AFME - Bridging the Growth Gap- February 2015 (2)

8/9/2019 AFME - Bridging the Growth Gap- February 2015 (2)

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Jrghdgid tmb drkwtm dcpGivbstkr vgbws ki Burkpbci cih RV fcpgtco acrlbtscih mkw tmby hrgvb givbstabit cih bfkikagf drkwtm

Csskfgctgki ekr Egicifgco Acrlbts gi Burkpbwww.ceab.bu

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Xmgs rbpkrt wcs fkaagssgkibh jy CEAB erka Xmb Jkstki Fkisuotgid Drkup (JFD).Gt mcs jbbi wrgttbi `kgitoy jy CEAB cih JFD.

Zbpkrt qucogffifctgkis/cssuaptgkis & ogagtgid fkihgtgkis!"# %&' ()**+''+),-. /> 3:68 2) '544)=2 27- 4=).5(2+), )0 27+' =-4)=2<

?-+27-= !"# ,)= 3:68 '7&11 7&9- &,> 1+&/+1+2> 2) &,> 27+=. 4&=2> +, =-'4-(2 )0 27+' =-4)=2 )= &,> &(2+),' 2&;-, )= .-(+'+),'*&.- &' & (),'-N5-,(- )0 27- =-'512'C &.9+(- )= =-()**-,.&2+),' '-2 0)=27 7-=-+, &,. >)5 7-=-/> %&+9- &,> =+J72' &,.(1&+*' >)5 *&> 7&9- &2 &,> 2+*- &J&+,'2 !"# )= 3:68 %+27 =-J&=.' 2) 27+' =-4)=2C +,(15.+,J 27- &((5=&(> )= ()*41-2-,-''27-=-)0C &,. =-9+-% )0 27+' =-4)=2 '7&11 /- .--*-. &J=--*-,2 %+27 &,. (),'+.-=&2+), 0)= 27- 0)=-J)+,J<

F7+' =-4)=2 .)-' ,)2 =-4=-'-,2 1-J&1 &.9+(-C %7+(7 (&, ),1> /- 4=)9+.-. /> 1-J&1 ()5,'-1 &,. 0)= %7+(7 >)5 '7)51. '--;&.9+(- )0 ()5,'-1< H+*+1&=1>C 27+' =-4)=2 .)-' ,)2 =-4=-'-,2 2&B )= &(()5,2+,J &.9+(- &,. >)5 '7)51. '--; +,.-4-,.-,2 &.9+(-(),(-=,+,J 27-'- *&22-='< F7- )4+,+),' -B4=-''-. 7-=-+, &=- 9&1+. ),1> 0)= 27- 45=4)'- '2&2-. 7-=-+, &,. &' )0 27- .&2-

27- =-4)=2 +' 45/1+'7-.< E,0)=*&2+), 05=,+'7-. /> )27-='C 54), %7+(7 &11 )= 4)=2+),' )0 27+' =-4)=2 &=- /&'-.C +' /-1+-9-. 2)jb rbogcjob jut mcs ikt jbbi vbrg gbh. Ik wcrrcity gs dgvbi cs tk tmb cffurcfy ke sufm giekractgki. ^ujogf giekractgki cih+,.5'2=> &,. '2&2+'2+(&1 .&2& &=- 0=)* ')5=(-' !"# &,. 3:68 .--* 2) /- =-1+&/1-D 7)%-9-=C ,-+27-= !"# ,)= 3:68 *&;-&,> =-4=-'-,2&2+), &' 2) 27- &((5=&(> )= ()*41-2-,-'' )0 '5(7 +,0)=*&2+), &,. 7&9- &((-42-. 27- +,0)=*&2+), %+27)52eurtmbr vbrg gfctgki.

Xmb gihgids fkitcgibh gi tmgs rbpkrt acy fkitcgi prbhgftgkis jcsbh ki furrbit hctc cih mgstkrgfco trbihs. Ciy sufm prbhgftgkis&=- '5/M-(2 2) +,7-=-,2 =+';' &,. 5,(-=2&+,2+-'< E, 4&=2+(51&=C &(25&1 =-'512' ()51. /- +*4&(2-. /> 0525=- -9-,2' %7+(7 (&,,)2/- 4=-.+(2-. )= (),2=)11-.< !"# &,. 3:68 &((-42 ,) =-'4),'+/+1+2> 0)= &(25&1 =-'512' )= 0525=- -9-,2'< F7+' 45/1+(&2+), +'+,2-,.-. 2) .+'(5'' J-,-=&1 *&=;-2 &(2+9+2>C +,.5'2=> )= '-(2)= 2=-,.' )= )27-= /=)&.G/&'-. -(),)*+(C *&=;-2 )= 4)1+2+(&1fkihgtgkis. Gt smkuoh ikt jb fkistrubh cs rbsbcrfm. Ciy rbebrbifb tk c spbfg gf fkapciy kr sbfurgty gs ekr gooustrctgvb purpksbs&,. .)-' ,)2 (),'2+252- & =-()**-,.&2+), 2) /5>C '-11C 7)1. )= .+=-(21> +,9-'2 +, '5(7 ()*4&,> )= +2' '-(5=+2+-'<

?) =-'4),'+/+1+2> +' 2&;-, 0)= (7&,J-' +, *&=;-2 (),.+2+),' )= 1&%' )= =-J51&2+),' &,. ,) )/1+J&2+), +' &''5*-. 2) =-9+'- 27+'rbpkrt tk rb obft fmcidbs, bvbits kr fkihgtgkis, wmgfm kffur sujsbqubit tk tmb hctb ke pujogfctgki ke tmgs rbpkrt.

Ebjrucry :>32


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Jrghdgid tmb drkwtm dcp^cdb 3

Fkitbits

Ekrbwkrh :

Gitrkhuftgki 6

Bxbfutgvb suaacry 2

Gitbrvgbw abtmkhkokdy 32

Gitbrvgbwbb ffiras 35

Tmct smkuoh Burkpb hk hgeebrbitoy; 34

Jbttbr ffiicifgid ekr VABs :2

Gifrbcsgid givbstabit gi okid-tbra giercstrufturb prk`bfts 64

Zcgsgid tmb prkffiob cih usb ke ^rgvctb ^ocfbabits gi Burkpb 84

Cppbihgfbs 26


4/68

Ekrbwkrh

Jrghdgid tmb drkwtm dcp^cdb :

EkrbwkrhBurkpb‗s bfkikay gs ct c frgtgfco pkgit. Vbvbi ybcrs ki erka tmb gicifgco frgsgs, bfkikagf drkwtm rbacgis autbh, pujogfhbjt gi skab fkuitrgbs gs stgoo stujjkrioy mgdm cih hb octgki tmrbctbis tk prkokid tmgs pbrgkh ke stcdictgki. Cetbr ybcrs ke-(),)*+( 5,(-=2&+,2>C %- *5'2 1)); &2 ,-% %&>' 2) .-1+9-= J=)%27 &,. M)/'<

3J&+,'2 27+' /&(;J=)5,.C 3:68 +' 45/1+'7+,J !=+.J+,J 27- J=)%27 J&4 @ )5= ,-% &,&1>'+' )0 27- .+00-=-,(-' /-2%--, 8L &,.RV gicifgid gi tmb crbcs ke VABs, giercstrufturb cih ̂ rgvctb ̂ ocfbabits. Zbsbcrfmbh cih wrgttbi jy Xmb Jkstki Fkisuotgid#=)54C +2 (&,9&''-' 27- 9+-%' )0 ')*- )0 27- 1&=J-'2 J1)/&1 +,9-'2)=' O=-4=-'-,2+,J AI2, )0 &''-2' 5,.-= *&,&J-*-,2K &,.'5441-*-,2' 27-* %+27 .-'; =-'-&=(7<

Xmb stuhy rbcfmbs rbvbcogid fkifousgkis. Gt smkws mkw tmb ercdabitctgki ke Burkpb‗s gicifgco acrlbts cih rboctgvboy'*&11-= '+^- )0 &JJ=-J&2- +,9-'2&/1- &''-2' &(2 &' & /=&;- ), J=)%27 %7-, ()*4&=-. %+27 27- LH< 6)=- 27&, SZ >-&=' &02-=27- /+=27 )0 27- 85=)4-&, L,+),C 27- +,'2+252+),&1 +,9-'2)=' +,2-=9+-%-. 2)1. 5' 27&2 +''5-' '5(7 &' .+00-=-,(-' /-2%--,,&2+),&1 =-J51&2+),' &,. 2&B =&2-' %-=- '2+11 7)1.+,J /&(; J=)%27<

Kur rbsbcrfm cosk suddbstbh tmct Burkpb gs kvbr-rbogcit ki jcil euihgid, cih tmct Burkpb‗s fcpgtco acrlbts crb sgdig gfcitoy

5,.-=.-9-1)4-. ()*4&=-. 2) 27- LH< E2 -'2+*&2-' 27&2 85=)4- ),1> 7&' 2%)G27+=.' )0 27- +,9-'2&/1- &''-2' +, 27- LH<E, )27-= %)=.'C +2 7&' &44=)B+*&2-1> AVZ2, )0 -B2-=,&1 05,.+,JC &J&+,'2 &44=)B+*&2-1> AXI2, +, 27- LH< H+*+1&=1>C 85=)4- 7&'),1> &44=)B+*&2-1> 7&10 &' *5(7 -N5+2> (&4+2&1R AUZ2, 9' AUI2, +, 27- LH<

Kur gihgids crb bxtrbaboy tkpgfco ct c tgab wmbi tmb Burkpbci Fkaagssgki gs prkpksgid c Fcpgtco Acrlbts Rigki (FAR) cih7&' =-(-,21> &,,)5,(-. +2' AVUT/, 85=)4-&, :5,. 0)= H2=&2-J+( E,9-'2*-,2' O8:HEK< 3:68 &,. +2' *-*/-=' 0511> '544)=2jktm gigtgctgvbs. Ge wboo gapobabitbh, tmby wgoo dk skab wcy tkwcrhs chhrbssgid tmb fmcoobidbs kur stuhy ghbitg gbs.

CEAB cih kur jcil abajbrs crb bcdbr tk mbop pocy kur pcrt gi gaprkvgid Burkpb‗s gicifgid dcp. Tb mcvb dkkh gisgdmtsgitk mkw gicifgco acrlbts euih drkwtm. Kur abajbrs‗ fkrpkrctb fogbits crb Burkpb‗s bidgibs ke drkwtm cih `kjs, wmgob27-+= +,9-'2)= (1+-,2' &11)(&2- +,9-'2*-,2 (&4+2&1C +,(15.+,J =+'; (&4+2&1 &=)5,. 27- J1)/-<

Ekr tmgs rbcski, wb poci tk suppkrt tmb Fkaagssgki‗s hrgvb tk ekstbr drkwtm cih bapokyabit. Tb wgoo jcfl tmb prkpksbhFAR tmrkudm spbfg gf cftgkis tk oget tmb prkpkrtgki ke euihgid prkvghbh jy fcpgtco acrlbts. Tb wgoo cosk mbop tk bhufctb()=4)=&2- +''5-='C +,9-'2)=' &,. )27-= '2&;-7)1.-=' 27=)5J7 45/1+'7+,J J5+.-'< :+,&11>C %- %+11 7-14 2) 4=)*)2- & =-'4),'+/1--N5+2> =+'; (5125=-D +*4)=2&,2 0)= 05,.+,J -,2=-4=-,-5='C -'4-(+&11> +, 7+J7GJ=)%27 '-(2)=' '5(7 &' 2-(7,)1)J><

Tkrlgid fkoocjkrctgvboy, wb coo mcvb c lby pcrt tk pocy gi mbopgid suppkrt drkwtm cfrkss tmb BR.

!"#$% '()"* +,-.( /.-%>"*"7+-0 8B-(52+9-C 6&,&J+,J ]+=-(2)=C3'')(+&2+), 0)= :+,&,(+&1 W-&. )0 #1)/&16&=;-2' +, 85=)4- ")=4)=&2- !&,;+,JC P1)>.' !&,;+,J #=)54


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Gitrkhuftgki

Gitrkhuftgki3% :6%( 8254= 7/0< ?61,"*9(; N%,$>C"%J F6%;"%J F$. /-J5, 2) '2&J,&2- ),(- *)=-< 85=)4- J=-% />

),1> Z 05,.'C 05,. *&,&J-*-,2 &'')(+&2+),'C &,. -B(7&,J-'< F7+' J+9-' & 5,+N5- &,. J=&,51&=+,9-'2)='_ 4-='4-(2+9- ), 27- ;-> +''5-' )0 J=)%27 &,. +,9-'2*-,2<

Vuaacrgbs ke CEAB‗s dughb tk Zcgsgid gicifb ekr Burkpb‗s VABs< tmb CEAB-GFAC Dughb tk giercstrufturb gicifgid tmrkudmjcil okcis, ^rgvctb ^ocfbabits cih pujogf jkihs< cih c ^ci-Burkpbci ^rgvctb ^ocfbabit dughb crb cosk prkvghbh gi tmb344-,.+(-' )0 27+' =-4)=2


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Bxbfutgvb suaacry32 & 2+*- %7-, 85=)4-_' -(),)*> +' '2=5JJ1+,J 2) -B4&,.C 27+' =-4)=2C /&'-. ), & '5=9-> )0 1-&.+,J +,'2+252+),&1 +,9-'2)='Cfkapcrbs tmb kvbrcrfmgid hgeebrbifbs jbtwbbi RV cih Burkpbci fcpgtco acrlbts cih wcys tk gaprkvb hbogvbry ke

gicifb gi Burkpb < E2 0)(5'-' 4&=2+(51&=1> ), 27- ;-> &=-&' )0 '*&11 &,. *-.+5*G'+^-. -,2-=4=+'-' OH68'KC +,0=&'2=5(25=-cih agh-sgzbh fkrpkrctbs (vgc ̂ rgvctb ̂ ocfbabits).

F7- 1-&.+,J +,'2+252+),&1 +,9-'2)=' 2&;+,J 4&=2 +, 27- '5=9-> 7+J71+J72 27- ;-> .+00-=-,(-' +, 27- *&=;-2' +, 85=)4- &,. 27-LHC &' %-11 &' & ,5*/-= )0 *-&'5=-' 2) +*4=)9- 27- +,9-'2*-,2 1&,.'(&4- +, 85=)4-<

Xmgs sbfkih CEAB rbpkrt ekookws tmb grst CEAB Drkwtm pujogfctgki, Riokflgid euihgid ekr Burkpbci givbstabit cihdrkwtm (:>36), wmgfm ekfusbh ki ghbitgeygid spbfg gf euihgid kjstcfobs ceebftgid drkwtm. Gi rbspkisb tk tmgs sbfkih rbpkrt,CEAB abajbrs crb lbbi tk aclb tcidgjob fkitrgjutgkis tk chhrbss prkjobas ghbitg gbh jy survby givbstkrs, gi krhbr tk mbop85=)4-&, -(),)*+( J=)%27<

E, '5**&=>C 27- '5=9-> =-9-&1' & %+.- =&,J- )0 4=&(2+(&1 /&==+-=' (+2-. /> 27- +,9-'2)=' %- +,2-=9+-%-. O:+J5=- UK<

Egdurb 30Givbstkrs sbb c rcidb ke jcrrgbrs tk givbstabit gi Burkpb

H)5=(-R E,2-=9+-% =-'4),.-,2' &,&1>'+'

[5= &,&1>'+' =-9-&1' 27&2Burkpb mcs c sacoobr pkko ke euihgid cvcgocjob ekr givbstabit tmci tmb RV (gifouhgid jcilcih fcpgtco acrlbts gicifb), wgtm obss bqugty rgsl fcpgtco Ccotmkudm gts bfkikay gs c sgagocr sgzb . Tb bstgactb tmctBurkpb‗s sua ke ghbitg gbh givbstcjob cssbts gs kioy cpprkxgactboy mcoe tmb sgzb ke tmb RV ‖ wgtm cpprkxgactboy ₯6>ti ke-B2-=,&1 05,.+,J )52'2&,.+,JC ()*4&=-. %+27 &44=)B+*&2-1> AXI2, +, 27- LH O:+J5=- SK< H+*+1&=1>C 85=)4- 7&' ),1> 7&10 &'*5(7 1+'2-. -N5+2> (&4+2&1 @ AUZ2, 9' AUI2, +, 27- LH< W)%-9-=C &' .-'(=+/-. 1&2-=C +, (-=2&+, '-(2)=' '5(7 &' +,0=&'2=5(25=-&,. H68'C 85=)4- 4=)9+.-' *)=- 05,.+,J 27&, +, 27- LH<

Fkapcrgski wgtm tmb RV smkws tmct tmb strufturb cih skurfbs ke gicifbcrb c lby fmcoobidb ekr Burkpb. Tmgob rbduoctbh bitgtgbs sufm cs jcils cihgisurbrs crb tmb acgi suppogbrs ke gicifb gi Burkpb, tmb RV jbib gts erkadrbctbr hgvbrsgty cih obxgjgogty ke euihgid skurfbs. Gi tmb RV, prgvctb pbisgki05,.'C 05,. *&,&J-=' &,. )27-= 2>4-' )0 +,9-'2)=' O-

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% ke rbspkihbits pbrfbgvb crbc tk jb c jcrrgbr tk givbstabit gi Burkpb

Acrlbt giercstrufturb

^rkhuft bfkikagfs

Giskovbify ruobs

Fcpcjgogty dcps

Zuob hgsfrbpcifgbs

Giekractgki/Rihbrstcihgid

Cffkuitgid pkogfgbs

Acfrk kutokkl

Vkovbify :

Xcxbs / Gifbitgvbs

Abhgua FkifbriMgdm Fkifbri

Okw Fkifbri

Cssbt Acicdbr // Xmb drkwtm prkjoba gs akrbtk hk wgtm rgdghgty gi tmb ruobsgi Burkpb vbrsus tmb RVtmci cffbss tk ffiicifb.

//


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Bxbfutgvb suaacry


W)%-9-=C %7-, &';-. 2) &''-'' %7-27-= 27- &*)5,2 )0 05,.+,J &9&+1&/1- %&' 7)1.+,J /&(; 85=)4-&, J=)%27C GG@ $F B9(givbstkrs gitbrvgbwbh scgh tmct tmby hgh ikt sbb tmb cakuit ke gicifgid cvcgocjob cs jbgid tmb fmgbe jcrrgbr tkJ.$)B9 <

E, &..+2+),C 27-=- +'- J.(-B(. -??(B"B( F$. ."*C "% N! 16*"%(** >6,B6.(= -,$%J*";( ,-.J(. ?$$,* $F >-?"B-, (Egdurb :). ̂ rgvctb4-,'+), 05,.' +, 27- LH 4=)9+.- & 0&= J=-&2-= &*)5,2 )0 05,.+,J 27&, +, 85=)4-C %7+(7 *)=- 27&, )00'-2' 27- 0&(2 27&2 85=)4-_'+,'5=-= &''-2' &=- 2%+(- &' 1&=J- &' +, 27- LH< F7- '&*- 2=-,. (&, /- 0)5,. +, 27- &*)5,2 )0 n.=>G4)%.-=_ @ ()**+22-.C /52,)2 >-2 +,9-'2-. (&4+2&1 @ /> +,'2+252+),&1 +,9-'2)=' +,2) 27- 4=+9&2- -N5+2> &,. 9-,25=- (&4+2&1 &''-2 (1&''< E, SZUXC LH 4=+9&2-bqugty (^B) cih vbiturb fcpgtco (UF) euihs mch ₯8==ji rbchy tk jb givbstbh gi fkapcrgski tk fkapcrcjob Burkpbci euihs7&9+,J ASXT/, 2) /- +,9-'2-.< : E, 2-=*' )0 =+'; &44-2+2-C LH 4-,'+), 05,.' &,. 05,. *&,&J-=' +,9-'2 *)=- +, 27- -N5+2> &''-2(1&'' 27&, 27-+= 85=)4-&, 4--=' OTVQ 9' VcQ )0 05,.' *&,&J-.K<

Vgagocroy, tmbrb gs c okwbr cookfctgki ke givbstabits tkwcrh bqugtgbs gi Burkpb . ̂ crt, jut ikt coo, ke tmb okwbr rgsl prk gob)0 85=)4-&, &''-2 &11)(&2+), (&, /- &22=+/52-. 2) 27- 1&=J-= =)1- )0 '2&2- 4-,'+), '>'2-*' +, 85=)4-C %7-=-/> +,.+9+.5&1pbisgki jbib gfgcrgbs hk ikt aclb tmb givbstabit hbfgsgkis tmct wgoo gapcft tmbgr rbtgrbabit gifkab. Xmgs puts akrbprbssurb ki ictgkico dkvbriabit gicifbs, sgifb dkvbriabits wgoo mcvb tk cjskrj rbgivbstabit rgsls rctmbr tmci tmksb wmkjbib gt erka tmb rbtgrbabit prkvgsgki.

Egdurb :0 Burkpbci Rigki cih tmb RV0 hgeebrbit strufturbs cih skurfbs ke ffiicifb

?)2-R E115'2=&2+), ),1> @ ,)2 -B7&5'2+9-< H)5=(-R 344-,.+B U

Kutstcihgid acrlbt ( ₯X) Eokws ( ₯J)

FkrpkrctbHbjt

VkvbrbgdiHbjt

Jcil okciskutstcihgid tk IEFs

Obvbrcdbh okcisgssucifb (:>36)

Jkihs kutstcihgidtk IEFs

Mgdm ygboh jkihgssucifb (:>36)

Vbfurgtgsctgkiacrlbt kutstcihgid

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Bqugty /A&C

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G^Ks (:>36)

A&C hbco vkouab(:>36)

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Gisurcifb fkapciygivbstgjob cssbts

^bisgki euihsgivbstgjob cssbts

^rgvctb bqugty rcgsbh(:>36)

Autuco euihsgivbstgjob cssbts

Ubiturb fcpgtcogivbstbh (:>36)

Mbhdb euihsgivbstgjob cssbts

Vkvbrbgdi TbcotmEuihs

Fkrpkrctbs

acicdbh euihsMkusbmkoh

gicifgco cssbts

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10/68

Bxbfutgvb suaacry

Jrghdgid tmb drkwtm dcp^cdb =

Fkaabitgid spbfg gfcooy ki VABs, wmgfm rbprbsbit 2=% ke Burkpb's vcoub-&..-. &,. jcQ )0 +2' -*41)>*-,2C +,2-=9+-%--' ,)2-. 27&2 1-,.+,J /> (-=2&+,/&,;' 7&' 0&11-, +, 27- 4&'2 0-% >-&='C -'4-(+&11> +, (=+'+'G&00-(2-. ()5,2=+-'<W)%-9-=C 27- 85=)4-&, "-,2=&1 !&,; O8"!K =-4)=2C H5=9-> ), 27- &((-'' 2)

gicifb ke bitbrprgsbs, 6 rbpkrtbh ci gaprkvbabit gi tmb cvcgocjgogty ke gicifbgi ibt tbras, wgtm tmb bxfbptgki ke tmb sacoobst gras, gi tmb sgx akitms erka34=+1 2) H-42-*/-= SZUX<

Jcil okcis crb tmb drbctbst skurfb ke gicifb ekr Burkpb‗s VABs, bspbfgcooytmb sacoobst gras, wgtm tmb rbsuot tmct VABs‗ jcocifb smbbts crb erbqubitoy5,.-=G(&4+2&1+'-.< 3, 8L *-*/-= '2&2- J)9-=,*-,2 '25.> 0)5,. 27&2 cUQ )0jusgibssbs gi tmct fkuitry cpprkcfm kioy kib prkvghbr wmbi sbblgid gicifb,&,. 27&2 +, *)=- 27&, 7&10 )0 (&'-' +2 %+11 /- 27-+= *&+, /&,;C &,. &1') /5+1.' &, -()'>'2-* 0)= 0525=-/5'+,-''-' 2) 27=+9-< E,2-=9+-%--' '&+. 27-=- %&' ,) '7)=2&J- )0 (&4+2&1< E,'2-&.C +2 %&' *-,2+),-. 27&2 "%F.-*B.6>B6.(spbihgid wcs jbgid mboh jcfl jy c vcrgbty ke ecftkrs C +,(15.+,JR 27- =+'; )0 J)9-=,*-,2' f*)9+,J 27- J)&1 4)'2'fC &,gisue gfgbit iuajbr ke mgdm-qucogty prk`bfts, rbduoctkry trbctabit ke givbstabits, cih tmb ibbh ekr jbttbr acicdbabit ke.-*&,.h5'&J- =+';<

:+,&11>C +,2-=9+-%--' )/'-=9-. 27&2 aciy ke Burkpb‗s aghhob-sgzbh cih ocrdb fkapcigbs wkuoh cosk jbib gt erkacotbrictgvb gicifgid kptgkis '5(7 &' O."H-B( O,->(#(%B*= -'4-(+&11> %7-, ()*4&=-. 2) )27-= *&=;-2' '5(7 &' 27- LH<

Cs wboo cs hgeebrbifbs gi skurfbs ke euihgid cih rgsl prk gob, ekur ktmbr lby fkifousgkis wbrb rbcfmbh0

A /.-J#(%B-B"$% R H5=9-> 4&=2+(+4&,2' 7+J71+J72-. 27&2 0=&J*-,2&2+), .+'()5=&J-' +,9-'2*-,2' +, 85=)4-D jTQ )0

+,2-=9+-%--' (+2-. +,0)=*&2+),h5,.-='2&,.+,J .+00-=-,(-' &(=)'' *&=;-2' &' & ;-> /&==+-=C &,. jZQ (+2-. ,&2+),&1.+'(=-4&,(+-' +, =51-'< W&10 (+2-. .+00-=-,(-' +, 2&B-' &,. +,(-,2+9-'< E,0)=*&2+),h5,.-='2&,.+,J +''5-' ()51. +,(15.-ociducdb hgeebrbifbs, hge gfuoty gi gihgid giekractgki tk fkapcrb frkss-jkrhbr givbstabit rgsl gssubs, cs wboo csgifkisgstbifgbs jbtwbbi hctc skurfbs. Vuffbsseuo RV VABs gih gt bcsgbr tk cfmgbvb sfcob ‖ hub jktm tk tmb sgidob1&,J5&J- &,. 27- -&'- )0 -B4&,.+,J &(=)'' LH '2&2- 1+,-'C ()*4&=-. 2) ,&2+),&1 /)5,.&=+-' +, 85=)4-<

A !0ti gi Burkpb, wgtm drkssgicifgid ke ₯243ji gi tmb RV vs ₯7:5ji gi Burkpb. I(*?"B( B9"* 9"J9(. $H(.-,, F6%;"%J F$. !0$#?-.(; B$

B9( N!= Burkpbci VABs sueebr erka c ocfl ke gicifgid cvbiubs tmct fkuoh prkvghb bqugty < F7+' 1&(; )0 -N5+2> +' &;-> /)221-,-(; 2) 27- 4=)9+'+), )0 05=27-= )9-=&11 H68 05,.+,JD 27- LH 7&' & *5(7 *)=- .-9-1)4-. -N5+2> ,-2%)=; 0)=H68'< E,2-=9+-%--' (+2-. & 85=)4-&, 4=-0-=-,(- 0)= .-/2 05,.+,J )9-= -N5+2>< 31') (+2-. %&' 27- %+.-'4=-&. +,&/+1+2> )085=)4-&, +''5-=' 2) &((-'' -N5+2> +,9-'2*-,2 /> 0=+-,.' &,. 0&*+1>C /5'+,-'' &,J-1' &,. 4=+9&2- -N5+2>h9-,25=- (&4+2&1<^ujogf suppkrt ekr VABs jy tmb RV Vacoo Jusgibss Chagigstrctgki wcs cosk sbbi cs akrb be gfgbit cih beebftgvb tmci tmbfurrbit ercdabitbh Burkpbci cpprkcfm. Vbb suaacry tcjob ke hgeebrbifbs gi tmb sbftgki, Jbttbr gicifgid ekr VABs.

A 3%F.-*B.6>B6.( 0 Burkpbci giercstrufturb wkuoh jbib gt erka akrb tcrdbtbh pujogf suppkrt, tk agtgdctb rgsls tmct(&,,)2 /- &((-42-. /> 4=+9&2- '-(2)= +,9-'2)='< F7-'- +,(15.- 5'&J-h9)15*- =+';'C &' %-11 &' 27- =+'; )0 85=)4-&,+''5-=' =-.5(+,J 2&=+00 =-9-,5-' &02-= /),.' 7&9- /--, ')1.< 85=)4- 7&' =-(-,21> 4=)9+.-. *)=- 05,.+,J 0)=+,0=&'2=5(25=- 27&, 27- LHC &127)5J7 +2 =-1+-' *5(7 *)=- ), /&,; 05,.+,JC %7+1- 27- LH +' *)=- .-4-,.-,2 ),auigfgpco gicifb. Gitbrvgbwbbs cosk suddbstbh c akrb fkkrhgictbh gssucifb pgpbogib tk cgh givbstabit pociigid cih,+, 4&=2+(51&=C '544)=2 27- ")**+''+), &,. 8E! 41&, 2) .-9-1)4 & 4+4-1+,- =-4)=2+,J +,+2+&2+9-< E2 %)51. &1') +*4=)9-auigfgpcogty pociigid actfm hbacih tk kvbrcoo strctbdy. Ekrty gvb pbr fbit ke rbspkihbits fgtbh Vkovbify GG fkifbris&,. XZQ (+2-. &(()5,2+,J (),(-=,' O:+J5=- UK<

Cssbt Acicdbr // Xmb lby hgeebrbifb jbtwbbi

Burkpb cih tmb RV gstmct Burkpb gs c iuajbrke hgeebrbit acrlbts cihcs sufm tmbrb crb okts kehgeebrbifbs jbtwbbi tmba.

//


11/68

Bxbfutgvb suaacry


A '+' '7)%' 27&2 *)=- *),-> +' &9&+1&/1- 2) 85=)4-&, H68' 27&, 2) LH H68'< [5=bstgactbs gihgfctb tmct coakst hkujob tmb cakuit ke tktco gicifgid mcs jbbi achb cvcgocjob tk VABs gi Burkpb erka jcils,,),G/&,;' &,. J)9-=,*-,2' 27&, 2) 27-+= LH -N5+9&1-,2' O:+J5=- VK<

Ke tmgs, jcils cppbcr tk prkvghb c aufm ocrdbr prkpkrtgki ke VAB gicifgid gi Burkpb tmci gi tmb RV, bvbi cetbr tmb rbfbit.-(1+,- +, /&,; 1-,.+,J +, (-=2&+, ()5,2=+-'< ]&2& '7)% 27&2 +, SZUVC AISj/, )0 ,-% 05,.+,J )0 &11 2>4-' %&' 4=)9+.-.

2) 85=)4-_' H68'C ()*4&=-. 2) M5'2 )9-= ATcU/, +, 27- LH< ?)2- 27&2 .&2& +, /)27 =-J+),' -B(15.-' 05,.+,J 4=)9+.-. />pbrskico gicifgid, gifouhgid euihs achb cvcgocjob tk VABs jy tmbgr kwibrs tmrkudm tmbgr kwi pbrskico wbcotm cih rbtcgibhbcrigids. Kur cicoysgs usbs tmb Burkpbci Fkaagssgki‗s VAB hb gigtgki, wmbrb bxpogfgt hctc crb cvcgocjob, ke turikvbr ke obss27&, ATZ* 0)= 27- 1&=J-'2 H68'<

Egdurb 60Vgzbs cih skurfbs ke ffiicifgid ekr VABs gi Burkpb cih tmb RV

Vkurfbs0 Cppbihgx :. ^obcsb iktb tmct tmb tcjob bxfouhbs tmb euihs prkvghbh tk VABs jy tmbgr kwibrs tmrkudm tmbgr kwi pbrskico wbcotm

E,2-=9+-%--' 27)5J72 27&2 & 85=)4-&, (5125=- )0 =+'; &9-='+), &*),J H68' &,. +,9-'2)=' *+J72 -B41&+, 27- =-1+&,(- ), /&,;1-,.+,J< E, 4&=2+(51&=C 27-> (),2=&'2-. 85=)4- 2) 27- LH<

Zbsbcrfm cih gitbrvgbws ekuih tmct Burkpbci VABs strkidoy prbebr jcil obihgid kvbr pbrskico kr cotbrictgvb skurfbske gicifgid . Xmgs gs bvghbifbh jy tmb uihbr-hbvbokpbh icturb ke cotbrictgvb skurfbs ke gicifb ‖ sufm cs vbiturb fcpgtco cih

cidbo givbstgid ‖ cvcgocjob tk sacoobr VABs gi Burkpb. Ekr bxcapob, ₯:5ji wcs givbstbh jy vbiturb fcpgtco gras gi VABs+, 27- LH +, SZUVD &J&+,'2 ),1> AT/, +, 85=)4-< [9-= 27- '&*- 4-=+).C ASZ/, %&' +,9-'2-. /> &,J-1 +,9-'2)=' +, LH H68'C9-='5' ),1> Aj/, +, 85=)4-<

Vkurfb RV ( ₯J) BR ( ₯J) RV ( ₯J) BR ( ₯J)

Okcis 858 3,8:2* :=3* 43:

Vbfurgtgsbh okcis 6> 33= 2* 65

Jkihs/Bqugty:

Vujtktco 878 3,286 :=5 48=

Autuco

Vbdrbdctbh Acihctbs

euihs

^bisgki Euihs 6

Gisurcifb 6

^rgvctb

VTE 6

Bqugty Euihs 27*

~2

6:*

~3>

38* 7*

~3 >

3>4 == 3> 4

Ubiturb Fcpgtco Euihs 3>8* ::* :5 2

Ecagoy cih ergbihs 643* 35=* 3=5* =8*

Frkwh euihgid 6* 3* : 3 3

Cidbo Givbstgid 67* 33* :> 5

Vujtktco 5== 66: :2= 33:

Dkvbriabit ducrcitbbs cih spkiskrbh okcis 28* 36:* :4 55*

Vujtktco 28* 36:* :4 55*

Xktco 3,:65 :,>>4 243 7:5

Jcils

Iki jcils

Dkvbriabit

VAB

Hbsl rbsbcrfm cih givbstkr gitbrvgbws gihgfctb kioy

acrdgico givbstabits

Hbsl rbsbcrfm cih givbstkr gitbrvgbws gihgfctb kioyacrdgico givbstabits vgc euihs , acihctbs kr sbfurgtgsctgki

Vtkfl (ke kutstcihgid gicifgid)

Eokw(ke ibw gicifgid gi :>36

3)

* Bstgactbs usbh, sbb Cppbihgx :


12/68

Bxbfutgvb suaacry

Jrghdgid tmb drkwtm dcp^cdb 3>

332

:5>

3=:

327

>

3>>

:>>

6>>

8>>

2>>

>

3

:

6

8

%Xktco giercstrufturb spbihgid gi :>36, ₯ji

BR

837

RV

:74

% DH^ (ZMV)^rgvctbDkvbriabit

Gisurcifb Fkapciy // Ekr giercstrufturb, tmbrb gscowcys c hgrbft kr gihgrbft ogil

wgtm pkogtgfs< ge tmb rbduoctkryercabwkrl gs ikt fobcr cihmcsi‗t jbbi hbakistrctbh tkjb skogh, wb wki‗t givbst.

//

Gisurcifb Fkapciy // Vkovbify GG gs c rbco prkjoba ekrokid-tbra givbstkrs gi Burkpb,cih wgoo mgihbr sacoobr pocybrsbitbrgid tmb giercstrufturb spcfb.

//

Givbstkrs cosk iktbh tmct, gi krhbr tk prkvghb okid-tbra gicifgid tk VABs, c iuajbr ke okdgstgfco jcrrgbrs ibbh tk jb&..=-''-.< VABs fkuoh jb achb akrb cwcrb ke tmb hgeebrbifbs jbtwbbi, cih sugtcjgogty ke, hbjt cih bqugty gicifb. Fkst cih

'+^- =-N5+=-*-,2' 0)= H68' 2) +''5- .-/2h-N5+2> &=- )02-, 2)) 7+J7 0)= *&,>sacoo gras, cih furrbit acrlbt fkihgtgkis hk ikt aclb tmb sbfurgtgsctgki keH68 1)&,' 4&=2+(51&=1> &22=&(2+9-<

F) &..=-'' 27-'- 4)+,2'C 7/0< 1(,"(H(* B9-B 6* $%gifrbcsgid VAB suppoy cih hbacih ekr cotbrictgvb ekras ke gicifb ‖pcrtgfuocroy bqugty gicifb ekr sacoo VABs.

Gifrbcsgid givbstabit gi okid-tbra giercstrufturb prk`bfts

E, '--;+,J 2) +,(=-&'- +,9-'2*-,2 +, 85=)4-_' +,0=&'2=5(25=-C +2 +' +*4)=2&,2 2)=-()J,+'- %7&2 85=)4- 7&' &(7+-9-.< Xmb cicoysgs smkws tmct giercstrufturb*?(%;"%J "% ,"%( "% $H(.-,, "%F.-*B.6>B6.(*?(%;"%J "%


13/68

Bxbfutgvb suaacry


E,2-=9+-%--' '2&2-. 27&2 (#(%B #-.C(B %)51. 4=)9+.- & 0&'2-=Cakrb obxgjob rkutb ekr givbstgid gi Burkpbci gras.

Gitbrvgbwbbs rbdcrhbh ̂ rgvctb ̂ ocfbabits cs ci gapkrtcit skurfb ke euihgid ekr Burkpbci gras wgsmgid tk cvkgh tmb fkstoy.+'(1)'5=- =-N5+=-*-,2' 27&2 45/1+( *&=;-2 +''5&,(- )02-, -,2&+1'<

Xmb stctus ke tmb RV cs tmb okid-stcihgid obchgid fbitrb ekr Burkpbci hbcos wcs fki grabh jy givbstkrs, wmk vgbwbh gt cs‟tmb‑ dokjco acrlbt. Gitbrvgbwbbs wbrb qugfl tk pkgit kut tmct c Burkpbci ̂ rgvctb ̂ ocfbabit acrlbt wcs stgoo ecr erka jbgidc rbcogty ‖ hbspgtb rcpgh drkwtm gi tmb iuajbr cih vcoub ke ̂ rgvctb ̂ ocfbabit hbcos tclgid pocfb gi Dbraciy, Ercifb cih tmbRL. Xmb cicoysgs gihgfctbs tmct tmb vcoub ke RV ̂ rgvctb ̂ ocfbabit hbcos ct ₯85.3ji ($2=.6ji) gi :>36 ecr kutstrgppbh tmb sgzb)0 85=)4-&, .-&1'C %7+(7 2)2&11-. ASZ/, )9-= 27- '&*- 4-=+). O:+J5=-' T &,. jK


14/68

Bxbfutgvb suaacry

Jrghdgid tmb drkwtm dcp^cdb 3:

^bisgki Euih // Hgeebrbifbs gi tmb obdcoercabwkrl ke hgeebrbit fkuitrgbscrb c lby gapbhgabit tk^rgvctb ôcfbabit gi Burkpb.

C ^rgvctb ôcfbabit gi tmbIbtmbrocihs gs hgeebrbit tk c^rgvctb ôcfbabit gi Ercifb.

//

Egdurb 20RV ^rgvctb ôcfbabit vkouab mcs drkwitk ₯ 85.3ji ($2=.6ji)

Vkurfb0 ̂ rgvctb ̂ ocfbabit Akigtkr, GID

Egdurb 50Burkpbci ̂ rgvctb ̂ ocfbabit vkouabs mcvbdrkwi ekur-ekoh sgifb :>3>

Vkurfb0 ̂ rgvctb ̂ ocfbabit Akigtkr, Vocudmtbr cih Acy, Bxtrc AKX ^rk,ACZE

E,2-=9+-%--' -*47&'+'-. 27&2 27- ,->C $F *B-%;-.;"*-B"$% "% ;(-, ;$>6#(%B-B"$% -%; ?.$>(**(* sgdig gfcitoy mgihbrbhBurkpbci ^rgvctb ôcfbabit trciscftgkis. Xmby bxpocgibh tmct Dbraciy‗s Vfmuohsfmbgib iktbs jbib gtbh erka c akrbbstcjogsmbh prkfbss tmci ktmbr fkitgibitco Burkpbci kr RL trciscftgkis< wgtm tmb octtbr ketbi fkapobtbh ki uigqub tbras+,9)19+,J *)=- -B2-,'+9- &,. 4)2-,2+&11> -B4-,'+9- 1-J&1 (),'512&2+),< F7+' (),2=&'2-. %+27 27- LHC %7-=- +,2-=9+-%--',)2-. 27&2 *)=- '2&,.&=.+'-. .)(5*-,2&2+), &,. 4=)(-''-' =-'512-. +, & '+*41-=C *)=- ()'2G-00-(2+9- .-&1 4=)(-''< :=)*c tcxctgki pbrspbftgvb, tmb RL‗s :>38 rbakvco ke gitbrbst ki ^rgvctb ôcfbabits erka wgtmmkohgid tcx gs c dkkh bxcapob ke7)% 27- *&=;-2 (&, /- -,()5=&J-.<

Givbstkrs iktbh tmct tmb rbduoctkry trbctabit ke Burkpbci ̂ rgvctb ̂ ocfbabits gs cajgdukus, obchgid tk c akrb fcutgkus usb

ke tmgs gicifgid fmciibo tmci gi tmb RV. Xmb RV ”sceb mcrjkur‗ bxbaptgki erka VBF kvbrsgdmt dgvbs givbstkrs drbctbr fbrtcgity&/)52 =-J51&2)=> 2=-&2*-,2<

F) &..=-'' 27-'- 4)+,2'C 3:68 /-1+-9-' 27&2 ')152+),' '7)51. '--; 2) gifrbcsb stcihcrhgsctgki jy bstcjogsmgid fkaaki;$>6#(%B-B"$% -%; ?.$>(**(* F$. O."H-B( O,->(#(%B ;(-,* D &,. 2) '+*41+0> =-J51&2)=> 2=-&2*-,2 %7-=- &*/+J5+2> -B+'2'%+27 (-=2&+, 2>4-' )0 +,9-'2)='<

ôbcsb iktb tmct, sujsbqubit tk tmb fkapobtgki ke tmbsb gitbrvgbws, tmb ^ci-Burkpbci ^rgvctb ôcfbabit gigtgctgvb (^B^^)wcs ocuifmbh jy tmb gihustry. Xmb ^B^^ gigtgctgvb gs ci gapkrtcit grst stbp gi prkvghgid stcihcrhgsbh hkfuabitctgki ekr^rgvctb ̂ ocfbabits ke fkrpkrctb jkihs. Chhgtgkico hbtcgos crb cvcgocjob gi Cppbihgx 2.

38.>=.>8.=

6.76.>

3.>>.3>

:>

8>

5>

=>

₯ji

:>36:>3:

:>.:

6.:

:>33

7.>

:>3>

Agig jkihs (Gtcoy)

Burk ̂ ^ (Ercifb)RL

ACZE (Vpcgi)

Vfmuohsfmbgi (Dbraciy)

7.>

37.=8.>

:.7>

:>

8>

5>

=>

:>33:>3>

62.8

Ucoub ke RV ̂ rgvctb ̂ ocfbabit hbcos, ₯ji

85.3

:>36:>3:

82.4

6:.5

Frkss jkrhbr

Hkabstgf


15/68

Bxbfutgvb suaacry


Tmy Burkpb aust cft

Xmgs rbpkrt hbtcgos c iuajbr ke kjsbrvctgkis erka givbstkrs cjkut hgeebrbifbs jbtwbbi Burkpb‗s gicifgco acrlbts cih tmbRV. Cs c ibxt stbp, tmb wmkobscob gicifgco acrlbts gihustry rbfkaabihs ghbitgeygid cspbfts ke RV acrlbt strufturbs tmct*+J72 /- 5'-051 +, 85=)4-< F7- 85=)4-&, ")**+''+),_' 4=)4)'-. "&4+2&1 6&=;-2' L,+), +' & J)). )44)=25,+2> 2) .) ')<

Xmb wmkobscob gicifgco acrlbts gihustry gs lbbi tk hbakistrctb tmct gt gs cftgvboy ogstbigid tk bih usbr ibbhs cih cftgidupki pkogfyaclbr fkifbris cjkut bfkikagf drkwtm. Vpbfg gf gihustry cftgki stbps prkaptbh jy tmb fkifousgkis ke tmgs'5=9-> +,(15.-R

U< 7>B"H( *6??$.B F$. - *B.$%J(. (&4+2&1 *&=;-2'+,'2=5*-,2'<

S< Cftgvb suppkrt ekr prkaktgid jrkchbr uihbrstcihgid ke gicifgco acrlbts ekr jkrrkwbrs, givbstkrs, cih$B9(. *B-C(9$,;(.* < F7-'- +,(15.-C (),(5==-,2 %+27 45/1+(&2+), )0 27+' =-4)=2C 27- 0)11)%+,J 4=&(2+(&1 J5+.-' 0)=spbfg gf fctbdkrgbs ke gssubrs ghbitg gbh gi tmb survby0 c) mbopgid giercstrufturb gssubrs akrb bcsgoy tcp vcrgkus typbs

)0 +,0=&'2=5(25=- 05,.+,JD /K +*4=)9+,J 27- (7&,(-' )0 H68' &(=)'' 85=)4- 2) &(7+-9- '5((-'' %+27 1)&, &,. -N5+2>+,9-'2*-,2 &441+(&2+),' &,. /),. +''5-'D &,. (K .-9-1)4*-,2 )0 '2&,.&=.+'-. +,.5'2=> 4=&(2+(-' 0)= & 4&,G85=)4-&,^rgvctb ̂ rgvctb ̂ ocfbabit acrlbt (Cppbihgfbs 6, 8, 2).

V< Mbop prkaktb c rbspkisgjob bqugty rgsl fuoturb 0)= &11 2>4-' )0 -N5+2> =&+'+,J @ +*4)=2&,2 0)= 27- .-9-1)4*-,2 )0-,2=-4=-,-5='7+4C '2&=2G54' &,. J=)%27 -B4&,'+), 0)= M)/' (=-&2+),<

3:68 +' &(2+9-1> +*41-*-,2+,J 27-'- 27=-- '2-4'C &,. %+11 &1') /- -9&15&2+,J 4=)J=-'' ') 27&2 05=27-= 3:68 *-*/-='_'544)=2 0)= 85=)4-&, J=)%27 =-*&+,' =+J)=)5'


16/68

Bxbfutgvb suaacry


Vuaacry ke ghbitgffibh rkchjokfls tk givbstabit cih pkssgjob cftgkis

C* N! H"() O$**"1,( *$,6B"$%

!06."B"*(;-**(B* "* 6%;(.;(H(,$?(; +,85=)4-C %+27 (5==-,2 1-J+'1&2+),4=-9-,2+,J +,(=-&'- +, 5'&J-

A Z"J9(. >6,B6.-, ."*C -??(B"B(7&' 1-. 2) /-22-= .-9-1)4*-,2 )0(=-.+/1- &12-=,&2+9- 05,.+,J &9-,5-'

d H2=),J >6,B6.( $F 6B","*"%J "%B(.%-,F6%;* &,. 4-='),&1 '&9+,J'h%-&1270)= H68'

d LH H*&11 !5'+,-'' 3'')(+&2+),OH!3K +' V$%(L*B$?L*9$?E F$.!0.(-*( B9( 6*( $F -,B(.%-B"H(gicifgid skurfbs b.d. UF/cidbo

+,9-'2+,J

A ^rkhufb bcsy-tk-uihbrstcih ”mkw tk‗J6";(* 0)= H68'

A D(BB(. *9-."%J -%; ,"%C"%J $F"%F$.#-B"$% &/)52 H68' &(=)'' ,&2+),'&,. /)=.-='

A 3%>.(-*( -)-.(%(** -%; "%>(%B"H(* 0)=VABs tk rcgsb bqugty gicifgid

A Gifrbcsb tmb sgzb cih prbvcobifb ke!0< *(>6."B"*-B"$% %+27+, 85=)4-

A Chhrbss tcx fkhb prbebrbifb 0)= .-/2)9-= -N5+2>

3%F.-*B.6>B6.(

A Bxcapobs ke dkvbriabits9-H"%J V#$H(; B9( J$-,?$*B*E 9-*"%>.(-*(; ?(.>("H(; ?$,"B">-,rgsl cih rbduoctkry uifbrtcgity+, ')*- 85=)4-&, +,0=&'2=5(25=-4=)M-(2'

A '->C $F ?.$^(>B ,"%C-J(* B$"%H(*B$. ;(#-%;

A O61,"> "%H$,H(#(%B -%; >.(;"B(%9-%>(#(%B ,)2 4-=(-+9-. 2)0)(5' ), *)'2 ,--.-. ()5,2=+-'h4=)M-(2'

A Cffkuitgid cih rbduoctkryB.(-B#(%B )0 +,9-'2*-,2' (5==-,21>45,+2+9- 2) 1),JG2-=* +,0=&'2=5(25=-4=)M-(2'

A Hgrbft givbstgid ikt bcsgoy->>(**"1,( 2) '*&11-= +,9-'2)='

d LH 4-=(-+9-. 2) 7&9- 9"J9 .-B"%J -*- ;(*B"%-B"$% F$. "%F.-*B.6>B6.("%H(*B"%J= 1-*(; $% ?$,"B">-,stcjgogty &,. & ')5,. 1-J&1h+,')19-,(> =-J+*-

A N! #6%">"?-, 1$%; #-.C(B?.$H";(* ->>(** B$ .(B-", "%H(*B$.*+, & 2&BG-00-(2+9- *&,,-=

A +*4)=2&,2 4=)M-(2'O4)2-,2+&11> 27=)5J7 O4&=2+&1K J5&=&,2--'+, )=.-= 2) *&;- 27-* 9+&/1-K

A ^rkhufb bcsy-tk-uihbrstcih dughb tk giercstrufturb gicifb tmrkudm jcils&,. (&4+2&1 *&=;-2'

A Cabih cffkuitgid cih rbduoctkryB.(-B#(%B )0 +,0=&'2=5(25=- 4=)M-(2' 2)+,(=-&'- &22=&(2+9-,-'' 0)= +,9-'2)='

A 3%>.(-*( 6*( $F *B.6>B6.(* %7+(7 -,&/1- =-2&+1 +,9-'2)=' 2) 4&=2+(+4&2-jbttbr gi googqugh gicifgids

O."H-B(O,->(#(%B*

A 7 ,->C $F *B-%;-.;"*-B"$% +,

^rgvctb ôcfbabit hbcos cih.)(5*-,2&2+),

A Zctgid cih rbduoctkry trbctabit$F O."H-B( O,->(#(%B ;(-,* ;"FF(.* &(=)'' ,&2+),'C =-.5(+,J .-'+=- 2)givbst vgc ^rgvctb ôcfbabits

A ^kkr vgsgjgogty ke ^rgvctbO,->(#(%B* >$%;6>B(; "% +,9-'2)=' 5,&%&=- )0 27+')42+), 2) =&+'- 05,.' +, 85=)4-

A N! O."H-B( O,->(#(%B #-.C(B )(,,

(*B-1,"*9(; &,. 9+-%-. J1)/&11> &'nJ)G2)_ 1)(&2+),

A !B-%;-.;"*(; ;$>6#(%B-B"$%bxgsts +, LHC -.(-*( -)-.(%(**

$F O."H-B( O,->(#(%B* &' & 05,.+,Jcvbiub, cih tmbgr pktbitgco jbib gts

A 6#(%B-B"$% ekr Burkpbci ^rgvctbôcfbabit hbcos

A Gifrbcsb fkisgstbify cih focrgty )0&(()5,2+,J 4=)(-.5=-' &,. =-J51&2)=>&,. 2&B 2=-&2*-,2 )0 +,9-'2*-,2

Xk jugoh ki tmbsb kjsbrvctgkis, CEAB cih gts abajbrs mcvb hbvbokpbh hbtcgobh VAB, Giercstrufturb cih ̂ rgvctb ̂ ocfbabitJ5+.-'< 3 '5**&=> )0 27-'- J5+.-' (&, /- 0)5,. +, 27- &44-,.+(-' 2) 27+' .)(5*-,2


17/68

Gitbrvgbw abtmkhkokdy


Gitbrvgbw abtmkhkokdyF) +.-,2+0> 4)2-,2+&1 =)&./1)(;' &,. 2) *&;- =-()**-,.&2+),' 2) 4=)*)2- J=)%27 +, 85=)4-C !"# (),.5(2-. & '-=+-')0 +,2-=9+-%' %+27 1-&.+,J &''-2 *&,&J-='C +,'5=-='C 7-.J- 05,.'C 4-,'+), 05,.'C 4=+9&2- -N5+2> 05,.'C &' %-11 &' 05,.*&,&J-*-,2 &'')(+&2+),' &,. -B(7&,J-'<

E,2-=9+-%--' 0)= 27+' =-4)=2 =-4=-'-,2 & .+9-='- '&*41- )0 +,9-'2)=' &,. )27-= *&=;-2 4&=2+(+4&,2'C %+27 +,G.-427 -B4-=2+'-&(=)'' 27- &=-&' /-+,J &''-''-.<

Gitbrvgbws wbrb fkihuftbh wgtm sbigkr bxbfutgvbs ct cssbt acicdbabit gras wgtm cpprkxgactboy ₯7ti ke cssbts uihbracicdbabit dokjcooy. Gi chhgtgki, JFD spklb tk c iuajbr ke gihustry csskfgctgkis, rbprbsbitgid cpprkxgactboy =,>>>abajbr gras. Crkuih 62 pbr fbit ke gitbrvgbwbbs wbrb jcsbh gi tmb RV< 32% mch c dokjco rbagt< cih 2>% ke gitbrvgbwbbs%-=- 85=)4-&, +, 0)(5' &,. )52452<

!"# (),.5(2-. 27- +,2-=9+-%' /&'-. ), & .-2&+1-. N5-'2+),,&+=- .-9-1)4-. /> 27- 4=)M-(2 %)=;+,J J=)54< F7- +,2-=9+-%J5+.- %&' '2=5(25=-. +, 27=-- 4&=2'R

d Y5-'2+),' &/)52 -(),)*+( J=)%27 +, 85=)4- 9-='5' 27- LHC &,. 27- =)1- )0 (&4+2&1 *&=;-2'

d Y5-'2+),' &/)52 .+00-=-,(-' +, +,9-'2*-,2 (7)+(-' &,. =&2+),&1- /-2%--, 85=)4- &,. 27- LHC%+27 4&=2+(51&= 0)(5' ), H68'C +,0=&'2=5(25=- &,. 4=+9&2- 41&(-*-,2'

d Y5-'2+),' &/)52 7)% (&4+2&1 *&=;-2' (&, 05=27-= '544)=2 85=)4-&, -(),)*+( J=)%27

E,2-=9+-%' %-=- 5'-. 2) 7-14 +.-,2+0> =)&./1)(;'C -*-=J+,J +''5-' &,. 4)2-,2+&1 ')152+),' 0)= 85=)4-< [4+,+),' %-=-fcpturbh, tbstbh cih rb gibh tmrkudm sujsbqubit gitbrvgbws, cih kifb cdcgi wgtm coo rbspkihbits jbekrb pujogfctgki ke27+' =-4)=2<

Xmb vgbws bxprbssbh gi sujsbqubit sbftgkis ke tmgs rbpkrt suaacrgsb gitbrvgbwbbs‗ fkifbris cih suddbstgkis. Tmbrbvbr

4)''+/1-C & N5&,2+2&2+9- &,&1>'+' )0 =-'4),'-' +' 4=)9+.-.<

Gitbrvgbws wbrb fkihuftbh ki c fki ghbitgco jcsgs, cih skab gras gitbrvgbwbh fmksb tk rbacgi "kee tmb rbfkrh". Kioy tmksb()*4&,+-' 27&2 J&9- 27-+= (),'-,2 7&9- 27-+= 1)J)' .+'41&>-. +, 27+' =-4)=2<

F7- +,2-=9+-%' 0)=*+,J 27- /&'+' )0 27+' =-4)=2 %-=- (),.5(2-. 27=)5J7)52 [(2)/-= &,. ?)9-*/-= SZUXC &,. ()*4+1-. +,]-(-*/-= SZUX


18/68


19/68


20/68

Tmct smkuoh Burkpb hk hgeebrbitoy;

Jrghdgid tmb drkwtm dcp^cdb 3=

Tmct smkuoh Burkpb hk hgeebrbitoy;Bfkikagf fkitbxt

H+,(- 3:68_' 4=-9+)5' =-4)=2 %&' 45/1+'7-. +, m5,- SZUVC (>$%$#"> F6%;-#(%B-,* )"B9"%

6

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:>32e

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>.>>

3.>>

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: > 3 6

Kvbrcoo MGF^ gi octgki gi tmb Burk Crbc, %

V b p - 3

8


21/68



Xmb RV bfkikay mcs, jy fkitrcst, pbrekrabh jbttbr tmci tmb Burkpbci bfkikay sgifb tmb frgsgs. RV gi octgki mcsmkvbrbh crkuih gts tcrdbt rctb ke :% cih qucrtbroy DH^ drkwtm mcs jbbi pksgtgvb. Xmb RV bfkikay mcs sbbi 3.:% qucrtbr), N5&=2-= J=)%27C 0)11)%+,J U% gi @uoy :>33 tk >.>2% gi Vbptbajbr :>38, cih gitrkhufbh ibdctgvb rctbs (ct tgab ke%=+2+,J GZ +, m5,- SZUX<

Xmb BFJ mcs cosk bisurbh tmct capob ogqughgty gs okwgid tk jcils /> +,(=-&'+,J 27- &9&+1&/+1+2> )0 05,.+,J 27=)5J7auotgpob okid-tbra rb gicifgid kpbrctgkis (OXZKs) cih Cssbt ^urfmcsb ^rkdrcaabs. Gi @ciucry :>32, tmb BFJ ciikuifbhc ocrdb prkdrcaab ke Sucitgtctgvb Bcsgid (SB), givkovgid tmb purfmcsb ke kvbr ₯3ti ke cssbts kvbr tmb ekookwgid 3= akitms.

S9(*( ?.$J.-##(* -??(-. B$ 9-H( )$.C(;= "%*$F-. -* 1-%C ;(#-%; F$. B9(# 9-* F-,,(%= *6JJ(*B"%J B9-B 1-%C* %$)mcvb tmb okid-tbra euihgid tmby rbqugrb . Akitmoy cvbrcdb OXZK jcocifbs mcvb hbfogibh erka pbcls ke ₯3.:ti gi :>3: tkjbokw ₯8>>ji gi :>38. C rboctgvboy okw ₯=6ji uptclb ke tmb BFJ's ibwoy-gitrkhufbh Xcrdbtbh OXZKs gi Vbptbajbr :>38gihgfctbh tmct jcils pktbitgcooy mcvb sue gfgbit ogqughgty (Egdurbs 33, 3:).

Egdurb 3>0^ksgtgvb RV DH^ drkwtm

H)5=(-R [8"] 2

Cssbt Acicdbr // Xmb drkwtm prkjoba gs akrbtk hk wgtm rgdghgty gi tmb ruobsgi Burkpb vbrsus tmb RVtmci cffbss tk ffiicifb.

//

Csskfgctgki // Gt‗s rbcooy c fkiffihbifbprkjoba. Xmbrb gs stgoo cocfl ke fkiffihbifb tmct tmbBurkpbci bfkikay wgoo drkw,bspbfgcooy rboctgvb tk tmb RV.

//

Cssbt Acicdbr // Hbacih cih akrb strufturcogssubs ‖ sufm cs bxgjgogty keocjkur acrlbts ‖ crb jgddbrgapbhgabits tk drkwtmtmci cffbss tk ffiicifb.

//

3.:

3.3

->.2

>.7

3.3

->.2

>.>

>.2

3.>

3.2

DH^ qucrtbr-ki-qucrtbr drkwtm rctb %

:>38 6S:>38 :S:>38 3S:>36 8S:>36 6S

>

3

:

6

8

S 6

S :

: > 3 3 S 3

S 8

S 6

S :

: > 3 > S 3

X c r d b t

: %

S 6

S :

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S 8

S 6

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: > 3 6 S 3

S 8

S 6

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S 8

Gi octgki, %


22/68


Jrghdgid tmb drkwtm dcp^cdb :>

Egdurb 330 OXZK kutstcihgid jcocifb mcs ecoobi

Coo OXZKs sgifb Ikvbajbr :>>= mcvb jbbi euoo-cooktabit H)5=(-R 8"!

Gi lbbpgid wgtm tmbsb gihgids, wmbi cslbh tk ghbitgey wmy Burkpb gs ikt drkwgid cs ecst cs tmb RV = "%B(.H"() .(*?$%;(%B*ke coo typbs scgh tmct tmb cvcgocjgogty ke gicifb wcs ikt oglboy tk jb tmb prgacry rbcski ekr tmgs < H-9-,2>G'-9-, 4-= (-,2ke rbspkihbits hgh ikt tmgil tmct cffbss tk gicifb wcs tmb fmgbe jcrrgbr tk drkwtm gi Burkpb.

^rgacry jcrrgbrs tk drkwtm

Gitbrvgbwbbs gistbch ghbitg gbh ecftkrs ktmbr tmci gicifb cs mkohgid jcfl Burkpb‗s ocfl ke drkwtm < F7-+= ,-J&2+9-

'-,2+*-,2 2)%&=.' 85=)4-_' ,-&=G2-=* J=)%27 )521));C -'4-(+&11> %7-, ()*4&=-. %+27 27- LHC *&.- +,9-'2)=' 5,%+11+,J2) ()**+2 2) 1),JG2-=* .-&1'< F7+=2>G),- 4-= (-,2 (+2-. 27- *&(=)-(),)*+( )521)); &' 27- 4=+*&=> /&==+-=< E, &..+2+),C65% ke tmb scab drkup scw rbduoctgki cs c sgdig gfcit jcrrgbr tk givbstgid gi Burkpb. Givbstkrs gihgfctbh tmct puigtgvb&(()5,2+,J &,. =-J51&2)=> (&4+2&1 2=-&2*-,2 )0 1),JG2-=* +,9-'2*-,2' %-=- 7)1.+,J /&(; +,9-'2*-,2 +, +,0=&'2=5(25=-Cwmgob tmb ocfl ke c fkisgstbitoy-cppogbh hb gigtgki ekr VABs wcs c ac`kr kjstcfob tk akjgogsgid hbjt cih bqugty fcpgtco0=)* ,),G/&,; (7&,,-1'<

Gitbrvgbwbbs cosk ghbitg gbh tmbF.-J#(%B(; %-B6.( $F B9( &' /-+,J & /&==+-= 2) J=)%27 OTQ 1)%C XZQ *-.+5*C UTQ 7+J7KC %+27jTQ )0 +,2-=9+-%--' (+2+,J +,0)=*&2+), &,. +,0)=*&2+),h5,.-='2&,.+,J .+00-=-,(-' &(=)'' *&=;-2' &' & ;-> /&==+-= OXTQ*-.+5*C SZQ 7+J7K< H-- :+J5=- U<

>

3,:>>

=>>

8>>

>7>=>4>5>2 38363:333>

Akitmoy cvbrcdb OXZK jcocifb, ₯ji

Egdurb 3:0 OXZK cooktabits 95 akitms mcvb ecoobi kiokwbr jghs erka jcils

H)5=(-R !1))*/-=J

^bisgki Euih // Zbduoctkrs crb bgtmbr vbry agfrkkr vbry acfrk< akst gistgtutgkisecoo skabwmbrb gi jbtwbbi.

//

Csskfgctgki // BFJ gitbrvbitgkis mcvb mbopbh,jut tmbrb gs stgoo ibrvkusibsscrkuih tmb acfrk pgfturb.

//

Vkvbrbgdi Tbcotm Euih // Gssubs gi Burkpb crb bfkikagfgi icturb, rctmbr tmci ffiicifgid.

//

>

:>>

8>>

5>>

=>>

3,>>>

3:333>>7>=>4

OXZK cooktabits, ₯ji

3836>5>2

6 ybcr

3 ybcr

5 akitm

8 ybcr


23/68


Jrghdgid tmb drkwtm dcp^cdb :3

Okklgid tk tmb RV

E, '--;+,J 2) 5,.-='2&,. %7&2 ()51. /- .),- 2) +*4=)9- 85=)4-_' J=)%27 4)2-,2+&1C %- 7&9- 1));-. 2) 27- LH 2) '-- %7&2C+0 &,>27+,JC 85=)4- (&, 1-&=,< !52 +2 +' +*4)=2&,2 2) ,)2- 27&2 %7+1- 85=)4- &,. 27- LH 7&9- =)5J7 -(),)*+( 4&=+2> &2cpprkxgactboy ₯34ti DH^ bcfm, tmby crb vbry hgeebrbit gi tbras ke tmb sgzb ke tmbgr gicifgco acrlbts, cih tmbgr skurfbs ke gicifb.

Okcis tk fkrpkrctgkis rbprbsbit 22% ke Burk Crbc DH^ vbrsus kioy 32% ke DH^ gi tmb RV. Burkpb gs cosk sgdig gfcitoy obssrbogcit tmci tmb RV ki fcpgtco acrlbts, wgtm fkrpkrctb jkihs kutstcihgid rbprbsbitgid kioy 33% ke Burk Crbc DH ,̂ vbrsusVcQ +, 27- LH O:+J5=-' UVC UXK<

Egdurb 360 Burkpb gs mbcvgoy rbogcit ki jcil obihgid

H)5=(-R ]&2&'2=-&*

Egdurb 380 Xmb RV gs akrb rbogcit ki fcpgtco acrlbts

H)5=(-R ]&2&'2=-&*

Xmb vcoub ke iki-jcil gicifb gs sgdig gfcitoy mgdmbr gi tmb RV tmci gi Burkpb, prkvghgid fkrpkrctgkis wgtm drbctbr$??$.B6%"B"(* B$ .-"*( F6%;* B9.$6J9 >-?"B-, #-.C(B* O:+J5=-' UTC UjK< Jkih gicifgid, ekr gistcifb, gs fkisghbrcjoy7+J7-= +, 27- LH 27&, +, 85=)4-< Xmb cakuit ke gssubh jkihs kutstcihgid gi tmb RV ekr iki- gicifgco fkapcigbs wcs ₯6.6tict tmb bih ke :>36 ‖ kvbr tmrbb tgabs ocrdbr tmci gi tmb Burk zkib (BR 3=) (₯3.3ti).

S9(.( "* -,*$ - J.(-B(. -??(B"B( F$. ."*C "% N! 16*"%(** >6,B6.(= -,$%J*";( ,-.J(. ?$$,* $F >-?"B-, (Egdurb :). ^rgvctb4-,'+), 05,.' +, 27- LH 4=)9+.- & 0&= J=-&2-= &*)5,2 )0 05,.+,J 27&, +, 85=)4-C %7+(7 *)=- 27&, )00'-2' 27&2 85=)4-_'+,'5=-= &''-2' &=- 2%+(- &' 1&=J- &' +, 27- LH< F7- '&*- 2=-,. (&, /- 0)5,. +, 27- &*)5,2 )0 n.=>G4)%.-=_ @ (&4+2&1 ()**+22-.Cjut ikt ybt givbstbh jy gistgtutgkico givbstkrs gitk tmb prgvctb bqugty cih vbiturb fcpgtco cssbt focssbs. Gi :>38, RV ̂ B cih UFeuihs mch ₯8==ji rbchy tk jb givbstbh, wmgob fkapcrcjob Burkpbci euihs mch ₯:82ji tk jb givbstbh (skurfb0 ^rbqgi). Gi2-=*' )0 =+'; &44-2+2-C LH 4-,'+), 05,.' &,. 05,. *&,&J-=' +,9-'2 *)=- +, 27- -N5+2> &''-2 (1&'' 27&, 27-+= 85=)4-&, 4--='OTVQ 9-='5' VcQ )0 05,.' *&,&J-.K<

33

5

22

86

>

3>

:>

6>

8>

2>

5>

Burk Crbc euihgid akhbo

% ke DH^

‗36‗3:‗33‗3>‗>7‗>=‗>4‗>5‗>2‗>8‗>6‗>:‗>3‗>>‗77

Okcis

Fkrpkrctb Jkihs64

32

>

3>

:>

6>

8>

2>

5>

RV euihgid akhbo

% ke DH^

‗36‗3:‗33‗3>‗>7‗>=‗>4‗>5‗>2‗>8‗>6‗>:‗>3‗>>‗77

Fkrpkrctb Jkihs

Okcis

Bxfmcidb // ^rkspbftus rbqugrbabits crbakrb kibrkus gi Burkpb tmci gitmb RV. Gi tmb RV tmb tmrbsmkohekr bxfousgki erka prkspbftus gsmgdmbr, bcsgid tmb cjgogty tk rcgsbiki-jcil euihgid gi tmb RV.

//

Mbhdb Euih // Burkpb gs jcsgfcooy := hgeebrbitacrlbts< tmb RV gs kib.

//

Cssbt Acicdbr // Drbctbr mcrakigsctgki wgtmrbdcrh tk obdco ercabwkrl,tcx gssubs cih cffkuitgidprgifgpobs wkuoh tclb chvcitcdbke rbco bfkikagbs ke sfcob.

//


24/68


Jrghdgid tmb drkwtm dcp^cdb ::

Gi fkitrcst, tmbrb gs c okwbr cookfctgki ke givbstabits tkwcrh bqugtgbs gi Burkpb . ^crt, jut ikt coo, ke tmb okwbr rgslprk gob ke Burkpbci cssbt cookfctgki fci jb cttrgjutbh tk tmb ocrdbr rkob ke stctb pbisgki systbas gi Burkpb, wmbrbjygihgvghuco pbisgki jbib gfgcrgbs hk ikt aclb tmb givbstabit hbfgsgkis tmct wgoo gapcft tmbgr rbtgrbabit gifkab. Xmgs putsakrb prbssurb ki ictgkico dkvbriabit gicifbs, sgifb dkvbriabits wgoo mcvb tk cjskrj rbgivbstabit rgsls rctmbr tmcitmksb wmk jbib gt erka tmb rbtgrbabit prkvgsgki.

Xmb vcoub ke ogstbh bqugty ekr iki- gicifgco fkapcigbs gs cosk mgdmbr gi tmb RV, cakuitgid tk ₯37ti vs ₯3>ti gi Burkpb. XmbLH J)9-=,*-,2 =&+'-' 0&= *)=- .-/2 +, (&4+2&1 *&=;-2' 27&, +2' 85=)4-&, ()5,2-=4&=2'< 32 27- -,. )0 SZUV +, 27- LHC 27-=-wbrb ₯3:.6ti ke skvbrbgdi jkihs kutstcihgid, cs kppksbh tk ₯7.5ti gi Burkpb (BR-:=). F7- 85=)4-&, &*)5,2 +' '4=-&.&(=)'' 9&=+)5' ()5,2=+-' )0 +''5&,(- &,. (5==-,(+-'<

Xmb acrlbt ekr sbfurgtgsbh cssbts gi tmb RV gs cosk sgdig gfcitoy ocrdbr tmci tmb Burkpbci acrlbt < 32 27- -,. )0 SZUVCtmbrb wbrb ₯5.=ti ke kutstcihgid cssbt-jcflbh sbfurgtgbs (CJV) cih akrtdcdb-jcflbh sbfurgtgbs (AJV) gi tmb RV, fkapcrbhtk `ust ₯3.2ti gi Burkpb. Xmb RV gdurbs gifouhb gssucifb erka tmb tmrbb RV akrtdcdb cdbifgbs DIAC, EIAC cih EMOAF.Xmb Burkpbci gdurb gifouhbs sbfurgtgsctgkis frbctbh ekr rbpk ct tmb BFJ cih Jcil ke Bidocih.

Xmb cakuit ke givbstcjob cssbts ke Burkpbci Rigki gisurbrs gs sgdig gfcitoy mgdmbr tmci gi tmb RV (₯5.=ti vbrsus 8.>ti,

Egdurb :) wgtm tmb pbrfbitcdb ke givbstabit gi bqugtgbs jy bcfm rbdgki bcfm ct cjkut =%. Mkwbvbr pbisgki euihs‗ givbstgjobcssbts crb sgdig gfcitoy mgdmbr gi tmb RV (₯38.7ti) tmci gi Burkpb (₯8.6ti) cih pbisgki euihs tbih tk givbst akrb gi tmb-N5+2> &''-2 (1&'' 27&2 27-+= 85=)4-&, 4--=' OTVQ 9' VcQ )0 05,.' *&,&J-.K<

Givbstkrs ebot tmct Burkpb‗s ocfl ke ci cotbrictgvb euihgid akhbo tk jcils acy mcvb euboobh c fuoturb ke rgsl cvbrsgki-#$%J $#?-%"(* -%; "%H(*B$.* (mkusbmkoh gicifgco cssbts crb 64% givbstbh gi bqugtgbs gi tmb RV vs :=%gi Burkpb). Gt gs cosk bvghbit gi tmb uihbrhbvbokpbh icturb ke bqugty gicifgid kptgkis, sufm cs vbiturb fcpgtco cih cidbo+,9-'2+,J +, 85=)4- 9-='5' 27- LH @ %+27 1-'' -N5+2> /-+,J &9&+1&/1- 2) '*&11-= H68' +, 85=)4- =-1&2+9- 2) 27- LH O:+J5=- VK<

Egdurb 320 Burkpbci VABs rboy akrb mbcvgoy kibxtbrico frbhgt

H)5=(-R H3:8 &,&1>2+(&1 =-4)=2 SZUV

67

62

6:

6:

:5

32

36

2

:

:

> 3> :> 6> 8>

% ke VABs usgid c pcrtgfuocr skurfb pcst 5 akitms

Vujkrhgictbh Okci

Hbjt Gssucifb

Bqugty

Drcits / Vujsghgsbh Okci

Ktmbr Okci

Zbtcgibh Bcrigids

Jcil Okci

Xrchb Frbhgt

Obcsgid / Mgrb-purfmcsb / Ecftkrgid

Jcil Kvbrhrcet / Frbhgt Ogib / Frbhgt Fcrh

Egdurb 350 RV sacoo jusgibssbs rboy akrb ki gitbricoeuihs cih pbrskico scvgids

Vkurfb0 EZJIW Vacoo Jusgibss Frbhgt Vurvby, Acy :>36 cih CudustSZUX ()9-=+,J 27- 4-='4-(2+9-' )0 /5'+,-''-' %+27 0-%-= 27&, TZZbapokybbs gi Ibw Wkrl, Ibw @brsby, Fkiibftgfut, cih ̂ biisyovcigc

:8

:>

34

38

33

3>

8

> 3> :> 6>

% rbpkrtgid cs prgacry skurfb ke euihgid

Ergbihs / Ecagoy

Ktmbr

Jusgibss Okcis

Ogib ke Frbhgt

Frbhgt Fcrhs

^brskico / Vpkusco Vcvgids

Jusgibss Bcrigids


25/68



Fmcidbs gi okci hbacih cih jcil obihgid

Gitbrvgbwbbs cosk kjsbrvbh tmct Burkpb stgoo ecfbs c iuajbr ke gssubs wgtm gicifgid tmb fkrb drkwtm bidgibs ke gts bfkikay.

Jcil okcis tk ocrdb cih abhgua sgzbh fkrpkrctgkis gi Burkpb (BR-3=+RL) mcvb ecoobi gi rbfbit ybcrs < P)&,' 2) ,),Ggicifgcos hbfogibh jy 33% kvbr tmb fkursb ke :>36 (₯3.7ti gi :>>= tk ₯3.4ti gi :>36 ekr ocrdb cih abhgua sgzbh okcis)

&(()=.+,J 2) 8"! .&2&<

E,2-=9+-%--' &1') ,)2-. 27&2 /&,; 1-,.+,J 2) H68'C wmgfm rbprbsbits 2=% ke Burkpb's vcoub chhbh, cih 54% ke Burkpb's-*41)>*-,2C 7&' 0&11-, +, 85=)4-C -'4-(+&11> +, (=+'+'G&00-(2-. ()5,2=+-'< P-,.+,J 2) H68'C =-4=-'-,2-. /> ,$-%* $F ,(**tmci ₯3a tk iki- gicifgco gras, eboo jy 8% jbtwbbi :>3: cih :>36 C %+27 27- =-.5(2+), /-+,J *)=- 4=),)5,(-. +,skutmbri Burkpb. Ki ci cddrbdctb jcsgs, okcis tk jktm ocrdb cih sacoo gras mcvb rbturibh tk obvbos ke cpprkxgactboy tbiybcrs cdk, jbokw tmb pbcls sbbi gi :>>4-:>>=. Gitbrvgbwbbs cosk iktbh tmct ocrdbr VABs dbibrcooy mcvb sue gfgbit cffbss tkjkih cih bqugty euihgid, jut mcvb hge gfuoty gi cfmgbvgid bfkikagbs ke sfcob cfrkss Burkpb, wmgfm ogagts tmb upsghb pktbitgcoekr fkapcigbs tk bxpcih (Egdurbs 34, 3=).

Egdurb 340 Jcil obihgid tk ocrdb ffiras mcs ecoobi

H)5=(-R 8"!< ![8

8.>>>

:.>>>

>

3.>>>

6.>>>

Ibw okcis 9 ₯3a tk iki- gicifgco gras, ₯ ji

-33%

363:333>>7>=>4>5>2>8>6

Egdurb 3=0Obihgid tk sacoo ffiras mcs cosk ecoobi

H)5=(-R 8"!C ![8

3.>>>

>

8.>>>

6.>>>

:.>>>

Ibw okcis ? ₯3a tk iki- gicifgco gras, ₯ ji

-8%

363:333>>7>=>4>5>2>8>6


26/68


27/68


28/68

Jbttbr ffiicifgid ekr VABs


Jbttbr ffiicifgid ekr VABsGitrkhuftgki

Vacoo cih abhgua-sgzbh bitbrprgsbs (VABs) crb c vgtco pcrt ke Burkpb's bfkikay, cih c lby hbtbragicit ke gtskidkgid rbfkvbry < Burkpb's :3.5 agoogki VABs cffkuit ekr kvbr == agoogki `kjs cih prkhufb 2=% ke vcoub chhbh jy gras+, 85=)4-< 5 ^ocygid sufm c pgvktco rkob gi bapokyabit, VABs crb uihkujtbhoy c ekfus crbc ekr pkogfyaclbrs cfrkss tmb85=)4-&, L,+),<

CEAB‗s :>36 rbpkrt, Riokflgid euihgid ekr Burkpbci givbstabit cih drkwtm, ghbitg gbh cffbss tk gicifb, ercdabitbhJ)9-=,*-,2 '544)=2 *-&'5=-' &,. =-1+&,(- ), /&,;' &' &=-&' )0 (),(-=, 0)= 85=)4-&, H68'< !-1)%C %- -B&*+,- LH '*&11/5'+,-''-' 2) +.-,2+0> /-'2 4=&(2+(-' 27&2 ()51. /- &.)42-. +, 85=)4- 2) '45= H68 J=)%27<

Vgzgid cvcgocjob euihs ekr VABs gi Burkpb cih tmb RV

H*&11 /5'+,-''-' &=- &, +*4)=2&,2 (),2=+/52)= 2) 27- LH -(),)*>C &127)5J7 2) & '*&11-= -B2-,2 27&, +, 85=)4- ‖ :=.:a sacoo/5'+,-''-' +, 27- LH 4=)9+.-. XjQ )0 9&15- &..-. &,. XIQ )0 -*41)>*-,2 2) 27- LH -(),)*> O:+J5=- UIK<

Egdurb 370 VABs crb akrb gapkrtcit tk Burkpb tmci tmb RV

?)2-R LH 4-=(-,2&J- )0 9&15-G&..-. +' 4-=(-,2&J- )0 4=+9&2- '-(2)=C ,),G0&=* )52452 &2 27- 1&'2 =-4)=2-. .&2- +, SZUZ<H)5=(-R 8"C H!3

::

542=

:=

87 85

>

:>

8>

5>

=>

Iuajbr ke VABs (agoogki) ^brfbitcdb ke Ucoub Chhbh^brfbitcdb ke Bapokyabit

RVBurkpb


29/68



Mkwbvbr, tmbrb crb hgeebrbifbs gi tmb sgzbs cih skurfbs ke gicifgid cvcgocjob tk VABs gi Burkpb cih tmb RV. Kur cicoysgsF$>6*(* $% B9.(( 1.$-; -H(%6(* $F F6%;"%J -H-",-1,( B$ !0'+' .)-' ,)2 +,(15.-pbrskico wbcotm kr bxgstgid fkrpkrctb prk gts, wmgfm acy cosk jb c sgdig gfcit skurfb ke gicifgid ekr VABs.

3,&1>'+' '7)%' 27&2 akrb akiby gs cvcgocjob tk Burkpbci VABs tmci RV VABs C %+27 -'2+*&2-' +,.+(&2+,J 85=)4-&, H68'rbfbgvb coakst twgfb cs aufm gicifgid erka jcils, iki-jcils cih dkvbriabits cs hk RV VABs. Xmb bstgactbs smkw cikutstcihgid stkfl ke gicifb ke ₯3.:ti gi tmb RV fkapcrbh tk ₯:.>ti gi Burkpb, cih drkss gicifgid ke ₯243ji gi tmb RV9-='5' AISj/, +, 85=)4- O:+J5=- VK<

3:68 &,. !"# =-'-&=(7 +,.+(&2-' 27&2 1-%C ,(%;"%J "* - F-. #$.( "#?$.B-%B -H(%6( $F F6%;"%J F$. TQ )0 05,.' )/2&+,-. /> H68' &=- 0=)*ecagoy kr ergbihs. Xmgs vcrgbs sgdig gfcitoy cfrkss Burkpb, rcidgid erka ̀ ust 3% gi Ercifb tk :8% gi tmb Ibtmbrocihs. Cotmkudm*)=- =-(-,2 .&2& 0)= 27- LH &=- ,)2 &9&+1&/1-C & SZUU '25.> /> 27- LH H*&11 !5'+,-'' 3.*+,+'2=&2+), +,.+(&2-' 27&2 jZQ )0

gras rbogbh ki pbrskico kr ecagoy scvgids ekr stcrt-up fcpgtco, wmgob kvbr :2% ke gras usgid bxpcisgki gicifgid rbogbh kipbrskico/ecagoy scvgids. Cpprkxgactboy 3=% ke VABs usbh prgvctb okcis erka ergbihs cih ecagoy. Frkwheuihgid cih ^:^obihgid crb cosk jbfkagid akrb pkpuocr cs c ekra ke VAB gicifgid, wgtm kur bstgactbs smkwgid cpprkxgactboy ₯6ji mcvgid/&'-. /> LH H68' 9' &44=)B+*&2-1> AU/, /> 27-+= 85=)4-&, ()5,2-=4&=2'<

Egicooy, dkvbriabit gicifgco suppkrt ekr VABs ‖ tmrkudm ducrcitbbs cih spkiskrbh okcis ‖ cppbcrs tk jb ocrdbr gi Burkpb27&, +, 27- LH< F7- LH H*&11 !5'+,-'' 3.*+,+'2=&2+), O!)B UK +,.+(&2-' 27&2 +2 -B2-,.-. ASc/, )0 '544)=2 +, SZUVC +,(15.+,JcO&K &,. TZX 1)&,'C -B4)=2G+*4)=2 /&,;G'544)=2-. (=-.+2 +,'5=&,(- &,. -B4)=2 %)=;+,J (&4+2&1< F7+' ,5*/-= +' '*&11-=tmci tmb bstgactbh ₯55ji fkaagttbh jy ictgkico dkvbriabits gi Dbraciy, Ercifb, Gtcoy, Vpcgi cih tmb RL, cih Burkpbci")**+''+),G1-. *-&'5=-'< 4


30/68


Jrghdgid tmb drkwtm dcp^cdb :=

Egdurb :>0 Drkss okcis cpprkvbh vgc VJC prkdrcaabs

H)5=(-R H!3 %-/'+2- &,. SZUV &,,5&1 =-4)=2

Egdurb :30 Euihgid prkvghbh tmrkudm VJGFs

Vkurfb0 VJGF ciiuco rbpkrt EW :>36

3:

:>

323=

8 84 2

>

2

3>

32

:>

:2

:>36:>3>

$ ji

:>3::>33

2>8 Okcis4(c) Okcis

8.>

6.>

:.>

3.>

>.>

$ ji

:>36

>.5

>.=

:.3

:>3:

>.5

>.4

3.7

:>33

>.8

3.>

3.8

:>3>

>.2

>.=

>.=

:>>7

>.5

>.4

>.5

Bqugty

OkcisHbjt w/ bqugty

Jkx 30 Xmb RV Vacoo Jusgibss Chagigstrctgki (VJC)

Xmb RV VJC gs c dkvbriabit-rui krdcigsctgki sbrvgid RV sacoo jusgibss gitbrbsts. Xmb VJC prkvghbs sbvbrco gicifgco&''+'2&,(- 4=)J=&**-' 2) '*&11 /5'+,-'' 27=)5J7 & (-,2=&11> .-2-=*+,-. /5.J-2< E2' 2)2&1 /5.J-2 =-N5-'2 0)= SZUXwcs $=3>a, ke wmgfm $333a gs bcracrlbh ekr okci sujsghgbs. Xmb VJC ecfgogtctbs gicifgco cssgstcifb tmrkudm tmrbb4=+*&=> &9-,5-'R 1)&,'C '5=-2> /),. J5&=&,2--'C &,. +,9-'2*-,2' 9+& .-.+(&2-. '*&11 /5'+,-'' +,9-'2*-,2 ()*4&,+-'<

F7- H!3 +' =-'4),'+/1- 0)= '-22+,J J5+.-1+,-' 0)= 1)&,'C %7+(7 &=- 27-, *&.- /> 4&=2,-= +,'2+252+),'C +,(15.+,J =-J51&=1-,.-='C ()**5,+2> .-9-1)4*-,2 )=J&,+'&2+),' &,. *+(=)G1-,.-='< !&'+( cO&K &''+'2&,(- 1)&,' &=- J=&,2-. 2) '*&11/5'+,-''-' 27&2 *--2 (-=2&+, 4=-G.-2-=*+,-. (=+2-=+&C +,(15.+,J 27- 5'- )0 4-='),&1 &''-2' 4=+)= 2) &441+(&2+),<Fbrtg gbh Hbvbokpabit Fkapciy (FHF) 2>8 okcis crb utgogsbh tk euih ac`kr gxbh cssbt purfmcsbs, wmgob agfrkokciske ci cvbrcdb $36,>>> crb cgabh ct mbopgid sacoo cih ikt-ekr-prk gt jusgibssbs bxpcih.

F7- H!3_' H5=-2> !),. #5&=&,2-- 4=)J=&**- +' &+*-. &2 '*&11 /5'+,-'' (),2=&(2)=' %7) (&,,)2 )27-=%+'- )/2&+,surbty jkihs< tmus googid ci uiabt ibbh ekr sacoo jusgibssbs. C surbty jkih gs c tmrbb-pcrty gistruabit jbtwbbi& '5=-2> @ ')*-),- %7) &J=--' 2) /- =-'4),'+/1- 0)= 27- .-/2 )= )/1+J&2+), )0 &,)27-= @ & (),2=&(2)= &,. & 4=)M-(2)%,-=< F7- H!3 J5&=&,2--' /),.' 0)= (),2=&(2' 54 2) bUZ* +, ')*- (&'-'<

Rihbr gts Vacoo Jusgibss Givbstabit Fkapcigbs (VJGF) prkdrcaab, tmb VJC ogfbisbs qucog gbh UF gras tk sbcrfm ekrsacoo jusgibssbs gi ibbh ke hbjt kr bqugty gicifgid. Tmgob VJGFs rcgsb euihs prgvctboy, tmb VJC prkvghbs tmba wgtm&((-'' 2) 1)%G()'2 J)9-=,*-,2 J5&=&,2--. .-/2 2) J-,-=&2- 1-9-=&J-C (=-&2+,J & 45/1+( 4=+9&2- 4&=2,-='7+4< 3 2)2&1 )0SIS H!E"' &=- (5==-,21> &(2+9- +, 27- LHC %+27 bUZ


31/68



^brfbgvbh prkjobas gi Burkpb tkhcyXmb gitbrvgbws wgtm jcils, givbstkrs cih trchb csskfgctgkis mgdmogdmtbh gvb fmgbe crbcs ke fkifbri ekr Burkpbci VABs0

3. ^rbsbifb cih cffbssgjgogty ke chbquctb euihgid cvbiubs

S< 89&15&2+),C '()=+,J &,. =&2+,J )0 H68' /> 1-,.-=' &,. +,9-'2)='

6. Hgeebrbifbs gi gicifgid skurfbs

X< 39&+1&/+1+2> &,. '5((-'' )0 J)9-=,*-,2 '544)=2 +,+2+&2+9-'

T< L'- )0 27- '-(5=+2+'&2+), *&=;-2 2) .+'2=+/52- H68 1)&,G/&(;-. '-(5=+2+-'

!-1)%C %- &..=-'' -&(7 )0 27-'- 4)+,2' /-0)=- +.-,2+0>+,J 4)''+/1- ')152+),' +, 27- 0)11)%+,J '-(2+),<

^rbsbifb cih cffbssgjgogty ke chbquctb euihgid cvbiubs ekr VABs

C iuajbr ke gitbrvgbwbbs ghbitg gbh Burkpbci VABs‗ rbogcifb ki jcil euihgid cs c ogagtgid ecftkr tk tmbgr drkwtm <")*4&=-. 2) LH '*&11 /5'+,-''-'C 85=)4-&, H68' &=- 0&= *)=- 1+;-1> 2) .-4-,. ), /&,;' 0)= -B2-=,&1 .-/2< E,2-=9+-%--'=-&'),-. 27&2 27+' =-1+&,(- ()51. /- & (),(-=, 0)= 85=)4-&, H68'D -'4-(+&11> +, 27- 1+J72 )0 +*41-*-,2&2+), )0 =-J51&2+),''5(7 &' !&'-1 EEE 27&2 %+11 0)=(- /&,;' 2) '7=+,; &,. '2=-,J27-, 27-+= /&1&,(- '7--2' O:+J5=-' SSC SVK<

Egdurb ::0 C sgagocr prkpkrtgki ke Burkpbci cih RVsacoo jusgibssbs tclb ki hbjt

Vkurfb0 VCEB cicoytgfco rbpkrt :>36< EZJIW Vacoo Jusgibss FrbhgtH5=9->C 6&> SZUV &,. 35J5'2 SZUX ()9-=+,J 27- 4-='4-(2+9-' )0jusgibssbs wgtm ebwbr tmci 2>> bapokybbs gi Ibw Wkrl, Ibw @brsby,Fkiibftgfut, cih ^biisyovcigc

2>

27

>

:>

8>

5>

=>

3>>

% ke VABs tclgid c okci kr ktmbr hbjt

% ke VABs tclgid c okci kr ktmbr hbjt

RV

Burkpb

Egdurb :60 Zbogcifb ki jcils tk prkvghb hbjt hgeebrs

Vkurfb0 VCEB cicoytgfco rbpkrt :>36< EZJIW Vacoo Jusgibss FrbhgtH5=9->C 6&> SZUV &,. 35J5'2 SZUX ()9-=+,J 27- 4-='4-(2+9-' )0jusgibssbs wgtm ebwbr tmci 2>> bapokybbs gi Ibw Wkrl, Ibw @brsby,Fkiibftgfut, cih ^biisyovcigc

=2

62

>

:>

8>

5>

=>

3>>

% ke tmgs gicifgid tmct fcab vgc ocrdb jcils

% ke gicifgid tmct fcab vgc ocrdb jcils

RV

Burkpb

Bxfmcidb // \Burkpb gsQ tktcooy kvbr-rbogcitki jcil euihgid ekr VABs.

//


32/68


Jrghdgid tmb drkwtm dcp^cdb 6>

VABs crb cosk akrb rbogcit ki jcil okcis tmci ocrdbr gras gi Burkpb . Zbfbit cicoysgs jcsbh ki hctc erka tmb Jcil0)= 27- 3(()5,2' )0 ")*4&,+-' W&=*),+'-. O!3"WK 7+J71+J72 27&2 /&,; 1)&,' (),'2+252- SVQ )0 '*&11 &,. SZQ )0 *-.+5*

gras' jcocifb smbbts, fkapcrbh wgtm kioy 33% ekr ocrdb gras. 7

Xmb gitbrvgbws cosk rbvbcobh tmct skab jcils crb ikt sbbgid chbquctb hbacih ekr okcis erka VABs tmct abbttmbgr obihgid frgtbrgc. 3 =-(-,2 8"! %)=;+,J 4&4-= 3> +,.+(&2-' 27&2 (=-.+2 '5441> '7)(;' -B41&+,-. ),1> ),-G27+=. )0 27- 0&11gi obihgid drkwtm hurgid tmb frgsgs. Xmgs gihgfctbs hbfogigid hbacih acy mcvb pocybh c sgdig gfcit rkob gi tmb ecoo gi jcil1-,.+,J 2) H68'<

3, +,2-=-'2+,J )/'-=9&2+), /> ')*- 1-,.-=' %&' 27&2 VABs ketbi cpprkcfm jcils ekr "bqugty-typb" okcis C %+27tmb cssuaptgki tmct jcil okcis smkuoh euo go c sgagocr rkob tk cotbrictgvb gicifgid skurfbs0 b.d. vbiturb fcpgtco kr cidbo+,9-'2*-,2< !&,;' &=- .+'()5=&J-. 0=)* 4=)9+.+,J -N5+2> 5,.-= (5==-,2 /&,;+,J =-J51&2+),'<

E,2-=9+-%--' &1') 7+J71+J72-. 27&2 H68'\ 7+'2)=+(&1 =-1+&,(- ), /&,;' *-&,2 27&2 H68' )02-, 0--1 1)'2 %7-, 2=>+,J 2) +.-,2+0>&12-=,&2+9- ')5=(-' )0 05,.+,J< F7+' +' ,)2 7-14-. /> 27- 41-27)=& )0 J)9-=,*-,2 &,. ,),GJ)9-=,*-,2 '(7-*-' '-2 54 2)suppkrt VABs gi rbfbit tgabs. Xmb RV Vacoo Jusgibss Chagigstrctgki wcs ghbitg gbh jy jktm jcil cih iki-jcil skurfbs cs& J)). -B&*41- )0 & f),-G'2)4G'7)4f 0)= H68' +, ,--. )0 /)27 &.9+(- &,. 05,.+,J<

Bvcouctgki, sfkrgid cih rctgid ke VABs jy obihbrs cih givbstkrs

C iuajbr ke givbstkrs ghbitg gbh tmb hge gfuoty gi bvcouctgid VABs cih tmb ocfl ke c fkisgstbit hb gigtgki ekr VABs->.$** $6%B."(* -* .$-;1,$>C* B$ "%H(*B#(%B < #+9-, 27- '*&11 2+(;-2 '+^- )0 H68 1)&,'C +,2-=9+-%--' ,)2-. 27&2gt gs ikt dbibrcooy bfkikagfcooy vgcjob ekr iki-jcils tk fkihuft rbsbcrfm ki gihgvghuco VABs. Gt gs cosk hge gfuot tk fkihuft'5(7 =-'-&=(7 .5- 2) & 1&(; )0 &9&+1&/1- .&2&< E,2-=9+-%--' (+2-. 27- 1&(; )0 (),'+'2-,2 &,. 2+*-1> +,0)=*&2+),C -'4-(+&11>&(=)'' .+00-=-,2 85=)4-&, ()5,2=+-'C &' &, +,7+/+2)= 2) H68 1-,.+,J<

Cssbt Acicdbr

// Tb ibbh tk ffiih c ibw skurfbke ffiicifgid ekr sacoo fkrpkrctbgi Burkpb cih fci pktbitgcooyokkl tk tmb RV cs ci bxcapob.

//

Mbhdb Euih

// Xmb RV mcs, cih cowcysmcs mch, c drbct ekfus kibitrbprbibursmgp... Xmgs stcrtsct c ykuid cdb... Xmb Burkpbcibhufctgki systba hkbsi‗t sbbacs prkdrbssgvb gi tmgs rbdcrh...

//

Bxfmcidb

// Burkpb ocfls c tgbr kechvgskrs wmk crb sbt up tkmbop VABs rcgsb euihs. Xmgsbxgsts akrb gi tmb RV.

//

Vkab givbstkrs fgtbh tmb gifkisgstbit usb ke VAB hb gigtgkis cs c eurtmbr jcrrgbr tk drkwtm < 3127)5J7 27- 85=)4-&,Fkaagssgki mcs acihctbh c stcihcrh hb gigtgki ekr VABs cfrkss tmb Burkpbci Rigki (Jkx :), gt wcs ekuih tmct ictgkicodkvbriabits, obihbrs cih tmbgr csskfgctgkis ketbi usbh hgeebrbit hb gigtgkis ke VABs. Gitbrvgbwbbs scgh tmgs achb gt akrb()*41-B 2) 5,.-='2&,. 27- ,&25=- )0 5,.-=1>+,J =+';'D -'4-(+&11> %+27+, 4)=20)1+)' )0 H68 1)&,'<

Tmgob c fkisgstbitoy-cppogbh hb gigtgki ekr VABs cfrkss Burkpb wkuoh jbib gt givbstkrs gi tbras ke fctbdkrgsctgki ke rgsls,+,2-=9+-%--' /-1+-9-. 27&2 27+' %)51. &1') &11)% 0)= *)=- 2&=J-2-. &,. 27-=-0)=- -00-(2+9- ,&2+),&1 &,. 4&,G85=)4-&, H68'544)=2 '(7-*-'<

F7- furrbit Burkpbci hb gigtgki ke VABs (Jkx :) gifouhbs gras ke vcstoy hgeebrbit sgzbs cih hkbs ikt cookw ekr hgeebrbitgctgkiki tmb jcsgs ke gihustry. Gi fkitrcst, tmb RV VJC prcftgfb ke prkvghgid fkistcitoy uphctbh, gihustry-spbfg gf hb gigtgkis ekrbogdgjgogty cs c sacoo jusgibss wcs fgtbh jy gitbrvgbwbbs cs c dkkh bxcapob ke hb gigtgkis ecfgogtctgid tcrdbtbh suppkrt ekrVABs. Vgifb coo obihbrs smkuoh rbtcgi tmb obxgjgogty tk hb gib VABs gi ciy wcy tmct sugts tmbgr fkaabrfgco jusgibss, c akrb

rb gibh fctbdkrgsctgki ekr jktm pujogf suppkrt cih givbstkr frbhgt rbvgbw rbcskis fkuoh gaprkvb beebftgvbibss ke sujsghgbs&,. -,7&,(- 27- &9&+1&/+1+2> )0 +,0)=*&2+), 4=)9+.-. 2) +,9-'2)='


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Givbstkrs cosk ghbitg gbh c ocfl ke bcsgoy cffbssgjob giekractgki ki VABs cs c hbtbrrbit tk givbstgid, bspbfgcooy gi tmb fcsb ke(=)''G/)=.-= +,9-'2*-,2 .-(+'+),'< F7+' '7)51. ,)2 ()*- &' & '5=4=+'-C J+9-, 85=)4-\' 7+'2)=+(&1 =-1+&,(- ), & /&,;G/&'-.'>'2-* 27&2 .-=+9-' +2' 9&15- 0=)* 1)(&1 ;,)%1-.J- &,. -B4-=2+'-< F7+' =-1+&,(- ), 1)(&1 ;,)%1-.J- &,. -B4-=2+'- *&,+0-'2'gtsboe gi ciktmbr rkchjokfl ghbitg gbh jy gitbrvgbwbbs ‖ tmb rbogcifb ki qucogtctgvb ecftkrs wmbi aclgid givbstabit hbfgsgkis.

H-9-=&1 +,2-=9+-%--' &(=)'' 85=)4- &,. 27- LH -B41&+,-. 27&2 c jbttbr rctgid kr sfkrgid systba ekr VABs %)51. *&;-27-* 0--1 *)=- -N5+44-. 2) +,9-'2 .+=-(21> )= 27=)5J7 H68G1)&,G/&(;-. '-(5=+2+-'< E2 %&' &((-42-.C 7)%-9-=C 27&2 27- ()'2 )0-'2&/1+'7+,J '5(7 & '>'2-* *+J72 /- 4=)7+/+2+9-1> 7+J7C J+9-, 27- 1&=J- ,5*/-= )0 H68'<

Jkx :0 Hbffiigtgkis ke VABs

Vtcihcrh Burkpbci hb gigtgki, cffkrhgid tk BR ocw (BR rbfkaabihctgki :>>6/653)

0">.$ (%B(.?."*(*K 8,2-=4=+'-' -*41)>+,J 0-%-= 27&, UZ 4-)41-C %+27 &, &,,5&1 25=,)9-= ,)2 -B(--.+,J AS*C&,.h)= & /&1&,(- '7--2 2)2&1 ,)2 -B(--.+,J AS*<

!#-,, (%B(.?."*(*K Bitbrprgsbs ocrdbr tmci agfrk gras, jut bapokygid ebwbr tmci 2> pbkpob, wgtm ciiuco turikvbr,)2 -B(--.+,J AUZ*<

Abhgua-sgzbh bitbrprgsbs0 gras ocrdbr tmci sacoo bitbrprgsbs, jut bapokygid ebwbr tmci :2> pbkpob, wgtm ciiuco25=,)9-= ,)2 -B(--.+,J ATZ*<

AgEGH GG hb gigtgki0 VABs crb hb gibh ekr tmb purpksbs ke AgEGH GG cs fkapcigbs tmct mch ci cvbrcdb acrlbt(&4+2&1+'&2+), )0 1-'' 27&, ASZZ* ), 27- /&'+' )0 -,.G>-&= N5)2-' 0)= 27- 4=-9+)5' 27=-- (&1-,.&= >-&='< 3' 8H634)+,2' )52C 27+' ()51. /- +,2-=4=-2-. &' -B(15.+,J &11 H68' %+27 & 1+0-'4&, )0 1-'' 27&, 27=-- >-&=' 0=)* ()5,2+,J2)%&=.' 27- TZQ 27=-'7)1.<

RV Vacoo Jusgibss Chagigstrctgki hb gigtgki

Xmb Vacoo Jusgibss Chagigstrctgki (VJC) hb gibs c sacoo jusgibss fkifbri cs kib tmct gs0 gihbpbihbitoy kwibh cihkpbrctbh, krdcigsbh ekr prk gt, cih ikt hkagicit gi gts gboh. Hbpbihgid ki tmb gihustry, sgzb stcihcrh bogdgjgogty gs/&'-. ), 27- &9-=&J- ,5*/-= )0 -*41)>--' 0)= 27- 4=-(-.+,J US *),27'C )= ), '&1-' 9)15*- &9-=&J-. )9-= & 27=--G>-&= 4-=+).< 8B&*41-' )0 H!3 J-,-=&1 '+^- '2&,.&=.' +,(15.-R

A 0-%6F->B6."%JK*&B+*5* ,5*/-= )0 -*41)>--' *&> =&,J- 0=)* TZZ 2) UCTZZC .-4-,.+,J ), 4=).5(2*&,50&(25=-.

A X9$,(*-,"%JK *&B+*5* ,5*/-= )0 -*41)>--' *&> =&,J- 0=)* UZZ 2) TZZC .-4-,.+,J ), 4=).5(2 /-+,J4=)9+.-.

A !(.H">(*K&,,5&1 =-(-+42' *&> ,)2 -B(--. bS ,)2 -B(--. bT* 2) bSU*C .-4-,.+,J ), 27- 4=).5(2 /-+,J 4=)9+.-.

A Dbibrco cih mbcvy fkistruftgki0 J-,-=&1 (),'2=5(2+), &,,5&1 =-(-+42' *&> ,)2 -B(--. bUV4- )0 (),'2=5(2+),

A !?(>"-, B.-;( >$%*B.6>B"$%K &,,5&1 =-(-+42' *&> ,)2 -B(--. bc*

A 7J.">6,B6.(K &,,5&1 =-(-+42' *&> ,)2 -B(--. bZ4- )0 &J=+(5125=&1 4=).5(2


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Jrghdgid tmb drkwtm dcp^cdb 6:

Hgeebrbifbs gi ffiicifgid skurfbs

Xmb drbctbr usb ke cotbrictgvb gicifgid skurfbs (b.d. vbiturb fcpgtco cih cidbo euihgid) gi tmb RV eurtmbr jkostbrs tmb-N5+2> ()*4),-,2 )0 LH '*&11 /5'+,-''-'_ /&1&,(- '7--2'C *&;+,J 27- .+00-=-,(-' /-2%--, 85=)4-&, &,. LH (&4+2&1'2=5(25=-' -9-, J=-&2-=<

3 ,&25=&1 4)+,2 )0 +,9-'2+J&2+), +' %7-27-= 85=)4-&, H68' &=- &%&=- )0 7)% 27-+= (&4+2&1 (7)+(-' &00-(2 27-+= &22=&(2+9-,-''2) +,9-'2)='< [5= +,2-=9+-%' &,. 4=-9+)5' '25.+-' +,.+(&2- 27&2 Burkpbci VABs crb ketbi uicwcrb ke obihbrs' hbfgsgki-#-C"%J >."B(."- C &,. =-(-+9- 1+221- 7-14051 0--./&(; +0 27-+= &441+(&2+),' &=- 5,'5((-''051<

Burkpbci Rigki rbduoctgkis ki pruhbitgco rbqugrbabits ekr frbhgt gistgtutgkis cih givbstabit gras 33 =-N5+=- 27&2 +,'2+252+),'bxpocgi tmbgr rctgid hbfgsgkis tk VABs cppoygid ekr okcis. Zbfbit survby bvghbifb gihgfctbs tmct 45@ $F #">.$L(%B(.?."*(*cih ::% ke sacoo bitbrprgsbs wbrb ikt fki ghbit hgsfussgid gicifgid hbfgsgkis wgtm jcils O:+J5=- SXK< E2 +' ,)2 (1-&=%7-27-= 27+' 4-=(-,2&J- %)51. /- &,> .+00-=-,2 0)= ,),G/&,; 1-,.-=' )= -N5+2> 4=)9+.-='< F7- H!3 J+9-' LH '*&11 /5'+,-''-'.-2&+1-. +,0)=*&2+), &/)52 27- (=+2-=+& 1-,.-=' (),'+.-= %7-, &''-''+,J 1)&, &441+(&2+),' /-0)=- 27-> &441> 0)= & 1)&,<

Egdurb :80 Vacoobr bitbrprgsbs crb ikt fkiffihbit cjkut hgsfussgid ffiicifgid wgtm jcils

Vkurfb0 VCEB Cicoytgfco Zbpkrt :>36

Cvcgocjgogty cih suffbss ke dkvbriabit suppkrt gigtgctgvbs

Tgtm rbdcrh tk J$H(.%#(%B *6??$.B #(-*6.(* , tmb auotgtuhb ke hgeebrbit gicifgid cvcgocjob, cih tmb ercdabitbh icturb kepci-Burkpbci cih ictgkico VAB suppkrt abcsurbs, aclbs gt hge gfuot ekr VABs tk ghbitgey cih cffbss euihgid kppkrtuigtgbs.Tmgob tmb Bitbrprgsb Burkpb Ibtwkrl (BBI) cgas tk prkvghb VABs wgtm c kib-stkp-smkp tk hbsfrgjb wmct gs ki keebr, gt mcs')*- %&> 2) J) 2) =-41+(&2- 27- 2>4- )0 (-,2=&1+'-. '544)=2 +,0)=*&2+), 4=)9+.-. /> 27- H!3 +, 27- LH< E, 27- 8LC 27- 3((-''2) :+,&,(- %-/'+2- 3: J+9-' &, -B(-11-,2 '5**&=> )0 +,'2+252+),' 27&2 4=)9+.- 8E! &,. 8E: '544)=2 +, -&(7 8L ()5,2=><

2857 48 42

63

:: 32 3:

32 7 3> 36

>

:>

8>

5>

=>

3>>

Fki ghbit

Hki‗t likw/Ikt cppogfcjob

%

VacooAgfrk Ocrdb

Ikt fki ghbit

Abhgua

Cssbt Acicdbr // Jbttbr sbfurgtgsctgki \keVAB okcisQ wkuoh jb cjbttbr skoutgki tmci tmbbxpbisgvb prkpksgtgkike kpbigid agig-jkihs.

//

Cssbt Acicdbr // Xmb cjgogty tk usbsbfurgtgsctgki cs c

vbmgfob tk trcisebrokcis erka jcils tkgivbstkrs wkuoh jbibffittmb wmkob systba.

//

Csskfgctgki // C acrlbt jcsbhsbfurgtgsctgki akhboekr VAB okcis wgooibvbr wkrl gi Burkpbjbfcusb gt wgoo jbtkk bxpbisgvb.

//

Csskfgctgki // Vbfurgtgsctgki gs ikt cagh-tbra skoutgki \ekrVAB euihgidQ jbfcusbgt wgoo ikt wkrl wgtmkutpujogf suppkrt.

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F7- H!3\' 4)'+2+), &' J&2-;--4-= 2) J)9-=,*-,2 '5/'+.+-' &,. J5&=&,2--' +, 27- LH *-&,' 27&2 '544)=2 '(7-*-' &=-fbitrcogsbh cih bcsy tk cffbss ekr sacoo jusgibssbs. Xmb RV ekfus ki VJGFs ‖ grst gitrkhufbh gi 372= uihbr tmb Bgsbimkwbrchagigstrctgki ‖ cosk abcis tmct c ac`kr cvbiub ke dkvbriabit suppkrt gs prkvghbh tmrkudm iki-jcil givbstkrs. ̂ ktbitgco.+=-(2 '544)=2 4=)9+.-. /> LH '2&2- &,. 1)(&1 J)9-=,*-,2' 2) H68' 7&' ,)2 /--, =-9+-%-. &' 4&=2 )0 27+' '25.><

Rsb ke tmb sbfurgtgsctgki acrlbt tk hgstrgjutb VAB-okci-jcflbh sbfurgtgbs

C gico crbc ke fkifbri ghbitg gbh jy gitbrvgbwbbs wcs tmb uihbrhbvbokpbh icturb ke Burkpb's sbfurgtgsctgki acrlbt <3 ,5*/-= )0 +,2-=9+-%--' 7+J71+J72-. 27&2 /&,;'\ +,&/+1+2> 2) .+'2=+/52- 27- H68 1)&,' ), 27-+= /&1&,(- '7--2' =-'2=+(2-. 27-+=(&4&(+2> 2) 1-,. 2) H68'< W)%-9-=C +,2-=9+-%--' J&9- *+B-. =-'4),'-' =-J&=.+,J 27- 0-&'+/+1+2> )0 & 1&=J-G'(&1- 85=)4-&,*&=;-2 0)= H68G1)&,G/&(;-. '-(5=+2+-'< H)*- /-1+-9-. 27+' %&' &1=-&.> & 9+&/1- )42+),C %7+1- )27-=' 27)5J72 45/1+( '544)=2%)51. /- ,-(-''&=> 2) /=+,J +2 +,2) /-+,J<

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

Jktm wgtmgi tmb fkitbxt ke sbfurgtgsctgki cih akrb dbibrcooy, gitbrvgbwbbs ghbitg gbh tmb supbrgkr fcpcjgogtgbs ke iki-jcilgivbstkrs gi tmb RV ‖ tkwcrhs hub hgogdbifb cih rgsl acicdbabit ‖ cs c sgdig gfcit fkitrgjutkr tk tmbgr mgdmbr rgsl cppbtgtb&,. %+11+,J,-'' 2) +,,)9&2-<

Tmct Burkpb fkuoh hk hgeebrbitoy ki VABs;CEAB ghbitg gbs pkssgjob skoutgkis tk skab ke tmb rkchjokfls ghbitg gbh tmrkudm kur gitbrvgbws< hrcwgid ki jbst prcftgfbserka kur stuhy ke tmb RV cih ktmbr acrlbts. Tmgob skab ke tmbsb skoutgkis crb fkifrbtb, ktmbrs crb suddbstgkis achb jy

+,2-=9+-%--' 27&2 %+11 =-N5+=- 05=27-= -B41)=&2+),<

H)*- +,2-=9+-%--' 7+J71+J72-. 27&2 - #$.( >(%B.-,"*(; -??.$->9 tk tcflogid VABs' gicifgid cih drkwtm fkifbris fkuohjb jbib gfgco tk VAB drkwtm gi Burkpb. Xk tmgs bih, tmby scgh tmct abrdgid bxgstgid gigtgctgvbs gitk c sgidob bitgty cftgid cs cJ&2-;--4-= 2) /)27 ,&2+),&1 1-9-1 &,. 4&,G85=)4-&, H68 '544)=2 '(7-*-' '7)51. /- & 2)4 4=+)=+2>< 3' 7+J71+J72-. -&=1+-=+, 27+' =-4)=2C 27- LH H!3 4=)9+.-' & J)). -B&*41- )0 '5(7 &, )=J&,+'&2+),C &,. &, -B+'2+,J +,+2+&2+9- '5(7 &' 27- 8,2-=4=+'-85=)4- ?-2%)=; ()51. 4=)9+.- & '5+2&/1- /&'- 0)= & *)=- ()*4=-7-,'+9- ')152+),<

Ciktmbr fkifbri ghbitg gbh wcs tmb hge gfuoty Burkpbci VABs ecfb gi cffbssgid iki-jcil euihgid cotbrictgvbs sufm cs vbiturb(&4+2&1C &,J-1 +,9-'2*-,2 &,. *+(=) 1)&,'< W-=-C 2))C +,2-=9+-%--' '&+. & (-,2=&11> *&,&J-. +,+2+&2+9- '+*+1&= 2) 27- LHH!3G1-. H!E"' %)51. 7-14 85=)4-&, H68'< E0 '5(7 9-7+(1-' ()51. /- '-2 54 &2 4&,G85=)4-&, 1-9-1C &,. 0&(+1+2&2-. 27=)5J7 &'+,J1- LH H!3G'2>1- -,2+2>C 27-> ()51. &1') 7-14 0&(+1+2&2- J=-&2-= (=)''G/)=.-= +,9-'2*-,2<

Cssbt Acicdbr // G hki‗t tmgil cffbss tkgiekractgki \ki VABsQ gsci gssub< jcils euoffioo tmgseuiftgki cih fci jb pcrtibrbh

wgtm tk cft cs c rbogcjob,rbdgkico rctgid cdbify.

//

Cssbt Acicdbr // Mcvgid c sgidob prkhuftcfrkss Burkpb gs lby.

//

http://www.afme.eu/securitisationhttp://www.afme.eu/securitisation


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H5(7 *-&'5=-'C %7+1- 5,.)5/2-.1> (=5(+&1 2) 85=)4-&, H68'_ &/+1+2> 2) &((-'' 27- 05,.+,J 27-> =-N5+=-C (&, ),1> /-+*41-*-,2-. +, 27- *-.+5* 2-=*< 6)=- 5=J-,21>C )5= +,2-=9+-%--' '544)=2-. 27- (&'- 0)= >$#?.(9(%*"H( V9$) B$E J6";(F$. &=- %+.-1> &9&+1&/1-<

Tmgob gitbrvgbwbbs scgh bcsgoy cffbssgjob rctgids kr frbhgt sfkrbs ekr VABs wkuoh mbop gifrbcsb tmb okw ke euihs tkfrbhgtwkrtmy VABs, tmby fkifbhbh tmct prkvghgid tmbsb rctgids fkuoh jb prkmgjgtgvboy bxpbisgvb, hub tk tmb iuajbr ke gras&,. N5&,2+2> )0 &,&1>'+' +,9)19-.<

Gi tmb abhgua-tbra, gitbrvgbwbbs jbogbvbh gt frufgco tk bxpokrb wcys ke cookwgid obihbrs tk prk gt erka smcrgid tmbgr gitbrico rctgids systbas D 4=-.)*+,&,21> 1-,.-=' %+27 =-J+),&1 -B4-=2+'-< [,- 4)''+/1- %&> 2) &(7+-9- 27+' ()51. /- 27=)5J7prkaktgki ke pcrtibrsmgps jbtwbbi obihbrs cih cssbt acicdbrs, wgtm tmb ekrabr rbspkisgjob ekr fkihuftgid hgogdbifb. Tmgob'5(7 4&=2,-='7+4' *&> &1=-&.> /- +, )4-=&2+), O-'_ 4&=2,-='7+4 %+27 !15-!&> 3''-2 6&,&J-*-,2KC 36 '2=-&*1+,+,J27- 4=)(-'' )0 -'2&/1+'7+,J 27-*C &,. =-.5(+,J =-'2=+(2+),' 27-> &=- '5/M-(2 2)C %)51. +,(=-&'- 27-+= 5'- +, 85=)4-<

E, 27- '7)=2 2-=*C +,2-=9+-%--' '&+. 27&2 gapobabitctgki ke fkisgstbit, gihustry-jcsbh hb gigtgkis ekr VABs cfrkss +, =-1&2+), 2) H68 1)&, 4)=20)1+)' &,.

'-(5=+2+'&2+),'< [5= +,2-=9+-%' 5,.-='()=-. 27- ,--. 0)= (=5(+&1 -(),)*+( &(2)=' @ 1-,.-='C .&2& 4=)9+.-=' &,. J)9-=,*-,2'‖ tk coo mcvb uigekra hb gigtgkis tk ecfgogtctb gistruabits tmct crb truoy trchcjob cfrkss Burkpb.

3' .+'(5''-. &/)9-C 27- +,2-=9+-%' +,.+(&2-. 27&2 Burkpbci VABs' prbebrbifb ekr hbjt cppbcrs tk mcvb achb tmba obss-BB.->B"H( B$ ?$B(%B"-, "%H(*B$.*< 8B41)=+,J 27+' 27=)5J7 +,2-=9+-%' &,. =-'-&=(7 >+-1.-. 2%) 4)''+/1- ')152+),'<

:+='21>C &1+J,+,J 27- 2&B 2=-&2*-,2 )0 .-/2 &,. -N5+2> %)51. J+9- H68' *)=- +,(-,2+9- 2) 5'- *)=- -N5+2> (&4+2&1< "5==-,21>Cuibquco rctbs ke tcxctgki hgsfkurcdb aciy Burkpbci gras erka rcgsgid bqugty. Dbraci hgvghbihs, ekr bxcapob, crb tcxbh ctTZQC %7+1- .-/2 +' 2&B-. &2 STQ< #=-&2-= 5'- )0 27- 311)%&,(- 0)= ")=4)=&2- 8N5+2> O3"8KC +, 4=&(2+(- +, !-1J+5* &,. *)=-=-(-,21> +, E2&1>C 2)J-27-= %+27 (&4+2&1 J&+,' -B-*42+),' 0)= -N5+2> '&1-' /> H68'C %-=- &1') '5JJ-'2-. /> +,2-=9+-%--'< F7-'-)42+),' &=- (-=2&+,1> %)=27 -B41)=+,J<

H-(),.1>C &,. %+27 & 1),J-=G2-=* 7)=+^), +, *+,.C F$*B(."%J - >6,B6.( $F ."*CLB-C"%J -%; "%%$H-B"$% -#$%J !0


37/68



VAB suaacry

C* N! H"() O$**"1,( ->B"$%*

Bvcouctgki /.-B"%J

A Ocfl ke mgdm-qucogty cih bcsgoy->>(**"1,( "%F$.#-B"$% ), H68'aclbs hub hgogdbifb hge gfuot

A Ocfl ke fkisgstbitoy cppogbh VABhb gigtgkis %+27+, &,. &(=)''()5,2=+-' &,. +,.5'2=+-'

A Bvcouctgki ketbi givkovbs qucogtctgvbF->B$.* 27&2 &=- ,)2 -&'> 2) -B41&+,&,. '7&=-

A Bfkikagfs ke rctgid/sfkrgid VABsacy jb prkmgjgtgvb

A Ogagtbh cvcgocjgogty ke sfkrgids cih.-B"%J* F$. !0(**= )"B9 %$;-B- .(*B.">B"$%* -??,"(; ->.$***B-B(*

A &''-''*-,2

d 8B41)=- 27- 5'- )0 >$%*"*B(%B=

gihustry-jcsbh hb gigtgkis ekr VABs

'$>-B"%JF6%;"%J-H(%6(*

A Cotbrictgvb skurfbs ke gicifgid*6>9 -* U+ -%; -%J(, "%H(*B"%J -.(6%;(.;(H(,$?(; "% .(;"B .(>$.; 27=)5J7*512+41- 0&+1-. &441+(&2+),'

A !B.$%J >6,B6.( $F "%B(.%-, F6%;* -%;pbrskico scvgids/wbcotm 0)= H68'

A Vgdig gfcitoy ocrdbr cih akrb;(H(,$?(; U+ -%; -%J(, "%H(*B"%J#-.C(B +, LH O9' 8LK

A RV Vacoo Jusgibss Csskfgctgki (VJC)"* V$%(L*B$?L*9$?E0)= H68'C 4=)9+.+,J&((-'' 2) =-N5+=-. +,0)=*&2+), +, &5'-=G0=+-,.1> %&>

A Z"J9(. >6,B6.-, ."*C -??(B"B( 7&'1-. 2) /-22-= .-9-1)4*-,2 )0 (=-.+/1-&12-=,&2+9- &9-,5-'

A +.(-B( >$#?.(9(%*"H( V9$) B$Egicifgid dughbs 0)= H68' 2) 5'- &'

27-+= ')5=(-

A Abrdb bxgstgid gigtgctgvbs cihF6.B9(. ;(H(,$? - *"%J,( B"H(2) 1-,.-='

A !0"*"$% ?.$>(**&,. ,--. 0)= *)=- -N5+2>

A VABs rbfbgvb gisue gfgbit ebbhjcfl), 27-+= &441+(&2+), +, 27- -9-,2 27&2 +2+' 5,'5((-''051

A '"#"B(; ."*C B-C"%J ->.$** 1$.;(.*

A Fuoturb ke pbrskico scvgids/wbcotm *&;-' 0)= *)=- &22=&(2+9- (&4+2&1'2=5(25=-

A Mgdmbr bqugty ki jcocifb smbbt husb ke UF euihs

A Akrb giekractgki rbchgoy cvcgocjob$% ,$-% ;(>"*"$%*

d H!3 4=)9+.-' sgdig gfcit giekractgki.(*$6.>(* B$ !0C B$ !06."B"*-B"$%

A T."J"%-B(LB$L;"*B."16B( #$;(, $Fgicifgid gs obss prbvcobit gi Burkpb

A Vkovbify GG cppogbs ci uihuoy mgdm>-?"B-, >9-.J( F$. *(>6."B"*(; -**(B*=.+''5&.+,J +,9-'2*-,2

A T."J"%-B(LB$L;"*B."16B( #$;(, #$.((*B-1,"*9(; "% N!

A D(BB(. >-?-1","B"(* -#$%J %$%L1-%C"%H(*B$.* B$ -**(** ."*C

A /6.B9(. ;(H(,$? *(>6."B"*-B"$%acrlbt rbduoctkry ercabwkrl

A O.$#$B( ?-.B%(.*9"?* 1(B)((%1-%C* -%; "%H(*B$.* )"B9 F$.#(.>$%;6>B"%J ;","J(%>( -%; >$L"%H(*B"%J )"B9 ,-BB(.


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Jrghdgid tmb drkwtm dcp^cdb 6=

Gifrbcsgid givbstabit gi okid-tbra giercstrufturb prk`bftsGitrkhuftgki

F7=)5J7)52 *).-=, 7+'2)=>C +,0=&'2=5(25=- '4-,.+,J 7&' 41&>-. & (=5(+&1 =)1- +, -(),)*+( =-()9-=+-' &=)5,. 27- %)=1.<Ekr bfkikagbs rbfkvbrgid erka wcrs, icturco hgscstbrs cih gicifgco frgsbs coglb, giercstrufturb givbstabit mcs prkvghbh9+2&1 M)/' 0)= 27- 5,-*41)>-. &,. +*4=)9-. (),.+2+),' O&,. 275' 4=).5(2+9+2>K 0)= -B+'2+,J /5'+,-''-'< E2 +' ,) '5=4=+'-C27-,C 27&2 +,0=&'2=5(25=- '4-,.+,J +' & ;-> 0)(5' &=-& 0)= 85=)4-&, 4)1+(>*&;-='C &' 27- (),2+,-,2 J=&.5&11> =-()9-=' 0=)*c obidtmy gicifgco frgsgs. Xmb Burkpbci Euih ekr Vtrctbdgf Givbstabits (BEVG) ”@uiflbr ôci‗, ciikuifbh cetbr aciy ke tmgs=-4)=2_' +,2-=9+-%' 7&. 2&;-, 41&(-C +' &, +*4)=2&,2 ')5=(- )0 85=)4-&, 45/1+( '544)=2C %7+(7 %+11 &1') +,(15.- H68 '544)=2<

Giercstrufturb prk`bfts crb fkstoy tk gicifb cih tmbgr jbib gts ketbi tclb sbvbrco ybcrs tk jbfkab cppcrbit. Xmgs abcis tmctgiercstrufturb spbihgid gs vuoibrcjob tk jktm bfkikagf cih pkogtgfco fyfobs. Akrb spbfg gfcooy, tmb rbfkvbry stcdb ‖ wmbi cibfkikay wkuoh jbib gt akst erka tmb `kjs frbctbh jy giercstrufturb spbihgid ‖ gs ketbi tmb tgab wmbi dkvbriabits ùhdb+2 4=5.-,2 2) 4)'24),- '5(7 '4-,.+,J<

3:68_' 4=-9+)5' J=)%27 =-4)=2C L,1)(;+,J 05,.+,J 0)= 85=)4-&, +,9-'2*-,2 &,. J=)%27 # ghbitg gbh tmrbb lby jcrrgbrs tk

giercstrufturb spbihgid0 c rbhuftgki gi tmb vkouab ke ûjogf ^rgvctb ^crtibrsmgp prk`bfts< c hbfogib gi jcil obihgid ekr+,0=&'2=5(25=- +,9-'2*-,2D &,. & 7+J7 .-J=-- )0 4-=(-+9-. 4)1+2+(&1 =+';<

F7+' '-(2+), )0 )5= =-4)=2 1));' (1)'-1> &2 27- LH 2) 5,.-='2&,. 27- '+^- &,. ')5=(-' )0 05,.+,J &9&+1&/1- 0)= +,0=&'2=5(25=-+,9-'2+,JD &' %-11 &' &22-*42+,J 2) +.-,2+0> /-'2 4=&(2+(-' 27&2 ()51. /- &.)42-. +, 85=)4-<

Xmb giercstrufturb dcp

F7- 85=)4-&, ")**+''+), -'2+*&2-' 27&2 Burkpb rbqugrbs ci chhgtgkico ₯3.2-:.>ti ke giercstrufturb givbstabit 2)*--2 +2' SZSZ J)&1' 0)= -,-=J>C 2=&,'4)=2 &,. /=)&./&,.< 38 F7+' .)-' ,)2 +,(15.- 45/1+( 7-&127(&=- )= -.5(&2+),G=-1&2-.+,0=&'2=5(25=- +,9-'2*-,2<

]-'4+2- /-+,J ),- )0 27- 4=+,(+4&1 J1)/&1 +,9-'2*-,2 .-'2+,&2+),'C tmb RV cosk sueebrs erka sgdig gfcit uihbr-givbstabit+, +,0=&'2=5(25=-< F7- 3*-=+(&, H)(+-2> )0 "+9+1 8,J+,--=' O3H"8K -'2+*&2-' 27&2 27- LH =-N5+=-' bV

:2>

2>>

42>

3,>>>

3,:2>

3,2>>

3,42>

^crls &Zbfrbctgki

3>8:6=

Obvbbs

4:=>

MczcrhkusTcstb

8525

Zcgo, ^krts& Hcas

Tctbr

=83:5

VurecfbXrcispkrtctgki

=85

323

$ ji

Cgrpkrts

67368

Bobftrgfgty

8:3>4

Vfmkkos

:43673

465

3,4:6DcpIbbh


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Vgzgid cvcgocjob euihs ekr giercstrufturb givbstgid gi Burkpb cih tmb RV

F7- &,&1>'+' '7)%' 27&2 "%F.-*B.6>B6.( *?(%;"%J "% "?-, 1$%;#-.C(B < F7+' &11)%' =-2&+1 &,. '*&11 +,9-'2)=' 2) +,9-'2 +, +,0=&'2=5(25=- 27=)5J7 =-9-,5- /),.'< E, (),2=&'2C 85=)4-_'sgdig gfcitoy mgdmbr obvbo ke

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AFME - Bridging the Growth Gap- February 2015 (2)