Gldpke Nr% Ejaijd
]J@LHPRLH
Gj`laleh ' CHF
Lapjrçalh ejkehphd Leprk`zæák H lapjrçalh ejkehphd ì slqph jg ajrah `j 3=* `kq rjaìg'ehqal`kq h pjrgk jg qzh }rlgjlrh qjgheh `j sl`h% Ì `jclel`h akgk lapjrçalh ejkehphd h akdkrhæák hghrjdh`h `h }jdj j gzakqhq$ }rkskah`h }kr zg hzgjepk `h crhæák le`lrjph kz dl}kqqkdþsjd `h bldlrrzbleh$ fjrhdgjepj xzhe`k 56gf+`d kz `h qzh crhæák `lrjph% H lapjrçalh `jakrrjepj `k hzgjepk `h crhæák le`lrjph `h bldlrrzbleh akecjrj h }jdj zgh pkehdl`h`j hghrjdh'brldohepj kz gjqgk hdhrhenh`h$ hk akeprèrlk `h crhæák `lrjph xzj akecjrj h }jdj zgh akr hghrjdk'jqsjr`jh`h9 }krìg hgbhq hq qlpzhæújq h}jehq qák slqçsjlq akg eçsjlq gzlpk jdjsh`kq `k }lfgjepk% H frhe`j akg}dlahæák `jqph lg}rjfehæák eák hakepjaj h eçsjd azpâejk$ ghq qlg jeajcèdlak$ nè xzj jg eçsjlq gzlpk jdjsh`kq h bldlrrzbleh le`lrjph }k`j arz~hr h bhrrjlrh ojghpkjeajcèdlah }rk`z~le`k zg jcjlpk `jdjpìrlk qkbrj kq ejzrðelkq }rk`z~le`k zg xzh`rk akeojal`k akgk ijrelapjrzq%
Jplkdkflh Gjphbkdlqgk `k }lfgjepk bldlhr> H bldlrrzbleh ì zg }lfg }lfgje jepk pk bldlh bldlhrr hghr hghrjd jdk k xzj xzj kakr kakrrj rj qkb qkb 2 ckrgh ckrghq> q> bldl bldlrr rrz zble bleh akenz enzfh`h fh`h /`lr /`lrj jph, ph, j bldlr ldlrrz rzb bleh leh eák akenzfh`h /le`lrjph$ ?='<=* `h bldlrrzbleh,% H qkgh `j hgbkq kq pl}kq ì h bldlrrzbleh pkphd /BP,% @j}klq lq `j 82= 82= eh alra alrazd zdhæ hæák ák$$ kq ]rk`zæák> @j}k jrlp jrlprñ rñal alpk pkqq qák qák ah}p ah}ph` h`kq kq j `jfr `jfrh` h`h` h`kq kq ek qlqp qlqpjg jgh h rjpl rjplaz azdk dk je`k je`kpj pjdlh dlhd9d9 6:* 6:* `h bldlr bldlrrz rzbl bleh eh }rks }rksîg îg `h `jqprz `jqprzlæá læák k `hq ojgèa ojgèalhq lhq sjdoh sjdohqq /qjej /qjejqaj qajepj epjq, q, xzj qák rjakeojal`hq$ ah}ph`hq j `jqprzç`hq }rleal}hdgjepj ek bhæk j ek cçfh`k }jdkq gharñchfkq /QRJ,$ j kq 2:* rjqphepjq }rksìg `j rjah}phæák `j jrlp jrlprñ rñal alpk pkqq lghpz lghpzrk rkqq j `j kzprh kzprhqq ojgk ojgk}r }rkp kpjç jçeh ehqq `k cçfh`k> glkfdkbleh j alpkarkgk ]0:=% @lqpk rjqzdph h ojgk ojgkfd fdkb kble leh$ h$ xzj xzj ì xzjb xzjbrh rh`h `h ekq ekq frz} frz}kq kq ojgj ojgj j fdkbleh% K frz}k ojgj qkcrj zgh qìrlj `j rjhæújq hpì aojfh í bldlrrzbleh% Ckrgh Ckrghæák æák `h Bldlrrz Bldlrrzble bleh> h> K qlqp qlqpjg jgh h ojgj ojgj klfjehqj `hq aìdzdhq `k qlqpjgh rjplazdk je`kpjdlhd ahph ahphdlq dlqh h k }rlgj }rlgjlrk lrk }hqq }hqqk k eh `jfr `jfrh` h`hæ hæák ák `k ojgj ojgj ckrghe`k Cjrrk cìrrlak$ Ak2 xzj ake`z~ h ckrghæák `j Bldlsjr`leh% H bldlsjr`leh }jdh bldlsjr`leh rj`zphqj ckrgh h bldlrrzbleh le`lrjph /dl}kqqkdþsjd,%
8
Gldpke Nr% Ejaijd
]J@LHPRLH
Gj`laleh ' CHF
Prheq}krpj> H bldlrrzbleh }rk`z~l`h ì h bldlrrzbleh eák akenzfh`h$ xzj }rjalqh dlfhr'qj í hdbz hdbzgle gleh h /}rk /}rkpj pjçeh çeh }rk` }rk`z~ z~l`h l`h }jdk }jdk cçfh cçfh`k `k xzj xzj pjg pjg h czeæ czeæák ák `j prhe prheq} q}kr krpj pj j czeæ czeæák ák akdkl`kqgñplah, }hrh aojfhr hk cçfh`k qkb h ckrgh `k akg}djk bldlrrzbleh'hdbzgleh j qjr ah}p ah}ph` h`h h }hrh }hrh qkcrj qkcrjrr gjph gjphbk bkdlq dlqgk gk oj}è oj}èpla plak% k% K cçfh` cçfh`k$ k$ czea czealk lkeh ehdgj dgjep epj j pjg pjg 2 }ñdk }ñdkq> q> zg qlezqkl`hd /xzj rjajbj qhefzj j qzbqpâealhq gjphbkdl~h`hq, j zg }ñdk jarjpkr% Ah}phæák> ]hrh xzj ohnh k qlehd `j ah}phæák ek oj}hpñalpk$ }jdk }ñdk qlezqkl`hd$ h bldlrrzbleh `jsj jqphr dlfh`h í hdbzgleh$ j xzhe`k lqqk hakepjaj kakrrjg gk`lclahæújq eh gjgbrheh `k oj}hpñalpk xzj }jrglpjg xzj ohnh jeprh`h `h bldlrrzbleh eh aìdzdh% Jqph jeprh`h ì gj`l gj`lh` h`h h }kr }kr }rkp }rkpjç jçeh ehqq `jek `jekgl gleh eh`h `hqq dlfh dlfhe` e`le lehq hq /\'^ /\'^,, `j prhe prheq} q}kr krpj pj }rjq }rjqje jepj pjqq ehq ehq gjgbrhehq `kq oj}hpñalpkq$ j ch~jg phgbìg k prheq}krpj leprhajdzdhr `h bldlrrzbleh% Akenzfhæák> Ek oj}hpñalpk h qkdzbldl`h`j `h bldlrrzbleh hzgjeph }jdh akenzfhæák `j `zhq `zhq gkdìaz gkdìazdhq dhq `j èal`k èal`k fdlazr fdlazrðel ðelak ak$$ }jdh }jdh hæák hæák `h je~lgh je~lgh zrl`ld zrl`ld'fd 'fdlaz lazrke rkeld'p ld'prhe rheqcj qcjrhq rhqj j ckrghe`k fdlazrkehpk `j bldlrrzbleh% Lqqk pkreh bldlrrzbleh ol`rkqqkdþsjd /bldlrrzbleh akenzfh`h,% Jxarjæák> H bldlrrzbleh akenzfh`h ì jarjph`h }jdk }ñdk bldlhr `k oj}hpñalpk% H jarjæák ì h chqj ghlq hakgjpl`h xzhe`k oè `hek hk oj}hpñalpk% H}jehq qzbqpâealhq ol`rkqqkdþsjlq }k`jg qjr jarjph`hq }jdk }ñdk bldlhr `k oj}hpñalpk$ nzephgjepj akg h bldj% Chqj lepjqplehd> lepjqplehd> h bldlrrzbleh akenzfh`h aojfh hk `zk`jek }jdkq `zapkq bldlhrjq% Ek lepjqplek `jdfh`k$ qjrè rj`z~l`h í jqpjrakbldleh }jdh hæák bhapjrlheh dkahd j zgh }jxzjeh xzhepl xzhepl`h` `h`j j qjrè qjrè ol`rkd ol`rkdlqh lqh`h `h }hrh }hrh bldlrr bldlrrzbl zbleh eh le`lrj le`lrjph ph /}jdh /}jdh je~lgh je~lgh bjph'f bjph'fdla dlazrk zrkel` el`hqj hqj,, j rjhbqkrsl`h }jdh alrazdhæák jepjrk'oj}èplah% H crhæák rj`z~l`h h jqpjrakbldleh phgbìg }k`j qjr rjhbqkrsl`h$ ghq qjrè jdlgleh`h akgk zrkbldleh }jdkq rleq% Ek RE$ h cdkrh lepjqplehd jqpè hzqjepj hpì ghlq kz gjekq ek clehd `h }rlgjlrh qjgheh `j sl`h$ j h jqpjrakbldleh j h zrkbldleh eák qák `jpjapèsjlq% Hdìg `lqqk$ ejqqh chqj `h sl`h$ h bjph'fdzazrkel`hqj jqpè }rjqjepj `j ckrgh hplsh$ hzgjephe`k h xzhepl`h`j `j bldlrrzbleh le`lrjph xzj qjrè rjhbqkrsl`h }jdh alrazdhæák jepjrk'oj}èplah% Sèrlkq gjahelqgkq ckrgh }rk}kqpkq }hrh h leqphdhæák `h lapjrçalh clqlkdñflah ejkehphd$ j kq ghlq lg}krphepjq qák kq qjfzlepjq> Hzgjepk `h }rk`zæák `j bldlrrzbleh> bldl rrzbleh> hq ojgèalhq cjphlq h}rjqjephg gjekr qkbrjsl`h j$ hdìg `lqqk$ k ojghpñarlpk hk ehqalgjepk ì hdpk /:='31*,% Jlqpj ghlkr rlqak `j ojgñdlqj j lecjaæák% @lglezlæák `h czeæák oj}èplah> H hplsl`h`j `h fdlazrkeld prheqcjrhqj jqpè `lglezç`h ekq }rlgjlrkq 8= `lhq `j sl`h j chpkrjq akgk ol}ñlh$ lecjaæák$ ol}kplrjkl`lqgk j ol}kpjrglh }k`j rj`z~lr hle`h ghlq qzh hæák9 hq dlfhe`lehq$ phgbìg jqpák `jclaljepjq prheqlpkrlhgjepj$ aojfhe`k h eçsjlq `j h`zdpk }kr skdph `k :¾ `lh `j sl`h ek RE `j pjrgk% Alrazdhæák jepjrk'oj}èplah> h hzqîealh `h cdkrh bhapjrlheh j k hzgjepk `h bjph' fdlazrkel`hqj ek lepjqplek arlhg ake`læújq }hrh k hzgjepk `h rjhbqkræák `h bldlrrzbleh le`lrjph }hrh h akrrjepj qhefzçejh% Jqpz`kq qzfjrjg xzj h alrazdhæák jepjrk'oj}èplah `h bldlrrzbleh ì zg qlfelclahepj akeprlbzlepj }hrh h lapjrçalh clqlkdñflah j }rkajqqkq xzj rjphr`jg h jdlglehæák `k gjaðelk lepjeqlclahg j }rkdkefhg jqqh lapjrçalh% l apjrçalh% Alrazdhæák oj}èplah> h}ñq k ehqalgjepk$ k oj}hpñalpk `jlh `j rjajbjr qhefzj bjg klfjeh`k hprhsìq `h sjlh zgbldlahd$ }hqqhe`k h rjajbjr qhefzj }kzak klfjeh`k `kq shqkq }krphlq$ k xzj }k`j }rkskahr `lglezlæák `h ah}hal`h`j oj}èplah%
2
Gldpke Nr% Ejaijd
]J@LHPRLH
Gj`laleh ' CHF
Xzh`rk adçelak Hepjq `j pz`k `jsjgkq djgbrhr xzj k hzgjepk `k eçsjd `j bldlrrzbleh }k`j qjr zg jsjepk clqlkdñflak kz `jakrrjepj `h hghgjephæák% H }rkfrjqqák `h lapjrçalh qj ch~ `j ghejlrh arâelk' ahz` ahz`h hd$ jlqpj lqpj zgh rjf rjfrh eák gzlpk zlpk }rj }rjalqh lqh xzj akrrjdhalkeh kq eçsjlq `j bldlrrzbleh akg h pk}kfrhclh `h lapjrçalh ek rjaìg'ehqal`k$ akeojal`k akgk ~kehq `j Irhgjr% ^keh 8 /ahbjæh, > BL 7 4:gf+`d ^keh 2 /prkeak hpì k zgblfk, > BL 7 :'?gf+`d ^keh 1 /hb`ðgje j akhq, > BL 7 <'82gf+`d ^keh 0 /nkjdok hk pkrek~jdk j akpksjdk hk }zeok, > BL 7 82'86gf+`d ^keh : /gákq j }ìq$ leadzle`k }hdghq j }dhephq, > BL 7 586gf+`d Jqqh rjfrh ì h}jehq zgh jqplghplsh frkqqjlrh j `jsjgkq qhbjr xzj k jhgj cçqlak eák ì akeql`jrh`k zg gìpk`k }rjalqk j akeclèsjd }hrh `jpjrglehr kq eçsjlq qìrlakq `j bldlrrzbleh$ }krphepk gjqgk jg bjbîq h pjrgk hqqlepkgèplakq j `j bhlk rlqak `jsj'qj akdojr qhefzj }hrh h `jpjrglehæák qìrlah `kq eçsjlq `j bldlrrzbleh% • • • • •
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1
Gldpke Nr% Ejaijd
]J@LHPRLH
Gj`laleh ' CHF
Lapjrçalh clqlkdñflah H lapjrçalh clqlkdñflah ì zgh ake`læák adçelah jg fjrhd bjelfeh j rjsjrqçsjd$ ghq qzh hajepzhæák jhfjrh`h }k`j qjr `hekqh hk krfhelqgk% K eçsjd `j bldlrrzbleh le`lrjph ek qkrk `k akr`ák zgbldlahd jeakeprh'qj jeprj 8 j 1 gf+`d j jdjsh'qj h }hrplr `j jepák$ aojfhe`k ek qjfze`k `lh hk shdkr `j :gf+`d$ k xzj `jpjrgleh lapjrçalh% Jdh lelalh'qj h}ñq hq }rlgjlrhq 20 okrhq `j sl`h$ hzgjeph jg `lqprlbzlæák akr}ñrjh j jg lepjeql`h`j$ ch~ }lakq ekq RE `j pjrgk jeprj k pjrajlrk j k xzlepk `lh j `jqh}hrjaj hpì k 8=¾ `lh `j sl`h9 ekq RE }rì'pjrgk h ah}phæák j h akenzfhæák ì ghlq djeph$ jdjq pkrehg'qj ghlq lapìrlakq$ akg }lak jeprj k xzlepk j k qìplgk `lh `j sl`h$ k `jqh}hrjalgjepk `h lapjrçalh kakrrj hpì 80¾ `lh `j sl`h% Harj`lph'qj xzj h lapjrçalh clqlkdñflah qjrlh zg rjcdjk `h ghlkr }rk`zæák `j bldlrrzbleh }jdh }jdh `jfrh` `jfrh`hæá hæák k `j ojgèa ojgèalhq lhq cjphlq cjphlq$$ xzj }kqqzj }kqqzjg g qkbrjs qkbrjsl`h l`h ghlq azrph j zgh ghlkr ghlkr akeajeprhæák `j ojgkfdkbleh xzj hq ojgèalhq `kq h`zdpkq$ akgbleh`k akg zgh dlglphæák prheqlpñrlh `h ah}phæák j `h akenzfhæák oj}èplah$ hdìg `h jhajrbhæák `h alrazdhæák jepjrk' oj}èplah% Kq chpkrjq hqqkalh`kq hk hzgjepk ekq eçsjlq `j bldlrrzbleh ejkehphd qák> cldokq `j gáj `lhbì `lhbìpla plah$ h$ rhæh rhæh krljep krljephd$ hd$ ol}ñl ol}ñlh$ h$ adhg}j adhg}jhgj hgjepk epk phr`lk phr`lk `k akr`á akr`ák$ k$ jdlgle jdlglehæ hæák ák phr`lh phr`lh `k gjaðelk%
Lapjrçalh }hpkdñflah K `lhfeñqplak `j lapjrçalh leal`le`k ehq }rlgjlrhq 20 okrhq `j sl`h ì k `j `kjeæh ojgkdçplah `k RE hpì xzj }rksj k akeprèrlk$ aznh lesjqplfhæák lelalhd `jsj leadzlr }rksh `j Akkgbq Akkgbq `lrjph `lrjph$$ ojgkfr ojgkfrhgh hgh akg akg akeph akephfjg fjg `j rjplaz rjplazdña dñalpk lpkq$ q$ akg akg jq}ja jq}jalhd lhd rjcjrî rjcjrîealh ealh h hdpj hdpjrh rhæá æák k `h ckrg ckrgh h `hq `hq ojgè ojgèal alhq hq$$ hdìg hdìg `j pl}h pl}hfj fjg g qhef qhefzç zçej ejh h `h gáj gáj j `k RE$ RE$ j bldlrrzblejglh% Ahrhapjrçqplahq> Qzrfj ehq }rlgjlrhq 20orq `j sl`h9 K eçsjd `j bldlrrzbleh qkbj h zgh phh qz}jrlkr h :gf+`d ehq 20orq9 H }rjqjeæh `j bldlrrzbleh `lrjph ek akr`ák zgbldlahd ì `lrjphgjepj }rk}kralkehd h frhsl`h`j `k xzh`rk ojgkdçplak9 ]kqqzl shdkrjq `j bldlrrzbleh ghlkrjq xzj 82gf+`d jg ehqal`kq h pjrgk j qz}jrlkrjq h 8:gf+`d jg }rjghpzrkq9 Pjg hqqkalhæák h hdpjrhæújq `lsjrqhq akgk oj}hpkjq}djekgjfhdlh$ }hdl`j~9 ]jrqlqpj }kr ghlq `j zgh qjgheh ekq RE h pjrgk j ghlq `j 2 qjghehq ekq }rjghpzrkq9 Pjg k eçsjd `j bldlrrzbleh `lrjph ghlkr `k xzj 2gf+`d9 • • •
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Lapjrçalh hqqkalh`h hk djlpj ghpjrek Jlqp Jlqpjg jg `zhq `zhq ckrghq ckrghq `j h}rjqj h}rjqjeph ephæák æák adçela adçelah h `jqarl `jqarlphq phq `j lapjrç lapjrçalh alh hqqkal hqqkalh`h h`h hk hdjlphgjepk ghpjrek> qhbj'qj 'qj xzj xzj kq RE hghg hghgje jeph ph`k `kqq jad jadzq zqls lshg hgje jepj pj hk qjlk qjlk qák qák Ckrgh Ckrgh }rjakaj> }rjakaj> qhbj clqlkdkflahgjepj ghlq lapìrlakq `k xzj kq hdlgjeph`kq akg cñrgzdh dèapjh ekq }rlgjlrkq `lhq `j sl`h% H rjhbqkræák lepjqplehd `j bldlrrzbleh jqphrlh hzgjeph`h }jdh `jclalîealh ahdñrlah$ 0
Gldpke Nr% Ejaijd
]J@LHPRLH
Gj`laleh ' CHF
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