Download as pdf or txt
Download as pdf or txt
You are on page 1of 52

6SLV

WUHijFL
 :67ö3 

 '20,-(*2272&=(1,( 

 &232:,1,(1=$:,(5$ä'2%5<352-(.7 

 IJ&,$1<:,(/2:$567:2:( 

 0$7(5,$Ğ<,7(&+12/2*,( 

 (7$3<:=126=(1,$IJ&,$1 

 '</$7$&-( 

 1$'352Ő$,:,(Ġ&( 

 67523<,'$&+< 

 %$/.21< 

 672/$5.$ 

 32'6802:$1,( 

 *'=,(6=8.$ä5$'<,3202&< 
:67ö3
¡
3ODQXMãF EXGRZ÷ GRPX V]XNDP\ ZLå PRőOLZRijFL SRV]F]HJÐOQ\FK UR]ZLã
UR]ZLã]DġQDMOHSV]\FK]HZ]JO÷GÐZHNR ]Dġ Z\MDijQLå LFK e]D L SU]HFLZr 3RPRőH
QRPLF]Q\FK]GURZRWQ\FKHNRORJLF]Q\FK Z W\PWDNőHQDV]DEURV]XUDNWÐUHMFHOHP
DWDNőH HVWHW\F]Q\FK MHVWXğDWZLHQLHZ\ERUXSRGDQLHNU\WHULÐZ
1DU\QNX]QDMGXMHP\ZLHOHPDWHULDğÐZ L ]DSUH]HQWRZDQLH ZDőQ\FK DVSHNWÐZ
LWHFKQRORJLLEXGRZODQ\FK0LPRREILWRijFL SURMHNWRZDQLDijFLDQ]HZQ÷WU]Q\FK
LQIRUPDFMLQDLFKWHPDWGRNRQDQLHZ\ERUX
UR]ZLã]DġNWÐUHE÷GãGODQDVQDMEDUG]LHM
ZğDijFLZH QLH MHVW ZFDOH ğDWZH 7D F]÷ijå 0°:,â&235=(*52'$&+
LQIRUPDFMLWHFKQLF]Q\FKNWÐUDZGHF\GXMã =(:1ö75=1<&+75=(%$
F\VSRVÐESRZLQQDZSğ\QãåQDijZLDGRP\ 32'.5(IJ/,ä6326°%: -$.,
Z\EÐUMHVWZJUXQFLHU]HF]\PDğRGRVW÷S =267$1â21(=$352-(.
QDGODV]HURNLHMU]HV]\RGELRUFÐZ3RUÐZ 72:$1($%<5$&-21$/1,(
QXMãF SRGDZDQH SDUDPHWU\ PDWHULDğÐZ 3(Ğ1,Ğ<6:2-â)81.&-ö$:
EXGRZODQ\FK WU]HED ZLHG]LHå MDN ] QLFK '2'$7.8%<Ğ<'23(Ğ1,(1,(0
VNRU]\VWDå -DN ]DWHP ZijUÐG ZV]\VWNLFK '2%5(-$5&+,7(.785<%8'<1
Z UÐőQ\ VSRVÐE SUH]HQWRZDQ\FK L UHNOD .8(/(:$&-$=(:1ö75=1$
PRZDQ\FK SURSR]\FML RGQDOHŏå VZRMã %8'<1.8= :,=8$/1(*2
Z\EUDQã" 381.78:,'=(1,$67$12:,
: GRNRQDQLX Z\ERUX PRőH SRPÐF %2:,(0e:Ğ$612IJär38%/,&=
GREU\ SURMHNWDQW NWÐU\ SRWUDIL SU]HGVWD 1â: 272&=(1,8

¡
¡ :67ö3

  &272-(67IJ&,$1$   '20=(IJ&,$1$0,


:,(/2:$567:2:$ :,(/2:$567:2:<0,

0ÐZLãF R ijFLDQDFK PXURZDQ\FK 'RP ]H ijFLDQDPL ZLHORZDUVWZRZ\PL


Z GRPX PLHV]NDOQ\P EXGRZDQ\P ePH MHVWGRPHPEXGRZDQ\PZVSRVÐE]ZDQ\
WRGã WUDG\F\MQãr SRG SRM÷FLHP ijFLDQ\ eWUDG\F\MQ\PrLPRőHPLHå]DUÐZQRGDFK
ZLHORZDUVWZRZHM E÷G]LHP\ UR]XPLHOL VWURP\MDNLSğDVNLDUR]ZLã]DQLDNRQVWUXN
SU]HJURG÷ ]HZQ÷WU]Qã ]ğRőRQã ] GZÐFK F\MQH ijFLDQ QLH RJUDQLF]DMã PRőOLZRijFL
OXE WU]HFK ZDUVWZ 6SRijUÐG QLFK FR QDM NV]WDğWRZDQLD IRUP\ DUFKLWHNWRQLF]QHM
PQLHMMHGQDMHVWPXURZDQD]UHJXğ\WDNMDN 1DOHő\ ]ZUÐFLå XZDJ÷ QD PRőOLZRijå
LSR]RVWDğH ZHZQ÷WU]QHijFLDQ\EXG\QNX  QDZLã]DQLD SRSU]H] DUFKLWHNWXU÷ GRPX
: SUDZLGğRZR ]EXGRZDQHM ijFLDQLH GLDORJX ] RWRF]HQLHP : W\FK SU]\SDG
]HZQ÷WU]QHM R IXQNFML NRQVWUXNF\MQR NDFK PRőOLZH MHVW QDGDZDQLH QRZ\FK
RVğRQRZHM  ZDUVWZD RG VWURQ\ ZQ÷WU]D MDNRijFLSRSU]H]DWUDNF\MQHDOHZ\ZDőRQH
]DZLHUD Z VRELH HOHPHQW\ NRQVWUXNFML SRGZ]JOHGHPHVWHW\F]Q\P]DVWRVRZDQLD
QRijQHM PXUQRijQ\HZHQWXDOQLHVğXS\LU\ PDWHULDğÐZ
JOHZLHġFHRUD]QDGSURőD :SU]\SDGNX 'RP ]H ijFLDQDPL ZLHORZDUVWZRZ\PL
ijFLDQ\GZXZDUVWZRZHMZDUVWZDRGVWURQ\ WR NRQFHSFMD SR]ZDODMãFD QD VZRERG÷
]HZQ÷WU]QHM SHğQL URO÷ L]RODFML FLHSOQHM WZÐUF]ã DOH L XPRőOLZLDMãFD RJUDQLF]HQLH
SRNU\WHM FLHQNã Z\SUDZã ]HZQ÷WU]Qã VWUDWFLHSğDD]DWHPHNRQRPLF]QDLUÐZ
: SU]\SDGNX ]Dij ijFLDQ\ WUÐMZDUVWZRZHM QLHő DWUDNF\MQD ]H Z]JO÷GÐZ HNRORJLF]
XPLHV]F]RQD Z ijURGNX NRQVWUXNFML ijFLDQ\ Q\FKL]GURZRWQ\FK
ZDUVWZD L]RODFML FLHSOQHM SU]\NU\WD MHVW
GRGDWNRZã OLFRZã ZDUVWZã PXUX NWÐU\
G]L÷NL HVWHW\F]Q\P ZDUWRijFLRP ]DVWRVR
ZDQHJRPDWHULDğXLGREUHMMDNRijFLZ\NRQD
QLDNRQNXUXMH]WUDG\F\MQ\PW\QNLHP

¢
:67ö3 ¡

  :$572IJ&,(1(5*(7<&=1(   :$572IJ&,


(.2120,&=1( $.867<&=1(
,(.2/2*,&=1(

0ÐZLãFRHNRQRPLF]Q\FKDVSHNWDFK '=,ö.,=$67262:$1,8:,(
Z]QRV]HQLD GRPÐZ P\ijOLP\ ]DWHP
/2:$567:2:(-.216758.
QLH W\ONR R NRV]WDFK Z\EXGRZDQLD NDő
GHJR PHWUD NZDGUDWRZHJR ijFLDQ\ DOH &-,IJ&,$1:1$6=<0'208
L NRV]WDFK SÐŏQLHMV]HJR RJU]HZDQLD 02Ő(%<ä&,&+2
SRZLHU]FKQLXő\WNRZHM IJ&,$1<:,(/2:$567:2:(
']LVLHMV]H WHFKQRORJLH EXGRZODQH
:<7Ğ80,$-â'Ŏ:,ö.,32
SR]ZDODMã QDZHW QD VNRQVWUXRZDQLH WD
NLFK ijFLDQ ]HZQ÷WU]Q\FK G]L÷NL NWÐU\P :,(75=1(=272&=(1,$
QLH W\ONR RV]F]÷G]LP\ HQHUJL÷ DOH WHő '=,(-(6,ö7$.'=,ö.,=(67$
E÷G]LHP\PRJOLSR]\VNDåMã]]HZQãWU] :,(1,8:-('1â35=(*52'ö
QSSRSU]H]]DVWRVRZDQLHL]RODFMLWUDQV
&,öŐ.,&+,/(..,&+:$567:
SDUHQWQHM SR]\VNDQLH HQHUJLL FLHSOQHM
SURPLHQLRZDQLDVğRQHF]QHJR 

£
¡ :67ö3

  :$572IJ&, R MHJR RWRF]HQLX NWÐU\P QDMF]÷ijFLHM MHVW


='52:271( RJUÐG Z NRQWHNijFLH NXOWXURZ\P Z NRQ
WHNijFLH XUEDQLVW\F]Q\P GRP Z PLHijFLH
IJFLDQ\ GRPX VWDQRZLã ZDőQã F]÷ijå QD SU]HGPLHijFLX F]\ QD ZVL  P\ijOLP\
eREXGRZ\r ZQ÷WU] Z NWÐU\FK VS÷G]D R VSRVREDFKNV]WDğWRZDQLDQLHW\ONREU\ğ\
P\]QDF]ãFãF]÷ijåQDV]HJRő\FLD DOHLHOHZDFML1LHPXVLP\VL÷WXNRQLHF]QLH
%DUG]R LVWRWQH ]QDF]HQLH GOD WZR Z\UÐőQLDå  Z\VWDUF]\ őH Z Z\ZDőRQ\
U]HQLDGREUHJRPLNURNOLPDWXPDZ\EÐU VSRVÐE ]DVWRVXMHP\ ZğDijFLZRijFL MDNLH
PDWHULDğÐZ EXGRZODQ\FK ZğDijFLZ\FK QDPGDMãPDWHULDğ\
SRG Z]JO÷GHP KLJLHQLF]Q\P 7R MHGQDN 0ÐZLãFRGRPX]HijFLDQDPLZDUVWZR
QLHZ\VWDUF]\ Z\PL E÷G]LHP\ P\ijOHå MDN Z VSRVÐE
%DUG]R ZDőQ\ MHVW ERZLHP VSRVÐE QDMOHSV]\ Z\NRU]\VWDå ZğDijFLZRijFL PDWH
]DVWRVRZDQLD Z\EUDQ\FK PDWHULDğÐZ ULDğÐZ LFK IDNWXU\ L NRORU\ RUD] Z\PLDU\
t WDNLH VNRQVWUXRZDQLH SU]HJUÐG E\ LNV]WDğWHOHPHQWÐZ]NWÐU\FK]EXGXMHP\
]DFKRG]ãFHZQLFK]MDZLVNDIL]\F]QHQLH ijFLDQ\
VWDQRZLğ\ SUREOHPX D UDF]HM SRPDJDğ\ = HOHZDFMDPL GRPX SRZLQQ\ E\å
Z NV]WDğWRZDQLX ZğDijFLZHJR PLNURNOL ]KDUPRQL]RZDQH LQQH HOHPHQW\ EXG\Q
PDWXGRPX NX L RWRF]HQLD t FRNRğ\ J]\PV\ WDUDV\
ijFLDQ\ RJQLRZH W]Z PDğD DUFKLWHNWXUD
QDZLHU]FKQLHRJURG]HQLH
:35=<3$'.8:Ğ$IJ&,:,( 'R ZQ÷WU]D UÐZQLHő PRőHP\ ZSUR
6.2167582:$1(-IJ&,$1<1,( ZDG]LåPDWHULDğ\]DVWRVRZDQHQD]HZQãWU]
%ö'=,(0<0,(/,'2&=<1,( QDHOHZDFML'REU\PPLHMVFHP]DVWRVR
1,$=0267.$0,&,(3/1<0, ZDQLD PDWHULDğÐZ OLFRZ\FK QLHW\QNRZD
25$==$:,/*2&(1,(0, -(*2 Q\FK  PRJã E\å VWUHI\ SU]HMijFLRZH WDNLH
.216(.:(1&-$0, MDN SU]HGVLRQNL NRU\WDU]H F]\ KROH 'R
UR]ZLã]Dġ PDWHULDğRZ\FK HOHZDFML QDZLã
]\ZDå PRőQD WDNőH SURMHNWXMãF NRPLQHN
L ijFLDQ\ NRPLQRZH REUDPLHQLD RWZRUÐZ
  :$572IJ&, GU]ZL RWZDUå Z ijFLDQDFK RNLHQ  HOH
(67(7<&=1( PHQW\ ZQ÷WU]D NXFKQL NODWNL VFKRGRZHM
F]\SRPLHV]F]HġSRPRFQLF]\FK
0ÐZLãF R GRPX MHGQRURG]LQQ\P 3R]ZÐOP\ SURMHNWRZDå QDV] GRP
P\ijOLP\ WHő R MHJR RWRF]HQLX ] NWÐU\P Z VSRVÐE ijZLDGRP\ ZH ZVSÐğSUDF\
GRP MHVW QLHUR]ğãF]QLH ]ZLã]DQ\ 0ÐZLãF ] GREU\PDUFKLWHNWHPDUFKLWHNWHPZQ÷WU]
R GRPX SRZLQQLijP\ P\ijOHå UÐZQLHő LDUFKLWHNWHPNUDMREUD]X

¤
'20,-(*2272&=(1,(
¢
&]\ 7ZÐM GRP E÷G]LH F]\Pij ZL÷FHM QDMOHSLHM]RNLHQNXFKQL6WDUDMVL÷XQLNDå
QLő XPLHV]F]RQ\P QD G]LDğFH ]Z\Nğ\P V]F]HOQ\FKRJURG]HġSRVDGŏő\ZRSğRW
eIXQNFMRQDOQ\Pr PLHV]NDQLHP" =DOHő\ 1D JUDQLF\ G]LDğHN NRU]\VWQH PRőH
WR RG 7ZRLFK RF]HNLZDġ SRWU]HE L PD E\å ğãF]HQLH JDUDő\ LQQ\FK EXG\QNÐZ
U]Hġ7UXGQRPDU]\åRGRPXQLHP\ijOãF JRVSRGDUF]\FK OXE PLHMVF JURPDG]HQLD
R RJURG]LH1DZHWQDPDğHMG]LDğFHPRő RGSDGÐZ VWDğ\FK MHijOL SR]ZDODMã QD WR
QD Z VSRVÐE LQWHUHVXMãF\ SRğãF]\å GRP PLHMVFRZ\ SODQ ]DJRVSRGDURZDQLD SU]H
L RJUÐGZSURZDG]LåIUDJPHQWGRPXGR VWU]HQQHJRLXVWDOHQLDPL÷G]\VãVLDGDPL
RJURGXLIUDJPHQWRJURGXGRGRPX6WUHID
SRğãF]HQLDGRPX]RJURGHPMHVWZDőQ\P   :,(/.2IJä'208
PLHMVFHPZSURMHNFLH
2G VNDOL 7ZRMHJR GRPX ]DOHő\
  7:2-$'=,$Ğ.$-(67 Z ZLHONLHM PLHU]H KDUPRQLD ]DEXGRZ\
&=öIJ&,âIJ52'2:,6.$ Z REU÷ELH RVLHGOD F]\ Z]GğXő XOLF\ 0DğH
1$785$/1(*2 PRőHE\åSL÷NQH

,GHDOQ\P UR]ZLã]DQLHP MHVW ğãF]HQLH


VWUHI ]LHORQ\FK NLONX G]LDğHN Z MHGQã HNR
ORJLF]Qã FDğRijå :DőQH MHVW ]DFKRZDQLH
ELRORJLF]QHM UÐőQRURGQRijFL QD V]F]÷ijFLH
PRGQH Vã RJURG\ QDWXUDOQH JG]LH QLH
PXVL GRPLQRZDå VWU]\őRQ\ WUDZQLN
2JUÐG PRőH &L ]DSURMHNWRZDå DUFKLWHNW
NUDMREUD]X  LP SU÷G]HM ]DF]QLHFLH SUDF÷
QDGSURMHNWHPW\POHSLHM

  6â6,('=7:2

=DSURMHNWXM GRP Z VSRVÐE ő\F]


OLZ\ GOD VãVLDGÐZ  GR QLFK E÷G]LHV]
VL÷ XijPLHFKDå L PÐZLå LP ']LHġ GREU\
 RE\ QLH ] SU]\PXVX 'RP MHVW 7ZÐM
DOH ZLGRN 7ZRMHJR RJURG]HQLD L 7ZRMHM
HOHZDFML WR GREUR SXEOLF]QH =ZUÐå
XZDJ÷QD PRőOLZRijå NRQWDNWX] VãVLDGD
PL L ZLGRF]QRijå VWUHI ZMD]GX L ZHMijFLD

¥
¢ '20,-(*2272&=(1,(

3ODQXMãFOLF].DőG\PHWU 8U]ãG]HQLD ]ZLã]DQH ] LQIUDVWUXNWXUã


NZDGUDWRZ\LPHWUV]HijFLHQQ\ WHFKQLF]Qã SU]\ğãF]DVWXGQLDHZHQWXDOQLH
WRQLHW\ONRSLHQLãG]HZ\GDQHQD V]DPER OXE SU]\GRPRZD RF]\V]F]DOQLD
EXGRZ÷DOHWHőQDSÐŏQLHMV]H ijFLHNÐZ PLHMVFH JURPDG]HQLD RGSDGÐZ
XWU]\PDQLH7ZRMHJRGRPX VWDğ\FK ]QDMGãVL÷ZSURMHNFLH]DJRVSRGD
URZDQLDG]LDğNLVWDQRZLãF\PF]÷ijå7ZRMH
2GQLVNLFKNRV]WÐZXWU]\PDQLD]DOHő\ JRSURMHNWXEXGRZODQHJR
WHőPRőOLZRijåVSğDW\NUHG\WXQDEXGRZ÷
  86<782:$1,('208
  32:,(5=&+1,$=$%8'2:<
=ZUÐåXZDJ÷QDVWURQ\ijZLDWDPRő
%LRUãF SRG XZDJ÷ ]DZDUW\ Z GHF\ OLZRijå NRU]\VWDQLD ]H ijZLDWğD G]LHQQHJR
]ML R Z\SLVLH ] SODQX PLHMVFRZHJR OXE L HQHUJLL VğRQHF]QHM 2VğRġ VL÷ RG ZLDWUX
ZDUXQNDFK ]DEXGRZ\ SURFHQWRZ\ OLPLW  QDMOHSLHM JUXSã ]ZDUWHM ]LHOHQL -HijOL G\V
SRZLHU]FKQL]DEXGRZ\LSRZLHU]FKQLXWZDU SRQXMHV] ZL÷NV]ã G]LDğNã QLH PXVLV] VWD
G]RQHMZ VWRVXQNXGRWHUHQXSR]RVWDZLR ZLDåGRPXQDMHMijURGNX.XFKQLDQLHPXVL
QHJRQDWXU]H ]LHOHġZ\VRNDLQLVNDZRGD  E\åRGVWURQ\SÐğQRFQHMRFKURġMHGQDNMHM
]ZUÐåXZDJ÷QDGZLHZDőQHVSUDZ\ ZQ÷WU]HSU]HG]E\WLQWHQV\ZQ\PSURPLH
3R]RVWDZLHQLH PDNV\PDOQHM SR QLRZDQLHPVğRQHF]Q\P
ZLHU]FKQL ]LHORQHM QLH MHVW ELXURNUD
W\F]Q\P RJUDQLF]HQLHP  OHő\ RQR
Z 7ZRLPLQWHUHVLH
3ODQXMãFGRPQDGXőHMG]LDğFHQLH]DNğDGDM
őH SRZLHU]FKQLD ]DEXGRZ\ PXVL GRVL÷
JQãå GR]ZRORQHJR SODQHP PDNVLPXP
1LHVğXV]Q\P MHVW ]DğRőHQLH őH QD GXőHM
G]LDğFHNRQLHF]QLHPXVLVWDQãåGXő\GRP

  =$*2632'$52:$1,(7(5(18

=DSODQXMMDNUR]PLHijFLåSRV]F]HJÐOQH
VWUHI\ ZHMijFLD RJURGX eUHSUH]HQWDF\M
QHJRr VWUHI÷ UHNUHDF\MQã VWUHI÷ G]LNLHM
SU]\URG\ PRőHF]÷ijåG]LDğNLSU]\OHJDMãFD
GRODVX" VWUHI÷JRVSRGDUF]ã*G]LHELHJDå
LPLHV]NDåPD7ZÐMSLHV"

¦
'20,-(*2272&=(1,( ¢

'20:3/$1,( 32'3,:1,&=21<&=<1,("
,:35=(.52-8

)81.&-('208 3LZQLFD SRGZ\őV]D ]QDF]QLH NRV]W\


EXGRZ\ ]ZğDV]F]D JG\ GXő\P NRV]WHP
3ODQXMãF SRVWDZ QD UÐZQL ZDUWRijå ZDOF]\P\ ] QLHVSU]\MDMãF\PL ZDUXQNDPL
HVWHW\F]QãLXő\WNRZã=DFKRZDMWHőUÐZ JHRWHFKQLF]Q\PL  ] Z\VRNLP SR]LRPHP
QRZDJ÷ SRPL÷G]\ ZDORUDPL UHSUH]HQWD ZRG\JUXQWRZHM
F\MQ\PL D SUDNW\F]Q\PL 0RőH GR IXQNFML
PLHV]NDOQ\FKGRGDV]PLHMVFHSUDF\Z GR
PX &]\ 7ZÐM GRP E÷G]LH UR]ZRMRZ\ .2081,.$&-$:(:1ö75=1$
L ZLHORSRNROHQLRZ\  ]PLHijFL PLHV]NDQLH
GODG]LDGNÐZLG]LHFND]HVZRMãWZRU]ãFã
VL÷URG]LQã" 7\SRZ\P UR]ZLã]DQLHP SU]HVWU]HQL
ZHZQ÷WU]QHM MHVW GRVW÷S GR SRV]F]HJÐO
'2035=<-$=1< Q\FK SRPLHV]F]Hġ SU]H] KRO F]\ NRU\WD
'/$1,(3(Ğ12635$:1<&+ U]HPRőQDMHGQDNUR]ZDő\å]DVWRVRZDQLH
ZL÷NV]HM RWZDUWHM SU]HVWU]HQL ZVSÐOQHM
=DGEDM R WR E\ 7ZÐM GRP E\ğ Z\ ] NWÐUHMGRSLHURZFKRG]LP\GRSRPLHV]
JRGQ\ GOD ZV]\VWNLFK SU]\VWRVRZDQ\ GR F]HġSU\ZDWQ\FK
]PLHQLDMãF\FK VL÷ SRWU]HE PLHV]NDġFÐZ
UÐZQLHőW\FKNWÐU]\PDMãSUREOHP\] SR
UXV]DQLHPVL÷ '2027:$57<
'2035=(675211<
3$57(52:<
&=<3,ö752:<"
'RPMHVWQLHW\ONRGODQDVDOHLGODJR
1LHPDWXMHGQHJRLGHDOQHJRUR]ZLã ijFL1DZHWZPDğ\PGRPXPRőHP\X]\
]DQLD RG ZğDVQ\FK SRWU]HE PRőOLZRijFL VNDåZUDőHQLHRWZDUWRijFLSRSU]H]XQLNDQLH
L Z\PDJDġ RWRF]HQLD ]DOHő\ WR F]\ GRP QLHNWÐU\FKSU]HJUÐGF]\GU]ZLRWZLHUDQLH
ZV]\VWNLH VZRMH IXQNFMH ]DZLHUDå PD SHUVSHNW\Z SRZLã]DQLH ZQ÷WU]D ] RWR
Z SDUWHU]H F]\ WHő PD E\å SL÷WURZ\ F]HQLHP 0RőQD WHő WZRU]\å SU]HVWU]Hġ
'RPSL÷WURZ\R]QDF]DRGG]LHOHQLHVFKR R Z\VRNRijFL ZL÷NV]HM QLő W\SRZD Z\VR
GDPL GZÐFK VWUHI  ZVSÐOQHM QD SDUWHU]H NRijåNRQG\JQDFML PLQLPDOQDZ\VRNRijåGOD
L SU\ZDWQHMQDSL÷WU]H SRPLHV]F]HġPLHV]NDOQ\FKWRP 

§
¢ '20,-(*2272&=(1,(

=$$5$1Ő8-:1ö75=$  'R UR]ZLã]DQLD WDN ZDőQ\FK PLHMVF


MDNNXFKQLDVDQLWDULDW\VDORQ]NRPLQNLHP
F]\ VFKRG\ ZDUWR ]DSURVLå DUFKLWHNWD
=DQLP ] DUFKLWHNWHP ]DDNFHSWXMHFLH ZQ÷WU]
FDğ\SODQGRPXSRXVWDZLDMQDU]XWDFKPH 3URIHVMRQDOLVWD ]H ]P\VğHP DUW\VW\F]
EOHLLQQHVSU]÷W\7DNDDUDQőDFMDSRPRőH Q\PPRőHWHőGRUDG]LåMDNLFKXő\åNROR
&L Z\NRU]\VWDå SU]HVWU]Hġ ZH ZğDijFLZ\ UÐZLMDNLH]DVWRVRZDåRijZLHWOHQLH
VSRVÐE

SDUWHU

 SU]HGVLRQHN
 :&
 NXFKQLD
 VDORQMDGDOQLD
 V\SLDOQLDURG]LFÐZ
 JDUGHURED
 ğD]LHQNDURG]LFÐZ
 SRPLHV]F]HQLHWHFKQLF]QH
 SUDOQLD
 ELEOLRWHNDSUDFRZQLD
 ğD]LHQND
 JDUDőOXESRPLHV]F]HQLH
 Xő\WNRZH

SL÷WUR

 NRU\WDU]
 VFKRZHN
 JDUGHURED
 SRNÐM
 SRNÐM
 JDUGHURED
 ğD]LHQND

¨
'20,-(*2272&=(1,( ¢

5$&-21$/12IJä 67</
,1)5$6758.785<
7(&+1,&=1(-
3ODQXMãF GRP PRőQD GRVWRVRZDå
MHJR FKDUDNWHU GR SR]\W\ZQ\FK FHFK
GRVWU]HJDQ\FK Z RWRF]HQLX RUD] FKD
:\VLğHN ZğRőRQ\ Z SURMHNW\ UR]
UDNWHUXURG]LPHMDUFKLWHNWXU\
ZLã]Dġ WHFKQLF]Q\FK  ]DUÐZQR W\FK
: V\WXDFML F]÷VWR VSRW\NDQHJR
EXGRZODQRNRQVWUXNF\MQ\FK MDN L LQVWD
EUDNX KDUPRQLL L ğDGX SU]HVWU]HQQHJR
ODF\MQ\FKSRZLQLHQ]PLHU]DåZVWURQ÷ E÷G]LHV] PLDğ V]F]÷ijFLH JG\ SRZVWDQã
e]UÐZQRZDőRQHJR EXGRZQLFWZDr NWÐ ZRNÐğ GRP\ NWÐUH QLH E÷Gã GRPLQR
UHJR FHFKDPL Vã RV]F]÷GQRijå ]DVREÐZ ZDåQDGGRPDPLVãVLDGÐZL RWDF]DMãFã
QDWXUDOQ\FK L HQHUJLL V]F]HJÐOQLH WHM ]H SU]\URGã
ŏUÐGHğQLHRGQDZLDOQ\FK
,QVWDODFMH VDQLWDUQRJU]HZF]H Z GRPX
MHGQRURG]LQQ\P PRőQD VNXSLå Z MHGQ\P $5&+,7(.785$
F]\ GZÐFK SLRQDFK SU]HZRG\ LQVWDODFML ,(.2/2*,$
WU]HED WHő ]DL]RORZDå 1LHUDFMRQDOQH MHVW
SURMHNWRZDQLH ZL÷NV]HM OLF]E\ SLRQÐZ LQ 3ODQXMãF EXGRZ÷ GRPX P\ijO QLH
VWDODF\MQ\FKF]\PXURZDQLHNLONXSU]HELMDMã W\ONR R RV]F]÷GQRijFL L SR]\VNLZDQLX
F\FKGDFKNRPLQÐZ3ODQXMãF]DVWRVRZDQLH HQHUJLL=ZUÐåXZDJ÷QDVWDUDQQ\GREÐU
GRRJU]HZDQLDSLHFDQDGUHZQReNR]\rOXE SR]RVWDğ\FK PDWHULDğÐZ EXGRZODQ\FK
GRJU]HZDQLD NRPLQNLHP QD SDOLZR VWDğH RSUÐF] W\FK ] NWÐU\FK ]EXGXMHV] ijFLDQ\
QDOHő\ ]ZUÐFLå XZDJ÷ QD LFK SDUDPHWU\ F]\E÷GãSU]\MD]QHGOD7ZRMHJR]GURZLD
FLHSOQHRUD]QDVSUDZ\EH]SLHF]HġVWZD L ijURGRZLVNDQDWXUDOQHJR"
:7ZRLPSURMHNFLHNRPLQPXVLE\å :DőQH MHVW WHő WR MDN Z\NRU]\VWDV]
GRSDVRZDQ\GRXU]ãG]HQLDJU]HZF]HJR FHQQã ZRG÷ SLWQã FR ]URELV] ]H ijFLHND
L NV]WDğWX GDFKX 1DMOHSV]\ MHVW NRPLQ PL D WDNőH LOH Z\SURGXNXMHV] RGSDGÐZ
ZHZQãWU]SU]HVWU]HQLRJU]HZDQHMSR]D L F]\E÷G]LHV]PÐJğQD]ZDåMHijPLHFLD
QLãRFLHSORQ\LMDNQDMEOLőHMNDOHQLF\ PLF]\]DVLOLV]VZÐMRJUÐGNRPSRVWHP

©
¢ '20,-(*2272&=(1,(

(1(5*,$ :2'$

%U\ğD EXG\QNX ]DZLHUDMãFD PLHV]NDO &HQQãZRG÷ZGRPXPRőHV]RV]F]÷


QH SRPLHV]F]HQLD RJU]HZDQH SRZLQQD G]DåXő\ZDMãFSU]HGHZV]\VWNLPZRGRRV]
E\å ]ZDUWD ]H Z]JO÷GX QD Z\PDJDQLD F]÷GQHM DUPDWXU\ L VSU]÷WX JRVSRGDUVWZD
HQHUJRRV]F]÷GQRijFL $PELFMH WZRU]HQLD GRPRZHJR 0RőHV] UR]ZDő\å Z\NRU]\
Z\MãWNRZ\FK UR]ZLã]Dġ SU]HVWU]HQQ\FK VWDQLHRG]\VNDQLHGRFHOÐZJRVSRGDUF]\FK
UHDOL]XMP\ ]DWHP UDF]HM ZH ZQ÷WU]X  RF]\V]F]RQHM Z ILOWU]H URijOLQQ\P ]ELH
:\ELHUDMãFG]LDğN÷F]\SURMHNWXMãFQDQLHM UDQHM ] V\VWHPX U\QQRZHJR GHV]F]ÐZNL
]LHOHġ ]ZUÐå XZDJ÷ QD URO÷ URijOLQQRijFL OXE W]Z ZRG\ V]DUHM ] ZDQQ\ ] SUDONL
]NXFKQL 5R]G]LHOHQLHLQVWDODFMLNDQDOL]D
Z\VRNLHM QLVNLHM F]\ SQãFHM Z RVğDQLDQLX
F\MQHMPRőHVL÷WHőSU]\GDåJG\PRőOLZH
RG]LPQ\FKZLDWUÐZF]\WHő]DFLHQLDQLX
E÷G]LH RG]\VNLZDQLH HQHUJLL RGSDGRZHM
JG\ ODWHP SUDJQLHP\ FKURQLå VL÷ SU]HG
] FLHSğHMZRG\V]DUHM
VğRġFHP 'RVWDZLRQH GR RJU]HZDQHM
1LH XWZDUG]DM ]E\WQLR SRZLHU]FKQL
NXEDWXU\ RG VWURQ\ QDVğRQHF]QLRQHM SR
RJURGX ]DFKRZDM MDN QDMZL÷FHM SR
PLHV]F]HQLD WDNLH MDN ZHUDQGD RJUÐG
ZLHU]FKQLFKğRQQHMWDNE\ZRGDRSDGR
]LPRZ\ F]\ SU]HV]NORQ\ SU]HGVLRQHN
ZDGRVWDğDVL÷EH]SU]HV]NÐGGRJUXQWX
PRJã Z VH]RQLH RJU]HZF]\P ]\VNLZDå
1LH P\M VDPRFKRGX L QLH SRGOHZDM
GRGDWNRZã SRUFM÷ FLHSğD ]PQLHMV]DMãF
RJURGXZRGãSLWQã
]DSRWU]HERZDQLH QD HQHUJL÷ eNXSRZD
Qãr 6\VWHP NROHNWRUÐZ VğRQHF]Q\FK
PRőH PLHå XG]LDğ Z SRGJU]HZDQLX FLH
SğHMZRG\DQDZHWZRJU]HZDQLXGRPX
=\VNL HQHUJHW\F]QH DOH L GRVW÷S ijZLDWğD
QDWXUDOQHJR ZH ZQ÷WU]DFK PRJã E\å
ZL÷NV]HMHijOLRGVWURQ\SRğXGQLRZHMWDUDV
F]\ijFLHőNLE÷GãPLDğ\MDVQãSRZLHU]FKQL÷
 RGELMDMãFã SURPLHQLRZDQLH VğRQHF]QH
Z NLHUXQNX HOHZDFML 0RőH GR WHJR VğX
ő\åUÐZQLHőOXVWURZRG\

¡ª
'20,-(*2272&=(1,( ¢

IJ&,(., =,(/21<'$&+

:\ZRőHQLH ijFLHNÐZ F]\OL ]Xő\WHM 3ODQXMãF GDFK SğDVNL OXE R QLHZLHONLP


ZRG\PRőHRND]DåVL÷QLHUDFMRQDOQHMHijOL VSDGNX UR]ZDő PRőOLZRijå SRNU\FLD JR
MHVWHijZVWDQLHRF]\ijFLåMãQDPLHMVFX
URijOLQQRijFLã SHğQLãFã ZLHOH SRő\WHF]Q\FK
,VWQLHMã UR]ZLã]DQLD Z\GDMQ\FK SU]\
GRPRZ\FK RF]\V]F]DOQL HNRORJLF]Q\FK UÐO PL÷G]\ LQQ\PL UHNRPSHQVXMãFã
 Z\NRU]\VWXMãF\FK QDWXUDOQH SURFHV\ XWUDW÷ ]LHORQHM SRZLHU]FKQL  ]DEUDQHM
]DFKRG]ãFHZSU]\URG]LH SU]H] EXGRZ÷ GRPX 3DPLHWDå MHGQDN
WU]HED őH ]LHORQ\ GDFK QLH MHVW MHGQDN
2'3$'< Z ELODQVLH WHUHQX RILFMDOQLH ]DOLF]DQ\ GR
SHğQRZDUWRijFLRZHM SRZLHU]FKQL ]LHORQHM
:H ZVSÐğF]HVQ\P GRPX SRM÷FLH G]LDğNL D GR MHJR Z\NRQDQLD QLH]E÷GQ\
ijPLHFL MHVW MXő DQDFKURQL]PHP 3RM÷FLH MHVWVSHFMDOLVWD
eZ\U]XFDQLH ijPLHFLr ]DVW÷SRZDQH MHVW
G]Lij SRM÷FLHP eJRVSRGDUND VXURZFDPL
ZWÐUQ\PLr1DV]HVXURZFHGRUHF\NOLQJX
PRőHP\ VHJUHJRZDå D ZLHOH JPLQ RIH
UXMH MXő ]LQWHJURZDQ\ V\VWHP JRVSRGDUNL
RGSDGDPL 2GSDG\ RUJDQLF]QH PRőHP\
] NRU]\ijFLã GOD RJURGX NRPSRVWRZDå QD
ZğDVQHMG]LDğFH: WUDNFLHEXGRZ\]ZUÐå
XZDJ÷QDRGSDG\EXGRZODQH8QLNDMVWUDW
PDWHULDğÐZ 6WDUDM VL÷ RG]\VNDå F]÷ijå RG
SDGÐZ QD EXGRZLH QLH Z\SHğQLDM MHGQDN
SU]HVWU]HQL SRG SRGğRJã JUX]HP Z\PLH
V]DQ\P]RGSDGDPLRUJDQLF]Q\PL&KURġ
WHőURijOLQQRijåQDG]LDğFHSU]HGV]NRGOLZ\P
ZSğ\ZHP ZDSQD L LQQ\FK VXEVWDQFML FKH
PLF]Q\FK'RZ\ZR]XJUX]XEXGRZODQH
JR]DWUXGQLMVSUDZG]RQãILUP÷

¡¡
£ &232:,1,(1=$:,(5$ä'2%5<352-(.7

      


 

XTQАD[ZOOJL 6 XTQАD[ZOOJL 6 OBUVSBMOB LPOTUSVLDKB
QBSBNFUSZBLVTUZD[OF LPOTUSVLDKB NFDIBOJD[OB DJǜBS
PEQPSOPyÃOBXBNBOJF LT[UBU NFDIBOJD[OB QBSBNFUSZ
NBUFSJBZ [SFLVQFSBUPSFN BLVTUZD[OF

 
XTQАD[ZOOJL 6
SP[T[D[FMOJBOFD[Z
[OBXJFXOJLBNJ

 
XTQАD[ZOOJL 6   
CVEPXB HS[FKOJLPXF
NBUFSJBZ QPEPHPXF
OBEQSPœBJXJFÎDF
 

     LPOTUSVLDKBJCVEPXB

  HB[QZOOZMVC[TJFDJ HÇCPLPyÃQPTBEPXJFOJB
LPOTUSVLDKBJCVEPXB FOFSHJBFMFLUSZD[OB J[PMBDKB
NBUFSJBZ PMFKPQBPXZ QS[FDJXXJMHPDJPXB
JOOF J[PMBDKBDJFQMOBPCXPEPXB

¡¢
&232:,1,(1=$:,(5$ä'2%5<352-(.7 £

&KFHP\ EXGRZDå WDQLR :LHOX LQ G\QNL L LFK XV\WXRZDQLH ']8 QU 
ZHVWRUÐZ QLHVğXV]QLH ]DF]\QD MHGQDN RG SR]  ] SÐŏQLHMV]\PL ]PLDQDPL 
RV]F]÷GQRijFL MXő SU]\ SURMHNFLH P\ijOã =XZDJLQDZ\PDJDQLDRFKURQ\FLHSOQHM
W\ONRRX]\VNDQLXSR]ZROHQLDQDEXGRZ÷ L RV]F]÷GQRijå HQHUJLL QD RJU]HZDQLH
DUHV]W÷FKFãUR]ZLã]DåVDPLMXőSRGF]DV SURMHNW DUFKLWHNWRQLF]QREXGRZODQ\ EX
EXGRZ\ ,FK SUHVML XOHJDMã SURMHNWDQFL G\QNXSRZLQLHQ
VWãG SURMHNW\ EXG\QNÐZ Vã F]÷VWR QLH
NRPSOHWQHL QLH]DZLHUDMã  =DZLHUDå FKDUDNWHU\VW\N÷ HQHUJH
W\F]Qã EXG\QNX WR MHVW SRGDZDå
 'DQ\FK GR VSUDZG]HQLD ]JRGQRijFL ZğDijFLZRijFL FLHSOQH SU]HJUÐG ]H
] SU]HSLVDPLWHFKQLF]QREXGRZODQ\PL ZQ÷WU]Q\FKZ W\PijFLDQSHğQ\FKRUD]
GU]ZL L ZUÐWD WDNőHSU]HJUÐGSU]H
:ğDijFLZHJRGRERUXPDWHULDğÐZLZ\ ]URF]\VW\FKRUD]LQQHGDQHZ\ND]XMãFH
UREÐZEXGRZODQ\FK őHSU]\M÷WHZSURMHNFLHUR]ZLã]DQLDEX
GRZODQHLLQVWDODF\MQHVSHğQLDMãZ\PD
 'RERUXRNLHQLXU]ãG]HġGRQDZLHZX JDQLD GRW\F]ãFH RV]F]÷GQRijFL HQHUJLL
SRZLHWU]DZHQW\ODF\MQHJR
 3RGDZDåUR]ZLã]DQLDNRQVWUXNF\MQRPD
1LH]E÷GQ\FKU\VXQNÐZV]F]HJÐğÐZ WHULDğRZH SU]HJUÐG ]HZQ÷WU]Q\FK ZUD]
]QLH]E÷GQ\PLV]F]HJÐğDPLEXGRZODQ\
7\FKEUDNÐZZSURMHNFLHQLHQDGUREL PL QSZVNDOL PDMãF\PLZSğ\ZQD
QLJG\Z\NRQDZFDQDZHWGREU\U]HPLHijO ZğDijFLZRijFLFLHSOQHLV]F]HOQRijåSU]HJUÐG
QLN 'REU\ SURMHNW EXGRZODQ\ XğDWZLD
Z\NRQDZF\ ]DNXS ZğDijFLZ\FK PDWHULD  3RGDZDå URG]DM RNLHQ L XU]ãG]Hġ GR
ğÐZ L XWUXGQLD SRSHğQLHQLH Eğ÷GX SU]\ QDZLHZX SRZLHWU]D ZHQW\ODF\MQHJR
Z]QRV]HQLXEXG\QNX
6]F]HJÐğRZ\ ]DNUHV L IRUPD SURMHN  3RGDZDåSU]HNURMHNDQDğÐZZ\ZLHZ
WX EXGRZODQHJR SRZLQQ\ E\å ]JRGQH Q\FK ZHQW\ODFML JUDZLWDF\MQHM MHijOL
] 5R]SRU]ãG]HQLHP 0LQLVWUD ,QIUDVWUXN QLH SU]HZLGXMH VL÷ ZHQW\ODFML PHFKD
WXU\]GQLDOLSFDU ']8QU QLF]QHM QD NWÐUã MHVW ]Z\NOH RGU÷EQ\
SR]  SURMHNW 
:\PDJDQLDRFKURQ\FLHSOQHMEXG\Q
NÐZ RNUHijORQH Vã Z 5R]SRU]ãG]HQLX  =DSHZQLDå ZğDijFLZã RULHQWDFM÷ EX
0LQLVWUD,QIUDVWUXNWXU\]GQLDNZLHWQLD G\QNX Z]JO÷GHP VWURQ ijZLDWD GOD
 U Z VSUDZLH ZDUXQNÐZ WHFKQLF] SR]\VNLZDQLD FLHSğD RG VğRġFD SU]H]
Q\FK MDNLP SRZLQQ\ RGSRZLDGDå EX RNQD SRPLHV]F]HQLH Z\PDJDMãFH GX

¡£
£ &232:,1,(1=$:,(5$ä'2%5<352-(.7

ő\FKRNLHQVNLHURZDQ\FKQDSRğXGQLH  3U]\ ]DNXSLH PDWHULDğX EXGRZODQHJR


LHZHQWXDOQLHSU]H]NROHNWRUVğRQHF]Q\ VSUDZG]DM F]\ Z\UÐE ]RVWDğ ZğDijFLZLH
MHijOLMHVWWRPRőOLZH]XZDJLQDZğDijFL R]QDNRZDQ\WR]QDF]\F]\SRVLDGD]QDN
ZRijFLG]LDğNL  EXGRZODQ\%OXER]QDNRZDQLH&(=QDNL
WHZVND]XMãőHZ\UÐEVSHğQLDZ\PDJDQLD
3URMHNW EXGRZODQ\ EXG\QNX MHGQRUR 3ROVNLHM 1RUP\ OXE DSUREDW\ WHFKQLF]QHM
G]LQQHJR SRZLQLHQ SRGDZDå FR QDMPQLHM NUDMRZHM OXE HXURSHMVNLHM  :\URE\ QLH
ZDUWRijFLZVSÐğF]\QQLNDSU]HQLNDQLDFLHSğD SRVLDGDMãFH]QDNX%OXE&(QLHPRJãE\å
8NSU]HJUÐG]HZQ÷WU]Q\FK VWRVRZDQHZEXGRZQLFWZLH 
/HSV]ã RFHQ÷ ZğDijFLZRijFL EXG\QNX    
MHijOL FKRG]L R RFHQ÷ SU]HZLG\ZDQHJR
]Xő\FLD HQHUJLL L NRV]WX RJU]HZDQLD GDMH
ZVNDŏQLN ( >N:K P”URN @ RNUHijODMãF\
REOLF]HQLRZH ]DSRWU]HERZDQLH QD FLHSğR
GR RJU]HZDQLD Z VH]RQLH RJU]HZF]\P
L GODWHJRMHJRREOLF]HQLHMHVW]DOHFDQH
1DWRPLDVW Z SU]\SDGNX GDFKÐZ
] Xő\FLHP OHNNLFK PDWHULDğÐZ L]RODF\M
Q\FK SU]\ REHFQ\FK NRV]WDFK L]RODFML
FLHSOQHMLQRijQLNÐZHQHUJLLRSğDFDVL÷VWR
VRZDå]QDF]QLHJUXEV]HZDUVWZ\QLőZ\QL
NDWR] RERZLã]XMãF\FKREHFQLHZ 3ROVFH
SU]HSLVÐZEXGRZODQ\FK

352-(.732:,1,(1
32'$:$ä-('12=1$&=1,(
52'=$-:<52%8%8'2:
/$1(*235=(:,'<:$1(*2
'2:<.25=<67$1,$25$=
-(*22'0,$1ö=8:$*,1$
=$67262:$1,(

¡¤
&232:,1,(1=$:,(5$ä'2%5<352-(.7 £

-$.,('(7$/(32:,11< 3URMHNWEXGRZODQ\SRZLQLHQSRGDZDå
%<ä52=:,â=$1( V]F]HJÐğ\UR]ZLã]DġW\FKPLHMVFSU]\NğDG\
:352-(.&,(%8'2:$/$1<0 SUDZLGğRZ\FK UR]ZLã]Dġ V]F]HJÐğÐZ SR
GDQHVãZGDOV]\FKUR]G]LDğDFK
:ğDijFLZD L]RODF\MQRijå FLHSOQD SU]H
JUÐG SRZLQQD E\å ]DSHZQLRQD QD FDğHM
SRZLHU]FKQL EXG\QNX .DőGH SU]HUZD -$.,(.26=7<32:,1,(1
QLH L]RODF\MQRijFL FLHSOQHM SRZRGXMH W]Z 8:=*/ö'1,$ä352-(.7
PRVWNLFLHSOQH: PLHMVFDFKW\FKLVWQLHMH
U\]\NRZ\NUDSODQLDVL÷SDU\ZRGQHMUR] -HijOL FKFHP\ ]EXGRZDå QDV] GRP
ZRMX SOHijQL Z]UDVWD WHő VWUDWD FLHSğD QD PRőOLZLHWDQLRSRZLQQLijP\Z\EUDåZ\
]HZQãWU]EXG\QNX NRQDZF÷VSRijUÐGNLONXRIHUHQWÐZ
=DSRWU]HERZDQLHQDFLHSğRGRRJU]H
ZDQLDSRPLHV]F]Hġ DVWãGLNRV]WRJU]H %DUG]RLVWRWQ\PHOHPHQWHPSURMHN
ZDQLD  Z Z\QLNX PRVWNÐZ FLHSOQ\FK WXMHVWNRV]WRU\VLQZHVWRUVNL]DZLHUDMãF\
Z SU]HJURGDFK PRőH Z]URVQãå QDZHW SU]HGPLDU UREÐW ] UR]ELFLHP QD RGSR
RSURF ZLHGQLH F]÷ijFL VWDQ ]HURZ\ VWDQ VXUR
Z\ VWDQ Z\NRġF]HQLRZ\ ZHZQ÷WU]Q\
L ]HZQ÷WU]Q\ LQVWDODFMH  UR]G]LDğ\ QS
6ğDE\PLPLHMVFDPL]HZQ÷WU]Q\FK URERW\]LHPQHIXQGDPHQW\PXU\VWURS
SU]HJUÐGEXG\QNXVã]DZV]H SDUWHUX GDFK  L SR]\FMH NRV]WRU\VRZH
Z SRV]F]HJÐOQ\FKUR]G]LDğDFK
„ 3RğãF]HQLDSğ\W\EDONRQRZHM]H
.DőG\ UR]G]LDğ NRV]WRU\VX SRZLQLHQ
VWURSHPőHOEHWRZ\P REHMPRZDå RGG]LHOQ\ HOHPHQW EXGRZ
„ :LHġFHLQDGSURőD ODQ\OXEMHGQRURGQ\URG]DMUREÐW

„ IJFLDQ\SLZQLFLZLHġFHVWURSXQDG :SU]\SDGNXijFLDQ\]HZQ÷WU]QHMQDOH
SLZQLFã ő\XZ]JO÷GQLåFDğNRZLW\NRV]WMHMZ\NRQD
„ 2ijFLHőDERF]QHRWZRUÐZRNLHQ QLDğãF]QLH]ZDUVWZãHOHZDF\MQã
Q\FKLRijFLHőDRWZRUÐZQDGU]ZL
3U]\ ]ELHUDQLX RIHUW Z\NRQDZFÐZ
EDONRQRZH
WDNL XNğDG NRV]WRU\VX XğDWZL QDP QHJR
„ 2VDG]HQLDSRGRNLHQQLND SDUDSHWX  FMDFMHLZ\EÐUZ\NRQDZF\

¡¥
¤ IJ&,$1<:,(/2:$567:2:(

'/$&=(*2:$57267262:$ä Z ]DOHőQRijFL RG LFK IXQNFML NRQVWUXNF\M


IJ&,$1<:,(/2:$567:2:( Q\FK  RSUÐF] FL÷őDUX ZğDVQHJR  SU]H
QRV]ãREFLãőHQLDRGVWURSÐZNRQVWUXNFML
IJFLDQ\]HZQ÷WU]QHEXG\QNXPXV]ãQLH GDFKRZ\FK SDUFLD ZLDWUX L LQQ\FK NRQ
W\ONR ]DSHZQLDå MHJR QRijQRijå L VWDWHF] VWUXNFMLMHREFLãőDMãF\FK:\NRQ\ZDQHVã
QRijå NRQVWUXNF\MQã DOH UÐZQLHő VSHğQLDå QD SRGVWDZLH GRNXPHQWDFML WHFKQLF]QHM
Z\PRJL ]ZLã]DQH ] EH]SLHF]HġVWZHP ]DZLHUDMãFHM PLQ GRNğDGQã FKDUDNWHU\
SRőDURZ\P L Xő\WNRZDQLD RFKURQã VW\N÷ NRQVWUXNFML EXG\QNX RUD] Z\PD
SU]HGKDğDVHPZDUXQNDPLKLJLHQ\]GUR JDQLD GRW\F]ãFH NODV\ FHJğ\ SXVWDND OXE
ZLDL RFKURQ\ijURGRZLVNDRUD]RV]F]÷G EORNXRUD]URG]DMXPDUNLLVNğDGX]DSUD
QRijFLã HQHUJLL L RFKURQã FLHSOQã IJFLDQD Z\:RVWDWQLFKODWDFKFRUD]ZL÷FHMXZDJL
]HZQ÷WU]QD MHVW HOHPHQWHP NRQVWUXNF\M SRijZL÷FDVL÷SU]HJURGRP]HZQ÷WU]Q\P
Q\PVğXőãF\PGRSU]HQRV]HQLDREFLãőHġ 3RGVWDZRZ\P SDUDPHWUHP RFHQ\ WHU
JğÐZQLH SLRQRZ\FK  RUD] VWDQRZLãF\P PRL]RODF\MQRijFL SU]HJUÐG EXG\QNX MHVW
SU]HJURG÷RGG]LHODMãFãZQ÷WU]HEXG\QNX ZVSÐğF]\QQLN SU]HQLNDQLD FLHSğD SU]H]
RG ijURGRZLVND ]HZQ÷WU]QHJR :\EÐU SU]HJURG÷ ]HZQ÷WU]Qã NLHG\ij R]QD
NRQVWUXNFML RUD] MHM JUXERijFL ]DOHőã RG NRZDQ\ MDNR N D REHFQLH 8  =Xő\FLH
ZDUXQNÐZ VWDW\F]Q\FK WHUPLF]Q\FK HQHUJLLSRWU]HEQHMGRRJU]DQLDEXG\QNÐZ
L HNRQRPLF]Q\FK IJFLDQ\ ]HZQ÷WU]QH RGGDQ\FK GR Xő\WNX GR  U ijUHGQLR

¡¦
IJ&,$1<:,(/2:$567:2:( ¤

URF]QLH Z\QRVL GR  N:KP Z EX ORZDUVWZRZHM VNğDGDMãFHM VL÷ ] ZDUVWZ\
G\QNDFK ] ODW  GR  N:KP NRQVWUXNF\MQHM QRijQHM RUD]RGSRZLHGQLHM
D ZEXG\QNDFKRGGDQ\FKZRVWDWQLFKOD ZDUVWZ\PDWHULDğXWHUPRL]RODF\MQHJRGDMH
WDFKGRN:KP:DUWR]DXZDő\å PRőOLZRijå MXő SU]\ JUXERijFL WHUPRL]R
őH SU]HG URNLHP  SRZVWDğR SUDZLH ODFML U]÷GX  FP VSHğQLHQLD Z\PRJX
 SURF REHFQ\FK ]DVREÐZ PLHV]ND SRGVWDZRZHJR 8   :P”. 
QLRZ\FK Z W\P GR URNX   RNRğR 0RőOLZRijå ]DVWRVRZDQLD ZLHOX PDWHULD
 SURF :HGğXJ QDMQRZV]\FK EDGDġ ğÐZ NRQVWUXNF\MQ\FK QD ZDUVWZ÷ QRijQã
RSUDFRZDQ\FK QD SRWU]HE\ DXG\WÐZ ijFLDQ ]HZQ÷WU]Q\FK VSRZRGRZDğD FR
HQHUJHW\F]Q\FK W\ONR RNRğR  SURF UD] SRZV]HFKQLHMV]H VWRVRZDQLH ijFLDQ
EXG\QNÐZ Z 3ROVFH ]Xő\ZD SRQLőHM ZDUVWZRZ\FK L WR ]DUÐZQR GZXZDU
 N:KP QD URN 5RF]QH ]Xő\FLH VWZRZ\FKMDNLWUÐMZDUVWZRZ\FKNWÐUH
HQHUJLLZEXG\QNDFKPLHV]NDOQ\FKUHDOL VNğDGDMã VL÷ ] ZDUVWZ PDWHULDğRZ\FK
]RZDQ\FKZHGğXJDNWXDOQ\FKSU]HSLVÐZ VSHğQLDMãF\FK RGSRZLHGQLH Z\PDJDQLD
WR RN  N:KP SU]\ DNWXDOQ\P Z]DNUHVLH
HXURSHMVNLP SR]LRPLH SU]\]ZRLWRijFL „ Z\WU]\PDğRijFLtQRijQRijFL ZDUVWZDQRijQD 

Z W\P ]DNUHVLH   N:KP QD „ L]RODF\MQRijFL FLHSOQHM ] RGSRZLHGQLP

URN D GRQLHVLHQLD R Z\ELWQLH RV]F]÷G UR]NğDGHP WHPSHUDWXU\ Z SU]HNURMX


QRijFLRZ\FK W]Z eGRPDFK SDV\Z ijFLDQ\ ZDUVWZDWHUPRL]RODF\MQD 
Q\FKr PÐZLã R ]Xő\FLDFK QD SR]LRPLH „ ]DEH]SLHF]HQLD RG EH]SRijUHGQLHJR
 N:KP QD URN :V]\VWNR WR ZSğ\ZXZDUXQNÐZDWPRVIHU\F]Q\FKRG
SU]\ XZ]JO÷GQLHQLX XU\QNRZLHQLD NRV] VWURQ\ ]HZQ÷WU]QHM ZDUVWZD HOHZDF\M
WÐZ HQHUJLL ]DUÐZQR GR RJU]HZDQLD QDOXERVğRQRZD 
D Z SHZQ\FK SU]\SDGNDFK L GR NOLPD =H Z]JO÷GX QD ZDUXQNL SDQXMãFH
W\]RZDQLD SRPLHV]F]Hġ  GRSURZDG]LğR Z SRPLHV]F]HQLDFK D Z\QLNDMãFH ] ő\
GR ]QDF]ãFHJR ]DRVWU]HQLD Z\PRJÐZ FLRZHM G]LDğDOQRijFL F]ğRZLHND V]F]H
WHUPRL]RODF\MQRijFL ZV]\VWNLFK SU]HJUÐG JÐOQLH Z\G]LHODQLH VL÷ SDU\ ZRGQHM 
]HZQ÷WU]Q\FK 3U]H] ODWD ZVSÐğF]\QQLN QLH]Z\NğHJR ]QDF]HQLD QDELHUDMã ]MDZLVND
8 ZJ Z\PRJÐZ SROVNLFK  XOHJDğ ]PLD ZLOJRWQRijFLRZH SU]HELHJDMãFH Z ijFLDQLH
QRPLRGUGODZLHORZDUVWZRZ\FK (ZHQWXDOQD PRőOLZRijå Z\VWãSLHQLD VWUHI\
ijFLDQ ]HZQ÷WU]Q\FK Z EXGRZQLFWZLH NRQGHQVDFML PRőH VSRZRGRZDå LVWRWQH
PLHV]NDQLRZ\PMHGQRURG]LQQ\PZ\QR ]ZL÷NV]HQLH ]DZLOJRFHQLD PDWHULDğÐZ ]
VL  :P”. 6SHğQLHQLH SRZ\őV]HJR NWÐU\FK ]EXGRZDQD MHVW ijFLDQD : ijFLD
Z\PRJXSRGVWDZRZHJRX]\VNXMHVL÷SU]H] QDFK WUÐMZDUVWZRZ\FK ] ZHQW\ORZDQã
]DVWRVRZDQLH PDWHULDğÐZ R Z\VRNLHM WHU V]F]HOLQã SRZLHWU]Qã NRQGHQVDFMD SDU\
PRL]RODF\MQRijFL=DVWRVRZDQLHijFLDQ\ZLH ZRGQHM QLJG\ QLH Z\VW÷SXMH Z ijFLDQDFK

¡§
¤ IJ&,$1<:,(/2:$567:2:(

WUÐMZDUVWZRZ\FKEH]WDNLHMV]F]HOLQ\LVW 7<3<IJ&,$1
QLHMH PRőOLZRijå Z\VWãSLHQLD QLHZLHONLHM :,(/2:$567:2:<&+
NRQGHQVDFML SDU\ ZRGQHM ]LPã NWÐUD
PRőH RGSDURZDå ODWHP : SRSUDZQLH IJFLDQ\ ZLHORZDUVWZRZH VNğDGDMã VL÷
]DSURMHNWRZDQ\FK L Z\NRQDQ\FK ijFLD ] SLRQRZ\FK ZDUVWZ UÐőQ\FK PDWHULD
QDFK GZXZDUVWZRZ\FK NRQGHQVDFMD ğÐZ .DőGD ZDUVWZD VSHğQLD LQQã IXQNFM÷
SDU\ ZRGQHM QLH SRZLQQD Z\VW÷SRZDå :DUVWZD QRijQD  ZHZQ÷WU]QD Z\NRQ\
: SU]\SDGNX ijFLDQ GZXZDUVWZRZ\FK ZDQD] PDWHULDğÐZRGXőHMZ\WU]\PDğRijFL
Z QRZR UHDOL]RZDQ\FK EXG\QNDFK L ]QDF]ãFHM PDVLH SU]HQRVL REFLãőHQLD
LVWRWQH MHVW DE\ RFLHSOHQLH Z\NRQ\ZDå L ]DSHZQLDRGSRZLHGQLãL]RODF\MQRijåDNX
SR ]DNRġF]HQLX ZV]\VWNLFK ePRNU\FKr VW\F]Qã :DUVWZD ] PDWHULDğX R GREU\FK
SUDF ZHZQãWU] SRPLHV]F]Hġ 5R]ZLã ZğDijFLZRijFLDFK L]RODF\MQ\FK ]DSHZQLD
]DQLH ZLHORZDUVWZRZH GDMH PRőOLZRijå L]RODFM÷ FLHSOQã ijFLDQ\ :DUVWZD OLFRZD
]QDF]QHJR ]PQLHMV]HQLD ZVSÐğF]\QQLND HOHZDF\MQD OXE RVğRQRZD  ]DEH]SLHF]D
8 EH] Z\UDŏQ\FK SU]\URVWÐZ JUXERijFL ijFLDQ÷ SU]HG ZSğ\ZDPL ]HZQ÷WU]Q\PL
D SU]\ PQLHMV]\FK REFLãőHQLDFK QS RUD]QDGDMHMHMHVWHW\F]Q\Z\JOãG:ijUÐG
PQLHMV]\FKUR]SL÷WRijFLDFKVWURSÐZ GDMH ijFLDQ ZLHORZDUVWZRZ\FK PRőQD Z\
QDZHW PRőOLZRijå ]PQLHMV]HQLD JUXERijFL RGU÷EQLå GZLH JUXS\ ijFLDQ\ GZXZDU
ijFLDQ\ SRSU]H] ]PQLHMV]HQLH JUXERijFL VWZRZH RUD] ijFLDQ\ WUÐMZDUVWZRZH
ZDUVWZ\ NRQVWUXNF\MQHM 'RP ] SUD : SU]\SDGNX ijFLDQ GZXZDUVWZRZ\FK
ZLGğRZR ]DSURMHNWRZDQ\PL ijFLDQDPL NWÐUH Z QDV]\P NUDMX Vã MHGQ\PL
ZLHORZDUVWZRZ\PL ]DSHZQLD XWU]\PD ] EDUG]LHM SRSXODUQ\FK UR]ZLã]Dġ ijFLDQ
QLH Z\UÐZQDQHM WHPSHUDWXU\ ZL÷F QLH ZLHORZDUVWZRZ\FK SRSU]H] GRVW÷SQRijå
XOHJD ]DZLOJRFHQLX SU]H] VNURSOLQ\ DQL Z\VSHFMDOL]RZDQ\FK HNLS L UÐőQRURGQRijå
SU]HPDU]DQLX 2]QDF]D WR ]DEH]SLH V\VWHPÐZ HOHZDF\MQ\FK QDVW÷SXMH UR]
F]HQLHSU]HGZLOJRFLãZ\NZLWDPLSOHijQL G]LDğ SRPL÷G]\ ]DVDGQLF]\PL IXQNFMDPL
]DJU]\ELHQLHPPXUÐZ SRV]F]HJÐOQ\FKZDUVWZ U\V 
'RGDWNRZR QDOHő\ SRGNUHijOLå őH „ ZDUVWZD NRQVWUXNF\MQD QRijQD OXE
UR]ZLã]DQLH ZLHORZDUVWZRZH GDMH PRő XV]W\ZQLDMãFD
OLZRijå ]ZL÷NV]HQLD HNRQRPLNL UHDOL]DFML „ ZDUVWZD L]RODFML FLHSOQHM R JUXERijFL
EXG\QNX SRSU]H] ]DVWRVRZDQLH HWDSR Z\QLNDMãFHM]SRőãGDQHMZDUWRijFLZVSÐğ
ZDQLDZ\NRQDZVWZDijFLDQ]HZQ÷WU]Q\FK F]\QQLNDSU]HQLNDQLDFLHSğD8FDğHMSU]H
IJFLDQ\ZLHORZDUVWZRZH]SRZRG]HQLHP JURG\
VWRVXMH VL÷ ]DUÐZQR Z EXGRZQLFWZLH „ ZDUVWZDHOHZDF\MQD W\QNOXERNğDG]LQD 

MHGQRURG]LQQ\P MDN UÐZQLHő ZLHORUR IJFLDQDGZXZDUVWZRZDGDMHGXőHPRő


G]LQQ\PLZLHORNRQG\JQDF\MQ\P OLZRijFLZUR]ZLã]\ZDQLXHVWHW\F]QRDUFKL

¡¨
IJ&,$1<:,(/2:$567:2:( ¤

       


  
 
  
 

     

5\V3U]\NğDGijFLDQ\GZXZDUVWZRZHM]ZDUVWZãQRijQã]FHUDPLNLOXEVLOLNDWÐZ

WHNWRQLF]\P HOHZDFML ]ZğDV]F]D SU]\ ]D QLHő ijFLDQã F]WHURZDUVWZRZã t ZOLF]DMãF


VWRVRZDQLX W\QNÐZ FLHQNRZDUVWZRZ\FK V]F]HOLQ÷ SRZLHWU]Qã  PRőQD Z\G]LHOLå
6\VWHP\ RIHUXMã Z SU]\SDGNX W\QNÐZ QDVW÷SXMãFHHOHPHQW\ U\V 
PLQHUDOQ\FK SDOHW÷ RG  GR  NRORUÐZ „ ZDUVWZDQRijQD

DZSU]\SDGNXSR]RVWDğ\FKURG]DMÐZW\Q „ ZDUVWZDRFLHSODMãFDRJUXERijFLZ\QLND

NÐZ RG  GR  NRORUÐZ 1RZRijFLã MãFHM]ZDUWRijFLZVSÐğF]\QQLNDSU]HQLND


MHVW ZSURZDG]HQLH eWU]HFLHJR Z\PLDUXr QLDFLHSğD8GODFDğHMSU]HJURG\
HOHZDFMLW\QNRZDQHMSRSU]H]Xő\FLHV\VWH „ V]F]HOLQDSRZLHWU]QDQDMF]÷ijFLHMRJUX

PÐZSURILOLHOHZDF\MQ\FK U\V  ERijFL    FP ZHQW\ORZDQD SU]H]


: ijFLDQLH WUÐMZDUVWZRZHM ] ZHQW\OR RWZRU\ZZDUVWZLHRVğRQRZHM
ZDQã V]F]HOLQã SRZLHWU]Qã ]ZDQã UÐZ „ ZDUVWZDRVğRQRZD

5\V(OHZDFMD]Xő\FLHP
SURILOLHOHZDF\MQ\FK

¡©
¤ IJ&,$1<:,(/2:$567:2:(

 

 
 
 
:W\PW\SLHijFLDQ\ZDUVWZ\ NRQVWUXN
F\MQD L QRijQD  SRZLQQ\ E\å SRZLã]DQH
  
 

Z]DMHPQLH W\ONR ] Xő\FLHP ]DEH]SLHF]R   

Q\FK DQW\NRUR]\MQLH ZLRWNLFK NRWHZ 1LH


QDOHő\ ğãF]\å W\FK ZDUVWZ QS ZLHġFDPL
VWURSRZ\PL OXE QDGSURőDPL RNLHQQ\PL
JG\őRSUÐF]SRZVWDZDQLDPRVWNÐZFLHSO
Q\FKPRőHWRJUR]LåVS÷NDQLDPLZDUVWZ\
]HZQ÷WU]QHM : SU]\SDGNX WHJR URG]DMX
ijFLDQ VWURS\ SRZLQQ\ E\å RSLHUDQH W\ONR
QD ZDUVWZLH NRQVWUXNF\MQHM D ZLHġFH QLH  

SRZLQQ\ Z\FKRG]Lå SR]D MHM OLFR .DőGD  


 
 

] ZDUVWZ QRijQD L RVğRQRZD  SRZLQQD


  
 

PLHåVZRMHQLH]DOHőQHQDGSURőD   

.RQLHF]QH MHVW SR]RVWDZLHQLH Z ZDU


VWZLH RVğRQRZHM RWZRUÐZ QDMF]÷ijFLHM
SXVW\FK SLRQRZ\FK VSRLQ  XPRőOLZLD
MãF\FK ZHQW\ODFM÷ V]F]HOLQ\ SRZLHWU]QHM
RUD] SRZLã]DQLH WHM ZDUVWZ\ ] ZDUVWZã
QRijQã ]D SRPRFã V\VWHPX ]DEH]SLHF]R
Q\FK DQW\NRUR]\MQLH ğãF]QLNÐZ 3RZ\őV]H
UR]ZLã]DQLH FKDUDNWHU\]XMH VL÷ ] SXQNWX
ZLG]HQLDXő\WNRZQLNDZ\VRFHSR]\W\ZQã
5\V  3U]\NğDG ijFLDQ\ WUÐMZDUVWZRZHM QD ED]LH
FHFKã MDNã MHVW PRőOLZRijå Z\NRQDQLD QLH FHUDPLF]QHMLVLOLNDWRZHMZDUVWZ\QRijQHM
W\QNRZDQHM EDUG]R HIHNWRZQHM L QLH]Z\
NOH WUZDğHM SU]\ ]QLZHORZDQ\FK NRV]WDFK RVğRQRZã R Z\VRNLP ZVSÐğF]\QQLNX SD
HNVSORDWDFMLHOHZDFMLEXG\QNX URSU]HSXV]F]DOQRijFL 2ELH ZDUVWZ\ ijFLDQ\
: SU]\SDGNX Z\NRQ\ZDQLD HOHZDFML QRijQãLRVğRQRZã QDOHő\WDNőHğãF]\åQD
] FHJLHğVLOLNDWRZ\FK]DOHFDVL÷SRNU\ZDåMH RJÐOQ\FK]DVDGDFKV\VWHPHP]DEH]SLHF]R
FRNLONDODWSUHSDUDWHPREQLőDMãF\PQDSL÷FLH Q\FKDQW\NRUR]\MQLHNRWHZ:DUVWZ÷RVğR
SRZLHU]FKQLRZHFRXWUXGQLDEUXG]HQLHVL÷ QRZã Z\NRQDQã QDMF]÷ijFLHM ] SXVWDNÐZ
HOHZDFML ] FHUDPLNL WUDG\F\MQHM EãGŏ SRU\]RZDQHM
IJFLDQ÷WUÐMZDUVWZRZãEH]ZHQW\ORZD OXEEORNÐZVLOLNDWRZ\FKGUãőRQ\FKQDOHő\
QHM V]F]HOLQ\ SRZLHWU]QHM ]DOHFD VL÷ Z\NR ]DEH]SLHF]\å SU]HG ZSğ\ZHP F]\QQLNÐZ
Q\ZDå]PDWHULDğÐZRQLVNLPZVSÐğF]\QQL DWPRVIHU\F]Q\FK RGSRZLHGQLP W\QNLHP
NXQDVLãNOLZRijFL]ZDUVWZãWHUPRL]RODF\MQã ]HZQ÷WU]Q\P EDUZLRQ\P Z PDVLH OXE
RZ\őV]\PRSRU]HG\IX]\MQ\PL]ZDUVWZã Z\NRġF]RQ\P IDUEã HOHZDF\MQã  UÐZQLHő

¢ª
IJ&,$1<:,(/2:$567:2:( ¤

SU]HSXV]F]DMãF\PSDU÷ZRGQã2F]\ZLijFLH JUXERijåijFLDQ]HZQ÷WU]Q\FK V]F]HJÐOQLH


SU]\ VWRVRZDQLX ]DUÐZQR FHUDPLF]Q\FK ZSU]\SDGNXijFLDQGZXZDUVWZRZ\FK 
MDN L VLOLNDWRZ\FK FHJLHğ HOHZDF\MQ\FK WDNLH „ PRőOLZRijFLãZ\NRQDQLDWUZDğHMLHVWHW\F]

]DEH]SLHF]DQLHMHVW]E÷GQH3U]\SURMHNWR QHMHOHZDFML
ZDQLXSU]HJUÐGZLHORZDUVWZRZ\FKV]F]H „ XPRőOLZLDMã OLNZLGDFM÷ PRVWNÐZ FLHSO

JÐOQã XZDJ÷ QDOHő\ ]ZUÐFLå QD NROHMQRijå Q\FK L SRZVWDğ\FK HZHQWXDOQ\FK QLH
SRV]F]HJÐOQ\FK ZDUVWZ 1DMNRU]\VWQLHM V]F]HOQRijFL
V]\P]SXQNWXZLG]HQLDIL]\NLEXGRZOLMHVW „ PRőOLZRijFLã]DVWRVRZDQLDUÐőQ\FKPDWH

XNğDG Z NWÐU\P PDWHULDğ WHUPRL]RODF\MQ\ ULDğÐZNRQVWUXNF\MQ\FKQDZDUVWZ÷QRijQã


]QDMGXMHVL÷SRVWURQLHWHPSHUDWXUQLőV]\FK „ SR]ZDOD QD VZRERG÷ Z NV]WDğWRZDQLX

QD]HZQãWU] :ijFLDQLHRFLHSORQHMRG]H HVWHW\NL HOHZDFML GRPX UÐőQH PDWHULDğ\


ZQãWU] PDWHULDğ WHUPRL]RODF\MQ\ RJUDQLF]D HOHZDF\MQHNRORU\LIDNWXU\ 
]DVL÷JWHPSHUDWXUXMHPQ\FK3RQDGWRXNğDG „ HWDSRZãUHDOL]DFM÷ijFLDQ]HZQ÷WU]Q\FK
WHQSR]ZDODQDZ\NRU]\VWDQLHGXőHMSRMHP : SU]\SDGNX ijFLDQ\ WUÐMZDUVWZRZHM
QRijFLFLHSOQHMZDUVWZ\NRQVWUXNF\MQHMNWÐUD Z NWÐUHM QD ZDUVWZ÷ RVğRQRZã FKFHP\
ğDJRG]L ]PLDQ\ WHPSHUDWXU Z SU]HUZDFK ]DVWRVRZDå FHJğ÷ HOHZDF\MQã FHUDPLF]Qã
RJU]HZDQLD eRGGDMãFr ]JURPDG]RQH FLH OXE VLOLNDWRZã EH]Z]JO÷GQLH QDOHő\ SD
SğRGRZQ÷WU]DSRPLHV]F]Hġ'RGDWNRZR PL÷WDåRZ\NRQDQLXV]F]HOLQ\SRZLHWU]QHM
ijFLDQ\ ZLHORZDUVWZRZH FKDUDNWHU\]XMã VL÷ 5R]ZLã]DQLHWRQLHZ\PDJDőDGQHJRW\QNX
QDVW÷SXMãF\PLFHFKDPL ]HZQ÷WU]QHJR D MHVW SU]\ W\P QLH]Z\NOH
„ PRőOLZRijFLã GRZROQHJR NV]WDğWRZDQLD WUZDğHLHVWHW\F]QH
ZVSÐğF]\QQLNDSU]HQLNDQLDFLHSğD8ijFLDQ\
„ PRőOLZRijFLã X]\VNDQLD ZL÷NV]HM SR

ZLHU]FKQLPLHV]NDOQHMSRSU]H]PQLHMV]ã

¢¡
¥ 0$7(5,$Ğ<,7(&+12/2*,(

0$7(5,$Ğ<IJ&,$1':8,75°-:$567:2:<&+

 0$7(5,$Ğ<:$567:<12IJ1(-

5R]ZLã]DQLHZLHORZDUVWZRZHGDMHPRőOLZRijå]DVWRVRZDQLDZZDUVWZLHQRijQHM]DUÐZQR
FHUDPLNLWUDG\F\MQHMOXESRU\]RZDQHMLVLOLNDWÐZMDNLLQQ\FKPDWHULDğÐZNRQVWUXNF\MQ\FK

 &(5$0,.$ $VRUW\PHQW Z\UREÐZ FHUDPLF]Q\FK


VWRVRZDQ\FK Z ZDUVWZLH QRijQHM VNğDGD
&HUDPLF]QH Z\URE\ PXURZH Vã VL÷ ] FHJLHğ SXVWDNÐZ L SXVWDNÐZ SR
Z\NRQ\ZDQHZGZÐFKJUXSDFKFHUD U\]RZDQ\FK &HJğ\ FHUDPLF]QH ]Z\NğH
PLNL ]Z\NğHM L FHUDPLNL SRU\]RZDQHM PRőQD SRG]LHOLå QD FHJğ\ SHğQH Z NWÐ
3URFHVSRU\]DFMLZSğ\ZDQDSRZVWDQLH U\FKGRSXV]F]DVL÷GRSURFGUãőHġ
PLNURVNRSLMQ\FKSRUÐZZ\SHğQLRQ\FK RUD]GUãőRQHJG]LHGUãőHQLD]DMPXMãRG
SRZLHWU]HPNWÐUH]QDF]QLHSRGQRV]ã GRSURFREM÷WRijFL U\V 
ZğDijFLZRijFLWHUPRL]RODF\MQH 3XVWDNL FHUDPLF]QH SRVLDGDMã ZL÷NV]H
IJFLHQQHZ\URE\]FHUDPLNL]Z\NğHM Z\PLDU\QLőFHJğ\ZL÷NV]\MHVWWDNőHXG]LDğ
FKDUDNWHU\]XMã VL÷ NODVã  03D GUãőHġ L FR ]D W\P LG]LH PDMã PQLHMV]ã
L QDVLãNOLZRijFLãSURF J÷VWRijå REM÷WRijFLRZã 8G]LDğ GUãőHġ Z\
QRVL  GR  SURF REM÷WRijFL L QD RJÐğ
SURGXNRZDQH Vã SXVWDNL R V]F]HOLQRZ\P
XNğDG]LH GUãőHġ FR PD QD FHOX ]ZL÷N
V]HQLH GURJL SU]HZRG]HQLD FLHSğD SU]H]
ijFLDQNLSXVWDND U\V 

5\V3U]\NğDG\FHJLHğFHUDPLF]Q\FK 5\V3U]\NğDG\SXVWDNÐZFHUDPLF]Q\FK

¢¢
0$7(5,$Ğ<,7(&+12/2*,( ¥

&(5$0,.$325<=2:$1$ X]QDQ\ ]D HNRORJLF]Q\ L Z VSRVÐE QDWXUDOQ\


SU]\MD]Q\F]ğRZLHNRZL6WRVRZDQHGRGDWNL]H
3XVWDNL ] FHUDPLNL SRU\]RZDQHM SRVLDGDMã Z]JO÷GXQDLFKRUJDQLF]Q\FKDUDNWHUZ\SDODMã
QDMZL÷NV]\ XG]LDğ GUãőHġ NWÐU\ Z\QRVL RG VL÷ Z SURFHVLH Z\SDğX FHUDPLNL Z WHPSHUD
 GR  SURF ']L÷NL ]PQLHMV]HQLX J÷VWRijFL WXU]HSRZ\őHM—&WZRU]ãFVSHFMDOQãVLHå
REM÷WRijFLRZHM L ]ZL÷NV]HQLX XG]LDğX GUãőHġ ]DPNQL÷W\FK PLNURSRUÐZ ]QDF]QLH SRSUD
D WDNőHSRSU]H]]PQLHMV]HQLHJUXERijFLijFLDQHN ZLDMãF\FKZğDijFLZRijFLWHUPRL]RODF\MQHFHUDPLNL
FKDUDNWHU\]XMã VL÷ OHSV]ã L]RODF\MQRijFLã FLHSOQã Z\WZDU]DQHMZWHMWHFKQRORJLL0XU\Z\NRQDQH
RGSR]RVWDğ\FKWUDG\F\MQ\FKPDWHULDğÐZFHUD ]FHUDPLNLSRU\]RZDQHMWDNMDNLWH]FHUDPLNL
PLF]Q\FK SU]\ ]DFKRZDQLX GXőHM Z\WU]\PD WUDG\F\MQHMFKDUDNWHU\]XMHZ\VRNDRGSRUQRijå
ğRijFL U\V  RJQLRZD NWÐUD VSHğQLD Z\PDJDQLD QDV]\FK
SU]HSLVÐZIJFLDQ\Z\NRQDQH]WHJRPDWHULDğX
GDMãPLHV]NDġFRPJZDUDQFM÷SRF]XFLDEH]SLH
F]HġVWZD &HUDPLND SRU\]RZDQD WR UÐZQLHő
PDWHULDğ QLHWRNV\F]Q\ t R]QDF]D WR őH DQL
Z F]DVLHXő\WNRZDQLDDQLSRGF]DVSRőDUXQLH
Z\G]LHOD őDGQ\FK V]NRGOLZ\FK EãGŏ WUXMãF\FK
VXEVWDQFML:DUWRSRGNUHijOLåUÐZQLHőőHPXU\
]SXVWDNÐZ]FHUDPLNLSRU\]RZDQHMZ\V\FKDMã
Z QLH]Z\NOHNUÐWNLPF]DVLHSRZ\EXGRZDQLX
V]\ENR X]\VNXMãF QLVNã ZLOJRWQRijå Xő\WNRZã
%DUG]RZDőQã]DOHWãSXVWDNÐZSRU\]RZDQ\FK
MHVW SURVWD L V]\END WHFKQLND EXGRZ\ GRPX
']L÷NLGXő\PUR]PLDURPSXVWDNÐZ]FHUDPLNL
SRU\]RZDQHMDWDNőHG]L÷NLV\VWHPRZLeSLÐUR
L ZSXVWr EH] VWRVRZDQLD ]DSUDZ\ Z VSRLQLH
SLRQRZHM SUDFHPXUDUVNLHXOHJDMã]QDF]QHPX
VNUÐFHQLX 3R]ZDOD WR UÐZQLHő QD ]QDF]QH
RV]F]÷GQRijFL]DSUDZ\:SU]\SDGNXijFLDQZLH
5\V  3U]\NğDG\ FHUDPLF]Q\FK SXVWDNÐZ SRU\]R ORZDUVWZRZ\FK]PDWHULDğÐZ]FHUDPLNL WUD
ZDQ\FK G\F\MQHM L SRU\]RZDQHM  GRPLQXMH WHFK
QRORJLD PXURZDQLD QD ]DSUDZ\ ]Z\NğH
&HUDPLND SRU\]RZDQD SURGXNRZDQD MHVW Z\NRQ\ZDQHQDEXGRZLH FHPHQWRZH
] JOLQ\ ] GRPLHV]Nã PãF]NL GU]HZQHM OXE OXEFHPHQWRZRZDSLHQQH LQDZRUNR
WURFLQ GODWHJR SURGXNW WHQ MHVW SRZV]HFKQLH ZDQHJRWRZH]DSUDZ\PXUDUVNLH

¢£
¥ 0$7(5,$Ğ<,7(&+12/2*,(

 6,/,.$7<

'R Z\NRQDQLD ZDUVWZ\ QRijQHM ] PD


WHULDğÐZ VLOLNDWRZ\FK VWRVXMH VL÷ JğÐZQLH
EORNLGUãőRQHU]DG]LHMFHJğ\ U\VL 
&HJğ\VLOLNDWRZHVãSURGXNRZDQHMDNR
SRMHG\QF]H SRGZÐMQH L SRWUÐMQH &HJğ\
SRGZÐMQHLSRWUÐMQHPDMã]Z\NOHGğXJRijå
L V]HURNRijå WDNã MDN FHJğ\ SRMHG\QF]H
D Z\VRNRijåGZXOXEWU]\NURWQLHZL÷NV]ã
SRZL÷NV]RQãRQDGGDWNLQDVSRLQ\

5\V3U]\NğDG\EORNÐZVLOLNDWRZ\FKGUãőRQ\FK

:DUVWZ÷ QRijQã ijFLDQ ZLHORZDUVWZR


5\V3U]\NğDG\FHJLHğVLOLNDWRZ\FK
Z\FKZSU]\SDGNXPDWHULDğÐZVLOLNDWRZ\FK
%ORNL VLOLNDWRZH GUãőRQH Vã Z\UREDPL Z\NRQXMH VL÷ Z GZÐFK WHFKQRORJLDFK
ZL÷NV]\PLRGFHJLHğ8G]LDğGUãőHġZ W\FK PXURZDQLDQD]DSUDZ\]Z\NğHFHPHQWRZH
Z\UREDFK Z\QRVL QLH PQLHM QLő  SURF OXE FHPHQWRZRZDSLHQQH L QD ]DSUDZ\
L QLH ZL÷FHM QLő  SURF Z VWRVXQNX V\VWHPRZH JRWRZH ]DSUDZ\ ZRUNRZD
GR SRZLHU]FKQL SRGVWDZ\ %ORNL SHğQH QH DWDNőHQDFLHQNLHVSRLQ\=DOHFDQD]H
SURGXNRZDQH Vã U]DG]LHM QDMF]÷ijFLHM GR Z]JO÷GÐZZ\WU]\PDğRijFLRZ\FKLHNRQRPL
Z\NRQ\ZDQLDijFLDQSLZQLFLijFLDQPL÷G]\ NL SUDF Z\NRġF]HQLRZ\FK MHVW WHFKQRORJLD
PLHV]NDQLRZ\FK PXURZDQLDQDFLHQNLHVSRLQ\

¢¤
0$7(5,$Ğ<,7(&+12/2*,( ¥

  0$7(5,$Ğ<:$567:<  67<523,$1


7(502,=2/$&<-1(-
1DMSRSXODUQLHMV]\PL PDWHULDğDPL VWRVRZD 6W\URSLDQ R]QDF]DQ\VNUÐWHP(36 WRPD
Q\PL Z ijFLDQDFK  ZLHORZDUVWZRZ\FK Vã Sğ\W\ WHULDğ WHUPRL]RODF\MQ\ R EDUG]R QLVNLP ZVSÐğ
VW\URSLDQRZHRUD]Sğ\W\LPDW\] ZHğQ\PLQHUDO F]\QQLNXSU]HZRGQRijFLFLHSOQHMSRQLHZDőNR
QHM:V]\VWNLHWHZ\URE\PDMãQLVNLZVSÐğF]\QQLN PÐUNL ] NWÐU\FK MHVW ]EXGRZDQ\ Z\SHğQLRQH
SU]HZRG]HQLD FLHSğD SRQLőHM  : P”.  VãQLHUXFKRP\PSRZLHWU]HPtMHGQ\P] QDM
]GDU]DMã VL÷ QDZHW Z\URE\ R ZVSÐğF]\QQLNX OHSV]\FKPDWHULDğÐZGRL]RODFMLFLHSOQHM'RGDW
SU]HZRG]HQLDFLHSğD: P”. :\VW÷SXMã NRZR Vã GRVW÷SQH QD U\QNX XQRZRF]HijQLRQH
SU]\W\P]QDF]QHUÐőQLFHSRPL÷G]\UÐőQ\PLZ\ URG]DMHVW\URSLDQXGRSURGXNFMLNWÐUHJRXő\WR
UREDPLUÐZQLHőWHJRVDPHJRSURGXFHQWD2SÐU ijURGND SRFKğDQLDMãFHJR SURPLHQLRZDQLH FLHSO
FLHSOQ\Z\UREXMHVW]DZV]HSRGDQ\QDHW\NLHFLH QH ']L÷NL WHPX RWU]\PDQR Z\URE\ NWÐUH
]QDMGXMãFHM VL÷ QD RSDNRZDQLX RSUÐF] LQQ\FK ]DFKRZXMã ZV]\VWNLH ZğDijFLZRijFL WUDG\F\MQHJR
SRGVWDZRZ\FK ZğDijFLZRijFL Z\UREX 1LHUD] VW\URSLDQX L RVLãJDMã UÐZQRF]HijQLH MHV]F]H
UÐZQLHő ZVSÐğF]\QQLN SU]HZRG]HQLD FLHSğD 1D OHSV]H QLHVSRW\NDQH ZF]HijQLHM SDUDPHWU\
HW\NLHFLH PRőH E\å WHő SRGDQH SRGVWDZRZH L]RODF\MQRijFL FLHSOQHM 3URGXFHQFL SRVLDGDMã
]DVWRVRZDQLHGDQHJRZ\UREXQSIJFLDQD'DFK UÐZQLHőZVZRMHMRIHUFLHVW\URSLDQ\RMHV]F]H
)DVDGD:V]\VWNLHZ\URE\GRSXV]F]RQHGRREUR ZL÷NV]HM QLő WUDG\F\MQ\ VW\URSLDQ RGSRUQRijFL
WX L VWRVRZDQLD Z EXGRZQLFWZLH Vã EH]SLHF]QH QD ZFKğDQLDQLH ZRG\ SROHFDQH QS GR L]RODFML
MHijOL FKRG]L R RGG]LDğ\ZDQLH QD RUJDQL]P F]ğR IXQGDPHQWÐZ
ZLHND Vã RGSRUQH ELRORJLF]QLH QD SOHijġ JU]\E\ 3UDFD]HVW\URSLDQHPMHVWğDWZDLEH]SLHF]
L EDNWHULH QLH VWDQRZLã UÐZQLHő SRő\ZLHQLD GOD QDGOD]GURZLD6W\URSLDQMHVWRGSRUQ\QDVWD
RZDGÐZ L JU\]RQL :ğDijFLZRijFL Z\PLHQLRQ\FK U]HQLH1LHJQLMHZijURGRZLVNXZLOJRWQ\PRUD]
Z\UREÐZGRL]RODFMLSR]RVWDMãQLH]PLHQLRQHSRG ]DFKRZXMH VZRMH Z\PLDU\ L NV]WDğW 3ğ\W\ VW\
F]DV HNVSORDWDFML Z GğXJLP SU]HG]LDOH F]DVX QD URSLDQRZH FKDUDNWHU\]XMã VL÷ EDUG]R GREU\PL
FR ZVND]XMH GRW\FKF]DVRZH NLONXG]LHVL÷FLROHWQLH SDUDPHWUDPL PHFKDQLF]Q\PL Z\WU]\PDğRijFLã
GRijZLDGF]HQLH 6WRVRZDQLH VW\URSLDQX L ZHğQ\ QDijFLVNDQLHF]\UR]U\ZDQLH
PLQHUDOQHM ZQRVL ZNğDG Z RFKURQ÷ ijURGRZLVND 6W\URSLDQ MHVW RGSRUQ\ QD G]LDğDQLH JğÐZ
QDWXUDOQHJRJG\ő]DVWRVRZDQHMDNRL]RODFMDFLHSO QHJR ZURJD L]RODFML FLHSOQHM  ZRG\ L ZLOJRFL
QD EXG\QNÐZ SR]ZDODMã RV]F]÷G]Då NRV]WRZQã =DZLOJRFRQ\PDWHULDğWHUPRL]RODF\MQ\SU]HVWDMH
HQHUJL÷LRJUDQLF]DåHPLVM÷V]NRGOLZ\FKVXEVWDQFML E\åL]RODWRUHPDVWDMHVL÷SU]HZRGQLNLHP2G
GR DWPRVIHU\ 3RV]F]HJÐOQH Z\URE\ PRJã VL÷ WDNLHJR QLHEH]SLHF]HġVWZD ZROQH Vã Sğ\W\ VW\
QDWRPLDVW UÐőQLå MHijOL FKRG]L R RGSRUQRijå QD URSLDQRZH:EXGRZDQ\ZijFLDQ÷]HZQ÷WU]Qã
NRQWDNW]ZRGãOXEZLOJRWQ\PJUXQWHPXPRZQã QLHFKğRQLHZLOJRFL7DFHFKDPDZLHONLH]QDF]H
Z\WU]\PDğRijåQDijFLVNDQLH W]ZQDSU÷őHQLHSU]\ QLHGODZDUXQNÐZZMDNLFKPDWHULDğL]RODF\MQ\
 SURF RGNV]WDğFHQLX  GğXJRWUZDğã RGSRUQRijå PDE\åSU]HFKRZ\ZDQ\]DUÐZQRQDVNğDG]LH
QDG]LDğDQLHSURPLHQLVğRQHF]Q\FKRGSRUQRijåQD EXGRZODQ\PMDNLQDEXGRZLH
G]LDğDQLH]ZLã]NÐZFKHPLF]Q\FKOXEZ\PDJDQLD :DUXQNL SRJRGRZH PDMã QLHZLHONL ZSğ\Z
%+3SU]\SUDF\]GDQ\PPDWHULDğHP QD Z\NRQ\ZDQLH SUDF RFLHSOHQLRZ\FK ]H

¢¥
¥ 0$7(5,$Ğ<,7(&+12/2*,(

VW\URSLDQHP D WR G]L÷NL RPDZLDQHM MXő GXőHM 3ğ\W\VW\URSLDQRZHVWRVXMHVL÷ZHZV]\VW


MHJR RGSRUQRijFL QD ZLOJRå L ZRG÷  6WRVXMãF NLFK ]QDQ\FK WHFKQRORJLDFK EXGRZ\ ijFLDQ
VW\URSLDQQLHPXVLP\NDőGRUD]RZRQDNRQLHF UÐZQLHő Z W\FK NWÐU\FK RSLV ]QDMGXMH VL÷
GQLD URERF]HJR ]DEH]SLHF]Då L]RODFML SU]HG Z GDOV]HMF]÷ijFLEURV]XU\
HZHQWXDOQ\PL RSDGDPL F]\ ZLOJRFLã ']L÷NL : ]DOHőQRijFL RG WHFKQRORJLL QDOHő\ Xő\å
WHPX RV]F]÷G]DP\ FHQQ\ F]DV MDN UÐZQLHő RGSRZLHGQLHJRW\SXSğ\WVW\URSLDQRZ\FK
REQLőDP\NRV]W\URERFL]Q\ 0HWRGDOHNNDVXFKDt(36 GDZQD
6W\URSLDQ PD PDğ\ FL÷őDU REM÷WRijFLRZ\ )6 OXE(36)$6$'$ GDZQD)6 
Sğ\W\ VW\URSLDQRZH Z ]DOHőQRijFL RG URG]DMX OXE (36  )$6$'$ OXE (36 
ZDőã RG  GR  NJP  ğDWZR PRőQD JR '$&+32'Ğ2*$ GDZQD)6 
WUDQVSRUWRZDå SU]HQRVLå QD SODFX EXGRZ\ 0HWRGDOHNNDPRNUD(36)$6$
-HJR QLVNL FL÷őDU QLH SRZRGXMH GRGDWNRZHJR '$ GDZQD)6 OXE(36)$6$'$
REFLãőHQLDijFLDQ\ IJFLDQD WUÐMZDUVWZRZD  (36 
3ğ\W\VW\URSLDQRZHSU]\FLQDVL÷SU]\Xő\FLX GDZQD)6 OXE(36)$6$'$ GDZ
U÷F]QHMSLğNL]DijSU]\Xő\FLX]Z\NğHJRQRőDVW\ QD )6   OXE (36  )$6$'$ OXE (36
URSLDQPRőQDSU]\FLãåGRGRZROQHJRNV]WDğWX '$&+32'Ğ2*$ GDZQD)6 
: V\WXDFML QLHUÐZQ\FK ijFLDQ VW\URSLDQ PRőQD
EH]SLHF]QLHV]OLIRZDå 6W\URSLDQ SRZLQLHQ E\å VH]RQRZDQ\ E\
: SU]\SDGNX ijFLDQ GZXZDUVWZRZ\FK X]\VNDå VWDELOQRijå Z\PLDUÐZ SU]HZLG]LDQã
]DVWRVRZDQLH VW\URSLDQX SR]ZDOD QD Xő\FLH QRUPã
ZV]\VWNLFKURG]DMÐZW\QNÐZ PLQHUDOQHDNU\ 3RGREQH GR Sğ\W VW\URSLDQRZ\FK Vã Sğ\W\
ORZH VLOLNDWRZH VLOLNRQRZH  D W\P VDP\P ] HNVWUXGRZDQHM SLDQNL SROLVW\UHQRZHM R R]QD
GR VL÷JQL÷FLD SR QLHRJUDQLF]RQã SDOHW÷ EDUZ F]HQLX ;36 RG DQJLHOVNLHJR WHUPLQX H;WUXGHG
SRQDGNRORUÐZ :SU]\SDGNXGRPNÐZ 3ROL6W\UHQH  SURGXNRZDQH VSHFMDOQã WHFKQLNã
MHGQRURG]LQQ\FK V\VWHP\ QD ED]LH Sğ\W VW\UR Z\WğDF]DQLD HNVWUX]ML  1D SRZLHU]FKQL Sğ\W
SLDQRZ\FK WR ]D]Z\F]DM V\VWHP\ NOHMRQH 1LH ] HNVWUXGRZDQHM SLDQNL SROLVW\UHQRZHM QLH
WU]HEDZÐZF]DVVWRVRZDåPHFKDQLF]Q\FKğãF] ZLGDå ijODGX ğãF]HQLD VL÷ SRV]F]HJÐOQ\FK JUD
QLNÐZG]L÷NLF]HPX]QDF]ãFRREQLőDVL÷NRV]W\ QXOHN PDWHULDğ FKDUDNWHU\]XMH VL÷ MHGQRURGQã
Z\NRQDQLDRFLHSOHQLD ]DPNQL÷WRNRPÐUNRZã EXGRZã (NVWUXGRZDQD
8ő\FLHVW\URSLDQXSR]ZDODQDHWDSRZDQLH SLDQNDSROLVW\UHQRZDPDGREUHZğDijFLZRijFLPH
SUDFRFLHSOHQLRZ\FK FKDQLF]QH Z\WU]\PDğRijåQDijFLVNDQLHL ]JLQDQLH 
:DőQãFHFKãVW\URSLDQXMHVWUÐZQLHőMHJR Z\VRNã RGSRUQRijå QD G]LDğDQLH ZLOJRFL D WDNőH
GXő\ RSÐU G\IX]\MQ\ FR PRőQD Z\NRU]\VWDå QLVNL ZVSÐğF]\QQLN SU]HZRG]HQLD FLHSğD 3RVLDGD
SU]\ SUDZLGğRZ\P SURMHNWRZDQLX SU]HJUÐG WDNőH]QDF]QãRGSRUQRijåQDRGG]LDğ\ZDQLHPUR
Z FHOX Z\HOLPLQRZDQLD PRőOLZRijFL LFK WUZD ]X]WHJRZ]JO÷GXQDGDMHVL÷GR]DVWRVRZDQLDQD
ğHJR]DZLOJRFHQLD W]ZVWURSRGDFK\RGZUÐFRQH ]ZDUVWZãL]RODFML
2FLHSOHQLD ijFLDQ ]HZQ÷WU]Q\FK QD ED]LH FLHSOQHM XğRőRQã QD L]RODFML SU]HFLZZRGQHM SRG
VW\URSLDQX X]\VNXMã NODV\ILNDFM÷ QLHUR]SU]H ZDUVWZã őZLUX OXE Sğ\WNDPL RFKURQQ\PL  D WDN
VWU]HQLDMãF\FK RJQLD 152  VSHğQLDMã W\P VD őH QD W]Z L]RODFM÷ NUDZ÷G]LRZã QD REZRG]LH
P\PVXURZHZ\PDJDQLDSROVNLFKSU]HSLVÐZ EXG\QNX 

¢¦
0$7(5,$Ğ<,7(&+12/2*,( ¥

 :(Ğ1$0,1(5$/1$ NOHMRQH EH] ğãF]QLNÐZ PHFKDQLF]Q\FK 


3ğ\W\ ] ZHğQ\ PLQHUDOQHM Vã QLHSDOQH FR
3RSXODUQD QD]ZD eZHğQD PLQHUDOQDr SR]ZDOD QD NRQVWUXRZDQLH ] QLFK SU]H
R]QDF]D ]DUÐZQR ZHğQ÷ NDPLHQQã VNDO JUÐG R GXőHM RGSRUQRijFL RJQLRZHM QS
Qã MDNLV]NODQã ijFLDQ RGG]LHOHġ SU]HFLZSRőDURZ\FK
6WRVRZDQD]JRGQLH]SU]H]QDF]HQLHP Z ]DEXGRZLH V]HUHJRZHM &KDUDNWHU\
Z]DOHőQRijFLRGURG]DMXL]RORZDQ\FKSR VW\F]QãFHFKãSğ\W]ZHğQ\PLQHUDOQHMMHVW
ZLHU]FKQL ]DSHZQLD RGSRZLHGQL PLNUR Z\VRND SDURSU]HSXV]F]DOQRijå FR PRőQD
NOLPDW SRPLHV]F]Hġ ]LPã L ODWHP D WDNőH Z\NRU]\VWDåZWHG\JG\]DOHő\QDPQDZ\
SR]ZDOD QD UHDOQH RV]F]÷GQRijFL FLHSğD VRNLPVWRSQLXSU]HSXV]F]DQLDSDU\ZRGQHM
FKURQL SU]HG XFLãőOLZ\P KDğDVHP L XQLH Z ]HZQ÷WU]Q\FK ZDUVWZDFK SU]HJUÐG 
PRőOLZLDUR]SU]HVWU]HQLDQLHVL÷RJQLD $NWXDOQLH NDőGH Z\URE\ ] ZHğQ\ PL
'R QLHGDZQD NODV\ILNDFMD Z\UREÐZ QHUDOQHM Vã K\GURIREL]RZDQH SRGF]DV
] ZHğQ\ PLQHUDOQHM SU]HZLG\ZDğD SRG]LDğ ZVW÷SQHJR HWDSX SURGXNFML 7HQ ]DELHJ
QD Z\URE\ Z\SHğQLDMãFH L REFLãőRQH RUD] SR]ZDOD QD FDğNRZLWã RFKURQ÷ JRWRZ\FK
VSHFMDOQH 2EHFQLH SURGXFHQFL SRGDMã SURGXNWÐZ]ZHğQ\VNDOQHMLV]NODQHMSU]HG
]Z\NOH RSUÐF] GğXJLHJR NRGX R]QDF]H ]DZLOJRFHQLHP QS SRGF]DV VNğDGRZDQLD
QLD UÐZQLHő SRGVWDZRZH ]DVWRVRZDQLD Z\UREÐZSU]HGZEXGRZDQLHP3U]\SUD
6]F]HJÐğRZH LQIRUPDFMH R Z\UREDFK LFK F\]Z\UREDPL]ZHğQ\PLQHUDOQHMVWRVXMH
ZğDijFLZRijFLDFKL]DVWRVRZDQLXPRőQD]QD VLHRJÐOQH]DVDG\%+3SRGDQHQDVWURQLH
OHŏåZPDWHULDğDFKSURGXFHQWÐZVWURQDFK LQWHUQHWRZHM6WRZDU]\V]HQLD0,:2
LQWHUQHWRZ\FKXORWNDFKEURV]XUDFKGR
VW÷SQ\FK UÐZQLHő Z VNğDGDFK L VNOHSDFK
EXGRZODQ\FK
:DUWRWXWDM]ZUÐFLåXZDJ÷QDVWRVXQ
NRZRQRZHQDSROVNLPU\QNXSğ\W\ODPH
ORZH 3ğ\W\ ODPHORZH ] ZHğQ\ PLQHUDOQHM
FKDUDNWHU\]XMã VL÷ SURVWRSDGğ\P XğRőH
QLHPZğÐNLHQZVWRVXQNXGRSRZLHU]FKQL
Sğ\W\ 0DMã RQH NLONDNURWQLH ZL÷NV]ã Z\
WU]\PDğRijå QD UR]U\ZDQLH QLő WUDG\F\MQH
Sğ\W\ IDVDGRZH 3RQDGWR XNğDG ZğÐNLHQ
L HODVW\F]QRijåSğ\WSR]ZDODMãQDRFLHSOHQLH
UÐZQLHőW\FKSRZLHU]FKQLEXG\QNXNWÐUH
Vã]DNU]\ZLRQH6\VWHP\QDED]LHSğ\WOD
PHORZ\FK WR MHGQRF]HijQLH W]Z V\VWHP\

¢§
¥ 0$7(5,$Ğ<,7(&+12/2*,(

  0$7(5,$Ğ<26Ğ21< NRZDQHRUJDQLF]QLH LRUJDQLF]QH:DőQ\P


(/(:$&<-1(-:IJ&,$1$&+ HOHPHQWHPV\VWHPXMHVWWHőVLDWND]EURMãFD
':8:$567:2:<&+ 6]F]HJÐOQLH ZDőQH MHVW DE\ E\ğD WR VLDWND
] ZğÐNQDV]NODQHJRNWÐUDSRUR]FLãJQL÷FLX
8NğDG SR]RVWDğ\FK PDWHULDğÐZ VWRVR ZUDFD GR VZRLFK SLHUZRWQ\FK Z\PLDUÐZ
ZDQ\FKZijFLDQLHGZXZDUVWZRZHMSU]HG 3RQDGWR SRZLQQD E\å RQD ]DEH]SLHF]RQD
VWDZLDU\V DQW\DONDOLF]QLH 6WRVRZDQH UR]ZLã]DQLD
 FLHQNRZDUVWZRZ\FKW\QNÐZ]HZQ÷WU]Q\FK

WRW\QNLRSDUWHR VSRLZD
„ PLQHUDOQH QD ED]LH ZDSQD FHPHQWX

ZUD]]GRGDWNDPLPRG\ILNXMãF\PL 
„ RUJDQLF]QH QDED]LHSROLPHUÐZ]JUXS

DNU\ORZ\FKLVLOLNRQRZ\FK 
„ VLOLNDWRZH QD ED]LH NU]HPLDQÐZ 

&KDUDNWHU\]RZDåVL÷RQHPRJãEDUG]R
]UÐőQLFRZDQ\PLZğDijFLZRijFLDPLV]F]H
JÐOQLHZ]DNUHVLH
„ RGSRUQRijFLPHFKDQLF]QHM

„ SDURG\IX]\MQRijFL RSRUXG\IX]\MQHJR 

„ ZFKğDQLDOQRijFL ZRG\ RGSRUQRijFL QD

]DFLQDMãF\GHV]F] 


 :\GDMH VL÷ őH DNWXDOQLH UR]ZÐM

 
 

L SRZV]HFKQRijå VWRVRZDQLD URG]DMÐZ
  
 W\QNÐZ ]DOHőQ\ MHVW RG QDJURPDG]HQLD
 

 
      
 
PRG\ILNDWRUÐZ ZğDijFLZRijFL WHFKQLF]Q\FK
W\QNÐZSR]ZDODMãF\FKQD]ZL÷NV]HQLHSD
5\V0DWHULDğ\VNğDGRZHijFLDQ\GZXZDUVWZRZHM URG\IX]\MQRijFLRGSRUQRijFLQD]DEUXG]HQLH
0DWHULDğDPL GHF\GXMãF\PL Z VSRVÐE L WUZDğRijFL FHFK Z F]DVLH &LHQNRZDU
]QDF]ãF\ R SDUDPHWUDFK ijFLDQ\ GZXZDU VWZRZH W\QNL SU]\JRWRZDQH IDEU\F]QLH
VWZRZHMVã Z SRVWDFL SURV]NX OXE SDVW\ WR REHFQLH
„ ]DSUDZD]EURMãFD QDMSRZV]HFKQLHM VWRVRZDQH UR]ZLã]DQLH
„ VLDWND]EURMãFD ZLGRF]QH QD HOHZDFMDFK EXG\QNÐZ ]H
„ W\QNFLHQNRZDUVWZRZ\EDUZLRQ\ZPD ijFLDQDPL GZXZDUVWZRZ\PL :\VW÷SXMã
VLHOXEPDORZDQ\IDUEãHOHZDF\MQã RQHZSRGVWDZRZ\FKURG]DMDFK
:SUDNW\FHVWRVXMHVL÷URG]DMH]DSUDZ „ W\QNLPLQHUDOQH

]EURMãF\FK PLQHUDOQH PLQHUDOQH PRG\IL „ W\QNLVLOLNDWRZH

¢¨
0$7(5,$Ğ<,7(&+12/2*,( ¥

„ W\QNLVLOLNRQRZH
„ W\QNLRUJDQLF]QLHZLã]DQH
.DőG\]W\FKURG]DMÐZFKDUDNWHU\]XMH
VL÷RGPLHQQ\PLFHFKDPLNWÐUHSU]HGVWD
ZLDSRZ\őV]DWDEHOD :SU]\SDGNX]DSURMHNWRZDQLDHOHZDFML
:DőQã FHFKã Z RVWDWQLFK ODWDFK VWDğD PLHV]DQHMOLFRZRW\QNRZDQHMZWHFKQROR
VL÷ RGSRUQRijå PHFKDQLF]QD W\QNÐZ RG JLL ijFLDQ\ GZXZDUVWZRZHM Z F]÷ijFL OLFR
SRUQRijå QD XV]NRG]HQLD PHFKDQLF]QH  ZHM ZDUVWZ÷ HOHZDF\MQã VWDQRZLã Sğ\WNL
NWÐUD WDNőH GOD SRV]F]HJÐOQ\FK W\QNÐZ FHUDPLF]QH OXE VLOLNDWRZH SU]\NOHMDQH QD
Z\JOãGDUÐőQLHFRSU]HGVWDZLDU\V ]DSUDZ÷NOHMãFã

5\V2GSRUQRijåQDXV]NRG]HQLDPHFKDQLF]
QHGODUÐőQ\FKV\VWHPÐZ

¢©
¥ 0$7(5,$Ğ<,7(&+12/2*,(

  32=267$Ğ(0$7(5,$Ğ< .RWZ\LLQQHHOHPHQW\V\VWHPRZHJR


IJ&,$175°-:$567:2:<&+ NRWZLHQLD ijFLDQ ZLHORZDUVWZRZ\FK QLH
Vã MDN GRW\FKF]DV Z 3ROVFH ]QRUPDOL
 .27:< ]RZDQH
1DMF]÷ijFLHM VWRVRZDQH V\VWHPRZH
:DUVWZD RVğRQRZD SRZLã]DQD MHVW HOHPHQW\NRWZLãFHSU]HGVWDZLDU\V
] ZDUVWZã NRQVWUXNF\MQã ijFLDQ\ V\VWHPHP 0LQLPDOQDJğ÷ERNRijå]DNRWZLHQLDWD
]DEH]SLHF]RQ\FK DQW\NRUR]\MQLH L RGSR NLFKNRWHZZ\QRVLPP ]DOHFDQD
ZLHGQLR JHRPHWU\F]QLH XNV]WDğWRZDQ\FK PP .RġFÐZNLNRWHZSRZLQQ\E\å
ğãF]QLNÐZ 0HWDORZH NRWZ\ ]DEH]SLHF]DMã ]DJL÷WH QD PLQLPXP  PP ]DOHFDQH
ZDUVWZ÷OLFRZãSU]HGXV]NRG]HQLDPLZ\QL ]DJL÷FLH   PP  .RWZ\ SRZLQQ\ E\å
NDMãF\PLQDMF]÷ijFLHM]HVVãFHJROXESUãFHJR UR]PLHV]F]RQH UÐZQRPLHUQLH L SU]H
G]LDğDQLD ZLDWUX 7HUPLF]QH RGNV]WDğFHQLD PLHQQLH QD FDğHM SRZLHU]FKQL ijFLDQ\
ZDUVWZ\IDNWXURZHMSRZRGXMãGRGDWNRZH 3LRQRZ\ RGVW÷S SRPL÷G]\ NRWZDPL
]JLQDQLHğãF]QLNÐZ=WHJRSRZRGXRUD]]H SRZLQLHQ Z\QRVLå  PP D SR]LRP\
Z]JO÷GXQDRGG]LDğ\ZDQLDNRUR]\MQHNRWZ\  PPFRRGSRZLDGDLORijFLNRWZ\
Z\NRQ\ZDQH Vã ]H VWDOL RG]QDF]DMãFHM VL÷ QD PSRZLHU]FKQLijFLDQ\FRVWDQRZL
GXőãZ\WU]\PDğRijFLã U]÷GX 03D   SURF MHM SRZLHU]FKQL : QDURőDFK
Z\GğXőDOQRijFLã U]÷GX  SURF  PD ijFLDQ\Z]GğXőMHMJÐUQHMNUDZ÷G]LSU]\
ğ\P ZVSÐğF]\QQLNLHP VSU÷ő\VWRijFL RUD] V]F]HOLQDFK G\ODWDF\MQ\FK ] REX VWURQ 
SRGZ\őV]RQã RGSRUQRijFLã QD NRUR]M÷ L SU]\ RWZRUDFK QDOHő\ ]DVWRVRZDå
1DMF]÷ijFLHM Vã WR NRWZ\ VWDORZH RNUãJğH GRGDWNRZH NRWZ\ Z RGOHJğRijFL U]÷GX
RijUHGQLF\QDMF]÷ijFLHM PPOXESğDVNR  PP RG NUDZ÷G]L PXUX Z LORijFL
ZQLNRZH]DXVWHQLF]QHMVWDOLQLHUG]HZQHM  V]W QD PHWU NUDZ÷G]L : SU]\SDG
OXEVWDOL]Z\NğHMDOHSRNU\WHMZDUVWZãDQ NX JG\ Z\PLDU\ HOHPHQWÐZ ZDUVWZ\
W\NRUR]\MQã JDOZDQLF]QDZDUVWZDRF\QNX QRijQHM XQLHPRőOLZLDMã ]DFKRZDQLH SR
OXEVWDOLDXVWHQLF]QHM  Z\őV]\FK RGVW÷SÐZ W\ONR SU]\ Xő\FLX
 NRWHZXPLHV]F]DQ\FKZ VSRLQDFKQDOH
ő\QDSU]HPLHQQLHXő\ZDåMH]ğãF]QLNDPL
QDZLHUFDQ\PLOXEVWRVRZDåW\ONRNRWZ\
QDZLHUFDQH
'RGDWNRZR NRWZ\ PXV]ã E\å ]D
EH]SLHF]RQH SU]HG SHQHWUDFMã VNUDSOD
MãFHM VL÷ ZLOJRFL L ZRG\ ] ]DFLQDMãFHJR
GHV]F]X : W\P FHOX QD NRWZ\ QDOHő\
5\V3U]\NğDGRZHV\VWHPRZHNRWZ\ ]DNğDGDå NUãőNL ] WZRU]\ZD V]WXF]QHJR

£ª
0$7(5,$Ğ<,7(&+12/2*,( ¥

LOXENV]WDğWRZDåZQLFKNDSLQRV\']L÷  0$7(5,$Ğ<


NLNDSLQRVRPZRGDijFLHNDZGÐğV]F]H :$567:<26Ğ212:(-
OLQ\ ZHQW\ODF\MQHM D QLH SU]HPLHV]F]D
VL÷Z]GğXőğãF]QLNÐZ.UãőNL] WZRU]\ 3U]\ ]DOHFDQ\P UR]ZLã]DQLX ijFLDQ\
ZD V]WXF]QHJR SHğQLã GRGDWNRZR URO÷ WUÐMZDUVWZRZHM ]H V]F]HOLQã ZHQW\ODF\M
GRFLVNRZã ZDUVWZ\ WHUPRL]RODF\MQHM Qã ZDUVWZ÷ OLFRZã QDMF]÷ijFLHM VWDQRZLã
=JRGQLH ] DNWXDOQLH RERZLã]XMãF\PL GUREQRZ\PLDURZH PDWHULDğ\ FHUDPLF]QH
SU]HSLVDPL V]HURNRijå ZHQW\ORZDQHM OXE VLOLNDWRZH ] JUXS\ PDWHULDğÐZ OLFR
V]F]HOLQ\SRZLHWU]QHMPXVLZ\QRVLåPLQ Z\FK NWÐUH QLH Z\PDJDMã QDğRőHQLD QD
PPDğãF]Q\SU]HNUÐMRWZRUÐZRG ]HZQ÷WU]QHM SRZLHU]FKQL GRGDWNRZHM
SRZLHWU]DMãF\FK QDJÐU]HZ\ZLHZQ\FK  ZDUVWZ\RFKURQQHMZSRVWDFLW\QNX
LRGZDGQLDMãF\FK QDGROHQDZLHZQ\FK 
Z\NRQDQ\FK Z ZDUVWZLH ]HZQ÷WU]QHM
SRZLQLHQZ\QRVLåRGGRPP
QD  P ijFLDQ\ : ZDUVWZLH RVğRQRZHM
MDNR RWZRU\ RGSRZLHWU]DMãFH L RGZDG
QLDMãFH VWRVRZDQH Vã QDMF]÷ijFLHM SXVWH
VSRLQ\SLRQRZHFRGRFHJLHğ
: SLHUZV]\P U]÷G]LH SLRQRZ\FK
VSRLQ NWÐU\ SRZLQLHQ VL÷ ]QDMGRZDå
SRZ\őHM  PP QDG SR]LRPHP WH
UHQX QDOHő\ SR]RVWDZLå SXVWH VSRLQ\
SLRQRZH MDNR W]Z eRWZRU\ ZORWRZHr
GR ZHQW\ODFML V]F]HOLQ\ SRZLHWU]QHM
7DNLH VDPH QLH Z\SHğQLRQH SLRQRZH
VSRLQ\ QDOHő\ SR]RVWDZLå Z JÐUQHM
F]÷ijFL PXUX HOHZDF\MQHJR RUD] SRG
L QDGZV]\VWNLPLRWZRUDPLMDNReRWZR
U\ Z\ORWRZHr : SR]RVWDZLRQH GROQH
ZORWRZH  SXVWH VSRLQ\ FRUD] F]÷ijFLHM 5\V3U]\NğDGRZHOLFRZHHOHPHQW\FHUDPLF]QH
ZSURZDG]D VL÷ VSHFMDOQH SXV]NL ZHQ
W\ODF\MQRRGZDGQLDMãFH NWÐUH PRJã (OHPHQW\ OLFRZH Vã PDWHULDğHP RVğR
SRVLDGDå WDNőH VSHFMDOQH PLQLőDOX]MH QRZ\PFKDUDNWHU\]XMãF\PVL÷Z\VRNãRG
ŐDOX]MH WH XPRőOLZLDMã SU]\P\NDQLH SRUQRijFLãFKHPLF]QãQDG]LDğDQLHDJUHV\Z
GRSğ\ZX]LPQHJRSRZLHWU]DZRNUHVLH Q\FKijURGRZLVNELRORJLF]Qã SOHijQLH RUD]
]LPRZ\P PHFKDQLF]Qã XGHU]HQLD  &KDUDNWHU\]XMã

£¡
¥ 0$7(5,$Ğ<,7(&+12/2*,(

FHJLHğRUD]Z\NRQ\ZDåVSRLQ\ZV]HURNLHM
JDPLH NRORUÐZ FR ]ZL÷NV]D DWUDNF\MQRijå
HOHZDFML &RUD] V]HUV]D JDPD NRORU\
VW\F]QDFHJLHğOLFRZ\FK RGELHOLSRSU]H]
QLHELHVNLőÐğW\EHőRZ\GREUXQDWQRF]HU
ZRQHJRLJUDILWRZHJR SR]ZDODQDFLHNDZã
JU÷NRORUÐZHOHZDFML1RZ\P]MDZLVNLHP
Vã FHJğ\ U÷F]QLH IRUPRZDQH NWÐUH GR
GDWNRZR ZSURZDG]DMã eWU]HFL Z\PLDUr
Z HOHZDFML L PDMã ]QDF]ãF\ ZSğ\Z QD
NV]WDğWMHMSRZLHU]FKQL
=DVWRVRZDQLH HOHPHQWÐZ OLFRZ\FK
GDMH PRőOLZRijå Z\NRQDQLD Z NUÐWNLP
F]DVLH ijFLDQ\ ZLHORZDUVWZRZHM R QLHSR
ZWDU]DOQ\FK ZDORUDFK HVWHW\F]Q\FK ZUD]
] QLH]E÷GQã ZHQW\ODFMã SU]HJURG\ 'R
WHJR QDOHő\ GRGDå őH ]DVWRVRZDQLH HOH
ZDFMLFHUDPLF]Q\FKZFDğRijFLRZ\FKNRV]
WDFKZ\NRQDQLDGRPXW\ONRZQLHZLHONLP
VWRSQLX SURF ]ZL÷NV]DNRV]W\DOH]D
WRZSÐŏQLHMV]\PRNUHVLHRGQRWRZXMHVL÷
GXőHRV]F]÷GQRijFL
5\V3U]\NğDGRZHOLFRZHHOHPHQW\VLOLNDWRZH
=ZLã]DQH MHVW WR ]H ]QLNRP\PL NRV]
VL÷WDNőHZ\VRNãWUZDğRijFLãG]L÷NLF]HPX WDPL NRQVHUZDFML L XWU]\PDQLD Z GREU\P
SU]H]GğXJLRNUHVHOHZDFMH]DFKRZXMãQD VWDQLH WHFKQLF]Q\P L HVWHW\F]Q\P SU]H]
WXUDOQã L QLH]PLHQQã EDUZ÷ 6ã RGSRUQH ZLHOH ODW : SU]\SDGNX ]DSURMHNWRZDQLD
QD SU]HQLNDQLH ZLOJRFL L G]LDğDQLH PUR]X HOHZDFML PLHV]DQHM OLFRZRW\QNRZDQHM
D WDNőHQLHSDOQH Z WHFKQRORJLL ijFLDQ\ WUÐMZDUVWZRZHM
'DMãRQHUÐZQLHőPRőOLZRijåZ\NRQD UÐZQLHőLZW\PSU]\SDGNX]DOHFDVL÷Z\
QLDZW\PVDP\PPDWHULDOHZLHOXUÐőQ\FK NRQDå Mã ZUD] ]H V]F]HOLQã ZHQW\ODF\MQã 
GHWDOL DUFKLWHNWRQLF]Q\FK SRF]\QDMãF RG Z F]÷ijFL W\QNRZDQHM ZDUVWZ÷ RVğRQRZã
VWUHI\ QDGSURő\ L DWW\NL D NRġF]ãF QD SD PRJã VWDQRZLå FHJğ\ ]Z\NğH FHUDPLF]QH
UDSHWDFK'RGDWNRZRPDWHULDğWHQFKDUDN OXEVLOLNDWRZH OXESXVWDNL ]FHUDPLNLWUD
WHU\]XMH VL÷ ERJDFWZHP NV]WDğWX GDMH VL÷ G\F\MQHMOXESRU\]RZDQHM ZUD]]ZDUVWZã
ğDWZR NRPSRQRZDå ] LQQ\PL Z\UREDPL W\QNX ]HZQ÷WU]QHJR ]DEH]SLHF]DMãFHJR
0RőHP\ VWRVRZDå UÐőQH URG]DMH ZLã]Dġ SU]HGF]\QQLNDPLDWPRVIHU\F]Q\PL

£¢
(7$3<:=126=(1,$IJ&,$1
¦
  '/$IJ&,$1<  0(72'$/(..$02.5$
':8:$567:2:(- %62 

: SU]\SDGNX ijFLDQ\ GZXZDUVWZRZHM 0HWRGD WD SROHJD QD SU]\PRFRZDQLX


PRőOLZH Vã  WHFKQRORJLH UHDOL]DFML WHFK GR ijFLDQ\ V\VWHPX ZDUVWZRZHJR VNğDGDMã
QRORJLD FL÷őND PRNUD SUDNW\F]QLH G]LVLDM FHJRVL÷]PDWHULDğXWHUPRL]RODF\MQHJRRUD]
MXő QLH VWRVRZDQD  WHFKQRORJLD OHNND VXFKD ZDUVWZ\ ]EURMãFHM L W\QNX FLHQNRZDUVWZR
L WHFKQRORJLD OHNND PRNUD ]ZDQD REHFQLH ZHJR PRFRZDQ\FK GR ijFLDQ\ ]D SRPRFã
%H]VSRLQRZ\P6\VWHPHP2FLHSOHQLD%62 ]DSUDZ\ NOHMãFHM L HZHQWXDOQLH GRGDWNRZR
DNWXDOQLHQDMSRZV]HFKQLHMVWRVRZDQD IJFLDQD t ğãF]QLNDPL PHFKDQLF]Q\PL : V\VWHPLH
GZXZDUVWZRZDPRőHE\åZ\NRQ\ZDQDMHG W\PSRV]F]HJÐOQHHOHPHQW\VNğDGRZHSHğQLã
QRHWDSRZR MDN WR VL÷ G]LHMH QDMF]÷ijFLHM  OXE QDVW÷SXMãFãURO÷
GZXHWDSRZR „ Sğ\W\PDWHULDğXWHUPRL]RODF\MQHJR]DSHZ

QLDMãZ\PDJDQãL]RODF\MQRijåFLHSOQã
 0(72'$/(..$68&+$ „ PDVDOXE]DSUDZDNOHMãFDRUD]HZHQWXDO

QH ğãF]QLNL PHFKDQLF]QH PRFXMãFH Sğ\W\


: PHWRG]LH WHM Sğ\W\ L]RODFML WHUPLF] WHUPRL]RODF\MQH GR ijFLDQ\ ]HZQ÷WU]QHM
QHM XPLHV]F]D VL÷ PL÷G]\ HOHPHQWDPL ]DSHZQLDMã Z\PDJDQã VWDWHF]QRijå NRQ
GUHZQLDQHJR EãGŏ VWDORZHJR UXV]WX SU]\ VWUXNF\MQãXNğDGXRFLHSOHQLRZHJR
PRFRZDQHJR GR ijFLDQ\ 'R UXV]WX WHJR „ ZDUVWZD]EURMãFD]DSHZQLDRGSRUQRijåQD

SU]\PRFRZXMHVL÷ZLDWURL]RODFM÷LREOLFÐZN÷ G]LDğDQLHVLğXGDURZ\FKRUD]SU]HFLZG]LDğD
GUHZQLDQã OXE VLGLQJ ZLQ\ORZ\ DOER EODFK÷ VNXWNRP QDSU÷őHġ WHUPLF]Q\FK QD VW\NX
VWDORZã 0HWRG÷ W÷ VWRVXMH VL÷ JğÐZQLH ] Z\SUDZãW\QNDUVNã
Z GRPDFKRNRQVWUXNFMLV]NLHOHWRZHM „ Z\SUDZDW\QNDUVNDVWDQRZLRFKURQQRGH
SVT[UESFXOJBOZ NRUDF\MQH Z\NRġF]HQLH ijFLDQ\ FKURQLãFH
XBSTUXBOPyOB
ZDUVWZ\ RFLHSODMãFH SU]HG VWDU]HQLHP
QDWXUDOQ\PF]\QQLNDPLHUR]\MQ\PLDJUH
J[PMBDKB
DJFQMOB V\ZQ\PLRSDGDPLGHV]F]RZ\PLVWDQRZL
RQDMHGQRF]HijQLHNRORU\VW\F]QãGHNRUDFM÷
XJBUSPJ[PMBDKB
ijFLDQ\]HZQ÷WU]QHM
:\NRQDZF\F]÷VWRQLH]GDMãVRELHVSUD
XBSTUXB
FMFXBDZKOB Z\MDNZDőQHZSU]\SDGNXijFLDQ\GZXZDU
VWZRZHM MHVW RGSRZLHGQLH SU]\JRWRZDQLH
–D[OJL SRGğRőD L Z ]ZLã]NX ] W\P  ]DSHZQLHQLH
5\VIJFLDQDPXURZDQDRFLHSORQDRG]HZQãWU] SUDZLGğRZHM SU]\F]HSQRijFL VW\URSLDQX OXE
PHWRGãOHNNãVXFKã ZHğQ\PLQHUDOQHMGRijFLDQ\:]DğRőHQLDFK

££
¦ (7$3<:=126=(1,$IJ&,$1

SUDF\ V\VWHPX ZğDijFLZH SRZLã]DQLH Sğ\W NUHM MHVW SURVWH 3U]HG SU]\VWãSLHQLHP GR
WHUPRL]RODF\MQ\FKUHDOL]XMHVL÷SU]H]PR Z\NRQ\ZDQLD L]RODFML SRZLHU]FKQL÷ ijFLDQ\
FRZDQLH QD NOHM D QLH SU]H] NRğNRZDQLH QDOHő\RF]\ijFLå]NXU]XDZV]\VWNLHXE\WNL
 NRğNL SHğQLã IXQNFM÷ X]XSHğQLDMãFã L WR Z\UÐZQDå]DSUDZã5REÐWW\FKQLHQDOHő\
JğÐZQLH Z Z\SDGNX VWRVRZDQLD ZHğQ\ SU]HSURZDG]DåSRGF]DVRSDGÐZGHV]F]X
PLQHUDOQHM SU]\ VLOQ\P ZLHWU]H OXE QDVğRQHF]QLHQLX
    Z WHPSHUDWXU]H QLőV]HM QLő & L Z\őV]HM
  
 
  QLő&3ğ\W\ğãF]RQHVãQDVW\NF]RğRZ\
  
:\NRQDQLH SUDF ]DF]\QD VL÷ RG XğRőHQLD
QDMQLőV]HM ZDUVWZ\ Sğ\W NWÐUH RSLHUD VL÷
]Z\NOH QD DOXPLQLRZHM OLVWZLH FRNRğRZHM
SU]\PRFRZDQHMGRPXUX:\őV]HZDUVWZ\
XNğDGDVL÷PLMDQNRZRWDNE\LFKSRğãF]HQLD
SLRQRZHQLHWZRU]\ğ\OLQLLSURVWHM
.RQLHF]QLHQDOHő\GRFLHSOLå]HZQ÷WU]
QHSRZLHU]FKQLHRWZRUÐZRNLHQQ\FK=H
  
   
Z]JO÷GÐZWHFKQLF]Q\FKL]RODFMDPXVLWDP
   
   PLHå PQLHMV]ã JUXERijå QLő L]RODFMD XNğD
GDQD QD ijFLDQDFK QLH PRőH SU]HNURF]\å
5\V0DWHULDğ\VWRVRZDQHZRFLHSOHQLXPHWR V]HURNRijFL RijFLHőQLF\ OHF] QLH SRZLQQD
GãOHNNãPRNUã
E\å PQLHMV]D QLő  FP  3R]RVWDZLHQLH
SRZLHU]FKQL RWZRUÐZ RNLHQQ\FK EH]
1DNOHMDQLHWHUPRL]RODFMLQDEUXGQH]D GRFLHSOHQLD PRőH GRSURZDG]Lå GR SU]H
NXU]RQHSRGğRőHQLH]DSHZQLDSU]\F]HSQR PDU]DQLD ijFLDQ\ ZRNÐğ RNLHQ L SRMDZLHQLD
ijFLZDUVWZ\NOHMRZHM=DZV]HSRZLHU]FKQL÷ VL÷ SOHijQL QD ZHZQ÷WU]QHM SRZLHU]FKQL
HOHZDFML QDOHő\ RF]\ijFLå ] EUXGX OXŏQ\FK RWZRUÐZ RNLHQQ\FK ZRNÐğ RijFLHőQLF\
SRZğRN QD SU]\NğDG DJUHJDWHP P\MãF\P : ]ZLã]NX ] W\P ]DOHFDQH MHVW VWRVR
ZRGã SRG FLijQLHQLHP 3ğ\W\ WHUPRL]ROD ZDQLH VWRODUNL R V]HUV]\FK RijFLHőQLFDFK
F\MQH PRFXMH VL÷ U]÷GDPL SR]LRP\PL WDN LOXE Z\NRQDQLH WHUPRL]RODFML WHM VWUHI\
DE\VSRLQ\SLRQRZHPL÷G]\Sğ\WDPLZ Vã ] PDWHULDğÐZ R QLőV]\P ZVSÐğF]\QQLNX
VLHGQLFK U]÷GDFK PLMDğ\ VL÷ %DUG]R ZDőQH SU]HZRG]HQLDFLHSğD1DZDUVWZLHL]RODFML
MHVW GRNğDGQH Z\SR]LRPRZDQLH SLHUZV]HM Z\NRQXMH VL÷ ZDUVWZ÷ RFKURQQã ] PDV\
ZDUVWZ\ SRQLHZDő SRSHğQLRQH Z W\P ]EURMãFHMZNWÐUãZWDSLDVL÷VLDWN÷]ZğÐN
PLHMVFX Eğ÷G\ NXPXOXMã VL÷ Z Z\őV]\FK QDV]NODQHJR:DUVWZ÷W÷SRNU\ZDVL÷RG
SDUWLDFKEXG\QNX:\NRQDQLHWHUPRL]RODFML ]HZQãWU] ZDUVWZã Z\SUDZ\ W\QNDUVNLHM
ijFLDQ]HZQ÷WU]Q\FKZPHWRG]LHOHNNLHMPR 2ELHZDUVWZ\VãQDMEDUG]LHMQDUDőRQHQD

£¤
(7$3<:=126=(1,$IJ&,$1 ¦

QLHNRU]\VWQH RGG]LDğ\ZDQLH ZDUXQNÐZ „  Z FHOX ]ZL÷NV]HQLD RGSRUQRijFL ZDUVWZ\


DWPRVIHU\F]Q\FK QS SURPLHQLRZDQLH WHUPRL]RODF\MQHM QD XV]NRG]HQLD PHFKD
VğRQHF]QH DJUHV\ZQH FKHPLF]QLH RSDG\ QLF]QH QD ZV]\VWNLFK QDURőQLNDFK SLR
GHV]F]X HUR]\MQH G]LDğDQLH ZLDWUX VNXU QRZ\FKQDSDUWHU]HRUD]QDQDURőQLNDFK
F]HZZ\QLNXREQLőHQLDWHPSHUDWXU\ RUD] RijFLHő\ GU]ZL ZHMijFLRZ\FK L GU]ZL EDO
QD XV]NRG]HQLD PHFKDQLF]QH : ]ZLã]NX NRQRZ\FK QD ZV]\VWNLFK NRQG\JQDFMDFK
]W\PGODX]\VNDQLDZ\PDJDQHMWUZDğRijFL QDOHő\SU]HGSU]\NOHMHQLHPVLDWNLZVWDZLå
ZDUVWZ\WHSRZLQQ\E\åZ\NRQDQHVWDUDQ SHUIRURZDQHNãWRZQLNLZ]PDFQLDMãFH
QLH ]JRGQLH ] UHőLPHP WHFKQRORJLF]Q\P 3U]HSLV\ EXGRZODQH GRW\F]ãFH ijFLDQ
]DOHFDQ\P SU]H] SURGXFHQWD V\VWHPX Z GZXZDUVWZRZ\FKVWZLHUG]DMãőHGRUREÐW
RGSRZLHGQLFK ZDUXQNDFK DWPRVIHU\F] QDOHő\ Z\ELHUDå NRPSOHWQ\ V\VWHP L]RODFML
Q\FK L WHUPLQDFK = SXQNWX ZLG]HQLD FLHSOQHM RNUHijORQ\ DSUREDWã WHFKQLF]Qã QLH
HVWHW\NLLWUZDğRijFLQDMLVWRWQLHMV]HVãQDVW÷ QDOHő\ VWRVRZDå eVNğDGDQNLr HOHPHQWÐZ
SXMãFHZ\PDJDQLD VNğDGRZ\FK V\VWHPÐZ ] UÐőQ\FK DSUREDW
„ QLHGRSXV]F]DOQH MHVW Z\VW÷SRZDQLH WHFKQLF]Q\FK 6WRVRZDQLH PDWHULDğÐZ UÐő
QLHUÐZQRijFL QD SRZLHU]FKQL PDWHULDğX Q\FKSURGXFHQWÐZXZDOQLDLFKRGXG]LHOHQLD
WHUPRL]RODF\MQHJR ZL÷NV]H QLő  PP JZDUDQFMLQDFDğ\V\VWHP3RQDGWRSURGXFHQ
ZL÷NV]HQLHUÐZQRijFLQDOHő\]HV]OLIRZDå  FLV\VWHPÐZGRFLHSOHġSRZLQQLSU]HGVWDZLå
„ VLDWND]EURMãFDSRZLQQDE\åQDSL÷WDLFDğ QLHW\ONRDSUREDW÷WHFKQLF]QãDOHLGHNODUDFM÷
NRZLFLHZFLijQL÷WDZPDV÷]EURMãFãDMHM DOERFHUW\ILNDW]JRGQRijFL
JUXERijåSU]\SRMHG\QF]HMVLDWFHSRZLQ 'RGDWNRZR QDOHő\ Z\NRQDå RSDVN÷
QD RGSRZLDGDå Z\PRJRP SURGXFHQWD ZRNÐğ HOHZDFML FDğHJR EXG\QNX QD V]HUR
V\VWHPX NRijå RG  GR  FP 1DMOHSLHM Z\NRQDå
„ QDURőQLNL RWZRUÐZ RNLHQQ\FK L GU]ZLR Mã]Sğ\WHNFKRGQLNRZ\FKOXENRVWNLEUXNR
Z\FK SRZLQQ\ E\å Z]PRFQLRQH SU]H] ZHMLXğRő\å]HVSDGNLHPRGGRSURF
ZWRSLHQLH IUDJPHQWÐZ VLDWNL ]EURMãFHM RG OLFD EXG\QNX : SU]\SDGNX JUXQWÐZ
R Z\PLDUDFK ´ FP SRG NãWHP SU]HSXV]F]DMãF\FK QLHVSRLVW\FK  OHSV]\P
 GR SR]LRPX  FK\ED őH VWRVXMH VL÷ UR]ZLã]DQLHPZ\GDMHVL÷RSDVND]XELWHJR
RUJDQLF]Qã PDV÷ ]EURMãFã Z\SHğQLRQã JUXER]LDUQLVWHJRSğXNDQHJRőZLUXJG\őWğX
ZğÐNQHPV]NODQ\P PLRQDHQHUJL÷RGELFLDNURSOLGHV]F]RZ\FK
„ VLDWND]EURMãFDSU]\NOHMRQDQDMHGQHMijFLDQLH SRZRGXMãFMHGQRF]HVQHSRFKğDQLDQLHZÐG
QLHPRőHE\åXFL÷WDQDNUDZ÷G]LQDURőQLND GHV]F]RZ\FKGRZQ÷WU]DJUXQWX2WUZD
QDOHő\MãZ\ZLQãåQDijFLDQ÷VãVLHGQLãSD ğRijFL ijFLDQ GZXZDUVWZRZ\FK GHF\GXMH
VHPRV]HURNRijFLRNRğRFPZWDNLVDP ]DVWRVRZDQ\ V\VWHP %62 OXE LQQ\ V\VWHP
VSRVÐE QDOHő\ Z\ZLQãå VLDWN÷ QD RijFLHőD HOHZDF\MQ\]DUÐZQRSRGZ]JO÷GHPPDWH
RNLHQQHLGU]ZLRZH ULDğRZ\PMDNLZ\NRQDZF]\P

£¥
¦ (7$3<:=126=(1,$IJ&,$1

  '/$IJ&,$1< ]DUÐZQR SDGDMãF\FK EH]SRijUHGQLR QD


75°-:$567:2:(- ZDUVWZ÷ OLFRZã MDN L RGELMDMãF\FK VL÷ RG
JUXQWXOXERSDVNLFKRGQLNRZHM:]ZLã]NX
IJFLDQD WUÐMZDUVWZRZD PRőH E\å ]W\PZVW÷SQLHXNğDGDVL÷ZGROQHMF]÷ijFL
Z\NRQ\ZDQD MHGQRHWDSRZR OXE GZXHWD PXUX QD V]HURNRijå ZDUVWZ\ RVğRQRZHM
SRZR 'ZXHWDSRZH Z\NRQDQLH PXUX L V]F]HOLQ\ SRZLHWU]QHM  W]Z eIDUWXV]HNr
SROHJDQD ] SDS\ DVIDOWRZHM L]RODF\MQHM OXE IROLL 3( 
„ Z]QLHVLHQLX ZDUVWZ\ QRijQHM Z GRZRO NWÐU\ VSHğQLD URO÷ L]RODFML SU]HFLZZLOJR
QHMWHFKQRORJLL]XPLHV]F]HQLHPZQLHM FLRZHM 0XVL RQD ]DFKRG]Lå QD SLRQRZã
NRWHZOXEFHRZ\FKV]\QNRWZLãF\FKGR SğDV]F]\]Q÷ ZDUVWZ\ WHUPRL]RODF\MQHM QD
SU]\V]ğHJRPRFRZDQLDNRWHZ RNRğR  GR  FP : SU]\SDGNX ijFLDQ
„ SU]\PRFRZDQLX GR ZDUVWZ\ QRijQHM WUÐMZDUVWZRZ\FK WDNőH QLH]E÷GQ\P HOH
L]RODFMLWHUPLF]QHM]SUDZLHUÐZQRF]H PHQWHPMHVWRSDVNDZRNÐğHOHZDFMLNWÐUã
VQ\PZ\NRQDQLHPFHUDPLF]QHMZDUVWZ\ QDOHő\ Z\NRQDå MDN Z SU]\SDGNX ijFLDQ
RVğRQRZHM GZXZDUVWZRZ\FK1LH]DVWRVRZDQLHWHJR
(WDSRZRijå Z\NRQDQLD Z LVWRWQ\P W\SXRSDVNLSRZRGXMHRGELMDQLHVL÷NURSOL
VWRSQLX ]DOHő\ RG UR]ZLã]DQLD PDWHULDğR GHV]F]RZ\FKRGJUXQWXRUD]]DZLOJRFHQLH
ZHJR F]÷ijFL QRijQHM &]÷ijå GROQD ijFLDQ\ L]DEUXG]HQLHHOHZDFMLQDZHWGRZ\VRNR
]HZQ÷WU]QHM QDUDőRQD MHVW JğÐZQLH QD ijFLFP'ODWHJRWDNZDőQ\PF]\QQLNLHP
RGG]LDğ\ZDQLH ZÐG GHV]F]RZ\FK L WR MHVW VWRVRZDQLH HOHPHQWÐZ OLFRZ\FK QD
]DSUDZLH FHPHQWRZHM Z\NRQDQHM QD
ED]LH FHPHQWX SRUWODQG]NLHJR EH] GR
GDWNÐZ OXE ]DSUDZLH V\VWHPRZHM GR
Z\VRNRijFLFRQDMPQLHMFPRGSR]LRPX
JUXQWX:DUVWZDWDVWDQRZLVZRLVWãL]ROD
FM÷ W\SX OHNNLHJR L XQLHPRőOLZLD ZQLNDQLH
LQJHUXMãFHMZRG\GHV]F]RZHMGRZQ÷WU]D
SU]HJURG\

£¦
(7$3<:=126=(1,$IJ&,$1 ¦

  :<7<&=1(5($/,=$&-, „ Z SU]\SDGNX VWRVRZDQLD VSHFMDOQHM


:$567:<26Ğ212:(- ]DSUDZ\ GR VSRLQRZDQLD QDOHő\ SR
]RVWDZLå FRIQL÷Wã R  FP VSRLQ÷
 =$0$:,$1,( NWÐUD ]RVWDQLH Z\SHğQLRQD Z WUDNFLH
VSRLQRZDQLD
„ QD VãVLDGXMãFH ]H VREã IUDJPHQW\ „ QLHZROQRSR]RVWDZLDåFRIQL÷W\FKVSRLQ

HOHZDFMLPXUX QDOHő\ VWRVRZDå FHJğ\ ZJRWRZ\PPXU]H QLHW\QNRZDQ\P 


Z\ğãF]QLH ] MHGQHM SDUWLL SURGXNF\MQHM „ FHJğ\ R GXőHM QDVLãNOLZRijFL SU]HG PX

GODWHJR WU]HED SDPL÷WDå R MHGQRF]H URZDQLHP Z\PDJDMã ]ZLOőHQLD ZRGã


VQ\P ]DPÐZLHQLX PRőOLZLH ZV]\VWNLFK V]F]HJÐOQLH SRGF]DV Z\VRNLFK WHPSH
SRWU]HEQ\FKGREXGRZ\FHJLHğ UDWXUSRZLHWU]DGRWDNLFKFHJLHğQDOHő\
„ ]DPDZLDMãFFHJğ\]MHGQHMSDUWLLXQLNDP\ VWRVRZDåRGSRZLHGQLH]DSUDZ\
HZHQWXDOQ\FK QLHZLHONLFK UÐőQLF NROR „ QDOHő\ VWRVRZDå JRWRZH ]DSUDZ\ GR

UÐZ FHJLHğ Z\QLNDMãF\FK ] ZğDijFLZRijFL PXURZDQLD FHJLHğ NOLQNLHURZ\FK SU]H]


Xő\WHJR GR SURGXNFML QDWXUDOQHJR VX FRXQLNDP\Z\NZLWÐZ
URZFDtJOLQ\ „ SU]HGUR]SRF]÷FLHPPXURZDQLDQDOHő\

VSUDZG]Lå QDVLãNOLZRijå FHJLHğ L GREUDå


 0$*$=<12:$1,( ZğDijFLZã]DSUDZ÷
„ QDOHő\ EH]Z]JO÷GQLH SU]HVWU]HJDå ]DOH

„ FHJğ\ GRVWDUF]RQH QD SODF EXGRZ\ FHġ SURGXFHQWD ]DSUDZ\ ]DZDUW\FK QD
QDOHő\ FKURQLå SU]HG ]DEUXG]HQLHP ZRUNX
L ZSğ\ZHP ZDUXQNÐZ DWPRVIHU\F] „ QLH ZROQR SURZDG]Lå SUDF PXUDUVNLFK
Q\FK GHV]F]ijQLHJLWS  Z WHPSHUDWXU]HSRQLőHM&
„ FHJğ\ QDOHő\ SU]HFKRZ\ZDå QD RIROLR „ QDOHő\ PXURZDå F]\VWR t ]DEUXG]R

ZDQ\FK SDOHWDFK QLH ZROQR VNğDGRZDå Qã FHJğ÷ EDUG]R WUXGQR MHVW RF]\ijFLå
LFKEH]SRijUHGQLRQD]LHPL Z PXU]H

 0852:$1,(  2&+521$IJ:,(Ő(*20858

„ SRGF]DVPXURZDQLDQDOHő\]DZV]HPLH „ ]DUÐZQRSRGF]DVSU]HUZZPXURZDQLX
V]DåFHJğ\]ZL÷NV]HMLORijFLSDOHWWDNDE\ MDN L SR MHJR ]DNRġF]HQLX ijZLHő\ PXU
X]\VNDåQDWXUDOQ\UR]NğDGNRORUÐZ PXVL E\å FKURQLRQ\ SU]HG V]NRGOLZ\P
„ MHőHOLVWRVXMHP\]DSUDZ÷GRMHGQRF]HVQH ZSğ\ZHP ZDUXQNÐZ DWPRVIHU\F]Q\FK
JR PXURZDQLD L VSRLQRZDQLD QDOHő\ QD QSGHV]F]VLOQHQDVğRQHF]QLH ZW\P
QLHijå]DSUDZ÷QDFDğãSRZLHU]FKQL÷FHJLHğ FHOXQDOHő\SU]\NU\ZDåPXUQSIROLãOXE
LXNV]WDğWRZDåVSRLQ\SU]HGMHM]ZLã]DQLHP SODQGHNã

£§
§ '</$7$&-(

  '/$IJ&,$1< ]DSHZQLRQãPRőOLZRijåUXFKXZNLHUXQNX


 ':8:$567:2:(- SLRQRZ\P MDN L SR]LRP\P ]D SRPRFã
G\ODWDFML 6W\N WDNL PXVL XPRőOLZLDå VZR
'\ODWDFMH Z ijFLDQLH GZXZDUVWZRZHM ERGQ\ UXFK ZDUVWZ\ IDNWXURZHM 'ODWHJR
]ZLã]DQH Vã MHG\QLH ] Z\PDJDQLDPL GOD WHő ZDUVWZD WD QLH PRőH E\å ]ZLã]DQD
ZDUVWZ\ QRijQHM WHJR URG]DMX ijFLDQ\ ] ZDUVWZã ZHZQ÷WU]Qã ]D SRijUHGQLF
: QDMZL÷NV]\P VWRSQLX ZSğ\ZD QD WR WZHP ZLHġFÐZ QDGSURő\ F]\ V]W\ZQ\FK
URG]DM]DVWRVRZDQHJRPDWHULDğX'\ODWDFMH VL÷JDF]\ FHJODQ\FK D MHG\QLH ]D SRPRFã
WHPRJãZ\QLNDåQLHW\ONR]F]\QQLNÐZPD FLHQNLFKNRWHZPHWDORZ\FK
WHULDğRZ\FK QSRGNV]WDğFDOQRijå DOHWDNőH : ]ZLã]NX ] W\P RGVW÷S\ PL÷G]\
NRQVWUXNF\MQ\FK : ]ZLã]NX ] W\P QDOHő\ SU]HUZDPLG\ODWDF\MQ\PLZDUVWZ\IDNWXUR
SDPL÷WDå őH G\ODWDFMH Z\NRQDQH Z ZDU ZHMQLHSRZLQQ\SU]HNUDF]Då
VWZLH QRijQHM PXV]ã E\å Z\WZRU]RQH
Z SR]RVWDğ\FK ZDUVWZDFK : QDMF]÷ijFLHM „ ZSU]\SDGNXijFLDQ]FHJLHğFHUDPLF]Q\FK
VWRVRZDQ\FK V\VWHPDFK %62 GR Z\NRQD P
QLDG\ODWDFMLVğXőãVSHFMDOQHSURILOHG\ODWDF\M „ ZSR]RVWDğ\FKSU]\SDGNDFKP

QH 5R]PLHV]F]HQLH G\ODWDFML Z ZDUVWZLH


QRijQHM Z ]DOHőQRijFL RG ]DVWRVRZDQHJR 2GVW÷S\ SRPL÷G]\ SU]HUZDPL G\OD
PDWHULDğX SRZLQLHQ XVWDOLå SURMHNWDQW WDF\MQ\PL ZDUVWZ\ ZHZQ÷WU]QHM QRijQHM 
1DMF]÷ijFLHM PLHV]F]ã VL÷ RQH Z JUDQLFDFK Vã LGHQW\F]QH MDN Z SU]\SDGNX PXUÐZ
RGGRPF]\OLQLHVãSUREOHPHPGOD SHğQ\FK Z\NRQDQ\FK ] WDNLFK VDP\FK
EXGRZQLFWZDMHGQRURG]LQQHJR PDWHULDğÐZ

  '/$IJ&,$1<
75°-:$567:2:(-

:DUVWZD ]HZQ÷WU]QD VSHğQLD IXQNFMH


RVğRQRZHFKURQLãFZHZQ÷WU]QHZDUVWZ\
ijFLDQ\ SU]HG RGG]LDğ\ZDQLHP F]\QQLNÐZ
]HZQ÷WU]Q\FK WDNLFK MDN RSDG\ DWPRV
IHU\F]QH GXőH VNRNL WHPSHUDWXU\ ZLDWU
VSDOLQ\XGHU]HQLDPHFKDQLF]QHDZSU]\
SDGNXijFLDQSLZQLFUÐZQLHőSDUFLHJUXQWX
6LOQHQDJU]HZDQLHVL÷ZDUVWZ\RVğRQRZHM
Z OHFLH SRZRGXMH GXőH RGNV]WDğFHQLH
PXUX 'ODWHJR WHő ZDUVWZD WD PXVL PLHå

£¨
1$'352Ő$,:,(Ġ&(
¨

1$'352Ő$,:,(Ġ&( 

:IJ&,$1$&+:$567:2:<&+ 



: SU]\SDGNX ijFLDQ ZDUVWZRZ\FK


PRőQD Z ZDUVWZLH QRijQHM ]DVWRVRZDå 



ZV]\VWNLH URG]DMH QDGSURő\ RG őHOEHWR

Z\FKPRQROLW\F]Q\FKSRSU]H]őHOEHWRZH

SUHIDEU\NRZDQH GR ]HVSRORQ\FK FHUD 


PLF]QRőHOEHWRZ\FK :LHġFH Z\NRQXMH 

VL÷QDFDğãV]HURNRijåZDUVWZ\QRijQHMLFR
QDMPQLHMQDFDğãZ\VRNRijå]DVWRVRZDQHJR
VWURSX



 
 

  
 


  XFOUZMPXBOB QVTULB QPXJFUS[OB HS  DN


   DFHZ FMFXBDZKOF
   [BQSBXB DFNFOUPXPXBQJFOOB

  LPUXB NVSPXB [F TUBMJ OJFSE[FXOFK
   LS–œFL EPDJTLPXZ
  J[PMBDKB QJPOPXB SFHVMVK–DB PEQZX XJMHPDJ
[ QVTULJ QPXJFUS[OFK  GPMJB QPMJFUZMFOPXB
  J[PMBDKB DJFQMOB
  QVTUB TQPJOB QJPOPXB OBXJFX

  LPUXB [F TUBMJ OJFSE[FXOFK


   œXJS
  J[PMBDKB QPXPLPXB UZQV MFLLJFHP
  UZOL DFNFOUPXPXBQJFOOZ
  J[PMBDKB QP[JPNB yDJBOZ   ´ GPMJB 1&
  QSÇUZ HÐXOF [CSPKFOJB XJFÎDB TUSPQV ´ 
  TUS[FNJPOB [CSPKFOJB XJFÎDB TUSPQV   DP  DN
  TUSPQ HÇTUPœFCSPXZ

  J[PMBDKB QP[JPNB TUSPQV   ´ QBQB OB MFQJLVMVC ´ GPMJB 1&
  DFHB QFOB


  DFHZ FMFXBDZKOF
  LS–œFL EPDJTLPXZ
  LPUXB NVSPXB [F TUBMJ OJFSE[FXOFK
  J[PMBDKB DJFQMOB
  LPUXB EP CFUPOV
  LPUXB XTQPSOJLPXB [F TUBMJ OJFSE[FXOFK
  TZTUFNPXF VT[D[FMOJFOJF LPNQFOTBDZKOF
  QVTULB QPXJFUS[OB HS  DN
  XBSTUXB OPyOB
  UZOL HJQTPXPXBQJFOOZ
  [CSPKFOJF XJFÎDB TUSPQV
  TUSPQ HÇTUPœFCSPXZ
  QVTUB TQPJOB QJPOPXB OBXJFX

  QVTUB TQPJOB QJPOPXB XZXJFX

£©
© 67523<,'$&+<

67523<,'$&+<:35=<3$'.8

IJ&,$1:,(/2:$567:2:<&+


1DMSRZV]HFKQLHM VWRVRZDQ\PL VWUR  

SDPL Z SU]\SDGNX EXGRZQLFWZD MHGQR 

URG]LQQHJR Vã VWURS\ J÷VWRőHEURZH OXE 



VWURS\]HVSRORQH:VWUHILHZLHġFÐZijFLDQ 

ZDUVWZRZ\FK HOLPLQXMH VL÷ SRZVWDZDQLH 

PRVWNÐZWHUPLF]Q\FK 

 






 


 




  NVSBUB  ´  DN
   [CSPKFOJF XJFÎDB TUSPQV
  LPUXB   DP      N
  XBSTUXB QPyMJ[HPXB OQ GPMJB 1&

  XBSTUXB OPyOB

  UZOL HJQTPXPXBQJFOOZ
  J[PMBDKB DJFQMOB
  LS–œFL EPDJTLPXZ
   LPUXB NVSPXB [F TUBMJ OJFSE[FXOFK
   EBDIÐXLB DFSBNJD[OB
  BUZ  ´   DN

  LPOUSBUZ   ´  DN
   J[PMBDKB QS[FDJXXJMHPDJPXB J XJBUSPDISPOOB 
KFEOPTUSPOOJFQBSPQS[FQVT[D[BMOB
 
  EFTLPXBOJF OB QJÐSP J XQVTU
  LSPLXJF  ´  DN NJÇE[Z LSPLXJBNJ J[PMBDKB DJFQMOB HS  DN
XFOUZMPXBOB QVTULB QPXJFUS[OBHS  DN
  SZOOB J PGB[PXBOJF [ CMBDIZ PCVTUSPOOJF PDZOLPXBOFK HS   NN
  J[PMBDKB DJFQMOB   SVSB TQVTUPXB   [ CMBDIZ PCVTUSPOOJF PDZOLPXBOFK HS   NN
  DFHZ FMFXBDZKOF   DFHZ FMFXBDZKOF
  LPUXB [F TUBMJ OJFSE[FXOFK
  XFOUZMPXBOB QVTULB QPXJFUS[OB HS  DN
  VDIXZU SVSZ TQVTUPXFK
  LPUXB NVSPXB [F TUBMJ OJFSE[FXOFK   XFOUZMPXBOB QVTULB QPXJFUS[OB HS  DN
  LS–œFL EPDJTLPXZ   QZUB (,'    NN
  PCSÐCLB CMBDIBSTLB T[D[ZUV BUUZLJ  CMBDIB
PDZOLPXBOB HS   NN
  OBECJULB ESFXOJBOB LT[UBUVK–DB TQBEFL T[D[ZUVBUUZLJ
  œXJS
  NFNCSBOB &1%.
  J[PMBDKB DJFQMOB
  J[PMBDKB QS[FDJXXJMHPDJPXB  GPMJB KFEOPTUSPOOJF
QS[FQVT[D[BMOB
  CJUVNJD[OB XBSTUXB HSVOUVK–DB
  XBSTUXB TQBELPXB
  TUSPQ œFMCFUPXZ
  TZTUFNPXB XLBELB QPyMJ[HPXB
  XJFOJFD œFMCFUPXZ
  UZOL HJQTPXPXBQJFOOZ
  XBSTUXB OPyOB

¤ª
%$/.21<
¡ª
%$/.21<:35=<3$'.8IJ&,$1
:,(/2:$567:2:<&+

%DUG]R GXőH VWUDW\ FLHSğD ]H VWUHI\


ZLHġFD L VWURSX SRZRGXMH ZVSRUQLNRZD
Sğ\WD EDONRQX U\V   3U]\ V]HURNLP
EDONRQLHVWUDW\FLHSğDZZ\QLNXRGSURZD
G]HQLDJRSU]H]EDONRQVãSRUÐZQ\ZDOQH
]HVWUDWDPLFLHSğDSU]H]ijFLDQ÷]HZQ÷WU]Qã
SRPLHV]F]HQLD6WUDWW\FKPRőQDXQLNQãå
VWRVXMãF L]RORZDQH V\VWHPRZH ZNğDGNL
]EURMHQLRZH U\V OXERFLHSODMãFSğ\W÷ 5\V1LHSRSUDZQHUR]ZLã]DQLHEDONRQX
EDONRQRZãRGJÐU\LGRğXZDUVWZãL]RODFML
FLHSOQHM U\V   


'REU\P UR]ZLã]DQLHP Vã WHő Sğ\W\


EDONRQRZHRSDUWHQDRGU÷EQHMNRQVWUXNFML
ZVSRUF]HM]RGG\ODWRZDQLHPLFKZDUVWZã
L]RODFMLFLHSOQHMRGVWUHI\ZLHġFD
5\V6\VWHPRZDZNğDGND]EURMHQLRZD
]L]RODFMã

5\V2FLHSOHQLHSğ\W\EDONRQRZHM

        


      
 
  

   
      

  
   

    
  !


      

  " 


 
   
   
    
    

¤¡
¡¡ 672/$5.$
672/$5.$ :ijFLDQLHWUÐMZDUVWZRZHMRNQRQDOHő\
:IJ&,$1$&+:$567:2:<&+ XPLHijFLå Z ZDUVWZLH WHUPRL]RODF\MQHM
SUDZLGğRZR MH RGG]LHODMãF RG ZDUVWZ\
RVğRQRZHM SRSU]H] V]QXU\ UR]SU÷őQH
/RNDOL]DFMD VWRODUNL MDN L MHM ]DEH]SLH XV]F]HOQLHQLDWUZDOHSODVW\F]QHOXEQDED
F]HQLHVãijFLijOH]ZLã]DQH]W\SHPijFLDQ\ ]LHVSHFMDOQ\FKHOHPHQWÐZV\VWHPRZ\FK
: ijFLDQDFK GZXZDUVWZRZ\FK VWRODUN÷ ,QQ\P UR]ZLã]DQLHP MHVW Z\NRQDQLH
XPLHV]F]DP\ MDN QDMEOLőHM ]HZQ÷WU]QHM WHUPRL]RODFMLWHMVWUHI\]PDWHULDğÐZRQLő
NUDZ÷G]LZDUVWZ\QRijQHM]SUDZLGğRZ\P V]\PZVSÐğF]\QQLNXSU]HZRG]HQLDFLHSğD
MHM Z\G\ODWRZDQLHP QD ED]LH XV]F]HO
QLHġ WUZDOH SODVW\F]Q\FK OXE VSHFMDOQ\FK 
  
 

HOHPHQWÐZ V\VWHPRZ\FK U\V  L    



2FLHSOHQLH XNğDGDP\ WDN DE\ QDFKRG]LğR


RNFPQDRijFLHőQLF÷RNQD1DMNRU]\VW
QLHM ]H Z]JO÷GX QD UR]NğDG WHPSHUDWXU\
ZWHMVWUHILHE\ğRE\VWRVRZDåSRV]HU]RQã
RijFLHőQLF÷ WDN DE\ RFLHSOHQLH PRJğR
ZFKRG]Lå QD RijFLHőQLF÷ QD V]HURNRijå RG
GRFP

   



 
    

 

  
 

  

5\V  :\G\ODWRZDQLH VWUHI\ RNQD L SDUDSHWX 5\V  /RNDOL]DFMD VWRODUNL Z ijFLDQLH GZXZDU
  XV]F]HOQLHQLH WUZDOH SODVW\F]QH OXE HOHPHQW VWZRZHMLWUÐMZDUVWZRZHM
V\VWHPRZ\SDUDSHW

¤¢
32'6802:$1,(
¡¢
32'6802:$1,(

3RGVWDZRZH]DOHW\ijFLDQZLHORZDUVWZRZ\FK

 XPRőOLZLDMã OLNZLGDFM÷ PRVWNÐZ FLHSOQ\FK RJUDQLF]DMã VWUHI÷ WHPSHUDWXU


„

XMHPQ\FKZHZQãWU]ijFLDQ\L]ZL÷NV]DMãVWDWHF]QRijåFLHSOQãijFLDQ\

 XPRőOLZLDMãGRZROQHNV]WDğWRZDQLHZVSÐğF]\QQLNDSU]HQLNDQLDFLHSğD8
„

ijFLDQ\

 GDMã PRőOLZRijå X]\VNDQLD ZL÷NV]HM SRZLHU]FKQL ZHZQ÷WU]QHM SRSU]H]


„

PQLHMV]ãJUXERijåijFLDQ]HZQ÷WU]Q\FK V]F]HJÐOQLHZSU]\SDGNXijFLDQGZX
ZDUVWZRZ\FK 

 XPRőOLZLDMãZ\NRQDQLHWUZDğHMLHVWHW\F]QHMHOHZDFML
„

 GDMãVZRERG÷ZNV]WDğWRZDQLXHVWHW\NLHOHZDFMLGRPX UÐőQHPDWHULDğ\HOHZD
„

F\MQHNRORU\LIDNWXU\ 

 XPRőOLZLDMã ]DVWRVRZDQLH UÐőQ\FK PDWHULDğÐZ NRQVWUXNF\MQ\FK QD ZDUVWZ÷


„

QRijQã

 XPRőOLZLDMãHWDSRZãUHDOL]DFM÷ijFLDQ]HZQ÷WU]Q\FK
„

¤£

   
      
 
          

     

       

   
   
            

:0#"I3
  
       
    
    

       !  
 
  !     

    "   


 
   
       


     

  #       !   





     
  
          

 
              
      $
 %
&             

   '   % (  )** 


 %
 +  $%& 
   ,

-  $ .  (/,   ,
  $ '  ,.'$0


   
      
       !
" 
#$ % &' ( (( ))
 * +
, $$-  $$-


 
 
41$1   


4UPXBS[ZT[FOJF1SPEVDFOUÒX
$FSBNJLJ1PSZ[PXBOFK

4UPXBS[ZT[FOJF 1SPEVDFOUÐX $FSBNJLJ 1PSZ[PXBOFK 41$1


QPXTUBP X  SPLV KBLP EPCSPXPMOB PSHBOJ[BDKB
TLVQJBK–DB OBKXJÇLT[ZDI QSPEVDFOUÐX XZSPCÐX [ DFSBNJLJ QPSZ[PXBOFK X 1PMTDF 4UPXBS[ZT[FOJF UP OJF QSPXBE[J
E[JBBMOPyDJ HPTQPEBSD[FK PQJFSB TX– BLUZXOPyà OB QSBDZ TQPFD[OFK TXZDI D[POLÐX

(ÐXOZNJ DFMBNJ 41$1 T–

 XTQJFSBOJF J QSPNPXBOJF FLPMPHJD[OZDI J FOFSHPPT[D[ÇEOZDI GPSN CVEPXOJDUXB NJFT[LBOJPXFHP


 SFQSF[FOUPXBOJF D[POLÐX XPCFD XBE[ J BENJOJTUSBDKJ QBÎTUXPXFK
 XTQАQSBDB [ QPMTLJNJ J FVSPQFKTLJNJ PySPELBNJ OBVLPXPCBEBXD[ZNJ X E[JFE[JOJF DFSBNJLJ QPSZ[PXBOFK
 XTQJFSBOJF E[JBBÎ FEVLBDZKOZDI NBK–DZDI OB DFMV QSPQBHPXBOJF OPXPD[FTOZDI SP[XJ–[BÎ NBUFSJBPXP
LPOTUSVLDZKOZDI X CVEPXOJDUXJF

4UPXBS[ZT[FOJF 1SPEVDFOUÐX $FSBNJLJ 1PSZ[PXBOFK CSBP UBLœF VE[JB X QPQS[FEOJFK BLDKJ JOJDKPXBOFK QS[F[
%FQBSUBNFOU "SDIJUFLUVSZ J #VEPXOJDUXB .JOJTUFSTUXB *OGSBTUSVLUVSZ QPE IBTFN b.–ESZ 1PMBL QS[FE CVEPX–q

%PLBEOF JOGPSNBDKF P E[JBBMOPyDJ 41$1 [BXJFSB TUSPOB JOUFSOFUPXB 4UPXBS[ZT[FOJB  4USPOB UB
QS[FETUBXJB UBLœF NJO [BMFUZ TUPTPXBOJB XZSPCÐX [ DFSBNJLJ QPSZ[PXBOFK PSB[ BLUVBMO– PGFSUÇ

 


 
 
 

   !"#$%& ' () *
+ ,- --* & + ./0 12-3 4 *3 55 5,


¤¤
¤¥
¡£ *'=,(6=8.$ä5$'<,3202&<
 85=ö'<3$Ġ67:2:( 85=â'2&+521<.21.85(1&-,
,.21680(17°:
0,1,67(567:2,1)5$6758.785< :DUV]DZD
'(3$57$0(17$5&+,7(.785< XO3RZVWDġFÐZ:DUV]DZ\
,%8'2:1,&7:$ WHO  
:DUV]DZDXO:VSÐOQD ID[  
WHO   ZZZXRNLNJRYSO
ID[   =DGDQLHP8U]÷GXMHVWRFKURQDLQWHUHVÐZ
ZZZPLJRYSO NRQVXPHQWÐZ Z W\P RGELRUFÐZ HQHUJLL
'R 0LQLVWHUVWZD PRőQD ]ZUDFDå VL÷ LSDOLZ'R8U]÷GXPRőQD]JğDV]DåVNDUJL
R LQWHUSUHWDFM÷ SU]HSLVÐZ XVWDZRZ\FK QD QLHSUDZLGğRZH G]LDğDQLH GRVWDZFÐZ
L UR]SRU]ãG]Hġ GRW\F]ãF\FK Z\PDJDġ HQHUJLL
EXGRZODQ\FKZW\PWHUPRPRGHUQL]DFML

*Ğ°:1<85=â'1$'=258
%8'2:/$1(*2 :W\FKLQVW\WXFMDFKPRőQDX]\VNDåSRUDG\
:DUV]DZD L LQIRUPDFMH Z EDUG]LHM VNRPSOLNRZDQ\FK
XO.UXF]D SUREOHPDFKWHFKQLF]Q\FKLPDWHULDğRZ\FK
WHO  
ID[  
ZZZJXQEJRYSO  ,167<78&-(1$8.2:(
=DGDQLHP8U]÷GXMHVWQDG]ÐULNRQWURODQDG ,%$'$:&=(
SU]HVWU]HJDQLHPSU]HSLVÐZSUDZDEXGRZOD
QHJR Z\GDZDQLH GHF\]ML DGPLQLVWUDF\MQ\FK ,167<7877(&+1,.,%8'2:/$1(-
Z VSUDZDFK RNUHijORQ\FK XVWDZã NRQWUROD :DUV]DZD
SRVLDGDQLD SU]H] RVRE\ Z\NRQXMãFH VDPR XO)LOWURZD
G]LHOQHIXQNFMHWHFKQLF]QHZEXGRZQLFWZLH WHO  
XSUDZQLHġ GR SHğQLHQLD W\FK IXQNFML RUD] ID[  
GRNRQ\ZDQLH F]\QQRijFL NRQWUROQ\FK NWÐUH ,7% SURZDG]L SUDFH Z G]LHG]LQLH NRQ
VWDQRZLãSRGVWDZ÷GRZ\GDQLDGHF\]MLRUD] VWUXNFML EXGRZODQ\FK Z W\P WDNőH
SRGHMPRZDQLD LQQ\FK G]LDğDġ SU]HZLG]LD Z ]DNUHVLH IL]\NL FLHSOQHM EXGRZOL RUD]
Q\FK Z SU]HSLVDFK SUDZD EXGRZODQHJR UDFMRQDOL]DFML Xő\WNRZDQLD HQHUJLL Z EX
D WDNőH NRQWUROXMH U\QHN Z\UREÐZ EX G\QNDFK ,QVW\WXW PD XSUDZQLHQLD GR
GRZODQ\FK ZSURZDG]DQ\FK GR REURWX XG]LHODQLD FHUW\ILNDWÐZ L DSUREDW WHFK
Z RSDUFLXRSU]HSLV\XVWDZ\RZ\UREDFK QLF]Q\FK PDWHULDğÐZ RUD] Z\UREÐZ GOD
EXGRZODQ\FK EXGRZQLFWZD

¤¦
*'=,(6=8.$ä5$'<,3202&< ¡£

&(175$/1<2IJ52'(. 672:$5=<6=(1,(352'8&(17°:
%$'$:&=252=:2-2:< &(5$0,.,325<=2:$1(-
7(&+1,.,,167$/$&<-1(- =LHORQNDN:DUV]DZ\
e,167$/r XO3RGOHijQD
:DUV]DZDXO.VDZHUÐZ WHO
WHO   WHOID[  
ID[   ZZZVSFSSO
2ijURGHN SURZDG]L SUDFH ] G]LHG]LQ\
FLHSğRZQLFWZD RJU]HZQLFWZD ZHQW\ODFML
NOLPDW\]DFML L L]RODFML WHUPLF]Q\FK 8G]LHOD
DSUREDWWHFKQLF]Q\FKGODZ\UREÐZ]G]LH
G]LQ\LQVWDODFMLVDQLWDUQ\FKLJU]HZF]\FK
672:$5=<6=(1,(352'8&(17°:
:(Ğ1<0,1(5$/1(-
6=./$1(-,6.$/1(-
7U]HPHV]QRXO*QLHŏQLHġVND
WHO  
ID[  
%LXUR
 672:$5=<6=(1,$),50 :DUV]DZDXO2JURGRZD
352'8.8-â&<&+ WHO  
0$7(5,$Ğ<,=2/$&<-1( ID[  
,:<52%<%8'2:/$1( ZZZPLZRSO
HPDLOVWRZDU]\V]HQLH#PLZRSO

=:,â=(.35$&2'$:&°:
&(5$0,.,%8'2:/$1(- 672:$5=<6=(1,(
,6,/,.$7°: 352'8&(17°:67<523,$18
:DUV]DZD 2ijZL÷FLPXO&KHPLNÐZ
XO0D]RZLHFND WHOID[  
WHOID[   ZZZVW\URSLDQVSVFRPSO
ZZZ]ZLD]HNIGISO HPDLOELXUR#VW\URSLDQVSVFRPSO
ELXUR#]ZLD]HNIGISO

¤§
32:2'=(1,$

0DP\QDG]LHM÷őHQDV]DEURV]XUDSU]HND]DğDF]÷ijåQLH]E÷GQHMZLHG]\QDWHPDW
EXG\QNX]HijFLDQDPLZLHORZDUVWZRZ\PL:LDGRPRijFLWHPRJãXğDWZLåZ\EÐUPDWH
ULDğÐZLWHFKQRORJLLEXGRZ\
-DN]DSRZLDGDOLijP\ijFLDQ\ZLHORZDUVWZRZHSR]ZDODMãQDX]\VNDQLHGRPXFLFKH
JRL]GURZHJRRGREU\PPLNURNOLPDFLHZQ÷WU]VãHQHUJRRV]F]÷GQHHNRQRPLF]QH
D MHGQRF]HijQLHHNRORJLF]QHRIHUXMãV]HUHJUR]ZLã]DġZG]LHG]LQLHQLHW\ONRHOHZDFML
EXG\QNXDOHLMHJRZQ÷WU]DRUD]RJURGX

23Ğ$&$/12IJät:$572IJ&,(.2120,&=1(,(.2/2*,&=1(=$5$=(0

 PRőOLZRijå]DVWRVRZDQLDL]RODFMLRSRőãGDQHMJUXERijFL
 QLVNLH]DSRWU]HERZDQLHQDHQHUJL÷GRRJU]HZDQLD
 QLVNDHPLVMDJD]ÐZFLHSODUQLDQ\FK]EXG\QNX

:$572IJ&,='52:271(t'2%5<0,.52./,0$7:1ö75=

 PRőOLZRijå DNXPXODFML FLHSğD SU]H] PDV\ZQã ZHZQ÷WU]Qã ZDUVWZ÷ ijFLDQ\ L VWDELO


QRijåWHPSHUDWXU\ZQ÷WU]ODWHPL]LPãNRPIRUWDNXVW\F]Q\LFLV]D

¤¨
%URV]XUDMHVWG\VWU\EXRZDQDG]L÷NL32&=&,(32/6.,(-

¤©

You might also like