MP BubaLove

J•ā¬™Ą •ā¬™¬¢‚

¬ Ĭ™ÃËö½¢‚Ɍ


~‚×ÚË·™ºæËö‚Ä‚ ¬ êÞāüæ‚ ö V˽ޏ™ æü½ºË
ā ×˽޺¬© •ā¬‚ĬÄɌ
























öööɌŽêŽ‚½Ëõ™Ɍ×½

Ž¬êÚËʱŽêŽ‚½Ëõ™Ɍ×½

ꎂ½Ëõ™
Y˽Ă ǽȄɒǾǾ à ǽȃ ʹ ȅȃɬǾǼǼ cËÂÞāÌö C‚āËö¬™º¬

V‚Þāā •ā¬™¬¢ü ˽¬öº‚

J•ā¬™Ą •ā¬™¬¢‚ ¬ Ĭ™ÃËö½¢‚Ɍ ā¬‚ĬÄËöü ׂÞāāüº ÞæöËÚāËÄü ā Ãüß½‰ Ë Ä‚·ÃÂ˕Þāü©Ɍ gÞāüæü

~‚×ÚË·™ºæËö‚Ä‚ ¬ êÞāüæ‚ ö V˽ޏ™ æü½ºË ā ×˽޺¬© •ā¬‚ĬÄɌ ā •ā¬‚ĬÄü Ž‚ö™ÂĬ‚Ä™· ā ǽǼʦ •Ë•‚溬™Ã ×˽¬™ÞæÚêɌ
‚ö™ÂĂ Â •ËÞºËÙ ö‚ߏ¬öËߏ¬ ¬™×½Ä™ɇ ā‚×™öĬ‚ •ËÞºËÉ
üں꽂·¢ ×Ëö¬™æÚā‚ ɇ ‚ •Ë•‚æºËöË •Ú‚ׂĂɇ öü·‰æºËöË Ã¬¢ºº‚
¬ ì‚ ö •ËæüºêɌ
™Ä‚Ɇ ǽȄȅɇǼǼ āÂ







]꺬™Äº‚ Ž‰Ž™½º¬

]꺬™Äº‚ Ë ½êĂÄüà ºÚË·ê êÞāüæ‚ ā 좺º¬™·
•ā¬‚ĬÄü Ž‚ö™ÂĬ‚Ä™·ɇ ā ×ÚāË•ê ºË½ËÚËöü ÃËæüöɌ
.•™‚½Ä‚ Ă º‚Ą•‰ ×ËÚ¢ Ú˺ê ā™ öā¤½¢•ê Ă
×Úāü·™Ãĉ •ā¬‚ĬĢ ¬ öü¤Ë•Äü ºÚÌ·Ɍ
™Ä‚Ɇ ǽǽȅɇǼǼ āÂ





]×˕Ĭ™ ‚ÃË

]×˕Ĭ™ êÞāüæ™ ā Ž‚ö™ÂĬ‚Ä™· ¤‚Ž‚Ú•üÄü ºæÌڂ ā º‚Ą•üà ×ڂĬ™Ã
ά™Ú‚ ·™Þāā™ Ž‚Ú•ā¬™· öü·‰æºËö™¤Ë ©‚Ú‚ºæ™Úê ·™•Äˏā™ßĬ™
ā‚©Ëö귉 Ĭ™Žüö‚‰ æÚö‚ÂËߐɌ gĬº‚½Äü £‚ÞËÄ Ä¬™ ºÚ¢×귙 ÚꏩÌö
¬ ā‚×™öĬ‚ יÂĉ Þöˎ˕¢ ö ā‚Ž‚ö¬™Ɍ ]×˕Ĭ™ ā‚׬Ăę Ă Þêö‚º ¬ Ăעɇ
~™Þæ‚ö ׬ĺ •ËæÞ ǿ Þ™æ ½™¤ •Ë•‚æºËöË ×ËÞ¬‚•‚·‰ öÞāüæ‰ ¤êú¢ ºæÌڂ •ËׂÞËö귙 Þ×˕Ĭ™ ö 悽¬¬Ɍ
&êú¬ ā‚ÞæËÞËö‚Ä™ 悺Ą™ ö Äˤ‚öº‚© ā‚×™öĬ‚·‰ êæÚāüÂĬ™ Þ×˕Ĭ
~™Þæ‚ö Ž½êā‚ ʐ æɬÞ©¬Úæ ʐ ½™¤¤¬ÄÞü êÞāüæü ā 좏¬ê溬™· •ā¬‚ĬÄü Ă Þöˬà 왷ޏêɇ Ž™ā •™×æ‚Ĭ‚ ¬ ×˕ö¬™ö‚Ĭ‚Ɍ
Ž‚ö™ÂĬ‚Ä™· ¬•™‚½Äü Ă ޙāËÄ ö¬ËޙÄÄËɬ½™æĬɌ ™Ä‚Ɇ ǽǾȅɇǼǼ āÂ





;‚Ú•¬¤‚Ä ½™æĬ ·‚ÞÄËÞā‚Úü


;‚Ú•¬¤‚Ä ɬ Ž½êā‚ ö ā‚½™ĄÄËߏ¬ ˕ ˺˽¬āÄËߏ¬Ɍ
9™•™Ä ×Ú˕êºæ Ă ö¬™½™ ˺‚ā·¬Ɍ C‚ Žü ™½™¤‚ďºËɍ
•ËŽ¬™Úā •Ë Ĭ™¤Ë ºËÞāê½¢Ɍ ]öˎ˕Ĭ™ •Ë
×Úā™•ÞāºË½‚ɍ öüÞæ‚ڏāü ¤Â‚•º¬ ŽË•ā¬‚º ‚½ŽË
öāËÚāüÞæ‚ ºËÞā꽺‚ ¬ ā™Þæ‚ö ¤ËæËöüɌ
™Ä‚Ɇ ȅȅɇǼǼ āÂ
™Ä‚Ɇ ǽȀȅɇǼǼ āÂ





ꎂ½Ëõ™ öööɌŽêŽ‚½Ëõ™Ɍ×½
Y˽Ă ǽȄɒǾǾ à ǽȃ ʹ ȅȃɬǾǼǼ cËÂÞāÌö C‚āËö¬™º¬ Ž¬êÚËʱŽêŽ‚½Ëõ™Ɍ×½

V‚Þāā •ā¬™¬¢ü ˽¬öº‚

J•ā¬™Ą •ā¬™¬¢‚ ¬ Ĭ™ÃËö½¢‚Ɍ ā¬‚ĬÄËöü ׂÞāāüº ÞæöËÚāËÄü ā Ãüß½‰ Ë Ä‚·ÃÂ˕Þāü©Ɍ gÞāüæü

~‚×ÚË·™ºæËö‚Ä‚ ¬ êÞāüæ‚ ö V˽ޏ™ æü½ºË ā ×˽޺¬© •ā¬‚ĬÄɌ ā •ā¬‚ĬÄü Ž‚ö™ÂĬ‚Ä™· ā ǽǼʦ •Ë•‚溬™Ã ×˽¬™ÞæÚêɌ
‚ö™ÂĂ Â •ËÞºËÙ ö‚ߏ¬öËߏ¬ ¬™×½Ä™ɇ ā‚×™öĬ‚ •ËÞºËÉ
üں꽂·¢ ×Ëö¬™æÚā‚ ɇ ‚ •Ë•‚æºËöË •Ú‚ׂĂɇ öü·‰æºËöË Ã¬¢ºº‚
¬ ì‚ ö •ËæüºêɌ
™Ä‚Ɇ ǽȄȅɇǼǼ āÂ







]꺬™Äº‚ Ž‰Ž™½º¬

]꺬™Äº‚ Ë ½êĂÄüà ºÚË·ê êÞāüæ‚ ā 좺º¬™·
•ā¬‚ĬÄü Ž‚ö™ÂĬ‚Ä™·ɇ ā ×ÚāË•ê ºË½ËÚËöü ÃËæüöɌ
.•™‚½Ä‚ Ă º‚Ą•‰ ×ËÚ¢ Ú˺ê ā™ öā¤½¢•ê Ă
×Úāü·™Ãĉ •ā¬‚ĬĢ ¬ öü¤Ë•Äü ºÚÌ·Ɍ
™Ä‚Ɇ ǽǽȅɇǼǼ āÂ





]×˕Ĭ™ ‚ÃË

]×˕Ĭ™ êÞāüæ™ ā Ž‚ö™ÂĬ‚Ä™· ¤‚Ž‚Ú•üÄü ºæÌڂ ā º‚Ą•üà ×ڂĬ™Ã
ά™Ú‚ ·™Þāā™ Ž‚Ú•ā¬™· öü·‰æºËö™¤Ë ©‚Ú‚ºæ™Úê ·™•Äˏā™ßĬ™
ā‚©Ëö귉 Ĭ™Žüö‚‰ æÚö‚ÂËߐɌ gĬº‚½Äü £‚ÞËÄ Ä¬™ ºÚ¢×귙 ÚꏩÌö
¬ ā‚×™öĬ‚ יÂĉ Þöˎ˕¢ ö ā‚Ž‚ö¬™Ɍ ]×˕Ĭ™ ā‚׬Ăę Ă Þêö‚º ¬ Ăעɇ
~™Þæ‚ö ׬ĺ •ËæÞ ǿ Þ™æ ½™¤ •Ë•‚æºËöË ×ËÞ¬‚•‚·‰ öÞāüæ‰ ¤êú¢ ºæÌڂ •ËׂÞËö귙 Þ×˕Ĭ™ ö 悽¬¬Ɍ
&êú¬ ā‚ÞæËÞËö‚Ä™ 悺Ą™ ö Äˤ‚öº‚© ā‚×™öĬ‚·‰ êæÚāüÂĬ™ Þ×˕Ĭ
~™Þæ‚ö Ž½êā‚ ʐ æɬÞ©¬Úæ ʐ ½™¤¤¬ÄÞü êÞāüæü ā 좏¬ê溬™· •ā¬‚ĬÄü Ă Þöˬà 왷ޏêɇ Ž™ā •™×æ‚Ĭ‚ ¬ ×˕ö¬™ö‚Ĭ‚Ɍ
Ž‚ö™ÂĬ‚Ä™· ¬•™‚½Äü Ă ޙāËÄ ö¬ËޙÄÄËɬ½™æĬɌ ™Ä‚Ɇ ǽǾȅɇǼǼ āÂ





;‚Ú•¬¤‚Ä ½™æĬ ·‚ÞÄËÞā‚Úü


;‚Ú•¬¤‚Ä ɬ Ž½êā‚ ö ā‚½™ĄÄËߏ¬ ˕ ˺˽¬āÄËߏ¬Ɍ
9™•™Ä ×Ú˕êºæ Ă ö¬™½™ ˺‚ā·¬Ɍ C‚ Žü ™½™¤‚ďºËɍ
•ËŽ¬™Úā •Ë Ĭ™¤Ë ºËÞāê½¢Ɍ ]öˎ˕Ĭ™ •Ë
×Úā™•ÞāºË½‚ɍ öüÞæ‚ڏāü ¤Â‚•º¬ ŽË•ā¬‚º ‚½ŽË
öāËÚāüÞæ‚ ºËÞā꽺‚ ¬ ā™Þæ‚ö ¤ËæËöüɌ
™Ä‚Ɇ ȅȅɇǼǼ āÂ
™Ä‚Ɇ ǽȀȅɇǼǼ āÂ





ꎂ½Ëõ™ öööɌŽêŽ‚½Ëõ™Ɍ×½
Y˽Ă ǽȄɒǾǾ à ǽȃ ʹ ȅȃɬǾǼǼ cËÂÞāÌö C‚āËö¬™º¬ Ž¬êÚËʱŽêŽ‚½Ëõ™Ɍ×½

6NOHS ] XEUDQLDPL L DUW\NXĄDPL

GOD G]LHFL L QLHPRZOÇW


ZZZ ELDQFRSXUR FRP SO







=REDF] MDN PRľHV] VSUDZLÉ DE\ 7ZRMH G]LHFNR Z\JOÇGDĄR HOHJDQFNR Z GQLX FKU]WX XURG]LQ
L XURF]\VWRĝFL URG]LQQ\FK .DľG\ URG]LF ZLH ľH &KU]HVW ĜZLÛW\ WR ZDľQ\ PRPHQW Z ľ\FLX G]LHFND
L URG]LFµZ : W\P Z\MÇWNRZ\P GQLX VSRW\ND VLÛ FDĄD URG]LQD DE\ XF]FLÉ PRPHQW ZVWÇSLHQLD
G]LHFND GR .RĝFLRĄD Ζ ZĄDĝQLH GODWHJR PDP\ GOD &LHELH GRVNRQDĄÇ SURSR]\FMÛ QD WHQ Z\MÇWNRZ\
G]LHĆ %LDQFR 3XUR SU]\JRWRZDĄR GOD :DV QLHWX]LQNRZÇ RIHUWÛ XEUDQHN GOD G]LHFL

%LDQFR 3XUR V]\MH GOD 7ZRMHJR G]LHFND VWURMH QLHSRZWDU]DOQH L QDMZ\ľV]HM MDNRĝFL
%
%LDQFR 3XUR V]\MH Z 3ROVFH ] SROVNLFK WNDQLQ 1DV]H XEUDQND GR FKU]WX VSHĄQLDMÇ Z\VRNLH LDQFR 3XUR V]\MH Z 3ROVFH ] SROVNLFK WNDQLQ 1DV]H XEUDQND GR FKU]WX VSHĄQLDMÇ Z\VRNLH
Z\PDJDQLD URG]LFµZ VÇ Z\JRGQH IXQNFMRQDOQH L EH]SLHF]QH GOD G]LHFL

8EUDQND SRZVWDĄ\ ] PLĄRĝFL GR V]\FLD L ] PLĄRĝFL GR G]LHFL :V]\VWNLH QDV]H SURGXNW\ WR SURMHNW\
DXWRUVNLH XQLNDWRZH :\UµľQLD QDV GEDĄRĝÉ R V]F]HJµĄ\ UµľQRURGQRĝÉ Z]RUµZ WNDQLQ L GRGDWNµZ
.DľGH SURGXNW MHVW VWDUDQQLH Z\NRĆF]RQ\ GRSUDFRZDQ\ L GRVNRQDĄ\ Z NDľG\P FDOX (VWHW\ND
L IXQNFMRQDOQRĝÉ XEUDQHN GR FKU]WX MHVW QDV]\P SULRU\WHWHP
&KU]HVW 7ZRMHJR G]LHFND Z XEUDQNX ] %LDQFR 3XUR EÛG]LH QLH]DSRPQLDQ\P SU]Hľ\FLHP

3R SURVWX ([FHOOHQW &KLOOGUHQ V &ORWKLQJ R SURVWX ([FHOOHQW &KLOOGUHQ V &ORWKLQJ
3
=DSUDV]DP\ VHUGHF]QLH GR VNOHSX RQOLQH RUD] QD VWURQÛ IDFHERRNȇRZÇ L G]LÛNXMHP\ ]D RND]DQH ]DXIDQLH

-HĝOL PDV] S\WDQLH QDSLV] GR 1DV






























7HO
ZZZ ELDQFRSXUR FRP SO



NRQWDNW#ELDQFRSXUR FRP SO

6NOHS ] XEUDQLDPL L DUW\NXĄDPL

GOD G]LHFL L QLHPRZOÇW


ZZZ ELDQFRSXUR FRP SO







=REDF] MDN PRľHV] VSUDZLÉ DE\ 7ZRMH G]LHFNR Z\JOÇGDĄR HOHJDQFNR Z GQLX FKU]WX XURG]LQ
L XURF]\VWRĝFL URG]LQQ\FK .DľG\ URG]LF ZLH ľH &KU]HVW ĜZLÛW\ WR ZDľQ\ PRPHQW Z ľ\FLX G]LHFND
L URG]LFµZ : W\P Z\MÇWNRZ\P GQLX VSRW\ND VLÛ FDĄD URG]LQD DE\ XF]FLÉ PRPHQW ZVWÇSLHQLD
G]LHFND GR .RĝFLRĄD Ζ ZĄDĝQLH GODWHJR PDP\ GOD &LHELH GRVNRQDĄÇ SURSR]\FMÛ QD WHQ Z\MÇWNRZ\
G]LHĆ %LDQFR 3XUR SU]\JRWRZDĄR GOD :DV QLHWX]LQNRZÇ RIHUWÛ XEUDQHN GOD G]LHFL

%LDQFR 3XUR V]\MH GOD 7ZRMHJR G]LHFND VWURMH QLHSRZWDU]DOQH L QDMZ\ľV]HM MDNRĝFL
%
%LDQFR 3XUR V]\MH Z 3ROVFH ] SROVNLFK WNDQLQ 1DV]H XEUDQND GR FKU]WX VSHĄQLDMÇ Z\VRNLH LDQFR 3XUR V]\MH Z 3ROVFH ] SROVNLFK WNDQLQ 1DV]H XEUDQND GR FKU]WX VSHĄQLDMÇ Z\VRNLH
Z\PDJDQLD URG]LFµZ VÇ Z\JRGQH IXQNFMRQDOQH L EH]SLHF]QH GOD G]LHFL

8EUDQND SRZVWDĄ\ ] PLĄRĝFL GR V]\FLD L ] PLĄRĝFL GR G]LHFL :V]\VWNLH QDV]H SURGXNW\ WR SURMHNW\
DXWRUVNLH XQLNDWRZH :\UµľQLD QDV GEDĄRĝÉ R V]F]HJµĄ\ UµľQRURGQRĝÉ Z]RUµZ WNDQLQ L GRGDWNµZ
.DľGH SURGXNW MHVW VWDUDQQLH Z\NRĆF]RQ\ GRSUDFRZDQ\ L GRVNRQDĄ\ Z NDľG\P FDOX (VWHW\ND
L IXQNFMRQDOQRĝÉ XEUDQHN GR FKU]WX MHVW QDV]\P SULRU\WHWHP
&KU]HVW 7ZRMHJR G]LHFND Z XEUDQNX ] %LDQFR 3XUR EÛG]LH QLH]DSRPQLDQ\P SU]Hľ\FLHP

3R SURVWX ([FHOOHQW &KLOOGUHQ V &ORWKLQJ R SURVWX ([FHOOHQW &KLOOGUHQ V &ORWKLQJ
3
=DSUDV]DP\ VHUGHF]QLH GR VNOHSX RQOLQH RUD] QD VWURQÛ IDFHERRNȇRZÇ L G]LÛNXMHP\ ]D RND]DQH ]DXIDQLH

-HĝOL PDV] S\WDQLH QDSLV] GR 1DV






























7HO
ZZZ ELDQFRSXUR FRP SO



NRQWDNW#ELDQFRSXUR FRP SO









1$6=<&+ .6,ÆIJ(. 1,( 02IJ( =$%5$.1ÆÈ : 7:2,0 '208





8 O B T [ F K L T J ʒ H B S O J J O U F S O F U P X F K [ O B K E ʇ 1 B ʤ T U X P L T J ʇ ˃ L J
J L P M P S P X B O L J E M B E [ J F D J .P D O ʇ Q P [ Z D K ʒ T U B O P X J ʇ L T J ʇ ˃ L J

L V M J O B S O F P S B [ Q P S B E O J L J [ T F S J J 4 J P T U S B .B S J B $ I ʒ U O J F
E P S B E [ J N Z J Q P E Q P X J F N Z O B D P X B S U P [ X S Ø D J ʉ T [ D [ F H Ø M O ʇ V X B H ʒ
; B Q S B T [ B N Z O B [ B L V Q Z






%$ē1,2:< $1*,(/6., 0,7< *5(&.,( $ =:,Æ=., )5$=(2/2*,&=1(
v#BKLPXZ BOHJFMTLJ QS[FOPTJ OBT X ǴXJBU QF’FO NBHJJ J OBKQJǗLOJFKT[ZDI CBKFL ,TJnjȈLB QS[FOPTJ OBT[ZDI OBKN’PET[ZDI D[ZUFMOJLØX EP LSBJOZ OBKQJǗLOJFKT[ZDI NJUØX
,TJnjȈLB QS[F’BNVKF CBSJFSZ KǗ[ZLPXF %PTLPOBMF ’njD[Z ǴXJBU CBKLJ [ OBVLnj KǗ[ZLB
BOHJFMTLJFHP #BKLPXZ BOHJFMTLJ KFTU PLB[Knj EP TQPULBOJB [ VSPD[ZN $[FSXPOZN HSFDLJDI [ LUØSZDI XZXPE[nj TJǗ QPQVMBSOF [XJnj[LJ GSB[FPMPHJD[OF OQ PǴMF VT[Z UZUBO
,BQUVSLJFN TQSZUOZN ,PUFN X #VUBDI TQF’OJBKnjDnj ȈZD[FOJB ;’PUnj 3ZCLnj D[Z QSBDZ DIBPT D[Z SØH PCöUPǴDJ 8 LBȈEZN SP[E[JBMF PCKBǴOJBNZ [OBD[FOJF J QPLB[VKFNZ
NBMFǩLnj $BMJOFD[Lnj VȈZDJF EBOFHP GSB[FPMPHJ[NV PCSB[VKnjD HP PQPXJBTULnj [ ȈZDJB XTQؒD[FTOFHP E[JFDLB
&(1$ ǰDZ Ƕǭ =ü &(1$ ǮǶ ǶǶ =ü




%$ē1,2:$ $.$'(0,$ ='52:,$ :,(56=( /2*23('<&=1( '/$ '=,(&, Ȓ:,(. ǰȔDz /$7ȓ

8 -JNBOJJ LSBJOJF X LUØSFK ȈZKnj DIPDIMJLJ [’Z D[BSOPLTJǗȈOJL TXPJNJ D[BSBNJ TQSBXJ’ /BT[B LTJnjȈFD[LB UP [CJØS XFTP’ZDI XJFST[ZLØX LUØSZDI D[ZUBOJF CǗE[JF EMB E[JFDJ J JDI
ȈF [ LTJnjH X CJCMJPUFDF [OJLOǗ’B DB’B XJFE[B $IPDIMJL $JFLBXTLJ $IPDIMJL 4QSZUOZ SPE[JDØX XTQBOJB’nj [BCBXnj J OBVLnj 6D[Zǎ QPQSBXOFHP XZNBXJBOJB TZMBC XZSB[ØX
$IPMJOLB PSB[ $IPDIMJL .PEOJǴ XZSVT[BKnj EP ,SBJOZ ;ESPXJB BCZ [EPCZǎ XJFE[Ǘ J [EBǩ ,BȈEZ [ XJFST[ZLØX MPHPQFEZD[OZDI QPNPȈF X ǎXJD[FOJV XZNPXZ EPUZD[njDFK
P [ESPXJV J [ESPXZN TUZMV ȈZDJB JOOFHP QSPCMFNV GPOFUZD[OFHP

&(1$ ǯDZ ǶǶ =ü &(1$ ǮDZ ǶǶ =ü


:,(56=( /2*23('<&=1( Ȓ:,(. Dz ȓ

$.$'(0,$ .5($7<:1(*2 '=,(&.$ 5P KFTU ǴXJFUOB HJNOBTUZLB LJFEZ KǗ[ZL X CV[J öLB -VCJT[ $;:5"ƍ 1PǎXJD[ [ OBNJ
"LBEFNJB LSFBUZXOFHP E[JFDLB [BXJFSB XJFMF XTQBOJB’ZDI QSPKFLUØX OB P[EPCZ QP[OBK TJǗ [ SZNPXBOLBNJ *DI D[ZUBOJF UP [BCBXB * QS[ZKFNOB J DJFLBXB ;CJØS
J QS[FENJPUZ LUØSF LBȈEF E[JFDLP NPȈF TBNPE[JFMOJF XZLPOBǎ B QØȇOJFK QSBLUZD[OJF XJFST[ZLØX $J QPNPȈF NØXJǎ MFQJFK B OJF HPS[FK #Z XZSBȇOB CZ’B NPXB BCZ
XZLPS[ZTUBǎ MVC LPNVǴ QPEBSPXBǎ QPT[D[FHØMOF T’PXB NJB’Z D[ZTUF EȇXJǗD[OF CS[NJFOJF o P UP [BECBT[ ESPHJ TNZLV
HEZ QS[FD[ZUBT[ [CJØS XJFST[ZLØX
&(1$ ǯDZ ǶǶ =ü &(1$ ǮDZ ǶǶ =ü




%$-., /2*23('<&=1( Ȓ:,(. Dz ȓ
$.$'(0,$ 7(.785<
#BKLJ MPHPQFEZD[OF QPNPHnj X OBVDF QPQSBXOFK XZNPXZ $[ZUBOF XJFMPLSPUOJF
8T[ZTULJF E[JFDJ VXJFMCJBKnj TJǗ CBXJǎ B [BCBXB TUBOJF TJǗ KFT[D[F QS[ZKFNOJFKT[B HEZ XZXP’BKnj D[ZTUF J EȇXJǗD[OF CS[NJFOJF QPXUBS[BOZDI T’ØX #ǗEnj UFȈ XTQBOJB’nj
TBNPE[JFMOJF XZLPOBKnj QS[FENJPUZ LUØSF QØȇOJFK X OJFK XZLPS[ZTUBKnj %[JFXD[ZOLPN MFLUVSnj D[ZUBOnj EP TOV
[ QFXOPǴDJnj TQPEPCBKnj TJǗ QS[FENJPUZ EP LVDIOJ KBL MPEØXLB [MFXP[NZXBL LVDIFOLB D[Z
NJLSPGBMØXLB [BǴ DI’PQDPN o TUBUFL QJSBDLJ NZKOJB TBNPDIPEPXB TBNPMPU D[Z TUBDKB QBMJX
&(1$ ǯDZ ǶǶ =ü &(1$ ǮDZ ǶǶ =ü





ZZZ IDFHERRN FRP Z\GDZQLFWZR PDUWHO
ZZZ Z\GDZQLFWZRPDUWHO SO WHO ZHZ _ VNOHS#Z\GDZQLFWZRPDUWHO SO

1$6=<&+ .6,ÆIJ(. 1,( 02IJ( =$%5$.1ÆÈ : 7:2,0 '208





8 O B T [ F K L T J ʒ H B S O J J O U F S O F U P X F K [ O B K E ʇ 1 B ʤ T U X P L T J ʇ ˃ L J
J L P M P S P X B O L J E M B E [ J F D J .P D O ʇ Q P [ Z D K ʒ T U B O P X J ʇ L T J ʇ ˃ L J

L V M J O B S O F P S B [ Q P S B E O J L J [ T F S J J 4 J P T U S B .B S J B $ I ʒ U O J F
E P S B E [ J N Z J Q P E Q P X J F N Z O B D P X B S U P [ X S Ø D J ʉ T [ D [ F H Ø M O ʇ V X B H ʒ
; B Q S B T [ B N Z O B [ B L V Q Z






%$ē1,2:< $1*,(/6., 0,7< *5(&.,( $ =:,Æ=., )5$=(2/2*,&=1(
v#BKLPXZ BOHJFMTLJ QS[FOPTJ OBT X ǴXJBU QF’FO NBHJJ J OBKQJǗLOJFKT[ZDI CBKFL ,TJnjȈLB QS[FOPTJ OBT[ZDI OBKN’PET[ZDI D[ZUFMOJLØX EP LSBJOZ OBKQJǗLOJFKT[ZDI NJUØX
,TJnjȈLB QS[F’BNVKF CBSJFSZ KǗ[ZLPXF %PTLPOBMF ’njD[Z ǴXJBU CBKLJ [ OBVLnj KǗ[ZLB
BOHJFMTLJFHP #BKLPXZ BOHJFMTLJ KFTU PLB[Knj EP TQPULBOJB [ VSPD[ZN $[FSXPOZN HSFDLJDI [ LUØSZDI XZXPE[nj TJǗ QPQVMBSOF [XJnj[LJ GSB[FPMPHJD[OF OQ PǴMF VT[Z UZUBO
,BQUVSLJFN TQSZUOZN ,PUFN X #VUBDI TQF’OJBKnjDnj ȈZD[FOJB ;’PUnj 3ZCLnj D[Z QSBDZ DIBPT D[Z SØH PCöUPǴDJ 8 LBȈEZN SP[E[JBMF PCKBǴOJBNZ [OBD[FOJF J QPLB[VKFNZ
NBMFǩLnj $BMJOFD[Lnj VȈZDJF EBOFHP GSB[FPMPHJ[NV PCSB[VKnjD HP PQPXJBTULnj [ ȈZDJB XTQؒD[FTOFHP E[JFDLB
&(1$ ǰDZ Ƕǭ =ü &(1$ ǮǶ ǶǶ =ü




%$ē1,2:$ $.$'(0,$ ='52:,$ :,(56=( /2*23('<&=1( '/$ '=,(&, Ȓ:,(. ǰȔDz /$7ȓ

8 -JNBOJJ LSBJOJF X LUØSFK ȈZKnj DIPDIMJLJ [’Z D[BSOPLTJǗȈOJL TXPJNJ D[BSBNJ TQSBXJ’ /BT[B LTJnjȈFD[LB UP [CJØS XFTP’ZDI XJFST[ZLØX LUØSZDI D[ZUBOJF CǗE[JF EMB E[JFDJ J JDI
ȈF [ LTJnjH X CJCMJPUFDF [OJLOǗ’B DB’B XJFE[B $IPDIMJL $JFLBXTLJ $IPDIMJL 4QSZUOZ SPE[JDØX XTQBOJB’nj [BCBXnj J OBVLnj 6D[Zǎ QPQSBXOFHP XZNBXJBOJB TZMBC XZSB[ØX
$IPMJOLB PSB[ $IPDIMJL .PEOJǴ XZSVT[BKnj EP ,SBJOZ ;ESPXJB BCZ [EPCZǎ XJFE[Ǘ J [EBǩ ,BȈEZ [ XJFST[ZLØX MPHPQFEZD[OZDI QPNPȈF X ǎXJD[FOJV XZNPXZ EPUZD[njDFK
P [ESPXJV J [ESPXZN TUZMV ȈZDJB JOOFHP QSPCMFNV GPOFUZD[OFHP

&(1$ ǯDZ ǶǶ =ü &(1$ ǮDZ ǶǶ =ü


:,(56=( /2*23('<&=1( Ȓ:,(. Dz ȓ

$.$'(0,$ .5($7<:1(*2 '=,(&.$ 5P KFTU ǴXJFUOB HJNOBTUZLB LJFEZ KǗ[ZL X CV[J öLB -VCJT[ $;:5"ƍ 1PǎXJD[ [ OBNJ
"LBEFNJB LSFBUZXOFHP E[JFDLB [BXJFSB XJFMF XTQBOJB’ZDI QSPKFLUØX OB P[EPCZ QP[OBK TJǗ [ SZNPXBOLBNJ *DI D[ZUBOJF UP [BCBXB * QS[ZKFNOB J DJFLBXB ;CJØS
J QS[FENJPUZ LUØSF LBȈEF E[JFDLP NPȈF TBNPE[JFMOJF XZLPOBǎ B QØȇOJFK QSBLUZD[OJF XJFST[ZLØX $J QPNPȈF NØXJǎ MFQJFK B OJF HPS[FK #Z XZSBȇOB CZ’B NPXB BCZ
XZLPS[ZTUBǎ MVC LPNVǴ QPEBSPXBǎ QPT[D[FHØMOF T’PXB NJB’Z D[ZTUF EȇXJǗD[OF CS[NJFOJF o P UP [BECBT[ ESPHJ TNZLV
HEZ QS[FD[ZUBT[ [CJØS XJFST[ZLØX
&(1$ ǯDZ ǶǶ =ü &(1$ ǮDZ ǶǶ =ü




%$-., /2*23('<&=1( Ȓ:,(. Dz ȓ
$.$'(0,$ 7(.785<
#BKLJ MPHPQFEZD[OF QPNPHnj X OBVDF QPQSBXOFK XZNPXZ $[ZUBOF XJFMPLSPUOJF
8T[ZTULJF E[JFDJ VXJFMCJBKnj TJǗ CBXJǎ B [BCBXB TUBOJF TJǗ KFT[D[F QS[ZKFNOJFKT[B HEZ XZXP’BKnj D[ZTUF J EȇXJǗD[OF CS[NJFOJF QPXUBS[BOZDI T’ØX #ǗEnj UFȈ XTQBOJB’nj
TBNPE[JFMOJF XZLPOBKnj QS[FENJPUZ LUØSF QØȇOJFK X OJFK XZLPS[ZTUBKnj %[JFXD[ZOLPN MFLUVSnj D[ZUBOnj EP TOV
[ QFXOPǴDJnj TQPEPCBKnj TJǗ QS[FENJPUZ EP LVDIOJ KBL MPEØXLB [MFXP[NZXBL LVDIFOLB D[Z
NJLSPGBMØXLB [BǴ DI’PQDPN o TUBUFL QJSBDLJ NZKOJB TBNPDIPEPXB TBNPMPU D[Z TUBDKB QBMJX
&(1$ ǯDZ ǶǶ =ü &(1$ ǮDZ ǶǶ =ü





ZZZ IDFHERRN FRP Z\GDZQLFWZR PDUWHO
ZZZ Z\GDZQLFWZRPDUWHO SO WHO ZHZ _ VNOHS#Z\GDZQLFWZRPDUWHO SO

1$6=<&+ .6,ÆIJ(. 1,( 02IJ( =$%5$.1ÆÈ : 7:2,0 '208







%(=3,(&=1( '=,(&,$., 3,26(1., 35=('6=.2/$.$

;BQFXOJFOJF CF[QJFD[FǩTUXB E[JFDJPN UP KFEOP [ OBKXBȈOJFKT[ZDI [BEBǩ SPE[JDØX ;OBKE[JFNZ UV QJPTFOLJ [OBOF XT[ZTULJN E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN
OBVD[ZDJFMJ PQJFLVOØX /BT[B LTJnjȈLB [BXJFSB OBKXBȈOJFKT[F [BTBEZ 8 LTJnjȈFD[DF [FCSBOP NFMPEJF QS[FLB[ZXBOF [ QPLPMFOJB OB QPLPMFOJF LUØSF OB
CF[QJFD[FǩTUXB /BVLB SFHV’ [BDIPXBOJB TJǗ X SØȈOZDI TZUVBDKBDI PECZXB E’VHP [BKNnj VXBHǗ [BSØXOP NB’ZDI KBL J XJǗLT[ZDI QPDJFDI
TJǗ QPQS[F[ [BCBXǗ &(1$ ǮǮ ǶǶ =ü
&(1$ ǯDZ ǶǶ =ü



=$:2'< &=</, .,0 02IJ(6= =267$È '2%5( :<&+2:$1,( = 3,26(1.Æ &'

8 LTJnjȈFD[DF [OBKEVKnj TJǗ XJFST[ZLJ LUØSF QS[ZCMJȈBKnj E[JFDJPN SØȈOF [BXPEZ
%PXJFE[nj TJǗ [ OJFK KBLJF DFDIZ DIBSBLUFSV QPXJOOB NJFǎ PTPCB DIDnjDB QSBDPXBǎ ,TJnjȈFD[LB ǴQJFXBKnjDP QS[FETUBXJB SFHV’Z TBWPJS WJWSF V D[ZMJ PEQPXJFEOJFHP
OB LPOLSFUOZN TUBOPXJTLV PSB[ DP OBMFȈZ XJFE[JFǎ CZ VQSBXJBǎ XZCSBOZ [BXØE [BDIPXBOJB TJǗ X SØȈOZDI DPE[JFOOZDI TZUVBDKBDI 8 UFK LTJnjȈDF [OBKE[JFT[ QJPTFOLJ
-FLUVSB LT[UB’UVKF [BJOUFSFTPXBOJB PSB[ [BDIǗDB EP [EPCZXBOJB XJFE[Z NPHnjDFK PQJTVKnjDF [BTBEZ EPCSFHP XZDIPXBOJB LUØSF QPEQPXJFE[nj $J DP XPMOP J OBMFȈZ
X QS[ZT[’PǴDJ QPNØD E[JFDLV TQF’OJǎ NBS[FOJB SPCJǎ B D[FHP QPXJOJFOFǴ VOJLBǎ
&(1$ ǰDZ ǶǶ =ü &(1$ DZDz ǭǭ =ü





/,7(5., , &<)(5., : =22 3,26(1., 1$6=(*2 '=,(&,þ67:$ &'
,TJnjȈFD[LB [BXJFSB XFTP’F XJFST[ZLJ E[JǗLJ LUØSZN N’PET[F E[JFDJ QP[OBKnj MJUFSLJ J DZGFSLJ +FE[JF QPDJnjH [ EBMFLB ,SBLPXJBD[FL KFEFO D[Z 1JFTLJ NB’F EXB UP QJPTFOLJ [OBOF
PSB[ QPETUBXPXF E[JB’BOJB J [OBLJ NBUFNBUZD[OF KBL QMVT NJOVT [OBL SØXOPǴDJ %PXJFE[nj XT[ZTULJN E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN 8 LTJnjȈFD[DF [FCSBOP NFMPEJF
TJǗ UFȈ EP D[FHP T’VȈnj X [EBOJV LSPQLB XZLS[ZLOJL J [OBL [BQZUBOJB 4UBST[F QPDJFDIZ CǗEnj QS[FLB[ZXBOF [ QPLPMFOJB OB QPLPMFOJF LUØSF OB E’VHP [BKNnj VXBHǗ [BSØXOP NB’ZDI
NPH’Z OBUPNJBTU EPTLPOBMJǎ D[ZUBOJF NFUPEnj TZMBCPXnj KBL J XJǗLT[ZDI QPDJFDI
&(1$ ǮDz ǶǶ =ü &(1$ ǰǶ Ƕǭ =ü




5<02:$1., 35=('6=.2/$.$ 3,26(1., '/$ '=,(&, 1$ .$IJ'Æ 2.$=-Ø &'
8 LTJnjȈFD[DF [FCSBOP QS[FLB[ZXBOF [ QPLPMFOJB OB QPLPMFOJF SZNPXBOLJ LP’ZTBOLJ 1JPTFOLJ EMB E[JFDJ OB LBȈEnj PLB[KǗ UP LTJnjȈFD[LB QS[F[OBD[POB OJF UZMLP EMB E[JFDJ X
QPLB[ZXBOLJ QJPTFOLJ XZMJD[BOLJ PSB[ GSBHNFOUZ CBKFL $B’PǴDJ EPEBKnj VSPLV CBSXOF XJFLV QS[FET[LPMOZN J T[LPMOZN BMF SØXOJFȈ EMB JDI SPE[JDØX PQJFLVOØX J OBVD[ZDJFMJ
XFTP’F JMVTUSBDKF v3ZNPXBOLJ QS[FET[LPMBLB [ QFXOPǴDJnj TUBOnj TJǗ VMVCJPOnj MFLUVSnj ;BXBSUF X OJFK QJPTFOLJ Tnj [XJnj[BOF UFNBUZD[OJF [ SØȈOZNJ ǴXJǗUBNJ X SPLV KBL OQ
5XPKFHP E[JFDLB o SP[ǴNJFT[nj KF HEZ CǗE[JF TNVUOF X E[JFǩ VNJMnj [BCBXǗ B XJFD[PSFN #PȈF /BSPE[FOJF %[JFǩ .BULJ %[JFǩ #BCDJ )BMMPXFFO J XJFMF JOOZDI
VLP’ZT[nj KF EP TOV
&(1$ ǮǮ ǶǶ =ü &(1$ ǰǶ ǶǶ =ü



32.$=<:$1., Ȕ 08=<&=1< ē:,$7 =$%$: .$5$2.( '/$ '=,(&, &' '9'

v1PLB[ZXBOLJ .V[ZD[OZ ǴXJBU [BCBX UP XZKnjULPXB LTJnjȈLB ;BNJFT[D[POP X OJFK ,BSBPLF EMB E[JFDJ UP XZKnjULPXB LTJnjȈLB X LUØSFK [FCSBMJǴNZ OBKQPQVMBSOJFKT[F
OBKQPQVMBSOJFKT[ZDI J OBKDJFLBXT[ZDI QJPTFOFL [F TDFOBSJVT[BNJ [BCBX SVDIPXZDI J OBK’BEOJFKT[F QJPTFOLJ EMB E[JFDJ $[ǗǴǎ [ OJDI [OBOB KFTU PE QPLPMFǩ %P LTJnjȈFD[LJ
%P LTJnjȈLJ EP’njD[POB KFTU Q’ZUB [ QJPTFOLBNJ J VUXPSBNJ X XFSTKJ JOTUSVNFOUBMOFK EP’njD[ZMJǴNZ EXJF Q’ZUZ /B Q’ZDJF $% [OBKEVKnj TJǗ VUXPSZ XZLPOBOF QS[F[ [OBOZDI
,BȈEZ UFLTU EPEBULPXP PQBUS[POZ KFTU [BQJTFN OVUPXZN /BT[B LTJnjȈLB UP EPTLPOB’B J MVCJBOZDI BSUZTUØX LUØSF [ QFXOPǴDJnj TQPEPCBKnj TJǗ OJF UZMLP E[JFDJPN BMF UBLȈF
QPNPD EZEBLUZD[OB EMB OBVD[ZDJFMJ J XT[ZTULJDI UZDI LUØS[Z OB DP E[JFǩ QSBDVKnj [ E[JFǎNJ JDI SPE[JDPN
&(1$ ǰDZ Ƕǭ =ü &(1$ DZDz ǭǭ =ü




ZZZ IDFHERRN FRP Z\GDZQLFWZR PDUWHO
ZZZ Z\GDZQLFWZRPDUWHO SO WHO ZHZ _ VNOHS#Z\GDZQLFWZRPDUWHO SO

1$6=<&+ .6,ÆIJ(. 1,( 02IJ( =$%5$.1ÆÈ : 7:2,0 '208







%(=3,(&=1( '=,(&,$., 3,26(1., 35=('6=.2/$.$

;BQFXOJFOJF CF[QJFD[FǩTUXB E[JFDJPN UP KFEOP [ OBKXBȈOJFKT[ZDI [BEBǩ SPE[JDØX ;OBKE[JFNZ UV QJPTFOLJ [OBOF XT[ZTULJN E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN
OBVD[ZDJFMJ PQJFLVOØX /BT[B LTJnjȈLB [BXJFSB OBKXBȈOJFKT[F [BTBEZ 8 LTJnjȈFD[DF [FCSBOP NFMPEJF QS[FLB[ZXBOF [ QPLPMFOJB OB QPLPMFOJF LUØSF OB
CF[QJFD[FǩTUXB /BVLB SFHV’ [BDIPXBOJB TJǗ X SØȈOZDI TZUVBDKBDI PECZXB E’VHP [BKNnj VXBHǗ [BSØXOP NB’ZDI KBL J XJǗLT[ZDI QPDJFDI
TJǗ QPQS[F[ [BCBXǗ &(1$ ǮǮ ǶǶ =ü
&(1$ ǯDZ ǶǶ =ü



=$:2'< &=</, .,0 02IJ(6= =267$È '2%5( :<&+2:$1,( = 3,26(1.Æ &'

8 LTJnjȈFD[DF [OBKEVKnj TJǗ XJFST[ZLJ LUØSF QS[ZCMJȈBKnj E[JFDJPN SØȈOF [BXPEZ
%PXJFE[nj TJǗ [ OJFK KBLJF DFDIZ DIBSBLUFSV QPXJOOB NJFǎ PTPCB DIDnjDB QSBDPXBǎ ,TJnjȈFD[LB ǴQJFXBKnjDP QS[FETUBXJB SFHV’Z TBWPJS WJWSF V D[ZMJ PEQPXJFEOJFHP
OB LPOLSFUOZN TUBOPXJTLV PSB[ DP OBMFȈZ XJFE[JFǎ CZ VQSBXJBǎ XZCSBOZ [BXØE [BDIPXBOJB TJǗ X SØȈOZDI DPE[JFOOZDI TZUVBDKBDI 8 UFK LTJnjȈDF [OBKE[JFT[ QJPTFOLJ
-FLUVSB LT[UB’UVKF [BJOUFSFTPXBOJB PSB[ [BDIǗDB EP [EPCZXBOJB XJFE[Z NPHnjDFK PQJTVKnjDF [BTBEZ EPCSFHP XZDIPXBOJB LUØSF QPEQPXJFE[nj $J DP XPMOP J OBMFȈZ
X QS[ZT[’PǴDJ QPNØD E[JFDLV TQF’OJǎ NBS[FOJB SPCJǎ B D[FHP QPXJOJFOFǴ VOJLBǎ
&(1$ ǰDZ ǶǶ =ü &(1$ DZDz ǭǭ =ü





/,7(5., , &<)(5., : =22 3,26(1., 1$6=(*2 '=,(&,þ67:$ &'
,TJnjȈFD[LB [BXJFSB XFTP’F XJFST[ZLJ E[JǗLJ LUØSZN N’PET[F E[JFDJ QP[OBKnj MJUFSLJ J DZGFSLJ +FE[JF QPDJnjH [ EBMFLB ,SBLPXJBD[FL KFEFO D[Z 1JFTLJ NB’F EXB UP QJPTFOLJ [OBOF
PSB[ QPETUBXPXF E[JB’BOJB J [OBLJ NBUFNBUZD[OF KBL QMVT NJOVT [OBL SØXOPǴDJ %PXJFE[nj XT[ZTULJN E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN 8 LTJnjȈFD[DF [FCSBOP NFMPEJF
TJǗ UFȈ EP D[FHP T’VȈnj X [EBOJV LSPQLB XZLS[ZLOJL J [OBL [BQZUBOJB 4UBST[F QPDJFDIZ CǗEnj QS[FLB[ZXBOF [ QPLPMFOJB OB QPLPMFOJF LUØSF OB E’VHP [BKNnj VXBHǗ [BSØXOP NB’ZDI
NPH’Z OBUPNJBTU EPTLPOBMJǎ D[ZUBOJF NFUPEnj TZMBCPXnj KBL J XJǗLT[ZDI QPDJFDI
&(1$ ǮDz ǶǶ =ü &(1$ ǰǶ Ƕǭ =ü




5<02:$1., 35=('6=.2/$.$ 3,26(1., '/$ '=,(&, 1$ .$IJ'Æ 2.$=-Ø &'
8 LTJnjȈFD[DF [FCSBOP QS[FLB[ZXBOF [ QPLPMFOJB OB QPLPMFOJF SZNPXBOLJ LP’ZTBOLJ 1JPTFOLJ EMB E[JFDJ OB LBȈEnj PLB[KǗ UP LTJnjȈFD[LB QS[F[OBD[POB OJF UZMLP EMB E[JFDJ X
QPLB[ZXBOLJ QJPTFOLJ XZMJD[BOLJ PSB[ GSBHNFOUZ CBKFL $B’PǴDJ EPEBKnj VSPLV CBSXOF XJFLV QS[FET[LPMOZN J T[LPMOZN BMF SØXOJFȈ EMB JDI SPE[JDØX PQJFLVOØX J OBVD[ZDJFMJ
XFTP’F JMVTUSBDKF v3ZNPXBOLJ QS[FET[LPMBLB [ QFXOPǴDJnj TUBOnj TJǗ VMVCJPOnj MFLUVSnj ;BXBSUF X OJFK QJPTFOLJ Tnj [XJnj[BOF UFNBUZD[OJF [ SØȈOZNJ ǴXJǗUBNJ X SPLV KBL OQ
5XPKFHP E[JFDLB o SP[ǴNJFT[nj KF HEZ CǗE[JF TNVUOF X E[JFǩ VNJMnj [BCBXǗ B XJFD[PSFN #PȈF /BSPE[FOJF %[JFǩ .BULJ %[JFǩ #BCDJ )BMMPXFFO J XJFMF JOOZDI
VLP’ZT[nj KF EP TOV
&(1$ ǮǮ ǶǶ =ü &(1$ ǰǶ ǶǶ =ü



32.$=<:$1., Ȕ 08=<&=1< ē:,$7 =$%$: .$5$2.( '/$ '=,(&, &' '9'

v1PLB[ZXBOLJ .V[ZD[OZ ǴXJBU [BCBX UP XZKnjULPXB LTJnjȈLB ;BNJFT[D[POP X OJFK ,BSBPLF EMB E[JFDJ UP XZKnjULPXB LTJnjȈLB X LUØSFK [FCSBMJǴNZ OBKQPQVMBSOJFKT[F
OBKQPQVMBSOJFKT[ZDI J OBKDJFLBXT[ZDI QJPTFOFL [F TDFOBSJVT[BNJ [BCBX SVDIPXZDI J OBK’BEOJFKT[F QJPTFOLJ EMB E[JFDJ $[ǗǴǎ [ OJDI [OBOB KFTU PE QPLPMFǩ %P LTJnjȈFD[LJ
%P LTJnjȈLJ EP’njD[POB KFTU Q’ZUB [ QJPTFOLBNJ J VUXPSBNJ X XFSTKJ JOTUSVNFOUBMOFK EP’njD[ZMJǴNZ EXJF Q’ZUZ /B Q’ZDJF $% [OBKEVKnj TJǗ VUXPSZ XZLPOBOF QS[F[ [OBOZDI
,BȈEZ UFLTU EPEBULPXP PQBUS[POZ KFTU [BQJTFN OVUPXZN /BT[B LTJnjȈLB UP EPTLPOB’B J MVCJBOZDI BSUZTUØX LUØSF [ QFXOPǴDJnj TQPEPCBKnj TJǗ OJF UZMLP E[JFDJPN BMF UBLȈF
QPNPD EZEBLUZD[OB EMB OBVD[ZDJFMJ J XT[ZTULJDI UZDI LUØS[Z OB DP E[JFǩ QSBDVKnj [ E[JFǎNJ JDI SPE[JDPN
&(1$ ǰDZ Ƕǭ =ü &(1$ DZDz ǭǭ =ü




ZZZ IDFHERRN FRP Z\GDZQLFWZR PDUWHO
ZZZ Z\GDZQLFWZRPDUWHO SO WHO ZHZ _ VNOHS#Z\GDZQLFWZRPDUWHO SO

ĻõËà’ĻÝU















ÙŇîËõĩ










'URG]\ 5RG]LFH
'EDFLH R EH]SLHF]HĆVWZR VZRLFK G]LHFL" &KURQLFLH MH SU]HG FKRUREDPL" =DUD]NDPL" %DNWHULDPL"


$OH F]\ WDNľH Z WRDOHFLH"

: GRPX SXFXMHFLH ĄD]LHQNL GR VHGHVµZ Xľ\ZDFLH EDNWHULREµMF]\FK SĄ\QµZ NRVWHN ľHOLȐ 0DFLH VSHFMDOQH QDNĄDGNL
QD GHVNÛ VHGHVRZÇ ľHE\ PDOXFK Z\JRGQLH XVLDGĄ

$ SRWHP LG]LHFLH ] G]LHFNLHP GR ZHVRĄHJR PLDVWHF]ND NLQD VNOHSX LȐ Ȍ0DPRRR 6LNX ȋ %\ZD ľH SRWU]HED MHVW
SRZDľQLHMV]D L MXľ ]D NU]DF]HN QLH SµMG]LHP\ -HV]F]H JRU]HM JG\ G]LHFNR MHVW Z SU]HGV]NROX DOER Z V]NROH L PXVL
SRUDG]LÉ VRELH VDPR


2WR UR]ZLÇ]DQLH WHJR SUREOHPX ĻõËà’ĻÝU ĹÙŇîËõĩ


ȏ 5R]NĄDGDFLH MÇ QD GHVFH L EH]SLHF]QLH Z\JRGQLH VDG]DFLH G]LHFNR

ȏ -HVW V]HURND 0DOXFK GOD XWU]\PDQLD UµZQRZDJL ĄDSLH EU]HJ VHGHVX SU]H] SDSLHU ] ]DFKRZDQLHP KLJLHQ\ L VSRNRMQLH VRELH
VLHG]L
ȏ : FKZLOL VSXV]F]DQLD ZRG\ 72Ζ/(7.$ MHVW VDPRF]\QQLH VSĄXNLZDQD

ȏ 8OHJD ELRGHJUDGDFML
ȏ
ȏ .RORURZH SRWZRUNL L GUXN QD SDSLHU]H WR RND]MD GR HGXNDF\MQHM ]DEDZ\ QS WZRU]HQLD KLVWRU\MHN G]LÛNL NWµU\P ]EXGXMHFLH .RORURZH SRWZRUNL L GUXN QD SDSLHU]H WR RND]MD GR HGXNDF\MQHM ]DEDZ\ QS WZRU]HQLD KLVWRU\MHN G]LÛNL NWµU\P ]EXGXMHFLH
G]LHFLÛFH WRDOHWRZH U\WXDĄ\ L Z\URELFLH SUDZLGĄRZH QDZ\NL KLJLHQLF]QH NWµUH ]RVWDQÇ G]LHFNX QD FDĄH ľ\FLH





3URGXFHQW 3257Ζ&$ ŕŕŕęĒõĩĻËvUęĒá

WHO hËŇĩöfĒõĩĻËvUęĒá

ĻõËà’ĻÝU















ÙŇîËõĩ










'URG]\ 5RG]LFH
'EDFLH R EH]SLHF]HĆVWZR VZRLFK G]LHFL" &KURQLFLH MH SU]HG FKRUREDPL" =DUD]NDPL" %DNWHULDPL"


$OH F]\ WDNľH Z WRDOHFLH"

: GRPX SXFXMHFLH ĄD]LHQNL GR VHGHVµZ Xľ\ZDFLH EDNWHULREµMF]\FK SĄ\QµZ NRVWHN ľHOLȐ 0DFLH VSHFMDOQH QDNĄDGNL
QD GHVNÛ VHGHVRZÇ ľHE\ PDOXFK Z\JRGQLH XVLDGĄ

$ SRWHP LG]LHFLH ] G]LHFNLHP GR ZHVRĄHJR PLDVWHF]ND NLQD VNOHSX LȐ Ȍ0DPRRR 6LNX ȋ %\ZD ľH SRWU]HED MHVW
SRZDľQLHMV]D L MXľ ]D NU]DF]HN QLH SµMG]LHP\ -HV]F]H JRU]HM JG\ G]LHFNR MHVW Z SU]HGV]NROX DOER Z V]NROH L PXVL
SRUDG]LÉ VRELH VDPR


2WR UR]ZLÇ]DQLH WHJR SUREOHPX ĻõËà’ĻÝU ĹÙŇîËõĩ


ȏ 5R]NĄDGDFLH MÇ QD GHVFH L EH]SLHF]QLH Z\JRGQLH VDG]DFLH G]LHFNR

ȏ -HVW V]HURND 0DOXFK GOD XWU]\PDQLD UµZQRZDJL ĄDSLH EU]HJ VHGHVX SU]H] SDSLHU ] ]DFKRZDQLHP KLJLHQ\ L VSRNRMQLH VRELH
VLHG]L
ȏ : FKZLOL VSXV]F]DQLD ZRG\ 72Ζ/(7.$ MHVW VDPRF]\QQLH VSĄXNLZDQD

ȏ 8OHJD ELRGHJUDGDFML
ȏ
ȏ .RORURZH SRWZRUNL L GUXN QD SDSLHU]H WR RND]MD GR HGXNDF\MQHM ]DEDZ\ QS WZRU]HQLD KLVWRU\MHN G]LÛNL NWµU\P ]EXGXMHFLH .RORURZH SRWZRUNL L GUXN QD SDSLHU]H WR RND]MD GR HGXNDF\MQHM ]DEDZ\ QS WZRU]HQLD KLVWRU\MHN G]LÛNL NWµU\P ]EXGXMHFLH
G]LHFLÛFH WRDOHWRZH U\WXDĄ\ L Z\URELFLH SUDZLGĄRZH QDZ\NL KLJLHQLF]QH NWµUH ]RVWDQÇ G]LHFNX QD FDĄH ľ\FLH





3URGXFHQW 3257Ζ&$ ŕŕŕęĒõĩĻËvUęĒá

WHO hËŇĩöfĒõĩĻËvUęĒá

8VSR WOēEHER] NIHRSVE^S[] RSGRMO HPE H^MIGM


,H] XSEPIXE NIWX RMIHSWXéTRE VS^[MÒ^YNI TVSFPIQ ^EēEX[MERME TSXV^IF
ǻ^NSPSKMG^R]GL TV^I^ H^MIGM [ QMINWGEGL TYFPMG^R]GL PYF [ TSHV¾ŏ]



87;&Ē=






0Ē&)&3= '*>5.*(>3=
. 0425&084;= . 3.*>&;4)3=













Ē&8;= 57&08=(>3=
; 9Ŏ=(.9 . +930(/43&13=




*0414,.(>3=







3MI^[]OPI W SPMHR]
9XV^]QYNI REGMWO OK
5SVéG^R] M TV^IRSĮR]
0SRWXVYOGNE RSGRMOE 8743 ^SWXEēE WOVYTYPEXRMI 5VSWX] M ēEX[] [ Yŏ]GMY
TV^IFEHERE TV^I^ RMI^EPIŏR] .RWX]XYX
2EXIVMEē¾[ M 0SRWXVYOGNM 'YHS[PER]GL /IHRSVE^S[] RSGRMO 8743 NIWX RMI^[]OPI TVEOX]G^R]
5 > ēEX[SĮGMÒ QMIĮGM WMé [ HEQWOMIN XSVIFGI G^]
5SPMXIGLRMOM 0VEOS[WOMIN ;]RMOM FEHEĕ []OE^Eē]
ŏI VS^ēSŏSR] 8743 FI^ TVSFPIQY []XV^]QYNI [ WTSHRMEGL ; TSV¾[RERMY HS MRR]GL VS^[MÒ^Eĕ
RSGRMOSGRMO 8743 TS^[EPE RE NIKS Yŏ]GMI FI^ TSXV^IF]
REGMWO OK E TV^] ^[MéOW^ERMY SFGMÒŏIRME R
REWXéTYNI OSRXVSPS[ERI ^KRMEXERMI TēEW^G^]^R []OSR][ERME WOSQTPMOS[ER]GL G^]RRSĮGM TV^] NIKS
TMSRS[]GL WXIPEŏY RSGRMOE VS^OēEHERMY M WOēEHERMY





> WYTIVGLēSRRÒ [OēEHOÒ
OYXIG^RMI TSGLēERME Tē]R] M IPMQMRYNI ^ETEGL]

3SGRMO NIWX PIOOM QEē] TSWMEHE FMSHIKVEHS[EPR]
WYTIVGLēSRR] TSPMQIVS[] [OēEH &5 OX¾V] NIWX GIRMSR]
TV^IHI [W^]WXOMQ ^I [^KPéHY RE W[SNÒ RMI^[]OēÒ ^HSPRSĮÔ
[GLēERMERME Tē]R¾[ M RMITV^]NIQR]GL ^ETEGL¾[ YP SēX]WS[WOE & 0VEO¾[
)^MéOM ^MéOM XIQY TVSGIW EFWSVTGNM M ^IWXEPERME REWXéTYNI
) XIPIJSR
NYŏ [ QSQIRGMI OSRXEOXY ^ Tē]RIQ PYF WYFWXERGNEQM
QMéOOMQM ;MIPOSĮÔ [OēEHOM Yŏ]XE [ NIHRSVE^S[]Q ƵƵƵţƋųŅĹţåƚţÎŅĵ
RSGRMOY 8743 NIWX [ WXERMI TSGLēSRÒÔ QP GMIG^]
[ GMÒKY WIOYRH MRJS%XVSR IY GSQ

8VSR WOēEHER] NIHRSVE^S[] RSGRMO HPE H^MIGM


,H] XSEPIXE NIWX RMIHSWXéTRE VS^[MÒ^YNI TVSFPIQ ^EēEX[MERME TSXV^IF
ǻ^NSPSKMG^R]GL TV^I^ H^MIGM [ QMINWGEGL TYFPMG^R]GL PYF [ TSHV¾ŏ]



87;&Ē=






0Ē&)&3= '*>5.*(>3=
. 0425&084;= . 3.*>&;4)3=













Ē&8;= 57&08=(>3=
; 9Ŏ=(.9 . +930(/43&13=




*0414,.(>3=







3MI^[]OPI W SPMHR]
9XV^]QYNI REGMWO OK
5SVéG^R] M TV^IRSĮR]
0SRWXVYOGNE RSGRMOE 8743 ^SWXEēE WOVYTYPEXRMI 5VSWX] M ēEX[] [ Yŏ]GMY
TV^IFEHERE TV^I^ RMI^EPIŏR] .RWX]XYX
2EXIVMEē¾[ M 0SRWXVYOGNM 'YHS[PER]GL /IHRSVE^S[] RSGRMO 8743 NIWX RMI^[]OPI TVEOX]G^R]
5 > ēEX[SĮGMÒ QMIĮGM WMé [ HEQWOMIN XSVIFGI G^]
5SPMXIGLRMOM 0VEOS[WOMIN ;]RMOM FEHEĕ []OE^Eē]
ŏI VS^ēSŏSR] 8743 FI^ TVSFPIQY []XV^]QYNI [ WTSHRMEGL ; TSV¾[RERMY HS MRR]GL VS^[MÒ^Eĕ
RSGRMOSGRMO 8743 TS^[EPE RE NIKS Yŏ]GMI FI^ TSXV^IF]
REGMWO OK E TV^] ^[MéOW^ERMY SFGMÒŏIRME R
REWXéTYNI OSRXVSPS[ERI ^KRMEXERMI TēEW^G^]^R []OSR][ERME WOSQTPMOS[ER]GL G^]RRSĮGM TV^] NIKS
TMSRS[]GL WXIPEŏY RSGRMOE VS^OēEHERMY M WOēEHERMY





> WYTIVGLēSRRÒ [OēEHOÒ
OYXIG^RMI TSGLēERME Tē]R] M IPMQMRYNI ^ETEGL]

3SGRMO NIWX PIOOM QEē] TSWMEHE FMSHIKVEHS[EPR]
WYTIVGLēSRR] TSPMQIVS[] [OēEH &5 OX¾V] NIWX GIRMSR]
TV^IHI [W^]WXOMQ ^I [^KPéHY RE W[SNÒ RMI^[]OēÒ ^HSPRSĮÔ
[GLēERMERME Tē]R¾[ M RMITV^]NIQR]GL ^ETEGL¾[ YP SēX]WS[WOE & 0VEO¾[
)^MéOM ^MéOM XIQY TVSGIW EFWSVTGNM M ^IWXEPERME REWXéTYNI
) XIPIJSR
NYŏ [ QSQIRGMI OSRXEOXY ^ Tē]RIQ PYF WYFWXERGNEQM
QMéOOMQM ;MIPOSĮÔ [OēEHOM Yŏ]XE [ NIHRSVE^S[]Q ƵƵƵţƋųŅĹţåƚţÎŅĵ
RSGRMOY 8743 NIWX [ WXERMI TSGLēSRÒÔ QP GMIG^]
[ GMÒKY WIOYRH MRJS%XVSR IY GSQ

.6,ÅĻ(&=.$ 3(5621$/,=2:$1$





/BKQJǗLOJFKT[Z QSF[FOU OB .JLP’BKB J 8JHJMJǗ




'/$&=(*2 02-$ %$-.$ -(67 :<-Ä7.2:$"




t XTQBOJB’F QS[FȈZDJF LUØSF VD[Z J SP[XJKB XZPCSBȇOJǗ
t JNJǗ J [EKǗDJF E[JFDLB XJFMPLSPUOJF VȈZUF X CBKDF

t CF[Q’BUOB XZTZ’LB J EFEZLBDKB
t SFBMJ[BDKB EP EOJ SPCPD[ZDI

t TUSPO QJǗLOZDI JMVTUSBDKJ
t NJǗLLB QS[ZKB[OB EMB E[JFDLB PQSBXB



%-" ;".»8*&Ʃ (36108:$) 3"#"5:
* %6Ʃ4,*& (3"5*4: 1-"45:$;/&



0,.2ā$- , :,*,/,$ 78ĸ 78ĸ



1,( =:/(.$-













( $
& 1


ā

=
















::: 02-$%$-.$ 3/




.217$.7#02-$%$-.$ 3/

.6,ÅĻ(&=.$ 3(5621$/,=2:$1$





/BKQJǗLOJFKT[Z QSF[FOU OB .JLP’BKB J 8JHJMJǗ




'/$&=(*2 02-$ %$-.$ -(67 :<-Ä7.2:$"




t XTQBOJB’F QS[FȈZDJF LUØSF VD[Z J SP[XJKB XZPCSBȇOJǗ
t JNJǗ J [EKǗDJF E[JFDLB XJFMPLSPUOJF VȈZUF X CBKDF

t CF[Q’BUOB XZTZ’LB J EFEZLBDKB
t SFBMJ[BDKB EP EOJ SPCPD[ZDI

t TUSPO QJǗLOZDI JMVTUSBDKJ
t NJǗLLB QS[ZKB[OB EMB E[JFDLB PQSBXB



%-" ;".»8*&Ʃ (36108:$) 3"#"5:
* %6Ʃ4,*& (3"5*4: 1-"45:$;/&



0,.2ā$- , :,*,/,$ 78ĸ 78ĸ



1,( =:/(.$-













( $
& 1


ā

=
















::: 02-$%$-.$ 3/




.217$.7#02-$%$-.$ 3/

+FTUFėNZ EPėXJBED[POÁ LBESÁ [BXPEPXD¯X LU¯SB LSFVKF OPXF
USFOEZ OB SZOLV QSBDZ X PCT[BS[F BOJNBDKJ D[BTV XPMOFHP
/B[Á NJTKÁ KFTU QPCVE[FOJF QBTKJ X LBĸEZN LUP QSBHOJF
TBNPSFBMJ[BDKJ QPþÁD[POFK [ [BCBXÁ 8 PEQPXJFE[J OB [BQPUS[FCPXBOJF
SZOLV OB VTþVHJ BOJNBDZKOF EBKFNZ QBUFOU EP OPXFHP [BXPEV KBLP MJEFS
KFTUFėNZ UBN HE[JF OBT QPUS[FCVKFDJF












"OJNBUPS UP PH¯MOPQPMTLJ MJEFS X [BLSFTJF T[LPMFĀ "OJNBDKJ $[BTV 8PMOFHP
PSHBOJ[BDKJ FWFOU¯X PSB[ QPėSFEOJDUXB QSBDZ QS[Z SFBMJ[BDKJ BOJNBDKJ
IPUFMPXZDI [B HSBOJDÁ ,JMLVMFUOJB PCFDOPėÃ OB SZOLV UP TFULJ
QS[FQSPXBE[POZDI T[LPMFĀ DBTUJOH¯X J JNQSF[ EMB OBKXJÕLT[ZDI
5PVSPQFSBUPS¯X X LSBKV J &VSPQJF ,BĸEFHP SPLV DFSUZţLBU "OJNBUPSB
$[BTV 8PMOFHP PECJFSB CMJTLP LVSTBOU¯X QP UP BCZ QSBDPXBÃ
OB BOJNBDKBDI [B HSBOJDÁ PSB[ [EPCZXBÃ EPEBULPXF EPėXJBED[FOJF




































XXX BOJNBUPSDFOUFS DPN


JOGP!BOJNBUPSDFOUFS DPN

+FTUFėNZ EPėXJBED[POÁ LBESÁ [BXPEPXD¯X LU¯SB LSFVKF OPXF
USFOEZ OB SZOLV QSBDZ X PCT[BS[F BOJNBDKJ D[BTV XPMOFHP
/B[Á NJTKÁ KFTU QPCVE[FOJF QBTKJ X LBĸEZN LUP QSBHOJF
TBNPSFBMJ[BDKJ QPþÁD[POFK [ [BCBXÁ 8 PEQPXJFE[J OB [BQPUS[FCPXBOJF
SZOLV OB VTþVHJ BOJNBDZKOF EBKFNZ QBUFOU EP OPXFHP [BXPEV KBLP MJEFS
KFTUFėNZ UBN HE[JF OBT QPUS[FCVKFDJF












"OJNBUPS UP PH¯MOPQPMTLJ MJEFS X [BLSFTJF T[LPMFĀ "OJNBDKJ $[BTV 8PMOFHP
PSHBOJ[BDKJ FWFOU¯X PSB[ QPėSFEOJDUXB QSBDZ QS[Z SFBMJ[BDKJ BOJNBDKJ
IPUFMPXZDI [B HSBOJDÁ ,JMLVMFUOJB PCFDOPėÃ OB SZOLV UP TFULJ
QS[FQSPXBE[POZDI T[LPMFĀ DBTUJOH¯X J JNQSF[ EMB OBKXJÕLT[ZDI
5PVSPQFSBUPS¯X X LSBKV J &VSPQJF ,BĸEFHP SPLV DFSUZţLBU "OJNBUPSB
$[BTV 8PMOFHP PECJFSB CMJTLP LVSTBOU¯X QP UP BCZ QSBDPXBÃ
OB BOJNBDKBDI [B HSBOJDÁ PSB[ [EPCZXBÃ EPEBULPXF EPėXJBED[FOJF




































XXX BOJNBUPSDFOUFS DPN


JOGP!BOJNBUPSDFOUFS DPN

+DSS\+RS WR G\VWU\EXWRU Z\VRNLHM NODV\


GPXFKDĂFµZ L ]DEDZHN RJURGRZ\FK


: QDV]HM RIHUFLH ]QDMGÃ 3DÌVWZR ZV]\VWNR WR F]HJR :DV]H G]LHFL SRWU]HEXMÃ GR Z\ÐPLHQLWHM ]DEDZ\
2IHURZDQH GPXFKDÌFH SRVLDGDMÃ XQLNDOQ\ L FLHNDZ\ Z\JOÃG D SRQDGWR ND×G\ ] QLFK GRVWÇSQ\ MHVW
UµZQLH× Z ZHUVML NRPHUF\MQHM ZLÇNV]HM RG GRPRZ\FK RGSRZLHGQLNµZ

+DSS\ +RS ]DMPXMH VLÇ UµZQLH× RUJDQL]DFMÃ LPSUH] SOHQHURZ\FK ]GHMPXMÃF RERZLÃ]HN SODQRZDQLD
] EDUNµZ URG]LFµZ =DSHZQLDP\ G]LHFLRP QLH]DSRPQLDQH ZUD×HQLD L ZLHOH FLHNDZ\FK ]DEDZ

=DSUDV]DP\ GR ]DSR]QDQLD VLÇ ] QDV]Ã ERJDWÃ RIHUWÃ QD VWURQLH ĆUPRZHM +DSS\+RS















































ZZZ KDSS\KRS SO



ELXUR#KDSS\KRS SO 5$%$78
+DVÊR UDEDWRZH
0DJD]\Q 3U]HGV]NROD

+DSS\+RS WR G\VWU\EXWRU Z\VRNLHM NODV\


GPXFKDĂFµZ L ]DEDZHN RJURGRZ\FK


: QDV]HM RIHUFLH ]QDMGÃ 3DÌVWZR ZV]\VWNR WR F]HJR :DV]H G]LHFL SRWU]HEXMÃ GR Z\ÐPLHQLWHM ]DEDZ\
2IHURZDQH GPXFKDÌFH SRVLDGDMÃ XQLNDOQ\ L FLHNDZ\ Z\JOÃG D SRQDGWR ND×G\ ] QLFK GRVWÇSQ\ MHVW
UµZQLH× Z ZHUVML NRPHUF\MQHM ZLÇNV]HM RG GRPRZ\FK RGSRZLHGQLNµZ

+DSS\ +RS ]DMPXMH VLÇ UµZQLH× RUJDQL]DFMÃ LPSUH] SOHQHURZ\FK ]GHMPXMÃF RERZLÃ]HN SODQRZDQLD
] EDUNµZ URG]LFµZ =DSHZQLDP\ G]LHFLRP QLH]DSRPQLDQH ZUD×HQLD L ZLHOH FLHNDZ\FK ]DEDZ

=DSUDV]DP\ GR ]DSR]QDQLD VLÇ ] QDV]Ã ERJDWÃ RIHUWÃ QD VWURQLH ĆUPRZHM +DSS\+RS















































ZZZ KDSS\KRS SO



ELXUR#KDSS\KRS SO 5$%$78
+DVÊR UDEDWRZH
0DJD]\Q 3U]HGV]NROD









































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