Upload
sette-alessandro
View
28
Download
0
Embed Size (px)
DESCRIPTION
This bibliography has been compiled in the course of undertaking studies of albanian society in inter-war period, mostly using sources outside Albania. Its purpose is to be a practical tool. It informs researchers about a sizeable proportion of the pubblications that exist and indicates locations where they have been found.
Citation preview
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
%DVUL%H\'=/HPRQGHRULHQWDOHWODYHQLUGHODSDL[UGUHYLVHGHG3DULV3HUULQ GH%DVULEHJ'XNDJMLQ/$OEDQLHLQGpSHQGHQWHHWOHPSLUHNKDOLIDO2WWRPDQ3DULV3HUULQ%DVULEHJ'/RULHQWGpEDONDQLVpHW$OEDQLH3DULV%DWHV07KHVHDVRQDOGLVWULEXWLRQRI$QRSKHOLQHPRVTXLWRHVLQWKHYLFLQLW\RI7LUDQD5LYLVWDGL0DODULRORJLD6H] /6+70%HOO($,WDOLDQVSURFHVV$OEDQLDQKHDY\RLOWRDYLDWLRQJDVROLQH2LO:HHNO\%HQDQWL)UDQFR/DJXHUUDSLXOXQJD $OEDQLD ;%1R.%HQVRQ+RQ(7KHRGRUD57KHXQDPELWLRXVMRXUQH\ G%HUDWWL'/DTXHVWLRQDOEDQDLVH3DULV %1R-%HUDWWL'/$OEDQLH/([SDQVLRQ%HOJH%UXVVHOV)HE%pULG]p&KDOYD%LEOLRJUDILHIUDQFHVHGHOO$OEDQLD1DSROL7LSRJU)9ROSLFHOOL %1R43LqFH%HUQDW]LJ+(LQH5HLVHGXUFK$OEDQLHQ9LHQQD%HUQDW]LN+XJR$GROI(XURSDVYHUJHVVHQHV/DQG:LHQ6HLGHO H%HUQDW]LN+XJR$GROI$OEDQLHQ'DV/DQGGHU6FKNLSHWDUHQ$XIODJH:LHQ6HLGHO K%HUWKHORW&K/DSURGXFWLRQGHVXSHUFDUEXUDQWVHWGHVXSHUOXEULILDQWVHQ,WDOLHSDUK\GURJpQDWLRQGHSpWUROHG$OEDQLH*pQLH&LYLO%HUWRWWL(/DQRVWUDVSHGL]LRQHLQ$OEDQLD0LODQR8QLWDV%H\3HWHU/HVVRUG$OEDQLH/D0pGLWHUUDQpHYRO9IHE%LDQFRQL)/DTXHVWLRQHDOEDQDLVH3DULV O%LOOLD/RUHQ]R0*UHFLDH$OEDQLD GG%LQGRQL0DULR6DJJLRGLFRQWUROOHLJLHQLFRVXOODWWHDOLPHQWDUHGLVWULEXLWRQHOODFLWWjGL7LUDQD7LUDQD7LS/XDUDVL%LQGRQL0DULR,Q$OEDQLD%HUJDPR7LS6FXROH3URIHVVLRQDOH%1,+%LUJH-RKQ.LQJVOH\7KH%HNWDVKLRUGHURI'HUYLVKHV/RQGRQ/X]DF G%ODNH0(FRQRPLFFRQGLWLRQVLQ$OEDQLDVXSSOHPHQWWR&RPPHUFH5HSRUWV86'HSWRI&RPPHUFH7UDGH,QIRUPDWLRQ%XOOHWLQ1R:DVKLQJWRQ%XUHDXRI)RUHLJQDQG'RPHVWLF&RPPHUFH $6%ODQF$QGUp/pYROXWLRQFRQWHPSRUDLQHGHODYLHSDVWRUDOHHQ$OEDQLHPpULGLRQDOH5HYXHGH*pRJUDSKLH$OSLQH/,%ODQG:LOOLDP$OEDQLD2[IRUG&OLR3UHVV %ULWLVK/LEUDU\5HDGLQJ5RRP%ROGULQL06XOODQWURSRORJLDHODGHPRJUDILDGHJOLDOEDQHVLLQ'HPDULD*LRYDQQL0DUFHOOR%ROGULQL*LRYDQQL/RUHQ]RQL)HUGLQDQGRGL)HQL]LR/LEHUR/HQWL)LOLSSR7DMDQL*LQR%RUJDWWD*LXVHSSHGL1DUGL3ULQFLSLLGLHFRQRPLDDOEDQHVH3DGRYD&HGDP %1,.
%RQGLROL3LR$OEDQLD4XLQWDVSRQGDG,WDOLD0LODQR&HWLP D62,GH%RQR(/RUJDQL]]D]LRQHEDQFDULDHPRQHWDULD /DILQDQ]DVWDWDOH /RSHUHSXEEOLFKH1XRYD$QWRORJLDIDVFRPDJJLR33F%RUJDWWD*/HFRQRPLDDOEDQHVHHODFROODERUD]LRQHGHOO,WDOLD1XRYD$QWRORJLD 33F%RUJDWWD*0RQHWDHFUHGLWRLQ$OEDQLDLQ'HPDULD*LRYDQQL0DUFHOOR%ROGULQL*LRYDQQL/RUHQ]RQL)HUGLQDQGRGL)HQL]LR/LEHUR/HQWL)LOLSSR7DMDQL*LQR%RUJDWWD*LXVHSSHGL1DUGL3ULQFLSLLGLHFRQRPLDDOEDQHVH3DGRYD&HGDP %1,.%RVHOOL*XLGR,O ODYRURLWDOLDQRLQ$OEDQLD8QLYHUVR)LUHQ]H%RXUFDUW-/$OEDQLHVRQDYHQLUpFRQRPLTXH)UDQFHHW2ULHQWPDUV%RXUFDUW-/2HYUHGHOD)UDQFHHQ$OEDQLH*pRJUDSKLH$F%RXUFDUW- /$OEDQLHHWOHV$OEDQDLV3DULV%RVVDUG GH%1-%RXUFDUW-/DSRSXODWLRQGHO$OEDQLH*HRJUDSKLH $F%RXUFDUW-/HVFRQILQV$OEDQDLVDGPLQLVWUpVSDUOD)UDQFH&RQWULEXWLRQjODJpRJUDSKLHHWODJpRORJLHGHO$OEDQLHPR\HQQH5HYXHGH*pRJUDSKLH 3SE%RXVTXHW*+1RWHVXUOHVUpIRUPHVGHO,VODP$OEDQDLV5HYXHGHV(WXGHV,VODPLTXHV&DKLHU,933GDE%UDXHU$60.|QLJGHU$OEDQHU'LSORPDWHQ=HLWXQJ%HUOLQ%UHLWXQJ5'LH:LUWVFKDIW1LHGHUDOEDQLHQVXQGLKUHJHRJUDSKLVFKHQ%HGLQJXQJHQ'LVV-HQD%UHX-RVHI'DV:DFKVWXPGHU6WlGWH$OEDQLHQV0LWWHLOXQJHQGHUgVWHUUHLFKLVFKHQ*HRJUDSKLVFKHQ*HVHOOVFKDIW%ULGJH)5HG$XVWUR+XQJDULDQ'RFXPHQWVUHODWLQJWRWKH0DFHGRQLDQ6WUXJJOH7KHVVDORQLNL,QVWLWXWHIRU%DONDQ6WXGLHV3XEOLFDWLRQ1R%ULVVDUG'HVPDOOHW-/DSpWUROHGHO$OEDQLH5HYXHpFRQRPLTXHIUDQoDLVHDYULO%UXFDWR*,OFRPPHUFLRLWDORDOEDQHVHHOHVSDQVLRQHJUHFDLQ$OEDQLD/LOOXVWUD]LRQHFRORQLDOHQ%XFKEHUJHU&DUO(ULQQHUXQJHQDXVPHLQHQDOEDQLVFKHQ-DKUHQ6WXGLD$OEDQLFD1RVLF%XULOHDQX&RQVWDQWLQR1,5RPHQLGL$OEDQLD J%6&0%XVFK=DQWQHU5LFKDUG=XU6LHGOXQJVJHRJUDSKLHVGRVWDOEDQLHQV0LWWHLOXQJHQGHU*HRJUDSKLVFKHQ*HVHOOVFKDIW0XQFKHQ $F%XVFK=DQWQHU5LFKDUG'LH6HNWHGHU%HNWDVFKLLQ$OEDQLHQ3HWHUPDQQV*HRJUDSKLVFKH0LWWHLOXQJHQ%XVFK=DQWQHU5LFKDUG%HLWUlJH]XU:LUWVFKDIWVJHRJUDSKLH$OEDQLHQV(UGHXQG:LUWVFKDIW%UDXQVFKZHLJ 62,6%XVFK=DQWQHU5LFKDUG$JUDUYHUIDVVXQJXQG$JUDUUHIRUPLQ$OEDQLHQ%HULFKWHEHU/DQGZLUWVFKDIW1) 0$))
%XVFK=DQWQHU5LFKDUG7VFKLIWOLNZHVHQXQG=DGUXJDLQ6GRVWHXURSD9LHUWHOMDKUVFKULIWIU6R]LDO XQG:LUWVFKDIWVJHVFKLFKWH 3SKDG%XVFK=DQWQHU5$JUDUYHUIDVVXQJXQG6LHGOXQJLQ6GRVWHXURSD%HLKHIWH]XU/HLS]LJHU9LHUWHOMDKUVVFKULIWIU6GRVWHXURSD+9,,,%XVFK=DQWQHU5LFKDUG$OEDQLHQ1HXHV/DQGLP,PSHULXP/HLS]LJH&*,QFKLHVWDVXOO$OEDQLDOHEDVLGHOOLQGHSHQGHQ]DDOEDQHVH5HOD]LRQLLQWHUQD]LRQDOL0LODQR0D\&*/DVLWXD]LRQHSROLWLFRPLOLWDUH5HOD]LRQLLQWHUQD]LRQDOL0LODQR-XQH&+**UHHNFODLPVLQ6RXWK$OEDQLD7KH:RUOG7RGD\&DOPqV$7KHHFRQRPLFDQGILQDQFLDOVLWXDWLRQRI$OEDQLD*HQHYD/HDJXHRI1DWLRQV 81U&DQLJOLD%HQHGHWWR,WDOLDH$OEDQLDRWWREUH DJRVWR6WXGLRVWRULFRSROLWLFRHFRQRPLFR;%6&0&DSSV(*UHHFH$OEDQLDDQG1RUWKHUQ(SLUXV&KLFDJR(VVD\VRQ:RUOG+LVWRU\DQG3ROLWLFV1R&KLFDJR$UJRQDXW D%/3(6'$>63(&@%1-3LqFH&DUDSDQRV$O&0p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
7KH&LDQR'LDULHV7UDQVODWLRQDQGQRWHV$QGUHDV0D\RU/RQGRQ0HWKXHQ7KH&LDQR'LDULHV(GLWHGE\0DOFROP0XJJHULGJH/RQGRQ+HLQHPDQQ&LDQRV'LSORPDWLF3DSHUV7UDQVODWLRQ6WXDUW+RRGHG0DOFROP0XJJHULGJH/RQGRQ2GKDPV&OD\HU1DWKDOLH/$OEDQLHSD\VGHVGHUYLFKHVOHVRUGUHVP\VWLTXHVPXVXOPDQHVHQ$OEDQLHjOpSRTXHSRVWRWWRPDQH%DONDQRORJLVFKHV9HU|IIHQWOLFKXQJHQ%G:LHVEDGHQ+DVVHUW ;&RGUHVFR'U)/DYLHpFRQRPLTXHG$OEDQLH/HV%DONDQV-DQ)HE&RGUHVFR'U)/HVSRVVLELOLWpVGHVpFKDQJHVFRPPHUFLDX[HQWUHOD5RXPDQLHHWO$OEDQLH5RXPDQLH1RXYHOOH%XFDUHVW)HE&RORQQDGL&HVDUR*LRYDQQL$/,WDOLDQHOOD$OEDQLDPHULGLRQDOH1RWHHGRFXPHQWLDDD%6&0&RPLWpFHQWUDOGHO(SLUHGX1RUG/DTXHVWLRQGHO(SLUHGX1RUG$WKqQHV%13LqFH'0RQ&RPLWpFHQWUDOGHO(SLUH GX1RUG1RWHELEOLRJUDSKLTXHGHVPHPEUHVGHODGpOpJUDWLRQGXFRPLWpFHQWUDOHGHO(SLUHGX1RUG$WKqQHV%13LqFH'0RQ&RPPLVVLRQ,QWHUQDWLRQDOHSRXUODGpOLPLWDWLRQGHODIURQWLqUHPpULGLRQDOHDOEDQDLVH3URFqVYHUEDX[GHOD&RPPLVVLRQLQWHUQDWLRQDOHSRXUODGpOLPLWDWLRQGHODIURQWLqUHPpULGLRQDOHDOEDQDLVH>RRVpDQFHVRFWREUH GpFHPEUH@)LUHQ]H7LS%DUEpUD$OIDQLH9HQWXUL%1R*Z&RQRYHU+HOHQ)7KH%DONDQV$VHOHFWHGOLVWRIUHIHUHQFHV9RO,,,$OEDQLD:DVKLQJWRQ/LEUDU\RI&RQJUHVV'LYLVLRQRI%LEOLRJUDSK\1R,9GH&RQVWDQW(VWRXUQHOOHV(PLOH.DKQ/$OEDQLHHWODSDL[GHO(XURSHSS3DULV/LJXHGHV'URLWVGHO+RPPHHWGX&LWR\HQ&RQVWDQWLQRSRXORV'HPHWULRV=XU1DWLRQDOLWlWHQIUDJH6GRVWHXURSDV(LQHUHFKWVVR]LRORJLVFKH8QWHUVXFKXQJGHUJULHFKLVFKH0LQGHUKHLWLQ$OEDQLHQDOV9RUDXVVHW]XQJLKUHUY|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qFHGHYDQWOD&RQIpUHQFHGHOD3DL[3DULV,PSULPHULHVSpFLDOH %1R-3LqFH
'XND)HULW/DUpDOLWpHWKQLTXHGH'URSXOOGDQVOHVVRXUFHVKLVWRULTXHVGX;9,HVLq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pVRUDX[HWGRFXPHQWV&RXUSHUPDQHQWHGHMXVWLFHLQWHUQDWLRQDOH6pULH$%)DVF1R6p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
'H)ODYLLV3'DOOHPXODWWLHUHDOEDQHVLDOOHVWUDGHLWDOLDQH/H9LHG,WDOLDQ)RRWPDQ'DYLG%DONDQKROLGD\/RQGRQ+HLQHPDQ H)RUEHV1$-7R\QEHH'0LWUDQ\'*+RJDUWK7KH%DONDQV2[IRUG&ODUHQGRQ)RUVWHU$OEUHFKW,WDOLHQV6WHOOXQJLQ$OEDQLHQ([WUDFWRI9RONXQG5HLFK2FW)RVWHU)UDVHU-RKQ3LFWXUHVIURPWKH%DONDQV G)R[)UDQN7KH%DONDQSHQLQVXOD/RQGRQ HHH)UDQJXOLV$QWRLQH)/(SLUHGX1RUGGHYDQWOD&RQIpUHQFHGHOD3DL[0pPRLUHVXUOHVFRQVWDWDWLRQVIDLWHVHWOHVGpFLVLRQVSULVHVSDUOHVSXLVVDQFHVDOOLpVHWDVVRFLpHV3DULV %/3(6)2/,2I'*>63(&@)UDQJXOLV$0HPRLUHVVXUO$OEDQLH$WKqQHV)UDQV37KHUHIXJHHVHWWOHPHQWLQ*UHHFH/RQGRQ)UDVFKHUL6DPL%H\:DVZDU$OEDQLHQZDVLVWHVZDVZLUGHVZHUGHQ"/HLS]LJ)UDVKsUL6DPL6KTLSsULDoNDTHQsosVKWsHoGRWsEsKHWs7LUDQD1DLP)UDVKs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oR3DQGL"/pYROXWLRQXUEDQHHQ$OEDQLHGDQVVHVSULQFLSDX[DVSHFWVSHQGDQWOH;;VLqFOH,,,H&RQJUqV,QWHUQDWLRQDOG(WXGHVGX6XG(VW (XURSpHQ0QFKHQ6*HQWLO(8QPLVVLRQVFLHQWLILTXHHQ$OEDQLH/D*pRJUDSKLH$F*HRUJHYLWFK9DGDQ'LH$OEDQHVHQXQGGLH*URPlFKWH/HLS]LJ+LU]HOYRQ*HUVWQHU2WWR$OEDQLHQ:LHQ/HLS]LJ:LOKHOP%UDXPOOHUL*LDQQLQL$/DTXHVWLRQHDOEDQHVHDOODFRQIHUHQ]DGHOOD3DFH1DSROL*LDQQLQL$/DTXHVWLRQDOEDQDLVH5RPD$QRQLPD5RPDQD(GLWRULDOH
*LDQQLQL$PHGHR/DIRUPD]LRQHGHOO$OEDQLD5RPH$QRQLPD5RPDQD(GLWRULDOH*LDQQLQL$PHGHR/$OEDQLDGDOOLQGHSHQGHQ]DDOOXQLRQHFRQO,WDOLD0LODQR,VWLWXWRSHUJOL6WXGLGL3ROLWLFD,QWHUQDWLRQDOH DQD%/3(6'5* 0QFKHQ*LDUDWDQD$,SHWUROLG$OEDQLD/DWHFQLFDIDVFLVWD,XJOLR*LOHV)/%RXQGDU\ZRUNLQWKH%DONDQV*HRJUDSKLFDO-RXUQDO*LRUJL&HVDUH$OEDQLDYHFFKLDHQXRYD5RPH8QLYHUVDOLWj)DVDLVWD*LXIIUHGR5XJJHUL9DODFFKLGHOO$GULDWLFR5LYLVWDLWDOLDQDGL6RFLRORJLD;;*LXOLDQL6DQGUR$VVHVWDPHQWRHULQRVFLWDGHOO$OEDQLD0LODQR3RSROLG,WDOLD*MLND6/RVWDWRDWWXDOHGHOOHVFXROHLQ$OEDQLD/(XURSD2ULHQWDOHL*MLND6/LVWUX]LRQHSXEOLFDLQ$OEDQLD/(XURSD2ULHQWDOH*ODVJRZ*HRUJH7KH-DQLQDPXUGHUVDQGWKHRFFXSDWLRQRI&RUIX/RQGRQWKH$QJOR+HOOHQLF/HDJXHQR&RQWDLQVUHSRUWRIWKHLQYHVWLJDWLRQRIWKH,QWHU$OOLHG&RQWURO&RPPLVVLRQLQ(SLUXV E*ODVJRZ*,WDO\$OEDQLDDQGWKH0HGLWHUUDQHDQ&RQWHPSRUDU\5HYLHZ 33E*RGDUW-XVWLQ/$OEDQLHHQ/HQTXrWHGHOD6RFLpWpGHV1DWLRQV3DULV38) GH*ROGQHU*$WUDYHUVOHVDOSHVDOEDQDLVHV/H5LVTXH3DULV$SULO*RSFHYLF6SLULGLRQ'DV)UVWHQWXP$OEDQLHVHLQH9HUJDQJHQKHLWHWKQRJUDSKLVFKH9HUKl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
*URWKH+XJR'XUFK$OEDQLHQXQG0RQWHQHJUR HHH*URWKH+XJR'DVDOEDQLVFKH3UREOHP+DOOH*XLFFLDUGLQL),PSUHVVLRQLGL$OEDQLD,1XRYD$QWRORJLD33F*XLFFLDUGLQL),PSUHVVLRQLGL$OEDQLD,,1XRYD$QWRORJLD33F*XLFFLDUGLQL)6HUELDH*UHFLDLQ$OEDQLD1XRYD$QWRORJLDGHF33F*XLFFLDUGLQL)'LVFRUVRVXO$OEDQLD1XRYD$QWRORJLDGHF33F*XLOODXPH$(/DFDUWHDOEDQDLVHHWO,WDOLH(XURSH1RXYHOOH3DULV1RY*X\V+HQUL%LEOLRJUDSKLHDOEDQDLVHGpVFULSWLRQUDLVRQQpHGHVRXYUDJHVSXEOLpVHQDOEDQDLVRXUHODWLIVjO$OEDQLHGHj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qVHGHPpGHFLQH3DULV'RFWRUDWG8QLYHUVLWp1R %1>7K3DULV@+DVVHUW.6WUHLI]JHLQ2EHUDOEDQLHQ9HUKGOG*HVIU(UGNXQGH%HUOLQ+DVVHUW.:DQGHUXQJHQLQ1RUGDOEDQLHQ0LWWHLOXQJHQGHU*HRJUDSKLVFKHQ*HVHOOVFKDIWLQ:LHQ
+DXVHO(:HUNHQQWGLH$OEDQLH'LH:RFKH%HUOLQ2FW+D[KLX)LTUL/pOHYDJHj.XUYHOHVKDXFRXUVGX;,;HVLqFOHHWDXGHEXWGX;;H(WKQRJUDSKLH$OEDQDLVH+HDWKRUQ+HQU\7KH$OEDQLDRI(GZDUG/HDU7KH*HRJUDSKLFDO0DJD]LQH+HFTXDUG+\DFLQWKH+LVWRLUHHWGpVFULSWLRQGHOD+DXWH$OEDQLHRX*XpJDULH G+HUEHUW03+RQ$XEUH\%HQ.HQGLP$UHFRUGRIHDVWHUQWUDYHO/RQGRQ+XWFKLQVRQ I+HVHOWLQH1LJHO6FDUUHGEDFNJURXQG/RQGRQ'LFNVRQ H+HW]HU$UPLQ'HUVRJHQDQQWH.RGH[YRQ%HUDW7HLO,%DONDQ$UFKLY1) q2,+HW]HU$UPLQ*HVFKLFKWHGHV%XFKKDQGHOVLQ$OEDQLHQ;+HW]HU$UPLQ9LRUHO65RPDQ$OEDQLHQHLQELEOLRJUDSKLVFKHU)RUVFKXQJVEHULFKW ;DQGLQIRUPDWLRQGHVN+RFKH2WWR$OV&KLUXUJLQ$OEDQLHQ'HU&KLUXUJ0QFKHQ6062,6+RGHO5-$OEDQLHQ$XI]HLFKQXQJHQYRQ]ZHL5HLVHQ)UDQNIXUWHU=HLWXQJ1U-XQL-XOL1HXH=UFKHU=HLWXQJ1U-XQL-XOL$XJXVW 0QFKHQ6 62,+RGJNLQVRQ+DUU\$OEDQLDQRLO$OEDQLD5RPHYRO 0QFKHQ=+RIIHU&DUO,J2ULHQWLHUXQJEHU$OEDQLHQDOV6LHGOXQJVODQG/HRQGLQJ2|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qYH,QRVWULJLDFLPHQWLSHWUROLIHULGL$OEDQLDHODWWLYLWjSURGXWWLYDGHOO$,3$5DVVHJQDGHJOL ROLLPLQHUDOLS,Q$OEDQLDVHQ]DSDVVDSRUWR5LYLVWDLWDOLDQDGHOSHWUROLRPDJJLR,QHLFKHQ*/DULVRUVHPLQHUDULHGHOO$OEDQLD%ROOHW6RF*HRO,W5RPD,RUJD1HFXODL'LH+XQQHQ$OEDQLHQ H,SSHQ7KY6NXWDULXQGGLHQRUGDOEDQLVFKH.VWHQHEHQH6HUDMHZR
.X.|VWHUU+DQGHOVPXVHXP$OEDQLHQZLUWVFKDIWOLFKH9HUKlOWQLVVH%HULFKWHGHUNXQGN|VWHUUXQJDUNRQVXOlPWHULQ6NXWDUL'XUD]]RXQG9DORQD:LHQ 6
.X.|VWHUU+DQGHOVPXVHXP$OEDQLHQZLUWVFKDIWOLFKH 9HUKlOWQLVVH%HULFKWHGHUNXQGN|VWHUUXQJDUNRQVXOlPWHULQ6NXWDUL'XUD]]RXQG9DORQD:LHQ 6
.DGDUp,VPDsO4\WHWLLMXJXW7UHJLPHGKHUHSRUWD]KH7LUDQs1DLP)UDVKsUL6 0QFKHQ
.DGDUp,VPDsO*MLURNDVWsU /DYLOOHGHSLHUUH3KRWRJUDSKLHVG(WLHQQH5HYDXOW3DULV0LFKDORQ
.DGOHF-RVHI0'LSORPDWLFNpGpMLQ\$OEDQLH H
.DXFN\0LURVODZ0LWWHODOEDQLVFKH6WDGW XQG:LUWVFKDIWVELOGHUsVWHUUHLFKLVFKH0RQDWVVFKULIWIUGHQ2ULHQW 33K
.D\VHU.XUW$OEDQLHQDP6FKHLGHZHJ*HRSROLWLN%HUOLQ$XJ
.HPDO%H\>9ORUD@,VPDLO$OEDQLDDQGWKH$OEDQLDQV7KH4XDUWHUO\5HYLHZ/RQGRQ-XO\33DE
.HPDO%H\>9ORUD@,VPDLO7KHPHPRLUVRI,VPDLO.HPDO%H\HG6RPHUYLOOH6WRU\/RQGRQ&RQVWDEOHJ
.HUFKQDZH+XJRHWDO'LH0LOLWlUYHUZDOWXQJLQGHQYRQGHQ|VWHUUHLFKLVFKXQJDULVFKHQ7UXSSHQEHVHW]WHQ*HELHWHQ:LHQ+|OGHU3LFKOHU7HPSV\$*
.RQWHV%DVLOHLRVF7KH*UHHNVRI1RUWKHUQ(SLUXVDQG*UHHN$OEDQLDQUHODWLRQV$KLVWRULFDOUHYLHZIURPWKH*UHHNHGLWLRQYROYROSS$WKHQV+HVWLD3XEOLVKHUV%RRNVHOOHUV %1- q2,
.RQGLV%DVLO(OHIWKHULD0DQGD7KH*UHHNPLQRULW\LQ$OEDQLD DGRFXPHQWDU\UHFRUG7KHVVDORQLNL,QVWLWXWHRI%DONDQ6WXGLHV$FD>YRO@
.RQLW]D)DLN%H\7KH$OEDQLDQTXHVWLRQ/RQGRQSSF%/3(6-&'
.RQLW]D)DLN%H\$OEDQLD7KHURFNJDUGHQ F%1R-
.RQLW]D0HKPHG%H\0HPRUDQGXPRQ$OEDQLD7KH$GULDWLF5HYLHZ%RVWRQ
.RQWRV-)5HGFURVVEODFNHDJOH$ELRJUDSK\RIWKH$OEDQLDQ$PHULFDQ6FKRRO&ROXPELD8QLYHUVLW\3UHVV;'LH.RQ]HVVLRQHQX(UVFKOLHXQJVDUEHLWHQIU(UG|OLQ$OEDQLHQ3HWUROHXP%HUOLQ:LHQ62,6.|UQHU&KULVWLQH(QWZLFNOXQJXQG.RQ]HSWLRQGHU3UHVVHLQ$OEDQLHQXQGGHUDOEDQLVFKHQ([LOSUHVVH;.|UQHU&KULVWLQH3HWHU%DUWO.DWDORJGHU%LEOLRWKHNGHV$OEDQLHQ,QVWLWXWVH90QFKHQ;.RVWHODQFLN'DYLG-0LQRULWLHVDQGPLQRULW\ODQJXDJHHGXFDWLRQLQLQWHUZDU$OEDQLD(DVW(XURSHDQ4XDUWHUO\ %/3(6%6%.UDO$%LOGGHVQHXHQ$OEDQLHU'LSORPDWHQ=HLWXQJ%HUOLQ-XQHYRQ/DIIHUW*HUWUXG9LHU0RQDWHQLQ$OEDQLHQ GI/DPDUFKH/pRQ('XUKDPHWDO/DTXHVWLRQDOEDQDLVH3DULV/DQFHOORWWL$$OEDQLDGLHULGRJJL5RPD/DQGRU$UQROG+6(YHU\ZKHUH7KHPHPRLUVRIDQH[SORUHU/RQGRQ)LVKHU8QZLQ G/DQH5RVH:LOGHU7KHSHDNVRI6KDOD/RQGRQ&KDSPDQ'RGG FFF/DQJH.ODXV*UXQG]JHGHUDOEDQLVFKHQ3ROLWLN9HUVXFKHHLQHU7KHRULHSROLWLVFKHU.RQWLQXLWlWYG$QIDQJGHUDOEDQLVFKHQ1DWLRQDOEHZHJXQJELVKHXWH0QFKHQ7URIHQLN>3KLO'LVV0QFKHQ@ $RU[ %6%/HDJXHRI1DWLRQV*UHHNUHIXJHHVHWWOHPHQW*HQHYD 81U/HDJXHRI1DWLRQV7KH/HDJXHRI1DWLRQV5HFRQVWUXFWLRQ6FKHPHVLQWKH,QWHUZDUSHULRG(FRQRPLF)LQDQFLDODQG7UDQVLW'HSW*HQHYD/HDJXHRI1DWLRQV'LH'HNODUDWLRQ$OEDQLHQVEHUGHQ0LQGHUKHLWHQVFKXW]%HUOLQ J/HDJXHRI1DWLRQV2IILFLDO-RXUQDO2IILFLDO5HSRUWVRIWKH/HDJXHRI1DWLRQV&RPPLVVLRQRI,QTXLU\ &09,,
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pOLEpUDWLRQVGHOD&RQIpUHQFHGHV$PEDVVDGHXUVDXVXMHWGHODWWULEXWLRQGXPRQDVWqUHGH6W1DRXP&09,,/HIFRSDULGHV;$WUDYHUVO$OEDQLH$WKHQV)ODPPD/HJD*$WWLYLWDGHOOH6WD]LRQLGHOO,VWLWXWRGL0DODULRORJLD(0DUFKLDIDYDLQ$OEDQLD5LYLVWDGL0DODULRORJLD /6+70YDQ/HLVHQ+HUEHUW/HVPLQRULWDLUHVJUHFTXHVHQ$OEDQLH)URQWLqUHV3DULVMDQYLHU/HRQ*HRUJH%*UHHFHDQGWKH$OEDQLDQTXHVWLRQDWWKHRXWEUHDNRIWKH)LUVW:RUOG:DU%DONDQ6WXGLHV/HRQ*HRUJH%*UHHFHDQGWKH*UHDW3RZHUV7KHVVDORQLNL,QVWLWXWHRI%DONDQ6WXGLHV3XEOLFDWLRQ1R/LERKRYD('pFODUDWLRQVXUOHVWDWXWGHO$OEDQLH$FDGpPLH'LSORPDWLTXH,QWHUQDWLRQDOH3DULV1R/LHEHUW($XVGHPQRUGDOEDQLVFKHQ+RFKJHELUJH6HUDMHZR/RJRUHFL$QWRQ$OEDQLD7KH&RQWHPSRUDU\5HYLHZ 33E/RJRUHFL$QWRQ7KH$OEDQLDQV(XURSHVIRUJRWWHQVXUYLYRUV/RQGRQ*ROODQF]/RKU.DUO 'LHY|ONLVFKH0LQGHUKHLWHQ$OEDQLHQV3HWHUPDQQV*HRJUDSKLVFKH0LWWHLOXQJHQ/RKU.DUO6FKHLJHU)UDQ]Y"%HLWUlJHX0DWHULDOHQ]XU6WDWLVWLNGHUQDWLRQDOHQ0LQGHUKHLWHQLQ$OEDQLHQQHEVW$QK%HPHUNXQJHQEHUG$OEDQHVHQLP$XVODQG.LHO0DVFKLQHQVFKU 62,R/RLVHDX&KDUOHV/HVIqWHVGHOLQGpSHQGHQFHDOEDQDLVH(XURSH&HQWUDOH3UDJXH'pF
0pPRLUHVGHV1RUGV(SLURWHVj&RUIRXjOD&RPPLVVLRQGHQTXqWHLQWHUQDWLRQDOHGHOD6RFLpWpGHVQDWLRQV&RUIRX,PSUGH/DQ]DVG,QSQFK>7H[WHGDWp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lJH]XU*HRSK\VLN@%1R63Lq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p0(/7LOOLRQ/HVSD\VGHO(XURSH7RPH,,,3DULV+DFKHWWH %1)RO*0RRUH:LOEHU( $JULFXOWXUDOSRSXODWLRQDQGUXUDOHFRQRP\LQ(DVWDQG6RXWK(XURSH0LOEDQN0HPRULDO)XQG4XDUWHUO\0RRUH:((FRQRPLFGHPRJUDSK\RI(DVWHUQDQG6RXWKHUQ(XURSH*HQHYD/HDJXHRI1DWLRQV 81U0RUR]]RGHOOD5RFFD5REHUWR1D]LRQHHUHOLJLRQHLQ$OEDQLD%RORJQD,O0XOLQR %1*0RUSXUJR/XFLDQR6,Q$OEDQLD1RWHGLYLDJJLRRIISULQW/H9LHG,WDOLDYRO;0RVFKHUUL$/HPLQLqUHLQ$OEDQLD/LQGXVWULD0LQHULDG,WDOLD
S1RSFVD)UY*HRJUDSKLHXQG*HRORJLH1RUGDOEDQLHQV%XGDSHVW$F1RUWKHUQ(SLUXV3URYLVLRQDO*RYHUQPHQW"0HPRUDQGXPRQ1RUWKHUQ(SLUXV%/3(6)2/,2I'*>63(&@1RUULV+7,VODPLQWKH%DONDQV/RQGRQ&+XUVW -.OXWH"@+UVJ6GRVW XQG6GHXURSDLQ1DWXU.XOWXUXQG:LUWVFKDIW3RWVGDP ;1RZDFN('LHSROLWLVFKHXQGZLUWVFKDIWOLFKH/DJH$OEDQLHQV*HRJUDSKLVFKH:RFKHQVFKULIWYRO 62,61RZDFN(UQVW*HRORJLVFKHhEHUVLFKWYRQ$OEDQLHQ,QQVEUFNPLPHR1RZDFN(UQVWXQG+HUEHUW/RXLV5HLVHEHULFKWDXV$OEDQLHQ=HLWVFKULIWGHU*HVHOOVFKDIWIU(UGNXQGH'LH(UGH $F1RZDFN(UQVWXQG+HUEHUW/RXLV5HLVHEHULFKWDXV$OEDQLHQ=HLWVFKULIWGHU*HVHOOVFKDIWIU(UGNXQGH'LH(UGH $F
1XJROL/,OSHWUROLRLQ$OEDQLD/H9LHG,WDOLDQPDJJLR2DNOH\+LOO'DUU\O7KH$OEDQLDQ*HQGDUPHULHDQGLWV%ULWLVK2UJDQL]HUV$OEDQLH3DULV2EHUKXPPHU(XJHQ0RQWHQHJULVFK$OEDQLVFKH:LUWVFKDIWVELOGHUgVWHUUHLFKLVFKH0RQDWVVFKULIWIUGHQ2ULHQW2EHUKXPPHU(XJHQ0RQWHQHJURXQG$OEDQLHQXQWHU|VWHUUHLFKLVFKXQJDULVFKHU9HUZDOWXQJ6RQGHUGUFN0LWWHLOXQJHQGHUNXN*HRJUDSKLVFKHQ*HVHOOVFKDIWLQ:LHQ %/3(6-)'>63(&@ 0622GHVFDOFKL/LYLR3ULQFH$OEDQLHQ(LQ+LOIHUXI DD2]HURYLWFK0/D GL[VHSWLqPHLQVXUUHFWLRQDOEDQDLVH(XURSH&HQWUDOH3UDJXH3DQHWK3KLOLSS*UDXVDPH-XVWL]3SII,P/DQGHGHU6NLSHWDUHQ/HLS]LJ(YD9HUODJ3DSDGDNHV%DVLOHRV3+LVWRLUHGLSORPDWLTXHGHODTXHVWLRQQRUGpSLURWH,QVWLWXWHIRU%DONDQ6WXGLHV3XEOLFDWLRQ$WKHQV$OHYURSRXORV$FD%6%= ,263DVWRUHOOL3LHWUR/$OEDQLDQHOODSROLWLFDHVWHUDLWDOLDQD3XEEOLFD]LRQLGHOOD)DFROWjJLXULGLFDGHOO8QLYHUVLWjGL%DUL1DSROL-RYHQH%/3(6'5,33DVWRUHOOL3LHWUR,WDOLDH$OEDQLD)LUHQ]H%LEO5LY6WXGL3RO,QW %6&03DWVFK&DUO'DV6DQGVFKDN%HUDWLQ$OEDQLHQ6FKULIWHQGHU%DONDQNRPPLVVLRQ$QWLTXDU$EW,,,:LHQ$F3DWVFK&DUO+UVJ=XU.XQGHGHU%DONDQKDOELQVHO+IW HH3DWVFK&DUO$OEDQLHQLQ$QGUHH)UDQ]+HLGHULFK5REHUW6LHJHUHG*HRJUDSKLHGHV:HOWKDQGHOV%G,$XIODJH:LHQ6HLGHO G3HDFRFN:DGKDP$OEDQLDWKH IRXQGOLQJVWDWHRI(XURSH/RQGRQ&KDSPDQDQG+DOO G3HDFRFN:DGKDP7KHIXWXUHRI$OEDQLD)RUWQLJKWO\5HYLHZ0D\33F3pFK%pOD$OEDQLHQ,OO\ULVFK$OEDQLVFKH)RUVFKXQJHQKUVJYRQ-7KDOORF]\,, G3HQW]RSRXORV'7KH%DONDQH[FKDQJHRIPLQRULWLHVDQGLWVLPSDFWXSRQ*UHHFH3DULV>$WKHQV@0RXWRQ;3(3(FRQRPLFGHYHORSPHQWLQ6((XURSH/RQGRQ3HUQDFN+DQV-RDFKLP3UREOHPHGHUZLUWVFKDIWOLFKHQ(QWZLFNOXQJ$OEDQLHQV8QWHUVXFKXQJGHV|NRQRPLVFKHQXQGVR]LR|NRQRPLVFKHQ:DQGOXQJVSUR]HVVHVYRQELVLQGLH*HJHQZDUW6GRVWHXURSD6WXGLHQ0QFKHQ+DPEXUJ3HUULQ%/DSpWUROHG$OEDQLH5HYXHGHVGHX[PRQGHV333%0LF&3HUWHX"%H\/DVLWXDWLRQpFRQRPLTXHDFWXHOOHGHO$OEDQLH5HYXHpFRQRPLTXHDYULO3HWURWWD*DHWDQR/$OEDQLDHJOL$OEDQHVLQHOODSUHVHQWDFULVLEDOFDQLFD>HWF@ ;3HWURWWD*DHWDQR/DTXHVWLRQHHWQLFROLQJXLVWLFDJUHFRDOEDQHVH3DOHUPR
0QFKHQ6%1&)3HWURYLWFK1$OEDQLH/HV9RL[(XURSpHQHV3DULVMXLQ/DSpWUROHDOEDQDLVHSRXUO,WDOLH/HV9RL[(XURSpHQHV3DULVDRW3HWVDOLV'LPLGLV1*UHHFHDWWKH3DULV3HDFH &RQIHUHQFH3XEOLFDWLRQ7KHVVDORQLNL,QVWLWXWHIRU%DONDQ6WXGLHV3KRFDV&RVPHWDWRV63$XOHQGHPDLQGHV*XqUUHV%DONDQLTXHV6LWXDWLRQpFRQRPLTXHILQDQFLqUHHWSROLWLTXHFRPSDUpHGHO$OEDQLHOD%XOJDULHOD*UqFHHWOD6HUELH3DULV3D\RW&R6 0QFKHQ3KRWR%DVLO-7KHKLVWRU\RI1RUWK(SLUXVWKURXJKSRVWDJHVWDPSV&KLFDJR$UJRQDXW %/3(6'&0QFKHQ63LSD$UVKD)DQ1ROLDVDQDWLRQDODQGLQWHUQDWLRQDOILJXUH6GRVWIRUVFKXQJHQ3LSLQHOHV3(XURSHDQGWKH$OEDQLDQTXHVWLRQQGHG&KLFDJR HH3LVWROHVH*(3URVSHWWLYHHFRQRPLFKHGHOODQXRYD$OEDQLD/(FRQRPLD,WDOLDQDIDVF3ROODVWUL)UDQFHVFR$OEDQLDLQFDUWLQH %1&)3ROOR6WHIDQDT$UEHQ3XWR 7KHKLVWRU\RI$OEDQLDIURPLWVRULJLQVWRWKHSUHVHQWGD\/RQGRQ5RXWOHGJH.HJDQ3DXO3RSRYLF$OH[DQGUH/,VODPEDONDQLTXH/HVPXVXOPDQVGXVXGHVWHXURSpHQGDQVODSpULRGHSRVW2WWRPDQHYRO%HUOLQ2VWHXURSD,QVWLWXWDQGHU)UHLHQ8QLYHUVLWlW%DONDQRORJLVFKH9HU|IIHQWOLFKXQJHQ3RSRYLF$OH[DQGUH/DFRPPXQDXWpPXVXOPDQHG$OEDQLHGDQVODSpULRGHSRVW2WWRPDQH=HLWVFKULIWIU%DONDQRORJLH:LHVEDGHQ;,;3UDPSROLQL1/DERQLILFKLGHOO$OEDQLD5LYLVWDGL0DODULRORJLDVH] /6+703UDVFKQLNHU&DPLOOR$6FKREHU$UFKlRORJLVFKH)RUVFKXQJHQLQ$OEDQLHQXQG0RQWHQHJUR6FKULIWHQGHU%DONDQNRPPLVVLRQGHU$NDGHPLHGHU:LVVHQVFKDIWHQLQ:LHQ$QW$EW9,,,3UDVFKQLNHU&DPLOOR0X]DNKLDXQG0DODNDVWUD$UFKlRORJLVFKH8QWHUVXFKXQJHQLQ0LWWHODOEDQLHQ:LHQ$OIUHG+|OGHU$XVGHQ-DKUHVKHIWHQGHVgVWHUUHLFKLVFKHQ$UFKlRORJLVFKHQ,QVWLWXWHV%HLEODWW0QFKHQ62,8%:,,3ULEUDP$)$XVWULDQIRUHLJQSROLF\/RQGRQ$OOHQ8QZLQ 5,,$3ULEUDP$)"7KH6HFUHW7UHDWLHVRI$XVWULD+XQJDU\&DPEULGJH0DVV+DUYDUG8QLYHUVLW\3UHVVYROV5,,$3ULFH&$6RXWKHUQ(XURSHDQVLQ$XVWUDOLD0HOERXUQH2[IRUG8QLYHUVLW\3UHVV G3URFqV9HUEDX[GHOD&RPPLVVLRQ,QWHUQDWLRQDOHSRXUOD)URQWLqUH0pULGLRQDOH$OEDQDLVH)ORUHQFH7LS%DUEHUD$OIDQLH9HQWXUL3URS 5*63XDX[5HQp>@7KHVRUURZVRI(SLUXV>HG$UJRQDXWLQGH[DQGHGLWRUVQRWHE\'U%DVLO3KRWRV@GI3XWR$UEHQFRPSLOHU/DTXHVWLRQDOEDQDLVHGDQVOHVDFWHVLQWHUQDWLRQDX[GHOpSRTXHLPSpULDOLVWH7LUDQD1sQWRUL %/3(6'544XDURQL3'LSORPDWLFEDJV ;
6DYDGMLDQ/HRQ0%LEOLRJUDSKLHEDONDQLTXHGH9RO3DULV D6DYDGMLDQ/HRQ0%LEOLRJUDSKLHEDONDQLTXHGH9RO3DULV D6DYDGMLDQ/HRQ0%LEOLRJUDSKLHEDONDQLTXHGH9RO3DULV D6DYDGMLDQ/HRQ0%LEOLRJUDSKLHEDONDQLTXHGH9RO3DULV D6DYDGMLDQ/HRQ0%LEOLRJUDSKLHEDONDQLTXHGH9RO3DULV D6DYDGMLDQ/HRQ0HG(QF\FORSpGLHEDONDQLTXHSHUPDQHQWH3DULV :36FDVFHOODWL6IDU]ROLQL*,PPLJUD]LRQHGLFRORQLLWDOLDQLLQ$OEDQLD9ORUDlVLF6FKHLJHU)UDQ]Y"%LEOLRJUDSKLH]XPDOEDQLVFKHQ1DWLRQDOLWlWHQSUREOHP0DVFKLQHQVFKU 62,R6FKHLJHU)UDQ]Y'HXWVFKH$UEHLWLQ$OEDQLHQ6WXWWJDUW 62,66FKHLJHU)UDQ]Y'LH:LUWVFKDIWVODJHU$OEDQLHQV(UGHXQG:LUWVFKDIW" 62,66FKHLJHU)UDQ]Y"$OEDQLHQ*HRJUDSKLH%HY|ONHUXQJ*HVFKLFKWH0DQXVNU62,66FKHLJHU)UDQ]Y"'LH$UEHLWGHU|VWHUUHLFKLVFKHQ,QJHQLHXUHLQ$OEDQLHQ0DQXVNU 0DVFKLQHQVFKU 62,R6FKHLJHU)UDQ]Y".|QLJ=RJ(LQELEOLRJUDSKLVFKH6NL]]H0DVFKLQHQVFKU*UD] 62,66FKLSDQL)/RUJDQLVD]LRQHHFRQRPLFDHODWWLYLWjSURGXWWLYDGHOO$OEDQLDSS5RPD7LSGHOOH7HUPH5HSULQWHGIURP5LYLVWDGL3ROLWLFD(FRQRPLFD %1&)6FKPLGW1HNH0LFKDHO(QWVWHKXQJXQG$XVEDXGHU.|QLJVGLNWDWXULQ$OEDQLHQ5HJLHUXQJVELOGXQJHQ+HUUVFKDIWVZHLVHXQG0DFKWHOLWHQLQHLQHPMXQJHQ%DONDQVWDDW6GRVWHXURSlLVFKHQ$UEHLWHQ0QFKHQ2OGHQERXUJ6FKRRODQG6RFLHW\(GXFDWLRQLQ$OEDQLD0D\6FKZDQNH5REHUW:LUWVFKDIWV XQG6R]LDOHQWZLFNOXQJ$OEDQLHQVYRUXQGQDFKGHP-DKUH6GRVWHXURSD-DKUEXFK 3>%G@%/3(66FULYHQ*37KHDZDNHQLQJRI$OEDQLD*HRJUDSKLFDO5HYLHZ6HGOPD\U(&'LH/DQGZLUWVFKDIW$OEDQLHQV,OO\ULVFK$OEDQLVFKH)RUVFKXQJHQKUVJYRQ-7KDOORF]\,,G6HLGHO6LHJIULHG,QGHQ6FKOXFKWHQGHV%DONDQV GI6HLGHQ5XGROI$OEDQLDQILHOGVWRVXSSO\,WDO\:RUOG3HWUROHXP0D\6HLGHQ5XGROI+\GURJHQDWLRQRI$OEDQLDQFUXGHLQ,WDO\:RUOG3HWUROHXP$XJ6HLQHU)UDQ](UJHEQLVVHGHU9RONV]lKOXQJLQ$OEDQLHQLQGHPYRQGHQ|VWHUUXQJDU7UXSSHQEHVHW]WHQ*HELHWHQ6FKULIWHQGHU%DONDQ.RPPLVVLRQ/LQJXLVWLVFKH$EWHLOXQJ%DQG :LHQ/HLS]LJ+|OGHU3LFKOHU7HPSVN\ $F6HOHQLFD7HNL6KTLSULDPsYROV7LUDQs6KW\SVKNURQMD7LUDQDJ6HUHQL$3/HJDOVWDWXVRI$OEDQLD$PHULFDQ3ROLWLFDO6FLHQFH5HYLHZ
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j5GL7RULQR,VWLWXWRSHGLDWULFR6WXGLGHRPRJUDILFLVXOO$OEDQLD0HULGLRQDOH7RULQR %1&)8UEDQ0'LH6LHGOXQJHQ6GDOEDQLHQV7ELQJHUJHRJUDSKLVFKHXQGJHRORJLVFKH$EKDQGOXQJHQ5HLKH+gKULQJHQ 5*69DOHQWLQL*/DPLJUD]LRQHVWUDGLRWLFDDOEDQHVH5LYLVWDG$OEDQLD9DOHQWLQL3*LXVHSSH/DIDPLJOLDQHOGLULWWRWUDGL]LRQDOHDOEDQHVH$QQDOL/DWHUDQHQVL>5RPH@$FL9DOHQWLQL*/DIDPLJOLDQHOGLULWWRWUDGL]LRQDOHDOEDQHVH>SXEOLFE\$VVRFLD]LRQH&DWWROLFD,WDOLDQDSHUO2ULHQWH&ULVWLDQR3DOHUPR@ $FL9DQODQGH5HQp/$OEDQLHVRXVORHLOGH0XVVROLQL3DULV3H\URQQHWGI9DYDNXW*ULJRU,QGXVWULMDHGMDWKLWQsSUHIHNWXUHQH*MLQRNDVWUsV0HQMLVKLNLPWsSsUJMLWKVKsPPEL%XMTVLQGKH%OHJWRULQ7LUDQs6KW\SVKNURQMD1,.$-g1%%9HLWK*HRUJ'HU)HOG]XJYRQ'\UUDFKLXP]ZLVFKHQ&DHVDUXQG3RPSHMXV:LHQ6HLGHO9HUDQL%RUJXFFL3,SHWUROLG$OEDQLD5RPD$,3$/D9pULWpGHV)DLWV/DSDUWLFLSDWLRQGHO$OEDQLHjODJXHUUHPRQGLDOH(GLWLRQGHOD/LJXHGHOD3DL[SDUODMXVWLFH %1R-3LqFH9LFNHUV0LUDQGD7KH$OEDQLDQV$PRGHUQKLVWRU\/RQGRQ,%7DXULV