credit suisse consulting project: managerial suggestions for repositioning of the academica package

8/8/2019 Credit Suisse consulting project: Managerial suggestions for repositioning of the Academica package

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Fofi{zkz fog zpbb`zwkloz hlu

u`}lzkwklokob lh wa` Fjfg`ckjf

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Hkofi U`}luw

Zp}ùxkzlu> ]ulh/ Hkik}}l Jfuil R`~ì

Fpwaluz>Elnkj Fcof

Apfob Vkobikob

Cfwkz` Zjapekbù Gfkof

Olpuk C`zadfwk Fiku`~f^`dkuk Còzpu


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3/66

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]ulxkg` u`bpifu zwfb` }lzzkekikwk`z lu,fog hkìg }uln`jwz)

]peikza zwpgòw w`zwkclokfiz lo wa`ku }lzkwkx` `q}ùkòj`z rkwa Ju`gkw Zpkzz`)

Kozwfii Fjfg`ckjf zjalifuzak} wl e`zw }ùhluckob zwpgòwz) Gl wa` z}lozluzak} lh Cfzwù Wa`zkz ekogkob/

Jlofwkx` bulp} fkcz fw jloxkjwklo fog fjwpfi fgl}wklo lh wa` }ulgpjw4 aòj` r` rlpig

fggu`zz kw e{>

Hukòg eukobz f hukòg lu u`hùufi)

Aì} g`zd fw Pokxùzkw{ gpukob wa` hkuzw r``d lh wa` fjfg`ckj {`fu)

Cfwùkfi kojòwkx` wl zwpgòwz wafw zkbo p} hlu Fjfg`ckjf/

R` fizl zpbb`zw clokwlukob wa` felx` còwklo`g fjwkloz wl kgòwkh{ wa` clzw `hh`jwkx`

fog `hhkjkòw lo`z/


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Wfei` lh Jlowòwz

@q`jpwkx` Zpccfu{ //////////////////////////////////////////////////////////////////////////////////////////////// //////////////////////////////////// 5

6/ U`z`fuja ]ulei`c //////////////////////////////////////////////////////////// ////////////////////////////////////////////////////////////// //// 0

6/6 U`z`fuja }afz`z ////////////////////////////////////////////////// ////////////////////////////////////////////////////////////// /////////////// 8

5/ C`walglilb{ //////////////////////////////////////////////////////////// ////////////////////////////////////////////////////////////// /////////////// 8

5/6/ Jlc}`wkwklo fofi{zkz fog C{zwù{ Zal}}kob //////////////////////////////////////////////////////// /////////////// 8

5/5/ @q}ilufwlu{ u`z`fuja }afz` # Kowùxk`rz rkwa zwpgòwz ////////////////////////////////////////////////// 2

5/:/ Ikwùfwpu` u`xk`r /////////////////////////////////////////////// ////////////////////////////////////////////////////////////// /////////////// 2

5/7/ Vp`zwkloofku` g`zkbo ///////////////////////////////////////////////////////////// //////////////////////////////////////////////////////// 1

5/0/ Zfc}ikob ///////////////////////////////////////////////////// ////////////////////////////////////////////////////////////// /////////////////////// 6=

5/8/ Kc}i`còwfwklo lh vp`zwkloofku` /////////////////////////////////////////////////////////// /////////////////////////////// 6=

5/2/ Gfwf fofi{zkz //////////////////////////////////////////////////////// ////////////////////////////////////////////////////////////// //////////// 66

:/ U`zpiwz////////////////////////////////////////////////////////////////////////////////// /////////////////////////////////////////////////////////////// / 66

:/6/ Jlc}`wkwklo fofi{zkz ///////////////////////////////////////////////////////////// ///////////////////////////////////////////////////// 65

:/5/ Fofi{zkz lh wa` jlc}`wkob }ulgpjw lh cfko jlc}`wkwluz //////////////////////////////////////// 65

:/:/ @zwkcfwklo lh wa` wfub`w cfud`w zk~` ko Wkjkol ///////////////////////////////////////////////////////////////// 6:

:/7/ @q}ilufwlu{ kowùxk`rz> g`zjuk}wklo fog u`zpiwz //////////////////////////////////////////////////////////// / 67

:/0/ G`clbuf}akjz//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 67

:/8/ Gfwf fofi{zkz u`zpiwz ////////////////////////////////////////////////////////////// ///////////////////////////////////////////////////// 60

7/ Cfofbùkfi kc}ikjfwkloz4 g`hkokwklo lh }lzzkei` zwufw`bkj fjwkloz //////////////////////////////// 6;

7/6/ ]uklukw{ fog jlzw `zwkcfw` //////////////////////////////////////////////////////////////////////////////////////////////////////// 50

0/ Ikckwfwkloz fog zpbb`zwkloz ///////////////////////////////////////////////////////////// ////////////////////////////////////////// 50

8/ F}}ògkq`z /////////////////////////////////////////////////////////////// ////////////////////////////////////////////////////////////// //////////// 52

8/6/ Jlc}`wkwklo cfwukq /////////////////////////////////////////////////////////// ///////////////////////////////////////////////////// 52

8/5/ U`zpiwz hulc q}ilufwlu{ kowùxk`rz/////////////////////////////////////////////////////////// //////////////////// :=

8/:/ Wfub`w cfud`w zk~` `zwkcfw` lpwzkg` Wkjkol ////////////////////////////////////////////////////// //////////// :6

8/7/ G`clbuf}akjz /////////////////////////////////////////////////////////// ////////////////////////////////////////////////////////////// / :5

8/0/ U`zpiwz wfei`z////////////////////////////////////////////////// ////////////////////////////////////////////////////////////// //////////// :;

8/8/ Vp`zwkloofku` !@obikza xùzklo+ //////////////////////////////////////////////////////// /////////////////////////////// 05

8/2/ Jlowòw fofi{zkz lh l}ò òg`g vp`zwkloz //////////////////////////////////////////////////////// //////////// 85

2/ Ekeiklbuf}a{ //////////////////////////////////////////////////////// ////////////////////////////////////////////////////////////// //////////// 87


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6/ U`z`fuja ]ulei`c

Wakz }uln`jw fkcz fw `q}ifkokob wa` jpuuòw zkwpfwklo ko wa` z`bcòw lh jpuuòw fjjlpowz

hlu zwpgòwz/ Kw }fuwkjpifui{ hljpz`z lo Fjfg`ckjf fjjlpow }lzkwklo rkwako wa` cfud`w/

Wakz }ulgpjw afz e`ò fiu`fg{ ifpoja`g fog raki` ko lwaù fu`fz lh Zrkw~ùifog kw z``cz

wl afx` bfko`g f bllg cfud`w zafu`) kw kz olw zl ko Wkjkol/ Lpu u`z`fuja waù`hlu` hljpz`z

lo pogùzwfogkob wa` jpuuòw zkwpfwklo fog wa` u`fzloz eàkog kw/

Wa` zwufw`bkj uli` lh wa` Fjfg`ckjf fjjlpow kz }fuwkjpifui{ kc}luwfow zkoj` }lwòwkfi o`r

jpzwlcùz ko wa` zwpgòwz z`bcòw jfo e` z`ò fz f bpfufow`` hlu u`bpifu koju`fz` lh

jpzwlcùz ko clu` }ulhkwfei` z`bcòwz fhwù òg lh wa` zwpgk`z/ Wakz o``gz wl e`

zp}}luw`g e{ ilob wùc }likjk`z ko wa` jpzwlcù fjvpkzkwklo }ulj`zz/ Wa` uli` lh

Fjfg`ckjf rkwako wa` lxùfii lhh ukob hufc`rlud jfo e` kiipzwufw`g ko wa` jafuw 6 eìlr/

Wa` ikh` j{ji` lh f jpzwlcù kz lh zwufw`bkj uì`xfoj`/ Wlgf{z zwpgòwz olw {`w

o`j`zzfuki{ }ulhkwfei` cfud`w fu`f) fu` blkob wl bufgpfw` fog }fzz hkuzw wl Fjfg`ckjf

]ipz fog ifwù lo wl lwaù clu` }ulhkwfei` fu`fz/ Wapz) wa` hilr lh jpzwlcùz hulc

Jlowfjw fjjlpow wl Fjfg`ckjf afz wl e` jilzì{ clokwlu`g/ Ko fggkwklo) jilz` clokwlukob

zalpig e` glo` wl zwpgòwz lh efodz wafw afx` ol hliilr p} fjjlpow hlu {lpwaz fz ko jfz`

lh Efojf gìil Zwfwl/

Wa` u`z`fuja }ulei`c wapz hljpz`z lo alr wl kc}ulx` wa` jpuuòw cfud`w zafu` fog

}ulxkg` f }ul}lzfi lh fjwklo }ifo wafw jlpig aì} wl bfko wa` cfud`w zafu` lh Fjfg`ckjf

ko Wkjkol/

Jafuw 6 Lhhùkobz lh Ju`gkw Zpkzz` rkwako wa` jpzwlcù ikh`j{ji` hufc`rlud


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6/6 U`z`fuja }afz`z

Wa` }afz`z lh lpu hkìg }uln`jw rù` g`zkbo`g wl wfjdi` wa` u`z`fuja }ulei`c fog

}ulxkg` uì`xfow zlipwkloz efz`g lo zwulob `c}kukjfi hkogkobz/ Wa` wfei` eìlr

kiipzwufw`z ko f zja`cfwkj rf{ fii wa` zw`}z r` ròw waulpba/ F clu` g`wfki`g `q}ifofwklo

kz }ulxkg`g ko `fja lh wa` o`qw z`zzkloz/

Jafuw 5 ]uln`jw }afz`z fw bifoj`

5/ C`walglilb{

5/6/ Jlc}`wkwklo fofi{zkz fog C{zwù{ Zal}}kob

Wakz rfz wa` hkuzw wlli pz`g ko lugù wl eòjacfud wa` Fjfg`ckjf }ulgpjw fbfkozw lwaù

jlc}`wkwluz) fz rìi fz bfwaù z}`jkhkj kohlucfwklo lo wa` jlowòw fog h`fwpu`z lh wa`

Fjfg`ckjf/ R` fizl fkc`g fw kgòwkh{kob lpu gku`jw jlc}`wkwluz fog wa` }ulgpjwz

jlc}`wkob hlu cfud`w zafu`z rkwako wa` zwpgòwz z`bcòw/ R` fjw`g fz }lwòwkfi

jpzwlcùz fw fii wa` cfnlu efodz ko Ipbfol) jlii`jwkob kohlucfwklo felpw zwpgòwz

lhhùz) jlogkwkloz fog ìkbkekikw{ jukwùkf wl l}ò fo fjjlpow) `wj/ Waò wa` }ulgpjwz rù`

jlc}fu`g pzkob z}`jkhkj jukwùkf/ C{zwù{ zal}}kob u`zpiw`g rkwa f jlc}`wkwkx` cfwukq

!Z`` F}}ògkq 8/6/ jlc}`wkwklo cfwukq+) rakja kz `q}ifko`g ko g`wfkiz ko wa` u`zpiwz

z`jwklo/ Wakz wlli aì}`g pz bfkokob bllg kozkbawz kowl wa` jpzwlcù zùxkj` lhhù`g e{

gkhhùòw efodz) jlozkgù`g f d`{ hfjwlu ko wa` lxùfii `xfipfwklo lh f zùxkj`/


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5/5/ @q}ilufwlu{ u`z`fuja }afz` # Kowùxk`rz rkwa zwpgòwz

Wa` z`jlog wlli rakja r` pz`g rfz `q}ilufwlu{ kowùxk`rz/ Wrl z`wz lh vp`zwkloz) hlu

Ju`gkw Zpkzz` jpzwlcùz fog olo#jpzwlcùz rù` }u`}fu`g/ Elwa bulp}z rù` fzd`g

felpw wa` zfwkzhfjwklo i`xì rkwa wa`ku efod) ra{ wa`{ jalz` wafw }fuwkjpifu efod) alr

wa`{ blw wl dolr felpw wa`ku jpuu ow fjjlpow fog lwaù l}wkloz `xfipfw`g/ R` fizl

fzd`g felpw wa` u`fzloz hlu jallzkob wa`ku fjjlpow fz rìi fz kwz fgxfowfb`z fog

gkzfgxfowfb`z/ Wa` }pu}lz` rfz wl `qfcko` wa`ku zfwkzhfjwklo i`xì) h`fwpu`z jlozkgù`g

ko jallzkob fo fjjlpow fog wl kgòwkh{ l}koklo i`fgù ko wa`ku g`jkzklo cfdkob }ulj`zz/

Fggkwklofi vp`zwkloz rù` fzd`g wl olo JZ jpzwlcùz wl w`zw wa`ku frfuò`zz felpw wa`

Fjfg`ckjf) fog alr wa`{ blw wl dolr felpw kw/ Clu`lxù) wa`{ rù` fzd`g wl g`zjuke`

wa` kg`fi }ulgpjw hlu wa`c wafw zfwkzh{ wa`ku o``gz/ Wa` fkc lh wa`z` `q}ilufwlu{

kowùxk`rz rfz wl kgòwkh{ wa` }ulei`cfwkj }fwwùoz) fz rìi fz illd hlu jlozwupjwz rakja

r` zalpig hpuwaù wfjdi` fog zwpg{ gpukob wa` z`jlog }afz` lh wa` }uln`jw/

5/:/ Ikwùfwpu` u`xk`r

Wl wfjdi` wa` }ulei`cz kgòwkhk`g ko wa` zwfb`z lh jlc}`wkwklo fofi{zkz fog `q}ilufwlu{

kowùxk`rz uì`xfow }f}ùz fggu`zzkob wa`z` kzzp`z rù` jlozpiw`g/ Lpu fkc rfz wl bfko

f g``}ù i`xì lh pogùzwfogkob lh wa` ofwpu` lh wa` hkofojkfi zùxkj` }ulgpjwz fog hkog

f}}ikjfei` zlipwkloz wl lpu jfz`6/

Fw hkuzw) r` walpbaw lh fgl}wkob wa` BILXFI zjfi` !Ulkb `w fi/ 5==8+ pz`g ko wa` zwpg{ lh

Jpzwlcù }ùj`kx`g xfip` ko efodkob zùxkj`z/ Wakz clgì rfz g`xìl}`g lo wa` efzkz

lh lo` lh wa` clzw kc}luwfow zjfi`z Z@UXVPFI) c`fzpukob wa` vpfikw{ lh zùxkj` w{}` lh

bllgz !]fufzpufcfo `w fi/ 6;11+/ Alr`xù) hkofii{ r` g`jkg`g wl fgl}w wa` clzw

uì`xfow }f}ù lh lpu zwpg{ fz kw c`w lpu u`z`fuja }ulei`c ko f clu` }u`jkz` cfooù)

ofcì{ wa` fuwkji` R`zwùo PZ jlii`b` zwpgòwz> Efodkob }u`hùòj`z fog cfud`w}ifj`

}ùhlucfoj`/ jlogpjw`g ko Pokw`g Zwfw`z lh Fcùkjf e{ ]fzz !]fzz) 5==0+/ Hulc wakz

6 R` gkg zì`jw :7 uì`xfow fuwkji`z hluc zjkòwkhkj gfwfefz`z> @cùfig Cfofb`còw Qwuf) Kzk Rè lh

Dolri`gb`) Zjkòj` Gku`jw) Z}ukobù Ikod fog Zfb`/ ; lh wa` clzw uì`xfow }f}ùz rù` pz`g !Ekeiklbuf}a{4

Fuwkji`z+ ko lpu u`z`fuja fog vp`zwkloofku` g`zkbo/ Wa` wa`lu`wkjfi hufc`rlud r` g`zkbo`g jlojòwufw`z

clzwi{ lo pogùzwfogkob wa` kowfobkei` fog pogkhhùòwkfw`g ofwpu` lh wa` hkofojkfi zùxkj`z !g`

Jaùofwlo{) 5==8+ fog z`fujakob hlu `qkzwkob zwpgk`z f}}ikjfei` wl lpu jfz`/

}ùj`:kx`g }ùj`kx`g xfip` ko efodkob zùxkj`z rukwwò e{ Ulkb !Ulkb `w fi/ 5==8+/ Wakz clgì rfz

g`xìl}`g lo wa` efzkz lh lo` lh wa` clzw kc}luwfow zjfi`z # Z@UXVPFI c`fzpukob wa` vpfikw{ lh zùxkj`w{}` lh bllgz !]fufzpufcfo `w fi/ 6;11+/


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zwpg{ r` zì`jw`g wa` zjfi`z c`fzpukob wa` hliilrkob jlozwupjwz> Efod zì`jwklo) Efod

zrkwjakob) Jpzwlcù zùxkj` vpfikw{ jlozwupjwz lh @c}fwa{) Fzzpufoj` fog Wfobkei`z/

R` jilzì{ uìfw`g wa` jlozwupjw lh @c}fwa{ wl wa` fhh`jwkx` zwfb` lh Ifxkgb`#Zw`koù

clgì) rakja kz }fuwkjpifui{ kc}luwfow hlu g`xìl}kob ilob wùc uìfwklozak}z/ Wa`

Ifxkgb`#Zw`koù clgì) rakja r` pz`g wl zpbb`zw wa` cfofbùkfi fjwkloz rfz `fzki{

f}}ikjfei` wl lpu jfz` wl clx` wa` jpzwlcùz hulc wa` Jlbokwkx` waulpba wl Fhh`jwkx` fog

hkofii{ wl Jlofwkx` zwfb`z raù` wa` fjwpfi pzfb` af}}òz/ Wa` clgì !z`` wa` jafuw :

eìlr+ zpbb`zwz wafw kh ;=% fu` frfu` lh wa` }ulgpjw) zwkii loi{ 0 % fu` blkob wl fgl}w

wa` }ulgpjw/ Waù`hlu` kw kz kc}luwfow wl gukx` jpzwlcùz waulpba fii wa` wau`` }afz`z

hulc jlbokwkx` e{ ufkzkob wa` frfuò`zz fog kohluckob felpw wa` lhhùkob waulpba

fhh`jwkx` }afz` e{ ju`fwkob }lzkwkx` fwwkwpg` fog }u`hùòj` wl lwaù }ulgpjwz fog hkofii{

wl jlofwkx` }afz` e{ jloxkojkob wl cfd` }lzkwkx` g`jkzklo fog wapz fgl}wkob wa`

}ulgpjw/

Jafuw :/ Ifxkgb`#Zw`koù Clgì

5/7/ Vp`zwkloofku` g`zkbo

Wa` vp`zwkloofku` rfz g`zkbo`g fw c`fzpukob Efod jafufjwùkzwkjz zpja fz efod fjjlpow

lroùzak}) frfuò`zz felpw efodz fog wa`ku lhhùkobz) efod zì`jwklo fog zrkwjakob

c`jafokzcz fog wa` kgòwkw{ lh Ju`gkw Zpkzz`/ E`zkg`z) r` fkc`g fw c`fzpukob ]ulgpjw

jafufjwùkzwkjz efz`g lo wa` Jpzwlcù Zùxkj` Vpfikw{ gkcòzklo jlozkzwkob lh hliilrkob

jlozwupjwz> f+ }ukj`) e+ `c}fwa{) j+ fzzpufoj` fog g+ wfobkei`z/ R` fizl kojipg`g ]ulgpjw

Vpfikw{ gkcòzklo wafw jlowfkoz wa` kc}luwfoj` lh wa` }ulgpjw fwwukepw`z fog wa`ku


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u`z}`jwkx` pzfb` ufw`/ Ko fggkwklo) r` kojipg`g vp`zwkloz }ulxkgkob wa` kohlucfwklo

felpw l}koklo i`fgùz ral fu` kohipòjkob wa` g`jkzklo cfdkob }ulj`zz/

Wa` zpe#gkcòzkloz r` fkc fw c`fzpukob fu`>

Efod jafufjwùkzwkjz> r` fkc fw pogùzwfogkob wa` g`bu`` lh frfuò`zz) wa`gkzwukepwklo lh wa` cfud`w zafu`z fclob jlc}`wkwluz) fz rìi fz efod

zì`jwklo fog efod zrkwjakob c`jafokzcz/

]ulgpjw Vpfikw{ gkcòzklo> `qfckokob alr zwpgòwz ufod gkhhùòw fjjlpow

h`fwpu`z fog rafw wa`ku fjwpfi pzfb` ufw` kz/ R` fkc`g fw kgòwkh{kob rakja

fwwukepw`z lh Fjfg`ckjf cfwja wa`ku o``gz fog rfowz fog rafw fu` wa` clzw

kc}luwfow jafufjwùkzwkjz f zwpgòw fjjlpow zalpig afx` wl zpkw wa`ku o``gz

fog `q}`jwfwkloz/

]ukj` gkcòzklo> kowògz wl pogùzwfog alr zwpgòwz }ùj`kx` efod h``z fog

kh wa`{ fjwkxì{ jlc}fu` }ulgpjwz raò jallzkob fo fjjlpow fog,lu efod/

Zùxkj` Vpfikw{ gkcòzklo>

@c}fwa{> aù` r` fkc fw c`fzpukob wa` i`xì lh kc}luwfoj` wafw zwpgòwz

}pw lo wa` fekikw{ lh f efod wl hljpz lo wa`ku o``gz fog kowù`zwz fz rìi fz

wl rafw `qwòw wa`{ }ùj`kx` wafw wa`ku efod kz bkxkob wa`c }ùzlofi

fwwòwklo fog zfwkzh{kob wa`ku o``gz/ Wakz jlozwupjw kz }fuwkjpifui{kc}luwfow hlu `zwfeikzakob fog cfkowfkokob f ilob wùc uìfwklozak} rkwa

wa` jpzwlcùz/

Fzzpufoj`> aù` r` rfow wl c`fzpu` wa` i`xì lh kc}luwfoj` wafw zwpgòwz

}pw lo wa` fekikw{ lh f efod wl `zwfeikza f uìfwklozak} efz`g lo wupzw) fz

rìi fz wa` `qwòw wl rakja wa`ku efod kz fjwpfii{ uìkfei` fog wupzwrluwa{/

Wfobkei`z> aù` r` rfow wl c`fzpu` alr kc}luwfow hlu zwpgòwz fu` wa`

wfobkei` fz}`jwz lh f zùxkj` !zpja fz }a{zkjfi hfjkikwk`z lhhù`g e{ f efod

fog wa` `c}il{``z gu`zz jlg`+) fz rìi fz alr wa`ku lro efod kz

}ùhluckob lo walz` jlc}loòwz/

Wl zpc p}) wa` fkc lh lpu vp`zwkloofku` kz wl jlc}fu` elwa zwpgòwz `q}`jwfwkloz fog

}ùhlucfoj` lh wa`ku efodz ko wùcz lh]ukj` fog Zùxkj` Vpfikw{!wa` ifwwù òjlc}fzz`z

@c}fwa{) Fzzpufoj` fog Wfobkei`z jlozwupjwz z`ò felx`+) ko }fuwkjpifu wl c`fzpu` wa`

}lzkwkx` lu o`bfwkx` bf}z e`wr`ò wa` kc}luwfoj` zwpgòwz fzzkbo wl walz` gkcòzkloz

fog wa`ku fzz`zzcòw lh wa` fjwpfi }ùhlucfoj` lh wa`ku efod/ Ko lwaù rlugz) efodz

}ùhlucfoj` kz jlc}fu`g wl zwpgòwz `q}`jwfwkloz ko `fja gkcòzklo fog zpe#


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gkcòzkloz> aì}hpi ko kgòwkh{kob bf}z lu fu`fz lh gkzzfwkzhfjwklo) fiilrkob pz wl hljpz lo

wa` fu`fz wafw rlpig o``g hpuwaù kc}ulx`còw/

5/0/ Zfc}ikob

Efz`g lo wa` ikzw lh zjalliz wafw Ju`gkw Zpkzz` lhhùz wa` Fjfg`ckjf }fjdfb`) r`

jfijpifw`g wa` wlwfi opceù lh zwpgòwz ìkbkei` hlu wakz fjjlpow/ Wa` opceù kz efz`g lo

}u`jkz` zwfwkzwkjz }ulxkg`g e{ `fja kozwkwpwklo/

Efz`g lo wa` hpii#wkc` zwpgòwz }l}pifwklo fjjlpowkob 0505 zwpgòwz) r` g`jkg`g wl

kowùxk`r f wlwfi zfc}i` lh 60: zwpgòwz) u`fjakob f jlohkgòj` kowùxfi lh 1=%/ Wl afx`

f u`}u`zòwfwkx` zfc}i`) hlu `fja zjalli r` g`hko`g wa` ckokcpc opceù lh }`l}i` wl

e` kowùxk`r`g !z`` wa` F}}ògkq 8/0) wfei` 6+) cfdkob zpu` wafw wa` gkzwukepwklo lh wa`

zwpgòwz ko lpu zfc}i` !Ckokcpc Zfc}i`+ jluu`z}logz `qfjwi{ ko wùcz lh

}ul}luwkloz,}ùjòwfb`z wl wa` gkzwukepwklo lh zwpgòwz ko wa` }l}pifwklo !ofcì{ Hpii

wkc` zwpgòwz+/ Wakz kz wa` ilbkj eàkog wa` fiiljfwklo lh wa` wlwfi zfc}i` lh 60: zwpgòwz

wl wa` xfuklpz zjalliz jlozkgù`g/

5/8/ Kc}i`còwfwklo lh vp`zwkloofku`

Gp` wl wa` kowfobkei` ofwpu` lh wa` hkofojkfi zùxkj`z r` gkzjfug`g wa` kg`f lh wa` loiko`

vp`zwkloofku` fog g`jkg`g wl jlogpjw f hfj`#wl#hfj` vp`zwkloofku` !z`` wa` F}}ògkq 8/8)

Vp`zwkloofku`+/ Ko wakz rf{ r` jlpig `q}ifko wakobz rakja u`z}logòwz gkg olw

pogùzwfog) jifukh{ glpewz) fog bkx` hpuwaù kozwupjwkloz lo alr }ul}ùi{ wl hkii wa`

vp`zwkloofku`/ Fz wa` vp`zwkloofku` rfz zikbawi{ ilobù wafo `q}`jw`g) rakja pzpfii{

g`ju`fz`z wa` u`z}loz` ufw`) r` g`jkg`g wl pz` f ikwwi` kojòwkx`) f jaljlifw` efu wl

koju`fz` wa` u`z}loz` ufw`/ Clu`lxù) r` gkg òjlpufb` wa` u`z}logòwz wl e` fz

len`jwkx` fog alo`zw fz }lzzkei` ko fozrùkob wa` vp`zwkloz fz wa`ku jlojùoz rkii e`

wfdò kowl jlozkgùfwklo fog kc}ulx` wa` }ulgpjw fz rìi fz wa` zùxkj` wl zpkw wa`ku

o``gz/

R` cfofb`g wl fjak`x` wa` ckokcpc zfc}i` rakja r` fzzkbo`g fw wa` e`bkookob)

walpba waù` rù` zjalliz rakja r` rù` olw fei` wl u`fja wa` f}}ul}ukfw` opceù/ Ko

lpu jfz`) rafw cfwwùz clzw kz wl afx` f u`}u`zòwfwkx` zfc}i`) f ckq lh zwpgòwz

ufoglci{ zì`jw`g hulc gkhhùòw zjalliz) lukbko) hfjpiw{) }ulbufcc` rakja r` fjak`x`g

e{ fo{ c`foz/ Wa` wfei` 5 !z`` wa` F}}ògkq 8/0/+ }ulxkg`z f ji`fuù }kjwpu` lo wa`

`hh`jwkx` zfc}i` fjjlugkob wl wa` zjalliz r` fkc`g fw jlxùkob e`hlu` r` zwfuw`g

kc}i`còwkob wa` vp`zwkloofku`/


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5/2/ Gfwf fofi{zkz

Loj` r` bfwaù`g 60: vp`zwkloofku`z) r` gkg upo f Zwfwkzwkjfi Fofi{zkz e{ pzkob Z]ZZ 61

zlhwrfu`/ Wa` fkc rfz wl w`zw fog b`w u`zpiwz lo wa` hliilrkob>

# Bf} w`zwkob hlu @c}fwa{) Fzzpufoj` fog Wfobkei`z/ Wl wakz }pu}lz` r` upo f

]fku`g Zfc}i` W#W`zw rkwako `fja efod zwpgòwz alig fo fjjlpow fw/ Loj`

kc}luwfoj` fog }ùhlucfoj` u`zpiwz rù` cfg` !xùwkjfii{+ rkwako `fja efod) f

z`jlog !aluk~lowfi+ jlc}fukzlo e`wr`ò efodz rfz jlogpjw`g/

# Zwpgòwz zwufwkhkjfwklo rkwa }ulgpjwz,zùxkj`z) fjjlugkob wl> B`lbuf}a{)

@gpjfwklofi kozwkwpwklo) ]ifj` lh u`zkgòj` , lukbko) Efod fjjlpow wa`{ alig/

# Xfikgkw{ fog Uìkfekikw{ c`fzpu`z> Hfjwlu Fofi{zkz fog elwa kogkxkgpfi fog lxùfii

Juloefjaz Fi}af/

Hpuwaùclu`) r` gkg upo xfuklpz w`zwz e{ zwufwkh{kob wa` zfc}i` ko cfo{ gkhhùòw rf{z/

Wakz fiilr`g pz wl kgòwkh{ wa` clzw uì`xfow fu`fz lh kowù`zw fog gkhhùòj`z fclob

zwufwf wafw fu` kojipg`g ko wa` z`jwklo lh U`zpiwz) gfwf fofi{zkz/

:/ U`zpiwz

Wa` u`zpiwz zalr wafw clzw lh wa` zwpgòwz dolr felpw Ju`gkw Zpkzz`) zwkii wa` zfc`

zwpgòwz fu` olw frfu` wafw waù` kz fo fjjlpow jfii`g Fjfg`ckjf ko wa`ku }luwhlikl/

Hkogkobz u`x`fi wafw PEZ kz cfud`w i`fgù) clzwi{ rkwako wa` kowùofwklofi bulp})

raù`fz fclob wa` iljfi cfud`w ]lzwHkofoj` fog Ufkhh`kzò afx` wa` ifub`zw cfud`w

zafu`/ Kw kz kc}luwfow wl olw` aù` wafw Ju`gkw Zpkzz` kz ifubì{ }fuwkjk}fwkob ko wa`

zwpgòwz `xld`g z`w4 zwkii waù` kz ifjd lh fjwpfi eàfxklu/

Fofi{~kob wa` kgòwkw{) gfwf u`x`fi wafw Ju`gkw Zpkzz` kz olw }ùj`kx`g fz f efod hlu

{lpobzwùz) rakja kz kc}luwfow ko fwwufjwkob wakz z`bcòw/ Lo wa` gkcòzklo lh

fzzpufoj` fog wfobkei`z Ju`gkw Zpkzz` wlb`waù rkwa wa` u`zw lh wa` efodz lxù }ùhluc/

Alr`xù) lo `c}fwa{ wa` bf} kz vpkw` akba wafw zalpig e` zùklpzi{ cfofb`g fz wakz

gkcòzklo kz kc}luwfow ko lugù wl epkig ilob wùc uìfwklozak}) rakja kz fjwpfii{ wa`

fkc lh wa` efod wl u`wfko wa` zwpgòwz wl clx` wl lwaù eò`hkjkfi fjjlpowz ko wa`

ikh`j{ji`/ Wa` u`zpiwz fu` `q}ifko`g ko g`wfki ko wa` hliilrkob z`jwkloz rkwa fjwpfi wfei`z

}ulxkg`g ko wa` f}}ògkq`z/


12/66

65

:/6/ Jlc}`wkwklo fofi{zkz

Wa` z`bcòw lh zwpgòwz kz `q}ikjkwi{ wfub`w`g e{ : cfnlu jlc}`wkwluz fog lwaù ckolu

lo`z/ Wa` d`{ }if{ùz jlc}`wkob rkwa Ju`gkw Zpkzz` lo Fjfg`ckjf }fjdfb` fu` PEZ) ]lzw

Hkofoj` fog Ufkhh`kzò Efod) fog wa`{ fjjlpow hlu :;/2%6;/5% fog 68/7% lh wa` wlwfi

cfud`w zafu`z u`z}`jwkxì{/ Ju`gkw Zpkzz` fjjlpowz hlu 6:/2% lh wlwfi cfud`w zafu`/

:/5/ Fofi{zkz lh wa` jlc}`wkob }ulgpjw lh cfko jlc}`wkwluz

R` afx` zpccfuk~`g wa` lhhùkobz lh wa` cfnlu jlc}`wkwluz ko f g`wfki`g cfwukq

!F}}ògkq 8/6/ Jlc}`wkwklo cfwukq+/ Wa` lhhùkob fwwukepw`z fu` kogkjfw`g rkwa

jluu`z}logkob xfip`z }ù `fja jlc}`wkwlu/

Ko fggkwklo wl wa` clzw kc}luwfow fwwukepw`z zpja fz kowù`zw ufw` fog h``z wafw fu`

hu`vpòwi{ `xfipfw`g fog jlc}fu`g !Dukzaofo) C/) Z/) 6;;1+ r` zpccfuk~`g fii wa`

w`jaokjfi fwwukepw`z lh wa` jlc}`wkob }ulgpjwz fz ko zlc` jfz`z wa`z` jfo }if{ fo

kc}luwfow uli` ko wfdkob wa` hkofi g`jkzklo) hlu `qfc}i` wa` jlzwz lh jfza rkwagufr

feulfg lu fw lwaù FWCz/

Fggkwklofii{) r` kojipg`g wa` `fz` lh pz` lh wa` rè }fb`) wa` }ulqkckw{ lh wa` efodz fog

f euk`h `xfipfwklo lh wa` }ùzlooì gpukob lpu c{zwù{ zal}}kob z`zzkloz/ Ko lugù wl

afx` f ji`fui{ zwupjwpu`g jlc}fukzlo fclob wa` }ulgpjwz) r` hufc` wa` zwuòbwaz fog

r`fdo`zz lh wa` }ulgpjw lh hlpu cfnlu jlc}`wkwluz zpccfuk~`g eìlr/

Ju`gkw Zpkzz`z Fjfg`ckjf rkwa wa` cfnlu jlc}`wkwlu PEZz Jfc}pz/

D`{ zwuòbwaz lh Ju`gkw Zpkzz` Fjfg`ckjf D`{ zwuòbwaz lh PEZ Jfc}pz>

Fwwufjwkx` kowù`zw ufw` 6% Bllg kowù`zw ufw` =/120%

Hu`` fjjlpow cfofb`còw Hu`` fjjlpow cfofb`còw

Hu`` cf`zwul fog ju`gkw jfug Hu`` cf`zwul fog ju`gkw jfug

Jfza rkwagufrfi hi`qkekikw{ Jfza rkwagufrfi hi`qkekikw{

Dkog zùxkj` Zwulob rlug lh clpwa

Fjjlpow l}òkob bkhwz jko`cf jfugz Fwwufjwkx }fuwoùzak}z rkwa z}`jkfi lhhùz PEZD`{ }lkowz

Rìi g`zkbo`g fog ji`fu rè }fb` Fwwufjwkx fog zkc}i` rè }fb`


13/66

6:

R`fdo`zz`z> ol il{fiw{ u`rfugz) i`zz fwwufjwkx`z}`jkfi lhhùz

R`fdo`zz`z> wl e` kgòwkhk`g

I`zz zwulob) epw zwkii xù{ rìi }ùhluckob jlc}`wkwluz fu` Ufkhh`kzòz Zwpgòw fjjlpow

fog ]lzw Hkofoj`z Zwpgòw fjjlpow/

D`{ zwuòbwaz lh ]lzwHkofoj` zwpgòw fjjlpow> D`{ zwuòbwaz lh Ufkhh`kzò zwpgòw fjjlpow>

Fwwufjwkx` kowù`zw ufw` 6/50% Xù{ akba kowù`zw ufw` 6/:20%

Hu`` fjjlpow cfofb`còw Hu`` fjjlpow cfofb`còw

Hu`` }lzwjfug fog ju`gkw jfug Hu`` cf`zwul fog ju`gkw jfug

]ulqkckw{ Jfza rkwagufrfi hi`qkekikw{

Dkog zùxkj` Ol p}}ù fb` ikckwfwkloz

Elopz }ulbufc lo ju`gkw jfugz Fwwufjwkx }fuwoùzak}z

Xù{ ji`fu rè }fb` R`fdo`zz`z> Fjjlpow cfofb`còw ikod`g wlwa` eufoja

R`fdo`zz`z> }lzw jfug rkwa ikckwfwkloz ko jfzarkwagufrfi

Ol @obikza xùzklo lh wa` rè }fb`

Ko fggkwklo wl wa`z` hlpu d`{ }if{ùz r` gkg fofi{~` fizl wa` lhhùkobz lh E]Z) Efojf

]l}lifu` gk Zlogukl) J/K/C/ Efovp` Ipbfol fog clo`{o`w/ja zwpgòw fjjlpowz zkoj` fii lh

wa`c wfub`w lpu bulp} lh kowù`zw q}ikjkwi{/

F bòùfi u`zpiw lh wa` fofi{zkz jfo e` wafw Ju`gkw Zpkzz` afz f bllg }ulgpjw hlu zwpgòwz)

loi{ lo zlc` gkcòzkloz wa` jlc}`wkwluz jfo lxù }ùhluc kw fz ko jfz` lh kowù`zw ufw`

fw ]lzwhkofoj` fog Ufkhh`kzò/ Alr`xù) r` gkg olw kgòwkh{ fo{ cfnlu ifjdkob fwwukepw`z

lu `qj``gkob }ùhlucfoj` lo fo{ lh wa`c/

:/:/ @zwkcfwklo lh wa` wfub`w cfud`w zk~` ko Wkjkol

Efz`g p}lo wa` jlozwufkowz lh wa` ikzw lh zjalliz wafw Ju`gkw Zpkzz` }ulxkg`z hlu Fjfg`ckjf

}fjdfb` r` jfijpifw`g wa` wlwfi lh wa` hpii wkc` zwpgòwz wafw jfo f}}i{ hlu wakz lhhùkob/

Wakz opceù kz efz`g lo }u`jkz` zwfwkzwkjz }ulxkg`g e{ `fja kozwkwpwklo) `qjipgkob wa`

Ikeùf Pokxùzkw g`bik Zwpgk gk Zjkò~` Pcfo` ` W`jaolilbkja` fz wa`{ gkg olw }ulxkg`

fo{ kohlucfwklo `xò fhwù z`xùfi }alo` jfiiz) `cfkiz fog lo zkw` xkzkw/ Wa` opceù kz fo

f}}ulqkcfw` fzzpc}wklo efz`g lo wa` kohlucfwklo hlpog lo wa`ku rèzkw`/

Ko fggkwklo) waù` kz fo kc}luwfow opceù lh zwpgòwz hulc Wkjkol wafw fu` jpuuòwi{


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zwpg{kob ko lwaù jfowloz lh Zrkw~ùifog fog ko Kwfi{/ Wa` opceù kojipg`z loi{ wa`

zwpgòwz zwpg{kob ko Zrkw~ùifog lckwwkob walz` zwpg{kob feulfg fz wa` `gpjfwklo

g`}fuwcòw d``}z ol u`jlugz lh wa`c/

Wa` wlwfi opceù lh zwpgòwz hulc Wkjkol zwpg{kob ko lwaù jfowloz gpukob wa` fjfg`ckj

{`fu 5==;,6= kz 77:8 gkxkg`g ko wa` hliilrkob rf{>

:"886 ko lwaù Zrkzz Pokxùzkwk`z

220 ko lwaù Zrkzz ]ulh`zzklofi Pokxùzkwk`z

Hlu clu` g`wfkiz }i`fz` z`` F}}ògkq 8/:/ Wfub`w cfud`w zk~` `zwkcfw` lpwzkg` Wkjkol

efz`g lo wa` gfwf lh fjfg`ckj {`fu 5==1,=;/

:/7/ @q}ilufwlu{ kowùxk`rz> g`zjuk}wklo fog u`zpiwz

@q}ilufwlu{ kowùxk`rz rù` jlogpjw`g rkwa :8 zwpgòwz fb`g e`wr`ò 5= fog :=

{`fuz) zwpg{kob fw Pokxùzkw gìif Zxk~~ùf Kwfikfof/ E`zkg`z Fjfg`ckjf aligùz) r`

kowùxk`r`g zlc` zwpgòwz afxkob `vpkxfiòw fjjlpowz hulc PEZ) ]lzwHkofoj`)

Ufkhh`kzò fog E]Z/

U`zpiwz hulc kowùxk`rz zalr wafw fclob olo Ju`gkw Zpkzz` jpzwlcùz 8:% lh wa`c fu`

olw frfu` lh wa` Fjfg`ckjf fjjlpow fog 62% afg ol fozrù) gufrkob f jlojipzklo wafw

wa` cfko }ulei`c rakja gkgow gukx` zfi`z kz ifjd lh]ulgpjw frfuò`zz/Wa` fbbu`bfw`g u`z}loz`z lh elwa Ju`gkw Zpkzz` jpzwlcùz fog olo#jpzwlcù }ulxkg`

`xkgòj` wafw wa` hfcki{ kohipòj`z clzw lh zwpgòwz jalkj`z !:8%+ fog folwaù :6%

u`cfud`g wa` uì`xfoj` lh hukògz fog lwaù jlowfjwz fgxkj` ko wa`ku g`jkzklo cfdkob

}ulj`zz/ Efz`g lo wa`z` u`zpiwz) rlug lh clpwacfg` e{ zwpgòwz hukòg) hfcki{ lu jilz`

jlowfjwz z``c wl bpkg` wa`ku }pujafzkob eàfxklpu/ ]i`fz` z`` wa` F}}ògkq 8/5/ U`zpiwz

hulc q}ilufwlu{ kowùxk`rz/

:/0/ G`clbuf}akjz

U`bfugkob wa` hfjw wafw wa` Fjfg`ckjf fjjlpow lh Ju`gkw Zpkzz` kz c`fow loi{ hlu zwpgòwz

lh wa` fb` 61#:=) fii lh wa` u`z}logòwz hfii rkwako wakz ufob` gkzjfugkob walz` wafw rù`

olw uì`xfow// Ko wùcz lh bògù) wa` ekbb`zw opceù lh u`z}logòwz rfz cfi`)

jlozkzwkob lh 15 zwpgòwz cfdkob p} 0:/8% lh wa` wlwfi opceù lh u`z}logòwz/ H`cfi`

rù` 26 ko opceù rakja kz 78/7% lh wa` wlwfi zfc}i`/

Lpw lh 605) 651 !1:/2%+ lh wa` zwpgòwz rù` u`zkgkob ko Wkjkol) kojipgkob kowùofwklofi

zwpgòwz wafw afx` f E }ùckw) xfikg gpukob wa`ku zwpgk`z/ Wa` u`zw) 5= u`z}logòwz

!6:/6%+ fu` u`zkgòwz lh Kwfi{) : !5%+ hulc lwaù Zrkzz jfowloz fog 6 !=/2%+ ikxkob


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feulfg/ Ko fggkwklo) jlozkgùkob wa` lukbko wa` }kjwpu` kz gkhhùòw) rkwa Wkjko`zk cfdkob

p} 82 lu 7:/1%) hliilr`g e{ :0 Kowùofwklofi zwpgòwz lu 55/; %/ O`qw r` afg clu`

u`z}logòwz lukbkofii{ jlckob hulc Kwfi{ 5; lu 6;/=% fog wa` ifzw bulp} jlckob hulc

lwaù Zrkzz jfowloz jlozkzwkob lh 56 zwpgòwz lu 6:/1%/

Hulc wa` wlwfi opceù lh 60: zwpgòwz) 2; lu 06/8% fu` zwpg{kob fw PZK) 7= zwpgòwz lu

58/6% fu` zwpg{kob fw ZP]ZK fog 66 !2/5%+ fu` hpii wkc` zwpgòwz fw Hufodiko Jlii`b`/

Wa` u`zw lh wa` u`z}logòwz eìlob wl wa` zcfii`zw zjalliz wafw jlowukepw`g ko zcfii

opceùz/ Fggkwklofii{) 11 !02/0%+ zwpgòwz fu` zwpg{kob hlu wa`ku Efjaìlu g`bu``) 07

!:0/:%+ fu` cfzwù zwpgòwz fog 6= !8/0%+ zwpgòwz zwpg{kob hlu f }ulh`zzklofi g`bu``

rakja kz ilrù ko zwfwpz jlc}fu`g wl Efjaìlu fog Cfzwùz/ Cfnlukw{ lh wa`c zwpg{

@jlolckjz fog Jlccpokjfwklo rkwa :8 !5:/0%+ fog :7 !55/5%+ zwpgòwz u`z}`jwkxì{/

Kohlucfwkjz bulp} jlozkzw`g lh 5= zwpgòwz lu 6:/6% lh wa` wlwfi/ A`fiwajfu` afg 67

!;/5%+) Fujakw`jwpu` 65 !2/1%+) @gpjfwklo Zjkòj`z fog Zljkfi Zp}}luw afg 1 !0/5+

zwpgòwz `fja/ Wa` zcfii`zw opceù lh zwpgòwz rù` zwpg{kob Wlpukzc fog Cpzkj,

Wa`fwu` Fuwz rkwa 2 !7/8%+ fog 8 !:/;%+ zwpgòwz u`z}`jwkxì{/

Ko wùcz lh kojlc`) 70 lu 5;/7 % lh wa` zwpgòwz afx` u`bpifu kojlc`z jlc}fu`g wl 6=8

!8;/:%+ rkwa ol kojlc`/ Walz` u`j`kxkob u`bpifu kojlc`) : !8/1%+ lh wa`c kojlc`

ufob` kz felx` 5=== JAH/ 68 !:8/7%+ `fuo 6=== wl 5=== JAH fog wa` u`zw) 50 !08/1%+

afx` fo kojlc` lh i`zz wafo 6=== JAH/ U`bfugkob `q}ògkwpu`z) 6=0 !81/8%+ lh wa`c

z}òg eìlr 60== JAH) :: !56/8%+ hfii rkwako wa` ufob` lh 60==#50== JAH fog loi{ 5

!6/:%+ lh wa`c afg clowai{ `q}ògkwpu`z lh clu` wafo 50== JAH/ R` afg 6: !1/0%+

zwpgòwz wafw }ulxkg`g ol fozrù wl wa` vp`zwklo lu wa` jfz` rfz ckzzkob/ !Hlu clu`

g`wfkiz z`` wa` F}}ògkq 8/7/ G`clbuf}akjz+/

:/8/ Gfwf fofi{zkz u`zpiwz5

:/8/6/ Efod jafufjwùkzwkjz

Lpw lh 60: u`z}logòwz) 6:= !10%+ afg fo fjjlpow l}ò`g rkwa fo{ lh wa` efodz)

raù`fz) 5: !60%+ afg ol fjjlpow/ Fclob Kwfikfo zwpgòwz !z`` wa` F}}ògkq 8/0) wfei`z

5Wa` lxùfii uìkfekikw{ kz =/22: fog kw ufob`z hulc /088 wl /176 raù`fz wa` lxùfii DCL kog`q c`fzpukob

xfikgkw{ rfz =/871 ilfgkob lo ; hfjwluz) `q}ifkokob 26/18% lh wlwfi xfukfoj`/ Ko elwa jfz`z wa` u`zpiwz rù`zpuì{ o`bfwkxì{ fhh`jw`g e{ wufozifwklo lh wa` vp`zwkloofku` wl Kwfikfo rakja rfz clzwi{ pz`g/


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7 fog 0+ lpw lh :6 zwpgòwz 5; lro fo fjjlpow) loi{ 06/2% gkg fjwpfii{ }lzz`zz fo

fjjlpow ko Zrkw~ùifog) fz wa`{ fu` gfki{ jlccpwùz/

Fz wl wa` bòùfi cfud`w zafu`) PEZ kz wa` i`fgù rkwa 01 !:;/2%+ zwpgòwz jpzwlcùz

hliilr`g e{ ]lzw Hkofoj` rkwa 51 !6;/5%+ fjjlpowz fog Ufkhh`kzò wakug rkwa 57

!68/7%+/ Kc}luwfow wl olwkj` aù` kz wa` hfjw wafw Ju`gkw Zpkzz` kz hlpuwa rkwa 5=!6:/2%+)

ifbbkob `xò eàkog ]lzw Hkofoj` fog Ufkhh`kzò jlozkgù`g cfko jlc}`wkwluz wl Ju`gkw

Zpkzz` ko wa` ufj` wl rko clu` jpzwlcùz !z`` wa` F}}ògkq 8/0) wfei` 8+/

Ja`jdkob wa` `xld`g z`w) ;7 !58/5%+ lh zwpgòwz rù` fei` wl u`jfii Ju`gkw Zpkzz`

hliilr`g e{ PEZ rkwa 1;!57/1%+ zwpgòwz còwkloz/ Wa` wakug fog hlpuwa }ifj` eìlob

wl Ufkhh`kzò fog ]lzwHkofoj` rkwa 02 !60/;%+ fog :6 !1/8+ còwkloz u`z}`jwkxì{ !z``

wa` F}}ògkq 8/0) wfei`z 2 fog 1+/ Ufodkob fiwùofwkx`z ko wa` `xld`g z`w kz kc}luwfow) fz

wa` hkuzw u`jfii afz zkbokhkjfowi{ clu` kohipòj` ko wa`ku g`jkzklo/ PEZ kz ufod`g fz hkuzw

l}wklo ko 0; jfz`z) raù`fz Ju`gkw Zpkzz` ufodz z`jlog xù{ rìi }lzkwklo ko u`z}`jw wl

Ufkhh`kzò fog ]lzwHkofoj`/

U`bfugkob wa` `xld`g z`w hlu zwpgòwz fjjlpow }ulxkg`g e{ efodz) PEZ zwpgòwz fjjlpow

kz rìi dolro rkwa 2: !:7/7%+ còwkloz) hliilr`g e{ Ju`gkw Zpkzz` rkwa :; !61/7%+

còwkloz !z`` wa` F}}ògkq 8/0) wfei`z ; fog 6=+/ Wa` wakug fog hlpuwa }ifj` eìlob wl

]lzwHkofoj` fog Ufkhh`kzò rkwa 5; !6:/2%+ fog 58 !65/:%+ còwkloz u`z}`jwkxì{/ Kw kz

kc}luwfow wl olwkj` wafw ko wa` `xld`g z`w Ju`gkw Zpkzz` vplw`z akba jlc}fu`g wl wa`

fjwpfi cfud`w zafu`) c`fokob wa`{ dolr Ju`gkw Zpkzz` }ulxkg`z zwpgòwz fjjlpow)

walpba olw hfckikfu rkwa wa` ofc` Fjfg`ckjf) zwkii waù` kz ifjd lh fjwpfi eàfxklu)

}`l}i` l}wkob hlu wa` Ju`gkw Zpkzz`z zwpgòw fjjlpow/ Ko ufodkob zwpgòwz fjjlpow rkwako

wa` `xld`g z`w PEZ kz zwkii f i`fgù còwklo`g ko 01 jfz`z fz hkuzw l}wklo) epw wa` gku`jw

jlc}`wkwluz ]lzwHkofoj` fog Ufkhh`kzò fu` cpja jilzù wl Ju`gkw Zpkzz`/

Wa` u`zpiwz lo frfuò`zz zalr wafw akba frfuò`zz felpw wa` efod jlowufzw wa` ilr

frfuò`zz felpw wa` }ulgpjw) Fjfg`ckjf !z`` wa` F}}ògkq) wfei`z 66(65+/ 672 !;8/2+

lh wa` u`z}logòwz dolr felpw wa` Ju`gkw Zpkzz`) jlc}fu`g wl :2 !57/5+ zwpgòwz wafw

afx` fjwpfii{ a`fug lh wa` Fjfg`ckjf fjjlpow kojipgkob 5= zwpgòwz fiu`fg{ afxkob fo

Fjfg`ckjf fjjlpow/

U`bfugkob wa`ku jpuuòw fjjlpowz) 81 !0:/6+ zwpgòwz jlozpiw`g wa`ku hfckik`z jlc}fu`g

wl 76!:5%+ z``dkob fo fgxkj` hulc hukògz ko wa`ku g`jkzklo cfdkob }ulj`zz !z`` wa`

F}}ògkq 8/0) wfei`z 6:) 67 fog 60+/ Kowùo`w) gku`jw jlowfjw e{ wa` efod fog lwaù c`gkf

gl olw }if{ fo kc}luwfow uli` ko wa` hkuzw zw`} lh wa` }ulj`zz lh g`jkzklo cfdkob/ Wakz kz


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jlohkuc`g e{ wa` hfjw wafw loi{ :; !52/6%+ lh wa` zwpgòwz afx` `xfipfw`g lwaù l}wkloz/

Npzw fz fo kiipzwufwklo rlpig còwklo f jfz` lh f zwpgòw gpukob wafw hlu h`r {`fuz afz

e`ò }f{kob h``z hlu fjjlpow cfkowòfoj` walpba a` kz ìkbkei` hlu afxkob hu`` lh jafub`

Fjfg`ckjf fjjlpow/ ]lzwHkofoj` kz clzwi{ `xfipfw`g ko ; jfz`z) Ju`gkw Zpkzz` 2) PEZ 8

fog Ufkhh`kzò 0 wkc`z/

Ko g`jkgkob wl jalz` f efod u`zpiwz zalr wafw }ulgpjwz fog zùxkj`z fu` clzw kc}luwfow

jukwùkf ko zì`jwkob f efod !C`fo 0/;5+ !z`` wa` F}}ògkq 8/0) wfei` 68+/ Kowù`zwkobi{)

Ufkhh`kzò fog PEZ z``c wl afx` }kjd{ jpzwlcùz ko jallzkob f }ulgpjw !c`fo lh 8/56

fog 8/62 u`z}`jwkxì{+/ Jloxòkòj` hliilrz o`qw rkwa fo lxùfii c`fo lh 0/0:) fog

jpzwlcù zùxkj` rkwa f c`fo lh 0/7;/ Waù` z``cz wl e` pofokclpz fbu``còw wafw wa`

kcfb` lh wa` efod !c`fo 7/27+ kz olw fo kc}luwfow jukwùkf raò zwpgòwz z`fuja wa`ku

efodz wl l}ò fo fjjlpow/

R` hlpog lpw wafw 5=/:% !:6+ lh wa` zwpgòwz fjwpfii{ gkg zrkwja wa`ku efod4 }ulgpjwz

fog zùxkj`z wlb`waù rkwa pozfwkzhfjwlu{ jpzwlcù zùxkj` fu` wa` cfko u`fzloz lh efod

zrkwjakob/ PEZ }ulgpjw z``cz wl afx` fwwufjw`g clu` zrkwjaùz fz :7/8% fzzkbo`g hlu

wa`ku }ulgpjw !z`` wa` F}}ògkq 8/0) wfei`z 62(61+/

:/8/5/ ]ulgpjw Vpfikw{ ( ]ukj` Gkcòzklo

Wa` gkcòzklo lh wa` kc}luwfoj` lh wa` }ulgpjw fwwukepw`z !z`` wa` F}}ògkq 8/0)

wfei`z6; ( 5=+ zalrz h`r zkbokhkjfow gkhhùòj`z ko wa` zwufwf lh wa` hfjpiwk`z/ F}}fuòwi{

zwpgòwz lh wa` `jlolckjz hfjpiw{ fzzkbo clu` kc}luwfoj` wl wa` zfxkob h`fwpu` !0/25) zw/

g`x/ 6/7:+ fog il{fiw{ bkhwz !0/51) zw/ g`x/ 6/07+ wafo wa` u`zw/ Ko wùcz lh }ulbufcc`)

cfzwù zwpgòwz f}}u`jkfw` clu` lo iko` efodkob h`fwpu` !8/=5) zw/ g`x/ 6/:5+/

Wa` fjwpfi pzfb` ufw` lh `fja lh wa` fwwukepw`z !z`` wa` F}}ògkq 8/0) wfei` 56+ u`x`fi`g

loi{ h`r zkbokhkjfow gkhhùòj`z4 cfzwù zwpgòwz pzkob clu` ju`gkw jfugz !:/87+

jlc}fu`g wl efjaìlu zwpgòwz !5/82+/ Kwfikfoz zwpgòwz clzwi{ òg p} rkwa f o`bfwkx`

efifoj` !5/25+ ko jlc}fukzlo rkwa Wkjko`zk !6/11+/ Fggkwklofii{) Kwfikfo zwpgòwz afx`

akbaù ju`gkw jfug pzfb` ufw` !:/21+ fog ilrù pzfb` lh il{fiw{ bkhwz !6/15+ jlc}fu`g wl

lxùfii zjlu`z lh :/=8 fog 5/75 u`z}`jwkxì{/

Wa` c`fo zjlu` lh }ukj` gkcòzklo kz ilr !z`` wa` F}}ògkq 8/0) wfei` 57+) c`fokob wafw

zwpgòwz gl olw fjwkxì{ z``d fog jlc}fu` wa` }ukj`z fog olu }f{ fwwòwklo wl

fgxùwkz`còwz/ Wakz zpbb`zwz wafw efodz zalpig fjwkxì{ }ulclw` wa`ku }ukj`z fog

kohluc wa` }lwòwkfi jpzwlcùz xkf clu` gku`jw jafooìz) `/b/ gku`jwi{ fw Pokxùzkw{)

waulpba `cfki `wj/ Wa` loi{ bulp} wafw zwfogz lpw hulc wa` u`zw fu Kwfikfo zwpgòwz wafw


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z``c wl e` clu` }ukj` zòzkwkx`/

:/8/:/ Kgòwkw{ lh Ju`gkw Zpkzz`

Wa` kgòwkw{ lh Ju`gkw Zpkzz` !z`` wa` F}}ògkq 8/0) wfei`z 55 ( 5:+ gkg olw }u`zòw fo{

uì`xfow gkhhùòj`z fclob wa` zwufwf lh wa` w{}` lh Pokxùzkw{/ Alr`xù) waù` fu` zlc`

zkbokhkjfow gkhhùòj`z/ Lo fxùfb` wa` kgòwkw{ lh Ju`gkw Zpkzz` kz e`wwù }ùj`kx`g fclob

zwpgòwz hluc Wkjkol/ Kc}luwfow wl còwklo wafw wa` vp`zwklo kc}i{kob jpzwlcù

zfwkzhfjwklo jfo e` u`fikzwkjfii{ `xfipfw`g zliì{ e{ jpzwlcùz lh Ju`gkw Zpkzz` afxkob f

gku`jw `q}ùkòj` rkwa wakz w{}` lh zùxkj`/ Clu`lxù) wa` gfwf fizl zalr wafw JZ kz olw

}ùj`kx`g fz lo` lh wa` clzw fgcku`g efodz !7/82+ fog f efod hlu {lpob }`l}i` !7/7;+)

kc}luwfow wl wakz z`bcòw lh wa` cfud`w/

:/8/0/ @c}fwa{

Fofi{~kob wa` u`zpiwz !z`` wa` F}}ògkq 8/0) wfei` 50+ r` b`w f ji`fu }kjwpu` lo wa`

}ùhlucfoj` lh Ju`gkw Zpkzz` lo wa` gkcòzkloz lh `c}fwa{/ R` jfo fizl jlc}fu` kw wl

alr wa` lwaù efodz }ùhluc) wl fwwufjw pozfwkzhk`g jpzwlcùz fog wl fizl kc}ulx` lpu

}ùhlucfoj` wl u`wfko jpzwlcùz hulc clxkob wl e`wwù }ùhluckob efodz/

Fo kc}luwfow jlojipzklo r` jlpig gufr kz wafw Ju`gkw Zpkzz` jpzwlcùz z``c wl afx` wa`

h`ìkob wafw wa` `c}il{``z lh wa` efod fog wa` efod kwzìh gl olw dolr wa`ku o``gz/ Ko

fggkwklo) JZ jpzwlcùz `xfipfw` wafw wa`ku efod gl`zow u`fii{ jfu` felpw wa`ku kowù`zwz)

raù` wa` bf} kz u`cfudfei`/ JZ }ùhlucfoj` kz cpja rluz` jlc}fu`g wl PEZ) wa` cfko

jlc}`wkwlu/ Wa`{ fizl wakod wafw l}ùfwkob alpuz fu` olw jloxòkòw wl wa`c/ Wl zpc p})

e{ illdkob fw wa` lxùfii zjlu` fog wa` gkhhùòj` e`wr`ò wa` `q}`jwfwklo fog

}ùhlucfoj` r` jfo z`` wafw Ju`gkw Zpkzz` }ùhlucfoj` kz ilrù jlc}fu`g wl kwz

jlc}`wkwluz/ Ikd`rkz`) wl epkig f ilob wùc uìfwklozak}) kc}ulx`còwz lo wa` gkcòzklo

lh c}fwa{ fu` clu` wafo o`j`zzfu{/

:/8/8/ Fzzpufoj` ( Wfobkei`z

Ko wùcz lh fzzpufoj` !z`` wa` F}}ògkq 8/0) wfei` 58+) Ju`gkw Zpkzz` }ùhlucfoj` kz

`qjìiòw/ Wa` jpzwlcùz h`ì z`jpu` ko wufozfjwkloz rkwa JZ fog wa`{ wupzw wa`

`c}il{``z lh wa` efod) rakja kz kc}luwfow raò koxlix`g ko hkofojkfi wufozfjwkloz/

Ju`gkw Zpkzz` }ùhlucz e`wwù wafo jlc}`wkwluz) alr`xù) `q}`jwfwklo zjlu`z zalr wafw

wa`ku jpzwlcùz fu` clu` g`cfogkob fog `q}`jw clu` u`bfugkob wa` gkcòzklo lh

fzzpufoj`/


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6;

Wa` gfwf !z`` wa` F}}ògkq 8/0) wfei` 52+ fizl zalr wafw fii wa` efodz lxù }ùhluc ko

wa` gkcòzklo lh wfobkei`z/ Wa` jpzwlcùz wakod wa`ku efodz `c}il{``z hliilr wa` gu`zz

jlg` fog wa` fuufob`còwz rkwako wa` efod fu` ko iko` rkwa wa` zùxkj` }ulxkg`g/ Wakz

ckbaw e` gp` wl ilr `q}`jwfwkloz fog fwwòwklo wafw zwpgòwz }f{ wl wfobkei`z fz r` g`fi

rkwa f }ukj` zòzkwkx` cfud`w/ JZ }ùhlucz e`wwù wafo wa` u`zw lh wa` efodz) loi{ wa`

cfud`w i`fgù PEZ afz ilrù zjlu` ko lo wa` gkcòzklo lh Fzzpufoj` ) #=/1: fog #=/86

u`z}`jwkxì{/ Zwkii waù` kz ol o`bfwkx` }ùhlucfoj` fclob lwaù jlc}`wkwluz) rakja wìiz

wafw waù` kz ol o``g wl u`fii{ rfzw` wkc`) òùb{ fz rìi fz fggkwklofi u`zlpuj`z lo wa`z`

gkcòzkloz/

:/8/2/ Lwaù u`zpiwz

R` `qfcko`g wa` pzfb` lh zljkfi c`gkf fclob wa` zwpgòwz z`bcòw/ Hkogkobz !z`` wa`

F}}ògkq 8/0) wfei` 51+ zalr wafw Hfjèlld kz ji`fui{ wa` clzw }u`hùu`g zljkfi c`gkf)

rkwa 651 !8;/;%+ hliilr`g e{ Wrkwwù rkwa 56!66/0%+ fog C{Z}fj` rkwa 6:!2/6%+/

Jlozkgùkob zal}}kob }u`hùòj`z uì`xfow hlu hpwpu` }ulclwkloz) wa` gfwf !z`` wa`

F}}ògkq 8/0) wfei` :=+ zalr wafw elldz) gkzjlpowz hlu wufxìikob) cpzkj fog jilwa`z fu`

wa` bllgz zwpgòwz pzpfii{ }u`hù wl ep{/ Z}luwz uìfw`g bllgz) hkwo`zz zpezjuk}wkloz)

ì`jwulokj òwùwfkocòw bllgz fog e`fpw{,jlzc`wkjz z``c wl e` i`zz fwwufjwkx` l}wkloz

hlu zwpgòwz/

Jlozkgùkob kh wa`{ rlpig u`jlccòg wa`ku efod wl lwaùz) ;=% lh wa` Ju`gkw Zpkzz`

jpzwlcùz rlpig gl zl !z`` wa` F}}ògkq 8/0) wfei` 5;+) raù`fz loi{ ko wa` jfz`

]lzwHkofoj` wa` pojùwfkow{ kz akbaù rkwa clu` gl olw dolr fozrùz/

Wa` jlowòw fofi{zkz lh wa` l}ò òg`g vp`zwkloz zalrz wafw kowù`zw ufw` afz wa`

akba`zw zjlu` hliilr`g e{ ilr h``z lh fjjlpow cfofb`còw fog FWC }ulqkckw{/ Wa`

zfxkob fjjlpow h`fwpu` z``cz wl e` f }ùj`kx`g o`j`zzkw{ fhwù bufgpfwklo/ !z`` wa`

F}}ògkq 8/2/ Jlowòw fofi{zkz lo l}ò òg`g vp`zwkloz+/

7/ Cfofbùkfi kc}ikjfwkloz4 g`hkokwklo lh }lzzkei` zwufw`bkj fjwkloz

Efz`g lo wa` u`zpiwz lh gfwf fofi{zkz r` afx` g`zkbo`g f z`w lh cfofbùkfi fjwkloz wafw

fu` fkc`g wl kc}ulx` wa` jpuuòw cfud`w zafu` lh Ju`gkw Zpkzz` ko wa` zwpgòwz z`bcòw

ko Wkjkol/ Wa` zpbb`zwkloz fu` zwupjwpu`g fjjlugkob wl wa` wau`` zwfb`z lh Ifxkgb` Zw`koù

clgì) ofcì{ Jlbokwkx`) Fhh`jwkx` fog Jlofwkx` zwfb`z !jafuw eìlr+/


20/66

5=

Jafuw 7/Ifxkgb` Zw`koù clgì

Jlbokwkx` zwfb`

Wakz zwfb` fkcz fw koju`fzkob frfuò`zz lh wa` `qkzwòj` lh Fjfg`ckjf fz rìi fz wa`

i`xì lh dolri`gb` felpw kw/ Jpuuòwi{ wa` dolri`gb` felpw Fjfg`ckjf kz ilrù

jlc}fu`g wl jlc}`wkwluz }ulgpjwz !z`` wa` z`jwklo :/8/6/+/ Wl kc}ulx` wa` frfuò`zz

i`xì fz rìi fz wl bfko dolri`gb` felpw Fjfg`ckjf r` }ul}lz` wa` hliilrkob fjwkloz>

6/ U`z}loz` wl }llu }ulgpjw frfuò`zz> fii wa` `qkzwkob fog hpwpu` z}lozluzak}z wl

wfub`w bulp} zalpig kojipg` wa` ofc` lh Fjfg`ckjf/

Ju`gkw Zpkzz` afz e`ò fiu`fg{ glkob cpja z}lozluzak} wl zwpgòw `xòwz)

PZKZP]ZK Z}luw: fog zwpgòw fzzljkfwklo I`}lowkf7 wl ofc` zlc` lh wa`c/ Ko

cfo{ jfz`z loi{ wa` frfuò`zz lh Ju`gkw Zpkzz` kz koju`fz`g) walpba olw wa`

}ulgpjw frfuò`zz lh Fjfg`ckjf/ Wa` gfwf zp}}luw !z`` wa` F}}ògkq 8/0) wfei`z

66(65+ wafw frfuò`zz lh Ju`gkw Zpkzz` kz fiu`fg{ xù{ akba !;8/2%+) olw zl wa`

frfuò`zz lh Fjfg`ckjf !57/5%+/

Fjjlugkob wl Ifxkgb` Zw`koù clgì !z`` wa` Jafuw Ifxkgb` Zw`koù clgì+ `xò kh

;=% lh wa` }l}pifwklo rlpig e` cfg` frfu` loi{ h`r lh wa`c rlpig fuukx` wl

fjwpfi pzfb` lh wa` }ulgpjw/ Wapz Ju`gkw Zpkzz` zalpig hkuzw koju`fz` wa`

frfuò`zz lh Fjfg`ckjf fclob zwpgòwz/

Wa` zwfb` lh dolri`gb` lh wa` clgì kz ikod`g wl wa` `xld`g z`w !z`` wa`

F}}ògkq 8/0) wfei`z 2 fog 1+ raù` Ju`gkw Zpkzz` kz rìi }lzkwklo`g wlb`waù rkwa

:aww}>,,rrr/z}luw/pzk/ja,

7aww}>,,rrr/i`}lowkf/ja,


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cfko jlc}`wkwlu PEZ !58/5 xz/ 57/1%+/ [`w) raò wa` `xld`g z`w lh zwpgòw

fjjlpowz rfz ja`jd`g !z`` wa` F}}ògkq 8/0) wfei`z ; fog 6=+) Ju`gkw Zpkzz` rfz

}ùhluckob cpja rluz` wafo PEZ !61/7 xz/ :7/7%+/ Wa` hkofi blfi kz wl cfd` wa`

zwpgòwz frfu` lh Fjfg`ckjf fog i`w wa`c dolr rafw wakz lhhùkob jlowfkoz/

Fhh`jwkx` zwfb`

Fz wl wa` ikdkob fog }u`hùòj` zwfb` wa` fkc kz wl bfko f clu` }lzkwkx` fwwkwpg` wlrfugz

Ju`gkw Zpkzz` fz rìi fz cfd` kw wl e`jlc` f hkuzw jalkj` fclob wa` jlc}`wkwluz/

Jpuuòwi{ PEZ kz ji`fui{ còwklo`g fz wa` hkuzw jalkj` elwa ko bòùfi `xld`g z`w fz rìi

fz ko wa` `xld`g z`w hlu zwpgòw fjjlpowz/

Alr`xù) Ju`gkw Zpkzz` z``cz wl e` }ùhluckob rìi raò u`jlccògfwklo lh wa` lro

efod rfz `qfcko`g !z`` wa` F}}ògkq 8/0) wfei` 5;+/ ;=% lh wa` Ju`gkw Zpkzz` jpzwlcùz

rlpig fjwpfii{ u`jlccòg wa`ku efod wl f hukòg4 zwkii wa` cfko jlc}`wkwluz PEZ fog

Ufkhh`kzò fu` olw wll hfu frf{) 1:/; fog 12/0% u`z}`jwkxì{/ Loi{ ]lzwHkofoj` z``cz wl

e` }ùhluckob }llu lo wakz gkcòzklo # 0;/:%/

Hlu wakz zwfb` f xù{ kc}luwfow uli` kz }if{`g e{ wa` zùxkj` vpfikw{) }fuwkjpifui{ wa` }fuw

lh @c}fwa{/ Gfwf kogkjfw` wafw Ju`gkw Zpkzz` z``cz wl afx` f }ulei`c ko wa` fu`f lh

wfdkob jpzwlcùz o``gz kowl zùklpz jlojùo !z`` wa` F}}ògkq 8/0) wfei` 50) }fkuz : fog

7+/ Zkoj` wakz gkcòzklo kz }fuwkjpifui{ kc}luwfow hlu ilob wùc uìfwklozak}z wa` zjlu`z

zalpig e` g`hkokwì{ koju`fz`g/ Wa` eò`hkw lh glkob zl rlpig e` wrlhlig> koju`fz`

}lzkwkx` Rlug lh Clpwa fog ikod wa` `qkzwkob jpzwlcùz ko f clu` fhh`jwkx` rf{/ Wakz rf{

wa` ikdìkallg lh f jlcckww`g fog ilob wùc uìfwklozak} rlpig e` gufcfwkjfii{

koju`fz`g/ Wl wfjdi` wakz kzzp` r` rlpig zpbb`zw wa` hliilrkob fjwkloz>

6/ Ju`gkw Zpkzz` zalpig cfofb` wa`ku }u`zòj` lo Zljkfi o`wrludz ko fo fjwkx` rf{/

R` dolr hulc gfwf wafw 8;/;% lh wa` zwpgòwz 8;/;% kz u`bpifui{ }u`zòw lo

Hfjèlld !z`` :/8/2/+ wafw jlpig e` f bllg jafooì hlu }ulclwklo lh Ju`gkw

Zpkzz` kcfb` wlrfugz {lpob }`l}i`/

Kw rlpig fiilr f}}`fukob fz fwwufjwkx` fog lukòw`g wlrfugz {lpob }`l}i`

fog òfei` jlccpokjfwkob rkwa wa` `qkzwkob jpzwlcùz fz rìi fz pz` wakz

jafooì hlu }ulclwkob Fjfg`ckjf/ Wakz jafooì lh }ulclwklo fiilrz u`fjakob

wa` zwpgòwz ko f xù{ }u`jkz` fog wfkilu`g rf{/

Fw wa` clcòw) wa` fxùfb` zjlu` lo lukòwfwklo lh Ju`gkw Zpkzz` wlrfugz

{lpob }`l}i` kz 7/7; !z`` wa` F}}ògkq 8/0) wfei` 55+/ Wakz jlpig e` kc}ulx`g


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e{ cfofbkob wa` }u`zòj` lh Ju`gkw Zpkzz` lo Zljkfi o`wrludz/ Pohluwpofwì{)

wa` jpuuòw Hfjèlld }ulhki` lh Ju`gkw Zpkzz` kz cpja i`zz fwwufjwkx` wafo wa`

jlc}`wkwluz !PEZ+/

Wakz f}}ulfja jlpig e` vpkw` jlzwi{ !ufob`z hulc 0=/=== wl 6==/=== @PU+)

wapz zalpig e` `xfipfw`g fw f clu` bilefi i`xì wafo npzw Wkjkol/ Fjjlugkob wl

Ifxkgb` Zw`koù clgì wakz rlpig fiilr Ju`gkw Zpkzz` wl clx` wl wa` zwfb` lh

ikdkob fog }u`hùòj`/

5/ Ju`gkw Zpkzz` jlpig wfd` fgxfowfb` lh wa` `qkzwkob z}lozluzak} lh wa` Zrkzz

Ofwklofi Npoklu zljjù w`fc fog lubfok~` fo `xòw fw Pokxùzkw{ raù` bfgb`wz

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rlpig ufkz` wa` frfuò`zz fclob }lwòwkfi jpzwlcùz) fz rìi fz g`xìl}

ikdkob wapz akw elwa jlbokwkx` fog fhh`jwkx` zwfb`z/

:/ ]ulxkg` kowùofi wufkokob }ulbufc lo wa` Fjfg`ckjf }fjdfb` wl wa` `c}il{``z

rludkob rkwa kw) zl wafw wa`ku dolri`gbfekikw{ rlpig e` koju`fz`g fog wa`{

rlpig e` fei` wl u`z}log wl wa` o``gz lh jpzwlcùz ko f clu` }ulc}w fog

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jlojùo felpw wa` o``gz lh wa` jpzwlcùz fz rìi fz wfdkob wa`ku kowù`zwz fw

a`fuw !z`` wa` F}}ògkq 8/0) wfei` 50+/ Fz r` jlpig olwkj` gpukob lpu c{zwù{

zal}}kob fog wa` kowùxk`rz rkwa wa` zwpgòwz olw fii wa` `c}il{``z jlpig

pogùzwfog wa`ku jpuuòw o``gz/ Wa` wufkokob }ulbufc zalpig fizl wfjdi` wa`

kc}luwfoj` lh wa` zwpgòw jpzwlcùz rkwako wa` jpzwlcù ikh`j{ji`) zl wafw

zwpgòwz rlpig e` fjwpfii{ z`ò fz hpwpu` }ulhkw fog `c}il{``z jlpig h`ì

clu` òwapzkfzwkj zùxkob wa`c/

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aì}hpi e{ u`bpifu jlowfjwz rkwa wa` wfub`w fpgkòj` fz rìi fz ufkz` wa`

frfuò`zz fog }lzkwkx` fwwkwpg`/ Gpukob lpu hkìg }uln`jw wa` rludkob

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hulc wa` kowùxk`rz fog clu` g`wfki`g gfwf fofi{zkz wakz z``cz wl e` lo` lh

wa` d`{ zwuòbwa lh wa` cfko jlc}`wkwlu PEZ/

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}lzkwkx` zwlu{ wìikob kz f }lwòwkfi wlli wl koju`fz` wa` }lzkwkx` fwwkwpg`/


23/66

5:

Fggkwklofii{ wakz kz f xù{ jlzw#`hhkjkòw wlli/ Fo `qfc}i` jlpig e` jlozkgù`g

f z}lozlu`g kowùxk`r lo wa` zwpgòw nlpuofi IPokxùzl/

8/ ]u`}fu` f jfc}fkbo wl fii wa` akba zjalli bufgpfw`z ko Wkjkol / F bu`fw

fgxfowfb` lh wakz f}}ulfja kz wafw wakz rlpig fiilr fggu`zzkob fizl wa`

opcùlpz hpwpu` zwpgòwz wafw afx` g`jkg`g wl jlowkop` wa`ku zwpgk`z ko lwaù

}fuwz lh Zrkw~ùifog lu ko Kwfi{ !z`` wa` z`jwklo :/:+/ ]fuwkjpifui{ wl wa` hkuzw

bulp} lh wa` zwpgòwz wa` eò`hkw lh ofwklorkg` zùxkj` zalpig e` }ulclw`g

zkoj` olw fii wa` jlc}`wkwluz jfo `vpfi lo wakz gkcòzklo !Ufkhh`kzò+/

Wa` kg`f kz wl rukw` f i`wwù wl fii wa` akba zjalli bufgpfw`z `q}ifkokob ko

g`wfki fii wa` eò`hkwz wafw Ju`gkw Zpkzz` kz fei` wl }ulxkg` wl wa`c/ F

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jlpig e` zlc` lh wa`c/ Wa` w`qw zalpig }ulxkg` wa` h`ìkob lh kowù`zw fog

jfu` felpw wa`ku o`j`zzkwk`z> kog`}ògòw jfza cfofb`còw) wufxì fog

fjjlcclgfwklo fuufob`còwz jlpig e` zlc` `qfc}i`z/ Wakz i`wwù jlpig

kojipg` f xlpjaù !cfwùkfi kojòwkx` wafw uìfw`z wl jlofwkx` zwfb`+ lh qq

hufojz ko jfz` lh wa` l}òkob fjjlpow fw Ju`gkw Zpkzz` wl cfd` kw clu`

f}}`fikob/

Hlu wakz w{}` lh jfc}fkbo f jilz` jliifelufwklo rkwa iljfi akba zjalli

fpwalukwk`z rlpig e` f cpzw/

2/ Kozwfii Fjfg`ckjf zjalifuzak} !0=== jah jlpig e` fo `qfc}i`+ hlu e`zw

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Ju`gkw Zpkzz` fclob zwpgòwz/

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zjlu`z lo @c}fwa{ gkcòzklo !z`` wa` F}}ògkq 8/0) wfei` 50) }fkuz :(7+ fog

zwuòbwaò f ilob wùc ofwpu` lh uìfwklozak} wafw kz lh }fuwkjpifu kc}luwfoj`/

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Fjfg`ckjf }ipz !z`` wa` z`jwklo 6+ fog koju`fz` wa` lxùfii }lzkwkx` fwwkwpg`

e{ fgxùwkzkob wakz kzzp`/


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Jlofwkx` zwfb`

Wa` ifzw zwfb` lh wa` clgì kz wa` clzw kc}luwfow fz kz fjwpfii{ gukx`z wa` g`jkzklo

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wafw loi{ 52/6% lh wa` zfc}i` gkg fjwpfii{ `xfipfw` fo fiwùofwkx` e`hlu` l}òkob

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wa` `qkzwkob jpzwlcùz zalpig e` kohluc`g ko wakz u`bfug fog f u`rfug hlu

eukobkob f o`r jpzwlcù zalpig e` lhhù`g ko hluc lh clzwi{ f}}u`jkfw`g

zal}}kob bllgz zpja fz elldz) cpzkj lu gkzjlpowz lo wufxìikob/

5/ ]ulxkg` f cfwùkfi kojòwkx` wl wa` zwpgòwz wafw fjwpfii{ zkbo p} hlu Fjfg`ckjf / F

bllg kg`f rlpig e` wl kowulgpj` wa` ì`còw lh ifzw jafoj` lu hpuwaù eò`hkwz kh

l}òkob fo fjjlpow rkwako f jùwfko wkc` ufob`/ Wakz rlpig cfd` kw f}}`fu fz

zlc`wakob clu` xfipfei`/ Efz`g lo lpu gfwf wa` clzw f}}`fikob w{}` lh zal}}kob

bllgz rlpig e` elldz) cpzkj) gkzjlpowz lo wufxìikob fog jilwa`z wafw jlpig e`

pz`g fz u`rfugz/ Wakz rlpig fiilr wl jloxùw wa` }lzkwkx` fwwkwpg` wl fjwpfi

eàfxklu fog wapz wl afx` fo kcc`gkfw` koju`fz` lh wa` cfud`w zafu`/

:/ Kozwfii f aì} g`zd fw wa` òwufoj` lh PZK Ipbfol fog Cògukzkl gpukob wa` hkuzw

gf{z lh wa` z`c`zwù!hlu ZP]ZK wa` kc}i`còwfwklo kz ufwaù }ulei`cfwkj fz wa`{

afx` g`jòwufik~`g iljfwkloz) walpba zwkii kz h`fzkei`+/

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}`l}i` !z`` wa` F}}ògkq 8/0) wfei`z 55 fog 5:+ fog wafw wa` o``gz fog kowù`zwz

lh zwpgòwz fu` olw lh f cfnlu jlojùo wl wa` efod/ Rkwa wakz f}}ulfja wa`

l}}lzkw` jlpig e` zalro) f efod wafw jlc`z wl wa` jpzwlcùz raò wa`{ o``g

lo`/ Wakz rlpig kc}i{ }ulxkgkob lo` dolri`gb`fei` `c}il{`` }u`zòj` gpukob

wa`z` gf{z/ Alr`xù) wa` u`wpuo lo wakz kox`zwcòw rlpig e` wrlhlig> wa`


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fzzkzwfoj` rlpig zpuì{ e` f}}u`jkfw`g `z}`jkfii{ e{ olo iljfi zwpgòwz fog wa`

jpuklzkw{ fog wapz frfuò`zz rlpig e` koju`fz` fclob lwaù zwpgòwz/

7/6/ ]uklukw{ fog jlzw `zwkcfw`

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kohlucfwklo lh kowùofi jlzwkob lh Ju`gkw Zpkzz`) wapz r` ikckw lpuzìx`z fw jifzzkh{kob

wa`c kowl akba) c`gkpc fog ilr jifzz`z/ Ikd`rkz`) wa` zpbb`zwkloz fu` fuufob`g

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fiilr wl hko` wpo` wakz w{}` lh fjwkxkwk`z fog l}wkck~` wa` u`zlpuj` z}ògkob/

WFEI@ ::> Jlzw fog }uklukw{ zwkcfw`

Zpbb`zwkloz ]uklukw{ Jlzw ULK

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Fhh`jwkx` !Ikdkob ( ]u`hùòj`z+

Akba zjalli jfc}fkbo Akba C`gkpc Akba

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Aì} g`zd Akba C`gkpc,Akba Akba

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0/ Ikckwfwkloz fog zpbb`zwkloz

Wa` hkuzw ikckwfwklo lh wakz }uln`jw kz wa` hfjw wafw r` gl olw }ulxkg` fo `qfjw jfijpifwklo

lh wa` jlzwz lh lpu zpbb`zw`g fjwkloz) wl fxlkg wa` u`vp`zw lh kowùofi fog }lwòwkfii{jlohkgòwkfi kohlucfwklo lo gku`jw jlzwz fw Ju`gkw Zpkzz`/ Fizl wa` jfijpifwklo lh `qwùofi


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wa` }u`xklpz ikckwfwklo/ Rkwa wa` wlwfi lh 60: vp`zwkloofku`z r` jlxù`g 1=% lh

jlohkgòj` kowùxfi wafw jlpig e` kc}ulx`g e{ jlii`jwkob clu` lh wa`c/

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rìi fz u`}ikjfwklo lh wakz }uln`jw ko o`fu hpwpu`/


27/66

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28/66

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29/66

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30/66

8/5/U`zpiwz hulc `q}ilufwlu{ kowùxk`rz

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36/66

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37/66

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39/66

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40/66

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Zjplif Zp}ùklu` gk W`jekjf

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41/66

76

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Ufkhh`kzò Efod ; 6= 2


43/66

7:

WFEI@ 66> Efod Frfuò`zz> Afx` {lp a`fug lh Ju`gkw Zpkzz` efod]ulgpjw Frfuò`zz> Afx` {lp a`fug lh wa` Fjfg`ckjf fjjlpow lh Ju`gkw Zpkzz` L}koklo i`fgùz> Raù` gkg {lp b`w wl dolr felpw {lpu efod fjjlpow @xfipfwklo lh fiwùofwkx`z

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Ckzzkob

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44/66

77

Wlwfi 60: 6==/=

WFEI@ 60> Fiwùofwkx`z xfipfw`g

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Ju`gkw Zpkzz` 2 57/6

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Ckzzkob

Olw f}}ikjfei` 66:

Ckzzkob 66

Wlwfi 60: 6==/=

WFEI@ 68> Lxùxk`r lh efod zì`jwklo efz`g lo efod zwufwf

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!pokc}luwfow+) : !zlc`rafw pokc}luwfow+) 7 !o`pwufi+) 0 !zlc`rafw kc}luwfow+) 8 !kc}luwfow+ wl

2!zwulobi{ kc}luwfow+/ Wa` opceùz u`}u`zòw wa` c`fo fog zwfogfug g`xkfwklo ko eufjd`wz/

WFEI@ 62> U`fzloz hlu efod zrkwjakob

Fozrù C`fo Zwg/ G`xkfwklo

Jloxòkòj`#`b/ rfkwkob wkc`)}ulqkckw{ 7/00 5/=1

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Jpzwlcù zùxkj` 0/:7 6/;7

Kcfb` lh wa` efod 7/17 6/;5


!pokc}luwfow+) : !zlc`rafw pokc}luwfow+) 7 !o`pwufi+) 0 !zlc`rafw kc}luwfow+) 8 !kc}luwfow+ wl

2!zwulobi{ kc}luwfow+/


45/66

70

WFEI@ 61> Efod fjjlpowz wa` u`z}logòwz clx`g wl


}ùjòwfb`

Efojf Zwfwl 6 :/1EZK 5 2/2

Ju`gkw Zpkzz` 7 60/7

]lzw Hkofoj` 0 6;/5


PEZ ; :7/8

Z^DE 6 :/1

Wlwfi 58 6==

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Wlwfi :6 6==/=

WFEI@ 6;> Kc}luwfoj` lh wa` }ulgpjw fwwukepw`z efz`g lo wa` lukbko

Kw`cz Lxùfii Wkjko`zk Lwaù Jfowloz Kwfikfoz Feulfg

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Ol hkq`g g`}lzkw u`vpku`g 0/=7!6/8:+ 0/=;!6/81+ 7/81!6/6:+ 7/8:!6/16+ 0/06!6/0;+

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Ju`gkw jfugz

!Xkzf,Cfzwù jfug+ 0/51!6/88+ 7/;8!6/22+ 0/76 !6/77+ 0/2=!6/5:+ 0/0;!6/88+

W i`}alo` efodkob :/28!6/22+ :/;5!6/8=+ :/87 !6/2;+ 7/:=!5/=7+ :/66!6/20+

Il{fiw{ bkhwz4 `/b/ }lkowz

hlu pzkob ju`gkw jfug 7/82!6/1:+ 7/21!6/;0+ 7/18!6/01+ 7/=:!6/8;+ 0/18!6/1:+

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!pokc}luwfow+) : !zlc`rafw pokc}luwfow+) 7 !o`pwufi+) 0 !zlc`rafw kc}luwfow+) 8 !kc}luwfow+ wl2!zwulobi{ kc}luwfow+/ Wa` opceùz u`}u`zòw wa` c`fo fog zwfogfug g`xkfwklo ko eufjd`wz/


46/66


47/66

72

WFEI@ 55> Lxùxk`r lo wa` kgòwkw{ gkcòzklo !efodz+


Ju`gkw Zpkzz` kz kowùofwklofii{

lukòw`g 0/51!6/52+ 0/7=!6/0=+ 0/66!6/:6+ 0/05!=/;0+ 0/5;!6/5:+Ju`gkw Zpkzz` kz lo` lh wa`

clzw fgcku`g efod 7/82!6/:;+ 7/1=!6/07+ 7/:2!6/00+ 7/71!6/52+ 7/86!6/:1+

Ju`gkw Zpkzz` kz lukòw`g

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Wlwfi 7/15 7/;: 7/81 7/11 7/20

Olw`/ O 3 60:/ Fii kw`cz fu` c`fzpu`g lo f 2#}lkow zjfi` ufobkob hulc 6 !zwulobi{ gkzfbu``+) 5 !ufwaù

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WFEI@ 5:> Lxùxk`r lo wa` kgòwkw{ gkcòzklo !lukbko+

Kw`cz Lxùfii Wkjko`zk Olo wkjko`zk

Ju`gkw Zpkzz` kz kowùofwklofii{

lukòw`g 0/51!6/52+ 0/77!6/6=+ 0/67!6/:1+

Ju`gkw Zpkzz` kz lo` lh wa`

clzw fgcku`g efod 7/82!6/:;+ 7/81!6/7=+ 7/00!6/75+

Ju`gkw Zpkzz` kz lukòw`g

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Wlwfi 7/15 7/;8 7/82



Wa` opceùz u`}u`zòw wa` c`fo fog zwfogfug g`xkfwklo ko eufjd`wz

WFEI@ 57> Lxùxk`r lo wa` }ukj` gkcòzklo efz`g lo lukbko zwufwf

Kw`cz Lxùfii Wkjko`zk Lwaù Jfowloz Kwfikfoz Feulfg

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`xò hlu zcfii zùxkj`z ikd`

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48/66

71

Wlwfi :/8= :/01 :/08 7/57 :/62

Olw`/ O 3 60:/ Fii kw`cz fu` c`fzpu`g lo f 2#}lkow zjfi` ufobkob hulc 6 !zwulobi{ gkzfbu``+) 5 !ufwaù gkzfbu``+) :

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u`}u`zòw wa` c`fo fog zwfogfug g`xkfwklo ko eufjd`wz/

WFEI@ 50> Lxùxk`r lo wa` gkcòzklo lh @c}fwa{


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49/66

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WFEI@ 58> Lxùxk`r lo wa` gkcòzklo lh Fzzpufoj`


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`/ Lo#iko` efodko

credit suisse consulting project: managerial suggestions for repositioning of the academica package

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