Professional Documents
Culture Documents
6 YH X x F LOLx V W H - - 6 W U R V V P D \H U D X 2V LMH NX
,YD Q ,YD Q x V Lw F
2V LMH N
3 U R I G U V F ,YD Q ,YD Q x V LwF
)D NX OW H W H OH NW U R W H K Q LNH L U D x F X Q D U V W YD
8 Q V ND
+ 5 =D J U H E
H P D LO L Y D Q # ] S P H W I K U
,] G D YD xF
2G MH O ] D P D W H P D W LNX 6 YH X x F LOLx V W H - - 6 W U R V V P D \H U D X 2V LMH NX
5 H F H Q ] H Q W L
S U R I G U V F ' D YR U % X W NR YLw F )D NX OW H W H OH NW U R W H K Q LNH L U D x F X Q D U V W YD
6 YH X x F LOLx V W H X =D J U H E X
S U R I G U V F 5 X G R OI 6 F LW R YV NL 2G MH O ] D P D W H P D W LNX
6 YH X x F LOLx V W H - - 6 W U R V V P D \H U D X 2V LMH NX
/ H NW R U
,YD Q ND )H U xF H F ( OH NW U R W H K Q Lx F NL ID NX OW H W 2V LMH N
^ ,9 VWU LOXVWU F P
,6 % 1 ^ ^ ^
2Y D M XGx ] EH QLN R EMD Y OMXMH VH X] VXJ OD VQR VW 6H QD WD 6Y H Xx F LOLx VWD - - 6WUR VVPD \ H UD X 2VLMH N X
SR G EUR MH P
6DGU x
]DM
% 'LIHUHQFLMDOQH MHGQDG
]EH
% 8YRG
% 2Sg
FD GLIHUHQFLMDOQD MHGQDG
]ED SUYRJ UHGD
/LWHUDWXUD
,QGHNV
LLL
3 5( '*2925
NRMH gFH UMH
VHQMH REMHNW VOLMHGLWL 7R MH HWR LOXVWUDFLMD VPLVOD WHUPLQD ?-HGLQVWYHQRVW
UMH
VHQMD X LLL
8] SLWDQMD L FLWLUDQ MH WHNVW W]Y 3HDQRYRJ WHRUHPD NRML JRYRUL R SRVWRMDQMX
UMH
VHQMD D YH]DQR X] SLWDQMH LLL QDYHGHQ MH D NDVQLMH X SRVHEQRP SDUDJUDIX L
GRND]DQ W]Y 3LFDUGRY WHRUHP 3LWDQMH LL UMH
VDYDPR UHGRP RG NODVH GR NODVH
GLIHUHQFLMDOQLK MHGQDG
]EL X] REMD
VQMHQMH ]D
VWR VX ]DGRYROMHQL XYMHWL 3LFDUGRYRJ WHR
UHPD 7LPH RGJRYRUL QD SLWDQMH LL SUHGVWDYOMDMX JODYQLQX WHNVWD R GLIHUHQFLMDOQLP
MHGQDG
]EDPD $NR SLWDPR NRMD VX SRWUHEQD SUHG]QDQMD RQGD VX WR GLIHUHQFLMDOQL
L LQWHJUDOQL UD
FXQ WH OLQHDUQD DOJHEUD D WL VH VDGU
]DML X
FH QD VYLP IDNXOWHWLPD
2EUDG~HQL PDWHULMDO PDOR MH SUR
VLUHQL PDWHULMDO NRML VDP YL
VH JRGLQD SUHGDYDR
VWXGHQWLPD GUXJH JRGLQH (OHNWURWHKQL
FNRJ IDNXOWHWD 6YHX
FLOL
VWD X =DJUHEX 3UHWKRGQR
MH WDM PDWHULMDO JRGLQH REMDYOMHQ X IRUPL VNULSDWD SRG QD]LYRP ?)RXULHURY UHG
L LQWHJUDO 'LIHUHQFLMDOQH MHGQDG
]EH X L]GDQMX 6YHX
FLOL
VQH QDNODGH /LEHU =DJUHE
6DGD
VQML WHNVW SRSUDYOMHQ MH L SUR
VLUHQ X] GRGDWDN SRJODYOMD % 6XVWDYL OLQHDUQLK
GLIHUHQFLMDOQLK MHGQDG
]EL
=DKYDOMXMHP VH UHFHQ]HQWLPD SURI GU 'DYRUX %XWNRYLgFX L SURI GU 5XGROIX
6FLWRYVNRP NDR L NROHJDPD 2GMHOD ]D PDWHPDWLNX 6YHX
FLOL
VWD X 2VLMHNX NRML VX
FLWDOL NRULJLUDOL L NRPSMXWRUVNL REUDGLOL WHNVW 3RVHEQX ]DKYDOQRVW GXJXMHP SURIH
VRUX 5XGROIX 6FLWRYVNRP QD LQLFLMDWLYL L XOR
]HQRP UDGX GD VH SURMHNW RYRJ L]GDQMD
UHDOL]LUD
'RND] .DGD I QH EL LPDOD RVQRYQL SHULRG RQGD ELVPR PRJOL L]DEUDWL QL]
SR]LWLYQLK SHULRGD 7 7 NRML NRQYHUJLUD N QXOL 6YL FMHOREURMQL YL
VHNUDWQLFL
FODQRYD QL]D SUHGVWDYOMDOL EL VYXGD JXVW SRGVNXS RG 5 SD EL X VYDNRM WR
FNL WRJ
SRGVNXSD I LPDOD YULMHGQRVW I =ERJ QHSUHNLGQRVWL I EL ELOD NRQVWDQWD SURWLYQR
SUHWSRVWDYFL (
.DGD UD
FXQDPR V SHULRGL
FNLP IXQNFLMDPD XYLMHN gFHPR UDGLWL V WDNYLPD NRMH
LPDMX RVQRYQL SHULRG NRMHJ NUDWNR ]RYHPR SHULRG IXQNFLMH $NR MH I GHzQLUDQD
QD SROXRWYRUHQRP VHJPHQWX D D 7 @ LOL >D D 7 RQGD VH I PR
]H QD R
FLJOHGDQ
QD
FLQ SUR
VLULWL GR SHULRGL
FNH IXQNFLMH ) 5
5 NRMD VH RQGD ]RYH SHULRGL
FNR
SUR
VLUHQMH RG I /DNR VH GRND]XMH GD MH ]EURM UD]OLND SURGXNW L NYRFLMHQW GYLMX
SHULRGL
FNLK IXQNFLMD V LVWLP SHULRGRP 7 SRQRYQR SHULRGL
FND IXQNFLMD V SHULRGRP 7
1HND VX 7 L SHULRGL RG I RGQRVQR J .D
]HPR GD VX 7 L 7 VXPMHUOMLYL
7
SHULRGL NRPHQ]XUDELOQL DNR YULMHGL S7 T7 JGMH VX S L T FLMHOL EURMHYL 7DGD
LPD VOMHGHg
FH VYRMVWYR SRVWRML EURM / / WDNDY GD VYDNL VHJPHQW >h h /@ VDGU
]L
EDUHP MHGDQ WDNDY q %URMHYL q ]RYX VH JRWRYR SHULRGL IXQNFLMH I 6YDNDNR VX
SHULRGL
FNH IXQNFLMH XMHGQR JRWRYR SHULRGL
FNH 0R
]H VH GRND]DWL GD MH ]EURM UD]OLND
SURGXNW L NYRFLMHQW JRWRYR SHULRGL
FNLK IXQNFLMD JRWRYR SHULRGL
FND IXQNFLMD
9UDWLPR VH SHULRGL
FNLP IXQNFLMDPD L GRND
]LPR GD YULMHGL VOMHGHg
FD OHPD
D=7 =7
I [ G[ I [ G[
D
]D VYDNL D 5
'RND]
D=7 =7 D=7 =7 =D =7
I [ G[ I [ G[ I [ G[ I [ G[ I [ 7 G[ I [ G[
D D 7 D
3RQRYLPR WHUPLQRORJLMX YH]DQX ]D VLQXVQX IXQNFLMX NRMD MH X SULPMHQDPD
MHGQD RG RVQRYQLK SHULRGL
FNLK IXQNFLMD ,PDPR OL GDNOH
\ $ VLQ[
ID]QL NXW
7 IUHNYHQFLMD SRPDN
)XQNFLMD
\N $N VLQN[
N N
; $N N [
Ng
KDUPRQLND WDNR GD MH VXPD
1
I1 [ $ VLQ
N
7
SHULRGL
FND IXQNFLMD V SHULRGRP 7 NRMD VH ]RYH WULJRQRPHWULMVNL SROLQRP $QD
; $N N [
Ng
ORJQR MH VXPD NRQYHUJHQWQRJ UHGD
I [ $ VLQ
N
7
SHULRGL
FND IXQNFLMD V SHULRGRP 7 3ULPLMHQLPR OL DGLFLMVNL WHRUHP QD GREL
YDPR
$N VLQ
N [
g
$N VLQ
N FRV
N
[ $N FRV
N VLQ
N
[
7
N 7 7
$ 7ULJRQRPHWULMVNL )RXULHURY UHG
N N
DN FRV [ EN VLQ [
7 7
JGMH VX DN $N VLQ
N EN $N FRV
N 8YHGHPR OL R]QDNX D $
L L]DEHUHPR
7
RQGD L SRSULPDMX VOMHGHg
FL MHGQRVWDYDQ REOLN
I1 [
D
;1 DN FRV N[ EN VLQ N[
N
I [
D
; DN FRV N[ EN VLQ N[
N
5HG RGQRVQR ]RYH VH WULJRQRPHWULMVNL UHG GRN MH RGQRVQR
QMHJRYD 1 YD SDUFLMDOQD VXPD $NR QHNX IXQNFLMX I PR
]HPR SULND]DWL
WDNYLP UHGRP RQGD ND
]HPR GD MH WR QMHQ UD]YRM X WULJRQRPHWULMVNL UHG 1D
PR
]HPR JOHGDWL NDR QD UD]YRM RG I SR IXQNFLMDPD
FRV [ VLQ [ FRV [ VLQ [
5
L FRV N[ G[
r5
LL VLQ N[ G[
r5
LLL FRV N[ FRV Q[ G[ ]D N
r5
Q
LY VLQ N[ VLQ Q[ G[ ]D N
r
Q
$ 7ULJRQRPHWULMVNL )RXULHURY UHG
5
Y VLQ N[ FRV Q[ G[
r5
YL FRV Q[ G[
r5
YLL VLQ Q[ G[
r5 r
d
YLLL
r
G[
r r
LOL
=
DQ FRV Q[ G[
I [
r
F 3RPQR
]LPR OL VD VLQ Q[ L SRVWXSLPR NDR X E GRELYDPR
= =
I [ VLQQ[ G[ EQ VLQ Q[ G[ EQ
r r
LOL
=
EQ VLQ Q[ G[
I [
r
$ 7ULJRQRPHWULMVNL )RXULHURY UHG
I ,PDPR GDNOH
5
D G[
r5
I [
FRV N[ G[
DN
r5
I [
EN
VLQ N[ G[
r
I [
D
;
DN FRV N[
N
5/
D /
s Gs
r//
5
DN /
s FRV Ns
/ Gs
r//
5
EN /
s VLQ Ns
/ Gs
r/
3UHPD WRPH DNR MH I ]DGDQD QD > r/ /@ L SHULRGL
FND RQGD L] JRUQMHJ L]YRGD GREL
YDPR VOMHGHg
FH IRUPXOH ]D )RXULHURY UHG L NRHzFLMHQWH
D
; N[ N[
g
I [ DN FRV EN VLQ
N / /
5/
D / I [ G[
r//
5
DN / I [ FRV N[
/ G[
r//
5
EN / I [ VLQ N[
/ G[
r/
$ 7ULJRQRPHWULMVNL )RXULHURY UHG
,VSL
VLPR VDGD )RXULHURY UHG L IRUPXOH ]D )RXULHURYH NRHzFLMHQWH SHULRGL
FNRJ
SUR
VLUHQMD ) IXQNFLMH I GHzQLUDQH QD > D E@ 3HULRG SUR
VLUHQMD ) MH 7 E r D 6DGD
s E rD [ DE r @ QD >D E@ SD DQDORJQLP
DzQD WUDQVIRUPDFLMD SUHYRGL VHJPHQW >
L]YRGRP L] GRELYDPR
D ; N[ N[
g
) [ DN FRV EN VLQ
N E r D ErD
5E
D Er D I [ G[
D
5E
DN Er D I [ FRV EN[
rD G[
D
5E
EN Er D I [ VLQ EN[
rD G[
D
5
=D VYDNX LQWHJUDELOQX IXQNFLMX I QD > r @ WM ]D NRMX SRVWRML I [ G[
r
PR
VWDYDQMHP X IRUPXOH RGUHGLWL )RXULH
]HPR IRUPDOQLP SRVWXSNRP WM XYU
URYH NRHzFLMHQWH SD DNR UHG NRQYHUJLUD RQGD GRELYDPR SULGUX
]HQMH
D
[ 6 [
;
DN FRV N[ EN VLQ N[
N
0HG
~XWLP RSg
FHQLWR QH PR
]HPR L]MHGQD
FLWL I [ VD 6 [ SD VH SRVWDYOMD SLWDQMH SRG
NRMLP XYMHWLPD IRUPDOQR GRELYHQL UHG SUHGVWDYOMD SROD]QX IXQNFLMX 2JUDQL
FLW g
FHPR
VH QD NODVX IXQNFLMD NRMD MH GRYROMQR
VLURND ]D SULPMHQH D QH RGYRGL QDV GDOHNR X
WHRULMVND UD]PDWUDQMD
D [ [ ddd [Q [Q E
I [ I [ I r r
LQ L rQ]D
r
[ I [
I [L I [L I [ I [ L Q
'RND
]LPR VOMHGHg
FH VYRMVWYR SR GLMHORYLPD JODWNLK IXQNFLMD
$ 7ULJRQRPHWULMVNL )RXULHURY UHG
L L
5DVWDYLPR VHJPHQW >D E@ QD SRGVHJPHQWH >[ @ NDR JRUH 6DGD VX
QHSUHNLGQH QD VYDNRP LQWHUYDOX L L D ]ERJ
'RND] [
L PR
]HPR UHVWULNFLMH
L QD L L QHSUHNLGQR SUR
I I [ [
=E
I [ VLQ h[ G[
;= Q [L
I [ VLQ h[ G[
D L [L
=
GRYROMQR MH GRND]DWL GD MH
[L
h
OLP I [ VLQ h[ G[ L Q
[L
= zzz r =
LQWHJUDFLMX SD GRELYDPR
z
[L
r
[L [L
I [ FRV h[
I [ VLQ h[ G[ I [ FRV h[ G[
[L h h
[L
[L
.DNR VX I L I
RPHG~HQH QD > [L [L @ SRVWRMH NRQVWDQWH 0 L 0
WDNYH GD YULMHGL
M M
I [ 0 M I
M
[ 0
]D VYDNL [
zzz = zzz
>[L [L @ 6DGD GRELYDPR RFMHQX LQWHJUDOD NDR RJUDGD ]D FRV h[ MH
zzz
[L
I [ VLQ h[ G[ zzz 0
h
0
[L
h
r [L
[L
LL 6 [
I [I [ r DNR MH [ r WR
FND SUHNLGD
6 r 6
I r I r
9LGLPR GD MH
D
;
I [ 6 [ DN FRV N[ EN VLQ N[
N
]D VYH [ r
> @ RVLP PR
]GD NRQD
FQR WR
FDND SD ND
]HPR GD MH IXQ
NFLMD I UD]YLMHQD X )RXULHURY UHG
L GRND
]LPR GD ]D Q
6Q [ r I [ r I [
JGMH MH
D
;
Q
6Q [ DN FRV N[ EN VLQ N[
N
SDUFLMDOQD VXPD )RXULHURYRJ UHGD =ERJ LPDPR
= Q =
;
6Q [ I s Gs I s >FRV Ns FRV N[ VLQ Ns VLQ N[@Gs
r
N r
=
;
Q
I s
FRV N s r [ Gs
r
N
=r[
;
Q
I [ ] FRV N] G]
r r[
N
;
Q
Q ] FRV N]
N
$ 7ULJRQRPHWULMVNL )RXULHURY UHG
Q
;
] ] ]
Q ] VLQ VLQ FRV N] VLQ
N
Q
; g g { g
VLQ
]
VLQ N
] r VLQ N r ] VLQ Q
]
N
,PDPR GDNOH r d
Q
;
VLQ
Q ]
Q ] FRV N]
]
VLQ
N
VWR XYU
VWHQR X GDMH
=r[ r
d
VLQ Q ]
6Q [ I [ ] G]
VLQ ]
r r[
= r d
VLQ Q ]
I [ ] G]
]
VLQ
r
5
.DNR MH Q ] G] L] GRELYDPR
r
= r
d
VLQ
Q ]
] G]
VLQ
r
= r
d = r
d
VLQ Q ] VLQ Q ]
G] G]
VLQ ] VLQ ]
r
3RPQR
]LPR OL SUYX MHGQDNRVW RG V I [ r D GUXJX V I [ L ]DWLP
]EURMLPR LPDPR
= r d
I r J r VLQ
Q ]
I [ I [ I [ G]
]
VLQ
r
= r
d
VLQ
Q ]
I [ G]
]
VLQ
6DGD NDR UD]OLND L]PHG
~X L JODVL
6Q [ r I [ r I [
=
I I [ ] r I [ r J
VLQ
r
Q
d
]
G]
VLQ ]
r
$ 7ULJRQRPHWULMVNL )RXULHURY UHG
= r d
I r J VLQ
Q ]
I [ ] I [ ] G]
VLQ
=l =
,Q ,Q ,Q l
l
L RFLMHQLPR ,Q ,Q 1HND MH ! SRND
]LPR GD ]D SULNODGQR RGDEUDQL l JUDQLFD RG
,Q L ,Q YULMHGL ,Q
M M
]D VYH Q
L ,Q
]D GRYROMQR YHOLNH Q .DNR M M
I [ ] r I [
I
[
]
]
]
VLQ
]
VLQ ]
.DNR MH VLQXV IXQNFLMD RJUDQL
FHQD V LPDPR VOMHGHg
FX RFMHQX ]D ,Q
M QM
=l z
z I [ ]
z r I [ z z
zz ]
zz
zz
zz
g z
z
z zVLQ Q ] z G]
,
z ]
z z VLQ ] zz z
=l
IM I
M J
[ G]
l
IM I
[ M J
2GDEHUHPR OL l ! GRYROMQR PDOHQ WDNR GD RVLP JRUH VSRPHQXWLK QHMHGQDNRVWL
YULMHGL L
l
IM I
[ M J
GRELYDPR
M QM
,
]D VYH Q
$ 7ULJRQRPHWULMVNL )RXULHURY UHG
,Q
=
I [ ] r] I [
VLQ
Q
g
] G]
VLQ
l
M QM
,
M QM M QM M Q M
, ,
,
.DNR ]D SUYL LQWHJUDO RG YULMHGL DQDORJQD RFMHQD WLPH VPR GRND]DOL
r
WM V Q
6Q [ r I [ I [
,] GRND]DQRJ VOLMHGL WYUGQMD WHRUHPD 8 SUYRP UHGX WLPH VPR YLGMHOL GD UHG NRQ
YHUJLUD X VYDNRM WR
FNL r > @ 1DGDOMH X WR
FNDPD X NRMLPD MH QHSUHNLGQD
r
[ I
VWR MH WYUGQMD L ND
]H GD PRUD ELWL 6 r 6
VWR MH SUHPD
MHGQDNR DULWPHWL
FNRM VUHGLQL GHVQRJ OLPHVD I r X OLMHYRP UXEX L OLMHYRJ OLPHVD
I r X GHVQRP UXEX IXQNFLMH I 7LPH MH GRND]DQ WHRUHP $ (
3ULPMHU 1DG~LPR )RXULHURY UHG IXQNFLMH
r ( ]D [ >r/
I [
( ]D [ > /
.DNR MH I QHSDUQD IXQNFLMD VYL DN N 2VWDMH QDP ]D L]UD
FXQDWL
NRHzFLMHQWH N
E 3UHPD LPDPR
=/ N[
N
E
/
I [ VLQ
/
G[
r/
= =/
r VLQ
( N[ N[
/
VLQ
/
G[
/
G[
r/
zz zz/
(
FRV
/
zz r FRV zz N[ / N[
/ N
r/ /
N /
e N v
r r
r FRV N
( (
N N
$ 7ULJRQRPHWULMVNL )RXULHURY UHG
rN ( DNR MH
MHU MH FRV N 3UHPD WRPH MH E N DNR MH N SDUDQ L E N N N
(
[ [ [
g
VLQ VLQ VLQ ddd
/ / /
( [ (
[ [
g
6 [
VLQ
/
6 [
VLQ
/
VLQ
/
L
(
[ [ [
g
6 [
VLQ
/
VLQ
/
VLQ
/
g
I r r ddd
RGQRVQR
r r ddd
$ 7ULJRQRPHWULMVNL )RXULHURY UHG
WRUX GHzQLUDQ MH V
3 DL EL 7R MH PRJXg
FH MHU ]QDPR GD MH SURGXNW 5LQWHJUDELOQLK
L
IXQNFLMD RSHW 5LQWHJUDELOQD IXQNFLMD
&HVWR VH PHG
~XWLP X SULPMHQDPD D JRWRYR XYLMHN X WHRULMVNLP UD]PDWUDQMLPD
YHNWRUVNL SURVWRU 5LQWHJUDELOQLK IXQNFLMD SUR
VLUXMH GRGDYDMXg
FL IXQNFLMH NRMH QLVX 5
IXQNFLMD RJUDQL
FHQ L DNR QMLKRYH YULMHGQRVWL X VYDNRM WR
FNL [ L] >D E@ NRQYHUJLUDMX
Q Q
WDGD WDM QL] GHzQLUD RJUDQL
FHQX IXQNFLMX QD >D E@ V I [ OLP I [ 3RND]XMH
uE
I
5
VH GD WDGD L QL] LQWHJUDOD WM I Q [G[ NRQYHUJLUD SD VH YULMHGQRVW WRJ OLPHVD
D
$ 7ULJRQRPHWULMVNL )RXULHURY UHG
=E =E
I [G[
Q
OLP I Q [G[
D D
3ULPMHU SUR
VLUHQMD 5LHPDQQRYRJ LQWHJUDOD MH RGUHG
~LYDQMH YULMHGQRVWL LQWHJUDOD 'LULFK
OHWRYH IXQNFLMH ' QD > @ NRMD QLMH 5LHPDQQLQWHJUDELOQD D NRMD MH MHGQDND ]D
LUDFLRQDOQH EURMHYH D ]D UDFLRQDOQH )XQNFLMD ' MH OLPHV UDVWXg
FHJ QL]D IXQNFLMD
I Q NRMH VX VYXJGMH RVLP X Q UDFLRQDOQLK WR
FDND L] > @ JGMH LPDMX YULMHGQRVW
L] I Q VH SUHOD]L X I Q GRGDYDQMHP QRYH UDFLRQDOQH WR
FNH WR
FNDPD X NRMLPD MH
I Q MHGQDND L PLMHQMDQMHP X QRYRM WR
FNL YULMHGQRVWL X .DNR VX VYH I Q 5LH
PDQQ LQWHJUDELOQH L LQWHJUDO LP MH MHGQDN QXOL SUR
VLUHQMHP LQWHJUDOD QD IXQNFLMX '
1D VOL
FDQ QD
FLQ VH 5LHPDQQRY LQWHJUDO PR
]H SUR
VLULWL L QD QHNH QHRJUDQL
FHQH
IXQNFLMH SRVHEQR QD IXQNFLMH NRMH QD >D E@ LPDMX W]Y DSVROXWQR NRQYHUJHQWQL
QHSUDYL 5LHPDQQRY LQWHJUDO 7R VX IXQNFLMH I NRMLPD SULGUX
]HQH IXQNFLMH MI M GHzQL
UDQH V MI M[ MI [M LPDMX WDNRG
~HU QHSUDYL LQWHJUDO $NR WDNYD IXQNFLMD I QLMH
RJUDQL
FHQD X RNROLQL MHGQH WR
FNH F L] >D E@ RQD SRVWDMH 5LQWHJUDELOQD L]X]PH OL VH
RNR F LQWHUYDO >F r hQ F zQ @ L QD QMHPX YULMHGQRVWL IXQNFLMH I QDGRPMHVWH V 5H]XO
WLUDMXg
FD IXQNFLMD Q
I MH 5LQWHJUDELOQD D NDG h Q L z Q ]H N QL] IQ WH
WH
]L SUHPD I
5E
GRN YULMHGQRVWL I Q [G[ WH
]H SUHPD YULMHGQRVWL QHSUDYRJ LQWHJUDOD 9ULMHGQRVW WRJ
D
QHSUDYRJ LQWHJUDOD WDGD VKYDg
FDPR NDR YULMHGQRVW SUR
VLUHQMD 5LHPDQQRYRJ LQWHJUDOD
L QD WDNYH IXQNFLMH I
I [
MI [M
$ 7ULJRQRPHWULMVNL )RXULHURY UHG
SRYOD
FL GD MH VYDND NYDGUDWQR LQWHJUDELOQD IXQNFLMD XMHGQR L LQWHJUDELOQD 1DGDOMH
L] QHMHGQDNRVWL
I [
J [
MI [J[M
VOLMHGL GD MH SURGXNW GYLMX NYDGUDWQR LQWHJUDELOQLK IXQNFLMD LQWHJUDELOQD IXQNFLMD
7DNRG ~HU L] I f
J
I
f
I J J VOLMHGL GD DNR VX I J
/ >D E@ RQGD LP MH
NRQVWDQWX ]DNOMX
FXMHPR GD MH / >D E@ YHNWRUVNL SURVWRU
=E
I J I [J [ G[
D
6DGD QHg
FHPR SURYMHUDYDWL GD MH V GHzQLUDQ VNDODUQL SURGXNW 2GUHG
~HQD
SRWH
VNRg
FD VH SRMDYOMXMH NRG ]DKWMHYD GD I I EXGH QXOD DNR L VDPR DNR MH I QXO
HOHPHQW YHNWRUVNRJ SURVWRUD 1XOHOHPHQW VYDNRJ YHNWRUVNRJ SURVWRUD MH MHGLQVWYHQR
5E
RGUHG
~HQ 0HG
~XWLP I [ G[ MH MHGQDNR QXOL ]D FLMHOX NODVX IXQNFLMD D QH VDPR ]D
D
QXOIXQNFLMX 1SU /LQWHJUDO MH QXOD ]D NYDGUDW VYDNH IXQNFLMH NRMD RG QXOH RGVWXSD
X NRQD
FQR WR
FDND L] >D E@
FDN MH QXOD L ]D 'LULFKOHWRYX IXQNFLMX QD >D E@ 8 VWYDUL
NYDGUDWD MHGQDNLP QXOL 6YDND IXQNFLMD L] WDNYRJ VQRSD MH SUHGVWDYQLN FLMHOH NODVH
Y
X
S X
X=E
NI N I I W I [
G[
VNXSX / >D E@ V
Y
X
X
X=E
GI J W >I [ r J[@ G[
D
0HWULND MH SULURGQD PHWULND QD VNXSX / >D E@ $NR MH J DSURNVLPDFLMD IXQNFLMH
Q
; g
h N[ N[
7Q [ hN FRV zN VLQ
rD rD
E E
N
)RXULHURYL SROLQRPL WM WULJRQRPHWULMVNL SROLQRPL REOLND
Q
; g
D N[ N[
6Q [ DN FRV EN VLQ
rD rD
E E
N
JGMH VX DN EN )RXULHURYL NRHzFLMHQWL GDQL V VYDNDNR VX X ;Q 1D 6Q JOHGDPR
]HPR GD ]D VYDNL 7Q
GRND
;Q YULMHGL
GI 7Q
{ GI 6Q
RGQRVQR
GI 7Q { GI 6Q
L]
FHJD
FLWDPR GD MH )RXULHURY SROLQRP QD MEOL
]H IXQNFLML I WM GD MH QDMEROMH
GI 6Q
=E =E
GI 7Q II [ r 7Q [J
G[ II [ r I [7Q [ 7Q [J G[
D D
= E = E =E
I
[ G[ r I [7Q [ G[
7Q [ G[
D D D
6UHGQML LQWHJUDO ODNR L]UD
FXQDPR
=E ;
Q ;
Q
E rD
I [7Q [ G[ h D hN DN zN EN
D N N
8YUVWLPR OL I 7Q GRELYDPR
=E ;
Q ;
Q
E rD
7Q [ G[ h hN zN
D N N
3UHPD WRPH
=E ;
Q ;
Q
r E r D
GI 7Q I [ G[ h D hN DN zN EN
D N N
$ 7ULJRQRPHWULMVNL )RXULHURY UHG
;
Q ;
Q
E rD
h hN zN
N N
8YUVWLPR OL 6Q X ]DGQML L]UD] GRELYDPR
GI 6Q
5E I
i
r r 3QN N 3QN N
[ G[ E D
o D D E
D i 3Q o
ErD 3Q
N N N N
D D E
5E r ErD i 3Q 3Q o
I
[ G[
N N N N D D E
D
6DGD ODNR L]UD
FXQDPR UD]OLNX
; ;
r E r D
h r D hN r DN
Q
zN r EN
Q
{
G I 7 Q
G I 6 Q
N N
L]
FHJD VOLMHGL 7LPH VPR RGJRYRULOL L QD SLWDQMH NDNYX DSURNVLPDFLMX GREL
YDPR SRPRgFX )RXULHURYLK SROLQRPD
.RG RFMHQH DSURNVLPDFLMH IXQNFLMH I IXQNFLMRP J X / PHWULFL WUHED LPDWL
X YLGX GD MH GI J GDQ NDR LQWHJUDO NYDGUDWD RGVWXSDQMD UD]OLNH SD XQDWR
F
WRPH
VWR MH DSURNVLPDFLMD GREUD WM GI J PDOHQR X >D E@ PRJX SRVWRMDWL WR
FNH X
NRMLPD MH DSVROXWQD UD]OLND IXQNFLMVNLK YULMHGQRVWL MI [r J[M YHOLND 0HG~XWLP DNR
MH GI J PDOHQR RQGD WR ]QD
FL GD MH PU
VDY VNXS WR
FDND X NRMLPD MH MI [ r J [M
YHOLNR WM WDM VNXS LPD PDOX PMHUX GXOMLQX $NR PLVOLPR QD DSURNVLPDFLMX
SR GLMHORYLPD JODWNLK IXQNFLMD WHRUHP $ RQGD VH YHOLND RGVWXSDQMD IXQNFLMVNLK
YULMHGQRVWL GRJDG~DMX X PDOLP RNROLQDPD WR
FDND SUHNLGD
3UHPD JRUQMHP L]YRGX YLGLPR GD ]D VYDNL Q YULMHGL
=
; ;
E Q Q
rD
r
E
LQI Q Q D DN
7 Q ;Q
G I 7 G I 6 I [ G[
EN
N N
D
D WD IRUPXOD PR
]H SRVOX
]LWL ]D RFMHQX DSURNVLPDFLMH .DNR MH L]UD] QD GHVQRM VWUDQL
{ GRELYDPR QHMHGQDNRVW
; ;
Q Q
=E
D DN EN G[
rD
I [
E
N N D
VWR SULMHOD]RP QD OLPHV SR Q GDMH
; ;
=E
D DN EN G[
rD
I [
E
N N D
1HMHGQDNRVW ]RYH VH %HVVHORYD QHMHGQDNRVW 8 VWYDUL PR
]H VH GRND]DWL GD
X YULMHGL ]QDN MHGQDNRVWL ]D VYDNL I / >D E@ 7D MHGQDNRVW JODVL
; ;
=E
D DN EN G[
rD
I [
E
N N D
$ 7ULJRQRPHWULMVNL )RXULHURY UHG
=DGDFL
5D]YLMWH X )RXULHURY UHG IXQNFLMX ]DGDQX V I [ FRV h[ QD VHJPHQWX > r @
1D VHJPHQWX > @ UD]YLMWH X )RXULHURY UHG IXQNFLMX I [ [ L WR
D SR VDPLP NRVLQXVLPD
E SR VDPLP VLQXVLPD
5MH
VHQMD
r
3 N
D DN EN rN N I [ N
VLQ N[
N
DN
rN hhVLQ
rN N
h
EN
;
h VLQ h
FRV h[ r N
FRV N[
r N
h h
N
8SXWD 3UR
VLULPR IXQNFLMX QD > r @ WDNR GD SUR
VLUHQMH EXGH SDUQD RGQRVQR
QHSDUQD IXQNFLMD YLGL VO
3
D I [
r
N FRVN [
N
=E
I [J[ G[
D
)XQNFLMD I MH QRUPLUDQD DNR YULMHGL
=E
NI N
I [ G[
D
=D VXVWDY IXQNFLMD YHNWRUD
Q
=E
L [N [ G[ L N
L N
D
RUWRQRUPLUDQ DNR YULMHGL
= [
1DGDOMH ND
]HPR GD MH VXVWDY
E
L N
L N [ G[ lLN L N
D
Q R
2UWRJRQDOQL VXVWDY XYLMHN VH PR
]H QRUPLUDWL WM SUHYHVWL X RUWRQRUPLUDQ
1DLPH DNR SRGLMHOLPR VYDNL
FODQ VXVWDYD V QMHJRYRP QRUPRP GRELYDPR VXVWDY
N NRML MH R
FLJOHGQR RUWRQRUPLUDQ 7DNR QSU DNR QRUPLUDPR RVQRYQL WULJRQRPHWUL
N N
N
MVNL VXVWDY GRELYDPR
S [ VLQ
S FRV S [ FRV
S [ VLQ
S [ d d d
6DGD VD VXVWDYRP PR
]HPR IRUPDOQR SRVWXSLWL QD LVWL QD
FLQ NDR V RV
QRYQLP WULJRQRPHWULMVNLP VXVWDYRP WM GD I / >D E@ UD]YLMHPR SR VXVWDYX
VWR ]QD
FL GD I SULND
]HPR NDR
I [ F [ F [ F [ d d d
$ 2UWRJRQDOQL VXVWDYL
FN
= I[
E
N [ G[
NN N
D
7Q [
;c [
Q
L L
N
; F = I [
N
E
G[ NI N
N D
; =E
NN N FN
I [ G[ NI N
N D
$ 2UWRJRQDOQL VXVWDYL
; =E
FN
I [ G[ NI N
N D
,]
=E Q
;
GI 6Q
I [ G[ r NN N FN
D N
G I 6Q
OLP
Q
VWR ]DSUDYR ]QD
FL GD VH X RUWRJRQDOQRP ]DWYRUHQRP VXVWDYX VYDND IXQNFLMD I
/ >D E@ PR
]H SR YROML zQR X VPLVOX / PHWULNH DSURNVLPLUDWL )RXULHURYLP SROL
3 [
GQ e Qv Q
[ r
3Q [
Q G[
Q Q
FLQH RUWRJRQDODQ VXVWDY QD > r @ NRML MH ]DWYRUHQ
3ULPMHU 5DGHPDFKHURY VXVWDY
$ 2UWRJRQDOQL VXVWDYL
DNR
LOL
[ LPD QD
[ GRSX
VWD GYD ELQDUQD UD]YRMD
N WRP PMHVWX ]QDPHQNX
.UDg
FH VH 5DGHPDFKHURY VXVWDY PR
]H ]DSLVDWL QD VOMHGHg
FL QD
FLQ
U [
UN [ VLJQ VLQ I N
[ J N
=
GI 6Q
FRV [ G[
> @ QHPD QLWL MHGQRJ )RXULHURYRJ SROLQRPD SR
WM XQXWDU NXJOH SROXPMHUD X /
N EP P EPr Pr d d d E E
Z [
ZN [
4 EL UL [ N
EL
$ 2UWRJRQDOQL VXVWDYL
Z
U Z
U Z
U U
Z
U Z
U U Z
U U
Z U U U Z U Z U U
6O D
$ 2UWRJRQDOQL VXVWDYL
6O E
$ 2UWRJRQDOQL VXVWDYL
Q Q e Nr r d
]D [ Q rQ
N
Nr
v
r
N N
KQ [ ]D [
Q
Q
FNDPD RG > @
X RVWDOLP WR
N
Q
Q
6O F
I [
[ Lu[
=E =E =E
I [ G[
[ G[ L u[ G[
D D D
1DGDOMH MH
I [I [
[ u[
SD DNR VX
L u NYDGUDWQR LQWHJUDELOQH RQGD YULMHGL
=E =E =E
I [I [ G[ u[ G[
u[ G[
D D D
5E
6DGD ND
]HPR GD MH I NYDGUDWQR LQWHJUDELOQD QD > D E@ DNR SRVWRML I I~ G[ -DVQR MH
D
GD WDNYH IXQNFLMH WYRUH YHNWRUVNL SURVWRU X NRMHPX VX NRPSOHNVQL EURMHYL VNDODUL
1DGDOMH ND
]HPR GD VX I L J RUWRJRQDOQH RE]LURP QD >D E@ DNR YULMHGL
=E
I [J[ G[
D
GRN ]D VXVWDY IIN J ND
]HPR GD MH RUWRJRQDODQ V RE]LURP QD > D E@ DNR YULMHGL
=E
! ]D M N
IM I N G[ ]D M N
D
1RUPX GHzQLUDPR DQDORJQR WM
Y
X E
X=
NI N X
W II G[
D
=E
FN I [IN [ G[ N
NIN N
D
$ .RPSOHNVQL REOLN )RXULHURYRJ UHGD
I
;
GRN SULSDGQL )RXULHURY UHG RG JODVL
I [ FN IN [
N
8 L]MHGQD
FLOL VPR I VD VXPRP )RXULHURYD UHGD QR WR VH RYGMH PLVOL X VPLVOX
DQDORJQRP RQRP X WR
FNL $ 'HWDOMH WDNYH GLVNXVLMH L]RVWDYOMDPR
1DMYD
]QLML SULPMHU NRMLP g
FHPR VH SRVOX
]LWL MH VXVWDY
IN [ H
LN[
N f f
=
RGPDK LPDPR GD MH ]D N Q
H
LN[
H
rLN[ G[
r
GRN ]D N Q GRELYDPR
YXX= YXX=
cc cc XW
H
LN[
H
LN[
H
rLN[ G[ XW
G[
S !
r r
=
8YU
VWHQMHP IN X GRELYDPR )RXULHURYH NRHzFLMHQWH ]D VXVWDY NRML JODVH
FN
I [H
rLN[ G[ N f f
r
;
GRN )RXULHURY UHG RG I JODVL
LN[
I [ FN H
N r
&ODQRYL VXVWDYD LQGHNVLUDQL VX FLMHOLP EURMHYLPD
VWR MH X
FLQMHQR ]ERJ MHG
QRVWDYQLMHJ ]DSLVD VYLK IRUPXOD YH]DQLK ]D WDM VXVWDY
=
L SURYRGL VH RYDNR NDNR MH VDGD I [ I [ L LPDPR
D
F I [ G[
r
$ .RPSOHNVQL REOLN )RXULHURYRJ UHGD
= =
=D N LPDPR
FN
r
I [ H
LN[
G[
I [ I FRV N[ r L VLQ N[ J G[
DN r LEN
r
r
RGQRVQR
=
F r N I [H
LN[
G[ DN LEN
r
; ; ; r
'DNOH UHG PR
]HPR ]DSLVDWL
FN H
LN[
F FN H
LN[
F NH
r LN[
r
; ;
N N N
r
D
DN LEN LN[
DN LEN r LN[
;
H H
N N
D
DN
H
LN[
H r LN[
EN
H
LN[
r H
r LN[
; I
L
N
D
DN FRV N[ EN VLQ N[ J
N
3ULPMHU 3URPDWUDMPR SUDYRNXWQL LPSXOV YLVLQH K L
VLULQH WM IXQNFLMX
NRMD MH MHGQDND K ]D M[M L GUXJGMH ,] WRJ LPSXOVD L]JUDGLPR SHULRGL
FNX IXQNFLMX
I NDR QD VOLFL V IUHNYHQFLMRP p )XQNFLMD I LPD SHULRG
3 3 !
p }
r=3 =
FN
I [H
rL 3N [ G[
KH
rLN}[ G[
gzzzr
3 3
3
zr
K
r
rLN}[
H
3 LN }
$ .RPSOHNVQL REOLN )RXULHURYRJ UHGD
K 3
r >FRV N } r L VLQ N } r FRV N } r L VLQ N }@
3 LN
K
VLQ N } N f f
N
;
N
K VLQ N } LN }[
I [ H
N r N
=DGDWDN D[
r
5D]YLMWH X NRPSOHNVQL )RXULHURY UHG IXQNFLMX [ H QD VHJPHQWX
> @
r
5MH
VHQMH
N
FN
r VKD
;
D LN
D[ VKD r
N HLN[
H
N r D r LN
$ )RXULHURY UHG IXQNFLMH GYLMX YDULMDEOL
5
1HND MH GHzQLUDQD QD SUDYRNXWQRP SRGUX
FMX I [ \ 5
r r J r
I 3 3
;
YDULMDEOH SULND]DWL )RXULHURYLP UHGRP WM I PR
]HPR ]DSLVDWL NDR
I [ \ cN \ H
LN[
N r
JGMH MH
cN \
=
I [ \ H
rLN[ G[ N f f
r
;
3UHWSRVWDYLPR GD VH VYDND IXQNFLMD cN PR
]H SULND]DWL )RXULHURYLP UHGRP
cN \ lNO H
LO\
N f f
O r
JGMH MH
=
lNO
cN \ H
r LO\
G\ N O f f
r
8YU
VWHQMHP X SROD]QL L]UD] ]D I GRELYDPR
;
;
LN[O\
I [ \ lNO H
N r r O
JGMH MH
= =
lNO
I [ \ H
r LN[O\
G[ G\ N O f f
r r
3UHYHGLPR MR
V L X UHDOQL REOLN 1DSL
VHPR OL
LN[ LO\
H H FRV N[ L VLQ N[FRV O\ L VLQ O\
YLGLPR GD g
FHPR LPDWL YUVWH )RXULHURYLK NRHzFLMHQDWD 2]QD
FLPR UHGRP V DNO RQH
X] SURGXNW NRVLQXVD V ENO X] SURGXNW VLQXVD L NRVLQXVD V FNO X] SURGXNW NRVLQXVD L
VLQXVD D V GNO X] SURGXNW VLQXVD 9LGLPR GD WUHED VSRMLWL YL
VH
FODQRYD ]DMHGQR GD
VH GRELMX UHDOQL NRHzFLMHQWL ,PDPR UHGRP RYH VOX
FDMHYH
$ )RXULHURY UHG IXQNFLMH GYLMX YDULMDEOL
L N O 8 RYRP VOX
FDMX LPDPR MHGDQ SULEURMQLN
= =
l I [ \ G[ G\ D
r r
,]UD
FXQDPR OL NRHzFLMHQWH GRELYDPR
= =
lO l r O
I [ \ FRV O\ G[ G\ DO
r r
= =
LlO r l r O
I [ \ VLQ O\ G[ G\
FO
r r
5D
FXQ ]D L LVWL MH NDR L SUHWKRGQL VDPR WUHED ]DPLMHQLWL LQGHNVH L
r
N ! O
YDULMDEOH 6SDMDQMHP
FODQRYD V LQGHNVLPD N L N GRELYDPR SULEURMQLN
= =
lN l r N
I [ \ FRV N[ G[ G\ DN
r r
= =
LlN r l r N
I [ \ VLQ N[ G[ G\
EN
r r
LLL 6DGD
FHWLUL SULEURMQLND WUHED VWHJQXWL X MHGDQ NRML VDGU
]L VYH
r r
N ! O !
r r
N
N O L N O ,PDPR
lNO H
LN[
H
LO\
l r r r r r
N OH
LN[
H
LO\
l NO H
r LN[ LO\
H lN r OH
LN[
H
r LO\
r r r
lNO l N O l NO lN r FRV
O N[ FRV O\
rrrrr
L lNO l N O l NO lNr VLQ
O N[ FRV O\
rrrr r
L lNO l N O l NO lNr FRV
O N[ VLQ O\
$ )RXULHURY UHG IXQNFLMH GYLMX YDULMDEOL
$NR MR
V L]UD
FXQDPR NRHzFLMHQWH X ]DJUDGDPD RQGD GRELYDPR
= =
= =
= =
= =
r r
lNO l r r
N O l r NO lN r O
I [ \ VLQ N[ VLQ O\ G[ G\ GNO
r r
I [ \
D
3
FRV O\
3
VLQ O\
DO FO
3 3
O O
FRV DN N[ EN VLQ N[
3 3
N N
I FRV N[ VLQ O\ ENO VLQ N[ FRV O\
N O DNO
6WHJQHPR OL
FODQRYH ]DMHGQR GRELYDPR
;
;
I [ \ {NO DNO I FRV N[ FRV O\ ENO VLQ N[ FRV O\
N O
JGMH MH
]D N O
{NO
]D N L O ! LOL N ! L O
]D N O !
5 5
UDQX QD NRQD
FQRP VHJPHQWX > / /@ SULND]XMHPR UHGRP KDUPRQL
FNLK WLWUDQMD
FLMH
FLQH QL] GLVNUHWDQ VNXS EURMHYD VDGD MH
IUHNYHQFLMH
I GHzQLUDQD QD FLMHORP VNXSX
UHDOQLK EURMHYD LOL QD QHRJUDQL
FHQRP LQWHUYDOX L SULND]XMHPR MX LQWHJUDORP NRML
SUHGVWDYOMD VXPX KDUPRQL
FNLK WLWUDQMD
FLMH VH IUHNYHQFLMH NRQWLQXLUDQR PLMHQMDMX RG
GR 5D]PRWULPR WDM JUDQL
FQL SULMHOD]
D N FRV
N[
/
EN VLQ
N[
/
QD > r / /@
N
5/
I s Gs
D
/
r//
5 Ns Gs
N / I s FRV /
r//
D
5 Ns Gs
N / I s VLQ /
r/
E
=/
; =
/
I [
/
I s Gs I s FRV
N
[ r s Gs
r/ r/
/ /
N
; =
/
I [
/
OLP I s FRV
N
[ r s Gs
r/
/ /
N
6XSVWLWXFLMRP
N {N
{N d{N GRELYDPR
/ / N
=/
I [ OLP
;
d{N I s FRV {N [ r s Gs
r/
N
=/ =
I s FRV {N [ r s G[ I s FRV {N [ r s Gs
r/ r
$ )RXULHURY LQWHJUDO
=
;
d{N I s FRV {N [ r s Gs
N r
VWR QLMH QL
VWD GUXJR QHJR LQWHJUDOQD VXPD LQWHJUDOD
=
=
G{ I s FRV {[ r s Gs
r
SD WUD
]HQD IRUPXOD JODVL
= =
I [
G{ I s FRV {[ r s Gs
r
)RUPXOD ]RYH VH )RXULHURYD LQWHJUDOQD IRUPXOD D LQWHJUDO QD GHVQRM VWUDQL
RG ]RYHPR )RXULHURY LQWHJUDO
$NR VH SLWDPR SRG NRMLP XYMHWLPD L X NRMHP VPLVOX MH PRJXg
FH SULND]DWL
$NR MH 5 5
I
RG L YULMHGL
r
I s FRV {[ s Gs
SUHNLGD RG
I [
I
WR
I [FND [
RGQRVQR NUDg
FH ND
]HPR I VH PR
]H SULND]DWL SRPRg
FX )RXULHURYRJ LQWHJUDOD
= =
I [
G{ I s I
FRV {s FRV {[ VLQ {s VLQ {[ J Gs
r
LOL
=
I [ I ${ FRV {[ % { VLQ {[ J
G{
5
JGMH MH
${
I s FRV {s Gs
r5
% {
I s VLQ {s Gs
r
$ )RXULHURY LQWHJUDO
Y
X =
X =
X
W I s FRV {s Gs I s VLQ {s Gs
r r
5 I s VLQ {s Gs
{ r
DUFWJ
5 I s FRV {s Gs
r
.DR L NRG )RXULHURYD UHGD IRUPXOX PR
]HPR SUHYHVWL X NRPSOHNVQL RE
~HPR OL RG YLGLPR GD MH
OLN NRML MH SULNODGDQ ]D WHRULMVND UD]PDWUDQMD 3RG
LQWHJUDQG YDQMVNH LQWHJUDFLMH WM
=
I s FRV {[ r s Gs
r
SDUQD IXQNFLMD RG { GRN MH
=
I s VLQ {[ r s Gs
r
QHSDUQD IXQNFLMD RG { 7LPH VPR X UD]PDWUDQMH XYHOL L { =ERJ SDUQRVWL L
QHSDUQRVWL VSRPHQXWLK IXQNFLMD LPDPR
= = = =
I s FRV {[ r s Gs I s FRV {[ r s Gs
G{ G{
r
r r
L
= =
I s VLQ {[ r s Gs
G{
r r
3RPQR
]LPR GUXJX MHGQDNRVW V NRPSOHNVQRP MHGLQLFRP D ]DWLP ]EURMLPR 7LPH
GRELYDPR
= =
I s FRV {[ r s Gs
G{
r
$ )RXULHURY LQWHJUDO
5 G{ 5 I sIFRV {[ r s L VLQ {[ r sJ Gs
r
5 G{ r
5 I sH r Gs
L{[ s
r r
RGQRVQR
= =
I s HL{[rs Gs
I [ G{
r r
'HVQD VWUDQD RG ]RYH VH NRPSOHNVQL REOLN )RXULHURYRJ LQWHJUDOD 2]QD
FLPR V
=
I s HrL{s Gs
) {
r
7LPH SRSULPD REOLN
=
I [ ) {HL{[G{
r
VWR MH DQDORJRQ IRUPXOH ,VWDNQLPR GD MH IXQNFLMD ) GDQD V NRP
SOHNVQD IXQNFLMD UHDOQH YDULMDEOH D ]RYH VH VSHNWUDOQD IXQNFLMD RG I LOL NUDWNR
VSHNWDU RG I )XQNFLMD [ H NRMD MH IDNWRU RG ) X RSLVXMH KDUPRQL
FNR
L{[
3RYH
]LPR ) V IXQNFLMDPD $ L % GHzQLUDQLP V ,]
=
=
I s FRV {s Gs r L
) { I s VLQ {s Gs
r
r
YLGLPR GD MH 5H ) SDUQD D ,P) QHSDUQD IXQNFLMD RG { 7LPH MH ) RGUHG
~HQD QD
5 DNR MH GDQD ]D { { 1DGDOMH ]D { { YULMHGL
) { ${
5H
,P) { r % {
${ 5H) { ) { ) r{
LOL
% { r,P) { LI) { r ) r{J
=DWR VH IXQNFLMH $ L % ]RYX NRVLQXVQD RGQRVQR VLQXVQD VSHNWUDOQD IXQNFLMD
RG I NUDg
FH NRVLQXVQL L VLQXVQL VSHNWDU RG I ,] YLGLPR GD ]D SDUQH
IXQNFLMH L
V
FH]DYD VLQXVQL VSHNWDU GRN ]D QHSDUQH L
V
FH]DYD NRVLQXVQL VSHNWDU $NR VH
QSU UDGL R SULMHQRVX VLJQDOD
VWR MH
FHVW VOX
FDM X HOHNWURWHKQLFL RQGD L] VSHNWUD VLJ
QDOD
FLWDPR NRMH MH SRGUX
FMH NUX
]QLK IUHNYHQFLMD QDMYL
VH ]DVWXSOMHQR X WRP VLJQDOX
=DWR X NRQVWUXNFLML SULMHQRVQRJ VXVWDYD WUHED RVLJXUDWL
VWR PDQML RWSRU WLWUDQMLPD
WLK NUX
]QLK IUHNYHQFLMD
,]UD]LPR MR
V ) LI SRPRg
FX IXQNFLMD DP L
GHzQLUDQLP V L ,]
LPDPR
) {
I$ { r L% { J
VWR ]DSLVDQR X WULJRQRPHWULMVNRP REOLNX SUHOD]L X
S %{
) { ${ % { HrLDUFWJ ${
{ HrL
{
DP
=
6DGD MH
{ HL{[r
{ G{
I [ DP
r
2EUQXWR L] GRELYDPR
DP { M) { M
S
5H ) { ,P) {
{ r DUJ ) { rDUFWJ ,P5H)) {{
$ )RXULHURY LQWHJUDO
( HMW
LW
= M
JGMH = M SUHGVWDYOMD LPSHGDQFLMX RWSRU VNORSD 3ULPLMHQLPR WX IRUPXOX QD
HOHNWURPRWRUQX VLOX SULND]DQX )RXULHURYLP LQWHJUDORP WM QD
=
I W ) HMW G
r
(OHNWURPRWRUQD VLOD NRMD RGJRYDUD NUX
]QLP IUHNYHQFLMDPD L]PHG
~X L G ELW gFH
VDGD MHGQDND
) HMW G
D UH]XOWLUDMXg
FD VWDFLRQDUQD VWUXMD L]D]YDQD WRP HOHNWURPRWRUQRP VLORP
) HMW
GLW G
= M
GRN MH XNXSQD VWUXMD X WUHQXWNX W GDQD V
=
) MW
LW H G
= M
r
$NR LPSHGDQFLMX VNORSD QDSL
VHPR SRPRg
FX PRGXOD L ID]QRJ NXWD WM X REOLNX
= M 'HMl
FL GRELYDPR
RQGD NRULVWHg
=
MWr
rl
DP
LW H G
'
r
8 SULPMHULPD NRMH g
FHPR GLVNXWLUDWL SRVOX
]LW g
FHPR VH UH]XOWDWLPD ]DGDWND NRML VOLMHGH
L]D SULPMHUD
K VLQ {
) {
{
K
= VLQ { L{[
I [ H G{
r {
K VLQ { 3 VLQ {
) {
{ {
LPDPR
3
OLP ) {
SURYHVWL JUDQL
FQL SULMHOD] z ,PDPR
)z {
5 r L{s
r
Iz s H Gs
5 rr r d 5 r rzs L{s zs L{s
r
H H Gs H H Gs
5 r r
5
r z L{s z L{s
Q r
H Gs H Gs
R
r
z
L{
r
z L{
{
z {
L
6DGD MH
= g
Iz [ r
{
{
L FRV {[ L VLQ {[G{
r z
= =
{ VLQ {[
{
G{ r L
{ FRV {[
{
G{
r z
r z
= { VLQ {[
Iz [ G{
z
{
*UDQL
FQL SULMHOD] z GDMH
= VLQ {[
< [ G{
{
RGQRVQR
= VLQ {[
6 [ G{
{
VWR MH LQWHJUDOQD IRUPXOD ]D 6 [ NRMD SRGVMHg
FD QD )RXULHURY LQWHJUDO D X SULPMH
QDPD VH SRQD
VD JRWRYR NDR )RXULHURY LQWHJUDO
6DGD LPDPR
r s rL{s
5
) {
r
H H Gs
5 r s rL{s
r
H Gs
5 r s L{ r {
r 5
H Gs
r{ r L{
r
H H Gs
r {
S
S r {
H
H
.RQD
FQR MH
=
H
r [ S
L{[r { G{
H
r
=DGDFL
3ULND
]LWH I ]DGDQX V
rz[
H ]D [ {
I [
]D [
)RXULHURYLP LQWHJUDORP
3ULND
]LWH )RXULHURYLP LQWHJUDORP QHSDUQX IXQNFLMX
[ ]D M[M /
I [
LQD
FH
3ULND
]LWH )RXULHURYLP LQWHJUDORP SDUQX IXQNFLMX
K ]D M[M
I [
LQD
FH
$ )RXULHURY LQWHJUDO
5MH
VHQMD
z rL{
zrL{
5 L{[ G{
) {
z { I [
r z {
H
) {
L e / FRV {/ VLQ {/ v
{ r {
5 {/ FRV {/rVLQ {/
I [ VLQ {[G{
r
{
K VLQ {
K 5 VLQ{ L{[
) {
{ I [
{ H G{
r
$ )RXULHURYD WUDQVIRUPDFLMD
=
=
I [ S
HL{[ G{ S
I s Hr L{s
Gs
r r
2]QD
FLPR OL V
=
{ S
I s HrL{s Gs
r
GRELYDPR
=
I [ S
{HL{[G{
r
6DGD VX REMH IRUPXOH VOL
FQR JUDG
~HQH 3UHVOLNDYDQMH I
GHzQLUDQR VD ]RYH VH
)RXULHURYD WUDQVIRUPDFLMD D IXQNFLMD
VSHNWUDOQD IXQNFLMD RG I VSHNWDU RG
I LOL )RXULHURY WUDQVIRUPDW RG I 8R
FLPR GD MH YH]D L]PHG
~X VSHNWUD ) GHzQLUDQRJ
X WR
FNL $ L
GDQD V
{
S ) {
= =
I [ FRV {[G{ I s FRV {s Gs
r
= =
VLQ {[G{ I s VLQ {s Gs
r
$NR MH I SDUQD IXQNFLMD RQGD X L
V
FH]DYD GUXJL SULEURMQLN D DNR MH QHSDUQD
RQGD SUYL 7R LVNRUL
VWDYDPR QD VOMHGHg
FL QD
FLQ 3URPDWUDPR OL IXQNFLMX I GHzQLUDQX
QD RQGD I PR
]HPR SUR
VLULWL QD 5 WDNR GD GRELYHQR SUR
VLUHQMH Ia 5 5
EXGH SDUQD RGQRVQR QHSDUQD IXQNFLMD $NR I SUR
VLUXMHPR QD SDUQX IXQNFLMX RQGD
IaPR
]HPR GHzQLUDWL SR YROML GRN NRG SUR
VLUHQMD QD QHSDUQX IXQNFLMX PRUDPR
GHzQLUDWL a I =D WDNR GRELYHQD SUR
VLUHQMD L
V
FH]DYDW g
FH GUXJL RGQRVQR SUYL
SULEURMQLN RG GRN X SUHRVWDORP SULEURMQLNX XQXWDUQML LQWHJUDO PR
]HPR VYHVWL
$ )RXULHURYD WUDQVIRUPDFLMD
$NR R]QD
FLPR V
U =
F { I s FRV {s Gs
L
U =
V { I s VLQ {s Gs
RQGD L SRSULPDMX REOLN
U =
I [
F { FRV {[G{
U =
I [
V { VLQ {[G{
3UHVOLNDYDQMH I
F GHzQLUDQR VD ]RYH VH NRVLQXVQD )RXULHURYD WUDQVIRU
PDFLMD GRN VH SUHVOLNDYDQMH I
V GHzQLUDQR VD ]RYH VLQXVQD )RXULHURYD
WUDQVIRUPDFLMD 3ULMHOD]L RG
F L
V QD I GHzQLUDQL VD L ]RYX VH
LQYHU]QD NRVLQXVQD RGQRVQR VLQXVQD )RXULHURYD WUDQVIRUPDFLMD ,VWDNQLPR
GD VX VDGD WUDQVIRUPDWL UHDOQH IXQNFLMH
.DNR g
FHPR VH NDVQLMH GHWDOMQR EDYLWL W]Y /DSODFHRYRP WUDQVIRUPDFL
MRP WR VDGD QHg
FHPR LVWUD
]LYDWL VYRMVWYD )RXULHURYH WUDQVIRUPDFLMH 1DNRQ XSR]QD
YDQMD /DSODFHRYH WUDQVIRUPDFLMH WD g
FH VYRMVWYD SRVWDWL MDVQD VYDNRP NRPH ]DWUHED
)RXULHURYD WUDQVIRUPDFLMD 6SRPHQLPR GD VH SRQHNDG NRULVWL L )RXULHURYD WUDQVIRU
PDFLMD IXQNFLMD GYLMX YDULMDEOL NRMD MH GHzQLUDQD QD VOMHGHg
FL QD
FLQ
= =
HrL[{\ I [ \ G[ G\
{
r r
GRN MH LQYHU]QD WUDQVIRUPDFLMD GDQD V
= =
I [ \ HL[{\
{GG{
r r
$ )RXULHURYD WUDQVIRUPDFLMD
I
F
F [ I {
I D[ D ! r{d
D
F D
I D[ FRV E[ D E ! i r { E d r {rE do
D
F D
F D
5 r d
I D[ VLQ E[ D E ! D
S I [ VLQ {D E [ G[r
5 r d
r I [ VLQ {D E [ G[
r
Q
[Q I [ rQ G{Q
F {
G
T
[Q I [ rQ
GQ 5 I [ VLQ {[ G[
G{Q
I
V
V [ I {
I D[ D ! r{d
D
V D
I D[ FRV E[ D E ! i r { E d r { E do
D
V D
V D
r
5 r d
I D[ VLQ E[ D E ! D
S I [ FRV {D E [ G[r r
5 r d
r I [ FRV {D E [ G[
Q
[Q I [ rQ G{G Q
V {
T
[Q I [ rQ GQ 5 I [ FRV {[ G[
G{Q
$ )RXULHURYD WUDQVIRUPDFLMD
% 8YRG
'LIHUHQFLMDOQD MHGQDG
]ED MH MHGQRVWDYQR UH
FHQR MHGQDG
]ED NRMD SRYH]XMH QHNX
IXQNFLMX \ WM [ \[ L QHNH QMHQH GHULYDFLMH 1DMMHGQRVWDYQLML REOLN GLIHUHQFL
MDOQH MHGQDG
]EH MH
\ [
J[
3LWDPR VH NRMH VX WR IXQNFLMH \
FLMD MH GHULYDFLMD J
9HgFLQD GLIHUHQFLMDOQLK MHGQDG
]EL ]QDWQR MH VOR
]HQLMD L WH
]H VH UMH
VDYD
3ULPMHUL
'LIHUHQFLMDOQD MHGQDG
]ED \ [ VLQ \[
SRMDYOMXMH VH NRG SURX
FDYDQMD
JLEDQMD QMLKDOD
\ W D\ W E\W
F FRV W SRMDYOMXMH VH NRG SURX
FDYDQMD HOHNWUL
FNLK
NUXJRYD
\ [ [\[ SRMDYOMXMH VH NRG DVWURQRPVNLK LVWUD
]LYDQMD L QD PQRJLP
GUXJLP PMHVWLPD
MH UMH
VHQMH GLIHUHQFLMDOQH MHGQDG
]EH" 8 DOJHEUL ND
]HPR 2GUHGL VYD
6WR
UMH
VHQMD MHGQDG
]EH [ r [ 7LPH WUD
]LPR GD VH QDG~X VYL EURMHYL UH
DOQL LOL NRPSOHNVQL NRML ]DGRYROMDYDMX MHGQDG
]EX 6OL
FQR DNR MH GDQD GLIHUHQFLMDOQD
MHGQDG
]ED NDR SULPMHULFH
\ [ \[
]HOLPR QDgFL VYH LOL QHNH IXQNFLMH \ NRMH ]DGRYROMDYDMX GLIHUHQFLMDOQX MHGQDG
]EX 'RN
]D SUHWKRGQX DOJHEDUVNX MHGQDG
]EX SRVWRMH GYD UMH
VHQMD [ L [ YLGLPR
GD SURPDWUDQX GLIHUHQFLMDOQX MHGQDG
]EX ]DGRYROMDYDMX PQRJH IXQNFLMH 7DNR SULP
MHULFH
\[ FRV [ \[ VLQ [ \[ FRV [ r VLQ [
L RSgFHQLWR ELOR NRMD IXQNFLMD REOLND
\ VLQ \
L \ [\
LPDMX NDR UMH
VHQMD QRYH WLSRYH IXQNFLMD NRMH QH VXVUHgFHPR X HOHPHQWDUQRM DQDOL]L
8 LVWUD
]LYDQMLPD VH VWDOQR SRMDYOMXMX QRYH GLIHUHQFLMDOQH MHGQDG
]EH NRMH ]DKWLMH
YDMX QRYH PDWHPDWL
FNH WHKQLNH ]D QMLKRYR UMH
VDYDQMH L XYRG~HQMH QRYLK YD
]QLK NODVD
IXQNFLMD 1D
V FLOM MH UD]YLWL QHNH RVQRYQH PHWRGH UMH
VDYDQMD GLIHUHQFLMDOQLK MHG
QDG
]EL
3ULPMHU 3URPDWUDMPR HOHNWUL
FNL NUXJ VDVWDYOMHQ RG RWSRUQLND NRQGHQ]DWRUD L
LQGXNWLYLWHWD VSRMHQLK X VHULMX V L]YRURP QDSRQD 1DMYD
]QLML SULPMHUL L]ERUD QDSRQD
VX
( W ( FRV W ( W ( ]D
1HND MH QDSRQ NRQVWDQWD WM ( ( =HOLPR RGUHGLWL VWUXMX LW X NUXJX NDR
IXQNFLMX YUHPHQD =QDPR GD MH QDSRQ QD RWSRUX 5LW QD LQGXNWLYLWHWX /L W D
5W
QD NRQGHQ]DWRUX & Lq Gq 3UHPD .LUFKRhRYRP ]DNRQX LPDPR
=W
/L W 5LW
Lq Gq (
&
% 8YRG
=ERJ
FODQD V LQWHJUDORP WR XRSgFH QLMH GLIHUHQFLMDOQD MHGQDG
]ED 'D ELVPR GRELOL
GLIHUHQFLMDOQX MHGQDG
]EX GHULYLUDPR REMH VWUDQH SD LPDPR
/L W 5L W LW
&
.RML VX SR
FHWQL XYMHWL" =D SR
FHWDN SUHWSRVWDYLPR GD SUHNLGD
F ]DWYRUL NUXJ X
WUHQXWNX W 8 WRP WUHQXWNX VWUXMD QH WH
FH L SUHPD WRPH YULMHGL
L
'UXJR XYUVWLY
VL X SROD]QX MHGQDG
]EX W GRELYDPR
/L 5L (
D EXGXgFL MH L LPDPR
/L (
7LPH VPR VDVWDYLOL GLIHUHQFLMDOQX MHGQDG
]EX NRMD RSLVXMH QD
V SUREOHP L XWYUGLOL NDNR
JODVH SR
FHWQL XYMHWL SUREOHPD .DVQLMH gFHPR YLGMHWL GD WL SR
FHWQL XYMHWL YUHPHQVNL
RGUHG~XMX VWUXMX
3ULPMHU 0QRJH LQWHUHVDQWQH NODVH GLIHUHQFLMDOQLK MHGQDG
]EL SRMDYOMXMX VH X
VWXGLUDQMX WUDMHNWRULMD SURFHVX JRQMHQMD JGMH MH MHGDQ REMHNW SULVLOMHQ VOLMHGLWL GUXJL
3R]QDW NODVL
FQL SULPMHU MH VOMHGHg
FL =HF NRML VH QDOD]L X WR
FNL D WU
FL GX
] [RVL X
SR]LWLYQRP VPMHUX NRQVWDQWQRP EU]LQRP Y] 3DV NRML VH QDOD]L X WR
FNL E VOLMHGL
]HFD NRQVWDQWQRP EU]LQRP YS D QMHJRY MH VPMHU JLEDQMD X VYDNRP WUHQXWNX SUHPD
]HFX =DGDWDN MH RGUHGLWL SXWDQMX SVD
&LQMHQLFD GD SDV VYDNRJ WUHQXWND JOHGD ]HFD LPSOLFLUD GD WDQJHQWD QD SXWDQMX
SVD SUROD]L NUR] SROR
]DM ]HFD X WRP WUHQXWNX 1HND MH MHGQDG
]ED SXWDQMH SVD GDQD
SDUDPHWDUVNL V
[
W \ uW
-HGQDG
]ED WDQJHQWH X WR
FNL
W u W JODVL
u W
\ r uW [ r
W
W
.DNR WDQJHQWD SUROD]L NUR] SROR
]DM ]HFD X WUHQXWNX W D ]HF VH QDOD]L X WR
FNL D
Y] W UHODFLMD SUHOD]L X
ruW u
WW >D Y] W r
W@
'D ELVPR GRELOL GUXJX MHGQDG
]EX LVNRULVWLPR
FLQMHQLFX GD MH EU]LQD SVD NRQVWDQWQD
L MHGQDND S
YS >
W@ >u W@
7LPH GRELYDPR GYLMH GLIHUHQFLMDOQH MHGQDG
]EH ]D
L u NDR IXQNFLMH RG W 3R
FHWQL
XYMHWL VX
u E
6 QH
VWR VSUHWQRVWL SUHWKRGQH MHGQDG
]EH PRJX VH ULMH
VLWL D UMH
VHQMD VX RSLVDQD
SRPRgFX HOHPHQWDUQLK IXQNFLMD
% 8YRG
\ [
S N
\ [
\ [
J[
L SUHWSRVWDYLPR GD MH J QHSUHNLGQD ]D [ { 7DGD ]QDPR GD MH
=[
\[ Js Gs
NRMH ]DGRYROMDYD GDQL SR
FHWQL XYMHW 6WRYL
VH ]QDPR GD MH WR L MHGLQR UMH
VHQMH NRMH
]DGRYROMDYD GDQL SR
FHWQL XYMHW 1HND MH \ QHNR GUXJR UMH
VHQMH 7DGD MH
\ [
J[
SD LPDPR
\ [ r \ [
LOL \ [ r \ [
7LPH MH GHULYDFLMD IXQNFLMH \ r \ QXOD ]D [ { =DWR MH ]D [ {
\ r \ NRQVWDQWD
\ D\ J [ \ F
H
D[ \ H
D[
\
DH
D[
\
D[
7R QDP QDPHg
FH LGHMX GD SRPQR
]LPR QD
VX GLIHUHQFLMDOQX MHGQDG
]EX V H .DNR
D[
MH H ]D VYDNL [ QD
VD GLIHUHQFLMDOQD MHGQDG
]ED SUHOD]L X QMRM HNYLYDOHQWQX
GLIHUHQFLMDOQX MHGQDG
]EX
D[ D[
H \ D\ H J [ \ F RGQRVQR
D[ D[
H \ H J [ \ F
=[
D[ Ds
H \ r F H J s Gs LOL
=[
rD[ Ds rD[
\ H H J s Gs FH
7LP SRVWXSNRP XMHGQR VPR XWYUGLOL HJ]LVWHQFLMX UMH
VHQMD L QMHJRYX MHGLQVWYHQRVW X]
GDQH SR
FHWQH XYMHWH
=DGU
]LPR VH WUHQXWDN QD GLIHUHQFLMDOQRM MHGQDG
]EL REOLND
\ I [ \
% 8YRG
JGMH VX SR
FHWQL XYMHWL ]DGDQL
\ \ ]D [ [ WM \ [ \
3UREOHP L]QDOD
]HQMD UMH
VHQMD GLIHUHQFLMDOQH MHGQDG
]EH NRMH ]DGRYROMDYD GDQH SR
FHWQH
XYMHWH ]RYH VH &DXFK\MHY SUREOHP LOL SUREOHP V SR
FHWQLP XYMHWLPD 6D
VWDQRYL
VWD HJ]LVWHQFLMH UMH
VHQMD &DXFK\MHYD SUREOHPD ]D GLIHUHQFLMDOQX MHGQDG
]EX
LVND]XMHPR EH] GRND]D RYDM WHRUHP
\ I [ \
M[ r [ M D M\ r \ M E
\ I [ \
M[ r [ M D M\ r \ M E
z z
z # I [\ z
L DNR LPD RJUDG
~HQX SDUFLMDOQX GHULYDFLMX
#I
#\
WM z #\ z . ]D VYDNL
[ \ 3 RQGD GLIHUHQFLMDOQD MHGQDG
]ED LPD MHGLQVWYHQR UMH
VHQMH NRMH
]DGRYROMDYD SR
FHWQH XYMHWH
\ \ ]D [ [
RJUDG
~HQD QD 3 $NR MH 0 RJUDGD WM MI [ \M i0 o
]D [ \ 3 RQGD UMH
VHQMH
SRVWRML QD LQWHUYDOX M[ r [ M K JGMH MH K PLQ
E
0
SM M
D
3ULPMHU \ \ LPD SUHPD 3HDQRYRP WHRUHPX UMH
VHQMH ]D SURL]YROMQH
SR
FHWQH XYMHWH 0HG
~XWLP UMH
VHQMH QLMH XYLMHN MHGLQVWYHQR .UR] WR
FNX R
FLWR
% 8YRG
r
SUROD]H RYD UMH
VHQMD
\
[
]D [ ]D [
[ ]D [ !
\
[
]D [ !
} 5
5 r
'HzQLFLMD % 1HND VX 3 4 IXQNFLMH GHzQLUDQH QD SRGUX
FMX
} .D
]HPR GD MH GLIHUHQFLMDOQD MHGQDG
]ED \
3 [\
NRMX
4[\
REL
FQR SL
VHPR X REOLNX
3 [ \ G[ 4[ \ G\
GJ [ \ 3 [ \ G[ 4[ \ G\
]D VYDNL [ \ }
GJ 3 G[ 4 G\
=[ =\
J [ \ 3 [ \ G[ 4[ \ G\
[ \
J [ \ &
LOL
=[ =\
3 [ \ G[ 4[ \ G\ &
[ \
.DNR VX UMH
VHQMD GLIHUHQFLMDOQH MHGQDG
]EH GLIHUHQFLMDELOQH IXQNFLMH GHzQLUDQH QD
QHNRM RNROLQL WR
FNH [ D PL ]QDPR QDSLVDWL MHGQDG
]EX GRND]DW g
FHPR WHR
UHP NRML SRYH]XMH UMH
VHQMD GLIHUHQFLMDOQH MHGQDG
]EH L GLIHUHQFLMDELOQD UMH
VHQMD
% (J]DNWQH GLIHUHQFLMDOQH MHGQDG
]EH SUYRJ UHGD
UMH
VHQMH GLIHUHQFLMDOQH MHGQDG
]EH \ r QD LQWHUYDOX M[ r [ M D
3
4
XMHGQR MH UMH
VHQMH MHGQDG
]EH
#J #J
'RND] 1HND MH J[
#[
3 J\
#\
4 7LPH MH
J[ [ \ [ 3 [ \ [ L J\ [ \ [ 4[ \ [
L]
FHJD VOLMHGL \
r 3 [\ [
4[\[
SD GDNOH QD LQWHUYDOX M[ r [ M D IXQNFLMD \ ]DGR
YROMDYD GLIHUHQFLMDOQX MHGQDG
]EX REOLND (
2EUQXWR QHND MH \ UMH
]EH REOLND QD
VHQMH GLIHUHQFLMDOQH MHGQDG
M[r[ M D
2QGD ]D VYDNL [ L] LQWHUYDOD M[ r [ M D YULMHGL
3 [ \ [ 4[ \ [\ [
VWR GDMH
J[ [ \ [ J\ [ \ [\ [
RGQRVQR
J [ \ [
,] WRJD VOLMHGL
J [ \ [ &
SD UMH
VHQMH GLIHUHQFLMDOQH MHGQDG
]EH ]DGRYROMDYD MHGQDG
]EX 7LPH MH
GRND] WHRUHPD NRPSOHWDQ
QDOD]LPR RSg
FH UMH
VHQMH
[
\
&
LOL
[ \ &
'DNOH WR MH MHGQDG
]ED
FLMD VX GLIHUHQFLMDELOQD UMH
VHQMD XMHGQR UMH
VHQMD QD
VH GLIHUHQ
FLMDOQH MHGQDG
]EH 0HG
~XWLP ]D FD IXQNFLMD GHzQLUDQD QD
VOMHGHg r
Sr
&
rS r
[
]D [ UDFLRQDODQ
\ [
[
]D [ LUDFLRQDODQ
R
FLWR ]DGRYROMDYD MHGQDG
]EX [
\ PHG
~XWLP QLMH UMH
VHQMH QDYHGHQH GLIHUHQFL
]EH WD IXQNFLMD QLMH QHSUHNLGQD SD SRJRWRYR QLMH GLIHUHQFLMDELOQD
MDOQH MHGQDG
8] SR
FHWQH XYMHWH [ [ \ \ UMH
VHQMD &DXFK\MHYD SUREOHPD GDQD VX
UMH
VHQMLPD MHGQDG
]EH
=[ =\
3 [ \ G[ 4[ \ G\
[ \
# #
{3 {4
#\ #[
H
r\ G[ r \ [Hr\ G\
\
[ G[ \ OQ [ G\
[ \ [ G[ \ G\
S
\ G\ [ G\ \ G[ \
% (J]DNWQH GLIHUHQFLMDOQH MHGQDG
]EH SUYRJ UHGD
G\ r S \ G[
5MH
VHQMD
[
r
[ \ \
&
[H
r\ r \ &
\ OQ [ \ &
[ OQ[ \ &
S
\ [\ &
S r \ [ &
% 'LIHUHQFLMDOQH MHGQDG
]EH VD VHSDULUDQLP YDULMDEODPD
\
[ r 3 [
4\
5MH
VHQMH &DXFK\MHYRJ SUREOHPD V SR
FHWQLP XYMHWLPD \ \ ]D [ [ GDQR MH V
=[ =\
3 [ G[ 4\ G\
[ \
=DGDFL
S r S
G\ r \ G[
S
[
S
[ \ \ [ \
SR
FHWQL XYMHWL [ \
]
[ ]
MHGQDN D NRQVWDQWD
% 'LIHUHQFLMDOQH MHGQDG
]EH VD VHSDULUDQLP YDULMDEODPD
5MH
VHQMD
DUFVLQ[ DUFVLQ\
S S
&
S
[ \
] r ORJ r
&
[
5 5 H
W X JRGLQDPD
r W
[ r & \
D NUX
]QLFH VD VUHGL
VWHP QD [RVL
% /LQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH SUYRJ UHGD
#
J [ r I [\ rI [
#\
{[I [ { [
L]
FHJD VOLMHGL 5
{[ H
I [ G[
7LPH MH VDGD 5 5
\ I [\ H
I [ G[ J [H
I [ G[
5 = 5
\H
I [ G[ J [H
I [ G[ G[ &
LOL =
\ H
r 5 I [ G[ J [H
5
I [ G[
G[ &
\ I [\
RWNXGD GRELYDPR = 5
& [ J [H
I [ G[ G[ .
RGQRVQR RSg
FH UMH
VHQMH
5
= 5
{
\ H
r I [ G[ J [H
I [ G[ G[ .
=D SR
FHWQH XYMHWH [ [ L \ \ UMH
VHQMH &DXFK\MHYD SUREOHPD JODVL
5[
=[ 5[
I [ G[ I [ G[
\ J[H[ G[
r
\ H
[
[
8R
FLPR GD UMH
VHQMD KRPRJHQH OLQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH WYRUH YHNWRUVNL
SURVWRU /DNR VH SURYMHUL GD MH h\ z\ UMH
VHQMH KRPRJHQH OLQHDUQH GLIHUHQFLMDOQH
MHGQDG
]EH DNR VX \ L \ UMH
VHQMD $NR MH \ UMH
VHQMH KRPRJHQH OLQHDUQH GLIHUHQFLMDOQH
]EH ]D NRMH MH \ [ ]D VYDNL [ L] LQWHUYDOD M[r[ M D RQGD QD M[r[ M D
MHGQDG
VYDNR QMHQR UMH
VHQMH LPD REOLN \ & \ 7R ODNR XYLG
~DPR ,] SUHWSRVWDYNH GD MH
% /LQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH SUYRJ UHGD
\ UMH
VHQMH NRMH QHPD QXOWR
FNX QD M[ r [ M D XYU
VWDYDQMHP \ X KRPRJHQX
\ [
GLIHUHQFLMDOQX MHGQDG
]EX PR
]HPR L]UD
FXQDWL GD MH I [ r
\ [ 6DGD KRPRJHQD
GLIHUHQFLMDOQD MHGQDG
]ED SRSULPD REOLN
\ [
\ r \
\ [
G\ G\
L]
FHJD ODNR L]UD
FXQDPR \ \ RGQRVQR \ & \ .DNR MH QXOIXQNFLMD WDNRG
~HU
UMH
VHQMH KRPRJHQH GLIHUHQFLMDOQH MHGQDG
]EH YLGLPR GD UMH
VHQMD NRMD QHPDMX QXO
WR
FNL QD M[ r [ M D MHU VPR X UD
FXQX GLMHOLOL V \ WYRUH MHGQRGLPHQ]LRQDODQ
YHNWRUVNL SURVWRU 7R VX XMHGQR L VYD UMH
VHQMD KRPRJHQH MHGQDG
]EH X] SUHWSRVWDYNX
QHSUHNLGQRVWL RG I QD M[ r [ M D 1DLPH WDGD MHGLQVWYHQRVW UMH
VHQMD &DXFK\MHYD
SUREOHPD [ [ \ [ GDMH \ [ ]D VYDNL [ L] M[ r [ M D SD MH GDNOH
QXOIXQNFLMD MHGLQD NRMD PR
]H SRSULPLWL YULMHGQRVW QXOD QD M[ r [ M D 7R QDP
XMHGQR ND
]H GD MH RSg
FH UMH
VHQMH KRPRJHQH GLIHUHQFLMDOQH MHGQDG
]EH
\ I [\ J [
\ I [\ J [
\ r \ I [\ r \
RSgFH UMH
VHQMH QMRM SULGUX
]HQH KRPRJHQH GLIHUHQFLMDOQH MHGQDG
]EH RQGD
MH 5
\ \S & H
r I [ G[
RSg
FH UMH
VHQMH GLIHUHQFLMDOQH MHGQDG
]EH
'UXJD
FLMH UH
FHQR UMH
VHQMD GLIHUHQFLMDOQH MHGQDG
]EH GRELYDMX VH WUDQVOD
FLMRP YHNWRUVNRJ SURVWRUD UMH
VHQMD SULGUX
]HQH KRPRJHQH GLIHUHQFLMDOQH MHGQDG
]EH
]D YHNWRU \S 6WR VH WL
FH L]QDOD
]HQMD RSg
FHJ UMH
VHQMD WHRUHP ND
]H GD MH GRYROMQR
SURQDg
FL VDPR MHGQR UMH
]EH L RSg
VHQMH GLIHUHQFLMDOQH MHGQDG
FH UMH
VHQMH SULGUX
]HQH
KRPRJHQH GLIHUHQFLMDOQH MHGQDG
]EH
% /LQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH SUYRJ UHGD
\
I [\ J [\
Q
\
I [\ rQ
J[
\Q
6XSVWLWXFLMRP ] \ rQ
%HUQRXOOLMHYD GLIHUHQFLMDOQD MHGQDG
]ED SUHOD]L X OLQHDUQX
GLIHUHQFLMDOQX MHGQDG
]EX
]
r QI [] r QJ[
=DGDFL
[ \ [\
\ [\ r [ FRV [
[\ r OQ [
\
[H r \
\
[\ \ [\ OQ [
5MH
VHQMD
[\ & r OQ M[M
\ [& VLQ [
\ & OQ [ r OQ [
=DPLMHQLWH XORJX YDULMDEOL H
r\
&[ [
r d
\
[ & r OQ [
[\ &[ D
% +RPRJHQH GLIHUHQFLMDOQH MHGQDG
]EH SUYRJ UHGD
r\d
'HzQLFLMD % 'LIHUHQFLMDOQD MHGQDG
]ED \ [
r
0 [\
1 [\
[
NRMX REL
FQR SL
VHPR X REOLNX
0 [ \ G[ 1 [ \ G\
0 {[ {\
N
{ 0 [ \ L 1 {[ {\
N
{ 1 [ \
LPDPR
0 [ ][ G[ 1 [ ][>[G] ] G[@
N
[ 0 ] G[ [
N 1 ] >[G] ] G[@
LOL
>0 ] 1 ] ] @ G[ [1 ] G]
6DGD MH
G[
[
r 1 ]
0 ] 1 ] ]
G]
2]QD
FLPR OL =
u ] r 0 ]
1 ] G]
1 ] ]
GRELYDPR
[ &H
u [\
VWR MH MHGQDG
]ED
FLMD VX GLIHUHQFLMDELOQD UMH
VHQMD XMHGQR UMH
VHQMD SROD]QH GLIHUHQFL
MDOQH MHGQDG
]EH
g
D [ E \ F
\ I
D[ E\ F
JGMH MH F
F
$NR MH GHWHUPLQDQWD z z
z z
z D E
z
z D E z
% +RPRJHQH GLIHUHQFLMDOQH MHGQDG
]EH SUYRJ UHGD
[ s h \ j z
D h E z F
Dh Ez F
z z
z z
$NR MH z D E
z RQGD MH D
D E
N JGMH MH N NRQVWDQWD SD SROD]QD
z D E z E
GLIHUHQFLMDOQD MHGQDG
]ED SUHOD]L X REOLN
D[ E \ F
g
\
I
D [ E \
ND [ E \ F
6XSVWLWXFLMRP ] D [ E \ RYD MHGQDG
]ED VYRGL VH QD GLIHUHQFLMDOQX MHGQDG
]EX VD
VHSDULUDQLP YDULMDEODPD
=DGDFL
\ [ \ [\\
[\ \ r [H [
\
r[ r \ FRV \ d G[ [ FRV \ G\
[ [
5MH
VHQMD
\
\ &H [
\ r[ OQ OQ &[
OQ [ &
\
VLQ [
]D z r h
D QMHQR MH UMH
VHQMH &
g
\
& [
% 2Sw
FD GLIHU HQFLMDOQD MHGQDGx
]ED SU YRJ U HGD
3URPDWUDMPR RSg
FX GLIHUHQFLMDOQX MHGQDG
]EX SUYRJ UHGD QD]LY GROD]L RGDWOH
VWR VH X MHGQDG
]EL SRMDYOMXMH GHULYDFLMD SUYRJ UHGD QHSR]QDWH IXQNFLMH \ X YUOR
RSg
FHQLWRM YH]L V \ L V QH]DYLVQRP YDULMDEORP [
) [ \ \
6OX
FDM NDGD VH MHGQDG
]ED PR
]H UD]ULMH
VLWL X \ WM
NRML VH VYRGL QD
\
I [ \
YHg
F VPR GLVNXWLUDOL 6DGD g
FHPR QD
FLQLWL QHNH RSg
FH QDSRPHQH NRMH VX YULMHGLOH L SULMH
QR QLVPR LK LVWLFDOL
5MH
VHQMH GLIHUHQFLMDOQH MHGQDG
]EH MH NDR L GR VDGD GLIHUHQFLMDELOQD IXQNFLMD \
QD QHNRP LQWHUYDOX D E NRMD ]DGRYROMDYD GLIHUHQFLMDOQX MHGQDG
]EX WM YULMHGL
) [ \[ \ [
]D VYDNL [ D E
]ED SUYRJ UHGD GHzQLUD X UDYQLQL WDNR]YDQR SROMH VP
6DPD GLIHUHQFLMDOQD MHGQDG
MHURYD WM VYDNRM WR
FNL X NRMRM MHGQDG
]ED ) [ \ \
LPD UHDOQR UMH
VHQMH X \
SULGUX
]HQ MH VPMHU
FLML MH JUDGLMHQW XSUDYR \
) [ \ \
2EL
FQR VH JUDI SURL]YROMQRJ UMH
V L LQWHJUDOQD NULYXOMD 9LGLPR
VHQMD ]RYH MR
RGPDK GD MH LQWHJUDOQD NULYXOMD XSUDYR RQD NRMRM VH X VYDNRM WR
FNL VPMHU WDQJHQWH
SRGXGDUD VD VPMHURP SROMD X WRM WR
FNL 6SRPHQLPR MR
V MHGDQ WHUPLQ .ULYXOMH
) [ \ F
]RYX VH L]RNOLQH 7R VX NULYXOMH NRMH VSDMDMX WR
FNH X NRMLPD MH LVWL VPMHU &DXFK\
MHY SUREOHP MH L X RYRP VOX
FDMX LVWL WM SUREOHP L]QDOD
]HQMD UMH
VHQMD
FLMD LQWHJUDOQD
FNX [ \
NULYXOMD SUROD]L NUR] ]DGDQX WR
3RG
~HPR OL RG MHGQDG
]EH
) [ \ \
QLMH LVNOMX
FHQR GD RQD X WR
FNL [ \ GHzQLUD YL
VH VPMHURYD 6WR VDGD ]QD
FL MHGLQ
VWYHQRVW UMH
VHQMD &DXFK\MHYD SUREOHPD" .D
]HPR GD MH UMH
VHQMH &DXFK\MHYD
SUREOHPD V SR
FHWQLP XYMHWLPD [ \ MHGLQVWYHQR DNR SRVWRML RNROLQD
% 2Sg
FD GLIHUHQFLMDOQD MHGQDG
]ED SUYRJ UHGD
WR
FNH [ WDNYD GD MH EURM LQWHJUDOQLK NULYXOMD GHzQLUDQLK X WRM RNROLQL
FNX [ \ MHGQDN EURMX VPMHURYD SROMD GHzQLUDQLK
NRMH SUROD]H NUR] WR
MHGQDG
]ERP
) [ \ \
E
) [ \ \
F )
\ [ \ \
UMH
VHQMH RG QD , NRMH ]DGRYROMDYD SR
FHWQH XYMHWH
3ULPMHU
\ r \
7D VH GLIHUHQFLMDOQD MHGQDG
]ED UDVSDGD QD GYLMH
S S
\
\ L \
r \
5MH
VLPR OL SUYX
G\
S\ G[
LPDPR
S
\ [ & [ & {
LOL
\ [ &
[ & {
5MH
VLPR OL GUXJX
r S
G\
G[
\
% 2Sg
FD GLIHUHQFLMDOQD MHGQDG
]ED SUYRJ UHGD
GRELYDPR
S
r \ [ & [ &
RGQRVQR
\ [ &
[ &
9LGLPR GD MH VYDND SDUDEROD
\ [ &
UMH
VHQMH SROD]QH GLIHUHQFLMDOQH MHGQDG
]EH 2VLP WRJD L
\
MH UMH
VHQMH WH GLIHUHQFLMDOQH MHGQDG
]EH 1R WR QLVX VYD UMH
VHQMD ,PD EHVNRQD
FQR
PQRJR UMH
VHQMD NRMD PR
]HPR VDVWDYLWL RG JRUQMLK 7DNYD UMH
VHQMD VX SULPMHULFH
]D [
\ [
[ r ]D [ !
[
]D [ r
\ [
[ r ]D r[
]D [!
\
S\
RGQRVQR \
rS\
\ [ & ]D [& {
\ [ & ]D [&
GRELYDPR & RGQRVQR & f 7LPH VX WUD
]HQD UMH
VHQMD &DXFK\MHYD SUREOHPD
\ [ L \ [ r
% 2Sg
FD GLIHUHQFLMDOQD MHGQDG
]ED SUYRJ UHGD
\[ [ & [ r&
SDUWLNXODUQR UMH
VHQMH GLIHUHQFLMDOQH MHGQDG
]EH \ \ r GRN MH \ [ VLQJX
ODUQR UMH
VHQMH D [ [
\[ r
[ [ [ ! [
QLWL MH VLQJXODUQR QLWL SDUWLNXODUQR
,] WHRUHPD % VOLMHGL GD VLQJXODUQD UMH
VHQMD XNROLNR LK LPD SUROD]H WR
FNDPD
X NRMLPD MH
#) [ \ \
#\
.DNR VX WR XMHGQR UMH
VHQMD GLIHUHQFLMDOQH MHGQDG
]EH LVWRYUHPHQR YULMHGL
) [ \ \
% 2Sg
FD GLIHUHQFLMDOQD MHGQDG
]ED SUYRJ UHGD
) [ \ \
#)
#\
5D]ULMH
VHQD SR \
GDMH
\
[ L \
r[
SD LPDPR GYLMH IDPLOLMH LQWHJUDOQLK NULYXOMD
VOLMHGL HOLPLQDFLMRP \
[
RGQRVQR
[ GLVNULPLQDQWQD NULYXOMD
'DNOH X RYRP VOX
FDMX GLVNULPLQDQWQD NULYXOMD QLMH VLQJXODUQR UMH
VHQMH GLIHUHQFLMDOQH
MHGQDG
]EH
1HND MH
[ \ & MHGQDG
]ED IDPLOLMH NULYXOMD 7DGD VH SRG DQYHORSRP
RYRMQLFRP RPRWQLFRP WH IDPLOLMH SRGUD]XPLMHYD NULYXOMD NRMD X VYDNRM WR
FNL
WDQJLUD EDUHP MHGQX NULYXOMX IDPLOLMH L QH SRGXGDUD VH QL QD MHGQRP RGVMH
FNX V
QHNRP NULYXOMRP IDPLOLMH
2
FLJOHGQR MH GD MH DQYHORSD IDPLOLMH LQWHJUDOQLK NULYXOMD XMHGQR VLQ
JXODUQR UMH
VHQMH GLIHUHQFLMDOQH MHGQDG
]EH
3ULPMHU 6YDND NULYXOMD X UDYQLQL PR
]H VH VPDWUDWL DQYHORSRP VYRMLK WDQJHQD
WD .RG WRJD PLVOLPR GD NULYXOMD QLMH SUDYDF QLWL VDGU
]L VHJPHQW SUDYFD
8R
FLPR OL GYLMH NULYXOMH L] IDPLOLMH
[ \ & RGUHG
~HQH V & L & d& RQGD
VX QMLKRYH MHGQDG
]EH
[ \ &
[ \ & d&
7DGD MH L
[ \ & d& r
[ \ & SD SR WHRUHPX VUHGQMH YULMHGQRVWL LPDPR
[ \ & d& r
[ \ &
& [ \ & d&
d&
& [ \ &
7LPH ]D VYDNX WR
FNX DQYHORSH YULMHGH VOMHGHg
FH MHGQDG
]EH
[ \ &
& [ \ &
JGMH VX [ L \ NRRUGLQDWH WR
FNH QD DQYHORSL SD HOLPLQDFLMRP SDUDPHWUD & GRELYDPR
W]Y GLVNULPLQDQWQX NULYXOMX IDPLOLMH NULYXOMD NRMD VDGU
]L DQYHORSX XNROLNR
DQYHORSD XRSg
FH SRVWRML 1DLPH
& [ \ &
MH QX
]DQ XYMHW SRVWRMDQMD DQYHORSH
SD HOLPLQDFLMRP PR
]H GDWL QHNX NULYXOMX D GD DQYHORSD XRSg
FH QH SRVWRML 'RYROMDQ
XYMHW HJ]LVWHQFLMH DQYHORSH JODVL X GRND] VH QH XSX
VWDPR
z z
&&
L
z
z
[
\ z
z
z
&[
&\
z
6DGD SRPRg
FX SRMPD DQYHORSH IDPLOLMH NULYXOMD PR
]HPR UHg
FL GD VLQJXODUQR
UMH
VHQMH GLIHUHQFLMDOQH MHGQDG
]EH PR
]H ELWL VDPR RQDM GLR QMHQH GLVNULPLQDQWQH
NULYXOMH NRML MH DQYHORSD QHNH IDPLOLMH LQWHJUDOQLK NULYXOMD WH GLIHUHQFLMDOQH MHG
QDG
]EH
% 2Sg
FD GLIHUHQFLMDOQD MHGQDG
]ED SUYRJ UHGD
[r \
\
\
3RWUD
]LPR GLVNULPLQDQWQX NULYXOMX WH IDPLOLMH NULYXOMD ,] MHGQDG
]EL
r r \ & r r [ &
r r
\ & [ &
\ r & [ r &
LOL & \ r [
8YU
VWHQMHP & X SUYX MHGQDG
]EX GRELYDPR
[ r \ [ r
\
RGQRVQR
[ r \ >[ r r @\
\ [ L \ [ r
MHVWH 3UDYDF \ [ r XSUDYR MH DQYHORSD JRUQMLK JUDQD GDNOH MHGQH IDPLOLMH
LQWHJUDOQLK NULYXOMD SD MH WLPH XMHGQR VLQJXODUQR UMH
VHQMH GLIHUHQFLMDOQH MHGQDG
]EH
8 YH]L V SULPMHURP SULPLMHWLPR MR
V L WR GD VH GLVNULPLQDQWQD NULYXOMD GLIHUHQFLMDOQH
MHGQDG
]EH VDVWRML RG LVWLK WLK SUDYDFD
=DGDFL
5MH
VHQMD
[
1LMH
S
\
,] \
\f \ r[
[ L]QDOD]LPR RSg
FH UMH
VHQMH [
& \ r & 6LQJXODUQD
UMH
VHQMD \ f [
% 3ULPMHUL GLIHUHQFLMDOQLK MHGQDG
]EL SUYRJ UHGD
]EX PR
$NR MHGQDG
]HPR ULMH
VLWL X \ RQGD GRELYDPR
\ IN [ \ N P Q
SD VH SUREOHP UMH
VDYDQMD GLIHUHQFLMDOQH MHGQDG
]EH VYRGL QD SUREOHP UMH
VDYDQMD
P ]EL REOLND 3UHWSRVWDYLPR GD VX RSg
GLIHUHQFLMDOQLK MHGQDG
FD UMH
VHQMD RG
GDQD NDR
uN [ \ & N P Q
3ULPMHU
\ 3 [ \ \ 4[ \
]ED X \ D GHzQLUDQD MH X SRGUX
MH NYDGUDWQD MHGQDG
FMX
3 [ \ r 4[ \ {
,PDPR
\
r3 [ \ f
S 3
[ \ r 4[ \
$NR MH 3
[ \ r 4[ \ RQGD VH UMH
VDYDQMH GLIHUHQFLMDOQH MHGQDG
]EH VYRGL QD
UMH
VDYDQMH VOMHGHg
FLK GYLMX GLIHUHQFLMDOQLK MHGQDG
]EL
\
r3
S 3
r 4 L \
r3 r
S 3
r 4
-HGQDG
]ED GLVNULPLQDQWQH NULYXOMH JODVL
3 [ \ r 4[ \
3ULPMHU ) \ MH GLIHUHQFLMDOQD MHGQDG
]ED NRMD QH VDGU
]L QL [ QLWL \
% 3ULPMHUL GLIHUHQFLMDOQLK MHGQDG
]EL SUYRJ UHGD
1HND MHGQDG
]ED
) \
\ DN N
) DN N
,] \ DN QDOD]LPR
\ DN [ & N
RGQRVQR
\ r &
DN N
[
NDR MHGQDG
]EX SRURGLFH LQWHJUDOQLK NULYXOMD
VWR RQGD ]RYHPR RSg
FLP UMH
VHQMHP SR
OD]QH GLIHUHQFLMDOQH MHGQDG
]EH
) [ \
$NR MH UMH
VLYD X \
\
IN [ N
RQGD LPDPR =
\ IN [ G[ & N
$NR MHGQDG
]EX QH PR
]HPR ULMH
VLWL X \ PR
]HPR VH SLWDWL SRVWRMH OL IXQNFLMH
L u SDUDPHWUD W WDNYH GD
)
W uW
7DGD VH SROD]QD GLIHUHQFLMDOQD MHGQDG
]ED PR
]H QDSLVDWL X REOLNX
[
W \
uW
SD ND
]HPR GD SURPDWUDQD GLIHUHQFLMDOQD MHGQDG
]ED GRSX
VWD SDUDPHWDUVNL SULND] 8
VOX
FDMX SDUDPHWDUVNRJ SULND]D LPDPR
G\
uW G[
WGW G\
uW
WGW
G[
% 3ULPMHUL GLIHUHQFLMDOQLK MHGQDG
]EL SUYRJ UHGD
RGQRVQR =
\ uW
WGW &
VWR ]DMHGQR V
[
W
SUHGVWDYOMD UMH
VHQMH X SDUDPHWDUVNRP REOLNX
L QHND MH WD MHGQDG
]ED UMH
VLYD X \
\
IN \ N
7DGD VH =
G\
[& N
IN \
]RYH RSg
FH UMH
VHQMH SROD]QH GLIHUHQFLMDOQH MHGQDG
]EH
$NR VH QH PR
]H ULMH
VLWL X \ PR
]GD GRSX
VWD SDUDPHWDUVNL SULND]
\
W \
uW
SD L] G\ \ G[ GRELYDPR
WGW
uW G[
RGQRVQR =
W
[ GW &
uW
\ uW
VWR SUHGVWDYOMD SDUDPHWDUVNL ]DSLV RSg
FHJ UMH
VHQMD
) [ \ \
L SUHWSRVWDYLPR GD GRSX
VWD SDUDPHWDUVNL SULND]
[
X Y \ uX Y \
xX Y
JGMH VX X L Y SDUDPHWUL
7DGD GLIHUHQFLMDOQX MHGQDG
]EX PR
]HPR SUHYHVWL QD VOX
FDM NDGD MH UMH
VLYD X \
,] G\ \ G[ VOLMHGL
g
#u #u #
#
GX GY xX Y GX GY
#X #Y #X #Y
% 3ULPMHUL GLIHUHQFLMDOQLK MHGQDG
]EL SUYRJ UHGD
LOL
GY
I X Y
GX
1HND MH
Y ZX &
QMHQR RSg
FH UMH
VHQMH 7DGD UMH
VHQMH SROD]QH GLIHUHQFLMDOQH MHGQDG
]EH X SDUDPHWDU
VNRP REOLNX JODVL
[
>X ZX & @
\ u>X ZX & @
]EX ) [ \ \
3DUDPHWUL]DFLMD VH ODNR SURYRGL DNR MHGQDG
PR
]HPR ULMH
VLWL SR \
LOL [
D 1HND MH
[ \ \
[ [ \
[ S \ S
1DGDOMH L] G\ \ G[ VOLMHGL
#
#
G[ GS S G[
#[ #S
SD DNR PR
]HPR QDg
FL UMH
VHQMH WH MHGQDG
]EH
SDUDPHWUL]DFLMD JODVL
[
\ S \
S
SD LPDPR g
#
#
G\ S G\ GS
#\ #S
RWNXGD VOLMHGL
S S\ & LOL \ \S &
VWR VH XYUVWL X [
\ S
3ULPMHU /DJUDQJHRYD GLIHUHQFLMDOQD MHGQDG
]ED LPD REOLN
\
\ [ u\
$NR MH
\
\
RQGD /DJUDQJHRYD GLIHUHQFLMDOQD MHGQDG
]ED SRSULPD REOLN
\ [\
u\
\
S [ [
SD GRELYDPR
\
S[ uS
'HULYLUDQMHP SR YDULMDEOL [ GRELYDPR
S
S [
SS
u SS
LOL
S r S@ >[
S u S@S
>
X
FHPX ]DPMHQRP XORJH YDULMDEOL SUHSR]QDMHPR OLQHDUQX GLIHUHQFLMDOQX MHGQDG
]EX
NRMD JODVL
S
u S
[
[
S r S S r
S
1DUDYQR GD MH L UMH
VHQMH &ODLUDXWRYH GLIHUHQFLMDOQH MHGQDG
]EH RYGMH XNOMX
FHQR 1R
NDNR MH
\
\
WR QDNRQ SDUDPHWUL]DFLMH LPDPR
[ u S@S
>
VWR GDMH GYLMH GLIHUHQFLMDOQH MHGQDG
]EH
S
[ u S
\ ru SS uS
'DNOH
[ ru S
\ ru SS uS
=DGDFL
\\ r [\ \ \ [\ [ \ r [
\ r S\ \ \ \ S\\
\ r \ r \ [
\ \ r \
[ H\ r \
\ [ r OQ \
S\
\
\ OQ \
\ \ [ \
[\ r \ OQ \
5MH
VHQMD
\ r [ r & \ r [ r & \ r [ r &
r d
[ [& \
\ [ MH VLQJXODUQR UMH
VHQMH
\ & j \ & j
r \ [&
r
[
r
[
r
[ HW r W \
r d
H W Wr r
W &
[ OQ S S \ S r OQ S &
[ W & \ FKW LOL \ FK[ r & \ MH VLQJXODUQR UMH
VHQMH
[ DUFWJS & \ OQ S \ MH VLQJXODUQR UMH
VHQMH
RJUDG
~HQD QD 3 GD MH UMH
VHQMH MHGLQVWYHQR 6YDNDNR MH L]UHND R HJ]LVWHQFLML L MHGLQ
VWYHQRVWL UMH
VHQMD &DXFK\MHYD SUREOHPD YD
]QLMD SD RYGMH
]HOLPR GRND]DWL 3LFDUGRY
WHRUHP L WR SRG RSg
FHQLWLMLP XYMHWLPD RG RQLK X WHRUHPX % 7DPR VPR QDPMHUQR
L]RVWDYLOL RSg
FHQLWLMX IRUPXODFLMX NDNR EL MD
FH LVWDNOL WYUGQMH WHRUHPD D SUHWSRVWDYNH
LPDOL L]UH
FHQH SRPRg
FX SR]QDWLK SRMPRYD 2VWDOH WHRUHPH 3LFDUGRYD WLSD NDR QSU
WHRUHP % L NDVQLMH RYGMH QHg
FHPR GRND]LYDWL
M I [ r M M r M
I [ / [ [
5
I 5 M r M M r M J
=D IXQNFLMX GYLMX YDULMDEOL I 3 GHzQLUDQX QD SUDYRNXWQLNX 3
[ \ [ [ D \ \ E ND
]HPR GD ]DGRYROMDYD
M r M
/LSVFKLW]RY XYMHW QD 3 V RE]LURP QD YDULMDEOX \ DNR SRVWRML / !
M r M M r M
WDNDY GD ]D VYDNL [ [ [ D L ]D VYDNH GYLMH YULMHGQRVWL \ L \
\ \ E \ \ E YULMHGL
M r I [ \ I [ \ M M r M
/ \ \
1DGDOMH ND
5
]H VH GD I 3 ]DGRYROMDYD /LSVFKLW]RY XYMHW QD 3
DNR SRVWRML / ! WDNDY GD ]D VYDNH GYLMH WR
FNH [ \ L [ \ L] 3
M r M IM r M M r MJ
YULMHGL
I [ \ I [ \ / [ [ \ \
#I
-DVQR MH VDGD RYR DNR LPD RJUDQL
FHQX SDUFLMDOQX GHULYDFLMX #\ QD 3 RQGD
I
\ I [ \
M r M
[ [ D M r M
\ \ E
\ \ ]D [ [
1DGDOMH UMH
VHQMH MH GHzQLUDQR L LPD QHSUHNLGQX GHULYDFLMX QD
M r M
[ [ K PLQ D
0
E
1HND MH [ \ [ UMH
VHQMH RG GHzQLUDQR QD M r M
[ [ K L QHND YULMHGL
\ [ \ 7DGD LPDPR
\
[ I [ \ [ M r M
[ [ K
=[
\ [ r \ [ I [ \ [ G[
[
LOL
=[
\ [ \ I [ \ [ G[ M r M
[ [ K
[
&x LWDWHOM P Rx
]H L L]RVWDY LWL G RN D] DN R x
]HOL MHU MH Q Hx
VWR S RG X x
]L 0HG zX WLP x
]HOLP R LVWDw
FL G D MH
G RN D] X Q DWRx
F G X OMLQ L MHG Q RVWDY DQ L LQ VWU X N WLY DQ 8 G RN D]X VH N RU LVWL P DWHP DWLx
FN L DS DU DW N RML
Q DP MH RE Lx
FQ R S R]Q DW V S U Y H JRG LQ H VWX G LMD ,VWDN Q LP R MRx
V L WR G D VDP G RN D] G DMH Y Lx
VH Q H VDP R
LVWLQ LWRVW 3 LFDU G RY RJ WHRU HP D Q HJR L S RVWX S DN L]Q DODx
]HQ MD DS U RN VLP DWLY Q LK U MHx
VHQ MD & DX FK \ MHY D
S U RE OHP D
% 'RND] 3LFDUGRYD WHRUHPD
3 \ \ E
\ NRQVWDQWQD IXQNFLMD
\ [ \
V
=[
\ [ \
I [ \ G[
[
GHzQLUDQD QD [ [ M r M D IXQNFLMD \ NRMX RGDELUHPR ]D SUYX DSURNVLPDFLMX UMH
VHQMD
RG \ 7UHED RFLMHQLWL YULMHGQRVWL RG \ GD VOX
FDMQR QH L]OD]H L] 3 =ERJ QHSUHNLG
QRVWL IXQNFLMH I QD SUDYRNXWQLNX 3 IXQNFLMD I MH RJUDG~HQD QD 3 WM SRVWRML 0 !
M
WDNDY GD EXGH I [ \ M
0 ]D VYH [ \
3 =DWR LPDPR
z [ z z [ z
z= z z= z
M
\ [ r M
\
z
z
z[
z
z I [ \ G[z
z
z
d 0
z
z
z
z[
z
G[z
z
z
0 dM r M
[ [
M r M
[ [
E
0
6DGD MH QD [ M r M
[ K GHzQLUDQR I [ \ [ SD PR
]HPR SURPDWUDWL IXQNFLMX \
GHzQLUDQX V
=[
\ [ \
I [ \ [ G[
[
]D NRMX LVWRP SURFMHQRP NDR ]D \ YLGLPR GD QD [ [ PLQ D 0 E ?QH M r M i o
M r M
K
GHzQLUDQD QD [ [ K V
=[
\ Q [ \
I [ \ Qr [ G[
[
7LPH VX VYH IXQNFLMH QL]D I Q J GHzQLUDQH QD LVWRP VHJPHQWX M r M L V
M Q r M SD DNR SRVWRML QOLP
\ [ [ K
YULMHGQRVWLPD X VHJPHQWX \ \
Q RQGD VX
E \ \
[ [ K
\ \ E
L]UD]D ]D \ L \ LPDPR
=[
\ [ r \ [ I [ \ [ r I [ \ [ G[
[
Mr M
zz=[ zz
SD ]D [ [ K YULMHGL
M
\ [ r \ [ M zzzz M I [ \ r I [ \ G[ M zzzz
[
% 'RND] 3LFDUGRYD WHRUHPD
M r
M M r M
FNH [ \ L [ \ GRELYDPR
3ULPLMHQLPR OL /LSVFKLW]RY XYMHW QD I L WR
I [ \
zz=[ zz
I [ \ / \ \ RGQRVQR
M r M zzz M r M zzzz
\
z
\ / \ \ G[
[
M r M M r M
zz=[ z
.DNR VPR YHg
F SULMH X SRVWLJOL RFMHQX \ \ 0 [ [ GRELYDPR
M r M zz M r M zzz Mr M
zz zz
[ [
\ \ 0/ [ [ G[ 0/
[
Mr M
$QDORJQD RFMHQD GDMH
M r M
[ [
\ \ 0/
M Qr
\ \Qr M 0/
Qr M r MQ
[ [
i Eo
Q
Q
MQ
\ [ r Q r M Qr
\ [ 0/
K
Q
3UHPD '
$ODPEHUHWRYRP NULWHULMX UHG
Q
M M ddd Qr K ddd
K
\ 0 K 0 / 0/
Q
Q Q Q
\[ OLP V [ OLP \ [
QD M r M
[ [ K 3RND
]LPR GD MH WD IXQNFLMD UMH
VHQMH LQWHJUDOQH MHGQDG
]EH 8
WX VYUKX GRND
]LPR QDMSULMH GD YULMHGL
=[ =[
Q Q
OLP I [ \ G[ I [ \ G[
[ [
1DLPH L] XQLIRUPQH NRQYHUJHQFLMH \ Q \ QD M r M
[ [ K VOLMHGL GD ]D VYDNL !
MQ r
\ [ \[ M
% 'RND] 3LFDUGRYD WHRUHPD
M r M
zz 5[ zz zz 5[ zz
]D VYH [ L] VHJPHQWD [ [ K 7LPH ]D Q ! 1 LPDPR RFMHQX
zz r 5[ zz zz M r M zzz
z[ z Q
[z
I [ \ G[ I [ \ G[
z z[ I [ \ Q I [ \ G[
zz 5[ z
zz[ M Q r M zzz M
/ \ \ G[ / [ r M [ /K
VWR WH
]L N ]D SD MH GRND]DQR 'D MH UMH
VHQMH RG VOLMHGL L]
L
=[
Q Q
OLP \ \
Q
OLP I [ \ Qr G[
[
RGQRVQR
=[
\ \ I [ \ G[
[
2YRJ WUHQXWND GRND]DOL VPR HJ]LVWHQFLMX UMH
VHQMD SURPDWUDQRJ &DXFK\MHYD SURE
v
\ \ ]D [ [ 'D ELVPR NRPSOHWLUDOL GRND] 3LFDUGRYD WHRUHPD WUHED MR
V
M r M
GRND]DWL MHGLQVWYHQRVW UMH
VHQMD 3UHWSRVWDYLPR GD MH \ QHNR UMH
VHQMH SROD]QRJ
v
&DXFK\MHYRJ SUREOHPD NR MH QHND MH GHzQLUDQR QD VHJPHQWX [ [ K K 7DGD
v
=[ v
\ [ \ I [ \ [ G[
[
v M r M
v M Q r vM
'D GRND
]HPR GD MH \ [ \[ ]D VYDNL [ L] [ [ K GRYROMQR MH ]ERJ
M v M
7X RFMHQX GRELYDPR DQDORJQLP ]DNOMX
FLYDQMHP NDR NRG L]QDOD
]HQMD RFMHQH
zz=[ zz
1DLPH ]ERJ I [ \ 0 L]
M r vM zzzz M
\ \ I [ \ G[
v M zzz
z
[
M r vM M r M
GRELYDPR
\ \ 0 [ [
% 'RND] 3LFDUGRYD WHRUHPD
=D RFMHQX M r vM z
\ \ LPDPR
zz
z[
M r vM zzz[5 M r v M zzz
zz 5[ zz z z
\ \ I [ \ I [ \ G[
zz zzz 5[ M r M zzz
zzz[ M r v M
/ \ \ G[
z z[
0/
z[ [ G[ 0/
M[r[ M
M r vM
\ \ 0/
Mr M[ [
M r MQ
L LQGXNFLMRP
M Q r vM
\ \ 0/
Q [ [
Q
]D VYDNL [ L] M r M
[ [
K ,PDPR GDNOH RSg
FX RFMHQX
Q
M Q r vM
\ \ 0/
Q K
Q
.DNR
Q Q
d
0/
Q K 0 /K
Q / Q
]D Q
WR VOLMHGL GD MH
v
Q Q
\ [ OLP \ [ \[
v
PR
]HPR X]HWL ]D DSURNVLPDFLMX UMH
VHQMD &DXFK\MHYD SUREOHPD 2YGMH g
FHPR MR
V GDWL
RFMHQX JUH
VNH WDNYH DSURNVLPDFLMH 1DLPH DNR X ]DPLMHQLPR K V K L \ V \
GRELYDPR WUD
]HQX RFMHQX NR MD JODVL
Q
MQ r
\ [ \[ M 0/
Q K
Q
]D M r M
[ [ K
1DGDOMH PR
]HPR RFLMHQLWL L VDPR UMH
VHQMH \ ,]
M M M M Q3 M Q r Qr M
\[ \ \ [ \ [
0 rH/M[r[ M r d
\ 0
/
\
Q \
/
2S wFHQ LWR ]D D! Y U LMHG L OLP DQ Y LG L S U LP MHU LFH >@
2Y G MH N RU LVWLP R G D MH D
Q Q
H
D Q
3
Q Q
% 'RND] 3LFDUGRYD WHRUHPD
RGQRVQR j
M\ [M M\ M
0 /M[r[ M r
H
/
\
\ \
3URQDG~LPR UMH
VHQMH SUHWKRGQR QDYHGHQRP PHWRGRP VXNFHVLYQLK DSURNVLPDFLMD
6DGD LPDPR
=[
\ Q \ Qr G[
[
LOL UHGRP
\ [
5[
\ [
G[ [
5[
\ [
[ G[ [ [
5[ r d
\ [
[ [ G[
[ [
[
\ [
Q [ [
[
ddd
Q
[
Q
VOX
FDM NDGD RGQRVQR ]D
PDWUDWL IXQNFLMX
[ \
I [\
L GHzQLUDWL
[ \ 7LPH MH
QHSUHNLGQD X
FNDPD RNROLQH RG
VYLP WR
[ \ $NR
RVLP WRJD ]DGRYROMDYD /LSVFKLW]RY XYMHW X
UMH
VHQMH MH QHND IXQNFLMD
]EH \
GLIHUHQFLMDOQH MHGQDG
I [ \ JODWNR QDGRYH]XMX L GD X WR
FNL [ \ LPDMX
% 'RND] 3LFDUGRYD WHRUHPD
FNX
YHUWLNDOQX WDQJHQWX =DWR VYDNX WR
[ \ ]D NRMX GHVQD VWUDQD RG WM
]DGRYROMDYD QD QHNRM RNROLQL I
\
D[ E\
F[ G\
DG r EF
X RNROLQL QMHQH VLQJXODUQH WR
FNH 7R gFH XMHGQR ELWL RSLV SRQD
VDQMD LQWHJUDO
QLK NULYXOMD RNR VLQJXODUQH WR
FNH WLSD GLIHUHQFLMDOQLK MHGQDG
]EL NRG NRMLK
PR
]HPR KJ DSURNVLPLUDWL UDFLRQDOQRP IXQNFLMRP D[ E\
F[G\ DG EF r
3ULPMHU 3URPDWUDMPR GLIHUHQFLMDOQX MHGQDG
]EX
\
r [
\
7R
FNH [RVL [ QLVX VLQJXODUQH WR
FNH 8 WLP WR
FNDPD I LPD ]D OLPHV r
RGQRVQR -HGLQD VLQJXODUQD WR
FND MH LVKRGL
VWH 2SgFH UMH
VHQMH JODVL
[ \ &
\
\[
LVKRGL
VWH MH WDNRG
~HU VLQJXODUQD WR
FND
5MH
VHQMH GLIHUHQFLMDOQH MHGQDG
]EH QD LQWHUYDOX D E MH VYDND IXQNFLMD
5
X
Qr Qr
\ [ \ \ [ \ \ [ \
6WR VH WL
FH HJ]LVWHQFLMH L MHGLQVWYHQRVWL UMH
VHQMD &DXFK\MHYD SUREOHPD YULMHGL DQDOR
JDQ WHRUHP 3LFDUGRYRJ WLSD 1DYHVW g
FHPR WHRUHP EH] GRND]D 8 SUHWKRGQRM WR
FNL
UHNOL VPR GD VH /LSVFKLW]RY XYMHW PR
]H GHzQLUDWL L ]D IXQNFLMH YL
VH RG GYLMX YDULMDEOL
7DPR VPR L]RVWDYLOL WX GHzQLFLMX ]DWR
VWR QDP QLMH ELOD SRWUHEQD ]D IRUPXODFLMX WHR
UHPD GRN MX VDGD GDMHPR
M Nr N M
[ [
DN N Q
.D
]HPR GD I ]DGRYROMDYD /LSVFKLW]RY XYMHW QD 3 DNR SRVWRML / !
WDNDY GD ]D VYDNH GYLMH WR
FNH [ [ [Q L [ [ [Q L]
3 YULMHGL
z
z
zI [ [Q r I [
[Q
z
z
z /
;M Q
[
N r NM[
N
.D
]HPR GD I 3 5 ]DGRYROMDYD /LSVFKLW]RY XYMHW V RE]LURP QD YDUL
MDEOH [ [Q DNR SRVWRML / WDNDY GD ]D VYDNH GYLMH WR
FNH [ [ [Q
zzz zzz ; M
L [ [ [Q L] 3 XR
FLWH GD MH SUYD NRRUGLQDWD LVWD YULMHGL
Q
I [ [
[Q
r I [ [
[Q
/ [
N rNM
[
N
% 'LIHUHQFLMDOQH MHGQDG
]EH YL
VHJ UHGD
\ Q I [ \ \ \Q
r
M[ r [ M D M\ r \ M E M\ r \ M E M\ Q r \ Q M EQ
r
r
r
$NR MH
D I QHSUHNLGQD QD 3
E I ]DGRYROMDYD /LSVFKLW]RY XYMHW V RE]LURP QD YDULMDEOH \ \ \Q r
\[ \ \ [
\ \Q
r
[
\Q r
QD NRMX VH DQDORJQR SUHQRVH VYL SRMPRYL NRMH VPR VUHWDOL SULOLNRP UD]PDWUDQMD RSg
FH
GLIHUHQFLMDOQH MHGQDG
]EH SUYRJ UHGD 7DNRG
~HU YULMHGL L DQDORJDQ WHRUHP R HJ]LVWHQFLML
L MHGLQVWYHQRVWL UMH
VHQMD NRML LVSX
VWDPR 6LQJXODUQR UMH
VHQMH MH RSHW RQR X
FLMRM
MH VYDNRM WR
FNL QDUX
VHQD MHGLQVWYHQRVW UMH
VHQMD &DXFK\MHYD SUREOHPD $QDORJQR
SURL]OD]L GD VLQJXODUQD UMH
VHQMD PRJX ELWL NULYXOMH X
FLMLP WR
FNDPD YULMHGL
#)
) L
#\Q
3UREOHP L]QDOD
]HQMD UMH
VHQMD GLIHUHQFLMDOQLK MHGQDG
]EL L PR
]H SR
QHNDG ELWL ULMH
VHQ VQL
]DYDQMHP UHGD GLIHUHQFLMDOQH MHGQDG
]EH QHNRP VSUHWQRP SD
UDPHWUL]DFLMRP L WRPH VOL
FQR SD QDYRGLPR QHNH WDNYH VOX
FDMHYH X REOLNX SULPMHUD L
SULSDGQH SRVWXSNH L]QDOD
]HQMD RSg
FHJ UMH
VHQMD
\ Q I [
7DGD VH RSg
FH UMH
VHQMH QDOD]L X]DVWRSQRP LQWHJUDFLMRP SXWD WM LPDPR Q
= =
\[ ddd I [ G[ ddd G[ & [Q r
& [Q r
ddd &Q [ &Q
r
SUL
FHPX MH WR UMH
VHQMH X SRGUX
FMX RGUHG
~HQRP VD
[ D E M\M M\ M M\Q r
M
3ULPMHU 3URPDWUDMPR GLIHUHQFLMDOQX MHGQDG
]EX REOLND
) [ \Q
$NR WX MHGQDG
]EX VDGD VKYDg
FDPR NDR MHGQDG
]EX PR
]HPR ULMH
VLWL X \ Q
\ Q IN [ N
RQGD UMH
VDYDQMHP UHGRP GLIHUHQFLMDOQLK MHGQDG
]EL NDR X SULPMHUX GREL
YDPR RSg
FH UMH
VHQMH RG
\ r [
RQGD ULMH
VHQD X \
GDMH GYLMH GLIHUHQFLMDOQH MHGQDG
]EH
\
[ \
r[
5LMH
VLPR OL WH GLIHUHQFLMDOQH MHGQDG
]EH GRELYDPR
[
\ & [ &
r [
\ & [ &
VWR SUHGVWDYOMD RSg
FH UMH
VHQMH SURPDWUDQH GLIHUHQFLMDOQH MHGQDG
]EH
'UXJL SRNX
VDM UMH
VDYDQMD ELR EL XYRG
~HQMH SDUDPHWUL]DFLMH
[
W
\ Q uW
3UDYLOR ]D GHULYLUDQMH VOR
]HQLK IXQNFLMD GDMH
\Q W \Q [[ W
L]
FHJD VOLMHGL
K L
\ Q r
W
uW
W
RGQRVQR =
\ Q r
W
uW
WGW &
u W &
% 'LIHUHQFLMDOQH MHGQDG
]EH YL
VHJ UHGD
[
W
\ uQ W & & &Q
3ULPMHULFH GLIHUHQFLMDOQD MHGQDG
]ED
[ r \ H\
GRSX
VWD SDUDPHWUL]DFLMX
[ WHW
\
W
6DGD RSg
FH UMH
VHQMH ODNR QDOD]LPR L JODVL
[ WHW
\
W r W W HW & WHW &
3ULPMHU 'LIHUHQFLMDOQD MHGQDG
]ED QH VDGU
]L \ \ \N
r
WM REOLND
) [ \N \N \Q
) [ ] ] ]Q
r N
]
[ & &Q r N
RQGD WR GDMH
\ N
[ & &Q r N
VWR ]QDPR GDOMH ULMH
VLWL NDR X SULPMHUX
7DGD VXSVWLWXFLMRP \
] PR
]HPR VQL]LWL UHG GLIHUHQFLMDOQH MHGQDG
]EH
7R XYLG
~DPR RYDNR 6KYDWLPR OL \ NDR QH]DYLVQX YDULMDEOX RG ] WM ] ] \
RQGD GHULYDFLMH \ \Q
PR
]HPR L]UD]LWL SRPRgFX GHULYDFLMD ] SR YDULMDEOL \ NRMH
FLPR VD ] ] ] Q
R]QD
r
,] SUDYLOD ]D GHULYLUDQMH VOR
]HQLK IXQNFLMD LPDPR
G \ G G\
g G] G] G\ G]
]
G[ G[ G[ G[ G\ G[ G\
% 'LIHUHQFLMDOQH MHGQDG
]EH YL
VHJ UHGD
RGQRVQR
G \ G]
]
G[ G\
1D VOL
FDQ QD
FLQ GRELYDPR
u g
G \ G ] G]
] ]
G[ G\ G\
G] G ] GQr ]
g
Q
\ ] Qr
G\ G\ G\
8YUVWLPR OL WR X GRELYDPR GLIHUHQFLMDOQX MHGQDG
]EX Q r RJ UHGD REOLND
WM
G]
G] G ] GQr ] gg
) \ ] ] ] Qr
G\ G\ G\ G\
3UHWSRVWDYLPR OL GD VPR SURQD
VOL RSg
FH UMH
VHQMH RG X REOLNX
]
\ & &Qr
RQGD LPDPR
\
\ & & &Q r
SD = G\
[ &Q
\ & &Q r
\
\\
r \
=DPLMHQLY
VL ]V\
GRELYDPR
\
& H \ \ r
r
RGQRVQR RSg
FH UMH
VHQMH SROD]QH GLIHUHQFLMDOQH MHGQDG
]EH NDR
= G\
\ \r [ &
& H r
% 'LIHUHQFLMDOQH MHGQDG
]EH YL
VHJ UHGD
) [ \ \ \Q
) [ W\ W\ W\ Q
WP ) [ \ \ \Q
7DGD VXSVWLWXFLMRP
\
]\
VQL
]EH ,PDPR
]DYDPR UHG GLIHUHQFLMDOQH MHGQDG
\
\ ] \] \] ]
\
\] ]] \]] ]
\] ]]
]
\ Q \] ] ]Q r
VWHQMHP X LVNRULVWLY
SD XYU
VL SUHWSRVWDYNX R KRPRJHQRVWL GRELYDPR
\P ) [ ] ] ] ] ] ]Q r
'LMHOMHQMHP V \P GRELYDPR GLIHUHQFLMDOQX MHGQDG
]EX Q r RJ UHGD
) [ ] ] ] ] ] ]Q
r
]
[ & & &Q r
LPDPR
\
[ & & &Q r \
L]
FHJD LQWHJUDFLMRP GRELYDPR RSg
FH UMH
VHQMH
5
\ &Q H
[& & Qr G[
) [ \ \ \ Q
[ \ \ \
Qr
[ \ \ \
Qr
SR [ WM YULMHGL
j
) [ \ \ \
Q
[ \ \ \ Qr
2QGD MH
[ \ \ \ Qr
&
]ED Q
GLIHUHQFLMDOQD MHGQDG
r RJ UHGD
% 'LIHUHQFLMDOQH MHGQDG
]EH YL
VHJ UHGD
5LMH
VLY
VL GRELYDPR RSg
FH UMH
VHQMH SROD]QH GLIHUHQFLMDOQH MHGQDG
]EH
\\ \
\r
\\
[ [
GHULYDFLMD SR [ RG \\
r \
[
7LPH LPDPR
g
r \[
\\
RGQRVQR
\\
r \
[
&
6XSVWLWXFLMRP ] \
\\
]
GRELYDPR
] ]
[
&
VWR MH OLQHDUQD GLIHUHQFLMDOQD MHGQDG
]ED
FLMH RSg
FH UMH
VHQMH JODVL
g
r r & [
&
] [ & & [
[
.RQD
FQR GRELYDPR RSg
FH UMH
VHQMH NDR
\
& [ r & [
LOL
\
$ [ $ [
JGMH MH XYHGHQR & $ L r & $ UDGL MHGQRVWDYQLMHJ ]DSLVD
=DGDFL
\
[\
r \
\
\
\
\\ \ \
\\ \
[\
[\\ [\
r \\
H\ \
[
\ S[\ S [\
I [
5MH
VHQMD
& [ r & [ &
\
% 'LIHUHQFLMDOQH MHGQDG
]EH YL
VHJ UHGD
[ & [
\ & H
\ &
S
[ &
3DUDPHWUL]DFLMD [
W W \
H W 5MH
VHQMH [
W W
H
g g
\
W
r
H
W W
r &
W
H
W
& W &
/LMHYD VWUDQD MH GHULYDFLMD RG \ S[\ SD GLIHUHQFLMDOQD MHGQDG
]ED SUHOD]L
X OLQHDUQX GLIHUHQFLMDOQX MHGQDG
]EX
=
&
\ S[\ I [ G[
% 6XVWDYL GLIHUHQFLMDOQLK MHGQDG
]EL
6XVWDY
\ [
I [ \ \Q
\ [
I [ \ \Q
\ Q [
I Q [ \ \Q
LOL NUDg
FH
\
N [ I N [ \ \Q N Q
\
I [ \ \Q
\
I [ \ \
\
\Q IQ [ \ \Q \Q
\
I [ \
5MH
VHQMH VXVWDYD MH NRQD
FDQ QL] IXQNFLMD \ \ \Q LOL YHNWRUVND IXQNFLMD \
NRML ]DGRYROMDYD VXVWDY RGQRVQR GLIHUHQFLMDOQX MHGQDG
]EX 7DNYRP UMH
VHQMX
RGJRYDUD NULYXOMD X Q GLPHQ]LRQDOQRP SURVWRUX V NRRUGLQDWDPD [ \
\Q NRMX ]RYHPR LQWHJUDOQD NULYXOMD .RVLQXVL VPMHUD LQWHJUDOQH NULYXOMH X WR
FNL
[ \ \Q SURSRUFLRQDOQL VX V I [ \ \Q IQ [ \ \Q 7DNRG ~HU
JRYRULPR L R SROMX VPMHURYD VXVWDYD 1DLPH DNR NUR] VYDNX WR
FNX [ \
\Q X NRMRM MH GHzQLUDQD GHVQD VWUDQD SRVWDYLPR YHNWRU V NRVLQXVLPD VPMHUD
I [ \ \Q IQ [ \ \Q GRELYDPR SULSDGQR SROMH VPMHURYD VXVWDYD
&DXFK\MHY SUREOHP VDVWRML VH X L]QDOD
]HQMX UMH
VHQMD NRMH XGRYROMDYD SR
FHWQLP
XYMHWLPD
\ [ \ \ [ \ \Q [ \Q
LOL
[
\ \
2Sg
FH UMH
VHQMH MH VNXS IXQNFLMD
\
[ & & &Q
\
[ & & &Q
\Q
Q [ & & &Q
% 6XVWDYL GLIHUHQFLMDOQLK MHGQDG
]EL
V SR
FHWQLP XYMHWRP
\ [ \
\ Q [ Q
\
M[ r [ M D M\ N r \
N
M E N Q
N
$NR VX IXQNFLMH I QHSUHNLGQH QD 3 L ]DGRYROMDYDMX /LSVFKLW]RY XYMHW V
Q
;Q zzz L zL zz
RE]LURP QD YDULMDEOH \ \ \ WM YULMHGL
z z
z
N
zI [ \ \
Q
N z
r I [ \ \ z / Q \
r \
L
N Q
JGMH MH / NRQVWDQWD D
[ \ \ Q
[ \ \ SURL]YROMQH WR
FNH
Q
i 0E o
VHQMH VXVWDYD NRMH ]DGRYROMDYD
L] 3 RQGD SRVWRML MHGLQVWYHQR UMH
SR
FHWQH XYMHWH 1DGDOMH UMH
VHQMH MH GHzQLUDQR QD M[ r [ M K
JGMH MH K GDQR V K PLQ D D 0 MH RJUDGD ]D IXQNFLMH I QD 3 N
0 SRVWRML ]ERJ QHSUHNLGQRVWL IXQNFLMD I N
,VWDNQLPR VDGD GD MH GRND] RYRJ WHRUHPD DQDORJDQ GRND]X 3LFDUGRYD WHRUHPD
=[
FNL % 6XVWDY ]DPLMHQL VH HNYLYDOHQWQLP VXVWDYRP LQWHJUDOQLK MHGQDG
X WR
]EL
\ N \
N
I N [ \ \ Q
G[ N Q
[
L] NRMHJD VH VDJUDGL QL] DSURNVLPDFLMD SUL
FHPX VH ]D QXOWX DSURNVLPDFLMX X]PX
=[
SR
FHWQH YULMHGQRVWL WUD
]HQLK IXQNFLMD GRN MH QL] DSURNVLPDFLMD GDQ V
P Pr
N N N QPr
\ [ \ I [ \ \ G[ N Q
[
% 6XVWDYL GLIHUHQFLMDOQLK MHGQDG
]EL
P
N N N N
\ \ \ \ N Q
]D NRMH VH GRND
]H GD XQLIRUPQR NRQYHUJLUDMX QD M[ r [ M K L SUHPD WRPH GHzQLUDMX
IXQNFLMH
P
\ \ \ Q \ N POLP
N \ N Q
=DWLP VH SRND
]H GD MH MHGLQVWYHQR UMH
VHQMH VXVWDYD $QDORJQR RQRPH X WR
FNL
% IXQNFLMH
P P P
\ \ \Q
z z P KP
z P
z\N [ r \N [z
z 0 Q/
P
N Q
]D M[ r [ M K
=DGU
]LPR VH VDGD QD SUREOHPX L]QDOD
]HQMD UMH
VHQMD VXVWDYD -HGQD RG
5LMH
VLY
VL WX GLIHUHQFLMDOQX MHGQDG
]EX L]QDOD]LPR MHGQX RG QHSR]QDWLK IXQNFLMD GRN
GHULYLUDQMHP
3ULPMHU
\ \ r \ ,
\ \ r \ ,,
\ \ r \ ,,,
,] MHGQDG
]EL ,, L ,,, L]QDOD]LPR \ L \
\ \ \ ,9
\ \ \
VWR XYU
VWHQR X , GDMH
\ r \ \ 9
5LMH
VLPR RYX GLIHUHQFLMDOQX MHGQDG
]EX SRVWXSNRP RSLVDQLP X SULPMHUX 6XS
VWLWXFLMRP \ ]\ SUHYRGLPR 9 X GLIHUHQFLMDOQX MHGQDG
]EX VD VHSDULUDQLP YDUL
MDEODPD
] ] r
% 6XVWDYL GLIHUHQFLMDOQLK MHGQDG
]EL
FLMH RSg
FH UMH
VHQMH JODVL
[ &
] r
YDULMDEODPD
\
\ [ &
FLMH RSg
FH UMH
VHQMH PR
]HPR ]DSLVDWL X REOLNX
OQ \ [ OQ[ & OQ &
LOL
\
OQ [
& [ &
VWR GDMH
\
& & & [H
[
2Sg
FH UMH
VHQMH SROD]QRJ VXVWDYD JODVL
\
& & & [H
[
\ & & [H
[
[
& & & [H
\
& & [H
[
'HWDOMQLMH g
FHPR RSLVDWL SRVWXSDN HOLPLQDFLMH VYLK QHSR]QDWLK IXQNFLMD RVLP
MHGQDG
]EX QWRJ UHGD MHGQH QHSR]QDWH IXQNFLMH D ]DWLP g
FHPR SRND]DWL GD VH VYDND
GLIHUHQFLMDOQD MHGQDG
]ED QWRJ UHGD PR
]H SUHYHVWL X VXVWDY RG Q MHGQDG
]EL SUYRJ
UHGD
SD GRELYDPR
#I
;
Q
# I
\ \L
#[ # \L
L
% 6XVWDYL GLIHUHQFLMDOQLK MHGQDG
]EL
VWR ]DPMHQRP \L
IL GDMH
#I
;
Q
# I
\ IL ) [ \ \ \Q
#[ # \L
L
UDQMHP GRELYDPR
# ) ;
Q
#)
# ) ;
Q
# )
\ \L IL ) [ \ \ \Q
#[ #\L #[ # \L
L L
GHULYLUDWL QDMYL
VH Q r SXWD
VWR SR SUHWSRVWDYFL PR
]HPR WDNR GD GRELYDPR
Qr
\ )Qr [ \ \Q
Q
\ )Q [ \ \Q
WXSNRP
\ I [ \ \ \Q
\ ) [ \ \ \Q
Qr
\ )Qr [ \ \ \Q
Q
L]RVWDYLOL VPR GDNOH \ L VKYDWLPR JD NDR VXVWDY RG Qr MHGQDG
]EL V Qr QHSR]QDQ
UD]OL
FLW RG QXOH WM GD YULMHGL
# I ) )Qr
zz #) #) #)
z
z
zz #\
#\
ddd
#\Q
z
z
# \ \ \Q
zz
z
z
z #)Qr #)Qr
ddd
#)Qr
z
z
#\ #\ #\Q
\L
L [ \ \ \Q r
L Q
NRMH XYU
VWHQR X L]RVWDYOMHQX GLIHUHQFLMDOQX MHGQDG
]EX
\Q )Q [ \ \ \Q
% 6XVWDYL GLIHUHQFLMDOQLK MHGQDG
]EL
GDMH
\Q
[ \ \ \ \Q
r
\ \ \Q
\
#I
#I
I
Q
#I
\
;
#[ #\ L
#\L L
1DSL
VHPR OL GUXJX MHGQDG
]EX VXVWDYD X UD]YLMHQRP REOLNX LPDPR
\
#I
#I
I
Q
#I
I
;
#[ #\ L
#\L L
SD RGX]LPDQMHP GRELYDPR MHGQDG
]EX
; #IQ
\
L
IL
#\L
r
L
\
#)
#)
I
Q
#)
\
;
#[ #\ L
#\L L
L RGX]LPDQMHP WUHg ]EH VXVWDYD NRMD JODVL
FH MHGQDG
\
#)
#)
I
Q
#)
\
;
#[ #\ L
#\L L
GRELYDPR MHGQDG
]EX
; #) Q
\
L
IL
#\L
r
L
% 6XVWDYL GLIHUHQFLMDOQLK MHGQDG
]EL
Q #) \
L #\L L r IL
3 Q #)Qr
L #\L \L r IL
'HWHUPLQDQWD VXVWDYD MH XSUDYR -DFRELMDQ SD VXVWDY LPD VDPR WUL
YLMDOQR UMH
VHQMH
\N r IN
N Q
RGQRVQR
\N
IN N Q
8R
FLPR GD MH SRVWXSDN HOLPLQDFLMH VYLK IXQNFLMD RVLP SUHWSRVWDYOMDR YD
]HQMH \
XYMHWD
# I ) )Q r
# \ \ \Q
\
I [ \
\
I [ \
\
I [ \
&LWDY VXVWDY VH UDVSDGD QD SRMHGLQH GLIHUHQFLMDOQH MHGQDG
]EH NRMH VX PHG
~X
VREQR QH]DYLVQH L WUHED VYDNX SRVHEQR ULMH
VLWL
3ULPMHU
\
I [ \
#I
\
I [ \ \ #\
\
I [ \ \
3UYD GLIHUHQFLMDOQD MHGQDG
]ED QH VDGU
]L \ L \ SD VH PRUD RGYRMHQR ULMH
VLWL
GRN VH GUXJH GYLMH PRJX ULMH
VLWL PHWRGRP HOLPLQDFLMH
PR
]H SUHYHVWL X VXVWDY RG Q GLIHUHQFLMDOQLK MHGQDG
]EL SUYRJ UHGD 8YHGHPR OL R]
QDNH \ \ \ \ \ \ \Q \Q GRELYDPR QRUPDOQL VXVWDY
r
GLIHUHQFLMDOQLK MHGQDG
]EL
\
\
\
\
\Q
r
\Q
\Q
I [ \ \ \Q
NRML VH ]RYH QRUPDOQL VXVWDY SULGUX
]HQ GLIHUHQFLMDOQR M MHGQDG
]EL QWRJ UHGD
2SLVDQL SRVWXSDN RPRJXgFDYD QDP L WR GD VYDNL VXVWDY GLIHUHQFLMDOQLK MHGQDG
]EL
NRML PR
]HPR ULMH
VLWL GRYHVWL X HNVSOLFLWQL REOLN SR QDMYL
VLP GHULYDFLMDPD SUHYHGHPR
X QRUPDOQL VXVWDY GLIHUHQFLMDOQLK MHGQDG
]EL SUYRJ UHGD 7R LOXVWULUDPR QD VOMHGHgFHP
SULPMHUX VXVWDYD GYLMX GLIHUHQFLMDOQLK MHGQDG
]EL GUXJRJ UHGD
\
I [ \ \ \ \
J[ \ \ \ \
\
X \ X \ X
\ X \
X
X
X
I [ X X X X
X
X
X
J[ X X X X
&HVWR VH UMH
VDYDQMH VXVWDYD GLIHUHQFLMDOQLK MHGQDG
]EL SURYRGL L]QDOD
]H
QMHP W]Y LQWHJUDELOQLK NRPELQDFLMD
VWR SUYR LOXVWULUDPR SULPMHURP
3ULPMHU 5LMH
VLPR VXVWDY GLIHUHQFLMDOQLK MHGQDG
]EL
\
\ ,
\
\
\ \ \ \ ,,
LOL
\ \
\ \
% 6XVWDYL GLIHUHQFLMDOQLK MHGQDG
]EL
G) [ \ \Q
[ \ \ \Q &
[ \ \ \Q &
[ \ \ \Q &
Q [ \ \ \Q &Q
$NR MH -DFRELMDQ VXVWDYD MHGQDG
]EL UD]OL
FLW RG QXOH
#
Q
# \ \ \Q
% 6XVWDYL GLIHUHQFLMDOQLK MHGQDG
]EL
RQGD VX VYH QHSR]QDWH IXQNFLMH \ \Q RGUHG~HQH VXVWDYRP MHGQDG
]EL 7LP
SRVWXSNRP MH SUREOHP UMH
VDYDQMD VXVWDYD GLIHUHQFLMDOQLK MHGQDG
]EL VYHGHQ QD SURE
OHP UMH
VDYDQMD VXVWDYD MHGQDG
]EL 8 SUHWKRGQRP SULPMHUX ELR MH WR VXVWDY MHGQDG
]EL
,9 $NR VPR XVSMHOL SURQDgFL VDPR N Q SUYLK LQWHJUDOD L DNR MH -DFRELMDQ
#
N
# \M \M \MN
JGMH MH \M \M \MN ELOR NRMLK N IXQNFLMD L]PHG~X \ \Q RQGD MH PRJXg
FH
\M \MN L]UD]LWL SRPRg FX SUHRVWDOLK QHSR]QDWLK IXQNFLMD L QH]DYLVQH YDULMDEOH
VWR
XYU
VWHQR X SROD]QL VXVWDY GLIHUHQFLMDOQLK MHGQDG
]EL GDMH QRYL VXVWDY GLIHUHQ
FLMDOQLK MHGQDG
]EL QL
]HJ UHGD WM V Qr N QHSR]QDWLK IXQNFLMD
JGMH VX D E L F NRQVWDQWH
2]QD
FLPR QH]DYLVQX YDULMDEOX V W YULMHPH 3RPQR
]LPR OL UHGRP GLIHUHQFL
MDOQH MHGQDG
]EH V S T U L ]EURMLPR GRELYDPR
DSS ETT FUU
LOL
DSGS ETGT FUGU
VWR LQWHJUDFLMRP GDMH SUYL LQWHJUDO
DS ET FU & ,,
VWR LQWHJUDFLMRP GDMH MR
V MHGDQ SUYL LQWHJUDO
D S E T F U & ,,,
,]X]PHPR OL VOX
FDM D E F X NRMHP VH , PR
]H ULMH
VLWL GLUHNWQR YLGLPR GD
-DFRELMDQ ]D YDULMDEOH S L T L]QRVL DEST E r D 3UHPD WRPH NRULVWHg
FL VH SUYLP LQWH
JUDOLPD ,, L ,,, PR
]HPR HOLPLQLUDWL GYLMH QHSR]QDWH IXQNFLMH SUL
FHPX GRELYDPR
GLIHUHQFLMDOQX MHGQDG
]EX VD VHSDULUDQLP YDULMDEODPD ]D WUHg
FX QHSR]QDWX IXQNFLMX
&HVWR MH SULNODGQR UDGL L]QDOD
]HQMD LQWHJUDELOQLK NRPELQDFLMD SUHYHVWL QRU
PDOQL VXVWDY X W]Y VLPHWUL
FQL REOLN
X
X
[ ,
Y
Y
[
3ULSDGQL VLPHWUL
FQL REOLN VXVWDYD , JODVL
GX GY G[
X Y
[ [
LOL
GX GY G[
[ ,,
X Y [
X Y
& & ,,,
[ [
-DFRELMDQ VXVWDYD ,,, L]QRVL [ L]
FHJD QDOD]LPR UMH
VHQMH VXVWDYD ,
X & [ Y & [ ,9
Q
\ ]RYX VH VXVWDYL OLQHDUQLK GLIHUHQFLMDOQLK MHGQDG
]EL
;
2Sg
FL REOLN JODVL
Q
\N DNM [\M IN [ N Q
M
6DGD g
FHPR VH ]DGU
]DWL QD NLQHPDWL
FNRM LQWHUSUHWDFLML VXVWDYD GLIHUHQFLMDOQLK
MHGQDG
]EL =ERJ WRJD g
FHPR QH]DYLVQX YDULMDEOX R]QD
FLWL V W YULMHPH D GHULYDFLMH
SR YDULMDEOL W V \B N ,PDPR SRQRYQR QRUPDOQL VXVWDY GLIHUHQFLMDOQLK MHGQDG
]EL SUYRJ
UHGD
BN
\ IN W \ \Q N Q
B
[ I W [ \
B
\ I W [ \
XORJX ID]QRJ SURVWRUD SUHX]LPD UDYQLQD [ \ NRMD VH WDGD MHGQRVWDYQR ]RYH ID]QD
UDYQLQD
\N \N W N Q
% 6XVWDYL GLIHUHQFLMDOQLK MHGQDG
]EL
BN
\ IN W \ \Q N Q
\N \
N N Q
NRMH VH QD]LYD PLURYDQMH 7UDMHNWRULMD WRJ JLEDQMD MH WR
FND \ \Q NRMD VH
]RYH WR
FND PLURYDQMD LOL WR
]H
FND UDYQRWH
BN
\ IN \ \Q N Q
5MH
VHQMD JLEDQMD DXWRQRPQLK VXVWDYD LPDMX VOMHGHg
FH YD
]QR VYRMVWYR
UMH
VHQMH DXWRQRPQRJ VXVWDYD
% 6XVWDYL GLIHUHQFLMDOQLK MHGQDG
]EL
v
\B N W B N W
\ q N Q
B N W
\ IN \ W \ Q W N Q
\B N W N W q N \ W q \Q W q
v
B
\ I N Q
VWR GRND]XMH SURSR]LFLMX
=D q WR VX UD]OL
FLWD JLEDQMD PHG
~XWLP WUDMHNWRULMH LP VH SRGXGDUDMX
1DLPH DNR SUL JLEDQMX SRNUHWQD WR
FND GRG~H X SROR
]DM \ \Q X
WUHQXWNX W RQGD SUL JLEDQMX GRG
~H X LVWL SROR
]DM X WUHQXWNX W q
D ND
]H GD X LVWRM WR
FNL WUDMHNWRULMH LPD LVWX EU]LQX ,VWDNQLPR MR
V GD VX
WR
FNH PLURYDQMD DXWRQRPQRJ VXVWDYD UMH
VHQMD VXVWDYD MHGQDG
]EL
=DGDFL
\ \ ] ] [ \ ]
\
\
\
] ]
G[ G\ G]
\ ] ] [ [ \
\
r ] ]
\ r[
\
] r ] H
[
] \ r \
% 6XVWDYL GLIHUHQFLMDOQLK MHGQDG
]EL
5MH
VHQMD
] r[
\r[ & [ r \
[ \ ] &
r S d [ R r H[
r& & VLQ
S
% .RPSOHNVQH GLIHUHQFLMDOQH MHGQDG
]EH
] W
W LuW
JGMH VX
Lu UHDOQH IXQNFLMH UHDOQH YDULMDEOH W D W E 7DNYD IXQNFLMD MH
GLIHUHQFLMDELOQD DNR VX
L u GLIHUHQFLMDELOQH IXQNFLMH L YULMHGL
] W
W Lu W
]N
IN W ] ] ]Q N Q
[N L\N
JN W [ [Q \ \Q LKN W [ [Q \ \Q
N Q
SD L]MHGQD
FDYDQMHP UHDOQLK L LPDJLQDUQLK GLMHORYD LPDPR GD MH
[N
JN W [ [Q \ \Q N Q
\N
KN W [ [Q \ \Q N Q
1D WDM QD
FLQ VPR QRUPDOQL VXVWDY NRPSOHNVQLK GLIHUHQFLMDOQLK MHGQDG
]EL ]D
]EL 3UHWSRVWD
PLMHQLOL QRUPDOQLP VXVWDYRP UHDOQLK GLIHUHQFLMDOQLK MHGQDG
YLPR OL QSU GD VX IXQNFLMH IN SROLQRPL
VWR ]DGRYROMDYD QD
VH SRWUHEH RQGD VX
R
FLJOHGQR IXQNFLMH JN L KN SROLQRPL SD L] WHRUHPD % VOLMHGL GD VXVWDY LPD
X WRP VOX
VHQMH &DXFK\MHYD SUREOHPD $NR MH VXVWDY OLQ
FDMX MHGLQVWYHQR UMH
HDUDQ RQGD MH L OLQHDUDQ
% .RPSOHNVQH GLIHUHQFLMDOQH MHGQDG
]EH
] Q I W ] ] ] Q
r
8 LGXg
FRM WR
FNL SRVHEQR g
FH QDP ELWL YD
]QD NRPSOHNVQD IXQNFLMD UHDOQH YDULMDEOH
] H{W
VWR GHULYLUDQMHP L VUHG
~LYDQMHP GDMH
H{W
{H{W
]D VYRMH UMH
VHQMH JGMH MH & $ L% SUL]YROMQD NRPSOHNVQD NRQVWDQWD
$QDORJQLP ]DNOMX
FLYDQMHP NDR X WR
FNL % SRND]XMH VH GD ,, REXKYDg
FD VYD
UMH
VHQMD RG ,
Lh
=DSL
VHPR OL & X REOLNX & UH RQGD ,, SRSULPD REOLN
{WLh
] UH ,,,
[
L\
~ Lp [ L\ ~[ r p \ Lp [ ~\
LOL
[
~[ r p\
,9
\ p[ ~\
1D WDM QD
FLQ VXVWDY UHDOQLK GLIHUHQFLMDOQLK MHGQDG
]EL ,9 HNYLYDOHQWDQ MH MHGQRM
]EL , L SUHPD WRPH QHNR UMH
NRPSOHNVQRM GLIHUHQFLMDOQRM MHGQDG
VHQMH [ [W
Q Qr
d d d SQr [\ SQ [\
\ S [\ I [
\ \[
GHzQLUDQR QD >D E@ NRMH ]DGRYROMDYD SR
FHWQH XYMHWH
\[ \ \ [
\ \Q
r
[
\Q r
[ D E
\
\
\
\
\Q
\Q
r
\Q
rS[\Q r S [\Q r r ddd r SQ r [\
r SQ [ \
I [
V SR
FHWQLP XYMHWRP
\ [ \ \ [ \ \Q [
\Q r
/\ \Q S \Q r
ddd S
Qr \
S \
Q
,VWDNQLPR MR
V L RYR 7UDQVIRUPDFLMRP VXSVWLWXFLMRP [
W X] XYMHW
W
OLQHDUQD GLIHUHQFLMDOQD MHGQDG
]ED L GDOMH RVWDMH OLQHDUQD L WR KRPRJHQD
SUHOD]L X KRPRJHQX D QHKRPRJHQD X QHKRPRJHQX $zQRP WUDQVIRUPDFLMRP \
h[] z [ QH QDUX
VDYD VH OLQHDUQRVW GLIHUHQFLMDOQH MHGQDG
]EH SUL
FHPX OLQHDUQD
WUDQVIRUPDFLMD \ h[]
FXYD KRPRJHQRVW
\
Q
S [\
Q r d d d SQr [\
SQ [\
8 VPLVOX UH
FHQRJ X WR
FNL % VOX
]LWL g
FHPR VH L NRPSOHNVQLP UMH
VHQMLPD
\ [ X[ LY [
=ERJ R
FLWR YULMHGL
D $NR MH \ UMH
VHQMH RG RQGD MH L &\ UMH
VHQMH ]D VYDNL &
E $NR VX \ L \ UMH
VHQMD RG RQGD MH L \ \ UMH
VHQMH
,] D L E VOLMHGL GD UMH
VHQMD KRPRJHQH OLQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH
WYRUH YHNWRUVNL SURVWRU NRML MH QGLPHQ]LRQDOQL SRWSURVWRU EHVNRQD
FQRGL
PHQ]LRQDOQRJ YHNWRUVNRJ SURVWRUD IXQNFLMD NODVH &
Q QD D E $NR ]QDPR QDg
FL
% /LQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH
ED]X Q
\ \ \ YHNWRUVNRJ SURVWRUD UMH
VHQMD RG RQGD MH VYDNR UMH
VHQMH \
;
OLQHDUQD NRPELQDFLMD
FODQRYD ED]H WM REOLND
Q
\ &N \N
N
P
hN \N
N
JGMH VX hN 5
NRQVWDQWH SRYOD
FL GD VX VYL hN MHGQDNL QXOD 8 SUR
WLYQRP ND
]HPR GD VX OLQHDUQR ]DYLVQH
;
RG NRMLK MH EDUHP MHGDQ UD]OL
FLW RG QXOH WDNR GD YULMHGL
Q
hN \N
N
Qr
hN
\Q [ r \N [
hQ
N
;
QXOD 3URPDWUDMPR VOMHGHg
FH UMH
VHQMH GLIHUHQFLMDOQH MHGQDG
]EH
Q
\ & \N [
N
N
7R UMH
VHQMH ]DGRYROMDYD VOMHGHg FHWQH XYMHWH YLGL SUHWKRGQL VXVWDY
FH SR
Qr
\ [ \ [ \ [
2YH SR
FHWQH XYMHWH ]DGRYROMDYD WULYLMDOQR UMH
VHQMH \ j =ERJ MHGLQVWYHQRVWL
;
UMH
VHQMD &DXFK\MHYD SUREOHPD LPDPR
Q
& \N [ D [ E
N
N
SUL
FHPX QLVX VYL &
N MHGQDNL QXOD 7LPH VX SROD]QH IXQNFLMH \ \ \Q OLQHDUQR
]DYLVQH SURWLYQR SUHWSRVWDYFL GD VX OLQHDUQR QH]DYLVQH (
.RPELQDFLMRP WLK GYDMX WHRUHPD LPDPR
VX XMHGQR UMH
VHQMD RG WR MH SR WHRUHPX % : [ ]D VYDNL [ D E =D
:URQVNLMDQ RG Q UMH
]EH PR
VHQMD GLIHUHQFLMDOQH MHGQDG
]H VH GRND]DWL VOMHGHg
FD
IRUPXOD 2VWURJUDGVNL /LRXYLOOH
5[
r S [ G[
: [ : [ H
[
Qr
\ \ [ \ [ \ [ \ [
Qr
\ \ [ \ [ \ [ \ [
Qr
\Q \Q [ \Q [ \Q [ \Q [
7R MH R
FLJOHGQR IXQGDPHQWDOQL VXVWDY UMH
VHQMD MHU MH
z z
z
z
ddd zz
z ddd z
: [
z
z
z
z
z
z
z z
z ddd z
\
; Q
&N \N
N
\
; Q
&N \N
% /LQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH
\ [
3Q &N \N [
3
Q
\ [ &N \
N [
\
Qr
[
3
Q
&N \
Qr
N [
QDG
6SRPHQLPR MR
V L RYR $NR QDP MH SR]QDWR MHGQR UMH
]EH RQGD VXSVWLWXFLMRP
VHQMH
\ \ [
5 X G[ PR
\ GLIHUHQFLMDOQH MHG
]HPR VQL]LWL UHG GLIHUHQFLMDOQH
MHGQDG
]EH
FXYDMXg
FL SUL WRPH OLQHDUQRVW L KRPRJHQRVW 2Sg
FHQLWR DNR ]QDPR U Q
UMH
VHQMD RQGD X]DVWRSQRP VXSVWLWXFLMRP RSLVDQRJ WLSD VQL
]DYDPR UHG GLIHUHQFLMDOQH
MHGQDG
]EH ]D U
Q Qr
\ [ S [\ [ d d d SQr [\ [ SQ [\ [ I [
/\ ] I LOL /\ /] I
RGQRVQR
/]
1D WDM QD
FLQ VPR SUREOHP UMH
VDYDQMD QHKRPRJHQH OLQHDUQH GLIHUHQFLMDOQH MHG
QDG
]EH VYHOL QD SUREOHP UMH
VDYDQMD KRPRJHQH GLIHUHQFLMDOQH MHGQDG
]EH
Q Qr
] S [] d d d SQr [] SQ []
% /LQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH
]
; Q
&N ]N
N
RSg
FH UMH
VHQMH SULGUX
]HQH KRPRJHQH GLIHUHQFLMDOQH MHGQDG
]EH RQGD LPDPR
\ \
; Q
&N ]N
N
I [
; P
IN [
N
/\ IN N P
\
; P
\N
N
UMH
VHQMH SROD]QH GLIHUHQFLMDOQH MHGQDG
]EH X
VWR VH ODNR XYMHUDYDPR
\
; Q
&N ]N
N
RSg
FH UMH
VHQMH SULGUX
]HQH KRPRJHQH GLIHUHQFLMDOQH MHGQDG
]EH 3UHWSRVWDYLPR GD VX
&N IXQNFLMH RGDEUDQH WDNR GD
\ [
; Q
&N []N [
N
EXGH UMH
VHQMH QHKRPRJHQH GLIHUHQFLMDOQH MHGQDG
]EH 'D ELVPR XYUVWLOL
X GLIHUHQFLMDOQX MHGQDG
]EX PRUDPR QDg
FL GHULYDFLMH GR XNOMX
FLYR QWRJ UHGD
8 VYDNRP NRUDNX GHULYLUDQMD L]MHGQD
FLPR V QXORP VXPH X NRMLPD VH SRMDYOMXMX
GHULYDFLMH &
N QHSR]QDWLK IXQNFLMD &N WM SRVWXSDPR NDR
VWR VOLMHGL
% /LQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH
\
3 Q
&N []N
;
N
3
Q Q
&N []
\
N &N []N
N
_ ^] `
N
\
3Q & ;& [ ]
Q
N []N
N N
N
_ ^] `
N
\ Q r
3& Q
[]
Qr
;& [ ] Q
Qr
N N N
N
_ ^] `
N
\ Q
3& Q
N []N
Q
3& []
Q
Qr
N N
N N
3RPQR
S S
]LPR OL UHGRP MHGQDNRVWL V Q Qr L VYH ]EURMLPR GRELYDPR S
/\
;& Q ;& Q
Qr
N [/]N N []N
N N
.DNR VX ] ]Q UMH
VHQMD SULSDGQH KRPRJHQH MHGQDG
]EH RQGD MH /] ddd
N
1D WDM QD
FLQ ]D RGUHG
~LYDQMH &N GRELYDPR VOMHGHg
FL VXVWDY OLQHDUQLK GLIHUHQFLMDOQLK
MHGQDG
]EL V QHSR]QDWLP IXQNFLMDPD &N
3& Q
N []N
3&
N
Q
N []N
N
3& Q
Qr
N []N
3&
N
Q
Qr
N []N I [
N
&N [
N [ N
Q
% /LQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH
L]
FHJD VOLMHGL GD MH
=
&N [
N [ G[ &N N Q
8YUVWLY
VL QDG
~HQH IXQNFLMH &N QDWUDJ X SUHWSRVWDYOMHQR UMH
VHQMH GRELYDPR
RSgFH UMH
VHQMH QHKRPRJHQH OLQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH
\
;] =
Q ;& ]
Q
N N [ G[ N N
N N
3RVHEDQ VOX
FDM LPDPR NDGD VX SN X NRQVWDQWH 7DNYH VH GLIHUHQFLMDOQH
MHGQDG
]EH ]RYX OLQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH V NRQVWDQWQLP NRHzFLMHQ
WLPD ,PDPR GDNOH
\Q D \Q r
d d d Qr D \
Q D \ I
\Q D \Q r
d d d Qr D \
Q D \
*UDG
~D GLIHUHQFLMDOQH MHGQDG
]EH MH WDNYD GD PR
]HPR QDVOXWLWL QMHQR UMH
VHQMH
6YDNDNR MH \ UMH
VHQMH QR WR MH WULYLMDOQR UMH
VHQMH 0HG
~XWLP X] SULNODGDQ L]ERU
NRHzFLMHQDWD { PR
]HPR SUHWSRVWDYLWL UMH
VHQMH X REOLNX
\ H {[
JGMH MH
3 { {
Q
D {
Q r d d d D r { D Q Q
.DNR MH {[
H ]D VYDNL [ WR GRELYDPR VOMHGHg
FL XYMHW ]D L]ERU {
3 { {
Q
D {
Q r ddd DQr { DQ
D 1HND NDUDNWHULVWL
FQD MHGQDG
]ED LPD Q UD]OL
FLWLK NRULMHQD { { {Q
\ H
{ [
\ H
{ [
\Q H
{ Q[
'RND
]LPR GD VX WD UMH
VHQMD OLQHDUQR QH]DYLVQD QD r :URQVNLMDQ JODVL
z
z
z
H
{ [
H
{ [
ddd H
{ Q[ z
z
z
ddd
z z
z { [ { [ { Q[ z
z { H { H {Q H z
z z
: [ z
z
z
z
{ H
{ [
{ H
{ [
ddd {Q H
{ Q[
z
z
z
z
z z
z
z
{
Q r H { [
{
Q r H { [
ddd Q
{Q
r H { Q[
z
z
z
z ddd z
z
z
z ddd z
z
ddd
{ { {Q
ddd
z z
H
{ [ { [
H H
{ Q[ z
z
{ { {Q z
z
z z
z z
z
z {Q
r {
Q r ddd {
z
Q z
Q
r
'HVQL IDNWRU X ]DGQMHP NRUDNX MH W]Y 9DQGHUPRQGHRYD GHWHUPLQDQWD NRMD
MH DNR VX { { {Q UD]OL
FLWL $NR PHG
~X NRULMHQLPD NDUDNWHULVWL
FQH
MHGQDG
]EH LPD NRPSOHNVQLK RQGD VH RQL SRMDYOMXMX X SDURYLPD NRQMXJLUDQR
NRPSOHNVQLK EURMHYD 3RND
]LPR GD VYDNRP WDNYRP SDUX RGJRYDUDMX GYD UH
DOQD OLQHDUQR QH]DYLVQD UMH
VHQMD 1HND MH { D LE { D r LE WDGD
MH
DLE[ D[
\ H H FRV E[ L VLQ E[
D[ D[
\ H FRV E[ L \ H VLQ E[
r
H
: [ z z
z HD[ D FRV E[ E VLQ E[ H
D[
D VLQ E[ E FRV E[ z
z z
H
z
D[ z FRV E[
z D FRV E[ r E VLQ E[
VLQ E[ z
z
D VLQ E[ E FRV E[ z
H
D[
E
\
v
H
D[
FRV E[
v
\ r H
D[
VLQ E[
NRMD VX R
FLJOHGQR OLQHDUQR ]DYLVQD RG SUHWKRGQLK UMH
VHQMD 1D WDM QD
FLQ
SDUX NRQMXJLUDQR NRPSOHNVQLK NRULMHQD NDUDNWHULVWL
FQH MHGQDG
]EH RGJRYDUDMX
VHQMD LOL $NR VX
OLQHDUQR QH]DYLVQD UHDOQD UMH
{ L { LPDJLQDUQL
{ f LE
% /LQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH
RQGD LPDPR
\ FRV E[ \ VLQ E[
3 { 3
{ 3
N r
{ 3
N
{
,PDOL VPR
{[ {[
/H 3 {H
;
SD DNR WX MHGQDNRVW GHULYLUDPR PSXWD SR { 'RELYDPR
P g
/[
P
H
{[
P
p
3 p {[Prp H{[
p
r d
3 {H{[ 3 {H{[ 3 {[H{[ 3 {[ H{[
8YUVWLY
VL { { L X]HY
VL X RE]LU
FLQMHQLFX GD MH 3 p { GRELYDPR ]D
p Nr
/[P H{ [ P N r
SUHGVWDYOMDMX UMH
VHQMD GLIHUHQFLMDOQH MHGQDG
]EH $NR MH { UHDODQ WDGD
VHQMD UHDOQD
VX L UMH
$NR MH { D EL WR QMHPX L NRQMXJLUDQR
NRPSOHNVQRP { D r EL RG NRMLK MH VYDNL N VWUXNL NRULMHQ RGJRYDUD N
UHDOQLK UMH
VHQMD NRMD GRELYDPR L] UHDOQLK L LPDJLQDUQLK GLMHORYD NRMD JODVH
HD[ FRV E[ [HD[ FRV E[ [N HD[ FRV E[ r
HD[ VLQ E[ [HD[ VLQ E[ [N HD[ VLQ E[ r
6DJUDGLY
VL UHDOQD UMH
VHQMD NRMD RGJRYDUDMX L GUXJLP YL
VHVWUXNLP NRULMHQLPD
]DMHGQR V UMH
VHQMLPD NRMD RGJRYDUDMX MHGQRVWUXNLP NRULMHQLPD GRELYDPR IXQGDPHQ
WDOQL VXVWDY UMH
]EH
VHQMD GLIHUHQFLMDOQH MHGQDG
8 QHNLP VOX
FDMHYLPD PR
]HPR QDg
FL UMH
VHQMH L MHGQRVWDYQLMRP PHWRGRP NDR
VWR
MH PHWRGD QHRGUHG
~HQLK NRHzFLMHQDWD 3ULND]DWL g
FHPR WDM SRVWXSDN ]D QHNH YD
]QLMH
VOX
FDMHYH IXQNFLMH VPHWQMH
$ 1HND MH
/\
Hh[ 3P [
% 1HND MH
/\ HD[ >3U [ FRV E[ 3V [ VLQ E[@
\Q S [\Q r
S
d d d Qr [\
S [\
Q
3RNX
VDM QMHQRJ UMH
VDYDQMD NRML VH HYHQWXDOQR PR
]H SURYHVWL MHVWH GD MX VXSVWLWXFL
MRP [
W SUHYHGHPR X GLIHUHQFLMDOQX MHGQDG
]EX V NRQVWDQWQLP NRHzFLMHQWLPD
9Hg
F VPR VSRPHQXOL GD VXSVWLWXFLMD [
W
FXYD OLQHDUQRVW L KRPRJHQRVW 0R
]H VH
GRND]DWL VOMHGHg FD VXSVWLWXFLMD NRMD SUHYRGL X OLQHDUQX GLIHU
FH DNR MH PRJXg
HQFLMDOQX MHGQDG
]EX V NRQVWDQWQLP NRHzFLMHQWLPD RQGD MH WR VOMHGHg
FD VXSVWLWXFLMD
= S
W F Q SQ [ G[ F NRQVW
$QDORJQR
\[
\ H
W r W r \WH r W HrW \
W r \WH r W
\[QQ
\W \WQQ H
r QW
% /LQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH
JGMH MH
R
FLWR OLQHDUQD IXQNFLMD VYRMLK YDULMDEOL 6XSVWLWXFLMRP X SROD]QX GLIHUHQ
FLMDOQX MHGQDG
]EX YLGLPR GD g
FH VH SRWHQFLMD [N HNW SRNUDWLWL V SULSDGQLP IDN
WRURP H r NW N
NRML GRELYDPR ]DPMHQRP \[N 7LPH GRELYDPR OLQHDUQX GLIHUHQFLMDOQX
MHGQDG
]EX V NRQVWDQWQLP NRHzFLMHQWLPD $NR MH (XOHURYD GLIHUHQFLMDOQD MHGQDG
]ED
QHKRPRJHQD RQGD LVWD VXSVWLWXFLMD GDMH QHKRPRJHQX OLQHDUQX GLIHUHQFLMDOQX MHG
QDG
]EX V NRQVWDQWQLP NRHzFLMHQWLPD
r [ \ r [\ Q \
]RYH VH &HEL
VHYOMHYD GLIHUHQFLMDOQD MHGQDG
]ED
6XSVWLWXFLMD
= U
Q
W F G[ F d Q d DUFFRV [
r [
GDMH X] L]ERU F
Q [ W
FRV VOMHGHg
FX GLIHUHQFLMDOQX MHGQDG
]EX V RE]LURP QD
QH]DYLVQX YDULMDEOX W
\
Q \
2Sg
FH UMH
VHQMH &HEL
VHYOMHYH GLIHUHQFLMDOQH MHGQDG
]EH JODVL
'UXJL SRNX
VDM SUHYRG
~HQMD KRPRJHQH OLQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH
QD OLQHDUQX GLIHUHQFLMDOQX MHGQDG
]EX V NRQVWDQWQLP NRHzFLMHQWLPD ELR EL VXSVWLWX
FLMRP \ h[] ]D NRMX WDNRG~HU ]QDPR GD
FXYD OLQHDUQRVW L KRPRJHQRVW
3ULPMHU 3RVHEDQ VOX
FDM W]Y %HVVHORYH GLIHUHQFLMDOQH MHGQDG
]EH MH GLIHUHQFL
MDOQD MHGQDG
]ED
g
[ r
[ \
[\
\
6XSVWLWXFLMRP \
S
[ ] SUHOD]L X GLIHUHQFLMDOQX MHGQDG
]EX
]
]
SD RSg
FH UMH
VHQMH JODVL
=DGDFL
2GUHGLWH RSg
FH UMH
VHQMH GLIHUHQFLMDOQH MHGQDG
]EH \ \
[ \
DNR QDP MH
SR]QDWR MHGQR UMH
VHQMH \ [ VLQ [
'RND
]LWH GD MH :URQVNLMDQ IXQNFLMD H
h [ Hh [ Hh [ MHGQDN : [ h r
h h r h h r
h H
h h h [ ,] WRJ UH]XOWDWD PR
]HPR QDVOXWLWL YULMHG
QRVW : [ ]D Q WDNYLK IXQNFLMD
\
r \
\
r \
\ r \
\ \ \ \ \
\
r \
\
\ \ \ [H
[
\
r \ VK [
\
r \
\ r \
\ [ H[
[
S
[
\ \ \ H
r
VLQ
[ \ [\ \
[\
\ r [
\
r [ \
[ \
5MH
VHQMD
[ & FRV [
VLQ
\ &
[ [
[ & Hr[
S S
\ H
[ & & [ & [
Q R
[ [
S S
r
[
\ H & & [ FRV & & [ VLQ
\ & H
[ & Hr[ & FRV [ & VLQ [
\ & H
r [ & FRV [ & OQ [ H[ r [ r d
\
[
& H & H
r[
H[ Hr[ DUFWJ H[
\ H
[ r& & [ & [ & [
[
[
d
Q j R
r [ [ [
S S
r
[
\ H & S FRV & VLQ
[ OQ [ & [
&
\
[
\ & FRV [ & VLQ [
% /LQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH
\ S [\ S [\
'RND] 6XSVWLWXFLMRP
\ \ ]
LPDPR
\ \ ] \ ]
\ \ ] \ ] \ ]
0QR
]HQMHP \ L \ V S L S WH ]EUDMDQMHP GRELYDPR
\ S [\ S [\ ] \ S [\ ] \ ]
\ ] \ S [\ ]
RGQRVQR VXSVWLWXFLMRP ] X
\ X \ S \ X
FLMH RSg
FH UMH
VHQMH JODVL
&
5
X H
r S [ G[
\
VWR MH R
FLJOHGQR UMH
VHQMH RG NRMH MH OLQHDUQR QH]DYLVQR RG \ SD MH SUHPD
WRPH SURSR]LFLMD GRND]DQD (
% /LQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH
r [
\
r [\
\
,]UD
FXQDPR OL ]D S [ r [[ L S [
r[
GRELYDPR \
]
r r
] S [] r S [
VWR MH VSHFLMDOQL VOX
FDM W]Y 5LFFDWLMHYH GLIHUHQFLMDOQH MHGQDG
]EH NRMD RSg
FHQLWR
JODVL
\ 3 [\ 4[\ 5[
\ r
3 [ ]
]
3 [
[
4[ ]
3 [5[]
'LIHUHQFLMDOQD MHGQDG
]ED
\ \ 5[
VWR MH GLIHUHQFLMDOQD MHGQDG
]ED REOLND NRMD QH VDGU
]L
FODQ V SUYRP GHULYDFL
MRP 'RND
]LPR VOLMHGHg
FX SURSR]LFLMX
\ S [\ S [\
\
h ] h ]
h]
VWR XYU
VWHQR X GDMH
h]
h
Sh]
h
Sh
Sh]
,]MHGQD
FLY
VL NRHzFLMHQW X] ]
V QXORP GRELYDPR
h
S [h
KRPRJHQX OLQHDUQX GLIHUHQFLMDOQX MHGQDG
]EX ]D QHSR]QDWX IXQNFLMX h 1MHQR UMH
VH
QMH X] & JODVL
5 S [
h H r
G[
'DNOH VXSVWLWXFLMD
5 S [
\ H r
G[ ]
SUHYRGL QD
h[]
I h [ S [h [ S [h[J ]
VWR XYU
VWHQR X QDNRQ GMHOMHQMD V h GDMH
S [
S [
]
S [ r r ]
LOL NUDg
FH
]
r
[]
JGMH MH
S [
S [
[ S [ r r
[
r r r [
[
r
VWR GDMH
] r]
FLMH RSg
FH UMH
VHQMH JODVL
] & H[ & H [ r
6DGD RSg
FH UMH
VHQMH SROD]QH GLIHUHQFLMDOQH MHGQDG
]EH JODVL
[
\ H r
& H[ & H r [
=DGDFL
'LIHUHQFLMDOQD MHGQDG
]ED
[
FRV [ r VLQ [\
[VLQ [\ r VLQ [\
LPD R
FLJOHGQR\ [ ]D MHGQR UMH
VHQMH 2GUHGLWH RSg
FH UMH
VHQMH
5MH
VHQMD
WR
FNH [ PRJX SULND]DWL UHGRP SRWHQFLMD SR SRWHQFLMDPD RG [ r [ 7DNYD UMH
VHQMD
]RYHPR DQDOLWL
FND X SURPDWUDQRP SRGUX
FMX 3ULVMHWLPR VH GD VH XQXWDU LQWHUYDOD
NRQYHUJHQFLMH UHGRYL SRWHQFLMD PRJX SR YROML PQRJR SXWD GHULYLUDWL L LQWHJULUDWL
FODQ
SR
FODQ D GRELYHQL UH]XOWDW SUHGVWDYOMD RGJRYDUDMXg
FX GHULYDFLMX RGQRVQR LQWHJUDO
VXPH UHGD
WR
FNH DNR VH X WRM RNROLQL PR
]H SULND]DWL UHGRP SRWHQFLMD
;
[
I [ DN [ r [
N
N
FND QD RNROLQL M[ r [ M
$QDORJQR IXQNFLMD I GYLMX YDULMDEOL MH DQDOLWL
M\ r \ M U WR
FNH [ \ DNR VH X WRM RNROLQL PR
]H SULND]DWL UHGRP
SRWHQFLMD
I [ \
; DPQ [ r [
P
\
Q
r \
PQ
\ I [ \
\
;
FN [ r [
N
N
N
\ \ \ [
\
[
ddd
\
[
N ddd
N
FLMD UMH
VHQMD X WR
FNL [ ,] SR
FHWQRJ XYMHWD LPDPR \ 3UHPD WRPH L]
]EH GRELYDPR \
GLIHUHQFLMDOQH MHGQDG
'HULYLUDPR OL GLIHUHQFLMDOQX MHGQDG
]EX
GRELYDPR
\ [ \\ RGQRVQR \
-R
V MHGQLP GHULYLUDQMHP LPDPR
\ \ \\ RGQRVQR \
7UD
]HQD DSURNVLPDFLMD GDNOH JODVL
\ [ [
N
\
\ [ r
\
[ r
ddd
\
[ r
N ddd
N
,] GLIHUHQFLMDOQH MHGQDG
]EH GRELYDPR \ r \ \ r SD
LPDPR
\ r [ r [ r r [ r
6OL
FQL WHRUHPL YULMHGH L ]D GUXJH WLSRYH GLIHUHQFLMDOQLK MHGQDG
]EL NDR SULPMHULFH
MLK SULPMHUD
\ r \
[ r
L SRWUD
]LPR UMH
VHQMH NRMH ]DGRYROMDYD SR
FHWQH XYMHWH [ \ \
;
5MH
VHQMH ]QD
FL LPD REOLN
\ [ FN [
N
N
;
HQFLMDOQX MHGQDG
]EX GRELYDPR
u
;
[
r [ FN NN r [
N r r [ FN [
N
N N
,]MHGQD
FLPR OL NRHzFLMHQWH X] LVWH SRWHQFLMH LPDPR
F d d r
rF d d F d d r
F d d r F d d F d d r F
FN NN r r FN N N FN N N r FN
,] WLK MHGQDG
]EL GRELYDPR
F F F FN
;
\ [ [
N
]D M[M
r [
N
% 5MH
VDYDQMH GLIHUHQFLMDOQLK MHGQDG
]EL SRPRg
FX UHGRYD SRWHQFLMD
0HG
~XWLP \
r [ MH UMH
VHQMH RG ]D VYDNL [ WM ]D VYDNL [ ]D NR ML MH
WR
FNH % IRUPXOD ]QDPR GD MH
= H
r
5
S [G[
\ \ G[
\ [
5
H
r S [G[ H
r &
VWR ]D & GDMH
=
\ r [ G[ r r [
r [
&
\ & r r [
r [
.DNR ]QDPR GD MH h\ UMH
VHQMH ]D VYDNL h D IXQNFLMH
r [ L r [ VX OLQHDUQR
QH]DYLVQH RSg
FH UMH
VHQMH PR
]HPR ]DSLVDWL X IRUPL h r
&
\ & r [
r [
GUHG
~HQLK NRHzFLMHQDWD 5HG JODVL
;
\
N
N
\ [ [
N
N
,] GLIHUHQFLMDOQH MHGQDG
]EH VOLMHGL \ 'HULYLUDQMHP GRELYDPR
[ r \ [ r [ \ r \
RWNXGD VOLMHGL \ $QDORJQR ELVPR WDNR PRJOL RGUHGLWL \
N
N
GLIHUHQFLMDOQD MHGQDG
]ED REL
FQR VH SRWUD
]L IXQGDPHQWDOQL VXVWDY UMH
VHQMD X QRUPL
UMH
VHQMD VD VOMHGHg
FLP SR
FHWQLP XYMHWLPD
\ [ \ [
% 5MH
VDYDQMH GLIHUHQFLMDOQLK MHGQDG
]EL SRPRg
FX UHGRYD SRWHQFLMD
\ [ \ [
FDMX ELUDPR [
;
3UHPD WRPH X QD
VHP VOX
SD LPDPR
\ DN [
N
N
\ [
;
N
EN [
N
N
\ r [
[
r [
d d d r
N[
N
ddd
\ [r [ [ r [ ddd
g g
L SUHPD WRPH RSg
FH UMH
VHQMH JODVL
[
[
\ & r [ r ddd & [ r [ [ r [ ddd
\ H
r [
SR
FODQ
\ S [\ S [\
QLVX DQDOLWL
FNH IXQNFLMH QL X MHGQR M WR
FNH [ RQGD WR
FNL RNROLQH WR
FNX [ ]RYHPR
\ [ r [
DN [ r [
N D
N
D r X UD]YRMX IXQNFLMH S
3 SN [ r [
N 3 TN [ r [
N
N N
S [ S [
[ r [ [ r [
SUL
FHPX S T L T QLVX VYL LVWRYUHPHQR QXOD L UHGRYL X EURMQLFLPD NRQ
YHUJLUDMX ]D M[ r [ M 5 RQGD SRVWRML EDU MHGQR UMH
VHQMH GLIHUHQFLMDOQH
MHGQDG
]EH X IRUPL SRRSg FHQRJ UHGD SRWHQFLMD
\ [ [ r [
;
DN [ r [
N
N
L UHG
3 DN [ r [
N NRQYHUJLUD EDUHP X LQWHUYDOX M[ r [ M 5
N
7R
FNX [ X
FLMRM VH RNROLQL S L S PRJX SULND]DWL UHGRYLPD ]RYHPR
UHJXODUQD VLQJXODUQD WR
FND
0R
]HPR VH SLWDWL D V NRMLP XRSg
FH SR
FHWL" 0R
]H VH SRND]DWL GD PRUD ELWL
NRULMHQ VOMHGHg
FH MHGQDG
]EH
r S T
;
QH]DYLVQD UMH
VHQMD NDR
\
[ r [ DN [ r [ N D
N
% 5MH
VDYDQMH GLIHUHQFLMDOQLK MHGQDG
]EL SRPRg
FX UHGRYD SRWHQFLMD
\
[ r [
; EN [ r [ N E
N
.RHzFLMHQWL DN L EN RGUHG
~XMX VH XYU
VWHQMHP SUHWSRVWDYOMHQLK UMH
VHQMD L
X GLIHUHQFLMDOQX MHGQDG
]LPR VD [ r
]EX NRMX SUHWKRGQR SRPQR
[ 3UL WRPH D L E RVWDMX SURL]YROMQL
\
[ r [
; DN [ r [ N D
N
=
6WR VH WL
FH GUXJRJ UMH
VHQMD \ QMHJD QDOD]LPR SUHPD L] WR
FNH %
NDR
H
r 5 S [ G[
\ \
G[
\ [
0R
]H VH GRND]DWL GD LPD REOLN
;
\
\
[ r [ EN [ r [ N c r \ [ OQ[ r [
N
SUL
FHPX MH XYLMHN c r
;
,PDPR GDNOH
S [
[
SN [ r
N S SN ]D N !
;
S [
[
TN [ r
N T r
Q T T TN ]D N {
N
'HzQLFLMVND MHGQDG
]ED X WR
FNL [ JODVL
r r Q
LOL
r Q
VWR GDMH
Q rQ
% 5MH
VDYDQMH GLIHUHQFLMDOQLK MHGQDG
]EL SRPRg
FX UHGRYD SRWHQFLMD
; ;
6DJUDGLPR UMH
VHQMH NR MH RGJRYDUD NRULMHQX Q 7DGD LPDPR
\ [
Q DN [
N DN [
QN
N N
; ; ; ;
8YUVWLY
VL WR X GLIHUHQFLMDOQX MHGQDG
]EX LPDPR
DN Q NQ N r [
QN DN Q N[
QN DN [
QN r Q DN [
QN
N N N N
; ; ; ;
.UDWLPR OL VD [ GRELYDPR
DN Q NQ N r [
N DN Q N[
N DN [
N r Q
DN [
N
N N N N
LOL
;e
Q N
r Q
v DN [
N
;
DN [
N
N N
,]MHGQD
FDYDQMHP NRHzFLMHQDWD X] LVWX SRWHQFLMX RG [ LPDPR
Q r Q D
>Q r r Q @D
>Q r N r Q @DN DN r N {
DN r
DN r N {
NQ N
DN r DN r
DN r r
NQ N NQ N
D r
D
dd Q
D r
D D
dd Q d QQ
DN
N D
N dN QQdddQN
r
% 5MH
VDYDQMH GLIHUHQFLMDOQLK MHGQDG
]EL SRPRg
FX UHGRYD SRWHQFLMD
8YUVWLY
VL QDG
~HQH NRHzFLMHQWH GRELYDPR UMH
VHQMH
\
;
N
r D
N NQ Q d d d Q N [
QN
N
VWR MH UMH
VHQMH %HVVHORYH GLIHUHQFLMDOQH MHGQDG
]EH X] SURL]YROMQL D 3ULMH RG
\
; N
r D
Q j
[ Q N
NQ Q d d d Q N
N
8
]HOML ]D MHGQRVWDYQLMH JUDG
~HQLP NRHzFLMHQWLPD SR]RYLPR VH QD JDPD IXQNFLMX
rD
= [
Dr Hr[ G[ D !
]D NR MX YULMHGL
DrD rD
rD
=
[
Dr Hr[ G[
=
D
[ H
r [ G[
6DGD RGDELUHPR
D
Q
rQ
.DNR MH
Q Q d d d Q NrQ Q d d d Q NrQ rQ N
-Q [
;r
N
j
[ Q N
N NrQ N
JGMH UHG NRQYHUJLUD ]D VYH [ D -Q VH ]RYH %HVVHORYD IXQNFLMD SUYH YUVWH
% 5MH
VDYDQMH GLIHUHQFLMDOQLK MHGQDG
]EL SRPRg
FX UHGRYD SRWHQFLMD
QWRJ UHGD
6SHFLMDOQL VOX
FDM MH %HVVHORYD IXQNFLMD SUYH YUVWH QXOWRJ UHGD WM UMH
VHQMH RG
[\ \ [\
NR MH LPD REOLN
;r
N
j [ N
- [
N N
QLMH FLR
; ;
$NR MH Q L SR]LWLYDQ EUR M RQGD GUXJR UMH
VHQMH QDOD]LPR X REOLNX
\ [
r Q EN [
N EN [
r QN
N N
rQ X
;r j
D PR
]HPR JD GRELWL ]DPMHQRP Q V 7LPH LPDPR
r QN
-rQ [
N [
rQ N
N Nr
\
& -Q [ & -rQ [ Q =
1
j
5D]PRWULPR VOX
FDM NDGD MH Q VHQMH -Q REL
7DGD MH SUYR UMH
FDQ UHG SRWHQ
FLMD
-Q [
;r
N [ Q N
N NQ N
.RG L]QDOD
]HQMD GUXJRJ UMH
VHQMD VXVUHg
FHPR VH V SRWH
VNRg
FDPD 5MH
VHQMH - rQ
LPD VPLVOD L ]D FLMHOH Q DOL DNR X]PHPR X RE]LU GD JDPD IXQNFLMD WH
]L X EHVNRQD
FQRVW
% 5MH
VDYDQMH GLIHUHQFLMDOQLK MHGQDG
]EL SRPRg
FX UHGRYD SRWHQFLMD
; r
MH OLQHDUQR ]DYLVQR RG \ 1DLPH
[ jrQ N
; [ jrQ N
r
N N
-rQ [
Nr r Q N
N r Q N
N N Q
r r
r
MHU VXPDFLMD SR
FLQMH V N Q ]ERJ r Q N r Q N ]D N
3 r [ drQ
- rQ [
N
r
N Q
N Q QNQ
r
N Q
r
Q3 r
N
r [ dQ N
r Q
-Q [
N N QN
FDMX -Q L -
SD VX X WRP VOX
rQ OLQHDUQR ]DYLVQH 0R
]H VH SRND]DWL GD VH ]D GUXJR
UMH
VHQMH PR
]H X]HWL IXQNFLMD
r d r
<Q [
; r
N [ QN
OQ
[
& r
N
;
r
Q
; N
r
Q
; Q r r
N
[ jrQ N
NN Q p p N
N p p N
3
(XOHURYD NRQVWDQWD
JGMH MH F D 7D VH IXQNFLMD ]RYH
p
p
%HVVHORYD IXQNFLMD GUXJH YUVWH WRJ UHGD
Q FLJOHGQR <Q QLMH GHzQLUDQD ]D
2
[
3RQHNDG MH SULNODGQR ]D GUXJR UMH
VHQMH X]HWL IXQNFLMX
<Q NR MD VH RQGD ]RYH
VOX
FDMX NDGD MH Q SR]LWLYDQ FLMHOL EUR M LPD REOLN
\ Q
& - [ & < [ Q Q 1
; r
=D Q LPDPR
N [ jN N
;
r
[
< [ OQ &
N p
N p
SD RSg
FH UMH
VHQMH JODVL
JGMH VX h z L c NRQVWDQWH
% 5MH
VDYDQMH GLIHUHQFLMDOQLK MHGQDG
]EL SRPRg
FX UHGRYD SRWHQFLMD
7R
FNH [ L [ VX VLQJXODUQH 6DJUDGLPR OLQHDUQR QH]DYLVQD UMH
VHQMD X
RNROLQL WR
FNH [ X] SUHWSRVWDYNX GD c QLMH FLMHOL EUR M L GD MH c 'LMHOMHQMHP
GLIHUHQFLMDOQH MHGQDG
]EH V [[ r LPDPR
c r h z[ hz
\ r
\ \
[ r [ [ r [
;
JGMH MH
c r h z [ N
S [
[ r [ r
Ic r h z [J [ M[M
[
;
N
hz hz N
S [ r
r [
r
r [ M[M
[ [
N
,PDPR GDNOH S c L T SD GHzQLFLMVND MHGQDG
]ED JODVL
r c
;
UMH
VHQMD PR
]HPR QDg
FL X IRUPL SRRSg
FHQLK UHGRYD SRWHQFLMD 8YUVWLY
VL
N
\ DN [ D
N
; ; ;
X GLIHUHQFLMDOQX MHGQDG
]EX GRELYDPR
[[ r NN r DN [Nr rc h z[ NDN [
N r hz DN [
N
N N N
,]MHGQD
FLPR OL V QXORP NRHzFLMHQWH X] SRWHQFLMH RG [ GRELYDPR UHGRP
hz
c d d D hzD LOL D
D
dc
LOL
h Nz NDN N c NDN
L]
FHJD VOLMHGL
h Nz N
DN N c N
DN
2GDEUDY
VL D GRELYDPR
hz
D dc
h z hh zz
D c
D cc
% 5MH
VDYDQMH GLIHUHQFLMDOQLK MHGQDG
]EL SRPRg
FX UHGRYD SRWHQFLMD
RGQRVQR
hh d d d >h N r @z z d d d >z N r @
DN
Ncc d d d >c N r @
;
7UD
]HQR UMH
VHQMH JODVL
hh d d d >h N r @zz d d d >z N r @ N
) h z c [ [
Nc c d d d >c N r @
N
;
LPDPR JHRPHWULMVNL UHG
) z z [
N
[
M[M
r[
N
0R
]H VH SRND]DWL GD UMH
VHQMH NR MH RGJRYDUD NRULMHQX rc LPD REOLN
\ [ [
r c ) h r c z r c r c [
; r r
[rc N
h c h c d d d h N r c z r c z r c d d d z N r c
[
N r c r c d d d r c N
N
2Sg
FH UMH
VHQMH JODVL
6XSVWLWXFLMRP
[ r ]
GRELYDPR
]] r \
r ]\
r QQ \
VWR MH *DXVVRYD GLIHUHQFLMDOQD MHGQDG
]ED V SDUDPHWULPD
h Q z r Q c
UMH
VHQMH DQDOLWL
FND IXQNFLMD X RNROLQL WR
FNH ] GRN GUXJR UMH
VHQMH VDGU
]L OQ ] $NR
Q Q d d d Q NrQrQ d d d >rQ N r @
N
% 5MH
VDYDQMH GLIHUHQFLMDOQLK MHGQDG
]EL SRPRgFX UHGRYD SRWHQFLMD
8 SULPMHQDPD
FHVWR WUHED QDg
FL SHULRGL
VHQMD QHNH GLIHUHQFLMDOQH MHG
FQD UMH
; g
QDG
]EH 8 WRP VOX
FDMX MH ]D R
FHNLYDWL UMH
VHQMH X REOLNX )RXULHURYD UHGD
$ N N
\ $N FRV [ %N VLQ [
7 7
N
Q Qr
\ ) [ \ \ \
LPD SHULRGL
FQR UMH
VHQMH \ V SHULRGRP 7 RQGD MH ) GX
] LQWHJUDOQH NULYXOMH r\
SHULRGL
FQD IXQNFLMD V RE]LURP QD YDULMDEOX [ V SHULRGRP 7 3ULVMHWLPR VH GD MH )
\
Q
[ ) [ \ [ \ [ \
Qr
[ [ 5
=DPLMHQLPR OL [ VD [ 7 GRELYDPR ]ERJ SHULRGL
FQRVWL RG \ D WLPH L VYLK QMHQLK
GHULYDFLMD
Qr Qr
) [ 7 \ [ \ [ \ [ ) [ \ [ \ [ \ [
VWR GRND]XMH SHULRGL
FQRVW RG ) GX
] r\ 3UHPD WRPH DNR X] SURL]YROMQL \ GHVQD
VWUDQD RG QLMH SHULRGL
FND IXQNFLMD RG [ RQGD QHPD SHULRGL
FNLK
UMH
VHQMD $NR ) QH RYLVL HNVSOLFLWQR RG [ WM ) MH NRQVWDQWD V RE]LURP QD YDULMDEOX
[ RQGD VPDWUDPR GD MH ) SHULRGL
FND IXQNFLMD V RE]LURP QD [ V SURL]YROMQLP SHUL
RGRP L PR
]HPR R
FHNLYDWL HJ]LVWHQFLMX SHULRGL
FNLK UMH
VHQMD 3UREOHPDWLNX WUD
]HQMD
SHULRGL
FNLK UMH
VHQMD LOXVWULUDPR QD MHGQRP SULPMHUX
=D HJ]LVWHQFLMX SHULRGL
FNLK UMH
VHQMD QX
]QR PRUDPR SUHWSRVWDYLWL GD MH I SH
ULRGL
FND IXQNFLMD 8R
FLPR GD EH] RJUDQL
FHQMD RSg
FHQLWRVWL PR
]HPR SUHWSRVWDYLWL GD
MH SHULRG RG I MHGQDN 1DLPH DNR MH SHULRG RG I MHGQDN 7 RQGD VXSVWLWXFLMRP
[ GHVQD VWUDQD RG SUHOD]L X SHULRGL
[
7 FNX IXQNFLMX V SHULRGRP
;
1HND MH RVLP WRJD I QHSUHNLGQD L UD]YLMHQD X )RXULHURY UHG
D
I [ DN FRV N[ EN VLQ N[
N
% 5MH
VDYDQMH GLIHUHQFLMDOQLK MHGQDG
]EL SRPRg
FX UHGRYD SRWHQFLMD
1HND MH
\
$
;
;
X GRELYDPR
;
r N
$N FRV N[ %N VLQ N[ D
$
$N FRV N[ %N VLQ N[
N N
D ;
DN FRV N[ EN VLQ N[
N
RWNXGD L]MHGQD
FDYDQMHP NRHzFLMHQDWD XNROLNR D QLMH FLMHOL EURM GRELYDPR
D $
D D
$
D
D r $
N N N DN
N D $
D N
r
r %
N N N EN
D N E %
D N
r
'DNOH UHG
D ;
D N FRV N[ EN VLQ N[
\
D
N
D r N
[[ N [ NRQYHUJHQWDQ UHG
GLIHUHQFLMDELOQLK IXQNFLMD QD
D E
D E RQGD MH
GLIHUHQFLMDELOQD IXQNFLMD L YULMHGL
[
$NR MH UHG
N [ ,] QHSUHNLGQRVWL
3
N XQLIRUPQR NRQYHUJHQWDQ QD
r
;N
DN FRV N[ EN VLQ N[
D r N
N
N D
FLML VX NRHzFLMHQWL N rD N L N rD N
N E N 2QL VH UD]OLNXMX RG DN L EN ]D
N
IDNWRU NNrD NRML PRQRWRQR WH
]L ND ]D =DWR UHG XQLIRUPQR NRQ
YHUJLUD QD > r
@ L SUHGVWDYOMD GUXJX GHULYDFLMX IXQNFLMH \ GHzQLUDQH VD
% 5MH
VDYDQMH GLIHUHQFLMDOQLK MHGQDG
]EL SRPRg
FX UHGRYD SRWHQFLMD
7LPH QH VDPR GD UHG IRUPDOQR ]DGRYROMDYD QHJR MH QMHJRYD VXPD
IXQNFLMD NRMD LPD QHSUHNLGQX GUXJX GHULYDFLMX SD SUHGVWDYOMD SHULRGL
FNR UMH
VHQMH
RG 7LPH MH ULMH
VHQ SUREOHP QDOD
]HQMD SHULRGL
FNRJ UMH
VHQMD GLIHUHQFLMDOQH
MHGQDG
]EH
VQ
D
;Q D N FRV N[ EN VLQ N[
N
\
D \ VQ [
LPD ]D UMH
VHQMH WR
FQR SDUFLMDOQX VXPX \Q UHGD WM
\Q
$
;Q $ N FRV N[ %N VLQ N[
N
5MH
VHQMH MH GRELYHQR SRG SUHWSRVWDYNRP GD D QLMH FLMHOL EURM 6DGD
g
FHPR GLVNXWLUDWL
VWR VH GRJDG
~D DNR VH D PDOR UD]OLNXMH RG FLMHORJ EURMD Q L DNR MH
D Q $NR VH D PDOR UD]OLNXMH RG Q L DNR MH DQ LOL EQ RQGD
FODQ UHGD
$Q FRV Q[ %Q VLQ Q[ LPD YHOLNX DPSOLWXGX 7D VH SRMDYD ]RYH UH]RQDQFLMD D
FLWXMH VH X QDJORP SRUDVWX RVFLODFLMD NDGD VH D SULEOL
R
]DYD ND Q $NR MH D QL
DQ LOL EQ RQGD QHPD SHULRGL
FNLK UMH
VHQMD 1DLPH UH]RQDQWQRM NRPSRQHQWL
DQ FRV Q[ EQ VLQ Q[ RG I RGJRYDUD SR RQRPH
VWR VPR UHNOL X WR
FNL % UMH
VHQMH
REOLND [$Q FRV Q[ %Q VLQ Q[ 9LGLPR GDNOH GD ]D D Q HYHQWXDOQR SRVWRMH
SHULRGL
FND UMH
FDMX NDGD I QH VDGU
VHQMD VDPR X VOX
]L UH]RQDQWQX NRPSRQHQWX WM X
VOX
FDMX NDGD MH
=
DQ I [ FRV Q[G[
L
=
EQ I [ VLQ Q[G[
8 WRP VOX
FDMX SRVWRML SHULRGL
FNR UMH
VHQMH QDLPH NRHzFLMHQWL $Q L %Q RVWDMX SURL
$Q FRV Q[ %Q VLQ Q[ RSgFH UMH
VHQMH SULGUX
]HQH KRPRJHQH GLIHU
]YROMQL MHU MH WDGD
]EH GRN VX NRHzFLMHQWL $N L %N N Q RGUHG
HQFLMDOQH MHGQDG
~HQL IRUPXODPD
% 5MH
VDYDQMH GLIHUHQFLMDOQLK MHGQDG
]EL SRPRg
FX UHGRYD SRWHQFLMD
=DGDFL
\ r [\
r d
[ \ [\ [ r
\
[ \ [\ [ r \
5LMH
VLWH GLIHUHQFLMDOQX MHGQDG
]EX [\
r r r
\ [ UHGRP SRWHQFLMD SR [ r
r [ \ [\
3
\ [ [ SR SRWHQFLMDPD RG [
VLQ N [
2GUHGLWH SHULRGL
FNR UMH
VHQMH GLIHUHQFLMDOQH MHGQDG
]EH \ \ N N
5MH
VHQMD
N
[ [ [
\ & ddd ddd
d ddd d d d d d d N
[
[ [
Q
& [ ddd ddd
d ddd d d d d d d QQ
\ & - [ & -r [
S S
& - [ & < [
3
\
rN N N r [ r N
\ D [ [ r M[ r M
\ D
r
r [
r
N
[ r
[ r ddd
d
r d
D [ r
[ r
[ r
[ r ddd
[ [ [ [ [ [ d d d
\
3
VLQ NW
N rN
N
% 6XVWDYL OLQHDUQLK GLIHUHQFLMDOQLK MHGQDG
]EL
\N
;Q
DNM [\M IN [ N Q
M
$[ D [
> NM @
\Q \Q
IQ
RQGD LPDPR YHNWRUVNL ]DSLVDQ QHKRPRJHQL VXVWDY NDR
\ $[\ I
RGQRVQR KRPRJHQL VXVWDY NDR
\ $[\
] %\
SUL
FHPX MH % E [
> NM @ UHJXODUQD PDWULFD ]D VYDNL [ D E LOL X NRPSRQHQWDPD
;
Q
]N ENM [\M
M
] %\
% 6XVWDYL OLQHDUQLK GLIHUHQFLMDOQLK MHGQDG
]EL
LOL
\ % r
]
LPDPR GHULYLUDQMHP L XYU
VWDYDQMHP
] % \ %\ % \ %$\ I % %
r
] %$%r ] %I
RGQRVQR
] $ ]I
3P
RQGD MH R
FLJOHGQR L \ N &N \N &N 5 UMH
VHQMH VXVWDYD
9LGLPR GDNOH GD UMH
VHQMD WYRUH YHNWRUVNL SURVWRU SD VH GDNOH SUREOHP QDOD
]HQMD
RSg
FHJ UMH
VHQMD VYRGL QD SUREOHP RGUHG
~LYDQMD ED]H WRJ YHNWRUVNRJ SURVWRUD NRML L
RYGMH ]RYHPR IXQGDPHQWDOQL VXVWDY UMH
VHQMD 1DGDOMH DNR MH
X LY
\ X LY
XQ LYQ
NRPSOHNVQR UMH
VHQMH VXVWDYD RQGD VX L UHDOQL L LPDJLQDUQL X RGQRVQR Y UHDOQD
UMH
VHQMD VXVWDYD
3
Q
'RND] ,] hN \N L VYL hN QLVX QXOD VOLMHGL GD MH QHNL VWXSDF RG
N
OLQHDUQD NRPELQDFLMD RVWDOLK GDNOH : [ ]D VYDNL [ D E (
: [ h : [ \NM [
h
h
hQ
3URPDWUDMPR VOMHGHg
FH UMH
VHQMH VXVWDYD GLIHUHQFLMDOQLK MHGQDG
]EL
;
Q
\ hN \N
N
7R UMH
VHQMH ]DGRYROMDYD SR
FHWQH XYMHWH
\ [ LOL \ [ ddd \Q [
; Q
hN \N
N
;
Q
\ &N \N
N
\
$\ I
6XSVWLWXFLMD \ \ ] GDMH
\ ]
$\ $] I
RGQRVQR
]
$]
;&
IXQGDPHQWDOQL VXVWDY UMH
]HQRJ KRPRJHQRJ VXVWDYD
GRELYDPR
Q
\ \ N ]N
N
NDR RSg
FH UMH
VHQMH KRPRJHQRJ VXVWDYD
,]QDOD
]HQMH UMH
VHQMD \ QHKRPRJHQRJ VXVWDYD SURYRGLPR L RYGMH /DJUDQJHRYRP
PHWRGRP YDULMDFLMH NRQVWDQWL 1HND MH ] ]Q IXQGDPHQWDOQL VXVWDY UMH
VHQMD
;&
SULGUX
]HQRJ KRPRJHQRJ VXVWDYD 3UHWSRVWDYLPR
Q
\ [
N ]N
N
% 6XVWDYL OLQHDUQLK GLIHUHQFLMDOQLK MHGQDG
]EL
N ]N [
$
;&
Q
[
N ]N I [
N N N
LOL
;& ;&
_ ^]$ `
Q Q
[
N ]N [
N I]N
r ]N J I [
N N
RGQRVQR
;&Q
[
N ]N I [
N
VWR X UD]YLMHQRP REOLNX JODVL
& ]
& ]
& ]
ddd &Q ]Q
I
& ]
& ]
& ]
ddd &Q ]Q
I
& ]Q
& ]Q
& ]Q
ddd &Q ]QQ
IQ
5LMH
VLY
VL WDM VXVWDY OLQHDUQLK MHGQDG
]EL SR QHSR]QDQLFDPD &N
GRELYDPR
&N [
N [ N Q
&N [
=
[ G[ &N N Q
N
; & [ ;
=
[ G[g & {
8YUVWLY
VL GRELYHQH IXQNFLMH X SUHWSRVWDYOMHQR UMH
VHQMH LPDPR
Q Q
\ N ]N N ]N N ]N
; =
[ G[g ; &
N N
Q ;&
N ]N
Q
N ]N \
Q
N ]N
N N N
JGMH MH
\
; =
N [ G[
g ]N
N
3RVHEDQ VOX
FDM SUHGVWDYOMDMX VXVWDYL V NRQVWDQWQLP NRHzFLMHQWLPD
\
$\ I
% 6XVWDYL OLQHDUQLK GLIHUHQFLMDOQLK MHGQDG
]EL
LOL UD]YLMHQR
\N
;D \
Q
NM M IN [ N Q
M
\
$\
LOL
\ cH
{[
JGMH VX c c cQ { NRQVWDQWH L SUL WRPH QLVX VYL c cQ QXOD 8YU
VWDYDQMHP
X GLIHUHQFLMDOQX MHGQDG
]EX GRELYDPR
z z
z D z
z r { D ddd
z
z
z
D D r { ddd z
z
;
Q
ddd z z r 'MM {
z z
z z M
z r z
D Q DQ ddd
cN
cQN
cN H N
{ [
VHQMH RG 7LPH GRELYDPR MHGQR UMH
QHWULYLMDOQR UMH
VHQMH \N SR
]EL 7LP SRVWXSNRP GRELYDPR GDNOH
OD]QRJ VXVWDYD GLIHUHQFLMDOQLK MHGQDG
Q VYRMVWYHQLK YHNWRUD c c cQ RG WUHED UHGRP XYU
$
VWDYDWL {N N Q
X NRML VX OLQHDUQR QH]DYLVQL VYRMVWYHQL YHNWRUL NRML RGJRYDUDMX UD]OL
FLWLP
VYRMVWYHQLP YULMHGQRVWLPD VX OLQHDUQR QH]DYLVQL SD MH R
FLJOHGQR GD VX SULSDGQD
c H N N
{ [
VHQMD \N
UMH
N Q OLQHDUQR QH]DYLVQD L WYRUH IXQGDPHQWDOQL VXVWDY
;
UMH
VHQMD VXVWDYD GLIHUHQFLMDOQLK MHGQDG
]EL 2Sg
FH UMH
VHQMH JODVL
;
Q Q
{N [
\ &N \N &N cN H
N N
c h Lz
H
D[ h FRV E[ r
z VLQ E[ LH
D[ h VLQ E[ z FRV E[
.DR
VWR VPR YHg
F LVWDNOL L UHDOQL L LPDJLQDUQL GLR WRJ UMH
VHQMD VX UHDOQD UMH
VHQMD
VXVWDYD 7R VX XMHGQR L OLQHDUQR QH]DYLVQD UMH
VHQMD 3DU UMH
VHQMD NRML EL GRELOL L]
D r LE ELR EL OLQHDUQR ]DYLVDQ R SUHWKRGQLP UMH
VHQMLPD SD GDNOH SDU NRQMXJLUDQR
NRPSOHNVQLK GDMH GYD OLQHDUQR QH]DYLVQD UHDOQD UMH
VHQMD
\ H
D[ h FRV E[ z VLQ r E[
\ H
D[ h VLQ E[ z FRV E[
L \
\ \ r \ LL \
\ r \ \
\
\ r \ \
\ r \
\
\ \ r \ \
\ r \ \
L ' { r{
{ { r .RULMHQL NDUDNWHULVWL
FQH MHGQDG
]EH VX UHGRP
{ { r { .RPSRQHQWH VYRMVWYHQLK YHNWRUD RGUHG
~XMHPR L] VXVWDYD
MHGQDG
]EL
r {N c r
c c
r {N c r c N
c c r r N { c
=D { r
L L]ERU c GRELYDPR c L c WDNR GD GUXJL VYRMVWYHQL
YHNWRU JODVL
c
.RQD
FQR ]D { L L]ERU c GRELYDPR c L c RGQRVQR
c
\ [
c H \ c H
r [
\ c H
[
GRN RSg
FH UMH
VHQMH VXVWDYD L JODVL
[ r [ [
& H & H & H
LL '{ r {{
r SD VX NRULMHQL NDUDNWHULVWL
FQH MHGQDG
]EH UHGRP
{
r r
{N c c c
c r r {N c N
c r r
c {N c
% 6XVWDYL OLQHDUQLK GLIHUHQFLMDOQLK MHGQDG
]EL
5MH
VHQMH NRMH RGJRYDUD VYRMVWYHQRP YHNWRUX c JODVL \ c H
[
GRN MH UMH
VHQMH
NRMH RGJRYDUD VYRMVWYHQRP YHNWRUX c NRPSOHNVQR D QMHJRY UHDOQL L LPDJLQDUQL GLR
SUHGVWDYOMDMX VYDNL ]D VHEH UHDOQR UMH
VHQMH 7D GYD UHDOQD UMH
VHQMD VX OLQHDUQR QH]DY
LVQD L ]DMHGQR V c WYRUH IXQGDPHQWDOQL VXVWDY UMH
VHQMD 2GUHGLPR OL WR NRPSOHNVQR
UMH
VHQMH LPDPR
H
[
LFRV [ L VLQ [ H
[
I FRV [ r VLQ [ LFRV [ VLQ J
[
c H
L[ H[ FRV [ L VLQ [ H[ FRV [ L VLQ [
[ [
H FRV [ L VLQ [ H FRV [ L VLQ [
H
[
FRV [ r VLQ [ H
[
FRV [ VLQ [
H[ FRV [ L H[ VLQ [
[ [
H FRV [ H VLQ [
2Sg
FH UMH
VHQMH VDGD JODVL
H
[
H
[
FRV [ r VLQ [ H
[
FRV [ VLQ [
& H
[
& H[ FRV [ r VLQ [ & H[ FRV [ VLQ [
& H
[
& H[ FRV [ & H[ VLQ [
[ [
& H & H FRV [ & H[ VLQ [
E 1HND NDUDNWHULVWL
FQD MHGQDG
]ED LPD YL
VHVWUXNLK NRULMHQD 1HND MH
QSU { VVWUXNL NRULMHQ 8 WRP VOX
FDMX ]D GHULYDFLMH RG X WR
FNL { YULMHGL
M V
' { ]D M V L ' {
D UDVXG
~LYDQMHP DQDORJQR RQRPH X YH]L V UDQJRP VXVWDYD OLQHDUQLK MHGQDG
]EL
~X Q r VUHGQLP VXEGHWHUPLQDQWDPD GHWHUPLQDQWH SRVWRML
SRND]XMH GD PHG
EDUHP MHGQD NRMD MH ]D { { UD]OL
FLWD RG QXOH 2GDWOH VOLMHGL GD MH UDQJ U VXVWDYD
OLQHDUQLK MHGQDG
]EL U { Q r V LVWDNQLPR GD PR
]H QDVWXSLWL QHMHGQDNRVW U !
cM ~MO .O M Q r U Q
O
~Q r U H
{ [
~Q r U H
{ [
{ [ { [
~Q H ~Q H
{ [
\QrU cQ r UH
{ [
H
~Q r U Q r UH
{ [
~QQ r UH
{ [
FLML MH UDQJ R
FLWR MHGQDN Q r U =D NRPSOHNVQL { D LE RSLVDQL SRVWXSDN GDMH
Q r U UHDOQLK UMH
VHQMD NRMD VX OLQHDUQR QH]DYLVQD 7UHED NDR L SULMH RGYRMLWL UHDOQH
L LPDJLQDUQH GLMHORYH GRELYHQRJ NRPSOHNVQRJ UMH
VHQMD $NR MH U Q r V WM DNR
MH UDQJ VXVWDYD ]D { { QDMPDQML PRJXg
FL RQGD RSLVDQLP SRVWXSNRP
VVWUXNRP NRULMHQX { RGJRYDUD WR
FQR V Q r U OLQHDUQR QH]DYLVQLK UMH
VHQMD $NR
MH U ! Q r V RQGD RSLVDQL SRVWXSDN GDMH Q r U V OLQHDUQR QH]DYLVQLK UMH
VHQMD
NRMD RGJRYDUDMX VVWUXNRP NRULMHQX { 'D ELVPR QD
VOL SUHRVWDOLK V r QU OLQHDUQR
QH]DYLVQLK UMH
VHQMD PRUDPR LK NDR L X VOX
FDMX OLQHDUQH GLIHUHQFLMDOQH MHGQDG
]EH Q
3ULPMHU
\ \ \
\ \ \
\ \ \
' [ r{
{ .RULMHQL NDUDNWHULVWL
FQH MHGQDG
]EH VX { {
r N
c { c c
r
c N c { c
\ cH
r [ . H
r [
r r . . H
r [
\
r H
r [
% 6XVWDYL OLQHDUQLK GLIHUHQFLMDOQLK MHGQDG
]EL
\ PR
]HPR UDVWDYOMDQMHP QD UHDOQL L LPDJLQDUQL GLR SLVDWL X REOLNX
3 [ L4 [HDLE[
3 [ L4 [HDLE[
\
3Q [ L4Q [HDLE[
H
D[
3 [ FRV E[ r 4 [ VLQ E[ H
D[
3 [ VLQ E[ r 4 [ FRV E[
H
D[
3 [ FRV E[ r 4 [ VLQ E[
H
D[
3 [ VLQ E[ r 4 [ FRV E[
L
H
D[
3Q [ FRV E[ r 4Q [ VLQ E[ H
D[
3Q [ VLQ E[ r 4Q [ FRV E[
LOL
[
H
\
$\ I r \
NRML R
FLJOHGQR LPD UDQJ U ! 3UHWSRVWDYLPR GDNOH UMH
VHQMH X REOLNX
D [ D
\ E [ E H[
F [ F
'HULYLUDQMHP L XYU
VWDYDQMHP X SULGUX
]HQL KRPRJHQL VXVWDY GRELYDPR
D D [ D D [ D
E H[ E [ E H[ r d E [ E H[
F F [ F F [ F
E F [ E F
D E r F [ D E r F H[
E F [ E F
[
.UDg
FHQMHP V H GRELYDPR
D [ D D E F [ E F
E [ E E D E r F [ D E r F
F [ F F E F [ E F
RWNXGD L]MHGQD
FDYDQMHP NRHzFLMHQDWD GRELYDPR VXVWDY OLQHDUQLK MHGQDG
]EL ]D QHSR]
QDWH NRHzFLMHQWH DM EM FM M
D r E r F
rD F
rE
D D r E r F
E r D F
F r E
E F D E D F D
RGQRVQR
D [ D
\ cH
[ D H[
D [ D
,]ERURP D D GRELYDPR
[
\ c H
[ H[
[
VWR X]HY
VL X RE]LU GD VX \ \ \ UMH
VHQMD SULGUX
]HQRJ KRPRJHQRJ VXVWDYD GDMH
&
\ & \ & \ I
LOL UD]YLMHQR [
& [H[ & H[ & H
r&
H[ &
&
[H[ & H[ &
3ULSDGQL VXVWDY OLQHDUQLK MHGQDG
]EL ]D QHSR]QDQLFH &L L JODVL
r[
,] GUXJH GRELYDPR & H &
VWR XYU
VWHQR X SUYX L WUHg
FX GDMH
[& H[ & H
[
[
[& H &
FLMLP RGX]LPDQMHP GRELYDPR
[
& H
LOL
[
& [ H &
,PDPR GDNOH
[
& H
RGQRVQR
[
& [ H &
D ODNR L]UD
FXQDYDPR GD MH
[
& r [H
RGQRVQR
[
& [ r[H &
% 6XVWDYL OLQHDUQLK GLIHUHQFLMDOQLK MHGQDG
]EL
6DGD RSg
FH UMH
VHQMH JODVL
[
[
[
H [H r[H
$ $ $
JGMH VX U NYDGUDWQH PDWULFH UHGD N N NU N N d d d NU Q
FLMH JODYQH GLMDJRQDOH WYRUH JODYQX GLMDJRQDOX RG $ GRN VX HOHPHQWL L]YDQ EORNRYD
$ M VYL QXOD ]RYH VH NYD]LGLMDJRQDOQD PDWULFD L R]QD
FDYD NUDWNR V
$ >$ $ $@ U
6SHFLMDOQL VOX
FDM NYD]LGLMDJRQDOQLK PDWULFD VX GLMDJRQDOQH PDWULFH
D ddd
$
D ddd
>D D DQ @
ddd DQ
2Sg
FHQLWR VH ND
]H GD VX PDWULFH $ L % VOL
FQH DNR SRVWRML UHJXODUQD PDWULFD 6 WDNYD
GD YULMHGL
% 6$6 r
V ! V ! V ! d d d ! VP !
% 6XVWDYL OLQHDUQLK GLIHUHQFLMDOQLK MHGQDG
]EL
6DVWDYLPR L]UD]H
{ r {
O { r {
O { r {
O P
JGMH MH
O V r V O V r V OP VP r r VP OP VP
WDNR GD YULMHGL
O O d d d OP V
,]UD]L VX R
FLJOHGQR GLYL]RUL RG ' { L ]RYX VH HOHPHQWDUQL GLYL]RUL
PDWULFH $ NRML RGJRYDUDMX VYRMVWYHQRM YULMHGQRVWL { ,VWDNQLPR UHODFLMX
WM GD MH VXPD HNVSRQHQDWD HOHPHQWDUQLK GLYL]RUD NRML RGJRYDUDMX QHNRM VYRMVWYHQRM
YULMHGQRVWL MHGQDND NUDWQRVWL WH VYRMVWYHQH YULMHGQRVWL $NR MH QHNL O~ RQGD
ND
]HPR GD MH WDM HOHPHQWDUQL GLYL]RU MHGQRVWDYDQ GRN ]D HOHPHQWDUQL GLYL]RU V
O~ ! ND
]HPR GD MH VOR
]HQ 2
FLJOHGQR GD MHGQRVWUXNRM VYRMVWYHQRM YULMHGQRVWL {
RGJRYDUD VDPR MHGDQ HOHPHQWDUQL GLYL]RU L WR { r { $NR MH NUDWQRVW V ! RQGD
PR
]HPR LPDWL UD]OL
FLWH NRPELQDFLMH HOHPHQWDUQLK GLYL]RUD 1DM]DQLPOMLYLML VOX
FDMHYL
VX NDGD VYRMVWYHQRM YULMHGQRVWL { RGJRYDUD VDPR MHGDQ HOHPHQWDUQL GLYL]RU L NDGD
LK LPDPR QDMYL
VH WM WR
FQR V 8 SUYRP VOX
FDMX LPDPR MHGDQ VOR
]HQL HOHPHQWDUQL
GLYL]RU { r { V GRN X GUXJRP VOX
FDMX LPDPR V MHGQRVWDYQLK HOHPHQWDUQLK GLYL]RUD
{ r { { r { { r { 1DG
~LPR HOHPHQWDUQH GLYL]RUH NRML RGJRYDUDMX VYLP
VYRMVWYHQLP YULMHGQRVWLPD RG $ WM VDJUDGLPR VNXS VYLK HOHPHQWDUQLK GLYL]RUD
PDWULFH $ NRML ]DSL
VLPR X REOLNX
{ r {
{ r {
{ r {U
U
D ddd
D ddd
,
D ddd
D
ddd D
ddd D
d d d U Q
H
= , =
= ddd
N
=N ddd
r =d
= =
H H
r$d $[ $
H
[
H $$ H
[
]EL
9UDWLPR VH KRPRJHQRP VXVWDYX OLQHDUQLK GLIHUHQFLMDOQLK MHGQDG
\
$\
LOL X UD]YLMHQRP REOLNX
; Q
M
\L
\L
\ L
L Q
\QL
% 6XVWDYL OLQHDUQL K GLIHUHQFLMDOQLK MHGQDG
]EL
\NL
; Q
VWR PR
]HPR ]DSLVDWL X REOLNX MHGQH PDWUL
FQH MHGQDNRVWL
< $ <
[
JGMH MH
\ \ ddd \Q
<
\ \ ddd \Q
\Q \Q ddd \QQ
0DWULFD < VH ]RYH IXQGDPHQWDOQD PDWULFD VXVWDYD X NRMRM MH LWL VWXSDF QL
VWD
GUXJR QHJR LWL
FODQ IXQGDPHQWDOQRJ VXVWDYD UMH
VHQMD
< $ <
[
1DGDOMH VH PR
]H GRND]DWL
[ [
RQGD MH 5[
< H[ $[G[
UMH
VHQMH GLIHUHQFLMDOQH MHGQDG
]EH D RSg
FH UMH
VHQMH JODVL
6DGD PR
]HPR RSLVDQX PDWUL
FQX PHWRGX SULPLMHQLWL QD VXVWDY V NRQ
VWDQWQLP NRHzFLMHQWLPD WM QD VXVWDY
\
$ \ $r NRQVWDQWD
< $<
1HND MH ]D SR
FHWDN PDWULFD $ NDQRQVND L GLMDJRQDOQD
$ > @
{ { {Q
ddd H Q
{ [
% 6XVWDYL OLQHDUQLK GLIHUHQFLMDOQLK MHGQDG
]EL
GDNOH , { [
H
,
H
{ [
<
H U
,{ U [
5D]PRWULPR RSg
FL VOX
FDM NDGD $ QLMH NDQRQVND PDWULFD 7UDQVIRUPLUDMPR
SRPRg
FX VOL
FQRVWL PDWULFD $ X NDQRQVNL REOLN WM QDG~LPR WDNYX UHJXODUQX PDWULFX
6 GD
% 6$6r
6r = $6 =
r
% 6XVWDYL OLQHDUQLK GLIHUHQFLMDOQLK MHGQDG
]EL
RGQRVQR
=
6$6 = %= r
= H
%[
RGQRVQR
< 6 r %[
H
{ r { { r { { r {Q
< 6r
H
% 6r e { [
H H
{ [ H{Q [ v
{ [
ddd Q H ddd
ddd Q
H
{ [ ddd
{Q [
Q Q ddd QQ ddd H
{ [ { [ { [
H H ddd Q Q
H
{ [
H
{ [
H ddd
{ [
Q H Q
{ [ { [ { [
HQ HQ ddd QQ H Q
$NR $ LPD VOR
]HQH HOHPHQWDUQH GLYL]RUH
{ r { { r { { r {U U
d d d U Q
=ERJ VOR
]HQRVWL ]DSLVD PR
]HPR QDSLVDWL X UD]YLMHQRP REOLNX 7LPH VPR
EH] GRND]D YLGMHOL NDNR L]JOHGD VWUXNWXUD IXQGDPHQWDOQRJ VXVWDYD UMH
VHQMD VXVWDYD
OLQHDUQLK GLIHUHQFLMDOQLK MHGQDG
]EL V NRQVWDQWQLP NRHzFLMHQWLPD
% 6XVWDYL OLQHDUQLK GLIHUHQFLMDOQLK MHGQDG
]EL
=DGDFL
5LMH
VLWH GDQH VXVWDYH OLQHDUQLK GLIHUHQFLMDOQLK MHGQDG
]EL
B
[ [ \
\ \ r r \ \
B
\ [ \ \ \ \
\ \ \
B
[ [ r r \ ]
\ \ r \
B
\ [ r \ ]
\ \ r \
[
H
B
] [ r
\ ]
r r r VLQ
\ \ \ \ \ \ \ [
\
\ \
\ \ r r FRV
\ [
\
\ \ r \
5MH
VHQMD
{
{
[ & H
W
& HW
\ r & H
W
& HW
W & & HW
[ & H
\ & H
W & HW
& H
W & HW
]
& & [Hr[
\ & H[ r
& & & [H
r[
& H
[
r
& & & [ H
r[
& VLQ [ & FRV [H[
\ & r & FRV [ & VLQ [H[
r r
& & FRV [ & VLQ [H[
{
\ & H[ & Hr[ [H[ r
[
& H & H
r [
[ H[ r r
{
\ & H
[
& H[ FRV [ VLQ [ r
& H
[
& H[ FRV [ VLQ [ r
/LWHU DWXU D
>@ $ $QJRW $ O
XVDJH GHV LQJg
HQLHXUV GH O
HOHNWURWHFKQLTXH HW GHV Wg
HOg
HFRPPXQL
FDWLRQV 3DULV
>@ . * %HDXF KDP S :DOVK IXQFWLRQV DQG WKHLU DSSOLFDWLRQV $FDGHPLF 3UHVV
1HZ <RUN
w
>@ /( w
(O
VJRO
F 'LhHUHQFLDO
Q\H XUDYQHQLMD L YDULDFLRQQRH LV
FLVOHQLH 1DXND
0RVNYD
>@ 3 +DU W P DQ 2UGLQDU\ GLhHUHQWLDO HTXDWLRQV -RKQ :LOH\ 1HZ <RUN
>@ 5/ . U HLGHU 5* . XO O HU '5 2VW EHU J (OHPHQWDU\ GLhHUHQWLDO HTXD
WLRQV $GGLVRQ:HVOH\ 5HDGLQJ 0DVVDFKXVHWWV
>@ 6 .
XU HSD 8YRG X OLQHDUQX DOJHEUX 6NROVND NQMLJD =DJUHE
, QGHNV
$PSOLWXGD OLQHDUQD
$QDOLWL
FND IXQNFLMD QWRJ UHGD
$QDOLWL
FNR UMH
VHQMH GUXJRJ UHGD
REL
FQD WR
FND
%HVVHORYD SRGUX
FMH GHzQLFLMH
GLIHUHQFLMDOQD MHGQDG
]ED SULGUX
]HQD KRPRJHQD
QHMHGQDNRVW UMH
VHQMH VXVWDYD
VD VHSDULUDQLP YDULMDEODPD
&DXFK\MHY VLQJXODUQD WR
FND
SUREOHP VXVWDY SUYRJ UHGD X QRUPDOQRP
WHRUHP REOLNX
&ODLUDXWRYD GLIHUHQFLMDOQD MHGQ YL
VHJ UHGD
'LVNULPLQDQWQD NULYXOMD
&HEL
VHYOMHYD GLIHUHQFLMDOQD MHGQ GLIHUHQFLMDOQH MHGQDG
]EH
IDPLOLMH NULYXOMD
'HzQLFLMVND MHGQDG
]ED 'LYL]RU
'LIHUHQFLMDOQD MHGQDG
]ED MHGQRVWDYDQ
%HUQRXOOLMHYD VOR
]HQ
%HVVHORYD
NDUDNWHULVWL
FQD YULMHGQRVW )D]QL SRPDN
/DJUDQJHRYD )RXULHURY
SROLQRP
UHG OLQHDUQD
VLQXVQD ,QYHU]QD
)XQNFLMD
DQDOLWL
FND ,]RNOLQD
JRWRYR SHULRGL
FND GHzQLFLMVND
KRPRJHQD GLIHUHQFLMDOQD
NYDGUDWQR
QRUPLUDQD .DUDNWHULVWL
FQD
SHULRGL
FND YULMHGQRVW GLIHUHQFLMDOQH MHGQ
VPHWQMH
VSHNWUDOQD IXQNFLMD
+DUPRQLN
QDG
]ED GLIHUHQFLMDOQD MHGQDG
]ED
3HULRGL
FND IXQNFLMD
0DWUL
FQD GLIHUHQFLMDOQD MHGQDG
]ED 3HULRGL
FNR SUR
VLUHQMH
VOL
FQD 3RGUX
FMH GHzQLFLMH GLIHUHQFLMDOQH MHG
0HWRGD QDG
]EH
0HWULND WULJRQRPHWULMVNL
(XOHURY VPMHURYD
3RPDN
1RUPD 3ULGUX
]HQD KRPRJHQD GLIHUHQFLMDOQD MHG
MDOQR M MHGQDG
]EL &DXFK\MHY
2EL
FQD WR
FND GLIHUHQFLMDOQH MHGQ 5DGHPDFKHURY VXVWDY
2PRWQLFD 5HG
2Sg
FH UMH
VHQMH GLIHUHQFLMDOQH MHGQDG
]EH )RXULHURY
KLSHUJHRPHWULMVNL
5MH
VHQMH QRUPLUDQL
DQDOLWL
FNR VWDFLRQDUQL
GLIHUHQFLMDOQH MHGQDG
]EH :DOVKRY
SDUWLNXODUQR ]DWYRUHQ
VLQJXODUQR
&DXFK\MHY
6LPHWUL
FQL REOLN 3HDQRY
6LQJXODUQD WR
FND 3LFDUGRY
GLIHUHQFLMDOQH MHGQDG
]EH 7R
FND
6LQJXODUQR UMH
VHQMH UDYQRWH
]H
6OL
FQH PDWULFH RVQRYQL VXVWDY
6OR
]HQL GLYL]RU SROLQRP
EU]LQD
8GDUQL LPSXOV
NRVLQXVQL L VLQXVQL
DXWRQRPQL
=DNRQ UDVSRGMHOH
GLIHUHQFLMDOQLK MHGQDG
]EL SUYRJ UHGD
DPSOLWXGD
X QRUPDOQRP REOLNX
ID]QLK NXWRYD
ID]QL SURVWRU
+DDURY
NDUDNWHULVWL
FQD MHGQDG
]ED
QRUPDOQL
RUWRJRQDODQ
RUWRJRQDODQ QD VHJPHQWX
RUWRQRUPLUDQ
RVQRYQL WULJRQRPHWULMVNL
SROMH VPMHURYD
SRWSXQ