^jh
[bheh]bq_kdbfihdZaZl_eyfBa\KZfZjkdh]hgZmqgh]hp_gljZJ:G
‹K
B\Zgh\ZF;D\hijhkmh[hij_^_e_gbbkhklhygbyha_jguowdhkbkl_fijbZg
BajZwevX:Wdheh]bybdhgljhevkhklhygbyijbjh^ghckj_^uF=b^jhf_
ljhih]_gghf\ha^_ckl\bb;bhe\gmlj\h^‹K
l_hba^Zlk
BkZdh\Z ?N Dhehkh\Z E< Ijh\_^_gb_ lhdkbdheh]bq_kdbo bkke_^h\Zgbc gZ
^Zngbyo F_lh^u[bhl_klbjh\ZgbydZq_kl\Z\h^ghckj_^uFBa^\h F=M
K
DZebgbg <: Djxd <B Em]Zgkdbc G: RZ\gbg K: Fh^_ev hp_gdb kh
DZjlZr_\ZG<E_\bq:I<ebygb_aZ]jyag_gbyf_lZeeZfbgZjZ\ghf_jghklv
klhygbyihjZ`_gguo^j_\hklh_\Wdheh]by‹K
jZkij_^_e_gby qbke_gghkl_c \b^h\ ahhieZgdlhgZ Q_eh\_d b [bhkn_jZ F
Ba^\hF=MK
D_ee_j :: Dm\Zdbg <B F_^bpbgkdZy wdheh]by KI[ I_ljh]jZ^kdbc b
Dhk
DbfklZq<:DeZkkbnbdZpbydZq_kl\Zih\_joghklguo\h^\kljZgZo?\jhi_c
Dbjb_gdh=K<Zkbev_\ZD<Hkh[_gghklbwdheh]bq_kdhcj_]eZf_glZpbb\h
kdh]hwdhghfbq_kdh]hkhh[s_kl\ZKI[=b^jhf_l_hba^Zlk
^hohayckl\_gghc^_yl_evghklb\;ZcdZevkdhfj_]bhg_K[gZmqljJ_]bhg
gZmqdhgn³Ijh[e]_h]j;ZcdZej_]bhgZ´MeZgM^wK
Ebl_jZlmjZ
Dh[a_\<:<aZbfh^_ckl\b_aZ]jyagyxsboihq\mly`_euof_lZeeh\bihq\_g
guo fbdjhhj]Zgbafh\ h[ahj Lj BglZ wdki_jbf_gl f_l_hjheh]bb <uiK
Dh`bg :: :e_dk__gdh <: AZdjmldbg <? H \hafh`ghklb bkihevah\Zgby
kdjbgbg]h\h]h pblh]_g_lbq_kdh]h ZgZebaZ ^ey hp_gdb kl_i_gb aZ]jyag_gby
ijbjh^ghckj_^uly`_eufbf_lZeeZfbFZl_jF_`^mgZjkbfi³Ly`f_l<
hdjm`kj_^_´ImsbghK
Dhfie_dkgZy wdheh]bq_kdZy hp_gdZ l_ogh]_ggh]h \ha^_ckl\by gZ wdhkbkl_fu
x`ghclZc]bFP?IEk
Dj_g_\ZK<=mk_\ZKKWdheh]bq_kdb_fh^bnbdZpbbfbdjhahhieZgdlhgZdZd
ihdZaZl_ev khklhygby ]b^jh[bhp_ghah\ Lj f_`^ kbfi ³Wdheh]bq_kdb_ fh
^bnbdZpbb b djbl_jbb wdheh]bq_kdh]h ghjfbjh\Zgby´ E =b^jhf_l_hba^Zl
K
Djb\hempdbc>:Kl_iZgh\:FLbohfbjh\N:N_^hjh\?:Wdheh]bq_
kdh_ ghjfbjh\Zgb_ gZ ijbf_j_ jZ^bhZdlb\gh]h b obfbq_kdh]h aZ]jyag_gby
wdhkbkl_f F_lh^u [bhbg^bdZpbb hdjm`Zxs_c kj_^u \ jZchgZo :WK F
K
E_\bgK<=ma_\<K:k__\ZB<;Z[v_\ZBILy`_eu_f_lZeeudZdnZdlhj
Zgljhih]_ggh]h \ha^_ckl\by gZ ihq\_ggmx fbdjh[bhlm Fbdjhhj]Zgbafu b
hojZgZihq\FK
E_\bq:IKljmdlmjZwdheh]bq_kdbokhh[s_kl\FBa^\hF=Mk
E_\bq :I ;bhlbq_kdZy dhgp_ipby dhgljhey ijbjh^ghc kj_^u >hdeZ^u
E_\bq:IN_ghf_gheh]byijbf_g_gb_bijhbkoh`^_gb_jZg]h\uojZkij_^_
J:G‹
e_gbc \ [bhp_ghaZo b wdheh]bb dZd bklhqgbd b^_c ^ey l_oghp_ghah\ b wdhgh
fbdb FZl_fZlbq_kdh_ hibkZgb_ p_ghah\ b aZdhghf_jghklb l_og_lbdb :[Z
dZgP_gljkbkl_fguobkke_^h\ZgbcK
E_\bq :I FZdkbfh\ <G F_lh^bq_kdh_ b ijh]jZffgh_ h[_ki_q_gb_ mijZ\
e_gby dZq_kl\hf ijbjh^ghc kj_^u gZ hkgh\_ [bhlbq_kdhc dhgp_ipbb j_]bh
gZevgh]h dhgljhey Zevl_jgZlb\ghc b^_heh]bb I>D L_abku ^hdeZ^h\ c
F_`^mgZjh^ghc dhgn_j_gpbb ³Ijh[e_fu mijZ\e_gby dZq_kl\hf hdjm`Zxs_c
kj_^u´FIjbfZIj_kkK
Ebl_jZlmjZ
E_\bq :I L_j_obg :L F_lh^ jZkq_lZ wdheh]bq_kdb ^himklbfuo mjh\g_c
\ha^_ckl\by gZ wdhkbkl_fu f_lh^ W>M <h^gu_ j_kmjku ‹ K
E_\bq :I L_j_obg :L ;me]Zdh\ G= :[Zdmfh\ <: ?ebk__\ >: FZd
kbfh\ <G DZqZg ED Wdheh]bq_kdbc dhgljhev \h^guo h[t_dlh\ Gb`g_]h
>hgZih[bhlbq_kdbfb^_glbnbdZlhjZfieZgdlhgZi_jbnblhgZbahh[_glhkZ
<_klgbdF=MK_j[bhe‹K
E_\bq:I;me]Zdh\G=:[Zdmfh\<:L_j_obg:LHij_^_e_gb_wdheh]b
q_kdb^himklbfuomjh\g_cjZkoh^h\\h^uih]b^jh[bheh]bq_kdbfihdZaZl_eyf
<_klgbdF=MK_j;bhe‹K
E_\bq:IFZdkbfh\<G;me]Zdh\G=F_lh^bdZijbf_g_gby^_l_jfbgZpb
hggh]h ZgZebaZ ^Zgguo fhgblhjbg]Z ^ey p_e_c wdheh]bq_kdh]h dhgljhey ijb
jh^ghckj_^uMki_obkh\j_f[bheL‹K
E_kgbdh\ E: BkZdh\Z ?N Dhehkh\Z E< Hiulu gZ ^Zngbyo F_lh^bq_
kdb_j_dhf_g^ZpbbihmklZgh\e_gbxij_^_evgh^himklbfuodhgp_gljZpbcaZ
]jyagyxsbo \_s_kl\ ^ey \h^u ju[hohayckl\_gguo \h^h_fh\ F <GBJH
K
Em]Zkvdh\:<YjmrbgZFBEm]Zkvdh\ZG<Kl_iZgh\EGWdheh]bq_kdh_
khklhygb_\h^ghc[bhluj_qguowdhkbkl_fgZl_jjblhjbbDmj]Zgkdhch[eZklb
BglwdhejZklb`b\hlMjHJ:G?dZl_jbg[mj]k>_i\<BGBLB
‹<
FZdkbfh\%GH[h^ghfkihkh[_hp_gdbdZq_kl\Zijbjh^guo\h^KZfhhqb
s_gb_b[bhbg^bdZpbyaZ]jyag_gguo\h^FGZmdZK
FZdkbfh\ <G Ijh[e_fu dhfie_dkghc hp_gdb dZq_kl\Z ijbjh^guo \h^ wdh
eh]bq_kdb_Zki_dlu=b^jh[bheh]bq_kdbc`Z‹K
FZdkbfh\ <G JZg]h\uc f_lh^ hp_gdb koh^kl\Z khh[s_kl\ ijb ZgZeba_ kh
klhygby wdhkbkl_f Wdheh]bq_kdb_ fh^bnbdZpbb b djbl_jbb wdheh]bq_kdh]h
ghjfbjh\ZgbyKI[=b^jhf_l_hba^Zl[K
FZdkbfh\<G=ZgvrbgZE::[Zdmfh\<:Hp_gdZdZq_kl\Z\h^u\j_d_ih
\b^h\hfm khklZ\m nblhieZgdlhgZ Ba\_klby :G KKKJ k_j [bhe 1 K
Ebl_jZlmjZ
FZdkbfh\<G>`Z[jm_\ZE<;me]Zdh\G=L_j_obg:LDhgp_ipby\uy\
e_gbyklj_kkh\uokhklhygbc\h^guowdhkbkl_ff_lh^hfjZg]h\uojZkij_^_e_
gbcbwdheh]bq_kdb^himklbfu_mjh\gbaZ]jyagyxsbo\_s_kl\^ey\h^h_fh\j
WebklZ<h^gu_j_kmjkuZ‹K
FZdkbfh\ <G ;me]Zdh\ G= >`Z[jm_\Z E< JZg]h\u_ jZkij_^_e_gby jZa
f_jghfhjnheh]bq_kdbo ]jmii fbdjh\h^hjhke_c \ i_jbnblhg_ b bo k\yav k
mjh\g_f aZ]jyag_gby \h^h_fZ Ba\_klby J:G K_j ;bhe [ ‹ K
FZdkbfh\ <G ;me]Zdh\ G= Fbeh\Zgh\Z =N >_l_jfbgZpbhgguc ZgZeba
k\ya_c f_`^m jZaebqgufb dhfihg_glZfb wdhkbkl_f KjZ\g_gb_ k f_lh^Zfb
ljZ^bpbhgghcklZlbklbdbBa\_klbyJ:GK_j[bhe‹K
FZdkbfh\ <G ;me]Zdh\ G= Fbeh\Zgh\Z =N E_\bq :I >_l_jfbgZpbhg
guc ZgZeba \ wdhkbkl_fZo khijy`_gghklb ^ey [bhlbq_kdbo b Z[bhlbq_kdbo
dhfihg_glh\Ba\J:GK_j[bheZ‹K
FZdkbfh\<G;me]Zdh\G=E_\bq:IDhebq_kl\_ggu_f_lh^uwdheh]bq_
kdh]hdhgljhey^bZ]ghklbdZghjfbjh\Zgb_ijh]ghaWdheh]bybmklhcqb\h_
jZa\blb_]hjh^ZF[K
FZdkbfh\<G:[Zdmfh\<:;me]Zdh\G=E_\bq:IL_j_obg:LWdh
eh]bq_kdb ^himklbfu_ mjh\gb Z[bhlbq_kdbo nZdlhjh\ Bkke_^h\Zgb_ \h^guo
wdhkbkl_f<hklhqghc?\jhiu<_klgbdF=MK_j;bheZ‹K
FZdkbfh\<G;me]Zdh\G=E_\bq:IBg^bdZpbywdheh]bq_kdh]hg_[eZ]h
ihemqby dZd hkgh\Z dhebq_kl\_gguo f_lh^h\ wdheh]bq_kdh]h dhgljhey j_d FZeu_j_dbKh\j_f_ggh_wdheh]bq_kdh_khklhygb_ZdlmZevgu_ijh[e_fuL_
abku ^hdeZ^h\ F_`^mgZjh^ghc gZmqghc dhgn_j_gpbb Lhevyllb BW<; J:G
[K
FZdkbfh\<G:[Zdmfh\<:;me]Zdh\G=E_\bq:IL_j_obg:LWdh
eh]bq_kdb ^himklbfu_ mjh\gb Z[bhlbq_kdbo nZdlhjh\ Bkke_^h\Zgb_ ij_kgh
\h^guoh[t_dlh\ZabZlkdhcqZklbJhkkbbbMa[_dbklZgZBa\J:GK_j[bhe
‹K
Ebl_jZlmjZ
FZfbobg K< Dhfivxl_jbaZpby wdheh]bq_kdbo bkke_^h\Zgbc <_klg Jhk
kbckdh]h mgb\_jkbl_lZ^jm`[ugZjh^h\K_jWdheh]byb[_ahiZkghklv`bag_
^_yl_evghklb‹K
F_ebhjZpbyb\h^gh_ohayckl\hKijZ\hqgbd<h^gh_ohayckl\hJ_^;hjh
^Z\q_gdhBBF:]jhijhfba^Zl
F_lh^bq_kdb_ mdZaZgby ih mklZgh\e_gbx wdheh]hju[hohayckl\_gguo ghjfZ
lb\h\ I>D b H;M< aZ]jyagyxsbo \_s_kl\ ^ey \h^u \h^guo h[t_dlh\
bf_xsboju[hohayckl\_ggh_agZq_gb_FBa^\h<GBJHk
F_lh^bq_kdh_jmdh\h^kl\hih[bhl_klbjh\Zgbx\h^uJ>F
k
F_lh^u [bhl_klbjh\Zgby dZq_kl\Z \h^ghc kj_^u J_^ HNNbe_gdh F Ba^
\hF=Mk
FboZceh\kdbc=?HibkZgb_bhp_gdZkhklhygbcieZgdlhgguokhh[s_kl\F
GZmdZk
Fhbk__gdh LB Wdhlhdkbdheh]bq_kdbc ih^oh^ d ghjfbjh\Zgbx Zgljhih]_g
guogZ]jmahdgZ\h^h_fuK_\_jZWdheh]by‹K
FhkbgZE<Gh\u_ih^oh^udhp_gd_Zgljhih]_gguo\ha^_ckl\bc\wdhkbkl_
fZokbkihevah\Zgb_f[bhbg^bdZlhjh\L_a^hdeKt_a^ZH\Zihq\h\_^h\
FDgK
Fw]ZjjZgWWdheh]bq_kdh_jZaghh[jZab_b_]hbaf_j_gb_FFbj
k
Ghkh\<G;me]Zdh\G=FZdkbfh\<GIhkljh_gb_nmgdpbb`_eZl_evghklb
ijbZgZeba_^Zgguowdheh]bq_kdh]hfhgblhjbg]ZBa\J:GK_j[bhe
‹K
Hdkbxd HI @mdbgkdbc <G ;jZ]bgkdbc EI Ebggbd =G Dmavf_gdh
FB De_gmk <= Dhfie_dkgZy wdheh]bq_kdZy deZkkbnbdZpby dZq_kl\Z ih
\_joghklguo\h^kmrb=b^jh[bhe`L‹K
Hj]ZgbaZpby b ijh\_^_gb_ j_`bfguo gZ[ex^_gbc aZ aZ]jyag_gb_f ih\_jogh
klguo \h^ kmrb gZ k_lb Jhkdhf]b^jhf_lZ F_lh^bq_kdb_ mdZaZgby HojZgZ
ijbjh^u=b^jhkn_jZJ>KI[=b^jhf_l_hba^Zlk
Hp_gdZkhklhygbybmklhcqb\hklbwdhkbkl_fFk
Ebl_jZlmjZ
IZ\eh\kdbc <: KZnjhgh\ << Jha_g[_j] =K DjZkghs_dh\ =I Wdheh]b
q_kdZywdki_jlbaZl_hjbybijZdlbdZHiulijbf_g_gby\KZfZjkdhch[eZklb
Wdheh]bq_kdZy [_ahiZkghklv b mklhcqb\h_ jZa\blb_ KZfZjkdhc h[eZklb <uik
IZ^dbg << Ihimeypbhggh_a^hjh\v_ dZd djbl_jbcwdheh]bq_kdhc[_ahiZkgh
klbmj[Zgbabjh\Zggh]hj_]bhgZJ_]bhgwdhe‹K
IZj_e_W::klZi_ghd?;Lm[bnbpb^u7XELILFLGDH2OLJRFKDHWD²bg^bdZ
lhjuaZ]jyag_gby\h^h_fZBa\:GEZl\KKJ‹K
I_k_gdhX:Dhgp_ipby\b^h\h]hjZaghh[jZabybbg^_dku_]hbaf_jyxsb_
@h[s[bheL‹K
I_lbg<=@mjZdh\kdZy=IIZglxobgZ:=JZkkhobgZ:<FZeu_^haub
ijh[e_fu kbg_j]bq_kdh]h \aZbfh^_ckl\by nZdlhjh\ hdjm`Zxs_c kj_^u JZ
^bZp[bhejZ^bhwdhe‹K
IehobgkdbcG:;bhf_ljbyFBa^\hF=Mk
Iheb\Zgh\ <K H ijbgpbiZo deZkkbnbdZpbb Zgljhih]_gguo kbkl_f Ijh[e
j_]bhgwdhe‹K
Iheydh\ZX;DhfgZlgZyfmoZ0XVFDGRPHVWLFD/'LSWHUD0XVFLGDHdZd[bh
bg^bdZlhj l_ogh]_ggh]h aZ]jyag_gby hdjm`Zxs_c kj_^u Wglhfhe h[haj_
gb_‹K
Ihiq_gdh<BAZdhghf_jghklbbaf_g_gbykhh[s_kl\^hgguo[_kiha\hghqguo
\mkeh\byoaZ]jyag_gbyijbjh^ghckj_^uLjkh\njZgpkbfiE=b^jhf_
l_hba^ZlK
Ihiq_gdh<BWdheh]bq_kdb_fh^bnbdZpbbkhh[s_kl\ahh[_glhkZ\mkeh\byo
aZ]jyag_gby\h^guowdhkbkl_fWdheh]bq_kdb_fh^bnbdZpbbbdjbl_jbbwdh
eh]bq_kdh]hghjfbjh\ZgbyE=b^jhf_l_hba^ZlK
Ihiq_gdh <B Wdheh]bq_kdb_ fh^bnbdZpbb khh[s_kl\Z fZdjhahh[_glhkZ dZd
bg^bdZlhju aZ]jyag_gby \h^guo wdhkbkl_f ;bhbg^bdZpby l_hjby f_lh^u
ijbeh`_gbyLhevyllbK
ImaZq_gdh X= Ijh[e_fu mklhcqb\hklb b ghjfbjh\Zgby Kljmdlmjgh
nmgdpbhgZevgZy hj]ZgbaZpby b mklhcqb\hklv [bheh]bq_kdbo kbkl_f >g_ijh
i_ljh\kdK
Ebl_jZlmjZ
ImaZq_gdh X= ImaZq_gdh :X K_fZglbq_kdb_ Zki_dlu [bhjZaghh[jZaby @h[s[bheL‹K
JZ^Z_\ :: ;bhwdheh]bq_kdb_ aZdhghf_jghklb klZ[bevghklb jZa\blby iq_eu
f_^hghkghc$SLVPHOOLIHUD/bboijbf_g_gb_\[bhfhgblhjbg]_:\lhj_n^bk
dZg^[bhegZmdGb`gbcGh\]hjh^
JZ^^wf == DZaZdh\ X? <urdh\kdZy G< Wdheh]bq_kdb_ fh^bnbdZpbb \
aZdbke_gguo \h^hzfZo Wdheh]bq_kdb_ fh^bnbdZpbb b djbl_jbb wdheh]bq_
kdh]hghjfbjh\ZgbyE=b^jhf_l_hba^ZlK
JZamfh\kdbcE<;bhbg^bdZpbyh[s_]hmjh\gyZgljhih]_gghcgZ]jmadbf_lh
^hf ]jZnbq_kdh]h khihklZ\e_gby \gmlj_gg_c kljmdlmju ^bZlhfh\uo dhfie_d
kh\ gZ ijbf_j_ j_qghc kbkl_fu <he]h:olm[bgkdh]h f_`^mj_qvy F BJP
=Zaijhfk
Jmdh\h^kl\h ih ]b^jh[bheh]bq_kdhfm fhgblhjbg]m ij_kgh\h^guo wdhkbkl_f J_^:[Zdmfh\<:KI[=b^jhf_l_hba^Zlk
Jy[bgbg<FE_kbijhfure_ggu_]ZauFE_kgijhflvk
Jy[dh;YDm^jbg;BAZ\ZebrbgGGDm^jbg:BFh^_evnhjfbjh\Zgby
klZlbklbq_kdhckljmdlmju[bhp_ghaZBa\:GKKKJK_j[bhe<ui
K
KZ\bgh\:;:gZeban_ghlbibq_kdhcbaf_gqb\hklbh^m\ZgqbdZe_dZjkl\_ggh
]h7DUD[DFXPRIILFLQDOH:LJJba[bhlhih\kjZagufb mjh\gyfbl_ogh]_ggh]h
aZ]jyag_gbyWdheh]by‹K
KZeb_\ :< Fh^_ebjh\Zgb_ \ha^_ckl\by Zlfhkn_jguo nblhlhdkbdZglh\ gZ
jZkl_gby ² ijhkljZgkl\_gguc Zki_dl Hkgh\u [bheh]bq_kdh]h dhgljhey aZ
]jyag_gbyhdjm`Zxs_ckj_^uFK
KZoZjh\<;Hp_gdZkhklhygby[ZcdZevkdh]hnblhieZgdlhgZf_lh^hfnmgdpbb
`_eZl_evghklb;bhegZmdb‹K
KZoZjh\<;BevyrE<Ijbf_g_gb_f_lh^Znmgdpbb`_eZl_evghklbdZgZeb
amj_amevlZlh\bamq_gby^_ckl\bypbgdZbojhfZgZnblhieZgdlhgJu[bgkdh]h
\h^hojZgbebsZ;bhegZmdbZ‹K
KZoZjh\<;BevyrE<F_lh^nmgdpbb`_eZl_evghklbijbZgZeba_k_ahgghc
kmdp_kkbbieZgdlhgZ;bhegZmdb[‹K
Ebl_jZlmjZ
K_\hklvygh\Z ?< DZj^bhf_l_hiZlbb ² ijhy\e_gb_ wdheh]bq_kdh]h g_[eZ]h
ihemqbyFZl_jGZmqijZdlDhgn³Kb[klZg^Zjl`bagbwdheh[jZaa^h
jh\v_´Gh\hkb[bjkdK
K_e_ag_\ BK H dhfie_dkguo ihdZaZl_eyo [_ahiZkghklb fZeuo ]hjh^h\ ;_ahiZkghklv‹K
K_fbg <: Hkgh\u jZpbhgZevgh]h \h^hihevah\Zgby b hojZgu \h^ghc kj_^u
F<ukrZyrdheZk
Kbj_gdhE:Wdkij_kkf_lh^ubamq_gbywdheh]bq_kdbofh^bnbdZpbcnblhp_
ghah\ Wdheh]bq_kdb_ fh^bnbdZpbb b djbl_jbb wdheh]bq_kdh]h ghjfbjh\Z
gbyE=b^jhf_l_hba^ZlK
KbjhldbgZ G< E_\bq :I <ebygb_ ly`_euo f_lZeeh\ gZ \b^h\mx b gZ^\b
^h\mxkljmdlmjunblhieZgdlhggh]hkhh[s_kl\ZJu[bgkdh]h\h^hojZgbebsZ
Q_eh\_db[bhkn_jZFBa^\hF=MK
Ke_iyg WB Ijbgpbiu wdheh]bq_kdhc iZlheh]bb J_]bhg wdhe ‹
K
Kfbl MO E_k b Zlfhkn_jZ <aZbfh^_ckl\b_ f_`^m e_kgufb wdhkbkl_fZfb b
ijbf_kyfbZlfhkn_jgh]h\ha^moZFIjh]j_kkk
KlZg^Zjlkbkl_fwdheh]bq_kdh]hf_g_^`f_glZ,62KWWSZZZGQYUX
Kl_iZgh\:FD f_lh^bd_jZkq_lZbg^_dkZ^_]jZ^Zpbb[bh]_hp_ghaZih^\ha
^_ckl\b_f \u[jhkh\ ijhfure_gguo ij_^ijbylbc Fhgblhjbg] e_kguo wdh
kbkl_fDZmgZkK
Kl_iZgh\:FF_lh^heh]by[bhbg^bdZpbbbnhgh\h]hfhgblhjbg]Zwdhkbkl_f
kmrbWdhlhdkbdheh]bybhojZgZijbjh^uFK
Kl_iZgh\ :F Wdki_jbf_glZevgh_ hij_^_e_gb_ ^himklbfhc Zgljhih]_gghc
gZ]jmadbgZe_kgu_wdhkbkl_fuIjh[e_fumklhcqb\hklb[bheh]bq_kdbokbk
l_fOZjvdh\K
Kl_iZgh\:F;bhbg^bdZpbygZmjh\g_wdhkbkl_f;bhbg^bdZpbyb[bhfhgb
lhjbg]FK
Kljh]Zgh\GKF_lh^bdZhij_^_e_gbylhdkbqghklb\h^ghckj_^uF_lh^bdZ
[bheh]bq_kdbo bkke_^h\Zgbc ih \h^ghc lhdkbdheh]bb F GZmdZ K
Ebl_jZlmjZ
LZevkdbo<GBkihevah\Zgb_dhgp_ipbbbg\ZjbZglguokhklhygbc[bhp_ghah\
\wdheh]bq_kdhffhgblhjbg]_bghjfbjh\ZgbbaZ]jyag_gbyj_dKj_^g_c:abb
Wdheh]bq_kdb_ fh^bnbdZpbb b djbl_jbb wdheh]bq_kdh]h ghjfbjh\Zgby E
=b^jhf_l_hba^ZlK
LZevkdbo <G ;bheh]bq_kdZy rdZeZ hp_gdb dZq_kl\Z \h^u b wdheh]bq_kdh]h
khklhygby \h^hlhdh\ Kj_^g_c :abb gZ hkgh\_ jZg`bjh\Zgby ³[bheh]bq_kdh]h
hldebdZ´[bhp_ghah\i_jbnblhgZLjKj_^g_Zaj_]bhggb]b^jhf_l_hjhe
bglZ‹K
LZfZjbgZ G: FZdkbfh\ <G :e_dkZg^jh\Z D< =_hj]b_\Z ?D Nmgdpby
`_eZl_evghklb dZd h[h[s_gguc djbl_jbc dZq_kl\Z eZ[hjZlhjguo dmevlmj gZ
k_dhfuo@mjgZeh[s_c[bheh]bb1K
LZgdZgZ] :< JZkq_l b dZjlh]jZnbjh\Zgb_ \_ebqbg djblbq_kdbo gZ]jmahd ih
Zahlmbk_j_gZwdhkbkl_fu?\jhi_ckdhcqZklbJhkkbbL_a^hdeHldj]hj
gZmqdhgnfhemq_guo]ImsbghImsbghK
MjZaZ_\G:Gbdblbg:<G_emi_gdhE<<_l_jbgZjgZywdheh]bybiZlheh
]by`b\hlguo<_klg\_l_jbgZjbb‹K
NZsmd >Y =_h]jZnhwdheh]bq_kdZy fh^_ev fhjkdh]h \h^h_fZ :\lhj_n ^bk
^hdl]_h]jgZmdF
N_^hjh\ <> Hkh[_gghklb hj]ZgbaZpbb [bheh]bq_kdbo kbkl_f b ]bihl_aZ
\kiurdb \b^Z \ khh[s_kl\_ <_klgbd F=M K_j ;bheh]by ‹
K
N_^hjh\ <> Gh\uc ihdZaZl_ev g_h^ghjh^ghklb kljmdlmju khh[s_kl\Z <_klgF=MK_j[bhe‹K
N_^hjh\ <> D kljZl_]bb [bheh]bq_kdh]h fhgblhjbg]Z ;bhe gZmdb ‹K
N_^hjh\ <> Hlghkbl_evgh_ h[beb_ kbfiZljbq_kdbo \b^h\ b fh^_ev wdkih
g_gpbZevgh jZaehfZggh]h kl_j`gy Q_eh\_d b [bhkn_jZ F Ba^\h F=M
<uiK
N_^hjh\<>Dhg^jbd?DE_\bq:IJZg]h\h_jZkij_^_e_gb_qbke_gghklb
nblhieZgdlhgZ;_eh]hfhjy>hde:GL‹K
Ebl_jZlmjZ
N_^hjh\<>KZoZjh\<;E_\bq:I Dhebq_kl\_ggu_ih^oh^udijh[e_f_
hp_gdbghjfubiZlheh]bbwdhkbkl_fQ_eh\_db[bhkn_jZFBa^\hF=M
<uiK
Nbe_gdh HN IjZdlbq_kdb_ hjb_glbju \h^ghc lhdkbdheh]bb =b^jh[bhe
`mjgL‹K
OZabZof_lh\ JF Wdheh]bq_kdbhjb_glbjh\Zggh_ mijZ\e_gb_ kljmdlmjhc b
nmgdpb_cZ]jhwdhkbkl_f:\lhj_n^bk^hdl[bhegZmdLhevyllb
P\_ldh\ <N IZjZf_lju djblbq_kdbo wlZih\ l_ogh]_gghc ^_]jZ^Zpbb khkgh
\uo gZkZ`^_gbc Dhevkdh]h ihemhkljh\Z L_a ^hde dhgn ³Ijh[e_fu mklhc
qb\hklb[bheh]bq_kdbokbkl_f´OZjvdh\K
P\_ldh\ <N Ghjfbjh\Zgb_ \ebygby dhfihg_glh\ jZd_lgh]h lhieb\Z gZ e_k
gmx jZklbl_evghklv L_a ^hde f_`^mgZj gZmq dhgn ³<ebygb_ Zlfhkn aZ
]jyag_gby b ^j Zgljhih] b ijbjh^ nZdlhjh\ gZ ^_klZ[beba khklhygby e_kh\
P_gljb<hkl?\jhiu´LFK
Q_jg_gvdh\ZL<Kl_iZgh\:F=hj^__\ZFFBaf_g_gb_hj]ZgbaZpbbe_k
guonblhp_ghah\\mkeh\byol_ogh]_g_aZ@h[s[bhe‹K
Q_kghdh\ K< >_l_jfbgZpbhgguc ZgZeba khpbZevghwdhghfbq_kdbo ^Zgguo
FGZmdZk
Rblbdh\<DAbgq_gdhL>=heh\ZlxdE<FZl_fZlbq_kdb_Zki_dluhp_gdb
iZlheh]bb wdhkbkl_f gZ ijbf_j_ ahh[_glhkZ fZeuo j_d KZfZjkdhc h[eZklb L_a >hde F_`^mgZj gZmq dhgn ³FZeu_ j_db Kh\j_f_ggh_ wdheh]bq_kdh_
khklhygb_ZdlmZevgu_ijh[e_fu´LhevyllbK
Ryeyl_g_ Y: AZdhghf_jghklb mkuoZgby khkgydh\ \ ahg_ bgl_gkb\guo ijh
fure_gguo\u[jhkh\E_kgoha\h‹K
Ydh\e_\<:Hp_gdZdZq_kl\Zih\_joghklguo\h^Dhevkdh]hk_\_jZih]b^jh
[bheh]bq_kdbfihdZaZl_eyfb^Zgguf[bhl_klbjh\Zgby:iZlbluk
%HFNHWW 3+ 'DYLV 5' 8SSHU &ULWLFDO OHYHOV RI WR[LF HOHPHQWV LQ SODQWV 1HZ
SK\WRO3S
%HUJHU:+3DUNHU)/'LYHUVLW\RISODQFWRQLF(YUDPLQLIHUDLQGHHSVHDVHGLPHQWV
6FLHQFH9‹3S
Ebl_jZlmjZ
%HXNHPD -- $Q HYDOXDWLRQ RI WKH $%&PHWKRG DV DSSOLHG WR PDFUR]RREHQWKLF
FRPPXQLWLHVOLYLQJRQWLGDOIODWVLQWKH'XWFK:DGGHQ6HD0DU%LRO9
3S
%XOJDNRY 1* 'HWHUPLQDWLRQ DQDO\VLV DV D PHWKRG IRU GLDJQRVWLFV RI HFRV\VWHP
FRQGLWLRQ(QYLURQPHWULFVLQSUHVV
&DORZ3(FRORJLFDOULVNDVVHVVPHQW5LVNIRUZKDW"+RZGRZHGHFLGH"(FRWR[L
FRODQG(QYLURQ6DIHW\‹3S
&DWH5%-U1HOVRQ/$$VLPSOHVWDWLVWLFDOSURFHGXUHIRUSDUWLWLRQLQJVRLOWHVWFRU
UHODWLRQGDWDLQWRWZRFODVVHV6RLO6FL6RF$PHU3URF3S
'H9ULHV : &ULWLFDOGHSRVLWLRQOHYHOVIRUQLWURJHQDQGVXOIXUVRQGXWFKIRUHVWHFR
V\VWHPV:DWHU$LUDQG6RLO3ROOXW‹3S
(&( &ULWLFDO /HYHOV :RUNVKRS 8QLWHG 1DWLRQV (FRQRPLF &RPPLVVLRQ IRU (XURSH
)LQDO'UDIW5HSRUW%DG+DU]EXUJSS
(QJOH9'6XPPHUV-.*DVWRQ*5$EHQWKLFLQGH[RIHQYLURQPHQWDOFRQGLWLRQ
RI*XOIRI0H[LFRHVWXDULHV(VWXDULHV‹3S
)DJHU(0'LYHUVLW\DVDPSOLQJVWXG\$P1DWXU93S
)URQWLHU6'LYHUVLW\DQGVWUXFWXUHLQDXDWLFHFRV\VWHPV2FHDQRJUDQG0DU%LRO
$QQXDO5HY93S
*DOOXS 6' 5REHUWVRQ -0 6WUHHELQ ( $ FRPSDULVRQ RI PDFURVFRSLF DQG PLFUR
VFRSLFLQGLFDWRUVRISROOXWLRQ3URF2NOD$FDG6FL93S
*LEERQV:10XQNLWWULFN.57D\ORU:'0RQLWRULQJDTXDWLFHQYLURQPHQWVUH
FHLYLQJLQGXVWULDOHIIOXHQWVXVLQJVPDOOILVKVSHFLHV5HVSRQVHRIVSRRQKHDGVFXOSLQ
&RWWXV ULFHL GRZQVWUHDP RI D EOHDFKHGNUDIW SXOS PLOO (QYLURQ 7R[LFRO DQG
&KHPZ‹3S
*LEERQV:10XQNLWWULFN.50F0DVWHU0(7D\ORU:'0RQLWRULQJDTXDWLF
HQYLURQPHQWV UHFHLYLQJ LQGXVWULDO HIIOXHQWV XVLQJ VPDOO ILVK VSHFLHV &RPSDULVRQ
EHWZHHQ UHVSRQVHV RI WURXWSHUFK 3HUFRSVLV RPLVFRPD\FXV DQG ZKLWH VXFNHU &D
WRVWRPXV FRPPHUVRQL GRZQVWUHDP RI D SXOS PLOO (QYLURQ 7R[LFRO DQG &KHP
[‹3S
*LEVRQ /% &RQWULEV &XVKPDQ )RXQGDW )RUDPLQLIRUDO 5HV 9 ‹
3S
Ebl_jZlmjZ
*OHDVRQ +$ 2QWKHUHODWLRQEHWZHHQVSHFLHVDQGDUHD(FRORJ\ 9‹
3S
*RRG,-7KHSRSXODWLRQIUHTXHQFLHVRIVSHFLHVDQGWKHHVWLPDWLRQRISRSXODWLRQSD
UDPHWHUV%LRPHWULND93S
*RRGQLJKW&-:KLWOH\/62OLJRFKDHWHVDVLQGLFDWRUVRISROOXWLRQ3URFWK,Q
GXVW:DVWH&RQI3XUGXH8QLY(QJ([W6HU‹3S
*RUKDP7HVW&7KH5HJLRQDO(QYLURQPHQWDO0RQLWRULQJDQG$VVHVVPHQW3UR
JUDP5(0$3VWXG\RI*DOYHVWRQ%D\7H[DV3DS6SULQJ0HHW*XOI(VWXDU5HV
6RF*(56*XOI5HV5HSWV0DUFK3
+DOIIWHU*$VWUDWHJ\IRUPHDVXULQJODQGVFDSHELRGLYHUVLW\%LRO,QW‹
3S
+DQQRQ%(FRV\VWHPIORZDQDO\VLV&DQ%XOO)LVK$TXDW6FL3S
+HLS&$$QHZLQGH[PHDVXULQJHYHQQHVV-0DU%LRO$VVRF8.9
‹3S
+LOO02'LYHUVLW\DQGHYHQQHVVDXQLI\LQJQRWDWLRQDQGLWVFRQVHTXHQFHV(FRO
RJ\9‹3S
+RHN**URRW%6FKZDUW]-'(LOHUV3(IIHFWVRIDPELHQWSDUWLFXODWHPDWWHUDQG
R]RQH RQ GDLO\ PRUWDOLW\ LQ 5RWWHUGDP WKH 1HWKHUODQGV $UFK (QYLURQ +HDOWK
‹3S
-RQHV5+0ROLWRULV%$$VWDWLVWLFDOPHWKRGIRUGHWHUPLQLQJWKHEUHDNSRLQWRIWZR
OLQHV$QDO%LRFKHP‹3S
-¡UJHQVHQ 6( ,QWHJUDWLRQ RI (FRV\VWHP 7KHRULHV D 3DWWHUQ .OXZHU 'RUGUHFKW
D
-¡UJHQVHQ6(3DUDPHWHUVHFRORJLFDOFRQVWUDLQWVDQGH[HUJ\(FRO0RGHO[
3S
-¡UJHQVHQ 6( 5HYLHZ DQG FRPSDULVRQ RI JRDO IXQFWLRQV LQ V\VWHP HFRORJ\ 9LH
0LOLHX‹3S
-¡UJHQVHQ 6( ([HUJ\ DQG HFRORJLFDO EXIIHU FDSDFLWLHV DV PHDVXUHV RI HFRV\VWHP
KHDOWK(FRV\VW+HDOWKD‹3S
-¡UJHQVHQ6(7KHDSSOLFDWLRQRIHFRORJLFDOLQGLFDWRUVWRDVVHVVWKHHFRORJLFDOFRQ
GLWLRQRIDODNH/DNHV5HVHUYRLUV5HV0DQDJHE3S
Ebl_jZlmjZ
-¡UJHQVHQ(60HMHU+(FRORJLFDOEXIIHUFDSDFLW\(FRO0RGHO3S
-¡UJHQVHQ 6( 0HMHU +) $ KROLVWLF DSSURDFK WR HFRORJLFDO PRGHOOLQJ (FRO
0RGHO3S
-¡UJHQVHQ 6( 1LHOVRQ 61 0HMHU +) (QHUJ\ HQYLURQ H[HUJ\ DQG HFRORJLFDO
PRGHOOLQJ(FRO0RGHO3S
.DLWDOD60D[LPRY917KHGHVLUDELOLW\IXQFWLRQLQHYDOXDWLRQRIWKHUHVSRQVHRI
SK\WRSODQNWRQ FRPPXQLWLHV WR WR[LFDQWV 7R[LFLW\ $VVHVVPHQW $Q LQWHUQDWLRQDO
TXDUWHUO\913
.DUU -5 'XGOH\ '5 (FRORJLFDO SHUVSHFWLYH RQ ZDWHU TXDOLW\ JRDOV (QYLURQ
0DQDJ3S
/DUUDLQ$6RWR(%D\6FKPLWK($VVHVVPHQWRIVHGLPHQWWR[LFLW\LQ6DQ9LFHQWH
ED\ &HQWUDO &KLOH XVLQJ WKH DPSKLSRG $PSHOLVFD DUDXFDQD %XOO (QYLURQ &RQ
WDPDQG7R[LFRO‹3S
/LNHQV*(6RPHDVSHFWVRIDLUSROOXWDQWHIIHFWVRQWHUUHVWULDOHFRV\VWHPVDQGSURV
SHFWVIRUWKHIXWXUH$0%,2‹3S
0DF$UWKXU5+)OXFWXDWLRQVRIDQLPDOSRSXODWLRQVDQGPHDVXUHRIFRPPXQLW\VWD
ELOLW\(FRORJ\9‹3S
0DF$UWKXU 5+ 2Q WKH UHODWLYH DEXQGDQFH RI VSHFLHV $PHU 1DW 9
3S
0DUJDOHI 5 'LYHUVLGDG GH HVSHFLHV HQ ODV FRPXQLGDGHV QDWXUDOHV 3XEOQHV ,QVW
%LRO$SO%DUFHORQD9‹
0DUJDOHI5/DWHRULDGHODLQIRUPDFLRQHQHFRORJLD0HP5HDO$FDG&LHQF$U
WHV%DUFHORQD93
0DUJDOHI57HPSRUDOVXFFHVVLRQDQGVSDWLDOKHWHURJHQHLW\LQSK\WRSODQNWRQ3HU
VSHFWLYHVLQ0DULQH%LRORJ\%HUNHOH\8QLYHUVLW\RI&DOLIRUQLD3UHVV3S
0DUJDOHI5+XPDQLPSDFWRQWUDQVSRUWDWLRQDQGGLYHUVLW\LQHFRV\VWHPV+RZIDULV
H[WUDSRODWLRQ YDOLG" 3URF VW ,QW &RQJU RI (FRORJ\ 6WUXFWXUH IXQFWLRQLQJ DQG
PDQDJHPHQW RI HFRV\VWHPV 7KH +DJH 6HSW &HQWUH IRU $JULFXOWXUDO
3XEOLVKLQJDQG'RFXPHQWDWLRQ:DJHQLQJHQ1HWKHUODQGV3S
Ebl_jZlmjZ
0D[LPRY91%XOJDNRY1*/HYLFK$34XDQWLWDWLYHPHWKRGVRIHFRORJLFDOFRQ
WURO 'LDJQRVWLFV VWDQGDUGL]DWLRQ DQG SUHGLFWLRQ (QYLURQPHQWDO LQGLFHV 6\VWHPV
$QDO\VLV$SSURDFK/RQGRQ(2/663XEOLVKHUV3
0F,QWRVK53$QLQGH[RIGLYHUVLW\DQGWKHUHODWLRQRIFHUWDLQFRQFHSWVRIGLYHUVLW\
(FRORJ\93S
0F/DXJKOLQ 6% (IIHFW RI DLU SROOXWLRQ RQ IRUHVW $LU 3ROOXWLRQ &RQWURO $VVRFLD
WLRQ3S
0F5DH*&DPS'./\RQV:*'L[7/5HODWLQJEHQWKLFLQIDXQDOFRPPXQLW\
VWUXFWXUH WR HQYLURQPHQWDO YDULDEOHV LQ HVWXDULHV XVLQJ QRQPHWULF PXOWLGLPHQVLRQDO
VFDOLQJ DQG VLPLODULW\ DQDO\VLV 3DS UG 6\PS (QYLURQ 0RQLW $QV $VVHVV 3UR
JUDP(0$3(QYLURQ0RQLW$QG$VVHVV‹3S
0HLUH30'HUHX-8VHRIWKHDEXQGDQFHELRPDVVFRPSDULVRQPHWKRGIRUGHWHFW
LQJ HQYLURQPHQWDO VWUHVV VRPH FRQVLGHUDWLRQV EDVHG RQ LQWHUWLGDO PDFUR]RREHQWKRV
DQGELUGFRPPXQLWLHV-$SSO(FRO9‹3S
0HQFKLQLFN()$FRPSDULVRQRIVRPHVSHFLHVLQGLYLGXDOVGLYHUVLW\LQGLFHVDSSOLHG
WRVDPSOHVRIILHOGLQVHFWV(FRORJ\93S
0LþLHWD.0XUtQ*9\XåLWLHKHUEiURYêFKSRORåLHNQDVSlWQêELRPRQLWRULQJ]QHþLV
WHQLDåLYRWKpKRSURVWUHGLD=LYRWSURVWUHG‹
0RWRPXUD,6WDWLVWLFDOWUHDWPHQWRIDVVRFLDWLRQ-DSDQ-=RRO93S
2GXP +7 &DQWORQ -( .RUQLFNHU /6 $Q RUJDQL]DWLRQDO KLHUDUFK\ SRVWXODWH IRU
WKHLQWHUSUHWDWLRQRIVSHFLHVLQGLYLGXDOVGLVWULEXWLRQVVSHFLHVHQWURS\DQGHFRV\VWHP
HYROXWLRQDQGWKHPHDQLQJRIDVSHFLHVYDULHW\LQGH[(FRORJ\93S
3DQWOH5%XFN+'LHELRORJLVFKHhEHUZDFKXQJGHU*HZlVVHUXQG'DUVWHOOXQJGHU
(UJHEQLVVH*DVXQG:DVVHUZDFK‹6
3HHW 5. 7KH PHDVXUHPHQW RI VSHFLHV GLYHUVLW\ $QQ 5HY (FRO 6\VWHP 93S
3HUHLUD /$$ /RRPLV ' &RQFHLomR *06 %UDJD $/) $UFDV 50 .LVKL
+66LQJHU-0%|KP*06DOGLYD3+1$VVRFLDWLRQEHWZHHQDLUSROOXWLRQDQG
LQWUDXWHULQH PRUWDOLW\ LQ 6mR 3DXOR %UD]LO (QYLURQ +HDOWK 3HUVSHFW ‹3S
Ebl_jZlmjZ
3LHORX(&7KHPHDVXUHPHQWRIGLYHUVLW\LQGLIIHUHQWW\SHVRIELRORJLFDOFROOHFWLRQV
-7KHRU%LRO93S
3LHORX (& (FRORJLFDO GLYHUVLW\ 1HZ <RUN ² /RQGRQ ² 6\GQH\ ² 7RURQWR
:LOH\,QWHUVFLHQFH3XEO
5DSSRUW'-5HJLHU+$+XWFKLQVRQ7&(FRV\VWHPEHKDYLRUXQGHUVWUHVV$P
1DW3S
6KDQQRQ &( :HDYHU : 7KH 0DWKHPDWLFDO 7KHRU\ RI &RPPXQLFDWLRQ 8UEDQD
,OOLQRLV8QLYRI,OOLQRLV3UHVV
6KHOGRQ$/(TXLWDELOLW\LQGLFHVGHSHQGHQFHRQWKHVSHFLHVFRXQW(FRORJ\
9‹3S
6LHQKLHJZLHJ - )RUHVW FRPPXQLW\ FKDQJHV DV ELRLQGLFDWRUV RI FRQWDPLQDWLRQV 3URFWK,QW0HHW³$LU3ROOXW$QG)RUHVW'HFOLQH´%LUPHQVGRUI3S
6LPSVRQ(+0HDVXUHPHQWRIGLYHUVLW\1DWXUH93
6LPSVRQ5::LOOLDPV*3HWURHVFKHYVN\$0RUJDQ*5XWKHUIRUG6$VVRFLD
WLRQVEHWZHHQRXWGRRUDLUSROOXWLRQDQGGDLO\PRUWDOLW\LQ%ULVEDQH$XVWUDOLD$UFK
(QYLURQ+HDOWK‹3S
6LQJK $. 5DWWDQ 5. $ QHZ DSSURDFK IRU HVWLPDWLQJ WKH SK\WRWR[LFLW\ OLPLWV (QYLURQ0RQLWDQG$VVHVV‹3S
6LYDGDVDQ ..-RVHSK.-&RPPXQLW\ VWUXFWXUHRIPLFURDOJDO EHQWKRVLQWKH&R
FKLQEDFNZDWHUV,QGLDQ-0DU6FL3S
6OGHFHN96\VWHPRIZDWHUTXDOLW\IURPWKHELRORJLFDOSRLQWRIYLHZ$UFK+\
GURELRO(UJHE/LPQRO‹SS
6SDQJ :' %LRLQGLNDWLRQ LQ 5DKPHQ UDXPUHOHYDQWHU 3ODQXQJHQ ² *UXQGODJHQ
%HGHXWXQJ,QGLNDWRUZDKO+HLGHOEHUJJHRJU$UE‹6
6SL[ & $QGHUVRQ +5 6FKZDUW] - 9LJRWWL 0$ /H 7HUWUH $ 9RQN -0 7RX
ORXPL*%DOGXFFL)3LHNDUVNL7%DFKDURYD/7RELDV$3RQND$.DWVRX\DQQL
. ,PSDFW D FRXUW WHUPH GH OD SROOXWLRQ DWPRVSKpULTXH VXU OHV DGPLVVLRQV KRVSL
WDOLqUHVSRXUPDODGLHVUHVSLUDWRLUHVHQ(XURSH6\QWKqVHTXDQWLWDWLYHGHVpWXGHV$3
+($(QHUJVDQWH‹3S
Ebl_jZlmjZ
6WHYHQVRQ5-'LDWRPLQGLFDWRUVRIVWUHDPDQGZHWODQGVWUHVVRUVLQDULVNPDQDJH
PHQW IUDPHZRUN 3DS UG 6\PS (QYLURQ 0RQLW DQG $VVHVV 3URJUDP (0$3
(QYLURQ0RQLWDQG$VVHVV‹3S
7KHDLUTXDOLW\VWDQGDUGIRU62DQGSDUWLFOHV'LUHFWLYH62((&DQGLWVVLJ
QLILFDQFHIRUWKHRWKHUPDLQDLUSROOXWDQWV&RPPLVVLRQRIWKH(XURSHDQ&RPPXQL
WLHV)LQDO5HSRUW/X[HPERXUJSS
:DUZLFN50$QHZPHWKRGIRUGHWHFWLQJSROOXWLRQHIIHFWVRQPDULQHPDFUREHQWKLF
FRPPXQLWLHV0DU%LRO9‹3S
:DWDQDEH7HWDO6DSURSKLORXVDQGHXU\VDSURELFGLDWRPWD[DWRRUJDQLFZDWHUSROOX
WLRQDQGGLDWRPDVVHPEODJHLQGH['$,SR'LDWRP3S
:DWDQDEH7$VDL.+RXNL$1XPHULFDOZDWHUTXDOLW\PRQLWRULQJRIRUJDQLFSRO
OXWLRQXVLQJGLDWRPDVVHPEODJHVWK'LDWRP6\PSRVLXPZ3S
:DWDQDEH 7 $VDL . +RXNL $ %LRORJLFDO LQIRUPDWLRQ FORVHO\ UHODWHG WR WKH QX
PHULFDOLQGH['$,SR'LDWRP$VVHPEODJH,QGH[WR2UJDQLF:DWHU3ROOXWLRQ'LD
WRP[3S
:HEHU /0 ,VHO\ -- :DWHU TXDOLW\ DVVHVVPHQW RI WKH &KDWWRRJD 5LYHU XVLQJ D
PDFURLQYHUWHEUDWHELRWLFLQGH[-(0LWFKHOO6FL6RF‹3S
:KLWWDNHU5+'RPLQDQFHDQGGLYHUVLW\LQODQGSODQWFRPPXQLWLHV6FLHQFH
93S
:RRGLZLVV )6 7KH ELRORJLFDO V\VWHP RI VWUHDP FODVVLILFDWLRQ XVHG E\ WKH 7UHQW
5LYHU%RDUG&KHPDQG,QG3S
;X)/-¡UJHQVHQ6(7DR6(FRORJLFDOLQGLFDWRUVIRUDVVHVVLQJIUHVKZDWHUHFR
V\VWHPKHDOWK(FRO0RGHO3S
Скачать