FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
Kbkl_fguc 5(6(7 K
<k_ ^jm]b_ \u\h^u hklZxlky \ khklhygbb \ukhdh]h khijhlb\e_gby ^h l_o ihj ihdZ bo k\hckl\Z g_ [m^ml ijh]jZffgh baf_g_gu beb ^h l_o ihj ihdZ hgb g_ ihlj_[mxlky ^ey jZ[hlu \gmlj_gg_c i_jbn_jbb
Ih^ijh]jZffZ bgbpbZebaZpbb ijh]jZffu
Ihke_ \uoh^Z ba khklhygby 5(6(7 \u[hjdZ i_j\hc dhfZg^u ijhba\h^blky ba Z^j_kZ C+ Wlhl Z^j_k ij_^klZ\ey_l ba k_[y i_j\uc Z^j_k lZ[ebpu \_dlhjh\ ij_ju\Zgbc± \_dlhj5(6(7< lZ[ebp_ ij_ju\Zgbc ih^ wlhl \_dlhj hl\h^blky q_luj_ keh\Z DZd ijZ\beh \ wlbo Z^j_kZo jZaf_sZ_lky dhfZg^Z i_j_oh^Z g_ihkj_^kl\_ggh d ijh]jZff_ bgbpbZebaZpbb
Ijbf_qZgb_ < kemqZ_ jZ[hlu \ j_`bf_ ZiiZjZlgh]h aZ]jmaqbdZ g_ ijhbkoh^bl \u[hjdZ dh^Z ba Z^j_kZC+
< j_`bf_VLQJOH FKLS i_j\Zy dhfZg^Z \uau\Z_lky ba \gmlj_gg_c520 < bghf kemqZ_ [m^_l \ua\ZgZ dhfZg^Z ba \g_rg_c iZfylb < kemqZ_ \dexq_gghc \gmlj_gg_c iZfylb 520(1 j_]bkljZ 6<6&21 ih^ijh]jZffZ bgbpbZebaZpbb fh`_l kZfhklhyl_evgh \dexqblv b gZkljhblv bgl_jn_ck \g_rg_c rbgu i_j_^ \uiheg_gb_f dhfZg^u (,1,7 ?keb \g_rgbc ^hklmi jZaj_r_g ihke_5(6(7fh`_l ihlj_[h\Zlvky i_j_gZkljhblv oZjZdl_jbklbdb \g_rg_c rbgu lZd dZd ihke_ 5(6(7 \ j_]bklj_ 6<6&21 aZibkZgu oZjZdl_jbklbdb kZfh]h f_^e_ggh]h j_`bfZ jZ[hlu rbgu
I_j_^ l_f dZd gZqbgZlv jZ[hlm k [ZgdZfb *35j_]bkljh\ b kbkl_fguf kl_dhf g_h[oh^bfh aZibkZlv g_h[oh^bfu_ agZq_gby \ &3 b 63 >hihegbl_evgh d wlhfm g_h[oh^bfh aZibkZlv agZq_gb_ \ j_]bklj i_j_iheg_gby 67.29 b himklhr_gby kl_dZ 67.81 Ihke_ 5(6(7 j_]bklju &3 63 b 67.81 kh^_j`Zl C)&+ Z j_]bklj67.29 kh^_j`bl C)$ + < wlhf kemqZ_ \ kl_d fh`_l [ulv aZibkZgh ^h keh\
< dhgp_ bgbpbZebaZpbb kbkl_fu fh`gh jZaj_rblv jZ[hlm kbkl_fu ij_ju\Zgbc iml_f mklZgh\db © ª \ [bl_ ,(1 j_]bkljZ 36: I_j_^ wlbf g_h[oh^bfh iheghklvx aZ\_jrblv ijhp_^mjm bgbpbZebaZpbb
Ih^ijh]jZffZ bgbpbZebaZpbb fh`_l [ulv aZdhgq_gZ ihkj_^kl\hf dhfZg^u (,1,7 WlZ dhfZg^Z bf__l aZsbs_gguc nhjfZl Ijb \uiheg_gbb wlhc dhfZg^u hldexqZ_lky ^_ckl\b_ dhfZg^u ',6:'7 hldexqZ_lky \hafh`ghklv aZibkb \ j_]bklj6<6&21 b gZ \u\h^_ \uklZ\ey_lky g_Zdlb\guc mjh\_gv gZijy`_gby Wlhl kb]gZe fh`_l bkihevah\Zlvky ^ey kb]gZebabjh\Zgby \g_rg_c i_jbn_jbb h[ hdhgqZgbb bgbpbZebaZpbb ih^ijh]jZffu ij_ju\Zgby
FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
Kbkl_fguc 5(6(7 K
GZqZevgZy dhgnb]mjZpby kbkl_fu
;hevrbgkl\h nmgdpbc K fh`gh \u[jZlv eb[h \h \j_fy nZau bgbpbZebaZpbb eb[h ih\lhjgh \h \j_fy \uiheg_gby ijh]jZffu H^gZdh g_dhlhju_ nmgdpbb ^he`gu [ulv \u[jZgu gZ [he__ jZgg_c klZ^bb ihkdhevdm hgb fh]ml ihlj_[h\Zlvky ^ey hj]ZgbaZpbb ^hklmiZ d i_j\hfm Z^j_km ijh]jZffu \ lhf qbke_ \u\h^ ^ey mdZaZgby \gmlj_gg_]h beb \g_rg_]h klZjlZ
Wlhl \u[hj fh`gh k^_eZlv \h \j_fy 5(6(7 iml_f ih^Zqb g_h[oh^bfuo mjh\g_c gZijy`_gbc gZ \oh^u ihjlZ <h \j_fy 5(6(7 \gmlj_ggbfb kj_^kl\Zfb gZ \oh^u ihjlZ \uklZ\ey_lky \ukhdbc mjh\_gv gZijy`_gby < kemqZ_ ih^dexq_gby q_j_a \g_rgbc j_abklhj d gme_\hfm ihl_gpbZem fh`gh ^h[blvky mklZgh\db gme_\h]h agZq_gby gZ \oh^_ ihjlZ \h \j_fy5(6(7
Jbkmghd
Dhgnb]mjZpby ihjlZ \h \j_fy5(6(7
<u\h^u ^ey mijZ\e_gby jZ[hlhc \gmlj_gg_c eh]bdb mijZ\e_gby b aZj_a_j\bjh\Zggu_ \u\h^u bf_xl agZq_gb_ lhevdh \h \j_fy ZiiZjZlgh]h 5(6(7 <u\h^u ij_^gZagZq_ggu_ ^ey gZkljhcdb K bf_xl agZq_gb_ \h \j_fy ex[h]h5(6(7
Dhgnb]mjZpby gZ \u\h^Zo ihjlZ khojZgy_lky ^ey ihke_^mxs_]h ql_gby ijh]jZffhc \ j_]bklj_ 53 +
Ijbf_qZgb_ AZj_a_j\bjh\Zggu_ \u\h^u fZjdbjh\Zggu_ ©5ª ^he`gu hklZ\Zlvky gZ \ukhdhf mjh\g_ gZijy`_gby <g_rgyy gZ]jmadZ gZ wlbo \u\h^Zo ^he`gZ bf_lv lZdb_ agZq_gby qlh[u g_ f_rZlv \gmlj_ggbf j_abklhjZf ih^^_j`b\Zlv gZ \oh^_ \ukhdbc mjh\_gv gZijy`_gby \h \j_fy 5(6(7Gb`_ hibkZgu jZaebqgu_ \ZjbZglu ij_^mklZgh\db agZq_gbc gZ \oh^_ ihjlZ
FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
Kbkl_fguc 5(6(7 K
|
|
|
J_`bf wfmeypbb |
|
|
MklZgh\dZ gbadh]h mjh\gy gZijy`_gby gZ \oh^_ 3 / \h \j_fy |
||
5(6(7 h[_ki_qb\Z_l jZ[hlm \ |
j_`bf_ wfmeypbb Wlhl j_`bf iha\hey_l |
|
ihemqblv ^hklmi d \gmlj_gg_c ;%86i_jbn_jbb q_j_a \u\h^u bgl_jn_ckZ |
||
\g_rg_c rbgu Ijb wlhf |
gZoh^blky \ khklhygbb \ukhdh]h |
|
khijhlb\e_gby LZd`_ Z\lhfZlbq_kdb \dexqZ_lky \oh^ \g_rg_]h lZdlh\h]h kb]gZeZ&/.287
Wlhl j_`bf bkihevam_lky ^ey ki_pbZevguo p_e_c b g_ bkihevam_lky \ [Zah\uo mkljhckl\Zo K Ihwlhfm ke_^m_l hklZ\eylv \ukhdbc mjh\_gv gZ \oh^_3 /
Ih mfheqZgbx J_`bf wfmeypbb hldexq_g
J_`bf $GDSW
MklZgh\dZ gbadh]h mjh\gy gZijy`_gby gZ \oh^_ 3 / \h \j_fy 5(6(7h[_ki_qb\Z_l jZ[hlm \ j_`bf_DGDSWihoh`_f gZ jZ[hlm \ khklhygbb 5(6(7 < wlhf j_`bf_ K i_j_oh^bl \ iZkkb\gh_ khklhygb_ Ijb wlhf \u\h^u K gZoh^ylky \ khklhygbb \ukhdh]h khijhlb\e_gby LZd`_ gZoh^blky \ khklhygbb \ukhdh]h khijhlb\e_gby Ij_djZsZ_l jZ[hlm
\gmlj_ggbc hkpbeeylhj
< wlhf j_`bf_ fh`gh kfh^_ebjh\Zlv \bjlmZevgh_ bkdexq_gb_ K
ba kbkl_fu Ihwlhfm \g_rgbc wfmeylhj fh`_l mijZ\eylv jZ[hlhc kbkl_fu ^Z`_ \ l_o kemqZyo dh]^Z fbdjhdhgljhee_j hklZ_lky gZ f_kl_ H[uqguc K fh`_l ijh^he`Zlv mijZ\e_gb_ kbkl_fhc ihke_ h[uqgh]h 5(6(7 k
3 /
Ih mfheqZgbx J_`bfDGDSWhldexq_g
J_`bf ZiiZjZlgh]h aZ]jmaqbdZ
MklZgh\dZ gbadh]h mjh\gy gZijy`_gby gZ \oh^_ 3 / \h \j_fy 5(6(7 Zdlb\bjm_l \gmlj_ggbc ZiiZjZlguc aZ]jmaqbd K hklZ_lky \ j_`bf_ Z\lhaZ]jmaqbdZ ^h l_o ihj ihdZ g_ [m^_l 5(6(7 ijb dhlhjhf
3 /
Ih mfheqZgbx J_`bf ZiiZjZlgh]h aZ]jmaqbdZ hldexq_g
Lbi \g_rg_c rbgu
AgZq_gby gZ \oh^Zo 3 / b 3 / %867<3 iha\heyxl \u[jZlv j_`bf jZ[hlu \g_rg_c rbgu \ lhf kemqZ_ _keb \u[jZg \g_rgbc klZjl ihkj_^kl\hf mklZgh\db agZq_gby gZ \oh^_ Bkihevah\Zgb_ wlh]h j_`bfZ iha\hey_l ijhba\h^blv \u[hjdm i_j\h]h dh^Z ihke_ 5(6(7 ihkj_^kl\hf bgl_jn_ckZ \g_rg_c rbgu AgZq_gby wlbo ^\mo [blh\ dhibjmxlky \ j_]bklj
%86&21
AgZq_gb_ [blZ 3 / mijZ\ey_l rbjbghc \g_rg_c rbgu Z agZq_gb_ gZ \u\h^_ 3 / mijZ\ey_l j_`bfhf \u\h^Z Z^j_kZ fmevlbie_dkguc beb
FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
Kbkl_fguc 5(6(7 K
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
^_fmevlbie_dkguc ?keb g_h[oh^bfh \hafh`gh baf_gblv agZq_gby wlbo |
|||||||||||||
|
[blh\ ijh]jZffgh ihke_5(6(7 |
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
AgZq_gby |
|
|
RbjbgZ \g_rg_c rbgu |
|
|
J_`bf \g_rg_c rbgu Z^j_kZ |
|||||||
|
ihey%7<3 |
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
jZajy^gu_ ^Zggu_ |
|
|
>_fmevlbie_dkguc Z^j_k |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
jZajy^gu_ ^Zggu_ |
|
|
Fmevlbie_dkguc Z^j_k |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
jZajy^gu_ ^Zggu_ |
|
|
>_fmevlbie_dkguc Z^j_k |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
jZajy^gu_ ^Zggu_ |
|
|
Fmevlbie_dkguc Z^j_k |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Ihjl b ihjl Z\lhfZlbq_kdb i_j_dexqZxlky \ \u[jZgguc j_`bf < |
||||||||||||
|
j_`bf_ fmevlbie_dkghc rbgu jZajy^guc Z^j_k k_]f_glZ b \uoh^gu_ |
|||||||||||||
|
^Zggu_ i_j_^Zxlky q_j_a ihjl ijb wlhf ihjl g_ bkihevam_lky < |
|||||||||||||
|
^_fmevlbie_dkghf j_`bf_ jZajy^guc Z^j_k i_j_^Z_lky q_j_a ihjl ijb |
|||||||||||||
|
wlhf ^ey ^Zgguo bkihevam_lky ihjl beb 3 / ^ey jZajy^ghc rbgu |
|||||||||||||
|
Z^j_kZ |
|
|
|
|
|
|
|
|
|
|
|||
|
|
Ijb bkihevah\Zgbb jZajy^ghc rbgu ^Zgguo Z\lhfZlbq_kdb |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
\dexqZ_lky |
|
|
>ey jZajy^ghc rbgu |
|
fh`_l [ulv hldexq_g ijb |
||||||||
|
ihfhsb mklZgh\db agZq_gby \ [bl_%<7',6j_]bkljZ6<6&21 |
|||||||||||||
|
|
Ih mfheqZgbx jZajy^gZy rbgZ ^Zgguo fmevlbie_dkgZy rbgZ |
||||||||||||
|
Z^j_kZ Ijbf_qZgb_ ?keb gZ \oh^_ |
|
|
\u[jZg \gmlj_ggbc klZjl agZq_gby |
||||||||||
|
|
|||||||||||||
|
gZ wlbo \oh^Zo i_j_klZxl \ebylv gZ j_`bf rbgu b [blh\h_ ihe_ %7<3 |
|||||||||||||
|
j_]bkljZ%86&21hqbsZ_lky |
|
|
|
|
|
||||||||
|
|
Dhgnb]mjZpby aZibkb |
|
|
|
|
|
|||||||
|
|
MklZgh\dZ agZq_gb_ gZ \oh^_ 3 + :5& \eby_l gZ j_`bf jZ[hlu |
||||||||||||
|
|
|
|
|
|
|
||||||||
|
\u\h^h\ |
b |
Dh]^Z bkihevam_lky agZq_gb_ ih mfheqZgbx wlb \u\h^u |
|||||||||||
|
\uihegyxl k\hx klZg^Zjlgmx nmgdpbx H^gZdh ijb ih^Zq_ gbadh]h mjh\gy |
|||||||||||||
|
gZijy`_gby gZ wlhl \oh^ bkihevam_lky Zevl_jgZlb\gZy dhgnb]mjZpby l _ |
|||||||||||||
|
|
b |
|
|
AgZq_gb_ [blZ :5& |
khojZgy_lky \ ljb]]_j_ ihjlZ Z |
||||||||
|
bg\_jlbjh\Zggh_ agZq_gb_ dhibjm_lky \ [bl:5&)*j_]bkljZ6<6&21 |
|||||||||||||
|
|
Ebgbb &KLS 6HOHFW |
|
|
|
|
|
|||||||
|
|
AgZq_gby gZ \oh^Zo 3 + b |
3 + &66(/ \h \j_fy 5(6(7 |
|||||||||||
|
hij_^_eyxl dhebq_kl\h Zdlb\guo kb]gZeh\&KLS 6HOHFW |
|||||||||||||
|
|
|
|
|
|
|||||||||
|
&66(/ |
|
|
Ebgbb&KLS 6HOHFW |
Ijbf_qZgb_ |
|||||||||
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Iylv&6 « &6 |
Ih mfheqZgbx |
||||||||
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
G_l |
Ihjl k\h[h^_g ^ey,2 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
>\_&6 « &6 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
Ljb&6 « &6 |
|
|
|
|
|
||||
|
|
|
|
|
||||||||||
|
|
Ijbf_qZgb_ <u[jZggh_ dhebq_kl\h kb]gZeh\ &6 g_ fh`_l [ulv |
||||||||||||
|
ijh]jZffgh baf_g_gh ihke_5(6(7 |
|
|
|
|
|
||||||||
FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
Kbkl_fguc 5(6(7 K
|
Ebgbb k_]f_glZ Z^j_kZ |
|
|
|
|||||
|
MklZgh\dZ agZq_gbc gZ \oh^Zo 3 + b 3 + 6$/6(/ \eby_l gZ |
||||||||
dhebq_kl\h Zdlb\guo ebgbc k_]f_glZ Z^j_kZ |
|
|
|||||||
|
|
|
|
|
|
|
|
||
6$/6(/ |
|
Ebgbb k_]f_glZ Z^j_kZ |
|
>hklmigh_ Z^j_kgh_ ijhkljZgkl\h |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
>\_ :«: |
|
|
D[Zcl ih mfheqZgbx |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
<hk_fv :«: |
|
F[Zcl fZdkbfmf |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
G_l |
|
|
D[ZclZ fbgbfmf |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Q_luj_ :«: |
|
F[Zcl |
|
|
||
|
|
|
|
|
|
|
|||
|
Ijbf_qZgb_ <u[jZggh_ dhebq_kl\h ebgbc Z^j_kZ k_]f_glZ g_ fh`_l |
||||||||
[ulv ijh]jZffgh baf_g_gh ihke_5(6(7 |
|
|
|||||||
|
MijZ\e_gb_ ]_g_jZpb_c lZdlh\h]h kb]gZeZ |
|
|
||||||
|
MklZgh\dZ \h \j_fy 5(6(7 agZq_gbc gZ \oh^Zo 3 + ± 3 + |
||||||||
&/.&)* bkihevam_lky ^ey \u[hjZ j_`bfZ ]_g_jZpbb lZdlh\h]h kb]gZeZ |
|||||||||
\gmlj_ggyy 3// LZdlh\uc kb]gZe hkpbeeylhjZ eb[h gZijyfmx |
|||||||||
bkihevam_lky PIM eb[h kgZqZeZ ihiZ^Z_l gZ \oh^ \gmlj_gg_]h 3// k |
|||||||||
\uoh^ghc kb]gZe dhlhjh]h bkihevam_lky PIM Ijb wlhf3//fh`_l baf_gylv |
|||||||||
lZdlh\uc kb]gZe k g_h[oh^bfuf agZq_gb_f dhwnnbpb_glZ AgZq_gby wlbo |
|||||||||
[blh\ khojZgyxlky \ j_]bklj_53 + |
|
|
|
||||||
|
|
|
|
|
|
||||
3 |
|
|
QZklhlZ PIM |
Ij_^_eu qZklhlu \g_rg_]h |
Ijbf_qZgby |
||||
3 + |
|
|
I&38 I;7$/) |
lZdlh\h]h kb]gZeZ |
|
|
|||
|
|
|
|
I;7$/ |
± F=p |
|
Ih mfheqZgbx |
||
|
|
|
|
I;7$/ |
± F=p |
|
|
||
|
|
|
|
I;7$/ |
± F=p |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I;7$/ |
± F=p |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[ [ |
|
|
|
I;7$/ |
± F=p |
|
|
IjyfZy i_j_^ZqZ |
|
|
|
Ij_^_eu qZklhlu \g_rg_]h lZdlh\h]h kb]gZeZ mklZgh\e_gu lZdbf |
|||||||
h[jZahf qlh[u \uoh^gZy qZklhlZ3//e_`ZeZ \ jZfdZo«F=p |
|||||||||
|
|
FZdkbfZevgZy aZ\bkbfhklv hl kd\Z`ghklb |
\g_rg_]h lZdlh\h]h |
||||||
kb]gZeZ |
|
|
|
|
|
|
|
|
|