global medicines use in 2020

7/24/2019 Global Medicines Use in 2020

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Kutfkkj dni @apf`bdt`kns

Efkodf Ali`b`nls \sl n ?7?7

Nkvlaolr ?74<



@ntrkiubt`knYcl unprlblilntli lxpdns`kn kh dbblss tk cldftcbdrl efkodffy kvlr tcl pdst tln yldrs ‒ rdne`ne

hrka cunirlis kh a`ff`kns kh plkpfl `n fkw- dni aìifl-`nbkal bkuntr`ls eltt`ne dbblss v`d

ekvlrnalnt prkerdas dni/kr r`s`ne `nbkals tk tcl rliubt`kn `n tcl un`nsurli pkpufdt`kns `n tcl

\n`tli Rtdtls ‒ cds prkaptli d sc`ht `n tcl hkbus kh tc`s yldr‐s rlpkrt tk tcl vkfuals dni typls kh

ali`b`nls bknsuali drkuni tcl wkrfi, dni ckw vkfuals dni bksts drl `ntlrrlfdtli.

@n tc`s rlpkrt, wl prkvìl dn kutfkkj kn tcl usl kh ali`b`nls dni splni`ne flvlfs tcrkuec ?7?7.

Ul tdjl d efkodf v`lw kh tcl adrjlts hkr dff typls kh pcdradblut`bdfs, `nbfui`ne sadff dni fdrel

akflbufls, ordnis dni elnlr`bs, tcksl i`splnsli `n rltd`f pcdradblut`bs ds wlff ds tcksl usli

`n cksp`tdf kr bf`n`b sltt`nes. Ul aldsurl tcl usl kh ali`b`nls `n iksls, wc`bc wc`fl fà`tli wcln

bkapdr`ne i`ssà`fdr hkras, prkvìls d uslhuf v`lw kh rlfdt`vl vkfuals oltwlln bkuntr`ls dni d

bkuntlrpk`nt tk aldsur`ne splni`ne dfknl.

Kvlr tcl nlxt fflvl yldrs, wl lxplbt tk sll d surel kh `nnkvdt`kn lalre`ne hrka tcl rlsldrbc dni

ilvlfkpalnt p`plf`nl, ds wlff ds d rdnel kh tlbcnkfkey-lndofli trdnshkradt`kns tcdt w`ff lxpdni tcl

lvìlnbl-ods`s hkr `ntlrvlnt`kns dni or`ne aldsurdofl àprkvlalnts tk cldftc kutbkals oy ?7?7.

U`tc unprlblilntli trldtalnt kpt`kns, tcl erldtlst dvd`fdo`f`ty kh fkw-bkst irues, dni olttlr usl kh

lvìlnbl tk `nhkra ilb`s`kn-adj`ne dokut tcl kptàdf usl kh ali`b`nls, stdjlckfilrs drkuni tcl

wkrfi bdn lxplbt tk elt akrl ‖odne hkr tcl`r ali`b`nl oubj‑ `n ?7?7 tcdn lvlr olhkrl.

Yc`s stuiy wds prkiubli `nilplnilntfy oy tcl @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs ds d puof`b

slrv`bl dni w`tckut `niustry kr ekvlrnalnt huni`ne. Ycl bkntròut`kns tk tc`s rlpkrt kh Jà Wlnnlntl,

Mlnn`hlr Fyfl, Olrn`l Edrikbj`, tcl @AR Cldftc hkrlbdst`ne tlda dni adny ktclrs dt @AR Cldftc drlerdtlhuffy dbjnkwflieli.

Aurrdy D`tjlnLxlbut`vl I`rlbtkr

@AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs


477 @AR Ir`vl, Wdrs`ppdny, NM 757<9, \RD

`nhkGtclàs`nst`tutl.kre www.tclàs`nst`tutl.kre

©?74< @AR Cldftc @nbkrpkrdtli dni `ts df`dtls. Dff rlprkiubt`kn rècts, quktdt`kns, orkdibdst`ne, puof`bdt`kns rlslrvli. Nk pdrt kh tc`s puof`bdt`knady ol rlprkiubli kr trdnsa`ttli `n dny hkra kr oy dny aldns, lflbtrkn`b kr albcdn`bdf, `nbfui`ne pcktkbkpy, rlbkri`ne, kr dny `nhkradt`kn stkrdeldni rltr`lvdf systla, w`tckut lxprlss wr`ttln bknslnt kh @AR Cldftc dni tcl @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs

H`ni kut akrl

@h yku w`sc tk rlbl`vl huturl rlpkrtshrka tcl @AR @nst`tutl kr mk`n kurad`f`ne f`st, pfldsl bf`bj clrl

mailto:info%40theimsinstitute.org?subject=Reports%20from%20the%20IMS%20Institute







Efkodf \sl kh Ali`b`nls `n ?7?7. _lpkrt oy tcl @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs.

Bkntlnts

74 Lxlbut`vl suaadry 72 Ali`b`nl usl `n ?7?7

72 Ali`b`nl usl bkapdr`skns

7< _`s`ne plr bdp`td usl `n pcdralre`ne adrjlts

75 Dndfys`s oy typls kh ali`b`nls

70 Efkodf splni`ne kn ali`b`nls `n ?7?747 Rplni`ne dni erkwtc tk ?7?7

4? Rplb`dfty dni trdi`t`kndf ali`b`nls42 Ir`vlrs kh erkwtc

48 Ilvlfkpli dni pcdralre`ne adrjlt kvlrv`lws

?? Yrdnshkradt`kns `n i`sldsl trldtalnts?2 Nlw ali`b`nls dvd`fdofl n ?7?7

?9 Knbkfkey

?< Krpcdn i`sldsls

?8 Bkaaun`bdofl i`sldsls

?8 Bf`n`bdf trdnshkradt`kns?0 Ylbcnkfkey-lndofli trdnshkradt`kns

27 @apf`bdt`kns27 Hunidalntdf bcdnel dbrkss stdjlckfilrs

22 Nktls kn Rkurbls29 Dpplni`bls

25 Ilffln`t`kns dni Altckikfke`ls 97 _lhlrlnbls 9 4 Dutckrs

9? Dokut tcl @nst`tutl



Efkodf \sl kh Ali`b`nls n ?7?7. _lpkrt oy tcl @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs. Wdel 4

Lxlbut`vl suaadryYcl vkfual kh ali`b`nls usli efkodffy w`ff rldbc 9.< tr`ff`kn iksls oy ?7?7 dni bkst $4.9 tr`ff`kn, oktc

rlprlslnt`ne sèn`fflbdnt `nbrldsls hrka ?74<. Ycl fdrelst pcdradblut`bdf-us`ne bkuntr`ls w`ff ol tcl

pcdralre`ne adrjlts, w`tc twk-tc`ris kh tcl efkodf ali`b`nl vkfuals, akstfy bkapr`sli kh elnlr`b

ali`b`nls dni irdadt`b `nbrldsls `n ut`f`zdt`kn kh ali`b`nls iul tk orkdi-odsli cldftc systla

lxpdns`kns. Ilvlfkpli adrjlts w`ff bknt`nul tk dbbkunt hkr tcl admkr`ty kh ali`b`nl splni`ne iul tk

oktc cèclr pr`bls plr un`t dni tcl a`x kh nlwlr ali`b`nls tcdt drl usli dni or`ne aldn`nehuf bf`n`bdf

olnlfflt tk pdt`lnts hdb`ne d wìl rdnel kh i`sldsls.

Ali`b`nl usl `n ?7?7@n ?7?7, akrl kh tcl wkrfi‐s pkpufdt`kn w`ff cdvl dbblss tk ali`b`nl tcdn lvlr olhkrl, dfol`t w`tc

suostdnt`df i`spdr`t`ls. Wdt`lnts w`ff rlbl`vl 9.< tr`ff`kn iksls, up ?9% hrka ?74<, w`tc akst kh tcl

`nbrldsl hrka bkuntr`ls bfks`ne tcl edp `n plr bdp`td usdel kh ali`b`nls oltwlln ilvlfkpli dni

pcdralre`ne bkuntr`ls. Kvlr <7% kh tcl wkrfi‐s pkpufdt`kn w`ff bknsual akrl tcdn 4 iksl plr

plrskn plr idy kh ali`b`nls, up hrka knl tc`ri kh tcl wkrfi `n ?77<, ir`vln oy @ni`d, Bc`nd, Ordz`f dni

@niknls`d. Ilvlfkpli adrjlts w`ff bknt`nul tk usl akrl krè`ndf ordnili dni splb`dfty ali`b`nls

plr bdp`td wc`fl pcdralre`ne adrjlts usl akrl nkn-krè`ndf ordnis, elnlr`bs dni kvlr tcl bkuntlr

ali`b`nls. Ycl usl kh nlw ali`b`nls ‒ fflrst dvd`fdofl `n tcl pr`kr 47 yldrs ‒ w`ff rlprlslnt 7.4% kh

vkfuals `n pcdralre`ne adrjlts, bkapdrli tk ?-2% `n ilvlfkpli adrjlts.

Ali`b`nl splni`ne `n ?7?7Efkodf splni`ne kn ali`b`nls w`ff rldbc $4.9 tr`ff`kn oy ?7?7, dn `nbrldsl kh ?0-2?% hrka ?74< bkapdrli

tk dn `nbrldsl kh 2<.9% `n tcl pr`kr < yldrs. Rplni`ne w`ff ol bknblntrdtli `n ilvlfkpli adrjlts, w`tc

akrl tcdn cdfh hkr krè`ndf ordnis dni hkbusli kn nkn-bkaaun`bdofl i`sldsls. Rplb`dfty tclrdp`ls

w`ff bknt`nul tk ol akrl sèn`fflbdnt `n ilvlfkpli adrjlts tcdn `n pcdralre`ne adrjlts dni i`lrlnt

trdi`t`kndf ali`b`nls w`ff ol usli `n ilvlfkpli adrjlts bkapdrli tk pcdralre`ne adrjlts. Rplni`ne

erkwtc w`ff ol ir`vln oy ordnis `n ilvlfkpli adrjlts dni `nbrldsli usdel `n pcdralre`ne adrjlts,

wc`fl ol`ne kslt oy pdtlnt lxp`r`ls. Ordni splni`ne `n ilvlfkpli adrjlts w`ff `nbrldsl oy $?03 o`ff`kn

`n tcl < yldrs tk ?7?7 ir`vln oy nlw prkiubts dni pr`bl `nbrldsls pràdr`fy `n tcl \.R., out w`ff ol kslt

oy dn lstàdtli $07 o`ff`kn kh nlt pr`bl rliubt`kns. Radff akflbufl pdtlnt lxp`r`ls w`ff cdvl d fdrelràpdbt `n ?748-?7?7 tcdn `n tcl pr`kr fflvl yldrs, dni tclrl w`ff ol dn `nbrldsli àpdbt hrka o`kfke`bs. @n

?7?7, tcl \.R., L\<, dni Mdpdn w`ff cdvl àpkrtdnt i`lrlnbls `n splni`ne dni erkwtc iynda`bs hrka

tkidy. Wcdralre`ne adrjlts‐ splni`ne w`ff erkw pràdr`fy hrka `nbrldsli usl kh ali`b`nls wc`fl Bc`nd,

tcl fldi`ne pcdralre`ne bkuntry, w`ff rldbc $487-407 o`ff`kn `n splni`ne w`tc sfkw`ne erkwtc tk ?7?7.



LSLB\Y@XL R\AAD_P

Efkodf \sl kh Ali`b`nls n ?7?7. _lpkrt oy tcl @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs. Wdel ?

Yrdnshkradt`kns `n i`sldsl trldtalntYcl kvlrwclfa`ne `nlrt`d `n ali`b`nl usl - wclrl 05% kh ali`b`nls usli cdvl olln dvd`fdofl hkr akrl

tcdn 47 yldrs - adsjs tcl bkntròut`kn hrka trdnshkradt`vl i`sldsl trldtalnts, krpcdn irues hkr rdrl

i`sldsls dni tlbcnkfkey-lndofli bcdnels `n bdrl tcdt bdn cdrnlss oè idtd tk olttlr `nhkra ilb`s`kns,

clfp ir`vl pdt`lnt olcdv`kr bcdnels dni àprkvl kutbkals. Ycl slla`nefy `ntrdbtdofl prkoflas kh

nleflbtli trkp`bdf i`sldsls, bkapkunili oy pkvlrty dni wdr `n Dhr`bd, dppldr tk fflndffy ol rlspkni`ne tk

pc`fdntcrkpy-hunili rlsldrbc dni lnedelalnt rlsuft`ne `n hunidalntdf bcdnels oy ?7?7.

Ycl usl kh ali`b`nls `n ?7?7 w`ff `nbfuil 092 Nlw Dbt`vl Ruostdnbls `ntrkiubli `n tcl pr`kr ?<

yldrs, dni nlw ali`b`nls `n rlblnt yldrs w`ff ol wlèctli tk splb`dfty dni o`kfke`bs. Wdt`lnts w`ff

cdvl erldtlr dbblss tk orldjtcrkuec tclrdp`ls dni bfustlrs kh `nnkvdt`kn drkuni clpdt`t`s B, d rdnel

kh bdnblrs, dutkàaunl i`sldsls, cldrt i`sldsl, dni dn drrdy kh ktclr rdrl i`sldsls. Ycl uo`qu`ty kh

sadrtpcknls, tdoflts, dpps dni rlfdtli wldrdofl ilv`bls bkao`nli w`tc lflbtrkn`b ali`bdf rlbkrisdni lxpknlnt`dffy `nbrlds`ne rldf-wkrfi idtd vkfuals w`ff kpln nlw dvlnuls tk bknnlbt cldftcbdrl

`nhkradt`kn wc`fl klr`ne prkvìlrs dni pdylrs nlw albcdn`sas tk bkntrkf bksts.

@apf`bdt`knsYcl bknt`nuli lxpdns`kn kh cldftcbdrl dbblss drkuni tcl wkrfi pkrtlnis d hunidalntdf edp `n

ilf`vlry bdpdb`ty wclrl diili pdt`lnt dbblss kutruns stdflne, `nhrdstrubturl dni huni`ne skurbls.

Oy ?7?7 wl w`ff sll d suostdnt`df sc`ht `n adny admkr adrjlts dwdy hrka tcl s`fkli ouielt`ne tcdt

adndels irue splni`ne slpdrdtlfy hrka ktclr cldftcbdrl bksts. Lalre`ne lbknka`ls w`ff ol hkbusli

kn prkvì`ne dbblss dni lsslnt`df ali`b`nls tk tcksl `n nlli tk bfksl lnila`b cldftcbdrl edps.

Wrkvìlrs `n akrl pdrts kh tcl wkrfi w`ff ol suomlbt tk plrhkradnbl kr kutbkals-odsli bkntrdbts dni

pdyalnt systlas, or`ne`ne scdrplr sbrut`ny tk pdt`lnt kutbkals dni bksts dsskb`dtli w`tc pdt`lnt

bdrl. Akrl cldftcbdrl w`ff ol ilf`vlrli us`ne tlbcnkfkey-lndofli aldns dni oy prkvìlrs ktclr

tcdn ikbtkrs dni sc`ht`ne tk pdt`lnts‐ ckals, pcdradb`ls dni bkaaun`ty-odsli hdb`f`t`ls. Ycl usl kh

tlbcnkfkey w`ff ol jly tk tcl divdnblalnt kh cldftcbdrl, lsplb`dffy `n lalre`ne adrjlts wclrl tcl

lxplnsl kh fdrel sbdfl `nhrdstrubturl prkmlbts wkufi ilfdy prkerlss.

Wdt`lnts w`ff cdvl adny akrl trldtalnt kpt`kns, lsplb`dffy `n bdnblr dni rdrl i`sldsls, dni w`ff ol

`nhkrali, akt`vdtli dni lnedeli pdrtnlrs `n trldtalnt bck`bls. Ycl`r fflndnb`df stdjl w`ff dfsk r`sl ds

pr`vdtl dni puof`b pdylrs `n ilvlfkpli lbknka`ls cdvl dfrldiy oleun tk `nbrldsl pdt`lnts‐ flvlfs

kh bkpdyalnt. @n fkw- dni aìifl-`nbkal bkuntr`ls i`rlbt kut-kh-pkbjlt bdsc pdyalnts w`ff sc`ht tkprlaùas hkr pr`vdtl kr suppflalntdry `nsurdnbl ds bkuntr`ls str`vl hkr un`vlrsdf cldftc bkvlrdel.

Ycl kutfkkj tk ?7?7 `nbfuils cèclr flvlfs kh ali`b`nl splni`ne dni tclrlhkrl cèclr rlvlnuls

hkr adnuhdbturlrs tcdn `n tcl fdst fflvl yldrs. Ycl lxtlnt dni ndturl kh tcl `ssuls hdbli oy cldftcbdrl

stdjlckfilrs dni tcl skurbls kh tcl splni`ne erkwtc prkmlbtli `n tc`s rlpkrt olf`l d akrl bkapflx

bcdfflnel tk tcl sustd`ndo`f`ty kh tcl pcdradblut`bdf `niustry. Br`t`bdf didptdt`kns w`ff ol nlblssdry tk

tcr`vl `ntk tcl nlxt ilbdil, dni jly dakne tcla w`ff ol f`stln`ne dni prkvì`ne vdfudofl skfut`kns tk

tcl prkoflas tcl`r bustkalrs hdbl.




Ali`b`nl usl `n ?7?7Dbblss tk ali`b`nls `nbrldsls oy ?7?7 out sèn`fflbdnti`lrlnbls lx`st oy bkuntry

• Efkodf ali`b`nl usl `n ?7?7 w`ff rldbc 9.< tr`ff`kn iksls, up ?9% hrka ?74<

• Kvlr <7% kh tcl wkrfi‐s pkpufdt`kn w`ff bknsual akrl tcdn 4 iksl plr plrskn plr idy kh

ali`b`nls, up hrka knl tc`ri kh tcl wkrfi `n ?77<, ir`vln oy @ni`d, Bc`nd, Ordz`f dni @niknls`d

• Bfks`ne tcl edp `n plr bdp`td usl kh ali`b`nls i`lrs oy bkuntry: nbrldsli usdel s pràdr`fy

`n lalre`ne adrjlts, wc`fl ilvlfkpli adrjlts vkfuals rlad`n akrl stdofl

• Ilvlfkpli adrjlts w`ff bknt`nul tk usl akrl krè`ndf ordnili dni splb`dfty ali`b`nls

plr bdp`td wc`fl pcdralre`ne adrjlts usl akrl nkn-krè`ndf ordnis, elnlr`bs dni

kvlr tcl bkuntlr ali`b`nls

• @n ?7?7 tcl usl kh nlw ali`b`nls, ntrkiubli `n tcl pr`kr 47 yldrs, w`ff rlprlslnt 7.4% kh

vkfuals `n pcdralre`ne adrjlts, bkapdrli tk ?-2% `n ilvlfkpli adrjlts

Ali`b`nls n ?7?7 w`ff nbfuil d vdst drrdy kh trldtalnts rdne`ne hrka tcksl tcdt prkvìl syaptkarlf`lh dvd`fdofl w`tckut d prlsbr`pt`kn tk f`hlsdv`ne elnlt`bdffy plrskndf`zli tclrdp`ls un`qul tk d s`neflpdt`lnt. Yktdf usl kh ali`b`nls `n ?7?7 w`ff rldbc 9.< tr`ff`kn iksls, up ?9% hrka ?74< flvlfs. Kvlr cdfhkh tcl wkrfi‐s pkpufdt`kn w`ff bknsual akrl tcdn 4 iksl plr plrskn plr idy kh ali`b`nls, up hrka knl-tc`ri n ?77< dni ir`vln oy @ni`d, Bc`nd, Ordz`f dni @niknls`d. Rubblss n bfks`ne tcl edp n plr bdp`tdusl kh ali`b`nls i`lrs oy bkuntry: nbrldsli usdel s pràdr`fy n lalre`ne adrjlts, wc`fl ilvlfkpliadrjlts‐ vkfuals rlad`n akrl stdofl. Ilvlfkpli adrjlts w`ff bknt`nul tk usl akrl krè`ndf ordnilidni splb`dfty ali`b`nls plr bdp`td wc`fl pcdralre`ne adrjlts w`ff usl akrl nkn-krè`ndf ordnis,elnlr`bs dni kvlr tcl bkuntlr prkiubts. Hurtclrakrl, tcl dikpt`kn kh nlwlr ali`b`nls w`ff rlad`ncèclr n ilvlfkpli adrjlts tcdn `n pcdralre`ne adrjlts.

Ali`b`nl \sl Bkapdr`skns

Akst kh tcl efkodf `nbrldsl `n tcl vkfuals kh ali`b`nls usli `n tcl < yldrs tk ?7?7 w`ff ol `n @ni`d,Bc`nd, Ordz`f, @niknls`d, dni Dhr`bd (sll Lxcò`t 4). Ycl fdrelst nbrldsls dfèn tk drlds w`tc tcl akstilvlfkpalnt ed`ns dni khtln n drlds w`tc tcl fkwlst usdel prlv`kusfy.



ALI@B@NL \RL @N ?7?7


\sdel kh ali`b`nls n Dhr`bd dni Aìifl-Ldstlrn bkuntr`ls w`ff nbrldsl hrka 277 tk <77 o`ff`kn stdnidriun`ts n ?7?7. U`tc`n tcl rle`kn, Rdui` Drdo`d dni ktclr eufh stdtls w`ff suostdnt`dffy bfksl tcl edp tkilvlfkpli adrjlts‐ plr bdp`td usdel kh ali`b`nls, wc`fl a`ff`kns kh plkpfl n suo-Rdcdrdn Dhr`bd w`ffadjl akilst ed`ns hrka skal kh tcl fkwlst flvlfs kh vkfual usdel n tcl wkrfi.

Bc`nd dni @ni`d w`ff cdvl ldbc bkapfltli tln yldrs kh cldftcbdrl dbblss lxpdns`kn oy ?7?7, w`tcnldrfy dff kh tcl Bc`nlsl pkpufdt`kn cdv`ne ods`b ali`bdf nsurdnbl. Akst kh tcl rlst kh tcl Ds`d-Wdb`b`nbrldsli usdel w`ff bkal hrka @niknls`d.

Altckikfkey Nktl= Yc`s dndfys`s kh ali`b`nl usl `s odsli kn stdnidri un`ts, wc`bc `s ilnli ds d iksl

kh d pdrt`bufdr ali`b`nl. R`nbl ali`b`nls ady ol iksli vlry i`lrlntfy dni drl ilf`vlrli `n i`lrlnt hkras,

sàpfy bkunt`ne iksls `s dn àplrhlbt aldsurl kh usdel kh ali`b`nls l.e. `nmlbt`kns wc`bc drl `ntlnili tk

ol e`vln wlljfy kr flss khtln bkunt tcl sdal ds d p`ff wc`bc `s `ntlnili tk ol tdjln hkur tàls d idy. @n tc`s

stuiy, wl ik nkt usl tc`s aldsurl ds d v`lw kh tcl bf`n`bdf vdful kh tcl vkfuals usli, ds `t wkufi unilrstdtl

tcl àpkrtdnbl kh flss hrlqulntfy iksli ali`b`nls. Ycl flvlf kh i`lrlnbls `n usdel oltwlln bkuntr`ls ikls

ckwlvlr bfldrfy sckw d edp oltwlln tcl ilvlfkpli dni tcl ilvlfkp`ne wkrfi. Yc`s bknbfus`kn `s suppkrtli

oy d rdnel kh ktclr cldftc altr`bs subc ds f`hl lxplbtdnby dni bdusls kh akrtdf`ty. Uc`fl purlfy `nbrlds`ne

vkfual w`ff nkt ol tcl knfy dbt`kn nlblssdry tk àprkvl efkodf cldftc, `t `s bfldr tcdt `t `s dn àpkrtdnt ‒ dfol`t

àplrhlbt ‒ `ni`bdtkr kh prkerlss `n divdnb`ne cldftcbdrl. Rll Iln`t`kns & Altckikfke`ls hkr akrl iltd`f kn

altckikfke`ls usli tcrkueckut tc`s rlpkrt.

Lxcò`t 4= Iksls Bknsuali oy Bkuntry `n ?7?7

Rkurbl= @AR Cldftc, Adrjlt Wrkenks`s, Rlptlaolr ?74<: @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs, Kbtkolr ?74<

Nktl= Rtdnidri \n`ts drl d aldsurl kh iksls (sll Ilffln`t`kns & Altckikfke`ls slbt`kn). _le`kns dni bkuntr`ls sckwn drl autudffy lxbfus`vl. Rtdnidri \n`t vdfuls drl

rkunili tk tcl nldrlst wckfl 477 O`ff`kn dni drl `ntlnili tk ìlnt`hy tcl rlfdt`vl sbdfl dni fdrelst drlds kh erkwtc.

477 O`ff kn Rtdnidri \n`ts ?74< 477 O`ff kn Rtdnidri \n`ts @nbrlalntdf tk ?7?7

Nkrtc Dalr`bd

Lurkpl

_uss`d

Bc`nd

@ni`d

Mdpdn

Aìifl Ldst

& Dhr`bdFdt`n Dalr`bd

Ds`d Wdb`fflb




Efkodf \sl kh Ali`b`nls n ?7?7. _lpkrt oy tcl @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs. Wdel <

@n ?7?7, Lurkpl‐s 330 a`ff`kn plkpfl w`ff cdvl knfy akilst nbrldsls n usdel r`s`ne hrka dokut343 o`ff`kn tk 048 o`ff`kn iksls, akstfy kbburr`ne n blntrdf dni ldstlrn Lurkpldn bkuntr`ls subcds Wkfdni, wc`bc w`ff dpprkdbc ilvlfkpli adrjlt dvlrdel usdel.

Ds`d Wdb`b, w`tc 4.2 o`ff`kn plkpfl (lxbfui`ne Bc`nd, @ni`d dni Mdpdn) w`ff nbrldsl usdel suostdnt`dffy,w`tc cdfh kh tcl `nbrldsl hrka @niknls`d‐s sc`ht tk 2.?8 stdnidri un`ts (R\s) plr plrskn plr idy `n ?7?7.

Ycl Aìifl Ldst dni Dhr`bd rle`kn w`tc 4.8 o`ff`kn plkpfl dni ?.< tàls tcl pkpufdt`kn kh Fdt`n Dalr`bd(8<5 a`ff`kn) w`ff cdvl knfy ?7% akrl usdel kvlrdff.

_`s`ne plr bdp`td usl `n pcdralre`ne adrjlts

Ds tcl wkrfi‐s pkpufdt`kn tkps 5.8 o`ff`kn n ?7?7, plr bdp`td usdel kh ali`b`nl w`ff rldbc dokut 4.8 R\splr plrskn plr idy. Akst ilvlfkpli bkuntr`ls cdvl usdel dokvl ? R\s plr plrskn plr idy dni aubc khtcl nbrldsli usdel n ?7?7 s ir`vln oy Bc`nd, @ni`d, Ordz`f dni @niknls`d wclrl suostdnt`df nbrldsls

w`ff cdvl olln adil n dvlrdel ali`b`nl vkfual usdel (sll Lxcò`t ?).

Yclsl hkur bkuntr`ls w`tc d bkao`nli pkpufdt`kn kh 2.?2 o`ff`kn pkpufdt`kn n ?7?7 - up hrka 2.44 o`ff`kn`n ?74< - cdvl adil sèn`bdnt nbrldsls n tcl`r usdel dni dbbkunt hkr nldrfy cdfh kh tcl nbrldslivkfual n ali`b`nl usdel efkodffy hrka ?74<-?7?7.

@ni`d‐s flvlf kh ali`b`nl usdel s d rllbt`kn kh oktc d vlry ods`b cldftcbdrl nhrdstrubturl dni tcl ldslkh dbblss hkr ali`b`nls wclrl lvln tcl akst bkapflx ali`b`nls bdn ol kotd`nli dt d bkrnlr pcdradby htcl pdt`lnt bdn dkri tcla.

Lxcò`t ?= Bkuntry Wkpufdt`kn oy Ndt`kndf Dvlrdel Rtdnidri \n`ts plr Wlrskn plr Idy


Nktl= Wkpufdt`kn lstàdtls oy bkuntry wlrl dssènli tk odnis kh stdnidri un`ts plr bdp`td plr idy. Ycl aldsurl kh usdel plr plrskn plr idy s odsli kn tktdf vkfuals `n d

bkuntry dni pkpufdt`kn dni ikls nkt rllbt un`hkra`ty kh usdel w`tc`n d bkuntry kr dbtudf koslrvli pdt`lnt usdel.

E f k o d f W k p u f d t ` k n O n

7

4

?

2

9

<

8

5

3 >9 2-9 ?-2 4-? 7.8-4 617.<

?7?7?74<

@ni`d 4.?3On

Bc`nd 4.25On

@niknls`d ?<8An?.8< tk 2.?8

?.79 tk ?.3?

7.3? tk 4.49

7.<< tk 7.54

Dve R\/plrskn/idy

Ordz`f ?79An

@ni`d 4.2<On

Bc`nd 4.97On

@niknls`d ?80An

Ordz`f ?44An





Bc`nd‐s nbrldsli usdel olf`ls d akrl bkapflx systla wclrl cldftcbdrl w`ff ol bkvlrli oy `nsurdnblhkr nldrfy dff b`t`zlns: ckwlvlr, dbblss tk ali`b`nls w`ff usudffy rlqu`rl d cksp`tdf v`s`t dni pdt`lnts w`ffst`ff hdbl kut-kh-pkbjlt bksts i`sbkurde`ne skal hrka sllj`ne dni diclr`ne tk trldtalnt.

Ycl edp n dvlrdel ali`b`nl usdel oltwlln ilvlfkpli adrjlts dni pcdralre`ne adrjlts s bfks`ne,dfol`t sfkwfy (sll Lxcò`t 2). \sl kh ali`b`nls rlqu`rls oktc tcl cldftcbdrl nhrdstrubturl tk i`denksli`sldsl dni dia`n`stlr irues dpprkpr`dtlfy, ds wlff ds tcl ndnb`df wclrlw`tcdf tk pdy hkr tcla. Uc`flbksts drl khtln suostdnt`dffy fkwlr hkr ali`b`nls n pcdralre`ne adrjlts, sk s tcl do`f`ty tk pdy. Yclr`sl kh ekvlrnalnt sdhlty nlts dni pr`vdtl nsurdnbl s knl jly hdbtkr tcdt s f`ht`ne vkfual usdeldbrkss pcdralre`ne adrjlts. Ycl lxtlnt dni pdbl kh nvlstalnts, oktc puof`b dni pr`vdtl, w`ff ol d jlyiltlra`ndnt kh bknt`nuli nbrldsls n usdel.

Rdui` Drdo`d‐s bkaa`talnt tk wìlr cldftcbdrl dbblss or`nes t tk rkuecfy tcl sdal flvlf kh usdel dstcl dvlrdel ilvlfkpli adrjlt oy ?7?7, dni rlprlslnts tcl fdrelst nbrldsl dakne tcl pcdralre`nebkuntr`ls. Ktclr bkuntr`ls tcdt w`ff sll d bfks`ne kh tcl usdel edp n ?7?7 tk tcdt kh ilvlfkpli bkuntr`lsoy tln plrblntdel pk`nts kr akrl nbfuil Ordz`f, Leypt, Odnefdilsc, @niknls`d, Yurjly, Bkfkao`d dniDfelr`d.

Lxcò`t 2= Wcdralre`ne Adrjlt Rtdnidri \n`ts plr Bdp`td ?74< dni ?7?7

Rkurbl= @AR Cldftc, Adrjlt Wrkenks`s, Rlpt laolr ?74<= @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs, Kbtkolr ?74<

Nktl= Ilvlfkpli adrjlts drl jnkwn hkr akrl akilrn cldftcbdrl systlas dni wìlr dikpt`kn kh nlwlr tclrdp`ls wcksl bf n`bdf àpkrtdnbl `s khtln unilrstdtli `n Rtdnidri \n`ts.

Wcdralre`ne adrjlts drl jnkwn hkr c`stkr`bdffy flss wlff rlskurbli cldftc systlas dni khtln usl krdf dni kfilr ali`b`nls tk d erldtlr lxtlnt. Ycl `nilx ady kvlrstdtl tcl ed`ns

ol`ne adil oy Wcdralre`ne adrjlts rlfdt`vl tk akrl bf n`bdf kr cldftc kutbkals odsli aldsurls.

Rdui` Drdo`dWkfdni

_uss`dn Hlilrdt`kn@niknls`d

Bc`flLeyptOrdz`f

YurjlyBkfkao`d

Jdzdjcstdn

Drelnt`ndDfelr`d

Rkutc Dhr`bd

Ycd`fdniX`ltndaWdj`stdn

@ni`dOdnefdilsc

Bc`nd

Alx`bkWc`f`pp`nls

Nèlr`d

7 ?7 97 87 37 477

Ilvlfkpli Adrjlts‐

Xkfual plr bdp`td 1 477

?74< 1 4,209

?7?7 1 4,9<?

@nilx kh R\ Wlr Bdp td tk Ilvlfkpli Adrjlts Dvlrdel n ?74< R\ Wlr Bdp td @nbrlalntdf hkr ?7?7





Dndfys`s oy typls kh ali`b`nls

Ycl typls kh ali`b`nls usli vdr`ls suostdnt`dffy oltwlln ilvlfkpli dni pcdralre`ne bkuntr`ls

(sll Lxcò`t 9). Ycl fdrelst vkfual kh ali`b`nls w`ff ol elnlr`bs dni nkn-krè`ndf ordnili prkiubts,pràdr`fy n pcdralre`ne adrjlts, khtln dt fkwlr bksts tcdn krè`ndf ordnis dni bkntròut`nesèn`bdntfy tk nbrldsli dbblss tk ali`b`nls n tclsl bkuntr`ls. Ycl wìlr usdel kh krè`ndf ordniliali`b`nls n ilvlfkpli adrjlts rllbts oktc ldrf`lr dikpt`kn kh tclsl ali`b`nls dni c`stkr`bi`lrlnbls n tcl dppf`bdt`kn kh ntlfflbtudf prkplrty fdws. Oy ?7?7, 43% kh trdi`t`kndf prkiubt vkfuals`n ilvlfkpli adrjlts w`ff ol hkr krè`ndf ordnis, bkapdrli tk 3% n pcdralre`ne adrjlts. @n elnlrdf,splb`dfty ali`b`nls drl aubc akrl rdrlfy usli, out drl usli prkpkrt`kndtlfy akrl n ilvlfkpliadrjlts. Ilvlfkpli adrjlts drl dfsk akrl f`jlfy tk usl krè`ndf ordnili splb`dfty prkiubts bdptur`ne97% kh splb`dfty vkfuals n ilvlfkpli adrjlts bkapdrli tk 4<% n pcdralre`ne adrjlts.

Wcdralre`ne bkuntr`ls w`ff bknt`nul tk ol aubc akrl f`jlfy tk usl nkn-krè`ndf ordnili prkiubts kr

kvlr tcl bkuntlr ali`b`nls tcdn ordnis kr unordnili elnlr`bs.

Nlwlr ali`b`nls khtln tdjl ilbdils tk ol wìlfy usli, lvln n ilvlfkpli adrjlts. Oy ?7?7, tcl vdstadmkr`ty kh trdi`t`kndf ali`b`nls bknsuali w`ff cdvl olln dvd`fdofl hkr akrl tcdn 47 yldrs, dni knfy4.0% kh vkfuals n ilvlfkpli adrjlts w`ff ol hkr rlblntfy fdunbcli ali`b`nls, bkapdrli tk 7.4% npcdralre`ne bkuntr`ls. Rplb`dfty ali`b`nls drl dikptli akrl qu`bjfy n ilvlfkpli adrjlts dni 2.2% khsplb`dfty vkfuals w`ff ol flss tcdn tln yldrs kfi n ?7?7, bkapdrli tk knfy 7.4% n pcdralre`ne adrjlts(sll Lxcò`t <).

Lxcò`t 9= Rtdnidri \n`ts `n ?7?7 oy Wrkiubt Yypl `n Admkr Ilvlfkpli dni

Wcdralre`ne Bkuntr`ls

Rkurbl= @AR Cldftc, Adrjlt Wrkenks`s, Rlptlaolr ?74<: AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs, Kbtkolr ?74<

Nktl= Rplb`dfty ali`b`nls drl prkiubts tcdt trldt bcrkn`b, rdrl kr elnlt`b i`sldsls (sll Ilffln`t`kns & Altckikfke`ls slbt`kn).

477%

37%

87%

97%

?7%

7

Rplb`dfty Yrdi`t`kndf

Ilvlfkpli Wcdralre`ne


Kvlr Ycl Bkuntlr \nordnili WrkiubtsNkn-krè`ndf Ordnili Wrkiubts Krè`ndf Ordnili Wrkiubts





Ds adny ds d tc`ri kh tcl nlwlst ali`b`nls drl splb`dfty ali`b`nls w`tc vlry fkw vkfuals kh pdt`lntsdni pcdralre`ne bkuntr`ls drl aubc sfkwlr tk dikpt tcla. Yc`s rllbts tcl cldftcbdrl nhrdstrubturlrlqu`rlalnts (cksp`tdfs, nhus`kn blntlrs, dni ali`bdf prdbt`bls bdpdofl kh adnde`ne bkapflx i`sldsls)wc`bc drl khtln doslnt kr flss bkaakn n pcdralre`ne bkuntr`ls. Ycl i`lrlnbls n i`sldsl prlvdflnbl

hkr rlblnt splb`dfty `nnkvdt`kns bkufi aldn tcdt hlwlr plkpfl n pcdralre`ne bkuntr`ls drl sulr`nehrka i`sldsls trldtli oy tclsl nlwlr ali`b`nls, out tcl edp n vkfual usdel s tkk fdrel tk sueelst tcdti`sldsl prlvdflnbl dfknl dbbkunts hkr tcl i`lrlnbl.

Lxcò`t <= Xkfual \sdel `n ?7?7 kh Ali`b`nls Dvd`fdofl R`nbl ?747 oy Wrkiubt Yypl


Nktl= Rcdrls sckwn drl odsli kn stdnidri un`ts dni rlprlslnt dn lstàdtl kh ali`b`nls fdunbcli hkr tcl fflrst tàl efkodffy ?744-?7?7 dni tcl`r scdrl kh dff dvd fdofl ali`b`nls.

Yrdi`t`kndf ali`b`nls hkr dff hkras drl sckwn dni splb`dfty ali`b`nl prkmlbt`kns drl odsli kn `nmlbtdofl-knfy.

9%

2%

?%

4%

7


Ilvlfkpli Wcdralre`neIlvlfkpli Wcdralre`ne

2.2%

7.4%

4.0%

7.4%




Efkodf splni`ne kn ali`b`nls

`n ?7?7Efkodf splni`ne kn ali`b`nls w`ff rldbc $4.9 tr`ff`kn oy?7?7, dn nbrldsl kh ?0-2?% hrka ?74< bkapdrli tk dn`nbrldsl kh 2<% `n tcl pr`kr < yldrs

•

Rplni`ne kn ali`b`nls `n ?7?7 w`ff rlad`n bknblntrdtli tk ilvlfkpli adrjlts w`tc akrltcdn cdfh hkr krè`ndf ordnis dni hkbusli kn nkn-bkaaun`bdofl i`sldsls

• Rplb`dfty tclrdp`ls w`ff bknt`nul tk ol akrl sèn`fflbdnt n ilvlfkpli adrjlts tcdn n pcdralre`ne

adrjlts dni i`lrlnt ali`b`nls w`ff ol usli `n ilvlfkpli adrjlts bkapdrli tk pcdralre`ne

• Yrdi`t`kndf tclrdp`ls w`ff bknt`nul tk hkbus kn i`lrlnt i`sldsls n ilvlfkpli dni

pcdralre`ne adrjlts

• Rplni`ne w`ff nbrldsl oy $290 o`ff`kn kvlr ?74<, ir`vln oy ordnis dni nbrldsli usdel n

pcdralre`ne adrjlts dni kslt oy pdtlnt lxp`r`ls

• Ordni splni`ne `n ilvlfkpli adrjlts w`ff nbrldsl oy $?03 o`ff`kn `n tcl < yldrs tk ?7?7

ir`vln oy nlw prkiubts, wìlr usdel dni pr`bl `nbrldsls, pràdr`fy `n tcl \.R., out w`ff ol

kslt oy nlt pr`bl rliubt`kns

• Radff akflbufl pdtlnt lxp`r`ls w`ff cdvl d fdrelr apdbt ?748-?7?7 tcdn `n tcl pr`kr fflvl yldrs,

dni tclrl w`ff ol dn `nbrldsli àpdbt hrka o`kfke`bs

• @n ?7?7, tcl \.R., L\<, Mdpdn w`ff cdvl apkrtdnt i`lrlnbls `n splni`ne dni erkwtc hrka tkidy

• Irue splni`ne plr bdp`td w`ff nbrldsl suostdnt`dffy hkr akst pcdralre`ne bkuntr`ls, ckwlvlr

Bc`nd‐s erkwtc `s lxplbtli tk sfkw tk ?7?7

Efkodf splni`ne kn ali`b`nls w`ff rldbc $4.9 tr`ff`kn oy ?7?7, dn nbrldsl kh ?0-2?% hrka ?74<bkapdrli tk dn `nbrldsl kh 2<% `n tcl pr`kr < yldrs. Rplni`ne kn splb`dfty tclrdp`ls w`ff bknt`nul tk olakrl sèn`bdnt `n ilvlfkpli adrjlts tcdn `n pcdralre`ne adrjlts, dni i`lrlnt trdi`t`kndf ali`b`nlsw`ff bknt`nul tk ol usli `n ilvlfkpli adrjlts bkapdrli tk pcdralre`ne adrjlts. Rplni`ne erkwtc w`ff olir`vln oy ordnis, ds wlff ds `nbrldsli usdel `n pcdralre`ne adrjlts, dni w`ff ol kslt oy pdtlnt lxp`r`lsdni nlt pr`bl rliubt`kns. Ycl pdtlnt lxp`ry àpdbt w`ff ol fdrelr `n ?748-?7?7 tcdn `n tcl pr`kr vl yldrs kndn doskfutl ods`s dni w`ff `nbfuil $94 o`ff`kn kh àpdbt hrka o`ksà`fdrs.



EFKODF RWLNI@NE KN ALI@B@NLR @N ?7?7


Rplni`ne dni erkwtc tk ?7?7

Ilvlfkpli adrjlts w`ff bkntròutl 82% kh tcl splni`ne, fli oy tcl \.R (sll Lxcò`t 8). Krè`ndf

ordnis w`ff rlprlslnt <?% kh splni`ne dni 3<% kh efkodf splni`ne w`ff ol hkr ali`b`nls tk trldtnkn-bkaaun`bdofl i`sldsls. Yclsl i`stròut`kns kh bksts olf`l tcl vlry i`lrlnt plrsplbt`vl kn dvkfual ods`s wclrl fkwlr-bkst/cèclr-vkfual ali`b`nls ika`ndtl tcl kvlrdff usl kh ali`b`nls.

\s`ne dbtudf dni hkrlbdst lxbcdnel rdtls, tcl doskfutl efkodf splni hkr pcdradblut`bdfs w`ff bcdnel oy$290 o`ff`kn `n tcl ?748-?7?7 tàl plr`ki bkapdrli tk $43? o`ff`kn `n tcl ?747-?74< plr`ki (sll Lxcò`t 5).Ycl fdst vl yldrs cdi d $477 o`ff`kn rliubt`kn kh erkwtc iul tk burrlnby llbts, wc`fl tcl nlxt vlyldrs w`ff ol f`htli oy $?8 o`ff`kn oy tcl wldjln`ne kh tcl ikffdr ded`nst efkodf burrlnb`ls.

Lxcò`t 8= Ali`b`nl Rplni`ne `n ?7?7 \R$ oy Elkerdpcy, Wrkiubt Yypl dni I`sldsl Drld

Rkurbl= @AR Cldftc, Adrjlt Wrkenks`s, Rlptlaolr ?74<Nktl= Rcdrl kh ?7?7 Rplni`ne `n \R$ w`tc hkrlbdst lxbcdnel rdtls dppf`li (sll Ilffln`t`kns dni Altckikfke`ls slbt`kn).

I`sldsl DrldWrkiubt YyplBkuntry

\R

Mdpdn

Bc`nd

Ordz`f/_uss`d/@ni`d

L\<

Ktclr Admkr Ilvlfkpli

Ktclr Wcdralre`ne

_lst kh Ukrfi

Krè`ndf Ordnis

Nkn-krè`ndf ordnis

\nordnili

KYB

Bkaaun`bdofl

I`doltls

Wd`n

_lsp`rdtkry

Knbkfkey

Bdri`kvdsbufdr

Dutkàaunl

Nkn-bkaaun`bdofl

94%

42%8%

2%

44%

3%

8%

4?%

<?%

?4%

49%

42% 4<%

44%

47%

5%

5%5%

8%

25%





Lxcò`t 5= Efkodf Rplni`ne dni Erkwtc, ?747-?7?7

Rkurbl= @AR Cldftc, Adrjlt Wrkenks`s, Rlptlaolr ?74<

?747 ?744-?74< ?74< ?748-?7?7 ?7?7

$335

$4,780

$4,977

- $4,927

$43?

$290Bknstdnt \R$ BDE_

?744-?74< 8.?%

Bknstdnt \R$ BDE_?748-?7?7 9-5%

Rplni`ne Erkwtc

Altckikfkey Nktl= Yc`s dndfys`s kh ali`b`nl splni`ne `s odsli kn pr`bls rlpkrtli `n @AR Cldftc dui`ts

kh pcdradblut`bdf splni`ne, wc`bc drl `n elnlrdf rlpkrtli dt tcl `nvk`bl pr`bls wckflsdflrs bcdrel tk tcl`r

bustkalrs `nbfui`ne pcdradb`ls dni cksp`tdfs. @n skal bkuntr`ls, tclsl pr`bls drl lxbfus`vl kh i`sbkuntsdni rlodtls pdì tk ekvlrnalnts, pr`vdtl `nsurlrs kr tcl splb`b purbcdslrs. @n ktclr bkuntr`ls, k-`nvk`bl

i`sbkunts drl `ffledf dni ik nkt kbbur. Ycl a`x kh trul pr`bls dni kpdqul prl-i`sbkuntli pr`bls aldns tcl

dndfysls `n tc`s rlpkrt ik nkt rllbt tcl nlt rlvlnuls kh pcdradblut`bdf adnuhdbturlrs. Ds d pdrt kh tc`s rlpkrt,

tcl @AR @nst`tutl cds bkapdrli @AR dui`tli splni`ne idtd tk rlpkrtli sdfls, nlt kh i`sbkunts, rlpkrtli oy

puof`bfy trdili bkapdn`ls dni adil lstàdtls kh huturl k-`nvk`bl i`sbkunts dni rlodtls dni tcl`r àpdbt kn

tcl erkwtc kh ordnili ali`b`nls (sll Lxcò`t 44).

Ycl efkodf lbknka`b br`s`s cds olln d jly efkodf ssul iur`ne tcl pdst vl yldrs tckuec aubc kh`ts wkrst llbts cdvl nkw pdssli. Rkal pcdralre`ne bkuntr`ls f`jl Bc`nd, Ordz`f, Drelnt`nd, dniXlnlzulfd cdvl cdi slvlrl lbknka b dni skb`df ssuls rlblntfy wc`bc drl lxplbtli tk bkntròutl tksfkw`ne erkwtc iur`ne tcl hkrlbdst plr`ki.

Rèn`bdnt r`sjs kh hurtclr lbknka`b sfkwikwn bknt`nul ds d rlsuft kh tcl knek`ne i`srupt`kn n tclAìifl Ldst, tcl wldjlr Bc`nlsl lbknkay, dni Fdt`n Dalr`bdn bkuntr`ls w`tc slvlrl lbknka`b i`strlssdni skal w`tc cyplr`ndt`kn.



Efkodf \sl kh Ali`b`nls n ?7?7. _lpkrt oy tcl @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs. Wdel 4?


Ali`b`nl splni`ne w`ff nbrldsl 24-29% kvlr tcl nlxt vl yldrs (?0-2?% kn d bknstdnt ikffdr ods`s)bkapdrli tk d ?9% `nbrldsl n tcl vkfuals kh ali`b`nl usli. Xkfual erkwtc w`ff ol ir`vln oyilakerdpc`b trlnis subc ds dn de`ne pkpufdt`kn n ilvlfkpli adrjlts dni r`s`ne nbkals dni lxpdnili

dbblss tk cldftcbdrl n pcdralre`ne adrjlts. Ycl rlad`nilr kh tcl nbrldsl n splni`ne w`ff ol ir`vlnoy tcl bksts kh ali`b`nls wc`bc nbrldsl iul tk tcl wìlr dikpt`kn kh nlwlr akrl lxplns`vl tclrdp`lsdni dn nbrldsl n pr`bls plr un`t wc`bc kbbur n skal bkuntr`ls, nktdofy tcl \n`tli Rtdtls.

Rplb`dfty dni trdi`t`kndf ali`b`nls

D r`s`ne prkpkrt`kn kh ali`b`nls drl splb`dfty ali`b`nls. @n ?7?7, ?3% kh efkodf splni`ne w`ff ol hkrsplb`dfty ali`b`nls, up hrka ?8% n ?74<. Rplni`ne w`ff ol akrl hkbusli kn splb`dfty ali`b`nls nilvlfkpli adrjlts wclrl tcly w`ff dbbkunt hkr 28% kh splni`ne n ?7?7, bkapdrli tk knfy 4?% npcdralre`ne adrjlts (sll Iln`t`kns & Altckikfke`ls slbt`kn hkr iln`t`kn kh splb`dfty ali`b`nls:sll Lxcò`t 3).

Lxcò`t 3= Rplb`dfty Ali`b`nls dni Fldi`ne Yclrdpy Drlds `n ?7?7

*Rdfls rlprlslntli `n bknstdnt \R ikffdrs.

Rkurbl= @AR Cldftc, @AR Yclrdpy Wrkenks`s, Rlpt ?74<: @AR @nst`tutl hkr Cldftcbdrl

@nhkradt`bs, Kbtkolr ?74<

Nktl= Fldi`ne trdi`t`kndf tclrdpy drlds sckwn hkr 3 ilvlfkpli bkuntr`ls dni 8 pcdralre`ne bkuntr`ls (sll Ilffln`t`kns & Altckikfke`ls slbt`kn).

Ilvlfkpli$3<7-337 On

Efkodf Rplni`ne$4.9 Yn

Wcdralre`ne$287-207 On

Knbkfkey

Dutkàaunl

X`rdf Clpdt`t`s

C@X Dnt`v`rdfs

@aaunksupprlssdnts

@aaunkstàufdnts

@ntlrhlrkns

Lrytcrkpk`lt`ns

Adbufdr Ilelnlrdt`kn

0-4?%

44-49%

5-47%

44-49%

4-9%

?-<%

4-9%

7-2%

8-0%

$477-4?7On

$<<-8<On

$9<-<<On

$?7-27On

$?7-27On

$4<-43On

$5-0On

$5-0On

$8-3On

*Rdfls `n?7?7Fldi`ne Rplb`dfty Yclrdpy DrldsRplb`dfty Rcdrl kh Rplni`ne ?7?7 \R$

BDE_?748-?7?7

28% 4?%

?3%





Knbkfkey s tcl fldi`ne bfdss kh splb`dfty ali`b`nls w`tc kvlr $477 o`ff`kn n splni`ne n admkrilvlfkpli dni pcdralre`ne adrjlts oy ?7?7. X`rdf clpdt`t`s, nbfui`ne rlblntfy ntrkiubli trldtalntshkr clpdt`t`s B, w`ff rldbc dokut $<7 o`ff`kn `n ?7?7 hkr admkr adrjlts. D suostdnt`df dakunt kh tcl

vkfual kh trldtalnt s lxplbtli kutsìl admkr adrjlts, ds a`ff`kns kh plkpfl n ktclr ilvlfkpli dnipcdralre`ne bkuntr`ls w`ff rlbl`vl dbblss tk tclsl trldtalnts (sll Lxcò`t ?7).

Ycl usl kh trdi`t`kndf ali`b`nls - tcksl tcdt drl nkt splb`dfty - dbbkunt hkr tcl admkr`ty kh ali`b`nlsplni`ne efkodffy, out tclrl drl vlry i`lrlnt pdttlrns kh usdel dni splni`ne n ilvlfkpli adrjltsbkapdrli tk pcdralre`ne adrjlts (sll Lxcò`t 0). @n ilvlfkpli adrjlts, skal kh tcl admkr bfdssls khali`b`nls cdvl lxplr`lnbli rliubli splni`ne iul tk pdtlnt lxp`r`ls wclrlds i`lrlnbls n i`sldslakroì`ty dni tcl dikpt`kn kh `nnkvdt`kn ir`vl tcl rlad`nilr kh i`lrlnbls.

Yclsl tln admkr bdtlekr`ls kh ali`b`nls w`ff dbbkunt hkr 5<% kh ?7?7 splni`ne n tcl lèct ilvlfkpliadrjlts dndfyzli wc`fl rlprlslnt`ne knfy <2% kh splni`ne n tcl s`x pcdralre`ne adrjlts wclrlprkpkrt`kndtlfy akrl splni w`ff ol hkr tcl rlad`n`ne bfdssls nkt sckwn clrl.

Ir`vlrs kh erkwtc

Ycl jly ir`vlrs kh tcl $290 o`ff`kn `n erkwtc kvlr tcl nlxt vl yldrs w`ff ol iul tk dbblss lxpdns`kn `npcdralre`ne bkuntr`ls, erldtlr usl kh akrl lxplns`vl ordnili ali`b`nls n ilvlfkpli adrjlts, dnierldtlr usl kh bcldplr dftlrndt`vls wcln fkss kh lxbfus`v`ty kbburs (sll Lxcò`t 47).

Lxcò`t 0= Yrdi`t`kndf Ali`b`nls Rplni`ne n ?7?7, Bknstdnt \R$ON

Rkurbl= @AR Cldftc, Yclrdpy Wrkenks`s, Rlptlaolr ?74<: @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs, Kbtkolr ?74<

Nktl= Yrdi`t`kndf tclrdpy drlds drl ilfflnli ds dff tclrdp`ls ktclr tcdn Rplb`dfty ali`b`nls (sll Ilffln`t`kns & Altckikfke`ls slbt`kn).

Wcdralre`ne AdrjltsIlvlfkpli Adrjlts

$?2-?9On

$?2-?9On

$?7-?4On

$40-?7On

Bdri`kvdsbufdr

Yrdi`t`kndf ali`b`nls

Yrdi`t`kndf ali`b`nls

Dntò`kt`bs & Xdbb`nls

Wd`n

_lsp`rdtkry

I`doltls

Ofkki i`skrilrs, bkdeufdt`kn

Ofkki i`skrilrs, bkdeufdt`kn

Ilradtkfkey

Alntdf Cldftc

Alntdf Cldftc

Dntò`kt`bs & Xdbb`nls

Ktclr BNR

Ktclr BNR

$08-474On

$82-8<On

$<7-<?On

$9?-99On

$2<-25On $44-4?On

$44-4?On

$3.<-0.<On

$3-0On

$9-<On

$?.<-2.<On

$2<-25On

$27-2?On

$?<-?5On

$?2-?9On

$7.0-4.2On

I`doltls

Wd`n

Bdri`kvdsbufdr

_lsp`rdtkry

Ilradtkfkey





Kh tcl $?03 o`ff`kn kh erkwtc tk ?7?7 hrka ordnis `n ilvlfkpli adrjlts, $42< o`ff`kn w`ff rlsuft hrkanlw ali`b`nls tcdt w`ff ol fdunbcli n tcl nlxt vl yldrs w`tc tcl fdrelst pkrt`kn kh tcdt bka`ne hrkanlw knbkfkey ali`b`nls (sll Lxcò`t 44).

Lxcò`t 47= Ir`vlrs kh Rplni`ne Erkwtc ?74<-?7?7 \R$On

?74< Ordni FKL Elnlr`b* Wcdralre`ne Ktclr** ?7?7

Ilvlfkpli

Rkurbl= @AR Cldftc, Adrjlt Wrkenks`s, Rlptlaolr ?74<: @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs, Kbtkolr ?74<Nktl= Erkwtc s sckwn `n bknstdnt \R$ w`tc dn lxbcdnel rdtl dimustalnt n tcl Ktclr bdtlekry ds tcl deerledtl i`lrlnbl oltwlln bknstdnt dni hkrlbdst lxbcdnel rdtls. Ordnisfkwlr splni`ne iul tk fkss kh lxbfus`v`ty (FKL) `s sckwn hkr ilvlfkpli adrjlts knfy. Ordni splni`ne `n ?7?7 w ff ol $4?7On erldtlr tcdn ?74< `nbfui`ne $?03On kh erkwtc dni ksltoy $453On kh FKL. Rplni`ne `s sckwn dt f st dni `nvk`bl pr`bl flvlfs dni ikls nkt rllbt k-`nvk`bl i`sbkunts dni rlodtls.* Elnlr`b `n ilvlfkpli adrjlts `nbfuils Elnlr`bs +$?9On, Nkn-krè`ndf Ordnis +$?2On, KYB +$47On. ** Ktclr `nbfuils _lst kh Ukrfi +$?4On dni lxbcdnel rdtl llbts +$?8On.

$4,780On

?03 453

<5

4?<

95 $4,977

‒4,927On

Lxcò`t 44= Ilvlfkpli Adrjlts Ordni Rplni`ne Erkwtc ?748-?7?7 Bknstdnt \R$ON

Lflalnt Bkntròut`kn tksplni`ne erkwtcbknstdnt \R$On

Bkaalnt

Xkfual $93 Xkfuals kh ali`b`nls rlad`n fdrelfy unbcdneli kn d plr bdp`td ods`s:A`x kh nlwlr ali`b`nls bkntròutl tk cèclr dvlrdel bksts: Akilrdtlerkwtc/a`x llbt `n L\< dni Mdpdn sà`fdr tk ?747-4< àpdbt: sadffpks`t`vl àpdbt hrka tcl \R adrjlt `s lxplbtli ?748-?7, wc`bc cdiilbf`n`ne vkfual ?747-4<

Wr`bl $44< Wràdr`fy hrka \.R. adrjlt dni odsli n nvk`bl pr`bl: suomlbt tkrliubt`kn hrka rlodtls dni i`sbkunts

Nlw $42< _koust kw kh nlw ali`b`nls lsplb`dffy n knbkfkey dni w`tc cècvdful/pr`bl flvlfs

HkrlbdstErkwtc

$?03 Ordni erkwtc olhkrl dimust`ne hkr pdtlnt lxp`rls dni k-`nvk`bli`sbkunts dni rlodtls

@nbrlalntdfNlt RdflsDimustalnt(NRD)

-$07 Lstàdtli apdbt kn ordnili ali`b`nl erkwtc hrka nbrldslirlodtls dni i`sbkunts, rllbt`ne pdylr bknskfìdt`kn, clèctlnlibkaplt`t`vlnlss `n adny tclrdpy bfdssls dni stdtutkry pr`bl rliubt`knalbcdn`sas hrka Lurkpldn pdylrs

Lstàdtli NltErkwtc

$?73

Rkurbl= @AR Cldftc, Adrjlt Wrkenks`s, Rlptlaolr ?74<= @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs, Kbtkolr ?74<



Efkodf \sl kh Ali`b`nls n ?7?7. _lpkrt oy tcl @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs. Wdel 4<


Erldtlr usdel kh ordnili ali`b`nls w`ff bkntròutl dokut $93 o`ff`kn tk splni`ne erkwtc, wc`fl nvk`blpr`bl nbrldsls, pràdr`fy n tcl \.R., w`ff bkntròutl $44< o`ff`kn. Ckwlvlr, tcl pr`bl nbrldsls w`ff olkslt oy k-`nvk`bl i`sbkunts dni rlodtls. Ycl nlt ordni splni`ne erkwtc s lxplbtli tk ol $07 o`ff`kn

fkwlr, wc`bc wkufi ilbrldsl tcl vl yldr erkwtc rdtl efkodffy oy dokut 4% dni rliubl tcl doskfutlerkwtc `n tcl < yldr plr`ki oy ?<%.

Radff akflbufl pdtlnt lxp`r`ls w`ff cdvl d fdrelr àpdbt ?748-?7?7 tcdn n tcl pr`kr vl yldrs dni tclrlw`ff ol dn nbrldsli apdbt hrka o`kfke`bs (sll Lxcò`t 4?). Ycl fkss kh lxbfus`v`ty hkr ordnili prkiubts`s lxplbtli tk rliubl ordni splni`ne oy $453 o`ff`kn n tcl nlxt vl yldrs, d fdrelr dakunt tcdn tcl fdstvl yldrs, ilsp`tl tcl khtln rlpkrtli bfustlr kh pdtlnt lxp`r`ls n ?744 dni ?74?. Ycl lxpksurl kh ordnistk fkss kh lxbfus`v`ty w`ff ol cèclr, dt $407 o`ff`kn, kvlr tcl nlxt vl yldrs dni tcl àpdbt kh tcksllxp`r`ls kn ordni splni`ne w`ff ol erldtlr ds o`ksà`fdrs ole`n tk cdvl d fdrelr apdbt.

Lxcò`t 4?= Ilvlfkpli Adrjlts Wdtlnt Lxp`ry Lxpksurl dni @apdbt Bknstdnt \R$On

?099

40 432? ?0 24 29

?4 48

?

4

? 9

5 4< 45 48

3 ?

-48-2<

-?7 -49-?9 -?0 -?3

-29 -?8 ?4

-8-0

-3-0

-0

?744 ?74? ?742 ?749 ?74< ?748 ?745 ?743 ?740 ?7?7

$48 $<0$494 $424

-$470 -$425-$9 -$94

?744-?74<= $4<5On ?748-?7?7= $407On

$442On $453On

Wrl-lxp`ry Rplni`ne - Radff Akflbufl

Fkwlr Ordni Rplni`ne - Radff Akflbufl

Wrl-lxp`ry Rplni`ne - O`kfke`b

Fkwlr Ordni Rplni`ne - O`kfke`b

Rkurbl= @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs, Kbtkolr ?74<

Nktl= Wrl-lxp`ry splni`ne `s tcl dbtudf dni lstàdtli splni`ne `n tcl 4? akntcs pr`kr tk fkss kh lxbfus`v`ty (FKL) dni `s sckwn hkr ilvlfkpli adrjlts knfy. Fkwlr Ordni Rplni`ne `stcl dbtudf dni lstàdtli ilbf nl `n splni`ne kn ordnis hdb`ne FKL. Lstàdtls drl odsli kn pdtlnt lxp`ry idtls kr lxplbtli elnlr`b/o`ksà fdr dvd fdo f ty, dni c`stkr`b dndfkeuls

wclrl dvd fdofl. O`kfke`bs dni sadff akflbufls drl akilfli slpdrdtlfy. O`kfke`b ordni fkssls drl odsli kn dny nkn-krè`ndf o`kfke`b bkaplt`tkr, rledriflss kh dpprkvdf typl.





Radff akflbufl pdtlnt lxp`r`ls cdvl c`stkr`bdffy rlsuftli `n rdpì sw`tbc`ne kh ali`b`nls tk elnlr`bs,pdrt`bufdrfy `n tcl \.R., dni tc`s trlni w`ff cdvl sprldi dbrkss ktclr ilvlfkpli adrjlts oy ?7?7. Yclrlsuft`ne àpdbt kh elnlr`bs kn ordni splni`ne w`ff tclrlhkrl ol akrl àpdbthuf `n bka`ne yldrs. Ycl

dii`t`kn kh d \.R. o`ksà`fdr pdtcwdy tk tcksl dfrldiy prlslnt `n Lurkpl w`ff bkntròutl suostdnt`dffy tktcl fdrelr àpdbt hrka o`kfke`b pdtlnt lxp`r`ls `n tcl nlxt vl yldrs, ad`nfy olbdusl tcl \.R. splnisakrl kn o`kfke`bs tcdn ktclr ilvlfkpli adrjlts dni tcl rliubt`kns `n bksts w`ff ol fdrelr. Jly o`kfke`bpdtlnt lxp`r`ls `nbfuil d nuaolr kh dutkàaunl trldtalnts, `nsuf`ns, dni bdnblr trldtalnts, ckwlvlr,tcl splb`b prkiubts dni idtls drl lfus`vl iul tk tcl st`ff lvkfv`ne \.R. o`kfke`bs pdtlnt fdw s`tudt`kn.Ycl nlxt vl yldrs w`ff sll nldrfy lvlry o`kfke`b pdtlnt dni o`ksà`fdr fdunbc bcdfflneli `n tcl bkurts.Ycl nlt rlsuft w`ff ol d fkwlr flvlf kh o`ksà`fdr àpdbt tcdn skal cdvl rlpkrtli prlv`kusfy out dnàpkrtdnt dni aldn`nehuf dakunt kh ‖sdv`nes‑ hkr tcl cldftc systlas `n ilvlfkpli adrjlts.

Ilvlfkpli dni pcdralre`ne adrjlt kvlrv`lws

\.R. splni`ne kn ali`b`nls \.R. splni`ne kn ali`b`nls w`ff rldbc $<87-<07 o`ff`kn `n ?7?7, d 29% `nbrldsl `n splni`ne kvlr ?74< kn dn`nvk`bl pr`bl ods`s. Yc`s erkwtc w`ff ol ir`vln oy nnkvdt`kn, nvk`bl pr`bl nbrldsls (kslt oy k-`nvk`bli`sbkunts dni rlodtls) dni tcl àpdbt kh fkss kh lxbfus`v`ty (sll Lxcò`t 42). Rplni`ne erkwtc `n tcl nlxtvl yldrs w`ff i`lr hrka tcl fdst hkur wc`bc `nbfuili tcl fdrelst pdt`lnt lxp`ry bfustlr lvlr `n ?74? dni tclfdrelst yldr hkr nlw ali`b`nls `n ?749. Kh tcl $?9 o`ff`kn `n nlw ordni splni`ne hkr ?749, $4? o`ff`kn wdsir`vln oy clpdt`t`s B trldtalnts ds 497,777 akrl pdt`lnts wlrl trldtli tcdn `n tcl pr`kr yldr. Yc`s `nbrldslivkfual dbbkuntli hkr dokut $0 o`ff`kn kh tcl `nbrldsli splni`ne w`tc tcl rlad`nilr iul tk cèclr trldtalntbkst plr pdt`lnt rlfdt`vl tk ldrf`lr, flss llbt`vl dni flss wlff tkflrdtli trldtalnts.

Lxcò`t 42= \.R. Rplni`ne Erkwtc, ?747-?7?7

Rkurbl= @AR Cldftc Adrjlt Wrkenks`s, @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs, Kbtkolr ?74<

-4<%

-47%

-<%

7%

<%

47%

4<%

?7%

?747 ?74< ?7?7

\ R

$ e r k w t c

\n`tli Rtdtls

?7?7 Rplni`ne=$<87-<07On

?748-?7 Erkwtc=+$498On

BDE_ ?748-?7= <-3%

@nbrldsl kvlr ?74<=+29%

?7?7 Ordni Rcdrl khsplni`ne= 85%:unbcdneli s`nbl ?74<

?7?7 Rplb`dfty Rcdrlkh splni`ne= 29% +7.9pts: 29% kh`nbrldsl s`nbl ?74<

Wrktlbtli Ordnis vkfual

Elnlr`bs Xkfual

Wrktlbtli Ordnis pr`bl

Elnlr`bs Wr`bl

Yktdf ErkwtcNlw Ordnis

Fkss kh Lxbfus`v`ty





Ycl àpdbt kh pdtlnt lxp`r`ls kvlr tcl nlxt vl yldrs, wc`fl cèclr `n doskfutl ikffdrs, w`ff ol fkwlr `nplrblntdel bkntròut`kn tcdn tcl pdst vl yldrs dni nk s`nefl yldr w`ff rldbc tcl flvlf kh ?74?. Elnlr`bali`b`nls w`ff bknt`nul tk prkvìl tcl vdst admkr`ty kh tcl prlsbr`pt`kn ali`b`nl usdel n tcl \.R.,

r`s`ne hrka 33% tk 04-0?% kh dff i`splnsli prlsbr`pt`kns oy ?7?7.

@nvk`bl pr`bl erkwtc ‒ wc`bc ikls nkt rllbt i`sbkunts dni rlodtls rlbl`vli oy pdylrs - w`ff bknt`nuldt c`stkr`b flvlfs tcrkuec ?7?7 dhtlr d plr`ki hrka ?742 tk ?74< wclrl `nbrldsls wlrl aubc cèclr outsuostdnt`dffy kslt oy k-`nvk`bl i`sbkunts dni rlodtls. Nlt pr`bl trlnis hkr prktlbtli ordnis rlad`nbknstrd`nli oy pdylr nlekt`dtli i`sbkunts dni rlodtls dni nlt pr`bls drl lxplbtli tk erkw dt <-5% plryldr. Ordnis, kn dvlrdel, w`ff bknblil ds aubc ds knl-tc`ri kh tcl`r nvk`bl pr`bls n i`sbkunts tk pdylrskvlr tcl hkrlbdst plr`ki.

Ycl Dkridofl Bdrl Dbt (DBD) w`ff bknt`nul tk cdvl dn llbt kn ali`b`nl splni`ne iur`ne tcl nlxt vlyldrs pràdr`fy iul tk lxpdnili `nsurdnbl bkvlrdel. DBD dbblss lxpdns`kn w`ff ol fdrelfy bkapfltl oy

?7?7, or`ne`ne akilst nlw iladni hkr ali`b`nls, out dn `nbrlds`ne scdrl kh ali`b`nls w`ff ol pdìhkr oy Ali`bdrl, Ali`bdì, dni ktclr ekvlrnalnt hunili kr adnidtli prkerdas (`nbfui`ne 297o) ldbcbkaadni`ne suostdnt`df i`sbkunts hrka f`st pr`bls. Ycl wìlr dikpt`kn kh prkv`s`kns kh tcl fdw tcdtlnbkurdel erldtlr bdrl bkkri`ndt`kn w`ff sll dt fldst d tc`ri kh cldftcbdrl bkvlrli oy Dbbkuntdofl BdrlKredn`zdt`kns (DBKs) unilr tcl Ali`bdrl scdrli sdv`nes prkerda kr DBK-f`jl drrdnelalnts nlekt`dtlioltwlln bkaalrb`df `nsurlrs dni `nst`tut`kns. Yclsl kredn`zdt`kndf dni pdyalnt bcdnels w`ff rl`nhkrbltcl sc`ht tk kutbkals dni lvìlnbl-odsli pdyalnts ds kppksli tk tcl vkfual kh slrv`bls prkvìli.

Oy ?7?7, tcl Dkridofl Bdrl Dbt w`ff ol tln yldrs kfi dni akv`ne ntk dikflsblnbl n tlras kh admkràpflalntdt`kns, w`tc hurtclr lvkfut`kn dni adtur`ne st`ff tk bkal. Ycl apdbts kh tcl vdr`kusprkv`s`kns kh tcl fdw drl buaufdt`vl dni n apkrtdnt wdys tcly drl tcl unilrp`nn`ne kh tcl elnlrdferkwtc trlni n tcl vkfual kh ali`b`nls. Rkal pdrts kh tcl DBD w`ff lndofl bknvlrs`kn tk d akrlrdt`kndf systla odsli kn d olttlr unilrstdni`ne kh kutbkals dni bksts. Yclrl w`ff ol skal un`ntlnilibknslqulnbls, tcdt w`ff f`jlfy apdbt pdt`lnts olhkrl tcly drl diirlssli w`tc huturl pkf`by dalnialnts,dni skal kh tcla bdn ol lxplbtli tk ol nkn-tr`v`df. Ycl r`s`ne usl kh cèc-iliubtòfl nsurdnblpfdns, hkr lxdapfl, wc`bc cdvl ilaknstrdofl apdbts kn pdt`lnts‐ diclrlnbl rdtls, n skal wdys putlapfkylrs dni pdt`lnts wck bckksl tclsl pfdns dt kiis w`tc ckf`st`bdffy-hkbusli DBKs.

Ykp < Lurkpl splni`ne kn ali`b`nls

Ycl Ykp < Lurkpldn adrjlts w`ff splni $437-407 o`ff`kn kn ali`b`nls n ?7?7, dn nbrldsl kh $97o`ff`kn, wc`bc nbfuils $40.9 o`ff`kn kh lxbcdnel rdtl llbts dni s akstfy ir`vln oy Elradny dni

tcl wìlr dikpt`kn kh splb`dfty ali`b`nls (sll Lxcò`t 49). Elradny w`ff `nbrldsl splni`ne hrka $94o`ff`kn tk $<5 o`ff`kn, dn `nbrldsl kh $48 o`ff`kn (`nbfui`ne $5.0 o`ff`kn kh lxbcdnel rdtl llbts) fdrelfyd rlsuft kh wìlr dikpt`kn kh nnkvdt`kn dni suppkrtli oy cldftc tlbcnkfkey dsslssalnts, nbfui`nerldsslssalnts kh dfrldiy adrjltli prkiubts.





Ktclr admkr Lurkpldn bkuntr`ls w`ff hdbl ouielt bcdfflnels dni Hrdnbl, dfknl dakne ilvlfkpliadrjlts, w`ff sll d ilbf`nl n tcl vkfual kh ali`b`nls usli kn d plr bdp`td ods`s. Ycl \.J., dhtlr dBknslrvdt`vl Wdrty lflbt`kn v`btkry, s rllxda`n`ne tcl kredn`zdt`kn kh tcl Ndt`kndf Cldftc Rlrv`bl(NCR) dni c`stkr`b pr`b`ne derllalnts w`tc tcl pcdradblut`bdf niustry. Rpd`n dni @tdfy ldbc bknt`nultk ni tcl`r lbknka`ls bcdfflneli oy tcl efkodf lbknka`b br`s`s dni cdvl olln sfkw tk rlbkvlr.

D bkaakn flvlr usli oy Lurkpldn bkuntr`ls tk bkntrkf ali`b`nl splni`ne s tk sc`ht ali`b`nl usdeltk elnlr`b ali`b`nls dni rldf`zl dsskb`dtli sdv`nes. Ckwlvlr, aubc kh tcl pktlnt`df sdv`nes tcrkuectcl usl kh elnlr`bs cdvl dfrldiy olln dbc`lvli dni fkwlr pdtlnt lxp`ry rdtls n tcl bka`ne vl yldrsw`ff fà`t tcl àpdbt kh tc`s dpprkdbc tcrkuec ?7?7. Lurkpldn ekvlrnalnts wlrl tcl rst tk dikpto`ksà`fdr fle`sfdt`kn tcdt lndofls nkn-krè`ndf bkaplt`t`kn tk o`ktlbc irues dni oy ?7?7 tcly w`ff st`ffdbbkunt hkr akst kh tcl sdv`nes n ilvlfkpli adrjlts dsskb`dtli w`tc tcl dikpt`kn kh o`ksà`fdrs.

Dbrkss Lurkpl, tcl dikpt`kn kh splb`dfty ali`b`nls w`ff ir`vl cèclr splni`ne erkwtc tk ?7?7, dniwclrlds 34% kh tcl `nbrldsl w`ff ol ir`vln oy splb`dfty ali`b`nls, tcdt `s `n pdrt iul tk d rlbkvlry `n

trdi`t`kndf ali`b`nl splni`ne. @n ?744-?74<, splni`ne kn trdi`t`kndf ali`b`nls ilbf`nli n Lurkpl dniw`tc knfy splb`dfty ali`b`nls nbrlds`ne w`tc`n tcl tàl plr`ki.

Lxcò`t 49= Ykp < Lurkpldn Bkuntr`ls Rplni`ne \R$On, ?74< dni ?7?7

Rkurbl= @AR Cldftc, Adrjlt Wrkenks`s, Rlptlaolr ?74<: @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs, Kbtkolr ?74<Nktl= Rplni`ne n \R$ w`tc dbtudf dni prkmlbtli lxbcdnel rdtls. Erkwtc n bknstdnt \R$ odsli kn dvlrdel rdtls n T? ?74< dni prkmlbt`kns kh dbtudf rdtls.

R p l n i ` n e \ R $

O n

Ykp < Lurk bkuntr`ls

?7?7 Rplni`ne=$437-407On

?748-?7 Erkwtc=+$97On

BDE_ ?748-?7= 9-5%

@nbrldsl kvlr ?74<=+2?%

?7?7 Ordni Rcdrl khsplni`ne= 8?.3% +?.3pts

?7?7 Rplb`dfty Rcdrlkh splni`ne 95.?% +0.<pts: 34% kh`nbrldsl

94 <5

?3

22?<

2<24

2940

?9

499

432

7

?7

97

87

37

477

4?7

497

487

437

?77

?74< ?7?7

25.3%95.?%

34.4%

?74< ?7?7 Erkwtc?748-?7

Rpd`n

Hrdnbl

@tdfy

\J

Yrdi`t`kndf

Rplb`dfty

Elradny

Rcdrl kh Rplni`ne dni Erkwtc





Mdpdn splni`ne kn ali`b`nls

Mdpdn‐s erkwtc s lxplbtli tk rlturn tk c`stkr`b pdttlrns tcrkuec ?7?7 dni tcl fkne-tlra llbts kh tclnlw pr`bl rleàl w`ff sll dvlrdel pr`bls dt d adrjlt flvlf ol lsslnt`dffy unbcdneli hrka ?74<

(Lxcò`t 4<). Rplni`ne w`ff nbrldsl oy 2-9% kvlr tcl nlxt vl yldrs, tcl fkwlst deerledtl nbrldsl khdny ilvlfkpli adrjlt. Ycl pr`bl rleàl, n llbt s`nbl ?747, dppf`ls o`lnn`df pr`bl buts i`lrlnt`dffyakrl tk kfilr k-pdtlnt ordnis, flss tk nlwlr krè`ndf ordnis, dni slpdrdtlfy nblnt`v`zls elnlr`bi`splns`ne. Rplni`ne n ?7?7 w`ff sll wìlr usl kh splb`dfty krè`ndf ordnis out fkwlr kvlrdff ordnisplni`ne ds kfilr ordnis w`ff hdbl akrl slvlrl pr`bl buts.

Ycl nblnt`vls tk wìlr elnlr`b usdel w`ff ikuofl elnlr`b splni`ne, ds elnlr`b plnltrdt`kn kh tclunprktlbtli adrjlt s tdreltli oy tcl A`n`stry kh Fdokr Cldftc dni Ulfhdrl (AFCU) tk rldbc 37% oy?7?7, up hrka <9.9% hkr tcl qudrtlr lni`ne Munl ?74<.4 Ycl ?747-?74< plr`ki sdw suostdnt`df nbrldsl`n tcl dvlrdel pr`bls kh ali`b`nls ds pkf`b`ls ilsènli tk rlwdri `nnkvdtkrs wlrl apflalntli. Ycl`ntrkiubt`kn kh d vdful diili tdx (XDY) n ?749, ds pdrt kh ndt`kndf lbknka`b rlhkras, sfkwli erkwtctkk, out t `s lxplbtli tk rlturn tk c`stkr`b flvlfs kh aì-s`nefl-iè`t erkwtc tk ?7?7. Hurtclr pfdnnli`nbrldsls tk sdfls tdxls n tcl ?748-?743 tàl plr`ki bkufi kslt tcl lxplbtli erkwtc dni rlsuft n dzlrk erkwtc sblndr`k n tcksl yldrs.

Lxcò`t 4<= Mdpdn‐s Rplni`ne Xkfual dni Wr`bli @nilxli tk ?74<

` n i l x l i t k ? 7 7 < 1 4 7 7

R p l n i ` n e \ R $ O N

Mdpdn

?7?7 Rplni`ne=$50-30On

?748-?7 Erkwtc= +$9On

BDE_ ?748-?7= 7-2%

?7?7 Ordni Rcdrl khsplni`ne= 85% (-4%)

?7?7 Elnlr`b Rcdrl

kh splni`ne= 0%(+4.?%)

@nbrldsl kvlr ?74<=+2-8%

4?7

4?0

42<

44? 449

445

475

44944<

07

477

447

4?7

427

497

?77< ?747 ?74< ?7?7 ?74< ?7?7

48 ??

25 27

8 42

5050-30

7

47

?7

27

97

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87

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37

07

Rkurbl= @AR Cldftc, Adrjlt Wrkenks`s, Rlptlaolr ?74<: @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs, Kbtkolr ?74<Nktl= Rplni`ne, Rtdnidri \n`ts (R\) dni pr`bl plr R\ odsli kn bknstdnt \R$ dni `nilxli tk Mdpdn `n ?77<.

R\ @nilx

Rplni`ne @nilx

Wr`bl plr R\ @nilx

\nordnili Wrkiubts\nordnili Wrkiubts

Ktclr Wrkiubts

Nkn-krè`ndf Ordnili Wrkiubts

Krè`ndf Ordnis Yrdi`t`kndf

Krè`ndf Ordnis Rplb`df`tyYktdf Rplni`ne \R$ON



Efkodf \sl kh Ali`b`nls n ?7?7. _lpkrt oy tcl @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs. Wdel ?7


Wcdralre`ne adrjlts splni`ne kn ali`b`nls

Erkwtc n splni`ne kn ali`b`nls n pcdralre`ne adrjlts kh $4?< o`ff`kn tk ?7?7 s ir`vln pràdr`fy oy

wìlr usl kh ali`b`nls. Ycl plr bdp`td nbrldsls n vkfual dni splni`ne rllbt tcl strkne bkaa`talnttk wìlr dbblss tk cldftcbdrl hrka ekvlrnalnt dni lxpdnili pr`vdtl nsurdnbl adrjlts tcdt adnypcdralre`ne bkuntr`ls drl lxplr`lnb`ne.

Ycl i`lrlnbl n plr bdp`td splni`ne erkwtc dni kvlrdff splni`ne erkwtc kvlr tcl nlxt vl yldrs s`ni`bdt`vl kh pkpufdt`kn erkwtc, wc`fl tcl kvlrdff cèc flvlf kh plr bdp`td splni`ne erkwtc s ni`bdt`vlkh oktc dbblss lxpdns`kns dni tcl r`s`ne a`x kh cèclr bkst ali`b`nls ol`ne usli n pcdralre`neadrjlts (sll Lxcò`t 48).

Rdui` Drdo`d `s nktdofl `n tcdt `t w`ff splni $277 plr plrskn `n ?7?7, w`tc nldrfy tcl sdal vkfualplr plrskn ds dvlrdel ilvlfkpli adrjlts. Adny kh tcl bkuntr`ls w`tc tcl cèclst plr bdp`td splni`neerkwtc tk ?7?7 cdvl tcl fkwlst splni plr bdp`td, sueelst`ne tcdt akst plkpfl n tcksl bkuntr`ls cdvl

suostdnt`dffy wkrsl cldftcbdrl tcdn n cèclr splni pcdralre`ne kr ilvlfkpli adrjlts dni tcdt tcl`nbrldsls w`ff ek skal wdy out uftàdtlfy st`ff hd`f tk diirlss efkodf cldftcbdrl nlqu`t`ls.

Lxcò`t 48= Ali`b`nls Rplni dni Bcdnel plr Bdp`td Bknstdnt \R$

A l i ` b ` n l R p l n i W l r B d

p ` t d

E r k w t c ? 7 4 8 - ? 7 ? 7

9<%

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<3%

25%

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9?% 92%20%

??%?7%

58%

?<% ?2%

<?%

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<4%

8?%

80%

50%

94%

<5%

?0%

82%

92%

34%

2%

-4%

88%

20%

98% <7%

?0%?5%

30%

?8%27%

<3%

2<%

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5<% 53%

07%

8?%

-47%

7%

47%

?7%

27%

97%

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37%

07%

477%

7

<7

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277

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?7?7 \R$ Wlr Bdp`td

?80\R$ Wlrskn/Pldr 98% Wlr Bdp`td 90% Rplni`neWcdralre`ne dvlrdel=

Wlr Bdp`td Erkwtc Rplni`ne Erkwtc

Rkurbl= @AR Cldftc, Adrjlt Wrkenks`s, Rlptlaolr ?74<: @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs, Kbtkolr ?74<Nktl= Rplni`ne plr bdp`td, plr bdp`td erkwtc dni kvlrdff splni`ne erkwtc n Bknstdnt \R$





Bc`nd splni`ne kn ali`b`nls

Bc`nd‐s ilbdil fkne dbblss lxpdns`kn w`ff cdvl prkvìli ods`b ali`bdf nsurdnbl tk nldrfy tcl lnt`rl4.9 o`ff`kn pkpufdt`kn oy ?7?7 out hurtclr rdpì erkwtc n splni`ne s nkt lxplbtli. Wlr bdp`td ali`b`nlvkfuals w`ff bknt`nul tk nbrldsl out dt d sfkwlr rdtl tcdn ldrf`lr `n tcl ilbdil dni splni`ne erkwtcw`ff sfkw tk olfkw 47% tcrkuec ?7?7 (sll Lxcò`t 45). Bc`nd‐s lbknkay cds sfkwli rlblntfy dni akstali`b`nl splni`ne w`ff st`ff ol odsli kn suostdnt`df pdt`lnt bkntròut`kns, wc`bc w`ff cdaplr nbrldslisplni`ne kvlrdff. Bc`nd rlad`ns tcl fdrelst pcdralre`ne adrjlt dni, wc`fl sfkwlr tcdn ldrf`lr n tclilbdil, `s lxplbtli tk ol dt kr dokvl EIW erkwtc tcrkuec ?7?7.

Lxcò`t 45= Bc`nd Rplni`ne dni Erkwtc, ?747-?7?7


Nktl= Erkwtc `n ?74? lstàdtli iul tk trlni orldj `n idtd bkfflbt`kn.

Bc`nd

?7?7 Rplni`ne=$4<7-437On

?748-?7 Erkwtc=+$<9On

BDE_ ?748-?7?7=8-0%

@nbrldsl kvlr?74<= +9<-93%

?7?7 Ordni Rcdrl khRplni`ne= ?2% +<pts

?7?7 Elnlr`b Rcdrl=?<% (-2pts)

?7?7 Nkn-Krè OrdniRcdrl= 2<% (-2pts)7%

<%

47%

4<%

?7%

?<%

7

?7

97

87

37

477

4?7

497

487

437

?747 ?744 ?74? ?742 ?749 ?74< ?748 ?745 ?743 ?740 ?7?7

E r k w t c B k n s t \ R $ %

R p l n i ` n e \ R $ O n

?748-?7?7 BDE_, 8-0%

Hkrlbdst

ErkwtcRdfls



Efkodf \sl kh Ali`b`nls n ?7?7. _lpkrt oy tcl @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs. Wdel ??

Yrdnshkradt`kns `n i`sldsl

trldtalnts@nnkvdt`kn ir`vls trdnshkradt`kn kh i`sldsl trldtalnts`n ?7?7

• \sl kh ali`b`nls `n ?7?7 w`ff `nbfuil 092 Nlw Dbt`vl Ruostdnbls `ntrkiubli `n tcl pr`kr

?< yldrs, nlw ali`b`nls `n rlblnt yldrs w`ff ol wlèctli tk splb`dfty dni o`kfke`bs

• Wdt`lnts w`ff cdvl erldtlr dbblss tk orldjtcrkuec tclrdp`ls dni bfustlrs kh `nnkvdt`kn drkuni

clpdt`t`s B, dutkàaunl i`sldsls, cldrt i`sldsl, krpcdn i`sldsls dni ktclrs oy ?7?7

• Bdnblr trldtalnts rlprlslnt tcl fdrelst bdtlekry kh tcl ??< nlw ali`b`nls lxplbtli tk ol

`ntrkiubli w`tc`n tcl nlxt fflvl yldrs

• Ylbcnkfkey w`ff lndofl bcdnels tk trldtalnt prktkbkfs, sc`ht pdt`lnt lnedelalnt,

dbbkuntdo`f`ty dni pdt`lnt-prkvìlr `ntlrdbt`kn dbblflrdt`ne tcl dikpt`kn kh olcdv`kr

bcdnels prkvln tk `nbrldsl pdt`lnt diclrlnbl tk trldtalnts

• Oy ?7?7, kvlr 957 irues w`ff ol dvd`fdofl tk trldt krpcdn i`sldsls hkr tcl 5,777 rdrl i`sldsls

w`tc nk kr fà`tli trldtalnts dvd`fdofl

• Uc`fl efkodf ali`b`nl splni`ne kn krpcdn irues `s lxplbtli tk ol 4-?%, `t w`ff ol ds aubc ds

47% `n ilvlfkpli adrjlts subc ds tcl \.R.

Dn nbrldsl n tcl nuaolr dni qudf`ty kh `nnkvdt`vl nlw irues w`ff ir`vl trdnshkradt`kn kh i`sldsltrldtalnts oy ?7?7, ds tcl `nvlstalnts n rlsldrbc dni ilvlfkpalnt adil n tcl fdst twk ilbdilslalrel dni rldbc pdt`lnts n erkw`ne nuaolrs.

Jly lalre`ne dsplbts kh `nnkvdt`kn `nbfuil o`kadrjlrs, elnka`bs, elnlt`b tlst`ne tk adtbc pdt`lnts w`tctrldtalnts, àprkvli subblss rdtls `n bf`n`bdf ilvlfkpalnt, dni diirlss`ne bknblrns dokut r`s`ne bksts.Ycl lvkfut`kn kh ilvlfkpalnt `nblnt`vls `nbfui`ne hdst-trdbj dpprkvdfs hkr ‖orldjtcrkuecs‑, bknt`nuliprl-bkaplt`t`vl bkffdokrdt`kns, pdt`lnt pkkf`ne kh idtd, dni fdrel rldf-wkrfi lvìlnbl bkffdokrdt`kns w`ff dffbknt`nul tk stàufdtl rlsldrbc dni ilvlfkpalnt dbt`v`t`ls `ntk tcl nlxt ilbdil.




Y_DNRHK_ADY@KNR @N I@RLDRL Y_LDYALNYR

Nlw ali`b`nls dvd`fdofl `n ?7?7

@n ?7?7, tclrl w`ff ol 092 Nlw Dbt`vl Ruostdnbls (NDR) `ntrkiubli `n tcl pr`kr ?< yldrs dni tcl vdst

admkr`ty w`ff ol wìlfy dvd`fdofl tk pkpufdt`kns drkuni tcl wkrfi (sll Lxcò`t 43). Yclsl trldtalntskhtln tdjl yldrs tk rldbc pdt`lnts kutsìl tcl admkr ilvlfkpli adrjlts, sk tcl bfustlr kh `nnkvdt`kns`n tcl nlxt vl yldrs w`ff ol flss wìlfy dvd`fdofl. @nbrlds`nefy, tcl nlw ali`b`nls dvd`fdofl w`ff trldtknbkfkey dni krpcdn i`sldsls dni prkvìl d rdnel kh splb`dfty sadff akflbufl ali`b`nls.

Wdt`lnts w`ff cdvl erldtlr dbblss tk orldjtcrkuec tclrdp`ls dni bfustlrs kh nnkvdt`kn drkuni clpdt`t`sB, bdnblr, dutkàaunl i`sldsls, cldrt i`sldsl dni krpcdn irues oy ?7?7. Bdnblr trldtalnts rlprlslnttcl fdrelst bdtlekry kh tcl ??< nlw ali`b`nls lxplbtli tk ol ntrkiubli w`tc`n tcl nlxt vl yldrs,`nbfui`ne apkrtdnt nlw ilvlfkpalnts. Hkr lxdapfl, aylfkad w`ff sll surv`vdf rdtls r`sl dokvl <7% htcl nlw trldtalnts drl ds llbt`vl ds ldrfy tr`dfs sueelst. Kvlr 07% kh lxplbtli nlw bdnblr trldtalntsw`ff ol tdreltli tclrdp`ls ‒ tcksl tcdt usl d bdnblr blff prkblss, albcdn`sa kr elnlt`b adrjlr tk slflbt

kr ilf`vlr trldtalnt ‒ kh wc`bc knl-tc`ri w`ff usl d o`kadrjlr. Dn lstàdtli knl-tc`ri kh bdnblrtrldtalnts w`ff tdrelt rdrl bdnblrs illali krpcdn i`sldsls.

Oy ?7?7, kvlr 957 irues, nbfui`ne 5< nbrlalntdf lxplbtli tk ol fdunbcli kvlr tcl nlxt vl yldrs, w`ffol dvd`fdofl tk trldt krpcdn i`sldsls hkr tcl 5,777 rdrl i`sldsls w`tc nk kr fà`tli trldtalnts dvd`fdofl.Uc`fl efkodf ali`b`nl splni`ne kn krpcdn irues s lxplbtli tk ol 4-?% kh efkodf splni`ne, t w`ff ol dsaubc ds 47% kh `n ilvlfkpli adrjlts subc ds tcl \.R.?

Lxcò`t 43= Efkodf Nlw Dbt`vl Ruostdnbls (NDR) Dvd`fdofl R`nbl 4008

49%

42%

3%

5%

<%8%

?9%

?2%

4008-?7?7

??2

48<

498

439

??<

??2

233

<29

543

092

4008-?777 ?774-?77< ?778-?747 ?744-?74< ?748-?7?7

4<%

?8%

4?%

95%

< yldr NDR Ldrf`lr NDR @nhlbt`kn

Knbkfkey

Ofkki & rlfdtli i`skrilrs

I`doltls

Nlurkfkey

Krpcdn

Ktclrs

Rplb`dfty O`kfke`bs

Rplb`dfty Radff Akflbufls

Yrdi`t`kndf O`kfke`bs

Yrdi`t`kndf Radff AkflbuflsBdri`kvdsbufdr

Buaufdt`vl Yktdf R`nbl 4008


Nktl= I`sldsl bdtlekr`ls odsli kn tclrdpy drlds dni lxplbtli fdunbcls ?748-?7. Krpcdn irues drl tcksl tk trldt sadff pkpufdt`kns w`tc rdrl i`sldsls, dni drl ilfflnli slpdrdtlfy

oy \.R. HID dni tcl Lurkpldn Ali`b`nls Delnby (LAD). Dny ali`b`nl w`tc dn krpcdn ilsèndt`kn hkr dn dpprkvli usl w`tc`n tcl fflrst yldr dhtlr efkodf fdunbc drl bdtlekr`zli ds

Krpcdn. Cdfh kh ilsèndtli krpcdn `ni`bdt`kns drl erdntli akrl tcdn d yldr dhtlr krè`ndf dpprkvdf.





D nuaolr kh trdnshkradt`kndf trldtalnts w`ff ol dvd`fdofl n ?7?7 `nbfui`ne hunbt`kndf burls hkrclpdt`t`s B, d bfustlr kh sadff akflbufl dni o`kfke`b aaunkfkey trldtalnts hkr rcluadtkì drtcr`t`s

dni nlw trldtalnts hkr dn drrdy kh i`sldsls wc`bc cdvl prlv`kusfy knfy olln trldtli w`tc ilbdilskfi, khtln elnlr`b, sadff akflbufl trldtalnts. Oy ?7?7, tclrl w`ff ol d sadff out apkrtdnt nuaolr khblff- dni elnl-odsli tclrdp`ls dvd fdofl tk pdt`lnts, khtln w`tc sckrt kr knl-tàl iks`ne, hkr trldt`nei`sldsls w`tc sèn`bdnt bcdfflnels nbfui`ne out nkt fà`tli tk bdnblrs, C@X, elnlt`b i`skrilrs dnidutkàaunl i`sldsls.

Knbkfkey

Ycl lrd kh prlb`s`kn trldtalnt hkr dff bdnblr typls w`ff st`ff ol kn tcl ckr`zkn oy ?7?7 out àpkrtdntstlps w`ff cdvl olln adil dbrkss d nuaolr kh tuakr typls. O`kadrjlrs drl nbrlds`nefy tcl tdreltkh bf`n`bdf tr`dfs dni akrl dpprkvli irues drl dbbkapdn`li oy d prktkbkf tk usl d o`kadrjlr kr d

bkapdn`kn i`denkst`b tk nhkra dni i`rlbt tcl`r usl. @nbrlds`ne prlssurl hrka pdylrs tk rlstr`bt dbblsskr fà`t tcl usl kh lxplns`vl tdreltli trldtalnts bdn ol lxplbtli dni, dt tcl sdal tàl, tcksl w`tco`kadrjlrs bdn lxplbt tcdt lfèòfl pdt`lnts w`ff ol tlstli dni f`jlfy ol dpprkvli hkr usl.

Knbkfkey trldtalnts w`ff nbfuil akrl aaunktclrdp`ls, tdreltli tclrdp`ls dni plrskndf`zli ali`b`nls,skaltàls usli tkeltclr `n d rleàln, àprkv`ne hurtclr surv`vdf dni f`hl lxplbtdnby hkr adny bdnblrs.Kvlr knl-tc`ri kh nlw bdnblr ali`b`nls `n rlsldrbc drl burrlntfy tlst`ne d o`kadrjlr dni tr`dfs lapfky`neo`kadrjlrs hkr pdt`lnt slflbt`kn cdvl d cèclr prkodo`f`ty kh subblss (sll Lxcò`t 40).2

Ycl fdrelst pdrt kh rlsldrbc dni ilvlfkpalnt dbt`v`ty tcdt w`ff prkiubl nlw tclrdp`ls n tcl nlxt vlyldrs drl n fdrelr pkpufdt`kn tuakrs subc ds orldst, fune, bkfkrlbtdf, dni flujla`ds dni fyapckads,adny kh wc`bc cdvl dfrldiy cdi d nuaolr kh nlw trldtalnt kpt`kns n tcl fdst vl yldrs. @n tclsl

drlds, akst kh tcl hurtclr ilvlfkpalnt w`ff or`ne tcl pktlnt`df kh lbdby, sdhlty, dni aprkvli iks`nedia`n`strdt`kn. D sadfflr nuaolr kh nlw bdnblr ali`b`nls w`ff tdrelt cdri tk trldt bdnblrs nbfui`neaylfkad, pdnbrldt`b, deerlss`vl kvdr`dn, dni alfdnkads, khtln prkvì`ne i`denkst`bs dni w`tcsuostdnt`df aprkvlalnts n surv`vdf lxplbtli.

Yclrl drl burrlntfy vl trldtalnts hkr aylfkad n fdtl stdel ilvlfkpalnt, slvlrdf w`tc nlwalbcdn`sas kh dbt`kn dni knl prkvì`ne dn krdf kpt`kn dftlrndt`vl tk burrlntfy dvd`fdofl nhus`kntrldtalnt wc`bc cds flss tcdn <7% <-yldr surv`vdf prksplbts hkr akst pdt`lnts.9 Rlvlrdf kh tclnlw trldtalnts bdn ol lxplbtli tk ol dpprkvli qu`bjfy odsli kn pr`kr`ty rlv`lw dni orldjtcrkuecilsèndt`kns hrka rleufdtkrs, nbfui`ne tcl rst krdf prktldskal ncò`tkr (`xdzkaò), d Rèndf`neFyapckbyt`b Dbt`vdt`kn Akflbufl H5 (RFDAH5: lfktuzuado) dni d BI23-tdreltli aknkbfkndf dntòkiy(idrdtuauado).

Yclrl drl 40 àaunktclrdp`ls n ilvlfkpalnt us`ne tcl WI-4 kr WI-F4 tdrelt`ne albcdn`sa dniadny tuakrs ady sckw rlsufts hrka tc`s dpprkdbc tk adrscdff`ne d pdt`lnt‐s kwn aaunl systla ntrldtalnt. Adny kh tclsl trldtalnts w`ff ol diili tk lx`st`ne tdreltli trldtalnts, rd`s`ne tcl prksplbtkh lxtrlalfy lxplns`vl rleàlns hkr skal tuakrs, wc`bc w`ff rlqu`rl d strkne lvìlnbl ods`s tkiltlra`nl dpprkpr`dtl usl oktc bf`n`bdffy dni ndnb`dffy.



Efkodf \sl kh Ali`b`nls n ?7?7. _lpkrt oy tcl @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs. Wdel ?<


Lxcò`t 40= Nkvlf Dbt`vl Ruostdnbls (NDR) hkr Bdnblr oy Albcdn`sa, Ydrelt`ne Yypl dni

Wdt`lnt Wkpufdt`kn


?748-?7?7 Knbkfke`b NDRoy Wdt`lnt Wkpufdt`kn

?748-?7?7 Knbkfke`b NDRoy Yypl kh Ydrelt`ne

?748-?7?7 Knbkfke`b NDRoy Albcdn`sa

Bytktkx`bs

Ckrakndfs _di`kpcdradblut`bdfs

KrpcdnYdreltli

O`kadrjlr Nkn-Krpcdn

Nk O`kadrjlr

04% 22% 22%

Krpcdn i`sldsls

Oy ?7?7, tcl trldtalnt kpt`kns hkr krpcdn i`sldsls- tcksl dlbt`ne hlwlr tcdn ?77,777 pdt`lnts nl`tclr tcl \.R. kr Lurkpl - w`ff ol dt dn dff-tàl cèc. Rkal 957 krpcdn trldtalnts w`ff ol dvd`fdofl,

`nbfui`ne ali`b`nls w`tc auft`pfl usls dni tcksl w`tc oktc krpcdn dni nkn-krpcdn ni`bdt`kns.Kvlr tcl pdst tcrll ilbdils, nblnt`vls hrka \.R. dni Lurkpldn pkf`by adjlrs cdvl lnbkurdeli tclilvlfkpalnt kh tclsl ali`b`nls oy prkvì`ne dii`t`kndf plr`kis kh adrjlt lxbfus`v`ty- typ`bdffy tclplr`ki wcln bkapdn`ls adjl lbknka`b rlturns kn tcl`r nvlstalnts.

Rkal kh tcl akst trdnshkradt`vl krpcdn irues nbfuil nlw trldtalnts hkr Iubclnnl AusbufdrIystrkpcy, d rdrl ilelnlrdt`vl ausbfl i`skrilr pràdr`fy dlbt`ne okys stdrt`ne hrka 2 tk < yldrs kfi,dlbt`ne 4 n 2,<77 wkrfiwìl dni trldtli knfy tcrkuec syaptka adndelalnt w`tc stlrkìs.<

Ycl rst i`sldsl aki`hy`ne tclrdpy trldts dpprkxàdtlfy 42% kh pdt`lnts w`tc d splb`b autdt`kn dniwds dpprkvli n tcl L\ `n ?749. Rlvlrdf akrl trldtalnts drl lxplbtli tk ol dpprkvli dni fdunbcli ntcl L\ dni tcl \.R. w`tc`n tcl nlxt bkupfl kh yldrs.

Yc`s vkfual kh nlw trldtalnts `s d suostdnt`df àprkvlalnt hkr pdt`lnts out st`ff rlprlslnts knfy d sadffhrdbt`kn kh tcl 5,777 rdrl i`sldsls hkr wc`bc tclrl drl fà`tli tk nk trldtalnts.8 Akst rdrl i`sldsls ik

nkt ylt cdvl knek`ne irue ilvlfkpalnt dni w`ff nkt cdvl d trldtalnt dvd`fdofl oy ?7?7 cècfèct`ne dnlli hkr bknt`nuli nblnt`vls tk diirlss rlsldrbc dni trldtalnt edps. Rkal i`sldsls cdvl irdwn akrlrlsldrbc tcdn ktclrs dni w`ff cdvl auft`pfl trldtalnt kpt`kns tdrelt`ne i`lrlnt suo-pkpufdt`kns.





Bkaaun`bdofl i`sldsls

@nbrlds`ne nuaolrs kh pc`fdntcrkpy-fli ilvlfkpalnts w`ff cdvl àprkvli tcl trldtalnt kh nleflbtlitrkp`bdf i`sldsls oy ?7?7. Nlw trldtalnts w`ff `nbfuil vdbb`nls hkr bckflrd dni adfdr`d, ds wlff ds d rdnel khtlbcnkfkey dni skb`ltdf skfut`kns tk ole`n tk diirlss fdst-a`fl ssuls. Krdf vdbb`nls, usl kh ako`fl tlbcnkfkey,dni rkka-tlaplrdturl `nmlbtdofls w`ff ol lxpfkrli `n tcl ckpls tk lvlntudffy trdnshkra bkapflx i`sldsltrldtalnts n Dhr`bd, out w`ff f`jlfy tdjl akrl tàl tk kvlrbkal plrs`stlnt lbknka`b ilvlfkpalnt ssuls.

Bckflrd, tckuec rdrl n ilvlfkpli bkuntr`ls, dlbts a`ff`kns dnnudffy dni j`ffs akrl tcdn ?77,777efkodffy ldbc yldr lsplb`dffy n wdr-tkrn drlds w`tc pkkr cye`lnl bkni`t`kns. Burrlntfy, tclrl drl nlws`nefl iksl vdbb`nl dia`n`strdt`kns dvd`fdofl rdtclr tcdn tcl twk iksl rleàln wc`bc bkufi rliublildtc rdtls sèn`bdntfy n fkw-`nbkal, ilvlfkp`ne rle`kns, dt fldst pdrtfy olbdusl kh tcl cèclr rdtlskh vdbb`ndt`kn tcdt w`ff ol pkssòfl.5

Ycl rst vdbb`nl hkr adfdr`d s lxplbtli tk ed`n L\ dpprkvdf n tcl vlry nldr huturl. Ycl pdrtnlrsc`p kh

EfdxkRa`tcJf`nl (ERJ) dni tcl WDYC Adfdr`d Xdbb`nl @n`t`dt`vl, lstdof`scli tcrkuec d erdnt hrka tclO`ff dni Alf`nid Edtls Hkunidt`kn, unilrsbkrls tcl rkfl kh pdrtnlrsc`ps w`tc nkt-hkr-prkt erkups nilvlfkp`ne dni i`stròut`ne trldtalnts tk unilrslrvli pkpufdt`kns efkodffy. @n dii`t`kn, tclrl `s d nlwakrl llbt`vl trldtalnt n ilvlfkpalnt, tdhlnkqu`nl (Ltdqu`nl), wc`bc wkrjs sà`fdrfy tk tcl hda`f`drqu`n`nl trldtalnts out s lxplbtli tk prlvlnt adfdr`d rlfdpsl w`tc d sckrtlr trldtalnt bkursl. Hlwlrvdbb`ndt`kns dni sckrtlr trldtalnt bkursls drl jly tk kvlrbka`ne skal kh tcl fdst-a`fl bcdfflnels nilf`vlr`ne trldtalnts tk rlaktl drlds dni ady ol jly tk sdv`ne a`ff`kns kh f`vls.

Uc`fl akrtdf`ty rdtls hkr C@X cdvl olln `n ilbf`nl, `t rlad`ns d i`buft i`sldsl tk adndel pdrt`bufdrfy`n fkwlr-`nbkal bkuntr`ls. Burrlnt trldtalnts hkr C@X tdrelt slvlrdf stlps `n tcl v`rdf f`hlbybfl out v`rdfrls`stdnbl `s st`ff d bknblrn. Yclrl drl htlln nlw C@X trldtalnts `n fdtl stdel bf`n`bdf tr`dfs adny kh wc`bc

bdn ol lxplbtli tk ol dvd`fdofl `n ?7?7 `nbfui`ne d nlw ali`b`nl w`tc dn HID orldjtcrkuec ilsèndt`kn,(òdf`zuado) wc`bc tdrelts d albcdn`sa w`tc rliubli pktlnt`df hkr v`rdf rls`stdnbl, dni cds d flss hrlqulntiks`ne sbcliufl wc`bc ady àprkvl diclrlnbl. @n dii`t`kn tk nlw C@X trldtalnts, wìlr usl kh lx`st`netrldtalnts hkr prl-lxpksurl prkpcyfdx`s (WrLW), dni rlbkaalnidt`kns tk ole`n trldtalnt ldrf`lr, olhkrlpdt`lnts lxprlss dny syaptkas drl jly bkapknlnts kh \ND@IR pfdn tk lni tcl D@IR lpìla`b oy ?727. 3

Bf`n`bdf trdnshkradt`kns

Clpdt`t`s B cds slln slvlrdf hunidalntdffy trdnshkradt`vl nlw trldtalnts fdunbcli n tcl pdst twkyldrs, or`ne`ne cècfy llbt`vl trldtalnts w`tc hlw sìl llbts, bknvln`lnt krdf iks`ne dni d sckrt3-4? wllj trldtalnt hkr akst pdt`lnts. U`tc upwdris kh 07% kh pdt`lnts rlspkni`ne tk trldtalnt,

tclsl ali`b`nls lsslnt`dffy klr d burl hkr clpdt`t`s B, dni `t s nktdofl tcdt burls hkr dny i`sldsl drllxblli`nefy rdrl. Ycl ntrkiubt`kn kh orldjtcrkuec trldtalnts hkr clpdt`t`s B, ole`nn`ne n ?744 w`tcd admkr upt`bj n ?749, w`ff ole`n tk irdadt`bdffy fkwlr tcl s`zl kh tcl nhlbtli pkpufdt`kn efkodffy(Lxcò`t ?7). Uc`fl ilvlfkpli adrjlts cdvl knfy <-47 a`ff`kn kh tcl lstàdtli 427-457 a`ff`kn nhlbtli,tcly w`ff trldt d aubc cèclr prkpkrt`kn skknlr dni ole`n tk sll ià`n`sc`ne pdt`lnt trldtalnt vkfualsw`tc`n tcl nlxt ilbdil.0,47 Uc`fl dbburdtl aldsurlalnts kh tcl nhlbtli pkpufdt`kn drl i`buft, dnitclrl drl vlry hlw rlf`dofl wdys kh iltlra`n`ne ckw adny kh tcl `nhlbtli cdvl slvlrl i`sldsl, t slxplbtli tcdt akst kh tcl trldtalnt w`ff cdvl hkbusli kn slvlrl pdt`lnts dni ds tcdt erkup s rliubli,





flss slvlrl pdt`lnts ady ol trldtli. Wrktkbkfs tcdt sueelst ilhlrr`ne trldtalnt unt`f tcl i`sldsl sslvlrl drl, dt fldst pdrtfy odsli kn tcl ìld tcdt lvlry trldtalnt bdrr`ls skal r`sjs out dfsk stla hrkabknblrns dokut tcl flvlf kh bksts tcdt subc trldtalnt flvlfs bkufi elnlrdtl.

Ycl do`f`ty kh cldftc systlas tk huni ni dni trldt tcl a`ff`kns kh clpdt`t`s B nhlbtli pkpufdt`kn kutsìltcl ilvlfkpli bkuntr`ls prlslnts d bcdfflnel hkr cldftc systlas unsu`tli tk suppkrt fdrel sbdfl pràdry bdrlsbrlln`ne dni/kr i`denkst`bs. A`ff`kns kh plkpfl drl lstàdtli tk cdvl rlbl`vli tcl olnlt kh d hunbt`kndfburl hkr clpdt`t`s B oy ?7?7, dftckuec tcl huff lxtlnt ilplnis kn tcl huni`ne dni dbblss bcdfflnels ol`nediirlssli. Ycdt s d rladrjdofl dbc`lvlalnt hkr d i`sldsl tcdt cds olln ntrdbtdofl hkr ilbdils. D suostdnt`dfilnt w`ff cdvl olln put n lalre`ne adrjlt nhlbtli pkpufdt`kns v`d f`blns`ne drrdnelalnts tk lndoflelnlr`b prkiublrs tk adjl nlw ali`b`nls dt fkwlr bksts.0 Oy ?7?7, cldftcbdrl pdylrs efkodffy w`ff cdvl splnt`n lxblss kh dn lstàdtli $?77 o`ff`kn kn clpdt`t`s trldtalnts. Ycl plrbl`vli bkst ouriln kh trldt`ne a`ff`knskh pdt`lnts w`ff, ckwlvlr, f`jlfy idapln tcl lntcus`dsa hkr fdrel-sbdfl i`denks`s n`t`dt`vls, dni tclrlhkrlknfy tcl akst slvlrl pdt`lnts w`ff ol trldtli n lalre`ne adrjlts hkr tcl hkrlslldofl huturl.

@aaunkfkey hkr d vdr`lty kh i`sldsls nbfui`ne dutkàaunl i`sldsls, rlsp`rdtkry, dni lvln bckflstlrkfw`ff or`ne nlw kpt`kns hkr tcl cèc-r`sj erkups kh pdt`lnts nkt slrvli oy lx`st`ne tclrdp`ls. Yclsltrldtalnts w`ff ol d bkao`ndt`kn kh albcdn`sas kh aaunl dbt`vdt`kn kr supprlss`kn subc dsWI-4,WI-F4, BYFD-947, ds wlff ds splb`b o`kadrjlrs tcdt drl lxplbtli tk ni`bdtl kr ilnt`hy rlspkni`nepdt`lnts.44 @n skal bdsls, tclsl nlw trldtalnts w`ff or`ne d o`kfke`b, cècfy llbt`vl trldtalnt tk d i`sldslwc`bc cds cdi dn lstdof`scli stdnidri kh bdrl suppkrtli oy sadff akflbufl irues, tcdt drl khtln elnlr`bdni aubc fkwlr bkst. Yclsl nlw trldtalnts w`ff rldbc vlry ndrrkw pkpufdt`kns ds pdylrs dni prkvìlrswrlstfl w`tc tcl olnlts tcly or`ne bkapdrli tk tcl`r vdful w`tc`n bknstrd`nli cldftcbdrl ouielts.

Lxcò`t ?7= Efkodf Lstàdtli Yrldtli Wdt`lnts dni Rplni`ne kn X`rdf Clpdt`t`s tcrkuec ?7?7:

Lstàdtli 437 A`ff`kn @nhlbtli


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Ilvlfkpli adrjlts w`ff ole`n tklxcdust wdrlckusli pdt`lnts dni ole`ntrldt`ne flss slvlrlfy dlbtli pdt`lnts

olhkrl ?7?7

Wcdralre`ne adrjlts w`ff cdvl trldtlihlwlr tcdn knl-fflhtc kh tcl`r `nhlbtli

pkpufdt`kns oy ?7?7

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$27On

Rcdrl kh Rplni`ne knClpdt`t`s B

`n ?7?7: \R$

Ilvlfkpli Wcdralre`ne





Yrldtalnts hkr rcluadtkì drtcr`t`s, dfrldiy slrvli vlry wlff w`tc d slr`ls kh tuakr nlbrks`s hdbtkr (YNH) irues,w`ff sll akrl trldtalnts `nbfui`ne tcksl w`tc albcdn`sas sà`fdr tk adrjltli irues subc ds @F-8_ dni sadffakflbufl trldtalnts tdrelt`ne tcl MDJ4 dni MDJ? rlblptkrs wc`bc ady ol krdf trldtalnts, rliub`ne tcl nlli

hkr `nmlbt`kns. @n dii`t`kn tk nlw trldtalnts, oy ?7?7 wl bdn lxplbt tk sll auft`pfl o`kfke`bs hkr dutkàaunli`sldsls hdbl o`ksà`fdr bkaplt`t`kn `n akst ilvlfkpli adrjlts `nbfui`ne `n`xàdo dni didfàuado.

Oy ?7?7, d nuaolr kh i`sldsls w`ff cdvl nlw o`kfke`b trldtalnt kpt`kns dvd`fdofl dbrkss ilvlfkpliadrjlts nbfui`ne slvlrl dstcad, bcrkn`b lbzlad, dtkp`b ilradt`t`s, dni hda`f`df kr rls`stdntcyplrbckflstlrkfla`d. Ycl c`stkr`b prlslnbl kh trldtalnts hkr tclsl i`sldsls aldns pdylrs w`ff cdvl tkadjl ilb`s`kns dokut pdt`lnt dbblss tk tclsl nlw ali`b`nls: tclsl w`ff ol skal kh tcl akst cèc prkfli`sbuss`kns kh tcl vdful kh nnkvdt`vl ali`b`nls n tcl nlxt vl yldrs.

@n skal bdsls, tcl bkao`ndt`kn kh auft`pfl aaunktclrdp`ls w`tc ktclr tdreltli bdnblr delnts dnid o`kadrjlr bdn irdadt`bdffy nbrldsl tcl trldtalnt bkst hkr d s`nefl pdt`lnt wc`fl dt tcl sdal tàl

rliub`ne tcl wdstl dsskb`dtli w`tc hd`fli trldtalnts hkr pdt`lnts wck ik nkt rlspkni tk trldtalnt. Yclr`s`ne usl kh o`kadrjlrs dni lvìlnbl-odsli slealntdt`kn kh pdt`lnts, ds pdrt kh tcl lalre`ne lrd khprlb`s`kn ali`b`nl, w`ff ol jly tk kptà`zl tcl slflbt`kn kh pdt`lnts wck w`ff olnlt akst hrka tclslnlw ali`b`nls wc`fl odfdnb`ne pkpufdt`kn-flvlf pr`kr`t`ls dokut cldftcbdrl bksts. U`tckut prlb`sl pdt`lnttdrelt`ne, ouielt bknsìlrdt`kns bkufi fà`t dbblss tk tclsl nlw ali`b`nls tk d vlry hlw pdt`lnts.

Blff dni Elnl tclrdp`ls drl tckuect tk klr skal kh tcl akst pkwlrhuf trldtalnts hkr vlry cdri tktrldt i`sldsls dni hkr vlry sadff erkups kh pdt`lnts. Yclsl hdbtkrs tlni tk rlsuft n hdstlr bf`n`bdf tr`dfsdni hdstlr dpprkvdf sk oy ?7?7 tclrl w`ff ol ikzlns kh tclsl tclrdp`ls dvd`fdofl. Blff tclrdp`ls drltrldtalnts wclrl blffs drl nmlbtli kr elnlt`b adtlr`df s ntrkiubli tk lnbkurdel d o`kfke`b rlspknsl.Akst blff tclrdp`ls drl l`tclr ilnir`t`b blffs (wc`bc lnbkurdel dn aaunl rlspknsl) kr BD_ Y-blffs

(wc`bc tr`bj tcl aaunl systla tk cunt ikwn bdnblr blffs) dni tclsl dpprkdbcls cdvl i`sldsl tdreltsvdry`ne hrka bdnblr, tk C@X dni dutkàaunl i`sldsl. @n dii`t`kn tk splb`bdffy lne`nllrli blffs, drdnel kh trldtalnts drl n ilvlfkpalnt tcdt drl odsli drkuni stla blffs. Yclrl drl dfrldiy slvlrdftrldtalnts w`tc tclsl albcdn`sas dvd`fdofl dni akrl drl lxplbtli oy ?7?7.

Akst elnl tclrdpy rlsldrbc `s hkbusli kn trèelr`ne kr supprlss`ne blff prkblssls tcdt rlsuft `ni`sldsl. Elnl tclrdp`ls `ntrkiubl elnlt`b adtlr`df `ntk d pdt`lnt l`tclr i`rlbtfy kr us`ne d v`rus tk `nslrt `t`ntk blffs. Hkr rdrlr elnlt`b i`skrilrs, tcl splb`b trldtalnt ady uftàdtlfy ol lne`nllrli hkr ds`nefl pdt`lnt. Yclrl `s knfy knl elnl tclrdpy burrlntfy dpprkvli, df`pkelnl t`pdrvkvlb (Efyolrd), out<-47 drl lxplbtli tk ol dpprkvli dni dvd`fdofl oy ?7?7 dni ikzlns akrl drl `n fdtl stdel rlsldrbc.4? Ldrfyelnl tclrdp`ls drl lxplbtli tk trldt i`sldsls rdne`ne hrka d rdrl of`ninlss bkni`t`kn (Flolr‐s Bkneln`tdf

Dadurks`s) tk s`bjfl-blff dnla`d, oltd tcdfdssla`d, d rdnel kh rdrl bdnblrs, dni elnlt`b i`sldsls.

Yclrl ady ol lxtrlalfy cèc pr`bls hkr skal kh tclsl ali`b`nls, `n pdrt odsli kn tcl fà`tli nuaolrs khpdt`lnts, dni skal lxplbt slvlrdf kh tclsl trldtalnts tk ol akrl tcdn $4 a`ff`kn plr pdt`lnt.Lx`st`ne albcdn`sas tk dsslss dni rlàoursl irue tclrdp`ls w`ff ol fdrelfy undofl tk adndel bksts kh tc`sndturl dni nlw dpprkdbcls w`ff ol nllili, f`jlfy spurrli oy tcl `nbrlds`ne nuaolrs kh ali`b`nls dnipdt`lnts `nvkfvli. Ds w`tc dny p`knllr`ne lkrt, f`ttfl `s jnkwn dokut ckw tkflrdofl tcly w`ffol dni d nuaolr kh hd`fli dttlapts drl lxplbtli dfknesìl tcl hlw subblssls. Akst kh tcl rlsldrbc `n tclslaltckis tdrelt bdnblrs dni dutkàaunl i`sldsls out tclrl drl àpkrtdnt bfustlrs `n bdri`kvdsbufdr i`sldsl,





nlrvkus systla i`skrilrs dni C@X. Ycl f`jlf`ckki kh wìlsprldi usl kh tclsl tclrdp`ls oy ?7?7 `s vlry fkw,out tcl trdnshkradt`vl ndturl kh tclsl trldtalnts w`ff usclr `n d nlw lrd kh prlb`s`kn dni plrskndf`zlicldftcbdrl wclrl trldtalnts nkt àde`nli pkssòfl w`ff olbkal akrl ad`nstrlda.

Ylbcnkfkey-lndofli trdnshkradt`kns

Ylbcnkfkey s plraldt`ne dff dsplbts kh f`hl efkodffy w`tc ako`fl pcknls akrl bkaakn n rlaktl @ni`dnv`ffdels tcdn bkaputlrs kr fdnif`nls dni tcl prlvdflnbl kh lflbtrkn`b ali`bdf rlbkris nkw rldbc dfakstlvlry ilvlfkpli ndt`kn dni adny lalre`ne knls. Radrtpcknls, ako`fl dpps, wldrdofl tlbcnkfkey,dni tcl akiufdr`ty w`tc wc`bc tclsl tlbcnkfke`ls bdn ol usli tkeltclr cdvl rldbcli subc br`t`bdf adsstcdt nnkvdt`kns drl cdppln`ne akrl qu`bjfy, bcldpfy, dni w`tc erldtlr splb`b`ty tk ni`vìudf a`brk-pkpufdt`kns. Aubc kh tcl ako`fl cldftc dvd`fdofl tkidy s n ts `nhdnby, dni tcl a`n`ne kh cldftcbdrloè idtd hkr olttlr ilb`s`kn adj`ne s st`ff akrl prka`sl tcdn rldf`ty, out oy ?7?7 admkr bcdnels w`ffcdvl kbburrli. _lsldrbclrs dni pdylrs w`ff cdvl suostdnt`df dni lxpknlnt`dffy erkw`ne vkfuals kh idtd

prkv`ne lvìlnbl suppkrt`ne tcl olnlts kh splb`b dpprkdbcls, ntlrvlnt`kns, dni irues ds wlff dsrlnli dpprkdbcls hkr us`ne tlbcnkfkey tk ilvlfkp nsècts hdstlr dni dt fkwlr bkst. Yclrl w`ff ol fdrelbknslnsus oy ?7?7 kn `ssuls nbfui`ne=

• Diclrlnbl n`t`dt`vls w`ff cdvl olln put ntk pfdbl ds d rlsuft kh suostdnt`df lvìlnbl drkuni wcdtwkrjs tk adndel dni àprkvl diclrlnbl lnbkapdss`ne tlbcnkfkey, bkkri`ndt`kn kh bdrl dni pdylr/prkvìlr nblnt`vls hkr aprkvli plrhkradnbl dni kutbkals.

• Uldrdofl ilv`bls w`ff ol wìlfy usli hkr akn`tkr`ne dbt`v`ty, v`tdf sèns, dni llbt`vlnlss khrlbkaalnili trldtalnt tk dbtudf pdt`lnt lxplr`lnbl. Cèc qudf`ty bf`n`bdf erdil ilv`bls w`ff olbkaaknpfdbl hkr cèc-r`sj pdt`lnts dni w`ff ou`fi upkn tcl uo`qu`ty kh ako`fl ilv`bls dni bknnlbt

cldftc idtd oltwlln pdt`lnts dni prkvìlrs rdpìfy iur`ne br`t`bdf i`denks`s dni drkuni cldftc lvlnts.• Oè idtd w`ff cdvl ir`vln d orkdi odsli nkradf`zdt`kn kh bdrl dbrkss d wìl vdr`lty kh i`sldsls,

`nhkrali oy pkpufdt`kn cldftc bknblpts, dni aldsurdofl tcdnjs tk wìlfy dikptli lflbtrkn`b ali`bdfrlbkris n akst ilvlfkpli dni skal pcdralre`ne adrjlts.

• I`doltls pdt`lnts hrka i`denks`s w`ff ol suppkrtli oy d rdnel kh tlbcnkfkey skfut`kns rlfdtli tki`lt, lxlrb`sl, ofkki suedr tlst`ne, dni irue diclrlnbl. D bknt`nu`ne strlda kh nlw ali`b`nls w`ff`nbrldsl tcl kpt`kns hkr ikbtkrs dni pdt`lnts out dfsk brldtl d bknhus`ne drrdy kh tclrdp`ls tk ndvèdtldni cècfèct`ne tcl nlli hkr sb`lnt`b lvìlnbl tk suppkrt usdel.

• Olcdv`kr aki`bdt`kn, ds d elnlrdf bknblpt, dbbkunts hkr tcl admkr`ty kh pktlnt`df apdbt kn pdt`lnt

kutbkals w`tc skal i`sldsls dni akrl llbt`vl olcdv`kr bcdnels (l.e. i`lt dni lxlrb`sl) ady ololttlr lndofli w`tc wldrdofls dni ako`fl cldftc skfut`kns.

@n ?7?7, lvlry pdt`lnt w`tc auft`pfl bcrkn`b bkni`t`kns w`ff ol dofl tk usl wldrdofls, ako`fl dpps dniktclr tlbcnkfke`ls tk adndel tcl`r cldftc, ntlrdbt w`tc prkvìlrs, dni bknnlbt w`tc hlffkw pdt`lnts dnihda`fy alaolrs. Adxà`z`ne tcl olnlt kh tclsl tkkfs w`ff st`ff ilplni kn lvkfv`ne prkkh kh bknblpttlbcnkfke`ls tk lvìlnbl odsli dni sbdfdofl skfut`kns. Oy ?7?7, ikzlns kh bf`n`bdf tr`dfs w`ff prkvliln`t`vlfy wc`bc dpprkdbcls drl llbt`vl dni lndofl tcl hunidalntdf sc`hts n tcl usl kh tlbcnkfkeytk oktc divdnbl cldftcbdrl kutbkals dni lndofl olttlr kutbkals dt fkwlr bksts.




@apf`bdt`knsLvkfut`kndry bcdnels rlhrdal stdjlckfilrs dpprkdbc tkali`b`nl usl dni w`ff uftàdtlfy iltlra`nl ckw aubc kh tclprka`sl kh nnkvdt`vl cldftcbdrl rldbcls pdt`lnts drkunitcl wkrfi `n ?7?7 dni olykniYclrl w`ff ol slvlrdf apkrtdnt dni lvkfut`kndry bcdnels oy ?7?7 tcdt w`ff rlhrdal stdjlckfilrsdpprkdbc tk ali`b`nl usl. Ycl `ntlrbknnlbtli ndturl kh ilb`s`kns n cldftcbdrl w`ff nlv`tdofy flditk tlns`kns, dni rlskfv`ne tcksl bkn`bts, w`ff uftàdtlfy iltlra`nl ckw aubc kh tcl prka`sl khcldftcbdrl rldbcls pdt`lnts drkuni tcl wkrfi n ?7?7 dni olykni.

Hunidalntdf bcdnel dbrkss stdjlckfilrs

Ycl bkao`ndt`kn kh ilakerdpc`b prlssurls - pkpufdt`kn erkwtc, de`ne pkpufdt`kns - dni rlfdt`vlfy sfkwkr sfkw`ne lbknka`b erkwtc w`ff cdvl ou`ft suostdnt`df prlssurl hkr akst bkuntr`ls tk ilvlfkp nlw huni`neakilfs hkr cldftcbdrl oy ?7?7. Ali`b`nls `n ?7?7 w`ff `nbfuil d vdst drrdy kh trldtalnts rdne`ne hrkatcksl tcdt prkvìl syaptka rlf`lh dvd`fdofl w`tckut d prlsbr`pt`kn tk f`hlsdv`ne elnlt`bdffy plrskndf`zlitclrdp`ls un`qul tk d s`nefl pdt`lnt. Ycl rkfl kh ali`b`nls `n efkodf cldftcbdrl w`ff cdvl lvkfvli tk knlwc`bc khtln rlpfdbls akrl bkapflx `ntlrvlnt`kns dni `n adny bdsls w`ff ol dbbkapdn`li oy d skb`ltdflxplbtdt`kn tcdt ali`b`nls bdn dbc`lvl trlalnikus rlsufts, dni tcdt wcdtlvlr tcl `nnkvdt`kn, `t sckufi oldkridofl dni dbblssòfl tk tcksl wck nlli `t. Yc`s bknslnsus `s bfldrfy prlslnt `n tcl i`sbuss`kns kh dbblsstk trldtalnts hkr C@X, clpdt`t`s B, dni adny ktclr ali`b`nls, dni `s `nbfuili `n tcl pkf`b`ls kr ìlkfke`ls khoktc ilvlfkpli dni ilvlfkp`ne wkrfi bkuntr`ls. Uc`fl tcl \.R. cds fkne ika`ndtli tcl wkrfi‐s splni`ne knali`b`nls, tcl nlxt vl yldrs w`ff f`jlfy sll jly pcdralre`ne adrjlts, pdrt`bufdrfy @ni`d dni Bc`nd pdss tcl\.R. `n us`ne tcl cèclst vkfuals kh ali`b`nls, fdrelfy ir`vln oy tcl`r pkpufdt`kns, dni ylt ilaknstrdt`netcdt tcly bknt`nul tk cdvl fà`tli dbblss plr bdp`td tk tcl akst trdnshkradt`vl `nnkvdt`vl ali`b`nls.

Ycl nuaolr kh bf`n`bdffy ils`rdofl dni bkstfy orldjtcrkuec irues, bkao`nli w`tc tcl fdrelr vkfual-ir`vln bksts kh lx`st`ne fkwlr-bkst trldtalnt kpt`kns w`ff strd`n lvln tcl akst wlff adndeli ouielts.Ycl lxplbtli erkwtc kh ali`b`nl usdel àpf`ls oy `ts vlry ndturl tcdt cldftcbdrl ilf`vlry bdpdb`ty w`ff

nlli tk lxpdni kr bcdnel sèn`bdntfy. Ycl wìlr usl kh nlwlr tlbcnkfke`ls `s f`jlfy tk lndofl systlalxpdns`kn w`tckut f`nldr bkst erkwtc, out i`buft ilb`s`kns tcdt odfdnbl kvlrdff pkpufdt`kn olnlt dni`ni`vìudf pdt`lnt nlli w`ff rlad`n bcdfflne`ne `ssuls hkr stdjlckfilrs tk rlskfvl.

Cldftc systlas efkodffy w`ff fdrelfy ol kn skunilr hkkt`ne `n ?7?7 tcdn tkidy, w`tc orkdilr pkpufdt`kndbblss, olttlr lvìlnbl ods`s hkr tcl trldtalnt prktkbkfs, d hdstlr bybfl `n dikpt`ne olttlr prktkbkfs`nhkrali oy fdrelr vkfuals kh rldf wkrfi idtd, dni d akrl un`hkra slt kh pkf`b`ls tk dpprkpr`dtlfy dikpt`nnkvdt`kn. Jly tk tc`s slt kh àprkvlalnts dni dn knek`ne lvkfut`kn kh olttlr cldftc dni cldftcbdrl w`ff old sustd`ndofl slt kh rlwdris hkr `nnkvdt`kn, `nbfui`ne trdnspdrlnt pr`bl nlekt`dt`kn systlas, dni tcl wìlrdikpt`kn kh `ntlfflbtudf prkplrty prktlbt`kn hkr `nnkvdt`kn.



@AWF@BDY@KNR


@apf`bdt`kns hkr splb`b lflalnts kh cldftcbdrl systlas nbfuil=

Wdylrs=

• Wdylrs ouielts `n ?7?7 w`ff ol akrl bcdfflneli tcdn tkidy dni nlw albcdn`sas - kr erldtlr usl khlx`st`ne albcdn`sas ‒ tk lvdfudtl cldftc tlbcnkfke`ls, slt pr`kr`t`ls dni dffkbdtl ouielts w`ff ol npfdbl.

• Wdylrs w`ff cdvl rliubli tcl`r prdbt`bl kh `skfdt`ne irue ouielts hrka ktclr dni rlfdtli cldftcbdrlbksts iul tk tcl erkw`ne rldf`zdt`kn ‒ dni dvd`fdo`f`ty kh idtd - tcdt cldftcbdrl ouielts drl olstadndeli ckf`st`bdffy.

• @n lalre`ne adrjlts, tcl rlbken`t`kn kh tcl àpkrtdnbl kh cldftcbdrl tk lbknka`b ilvlfkpalnt w`ffsll r`s`ne dffkbdt`kn kh ouielts tk cldftcbdrl splni`ne, nbfui`ne ali`b`nls n f`nl w`tc tcl Ukrfi\n`tli Ndt`kns Rustd`ndofl Ilvlfkpalnt Ekdfs.

Wrkvìlrs=

• Wrkvìlrs w`ff ol us`ne akrl ilb`s`kn-suppkrt tkkfs dt pk`nt-kh-bdrl tk kptà`zl pdt`lnt trldtalnt,ut`f`zl nhkradt`kn tlbcnkfkey dni nbrldsl suppkrt iul tk tcl prkf`hlrdt`kn kh trldtalnt kpt`knslsplb`dffy n bdnblr.

• Akrl prkvìlrs n d erldtlr pkrt`kn kh tcl wkrfi w ff ol suomlbt tk plrhkradnbl kr kutbkals-odsli bkntrdbts kr pdyalnt systlas, or`ne`ne scdrplr sbrut`ny tk tcl pdt`lnt kutbkals dni bkstsdsskb`dtli w`tc pdt`lnt bdrl.

• Hkffkw`ne slflbt`vl usl kh cèc-bkst ali`b`nls ‒ unilr tcl eu`sl kh ‖prlb`s`kn ali`b`nl‑ w`ff kbbur ds dbknslqulnbl kh bkst prlssurl, erldtlr dvd`fdo`f`ty kh o`kadrjlr nhkradt`kn, dni prli`bt`vl dndfyt`bs.

• Dn `nbrlds`ne dakunt kh cldftcbdrl w`ff ol ilf`vlrli oy tlbcnkfkey-lndofli aldns, `nbfui`netlflalilb`nl, aCldftc dppf`bdt`kns, n-stkrl bf`n`bs dni bkaaun`ty-odsli cldftcbdrl hdb`f`t`ls `nfkw- dni aìifl-`nbkal bkuntr`ls.

Wdt`lnts=

• Wdt`lnts w`ff ol akrl dbt`vlfy lnedeli `n tcl`r kwn cldftcbdrl iul tk tcl dvd`fdo`f`ty kh fkw bksttlbcnkfke`ls nbfui`ne wldrdofls dni slnskrs bknnlbtli tk ako`fl cldftc dpps, prkvì`ne rldftàl nhkradt`kn tk tcl pdt`lnt tcdt w`ff prkaktl wlffnlss, i`sldsl prlvlnt`kn dni akrl llbt`vltrldtalnt wcln rlqu`rli.

• Wdt`lnts w`ff cdvl erldtlr dbblss tk cldftcbdrl systlas dni ali`b`nls `n ?7?7, `nbfui`ne akrl

trldtalnt kpt`kns hkr i`sldsl drlds subc ds bdnblr dni rdrl i`sldsls.

• @n ilvlfkpli lbknka`ls, pdt`lnts w`ff f`jlfy oldr d erldtlr scdrl kh tcl`r ali`b`nl bksts ds pr`vdtldni puof`b pfdns strueefl w`tc ouieltdry bknstrd`nts dni sc`ht erldtlr dakunts kh r`sj tk tcl pdt`lnti`rlbtfy.

• @n fkw- dni aìifl-`nbkal lbknka`ls, tcl akvlalnt tkwdri un`vlrsdf cldftc bkvlrdel w`ff rlsuft `nerldtlr dbblss tk irues tcrkuec skal hkra kh pr`vdtl nsurdnbl pfdn rdtclr tcdn rlqu`r`ne pdt`lnts tkpdy kut-kh-pkbjlt.




@AWF@BDY@KNR

Hkr adnuhdbturlrs kh ali`b`nls, tclsl bcdfflnels rlprlslnt bkapflx ssuls hkr tcl`r bustkalr‐sous`nlssls, out dfsk c`ecf`ects tcdt tcl`r bknt`nuli subblss n d sustd`ndofl ous`nlss akilf s knl tcdt`s ntr`ns`b tk tcl kvlrdff cldftcbdrl akilf dni stdjlckfilrs nllis. Ycl bcdfflnels dcldi drl bfldrfy

nkt nsurakuntdofl, out tcly w`ff rlqu`rl bkffdokrdt`kn dni bkkplrdt`kn dbrkss slbtkrs n wdys wc`bccdvl khtln olln n sckrt suppfy c`stkr`bdffy. Rkal bkapdn`ls drl olttlr pfdbli tcdn ktclrs tk dbc`lvltclsl lvkfut`kns, dni tcly w`ff ol tcl knls wck dbc`lvl ilaknstrdofy olttlr kutbkals rlfdt`vl tk tcl`nvlstalnts tcly adjl n cldftcbdrl n ?7?7 dni olykni.




Nktls kn skurblsYc`s rlpkrt s odsli kn tcl @AR Cldftc slrv`bls iltd`fli n tcl pdnlf olfkw.

@AR Adrjlt Wrkenks`sℯ s d bkaprlclns`vl, strdtle`b adrjlt hkrlbdst`ne puof`bdt`kn tcdt prkvìls`nsèct tk ilb`s`kn adjlrs dokut tcl lbknka`b dni pkf`t`bdf ssuls tcdt bdn dlbt splni`ne kncldftcbdrl efkodffy. @t usls lbknkaltr`b akilf`ne hrka tcl Lbknka`st @ntlffèlnbl \n`t tk ilf`vlr`n-ilptc dndfys`s dt d efkodf, rle`kndf dni bkuntry flvlf dokut tclrdpy bfdss iynda`bs, i`stròut`knbcdnnlf bcdnels dni ordni vs. elnlr`b prkiubt splni`ne.

@AR A@IDRℯ s d un`qul idtd pfdthkra hkr dsslss`ne wkrfiwìl cldftcbdrl adrjlts. @t ntlerdtls@AR ndt`kndf dui`ts ntk d efkodffy bkns`stlnt v`lw kh tcl pcdradblut`bdf adrjlt, trdbj`ne v`rtudffylvlry prkiubt n cunirlis kh tclrdplut`b bfdssls dni prkvì`ne lstàdtli prkiubt vkfuals, trlnis dniadrjlt scdrl tcrkuec rltd`f dni nkn-rltd`f bcdnnlfs. A@IDR idtd s upidtli akntcfy dni rltd`ns

4? yldrs kh c`stkry.@AR F`hlBybflℯ Nlw Wrkiubt Hkbusℯ s d bkaprlclns`vl wkrfiwìl trdbj`ne slrv`bl kh c`stkr`bdfprkiubt fdunbcls s`nbl 403?. @t nbfuils nhkradt`kn dokut prkiubt fdunbcls n ldbc bkuntry, nbfui`netcl ni`bdt`kn dni pr`bl dt tcl tàl kh tcl n`t`df fdunbc, dni bkvlrs akrl tcdn 277,777 fdunbcls.

@AR F`hlBybflℯ _&I Hkbusℯ s d efkodf idtdodsl hkr lvdfudt`ne tcl adrjlt hkr ali`b`nls, bkvlr`neakrl tcdn 24,777 irues n _&I dni kvlr 3,077 irues n dbt`vl ilvlfkpalnt wkrfiwìl. @t nbfuils`nhkradt`kn dokut tcl bkaalrb`df, sb`lnt`b dni bf`n`bdf hldturls kh tcl prkiubts, dndfyst prli`bt`kns khhuturl plrhkradnbl, dni rlhlrlnbl nhkradt`kn kn tcl`r rleufdtkry stdel efkodffy.

@AR WcdradTulryℯ s dn knf`nl rlsldrbc tkkf ilsènli tk unrdvlf tcl bkapflx`t`ls kh pr`b`ne dni

rlàourslalnt n 24 jly wkrfi adrjlts. @t prkvìls iltd`fli nhkradt`kn kn tcl rufls dni rleufdt`kns,tclkr`ls dni prdbt`bls, trlnis dni ilvlfkpalnts, n pr`b`ne dni rlàourslalnt n oktc ilvlfkpli dnilalre`ne adrjlts.

@AR Yclrdpy Wrkenks`sℯ @nbfuils sdfls hkrlbdsts hkr admkr tclrdpy drlds n 49 jly adrjlts,3 ilvlfkpli (\.R., Mdpdn, Elradny, Hrdnbl, @tdfy, Rpd`n, \.J., Bdndid dni Rkutc Jkrld) dni8 pcdralre`ne (Bc`nd, Ordz`f, _uss`d, @ni`d, Yurjly dni Alx`bk) dni nbfuils ntlrdbt`vl akilf`ne dnilvlnt-odsli hkrlbdsts dni bkaprlclns`vl adrjlt suaadry.




Dpplni`bls

Dpplni`x 4 - Efkodf Bkuntry _dnj`nes

Lxcò`t ?747 @nilx

4 \.R. 477

? Mdpdn ??

2 Bc`nd 40

9 Elradny 44

< Hrdnbl 47

8 @tdfy 5

5 \.J. 8

3 Rpd`n 8

0 Bdndid 8

47 Ordz`f <

44 Rkutc Jkrld 9

4? Dustrdf`d 2

42 @ni`d 2

49 Alx`bk 2

4< Xlnlzulfd 2

48 _uss`d ?

45 Wkfdni ?

43 Yurjly ?

40 Rw`tzlrfdni ?

?7 Nltclrfdnis ?

Lxcò`t ?74< @nilx

4 \.R. 477

? Bc`nd ?5

2 Mdpdn 43

9 Elradny 47

< Hrdnbl 3

8 \.J. 5

5 Ordz`f 8

3 @tdfy 8

0 Bdndid <

47 Rpd`n 9

44 Xlnlzulfd 9

4? @ni`d 9

42 _uss`d 2

49 Rkutc Jkrld 2

4< Dustrdf`d 2

48 Alx`bk ?

45 Drelnt`nd ?

43 Yurjly ?

40 Wkfdni ?

?7 Rdui` Drdo`d 4

Lxcò`t ?7?7 @nilx

4 \.R. 477

? Bc`nd 27

2 Mdpdn 49

9 Elradny 0

< Ordz`f 3

8 \.J. 8

5 @tdfy <

3 Hrdnbl <

0 @ni`d <

47 Bdndid 9

44 Rpd`n 9

4? _uss`d 2

42 Rkutc Jkrld 2

49 Alx`bk ?

4< Yurjly ?

48 Dustrdf`d ?

45 Xlnlzulfd ?

43 Rdui` Drdo`d ?

40 Wkfdni ?

?7 Drelnt`nd 4

Rkurbl= @AR Adrjlt Wrkenks`s, Kbtkolr ?74< Bcdnel `n rdnj`ne kvlr pr`kr hvl yldrs

Dpplni`x nktls=

_dnj`nes odsli kn Bknstdnt \R$. Drelnt`nd dni Xlnlzulfd odsli kn \R$ w`tc vdr`dofl lxbcdnel rdtls iul tk cyplr`ndt`kn. @nilx rllbts

bkapdr`skn tk tcl \.R. kh splni`ne `n Bknstdnt \R$.

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4

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9 2



DWWLNI@BLR

Efkodf \sl kh Ali`b`nls n ?7?7. _lpkrt oy tcl @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs. Wdel 2<

Dpplni`x ? - _le`kn dni Fldi`ne Bkuntry Rplni`ne

\R$ o`ff`kns ?74< ?747-?74< BDE_ ?7?7 ?748-?7?7 BDE_Efkodf 4,783.3 8.?% 4,977-4,927 9-5%

Ilvlfkpli 839.2 9.3% 357-077 2-8%

\.R. 927.7 8.4% <87-<07 <-3%

L\< 499.7 ?.0% 457-?77 4-9%

Elradny 94.? 2.3% <?-8? ?-<%

Hrdnbl ?<.4 2.4% 27-97 ?-<%

@tdfy 24.2 7.4% 27-23 (-2) - 7%

\.J. ?5.5 8.0% ?3-23 2-8%

Rpd`n 43.8 7.5% ?7-?3 4-9%

Mdpdn 53.2 ?.8% 50-30 7-2%

Bdndid 40.2 ?.7% ?2-22 2-8%

Rkutc Jkrld 4?.5 ?.2% 29<-25< ?-<%

Wcdralre`ne ?90.? 44.0% 29<-25< 5-47%

Bc`nd 44<.? 49.?% 4<7-437 8-0%

Y`lr ? <8.3 4?.0% 3<-0< 0-4?%

Ordz`f ?3.4 42.3% 29-99 0-4?%

_uss`d 48.8 42.7% ?0-20 44-49%

@ni`d 4?.4 47.0% 42-40 <-3%

Y`lr 2 55.? 3.?% 477-4?7 8-0%

_lst kh Ukrfi 42<.? <.?% 4<7-437 4-9%

Rkurbl= @AR Adrjlt Wrkenks`s, Kbtkolr ?74<



DWWLNI@BLR


Dpplni`x 2 - Wrkiubt Yypls Oy Elkerdpcy

Rplni`ne \R$?7?7 Krè`ndfOrdnis Nkn-Krè`ndfOrdnis \nordnili KtclrWrkiubts Efkodf

Efkodf <?% ?4% 49% 42% $4,977-4,927On

Ilvlfkpli 8<% 4?% 49% 3% $357-077On

Wcdralre`ne ?9% 23% 49% ?9% $29<-25<On

_lst kh Ukrfi 93% ?8% 0% 45% $4<7-437On

?748-?7?7 BDE_

Bknst \R$

Krè`ndf

Ordnis

Nkn-Krè`ndf

Ordnis

\nordniliKtclr

Wrkiubts

Efkodf

Efkodf <.4% 8.7% 8.2% 9.3% 9-5%

Ilvlfkpli 9.0% 9.0% 9.8% 2.4% 2-8%

Wcdralre`ne 3.8% 5.3% 4?.7% 8.0% 5-47%

_lst kh Ukrfi ?.8% 2.9% 2.?% ?.5% 4-9%

Rkurbl= @AR Cldftc, @AR Adrjlt Wrkenks`s, Rlptlaolr ?74<: @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs Kbtkolr ?74<

Dpplni`x nktls=

Rplni`ne Rcdrl pk`nt vdfuls hkr euìdnbl, Erkwtc lstàdtls +/- 4.<%

Ktclr Wrkiubts nbfuils KYB prkiubts




Ilffln`t`kns & Altckikfke`ls

• Bkuntr`ls=

• Ilvlfkpli bkuntr`ls n tc`s rlpkrt drl ilnli ds tcl \.R., Mdpdn, Ykp < Lurkpl bkuntr`ls(Elradny, Hrdnbl, @tdfy, Rpd`n, \.J.), Bdndid dni Rkutc Jkrld.

• Wcdralre`ne bkuntr`ls drl ilnli ds tcksl w`tc >$4 o`ff`kn doskfutl splni`ne erkwtc kvlr?749-43 dni wc`bc cdvl EIW plr bdp`td kh flss tcdn $27,777 dt purbcds`ne pkwlr pdr`ty(WWW). Y`lr 4= Bc`nd: Y`lr ?= Ordz`f, @ni`d, _uss`d: Y`lr 2= Dfelr`d, Drelnt`nd, Odnefdilsc, Bc`fl,Bkfkao`d, Leypt, @niknls`d, Jdzdjcstdn, Alx`bk, Nèlr`d, Wdj`stdn, Wc`f`pp`nls, Wkfdni,R. Dhr`bd, Rdui` Drdo`d, Yurjly, X`ltnda.

• Lstàdtls hkr undui`tli bkuntr`ls=

• Rplni`ne s lstàdtli odsli kn apkrt/lxpkrt idtd nbfuili n @AR Adrjlt Wrkenks`s.

• Rlealntdt`kns (@nnkvdt`kn @nsècts, Rplb`dfty/Yrdi`t`kndf) drl odsli kn dui`tlibkuntr`ls dni dppf`li tk undui`tli bkuntr`ls odsli kn rle`kns.

• Rtdnidri \n`ts hkr bkuntr`ls wc`bc drl nkt dui`tli drl lstàdtli odsli kn rle`kndfdvlrdel pr`bls plr Rtdnidri \n`t hrka dui`tli bkuntr`ls dni dvd`fdofl apkrt/lxpkrtidtd.

• @AR @nnkvdt`kn @nsècts `s d slealntdt`kn kh prkiubts wc`bc drl bdtlekr`zli ds krè`ndf

ordnis, nkn-krè`ndf ordnis, elnlr`bs kr ktclr us`ne @AR Cldftc‐s prkpr`ltdry A@IDRℯ@nnkvdt`kn @nsècts slealntdt`kn altckikfkey.

• Krè`ndf Ordnis Wrlsbr`pt`kn-okuni prkiubts adrjltli w`tc d ordni ndal, oy tclkrè`ndtkr kr tcl`r f`blnsll.

• Nkn-Krè`ndf Ordnis Wrlsbr`pt`kn-okuni prkiubts adrjltli oy d nkn-krè`ndtkr w`tc dordni ndal, khtln out nkt lxbfus`vlfy w`tckut pdtlnt prktlbt`kn.

• \nordnili Elnlr`b ali`b`nls adrjltli ds tcl ntlrndt`kndf nkn-prkpr`ltdry ndal (@NN)kh tcl dbt`vl nerli`lnt(s).

• KYB Dff ktclr ali`b`nls, tcl fdrelst suoslt kh wc`bc drl Kvlr-tcl-Bkuntlr (KYB)

prkiubts.

• Nlw Dbt`vl Ruostdnbls (NDR) ilnli ds dn ilnt`dofl dbt`vl nerli`lnt kr bkao`ndt`kn wclrlknl nerli`lnt s lnt`rlfy nlw, nbfui`ne o`kfke`bs, dni sadff akflbufls, dni dssènli tk d yldrodsli kn rst efkodf dvd`fdo`f`ty.



ILH@N@Y@KNR & ALYCKIKFKE@LR


• Rplb`dfty ali`b`nls drl prkiubts tcdt trldt bcrkn`b, rdrl kr elnlt`b i`sldsls. Yclrl drl auft`pflbcdrdbtlr`st`bs tcdt bdn hurtclr ilnl d splb`dfty ali`b`nl dni @AR Cldftc ilnls tcla dscdv`ne tcl admkr`ty kh tclsl bcdrdbtlr`st`bs=

• Khtln `n`t`dtli oy splb`df`sts • Elnlrdffy nmlbtdofl dni/kr nkt slfh-dia`n`stlrli

• _lqu`rl dn dii`t`kndf flvlf kh bdrl `n tcl`r bcd`n kh bustkiy, subc ds rlhrèlrdt`kn

• I`stròutli oy splb`df`zli wckflsdflrs kr pcdradb`ls

• Yyp`bdffy vlry lxplns`vl, kr trldt`ne vlry bkstfy i`sldsls

• Ady rlqu rl pdyalnt dss`stdnbl wclrl dppf`bdofl

• _lqu`r`ne lxtlns`vl kr `n-ilptc akn`tkr`ne/pdt`lnt bkunslf`ne

• Rplni`ne s rlpkrtli dt lx-adnuhdbturlr pr`bls dni ikls nkt rllbt k-`nvk`bl i`sbkunts dnirlodtls. Xdfuls drl bknvlrtli hrka fkbdf burrlnb`ls tk \R$ us`ne vdr`dofl lxbcdnel rdtls, lxblpt

wclrl nktli. Erkwtc s bdfbufdtli us`ne \R$ dt bknstdnt (T? ?74<) lxbcdnel rdtls. Xdr`dofllxbcdnel rdtls doorlv`dtli ds \R$, bknstdnt lxbcdnel rdtls doorlv`dtli Bknst\R$.

• Lstàdtls kh Nlt Rplni`ne wlrl ilr`vli hrka d c`stkr`b dndfys`s kh bkapdny rlpkrtlirlvlnuls bkapdrli tk @AR Cldftc dui`ts kh pcdradblut`bdf splni`ne n tcl \.R. dniadmkr adrjlts. @n tcl \.R. tclsl dndfysls wlrl odsli kn d sdapfl kh ?9 bkapdn`ls kvlr 47yldrs. @n ktclr admkr adrjlts, ntlrv`lws w`tc fkbdf lxplrts hkra tcl ods`s kh lstàdtls.

• Rtdnidri un`ts (R\) drl d aldsurl kh vkfual ilnli oy @AR Cldftc n bknmunbt`kn w`tc tclpcdradblut`bdf niustry tk rlprlslnt d iksl kh d pdrt`bufdr hkraufdt`kn kh trldtalnt. Rtdnidri \n`ts drlbkns`stlntfy ilnli dt hkra flvlf dni drl nkt nkradffy rlbkaalnili hkr usl dbrkss hkraufdt`kns.

• Rtdnidri \n`ts plr bdp`td tdjl deerledtl R\ idtd dni i`vìl oy d bkuntry‐s pkpufdt`kn.

• Yclrdpy drld/I`sldsls cdvl olln deerledtli i`lrlntfy hkr lxcò`ts 8, 3, dni 0 hkr tc`s rlpkrt.Ycl tdofls olfkw prkvìl tcl deerledt`kn iln`t`kns hkr ldbc lxcò`t.

Lxcò`t 8 I`sldsl Ilffln`t kns @nbfuils

Bkaaun`bdofl I`sldsls Dntò`kt`bs, dnt`v`rdfs, dnt`pdrds`t`bs, vdbb`nls (DYB41M, W)

Knbkfkey Yclrdplut`b bdnblr trldtalnts, lxbfui`ne suppkrt`vl bdrl (DYB1F4, F?)

I`doltls @nsuf`ns, trdi`t`kndf dni nlwlr elnlrdt`kn i`doltls trldtalnts (DYB1D47)

Bdri`kvdsbufdr Cyplrtlns`kn, Cldrt i`sldsl, bckflstlrkf (DYB41B)

Wd`n Yrldtalnts hkr ausbufksjlfltdf pd`n, drtcr`t`s, dnlstcls`d, dndfels`bs(ndrbkt`b & nkn-ndrbkt`b), aèrd`nl (DYB1A,N4,N?)

Dutkàaunl Yrldtalnts hkr rcluadtkì drtcr`t`s, brkcn‐s i`sldsl, ufblrdt`vl bkf`t`s,pskr`ds`s, pskr`dt`b drtcr`t`s dni ktclr rlfdtli i`sldsls (DYB1A4B,F9O)

_lsp`rdtkry Dstcad, BKWI, Dfflrey rlsp`rdtkry/`ncdfli trldtalnts (DYB1_)

Ktclr nkn-bkaaun bdofl Dff ktclr trldtalnts nkt rlfdtli tk bkaaun`bdofl i`sldsls



ILH@N@Y@KNR & ALYCKIKFKE@LR


Lxc o t 3 Yclrdpy ilffln t`kns Rplb`dfty Yclrdpy ilffln`t kns

Knbkfkey Yclrdplut`b bdnblr trldtalnts, lxbfui`ne suppkrt`vl bdrl (DYB1F4,F?)

Dutkàaunl Yrldtalnts hkr rcluadtkì drtcr`t`s, brkcn‐s i`sldsl, ufblrdt`vl bkf`t`s,pskr`ds`s, pskr`dt`b drtcr`t`s dni ktclr rlfdtli i`sldsls (DYB1F9O, nkt`nbfui`ne trdi`t`kndf Dutkàaunl trldtalnts n DYB1A4B)

X`rdf Clpdt`t`s Rplb`b trldtalnts hkr clpdt`t`s, lxbfui`ne `ntlrhlrkns (DYB1M<O4)

@aaunksupprlssdnts Rupprlss`kn kh aaunl rlspknsl, khtln hkr usl n kredn trdnspfdnt(DYB1F9 lx F9O)

C@X Dnt`v`rdfs C@X dnt`v`rdf trldtalnts (DYB1M<B)

@aaunkstàufdnts Bkfkny-stàufdt`ne hdbtkrs (DYB1F2D)

@ntlrhlrkns @ntlrhlrkns (DYB1F2O)

Lrytcrkpk`lt`ns Lrytcrkpk`lt`n stàufdt`ne delnts (DYB1O2B)

Adbufdr Ilelnlrdt`kn Yrldtalnts hkr del-rlfdtli adbufdr ilelnlrdt`kn (DYB1R4W)

Lxcò t 0 ilffln t`kns Yrdi`t`kndf tclrdp`ls

Dntò`kt`bs & Xdbb`nls Dntò`kt`bs, dnt`hunedfs (DYB1M4,M?), vdbb`nls (DYB1M5) dni dntò`kt`bssplb`bdffy hkr tcl lyl dni ldr (R4D,R4B)

Ofkki i`skrilrs, bkdeufdt`kn Dnt`tcrkaokt`bs, Wfdtlflt deerledt`kn `ncò`tkrs, i`rlbt tcrkao`n`ncò`tkrs (DYB1O, lxbfui`ne O2B lrytcrkpk`lt`ns wc`bc drl Rplb`dfty)

Bdri`kvdsbufdr Cyplrtlns`kn, Bckflstlrkf, n`trdtls/n`tr`tls, iùrlt`bs, cldrt hd`furl,vdr`bksl vl`ns (DYB1B)

Ilradtkfkey Ilradtkfkey trldtalnts (DYB1I)

I`doltls @nsuf`ns, trdi`t`kndf dni nlwlr elnlrdt`kn i`doltls trldtalnts (DYB1D47)

Alntdf Cldftc Dnt`psybckt`bs (N<D), Dntìlprlssdnts (N8D), Wsybckstàufdnts (N8O)

Ktclr BNR Dnt`-lp`flpt`bs, Dnt`-Wdrj`nskn‐s, Dnt`-Dfzclàlr‐s (DYB1N2,N9,N5)

Wd`n Yrldtalnts hkr ausbufksjlfltdf pd`n, drtcr`t`s, dnlstcls`d, dndfels`bs(ndrbkt`b & nkn-ndrbkt`b), aèrd`nl (DYB1A,N4,N?)

_lsp`rdtkry Dstcad, BKWI, Dfflrey rlsp`rdtkry/`ncdfli trldtalnts (DYB1_)

Yrdi Bc`nlsl/@ni`dn/MdpdnlslAli`b`nls

Yrdi`t`kndf ali`b`nls hrka Bc`nd, @ni`d, Mdpdn (DYB1X2 Jdnpk,Dyurvli`b & Bc`nlsl Ali`b`nls)

Ktclrs (nkt sckwn) Dfàlntdry prkiubts (X`tda`ns, a`nlrdfs, ièlst`vl lnzyals,dnt`-kols`ty ali`b`nls dni fdxdt`vls (DYB1D lxbfui`ne D47 I`doltls),Cksp`tdf skfut`kns (J), dnt`pdrds`t`bs (W), i`denkst`bs (Y), Lrlbt`fliyshunbt`kn (E9L), Eln`tk-ur`ndry ckraknls dni bkntrdblpt`kn (E),Ckraknls (C), Ekut (A9D), Kstlkpkrks`s (A<), Kpctcdfa`b (R,dnt`-`nhlbt`vls drl sckwn), Dff ktclr nkn-cuadn usl (X)




4 Ycl Mdpdnlsl A`n`stry hkr Fdokr Cldftc dni Ulfhdrl (AFCU).

Dbblssli kn ?74< Kbt 4. Dvd`fdofl hrka cttp=//www.med.er.mp/pih/C?5-4T.pih

? @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs. Ycl Ouielt @apdbt khKrpcdn Irues n tcl \.R. dni Bdndid= D ?775-?742 Aìds Rdfls IdtdDndfys`s Wkstlr prlslntli dt @RWK_ 43tc Dnnudf Lurkpldn Bknerlss:A`fdn, @tdfy. ?74< Nkv 5-44. I`spfdy= ?74< Nkv 47. Rpknskrli oyBlfelnl Bkrpkrdt`kn.

2 D`tjln A, Ofdnsltt F, Adwr`l _. Ilvlfkpalnts `n BdnblrYrldtalnts, Adrjlt Iynda`bs, Wdt`lnt Dbblss dni Xdful.@AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs. ?74< Ady.

9 RLL_ Rtdt Hdbt Rcllts= Aylfkad. N@C. Dbblssli kn ?74< Kbt 47.Dvd`fdofl hrka cttp=//sllr.bdnblr.ekv/stdthdbts/ctaf/aufay.ctaf

< Wrlvdflnbl dni @nbìlnbl kh Iubclnnl Ausbufdr Iystrkpcy. _èctI`denks`s. Dbblssli kn ?74< Kbt 0. Dvd`fdofl hrka cttp=//www.rècti`denks`s.bka/i/iubclnnlai/prlvdflnbl.cta

8 Dokut _drl I`sldsls. Krpcdnlt. ?74? Kbt ?<. Dvd`fdofl hrka cttp=//www.krpcd.nlt/bknskr/be`-o`n/Liubdt`kn[Dokut_drlI`sldsls.pcp;fne1LN)

5 Bckflrd. UCK. ?74< Muf. Dvd`fdofl hrka cttp=//ww w.wck.`nt/

ali`dblntrl/hdbtscllts/hs475/ln/3 Hdst-Yrdbj - Lni`ne tcl D@IR Lpìla`b oy ?727. \ND@IR. ?749.

Dvd`fdofl hrka cttp=//www.undìs.kre/s tls/ilhduft/fls/ali`d[ dsslt/MB?838[UDI?749rlpkrt[ln.pih

0 Clpdt`t`s B. UCK. ?74< Muf. Dvd`fdofl hrka cttp=//ww w.wck.`nt/ali`dblntrl/hdbtscllts/hs489/ln/

47 Clpdt`t`s B. BIB. ?74< Muf 47. Dvd`fdofl hrka cttp=//wwwnb.bib.ekv/trdvlf/ylffkwokkj/?748/ nhlbt`kus-i`sldsls-rlfdtli-tk-trdvlf/clpdt`t`s-b

44 Bcrkn`b Clpdt`t`s B Yrldtalnt Lxpdns`kn - Elnlr`b Adnuhdbtur`nehkr Ilvlfkp`ne Bkuntr`ls. E`fldi. ?74< Kbt. Dvd`fdofl hrka= cttp=//www.e`fldi.bka/~/ali`d/fls/pihs/ktclr/cbv%?7elnlr`b%?7derllalnt%?7hdst%?7hdbts%?747484<.pih;fd1ln

4? Blff & Elnl Yclrdp`ls= @nnkvdt`kn tk bkaalrb`df`zdt`kn= Bdn`niustry orìel tcl edp;, @AR Yckuect Fldilrsc`p, ?74< Muf.

_lhlrlnbls




Aurrdy D`tjlnLxlbut`vl I`rlbtkr, @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs

Aurrdy D`tjln s Lxlbut`vl I`rlbtkr, @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs,wc`bc prkvìls pkf`by slttlrs dni ilb`s`kn adjlrs n tcl efkodf cldftc slbtkrw`tc komlbt`vl nsècts ntk cldftcbdrl iynda`bs. Cl dssuali tc`s rkfl n Mdnudry?744. Aurrdy prlv`kusfy wds Rln`kr X`bl Wrlsìlnt, Cldftcbdrl @nsèct, fldi`ne@AR Cldftc‐s tckuect fldilrsc`p n`t`dt`vls wkrfiwìl. Olhkrl tcdt, cl slrvli dsRln`kr X`bl Wrlsìlnt, Bkrpkrdtl Rtrdtley, hrka ?779 tk ?775. Aurrdy mk`nli

@AR Cldftc n ?774 w`tc rlspknsò`f`ty hkr ilvlfkp`ne tcl bkapdny‐s bknsuft`nedni slrv`bls ous`nlssls. Wr`kr tk @AR Cldftc, Aurrdy cdi d 49-yldr bdrllr w`tc

AbJ`nsly & Bkapdny, wclrl cl wds d fldilr `n tcl Wcdradblut`bdf dni Ali`bdfWrkiubts prdbt`bl hrka 4005 tk ?774. Aurrdy wr`tls dni spldjs rleufdrfy kn tclbcdfflnels hdb`ne tcl cldftcbdrl niustry. Cl s li`tkr kh Cldftc @T, d puof`bdt`knhkbusli kn tcl vdful kh nhkradt`kn n divdnb`ne lvìlnbl-odsli cldftcbdrl, dnidfsk slrvls kn tcl li`tkr`df div`skry okdri kh Wcdradblut`bdf Lxlbut`vl. Aurrdyckfis d Adstlr kh Bkaalrbl ilerll hrka tcl \n`vlrs`ty kh Dubjfdni n Nlw]ldfdni, dni rlbl`vli dn A.O.D. ilerll w`tc i`st`nbt`kn hrka Cdrvdri \n`vlrs`ty.

A`bcdlf Jfl`nrkbj

_lsldrbc I`rlbtkr, @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bsA`bcdlf slrvls ds _lsldrbc I`rlbtkr hkr tcl @AR @nst`tutl, sltt`ne tcl rlsldrbcdelnid hkr tcl @nst`tutl, fldi`ne tcl ilvlfkpalnt kh rlpkrts dni prkmlbts hkbuslikn tcl burrlnt dni huturl rkfl kh o`kpcdradblut`bdfs n cldftcbdrl n tcl \.R.dni efkodffy. A`bcdlf mk`nli @AR Cldftc n 4000 dni cds clfi rkfls `n bustkalrslrv`bl, adrjlt`ne dni prkiubt adndelalnt, dni n ?778 mk`nli tcl Adrjlt@nsècts tlda, wc`bc n ?744 olbdal tcl @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs.A`bcdlf ckfis d O.D. n C`stkry dni Wkf`t`bdf Rb`lnbl hrka tcl \n`vlrs`ty kh Lsslx,Bkfbclstlr, \.J. dni dn A.D. n Mkurndf`sa dni _di`k Wrkiubt`kn hrka Ekfisa`tcsBkfflel, \n`vlrs`ty kh Fknikn, \.J.

Dutckrs




Dokut tcl @nst`tutl

Ycl @AR @nst`tutl hkr Cldftcbdrl @nhkradt`bs flvlrdels bkffdokrdt`vl rlfdt`knsc`ps `n tclpuof`b dni pr`vdtl slbtkrs tk strlnetcln tcl v`tdf rkfl kh `nhkradt`kn `n divdnb`ne cldftcbdrl

efkodffy. @ts a`ss`kn `s tk prkvìl jly pkf`by slttlrs dni ilb`s`kn adjlrs `n tcl efkodf cldftc

slbtkr w`tc un`qul dni trdnshkradt`kndf `nsècts `ntk cldftcbdrl iynda`bs ilr`vli hrka

erdnufdr dndfys`s kh `nhkradt`kn.

Huffflff`ne dn lsslnt`df nlli w`tc`n cldftcbdrl, tcl @nst`tutl ilf`vlrs komlbt`vl, rlflvdnt `nsècts

dni rlsldrbc tcdt dbblflrdtl unilrstdni`ne dni `nnkvdt`kn br`t`bdf tk skuni ilb`s`kn adj`ne

dni àprkvli pdt`lnt bdrl. U`tc dbblss tk @AR Cldftc‐s lxtlns`vl efkodf idtd dsslts dni

dndfyt`bs, tcl @nst`tutl wkrjs `n tdnila w`tc d orkdi slt kh cldftcbdrl stdjlckfilrs, `nbfui`neekvlrnalnt delnb`ls, dbdila`b `nst`tut`kns, tcl f`hl sb`lnbls `niustry dni pdylrs, tk ir`vl d

rlsldrbc delnid ili`bdtli tk diirlss`ne tkidy‐s cldftcbdrl bcdfflnels.

Oy bkffdokrdt`ne kn rlsldrbc kh bkaakn `ntlrlst, `t ou`fis kn d fkne-stdni`ne dni lxtlns`vl

trdi`t`kn kh us`ne @AR Cldftc `nhkradt`kn dni lxplrt`sl tk suppkrt tcl divdnblalnt kh

lvìlnbl-odsli cldftcbdrl drkuni tcl wkrfi.




DOK\Y YCL @NRY@Y\YL

_lsldrbc Delnid Euì`ne Wr`nb`pfls

Ycl llbt`vl usl kh `nhkradt`kn oy cldftcbdrlstdjlckfilrs efkodffy tk aprkvl cldftckutbkals, rliubl bksts dni nbrldsl dbblss tkdvd`fdofl trldtalnts.

Kptà`z`ne tcl plrhkradnbl kh ali`bdf bdrltcrkuec olttlr unilrstdni`ne kh i`sldsl bdusls,trldtalnt bknslqulnbls dni aldsurls tkàprkvl qudf`ty dni bkst kh cldftcbdrl ilf`vlrlitk pdt`lnts.

\nilrstdni`ne tcl huturl efkodf rkfl hkro`kpcdradblut`bdfs, tcl iynda`bs tcdt scdpltcl adrjlt dni àpf`bdt`kns hkr adnuhdbturlrs,puof`b dni pr`vdtl pdylrs, prkvìlrs, pdt`lnts,pcdradb`sts dni i`stròutkrs.

_lsldrbc`ne tcl rkfl kh `nnkvdt`kn n cldftcsystla prkiubts, prkblssls dni ilf`vlrysystlas, dni tcl ous`nlss dni pkf`by systlastcdt ir`vl `nnkvdt`kn.

@nhkra`ne dni divdnb`ne tcl cldftcbdrldelnids `n ilvlfkp`ne ndt`kns tcrkuec`nhkradt`kn dni dndfys`s.

Ycl divdnblalnt kh cldftcbdrl efkodffy s dv`tdf, bknt`nukus prkblss.

Yàlfy, cèc-qudf`ty dni rlflvdnt `nhkradt`kn`s br`t`bdf tk skuni cldftcbdrl ilb`s`kn adj`ne.

@nsècts ed`nli hrka nhkradt`kn dni dndfys`ssckufi ol adil wìlfy dvd`fdofl tk cldftcbdrlstdjlckfilrs.

Llbt`vl usl kh nhkradt`kn s khtln bkapflx,rlqu`r`ne un`qul jnkwfliel dni lxplrt`sl.

Ycl knek`ne `nnkvdt`kn dni rlhkra `n dffdsplbts kh cldftcbdrl rlqu`rl d iynda`bdpprkdbc tk unilrstdni`ne tcl lnt`rlcldftcbdrl systla.

Wlrskndf cldftc nhkradt`kn s bknilnt`dfdni pdt`lnt pr`vdby aust ol prktlbtli.

Ycl pr`vdtl slbtkr cds d vdfudofl rkfl tk pfdy`n bkffdokrdt`ne w`tc tcl puof`b slbtkr rlfdtlitk tcl usl kh cldftcbdrl idtd.

Ycl rlsldrbc delnid hkr tcl @nst`tutlblntlrs kn vl drlds bknsìlrli v`tdf tk tcl

divdnblalnt kh cldftcbdrl efkodffy=

Ycl @nst`tutl kplrdtls hrka d slt khEuì`ne Wr`nb`pfls=




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