1. No category

FH[ OKJKNIP OKJTP YZ .LNFPN \K[DZ OKN[C OK[KDZPG
.ONKC[C BN
?LKENKN OD IG\KRF NT WKNPP \KKF ,CNF NT EK OT
KR[F ,QG[BZF NDTPFP OKZCI ,KN[ FIV[P KRC K\I\KR
,KRC OD GPM ,IG\KRF \B TXCN FRK\PP KN[ \CF .K[KN[FG
CG[I ZCKB QF OKKRKTF .CXKK\K OFN[ ZVSPF[ OKRK\PPF
QFKNT ZGP[ :KRPP OK[YCP ONGM ORKIN BNG OEBN ZYKG
OKSIKK\P QMB GRIRB .LN[ OKKRKTF NT ZPG[ F\B[ GPM
\GNGNT[ QKCFN LKZX \BH NMCG .IG\KR NMN [EGY \EZIC
\GNY\ SVB N[ F[KD LG\P BC[ KP .KBGGN \GTVG\ TKVGFN
ZKMHFN CG[I NKCYPC .GHM \GBKXP QKB .IG\KR F[TK BN[
.\K\GTP[P FZGXC GNNM\[F \GJK[FG KIG\KRF ZK[MPF[
,IG\KRF KZIBG KRVN \ZVG[PG FFGCD FRICB \NGMK OGKM [K
,OKI\RPF N[ CZ QGKSKR OD USGRCG OKMGCKS TGRPN FNGMK[
GRIRB .OKPKB\PF OKNVGJPF \ZKICG IG\KRF OGZJ FRMF
OKSSFP BNG OKMGCKSN OKETGP[ GNB \B \GFHN OKTEGK
-N 25 QKC OKNSVR CGJG KTGXYP KBGVZ QGMPC .O\GB \GIEN
.OKRGVFP 30% \GCKCSC OKVRP GRIRB .OKRGVFP HGIB 30
OKRGKZJKZYC OKEPGT ORKB[ OKNVGJP \GIEN OKSSFP GRRKB
OKNVGJP \GIEN YEFF NT EBP FNY GRN[ EKF .IG\KRN
.\KCZP FINXF IKJCFN FETGRG IG\KRN OKPKB\P ORKB[
OKPKB\P OKJRKKXV Z\BN \NGMKF OT NGEDF QGKSKRF
\GTKC[ \B OKNKEDPG IG\KRF KZIB OKMGCKSF \B OKRKJYP
.OKNVGJPF N[ QGXZF
łåòØø àöîð ïºØä
äåÆâä íØłôåô÷øîä
?íìåòÆ
KGXP OKKVY[P \ZSFN ZHKKNF KIG\KR UYKF NBZ[KC
FCZFC FGCDG KBYKZPBF YG[F N[ FPZ F\GBC KSIK QVGBC
OK[GEKI KZIG[ OKNBZ[KF .FVGZKBC \GZIB \GRKEPP
OKR[F [GN[C .OKRGMKS Z\GK NGJKN OKRMGPG \GIGRG
OKZKTX[ LMN FBKCF GNB OKIG\KRC FZMFF \GRGZIBF
ODG \GZICGP \GEKIKN OKNCY\P ZHKKN KNGVKJ GZCT[ OKCZ
K[RBG OKSKKJ .FPGE CXPF C"FZBC .NBZ[KC SKJ KSZGYN
OKC[G OKKVY[P \ZSFN OKIG\KR OKZCGT OKNKTV ZKGGB \GGX
K[RB UNB 120-M O[ GZCT OGKF ET .ZKGGBC BNP EGYV\N
.BCXF K"T ZHKKN KNGVKJ ZKGGB \GGX
TCJP[M ,ZHKKNF KRGMPC JNGC IVR SVG\ KEZIF ZGCKXF
QKCP ,QSKR QC EGE Z"E KZCEN .OKZCD OF CGZF OKZCEF
EIGKPC FGCD ZGTK[ ,ONGTC OKKVY[P \GCKMZPF \GXGCYF
ONXB \G[EYGP OGKC \GCZ \GT[[ ,OKMZCB CZYC BXPR
\C[IR C[IP NGP FBKZY[ QKKXN KBEM .EGPKNNG FBKZYN
FBKZYF KYIZP[ OG[P ZVS LG\P FBKZYP \XPBP \GIV
.Z\GK OKZXY ZVSC
œåçå÷ô íØØðØòÆ
OD[ LMN FBKCF FFGCDF OKPGN[\F \SKZVG \GKGZ[VB
NT OKIGGEP BNG OKTDVR BN OKRGMPF F[Y QG\KP \VGY\C
OD GN[ F[VGIF \GKRMG\C NNGM[ KP .\GNKTVC FJBF
NM \B QGC[IC \IYN LKZX OKKVY[PFP IXR \EKZV
ZCIF GB QM[F N[ OKEGZGF OKZGBK\F .GRBCF[ OKRG\RF
.OKYKVSP BN (\GXKIP NGJR) [EI ONGT FNKD[
Q\KR ,\CXKK\P FKKBZF[M ,KZIB OKPK ZVSP[ QGMR HB
\IB QKTC 6/12 N[ FKKBZN SIKK\P YGIF) DGFRN GNKVB
OKKRKTF K\[C 6/12-G KJZV CMZ LZGXN \KEGYV\ FKKBZM
OKC[ OKKIFG (ECM CMZG \KB[P ,SGCGJGBC FDKFR LZGXN
FHF SGYGV SGYGFF[ O[GZ F[GT .ZFP KE ONGNSPN
\IR[ KP NCB .OKKRKTF \B IGYVN BN FPNG ONGMN OKB\P
TCZ N[ FBXG\ OD ,ZGPBM) \GKGHF \GKVKX OT QMGP K\NC
GPM ,N[MR IG\KRF[ [KDZFN GF[KPN OGZDN FNGMK ZVSP
OKBGZ OF[ OKRTGJ[ 2 SGRKP ZVSP KNTC OK[RB [K[
OKRTGJ[ KXI SGRKP OT OK[RB \PGTN OKKVY[P KNC QKGXP
\K[VR GPXT QKMFN KNC ,(...OKKVY[P KNC OKNGMK BN OF[
BN KBGGN \GTVG\ GB OKJTGP OKCBM OD NKMFN F[Y\K
.\GKGVX BN \GZIB \GKGI\V\F NT ZCEN BN[ ,\GPKTR
OKZVGVY[P BXPR OKR[ OKZ[T EGTC OD[ IKRFN ZKCS
OK[[GI OD LB EIB EXP OKZJYP ,GRKRKC OKMNF\PF
YSTFG FT[ TCZ .JZI\FN GNMGK OF EKP\ .FCKJRZJNBFP
...OFKZGIBP FHF
33 Ł"æøœ æåîœÆ ’à ØøØìø íåØ ïîà𠪜Ø
\GRY\ .G\GB ZGCTN Q\KR BN[ FYE \KRZY N[ US [KG NKDZFP
\GMPSRG ONGTC OKKRKTF KBVGZ NNMN \GTCGYF \GKPGBNRKC
\KRZYF KCGT \B GTCY ,OKZCXR TEKG QGKSKR ,ZYIP NT
F\GB UG[IN KEM ,IG\KRC UGK[F ZPDC ZB[R[ KNBPKRKPF
.\GKGTDVKF OGPKRKPN
äÆØŁðłŁìà ïØàøº
íØØô÷øîì
ªçà çåœØðì œåŁØø Øœø
FPNIFF KCN[N JRKKXVF \B QKMP OD BGF ,USGRC
\GJK[ QGGDP LG\P ZGICN GN Z[VBP[ FP ,\G[[GB\FFG
\GJK[F K\[ .Z\GKC GN FPKB\PC \GPKKYF IG\KRF
.\KRZYF N[ LG\KI KNCG \KRZYF N[ LG\KI QF \GKZYKTF
K"T \KRZYF N[ IJ[F KRV \B OKR[P FRG[BZF FJK[C
FKKR[CG FN[ KRGXKIF OKRVF IJ[C ZHKKNF OT UGK[
K"T FN\P \IK\V ZIBN \KRZYF YPGTC \GCM[C OKNVJP
\GRGZ\K OT FJK[ NM TXCN \GKDGNGRMJ ZVSP [K .LG\KI
\GTRPKFF OT LG\KIF BNN FJK[C .\IB NMN OKRG[
LGZMF LGCKSF \B F[TPN OKNJCP ,QKTC \KDZGZKM FNGTVP
Z\GK LGZB FN[ FPNIFF QPH NCB \KRZYN LG\KIF \NGTVC
ZHKKNF \GTXPBC UGK[F .K\DZEF QVGBC \CXKK\P FKKBZFG
.ZGTF NT FKZDKS \ZXGK[ FKGGMN FPGEF KPGYP TXV ZXGK
[GCIN OKEKVYP (OKPK 3-4) TXVF N[ FPNIFF L[PC
FN OKZ[VBPG \KRZYN FRDF \CM[ \GZXKKPF TDP \G[ET
OGK GN YKXKG UG[IF TXVF NT UTVTK UTVTF[ KNC OKNIFN
.NKNG
\KRZYF N[ FRGKNTF FCM[F \B OKM\GI FKKR[F FJK[C
GPGYPN WFGDPG ZHIGPF OZGP FN\PN ZHKKNF \NGTV KRVN
Z\GK ZXY FN[ FPNIFF QPH .ZHKKNF OT UGK[F \NGTV ZPDC
.Z\GK ZFP \CXKK\P FKKBZFG LG\KIF KNC FJK[FP
Œåœçì íØôتòî Øœî
?àì Øœîå
KNTCNG ZKES BN FRCP KNTC ,FYE \KRZY KNTC OKNVGJPN
FXGZ[ KP .\KRZYF LG\KIP TRPKFN WNPGP OKFGCD OKZVSP
ZXY FPNIF QPHN YGYHG OKKRKTC KGZKDP GB CBMP TRPKFN
OKNVGJP OKZIGC LG\KI BNN FJK[C .LG\KIC ZICK[ Z\GK
\GNGMKF KBGGN \GTVG\G OKRGMKS ,OKMGCKSP OK[[GIF
ZVSPP OKEZJGP \GIV[G FPXT LG\KIF \NGTVP OZDKFN
C[I\FC .IG\KRF ZIBN[ CBMF CYT \GIGR KB N[ OKPK
I\RPF ,OKNVGJPF \GRGXZCG FPB\FF \YKEC KRG\RC
QKKET .I\RN FJK[ FHKBC FJNIFF EIKC OKNCYP NVGJPFG
OKIG\KRF CGZ \B OKGGFP \KRZYF N[ LG\KI OT OKIG\KRF
LG\KIF KMGCKSP [[IF NCB OGKM ONGTC ZHKKNF KIG\KR N[
Z\GK FCZFN FKKR[F FJK[C OKIG\KRF \B LVF GPXT
N[ YIZPC CGZNG ,M"EC .FDZEFC FNGT OZVSPG OK[YGCP
\GFH IG\KRF KZIB FKKBZF \GEI \RKICP \GBXG\F ,QPH
.\GJK[F K\[C
I"KCC[ ZHKKN KIG\KRN OKKRKTF \BVZP = YKJVGB B\GSBC
OFKZGIBP[ OKYK\G OKBVGZ \NTC B"\C OGN[F B\GSB
OK[P\[P ,OKNVGJP KVNBG OKR[ Z[TP FNTPN N[ QGKSKR
N[ QKTN FJK[F N[ \KVKXVS FPB\FN ork \EIGKP FRMG\C
QVGBC OKKRKTF NMN OKSIKK\P OKNKDZ OKNGVKJC .I\GRPF
\TKCJ GPM OEBN OEBP FRG[ QKTF \KRZY[ \GZPN FGG[
-C\PF FKKBZF \GMKB NT OKTKV[P GNNF OKKGRK[F .TCXB
.OKTCXN \G[KDZC FEKZKG OKZGGRKS ,FKBZ K\GGKTC \BJ
GNNF OK\GGKTF \B KVBZD QVGBC \JJZ[P OFKEKC[ FRMG\F
ZK[MPN C[IGPP KVZD QGZMKH SKJZM D"T OKZCTGP OFG
OKKEGIKKF OKBXPPF K"T LZEGP Q\KR[ ZHKKNF NGVKJ .ZHKKNF
.Z\GK FFGCD FKKBZ \GMKB YKRTPG QKT NM N[
íØçªð íØðåôäî íØæåçà 30
?\GPDEFFG OKZCSFF CN[C OKJZI\P[ OK[RB [K
TEKPF \B GNMKT[ KZIB OKC[ OCGZ NCB GNBM [K
?KEP FYE ZGYPC \KRZYF OB FP
Q\KR .ZHKKN IG\KR ZGCTN NMGK BN FYE \KRZY OT ENGR[ KP
QGMKS KNC FYE \KRZY OT JY[C QYEHFNG OGN[C \GKIN
K\NC BGF FHM CXPC KDZGZKMF LKNFF NCB OKKRKTC FTKDVN
FGCD ZVSP QKCN FYE \KRZY QKC CGNK[F OK\KTN .KZ[VB
ZVSP OT OEB :FPDGEN .IG\KRF OGKY \B Z[VBP BN[ BGF
OTJ QKB OKZVSP 5 \EZGFN YZ FYKVSP GN[ \KRZYF[ -10
!IG\KRF \B ZGCTK[
?IG\KRN OKB\P BN EGT KP
KZIB OKND\P[ \KRZYF N[ QKY\ BN FRCP KNTC OK[RB
\GKRVGD \GNIPG OKKRKT \GNIP OD .\KRZY KGVKP \MKZT
BN QGSKIF \MZTPC GB ZGCKIF \GPYZC \GTDGVF \GRG[
FKF\ BN \KRZYF \PNIF[ OG[P ,IG\KRF TGXKC \GZ[VBP
CKXK BN ZVSP KNTC OK[RB I\RN B"B ,USGRC .FCGJ
FR[ ET QK\PFN OKCKKI OF .FRGZIBC OKKVY[P GVKNIF[
OKIG\KRF \NI\F QPH[ FCKSF GH .OKKGRK[ QKB[ BEGGN KEM
\B \PKKSP QKTFG CXKK\P ZVSPF[M FNTPG 18 KBNKDC BGF
.FN[ \GN[CF \VGY\
íØØìàîØðØî íغåÆØæ
?IGJC IG\KRF FPM ET
ZIB IG\KR NM GPM NCB KJPSGY IG\KRC ORPGB ZCGEP
IG\KR QKB .FJG[V GB FIKRH FNGTV NBM GKNB SIKK\FN B"B
.GN[ OKNGYK[F \B F[TK NVGJP NMG OKRGMKSG OKMGCKS BNN
NM G[TK[ OKZIB [KG OFKVY[P OT OGN[C OKKI[ GNBM [K
GN[ OKKVY[PF OT OGN[C FKIK[ KP .OFP ZJVKFN KEM ZCE
EGDKRC[ ZPGN YZ NGMK KRB .O\ZSFN IG\KR \G[TN LKZX GRKB
IG\KRF N[ KBGGNF \GTVG\ ,OKPTVN OKCCG\SP[ OKZGVKSN
,Z\GKC ECMF ET NYF QP KNNMF OKMGCKSF UYKF .EBP \GRJY
FZHI GB FKKBZF [GCK[ ETG OKEGZKD ,OKKRKTC [CGKC NIF
OKRJY OKHGIBC .3%-4% \GCKCSC GNGM TR ,OKZVSP N[
KZIB GRPP YNI N[ GB ZVSPF N[ FZHI \PKKY OFC EBP
ET CYTP LGZTNG OKRGYK\ TXCN Q\KR ,Z\GKG OKK\R[-FR[
KCKJYKKCGS BGF FPNIFF LKNF\ OD .CXKK\P ZVSPF[
[KG Z\GK FCZ \GNYC G\GB OKZCGT[ OKJRKKXV [K .EBP
CG[I NCB .IG\KRF ZIBN CBMP JTP OKNCGS[ GNBM
FPNIFF LNFP \B OFKNT NYFN \GRGZ\V [K[ ZKFCFN
.IG\KRFP
œåØìàØł àì œåØôØöäøº
BKF ZHKKNF KIG\KRC \KZYKTF FKTCF ,QSKR QC Z"E \TEN
ZSGI ZYKTCG \GBKXPF QKCN \GKVKXF QKC KNBKZ K\NC ZTV
OKTEGK M"M BN OK[RB .IG\KRF OGZJ \YVSP FZCSFG FRMF
GNBN .GKZIBG IG\KRC OFN KGVX FP .OKMNGF OF FP \BZYN
OKEPGT OF[ OKIGJC OYNI .\GVXN OKMKZX OF \GTVG\
OF .O\GB YVSP BN ZVSP TCZ N[ ZTV ODG \KRGKC QKT NCYN
FINXFN C[IR[ \GPN[ ZSGIP OKXGZP BN \GKFN OKNDGSP
N[ OKEYPF CN[F NT Z\GGP BN BGF[ FCKSF GH .FNGED
FGGI NVGJP NM .JSKZJPGJVGBF OT UG\K[C \GKXNGPKS
FBZK LKB YGKEC GN \GPEPF \GKI \GPDEF IG\KRF KRVN
.G\GB GGNK \G[DZF GNBG OKMGCKSF GKFK FP ,IG\KRF KZIB
GN FBZPG JSKZJPGJVGBF NXB JRKKXVF \B CK[GP KRB"
= "IG\KRF KZIB FBZ\ LMG LM FRJYF L\C NIZC [PP
\IB QKTC CGZYN QGYK\N YGYH BGF OB" = QSKR QC Z"E ZB\P
FBXG\F FKF\ FP GN OKPKDEP FKKR[ QKTC YGIZN QGYK\NG
Z[VB .FBXG\F \B ZV[N \GRPEHF GN \\N KEM QKT NMC
NT \ZVG[P Z\GK FKF\ YGIZP FKBZF[ DGBEN N[PN
OKKVY[P LZE IG\KRF KRVN JKCP NVGJPF .CGZYF QGC[I
IG\KRF KZIB GN FKFK[ EGYV\FP O[Z\FN GN OKZ[VBPF
."GKNT G\TE \GGING