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11

SABANCI VAKFI /Ȋ), 796.9(40 k@2l3,9Ȋ 2013-2014

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14

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15

SABANCI VAKFI /Ȋ), 796.9(40 k@2l3,9Ȋ 2013-2014

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23

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24

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25

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27

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28

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29

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30

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31

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32

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34

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35

SABANCI VAKFI /Ȋ), 796.9(40 k@2l3,9Ȋ 2013-2014

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36

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SABANCI VAKFI /Ȋ), 796.9(40 k@2l3,9Ȋ 2013-2014

,9AȊ5*(5 ,5.,33Ȋ (55,3,9Ȋ5Ȋ5 .lh3,5+Ȋ9Ȋ34,:Ȋ

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SABANCI VAKFI /Ȋ), 796.9(40 k@2l3,9Ȋ 2013-2014

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44

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SABANCI VAKFI /╚К), 796.9(40 k@2l3,9╚К 2013-2014

,:2╚К═м,/╚К9 ;673<4:(3 *╚К5:╚К@,;, +<@(930 )l;h,3,4, ,═О╚К;╚К4╚К

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48

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SABANCI VAKFI /Ȋ), 796.9(40 k@2l3,9Ȋ 2013-2014

,:2Ȋͬ,/Ȋ9 ;673<4:(3 *Ȋ5:Ȋ@,;, +<@(930 )l;h,3,4, ,͎Ȋ;Ȋ4Ȋ

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SABANCI VAKFI /Ȋ), 796.9(40 k@2l3,9Ȋ 2013-2014

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52

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SABANCI VAKFI /Ȋ), 796.9(40 k@2l3,9Ȋ 2013-2014

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54

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7961, 69;(23(90 2HZ[HTVU\ )LSLKP`LZP <@.<3(4( :l9,:╚Л ,RPT ┬╢ 5PZHU 7961, kA,;╚Л 7YVQL PSL RHK├ЫUSHY├ЫU [VWS\TZHS JPUZP`L[ L╚┤P[SP╚ШP ]L RHK├ЫU OHRSHY├Ы RVU\SHY├ЫUKH MHYR├ЫUKHS├ЫR RHaHUTHSHY├Ы ]L IPSNPSLYPUPU HY[THZ├Ы HTHsSHUK├Ы 7YVQLUPU OLKLM NY\I\ VSHYHR OLY IPY R┬А` ]L THOHSSLKLU LU Ha RHK├ЫU ZLsPSKP 7YVQL RHWZHT├ЫUKH OLKLM NY\IH RHK├ЫU├ЫU PUZHU OHRSHY├Ы [VWS\TZHS JPUZP`L[ L╚┤P[SP╚ШP WZPRVSVQP ]L PSL[P╚┤PT NPYP╚┤PTJPSPR RVU\SHY├ЫUKH L╚ШP[PTSLY ]LYPSKP 7YVQL RHWZHT├ЫUKH RHK├ЫUH O\R\RP KLZ[LR ZH╚ШSHUK├Ы

96

рао 2P╚┤PZLS NLSP╚┤PT L╚ШP[PTSLYP PSL ┬АaN┬Е]LU HY[├ЫY├ЫJ├Ы sHS├Ы╚┤THSHY `HW├ЫSK├Ы :65<h3(9 рао 2H[├ЫS├ЫTJ├Ы RHK├ЫU RHK├ЫU├ЫU PUZHU OHRSHY├Ы RVU\Z\UKH IPSNPSLUKP MHYR├ЫUKHS├ЫR RHaHUK├Ы ]L IPSPUsSLUKP

-(92 ,+╚К@69<4 .,3╚К═м╚К@69<4 +,═О╚К═м╚К@69<4 lSRLTPaKL RHK├ЫUSHY LYRLRSLYKLU sVR KHOH MHaSH VYHUSHYKH KLWYLZ`VU `LTL IVa\RS\╚Ш\ O\a\YZ\aS\R [YH]TH ZVUYHZ├Ы RYVUPR Z[YLZ IVa\RS\╚Ш\ `H╚┤├Ы`VY 2├Ыa sVJ\RSHY├Ы LYRLR sVJ\RSHY├ЫUH R├Ы`HZSH KHOH sVR PZ[PZTHYH \╚ШY\`VY LYRLU `H╚┤[H ]L aVYSH L]SLUKPYPSP`VY ,]SP RHK├ЫUSHY├ЫU `HY├ЫZ├ЫUKHU MHaSHZ├Ы L╚┤P [HYHM├ЫUKHU ├ДaPRZLS ╚┤PKKL[L THY\a I├ЫYHR├ЫS├Ы`VY )\ ZVY\USHYH KHPY

┬╕2┬А`┬ЕT┬ЕaKL RHK├ЫUSHY aH[LU IPSPUsSP HZ├ЫS LYRLRSLYPU IPSPUsSLUTLZP NLYLRSP 2HK├ЫUSHY LRVUVTPR N┬ЕsSLYP N┬Е]LUJLSLYP VSTHK├Ы═Ы├Ы PsPU RH[SHU├Ы`VYSHY IPYsVR ╬ЕL`L ╚ЙRP R├Ыa├ЫT ]HY ┬ЕUP]LYZP[LKL VR\`HU ,╬ЕPT KL HYRHSHY├ЫUKH ILU KL 6R\THSHY├Ы LSSLYPUL LRTLRSLYPUP HSTHSHY├Ы N┬ЕsS┬Е VSTHSHY├Ы PsPU OLY ╬ЕL`P `HW├Ы`VY\a ┬╣ 5\YH` =HOP[V╚ШS\ :\IH╚┤├Ы 2┬А`┬Е

97

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2(:;(465< -(92 ,+Ȋ@69<4 .,3ȊͬȊ@69<4 +,͎ȊͬȊ@69<4

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`Hȴ[H aVYSH L]SPSPȘL ]L HPSL PsP ȴPKKL[L THY\a RHSHU RHKÛUSHYÛU ȴPKKL[L RHYȴÛ T JHKLSL LKLYRLU KVȘY\ HKÛTSHYÛ H[HIPSTLSLYP PsPU `HZHS OHRSHYÛUÛ ȘYLUTLSLYP I ` R ULT [HȴÛ`VY 2HZ[HTVU\»KH RHKÛUSHYÛU JPUZP`L[ LȴP[ZPaSPȘPUKLU RH`UHRSHUHU ZVY\USHYÛUÛU MHYRÛUH ]HYTHSHYÛ ]L I\ ZVY\USHYÛU s a T UL ` ULSPR KLZ[LR TLRHUPaTHSHYÛUH \SHȴTHSHYÛ ]L N sSLUTLSLYP PsPU OHYLRL[L NLsLU ; YR lUP]LYZP[LSP 2HKÛUSHY +LYULȘP 2HZ[HTVU\ Ǹ\ILZP ¸-HYR ,KP`VY\T .LSPȴP`VY\T +LȘPȴP`VY\T¹ WYVQLZP`SL )4 6Y[HR 7YVNYHTÛ RHWZHTÛUKH :HIHUJÛ =HRMÛ /PIL 7YVNYHTÛ»UKHU KLZ[LR I\SK\

+,͎Ȋͬ,5 .lh3,5,5 2(+053(9

2(+053(9 2(+053(9 ȊhȊ5 :(/(+(

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2HKÛUÛU ZLZPUP K\`\YTHZÛ RLUKP RHKLYPUP ILSPYSLTLZP ]L N sSLUTLZP OLKLÅLYP`SL ȴLRPSSLULU ¸-HYR ,KP`VY\T .LSPȴP`VY\T +LȘPȴP`VY\T¹ WYVQLZP RHKÛUSHYÛ UJLSPRSL RHKÛUÛU PUZHU OHRSHYÛ RVU\Z\UKH IPSPUsSLUKPYTL`P HTHsSHKÛ 2HKÛUH ` ULSPR ȴPKKL[PU VY[HKHU RHSKÛYÛSTHZÛ ]L ȴPKKL[L THY\a RHSHU RHKÛUSHYÛU `L[LYSP KLZ[LR OPaTL[SLYPUL \SHȴHIPSTLZP HTHJÛ`SH `HWÛSHU LȘP[PTSLY PsPU RVU\Z\UKH \aTHU WZPRVSVNSHY H]\RH[SHY KVR[VYSHY ]L LȘP[PTJPSLYKLU KLZ[LR HSÛUKÛ

99

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2(:;(465< -(92 ,+Ȋ@69<4 .,3ȊͬȊ@69<4 +,͎ȊͬȊ@69<4

]L NLYLRLU `HYKÛTÛ ZHȘSHTHR RVU\Z\UKH KH IHȴHYÛSÛ VSK\ 2HKÛUSHYÛU ZVZ`HS ]L LRVUVTPR OH`H[H RH[ÛSÛTSHYÛUÛ HY[ÛYTHR ]L NPYPȴPTJPSPȘL aLUKPYTLR HTHJÛ`SH ]LYPSLU LȘP[PTKL PZL NLYLRSP VSHU THSP KLZ[LȘPU OHUNP R\Y\TSHYKHU OHUNP WYVQLSLY ]HZÛ[HZÛ PSL HSÛUHJHȘÛ RVU\Z\UKH IPSNPSLUKPYTL `HWÛSKÛ 7YVQL RHWZHTÛUKH THOHSSL ]L R `SLYKL `HWÛSHU LȘP[PT sHSÛȴTHSHYÛUÛU `HUÛ ZÛYH RVUMLYHUZ ]L WHULSSLYL KL `LY ]LYPSKP 2HZ[HTVU\»KH »KH IPUSLYJL RHKÛUÛU RH[ÛSÛTÛ PSL NLYsLRSLȴ[PYPSLU ]L ; YRP`L»KL PSR RHKÛU TP[PUNP VSHYHR HUÛSHU TP[PUNPU `ÛSK U T VSHU (YHSÛR»[H 2HZ[HTVU\ lUP]LYZP[LZP ,ȘP[PT -HR S[LZP»UKL IPY WHULS K aLUSLUKP + U`H 2HKÛUSHY . U »UKL 2HZ[HTVU\ :HUH`P ]L ;PJHYL[ 6KHZÛ»UKH NLYsLRSLȴ[PYPSLU ;VWS\TZHS *PUZP`L[ ,ȴP[SPȘP 2VU\Z\UKH -HYRÛUKHSÛR @HYH[TH RVU\S\ WHULSL RVU\ȴTHJÛ VSHYHR NHaL[LJP `HaHY :LKH 2H`H . SLY ]L H]\RH[ 5PS MLY (` RH[ÛSKÛSHY 7YVQLUPU RHWHUÛȴ [VWSHU[ÛZÛUKH WYVQL RHWZHTÛUKH `HWÛSHU MHHSP`L[SLY ]L LSKL LKPSLU ZVU\sSHY KLȘLYSLUKPYPSKP" LȘP[PTSLY LZUHZÛUKH RHYȴÛSHȴÛSHU ZVY\USHY VY[H`H RVU\SK\ 7YVQL 2VVYKPUH[ Y hPȘKLT ;\UJH` WYVQLUPU KLYULR VSHYHR NLYsLRSLȴ[PYKPRSLYP PSR WYVQL VSK\Ș\U\ ]L sHSÛȴTHSHYÛUH P]TL RHaHUKÛYKÛȘÛUÛ Z `S `VY 7YVQL`SL IHȴSHUNÛs[H OLKLÅLKPRSLYP HTHsSHYH \SHȴ[ÛRSHYÛUÛ Z `SL`LU ;\UJH` 2HZ[HTVU\»KH RHKÛU RVU\Z\UKH sHSÛȴHU KPȘLY 100

:;2»SHYH YULR [LȴRPS L[TL`P \TK\RSHYÛUÛ I\UKHU ZVUYHRP OLKLÅLYPUPU KHOH MHaSH RHKÛUH \SHȴTHR VSK\Ș\U\ ILSPY[P`VY 2HZ[HTVU\»KH aLSSPRSL RÛYZHS RLZPTKL RHKÛUSHYÛU K\Y\T\U\ P`PSLȴ[PYTL`P OLKLÅL`LU WYVQL `HYH[ÛSHU PȴIPYSPRSLYP ]L ZHȘSHUHU KLUL`PTSL NLSLJLR sHSÛȴTHSHYH YULR [LȴRPS LKLJLR IPY UP[LSPR [HȴÛ`VY

2<9<3<ͭ<5 (+0 ; YR lUP]LYZP[LSP 2HKÛUSHY +LYULȘP 2HZ[HTVU\ Ǹ\ILZP 2<9<3<ͭ @030

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2(@:,9╚К @,5╚К3╚К2 =, +,═О╚К═м╚К4 ╚Кh╚К5 ╚К═м;, 3╚К+,9 2(+053(9

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104

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JPUZP`L[

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NLSP╚┤[PYPSKP 7YVQLUPU OLKLM RP[SLZP 2H`ZLYP┬╗KLRP ┬ЕUP]LYZP[LSLYPU ZVU Z├ЫU├Ы├ЕHY├ЫUKH VR\`HU ]L`H `┬ЕRZLR SPZHUZ WYVNYHTSHY├ЫUH KL]HT LKLU `H╚┤SHY├Ы HYHZ├ЫUKHRP NLUs RHK├ЫUK├Ы 7YVQL I\ NLUs RHK├ЫUSHY├ЫU NLSLJL╚ШPUKL `LUP \M\RSHY Hs├ЫSTHZ├ЫUH RH[R├Ы ZH╚ШSHTH`├Ы OLKL├ЕLKP 7YVQLKL [VWS\TZHS JPUZP`L[ L╚┤P[SP╚ШP L╚ШP[PTSLYP ]LYPSTLZP RH[├ЫS├ЫTJ├ЫSHY├ЫU ZLsLJLRSLYP TLZSLRSLYPUKL SPKLY VSTHU├ЫU `VSSHY├ЫU├ЫU [LVYPR ]L \`N\SHTHS├Ы VSHYHR N┬АZ[LYPSTLZP ]L I\ ZH`LKL sHS├Ы╚┤TH OH`H[├ЫUH RH[├ЫS├ЫTSHY├ЫU├ЫU RVSH`SH╚┤[├ЫY├ЫSTHZ├Ы HTHsSHUK├Ы 2H[├ЫS├ЫTJ├ЫSHY WYVQL VY[HRSHY├Ы [HYHM├ЫUKHU ZLYNPSLKPRSLYP PZ[LRSPSPR OH`HS N┬ЕJ┬Е ZVY\TS\S\R IPSPUJP RLUKPUL N┬Е]LU sL]YL K\`HYS├ЫS├Ы╚Ш├Ы Z├ЫU├ЫYSHY├Ы aVYSHTH N┬ЕJ┬Е ]L [HSLIP NPIP RYP[LYSLY ├Ы╚┤├Ы╚Ш├ЫUKH ILSPYSLUKP

┬╕;┬ЕYRP`L┬╗KL RHK├ЫUSHY├ЫU WHYSHTLU[VKH P╬Е OH`H[├ЫUKH L═ЫP[PTKLRP `LYP [VWS\TZHS JPUZP`L[ L╬ЕP[SP═ЫP KL═ЫPS KL [VWS\TZHS JPUZP`L[ L╬ЕP[ZPaSP═ЫPUL N┬ЕaLS IPY ┬АYULR UP[LSP═ЫP [H╬Е├Ы`VY )\ L═ЫP[PTPU I\ `HYH`H WHYTHR IHZ[├Ы═Ы├Ы NLUs RHK├ЫUSHYH MHYR├ЫUKHS├ЫR RHaHUK├ЫYK├Ы═Ы├Ы ]L L═ЫP[PTSLYPUL RH[R├Ы ZH═ЫSHK├Ы═Ы├Ы PsPU sVR ┬АULTSP VSK\═Ы\U\ K┬Е╬Е┬ЕU┬Е`VY\T 2HK├ЫU KL═ЫP╬ЕPYZL [VWS\T KH KL═ЫP╬ЕPY KP`L K┬Е╬Е┬ЕU┬Е`VY\T ┬╣ .┬АRsL )PYVS k╚ШYLUJP

105

SABANCI VAKFI /Ȋ), 796.9(40 k@2l3,9Ȋ 2013-2014

2(@:,9Ȋ @,5Ȋ3Ȋ2 =, +,͎ȊͬȊ4 ȊhȊ5 Ȋͬ;, 3Ȋ+,9 2(+053(9

SPKLYSPR `HWHJHȘÛ [LaP`SL `VSH sÛR[ÛR ,ȘP[PTSLYPTPaP MHYRÛUKHSÛRSHYÛUÛU HY[THZÛ ` U UKL [HZHYSHKÛR ǦO[P`Hs ]L PZ[LRSLYPUP IL[PTSLTLSLYPUP ZHȘSHKÛR 2LUKP RHYHR[LY aLSSPRSLYPUP IPYSPR[L [HUÛTSHKÛR )\ RHYHR[LYL N YL OLKLÅLYPUL LU RVSH` UHZÛS \SHȴHIPSLJLRSLYPUP [HY[Ûȴ[ÛR +LȘPȴPT PsPU ȴHY[ VSHU PSR HKÛTÛ H[[ÛR )\UKHU ZVUYH LȘP[PTL RH[ÛSHU RHKÛUSHY PsPU OPsIPY ȴL` LZRPZP NPIP VSTH`HJHR¹ Z aSLYP`SL HKL[H WYVQL`P aL[SP`VYK\

IPY IHRÛȴ HsÛZÛ RHaHUTHSHYÛ PsPU O\R\R IPSPȴPT ]L [LRUVSVQP LRVUVTP ]L ÄUHUZ PSL[PȴPT ]L ZVZ`HS N ]LUSPR KLYZSLYP ]LYPSKP

7YVQLUPU K\`\Y\STHZÛ HTHJÛ`SH NLYsLRSLȴ[PYPSLU IHZÛU [VWSHU[ÛZÛ `HaÛSÛ ]L N YZLS TLK`HKH sÛRHU OHILYSLYSL HTHJÛUH \SHȴ[Û ,ȘP[PTSLYPU IHȴSHTHZÛUÛU HYKÛUKHU `LYLS IPY ;= RHUHSÛUKH `HWÛSHU WYVNYHTSH NLUPȴ RP[SLSLYL OP[HW L[TL MÛYZH[Û VS\ȴ[\ 2H`ZLYP . UKLTP HKSÛ WYVNYHTKH 7YVQL 2VVYKPUH[ Y ǦYMHU )PYVS PSL WYVQLUPU SPKLY RHKÛUSHYÛUKHU (Z\THU +VȘHU WYVQL`P HUSH[[ÛSHY

.,5Ȋͬ 2(7:(430 ,͎Ȋ;Ȋ43,9 =, +,5,@Ȋ43,9 7YVQL RH[ÛSÛTJÛZÛ VSHU NLUs RHKÛUSHYH ZLsLJLRSLYP TLZSLRSLYPUKL SPKLY VSTHSHYÛUÛU `VSSHYÛUÛ [LVYPR ]L \`N\SHTHSÛ VSHYHR N Z[LYLYLR VUSHYÛU sHSÛȴTH OH`H[SHYÛUH RH[ÛSÛTSHYÛUÛ RVSH`SHȴ[ÛYTHR ]L LRVUVTPR N sSLUTLSLYPUP ZHȘSHTHR aLYL R\YN\SHUKÛ 2H[ÛSÛTJÛSHYÛU Pȴ OH`H[ÛUH I [ UJ S 106

)\ KLYZSLYPU `HUÛ ZÛYH NLUs RHKÛUSHY KLUL`PT WH`SHȴÛTSHYÛUÛ KH PsLYLU sVR ZH`ÛKH MHYRSÛ L[RPUSPȘL KL RH[ÛSKÛSHY ¸*HT ;H]HUSHYÛTÛ 2ÛYÛ`VY\T¹ `\T\Y[H KLUL`PUKL `L[LULRSLYP HYHȴ[ÛYÛSKÛ" LUNLSSLYSL IHȴH sÛRHIPSTL IHȴHYÛ ]L IHȴHYÛZÛaSÛR `LUPKLU KLULTL NPIP RH]YHTSHY aLYPUKL K\Y\SK\ ¸3PKLYSLY .LSLJLȘPU 3PKLYSLYP PSL )\S\ȴ\`VY¹ L[RPUSPȘPUKL 2H`ZLYP 2HKÛU .PYPȴPTJP 2\Y\S\ 2\Y\J\ )HȴRHUÛ ]L ǦȴRHKÛUÛ ǸHMHR hP]PJP PSL ; YR 2HKÛUSHY )PYSPȘP 2H`ZLYP Ǹ\IL )HȴRHUÛ ,JaHJÛ (`ȴL <a\US\ NLUs RHKÛUSHYSH KLUL`PTSLYPUP WH`SHȴ[Û ¸.LSLJLȘPU 3PKLYSLYP ;,= )\YZP`LYSLYP PSL )\S\ȴ\`VY¹ L[RPUSPȘP RH[ÛSÛTÛ ]L ]LYPTSPSPȘP HsÛZÛUKHU sVR IHȴHYÛSÛ VSK\ RPȴPUPU RH[ÛSKÛȘÛ ¸:HTPTP`L[ KVS\ Z YLs [HOTPU L[[P͛PTKLU KHOH N aLS KHOH IPSNP KVS\ ]L RLUKPTPaP KHOH P`P [HUÛ`HYHR NLs[P (Y[ÛR IPY K\Y\T RHY΅ÛZÛUKH ILSRP IPSKP͛PTPa MHRH[ sVR Ha R\SSHUKÛ͛ÛTÛa ILSRP KL IPSTLKP͛PTPa PsPU R\SSHUTHKÛ͛ÛTÛa ULKLUSLYSL s a TZ a ZVY\USHY VSTH`HJHR ¹ ; SH` ,STHJÛLY kȘYLUJP

I\ L[RPUSPR[L NLUs RHKÛUSHY ;,= I\YZP`LYP ȘYLUJPSLYSL LRPWSLY OHSPUKL IPYSPR[L sHSÛȴ[ÛSHY )\ KLUL`PT WH`SHȴÛTÛ sHSÛȴTHZÛ`SH HSKÛRSHYÛ LȘP[PTP IHȴRHSHYÛUH HR[HYHIPSKPRSLYPUP N YT ȴ VSK\SHY ]L I\ VUSHY PsPU KL TLU[ YS R[L PSR KLUL`PTSLYP VSK\ ¸<s\Y[THT ]L )LU¹ L[RPUSPȘPUKL RLUKP LSSLYP`SL \s\Y[TH `HW[ÛSHY )\ sHSÛȴTHUÛU [LTHZÛ \s\Y[THKHRP KLUNL RH]YHTÛ PSL OH`H[[HRP KLUNL RH]YHTÛUÛU I [ USLȴ[PYPSTLZP`KP ¸.LSLJLȘPTP )LU hPaP`VY\T¹ HKSÛ sHSÛȴTHUÛU [LTLS OLKLÄ PZL RH[ÛSÛTJÛSHYÛU `L[LULRSLYP KVȘY\S[\Z\UKH RHYP`LY OLKLÅLYPUP ILSPYSLTLSLYPUP ZHȘSHTHR[Û )\ L[RPUSPR[L KVȘY\KHU ZVY\SHY [LZ[SLY \aTHU ` USLUKPYTLSLYP HYHJÛSÛȘÛ`SH ZVU\JH \SHȴÛSTH`H sHSÛȴÛSKÛ 3PKLYSPR LȘP[PTSLYP PSL IHȴSH`HU Z YLs[L NLUs RHKÛUSHY RLUKP `L[LULRSLYP PSL NLSLJLR[L UL `HWTHR PZ[LKPRSLYP HYHZÛUKHRP IHȘÛ R\YK\SHY 7YVQL LȘP[TLUSLYPUKLU 9 `H +LTL[ 2 RZV`! ¸5L IPSKPȘPUP ]L PZ[LKPȘPUP IPSLU RHKÛUSHYÛU NLSLJLR[L

7YVQL`SL LSKL LKPSLU KLUL`PTSLYPU HUSH[ÛSKÛȘÛ .LSLJLȘPTP )LU hPaP`VY\T RP[HWsÛȘÛ RH[ÛSÛTJÛSHYKHU +LTL[ @HSsÛU»ÛU Y WVY[HQSHYÛ ]L /PSKH kaKLTPY»PU RHYPRH[ YSLYP PSL YLURSLUKP 7YVQLUPU ,ȘP[PT 2VVYKPUH[ Y +LTL[ 2HSRTHa ¸; YRP`L»KL RHKÛUSHYÛU ` UL[PT RHKLTLSLYPUL \SHȴTHSHYÛUÛU U UKL LUNLSSLY ]HY¹ KP`VY

¸7YVQL RLUKPTP [HUÛTHTÛ ]L RLUKPTPU MHYRÛUH ]HYTHTÛ ZH͛SHKÛ RLUKPT KÛ΅ÛUKH KH MHYRÛUKHSÛRSHYÛT VSK\ sL]YLTL RHY΅Û ]L aN ]LUPTKL HY[Û΅ TL`KHUH NLSKP :VZ`HS IPY VY[HT ZH͛SHUKÛ OVJHSHYÛTÛU KLUL`PTSLYPUP ]L IH΅HYÛSHYÛUÛ YULR HSKÛT ΄\U\U KH MHYRÛUH ]HYKÛT" ` RZLSTL HKÛTSHYÛ PRP JPUZ [HYHMÛUKHU ILYHILY HYRHKH΅sH H[ÛSTHSÛ PSLYSLTL ]L `LUPSPR HSHUÛUKH IPYSPR[L `VS HSÛUTHSÛ ¹ 3L`SH lSRLY kȘYLUJP

107

SABANCI VAKFI /Ȋ), 796.9(40 k@2l3,9Ȋ 2013-2014

2(@:,9Ȋ @,5Ȋ3Ȋ2 =, +,͎ȊͬȊ4 ȊhȊ5 Ȋͬ;, 3Ȋ+,9 2(+053(9

2HSRTHa WYVQLUPU RHaHUÛTSHYÛUÛ ȴ `SL KPSL NL[PYP`VY! ¸7YVQLTPaP OPZZL[TLR KLUL`PTSLTLR ]L \`N\SHTHR aLYPUL `HWÛSHUKÛYKÛR =LYKPȘPTPa LȘP[PTSLYPU ZVU\J\ º.LSLJLȘPTP )LU hPaP`VY\T» RP[HWsÛȘÛUÛ OHaÛYSH`HU OLKLM RP[SLTPa NLSLJLR WSHUSHYÛUÛ sPaKPSLY º3PKLY 2HKÛUSHY .LSLJLȘPU 3PKLYSLYP PSL )\S\ȴ\`VY» L[RPUSPRSLYPTPaSL KLUL`PT WH`SHȴÛTSHYÛUH ]LZPSL VSK\R ;VWS\TZHS JPUZP`L[ LȴP[SPȘP RVU\Z\UKH OLKLM RP[SLTPaPU MHYRÛUKHSÛȘÛUÛ HY[[ÛYKÛȘÛTÛaÛ K ȴ U `VY\T :HUÛYÛT ]LYKPȘPTPa LȘP[PTSLYPU L[RPZP`SL WVaP[PM K ȴ UJL PSL OHYLRL[ LKLJLR RLUKP KH]YHUÛȴ R S[ YSLYPUP aHTHU PsLYPZPUKL VS\ȴ[\YHJHRSHYKÛY ¹

-HYRÛUKHSÛȘÛUÛ (Y[ÛYTH :LTPULYP PZL 2H`ZLYP :HUH`P 6KHZÛ»UKH `HWÛSKÛ RPȴPUPU RH[ÛSKÛȘÛ ZLTPULYKL [VWS\TZHS JPUZP`L[ LȴP[SPȘP ]L ; YRP`L»UPU K\Y\T\ ; YRP`L»KL ]L 2H`ZLYP»KL RHKÛU PZ[POKHT VYHUSHYÛ RHKÛUSHYÛU PZ[POKHTÛUH ` ULSPR WVSP[PRHSHY RHKÛUSHYÛU PȴN J UL RH[ÛSÛTÛ ` U UKLRP LUNLSSLY ]L s a T `VSSHYÛ Pȴ `HȴHTÛUKH RHKÛUSHYH KHPY RHSÛW `HYNÛSHY RVU\SHYÛUKH IPSNPSLUKPYTLSLYPU HYKÛUKHU RH[ÛSÛTJÛSHYÛU N Y ȴSLYP HSÛUKÛ )\ ZLTPULY H`UÛ aHTHUKH WYVQLUPU 2HWHUÛȴ ; YLUP»UL KL ZHOUL VSK\ ; YLUKL RH[ÛSÛTJÛSHYH ILSNLSLYP Z\U\SK\ .LUs RHKÛUSHY YVS TVKLSSLYP`SL IPY RLa KHOH IPY HYH`H NLSKPSLY

7961, 2(7:(405+( Ȋ2Ȋ :,4Ȋ5,9 .,9h,23,ͬ;Ȋ

7YVQL NLSLJLȘPU NLUs SPKLYSLYPUP RLUKPSLYPUP NLYsLRSLȴ[PYTL ]L TV[P]L VSTH `VS\UKH OHYLRL[L NLsPYKP

;VWS\TZHS *PUZP`L[ ,ȴP[SPȘP ]L 2HKÛUÛU ǦUZHU /HRSHYÛ ZLTPULYP NLUs RHKÛUSHYÛU KLUL`PT WH`SHȴÛTSHYÛ`SH KVS\ KVS\ NLYsLRSLȴ[P 2HKÛUSHYÛU PȴN J UL RH[ÛSÛTÛUÛ HY[[ÛYTH`H ` ULSPR Ǧȴ]LYLU 108

2<9<3<ͭ<5 (+0 2H`ZLYP ǦSL[PȴPTJPSLY +HUÛȴTHUSHY ǦȴHKHTSHYÛ +LYULȘP 2<9<3<ͭ @030

2<9<3<ͭ /,+,-3,9ȋ +LYULR 2H`ZLYP»KL PSL[PȴPTJP KHUÛȴTHU ]L PȴHKHTSHYÛUÛU TLZSLRP KH`HUÛȴTHZÛUÛ HY[ÛYTHR PSL[PȴPTJP KHUÛȴTHU ]L NPYPȴPTJPSLYP NLSPȴ[PYTLR" Pȴ K U`HZÛ PSL ZVZ`HS ]L R S[ YLS [VWSHU[ÛSHY K aLUSLTLR `H`ÛUSHY `HWTHR" ZP]PS [VWS\T R\Y\S\ȴSHYÛUÛU MHHSP`L[ RHWHZP[LSLYPUPU HY[ÛYÛSTHZÛ ` U UKL L[RPUSPRSLY K aLUSLTLR HTHJÛ PSL R\Y\ST\ȴ[\Y ȋ3,;ȋͭȋ4 )ȋ3.ȋ3,9ȋ ;LS! 109

SABANCI VAKFI /╚К), 796.9(40 k@2l3,9╚К 2013-2014

2(@:,9╚К ┬╕/(@(;( =, :(5( .l=,5╚К@69<4┬╣ (3A/,04,9 /(:;( /╚КA4,;3╚К:╚К ,═О╚К;╚К4╚К

<@.<3(4( ╚Л3╚Л 2H`ZLYP 7961, (+0 ┬╕/H`H[H ]L :HUH .┬Е]LUP`VY\T┬╣ (SaOLPTLY /HZ[H /PaTL[SPZP ,╚ШP[PTP

рао /LKLM NY\W [LVYPR ]L WYH[PR (SaOLPTLY OHZ[H IHR├ЫT L╚ШP[PTP HSK├Ы

<@.<3(@0*0 2<9<4 2H`ZLYP 2HK├ЫU ╟ж╚┤IPYSP╚ШPUP .LSP╚┤[PYTL +LYUL╚ШP 2╟ж.+,9

рао RP╚┤PSPR IPY NY\W Z[HQSHY├ЫU├Ы ;PJHYL[ 6KHZ├Ы┬╗U├ЫU KLZ[L╚ШP PSL NLYsLRSL╚┤[PYLYLR P╚┤ OH`H[├ЫUH HK├ЫT H[T├Ы╚┤ VSK\

7961, 69;(23(90 ,YJP`LZ lUP]LYZP[LZP :H╚ШS├ЫR )PSPTSLYP -HR┬ЕS[LZP 4LSPRNHaP :H╚ШS├ЫR ]L 2┬ЕS[┬ЕY :VZ`HS @HYK├ЫTSH╚┤TH =HRM├Ы 2H`ZLYP ;PJHYL[ 6KHZ├Ы 2HK├ЫU .PYP╚┤PTJP 2\Y\S\

рао ;┬ЕT RH[├ЫS├ЫTJ├ЫSHYH [VWS\TZHS JPUZP`L[ L╚┤P[SP╚ШP L╚ШP[PTP ]LYPSKP

<@.<3(4( :l9,:╚Л ,RPT ┬╢ /HaPYHU

:65<h3(9 рао P╚┤ZPa RHK├ЫU NLSPY NL[PYPJP MHHSP`L[SLYL RH[├ЫS├ЫT PsPU OHa├ЫYSHUT├Ы╚┤ VSK\

7961, kA,;╚Л `H╚┤ HYHZ├Ы P╚┤ZPa RHK├ЫU├ЫU RHK├ЫU OHRSHY├Ы RVU\Z\UKH IPSPUsSLUKPYPSTLZP ]L TLZSLRP ILJLYPSLYPUPU HY[[├ЫY├ЫSTHZ├Ы `VS\`SH PZ[POKHTH RH[├ЫS├ЫTSHY├ЫU├ЫU KLZ[LRSLUTLZP HTHsSHUK├Ы )\ sLYsL]LKL ZHH[SPR IPSPUsSLUKPYTL L╚ШP[PTP ZHH[SPR (SaOLPTLY OHZ[H OPaTL[SPZP L╚ШP[PTP ]L ZHH[SPR P╚┤ OH`H[├ЫUH \`\T RVsS\╚Ш\ OPaTL[SLYP ZH╚ШSHUK├Ы

110

2H`ZLYP (SaOLPTLY +LYUL╚ШP ╚┤\ILZPUPU ]LYPSLYPUL N┬АYL `H╚┤ ┬ЕZ[┬Е U┬ЕM\Z\U ┬╗\U\U KLTHUZ OHZ[HZ├Ы VSK\╚Ш\ I\U\U ┬╗ZPUPU KL (SaOLPTLY OHZ[HZ├Ы VSK\╚Ш\ K┬Е╚┤┬ЕU┬ЕS┬Е`VY )\ K\Y\TKH 2H`ZLYP┬╗KL ULYLKL`ZL JP]HY├ЫUKH (SaOLPTLY OHZ[HZ├Ы VSK\╚Ш\ [HOTPU LKPSP`VY hHS├Ы╚┤THR PZ[L`LU RHK├ЫUSHYH (SaOLPTLY OHZ[HSHY├ЫUH IHR├ЫJ├ЫS├ЫR RVU\Z\UKH PO[PZHZ RHaHUK├ЫYTHR I\ HSHUKH PO[P`Hs K\`\SHU L╚ШP[PTSP PUZHU Hs├Ы╚Ш├ЫU├Ы RHWH[TH`H OPaTL[ LKLIPSPY

.,9h,23,═н;╚Л9╚Л3,5 -((3╚Л@,;3,9 рао P╚┤ZPa RHK├ЫU IPSPUsSLUKPYTL L╚ШP[PTP HSHYHR P╚┤ OH`H[├ЫUH NPYP╚┤ RVU\Z\UKH ├ДRPY ZHOPIP VSK\

рао ;┬ЕYR ZPULTHZ├ЫU├ЫU RHK├ЫU [LTHS├Ы ├ДSTSLYPUPU N┬АZ[LYPTP PSL TLK`H VR\THZ├Ы NLYsLRSL╚┤[PYPSKP

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SABANCI VAKFI /╚К), 796.9(40 k@2l3,9╚К 2013-2014

26*(,3╚К .,5h 2(+053(9 =, ╚К:;╚К/+(4 +l5@(:0

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рао TLZSLR NY\I\UH HKH` [VWSHT RHK├ЫU ┬А╚ШYLUJPUPU RH[├ЫSK├Ы╚Ш├Ы H[┬АS`L [VWSHU[├ЫZ├Ы `HW├ЫSK├Ы )\ H[┬АS`LSLYKL NLUs RHK├ЫUSHY├ЫU RLUKPSLYP ]L PZ[POKHT ZLR[┬АY┬Е PSL PSNPSP MHYR├ЫUKHS├ЫRSHY├Ы [LZWP[ LKPSTL`L sHS├Ы╚┤├ЫSK├Ы рао NLUs RHK├ЫU L╚ШP[PT H[┬АS`LZP sHS├Ы╚┤THZ├Ы PSL PZ[POKHT ZLR[┬АY┬ЕUL NPYP╚┤ ┬АUJLZP N┬ЕsSLUKPYPSKP ]L KLZ[LRSLUKP рао HKL[ ┬╕.LUs 2HK├ЫUSHY ╟жsPU ╟жZ[POKHT 9LOILYP┬╣ IHZ├ЫSK├Ы ]L KH╚Ш├Ы[├ЫSK├Ы рао 2VJHLSP lUP]LYZP[LZP┬╗UKL ZVU Z├ЫU├ЫM ┬А╚ШYLUJPZP ]L `LUP TLa\U NLUJL `┬АULSPR `H`N├ЫUSH╚┤[├ЫYTH MHHSP`L[SLYP NLYsLRSL╚┤[PYPSKP :65<h3(9 рао NLUs RHK├ЫU L╚ШP[PTSLYSL KLZ[LRSLUKP sHS├Ы╚┤TH OH`H[├ЫUH OHa├ЫYSHUK├Ы ]L PZ[POKHT `VS\UKH RLUKPSLYPUL K┬АU┬ЕR MHYR├ЫUKHS├ЫRSHY├Ы HY[[├Ы рао ┬╕╟жZ[POKHT :LR[┬АY┬ЕU┬ЕU 2HK├ЫU ╟жZ[POKHT├ЫUH )HR├Ы╚┤ (s├ЫZ├Ы┬╣ HYH╚┤[├ЫYTHZ├Ы PSL TLZSLR HSHU├ЫUKH PZ[POKHT ZH╚ШSH`HU P╚┤SL[TLUPU RHK├ЫU PZ[POKHT├ЫUH IHR├Ы╚┤ Hs├ЫSHY├Ы ]L RHK├ЫUSHY├ЫU PZ[POKHT├ЫU├Ы LUNLSSL`PJP P╚┤]LYLU N┬АY┬Е╚┤SLYP VY[H`H RVUT\╚┤ VSK\ рао 2VJHLSP lUP]LYZP[LZP┬╗UKL ZVU Z├ЫU├ЫM ┬А╚ШYLUJPZP ]L `LUP TLa\U NLUJL `┬АULSPR `H`N├ЫUSH╚┤[├ЫYTH MHHSP`L[SLYP PSL PZ[POKHT ZLR[┬АY┬Е PSL PSNPSP YLOILYSPR ZH╚ШSHUK├Ы

138

;VWS\TZHS 2VU\SHY├Ы (YH╚┤[├ЫYTH ]L .LSP╚┤[PYTL +LYUL╚ШP ;62(.,+,9 .LUs 2HK├ЫUSHY ]L ╟жZ[POKHT +┬ЕU`HZ├Ы WYVQLZP PSL )4 6Y[HR 7YVNYHT├Ы RHWZHT├ЫUKH `┬ЕY┬Е[┬ЕSLU :HIHUJ├Ы =HRM├Ы /PIL 7YVNYHT├Ы┬╗UKHU OPIL KLZ[L╚ШP HSK├Ы 7YVQL PSL [LRUPR I┬АS┬ЕTSLY IH╚┤[H VSTHR ┬ЕaLYL ZVU Z├ЫU├ЫM ]L`H `LUP TLa\U VST\╚┤ NLUs RHK├ЫUSHY├ЫU PZ[POKHT├ЫU├Ы KLZ[LRSLTLR ]L sHS├Ы╚┤TH OH`H[├ЫUH RH[├ЫS├ЫTSHY├ЫU├Ы N┬ЕsSLUKPYTLR OLKL├ЕLUKP

.,9h,23,═н;╚Л9╚Л3,5 -((3╚Л@,;3,9 рао )LSPYSLULU TLZSLR HSHU├ЫUKH PZ[POKHT ZH╚ШSH`HU P╚┤SL[TLUPU RHK├ЫU PZ[POKHT├ЫUH IHR├Ы╚┤ Hs├ЫZ├Ы ]L RHK├ЫUSHY├ЫU PZ[POKHT├ЫU├Ы LUNLSSL`PJP P╚┤]LYLU N┬АY┬Е╚┤SLYPUP ┬АaL[SL`LU ┬╕╟жZ[POKHT :LR[┬АY┬ЕU┬ЕU 2HK├ЫU ╟жZ[POKHT├ЫUH )HR├Ы╚┤ (s├ЫZ├Ы┬╣ HYH╚┤[├ЫYTHZ├Ы [HTHTSHUK├Ы

╚К═м=,9,5 .kAl ╚К3, 2(+05 =, .,5h 2(+053(9 =, ╚К:;╚К/+(4 ╚К:;╚К/+(40 (9(═м;094(:0 +l5@(:0 :VU `├ЫSSHYKH ┬АaLSSPRSL IHa├Ы ┬ЕUP]LYZP[L I┬АS┬ЕTSLYPUKL R├Ыa ┬А╚ШYLUJPSLYPU ZH`├ЫZ├Ы LYRLR ┬А╚ШYLUJPSLYSL ULYLKL`ZL L╚┤P[SLUTP╚┤ OH[[H ┬АU┬ЕUL NLsTP╚┤[PY kYUL╚ШPU `├ЫS├ЫUKH 2VJHLSP lUP]LYZP[LZP ,UK┬ЕZ[YP 4┬ЕOLUKPZSP╚ШP I┬АS┬ЕT┬ЕUKL R├Ыa ┬А╚ШYLUJPSLYPU LYRLR ┬А╚ШYLUJPSLYL VYHU├Ы HYHZ├ЫUKH PRLU `├ЫS├Ы P[PIHY├Ы PSL I\ VYHU ┬╗H `HRSH╚┤T├Ы╚┤[├ЫY )\UH YH╚ШTLU ┬ЕUP]LYZP[L TLa\U\ P╚┤ZPa RHK├ЫU VYHU├Ы ┬ЕUP]LYZP[L TLa\U\ P╚┤ZPa LYRLR VYHU├ЫUKHU MHaSHK├ЫY I\ KH PZ[POKHT HSHU├ЫUKHRP JPUZP`L[L KH`HS├Ы L╚┤P[ZPaSP╚ШL P╚┤HYL[ L[TLR[LKPY kaLSSPRSL IHa├Ы TLZSLR KHSSHY├ЫUKH PZ[POKHT ZH╚ШSH`HU P╚┤]LYLUSLY NLULSSPRSL RHK├ЫU PZ[POKHT├ЫU├Ы HY[├ЫYTHRSH PSNPSP IPY sHIH ]L`H L╚ШPSPT PsPUKL KL╚ШPSKPY )\ ZVY\U L╚ШP[PTSP NLUs RHK├ЫU PZ[POKHT├ЫU├ЫU ┬АU┬ЕUKL K\YHU MHRH[ OLU┬Еa ┬АUSL`PJP [LKIPYSLYPU HS├ЫUTHK├Ы╚Ш├Ы HSHUSHYKHU IPYPKPY

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SABANCI VAKFI /Ȋ), 796.9(40 k@2l3,9Ȋ 2013-2014

26*(,3Ȋ .,5h 2(+053(9 =, Ȋ:;Ȋ/+(4 +l5@(:0

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» ,ULYQP ]L 6[VTV[P] »ZP ,SLR[YPR 6[VTHZ`VU ]L 2PT`H » ,SLR[YPR ,SLR[YVUPR 140

. Y ȴ SLU ÄYTHSHYÛU ZHKLJL »ZP [ T WVaPZ`VUSHY PsPU RHKÛUÛU KH [LYJPO LKPSLIPSKPȘPUP ILSPY[[P )\ VYHU LYRLRSLY PsPU VSK\ @HUP LYRLRSLYPU OLTLU OLY WVaPZ`VUKH [LYJPO LKPSLIPSPY VSK\Ș\ N Y ȴ OoRPTRLU RHKÛUSHY PsPU H`UÛ N Y ȴ Z a RVU\Z\ KLȘPSKP (YHȴ[ÛYTH`H IHa [LȴRPS LKLU TLZSLR HSHUÛUKHU THRPUL T OLUKPZSPȘP ]L RVU[YVS V[VTHZ`VU [LRUPRLYSPȘP RHKÛU LYRLR [LYJPO H`YÛTÛUÛU LU IHYPa `HWÛSKÛȘÛ TLZSLRSLY VSHYHR VY[H`H sÛR[Û (`UÛ HYHȴ[ÛYTH RHWZHTÛUKH `HRSHȴÛR UP]LYZP[L ZVU ZÛUÛM ȘYLUJPZP ]L`H TLa\U NLUs RHKÛUSH KH [VWSHU[ÛSHY `HWÛSHYHR PZ[POKHT ZLR[ Y PSL PSNPSP IPSNP ]L ILRSLU[PSLYP KL PYKLSLUKP (YHȴ[ÛYTHUÛU ZVU\sSHYÛ IPY YHWVYSH HUHSPa LKPSLYLR RHKÛUSHYÛU PZ[POKHT Z YLJPUP KHOH `HRÛUKHU [HUÛTHSHYÛUÛ ZHȘSH`HJHR Pȴ]LYLU N a UKLU RVU\TSHYÛUÛ KLȘLYSLUKPYLYLR PZ[POKHT K U`HZÛUKH KHOH L[RPU VSTHSHYÛ PsPU `LUP `VSSHY NLSPȴ[PYTLSLYPUP KLZ[LRSL`LJLR IPY RH`UHR sHSÛȴTH VY[H`H RVU\SK\

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¸@LUP TLa\U\T ]L P΅ PSHUSHYÛUH IHR[Û͛ÛTKH aLSSPRSL LYRLR sHSÛ΅HU HYH`HU ÄYTHSHY N Y `VY\T ,͛P[PTSLY aLSSPRSL OHRSHYÛTÛaÛ ͛YLUTLR IHRÛTÛUKHU MH`KHSÛ VSK\ ȉSR HUKH ¸ILU VSZHT WLZ LKLYKPT¹ KLKP͛PT IHaÛ YULR OPRH`LSLY KL KPUSLKPR ,͛P[PTKLU ZVUYH ¸T JHKLSL LKLYKPT¹ ` U UKL KL͛P΅[P K ΅ UJLT ¹ ,TPUL @L[PT 2PT`H 4 OLUKPZP

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SABANCI VAKFI /Ȋ), 796.9(40 k@2l3,9Ȋ 2013-2014

26*(,3Ȋ .,5h 2(+053(9 =, Ȋ:;Ȋ/+(4 +l5@(:0

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