8PȗJȦ _ ǼɉɄǽRN ǷȘȀ IɛȏJǸȎ XȔȹȢOTȝəRȎ ǷȢ ȼYTȥə
PFŀǷȩȈȢ RFȗɉǸMǽ
\ɒɓ XȔȘJUǷȡȹȢYȔF ȦQ
8PȗJȦ _ ǼɉɄǽRN ǷȘȀ IɛȏJǸȎ XȔȹȢOTȝəRȎ ǷȢ ȼYTȥə
PFŀǷȩȈȢ RFȗɉǸMǽ
3RQLHZD× OH×\ QDP QD VHUFX GREUR QDV]\FK QDMPÊRGV]\FK NOLHQWµZ GRVWÇSQH Z VNOHSLH PRGHOH REXZLD
GRELHUDP\ ] P\ÐOÃ R ]GURZLX L NRPIRUFLH PDÊ\FK VWµSHN =DOH×\ QDP QD W\P DE\ Z RIHUFLH ]QDMGRZDÊ\
VLÇ EXW\ G]LHFLÇFH RG X]QDQ\FK L UHNRPHQGRZDQ\FK SURGXFHQWµZ URG]LP\FK L ]DJUDQLF]Q\FK NWµU]\
RG ZLHOX ODW ] SDVMÃ L VXNFHVHP G]LDÊDMÃ QD U\QNX REXZLD G]LHFLÇFHJR :\VWDUF]\ Z\PLHQLÅ WDNLH ĆUP\
MDN %HIDGR $PHULFDQ &OXE 'DZLG 'HPDU .RUQHFNL =DUUR 5HQ %XW 'DQLHONL :RMW\ÊNR 9L **D 0L
DE\ ZLHG]LHÅ ×H PR×QD QDP ]DXIDÅ Z NZHVWLL GRERUX REXZLD
Ʋ)TWȡɃȕǽƱ YT ȥȹ_ȩǷǵ ɓXɛəXɃȕNR
ï 3HZQRÐÅ L ]DXIDQLH
ï %H]SLHF]HÌVWZR ]DNXSµZ
ï 1LVNLH NRV]W\ GRVWDZ\ 7FGȀɃ
ï $× GQL QD ]ZURW WRZDUX EH] SRGDQLD SU]\F]\Q\
ï (ODVW\F]QH IRUP\ SÊDWQRÐFL
ï $WUDNF\MQH UDEDW\ 7UHÐÅ NRGX GRURWND
$E\ RWU]\PDÅ UDEDW ]DÊµ× NRQWR
Z VNOHSLH D QDVWÇSQLH DNW\ZXM
UDEDW ZSLVXMÃF NRG QD VWURQLH
ZZZ VNOHSGRURWND SO FRGH
IDFHERRN FRP 6NOHS'RURWND
.RG UDEDWRZ\ ZD×Q\ GR NRÌFD URNX
NRQWDNW#VNOHSGRURWND SO REQL×D FHQÇ SURGXNWµZ R RG
7HO FHQ\ GHWDOLF]QHM EUXWWR EH] NRV]WµZ Z\V\ÊNL
2IHUWD QLH GRW\F]\ SURGXNWµZ Z VWUHIDFK
\ɒɓ XȔȘJUǷȡȹȢYȔF ȦQ ì3URPRFMHë L ì:\SU]HGD×Hë -HGQD RVRED
PR×H Z\NRU]\VWDÅ W\ONR MHGHQ NRG UDEDWRZ\
8PȗJȦ _ ǼɉɄǽRN ǷȘȀ IɛȏJǸȎ XȔȹȢOTȝəRȎ ǷȢ ȼYTȥə
PFŀǷȩȈȢ RFȗɉǸMǽ
3RQLHZD× OH×\ QDP QD VHUFX GREUR QDV]\FK QDMPÊRGV]\FK NOLHQWµZ GRVWÇSQH Z VNOHSLH PRGHOH REXZLD
GRELHUDP\ ] P\ÐOÃ R ]GURZLX L NRPIRUFLH PDÊ\FK VWµSHN =DOH×\ QDP QD W\P DE\ Z RIHUFLH ]QDMGRZDÊ\
VLÇ EXW\ G]LHFLÇFH RG X]QDQ\FK L UHNRPHQGRZDQ\FK SURGXFHQWµZ URG]LP\FK L ]DJUDQLF]Q\FK NWµU]\
RG ZLHOX ODW ] SDVMÃ L VXNFHVHP G]LDÊDMÃ QD U\QNX REXZLD G]LHFLÇFHJR :\VWDUF]\ Z\PLHQLÅ WDNLH ĆUP\
MDN %HIDGR $PHULFDQ &OXE 'DZLG 'HPDU .RUQHFNL =DUUR 5HQ %XW 'DQLHONL :RMW\ÊNR 9L **D 0L
DE\ ZLHG]LHÅ ×H PR×QD QDP ]DXIDÅ Z NZHVWLL GRERUX REXZLD
Ʋ)TWȡɃȕǽƱ YT ȥȹ_ȩǷǵ ɓXɛəXɃȕNR
ï 3HZQRÐÅ L ]DXIDQLH
ï %H]SLHF]HÌVWZR ]DNXSµZ
ï 1LVNLH NRV]W\ GRVWDZ\ 7FGȀɃ
ï $× GQL QD ]ZURW WRZDUX EH] SRGDQLD SU]\F]\Q\
ï (ODVW\F]QH IRUP\ SÊDWQRÐFL
ï $WUDNF\MQH UDEDW\ 7UHÐÅ NRGX GRURWND
$E\ RWU]\PDÅ UDEDW ]DÊµ× NRQWR
Z VNOHSLH D QDVWÇSQLH DNW\ZXM
UDEDW ZSLVXMÃF NRG QD VWURQLH
ZZZ VNOHSGRURWND SO FRGH
IDFHERRN FRP 6NOHS'RURWND
.RG UDEDWRZ\ ZD×Q\ GR NRÌFD URNX
NRQWDNW#VNOHSGRURWND SO REQL×D FHQÇ SURGXNWµZ R RG
7HO FHQ\ GHWDOLF]QHM EUXWWR EH] NRV]WµZ Z\V\ÊNL
2IHUWD QLH GRW\F]\ SURGXNWµZ Z VWUHIDFK
\ɒɓ XȔȘJUǷȡȹȢYȔF ȦQ ì3URPRFMHë L ì:\SU]HGD×Hë -HGQD RVRED
PR×H Z\NRU]\VWDÅ W\ONR MHGHQ NRG UDEDWRZ\
7437ɝ& 46>=+383;%2-% ;3(=
-PI TSXV^IFYNIW^ QPIOE#
4V^]OEHS[S QP ũ NEO RE V]WYROY
2EPIN [SHʚ S XIQTIVEXYV^I TSOSNS[IN
RE TSXV^IFRʈ []WSOS˒ʊ RMIFMIWOMIKS
WYTOE ^ RETMWIQ '30(
QMEVOE XIQTIVEXYV] [SH]
(SPIN [V^ʈXIO RE []WSOS˒ʊ
HS WTSV^ʈH^ERME G^IV[SRIKS WYTOE ^ RETMWIQ ,38
QPIOE QSH]JMOS[ERIKS HS []^REG^SRIKS TS^MSQY
8EO TV^]KSXS[ERʈ [SHʚ [PIN HS
FYXIPOM M TSWXʚTYN [IHYK ^EPIGIʿ
TVSHYGIRXE QPIOE
2-)>%0)˳2-) 3( -03ː'- 4386>)&2)+3
10)/% QP 46>=+383;%2-)
;3(= ;=+0ʆ(% -()28='>2-)
4 VSHYOX []Q]˒PSR] TV^I^ 1EQʚ XVɹNOM QE]GL
H^MIGM OXɹVI F]] M Wʈ MRWTMVEGNʈ HS WX[SV^IRME
/ETY'YT
;]TVSHYOS[ER] [ 4SPWGI [SPR] SH &4%
/SRMIG ^ TSTEV^SR]QM REHKEVWXOEQM
M ^EWXERE[MERMIQ WMʚ G^] QPIOS HPE REW^IKS
QEPYW^OE NIWX ^E GMITI G^] ^E ^MQRI
/ [[[ OETYGYT TP
/ETY'YT TSQETY'YT TSQS˵I 'M [ Y^]WOERMY SHTS[MIHRMIN
XIQTIVEXYV] [SH] HS QPIOE QSH]JMOS[ERIKS
;PIN SHTS[MIHRMʈ MPS˒ʊ SHWXERIN [SH] M [V^ʈXOY SJJMGI$OETYGYT TP
XEO NEO RE []OVIWMI M ^VSFMSRI
7437ɝ& 46>=+383;%2-% ;3(=
-PI TSXV^IFYNIW^ QPIOE#
4V^]OEHS[S QP ũ NEO RE V]WYROY
2EPIN [SHʚ S XIQTIVEXYV^I TSOSNS[IN
RE TSXV^IFRʈ []WSOS˒ʊ RMIFMIWOMIKS
WYTOE ^ RETMWIQ '30(
QMEVOE XIQTIVEXYV] [SH]
(SPIN [V^ʈXIO RE []WSOS˒ʊ
HS WTSV^ʈH^ERME G^IV[SRIKS WYTOE ^ RETMWIQ ,38
QPIOE QSH]JMOS[ERIKS HS []^REG^SRIKS TS^MSQY
8EO TV^]KSXS[ERʈ [SHʚ [PIN HS
FYXIPOM M TSWXʚTYN [IHYK ^EPIGIʿ
TVSHYGIRXE QPIOE
2-)>%0)˳2-) 3( -03ː'- 4386>)&2)+3
10)/% QP 46>=+383;%2-)
;3(= ;=+0ʆ(% -()28='>2-)
4 VSHYOX []Q]˒PSR] TV^I^ 1EQʚ XVɹNOM QE]GL
H^MIGM OXɹVI F]] M Wʈ MRWTMVEGNʈ HS WX[SV^IRME
/ETY'YT
;]TVSHYOS[ER] [ 4SPWGI [SPR] SH &4%
/SRMIG ^ TSTEV^SR]QM REHKEVWXOEQM
M ^EWXERE[MERMIQ WMʚ G^] QPIOS HPE REW^IKS
QEPYW^OE NIWX ^E GMITI G^] ^E ^MQRI
/ [[[ OETYGYT TP
/ETY'YT TSQETY'YT TSQS˵I 'M [ Y^]WOERMY SHTS[MIHRMIN
XIQTIVEXYV] [SH] HS QPIOE QSH]JMOS[ERIKS
;PIN SHTS[MIHRMʈ MPS˒ʊ SHWXERIN [SH] M [V^ʈXOY SJJMGI$OETYGYT TP
XEO NEO RE []OVIWMI M ^VSFMSRI
46,*&/&$;," ,04;6-08" 5Ž4)*35 .6$)" /*& 4*"%"
;B H¯SBNJ [B MBTBNJ OB USBTJF ,JFMDF Ŋ ýPEĶ 8BST[BXB Ŋ ,SBL¯X LN PE /JFCB J LN PE
1JFLþB X TBNZN ėSPELV MJėDJBTUFHP MBTLV NJFėDJ TJÕ SPE[JOOB NBOVGBLUVSB 4BNPEPCSP
/BT[ZN DFMFN KFTU UXPS[FOJF S[FD[Z LU¯SF VSVDIBNJBKÁ XZPCSBĶOJÕ /JD OJF QPCVE[B
XZPCSBĶOJ UBL KBL MJUFSBUVSB 1JT[FNZ TXPKF CBKLJ LU¯SF JMVTUSVKF .POJLB 4NZþB [OBOB QPMTLB 8ZHPEOB TVLJFOLB [ NJÕLLJFK CBXFþOZ ;BQJOBOB OB ;BQJOBOF OB OBQLJ OB SBNJFOJV J OB EPMF ,PMFLDKB
BSUZTULB 1PQS[F[ VCSBOJB XF X[PSZ [ CBKFL MVC LSPKF OBXJÁ[VKÁDF EP CBKFL NBMJ J EV[J NPHÁ OBQZ X QBTJF HVNLB ,PMFLDKB ő8 HþÕCJŐ [BJOTQJSPXBOB ő8 HþÕCJŐ [BJOTQJSPXBOB KFTU OBT[Á CBKLÁ P UZN TBNZN
KFTU OBT[Á CBKLÁ P UZN TBNZN UZUVMF /BESVLJ
UZUVMF /BESVLJ [BQSPKFLUPXBOF QS[F[ .POJLÕ
XFKėÃ HþÕCJFK X ėXJBU MJUFSBUVSZ J XZPCSBĶOJ [BQSPKFLUPXBOF QS[F[ .POJLÕ 4NZþÕ NþPEÁ NBMBSLÕ 4NZþÕ NþPEÁ NBMBSLÕ HSBţD[LÕ
5XPS[ZNZ EMB MVE[J LSFBUZXOZDI DJFLBXZDI [ QPD[VDJFN IVNPSV LPDIBKÁDZDI MJUFSBUVSÕ MVC HSBţD[LÕ 6T[ZUF X 1PMTDF
QP QSPTUV EPCSF PQPXJFėDJ 5XPS[ZNZ UFĸ EMB +FEOPSPĸD¯X 4ZSFO -JT¯X J JOOZDI 1PTUBDJ LU¯SF
EPUÁE OJF NPHþZ [OBMFĶÃ EMB TJFCJF PEQPXJFEOJFK HBSEFSPCZ $&/" 1-/ $&/" 1-/
/BT[F VCSBOLB [OBMB[þZ TJÕ N JO X CSZUZKTLJN 7PHVF (MBNPVS D[Z )PVTF PG $PDP
4[ZKFNZ [ NJÕLLJDI XZHPEOZDI E[JBOJO QSPEVLPXBOZDI X 1PMTDF QPTJBEBKÁDZDI DFSUZţLBU
ő5FLTUZMJB (PEOF ;BVGBOJBŐ 0&,0 5&9 4UBOEBSE LU¯SZ QPUXJFSE[B ĸF TÁ XPMOF PE
TVCTUBODKJ T[LPEMJXZDI EMB [ESPXJB D[þPXJFLB X UZN QFTUZDZE¯X DIMPSPGFOPMJ GPSNBMEFIZEV
CBSXOJL¯X BMFSHJ[VKÁDZDI J NFUBMJ DJÕĸLJDI 8TQ¯þQSBDVKFNZ [ MPLBMOZNJ LSBXDPXZNJ
J T[XBMOJBNJ OB VD[DJXZDI XBSVOLBDI
8F XT[ZTULP DP SPCJNZ XLþBEBNZ DBþF TFSDF EPėXJBED[FOJF XJFE[Õ 3PCJNZ UZMLP EPCSF S[FD[Z
#0%: .05:-& $;"1," .05:-&
48&"54)*35 #0346, Ž
#BSE[P DJFQþB CMV[B [ NJÕTJTUFK J HSVCFK
E[JBOJOZ [ U[X NJTJFN QPE TQPEFN
(þPXB CPSTVLB KFTU SÕD[OJF SPCJPOÁ
BQMJLBDKÁ /B SBNJPOBDI TUFSD[Á VT[LB
;BQJOBOF OB OBQLJ OB SBNJFOJV J OB EPMF ,PMFLDKB *EFBMOB OB KFTJFĀ J [JNÕ $[ÕėÃ D[BQLJ QS[ZMFHBKÁDB EP .PEFM NB MBUB J SP[NJBS OB TPCJF
ő8 HþÕCJŐ [BJOTQJSPXBOB KFTU OBT[Á CBKLÁ P UZN TBNZN VT[V KFTU [ QPEX¯KOFHP NBUFSJBþV .PEFM NB ,PMFLDKB ő0 +BOLVŐ OB QPETUBXJF OBT[FK
UZUVMF /BESVLJ [BQSPKFLUPXBOF QS[F[ .POJLÕ NJFTJÕDZ J SP[NJBS OB TPCJF ,PMFLDKB ő8 HþÕCJŐ CBKLJ P UZN TBNZN UZUVMF JOTQJSPXBOB
4NZþÕ NþPEÁ NBMBSLÕ HSBţD[LÕ [BJOTQJSPXBOB KFTU OBT[Á CBKLÁ P UZN TBNZN UZUVMF K
KFTU TþFTU TþPXJBĀTLJNJ CBKLBNJ
$&/" 1-/ $&/" 1-/ $&/" 1-/
.PEMJT[FXJDF VM 1JPUSLPXTLB
,PĀTLJF UFM
XXX TBNPEPCSP DPN QM
NBHEB!TBNPEPCSP DPN QM
46,*&/&$;," ,04;6-08" 5Ž4)*35 .6$)" /*& 4*"%"
;B H¯SBNJ [B MBTBNJ OB USBTJF ,JFMDF Ŋ ýPEĶ 8BST[BXB Ŋ ,SBL¯X LN PE /JFCB J LN PE
1JFLþB X TBNZN ėSPELV MJėDJBTUFHP MBTLV NJFėDJ TJÕ SPE[JOOB NBOVGBLUVSB 4BNPEPCSP
/BT[ZN DFMFN KFTU UXPS[FOJF S[FD[Z LU¯SF VSVDIBNJBKÁ XZPCSBĶOJÕ /JD OJF QPCVE[B
XZPCSBĶOJ UBL KBL MJUFSBUVSB 1JT[FNZ TXPKF CBKLJ LU¯SF JMVTUSVKF .POJLB 4NZþB [OBOB QPMTLB 8ZHPEOB TVLJFOLB [ NJÕLLJFK CBXFþOZ ;BQJOBOB OB ;BQJOBOF OB OBQLJ OB SBNJFOJV J OB EPMF ,PMFLDKB
BSUZTULB 1PQS[F[ VCSBOJB XF X[PSZ [ CBKFL MVC LSPKF OBXJÁ[VKÁDF EP CBKFL NBMJ J EV[J NPHÁ OBQZ X QBTJF HVNLB ,PMFLDKB ő8 HþÕCJŐ [BJOTQJSPXBOB ő8 HþÕCJŐ [BJOTQJSPXBOB KFTU OBT[Á CBKLÁ P UZN TBNZN
KFTU OBT[Á CBKLÁ P UZN TBNZN UZUVMF /BESVLJ
UZUVMF /BESVLJ [BQSPKFLUPXBOF QS[F[ .POJLÕ
XFKėÃ HþÕCJFK X ėXJBU MJUFSBUVSZ J XZPCSBĶOJ [BQSPKFLUPXBOF QS[F[ .POJLÕ 4NZþÕ NþPEÁ NBMBSLÕ 4NZþÕ NþPEÁ NBMBSLÕ HSBţD[LÕ
5XPS[ZNZ EMB MVE[J LSFBUZXOZDI DJFLBXZDI [ QPD[VDJFN IVNPSV LPDIBKÁDZDI MJUFSBUVSÕ MVC HSBţD[LÕ 6T[ZUF X 1PMTDF
QP QSPTUV EPCSF PQPXJFėDJ 5XPS[ZNZ UFĸ EMB +FEOPSPĸD¯X 4ZSFO -JT¯X J JOOZDI 1PTUBDJ LU¯SF
EPUÁE OJF NPHþZ [OBMFĶÃ EMB TJFCJF PEQPXJFEOJFK HBSEFSPCZ $&/" 1-/ $&/" 1-/
/BT[F VCSBOLB [OBMB[þZ TJÕ N JO X CSZUZKTLJN 7PHVF (MBNPVS D[Z )PVTF PG $PDP
4[ZKFNZ [ NJÕLLJDI XZHPEOZDI E[JBOJO QSPEVLPXBOZDI X 1PMTDF QPTJBEBKÁDZDI DFSUZţLBU
ő5FLTUZMJB (PEOF ;BVGBOJBŐ 0&,0 5&9 4UBOEBSE LU¯SZ QPUXJFSE[B ĸF TÁ XPMOF PE
TVCTUBODKJ T[LPEMJXZDI EMB [ESPXJB D[þPXJFLB X UZN QFTUZDZE¯X DIMPSPGFOPMJ GPSNBMEFIZEV
CBSXOJL¯X BMFSHJ[VKÁDZDI J NFUBMJ DJÕĸLJDI 8TQ¯þQSBDVKFNZ [ MPLBMOZNJ LSBXDPXZNJ
J T[XBMOJBNJ OB VD[DJXZDI XBSVOLBDI
8F XT[ZTULP DP SPCJNZ XLþBEBNZ DBþF TFSDF EPėXJBED[FOJF XJFE[Õ 3PCJNZ UZMLP EPCSF S[FD[Z
#0%: .05:-& $;"1," .05:-&
48&"54)*35 #0346, Ž
#BSE[P DJFQþB CMV[B [ NJÕTJTUFK J HSVCFK
E[JBOJOZ [ U[X NJTJFN QPE TQPEFN
(þPXB CPSTVLB KFTU SÕD[OJF SPCJPOÁ
BQMJLBDKÁ /B SBNJPOBDI TUFSD[Á VT[LB
;BQJOBOF OB OBQLJ OB SBNJFOJV J OB EPMF ,PMFLDKB *EFBMOB OB KFTJFĀ J [JNÕ $[ÕėÃ D[BQLJ QS[ZMFHBKÁDB EP .PEFM NB MBUB J SP[NJBS OB TPCJF
ő8 HþÕCJŐ [BJOTQJSPXBOB KFTU OBT[Á CBKLÁ P UZN TBNZN VT[V KFTU [ QPEX¯KOFHP NBUFSJBþV .PEFM NB ,PMFLDKB ő0 +BOLVŐ OB QPETUBXJF OBT[FK
UZUVMF /BESVLJ [BQSPKFLUPXBOF QS[F[ .POJLÕ NJFTJÕDZ J SP[NJBS OB TPCJF ,PMFLDKB ő8 HþÕCJŐ CBKLJ P UZN TBNZN UZUVMF JOTQJSPXBOB
4NZþÕ NþPEÁ NBMBSLÕ HSBţD[LÕ [BJOTQJSPXBOB KFTU OBT[Á CBKLÁ P UZN TBNZN UZUVMF K
KFTU TþFTU TþPXJBĀTLJNJ CBKLBNJ
$&/" 1-/ $&/" 1-/ $&/" 1-/
.PEMJT[FXJDF VM 1JPUSLPXTLB
,PĀTLJF UFM
XXX TBNPEPCSP DPN QM
NBHEB!TBNPEPCSP DPN QM
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