The words you are searching are inside this book. To get more targeted content, please make full-text search by clicking here.
Discover the best professional documents and content resources in AnyFlip Document Base.
Search
Published by B&R, 2017-07-19 02:16:41

MP CEO_Flat

=HVWDZ NRPSXWHU 177p 2IĆFH : *& PRQLWRU $2& )XOO +'

:\GDMQ\ ]HVWDZ NRPSXWHURZ\ SU]\JRWRZDQ\ ] P\ÐOÃ R Z\GDMQHM SUDF\ RUD] SÊ\QQ\P RGWZDU]DQLX
]DDZDQVRZDQ\FK WUHÐFL PXOWLPHGLDOQ\FK
=HVWDZ RIHURZDQ\ MHVW MDNR NRPSXWHU QDXF]\FLHOVNL
1$-/(3,(- 7:25=21( 7(&+12/2*,( *ZDUDQFMD QD NRPSXWHU\ 177p MHVW XG]LHODQD RG GR PLHVLÇF\




177 6\VWHP 6 $ MHVW MHGQ\P ] QDMZLÇNV]\FK SROVNLFK SURGXFHQWµZ NRPSXWHUµZ VWDFMRQDUQ\FK GRVWDUF]DQ\FK
]DUµZQR SRG PDUNÃ ZÊDVQÃ MDN L PDUNDPL ]OHFRQ\PL RUD] SURGXFHQWHP DNFHVRULµZ L GUREQHM HOHNWURQLNL )LUPD QDOH×\ 63(&<),.$&-$
GR JURQD F]RÊRZ\FK G\VWU\EXWRUµZ DNFHVRULµZ SRG]HVSRʵZ RUD] XU]ÃG]HÌ SHU\IHU\MQ\FK Z 3ROVFH )XQNFMRQXMÃF QD 3URFHVRU ,QWHOp &RUHö L å 'XDO &RUH *+]
U\QNX ,7 RG SRQDG ODW 177 6\VWHP MHVW MHGQ\P ] QDMEDUG]LHM GRÐZLDGF]RQ\FK SROVNLFK SU]HGVLÇELRUVWZ Z WHM EUDQ×\ 3Ê\WD JʵZQD &KLSVHW + V [86% [86% 9*$ DXGLR

* 3DPLÇÅ 5$0 ',00 *% ''5
*ʵZʵZQ\PL DWXWDPL 6SµÊNL Và XQLNDOQD ZLHG]D L GRÐZLDGF]HQLH QDE\ZDQH G]LÇNL ZVSµÊSUDF\ ] QDMZLÇNV]\PL
ÐZLDWRZ\PL NRQFHUQDPL 6Ã RQH SU]HND]\ZDQH NOLHQWRP L SDUWQHURP EL]QHVRZ\P Z SRVWDFL ]LQWHJURZDQ\FK '\VN WZDUG\ *% OXE *% 66'
UR]ZLÃ]DÌ GRVWRVRZDQ\FK GR LFK SRWU]HE 177 6\VWHP ZVSµÊSUDFXMH ] UHQRPRZDQ\PL GRVWDZFDPL HOHPHQWµZ 1DSÇG RSW\F]Q\ '9' 5: '/
EÇGÃF\PL JZDUDQWHP QDMZ\×V]HM MDNRÐFL 3DUWQHU]\ ĆUP\ WR P LQ /HQRYR +3 )XMLWVX ,QWHO 0LFURVRIW 621< $0' &]\WQLN NDUW =LQWHJURZDQ\ Z REXGRZLH
.
*LJDE\WH $VXV 06, 6DPVXQJ (OHFWURQLFV +*67 /* 6LHPHQV *HPELUG 7HDP *URXS ,L\DPD D WDN×H ZLHOH LQQ\FK .DUWD VLHFLRZD DUWD VLHFLRZD =LQWHJURZDQD
X]QDQ\FK ĆUP .DUWD JUDĆF]QD =LQWHJURZDQD ,QWHOp +' *UDSKLFV
.DUWD GÕZLÇNRZD =LQWHJURZDQD
,VWRWVWRWQ\P Z\Uµ×QLNLHP RIHUW\ 6SµÊNL MHVW MDNRÐÅ RIHURZDQHJR VSU]ÇWX VHUZLVX JZDUDQF\MQHJR L SRJZDUDQF\MQHJR
, 2EXGRZD 0LGL 7RZHU [ 86% DXGLR
-DNR MHGQD ] SLHUZV]\FK ĆUP EUDQ×\ ,7 Z 3ROVFH GRVWRVRZDOLÐP\ VZµM V\VWHP ]DU]ÃG]DQLD MDNRÐFLÃ GR Z\PDJDÌ .ODZLDWXUD L 0\V] 86% 6WDQGDUG 177
PLÇG]\QDURGRZ\FK VWDQGDUGµZ ,62 X]\VNXMÃF Z URNX VZµM SLHUZV]\ FHUW\ĆNDW ,62 : QDVWÇSQ\FK ODWDFK 6\VWHP RSHUDF\MQ\ 06 :LQGRZV 3URIHVVLRQDO 3/ ELW ('8
6SµÊND ZGUR×\ÊD L X]\VNDÊD FHUW\ĆNDW\ ]JRGQRÐFL ] NROHMQ\PL VWDQGDUGDPL URN 31 (1 ,62 URN 0
0RQLWRU RQLWRU $2& ( 6:1 ë )XOO +' &HUW\ĆNDW\ (QHUJ\ 6WDU
31 (1 ,62 ,(& (SHDW 6LOYHU 5R+6 ]ã QHWWR
'RNXPHQWDFMD ,QVWUXNFMD REVÊXJL Z MÇ]\NX SROVNLP 6WHURZQLNL GR
6SU]ÇW SURSRQRZDQ\ GR Z\SRVD×HQLD NODVRZ\FK SUDFRZQL NRPSXWHURZ\FK ]DLQVWDORZDQ\FK SRG]HVSRʵZ .DEOH SRÊÃF]HQLRZH L ]DVLODMÃFH Z ]HVWDZLH
*ZDUDQFMD PLHVLÇF\ EH]SÊDWQ\ VHUZLV GRRU WR GRRU NRPSXWHU
L PRQLWRU
.RPSXWHU\ .RPSXWHU\ ] RIHUW\ 177 V\VWHP PRJÃ E\Å GRZROQLH NRQĆJXURZDQH ZHGÊXJ
LQG\ZLGXDOQ\FK SRWU]HE NOLHQWµZ

=HVWDZ NRPSXWHU 177p 2IĆFH : * .RPSXWHU +3 *
PRQLWRU $2& -HVW WR EXG×HWRZD ZHUVMD NRPSXWHUD VWDFMRQDUQHJR ] RIHUW\ ÐZLDWRZHJR OLGHUD 3URSRQRZDQ\ MDNR SRGVWDZRZD

MHGQRVWND FHQWUDOQD SU]H]QDF]RQD GOD XF]QLµZ OXE GR SUDF DGPLQLVWUDF\MQ\FK EH] SUREOHPX SRUDG]L VRELH
63(&<),.$&-$ ] SRGVWDZRZ\P RSURJUDPRZDQLHP ELXURZ\P

3URFHVRU ,QWHOp &HOHURQp * å 'XDO &RUH *+]
3Ê\WD JʵZQD &KLSVHW + V [86% [86% 63(&<),.$&-$
9*$ DXGLR
3DPLÇÅ 5$0 ',00 *% ''5 3URFHVRU ,QWHOp 3HQWLXPp *
'\VN WZDUG\ *% +'' 6$7$ ,,, OXE *% 66' 3DPLÇÅ 5$0 *% ''5 ]ã QHWWR
]ã QHWWR 1DSÇG RSW\F]Q\ '9' 5: '/ '\VN WZDUG\ *% USP
1DSÇG RSW\F]Q\ '9' 5:
&
&]\WQLN NDUW ]\WQLN NDUW =LQWHJURZDQ\ Z REXGRZLH
.DUWD VLHFLRZD =LQWHJURZDQD .DUWD VLHFLRZD =LQWHJURZDQD
3URSRQRZDQ\ Z EDUG]R SU]\VWÇSQHM FHQLH ]HVWDZ .DUWD JUDĆF]QD =LQWHJURZDQD ,QWHOp +' *UDSKLFV .DUWD JUDĆF]QD =LQWHJURZDQD ,QWHOp +' *UDSKLFV
VSHÊQLDMÃF\ Z\PDJDQLD VWDZLDQH ZVSµÊF]HVQHM .DUWD GÕZLÇNRZD =LQWHJURZDQD .DUWD GÕZLÇDUWD GÕZLÇNRZD =LQWHJURZDQD
.
HGXNDFML 3RVLDGD RGSRZLHGQL ]DSDV PRF\ DE\ 2EXGRZD 0LGL 7RZHU [ 86% DXGLR 2EXGRZD 0LFUR 7RZHU
PLHU]\Å VLÇ ] W\SRZ\PL SURJUDPDPL ELXURZ\PL RUD] .ODZLDWXUD L 0\V] 86% 6WDQGDUG 177 )URQW [ 86% DXGLR F]\WQLN NDUW Z
PXOWLPHGLDPL SU]H]QDF]RQ\PL GOD HGXNDFML 6 7\Ê [86% [86% 5- DXGLR 9*$ '9,
6\VWHP RSH\VWHP RSHUDF\MQ\ 06 :LQGRZV 3URIHVVLRQDO 3/
'R Z\ERUX MHVW Z RSFML ] G\VNLHP WDOHU]RZ\P ELW ('8 =DVLODF] :
R SRMHPQRÐFL *% OXE XOW SRMHPQRÐFL *% OXE XOWUD V]\ENLP G\VNLHP 66'
R 0RQLWRU $2& ( VZQ ë &HUW\ĆNDW\ (QHUJ\ 6WDU .ODZLDWXUD L 0\V] 6WDQGDUG 86%
*% *ZDUDQFMD PLHVLÃFH ] PR×OLZRÐFLÃ (SHDW *ROG 5R+6 6\VWHP RSHUDF\MQ\ 06 :LQGRZV 3URIHVVLRQDO 3/ ELW ('8
UR]V]HU]HQLD GR ODW





=D
177 6\VWHP 6 $ NUÇW XO 7UDNW %U]HVNL :DUV]DZD :HVRÊD ZZZ QWW SO
.RQWDNW 3U]HP\VÊDZ &DEDM å .RRUG\QDWRU SURMHNWµZ WHO H PDLO SU]HP\VODZ FDEDM#QWW SO

=HVWDZ NRPSXWHU 177p 2IĆFH : *& PRQLWRU $2& )XOO +'

:\GDMQ\ ]HVWDZ NRPSXWHURZ\ SU]\JRWRZDQ\ ] P\ÐOÃ R Z\GDMQHM SUDF\ RUD] SÊ\QQ\P RGWZDU]DQLX
]DDZDQVRZDQ\FK WUHÐFL PXOWLPHGLDOQ\FK
=HVWDZ RIHURZDQ\ MHVW MDNR NRPSXWHU QDXF]\FLHOVNL
1$-/(3,(- 7:25=21( 7(&+12/2*,( *ZDUDQFMD QD NRPSXWHU\ 177p MHVW XG]LHODQD RG GR PLHVLÇF\




177 6\VWHP 6 $ MHVW MHGQ\P ] QDMZLÇNV]\FK SROVNLFK SURGXFHQWµZ NRPSXWHUµZ VWDFMRQDUQ\FK GRVWDUF]DQ\FK
]DUµZQR SRG PDUNÃ ZÊDVQÃ MDN L PDUNDPL ]OHFRQ\PL RUD] SURGXFHQWHP DNFHVRULµZ L GUREQHM HOHNWURQLNL )LUPD QDOH×\ 63(&<),.$&-$
GR JURQD F]RÊRZ\FK G\VWU\EXWRUµZ DNFHVRULµZ SRG]HVSRʵZ RUD] XU]ÃG]HÌ SHU\IHU\MQ\FK Z 3ROVFH )XQNFMRQXMÃF QD 3URFHVRU ,QWHOp &RUHö L å 'XDO &RUH *+]
U\QNX ,7 RG SRQDG ODW 177 6\VWHP MHVW MHGQ\P ] QDMEDUG]LHM GRÐZLDGF]RQ\FK SROVNLFK SU]HGVLÇELRUVWZ Z WHM EUDQ×\ 3Ê\WD JʵZQD &KLSVHW + V [86% [86% 9*$ DXGLR

* 3DPLÇÅ 5$0 ',00 *% ''5
*ʵZʵZQ\PL DWXWDPL 6SµÊNL Và XQLNDOQD ZLHG]D L GRÐZLDGF]HQLH QDE\ZDQH G]LÇNL ZVSµÊSUDF\ ] QDMZLÇNV]\PL
ÐZLDWRZ\PL NRQFHUQDPL 6Ã RQH SU]HND]\ZDQH NOLHQWRP L SDUWQHURP EL]QHVRZ\P Z SRVWDFL ]LQWHJURZDQ\FK '\VN WZDUG\ *% OXE *% 66'
UR]ZLÃ]DÌ GRVWRVRZDQ\FK GR LFK SRWU]HE 177 6\VWHP ZVSµÊSUDFXMH ] UHQRPRZDQ\PL GRVWDZFDPL HOHPHQWµZ 1DSÇG RSW\F]Q\ '9' 5: '/
EÇGÃF\PL JZDUDQWHP QDMZ\×V]HM MDNRÐFL 3DUWQHU]\ ĆUP\ WR P LQ /HQRYR +3 )XMLWVX ,QWHO 0LFURVRIW 621< $0' &]\WQLN NDUW =LQWHJURZDQ\ Z REXGRZLH
.
*LJDE\WH $VXV 06, 6DPVXQJ (OHFWURQLFV +*67 /* 6LHPHQV *HPELUG 7HDP *URXS ,L\DPD D WDN×H ZLHOH LQQ\FK .DUWD VLHFLRZD DUWD VLHFLRZD =LQWHJURZDQD
X]QDQ\FK ĆUP .DUWD JUDĆF]QD =LQWHJURZDQD ,QWHOp +' *UDSKLFV
.DUWD GÕZLÇNRZD =LQWHJURZDQD
,VWRWVWRWQ\P Z\Uµ×QLNLHP RIHUW\ 6SµÊNL MHVW MDNRÐÅ RIHURZDQHJR VSU]ÇWX VHUZLVX JZDUDQF\MQHJR L SRJZDUDQF\MQHJR
, 2EXGRZD 0LGL 7RZHU [ 86% DXGLR
-DNR MHGQD ] SLHUZV]\FK ĆUP EUDQ×\ ,7 Z 3ROVFH GRVWRVRZDOLÐP\ VZµM V\VWHP ]DU]ÃG]DQLD MDNRÐFLÃ GR Z\PDJDÌ .ODZLDWXUD L 0\V] 86% 6WDQGDUG 177
PLÇG]\QDURGRZ\FK VWDQGDUGµZ ,62 X]\VNXMÃF Z URNX VZµM SLHUZV]\ FHUW\ĆNDW ,62 : QDVWÇSQ\FK ODWDFK 6\VWHP RSHUDF\MQ\ 06 :LQGRZV 3URIHVVLRQDO 3/ ELW ('8
6SµÊND ZGUR×\ÊD L X]\VNDÊD FHUW\ĆNDW\ ]JRGQRÐFL ] NROHMQ\PL VWDQGDUGDPL URN 31 (1 ,62 URN 0
0RQLWRU RQLWRU $2& ( 6:1 ë )XOO +' &HUW\ĆNDW\ (QHUJ\ 6WDU
31 (1 ,62 ,(& (SHDW 6LOYHU 5R+6 ]ã QHWWR
'RNXPHQWDFMD ,QVWUXNFMD REVÊXJL Z MÇ]\NX SROVNLP 6WHURZQLNL GR
6SU]ÇW SURSRQRZDQ\ GR Z\SRVD×HQLD NODVRZ\FK SUDFRZQL NRPSXWHURZ\FK ]DLQVWDORZDQ\FK SRG]HVSRʵZ .DEOH SRÊÃF]HQLRZH L ]DVLODMÃFH Z ]HVWDZLH
*ZDUDQFMD PLHVLÇF\ EH]SÊDWQ\ VHUZLV GRRU WR GRRU NRPSXWHU
L PRQLWRU
.RPSXWHU\ .RPSXWHU\ ] RIHUW\ 177 V\VWHP PRJÃ E\Å GRZROQLH NRQĆJXURZDQH ZHGÊXJ
LQG\ZLGXDOQ\FK SRWU]HE NOLHQWµZ

=HVWDZ NRPSXWHU 177p 2IĆFH : * .RPSXWHU +3 *
PRQLWRU $2& -HVW WR EXG×HWRZD ZHUVMD NRPSXWHUD VWDFMRQDUQHJR ] RIHUW\ ÐZLDWRZHJR OLGHUD 3URSRQRZDQ\ MDNR SRGVWDZRZD

MHGQRVWND FHQWUDOQD SU]H]QDF]RQD GOD XF]QLµZ OXE GR SUDF DGPLQLVWUDF\MQ\FK EH] SUREOHPX SRUDG]L VRELH
63(&<),.$&-$ ] SRGVWDZRZ\P RSURJUDPRZDQLHP ELXURZ\P

3URFHVRU ,QWHOp &HOHURQp * å 'XDO &RUH *+]
3Ê\WD JʵZQD &KLSVHW + V [86% [86% 63(&<),.$&-$
9*$ DXGLR
3DPLÇÅ 5$0 ',00 *% ''5 3URFHVRU ,QWHOp 3HQWLXPp *
'\VN WZDUG\ *% +'' 6$7$ ,,, OXE *% 66' 3DPLÇÅ 5$0 *% ''5 ]ã QHWWR
]ã QHWWR 1DSÇG RSW\F]Q\ '9' 5: '/ '\VN WZDUG\ *% USP
1DSÇG RSW\F]Q\ '9' 5:
&
&]\WQLN NDUW ]\WQLN NDUW =LQWHJURZDQ\ Z REXGRZLH
.DUWD VLHFLRZD =LQWHJURZDQD .DUWD VLHFLRZD =LQWHJURZDQD
3URSRQRZDQ\ Z EDUG]R SU]\VWÇSQHM FHQLH ]HVWDZ .DUWD JUDĆF]QD =LQWHJURZDQD ,QWHOp +' *UDSKLFV .DUWD JUDĆF]QD =LQWHJURZDQD ,QWHOp +' *UDSKLFV
VSHÊQLDMÃF\ Z\PDJDQLD VWDZLDQH ZVSµÊF]HVQHM .DUWD GÕZLÇNRZD =LQWHJURZDQD .DUWD GÕZLÇDUWD GÕZLÇNRZD =LQWHJURZDQD
.
HGXNDFML 3RVLDGD RGSRZLHGQL ]DSDV PRF\ DE\ 2EXGRZD 0LGL 7RZHU [ 86% DXGLR 2EXGRZD 0LFUR 7RZHU
PLHU]\Å VLÇ ] W\SRZ\PL SURJUDPDPL ELXURZ\PL RUD] .ODZLDWXUD L 0\V] 86% 6WDQGDUG 177 )URQW [ 86% DXGLR F]\WQLN NDUW Z
PXOWLPHGLDPL SU]H]QDF]RQ\PL GOD HGXNDFML 6 7\Ê [86% [86% 5- DXGLR 9*$ '9,
6\VWHP RSH\VWHP RSHUDF\MQ\ 06 :LQGRZV 3URIHVVLRQDO 3/
'R Z\ERUX MHVW Z RSFML ] G\VNLHP WDOHU]RZ\P ELW ('8 =DVLODF] :
R SRMHPQRÐFL *% OXE XOW SRMHPQRÐFL *% OXE XOWUD V]\ENLP G\VNLHP 66' 0RQLWRU $2& ( VZQ ë &HUW\ĆNDW\ (QHUJ\ 6WDU .ODZLDWXUD L 0\V] 6WDQGDUG 86%
R
*% *ZDUDQFMD PLHVLÃFH ] PR×OLZRÐFLÃ (SHDW *ROG 5R+6 6\VWHP RSHUDF\MQ\ 06 :LQGRZV 3URIHVVLRQDO 3/ ELW ('8
UR]V]HU]HQLD GR ODW





177 6\VWHP 6 $ NUÇW XO 7UDNW %U]HVNL :DUV]DZD :HVRÊD ZZZ QWW SO
=D
.RQWDNW 3U]HP\VÊDZ &DEDM å .RRUG\QDWRU SURMHNWµZ WHO H PDLO SU]HP\VODZ FDEDM#QWW SO

.RPSXWHU\ ]LQWHJURZDQH ] PRQLWRUHP ì$OO LQ 2QHë 7DEOHW /HQRYR 7$% $ ) 7DEOHW /HQRYR 7$% $ /7(
:L)L *% Ö\Z\ Z\UDÕQ\ REUD] QD FDORZ\P Z\ÐZLHWODF]X +'
: RIHUFLH 177 6\VWHP GRVWÇSQH VÃ NRPSXWHU\ $,2 èè GR èè RUD] VSHFMDOL]RZDQH GOD [ VSUDZLD ×H ]GMÇFLD L JU\ SUH]HQWXMÃ VLÇ
SURMHNWµZ JUDĆF]Q\FK $,2 ë /HQRYR 7$% $ PD W\ONR PP JUXERÐFL L ZD×\ UHZHODF\MQLH 'ZD JÊRÐQLNL ]DSHZQLDMÃ F]\VW\ Z\UD]LVW\
MHG\QLH J GODWHJR ÊDWZR PR×QD PLHÅ JR ]DZV]H SU]\
.RQVWUXNFMD FKDUDNWHU\]XMÃFD VLÇ QRZRF]HVQ\P NRPSDNWRZ\P Z\JOÃGHP SR]ZDODMÃFD RV]F]ÇG]LÅ PLHMVFH QD VRELH 'R F]\WDQLD VÊXFKDQLD PX]\NL RJOÃGDQLD ĆOPµZ L GÕZLÇN
ELXUNX L SR]E\Å VLÇ SOÃWDQLQ\ NDEOL ']LÇNL ]DVWRVRZDQLX HQHUJRRV]F]ÇGQ\FK SRG]HVSRʵZ NRPSXWHU\ $OO LQ 2QH VXUIRZDQLD SR VLHFL EH] Z]JOÇGX QD PLHMVFH .DPHUD SU]HGQLD L W\OQD RUD] EDWHULD ]DSHZQLDMÃFD
$,2 SRELHUDMÃ QLHZLHONLH LORÐFL SUÃGX MDN UµZQLH× JHQHUXMÃ PQLHMV]\ KDÊDV QL× WUDG\F\MQ\ NRPSXWHU VWDFMRQDUQ\ & SUDFÇ XU]ÃG]HQLD QDZHW GR JRG]LQ EH] NRQLHF]QRÐFL
&]WHURUG]HQLRZ\ SURFHVR]WHURUG]HQLRZ\ SURFHVRU Z NWµU\ Z\SRVD×RQ\ ]RVWDÊ
7$% $ XPR×OLZLD VZRERGQH NRU]\VWDQLH ] ZLHOX ÊDGRZDQLD
.RPSXWHU 177p $,2 ë 63(&<),.$&-$ DSOLNDFML MHGQRF]HÐQLH SU]\VSLHV]D NRU]\VWDQLH ] V\VWHPX
$QGURLG L UHGXNXMH RSµÕQLHQLD Z G]LDÊDQLX SURJUDPµZ
3URFHVRU ,QWHOp &HOHURQp - *+]
FDORZ\ HN FDORZ\ HNUDQ V]HURNRNÃWQ\ ,36 R Z\VRNLHM
3RUW\ [86% [86% 9*$ +'0, DXGLR UR]G]LHOF]RÐFL [ ]DFKZ\FDMÃF LQWHQV\ZQ\PL
3DPLÇÅ 5$0 *% NRORUDPL QDZHW SDWU]ÃF QD HNUDQ ] ERNX QD SU]\NÊDG
'\VN WZDUG\ *% +'' 6$7$ ,,, SRGF]DV RJOÃGDQLD ĆOPX Z JUXSLH ']LÇNL XOHSV]RQHM
1DSÇG RSW\F]Q\ '9' 5: '/ WHFKQRORJLL 'ROE\p GÕZLÇN MHVW Z\UDÕQLHMV]\ L EDUG]LHM
.DPHUD =LQWHJURZDQD Z REXGRZLH QDWXUDOQ\ &]DV SUDF\ QD EDWHULL Z\QRVL GR JRG]LQ
.
.DUWD VLHFLRZD DUWD VLHFLRZD =LQWHJURZDQD :L )L
.DUWD JUDĆF]QD =LQWHJURZDQD
]ã QHWWR .DUWD GÕZLÇNRZD =LQWHJURZDQD
.ODZLDWXUD L 0\V] 86% 6WDQGDUG 177
6\VWHP RSHUDF\MQ\ 06 :LQGRZV 3URIHVVLRQDO 3/
ELW ('8 ]ã QHWWR
0RQLWRU +' ë [
*ZDZDUDQFMD PLHVLÃFH EH]SÊDWQ\ VHUZLV GRRU WR GRRU
8U]ÃG]HQLD PRELOQH * ]ã QHWWR


177 6\VWHP SRVLDGD Z VZRMHM RIHUFLH V]HURNL Z\EµU XU]ÃG]HÌ PRELOQ\FK UHQRPRZDQ\FK ÐZLDWRZ\FK SURGXFHQWµZ
'OD SRWU]HE HGXNDF\MQ\FK VWDUDP\ VLÇ GRELHUDÅ MHGQDN QDMEDUG]LHM RSW\PDOQH UR]ZLÃ]DQLD : SU]\SDGNX ODSWRSµZ 6]DIND PRELOQD GR SU]HFKRZ\ZDQLD L ÊDGRZDQLD QRWHERRNµZ L WDEOHWµZ
VÃ WR HNUDQ +' R SU]HNÃWQHM ë ZHGÊXJ VSHFMDOLVWµZ MHVW WR QDMEDUG]LHM RSW\PDOQD PDWU\FD GR SUDF\ GOD XU]ÃG]HÌ
SU]HQRÐQ\FK MDN UµZQLH× Z\GDMQH L QLVNRQDSLÇFLRZH SURFHVRU\ ,QWHOp 5R]ZLÃ]DQLD WDNLH JZDUDQWXMÃ RGSRZLHGQLÃ -HVW WR LGHDOQH UR]ZLÃ]DQLH GR SU]HFKRZ\ZDQLD ÊDGRZDQLD L WUDQVSRUWRZDQLD PRELOQHM NODV\ PXOWLPHGLDOQHM 6]DIND
Z\GDMQRÐÅ L NRPIRUW RUD] GÊX×V]Ã SUDFÇ QD EDWHULL å SR]ZDODMÃFH QS QD SURZDG]HQLH OHNFML Z WHUHQLH MHVW Z VWDQLH SRPLHÐFLÅ GR PRELOQ\FK XU]ÃG]HÌ ]DSHZQLDMÃF QLH W\ONR ÊDWZ\ WUDQVSRUW DOH UµZQLH× ]DEH]SLHF]HQLH
VSU]ÇWX SU]HG ]QLV]F]HQLHP F]\ NUDG]LH×Ã
+3 3UR%RRN * ; 3 (6 +3 3UR%RRN * ; 3 (6 ï 6]DIND PRELOQD SU]H]QDF]RQD MHVW GR EH]SLHF]QHJR SU]HFKRZ\ZDQLD L ÊDWZHJR WUDQVSRUWRZDQLD QD QLHZLHONLFK
63(&<),.$&-$ 63(&<),.$&-$ RGOHJÊRÐFLDFK NRPSXWHUµZ SU]HQRÐQ\FK RUD] GR ÊDGRZDQLD LFK EDWHULL 3RVLDGD Z\G]LHORQH PLHMVFH GR
SU]HFKRZ\ZDQLD XU]ÃG]HÌ W\SX SXQNW GRVWÇSRZ\ VLHFL EH]SU]HZRGRZHM F]\ SURMHNWRU PXOWLPHGLDOQ\
3URFHVRU ,QWHOp &RUHp , 8 *+] 3URFHVRU ,QWHO 3HQWLXP 8 *+]
3DPLÇÅ 5$0 *% 3DPLÇÅ 5$0 *% ï ÉÃF]QD PRF ZV]\VWNLFK XU]ÃG]HÌ SRGÊÃF]RQ\FK MHGQRUD]RZR GR LQVWDODFML
'\VN WZDUG\ *% +'' 6$7$ ,,, '\VN WZDUG\ *% +'' 6$7$ ,,, HOHNWU\F]QHM Z V]DIFH Z\QRVL GR : PDNV\PDOQ\ SUÃG $ XU]ÃG]HQLH
.DPHUD =LQWHJURZDQD Z REXGRZLH .DPHUD =LQWHJURZDQD Z REXGRZLH SU]\VWRVRZDQH GR SUDF\ ] QDSLÇFLHP 9
.DUWD VLHFLRZD =LQWHJURZDQD :L )L .DUWD VLHFLRZD =LQWHJURZDQD :L )L ï ,QVWDODFMD VNÊDGDMÃFD VLÇ ] GHPRQWRZDOQ\FK OLVWHZ SU]HSLÇFLRZ\FK
]
.DUWD JUDĆF]QD =LQWHJURZDQD .DUWD JUDĆF]QD =LQWHJURZDQD ] EH]SLHF]QLNLHP DXWRPDW EH]SLHF]QLNLHP DXWRPDW\F]Q\P
. .DUWD GÕZLÇDUWD GÕZLÇNRZD =LQWHJURZDQD ï ,ORÐÅ SµÊHN :\PLDU\ [ [ V]HU [ GÊ [ Z\V FP
.DUWD GÕZLÇDUWD GÕZLÇNRZD =LQWHJURZDQD
.
3RUW\ [ 86% [ 86% 9*$ +'0, DXGLR 3RUW\ [ 86% [ 86% 9*$ +'0, DXGLR GÊXJRÐÅ UD]HP ]H ]ZLMDGÊHP GR NDEOL FP
6\VWHP RSHUDF\MQ\ 06 :LQGRZV 3URIHVVLRQDO 3/ 6\VWHP RSHUDF\MQ\ 06 :LQGRZV ï :EXGRZDQH XU]ÃG]HQLH SU]H]QDF]DQH GR EH]DZDU\MQHJR SRGÊÃF]HQLD
ELW ('8 3URIHVVLRQDO 3/ ELW ('8 GR VLHFL HOHNWU\F]QHM EXG\QNX ]HVWDZX LQIRUPDW\F]QHJR VNÊDGDMÃFHJR
(NUDQ +' ë [ PDWRZ\ (NUDQ +' ë [ PDWRZ\ VLÇ PDNV ] V]WXN NRPSXWHUµZ ZUD] ] ]DVLODF]DPL GR VWDQGDUGRZHJR
*ZDUDQFMD PLHVLÃFH Z VHUZLVLH *ZDUDQFMD PLHVLÃFH Z VHUZLVLH JQLD]GD HOHNWU\F]QHJR R QDWÇ×HQLX PDNV $ L ]DEH]SLHF]DMÃFH LQVWDODFMÇ ]ã QHWWR
H
HOHNWUOHNWU\F]QÃ EXG\QNX SU]HG SU]HUZDQLHP GRSÊ\ZX SUÃGX
ï 2WZLHUDQH GU]ZL GZXVNU]\GÊRZH XPR×OLZLDMÃFH ZNÊDGDQLH L Z\MPRZDQLH
]ã QHWWR ]ã QHWWR NRPSXWHUµZ ]QDMGXMÃFH VLÇ UµZQROHJOH GR VLHELH ] SU]RGX L ] W\ÊX V]DINL
ï 0DWHULDÊ EODFKD VWDORZD ODNLHURZDQD SURV]NRZR EODW ] ODPLQRZDQHM SÊ\W\







=D
177 6\VWHP 6 $ NUÇW XO 7UDNW %U]HVNL :DUV]DZD :HVRÊD ZZZ QWW SO
.RQWDNW 3U]HP\VÊDZ &DEDM å .RRUG\QDWRU SURMHNWµZ WHO H PDLO SU]HP\VODZ FDEDM#QWW SO

.RPSXWHU\ ]LQWHJURZDQH ] PRQLWRUHP ì$OO LQ 2QHë 7DEOHW /HQRYR 7$% $ ) 7DEOHW /HQRYR 7$% $ /7(
:L)L *% Ö\Z\ Z\UDÕQ\ REUD] QD FDORZ\P Z\ÐZLHWODF]X +'
: RIHUFLH 177 6\VWHP GRVWÇSQH VÃ NRPSXWHU\ $,2 èè GR èè RUD] VSHFMDOL]RZDQH GOD [ VSUDZLD ×H ]GMÇFLD L JU\ SUH]HQWXMÃ VLÇ
SURMHNWµZ JUDĆF]Q\FK $,2 ë /HQRYR 7$% $ PD W\ONR PP JUXERÐFL L ZD×\ UHZHODF\MQLH 'ZD JÊRÐQLNL ]DSHZQLDMÃ F]\VW\ Z\UD]LVW\
MHG\QLH J GODWHJR ÊDWZR PR×QD PLHÅ JR ]DZV]H SU]\
.RQVWUXNFMD FKDUDNWHU\]XMÃFD VLÇ QRZRF]HVQ\P NRPSDNWRZ\P Z\JOÃGHP SR]ZDODMÃFD RV]F]ÇG]LÅ PLHMVFH QD VRELH 'R F]\WDQLD VÊXFKDQLD PX]\NL RJOÃGDQLD ĆOPµZ L GÕZLÇN
ELXUNX L SR]E\Å VLÇ SOÃWDQLQ\ NDEOL ']LÇNL ]DVWRVRZDQLX HQHUJRRV]F]ÇGQ\FK SRG]HVSRʵZ NRPSXWHU\ $OO LQ 2QH VXUIRZDQLD SR VLHFL EH] Z]JOÇGX QD PLHMVFH .DPHUD SU]HGQLD L W\OQD RUD] EDWHULD ]DSHZQLDMÃFD
$,2 SRELHUDMÃ QLHZLHONLH LORÐFL SUÃGX MDN UµZQLH× JHQHUXMÃ PQLHMV]\ KDÊDV QL× WUDG\F\MQ\ NRPSXWHU VWDFMRQDUQ\ & SUDFÇ XU]ÃG]HQLD QDZHW GR JRG]LQ EH] NRQLHF]QRÐFL
&]WHURUG]HQLRZ\ SURFHVR]WHURUG]HQLRZ\ SURFHVRU Z NWµU\ Z\SRVD×RQ\ ]RVWDÊ
7$% $ XPR×OLZLD VZRERGQH NRU]\VWDQLH ] ZLHOX ÊDGRZDQLD
.RPSXWHU 177p $,2 ë 63(&<),.$&-$ DSOLNDFML MHGQRF]HÐQLH SU]\VSLHV]D NRU]\VWDQLH ] V\VWHPX
$QGURLG L UHGXNXMH RSµÕQLHQLD Z G]LDÊDQLX SURJUDPµZ
3URFHVRU ,QWHOp &HOHURQp - *+]
FDORZ\ HN FDORZ\ HNUDQ V]HURNRNÃWQ\ ,36 R Z\VRNLHM
3RUW\ [86% [86% 9*$ +'0, DXGLR UR]G]LHOF]RÐFL [ ]DFKZ\FDMÃF LQWHQV\ZQ\PL
3DPLÇÅ 5$0 *% NRORUDPL QDZHW SDWU]ÃF QD HNUDQ ] ERNX QD SU]\NÊDG
'\VN WZDUG\ *% +'' 6$7$ ,,, SRGF]DV RJOÃGDQLD ĆOPX Z JUXSLH ']LÇNL XOHSV]RQHM
1DSÇG RSW\F]Q\ '9' 5: '/ WHFKQRORJLL 'ROE\p GÕZLÇN MHVW Z\UDÕQLHMV]\ L EDUG]LHM
.DPHUD =LQWHJURZDQD Z REXGRZLH QDWXUDOQ\ &]DV SUDF\ QD EDWHULL Z\QRVL GR JRG]LQ
.
.DUWD VLHFLRZD DUWD VLHFLRZD =LQWHJURZDQD :L )L
.DUWD JUDĆF]QD =LQWHJURZDQD
]ã QHWWR .DUWD GÕZLÇNRZD =LQWHJURZDQD
.ODZLDWXUD L 0\V] 86% 6WDQGDUG 177
6\VWHP RSHUDF\MQ\ 06 :LQGRZV 3URIHVVLRQDO 3/
ELW ('8 ]ã QHWWR
0RQLWRU +' ë [
*ZDZDUDQFMD PLHVLÃFH EH]SÊDWQ\ VHUZLV GRRU WR GRRU
8U]ÃG]HQLD PRELOQH * ]ã QHWWR


177 6\VWHP SRVLDGD Z VZRMHM RIHUFLH V]HURNL Z\EµU XU]ÃG]HÌ PRELOQ\FK UHQRPRZDQ\FK ÐZLDWRZ\FK SURGXFHQWµZ
'OD SRWU]HE HGXNDF\MQ\FK VWDUDP\ VLÇ GRELHUDÅ MHGQDN QDMEDUG]LHM RSW\PDOQH UR]ZLÃ]DQLD : SU]\SDGNX ODSWRSµZ 6]DIND PRELOQD GR SU]HFKRZ\ZDQLD L ÊDGRZDQLD QRWHERRNµZ L WDEOHWµZ
VÃ WR HNUDQ +' R SU]HNÃWQHM ë ZHGÊXJ VSHFMDOLVWµZ MHVW WR QDMEDUG]LHM RSW\PDOQD PDWU\FD GR SUDF\ GOD XU]ÃG]HÌ
SU]HQRÐQ\FK MDN UµZQLH× Z\GDMQH L QLVNRQDSLÇFLRZH SURFHVRU\ ,QWHOp 5R]ZLÃ]DQLD WDNLH JZDUDQWXMÃ RGSRZLHGQLÃ -HVW WR LGHDOQH UR]ZLÃ]DQLH GR SU]HFKRZ\ZDQLD ÊDGRZDQLD L WUDQVSRUWRZDQLD PRELOQHM NODV\ PXOWLPHGLDOQHM 6]DIND
Z\GDMQRÐÅ L NRPIRUW RUD] GÊX×V]Ã SUDFÇ QD EDWHULL å SR]ZDODMÃFH QS QD SURZDG]HQLH OHNFML Z WHUHQLH MHVW Z VWDQLH SRPLHÐFLÅ GR PRELOQ\FK XU]ÃG]HÌ ]DSHZQLDMÃF QLH W\ONR ÊDWZ\ WUDQVSRUW DOH UµZQLH× ]DEH]SLHF]HQLH
VSU]ÇWX SU]HG ]QLV]F]HQLHP F]\ NUDG]LH×Ã
+3 3UR%RRN * ; 3 (6 +3 3UR%RRN * ; 3 (6 ï 6]DIND PRELOQD SU]H]QDF]RQD MHVW GR EH]SLHF]QHJR SU]HFKRZ\ZDQLD L ÊDWZHJR WUDQVSRUWRZDQLD QD QLHZLHONLFK
63(&<),.$&-$ 63(&<),.$&-$ RGOHJÊRÐFLDFK NRPSXWHUµZ SU]HQRÐQ\FK RUD] GR ÊDGRZDQLD LFK EDWHULL 3RVLDGD Z\G]LHORQH PLHMVFH GR
SU]HFKRZ\ZDQLD XU]ÃG]HÌ W\SX SXQNW GRVWÇSRZ\ VLHFL EH]SU]HZRGRZHM F]\ SURMHNWRU PXOWLPHGLDOQ\
3URFHVRU ,QWHOp &RUHp , 8 *+] 3URFHVRU ,QWHO 3HQWLXP 8 *+]
3DPLÇÅ 5$0 *% 3DPLÇÅ 5$0 *% ï ÉÃF]QD PRF ZV]\VWNLFK XU]ÃG]HÌ SRGÊÃF]RQ\FK MHGQRUD]RZR GR LQVWDODFML
'\VN WZDUG\ *% +'' 6$7$ ,,, '\VN WZDUG\ *% +'' 6$7$ ,,, HOHNWU\F]QHM Z V]DIFH Z\QRVL GR : PDNV\PDOQ\ SUÃG $ XU]ÃG]HQLH
.DPHUD =LQWHJURZDQD Z REXGRZLH .DPHUD =LQWHJURZDQD Z REXGRZLH SU]\VWRVRZDQH GR SUDF\ ] QDSLÇFLHP 9
.DUWD VLHFLRZD =LQWHJURZDQD :L )L .DUWD VLHFLRZD =LQWHJURZDQD :L )L ï ,QVWDODFMD VNÊDGDMÃFD VLÇ ] GHPRQWRZDOQ\FK OLVWHZ SU]HSLÇFLRZ\FK
]
.DUWD JUDĆF]QD =LQWHJURZDQD .DUWD JUDĆF]QD =LQWHJURZDQD ] EH]SLHF]QLNLHP DXWRPDW EH]SLHF]QLNLHP DXWRPDW\F]Q\P
. .DUWD GÕZLÇDUWD GÕZLÇNRZD =LQWHJURZDQD ï ,ORÐÅ SµÊHN :\PLDU\ [ [ V]HU [ GÊ [ Z\V FP
.DUWD GÕZLÇDUWD GÕZLÇNRZD =LQWHJURZDQD
.
3RUW\ [ 86% [ 86% 9*$ +'0, DXGLR 3RUW\ [ 86% [ 86% 9*$ +'0, DXGLR GÊXJRÐÅ UD]HP ]H ]ZLMDGÊHP GR NDEOL FP
6\VWHP RSHUDF\MQ\ 06 :LQGRZV 3URIHVVLRQDO 3/ 6\VWHP RSHUDF\MQ\ 06 :LQGRZV ï :EXGRZDQH XU]ÃG]HQLH SU]H]QDF]DQH GR EH]DZDU\MQHJR SRGÊÃF]HQLD
ELW ('8 3URIHVVLRQDO 3/ ELW ('8 GR VLHFL HOHNWU\F]QHM EXG\QNX ]HVWDZX LQIRUPDW\F]QHJR VNÊDGDMÃFHJR
(NUDQ +' ë [ PDWRZ\ (NUDQ +' ë [ PDWRZ\ VLÇ PDNV ] V]WXN NRPSXWHUµZ ZUD] ] ]DVLODF]DPL GR VWDQGDUGRZHJR
*ZDUDQFMD PLHVLÃFH Z VHUZLVLH *ZDUDQFMD PLHVLÃFH Z VHUZLVLH JQLD]GD HOHNWU\F]QHJR R QDWÇ×HQLX PDNV $ L ]DEH]SLHF]DMÃFH LQVWDODFMÇ ]ã QHWWR
H
HOHNWUOHNWU\F]QÃ EXG\QNX SU]HG SU]HUZDQLHP GRSÊ\ZX SUÃGX
ï 2WZLHUDQH GU]ZL GZXVNU]\GÊRZH XPR×OLZLDMÃFH ZNÊDGDQLH L Z\MPRZDQLH
]ã QHWWR ]ã QHWWR NRPSXWHUµZ ]QDMGXMÃFH VLÇ UµZQROHJOH GR VLHELH ] SU]RGX L ] W\ÊX V]DINL
ï 0DWHULDÊ EODFKD VWDORZD ODNLHURZDQD SURV]NRZR EODW ] ODPLQRZDQHM SÊ\W\







=D
177 6\VWHP 6 $ NUÇW XO 7UDNW %U]HVNL :DUV]DZD :HVRÊD ZZZ QWW SO
.RQWDNW 3U]HP\VÊDZ &DEDM å .RRUG\QDWRU SURMHNWµZ WHO H PDLO SU]HP\VODZ FDEDM#QWW SO

8NL. L " H E8 .#LL. HL B L . -.8 -# -84HLEN- Z,4
H"8B .ZL" 38 4#H# ƻƹƹ . 3 4L9X
ʛ ]#]# 38E . H
]°»°đ° ÜÝç¼Ü°âÑ »þÀĖÑ ÜôÄ°üēđãçø½Ȥ
]
ÝēüÐÄ þđÑÄݻѰ âçÀÌȦ ĖÑÌÜÑ ôçĖđÑÛ° ĖÀçÝãçø¼Ñ â°ãþ°ÝãÄȤ À°ÛÄ
ÄÝÄâÄãüçâ ÀÄÜçô°¼ēÛãēâ ãÑÄ÷Üçä¼ĖçãÄ âçęÝÑđçø¼Ñ Ñ âçęã°
ÀĖÑÄđ¼ĖēãÜÑ âçη đē÷üēÝÑĖçđ°½ ñçøđÑ̼ѽ đÑÄÝÄ ÎçÀĖÑã ã° üđèô¼ĖÄÛ
ÝēüÐÄ Ñ ÛÄÛ ĖđÑÄôĖ·üÜçȦ Ė°»°đÑÄȩ

1DMOHSV]H





]DEDZNL Z VLHFL


" H E8 .#LL. HL B L H"8B
ƻƺƿ . ɓ 38HL L8X E
]X# E] -8X B8, ] Z E W 4H NE E BN]]. Ƽ
" .#-8BL E ] þãÑÜ°üçđç đēÎÑÌüē¼Ð Ñ ñá°÷ÜѼÐ

LÄô°Ė ĖđÑÄôĖ°ÜÑ âçη ĖđÑÄÀĖ°½ ÷đçÛÄ ñÝ°÷üÑÜçđē¼Ð ñþĖĖÝÑ âçęã° üđçôĖē½
.BOţ [BCBXLJ PE SPLV [BKNVKF TJÕ XZTZþLPXÁ þÝþ»ÑçãÄ âÑÄÛ÷¼° đ çđãüçđã Ñüē ĖÀþâÑÄđ°Û·¼Ä üôèÛđēâÑ°ôçđÄ ôÄñÝÑÜÑ
TQS[FEBĸÁ [BCBXFL J BLDFTPSJ¯X EMB E[JFDJ 8 DJÁHV đ ÛÄ÷Ė¼ĖÄ »°ôÀĖÑÄÛ ãÑÄĖđēÜáē ÷ñç÷è»Ȧ »þÀçđÝÑ Ėã°ãē¼Ð ã° ¼°áēâ øđÑļÑÄȦ

LJMLV MBU VEBþP OBN TJÕ [EPCZÃ OJF[CÕEOF
EPėXJBED[FOJF J [FCSBÃ T[FSPLJF HSPOP PECJPSD¯X

%[JÕLJ LPOTFLXFODKJ J QS[FNZėMBOFK TFMFLDKJ
TQS[FEBXBOZDI BSUZLVþ¯X XFT[MJėNZ EP ėDJTþFK D[Pþ¯XLJ
TQS[FEBXD¯X [BCBXFL [B QPėSFEOJDUXFN "MMFHSP
#H" E BE# . ]
0 0GFSVKFNZ 1BĀTUXV CBSE[P T[FSPLJ BTPSUZNFOU LU¯SZ # 3 3 H]Z4Z NL-8 . .- 4 L .# "8 ]#ȩ IB# X
TUBMF QPXJÕLT[B TJÕ P LPMFKOF QP[ZDKF # HL ɓ . ] # 39X# B8 B8.H-N

ĖMFE[JNZ USFOEZ KFTUFėNZ OB CJFĸÁDP LÄô°Ė ÷°âç¼ÐçÀĖÑÜÑ Ė đÑĖÄôþãÜÑÄâ ÐçÀĖ·¼° Ý°ÝÜ° 4°ü°ÝÑ° üç ã°ÛÝÄñ÷Ė°
;BQSBT[BNZ OB OBT[F BVLDKF .BOţ [BCBXLJ þÝþ»Ñçãē¼Ð ñç÷ü°¼Ñ Ė »°ÛÜÑ Ȭ Ý°ĖÄ ñôçñçĖē¼Û° ÀÝ° đ÷Ėē÷üÜѼÐ
Ñ
Ñ 3Äΰ 3°÷ĖēãēȬ âçη Ė°ñÄđãѽ
â°Ýþ¼Ðçâ âãè÷üđç Ė°»°đēȦ ÀĖÑÄđ¼ĖēãÄÜȩ











L83Z .#LL. HL B L H"8B H -E L4 `Z #
E .8 ] - ] X# H]- ]X# E] -9X 3 H-8L- ɓ
1 ) %".* 8JFTþBXB #JFHBĀTLB B# H - 3 . ] X# H]-
]°»°đÜÑ L83Z ñçâ°Î°Û· ôçĖđÑÛ°½
1 ) %".* 1VDLB (EZOJB 10-4," đēç»ô°ėãÑÌȤ ÜôÄ°üēđãÄ âēøÝÄãÑÄȤ ,ÄęÄÝÑ Üüçø âēøÝÑȤ ęÄ ÜÑÄÀē Ėç÷ü°đÑ°

5FM & NBJM TLMFQ!NBOţ QM ÷ñô°đãçø½ â°ãþ°Ýã· ÷đçÛÄ þÜç¼Ð°ãÄ ĖđÑÄôĖ°ÜÑ đ ÀçâþȤ çãÄ
Ñ â âçüçôē¼Ėã· çô°Ė ÜççôÀēã°¼ÛÌ
Ñ Ė°ÛâþÛ· ÷ÑÌ đēá·¼ĖãÑÄ üÌ÷Üãçü· Ė° ãÑâȤ
XXX NBOţ QM đĖôçÜçđç Ɏ ÷áþ¼Ðçđç Ɏ ôþ¼Ðçđ· ¼èęȤ ÛÄ÷ü đ »áÌÀĖÑÄȩ

8NL. L " H E8 .#LL. HL B L . -.8 -# -84HLEN- Z,4
H"8B .ZL" 38 4#H# ƻƹƹ . 3 4L9X
ʛ ]#]# 38E . H
]
]°»°đ° ÜÝç¼Ü°âÑ »þÀĖÑ ÜôÄ°üēđãçø½Ȥ
ÝēüÐÄ þđÑÄݻѰ âçÀÌȦ ĖÑÌÜÑ ôçĖđÑÛ° ĖÀçÝãçø¼Ñ â°ãþ°ÝãÄȤ À°ÛÄ
ÄÝÄâÄãüçâ ÀÄÜçô°¼ēÛãēâ ãÑÄ÷Üçä¼ĖçãÄ âçęÝÑđçø¼Ñ Ñ âçęã°
ÀĖÑÄđ¼ĖēãÜÑ âçη đē÷üēÝÑĖçđ°½ ñçøđÑ̼ѽ đÑÄÝÄ ÎçÀĖÑã ã° üđèô¼ĖÄÛ
ÝēüÐÄ Ñ ÛÄÛ ĖđÑÄôĖ·üÜçȦ Ė°»°đÑÄȩ

1DMOHSV]H





]DEDZNL Z VLHFL


" H E8 .#LL. HL B L H"8B
ƻƺƿ . ɓ 38HL L8X E
]X# E] -8X B8, ] Z E W 4H NE E BN]]. Ƽ
" .#-8BL E ] þãÑÜ°üçđç đēÎÑÌüē¼Ð Ñ ñá°÷ÜѼÐ

LÄô°Ė ĖđÑÄôĖ°ÜÑ âçη ĖđÑÄÀĖ°½ ÷đçÛÄ ñÝ°÷üÑÜçđē¼Ð ñþĖĖÝÑ âçęã° üđçôĖē½
.BOţ [BCBXLJ PE SPLV [BKNVKF TJÕ XZTZþLPXÁ þÝþ»ÑçãÄ âÑÄÛ÷¼° đ çđãüçđã Ñüē ĖÀþâÑÄđ°Û·¼Ä üôèÛđēâÑ°ôçđÄ ôÄñÝÑÜÑ
TQS[FEBĸÁ [BCBXFL J BLDFTPSJ¯X EMB E[JFDJ 8 DJÁHV đ ÛÄ÷Ė¼ĖÄ »°ôÀĖÑÄÛ ãÑÄĖđēÜáē ÷ñç÷è»Ȧ »þÀçđÝÑ Ėã°ãē¼Ð ã° ¼°áēâ øđÑļÑÄȦ

LJMLV MBU VEBþP OBN TJÕ [EPCZÃ OJF[CÕEOF
EPėXJBED[FOJF J [FCSBÃ T[FSPLJF HSPOP PECJPSD¯X

%[JÕLJ LPOTFLXFODKJ J QS[FNZėMBOFK TFMFLDKJ
TQS[FEBXBOZDI BSUZLVþ¯X XFT[MJėNZ EP ėDJTþFK D[Pþ¯XLJ
TQS[FEBXD¯X [BCBXFL [B QPėSFEOJDUXFN "MMFHSP
#H" E BE# . ]
0 0GFSVKFNZ 1BĀTUXV CBSE[P T[FSPLJ BTPSUZNFOU LU¯SZ # 3 3 H]Z4Z NL-8 . .- 4 L .# "8 ]#ȩ IB# X
TUBMF QPXJÕLT[B TJÕ P LPMFKOF QP[ZDKF # HL ɓ . ] # 39X# B8 B8.H-N

ĖMFE[JNZ USFOEZ KFTUFėNZ OB CJFĸÁDP LÄô°Ė ÷°âç¼ÐçÀĖÑÜÑ Ė đÑĖÄôþãÜÑÄâ ÐçÀĖ·¼° Ý°ÝÜ° 4°ü°ÝÑ° üç ã°ÛÝÄñ÷Ė°
;BQSBT[BNZ OB OBT[F BVLDKF .BOţ [BCBXLJ þÝþ»Ñçãē¼Ð ñç÷ü°¼Ñ Ė »°ÛÜÑ Ȭ Ý°ĖÄ ñôçñçĖē¼Û° ÀÝ° đ÷Ėē÷üÜѼÐ
Ñ 3Äΰ 3°÷ĖēãēȬ âçη Ė°ñÄđãѽ
Ñ
â°Ýþ¼Ðçâ âãè÷üđç Ė°»°đēȦ ÀĖÑÄđ¼ĖēãÄÜȩ











L83Z .#LL. HL B L H"8B H -E L4 `Z #
E .8 ] - ] X# H]- ]X# E] -9X 3 H-8L- ɓ
1 ) %".* 8JFTþBXB #JFHBĀTLB B# H - 3 . ] X# H]-
]°»°đÜÑ L83Z ñçâ°Î°Û· ôçĖđÑÛ°½
1 ) %".* 1VDLB (EZOJB 10-4," đēç»ô°ėãÑÌȤ ÜôÄ°üēđãÄ âēøÝÄãÑÄȤ ,ÄęÄÝÑ Üüçø âēøÝÑȤ ęÄ ÜÑÄÀē Ėç÷ü°đÑ°

5FM & NBJM TLMFQ!NBOţ QM ÷ñô°đãçø½ â°ãþ°Ýã· ÷đçÛÄ þÜç¼Ð°ãÄ ĖđÑÄôĖ°ÜÑ đ ÀçâþȤ çãÄ
Ñ â âçüçôē¼Ėã· çô°Ė ÜççôÀēã°¼ÛÌ
Ñ Ė°ÛâþÛ· ÷ÑÌ đēá·¼ĖãÑÄ üÌ÷Üãçü· Ė° ãÑâȤ
XXX NBOţ QM đĖôçÜçđç Ɏ ÷áþ¼Ðçđç Ɏ ôþ¼Ðçđ· ¼èęȤ ÛÄ÷ü đ »áÌÀĖÑÄȩ

-('<1( : 32/6&( 08/7Ζ0('Ζ$/1(


12:2&=(61( =$6.$.8-Æ&(



1$-/(36=< 352'8.7 785<67<&=1<



=$35$6=$0< 2' :725.8 '2 1Ζ('=Ζ(/Ζ 2' '2


ZZZ PX]HXPSLRVHQNL SO





&HOHP XWZRU]HQLD 0X]HXP 3ROVNLHM 3LRVHQNL Z 2SROX MHVW SU]HGH ZV]\VWNLP

WUZDĄD RFKURQD NXOWXURZHJR G]LHG]LFWZD QDURGRZHJR L ]ZLÛNV]HQLH UROL SROVNLHM &(1< %Ζ/(7•:
SLRVHQNL Z GLDORJX PLÛG]\NXOWXURZ\P QD U]HF] SURPRFML PLDVWD L SRGQLHVLHQLD MHJR
DWUDNF\MQRĝFL WXU\VW\F]QHM 2SROH MDNR ȌVWROLFD SROVNLHM SLRVHQNLȋ ] WUDG\FMDPL SRQDG ȏ QRUPDOQ\ Ȃ ]Ą ȏ XOJRZ\ Ȃ ]Ą ȏ JUXSRZ\ Ȃ ]Ą
F]WHUG]LHVWROHWQLHM KLVWRULL .UDMRZHJR )HVWLZDOX 3ROVNLHM 3LRVHQNL MHVW QDMOHSV]\P ȏ URG]LQQ\ Ȃ ]Ą GRURVĄ\FK G]LHFL
PLHMVFHP GR SRZVWDQLD LQVW\WXFML ]DMPXMÇFHM VLÛ JURPDG]HQLHP NDWDORJRZDQLHP %LOHW\ PRJÇ 3DĆVWZR NXSLÉ
NRQVHUZRZDQLHP GLJLWDOL]RZDQLHP QDXNRZ\P RSUDFRZ\ZDQLHP L XGRVWÛSQLDQLHP
] ȏ Z NDVDFK 1&33 Z $PȴWHDWU]H
]ELRUµZ GRW\F]ÇF\FK SROVNLHM SLRVHQNL 3RWU]HED ]DMÛFLD VLÛ GRURENLHP SROVNLFK ELRUµZ GRW\F]ÇF\FK SROVNLHM SLRVHQNL 3RWU]HED ]DMÛFLD VLÛ GRURENLHP SROVNLFK
SLRVHQHN NWµUH SRVLDGDMÇ RJURPQH QLH GR NRĆFD ]EDGDQH ]DVRE\ ȏQD VWURQLH ZZZ ELOHW\ PX]HXPSLRVHQNL SO
MHVW SU]HGVLÛZ]LÛFLHP ZDľQ\P SU]HGH ZV]\VWNLP E\ ]DFKRZDÉ WHQ ERJDW\ FHQQ\ %LOHW\ XOJRZH VÇ ZDľQH ZUD] ] GRNXPHQWHP SRWZLHUG]DMÇF\P XSRZDľQLHQLH GR ]QLľNL
L LQWHUHVXMÇF\ PDWHULDĄ GOD SU]\V]Ą\FK SRNROHĆ










































08=(80 32/6.Ζ(- 3Ζ26(1.Ζ

XO 3LDVWRZVND $ 2SROH $PȴWHDWU ZHMĝFLH RG XO %DUOLFNLHJR
_ ZZZ PX]HXPSLRVHQNL SO _ PX]HXP#PX]HXPSLRVHQNL SO

-('<1( : 32/6&( 08/7Ζ0('Ζ$/1(


12:2&=(61( =$6.$.8-Æ&(



1$-/(36=< 352'8.7 785<67<&=1<



=$35$6=$0< 2' :725.8 '2 1Ζ('=Ζ(/Ζ 2' '2


ZZZ PX]HXPSLRVHQNL SO





&HOHP XWZRU]HQLD 0X]HXP 3ROVNLHM 3LRVHQNL Z 2SROX MHVW SU]HGH ZV]\VWNLP

WUZDĄD RFKURQD NXOWXURZHJR G]LHG]LFWZD QDURGRZHJR L ]ZLÛNV]HQLH UROL SROVNLHM &(1< %Ζ/(7•:
SLRVHQNL Z GLDORJX PLÛG]\NXOWXURZ\P QD U]HF] SURPRFML PLDVWD L SRGQLHVLHQLD MHJR
DWUDNF\MQRĝFL WXU\VW\F]QHM 2SROH MDNR ȌVWROLFD SROVNLHM SLRVHQNLȋ ] WUDG\FMDPL SRQDG ȏ QRUPDOQ\ Ȃ ]Ą ȏ XOJRZ\ Ȃ ]Ą ȏ JUXSRZ\ Ȃ ]Ą
F]WHUG]LHVWROHWQLHM KLVWRULL .UDMRZHJR )HVWLZDOX 3ROVNLHM 3LRVHQNL MHVW QDMOHSV]\P ȏ URG]LQQ\ Ȃ ]Ą GRURVĄ\FK G]LHFL
PLHMVFHP GR SRZVWDQLD LQVW\WXFML ]DMPXMÇFHM VLÛ JURPDG]HQLHP NDWDORJRZDQLHP %LOHW\ PRJÇ 3DĆVWZR NXSLÉ
NRQVHUZRZDQLHP GLJLWDOL]RZDQLHP QDXNRZ\P RSUDFRZ\ZDQLHP L XGRVWÛSQLDQLHP
] ȏ Z NDVDFK 1&33 Z $PȴWHDWU]H
]ELRUµZ GRW\F]ÇF\FK SROVNLHM SLRVHQNL 3RWU]HED ]DMÛFLD VLÛ GRURENLHP SROVNLFK ELRUµZ GRW\F]ÇF\FK SROVNLHM SLRVHQNL 3RWU]HED ]DMÛFLD VLÛ GRURENLHP SROVNLFK
SLRVHQHN NWµUH SRVLDGDMÇ RJURPQH QLH GR NRĆFD ]EDGDQH ]DVRE\ ȏQD VWURQLH ZZZ ELOHW\ PX]HXPSLRVHQNL SO
MHVW SU]HGVLÛZ]LÛFLHP ZDľQ\P SU]HGH ZV]\VWNLP E\ ]DFKRZDÉ WHQ ERJDW\ FHQQ\ %LOHW\ XOJRZH VÇ ZDľQH ZUD] ] GRNXPHQWHP SRWZLHUG]DMÇF\P XSRZDľQLHQLH GR ]QLľNL
L LQWHUHVXMÇF\ PDWHULDĄ GOD SU]\V]Ą\FK SRNROHĆ










































08=(80 32/6.Ζ(- 3Ζ26(1.Ζ

XO 3LDVWRZVND $ 2SROH $PȴWHDWU ZHMĝFLH RG XO %DUOLFNLHJR
_ ZZZ PX]HXPSLRVHQNL SO _ PX]HXP#PX]HXPSLRVHQNL SO

-('<1( : 32/6&( 08/7Ζ0('Ζ$/1(


12:2&=(61( =$6.$.8-Æ&(



1$-/(36=< 352'8.7 785<67<&=1<



=$35$6=$0< 2' :725.8 '2 1Ζ('=Ζ(/Ζ 2' '2


ZZZ PX]HXPSLRVHQNL SO





0DULD 6DGRZVND SRSURZDG]LĄD 0DĄÇ $NDGHPLÛ 3LRVHQNL
$QQD :\V]NRQL Z 0DĄHM $NDGHPLL 3LRVHQNL

0DULD 6DGRZVND WR SROVND SLRVHQNDUND Z\NRQXMÇFD PX]\NÛ MD]] SRS IXQN

: SRQLHG]LDĄHN NZLHWQLD JRĝFLHP 0DĄHM $NDGHPLL 3LRVHQNL EÛG]LH $QQD L HOHNWURQLF]QÇ D WDNľH VFHQDU]\VWND L UHľ\VHU ȴOPRZ\ 0D QD NRQFLH G]LHZLÛÉ VRORZ\FK
:\V]NRQL ZRNDOLVWND L NRPSR]\WRUND QLHJG\ĝ ]ZLÇ]DQD ] ]HVSRĄHP Ȍă]\ȋ SĄ\W P LQ 7ULEXWH WR .RPHGD ]ĄRWD SĄ\WD L Z SHĄQL DXWRUVNÇ Ȍ6SLV WUHĝFLȋ -HM HWLXGD

$UW\VWFH EÛG]LH WRZDU]\V]\Ą JRVSRGDU] PX]\F]Q\ ΖJRU 3U]HELQGRZVNL : SURJUDPLH IDEXODUQD SW Ȍ6NU]\GĄDȋ SRND]\ZDQD E\ĄD QD PLÛG]\QDURGRZ\FK IHVWLZDODFK
ȴOPRZ\FK P LQ Z 0RVNZLH 7DMSHM %RORQLL %DUFHORQLH 6WDPEXOH L 3DU\ľX
PX]\F]QH ]DMÛFLD GOD G]LHFL Z ZLHNX SU]HGV]NROQ\P L ZF]HVQRV]NROQ\P D WDNľH
PLQLNRQFHUW GOD QDMPĄRGV]\FK 2SRODQ 0 0DULD 6DGRZVND E\ĄD JRĝFLHP 0DĄHM $NDGHPLL 3LRVHQNL PDUFD $UW\VWND ZUD]
] JRVSRGDU]HP PX]\F]Q\P ΖJRUHP 3U]HELQGRZVNLP ]DSURVLOL G]LHFL QD QLH]Z\NĄH ZDUV]WDW\
PX]\F]QH SRGF]DV NWµU\FK ZVSµOQLH ĝSLHZDOL DOH SU]HGH ZV]\VWNLP GREU]H VLÛ EDZLOL











































08=(80 32/6.Ζ(- 3Ζ26(1.Ζ

XO 3LDVWRZVND $ 2SROH $PȴWHDWU ZHMĝFLH RG XO %DUOLFNLHJR
_ ZZZ PX]HXPSLRVHQNL SO _ PX]HXP#PX]HXPSLRVHQNL SO

-('<1( : 32/6&( 08/7Ζ0('Ζ$/1(


12:2&=(61( =$6.$.8-Æ&(



1$-/(36=< 352'8.7 785<67<&=1<



=$35$6=$0< 2' :725.8 '2 1Ζ('=Ζ(/Ζ 2' '2


ZZZ PX]HXPSLRVHQNL SO





0DULD 6DGRZVND SRSURZDG]LĄD 0DĄÇ $NDGHPLÛ 3LRVHQNL
$QQD :\V]NRQL Z 0DĄHM $NDGHPLL 3LRVHQNL

0DULD 6DGRZVND WR SROVND SLRVHQNDUND Z\NRQXMÇFD PX]\NÛ MD]] SRS IXQN

: SRQLHG]LDĄHN NZLHWQLD JRĝFLHP 0DĄHM $NDGHPLL 3LRVHQNL EÛG]LH $QQD L HOHNWURQLF]QÇ D WDNľH VFHQDU]\VWND L UHľ\VHU ȴOPRZ\ 0D QD NRQFLH G]LHZLÛÉ VRORZ\FK
:\V]NRQL ZRNDOLVWND L NRPSR]\WRUND QLHJG\ĝ ]ZLÇ]DQD ] ]HVSRĄHP Ȍă]\ȋ SĄ\W P LQ 7ULEXWH WR .RPHGD ]ĄRWD SĄ\WD L Z SHĄQL DXWRUVNÇ Ȍ6SLV WUHĝFLȋ -HM HWLXGD

$UW\VWFH EÛG]LH WRZDU]\V]\Ą JRVSRGDU] PX]\F]Q\ ΖJRU 3U]HELQGRZVNL : SURJUDPLH IDEXODUQD SW Ȍ6NU]\GĄDȋ SRND]\ZDQD E\ĄD QD PLÛG]\QDURGRZ\FK IHVWLZDODFK
ȴOPRZ\FK P LQ Z 0RVNZLH 7DMSHM %RORQLL %DUFHORQLH 6WDPEXOH L 3DU\ľX
PX]\F]QH ]DMÛFLD GOD G]LHFL Z ZLHNX SU]HGV]NROQ\P L ZF]HVQRV]NROQ\P D WDNľH
PLQLNRQFHUW GOD QDMPĄRGV]\FK 2SRODQ 0 0DULD 6DGRZVND E\ĄD JRĝFLHP 0DĄHM $NDGHPLL 3LRVHQNL PDUFD $UW\VWND ZUD]
] JRVSRGDU]HP PX]\F]Q\P ΖJRUHP 3U]HELQGRZVNLP ]DSURVLOL G]LHFL QD QLH]Z\NĄH ZDUV]WDW\
PX]\F]QH SRGF]DV NWµU\FK ZVSµOQLH ĝSLHZDOL DOH SU]HGH ZV]\VWNLP GREU]H VLÛ EDZLOL











































08=(80 32/6.Ζ(- 3Ζ26(1.Ζ

XO 3LDVWRZVND $ 2SROH $PȴWHDWU ZHMĝFLH RG XO %DUOLFNLHJR
_ ZZZ PX]HXPSLRVHQNL SO _ PX]HXP#PX]HXPSLRVHQNL SO

BÑÄôđ÷Ė° ÷â°ôü




üô°âñçÝÑã° ã° øđÑļÑÄȦ

















Hâ°ôü üô°âñçÝÑã° ɓ đ÷ñ°ãÑ°á° Ė°»°đ° Ñ Îđ°ô°ãüçđ°ãÄ »ÄĖñÑļĖÄä÷üđçȮ

4çđ°üçô÷ÜÑÄ ôçĖđÑ·Ė°ãÑ° Ñ »ÄĖñÑļĖãÄ ÷Ü°Ü°ãÑÄȮ


]°âÑ°÷ü ÷ñôÌęēã ñôÌüē Ė đáèÜã° ÷ĖÜÝ°ãÄÎç þâÑÄ÷Ė¼ĖçãÄ ÷· ñçÀ â°ü· Ñ ã°À ô°â·Ȥ ñçĖ° Ė°÷ÑÌÎÑÄâ ÷Ü°¼Ė·¼ÄÛ ç÷ç»ēȩ E°â° ñôĖÄãÑÄ÷Ñçã° đ ü°ÜÑÄ âÑÄÛ÷¼ÄȤ
»ē ãÑÄ »ēá âçĖÝÑđē Üçãü°Üü Ė ãÑ· ñçÀ¼Ė°÷ ÷Ü°Ü°ãÑ°ȩ 3ÑÌÜÜ° Üô°đÌÀė â°üē °»÷çô»þÛ·¼° ÄãÄôÎÑÌ Ñ °âçôüēĖþÛ·¼° þÀÄôĖÄãÑ°ȩ BçüđÑÄôÀĖçãçȤ ęÄ ÛÄ÷ü °ę Ʒƴ
ÜôçüãÑÄ ÷ÜþüļĖãÑÄÛ÷Ė° đ á°ÎçÀĖÄãÑþ þÀÄôĖÄãÑ°ȩ BçüđÑÄôÀĖçãçȤ ęÄ ÛÄ÷ü °ę Ʒƴ ÜôçüãÑÄ ÷ÜþüļĖãÑÄÛ÷Ė° đ á°ÎçÀĖÄãÑþ þÀÄôĖÄä ãÑę Üô°đÌÀė â°üē
üô°Àē¼ēÛãÄÛȩ Ý°÷üē¼Ėã° ÷Ñ°üÜ° çü°¼Ė°Û·¼° üô°âñçÝÑãÌ çÀ»ÑÛ°Û·¼° ÷Üç¼ĖÜ° Ė ñçđôçüÄâ ã° â°üÌ Ñ Ė°ñç»ÑÄΰ۷¼° þñ°ÀÜÑÄâ Ė üô°âñçÝÑãēȩ ]°âÑ°÷ü
âÄü°Ýçđē¼Ð ÷áþñÜèđ ñçÀüôĖēâþÛ·¼ē¼Ð ÷Ñ°üÜÌ Ė°÷üç÷çđ°ãç ÄÝ°÷üē¼ĖãÄ ñôÌüēȩ
Lç ãÛ°Û»ÄĖñÑļĖãÑÄÛ÷Ė° üô°âñçÝÑã° ã° øđÑļÑÄ ķôâē HñôÑãÎÍôÄÄȩ HüđçôĖēá Û° ôȩ -ÄÑüÐ ÝÄĒ°ãÀÄô ñôçÍÄ÷çô þãÑđÄô÷ēüÄüþ çÍ °üÄôã»þôē đ ÐôÑ÷¼Ðþô¼Ð
L
ɂ4çđ° ]ÄÝ°ãÀÑ°Ƀȩ ĖÑÄÜÑ ÛÄÎç ñô°¼ē Ñ Ė°°ãΰęçđ°ãÑþ þ÷þãÑÌüç °ę ƽƴʔ âÑÄÛ÷¼Ȥ đ Üüèôē¼Ð Ñ÷üãÑ°áē Àç üÄÛ ñçôē ôÄ°ÝãÄ Ė°ÎôçęÄãÑ° ÀçĖã°ãÑÄâ ÜçãüþĖÛÑȩ
ĖÑÄÜÑ çñô°¼çđ°ãÑþ üÄÎç »ÄĖñÑļĖãÄÎç đ þĖēüÜçđ°ãÑþ ñôĖÄĖ ÀĖÑÄ¼Ñ âçÀÄÝþȤ âçęÄâē »ē¼ ÷ñçÜçÛãÑ ç üçȤ ęÄ ã°÷Ėēâ ñç¼ÑļÐçâ ÷ü°ãÑÄ ÷ÑÄ ¼ç÷ ĖáÄÎç
ã°đÄü đèđ¼Ė°÷Ȥ ÛÄøÝÑ ÷Ü°Ü°ãÑÄ »ÌÀĖÑÄ »°ôÀĖÑÄÛ ÑãüÄã÷ēđãÄȩ BçĖ° »ÄĖñÑļĖÄä÷üđÄâ Ė°ñÄđãÑçãç üÄę â°Ü÷ēâ°Ýã· ęēđçüãçø½ çÍÄôçđ°ãē¼Ð ñôçÀþÜüèđȩ
X
XēēÜçã°ãÄ ñôĖĖ ķôâÌ HñôÑãÎÍôÄÄ üô°âñçÝÑãē ÷· đ ÷ü°ãÑÄ đēüôĖēâ°½ 综ѷęÄãÑÄ ôèđãÄ â°÷ÑÄ ñôĖļÑÌüãÄÎç ÷°âç¼ÐçÀþ ç÷ç»çđÄÎçȩ HÑ°üÜ° đēÜçã°ã°
Ėç÷ü°á° Ė â°üÄôÑ°áþ çÀñçôãÄÎç ã° ñôçâÑÄãÑçđ°ãÑÄ NWȤ ÄÝ°÷üē¼ĖãÄ ñôÌüē ñçÀüôĖēâþÛ·¼Ä ÷Ñ°üÜÌ ÷· üôĖē ô°Ėē âç¼ãÑÄÛ÷ĖÄ ãÑĖ âÄü°ÝçđÄȩ E°â° ñç÷Ñ°À°
üôĖē đ°ô÷üđē ç¼ÐôçããÄȤ çÀñçôãÄ ã° ÜçôçĖÛÌȩ E°âē ÷· Îôþ»÷ĖÄȩ




HñôÑãÎÍôÄÄ ɓ B°ĐÄÝ Eþ÷ãçÜ ĖÑ°á ÷ñôĖÄÀ°ęēȨ đđđȮ÷ñôÑãÎÍôÄÄȮñÝ
ç»ôļܰ ƶƻȤ ƸƷɎƸƴƴ ÑÄ÷ĖēãȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ LÄÝȩȣ ʖƸƼ ƺƴƴ ƽƶƵ ƽƼƴȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ

BÑÄôđ÷Ė° ÷â°ôü




üô°âñçÝÑã° ã° øđÑļÑÄȦ

















Hâ°ôü üô°âñçÝÑã° ɓ đ÷ñ°ãÑ°á° Ė°»°đ° Ñ Îđ°ô°ãüçđ°ãÄ »ÄĖñÑļĖÄä÷üđçȮ

4çđ°üçô÷ÜÑÄ ôçĖđÑ·Ė°ãÑ° Ñ »ÄĖñÑļĖãÄ ÷Ü°Ü°ãÑÄȮ


]°âÑ°÷ü ÷ñôÌęēã ñôÌüē Ė đáèÜã° ÷ĖÜÝ°ãÄÎç þâÑÄ÷Ė¼ĖçãÄ ÷· ñçÀ â°ü· Ñ ã°À ô°â·Ȥ ñçĖ° Ė°÷ÑÌÎÑÄâ ÷Ü°¼Ė·¼ÄÛ ç÷ç»ēȩ E°â° ñôĖÄãÑÄ÷Ñçã° đ ü°ÜÑÄ âÑÄÛ÷¼ÄȤ
»ē ãÑÄ »ēá âçĖÝÑđē Üçãü°Üü Ė ãÑ· ñçÀ¼Ė°÷ ÷Ü°Ü°ãÑ°ȩ 3ÑÌÜÜ° Üô°đÌÀė â°üē °»÷çô»þÛ·¼° ÄãÄôÎÑÌ Ñ °âçôüēĖþÛ·¼° þÀÄôĖÄãÑ°ȩ BçüđÑÄôÀĖçãçȤ ęÄ ÛÄ÷ü °ę Ʒƴ
ÜôçüãÑÄ ÷ÜþüļĖãÑÄÛ÷Ė° đ á°ÎçÀĖÄãÑþ þÀÄôĖÄãÑ°ȩ BçüđÑÄôÀĖçãçȤ ęÄ ÛÄ÷ü °ę Ʒƴ ÜôçüãÑÄ ÷ÜþüļĖãÑÄÛ÷Ė° đ á°ÎçÀĖÄãÑþ þÀÄôĖÄä ãÑę Üô°đÌÀė â°üē
üô°Àē¼ēÛãÄÛȩ Ý°÷üē¼Ėã° ÷Ñ°üÜ° çü°¼Ė°Û·¼° üô°âñçÝÑãÌ çÀ»ÑÛ°Û·¼° ÷Üç¼ĖÜ° Ė ñçđôçüÄâ ã° â°üÌ Ñ Ė°ñç»ÑÄΰ۷¼° þñ°ÀÜÑÄâ Ė üô°âñçÝÑãēȩ ]°âÑ°÷ü
âÄü°Ýçđē¼Ð ÷áþñÜèđ ñçÀüôĖēâþÛ·¼ē¼Ð ÷Ñ°üÜÌ Ė°÷üç÷çđ°ãç ÄÝ°÷üē¼ĖãÄ ñôÌüēȩ
Lç ãÛ°Û»ÄĖñÑļĖãÑÄÛ÷Ė° üô°âñçÝÑã° ã° øđÑļÑÄ ķôâē HñôÑãÎÍôÄÄȩ HüđçôĖēá Û° ôȩ -ÄÑüÐ ÝÄĒ°ãÀÄô ñôçÍÄ÷çô þãÑđÄô÷ēüÄüþ çÍ °üÄôã»þôē đ ÐôÑ÷¼Ðþô¼Ð
L
ɂ4çđ° ]ÄÝ°ãÀÑ°Ƀȩ ĖÑÄÜÑ ÛÄÎç ñô°¼ē Ñ Ė°°ãΰęçđ°ãÑþ þ÷þãÑÌüç °ę ƽƴʔ âÑÄÛ÷¼Ȥ đ Üüèôē¼Ð Ñ÷üãÑ°áē Àç üÄÛ ñçôē ôÄ°ÝãÄ Ė°ÎôçęÄãÑ° ÀçĖã°ãÑÄâ ÜçãüþĖÛÑȩ
ĖÑÄÜÑ çñô°¼çđ°ãÑþ üÄÎç »ÄĖñÑļĖãÄÎç đ þĖēüÜçđ°ãÑþ ñôĖÄĖ ÀĖÑÄ¼Ñ âçÀÄÝþȤ âçęÄâē »ē¼ ÷ñçÜçÛãÑ ç üçȤ ęÄ ã°÷Ėēâ ñç¼ÑļÐçâ ÷ü°ãÑÄ ÷ÑÄ ¼ç÷ ĖáÄÎç
ã°đÄü đèđ¼Ė°÷Ȥ ÛÄøÝÑ ÷Ü°Ü°ãÑÄ »ÌÀĖÑÄ »°ôÀĖÑÄÛ ÑãüÄã÷ēđãÄȩ BçĖ° »ÄĖñÑļĖÄä÷üđÄâ Ė°ñÄđãÑçãç üÄę â°Ü÷ēâ°Ýã· ęēđçüãçø½ çÍÄôçđ°ãē¼Ð ñôçÀþÜüèđȩ
X
XēēÜçã°ãÄ ñôĖĖ ķôâÌ HñôÑãÎÍôÄÄ üô°âñçÝÑãē ÷· đ ÷ü°ãÑÄ đēüôĖēâ°½ 综ѷęÄãÑÄ ôèđãÄ â°÷ÑÄ ñôĖļÑÌüãÄÎç ÷°âç¼ÐçÀþ ç÷ç»çđÄÎçȩ HÑ°üÜ° đēÜçã°ã°
Ėç÷ü°á° Ė â°üÄôÑ°áþ çÀñçôãÄÎç ã° ñôçâÑÄãÑçđ°ãÑÄ NWȤ ÄÝ°÷üē¼ĖãÄ ñôÌüē ñçÀüôĖēâþÛ·¼Ä ÷Ñ°üÜÌ ÷· üôĖē ô°Ėē âç¼ãÑÄÛ÷ĖÄ ãÑĖ âÄü°ÝçđÄȩ E°â° ñç÷Ñ°À°
üôĖē đ°ô÷üđē ç¼ÐôçããÄȤ çÀñçôãÄ ã° ÜçôçĖÛÌȩ E°âē ÷· Îôþ»÷ĖÄȩ




HñôÑãÎÍôÄÄ ɓ B°ĐÄÝ Eþ÷ãçÜ ĖÑ°á ÷ñôĖÄÀ°ęēȨ đđđȮ÷ñôÑãÎÍôÄÄȮñÝ
ç»ôļܰ ƶƻȤ ƸƷɎƸƴƴ ÑÄ÷ĖēãȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ LÄÝȩȣ ʖƸƼ ƺƴƴ ƽƶƵ ƽƼƴȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ

đđđȩ÷ñôÑãÎÍôÄÄȩñÝ


































XēñôçÀþÜçđ°ãçȩ ü°Ü »ē đēüôĖēâ°áç



3ē ãÑÄ üēÝÜç ÷ñÄáãÑ°âē ÷ü°ãÀ°ôÀē Û°Üçø¼Ñ


đ »ô°ãęēȩ °ÝÄ ñçâ°Î°âē ÛÄ üđçôĖē½









çđÑÄÀĖ ÷ÑÌȩ Üüèô° üô°âñçÝÑã° ñ°÷þÛÄ Àç üđÄÛ ôçÀĖÑãē





















Eƾƽ ɓ çâñ°¼ü çÜô·Î ƹǀǀ ɓ 3ÄÀÑþâ çđ°Ý ƹǀǀ ɓ 3ÄÀÑþâ çđ°Ý ƹǂƻ ɓ .°ôÎÄ çđ°Ý HƺƺƼ ɓ .°ôÎÄ Üđ°Àô°ü Hƺƾƾ ɓ ,þâ»ç Üđ°Àô°ü
Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ·
»ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ°




HñôÑãÎÍôÄÄ ɓ B°ĐÄÝ Eþ÷ãçÜ ĖÑ°á ÷ñôĖÄÀ°ęēȨ đđđȮ÷ñôÑãÎÍôÄÄȮñÝ
ç»ôļܰ ƶƻȤ ƸƷɎƸƴƴ ÑÄ÷ĖēãȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ LÄÝȩȣ ʖƸƼ ƺƴƴ ƽƶƵ ƽƼƴȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ

đđđȩ÷ñôÑãÎÍôÄÄȩñÝ


































XēñôçÀþÜçđ°ãçȩ ü°Ü »ē đēüôĖēâ°áç



3ē ãÑÄ üēÝÜç ÷ñÄáãÑ°âē ÷ü°ãÀ°ôÀē Û°Üçø¼Ñ


đ »ô°ãęēȩ °ÝÄ ñçâ°Î°âē ÛÄ üđçôĖē½









çđÑÄÀĖ ÷ÑÌȩ Üüèô° üô°âñçÝÑã° ñ°÷þÛÄ Àç üđÄÛ ôçÀĖÑãē





















Eƾƽ ɓ çâñ°¼ü çÜô·Î ƹǀǀ ɓ 3ÄÀÑþâ çđ°Ý ƹǀǀ ɓ 3ÄÀÑþâ çđ°Ý ƹǂƻ ɓ .°ôÎÄ çđ°Ý HƺƺƼ ɓ .°ôÎÄ Üđ°Àô°ü Hƺƾƾ ɓ ,þâ»ç Üđ°Àô°ü
Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ· Lô°âñçÝÑã° Ė ÷Ñ°üÜ·
»ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ° »ÄĖñÑļĖÄä÷üđ°




HñôÑãÎÍôÄÄ ɓ B°ĐÄÝ Eþ÷ãçÜ ĖÑ°á ÷ñôĖÄÀ°ęēȨ đđđȮ÷ñôÑãÎÍôÄÄȮñÝ
ç»ôļܰ ƶƻȤ ƸƷɎƸƴƴ ÑÄ÷ĖēãȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ LÄÝȩȣ ʖƸƼ ƺƴƴ ƽƶƵ ƽƼƴȤ ÑãÍçˀ÷ñôÑãÎÍôÄÄȩñÝ









2GNU\M Z VRELH %U]\GDOD


1-64;",* * ("%Lj&5: *//& /*Lj 84;:45,*&











8JUBNZ X CS[ZEBMPXJF

8 #S[ZEBMPXJF KBL X QSBXE[JXZN ȈZDJV OJF NB E’VHPX’PTZDI LTJǗȈOJD[FL SZDFS[Z X MǴOJnjDZDI [CSPKBDI D[Z
TLS[BUØX [BQMBUBKnjDZDI LPOJPN HS[ZXZ 5P [VQF’OJF JOOB CBKLB *OOB CP QSBXE[JXB 8 NJBTUFD[LV OB
SZOFD[LV NPȈOB XQBǴǎ OB NJFT[LBǩDØX LUØS[Z Tnj EP OBT CBSE[JFK QPEPCOJ OJȈ NPH’PCZ TJǗ XZEBXBǎ
#P KBL ǴQJFXB’ 8JFT[D[ 8DBMF OJF P UP DIPE[J KBL DP LPNV XZDIPE[J -JD[Z TJǗ XJBSB
X TJFCJF QS[FLPOBOJF P X’BTOFK XZKnjULPXPǴDJ J EPCSB [BCBXB " KBL LUPǴ DIDF OBT EP’PXBǎ LSZUZLPXBǎ
XZKnjULPXF QMVT[BLJSØE LUØSZDI LBȈEF [OBKE[JF TXPKF BMUFS FHP o OJFDI TQBEB OB ES[FXP T[ZT[LJ CVKBǎ J QPNQPXBǎ

0QSØD[ UZDI LUØS[Z OJF XJFE[nj DP UP [OBD[Z























































XXX CS[ZEBMF QM




1MBD 4US[FMFDLJ 8SPD’BX TLMFQ!CS[ZEBMF QM

2GNU\M Z VRELH %U]\GDOD


1-64;",* * ("%Lj&5: *//& /*Lj 84;:45,*&











8JUBNZ X CS[ZEBMPXJF

8 #S[ZEBMPXJF KBL X QSBXE[JXZN ȈZDJV OJF NB E’VHPX’PTZDI LTJǗȈOJD[FL SZDFS[Z X MǴOJnjDZDI [CSPKBDI D[Z
TLS[BUØX [BQMBUBKnjDZDI LPOJPN HS[ZXZ 5P [VQF’OJF JOOB CBKLB *OOB CP QSBXE[JXB 8 NJBTUFD[LV OB
SZOFD[LV NPȈOB XQBǴǎ OB NJFT[LBǩDØX LUØS[Z Tnj EP OBT CBSE[JFK QPEPCOJ OJȈ NPH’PCZ TJǗ XZEBXBǎ
#P KBL ǴQJFXB’ 8JFT[D[ 8DBMF OJF P UP DIPE[J KBL DP LPNV XZDIPE[J -JD[Z TJǗ XJBSB
X TJFCJF QS[FLPOBOJF P X’BTOFK XZKnjULPXPǴDJ J EPCSB [BCBXB " KBL LUPǴ DIDF OBT EP’PXBǎ LSZUZLPXBǎ
XZKnjULPXF QMVT[BLJSØE LUØSZDI LBȈEF [OBKE[JF TXPKF BMUFS FHP o OJFDI TQBEB OB ES[FXP T[ZT[LJ CVKBǎ J QPNQPXBǎ

0QSØD[ UZDI LUØS[Z OJF XJFE[nj DP UP [OBD[Z























































XXX CS[ZEBMF QM




1MBD 4US[FMFDLJ 8SPD’BX TLMFQ!CS[ZEBMF QM

#3;:%"-& 1-64;",* #3;:%"-08& ("%Lj&5:


1S[FETUBXJBNZ 8BN CS[ZEBMPXF QMVT[BLJ (BMFSJǗ PUXJFSB -6-6 [ CBLDZMFN QPESØȈOJD[LJ LUØSB DIDF /B OBT[FK CS[ZEBMOFK TUSPOJF NPȈOB CMJȈFK QP[OBǎ LBȈEFHP [ #S[ZEBMJ 4nj UP TUXPSZ LUØSF NJFT[LBKnj
[KFȇE[Jǎ DB’Z ǴXJBU ."9 UP XSBȈMJXZ UXBSE[JFM [BLPDIBOZ X NPUPDZLMBDI .*" KFTU VSPE[POnj GBTIJPOJTULnj X UǗUOJnjDZN ȈZDJFN #S[ZEBMPXJF LjZKnj POF X LPǴMBXZDI OJFJEFBMOZDI EPNBDI HPUVKnj OJFKBEBMOF QPUSBXZ
XJF DP KFTU USFOEZ OJF NØXJnjD KVȈ P UZN ȈF KFTU TQFDKBMJTULnj PE XZQS[FEBȈZ 5BN HE[JF KFTU EPCSB NV[B KFTU J XDBMF OJF [BKNVKnj TJǗ UZMLP J XZ’njD[OJF QPȈZUFD[OZNJ S[FD[BNJ 1ǗE[nj OJF[XZLMF CBSXOZ ȈZXPU X LUØSZN
UFȈ J #0/0 LUØSZ SP[LSǗDJ LBȈEnj JNQSF[Ǘ 5*50 BSUZǴDJF QPL’POZ NPHnj CJǎ 1JDBTTP 7BO (PHI J DB’B SFT[UB KFTU NJFKTDF OB QPQF’OJBOJF C’ǗEØX J CZDJF UBLJN KBLJN DIDF TJǗ CZǎ 1P[B UZN LBȈEZ #S[ZEBM NB DPǴ D[FHP
.BDJF DPǴ OB TVNJFOJV NPȈF OBT QP DJDIV OBVD[Zǎ KFǴMJ HP P UP QPQSPTJNZ B NJBOPXJDJF VȈZXBOJB XZPCSBȇOJ %MBUFHP SP[EBKnj
TPCJF OBX[BKFN PSZHJOBMOF QSF[FOUZ


1-/




5*50








50-0










/" 13&;&/5


#S[ZEBMF UP KFEZOF X TXPJN SPE[BKV PSZHJOBMOF QSF[FOUZ LUØSZDI XBȈOnj DFDInj KFTU UP ȈF QPEPCBKnj TJǗ
LBȈEFNV LUP TUB’ TJǗ JDI QPTJBEBD[FN ;FTQؒ QS[FSØȈOZDI DFDI DIBSBLUFSV SØȈOPSPEOPǴǎ HBMFSJJ
PTPCPXPǴDJ SFQSF[FOUVKnjDZDI MJD[OF QBTKF J [BJOUFSFTPXBOJB B QS[Z UZN ǴXJFUOB KBLPǴǎ XZLPOBOJB #S[ZEBMJ
J XT[ZTULJDI HBEȈFUØX EFEZLPXBOZDI UFK NBSDF UP D[ZOOJLJ LUØSF EBKnj HXBSBODKǗ [BJOUFSFTPXBOJB
QSPEVLUFN OJF[BMFȈOJF PE XJFLV PECJPSDØX
-&7* "#0$0 0+00+









/0#""
."9















1MBD 4US[FMFDLJ 8SPD’BX
TLMFQ!CS[ZEBMF QM

XXX CS[ZEBMF QM

#3;:%"-& 1-64;",* #3;:%"-08& ("%Lj&5:


1S[FETUBXJBNZ 8BN CS[ZEBMPXF QMVT[BLJ (BMFSJǗ PUXJFSB -6-6 [ CBLDZMFN QPESØȈOJD[LJ LUØSB DIDF /B OBT[FK CS[ZEBMOFK TUSPOJF NPȈOB CMJȈFK QP[OBǎ LBȈEFHP [ #S[ZEBMJ 4nj UP TUXPSZ LUØSF NJFT[LBKnj
[KFȇE[Jǎ DB’Z ǴXJBU ."9 UP XSBȈMJXZ UXBSE[JFM [BLPDIBOZ X NPUPDZLMBDI .*" KFTU VSPE[POnj GBTIJPOJTULnj X UǗUOJnjDZN ȈZDJFN #S[ZEBMPXJF LjZKnj POF X LPǴMBXZDI OJFJEFBMOZDI EPNBDI HPUVKnj OJFKBEBMOF QPUSBXZ
XJF DP KFTU USFOEZ OJF NØXJnjD KVȈ P UZN ȈF KFTU TQFDKBMJTULnj PE XZQS[FEBȈZ 5BN HE[JF KFTU EPCSB NV[B KFTU J XDBMF OJF [BKNVKnj TJǗ UZMLP J XZ’njD[OJF QPȈZUFD[OZNJ S[FD[BNJ 1ǗE[nj OJF[XZLMF CBSXOZ ȈZXPU X LUØSZN
UFȈ J #0/0 LUØSZ SP[LSǗDJ LBȈEnj JNQSF[Ǘ 5*50 BSUZǴDJF QPL’POZ NPHnj CJǎ 1JDBTTP 7BO (PHI J DB’B SFT[UB KFTU NJFKTDF OB QPQF’OJBOJF C’ǗEØX J CZDJF UBLJN KBLJN DIDF TJǗ CZǎ 1P[B UZN LBȈEZ #S[ZEBM NB DPǴ D[FHP
.BDJF DPǴ OB TVNJFOJV NPȈF OBT QP DJDIV OBVD[Zǎ KFǴMJ HP P UP QPQSPTJNZ B NJBOPXJDJF VȈZXBOJB XZPCSBȇOJ %MBUFHP SP[EBKnj
TPCJF OBX[BKFN PSZHJOBMOF QSF[FOUZ


1-/




5*50








50-0










/" 13&;&/5


#S[ZEBMF UP KFEZOF X TXPJN SPE[BKV PSZHJOBMOF QSF[FOUZ LUØSZDI XBȈOnj DFDInj KFTU UP ȈF QPEPCBKnj TJǗ
LBȈEFNV LUP TUB’ TJǗ JDI QPTJBEBD[FN ;FTQؒ QS[FSØȈOZDI DFDI DIBSBLUFSV SØȈOPSPEOPǴǎ HBMFSJJ
PTPCPXPǴDJ SFQSF[FOUVKnjDZDI MJD[OF QBTKF J [BJOUFSFTPXBOJB B QS[Z UZN ǴXJFUOB KBLPǴǎ XZLPOBOJB #S[ZEBMJ
J XT[ZTULJDI HBEȈFUØX EFEZLPXBOZDI UFK NBSDF UP D[ZOOJLJ LUØSF EBKnj HXBSBODKǗ [BJOUFSFTPXBOJB
QSPEVLUFN OJF[BMFȈOJF PE XJFLV PECJPSDØX
-&7* "#0$0 0+00+









/0#""
."9















1MBD 4US[FMFDLJ 8SPD’BX
TLMFQ!CS[ZEBMF QM

XXX CS[ZEBMF QM


























Click to View FlipBook Version