81 3. MULDKEHA...........................................................
81 3. MULDKEHA...........................................................
81 3. MULDKEHA...........................................................
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08/'.(+$<br />
hOGLVW<br />
3LQQDVHG<br />
0XOGNHKD ODRVD<br />
0XOOH<br />
6 YHQG<br />
0XOGNHKD HULODKHQGXVHG<br />
9HHYLLPDULG
08/'.(+$<br />
hOGLVW<br />
0XOGNHKD SURMHNWHHULPLVHO WXOHE DUYHVWDGD PDDQWHH NODVVL WHHNDWHQGL W SL PXOGH<br />
N}UJXVW MD V YHQGL V JDYXVW PXOGNHKD MD DOXVSLQQDVWH RPDGXVL QLQJ HKLWXVWLQJLPXVL<br />
HKLWXVSDLNNRQQD ORRGXVOLNNH MD LQVHQHUJHRORRJLOLVL LVHlUDVXVL QLQJ PDDQWHHGH HKLWDPLVH MD<br />
KRLX YDUDVHPDLG NRJHPXVL<br />
7XOHE WDJDGD PXOGNHKD YDMDOLN WXJHYXV MD S VLYXV YlKLPDWH HKLWXV QLQJ<br />
KRLXNXOXGHJD VlLOLWDGHV YllUWXVOLNNH N}OYLNXLG MD NDKMXVWDPDWD ORRGXVNHVNNRQGD<br />
0DDQWHH HKLWXVJHRORRJLOLVHG WLQJLPXVHG RQ PllUDWXG QLLVNXVSDLNNRQQD W EL<br />
WDEHO PDDSLQQD UHOMHHIL SLQQDVWH RPDGXVWH MD JHRORRJLOLVWH K GURORRJLOLVWH QLQJ NOLLPDD<br />
RPDSlUDJD<br />
3DLN<br />
NRQQD<br />
W EL QU<br />
3DLN<br />
NRQQD<br />
WXQQXV<br />
1LLVNXVSDLNNRQQD W ELG<br />
3DLNRQQD W EL NLUMHOGXV<br />
7DEHO<br />
.XLY 3LQQDYHH lUDYRRO RQ WDJDWXG SLQQDVHYHVL RQ V JDYDO HJD P}MXWD<br />
NDVYXSLQQDVH WDLPHVWLNNX 3LQQDVWHNV RQ S}KLOLVHOW NUXXVOLLYDG OLLYDG MD<br />
VDYLNDG OLLYDG NXLG YLLPDVWH VXKWHOLQH QLLVNXV RQ DOOD :/ .XL PXOGH<br />
N}UJXV RQ QRUPLGHVW NRUGD VXXUHP RQ WHJHPLVW V}OWXPDWD PXXGHVW<br />
DVMDROXGHVW HVLPHVH SDLNRQQDJD<br />
1LLVNH 3LQQDYHH lUDYRRO SROH DMXWL WDJDWXG PLOOH KHNV WXQQXVHNV RQ PDDSLQQD<br />
OlKHGDVHG NXLG VXXUHPDG VHOOHVW ORRGXVOLNXG NDOGHG (VLQHE<br />
O KLDMDOLVW DOOD SlHYD VHLVXYHWW 3LQQDVYHVL RQ N OPXPLVSLLULVW DLQXOW<br />
YlKH V JDYDPDO MD P}MXWDE NDVYXSLQQDVH QLLVNXPLVW PLVW}WWX NDVYDYDG<br />
QLLVNXVOHPEHOLVHG WDLPHG Y}LE HVLQHGD LVHJL SLQGPLVH VRRVWXPLVH<br />
WXQQXVHLG (VLQHYDG SHDPLVHOW VDYLNDG SLQQDVHG VXKWHOLVH QLLVNXVHJD DOOD<br />
:/ 2Q P}HOGDY SLNL MD S}LNSODQHHULPLVHJD QLQJ NUDDYLWDPLVHJD WHH<br />
N OJQHYDWH DODGH QLLVNXPLVW YlKHQGDGD MD VDDYXWDGD HVLPHVH SDLNNRQQD<br />
ROXNRUG<br />
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/LLJ<br />
QLLVNH<br />
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0lUNXV :/ YRRODYXVSLLU<br />
PDGDODPDG PXOGNHKDG NXXOXYDG WHLVH SDLNNRQGD<br />
3LQQDYHWH lUDYRRO RQ UDVNHQGDWXG HVLQHE SLNDDMDOLVW OH SlHYD<br />
VHLVXYHWW 0DDSLQQD OlKHGDVH SLQQDVHYHH W}WWX HVLQHE LOPVHLG VRRVWXPLVH<br />
WXQQXVHLG 3LQQDVHYHH WDVH RQ N OPXPLVSLLULVW N}UJHPDO 3HDPLVHOW HVLQHYDG<br />
VDYLNDG SLQQDVHG VXKWHOLVH QLLVNXVHJD OH :/<br />
3DLNNRQQD W EL PXXWPLQH RQ Y}LPDOLN DLQXOW VXXUHXODWXVOLNH<br />
NXLYHQGXVW||GHJD .}LN WHLVH SDLNNRQQD W EL V YHQGLG MD QRUPLGHJD<br />
HWWHQlKWXVW PDGDODPDG PXOGNHKDG NXXOXYDG NROPDQGDVVH SDLNNRQGD<br />
0XOGNHKD SURMHNWHHULPLVHO NDVXWDWDNVH W S Y}L LQGLYLGXDDOODKHQGXVL<br />
5- 7 SODKHQGXVL Y}LE NDVXWDGD NXL<br />
x PXOGH Q}OYD N}UJXV RQ DOOD P MD VHH HKLWDWDNVH WXJHYDOH DOXVHOH NDOMX Y}L SRRONDOMX NHVNWLKH<br />
Y}L WLKH MlPHSLQQDV SHHQSLQQDV GUHHQLPDWD QLKNHWXJHYXVHJD FX! N3D NDVXWDGHV<br />
NUXXVSLQQDVW OHQLLVNXPDWD OLLY Y}L SHHQSLQQDVW<br />
x PXOOH HKLWDWDNVH NXQL P V JDYXVHJD VRRVVH WXUED WlLHOLNX HHPDOGDPLVHJD MD VRR ODVXE<br />
WXJHYDWHO QLQJ PLWWHYDMXYDWHO SLQQDVWHO PLOOH SHDOLVSLQQD S}LNNDOOH HL OHWD<br />
x V YHQG UDMDWDNVH PLWWHSXQGXYDWHVVH PLWWHNDOMXSLQQDVWHVVH NXV HL HVLQH V}LGXWHH VXXQDOLVH<br />
NDOGHJD SLQQDVHNLKWH SLQQDVWH NRQVLVWHQWV RQ NXQL MD V YHQGL V JDYXV NXQL P<br />
x V YHQG UDMDWDNVH QLLVNXV MD HURVLRRQLNLQGODWHVVH NDOMXSLQQDVWHVVH QLQJ V YHQGL V JDYXV RQ NXQL<br />
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hODOORHWOHWXG MXKWXGHO HL ROH VRRYLWDY W SODKHQGXVL NDVXWDGD NXL<br />
x PXOGNHKD UDMDPLVHO NDVXWDWDNVH K GURPHQHWOXVW Y}L O}KNDPLVW<br />
x PXOGNHKD UDMDPLVHO NDVXWDWDNVH JHRV QWHHWH Y}L YHH MD VRRMXVUHåLLPL UHJXOHHULYDLG HULNLKWH<br />
x PXOGNHKD UDMDWDNVH DMXWLVHOW OHXMXWDWXG DODGHOH
x OHWDWDNVH DODOLVL YHHNRJXVLG MD YRROXVlQJH<br />
hOHMllQXG MXKWXGHO NDDVD DUYDWXG YLLPDVHG HUDQGLG NDVXWDWDNVH PXOGNHKD LQGLYLGXDDOODKHQGXVL<br />
3LQQDVHG<br />
7HUD VXXUXVH MlUJL MDJXQHYDG SLQQDVHG IUDNWVLRRQLGHNV YDVWDYDOW (1 ,62<br />
WDEHO<br />
7DEHO<br />
3LQQDVHRVDNHVWH OLLJLWXV IUDNWVLRRQLGHNV WHUDVXXUXVH MlUJL<br />
)UDNWVLRRQ $ODIUDNWVLRRQ 5DKYXV<br />
YDKHOLQH WlKLV<br />
2VDNHVWH VXXUXV PP<br />
9lJD MlPH SLQQDV<br />
6XXUHG UDKQXG /%R !<br />
5DKQXG %R ! NXQL<br />
9HHULVHG &R NXQL<br />
-lPHSLQQDV<br />
.UXXV V K *U ! NXQL<br />
-lPHNUXXV &*U NXQL<br />
.HVNNUXXV 0*U NXQL<br />
3HHQNUXXV )*U NXQL<br />
/LLY V K 6D ! NXQL<br />
-lPHOLLY &6D NXQL<br />
.HVNOLLY 06D NXQL<br />
3HHQOLLY )6D NXQL<br />
3HHQSLQQDV<br />
0|OO V K 6L ! NXQL<br />
-lPHP|OO &6L NXQL<br />
.HVNP|OO 06L NXQL<br />
3HHQP|OO )6L NXQL<br />
6DYL &O !<br />
3LQQDVHG PLOOHV RQ YHHULVHLG MD UDKQH DOOD MDJXQHYDG MlPHWHUDOLVWHNV MD<br />
SHHQHWHUDOLVWHNV SLQQDVWHNV PLV OLLJLWDWDNVH WHUDNRRVWLVH WDEHO ORRGXVOLNX ROHNX<br />
MD RUJDDQLOLVWH DLQHWH VLVDOGXVH MlUJL<br />
3LQQDVHOLLJLWXV<br />
5 KP /LLN $ODOLLN<br />
3HHQHRVLVH<br />
VLVDOGXV<br />
PP<br />
6DXH VLVDOGXV<br />
SHHQRVLVHV<br />
7DEHO<br />
7lKLV<br />
PP<br />
.UXXV *U<br />
-lPHGD .UXXVSLQQDV 0|OOLNDV<br />
NUXXV<br />
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WHUDOLQH PP 6DYLNDV NUXXV ! *U<br />
SLQQDV !<br />
0|OOLQH NUXXV VL*U<br />
MlPHIUDNWVLRRQLVW<br />
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6DYLQH NUXXV<br />
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MlPHSLQQDV /LLY 6D<br />
/LLYSLQQDV 0|OOLNDV OLLY 6D<br />
PP PP 6DYLNDV OLLY ! 6D<br />
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0|OOLQH OLLY VL6D<br />
MlPHIUDNWVLRRQLVW<br />
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6DYLQH OLLY<br />
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3HHQH<br />
WHUDOLQH<br />
0|OOSLQQDV 0|OO 6L<br />
SLQQDV<br />
PP 6DYLP|OO FO6L<br />
3HHQSLQQDV<br />
!<br />
PP<br />
SHHQIUDNWVLRRQLVW<br />
6DYLSLQQDV 0|OOVDYL ! VL&O<br />
! PP 6DYL<br />
! &O<br />
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0lUNXVHG<br />
3LQQDVHOLLJLWXVH DOXVHNV RQ (1 ,62 MD SU(1 ,62<br />
$ODOLLJL S}KLQLPHWXVWH ©NUXXVª ©OLLYª ©P|OOª HWWH Y}LE OLVDGD HQDPHVLQHYD DODIUDNWVLRRQL<br />
QLPHWXVH MlPH NHVN SHHQ QW SHHQOLLY VDYLNDV MlPHOLLY P|OOLQH SHHQOLLY<br />
/LVDQLPHWXVHG NUXXVD Y}L OLLYDIUDNWVLRRQL VLVDOGXVH DOXVHO NXL VHH HL NDMDVWX MXED SLQQDVH<br />
QLPHWXVHV NXQL ± OLVDWDNVH WlLHQGV}QD ©NUXXVDJDª Y}L ©OLLYDJDª NXQL ± ©URKNH<br />
NUXXVDJDª Y}L ©URKNH OLLYDJDª QW URKNH OLLYDJD VDYLP|OO NUXXVDJD P|OOLQH OLLY<br />
-lPHGDWHUDOLVW SLQQDVW Y}LE MDRWDGD O}LPLVHWHJXUL &8 G G MD MDRWXVWHJXUL && G G G MlUJL<br />
9lJD HED KWODQH &8 ! &F<br />
(ED KWODQH &8 NXQL &F<br />
hKWODQH &8 NXQL &F<br />
3HHQSLQQDVW MD MlPHGDWHUDOLVH SLQQDVH RVDNHVL YlLNVHPDG NXL PP<br />
MDRWDWDNVH ND SODVWVXVRPDGXVWH MlUJL &DVDJUDQGH PHHWRGLO<br />
3LQQDVH MDJXQHPLQH YRRODYXVSLLUL MlUJL<br />
1LPHWXV 9RRODYXVSLLU Z/ 3ODVWVXVDUY ,S<br />
0LWWHSODVWQH<br />
9lKHSODVWQH NXQL<br />
.HVNSODVWQH NXQL NXQL<br />
hOLSODVWQH ! !<br />
.RQVLVWHQWVDUY LVHORRPXVWDE SLQQDVH SODVWVXVW PLQJLO QLLVNXVVLVDOGXVHO Z MD<br />
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3LQQDVH MDRWXV NRQVLVWHQWVDUYX MlUJL<br />
1LPHWXV .RQVLVWHQWVDUY ,&<br />
3RRON}YD !<br />
-lLN NXQL<br />
3HKPH NXQL<br />
9lJD SHKPH NXQL<br />
9RRODY<br />
3<br />
7DEHO<br />
7DEHO<br />
3LQQDVH RUJDDQLOLVH DLQH PRRGXVWDYDG ODJXQHPDWD MD SRROODJXQHQXG WDLPH MD<br />
PLNURRUJDQLVPLGH MllQXVHG QLQJ KXXPXV WDEHO 0XOGHV Y}LE NDVXWDGD YlKHVH<br />
RUJDDQLOLVH DLQH VLVDOGXVHJD SLQQDVW<br />
3LQQDVH MDRWXV RUJDDQLOLVH DLQH VLVDOGXVH MlUJL<br />
7DEHO<br />
3LQQDV 2UJDDQLOLVH DLQH VLVDOGXV NXLYDV SLQQDVHV<br />
PP<br />
9lKHVH RUJDDQLOLVH DLQH VLVDOGXVHJD NXQL<br />
.HVNPLVH RUJDDQLOLVH DLQH VLVDOGXVHJD NXQL<br />
5RKNH RUJDDQLOLVH DLQH VLVDOGXVHJD !<br />
0XOGNHKD OD HKN DNWLLYWVRRQLV NDVXWDWDYDLG SLQQDVHLG MDRWDWDNVH ND<br />
N OPDNHUNHOLVXVH DOXVHO<br />
5- $NWLLYWVRRQ RQ PXOGNHKD RVD PLV SDLNQHE WHHNDWWH SLQQDVW NXQL P V JDYXVHO
3LQQDVH N OPDNHUNHOLVXVW Y}LE OLJLNDXGVHOW KLQQDWD SLQQDVH WHUDVWLNXOLVH NRRVWLVH HKN O}LPLVH DOXVHO<br />
MRRQLV<br />
0XOGNHKD UDMDPLVHNV NDVXWDWDYDLG SLQQDVHLG MDRWDWDNVH YHHVLVDOGXVH MlUJL<br />
WDEHOLV /XEDWXG QLLVNXVHJD RQ QHHG SLQQDVHG PLOOH YHHVLVDOGXV YDVWDE WDEHOLV<br />
WRRGXG Q}XHWHOH<br />
/lELE V}HOD<br />
0|OO /LLY .UXXV<br />
7HUD OlELP}}W PP<br />
-RRQLV 3LQQDVH N OPDNHUNHOLVXVH KLQGDPLQH WHUDVWLNXOLVH NRRVWLVH DOXVHO<br />
0lUNXV<br />
3LQQDV PLOOH V}HON}YHU MllE MRRQLVH DODOH RQ N OPDNHUNHRKWOLN 3LQQDV PLOOH V}HON}YHU VDWWXE<br />
MRRQLVH DODOH Y}L HL ROH N OPDNHUNHRKWOLN NXL V}HON}YHU DOXPLQH RWV MllE NRJX XODWXVHV<br />
SLLUNRQQD OHPLVHVW MRRQHVW DOODSRROH 3LQQDVH N OPDNHUNHOLVXVH KLQGDPLVHNV WXOHE WHKD<br />
WlLHQGDYDLG XXULQJXLG $ODVVH MllY SLQQDV SROH N OPDNHUNHRKWOLN<br />
(ULSLQQDVWHNV ORHWDNVH PXGD VDSURSHHO MD WXUEDPXGD WXUYDV MlUYHOXEL DOOLNDOXEL<br />
GLDWRPLLW DUJLOOLLW PHUJHO VDYLNLOGDG PXVWPXOODG MD WHKQRJHHQVHG SLQQDVHG W||VWXVMllWPHG<br />
1}UNDGHNV ORHWDNVH SHHQSLQQDVHG PLOOH GUHHQLPDWD QLKNHWXJHYXV ORRGXVOLNXV ROHNXV<br />
FX N3D Y}L HODVWVXVPRRGXO ( 03D 1}UNDGHNV SLQQDVWHNV ORHWDNVH VDPXWL WXUYDV MD<br />
WXUYDVWXQXG SLQQDVHG PXGDG VDSURSHHOLG QLQJ VDYLSLQQDVHG NRQVLVWHQWVDUYXJD DOOD<br />
'UHHQLYDWHNV ORHWDNVH SLQQDVHG PLOOH ILOWUDWVLRRQLPRRGXO VWDQGDUGVH 3URFWRUWHLPLJD<br />
VDDYXWDWDYD PDNVLPDDOVH WLKHGXVH MXXUHV RQ YlKHPDOW P ||SlHYDV<br />
9lKHQLLVNH<br />
1RUPDDOVH QLLVNXVHJD<br />
.}UJHQHQXG QLLVNXVHJD<br />
/LLJQLLVNH<br />
0lUNXVHG<br />
3LQQDVH MDRWXV YHHVLVDOGXVH MlUJL<br />
1LPHWXV 1LLVNXV :<br />
:R ± RSWLPDDOQH QLLVNXV YHHVLVDOGXV VWDQGDUGVHO 3URFWRUWHLPLO<br />
:R<br />
:R ± :OXE<br />
:OXE ± :PD[<br />
! :PD[<br />
7DEHO<br />
:PD[ ± PDNVLPDDOQH QLLVNXV YHHVLVDOGXV VWDQGDUGVH 3URFWRUWHLPL NRKDVH WLKHQGXVWHJXUL .W<br />
VDDYXWDPLVHO YW WDEHO<br />
:OXE ± OXEDWDY QLLVNXV YHHVLVDOGXV VWDQGDUGVH 3URFWRUWHLPL NRKDVH Q}XWDYD WLKHQGXVWHJXUL<br />
.W ! ± VDDYXWDPLVHO YW WDEHO
7DEHO<br />
3LQQDVH OXEDWDY MD PDNVLPDDOQH QLLVNXV YHHVLVDOGXV WLKHQGDPLVHO<br />
1LLVNXV Q}XWDYD SLQQDVH WLKHQGXVWHJXUL .W VDDYXWDPLVHO<br />
3LQQDVHG :OXE :PD[<br />
.W ! .W .W .W<br />
0|OOLQH SHHQOLLY P|OO :R :R :R :R<br />
6DYLQH OLLY :R :R :R :R<br />
6DYLP|OO :R :R :R :R<br />
6DYL P|OOVDYL :R :R :R :R<br />
0lUNXVHG<br />
6XYHO OLLYSLQQDVHVW PXOGH UDMDPLVHO QLLVNXVW YHHVLVDOGXVW HL SLLUDWD<br />
.lHVROHYDG SLLUDQJXG HL ODLHQH PXOGH UDMDPLVHOH K GURPHHWRGLO<br />
7DOYHO HL WRKL PXOGH UDMDPLVHO QLLVNXV YHHVLVDOGXV ROOD OH :R ± OLLYSLQQDVHV :R ± VDYLVHV<br />
OLLYDV MD VDYLP|OOLV :R ± P|OOVDYLV MD VDYLV<br />
3LQQDVH OXEDWDYD QLLVNXVH VXXUXVW Y}LE WlSVXVWDGD DUYHVWDGHV NRQNUHHWVHWH WLKHQGXVPDVLQDWH<br />
WHKQRORRJLOLVL Y}LPDOXVL<br />
0XOGNHKD ODRVD<br />
0XOGNHKD ODRVD DNWLLYWVRRQ MD NDWHQGL WXJHYXVH WDJDPLVHNV SHDE WHHNDWWH SLQQD<br />
YlKLP N}UJXV YDVWDPD WDEHOLOH<br />
5- 7HHNDWWH SLQQD YlKLPD N}UJXVH Q}XGHLG Y}LE PLWWH DUYHVWDGD NXL PXOGNHKD DNWLLYWVRRQL<br />
WXJHYXVH MD S VLYXVH WDJDPLVHNV Y}L NDWHQGL WXJHYGDPLVHNV RQ NDVXWDWXG MlUJPLVL PHHWPHLG<br />
x N OPDNDLWVHNLKL UDMDPLQH<br />
x PXOGNHKD YHH VRRMXVUHåLLPL UHJXOHHULPLQH K GURLVRODWVLRRQL VRRMXVLVRODWVLRRQL GUHHQ Y}L<br />
NDSLOODDUH NDWNHVWDYDWH NLKWLGHJD<br />
x DNWLLYWVRRQL SLQQDVWH WXJHYGDPLQH MD SDUHQGDPLQH VLGHDLQHWH MW OLVDQGLWH NDVXWDPLVHJD<br />
x DUPHHULWXG NLKWLGH NDVXWDPLQH<br />
x SLQQDVHYHHWDVHPH DODQGDPLQH GUHQDDåL DELO<br />
x PXOGNHKD HULULVWSURILLOLGH NDVXWDPLQH NDLWVPDNV WHGD SLQQDYHH HHVW ODPHGDG Q}OYDG SHUYHG<br />
.UXXV MlPHOLLY NHVNOLLY<br />
7DEHO<br />
7HHNDWWH SLQQD YlKLPDG N}UJXVHG<br />
$NWLLYWVRRQL SLQQDV 0DDQWHHWDULQGL YlKLP N}UJXV P<br />
3HHQOLLY P|OOLNDV MD VDYLNDV OLLY P|OOLNDV MD VDYLNDV NUXXV<br />
0|OOLQH OLLY MD NUXXV VDYLQH OLLY Y}L NUXXV<br />
0|OO VDYL<br />
0|OOVDYL VDYLP|OO<br />
(L<br />
QRUPLWD<br />
0lUNXVHG<br />
/XJHMDV RQ WHHNDWWH SLQQD YlKLP N}UJXV SLQQDVHYHH Y}L SLNDDMDOLVH ! ||SlHYD VHLVXYHH<br />
WDVHPHVW 1LPHWDMDV RQ VDPD N}UJXV PDDSLQQDVW DODGHO NXV HL ROH WDJDWXG SLQQDYHH lUDYRRO Y}L<br />
O KLDMDOLVH ||SlHYD VHLVXYHH WDVHPHVW<br />
3LQQDVHYHH DUYXWXVOLNXNV WDVHPHNV WXOHE Y}WWD NDWHQGL UHPRQWLGHYDKHOLVHO SHULRRGLO HVLQHY<br />
PDNVLPDDOQH Y}LPDOLN NHYDGLQH Y}L V JLVHQH N OPXPLVHHOQH WDVH 3LQQDVHYHH DUYXWXVOLN WDVH<br />
WXOHE PllUDWD YlOLXXULQJXWHO<br />
9, NODVVL KH V}LGXUDMDJD NUXXVDWHHGH PLOOH NDVXWDPLVW HEDVRRGVDO DDVWDDMDO DMXWLVHOW SLLUDWDNVH<br />
PXOGH N}UJXV Y}LE ROOD YlLNVHP WDEHOLV WRRGXVW<br />
.XL DNWLLYWVRRQLV RQ HULQHYDLG SLQQDVHLG WXOHE NDWHQGL WHHNDWWH SLQQD N}UJXV<br />
PllUDWD N OPDNHUNHOLVHPD YDVWDYDOW MRRQLV SLQQDVH Y}L N OPDNHUNH DUYXWXVH MlUJL
$NWLLYWVRRQL OHPLVHV RVDV RQ VRRYLWDY NDVXWDGD GUHHQLYDLG SLQQDVHLG PLOOH<br />
ILOWUDWVLRRQLPRRGXO VWDQGDUGVH 3URFWRUWHLPL PDNVLPDDOWLKHGXVHO RQ YlKHPDOW P ||SlHYDV<br />
7VHPHQWEHWRRQNDWHWH SLQQDVW YlKHPDOW P V JDYXVHQL MD DVIDOWNDWHWH SXKXO YlKHPDOW P<br />
V JDYXVHQL SHDE SLQQDV ROHPD N OPDNLQGHO<br />
0XOGNHKD SLQQDVH WLKHGXV PLGD LVHORRPXVWDE WLKHQGXVWHJXU .W SLQQDVHVNHOHWL<br />
WHJHOLNX WLKHGXVH VXKH VDPD SLQQDVHVNHOHWL PDNVLPDDOWLKHGXVVH VWDQGDUGVHO 3URFWRUWHLPLO<br />
SHDE YDVWDPD WDEHOL Q}XHWHOH<br />
7DEHO<br />
0XOGNHKD SLQQDVWH YlKLPDG WLKHQGXVWHJXULG .W<br />
.LKL V JDYXV K WHHNDWWH 7LKHQGXVWHJXUL .W YllUWXVHG<br />
0XOGNHKD NLKW<br />
SLQQDVW<br />
HULQHYDWH PDDQWHHNODVVLGH SXKXO<br />
P S VLNDWHQG .HUJ Y}L<br />
VLLUGHNDWHQG<br />
K +N<br />
hODNLKW DNWLLYWVRRQ<br />
+N ” K<br />
0LWWH OHXMXWDWDY DODNLKW<br />
K «<br />
K !<br />
hOHXMXWDWDY DODNLKW<br />
K «<br />
K !<br />
6 YHQGL W||NLKW +<br />
0lUNXV +N ± NDWHQGL SDNVXV P<br />
.UXXVSLQQDVWH MD WHKLVSLQQDVWH YDMDOLN WLKHQGXVWHJXU DNWLLYWVRRQLV WXOHE PllUDWD<br />
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5- 0XOGNHKD UDMDPLVHO Y}LE WXJHYGDPLVHNV DUPHHULPLVHNV GUHHQLPLVHNV HUDOGDPLVHNV Y}L<br />
LVROHHULPLVHNV NDVXWDGD JHRV QWHHWH<br />
*HRV QWHHWH NDVXWDWDNVH<br />
x PXOGNHKD Q}UJD DOXVSLQQDVH<br />
WLKHQHPLVH NLLUHQGDPLVHNV YHUWLNDDOGUHHQLGHJD
NDQGHY}LPH VXXUHQGDPLVHNV WXJHYGXVNDQJDVWH Y}L Y}UNXGHJD<br />
x PXOGNHKDV<br />
Q}OYXVH VXXUHQGDPLVHNV WXJHYGXVNDQJDVWH Y}L Y}UNXGHJD<br />
YHWW lUDMXKWLYD GUHHQLQD<br />
HULQHYD O}LPLVHJD SLQQDVHNLKWLGH HUDOGXVNLKLQD<br />
GUHHQNRQVWUXNWVLRRQLGH NDLWVHILOWULQD<br />
Q}OYD SLQQD NLQGOXVWDPLVHNV<br />
x OlKWXGHV WHKQRORRJLOLVWHVW NDDOXWOXVWHVW<br />
x DMXWLVWH WHHGH UDMDPLVHO YlLNVH NDQGHY}LPHJD SLQQDVWHOH<br />
x HKLWXVPDVLQDWH OLLNXPLVHNV SHKPHO SLQQDVHO<br />
6RRYLWDY RQ JHRV QWHHGLG NDWWD ± P SDNVXVH OLLYDNLKLJD<br />
9HHYLLPDULG<br />
0XOGNHKD NDLWVHNV XKWXPLVH MD OHQLLVNXPLVH HHVW VDPXWL PXOGNHKD HKLWXVW||GH<br />
Y}LPDOGDPLVHNV WXOHE SURMHNWHHULGD SLQQDYHWH lUDMXKWLPLVV VWHHP N YHWWLGH UHQQLGH<br />
DXUXPLVEDVVHLQLGH LPENDHYXGH MQH UDMDPLQH PDDQWHHllUVH PDD DOD SODQHHULPLQH<br />
0XOGNHKD DOXQH SLQG WXOHE ROHQHYDOW SLQQDVWHVW SODQHHULGD S}LNNDOGHJD ± PXOGHVW<br />
HHPDOH<br />
. YHWL MD NUDDYLGH S}KMD SLNLNDOOH SHDE ROHPD YlKHPDOW HUDQGMXKXO<br />
. YHWWLGH MD NUDDYLGH SURMHNWHHULPLVHO WXOHE DUYXWXVOLNX YRROXKXOJD OHWDPLVH<br />
W}HQlRVXV Y}WWD<br />
x NLLUWHHGHO MD ,±,, NODVVL PDDQWHHGHO<br />
x ,,, NODVVL PDDQWHHGHO<br />
x ,9±9 NODVVL PDDQWHHGHO<br />
x 9, NODVVL PDDQWHHO ±SROH Q}XGHLG<br />
9HHYLLPDULWH SURMHNWHHULPLVHO SLQQDYHWH HHPDOGDPLVHNV VLOGDGHOW MD PDDQWHHOW<br />
NDQDOLVDWVLRRQL WXOHE YRROXKXOJD OHWDPLVH W}HQlRVXV Y}WWD<br />
x NLLUWHHGHO ,±,, NODVVL PDDQWHHGHO<br />
x ,,, NODVVL PDDQWHHGHO<br />
x ,9±9 NODVVL PDDQWHHGHO<br />
9HHYLLPDULWH VXXULP SLNLNDOOH WXOHE PllUDWD V}OWXYDOW SLQQDVHVW QLQJ Q}OYDGH MD S}KMD<br />
NLQGOXVWDPLVH YLLVLVW DUYHVWDGHV XKWHNLQGOD YRROXNLLUXVHJD WDEHO<br />
8KWHNLQGODOH YRROXNLLUXVHOH YDVWDYDG YHHYLLPDULWH VXXULPDG SLNLNDOGHG<br />
7DEHO<br />
6XXULP SLNLNDOOH<br />
.LQGOXVWXVH W S /LLY MD P|OOSLQQDV 0|OOVDYL VDYL<br />
VDYLQH OLLY<br />
.LQGOXVWXVHWD ” ”<br />
0lWDVWXV NLOOXVWLN<br />
6LOOXWLV EHWRRQ JHRV QWHHW<br />
$VWDQJXG ! !<br />
.XQL S}LNNDOGHJD DOXVSLQQDO UDMDWDYDWHO NXQL P N}UJXVWHO PXOOHWHO P}OHPDO<br />
SRRO WHH SRROH VXXQDWXG PDDSLQQD S}LNNDOGH NRUUDO MD VRRGHVVH UDMDWXG PXOOHWHO WXOHE HWWH<br />
QlKD N YHWLG NDKHOH SRROH WHHG<br />
0DDQWHHO}LNXGH PLOOH SLNLNDOOH RQ OH Y}L PXOGH N}UJXV V YHQGL V JDYXV OH<br />
P VDPXWL SLNLSURILLOL Q}JXVDWHO S VWN}YHULNHO WXOHE XKWXPLVH YDVWX HWWH QlKD WHHSHHQDUGH MD<br />
PXOGNHKD Q}OYDGH NLQGOXVWXV QLQJ UDMDGD VDGHPHWH YHH lUDMXKWLPLVV VWHHP<br />
3LQQDVH MD SLQQDYHHG PLV Y}LYDG P}MXWDGD PXOGNHKD WXJHYXVW Y}L WDNLVWDGD<br />
HKLWXVW|LG WXOHE YHHYLLPDULWH DELO HHPDOGDGD Y}L QHQGH WDVHW GUHHQLGH DELO DODQGDGD
0XOOHWH MD NDLWVHWDPPLGH N}UJXV NHVNPLVWH QLQJ VXXUWH VLOGDGH SHDOHV}LWXGHO MD<br />
ODPPLGHO WXOHE SURMHNWHHULGD VHOOLVHOW HW PDDQWHH VHUYD N}UJXV ROHNV YlKHPDOW P Y}UUD MD<br />
UHJXODWVLRRQLUDMDWLVWH QLQJ EHUPLGH VHUYD N}UJXV YlKHPDOW P Y}UUD DUYXWXVOLNXVW<br />
YHHWDVHPHVW N}UJHPDO DUYHVWDGHV ND SDLVXWXVW MD ODLQHW}XVX Q}OYDOH<br />
0DDQWHH VHUYD N}UJXV YlLNHVWH VLOGDGH MD WUXXSLGH SHDOHV}LWXGHO SHDE ROHPD<br />
DUYXWXVOLNXVW SDLVXWXVHJD YHHWDVHPHVW N}UJHP<br />
x U}KXWD W||UHåLLPL SXKXO YlKHPDOW P Y}UUD<br />
x U}KXJD MD RVDOLVH U}KXJD W||UHåLLPL SXKXO YlKHPDOW P Y}UUD
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