MP Artcoll_Flat

3U]HFLZ×\ODNRZH Z\URE\ SRÌF]RV]QLF]H

UDMVWRS\ OHJJLQV\ SRÌF]RFK\ SRGNRODQµZNL


%LHOL]QD PHG\F]QD
QD QLHWU]\PDQLH PRF]X DQW\FHOOXOLWRZD Z\V]F]XSODMÃFD


%LHOL]QD UR]JU]HZDMÃFD
] ZHÊQ\ PHU\QRVµZ ] MHGZDELHP ] DQJRU\







































ZZZ DUWFROO SO


7HO

:<52%< 0('<&=1(











3U]HZOHNÊà 1LHZ\GROQRÐÅ Ö\OQà 31Ö PR×QD X]QDÅ ]D FKRUREÇ VSRÊHF]Qà JG\× GRW\F]\ ]QDF]ÃFHJR RGVHWND SRSXODFML HXURSHMVNLHM Z W\P å NRELHW L å PÇ×F]\]Q

0HWRG\ OHF]HQLD FKRU\FK ] REMDZDPL 31Ö PR×QD SRG]LHOLÅ QD GZLH NDWHJRULH OHF]HQLH ]DFKRZDZF]H L OHF]HQLH RSHUDF\MQH NWµUH PDMÃ QD FHOX GRSURZDG]HQLH RG REQL×HQLD EÃGÕ
]QLHVLHQLD QDGFLÐQLHQLD ×\OQHJR OH×ÃFHJR X SRGVWDZ SDWRĆ]MRORJLL 31Ö
:\QLNL EDGDÌ ZVND]XMÃ ×H RNRÊR SU]\SDGNµZ 31Ö NZDOLĆNXMH VLÇ GR OHF]HQLD ]DFKRZDZF]HJR D SR]RVWDOL FKRU]\ Z\PDJDMÃ LQWHUZHQFML FKLUXUJLF]QHM
3URĆODNW\ND SR]RVWDMH QLH]PLHUQLH LVWRWURĆODNW\ND SR]RVWDMH QLH]PLHUQLH LVWRWQ\P HOHPHQWHP QLHU]DGNR QLHVWHW\ PLQLPDOL]RZDQ\P L QLHGRFHQLDQ\P =DSRELHJDQLH UR]ZRMRZL QLHZ\GROQRÐFL XNÊDGX
3
×\OQHJR NRÌF]\Q GROQ\FK QLH EÇG]LH QLJG\ VWXSURFHQWRZR VNXWHF]QH PR×H VLÇ MHGQDN SU]\F]\QLÅ GR ]ÊDJRG]HQLD GROHJOLZRÐFL SDFMHQWD RUD] RSµÕQLÅ SRVWÇS FKRURE\
: QDV]HM RIHUFLH SHÊQD JDPD Z\UREµZ SU]HFLZ×\ODNRZ\FK OHF]QLF]\FK RUD] ELHOL]QD SU]HFLZFHOOXOLWRZD QD QLHWU]\PDQLH PRF]X L UR]JU]HZDMÃFD




3RÌF]RFK\ VDPRQRÐQH SU]HFLZ×\ODNRZH XFLVNRZH GDPVNLH

GHQ 7(5$3(87,&2 SU]HÕURF]\VWH ,, NODVD NRPSUHVML /HJJLQV\ SU]HFLZFHOOXOLWRZH ] QDQR65(%5(0 RUD]
] 0,.52.$368É.$0, = .2)(,1Â , :,7$0,1Â (
3RÌF]RFK\ ] QDMQRZV]HM OLQLL $17,675(66 7(5$3(87,&2 .RIHLQD MHVW JʵZQ\P VNÊDGQLNLHP NUHPµZ
UDMVWRS\ SRÌF]RFK\ VDPRQRÐQH L SRGNRODQµZNL Z\SURGXNRZDQH DQW\FHOOXOLWRZ\FK PDVXMÃFD G]LDQLQD ]DLPSUHJQRZDQD
] UHODW\ZQLH FLHQNLHM L SU]HÕURF]\VWHM G]LDQLQ\ GHQ OHF] R Z\VRNLP PLNURNDSVXÊNDPL ] NRIHLQÃ ]DSHZQLD GÊXJRWUZDÊH
XFLVNX å Z ]DNUHVLH NODV\ NRPSUHVML
G]LDÊDQLH DQW\FHOOXOLWRZH EH] NRQLHF]QRÐFL F]ÇVW\FK
:\NRQDQH Z ]PRG\ĆNRZDQ\P VSORFLH ìSODVWUD PLRGXë SRVLDGDMÃ DSOLNDFML NUHPX QD VNµUÇ
G]LDQÃ EH]SRÐUHGQLR QD PDV]\QLH ìSLÇWNÇë RUD] SDOFH L SU]HSLÇNQÃ
FP V]HURNRÐFL NRURQNÇ W\SX ì5DFKHOë ]Ê
]Ê



6]RUW\ GOD NRELHW Z OXE
PLHVLÃFX FLÃ×\ ] QDQR65(%5(0 .RV]XOND L PDMWNL GDPVNLH ] ZHÊQ\
PHU\QRVµZ L MHGZDELX
,QQRZDF\MQH V]RUW\ PDMWNL GOD NRELHW
Z FLÃ×\ SRVLDGDMà VSHFMDOQà NRQVWUXNFMÇ 1LH]Z\NOH FLHQNLH ZʵNQD WHM ZHÊQ\
]DEH]SLHF]DMÃFÃ SU]HG XFLVNLHP QD EU]XFK ]DOHGZLH PLNURQµZ SR]EDZLRQH ]RVWDÊ\
L SRGWU]\PXMÃFÃ JR RG VSRGX ZVWDZND V]RUVWNLFK HOHPHQWµZ SRGF]DV VSHFMDOQHJR
SXVK XS 7\OQD F]ÇÐÅ PDMWHN RUD] GÊXJLH VWRVRZDQHJR SU]H] WHJR SURGXFHQWD JRG]LQQHJR
GR NRODQ QRJDZNL Z\NRQDQH ]RVWDÊ\ SURFHVX QHXWUDOQHM GOD ÐURGRZLVND REUµENL HQ]\PDW\F]QHM
]
] G]LDQL G]LDQLQ\ R XQLNDOQ\P VSORFLH EH] X×\FLD PHWDOL FLÇ×NLFK L ÐURGNµZ FKORUXMÃF\FK
]DSHZQLDMÃF\P SDV\ZQ\ PDVD×
]ZDOF]DMÃF\ FHOOXOLW ]Ê
]Ê ]Ê







WHO _ NRP ZZZ DUWFROO SO

:<52%< 0('<&=1(











3U]HZOHNÊà 1LHZ\GROQRÐÅ Ö\OQà 31Ö PR×QD X]QDÅ ]D FKRUREÇ VSRÊHF]Qà JG\× GRW\F]\ ]QDF]ÃFHJR RGVHWND SRSXODFML HXURSHMVNLHM Z W\P å NRELHW L å PÇ×F]\]Q

0HWRG\ OHF]HQLD FKRU\FK ] REMDZDPL 31Ö PR×QD SRG]LHOLÅ QD GZLH NDWHJRULH OHF]HQLH ]DFKRZDZF]H L OHF]HQLH RSHUDF\MQH NWµUH PDMÃ QD FHOX GRSURZDG]HQLH RG REQL×HQLD EÃGÕ
]QLHVLHQLD QDGFLÐQLHQLD ×\OQHJR OH×ÃFHJR X SRGVWDZ SDWRĆ]MRORJLL 31Ö
:\QLNL EDGDÌ ZVND]XMÃ ×H RNRÊR SU]\SDGNµZ 31Ö NZDOLĆNXMH VLÇ GR OHF]HQLD ]DFKRZDZF]HJR D SR]RVWDOL FKRU]\ Z\PDJDMÃ LQWHUZHQFML FKLUXUJLF]QHM
3URĆODNW\ND SR]RVWDMH QLH]PLHUQLH LVWRWURĆODNW\ND SR]RVWDMH QLH]PLHUQLH LVWRWQ\P HOHPHQWHP QLHU]DGNR QLHVWHW\ PLQLPDOL]RZDQ\P L QLHGRFHQLDQ\P =DSRELHJDQLH UR]ZRMRZL QLHZ\GROQRÐFL XNÊDGX
3
×\OQHJR NRÌF]\Q GROQ\FK QLH EÇG]LH QLJG\ VWXSURFHQWRZR VNXWHF]QH PR×H VLÇ MHGQDN SU]\F]\QLÅ GR ]ÊDJRG]HQLD GROHJOLZRÐFL SDFMHQWD RUD] RSµÕQLÅ SRVWÇS FKRURE\
: QDV]HM RIHUFLH SHÊQD JDPD Z\UREµZ SU]HFLZ×\ODNRZ\FK OHF]QLF]\FK RUD] ELHOL]QD SU]HFLZFHOOXOLWRZD QD QLHWU]\PDQLH PRF]X L UR]JU]HZDMÃFD




3RÌF]RFK\ VDPRQRÐQH SU]HFLZ×\ODNRZH XFLVNRZH GDPVNLH

GHQ 7(5$3(87,&2 SU]HÕURF]\VWH ,, NODVD NRPSUHVML /HJJLQV\ SU]HFLZFHOOXOLWRZH ] QDQR65(%5(0 RUD]
] 0,.52.$368É.$0, = .2)(,1Â , :,7$0,1Â (
3RÌF]RFK\ ] QDMQRZV]HM OLQLL $17,675(66 7(5$3(87,&2 .RIHLQD MHVW JʵZQ\P VNÊDGQLNLHP NUHPµZ
UDMVWRS\ SRÌF]RFK\ VDPRQRÐQH L SRGNRODQµZNL Z\SURGXNRZDQH DQW\FHOOXOLWRZ\FK PDVXMÃFD G]LDQLQD ]DLPSUHJQRZDQD
] UHODW\ZQLH FLHQNLHM L SU]HÕURF]\VWHM G]LDQLQ\ GHQ OHF] R Z\VRNLP PLNURNDSVXÊNDPL ] NRIHLQÃ ]DSHZQLD GÊXJRWUZDÊH
XFLVNX å Z ]DNUHVLH NODV\ NRPSUHVML
G]LDÊDQLH DQW\FHOOXOLWRZH EH] NRQLHF]QRÐFL F]ÇVW\FK
:\NRQDQH Z ]PRG\ĆNRZDQ\P VSORFLH ìSODVWUD PLRGXë SRVLDGDMÃ DSOLNDFML NUHPX QD VNµUÇ
G]LDQÃ EH]SRÐUHGQLR QD PDV]\QLH ìSLÇWNÇë RUD] SDOFH L SU]HSLÇNQÃ
FP V]HURNRÐFL NRURQNÇ W\SX ì5DFKHOë ]Ê
]Ê



6]RUW\ GOD NRELHW Z OXE
PLHVLÃFX FLÃ×\ ] QDQR65(%5(0 .RV]XOND L PDMWNL GDPVNLH ] ZHÊQ\
PHU\QRVµZ L MHGZDELX
,QQRZDF\MQH V]RUW\ PDMWNL GOD NRELHW
Z FLÃ×\ SRVLDGDMà VSHFMDOQà NRQVWUXNFMÇ 1LH]Z\NOH FLHQNLH ZʵNQD WHM ZHÊQ\
]DEH]SLHF]DMÃFÃ SU]HG XFLVNLHP QD EU]XFK ]DOHGZLH PLNURQµZ SR]EDZLRQH ]RVWDÊ\
L SRGWU]\PXMÃFÃ JR RG VSRGX ZVWDZND V]RUVWNLFK HOHPHQWµZ SRGF]DV VSHFMDOQHJR
SXVK XS 7\OQD F]ÇÐÅ PDMWHN RUD] GÊXJLH VWRVRZDQHJR SU]H] WHJR SURGXFHQWD JRG]LQQHJR
GR NRODQ QRJDZNL Z\NRQDQH ]RVWDÊ\ SURFHVX QHXWUDOQHM GOD ÐURGRZLVND REUµENL HQ]\PDW\F]QHM
]
] G]LDQL G]LDQLQ\ R XQLNDOQ\P VSORFLH EH] X×\FLD PHWDOL FLÇ×NLFK L ÐURGNµZ FKORUXMÃF\FK
]DSHZQLDMÃF\P SDV\ZQ\ PDVD×
]ZDOF]DMÃF\ FHOOXOLW ]Ê
]Ê ]Ê







WHO _ NRP ZZZ DUWFROO SO

.203/(7 .23$5$

6\PSDW\F]Q\ GUHVLN Z ZHVRĄ\FK NRORUDFK GOD PDĄHJR

5R]UDELDNL 1D EOX]LH HOHPHQW WUµMZ\PLDURZ\

3/1






.203/(7 .5•/Ζ&=(.


F]ÛĝFLRZ\ NRPSOHW : ]HVWDZLH VSRGHQNL
] NLHV]RQNDPL L XURF]Ç IDOEDQNÇ EOX]HF]ND ] PDUV]F]RQ\PL
UÛNDZNDPL L FLHSĄD NDPLOHND] NDSWXUNLHP

3/1


.LHG\ Z ľ\FLX SRMDZLD VLÛ G]LHFNR ĝZLDW VWDMH QD JĄRZLH
=PLHQLDMÇ VLÛ SULRU\WHW\ L RF]HNLZDQLD

: Z\QLNX WDNLHM ľ\FLRZHM UHZROXFML R LPLHQLX +HOHQD SRZVWDĄ SRP\VĄ VWZRU]HQLD VNOHSX .203/(7 6ă21Ζ.
JG]LH EÛG]LH PRľQD NXSLÉ Z\MÇWNRZH XEUDQND GOD QLHPRZÇW L PDĄ\FK G]LHFL 0DP\ QDG]LHMÛ
ľH NDľG\ ]QDMG]LH WX FRĝ GOD VZRMHJR PDOXFKD 6NOHS QDELHUD UR]SÛGX GODWHJR WHľ SURVLP\ 6XSHU GUHVLN ]H VĄRQLHP
R XFKR WUµMZ\PLDURZH
R FLHUSOLZRĝÉ = ELHJLHP F]DVX SRMDZLÇ VLÛ QRZH SURSR]\FMH WDN E\ Z\EµU E\Ą MHV]F]H FLHUSOLZRĝÉ = ELHJLHP F]DVX SRMDZLÇ VLÛ QRZH SURSR]\FMH WDN E\ Z\EµU E\Ą MHV]F]H
ZLÛNV]\ Ľ\F]\P\ XGDQ\FK ]DNXSµZ
3/1

-
HVWHĝP\ ȴUPÇ NWµUD ]DMPXMH VLÛ LQWHUQHWRZÇ VSU]HGDľÇ XEUDQHN GOD QLHPRZOÇW L PDĄ\FK G]LHFL
'\VSRQXMHP\ UR]PLDUDPL RG GR URNX ľ\FLD Z SU]\V]ĄRĝFL SODQXMHP\ SRV]HU]\É QDV]Ç
RIHUWÛ R XEUDQND GOD VWDUV]\FK G]LHFL
2IHUXMHP\ RG]LHľ QD NDľGÇ SRUÛ URNX ]DUµZQR Z SRVWDFL NRPSOHWµZ MDN L SRMHG\QF]\FK V]WXN .203/(7 %Ζ('521(&=.$
1DV]H XEUDQND SRFKRG]Ç JĄµZQLH RG SURGXFHQWµZ SROVNLFK DOH WDNľH WXUHFNLFK ZĄRVNLFK L LQQ\FK
6WDZLDP\ QD MDNRĝÉ L NRPIRUW GOD 0DOXV]ND F]ÛĝFLRZ\ NRPSOHW GOD ']LHZF]\QNL : ]HVWDZLH
= VSRGHQNL ] ĄDGQ\P Z\NRĆF]HQLHP ERG\ ] QDGUXNLHP
=DSUDV]DP\ GR ]DSR]QDQLD VLÛ ] QDV]Ç RIHUWÇ L GR ]DNXSµZ D WDNľH QD QDV] SURȴO QD )DFHERRNX DSUDV]DP\ GR ]DSR]QDQLD VLÛ ] QDV]Ç RIHUWÇ L GR ]DNXSµZ D WDNľH QD QDV] SURȴO QD )DFHERRNX
JG]LH QD ELHľÇFR SUH]HQWXMHP\ QRZRĝFL D WDNľH RUJDQL]XMHP\ NRQNXUV\ L SURPRFMH L EOX]D ] NLHV]RQNDPL 3U]HXURF]\
3/1






.203/(7 0Ζ&.(<

F]ÛĝFLRZ\ NRPSOHW ] 0\V]NÇ 0LFNH\ : ]HVWDZLH
MHDQV\ EOX]HF]ND Z SDVHF]NL FLHSĄ\ EH]UÛNDZQLN
6XNLHQHF]NL L 3RUWHF]NL 'RURWD 6RELHUDM +DQNLHZLF] ] NDSWXUNLHP ] IXWHUNLHP
WHO H PDLO VXNLHQHF]NLLSRUWHF]NL#ZS SO
3/1

::: 68.Ζ(1(&=.ΖΖ3257(&=.Ζ ( 6./(3 &20 3/

.203/(7 .23$5$

6\PSDW\F]Q\ GUHVLN Z ZHVRĄ\FK NRORUDFK GOD PDĄHJR

5R]UDELDNL 1D EOX]LH HOHPHQW WUµMZ\PLDURZ\

3/1






.203/(7 .5•/Ζ&=(.


F]ÛĝFLRZ\ NRPSOHW : ]HVWDZLH VSRGHQNL
] NLHV]RQNDPL L XURF]Ç IDOEDQNÇ EOX]HF]ND ] PDUV]F]RQ\PL
UÛNDZNDPL L FLHSĄD NDPLOHND] NDSWXUNLHP

3/1


.LHG\ Z ľ\FLX SRMDZLD VLÛ G]LHFNR ĝZLDW VWDMH QD JĄRZLH
=PLHQLDMÇ VLÛ SULRU\WHW\ L RF]HNLZDQLD

: Z\QLNX WDNLHM ľ\FLRZHM UHZROXFML R LPLHQLX +HOHQD SRZVWDĄ SRP\VĄ VWZRU]HQLD VNOHSX .203/(7 6ă21Ζ.
JG]LH EÛG]LH PRľQD NXSLÉ Z\MÇWNRZH XEUDQND GOD QLHPRZÇW L PDĄ\FK G]LHFL 0DP\ QDG]LHMÛ
ľH NDľG\ ]QDMG]LH WX FRĝ GOD VZRMHJR PDOXFKD 6NOHS QDELHUD UR]SÛGX GODWHJR WHľ SURVLP\ 6XSHU GUHVLN ]H VĄRQLHP
R FLHUSOLZRĝÉ = ELHJLHP F]DVX SRMDZLÇ VLÛ QRZH SURSR]\FMH WDN E\ Z\EµU E\Ą MHV]F]H FLHUSOLZRĝÉ = ELHJLHP F]DVX SRMDZLÇ VLÛ QRZH SURSR]\FMH WDN E\ Z\EµU E\Ą MHV]F]H XFKR WUµMZ\PLDURZH
R
ZLÛNV]\ Ľ\F]\P\ XGDQ\FK ]DNXSµZ
3/1

-
HVWHĝP\ ȴUPÇ NWµUD ]DMPXMH VLÛ LQWHUQHWRZÇ VSU]HGDľÇ XEUDQHN GOD QLHPRZOÇW L PDĄ\FK G]LHFL
'\VSRQXMHP\ UR]PLDUDPL RG GR URNX ľ\FLD Z SU]\V]ĄRĝFL SODQXMHP\ SRV]HU]\É QDV]Ç
RIHUWÛ R XEUDQND GOD VWDUV]\FK G]LHFL
2IHUXMHP\ RG]LHľ QD NDľGÇ SRUÛ URNX ]DUµZQR Z SRVWDFL NRPSOHWµZ MDN L SRMHG\QF]\FK V]WXN .203/(7 %Ζ('521(&=.$
1DV]H XEUDQND SRFKRG]Ç JĄµZQLH RG SURGXFHQWµZ SROVNLFK DOH WDNľH WXUHFNLFK ZĄRVNLFK L LQQ\FK
6WDZLDP\ QD MDNRĝÉ L NRPIRUW GOD 0DOXV]ND F]ÛĝFLRZ\ NRPSOHW GOD ']LHZF]\QNL : ]HVWDZLH
= VSRGHQNL ] ĄDGQ\P Z\NRĆF]HQLHP ERG\ ] QDGUXNLHP
=DSUDV]DP\ GR ]DSR]QDQLD VLÛ ] QDV]Ç RIHUWÇ L GR ]DNXSµZ D WDNľH QD QDV] SURȴO QD )DFHERRNX DSUDV]DP\ GR ]DSR]QDQLD VLÛ ] QDV]Ç RIHUWÇ L GR ]DNXSµZ D WDNľH QD QDV] SURȴO QD )DFHERRNX
JG]LH QD ELHľÇFR SUH]HQWXMHP\ QRZRĝFL D WDNľH RUJDQL]XMHP\ NRQNXUV\ L SURPRFMH L EOX]D ] NLHV]RQNDPL 3U]HXURF]\
3/1






.203/(7 0Ζ&.(<

F]ÛĝFLRZ\ NRPSOHW ] 0\V]NÇ 0LFNH\ : ]HVWDZLH
MHDQV\ EOX]HF]ND Z SDVHF]NL FLHSĄ\ EH]UÛNDZQLN
6XNLHQHF]NL L 3RUWHF]NL 'RURWD 6RELHUDM +DQNLHZLF] ] NDSWXUNLHP ] IXWHUNLHP
WHO H PDLO VXNLHQHF]NLLSRUWHF]NL#ZS SO
3/1

::: 68.Ζ(1(&=.ΖΖ3257(&=.Ζ ( 6./(3 &20 3/

%2'< 63•'1Ζ&=.$


.RORURZH EDZHĄQLDQH ERG]LDNL ] NUµWNLP L GĄXJLP 6SµGQLF]ND Z ELDĄR F]HUZRQH SDVHF]NL ] XURF]Ç

UÛNDZHP SRMHG\QF]R L Z ZLHORSDNDFK NRNDUGNÇ LGHDOQD QD XSDOQ\ G]LHĆ

2' 3/1 3/1






3$-$&( 6=257<


:\JRGQH SDMDFH L UDPSHUV\ ]DUµZQR QD
ODWR MDN L QD FKĄRGQLHMV]H GQL V\PSDW\F]QH 6]RUW\ FKĄRSLÛFH Z NUDWNÛ
Z]RU\ L DQW\SRĝOL]JRZH VWµSNL
3/1

2' 3/1





6=257< .203/(7 '=Ζ(:&=Ú&<


=LHORQH V]RUW\ ] UµľRZ\P Z\NRĆF]HQLHP .RPSOHW G]LHZF]ÛF\ 0LQQLH
NLHV]RQNDPL L PRW\ZHP SWDV]NµZ OLFHQFMD 'LVQH\

3/1 3/1








5•Ľ2:$ %/8=(&=.$ .203/(7 &+ă23ΖÚ&<

5µľRZD EOX]HF]ND EH] UÛNDZµZ ] MDSRĆVNLP ĜPLHV]QD NRV]XOND ] URQGHP

PRW\ZHP L ĝZLHWQ\P UR]ZLÇ]DQLHP QD SOHFNDFK L DXWNDPL L NUµWNLH VSRGHQNL

3/1 3/1







.26=8/.$ .203/(7 1Ζ(02:/Ú&< 36=&=•ă.$


&KĄRSLÛFD NRV]XOND ] ]DEDZQ\P QDSLVHP 3U]HXURF]\ NRPSOHLN GOD PDOHĆNLHM G]LHZF]\QNL
Z IDMQ\FK NRORUDFK Z ]HVWDZLH ERG\ Z WUµMZ\PLDURZ\PL VNU]\GHĄNDPL
RSDVND L ]ZLHZQD VSµGQLF]ND
3/1 3/1

%2'< 63•'1Ζ&=.$


.RORURZH EDZHĄQLDQH ERG]LDNL ] NUµWNLP L GĄXJLP 6SµGQLF]ND Z ELDĄR F]HUZRQH SDVHF]NL ] XURF]Ç

UÛNDZHP SRMHG\QF]R L Z ZLHORSDNDFK NRNDUGNÇ LGHDOQD QD XSDOQ\ G]LHĆ

2' 3/1 3/1






3$-$&( 6=257<


:\JRGQH SDMDFH L UDPSHUV\ ]DUµZQR QD
ODWR MDN L QD FKĄRGQLHMV]H GQL V\PSDW\F]QH 6]RUW\ FKĄRSLÛFH Z NUDWNÛ
Z]RU\ L DQW\SRĝOL]JRZH VWµSNL
3/1

2' 3/1





6=257< .203/(7 '=Ζ(:&=Ú&<


=LHORQH V]RUW\ ] UµľRZ\P Z\NRĆF]HQLHP .RPSOHW G]LHZF]ÛF\ 0LQQLH
NLHV]RQNDPL L PRW\ZHP SWDV]NµZ OLFHQFMD 'LVQH\

3/1 3/1








5•Ľ2:$ %/8=(&=.$ .203/(7 &+ă23ΖÚ&<

5µľRZD EOX]HF]ND EH] UÛNDZµZ ] MDSRĆVNLP ĜPLHV]QD NRV]XOND ] URQGHP

PRW\ZHP L ĝZLHWQ\P UR]ZLÇ]DQLHP QD SOHFNDFK L DXWNDPL L NUµWNLH VSRGHQNL

3/1 3/1







.26=8/.$ .203/(7 1Ζ(02:/Ú&< 36=&=•ă.$


&KĄRSLÛFD NRV]XOND ] ]DEDZQ\P QDSLVHP 3U]HXURF]\ NRPSOHLN GOD PDOHĆNLHM G]LHZF]\QNL
Z IDMQ\FK NRORUDFK Z ]HVWDZLH ERG\ Z WUµMZ\PLDURZ\PL VNU]\GHĄNDPL
RSDVND L ]ZLHZQD VSµGQLF]ND
3/1 3/1

) @= Ī ? > ? Ĝ




JDOHULD%2%$6$ SO WR VNOHS LQWHUQHWRZ\ GOD ÐZLDGRP\FK URG]LFµZ : VZRMHM RIHUFLH SRVLDGDP\
SURGXNW\ QDMZ\×V]HM MDNRÐFL D WR ZV]\VWNR Z EDUG]R SU]\VWÇSQ\FK FHQDFK
[
[
(.2/2*,&=1$ Ö<:12ÏÄ '/$ '=,(&,
[
$.&(625,$ '2 .$50,(1,$
=$%$:.,



















































JDOHULD%2%$6$ SO XO 6XZDN ORN
:DUV]DZD 0RNRWµZ


.RQWDNW WHOHIRQLF]Q\ F]\QQ\ RG SRQLHG]LDÊNX GR SLÃWNX Z JRG]LQDFK "
WHO _ WHO
H PDLO SRF]WD#JDOHULDEREDVD SO [ @= ? [ @

;!;) $ É< ! ; ; %

6NÊDG PÃND RUNLV]RZD PÃNÃ SV]HQQD V\URS ] DJDZ\ PDVÊR
SURV]HN ] DJDZ\ NDNDR PÃND PLJGDÊRZD ÐURGHN VSXOFKQLDMÃF\

EH] GRGDWNX FXNUX _ EH] GRGDWNX NRQVHUZDQWµZ _ SURGXNW ]DZLHUD JOXWHQ

&(1$ 3/1







8(+&;9 ;+;+( 9 ! *+( < !


&+583., .8.85<'=,$1( 1$785$/1( %,2 %* J 526(1
JU\VLN NXNXU\G]LDQ\ VµO PRUVND

VNÊDGQLNL HNRORJLF]QH REMÇWH FHUW\ĆNDWHP NRQWUROL $7 %,2

&(1$ 3/1






)+ 8 (;9 %(;9) %-! 9% !$!*!(


6XFKDUNL RUNLV]RZH +ROOH VÃ SURGXNRZDQH ] Z\VRNRZDUWRÐFLRZ\FK
VNÊDGQLNµZ SRFKRG]ÃF\FK ] ELRG\QDPLF]Q\FK XSUDZ L SU]\JRWRZ\ZDQH
VÃ ] QDWXUDOQ\FK GUR×G×\ L VROL PRUVNLHM 6XFKDUNL QLH ]DZLHUDMÃ GRGDWNX
FXNUX ÐZLDGRPLH ]UH]\JQRZDQR WH× ] JUR×ÃF\FK DOHUJLà VNÊDGQLNµZ MDN
ELDÊNR NXU]H ELDÊNR POHND L SV]HQLF\

&(1$ 3/1






&9! % ! !;%<%#9 ! 8(+&;9


6NÊDG .XNXU\G]D PÃND L OXE ]LDUQD 2OHM 6ÊRQHF]QLNRZ\ 6µO
0RUVND ] 3U]\SUDZDPL 6NURELD =LHPQLDF]DQD 6µO 0RUVND &XNLHU
(NVWUDW 'UR×G×RZ\ >= .XNXU\G]\@ 2OHM 6ÊRQHF]QLNRZ\
6NÊDGQLNL SRFKRG]ÃFH ] XSUDZ HNRORJLF]Q\FK %H]JOXWHQRZH

&(1$ 3/1

8!( *; < $ *!; ; ($9 8


+HUEDWND ]LRÊRZD SDNRZDQD Z WRUHENDFK
6NÊDG ]LHOH UXWZLF\ ]LHOH PHOLV\ RZRF NRSUX ZÊRVNLHJR RZRF NPLQNX
]Z\F]MQHJR RZRF DQ\×X

&(1$ 3/1







8!( *; +¶ *-9 : *( -9! 9!


+HUEDWND HNRORJLF]QD MHVW GRVWRVRZDQD GR VSHFMDOQ\FK SRWU]HE QLHPRZOÃW L
PDÊ\FK G]LHFL 2GSRZLHGQLR GREUDQH ]LRÊD ZSÊ\ZDMÃ NRU]\VWQLH QD WUDZLHQLH
2SDNRZDQLH ]DZLHUD VDV]HWHN SRZ\×HM PLHVLÃFD


&(1$ 3/1






8!( *; (»å 9%¶ $9



+HUEDWND VNRPSRQRZDQD QD ED]LH Z\ÊÃF]QLH QDWXUDOQ\FK VNÊDGQLNµZ
'HOLNDWQ\ ]LRÊRZR RZRFRZ\ VPDN QD SHZQR SU]\SDGQLH GR JXVWX ZV]\VWNLP
G]LHFLRP +HUEDWND Uµ×DQD ] ]LRÊDPL WR GREU\ Z\EµU GOD QDV]\FK
PLOXVLÌVNLFK =DOHFDQD GR SLFLD R ND×GHM SRU]H GQLD L URNX


&(1$ 3/1






8!( *; %-% %- ;%&!(;9!$



+HUEDWND VNRPSRQRZDQD QD ED]LH Z\ÊÃF]QLH QDWXUDOQ\FK VNÊDGQLNµZ
'HOLNDWQ\ ]LRÊRZR RZRFRZ\ VPDN QD SHZQR SU]\SDGQLH GR JXVWX ZV]\VWNLP
G]LHFLRP +HUEDWND RZRFRZD ] NRSHUNLHP WR GREU\ Z\EµU GOD QDV]\FK
PLOXVLÌVNLFK =DOHFDQD GR SLFLD R ND×GHM SRU]H GQLD L URNX

&(1$ 3/1

)%; $ <9 !;%<%#9 11G $<


(NRORJLF]Q\ VRN ] PDOLQ EH] GRGDWNX FXNUX
6RN WÊRF]RQ\ ]H ÐZLH×\FK HNRORJLF]Q\FK PDOLQ
%H] GRGDWNX FXNUX ZRG\ EH] NRQVHUZDQWµZ

&(1$ 3/1







(+$9 ! &%<9 ;9 )%; $ $



(NRORJLF]Q\ VRN 5XPLDQH 3ROLF]NL 0DPD ÖHOD]R 3OXV SU]H]QDF]RQ\ MHVW
NRELHWRP Z FLÃ×\ L Z WUDNFLH ODNWDFML Z F]DVLH JG\ ]DSRWU]HERZDQLH QD
×HOD]R Z]UDVWD R SURF


&(1$ 3/1






)%; &%&( -9 : % &%( %ɒ 53G $<



'LHWHW\F]Q\ VRN ZLHORRZRFRZ\ GOD G]LHFL ] F\QNLHP L ZLWDPLQÃ & ]H
ÐZLH×\FK VRNµZ ELR EH] GRGDWNX FXNUX

']LHFL SRWU]HEXMÃ GRVWDWHF]QHM LORÐFL F\QNX L ZLWDPLQ\ & DE\ V\VWHP
RGSRUQRÐFLRZ\ E\Ê Z\GDMQ\ WDN×H Z V\WXDFMDFK GX×HJR Z\VLÊNX

&(1$ 3/1






$ 9 $ : ¶;%l %(»-; l (% 9


6NÊDG ZRGD SLWQD VRN ZLQRJURQRZ\ ] NRQFHQWUDWX VRN F\WU\QRZ\
] NRQFHQWUDWX VNÊDGQLNL SRFKRG]ÃFH ] NRQWURORZDQ\FK XSUDZ HNRORJLF]Q\FK
:DUXQNL SU]HFKRZ\ZDQLD 3U]HFKRZ\ZDÅ Z WHPSHUDWXU]H SRNRMRZHM &KURQLÅ SU]HG
ZLOJRFLÃ PUR]HP L EH]SRÐUHGQLP G]LDÊDQLHP SURPLHQL VÊRQHF]Q\FK

&(1$ 3/1

32'86=.$ 6RZD





BçÀþ÷ĖÜ° đ Ü÷Ėü°á¼ÑÄ ÷çđē ñç÷Ñ°À° đēñÄáãÑÄãÑÄ
°ãüē°ÝÄôÎѼĖãÄȤ â°üÄôÑ°á đÑÄôĖ¼ÐãÑ üç Ƶƴƴʔ
»°đÄáã° Ñ ķݼȤ đēâÑ°ôē ƸƴĒƸƴ¼âȤ
ÜçÝçô ÷Ė°ôē áçđѼĖ ã° »Ñ°áēâ üÝÄ
]Ă 9$7








852&=( 32'86=.$ 6ĂRĄ



BçÀþ÷ĖÜ° ç đēâÑ°ô°¼Ð ƸƹĒƷƹ ¼â đēÜçã°ã°
ĖÄ Ƶƴƴʔ »°đÄáãē Ñ ķݼþ Ė ñþ÷Ėē÷üēâ đēñÄáãÑÄãÑÄâȩ
-8 Z-#ȩ B8 NH]-# -çÝçô »Ñ°áÄ âçüēÝÜÑ ã° ÷Ė°ôēâ üÝÄ ÷Ė°ôÄ þ¼Ðç Ė âÑãÜēȩ
]Ă 9$7

# X# . X# ,



Lþñçü â°áē¼Ð ÷üèñ Há°»ÑÜ 3°ÎÀ°ÝÄã° ÀĖÑ°á° ã° ñçÝ÷ÜÑ ôēãÜþ
çÀ ƶƴƵƹ ôçÜþ Û°Üç ñôçÀþ¼Äãü °ôüēÜþáèđ ÀĖÑļÑ̼ē¼Ðȩ8À ñç¼Ė·üÜþ
ã°÷ĖÄÛ ÀĖÑ°á°Ýãçø¼Ñ ÷ü°đÑ°âē ã° Û°½çø½ Ñ ÷çÝÑÀãÄ đēÜçã°ãÑÄȩ
-çôĖē÷ü°âē Ė ã°ÛÝÄñ÷Ėē¼Ð Àç÷üÌñãē¼Ð ã° ôēãÜþ â°üÄôÑ°áèđ ñôĖēÛ°Ėãē¼Ð
ÀÝ° ÀĖÑļܰ çô°Ė đēñÄáãÑÄä °ãüē°ÝÄôÎѼĖãē¼Ðȩ NRF\N
Lþñçü â°áē¼Ð ÷üèñ ñôçÀþÜüē đ ¼°áçø¼Ñ đēÜçã°ãÄ đ BçÝ÷¼ÄȤ ñç¼Ė·đ÷Ėē
çÀ ñÀ ñôçÛÄÜüþȤ ñçñôĖÄĖ þ÷Ėē¼ÑÄȤ ° ÷Üçä¼Ėēđ÷Ėē ã° ÀÄü°Ý°¼Ðȩ
ç -ç¼ēÜ ç đēâÑ°ô°¼Ð ƻƹĒƵƴƴ ¼âȤ
đēÜçã°ãē Ė âÑÌÜÜÑÄÎç ñçÝ°ôþ âÑãÜē
8ÍÄôþÛÄâē ÷ĖÄôçÜ· ΰâÌ ñôçÀþÜüèđ çÀ ñôĖēüþÝ°ãÄÜ ñçñôĖÄĖ Üç¼ēÜÑ âÑãÜēȤ Ñ Ƶƴƴʔ »°đÄáãē Ė ¼ÑÄñáēâ đēñÄáãÑÄãÑÄâȩ
ñçø¼ÑÄÝÄ Àç đē÷üôçÛþ ñçÜçÛþ ÀĖÑļÑ̼ÄÎç ã° ÑãÀēđÑÀþ°ÝãÄ Ė°âèđÑÄãÑÄȩ
]Ă 9$7

HÜçãü°ÜüþÛ ÷ÑÌ Ė ã°âÑȣ ʛƽǁ ǁǁƹ ǁƾƹ ǁƿƺ



635$:'Ķ



:RUHN QD ]DEDZNL P\V]ND




XçôÄÜ â° øôÄÀãÑ¼Ì Ʒƴ¼â Ñ đē÷çÜçø½ ƹƴ¼âȤ
đēÜçã°ãē ĖÄ Ƶƴƴʔ»°đÄáãē Ñ âÑÄÜÜÑÄÛ ñÑ°ãÜÑ
]Ă 9$7


::: 783270$/<&+6723 3/

32'86=.$ 6RZD





BçÀþ÷ĖÜ° đ Ü÷Ėü°á¼ÑÄ ÷çđē ñç÷Ñ°À° đēñÄáãÑÄãÑÄ
°ãüē°ÝÄôÎѼĖãÄȤ â°üÄôÑ°á đÑÄôĖ¼ÐãÑ üç Ƶƴƴʔ
»°đÄáã° Ñ ķݼȤ đēâÑ°ôē ƸƴĒƸƴ¼âȤ
ÜçÝçô ÷Ė°ôē áçđѼĖ ã° »Ñ°áēâ üÝÄ
]Ă 9$7








852&=( 32'86=.$ 6ĂRĄ



BçÀþ÷ĖÜ° ç đēâÑ°ô°¼Ð ƸƹĒƷƹ ¼â đēÜçã°ã°
ĖÄ Ƶƴƴʔ »°đÄáãē Ñ ķݼþ Ė ñþ÷Ėē÷üēâ đēñÄáãÑÄãÑÄâȩ
-8 Z-#ȩ B8 NH]-# -çÝçô »Ñ°áÄ âçüēÝÜÑ ã° ÷Ė°ôēâ üÝÄ ÷Ė°ôÄ þ¼Ðç Ė âÑãÜēȩ
]Ă 9$7

# X# . X# ,



Lþñçü â°áē¼Ð ÷üèñ Há°»ÑÜ 3°ÎÀ°ÝÄã° ÀĖÑ°á° ã° ñçÝ÷ÜÑ ôēãÜþ
çÀ ƶƴƵƹ ôçÜþ Û°Üç ñôçÀþ¼Äãü °ôüēÜþáèđ ÀĖÑļÑ̼ē¼Ðȩ8À ñç¼Ė·üÜþ
ã°÷ĖÄÛ ÀĖÑ°á°Ýãçø¼Ñ ÷ü°đÑ°âē ã° Û°½çø½ Ñ ÷çÝÑÀãÄ đēÜçã°ãÑÄȩ
-çôĖē÷ü°âē Ė ã°ÛÝÄñ÷Ėē¼Ð Àç÷üÌñãē¼Ð ã° ôēãÜþ â°üÄôÑ°áèđ ñôĖēÛ°Ėãē¼Ð
ÀÝ° ÀĖÑļܰ çô°Ė đēñÄáãÑÄä °ãüē°ÝÄôÎѼĖãē¼Ðȩ NRF\N
Lþñçü â°áē¼Ð ÷üèñ ñôçÀþÜüē đ ¼°áçø¼Ñ đēÜçã°ãÄ đ BçÝ÷¼ÄȤ ñç¼Ė·đ÷Ėē
çÀ ñÀ ñôçÛÄÜüþȤ ñçñôĖÄĖ þ÷Ėē¼ÑÄȤ ° ÷Üçä¼Ėēđ÷Ėē ã° ÀÄü°Ý°¼Ðȩ
ç -ç¼ēÜ ç đēâÑ°ô°¼Ð ƻƹĒƵƴƴ ¼âȤ
đēÜçã°ãē Ė âÑÌÜÜÑÄÎç ñçÝ°ôþ âÑãÜē
8ÍÄôþÛÄâē ÷ĖÄôçÜ· ΰâÌ ñôçÀþÜüèđ çÀ ñôĖēüþÝ°ãÄÜ ñçñôĖÄĖ Üç¼ēÜÑ âÑãÜēȤ Ñ Ƶƴƴʔ »°đÄáãē Ė ¼ÑÄñáēâ đēñÄáãÑÄãÑÄâȩ
ñçø¼ÑÄÝÄ Àç đē÷üôçÛþ ñçÜçÛþ ÀĖÑļÑ̼ÄÎç ã° ÑãÀēđÑÀþ°ÝãÄ Ė°âèđÑÄãÑÄȩ
]Ă 9$7

HÜçãü°ÜüþÛ ÷ÑÌ Ė ã°âÑȣ ʛƽǁ ǁǁƹ ǁƾƹ ǁƿƺ



635$:'Ķ



:RUHN QD ]DEDZNL P\V]ND




XçôÄÜ â° øôÄÀãÑ¼Ì Ʒƴ¼â Ñ đē÷çÜçø½ ƹƴ¼âȤ
đēÜçã°ãē ĖÄ Ƶƴƴʔ»°đÄáãē Ñ âÑÄÜÜÑÄÛ ñÑ°ãÜÑ
]Ă 9$7


::: 783270$/<&+6723 3/

3RV]HZND QD SRGXV]NÙ 1DU]XWD




Bç÷ĖÄđÜ° đēÜçã°ã° ĖÄ Ƶƴƴʔ »°đÄáãēȤ 4°ôĖþü° ƵƸƴĒƶƵƴ¼âȤ Àđþ÷üôçããÑÄ Ƶƴƴʔ »°đÄáã°Ȥ
đēâÑ°ôē ƷƼĒƷƼ ¼â Ė Ė°âÜÑÄâ »áē÷Ü°đѼĖãēâȩ đēñÄáãÑÄãÑÄ ƴȤƹ¼â ñÑ°ãÜ°Ȥ
]Ă 9$7 ]Ă 9$7









:NĂDGND GR Z³]ND
SRV]HZND ] XV]DPL


XÜá°ÀÜ° Àç đèĖÜ°Ȥ đēÜçã°ã° ĖÄ Ƶƴƴʔ »°đÄáãē
Bç÷ĖÄđÜ° ç đēâÑ°ô°¼Ð ƷƼĒƷƼȤ đēÜçã°ã° ĖÄ Ƶƴƴʔ Àđþ÷üôçããÑÄ üÄã ÷°â đĖèôȤ đēñÄáãÑÄãÑÄ üç âÑÌÜÜ°
»°đÄáãē Ñ ñçÝ°ôþ âÑãÜēȤ Ė°ñÑã°ã° ã° ÷þđ°Üȩ Ʒ¼â ñÑ°ãÜ° °ãüē°ÝÄôÎѼĖã°Ȥñç÷Ñ°À° đē¼Ñ̼Ѱ ã° ñ°÷ē
ÀÝ° ôèęãē¼Ð üēñèđ đèĖÜ°ȩ
]Ă 9$7 ]Ă 9$7










RWXODF]H .RURQD




8üþÝ°¼ĖÄÜ â° ôçĖâÑ°ô ƻƸȤ Ƶƴƴʔ »°đÄáã°Ȥ -çôçã° đēÜçã°ã° Ė »áē÷Ė¼Ė·¼ÄÛ üÜ°ãÑãēȤ ç»đèÀ
¼ÑÄñÝþüÜ° Ñ âÑ̼ÑþüÜ° çđ°ü° ÜçáÀÄôÜçđ°Ȥ ƸƼɎƹƴ¼âȤ Ė°ñÑã°ã° ã° ôĖÄñ ÀĖÑÌÜÑ üÄâþ âçęÝÑđ°
ñçÝ°ô âÑãÜēȤ ¼°áçø½ Ė°ñÑã°ã° ã° ôĖÄñȩ âÑãÑâ°Ýã° ôÄÎþÝ°¼Û°ȩ
]Ă 9$7 ]Ă 9$7









ęSLZRUHN




IñÑđçôÄÜ ôçĖâÑ°ô ƵƵƴɎƵƵƺ ÛÄ÷ü Ė ãÑÄñôĖÄâ°Ü°ÝãÄÛ ::: 783270$/<&+6723 3/
üÜ°ãÑãē ñçÝÑÄ÷üôçđÄÛȤ âÑÌÜÜÑÄÎç ñçÝ°ôþ âÑãÜē Ñ
¼ÑÄñáÄÎç đēñÄáãÑÄãÑÄ Ė âÑÌÜÜÑÄÎç ñþ÷ĖÜþȩ HÜçãü°ÜüþÛ ÷ÑÌ Ė ã°âÑȣ ʛƽǁ ǁǁƹ ǁƾƹ ǁƿƺ
]Ă 9$7

3RV]HZND QD SRGXV]NÙ 1DU]XWD




Bç÷ĖÄđÜ° đēÜçã°ã° ĖÄ Ƶƴƴʔ »°đÄáãēȤ 4°ôĖþü° ƵƸƴĒƶƵƴ¼âȤ Àđþ÷üôçããÑÄ Ƶƴƴʔ »°đÄáã°Ȥ
đēâÑ°ôē ƷƼĒƷƼ ¼â Ė Ė°âÜÑÄâ »áē÷Ü°đѼĖãēâȩ đēñÄáãÑÄãÑÄ ƴȤƹ¼â ñÑ°ãÜ°Ȥ
]Ă 9$7 ]Ă 9$7









:NĂDGND GR Z³]ND
SRV]HZND ] XV]DPL


XÜá°ÀÜ° Àç đèĖÜ°Ȥ đēÜçã°ã° ĖÄ Ƶƴƴʔ »°đÄáãē
Bç÷ĖÄđÜ° ç đēâÑ°ô°¼Ð ƷƼĒƷƼȤ đēÜçã°ã° ĖÄ Ƶƴƴʔ Àđþ÷üôçããÑÄ üÄã ÷°â đĖèôȤ đēñÄáãÑÄãÑÄ üç âÑÌÜÜ°
»°đÄáãē Ñ ñçÝ°ôþ âÑãÜēȤ Ė°ñÑã°ã° ã° ÷þđ°Üȩ Ʒ¼â ñÑ°ãÜ° °ãüē°ÝÄôÎѼĖã°Ȥñç÷Ñ°À° đē¼Ñ̼Ѱ ã° ñ°÷ē
ÀÝ° ôèęãē¼Ð üēñèđ đèĖÜ°ȩ
]Ă 9$7 ]Ă 9$7










RWXODF]H .RURQD




8üþÝ°¼ĖÄÜ â° ôçĖâÑ°ô ƻƸȤ Ƶƴƴʔ »°đÄáã°Ȥ -çôçã° đēÜçã°ã° Ė »áē÷Ė¼Ė·¼ÄÛ üÜ°ãÑãēȤ ç»đèÀ
¼ÑÄñÝþüÜ° Ñ âÑ̼ÑþüÜ° çđ°ü° ÜçáÀÄôÜçđ°Ȥ ƸƼɎƹƴ¼âȤ Ė°ñÑã°ã° ã° ôĖÄñ ÀĖÑÌÜÑ üÄâþ âçęÝÑđ°
ñçÝ°ô âÑãÜēȤ ¼°áçø½ Ė°ñÑã°ã° ã° ôĖÄñȩ âÑãÑâ°Ýã° ôÄÎþÝ°¼Û°ȩ
]Ă 9$7 ]Ă 9$7









ęSLZRUHN




IñÑđçôÄÜ ôçĖâÑ°ô ƵƵƴɎƵƵƺ ÛÄ÷ü Ė ãÑÄñôĖÄâ°Ü°ÝãÄÛ ::: 783270$/<&+6723 3/
üÜ°ãÑãē ñçÝÑÄ÷üôçđÄÛȤ âÑÌÜÜÑÄÎç ñçÝ°ôþ âÑãÜē Ñ
¼ÑÄñáÄÎç đēñÄáãÑÄãÑÄ Ė âÑÌÜÜÑÄÎç ñþ÷ĖÜþȩ HÜçãü°ÜüþÛ ÷ÑÌ Ė ã°âÑȣ ʛƽǁ ǁǁƹ ǁƾƹ ǁƿƺ
]Ă 9$7





















1$6=( 35(0,(5<



,JQDÐ .LWHN DUFKLWHNW

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV

3U]H]DEDZQD L QLHSRNRUQD NVLÃ×ND

9Ü«ˆĂ¹« ôØãÊύ«Êô— ¼«ã—؁¹Ê R UHDOL]RZDQLX VZRLFK SDVML ZEUHZ
SU]HFLZQRÐFLRP



« Õ« ¹Ã«— «¼èÜãØÊôÃ— =É




5µ]LD 5HZHOND LQ×\QLHUND

1DV]H Z\GDZQLFWZR VSHFMDOL]XMH VLÇ Z VWDUDQQ\P GRERU]H RIHUW\ L SURSRQXMH $QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
URG]LFRP L G]LHFLRP Z\VRNLHM MDNRÐFL NVLÃ×NL ]DUµZQR ZDUWRÐFLRZH OLWHUDFNR =DEDZQD L PÃGUD RSRZLHÐÅ R

MDN L SLÇNQLH LOXVWURZDQH 7R ìSLFWXUHERRNVë å NVLÃ×NL Z NWµU\FK WHNVW L REUD] UHDOL]RZDQLX SDVML L QLH]UD×DQLX
ZVSµÊJUDMà ]H VREà WZRU]ÃF XQLNDOQà MDNRÐÅ NWµUHM QLH GDÊRE\ VLÇ RVLÃJQÃÅ EH] VLÇ QLHSRZRG]HQLDPL
KDUPRQLL PLÇG]\ QLPL 6Ã WR SXEOLNDFMH GOD Z\PDJDMÃF\FK å SRXF]DMÃFD
L MHGQRF]HÐQLH HNVF\WXMÃFD OLWHUDWXUD G]LHFLÇFD =É








7HN 1RZRF]HVQ\ MDVNLQLRZLHF

3DWULFN 0F'RQQHOO


=DEDZQ\ VSRVµE PµZLHQLD R ]QDF]HQLX Z\ÊÃF]HQLD
RWDF]DMÃF\FK QDV XU]ÃG]HÌ L FLHV]HQLD VLÇ XURNDPL

SLÇNQHJR ÐZLDWD GRRNRÊD


=É


$GD %DPELQL 1DXNRZF]\QL

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV


=$32:,('Ô





#.LQGHUNXOND




:6=<67.,( .6,ÂÖ., '267Æ31( 1$ ::: .,1'(5.8/.$ 3/

1$6=( 35(0,(5<



,JQDÐ .LWHN DUFKLWHNW

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV

3U]H]DEDZQD L QLHSRNRUQD NVLÃ×ND

9Ü«ˆĂ¹« ôØãÊύ«Êô— ¼«ã—؁¹Ê R UHDOL]RZDQLX VZRLFK SDVML ZEUHZ
SU]HFLZQRÐFLRP



« Õ« ¹Ã«— «¼èÜãØÊôÃ— =É




5µ]LD 5HZHOND LQ×\QLHUND

1DV]H Z\GDZQLFWZR VSHFMDOL]XMH VLÇ Z VWDUDQQ\P GRERU]H RIHUW\ L SURSRQXMH $QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
URG]LFRP L G]LHFLRP Z\VRNLHM MDNRÐFL NVLÃ×NL ]DUµZQR ZDUWRÐFLRZH OLWHUDFNR =DEDZQD L PÃGUD RSRZLHÐÅ R

MDN L SLÇNQLH LOXVWURZDQH 7R ìSLFWXUHERRNVë å NVLÃ×NL Z NWµU\FK WHNVW L REUD] UHDOL]RZDQLX SDVML L QLH]UD×DQLX
ZVSµÊJUDMà ]H VREà WZRU]ÃF XQLNDOQà MDNRÐÅ NWµUHM QLH GDÊRE\ VLÇ RVLÃJQÃÅ EH] VLÇ QLHSRZRG]HQLDPL
KDUPRQLL PLÇG]\ QLPL 6Ã WR SXEOLNDFMH GOD Z\PDJDMÃF\FK å SRXF]DMÃFD
L MHGQRF]HÐQLH HNVF\WXMÃFD OLWHUDWXUD G]LHFLÇFD =É








7HN 1RZRF]HVQ\ MDVNLQLRZLHF

3DWULFN 0F'RQQHOO


=DEDZQ\ VSRVµE PµZLHQLD R ]QDF]HQLX Z\ÊÃF]HQLD
RWDF]DMÃF\FK QDV XU]ÃG]HÌ L FLHV]HQLD VLÇ XURNDPL

SLÇNQHJR ÐZLDWD GRRNRÊD


=É


$GD %DPELQL 1DXNRZF]\QL

$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV


=$32:,('Ô





#.LQGHUNXOND




:6=<67.,( .6,ÂÖ., '267Æ31( 1$ ::: .,1'(5.8/.$ 3/







=GURZH VWRS\ 'R SURGXNFML REXZLD 0HPR VWRVR

ZDQH VĈ QDMZ\İV]HM MDNRĤFL PDWHULDã\ :LHU
G]LHFND ]FKQLD L ZHZQčWU]QD F]čĤþ EXWD Z\NRQDQD
MHVW ] QDWXUDOQ\FK PLčNNLFK VNyU NR]LFK
LGHDOQ\FK GOD VWRS\ G]LHFND 6NyU\ WH Z
VSRVyE QDWXUDOQ\ GRVWRVRZXMĈ VLč GR
0HPR WR QDMZ\İV]HM MDNRĤFL REXZLH GOD
G]LHFL Z\NRQDQH Z NODV\F]Q\P VW\OX ] VWRS\ W\P VDP\P ]ZLčNV]DMĈ NRPIRUW Xİ\W
QDWXUDOQ\FK PDWHULDãyZ SU]\MD]Q\FK VWRSLH NRZDQLD 1LHNWyUH PRGHOH Z\SRVDİRQH
G]LHFND 8QLNDWRZĈ IXQNFMč GLDJQRVW\F]QĈ ]RVWDã\ Z VSHFMDOLVW\F]QĈ SRGV]HZNč
]DSHZQLD V\VWHP PRQLWRULQJX Z SRGHV]ZLH EH]FKURPRZĈ 1DWXUDOQH PDWHULDã\ R
0HPR :\SUDFRZDQD SU]H] ODWD NRQVWUXN ZãDĤFLZRĤFLDFK KLJURVNRSLMQ\FK VSUDZLDMĈ
FMD L WHFKQRORJLD PRQWDİX EXWyZ 0HPR İH EXW RGG\FKD D VWRSD QLH XOHJD
] ]DSRFHQLX
]\VNDãD\VNDãD X]QDQLH VSHFMDOLVWyZ MDNR
VNXWHF]QD PHWRGD SURILODNW\NL L OHF]HQLD
QDMF]čVWV]\FK ZDG SRVWDZ\









8QLNDWRZ\ V\VWHP G\QDPLF]QHM NRQWUROL
VWyS G]LHFND GDMĈF\ PRİOLZRĤþ ELHİĈFHJR
PRQLWRURZDQLD VWDQX VWyS RUD] QDW\FKPLD
VWRZHM UHDNFML 6SHFMDOQ\ RGVWDZLRQ\ NV]
WDãW SRGHV]Z\ GRGDWNRZR VWDELOL]XMH VWRSč
L ]DSHZQLD SUDZLGãRZH MHM XãRİHQLH SRG 6SHFMDOQD WHFKQRORJLD PRQWDİX
F]DV FKRGX 'LDJQRVW\F]QD SRGHV]ZD 9 WHFK SROHJDMĈFD QD SUDZLGãRZ\P XVW
0HPR 2EV]DUHP GLDJQRVW\F]Q\P REXZLD DZLHQLX FKROHZNL SRGF]DV SURFHVX PRQ
0HPR MHVW MHJR SRGHV]ZD 1D MHM SRZLHU WRZDQLD EXWD 7HFKQRORJLD WD JZDUDQWXMH
]FKQL RUD] QD REFDVLH ]RVWDãR Z\RGUčEQL ]DFKRZDQLH RVL V\PHWULL Z Z\SURGXNRZ
RQ\FK V]HĤþ SRQXPHURZDQ\FK VWUHI ] Z\ DQ\P EXFLH D W\P VDP\P ZUD] ] FKDUDNW
SXNã\PL SDVNDPL ELHİQLND VWUHID QRUP\ HU\VW\F]Q\P V]W\ZQ\P ]DSLčWNLHP L Z\VRNĈ
VWUHID U\]\ND RUD] F]WHU\ VWUHI\ GXİHM G\V FKROHZNĈ ZVSRPDJD SUDZLGãRZ\ UR]ZyM
IXQNFML 3RGF]DV Xİ\WNRZDQLD SDVNL XOHJDMĈ VWyS 2EXZLH 0HPR SR]EDZLRQH MHVW FHFK
ĤFLHUDQLX G]LčNL F]HPX VWDUWH IUDJPHQW\ NRQVWUXNF\MQ\FK PRJĈF\FK ]DNãyFLþ
XPRİOLZLDMĈ V]\ENĈ L SUHF\]\MQĈ GLDJQR]č REUD] U]HF]\ZLVWHM IL]MRORJLL L SRWU]HE VWyS Z
ZDG VWyS RUD] HZHQWXDOQH GREUDQLH RNUHVLH Z]UDVWDQLD ']LčNL WHPX REXZLH
ZNãDGHN : SU]\SDGNX EUDNX NRQLHF]QRĤFL 0HPR XMDZQLD LFK SUDZLGãRZRĤþ PRUIR
VWRVRZDQLD ZNãDGHN NRU\JXMĈF\FK EXW\ ORJLF]QRF]\QQRĤFLRZĈ OXE LVWQLHMĈFH
0HPR VSHãQLDMĈ IXQNFMč SURILODNW\F]QĈ ZDG\ EĈGĮ LFK V\PSWRP\
=HVWDZ ZNãDGHN ZFKRG]ĈF\FK Z VNãDG
V\VWHPX\VWHPX 0HPR ZUD] ] ZEXGRZDQ\P Z
V 3URGXNW X]\VNDã SR]\W\ZQĈ RSLQLč
SRGHV]ZLH REFDVHP 7KRPDV·D QDGDMH Å&HQWUXP =GURZLD ']LHFNDµ
EXWRP 0HPR FKDUDNWHU REXZLD NRUHNF\M
QHJR 2GSRZLHGQLD GOD G]LHFND ZNãDGND
PRİH E\þ GREUDQD EH]SRĤUHGQLR SU]H]
URG]LFD QD SRGVWDZLH ]DãĈF]RQHM LQVWUXNFML
Xİ\WNRZDQLD 6\VWHPX 0HPR OXE ZJ ZVND
]Dę VSHFMDOLVW\




ZZZ ]GURZHEXFLNL SO