'REyUSDUDPHWUyZNRQVWUXNF\MQ\FKUXUNLVSL WU]DM FHM

 3U]\MPXM F QDVW SXM FHGDQH

x UHGQLF ZHZQ WU]Q UXURFL JX' PP
x Z\NáDGQLNSRW JL]DOH Q\RGOLF]E\5HP 
x OLF]E RWZRUNyZQ  RUD]Q 
x ]DNUHVOLF]E5H Â



·Â





x ZVSyáF]\QQLNSU]HSá\ZX. 
x ZVSyáF]\QQLNOHSNR FLG\QDPLF]QHMSRZLHWU]DK Â



3DÂV

x WHPSHUDWXU L FL QLHQLHMDNGODZDUXQNyZQRUPDOQ\FKW ƒ& S DWP

Z\]QDF]

D SRáR HQLH RWZRUNyZ LPSXOVRZ\FK QD SRZLHU]FKQL UXUNL X UHGQLDM FHM Z RSDUFLX R SRG]LDá SROD

SU]HNURMX UXURFL JXQDSLHU FLHQLHUyZQRZD QHRMHGQDNRZ\FKSRODFKSU]HNURMXZJ]DOH QR FL



Q



L



5

U

L





E SRáR HQLHRWZRUNyZLPSXOVRZ\FKQDSRGVWDZLHZ]RUX:DOXVLD



Q

L



5

U

QL

















P









L



Q



QL



P





L



Q



P

QL

L

U

U



P

U

U



U

¸

¸
¹

·

¨

¨
©

§



















F J VWR ü U Z RSDUFLXRFL QLHQLHLWHPSHUDWXU ZáD FLZ GODZDUXQNyZQRUPDOQ\FK

 

 

»¼

º

«¬

ª

»¼

º

«¬

ª

˜

U

Ÿ

U

NPRO

NJ



0



.

NPRO

-



05



0

05

5



57

S



Y



57

SY

SRZLHWU]D



G SU GNR FL UHGQLHZ

PLQ

LZ

PD[



'

5H

Z

Z'

5H

˜

U

K

˜

Ÿ

K

U

H SU GNR ü PDNV\PDOQ 9

PD[

Z RVLUXURFL JXGOD5H

PLQ

L5H

PD[

QDSRGVWDZLHZ\NUHVX1LNXUDGVH¶JR





5H

PD[

U

PD[

9



9

Z

9

I ]DNUHV 'S PLQLPD[QDF]XMQLNXZFHOXGRERUXSU]HWZRUQLND'S





.



Z

S

S



.

Z

U

'

Ÿ

U

'

J ]DNUHV\ VWUXPLHQLDREM WR FLT

Y

L PDV\T

P



»¼

º

«¬

ª

˜

˜

U

»

¼

º

«

¬

ª

˜

K

NJ

$

Z

T

K

P

$

Z

T

P



Y

K Eá G Z]JO GQ\ G >@ SRSHáQLDQ\ SU]\ RNUH ODQLX SU GNR FL UHGQLHM Z GOD UXUNL ] Q  L Q 

RWZRUNDPLGODSU GNR FL UHGQLHM]]DNUHVXRGZ

PLQ

GRZ

PD[



Z Z

PLQ

Z

PD[

QD SRGVWDZLHZ]RUX







Z

Q

9

Q

L



L

L

˜

¸¸

¸

¸

¸

¹

·

¨¨

¨

¨

¨

©

§



˜

G

¦

RNUH ODM F 9

L

Z RSDUFLXRUR]NáDGSU GNR FLZJZ]RUXSRW JRZHJR3UDQGWOD

¸

¸
¹

·

¨

¨
©

§

¸

¹

·

¨

©

§



P

PD[

L

5

U



9

9

3U]\F]\P9

PD[

ZQDV]\PSU]\SDGNXR]QDF]D UHGQL SU GNR ü ZRVLUXURFL JX]]DNUHVXRG5H

PLQ

GR5H

PD[



 1D VWDQRZLVNX EDGDZF]\P Z]RUFRZDQR UXUNL VSL WU]DM FH Z\]QDF]DM F SU GNR ü UHGQL Z Z

UXURFL JXR UHGQLF\' PPSU]\SRPRF\]QRUPDOL]RZDQHMNU\]\6WUDWDFL QLHQLDVWDW\F]QHJRZ
UXURFL JX QD RGFLQNX RG ZORWX SRSU]H] NU\] D GR UXUNL VSL WU]DM FHM SU]\ SU GNR FL UHGQLHM
Z PV WHPSHUDWXU]H W ƒ& L FL QLHQLX S K3D Z\QRVL S

VWU

N3D 2EOLF]\ü U]HF]\ZLVW

SU GNR ü UHGQL Z¶ Z PLHMVFX LQVWDORZDQLD EDGDQ\FK F]XMQLNyZ : ]DGDQLX QDOH \ XZ]JO GQLü
]PLDQ J VWR FLSRZLHWU]D

Z

S

S

Z

Z

Z

Z



Z



Z

S

57

S

S

57

S



57

S









G

VWU

˜

˜

U

U

Ÿ

U

U

Ÿ

U

U



U

U



:\NUHV1LNXUDGVHIUDJPHQWGODUXUK\GUDXOLF]QLHJáDGNLFK

5H

PLQ



L

5H

PD[





¦



Q



L

LQ

S

Q



S

¦



Q



L

LR

S

Q



S

¦



Q



L

LQ

S

Q



S

¦



Q



L

LR

S

Q



S

=DVDGDG]LDáDQLDX UHGQLDM FHMUXUNLVSL WU]DM FHM