10
GR
īǼȃǿȀǹ
ȆȁǾȇȅĭȅȇǿǼȈțĮȚīǼȃǿȀǼȈȆȇȅǼǿǻȅȆȅǿǾȈǼǿȈ
ȉȠ ʌĮȡȩȞ İȖȤİȚȡȓįȚȠ ʌȡȑʌİȚ ȞĮ șİȦȡȘșİȓ ĮȞĮʌȩıʌĮıIJȠ ȝȑȡȠȢ IJȠȣ İȖȤİȚȡȚįȓȠȣ
ȠįȘȖȚȫȞİȖțĮIJȐıIJĮıȘȢțĮȚȤȡȒıȘȢIJȠȠʌȠȓȠıȣȞȠįİȪİȚIJĮIJİȡȝĮIJȚțȐIJȘȢȝȠȞȐįĮȢ
2/,03,$63/(1','ıİȚȡȐ%LȀĮȚIJĮįȪȠİȖȤİȚȡȓįȚĮșĮʌȡȑʌİȚȞĮijȣȜĮȤșȠȪȞȝİ
ʌȡȠıȠȤȒțĮȚșĮʌȡȑʌİȚȞĮıȣȞȠįİȪȠȣȞȆǹȃȉǹIJȘıȣıțİȣȒĮțȩȝȘțĮȚıİʌİȡȓʌIJȦıȘ
İțȤȫȡȘıȒȢIJȘȢıİȐȜȜȠȞȚįȚȠțIJȒIJȘȒȤȡȒıIJȘȒıİʌİȡȓʌIJȦıȘȝİIJĮijȠȡȐȢıİȐȜȜȘ
ȝȠȞȐįĮȈİʌİȡȓʌIJȦıȘʌȠȣijșĮȡİȓȒȤĮșİȓȗȘIJȒıIJİȑȞĮȐȜȜȠĮȞIJȓIJȣʌȠ Įʌȩ IJȘȞ
ȊʌȘȡİıȓĮȉİȤȞȚțȒȢǺȠȒșİȚĮȢ2/,03,$63/(1','IJȘȢʌİȡȚȠȤȒȢıĮȢ
ȉȠ ʌĮȡȩȞ İȖȤİȚȡȓįȚȠ ʌȡȠȠȡȓȗİIJĮȚ ĮʌȠțȜİȚıIJȚțȐ ȖȚĮ IJȠȞ İʌĮȖȖİȜȝĮIJȓĮ țĮȚ
İȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ İȖțĮIJȐıIJĮıȘȢ Ƞ ȠʌȠȓȠȢ șĮ ʌȡȑʌİȚ ȞĮ ȑȤİȚ țĮIJȐȜȜȘȜȘ
țĮIJȐȡIJȚıȘțĮȚȞĮțĮIJȑȤİȚȩȜİȢIJȚȢȥȣȤȠijȣıȚțȑȢĮʌĮȚIJȒıİȚȢʌȠȣȠȡȓȗȠȞIJĮȚĮʌȩIJȠȞȩȝȠ
ǵȜȠȚȠȚȤİȚȡȚıȝȠȓİȖțĮIJȐıIJĮıȘȢʌȠȣʌİȡȚȖȡȐijȠȞIJĮȚșĮʌȡȑʌİȚȞĮİțIJİȜİıIJȠȪȞȝİ
ijȡȠȞIJȓįĮțĮȚıȪȝijȦȞĮȝİIJȠȣȢțĮȞȩȞİȢIJȘȢIJȑȤȞȘȢĮțȠȜȠȣșȫȞIJĮȢIJȠȣȢȚıȤȪȠȞIJİȢ
țĮȞȩȞİȢĮıijȐȜİȚĮȢİȡȖĮıȓĮȢ
īȚĮȩȜİȢIJȚȢȐȜȜİȢʌȜȘȡȠijȠȡȓİȢțĮȚȖİȞȚțȑȢʌȡȠİȚįȠʌȠȚȒıİȚȢʌȠȣʌȡȑʌİȚȞĮIJȘȡȘșȠȪȞ
țĮIJȐIJȘȞİȖțĮIJȐıIJĮıȘțĮȚȤȡȒıȘIJȠȣțȚIJǺįİȓIJİıȤİIJȚțȐIJȠȕȚȕȜȓȠȠįȘȖȚȫȞʌȠȣ
ıȣȞȠįİȪİȚIJĮIJİȡȝĮIJȚțȐIJȘȢȝȠȞȐįĮȢ2/,03,$63/(1','ıİȚȡȐ%L
ȈȊȂȂȅȇĭȍȈǾ
ȉĮĮİȡȩșİȡȝĮțĮȜȠȡȚijȑȡĮȞİȝȚıIJȒȡİȢĮȖȦȖȫȞșİȡȝȩIJȘIJĮȢ%L2/,03,$63/(1','
ʌȠȣįȚĮșȑIJȠȣȞȘȜİțIJȡȠȞȚțȩțȚIJǺİȓȞĮȚıȣȝȕĮIJȐȝİIJȚȢǼȣȡȦʌĮȧțȑȢȅįȘȖȓİȢ
ȅįȘȖȓĮȤĮȝȘȜȒȢIJȐıȘȢǼȀ
ȅįȘȖȓĮȘȜİțIJȡȠȝĮȖȞȘIJȚțȒȢıȣȝȕĮIJȩIJȘIJĮȢ(&
ȅǻǾīǿǼȈȉȅȆȅĬǼȉǾȈǾȈ
ǹȃȅǿīȂǹȆȁǹȎȃȍȃ
ǹʌȠıȣȞĮȡȝȠȜȠȖȒıIJİIJȘȞȐȞȦıȤȐȡĮİȚțıȤ$ȟİȕȚįȫȞȠȞIJĮȢIJȚȢįȪȠȕȓįİȢ
ıIJİȡȑȦıȘȢİȚțıȤ%
ǹȞȠȓȟIJİIJȘȞʌȜĮȧȞȒșȣȡȓįĮİȚțıȤ&
ȈIJȘȞĮȡȚıIJİȡȒʌȜİȣȡȐȟİȕȚįȫıIJİIJȘȕȓįĮİȚțıȤ)ʌȠȣıIJİȡİȫȞİȚIJȠĮȡȚıIJİȡȩ
ʌȜĮȧȞȩİȚțıȤ*ȝİIJĮțȚȞȒıIJİIJȠİȜĮijȡȐʌȡȠȢIJĮĮȡȚıIJİȡȐțĮȚıȘțȫıIJİIJȠ
ȈIJȘȞĮȞIJȓșİIJȘʌȜİȣȡȐȟİȕȚįȫıIJİIJȘȕȓįĮıIJİȡȑȦıȘȢIJȠȣʌȜĮȧȞȠȪİȚțıȤ/
ȂİIJĮțȚȞȒıIJİİȜĮijȡȐʌȡȠȢIJĮįİȟȚȐIJȠʌȜĮȧȞȩțĮȚıȘțȫıIJİIJȠİȚțıȤ3
ǻǿǹȂȅȇĭȍȈǾ
ǾȘȜİțIJȡȠȞȚțȒ ʌȜĮțȑIJĮIJȠȣʌȓȞĮțĮ%ʌȡȑʌİȚ ȞĮ įȚĮȝȠȡijȦșİȓ ıȪȝijȦȞĮ ȝİ
IJȠȝȠȞIJȑȜȠĮİȡȩșİȡȝȠȣțĮȜȠȡȚijȑȡ ĮȞİȝȚıIJȒȡĮ ĮȖȦȖȫȞșİȡȝȩIJȘIJĮȢ%L ıIJȠ
ȠʌȠȓȠșĮİȖțĮIJĮıIJĮșİȓȒȅȚIJȡİȚȢİʌȚȜȠȖİȓȢʌȡȑʌİȚȞĮ
IJȠʌȠșİIJȘșȠȪȞĮțȠȜȠȣșȫȞIJĮȢIJȠȞʌȓȞĮțĮIJȘȢİȚțȩȞĮȢȈİʌİȡȓʌIJȦıȘʌȠȣȤȡİȚĮıIJİȓ
ȤȡȘıȚȝȠʌȠȚȒıIJİIJȠȣȢİʌȚȜȠȖİȓȢĮȜȜĮȖȒȢʌȠȣʌĮȡȑȤȠȞIJĮȚȝİIJȠȞİȟȠʌȜȚıȝȩ
ȆȡȚȞ țȐȞİIJİ IJȘȞ İȞȑȡȖİȚĮ ĮȣIJȒ ȕİȕĮȚȦșİȓIJİ ȩIJȚ Ș ıȣıțİȣȒ įİȞ İȓȞĮȚ
ıȣȞįİȝȑȞȘȝİIJȠȘȜİțIJȡȚțȩįȓțIJȣȠIJȡȠijȠįȠıȓĮȢ
ǼīȀǹȉǹȈȉǹȈǾ
ȉȠʌȠșİIJȒıIJİIJȠȞʌȓȞĮțĮİȜȑȖȤȠȣıIJȘȞȑįȡĮIJȠȣıIJȠİʌȐȞȦȝȑȡȠȢIJȠȣĮİȡȩșİȡȝȠȣ
țĮȜȠȡȚijȑȡĮȞİȝȚıIJȒȡĮĮȖȦȖȫȞșİȡȝȩIJȘIJĮȢțĮȚıIJİȡİȫıIJİIJȠȞȝİIJȚȢįȪȠȕȓįİȢʌȠȣ
ʌĮȡȑȤȠȞIJĮȚȝİ IJȠȞİȟȠʌȜȚıȝȩİȚț ıȤ$ ıIJȠʌȜĮȧȞȩIJȠȓȤȦȝĮǾ IJİȜȚțȒ
IJȠʌȠșȑIJȘıȘIJȠȣʌȓȞĮțĮȤİȚȡȚıȝȠȪșĮʌȡȑʌİȚȞĮİȓȞĮȚțȩȞIJȡĮıIJȘȞʌȜĮȧȞȒʌȜİȣȡȐ
īȚĮȞĮ IJȠʌȠșİIJȒıİIJİIJȠȞȘȜİțIJȡȠȞȚțȩȑȜİȖȤȠıIJȠ įİȟȚȩ ʌȜĮȧȞȩ IJȘȢ ıȣıțİȣȒȢ
įİȓIJİıȤİIJȚțȐIJȚȢȠįȘȖȓİȢʌȠȣʌİȡȚȑȤȠȞIJĮȚıIJȠȕȚȕȜȓȠİȖțĮIJȐıIJĮıȘȢțĮȚȤȡȒıȘȢ
ʌȠȣıȣȞȠįİȪİȚIJȠĮİȡȩșİȡȝȠțĮȜȠȡȚijȑȡĮȞİȝȚıIJȒȡĮĮȖȦȖȫȞșİȡȝȩIJȘIJĮȢ%L
ǾȁǼȀȉȇǿȀǼȈȈȊȃǻǼȈǼǿȈ
ȆȡȚȞ țȐȞİIJİ IJȘȞ İȞȑȡȖİȚĮ ĮȣIJȒ ȕİȕĮȚȦșİȓIJİ ȩIJȚ Ș ıȣıțİȣȒ įİȞ İȓȞĮȚ
ıȣȞįİȝȑȞȘȝİIJȠȘȜİțIJȡȚțȩįȓțIJȣȠIJȡȠijȠįȠıȓĮȢ
ȈIJİȡİȫıIJİIJȠțĮȜȫįȚȠȖİȓȦıȘȢıIJȘȞįȠȝȒIJȘȢıȣıțİȣȒȢȤȡȘıȚȝȠʌȠȚȫȞIJĮȢIJȘȕȓįĮ
țĮȚIJȘȡȠįȑȜĮʌȠȣʌĮȡȑȤȠȞIJĮȚȝİIJȠȞİȟȠʌȜȚıȝȩȘİȜȐȤȚıIJȘįȪȞĮȝȘʌȠȣʌȡȑʌİȚ
ȞĮĮıțȘșİȓȖȚĮIJȠȕȓįȦȝĮʌȡȑʌİȚȞĮİȓȞĮȚʌİȡȓʌȠȣȃPȕȜȑʌİİȚțıȤ$
ıȣȞįȑıIJİIJȠȞıȪȞįİıȝȠʌȩȜȦȞıIJȠțĮȜȫįȚȠțȚȞȘIJȒȡĮİȚțıȤ%
ıȣȞįȑıIJİIJȠȞıȪȞįİıȝȠʌȩȜȦȞıIJȠțĮȜȫįȚȠȘȜİțIJȡȠȕĮȜȕȓįĮȢİȐȞȣʌȐȡȤİȚ
İȚțıȤ&
ʌİȡȐıIJİIJȠțȠȜȐȡȠıȣȖțȡȐIJȘıȘȢțĮȜȦįȓȦȞʌȠȣʌĮȡȑȤİIJĮȚȝİ IJȠȞİȟȠʌȜȚıȝȩ
ıIJȘȞȠʌȒʌȠȣȣʌȠįİȚțȞȪİIJĮȚıIJȘȞİȚțıȤ$
ıȣȞįȑıIJİIJȠțĮȜȫįȚȠIJȡȠijȠįȠıȓĮȢıIJȘȞİȚįȚțȒʌȜĮțȑIJĮĮțȡȠįİțIJȫȞİȚțıȤ
%țĮȚ ıIJİȡİȫıIJİ IJȠȝİ IJȠ țȠȜȐȡȠ ıȣȖțȡȐIJȘıȘȢ țĮȜȦįȓȦȞȋȡȘıȚȝȠʌȠȚȒıIJİ
țĮȜȫįȚĮȝİİȜȐȤȚıIJȘįȚĮIJȠȝȒPP
2
,
ıȣȞįȑıIJİIJȘȞ İȞįİȤȩȝİȞȘ įȚȐIJĮȟȘ İȞİȡȖȠʌȠȓȘıȘȢ ȜİȚIJȠȣȡȖȓĮȢ WLPHU
ĮʌȠȝĮțȡȣıȝȑȞȠȢįȚĮțȩʌIJȘȢțȜʌȒȑȞĮȞșİȡȝȠıIJȐIJȘİȟȦIJİȡȚțȠȪʌİȡȚȕȐȜȜȠȞIJȠȢ
ıIJȘȞİȚįȚțȒ ʌȜĮțȑIJĮĮțȡȠįİțIJȫȞİȚț ıȤ &Ǿ İʌĮijȒȘ ȠʌȠȓĮıȣȞįȑİIJĮȚ
ȝİĮȣIJȒȞIJȘȞʌȜĮțȑIJĮĮțȡȠįİțIJȫȞʌȡȑʌİȚȞĮȤĮȡĮțIJȘȡȓȗİIJĮȚĮʌȩȑȞĮİȜȐȤȚıIJȠ
ȠȞȠȝĮıIJȚțȩȡİȪȝĮʌȠȣİȓȞĮȚȓıȠȝİǹ9DFǼȐȞȤȡȘıȚȝȠʌȠȚİȓIJĮȚĮȣIJȒȘ
İȓıȠįȠȢ İȟĮȜİȓȥIJİIJȘ ȖȑijȣȡĮ ʌȠȣʌĮȡȑȤİIJĮȚȝİ IJȠȞ İȟȠʌȜȚıȝȩ țĮȚ İȓȞĮȚ
IJȠʌȠșİIJȘȝȑȞȘȝİIJĮȟȪIJȦȞĮțȡȠįİțIJȫȞǹțĮȚǺİȚțıȤ;
ȀȁǼǿȈǿȂȅȈȊȈȀǼȊǾȈ
ȟĮȞĮIJȠʌȠșİIJȒıIJİIJȠįȚĮțȠıȝȘIJȚțȩʌȜĮȧȞȩIJȠȣĮİȡȩșİȡȝȠȣțĮȜȠȡȚijȑȡĮȞİȝȚıIJȒȡĮ
ĮȖȦȖȫȞșİȡȝȩIJȘIJĮȢ
ȕȚįȫıIJİIJȘȞİʌȐȞȦȕȓįĮıIJİȡȑȦıȘȢIJȠȣʌȜĮȧȞȠȪİȚțıȤ/ȒıȤ)
IJȠʌȠșİIJȒıIJİțĮȚʌȐȜȚIJȘıȤȐȡĮʌȡȠıIJĮıȓĮȢİȟȩįȠȣĮȑȡĮİȚțıȤ$
ǾȁǼȀȉȇǿȀȅȈȋǼǻǿȅİȚț
M1ȀȚȞȘIJȒȡĮȢĮȞİȝȚıIJȒȡĮ
Y1ǾȜİțIJȡȠȕĮȜȕȓįĮȞİȡȠȪ9+]PD[:
S1ȂȚțȡȠįȚĮțȩʌIJȘȢĮıijĮȜİȓĮȢıȤȐȡĮȢĮȞĮȡȡȩijȘıȘȢ
S2ǼȟȦIJİȡȚțȒİʌĮijȒİȜȐȤȚıIJȘʌĮȡȠȤȒ$9șİȡȝȠıIJȐIJȘȢʌİȡȚȕȐȜȜȠȞIJȠȢ
WLPHU țȜʌ ǼȐȞ İȓȞĮȚ ıȣȞįİȝȑȞȘ İȟĮȜİȓȥIJİ IJȘ ȖȑijȣȡĮ ȋ ȝİIJĮȟȪ IJȦȞ
ĮțȡȠįİțIJȫȞǹțĮȚǺ
ȋȇǾȈǾ
īǼȃǿȀȅǹȃǹȂȂǹ
īȚĮIJȘįȚĮȤİȓȡȚıȘIJȠȣĮȞİȝȚıIJȒȡĮĮȖȦȖȫȞșİȡȝȩIJȘIJĮȢĮİȡȩșİȡȝȠȣțĮȜȠȡȚijȑȡ%L
ȝȑıȦIJȠȣʌȓȞĮțĮİȜȑȖȤȠȣ% Ș ıȣıțİȣȒʌȡȑʌİȚȞĮıȣȞįİșİȓ ıIJȠȘȜİțIJȡȚțȩ
įȓțIJȣȠȈİʌİȡȓʌIJȦıȘʌȠȣȑȤİȚʌȡȠȕȜİijșİȓȑȞĮȢȖİȞȚțȩȢįȚĮțȩʌIJȘȢıIJȘȞȘȜİțIJȡȚțȒ
ȖȡĮȝȝȒIJȡȠijȠįȠıȓĮȢĮȣIJȩȢʌȡȑʌİȚȞĮİȞİȡȖȠʌȠȚȘșİȓ
ȉȇȅȆȅȈȁǼǿȉȅȊȇīǿǹȈ
ǼȞİȡȖȫȞIJĮȢıIJȠȞİʌȚȜȠȖȑĮ$İȚțȝʌȠȡİȓIJİȞĮȝİIJĮȕȐȜȜİIJİIJȘȞIJĮȤȪIJȘIJĮĮİȡȚıȝȠȪ
ʌȠȣİʌȚșȣȝİȓIJİĮʌȩȝȓĮİȜȐȤȚıIJȘIJȚȝȒ
ȝȑȤȡȚȝȓĮȝȑȖȚıIJȘIJȚȝȒ ǵIJĮȞİȓȞĮȚ
IJȠʌȠșİIJȘȝȑȞȠȢıIJȠ
İʌȚȜȠȖȑĮȢIJİȜİȓȦȢĮȡȚıIJİȡȐȘıȣıțİȣȒĮʌİȞİȡȖȠʌȠȚİȓIJĮȚ
ıȕȒȞİȚȠĮȞİȝȚıIJȒȡĮȢțĮȚțȜİȓȞİȚȘİȞįİȤȩȝİȞȘȕĮȜȕȓįĮȞİȡȠȪʌȠȣȣʌȐȡȤİȚ
ȈǾȂǼǿȍȈǾıİʌİȡȓʌIJȦıȘʌȠȣıȣȞįİșİȓıIJȘıȣıțİȣȒȝȓĮİȟȦIJİȡȚțȒİʌĮijȒ
6ȘȜİȚIJȠȣȡȖȓĮʌȠȣʌİȡȚȖȡȐijİIJĮȚʌĮȡĮʌȐȞȦİȟĮıijĮȜȓȗİIJĮȚȝȩȞȠȝİțȜİȚıIJȒ
İȟȦIJİȡȚțȒİʌĮijȒ
ȈǺǾȈǿȂȅīǿǹȂǼīǹȁǹȋȇȅȃǿȀǹǻǿǹȈȉǾȂǹȉǹ
Ȉİ ʌİȡȓʌIJȦıȘ ʌĮȡĮIJİIJĮȝȑȞȦȞ İʌȠȤȚĮțȫȞ ıȕȘıȚȝȐIJȦȞ Ȓ ȜȩȖȦįȚĮțȠʌȫȞ
ʌȡȠȤȦȡȒıIJİȦȢİȟȒȢ
ǹʌİȞİȡȖȠʌȠȚȒıIJİIJȘıȣıțİȣȒİʌȚȜȠȖȑĮȢ$İȚțıIJȘȞ
ȉȠʌȠșİIJȒıIJİIJȠȖİȞȚțȩįȚĮțȩʌIJȘȝȠȞȐįĮȢıIJȠȈȕȘıIJȩ