JD Y J
VBycy cJDJs D ^ . D$ . = s 9$
9ºË Þ×ÚöāËÄü ¬ ö¬Úü¤ËÄü ×ÚËêÄæ ËÞæöɇ ÚËāö¬āÅ ā æËÄê Ú©¬æºæËĬāĤËɇ ½
×ÚÞæ¬ĄËöü© Ú½¬ā·¬ Ä æÚĬ V˽޺¬ ¬ g ɇ Ë£Úê·Ãü VÅÞæöê āĺËÃ¬æ· ·ºË߬ ×Âüæü
æËÄËö Ä ß¬Ä¢ ¬ ½ö·¢Ɍ sÞāüÞ溬 ÄÞā ×Âüæü ÷ ÄæêÚ½Ä ÞæÚêºæêÚ¢ɇ ºË½ËÚüÞæüº¢ɇ
öüÚā¬ÞæËß ¬ Ĭ×ËöæÚā½ÄËß æ½êɌ æËÄ Ú©¬æºæËĬāÄü êĄüæü Ë ×ÚË꺷¬ ×Âüæ ËÚā
×ÌÂ×ÚËêºæü Þ ÞæÚÄĬ öüÞ½º·ËÄËöÄ ¬ Þ Ä·öüĄÞā· ·ºË߬Ɍ cöËÚāËÄ Þ ā ā©ËöĬÃ
öüÞ˺¬© ÞæÄÚÌö ×ÚË꺷¬Ɍ
CJ YDJ
VY~ Cy]BJs . ;JY y9D VJ] ~;. ys. ~D
öööɌËÄÚËɌ×½ öööɌÃËÚÄËɌËÃɌ×½
×ËāæʱËÄÚËɌ×½ ×ËāæʱÃËÚÄËɌËÃɌ×½
CJ JD Vc
VJ BJ&. cJDJs ;JY y9D
süºËÄê·Ãü ×ÚË£Þ·ËĽĬ ÞüÞæÃËö ×ËÂˤ¬ æËÄËö ºËÚü·Ä õÄê×ÚËɇ Þ¬ÚÚ×ÚËɇ
Äõ×ÚË ×ËÂˤ¬ɇ Äõ×ÚË ß¬Äüɇ Äõ×ÚË Þ©ËüɌ DÞā ×ÚËêºæü êÞÂ꤬ɇ ÷
öÞā©ÞæÚËÄÄ āÞæËÞËöĬ ·ºË ºËÚü·Ä ¬ ×ÚāÃüÞÂËö ÚËāö¬āĬɌ
J=JYy cJD
;J=JYy~ 9 ɇ J +YJD cJDg
öööɌ˽ËÚüæËÄɌ×½
˺ʱ˽ËÚüæËÄɌ×½
] Ys.]; C. D.
Y DJs 9 ɇ J +YJD ɇ V. =$&D 9 ; C. D. D cgY =D &J
DËöËāÞÄü ×Úº ÃÞāüÄËöüɇ Ëßö¬āĬɇ üº½¬āÄ ÞāºË½Ä¬ ×Ëāö½· ÄÃ Ä Þ×ÚËÞæĬê
ºĄ¤Ë āĬɇ æº ü ö ×ÂĬ āā׬āü ºÃ¬Å ÄæêÚ½Äü ×Ë×Úāā Þ×·½¬ÞæüāÄ
ÚÄËö·¢ ×ÚāüöÚ̬ ׬ÚöËæÄ öÂ߬öË߬ ×Ëö¬Úā©Ä¬Ëà ºÃ¬ÄÄüÃɌ ]ā½¬£ËöĬ
ÃÚÃêÚêɇ ×˽ÚËöĬ ÃÚÃêÚê ×Ëö¬Úā©Ä¬ ā ºÃ¬Ä¬ ÄæêÚ½Ä¤Ë æË Ã©Ä¬āÄ ×ÂÄ
ÚÄËö·Ɍ
öööɌÃËËÄ×æɌ×½ öööɌÞÚö¬ÞºÃ¬Ä¬Ɍ×½
˺ʱÃËËÄ×æɌ×½ ×ËāæʱÞÚö¬ÞºÃ¬Ä¬Ɍ×½
3R]ZyO QDP OHSLHM SR]QDü 7ZRMH SRWU]HE\ G]LĊNL F]HPX EĊG]LHP\ PRJOL
ZVSyOQLH VWZRU]\ü +DUPRQ\ NWyUD ]DGED R &LHELH L 7ZRMą URG]LQĊ
WHO ZZZ KDUPRQ\SODWIRUP SO
3R]ZyO QDP OHSLHM SR]QDü 7ZRMH SRWU]HE\ G]LĊNL F]HPX EĊG]LHP\ PRJOL
ZVSyOQLH VWZRU]\ü +DUPRQ\ NWyUD ]DGED R &LHELH L 7ZRMą URG]LQĊ
WHO ZZZ KDUPRQ\SODWIRUP SO
'RĄÇF] GR LQYL3D\ L UR]ZLMDM
VZµM EL]QHV V]\EFLHM
3Ą\QQRĝÉ ILQDQVRZD WR ZLÛFHM QLľ W\ONR UHJXORZDQLH
]RERZLÇ]DĆ QD F]DV 3Ą\QQRĝÉ MHVW ZDľQLHMV]D RG ]\VNX ̰
WR JĄµZQD LGHD NWµUD SU]\ĝZLHFDĄD QDP SU]\ WZRU]HQLX
QDV]HM )LUP\
3Ą\QQRĝÉĄ\QQRĝÉ ILQDQVRZD XPRľOLZLD UR]ZµM 7ZRMHM ILUPLH
3
8WU]\P\ZDQLH MHM QD RGSRZLHGQLP SR]LRPLH SR]ZDOD QD
V]\EV]\ UR]ZµM 1DV]Ç PLVMÇ MHVW GEDQLH R UR]ZµM QDV]\FK
.OLHQWµZ QD QDV]HM SODWIRUPLH ]DUHMHVWURZDĄR VLÛ MXľ 6SHFMDOQLH GOD 7ZRMHM ILUP\
W\VLÇFH ILUP NWµU\P SRPRJOLĝP\ VILQDQVRZDÉ SUDZLH W\V
IDNWXU QD ZDUWRĝÉ SU]HNUDF]DMÇFD SRQDG POQ 3/1 3RSUDZLDP\ SĄ\QQRĝÉ SU]HGVLÛELRUVWZ 6WZRU]\OLĝP\
LQYL3D\ FRP ̰ ]HUR RERZLÇ]NµZ VDPH PRľOLZRĝFL 7\ SODWIRUPÛ G]LÛNL NWµUHM ]ZLÛNV]\V] ]GROQRĝÉ WHUPLQRZHJR
GHFHF\GXMHV] NLHG\ Z\SĄDFDV] IDNWXU\ L LOH ]DSĄDFLV] ]D QLH
G UHDOL]RZDQLD ]RERZLD]DQ VZRMHM ILUP\ L SRSUDZLV] ]Z\F]DMH
SURZL]ML SĄDWQLF]H 7ZRLFK NRQWUDKHQWµZ ăDWZLHM ]DSODQXMHV]
Z\GDWNL VZRMHM ILUP\ =86 9$7 SRGDWNL
6SHFMDOQLH GOD &LHELH SU]\JRWRZDOLĝP\
2JUDQLF]DV] JUDQLF]DV] U\]\NR QLHZ\SĄDFDOQRĝFL NRQWUDKHQWµZ
GDUPRZ\ SU]HZRGQLN SR PLNURIDNWRULQJX 2
6=<%.$ =$0,$1$
)$.785< 1$ 3,(1,Æ'=(
̽ GRGDMHV] IDNWXUÛ GR V\VWHPX LQYL3D\
̽ ]OHFDV] MÇ GR Z\SĄDW\
̽ LQYL3D\ ZHU\ILNXMH ZLDU\JRGQRĝÉ NRQWUDKHQWD
Z SRQDG ļUµGĄDFK JRVSRGDUF]\FK Z VHNXQG
̽ LQYL LQYL3D\ SRWZLHUG]D IDNWXUÛ X NRQWUDKHQWD
̽
̽ LQYL3D\ Z\SĄDFD ĝURGNL
']LÛNL WHPX PRľHV] PLHÉ SLHQLÇG]H MXľ QDVWÛSQHJR GQLD
=DG]ZRĆ _ 1DSLV] ELXUR#LQYLSD\ FRP KPXKRC[ EQO
'RĄÇF] GR LQYL3D\ L UR]ZLMDM
VZµM EL]QHV V]\EFLHM
3Ą\QQRĝÉ ILQDQVRZD WR ZLÛFHM QLľ W\ONR UHJXORZDQLH
]RERZLÇ]DĆ QD F]DV 3Ą\QQRĝÉ MHVW ZDľQLHMV]D RG ]\VNX ̰
WR JĄµZQD LGHD NWµUD SU]\ĝZLHFDĄD QDP SU]\ WZRU]HQLX
QDV]HM )LUP\
3Ą\QQRĝÉĄ\QQRĝÉ ILQDQVRZD XPRľOLZLD UR]ZµM 7ZRMHM ILUPLH
3
8WU]\P\ZDQLH MHM QD RGSRZLHGQLP SR]LRPLH SR]ZDOD QD
V]\EV]\ UR]ZµM 1DV]Ç PLVMÇ MHVW GEDQLH R UR]ZµM QDV]\FK
.OLHQWµZ QD QDV]HM SODWIRUPLH ]DUHMHVWURZDĄR VLÛ MXľ 6SHFMDOQLH GOD 7ZRMHM ILUP\
W\VLÇFH ILUP NWµU\P SRPRJOLĝP\ VILQDQVRZDÉ SUDZLH W\V
IDNWXU QD ZDUWRĝÉ SU]HNUDF]DMÇFD SRQDG POQ 3/1 3RSUDZLDP\ SĄ\QQRĝÉ SU]HGVLÛELRUVWZ 6WZRU]\OLĝP\
LQYL3D\ FRP ̰ ]HUR RERZLÇ]NµZ VDPH PRľOLZRĝFL 7\ SODWIRUPÛ G]LÛNL NWµUHM ]ZLÛNV]\V] ]GROQRĝÉ WHUPLQRZHJR
GHFHF\GXMHV] NLHG\ Z\SĄDFDV] IDNWXU\ L LOH ]DSĄDFLV] ]D QLH
G UHDOL]RZDQLD ]RERZLD]DQ VZRMHM ILUP\ L SRSUDZLV] ]Z\F]DMH
SURZL]ML SĄDWQLF]H 7ZRLFK NRQWUDKHQWµZ ăDWZLHM ]DSODQXMHV]
Z\GDWNL VZRMHM ILUP\ =86 9$7 SRGDWNL
6SHFMDOQLH GOD &LHELH SU]\JRWRZDOLĝP\
2JUDQLF]DV] JUDQLF]DV] U\]\NR QLHZ\SĄDFDOQRĝFL NRQWUDKHQWµZ
GDUPRZ\ SU]HZRGQLN SR PLNURIDNWRULQJX 2
6=<%.$ =$0,$1$
)$.785< 1$ 3,(1,Æ'=(
̽ GRGDMHV] IDNWXUÛ GR V\VWHPX LQYL3D\
̽ ]OHFDV] MÇ GR Z\SĄDW\
̽ LQYL3D\ ZHU\ILNXMH ZLDU\JRGQRĝÉ NRQWUDKHQWD
Z SRQDG ļUµGĄDFK JRVSRGDUF]\FK Z VHNXQG
̽ LQYL LQYL3D\ SRWZLHUG]D IDNWXUÛ X NRQWUDKHQWD
̽
̽ LQYL3D\ Z\SĄDFD ĝURGNL
']LÛNL WHPX PRľHV] PLHÉ SLHQLÇG]H MXľ QDVWÛSQHJR GQLD
=DG]ZRĆ _ 1DSLV] ELXUR#LQYLSD\ FRP KPXKRC[ EQO
63/,7 3$<0(17
̽ GRGDMHV] IDNWXUÛ GR V\VWHPX LQYL3D\
̽ ]OHFDV] VSOLW SD\PHQW
̽ LQYL3D\ MHVW JRWRZ\ QD REVĄXJÛ Z V\VWHPLH 6SOLW 3D\PHQW
L PRľH SU]HODÉ ĝURGNµZ SRG]LHORQÇ SĄDWQRĝFLÇ
3URVWR Z\JRGQLH L EH]SLHF]QLH
),1$168-(0< )$.785<
%2 &=$6 72 3,(1,Æ'=
6]\ENR EH]SLHF]QLH L VZRERGQLH W\ONR ] LQYL3D\
'RZLHG] VLÛ MDN PRľHV] SRSUDZLÉ VZRMÇ
SĄ\QQRĝÉ ILQDQVRZÇ
'<1$0,&=1< %2186 'OD QDV]\FK VWDĄ\FK NOLHQWµZ NWµU]\ UR]OLF]\OL Z XVĄXG]H SRGVWDZRZHM
PLQLPXP 3/1 SU]\]QDMHP\ OLPLW 3/1 QD UROLF]DQLH IDNWXU
'OD NOLHQWµZ NWµU]\ SRVLDGDMÇ QDGZ\ľNÛ SĄ\QQRĝFL NRV]WRZ\FK
̽ Z V\VWHPLH LQYL3D\ RSĄDFDV] IDNWXUÛ NRV]WRZÇ SU]HG WHUPLQHP GRGDMHV] IDNWXUÛ GR V\VWHPX LQYL3D\
̽ LQYL3D\ SĄDFL IDNWXUÛ NRV]WRZÇ ]JRGQLH ] MHM WHUPLQHP Z\ELHUDV] XVĄXJÛ Z\GĄXľHQLD
̽ ]D RNUHV Z NWµU\P LQYL3D\ G\VSRQXMH ĝURGNDPL Z\SĄDFD &L WHUPLQ SĄDWQRĝFL IDNWXU\ PRľHV] Z\GĄXľ\É QDZHW GR GQL
ERQXV Z Z\VRNRĝFL EUXWWR IDNWXU\ Z VNDOL URNX
'
'DMHV] VRELH L VZRMHM ILUPLH WDN EDDMHV] VRELH L VZRMHM ILUPLH WDN EDUG]R FHQQ\ F]DV
'
']LÛNL WHPX P]LÛNL WHPX PRľHV] RV]F]ÛG]LÉ QD NRV]WDFK
L SRGQLHĝÉ MDNRĝÉ VZRMHJR SURGXNWX
=DG]ZRĆ _ 1DSLV] ELXUR#LQYLSD\ FRP KPXKRC[ EQO
63/,7 3$<0(17
̽ GRGDMHV] IDNWXUÛ GR V\VWHPX LQYL3D\
̽ ]OHFDV] VSOLW SD\PHQW
̽ LQYL3D\ MHVW JRWRZ\ QD REVĄXJÛ Z V\VWHPLH 6SOLW 3D\PHQW
L PRľH SU]HODÉ ĝURGNµZ SRG]LHORQÇ SĄDWQRĝFLÇ
3URVWR Z\JRGQLH L EH]SLHF]QLH
),1$168-(0< )$.785<
%2 &=$6 72 3,(1,Æ'=
6]\ENR EH]SLHF]QLH L VZRERGQLH W\ONR ] LQYL3D\
'RZLHG] VLÛ MDN PRľHV] SRSUDZLÉ VZRMÇ
SĄ\QQRĝÉ ILQDQVRZÇ
'<1$0,&=1< %2186 'OD QDV]\FK VWDĄ\FK NOLHQWµZ NWµU]\ UR]OLF]\OL Z XVĄXG]H SRGVWDZRZHM
PLQLPXP 3/1 SU]\]QDMHP\ OLPLW 3/1 QD UROLF]DQLH IDNWXU
'OD NOLHQWµZ NWµU]\ SRVLDGDMÇ QDGZ\ľNÛ SĄ\QQRĝFL NRV]WRZ\FK
̽ Z V\VWHPLH LQYL3D\ RSĄDFDV] IDNWXUÛ NRV]WRZÇ SU]HG WHUPLQHP GRGDMHV] IDNWXUÛ GR V\VWHPX LQYL3D\
̽ LQYL3D\ SĄDFL IDNWXUÛ NRV]WRZÇ ]JRGQLH ] MHM WHUPLQHP Z\ELHUDV] XVĄXJÛ Z\GĄXľHQLD
̽ ]D RNUHV Z NWµU\P LQYL3D\ G\VSRQXMH ĝURGNDPL Z\SĄDFD &L WHUPLQ SĄDWQRĝFL IDNWXU\ PRľHV] Z\GĄXľ\É QDZHW GR GQL
ERQXV Z Z\VRNRĝFL EUXWWR IDNWXU\ Z VNDOL URNX
'
'DMHV] VRELH L VZRMHM ILUPLH WDN EDDMHV] VRELH L VZRMHM ILUPLH WDN EDUG]R FHQQ\ F]DV
'
']LÛNL WHPX P]LÛNL WHPX PRľHV] RV]F]ÛG]LÉ QD NRV]WDFK
L SRGQLHĝÉ MDNRĝÉ VZRMHJR SURGXNWX
=DG]ZRĆ _ 1DSLV] ELXUR#LQYLSD\ FRP KPXKRC[ EQO