[DA\KZ_AN@N D@OAHD@C NK _@D @D^HDAH @J@N

L@O[C
@O[C^
^@N NK AD
ADMKDAKZÇ@
MKDAKZÇ@ MKHC
MKHCßMAO@
ßMAO@ GAD@_ Q GK^@CÙZMAO@

K_O[KC@ UZHLK_AHD@C NK ADMKDAKZA@ NK GAD@_

ADLHZGK NK CK\@D^@GAKD^H NK \KD^AC@OAßD NK

C@ GAD@ @^@C@Q@

UZK_KD^@NH UHZ9

 Lukdtks Àcv`rkz @zuokd`


Ohrranh Jusths Fkccy
 ^hthr` Mutaárrkz `ckx`dnkr Iksùs

NHOKD^K9

Adm. Lchrkdtadh Q`d`

O[_OH ‟ UKZÙ

:501
 

OHD^KDANH9
0.5 ZK_[GKD KIKO[^A\H

0.5 ZK_[
ZK_[GKD
GKD KIKO
KIKO[^A\
[^A\H.........
H....................
.....................
.....................
.....................
..................................
........................>>
0.0 J`c`
J`c`dok
dok nk Admrk
Admrkshs
shs y _`ca
_`can`s
n`s nk `ark nk gad` gad`........................................>
........................................>
0.: Zkq
Zkqukra
ukragakd
gakdths
ths nk @ark p`r` c` gad`
gad`..........
....................
.....................
....................................
......................... >
0.? Ohd
Ohdnaoa
naoahdks
hdks @gja
@gjakdt`
kdt`cks
cks kd c` gad`
gad`.........
....................
...............................................
....................................> >
0.> _atu
_atu`oaÿ
`oaÿd d nk vkdta
vkdtac`nh
c`nhrks
rks y Obag
Obagkdk` kdk`ss Urad
Uradoap`
oap`ckscks nk vkdtvkdtac`o
ac`oaÿd
aÿd.....
.........
......;
..;
0.; Oaro
Oarouath
uathss nk \kdtac
kdtac`oaÿ
`oaÿd........
d..................
.....................
.....................
.....................
.....................
...........................;
.................;
0.< Zksu
Zksuct`n
ct`nhs
hs nkc Ghnk
Ghnkc`ga
c`gakdth
kdth nkc _ast_astkg`
kg` nk \kdta kdtac`oa
c`oaÿd........................
ÿd........................; ;
:.5 UZK_KD^@OAHD..........
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?.5 HJIK^A\H_ .........

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................................. 2

>.5 @CO@DOK NKC CK\

CK\@D^@GAKD^H NK \KD^AC@OAßD ........................................2
@D^@GAKD^H

;.5 CK\@D^@
CK\@D^@GAKD^H
GAKD^H NK \KD^AC@OA ßD NK C@ GAD@...........
\KD^AC@OAßD .....................
.....................
.......................2
............2
;.0 Kst`o
Kst`oahdk
ahdkss nk Ohd
Ohdtrhc
trhc nk \kdtackdtac`oaÿ
`oaÿd........
d...................
.....................
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...........................1
................1
;.: J`c`
J`c`dok
dok nk Admrk
Admrkshs
shs y _`ca_`can`s
n`s nk @ark nk C` Gad` Gad`...................................1
...................................1
;.? ZKP[
ZKP[KZAGA
KZAGAKD^
KD^H H NK @AZK KD C@ GAD@. GAD@............
.....................
..................................
........................0 00
;.> Zkq
Zkqukra
ukragakd
gakdths
ths nk @ark p`r` C` Gad` Gad`..........
....................
.....................
...................................?
........................?
;.>.0 U`r` kc Ukrshd`c..........
....................
.....................
.....................
.....................
.....................
.....................
.............
..??
;.>.: U`r` chs Kquaphs Nakskc..............................
.....................
.....................
.....................
.......................?
............?
;.>.? U`r` g`dtkdkr ud` ^kgpkr`tur` Klkotav` nk ?5µO ...........................?
;.>.> U`r` c` Nacuoaÿd nk chs M`sks nk Nasp`rh.......................................>
;.>.; Zksugkd nk Dkoksan`nks nk @ark..................................................;
;.; Ohj
Ohjkrtur
krtur`
` nk Dkok
Dkoksan`nsan`nks ks nk @ark p`r` c` Gad` Gad`.........
....................
..............................<
...................<
;.< Ohd
Ohdnaoa
naoahdks
hdks nk Hpkr
Hpkr`oaÿ`oaÿd d nk ObaObagkdk
gkdk`s `s nk \kdtac kdtac`oaÿ
`oaÿd........
d.........................=
.................=
;.<.0 Obagkdk` OB 5::>.......... ....................
.....................
.....................
......................................
............................= =
;.<.: Obagkdk` OB 5:01.......... ....................
.....................
.....................
......................................
............................= =
;.= Gkna
Gknaoahd
oahdks
ks nk ^kgpk
kgpkr`turr`tur` ` `gja
`gjakdt`kdt`c......
c.................
.....................
.....................
.....................
................2
......2
;.2 Kgas
Kgasaÿd
aÿd nk M`sk
M`skss nk OH kd chs Kqua Kquaphs phs Nak
Nakskc...
skc.............
.....................
.....................
...............2
.....2
;.1 Ohd
Ohdsugh
sugh nk Kdkr
Kdkrmç`mç` Kcáo
Kcáotrao`
trao`..........
.....................
......................
.....................
.....................
.....................
.............1
...1
;.05 ^r`j`
^r`j`ihs
ihs ` Nks`rrhcc`r
Nks`rrhcc`r U`r` Gkihr`r c`s Ohdnaoahd Ohdnaoahdks ks @otu`cks nk
\kdtac`oaÿd.................................................................................................1
<.5 GHNKC@GAKD^H NKC _A_^KG@ NK \KD^AC@OAHD..........................................1
<.5 GK^HNHCHM
GK^HNHCHMÇ@ Ç@ U@Z@ NK^KZGAD@Z U@Z@GK^ZH_ NK \KD^AC@OAHD.
.....................
................................
.....................
.....................
.....................
.....................
.....................
.....................
.....................
.................
....... 05
<.5.0 ^r`dsvkrs`cks nk C`jhrks............................................05
_kooahdks ^r`dsvkrs`cks
<.5.: Ukrçgktrh nk c`s _kooahdks ^r`dsvkrs`cks.....................................05
 

<.0 ZK_[
ZK_[C C^@NH_ NK CH_ @D@C@D@CA_A_ A_A_ NK _KD _KD_AJAC_AJACAN@N
AN@N.........................
..........................0
.00
0
<.0.0 @dàcasas Nkrav`nhs nkc Ckv`dt`gakdth nk \ kdtac`oaÿd. ...................00
\kdtac`oaÿd.
<.0.: Urhpukst`s nk Obagkdk`s y \kdtac`nhrks. .....................................0:
<.0.? J`c`dok nk Admrkshs y _`can`s nk @ark..........................................0:
<.0.> Obagkdk` nk \kdtac`oaÿd..........
....................
.....................
.....................
.............................0?
..................0?
<.0.; Oarouaths nk @ark...........
....................
.....................
.....................
.......................................
.............................0>
0>
=.5 OH_^H_ NK O@UA^@C Q OH_^H_ NK HUKZ@OAHD............................................0;
=.5 Ohst
Ohsth
h nk O`p
O`pat`c.
at`c...........
.....................
.....................
.....................
.....................
..........................................
................................ 0;
=.0 Ohst
Ohsth
h nk Hpkr
Hpkr`oaÿ
`oaÿd........
d..................
.....................
.....................
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.................... 0<
2.5 @C[@OAßD KOHDHGAO@ .........
K\@C[@OAßD
K\ ....................
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...........................0=
0=

1.5 OHDOC[_AHDK_ ..........

....................
.....................
.....................
.....................
.....................
............................................
..................................01
01
 

0 .5 ZK_[GKD KIKO[^A\H

0 .0 J`c`dok nk Admrkshs y _`can`s nk `ark nk gad`

Admrks` ` c` gad` ud o`un`c nk 2>1.;5;> gktrhs?/gad (?5,555 paks?/gad) nk `ark lrksoh.

_`ck nk c` gad` ud o`un`c nk 2>1.>==0 gktrhs?/gad (:1,111 paks?/gad) nk `ark lrksoh.

0 .: Zkqukragakdths nk @ark p`r` c` gad`

C`s dkoksan`nks nk `ark p`r` c` gad`, ksth ks pkrshd`c, kquaphs naáskc y p`r` hjtkdkr ud`
tkgpkr`tur` klkotav` nk ?5µO luk nktkrgad`nh kd 0,>5> gktrhs?/gad (>1,;=1.12
 paks?/gad).

Ohgp`r`dnh chs rkqukragakdths

rkqukragakdths nk `ark p`r` c` gad` ohd kc `ark quk admrks`, sk nktkrgad`
quk kst`s dkoksan`nks sÿch shd oujakrt`s kd <5.;%.

0 .? Ohdnaoahdks @gjakdt`cks kkd

d cc`` g
gaad`.

Ohgh ohdskoukdoa` nk ch skð`c`nh sk hjskrv` nalaouct`nks nk vkdtac`oaÿd kd chs t`ikhs nk

 prhnuooaÿd. Kc `ark
`ark oarouc`dtk quk cck
cckm`
m` ` chs lrkdtks nk nnks`rrhcch,
ks`rrhcch, prkp`r`
prkp`r`oaÿd
oaÿd y
kxpcht`oaÿd ks cagat`nh. Kd chs t`ikhs c` tkgpkr`tur` `gjakdt`c `co`dz` b`st` ?>.;µO. Kd
c` Yhd` _ur kd c` ujao`oaÿd nkc Hrk U`ss Dµ 55: c` tkgpkr`tur`
t kgpkr`tur` `co`dz` chs >5µO. Kd c`
Yhd` Dhrtk kd c` ujao`oaÿd nk c` Z`gp` bkcaohan`c b`y ud` `ouguc`oaÿd pkrsastkdtk nk
bughs nk chs kquaphs nakskc.

@ kst` satu`oaÿd sk sug` kc bkobh nk quk mr`d p`rtk nk chs vkdtac`nhrks skoudn`rahs `ous`d
`ct` rkoarouc`oaÿd nk `ark `c kst`r ujao`nhs kd t`phdks dh bkrgátaohs, chs sastkg`s nk
vkdtac`oaÿd `uxaca`r takdkd sus g`dm`s nk vkdtac`oaÿd j`st`dtk nktkrahr`nhs quk cagat`d kc
sugadastrh nk `ark lrksoh ` chs gasghs lrkdtks kd tr`j`ih. Amu`cgkdtk, sk skð`c` ohgh
o`us` ludn`gkdt`c nk c`s nalaouct`nks nk vkdtac`oaÿd, ` c` prkskdoa` nk kquaphs nakskc,
kspkoa`cgkdtk o`gahdks \hcvh quk `rrhi`d phr sus kso`pks `ct`s ohdokdtr`oahdks nk m`sks
nk Ghdÿxanh nk O`rjhdh, kd kc r`dmh nk :,;=5 ` ?,1<< p`rtks phr gaccÿd, quk supkr`d kd
kxoksh kc Cçgatk Ukrgasajck nk ;55 ppg. @ kkstk
stk rkspkoth nkjk agpckgkdt`rsk ud` phcçtao`
nk ougpcagakdth nkc _astkg` Adtkmr`nh nk _kmuran`n, Gknah @g
@gjakdtk
jakdtk y O`can`n.
 

0.>
0.> _a
_atu
tu`o
`oaÿ
aÿd
dnnkk vvkd
kdta
tac`
c`nh
nhrrks y O
Oba
bagk
gkdk
dk`s
`s Ur
Urad
adoa
oap`
p`ck
ckss n
nkk vvkd
kdta
tac`
c`oa
oaÿd
ÿd..

Kd c` lkob` nk kikouoaÿd nkc tr`j`ih nk o`gph chs vkdtac`nhrks sk kdohdtr`j`d lukr` nk

hpkr`oaÿd, sakdnh c` vkdtac`oaÿd nk c` gad` çdtkmr`gkdtk d`tur`c, phsajckgkdtk adnuoanhs
 phr chs vkdtac`nhrks
vkdtac`nhrks y quk phr ch gasgh chs oarouaths nk `ark dh shd nkladanh
nkladanhs.
s.

O`jk rkg`ro`r quk chs vkdtac`nhrks adst`c`nhs kd p`r`ckch kd c` Obagkdk` 22>?, nk

kdohdtr`rsk kd ludoahd`gakdth dh v`ra`rç`d sust`doa`cgkdtk kc `otu`c oarouath nk
vkdtac`oaÿd nk c` gad`, phr ou`dth, `c dh skr kdo`us`nh ` c`s c`jhrks kd tr`j`ih kc `ark
lrksoh adsulc`nh rkthrd`rç` ` supkrlaoak sad skr us`nh ` tr`vás nk c`s obagkdk`s `ckn`ð`s.

0 .; Oarouaths nk \kdtac`oaÿd.

Kc sastkg` nk vkdtac`oaÿd nk c` gad` ks gkoàdaoh suikt` ` c` hpkr`oaÿd nk kxtr`othrks nk

`ark naspuksths kd supkrlaoak.

Kd thn` c` gad` sk ankdtalao` ud shch ksqukg` nk oarouath nk `ark quk mar` jàsao`gkdtk
shjrk kc admrksh nk `ark phr kc Uaquk pradoap`c ` chs quk sk sug`d htr`s vç`s nk gkdhr
ou`dtç`. C` l`ct` nk ud` g`yhr o`p`oan`n nk kxtr`ooaÿd nk `ark nk c` gad` b`ok quk
t`gjaád phr c` Z`gp` bkcaohan`c lcuy` `ark us`nh ` supkrlaoak phr prksahdks d`tur`cks.

0.
0.<< Zks
Zksuc
uct`
t`n
nhs nkc
nkc Ghn
Ghnkc
kc``gak
gakdt
dthh n
nkkc _as
_astk
tkg`
g` nk \kdtac
dtac`o
`oaÿ
aÿd.
d.

B`oakdnh ush nkc shltw`rk \kdtsag sk klkotuÿ kc ghnkc`gakdth nkc sastkg` nk vkdtac`oaÿd,
thg`dnh ohgh j`sk chs rksuct`nhs nkc ckv`dt`gakdth.

Kc rksuct`nh lad`c nk chs `dàcasas nk skdsajacan`n nkladk c` dkoksan`n nk `gpca`r c`

o`p`oan`n adst`c`n`
adst`c`n` nk c` adlr`kstruotur` y kquaphs nk vkdtac`oaÿd nk c` gad` ` lad nk
oujrar chs rkqukragakdths nk `ark, hptagaz`r chs oarouaths nk vkdtac`oaÿd y gkihr`r c`
o`can`n nkc `ark oarouc`dtk kd c` gad`. _k prhphdk c`s samuakdtks `ooahdks9

 Kxo`v`oaÿd nk 5: obagkdk`s oarouc`rks Jhradm, `gjhs ohgudao`dnh chs nalkrkdtks

davkcks ` supkrlaoak. [dh nk kcc`s kd c` zhd` sur y htr` kd c` zhd` dhrtk nk c` gad`.
Uhr c` pragkr` sk kv`ou`rà thnh kc `ark us`nh nk c` zhd` sur, kd chs nalkrkdtks
davkcks nk c` gad`, gakdtr`s quk phr c` skmudn` sk b`rà ch prhpah ohd kc `ark nk c`

zhd` dhrtk.
 

 Ohdstruooaÿd nk oruokrhs kd chs davkcks ?;, =5 y 05; b`oa` c` obagkdk` ZJ.

 @nquasaoaÿd nk 5? vkdtac`nhrks nk 05,555 paks?/gad nk :> BU y 50 vkdtac`nhr nk

 :5,555 paks?/gad nk ;5BU p`r` su adst`c`oaÿd kd supkrlaoak ohgh kxtr`othrks nk

`ark, kdoag` nk c`s 5: obagkdk`s (05,555 paks?/gad o/u) y kd c` r`gp` pradoap`c
(:5,555 paks?/gad).

Kc j`c`dok mkdkr`c nk `ark kd c`s dukv`s ohdnaoahdks nk vkdtac`oaÿd nk c` gad` skrç`9

Ohdnaoaÿd Uaks?/Gaduth Gktrhs?/Gaduth

Admrkshs nk `ark ;5,555 0,>0;.2>:>
_`can`s nk `ark >1,111 0,>0;.20>5

Kc `ark lrksoh oujrk ohd sulaoakdoa` c`s dkoksan`nks nk `ark kstag`n`s kd 0,>5>
gktrhs?/gad, ohdsankr`dnh ud` ohdtadmkdoa` nkc 05% nk c`s dkoksan`nks
dkoksan`nks `otu`cks.

:.5 UZK_KD^@OAHD

Guob`s gad`s sujtkrràdk`s dh oukdt`d ohd ud sastkg` `nkou`nh nk vkdtac`oaÿd nkjanh ` c`

l`ct` nk ud pc`dk`gakdth `prhpa`nh quk puknk skr `co`dz`nh utacaz`dnh ud shltw`rk nk
saguc`oaÿd. Kd guob`s gad`s nkc Ukrù, c` utacaz`oaÿd nk kst` bkrr`gakdt` b` sanh nk mr`d
 jkdklaoah y` quk
quk mr`oa`s ` kst` bkrr`gakdt` sk b` phnanh pc`dalao`r
pc`dalao`r y gkihr`r chs oarouaths
`otu`cks nk vkdtac`oaÿd y sk b` tkdanh ud` `prhxag`oaÿd j`st`dtk `okpt`jck t`dth kd o`un`c
ohgh kd o`çn` prksaÿd. Nkjanh ` c` mr`d nagkdsaÿd nk c` gad` y kc ohdst`dtk `v`dok nk c`s
c`jhrks nk nks`rrhcch, kst` bkrr`gakdt` luk nk mr`d `yun` p`r` ar mkdkr`dnh oarouaths luturhs
nk vkdtac`oaÿd kd nhdnk sk puknk adocuar vkdtac`nhrks y ohdtrhcks nk vkdtac`oaÿd ohgh
 pukrt`s, y rkmuc`nhrks
rkmuc`nhrks y nk ks
kst`
t` lhrg` ar prknaoakdnh oo`gjahs
`gjahs kd oarouaths luturhs.
Guob`s vkoks sk b`d nki`nh nk kikout`r c`jhrks phrquk su kikouoaÿd rkprkskdt`j`
rkprkskdt`j`
 prhjckg`s nk vkdtac`oaÿd
vkdtac`oaÿd kd htr`s c`j
c`jhrks.
hrks. Ksth b`ok quk kc prhmr`g` gkdoahd`nh
gkdoahd`nh sk` nk
mr`d jkdklaoah kohdÿgaoh y` quk ou`cquakr c`jhr gadkr` ks j`st`dtk ohsths`.
Kstk tr`j`ih rkprkskdt` c` saguc`oaÿd kd C` Gad` @t`c`y`
@t`c`y` utacaz` kc prhmr`g` \KD^_AG
 p`r` mkdkr`r oarouaths
oarouaths pradoap`cks p`r` c`
c`jhrks
jhrks `otu`ck
`otu`ckss y lutur`s. U`r` kstk
kstk lad, sk b`okd
ckv`dt`gakdths nk o`un`cks y prksahdks nk thn`s sus c`jhrks sujtkrràdk`s, ksths n`ths shd
 

ohgp`r`nhs ohd chs n`ths mkdkr`nhs phr kc shltw`rk, hjtkdaádnhsk jukd`s ohrrkc`oahdks.
Kstk `rtçouch prkskdt` chs jkdklaoahs `co`dz`nhs kd c` pc`dalao`oaÿd nkc sastkg` nk
vkdtac`oaÿd nk c` `t`c`y` ohd c` `yun` nk kst` bkrr`gakdt`.
@mr`nkoakdnh ` thnhs y kspkr`dnh sus sumkrkdoa`s p`r` gkihr`r kstk tr`j`ih y ohdtrajuar kd

kstk gudnh l`soad`dtk nk c` gadkrç`.

?.5 MKDKZ@CAN@NK_
[jao`n` kd Kspad`r ‟ Ousoh, ` ud` `ctatun prhgknah nk >505 gsdg y ud` prhnuooaÿd nk
=55 ^GN6 ks ud` gad` kd pckd` `nkou`oaÿd nkc sastkg` ohdvkdoahd`c
ohdvkdoahd`c nk gad`nh ` c`
gadkrç` sad rakcks y kd pckdh prhoksh nk kxp`dsaÿd b`oa` c` zhd` nk `dhg`cç`s mkhlçsao`s
(ohd phtkdoa`c kstag`nh nk 2 555 555 ^G_) p`r` kckv`r p`uc`tad`gkdtk c` prhnuooaÿd ` 255
y 0:55 ^GN.
Hpkr` kd nalkrkdtks davkcks, ohd adtkrv`chs nk ?; g y nksnk chs paquks9 ?;, =5, 05; y 0>5
(kd pckdh nks`rrhcch). U`r` kc `ooksh ` adtkrahr gad` sk oukdt` ohd nhs paquks y nhs r`gp`s.
Chs Uaquks Uradoap`c y @uxaca`r, nk ? y : ohgp`rtagkdths, rkspkotav`g
rkspkotav`gkdtk,
kdtk, takdkd amu`c
 prhludnan`n nk 0>5
0>5 g (Dv.
(Dv. 0>5) y ohgudao`d
ohgudao`d chs nalkrkdtks davk
davkcks.
cks. C` Z`gp` Uradoap`c,
nk 0:.; %, admrks` nksnk supkrlaoak ` chs Davkcks ?; y =56 y, cukmh nk oruz`r kc Dv. =5
nksoakdnk `c Dv. 05;. C` Z`gp` @uxaca`r, pkdktr` nk c` supkrlaoak `c Dv. ?;. ^hnhs chs
davkcks y supkrlaoak kstàd ohdkot`nhs phr obagkdk`s ohdvkdoahd`cks.
[jao`n` kd ud cum`r nk rkcakvk thphmràlaoh rkc`tav`gkdtk pc`dh y nkjanh ` c`
c ` gadkr`caz`oaÿd
kd oukrphs arrkmuc`rks kc gáthnh nk kxpcht`oaÿd kgpck`nh luk kc nk ohrtk y rkcckdh
`sokdnkdtk,, ohd rkcckdh nktrçtaoh prhoknkdtk nk supkrlaoak, b`jaádnhsk nkso`rt`nh kc rkcckdh
`sokdnkdtk
banràucaoh phr c` kxoksav` bugkn`n kxastkdtk6 t`gjaád sk b` kgpck`nh ho`sahd`cgkdtk
ho`sahd`cgkdtk kc
`cg`okd`gakdth
`cg`okd`gakdth prhvasahd`c6 kd `gjhs gáthnhs sk b`d nki`nh pukdtks nk nhs gktrhs.
Kd kc Dv ?;, ùctag`gkdtk sk b` gko`daz`nh sk b` t`ik`nh nksnk kc gasgh davkc.
Kd kc Dv ?;, chs t`ikhs `otavhs shd9
^ ‟ Ukr` ^‟; ^ ‟ 0> ^ ‟ 5002
^‟? ^‟2 ^ ‟ 0< ^ ‟ 1=?=
Kd kc Dv =5, t`ikhs gko`daz`nhs9
M`c 1=>09 okro`dç`s nk OB 1202 ` M`c 1;?1, M`c 1;?1 _K y M`c 22;5
 

Cckm`n` nk Z`gp` `c Dv ‟ M`c 1=>0 ‟ oruokrh 11>5 ‟ Adaoah nk Z`gp` `c 05;

M`c 1<>? D], kdtrk OB 1<>= y OB 5?>=
@cg`okd`gakdth
@cg`okd`gakdth prhvasahd`c9 M`c 1<>? _K (OB 1?;:) ` M`c 1<>? DK (OB 1;>1)
Kd kc Dv 05;, t`ikhs gko`daz`nhs9
 ^ ‟ 009 M`c 12>5 ]
],, kdtrk OB 12:= y OB nkc Ro 120=
 ^ ‟ 2@9 nk M`c 12>5 _K - M`c 1=>: D] ‟ M`c 1=>: _K (OB 1:;:)
 ^ ‟ 05? @: y ^ ‟ ?9 kd M`c 1<>; b`st` OB 5?>=
 ^ ‟ 05;:9 kd M`c 1=>0 D]
D],, kdtrk OB 5=?> k adaoah Ro 5=?< DK
 ^ ‟ :9 nksnk \kdt`d` nk Zp` nk Dv =5 `c Dv 05;, OB 55>5 ‟ OB 50>0
@cg`okd`gakdth prhvasahd`c9 ^ ‟ =, M`c 1=>: _K, OB 1;>1 ` OB 1?;:

?.5 HJIK^A\H_

 Klkotu`r ud na`mdÿstaoh adtkmr`c nk c` vkdtac`oaÿd nk c` gad` KNKD.

 Nht`r c` o`dtan`n nk `ark lrksoh dkoks`rah p`r` c` rkspar`oaÿd nk chs tr`j`i`nhrks quk
tr`j`i`d kd adtkrahr gad`.

 Kv`ou`r kc `ark vaoa`nh quk ohdtakdk m`sks y phcvhs quk sk prhnuokd kd adtkrahr gad`,
nacuykdnh su ohdokdtr`oaÿd nkj`ih nk chs Cçgatks Gàxagh Ukrgasajcks.

 Ks kc ohdtrhc nkc ghvagakdth nkc `ark, t`dth kd o`can`n y o`dtan`n ohgh kd narkooaÿd
nkc lcuih.

>.5 @CO@DOK NKC CK\@D^@GAKD^H NK \KD^AC@OAßD

Nk `oukrnh ` chs tárgadhs nk rklkrkdoa` nk c` prhpukst` kc ckv`dt`gakdth takdk kc samuakdtk

`co`dok9

`) Kv`cu`oaÿ
Kv`cu`oaÿdd adtkmr`c
adtkmr`c nk ch
chss oaro
oarouaths
uaths nnkk vkd
vkdtac`o
tac`oaÿd
aÿd nk c` gad` kd
kd chs davkck
davkckss kd
hpkr`oaÿd9 Dv. ?;.

 j) Nktkrgad`r c` adlr`kstruotur`

adlr`kstruotur` nk vkdtac`oaÿd p`r`
p`r` kc gkna`dh pc`zh,
pc`zh, nkladanh kd =
`ðhs.
 

;.5 CK\@D^@GAKD^H NK \KD^AC@OAßD NK C@ GAD@

Kd kst` kt`p` sk klkotuÿ ud g`pkh nkt`cc`nh nk c`s c`jhrks kd hpkr`oaÿd nk c` gad`,

thg`dnh adlhrg`oaÿd nk o`gph gkna`dtk gknaoahdks nk chs p`ràgktrhs nk vkdtac`oaÿd. Kc
nks`rrhcch nk chs tr`j`ihs nk o`gph y pc`dk`gakdth ohgprkdnaÿ chs çtkgs quk sk nksorajkd
` ohdtadu`oaÿd.

; .5 Kst`oahdks nk Ohdtrhc nk \kdtac`oaÿd

Kd o`n` davkc sk ujao`rhd kst`oahdks nk ohdtrhc nk vkdtac`oaÿd nk `oukrnh ` c` agphrt`doa`

nk c` nastrajuoaÿd nk chs lcuihs nk `ark oarouc`dtks, ujao`oaÿd nk c`jhrks kd hpkr`oaÿd,
zhd`s ohd prkskdoa` nk m`sks y tkgpkr`tur` samdalao`tav`, c`jhrks ohd `ct` rkoarouc`oaÿd nk
`ark y htrhs. Amu`cgkdtk, sk lai`rhd kst`oahdks nk ohdtrhc kd c`s c`jhrks nk admrksh y s`can`
nk `ark nk c` gad` p`r` nktkrgad`r c` o`dtan`n nk `ark oarouc`dtk kd thn` c` gad`

Kd o`n` ud` c`s kst`oahdks nk ohdtrhc sk klkotu`rhd gknaoahdks nk c` skooaÿd tr`dsvkrs`c

nk c` c`jhr, thg`dnh nkjan` dht` nk c`s o`r`otkrçstao`s nk c` gasg`. _k nktkrgadÿ c`
hrakdt`oaÿd nk c`s ohrrakdtks nk `ark y sk klkotu`rhd gknaoahdks nk vkchoan`n nkc `ark,
b`oakdnh ush nk ud `dkgÿgktrh y kd htrhs o`shs ohd ud` jhgjacc` y tujhs nk bugh.
Amu`cgkdtk, sk klkotu`rhd gknaoahdks nk tkgpkr`tur` `gjakdt`c.

Chs rksuct`nhs nk c`s gknaoahdks klkotu`n`s sk nkt`cc`d kd chs Ou`nrhs Dµ 5= `c 0: nkc

@pádnaok @.

; .0 J`c`dok nk Admrkshs y _
_``can`s nk @ark n
nkk C` Gad`

J@C@DOK MKDKZ@C NK @AZK

Nk c`s gknaoahdks nk admrkshs y s`can`s nk `ark nk c` gad` nk thn`s c`s c`jhrks.

J`c`dok mkdkr`c nk `ark

KD^Z@N@_ g?/gad Olg (paks?/gad)
Jho`r`gp` `uxaca`r ?12.2 0>52?.>1
Uaquk pradoap`c 0:?.> >?;=.2?
_`can` g`kstr`dz` 0:5.5 >:?=.=<
Obagkdk` 1<?; =;.; :<<<.:<
Obagkdk` 5<?1 ;<.2 :55;.2=
Obagkdk` 15>2(15><) :<.5 102.02
 

Obagkdk` 22>< 1;.5 ??;>.21

^H^@C 21;.; ?0<:>.:2

_@CAN@_ g?/gad Olg (paks?/gad)

Jho`r`gp` pradoap`c (02>2) 0<0 ;<2;.<<
Uaquk `uxaca`r
obagkdk` 12?= :?:51.: 20551;>1..0>:>
Obagkdk` 55?< 01 <=5.12
Obagkdk` 55?: :0 =>0.<0
Obagkdk` 5>?0 0; ;:1.=:
Obagkdk` 5:01 005 ?22>.<0
Obagkdk` 5::> ;5 0=<;.=?
Obagkdk` 5>0; :; 22:.2=
Obagkdk` 00:> :0 =>0.<0
Obagkdk` 05? 0; ;:1.=:
Obagkdk` 0??? ?< 0:=0.??
Obagkdk` 5?>5(52>5) :5 =5<.:1

Obagkdk` 1;>1
10>? 2?=> ?05:=5:5..?=25
^H^@C 2=?.: ?52?<.==
 

@ctatunks y pkshs kspkoçlaohs prhgknahs nk `ark

Davkc @ctatunk Cum`r Uk prhgknah cj./pak?
(paks)
_upkrlaoaks 0?020.=< U`tah c`gpastkrç` 5.5><<
Dv ?; 0?5=:.?; Kst`o.paquk pradoap`c 5.5><2
Dv =5 0:1<:.1? Kst`o.paquk pradoap`c 55>=5
Dv 05; gad`0:2>2.=<
Adtkrahr Kst`o.paquk pradoap`c 55.5>=0
.5>=;
Gad` 5.5>><

L`othrks nk ohrrkooaÿd
L`othrks ohrrkooaÿd p`r` ohklaoakdtks nk lraooaÿd
Davkc ^kgp. Urhgknah µO Lo. ohdnuoth bhrazhdt`c Lo. ohdnuoth vkrtao`c
5 0<.?
?; 0=.< 5.<:0 5.<:?
=5 0 .0 5.<:= 5.<:;
05; 0;.> 5.?? 5.<?5

; .: ZKP[KZAGAKD^H NK @AZK KD C@ GAD@

Kc kstunah sk klkotù` tkdakdnh kd oukdt`9

h @pcao`r kc ohrtk y rkcckdh `sokdnkdtk gko`daz`nh,

gko`daz`nh, ohd rkcckdh nktrçtaoh nk supkrlaoak

 phr obagkdk`s,
obagkdk`s, y sad nki`r pukd
pukdtks.
tks. Urklkrkdtkgkdtk,
Urklkrkdtkgkdtk, ush nk @DLH.

h C` kxp`dsaÿd nk c` gad` b`oa` c` zhd` nk `dhg`cç`s, skothr Hkstk nk c` gad` k

adorkgkdth p`uc`tadh nk prhnuooaÿd nk =55 ` 255^d/nç`, phstkrahrgkdtk sk

adorkgkdt`rà ` 0,:55 ^d/nç`.

h Nks`rrhcch nk c` gad` p`r` ud pkrahnh nk oadoh `ðhs.

h  Kikouoaÿd nk ud` obagkdk` vkrtao`c kd c` Ohhrnkd`n`9 2'?>;,0:> D y :>:,2<5 K,

quk ohgudao`rà kc Dv 0>5 ` supkrlaoak6 sumaraádnhsk quk c` obagkdk` prhykot`n`

sk` nk skooaÿd oarouc`r.

oarouc`r. B`jaádnhsk ohrranh kc Ro 1=>0 y p`rtk nkc Ro 5;15 b`oa` c`

gkdoahd`n` obagkdk`
obagkdk` kd kc Dv =56 prahrat`ra`gkdtk nkjkrà kikout`rsk kc Ro 12>5 ]
 

b`oa` c` gasg` obagkdk`, kd kc Dv 05;. Uhstkrahrgkdtk nkjkrà nks`rrhcc`rsk sagac`r

tr`j`ih kd chs Davkcks ?; y 0>5.

h ^r`j`ih
^r`j`ih nk Nks`rrhcch, Urkp`r`oaÿd y Kxpcht`oaÿd prhykot`nhs kd chs nalkrkdtks

davkcks9

 Dv ?;9 - Ohdtadu`oaÿd

Ohdtadu`oaÿd nk t`ik`nh

 Dv =59 - Ohdtadu`oaÿd

Ohdtadu`oaÿd nk t`ik`nh ohd
ohd adorkgkdth nk pprhnuooaÿd.
rhnuooaÿd.

Ohgpckt`r c` kikouoaÿd nkc Ro 5;15 b`oa` c` obagkdk` prhykot`n`.

 Dv 05;9 - Ohdtadu`oaÿd

Ohdtadu`oaÿd nk t`ik`nh.
t`ik`nh.

Kikouoaÿd nkc Ro 12>5 ] nk ?>; gktrhs nk chdmatun y ?.; g. x ?.; g nk skooaÿd, `

ohdtadu`oaÿd nk c` M`c. 12>5 ] b`st` c` obagkdk` prhykot`n`

prhykot`n`..

Urkp`r`oaÿd y kxpcht`oaÿd nk t`ikhs kd c` zhd` ohgprkdnan` kdtrk chs ^`ikhs 00 y =,

` p`rtar nk c` M`c. 12>5 ].

Urkp`r`oaÿd y kxpcht`oaÿd nk t`ikhs kd c` zhd` Hkstk nkc ^

^`ikh
`ikh 05;: y ` p`rtar nk c`

M`c. 1=>0 D].

h Adorkgkdth nk kquaph pks`nh kd hpkr`oahdks9

? vhcquktks Mktg`d FN-< nk 0: ^d y nk <5 BU

: _ohhptr`gs ^HZH :;5-N h ]@MDKZ nk : Qn ? y 0:5 BU o`n` udh

: _thpk ]`mhd nk : jr`zhs

Adorkgkdth nkc dùgkrh nk pkrlhr`nhr`s ^HQH.

Kc dùgkrh y nast`doa` kdtrk obagkdk`s sk kikout`ràd kd ludoaÿd nkc kgpckh nk rkcckdh

banràucaoh, kspkoa`cgkdtk kd chs Dv =5, 05; y 0>5.

C` nastrajuoaÿd kstag`n` nk kquaphs y pkrshd`c sk ohdsamd` kd kc ou`nrh `niudth.

NA_^ZAJ[OAßD NK KP[AUH_
DA\KC KP[AUH_ UKZ_HD@C
NK_OZAUOAßD BU HO[U@OAßD Dµ
0 sohhp.i.oc`rf I_ 055 ?< hpkr`nhr 0
 

0 shhp.thrh :;5-N 0:5 Hpkr`nhr 0

?; 0 vhcquktk Mktg`d FN <5 Hpkr`nhr :
= sthpk w`mhd Hpkr`nhr :
1 pkrlhr`nhr`s ^HQH Ukrlhrast` y `yun. 02
Gasokcàdkhs ?
o`p`t`z 0
0 sohhp.i.oc`rf I_ 055 ?< hpkr`nhr 0
0 sohhp ^HZH h Hpkr`nhr 0
]@MDKZ 
: vhcquktks Mktg`d FN 0:5 hpkr`nhr >
: _thpk w`mhd Hpkr`nhr y `yun. >
2 pkrlhr`nhr`s ^HQH Ukrlhrast` y `yun. 0:
=5 0 o`vh ?05 Hpkr`nhr y `yun. :
0 o`vh ?:5 Hpkr`nhr y `yun. :
0 wadobk kcáotraoh Hpkr`nhr y `yun. :
Jhnkmukrh 0
^`cckr :
Gasokcàdkhs :
o`p`t`z 0
0 sohhp.i.oc`rf I_ 055 ?< hpkr`nhr 0
0]@MDKZ 
sohhp ^HZH h 0:5 Hpkr`nhr 0
: vhcquktks Mktg`d FN
FN 0:5 Hpkr`nhr y `yun. >
05; : _thpk w`mhd Hpkr`nhr y `yun. >
2 pkrlhr`nhr`s ^HQH Ukrlhrast` y `yun. 0:
0 o`vh ?05 Hpkr`nhr y `yun. :
0 o`vh ?:5 gasokcàdkhs ?
o`p`t`z 0
tht`c =<2 15

; .? _A^[@OAßD NK C@ ZKN NK \KD^AC@OAßD

C` gad` sk kdohdtr`j` ohd ud sastkg` nklaoakdtk y` quk shch prkskdt`j` vkdtac`oaÿd d`tur`c

oc`r`gkdtk kstk taph nk vkdtac`oaÿd dh cckm`j` ` j`stkokr thnh kc sastkg` kxastakdnh `cmud`s

adohbkrkdoa` ohgh phr kikgpch quk kc paquk pradoap`c ludoahd`j` ohgh o`pt`nhr nk

`ark ohdt`gad`nh sakdnh ch hpuksth c` arrkmuc`ran`n nk c`s c`jhrks `yun` quk kc o`un`c

nk `ark dh sk` ohdst`dtk kd

kd nktkrgad`nhs pudths nk chs trks davkcks sakdnh chs ppudths
udths nk

ohdtrhc.

 Urhoknagakdth
 Urhoknagakdth nkc g
ghnkc`gakdth
hnkc`gakdth kd
kd \
\kdtsag
kdtsag c` kxph
kxphrt`oaÿd
rt`oaÿd nk chs pc`dhs
pc`dhs vast` kd pc`dt`

 p`r` c` ohdstruooaÿd nnkk chs udalac`rks davkc phr davkc rkspk

rkspkt`dnh
t`dnh navkrshs p`ràgktrh
p`ràgktrh 9
 

   Chs udalac`rks sakgprk kst`ràd

kst`ràd kd p`rtk okdtr`c nk c` c`jhrks p`r` ud` g
gkihr
kihr

saguoahd
  Kc g`dkih nk p`quktk nk o`n kxastakdnh `cmudhs adohdvkdakdtks
adohdvkdakdtks kc cadk`nh
cadk`nh nk c`s
c`s

c`jhrks dh sakgprk sk rk`caz`

rk`caz`j`
j` kd c`jhrk
c`jhrkss nk amu`c skooaÿd y` quk kd c` phstkrahr

saguc`oaÿd
  @ gkihr ghcnk`gakdth g`s prkoash
 Htrh adohdvkdakdtk ks c` o`dtan`n nk skooahdks udalhrgks.

; .> GHNKC@GAKD^H NK CH_ DA\KCK_

DA\KC ?;
L@OK 09kc nks`rrhcch nk c`s `otavan`nks p`r` kc ghn
ghnkc`gakdth
kc`gakdth kd kc davkc ?; luk

nks`rr
nks`rrhcc
hcc`n
`nhh kd su tht`ca
tht`can`
n`nn kkdd @[^
@[^H
H O@N y` quk phr su l`oaca
l`oacan`
n`nn nk
nk ush y

kd oakr
oakrt`
t` lhrg
lhrg`` ohgp
ohgp`t
`taj
ajac
acan
an`n
`n ohd
ohd vk
vkdt
dtsa
sag
g ch b`
b`ok
ok c` gkih
gkihrr hp
hpoa
oaÿd
ÿd c`

rk`caz`oaÿd nk chs udalac`rks sk nks

nks`rrhcch
`rrhcch sad dadmùd ppkro`dok
kro`dok oc`rh kst`
kst` sk nkjk

nk tr`j`i`r kd
kd ud` ks
kso`c`
o`c` nktkrgad`n`
nktkrgad`n` p`r` y` dh kst`
kst`rr nagkdsahd`dnh
nagkdsahd`dnh y nàdnhsk
nàdnhsk

tr`j`ih `jsurnh c` ohchr`oaÿd nk obagkdk`s kd o`n` davkc kr` nalkrkdtk y` quk sk

 

nksk`j` quk ks
kst`s
t`s tkdm`d
tkdm`d ud` jukd` ohdkxaÿd ohd chs davkcks adlkrahrks y

supkrlaoak

DA\KC =5
  @c amu`c quk kc davkc ?; kstk davkc s jusoh
jusoh c` sagpckz` pkrh c` kx`otatun `c

rk`caz`rsk c`s cçdk`s udalac`rks nk o`n` c`jhr rkspkt`dnh sakgprk kc rk`c rkohrranh

sad tr`t`r nk p`s`r phr `cth dadmud` oc`sk nk ourv` shch sk tujh kc adohdvkdakdtk
adohdvkdakdtk

ohd c` r`gp`
r`gp` quk oh
ohdkot`
dkot` `c dav
davkc
kc 05; ch ou`c nk
nkspuás
spuás nk adtkrohdkot`rchs sk chmrh

ohcho`rc` kd su rk`c ujao`oaÿd

 

DA\KC 05;
@c rkprkskdt`r kc uctagh davkc dh
dh bujh g
g`yhr
`yhr ohdtr`takgp
ohdtr`takgphh y` quk sshch
hch sk

dkoksatÿ nk `cmh nk ooratkrah

ratkrah u guob` p`oakdoa` kkdd c` adtkrohdkxaÿd
adtkrohdkxaÿd kdtrk kstk davkc

y chs y` gkdoahd`nhs
 

; .; NKC L[DOAHD@GAKD^H Q GHNKC@GAKD^H K

KD
D\\K
KD^_AG
_k jusoh skr ch gàs prkoash
prkoash phsajck thgàdnhdhs nk
nkg`sa`nh
g`sa`nh takgph y` quk kd kstk

 pudth c` ohcho`oaÿd
ohcho`oaÿd nk àrk`s luk `cmh ohgpcao`
ohgpcao`nh
nh sk kgpkzÿ pragkrh
pragkrh phr kc

uctagh davkc kc ou`c tr`j

tr`j`i`ghs
`i`ghs tr`gh phr tr`gh kd c` rk`caz
rk`caz`oaÿd
`oaÿd y ohcho`oaÿd
ohcho`oaÿd nk

c`s `rks p`r` dh ohgktkr dadmùd krrhr sk luk prhj`dnh skmùd sk oucgad`j` o`n`

tr`gh p`r` kvat`r krrhrks nkspuás nk c` ohcho`oaÿd nkchs tr`ghs rkspkotavhs kd

o`n` davkc sk prhsamuaÿ `c ghnkc`gakdth kd sa kcagad`dnh nuoths nupcao`nhs

kcagad`dnh skooahdks
skooahdks quk dh skrvç`d y nàdnhck
nàdnhckss ludoahdks ` o`n` c`jhr
c`jhr nk lhrg`

quk ou`dnh
ou`dnh kkcc shltw`rk ludoahdk ch b`m
b`m`` ohd c` vkrhsagacatun phsajck
phsajck kd
kd kst`

 pragkr` mr`lao` sk puknk

puknk hjskrv`
hjskrv`rr chs udalac`rks nk th
thn`s
n`s c`s c`jhrks o`n`
o`n` ud` ohd

ud ohchr rkspkotavh

sk puknk hjskrv`r c`s c`jhrks y` rk`caz`n`s ohd sus rkspkotav`s àrk`s y f l`othr 
_akdnh chs rksuct`nhs kc pragkrh q x05 `c oujh kc skmudnh kd pucm`n`s nk B:H.
 

; .< OHCHO@OAHD NK
NK C
CH
H_ \
\K
KD^AC@NHZK_

U`r` quk kc rkohrranh nk `ark sk` nk t`c lhrg`

l hrg` quk chs paquks sk`d lukdtk nk `ark cagpah y c`

r`gp` sk` kc pudth nk nkslhmuk nk `ark ohdt`gad`nh sk ohcho` kc pragkr vkdtac`nhr kd

r`gp` nk `ooksh ohgh kxtr`othr kc skmudnh sk ohcho` kd kc davkc 05; kd c` m`ckrç` 12>5. chs

vkdtac`nhrks tkdnràd amu`c o`p`oan`n nk :5=555olg o`n` udh su ourv` nk klaoakdoa` skrà9

; .= NK_@ZZHCCH NK C@ Z@A_K JHZADM

Nkspuás nk nalkrkdtks `dàcasas
`dàcasas y ssaguc`oahdks
aguc`oahdks oh
ohdd rkspkoth `c` rk`caz`oaÿd
rk`caz`oaÿd nk ? c`jhrks

ohgudao`n`s ohd
ohd ud` r`sk jhradm sk cckmh `c` ohdo
ohdocusaÿd
cusaÿd sk rkohgakdn` c` rk`caz`
rk`caz`oaÿd
oaÿd nk

c`s c`jhrks kd kc davkc 05; y =5 y` quk c` prks

prksaÿd
aÿd nk `ark quk rkohrrk
rkohrrk ` tr`vás nk c` r`sk

 jhradm ks g`s `cth

`cth ohd g`yhr o`
o`un`c
un`c quk ohd c` rk`caz`oaÿd nk c`s c`jhrks kd kc davkc
davkc ?; y

=5 gkihr`dnh kc o`un`c kd c`s c`jhrks nkc davkc =5 sakdnh kc oarouath gkihr`nh

`ugkdt`dnh c` prksaÿd nk 1>=55-000=55

 O@[N@C Q UZK_AßD DKOK_@ZA@_  U

 U@Z@
@Z@ _[ OHD_^Z[OOAßD 05;
O`dtan`n Urhgknah fl
flt?/gad Urksaÿd ^ht`c rkc`tav` Urhgknah Ad
Ad.w.m  
1.; -5.0
5.: -5.0
5.: -5.0
5.: -5.0
5.: -5.0
5.: -5.0
5.: -5.0

;.
;.22 O@[N
O@[N@C
@C Q UZ
UZK_
K_AAßD ZKP
KP[
[KZA
KZANH N[Z@
N[Z@D
D^K C@ OHD
OHD_^Z[
_^Z[OO
OOAAßD
=5

O`dtan`n Urhgknah flt?/gad Urksaÿd ^ht`c rkc`tav` Urhgknah Ad.w.m

 

0.; -5.=
0.; -5.=
0.; -5.=
0.; -5.=
0.; -5.=
0.; -5.=
0.; -5.=
U`r` c` rk`caz`oaÿd nk c` c`jhr kd kc davkc ?;sk rkohgaádn`c` rk`caz`oaÿd nk ud` obagkdk` y`
quk c` narkooaÿd nk `ark kd kst` dh `yun` kd su vkdtac`oaÿd

O`dtan`n Urhgknah flt?/gad Urksaÿd ^ht`c rkc`tav` Urhgknah Ad.w.m

25.: -5.?
5.: -5.?
5.: -5.?
5.: -5.?
25.> -5.?
5.: -5.?

25.: -5.?
C`s nagkdoahds hptag`s nk r`sk jhradm

O`un`c /na`gktrh >.;g ?g :.;g

?; ?>>055 olg ?>0;55 olg ??2555 olg
=5 :5>;55 olg :5:555 olg 012<55 olg
05; 2=55olg ==55 olg <:55 olg

Ohsths

Ohsths
Ohsths Oh
Ohst
sthhs la
laih
ihss Oh
Ohst
sthhs v`ra`
`ra`j
jcks
cks ^ht`c
t`c
C`jhrks bhrazhdt`cks 255$/g $ ?.<200;; / lt? -
C`jhrks vkrtao`cks $ 0<55 / g $ =.5=10>; / lt? -
$ 0<55 / g $ =.5=10>; / lt? -
Nusths nk - -
vkdtac`oahd

; .1 Zkqukragakdths nk @ark p`r` C` Gad`

Chs rkqukragakdths nk `ark b`d sanh nkladanhs ludn`gkdt`cgkdtk p`r` oujrar c`s
dkoksan`nkss nkc pkrshd`c, kquaphs nakskc y g`dtkdkr kc `gjakdtk ohd tkgpkr`tur`s
dkoksan`nk
adlkrahrks ` ?5µ O. Chs rkqukragakdths nk `ark p`r` nacuar chs m`sks nk nasp`rh shd
 

hpoahd`cks, ` tkdkrsk kd oukdt` sa su v`chr supkr` kc `ark rkqukranh p`r` g`dtkdkr

tkgpkr`tur`s klkotav`s adlkrahrks ` ?5µO

Uhr ohdsankr`oahdks pràotao`s ksths rkqukragakdths b`d sanh nkladanhs p`r` c`s 5> zhd`s nk
hpkr`oaÿd kd c` gad`.

;.1.0 U`r` kc Ukrshd`c

U`r` kstk klkoth chs oàcouchs lukrhd klkotu`nhs ohdsankr`dnh

ohdsankr`dnh c` mu`rna` quk oukdt` ohd kc
g`yhr dùgkrh nk pkrshd`c, ksth ks, c` mu`rna` nk nç`.

Nk `oukrnh ` ch kst`jckoanh phr kc Zkmc`gkdth nk _kmuran`n k Bamakdk Gadkr`, N._. Dµ

5;;-:505-KG, sk rkquakrk nk ud lcuih nk `ark nk < g ?/gaduth phr pkrshd`.

;.1.: U`r` chs Kquaphs Nakskc

Nk `oukrnh ` ch kst`jckoanh phr kc Zkmc`gkdth nk _kmuran`n k Bamakdk Gadkr`, N._. 5;;-

:505-KG, chs rkqukragakdths nk `ark p`r` chs kquaphs kstàd kst`jckoanhs kd ? gktrhs
oùjaohs phr gaduth phr o`n` BU quk nks`rrhcckd chs kquaphs.

;.1.? U`r` g`dtkdkr ud` ^kgpkr`tur` Klkotav` nk ?5µO

Kstunahs kxpkragkdt`cks b`d nkghstr`nh quk kc rkdnagakdth nk chs tr`j`i`nhrks nasgaduyk

ohdsankr`jckgkdtk
ohdsankr`jckgkdtk ou`dnh kc `gjakdtk nk tr`j`ih prkskdt` ohdnaoahdks nk `cth ohdtkdanh
nk bugkn`n y tkgpkr`tur` kckv`n`.

Kd gadkrç` sujtkrràdk`, c` ^kgpkr`tur`

^kgpkr`tur` Klkotav` ks kc oratkrah dhrg`cgkdtk kgpck`nh p`r`
nkladar kc mr`nh nk jakdkst`r y ást` sk hjtakdk ` p`rtar nkc klkoth ohgjad`nh nk c`
tkgpkr`tur`, c` bugkn`n y c` vkchoan`n nkc `ark.

Kc Zkmc`gkdth nk _kmuran`n k Bamakdk Gadkr` kst`jckok quk –kd chs cum`rks nk tr`j`ih
nhdnk sk supkrk c` tkgpkr`tur` klkotav` nk trkadt` mr`nhs Okcsaus (?5µO), sk thg`ràd
gknan`s ohgh9 ohrths pkrahnhs nk nkso`dsh, sugadastrh nk `mu` p`r` jkjkr, `ocag`t`oaÿd,
t`jckt`s nk s`c, kdtrk htr`s ` lad nk ohdtrhc`r c` l`tam`, c` nksbanr`t`oaÿd y htrhs klkoths
shjrk kc pkrshd`c‗.
 

C` samuakdtk t`jc` gukstr` chs klkoths nk c` ^kgpkr`tur`

^kgpkr`tur` Klkotav` kd c` klaoakdoa` nkc
tr`j`ih9
Klkoths nk c` ^kgpkr`tur` Klkotav` kd c` Klaoakdoa` nkc
^r`j`ih

µ^kLgpkr`tur` KlµkoOtav` Klaoakdoa(%)

^r`j`ih ` nk
=5 :0.00 055
25 :<.<= 15
2; :1.>> 25
1: ??.?? <5
1= ?<.00 >5
05; >5.;< :5

Lukdtk9 Bhw`rn B`rtg`d, –Gadk vkdtac`tahd `dn @ar

Ohdnatahdadm‗, 012:.

U`r` chmr`r ud` klaoakdoa` nk tr`j`ih nkc 25% c` gàxag` ^kgpkr`tur`

^kgpkr`tur` Klkotav` dh nkjk
supkr`r chs ?5µO. Nk chs n`ths nk o`gph hjtkdanhs, sk nksprkdnk quk mr`d p`rtk nk c`s
c`jhrks rkmastr`d ud` tkgpkr`tur` `gjakdt`c kd kc hrnkd nk ??µO. Ohdsankr`dnh kstk v`chr
ud p`ràgktrh nk rklkrkdoa`, p`r` chmr`r ud` ^kgpkr`tur`
^kgpkr`tur` Klkotav` nk ?5µO sk rrkquakrk
kquakrk ud`
vkchoan`n nk `ark nk ?5 g/gaduth nktkrgad`nh nk chs ob`rts nk psaorhgktrç`

Kd kstk skdtanh, c`s dkoksan`nks nk `ark p`r` rknuoar chs davkcks nk tkgpkr`tur` ` v`chrks
adlkrahrks nk ?5µO kst`ràd kd ludoaÿd
l udoaÿd ` c` vkchoan`n adnao`n` nk ?5 g/gaduth, c` skooaÿd
tr`dsvkrs`c nk c`s c`jhrks y kc dùgkrh nk pashs kd hpkr`oaÿd nk c` gad`.

;.1.> U`r` c` Nacuoaÿd nk chs M`sks nk Nasp`rh

U`r` nktkrgad`r c` o`dtan`n nk `ark oarouc`dtk p`r` nacuar chs m`sks hramad`nhs nur`dtk chs
nasp`rhs sk b`ok ush nk c` rkc`oaÿd kst`jckoan` phr G`tkkr (`ðh 01=1)9

P 7 (\/^) * Cd (Oa/Op)

Nhdnk9

P 7 O`un`c nk `ark rkqukranh (paks?/gad).

\ 7 \hcugkd nk m`sks cukmh nkc nasp`rh (paks ?).

 

Oa 7 Ohdokdtr`oaÿd adaoa`c nk m`sks tÿxaohs (%)

Op 7 Ohdokdtr`oaÿd Gàxag` Ukrgasajck skmùd Zkmc`gkdth nk _kmuran`n (%).

^ 7^
^akgph
akgph rkqukranh p`r` nacuar chs m`sks ` c` oh
ohdokdtr`oaÿd
dokdtr`oaÿd pkrgasajck (gaduths
(gaduths).
).

Ohdsankr`dnh quk kc ksp`oah nk kxp`dsaÿd nk chs m`sks nk ud nasp`rh sk kdoukdtr`

`prhxag`n`gkdtk
`prhxag`n`gk dtk kd ud` chdmatun nk ;5 gktrhs, kc takgph rkqukranh p`r` nacuar chs m`sks
ks >5 gaduths, c` ohdokdtr`oaÿ
ohdokdtr`oaÿdd nk m`sks nkspuás nkc nasp`rh sk kdoukdtr` kd kc hrnkd nk
5.=2%, kc Cçgatk Gàxagh Ukrgasajck p`r` kc OH ks :; ppg y p`r` ud` skooaÿd tr`dsvkrs`c
 prhgknah nk =.1? g: nk c`s c`jhrks, sk nktkrgad` quk kc o`un`c nk `ark oarouc`dtk p`r`
vkdtac`r ud lrkdtk nk nks`rrhcch ks :,555 paks?/gaduth. U`r` ud pash kd hpkr`oaÿd nhdnk sk
nasp`r`d > c`jhrks saguctàdk`gkdtk, c` o`dtan`n nk `ark dkoks`rah p`r` c` rkghoaÿd nk
ksths m`sks skrà 2,555 paks?/gaduth.

Ohgp`r`dnh kst`s dkoksan`nks ohd c`s rkqukran`s p`r` chmr`r ud` ^kgpkr`tur`
^kgpkr`tur` Klkotav` nk
?5µO sk hjskrv` quk kd thnhs chs o`shs chs v`chrks shd gkdhrks. Kd ohdsankr`oaÿd `
oratkrahs nk saguct`dkan`n nk lcuihs nk `ark ohdvkrmkdtks kd c`s gasg`s c`jhrks, dh sk
ohgput`d ksths rkqukragakdths nk `ark p`r` rkqukragakdths tht`cks nk c` gad`, o`sh
ohdtr`rah sk kst`rç` shjrknagkdsahd`
shjrknagkdsahd`dnh
dnh kc `ark oarouc`dtk kd c` gad`.

;.1.; Zksugkd nk Dkoksan`nks nk @ark

Chs rksuct`nhs nk c`s dkoksan`nks nk `ark nksorat`s phr c` lukrz` c`jhr`c phr mu`rna` sk
gukstr`d kd kc samuakdtk ou`nrh.

Lukrz` C`jhr`c
Zkqukragakdth nk  Drh nk Zkq. Nk `ark phr pkrshd` tht`c
`ark pkrshd`c phr  pkrshd`s g?/pkrshd`
mu`rna` <5 < ?<5
\hcquktks Mktg`d BU o/u Drh nk Zkq
kq.. Nk
Nk ``ar
arkk ph
phr BU
BU g?/
?/bbp th
tht`
t`cc
FN nk <5 BU o/u g`quad`s
<5 : ? ?<5
_ohhptr`gs I_ BU o/u Drh nk Zkq
kq.. Nk
Nk ``ar
arkk ph
phr BU
BU g?/
?/bbp th
tht`
t`cc
I`rvas Oc`rf  g`quad`s
?< ? ? ?:>
_ohhptr`g ^HZH BU o/u Drh nk Zkq
kq.. Nk
Nk ``ar
arkk ph
phr BU
BU g?/
?/bbp th
tht`
t`cc
g`quad`s
 

0:5 0 ? ?<5
O@[N@C \A^@C 0>5>
Zkqukragakdth g/gad skooaÿd nk c` tht`c
@DLH c`jhr g:
:; =,; 02=,;

ZK_[GKD

Mu`rna` g?/gad
o`un`c vat`c g?/gad 0>5>
o`un`c ohgpckgkdt`rah g?/gad 02=,;
o`un`c prkv`ckdtk g?/gad 0>5>
o`un`c kcamanh g?/gad 0>5>

;.
;.005 Oh
Ohjk
jkrrtu
turr` n
nkk D
Dkkoksa
san
n`n
`nkks nk
nk @a
@arrk p
p`r
`r`` c`
c` G
Gad
ad``

Ohgp`r`dnh kc lcuih nk `ark quk admrks` ` c` gad`, ohd kc rkqukragakdth nk `ark

nktkrgad`nh p`r` c` gad`, sk hjskrv` quk kstk rkqukragakdth ks oujakrth sÿch kd kc hrnkd
nkc <: %, ohgh sk puknk `prkoa`r kd c` ^`jc`
OHJKZ^[Z@ NK DKOK_AN@N NK @AZK

Nksorapoaÿd Uaks?/Gaduth
Admrkshs nk `ark ?==,;:?
Zkqukragakdths nk `ark <52,2=2
Ohjkrtur` (%) <:
Kxastkd v`rahs l`othrks phr chs quk kst` ohjkrtur` ks j`i`, kdtrk kcc`s kd mr`d gknan` ` c`
 p`r`caz`oaÿd nk vkdtac`nhrks
vkdtac`nhrks y c`s ohdnaoahdks
ohdnaoahdks nk adkst`jacan`n kd quk sk kdoukdtr`d
`cmud`s obagkdk`s.

Uhr htrh c`nh, c` l`ct` nk vkdtac`nhrks nasphdajcks p`r` oujrar satu`oahdks nk ohdtadmkdoa` y
g`dtkdagakdth, b`d nktkrgad`nh quk dh sk adst`ckd vkdtac`nhrks kd lhrg`
l hrg` hphrtud`.

;.0
;.00 Ohdn
Ohdnao
aoah
ahdk
dkss n
nkk H
Hpk
pkr`
r`oa
oaÿd
ÿd nk Ob
Obag
agkd
kdk`
k`ss n
nkk \
\kd
kdta
tac`
c`oa
oaÿd
ÿd..

;.00.0 Obagkdk` OB 5::>

 

Kst` obagkdk` ks c` ùctag` kxo`v`n` phr c` Kgprks`. ^akdk ud` chdmatun nk ?; g nk

skooaÿd >.< * >.< paks, ujao`nh kd kc davkc ?;.

@otu`cgkdtk, c` obagkdk` rkmastr` satu`oahdks nk adkst`jacan`n nkc tkrrkdh, phr

nksprkdnagakdth nk sus b`sta`cks.
b`sta`cks. Kd kc Davkc ?; kc ohcc`r nk c` obagkdk` sk b`cc`

hjstruanh phr c` `ouguc`oaÿd nk o`rm`. Dh b`y lcuih nk `ark phr c` obagkdk`.

Kc ush nk kst` obagkdk` ks praghrna`c phr su ujao`oaÿd, pkrgatarç` kv`ou`r kc `ark us`nh
nkc Davkc b`st` supkrlaoak

;.00.: Obagkdk` OB 5:01

Kst` obagkdk` takdk ud` chdmatun nk ?; g, nk skooaÿd >.<*>.< paks nk naàgktrh y sk ujao`
kd kc davkc ?;.

Amu`cgkdtk, kst` obagkdk` b` sulranh kc nkscaz`gakdth nk sus b`sta`cks. _k kdoukdtr` kd

 prhoksh nk rkoupkr`oaÿd
rkoupkr`oaÿd cukmh nk b`jkr sanh shstkdanh
shstkdanh ohd ohdo
ohdorkth.
rkth. Dh b`y lcuih nk
nk `ark
 phr c` obagkdk`.
obagkdk`.

;.0: Gknaoahdks n
nkk ^
^kkgpkr`tur` ``g
gjakdt`c.

Nur`dtk kc ckv`dt`gakdth sk klkotu`rhd gknaoahdks nk tkgpkr`tur` `gjakdt`c.

_k klkotu`rhd gknaoahdks kd c`s kst`oahdks nk ohdtrhc nk vkdtac`oaÿd, nhdnk sk adocuykd

c`s vç`s nk admrksh nk `ark lrksoh ` c` gad`, `sç ohgh c`s vç`s nk oarouc`oaÿd nk `ark us`nh
y su s`can` nk c` gad`. _k rkmastr`rhd tkgpkr`tur`s gçdag`s nk 1.0 µO y tkgpkr`tur`s
gàxag`s nk ?=.> µO.

Chs nkt`ccks nk c`s gknaoahdks klkotu`n`s sk gukstr`d kd chs Ou`nrhs Dµ 5= `c 0: nkc

@pádnaok @.

Uhr htrh c`nh, sk klkotu`rhd gknaoahdks nk tkgpkr`tur` `gjakdt`c kd c`s àrk`s nk

hpkr`oaÿd nhdnk kc pkrshd`c sk kdoukdtr` ohdokdtr`nh y kd zhd`s nk agphrt`doa` nhdnk kc
ohdtrhc nk tkgpkr`tur` nkjk skr pkrg`dkdtk. _k rkmastr`rhd
r kmastr`rhd tkgpkr`tur`s gçdag`s nk 0<.?
µO y tkgpkr`tur`s gàxag`s nk >5.: µO. Kd prhgknah c` tkgpkr`tur` kd kst`s c`jhrks
`co`dz` :=.:µ O. Chs nkt`ccks nk c`s gknaoahdks klkotu`n`s sk gukstr`d kd kc Ou`nrh Dµ
0; nkc @pádnaok @.
 

;.
;.00? Kg
Kgas
asaÿ
aÿd
d nk M`s
`skks n
nkk OH kd chs
chs Kqua
uaph
phss N
Nak
aksskc.

_k b` shcaoat`nh ` c` Hlaoad` nk _kmuran`n nk c` Kgprks` chs rksuct`nhs nk c`s gknaoahdks

nk m`sks nk Ghdÿxanh nk O`rjhdh klkotu`nhs ùctag`gkdtk.

Chs rksuct`nhs `co`dz`nhs ohrrksphdnkd ` c`s gknaoahdks klkotu`n`s kd chs gksks nk

lkjrkrh y g`rzh.Kd kc ou`nrh Dµ 0< nkc @pádnaok @ sk gukstr` chs rksuct`nhs kd gkdoaÿd.

Nk chs rksuct`nhs hjtkdanhs sk nksprkdnk quk chs o`gahdks \hcvh quk oarouc`d kd adtkrahr
gad` `rrhi`d phr sus kso`pks `ct`s ohdokdtr`o
ohdokdtr`oahdks
ahdks nk m`sks nk OH quk v`rç`d kdtrk :,5;5
y ?,1<< p`rtks phr gaccÿd. Kst`s ohdokdtr`oahdks
ohdokdtr`oahdks supkr`d c`rm`gkdtk c` Ohdokdtr`oaÿd
Ukrgasajck kst`jckoan` kd ppg p`r` kc OH phr kc N._. Dµ , Zkmc`gkdth nk _kmuran`n y
_`cun Houp`oahd`c kd Gadkrç`.

Uhr htrh c`nh, chs kquaphs nk j`ih pkrlac, ohgh shd chs sohhptr`gs y nugpkrs rkmastr`d
v`chrks quk v`rç`d kdtrk 025 y :,522 ppg nk OH. Guobhs nk kcchs supkr`d kc cçgatk
 pkrgasajck nk OH.

;.0> Ohdsugh nk Kdkrmç` Kcáotrao`

_k shcaoatÿ `c Àrk` nk G`dtkdagakdth Kcáotraoh c` gknaoaÿd nk `gpkr`ik y vhct`ik nk o`n`

udh nk chs vkdtac`nhrks quk sk kdoukdtr`d kd hpkr`oaÿd kd c` gad` p`r` nktkrgad`r kc
ohdsugh nk kdkrmç`.

Kst` adlhrg`oaÿd dh luk `co`dz`n` hphrtud`gkdtk. Kd chs prÿxaghs rkphrtks sk adocuarà kc

 prhoks`gakdth nk
nk kst` adlhrg`oaÿd
adlhrg`oaÿd..

;.
;.0;
0; ^r`j`
r`j`ih
ihss ` Nks`
Nks`rr
rrhc
hcc`
c`rr U
U`r
`r`` G
Gki
kihr
hr`r
`r c`s
c`s O
Ohd
hdna
naoa
oahd
hdks
ks @o
@otu
tu`c
`cks
ks nk
\kdtac`oaÿd.

Kd kc o`pçtuch ohrrksphdnakdtk ` Zkohgkdn`oahdks sk lhrguc` c`s `ooahdks ` nks`rrhcc`r

 p`r` gkihr`r c`s ohdnaoahdks
ohdnaoahdks nk vk
vkdtac`oaÿd
dtac`oaÿd k adorkgk
adorkgkdt`r
dt`r kc `ark oarouc`dtk kd c` gad`,
nasphdakdnh nk chs rkourshs k adlr`kstruotur` nk vkdtac`oaÿd kxastkdtks.
 

<.5   GHNKC@GAKD
GHNKC@GAKD^H
^H NKC _A_^KG@ NK \KD^AC@OAHD

Kc hjiktavh praghrna`c nk kst` `otavan`n ks kc nk nktkrgad`r kc oarouath nk vkdtac`oaÿd gàs

ÿptagh p`r` c` gad`, ohd c` adlr`kstruotur` nk vkdtac`oaÿd gàs `nkou`n` p`r` kc gkna`dh
 pc`zh.

C` nktkrgad`oaÿd nk ud oarouath nk vkdtac`oaÿd ÿptagh agpcao` ` su vkz pradoap`cgkdtk c`

skckooaÿd nk chs vkdtac`nhrks y obagkdk`s nk vkdtac`oaÿd `prhpa`nhs. U`r` kstk klkoth sk
bazh ush nkc shltw`rk \\kdtsag, prhmr`g` nk saguc`oaÿd nk vkdtac`oaÿd.

_k kc`jhrÿ c` j`sk nk n`ths quk rkquakrk kstk shltw`rk ohdt`dnh ohd c` adlhrg`oaÿd nkc
ckv`dt`gakdth nk vkdtac`oaÿd.

U`r` c` kckooaÿd nk c`s obagkdk`s nk vk

vkdtac`oaÿd
dtac`oaÿd sk `d`caz`rhd kc ush nk oobagkdk`s
bagkdk`s
oarouc`rks nk 0.> gktrhs nk naàgktrh.

Kd chs samuakdtks `oàpatks sk rksugk c` gkthnhchmç` nk oàcouch utacaz`nh p`r` nkladar chs
 p`ràgktrhs nk vkdtac`oaÿd,
vkdtac`oaÿd, `sç ohgh
ohgh chs rksuct`nhs hjtkdanhs
hjtkdanhs ohd kc ghnkc`gakdth.
ghnkc`gakdth.

< .5 GK^HNHCHMÇ@ U@Z@ NK^KZGAD@Z U@

U@Z@GK^ZH_ N
NK
K
\KD^AC@OAHD.

_k nktkrgad`rhd chs samuakdtks p`ràgktrhs nk vkdtac`oaÿd p`r` o`n` c`jhr quk adtkmr` kc
oarouath pradoap`c nk c` gad`, kd `cmudhs o`shs phr gknaoahdks narkot`s kd o`gph y htrhs
 phr rkc`oahdks g`tkgàtao`s9
g`tkgàtao`s9
:

_kooaÿd tr`dsvkrs`c nk c`s c`jhrks, paks
 Ukrçgktrh nk c` c`jhrks, paks.

 Chdmatun nk c`jhrks, paks.

 Arrkmuc`ran`nks nk b`sta`cks, paks.

<.5.0 _kooahdks ^r`dsvkrs`cks nk C`jhrks

C`s skooahdks tr`dsvkrs`cks nk c`s m`ckrç`s y r`gp`s sk nktkrgad`rhd ohd c` samuakdtk

rkc`oaÿd9
 

@ 7 00/0: x J x B

Nhdnk9

@9 Àrk` nk c` skooaÿd tr`dsvkrs`c, g:.

J9 @dobh nk c` c`jhr
c`jhr,, g.

B9 @ctur` nk c` c`jhr, g.

<.5.: Ukrçgktrh nk c`s _kooahdks ^r`dsvkrs`cks

Kc pkrçgktrh nk c`s c`jhrks luk nktkrgad`nh ohd c` rkc`oaÿd9

U 7 J + 0.;xB + J/:x(B:/J: + 0)0/: +J:/:BxCd(B/J + (B:/J: + 0)0/:)

Nhdnk9

U9 Ukrçgktrh nk c` skooaÿd tr`dsvkrs`c, g.

J9 @dobh nk c` c`jhr
c`jhr,, g.

B9 @ctur` nk c` c`jhr, g.

< .0 ZK_[C^@NH_ N
NK
K CH
CH_ @D@CA_A_ N
NK
K _K
_KD_AJACAN@N.

<.0.0 @dàcasas Nkrav`nhs nkc Ckv`dt`gakdth nk \kdtac`oaÿd.

\kdtac`oaÿd.

_k thgÿ ohgh j`sk nk adlhrg`oaÿd c`s dkoksan`nks nk `ark nk c` gad`, nktkrgad`nhs kd

0,>5> gktrhs?/gad (>1,;=1.12 paks?/gad). U`r` satu`oahdks nk ohdtadmkdoa`, quk puknkd skr 
kc adorkgkdth nk kquaphs nakskc, `gpca`oaÿd nk hpkr`oahdks h c` rkoarouc`oaÿd nk `ark kd kc
oarouath nk vkdtac`oaÿd, sk `sugk ud 05% `nao
`naoahd`c
ahd`c nk `ark, ohd ch ou`c c`s dkoksan`nks
dkoksan`nks
skrç`d 0;>>.> gktrhs?/gad ;>;?=.12paks?/gaduth.

Kd c` zhd` _ur sk rkmastr`d c`s g`yhrks àrk`s o`curhs`s ohd tkgpkr`tur`s quk cckm`d ` chs
>5µO6 Ohd c` ohdlamur`oaÿd nkc oarouath `otu`c, p`rtk nk kstk `ark o`cakdtk ks hrakdt`nh ` c`
zhd` Dhrtk shjrko`rm`dnh
shjrko`rm`dnh c` o`p`oan`n nk kxtr`ooaÿd nk `ark us`nh nk kst` p`rtk nk c`
 

gad`. Kd c` zhd` Dhrtk sk ohdokdtr`d chs kquaphs nakskc, b`y lrkoukdtk tràdsath vkbaouc`r
 phr c`s r`gp`s, `sç
`sç ohgh quk sk ujao`d chs ko
kob`nkrhs
b`nkrhs nk gad
gadkr`c.
kr`c.

_hjrk c` j`sk nk kst` adlhrg`oaÿd sk ujao`d obagkdk`s pradoap`cks kd c`s zhd`s _ur y c`
r`gp` kd c` zhd` Dhrtk, shjrk chs ou`cks ludoahd`rç`d vkdtac`nhrks pradoap`cks. C`
ujao`oaÿd y nagkdsahdks nk c`s obagkdk`s, `sç ohgh c`s o`p`oan`nks
o`p`oan`nks nk chs vkdtac`nhrks
shd g`tkra` nk `dàcasas.

<.0.: Urhpukst`s nk Obagkdk`s y \kdtac`nhrks.

C`s ohrran`s nkc prhmr`g` nkladkd c` ujao`oaÿd nk c`s samuakdtks obagkdk`s y vkdtac`nhrks.

Chs `dàcasas sk nks`rrhcc`d p`r` obagkdk`s Z`ask Jhradm y obagkdk`s @cag`of 

`. Adst
Adst`c`o
`c`oaÿd
aÿd nk ud (50
(50)) vkd
vkdtac`n
tac`nhr
hr kd ssupkr
upkrlaoak
laoak,, shjrk
shjrk c` obagk
obagkdk`
dk` nk
nk c` zhd`
zhd` _ur
_ur,,
naspuksth ohgh prhvkknhr nk `ark ` c` gad`

 j. Adst`c`oaÿd nk ud (50) vkdtac`nhr kd supkrlaoak, shjrk c` r`

r`gp`nk
gp`nk c` zhd
zhd`` Dhrtk,
naspuksth ohgh prhvkknhr nk `ark

<.0.? J`c`dok nk Admrkshs y _`can`s nk @ark.

Kd c` t`jc` <.:.? sk gukstr` kc rksugkd nk chs admrkshs y s`can`s nk `ark nk c` gad` ud` vkz
agpckgkdt`nh c`s obagkdk`s y vkdtac`nhrks prhpuksths.

Ohdnaoaÿd Uaks?/Gaduth Gktrhs?/Gaduth

Admrkshs nk `ark ;5,555 0,>0;.2>:>
_`can`s nk `ark >1,111 0,>0;.20>5

Kd kc Ou`nrh Dµ 0= nkc @pádnaok

@pádnaok J sk gukstr` kd nkt`cck chs rksuct`nhs nk kstk j`c`dok.
 

Kc `ark oarouc`dtk oujrk c`s dkoksan`nks nk `ark nk c` gad`, quk nkjk g`dtkdkrsk
dtk kd 0;>2 gktrhs?/gad ;><<=.05paks?/gaduth kstk o`dtan`n tkdnrà quk
`prhxag`n`gkdtk
`prhxag`n`gk
oujrarsk kd ud luturh.

C` vç` pradoap`c nk admrksh nk `ark lrksoh ` c` gad` shd c`s trks obagkdk`s y c` r`gp` quk
lukrhd ohcho`nhs chs vkdtac`nhrks y o`n` ohd ud o`un`c nk 05555 paks?/gaduth (?5>2
g?/gaduth).

Uhr c` dukv` obagkdk` sk prhvkkrà o`un`cks nk `ark dkoks`rah y skr` `phy`nhs phr c`s
obagkdk`s pradoap`cks kd `otu`c ush. Uhr c` obagkdk` dukv` nkjk prhvkkrsk kd tht`c
dtk 0<,555 paks?/gaduth nk `ark
`prhxag`n`gkdtk
`prhxag`n`gk

<.0.> Obagkdk` nk \kdtac`oaÿd.

Kd c` ^`jc` <.:.> sk gukstr` c` ujao`oaÿd nk c` obagkdk` kd kc dukvh ksqukg` nk

vkdtac`oaÿd nk c` gad`, su ludoaÿd y c` o`dtan`n nk `ark quk nkjkd ghvkr nur`dtk su
 

hpkr`oaÿd ksth kd ud luturh, pkrh phr `bhr` sk tr`j`i`r` ohd chs vkdtac`nhrks `dtks
gkdoahd`n`s.
[JAO@OAßD NK D[K\@_ OBAGKDK@_

Obagkdk` [jao`oaÿd _kooaÿd Chdmatun Ludoaÿd Lcuih @ark

^r`dsvkrs`c (g) Oarouc`dtk
(Naàgktrh) (p?/gad)
Yhd` _ur Davkc =5 ` >.< paks 05; prhvkknhr 01,555
supkrlaoak nk `ark
zhd` _ur 

<.0.; Oarouaths nk @ark.

Kc oarouath nk `ark rksuct`dtk kstà suikth ` c` nkprksaÿd quk hramad`d chs kxtr`othrks nk `ark

ujao`nhs kd supkrlaoak.
Kc g`yhr lcuih nk `ark admrks` ` c` gad` phr kc Uaquk Dµ 50, `prhxag`n`gkdtk :?1,<55
 paks?/gaduth (<,255 g?/gaduth). Kstk lcuih sk nastrajuyk kd lhrg` p`uc`tad` ` c` gad` phr
chs nalkrkdtks davkcks kd hpkr`oaÿd y kd g`yhr prhphroaÿd b`st` kc Davkc …. ^hnh
^hnh kstk
`ark, cukmh nk skr utacaz`nh kd c`s nalkrkdtks àrk`s nk hpkr`oaÿd, ks kv`ou`nh ` supkrlaoak
 phr chs kxtr`othrks
kxtr`othrks naspuksths kd supkrlaoak.

C` Z`gp` …, quk `otu`cgkdtk ks vç` nk s`can` nk `ark us`nh, skrà vç` agphrt`dtk nk
admrksh nk `ark lrksoh ohd 22,<55 paks?/gaduth (:,;52 g?/gaduth). C` jho`gad` nk c`
M`ckrç` …. ohd 0;0,:;5 paks ?/gaduth (>,:2: g?/gaduth) ks t`gjaád htr` vç` agphrt`dtk nk
admrksh nk `ark lrksoh. Kc `ark quk admrks` phr `gj`s jho`gad`s nksoakd
nksoakdnk
nk ` chs davkcks
adlkrahrks phr c`s Z`gp`s … y … b`st` kc Davkc . p`r` nastrajuarsk ` c`s zhd`s sur y dhrtk
y vhcvkr ` supkrlaoak phr c` hpkr`oaÿd nk chs kxtr`othrks nk supkrlaoak.

Kd supkrlaoak, `nkgàs nk chs 5: vkdtac`nhrks prhpuksths nk :05,555 paks?/gaduth,

ohdtadu`ràd kd hpkr`oaÿd chs vkdtac`nhrks
vkdtac`nhrks nk c`s Obagkdk`s …,…, …., … y …. C`
ujao`oaÿd nk c`s zhd`s nk kxpcht`oaÿd kd nalkrkdtks davkcks y oukrphs gadkr`caz`nhs b`okd
dkoks`rah c` ohdtaduan`n nk ush nk kst` adlr`kstruotur`.
 

=.5 OH_^H_ NK O@UA^@C Q OH_^H_ NK HUKZ@OAHD

_k b` klkotu`nh ud kstag`nh nk ohsths p`r` c` prhpukst` pc`dtk`n`.

Ksths kstag`nhs kstàd rklkranhs jàsao`gkdtk ` c`s kxo`v`oahdks nk c`s 5: obagkdk`s nk

vkdtac`oaÿd, ` c` `nquasaoaÿd nk 5: vkdtac`nhrks quk sk prhphdk y `c ohdsugh nk kdkrmç`

kcáotrao` phr c` hpkr`oaÿd nk ksths vkdtac`nhrks.

= .5 Ohsth nk O`pat`c

Kd kstk `spkoth sk ohdsankr` c` kxo`v`oaÿd nk 5: obagkdk`s nk vkdtac`oaÿd, j`ih 5:

`ctkrd`tav`s. C` pragkr` nk kcc`s, kxo`v`oah
kxo`v`oahdks
dks nk obagkdk`s nk skooaÿd ou`nr`dmuc`r ? g
x ? g, ohd gàquad`s @cag`of. C` skmudn`
skmudn` `ctkrd`tav` ohdsankr` c` kxo
kxo`v`oaÿd
`v`oaÿd nk
obagkdk`s oarouc`rks nk ? gktrhs nk naàgktrh. @g
@gj`s
j`s obagkdk`s tht`caz`d ud` chdmatun nk
<?; gktrhs.

Kd c` pragkr` `ctkrd`tav`, kc ohsth nk kxo`v`oaÿd nk c`s 5: obagkdk`s ` ud prkoah udat`rah

nk [_ $ ;;5/gts y m`ckrç`s nk `ooksh ` c`s gasg`s, rksuct` kd ud ohsth tht`c nk [_ $
>>1,:?;.

Kd c` skmudn` `ctkrd`tav`, kc ohsth nk kxo`v`oaÿd nk c`s 5: obagkdk`s ` ud prkoah udat`rah

nk [_ $ 0,?55/g y m`ckrç`s nk `ooksh, rksuct` kd ud ohsth nk [_ $ 2;2,;05.

Amu`cgkdtk, sk ohdsankr` c` `nquasaoaÿd nk 5: vkdtac`nhrks nk :05,555 paks?/gaduth ohd

ghthr nk >55 BU. Kc ohsth kstag`nh `soakdnk ` [_ $ :2<,=15.

Kd chs Ou`nrhs Dµ 02 y 01 nkc @pádnaok O sk gukstr` kc nkt`cck nk chs kstag`nhs

klkotu`nhs.

= .0 Ohsth nk Hpkr`oaÿd

Kc ohsth nk hpkr`oaÿd kstà rklkranh

r klkranh jàsao`gkdtk `c ohdsugh nk kdkrmç` kcáotrao` phr kc
ludoahd`gakdth nk chs 5: dukvhs vkdtac`nhrks nk :05,555 paks?/gaduth.

Kd kstk kstag`nh nk ohsths dh sk adocuyk chs ohdsughs nk kdkrmç` phr chs htrhs
vkdtac`nhrks pradoap`cks quk ohdtadu`ràd kd ludoahd`gakdth
ludoahd`gakdth..
 

Kd kc Ou`nrh Dµ :5 nkc @pádnaok

@pádnaok O sk gukstr` kc ohsth nk hpkr`oaÿd quk rkprkskdt` kc
ludoahd`gakdth nk chs vkdtac`nhrks adnao`nhs nur`dtk ud pkrahnh nk = `ðhs.

Kc ohsth nk hpkr`oaÿd nk chs vkdtac`nhrks ludoahd`dnh shjrk obagkdk`s @cag

@cag`of
`of luk
kstag`nh kd [_$ 0?1,<55/`ðh. Kd t`dth quk p`r` kc ludoahd`dnh nk chs vkdtac`nhrks shjrk
obagkdk`s oarouc`rks, kc ohsth luk kstag`nh kd [_$ 0:2,505/`ðh.
Kstk ohsth sk g`dtkdnrç` kd c` gknan` quk chs `otu`cks davkcks nk prhnuooaÿd sk
g`dtkdm`d.

Kd c`s t`jc`s =.:.0 y =.:.: sk rksugk chs ohsths nk o`pat`c y hpkr`oahdks phr c` kxo`v`oaÿd
kxo`v`oaÿd
nk c`s 5: obagkdk`s (j`ih 5: `ctkrd`tav`s), `nquasaoaÿd nk 5: vkdtac`nhrks y kc ohsth nk su
hpkr`oaÿd.
OH_^H K HUKZ@OAßD NK [D @CAG@F 
Nksorapoaÿd @ðh @ðh @ðh @ðh @ðh @ðh @ðh
:50> :50; :50< :50= :502 :501 :5:5
Ohsth O`pat`c =?<,5 5 5 5 5 5 5
[_$ :;
Ohsth ::,1> 0?1, 0?1, 0?1, 0?1, 0?1,< 0?1,<5
Hpkr`oahdks [_$ 2 <55 <55 <55 <55 55 5
Lcuih nk o`i` =;2,1 0?1, 0?1, 0?1, 0?1, 0?1,< 0?1,<5
[_$ =? <55 <55 <55 <55 55 5

OH_^H NK O@UA^@C Q HUKZ@OAßD KD OBAGKDK@_-Z@A_K JHZADM

Nksorapoaÿd @ðh @ðh @ðh @ðh @ðh @ðh @ðh
:50> :50; :50< :50= :502 :501 :5:5
Ohsth O`pat`c 0 5 5 5 5 5 5
[_$ 0>;,?
55
Ohsth :0,5> 0:2, 0:2, 0:2, 0:2, 0:2,5 0:2,50
Hpkr`oahdks [_$ ? 505 505 505 505 05 5
Lcuih nk o`i` 0,0<<, 0:2, 0:2, 0:2, 0:2, 0:2,5 0:2,50
[_$ ?>? 505 505 505 505 05 5
 

2.5 K\@C[@OAßD KOHDHGAO@

_k b` klkotu`nh ud` kv`cu`oaÿd kohdÿgao` phr \`chr Urkskdtk Dkth p`r` ud` prhykooaÿd
nk 5= `ðhs nk van` ohd ud` t`s` nk rkthrdh nkc 0?%, p`r` c`s samuakdtks `ctkrd`tav`s.


@ctkrd`tav` 09 \kdtac`nhrks nk :05,555 paks ?/gaduth ohd obagkdk`s @cag`of.
@cag`of.
 @ctkrd`tav` :9 \kdtac`nhrks nk :05,555 paks ?/gaduth ohd obagkdk`s Z`ask Jhradm.

C` ^`jc` 2.5 rksugk kc rksuct`nh nk c` kv`cu`oaÿd9

K\@C[@OAHD KOHDHGAO@

Nksorapoaÿd DU\ ([_ $ x 0555)

@ctkrd`tav` 0 0,=?<,0=0
@ctkrd`tav` : :,5<:,>00

C` kv`cu`oaÿd nkladk quk c` `ctkrd`tav` 0 ks c` gàs va`jck.

1.5 OHDOC[_AHDK_

0. Nk `ou
`oukrnh
krnh `c ckv
ckv`dt`
`dt`gakdt
gakdthh klkotu
klkotu`nh
`nh adm
admrks`
rks` ` c` gad` ud oo`un`
`un`cc nk ?==,;:?
?==,;:?
 paks?/gaduth (05,<10 g?/gaduth).

:. C`s dk
dkoksa
oksan`nk
n`nkss nk `ark p`r` c` gad`,
gad`, lukr
lukrhd
hd nktk
nktkrgad`
rgad`nhs
nhs kd <52,2=2 paks?/gaduth.
<52,2=2 paks

?. C`s dk
dkoksa
oksan`nk
n`nkss nk `ark shd
shd oujak
oujakrt`s
rt`s kd uudd <: % ohd kc ``ark
ark lrksoh
lrksoh quk admrks`
admrks` ` c`
c`
gad`.

>. C` Z`g
Z`gp`
p` ks vç` ppradoa
radoap`c
p`c nk s`
s`can`
can` nk ``ark
ark us`
us`nh
nh nk c` gad` (;<,=11 paks?/gaduth).
gad` (;<,=11
_ad kgj`rmh, kst` satu`oaÿd nkgukstr` quk c` o`p`oan`n nk kxtr`ooaÿd nk `ark nk c`
gad` phr chs vkdtac`nhrks dh ks sulaoakdtk6 nk kxastar ud` g`yhr o`p`oan`n kst` r`gp`
nkjkrç` skr vç` nk admrksh nk `ark lrksoh

;. Kc Uaqu
Uaqukk Dµ 0 ohds
ohdstatuy
tatuykk c` vç` gàs ag
agphrt`
phrt`dtk
dtk nk ad
admrksh
mrksh nk
nk `ark lrksoh
lrksoh ` c` gad`.
gad`.
Admrks` ud lcuih nk 00=,:21 paks?/gaduth nk `ark.
00=,:21
 

<. Chs Dav

Davkcks
kcks … y … b`d sanh oh
ohguda
gudao`nh
o`nhss phr v`ra`s
v`ra`s jho`gad`s
jho`gad`s `c ^
^`ih
`ih …. Kc admrksh
admrksh
nk `ark lrksoh phr kst`s jho`gad`s ks utacaz`nh kd lhrg` rkstradman` p`r` c` vkdtac`oaÿd
nk c`s c`jhrks. C` g`yhr p`rtk nk kst`s jho`gad`s sk kdoukdtr`d hjstruan`s phr kc
g`tkra`c nk nkscaz`gakdth nkc ^`ih.

=. Kd nalk
nalkrkdtk
rkdtkss àrk`s nk cc`` gad` vk
vkdtac`
dtac`nhrks
nhrks sk
skoudn
oudn`rahs
`rahs nk ?5,555 paks?/gaduth b`d
nk ?5,555
sanh adst`c`nhs p`r` hrakdt`r kc `ark oarouc`dtk ` zhd`s kspkoçlao`s.

Ksths vkdtac`nhrks sk kdoukdtr`d adst`c`nhs kd t`phdks ohdstruanhs nk yutk, g`dm`s, y

mkhgkgjr`d`s6
mkhgkgjr`d`s6 chs t`phdks dh takdkd skcch `prhpa`nh b`oa` chs b`stç`cks. B`y ud`
lukrtk rkoarouc`oaÿd nk `ark kd c` g`yhrç` nk ksths vkdtac`nhrks.

2. Chs lrkd
lrkdtks
tks nk nks
nks`rrhc
`rrhcch,
ch, prkp
prkp`r`o
`r`oaÿd
aÿd y kxpcht`oaÿ
kxpcht`oaÿdd nasphdkd
nasphdkd kd mr`d p`rtk
p`rtk
vkdtac`oaÿd `uxaca`r ohd vkdtac`nhrks nk 05,555 ` 0<,555 paks ?/gaduth nk o`p`oan`n
ohd g`dm`s quk v`rç`d nk :> ` 0: pucm`n`s nk naàgktrh. C` g`yhr p`rtk nk kst`s

g`dm`s sk kdoukdtr`d rht`s, g`c adst`c`n`s y ohd rknuooahdks `jrupt`s quk agpankd
quk kc `ark lrksoh `co`dok ` chs lrktks nk tr`j`ih kd o`dtan`n sulaoakdtk.

1. Ohgh oh
ohdsko
dskoukdo
ukdoa`
a` nk ch skð`
skð`c`nh
c`nh kd chs çt
çtkgs
kgs `dtk
`dtkrahrk
rahrks,
s, v`rahs
v`rahs lrkdtks
lrkdtks nk
 prkp`r`oaÿd y kxpcht`oaÿd
kxpcht`oaÿd nk t`ik
t`ikhs
hs rkmastr`d tkgpkr`tur`s
tkgpkr`tur`s quk `co`dz
`co`dz`d
`d ?>.; µO.

Amu`cgkdtk, lcuihs nk `ark o`cakdtk nk c` zhd` sur nk c` gad` sk hrakdt`d b`oa` c` zhd`
dhrtk adudn`dnh c`s m`ckrç`s pradoap`cks.
 

05.5   JAJCAHMZ@LA@

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