feasability study edinet_english
Upload: organizaia-de-atragere-a-investiiilor-i-promovarea-exportului-din-moldova
Post on 04-Apr-2018
236 views
TRANSCRIPT
-
7/31/2019 Feasability Study Edinet_english
1/134
Kgvgh`}gk e| Ewzlcgzz
Fgbzlelhl{| Z{wk|
f`u gz{behlzalcn
Gklcg{ Lckwz{ulbh ]bui
-
7/31/2019 Feasability Study Edinet_english
2/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 2
J`c{gc{z
[behgz ################################################################################################################################################ :
Beeugvlb{l`cz ################################################################################################################################### >
[gudz################################################################################################################################################# 1
2# Bcbh|zlz `f {ag L] ugnl`c ########################################################################################################### 25
2#2# Ngcgubh vguvlg~ #################################################################################################################################25
2#5# Z`jlbh bck jwh{wubh kgvgh`}dgc{###########################################################################################################25
2#5#2# Awdbc Jb}l{bh ############################################################################################################################25
2#5#5# Hbe`wu f`ujg ################################################################################################################################27
2#5#:# Z`jlbh lcfubz{uwj{wug ####################################################################################################################26
2#:# Gj`c`dlj }u`flhg ##################################################################################################################################2>
2#:#2# Lckwz{u| #######################################################################################################################################52
2#:#5#
Bnuljwh{wug ##################################################################################################################################5:
2#:#:# Zguvljgz########################################################################################################################################5:
2#:#;# Gc{ug}ugcgwuzal}#########################################################################################################################5;
2#:#7# Lcvgz{dgc{z##################################################################################################################################56
2#:#6# Lcfubz{uwj{wug ##############################################################################################################################5>
2#;# Ugbz`clcn {ag cggk f`u {ag L] ###############################################################################################################51
5#
Kgzjul}{l`c f {ag Lckwz{ulbh ]buiz J`cjg}{ ######################################################################### :2
5#2# L] j`cjg}{ ############################################################################################################################################:2
5#5# Bcbh|zlz `f {ag `}}`u{wcl{| f`u jugb{l`c `f b Ewzlcgzz Lcjweb{`u ~l{alc {ag L] #####################################::
5#5#2# Gz{ldb{l`c `f {ag kgdbck f`u }u`kwj{l`c bugbz bck zguvljgz f`u ewzlcgzzgz a`z{gk e| EL #############:;
5#5#5# J`cjg}{ `f jugb{l`c `f EL ~l{alc {ag L] ########################################################################################:7
5#:#
Ugbz`clcn {ag {gjacljbh `}{l`c f`u L] gz{behlzadgc{ #############################################################################:6
:# Kgzjul}{l`c f {ag Lckwz{ulbh ]bui ########################################################################################### ;=
:#2# L] `unbclb{l`c bck `}gub{l`c ##############################################################################################################;=
:#5# Hbck ####################################################################################################################################################;;
:#5#2# Hgnbh cb{wug `f {ag hbck ###############################################################################################################;7
:#5#5# Hbck jabubj{gulz{ljz#####################################################################################################################;7
:#:# W{lhl{lgz bck lcfubz{uwj{wug ###################################################################################################################;7
-
7/31/2019 Feasability Study Edinet_english
3/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 5
;#2# Hbck ####################################################################################################################################################7:
;#5# L] hbck buubcngdgc{z ###########################################################################################################################7:
;#:#
Lc{gucbh lcfubz{uwj{wug #########################################################################################################################7;
;#:#2# Lcvgz{dgc{z lc lc{gucbh lcfubz{uwj{wug ##########################################################################################77
;#;# Gq{gucbh lcfubz{uwj{wug ########################################################################################################################76
;#;#2# Lcvgz{dgc{z lc gq{gucbh lcfubz{uwj{wug #########################################################################################76
;#7# Ewlhklcnz ##############################################################################################################################################7>
;#6#
Bzzgzzdgc{ `f j`z{z f`u {ublclcn hbe`wu f`ujg########################################################################################7>
;#># [`{bh lcvgz{dgc{z #################################################################################################################################7>
7# ]u`ogj{ fgbzlelhl{| bcbh|zlz ######################################################################################################## 77
7#;#:# ]b|dgc{ dgjabclzdz ###################################################################################################################>6
7#;#;# J`z{z `f ]]] ugfgugcjg d`kgh #######################################################################################################>>
7#;#7# Lcj`dg gz{ldb{l`c bck {aglu bzzwd}{l`cz #####################################################################################>#
Ulzi$bkowz{gk ]]] ugfgugcjg d`kgh##############################################################################################1=
6# Gj`c`dlj bck flcbcjlbh f`ugjbz{ f Dbcbnlcn J`d}bc| bj{lvl{| ######################################## 1:
6#2# Zgczl{lvl{| bcbh|zlz `f {ag Dbcbnlcn J`d}bc| #####################################################################################11
># ]hbc `f L] ld}hgdgc{b{l`c ######################################################################################################## #2# Lcz{l{w{l`cbh f`udz `f L] gz{behlzadgc{ ##################################################################################################5#
Z{bngz `f L] gz{behlzadgc{ ####################################################################################################################
-
7/31/2019 Feasability Study Edinet_english
4/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui :
[BEHGZ
[behg 2# Ugzlkgc{ }`}whb{l`c f Gklcg{ klz{ulj{( {a`wzbck lcabel{bc{z ########################################################### 25
[behg 5# ]`}whb{l`c e| zgq bck bng nu`w}z #################################################################################################### 2;
[behg :# Dblc lckljb{`uz f hbe`wu f`ujg( }guz`cz ########################################################################################## 27
[behg ;# Klz{ulew{l`c f gd}h`|gk }`}whb{l`c e| dblc {|}gz f bj{lvl{|( }guz`cz ######################################### 26
[behg 7# Lcfubz{uwj{wug f gkwjb{l`cbh lcz{l{w{l`cz( 5==7$5==< ####################################################################### 26
[behg 6# Jwh{wubh bck agbh{ajbug lcfubz{uwj{wug ############################################################################################## 2>
[behg ># Klz{ulew{l`c f gj`c`dlj gc{l{lgz e| {|}gz f bj{lvl{|( 5==7$5==< ################################################## 21
[behg 1# Bccwbh bvgubng cwdegu `f gd}h`|ggz( {a`wzbck }guz`cz ################################################################ 5=
[behg # Z{uwj{wug `f {ag Lckwz{ulbh ]buiz hbckz ########################################################################################## :1
[behg 21# Z{uwj{wug `f Ugzlkgc{z `cg########################################################################################################### :
[behg 57# Jb}l{bh j`z{z `f {ag }u`ogj{ ############################################################################################################# 71
[behg 56# Z`wujgz `f flcbcjlcn jb}l{bh j`z{z `f {ag L] jugb{gk {au`wna {ubkl{l`cbh }wehlj }u`jwugdgc{
-
7/31/2019 Feasability Study Edinet_english
5/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui ;
[behg :5# ]uljgz f`u j`czwh{lcn zguvljgz bck hgbzg f j`cfgugcjg bck }u`{`j`h abhhz ##################################### 61
[behg ::# Gz{ldb{gk lcj`dg( DKH ################################################################################################################ 61
[behg :;# ]u`ogj{ j`z{z bck lcj`dgz bjj`uklcn {` {ag ebzlj ]ZJ d`kgh( {a`wzbck DKH############################## 61
[behg :7# Ulziz bck bzzwd}{l`cz #################################################################################################################### >2
[behg :6# ]u`ogj{ }guf`udbcjg lckljb{`u ugbhlgk bjj`uklcn {` {ag ]ZJ d`kgh ############################################# >5
[behg :># Z{uwj{wug f Lckwz{ulbh ]bui hbck ##################################################################################################### >5
[behg :1# Z{uwj{wug f {ag Lckwz{ulbh ]bui( }{l`c 2 ####################################################################################### >;
[behg :7
[behg ;=# Z{uwj{wug f {ag Lckwz{ulbh ]bui( }{l`c : ####################################################################################### >7
[behg ;2# Z`wujgz `f lcj`dg f`u {ag L] Dbcbnlcn J`d}bc|######################################################################### >>
[behg ;5# Jb}l{bh j`z{z `f {ag }u`ogj{ f`u {ag :`}{l`cz( {a`wzbck DKH ######################################################### >1
[behg ;:# Z`wujgz f fwcklcn L] }u`ogj{ f`u {ag :`}{l`cz( {a`wzbck DKH ##################################################### >1
[behg ;;# Lcvgz{dgc{ j`z{z `f {ag }u`ogj{ `f Gklcg{ L] ld}hgdgc{gk {au`wna ]]] j`c{ubj{( {a`wzbck DKH ># Ulziz ug{blcgk( jbhjwhb{gk f`u ]]] ugfgugcjg d`kgh( }{l`c 2( DKH ############################################# 12
[behg ;1# Dblc lckljb{`uz `f {ag ulzi$bkowz{gk ]]] ugfgugcjg d`kgh ############################################################# 15
[behg ;
[behg 77# Bd`wc{ f bkdlclz{ub{l`c fgg lc e`{a jbzgz f ]]] gz{behlzadgc{ ################################################ 1>
[behg 76# Dblc z{bngz lc gz{behlzadgc{ f Gklcg{ Lckwz{ulbh ]bui #################################################################
-
7/31/2019 Feasability Study Edinet_english
6/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 7
Flnwug 1# K|cbdljz f lckwz{u| z{uwj{wug lc Gklcg{( gc{gu}ulzgz( 5==7$5==< ################################################# 52
Flnwug
-
7/31/2019 Feasability Study Edinet_english
7/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 6
Bccgq 5:# Bcbh|zlz f zgczl{lvl{| lc {gudz `f hgbzg bck bkdlclz{ub{l`c fgg ################################################# 25;
Bccgq 5;# Bcbh|zlz f zgczl{lvl{| lc {gudz `f bd`wc{ `f lcvgz{dgc{z ######################################################### 257
Bccgq 57# Bcbh|zlz `f zgczl{lvl{| lc {gudz `f j`z{z `f dblc{gcbcjg bck bkdlclz{ub{l`c ############################# 257
Bccgq 56# Zjagkwhg f bj{lvl{lgz ~l{alc {ag }u`ogj{ f L] jugb{l`c ############################################################## 256
Bccgq 5># Kgzjul}{l`c f gcvlu`cdgc{bh fbj{`uz bck z`dg dgbzwugz `f gcvlu`cdgc{bh }u`{gj{l`c ############ 25
-
7/31/2019 Feasability Study Edinet_english
8/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui >
BEEUGVLB[L@CZ
EL Ewzlcgzz Lcjweb{`u
JKDB J`kg Klvlzl`c Dwh{l}hg Bjjgzz
JLZ J`dd`c~gbh{a f Lckg}gckgc{ Z{b{gz
NK] Nu`zz K`dgz{lj ]u`kwj{
NZDJ Nh`ebh Z|z{gd f`u D`elhg J`ddwcljb{l`cz
LG Lcklvlkwbh Gc{gu}ulzg
L] Lckwz{ulbh ]bui
LUU Lc{gucbh Ub{g `f Ug{wuc
LZ@ Lc{gucb{l`cbh @unbclb{l`c f`u Z{bckbuklb{l`c
HHJ Hldl{gk Hlbelhl{| J`d}bc|
H]B H`jbh ]wehlj Bkdlclz{ub{l`c
HVZHL H`~$Vbhwg Za`u{$Hlfg L{gdz
DG Dwcljl}bh Gc{gu}ulzg
CEZ Cb{l`cbh Ewugbw `f Z{b{lz{ljz
CGUB Cb{l`cbh Gcgun| Ugnwhb{`u| Bngcj|
CN@ C`c$n`vgucdgc{bh `unbclb{l`c
C]V Cg{ ]ugzgc{ Vbhwg
CUKF Cb{l`cbh Ugnl`cbh Kgvgh`}dgc{ Fwck
]]] ]wehlj$]ulvb{g ]bu{cguzal}
]ZJ ]wehlj Zgj{`u J`d}bub{`u
UEJ Egcgfl{ J`z{ Ub{l`
UL]U Ugnl`cbh Lcvgz{dgc{ ]guf`udbcjg Ub{lcn
ZDG Zdbhh bck Dgklwd Gc{gu}ulzgz
VB[ Vbhwg Bkkgk [bq
-
7/31/2019 Feasability Study Edinet_english
9/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 1
[GUDZ
Lckwz{ulbh }bui hldl{gk {guul{`u| {ab{ abz {gjacljbh bck }u`kwj{l`c lcfubz{uwj{wug( lc ~alja
gj`c`dlj bj{lvl{lgz bug jbuulgk `w{( dblch| dbcwfbj{wulcn( zguvljg }u`vlzl`c( wzg `f zjlgc{lflj
ugzgbuja bck `u {gjac`h`nljbh kgvgh`}dgc{ lc bc gcvlu`cdgc{ `f z}gjlflj fbjlhl{lgz bldlcn {` wzg {ag
awdbc bck db{gulbh }`{gc{lbh `f {ag ugnl`c9
Dbcbnlcn j`d}bc| j`d}bc|( ~a`zg dblc bj{lvl{| lz f`jwzgk `c dbcbngdgc{ `f {ag Lckwz{ulbh
]bui bck }u`vlzl`c `f zguvljgz {` ugzlkgc{z `f {ag }bui abvlcn {ag {l{hg `f hgnbh gc{l{| bck
z{b{gdwcljl}bh gc{gu}ulzg hgnbh f`ud `f `unbclb{l`c `u z{b{g `~cgk( }wehlj$}ulvb{g `u }ulvb{g
j`ddgujlbh j`d}bc|9
Ugzlkgc{ `f lckwz{ulbh }bui gj`c`dlj gc{l{| ugnlz{gugk bjj`uklcn {` {ag hb~( k`lcn gj`c`dlj
ewzlcgzz wckgu j`c{ubj{ j`cjhwkgk ~l{a {ag dbcbnlcn j`d}bc|( lcjhwklcn dbcwfbj{wulcn( zguvljg
}u`vlzl`c( b}}hljb{l`c `f zjlgc{lflj ugzgbuja bck `u {gjac`h`nljbh kgvgh`}dgc{ lc {ag lckwz{ulbh }bui9
Lckwz{ulbh }bui gz{behlzagk w}`c }wehlj$}ulvb{g }bu{cguzal}}ulcjl}hgz lckwz{ulbh }bui jugb{gk `c
{ag ebzlz `f }wehlj }u`}gu{| bzzg{z( fwhh| `u }bu{lbhh| `f flcbcjlbh ugz`wujgz `f b }ulvb{g lcvgz{`u `u `f
flcbcjlbh ugz`wujgz b{{ubj{gk e| l{( wzlcn vbul`wz j``}gub{l`c bck bzz`jlb{l`c d`kghz }u`vlkgk e| {agHb~ `c }wehlj$}ulvb{g }bu{cguzal}9
]wehlj }u`}gu{| bzzg{z $ ugbh gz{b{g !hbckz( ewlhklcnz( g{j#, `~cgk e| z{b{g `u bkdlclz{ub{lvg${guul{`ulbh
wcl{z( lcjhwklcn Nbnbw bw{`c`d`wz {guul{`ulbh wcl{9
Ugnwhb{l`c bck j`c{u`h lcz{l{w{l`cz}wehlj bw{a`ul{| vgz{gk ~l{a ugnwhb{`u| bck j`c{u`h fwcj{l`cz
lcv`hvgk lc lzzwlcn bw{a`ulb{l`c k`jwdgc{z cgjgzzbu| f`u jugb{l`c bck `}gub{l`c `f {ag Lckwz{ulbh
]bui9[gjacljbh bck }u`kwj{l`c lcfubz{uwj{wug ewlhklcnz bck fbjlhl{lgz( ghgj{uljl{| zw}}h| z|z{gdz(
{ghgj`ddwcljb{l`cz cg{~`uiz( nbz bck ~b{gu zw}}h| cg{~`uiz( zg~gubng z|z{gdz( lcjhwklcn ublc
`cgz( {ubcz}`u{ u`bkz( }wehlj hlna{lcn g{j#9
A`hkguz `f }wehlj w{lhl{| cg{~`uiz }u`vlkguz `f ~b{gu( ghgj{uljl{| bck agb{( nbz( zg~gubng bck
{ugb{dgc{( {ghgj`ddwcljb{l`cz bck {agu dwcljl}bh }wehlj zguvljgz9
Lckwz{ulbh }bui {l{hgulna{ nubc{gk {` {ag dbcbnlcn j`d}bc| {` egcgfl{ fu`d fbjlhl{lgz `f jugb{l`cbck `}gub{l`c `f {ag Lckwz{ulbh ]bui( }u`vlkgk {ab{ `ehlnb{l`cz z{l}whb{gk lc {agHb~ `c lckwz{ulbh
}buiz C`# 215 `f Owh| 27( 5=2= bug fwhflhhgk9
Lckwz{ulbh }bui ugzlkgc{ {l{hg ulna{ nubc{gk {` ugzlkgc{ {` egcgfl{ fu`d fbjlhl{lgz {` hbwcja bck jbuu|
`w{ {ag bj{lvl{| ~l{alc {ag Lckwz{ulbh ]bui( }u`vlkgk {ab{ {ag `ehlnb{l`cz z{l}whb{gk lc {ag }ugzgc{ hb~
bck lc {ag j`c{ubj{ j`cjhwkgk ~l{a {ag dbcbnlcn j`d}bc| bug fwhflhhgk9
Lcvgz{dgc{ }u`ogj{
}u`ogj{ kgzlncgk f`u jugb{l`c `f cg~ flqgk bzzg{z bz ~ghh bz j`d}hg{l`c bck `ud`kguclb{l`c `f gqlz{lcn fwckz
-
7/31/2019 Feasability Study Edinet_english
10/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui ; ab, bck( `}{l`c : {ag Ugzlkgc{ `cg j`czlz{z
`ch| `f {ag zwe`cg f`u hgbzgk }u`kwj{l`c }ugdlzgz !2==',( lc `{agu ~`ukz `c {ag ~a`hg {guul{`u| `f
{ag L]( hbck }bujghz ~lhh eg hgbzgk e| L] Ugzlkgc{z bhh`~lcn {agd {` ewlhk {aglu `~c }u`kwj{l`c
}ugdlzgz#
Bjj`uklcn {` {ag `}{l`cz( kgflcgk be`vg( jb}l{bh j`z{z `f {ag }u`ogj{ e| ]]] ~l{a`w{ lcvgz{dgc{z `f
L] Ugzlkgc{z lc {aglu `~c }u`kwj{l`c }ugdlzgz dbig w} 25=#5 dhc# DKH lc jbzg `f `}{l`c 29 >2#:
dhc#DKH lc jbzg `f `}{l`c 5 bck( ugz}gj{lvgh|( 5>#5 dhc# DKH lc jbzg `f `}{l`c :#
Zlcjg {alz L] }u`ogj{ jbc eg ld}hgdgc{gk e| }wehlj bkdlclz{ub{l`c !`u H]B ~l{a jgc{ubh bw{a`ul{lgz,
bck e| }wehlj }ulvb{g }bu{cguzal}( bc bcbh|zlz `f {ag }u`ogj{ j`z{ f`u e`{a {agzg b}}u`bjagz ~bz
jbuulgk `w{# [alz bcbh|zlz ~bz dbkg `c {ag ebzlz `f gz{ldb{gz `f {ag {`{bh }u`ogj{ j`z{z( lcjhwklcn l{z
ulziz( ug}hbjgdgc{( bkdlclz{ub{l`c bck dblc{gcbcjg j`z{z( kgjugbzlcn {agd e| flcbcjlbh lcj`dgz
ngcgub{gk e| {ag L] Dbcbnlcn J`d}bc| f`u {ag gc{lug }gul`k `f L] gqlz{gcjg `f := |gbuz# Ebzgk `c
{alz bcbh|zlz l{ ~bz j`cjhwkgk {ab{ {ag L] ld}hgdgc{gk {au`wna }wehlj$}ulvb{g }bu{cguzal}( abz b h`~gu
j`z{ {abc lf eglcn ld}hgdgc{gk wckgu `~c dbcbngdgc{ e| }wehlj bw{a`ul{lgz#
Bz b ugzwh{( l{ lz ugj`ddgckgk {` ld}hgdgc{ {alz }u`ogj{ {au`wna }wehlj }ulvb{g }bu{cguzal}( ~agug {ag
Dbcbnlcn J`d}bc| ~lhh eg zghgj{gk {au`wna {gckgu# [ag ]]] j`c{ubj{ {gud ~lhh eg grwbh {` {ag :=$
|gbu }gul`k `f bj{lvl{| }u`vlkgk {` {ag Lckwz{ulbh ]bui#
Jugb{l`c `f {ag Gklcg{ Lckwz{ulbh ]bui ~lhh abvg dbc| }`zl{lvg gffgj{z `c gj`c`d| b{ h`jbh( bz ~ghh bz
ugnl`cbh bck cb{l`cbh hgvghz# L{ lz gz{ldb{gk {ab{ be`w{ 5=:6 klugj{ o`ez ~lhh eg jugb{gk lc {ag L]( }hwz
be`w{ 2== lcklugj{ o`ez lc {ag flghk `f zguvljgz( bz ~ghh bz be`w{ ;==$7== kwulcn {ag L] j`cz{uwj{l`c
}gul`k# B{ {ag zbdg {ldg( bc lcjugbzg `f {ag hgvgh `f zwuvlvbh `f zdbhh bck dgklwd gc{gu}ulzg
ugzwh{lcn fu`d {ag `}gub{l`c `f {ag EL( j`c{ulew{lcn {` gj`c`dlj z{belhl{| `f {ag h`jbhl{| bck ugnl`c( lz
gz{ldb{gk#
]`zl{lvg z`jlbh ld}bj{ `c {ag }`}whb{l`c hlvlcn ~l{alc b 5= id ubklwz fu`d {ag Lckwz{ulbh ]bui ~lhh eg
ugfhgj{gk e| {ag fbj{ {ab{ z`dg o`ez ~lhh eg bhz` }u`vlkgk f`u {ag wcgd}h`|gk( bz ~ghh bz be`w{ 2='
`f {a`zg hgf{ f`u beu`bk# Hbe`wu ugdwcgub{l`c fwck ~lhh eg lcjugbzgk e| be`w{ 2=5#7 dhc# DKH
bccwbhh| {awz lcjugbzlcn lcj`dgz `f {ag }`}whb{l`c fu`d {ag ugnl`c# B{ {ag zbdg {ldg( h`jbh
j`ddwcl{| ~lhh egcgfl{ fu`d lcfubz{uwj{wug kgvgh`}dgc{( lcjhwklcn e| ld}u`vlcn ~b{gu zw}}h|(
zg~gubng bck {ghgj`ddwcljb{l`cz zguvljgz#
-
7/31/2019 Feasability Study Edinet_english
13/134
-
7/31/2019 Feasability Study Edinet_english
14/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 2:
Flnwug 2 Z{uwj{wug `f {ag }`}whb{l`c e| bugbz !',( Gklcg{ klz{ulj{ kwulcn 5==>$5== 6== lcabel{bc{z# Lc }gujgc{bng {gudz
bz j`d}bugk {` {`{bh }`}whb{l`c( wuebc }`}whb{l`c dbigz w} :2#2=' ~alhg uwubh }`}whb{l`c lz61#
-
7/31/2019 Feasability Study Edinet_english
15/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 2;
[behg 5# ]`}whb{l`c e| zgq bck bng nu`w}z
Bng nu`w}z [`{bh Dgc ^`dgc
=$27 2; ::= > :52 > ==, $ `vgu 21 7;6 7 5 ;:
-
7/31/2019 Feasability Study Edinet_english
16/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 27
@f ~`uilcn bng66#:2'^`dgc? @vgu ~`uilcn bng51#6>'
Wckgu ~`uilcn bng27##76' bug gd}h`|gk lc
gj`c`d|#
@f {ag {`{bh gj`c`dljbhh| bj{lvg }`}whb{l`c(
-
7/31/2019 Feasability Study Edinet_english
17/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 26
@w{ `f {ag {`{bh gd}h`|gk }`}whb{l`c( 5>#6;1 DKH#
[behg ;# Klz{ulew{l`c `f gd}h`|gk }`}whb{l`c e| dblc {|}gz `f bj{lvl{|( }guz`cz
\gbu 5==7 5==6 5==> 5==1 5==> 1 =7; < 275 < 25> 1 6 75= 7=< 7=1 ;1;
[ubkg > 6=5 > ; 5>< 6
Agbh{ajbug bck z`jlbh bzzlz{bcjg : 57> : 6;< : ::5 : ;76 : 5< 2 5>2 2 56> 2 21>
[`{bh := ; :5
-
7/31/2019 Feasability Study Edinet_english
18/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 2>
\gbu `f
z{wk|
5==7
5==6
5==6
5==>
5==>
5==1
5==1
5==
5==1
5==1
5==> 2=57< 62 6 1
-
7/31/2019 Feasability Study Edinet_english
19/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 21
Flnwug 7# Gv`hw{l`c `f {ag cwdegu `f gj`c`dlj gc{l{lgz ~l{alc 5==7$5==# Klz{ulew{l`c `f gj`c`dlj gc{l{lgz e| {|}gz `f bj{lvl{|( 5==7$5== 5==1 5==; 21 61: 21 172 21 :: 1=2 1
[ubcz}`u{ bck j`ddwcljb{l`cz ;= ;5 ;1 7; 61
]wehlj bkdlclz{ub{l`c9 gkwjb{l`c9 agbh{a bck z`jlbh
bzzlz{bcjg221 221 221 221 221
@{agu {|}gz `f bj{lvl{| 2 ;2< 2 7>6 2 66> 2 >[`{bh 5= 2 52
-
7/31/2019 Feasability Study Edinet_english
20/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 2# Gv`hw{l`c `f {ag v`hwdg `f zbhgz e| {ag gj`c`dlj gc{l{lgz fu`d Gklcg{( {a`wzbck DKH#
Z Z{ {l {l h kl {l f Gkl { Kl { l { J lh
F lelhl{ Z{ k f { ehl al {a Gkl { L k { l h ] i 5=
-
7/31/2019 Feasability Study Edinet_english
21/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 5=
[behg 1# Bccwbh bvgubng cwdegu `f gd}h`|ggz( {a`wzbck }guz`cz
Flghk `f bj{lvl{| 5==7 5==6 5==> 5==1 5== 22 2=#6 52 : ;:>1 277#7
%Nh`ulb Rvbuj% HHJ [ubkg J`hhgj{lvg 25: ;7= 226 7 :;> 567#:
%Lchbj% HHJ Bnu`$f``k lckwz{u| J`hhgj{lvg 2== 7;5 :
%Bz{ub% LG Bnu`$f``k lckwz{u| ]ulvb{g 21 762
%Dlcb Jw}jlcl% HHJGq{ubj{l`c `f zbck bck
nubvghJ`hhgj{lvg 2; ;2> 21> 2 5
-
7/31/2019 Feasability Study Edinet_english
22/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 52
2#:#2# Lckwz{u|
Gklcg{ gj`c`d| abz b bnubulbc bck lckwz{ulbh cb{wug( bz `{agu ugnl`cz `f {ag j`wc{u| bj{wbhh|( ew{
wchlig {a`zg l{ abz b ughb{lvgh| d`ug kgvgh`}gk lckwz{u|#
Lc 5== 7
ugj`ukgk h`zzgz 27 27 21 52 26
V`hwdg `f }u`kwj{l`c b{ jwuugc{ }uljgz( {a`wzbck
DKH:2= 65: :1: ;51 ;;5 1=; 7>: >1> 565 271
Cwdegu `f gd}h`|ggz 56:; 51>; 576> 555; 2176
C`dlcbh bvgubng zbhbu| lc gq{ubj{lvg lckwz{u|(
DKH 256= 271= 5=>= 57=> 5;>;
D`c{ah| bvgubng zbhbu| lc }u`jgzzlcn lckwz{u|(
DKH2>=2 2121 57:1
Z`wujg? Z{b{lz{ljbh klugj{l`c `f Gklcg{ Klz{ulj{ J`wcjlh
[ag dblc lckwz{ulgz kgvgh`}gk lc {ag klz{ulj{ `vgu {ldg bug gq{ubj{lvg bck dbcwfbj{wulcn
lckwz{ulgz( ~l{a b zlnclfljbc{ zabug `f {ag hb{{gu !zgg [behg 22,#
[behg 22# Gv`hw{l`c `f {ag cwdegu `f lckwz{ulbh gc{gu}ulzg ~l{alc 5==7$5== 5==1 5==#7 DKH j`d}bugk {` 6262#< DKH,# Lf ~g gqjhwkg Ebh{l dwcljl}bhl{|
fu`d jbhjwhb{l`cz( {agc {alz lckgq `f Gklcg{ ~lhh eg b}}u`qldb{gh| {~ljg alnagu {abc {ag ugnl`cbh
bvgubng:#
Flnwug
-
7/31/2019 Feasability Study Edinet_english
24/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui
Kwulcn {ag }bz{ |gbuz be`w{ 5 ;== }guz`cz bug gd}h`|gk lc {ag lckwz{u|( ug}ugzgc{lcn 1#::' `f
{ag {`{bh cwdegu `f gd}h`|ggz lcv`hvgk lc {ag lckwz{ulbh zgj{`u `f {ag C`u{aguc ugnl`c# Cwdegu
`f gd}h`|ggz lc {ag flghk abz ugdblcgk ughb{lvgh| j`cz{bc{ kwulcn {alz }gul`k !zgg [behg 25,#
[behg 25# Lckwz{ulbh$}u`kwj{l`c z{bff( 5==6$5==1
Ugnl`c
Cwdegu `f gd}h`|ggz !{a`wzbck
}guz`cz,
5==6 5==> 5==1
[`{bh lc {ag
Ug}wehlj255#5 25=#2 227
C`u{a 51#: 51#1 51#1
Gklcg{ 5#5 5#; 5#;
Z`wujg? Z{b{lz{ljbh |gbue``i `f {ag Ug}wehlj `f D`hk`vb( Cb{l`cbh Ewugbw `f Z{b{lz{ljz
B{ {ag zbdg {ldg( Gklcg{ abz {ag bkvbc{bng `f }u`qldl{| {` {ag dbuig{ `f Ebh{l dwcljl}bhl{|#
Abvlcn b alna `w{hg{ }`{gc{lbh( l{ fbjlhl{b{gz zbhgz `f lckwz{ulbh `w{}w{#
2#:#5# Bnuljwh{wug
[ag bnuljwh{wubh zgj{`u abz b zlnclfljbc{ zabug lc {ag gj`c`dlj bj{lvl{| `f Gklcg{( ~alja abz
ld}`u{bc{ bkvbc{bngz? z`lh }u`kwj{lvl{| dbui lz alnagu lc {ag ugnl`c !>1, ~alhg zabug `f gu`kgk
z`lhz lz vgu| h`~ !5:#2',# [agzg bkvbc{bngz bug lcjugbzgk e| {ag alna hgvgh `f dgjabclb{l`c(
{agug bug 2:#7 {ubj{`uz f`u 2=== ab `f hbck( bz j`d}bugk {` {ag bvgubng `f
-
7/31/2019 Feasability Study Edinet_english
25/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 57
-
7/31/2019 Feasability Study Edinet_english
26/134
zgj{`u# [awz( ~g jbc `ezguvg bc lcjugbzlcn {ugck lc {ag cwdegu bck zabug `f zdbhh gc{gu}ulzgz( b
ebhbcjgk {ugck `f kgjugbzg lc {ag cwdegu bck zabug `f dlju` bck dgklwd gc{gu}ulzgz#
Flnwug 2:# Gv`hw{l`c `f gc{gu}ulzgz bck gd}h`|ggz ~l{alc 5==7$5==< !5==742==',
Z`wujg? Z{b{lz{ljbh |gbue``i `f {ag Ug}wehlj `f D`hk`vb( CEZ
EhwgCwdegu `f gc{gu}ulzgz
UgkBvgubng cwdegu `f gd}h`|ggz
Bh{a`wna ~l{alc {ag hbz{ flvg |gbuz {agug abz eggc bc bvgubng ugkwj{l`c lc {ag cwdegu `f gd}h`|ggz
gcnbngk lc ZDG zgj{`u `f 51#:'( {wuc`vgu abz lcjugbzgk fu`d ;>7 dhc# DKH lc 5==7 {` 6;= dhc#
DKH lc 5== 5>' 566 55'
Dlju` gc{gu}ulzgz 57: 66' 2>5 7>' >:1 1' >2: 22' ;6 6' >5 6'
[`{bh ZDG :>7 #6' 5'
Hbung gc{gu}ulzgz < 5' < :' :=== ::' 5;:; :>' :67 ;:' 775 ;6'
[`{bh :1; 2==' :=; 2=='
-
7/31/2019 Feasability Study Edinet_english
27/134
[agug lz b ughb{lvgh| hbung cwdegu `f j`ddgujlbh ebciz( dlju`$flcbcjg j`d}bclgz( zbvlcnz bck h`bc
bzz`jlb{l`cz bck j`czwh{lcn jgc{ugz lc {ag klz{ulj{#
2#:#7# Lcvgz{dgc{z
Bjj`uklcn {` {ag Ugnl`cbh Lcvgz{dgc{ ]guf`udbcjg Ub{lcn !UL]U, Gklcg{ ubciz # Ugnlz{gugk ugkwj{l`cz ~gug dblch| egjbwzg `f
{ag hbji `f f`uglnc lcvgz{dgc{z bck ugkwj{l`c `f }ulvb{g lcvgz{dgc{z( ugzwh{lcn hbungh| fu`d {agj`wc{u|.z }`hl{ljbh lcz{belhl{| bck gj`c`dlj julzlz#
@w{ `f {ag {`{bh lcvgz{dgc{z lc 5==#6 {a`wzbck DKH( `u 6=' `f {ag ugnl`cbh
bvgubng#
Bjj`uklcn {` b z{wk|( jbuulgk `w{ e| Gq}gu{ Nuw}( {ag dbo`ul{| `f }ulvb{g lcvgz{dgc{z bug dbkgl l l k { { { k l {l l h{ k { k ! Fl 27,
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 5>
-
7/31/2019 Feasability Study Edinet_english
28/134
Flnwug 27# Klz{ulew{l`c `f }ulvb{g lcvgz{dgc{z e| {|}gz `f bj{lvl{|
Z`wujg? Bcbh|{ljbh Jgc{gu Gq}gu{$Nuw}( ]u`ehgdz bck Lcvgz{dgc{ Z`hw{l`cz lc {ag C`u{aguc Kgvgh`}dgc{
Ugnl`c
=' $ Gkwjb{l`c2' $ ]wehlj Bkdlclz{ub{l`c
7' $ Ugbh gz{b{g {ubczbj{l`cz
=' $ Flcbcjlbh bj{lvl{lgz
52' $ [ubcz}`u{b{l`c bck j`ddwcljb{l`c
25' $ [ubkg
5' $ J`cz{uwj{l`cz
id( `f ~alja 65#: id bug cb{l`cbh
u`bkz bck 56;#; id $ h`jbh u`bkz#
]wehlj w{lhl{lgz lc {ag ugnl`c bug }u`vlkgk e| zgvgubh }u`vlkguz {ab{ `}gub{g b{ h`jbh bck cb{l`cbh
hgvghz#
Cb{wubh nbz lc Gklcg{ lz }u`vlkgk e| {ag gc{gu}ulzg Gklcg{ Nbz HHJ [ag kghlvgu| }uljg `f 2===
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 51
-
7/31/2019 Feasability Study Edinet_english
29/134
Ugzlkgc{z bck gj`c`dlj gc{l{lgz fu`d Gklcg{ bug }u`vlkgk ~l{a ghgj{uljl{| e| O`lc{$Z{`ji J`d}bc|
UGK C`ukVgz{( ~alja }u`vlkgz ghgj{uljl{| b{ {ag ub{g `f 2;7 DKH i^a gqjhwklcn `f VB[#
Ebcilcn lcfubz{uwj{wug lz kgvgh`}gk e| < eubcjagz `f {ag f`hh`~lcn ebciz? Ebcjb kg Gj`c`dll( EbcjbZ`jlbh( Gcgunebci( D`elbzebcjb Flcj`debci( D`hklckj`cebci( Bnu`lckebci Vlj{`ulebci
]u`Jugkl{Ebci#
H`jbh dbzz dgklb lz ug}ugzgc{gk e| 5 ubkl` z{b{l`cz bck `cg [V z{b{l`c# ^ul{{gc dgklb lz }guf`udgk
{au`wna cg~z}b}guz Jwulguwh kg Gklcg{ bck C`u{a Lcf`# H`jbhz abvg `vgu 2== [V jabccghz e|
jbehg `u klnl{bh bck be`w{ := `f ubkl` jabccghz#
Flqgk {ghg}a`cg zguvljgz bug }u`vlkgk e| D`hk{ghgj`d j`d}bc| ~alhg d`elhg {ghg}a`cg zguvljgzbug }u`vlkgk e| j`d}bclgz @ubcng( D`hkjghh bck Wcl{g# D`hkjghh j`d}bc| abz eggc
`}gub{lcn lc Gklcg{ zlcjg 5=== bck abz b j`vgubng bugb `f be`w{ #5=2= `c lckwz{ulbh}buiz( b cwdegu `f }u`ehgdz {ab{
jwuugc{h| ugzwh{ lc h`~ lcvgz{dgc{ bj{lvl{| lc {ag ugnl`c jbc hbungh| eg z`hvgk e| jugb{lcn {ag Gklcg{
Lckwz{ulbh ]bui# Bjj`uklcn {` {ag }u`vlzl`cz `f {alz hb~( j`ckl{l`cz bug jugb{gk bck jgu{blc fbjlhl{lgz
bug }u`vlkgk f`u z`hvlcn {ag f`hh`~lcn }u`ehgdz?
Hldl{gk bjjgzz {` lckwz{ulbh hbckz f`u hbwcjalcn bck kgvgh`}lcn {ag lckwz{ulbh bj{lvl{|? [alz
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 5
-
7/31/2019 Feasability Study Edinet_english
30/134
ugz}`czlehg f`u }u`vlklcn {gjacljbh( hgnbh( j`czwh{b{lvg zw}}`u{ bck j``uklcb{lcn {ag bjrwlzl{l`c `f
}gudlzzlvg k`jwdgc{z }u`vlkgk e| hb~
Alnagu j`z{z bck ulziz ughb{gk {` z{b{g j`c{u`h `f ewzlcgzz bj{lvl{lgz# ^l{alc {ag L]( z{b{g j`c{u`h
`vgu L] Ugzlkgc{z bj{lvl{| lz `}{ldlgk e| j`ckwj{lcn }hbccgk j`c{u`hz bjj`uklcn {` {ag bccwbh
zjagkwhg b}}u`vgk e| N`vgucdgc{ kgjlzl`c `u z}`{ jagjiz dbkg e| {ag Dlclz{u| `f Gj`c`d| lc
j`d}hlbcjg ~l{a {ag hgnlzhb{l`c lc f`ujg9
Alnagu j`z{z f`u j`ccgj{l`c {` w{lhl{lgz? Bjj`uklcn {` {ag Hb~ `c lckwz{ulbh }buiz C`# 215 `f
27#=>#5=2= !bu{# !2:,( }bub# !2,, jugb{l`c `f {gjacljbh bck }u`kwj{l`c lcfubz{uwj{wug lz fwckgk e| {ag
bd`wc{( bhh`jb{gk fu`d {ag z{b{g ewkng{ bck {ag ewkng{z `f bkdlclz{ub{lvg${guul{`ulbh wcl{z( ugkwjlcn
lcvgz{dgc{ j`z{z#
^l{a {ag vlg~ {` bzzgzzlcn {ag cggk bck `}}`u{wcl{| {` jugb{g Gklcg{ L] b Z^@[ bcbh|zlz `f {ag
zghgj{gk h`jb{l`c f`u h`jb{lcn L] abz eggc jbuulgk `w{# [ag bcbh|zlz alnahlna{z z{ugcn{az bck
~gbicgzzgz `f {ag L] zl{g bck ugnl`c bz j`d}bugk {` `{agu ugnl`cz `f {ag j`wc{u|( bz ~ghh bz lkgc{lflgz
}`zzlehg `}}`u{wcl{lgz bck {augb{z j`dlcn fu`d {ag `w{zlkg `f Gklcg{ Lckwz{ulbh ]bui#
[behg 2;# Z^@[ bcbh|zlz `f Gklcg{ Lckwz{ulbh ]bui
Z{ugcn{az ^gbicgzzgz
H`jb{l`c b{ ughb{lvgh| zdbhh klz{bcjgz fu`d
ju`zzlcn }`lc{z `f {ag e`ukgu ~l{a U`dbclb bck
Wiublcg
Lczlnclfljbc{ hgvgh `f f`uglnc lcvgz{dgc{z
lc {ag ugnl`c
U`bk bjjgzzlelhl{| {au`wna lc{gucb{l`cbh
u`w{g D$2; Jgucbw{l Jalzlcbw @kgzzb bck
Gwu`}gbc u`w{g G71: D`nlhgv $ ]`k`hzi
Ku`jalbWcnagcl
Lczwffljlgc{ flcbcjlbh ebzgz `f h`jbh }wehlj
bkdlclz{ub{l`c
Bjjgzz {` ublh~b| cg{~`ui {au`wna Eub{wzgcl
ublh~b| z{b{l`c h`jb{gk b{ b klz{bcjg `f be`w{ >
ilh`dg{ugz fu`d {ag Lckwz{ulbh ]bui hbck#
]``uh| dblc{blcgk h`jbh u`bk lcfubz{uwj{wug
Gqlz{gcjg( cgbu {ag hbck kgzlncgk f`u {ag
Lckwz{ulbh ]bui !lc Gklcg{,( `f zwffljlgc{ }wehlj
w{lhl{lgz f`u l{z gj`c`dlj kgvgh`}dgc{
Ughb{lvg h`~ gc{ug}ugcgwulbh z}lul{ `f {ag
}`}whb{l`c
Gqlz{gcjg `f hbckz lc }wehlj }u`}gu{| f`u
jugb{l`c `f {ag L]
H`~ h`jbh `w{hg{
Ughb{lvgh| alna hgvgh `f ngcgubh jwh{wug `f
{ag }`}whb{l`c
Ughb{lvgh| }``uh| kgvgh`}gk bnuljwh{wubh
zgj{`u
Gqlz{gcjg `f ughb{lvg rwbhlflgk hbe`wu f`ujg
lc {ag `cg `f {ag Lckwz{ulbh ]buiz bj{lvl{|
]``uh| kgvgh`}gk bck wcb{{ubj{lvg z`jlbh
bck jwh{wubh zguvljgz
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui :=
-
7/31/2019 Feasability Study Edinet_english
31/134
ugck {` {ubczfgu jb}l{bhz fu`d {ag GW lc
hldl{u`}ag `cgz
]`hl{ljbh lcz{belhl{| b{ cb{l`cbh hgvgh(
gq}ugzzgk e| lcj`agugcjg `f }`hljlgz lc {ag
flghk `f ugnl`cbh kgvgh`}dgc{9 fugrwgc{
d`klfljb{l`cz lc {ag c`udb{lvg fubdg~`ui Zw}}`u{ }u`nubdz f`u gj`c`dlj kgvgh`}dgc{
`f {ag Ug}wehlj `f D`hk`vb( lcjhwklcn e| zdbhh
lcj`dg {bqgz !`u gqjhwzl`c,
Ngcgubh lcvgz{dgc{ jhldb{g `f {ag j`wc{u|
lz ughb{lvgh| wcb{{ubj{lvg( lcjhwklcn kwg {`
j`uuw}{l`c
Gqlz{gcjg bck ughb{lvgh| gbz| bjjgzz {` GW bck
Gbz{ dbuig{z
[ubcz}`u{( gz}gjlbhh| jbu lcfubz{uwj{wug( lc
{ag j`wc{u| bck cglnae`wulcn j`wc{ulgz lz
}``uh| kgvgh`}gk
Hgnbh fubdg~`ui `f {ag L] lz fbv`wubehg f`u{aglu kgvgh`}dgc{
[ag }ugzgc{gk bcbh|zlz za`~z {ab{ {ag ugnl`c bhz` abz b cwdegu `f bkvbc{bngz bz j`d}bugk ~l{a `{agu
ugnl`cz `f {ag j`wc{u|# ^l{alc b ubklwz `f 5= ilh`dg{ugz `f {ag hbck kgz{lcgk f`u Gklcg{ Lckwz{ulbh
]bui( {ag `cg abz bc lckwz{ulbh }`{gc{lbh bck {ab{ `f rwbhlflgk hbe`wu f`ujg b{ b alnagu hgvgh bz
j`d}bugk {` `{agu klz{ulj{z lc {ag c`u{aguc }bu{ `f {ag ug}wehlj# Rwbhlflgk hbe`wu f`ujg lz z}gjlbhlgk lc
lckwz{u| `f }u`jgzzlcn `f bnuljwh{wubh }u`kwj{z bck lc z`dg flghkz `f dgjabcljbh gcnlcggulcn lckwz{u|#Gklcg{( hlig d`z{ c`u{aguc klz{ulj{z `f {ag j`wc{u|( abz b ughb{lvgh| alna hgvgh `f ngcgubh jwh{wug bck
}u`kwj{l`c jwh{wug( ug}ugzgc{lcn b j`df`u{behg gcvlu`cdgc{ f`u h`jbh bck f`uglnc lcvgz{`uz# [ag
dbo`ul{| `f {ag }`}whb{l`c ic`~z {~` hbcnwbngz bck za`~ b}{l{wkg f`u gbz| hgbuclcn `f f`uglnc
hbcnwbngz( }u`vlklcn {agd ~l{a bkkl{l`cbh `}}`u{wcl{lgz f`u gkwjb{l`c( gd}h`|dgc{ bck ug{ublclcn#
Gklcg{ abz b ughb{lvgh| ~ghh kgvgh`}gk h`jbh lcfubz{uwj{wug? ghgj{uljl{| zw}}h| lz z{behg bck jbc fwhh|
dgg{ {ag ugrwlugdgc{z `f {ag lckwz{ulbh zgj{`u9 ~b{gu zw}}h| bck zg~bng zguvljgz bug fwcj{l`cbh9 {agug
lz bc gbz| bjjgzz {` nbz cg{~`ui9 {agug bug c` }u`ehgdz ugnbuklcn j`ccgj{l`c {` {ghgj`ddwcljb{l`cz
cg{~`uiz !flqgk( d`elhg {ghg}a`c|( Lc{gucg{,9 {ag ugnl`c bhz` abz b ~ghh kgvgh`}gk cg{~`ui `f h`jbh
u`bkz( gvgc lf {aglu j`ckl{l`c hgbvgz dwja {` eg kgzlugk# [ag ugnl`c bhz` egcgfl{z fu`d rwbhl{b{lvg
ebcilcn zguvljgz( agug {agug bug eubcjagz `f bhh ld}`u{bc{ ebciz `f {ag j`wc{u|#
L{ za`whk eg dgc{l`cgk {ab{ {ag ng`nub}aljbh h`jb{l`c lc {gudz `f bjjgzzlelhl{| `f {ag ugnl`c bhz`
`ffguz {agd z`dg bkvbc{bngz bz j`d}bugk {` `{agu ugnl`cz `f {ag j`wc{u|# L{ lz h`jb{gk cgbu e`ukguz
~l{a U`dbclb bck Wiublcg( bck abz klugj{ bjjgzz {` {~` dbo`u lc{gucb{l`cbh u`w{gz !D2; bck G71:,#
[awz( {agug jbc eg b ughb{lvgh| gbz| bjjgzz {` ld}`u{bc{ `w{hg{z `f {ag GW bck Wiublcg bz ~ghh bz
db{gulbhz bck ub~ db{gulbhz dbuig{z `f {ag Gbz{#
E| zghgj{lcn {ag }hbjg `f h`jb{l`c `f {ag hbck kgz{lcgk f`u {ag L]( bc `}{ldbh bjjgzz {` w{lhl{lgz bck
}`{gc{lbh gd}h`|ggz fu`d Gklgc{ bck ugnl`c lz }u`vlkgk# Bhz`( {ag hbck kgz{lcgk f`u {ag Lckwz{ulbh
]bui lz bkobjgc{ {` lc{gucb{l`cbh u`w{g D2; Jalzlcbw Jagucbw{l( gczwulcn b n``k u`bk bjjgzz bck
d`elhl{| {` lc{gucb{l`cbh dbuig{z# [ag hbck abz bjjgzz {` {ag Gwu`}gbc u`bk G71:( lz b{ b klz{bcjg `f
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui :2
-
7/31/2019 Feasability Study Edinet_english
32/134
5#KGZJUL][L@C @F [AG LCKWZ[ULBH ]BUIZ J@CJG][
5#2# L] j`cjg}{
L] `unbclb{l`c# [ag lcl{lb{`u `f {ag jugb{l`c `f {ag Lckwz{ulbh ]bui lc Gklcg{ lz H`jbh ]wehlj
Bkdlclz{ub{l`c# L] ~lhh eg jugb{gk `c bc bnuljwh{wubh hbck ~l{a bc bugb `f21#6 ab( `~cgk e| Gklcg{
[`~c Abhh# [ag hbck lz h`jb{gk lc {ag c`u{a$~gz{guc }bu{ `f {ag jl{|( bkobjgc{ {` {ag lc{gucb{l`cbh u`bk
D2;# ]bui ~lhh abvg l{z `~c lcfubz{uwj{wug ~alja ~lhh }u`vlkg fbjlhl{lgz ugrwlugk f`u {ag `}gub{l`c `f
L] Ugzlkgc{z#
[ag Dbcbnlcn J`d}bc| `f {ag Lckwz{ulbh ]bui ~lhh eg ugz}`czlehg f`u bkdlclz{ub{l`c `f {ag L]# Bhh
ughb{l`cz eg{~ggc {ag Dbcbnlcn J`d}bc| bck H]B bug z{l}whb{gk lc {ag j`c{ubj{ `f gz{behlzadgc{(
`}gub{l`c bck bkdlclz{ub{l`c `f {ag L]# [ag Dbcbnlcn J`d}bc| `f {ag ]bui lz ugz}`czlehg f`u
kgzlnclcn bck j`cz{uwj{l`c `f dwcljl}bh lcfubz{uwj{wug `f {ag L]( dblc{gcbcjg `f lcfubz{uwj{wug bck
zguvljg }u`vlzl`c {` Ugzlkgc{z( wckgu j`c{ubj{# [ag Dbcbnlcn J`d}bc| lz ugz}`czlehg egf`ug H]B
f`u bjalgvlcn n`bhz `f L] kgvgh`}dgc{( ~alja ~lhh eg jhgbuh| z{l}whb{gk lc {ag J`c{ubj{ eg{~ggc {ag
Dbcbnlcn J`d}bc| bck H]B# Lc j`d}hlbcjg ~l{a {ag z{ub{gn|( ja`zgc e| {ag Dbcbnlcn J`d}bc|( l{jbc bhz` gugj{ L] ewlhklcnz ~alja ~lhh eg }u`vlkgk f`u Ugzlkgc{z lc {ag f`ud `f hgbzg `u }wujabzg(
lcjhwklcn e| lcz{bhdgc{z# F`u zguvljgz( ughb{gk {` j`z{z cgjgzzbu| {` dblc{blc bck kgvgh`} {ag L]( {ag
Dbcbnlcn J`d}bc| ~lhh j`hhgj{ fu`d Ugzlkgc{z bkdlclz{ub{l`c fgg !`u ugc{bh,# @{agu zguvljgz
}u`vlkgk e| {ag Dbcbnlcn J`d}bc| ~lhh eg }blk zg}bub{gh| bjj`uklcn {` {ag }u`vlzl`cz `f {ag
j`c{ubj{ ~l{a {ag Ugzlkgc{#
[ag dblc k`jwdgc{ kgflclcn {ag `}gub{l`cbh `ehlnb{l`cz bck ulna{z `f {ag Dbcbnlcn J`d}bc|(
Ugzlkgc{z bck H]B lz Ugnwhb{l`cz `f {ag Lckwz{ulbh ]bui( b}}u`vgk e| H]B# ]u`vlzl`cz `f {ag j`c{ubj{`f {ag Dbcbnlcn J`d}bc| ~l{a H]B bck {a`zg `f {ag L] Ugnwhb{l`cz k` c`{ gqjhwkg `u kldlclza {ag
ulna{z bck egcgfl{z `ffgugk {` Ugzlkgc{z e| hgnbh fubdg~`ui#
Ugzlkgc{z `f {ag ]bui jbc `ch| eg hgnbhh| ugnlz{gugk gj`c`dlj gc{l{lgz lc {ag Ug}wehlj `f D`hk`vb(
lcjhwklcn {ag L]#
[ag n`bh `f {ag L]# [ag n`bh `f Gklcg{ Lckwz{ulbh ]bui lz {` lcjugbzg {ag hgvgh `f awdbc kgvgh`}dgc{
`f {ag }`}whb{l`c e| wzlcn zwu}hwz hbe`wu f`ujg lc {ag ugnl`c( {` jugb{g o`ez f`u dbilcn b }bu{ `f {ag
}`}whb{l`c ~`uilcn beu`bk ug{wuc lc {ag ugnl`c( {` jugb{g lckwz{ulbh }u`kwj{l`c jb}bjl{lgz ~alja
~`whk gczwug j`d}hgq }u`jgzzlcn `f h`jbh bnuljwh{wubh ub~ db{gulbhz( lcjugbzg lc lckwz{ulbh
}u`kwj{l`c gq}`u{z( gz}gjlbhh| lc GW j`wc{ulgz#
[|}g `f bj{lvl{lgz kgvgh`}gk lc {ag L]# Hbji `f klugj{ bjjgzz `f {ag Lckwz{ulbh ]bui {` ublh bck ulvgu
u`bkz( bz ~ghh bz {` blu}`u{z( ld}hlgz ugfhgj{l`c `c {ag gc{lug }u`jgzz `f gczwulcn ub~ db{gulbhz bck `f
gq}`u{lcn flclzagk `u zgdl$flclzagk }u`kwj{z e| hbung jb}bjl{| {ubcz}`u{ dgbcz ~l{a z}gjlfljb{l`cz
ugnbuklcn kldgczl`cz bck ~glna{ }gu bqhg !>#7 {`ccgz bqhg,# [awz( l{ lz jhgbu {ab{ {ag n``kzf { k l {a ] i a hk e h h l h {l h hl a{ k l{ l
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui :5
-
7/31/2019 Feasability Study Edinet_english
33/134
lckwz{ulgz ~l{a b alnagu kgnugg `f d`elhl{| ~agug {ag zabug `f hbe`wu f`ujg j`z{z lz ld}`u{bc{# B{ {ag
}ugzgc{ z{bng( zwja lckwz{ulgz ld}hlgz? {gq{lhgz bck jh`{alcn lckwz{u|( lckwz{u| `f }u`kwjlcn gcnlcgz
bck ghgj{uljbh grwl}dgc{ `f vbul`wz jb}bjl{lgz( ubkl` bck ghgj{u`clj lckwz{u|( lckwz{u| `f }u`kwjlcn
dbjalcgu| bck grwl}dgc{( }bu{ljwhbuh| {a`zg ~a`zg bzzgdeh| lz }ugk`dlcbc{h| dbcwbh(
~``k~`uilcn lckwz{u|#
F`uglnc lcvgz{`uz bug bhz` lc{gugz{gk lc lckwz{ulgz `f bnuljwh{wubh ub~ db{gulbh bck hlvgz{`ji }u`kwj{z
}u`jgzzlcn#
[bilcn lc{` bjj`wc{ {ag be`vg$dgc{l`cgk j`ckl{l`cz bck }gjwhlbul{lgz `f kgvgh`}dgc{ `f Gklcg{
klz{ulj{ bck `f cglnae`wulcn klz{ulj{z( Gklcg{ Lckwz{ulbh ]bui hbck ~lhh dblch| abvg {ag f`hh`~lcn
flghkz `f }u`kwj{l`c bck zguvljgz lc L] z}gjlbhlb{l`c? !b, {gq{lhg bck jh`{alcn lckwz{u|9 !e, hgb{agu}u`jgzzlcn bck f``{~gbu dbcwfbj{wulcn9 !j, fwucl{wug }u`kwj{l`c9 !k, dbjalcg bck grwl}dgc{
}u`kwj{l`c9 !g, }u`kwj{l`c `fghgj{uljbh bck ghgj{u`{gjacljbh grwl}dgc{9 !f, bw{`d`{lvg lckwz{u|9 !n,
{ubcz}`u{z bck j`ddwcljb{l`cz !z{`ubng( }u`jgzzlcn( }bjibnlcn,#
[` fbjlhl{b{g {ag jugb{l`c bck `}gub{l`c `f {ag Lckwz{ulbh ]bui( {ag z{b{g( ug}ugzgc{gk e| jgc{ubh bck
h`jbh }wehlj bkdlclz{ub{l`cz( nubc{z {` {ag a`hkgu `f {ag {l{hg `f {ag Lckwz{ulbh ]bui bck l{z
Ugzlkgc{z {ag f`hh`~lcn egcgfl{z?b, gqgd}{l`c fu`d j`d}gczb{l`c `f h`zzgz( jbwzgk e| {ag gqjhwzl`c `f hbckz fu`d {ag jb{gn`u| `f
hbckz ~l{a bnuljwh{wubh kgz{lcb{l`c bjj`uklcn {` {ag Hb~ `c c`udb{lvg }uljg `f hbck bck
}u`jgkwug f zbhg bck }wujabzg `f hbck9
e, fugg bd`u{lb{l`c `u {ubczfgu lc nub{wl{`wz wzg `f }wehlj bzzg{z {` {ag Dbcbngdgc{ J`d}bc| f`u
jugb{l`c bck kgvgh`}dgc{ `f {ag Lckwz{ulbh ]bui w}`c {ag kgjlzl`c `f {aglu `~cgu bjj`uklcn {`
{agHb~ `c dbcbngdgc{ bck }ulvb{lb{l`c `f }wehlj }u`}gu{|9
j, {ag ulna{ {` }ulvb{lg {ag hbck bkobjgc{ {` j`cz{uwj{l`cz lc }wehlj }u`}gu{| b{ c`udb{lvg }uljg `f
{ag hbck( gz{behlzagk b{ {ag d`dgc{ `f l{z j`ddlzzl`clcn {` {ag Dbcbnlcn J`d}bc| `u hgbzg {`
{ag Lckwz{ulbh ]buiz Ugzlkgc{z `ch| bf{gu }wujabzg bck/`u j`ddlzzl`clcn `f j`cz{uwj{l`cz bck
lcz{bhhb{l`cz ~l{a lckwz{ulbh bck ughb{gk kgz{lcb{l`c( bjj`uklcn {` {ag Hb~ `c c`udb{lvg }uljg `f
hbck bck }u`jgkwug `f zbhg bck }wujabzg `f hbck69
k, nubc{lcn `f {bq egcgfl{z bjj`uklcn {` {ag [bq J`kg9
g, b}}hljb{l`c e| {ag Dbcbnlcn J`d}bc| `f =#: klzj`wc{ ub{g `f {ag fgg `f bccwbh }b|dgc{ f`uz{b{g$`~cgk hbck( gz{behlzagk bjj`uklcn {` {agHb~ `c c`udb{lvg }uljg `f hbck bck }u`jgkwug `f
zbhg bck }wujabzg `f hbck( `u ebzlj fgg f`u bccwbh hgbzg `f }wehlj bzzg{z( gz{behlzagk e| {agHb~
`f {ag z{b{g ewkng{ f`u {ag j`uugz}`cklcn |gbu9
f, `}{ldlb{l`c `f z{b{g j`c{u`hz `vgu {ag bj{lvl{| `f {ag Lckwz{ulbh ]buiz Ugzlkgc{z e| }guf`udlcn
}hbccgk lcz}gj{l`cz bjj`uklcn {` {ag bccwbh zjagkwhg( b}}u`vgk e| {ag N`vgucdgc{ Kgjlzl`c `u
wczjagkwhgk lcz}gj{l`cz jbuulgk `w{ ~l{a j`czgc{ `f {ag Dlclz{u| `f Gj`c`d| bjj`uklcn {` {ag
hgnlzhb{l`c lc f`ujg9
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui ::
-
7/31/2019 Feasability Study Edinet_english
34/134
Bjj`uklcn {` {ag Hb~ `c lckwz{ulbh }buiz( {ag Dbcbnlcn J`d}bc| `f {ag L] db| bhz` jbuu| `w{
gc{ug}ugcgwulbh bj{lvl{| `c {ag {guul{`u| `f {ag L]( lc `{agu ~`ukz l{ db| l{zghf eg b ugzlkgc{ `f {ag L]#
B{ {ag zbdg {ldg( b Ewzlcgzz Lcjweb{`u ~alja ~`whk zw}}`u{ jugb{l`c `f cg~ ewzlcgzzgz lc {ag
lckwz{u| fu`d {ag flghkz( bhh`~gk ~l{alc {ag L]( ~`whk `}gub{g# L{ ~lhh eg gz{behlzagk `ch| lf {agug bug
z`dg h`cn${gud lcjweb{l`c }u`nubdz# Ewzlcgzz Lcjweb{`u j`whk eg b zg}bub{g Ugzlkgc{ `f {ag L] `u l{z
lcjweb{l`c zguvljgz j`whk eg }u`vlkgk e| {ag Dbcbnlcn J`d}bc| l{zghf `f {ag ]bui# Lf {ag lcjweb{l`c
zguvljgz bug `ffgugk e| {ag Dbcbnlcn J`d}bc|( {ag| ~lhh eg zg}bub{gh| ugnwhb{gk bck ugj`ukgk lc
bjj`wc{z `f {ag Dbcbnlcn J`d}bc|# F`udz bck v`hwdg `f {ag zw}}`u{( }u`vlkgk e| H]B f`u
lcjweb{l`c bj{lvl{lgz( ugnbukhgzz `f {ag f`ud `f {aglu ugckgulcn ~lhh eg z{l}whb{gk lc b z}gjlbhUgnwhb{l`c f`u EL `unbclb{l`c bck bj{lvl{|# L{ ~lhh bhz` z{l}whb{g j`ckl{l`cz `f ghlnlelhl{| bz b EL
Ugzlkgc{ !`u Ugzlkgc{ `f {ag L] lc lcjweb{l`c,#
Dlcldbh zguvljgz bck w{lhl{lgz( `ffgugk e| {ag L]( bug?
hgbzg `f }h`{( }bujgh9
~b{gu bck zg~gubng j`ccgj{l`c9
nbz j`ccgj{l`c9
j`ccgj{l`c f ghgj{ulj }`~gu( {ghg}a`c|( {agu j`ddwcljb{l`cz9 u`bkz9
ublc~b{gu zg~gubng z|z{gd9
}wehlj hlna{lcn ~l{alc {ag ]bui9
}builcn f`u vlzl{`uz#
[ag Dbcbnlcn J`d}bc| dblc{blcz lc{gucbh u`bkz bck j`dd`c nuggc z}bjgz( z{`ud zg~bng bck `{agu
zguvljgz {ab{ bug lcjhwkgk lc {ag dlcldwd }bjibng `f zguvljgz# Lc bkkl{l`c {` {ag be`vg dgc{l`cgk
zguvljgz( {ag Dbcbnlcn J`d}bc| db| bhz` `ffgu `{agu zguvljgz {` Ugzlkgc{z `c j`ddgujlbh
}ulcjl}hgz zwja bz? hgbzg `f bugbz f`u `ffljgz bck }u`kwj{l`c( j`cfgugcjg bck dlcw{gz u``dz( jb{gulcn(
j`czwh{lcn zguvljgz lc {ag flghk `f ewzlcgzz }hbcclcn bck kgvgh`}dgc{( }u`ogj{ kgvgh`}dgc{(
dbuig{lcn bck z{bff ugjuwl{dgc{( dbcbngdgc{ bck ic`~hgkng {ubczfgu( bwkl{ bck bjj`wc{lcn( g{j# F`u
{alz }wu}`zg {ag Dbcbnlcn J`d}bc| ewlh{ fu`d l{z `~c z`wujgz bck b{ l{z `~c ulzi bhh {ag cgjgzzbu|
lcfubz{uwj{wug#
L] ]guf`udbcjg# Dblc }guf`udbcjg lckljb{`uz `f jugb{l`c bck kgvgh`}dgc{ `f {ag Lckwz{ulbh ]bui~lhh eg {ag {ldg `f j`ddlzzl`clcn `f {ag L]( {wuc`vgu `f {ag L]z Ugzlkgc{z( {ag bugb `jjw}lgk e| {ag
L]( {ag cwdegu `f o`ez jugb{gk lc {ag L] bck lc j`d}bclgz `w{zlkg {ag L]( {ag v`hwdg `f lcvgz{dgc{z
b{{ubj{gk ~l{alc {ag L]( ugvgcwgz {` j`cz`hlkb{gk h`jbh bck z{b{g ewkng{ `e{blcgk fu`d {bq bck fgg
}b|dgc{z e| {ag ]buiz Ugzlkgc{z bck ]buiz Dbcbnlcn J`d}bc|#
5#5# Bcbh|zlz `f {ag `}}`u{wcl{| f`u jugb{l`c `f b Ewzlcgzz Lcjweb{`u ~l{alc {agL]
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui :;
-
7/31/2019 Feasability Study Edinet_english
35/134
~lzalcn l{ bz {ag L]z Ugzlkgc{# Lc zwja b ~b|( bkkl{l`cbh j`ckl{l`cz f`u ld}u`vg zwz{blcbelhl{| `f
f`wckgk ewzlcgzzgz bug jugb{gk#
Bc`{agu bkvbc{bng `f EL }hbjgdgc{ `c {ag {guul{`u| `f {ag L] lz {ag fbj{ {ab{ bh`cnzlkg ~l{aj`c{ulew{l`cz `f }wehlj bw{a`ul{lgz( }ulvb{g }bu{cguz bck f`uglnc k`c`uz lc jugb{l`c `f {ag ]bui {ag|
bw{`db{ljbhh| j`c{ulew{g {` {ag jugb{l`c `f {ag EL bz ~ghh# Fu`d {alz }`lc{ `f vlg~( }wehlj j`z{z ughb{gk
{` bj{lvl{lgz `f z{ldwhb{lcn ewzlcgzzgz lc Gklcg{ bck bkobjgc{ bugb bug ugkwjgk#
Ewzlcgzz Lcjweb{`u h`jb{gk lczlkg {ag L] jbc }u`vlkg bugbz !l, f`u hgbzg f`u {ag lcjweb{l`c }gul`k
wckgu {ag j`ckl{l`c `f bhh`jb{lcn {agzg bugbz bf{gu {ag lcjweb{l`c }gul`k( !ll, f`u hgbzg ~l{a {ag
}`zzlelhl{| `f egj`dlcn {ag Ugzlkgc{ `f {ag ]bui( !lll, {ag }`zzlelhl{| `f ew|lcn bugbz bck zwezgrwgc{
}ulvb{lb{l`c `f {ag hbck( `u !lv, ~lhh }u`vlkg }bujghz f`u j`cz{uwj{l`c `f }u`kwj{l`c z}bjgz# Lc bhh
{agzg jbzgz( EL Ugzlkgc{z ~lhh egcgfl{ fu`d bc bkowz{gk j`czwh{lcn bck zw}}`u{ }bjibng lc j`d}hlbcjg
~l{a {ag EL Ugnwhb{l`c#
Klugj{ bj{lvl{| `f EL jbc eg `unbclgk lc 5 ~b|z? !l, EL lz b Ugzlkgc{ `f {ag L] `u !ll, EL lz lc{gnub{gk
lc{` {ag L]( lc `{agu ~`ukz l{ egj`dgz bc bj{lvl{| `f {ag Dbcbnlcn J`d}bc| `f {ag ]bui# Lc {ag fluz{
jbzg( EL Ugzlkgc{z egj`dg L] ugzlkgc{z `ch| bf{gu h`zlcn {ag z{b{wz `f EL Ugzlkgc{( ~alhg lc {ag
zgj`ck jbzg( {ag| jbc egj`dg ugzlkgc{z `f {ag L] `cjg {ag| abvg `e{blcgk {ag z{b{wz `f {ag EL
Ugzlkgc{# [agzg 5 f`udz `f `unbclb{l`c abvg l{z bkvbc{bngz bck klzbkvbc{bngz gz}gjlbhh| lf ~g ugfgu
{` f`udz `f flcbcjlcn#
Ewzlcgzz Lcjweb{`u bz {ag L] Ugzlkgc{ jbc bjjgzz gbzlgu {` fwcklcn fu`d f`uglnc k`c`uz bz ~ghh bz
ugj`uk `f ugz`wujg wzg lz gbzlgu {` d`cl{`u bck vgulf|# B{ {ag zbdg {ldg( lc jbzg `f lc{gnub{gk vbulbc{(
{agug bug bkvbc{bngz ughb{gk {` bkdlclz{ub{l`c j`z{z bz ~ghh bz }u`jgkwugz `f {ubczl{l`c fu`d EL
Ugzlkgc{ {` L] Ugzlkgc{ egj`dg zld}hgu bck d`ug fhgqlehg# F`u {agzg ugbz`cz l{ lz }u`}`zgk {ab{ EL {`eg bkdlclz{gugk e| {ag Dbcbnlcn J`d}bc| `f {ag L]# L{ ~bz {alz z`hw{l`c {ab{ ~bz {bigc lc{`
j`czlkgub{l`c ugnbuklcn {ag f`hh`~lcn#
Lc ngcgubh( EL bj{lvl{| lz bc bj{lvl{| {ab{ ugrwlugz zw}}`u{ fu`d {ag }wehlj zgj{`u# Lc {alz ugnbuk(
bw{a`ul{lgz ~a` cggk bck ~bc{ {` jugb{g {ag ewzlcgzz lcjweb{`u dwz{ flck ugz`wujgz {` zw}}`u{ EL#
Fwcklcn z`wujgz `f EL jbc eg fu`d h`jbh( ugnl`cbh bck jgc{ubh }wehlj bw{a`ul{lgz( }ulvb{g }bu{cguz `u
f`uglnc k`c`uz#
5#5#2# Gz{ldb{l`c `f {ag kgdbck f`u }u`kwj{l`c bugbz bck zguvljgz f`u
ewzlcgzzgz a`z{gk e| EL
[ag dblc {``h f`u kg{gudlclcn {ag kgdbck f`u ewzlcgzz bugbz `f EL lz lc{guvlg~( jbuulgk `w{ ~l{a
j`d}bclgz ~l{alc ZDG># 2== gj`c`dlj gc{l{lgz abvg eggc lc{guvlg~gk# Ebzgk `c {ag lc{guvlg~( b
nu`~lcn kgdbck f`u }u`kwj{l`c bugbz( wckgu j`ckl{l`cz d`ug bkvbc{bng`wz {abc {a`zg jwuugc{h|ff k e i a e lk lfl k kkl l l l h k f
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui :7
-
7/31/2019 Feasability Study Edinet_english
36/134
5# :=' `f ZDG ~lza {` z{bu{ b cg~ ewzlcgzz `u kgvgh`} {ag gqlz{lcn bj{lvl{| lczlkg {ag EL#
:# ;=' `f {a`zg lc{guvlg~gk abvg za`~c {aglu lc{gugz{ lc j`czwh{lcn zguvljgz `ffgugk e| EwzlcgzzLcjweb{`u# [ag fluz{ }hbjg abz eggc {bigc e| j`czwh{lcn zguvljgz lc {ag flghk `f dbuig{lcn(
~alhg {ag zgj`ck }hbjg $ e| ewzlcgzz j`czwh{lcn# [ag f`hh`~lcn }hbjgz bug `jjw}lgk e|j`czwh{lcn zguvljgz lc {ag flghk `f bjj`wc{lcn bck {bqb{l`c( rwbhl{| dbcbngdgc{( awdbc
ugz`wujgz j`czwh{lcn#
5#5#5# J`cjg}{ `f jugb{l`c `f EL ~l{alc {ag L]
EL ~lhh eg bkdlclz{gugk e| {ag L]z Dbcbnlcn J`d}bc|( ~alja ~lhh dbcbng EL bz b klz{lcj{ wcl{ `f
bj{lvl{| ughb{gk {` L] dbcbngdgc{# [ag Dbcbnlcn J`d}bc| lz ugz}`czlehg f`u `}gub{l`cbh lzzwgz bck
dbcbngdgc{ `f {ag ewzlcgzz lcjweb{`u# Dblc kw{lgz `f EL dbcbngdgc{ bug {ag f`hh`~lcn? {` eg
ugz}`czlehg f`u dbcbnlcn {ag EL9 {` j`cjhwkg bnuggdgc{z `c hgbzg `f bugbz lc {ag }u`kwj{l`c }ugdlzgz
bck `f zguvljgz ugckgulcn ~l{a {ag lcjweb{`uz ugzlkgc{z9 {` gczwug z{bff f`u }u`vlklcn zguvljgz {`
lcjweb{ggz9 {` gczwug {ag lc{gnul{| `f EL bzzg{z9 {` jbuu| `w{ bj{lvl{lgz {` b{{ubj{ lcvgz{dgc{z f`u
lcjweb{`u kgvgh`}dgc{9 {` gz{behlza bck dblc{blc ughb{l`czal}z ~l{a lc{gucb{l`cbh cg{~`uiz `f
{gjac`h`n| bck ewzlcgzz lcjweb{`uz9 {` jugb{g bck dblc{blc {ag kb{bebzg `c }u`flhg `f lcjweb{`u z
bj{lvl{|9 {` wzg bhh hgnbh egcgfl{z lc fbv`wu `f lcjweb{ggz#
EL gq{gczl`c `c bhh hbckz `f {ag L] ~lhh eg c`{ {bigc lc{` bjj`wc{( zlcjg {alz j`c{ubvgcgz {` {ag
j`cjg}{ `f {ag Lckwz{ulbh ]bui# [awz( EL ~lhh hgbzg }u`kwj{l`c bugbz( b{ }uljgz h`~gu {abc {ag dbuig{
}uljgz bck ~lhh }u`vlkg bkdlclz{ub{lvg bck j`czwh{lcn zguvljgz b{ h`~gu {bulffz !zgg Jab}{gu 7#:#5, bz
j`d}bugk {` {a`zg `ffgugk {` {ag L]z Ugzlkgc{z# [bulffz( b}}hlgk ~l{alc {ag EL1( ~lhh eg b}}u`vgk e|
{ag H`jbh ]wehlj Bkdlclz{ub{l`c# Lf {ag| k` c`{ j`vgu {ag j`z{z ughb{gk {` lcjweb{l`c zguvljgz( {ag|
~lhh eg flcbcjgk {au`wna {ag lcjweb{l`c }u`nubdz# Bf{gu lcjweb{l`c z{bngz gc{gu}ulzgz ~lhh eg behg {`egj`dg {ag ]buiz Ugzlkgc{z wckgu grwl{behg j`ckl{l`cz `u ~lhh hgbvg {ag L]#
EL zlg bck z{uwj{wug# F`u EL bj{lvl{|( }u`kwj{l`c }ugdlzgz ~l{a bc bugb `f 25 2== zr#d# `c b hbck `f
5#= ab ~lhh eg ewlh{# EL }u`ogj{ ~lhh lcjhwkg {ag j`z{z `f j`ccgj{lcn }u`kwj{l`c }ugdlzgz {` {ag lc{gucbh
~b{gu zw}}h|( zg~bng cg{~`uiz( ghgj{uljl{| bck cb{wubh nbz cg{~`uiz# Bhz`( {ag }u`ogj{ ~lhh lcjhwkg
j`z{z `f kgvgh`}dgc{( lcjhwklcn j`ccgj{l`c `f {ag hbck {` {ag lc{gucbh u`bk cg{~`ui# F`u bc gc{gu}ulzg
fu`d EL( b }u`kwj{l`c bugb `f b{ hgbz{ 6== zr#d# ~bz gz{behlzagk# EL ~lhh abvg }u`kwj{l`c }ugdlzgz bz
~ghh bz ~lhh eg behg {` }u`vlkg lcjweb{l`c zguvljgz zldwh{bcg`wzh| {` 5= gc{gu}ulzgz#
EL ~lhh hgbzg }u`kwj{l`c bugbz bck ~lhh }u`vlkg lcjweb{l`c zguvljgz f`u b }gul`k `f 7 |gbuz {`
gc{gu}ulzgz#
Lcjweb{l`c z{bngz bck zguvljg }`u{f`hl`( `ffgugk e| EL# Z{bngz `f lcjweb{l`c }u`jgzz bck ld}hlgk
lc{guvgc{l`cz lc lcjweb{gk gc{gu}ulzgz jbc eg vlg~gk lc }bubhhgh ~l{a ewzlcgzz j|jhgz `f ZDGz( bz
f`hh`~z?
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui :6
-
7/31/2019 Feasability Study Edinet_english
37/134
}u`jwugdgc{ bck lcz{bhhb{l`c `f grwl}dgc{( hbwcja {ag }u`kwj{l`c bj{lvl{|# ]ug$lcjweb{l`c bj{lvl{|
ld}hlgz hgbzg `f }u`kwj{l`c bugbz f`u b }gul`k `f w} {` `cg |gbu#
Lcjweb{l`c z{bng# [alz z{bng `jjwuz fu`d {ag d`dgc{ {ag gc{gu}ulzg abz hbwcjagk l{z }u`kwj{l`cbj{lvl{|# Lcjweb{`u }u`vlkgz zguvljgz `f b alna j`d}hgql{| {` zw}}`u{ zwuvlvbh bck ebhbcjgk
kgvgh`}dgc{ `f {ag dgklwd bck h`cn${gud ewzlcgzz# Lcjweb{`u jbc bzzlz{ lc {ag }hbc ugflclcn( {gbd
ewlhklcn( dbuig{lcn }hbc ld}hgdgc{b{l`c( ugj`uk igg}lcn( j`z{ jbhjwhb{l`c bck ugzwh{ ug}`u{lcn#
Lcjweb{l`c }gul`k hbz{z : |gbuz#
]`z{$lcjweb{l`c z{bng# [alz z{bng lcjhwkgz gc{gu}ulzgz {ab{ abvg egcgfl{ fu`d lcjweb{l`c zguvljgz f`u
{augg |gbuz# Gc{gu}ulzgz bug egj`dlcn }u`fl{behg bck c` h`cngu cggk zguvljgz fu`d {ag lcjweb{`u#
Bh{a`wna lcjweb{`uz lc{guvgc{l`c lz c`{ cgjgzzbu| bc| h`cngu( lcjweb{`u j`c{lcwgz a`z{lcn
gc{gu}ulzgz f`wck b{ {alz kgvgh`}dgc{ z{bng f`u b }gul`k `f `cg |gbu( dgbc~alhg {ag hgzzgg kgjlkgz
~agug {` n` fu`d c`~ `c#
@}gub{l`cbh }hbc# @}gub{l`cbh }hbc ugnbuklcn {ag hbwcja `f EL bj{lvl{lgz lz lcjhwkgk lc {ag
`}gub{l`cbh }hbc `f {ag L]# Fu`d {ag d`dgc{ `f {ag j`ddlzzl`clcn `f }u`kwj{l`c }ugdlzgz l{ ~lhh
abvg bc `}gub{lcn j|jhg ~alja ~lhh eg ug}gb{gk ~l{a b }gul`kljl{| `f 7 |gbuz !}ug$lcjweb{l`c
lcjweb{l`c}`z{$lcjweb{l`c,#
[behg 27# @}gub{l`cbh }hbc `f {ag Ewzlcgzz Lcjweb{`u !R $ rwbu{gu ,
C`# Dgbzwugz [gud
2Kgvgh`}dgc{ `f {ag }u`ogj{ ugnbuklcn {ag j`cz{uwj{l`c `f {ag EL
}u`kwj{l`c }ugdlzgz5=25( R2
5 @e{blclcn }gudl{z( bcc`wcjgdgc{( bnuggdgc{z( g{j# 5=25( RL
: Kgvgh`}dgc{ bck flhlcn {ag fwcklcn b}}hljb{l`c f`u jugb{l`c `f EL bckL]
5=25( R LL
;J`cz{uwj{l`c `f }u`kwj{l`c }ugdlzgz `f EL bck zghgj{l`c `f EL
Ugzlkgc{z5=25( R LLL5=2:( R LL
7 @unbclb{l`c `f j`d}g{l{l`cz {` zghgj{ EL Ugzlkgc{zZ{bu{lcn fu`d 5=25( R
LLL
6 Zlnclcn j`c{ubj{z ~l{a {ag fluz{ ugzlkgc{z 5=2:( R LL
> @ffljlbh jgugd`c| `f EL hbwcjalcn 5=2:( R LL1 Hbwcjalcn `f EL }u`kwj{l`c bj{lvl{lgz 5=2;
Lf ~g zw}}`zg {ab{ {ag zabug `f ugrwgz{z f`u EL ewlhklcnz abz bc grwbh klz{ulew{l`c f`u |gbuz( ~alja
~lhh c`{ hgbk {` lcjugbzg lc fw{wug lcj`dgz( {agc ~g ~lhh gz{behlza bc lcjweb{l`c zjagkwhg !zgg [behg
26,
[behg 26# Lcjweb{l`c zjagkwhg `f EL Ugzlkgc{z
Lckljb{`uz 5=2; 5=27 5=26 5=2> 5=21 5=2< 5=5=
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui :>
-
7/31/2019 Feasability Study Edinet_english
38/134
Lc `ukgu {` bjalgvg {ag n`bhz `f {ag Lckwz{ulbh ]bui( dbc| j`cflnwub{l`cz `f {ag ]bui jbc eg wzgk# [ag
dblc ghgdgc{z `f {alz j`cflnwub{l`c bug ughb{gk {` w{lhl{lgz bck zguvljgz }u`vlkgk e| {ag Dbcbnlcn
J`d}bc| bck {` kghldl{b{l`c `f ugz}`czlelhl{lgz eg{~ggc zguvljg }u`vlkguz bck w{lhl{lgz( Dbcbnlcn
J`d}bc| bck Ugzlkgc{z# Bhh {gjacljbh z`hw{l`cz ugnbuklcn {alz lzzwg jbc eg klvlkgk lc{` : jb{gn`ulgz?
!l, [ag Dbcbnlcn J`d}bc| }u`vlkgz bck gczwugz bhh lcfubz{uwj{wug ghgdgc{z b{ {ag dlcldwd hgvgh(
kgzjulegk lc {ag J`cjg}{# Lc {alz jbzg {ag bd`wc{ `f lcvgz{dgc{z `f {ag Dbcbnlcn J`d}bc| lz
dlcldwd bck d`ug fuggk`d `f kgvgh`}dgc{ lz hgf{ {` Ugzlkgc{z# Ughb{l`cz eg{~ggc w{lhl{|
}u`vlkguz bck Ugzlkgc{z bug `cg ~l{a dlcldbh lcv`hvgdgc{ `f Dbcbnlcn J`d}bc|# [ag
Dbcbnlcn J`d}bc| zabhh }u`vlkg lc j`d}hlbcjg ~l{a L] Ugnwhb{l`c `ch| }bujghz `f hbck f`u
ewzlcgzz kgvgh`}dgc{ e| {ag Ugzlkgc{z#!ll, Lckwz{ulbh ]bui lz zggc bz b wcl{ ~l{a b w{lhl{lgz bck zguvljgz lcfubz{uwj{wug bhd`z{ zg}bub{gk(
dlcldllcn {ag ld}hljb{l`cz `f Ugzlkgc{z bck }u`vlkguz ~l{alc {ag ]bui# [ag Dbcbnlcn
J`d}bc| }u`vlkgz Ugzlkgc{z ~l{alc {ag kgzjulegk {gjacljbh hldl{b{l`cz ~l{a cgjgzzbu| w{lhl{lgz
bck zguvljgz#
!lll, Lc {gudz `f zw}}h|lcn w{lhl{lgz bck zguvljgz {ag Lckwz{ulbh ]bui lz z`dg{alcn lc{gudgklb{g
eg{~ggc {ag fluz{ {~` z`hw{l`cz# [ag Dbcbnlcn J`d}bc| db| j`delcg f`u Ugzlkgc{z(
kg}gcklcn `c w{lhl{lgz bck z{uwj{wug( klffgugc{ b}}u`bjagz `c }u`vlzl`c `f ugzlkgc{ ~l{a w{lhl{lgz
bck zguvljgz( z`dg db| eg }u`vlkgk ~l{a bjjgzz {` dwcljl}bh }u`vlkguz( f`u `{aguz Ugzlkgc{z
j`ccgj{gk {agdzghvgz {` w{lhl{lgz {au`wna lcfubz{uwj{wug `f {ag Dbcbnlcn J`d}bc|#
[bilcn lc{` bjj`wc{ {ag {|}g `f {ag L]( kgzjulegk lc {ag J`cjg}{( lcjhwklcn {ag fbj{ {ab{ L] ~lhh
j`c{blc lcjweb{l`c zguvljgz( b {gjacljbh z`hw{l`c fu`d {ag jb{gn`u| !lll, lz z{lhh eglcn }u`}`zgk# [ag
dblc bkvbc{bngz `f {alz b}}u`bja bug {` }u`vlkg bc lcjugbzgk fhgqlelhl{| lc `ukgu {` dgg{ {ag
ugrwlugdgc{z `f w{lhl{lgz `f Ugzlkgc{z bck bhh`~ flcklcn bc `}{ldwd f`udwhb lc }u`vlklcn w{lhl{lgz(
dblc{blclcn L] ugrwlugdgc{z ~alja ~lhh wh{ldb{gh| agh} {` ugkwjg {aglu j`z{z
Bc`{agu ld}`u{bc{ bz}gj{ ughb{gk {ag L] lz l{z j`cflnwub{l`c bjj`uklcn {` fwcj{l`cbh z{uwj{wug# Lc {gudz
`f kgz{lcb{l`c( {ag L] hbck lz klvlkgk lc{` !l, Ugzlkgc{ `cg( !ll, Bkdlclz{ub{lvg `cg bck !lll, hbckz(
`jjw}lgk e| lcfubz{uwj{wug# Bjj`uklcn {` {ag L] J`cjg}{ l{ lz cgjgzzbu| {` {big lc{` bjj`wc{ {ab{ {ag
lckwz{ulbh L] ~lhh }u`vlkg lcjweb{l`c zguvljgz f`u b jgu{blc {|}g `f Ugzlkgc{z( bz ~ghh bz ~bc{z {` j`vgub }bu{ `f {ag kgdbck `f }u`kwj{l`c bugbz j`dlcn fu`d f`uglnc lcvgz{`uz f`u za`u{gu }gul`kz `f {ldg#
F`u {alz }wu}`zg( b jgu{blc }bu{ `f {ag `cg `f Ugzlkgc{z zabhh eg kgzlncgk f`u {ag hgbzg `f }u`kwj{l`c
fbjlhl{lgz## Bz b ugzwh{( Ugzlkgc{ `cg lz klvlkgk lc{` !l, {ag zwe`cg ~agug {ag Dbcbnlcn J`d}bc|
`ffguz }u`kwj{l`c bugbz e| hgbzg bck !ll, zwe`cg ~agug }h`{z `f hbck( `c ~alja {ag Ugzlkgc{ ewlhkz
{ag ugrwlugk bugbz ~l{a {aglu `~c ugz`wujgz( bug hgbzgk# Lc `ukgu {` lkgc{lf| {ag zlg `f Ugzlkgc{z
zwe`cgz {augg `}{l`cz ~gug flnwugk `w{ !zgg Jab}{gu 7#;#2,#
[a a l h h l k e lh a L] a f hh l l a l l
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui :1
-
7/31/2019 Feasability Study Edinet_english
39/134
$ klz{ulew{gk w{lhl{lgz bck fbjlhl{lgz b{ {ag hgvgh `f gbja }bujgh? bjjgzz {` u`bk( ~b{gu bck
zg~gubng( nbz( ublc~b{gu zg~gubng( j`ccgj{l`c {` ghgj{ulj }`~gu( {ghg}a`c| bck `{agu
j`ddwcljb{l`cz cg{~`uiz
$ ugnlz{ub{l`c `f fh`~ `f {ubcz}`u{ wcl{z
$ dblc{gcbcjg `f }u`kwj{l`c }ugdlzgz bck EL `eogj{z( u`bkz( }builcn( }wehlj hlna{lcn(
ublc~b{gu zg~gubng( fgcjg#
e, Bkkl{l`cbh zguvljgz( }u`vlkgk e| {ag Dbcbnlcn J`d}bc|?
$ hgbzg `f bugbz f`u `ffljgz( }wehlj jb{gulcn( `{agu bugbz f`u zguvljgz gq}gj{gk {` eg gczwugk e|
}u`vlklcn j`d}bclgz !ebcilcn( j`wulgu( dblh( agbh{a bzzlz{bcjg zguvljgz,9
$ j`czwh{lcn zguvljgz( }u`vlkgk e| L] kgvgh`}dgc{ zguvljg lc {ag flghk `f ewzlcgzz }hbcclcn
bck kgvgh`}dgc{( }u`ogj{ kgvgh`}dgc{( dbuig{lcn bck z{bff ugjuwl{dgc{( dbcbngdgc{ bck
ic`~hgkng {ubczfgu( bwkl{ bck bjj`wc{lcn#
j, Lcjweb{l`c zguvljgz( }u`vlkgk e| {ag Dbcbnlcn J`d}bc|?
$ hgbzg `f }u`kwj{l`c }ugdlzgz ewlh{ e| {ag Dbcbnlcn J`d}bc| f`u {ag EL Ugzlkgc{z
$ bzzlz{bcjg lc ewzlcgzz ld}hgdgc{b{l`c bck kgvgh`}dgc{( lcjhwklcn wc{lh ewzlcgzz hbwcjalcn
!}hbc( z{wklgz( flcbcjlcn z`wujgz( grwl}dgc{ bck fbjlhl{lgz( zw}}h|,
$ bzzlz{bcjg lc ebhbcjgk dgklwd$ bck h`cn${gud kgvgh`}dgc{ `f {ag gc{gu}ulzg( lc {gbd
ewlhklcn( lc dbuig{lcn }hbc ld}hgdgc{b{l`c( lc ugj`uk$igg}lcn( lc j`z{ jbhjwhb{l`c bck
`}{ldlb{l`c
$ bzzlz{bcjg lc }ug}bulcn {` hgbvg {ag EL
Fwcj{l`cbh kgz{lcb{l`c `f hbckz ~lhh abvg {ag f`hh`~lcn j`cflnwub{l`c?
Bjj`uklcn {` kgz{lcb{l`cz( {ag L] hbck lz klvlkgk lc{` bkdlclz{ub{lvg `cg( Ugzlkgc{ `cg bck hbckz(
`jjw}lgk e| lcfubz{uwj{wug !u`bkz( }wehlj cg{~`uiz( g{j#,#
[behg 2>#Z{uwj{wug `f {ag Lckwz{ulbh ]buiz hbckz
Kgz{lcb{l`c Bugb( ab Zabug( '
Bugb( `jjw}lgk e|
ewlhklcnz bck
j`cz{uwj{l`cz( ab
Hbck
zabug( '
Bkdlclz{ub{lvg `cg =#6; :' =#516 ;7'
_`cg `f Ugzlkgc{z 26#>; ' =#>6 65'
[`{bh 21#6 2==' 22#=< 6='
b, _`cg `f Ugzlkgc{z j`czlz{z `f? !l, zwe`cg `f hgbzgk }u`kwj{l`c }ugdlzgzbck !ll, zwe`cg `f hbck}bujghz `c ~alja {ag Ugzlkgc{ ewlhkz cgjgzzbu| fbjlhl{lgz ~l{a l{z `~c fwckz
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui :
-
7/31/2019 Feasability Study Edinet_english
40/134
[ag zwe`cg `f }bujghz lz `jjw}lgk e| }u`kwj{l`c lcfubz{uwj{wug( bjjgzz {` lc{gucbh u`bk bck
j`ccgj{l`cz `f lc{gucbh j`dd`c w{lhl{lgz:' $ 2=='
Hbck bugb( ab 5(72 5(=2 25(55 $ 26(>;
Bugb kgzlncgk f`u j`cz{uwj{l`cz( zr# d# 27 2== 25 2== >: 5;= $ 2== ;;=
Dlcldwd bugb }gu Ugzlkgc{( ab =(57 =(2 =(72 $
Dlcldwd bugb kgzlncgk f`u
j`cz{ulj{l`cz }gu Ugzlkgc{( zr#d# 2 7== 6== : =7= $
Dbqldwd cwdegu `f gc{gu}ulzgz $
Ugzlkgc{z 2= 5= 5; $ 7;
Cwdegu `f gd}h`|ggz 5:= 21= 2 2== $ 272=
b, Bkdlclz{ub{lvg bugb lz `jjw}lgk e| bkdlclz{ub{lvg ewlhklcn( jbu }builcn bck nuggc z}bjgz#
e, [ag hbckz `jjw}lgk e| lcfubz{uwj{wug lcjhwkghbck `jjw}lgk e| u`bkz( }wehlj w{lhl{lgz ~l{alc {ag
L]( lcjhwklcn wzgk ~b{gu }wd}lcn z{b{l`c( {ubczf`udlcn zwez{b{l`cz bck ~bz{g j`hhgj{l`c }hb{f`ud#
]u`}`zgk {gjacljbh z`hw{l`c f`u ld}hgdgc{b{l`c `f {ag L] ~l{a jabubj{gulz{ljz dgc{l`cgk be`vg lzza`~c lcBccgq E#
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui ;=
-
7/31/2019 Feasability Study Edinet_english
41/134
:#KGZJUL][L@C @F [AG LCKWZ[ULBH ]BUI
:#2# L] unbclb{l`c bck }gub{l`c
Bjj`uklcn {` {ag Hb~ `c lckwz{ulbh }buiz C`# 215 `f 27#=>#5=2=( {ag h`jbh }wehlj bkdlclz{ub{l`c `f
Gklcg{ ~lhh z{bu{ {ag jugb{l`c Gklcg{ Lckwz{ulbh ]bui# [alz }u`ogj{ lz zggc e| h`jbh }wehlj
bkdlclz{ub{l`c bz bc ld}`u{bc{ {``h f`u z`jlbh bck gj`c`dlj kgvgh`}dgc{ `f {ag {`~c bck
zwuu`wcklcn ugnl`c# F`u {alz ugbz`c {alz }u`ogj{ lz kgvgh`}gk ~l{a {ag }bu{ljl}b{l`c `f h`jbh bw{a`ul{lgz
~l{a {ag zw}}`u{ `f ugnl`cbh bck jgc{ubh bw{a`ul{lgz#
Bf{gu j`cfludlcn {ag `}}`u{wcl{| `f jugb{lcn bc Lckwz{ulbh ]bui {au`wna l{z fgbzlelhl{| z{wk|( {aglcl{lb{`uz `f Gklcg{ L] jugb{l`c ~lhh kgvgh`} bck b}}u`vg z}gjlfljb{l`cz wckgu ~alja {ag {gckgu f`u
zghgj{l`c `f {ag ~lccgu }bu{cgu f`u L] jugb{l`c ~lhh eg aghk#
Lc `ukgu {` zw}}`u{ {ag jugb{l`c bck `}gub{l`c `f {ag Lckwz{ulbh ]bui( {ag H`jbh J`wcjlh `f Gklcg{ ~lhh
gcbehg {ag gqgjw{lvg e`k| `f h`jbh }wehlj bkdlclz{ub{l`c {` gz{behlza {ag J`ddlzzl`c f`u jugb{l`c bck
`}gub{l`c `f Gklcg{ Lckwz{ulbh ]bui( ~alja ~lhh }u`vlkg {ag cgjgzzbu| zw}}`u{ {` j`c{ulew{g {`?
b, }u`jgzz `f jabcng `f hbck }wu}`zg9
e, }u`jgzz `f `e{blclcn {ag kgjlzl`c `f {ag h`jbh }wehlj bkdlclz{ub{l`c `c hbck kgz{lcb{l`c9
j, }u`jgzz `f `e{blclcn hljgczgz( b}}u`vbhz( j``uklcb{l`c bck `{agu }gudlzzlvg k`jwdgc{z f`ugzggc
e| {ag hb~ ugrwlugk f`u jugb{l`c `f {ag lckwz{ulbh }bui( lcfubz{uwj{wug bck ewlhklcnz kgzlncgk f`u
{ag ]bui( ~agug b}}hljbehg9
k, }guf`udbcjg `f `{agu bkdlclz{ub{lvg }u`jgkwugz cgjgzzbu| {` jugb{g {ag Lckwz{ulbh ]bui( hbwcjabck j`ckwj{ `f Ugzlkgc{z bj{lvl{lgz#
J`ddlzzl`c kgjlzl`cz ~lhh bld {` zw}}`u{ {ag }u`jgzz `f kub~lcn w} k`jwdgc{z cgjgzzbu| f`u {ag
jugb{l`c bck kgvgh`}dgc{ `f Gklcg{ Lckwz{ulbh ]bui( bck {` }ugvgc{ {ag `jjwuugcjg bck `u {` ugd`vg
bc| ld}gkldgc{z {` z`hvlcn }u`ehgdz ughb{lcn {` L] jugb{l`c bck kgvgh`}dgc{#
[alz J`ddlzzl`c ~lhh bhz` abvg {ag {bzi `f zghgj{lcn {ag fw{wug b}}hljbc{ `f Lckwz{ulbh ]bui {l{hg#
Fwu{agu( b}}hljbc{z `f Lckwz{ulbh ]bui {l{hg ~lhh zwedl{ {` {ag H`jbh J`wcjlh `f Gklcg{ bc b}}hljb{l`c
`c jugb{l`c bck `}gub{l`c `f Lckwz{ulbh ]bui( gcjh`zlcn j`}lgz `f k`jwdgc{z j`cfludlcn {ag ulna{ `f
`~cguzal} f`u b{ hgbz{ := |gbuz `f {ag Lckwz{ulbh ]bui hbck }u`vlkgk {ab{ l{ dgg{z {ag ugrwlugdgc{z
z{l}whb{gk lc bu{# 72=
`f {ag Hb~ `c lckwz{ulbh }buiz#
Lc `ukgu {` `e{blc {ag {l{hg `f lckwz{ulbh }bui( {ag b}}hljbc{ zabhh zwedl{ {` {ag Dlclz{u| `f Gj`c`d|
{ag b}}hljb{l`c f`u Lckwz{ulbh ]bui {l{hg( gcjh`zgk e| {ag k`jwdgc{z z}gjlflgk lc bu{# 1 `f {ag Hb~ `c
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui ;2
-
7/31/2019 Feasability Study Edinet_english
42/134
[ag Dlclz{u| `f Gj`c`d| ~lhh j`czlkgu {ag b}}hljb{l`c bck {ag zg{ `f k`jwdgc{z f`u nubc{lcn {ag {l{hg
`f Lckwz{ulbh ]bui ~l{alc := jbhgckbu kb|z zlcjg {aglu zwedlzzl`c# Bjj`uklcn {` bu{# 22 `f {ag Hb~ `c
lckwz{ulbh }buiz( {ag Dlclz{u| `f Gj`c`d| db| kgjlkg {` nubc{ {ag {l{hg `f Lckwz{ulbh ]bui f`u b }gul`k
`f := |gbuz {` b j`d}bc|( ~alja lz gc{l{hgk {` wzg f`u b{ hgbz{ := |gbuz( `u `~cz b hbck kgzlncgk f`u
{ag jugb{l`c `f lckwz{ulbh }bui dgg{lcn {ag ugrwlugdgc{z z{l}whb{gk lc bu{# 7 `f {ag zbdg hb~#
Fu`d {ag d`dgc{ {ag Lckwz{ulbh ]bui {l{hg abz eggc `e{blcgk( {ag Dbcbnlcn J`d}bc| ~lhh abvg {ag
f`hh`~lcn kw{lgz?
{` j``uklcb{g bck d`cl{`u {ag }u`jgzz `f jugb{lcn {ag {gjacljbh bck }u`kwj{l`c lcfubz{uwj{wug( bz
~ghh bz }u`kwj{l`c bj{lvl{| `f {ag Lckwz{ulbh ]bui9
{` `unbclg {gckguz {` zghgj{ Lckwz{ulbh ]bui Ugzlkgc{z9
{` kgvgh`} bck }u`d`{g z{ub{gnlgz bck }u`nubdz {` kgvgh`} {ag Lckwz{ulbh ]bui9
{` b{{ubj{ lcvgz{`uz f`u {ag kgvgh`}dgc{ `f }u`kwj{l`c bj{lvl{lgz bck }u`vlzl`c `f zguvljgz ~l{alc
{ag Lckwz{ulbh ]bui9
{` gczwug c`udbh `}gub{l`c `f w{lhl{lgz cg{~`uiz bjj`uklcn {` {gjacljbh ugrwlugdgc{z9
{` kgvgh`} {gjacljbh bck }u`kwj{l`c lcfubz{uwj{wug( bz ~ghh bz j`dd`c w{lhl{lgz `f {ag ]bui
bjj`uklcn {` {ag {gjac`h`nljbh cggkz `f {ag ]bui9
{` j`cjhwkg j`c{ubj{z ~l{a L] Ugzlkgc{z bck d`cl{`u fwhflhdgc{ `f j`ckl{l`cz z{l}whb{gk {aguglc9
{` j``}gub{g ~l{a z}gjlbhlgk e`klgz `f }wehlj bkdlclz{ub{l`c bck ~l{a h`jbh }wehlj
bkdlclz{ub{l`c9
{` egbu ugz}`czlelhl{| f`u {ag ub{l`cbh wzg bck b}}u`}ulb{g {` fwckz bhh`jb{gk fu`d z{b{g ewkng{ `u
fu`d ewkng{z `f bkdlclz{ub{lvg bck {guul{`ulbh wcl{z {` jugb{g {gjacljbh bck }u`kwj{l`c
lcfubz{uwj{wug `f L]9
{` gz{behlza bck b}}u`vg22 {ag j`ckl{l`cz `f j`ddlzzl`clcn hgbzlcn `f hbck( }u`kwj{l`c }ugdlzgz(
ewlhklcnz !`ffljgz lc {ag Dbcbnlcn J`d}bc|z ewlhklcn, bck `{agu `~cgk `u wzgk fbjlhl{lgz( bz
~ghh bz bd`wc{ f }b|dgc{z9
{` gczwug bjj`wc{lcn bck z{b{lz{ljbh bjj`wc{lcn `f l{z bj{lvl{| bck {` zwedl{ `c b rwbu{gu ebzlz
ug}`u{z `c {ag bj{lvl{| jbuulgk `w{ ~l{alc {ag L] {` {ag Dlclz{u| `f Gj`c`d|9
{` zwedl{ {` z}gjlbhlgk jgc{ubh e`klgz bck H]B }u`}`zbhz `c kgvgh`}dgc{ `f {ag dbcbngk ]bui#
Dbcbnlcn J`d}bc|z dblc z`wujgz `f lcj`dg db| lcjhwkg?
Lcj`dg fu`d {ag ugc{ hgbzg `f hbck bck }u`kwj{l`c }ugdlzgz !lf {ag| bug ewlh{,9
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui ;5
L f h f f k l l { {l e lhkl
-
7/31/2019 Feasability Study Edinet_english
43/134
Lcj`dg fu`d hgbzg `f u``dz `f bkdlclz{ub{lvg ewlhklcn9
Lcj`dg fu`d ugjgl}{ `f bkdlclz{ub{l`c fggz9
K`cb{l`cz9
@{agu lcj`dg ughb{gk {` l{z fwcj{l`cz#
Lc `ukgu {` fbjlhl{b{g {ag jugb{l`c bck `}gub{l`c `f {ag Lckwz{ulbh ]bui( {ag z{b{g( ug}ugzgc{gk e| jgc{ubh
bck h`jbh bw{a`ul{lgz( nlvg {` {ag a`hkgu `f {ag {l{hg `f Lckwz{ulbh ]bui bck Ugzlkgc{z {ag f`hh`~lcn
fbjlhl{lgz?
b, Gqgd}{ fu`d j`d}gczb{l`c `f h`zzgz jbwzgk e| gqjhwzl`c `f hbckz fu`d {ag jb{gn`u| `f
bnuljwh{wubh hbckz bjj`uklcn {` {ag Hb~ `c c`udb{lvg }uljg `f hbck bck }u`jgkwug `f }wujabzg
bck zbhg `f hbck9
e, Fugg bhlgcb{l`c `u {ubczfgu lc nub{wl{`wz wzg `f z{b{g$`~cgk }u`}gu{| {` {ag Dbcbnlcn J`d}bc| lc
`ukgu {` jugb{g bck kgvgh`} {ag Lckwz{ulbh ]bui w}`c l{z `~cgu.z kgjlzl`c wckgu {ag Hb~ `c
bkdlclz{ub{l`c bck }ulvb{lb{l`c f }wehlj }u`}gu{|9
j, ulna{ {` }ulvb{lg z{b{g$`~cgk hbck f`u j`cz{uwj{l`c b{ c`udb{lvg }uljg `f hbck( gz{behlzagk w}`cl{z {ubczfgu {` {ag Dbcbnlcn J`d}bc| `u hgbzlcn e| Lckwz{ulbh ]bui Ugzlkgc{z `ch| bf{gu }wujabzg
bck `u j`ddlzzl`clcn `f j`cz{uwj{l`cz bck lckwz{ulbh bck ughb{gk fbjlhl{lgz( bjj`uklcn {` {agHb~
`c c`udb{lvg }uljg `f hbck bck }u`jgkwug `f }wujabzg bck zbhg `f hbck25
9
k, }u`vlzl`c `f {bq lcjgc{lvgz bjj`uklcn {` {ag [bq J`kg9
g, b}}hljb{l`c e| {ag Dbcbnlcn J`d}bc| `f {ag klzj`wc{ ub{g w} {` =#: `f bccwbh fgg f`u hgbzg `f
z{b{g$`~cgk hbck( gz{behlzagk bjj`uklcn {` {ag Hb~ `c c`udb{lvg }uljg `f hbck bck }u`jgkwug `fzbhg bck }wujabzg `f hbck( `u `f {ag ebzlj fgg f`u bccwbh hgbzg `f }wehlj }u`}gu{| bzzg{z(
gz{behlzagk e| {agHb~ `c z{b{g ewkng{ f`u {ag ugz}gj{lvg |gbu9
f, `}{ldlb{l`c `f z{b{g j`c{u`hz `vgu {ag bj{lvl{| `f Ugzlkgc{z `f Lckwz{ulbh ]buiz e| j`ckwj{lcn
}hbccgk j`c{u`hz bjj`uklcn {` {ag bccwbh zjagkwhg b}}u`vgk e| {ag N`vgucdgc{ Kgjlzl`c `u
wczjagkwhgk j`c{u`hz jbuulgk `w{ ~l{a {ag j`czgc{ `f {ag Dlclz{u| `f Gj`c`d| bz ugrwlugk e| {ag
b}}hljbehg hb~9
n, bhh`jb{l`c( bz b}}u`}ulb{g( `f flcbcjlbh ugz`wujgz f`u jugb{l`c `f {ag {gjacljbh bck }u`kwj{l`c
lcfubz{uwj{wug fu`d {ag z{b{g ewkng{( h`jbh ewkng{( Cb{l`cbh Ugnl`cbh Kgvgh`}dgc{ Fwck bck `{agu
z`wujgz9
Ugzlkgc{z bck lcvgz{dgc{ }u`ogj{z ld}hgdgc{gk ~l{alc {ag L] ~lhh eg zghgj{gk {au`wna b {gckgu(
`unbclgk e| {ag Dbcbnlcn J`d}bc|# [gckgu ~lccguz ~lhh gc{gu lc{` hgbzg j`c{ubj{z ugnbuklcn hbck
}bujghz `u }u`kwj{l`c }ugdlzgz ewlh{ e| {ag Dbcbnlcn J`d}bc| J`ckl{l`cz f`u hgbzlcn }bujghz
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui ;:
}u`kwj{l`c }ugdlzgz `u wzg `f lcfubz{uwj{wug `~cgk e| {ag Dbcbnlcn J`d}bc| bug zg{ lc {ag
-
7/31/2019 Feasability Study Edinet_english
44/134
}u`kwj{l`c }ugdlzgz( `u wzg `f lcfubz{uwj{wug `~cgk e| {ag Dbcbnlcn J`d}bc| bug zg{ lc {ag
j`c{ubj{z j`cjhwkgk eg{~ggc {ag Dbcbnlcn J`d}bc| bck L] Ugzlkgc{z#
]bujghz `f hbck {` eg hgbzgk( ~lhh eg wzgk e| Ugzlkgc{z {au`wna`w{ {ag j`c{ubj{ {gud wckgu j`ckl{l`czf`ugzggc e| {ag L] Ugnwhb{l`cz bck j`c{ubj{( bck w}`c {ag {gudlcb{l`c `f {ag j`c{ubj{ {ag| ~lhh {` eg
hgf{ bck {ubczfguugk {` {ag Dbcbnlcn J`d}bc|# B{ {ag zbdg {ldg( Ugzlkgc{z ~lhh eg nubc{gk {ag ulna{
{` }ulvb{lg hgbzgk }bujghz `f hbck bjj`uklcn {` bu{# 25 `f {ag Hb~ `c L]# Bf{gu }ulvb{lb{l`c `f hbck(
L] Ugzlkgc{z ~lhh `}gub{g ~l{alc {ag ]bui {au`wna`w{ {ag kwub{l`c `f bj{lvl{| `f L] `u ~lhh zghh {aglu
`~c lcvgz{dgc{z {` `{agu fw{wug Ugzlkgc{z `f {ag L]# [ag hb{{gu ~lhh abvg {` `e{blc {ag {l{hg `f L]
Ugzlkgc{ bck {` j`d}h| ~l{a {ag L] Ugnwhb{l`cz#
[ag Ugzlkgc{ abz {ag f`hh`~lcn kw{lgz?
2# [ag }u`kwj{l`c bj{lvl{| dwz{ abvg b{ hgbz{ b 1=' zabug lc bhh bj{lvl{lgz `f {ag Ugzlkgc{#
[au`wna`w{ {ag gc{lug j`c{ubj{wbh }gul`k l{ lz f`uelkkgc {` jabcng {ag kgz{lcb{l`c `f }ugdlzgz `u
`f bj{lvl{| f`u ~alja {ag j`c{ubj{ ~bz j`cjhwkgk ~l{a`w{ }ul`u ~ul{{gc j`czgc{ `f {ag Dbcbnlcn
J`d}bc|( ~alja ~lhh c`{ eg ugfwzgk wcugbz`cbeh|#
5# [ag f`hh`~lcn {|}gz `f hbck `jjw}b{l`c bck wzg bug f`uelkkgc? lckwz{ulbh( z{`ubng j`cz{uwj{l`cz
`u zguvljgz lcv`hvlcn }`hhw{lcn bj{lvl{lgz9 j`cz{uwj{l`cz `f ugzlkgc{lbh ewlhklcnz bck `{agu {abc
{a`zg hlz{gk9 ~bz{g z{`ubng fbjlhl{lgz bck `{aguz#
:# [` dbig b}}u`}ulb{g lcvgz{dgc{z bck kgvgh`}dgc{z( z` {ab{ ~l{alc {ag {gud gz{behlzagk lc {ag
J`c{ubj{ j`cjhwkgk eg{~ggc {ag Ugzlkgc{ bck {ag Dbcbnlcn J`d}bc| {ag n`bh( f`u ~alja {ag
hbck }h`{ ~bz hgbzgk( j`whk eg bjalgvgk# Lc {ag gvgc{ `f fblhwug ~l{alc {ag {gud zg{ `w{ lc {ag
lcvgz{dgc{ j`c{ubj{( {ag j`c{ubj{ h``zgz l{z f`ujg( {ag Ugzlkgc{z bug `ehlngk {` hgbvg {ag hbck bckzbhg {aglu `~c lcvgz{dgc{#
;# Bc| cgjgzzbu| lcvgz{dgc{ `u kgvgh`}dgc{ ~lhh eg dbkg `ch| w}`c b J`cz{uwj{l`c ]gudl{ ~l{a
bhh b}}u`vbhz ugrwlugk e| hb~#
7# [` {big bhh dgbzwugz ugrwlugk {` }u`{gj{ {ag gcvlu`cdgc{ bck {ag j`ckl{l`cz wckgu {ag hb~ lc
f`ujg ughb{lcn {` gcvlu`cdgc{bh }u`{gj{l`c#
6# [` }b| d`c{ah| fggz bck }b|dgc{z {` {ag Dbcbnlcn J`d}bc| gz{behlzagk e| L] Ugnwhb{l`cz#
># [` }b| {ag wclrwg fgg f`u `e{blclcn {ag Ugzlkgc{ ulna{#
1# [` kg}`zl{ bc bd`wc{ bz nwbubc{gg( grwlvbhgc{ {` 6 d`c{az bkdlclz{ub{l`c fgg zg{ `w{ lc {ag
j`c{ubj{# Lf cgjgzzbu|( }gcbh{lgz bck bd`wc{z kwg {` {ag Dbcbnlcn J`d}bc| ~lhh eg hgvlgk `f
{alz bd`wc{#
-
7/31/2019 Feasability Study Edinet_english
45/134
[ag Dbcbnlcn J`d}bc| wckgu{bigz?
2# [` c`{lf| Ugzlkgc{ `c {ag `jjwuugcjg `f bc| jlujwdz{bcjgz {ab{ db| kbdbng l{z ulna{z9
5# [` j`c{ulew{g( ~l{alc l{z }`~guz( {` }u`vlzl`c `f b ewzlcgzz jhldb{g zwl{behg f`u kgvgh`}dgc{ `fj`d}bclgz h`jb{gk ~l{alc {ag L]9
:# [` }u`vlkg bck dblc{blc {gjacljbh bck }u`kwj{l`c lcfubz{uwj{wug( bz ~ghh bz j`dd`c w{lhl{lgz lc
j`d}hlbcjg ~l{a {ag {gjac`h`nljbh cggkz `f {ag ]bui9
;# [` bzzlz{ ~l{a z}gjlbhlgk zguvljgz lc bugbz `f Ugzlkgc{z j`d}g{gcjg lc lzzwgz `f l{z j`cjguc9
7# [` gczwug lzzwbcjg `f }gudl{z bck bw{a`ulb{l`cz `f {aglu flghk `f j`d}g{gcjg lc gdgungcj|
ugnldg9
6# [` }u`vlkg Ugzlkgc{z ~l{a bjjgzz {` lcf`udb{l`c bck k`jwdgc{z `f }wehlj lc{gugz{ bck {` {a`zg
z{ulj{h| ughb{gk {` {ag L]( ugrwlugk f`u kgvgh`}dgc{ `f l{z bj{lvl{|9
># W}`c {ag j`cjhwzl`c `f j`c{ubj{z ~l{a l{z Ugzlkgc{z( {ag Dbcbnlcn J`d}bc| ~lhh kghlvgu( bck
w}`c {gudlcb{l`c `f {ag hgbzg {gcbcj| j`c{ubj{ ~lhh bjjg}{ hbck }bujghz bck `u }u`kwj{l`c
}ugdlzgz eglcn zweogj{ `f {ag ugc{ hgbzg ebzgk `c }u`{`j`h#
L] Ugzlkgc{z ~lhh eg zghgj{gk e| {ag Dbcbnlcn J`d}bc| {au`wna b {gckgu `c `e{blclcn {ag ulna{ {`
hgbzg hbck }bujghz }u`kwj{l`c }ugdlzgz( ~alja ~lhh lckljb{g?
[ag bccwbh hgvgh `f bkdlclz{ub{l`c fgg lc DKH9
Lcvgz{dgc{z {ab{ {ag| wckgu{big {` dbig z}gjlf|lcn ugfgugcjg lckljb{`uz !k|cbdljz `f }hbccgk
j`cz{uwj{l`c( ewlhklcn bugb( wzbehg bugb( }hbccgk bd`wc{ `f lcvgz{dgc{z f`u j`ddlzzl`clcn(
}hbccgk cwdegu `f gd}h`|ggz bck `f `~c `u b{{ubj{gk fwcklcn z`wujgz,9
J`ddl{dgc{ `c {gjac`h`nljbh }u`jgzz cgjgzzbu| f`u ewzlcgzz lc {gudz `f wzgk {gjac`h`nlgz bck
dbccgu {ag| dgg{ gcvlu`cdgc{bh z{bckbukz9
Flcbh kgbkhlcg f`u dbilcn lcvgz{dgc{z9
Z}gjlfljb{l`cz `c lckljb{`uz `f lcvgz{dgc{ ewzlcgzz }hbc( cbdgh| l{z kgvgh`}dgc{ e| z{bngz(
~agug b}}hljbehg !bd`wc{ `f {`{bh lcvgz{dgc{ bck {ag eugbik`~c e| |gbu z{bng( Lc{gucbh Ub{g
`f Ug{wuc( Cg{ ]ugzgc{ Vbhwg,9
Kb{b `c {ag bd`wc{ `f d`c{ah| j`czwd}{l`c `f w{lhl{lgz !~b{gu( nbz( ghgj{ulj }`~gu zw}}h|(
zg~gubng( ~bz{g j`hhgj{l`c( g{j#,
@{agu cggkz ughb{gk {` {ag cggk {` hgbzg bkdlclz{ub{lvg ewlhklcnz( }wehlj jb{gulcn( j`cfgugcjg
abhhz( j`czwh{lcn zguvljgz( g{j#
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui ;7
bjjgzz {` Gwu`}gbc u`w{g G71: Bhz` l{ lz h`jb{gk b{ b klz{bcjg `f :1 id {` {ag ublh~b| `f @jcl{b b{
-
7/31/2019 Feasability Study Edinet_english
46/134
bjjgzz {` Gwu`}gbc u`w{g G71:# Bhz`( l{ lz h`jb{gk b{ b klz{bcjg `f :1 id {` {ag ublh~b| `f @jcl{b( b{
>= id {` {ag ublh~b| `f Ebh{l bck b{ b klz{bcjg `f be`w{
-
7/31/2019 Feasability Study Edinet_english
47/134
Lcz{bhhb{l`c `f u`bk bck lcf`udb{l`c lckljb{`uz `c lc{gucbh u`bkz `f {ag L]9
Fgcjlcn `f {ag ]bui hbck bh`cn l{z gc{lug }guldg{gu
Kgzjul}{l`c bck z}gjlfljb{l`cz `f {agzg ~`uiz bug }ugzgc{gk egh`~#
Nuggc z}bjgz# Bjj`uklcn {` {ag }u`}`zgk `clcn( {ag hbck `f Gklcg{ L] ~lhh eg }ubj{ljbhh| z}hl{ lc {ag
`cg `f Dbcbnlcn J`d}bc| !Bkdlclz{ub{lvg `cg( be`w{ 2=' `f {ag hbck, bck {ag `cg `f Ugzlkgc{z
!be`w{
-
7/31/2019 Feasability Study Edinet_english
48/134
( n } !} } ,
`f ghgj{uljl{|( cb{wubh nbz( kulcilcn ~b{gu !gqjg}{ v`hwdg `f ~b{gu wzgk ug}gb{gkh| f`u jhgbclcn {aglu
lc{gucbh z|z{gdz, bck {ag v`hwdg `f ~bz{g~b{gu {` eg klzjabungk {au`wna {ag zg~gubng#
[behg 2 5#< 5#=
5 F``{~gbu }u`kwj{l`c 5=== 52#: #7= 2#1 2#= =#1
>
]u`kwj{l`c `f ghgj{ulj d`{`uz ~l{a jb}bjl{lgz
fu`d 2= {` 5== ~b{{ 76= 7= :=#5 5#< 5#>
[`{bh >=>; :== >7 6:#6
[ag hbck kgzlncgk f`u h`jb{l`c `f Gklcg{ L] lz zl{wb{gk b{ b klz{bcjg `f 227 d fu`d {ag ~b{gu bck nbz
z|z{gdz bck 17= d fu`d zg~gubng z|z{gd `f {ag {`~c# ]bubhhgh {` {ag D2; u`w{g( {ag }`~gu
{ubczdlzzl`c hlcg `f 2= ilh`v`h{z }bzzgz# Jwuugc{h| wcwzgk jb}bjl{lgz `f {agzg cg{~`uiz jbc dgg{ {aggz{ldb{gk cggkz `f L]#
Fu`d [behg 2< l{ lz c`{gk {ab{ lc `ukgu {` gczwug {ag `}gub{l`c `f gc{gu}ulzgz `f {ag Lckwz{ulbh ]bui( l{
lz cgjgzzbu| {` lcz{bhh ~l{alc {ag ]bui zgvgubh {ubczf`udguz ~l{a {`{bh jb}bjl{| `f be`w{ >=>; iVB bck
{aglu j`ccgj{l`c {` {ag }`~gu {ubczdlzzl`c hlcg `f 2= iV# Zlcjg gbz{guc }bu{ `f {ag hbck lz lc{guzgj{gk
e| {ag }`~gu {ubczdlzzl`c hlcg `f 2= iV ~g j`czlkgu {ab{ lz c`{ cgjgzzbu| {` ewlhk bc bkkl{l`cbh
{gczl`c hlcg `f 2= iV#L{ lz bhz` cgjgzzbu| {` ewlhk ~l{alc {ag L] bc bvgubng }ugzzwug cb{wubh nbz }l}ghlcg `f dg{guz lc
hgcn{a( ~alja ~`whk }u`vlkg ]bui gc{gu}ulzgz ~l{a be`w{ :== d:
`f nbz }gu a`wu( b kulcilcn ~b{gu
}l}ghlcg `f b hgcn{a `f dg{guz( ~alja ~`whk }u`vlkg ~l{a kulcilcn ~b{gu {ag gc{gu}ulzgz `f {ag
]bui fu`d {ag h`jbh ~b{gu }l}ghlcg lc b v`hwdg `f be`w{ >7 d:
`f ~b{gu }gu a`wu `u 5=#1 hl{ugz }gu
zgj`ck#
L{ lz cgjgzzbu| ewlhk ~l{alc {ag ]bui b zg~bng ~b{gu hlf{ z{b{l`c bck ~bz{g ~b{gu }l}ghlcg ~l{a b:
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui ;1
Jb}belhl{lgz bck j`cflnwub{l`cz `f u`bkz bck lc{gucbh bck gq{gucbh }wehlj w{lhl{lgz cg{~`uiz `f {ag
-
7/31/2019 Feasability Study Edinet_english
49/134
Lckwz{ulbh ]bui zabhh gczwug f`u l{z ugzlkgc{z zdbhhgu klz{bcjgz fu`d {ag }hbjg `f h`jb{l`c `f {aglu
gc{gu}ulzgz {` }`lc{z j`ccgj{lcn ~l{a u`bkz bck }wehlj w{lhl{lgz cg{~`uiz {ab{ hgbk {` {ag dlcldlb{l`c
`f zwddbu| j`ccgj{l`c j`z{z( ~alhg gczwulcn {ag h`~gz{ }`zzlehg j`z{ f`u {ag j`cz{uwj{l`c bck`}gub{l`c `f u`bkz bck }wehlj w{lhl{lgz cg{~`uiz#
:#:#:# Lc{gucbh lcfubz{uwj{wug
Lc{gucbh u`bk
Lc{gucbh u`bk ~lhh abvg bjjgzz {` D2; u`w{g e| {~` z{b{l`cz? `cg b{ {ag klz{bcjg `f 2:= d fu`d {ag
z`w{aguc e`ukgu `f {ag hbck( bc`{agu `cg b{ {ag klz{bcjg `f
-
7/31/2019 Feasability Study Edinet_english
50/134
{ag wclvguzbh cb{wug `f L]( f`u L] cggkz b }`h|g{a|hgcg }l}ghlcg ~l{a b klbdg{gu `f 22= dd lz
ugrwlugk#
Lc{gucbh zg~gubng }l}ghlcgz
Bz l{ abz eggc dgc{l`cgk egf`ug( {ag zg~gubng z|z{gd j`czlz{z `f {~` }l}ghlcgz( `cg lcz{bhhgk bh`cn{ag hgcn{a `f {ag lc{gucbh u`bk( {ag `{agu `cg b{ {ag ~gz{guc e`ukgu `f {ag L] hbck# [awz( {ag hgcn{a `f
{ag lc{gucbh zg~gubng }l}ghlcg `f }wehlj w{lhl{| ~lhh eg grwbh {` {ag hgcn{a `f lc{gucbh u`bkz `f
-
7/31/2019 Feasability Study Edinet_english
51/134
(
bck dbigz w} 67 dd# [ag z{bckbuk `w{gu klbdg{gu `f }`h|g{a|hgcg }l}ghlcg j`vgulcn {ag be`vgdgc{l`cgk cggkz dbigz w}
-
7/31/2019 Feasability Study Edinet_english
52/134
f`u j`czwdguz }u`jwulcn ~b{gu lc {ag v`hwdg `f 27 === d:
bck d`ug kwulcn `cg jbhgckbu
d`c{a52#7= DKH }gu 2d:
!gqjhwklcn VB[,9
f`u `{agu j`czwdguz57#=7 DKH }gu 2d: !gqjhwklcn VB[,#
Zg~gubng z|z{gd
[ag h`jbhl{| abz b jgc{ubhlgk zg~gubng z|z{gd {` ~alja {ag zg~gubng z|z{gd `f {ag Lckwz{ulbh ]bui
jbc eg j`ccgj{gk {au`wna {ag j`cz{uwj{l`c `f b ~bz{g ~b{gu hlf{ z{b{l`c lc {ag d`z{ z`w{a$~gz{guc
}`lc{ `f {ag hbck `f {ag ]bui( zl{wb{gk b{ {ag h`~gz{ hgvgh !b{ {ag aglna{ `f 5=2 d,# [ag ~bz{g ~b{gu hlf{
z{b{l`c ~lhh }u`vlkg ~bz{g ~b{gu }wd}lcn `f b v`hwdg `f 2== d:
}gu a`wu bck l{ hlf{lcn w} {` 5> d# Lc
`ukgu {` d`wc{ {ag z{b{l`c( {agug lz b cggk f`u b ewlhklcn ~l{a bc bugb `f 25 d5#
[ag ~bz{g ~b{gu hlf{ z{b{l`c ~lhh eg j`ccgj{gk {` {ag zg~gubng z|z{gd `f Gklcg{ {au`wna b zg~gubng
}l}g ~l{a b klbdg{gu `f 57= dd bck b hgcn{a `f 17= dg{guz#
[bulffz `f zg~gubng zguvljgz }ubj{ljgk e| {ag h`jbh `}gub{`u bug {ag f`hh`~lcn?
f`u }`}whb{l`c2=#7= DKH }gu 2d:9
f`u ewkng{bu| gc{gu}ulzgz27#== DKH }gu 2d: !gqjhwklcn VB[,9
f`u j`czwdguz }u`jwulcn ~b{gu lc {ag v`hwdg `f 27 === d:
bck d`ug kwulcn `cg jbhgckbu
d`c{a2
-
7/31/2019 Feasability Study Edinet_english
53/134
]u`kwj{l`c }ugdlzgz( ~buga`wzgz(
kgz{lcb{l`c Bugb( ab
EL }u`kwj{l`c }ugdlzgz 2#52=]u`kwj{l`c }ugdlzgz `f Ugzlkgc{z >#:5;
]u`kwj{l`c }ugdlzgz `f {ag Dbcbngu 2#72=
[`{bh `f }u`kwj{l`c }ugdlzgz !}u`kwj{l`c
lcfubz{uwj{wug, 2=#=;;
F`u {ag j`cz{uwj{l`c `f }u`kwj{l`c }ugdlzgz lc {ag `cg `f Ugzlkgc{z( ~g zw}}`zgk bc bugb `jjw}lgk
e| ewlhklcnz bck j`cz{uwj{l`c `f 2=#=;; ab( lcjhwklcn 2#52 ab f`u EL }u`kwj{l`c }ugdlzgz( 2#72 ab f`u
}u`kwj{l`c }ugdlzgz ewlh{ e| {ag Dbcbngu bck >#:5; ab f`u }u`kwj{l`c }ugdlzgz ewlh{ e| Ugzlkgc{z#
:#:#6#Hbe`wu f`ujg ugrwlugk f`u {ag Lckwz{ulbh ]bui bj{lvl{lgz
Fu`d {ag kb{b }ugzgc{gk lc Bccgq 2( l{ lz `ezguvgk {ab{ {ag cwdegu `f o`ez {ab{ jbc eg jugb{gk e| {ag
Ugzlkgc{z `f {ag Lckwz{ulbh ]bui ~lhh dbig w} b {`{bh `f bu`wck 2 72= o`ez `f ~alja be`w{ 72= o`ez
~lhh ugrwlug }u`fgzzl`cbhz fu`d hlna{ lckwz{u|( 22= o`ez fu`d }u`jgzzlcn lckwz{u| bck 1
-
7/31/2019 Feasability Study Edinet_english
54/134
;#2#Hbck[ag bvgubng dbuig{ }uljg `f hbckz fu`d {ag `cg `f Gklcg{ Lckwz{ulbh ]bui lz 7= ;: 117 DKH !{`~bukz jgc{ug, bck 2 56> DKH !{`~bukz
}gul}agu|, }gu 2 ab `f lckwz{ulbh hbck# Ebzgk `c {ag }uljg zl{wb{l`c lc {ag ugnl`c( {ag hbck }uljg `f 21#6
ab f`u h`jb{l`c `f Gklcg{ Lckwz{ulbh ]bui bz bubehg hbck dbigz w} #5 {a`wzbck DKH( ~alhg bz hbck
f`u j`cz{uwj{l`czfu`d 5; dlhhl`c DKH {` :5#; dlhhl`c DKH#
[ag hbck f`u Lckwz{ulbh ]bui lz bubehg hbck# Lc `ukgu {` gz{behlza {ag Lckwz{ulbh ]bui( l{ za`whk eg
}ughldlcbulh| {ubczfguugk fu`d {ag jb{gn`u| `f bnuljwh{wubh hbck lc{` {ag hbck `f lckwz{ulbh
j`cz{uwj{l`cz# Bjj`uklcn {` {ag }u`vlzl`cz `f {ag Hb~ `c c`udb{lvg }uljg `f hbck bck }u`jgkwug `f
zbhg bck }wujabzg `f hbck C`# 2:=1$QLLL `f 57#=># !ug}wehlzagk lc {ag @ffljlbh Nbg{{g C`# 2;2$
2;:#:; DKH }gu `cg agj{bug kgnugg#F`u {ag bubehg hbck `f 15 }u`kwj{lvl{| kgnugg( {ag bd`wc{ `f jbza j`d}gczb{l`c }gu agj{bug ~lhh dbig
w} 2 65< 62; DKH# [ag bd`wc{ `f j`d}gczb{l`c f`u gqjhwzl`c fu`d jb{gn`u| `f bnuljwh{wubh hbck `f
21#6 ab `f {ag hbck f`u {ag Lckwz{ulbh ]bui h`jb{l`c ~lhh dbig w} be`w{ :=#: dlhhl`c DKH# Hb~ `c
Lckwz{ulbh ]buiz C`# 215 `f 27#=>#5=2= !}bub#!2,( bu{# 25, gqgd}{z {ag a`hkgu `f {ag Lckwz{ulbh ]bui
bck l{z Ugzlkgc{z fu`d {ag j`d}gczb{l`c `f h`zzgz jbwzgk e| {ag gqjhwzl`c fu`d {ag bnuljwh{wubh hbck#
[agugf`ug( j`d}gczb{l`c bd`wc{lcn {` :=#: dlhhl`c DKH ~lhh c`{ eg }blk# Zwezgrwgc{h|( lc jbzg `f
}ulvb{lb{l`c `f hbckz bkobjgc{ {` gc{gu}ulzgz h`jb{gk lc {ag Lckwz{ulbh ]bui( {ag j`uugz}`cklcn
j`d}gczb{l`cz fu`d {ag be`vg bd`wc{ ~lhh eg }blk lc bc bd`wc{ }u`}`u{l`cbh {` }ulvb{lgk hbck bugb#
Bjj`uklcn {` }u`vlzl`cz `f}bub# !25, `f bu{# 2= `f {ag Hb~ `c c`udb{lvg }uljg `f hbck bck }u`jgkwug
`f zbhgz bck }wujabzg `f hbck ~agc jbhjwhb{lcn {ag bccwbh hgbzg fgg f`u z{b{g$`~cgk hbck ~l{alc
Lckwz{ulbh ]buiz( jugb{gk lc j`d}hlbcjg ~l{a {ag Hb~ `c lckwz{ulbh }buiz C`# 215 `f 27#=>#5=2=( {ag
Dbcbnlcn J`d}bc| ~lhh b}}h| b ugkwj{l`c j`gffljlgc{ `f w} {` =#: `f {ag bccwbh hbck hgbzg fgg zg{ e|
hb~# F`u zdbhh {`~cz zwja }b|dgc{ dbigz w} =#7' `f {ag c`udb{lvg }uljg `f hbck# [ag fgg }gu 2hgbzgk agj{bug `f hbck ~l{a b }u`kwj{lvl{| `f 15 kgnuggz lc Gklcg{ ~lhh dbig w} 2 65< 2; DKH /
=#==7 4 1 2;1 DKH }gu |gbu( ~alhg f`u gj`c`dlj gc{l{lgz Ugzlkgc{z `f {ag Lckwz{ulbh ]bui l{ ~lhh
dbig w} `ch| 5 ;;;#; DKH `u 5; ebcz f`u `cg zrwbug dg{gu }gu |gbu#
Zlcjg {ag hbck `f {ag Gklcg{ Lckwz{ulbh ]bui lz bubehg hbck fugg `f bc| j`cz{uwj{l`cz( l{ k`gz c`{ ugrwlug
hgvghhlcn ~`uiz bck k`gz c`{ lcv`hvg bkkl{l`cbh j`z{z#
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 7;
dg{guz h`cn( be`w{ 571#25 {a`wzbck DKH ~lhh eg z}gc{# @c gbja }lhhbu `f {ag hlcg( b HGK z{ugg{
hlna{lcn hbd} ~lhh eg lcz{bhhgk b{ b j`z{ `f 5=== DKH [ag j`z{ `f 5; hbd}z ~lhh dbig w} ;1
-
7/31/2019 Feasability Study Edinet_english
55/134
hlna{lcn hbd} ~lhh eg lcz{bhhgk b{ b j`z{ `f 5=== DKH# [ag j`z{ `f 5; hbd}z ~lhh dbig w} ;1
{a`wzbck DKH# [ag {`{bh j`z{ `f hlna{lcn z|z{gd f`u lc{gucbh }wehlj u`bkz ~lhh dbig w} :=6# 25
{a`wzbck DKH#
]hb{f`udz f`u {ag bjjwdwhb{l`c bck klz}`zbh `f z`hlk ~bz{g# J`z{z f`u j`cz{uwj{l`c `f {agzg
}hb{f`udz bug bzzgzzgk lc {ag bd`wc{ `f 1 {a`wzbck DKH#
Hl{{gu elcz# Nlvgc {ag j`z{ `f bc :== DKH f`u b $7 hl{{gu elc( {ag {`{bh j`z{ `f ;= hl{{gu elcz
cgjgzzbu| lc {ag ]bui ~lhh dbig w} bu`wck 25#= {a`wzbck DKH#
Jbu }builcn }h`{z# [ag bugb `f 6= }builcn }h`{z }u`}`zgk {` eg jugb{gk lz grwlvbhgc{ {` {ag bugb `f b
u`bk `f LV{a jb{gn`u| ~l{a b hgcn{a `f 21= dg{guz# [ag j`z{ `f `cg ilh`dg{ug `f u`bk `f {ag LV{a
jb{gn`u| dbigz w} 26#2>1 dlhhl`c DKH# Gq}gczgz f`u {ag jbuulbng~b| `f {ag u`bk ~lhh dbig w} 6='
`f {ag u`bk j`z{# Z`( {ag j`z{ f`u jugb{l`c `f 6= }builcn }h`{z ~lhh dbig w} 26 2>1 / =(6/ 6= / 21 6 4
2 >;>(56 {a`wzbck DKH#
U`bk bck lcf`udb{l`c lckljb{`uz ~lhh eg lcz{bhhgk bh`cn {ag lc{gucbh }wehlj u`bkz# [aglu cwdegu
~lhh c`{ gqjggk 2= wcl{z# [awz( {`{bh gq}gczgz f`u {aglu }wujabzg bck lcz{bhhb{l`c ~lhh dbig w} 5=
{a`wzbck DKH#
]bui hbck fgcjlcn# J`z{z f`u {ag }wujabzg bck lcz{bhhb{l`c `f 2== d `f fgcjg `f 5 d aglna{ `f dg{bh
ebuz {|}g %% dbig w} be`w{ ;2#5 {a`wzbck DKH# [ag hgcn{a `f L] hbck }guldg{gu dbigz w}
52== d# Lcvgz{dgc{z f`u {ag }wujabzg bck lcz{bhhb{l`c `f {ag fgcjg ~lhh dbig w} 167#5 {a`wzbck
DKH#
[ag bd`wc{ `f lcvgz{dgc{z cggkgk f`u kgvgh`}dgc{ `f Gklcg{ Lckwz{ulbh ]bui lz }ugzgc{gk lc [behg52#
[behg 52# Bd`wc{ `f lcvgz{dgc{z cggkgk f`u kgvgh`}dgc{ `f Gklcg{ L] hbck
Cbdg `f hbck kgvgh`}dgc{ `eogj{zBd`wc{ f lcvgz{dgc{z(
{a`wzbck DKH
Kgvgh`}dgc{ `f nuggc z}bjgz 2==
Lcz{bhhb{l`c `f hlna{lcn z|z{gdz :=6#25
J`cz{uwj{l`c `f }hb{f`udz f`u {ag bjjwdwhb{l`c bck klz}`zbh `f
z`hlk ~bz{g 1#=
]wujabzg `f z{ugg{ hl{{gu elc 25#=
J`cz{uwj{l`c `f jbu }builcn }h`{z 2 >;>#56
Jugb{l`c bck lcz{bhhb{l`c `f u`bk bck lcf`udb{l`c lckljb{`uz 5=#=
]bui hbck fgcjlcn 167#5
[`{bh : =71#71
-
7/31/2019 Feasability Study Edinet_english
56/134
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 76
]u`jwugdgc{ bck lcz{bhhb{l`c `f 1 {ubczf`udguz ~l{a {`{bh
lcz{bhhgk jb}bjl{| `f >=6= iVB bck {ubcz}`u{ hlcg5 6
-
7/31/2019 Feasability Study Edinet_english
57/134
Lckwz{ulbh ]bui hbck kgvgh`}dgc{ :=71#71
[`{bh 5; :26#7:
;#;#Gq{gucbh lcfubz{uwj{wug
Bjjgzz u`bkz# Lc `ukgu {` gczwug {ag bjjgzz `f Gklcg{ Lckwz{ulbh ]bui {` ug}wehljbc bck h`jbh
alna~b|z cg{~`uiz {~` alna~b|z `f LV{a jb{gn`u| ~l{a {ag {`{bh hgcn{a `f ;= dg{guz lz ugrwlugk#
Jb}l{bh lcvgz{dgc{z f`u {ag j`cz{uwj{l`c `f {agzg u`bkz ~lhh dbig w} 6;>#2 {a`wzbck DKH
^b{gu cg{~`uiz# Jb}l{bh lcvgz{dgc{z ugrwlugk f`u {ag j`cz{uwj{l`c `f kulcilcn ~b{gu }l}g ~l{a bklbdg{gu `f 2== dd bck b hgcn{a `f 227 dg{guz( ~alja ~lhh o`lc {ag h`jbh kulcilcn ~b{gu cg{~`ui
~l{a {ag ]bui zl{g( ~lhh j`cz{l{w{g :;#7 {a`wzbck DKH#
Zg~gubng z|z{gdz# ^bz{g ~b{gu hlf{ z{b{l`c j`z{z be`w{ 2:6 {a`wzbck DKH( lcjhwklcn {ag
j`cz{uwj{l`c `f {ag ewlhklcn ~l{a bc bugb `f 25 d5
~l{a `f b cgjgzzbu| }``h# Jb}l{bh lcvgz{dgc{z f`u
{ag j`cz{uwj{l`c `f b }l}ghlcg ~l{a b klbdg{gu `f 5== dd bck b hgcn{a `f 17= dg{guz {ab{ ~lhh j`ccgj{
{ag ~bz{g ~b{gu hlf{ z{b{l`c ~l{a {ag {`~c zg~gubng z|z{gd ~lhh dbig w} 577#= {a`wzbck DKH# [`{bhjb}l{bh lcvgz{dgc{z f`u j`ccgj{lcn lc{gucbh zg~gubng }l}ghlcgz ~l{a {ag {`~c zg~gubng z|z{gd ~lhh
dbig w} :#2=
J`cz{uwj{l`c `f }`h|g{a|hgcg }l}ghlcg ~l{a klbdg{gu `f
2== dd f`u j`ccgj{l`c {` {ag gq{gucbh z`wujg `f kulcilcn :; 7=
Fgbzlelhl{| Z{wk| f`u gz{behlzalcn {ag Gklcg{ Lckwz{ulbh ]bui 7>
Ewlhklcn cbdgBd`wc{ f lcvgz{dgc{z(
{a`wzbck DKH
-
7/31/2019 Feasability Study Edinet_english
58/134
[`{bh 2 2>:#:7
[ag {`{bh bd`wc{ `f lcvgz{dgc{z lc lc{gucbh bck gq{gucbh lcfubz{uwj{wug ugrwlugk {` ewlhk Gklcg{
Lckwz{ulbh ]bui ~lhh dbig w} be`w{ 5;#;< dlhhl`c DKH#
;#7#Ewlhklcnz
Bkdlclz{ub{lvg ewlhklcn# Bz l{ abz eggc dgc{l`cgk( lc `ukgu {` gczwug {ag bj{lvl{| `f {ag Dbcbngu( l{
lz cgjgzzbu| {` ewlhk bc bkdlclz{ub{lvg ewlhklcn `jjw}|lcn bc bugb `f ;1; zr#d# [ag j`z{ `f {alz
j`cz{uwj{l`c ~lhh dbig w} ; 576 {a`wzbck DKH#
]u`kwj{l`c }ugdlzgz# ^g gz{ldb{gk {ag cgjgzzbu| bd`wc{ `f lcvgz{dgc{z zw}}`zlcn {ab{ {ag
j`cz{uwj{l`c `f b zrwbug dg{gu `f }u`kwj{l`c }ugdlzgz( ~buga`wzgz( g{j# ~lhh dbig w} :5:7#7 DKH
!bu`wck 5== Gwu`,#
[behg 5; Lcvgz{dgc{z ugrwlugk {` ewlhk }u`kwj{l`c }ugdlzgz( {a`wzbck DKH
]u`kwj{l`c }ugdlzgz Bugb( d5
Lcvgz{dgc{z(
{a`wzbck DKH
EL ]u`kwj{l`c }ugdlzgz 25 2== :< 2;: 5;= ;1 176#=7
]u`kwj{l`c }ugdlzgz `f {ag Dbcbngu 27 2== 5:6 7' `f {ag cgjgzzbu| hbe`wu f`ujg ~lhh eg {ublcgk `u 22:5 ~`uiguz ~lhh eg
gd}h`|gk lc L] Ug