Electrolux EPI12NLIWI Kullanım kılavuzu

Kategori
Split sistem klimalar
Tip
Kullanım kılavuzu
53
ȆȓȞĮțĮȢʌİȡȚİȤȠȝȑȞȦȞ
ȈȣȖȤĮȡȘIJȒȡȚĮ
ȆȡȠijȣȜȐȟİȚȢĮıijĮȜİȓĮȢ
ȆİȡȚȖȡĮijȒʌȡȠȧȩȞIJȠȢ
ȅșȩȞȘIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
ȉȘȜİȤİȚȡȚıIJȒȡȚȠ
ȅįȘȖȩȢȖȡȒȖȠȡȘȢȑȞĮȡȟȘȢ
ȆİȡȚȖȡĮijȒIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ǼȞįİȓȟİȚȢȠșȩȞȘȢIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ȆȡȫIJȘȤȡȒıȘ
ȆȫȢȞĮȤȡȘıȚȝȠʌȠȚİȓIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
ȆȫȢȞĮȤȡȘıȚȝȠʌȠȚİȓIJİIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
ȁİȚIJȠȣȡȖȓĮȑțIJĮțIJȘȢĮȞȐȖțȘȢ
ǺȑȜIJȚıIJȘȜİȚIJȠȣȡȖȓĮ
ȀĮșĮȡȚıȝȩȢțĮȚıȣȞIJȒȡȘıȘ
ȈȣȝȕȠȣȜȑȢȜİȚIJȠȣȡȖȓĮȢ
ǹȞIJȚȝİIJȫʌȚıȘʌȡȠȕȜȘȝȐIJȦȞ77
ȁȓıIJĮʌȡȠȧȩȞIJȦȞ
 ǻȚĮIJȘȡİȓIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıİșȑıȘȩʌȠȣIJȠıȒȝĮIJȠȣ
ȞĮȝʌȠȡİȓȞĮijIJȐıİȚIJȠįȑțIJȘIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
 ȀĮIJȐIJȘȜİȚIJȠȣȡȖȓĮIJȠȣțȜȚȝĮIJȚıIJȚțȠȪȕİȕĮȚȦșİȓIJİȩIJȚIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠİȓȞĮȚıIJȡĮȝȝȑȞȠʌȡȠȢIJȠįȑțIJȘıȒȝĮIJȠȢ
IJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
 ǵIJĮȞIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıIJȑȜȞİȚȑȞĮıȒȝĮIJȠıȪȝȕȠȜȠ
ĮȞĮȕȠıȕȒȞİȚȖȚĮʌİȡȓʌȠȣįİȣIJİȡȩȜİʌIJȠıIJȘȞ
ȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ǾİıȦIJİȡȚțȒȝȠȞȐįĮĮȞĮȖȞȦȡȓȗİȚIJȠıȒȝĮȝİȑȞĮ
ȘȤȘIJȚțȩıȒȝĮȝʌȚʌȩIJĮȞȜĮȝȕȐȞİȚIJȠıȒȝĮĮʌȩIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣțĮȚıIJİȓȜIJİ
ʌȐȜȚIJȠıȒȝĮĮȞįİȞĮțȠȪıİIJİȑȞĮȘȤȘIJȚțȩıȒȝĮĮʌȩ
IJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
ȈȘȝĮȞIJȚțȒȣʌİȞșȪȝȚıȘ
54
ȈȣȖȤĮȡȘIJȒȡȚĮ
 ȉȠțȜȚȝĮIJȚıIJȚțȩĮȣIJȩįİȞʌȡȠȠȡȓȗİIJĮȚȖȚĮȤȡȒıȘĮʌȩ
ȝȚțȡȐʌĮȚįȚȐȒȐIJȠȝĮȝİȝİȚȦȝȑȞİȢȚțĮȞȩIJȘIJİȢȤȦȡȓȢ
İʌȠʌIJİȓĮ
 ȉĮȝȚțȡȐʌĮȚįȚȐʌȡȑʌİȚȞĮİʌȠʌIJİȪȠȞIJĮȚȫıIJİȞĮ
İȟĮıijĮȜȓȗİIJĮȚȩIJȚįİȞʌĮȓȗȠȣȞȝİIJȠțȜȚȝĮIJȚıIJȚțȩ
 ǼʌȚțȠȚȞȦȞȒıIJİȝİȑȞĮȞİȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
İȖțĮIJȐıIJĮıȘȢȖȚĮIJȘȞİȖțĮIJȐıIJĮıȘĮȣIJȠȪIJȠȣ
țȜȚȝĮIJȚıIJȚțȠȪ
 ǼʌȚțȠȚȞȦȞȒıIJİȝİȑȞĮȞİȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
ıȣȞIJȒȡȘıȘȢȖȚĮIJȘȞİʌȚıțİȣȒȒıȣȞIJȒȡȘıȘĮȣIJȒȢ
IJȘȢȝȠȞȐįĮȢ
 ǼȐȞIJȠțĮȜȫįȚȠIJȡȠijȠįȠıȓĮȢʌȡȑʌİȚȞĮ
ĮȞIJȚțĮIJĮıIJĮșİȓʌȡȑʌİȚȞĮĮȞIJȚțĮIJĮıIJĮșİȓȝȩȞȠĮʌȩ
İȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
 ȅȚİȡȖĮıȓİȢİȖțĮIJȐıIJĮıȘȢʌȡȑʌİȚȞĮİțIJİȜȠȪȞIJĮȚ
ıȪȝijȦȞĮȝİIJĮİșȞȚțȐʌȡȩIJȣʌĮțĮȜȦįȓȦıȘȢȝȩȞȠ
ĮʌȩİȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
ȈȣȖȤĮȡȘIJȒȡȚĮțĮȚİȣȤĮȡȚıIJȠȪȝİʌȠȣİʌȚȜȑȟĮIJİȑȞĮ
țȜȚȝĮIJȚıIJȚțȩįȚĮȚȡȠȪȝİȞȠȣIJȪʌȠȣǼȓȝĮıIJİıȓȖȠȣȡȠȚȩIJȚȘ
ȤȡȒıȘIJȠȣȞȑȠȣțȜȚȝĮIJȚıIJȚțȠȪıĮȢșĮıĮȢİȓȞĮȚĮʌȩȜȣIJĮ
İȣȤȐȡȚıIJȘ
ȆȡȚȞȤȡȘıȚȝȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩıȣȞȚıIJȠȪȝİȞĮ
įȚĮȕȐıİIJİȠȜȩțȜȘȡȠIJȠİȖȤİȚȡȓįȚȠȤȡȒıIJȘIJȠȠʌȠȓȠ
ʌĮȡȑȤİȚȝȚĮʌİȡȚȖȡĮijȒIJȠȣțȜȚȝĮIJȚıIJȚțȠȪțĮȚIJȦȞ
ȜİȚIJȠȣȡȖȚȫȞIJȠȣ
īȚĮIJȘȞĮʌȠijȣȖȒIJȦȞțȚȞįȪȞȦȞʌȠȣȣʌȐȡȤȠȣȞʌȐȞIJĮ
țĮIJȐIJȘȤȡȒıȘȝȚĮȢȘȜİțIJȡȚțȒȢıȣıțİȣȒȢİȓȞĮȚıȘȝĮȞIJȚțȩ
IJȠțȜȚȝĮIJȚıIJȚțȩıĮȢȞĮİȖțĮIJĮıIJĮșİȓıȦıIJȐțĮȚȞĮ
įȚĮȕȐıİIJİIJȚȢȠįȘȖȓİȢĮıijȐȜİȚĮȢʌȡȠıİțIJȚțȐȫıIJİȞĮ
ĮʌȠijȪȖİIJİIJȘȜĮȞșĮıȝȑȞȘȤȡȒıȘțĮȚIJȠȣȢțȚȞįȪȞȠȣȢ
ȈȣȞȚıIJȠȪȝİȞĮįȚĮIJȘȡİȓIJİĮȣIJȩIJȠİȖȤİȚȡȓįȚȠȠįȘȖȚȫȞ
ȖȚĮȝİȜȜȠȞIJȚțȒĮȞĮijȠȡȐțĮȚȞĮIJȠʌĮȡĮįȓįİIJİıİIJȣȤȩȞ
ȝİȜȜȠȞIJȚțȩȚįȚȠțIJȒIJȘ
ȂİIJȐIJȘȞĮʌȠıȣıțİȣĮıȓĮȕİȕĮȚȦșİȓIJİȩIJȚIJȠțȜȚȝĮIJȚıIJȚțȩ
įİȞȑȤİȚȣʌȠıIJİȓȗȘȝȚȑȢǼȐȞȑȤİIJİĮȝijȚȕȠȜȓİȢȝȘ
ȤȡȘıȚȝȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩțĮȚİʌȚțȠȚȞȦȞȒıIJİȝİIJȠ
İȟȠȣıȚȠįȠIJȘȝȑȞȠțȑȞIJȡȠıȑȡȕȚȢIJȘȢʌİȡȚȠȤȒȢıĮȢ
ȈȣȞșȒțİȢȤȡȒıȘȢ
ǹȣIJȒȘıȣıțİȣȒʌȡȠȠȡȓȗİIJĮȚȖȚĮȠȚțȚĮțȒȤȡȒıȘ
țĮȚʌĮȡȩȝȠȚİȢİijĮȡȝȠȖȑȢȩʌȦȢ
 ȈİȤȫȡȠȣȢțȠȣȗȓȞĮȢʌȡȠıȦʌȚțȠȪıİ
țĮIJĮıIJȒȝĮIJĮȖȡĮijİȓĮțĮȚȐȜȜĮİȡȖĮıȚĮțȐ
ʌİȡȚȕȐȜȜȠȞIJĮ
 ǹȖȡȠȚțȓİȢ
 ǹʌȩʌİȜȐIJİȢıİȟİȞȠįȠȤİȓĮȝȠIJȑȜțĮȚȐȜȜĮ
ʌİȡȚȕȐȜȜȠȞIJĮıIJȑȖĮıȘȢ
 ȆĮȞıȚȩȞȖȚĮȪʌȞȠțĮȚʌȡȦȚȞȩ
ȈȘȝĮȞIJȚțȑȢıȘȝİȚȫıİȚȢ
ǼʌȚțȠȚȞȦȞȒıIJİȝİȑȞĮȞİȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
İȖțĮIJȐıIJĮıȘȢȖȚĮIJȘȞİȖțĮIJȐıIJĮıȘĮȣIJȒȢIJȘȢ
ȝȠȞȐįĮȢ
ǼʌȚțȠȚȞȦȞȒıIJİȝİȑȞĮȞİȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
ıȣȞIJȒȡȘıȘȢȖȚĮIJȘȞİʌȚıțİȣȒȒıȣȞIJȒȡȘıȘĮȣIJȒȢ
IJȘȢȝȠȞȐįĮȢ
 ǾʌȡȓȗĮʌȠȣĮʌĮȚIJİȓIJĮȚȖȚĮIJȘȞIJȡȠijȠįȠıȓĮ
ʌȡȑʌİȚȞĮıȣȞįİșİȓțĮȚIJİșİȓıİȜİȚIJȠȣȡȖȓĮ
ĮʌȩİȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
 ǾıȣıțİȣȒĮȣIJȒįİȞʌȡȠȠȡȓȗİIJĮȚȖȚĮ
ȤȡȒıȘĮʌȩȐIJȠȝĮıȣȝʌİȡȚȜĮȝȕĮȞȠȝȑȞȦȞ
IJȦȞʌĮȚįȚȫȞȝİȝİȚȦȝȑȞİȢıȦȝĮIJȚțȑȢ
ĮȚıșȘIJȘȡȚĮțȑȢȒʌȞİȣȝĮIJȚțȑȢȚțĮȞȩIJȘIJİȢȒ
ȑȜȜİȚȥȘİȝʌİȚȡȓĮȢțĮȚȖȞȫıȘȢİțIJȩȢțĮȚĮȞ
İʌȚȕȜȑʌȠȞIJĮȚȒȑȤȠȣȞȜȐȕİȚȠįȘȖȓİȢıȤİIJȚțȐ
ȝİIJȘȤȡȒıȘIJȘȢıȣıțİȣȒȢĮʌȩȐIJȠȝȠ
ȣʌİȪșȣȞȠȖȚĮIJȘȞĮıijȐȜİȚȐIJȠȣȢ
 ȉĮȝȚțȡȐʌĮȚįȚȐʌȡȑʌİȚȞĮİʌȠʌIJİȪȠȞIJĮȚ
ȫıIJİȞĮİȟĮıijĮȜȓȗİIJĮȚȩIJȚįİȞʌĮȓȗȠȣȞȝİIJȠ
țȜȚȝĮIJȚıIJȚțȩ
 ǼȐȞIJȠțĮȜȫįȚȠIJȡȠijȠįȠıȓĮȢʌȡȑʌİȚȞĮ
ĮȞIJȚțĮIJĮıIJĮșİȓʌȡȑʌİȚȞĮĮȞIJȚțĮIJĮıIJĮșİȓ
ȝȩȞȠĮʌȩİȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
 ȅȚİȡȖĮıȓİȢİȖțĮIJȐıIJĮıȘȢʌȡȑʌİȚȞĮ
İțIJİȜȠȪȞIJĮȚıȪȝijȦȞĮȝİIJĮİșȞȚțȐ
ʌȡȩIJȣʌĮțĮȜȦįȓȦıȘȢțĮȚIJȠȣȢțĮȞȩȞİȢIJȘȢ
ȣʌȘȡİıȓĮȢʌĮȡȠȤȒȢȘȜİțIJȡȚıȝȠȪȝȩȞȠĮʌȩ
İȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
 ǼȐȞʌȡȩțİȚIJĮȚȞĮȝİIJĮijȑȡİIJİıİȐȜȜȘșȑıȘ
ȒȞĮĮʌȠȡȡȓȥİIJİIJȘȝȠȞȐįĮȝȩȞȠȑȞĮȢ
İʌĮȖȖİȜȝĮIJȓĮȢIJİȤȞȚțȩȢȝʌȠȡİȓȞĮĮȞĮȜȐȕİȚ
ĮȣIJȒIJȘȞİȡȖĮıȓĮ
 ȆȡȠıȑȟIJİȞĮȝȘȞʌȚĮıIJȠȪȞIJĮįȐțIJȣȜȐ
ıĮȢıIJĮʌIJİȡȪȖȚĮIJȠȣĮȞİȝȚıIJȒȡĮțĮIJȐIJȘȞ
ʌȡȠıĮȡȝȠȖȒIJȦȞțȐșİIJȦȞʌİȡıȓįȦȞ
 ȉȠʌĮȡȩȞțȜȚȝĮIJȚıIJȚțȩȤȡȘıȚȝȠʌȠȚİȓ
ȥȣțIJȚțȩ5$İʌĮȜȘșİȪıIJİʌȡȚȞĮʌȩIJȘȞ
İȖțĮIJȐıIJĮıȘ
ȆȜȘȡȠijȠȡȓİȢĮʌȩȡȡȚȥȘȢȖȚĮIJȠȣȢȤȡȒıIJİȢ
 ȉĮʌİȡȚııȩIJİȡĮĮʌȩIJĮȣȜȚțȐıȣıțİȣĮıȓĮȢ
İȓȞĮȚĮȞĮțȣțȜȫıȚȝĮȆĮȡĮțĮȜȠȪȝİĮʌȠȡȡȓȥIJİ
IJĮȣȜȚțȐĮȣIJȐȝȑıȦIJȠȣIJȠʌȚțȠȪțȑȞIJȡȠȣ
ĮȞĮțȪțȜȦıȘȢȒIJȠʌȠșİIJȒıIJİIJĮıIJȠȣȢ
țĮIJȐȜȜȘȜȠȣȢțȐįȠȣȢıȣȜȜȠȖȒȢ
 ǼȐȞİʌȚșȣȝİȓIJİȞĮĮʌȠȡȡȓȥİIJİĮȣIJȩIJȠ
țȜȚȝĮIJȚıIJȚțȩİʌȚțȠȚȞȦȞȒıIJİȝİIJȚȢIJȠʌȚțȑȢĮȡȤȑȢ
țĮȚȡȦIJȒıIJİȖȚĮIJȘıȦıIJȒȝȑșȠįȠĮʌȩȡȡȚȥȘȢ
ʌȡȠıȠȤȒ
ʌİȡȚȕĮȜȜȠȞIJȚțȒıȣȝȕȠȣȜȒ
55
ǼȐȞʌȡȠıȑȟİIJİțȐʌȠȚĮȝȘijȣıȚȠȜȠȖȚțȒ
țĮIJȐıIJĮıȘȩʌȦȢȝȣȡȦįȚȐțĮȝȑȞȠȣ
ĮʌİȞİȡȖȠʌȠȚȒıIJİIJȘȞȘȜİțIJȡȚțȒIJȡȠijȠįȠıȓĮ
IJȠȣțȜȚȝĮIJȚıIJȚțȠȪțĮȚİʌȚțȠȚȞȦȞȒıIJİȝİȑȞĮȞ
İȟȠȣıȚȠįȠIJȘȝȑȞȠĮȞIJȚʌȡȩıȦʌȠıȑȡȕȚȢǼȐȞ
ıȣȞİȤȚıIJİȓĮȣIJȒȘȝȘijȣıȚȠȜȠȖȚțȒțĮIJȐıIJĮıȘ
IJȠțȜȚȝĮIJȚıIJȚțȩȝʌȠȡİȓȞĮȣʌȠıIJİȓȕȜȐȕȘȒ
ĮțȩȝĮțĮȚȞĮʌȡȠțȜȘșİȓȘȜİțIJȡȠʌȜȘȟȓĮȒ
ʌȣȡțĮȖȚȐ
ȂȘȤİȚȡȓȗİıIJİIJȠțȜȚȝĮIJȚıIJȚțȩȝİȕȡİȖȝȑȞĮ
ȤȑȡȚĮȂʌȠȡİȓȞĮʌȡȠțȜȘșİȓȘȜİțIJȡȠʌȜȘȟȓĮ
ȂȘȞțȩȕİIJİȒijșİȓȡİIJİIJȠțĮȜȫįȚȠ
IJȡȠijȠįȠıȓĮȢȒȐȜȜĮțĮȜȫįȚĮǼȐȞıȣȝȕİȓ
ĮȣIJȩȗȘIJȒıIJİȞĮʌȡĮȖȝĮIJȠʌȠȚȘșİȓ
ȘĮȞIJȚțĮIJȐıIJĮıȘȒȘİʌȚıțİȣȒĮʌȩ
İȟȠȣıȚȠįȠIJȘȝȑȞȠIJİȤȞȚțȩ
ȂȘıȣȞįȑİIJİIJȠțȜȚȝĮIJȚıIJȚțȩıİʌȠȜȪʌȡȚȗȠ
ǹʌİȞİȡȖȠʌȠȚȒıIJİIJȘȞȘȜİțIJȡȚțȒIJȡȠijȠįȠıȓĮ
IJȠȣțȜȚȝĮIJȚıIJȚțȠȪİȐȞįİȞʌȡȩțİȚIJĮȚȞĮ
ȤȡȘıȚȝȠʌȠȚȘșİȓȖȚĮʌĮȡĮIJİIJĮȝȑȞȠįȚȐıIJȘȝĮ
ǻȚĮijȠȡİIJȚțȐȝʌȠȡİȓȞĮıȣııȦȡİȣIJİȓıțȩȞȘ
țĮȚȞĮʌȡȠțȜȘșİȓʌȣȡțĮȖȚȐ
ȆȡȚȞĮʌȩIJȠȞțĮșĮȡȚıȝȩIJȠȣțȜȚȝĮIJȚıIJȚțȠȪ
ĮʌȠıȣȞįȑıIJİIJȘȞȘȜİțIJȡȚțȒIJȡȠijȠįȠıȓĮȖȚĮ
ȞĮĮʌȠijİȣȤșİȓȘʌȚșĮȞȩIJȘIJĮȘȜİțIJȡȠʌȜȘȟȓĮȢ
ǾȘȜİțIJȡȚțȒIJȡȠijȠįȠıȓĮʌȡȑʌİȚȞĮĮȞIJȚıIJȠȚȤİȓ
ıIJȚȢʌȡȠįȚĮȖȡĮijȑȢIJȠȣțȜȚȝĮIJȚıIJȚțȠȪ
ıȪȝijȦȞĮȝİIJȠİȖȤİȚȡȓįȚȠİȖțĮIJȐıIJĮıȘȢ
ȉĮțȜȚȝĮIJȚıIJȚțȐʌȠȣʌĮȡȑȤȠȞIJĮȚȝİțĮȜȫįȚȠ
IJȡȠijȠįȠıȓĮȢʌȡȑʌİȚȞĮıȣȞįȑȠȞIJĮȚĮʌİȣșİȓĮȢ
ıİʌȡȓȗĮȝİțĮIJȐȜȜȘȜȠįȚĮțȩʌIJȘĮıijĮȜİȓĮȢ
ȉĮțȜȚȝĮIJȚıIJȚțȐʌȠȣıȣȞįȑȠȞIJĮȚĮʌİȣșİȓĮȢ
ȝİIJȠțȪțȜȦȝĮʌȡȑʌİȚȞĮıȣȞįȑȠȞIJĮȚȝİȑȞĮȞ
țĮIJȐȜȜȘȜȠĮıijĮȜİȚȠįȚĮțȩʌIJȘıȪȝijȦȞĮȝİIJȠ
İȖȤİȚȡȓįȚȠİȖțĮIJȐıIJĮıȘȢ
ǺİȕĮȚȦșİȓIJİȩIJȚȘȘȜİțIJȡȚțȒIJȡȠijȠįȠıȓĮIJȠȣ
țȜȚȝĮIJȚıIJȚțȠȪİȓȞĮȚıIJĮșİȡȒțĮȚʌȜȘȡȠȓIJȚȢ
ĮʌĮȚIJȒıİȚȢʌȠȣʌĮȡĮIJȓșİȞIJĮȚıIJȠİȖȤİȚȡȓįȚȠ
İȖțĮIJȐıIJĮıȘȢ
ȆȐȞIJĮȞĮȕİȕĮȚȫȞİıIJİȩIJȚIJȠʌȡȠȧȩȞȑȤİȚ
İȖțĮIJĮıIJĮșİȓ
ȝİțĮIJȐȜȜȘȜȘȖİȓȦıȘ
īȚĮȜȩȖȠȣȢĮıijĮȜİȓĮȢijȡȠȞIJȓıIJİȞĮ
țȜİȓıİIJİIJȠȞĮıijĮȜİȚȠįȚĮțȩʌIJȘʌȡȚȞ
ʌȡĮȖȝĮIJȠʌȠȚȒıİIJİȠʌȠȚĮįȒʌȠIJİİȡȖĮıȓĮ
ıȣȞIJȒȡȘıȘȢȒțĮșĮȡȚıȝȠȪȒȩIJĮȞIJȠ
ʌȡȠȧȩȞįİȞʌȡȩțİȚIJĮȚȞĮȤȡȘıȚȝȠʌȠȚȘșİȓȖȚĮ
ʌĮȡĮIJİIJĮȝȑȞȠįȚȐıIJȘȝĮǾıȣııȦȡİȣȝȑȞȘ
ıțȩȞȘȝʌȠȡİȓȞĮʌȡȠțĮȜȑıİȚʌȣȡțĮȖȚȐȒ
ȘȜİțIJȡȠʌȜȘȟȓĮ
ȆȡȠijȣȜȐȟİȚȢĮıijĮȜİȓĮȢ
ȈIJȠİȖȤİȚȡȓįȚȠĮȣIJȩșĮȕȡİȓIJİʌȠȜȜȑȢȤȡȒıȚȝİȢ
ıȣȝȕȠȣȜȑȢȖȚĮIJȠıȦıIJȩIJȡȩʌȠȤȡȒıȘȢțĮȚ
ıȣȞIJȒȡȘıȘȢIJȠȣțȜȚȝĮIJȚıIJȚțȠȪıĮȢȂİȜȓȖȘ
ʌȡȠȜȘʌIJȚțȒijȡȠȞIJȓįĮİțȝȑȡȠȣȢıĮȢȝʌȠȡİȓIJİȞĮ
İȟȠȚțȠȞȠȝȒıİIJİȤȡȩȞȠțĮȚȤȡȒȝĮțĮIJȐIJȘįȚȐȡțİȚĮ
ȗȦȒȢIJȠȣțȜȚȝĮIJȚıIJȚțȠȪıĮȢĬĮȕȡİȓIJİʌȠȜȜȑȢ
ĮʌĮȞIJȒıİȚȢıİțȠȚȞȐʌȡȠȕȜȒȝĮIJĮıIJȠȞʌȓȞĮțĮ
ıȣȝȕȠȣȜȫȞĮȞIJȚȝİIJȫʌȚıȘȢʌȡȠȕȜȘȝȐIJȦȞıIJȘ
ıİȜȓįĮǼȐȞįȚĮȕȐıİIJİʌȡȫIJĮIJȠȞʌȓȞĮțĮ
ıȣȝȕȠȣȜȫȞĮȞIJȚȝİIJȫʌȚıȘȢʌȡȠȕȜȘȝȐIJȦȞİȞįȑȤİIJĮȚ
ȞĮȝȘȤȡİȚȐȗİIJĮȚȞĮțĮȜȑıİIJİȖȚĮıȑȡȕȚȢ
ȅȚıȘȝĮıȓİȢIJȦȞıȣȝȕȩȜȦȞʌȠȣȤȡȘıȚȝȠʌȠȚȠȪȞIJĮȚ
ıİĮȣIJȩIJȠİȖȤİȚȡȓįȚȠijĮȓȞȠȞIJĮȚʌĮȡĮțȐIJȦ
ȊʌȠįİȚțȞȪİȚʌȜȘȡȠijȠȡȓİȢıȤİIJȚțȐȝİIJȘȞ
ʌȡȠıȦʌȚțȒıĮȢĮıijȐȜİȚĮțĮȚȖȚĮIJȠȞIJȡȩʌȠ
ĮʌȠijȣȖȒȢʌȡȩțȜȘıȘȢȗȘȝȚȐȢıIJȘıȣıțİȣȒ
ȉȠıȪȝȕȠȜȠĮȣIJȩȣʌȠįİȚțȞȪİȚıȣȝȕȠȣȜȑȢțĮȚ
ʌȜȘȡȠijȠȡȓİȢȖȚĮIJȘȤȡȒıȘIJȘȢıȣıțİȣȒȢ
ȉȠıȪȝȕȠȜȠĮȣIJȩȣʌȠįİȚțȞȪİȚıȣȝȕȠȣȜȑȢțĮȚ
ʌȜȘȡȠijȠȡȓİȢȖȚĮIJȘȞȠȚțȠȞȠȝȚțȒțĮȚȠȚțȠȜȠȖȚțȒ
ȤȡȒıȘIJȘȢıȣıțİȣȒȢ
ȉȠıȪȝȕȠȜȠĮȣIJȩȣʌȠįİȚțȞȪİȚȩIJȚįİȞʌȡȑʌİȚȞĮ
țȐȞİIJİʌȠIJȑIJȘȞİȞȑȡȖİȚĮĮȣIJȒ
ȃĮțȐȞİIJİʌȐȞIJĮIJȘȞİȞȑȡȖİȚĮĮȣIJȒ
ȈȘȝĮȞIJȚțȑȢıȘȝİȚȫıİȚȢ
 ȂȘșȑıİIJİIJȘȝȠȞȐįĮıİȜİȚIJȠȣȡȖȓĮȝİIJȘȞ
ȠȡȚȗȩȞIJȚĮʌİȡıȓįĮıIJȘȞțȜİȚıIJȒșȑıȘ
 ȂȘșȑıİIJİIJȘȝȠȞȐįĮıİȜİȚIJȠȣȡȖȓĮȤȦȡȓȢIJȠ
ijȓȜIJȡȠĮȑȡĮ
ʌȡȠıȠȤȒ
ʌȡȠİȚįȠʌȠȓȘıȘ
ʌİȡȚȕĮȜȜȠȞIJȚțȒıȣȝȕȠȣȜȒ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
56
ȆȡȠijȣȜȐȟİȚȢĮıijĮȜİȓĮȢ
ȋȡȒıȘ
ǾȑțșİıȘıIJȘȞȐȝİıȘȡȠȒĮȑȡĮĮʌȩIJȠ
țȜȚȝĮIJȚıIJȚțȩȖȚĮʌĮȡĮIJİIJĮȝȑȞȠįȚȐıIJȘȝĮȝʌȠȡİȓ
ȞĮİȓȞĮȚİʌȚțȓȞįȣȞȠȖȚĮIJȘȞȣȖİȓĮıĮȢ
ȂȘȞİțșȑIJİIJİȐIJȠȝĮțĮIJȠȚțȓįȚĮȒijȣIJȐıIJȘȞ
ȐȝİıȘȡȠȒĮȑȡĮȖȚĮʌĮȡĮIJİIJĮȝȑȞȠįȚȐıIJȘȝĮ
ȀĮșĮȡȚıȝȩȢțĮȚıȣȞIJȒȡȘıȘ
 ȀĮIJȐIJȠȞțĮșĮȡȚıȝȩIJȘȢȝȠȞȐįĮȢ
ȕİȕĮȚȦșİȓIJİʌȡȫIJĮȩIJȚȘȘȜİțIJȡȚțȒ
IJȡȠijȠįȠıȓĮțĮȚȠĮıijĮȜİȚȠįȚĮțȩʌIJȘȢİȓȞĮȚ
țȜİȚıIJȐ
 ȂȘȞĮȖȖȓȗİIJİIJĮȝİIJĮȜȜȚțȐȝȑȡȘIJȘȢȝȠȞȐįĮȢ
țĮIJȐIJȘȞĮijĮȓȡİıȘIJȦȞijȓȜIJȡȦȞȂʌȠȡİȓȞĮ
ʌȡȠțȜȘșȠȪȞIJȡĮȣȝĮIJȚıȝȠȓțĮIJȐIJȠȤİȚȡȚıȝȩ
ĮȚȤȝȘȡȫȞȝİIJĮȜȜȚțȫȞȐțȡȦȞ
 ȂȘȤȡȘıȚȝȠʌȠȚİȓIJİȞİȡȩȖȚĮIJȠȞțĮșĮȡȚıȝȩ
IJȠȣİıȦIJİȡȚțȠȪIJȠȣțȜȚȝĮIJȚıIJȚțȠȪǾȑțșİıȘ
ıİȞİȡȩȝʌȠȡİȓȞĮȠįȘȖȒıİȚıİʌȚșĮȞȒ
ȘȜİțIJȡȠʌȜȘȟȓĮ
ȈȑȡȕȚȢ
īȚĮİʌȚıțİȣȑȢțĮȚıȣȞIJȒȡȘıȘİʌȚțȠȚȞȦȞȒıIJİȝİ
IJȠȞİȟȠȣıȚȠįȠIJȘȝȑȞȠĮȞIJȚʌȡȩıȦʌȠIJȠȣıȑȡȕȚȢ
ȆȡȚȞĮʌȩIJȘȜİȚIJȠȣȡȖȓĮ
 ǼʌȚțȠȚȞȦȞȒıIJİȝİȑȞĮȞİȟİȚįȚțİȣȝȑȞȠIJİȤȞȚțȩ
ȖȚĮIJȘȞİȖțĮIJȐıIJĮıȘ
 ȈȣȞįȑıIJİıȦıIJȐIJȠijȚȢIJȡȠijȠįȠıȓĮȢ
 ȂȘȤȡȘıȚȝȠʌȠȚİȓIJİijșĮȡȝȑȞȠȒȝȘıȣȝȕĮIJȚțȩ
țĮȜȫįȚȠIJȡȠijȠįȠıȓĮȢ
 ȂȘȞțȐȞİIJİțȠȚȞȒȤȡȒıȘIJȘȢȓįȚĮȢʌȡȓȗĮȢȝİ
ȐȜȜİȢıȣıțİȣȑȢ
 ȂȘȤȡȘıȚȝȠʌȠȚİȓIJİțĮȜȫįȚȠʌȡȠȑțIJĮıȘȢ
 ȂȘȞȟİțȚȞȐIJİįȚĮțȩʌIJİIJİIJȘȜİȚIJȠȣȡȖȓĮ
ıȣȞįȑȠȞIJĮȢĮʌȠıȣȞįȑȠȞIJĮȢIJȠțĮȜȫįȚȠ
IJȡȠijȠįȠıȓĮȢ
ʌȡȠıȠȤȒ
ǼʌȚȜȑȟIJİIJȘȞʌȚȠțĮIJȐȜȜȘȜȘșİȡȝȠțȡĮıȓĮ
ȂʌȠȡİȓIJİȑIJıȚȞĮİȟȠȚțȠȞȠȝȒıİIJİȘȜİțIJȡȚțȩ
ȡİȪȝĮ
ȂȘȞĮijȒȞİIJİIJĮʌĮȡȐșȣȡĮțĮȚIJȚȢʌȩȡIJİȢ
ĮȞȠȚȤIJȑȢȖȚĮʌȠȜȜȒȫȡĮțĮIJȐIJȘįȚȐȡțİȚĮIJȘȢ
ȜİȚIJȠȣȡȖȓĮȢĬĮȑȤİȚȦȢĮʌȠIJȑȜİıȝĮȝİȚȦȝȑȞȘ
ĮʌȩįȠıȘ
ȂȘijȡȐȗİIJİIJȘȞİȓıȠįȠȒȑȟȠįȠIJȠȣĮȑȡĮ
ĬĮȑȤİȚȦȢĮʌȠIJȑȜİıȝĮȝİȚȦȝȑȞȘĮʌȩįȠıȘ
țĮȚșĮʌȡȠțȜȘșȠȪȞįȣıȜİȚIJȠȣȡȖȓİȢ
ĭȣȜȐııİIJİIJĮİȪijȜİțIJĮȣȜȚțȐȝĮțȡȚȐĮʌȩ
IJȚȢȝȠȞȐįİȢıİĮʌȩıIJĮıȘIJȠȣȜȐȤȚıIJȠȞP
ȂʌȠȡİȓȞĮʌȡȠțȜȘșİȓʌȣȡțĮȖȚȐ
ȂȘȞʌĮIJȐIJİİʌȐȞȦıIJȘȞİȟȦIJİȡȚțȒȝȠȞȐįĮțĮȚ
ȝȘȞIJȠʌȠșİIJİȓIJİȕĮȡȚȐĮȞIJȚțİȓȝİȞĮİʌȐȞȦIJȘȢ
ȂʌȠȡİȓȞĮʌȡȠțȜȘșİȓȕȜȐȕȘȒIJȡĮȣȝĮIJȚıȝȩȢ
ȂȘȞİʌȚȤİȚȡȒıİIJİȞĮİʌȚıțİȣȐıİIJİIJȠ
țȜȚȝĮIJȚıIJȚțȩȝȩȞȠȚıĮȢȅȚİıijĮȜȝȑȞİȢ
İʌȚıțİȣȑȢȝʌȠȡİȓȞĮʌȡȠțĮȜȑıȠȣȞ
ȘȜİțIJȡȠʌȜȘȟȓĮȒʌȣȡțĮȖȚȐǼʌȚțȠȚȞȦȞȒıİIJİ
ȝİIJȠİȟȠȣıȚȠįȠIJȘȝȑȞȠțȑȞIJȡȠıȑȡȕȚȢIJȘȢ
ʌİȡȚȠȤȒȢıĮȢ
ȂȘȞIJȠʌȠșİIJİȓIJİIJĮȤȑȡȚĮıĮȢȒĮȞIJȚțİȓȝİȞĮ
ȝȑıĮıIJȘȞİȓıȠįȠȒȑȟȠįȠIJȠȣĮȑȡĮȂʌȠȡİȓ
ȞĮʌȡȠțȜȘșİȓIJȡĮȣȝĮIJȚıȝȩȢ
ȂȘȞİțșȑIJİIJİȗȫĮȒijȣIJȐĮʌİȣșİȓĮȢıIJȘȡȠȒ
IJȠȣĮȑȡĮ
ȂȘȤȡȘıȚȝȠʌȠȚİȓIJİIJȘȝȠȞȐįĮȖȚĮ
ȠʌȠȚȠȞįȒʌȠIJİȐȜȜȠıțȠʌȩȩʌȦȢIJȘ
ıȣȞIJȒȡȘıȘIJȡȠijȓȝȦȞȒIJȠıIJȑȖȞȦȝĮȡȠȪȤȦȞ
ȂȘȞʌȚIJıȚȜȐIJİIJȠțȜȚȝĮIJȚıIJȚțȩȝİȞİȡȩȂʌȠȡİȓ
ȞĮʌȡȠțȜȘșİȓȘȜİțIJȡȠʌȜȘȟȓĮȒįȣıȜİȚIJȠȣȡȖȓĮ
57
ȆİȡȚȖȡĮijȒʌȡȠȧȩȞIJȠȢ
ǼȓıȠįȠȢ
ĮȑȡĮ
ǼıȦIJİȡȚțȒȝȠȞȐįĮ
DzȟȠįȠȢĮȑȡĮ
ǼȟȦIJİȡȚțȒȝȠȞȐįĮ
ǼȓıȠįȠȢĮȑȡĮʌȓıȦ
ǼȓıȠįȠȢĮȑȡĮ
ʌȜİȣȡȚțȒ
ǼȓıȠįȠȢĮȑȡĮ
ʌȜİȣȡȚțȒ
DzȟȠįȠȢĮȑȡĮ
ȅȚʌĮȡĮʌȐȞȦİȚțȩȞİȢİȓȞĮȚȝȩȞȠȖȚĮıțȠʌȠȪȢİʌİȟȒȖȘıȘȢ
ȉȠțȜȚȝĮIJȚıIJȚțȩıĮȢİȞįȑȤİIJĮȚȞĮįȚĮijȑȡİȚȜȓȖȠ
ȉȠʌȡĮȖȝĮIJȚțȩıȤȒȝĮȣʌİȡȚıȤȪİȚ
ȈȘȝİȓȦıȘ
DzȞįİȚȟȘȠșȩȞȘȢ
ǺȐıȘıIJȒȡȚȟȘȢ
ȂʌȡȠıIJȚȞȩțȐȜȣȝȝĮ
ĭȓȜIJȡȠȣȖȚİȚȞȠȪĮȑȡĮ
ʌȓıȦĮʌȩIJȠijȓȜIJȡȠıțȩȞȘȢ
ĭȓȜIJȡȠıțȩȞȘȢ
ȅȡȚȗȩȞIJȚĮʌİȡıȓįĮĮȑȡĮ
ȀȐșİIJȘʌİȡıȓįĮĮȑȡĮ
ȆȓıȦĮʌȩIJȘȞ
ȠȡȚȗȩȞIJȚĮʌİȡıȓįĮĮȑȡĮ
ȀȠȣȝʌȓȤİȚȡȠțȓȞȘIJȠȣİȜȑȖȤȠȣ
īİȞȞȒIJȡȚĮȥȣȤȡȠȪʌȜȐıȝĮIJȠȢ
ȈȣȜȜȑțIJȘȢıțȩȞȘȢSODVPD
ȉȘȜİȤİȚȡȚıIJȒȡȚȠ
ǺȐıȘIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ȀĮȜȫįȚȠIJȡȠijȠįȠıȓĮȢ
ȈȦȜȒȞĮȢIJȠȓȤȠȣ
ȉĮȚȞȓĮįİıȓȝĮIJȠȢ
ȈȦȜȒȞĮȢȥȣțIJȚțȠȪ
ǼȪțĮȝʌIJȠȢıȦȜȒȞĮȢĮʌȠıIJȡȐȖȖȚıȘȢ
ȀĮȜȫįȚȠıȪȞįİıȘȢ
ȈȪȞįİıȝȠȢĮʌȠıIJȡȐȖȖȚıȘȢ
58
ȉȘȜİȤİȚȡȚıIJȒȡȚȠ
 ȉȠțȜȚȝĮIJȚıIJȚțȩįİȞșĮȜİȚIJȠȣȡȖȒıİȚĮȞțȠȣȡIJȓȞİȢ
ʌȩȡIJİȢȒȐȜȜĮȣȜȚțȐijȡȐȗȠȣȞIJĮıȒȝĮIJĮĮʌȩIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
 ǹʌȠijȪȖİIJİIJȘȞʌIJȫıȘȣȖȡȫȞİʌȐȞȦıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȆȠIJȑȝȘȞİțșȑIJİIJİIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠıİȐȝİıȠȘȜȚĮțȩijȦȢȒșİȡȝȩIJȘIJĮ
 ǼȐȞȠįȑțIJȘȢȣʌȑȡȣșȡȦȞıȘȝȐIJȦȞıIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮİȓȞĮȚİțIJİșİȚȝȑȞȠȢıİȐȝİıȠȘȜȚĮțȩijȦȢIJȠ
țȜȚȝĮIJȚıIJȚțȩİȞįȑȤİIJĮȚȞĮȝȘȜİȚIJȠȣȡȖȒıİȚıȦıIJȐ
ȋȡȘıȚȝȠʌȠȚȒıIJİțȠȣȡIJȓȞİȢȖȚĮȞĮĮʌȠIJȡȑȥİIJİIJȠ
ȘȜȚĮțȩijȦȢȞĮʌȑijIJİȚİʌȐȞȦıIJȠįȑțIJȘ
 ǼȐȞȐȜȜİȢȘȜİțIJȡȚțȑȢıȣıțİȣȑȢİʌȘȡİȐȗȠȣȞ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȝİIJĮțȚȞȒıIJİIJȚȢıȣıțİȣȑȢȒ
İʌȚțȠȚȞȦȞȒıIJİȝİIJȠȞIJȠʌȚțȩĮȞIJȚʌȡȩıȦʌȠ
ȅșȩȞȘIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
ǻȑțIJȘȢ
ıȒȝĮIJȠȢ
 ǼȐȞijȣȜȐııİIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıİșȑıȘʌȠȣ
İȝʌȠįȓȗİȚIJȘıȦıIJȒȝİIJȐįȠıȘıȒȝĮIJȠȢȝʌȠȡİȓ
ȞĮȣʌȐȡȟİȚȝȚĮȤȡȠȞȚțȒțĮșȣıIJȑȡȘıȘȑȦȢțĮȚ
ȜİʌIJȫȞ
ȆĮȡȐșȣȡȠ
ĮȚıșȘIJȒȡĮ
șİȡȝȠțȡĮıȓĮȢ
ȆȓıȦȩȥȘ
ǵIJĮȞİȓȞĮȚİȞİȡȖȠʌȠȚȘȝȑȞȘȘȜİȚIJȠȣȡȖȓĮ,
)((/ǹȓıșȘıȘIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıIJȑȜȞİȚ
IJȚȢʌȜȘȡȠijȠȡȓİȢșİȡȝȠțȡĮıȓĮȢIJȘȢșȑıȘȢIJȠȣ
ıIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮțȐșİįȑțĮȜİʌIJȐ
ǹȞȘİıȦIJİȡȚțȒȝȠȞȐįĮįİȞȜȐȕİȚĮȣIJȑȢIJȚȢ
ʌȜȘȡȠijȠȡȓİȢșİȡȝȠțȡĮıȓĮȢȖȚĮȑȞIJİțĮ
įȚĮįȠȤȚțȐȜİʌIJȐIJȠțȜȚȝĮIJȚıIJȚțȩįȚĮțȩʌIJİȚIJȘ
ȜİȚIJȠȣȡȖȓĮ,)((/ǹȓıșȘıȘțĮȚİʌȚıIJȡȑijİȚ
ıIJȘȞțĮȞȠȞȚțȒȜİȚIJȠȣȡȖȓĮ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ+($7ĬǼȇȂǹȃȈǾ
ǹȞȐȕİȚȩIJĮȞȠIJȡȩʌȠȢȜİȚIJȠȣȡȖȓĮȢİȓȞĮȚ+($7
ĬǼȇȂǹȃȈǾ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ&22/ȌȊȄǾ
ǹȞȐȕİȚȩIJĮȞȠIJȡȩʌȠȢȜİȚIJȠȣȡȖȓĮȢİȓȞĮȚ&22/
ȌȊȄǾ
DzȞįİȚȟȘșİȡȝȠțȡĮıȓĮȢ
ǼȝijĮȞȓȗİȚIJȚȢȡȣșȝȓıİȚȢșİȡȝȠțȡĮıȓĮȢȩIJĮȞIJȠ
țȜȚȝĮIJȚıIJȚțȩȕȡȓıțİIJĮȚıİȜİȚIJȠȣȡȖȓĮ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ212))
ǹȞȐȕİȚȩIJĮȞȘȝȠȞȐįĮİȓȞĮȚıȣȞįİįİȝȑȞȘȝİIJȘȞ
ȘȜİțIJȡȚțȒIJȡȠijȠįȠıȓĮ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ'(+80,',)<
ǹĭȊīȇǹȃȈǾ
ǹȞȐȕİȚȩIJĮȞȠIJȡȩʌȠȢȜİȚIJȠȣȡȖȓĮȢİȓȞĮȚ
'(+80,',)<ǹĭȊīȇǹȃȈǾ
ȆȫȢȞĮȤȡȘıȚȝȠʌȠȚİȓIJİIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠ
 ȈIJȡȑȥIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȠįȑțIJȘ
ıȒȝĮIJȠȢIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
 ǵIJĮȞIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıIJȑȜȞİȚȑȞĮ
ıȒȝĮIJȠıȪȝȕȠȜȠ
ĮȞĮȕȠıȕȒȞİȚȖȚĮ
ʌİȡȓʌȠȣįİȣIJİȡȩȜİʌIJȠıIJȘȞȠșȩȞȘIJȠȣ
IJȘȜİȤİȚȡȚıIJȘȡȓȠȣǾİıȦIJİȡȚțȒȝȠȞȐįĮ
ĮȞĮȖȞȦȡȓȗİȚIJȠıȒȝĮȝİȑȞĮȘȤȘIJȚțȩıȒȝĮ
ȝʌȚʌȩIJĮȞȜĮȝȕȐȞİȚȑȞĮȑȖțȣȡȠıȒȝĮ
 ǺİȕĮȚȦșİȓIJİȩIJȚįİȞȣʌȐȡȤȠȣȞİȝʌȩįȚĮʌȠȣ
ȝʌȠȡİȓȞĮʌĮȡİȝʌȠįȓıȠȣȞIJȠıȒȝĮ
ĬȑıȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ĭȣȜȐııİIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıİıȘȝİȓȠ
ȩʌȠȣIJȠıȒȝĮIJȠȣȝʌȠȡİȓȞĮijIJȐıİȚIJȠįȑțIJȘ
IJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢİʌȚIJȡȑʌİIJĮȚȝȚĮ
ȝȑȖȚıIJȘĮʌȩıIJĮıȘP
 ǵIJĮȞİʌȚȜȑȖİIJİIJȘȜİȚIJȠȣȡȖȓĮȤȡȠȞȠįȚĮțȩʌIJȘIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȝİIJĮįȓįİȚĮȣIJȩȝĮIJĮȑȞĮıȒȝĮ
ıIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮIJȘȞțĮșȠȡȚıȝȑȞȘȫȡĮ
ʌȡȠıȠȤȒ
ȊʌİȞșȪȝȚıȘ
59
ȅįȘȖȩȢȖȡȒȖȠȡȘȢȑȞĮȡȟȘȢ
ȆȜȒțIJȡĮ6ZLQJ9țĮȚ6ZLQJ+
ȂİIJĮʌȜȒțIJȡĮʌĮȜȚȞįȡȩȝȘıȘȢȝʌȠȡİȓIJİȞĮİʌȚȜȑȟİIJİ
IJȘȞȠȡȚȗȩȞIJȚĮ+ȒțȐșİIJȘ9ʌĮȜȚȞįȡȩȝȘıȘIJȦȞ
ʌİȡıȓįȦȞțĮșȠįȒȖȘıȘȢIJȠȣĮȑȡĮ
ȆȜȒțIJȡȠ6OHHS
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİʌȚȜȑȟİIJİIJȘȜİȚIJȠȣȡȖȓĮ
ȪʌȞȠȣ
ȆȜȒțIJȡĮ7LPHU2Q7LPHU2II
ȆĮIJȒıIJİIJȠȖȚĮȞĮȡȣșȝȓıİIJİIJȘȞĮȣIJȩȝĮIJȘȑȞĮȡȟȘțĮȚ
įȚĮțȠʌȒIJȘȢȜİȚIJȠȣȡȖȓĮȢIJȠȣțȜȚȝĮIJȚıIJȚțȠȪ
ȆȜȒțIJȡȠ/LJKW
ȆĮIJȒıIJİIJȠȖȚĮȞĮİȞİȡȖȠʌȠȚȘșȠȪȞȒȞĮĮʌİȞİȡȖȠʌȠȚȘșȠȪȞ
ȠȚİȞįİȚțIJȚțȑȢȜȣȤȞȓİȢIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
ȆȜȒțIJȡȠ7XUER
ȆĮIJȒıIJİIJȠȖȚĮȞĮIJİșİȓȠĮȞİȝȚıIJȒȡĮȢıİȣȥȘȜȒ
IJĮȤȪIJȘIJĮȖȚĮIJĮȤİȓĮȥȪȟȘȒșȑȡȝĮȞıȘ
ǼȚįȚțȑȢȜİȚIJȠȣȡȖȓİȢ
;)$1
ǹijȠȪĮʌİȞİȡȖȠʌȠȚȘșİȓȘȝȠȞȐįĮȠİıȦIJİȡȚțȩȢ
ĮȞİȝȚıIJȒȡĮȢșĮıȣȞİȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓİʌȓȜİʌIJȐȖȚĮȞĮ
ĮʌȠȝĮțȡȪȞİȚIJȘȞȣȖȡĮıȓĮĮʌȩIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮțĮȚ
ȞĮĮʌȠijİȣȤșİȓȘĮȞȐʌIJȣȟȘȕĮțIJȘȡȓȦȞțĮȚȝȣțȒIJȦȞ
ȈȤİIJȚțȐȝİIJȘȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾ
ȈİĮȣIJȒȞIJȘȜİȚIJȠȣȡȖȓĮȘȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮįİȞ
İȝijĮȞȓȗİIJĮȚıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠțĮȚȘȝȠȞȐįĮțȡȓȞİȚțĮȚ
İʌȚȜȑȖİȚĮȣIJȩȝĮIJĮIJȘȞțĮIJȐȜȜȘȜȘȝȑșȠįȠȜİȚIJȠȣȡȖȓĮȢȖȚĮ
ȞĮįȘȝȚȠȣȡȖȒıİȚȝȚĮȐȞİIJȘĮIJȝȩıijĮȚȡĮ
ȀȜİȓįȦȝĮIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ȆĮIJȒıIJİIJĮʌȜȒțIJȡĮ6ZLQJ9țĮȚ,21)LOWHUIJĮȣIJȩȤȡȠȞĮȖȚĮ
ȞĮțȜİȚįȫıİIJİȒȞĮȟİțȜİȚįȫıİIJİIJȠʌȜȘțIJȡȠȜȩȖȚȠǹȞIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠİȓȞĮȚțȜİȚįȦȝȑȞȠİȝijĮȞȓȗİIJĮȚIJȠİȚțȠȞȓįȚȠ
ȩʌȠȣĮȞʌĮIJȒıİIJİȠʌȠȚȠįȒʌȠIJİʌȜȒțIJȡȠȘȑȞįİȚȟȘșĮ
ĮȞĮȕȠıȕȒıİȚIJȡİȚȢijȠȡȑȢǹȞIJȠʌȜȘțIJȡȠȜȩȖȚȠȟİțȜİȚįȦșİȓ
ȘȑȞįİȚȟȘİȟĮijĮȞȓȗİIJĮȚ
ǼȞĮȜȜĮȖȒȝİIJĮȟȪȕĮșȝȫȞȀİȜıȓȠȣțĮȚĭĮȡİȞȐȚIJ
ȂİIJȠțȜȚȝĮIJȚıIJȚțȩĮʌİȞİȡȖȠʌȠȚȘȝȑȞȠʌĮIJȒıIJİIJĮȣIJȩȤȡȠȞĮ
IJĮʌȜȒțIJȡĮ6ZLQJ+țĮȚ,21)LOWHUȖȚĮİȞĮȜȜĮȖȒȝİIJĮȟȪ
IJȦȞȕĮșȝȫȞ&țĮȚ)
ǼȟȠȚțȠȞȩȝȘıȘİȞȑȡȖİȚĮȢ
ȈIJȘȜİȚIJȠȣȡȖȓĮ&22/ȌȊȄǾʌĮIJȒıIJİIJĮȣIJȩȤȡȠȞĮIJĮ
ʌȜȒțIJȡĮ,21)LOWHUțĮȚ&ORFNȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİȒȞĮ
ĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȘȜİȚIJȠȣȡȖȓĮİȟȠȚțȠȞȩȝȘıȘȢİȞȑȡȖİȚĮȢ
ȈIJȘȞȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣșĮİȝijĮȞȚıIJİȓȘȑȞįİȚȟȘ
©6(ªıIJȘȞʌİȡȚȠȤȒİȝijȐȞȚıȘȢIJȘȢșİȡȝȠțȡĮıȓĮȢȩIJĮȞİȓȞĮȚ
İȞİȡȖȒ
ȁİȚIJȠȣȡȖȓĮȤĮȝȘȜȒȢșİȡȝȩIJȘIJĮȢ
ȈIJȘȜİȚIJȠȣȡȖȓĮ+($7ĬǼȇȂǹȃȈǾʌĮIJȒıIJİIJĮȣIJȩȤȡȠȞĮ
IJĮʌȜȒțIJȡĮ,21)LOWHUțĮȚ&ORFNȖȚĮȞĮIJİșİȓIJȠțȜȚȝĮIJȚıIJȚțȩ
ıİȜİȚIJȠȣȡȖȓĮȤĮȝȘȜȒȢșİȡȝȩIJȘIJĮȢʌȠȣșĮȜİȚIJȠȣȡȖȒıİȚ
ȑȦȢIJȘșİȡȝȠțȡĮıȓĮIJȦȞ&ǼʌĮȞĮȜȐȕİIJİIJȘįȚĮįȚțĮıȓĮ
ȖȚĮȞĮIJȘȞĮʌİȞİȡȖȠʌȠȚȒıİIJİ
ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİ
ȒȞĮĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩ
ȆȜȒțIJȡȠ0RGH
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİʌȚȜȑȟİIJİ
IJȠȞİʌȚșȣȝȘIJȩIJȡȩʌȠȜİȚIJȠȣȡȖȓĮȢ$872
ǹȊȉȅȂǹȉǾ&22/ȌȊȄǾ'(+80,',)<
ǹĭȊīȇǹȃȈǾ)$1ǹȃǼȂǿȈȉǾȇǹȈțĮȚ
+($7ĬǼȇȂǹȃȈǾ
ȆȜȒțIJȡȠȡȪșȝȚıȘȢ
țĮȚ
ȆĮIJȒıIJİĮȣIJȐIJĮįȪȠʌȜȒțIJȡĮȖȚĮȞĮȡȣșȝȓıİIJİ
IJȘȞİʌȚșȣȝȘIJȒșİȡȝȠțȡĮıȓĮ
ȆȜȒțIJȡȠ)DQ
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮȡȣșȝȓıİIJİIJȘȞ
IJĮȤȪIJȘIJĮIJȠȣĮȞİȝȚıIJȒȡĮıİǹȣIJȩȝĮIJȘȋĮȝȘȜȒ
ȂİıĮȓĮȤĮȝȘȜȒȂİıĮȓĮȂİıĮȓĮȣȥȘȜȒțĮȚ
ȊȥȘȜȒ
&22/ȌȊȄǾ
'(+80,',)<
ǹĭȊīȇǹȃȈǾ+($7
ĬǼȇȂǹȃȈǾ
ȁİȚIJȠȣȡȖȓĮ
ȇȣșȝȚıȝȑȞȘ
șİȡȝȠțȡĮıȓĮ
60
ȅįȘȖȩȢȖȡȒȖȠȡȘȢȑȞĮȡȟȘȢ
ǾȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾİȓȞĮȚȘ
ʌȡȠİʌȚȜİȖȝȑȞȘțĮIJȐIJȘȞİȞİȡȖȠʌȠȓȘıȘ
ȈIJȘȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾȘșİȡȝȠțȡĮıȓĮ
įİȞİȝijĮȞȓȗİIJĮȚ
ȈIJȘȜİȚIJȠȣȡȖȓĮ+($7ĬǼȇȂǹȃȈǾȘĮȡȤȚțȒIJȚȝȒ
İȓȞĮȚ&
ȈIJȚȢȐȜȜİȢȜİȚIJȠȣȡȖȓİȢȘĮȡȤȚțȒIJȚȝȒİȓȞĮȚ&
ȆȜȒțIJȡȠȡȪșȝȚıȘȢ
ǼȝʌȡȩȢ
ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ
ȖȚĮȞĮĮȣȟȒıİIJİIJȘȡȪșȝȚıȘ
IJȘȢșİȡȝȠțȡĮıȓĮȢȀȡĮIJȒıIJİʌĮIJȘȝȑȞȠĮȣIJȩIJȠ
țȠȣȝʌȓȖȚĮįİȣIJİȡȩȜİʌIJĮȒʌİȡȚııȩIJİȡȠȖȚĮȞĮ
ĮȣȟȘșİȓʌȚȠȖȡȒȖȠȡĮȘȡȪșȝȚıȘIJȘȢșİȡȝȠțȡĮıȓĮȢ
ǾȝȑȖȚıIJȘȡȪșȝȚıȘİȓȞĮȚ&
ȈIJȚȢȜİȚIJȠȣȡȖȓİȢ7LPHU2Q2IIȋȡȠȞȠįȚĮțȩʌIJȘȢ
İȞİȡȖȠʌȠȓȘıȘȢĮʌİȞİȡȖȠʌȠȓȘıȘȢȒ&ORFNȇȠȜȩȚ
ȤȡȘıȚȝȠʌȠȚȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮȡȣșȝȓıİIJİIJȠ
ȡȠȜȩȚȒIJȠȤȡȠȞȠįȚĮțȩʌIJȘ
ȆȜȒțIJȡȠȡȪșȝȚıȘȢ
ȆȓıȦ
ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ
ȖȚĮȞĮȝİȚȫıİIJİIJȘȡȪșȝȚıȘ
IJȘȢșİȡȝȠțȡĮıȓĮȢȀȡĮIJȒıIJİʌĮIJȘȝȑȞȠĮȣIJȩIJȠ
țȠȣȝʌȓȖȚĮįİȣIJİȡȩȜİʌIJĮȒʌİȡȚııȩIJİȡȠȖȚĮȞĮ
ȝİȚȦșİȓʌȚȠȖȡȒȖȠȡĮȘȡȪșȝȚıȘIJȘȢșİȡȝȠțȡĮıȓĮȢ
ǾȝȑȖȚıIJȘȡȪșȝȚıȘİȓȞĮȚ&
ȈIJȚȢȜİȚIJȠȣȡȖȓİȢ7LPHU2Q2IIȋȡȠȞȠįȚĮțȩʌIJȘȢ
İȞİȡȖȠʌȠȓȘıȘȢĮʌİȞİȡȖȠʌȠȓȘıȘȢȒ&ORFNȇȠȜȩȚ
ȤȡȘıȚȝȠʌȠȚȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮȡȣșȝȓıİIJİIJȠ
ȡȠȜȩȚȒIJȠȤȡȠȞȠįȚĮțȩʌIJȘ
ȆȜȒțIJȡȠ)DQ
ȆĮIJȫȞIJĮȢĮȣIJȩIJȠʌȜȒțIJȡȠȝʌȠȡİȓIJİȞĮİʌȚȜȑȟİIJİ
įȚĮįȠȤȚțȐIJȘȞǹȣIJȩȝĮIJȘȋĮȝȘȜȒȂİıĮȓĮȤĮȝȘȜȒ
ȂİıĮȓĮȂİıĮȓĮȣȥȘȜȒțĮȚȊȥȘȜȒIJĮȤȪIJȘIJĮ
ǵIJĮȞİȞİȡȖȠʌȠȚİȓIJĮȚȘȝȠȞȐįĮȘǹȣIJȩȝĮIJȘIJĮȤȪIJȘIJĮ
ĮȞİȝȚıIJȒȡĮİȓȞĮȚȘʌȡȠİʌȚȜİȖȝȑȞȘ
ȈIJȘȜİȚIJȠȣȡȖȓĮ'(+80,',)<ǹĭȊīȇǹȃȈǾȘIJĮȤȪIJȘIJĮ
ĮȞİȝȚıIJȒȡĮİȓȞĮȚȡȣșȝȚıȝȑȞȘıIJȘȋĮȝȘȜȒIJĮȤȪIJȘIJĮ
ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮ
İȞİȡȖȠʌȠȚȒıİIJİȒȞĮĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩ
ǾȜİȚIJȠȣȡȖȓĮ6OHHSǶʌȞȠȢĮțȣȡȫȞİIJĮȚȩIJĮȞ
ĮʌİȞİȡȖȠʌȠȚİȓIJĮȚȘȝȠȞȐįĮ
ȆȜȒțIJȡȠ0RGH
ȆĮIJȫȞIJĮȢĮȣIJȩIJȠʌȜȒțIJȡȠȝʌȠȡİȓIJİȞĮİʌȚȜȑȟİIJİįȚĮįȠȤȚțȐ
IJȘȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾ&22/ȌȊȄǾ
'(+80,',)<ǹĭȊīȇǹȃȈǾ)$1ǹȃǼȂǿȈȉǾȇǹȈțĮȚ
+($7ĬǼȇȂǹȃȈǾIJȠȝȠȞIJȑȜȠȝȩȞȠ&22/ȌȊȄǾįİȞ
įȚĮșȑIJİȚIJȘȜİȚIJȠȣȡȖȓĮ+($7ĬǼȇȂǹȃȈǾ
ȋĮȝȘȜȒIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮ
ȂİıĮȓĮȤĮȝȘȜȒIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮ
ȂİıĮȓĮIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮ
ȂİıĮȓĮȣȥȘȜȒIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮ
ȊȥȘȜȒIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮ
ȉĮțȐIJȦ
ʌȜȒțIJȡĮ
İȝijĮȞȓȗȠȞIJĮȚ
ıȪȡȠȞIJĮȢIJȠ
țĮʌȐțȚʌȡȠȢIJĮ
țȐIJȦ
$872 '(+80,',)< &22/ )$1 +($7
ǹȊȉȅȂǹȉǾ ǹĭȊīȇǹȃȈǾ ȌȊȄǾ ǹȃǼȂǿȈȉǾȇǹȈ ĬǼȇȂǹȃȈǾ
61
ȆȜȒțIJȡȠ7XUER
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠıIJȘȜİȚIJȠȣȡȖȓĮ&22/
ȌȊȄǾȒ+($7ĬǼȇȂǹȃȈǾȖȚĮȞĮȝİIJĮȕİȓȠ
ĮȞİȝȚıIJȒȡĮȢıIJȘȜİȚIJȠȣȡȖȓĮȣȥȘȜȒȢIJĮȤȪIJȘIJĮȢ
7XUERțĮȚȞĮȜİȚIJȠȣȡȖȒıİȚIJȠțȜȚȝĮIJȚıIJȚțȩıIJȘ
ȝȑȖȚıIJȘȚıȤȪ
ȉȠıȪȝȕȠȜȠ7XUER
İȝijĮȞȓȗİIJĮȚıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠ
ǾȜİȚIJȠȣȡȖȓĮ7XUERȉȠȪȡȝʌȠșĮĮțȣȡȦșİȓĮȞ
ʌĮIJȘșİȓȟĮȞȐIJȠʌȜȒțIJȡȠ7XUERȒĮȞĮȜȜȐȟİȚȘ
ȜİȚIJȠȣȡȖȓĮȒȘIJĮȤȪIJȘIJĮIJȠȣĮȞİȝȚıIJȒȡĮ
ȆȜȒțIJȡȠ6ZLQJ9
ȆĮIJȫȞIJĮȢĮȣIJȩIJȠʌȜȒțIJȡȠȘȠȡȚȗȩȞIJȚĮ
ʌİȡıȓįĮʌĮȜȚȞįȡȠȝİȓĮȣIJȩȝĮIJĮʌȐȞȦțĮȚțȐIJȦ
țĮȚȘȑȞįİȚȟȘ
İȝijĮȞȓȗİIJĮȚıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
ȆĮIJȫȞIJĮȢIJȠʌȐȜȚĮțȣȡȫȞİIJĮȚȘȜİȚIJȠȣȡȖȓĮțĮȚ
ȘʌİȡıȓįĮʌĮȡĮȝȑȞİȚıIJȘȞIJİȜİȣIJĮȓĮIJȘȢșȑıȘ
ȆȜȒțIJȡȠ6ZLQJ+
ȆĮIJȫȞIJĮȢĮȣIJȩIJȠʌȜȒțIJȡȠȘțȐșİIJȘʌİȡıȓįĮ
ʌĮȜȚȞįȡȠȝİȓĮȣIJȩȝĮIJĮĮȡȚıIJİȡȐțĮȚįİȟȚȐțĮȚȘ
ȑȞįİȚȟȘ
İȝijĮȞȓȗİIJĮȚıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
ȆĮIJȫȞIJĮȢIJȠʌȐȜȚĮțȣȡȫȞİIJĮȚȘȜİȚIJȠȣȡȖȓĮțĮȚ
ȘʌİȡıȓįĮʌĮȡĮȝȑȞİȚıIJȘȞIJİȜİȣIJĮȓĮIJȘȢșȑıȘ
ȆȜȒțIJȡȠ4XLHW
ȆĮIJȫȞIJĮȢĮȣIJȩIJȠʌȜȒțIJȡȠȠİıȦIJİȡȚțȩȢ
ĮȞİȝȚıIJȒȡĮȢȜİȚIJȠȣȡȖİȓıİİȟĮȚȡİIJȚțȐȤĮȝȘȜȒ
IJĮȤȪIJȘIJĮțĮȚȠİıȦIJİȡȚțȩȢșȩȡȣȕȠȢİȓȞĮȚ
ȤĮȝȘȜȩȢ
ȉȠıȪȝȕȠȜȠ#İȝijĮȞȓȗİIJĮȚıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȝȩȜȚȢİȞİȡȖȠʌȠȚȘșİȓȘ
ȜİȚIJȠȣȡȖȓĮ4XLHWǹșȩȡȣȕȠ
ǾȜİȚIJȠȣȡȖȓĮ4XLHWǹșȩȡȣȕȠțĮȚȘ
ȜİȚIJȠȣȡȖȓĮ7XUERȉȠȪȡȝʌȠįİȞȝʌȠȡȠȪȞȞĮ
İȞİȡȖȠʌȠȚȘșȠȪȞIJĮȣIJȩȤȡȠȞĮ
ǾȜİȚIJȠȣȡȖȓĮ4XLHWǹșȩȡȣȕȠșĮĮțȣȡȦșİȓĮȞ
ʌĮIJȘșİȓȟĮȞȐIJȠʌȜȒțIJȡȠ4XLHWȒĮȞĮȜȜȐȟİȚȘ
ȜİȚIJȠȣȡȖȓĮȒȘIJĮȤȪIJȘIJĮIJȠȣĮȞİȝȚıIJȒȡĮ
ȆȜȒțIJȡȠ6OHHS
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİʌȚȜȑȟİIJİIJȘ
ȜİȚIJȠȣȡȖȓĮȪʌȞȠȣ
IJȘȜİȚIJȠȣȡȖȓĮȪʌȞȠȣ 
IJȘȜİȚIJȠȣȡȖȓĮȪʌȞȠȣ
țĮȚȖȚĮȞĮĮțȣȡȫıİIJİ
IJȘȜİȚIJȠȣȡȖȓĮ6OHHSǶʌȞȠȢ
ǻǿǹȀȅȆǾ
 ȁİȚIJȠȣȡȖȓĮ6OHHSǶʌȞȠȢ
ȈIJȘȜİȚIJȠȣȡȖȓĮ&22/ȌȊȄǾȒ'(+80,',)<
ǹĭȊīȇǹȃȈǾȘȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮ
ĮȣȟȐȞİIJĮȚțĮIJȐ&ȝİIJȐĮʌȩȝȚĮȫȡĮ
ĮȣȟȐȞİIJĮȚĮțȩȝĮ&ȝİIJȐĮʌȩįȪȠȫȡİȢțĮȚ
ıȣȞİȤȓȗİȚȞĮȜİȚIJȠȣȡȖİȓȝİĮȣIJȒIJȘȡȪșȝȚıȘ
 ȁİȚIJȠȣȡȖȓĮ6OHHSǶʌȞȠȢ
ȈİĮȣIJȒIJȘȜİȚIJȠȣȡȖȓĮIJȠțȜȚȝĮIJȚıIJȚțȩȜİȚIJȠȣȡȖİȓ
ıȪȝijȦȞĮȝİȝȚĮʌȡȠțĮșȠȡȚıȝȑȞȘțĮȝʌȪȜȘ
șİȡȝȠțȡĮıȓĮȢȪʌȞȠȣ
ȈIJȘȜİȚIJȠȣȡȖȓĮ&22/ȌȊȄǾ
 ȀĮIJȐIJȘȡȪșȝȚıȘIJȘȢĮȡȤȚțȒȢșİȡȝȠțȡĮıȓĮȢ
ȝİIJĮȟȪ&ȝİIJȐĮʌȩIJȘȞİȞİȡȖȠʌȠȓȘıȘIJȘȢ
ȜİȚIJȠȣȡȖȓĮȢ6OHHSǶʌȞȠȢȘșİȡȝȠțȡĮıȓĮșĮ
ĮȣȟȐȞİIJĮȚțĮIJȐ&țȐșİȫȡĮȝİIJȐĮʌȩ&Ș
șİȡȝȠțȡĮıȓĮįȚĮIJȘȡİȓIJĮȚıIJĮșİȡȒȝİIJȐĮʌȩ
ȫȡİȢȘșİȡȝȠțȡĮıȓĮșĮȝİȚȦșİȓțĮIJȐ&țĮȚ
ȑʌİȚIJĮȘȝȠȞȐįĮșĮıȣȞİȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓıİ
ĮȣIJȒIJȘșİȡȝȠțȡĮıȓĮ
 ȀĮIJȐIJȘȡȪșȝȚıȘIJȘȢĮȡȤȚțȒȢșİȡȝȠțȡĮıȓĮȢ
ȝİIJĮȟȪ&ȝİIJȐĮʌȩIJȘȞİȞİȡȖȠʌȠȓȘıȘIJȘȢ
ȜİȚIJȠȣȡȖȓĮȢ6OHHSǶʌȞȠȢȘșİȡȝȠțȡĮıȓĮșĮ
ĮȣȟȐȞİIJĮȚțĮIJȐ&țȐșİȫȡĮȝİIJȐĮʌȩ&Ș
șİȡȝȠțȡĮıȓĮįȚĮIJȘȡİȓIJĮȚıIJĮșİȡȒȝİIJȐĮʌȩ
ȫȡİȢȘșİȡȝȠțȡĮıȓĮșĮȝİȚȦșİȓțĮIJȐ&țĮȚ
ȑʌİȚIJĮȘȝȠȞȐįĮșĮıȣȞİȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓıİ
ĮȣIJȒIJȘșİȡȝȠțȡĮıȓĮ
 ȀĮIJȐIJȘȡȪșȝȚıȘIJȘȢĮȡȤȚțȒȢșİȡȝȠțȡĮıȓĮȢ
ȝİIJĮȟȪ&ȝİIJȐĮʌȩIJȘȞİȞİȡȖȠʌȠȓȘıȘ
IJȘȢȜİȚIJȠȣȡȖȓĮȢ6OHHSǶʌȞȠȢȘșİȡȝȠțȡĮıȓĮ
șĮĮȣȟȘșİȓțĮIJȐ&IJȘȞʌȡȫIJȘȫȡĮȝİIJȐĮʌȩ
ȫȡİȢȘșİȡȝȠțȡĮıȓĮșĮȝİȚȦșİȓțĮIJȐ&țĮȚ
ȑʌİȚIJĮȘȝȠȞȐįĮșĮıȣȞİȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓıİ
ĮȣIJȒIJȘșİȡȝȠțȡĮıȓĮ
 ȀĮIJȐIJȘȡȪșȝȚıȘIJȘȢĮȡȤȚțȒȢșİȡȝȠțȡĮıȓĮȢ
ıIJȠȣȢ&ȝİIJȐĮʌȩȫȡİȢȘșİȡȝȠțȡĮıȓĮ
șĮȝİȚȦșİȓțĮIJȐ&țĮȚȑʌİȚIJĮȘȝȠȞȐįĮșĮ
ıȣȞİȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓıİĮȣIJȒIJȘșİȡȝȠțȡĮıȓĮ
ȈIJȘȜİȚIJȠȣȡȖȓĮ+($7ĬǼȇȂǹȃȈǾȘȡȣșȝȚıȝȑȞȘ
șİȡȝȠțȡĮıȓĮȝİȚȫȞİIJĮȚțĮIJȐ&ȝİIJȐĮʌȩȝȚĮȫȡĮțĮȚ
ȝİȚȫȞİIJĮȚĮțȩȝĮ&ȝİIJȐĮʌȩȫȡİȢțĮȚıȣȞİȤȓȗİȚȞĮ
ȜİȚIJȠȣȡȖİȓȝİĮȣIJȒIJȘȡȪșȝȚıȘ
ȇȣșȝȚıȝȑȞȘ
șİȡȝȠțȡĮıȓĮ
ȫȡĮ
ȫȡĮ
ȫȡĮ
ȫȡĮ
ȇȣșȝȚıȝȑȞȘ
șİȡȝȠțȡĮıȓĮ
62
ȈIJȘȜİȚIJȠȣȡȖȓĮ&22/ȌȊȄǾȒ'(+80,',)<
ǹĭȊīȇǹȃȈǾ
 ǵIJĮȞȘĮȡȤȚțȒșİȡȝȠțȡĮıȓĮİȓȞĮȚ&IJȠ
țȜȚȝĮIJȚıIJȚțȩșĮıȣȞİȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓȝİ
ĮȣIJȒIJȘȡȪșȝȚıȘ
 ǵIJĮȞȘĮȡȤȚțȒșİȡȝȠțȡĮıȓĮİȓȞĮȚȝİIJĮȟȪ&
ȘȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮȝİȚȫȞİIJĮȚțĮIJȐ
&ȝİIJȐĮʌȩIJȘȞʌȡȫIJȘȫȡĮțĮȚıȣȞİȤȓȗİȚȞĮ
ȜİȚIJȠȣȡȖİȓȝİĮȣIJȒIJȘȡȪșȝȚıȘ
 ǵIJĮȞȘĮȡȤȚțȒșİȡȝȠțȡĮıȓĮİȓȞĮȚȝİIJĮȟȪ&
ȘȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮȝİȚȫȞİIJĮȚțĮIJȐ&
țȐșİȫȡĮȝİIJȐĮʌȩįȪȠȫȡİȢIJȠțȜȚȝĮIJȚıIJȚțȩ
ıȣȞİȤȓȗİȚȞĮȜİȚIJȠȣȡȖİȓȝİĮȣIJȒIJȘȡȪșȝȚıȘ
 ǵIJĮȞȘĮȡȤȚțȒșİȡȝȠțȡĮıȓĮİȓȞĮȚȝİIJĮȟȪ
&ȘȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮȝİȚȫȞİIJĮȚ
țĮIJȐ&țȐșİȫȡĮȝİIJȐĮʌȩIJȡİȚȢȫȡİȢIJȠ
țȜȚȝĮIJȚıIJȚțȩıȣȞİȤȓȗİȚȞĮȜİȚIJȠȣȡȖİȓȝİĮȣIJȒIJȘ
ȡȪșȝȚıȘ
 ȁİȚIJȠȣȡȖȓĮ6OHHSǶʌȞȠȢ
ȈİĮȣIJȒIJȘȜİȚIJȠȣȡȖȓĮȘțĮȝʌȪȜȘșİȡȝȠțȡĮıȓĮȢ
ȪʌȞȠȣȡȣșȝȓȗİIJĮȚȝȘĮȣIJȩȝĮIJĮ
 ȂİIJȐIJȘȞİʌȚȜȠȖȒIJȘȢȜİȚIJȠȣȡȖȓĮȢ6OHHS
ǶʌȞȠȢ
ʌĮIJȒıIJİțĮȚțȡĮIJȒıIJİ
ʌĮIJȘȝȑȞȠIJȠʌȜȒțIJȡȠ7XUERȑȦȢȩIJȠȣIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȝİIJĮȕİȓıİțĮIJȐıIJĮıȘ
ȡȪșȝȚıȘȢȪʌȞȠȣțĮșȠȡȚıȝȑȞȘĮʌȩIJȠȤȡȒıIJȘ
ȉȠIJȘȜİȤİȚȡȚıIJȒȡȚȠİȝijĮȞȓȗİȚIJȘȞȑȞįİȚȟȘ
©ªȫȡĮȘȑȞįİȚȟȘșİȡȝȠțȡĮıȓĮȢİȝijĮȞȓȗİȚ
IJȘȞĮȞIJȓıIJȠȚȤȘșİȡȝȠțȡĮıȓĮIJȘȢIJİȜİȣIJĮȓĮȢ
ȡȪșȝȚıȘȢIJȘȢțĮȝʌȪȜȘȢȪʌȞȠȣȘȠʌȠȓĮ
ĮȞĮȕȠıȕȒȞİȚȘĮȡȤȚțȒİȡȖȠıIJĮıȚĮțȒȡȪșȝȚıȘ
İȝijĮȞȓȗİIJĮȚțĮIJȐIJȘȞʌȡȫIJȘȤȡȒıȘ
 ȆĮIJȒıIJİIJĮʌȜȒțIJȡĮȡȪșȝȚıȘȢ
țĮȚ ȖȚĮȞĮ
ĮȜȜȐȟİIJİIJȘȞİʌȚȜİȖȝȑȞȘșİȡȝȠțȡĮıȓĮȖȚĮIJȘȞ
ʌȡȫIJȘȫȡĮIJȠȣȪʌȞȠȣȂİIJȐĮʌȩIJȘȡȪșȝȚıȘ
IJȘȢșİȡȝȠțȡĮıȓĮȢʌĮIJȒıIJİIJȠʌȜȒțIJȡȠ7XUER
ȖȚĮİʌȚȕİȕĮȓȦıȘ
 ǾȫȡĮIJȘȢȜİȚIJȠȣȡȖȓĮȢȪʌȞȠȣĮȣȟȐȞİIJĮȚ
ĮȣIJȩȝĮIJĮıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıIJȘȘȘ
ȫȡĮȜİȚIJȠȣȡȖȓĮȢȪʌȞȠȣțȜʌȝİțȐșİʌȐIJȘȝĮ
IJȠȣʌȜȒțIJȡȠȣ7XUER
 ǼʌĮȞĮȜȐȕİIJİIJĮʌĮȡĮʌȐȞȦȕȒȝĮIJĮ
IJȘȢįȚĮįȚțĮıȓĮȢȑȦȢȩIJȠȣȠȜȠțȜȘȡȫıİIJİ
IJȘȡȪșȝȚıȘșİȡȝȠțȡĮıȓĮȢȪʌȞȠȣȖȚĮ
ȫȡİȢȉȠIJȘȜİȤİȚȡȚıIJȒȡȚȠșĮİʌĮȞȑȜșİȚıIJȘȞ
ĮȡȤȚțȒȑȞįİȚȟȘȤȡȠȞȠįȚĮțȩʌIJȘțĮȚȘȑȞįİȚȟȘ
șİȡȝȠțȡĮıȓĮȢșĮİʌĮȞȑȜșİȚıIJȘȞĮȡȤȚțȒ
ȡȪșȝȚıȘ
ȂʌȠȡİȓIJİȞĮİȜȑȖȟİIJİIJȠʌȡȩȖȡĮȝȝĮ
ȪʌȞȠȣİʌȚȜȑȖȠȞIJĮȢIJȘȜİȚIJȠȣȡȖȓĮȪʌȞȠȣ

ʌĮIJȫȞIJĮȢʌĮȡĮIJİIJĮȝȑȞĮIJȠʌȜȒțIJȡȠ7XUERțĮȚ
İʌĮȞĮȜĮȝȕȐȞȠȞIJĮȢIJȠʌȐIJȘȝĮIJȠȣʌȜȒțIJȡȠȣ
7XUERȖȚĮIJȠȞȑȜİȖȤȠIJȦȞșİȡȝȠțȡĮıȚȫȞIJȠȣ
ʌȡȠȖȡȐȝȝĮIJȠȢȪʌȞȠȣȤȦȡȓȢȞĮʌĮIJȒıİIJİIJȠ
ʌȜȒțIJȡȠȡȪșȝȚıȘȢ
Ȓ
ȈİĮȣIJȒIJȘȜİȚIJȠȣȡȖȓĮĮȞįİȞʌĮIJȘșİȓțĮȞȑȞĮ
ʌȜȒțIJȡȠȖȚĮįİȣIJİȡȩȜİʌIJĮȘȠșȩȞȘİʌĮȞȑȡȤİIJĮȚ
ıIJȘȞțĮȞȠȞȚțȒȜİȚIJȠȣȡȖȓĮ
ȆȜȒțIJȡȠ,21)LOWHU
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİțĮȚȞĮ
ĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȘȜİȚIJȠȣȡȖȓĮȥȣȤȡȠȪʌȜȐıȝĮIJȠȢțĮȚ
IJȘȜİȚIJȠȣȡȖȓĮıȣȜȜȑțIJȘıțȩȞȘȢSODVPD
ȉȠıȪȝȕȠȜȠ#İȝijĮȞȓȗİIJĮȚıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠĮȞ
İʌȚȜİȖİȓȘȜİȚIJȠȣȡȖȓĮȥȣȤȡȠȪʌȜȐıȝĮIJȠȢțĮȚȘȜİȚIJȠȣȡȖȓĮ
ıȣȜȜȑțIJȘıțȩȞȘȢSODVPD
ȆȜȒțIJȡȠ,)HHO
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİ
IJȘȜİȚIJȠȣȡȖȓĮ,)HHOǹȓıșȘıȘțĮȚIJȠıȪȝȕȠȜȠ
İȝijĮȞȓȗİIJĮȚıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
ȉȠIJȘȜİȤİȚȡȚıIJȒȡȚȠĮʌȠıIJȑȜȜİȚIJȚȢʌȜȘȡȠijȠȡȓİȢ
șİȡȝȠțȡĮıȓĮȢıIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮțȐșİįȑțĮ
ȜİʌIJȐȉȠțȜȚȝĮIJȚıIJȚțȩȜİȚIJȠȣȡȖİȓȖȚĮȞĮ
İʌȚIJȪȤİȚIJȘȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮıIJȘșȑıȘIJȠȣ
IJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ȆĮIJȒıIJİIJȠʌȐȜȚȖȚĮȞĮĮțȣȡȦșİȓȘȜİȚIJȠȣȡȖȓĮĮȣIJȒ
ȆȜȒțIJȡȠ;)DQ
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠıIJȘȜİȚIJȠȣȡȖȓĮ&22/
ȌȊȄǾȒ'(+80,',)<ǹĭȊīȇǹȃȈǾȖȚĮȞĮ
İȞİȡȖȠʌȠȚȒıİIJİIJȘȜİȚIJȠȣȡȖȓĮ;)DQǹȞİȝȚıIJȒȡĮȢ
ȋȉȠıȪȝȕȠȜȠİȝijĮȞȓȗİIJĮȚıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
ǹijȠȪĮʌİȞİȡȖȠʌȠȚȘșİȓȘȝȠȞȐįĮȠİıȦIJİȡȚțȩȢ
ĮȞİȝȚıIJȒȡĮȢșĮıȣȞİȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓıİȤĮȝȘȜȒ
IJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮİʌȓȜİʌIJȐȖȚĮȞĮıIJİȖȞȫıİȚ
IJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮțĮȚȞĮĮʌȠijİȣȤșİȓȘ
ĮȞȐʌIJȣȟȘȕĮțIJȘȡȓȦȞțĮȚȝȣțȒIJȦȞ
ȆĮIJȒıIJİIJȠʌȐȜȚȖȚĮȞĮĮțȣȡȦșİȓȘȜİȚIJȠȣȡȖȓĮĮȣIJȒ
ȆȜȒțIJȡȠ&ORFN
ȆĮIJȫȞIJĮȢĮȣIJȩIJȠʌȜȒțIJȡȠIJȠıȪȝȕȠȜȠ&ORFN
ȇȠȜȩȚ
ĮȞĮȕȠıȕȒȞİȚȂʌȠȡİȓIJİȞĮʌĮIJȒıİIJİIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢ
țĮȚ ȖȚĮȞĮȡȣșȝȓıİIJİIJȘȞ
ȫȡĮʌȠȣșȑȜİIJİ
ȆȜȒțIJȡȠ/LJKW
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȘșȠȪȞ
ȒȞĮĮʌİȞİȡȖȠʌȠȚȘșȠȪȞȠȚİȞįİȚțIJȚțȑȢȜȣȤȞȓİȢIJȘȢ
İıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
ǾțĮȞȠȞȚțȒțĮIJȐıIJĮıȘțĮIJȐIJȘȞȑȞĮȡȟȘİȓȞĮȚȞĮİȓȞĮȚ
İȞİȡȖȠʌȠȚȘȝȑȞİȢ
ȆȜȒțIJȡȠ7LPHU2Q
ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ7LPHU2QȖȚĮȞĮȡȣșȝȓıİIJİIJȘ
ȜİȚIJȠȣȡȖȓĮ7LPHU2QȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢ
ȒIJȘȞȫȡĮȑȞĮȡȟȘȢIJȠıȪȝȕȠȜȠ
șĮĮȞĮȕȠıȕȒıİȚ
ıIJȘȞȠșȩȞȘȆĮIJȒıIJİIJȠʌȜȒțIJȡȠȡȪșȝȚıȘȢ
Ȓ ȖȚĮȞĮ
ȡȣșȝȓıİIJİIJȘȞȫȡĮȑȞĮȡȟȘȢ
ȆĮIJȒıIJİʌȐȜȚĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮĮțȣȡȫıİIJİIJȘ
ȜİȚIJȠȣȡȖȓĮ7LPHU2QȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢ
țĮȚIJȠıȪȝȕȠȜȠ
șĮİȟĮijĮȞȚıIJİȓ
ǼʌĮȜȘșİȪıIJİIJȚȢȡȣșȝȓıİȚȢ7LPHU2Q
ȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢʌĮIJȫȞIJĮȢIJȠ
ʌȜȒțIJȡȠ7LPHU2QȒʌİȡȚȝȑȞİIJİȖȚĮįİȣIJİȡȩȜİʌIJĮ
ĮijȠȪİʌȚȜȑȟİIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮțĮȚIJȠıȪȝȕȠȜȠ
șĮİȝijĮȞȓȗİIJĮȚıȣȞȑȤİȚĮ
ǾʌȡȠİʌȚȜİȖȝȑȞȘȫȡĮȖȚĮIJȠȞȤȡȠȞȠįȚĮțȩʌIJȘ
İȞİȡȖȠʌȠȓȘıȘȢİȓȞĮȚ$0
63
DzȞįİȚȟȘȠșȩȞȘȢIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
$872 '(+80,',)< &22/ )$1 +($7
ǹȊȉȅȂǹȉǾ ǹĭȊīȇǹȃȈǾ ȌȊȄǾ ǹȃǼȂǿȈȉǾȇǹȈ ĬǼȇȂǹȃȈǾ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ,RQ)LOWHUĭȓȜIJȡȠȚȩȞIJȦȞ
ǼȝijĮȞȓȗİIJĮȚʌĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ,21)LOWHU
ȆĮIJȒıIJİʌȐȜȚIJȠʌȜȒțIJȡȠ,21)LOWHUȖȚĮȞĮİȟĮijĮȞȚıIJİȓ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ6OHHSǶʌȞȠȢ
ǼȝijĮȞȓȗİȚIJȚȢIJȡİȚȢȜİȚIJȠȣȡȖȓİȢȪʌȞȠȣȝİIJȘȞʌĮȡĮțȐIJȦ
ıİȚȡȐȩIJĮȞİʌȚȜȑȖİIJĮȚȘȜİȚIJȠȣȡȖȓĮ6OHHSǶʌȞȠȢ
ʌĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ6OHHS
ǻǿǹȀȅȆǾ
DzȞįİȚȟȘȠȡȚȗȩȞIJȚĮȢʌĮȜȚȞįȡȩȝȘıȘȢ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞİʌȚȜȑȖİIJĮȚȘȜİȚIJȠȣȡȖȓĮ+RUL]RQWDO
6ZLQJȅȡȚȗȩȞIJȚĮʌĮȜȚȞįȡȩȝȘıȘ
DzȞįİȚȟȘțĮIJȐıIJĮıȘȢİȞįİȚțIJȚțȫȞȜȣȤȞȚȫȞ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞİȓȞĮȚİȞİȡȖȠʌȠȚȘȝȑȞİȢȠȚİȞįİȚțIJȚțȑȢ
ȜȣȤȞȓİȢIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
ǾțĮȞȠȞȚțȒțĮIJȐıIJĮıȘțĮIJȐIJȘȞȑȞĮȡȟȘİȓȞĮȚȞĮİȓȞĮȚ
İȞİȡȖȠʌȠȚȘȝȑȞİȢ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ;)DQǹȞİȝȚıIJȒȡĮȢȋ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞİȞİȡȖȠʌȠȚİȓIJĮȚȘȜİȚIJȠȣȡȖȓĮ;)DQ
ǹȞİȝȚıIJȒȡĮȢȋ
DzȞįİȚȟȘșȑȡȝĮȞıȘȢ&
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞʌĮIJȘșȠȪȞIJĮȣIJȩȤȡȠȞĮIJĮ
ʌȜȒțIJȡĮ,21)LOWHUțĮȚ&ORFNȖȚĮIJȘȝİIJȐȕĮıȘıİ
ȜİȚIJȠȣȡȖȓĮȤĮȝȘȜȒȢșİȡȝȩIJȘIJĮȢıIJȘȜİȚIJȠȣȡȖȓĮ+($7
ĬǼȇȂǹȃȈǾ
DzȞįİȚȟȘțȜİȚįȫȝĮIJȠȢIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠİȓȞĮȚțȜİȚįȦȝȑȞȠ
DzȞįİȚȟȘțȐșİIJȘȢʌĮȜȚȞįȡȩȝȘıȘȢ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞİʌȚȜȑȖİIJĮȚȘȜİȚIJȠȣȡȖȓĮ9HUWLFDO6ZLQJ
ȀȐșİIJȘʌĮȜȚȞįȡȩȝȘıȘ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ,)HHOǹȓıșȘıȘ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞİȞİȡȖȠʌȠȚİȓIJĮȚȘȜİȚIJȠȣȡȖȓĮ,)HHO
ǹȓıșȘıȘ
DzȞįİȚȟȘ7LPHU2Q2II
ȉȠıȪȝȕȠȜȠ#İȝijĮȞȓȗİIJĮȚȩIJĮȞİʌȚȜȑȖİIJĮȚȘ
ȜİȚIJȠȣȡȖȓĮ7LPHU2QȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢ
ȉȠıȪȝȕȠȜȠ#İȝijĮȞȓȗİIJĮȚȩIJĮȞİʌȚȜȑȖİIJĮȚ
ȘȜİȚIJȠȣȡȖȓĮ7LPHU2IIȋȡȠȞȠįȚĮțȩʌIJȘȢ
ĮʌİȞİȡȖȠʌȠȓȘıȘȢ
DzȞįİȚȟȘȫȡĮȢ
ǼȝijĮȞȓȗİȚIJȘȞȫȡĮIJȠȣȡȠȜȠȖȚȠȪʌȡȑʌİȚȞĮ
ȑȤİȚȡȣșȝȚıIJİȓȒțĮȚIJȘȞȫȡĮİȞİȡȖȠʌȠȓȘıȘȢ
ĮʌİȞİȡȖȠʌȠȓȘıȘȢIJȠȣȤȡȠȞȠįȚĮțȩʌIJȘ
DzȞįİȚȟȘșİȡȝȠțȡĮıȓĮȢ
ǼȝijĮȞȓȗİȚIJȘȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮıİ&Ȓ)
DzȞįİȚȟȘȝİIJȐįȠıȘȢ
ǼȝijĮȞȓȗİIJĮȚȖȚĮįİȣIJİȡȩȜİʌIJȠȩIJĮȞIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
ȝİIJĮįȓįİȚıȒȝĮIJĮıIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ4XLHWǹșȩȡȣȕȠ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞİʌȚȜȑȖİIJĮȚȘȜİȚIJȠȣȡȖȓĮ4XLHW
ǹșȩȡȣȕȠ
DzȞįİȚȟȘȜİȚIJȠȣȡȖȓĮȢ7XUERȉȠȪȡȝʌȠ
ǼȝijĮȞȓȗİIJĮȚȩIJĮȞİʌȚȜȑȖİIJĮȚȘȜİȚIJȠȣȡȖȓĮ7XUER
ȉȠȪȡȝʌȠ
DzȞįİȚȟȘIJĮȤȪIJȘIJĮȢĮȞİȝȚıIJȒȡĮ
ǼȝijĮȞȓȗİȚIJȘȞİʌȚȜİȖȝȑȞȘIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮȝİIJȘȞ
ʌĮȡĮțȐIJȦıİȚȡȐ
ȈIJȘȞǹȣIJȩȝĮIJȘIJĮȤȪIJȘIJĮȝȩȞȠIJȠıȪȝȕȠȜȠ
İȝijĮȞȓȗİIJĮȚ
DzȞįİȚȟȘ0RGHȁİȚIJȠȣȡȖȓĮ
ǼȝijĮȞȓȗİȚIJȠȞIJȡȑȤȠȞIJĮIJȡȩʌȠȜİȚIJȠȣȡȖȓĮȢȝİIJȘȞ
ʌĮȡĮțȐIJȦıİȚȡȐ
ȆȜȒțIJȡȠ7LPHU2II
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮȝİIJĮȕİȓIJİ
ıIJȘȡȪșȝȚıȘIJȘȢȜİȚIJȠȣȡȖȓĮȢ7LPHU2II
ȋȡȠȞȠįȚĮțȩʌIJȘȢĮʌİȞİȡȖȠʌȠȓȘıȘȢȉȠıȪȝȕȠȜȠ
șĮĮȞĮȕȠıȕȒȞİȚǾȝȑșȠįȠȢȡȪșȝȚıȘȢ
İȓȞĮȚȓįȚĮȝİĮȣIJȒȞȖȚĮIJȘȜİȚIJȠȣȡȖȓĮ7LPHU2Q
ȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢ
ǾʌȡȠİʌȚȜİȖȝȑȞȘȫȡĮȖȚĮIJȠȞȤȡȠȞȠįȚĮțȩʌIJȘ
ĮʌİȞİȡȖȠʌȠȓȘıȘȢİȓȞĮȚ30
64
ȆȡȫIJȘȤȡȒıȘ
ȈİʌİȡȓʌIJȦıȘįȚĮțȠʌȒȢȡİȪȝĮIJȠȢȒĮʌİȞİȡȖȠʌȠȓȘıȘȢ
IJȠȣʌȡȠȧȩȞIJȠȢȜȩȖȦĮijĮȓȡİıȘȢIJȠȣțĮȜȦįȓȠȣ
IJȡȠijȠįȠıȓĮȢȒĮțȩȝĮțĮȚțĮIJȐIJȘȞĮȜȜĮȖȒIJȦȞ
ȝʌĮIJĮȡȚȫȞıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȠȝȚțȡȠİʌİȟİȡȖĮıIJȒȢ
İʌȚıIJȡȑijİȚıIJȘȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾ
ǹȣIJȩȝĮIJȘȜİȚIJȠȣȡȖȓĮ
ȆȫȢȞĮȤȡȘıȚȝȠʌȠȚİȓIJİIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠ
ȈIJȘȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾȘ
șİȡȝȠțȡĮıȓĮįİȞȝʌȠȡİȓȞĮȡȣșȝȚıIJİȓ
ǹȞİȝȚıIJȒȡĮȢ
ǹȞİȝȚıIJȒȡĮȢ
ȌȪȟȘ
ȌȪȟȘ
ȋȡȩȞȠȢ
ȇȣșȝȚıȝȑȞȘșİȡȝ
ȁİȚIJȠȣȡȖȓĮĮijȪȖȡĮȞıȘȢ
 ǺİȕĮȚȦșİȓIJİȩIJȚȘȝȠȞȐįĮİȓȞĮȚıȣȞįİįİȝȑȞȘțĮȚ
ȣʌȐȡȤİȚįȚĮșȑıȚȝȘȘȜİțIJȡȚțȒIJȡȠijȠįȠıȓĮ
 ǺİȕĮȚȦșİȓIJİȩIJȚȑȤİIJİIJȠʌȠșİIJȒıİȚıȦıIJȐIJȚȢ
ȝʌĮIJĮȡȓİȢıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȠȚİȞįİȚțIJȚțȑȢȜȣȤȞȓİȢ
ıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠİȓȞĮȚĮȞĮȝȝȑȞİȢ
 ȇȣșȝȓıIJİIJȘȞȫȡĮȝİIJĮʌȜȒțIJȡĮȡȪșȝȚıȘȢțĮȚ
İʌȚȕİȕĮȚȫıIJİʌĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ&ORFN
 ȈIJȡȑȥIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮțĮȚʌĮIJȒıIJİIJȠʌȜȒțIJȡȠ212))ȖȚĮȞĮ
İȞİȡȖȠʌȠȚȘșİȓȘȝȠȞȐįĮ
ȅʌȡȠİʌȚȜİȖȝȑȞȠȢIJȡȩʌȠȢȜİȚIJȠȣȡȖȓĮȢİȓȞĮȚ$872
ǹȊȉȅȂǹȉǾȂȩȜȚȢİʌȚȜȑȟİIJİIJȠȞIJȡȩʌȠȜİȚIJȠȣȡȖȓĮȢ
ȝİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȠȚıȣȞșȒțİȢȜİȚIJȠȣȡȖȓĮȢ
ĮʌȠșȘțİȪȠȞIJĮȚıIJȘȝȞȒȝȘIJȠȣȝȚțȡȠİʌİȟİȡȖĮıIJȒ
IJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢȉȘȞİʌȩȝİȞȘijȠȡȐIJȠ
țȜȚȝĮIJȚıIJȚțȩșĮȟİțȚȞȒıİȚȞĮȜİȚIJȠȣȡȖİȓȣʌȩIJȚȢȓįȚİȢ
ıȣȞșȒțİȢȩIJĮȞĮʌȜȐʌĮIJȒıİIJİIJȠʌȜȒțIJȡȠ212))
IJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ǼȐȞįİȞıĮȢȕȠȜİȪİȚȘȜİȚIJȠȣȡȖȓĮ$872
ǹȊȉȅȂǹȉǾȝʌȠȡİȓIJİȞĮİʌȚȜȑȟİIJİȝİȝȘĮȣIJȩȝĮIJȠ
IJȡȩʌȠIJȚȢİʌȚșȣȝȘIJȑȢıȣȞșȒțİȢ
ǵIJĮȞȑȤİȚİʌȚȜİȖİȓȘȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾ
IJȠțȜȚȝĮIJȚıIJȚțȩșĮİʌȚȜȑȟİȚĮȣIJȩȝĮIJĮIJȘȜİȚIJȠȣȡȖȓĮ
&22/ȌȊȄǾ+($7ĬǼȇȂǹȃȈǾİȐȞįȚĮIJȓșİIJĮȚ
ȒȝȩȞȠ)$1ǹȃǼȂǿȈȉǾȇǹȈĮȞȐȜȠȖĮȝİIJȘ
ȡȣșȝȚıȝȑȞȘșİȡȝȠțȡĮıȓĮȒțĮȚIJȘșİȡȝȠțȡĮıȓĮ
įȦȝĮIJȓȠȣ
DzȞĮȡȟȘ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİ
IJȠțȜȚȝĮIJȚıIJȚțȩǹȞȐȕİȚȘȑȞįİȚȟȘșİȡȝȠțȡĮıȓĮȢ
ıIJȘȞȠșȩȞȘIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
 ȆȜȒțIJȡȠ0RGH
ȆĮIJȒıIJİIJȠȖȚĮȞĮİʌȚȜȑȟİIJİ$872ǹȊȉȅȂǹȉǾ
ȉİȡȝĮIJȚıȝȩȢ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİʌȐȜȚĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮ
ĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩǾȠȡȚȗȩȞIJȚĮ
ʌİȡıȓįĮİʌȚıIJȡȑijİȚıIJȘșȑıȘIJȘȢțĮIJȐIJȘȞ
ĮʌİȞİȡȖȠʌȠȓȘıȘ
ǾȜİȚIJȠȣȡȖȓĮ'(+80,',)<ǹĭȊīȇǹȃȈǾȕĮıȓȗİIJĮȚ
ıIJȘįȚĮijȠȡȐȝİIJĮȟȪIJȘȢȡȣșȝȚıȝȑȞȘȢșİȡȝȠțȡĮıȓĮȢ
țĮȚIJȘȢʌȡĮȖȝĮIJȚțȒȢșİȡȝȠțȡĮıȓĮȢįȦȝĮIJȓȠȣ
ǾșİȡȝȠțȡĮıȓĮȡȣșȝȓȗİIJĮȚțĮIJȐIJȘȞĮijȪȖȡĮȞıȘȝȑıȦ
IJȘȢİʌĮȞİȚȜȘȝȝȑȞȘȢİȞİȡȖȠʌȠȓȘıȘȢĮʌİȞİȡȖȠʌȠȓȘıȘȢ
IJȘȢȜİȚIJȠȣȡȖȓĮȢ&22/ȌȊȄǾȒȝȩȞȠ)$1
ǹȃǼȂǿȈȉǾȇǹȈ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
ȁİȚIJȠȣȡȖȓĮĮijȪȖȡĮȞıȘȢ
65
 ȈIJȘȜİȚIJȠȣȡȖȓĮ'(+80,',)<ǹĭȊīȇǹȃȈǾ
ȘIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮİȓȞĮȚȡȣșȝȚıȝȑȞȘıIJȘ
ȋĮȝȘȜȒIJĮȤȪIJȘIJĮțĮȚȘȜİȚIJȠȣȡȖȓĮ7XUERįİȞ
ȝʌȠȡİȓȞĮȤȡȘıȚȝȠʌȠȚȘșİȓ
 ȈIJȘȜİȚIJȠȣȡȖȓĮ'(+80,',)<ǹĭȊīȇǹȃȈǾ
įİȞİȓȞĮȚįȣȞĮIJȒȘİȞİȡȖȠʌȠȓȘıȘIJȘȢ
ȜİȚIJȠȣȡȖȓĮȢ6OHHSǶʌȞȠȢțĮȚIJȘȢ
ȜİȚIJȠȣȡȖȓĮȢ6OHHSǶʌȞȠȢ
ȁİȚIJȠȣȡȖȓĮĮȞİȝȚıIJȒȡĮ
 ȈIJȠȞIJȡȩʌȠȜİȚIJȠȣȡȖȓĮȢ)$1
ǹȃǼȂǿȈȉǾȇǹȈȘșİȡȝȠțȡĮıȓĮįİȞȝʌȠȡİȓ
ȞĮȡȣșȝȚıIJİȓĮʌȩIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
 ǻİȞİȝijĮȞȓȗİIJĮȚțĮȝȓĮȑȞįİȚȟȘIJĮȤȪIJȘIJĮȢıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠİȐȞȑȤİȚİʌȚȜİȖİȓȘĮȣIJȩȝĮIJȘ
IJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮ
DzȞĮȡȟȘ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩ
ǹȞȐȕİȚȘȑȞįİȚȟȘșİȡȝȠțȡĮıȓĮȢıIJȘȞȠșȩȞȘIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
 ȆȜȒțIJȡȠ0RGH
ȆĮIJȒıIJİIJȠȖȚĮȞĮİʌȚȜȑȟİIJİ'(+80,',)<ǹĭȊīȇǹȃȈǾ
 ȆȜȒțIJȡĮȡȪșȝȚıȘȢ
ȇȣșȝȓıIJİIJȘșİȡȝȠțȡĮıȓĮʌȠȣİʌȚșȣȝİȓIJİ
ȈȣȞȒșȦȢȡȣșȝȓȗİIJĮȚȝİIJĮȟȪ&țĮȚ&
ȉİȡȝĮIJȚıȝȩȢ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİʌȐȜȚĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮĮʌİȞİȡȖȠʌȠȚȒıİIJİ
IJȠțȜȚȝĮIJȚıIJȚțȩǾȠȡȚȗȩȞIJȚĮʌİȡıȓįĮİʌȚıIJȡȑijİȚıIJȘșȑıȘ
IJȘȢțĮIJȐIJȘȞĮʌİȞİȡȖȠʌȠȓȘıȘ
ȉİȡȝĮIJȚıȝȩȢ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİʌȐȜȚĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮ
ĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩǾȠȡȚȗȩȞIJȚĮ
ʌİȡıȓįĮİʌȚıIJȡȑijİȚıIJȘșȑıȘIJȘȢțĮIJȐIJȘȞ
ĮʌİȞİȡȖȠʌȠȓȘıȘ
ǵIJĮȞİʌȚȜȑȖİIJİIJȠȞIJȡȩʌȠȜİȚIJȠȣȡȖȓĮȢ)$1ǹȃǼȂǿȈȉǾȇǹȈ
IJȠțȜȚȝĮIJȚıIJȚțȩĮʌȜȐțȣțȜȠijȠȡİȓIJȠȞİıȦIJİȡȚțȩĮȑȡĮ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİIJȠ
țȜȚȝĮIJȚıIJȚțȩ
ǹȞȐȕİȚȘȑȞįİȚȟȘșİȡȝȠțȡĮıȓĮȢıIJȘȞȠșȩȞȘIJȘȢ
İıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
 ȆȜȒțIJȡȠ0RGH
ȆĮIJȒıIJİIJȠȖȚĮȞĮİʌȚȜȑȟİIJİ)$1ǹȃǼȂǿȈȉǾȇǹȈ
 ȆȜȒțIJȡȠ)DQ
ȆĮIJȒıIJİIJȠȖȚĮȞĮİʌȚȜȑȟİIJİIJȘȞİʌȚșȣȝȘIJȒIJĮȤȪIJȘIJĮ
ĮȞİȝȚıIJȒȡĮǹȣIJȩȝĮIJȘȋĮȝȘȜȒȂİıĮȓĮțĮȚȊȥȘȜȒ
ǾʌȡȠİʌȚȜİȖȝȑȞȘIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮİȓȞĮȚȘǹȣIJȩȝĮIJȘ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
66
ȁİȚIJȠȣȡȖȓĮȥȪȟȘȢțĮȚșȑȡȝĮȞıȘȢ
DzȞĮȡȟȘ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİIJȠ
țȜȚȝĮIJȚıIJȚțȩ
ǹȞȐȕİȚȘȑȞįİȚȟȘșİȡȝȠțȡĮıȓĮȢıIJȘȞȠșȩȞȘIJȘȢ
İıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
 ȆȜȒțIJȡȠ0RGH
ȆĮIJȒıIJİIJȠȖȚĮȞĮİʌȚȜȑȟİIJİIJȘȜİȚIJȠȣȡȖȓĮ&22/
ȌȊȄǾȒ+($7ĬǼȇȂǹȃȈǾȝȩȞȠıIJȠȝȠȞIJȑȜȠ
ĮȞIJȜȓĮȢșİȡȝȩIJȘIJĮȢ
 ȆȜȒțIJȡĮȡȪșȝȚıȘȢ
ȇȣșȝȓıIJİIJȘșİȡȝȠțȡĮıȓĮʌȠȣİʌȚșȣȝİȓIJİ
ȈȣȞȒșȦȢȡȣșȝȓȗİIJĮȚȝİIJĮȟȪ&țĮȚ&
 ȆȜȒțIJȡȠ)DQ
ȆĮIJȒıIJİIJȠȖȚĮȞĮİʌȚȜȑȟİIJİIJȘȞİʌȚșȣȝȘIJȒIJĮȤȪIJȘIJĮ
ĮȞİȝȚıIJȒȡĮǹȣIJȩȝĮIJȘȋĮȝȘȜȒȂİıĮȓĮȤĮȝȘȜȒ
ȂİıĮȓĮȂİıĮȓĮȣȥȘȜȒțĮȚȊȥȘȜȒ
ǾʌȡȠİʌȚȜİȖȝȑȞȘIJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮİȓȞĮȚȘ
ǹȣIJȩȝĮIJȘ
 ȆȜȒțIJȡĮ6ZLQJ9țĮȚ6ZLQJ+
ȆĮIJȒıIJİIJȠȖȚĮȞĮİʌȚȜȑȟİIJİIJȘȞțĮIJİȪșȣȞıȘIJȘȢ
ȡȠȒȢĮȑȡĮ
ȉİȡȝĮIJȚıȝȩȢ
 ȆȜȒțIJȡȠ212))
ȆĮIJȒıIJİʌȐȜȚĮȣIJȩIJȠʌȜȒțIJȡȠȖȚĮȞĮ
ĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩǾȠȡȚȗȩȞIJȚĮ
ʌİȡıȓįĮİʌȚıIJȡȑijİȚıIJȘșȑıȘIJȘȢțĮIJȐIJȘȞ
ĮʌİȞİȡȖȠʌȠȓȘıȘ
ǻİȞİȝijĮȞȓȗİIJĮȚțĮȝȓĮȑȞįİȚȟȘIJĮȤȪIJȘIJĮȢıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠİȐȞȑȤİȚİʌȚȜİȖİȓȘĮȣIJȩȝĮIJȘ
IJĮȤȪIJȘIJĮĮȞİȝȚıIJȒȡĮ
ȇȣșȝȓıİȚȢIJȠȣȤȡȠȞȠįȚĮțȩʌIJȘ
ȁİȚIJȠȣȡȖȓĮȤȡȠȞȠįȚĮțȩʌIJȘ
İȞİȡȖȠʌȠȓȘıȘȢ
 ȆĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ7LPHU2QȘȑȞįİȚȟȘ
ĮȞĮȕȠıȕȒȞİȚıIJȘȞȠșȩȞȘIJȠȣ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȣıİʌİȡȓʌIJȦıȘʌȠȣ
İȓȞĮȚȘʌȡȫIJȘijȠȡȐʌȠȣȤȡȘıȚȝȠʌȠȚİȓIJİ
IJȘȜİȚIJȠȣȡȖȓĮ7LPHU2QȋȡȠȞȠįȚĮțȩʌIJȘȢ
İȞİȡȖȠʌȠȓȘıȘȢǻȚĮijȠȡİIJȚțȐĮȞĮȕȠıȕȒȞİȚȘ
IJİȜİȣIJĮȓĮȡȣșȝȚıȝȑȞȘȫȡĮ
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢ
ǼȝʌȡȩȢ ȆȓıȦ
ȀȐșİijȠȡȐʌȠȣʌĮIJȐIJİIJĮʌȜȒțIJȡĮȘȫȡĮ
ĮȣȟȐȞİIJĮȚȒȝİȚȫȞİIJĮȚțĮIJȐȜİʌIJȩ
ȀȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞȠIJȠĮȞIJȓıIJȠȚȤȠʌȜȒțIJȡȠ
ȘȫȡĮĮȣȟȐȞİIJĮȚȒȝİȚȫȞİIJĮȚʌȚȠȖȡȒȖȠȡĮ
 ȈIJȡȑȥIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮțĮȚİʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮ
ʌĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ7LPHU2Q
ȉȠıȪȝȕȠȜȠ#ʌĮȡĮȝȑȞİȚĮȞĮȝȝȑȞȠ
ıIJȘȞȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ǹțȪȡȦıȘIJȦȞȡȣșȝȓıİȦȞ
ȈIJȡȑȥIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮțĮȚʌĮIJȒıIJİʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU
2QǺİȕĮȚȦșİȓIJİȩIJȚIJȠıȪȝȕȠȜȠ
ıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȑȤİȚıȕȒıİȚ
ȁİȚIJȠȣȡȖȓĮȤȡȠȞȠįȚĮțȩʌIJȘ
ĮʌİȞİȡȖȠʌȠȓȘıȘȢ
 ȆĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ7LPHU2IIȘȑȞįİȚȟȘ
ȖȚĮIJȘȞʌȡȫIJȘȤȡȒıȘȒȘ
IJİȜİȣIJĮȓĮȡȣșȝȚıȝȑȞȘȫȡĮĮȞĮȕȠıȕȒȞİȚıIJȘȞ
ȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȒȡȚȠȣ
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢ
ǼȝʌȡȩȢ ȆȓıȦ
ȀȐșİijȠȡȐʌȠȣʌĮIJȐIJİIJĮʌȜȒțIJȡĮȘȫȡĮ
ĮȣȟȐȞİIJĮȚȒȝİȚȫȞİIJĮȚțĮIJȐȜİʌIJȩ
ȀȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞȠIJȠĮȞIJȓıIJȠȚȤȠʌȜȒțIJȡȠ
ȘȫȡĮĮȣȟȐȞİIJĮȚȒȝİȚȫȞİIJĮȚʌȚȠȖȡȒȖȠȡĮ
 ȈIJȡȑȥIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮțĮȚİʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮ
ʌĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ7LPHU2II
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
67
ȆĮȡȐįİȚȖȝĮǼȓȞĮȚȂȂțĮȚșȑȜİIJİIJȠ
țȜȚȝĮIJȚıIJȚțȩȞĮĮʌİȞİȡȖȠʌȠȚȘșİȓıIJȚȢȆȂ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ7LPHU2II
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢ
İʌĮȞİȚȜȘȝȝȑȞĮȒțȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞĮIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢȑȦȢȩIJȠȣİȝijĮȞȚıIJİȓ
ȘȑȞįİȚȟȘ30ıIJȘȞȠșȩȞȘIJȠȣ
IJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ǼʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮıIJȡȑijȠȞIJĮȢ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țĮȚʌĮIJȫȞIJĮȢʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU2II
ȉȠıȪȝȕȠȜȠ#ʌĮȡĮȝȑȞİȚĮȞĮȝȝȑȞȠ
ıIJȘȞȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ȈȣȞįȣĮıIJȚțȩȢȤȡȠȞȠįȚĮțȩʌIJȘȢ
ȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢ
ȋȡȠȞȠįȚĮțȩʌIJȘȢĮʌİȞİȡȖȠʌȠȓȘıȘȢ
ǹʌİȞİȡȖȠʌȠȓȘıȘDzȞĮȡȟȘȉİȡȝĮIJȚıȝȩȢ
ȜİȚIJȠȣȡȖȓĮȢ
ǾȜİȚIJȠȣȡȖȓĮĮȣIJȒıȣȞȚıIJȐIJĮȚȩIJĮȞșȑȜİIJİȞĮ
İȞİȡȖȠʌȠȚȘșİȓIJȠțȜȚȝĮIJȚıIJȚțȩʌȡȚȞȟȣʌȞȒıİIJİțĮȚ
ȞĮĮʌİȞİȡȖȠʌȠȚȘșİȓĮijȠȪijȪȖİIJİĮʌȩIJȠıʌȓIJȚ
ȆĮȡȐįİȚȖȝĮǼȓȞĮȚȂȂțĮȚșȑȜİIJİIJȠ
țȜȚȝĮIJȚıIJȚțȩȞĮĮȡȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓıIJȚȢ
ȆȂțĮȚȞĮıIJĮȝĮIJȒıİȚıIJȚȢȆȂ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ7LPHU2Q
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢ
İʌĮȞİȚȜȘȝȝȑȞĮȒțȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞĮIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢȑȦȢȩIJȠȣİȝijĮȞȚıIJİȓ
ȘȑȞįİȚȟȘ$0ıIJȘȞȠșȩȞȘIJȠȣ
IJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ǼʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮıIJȡȑijȠȞIJĮȢ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țĮȚʌĮIJȫȞIJĮȢʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU2Q
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ7LPHU2II
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢ
İʌĮȞİȚȜȘȝȝȑȞĮȒțȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞĮIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢȑȦȢȩIJȠȣİȝijĮȞȚıIJİȓ
ȘȑȞįİȚȟȘ$0ıIJȘȞȠșȩȞȘIJȠȣ
IJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ȅȤȡȩȞȠȢȜİȚIJȠȣȡȖȓĮȢIJȘȢȜİȚIJȠȣȡȖȓĮȢȤȡȠȞȠįȚĮțȩʌIJȘ
ʌȠȣȡȣșȝȓȗİIJĮȚĮʌȩIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠİȟĮȡIJȐIJĮȚ
ĮʌȩIJȘȞȫȡĮIJȠȣȡȠȜȠȖȚȠȪǼȜȑȖȟIJİȩIJȚIJȠȡȠȜȩȚ
ıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȑȤİȚȡȣșȝȚıIJİȓıȦıIJȐȖȚĮIJȘȞ
ĮʌȠijȣȖȒįȣıȜİȚIJȠȣȡȖȓĮȢ
 ȅȠȣıȚĮıIJȚțȩȢȤȡȩȞȠȢȜİȚIJȠȣȡȖȓĮȢʌȠȣȡȣșȝȓȗİIJĮȚ
ĮʌȩIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌİȡȚȠȡȓȗİIJĮȚıIJȚȢȫȡİȢ
ȆĮȡĮįİȓȖȝĮIJĮȡȣșȝȓıİȦȞ
ȤȡȠȞȠįȚĮțȩʌIJȘ
ȁİȚIJȠȣȡȖȓĮȤȡȠȞȠįȚĮțȩʌIJȘİȞİȡȖȠʌȠȓȘıȘȢ
ȁİȚIJȠȣȡȖȓĮȤȡȠȞȠįȚĮțȩʌIJȘȑȞĮȡȟȘȢ
ǾȜİȚIJȠȣȡȖȓĮĮȣIJȒıȣȞȚıIJȐIJĮȚȩIJĮȞșȑȜİIJİ
ȘȝȠȞȐįĮȞĮİȞİȡȖȠʌȠȚȘșİȓĮȣIJȩȝĮIJĮʌȡȚȞ
İʌȚıIJȡȑȥİIJİıIJȠıʌȓIJȚȉȠțȜȚȝĮIJȚıIJȚțȩșĮĮȡȤȓıİȚ
ȞĮȜİȚIJȠȣȡȖİȓĮȣIJȩȝĮIJĮIJȘȡȣșȝȚıȝȑȞȘȫȡĮ
ȆĮȡȐįİȚȖȝĮǼȓȞĮȚȆȂțĮȚșȑȜİIJİIJȠțȜȚȝĮIJȚıIJȚțȩ
ȞĮĮȡȤȓıİȚȞĮȜİȚIJȠȣȡȖİȓıIJȚȢȂȂ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ7LPHU2Q
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢ
İʌĮȞİȚȜȘȝȝȑȞĮȒțȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞĮIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢȑȦȢȩIJȠȣİȝijĮȞȚıIJİȓ
ȘȑȞįİȚȟȘ30ıIJȘȞȠșȩȞȘIJȠȣ
IJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ǼʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮıIJȡȑijȠȞIJĮȢ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țĮȚʌĮIJȫȞIJĮȢʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU2Q
ȉȠıȪȝȕȠȜȠ#ʌĮȡĮȝȑȞİȚĮȞĮȝȝȑȞȠıIJȘȞ
ȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ȁİȚIJȠȣȡȖȓĮȤȡȠȞȠįȚĮțȩʌIJȘĮʌİȞİȡȖȠʌȠȓȘıȘȢ
ȁİȚIJȠȣȡȖȓĮȤȡȠȞȠįȚĮțȩʌIJȘIJİȡȝĮIJȚıȝȠȪ
ǾȜİȚIJȠȣȡȖȓĮĮȣIJȒıȣȞȚıIJȐIJĮȚȩIJĮȞșȑȜİIJİȘ
ȝȠȞȐįĮȞĮĮʌİȞİȡȖȠʌȠȚȘșİȓĮȣIJȩȝĮIJĮȖȚĮIJȘȞ
ȫȡĮȪʌȞȠȣȉȠțȜȚȝĮIJȚıIJȚțȩșĮıIJĮȝĮIJȒıİȚȞĮ
ȜİȚIJȠȣȡȖİȓĮȣIJȩȝĮIJĮIJȘȡȣșȝȚıȝȑȞȘȫȡĮ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
ȉȠıȪȝȕȠȜȠ#ʌĮȡĮȝȑȞİȚĮȞĮȝȝȑȞȠ
ıIJȘȞȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ǹțȪȡȦıȘIJȦȞȡȣșȝȓıİȦȞ
ȈIJȡȑȥIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮțĮȚʌĮIJȒıIJİʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU2II
ǺİȕĮȚȦșİȓIJİȩIJȚIJȠıȪȝȕȠȜȠ
ıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȑȤİȚıȕȒıİȚ
68
 ǼʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮıIJȡȑijȠȞIJĮȢ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țĮȚʌĮIJȫȞIJĮȢʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU2II
ȉȠıȪȝȕȠȜȠ#İȝijĮȞȓȗİIJĮȚıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠțĮȚȘȜİȚIJȠȣȡȖȓĮİȞİȡȖȠʌȠȚİȓIJĮȚ
ȋȡȠȞȠįȚĮțȩʌIJȘȢĮʌİȞİȡȖȠʌȠȓȘıȘȢ
ȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢ
ǼȞİȡȖȠʌȠȓȘıȘȉİȡȝĮIJȚıȝȩȢDzȞĮȡȟȘȜİȚIJȠȣȡȖȓĮȢ
ǾȜİȚIJȠȣȡȖȓĮĮȣIJȒıȣȞȚıIJȐIJĮȚȩIJĮȞșȑȜİIJİȞĮ
ĮʌİȞİȡȖȠʌȠȚȘșİȓIJȠțȜȚȝĮIJȚıIJȚțȩĮijȠȪʌȐIJİȖȚĮ
ȪʌȞȠțĮȚȞĮİȞİȡȖȠʌȠȚȘșİȓʌȐȜȚʌȡȚȞȟȣʌȞȒıİIJİIJȠ
ʌȡȦȓȒİʌȚıIJȡȑȥİIJİıIJȠıʌȓIJȚ
ȆĮȡȐįİȚȖȝĮǼȓȞĮȚȆȂțĮȚșȑȜİIJİIJȠ
țȜȚȝĮIJȚıIJȚțȩȞĮıIJĮȝĮIJȒıİȚȞĮȜİȚIJȠȣȡȖİȓıIJȚȢ
ȆȂțĮȚȞĮȟİțȚȞȒıİȚʌȐȜȚıIJȚȢȂȂ
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ7LPHU2II
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢ
İʌĮȞİȚȜȘȝȝȑȞĮȒțȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞĮIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢȑȦȢȩIJȠȣİȝijĮȞȚıIJİȓȘȑȞįİȚȟȘ
$0ıIJȘȞȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ǼʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮıIJȡȑijȠȞIJĮȢ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țĮȚʌĮIJȫȞIJĮȢʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU2II
 ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ7LPHU2Q
 ȇȣșȝȓıIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȫȞIJĮȢ
İʌĮȞİȚȜȘȝȝȑȞĮȒțȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞĮIJĮ
ʌȜȒțIJȡĮȡȪșȝȚıȘȢȑȦȢȩIJȠȣİȝijĮȞȚıIJİȓȘȑȞįİȚȟȘ
30ıIJȘȞȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ǼʌȚȕİȕĮȚȫıIJİIJȘȡȣșȝȚıȝȑȞȘȫȡĮıIJȡȑijȠȞIJĮȢ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țĮȚʌĮIJȫȞIJĮȢʌȐȜȚIJȠʌȜȒțIJȡȠ7LPHU2Q
ȉȠıȪȝȕȠȜȠ#İȝijĮȞȓȗİIJĮȚıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠțĮȚȘȜİȚIJȠȣȡȖȓĮİȞİȡȖȠʌȠȚİȓIJĮȚ
ȇȪșȝȚıȘIJȠȣȡȠȜȠȖȚȠȪ
ȆȡȚȞĮȡȤȓıİIJİȞĮȜİȚIJȠȣȡȖİȓIJİIJȠțȜȚȝĮIJȚıIJȚțȩ
ȡȣșȝȓıIJİIJȠȡȠȜȩȚIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ĮțȠȜȠȣșȫȞIJĮȢIJȘįȚĮįȚțĮıȓĮʌȠȣĮȞĮijȑȡİIJĮȚ
ıİĮȣIJȒIJȘȞİȞȩIJȘIJĮǾȠșȩȞȘȡȠȜȠȖȚȠȪıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠİȝijĮȞȓȗİȚIJȘȞȫȡĮĮȞİȟȐȡIJȘIJĮ
ĮʌȩIJȠĮȞȜİȚIJȠȣȡȖİȓIJȠțȜȚȝĮIJȚıIJȚțȩ
ǹijȠȪIJȠʌȠșİIJȒıİIJİIJȚȢȝʌĮIJĮȡȓİȢıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȘȑȞįİȚȟȘ
İȝijĮȞȓȗİIJĮȚ
țĮȚĮȡȤȓȗİȚȞĮĮȞĮȕȠıȕȒȞİȚ
 ȆȜȒțIJȡĮȡȪșȝȚıȘȢ
ȆĮIJȒıIJİIJĮʌȜȒțIJȡĮȡȪșȝȚıȘȢȖȚĮȞĮ
ȡȣșȝȓıİIJİIJȘȞİʌȚșȣȝȘIJȒȫȡĮ
ǼȝʌȡȩȢ
ȆȓıȦ
ȀȐșİijȠȡȐʌȠȣʌĮIJȐIJİIJĮʌȜȒțIJȡĮȘȫȡĮ
ĮȣȟȐȞİIJĮȚȒȝİȚȫȞİIJĮȚțĮIJȐȜİʌIJȩ
ȀȡĮIJȫȞIJĮȢʌĮIJȘȝȑȞȠIJȠĮȞIJȓıIJȠȚȤȠʌȜȒțIJȡȠȘ
ȫȡĮĮȣȟȐȞİIJĮȚȒȝİȚȫȞİIJĮȚʌȚȠȖȡȒȖȠȡĮ
 ȆȜȒțIJȡȠ&ORFN
ǵIJĮȞijIJȐıİIJİıIJȘȞİʌȚșȣȝȘIJȒȫȡĮʌĮIJȒıIJİ
ʌȐȜȚIJȠʌȜȒțIJȡȠ&ORFNįȚĮijȠȡİIJȚțȐȝİIJȐĮʌȩ
įİȣIJİȡȩȜİʌIJĮȤȦȡȓȢțĮȝȓĮİȞȑȡȖİȚĮȘȫȡĮ
IJȠȣȡȠȜȠȖȚȠȪıIJĮȝĮIJȐİȚȞĮĮȞĮȕȠıȕȒȞİȚțĮȚ
ȡȣșȝȓȗİIJĮȚIJȠȡȠȜȩȚ
69
ȆȫȢȞĮȤȡȘıȚȝȠʌȠȚİȓIJİIJȘȞ
İıȦIJİȡȚțȒȝȠȞȐįĮ
ȆȡȩıșİIJİȢİʌȚȜȠȖȑȢ
DzȜİȖȤȠȢțĮIJİȪșȣȞıȘȢȡȠȒȢĮȑȡĮ
 ȁİȚIJȠȣȡȖȓĮȑȟȣʌȞȘȢİʌĮȞİțțȓȞȘıȘȢ
ȉȠțȜȚȝĮIJȚıIJȚțȩİʌĮȞȑȡȤİIJĮȚĮȣIJȩȝĮIJĮıIJȚȢ
ʌȡȠȘȖȠȪȝİȞİȢȡȣșȝȓıİȚȢȝİIJȐĮʌȩʌȚșĮȞȒįȚĮțȠʌȒ
ȡİȪȝĮIJȠȢ
 ǹijĮȚȡȠȪȝİȞȠțȐȜȣȝȝĮ
ȉȠȝʌȡȠıIJȚȞȩțȐȜȣȝȝĮIJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢ
ȝʌȠȡİȓȞĮĮijĮȚȡİșİȓİȪțȠȜĮȖȚĮțĮșĮȡȚıȝȩțĮȚ
ıȣȞIJȒȡȘıȘ
 ǹȣIJȠįȚȐȖȞȦıȘțĮȚĮȣIJȠʌȡȠıIJĮıȓĮ
ȉȠțȜȚȝĮIJȚıIJȚțȩĮȣIJȩȝʌȠȡİȓȞĮĮȞȚȤȞİȪıİȚIJȚȢ
įȣıȜİȚIJȠȣȡȖȓİȢİȝijĮȞȓȗȠȞIJĮȢIJȘįȚȐȖȞȦıȘıIJȘȞȠșȩȞȘ
IJȘȢİıȦIJİȡȚțȒȢȝȠȞȐįĮȢȝİȑȞĮȞțȦįȚțȩıijȐȜȝĮIJȠȢ
ȉȠțȜȚȝĮIJȚıIJȚțȩĮȜȜȐȗİȚĮȣIJȩȝĮIJĮIJȘȜİȚIJȠȣȡȖȓĮȖȚĮ
ĮȣIJȠʌȡȠıIJĮıȓĮ
ȇȣșȝȓıIJİıȦıIJȐIJȘȞțĮIJİȪșȣȞıȘȡȠȒȢĮȑȡĮ
țĮșȫȢȝʌȠȡİȓȞĮʌȡȠțȜȘșİȓȑȜȜİȚȥȘȐȞİıȘȢȒ
ĮȞȠȝȠȚȩȝȠȡijȘșİȡȝȠțȡĮıȓĮIJȠȣįȦȝĮIJȓȠȣ
ȉȩıȠȘȠȡȚȗȩȞIJȚĮȩıȠțĮȚȘțȐșİIJȘʌİȡıȓįĮȝʌȠȡİȓ
ȞĮȡȣșȝȚıIJİȓȝİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
īȚĮȞĮȡȣșȝȓıİIJİIJȘȞțȐșİIJȘİʌȐȞȦțȐIJȦ
țĮIJİȪșȣȞıȘȡȠȒȢIJȠȣĮȑȡĮĮȣIJȩȝĮIJĮ
 ǼțIJİȜȑıIJİĮȣIJȒIJȘȜİȚIJȠȣȡȖȓĮİȞȫȘȝȠȞȐįĮ
ȕȡȓıțİIJĮȚıİȜİȚIJȠȣȡȖȓĮ
 ȆĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ6ZLQJ9ıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȘȠȡȚȗȩȞIJȚĮʌİȡıȓįĮ
ʌĮȜȚȞįȡȠȝİȓĮȣIJȩȝĮIJĮʌȐȞȦțȐIJȦ
 ȅȤȡȠȞȠįȚĮțȩʌIJȘȢȤȡȘıȚȝȠʌȠȚİȓȜİȚIJȠȣȡȖȓĮ
ȡȠȜȠȖȚȠȪȦȡȫȞ
 ǾʌȡȠİʌȚȜİȖȝȑȞȘȫȡĮȖȚĮIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠİȓȞĮȚ
ȂȂțĮȚİʌĮȞȑȡȤİIJĮȚıİĮȣIJȒȞȩIJĮȞĮȜȜȐȗİIJİ
IJȚȢȝʌĮIJĮȡȓİȢ
 ǾʌȡȠİʌȚȜİȖȝȑȞȘȡȪșȝȚıȘȖȚĮIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠİȓȞĮȚİȞİȡȖȠʌȠȚȘȝȑȞȘȩIJĮȞ
IJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠİȓȞĮȚİȞİȡȖȠʌȠȚȘȝȑȞȠ
 ǻİȞİȓȞĮȚĮʌĮȡĮȓIJȘIJȠȞĮȤȡȘıȚȝȠʌȠȚİȓIJİ
ĮȣIJȒIJȘȜİȚIJȠȣȡȖȓĮȩIJĮȞȘʌȠȚȩIJȘIJĮIJȠȣ
ĮȑȡĮıIJȠįȦȝȐIJȚȠİȓȞĮȚțĮȜȒ
 ȀĮșĮȡȓȗİIJİIJȠıȣȜȜȑțIJȘıțȩȞȘȢSODVPDțȐșİ
IJȡİȚȢȑȦȢȑȟȚȝȒȞİȢĮȞȐȜȠȖĮȝİIJȚȢıȣȞșȒțİȢ
ȁİȚIJȠȣȡȖȓĮ,)HHOǹȓıșȘıȘ
ȁİȚIJȠȣȡȖȓĮ,21)LOWHUĭȓȜIJȡȠȚȩȞIJȦȞ
ȉȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȜİȚIJȠȣȡȖİȓȦȢȑȞĮȢ
ĮʌȠȝĮțȡȣıȝȑȞȠȢșİȡȝȠıIJȐIJȘȢʌĮȡȑȤȠȞIJĮȢĮțȡȚȕȒ
ȑȜİȖȤȠIJȘȢșİȡȝȠțȡĮıȓĮȢțĮȚȝȑȖȚıIJȘȐȞİıȘ
ȈIJȡȑȥIJİIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠʌȡȠȢIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țĮȚʌĮIJȒıIJİIJȠʌȜȒțIJȡȠ,)HHOǹʌȩIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮĮțȠȪȖİIJĮȚȑȞĮȘȤȘIJȚțȩıȒȝĮȝʌȚʌȖȚĮȞĮ
İʌȚȕİȕĮȚȫıİȚȩIJȚȘȜİȚIJȠȣȡȖȓĮȑȤİȚİȞİȡȖȠʌȠȚȘșİȓ
ȉȠıȪȝȕȠȜȠ,)HHOǹȓıșȘıȘ
ʌĮȡĮȝȑȞİȚĮȞĮȝȝȑȞȠ
ıIJȘȞȠșȩȞȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣȑȦȢȩIJȠȣʌĮIJȘșİȓ
ʌȐȜȚIJȠʌȜȒțIJȡȠ,)HHO
ȉȠțȜȚȝĮIJȚıIJȚțȩȜİȚIJȠȣȡȖİȓȖȚĮȞĮİʌȚIJȪȤİȚIJȘȡȣșȝȚıȝȑȞȘ
șİȡȝȠțȡĮıȓĮıIJȘșȑıȘIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
ȉȠIJȘȜİȤİȚȡȚıIJȒȡȚȠıIJȑȜȞİȚIJȚȢʌȜȘȡȠijȠȡȓİȢ
șİȡȝȠțȡĮıȓĮȢIJȘȢșȑıȘȢIJȠȣıIJȘȞİıȦIJİȡȚțȒȝȠȞȐįĮ
țȐșİįȑțĮȜİʌIJȐȉȠțȜȚȝĮIJȚıIJȚțȩĮʌİȞİȡȖȠʌȠȚİȓ
IJȘȜİȚIJȠȣȡȖȓĮ,)((/ǹȓıșȘıȘțĮȚİʌȚıIJȡȑijİȚıIJȘȞ
țĮȞȠȞȚțȒȜİȚIJȠȣȡȖȓĮİȐȞįİȞȜȐȕİȚțĮȝȓĮʌȜȘȡȠijȠȡȓĮ
șİȡȝȠțȡĮıȓĮȢĮʌȩIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȖȚĮȑȞIJİțĮ
įȚĮįȠȤȚțȐȜİʌIJȐ
ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ,21)LOWHUȖȚĮȞĮ
İȞİȡȖȠʌȠȚȒıİIJİIJȚȢȜİȚIJȠȣȡȖȓİȢȥȣȤȡȠȪ
ʌȜȐıȝĮIJȠȢțĮȚıȣȜȜȑțIJȘıțȩȞȘȢSODVPDȉȠ
ıȪȝȕȠȜȠ
ʌĮȡĮȝȑȞİȚĮȞĮȝȝȑȞȠıIJȘȞȠșȩȞȘ
IJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣȑȦȢȩIJȠȣʌĮIJȘșİȓʌȐȜȚIJȠ
ʌȜȒțIJȡȠ,21)LOWHU
ǾȖİȞȞȒIJȡȚĮȥȣȤȡȠȪʌȜȐıȝĮIJȠȢĮʌİȜİȣșİȡȫȞİȚ
ʌȜȐıȝĮʌȠȣȝʌȠȡİȓȞĮȕȠȘșȒıİȚıIJȘȞ
İȟȠȣįİIJȑȡȦıȘȕĮțIJȘȡȓȦȞȚȫȞıțȩȞȘȢțĮȚ
ȐȜȜȦȞİʌȚȕȜĮȕȫȞʌĮȡĮȖȩȞIJȦȞĮʌȩIJȘȞ
ĮIJȝȩıijĮȚȡĮ
ȅıȣȜȜȑțIJȘȢıțȩȞȘȢSODVPDȝʌȠȡİȓȞĮ
ʌĮȖȚįİȪıİȚįȚȐijȠȡĮȝȚțȡȠıțȠʌȚțȐıȦȝĮIJȓįȚĮ
ȩʌȦȢıțȩȞȘțĮʌȞȩȢțĮȚȖȪȡȘĮʌȩIJȘȡȠȒIJȠȣ
ĮȑȡĮȫıIJİȞĮįȚĮIJȘȡİȓIJĮȚțĮșĮȡȩȢȠĮȑȡĮȢIJȠȣ
įȦȝĮIJȓȠȣ
ǾȜİȚIJȠȣȡȖȓĮĮȣIJȒıȣȞȚıIJȐIJĮȚȩIJĮȞȘʌȠȚȩIJȘIJĮ
IJȠȣİıȦIJİȡȚțȠȪĮȑȡĮįİȞİȓȞĮȚțĮȜȒ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
 ǼțȞȑȠȣȡȪșȝȚıȘIJȠȣȡȠȜȠȖȚȠȪ
ȆĮIJȒıIJİIJȠʌȜȒțIJȡȠ&ORFNțĮȚIJȠıȪȝȕȠȜȠ
ȡȠȜȠȖȚȠȪ
șĮĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒȞİȚ
ǹțȠȜȠȣșȒıIJİIJĮȕȒȝĮIJĮțĮȚȖȚĮȞĮ
ȡȣșȝȓıİIJİIJȘȞȑĮȫȡĮ
70
ȇȠȒĮȑȡĮİʌȐȞȦțĮȚțȐIJȦ
ȀȐșİIJȘʌİȡıȓįĮ
ǼȪȡȠȢ
ȇȠȒĮȑȡĮĮȡȚıIJİȡȐțĮȚįİȟȚȐ
 ȆĮIJȒıIJİʌȐȜȚIJȠʌȜȒțIJȡȠ6ZLQJțĮȚȘʌİȡıȓįĮșĮ
ĮȡȤȓıİȚȞĮʌĮȜȚȞįȡȠȝİȓĮȣIJȩȝĮIJĮʌȐȞȦțĮȚțȐIJȦ
īȚĮȞĮȡȣșȝȓıİIJİIJȘȞțȐșİIJȘİʌȐȞȦțȐIJȦ
țĮIJİȪșȣȞıȘȡȠȒȢIJȠȣĮȑȡĮĮȣIJȩȝĮIJĮ
 ǼțIJİȜȑıIJİĮȣIJȒIJȘȜİȚIJȠȣȡȖȓĮİȞȫȘȝȠȞȐįĮ
ȕȡȓıțİIJĮȚıİȜİȚIJȠȣȡȖȓĮ
 ȆĮIJȫȞIJĮȢIJȠʌȜȒțIJȡȠ6ZLQJ+ıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠȘțȐșİIJȘʌİȡıȓįĮ
ʌĮȜȚȞįȡȠȝİȓĮȣIJȩȝĮIJĮĮȡȚıIJİȡȐțĮȚįİȟȚȐ
 ǵIJĮȞȘʌİȡıȓįĮȝİIJĮțȚȞȘșİȓıIJȘȞİʌȚșȣȝȘIJȒ
țĮIJİȪșȣȞıȘʌĮIJȒıIJİʌȐȜȚIJȠʌȜȒțIJȡȠ6ZLQJ
țĮȚȘʌİȡıȓįĮșĮʌĮȡĮȝİȓȞİȚıIJȘșȑıȘʌȠȣ
İȓȞĮȚ
 ǵIJĮȞȘʌİȡıȓįĮȝİIJĮțȚȞȘșİȓıIJȘȞİʌȚșȣȝȘIJȒ
țĮIJİȪșȣȞıȘʌĮIJȒıIJİʌȐȜȚIJȠʌȜȒțIJȡȠ
6ZLQJ9țĮȚȘʌİȡıȓįĮșĮʌĮȡĮȝİȓȞİȚıIJȘ
șȑıȘʌȠȣİȓȞĮȚ
 ȆĮIJȒıIJİʌȐȜȚIJȠʌȜȒțIJȡȠ6ZLQJ9țĮȚȘ
ʌİȡıȓįĮșĮĮȡȤȓıİȚȞĮʌĮȜȚȞįȡȠȝİȓĮȣIJȩȝĮIJĮ
ʌȐȞȦțĮȚțȐIJȦ
ǼȪȡȠȢ
71
ȁİȚIJȠȣȡȖȓĮȑțIJĮțIJȘȢĮȞȐȖțȘȢ
ȀȠȣȝʌȓȤİȚȡȠțȓȞȘIJȠȣ
İȜȑȖȤȠȣ
ȀȠȣȝʌȓȤİȚȡȠțȓȞȘIJȠȣİȜȑȖȤȠȣ
ĬİȡȝȠțȡĮıȓĮȜİȚIJȠȣȡȖȓĮȢ
 ȆĮIJȒıIJİʌȐȜȚIJȠțȠȣȝʌȓȤİȚȡȠțȓȞȘIJȠȣİȜȑȖȤȠȣȖȚĮȞĮ
ĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȠțȜȚȝĮIJȚıIJȚțȩ
ȅIJȡȩʌȠȢȜİȚIJȠȣȡȖȓĮȢʌĮȡĮIJȓșİIJĮȚıIJȠȞʌĮȡĮțȐIJȦ
ʌȓȞĮțĮ
ȉȠİȪȡȠȢIJȘȢșİȡȝȠțȡĮıȓĮȢȜİȚIJȠȣȡȖȓĮȢİȟȦIJİȡȚțȒ
șİȡȝȠțȡĮıȓĮȖȚĮIJȠȝȠȞIJȑȜȠȝȩȞȠȥȪȟȘȢİȓȞĮȚ
&a&ȖȚĮIJȠȝȠȞIJȑȜȠĮȞIJȜȓĮȢșİȡȝȩIJȘIJĮȢİȓȞĮȚ
&a&
ǼȐȞIJȠțȜȚȝĮIJȚıIJȚțȩȤȡȘıȚȝȠʌȠȚİȓIJĮȚİțIJȩȢIJȦȞ
ʌĮȡĮʌȐȞȦȠȡȓȦȞȝʌȠȡİȓȞĮİȞİȡȖȠʌȠȚȘșȠȪȞ
ȠȡȚıȝȑȞĮȤĮȡĮțIJȘȡȚıIJȚțȐʌȡȠıIJĮıȓĮȢĮıijĮȜİȓĮȢțĮȚ
ȞĮʌȡȠțĮȜȑıȠȣȞįȣıȜİȚIJȠȣȡȖȓĮIJȘȢȝȠȞȐįĮȢ
ǵIJĮȞIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȑȤİȚȤĮșİȓȒįİȞȜİȚIJȠȣȡȖİȓ
ȤȡȘıȚȝȠʌȠȚȒıIJİIJȠȤİȚȡȠțȓȞȘIJȠįȚĮțȩʌIJȘıIJȘȞİıȦIJİȡȚțȒ
ȝȠȞȐįĮȉȠțȜȚȝĮIJȚıIJȚțȩșĮȜİȚIJȠȣȡȖȒıİȚıIJȘȜİȚIJȠȣȡȖȓĮ
$872ǹȊȉȅȂǹȉǾțĮȚįİȞİȓȞĮȚįȣȞĮIJȒȘĮȜȜĮȖȒ
IJȘȢȡȪșȝȚıȘȢIJȘȢșİȡȝȠțȡĮıȓĮȢȒIJȘȢIJĮȤȪIJȘIJĮȢIJȠȣ
ĮȞİȝȚıIJȒȡĮ
 ǹȞȠȓȟIJİIJȠȝʌȡȠıIJȚȞȩțȐȜȣȝȝĮ
 ȆĮIJȒıIJİIJȠțȠȣȝʌȓȤİȚȡȠțȓȞȘIJȠȣİȜȑȖȤȠȣȖȚĮȞĮ
ȝİIJĮȕİȓIJİıIJȘȜİȚIJȠȣȡȖȓĮ$872ǹȊȉȅȂǹȉǾȉȠ
țȜȚȝĮIJȚıIJȚțȩİʌȚȜȑȖİȚIJȘȜİȚIJȠȣȡȖȓĮ&22/ȌȊȄǾ
+($7ĬǼȇȂǹȃȈǾȝȩȞȠıIJȠȝȠȞIJȑȜȠĮȞIJȜȓĮȢ
șİȡȝȩIJȘIJĮȢțĮȚ)$1ǹȃǼȂǿȈȉǾȇǹȈĮȣIJȩȝĮIJĮ
ıȪȝijȦȞĮȝİIJȘșİȡȝȠțȡĮıȓĮįȦȝĮIJȓȠȣȖȚĮȞĮ
İʌȚIJİȣȤșİȓȘȕȑȜIJȚıIJȘȐȞİıȘ
ȁİȚIJȠȣȡȖȓĮ ȂȠȞIJȑȜȠ ȇȪșȝȚıȘșİȡȝȠțȡĮıȓĮȢ
ȉĮȤȪIJȘIJĮ
ĮȞİȝȚıIJȒȡĮ
$872
ǹȊȉȅȂǹȉǾ
ȌȪȟȘ
&&22/ȌȊȄǾ
)$1ǹȃǼȂǿȈȉǾȇǹȈ
$872
ǹȊȉȅȂǹȉǾ
$872
ǹȊȉȅȂǹȉǾ
ǹȞIJȜȓĮ
șİȡȝȩIJȘIJĮȢ
&&22/ȌȊȄǾ
)$1ǹȃǼȂǿȈȉǾȇǹȈ
$872
ǹȊȉȅȂǹȉǾ
$872
ǹȊȉȅȂǹȉǾ
ǹȞIJȜȓĮ
șİȡȝȩIJȘIJĮȢ
&+($7
ĬǼȇȂǹȃȈǾ
$872
ǹȊȉȅȂǹȉǾ
ȉȠİȪȡȠȢșİȡȝȠțȡĮıȓĮȢȜİȚIJȠȣȡȖȓĮȢİȓȞĮȚȦȢİȟȒȢ

ǼıȦIJİȡȚțȒʌȜİȣȡȐ
ȄǾȇȅȊȊīȇȅȊ
ǺȅȁǺȅȊ&
ǼȟȦIJİȡȚțȒʌȜİȣȡȐ
ȄǾȇȅȊȊīȇȅȊ
ǺȅȁǺȅȊ&
ȂȑȖȚıIJȘȥȪȟȘ  
ǼȜȐȤȚıIJȘȥȪȟȘ  ±
ȂȑȖȚıIJȘșȑȡȝĮȞıȘ ± 
ǼȜȐȤȚıIJȘșȑȡȝĮȞıȘ ± 
 ȉĮʌȜȒțIJȡĮ6ZLQJ9țĮȚ6ZLQJ+ĮʌİȞİȡȖȠʌȠȚȠȪȞIJĮȚ
ȩIJĮȞIJȠțȜȚȝĮIJȚıIJȚțȩİȓȞĮȚĮʌİȞİȡȖȠʌȠȚȘȝȑȞȠ
ĮțȩȝĮțĮȚĮȞȑȤİȚȡȣșȝȚıIJİȓȘȜİȚIJȠȣȡȖȓĮ7LPHU2Q
ȋȡȠȞȠįȚĮțȩʌIJȘȢİȞİȡȖȠʌȠȓȘıȘȢ
 ȂȘȜİȚIJȠȣȡȖİȓIJİIJȠțȜȚȝĮIJȚıIJȚțȩȖȚĮȝİȖȐȜȠȤȡȠȞȚțȩ
įȚȐıIJȘȝĮȝİIJȘȞțĮIJİȪșȣȞıȘȡȠȒȢĮȑȡĮȡȣșȝȚıȝȑȞȘ
ʌȡȠȢIJĮțȐIJȦıIJȘȜİȚIJȠȣȡȖȓĮ&22/ȌȊȄǾȒ
'(+80,',)<ǹĭȊīȇǹȃȈǾǻȚĮijȠȡİIJȚțȐȝʌȠȡİȓ
ȞĮįȘȝȚȠȣȡȖȘșİȓıȣȝʌȪțȞȦıȘıIJȘȞİʌȚijȐȞİȚĮIJȘȢ
ȠȡȚȗȩȞIJȚĮȢʌİȡıȓįĮȢțĮȚȞĮıIJȐȟİȚıIJȠįȐʌİįȠȒıIJĮ
ȑʌȚʌȜĮ
 ȂȘȝİIJĮțȚȞİȓIJİȤİȚȡȠțȓȞȘIJĮIJȘȞȠȡȚȗȩȞIJȚĮțĮȚIJȘȞ
țȐșİIJȘʌİȡıȓįĮȋȡȘıȚȝȠʌȠȚİȓIJİʌȐȞIJĮIJĮʌȜȒțIJȡĮ
6ZLQJ9țĮȚ6ZLQJ+ǾȤİȚȡȠțȓȞȘIJȘȝİIJĮțȓȞȘıȘ
IJȦȞʌİȡıȓįȦȞȝʌȠȡİȓȞĮʌȡȠțĮȜȑıİȚįȣıȜİȚIJȠȣȡȖȓĮ
țĮIJȐIJȘȜİȚIJȠȣȡȖȓĮǼȐȞʌĮȡȠȣıȚĮıIJİȓįȣıȜİȚIJȠȣȡȖȓĮ
IJȘȢʌİȡıȓįĮȢĮʌİȞİȡȖȠʌȠȚȒıIJİIJȠțȜȚȝĮIJȚıIJȚțȩțĮȚ
İʌĮȞİțțȚȞȒıIJİIJȠ
 ǾȖȦȞȓĮĮȞȠȓȖȝĮIJȠȢIJȘȢȠȡȚȗȩȞIJȚĮȢʌİȡıȓįĮȢįİȞ
ʌȡȑʌİȚȞĮİȓȞĮȚʌȠȜȪȝȚțȡȒțĮșȫȢȝʌȠȡİȓȞĮȝİȚȦșİȓ
ȘĮʌȩįȠıȘȥȪȟȘȢȒșȑȡȝĮȞıȘȢȜȩȖȦIJȘȢʌȠȜȪ
ʌİȡȚȠȡȚıȝȑȞȘȢʌİȡȚȠȤȒȢȡȠȒȢIJȠȣĮȑȡĮ
 ȂȘȜİȚIJȠȣȡȖİȓIJİIJȠțȜȚȝĮIJȚıIJȚțȩȝİIJȘȞȠȡȚȗȩȞIJȚĮ
ʌİȡıȓįĮıIJȘȞțȜİȚıIJȒșȑıȘ
 ǵIJĮȞIJȠțȜȚȝĮIJȚıIJȚțȩıȣȞįİșİȓıIJȘȞȘȜİțIJȡȚțȒ
IJȡȠijȠįȠıȓĮĮȡȤȚțȒȜİȚIJȠȣȡȖȓĮȘȠȡȚȗȩȞIJȚĮʌİȡıȓįĮ
ȝʌȠȡİȓȞĮʌĮȡĮȖȐȖİȚȑȞĮȞȒȤȠȖȚĮįİȣIJİȡȩȜİʌIJĮ
ʌȡȩțİȚIJĮȚȖȚĮijȣıȚȠȜȠȖȚțȒȜİȚIJȠȣȡȖȓĮ
ʌȡȠıȠȤȒ
72
ȀĮșĮȡȚıȝȩȢțĮȚıȣȞIJȒȡȘıȘ
ȈȣȞIJȒȡȘıȘ
ȉȠʌȠșȑIJȘıȘĮȞIJȚțĮIJȐıIJĮıȘȝʌĮIJĮȡȚȫȞ
ȅȚʌĮȡĮțȐIJȦİȡȖĮıȓİȢıȣȞIJȒȡȘıȘȢʌȡȑʌİȚȞĮ
İțIJİȜȠȪȞIJĮȚIJĮțIJȚțȐ
*

ǾİȡȖĮıȓĮʌȡȑʌİȚȞĮʌȡĮȖȝĮIJȠʌȠȚȘșİȓ
ȝȩȞȠĮʌȩİȟİȚįȚțİȣȝȑȞȠʌȡȠıȦʌȚțȩ
 ǻȚĮțȩȥIJİIJȘȜİȚIJȠȣȡȖȓĮIJȠȣțȜȚȝĮIJȚıIJȚțȠȪ
țĮȚĮʌȠıȣȞįȑıIJİIJȘȞȘȜİțIJȡȚțȒ
IJȡȠijȠįȠıȓĮʌȡȚȞĮʌȩIJȠȞțĮșĮȡȚıȝȩ
ǻȚĮijȠȡİIJȚțȐȝʌȠȡİȓȞĮʌȡȠțȜȘșİȓ
ȘȜİțIJȡȠʌȜȘȟȓĮȒʌȣȡțĮȖȚȐ
ʌȡȠİȚįȠʌȠȓȘıȘ
ȈIJȠȚȤİȓĮ
ǼȡȖĮıȓİȢ
ıȣȞIJȒȡȘıȘȢ
ȈȣȞȚıIJȫȝİȞȘ
ıȣȤȞȩIJȘIJĮ
ĭȓȜIJȡȠıțȩȞȘȢ ȀĮșĮȡȚıȝȩȢ ȀȐșİȝȒȞĮȒʌȚȠ
ıȣȤȞȐİȐȞĮʌĮȚIJİȓIJĮȚ
ȈȣȜȜȑțIJȘȢ
ıțȩȞȘȢ
SODVPD
ȀĮșĮȡȚıȝȩȢ ȀȐșİȝȒȞİȢȒʌȚȠ
ıȣȤȞȐİȐȞĮʌĮȚIJİȓIJĮȚ
ĭȓȜIJȡĮ
ȣȖȚİȚȞȠȪĮȑȡĮ
ǹȞIJȚțĮIJȐıIJĮıȘ
ȒțĮșĮȡȚıȝȩȢ
ȀȐșİȝȒȞİȢȒʌȚȠ
ıȣȤȞȐİȐȞĮʌĮȚIJİȓIJĮȚ
ȆİȡȓȕȜȘȝĮ
ȝȠȞȐįĮȢ
ȀĮșĮȡȚıȝȩȢ ȀȐșİȝȒȞĮȒʌȚȠ
ıȣȤȞȐİȐȞĮʌĮȚIJİȓIJĮȚ
ǻȓıțȠȢȞİȡȠȪ
țĮȚıȦȜȒȞȦıȘ
İțțȑȞȦıȘȢ
ȀĮșĮȡȚıȝȩȢ
țĮȚȑȜİȖȤȠȢȖȚĮ
İȝʌȩįȚĮ
ȀȐșİİʌȠȤȒʌȡȚȞ
ĮʌȩIJȘȞȑȞĮȡȟȘ
ȜİȚIJȠȣȡȖȓĮȢ
ǼıȦIJİȡȚțȑȢ
țĮȚİȟȦIJİȡȚțȑȢ
ıİȡʌĮȞIJȓȞİȢ
ȀĮșĮȡȚıȝȩȢ ȀȐșİİʌȠȤȒʌȡȚȞ
ĮʌȩIJȘȞȑȞĮȡȟȘ
ȜİȚIJȠȣȡȖȓĮȢ
ǺȑȜIJȚıIJȘȜİȚIJȠȣȡȖȓĮ
īȚĮȞĮİʌȚIJİȣȤșİȓȘȕȑȜIJȚıIJȘĮʌȩįȠıȘıȘȝİȚȫıIJİ
 ȇȣșȝȓıIJİıȦıIJȐIJȘȞțĮIJİȪșȣȞıȘȡȠȒȢIJȠȣĮȑȡĮ
ȫıIJİȞĮȝȘȞİȓȞĮȚıIJȡĮȝȝȑȞȘİʌȐȞȦıİȐIJȠȝĮ
 ȇȣșȝȓıIJİIJȘșİȡȝȠțȡĮıȓĮȖȚĮȞĮİʌȚIJİȣȤșİȓIJȠ
ȝȑȖȚıIJȠİʌȓʌİįȠȐȞİıȘȢȂȘȡȣșȝȓȗİIJİIJȘȝȠȞȐįĮ
ıİȣʌİȡȕȠȜȚțȐİʌȓʌİįĮșİȡȝȠțȡĮıȓĮȢ
 ȀȜİȓıIJİIJȚȢʌȩȡIJİȢțĮȚIJĮʌĮȡȐșȣȡĮțĮIJȐIJȘ
ȜİȚIJȠȣȡȖȓĮ&22/ȌȊȄǾȒ+($7ĬǼȇȂǹȃȈǾ
įȚĮijȠȡİIJȚțȐȘĮʌȩįȠıȘIJȠȣʌȡȠȧȩȞIJȠȢșĮȝİȚȦșİȓ
 ȋȡȘıȚȝȠʌȠȚȒıIJİIJĮʌȜȒțIJȡĮ7LPHU2QțĮȚ
7LPHU2IIıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠȖȚĮȞĮİʌȚȜȑȟİIJİ
IJȘȞİʌȚșȣȝȘIJȒȫȡĮİȞİȡȖȠʌȠȓȘıȘȢțĮȚ
ĮʌİȞİȡȖȠʌȠȓȘıȘȢ
 ȂȘȞIJȠʌȠșİIJİȓIJİĮȞIJȚțİȓȝİȞĮțȠȞIJȐıIJȚȢİȚıȩįȠȣȢ
ȒİȟȩįȠȣȢĮȑȡĮțĮșȫȢȘĮʌȠįȠIJȚțȩIJȘIJĮIJȠȣ
ʌȡȠȧȩȞIJȠȢȝʌȠȡİȓȞĮȝİȚȦșİȓțĮȚIJȠțȜȚȝĮIJȚıIJȚțȩȞĮ
ıIJĮȝĮIJȒıİȚȞĮȜİȚIJȠȣȡȖİȓ
 ȀĮșĮȡȓȗİIJİIJĮijȓȜIJȡĮĮȑȡĮIJĮțIJȚțȐįȚĮijȠȡİIJȚțȐ
ȘĮʌȩįȠıȘIJȘȢȥȪȟȘȢȒșȑȡȝĮȞıȘȢȝʌȠȡİȓȞĮ
ȝİȚȦșİȓ
 ȈʌȡȫȟIJİIJȠʌȓıȦțĮʌȐțȚIJȠȣIJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ǹijĮȚȡȑıIJİIJȚȢʌĮȜȚȑȢȝʌĮIJĮȡȓİȢ
 ȉȠʌȠșİIJȒıIJİįȪȠȞȑİȢȟȘȡȑȢȝʌĮIJĮȡȓİȢ
$$$9țĮȚʌȡȠıȑȟIJİIJȘȞʌȠȜȚțȩIJȘIJĮ
 ȉȠʌȠșİIJȒıIJİıIJȘșȑıȘIJȠȣIJȠʌȓıȦțĮʌȐțȚIJȠȣ
IJȘȜİȤİȚȡȚıIJȘȡȓȠȣ
 ȀĮIJȐIJȘȞĮȜȜĮȖȒIJȦȞȝʌĮIJĮȡȚȫȞȝȘȤȡȘıȚȝȠʌȠȚİȓIJİ
ʌĮȜȚȑȢȒįȚĮijȠȡİIJȚțȠȪIJȪʌȠȣȝʌĮIJĮȡȓİȢįȚĮijȠȡİIJȚțȐ
ȝʌȠȡİȓȞĮʌȡȠțȜȘșȠȪȞʌȡȠȕȜȒȝĮIJĮıIJȠ
IJȘȜİȤİȚȡȚıIJȒȡȚȠ
 ǼȐȞIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠįİȞʌȡȩțİȚIJĮȚȞĮ
ȤȡȘıȚȝȠʌȠȚȘșİȓȖȚĮȝİȖȐȜȠȤȡȠȞȚțȩįȚȐıIJȘȝĮ
ĮijĮȚȡȑıIJİIJȚȢȝʌĮIJĮȡȓİȢțĮșȫȢȠȚʌĮȜȚȑȢȝʌĮIJĮȡȓİȢ
ȝʌȠȡİȓȞĮʌĮȡȠȣıȚȐıȠȣȞįȚĮȡȡȠȒȒįȚȐȕȡȦıȘțĮȚ
ȞĮʌȡȠțĮȜȑıȠȣȞȕȜȐȕȘıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
 ǾįȚȐȡțİȚĮȗȦȒȢIJȦȞȝʌĮIJĮȡȚȫȞȝİțĮȞȠȞȚțȒȤȡȒıȘ
İȓȞĮȚʌİȡȓʌȠȣȑȟȚȝȒȞİȢ
 ǼȐȞIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠįİȞȜİȚIJȠȣȡȖİȓțĮȞȠȞȚțȐ
ĮijĮȚȡȑıIJİțĮȚIJȠʌȠșİIJȒıIJİʌȐȜȚIJȚȢȝʌĮIJĮȡȓİȢ
ǼȐȞıȣȞİȤȚıIJİȓȘȝȘijȣıȚȠȜȠȖȚțȒȜİȚIJȠȣȡȖȓĮ
ĮȞIJȚțĮIJĮıIJȒıIJİIJȚȢȝʌĮIJĮȡȓİȢȝİțĮȚȞȠȪȡȖȚİȢ
ıȣȝȕȠȣȜȑȢțĮȚʌȜȘȡȠijȠȡȓİȢ
  • Page 1 1
  • Page 2 2
  • Page 3 3
  • Page 4 4
  • Page 5 5
  • Page 6 6
  • Page 7 7
  • Page 8 8
  • Page 9 9
  • Page 10 10
  • Page 11 11
  • Page 12 12
  • Page 13 13
  • Page 14 14
  • Page 15 15
  • Page 16 16
  • Page 17 17
  • Page 18 18
  • Page 19 19
  • Page 20 20
  • Page 21 21
  • Page 22 22
  • Page 23 23
  • Page 24 24
  • Page 25 25
  • Page 26 26
  • Page 27 27
  • Page 28 28
  • Page 29 29
  • Page 30 30
  • Page 31 31
  • Page 32 32
  • Page 33 33
  • Page 34 34
  • Page 35 35
  • Page 36 36
  • Page 37 37
  • Page 38 38
  • Page 39 39
  • Page 40 40
  • Page 41 41
  • Page 42 42
  • Page 43 43
  • Page 44 44
  • Page 45 45
  • Page 46 46
  • Page 47 47
  • Page 48 48
  • Page 49 49
  • Page 50 50
  • Page 51 51
  • Page 52 52
  • Page 53 53
  • Page 54 54
  • Page 55 55
  • Page 56 56
  • Page 57 57
  • Page 58 58
  • Page 59 59
  • Page 60 60
  • Page 61 61
  • Page 62 62
  • Page 63 63
  • Page 64 64
  • Page 65 65
  • Page 66 66
  • Page 67 67
  • Page 68 68
  • Page 69 69
  • Page 70 70
  • Page 71 71
  • Page 72 72
  • Page 73 73
  • Page 74 74
  • Page 75 75
  • Page 76 76
  • Page 77 77
  • Page 78 78
  • Page 79 79
  • Page 80 80
  • Page 81 81
  • Page 82 82
  • Page 83 83
  • Page 84 84
  • Page 85 85
  • Page 86 86
  • Page 87 87
  • Page 88 88
  • Page 89 89
  • Page 90 90
  • Page 91 91
  • Page 92 92
  • Page 93 93
  • Page 94 94
  • Page 95 95
  • Page 96 96
  • Page 97 97
  • Page 98 98
  • Page 99 99
  • Page 100 100
  • Page 101 101
  • Page 102 102
  • Page 103 103
  • Page 104 104
  • Page 105 105
  • Page 106 106
  • Page 107 107
  • Page 108 108
  • Page 109 109
  • Page 110 110
  • Page 111 111
  • Page 112 112
  • Page 113 113
  • Page 114 114
  • Page 115 115
  • Page 116 116
  • Page 117 117
  • Page 118 118
  • Page 119 119
  • Page 120 120
  • Page 121 121
  • Page 122 122
  • Page 123 123
  • Page 124 124
  • Page 125 125
  • Page 126 126
  • Page 127 127
  • Page 128 128
  • Page 129 129
  • Page 130 130
  • Page 131 131
  • Page 132 132
  • Page 133 133
  • Page 134 134
  • Page 135 135
  • Page 136 136
  • Page 137 137
  • Page 138 138
  • Page 139 139
  • Page 140 140
  • Page 141 141
  • Page 142 142
  • Page 143 143
  • Page 144 144
  • Page 145 145
  • Page 146 146
  • Page 147 147
  • Page 148 148
  • Page 149 149
  • Page 150 150
  • Page 151 151
  • Page 152 152
  • Page 153 153
  • Page 154 154
  • Page 155 155
  • Page 156 156
  • Page 157 157
  • Page 158 158
  • Page 159 159
  • Page 160 160

Electrolux EPI12NLIWI Kullanım kılavuzu

Kategori
Split sistem klimalar
Tip
Kullanım kılavuzu