FWB P_glj Ijhfureijh]jZffbjh\Zgbgg c We dljhgbdb Nbjfu ,QILQHRQ
Kbkl_fgh_ _ K
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kl_dZ kh]eZkgh \u[jZgghfm jZaf_jm kl_dZ Ih ke_^mxs_c dhfZg^_ j_]bklj |
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5[m^_l khojZg_g ih gZb[hevr_fm Z^j_km kl_dZ ijb wlhf agZq_gb_63[m^_l |
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mf_gvr_gh gZ |
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029 |
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63 ) + |
MklZgh\dZ agZq_gby63ihke_ \\h^Z \ |
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nbabq_kdbc kl_d keh\ |
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63 ) +Nbabq_kdbc Z^j_k )$+ |
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386+ |
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5 |
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63 ) +Nbabq_kdbc Z^j_k )$+ |
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386+ |
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63 ) )(+Nbabq_kdbc Z^j_k )%)(+ |
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Wnn_dl ij_h[jZah\Zgby Z^j_kh\ aZdexqZ_lky \ lhf qlh nbabq_kdbc |
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Z^j_k kl_dZ \ha\jZsZ_lky ba dhgpZ kl_dZ \ _]h gZqZeh Ijb ijh\_^_gbb |
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hi_jZpbc ILOOLQJ b IOXVKLQJ \gmlj_gg_]h kl_dZ f_oZgbaf pbjdmeyjgh]h kl_dZ |
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g_h[oh^bf lhevdh ^ey i_j_f_s_gby lhc qZklb ^Zgguo kl_dZ dhlhjZy [m^_l |
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bkihevah\Zlvky \ ^Zgguc fhf_gl l _ \_jogyy qZklv kl_dZ >Zggu_ kl_dZ |
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dhlhju_ hklZxlky \ |
gb`g_c qZklb \gmlj_gg_]h kl_dZ g_ gm`^Zxlky \ |
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i_j_f_s_gbb ijb hi_jZpbyo ILOOLQJ beb IOXVKLQJ lZd dZd mdZaZl_ev kl_dZ |
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Z\lhfZlbq_kdb \_jg_lky d gZqZem k\h[h^ghc qZklb h[eZklb kl_dZ |
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Ijbf_qZgb_ |
J_`bf pbjdmeyjgh]h kl_dZ ijbf_gbf ^ey kl_dZ |
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jZaf_jhf beb keh\67.6= beb Wlhl j_`bf g_ ijbf_gbf |
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^ey 67.6= lZd dZd ijb wlhf ih^ \gmlj_ggbc kl_d bkihevam_lky \ky |
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h[eZklv \gmlj_gg_]h5$0 |
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Ijb ^hklb`_gbb h^ghc ba ]jZgbp \gmlj_gg_]h kl_dZ \uau\Z_lky |
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eh\mrdZ ih i_j_iheg_gbx beb himklhr_gbx kl_dZ < |
ih^ijh]jZff_ |
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h[kem`b\Zgby eh\mrdb hkms_kl\ey_lky i_j_f_s_gb_ aZjZg__ mklZgh\e_gghc |
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qZklb \gmlj_gg_]h kl_dZ ba \g_rg_]h kl_dZ beb \h \g_rgbc kl_d H[s__ |
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dhebq_kl\h i_j_^Zgguo ^Zgguo hij_^_ey_lky kj_^gbf g_h[oh^bfuf |
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agZq_gb_f kl_dZ Z |
lZd`_ aZ\bkbl hl qZklhlu kh\_jr_gby \oh^h\ \ |
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ih^ijh]jZffu hl |
qZklhlu h[kem`b\Zgby eh\mr_d |
b |
ij_ju\Zgbc < |
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[hevrbgkl\_ kemqZ_\ wlZ \_ebqbgZ khklZ\ey_l hl ó |
^h hl jZaf_jZ |
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\gmlj_gg_]h kl_dZ Ihke_ aZ\_jr_gby i_j_^Zqb agZq_gb_ mdZaZl_e_c ]jZgbp |
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kl_dZ baf_gy_lky b |
hljZ`Z_l aZgh\h hij_^_e_ggmx h[eZklv \gmlj_gg_]h |
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kl_dZ LZdbf h[jZahf fh`gh ibkZlv ijh]jZffu g_ h[jZsZy \gbfZgb_ gZ |
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h]jZgbq_gby jZaf_jZ |
kl_dZ Ijb |
bkihevah\Zgbb |
wlh]h f_oZgbafZ |
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m\_ebqb\Z_lky \j_fy \uiheg_gby ijh]jZffu aZ kq_l \uiheg_gby |
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ih^ijh]jZff h[kem`b\Zgby eh\mr_d |
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>ey bgbpbZebaZpbb fbdjhdhgljhee_jZ \ j_`bf pbjdmeyjgh]h kl_dZ |
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g_h[oh^bfh ijhba\_klb ke_^mxsb_ hi_jZpbb |
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x |
Hij_^_eblv jZaf_j h[eZklb |
nbabq_kdh]h kbkl_fgh]h kl_dZ \h |
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\gmlj_gg_c5$0[blh\h_ ihe_67.6=j_]bkljZ6<6&21 |
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Hij_^_eblv ^\Z j_]bkljZ ]jZgbp \g_rg_]h kl_dZ Wlb agZq_gby |
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[m^ml iha`_ ijh\_jylvky ijb i_j_^Zqb ^Zgguo \h \g_rgbc kl_d \h \j_fy \uiheg_gby ih^ijh]jZff h[kem`b\Zgby eh\mr_d
FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
Kbkl_fgh_ ijh]jZffbjh\Zgb_ K
x MklZgh\blv mdZaZl_ev i_j_iheg_gby kl_dZ 67.29 gZ ij_^_e h[eZklb \gmlj_gg_]h kl_dZ ijbq_f d \_ebqbg_ ij_^_eZ g_h[oh^bfh ^h[Z\blvkeh\ g_h[oh^bfh aZj_a_j\bjh\Zlv ijhkljZgkl\h ^ey khojZg_gby ^\mo \oh^h\ \ ij_ju\Zgb_
<gmlj_ggbc kl_d [m^_l aZihegylvky ^h l_o ihj ihdZ g_ ^hklb]g_l agZq_gby mdZaZl_ey i_j_iheg_gby kl_dZ Ihke_ \oh^Z \ ih^ijh]jZffm h[kem`b\Zgby eh\mrdb \_jrbgZ kl_dZ [m^_l khojZg_gZ \h \g_rg_c iZfylb <gmlj_ggb_ mdZaZl_eb [m^ml baf_g_gu lZdbf h[jZahf qlh[u mdZau\Zlv gZ baf_g_ggmx h[eZklv iZfylb Ihke_ \uoh^Z ba ih^ijh]jZffu h[kem`b\Zgby eh\mrdb agZq_gb_ mdZaZl_ey kl_dZ [m^_l \ha\jZs_gh d \_jrbg_ \gmlj_gg_]h kl_dZ b lZdbf h[jZahf kl_d ijh^he`bl \hajZklZgb_ ^h l_o ihj ihdZ g_ [m^_l aZgh\h ^hklb]gmlh agZq_gb_ mdZaZl_ey i_j_iheg_gby kl_dZ
Ijb ^hklb`_gbb himklhr_gby kl_dZ ^gh kl_dZ i_j_aZ]jm`Z_lky ba h[eZklb \g_rg_c iZfylb b ihke_ wlh]h baf_gyxlky agZq_gby \gmlj_ggbo mdZaZl_e_c
Ebg_cguc kl_d
:jobl_dlmjZ K iha\hey_l bkihevah\Zlv j_`bf ebg_cgh]h kl_dZ 67.6= < wlhf j_`bf_ kbkl_fguc kl_d aZgbfZ_l \kx h[eZklv \gmlj_gg_c 5$0 Ijb wlhf kha^Z_lky [hevrhc h[t_f kl_dZ b hliZ^Z_l g_h[oh^bfhklv \ ih^ijh]jZffZo ^ey i_j_^Zqb ^Zgguo \ j_`bf_ pbjdmebjmxs_]h kl_dZ H^gZdh \ j_`bf_ ebg_cgh]h kl_dZ g_ hklZ_lky f_klZ \ 5$0^ey i_j_f_gguo beb ijh]jZffgh]h dh^Z < wlhf j_`bf_ h[gZjm`_gb_ i_j_iheg_gby beb himklhr_gby kl_dZ h[kem`b\Z_lky dZd nZlZevgZy hrb[dZ
G_kfhljy lZ lh qlh mdZaZl_ev kl_dZ fh`_l ihdju\Zlv h[eZklv Z^j_kh\ hl C)+ ^h C)))(+ nbabq_kdb kbkl_fguc kl_d ^he`_g jZkiheZ]Zlvky \h \gmlj_gg_c 5$0 LZdbf h[jZahf bkihevah\Zlvky fh`_l lhevdh h[eZklv
C)+ ± C)')(+
Ijbf_qZgb_ Ke_^m_l ba[_]Zlv hkms_kl\e_gby ^hklmiZ d Z^j_kZf C)+ ± C) )(+ ihkdhevdm \ gbo kh^_j`Zlky (6)5j_]bklju Z lZd`_ aZj_a_j\bjh\ZggZy h[eZklv
Ihevah\Zl_evkdbc kl_d
Ihevah\Zl_evkdbc kl_d ij_^gZagZq_g ^ey jZa]jmadb kbkl_fgh]h kl_dZ iml_f kha^Zgby kl_dh\ ^Zgguo hl^_evgh]h ^ey dZ`^hc aZ^Zqb Ijb bkihevah\Zgbb ihevah\Zl_evkdh]h kl_dZ hlkmlkl\m_l ZiiZjZlgh_ hij_^_e_gb_ i_j_iheg_gby b himklhr_gby kl_dZ >ey hkms_kl\e_gby ihevah\Zl_evkdh]h kl_dZ ih^oh^yl ke_^mxsb_ j_`bfu Z^j_kZpbb
> 5Z@ 5E beb > 5Z@ 5Z dhk\_ggZy Z^j_kZpby k ij_^\Zjbl_evguf ^_dj_f_glbjh\Zgb_f
Bkihevah\Zgb_ wlh]h j_`bfZ iha\hey_l hkms_kl\eylv i_j_kuedm h^gh]h [ZclZ beb keh\Z \ ihevah\Zl_evkdbc kl_d < wlhf j_`bf_ fh`gh
FWB P_glj Ijhfureijh]jZffbjh\Zgbgg c We dljhgbdb Nbjfu ,QILQHRQ
Kbkl_fgh_ _ K
bkihevah\Zlv lhevdh dhfZg^u029< dZq_kl\_ mdZaZl_ey ihevah\Zl_evkdh]h kl_dZ fh`gh hij_^_eylv ex[hc*35j_]bklj
5E >5Z @ beb 5Z >5Z @ Dhk\_ggZy Z^j_kZpby k ihke_^mxsbf bgdj_f_glbjh\Zgb_f agZq_gby bg^_dkgh]h j_]bkljZ
Bkihevam_lky ^ey batylby h^gh]h [ZclZ beb keh\Z ba ihevah\Zl_evkdh]h kl_dZ Wlhl j_`bf ^hklmi_g ^ey [hevrbgkl\Z dhfZg^ H^gZdh \ dZq_kl\_ mdZaZl_ey ihevah\Zl_evkdh]h kl_dZ fh]ml \uklmiZlv lhevdh j_]bklju5 ± 5[ehdZ*35j_]bkljh\
5E >5Z @ beb 5Z >5Z @ Dhk\_ggZy Z^j_kZpby k ihke_^mxsbf bgdj_f_glbjh\Zgb_f
Bkihevam_lky ^ey batylby h^gh]h [ZclZ beb keh\Z ba ihevah\Zl_evkdh]h kl_dZ < wlhf j_`bf_ fh`gh bkihevah\Zlv lhevdh dhfZg^u 029 < dZq_kl\_ mdZaZl_ey ihevah\Zl_evkdh]h kl_dZ fh`gh hij_^_eylv ex[hc*35j_]bklj