1DWXUDOQH SLHOXV]NL
ZLHORUD]RZH
ZZZ LJOH ĆJOH SO
,1)2#,*/( ),*/( 3/
3,(5:6=( 1$785$/1( 32/6.,(
3,(/86=., :,(/25$=2:(
3DVMD GR V]\FLD L PLÊRÐÅ GR G]LHFL WR QDMOHSV]H SRÊÃF]HQLH E\ VWZRU]\Å
QLHSRZWDU]DOQH SURGXNW\ G]LHFLÇFH :LWDP\ Z VNOHSLH Z NWµU\P ]QDMG]LHFLH
Z\MÃWNRZH UÇF]QLH V]\WH SLHOXV]NL L XEUDQND GOD QDMPÊRGV]\FK =DSURMHNWRZDQH
L XV]\WH ] GEDÊRÐFLÃ R QDMPQLHMV]\ GHWDO .D×GD WNDQLQD MHVW SU]H] QDV VWDUDQQLH
GRELHUDQD D JRWRZH SURGXNW\ WHVWRZDQH QD G]LHFLDFK =DSUDV]DP\
ZZZ LJOH ĆJOH SO
,1)2#,*/( ),*/( 3/
XO JR /LVWRSDGD 6XOHMµZHN
OXE
3,(5:6=( 1$785$/1( 32/6.,(
3,(/86=., :,(/25$=2:(
3DVMD GR V]\FLD L PLÊRÐÅ GR G]LHFL WR QDMOHSV]H SRÊÃF]HQLH E\ VWZRU]\Å
QLHSRZWDU]DOQH SURGXNW\ G]LHFLÇFH :LWDP\ Z VNOHSLH Z NWµU\P ]QDMG]LHFLH
Z\MÃWNRZH UÇF]QLH V]\WH SLHOXV]NL L XEUDQND GOD QDMPÊRGV]\FK =DSURMHNWRZDQH
L XV]\WH ] GEDÊRÐFLÃ R QDMPQLHMV]\ GHWDO .D×GD WNDQLQD MHVW SU]H] QDV VWDUDQQLH
GRELHUDQD D JRWRZH SURGXNW\ WHVWRZDQH QD G]LHFLDFK =DSUDV]DP\
ZZZ LJOH ĆJOH SO
,1)2#,*/( ),*/( 3/
XO JR /LVWRSDGD 6XOHMµZHN
OXE
#SZUZKTLJF QSPEVLUZ EP QZXBOJB
EMB E[JFDJ J OJFNPXMBU
ZZZ VSODVKDERXW SO :<âć&=1< '<675<%8725 1$ 7(5(1,( 32/6.,
%0 &RQVXOWLQJ %HDWD 0RUDZVND
2NXOLFNLHJR 3LDVHF]QR
LQIR#VSODVKDERXW SO _ WHO
:LHORUD]RZD SLHOXV]ND
+DSS\ 1DSS\
:\NRQDQD ] HODVW\F]QHJR QHRSUHQX
R JUXERĤFL PP ² FKURQL SU]HG Z\]LčELHQLHP
0LčNNLH ĤFLĈJDF]H DE\ ]DWU]\PDþ
ZV]\VWNLH QLHF]\VWRĤFL
âDWZH ]DNãDGDQLH L ]GHMPRZDQLH
1DMOHSV]H HIHNW\ JG\ Xİ\ZDQD UD]HP
] EDZHãQLDQ\PL PDMWHF]NDPL 1DSS\ :UDS EDZHãQLDQ\PL PDMWHF]NDPL 1DSS\ :UDS
]
RUD] ZNãDGNDPL 1DSS\ /LQHUV
$FOB [
.RVWLXP ] SLHOXV]NĈ
+DSS\ 1DSS\
8V]\W\ ] PLčNNLHJR Q\ORQ O\FUD L QHRSUHQX
R JUXERĤFL PP ² FKURQL SU]HG Z\]LčELHQLHP
0LčNNLH ĤFLĈJDF]H DE\ ]DWU]\PDþ ZV]\VWNLH
QLHF]\VWRĤFL
âDWZH ]DNãDGDQLH L ]GHMPRZDQLH
1DMOHSV]H HIHNW\ JG\ Xİ\ZDQ\ UD]HP
] EDZHãQLDQ\PL PDMWHF]NDPL 1DSS\ :UDS EDZHãQLDQ\PL PDMWHF]NDPL 1DSS\ :UDS
]
RUD] ZNãDGNDPL 1DSS\ /LQHUV
$FOB [
3LDQND QHRSUHQRZD
] SLHOXV]NĈ +DSS\ 1DSS\
:\NRQDQD ] PLčNNLHJR L HODVW\F]QHJR
QHRSUHQX R JUXERĤFL PP SRGZyMQLH
REV]\WHJR PRFQ\P Q\ORQHP
3RãĈF]RQD ] SLHOXV]NĈ GR Sã\ZDQLD +DSS\ 1DSS\
=DSLQDQD ] W\ãX QD VXZDN
âDWZLHMV]H WU]\PDQLH G]LHFND Z ZRG]LH
=DSHZQLD Z\VRNĈ RFKURQč 63) =DSHZQLD Z\VRNĈ RFKURQč 63)
$FOB [
']LHFLčFH NRPELQH]RQ\
ZDUP LQ RQH L EDE\ ZUDS
.RPELQH]RQ\ ]DSHZQLDMĈ FLHSãR Z ZRG]LH
8ãDWZLDMĈ WU]\PDQLH G]LHFND Z ZRG]LH
3LDQND QHRSUHQRZD EDE\ ZUDS R JUXERĤFL PP
EDUG]R ãDWZR VLč ]DNãDGD L GRSDVRZXMH GR G]LHFND
:DUP LQ RQH XV]\W\ MHVW ] PLčNNLHJR SRGV]\WHJR
SRODUHP Q\ORQX
'
'ãXJLH UčNDZNL L QRJDZNL RJU]HMĈ QDZHW ãXJLH UčNDZNL L QRJDZNL RJU]HMĈ QDZHW
QDMZLčNV]HJR ]PDU]OXFKD
$FOB [
3LDQNL GOD ZLčNV]\FK G]LHFL
VKRUWLH 89 FRPELH
NDPL]HOND L VSRGHQNL
=DSHZQLDMĈ G]LHFLRP NRPIRUW WHUPLF]Q\
Z ZRG]LH
'Xİ\ Z\EyU PRGHOL SLDQHN Z SLčNQ\FK
Z]RUDFK GOD G]LHFL ODW
OXE PP QHRSUHQ ] PRFQ\P REV]\FLHP
]DSLQDQH QD VXZDN
3HãQD RFKURQD SU]HFLZVãRQHF]QD 3HãQD RFKURQD SU]HFLZVãRQHF]QD
$FOB [
8EUDQND UčF]QLNRZH
:\NRQDQH ] QLH]Z\NOH PLčNNLHM EDZHãQ\
EDPEXVRZHM LPSUHJQRZDQHM ZčJOHP
0DWHULDã MHVW QDWXUDOQLH DQW\EDNWHU\MQ\
SU]HFLZJU]\ELF]Q\ L GRVNRQDOH RGSURZDG]D
ZLOJRþ
,GHDOQH GR RVXV]DQLD FLDãD SR NĈSLHOL
Z EDVHQLH PRU]X OXE ZDQQLH
'R Z\ERUX GXİH UčF]QLNL ] Z\JRGQ\P 'R Z\ERUX GXİH UčF]QLNL ] Z\JRGQ\P
NDSWXUHP OXE XEUDQND UčF]QLNRZH
$FOB [
.DPL]HONL Z\SRUQRĤFLRZH
GR QDXNL Sã\ZDQLD
&KURQLĈ SU]HG Z\]LčELHQLHP VãRęFHP
]DSHZQLDMĈ Sã\ZDOQRĤþ
:\NRQDQH ] HODVW\F]QHJR QHRSUHQX
R JUXERĤFL PP
Z\MPRZDQ\FK Sã\ZDNyZ V]\ENLH
L SUHF\]\MQH GRVWRVRZDQLH SR]LRPX Z\SRUQRĤFL
RUD] REMčWRĤFL NDPL]HONL GR SRWU]HE G]LHFND UD] REMčWRĤFL NDPL]HONL GR SRWU]HE G]LHFND
R
=DP\NDQH VROLGQ\P ]DPNLHP Eã\VNDZLF]Q\P
] ]DEH]SLHF]HQLHP
$FOB [
.RVWLXP\ Z\SRUQRĤFLRZH
)ORDW 6XLW
3RPDJDMĈ G]LHFLRP Z QDXFH Sã\ZDQLD
Z\MPRZDQ\FK Sã\ZDNyZ SR GZD
Z NDİGHM ] NLHV]HQL
6]\ENLH L SUHF\]\MQH GRVWRVRZDQLH SR]LRPX
Z\SRUQRĤFL
'RVWčSQH PRGHOH IORDW VXLW 89 IORDW VXLW
RUD] VKRUW MRKQ UD] VKRUW MRKQ
R
8V]\WH ] WNDQLQ\ ] ILOWUHP SU]HFLZVãRQHF]Q\P
63) WHVWRZDQHM Z $XVWUDOLL SU]H] LQVW\WXW
$53$16$
$FOB [
8EUDQND 89 QD VãRęFH
&KãRGQ\ L JãDGNL Z GRW\NX PDWHULDã
=DSRELHJD SU]HJU]DQLX ZFKãDQLDMĈF SRW
]H VNyU\
7NDQLQD 6XQ %ORFN ] ILOWUHP 63) WHVWRZDQD
Z $XVWUDOLL SU]H] $53$16$ 63) NDWHJRULD
(;&(//(17
âDWZH GR XWU]\PDQLD Z F]\VWRĤFL V]\ENR DWZH GR XWU]\PDQLD Z F]\VWRĤFL V]\ENR
â
VLč VXV]Ĉ
: ]LPč PRJĈ E\þ Xİ\ZDQH MDNR VSRGQLD
ZDUVWZD XEUDQLD SRPRJĈ Z XWU]\PDQLX FLHSãD
$FOB [
1$6=( 35(0,(5<
,JQDÐ .LWHN DUFKLWHNW
$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
3U]H]DEDZQD L QLHSRNRUQD NVLÃ×ND
9Ü«Ă¹« ôØãÊĎ«Êô ¼«ãØ¹Ê R UHDOL]RZDQLX VZRLFK SDVML ZEUHZ
SU]HFLZQRÐFLRP
« Õ« ¹Ã« «¼èÜãØÊôà =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«Ă¹« ôØãÊĎ«Êô ¼«ãØ¹Ê R UHDOL]RZDQLX VZRLFK SDVML ZEUHZ
SU]HFLZQRÐFLRP
« Õ« ¹Ã« «¼èÜãØÊôà =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