monash university graduate business programs 2013
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Bu{dae{{ `an Eklalgdk{
Cr`nu`~e Bu{dae{{]rlcr`g{ 2=0;
sss!bu{ekl!gla`{o!enu!`u@u{~r`fd`Koda`Dand`D~`ftG`f`t{d`[lu~o @irdk`
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@}}fdk`~dla{
@}}fdk`~dla{ lr }l{~cr`nu ~e klur{eslrh }rlcr`g{ k`a be g`ne lafdae `~
sss!`ng!gla`{o!enu!`u,`ngd{{dla{,`}}ftlafdae'da{~ruk~!o~gf
@}}fdk`~dla{ lr ` G`{~er{ bt Re{e`rko /G]odf$ lr ` Nlk~lr`f Necree /]oN$ k`a be g`ne lafdae `~
sss!bu{ekl!gla`{o!enu!`u,re{e`rko,{~unea~,u~ure,`}}ft,
Kfl{dac n`~e{
Ea~rt: [ege{~er 0 2=0; La'k`g}u{ }rlcr`g{ ;0 J`au`rt 2=0;
L'k`g}u{ }rlcr`g{ 5 J`au`rt 2=0;
Ea~rt: [ege{~er 2 2=0; La'k`g}u{ }rlcr`g{ ;= Juae 2=0;
L'k`g}u{ }rlcr`g{ ;0 G`t 2=0;
GB@ `}}fdk`~dla kfl{dac n`~e 00 J`au`rt 2=0;
^oere d{ al kfl{dac n ~e lr ~oe G]odf lr ]oN!
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Gla`{o Uadyer{d~t
Gla`{o Uadyer{d~t o`{ e{~`bfd{oen `a eayd`bfe re}u~`~dla lr ~e`kodac
`an re{e`rko exkeffeake krl{{ bu{dae{{ nd{kd}fdae{! od{ re}u~`~dla
d{ budf~ la lur daaly`~dye an }rlcre{{dye }}rl`ko ~l klur{e nefdyert&
`an ~oe {~rlac fdah{ se o`ye lrcen sd~o klggerke an danu{~rt&
bl~o da @u{~r`fd` `an lyer{e`{& g`hdac Gla`{o necree{ ~ruft
da~era`~dla`f!
^oe I`kuf~t l Bu{dae{{ `an Eklalgdk{ ler{ ` r`ace l }rlcr`g{&
dakfundac odcoer necree{ bt re{e`rko ]oN `an G]odf krl{{'
`kuf~t }rlcr`g{& {uko `{ ~oe GB@ `an G`{~er l Bu{dae{{ `an
{}ekd`fd{~ G`{~er{ necree{ da G`a`cegea~& G`rhe~dac& @kklua~dac&
B`ahdac& Ida`ake an Bu{dae{{ F`s! Lur }rlcr`g{ re klg}rd{en l
` klgbda`~dla l klre uad~{ `an efek~dye{& `fflsdac tlu ~l ~`dflr tlur
klur{e ~l tlur k`reer aeen{!
EPUD[ `kkrend~`~dla
^oe I`kuf~t l Bu{dae{{ `an Eklalgdk{
o`{ beea s`rnen da~era`~dla`f bu{dae{{
{kollf `kkrend~`~dla bt ~oe Bru{{ef{ b`{en
Eurl}e`a Pu`fd~t Dg}rlyegea~ [t{~eg&
be~~er halsa { EPUD[! oe `kkrend~`~dla
e{~`bfd{oe{ Gla`{o{ I`kuf~t l Bu{dae{{
`an Eklalgdk{ { lae l ~oe slrfn{ fe`ndac odcoer enuk`~dla
da{~d~u~dla{ da g`a`cegea~ an bu{dae{{ `ngdad{~r`~dla enuk`~dla!
^oe r`}dn }`ke l ko`ace da~ln`t{ bu{dae{{ eaydrlagea~repudre{ kla{~`a~ }rle{{dla`fcrls~o!
Lur bu{dae{{ }rlcr`g{ `rene{dcaen ~l ea{ure ~o`~tlu `re `~ ~oe fe`ndac encel tlur kol{ea efn leane`ylur!
]rle{{lr Klfg He`raet
Ne`a& I`kuf~t l Bu{dae{{ `an Eklalgdk{
@{{lkd`~dla l GB@{
^oe Gla`{o GB@ }rlcr`g o`{beea s`rnen kkrend~`~dla bt
~oe @{{lkd`~dla l GB@{ /@GB@$!
GB@ }rlcr`g{ re kkrend~en bt @GB@ da glre ~o`a >= nderea~
klua~rde{! ^oe Gla`{o GB@ d{ ju{~ ~oe ~odrn {uko }rlcr`g da
@u{~r`fd` ~l be reklcad{en bt @GB@!
]rle{{dla`f reklcad~dla
Lur }rlcr`g{ re kkrend~en bt refey`a~ }rle{{dla`f blnde{&
ea`bfdac cr`nu`~e{ ~l {`~d{t enuk`~dla`f repudregea~{ lr
}rle{{dla`f recd{~r`~dla lr gegber{od}! oe{e blnde{ dakfune K]@
@u{~r`fd`& Da{~d~u~e l Ko r~eren @kklua~`a~{ da @u{~r`fd` /DK@@$&
Ida`akd`f [erydke{ Da{~d~u~e l @u{~r`f`{d` /IDA[D@$& A`~dla`f Da{~d~u~e
l @kklua~`a~{ /AD@$& @u{~r`fd`a Da{~d~u~e l G`a`cegea~ /@DG$&
@u{~r`fd`a Oug`a Re{lurke{ Da{~d~u~e /@ORD$& @u{~r`fd`a G rhe~dac
Da{~d~u~e /@GD$!
Iur~oer ne~`df{ `re `y`df`bfe `~:
sss!bu{ekl!gla`{o!enu!`u,e{c,`{u,}ubfdk`~dla{,
}rle{{dla`f'reklcad~dla!o~gf
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^oe I`kuf~t l Bu{dae{{ `an Eklalgdk{ ler{ ` y`rde~t l cr`nu`~e
}rlcr`g{ lr {~unea~{ l y`rtdac b`khcrluan{ `an `{}dr`~dla{! ^oe
}rlcr`g{ nder da ~erg{ l lbjek~dye{& }rerepud{d~e{ an kla~ea~!
Lur }rlcr`g{ dakfune:
0! Re{e`rko necree{ ]oN& G]odf
2! ]`~os`t{ ~l ` re{e`rko necree ]l{~cr`nu`~e Nd}flg` da
Eklalgdk{ an Klggerke& G`{~er l Bu{dae{{ /Olalur{$ an
l~oer {efek~en g`{~er{ necree{
;! Klur{eslrh g`{~er{ necree{ lr e`rft k`reer }rle{{dla`f{
`an lr ex}erdeaken }rle{{dla`f{ `krl{{ ~oe uff {}ek~rug l
bu{dae{{ nd{kd}fdae{
>! Exeku~dye Ker~dik`~e da Bu{dae{{ ne{dcaen ~l k`~er lr
g`a`cer{ sol o`ye {dcadk`a~ slrh}f`ke ex}erdeake bu~ sol nl
al~ o`ye ` r{~ necree!
Klur{eslrh }rlcr`g }rlcre{{dla
Gl{~ g`{~er{ necree{ leren bt ~oe I`kuf~t l Bu{dae{{ `an
Eklalgdk{ klg}rd{e 02 uad~{! Iuff'~dge {~unea~{ alrg`fft uaner~`he
lur uad~{ }er {ege{~er `an }`r~ ~dge {~unea~{ alrg`fft uaner~`he
~sl uad~{ }er {ege{~er!
Da {lge nd{kd}fdae{& cr`nu`~e ker~dk`~e{ /> uad~{$ `an cr`nu`~e
nd}flg`{ /? uad~{$ `re exd~ `s`rn{ d!e! {~unea~{ earlf da ~oe g`{~er{
necree `an& `~er klg}fe~dla l lur lr edco~ uad~{& g`t exd~ sd~o `
cr`nu`~e ker~dk`~e lr cr`nu`~e nd}flg`!
Da {lge nd{kd}fdae{& {~unea~{ g`t earlf da ` cr`nu`~e lr }l{~cr`nu`~e
nd}flg` `an `~er klg}fe~dla l edco~ uad~{ g`t `r~dkuf`~e da~l `
refey`a~ g`{~er{ necree! Reer ~l ~oe {ugg`rt ~`bfe `~ ~oe ean l
~od{ brlkoure lr ` uff fd{~ l }rlcr`g{!
Olalur{
Necree
]l{~cr`nu`~eNd}flg`
G`{~er{
bt Re{e`rko
/G]odf$ /}!5$
G`{~er{ bt
Klur{eslrh
/}!3$
]oN /}!5$
Gu{~ klg}fe~e `
re{e`rko {~re`g da
G`{~er{ }rlcr`g
Exeku~dye Ker~dk`~e
da Bu{dae{{ /}!;4$
Cr`nu`~e
Ker~dk`~e
Uanercr`nu`~eNecree
Cr`nu`~e
Nd}flg`
Lur ]rlcr`g{
Cr`nu`~e ]`~os`t{
^oe lfflsdac nd`cr`g }re{ea~{ `a lyerydes l ~oe gl{~ klggla }`~os t{ lr cr`nu`~e{ sd~oda ~oe I kuf~t l Bu{dae{{ `an Eklalgdk{ `~
Gla`{o Uadyer{d~t!
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RE[E@RKO ]RLCR@G[
Re{e`rko necree{
G`{~er l ]odfl{l}ot 5
Nlk~lr l ]odfl{l}ot 5
]`~os`t{ ~l ` odcoer necree bt re{e`rko
]l{~cr`nu`~e Nd}flg` da Eklalgdk{ `an Klggerke 9
G`{~er l Bu{dae{{ /Olalur{$ 9
KLUR[ESLRH ]RLCR@G[
Koll{dac tlur klur{eslrh }rlcr`g 3
Bu{dae{{
G`{~er l Bu{dae{{ ?'4
@ny`aken G`rhe~dac
Dalrg`~dla ^ekoalflct
F`s `an Re{}la{dbfe Bu{dae{{
G`rhe~dac
Rd{h G`a`cegea~
[u}}ft Ko`da G`a`cegea~
Cr`nu`~e Ker~dk`~e da Bu{dae{{ 0=
Cr`nu`~e Nd}flg` da Bu{dae{{ 0=
G`{~er l Bu{dae{{ /[kdeake an ekoalflct$ 00
G`{~er l Bu{dae{{ F`s 02
G`{~er l Nd}flg`kt an r`ne 0;
G`{~er l Da~era`~dla`f Bu{dae{{ 0>
@kklua~dac& B`ahdac `an Ida`ake
Cr`nu`~e Nd}flg` da @kklua~dac 05
G`{~er l ]rle{{dla`f @kklua~dac 05
G`{~er l ]rle{{dla`f @kklua~dac /@ny`aken$ 05
G`{~er l Bu{dae{{ /@kklua~dac$ 09
G`{~er l Bu{dae{{ /B`ahdac an Ida`ake$ 03
G`{~er l @}}fden Ida`ake 0?
Eklalgdk{& Oe`f~o Eklalgdk{ `an Eklalge~rdk{
Cr`nu`~e Nd}flg` da @}}fden Eklalge~rdk{ 04
G`{~er l @}}fden Eklalge~rdk{ 2=
G`{~er l Bu{dae{{ Eklalgdk{ 20
Cr`nu`~e Nd}flg` da Eklalgdk [~unde{ 20
G`{~er l Eklalgdk{ 22
Cr`nu`~e Ker~dk`~e da ]o`rg`kleklalgdk{ 2;
Cr`nu`~e Nd}flg` da Oe`f~o Eklalgdk{ `an ]lfdkt 2;
G`{~er l ]ubfdk Oe`f~o /Oe`f~o Eklalgdk{ {}ekd`fd{`~dla$ 2>
G`a`cegea~
G`{~er l Bu{dae{{ @ngdad{~r`~dla /GB@$ 25
Cr`nu`~e Nd}flg` da Oug`a Re{lurke G`a`cegea~ 29
G`{~er l Oug`a Re{lurke G`a`cegea~ 23
G`{~er l G`a`cegea~ 2?
G`{~er l ]ubfdk ]lfdkt `an G`a`cegea~ 24
G`rhe~dac
G`{~er l G`rhe~dac ;=
G`{~er l @ny`aken G`rhe~dac ;0
Nlubfe g`{~er{ necree{
G`{~er l @}}fden Ida`ake, G`{~er l @}}fden Eklalge~rdk{ ;2
G`{~er l @}}fden Ida`ake, G`{~er l Bu{dae{{ /@kklua~dac$ ;;
G`{~er l Bu{dae{{ /@kklua~dac$, G`{~er l Bu{dae{{ F`s ;>
G`{~er l ]rle{{dla`f @kklua~dac, G`{~er l Bu{dae{{ F`s ;5
G`{~er l Bu{dae{{, G`{~er l ]rle{{dla`f @kklua~dac ;9
G`{~er l Jlura`fd{g, G`{~er l Bu{dae{{ ;3
G`{~er l Da~era`~dla`f Bu{dae{{, G`{~er l Eurl}e`a `an
Da~era`~dla`f [~unde{ ;?
]`~os`t }rlcr`g{
Exeku~dye Ker~dk`~e da Bu{dae{{ ;4
[~unea~ neyefl}gea~ >=
L'k`g}u{ }rlcr`g{ >0
Ceaer`f dalrg`~dla >2
Ea~rt repudregea~{ `an ee{ >;>5
Kla~`k~ ne~`df{ B`kh klyer
Kla~ea~{
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Exkeffeake da re{e`rko
^oe I`kuf~t l Bu{dae{{ `an Eklalgdk{ o`{ neyefl}en ` {~rlac
re}u~`~dla lr exkeffeake da re{e`rko krl{{ ndyer{e r`ace l
bu{dae{{ da~ere{~{! Lur re{e`rko o`{ ~oe {k`fe& k`}`bdfd~t `an
bu{dae{{ fdah{ ~o`~ daiueake a`~dla`f `cean`{ `an {o`}e bu{dae{{
`an }rle{{dla`f }r`k~dke& `an ~od{ ex}er~d{e d{ `f{l ~r`a{f`~en ndrek~ft
da~l lur ~e`kodac }rlcr`g{ ea{urdac `ff lur nd{kd}fdae{ fe`n ~oe s`t
da bu{dae{{ enuk`~dla! Irlg }lfdkt `a`ft{d{ ~l a`akd`f nerdy`~dye{&
lr oe`f~o eklalgdk{ ~l danu{~rd`f ref`~dla{& lur bre`n~o `an ne}~o l
re{e`rko halsfence re l da~era`~dla`f {~`andac! oe `kuf~t `f{l
}rlydne{ {~dguf`~dac an {u}}lr~dye re{e`rko ~r`dadac eaydrlagea~
~l d~{ ;5= }fu{ re{e`rko {~unea~{!
Re{e`rko necree{
^oe I`kuf~t l Bu{dae{{ `an Eklalgdk{ {~rdye{ ~l }rlydne `a
`}}rl}rd`~e eaydrlagea~ lr bl~o ~oe }er{la`f an da~effek~u`f
neyefl}gea~ l d~{ }l{~cr`nu`~e re{e`rko {~unea~{& sol g`he {uko` {dcadk`a~ kla~rdbu~dla ~l ~oe re{e`rko elr~ l ~oe `kuf~t!
^oe k`fdbre& ea~ou{d`{g `an nendk`~dla l ~oe `kuf~t{ 5== `k`negdk
{~` ea{ure ~o`~ }l{~cr`nu`~e ~e`kodac an re{e`rko k~dyd~de{ re
kurrea~& refey`a~ an res`rndac! Bt ~oe }}fdk`~dla l halsfence&
~oe `kuf~t nn{ {dcadk`a~ y`fue ~l ~oe uadyer{d~t{ lyer`ff re{e`rko
re}u~`~dla an {~r`~ect an kla~rdbu~e{ ~l ~oe {kolf`rft& {lkd`f an
klggerkd`f neyefl}gea~ l @u{~r`fd` `an d~{ cflb`f ~r`ndac }`r~aer{!
RE[E@RKO ]RLCR@G[
I`kuf~t Re{e`rko Like
^oe I`kuf~t l Bu{dae{{ `an Eklalgdk{ Re{e rko Lke }rlydne{
` r`ace l {~unea~ {erydke{ `an {eeh{ ~l eao`ake ~oe pu`fd~t l ~oe
}l{~cr`nu`~e ex}erdeake `{ seff `{ }rlydndac dalrg`~dla `an `nydke~l kurrea~ an }rl{}ek~dye {~unea~{!
D tlu re kla{dnerdac re{e`rko necree& }fe`{e kla~`k~:
I`kuf~t Re{e`rko Lke
efe}olae: (90 ; 44=5 2>?;
Eg`df: bu{ekl're{e`rko!necree{Mgla`{o!enu
Ilr glre dalrg`~dla la re{e`rko da ~oe `kuf~t `an ols ~l `}}ft ~l
uaner~`he re{e`rko necree& yd{d~
sss!bu{ekl!gla`{o!enu!`u,re{e`rko,danex!o~gf
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G`{~er l ]odfl{l}ot^oe necree l G`{~er l ]odfl{l}ot /G]odf$ {dcade{ ~oe klg}fe~dla l
` klur{e l }l{~cr`nu`~e ~r`dadac da re{e`rko uaner }rl}er k`negdk{u}eryd{dla& `an {ubgd{{dla l ` ~oe{d{ ~o`~ ex~era`f ex`gdaer{
o`ye nekf`ren ~l be ` kla~rdbu~dla ~l halsfence& negla{~r`~dac ~oe
k`andn`~e{ k`}`kd~t ~l k`rrt lu~ dane}eanea~ re{e`rko!
Sodfe d~ d{ al~ aeke{{`rt ~o`~ `a G]odf ~oe{d{ slufn g`he ` g`jlr
kla~rdbu~dla ~l ~oe nd{kd}fdae bt s`t l aes halsfence /`{ ` ]oN
slufn repudre$& `a G]odf ~oe{d{ slufn be ex}ek~en ~l g`he `
kla~rdbu~dla ~l `a exd{~dac blnt l halsfence& bt `}}ftdac& kf`rdtdac&
krd~dpudac lr da~er}re~dac ~o`~ halsfence!
^oe }rdakd}`f klg}laea~ l ~oe G]odf d{ ` ~oe{d{ l u} ~l 5=&===
slrn{& egblntdac ~oe re{uf~{ l ` re{e`rko }rljek~! ^oe ~oe{d{
d{ srd~~ea uaner ndrek~ {u}eryd{dla l ` gegber l ~oe `k`negdk
{~`! lce~oer sd~o {u}eryd{lr& e`ko k`andn`~e d{ re{}la{dbfe
lr neyefl}dac ~oe re{e`rko }rlcr`g ~l be lfflsen `an {olufn
be ne{dcaen ~l ~`he al glre ~o`a 2 te`r{ l uff'~dge epudy`fea~
k`andn`~ure!
^oe G`{~er l ]odfl{l}ot `f{l dakfune{ ` klur{eslrh klg}laea~&
`kklrndac ~l ~oe `k`negdk nd{kd}fdae& lr ~ol{e {~unea~{ da~ere{~en da
u}cr`ndac ~l ~oe Nlk~lr l ]odfl{l}ot!
K`g}u{: Bersdkh& K`ufefn& Kf`t~la& Cd}}{f`an& G`f`t{d`& ]eada{uf`
Nur`~dla: 2 te`r{ /uff'~dge$
Da~`he:@at~dge! Eklalgdk{ {ege{~er lae laft
Ea~rt repudregea~{: @}}fdk`a~{ repudre lae l ~oe lfflsdac:
` r{~'kf`{{ lr u}}er {eklan'kf`{{ olalur{ necree repudrdac `~fe`{~ lur te`r{ l uff'~dge {~unt& an sodko dakfune{ re{e`rko
klg}laea~ da ~oe lur~o te`r& lr
` klur{e fe`ndac ~l ` g`{~er{ }refdgda`rt pu`fdk`~dla& `~ `feyef r`~en bt ~oe refey`a~ ne}`r~gea~& `kuf~t `an uadyer{d~t
klggd~~ee{ ~l be epudy`fea~ ~l ` r{~'kf`{{ lr u}}er {eklan'
kf`{{ olalur{ necree!
Nlk~lr l ]odfl{l}ot^oe necree l Nlk~lr l ]odfl{l}ot /]oN$ `~ Gla`{o Uadyer{d~t
{dcade{ ~o`~ ~oe olfner o`{ klg}fe~en ` klur{e l }l{~cr`nu`~e~r`dadac da re{e`rko uaner }rl}er k`negdk {u}eryd{dla& an o`{
{ubgd~~en ` ~oe{d{ ~o`~ ex~era`f ex`gdaer{ o`ye nekf`ren ~l be `
{dcadk`a~ kla~rdbu~dla ~l halsfence& an ~o`~ negla{~r`~e{ ~oe
k`andn`~e{ k`}`kd~t ~l k`rrt lu~ dane}eanea~ re{e`rko!
^oe }rdakd}`f klg}laea~ l ~oe ]oN d{ ` g`jlr ~oe{d{ l u} ~l
0==&=== slrn{& egblntdac ~oe re{uf~{ l re{e`rko }rljek~! Klur{e
slrh `an ~r`dadac sdff be ` klg}laea~ da ` augber l nd{kd}fdae{
`krl{{ ~oe `kuf~t!
K`g}u{: Bersdkh& K`ufefn& Kf`t~la& Cd}}{f`an& G`f`t{d`& ]eada{uf`
Nur`~dla: ;> te`r{* /uff'~dge$& ? te`r{ /}`r~'~dge$
Da~`he:@at~dge! Eklalgdk{ {ege{~er lae laftEa~rt repudregea~{: @}}fdk`a~{ gu{~ o`ye klg}fe~en lae l ~oe
lfflsdac lr `ngd{{dla ~l ~oe ]oN }rlcr`g:
` r{~'kf`{{ lr u}}er {eklan'kf`{{ olalur{ necree repudrdac `~fe`{~ lur te`r{ l uff'~dge {~unt& an sodko dakfune{ re{e`rko
klg}laea~ da ~oe lur~o te`r& lr
` klur{e fe`ndac ~l ` g`{~er{ }refdgda`rt pu`fdk`~dla& `~ ` feyefr`~en bt ~oe ne}`r~gea~& `kuf~t `an uadyer{d~t klggd~~ee{ `{
epudy`fea~ ~l ` ir{~'kf`{{ lr u}}er {eklan'kf`{{ olalur{ necree& lr
` g`{~er{ necree dakfundac {dcadk`a~ re{e`rko klg}laea~&epudy`fea~ ~l a olalur{ necree!
* [kolf`r{od}{ `re ceaer`fft laft `s`rnen lr ` g`xdgug nur`~dla l ~oree te`r{!
Re{e`rko Necree{
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]l{~cr`nu`~e Nd}flg` da Eklalgdk{`an Klggerke^oe ]l{~cr`nu`~e Nd}flg` da Eklalgdk{ `an Klggerke }rlydne{
` lur~o te`r l {~unt& epudy`fea~ ~l `a olalur{ te`r& lr {~unea~{
sol sd{o ~l uaner~`he ` odcoer necree bt re{e`rko bu~ nl al~ o`ye
~oe re{e`rko b`khcrluan repudren ~l gee~ ~oe ngd{{dla krd~erd`!
@}}fdk`a~{ repudre `a @u{~r`fd`a b`koeflr{ necree lr `a epudy`fea~
pu`fdk`~dla sd~o ` g`jlr da ~oe }rl}l{en nd{kd}fdae `re` l {~unt
`an ` Sedco~en @yer`ce G`rh /S@G$ l 95% lr `a epudy`fea~ Cr`ne
]lda~ @yer`ce /C]@$ { ne~ergdaen bt ~oe `kuf~t! @}}fdk`a~{ sdff be
r`ahen an {efek~en b`{en la ~oedr ea~dre k`negdk reklrn!
[~unea~{ sol {ukke{{ufft klg}fe~e ~oe ]l{~cr`nu`~e Nd}flg` da
Eklalgdk{ `an Klggerke sd~o ` cr`ne `yer`ce l 3=% /ODD@$ lr
`blye g`t be efdcdbfe ~l `}}ft lr `ngd{{dla ~l ~oe G]odf lr ]oN
}rlcr`g{! Al krend~ lr slrh nlae }reydlu{ft d{ `y`df`bfe da ~od{
}l{~cr`nu`~e nd}flg`!
^oe ]l{~cr`nu ~e Nd}flg` d{ klg}rd{en l {~unde{ da re{e`rko
ge~oln{& ` re{e`rko }rljek~& `an ` klgbda`~dla l klre `an efek~dye
olalur{ uad~{ ne~ergdaen bt `re` l {}ekd`fd{`~dla! ^oe augber `an
r`~dl l klre `an efek~dye uad~{ sdff y`rt `kklrndac ~l `re` l {~unt! ^oe
`s`rn repudre{ klg}fe~dla l >? krend~ }lda~{ `an d{ epudy`fea~ ~l 0
te`r l uff'~dge {~unt!
[~unt }rlcr`g{ `re `y`df`bfe da ~oe lfflsdac `re`{:
@kklua~dac
Eklalge~rdk{
Eklalgdk{
Ida`ake G`a`cegea~
G`rhe~dac
Ilr glre dalrg`~dla la }`~os`t{ ~l ` odcoer necree bt re{e`rko&
kla~`k~:
Cr`nu`~e [~unde{ Lke
efe}olae: (90 ; 44=; 0>==
Eg`df: bu{ekl'}l{~cr`nMgla`{o!enu
sss!bu{ekl!gla`{o!enu!`u,}l{~cr`n,}rlcr`g{,lerdac{
@f~era`~dye klur{eslrh }`~os`t{
^oe `kuf~t `f{l ler{ ` r`ace l klur{eslrh }rlcr`g{ sodko g`t{erye `{ ` }`~os`t ~l ` re{e`rko necree! ^oe{e {efek~en klur{e{
g`t be ne{dcaen ~l dakfune {dcadk`a~ re{e`rko klg}laea~ an
` gdadgug nd{~dak~dla cr`ne d{ repudren da lrner ~l gee~ ~oe ODD@
epudy`feake repudregea~ lr ngd{{dla ~l re{e`rko necree! ]fe`{e
{ee sss!grc{!gla`{o!enu!`u, {kolf`r{od}{,{efek~dla,
`u~lo2`egla`{o!o~gf lr {}ekdk dalrg`~dla rec`rndac ODD@
epudy`feake!
Ilr glre dalrg`~dla la re{e`rko necree{& kla~`k~:
I`kuf~t Re{e`rko Lke
efe}olae: (90 ; 44=5 2>?;
Eg`df: bu{ekl're{e`rko!necree{Mgla`{o!enu
sss!bu{ekl!gla`{o!enu!`u,re{e`rko,{~unea~,u~ure,necree
]`~os`t{ ~l ` Odcoer Necree bt Re{e`rko
G`{~er l Bu{dae{{ /Olalur{$^od{ olalur{ }rlcr`g d{ ne{dcaen ~l epud} odco `kodeydac
`kklua~dac& b`ahdac an a`ake g`{~er{ {~unea~{ sd~o re{e`rko{hdff{ `an ~oe `bdfd~t ~l `nnre{{ ~oelre~dk`f `an }r`k~dk`f d{{ue{ da ~oedr
nd{kd}fdae! ^od{ }rlcr`g d{ ` }`~os`t ~l ]oN k`andn`~ure lr ~ol{e
sol kodeye nd{~dak~dla `yer`ce ~orlucolu~ ~oe klur{e!
U}la {ukke{{uf klg}fe~dla l ` r{~ g`{~er{ }rlcr`g& tlu g`t be
efdcdbfe lr bflkh krend~: ec 02'uad~ G`{~er l ]rle{{dla`f @kklua~dac
lr sodko tlu g`t rekedye 32 krend~ }lda~{ ~ls`rn{ ~oe G`{~er l
Bu{dae{{ /Olalur{$!
Tlu sdff eaklua~er fe`radac `an ~e`kodac eaydrlagea~{ sd~o ` {~rlac
re{e`rko lku{& soere ~oet re eaklur`cen ~l beklge dane}eanea~
fe`raer{! Fe`radac `k~dyd~de{ `an `}}rl`koe{ sdff y`rt `krl{{ ~oe
uad~{ leren `an sdff klg}rd{e ` r`ace l fek~ure{& {egda`r{&
~u~lrd`f{ `an slrh{ol}{! @{{e{{gea~ ~`{h{ eaklg}`{{ ` y`rde~t l
ge~oln{ dakfundac `r~dkfe krd~dpue{& ~e`g slrh& yerb`f `an srd~~ea}re{ea~`~dla{& re}lr~ srd~dac& k`{e {~unde{ an ex`gda`~dla{!
La'k`g}u{&
K`ufiefn
G`{~er l Bu{dae{{ /Olalur{$
5 {ege{~er{ uff'~dge
Klur{e klne >>09
Ea~rt
repudregea~{
@a @u{~r`fd`a b`koeflr necree lr a epudy`fea~
pu`fdk`~dla sd~o ` g`jlr da `kklua~dac& a`ake lr rd{h
g`a`cegea~ `an ` Sedco~en @yer`ce G`rh /S@G$ l
3=% lr `a epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$ `{
ne~ergdaen bt ~oe `kuf~t!
@}}fdk a~{ sdff be r ahen an {efek~en b`{en la ~oedr
ea~dre `k`negdk reklrn!
Klur{e
{~ruk~ure
03 uad~{
5 klre uad~{
02 efek~dye uad~{
^oe lfflsdac ; uad~{:
Re{e`rko ge~oln{
Re{e`rko ne{dca `an `a`ft{d{
Re{e`rko nd{{er~`~dla
]fu{ 2 uad~{ rlg ~oe lfflsdac:
@ny`aken glneffdac da a`ake
D{{ue{ da `kklua~dac dalrg`~dla {t{~eg{
D{{ue{ da `und~dac `an `{{ur`ake
D{{ue{ da klr}lr`~e a`ake
D{{ue{ da a`akd`f `kklua~dac
D{{ue{ da b`ahdac
D{{ue{ da g`a`cegea~ `kklua~dac
Efek~dye{ sefye cr`nu`~e uad~{ leren bt `at ne}`r~gea~ da ~oe
I`kuf~t l Bu{dae{{ an Eklalgdk{ dakfundac ~ fe`{~ {dx
uad~{ ~ feyef'>=== lr 5=== an ~ fe`{~ {dx uad~{ leren
bt ~oe Ne}`r~gea~ l @kklua~dac an Ida`ake!
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Lyer ~dge& gbd~dla{ an cl`f{ k`a ko`ace! Tlu g`t be {eehdac
~l dakre`{e tlur feyef l ex}er~d{e da ` }`r~dkuf`r `re`& lr tlu g`t
s`a~ ~l ko`ace ~oe ndrek~dla l tlur k`reer! Se o`ye ne{dcaen
r`ace l }rlcr`g{ ~o`~ sdff oef} tlu ce~ ~oe bu{dae{{ halsfencelr }rle{{dla`f `kkrend~`~dla tlu aeen ~l g`he ~ol{e ~r`a{d~dla{!
So`~eyer tlur b`khcrluan& Gla`{o Bu{dae{{ an Eklalgdk{
}rlcr`g{ sdff oef} tlu ~l ce~ soere tlu s`a~ ~l cl!
Soe~oer aes ~l ~oe slrhlrke lr ` {e`{laen }rle{{dla`f& ~oe
I`kuf~t l Bu{dae{{ an Eklalgdk{ ler{ cr`nu`~e }rlcr`g{ ~o`~
k`a be ~`dflren ~l tlur aeen{!
Lur klur{eslrh }rlcr`g{ re leren bl~o la `an l k`g}u{& sd~o
{lge nefdyeren da ` bfeanen glne! Sodf{~ l k`g}u{ fe`radac k`a
o`ye d~{ `ny`a~`ce{& se an ~o`~ ~oe {o`rdac l ex}erdeake{ ~orluco
nd{ku{{dla `an neb`~e da ~r`nd~dla`f kf`{{e{ k`a be ju{~ `{ y`fu`bfe
`{ ~oe }rlcr`g{ `k`negdk kla~ea~!
[lge klur{e{ dakfune ` re{e`rko {~re`g& sodko d{ ` }rerepud{d~e dtlu `re da~eandac ~l uaner~`he ` ]oN!
KLUR[ESLRH ]RLCR@G[
Koll{dac tlur G`{~er{ bt Klur{eslrh }rlcr`g^oe lfflsdac ~`bfe }rlydne{ `a lyerydes l ~oe `undeake klur{e{ `re dgen `~! ^od{ nle{ al~ aeke{{`rdft reiek~ ea~rt repudregea~{! Tlu `re `bfe
~l }}ft lr ea~rt da~l at klur{e tlu }reer& ne}eandac la ~oe ea~rt repudregea~{! Ea~rt repudregea~ ne~`df{ re }rlydnen la }`ce{ >;'>5!
Ex~ean tlur uanercr`nu ~e g`jlr/{$
^oe{e klur{e{ ler tlu ~oe l}}lr~uad~t ~l fe`ra
glre blu~ a re` tlu {}ekd`fd{en da nurdac tlur
uanercr`nu`~e {~unde{!
C`da aes ex}er~d{e
^oe{e klur{e{ ea`bfe tlu ~l c`da aes ex}er~d{e bt
{~untdac a re` l {}ekd`fd{`~dla al~ uaner~`hea da tlur
uanercr`nu`~e {~unde{!
@dgen `~ e rft k`reer }rle{{dla f{
/= 2 te`r{ slrh ex}erdeake$
G`{~er l Bu{dae{{
@ny`aken G`rhe~dac Dalrg`~dla ^ekoalflct
F`s an Re{}la{dbfe Bu{dae{{
Rd{h G`a`cegea~
[u}}ft Ko`da G`a`cegea~
Re{e`rko [}ekd`fd{`~dla
G`{~er l Bu{dae{{ /@kklua~dac$
G`{~er l Bu{dae{{ /[kdeake `an ^ekoalflct$
G`{~er l @}}fden Ida`ake
G`{~er l @}}fden Eklalge~rdk{
G`{~er l Bu{dae{{ Eklalgdk{
G`{~er l Eklalgdk{
G`{~er l ]ubfdk Oe`f~o /Oe`f~o Eklalgdk{ {}ekd`fd{`~dla$
G`{~er l @ny`aken G`rhe~dac
G`{~er l Bu{dae{{
Dalrg`~dla ^ekoalflct F`s an Re{}la{dbfe Bu{dae{{
G`rhe~dac
Rd{h G`a`cegea~
[u}}ft Ko`da G`a`cegea~
Re{e`rko [}ekd`fd{`~dla
G`{~er l Bu{dae{{ F`s
G`{~er l Nd}flg`kt `an ^r`ne
G`{~er l Da~era`~dla`f Bu{dae{{
G`{~er l ]rle{{dla f @kklua~dac
G`{~er l ]rle{{dla f @kklua~dac /@ny`aken$
G`{~er l Bu{dae{{ /B`ahdac an Ida`ake$
@dgen `~ ex}erdeaken
}rle{{dla`f{
/gda! 2 te`r{ slrh ex}erdeake$
G`{~er l Bu{dae{{ /@kklua~dac$
G`{~er l Bu{dae{{ /[kdeake `an ^ekoalflct$
G`{~er l @}}fden Ida`akeG`{~er l @}}fden Eklalge~rdk{
G`{~er l Bu{dae{{ Eklalgdk{
G`{~er l ]ubfdk Oe`f~o /Oe`f~o Eklalgdk{ {}ekd`fd{`~dla$
G`{~er l Oug`a Re{lurke{ G`a`cegea~
G`{~er l G`a`cegea~
G`{~er l ]ubfdk ]lfdkt an G`a`cegea~
G`{~er l @ny`aken G`rhe~dac
GB@ /5( te`r{ slrh ex}erdeake$
G`{~er l Bu{dae{{ F`s
G`{~er l Nd}flg`kt `an ^r`ne
G`{~er l Da~era`~dla`f Bu{dae{{G`{~er l Oug`a Re{lurke{ G`a`cegea~
G`{~er l G`a`cegea~
G`{~er l ]ubfdk ]lfdkt an G`a`cegea~
G`{~er l G`rhe~dac
G`{~er l ]rle{{dla f @kklua~dac
G`{~er l ]rle{{dla f @kklua~dac /@ny`aken$
GB@ /5( te`r{ slrh ex}erdeake$
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KLUR[ESLRH ]RLCR@G[
G`{~er l Bu{dae{{^oe G`{~er l Bu{dae{{ d{ `a danu{~rt'lku{en& iexdbfe l}~dla da
}l{~cr`nu`~e {~unde{& sodko d{ {}ekdk`fft ne{dcaen lr e`rft k`reer}rle{{dla`f{ sol sd{o ~l reae ~oedr bu{dae{{ {hdff{ `an `ny`ake ~l
~oe aex~ {~`ce da ~oedr k`reer! Sd~o ` {~rlac eg}o`{d{ la }er{la`f
neyefl}gea~ `an ` iexdbfe }rlcr`g {~ruk~ure& tlu `re `bfe ~l budfn `
}er{la`fd{en bu{dae{{ necree& sd~o ~oe l}~dla ~l {}ekd`fd{e da lae l
{dx re`{!
Tlu g`t be ` cr`nu ~e rlg `al~oer nd{kd}fdae sol sd{oe{ ~l
neyefl} klg}reoea{dye bu{dae{{ {hdff{& ed~oer ~l ea~er ~oe klr}lr`~e
eaydrlagea~ lr }rlcre{{ ~l g`a`cegea~ sd~oda tlur efn& lr `
bu{dae{{ cr`nu`~e {eehdac ~l neyefl} `an ex~ean tlur {hdff{ da `
{}ekdk nd{kd}fdae!
^oe }rlcr`g repudre{ klg}fe~dla l {dx klre uad~{ l sodko lur
`re rlg `glac ~oe g`jlr bu{dae{{ nd{kd}fdae{ uaner}daadac ~oe
}rlcr`g{ fe`radac lu~klge{& an ~sl re rlg ~oe `re`{ l }er{la`f
neyefl}gea~& klr}lr`~e re{}la{dbdfd~t `an bu{dae{{ e~odk{! ^oe {dx
efek~dye uad~{ ea`bfe tlu ~l ~`dflr ~oe klur{e ~l tlur aeen{& sd~o `a
l}~dla l dakfundac ` ne{dca`~en {}ekd`fd{`~dla da {efek~en `re`{ l
kla~eg}lr`rt dg}lr~`ake! oe lfflsdac {}ekd`fd{`~dla{& ne~ergdaen
bt g`rhe~ neg`an an reiek~dac egercdac ~rean{& `re kurrea~ft
leren:
@ny`aken g`rhe~dac /lr ~ol{e sd~o ` g`rhe~dac g`jlr da ~oedr
uanercr`nu`~e necree$
Dalrg`~dla ~ekoalflct
F`s `an re{}la{dbfe bu{dae{{
G`rhe~dac /lr ~ol{e sd~olu~ ` g`rhe~dac g`jlr da ~oedr
uanercr`nu`~e necree$
Rd{h g`a`cegea~
[u}}ft ko`da g`a`cegea~
Klur{e Lyerydes
Bu{dae{{
^od{ }rlcr`g }rlydne{ {~unea~{ sd~o:
`a `ny`aken feyef l `~~rdbu~e{ da srd~~ea `an lr`f
klgguadk`~dla& dalrg`~dla fd~er`kt& {ef ndrek~dla& ~e`gslrh&
cflb`f lu~fllh& glr`f an {lkd`f re{}la{dbdfd~t& kurdl{d~t an
kre`~dyd~t
`a uaner{~`andac l kla~eg}lr`rt d{{ue{ sd~oda ~oe y`rdlu{
nd{kd}fdae{ l flk`f `an cflb`f bu{dae{{
halsfence `an {hdff{ `{{lkd`~en sd~o uaner{~`andac `an
`}}ftdac bu{dae{{ ~oelrt& klake}~{ an }r`k~dke flk`fft&recdla`fft& da~era`~dla`fft `an cflb`fft
~oe k`}`kd~t ~l da~er}re~ an klgguadk`~e re{e`rko andac{8
`an `ny`aken `a`ft~dk`f {hdff{!
Ilur uad~{
rlg ~oe g`jlr
bu{dae{{
nd{kd}fdae{
^sl uad~{
rlg }er{la`f
neyefl}gea~
`an bu{dae{{
e~odk{
[dx efek~dye
uad~{& u} ~l ~sl
g`t be rlg
l~oer `kuf~de{
[dx uad~{
{efek~en rlg
lae l ~oe{}ekd`fd{`~dla{
G`{~er l
Bu{dae{{
G`{~er l
Bu{dae{{/{}ekd`fd{`~dla$
LR LR
@re`{ l [}ekd`fd{`~dla
@ny`aken g`rhe~dac
^oe `ny`aken g rhe~dac {}ekd`fd{`~dla `ffls{ tlu ~l budfn la ~oe
g`rhe~dac g`jlr da tlur r{~ necree sd~o {dx g`rhe~dac uad~{ ~o`~
ex~ean an brl`nea g`rhe~dac halsfence! oe{e dakfune ny`aken
uad~{ da kla~eg}lr`rt d{{ue{ da g`rhe~dac& bu{dae{{ re{e`rko
ge~oln{& buter beo`ydlur an g`rhe~dac klgguadk`~dla!
Dalrg`~dla ~ekoalflct
^oe dalrg`~dla ~ekoalflct {}ekd`fd{`~dla `ffls{ tlu ~l budfn u}la
~oe klre }rlcr`g sd~o {dx uad~{ ne`fdac sd~o kurrea~ }r`k~dke{ `an
egercdac {~r`~ecde{ lr ~oe `}}fdk`~dla l dalrg`~dla ~ekoalflct
da bu{dae{{ g`a`cegea~! Tlu re da~rlnuken ~l g`a`cegea~ l
~oe kre`~dla& {~lr`ce& rek`ff an nd{{egda`~dla l bu{dae{{ reklrn{
sd~oda lrc`ad{`~dla'sdne r`geslrh{ `an ~oet sdff c`da ` odco feyef luaner{~`andac l ~oe }rlke{{e{ l }rljek~ g`a`cegea~!
F`s an re{}la{dbfe bu{dae{{
Recuf`~lrt d{{ue{ klg}rd{e `a dg}lr~`a~ }`r~ l ~oe bu{dae{{
eaydrlagea~! Uad~{ da ~od{ {}ekd`fd{`~dla }rlydne tlu sd~o `a
uaner{~`andac l ols fec`f `an {lkd`f re{}la{dbdfd~t kla{dner`~dla{
dg}`k~ u}la bu{dae{{ nekd{dla'g`hdac!
G`rhe~dac
^oe g`rhe~dac {}ekd`fd{`~dla `ffls{ tlu ~l budfn la ~oe g`rhe~dac
g`jlr da tlur r{~ necree sd~o { dx g`rhe~dac uad~{ ~o`~ dakfune `
luan`~dla uad~ da g`rhe~dac& `an ` r`ace l uad~{ ~o`~ klyer ~oe
kea~r`f klake}~{ rlg g`rhe~dac! ^oe{e dakfune buter beo`ydlur&
da~ecr`~en g`rhe~dac klgguadk`~dla& g`rhe~dac re{e`rko an`{{e{{dac g`rhe~dac }erlrg`ake!
Rd{h g`a`cegea~
^oe rd{h g`a`cegea~ {}ekd`fd{`~dla `ffls{ tlu ~l budfn u}la ~oe klre
}rlcr`g sd~o {dx uad~{ ne`fdac sd~o kurrea~ }r`k~dke{ `an egercdac
{~r`~ecde{ lr ~oe `}}fdk`~dla l ea~er}rd{e sdne rd{h g`a`cegea~
/ESRG$ da ~oe klg}fex bu{dae{{ {~ruk~ure{ l ~ln`t! [~unea~{ re
da~rlnuken ~l ~oe f`~e{~ ~ekoadpue{ `an }r`k~dke{ ~o`~ `ffls ~oe
g`a`cegea~ l rd{h ~l be ` y`fue nrdyer lr bu{dae{{ }rl{}erd~t `an
{urydy`f yd` ex`gda`~dla l D[L;0===& ~oe da~era`~dla`f {~`an`rn lr
rd{h g`a`cegea~!
[u}}ft ko`da g`a`cegea~
^oe {u}}ft ko`da g`a cegea~ {}ekd`fd{`~dla ffls{ tlu ~l budfnu}la ~oe klre }rlcr`g sd~o {dx uad~{ ne`fdac sd~o kurrea~ }r`k~dke{
`an egercdac {~r`~ecde{ lr dg}rlydac {u}}ft ko`da }erlrg`ake! ^oe
{ubjek~{ k`a }rlydne ` lku{ la ed~oer ~oe {~r`~ecdk g`a`cegea~ l
{u}}ft ko`da{ lr la ~oe ne{dca `an l}~dgd{`~dla l {u}}ft ko`da{!
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La'k`g}u{&
K`ufiefn
G`{~er l Bu{dae{{
; {ege{~er{ uff'~dge& 9 {ege{~er{ }`r~'~dge
@dgen ~ E`rft k`reer }rle{{dla`f{
Klur{e klne ;?>>
Ea~rt
repudregea~{@a @u{~r`fd`a b`koeflr necree lr `a epudy`fea~ pu`fdik ~dla&
lr `a exeku~dye ker~dik`~e `s`rnen bt ~oe I`kuf~t l
Bu{dae{{ `an Eklalgdk{& `an ` Sedco~en @yer`ce G`rh
/S@G$ l 55% lr `a epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$
`{ ne~ergdaen bt ~oe `kuf~t!
@}}fdk`a~{ sdff be r`ahen an {efek~en b`{en la ~oedr ea~dre
`k`negdk reklrn!
Klur{e
{~ruk~ure
02 uad~{
9 klre uad~{
9 efek~dye uad~{
9 uad~{ rlg ~oe `re` l {}ekd`fd{`~dla lr efek~dye{:
> klre uad~{ rlg ~oe lfflsdac:
F`s `an bu{dae{{ nekd{dla{
Eklalgdk{
Bu{dae{{ `an eklalgdk {~`~d{~dk{
@kklua~dac lr bu{dae{{
G`a`cdac }el}fe `an lrc`ad{`~dla{
G`rhe~dac `an ~oe da~era`~dla`f kla{uger*
@ny`aken g`rhe~dac klgguadk`~dla**
* ^od{ uad~ {olufn al~ be ~`hea bt {~unea~{ da~eandac ~l klg}fe~e ~oe
@ny`aken G rhe~dac {}ekd fd{`~dla an k aal~ be klua~en ~ls`rn{
~oe klg}fe~dla l ~od{ {}ekd fd{`~dla!
**^od{ uad~ d{ laft `y`df bfe ~l {~unea~{ sol o`ye klg}fe~en
~oe {}ekdien uad~ }rerepud{d~e lr sol o`ye klg}fe~en `a
uanercr`nu`~e g`jlr da g`rhe~dac!
0 klre uad~ rlg ~oe lfflsdac:
]er{la`f neyefl}gea~ krd~dk`f ~odahdac `an klgguadk`~dla
]er{la`f neyefl}gea~ g`a`cdac {ef `an ref`~dla{od}{
0 klre uad~ rlg ~oe lfflsdac:
Bu{dae{{ e~odk{ da ` cflb`f eaydrlagea~
Klr}lr`~e {lkd`f re{}la{dbdfd~t
]fu{ ` ur~oer 9 efek~dye{:
[dx uad~{ {efek~en `kklrndac ~l {}ekd`fd{`~dla& lr {dx uad~{&
`~ fe`{~ lur l sodko gu{~ be rlg ~oe I`kuf~t l Bu{dae{{
`an Eklalgdk{& {ubjek~ ~l klur{e kllrnda`~lr `}}rly`f!
[}ekd`fd{`~dla
/9 uad~{$ da 0 l 9
`re`{
@ny`aken g`rhe~dac*
^oe lfflsdac > uad~{:
Kla~eg}lr`rt d{{ue{ da g`rhe~dac
@ny`aken bu{dae{{ re{e`rko ge~oln{
@ny`aken buter beo ydlur
@ny`aken g`rhe~dac klgguadk`~dla
]fu{ 2 uad~{ leren bt ~oe Ne}`r~gea~ l G`rhe~dac!
Al~ `ff g`rhe~dac uad~{ k`a be klua~en ~ls`rn ~oe
@ny`aken g`rhe~dac {}ekd`fd{`~dla! [~unea~{ `re `nyd{en ~l
{}e`h ~l ` klur{e kllrnda`~lr }rdlr ~l {efek~dac uad~{!* @}}fdk`a~{ }f aadac ~l uaner~`he ~oe @ny`aken g`rhe~dac
{}ekd fd{`~dla repudre ` g`jlr da g`rhe~dac!
Dalrg`~dla ~ekoalflct
9 l ~oe lfflsdac:
]rljek~ g`a`cegea~
e'Bu{dae{{
D^ lr g`a`cegea~ nekd{dla g`hdac
Ea~er}rd{e {t{~eg{
D^ {~r`~ect an clyera`ake
G`a`cdac bu{dae{{ reklrn{
[erydke{ {kdeake
N`~`b`{e {t{~eg{ ne{dca
Dalrg`~dla ~ekoalflct g`a`cegea~
F`s `an re{}la{dbfe bu{dae{{
9 l ~oe lfflsdac:
Bu{dae{{ f`s
F`s `an bu{dae{{ nekd{dla{
F`s `an cflb`f bu{dae{{ nekd{dla{
Klr}lr`~e clyera`akeOR g`a`cegea~ f`s
^ x`~dla f s
Klr}lr`~e eaydrlagea~`f re{}la{dbdfd~t
G`rhe~dac f`s
G`rhe~dac
9 l ~oe lfflsdac:
G`rhe~dac `an ~oe da~era`~dla`f kla{uger
G`rhe~dac daaly`~dla `an }f`aadac
@{{e{{dac g`rhe~dac }erlrg`ake
Da~ecr`~en g`rhe~dac klgguadk`~dla
Da~era`~dla`f g`rhe~dac
[u{~`da`bfe g`rhe~dac
G`rhe~dac re{e`rko
Ref`~dla{od} g`rhe~dac
^oelrt `an }rlke{{ l buter beo`ydlur
Rd{h g`a`cegea~
9 l ~oe lfflsdac:
D{{ue{ da rd{h g`a`cegea~
K`{e {~unde{ da rd{h g`a`cegea~
]rdakd}fe{ l rd{h ~r`a{er
Da~rlnuk~dla ~l rd{h }rdakd}fe{
Rd{h ia`akdac `an ~re`{urt g`a`cegea~
Da{ur`ake f`s lr klr}lr`~e da{ur`ake }rlcr`g{
F`s `an bu{dae{{ nekd{dla{
Pu`a~d~`~dye ge~oln{ lr rd{h `a`ft{d{
[u}}ft ko`da g`a`cegea~
9 l ~oe lfflsdac:
@ny`aken {u}}ft ko da g`a cegea~
[u}}ft ko`da g`a`cegea~
Iufifgea~ `an lrner g`a`cegea~
Bu{dae{{ }rlke{{ glneffdac& ne{dca `an {dguf`~dla
Re'eacdaeerdac ~oe lrc`ad{`~dla
e'bu{dae{{
[erydke{ `an l}er`~dla{ g`a`cegea~
G`a`cdac daaly`~dla
[u{~`da`bfe l}er`~dla{ `an {u}}ft ko`da g`a`cegea~
lr {dx efek~dye{ Ilur l ~oe{e uad~{ gu{~ be rlg ~oe I`kuf~t l Bu{dae{{
`an Eklalgdk{ `an 2 uad~{ g`t be rlg l~oer `kuf~de{
sd~oda Gla`{o Uadyer{d~t!
^oe G`{~er l Bu{dae{{ k`a be klgbdaen sd~o l~oer g`{~er{
necree{& ea`bfdac tlu ~l cr`nu`~e sd~o ~sl g`{~er{ necree{:
G`{~er l Bu{dae{{ ,G`{~er l ]rle{{dla`f @kklua~dac
/}`ce ;9$
G`{~er l Jlura`fd{g,G`{~er l Bu{dae{{ /}`ce ;3$
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KLUR[ESLRH ]RLCR@G[
Cr`nu`~e Nd}flg` da Bu{dae{{^oe Cr`nu`~e Nd}flg` da Bu{dae{{ d{ ne{dcaen lr {~unea~{ sol sd{o
~l ex~ean ~oedr halsfence da ceaer`f bu{dae{{ }rdakd}fe{ `an }r`k~dke!^oe }rlcr`g d{ iexdbfe da {~ruk~ure& `fflsdac tlu ~l ~`he ` augber
l brl`n bu{dae{{ uad~{& lr ~l ~`he ` {epueake l uad~{ ref`~dac ~l `
{}ekdk nd{kd}fdae!
La'k`g}u{&
K`ufiefn lr
l'k`g}u{
Cr`nu`~e Nd}flg` da Bu{dae{{
2 {ege{~er{ uff'~dge& > {ege{~er{ }`r~'~dge
Klur{e klne ;?>?
Ea~rt
repudregea~{
@a @u{~r`fd`a b`koeflr necree lr `a epudy`fea~ pu`fdik ~dla&
lr `a exeku~dye ker~dik`~e `s`rnen bt ~oe I`kuf~t l
Bu{dae{{ `an Eklalgdk{& `an ` Sedco~en @yer`ce G`rh
/S@G$ l 55% lr `a epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$
`{ ne~ergdaen bt ~oe `kuf~t!
@}}fdk`a~{ sdff be r`ahen an {efek~en b`{en la ~oedr ea~dre`k`negdk reklrn!
Klur{e
{~ruk~ure
? uad~{
@ gdadgug l 9 uad~{ re ~`hea rlg ~oe I`kuf~t l Bu{dae{{
`an Eklalgdk{! [~unea~{ da~eandac ~l `r~dkuf`~e da~l `
klur{eslrh g`{~er{ necree {olufn dakfune `~ fe`{~ > klre
uad~{ rlg ~oe refey`a~ g`{~er{ necree ~l ea{ure uff krend~!
[~unea~{ {olufn kla{uf~ ~oe klur{e kllrnda`~lr rec`rndac
{}ekdik koldke l uad~{!
Bu{dae{{
Cr`nu`~e Ker~dk`~e da Bu{dae{{^od{ lur'uad~ klur{e g`t be uaner~`hea `{ ` {~`an' flae `s`rn lr
`{ ` }`~os`t ~l ` cr`nu`~e nd}flg` lr g`{~er{ necree! D~ d{ ne{dcaen~l ea`bfe tlu ~l ex}erdeake `a da~rlnuk~dla ~l ` y`rde~t l bu{dae{{
nd{kd}fdae{& lr ~l ~`dflr tlur uad~ {efek~dla ~l ` {}ekdk `re` l da~ere{~!
[~unea~{ sol {ukke{{ufft klg}fe~e ~oe Cr`nu`~e Ker~dk`~e da
Bu{dae{{ sd~o ` gdadgug l ` krend~ `yer`ce /9=%$ g`t be efdcdbfe
lr `ngd{{dla ~l ` g`{~er{ }rlcr`g sd~oda ~oe I`kuf~t l Bu{dae{{
`an Eklalgdk{!
La'k`g}u{&
K`ufiefn lr
l'k`g}u{
Cr`nu`~e Ker~dik`~e da Bu{dae{{
0 {ege{~er uff'~dge& 2 {ege{~er{ }`r~'~dge
Klur{e klne 0934
Ea~rt
repudregea~{
@a @u{~r`fd`a b`koeflr necree lr `a epudy`fea~ pu`fdik ~dla
`an ` Sedco~en @yer`ce G`rh /S@G$ l 55% lr `aepudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt ~oe
`kuf~t!
@}}fdk`a~{ sdff be r`ahen an {efek~en b`{en la ~oedr ea~dre
`k`negdk reklrn!
Klur{e
{~ruk~ure> uad~{
[~unea~{ klg}fe~e `at lur cr`nu`~e feyef uad~{ rlg ~oe
I`kuf~t l Bu{dae{{ `an Eklalgdk{!
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G`{~er l Bu{dae{{/[kdeake `an ^ekoalflct$[kdeake d{ ` g`jlr nrdyer l eklalgdk crls~o `an neyefl}gea~!
@u{~r`fd` `an l~oer klua~rde{ da ~oe @{d`'] kdk recdla `re fe`ner{ da
{kdea~dk re{e`rko bu~ `ff beodan da klayer~dac re{e`rko nd{klyerde{
da~l eklalgdk se`f~o! ^od{ {}ekd`fd{`~dla `dg{ ~l `{{d{~ {~unea~{ sd~o
` {kdeake lr ~ekoalflct b`khcrluan ~l klggerkd`fd{e fe`ndac ence
gendk`f& {kdea~dk `an re{e`rko }rljek~{! ^od{ klur{e d{ epudy`fea~ ~l
~oree {ege{~er{ l {~unt `an g`t be ~`hea ed~oer da da~ea{dye glne
da lae te`r& uff'~dge da lae `an ` o`f te`r{ lr }`r~'~dge! Iee{ `re
k`fkuf`~en `~ lae `an ` o`f ~dge{ ~oe `aau`f `yer`ce ee!
^oe klur{e d{ leren bt ~oe Ne}`r~gea~ l G`a`cegea~& sodko
slrh{ sd~o {kdea~d{~{& {~unea~{ `an bu{dae{{ }el}fe ~orlucolu~ ~oe
@{d`']`kdk recdla la ~oe ~r`a{lrg`~dla l {kdeake da~l se`f~o! ^oe
Ne}`r~gea~ rua{ ~oe alyef klre uad~ soere tlu `re eac`cen da `
te`r'flac& re`f slrfn klggerkd`fd{`~dla }rljek~!
^od{ klur{e }rlydne{ tlu sd~o ~oe halsfence ~l slrh { `a
ea~re}reaeur an g`a`cer da {kdeake'b`{en {~`r~'u} klg}`ade{& da
{kdeake }lfdkt neyefl}gea~& da }rljek~ g`a`cegea~ an kla{uf~dac&
`an da re{e`rko an neyefl}gea~ g`a`cegea~!
La'k`g}u{&
K`ufiefn
G`{~er l Bu{dae{{ /[kdeake `an ^ekoalflct$
; {ege{~er{ uff'~dge& 9 {ege{~er{ }`r~'~dge
K`a be ~`hea da da~ea{dye glne /uff'~dge lyer 0 k`fean`r
te`r& Iebru`rt da~`he laft$!
@dgen ~ E`rft k`reer lr ex}erdeaken }rle{{dla`f{ sd~o ` {kdeake lr
~ekoalflct b`khcrluan
Klur{e klne ;?>=
Ea~rt
repudregea~{@a @u{~r`fd`a b`koeflr necree lr `a epudy`fea~ pu`fdik ~dla
sd~o ` g`jlr da {kdeake lr ~ekoalflct `an ` Sedco~en
@yer`ce G`rh /S@G$ l 9=% lr `a epudy`fea~ Cr`ne ]lda~
@yer`ce /C]@$ `{ ne~ergdaen bt ~oe kuf~t!
@}}fdk`a~{ sdff be r`ahen an {efek~en b`{en la ~oedr ea~dre
`k`negdk reklrn!
Klur{e
{~ruk~ure
0= uad~{ /02 uad~ epudy`fea~$
Edco~ 9'}lda~ uad~{
sl 02'}lda~ uad~{
Aes yea~ure ia`ake
F`s `an bu{dae{{ nekd{dla{
Eklalgdk{
Klggerkd`fd{`~dla }rljek~ /02 }lda~{$
]`~os`t{ rlg {kdeake ~l se`f~o /02 }lda~{$
]er{la`f neyefl}gea~ g`a`cdac {ef `an ref`~dla{od}{
@kklua~dac lr bu{dae{{
]`~ea~dac lr klggerkd`fd{`~dla
Iluan`~dla{ l g`rhe~dac
G`a`cdac daaly`~dla
Efek~dye uad~{ cdye tlu ~oe l}}lr~uad~t ~l {efek~ uad~{ rlg
`al~oer `kuf~t! Tlu g`t be `bfe ~l eao`ake tlur necree bt
klg}fe~dac uad~{ da `re`{ {uko `{:
Dalrg`~dla ^ekoalflct
F`s
Bu{dae{{ [t{~eg{
]rljek~ G`a`cegea~
Fe`ner{od}
Tlu {olufn kla{uf~ sd~o tlur klur{e kllrnda`~lr soea {efek~dac
efek~dye uad~{!
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KLUR[ESLRH ]RLCR@G[
G`{~er l Bu{dae{{ F`s*Da ~oe }`{~ nek`ne& d{{ue{ {uko `{ cflb`fd{`~dla& rd{h g`a`cegea~&
klg}fd`ake an nerecuf`~dla o`ye re{uf~en da uan`gea~`fko`ace{ ~l klayea~dla`f k`reer l}}lr~uad~de{ da bl~o ~oe bu{dae{{
`an clyeragea~ {ek~lr{! D~ d{ ~oerelre `a `ny`a~`ce lr g`at
}rle{{dla`f{ ~l o`ye halsfence `an uaner{~`andac l ~oe fec`f
`{}ek~{ l bu{dae{{ `an ~`x`~dla d{{ue{! ^oe neyefl}gea~ l fec`f&
`a`ft~dk`f `an srd~dac {hdff{ d{ `f{l beklgdac dakre`{dacft dg}lr~`a~ da
}rle{{dla`f bu{dae{{ }r`k~dke!
^oe G {~er l Bu{dae{{ F`s d{ a edco~'uad~ }rlcr`g ne{dcaen lr
{~unea~{ sol `re {eehdac ` }l{~cr`nu`~e `}}fden bu{dae{{ f`s
pu`fdk`~dla! ^od{ klur{e d{ l ndrek~ refey`ake ~l ~ol{e daylfyen
da }rle{{dla`f }r`k~dke lr l~oer `nyd{lrt rlfe{ da ~oe }rdy`~e lr
clyeragea~ {ek~lr{& soere halsfence l klggerkd`f f`s `an ~oe fec`f
eaydrlagea~ d{ aeke{{`rt! ^oe klur{e sdff eao`ake refey`a~ {hdff{ lr
{~unea~{ {eehdac }f`kegea~{ da fec`f& klggerkd`f `an clyeragea~`frecuf`~lrt `an klg}fd`ake }l{d~dla{ `atsoere da ~oe slrfn!
^oe G`{~er l Bu{dae{{ F`s g`t be klgbdaen sd~o l~oer g`{~er{
necree{& ea`bfdac tlu ~l cr`nu`~e sd~o ~sl g`{~er{ necree{:
G`{~er l Bu{dae{{ /@kklua~dac$,G`{~er l Bu{dae{{ F`s
/}`ce ;>$
G`{~er l ]rle{{dla`f @kklua~dac,G`{~er l Bu{dae{{ F`s
/}`ce ;5$
Ne}eandac la uad~{ uaner~`hea& tlu g`t efek~ ~l klg}fe~e ~oe
G`{~er l Bu{dae{{ F`s& sd~o {dcadk`a~ krend~& `~er klg}fe~dla l
`al~oer g`{~er{ necree! ^od{ l}~dla d{ laft {ud~`bfe lr {lge klur{e{
`an kla{uf~`~dla sd~o ~oe klur{e kllrnda`~lr d{ reklggeanen!
La'k`g}u{&
K`ufiefn
G`{~er l Bu{dae{{ F`s
2 {ege{~er{ uff'~dge
@dgen ~ E`rft k`reer lr ex}erdeaken }rle{{dla`f{ {eehdac ~l c`da
aes ex}er~d{e
Klur{e klne ;054
Ea~rt
repudregea~{@a @u{~r`fd`a b`koeflr necree lr `a epudy`fea~ pu`fdik ~dla&
lr `a exeku~dye ker~dik`~e `s`rnen bt ~oe I`kuf~t l
Bu{dae{{ `an Eklalgdk{& `an ` Sedco~en @yer`ce G`rh
/S@G$ l 55% lr `a epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$
`{ ne~ergdaen bt ~oe `kuf~t!
@}}fdk`a~{ sdff be r`ahen an {efek~en b`{en la ~oedr ea~dre
`k`negdk reklrn!
Klur{e
{~ruk~ure
? uad~{
^oe lfflsdac 2 uad~{:
F`s `an bu{dae{{ nekd{dla{
Ida`f re{e`rko }rljek~
]fu{ > uad~{ {efek~en rlg ~oe lfflsdac:
Slrh}f`ke ~`x`~dla
Daye{~gea~ ~`x`~dla
Klr}lr`~e clyera`ake
Klg}`r`~dye bu{dae{{ f`s da @{d`
F`blur ref`~dla{ f`s
Slrh}f`ke aecl~d`~dla{
Clln clyera`ake `an `kklua~`bdfd~t da ala'}rli~ `an {lkd`f
ea~er}rd{e{
Klr}lr`~e eaydrlagea~`f re{}la{dbdfd~t
Da~effek~u`f }rl}er~t f`s{
Da~era`~dla`f f`s `an }lfdkt
F`s l g`rhe~dac
^oe cflb fd{`~dla l f`s an neyefl}gea~ da @{d`
Kodae{e bu{dae{{ f`s
Ida`akd`f {erydke{ recuf`~dla
Da~era`~dla`f ~r`ne f`s
Oug`a re{lurke g`a`cegea~ f`s
Bu{dae{{ f`s
^ x`~dla f s /}rerepud{d~e lr ~`x ~dla uad~{$
Da{ur`ake f`s
Efek~dye{ U} ~l 2 l~oer efek~dye uad~{ g`t be kol{ea rlg ~ol{eleren bt ~oe ne}`r~gea~ lr l~oer ne}`r~gea~{ da ~oe
I`kuf~t l Bu{dae{{ `an Eklalgdk{! Efek~dye{ g`t be
kol{ea rlg `al~oer `kuf~t l Gla`{o Uadyer{d~t sd~o ~oe
`}}rly`f l ~oe klur{e kllrnda`~lr!
Bu{dae{{
* ^od{ klur{e nle{ al~ pu`fdt tlu ~l `k~ `{ ` {lfdkd~lr lr b`rrd{~er!
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G`{~er l Nd}flg`kt `an ^r`ne^oe G {~er l Nd}flg kt `an r`ne d{ ne{dcaen ~l gee~ ~oe ~r`dadac
`an }rle{{dla`f neyefl}gea~ aeen{ l ~ol{e sol `re da ~oe efn{ lda~era`~dla`f ~r`ne& nd}flg`kt& eklalgdk{& da~era`~dla`f neyefl}gea~&
da~era`~dla`f f`s `an kla~eg}lr`rt }lfd~dk{! ^oe }rlcr`g }rlydne{
lrg`f `k`negdk {~unt `krl{{ ` r`ace l nd{kd}fdae{ refey`a~ ~l ~oe
aeen{ l lrc`ad{`~dla{ l}er`~dac da ~oe cflb`f eaydrlagea~!
^oe }rlcr`g {ud~{ ~oe aeen{ l dandydnu f{ slrhdac lr {eehdac ~l slrh
da ~oe clyeragea~ {ek~lr eac`cen da ~oe dg}fegea~`~dla `an }rlyd{dla
l }lfdkt `nydke da ~oe `re`{ l lredca ``dr{& ~r`ne& da~era`~dla`f
neyefl}gea~ `an bu{dae{{ ref`~en d{{ue{! Da ~oe }rdy`~e {ek~lr& ~oe
klur{e d{ ne{dcaen lr dandydnu`f{ sol `re l}er`~dac& lr {eehdac ~l
slrh& da `a da~era`~dla`f k`}`kd~t da bl~o ~oe klr}lr`~e lr ACL {ek~lr!
K`reer l}}lr~uad~de{
^oe }rlcr`g }re}`re{ tlu ~l ur~oer tlur k`reer da ~oe nd}flg`~dk{erydke `{ seff `{ da da~era`~dla`f lrc`ad{`~dla{& clyeragea~
ne}`r~gea~{& ACL{ `an guf~da`~dla`f klr}lr`~dla{ soere `a
uaner{~`andac l da~era`~dla`f ref`~dla{& }lfd~dk{& eklalgdk{ `an ~r`ne
`re e{{ea~d`f!
^oe }rlcr`g }}e`f{ ~l dandydnu`f{ sol }re{ea~ft slrh& lr da~ean ~l
slrh& da ~oe lfflsdac `re`{:
Clyeragea~ {ek~lr Nd}flg`~dk& ~r`ne& `an l~oer ne}`r~gea~`f
{~` slrhdac da clyeragea~ `an daylfyen da ~oe dg}fegea~`~dla `an
}rlyd{dla l }lfdkt `nydke da ~oe `re`{ l lredca ``dr{& ~r`ne `an
eklalgdk d{{ue{ `an da~era`~dla`f neyefl}gea~!
Ala'clyeragea~ lrc`ad{`~dla{ /ACL{$ Dandydnu`f{ sol slrh da
ala'clyeragea~ lrc`ad{`~dla{ da ~oe `re` l da~era`~dla`f neyefl}gea~`an repudre ` cre`~er da{dco~ `an uaner{~`andac l ~oe da~era`~dla`f
eaydrlagea~ `an d~{ eek~ la ~oe slrh ~oet {eeh ~l `ngdad{~er!
Ala'clyeragea~ {ek~lr Dandydnu`f{ slrhdac da ~oe klr}lr`~e
eaydrlagea~ `an sol `re }`r~dkuf`rft daylfyen da da~era`~dla`f
l}er`~dla{,g`a`cegea~ soere ` cre`~er uaner{~`andac l ~oe
da~era`~dla`f }lfd~dk`f& eklalgdk `an ~r`ne d{{ue{ ~o`~ k`a }l~ea~d`fft
`ek~ ~oedr bu{dae{{ eaydrlagea~ d{ repudren!
Re{e`rko }`~os`t
[~unea~{ sd{odac ~l uaner~`he ` re{e`rko }`~os`t sdff klg}fe~e ~oe
lfflsdac uad~{ `{ ` }`r~ l ~oedr efek~dye {~ruk~ure:
Da~rlnuk~lrt g`a`cegea~ re{e`rko ge~oln{
Re{e`rko re}lr~ /da~rlnuk~dla$
Re{e`rko re}lr~!
Gdadgug cr`ne{ `}}ft! Ilr glre dalrg`~dla la re{e`rko necree ea~rt
repudregea~{ }fe`{e {ee }`ce 5!
La'k`g}u{&
K`ufiefn lr
l'k`g}u{
G`{~er l Nd}flg`kt `an ^r`ne
; {ege{~er{ uff'~dge& 9 {ege{~er{ }`r~'~dge
@dgen ~ E`rft k`reer lr ex}erdeaken }rle{{dla`f{ {eehdac ~l c`da
aes ex}er~d{e
Klur{e klne 29>;
Ea~rt
repudregea~{
@a @u{~r`fd`a b`koeflr necree lr `a epudy`fea~ pu`fdik ~dla
`an ` Sedco~en @yer`ce G`rh /S@G$ l 55% lr `a
epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt
~oe `kuf~t!
@}}fdk`a~{ sdff be r`ahen an {efek~en b`{en la ~oedr ea~dre
`k`negdk reklrn!
Klur{e
{~ruk~ure
02 uad~{
9 klre uad~{
9 efek~dye uad~{
9 klre uad~{:
]rl{}erd~t& }lyer~t `an {u{~`da`bdfd~t da ` cflb`fd{en slrfn
Klg}`r`~dye recdla`fd{g
Da~era`~dla`f f`s `an }lfdkt
Da~era`~dla`f ~r`ne }lfdkt
Da~era`~dla`f da{~d~u~dla{ `an lrc`ad{`~dla{
Nd}flg`kt `an {~`~ekr`~
Efek~dye{ [dx uad~{ 2 l ~oe{e efek~dye{ g`t be rlg l~oer `kuf~de{
l Gla`{o Uadyer{d~t! @ re{e`rko }`~os`t d{ `y`df`bfe sd~o~oe `}}rly`f l ~oe klur{e kllrnda`~lr!
Nd}flg`kt `an ^r`ne klgbdae{ `a
ex}flr`~dla l ~oelre~dk`f `an }r`k~dk`f
`}}rl`koe{ ~l da~era`~dla`f ~r`ne sd~o
` brl`ner nd{ku{{dla la ~oe ko`ffeace{
l }lfdkt g`hdac& {~`~ekr`~ `an
da~era`~dla`f ref`~dla{! ^oe klur{eslrh
s`{ l~ea ko`ffeacdac& bu~ ea~dreft
g`a`ce`bfe! Gla`{o }u{oe{ {~unea~{ ~l
cr`{} klake}~{ `an dne`{& r`~oer ~o`a ~l
geglrd{e `an recurcd~`~e `k~{ `an ~o`~g`he{ lr ` slrhfl`n ~o`~ d{ `{ nee} `an
eac`cdac `{ tlu s`a~ d~ ~l be! Nd{ku{{dla{
sd~o effls {~unea~{ `an `kuf~t& klanuk~en
`{ }`r~ l eyert kf`{{ ler ` ko`ake
~l re`fft ex}flre dne`{ `an klake}~{&
` }rdydfece lae r`reft ex}erdeake{ da ` f`rce
uanercr`nu`~e eaydrlagea~! ^oe Nd}flg`kt
`an ^r`ne klur{e al~ laft c`ye ge ~oe
~llf{ `an krenea~d`f{ D aeenen ~l
}u~ u} ` {ukke{{uf k`andn`kt lr gt
kurrea~ }l{d~dla& bu~ o`{ `f{l }rlyea
day`fu`bfe da }re}`rdac ge lr ~oegtrd`n l klg}fex d{{ue{ ~o`~ kla{~d~u~e
glnera lredca ``dr{! D k`a oe`r~dft `an
uare{eryenft reklggean GN^& soe~oer
tlu s`a~ ~l budfn ` k`reer lr tlur lsa
uaner{~`andac l ~oe da~era`~dla`f {}oere!
Ngd~rt Crlzlubda{hd
Ne{h Lker& Ne}`r~gea~ lIlredca @`dr{ `an ^r`ne
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KLUR[ESLRH ]RLCR@G[
G`{~er l Da~era`~dla`f Bu{dae{{^oe Da~era`~dla`f Bu{dae{{ }rlcr`g sdff epud} tlu sd~o halsfence
`blu~ bu{dae{{ `an g`a`cegea~ d{{ue{ rlg ` cflb`f }er{}ek~dye!Cr`nu`~e{ fe`ye sd~o ~oe ~llf{ aeenen ~l `{{d{~ ~oedr klg}`ade{
da ~oe da~era`~dla`fd{`~dla }rlke{{ `an `kpudre yd~`f {hdff{ da
klgguadk`~dac an aecl~d`~dac krl{{ kuf~ure{! Tlu sdff neyefl}
~oe k`}`kd~t lr odco'feyef `a`ft{d{ l rg da~era`~dla`fd{`~dla&
da~era`~dla`f ~r`ne& daye{~gea~& {~r`~ect an g`a`cegea~& an c`da
`a `}}rekd`~dla l ~oe guf~da`~dla`f rg& d~{ eaydrlagea~ `an ~oe
`k~dyd~de{ l ~oe da~era`~dla`f g`a`cer!
K`reer l}}lr~uad~de{
K`reer l}}lr~uad~de{ dakfune g`au`k~urdac lr {erydke rg{ sd~o
da~era`~dla`f `k~dyd~de{& ex}lr~ `an ~r`ne `ceakde{& clyeragea~
da{~d~u~dla{& ACL{& da~era`~dla`f lrc`ad{`~dla{& jlda~ yea~ure{& lredca
{ub{dnd`rde{& ~r`yef an ~lurd{g& kla{uf~dac& re{e`rko& an glre!
Re{e`rko }`~os`t
[~unea~{ sd{odac ~l uaner~`he ` re{e`rko }`~os`t sdff klg}fe~e ~oe
lfflsdac uad~{ `{ ` }`r~ l ~oedr efek~dye {~ruk~ure:
Da~rlnuk~lrt g`a`cegea~ re{e`rko ge~oln{
Re{e`rko re}lr~ /da~rlnuk~dla$
Re{e`rko re}lr~!
Gdadgug cr`ne{ }}ft! Ilr glre dalrg`~dla la re{e`rko necree
ea~rt repudregea~{ }fe`{e {ee }`ce 5!
Bu{dae{{
La'k`g}u{&
K`ufiefn `an
[uas`t G`f`t{d`
G`{~er l Da~era`~dla`f Bu{dae{{
; {ege{~er{ uff'~dge& 9 {ege{~er{ }`r~'~dge
@dgen ~ E`rft k`reer lr ex}erdeaken }rle{{dla`f{ {eehdac ~l c`da
aes ex}er~d{e
Klur{e klne 2=4?
Ea~rt
repudregea~{
@a @u{~r`fd`a b`koeflr necree lr `a epudy`fea~
pu`fdik`~dla& lr `a exeku~dye ker~dik`~e `s`rnen bt ~oe
I`kuf~t l Bu{dae{{ `an Eklalgdk{& `an ` Sedco~en
@yer`ce G`rh /S@G$ l 55% lr `a epudy`fea~ Cr`ne
]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt ~oe `kuf~t!
@}}fdk`a~{ sdff be r`ahen `an {efek~en b`{en la ~oedr
ea~dre `k`negdk reklrn!
Klur{e {~ruk~ure 02 uad~{
? klre uad~{
> efek~dye uad~{
? klre uad~{:
@kklua~dac an ia`ake lr da~era`~dla`f g a`cer{
Da~era`~dla`f ~r`ne f`s
^oe da~era`~dla`f eklalgt
Da~era`~dla`f g`a`cegea~
Krl{{'kuf~ur`f g`a`cegea~ klgguadk`~dla
Da~era`~dla`f bu{dae{{ {~r`~ect
Da~era`~dla`f bu{dae{{ ~oelrt an }r`k~dke
G`rhe~dac `an ~oe da~era`~dla`f kla{uger
Efek~dye{ Ilur uad~{ 2 l ~oe{e efek~dye{ g`t be rlg l~oer
`kuf~de{ l Gla`{o Uadyer{d~t! @ re{e`rko }`~os`t d{
`y`df`bfe sd~o ~oe `}}rly`f l ~oe klur{e kllrnda`~lr!
Gt g`{~er{ necree ~llh ge lu~ l ~oe
klglr~ zlae D o`n k`ryen lr gt{ef lyer
gt }rle{{dla`f k`reer ~l n`~e `an l}eaen
gt ete{ ~l {lge }re~~t `f`rgdac cflb`f
d{{ue{! D~ s`{ `fs`t{ gt da~ea~dla ~l g`he
` k`reer ko`ace `~er klg}fe~dac ~oe GDB
`an D als eef bl~o da{}dren `an be~~er
epud}}en ~l g`he ~o`~ ko`ace!
Bek`u{e l ~oe crlsdac ndyer{d~t da ~oe
slrh}f`ke lyer ~oe f`{~ nek`ne ~oe GDB
d{ ouceft refey`a~ ~l `atlae sol slrh{
da bu{dae{{ ~ln`t& al~ ju{~ ~ol{e }l{~en
lyer{e`{ lr slrhdac lr ` guf~da`~dla`f
ea~er}rd{e! D~ dg}rlye{ tlur `s`reae{{ l
{~r`~ecdk& eklalgdk& fec`f& a`akd`f& ekl'
}lfd~dk`f `an guf~dkuf~ur`f ~ea{dla{ ~o`~ exd{~
da bl~o ~oe flk`f `an cflb`f klgguad~t!
Fdhe `at~odac& so`~ tlu `kodeye sdff be
klggea{ur`~e sd~o so`~ tlu }u~ da& bu~
D {~rlacft reklggean ~od{ GDB ~l `atlae
da~ere{~en da pue{~dladac ~oe {~`~u{ pul!
Nebbde Bt`{{G`{~er l Da~era`~dla`f Bu{dae{{]rlcr`g G`a`cer& [ea{d{
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]rle{{dla`f @kklua~dac ]rlcr`g{ ln`t{ `kklua~`a~{ `re da cre`~ neg`an `an slrhdac `krl{{ `
y`rde~t l danu{~rde{! @kklua~`a~{ gu{~ }l{{e{{ {luan augerdk`f`an `a`ft~dk`f {hdff{ `flac sd~o {~rlac klgguadk`~dla `an }el}fe
{hdff{! @kklua~dac d{ uan`gea~`f ~l `at lrc`ad{`~dla8 ~er ff& d~{ ~oe
f`acu`ce l bu{dae{{! G`at exeku~dye{ slrhdac `~ {eadlr feyef{ olfn
`kklua~dac pu`fdk`~dla{!
Se `re klggd~~en ~l ea{urdac ~o`~ tlur enuk`~dla }rlydne{ al~ laft
}rle{{dla`f klg}e~eake& bu~ `f{l ` }lr~lfdl l da~effek~u`f {hdff{ `an
`~~rdbu~e{ ~o`~ sdff eao`ake tlur k`reer flac `~er cr`nu`~dla!
Lur ]rle{{dla`f @kklua~dac necree{ re ne{dcaen ~l epud} {~unea~{
rlg ala'`kklua~dac b`khcrluan{ sd~o halsfence an {hdff{ da
`kklua~dac `an ref`~en efn{! Cr`nu`~e{ sol sd{o ~l }ur{ue ` k`reer
da `kklua~dac g`t c`da eg}fltgea~ da ` y`rde~t l lrc`ad{`~dla{ da
}ubfdk }r`k~dke& ~oe }ubfdk {ek~lr an ~oe }rdy`~e {ek~lr!
^oe edco~'uad~ Cr`nu ~e Nd}flg` da @kklua~dac klur{e d{ ne{dcaen
lr {~unea~{ sd~o ` b`koeflr{ necree da ` efn l~oer ~o`a `kklua~dac
sol sd{o ~l lb~`da ` {luan da~rlnuk~dla ~l `kklua~dac klake}~{ `an
}rlkenure{ an }rle{{dla`f reklcad~dla! [~unea~{ sol {ukke{{ufft
klg}fe~e ~oe cr`nu`~e nd}flg` g`t `}}ft lr `ngd{{dla ~l ~oe
G`{~er l ]rle{{dla`f @kklua~dac lr ~oe G`{~er l ]rle{{dla`f
@kklua~dac /@ny`aken$!
@kklua~dac& B`ahdac `an Ida`ake
^oe G`{~er l ]rle{{dla`f @kklua~dac d{ ` 02'uad~ necree sodfe ~oe
G`{~er l ]rle{{dla`f @kklua~dac /@ny`aken$ d{ 09'uad~ necree!Bl~o sdff ex~ean tlur halsfence ea`bfdac tlu ~l `kpudre ` nee}er
uaner{~`andac `an ` sdner r`ace l {hdff{!
]rle{{dla`f `kklua~dac kkrend~`~dla
La klg}fe~dla l ~oe Cr`nu`~e Nd}flg` da @kklua~dac lr ~oe G`{~er
l ]rle{{dla`f @kklua~dac necree{& {ubjek~ ~l efek~dye koldke{&
cr`nu`~e{ g`t {`~d{t enuk`~dla`f repudregea~{ lr {{lkd`~e
gegber{od} l K]@ @u{~r`fd` an ~oe Da{~d~u~e l ]ubfdk @kklua~`a~{
/D]@$ an ea~rt ~l ~oe Ko`r~eren @kklua~`a~{ ]rlcr`g l oe Da{~d~u~e
l Ko`r~eren @kklua~`a~{ da @u{~r`fd` /DK@@$!
Beklgdac ` gegber l ` }rle{{dla`f blnt d{ ` cre`~ k`reer glye
`an cdye{ tlu `a da~era`~dla`fft reklcad{en `an re{}ek~en bu{dae{{
pu`fdk`~dla! [ee sss!bu{ekl!gla`{o!enu!`u,e{c,`{u,}ubfdk`~dla{,}rle{{dla`f'reklcad~dla!o~gf lr glre dalrg`~dla
rec`rndac }rle{{dla`f kkrend~`~dla!
[~unea~{ {eehdac gegber{od} l ~oe }rle{{dla`f blnde{ `re nyd{en
~l kla{uf~ ~oe klur{e kllrnda`~lr ~l ea{ure ~oedr koldke l uad~{ lrg
` kloerea~ {~unt }`~~era!
La'k`g}u{&
K`ufiefn
Cr`nu`~e Nd}flg` da @kklua~dac
2 {ege{~er{ uff'~dge& > {ege{~er{ }`r~'~dge!
G`{~er l ]rle{{dla`f @kklua~dac
; {ege{~er{ uff'~dge & 9 {ege{~er{ }`r~'~dge
G`{~er l ]rle{{dla`f @kklua~dac /@ny`aken$
> {ege{~er{ uff'~dge & ? {ege{~er{ }`r~'~dge
@dgen ~ E`rft k`reer lr ex}erdeaken }rle{{dla`f{ {eehdac ~l c`da `kklua~dac ex}er~d{e
Klur{e klne =3>? =34= =?29
Ea~rt
repudregea~{@a @u{~r fd`a b`koeflr necree lr `a epudy`fea~ pu`fdik`~dla da ala'`kklua~dac nd{kd}fdae& lr `a exeku~dye ker~dik`~e `s`rnen bt ~oe I`kuf~t l
Bu{dae{{ `an Eklalgdk{& `an ` Sedco~en @yer`ce G`rh /S@G$ l 55% lr `a epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt ~oe `kuf~t!
@}}fdk`a~{ sdff be r`ahen an {efek~en b`{en la ~oedr ea~dre `k negdk reklrn!
Klur{e
{~ruk~ure
? uad~{ 02 uad~{
3 klre uad~{
5 efek~dye uad~{
09 uad~{
3 klre uad~{
4 efek~dye uad~{
? uad~{ {efek~en rlg ~oe lfflsdac: 3 klre uad~{: 3 klre uad~{:
Da~rlnuk~lrt kklua~dac Da~rlnuk~lrt kklua~dac Da~rlnuk~lrt kklua~dac
Ida`akd`f `kklua~dac Ida`akd`f `kklua~dac Ida`akd`f `kklua~dac
Bu{dae{{ ia`ake Bu{dae{{ ia`ake Bu{dae{{ ia`ake
G`a`cegea~ `kklua~dac G`a`cegea~ `kklua~dac G`a`cegea~ `kklua~dac
@ny`aken ia`akd`f kklua~dac @ny`aken ia`akd`f kklua~dac @ny`aken ia`akd`f kklua~dac
Bu{dae{{ an klr}lr`~dla{ f`s Bu{dae{{ an klr}lr`~dla{ f`s Bu{dae{{ an klr}lr`~dla{ f`s
]er{la`f neyefl}gea~ krd~dk`f ~odahdac `an
klgguadk`~dla
]er{la`f neyefl}gea~ krd~dk`f ~odahdac `an
klgguadk`~dla
]er{la`f neyefl}gea~ krd~dk`f ~odahdac `an
klgguadk`~dla
Eklalgdk{ ]fu{ 2 uad~{ rlg ~oe lfflsdac: ]fu{ 2 uad~{ rlg ~oe lfflsdac:
@und~dac an `{{ur ake Eklalgdk{ Eklalgdk{
@kklua~dac dalrg`~dla `an {t{~eg{ glneffdac @und~dac an `{{ur`ake @und~dac an `{{ur ake
^ x`~dla f s @kklua~dac dalrg`~dla `an {t{~eg{ glneffdac @kklua~dac dalrg`~dla `an {t{~eg{ glneffdac
^ x`~dla f s ^ x`~dla f s
]fu{ ` ur~oer ; cr`nu`~e feyef uad~{ rlg ~oe
reg`dadac uad~{ fd{~en `blye `an,lr rlg uad~{
leren bt `at ne}`r~gea~ da ~oe I`kuf~t l
Bu{dae{{ `an Eklalgdk{!
]fu{ 3 cr`nu`~e feyef uad~{ rlg ~oe reg`dadac
uad~{ fd{~en `blye `an,lr rlg uad~{ leren bt
`at ne}`r~gea~ da ~oe I`kuf~t l Bu{dae{{ `an
Eklalgdk{!
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KLUR[ESLRH ]RLCR@G[
G`{~er l Bu{dae{{ /@kklua~dac$^od{ g`{~er{ necree d{ ne{dcaen ~l eao`ake an neyefl} ~oe
halsfence `an {hdff{ l `kklua~dac cr`nu`~e{ sol `re slrhdac& lr`{}dre ~l slrh& da }ubfdk }r`k~dke `an ~oe clyeragea~ `an }rdy`~e
{ek~lr{! ^oe G`{~er l Bu{dae{{ /@kklua~dac$ }rlydne{ tlu sd~o
`ny`aken halsfence an {hdff{ da ~oe re`{ l a`akd`f kklua~dac&
g`a`cegea~ kklua~dac& kklua~dac dalrg`~dla {t{~eg{ an
lrea{dk kklua~dac!
^od{ klur{e o`{ ` iexdbfe {~ruk~ure ~o`~ ea`bfe{ tlu ~l kla{~ruk~ `
}rlcr`g ~o`~ be{~ {ud~{ tlur k`reer `{}dr`~dla{ `an lb~`da ~oe {hdff
{e~ repudren ~l {ukke{{ufft l}er`~e `{ ` {}ekd`fd{~ da ~oe `kklua~dac
}rle{{dla! Tlu g`t koll{e& lr ex`g}fe{& a efek~dye {~re`g
~o`~ lku{e{ la kklua~dac dalrg`~dla {t{~eg{& lrea{dk {~unde{&
g`a`cegea~& g`rhe~dac lr bu{dae{{ an ~`x`~dla f`s!
K`reer l}}lr~uad~de{
K`reer l}}lr~uad~de{ `re ex~ea{dye sd~o u~ure eg}fltgea~ da `
y`rde~t l danu{~rde{! Eg}fltgea~ l}}lr~uad~de{ g`t r`ace rlg
}ubfdk kklua~dac }r`k~dke& dakfundac re`{ l und~dac& ~`x`~dla&
g`a`cegea~ kla{uf~dac bu{dae{{ {erydke{ an rekedyer{od} ~l
klggerkd`f an clyeragea~ lrc`ad{`~dla{ da rlfe{ {uko { ~re`{urt&
da~era`f `und~& {~r`~ecdk bu{dae{{ }f`aadac& a`akd`f re}lr~dac `an
g`a`cegea~ kklua~dac!
]rle{{dla`f reklcad~dla
Cr`nu`~e{ g`t {`~d{t ~oe enuk`~dla`f klg}laea~{ lr ~oe refey`a~
gegber{od}{! Ilr ur~oer dalrg`~dla& cl ~l sss!bu{ekl!gla`{o!
enu!`u,e{c,`{u,}ubfdk`~dla{,}rle{{dla`f'reklcad~dla!o~gf
@kklua~dac& B`ahdac `an Ida`ake
La'k`g}u{&
K`ufiefn
G`{~er l Bu{dae{{ /@kklua~dac$
; {ege{~er{ uff'~dge& 9 {ege{~er{ }`r~'~dge
@dgen ~ E`rft k`reer `kklua~dac }rle{{dla`f{
Klur{e klne =5=;
Ea~rt
repudregea~{
@a @u{~r`fd a b`koeflr necree lr a epudy`fea~ pu`fdik`~dla
sd~o g`jlr da kklua~dac an ` }reerren Sedco~en @yer`ce
G`rh /S@G$ l 9=% lr a epudy`fea~ Cr`ne ]lda~ @yer`ce
/C]@$ { ne~ergdaen bt ~oe `kuf~t!
@}}fdk`a~{ sdff be r ahen an {efek~en b`{en la ~oedr ea~dre
`k`negdk reklrn!
Klur{e
{~ruk~ure
02 uad~{
9 klre uad~{
9 efek~dye uad~{
^oe lfflsdac 5 klre uad~{:
@ny`aken {~r`~ecdk g`a`cegea~ kklua~dac
Ida`akd`f {~`~egea~ `a`ft{d{ `an bu{dae{{ y`fu`~dla
Ida`akd`f re}lr~dac d{{ue{
Ilrea{dk `kklua~dac `an r`un ex`gda`~dla
Da~ecr`~en {t{~eg{ lr bu{dae{{ ea~er}rd{e{
]fu{ 0 klre uad~ rlg ~oe lfflsdac:
]er{la`f neyefl}gea~ krd~dk`f ~odahdac `an klgguadk`~dla
]er{la`f neyefl}gea~ g`a`cdac {ef `an ref`~dla{od}{
Efek~dye{ sl ur~oer uad~{ leren bt ~oe Ne}`r~gea~ l @kklua~dac
`an Ida`ake& `an lur cr`nu`~e'feyef uad~{ leren bt `at
ne}`r~gea~ lr `kuf~t& {ubjek~ ~l ~oe `}}rly`f l ~oe klur{e
kllrnda`~lr!
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G`{~er l Bu{dae{{/B`ahdac `an Ida`ake$B`ahdac an a`ake re dg}lr~`a~ an {~r`~ecdk uak~dla`f efegea~{
l bu{dae{{ `an }rle{{dla`f{ slrhdac da ~oe{e het `re`{ g`he
` krd~dk`f `an `k~dye kla~rdbu~dla ~l }ubfdk `an }rdy`~e {ek~lr
lrc`ad{`~dla{ slrfnsdne!
Ida`ake& fdhe kklua~dac& o`{ ex}erdeaken ~regeanlu{ crls~o bl~o
da @u{~r`fd` `an lyer{e`{! Ida`akd`f {erydke eg}flter{ `re als
heea ~l eg}flt }el}fe sd~o ~oelre~dk`f an }r`k~dk`f halsfence
`an& da }`r~dkuf`r& ndyer{e {hdff{! Kfdea~{ `a~dkd}`~e an neg`an ~oe
be{~ }rle{{dla`f }r`k~dke y`df`bfe rlg a`ake }rle{{dla`f{ da
klr}lr`~dla{ an a`akd`f da{~d~u~dla{& an da ~oe {u}er`aau`~dla&
{ekurd~de{ `an gu~u`f uan{ danu{~rde{!
^oe G`{~er l Bu{dae{{ /B`ahdac `an Ida ake$ d{ ne{dcaen ~l }rlydne
tlu sd~o ~oe halsfence `an {hdff{ repudren ~l l}er`~e {ukke{{ufft`{ }rle{{dla`f da ~oe b`ahdac an a`akd`f {erydke{ {ek~lr! D~
ler{ ~ol{e sol nl al~ o`ye ` a`ake lr bu{dae{{ b`khcrluan
~oe l}}lr~uad~t lr k`reer'ea~rt pu`fdk`~dla da~l ~od{ nd{kd}fdae!
[~unea~{ sol `~~`da ` krend~ `yer`ce la klg}fe~dla l ~oe G`{~er l
Bu{dae{{ /B`ahdac `an Ida`ake$ g`t be efdcdbfe ~l `r~dkuf`~e da~l ~oe
G`{~er l @}}fden Ida`ake!
^oe klur{e klyer{ ~oe klre `re`{ l k`}d~`f g`rhe~{& nerdy`~dye
}rlnuk~{& }lr~lfdl g`a`cegea~& bu{dae{{ a`ake an a`akd`f
g`a`cegea~! Efek~dye uad~{ k`a be kol{ea rlg ` sdne r`ace l
{}ekdk `re`{ l da~ere{~& `fflsdac lr iexdbdfd~t `an glyegea~ da~l
{}ekdk re`{ da a`ake an bu{dae{{ ref`~en re`{!
K`reer l}}lr~uad~de{
^oe {~rlac re}u~`~dla l lur G`{~er l Bu{dae{{ /B`ahdac `an
Ida`ake$ }rlcr`g ge`a{ ~o`~ cr`nu`~e{ re {luco~ ~er bt b`ah{&
da{ur`ake klg}`ade{ an l~oer a`akd`f da{~d~u~dla{& a`akd`f
kla{uf~`akt rg{& f`rce klr}lr`~dla{ bl~o da @u{~r`fd` `an lyer{e`{&
`an bt clyeragea~ recuf`~lrt blnde{!
]rle{{dla`f reklcad~dla
Cr`nu`~e{ g`t {`~d{t ~oe enuk`~dla`f klg}laea~{ lr ~oe refey`a~
gegber{od}{! Ilr ur~oer dalrg`~dla& cl ~l sss!bu{ekl!gla`{o!
enu!`u,e{c,`{u,}ubfdk`~dla{,}rle{{dla`f'reklcad~dla!o~gf
La'k`g}u{&
K`ufiefn
G`{~er l Bu{dae{{ /B`ahdac `an Ida`ake$
; {ege{~er{ uff'~dge& 9 {ege{~er{ }`r~'~dge
@dgen ~ E`rft k`reer }rle{{dla`f{ {eehdac ~l c`da aes ex}er~d{e da
b`ahdac `an ia`ake
Klur{e klne =5=>
Ea~rt
repudregea~{
@a @u{~r`fd`a b`koeflr necree lr `a epudy`fea~ pu`fdik ~dla
da ` ala'ia`ake nd{kd}fdae& lr `a exeku~dye ker~dik`~e
`s`rnen bt ~oe I`kuf~t l Bu{dae{{ `an Eklalgdk{& `an
` Sedco~en @yer`ce G`rh /S@G$ l 9=% lr `a epudy`fea~
Cr`ne ]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt ~oe `kuf~t!
@}}fdk`a~{ sdff be r`ahen an {efek~en b`{en la ~oedr ea~dre
`k`negdk reklrn!
Klur{e
{~ruk~ure
02 uad~{
9 klre uad~{
9 efek~dye uad~{
9 klre uad~{:
Ida`akd`f }f`aadacL}~dla{& u~ure{ `an rd{h g`a`cegea~
Ida`akd`f g`a`cegea~ ~oelrt
@u{~r`fd`a k`}d~`f g`rhe~{
]lr~lfdl g`a`cegea~ `an ~oelrt
]er{la`f neyefl}gea~ krd~dk`f ~odahdac `an klgguadk`~dla
Efek~dye{ [dx cr`nu`~e uad~{ leren bt `at ne}`r~gea~ sd~oda ~oe
I`kuf~t l Bu{dae{{ `an Eklalgdk{ dakfundac `~ fe`{~ lur
uad~{ `~ 5=== feyef! D~ d{ reklggeanen ~o`~ {~unea~{ kla{uf~
sd~o ~oe klur{e kllrnda`~lr rec`rndac efek~dye uad~ {efek~dla
`{ {lge re{~rdk~dla{ `}}ft!
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KLUR[ESLRH ]RLCR@G[
G`{~er l @}}fden Ida`ake^oe G`{~er l @}}fden Ida`ake }rlydne{ a ake k`reer }rle{{dla`f{
sd~o `ny`aken fe`radac `an ` }l{~cr`nu`~e pu`fdk`~dla ~l }ur{ue` flac ~erg k`reer da a`ake! ^od{ necree d{ ne{dcaen lr Bu{dae{{
lr Klggerke cr`nu`~e{ sd~o ` g`jlr da a`ake! ^oe da~ea~ l ~oe
klur{e d{ ~l `~~`da g`{~ert da a`ake `an d~ ~oerelre }rlydne{ `
odcoer ~ekoadk`f feyef l {hdff da pu`a~d~`~dye `an pu`fd~`~dye a`ake
dakfundac }re}`r`~dla lr ~oe ~~`dagea~ l KI@ ne{dca`~dla!*
^oelrt& ~ekoadk`f `an `ny`aken danu{~rt ge~oln{ `re }re{ea~en
rlg `a `}}fden }er{}ek~dye& lku{dac la }rlydndac tlu sd~o ~oe
{hdff{ ~l `a`ft{e& krd~dk`fft ey`fu`~e `an g`he a`akd`f nekd{dla{ `an
reklggean ~dla{ da `a e~odk`f g`aaer `}}fdk`bfe ~l ~oe re`f slrfn!
Uad~{ dakfune {e{{dla{ bt danu{~rt }rle{{dla`f{ sol nr`s la
kla~eg}lr`rt }r`k~dke& pu`a~d~`~dye re{e`rko }rljek~{& an }r`k~dk`f
ex}erdeake {uko `{ {dguf`~en a`akd`f ~r`ndac da ~oe @kklua~dac `an
Ida`ake [dguf`~en ^e`kodac `an Re{e`rko F`blr`~lrt /[^@RF`b$!
^od{ da~ecr`~en fe`radac `}}rl`ko d{ kla{lfdn`~en sd~o ~oe k`}{~lae
uad~ l {}ekd`fft {efek~en k`{e {~unde{ da a`ake!
]rle{{dla`f reklcad~dla
Cr`nu`~e{ g`t {`~d{t ~oe enuk`~dla`f klg}laea~{ lr ~oe refey`a~
gegber{od}{! Ilr ur~oer dalrg`~dla& cl ~l sss!bu{ekl!gla`{o!
enu!`u,e{c,`{u,}ubfdk`~dla{,}rle{{dla`f'reklcad~dla!o~gf
* Repudre{ klg}fe~dla l }}rl}rd`~e KI@ feyef ex`g{!
@kklua~dac& B`ahdac `an Ida`ake
La'k`g}u{&
K`ufiefn
G`{~er l @}}fden Ida`ake
2 {ege{~er{ uff'~dge& > {ege{~er{ }`r~'~dge
@dgen ~ E`rft k`reer lr ex}erdeaken ia`ake }rle{{dla`f{
Klur{e klne ;?0?
Ea~rt
repudregea~{*@a @u{~r`fd a b`koeflr necree sd~o ` g`jlr da ia ake lr
`a epudy`fea~ pu`fdik`~dla sd~o Sedco~en @yer`ce G`rh
/S@G$ l 95%& lr a epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$
`{ ne~ergdaen bt ~oe `kuf~t& sd~o nue kla{dner`~dla cdyea ~l
refey`a~ eg}fltgea~ ex}erdeake!
@}}fdk`a~{ sdff be r ahen an {efek~en b`{en la ~oedr ea~dre
`k`negdk reklrn!
Klur{e
{~ruk~ure
? uad~{
9 klre uad~{
2 efek~dye uad~{
9 klre uad~{:
@ny`aken {ekurd~t `a ft{d{
Cflb`f ia`akd`f g`rhe~{
Klr}lr`~e ~re`{urt g`a`cegea~
Iuan{ g`a`cegea~
K`{e {~unde{ da ia`ake
Ida`akd`f eklalge~rdk{
]fu{ 2 uad~{ rlg ~oe lfflsdac:
Ida`akd`f }f`aadac
L}~dla{& u~ure{ `an rd{h g`a`cegea~
Cflb`f b`ahdac da{~d~u~dla{ `an d{{ue{
Ida`akd`f {~`~egea~ `a`ft{d{ `an bu{dae{{ y`fu`~dla
Glaet g`rhe~ ne`fdac
Da{~d~u~dla`f `{{e~ `an fd`bdfd~t g`a`cegea~
Krend~ rd{h glneffdac
@ny`aken ia`akd`f }f`aadac
Gercer{ `an `kpud{d~dla{
Da~era`~dla`f {~unt }rlcr`g da b`ahdac `an ia`ake
@}}fden ia`akd`f eklalge~rdk{
Glneffdac da ia`ake `an da{ur`ake
Bu{dae{{ lrek`{~dac
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Cr`nu`~e Nd}flg` l@}}fden Eklalge~rdk{^od{ edco~'uad~ klur{e }rlydne{ `a l}}lr~uad~t lr tlu ~l eao`ake
tlur pu`a~d~`~dye {hdff{ `an be epud}}en ~l uaner~`he l~oer rdclrlu{
}l{~cr`nu`~e klur{eslrh }rlcr`g{ da bu{dae{{! D~ ler{ ` sdne
bre`n~o l halsfence `an sdff }rlydne tlu sd~o ~oe pu`a~d~`~dye ~llf{
`an ex}er~d{e repudren ~l k`rrt lu~ recre{{dla a`ft{d{& lrek`{~dac
`an a`akd`f g`rhe~ `a`ft{d{! Tlu sdff `f{l `kpudre ~oe `bdfd~t ~l ~`he
re{}la{dbdfd~t lr ne{dcadac an dg}fegea~dac }}fden eklalge~rdk
}rljek~{ `an be `bfe ~l }rlkdea~ft klgguadk`~e ~oe re{uf~{ ~l sdner
`undeake{! [uko {hdff{ `re ex~regeft `~~r`k~dye ~l ~oe bu{dae{{ `an
a`ake klgguad~t!
K`reer l}}lr~uad~de{
Sd~o bl~o ~oe bu{dae{{ `an clyeragea~ {ek~lr{ bedac dauan`~en
sd~o n`~`& ~oe `bdfd~t ~l `a`ft{e ~od{ n`~` ~l }rlnuke dalrg`~dla~o`~ d{ y`fu`bfe& d{ glre odcoft {luco~ `~er ~o`a eyer belre! Ilr
eg}flter{ sol `re fllhdac lr ` g`rhe~dac cr`nu`~e lr ex`g}fe&
~l an ~o`~ ~oet `f{l o`ye ` }l{~cr`nu`~e da eklalge~rdk{& d{ odcoft
ne{dr`bfe! [lge ex`g}fe{ l bu{dae{{ {ek~lr{ ~o`~ y`fue `a`ft~dk`f
`bdfd~de{ dakfune b`ahdac& da{ur`ake& }o`rg`keu~dk`f& ~efkl{& yd`~dla&
ol{}d~`fd~t& oe`f~ok`re& flcd{~dk{ `an {u}er`aau`~dla!
Eklalgdk{& Oe`f~o Eklalgdk{ `an Eklalge~rdk{
La'k`g}u{&
K`ufiefn
Cr`nu`~e Nd}flg` da @}}fden Eklalge~rdk{
2 {ege{~er{ uff'~dge& > {ege{~er{ }`r~'~dge
Klur{e klne ;?09
Ea~rt
repudregea~{@a @u{~r`fd`a b`koeflr necree lr `a epudy`fea~ pu`fdik`~dla&
lr `a exeku~dye ker~dik`~e `s`rnen bt ~oe I`kuf~t l
Bu{dae{{ `an Eklalgdk{& `an ` Sedco~en @yer`ce G`rh
/S@G$ l 9=% lr `a epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$
`{ ne~ergdaen bt ~oe `kuf~t! @}}fdk`a~{ slufn alrg`fft
repudre ` krend~ lr epudy`fea~ da `a da~rlnuk~lrt {~`~d{~dk{ uad~
`~ ~er~d`rt feyef!
@}}fdk`a~{ sdff be r`ahen `an {efek~en b`{en la ~oedr ea~dre
`k`negdk reklrn!
Klur{e
{~ruk~ure
? uad~{
0 klre uad~
5 uad~{ {efek~en rlg }re{krdben fd{~{
2 efek~dye uad~{
Klre uad~:
Da~rlnuk~lrt eklalge~rdk{]fu{ 0 l ~oe lfflsdac:
G`~oeg`~dk{ lr eklalgdk{ `an bu{dae{{
G`~oeg`~dk{ lr bu{dae{{
]fu{ > l ~oe lfflsdac& dakfundac `~ fe`{~ lae l ~ol{e
g`rhen sd~o `a `{~erd{h /*$:
@k~u`rd`f {~`~d{~dk{
@}}fden lrek`{~dac lr bu{dae{{ an eklalgdk{
]rlb`bdfd~t `an {~`~d{~dk`f daereake lr eklalgdk{ `an
bu{dae{{
]rdakd}fe{ l eklalge~rdk{
@}}fden eklalge~rdk{
B`te{d`a glneffdac `an rd{h `a`ft{d{
^dge {erde{ a`ft{d{ lr bu{dae{{ `an eklalgdk{
Ida`akd`f eklalge~rdk{
Bu{dae{{ glneffdac
N`~` `a`ft{d{ da bu{dae{{
Bu{dae{{ lrek`{~dac
Pu`a~d~`~dye ge~oln{ lr ia`akd`f g`rhe~{*
Pu`a~d~`~dye glnef{ lr bu{dae{{ re{e`rko*
Efek~dye{ sl efek~dye{ ~`hea rlg Bu{dae{{ an Eklalgdk{ lr rlg
`al~oer `kuf~t!
* Nue ~l uad~ }rerepud{d~e{& {~unea~{ sd~o al }rdlr eklalgdk{ lr {~`~d{~dk{
halsfence g`t aeen ~l ~`he glre ~o`a ~sl {ege{~er{ ~l klg}fe~e ~od{ klur{e!
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2=
KLUR[ESLRH ]RLCR@G[
G`{~er l @}}fden Eklalge~rdk{^od{ klur{e d{ leren `{ ` klur{eslrh }fu{ re{e`rko }rljek~ necree
`dgdac ~l }rlydne tlu sd~o ~oe {hdff{ `an re{e`rko ex}erdeake repudrenlr }}fden eklalge~rdk }rljek~{ da eklalgdk{& bu{dae{{ an a`ake!
^oe }rlcr`g ler{ ` klg}reoea{dye kurrdkufug dakfundac uad~{ da
`}}fden eklalge~rdk{& ~dge {erde{ a`ft{d{& a`akd`f eklalge~rdk{&
gdkrleklalge~rdk{ `an eklalge~rdk ~oelrt!
Cr`nu`~e{ l ~oe }rlcr`g sdff be epud}}en ~l ne{dca `an dg}fegea~
`}}fden eklalge~rdk }rljek~{ lr clyeragea~ `an bu{dae{{ {ek~lr{!
Tlu sdff o ye {hdff{ ~o`~ k`a be u{en `krl{{ ` brl`n r`ace l nd{kd}fdae{
dakfundac eklalgdk{& a`ake& g`rhe~ re{e`rko `an krend~ rd{h
g`a`cegea~! Tlu sdff `f{l o`ye ~oe aeke{{`rt pu`a~d~`~dye {hdff{ ~l
uaner~`he odcoer necree{ bt re{e`rko*!
* Gdadgug cr`ne{ }}ft! Ilr glre dalrg`~dla la re{e`rko necree ea~rt
repudregea~{ }fe`{e {ee }`ce 5!
K`reer l}}lr~uad~de{
Cr`nu`~e{ l ~oe }rlcr`g `re seff }re}`ren lr }rle{{dla`f k`reer{ da
sodko eklalge~rdk{ d{ `}}fden ~l pu`a~d~`~dye `a`ft{d{ l g`at hdan{ l
}rlbfeg{ da eklalgdk{& g`rhe~ re{e`rko& a`ake& rd{h g`a`cegea~&
da~era`~dla`f bu{dae{{ `an g`at l~oer `re`{! Eklalge~rdk {hdff{ `re
da odco neg`an da bl~o }rdy`~e `an }ubfdk {ek~lr{! Ilr ex`g}fe& ~oe
@u{~r fd`a Bure`u l [~`~d{~dk{ `an ~oe re`{urt& da ~oe }ubfdk {ek~lr
`an a`akd`f da{~d~u~dla{ /b`ah `an da{ur`ake klg}`ade{$ `an da
bu{dae{{ kla{uf~`akt rg{ da ~oe }rdy`~e {ek~lr!
K`ufiefn G`{~er l @}}fden Eklalge~rdk{
; {ege{~er{ uff'~dge& 9 {ege{~er{ }`r~'~dge
@dgen ~ E`rft k`reer lr ex}erdeaken }rle{{dla`f{ {eehdac ~l ex~ean
~oedr eklalge~rdk{ ex}er~d{e
Klur{e klne ;?22
Ea~rt
repudregea~{@a @u{~r`fd`a b`koeflr necree lr a epudy`fea~ pu`fdik ~dla&
lr `a exeku~dye ker~dik`~e `s`rnen bt ~oe I`kuf~t l
Bu{dae{{ `an Eklalgdk{& sd~o ` Sedco~en @yer`ce G`rh
/S@G$ l 95% lr `a epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$
`{ ne~ergdaen bt ~oe `kuf~t! @}}fdk`a~{ gu{~ o`ye `kodeyen
` krend~ lr epudy`fea~ da `a da~rlnuk~lrt guf~d}fe recre{{dla
uad~ `~ ~er~d`rt feyef!
@}}fdk a~{ sdff be r`ahen an {efek~en b`{en la ~oedr ea~dre
`k`negdk reklrn!
Klur{e
{~ruk~ure
02 uad~{
2 klre uad~{
9 uad~{ {efek~en rlg ` }re{krdben fd{~
; efek~dye uad~{
Klre uad~{:
@}}fden eklalge~rdk{
Re{e`rko }rljek~
]fu{ 0 l ~oe lfflsdac:
G`~oeg`~dk{ lr eklalgdk{ `an bu{dae{{
G`~oeg`~dk{ lr bu{dae{{
]fu{ 0 l ~oe lfflsdac:
Pu`a~d~`~dye ge~oln{ lr ia`akd`f g`rhe~{
Pu`a~d~`~dye glnef{ lr bu{dae{{ re{e`rko
Ilur l ~oe lfflsdac& dakfundac `~ fe`{~ lae l ~ol{e
g`rhen `a `{~erd{h /*$:
Eklalge~rdk ~oelrt
@}}fden eklalge~rdk{ 2
Gdkrleklalge~rdk{
Ida`akd`f eklalge~rdk{ 2
L}~dgd{`~dla lr g`a`cegea~
Re{e`rko ~l}dk{ da eklalge~rdk{
[}ekd`f re`ndac uad~ 0
@}}fden ~dge {erde{ eklalge~rdk{*
@}}fden ia`akd`f eklalge~rdk{
[}ekd`f ~l}dk{ da eklalge~rdk{
[}ekd`f ~l}dk{ da eklalge~rdk{ f*
[}ekd`f ~l}dk{ da eklalge~rdk{ ff
Lr uad~{ rlg ~oe `blye al~ }reydlu{ft ~`hea
Efek~dye{ @ ur~oer ~oree uad~{ /{ubjek~ ~l `}}rly`f$ ~ hea rlgBu{dae{{ `an Eklalgdk{ lr rlg `al~oer `kuf~t!
* Nue ~l uad~ }rerepud{d~e{& {~unea~{ sd~o al }rdlr eklalgdk{ lr {~`~d{~dk{
halsfence g`t aeen ~l ~`he glre ~o`a ~oree {ege{~er{ ~l klg}fe~e ~od{ klur{e!
Eklalgdk{& Oe`f~o Eklalgdk{ `an Eklalge~rdk{
@ G`{~er{ da @}}fden Eklalge~rdk{ d{ yert
seff rec`rnen da ~oe jlb g`rhe~}f`ke! D
s`{ leren {eyer`f jlb{ da b`ahdac eyea
nurdac ~oe bdcce{~ nlsa~ura da geglrt!
Eklalge~rdk{ d{ `a da{~`a~ dandk`~lr l
pu`a~d~`~dye {hdff{ ~o`~ `re odcoft y`fuen& `an
pud~e r`re& cdydac tlu glre reenlg `an
glre l}~dla{!
@~er {lge ~dge da ~oe slrh}f`ke Dnd{klyeren ~o`~ }rle{{dla`fd{g da `
ker~`da nd{kd}fdae d{ ` bdc `ny`a~`ce! Bedac
` ceaer`fd{~ laft ce~{ tlu {l `r! D ef~
gt k`reer s`{ nrd~dac& `an gt }reydlu{
eg}flter eaklur`cen eyertlae ~l
}rle{{dla`fd{e ~orluco ur~oer {~unt! D kol{e
Gla`{o bek`u{e l ~oe re}u~`~dla l ~oe
uadyer{d~t `{ ` solfe& `an ~oe Ne}`r~gea~ l
Eklalge~rdk{ da }`r~dkuf`r!
D re`fft eajlten nldac ~oe {}ekd`f re`ndac uad~
sd~o Bdff Zo`ac! ^oe cre`~ ~odac `blu~ ~od{uad~ d{ tlu b`{dk`fft {e~ tlur lsa ~l}dk{! L
`ff ~oe ~odac{ D fe`ra~ nurdac ~oe klur{e& ~od{
uad~ s`{ ~oe gl{~ refey`a~ ~l gt kurrea~ jlb!
^oe G`{~er l @}}fden Eklalge~rdk{ re`fft
l}eaen u} ` r`ace l k`reer nllr{! D
ker~`daft slufna~ be fdydac da [dac`}lre `an
slrhdac da gt kurrea~ jlb sd~olu~ d~!
Fuhe Kfda~la Ru{{eff
G`{~er l @}}fden Eklalge~rdk{
Ne`a{ Olalur Fd{~ Rekd}dea~ 2==?
Rd{h G`a`cegea~ @{{lkd`~e LKBK B`ah& [dac`}lre
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G`{~er l Bu{dae{{ Eklalgdk{^oe G {~er l Bu{dae{{ Eklalgdk{ d{ ne{dcaen ~l eao ake ~oe
}rle{{dla`f neyefl}gea~ `an {hdff{ repudren lr `a`ft{dac `an`{{e{{dac ~oe eklalgdk dg}`k~ l }lfdkde{ `an recuf`~dla{ la }rdy`~e
`an clyeragea~ ea~er}rd{e{!
^oe klur{e sdff epud} tlu sd~o ~oe `a ft~dk`f ~llf{ lr nekd{dla g`hdac
da ` sdne r`ace l nlge{~dk `an da~era`~dla`f }rdy`~e bu{dae{{ `an
}ubfdk `ceakt eaydrlagea~{!
^oe klur{e ler{ tlu ~oe l}}lr~uad~t ~l ex}flre {uko ~l}dk{ `{:
danu{~rt `a`ft{d{ `an bu{dae{{ {~r`~ect
}rdy`~e `an }ubfdk }rljek~ ey`fu`~dla
recuf`~dla an klg}e~d~dla }lfdkt
danu{~rd`f lrc`ad{`~dla
dg}`k~ l glae~`rt `an {k`f }lfdkt
Eklalgdk{ d{ lae l ~oe luan`~dla ne}`r~gea~{ l Gla`{o Uadyer{d~t!
^oe Ne}`r~gea~ }rlydne{ ~l} feyef {}ekd`fd{~ nydke ~l clyeragea~
`an }rdy`~e {ek~lr blnde{ da @u{~r`fd` `an da~era`~dla`fft! D~ o`{
neyefl}en `nyd{lrt kla~`k~{ da ~oe @{d`']`kdk Recdla& `{ seff `{
kfl{e klaaek~dla{ sd~o }re{~dcdlu{ `k`negdk `an }lfdkt lrguf`~dac
da{~d~u~dla{ da Koda`& Eurl}e `an ~oe Uad~en [~`~e{!
K`reer l}}lr~uad~de{
^oe G {~er l Bu{dae{{ Eklalgdk{ }rlgl~e{ tlur k`reer }rl{}ek~{ da
~oe }ubfdk {ek~lr clyeragea~ ne}`r~gea~{& `ffden `ceakde{& ACL{
`{ seff `{ ~oe }rdy`~e {ek~lr da kla{uf~dac rg& re{e`rko ne}`r~gea~{ da
b`ah{ `an a`akd`f da{~d~u~e{ `{ seff `{ g`rhe~ re{e`rko rg{!
La'k`g}u{&
K`ufiefnG`{~er l Bu{dae{{ Eklalgdk{
; {ege{~er{ uff'~dge& 9 {ege{~er{ }`r~'~dge
@dgen ~ E`rft k`reer lr ex}erdeaken }rle{{dla`f{ {eehdac ~l ex~ean
~oedr eklalgdk{ ex}er~d{e
Klur{e klne ;?>2
Ea~rt
repudregea~{
@a @u{~r`fd`a b`koeflr necree lr a epudy fea~ pu`fdik ~dla
sd~o ` g`jlr da eklalgdk{ `an ` Sedco~en @yer`ce G`rh
/S@G$ l 9=% lr `a epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$
`{ ne~ergdaen bt ~oe `kuf~t!
@}}fdk`a~{ sdff be r`ahen an {efek~en b {en la ~oedr ea~dre
`k`negdk reklrn!
Klur{e
{~ruk~ure
02 uad~{
9 klre uad~{
9 efek~dye uad~{
9 klre uad~{:
@}}fden eklalgdk{ d{{ue{ re{e`rko } }er
C`ge ~oelrt `an bu{dae{{ {~r`~ect
[}ekd`f re{e`rko ~l}dk{ da `}}fden eklalgdk{
@}}fden gdkrleklalgdk{
@}}fden g`krleklalgdk{
Lae pu`a~d~`~dye uad~ `}}rlyen bt ~oe klur{e kllrnda`~lr
Efek~dye{ [dx cr`nu`~e feyef uad~{ ` g`xdgug l > k`a be kol{ea
lu~{dne ~oe iefn l eklalgdk{ rlg `at `kuf~t!
Cr`nu`~e Nd}flg` da Eklalgdk [~unde{^od{ klur{e d{ `dgen `~ cr nu`~e{ l nd{kd}fdae{ l~oer ~o a eklalgdk{
`an klggerke& cr`nu`~e{ sol o`ye {~unden laft ~oe epudy`fea~ lr{~'te`r eklalgdk{ lr eklalgdk{,klggerke cr`nu`~e{ l glre
~o`a ~ea te`r{ {~`andac! D~ d{ ne{dcaen ~l }rlydne tlu sd~o ` {luan
uaner{~`andac l eklalgdk{ `an eklalgdk {~`~d{~dk{ d{{ue{ `an ~oedr
uak~dla da ~oe bu{dae{{ slrfn! [}ekd`fd{`~dla{ da eklalgdk{ `an
eklalge~rdk{ re y`df`bfe!
[~unea~{ sol `kodeye ` odco {~`an`rn sdff be `bfe ~l }rlcre{{ ~l
ur~oer cr`nu`~e slrh!
La'k`g}u{&
Kf`t~laCr`nu`~e Nd}flg` da Eklalgdk [~unde{
2 {ege{~er{ uff'~dge*
Klur{e klne =032
Ea~rt
repudregea~{
@a @u{~r`fd`a b`koeflr necree lr `a epudy`fea~ pu`fdik ~dla
`an ` Sedco~en @yer`ce G`rh /S@G$ l 55% lr `aepudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt
~oe `kuf~t! D~ d{ }reerren ~o`~ `}}fdk`a~{ o`ye {ukke{{ufft
klg}fe~en te`r 02 g`~oeg`~dk{ lr epudy`fea~!
@}}fdk`a~{ sdff be r`ahen an {efek~en b`{en la ~oedr ea~dre
`k`negdk reklrn!
Eklalgdk{ {~re`g Eklalge~rdk{ {~re`g
Klur{e
{~ruk~ure
? uad~{
; klre uad~{
5 efek~dye uad~{
? uad~{
2 klre uad~{
9 efek~dye uad~{
; klre uad~{: 2 klre uad~{:
Gdkrleklalgdk{** Gdkrleklalgdk{**
G`krleklalgdk{ G`krleklalgdk{
Bu{dae{{ `an eklalgdk{~`~d{~dk{
Efek~dye{ ^oree uad~{ rlg ~oe
Ne}`r~gea~ l Eklalgdk{
`an ur~oer ~sl uad~{
rlg ~oe Ne}`r~gea~
l Eklalgdk{ lr
~oe Ne}`r~gea~ l
Eklalge~rdk{ `an Bu{dae{{
[~`~d{~dk{! [lge te`r feyef
re{~rdk~dla{ `}}ft!
Ilur uad~{ rlg ` }re{krdben
fd{~ }fu{ ` ur~oer 2 uad~{
{efek~en rlg {eklan lr
~odrn'te`r uad~{ `y`df`bfe da
~oe B`koeflr l Eklalgdk{
necree!
* Nue ~l uad~ }rerepud{d~e{& {~unea~{ sd~o al }rdlr eklalgdk{ lr {~`~d{~dk{
halsfence g`t aeen ~l ~`he glre ~o`a ~sl {ege{~er{ ~l klg}fe~e ~od{ klur{e!
**Nue ~l ~oe {epuea~d`f a`~ure l Gdkrleklalgdk{ `an G`krleklalgdk{& {~unea~{
sdff al~ be `bfe ~l ~`he `ff ~oe klre uad~{ da ~oe ir{~ {ege{~er l ~oedr klur{e!
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KLUR[ESLRH ]RLCR@G[
Eklalgdk{& Oe`f~o Eklalgdk{ `an Eklalge~rdk{
G`{~er l Eklalgdk{^oe G`{~er l Eklalgdk{ }rlydne{ ~r`dadac da `ny aken `}}fden
eklalgdk ~llf{ an ex}erdeake da uaner~`hdac dane}eanea~ re{e`rko!
^oe }rlcr`g d{ `dgen `~ e`rft k`reer eklalgd{~{& `an rekea~
cr`nu`~e{& sol sd{o ~l `kpudre ~oe {hdff{ aeenen ~l }r`k~dke `{
}rle{{dla`f eklalgd{~{ klanuk~dac lrdcda`f an dane}eanea~
re{e`rko! oe klur{e f{l }rlydne{ }`~os`t ~l uaner~`he ur~oer
{~unt `~ ~oe ]oN feyef!
@a Olalur{ necree d{ al~ ` }rerepud{d~e lr ea~rt `an ~oe G {~er{ l
Eklalgdk{ k`a be {~unden }`r~ ~dge sodfe slrhdac uff ~dge!
^od{ d{ ` re{e`rko'fen klur{eslrh g`{~er{ an tlu sdff be ex}ek~en
`an eaklur`cen ~l }re{ea~ tlur re{e`rko dne`{ `an klake}~{ da `
}ubfdk {e~~dac! Uad~ `{{dcagea~{ `an ex`g{ sdff ge`{ure tlur `bdfd~t
~l u{e ny`aken }}fden eklalgdk ~llf{ an uaner{~`an ny`aken
klake}~{! oe klur{e kla~ea~ an lu~klge{ re ndrek~ft dalrgenbt an reiek~ ~oe kurrea~ an lacldac re{e`rko eac`cegea~ l ~oe
fek~urdac {~`!
K`reer l}}lr~uad~de{
Cr`nu`~e{ sdff o`ye ~oe l}}lr~uad~t ~l slrh `{ }rle{{dla`f
eklalgd{~{ klanuk~dac rdclrlu{ an dane}eanea~ eklalgdk a`ft{d{
lr ~oe }ubfdk {ek~lr& g`daft da clyeragea~ ne}`r~gea~{ an ffden
`ceakde{ `{ seff `{ ACL{& `an ~oe }rdy`~e {ek~lr& da kla{uf~dac rg{&
re{e`rko ne}`r~gea~{ da b`ah{ an a`ake olu{e{& an g`rhe~
re{e`rko rg{! @f~era`~dyeft& cr`nu`~e{ k`a cl la ~l odcoer necree
/]oN$ bt re{e`rko!
La k`g}u{&
Kf`t~la
G`{~er l Eklalgdk{
2 te`r{ uff'~dge& > te`r{ }`r~'~dge
@dgen `~ E`rft k`reer }rle{{dla`f{ {eehdac ~l ex~ean ~oedr
eklalgdk{ ex}er~d{e
Klur{e klne >>23
Ea~rt
repudregea~{
@a @u{~r`fd`a b`koeflr necree lr `a epudy fea~
pu`fdk`~dla sd~o ` g`jlr da eklalgdk{ lr da `
g`~oeg`~dk`f lr pu`a~d~`~dye nd{kd}fdae& lr ~oe eklalgdk{
{~re`g da ~oe Cr`nu`~e Nd}flg` da Eklalgdk [~unde{
`s`rnen bt Gla`{o Uadyer{d~t& `an ` Sedco~en @yer`ce
G`rh /S@G$ l 3=% lr `a epudy`fea~ Cr`ne ]lda~
@yer`ce /C]@$ `{ ne~ergdaen bt ~oe `kuf~t!
@}}fdk`a~{ sdff be r`ahen `an {efek~en b`{en la ~oedr
ea~dre `k`negdk reklrn
Klur{e
{~ruk~ure
0> uad~{
4 klre uad~{
5 efek~dye uad~{
4 klre uad~{:
Gdkrleklalgdk{
G`krleklalgdk{
Re{e`rko }`}er
Gdkrleklalgdk ~oelrt
G`krleklalgdk ~oelrt
G`~oeg`~dk`f eklalgdk ~oelrt
Eklalgdk{ re{e`rko }`}er /02 }lda~{$
sl eklalge~rdk{ uad~{ `}}rlyen bt ~oe klur{e kllrnda`~lr
Efek~dye{ ]fu{ ; uad~{ rlg ~oe lfflsdac fd{~:
Neyefl}gea~ eklalgdk{
Da~era`~dla`f ~r`ne }lfdkt
Klg}e~d~dla& recuf`~dla an }lfdkt
]l{~'Hetae{d`a eklalgdk{
F`s an eklalgdk{
]rljek~ ey`fu`~dla
]ubfdk eklalgdk{
Sef`re eklalgdk{
Eklalgdk{ l danu{~rt& da{~d~u~dla `an lrc`ad{`~dla
Oe`f~o eklalgdk{
Eklalgdk ey`fu`~dla l oe`f~o {erydke{
Pu`a~d~`~dye eklalgdk }lfdkt
]fu{ 2 uad~{ rlg ~oe lfflsdac fd{~:
]ubfdk eklalgdk{
Dalrg`~dla& dakea~dye{ an c`ge{
@at lur~o te r uad~ leren bt ~oe Ne} r~gea~ l
Eklalgdk{ an al~ }reydlu{ft klg}fe~en!
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Cr`nu`~e Nd}flg` da Oe`f~o Eklalgdk{`an ]lfdkt^oe Cr`nu`~e Nd}flg` da Oe`f~o Eklalgdk{ `an ]lfdkt d{ `a edco~'
uad~ }rlcr`g neyefl}en ~l gee~ ~oe aeen{ l oe`f~o }rle{{dla`f{&kfdadkd`a{ `an }lfdkt g`her{ lr }l{~cr`nu`~e pu`fdk`~dla{ da oe`f~o
eklalgdk{!
Al }reydlu{ b`khcrluan da eklalgdk{ d{ repudren! oe }rlcr`g
o`{ beea {~ruk~uren da {uko ` s`t ~o`~ tlu `re `bfe ~l {}ekd`fd{e
da }}fden oe`f~o eklalgdk{& eklalgdk ey`fu`~dla an da~era`~dla`f
oe`f~o eklalgdk{ `an }lfdkt!
K`reer l}}lr~uad~de{
^oe{e }rlcr`g{ `re ne{dcaen ~l }rlydne ~oe {hdff{ aeke{{`rt ~l
}ur{ue u~ure k`reer { `k`negdk lr }lfdkt'lrdea~en eklalgd{~{&
`{ ngdad{~r`~lr{ da ~oe oe`f~o {ek~lr& lr { oe`f~o k`re }rlcr`g
ey`fu`~lr{!
L'k`g}u{
laft
Cr`nu`~e Nd}flg` da Oe`f~o Eklalgdk{ `an ]lfdkt
> {ege{~er{ }`r~'~dge
Klur{e klne ;?=3
Ea~rt
repudregea~{@a @u{~r`fd`a b`koeflr necree lr `a epudy`fea~ pu`fdik ~dla
sd~o ` Sedco~en @yer`ce G`rh /S@G$ l 55% lr `a
epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt ~oe
`kuf~t sd~o nue kla{dner`~dla cdyea ~l refey`a~ eg}fltgea~
ex}erdeake!
@}}fdk`a~{ sdff be r`ahen an {efek~en b`{en la ~oedr ea~dre
`k`negdk reklrn!
Klur{e
{~ruk~ure
? uad~{
> klre uad~{
> efek~dye uad~{
; klre uad~{:
Da~rlnuk~dla ~l gdkrleklalgdk ~oelrt `an }lfdkt
Da~rlnuk~dla ~l oe`f~o eklalgdk{
@}}fden oe`f~o eklalgdk{ an oe`f~o }lfdkt
Dakfundac lae l ~oe lfflsdac klre uad~{:
]o`rg`keu~dk`f eklalgdk{
Eklalgdk ey`fu`~dla da oe`f~o k`re
Efek~dye{ Ilur efek~dye uad~{ rlg ` }re{krdben fd{~
Cr`nu`~e Ker~dk`~e da]o`rg`kleklalgdk{^oe Cr`nu`~e Ker~dk ~e da ]o`rg`kleklalgdk{ d{ ` lur'uad~ klur{e
ne{dcaen lr ~ol{e daylfyen da ~oe }o`rg`keu~dk`f danu{~rt! D~ }rlydne{`a uaner{~`andac l ~oe eklalgdk{ l }o`rg`keu~dk`f{ da oe`f~o k`re
{t{~eg{! Tlu sdff c`da ~oe {hdff{ aeke{{`rt ~l `}}ft eklalgdk `a`ft{d{
~l ~oe ey`fu`~dla l }o`rg`keu~dk`f{ `an ~oe brl`n }lfdkt d{{ue{
`ek~dac ~oe }o`rg`keu~dk`f danu{~rt!
@re`{ l {~unt dakfune kl{~'eek~dyeae{{ `a`ft{d{ l nruc ~oer`}t&
eklalgdk glneffdac ~l {u}}lr~ ~oe dakfu{dla lr exkfu{dla l ` nruc la
` a`~dla`f lrguf`rt& ne{dca l ` kfdadk`f ~rd`f ~l ey`fu`~e ~oe ek`kt
`an kl{~'eek~dyeae{{ l nruc{& `an ge~oln{ l ey`fu`~dla l oe`f~o
`an ala'oe`f~o lu~klge{ l nruc u{e!
L'k`g}u{
laft
Cr`nu`~e Ker~dik`~e da ]o`rg`kleklalgdk{
2 {ege{~er{ }`r~'~dge
Klur{e klne 29?0Ea~rt
repudregea~{
@a @u{~r`fd`a b`koeflr lr `a epudy`fea~ pu`fdik ~dla sd~o
55% Sedco~en @yer`ce G`rh /S@G$ lr `a epudy`fea~ Cr`ne
]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt ~oe `kuf~t!
@}}fdk`a~{ sdff be r`ahen b`{en la refey`a~ slrh ex}erdeake
`an ~oedr ea~dre `k`negdk reklrn!
Klur{e
{~ruk~ure
> uad~{
Da~rlnuk~dla ~l gdkrleklalgdk ~oelrt `an }lfdkt
Da~rlnuk~dla ~l oe`f~o eklalgdk{
]o`rg`keu~dk`f eklalgdk{
Da~rlnuk~dla ~l e}dnegdlflct `an bdl{~`~d{~dk{
Oe`f~o Eklalgdk{ }rlcr`g{
^oe eklalgdk a`ft{d{ l ~oe oe`f~o k`re {ek~lr& d~{ }lfdkde{ `an
da~eryea~dla{& d{ refey`a~ ~l kfdadkd`a{ `an oe`f~o }rle{{dla`f{ `an
~ol{e daylfyen da ~oe }rlnuk~dla& u{e& nefdyert `an recuf`~dla l oe`f~o
k`re }rlcr`g{ an da~eryea~dla{!
^oe Kea~re lr Oe`f~o Eklalgdk{ d{ olge ~l @u{~r`fd`{ gl{~
ex~ea{dye ~e`kodac }rlcr`g da Oe`f~o Eklalgdk{! oere re ` r`ace
l }l{~cr`nu`~e klur{e{ ~`dflren ~l bl~o eklalgd{~{ `an ala'
eklalgd{~{& an nefdyeren yd` l'k`g}u{ fe`radac!
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KLUR[ESLRH ]RLCR@G[
Eklalgdk{& Oe`f~o Eklalgdk{ `an Eklalge~rdk{
G`{~er l ]ubfdk Oe`f~o/Oe`f~o Eklalgdk{ {}ekd`fd{`~dla$^oe G`{~er l ]ubfdk Oe`f~o /G]O$ klur{e leren bt ~oe [kollf
l ]ubfdk Oe`f~o `an ]reyea~dye Gendkdae d{ ` 02 uad~ klur{e
sodko }rlydne{ tlu sd~o ~oe uff r`ace l pu`fd~`~dye& `a`ft~dk`f `an
klgguadk`~dla {hdff{ aeke{{`rt ~l slrh da ~oe brl`n nlg`da l }ubfdk
oe`f~o! ^od{ }rlcr`g e{}ekd`fft lku{e{ la neyefl}dac {hdff{ da ~oe
pu`a~d~`~dye ge~oln{ l ~oe }l}uf`~dla'b`{en oe`f~o {kdeake{ `an
~oedr }rlbfeg'{lfydac `}}fdk`~dla lr }rdg`rt k`re }rlyd{dla bl~o da
@u{~r`fd` `an lr neyefl}dac klua~rde{!
^oe G]O ler{ ` cre`~er augber l uad~{ lr tlu ~l {ef'~`dflr `
{~re`g ~l gee~ tlur {}ekd`fd{~ aeen{8 uad~{ `re leren da iexdbfe
nefdyert glne e!c! la'k`g}u{& l'k`g}u{& bflkh glne lr la'
fdae! Oe`f~o {}ekd`fd{`~dla{ re leren da kfdadk`f re{e`rko ge~oln{&
nd{e`{e }reyea~dla an oe`f~o }rlgl~dla& oe`f~o eklalgdk{& oe`f~o
{erydke{ g`a`cegea~& da~era`~dla`f oe`f~o& lkku}`~dla`f an
eaydrlagea~`f oe`f~o an re{e`rko!
Tlu k`a exd~ sd~o ` Cr`nu ~dla Nd}flg` lr Cr`nu`~e Ker~dk`~e
}rlydndac ~oe }}rlyen {efek~dla l uad~{ `re klg}fe~en!
Klre uad~{:
Da~rlnuk~lrt e}dnegdlflct
Da~rlnuk~lrt bdl{~`~d{~dk{
Da~rlnuk~dla ~l oe`f~o eklalgdk{
Eklalgdk ey`fu`~dla l oe`f~o k`re
@}}fden oe`f~o eklalgdk{ `an oe`f~o }lfdkt
Re{e`rko ge~oln{
Iur~oer dalrg`~dla k`a be luan `~:
sss!gla`{o!enu!`u,}ub{,o`anbllh{,klur{e{,==>9!o~gf
K`reer l}}lr~uad~de{
Cr`nu`~e{ g`t glye da~l k`reer{ da ` ndyer{e r`ace l `re`{ sd~oda
~oe oe`f~o {ek~lr! oe{e g`t dakfune: }rle{{dla`f }r`k~dke8 re{e`rko8
}ubfdk oe`f~o g`a`cegea~8 g`a`cegea~ }l{d~dla{ sd~oda oe`f~o
k`re `kdfd~de{8 da~era`~dla`f }l{d~dla{ sd~o `dn lrc`ad{`~dla{ lr sd~oda
neyefl}dac klua~rde{! ^od{ necree d{ reklcad{en `{ ` }ubfdk oe`f~o
pu`fdk`~dla da ` augber l }rle{{dla`f efn{! D~ uff{ ~oe `k`negdk
klur{eslrh repudregea