MP Mamo

/







¨ O








































[[[ QEQS WOPIT TP


QEQS QEXIVMEP]$KQEMP GSQ

/







¨ O


























































1EQS (EQMER &ERS[MG^ [[[ QEQS WOPIT TP

˴)+0%67/% &-)07/3 &-%Ž% QEQS QEXIVMEP]$KQEMP GSQ

/







¨ O


























































1EQS (EQMER &ERS[MG^ [[[ QEQS WOPIT TP

˴)+0%67/% &-)07/3 &-%Ž% QEQS QEXIVMEP]$KQEMP GSQ









%GPVTWO DCLMK VQ PQYQE\GUPC RNCEȡYMC ȰE\ȰEC GFWMCELɂ


MWNVWTCNPȰ \ TQ\T[YMȰ K \CDCYȰ













9 %GPVTWO $CLMK ȰE\[O[ GFWMCELɂ MWNVWTCNPȰ \ TQ\T[YMȰ K \CDCYȰ 0C F\KGEK E\GMC $CLMQY[ /C[ VGCVT
ɹYKCV ť OCIKE\PC MTCKPC MVȡTC LGUV RQȰE\GPKGO PKG\Y[MGIQ OW\GWO \ KPVGTCMV[YPȰ
Y[UVCYȰ /QʝPC VCO \QDCE\[Ȳ RTCYF\KYG \KCTPMQ ITQEJW MVȡTG PKG FCYCQ URCȲ /C[ VGCVT VQ MCOGTCNPC UEGPC NCNMQYC RTG\GPVWLȰEC \PCPG K NWDKCPG DCɺPKG Y RKɂMP[EJ
MUKɂʝPKE\EG RKGIK \ #MCFGOKK 2CPC -NGMUC RT\GLGEJCȲ UKɂ RQEKȰIKGO MVȡT[ NGEK Y MQUOQU CTCPʝCELCEJ ,GL \CNGVȰ LGUV DNKUMK MQPVCMV YKF\ȡY \ NCNMCOK K CPKOCVQTCOK 2WDNKE\PQɺȲ
URQVMCȲ /CGIQ -UKɂEKC D[ PCING \CPWT\[Ȳ UKɂ Y OQTUMȰ IɂDKPɂ Y MVȡTGL RT\G\ QMPC \ITQOCF\QPC Y OCGL RT\[VWNPGL UCNEG PKG WU\V[YPKQPC T\ɂFCOK HQVGNK YE\WYC UKɂ Y
OCIKE\PGL MQNGLMK \QDCE\[O[ U[TGP[ VT[VQP[ K RT\Gʝ[LGO[ CVCM OQTUMKEJ RQVYQTȡY QINȰFCPȰ JKUVQTKɂ K RT\Gʝ[YC LȰ YTC\ \ DQJCVGTCOK
2Q URGMVCMNW YKF\QYKG WE\GUVPKE\Ȱ Y MTȡVMKGL RTGNGMELK Q VGCVT\G NCNMQY[O 1INȰFCLȰ NCNMK
2
9[RTCYC FQ MTCKP[ DCɺPK FQYKCFWLȰ UKɂ LCM F\KCCLȰ K LCM PC\[YCLȰ UKɂ TȡʝPG VGEJPKMK KEJ WTWEJCOKCPKC 2Q VCMKO
URQVMCPKW TȡYPKGʝ VQYCT\[U\ȰE[ F\KGEKQO TQF\KEG K QRKGMWPQYKG RT\GUVCLȰ O[NKȲ MWMKGMK \
RCE[PMCOK E\[ OCTKQPGVMCOK

















Ů$CLMQY[ ɹYKCVŭ VQ WPKMCNPC GMURQ\[ELC ȰE\ȰEC PCLPQYU\G \FQD[E\G VGEJPKM
OWNVKOGFKCNP[EJ \ VTCF[E[LP[OK GMURQPCVCOK OW\GCNP[OK 6Q UVYQT\QPC URGELCNPKG \ O[ɺNȰ
Q F\KGEKCEJ YURȡNPC RQFTȡʝ RT\G\ DCɺPKQYG MTCKP[ ť RGPC QDTC\ȡY FʛYKɂMȡY DCTY #VTCMELG %GPVTWO $CLMK Y 2CECPQYKG \QDCE\[U\ V[NMQ \C YE\GɺPKGLU\Ȱ TG\GTYCELȰ
\CUMQE\Gɧ 9 VGL RT\[IQF\KG RQɺTGFPKMCOK OKɂF\[ ɺYKCVGO DCLMK C T\GE\[YKUVQɺEKȰ UȰ
RT\GYQFPKE[ &\YQPGE\GM %\GTYQP[ -CRVWTGM NWD -TȡNGYPC ɹPKGʝMC 9U\[UVMQ \CE\[PC UKɂ 'WTQRGLUMKG %GPVTWO $CLMK KO -Q\KQMC /CVQMC
Y $CLMQY[O 2T\GFRQMQLW RQVGO \FCT\GPKC PCDKGTCLȰ VGORC \YCU\E\C Y \CE\CTQYCP[O WN -QTPGNC /CMWU\[ɧUMKGIQ 2CECPȡY
RQEKȰIW MVȡT[ RQT[YC RCUCʝGTȡY FQ ɺYKCVC Y[QDTCʛPK 0CU\C Y[RTCYC TQ\IT[YC UKɂ PC YKGNW GED"RCECPQY GW TG\GTYCELC"RCECPQY GW
R
RCUCU\E\[\PCEJ KPVGTCMV[YPQɺEK ,GUV VQ TȡYPKGʝ RQFTȡʝ RT\G\ MTCKP[ IGQITCƓE\PG 'WTQR[
PKQUȰEC URQVMCPKG \ \COKGU\MWLȰE[OK LG UVYQTCOK &\KɂMK VGOW F\KGEK \CWYCʝCLȰ YYY EGPVTWODCLMK RN
RQFQDKGɧUVYC K TȡʝPKEG OKɂF\[ DCɺPKQY[OK ɺYKCVCOK TȡʝP[EJ PCTQFȡY

%GPVTWO DCLMK VQ PQYQE\GUPC RNCEȡYMC ȰE\ȰEC GFWMCELɂ


MWNVWTCNPȰ \ TQ\T[YMȰ K \CDCYȰ













9 %GPVTWO $CLMK ȰE\[O[ GFWMCELɂ MWNVWTCNPȰ \ TQ\T[YMȰ K \CDCYȰ 0C F\KGEK E\GMC $CLMQY[ /C[ VGCVT
ɹYKCV ť OCIKE\PC MTCKPC MVȡTC LGUV RQȰE\GPKGO PKG\Y[MGIQ OW\GWO \ KPVGTCMV[YPȰ
Y[UVCYȰ /QʝPC VCO \QDCE\[Ȳ RTCYF\KYG \KCTPMQ ITQEJW MVȡTG PKG FCYCQ URCȲ /C[ VGCVT VQ MCOGTCNPC UEGPC NCNMQYC RTG\GPVWLȰEC \PCPG K NWDKCPG DCɺPKG Y RKɂMP[EJ
MUKɂʝPKE\EG RKGIK \ #MCFGOKK 2CPC -NGMUC RT\GLGEJCȲ UKɂ RQEKȰIKGO MVȡT[ NGEK Y MQUOQU CTCPʝCELCEJ ,GL \CNGVȰ LGUV DNKUMK MQPVCMV YKF\ȡY \ NCNMCOK K CPKOCVQTCOK 2WDNKE\PQɺȲ
URQVMCȲ /CGIQ -UKɂEKC D[ PCING \CPWT\[Ȳ UKɂ Y OQTUMȰ IɂDKPɂ Y MVȡTGL RT\G\ QMPC \ITQOCF\QPC Y OCGL RT\[VWNPGL UCNEG PKG WU\V[YPKQPC T\ɂFCOK HQVGNK YE\WYC UKɂ Y
OCIKE\PGL MQNGLMK \QDCE\[O[ U[TGP[ VT[VQP[ K RT\Gʝ[LGO[ CVCM OQTUMKEJ RQVYQTȡY QINȰFCPȰ JKUVQTKɂ K RT\Gʝ[YC LȰ YTC\ \ DQJCVGTCOK
2
2Q URGMVCMNW YKF\QYKG WE\GUVPKE\Ȱ Y MTȡVMKGL RTGNGMELK Q VGCVT\G NCNMQY[O 1INȰFCLȰ NCNMK
9[RTCYC FQ MTCKP[ DCɺPK FQYKCFWLȰ UKɂ LCM F\KCCLȰ K LCM PC\[YCLȰ UKɂ TȡʝPG VGEJPKMK KEJ WTWEJCOKCPKC 2Q VCMKO
URQVMCPKW TȡYPKGʝ VQYCT\[U\ȰE[ F\KGEKQO TQF\KEG K QRKGMWPQYKG RT\GUVCLȰ O[NKȲ MWMKGMK \
RCE[PMCOK E\[ OCTKQPGVMCOK

















Ů$CLMQY[ ɹYKCVŭ VQ WPKMCNPC GMURQ\[ELC ȰE\ȰEC PCLPQYU\G \FQD[E\G VGEJPKM
OWNVKOGFKCNP[EJ \ VTCF[E[LP[OK GMURQPCVCOK OW\GCNP[OK 6Q UVYQT\QPC URGELCNPKG \ O[ɺNȰ
Q F\KGEKCEJ YURȡNPC RQFTȡʝ RT\G\ DCɺPKQYG MTCKP[ ť RGPC QDTC\ȡY FʛYKɂMȡY DCTY #VTCMELG %GPVTWO $CLMK Y 2CECPQYKG \QDCE\[U\ V[NMQ \C YE\GɺPKGLU\Ȱ TG\GTYCELȰ
\CUMQE\Gɧ 9 VGL RT\[IQF\KG RQɺTGFPKMCOK OKɂF\[ ɺYKCVGO DCLMK C T\GE\[YKUVQɺEKȰ UȰ
RT\GYQFPKE[ &\YQPGE\GM %\GTYQP[ -CRVWTGM NWD -TȡNGYPC ɹPKGʝMC 9U\[UVMQ \CE\[PC UKɂ 'WTQRGLUMKG %GPVTWO $CLMK KO -Q\KQMC /CVQMC
Y $CLMQY[O 2T\GFRQMQLW RQVGO \FCT\GPKC PCDKGTCLȰ VGORC \YCU\E\C Y \CE\CTQYCP[O WN -QTPGNC /CMWU\[ɧUMKGIQ 2CECPȡY
RQEKȰIW MVȡT[ RQT[YC RCUCʝGTȡY FQ ɺYKCVC Y[QDTCʛPK 0CU\C Y[RTCYC TQ\IT[YC UKɂ PC YKGNW GED"RCECPQY GW TG\GTYCELC"RCECPQY GW
R
RCUCU\E\[\PCEJ KPVGTCMV[YPQɺEK ,GUV VQ TȡYPKGʝ RQFTȡʝ RT\G\ MTCKP[ IGQITCƓE\PG 'WTQR[
PKQUȰEC URQVMCPKG \ \COKGU\MWLȰE[OK LG UVYQTCOK &\KɂMK VGOW F\KGEK \CWYCʝCLȰ YYY EGPVTWODCLMK RN
RQFQDKGɧUVYC K TȡʝPKEG OKɂF\[ DCɺPKQY[OK ɺYKCVCOK TȡʝP[EJ PCTQFȡY

'S 8] M 8[SNI TV^]NéGMI ^EWēYKYNIGMI RE TMéORI HIOSVEGNI





8LI 5MRO 5VIX^IP PXS QMINWGI ^VSH^SRI ^ TEWNM HS TETMIVY M VéG^RIKS X[SV^IRME []NÒXOS[]GL TVSNIOX¾[ X[SV^SRI ^SWXEēS ^ Q]ĮPÒ
S TMéOR]GL HIOSVEGNEGL RE [W^IPOMI [EŏRI HPE ;EW SOE^NI GLV^GMREGL TV^]NéGMEGL ^ SOE^NM VSG^OY 2EPIĕWX[E SWMIQREWXOEGL
M OEŏH]GL MRR]GL YVSH^MREGL SFGLSH^SR]GL ^EV¾[RS TV^I^ H^MIGM NEO M HSVSWē]GL [IWIPEGL TV^]NéGMEGL FEF] WLS[IV [MIG^SVEGL
TERMIĕWOMGL M OEŏH]GL MRR]GL 7éG^RMI X[SV^SRI KMVPERH] ^ RETMWEQM XSTTIV] HS HIOSVEGNM XSVX¾[ W^G^IK¾PRMI XI
TIVWSREPM^S[ERI QRMINW^I XSTTIV] ^[ERI V¾[RMIŏ TMOEQM HS FEFIG^IO VéG^RMI QEPS[ERI ^E[MIW^OM HS TVI^IRX¾[ TYHIēIG^OE
RE YTSQMROM M MRRI ;W^]WXOS []GLSH^ÒGI WTSH VÒO 2MWW 2 HFENÒGIN S OEŏH] HIXEP










ŎLjLjŢƉ:› ~ b I Ɖ~ %j… F



,[EVERXYNIQ] ŏI ^EV¾[RS 8] NEO M 8[SM RENFPMŏWM
FéH^MIGMI ^EGL[]GIRM





























>ENV^]N HS REW E FéH^MI REQ FEVH^S QMēS TSOE^EÔ (M XS GS QEQ] HS ^ESJIVS[ERME []FMIV^ GSĮ HPE
WMIFMI E [][SēEW^ Y REW YĮQMIGL








[[[ XLITMROTVIX^IP GSQ

-IPPS%8LI5MRO5VIX^IP GSQ
8IP

'S 8] M 8[SNI TV^]NéGMI ^EWēYKYNIGMI RE TMéORI HIOSVEGNI





8LI 5MRO 5VIX^IP PXS QMINWGI ^VSH^SRI ^ TEWNM HS TETMIVY M VéG^RIKS X[SV^IRME []NÒXOS[]GL TVSNIOX¾[ X[SV^SRI ^SWXEēS ^ Q]ĮPÒ
S TMéOR]GL HIOSVEGNEGL RE [W^IPOMI [EŏRI HPE ;EW SOE^NI GLV^GMREGL TV^]NéGMEGL ^ SOE^NM VSG^OY 2EPIĕWX[E SWMIQREWXOEGL
M OEŏH]GL MRR]GL YVSH^MREGL SFGLSH^SR]GL ^EV¾[RS TV^I^ H^MIGM NEO M HSVSWē]GL [IWIPEGL TV^]NéGMEGL FEF] WLS[IV [MIG^SVEGL
TERMIĕWOMGL M OEŏH]GL MRR]GL 7éG^RMI X[SV^SRI KMVPERH] ^ RETMWEQM XSTTIV] HS HIOSVEGNM XSVX¾[ W^G^IK¾PRMI XI
TIVWSREPM^S[ERI QRMINW^I XSTTIV] ^[ERI V¾[RMIŏ TMOEQM HS FEFIG^IO VéG^RMI QEPS[ERI ^E[MIW^OM HS TVI^IRX¾[ TYHIēIG^OE
RE YTSQMROM M MRRI ;W^]WXOS []GLSH^ÒGI WTSH VÒO 2MWW 2 HFENÒGIN S OEŏH] HIXEP










ŎLjLjŢƉ:› ~ b I Ɖ~ %j… F



,[EVERXYNIQ] ŏI ^EV¾[RS 8] NEO M 8[SM RENFPMŏWM
FéH^MIGMI ^EGL[]GIRM





























>ENV^]N HS REW E FéH^MI REQ FEVH^S QMēS TSOE^EÔ (M XS GS QEQ] HS ^ESJIVS[ERME []FMIV^ GSĮ HPE
WMIFMI E [][SēEW^ Y REW YĮQMIGL








[[[ XLITMROTVIX^IP GSQ

-IPPS%8LI5MRO5VIX^IP GSQ
8IP

,03257(5 =$%$:(. 3 + 3,6$5(. 63 -










3 + 3,6$5(. 63 - 63(É1,$0< '=,(&,Æ&( 0$5=(1,$ WR PRWWR WRZDU]\V]\
QDP MX× SRQDG ODW JG\× RG WDN GÊXJLHJR F]DVX ]DMPXMHP\ VLÇ LPSRUWHP ]DEDZHN 3RVLDGDQLH ZÊDVQ\FK SU]HVWURQQ\FK PDJD]\QµZ QD WHUHQLH QDV]HM ĆUP\ KDO
VSU]HGD×RZ\FK SU]\VWRVRZDQ\FK GR VSU]HGD×\ FDVK FDUU\ GRÐZLDGF]RQ\FK
: QDV]HM ERJDWHM RIHUFLH ]QDMG]LHFLH 3DÌVWZR RNRÊR Z]RUµZ ]DEDZHN DNZL]\WRUµZ RUD] XUXFKRPLHQLH SODWIRUP\ % % SR]ZDOD ]DSHZQLÅ QDE\ZFRP QDV]\FK
SRFKRG]ÃF\FK ]DUµZQR ] Uµ×Q\FK VWURQ ÐZLDWD MDN L ] U\QNX URG]LPHJR
]DEDZHN PR×OLZRÐÅ ]DNXSX WRZDUX Z V]HURNLHM JDPLH DVRUW\PHQWRZHM Z GRJRGQ\P
GOD QLFK PLHMVFX F]DVLH L SU]\ X×\FLX Uµ×Q\FK ÐURGNµZ WUDQVSRUWX


235•&= 635$:1(- '<675<%8&-, =$%$:(. /,&=< 6,Æ '/$ 1$6
35=('( :6=<67.,0 =$'2:2/(1,( ./,(17$
























3UDJQLHP\ DE\ QDV]D RIHUWD DVRUW\PHQWRZD ]DEDZHN 63(É1,$É$ '=,(&,Æ&(

0$5=(1,$ DOH WDN×H E\ 35=(= =$%$:Æ ('8.2:$É$ GODWHJR WH× VWDUDP\ VLÇ
DE\ Z QDV]\P LPSRUFLH QLH ]DEUDNÊR UµZQLH× WDNLFK SR]\FML NWµUH ZSÊ\ZDMÃ
L SRPDJDMÃ Z SV\FKR UXFKRZ\P UR]ZRMX PDÊHJR G]LHFND &]RÊRZH ]QDF]HQLH PD GOD
QDV WDN×H EH]SLHF]HÌVWZR RVWDWHF]QHJR RGELRUF\ QDV]HM RIHUW\ WDN ZLÇF
VSU]HGDMHP\ W\ONR WH ]DEDZNL NWµUH SRVLDGDMÃ Z\PDJDQH FHUW\ĆNDW\ L DWHVW\

6]\ENR ]PLHQLDMÃFD VLÇ U]HF]\ZLVWRÐÅ Uµ×QH WUHQG\ QD U\QNX EUDQ×\ ]DEDZNDUVNLHM
L SRWU]HE\ QDV]\FK NOLHQWµZ ]PXV]DÊ\ QDV QD SU]HVWU]HQL W\FK ODW GR FLÃJÊHJR
V]XNDQLD L RIHURZDQLD Uµ×Q\FK IRUP VSU]HGD×\ L G\VWU\EXFML QDV]\FK ]DEDZHN
-HGQ\P ] JʵZQ\FK QDV]\FK FHOµZ E\ÊR GRWDUFLH GR QRZHJR SRWHQFMDOQHJR
RGELRUF\ L ]DLQWHUHVRZDQLH JR QDV]Ã RIHUWÃ LPSRUWRZÃ 7DN WH× SRZVWDÊD
LGHD XUXFKRPLHQLD SODWIRUP\ EL]QHVRZHM % %








XO %U]R]RZD $ 1DGDU]\Q N :DUV]DZ\ ZZZ SLVDUHN FRP SO

SLVDUHN#SLVDUHN FRP SO

,03257(5 =$%$:(. 3 + 3,6$5(. 63 -










3 + 3,6$5(. 63 - 63(É1,$0< '=,(&,Æ&( 0$5=(1,$ WR PRWWR WRZDU]\V]\
QDP MX× SRQDG ODW JG\× RG WDN GÊXJLHJR F]DVX ]DMPXMHP\ VLÇ LPSRUWHP ]DEDZHN 3RVLDGDQLH ZÊDVQ\FK SU]HVWURQQ\FK PDJD]\QµZ QD WHUHQLH QDV]HM ĆUP\ KDO
VSU]HGD×RZ\FK SU]\VWRVRZDQ\FK GR VSU]HGD×\ FDVK FDUU\ GRÐZLDGF]RQ\FK
: QDV]HM ERJDWHM RIHUFLH ]QDMG]LHFLH 3DÌVWZR RNRÊR Z]RUµZ ]DEDZHN DNZL]\WRUµZ RUD] XUXFKRPLHQLH SODWIRUP\ % % SR]ZDOD ]DSHZQLÅ QDE\ZFRP QDV]\FK
SRFKRG]ÃF\FK ]DUµZQR ] Uµ×Q\FK VWURQ ÐZLDWD MDN L ] U\QNX URG]LPHJR
]DEDZHN PR×OLZRÐÅ ]DNXSX WRZDUX Z V]HURNLHM JDPLH DVRUW\PHQWRZHM Z GRJRGQ\P
GOD QLFK PLHMVFX F]DVLH L SU]\ X×\FLX Uµ×Q\FK ÐURGNµZ WUDQVSRUWX


235•&= 635$:1(- '<675<%8&-, =$%$:(. /,&=< 6,Æ '/$ 1$6
35=('( :6=<67.,0 =$'2:2/(1,( ./,(17$
























3UDJQLHP\ DE\ QDV]D RIHUWD DVRUW\PHQWRZD ]DEDZHN 63(É1,$É$ '=,(&,Æ&(

0$5=(1,$ DOH WDN×H E\ 35=(= =$%$:Æ ('8.2:$É$ GODWHJR WH× VWDUDP\ VLÇ
DE\ Z QDV]\P LPSRUFLH QLH ]DEUDNÊR UµZQLH× WDNLFK SR]\FML NWµUH ZSÊ\ZDMÃ
L SRPDJDMÃ Z SV\FKR UXFKRZ\P UR]ZRMX PDÊHJR G]LHFND &]RÊRZH ]QDF]HQLH PD GOD
QDV WDN×H EH]SLHF]HÌVWZR RVWDWHF]QHJR RGELRUF\ QDV]HM RIHUW\ WDN ZLÇF
VSU]HGDMHP\ W\ONR WH ]DEDZNL NWµUH SRVLDGDMÃ Z\PDJDQH FHUW\ĆNDW\ L DWHVW\

6]\ENR ]PLHQLDMÃFD VLÇ U]HF]\ZLVWRÐÅ Uµ×QH WUHQG\ QD U\QNX EUDQ×\ ]DEDZNDUVNLHM
L SRWU]HE\ QDV]\FK NOLHQWµZ ]PXV]DÊ\ QDV QD SU]HVWU]HQL W\FK ODW GR FLÃJÊHJR
V]XNDQLD L RIHURZDQLD Uµ×Q\FK IRUP VSU]HGD×\ L G\VWU\EXFML QDV]\FK ]DEDZHN
-HGQ\P ] JʵZQ\FK QDV]\FK FHOµZ E\ÊR GRWDUFLH GR QRZHJR SRWHQFMDOQHJR
RGELRUF\ L ]DLQWHUHVRZDQLH JR QDV]Ã RIHUWÃ LPSRUWRZÃ 7DN WH× SRZVWDÊD
LGHD XUXFKRPLHQLD SODWIRUP\ EL]QHVRZHM % %








XO %U]R]RZD $ 1DGDU]\Q N :DUV]DZ\ ZZZ SLVDUHN FRP SO

SLVDUHN#SLVDUHN FRP SO





















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