Problemas de Ingenieria Económica Arvelo

OHLJB DQOHFKVFC OQTJBC BZNOH

Ohljb Dohfkvfc Otjbc Bznïh jv zh Pcdjvc Zhktjvkwokc Tjhj~cbohc jh jb ïjo gj Pcaoakbkgog { Jvwogévwkfo" fch iïv gj 70 oÿcv gj jupjkjhfko jh bov iïv jfchcfkgov zhktjvkgogjv gjb ïjo ijwcpcbkwoho gj Foofov( Zhktjvkgog Fowöbkfo ‒Ohgëv Ajbbc’> Pcdjvc Wkwzbo Nzakbogc ?;<0 o 1006

Zhktjvkgog Fjhwob gj Tjhj~zjbo> Pcdjvc pc Fchfzvc gj Cpcvkfköh gjvgj ?;;6 ob pjvjhwj Zhktjvkgog Vkiöh Acbéto> Pcdjvc gjvgj 100: ob pjvjhwj Zhktjvkgog Ijwcpcbkwoho> Pcdjvc gjvgj ?;<6 o ?;5< Zhktjvkgog Hofkchob Oakjwo> Qjtkvc gj fchwjhkgcv" gjvgj ?;<; eovwo 1007 Vzv gowcv pjvchobjv vch > Bzlo { Djfeo gj Hofkikjhwc> Foofov" ?4)01)?;7< Fcjc jbjfwöhkfc> ohljbd(otjbc@liokb(fci Wjbëdchc> :5 7?4 46:<464 Jvwzgkcv jobk~ogcv> Khljhkjc Khgzvwkob( ZFOA Foofov ?;45 Iïvwj jh Jvwogévwkfo Jvwogévwkfo Iowjiïwkfo FKJHJV" Zhktjvkgog Zhktjvkgog gj Fekbj ?;<1 Fzvcv gj Jvpjfkobk~ofköh jh Jvwogévwkfo Hc Pooiëwkfo Zhktjvkgog gj Ikfekloh ?;51 Gcfwcogc jh Ljvwköh Wjfhcbölkfo> Zhktjvkgog Pcbkwëfhkfo gj Iogkg 1004 ob Pjvjhwj Jb Pcdjvc Otjbc dzj Gkjfwc gj bo Jvfzjbo gj Khljhkjéo Khgzvwkob gj bo Zhktjvkgog Fowöbkfo ‒Ohgëv Ajbbc’ %?;<7)?;<;+ " Fccgkhogc gj bcv Boacowckcv gj jvo ikvio Zhktjvkgog jvpjfkobk~ogcv jh jhvo{cv gj Fobkgog"  Ozgkwc gj Fobkgog" { ozwc gjb bkac ‒Fopofkgog gj Pcfjvcv Khgzvwkobjv’ ZFOA

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Jh hzijcvov cpcwzhkgogjv" jb Pcdjvc Otjbc

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jipjvokobjv jh jb ïjo gj ‒Jvwogévwkfo Ljhjob’ { ‒Fchwcb Jvwogévwkfc gj Pcfjvcv’(

Cwov pzabkfofkchjv gjb Pcd( Otjbc pzjgjh vj aonogov gj vz pïlkho |ja> |||(otjbc(fci(tj " jh bo vjffköh PGDV(

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ZHKTJQVKGOG HOFKCHOB OAKJQWO TKFJQQJFWCQOGC OFOGËIKFC ÏQJO > KHLJHKJQKO FOQQJQO> KHLJHKJQKO KHGZVWQKOB

PQCABJIOV GJ JFCHCIKO POQO KHLJHKJQCV FZQVC>

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7 OHLJB DQOHFKVFC OQTJBC

6

KHWQCGZFFKCH Bo ovklhowzo ‒Jfchciéo poo Khljhkjcv’ %111+ " jvwo zakfogo gjhwc gjb pboh gj jvwzgkcv gj bo

fojo gj Khljhkjéo Khgzvwkob ob hktjb gjb :° Pjécgc % Jvwzgkcv Pcdjvkchobjv KT+" { vz fcjvpchgkjhwj pboh gj fzvc jvwo ogopwogc ogopwogc ob wjuwc ‒Khljhkjéo Jfchöikfo’ :® jgkfköh" gj bcv ozwcjv Ohwech{ Woqzkh { Bjbohg Abohm" gj bo Jgkwckob Iof Lo| Ekbb( Bo fcbjffköh gj pcabjiov { jnjfkfkcv qzj vj jhfzjhwo jh jvwo cao" pjvklzj fcic canjwktc" pcpcfkchobj ob jvwzgkohwj zho vjkj gj kbzvwofkchjv pïfwkfov qzj fcipbjijhwoh jb pcfjvc gj opjhgk~onj gj bo ovklhowzo( Bo loh io{céo gj jvwcv pcabjiov { jnjfkfkcv" eoh vkgc {o zwkbk~ogcv jh bo jboacofköh gj pzjaov pofkobjv j khwjlobjv o bc bolc gj bcv þbwkicv 10 oÿcv" { oqzé opojfjh fbovkdkfogcv vjlþh bcv hzjtj canjwktcv qzj khwjloh jb pboh gj fzvc tkljhwj( Jb obzihc gjaj jvcbtj jvwcv jnjfkfkcv jn jfkfkcv gjvpzëv gj eoajvj jvwzgkogc bcv dzhgoi jhwcv wjökfcv qzj fcipjhgj fogo canjwktc" { qzj opojfjh iz{ akjh gjwobbogcv jh jb pboh gj fzvc( Bo wcwobkgog gj bcv pcabjiov { jnjfkfkcv fchwkjhjh vz vcbzfköh( Pc jbbc jv fchtjhkjhwj qzj jb obzihc wowj pjtkoijhwj gj jvcbtjbcv" { fchvzbwo bzjlc vz vcbzfköh" o canjwc gj tjkdkfo jb pcfjgkikjhwc zwkbk~ogc poo jvcbtjbcv( Vöbc vj pjvjhwo zh foikhc poo jvcbtj jvwcv jnjfkfkcv" pjc jv kipcwohwj ogtjwk ob jvwzgkohwj qzj jh izfecv fovcv" jukvwjh iþbwkpbjv pcfjgkikjhwcv poo bbjlo o bo jvpzjvwo" bo fzob gjaj vj þhkfo" vkjipj vkji pj qzj jb pcfjgkikjhwc zwkbk~ogc jvwë fcjfwc( Poo jvcbtj jvwcv jnjfkfkcv" jb obzihc gjaj wjhj bov woabov dkhohfkjov qzj opojfjh jh jb Opëhgkfj gjb bkac gj wjuwc" pïlkhov <:4 o <57" c jh vz gjdjfwc" fchwo fch zho fobfzbogco dkhohfkjo" qzj bj pjikwo jobk~o fch juofwkwzg bcv fïbfzbcv jqzjkgcv( Bo jtobzofköh gj bo ovklhowzo vj jobk~o ijgkohwj gcv pzjaov khwjlobjv gj gjvocbbc qzj fcipjhgjh pcabjiov { jnjfkfkcv vkikbojv o bcv qzj oqzé vj pjvjhwoh poo bcv canjwktcv ? ob 5( Jb canjwktc ; vj jtobþo ijgkohwj zh woaonc pïfwkfc" gchgj jb obzihc gjajï khtjvwklo jb pcfjgkikjhwc juklkgc pc bo bjlkvbofköh wkazwoko tjhj~cboho poo fobfzbo jb kipzjvwc ljhjogc pc zho khtjvköh( Vj khfbz{jh gcv jnjipbcv jvzjbwcv qzj lzogoh jbofköh fch jvwj Canjwktc Hc ;" pjc jv kipcwohwj qzj jb obzihc vjpo qzj bov bj{jv wkazwokov { jb tobc gj bo Zhkgog Wkazwoko vzdjh icgkdkfofkchjv o bc bolc gjb wkjipc" { qzj pc bc wohwc" ëb gjajï khtjvwklo poo fogo fovc" jb tobc gj bo Zhkgog Wkazwoko { bo bj{ tkljhwj gjb Kipzjvwc vcaj bo Qjhwo( Vkhfjoijhwj jvpjc qzj jvwj jvdzj~c fchwkaz{o o dofkbkwo jb jvwzgkc { opjhgk~onj gj bo ovklhowzo(’Jfchciéo poo Khljhkjcv’" bo fzob fchvkgjc " gj tkwob kipcwohfko jh bo dciofköh gj zh khljhkjc jh fzobqzkj jvpjfkobkgog( JB OZWCQ

7

ICIJHWCV GJ JTOBZOFKÖH

Pzjao ?o( Khwjlob %Gjvocbbc+ 1go( Khwjlob %Gjvocbbc+

Canjwktcv ? ob 5 ? ob 5

CAVJQTOFKCHJV Jb obzihc pcgï zwkbk~o gzohwj bo jobk~ofköh gj bov pzjaov" bov woabov dkhohfkjov { dcizbokcv gkvpchkabjv fogo Fjhwc Bcfob( Vj pjikwj jb zvc gj fobfzbogco dkhohfkjo poo jb fïbfzbc gj bo wovo khwjho gj jwchc" { cwcv fïbfzbcv dkhohfkjcv( Jb obzihc gjaj vjÿobo jh bo pzjao bov jfzofkchjv hjfjvokov" { bzjlc pcgï jvcbtjbov fch bo o{zgo gj bo fobfzbogco( Hc vj fchvkgjo jb canjwktc fcic bclogc jh fovc gj qzj jb obzihc hc khgkqzj fbooijhwj fbooijhwj jb pcfjgkikjhwc o vjlzk( Jb fzvc { jb Pboh gj Jtobzofköh jvwïh ogopwogcv ob vklzkjhwj wjuwc> Khljhkjéo Jfchöikfo % :® Jgkfköh+ Bjbohg Abohm { Ohwech{ Woqzkh" Jgkwckob If Lo| Ekbb( Iëukfc 1006 Jv khgkvpjhvoabj qzj jb jvwzgkohwj jvwzgkoh wj qzj fchvzbwj jb Pboh gj Fzvc fcjvpchgkjhwj o bo ovklhowzo ‒Jfchciéo poo Khljhkjcv’ %111+

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ZHKGOG ZHK GOG H° ?> Wjikhcbcléo { zvc gj dofwcjv dkhohfkjcv

VKHCPVKV GJ FCHWJHKGC> Gjdkhkfköh { wkpcv gj khwjëv( Jqzktobjhfko( Gkoloiov gj dbznc gj fono( Fïbfzbcv o khwjëv vkipbj { o khwjëv fcipzjvwc( Tobc Pjvjhwj( Tobc Dzwzc( Vjkj Ohzob zhkdcij jqzktobjhwj( Döizbov gj polc þhkfc( Döizbov poo polcv zhkdcijv( Zvc gj bcv dofwcjv dkhohfkjcv( Woabov CANJWKTC GJ BO ZHKGOG> ZHKGOG> Fobfzbo bcv gkdjjhwjv jbjijhwcv dkhohfkjcv %Tobc pjvjhwj" Tobc dzwzcv" Vjkj Ohzob Zhkdcij Jqzktobjhwj" Wovo gj khwjëv+" ijgkohwj jb zvc gj bov woabov dkhohfkjov o khwjëv vkipbj c fcipzjvwc Dkhohfkjov( Khwjpcbofköh jh bov Woabov Dkhohfkjov PQCABJIOV [ JNJQFKFKCV ?(? Vk Zg( gjpcvkwo ob dkhob gj fogo ijv" Av( :0(000 jh zho fzjhwo gj oeccv qzj cdjfj jb ?5* gj khwjëv ohzob fch fopkwobk~ofköh ijhvzob( ³Fzïb vjï jb ichwc qzj wjhgï ofzizbogc ob foac gj 64 ijvjv3( Vcbzfköh> k 9

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Vobgc Vobgc 9 ?0(000( ?0(000(000 000 % D P" 6*" ?1+ ‖ 7(000 7(000(0 (000% 00% D P" 6 *" 4+ 9 ?0(000(000 %?"71:5+ ‖ 7(000(000 %?"?;7?+9 ;(75?(400"00 ?(6 Zg( gjpcvkwo jh zho fzjhwo Av( ?(000(000 ec{" { bzjlc Av( ?00(000 ijhvzobjv gzohwj 17 ijvjv" fcijh~ohgc gjhwc gjh wc gj zh ijv( Fobfzbj jb ichwc qzj wjhgï ofzizbogc jh gkfeo fzjhwo ob foac gj jvwcv 17 ijvjv" vk ëvwo polo zh khwjëv hcikhob gjb ?1* ohzob" fch fopkwobk~ofköh ijhvzob( Vcbzfköh> k 9

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?(7 Zg( gjpcvkwo ec{" Av( ?0(000(000 jh zho fzjhwo gj oeccv qzj polo zho wovo gj khwjëv fcipzjvwc gjb 10* ohzob fopkwobk~ogcv ob dkhob gjb oÿc( Zg( gjvjo eofj jwkcv ohzobjv gj klzob ichwc" gzohwj fkhfc oÿcv" fcijh~ohgc ob dkhob gjb oÿc 4( Fobfzbj jb ichwc gj jvwcv jwkcv" vk Zg( gjvjo wjhj ob dkhob gjb oÿc ?0" zh vobgc gj Av( ?0(000(000 jh gkfeo fzjhwo( Vcbzfköh> Vk hc ezakjo jwkcv" jwkcv" ob dkhob gjb oÿc ?0" jb vobgc vobgc gj bo fzjhwo vjéo> vjéo> Vobgc 9 ?0(000(000 ?0(000(000 % D P" 10*" 10*" ?0+ 9 ?0(000(000 ?0(000(000 % 4"?;?<+ 4"?;?<+ 9 4?(;?<(000 4?(;?<(000 Fcic Zg( gjvjo qzj jb vobgc gj bo fzjhwo ob dkhob gjb oÿc ?0 vjo gj Av( ?0(000(000" jb tobc dzwzc gj bcv jwkcv gjajï vj gj> 4?(;?<(000 ) ?0(000(000 9 :?(;?<(000 Vj pcgzfjh fkhfc jwkcv pc klzob ichwc" jh bcv oÿcv 4"<"5"; { ?0 = pc bc wohwc> Qjwkc Qjwkc 9 D % O D" 10*" 10*" :+ 9 :?(;?<(000 :?(;?<(000 % 0"?6765 0"?6765 + 9 4(;<4(404"74 ?(: ³_zë polc þhkfc gjhwc gj ?1 oÿcv vjï jqzktobjhwj o zh polc gj Av( 4(100 gjhwc gj : oÿcv" o zho wovo gj khwjëv fcipzjvwc gjb ?6* ohzob3 ( Vcbzfköh> Jb tobc pjvjhwj gj jvwj polc þhkfc jv gj> P 9 D % P D" ?6*" :+ 9 4(100 4(100 % 0":715+ 0":715+ 9 6(64:"64 6(64:"64 Vz jqzktobjhwj gjhwc gj ?1 oÿcv> D 9 6(64:"64 6(64:"64 % D P" ?6*" ?6*" ?1+ 9 6(64:"64 6(64:"64 % 7"667:+ 7"667:+ 9 ?7(:5<"?: ?(4 Zg( gjpcvkwo ec{" Av( ?(000(000 jh zho fzjhwo gj oeccv qzj polo zho wovo gj khwjëv fcipzjvwc gjb 60* ohzob fopkwobk~ogcv ob dkhob gjb oÿc" { bzjlc jwko ob dkhob gj fogo oÿc Av( 100(000 gzohwj fkhfc oÿcv( Fobfzbj jb vobgc gj bo fzjhwo ob dkhob gj jvwcv fkhfc oÿcv( Vcbzfkö Vcbzfköh> h> Vobgc Vobgc 9 ?(000( ?(000(000 000 % D P" 60*" 60*" :+ ‖ 100( 100(000 000%% D O" 60*" 60*" :+ 9 ?(000(000 %6" k 9

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5

?(?6 Zg( gjpcvkwo ec{" Av( 1(000(000 jh zho fzjhwo gj oeccv qzj polo zho wovo gj khwjëv fcipzjvwc gjb ?7* ohzob fopkwobk~ogcv ob dkhob gjb oÿc" { bzjlc jwko ob dkhob gj fogo oÿc Av( :00(000 gzohwj fzowc oÿcv( Fobfzbj jb vobgc gj bo fzjhwo ob dkhob gj jvwcv fzowc oÿcv( Vcbzfkö Vcbzfköh> h> Vobgc Vobgc 9 1(000( 1(000(000 000 % D P" ?7*" ?7*" 7+ ‖ :00( :00(000 000%% D O" ?7*" ?7*" 7+ 9 1(000(000 %?"45;0+ ‖ :00(000%7";1+ 9 ;?5(000"00 ?(?7 ?°+ Zg( vcbkfkwo zh pëvwoic pc Av( 1(000(000 " { gjaj fohfjbobc ijgkohwj 40 fzcwov ijhvzobjv klzobjv { fchvjfzwktov " fcijh~ohgc o powk gjb ijv pöukic" o zho wovo gj khwjëv hcikhob gjb 75* ohzob " fch fopkwobk~ofköh ijhvzob ( Fobfzbj jb ichwc gj bov fzcwov qzj gjajï polo ( Vcbzfköh> O9 3 P9 Av( 1(000( 1(000(000 000 O 9 P % O P" 7*" 40+ h 9 40 ijvjv O 9 1(000(000 % 0"07710 + k9

75 ?1

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O9 55(700"00

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D9 1(01?(0<4"00

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?(?5 Vk Zg( gjpcvkwo ec{ " Av( 600(000 jh zho fzjhwo gj oeccv qzj polo zh khwjëv hcikhob gjb ?5* ohzob fch fopkwobk~ofköh ijhvzob" ³fzohwc wjhgï Zg( ofzizbogc jh gkfeo fzjhwo ob foac gj 60 ijvjv3( Vcbzfköh> P9 600(000 D9 3 D9 O % D#P" ?(: *" 60+ h9 60 ijvjv D9 600(000 %?(:46?+ k9 ?5* # ?1 9 ?(:* ijhvzob D9 745(;60"00 vcbkfkwo ec{ zh pëvwoic ekpcwjfokc ekpcwjfokc pc Av( ?0(000(000 ob 17 * gj ?(?; Vk Zg( vcbkfkwo khwjëv ohzob fch fopkwobk~ofköh ijhvzob" pologjc jh 40 ijvjv ( Fobfzbj jb ichwc gj bo fzcwo ijhvzob qzj Zg( wjhgï qzj polo poo oicwk~obc( Vcbzfköh> O 9 3 P 9 ?0(000(000 O 9 P % O#P"1*"40+ K 9 17#?19 1* ijhvzob O 9 ?0(000(000 %0(015<<+ h 9 40 ijvjv O 9 15<(<00"00 ?(10 ³ Fzohwc gkhjc wjhgéo zho pjvcho jh vz fzjhwo gj oeccv gjhwc gj gkj~ oÿcv" vk gjpcvkwoo Av( 10(000 ob dkhob gj fogo oÿc" o zh khwjëv gjb ?:* ohzob3( Vcbzfköh> D9 3 O9 Av( 10(000 h9 ?0 oÿcv k9 ?:* ohzob

D9 O % D#O"?:*"?0+ D9 10(000 %10"607+ D9 704(050"00

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w 9 1 wkijvwjv jh zh vjijvwj k9 %? 0(1?1 +1 ) ? 9 0"?164 9 ?1"64 ?1"64 * jdjfwktc gzohwj jb vjijvwj( Wciohgc oeco fcic zhkgog gj wkjipc jb vjijvwj h 9 ?0 vjijvwjv jh zh bopvc gj : oÿcv( D 9 ?0(000(000 % D P" ?1"64*" ?0+ ‖ ?(000( ?(000(000 000 % D O" ?1"6 ?1"64*" 4*" ?0+ Bcv dofwcjv dkhohfkjcv ohwjkcjv gjajh vj eobbogcv pc khwjpcbofköh" { jvzbwoh vj 6"10 D 9 ?7(1?6(;00"00 1(7 ³ Fzob jv bo wovo gj khwjëv hcikhob fch fopkwobk~ofköh vjijvwob" qzj pcpcfkcho zho wovo jdjfwkto gjb ?:* ohzob 3 (

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1(: Zho Jhwkgog Dkhohfkjo eo jvwoabjfkgc zho wovo gj khwjëv hcikhob ohzob gjb ?4* fopkwobk~ogo ijhvzobijhwj( ³Fzob jv vz wovo gj khwjëv jdjfwkto ohzob(3 Vcbzfköh> Bo döizbo o opbkfo jv> k 9 %? qw + w ) ? Jh jvwj fovc>  9 ?4* 9 0"?4 0"?4 w 9 ?1 ijvjv (?4 ?1 + ) ? 9 0"?<16 9 ?<"16* Qjjipbo~ohgc> k9 %? 0?1 vjijvwob " ³ fzob fzob jv bo wovo gj khwjëv hcikhob ohzob " 1(4 Vk bo fopkwobk~ofköh jv vjijvwob qzj pcpcfkcho zho wovo jdjfwkto gjb 60 * ohzob 3 ( Vcbzfköh> Bo jbofköh jhwj wovo hcikhob { wovo jdjfwkto jv > k 9 %? qw + w ) ? Jh jvwj fovc> k 9 60 * 9 0(60 = w 9 1 vjijvwjv =  9 3  Ob gjvpjno ‒’ vj cawkjhj > q  w  k ? ? 9 1 ? 0(60 ? 9 0(1507 9 15(07 * w 

1(< Poo fohfjbo zh pëvwoic pc Av( 4(000(000 gjvwkhogcv o bo fcipo gj zh tjeéfzbc" Zg( pcpchj bo vklzkjhwj dcio gj polc> 17 fzcwov ijhvzobjv" klzobjv { fchvjfzwktov fcijh~ohgc bo pkijo gj jbbov gjhwc gj zh ijv( Zho fzcwo juwocgkhoko pc Av( 6(000(000 pologjo ob dkhob gjb ijv ?1( O zho wovo gj khwjëv gjb 17* ohzob fch fopkwobk~ofköh ijhvzob" fobfzbj jb ichwc gj bov fzcwov ijhvzobjv qzj gjajï Zg( polo( Vcbzfköh> k 9

17 ?1

9 1 * ijhvzob

Jb tobc pjvjhwj gj bo fzcwo juwocgkhoko jv > P 9 6(000(000 % P D" 1 *" *" ?1+ 9 6(000(000 %0"<55:+ 9 1(64:(:00"00 pc bc wohwc" jb tobc pjvjhwj gj bov 17 fzcwov ijhvzobjv gjajï vj> 4(000(000"00 ‖ 1(64:(:00"00 9 6(467(:00"00 { gj obbé" jb ichwc gj fogo zho gj jvwov 17 ijhvzobjv jv gj> O 9 6(467(:00 6(467(:00 % O P" 1 *" *" 17+ 9 6(716(000"00 6(716(000"00 %0"0:15<+ %0"0:15<+ 9 ?;1(?:4"01 1(5 Zh pëvwoic pc Av( ?1(000(000 to o vj fohfjbogc ijgkohwj : fzcwov ohzobjv klzobjv { fchvjfzwktov" pjc fcijh~ohgc bo pkijo gj jbbov gjhwc gj 7

?4

oÿcv ( Fobfzbj jb ichwc gj bov fzcwov ohzobjv" vk bo wovo gj khwjëv jv gjb ?0* ohzob( Vcbzfköh> Eo{ qzj fobfzbo fobfzbo jb ichwc gj bo gjzgo ob fcikjh~c gjb oÿc 7 % dkhob gjb oÿc 6+ > D6 9 Tobc dzwzc ob dkhob gjb oÿc 6( D6 9 P % D P" ?0*" 6+ 9 ?1(000(000 ?1(000(000 %?"66?0+ %?"66?0+ 9 ?:(;<1(000"0 ?:(;<1(000"000 Bzjlc vj fobfzbo jb ichwc gj bov fzcwov> O 9 D6 % O P" ?0* ?0*"" :+ :+ 9 ?:(;<1(000"00 % 0"14650+9 7(1?6(7?6"40 1(; Zh pëvwoic pc Av( 10(000(000 gjaj vj fohfjbogc jh zh pbo~c gj ?0 oÿcv( Poo zho io{c fcicgkgog jh bov fzcwov" vj eo fchtjhkgc jh jb vklzkjhwj fchcloio gj polcv poo jb dkhob gj fogo oÿc> Bcv gcv pkijcv oÿcv zho fzcwo gj Av( 1(000(000 fogo zho( Bcv vklzkjhwjv fzowc oÿcv zho fzcwo pc Av( :(000(000 fogo zho( Bcv þbwkicv fzowc oÿcv zho fzcwo klzob fogo oÿc( Fobfzbj jb ichwc gj bov fzcwov fcjvpchgkjhwjv o fogo zhc gj bcv þbwkicv fzowc oÿcv" vk bo wovo gj khwjëv jv gjb ?1* ohzob( Vcbzfköh> Eo{ qzj fobfzbo jb ichwc gj bo gjzgo ob dkhob gjb oÿc 4> D4 9 Tobc dzwzc gj bo gjzgo ob dkhob gjb oÿc 4( D4 9 P % D P" ?1*" ?1*" 4+ ‖ 1(00 1(000( 0(00 0000 % D O" ?1*" ?1*" 1+ % D P" ?1*" ?1*" 7+) 7+) :(0 :(000 00(0 (000 00%% D O" ?1*" 7+ D4 9 10(000(000 % ?";<65+ ‖ 1(000(000 %1"?1+ % ?":<6:+) :(000(000% 7"<<;+ D4 9 5(;0;(640"00 Zho tj~ fobfzbogo bo gjzgo ob dkhob gjb oÿc 4"vj fobfzbo jb ichwc gj bov fzowc þbwkiov fzcwov> O 9 D4 % O P" ?1*" ?1*" 7+ 9 5(;0 5(;0;(6 ;(640" 40"00 00 % 0"61; 0"61;16+9 16+9 1(;66(115";6 1(?0 Zg( hjfjvkwo cawjhj zh pëvwoic pc Av( 5(000(000 poo bo ogqzkvkfköh gj zh tjeéfzbc( Bo jhwkgog dkhohfkjo bj cdjfj jvwj pëvwoic fch bov vklzkjhwjv fchgkfkchjv> Khwjëv hcikhob dknc gjb 64* ohzob " fch fopkwobk~ofköh ijhvzob( 17 fzcwov ijhvzobjv klzobjv { fchvjfzwktov( Zho fzcwo juwocgkhoko ob dkhob gjb gj b ijv H° ?1( Zg( fchvkgjo qzj vjlþh vz fopofkgog gj polc " fogo zho gj bov 17 fzcwov ijhvzobjv gjaj vj pc Av( 600(000( Fobfzbj jb ichwc gj bo fzcwo juwocgkhoko o polo ob dkhob gjb ijv H° ?1( Vcbzfköh> k 9

64 ?1

9 6 * ijhvzob

Jb tobc pjvjhwj gj bo fzcwo juwocgkhoko jv > P 9 5(000(000 ‖ 600(0 600(000 00 % P O" 6 *" *" 17+ 17+ 9 5(000(000 ‖ 600(000 % ?4";6::+ 9 1(;?;(6:0"00 pc bc wohwc " jb j b tobc gj jvwo fzcwo juwocgkhoko jh jb ijv H° ?1" vjï gj>

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D 9 1(;?;(6:0" 1(;?;(6:0"00 00 % D P" 6 *" ?1+ 9 1(;?;(6:0"00 1(;?;(6:0"00 %?"71:5+ %?"71:5+ 9 7(?41(70;"16 1(?? Zh pëvwoic pc Av( :(000(000 to o vj fohfjbogc ijgkohwj : fzcwov ohzobjv klzobjv { fchvjfzwktov" pjc fcijh~ohgc bo pkijo gj jbbov gjhwc gj 7 oÿcv ( Fobfzbj jb ichwc gj bov fzcwov ohzobjv" vk bo wovo gj khwjëv jv gjb ?0* ohzob( Vcbzfköh> Eo{ qzj fobfzbo fobfzbo jb ichwc gj bo gjzgo ob fcikjh~c gjb oÿc 7 % Dkhob gjb oÿc 6 > D6 9 Tobc dzwzc ob dkhob gjb oÿc 6( D6 9 P %D#P"?0*"6+ 9 :(000(000 %?"66?0+ 9 4(4::(000"00 Bzjlc vj fobfzbo jb ichwc gj bov fzcwov> O 9 D6 %O#P"?0*":+ 9 4(4::(000"00 % 0"14650+9 ?(<::(:5;"00 1(?1 Zh khtjvkchkvwo khgzvwkob eo cawjhkgc zh pëvwoic pc Av( :(000(000 " qzj gjaj fohfjbo jh ?0 fzcwov ohzobjv ( Poo zho io{c fcicgkgog" eo fchtjhkgc jb vklzkjhwj fchcloio gj polcv > Bov pkijov fzowc fzcwov pc Av( :00(000 fogo zho ( Bov þbwkiov vjkv fzcwov pc zh ichwc klzob fogo zho( Vk bo wovo gj khwjëv fchtjhkgo jv gjb 5* ohzob = fobfzbj jb ichwc gj fogo zho gj jvwov vjkv þbwkiov fzcwov ( Vcbzfköh> Vobgc Vobgc gjzgc gjzgc ob dkhob dkhob gjb gjb oÿc oÿc 7 9 :(000( :(000(000 000 %D P"5*"7+ P"5*"7+ ) :00( :00(000 000 %D O"5*"7 O"5*"7++ 9 :(000(000 % ?(640:+ ) :00(000 %7(:04+ 9 7(:7;(:00 Fzcwo poo poo fogo zhc gj gj bcv vjkv þbwkicv þbwkicv oÿcv 9 7(:7;(: 7(:7;(:00 00 %O P"5*"4+ P"5*"4+ 9 7(:7;(:00 %0(1?461+ 9 ;57( ?7< " 57 1(?6 Zho jipjvo bj vcbkfkwo ob Aohfc zh pëvwoic pc Av( :0(000(000 " o zh khwjëv hcikhob gjb 17* ohzob fch fopkwobk~ofköh ijhvzob " pologjc jh fzcwov ijhvzobjv gzohwj bcv pöukicv 17 ijvjv ( Poo zho io{c fcicgkgog jh bo fohfjbofköh gjb pëvwoic" bo jipjvo bj pcpchj ob Aohfc " qzj jb ichwc gj bo fzcwo fcjvpchgkjhwj o fogo zhc bcv þbwkicv gcfj ijvjv vjo jb wkpbj gj bo fcjvpchgkjhwj o fogo zhc gj bcv pkijcv gcfj ijvjv( Fobfzbj jb ichwc gj bov fzcwov fcjvpchgkjhwjv o bcv pkijcv gcfj ijvjv " { o bcv þbwkicv gcfj ijvjv ( Vcbzfköh> k9

17 9 1 * ijhvzob ?1

Vjo> U 9 Ichwc gj bo fzcwo gzohwj fogo zhc gj bcv pkijcv gcfj ijvjv( 6 U 9 Ichwc gj bo fzcwo gzohwj fogo zhc gj bcv þbwkicv gcfj ijvjv( U % P O" 1* " ?1+ ?1+ - 6 U % P O" 1 *" *" ?1+ ?1+ % P D" 1*" 1*" ?1+ ?1+ 9 :0( :0(00 000( 0(00 0000 U % ?0(:<:6+ - 6U % ?0(:<:6+ % 0(<55:+ 9 :0(000(000 Qjvcbtkjhgc > 6:(:;5< U 9 :0(000(000 U 9?(707(571"<:

?5

Jh fchvjfzjhfko " bov fzcwov vjïh gj Av( ?(707(571"<: gzohwj fogo zhc gj bcv pkijcv gcfj ijvjv " { gj Av( 7(1?7(:15"1: gzohwj fogo zhc gj bcv þbwkicv gcfj ijvjv ( 1(?7 Poo fohfjbo zh pëvwoic pc Av( ?0(000(000 " vj eoh jvwoabjfkgc bov vklzkjhwjv fchgkfkchjv gj polc > Pbo~c gj 17 ijvjv ( Wovo gj khwjëv hcikhob gjb 64 * ohzob " fch fopkwobk~ofköh ijhvzob ( 17 fzcwov ijhvzobjv klzobjv { fchvjfzwktov pc Av( 700(000 fogo zho " fcijh~ohgc bo pkijo gj jbbov ob dkhob gjb pkij ijv ( 1 fzcwov ohzobjv juwocgkhokov " pologjov bo pkijo gj jbbov ob dkhob gjb ijv ?1" { bo vjlzhgo ob dkhob gjb ijv 17 = oiaov pc jb ikvic ichwc ( Fobfzbj jb ichwc gj fogo zho gj jvwov gcv fzcwov juwocgkhokov ( Vcbzfköh>

k9

64 ?1

96*

Poo oicwk~o bo gjzgo " jv hjfjvokc qzj jb tobc pjvjhwj gj bcv polcv vjo klzob ob pëvwoic jfkakgc " { pc bc wohwc> ?0(000(000 9 700(000 % P O" 6*" 17+ - U % P D" 6*" 6*" ?1+ ?1+ - U % P D" 6* 6*" 17+ Vkjhgc ‒U’ jb ichwc gj fogo zho gj bov gcv fzcwov juwocgkhokov (

Qjjipbo~ohgc > ?0(000(000 9 700(000 % ?4";6::+ - U % 0"<0?7+ - U %0"7;?;+ Ob gjvpjno vj cawkjhj > U 9 1(<06(1:;"5< 1(?: Zho iïqzkho qzj wkjhj zho tkgo þwkb jvwkiogo gj 4 oÿcv " pjvjhwo bov vklzkjhwjv jvwkiofkchjv jh bc qzj o lovwcv gj iohwjhkikjhwc vj jdkjj> Gzohwj vzv wjv pkijcv oÿcv > Av( ?00(000 ohzobjv ( Gzohwj vzv wjv þbwkicv oÿcv > Av( ?50(000 ohzobjv ( Ob dkhob gjb oÿc 6 " zho jpoofköh juwocgkhoko pc Av( 600(000 ( Fobfzbj jb Fcvwc Ohzob Zhkdcij Jqzktobjhwj gj bcv lovwcv gj iohwjhkikjhwc gj jvwo iïqzkho " o zho wovo gj khwjëv gjb 10* ohzob( Vcbzfköh> Eo{ qzj fobfzbo jb tobc pjvjhwj gj bcv lovwcv gj iohwjhkikjhwc( T(P 9 ?00(000 %PrO" 10*"6+ - ?50(000 %PrO"10*"6+ %PrD"10*"6+ 600(000 %PrD"10*"6+ 9 406(457"7? { bzjlc fobfzbo jb F(O(Z(J " qzj vjï> F(O(Z(J 9 406(457"7? %OrP" 10*"4+9 ?5?(:6?"6< 1(?4 Fobfzbj bo ‒ VJQKJ OHZOB ZHKDCQIJ J_ZKTOBJHWJ’ gjb vklzkjhwj dbznc gj fono ( Ovzio k9 ?1*( Oÿc 0 ? 1 6 7 : 4 < 5 Tobc 0 ?:(000 ?:(000 ?:(000 ?<(000 ?;(000 1?(000 16(000 1:(000 Vcbzfköh> Vj wowo gj zh logkjhwj gkdjkgc " fz{c ckljh jvwo jh jb oÿc 1( O9 ?:(000 P 9 ?:(000 % PrO " ?1* " 5 + - 1000 %PrL" ?1*" 4+ %PrD"?1*"1+ L9 1000 P 9 ?:(000 % 7";4<4 + -1000 %5";60+ %0"<;<1+ 9 55(<:?";; k9 ?1*

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Zho tj~ fobfzbogc jb tobc pjvjhwj" pzjgj vj fobfzbogc bo V(O(Z(J> V(O(Z(J 9 P % O r P " ?1* " 5 + 9 55(<:?";; %0"10?60+ %0"10?60+ 9 ?<(54:"<5 1(?< Fobfzbj jb tobc dzwzc ob oÿc ?0 gjb vklzkjhwj vklzkjhwj dbznc gj fono ( Ovzio k9 ?1*( Oÿc Tobc

0 0

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Vcbzfköh> Vj wowo gj zh logkjhwj gkdjkgc" fz{c ckljh jvwo jh jb oÿc 1( O9 ?:(000 L9 1000 k9 ?1* P 9 ?:(000 % PrO " ?1* " 5 + - 1000 %PrL" ?1*" 4+ %PrD"?1*"1+ P 9 ?:(000 % 7";4<4 + - 1000 %5";60+ %0"<;<1+ 9 55(<:?";; Zho tj~ fobfzbogc jb tobc pjvjhwj" pzjgj vj fobfzbogc jb tobc dzwzc ob oÿc ?0 > D 9 P % DrP " ?1* " ?0 + 9 55(<:?";; %6(?0:5+ 9 1<:(47:";7 1(?5 Fobfzbj jb tobc dzwzc ob oÿc ?0 gjb vklzkjhwj dbznc gj fono ( Ovzio k9 ?1*( Oÿc 0 ? 1 6 7 : 4 < 5 0 ?0(000 ?0(000 ?0(000 ?1(000 ?7(000 ?4(000 ?5(000 10(000 Vcbzfköh> Vj wowo gj zh logkjhwj gkdjkgc " fz{c ckljh jvwo jh jb oÿc 1( O9 ?0(000 P 9 ?0(000 % PrO " ?1* " 5 + - 1000 %PrL" ?1*" 4+ %PrD"?1*"1+ L9 1000 P 9 ?0(000 % 7";4<4 + -1000 %5";60+ %0"<;<1+ 9 46(;?6";; k9 ?1* Zho tj~ fobfzbogc jb tobc pjvjhwj" pzjgj vj fobfzbogc jb tobc dzwzc ob oÿc ?0 > D 9 P % DrP " ?1* " ?0 + 9 46(;?6";; %6(?0:5+ 9 ?;5(:07"0< 1(?; Fobfzbj jb tobc pjvjhwj gjb vklzkjhwj logkjhwj ( Ovzio k9 ?0*( Oÿc 0 ? 1 6 Tobc 0 ?(100 ?(000 500 Vcbzfköh> O 9 ?100 P9 PO ) PL= {o qzj jb logkjhwj jv gjfjfkjhwj L 9 100 P 9 ?100 %P#O"?0*"7+ ) 100 %P#L"?0*"7+ k 9 ?0* P 9 ?100 %6"?4;5+ ) 100 %7"6<5 +9 1(;15"11

7 400

1(10 Vzpchlo qzj ob jvwkio bcv lovwcv gj iohwjhkikjhwc gj zho iïqzkho fz{o tkgo vj jvwkio jh ?0 oÿcv " Zg( fchvkgjo qzj gzohwj bcv wjv pkijcv oÿcv jvwcv lovwcv vjïh hzbcv " qzj jb fzowc oÿc vjïh gj Av( <00(000 " { qzj gj obbé jh ogjbohwj vj khfjijhwoïh o o~öh gj Av( 600(000 pc oÿc(  O zho wovo gj khwjëv gjb ?:* ohzob " fobfzbj bo ‒Vjkj Ohzob Zhkdcij Jqzktobjhwj’ qzj fcjvpchgj o jvwcv gjvjiacbvcv (

Vcbzfköh>

10

Jb gkoloio gj dbznc fcjvpchgkjhwj jv> Vj wowo gj zh logkjhwj fjfkjhwj gkdjkgc fch h9< " fz{c ckljh jvwo jh jb oÿc 6( O9 <00(000 L9 600(000 k9 ?:* P 9 ]<00(000+ %PrO" ?:*" <+ - 600(000 %PrL" ?:*" <+ Y %PrD"?:*"6+ P 9 ]<00(000 % 7(?407 + -600(000 %?0(?;1+ Y%0(4:<:+ Y%0(4:<:+ 9 6(;1:(?;4"?0 V(O(Z(J V(O(Z(J 9 P % O P " ?:*" ?0+ 9 6(;1:(?;4"?0 6(;1:(?;4"?0 % 0(?;;1:+ 0(?;;1:+ 9 <51(0;:"61 1(1? Zwkbk~ohgc bcv dofwcjv gj logkjhwj" fobfzbj jb tobc pjvjhwj gjb vklzkjhwj dbznc gj fono ( Ovzio k9 ?:*( Oÿc 0 ? 1 6 7 : 4 < 5 Tobc 0 1000 1000 1000 1:00 6000 6:00 7000 7:00 Vcbzfköh> O9 1000 L9 :00 k9 ?:* Jv zh logkjhwj fjfkjhwj gkdjkgc" qzj wkjhj vz ckljh jh jb oÿc 1 " pc wohwc> T(P 9 1000 % PrO" ?:*" ?:*" 5+ - :00 %PrL" ?:*"4+ %PrD"?:*"1+ %PrD"?:*"1+ 9 1000 % 7(75<6+ - :00 %<(;6<+ %0"<:4?+ 9 ??(;<:"?5 1(11 Fobfzbj jb tobc pjvjhwj gjb vklzkjhwj dbznc dbznc gj fono ( Ovzio k9 ?0*( Oÿc 0 ? 1 6 7 : 4 < 5 Tobc 0 10(000 10(000 10(000 ?5(000 ?4(000 ?7(000 ?1(000 ?0(000 Vcbzfköh> Vj wowo wowo gj zh logkjhwj gjfjfkjhwj gjfjfkjhwj gkdjkgc" fz{c ckljh jvwo jh jb oÿc 1( O9 10(000 L9 1(000 k9 ?0* P 9 10(000 % PrO " ?0* " 5 +  ‖ 1(000 %PrL" ?0*" 4+ %PrD"?0*"1+ P 9 10(000 % :"667; + ‖ 1(000 %;"457+ %0"5147+ 9 ;0(4;1"15 1(16 Gjwjikhj jb tobc pjvjhwj gj zho iïqzkho fz{c fcvwc khkfkob jv gj Av( ?0(000(000 " { bcv fcvwcv gj cpjofköh gj Av( ?(100(000 jb pkij oÿc" Av( ?(6:0(000 jb vjlzhgc oÿc" { ové vzfjvktoijhwj Av( ?:0(000 iïv fogo oÿc" eovwo jb oÿc ?0( Zvj zho wovo gj khwjëv gjb ?5* ohzob( Vcbzfköh> O 9 ?(100(000 = L 9 ?:0(000 = k 9 ?5* = h 9 ?0 Jv zh logkjhwj fjfkjhwj P9 ?0(000(000 - PO - PL P 9 ?0(000(0 ?0(000(000 00 - ?(100( ?(100(000 000 %P O"?5*" O"?5*"?0+ ?0+ - ?:0(0 ?:0(000 00 %P L"?5*" L"?5*"?0+ ?0+ P 9 ?0(000(000- ?(100(000 %7"7;7?+ - ?:0(000 % ?7"6:1+ 9 ?<(:7:(<10"00 1(17 Gjwjikhj bo ‒Vjkj Ohzob Zhkdcij Jqzktobjhwj’ fcjvpchgkjhwj o zho iïqzkho fz{c fcvwc khkfkob jv gj Av( 4(000(000 " fch fcvwcv gj cpjofköh gj Av( 100(000 jb pkij oÿc" Av( 1:0(000 jb vjlzhgc oÿc" { ové vzfjvktoijhwj Av( :0(000 iïv fogo oÿc" eovwo jb oÿc ?0(

1?

Zvj zho wovo gj khwjëv gjb ?5* ohzob( Vcbzfköh> O 9 100(000 = L 9 :0(000 = k 9 ?5* = h 9 ?0 Jv zh logkjhwj fjfkjhwj P9 4(000(000 - PO - PL P 9 4(000(0 4(000(000 00 - 100(00 100(0000 %P O"?5*" O"?5*"?0+ ?0+ - :0(0 :0(000 00 %P L"?5*" L"?5*"?0+ ?0+ P 9 4(000(000 - 100(000 %7"7;7?+ - :0(000 % ?7"6:1+ 9 <(4?4(710"00 V(O(Z(J V(O(Z(J 9 <(4?4(710 <(4?4(710"00 "00 %O %O P"?5*"?0+ P"?5*"?0+ 9 <(4?4(710" <(4?4(710"00 00 %0"111:?+ %0"111:?+9 9 ?(4;7(<1;"4? 1(1:Gjwjikhj bo ‒Vjkj Ohzob Zhkdcij Jqzktobjhwj’ " poo jb vklzkjhwj Dbznc gj Fono " o zho wovo gj khwjëv gjb ?1 * ohzob ( Oÿc ? 1 6 7 : 4 < Fzcwo 70(000 70(000 70(000 6:(000 60(000 1:(000 10(000 Vcbzfköh> Poo fobfzbo jb tobc pjvjhwj gj bo ohzobkgog > PO 9 % P O" ?1*" ?1*" <+ 9 70(000 % 7(:465 7(:465 + 9 ?51(::1 ?51(::1 "00 Ob fobfzbo jb tobc pjvjhwj gjb logkjhwj" eo{ qzj wjhj jh fzjhwo qzj vz ckljh jv jb oÿc 1 " { qzj vj wowo gj zh logkjhwj hjlowktc ( PL 9 :(000 :(000 % P L" ?1*" ?1*" :+% :+% P D" ?1*" ?1*" 1+ 9 :(000% :(000% 4"6; 4"6;<< +% 0"<; 0"<;<1 <1 + 9 1:(7 1:(7;5" ;5"77 77 Jb tobc pjvjhwj gjb dbznc gj fono jv > P 9 P O ) PL 9 ?:<(0:6":4 V(O(Z(J V(O(Z(J 9 ?:<(0:6":4 ?:<(0:6":4 % O P" ?1*" ?1*" <+ 9?:<(0:6":4 9?:<(0:6":4 %0(1?;?1+ %0(1?;?1+ 9 67(7?6":5 1(14 Jb pjfkc gj zh tjeéfzbc hzjtc jv gj Av( 70(000(000( Zh fbkjhwj khwjjvogc jh fcipobc cdjfj jb vklzkjhwj pboh gj polcv> Zho fzcwo khkfkob gj Av( ?0(000(000 pologjo ec{( 17 fzcwov ijhvzobjv" bov pkijov gcfj pc Av( <:0(000 fogo zho" { bov zbwkiov gcfj pc Av( ?(000(000 fogo zho( Gcv fzcwov juwocgkhokov pc klzob ichwc" bo pkijo pologjo ob dkhob gjb ijv ?1 { bo vjlzhgo ob dkhob gjb ijv 17( Poo zho wovo gj khwjëv gjb ?5* fch fopkwobk~ofköh ijhvzob" fobfzbj jb ichwc gj fogo zho gj bov gcv fzcwov juwocgkhokov( Vcbzfköh> k 9 ?5 9 ?":0* ijhvzob ?1

Jb tobc pjvjhwj gj bov fzcwov juwocgkhokov gjaj vj> P 9 70(000(000 ‖ ?0(000(000 ‖ <:0(0 <:0(000 00 % P O" ?": ?":0* 0*"" ?1+ ?1+ ?(000( 0(00 0000 % P O" ?":0* ?":0*"" ?1+ ?1+ % P D" ?": ?":0* 0*"" ?1+ ?1+ 9  ‖ ?(00 60(000(000  ‖ <:0(000 % ?0";0<:+  ‖ ?(000(000 % ?0";0<:+ %0"5647+ 9 ?1(4;4(671"00 Fcic bov fzcwov juwocgkhokov vch pologov ohzobijhwj { jb pjkcgc gj fopkwobk~ofköh jv jb ijv" jv hjfjvokc fobfzbo bo wovo jdjfwkto ohzob> +?1 ) ? 9 0"?;:4 9 ?;":4 * jdjfwktc ohzob( k9 %? 0(?5 ?1 Poo fobfzbo jb ichwc gj fogo zho gj bov gcv fzcwov juwocgkhokov" vj wcio oeco fcic zhkgog gj wkjipc jb oÿc" o bo wovo jdjfwkto ohwjkc" { vj cawkjhj O 9 ?1(4;4(671"00 % O P" ?;":4*" 1+

11

Jb dofwc dofwc dkhohfk dkhohfkjc jcvv % O P" ?;":4* ?;":4*"" 1+ gjaj vj eobbogc pc khwjpcbofköh" { jvzbwo vj 0"4:?04" gj gchgj> O 9 5(144(050"71 1(1< Zwkbkfj dofwcjv qzj khtcbzfjh logkjhwjv" poo fobfzbo jb tobc pjvjhwj gjb vklzkjhwj dbznc gj fono" o zho wovo gj khwjëv gjb ?0*( Oÿc ? 1 6 7 : 4 < 5 ; ?0 ?? Tobc )60 ) 70 ) :0 - 1: -1: -:0 -<: -?00 -?1: -?:0 -?<: Vcbzfköh> Jukvwj zh pkij logkjhwj gjfjfkjhwj qzj oaofo bcv wjv pkijcv oÿcv( Poo jvwj pkij logkjhwj> O9 )60 L9 )?0 h 9 6 ( k 9 ?0* Jb tobc pjvjhwj gj jvwj pkij logkjhwj jv> P? 9 ) 60 % PrO " ?0* " 6 + ‖ ?0 %PrL" ?0*" 6+ P? 9 ) 60 %1"754;+ ‖ ?0 %1"61;+ 9 ) ;<"5;<0 Jukvwj zh vjlzhgc logkjhwj fjfkjhwj gkdjkgc" fz{c ckljh jvwo jh jb oÿc 7( Poo jvwj vjlzhgc logkjhwj> O9 1: L9 1: h 9 < k 9 ?0* Jb tobc pjvjhwj gj jvwj vjlzhgc logkjhwj jv> P1 9 1:- 1: 1: % PrO PrO " ?0* " <+ - 1: %PrL" %PrL" ?0*" <+ % PrD PrD " ?0* " 7 + P1 9 1:- 1: % 7"5457 7"5457 + - 1: %?1"<46+ %?1"<46+ %0"4560+ %0"4560+ 9 6?5"?6?1 6?5"?6?1 Jb tobc pjvjhwj gj wcgc jb dbznc gj fono jv jh fchvjfzjhfko> P 9 P? - P1 9 ) ;<"5;<0 ;<"5;<0 - 6?5"?6?1 9 110"1671 1(1; Zg( gjpcvkwo ec{ Av( 1(000(000" { bzjlc jwko Av( :00(000 ob dkhob gj fogo oÿc gzohwj wjv oÿcv" jh zho fzjhwo gj oeccv qzj polo jb ?5* gj khwjëv hcikhob ob oÿc" fch fopkwobk~ofköh fopkwobk~ofköh ijhvzob( Fobfzbj jb vobgc qzj wjhgï jh bo fzjhwo" ob foac gj jvwcv wjv oÿcv( Vcbzfköh> Fcic jb pjkcgc pjkcgc gj jwkc jwkc jv iïv bolc bolc qzj jb gj fopkwobk~ofköh" eo{ qzj fobfzbo jb khwjëv jdjfwktc gzohwj jb oÿc( k 9 %? qw + w ) ?  9 ?5* 9 0"?5

w 9 ?1 ijvjv

k9 %?

0(?5 ?1 ?1

+

) ? 9 0"?;:4 9 ?;":4 *

Wciohgc oeco fcic zhkgog gj wkjipc wkjipc jb oÿc " o bo wovo jdjfwkto jdjfwkto ohwjkc> D 9 1(000(000 % D P" ?;":4 ?;":4*" *" 6+ ) :00(00 :00(0000 % D O" ?;":4* ?;":4*"" 6+ Bcv dofwcjv dkhohfkjcv ohwjkcjv gjajh vj eobbogcv pc khwjpcbofköh" { jvzbwoh vj ?"<0;? { 6"41:? jvpjfwktoijhwj" gj gchgj> D 9 ?(40:(4:0"00 1(60 Zh pëvwoic pc Av( 10(000(000 gjaj vj fohfjbogc jh zh pbo~c gj ?0 oÿcv( Poo zho io{c fcicgkgog jh bov fzcwov" vj eo fchtjhkgc jh jb vklzkjhwj fchcloio gj polcv poo jb dkhob gj fogo oÿc> Bcv gcv pkijcv oÿcv zho fzcwo gj Av( 1(000(000 fogo zho( Bcv vklzkjhwjv fzowc oÿcv zho fzcwo pc Av( :(000(000 fogo zho( Bcv þbwkicv fzowc oÿcv zho fzcwo klzob fogo oÿc( Fobfzbj jb ichwc gj bov fzcwov fcjvpchgkjhwjv o fogo zhc gj bcv þbwkicv fzowc oÿcv" vk bo wovo gj khwjëv jv gjb ?1* ohzob(

16

Vcbzfköh> Eo{ qzj fobfzbo jb ichwc gj bo gjzgo ob dkhob gjb oÿc 4> D4 9 Tobc dzwzc gj bo gjzgo ob dkhob gjb oÿc 4( D4 9 P % D P" ?1*" ?1*" 4+ ‖ 1(00 1(000( 0(00 0000 % D O" ?1*" ?1*" 1+ % D P" ?1*" ?1*" 7+) 7+) :(0 :(000 00(0 (000 00%% D O" ?1*" 7+ D4 9 10(000(000 % ?";<65+ ‖ 1(000(000 %1"?1+ % ?":<6:+) :(000(000% 7"<<;+ D4 9 5(;0;(640"00 Zho tj~ fobfzbogo bo gjzgo ob dkhob gjb oÿc 4"vj fobfzbo jb ichwc gj bov fzowc þbwkiov fzcwov> O 9 D4 % O P" ?1*" ?1*" 7+ 9 5(;0 5(;0;(6 ;(640" 40"00 00 % 0"61; 0"61;16+9 16+9 1(;66(115";6 1(6? Fobfzbj jb tobc dzwzc ob oÿc ?0 gjb vklzkjhwj dbznc gj fono ( Ovzio k9 ?1*( Oÿc 0 ? 1 6 7 : 4 < 5 Av( 0 ?0(000 ?0(000 ?0(000 ?1(000 ?7(000 ?4(000 ?5(000 10(000 Vcbzfköh> Vj wowo gj zh logkjhwj gkdjkgc " fz{c ckljh jvwo jh jb oÿc 1( O9 ?0(000 P 9 ?0(000 % PrO " ?1* " 5 + - 1000 %PrL" %PrL" ?1*" 4+ %PrD"?1*"1+ L9 1000 P 9 ?0(000 % 7";4<4 + -1000 %5";60+ %0"<;<1+ 9 46(;?6";; k9 ?1* Zho tj~ fobfzbogc jb tobc pjvjhwj" pzjgj vj fobfzbogc jb tobc dzwzc ob oÿc ?0 > D 9 P % DrP " ?1* " ?0 + 9 46(;?6";; %6(?0:5+ 9 ?;5(:07"0<

17

ZHKGOG ZHK GOG H° 6>

Iëwcgcv poo jtobzo obwjhowktov obwjhowktov aonc fchgkfkchjv gj fjwj~o(

VKHCPVKV GJ FCHWJHKGC> FCHWJHKGC> Fcipoofköh gj obwjhowktov obwjhowktov pc jb iëwcgc gjb tobc pjvjhwj" fch tkgov klzobjv c fch tkgov gkdjjhwjv( Iëwcgc gjb fcvwc ohzob zhkdcij jqzktobjhwj( Iëwcgc gj bo jbofköh Ajhjdkfkc # Fcvwc( fchnzhwc gj obwjhowktov CANJWKTC GJ BO ZHKGOG> ZHKGOG> Vjbjffkcho gjhwc gj zh fchnzhwc gj khtjvköh" bo öpwkio gjvgj jb pzhwc gj tkvwo jfchöikfc" gogov bov jvwkiofkchjv gj fcvwcv j khljvcv" { bo wovo gj khwjëv( PQCABJIOV [ JNJQFKFKCV 6(? Ob fcipoo gcv obwjhowktov poo bo fcipo gj zh icwc" vj pjvjhwoh bov vklzkjhwjv jvwkiofkchjv gj fcvwc> Icwc ? Icwc 1 Tobc khkfkob ?(000(000 1(600(000 Fcvwc Ohzob gj Cpjofköh ?10(000 100(000 Tobc gj Vobtoijhwc 0 :00(000 Tkgo Zwkb %oÿcv+ 6 4 Zvohgc jb iëwcgc gjb tobc pjvjhwj " { o zho wovo gj khwjëv gjb ; * ohzob " jhfzjhwj bo ijnc obwjhowkto( Vcbzfköh> Fcic wkjhjh tkgov gkdjjhwjv " jv hjfjvokc eofj bo fcipoofköh gj tobc pjvjhwj poo zh bopvc gj 4 oÿcv % iéhkic fciþh iþbwkpbc + ( o+ Tobc Pjvjhwj gjb Icwc ? > T(P? 9 ?(000(000 - ?(000(000 % P#D" ;* " 6+- ?10(000 %P#O" ;* "4+ 9 ?(000(000 - ?(000(000 % 0(<<11+ - ?10(000 %7(75:;+ 9 1(6?0(:05"00 a+ Tobc Pjvjhwj gjb Icwc 1 > T(P1 9 1(600(000 - 100(000 % P#O" ;* " 4+ ) :00(000 %P#D" ;* "4+ 9 1(600(000 - 100(000 %7(75:;+ ) :00(000 %0(:;46+ 9 1(5;;(060"00 Vj vjbjffkcho jb Icwc ? " pzjv wkjhj zh tobc pjvjhwj ijhc(

1:

6(1 Zho khgzvwko obkijhwkfko gjaj gjfkgk bo fcipo gj zho iïqzkho" { gkvpchj gj gcv cdjwov fz{ov fchgkfkchjv vj gjwobboh o fchwkhzofköh> Cdjwo ? Cdjwo 1 Fcvwc Khkfkob 7(:00(000 <(500(000 Fcvwc Ohzob gj Cpjofköh 1?0(000 600(000 Tobc gj vobtoijhwc 0 ?(:00(000 Tkgo Zwkb %oÿcv+ 7 4 Zwkbkfj jb iëwcgc gj !Fcvwc Ohzob Zhkdcij Jqzktobjhwj! " poo gjfkgk fzob gj bov gcv iïqzkhov jv iïv fchtjhkjhwj( Ovzio k9?: *( Vcbzfköh> F(O(Z(J? 9 7(:00(000 %O#P"?:*"7+ - 1?0(000 9 7(:00(000 %0(6:01<+ %0(6:01<+ - 1?0(000 9 ?(<54(1?:"00 F(O(Z(J1 9 <(500(000 %O#P"?:*"4+ - 600(000 ) ?(:00(000 %O#D"?:*("4+ 9 <(500(000 %0"14717+ - 600(000 ) ?(:00(000 %0"??717+ %0"??717+ 9 1(?5;( Cdjwo ? Cdjwo 1 Fcvwc Khkfkob ?(:00(000 1(400(000 Fcvwc Ohzob gj Cpjofköh <0(000 ?00(000 Tobc gj vobtoijhwc 0 :00(000 Tkgo Zwkb % oÿcv+ 7 4 Zwkbkfj jb iëwcgc gj !Fcvwc Ohzob Zhkdcij Jqzktobjhwj! " poo gjfkgk fzob gj bov gcv iïqzkhov jv iïv fchtjhkjhwj( Ovzio k9?: *( Vcbzfköh> F(O(Z(J? 9 ?(:00(000 %O#P"?:*"7+ - <0(000 9 ?(:00(000 %0(6:01<+ - <0(000 9 :;:(70:"00 F(O(Z(J1 9 1(400(000 %O#P"?:*"4+ - ?00(000 ) :00(000 %O#D"?:*("4+ 9 1(400(000 %0"14717+ %0"14717+ - ?00(000 ) :00(000 %0"??717+ %0"??717+ 9 <1;(;07"00 Bo cdjwo ? jv iïv fchtjhkjhwj" pzjv vz F(O(Z(J jv ijhc( 6(7 Zho jipjvo gjvjo ozwciowk~o jb fchwcb gj vz pcgzffköh" ijgkohwj jb zvc gj zho fcipzwogco( Bzjlc gj zh fzkgogcvc jvwzgkc gj pjvjbjffköh vj fcwk~oh bcv vklzkjhwjv icgjbcv> Fcipzwogc O Fcipzwogc A

14

Fcvwc khkfkob gj khtjvköh ?(1:0(000 Fcvwc ohzob gj cpjofköh 1:0(000 Tobc gj vobtoijhwc :00(000 Tkgo þwkb gjb pc{jfwc %oÿcv+ :

?(:;0(000 600(000 :00(000 5

Zvohgc jb iëwcgc gjb tobc pjvjhwj gj vobtoijhwc" { o zho wovo gj khwjëv gjb ?1* ohzob" jhfzjhwj bo ijnc obwjhowkto( Qjvpchgo gj ofzjgc ob vklzkjhwj cgjh> o+ Jvfkao bo jfzofköh fcjvpchgkjhwj gj FOZJ( a+ Jtobþj jb FOZJ gj bo pkijo obwjhowkto( f+ Jtobþj jb FOZJ gj bo vjlzhgo obwjhowkto( g+ Khgkqzj fzob jv bo ijnc obwjhowkto" jh aovj ob FOZJ( Vcbzfköh> o+ Jfzofköh gjb gjb F(O(Z(J" vjlþh jb iëwcgc gj Tobc pjvjhwj gj vobtoijhwc> FOZJ9 FOZ J9 ] P ) T(V T(V %P D" k*" k*" h+ h+ Y %O %O P" k*" k*" h+ h+ - O? ( a+ Fcipzwogc O> FOZJ 9 ]?(1:0(000 ]?(1:0(000 ) :00(000 :00(000 %P D"?1*":+Y D"?1*":+Y %O P"?1*":+ P"?1*":+ - O? 9 ]?(1:0(000 ) :00(000 %0":4<7+Y %0"1<<7?+ - 1:0(000 9 :?5(04?"15 f+ Fcipzwogc A> FOZJ 9 ]?(:;0(000 ) :00(000 %P D"?1*"5+Y %O P"?1*"5+ - O? 9 ]?(:;0(000 ) :00(000 %0"706;+Y %0"10?6+ - 600(000 9 :<;(7?7"74 g+ Vj vjbjffkcho jb Fcipzwogc O" pzjv wkjhj zh FOZJ ijhc( 6(: Zho fcipoÿéo hjfjvkwo fcipo zho iïqzkho " { wkjhj gcv cdjwov " fz{ov fchgkfkchjv vch Iïqzkho ? Iïqzkho 1 Fcvwc khkfkob gj khtjvköh 1(100(000 7(000(000 Fcvwc ohzob gj cpjofköh 100(000 600(000 Tobc gj vobtoijhwc ?00(000 :00(000 Tkgo þwkb %oÿcv+ 7 5 Zvj jb iëwcgc gjb tobc pjvjhwj" o zho wovo gj khwjëv gjb ?0* ohzob " poo jhfchwo bo ijnc obwjhowkto( Vcbzfköh> Fcic vch iïqzkhov gj tkgov tkgov gkdjjhwjv " jv hjfjvokc eofj jb ohïbkvkv o zho gzofköh klzob o vz iéhkic fciþh iþbwkpbc" iþbwkpbc" 5 oÿcv ( TP? 9 1(100(000 - 1(100(000 %P D"?0*"7+ D"?0*"7+ ) ?00(000 ?00(000 %P D"?0*"7+ D"?0*"7+ )?00(0 )?00(000 00 %P D"?0*" D"?0*"5+ 5+ - 100(0 100(000 00 %P O"?0*" O"?0*"5+ 5+ TP? 9 1(100(000 - 1(100(000 %0(4560+ ) ?00(000 %0(4560+ )?00(000 %0(744:+ - 100(000 %:(667;+ 9 7(4:7(460"00 TP1 9 7(000(00 7(000(0000 - 600(000 600(000 %P O"?0*"5+ O"?0*"5+ ) :00(000 :00(000 %P D"?0*"5+ D"?0*"5+ 9 7(000(000 - 600(000 %:(667;+ ) :00(000 %0(744:+ 9 :(64<(110"00

1<

Vj vjbjffkcho bo Iïqzkho ? " pzjv wkjhj zh tobc pjvjhwj ijhc( 6(4 Vj jvwïh fchvkgjohgc gcv iïqzkhov" qzj wkjhjh bcv vklzkjhwjv fcvwcv" poo zh pcfjvc gj pcgzffköh fchwkhzc> Iïqzkho O Iïqzkho A Fcvwc khkfkob 410(000 <<0(000 Fcvwc ohzob gj cpjofköh ?:0(000 1?0(000 Tobc gj vobtoijhwc 50(000 ?00(000 Tkgo þwkb %oÿcv+ 7 4 Zwkbk~ohgc zho wovo gj khwjëv gjb ?:* ohzob" gjwjikhj fzob gj bov gcv iïqzkhov gjaj vjbjffkchovj" ijgkohwj jb iëwcgc gjb tobc pjvjhwj( Vcbzfköh> Fcic bov gcv iïqzkhov wkjhjh gkdjjhwj tkgo þwkb" gjajh fcipoovj vcaj bo aovj gjb iéhkic fciþh iþbwkpbc " jv gjfk ?1 oÿcv ( TPO 9 410(000 - %410(000)50(000+ %PrD"?:*"7+ - %410(000)50(000+ %PrD"?:*"5+ ?:0(000 %PrO"?:*"?1+ ) 50(000 %PrD"?:*"?1+ 9 ?(;06(7?6";; TPA 9 <<0(000 - %<<0(000)?00(000+ %PrD"?:*"4+ - 1?0(000 %PrO"?:*"?1+ %PrO"?:*"?1+ ) ?00(000 %PrD"?:*"?1+ 9 1(?<;(1;5"<4 Bo Iïqzkho !O! jv iïv fchtjhkjhwj" pzjv vz tobc pjvjhwj jv ijhc( 6(< Vj gjvjo vjbjffkcho jhwj gcv cdjwov poo bo ogqzkvkfköh gj zho ioqzkhoko( Bcv fcvwcv gj bov iïqzkhov vch> Iïqzkho Ozwciïwkfo 5:0(000 ?<0(000 1:0(000 4

Iïqzkho Iohzob 600(000 600(000 0 7

Fcvwc khkfkob gj khtjvköh Fcvwc ohzob gj cpjofköh Tobc gj vobtoijhwc Tkgo þwkb gjb pc{jfwc Wovo gj khwjëv 9 ?1* Qjvpchgo gj ofzjgc ob vklzkjhwj cgjh> o+ Jvfkao bo jfzofköh fcjvpchgkjhwj gj FOZJ( a+ Jtobþj jb FOZJ gj bo pkijo obwjhowkto( f+ Jtobþj jb FOZJ gj bo vjlzhgo obwjhowkto( g+ Khgkqzj fzob jv bo ijnc obwjhowkto" jh aovj ob FOZJ(

Vcbzfköh> o+ Jfzofköh gjb tobc pjvjhwj gj vobtoijhwc> FOZJ9 ] P ) TV %P#D"k*"h+ Y %O#P"k*" h+ - O ? a+ Iïqzkho Ozwciïwkfo> FOZJ 9 ] 5:0(000 ) 1:0(000 %0":044+ Y %0"17616+ %0"17616+ - ?<0(000 9 67:(;70 f+ Iïqzkho Iohzob> FOZJ 9 ] 600(000 ) 0 %0"46::+ Y %0"61;16+ - 600(000 9 6;5(<4; g+ Vj vjbjffkcho bo iïqzkho Ozwciïwkfo " pzjv wkjhj zh FOZJ ijhc(

15

6(5 Zho khvwkwzfköh jgzfowkto pc{jfwo eofj zho khtjvköh gj Av( ?:0(000(000 poo kipbohwo hzjtcv iëwcgcv gj jhvjÿoh~o( Vj pkjhvo qzj jvwcv hzjtcv iëwcgcv wjhgïh zho tkljhfko gj ?0 oÿcv" { vj jvwkio pcgzfkïh oeccv gj Av( :0(000(000 ohzobjv jh vzjbgcv gj pcdjvcjv" lovwcv gj iohwjhkikjhwc" jwf( Gj eofj jvwo khtjvköh" bo khvwkwzfköh wjhgéo qzj fchwowo jvpjfkobkvwov o zh fcvwc gj Av( 10(000(000 ohzobjv( Zwkbkfj jb iëwcgc ajhjdkfkc#fcvwc" poo gjwjikho vk vj gjaj eofj bo khtjvköh( Zwkbkfj zho wovo gj khwjëv gjb 4* ohzob( Vcbzfköh > Poo eofj jb ohïbkvkv pc jb iëwcgc ajhjdkfkc#fcvwc " eo{ qzj fobfzbo bcv ajhjdkfkcv" bcv gjvajhjdkfkcv { bcv fcvwcv( Ajhjdkfkcv 9 :0 ikbbchjv ohzobjv ( Gjvajhjdkfkcv 9 10 ikbbchjv ohzobjv Fcvwcv 9 ?:0 %O P"4*"?0+9 P"4*"?0+9 ?:0 %0"?6:5<+9 %0"?6:5<+9 10"65 10"65 ikbbchjv ikbbchjv ohzobjv A F9

:0 10 10"65

9 ?"7< 8 ?

Fchtkjhj eofj bo khtjvköh(

6(; Jb Ikhkvwjkc gj Fcizhkfofkchjv jvwï fchvkgjohgc bo dofwkakbkgog gj fchvwzk zho téo zob poo fchjfwo gcv pzjabcv fjfohcv ( Jb fcvwc khkfkob gjb pc{jfwc jv gj Av( ?(000 ikbbchjv " fch fcvwcv ohzobjv gj khvpjffköh { iohwjhkikjhwc pc zh tobc gj Av( 60 ikbbchjv ( Vj jvwkio qzj bo ijhc gkvwohfko jhwj oiacv pzjabcv jgzfkï jb fchvzic gj fciazvwkabj ob wohvpcwj pþabkfc gj Av( ;0 ikbbchjv ohzobjv qzj jv bo ofwzobkgog" o Av( :0 ikbbchjv ohzobjv gjvpzëv gj wjikhogo bo téo( Pc fchfjpwc gj pjonj " vj jvwkioh khljvcv gj Av( ?00 ikbbchjv ohzobjv( Zwkbkfj jb iëwcgc ajhjdkfkc#fcvwc" poo gjwjikho vk vj gjaj fchvwzk bo téo( Vzpchlo zho gzofköh khdkhkwo { zho wovo gj khwjëv gjb ?0* ohzob( Vcbzfköh > Poo eofj jb ohïbkvkv pc jb iëwcgc ajhjdkfkc#fcvwc" eo{ qzj fobfzbo bcv ajhjdkfkcv" bcv gjvajhjdkfkcv { bcv fcvwcv( Ajhjdkfkcv 9 ?00 - %;0 ‖ :0+ 9 ?70 ikbbchjv ohzobjv ( Gjvajhjdkfkcv 9 0 Fcvwcv 9 ?(000 %0"?0+ - 60 9 ?60 ikbbchjv ohzobjv A # F

?70 ?60

9 ?"05 8 ?

Fchtkjhj eofj bo téo(

6(?0 Jukvwjh gcv obwjhowktov poo jb wo~ogc gj zho hzjto ozwcpkvwo" pc jb hcwj c pc jb vz gjb fjhwc gj zho fkzgog( Bcv fcvwcv jh ikbbogcv gj acbétojv poo fogo obwjhowkto" vj goh o fchwkhzofköh> Qzwo Hcwj Qzwo Vz ?0(000 ?:(000

Fcvwc Khkfkob Fcvwc Ohzob gj iohwjhkikjhwc

6:

::

1;

Fcvwc Ohzob gjb Zvzokc

7:0 100 Vk vj vzpchj qzj bo gzofköh gj bo ozwcpkvwo vjï gj 60 oÿcv" vkh tobc gj vobtoijhwc"³qzë zwo gjaj jbjlkvj vcaj bo aovj gj zh ohïbkvkv ajhjdkfkc #  fcvwc" o zho wovo gj khwjëv gjb :*3 (

Vcbzfköh > Poo eofj jb ohïbkvkv pc jb iëwcgc ajhjdkfkc#fcvwc " eo{ qzj fobfzbo jh pkij bzlo" jb FOZJ poo fogo obwjhowkto> F(O(Z(JH 9 ?0(000 %O P":*"60+ P":*"60+ - 6: 9 ?0(000 %0"04:0:+%0"04:0:+-6: 6: 9 45:":0 F(O(Z(JV 9 ?:(000 %O P":*"60+ P":*"60+ - :: 9 ?:(000 %0"04:0:+-6 %0"04:0:+-6:: 9 ?(060"<: Bo obwjhowkto ‒Vz’ jvzbwo iov fcvwcvo" pzjv jqzkjj zho khtjvköh khfjijhwob gj ?(060"<: ‖ 45:":0 9 67:"1: ohzobjv Ajhjdkfkcv gj bo Qzwo Vz 9 7:0 ) 1:0 9 1:0 ohzobjv A F9

1:0 67: 67:"1:

9 0"<17 2 ?

Fchtkjhj bo Qzwo Hcwj

6(?? Jb Ikhkvwjkc gj Olkfzbwzo { Féo jvwï ohobk~ohgc zh pc{jfwc poo fchvwzk zhcv vkvwjiov gj kjlc jh zho ~cho ïkgo( Jb fcvwc khkfkob gjb pc{jfwc vj jvwkio jh Av( ?(:00 ikbbchjv" { bcv fcvwcv ohzobjv gj iohwjhkikjhwc jh Av( 1: ikbbchjv( Bo jhwo pctjhkjhwj gj bo bo olkfzbwzo vj jvwkio jh Av( ?<: ikbbchjv ikbbchjv ohzobjv( Eolo zh ohïbkvkv gj Ajhjdkfkc # Fcvwc" poo gjwjikho vk vj gjaj ogjbohwo jb pc{jfwc" zwkbk~ohgc zh pjécgc gj jvwzgkc gj 10 oÿcv" { zho wovo gj khwjëv gjb 4* ohzob( Vcbzfköh > Poo eofj jb ohïbkvkv pc jb iëwcgc ajhjdkfkc#fcvwc " eo{ qzj fobfzbo bcv ajhjdkfkcv" bcv gjvajhjdkfkcv { bcv fcvwcv( Ajhjdkfkcv 9 ?<: ikbbchjv ohzobjv ( Gjvajhjdkfkcv 9 0 Fcvwcv 9 1: - ?(:00 ?(:00 %O P" 4*"10+ 4*"10+ 9 1: - ?(:00 %0"05
?<: ?:: ?::"<<

9 ?"?1 8 ?

fchtkjhj eofj jb vkvwjio gj kjlc(

6(?1 Jb Ikhkvwjkc gj Olkfzbwzo { Féo jvwï fchvkgjohgc bo dofwkakbkgog gj fchvwzk zhcv fohobjv gj kklofköh poo zhcv vjiaogécv( Jb fcvwc khkfkob gjb pc{jfwc pc{jfwc vj jvwkio jh Av( ?(:00 Ikbbchjv Ikbbchjv " fch zh fcvwc ohzob gj iohwjhkikjhwc pc Av( 1: ikbbchjv " ikjhwov qzj bo jhwo pctjhkjhwj gj bo Olkfzbwzo vj jvwkio jh Av(?<: Ikbbchjv ob oÿc( Fchvkgjohgc zho tkgo gj 10 oÿcv" { zho wovo gj khwjëv gjb 4* ohzob" eolo zh jvwzgkc gj Ajhjdkfkc # Fcvwc" poo gjwjikho vk vj gjaj jnjfzwo jb pc{jfwc( Vcbzfköh > Poo eofj jb ohïbkvkv pc jb iëwcgc ajhjdkfkc#fcvwc" eo{ qzj fobfzbo bcv ajhjdkfkcv" bcv gjvajhjdkfkcv { bcv fcvwcv( Ajhjdkfkcv 9 ?<: ikbbchjv ohzobjv (

60

Gjvajhjdkfkcv 9 0 Fcvwcv 9 1: - ?:00 % Or P " 4* " 10 + 9 1: - ?:00 %0"05
?<: ?:: ?::"<<

9 ?"?1 8 ?

Fchtkjhj eofj bo khtjvköh

6(?6 Zho jipjvo gj vjtkfkc pþabkfc jvwï fchvkgjohgc bo dofwkakbkgog gj fchvwzk zho pjqzjÿo pjvo poo fchwcbo bov khzhgofkchjv gj zh oc{c( Jb fcvwc khkfkob gjb pc{jfwc jv gj Av( 1(100 ikbbchjv " fch fcvwcv ohzobjv gj khvpjffköh { iohwjhkikjhwc pc zh tobc gj Av( ?0 ikbbchjv ( Ogjiïv vj jqzjkïh gj oblzhov caov ijhcjv fogo ?: oÿcv pc zh tobc gj Av( 4: ikbbchjv( Vj jvwkio qzj jb pjnzkfkc cfovkchogc pc bov khzhgofkchjv vj jgzfkï gj Av( ;0 ikbbchjv ohzobjv qzj jv jh bo ofwzobkgog ofwzobkgog o Av( ?0 ikbbchjv ohzobjv gjvpzëv gj wjikhogo bo cao( Zwkbkfj jb iëwcgc ajhjdkfkc#fcvwc" poo gjwjikho vk vj gjaj fchvwzk bo pjvo( Vzpchlo zho gzofköh khdkhkwo { zho wovo gj khwjëv gjb ?1* ohzob( Vcbzfköh > Poo eofj jb ohïbkvkv pc jb iëwcgc ajhjdkfkc#fcvwc " eo{ qzj fobfzbo bcv ajhjdkfkcv" bcv gjvajhjdkfkcv { bcv fcvwcv( Ajhjdkfkcv 9 ;0 ‖ ?0 9 50 ikbbchjv ohzobjv ( Gjvajhjdkfkcv 9 0 Fcvwcv 9 1(100 %0"?1+ - ?0 - 4: 4: %O D"?1*"?:+9 D"?1*"?:+9 1<:"<7 ohzobjv ohzobjv A # F

50 1<:<7 "

9 0"1; 2 ?

hc fchtkjhj eofj bo pjvo(

6(?7 Zho khgzvwko obkijhwkfko gjaj gjfkgk bo fcipo gj zho iïqzkho" { gkvpchj gj gcv cdjwov fz{ov fchgkfkchjv vj gjwobboh o fchwkhzofköh> Cdjwo ? Cdjwo 1 Fcvwc Khkfkob 7(:00(000 <(500(000 Fcvwc Ohzob gj Cpjofköh 1?0(000 600(000 Tobc gj vobtoijhwc 0 ?(:00(000 Tkgo Zwkb %oÿcv+ 7 4 Zwkbkfj jb iëwcgc gj !Fcvwc Ohzob Zhkdcij Jqzktobjhwj! " poo gjfkgk fzob gj bov gcv iïqzkhov jv iïv fchtjhkjhwj( Ovzio k9?: *( Vcbzfköh> F(O(Z(J? 9 7(:00(000 %O#P"?:*"7+ - 1?0(000 9 7(:00(000 %0(6:01<+ %0(6:01<+ - 1?0(000 9 ?(<54(1?:"00 F(O(Z(J1 9 <(500(000 %O#P"?:*"4+ - 600(000 ) ?(:00(000 %O#D"?:*("4+ 9 <(500(000 %0"14717+ - 600(000 ) ?(:00(000 %0"??717+ %0"??717+ 9 1(?5;(
6?

ZHKGOG ZHK GOG H° 7>

Wovo khwjho gj jwchc(

wovo khwjho gj jwchc( Fïbfzbc gj bo VKHCPVKV GJ FCHWJHKGC> FCHWJHKGC> Gjdkhkfköh gj wovo wovo khwjho gj jwchc pc bo jfzofköh gj tobc pjvjhwj hjwc" { pc jb iëwcgc gjb fcvwc ohzob zhkdcij jqzktobjhwj( Tobcjv iþbwkpbjv gj bo wovo khwjho gj jwchc( wovo khwjho gj jwchc poo zho CANJWKTC GJ BO ZHKGOG> ZHKGOG> Fobfzbo bo wovo khtjvköh" gogc jb jvpjfwktc dbznc gj fono( PQCABJIOV [ JNJQFKFKCV 7(? Zho jipjvo jvwkio qzj pzgkjo khfjijhwo vzv tjhwov" vk wztkjo zho io{c fopofkgog gj pcgzffköh( Gj ofzjgc fch bov jvwkiofkchjv" poo ozijhwo bov tjhwov jh Av( 11(000(000 ob oÿc" jv hjfjvokc ogqzkk zh jqzkpc jh Av( 60(000(000 j khfzk jh fcvwcv gj iohc gj cao" iowjkobjv pkio { cwcv" gj Av( ?<(:00(000 ob oÿc( Vj jvpjo qzj jb jqzkpc wjhlo zho tkgo gj ?1 oÿcv" fch zh tobc gj vobtoijhwc gj Av( 7(000(000( Zvj jb iëwcgc gjb tobc pjvjhwj" poo fobfzbo bo wovo gj jwchc vcaj bo khtjvköh jh jb jqzkpc( Vcbzfköh> o+Vj fobfzboh bcv dbzncv gj fono hjwcv poo fogo oÿc> D%0+ 9 ) 60(000(000 D%?+9 D%1+9 9D%??+9 11(000(000 ) ?<(:00(000 9 7(:00(000 D%?1+ 9 11(000(000 )?<(:00(000 - 7(000(000 9 5(:00(000 Vj pbohwjo bo jfzofköh gjb tobc pjvjhwj> ) 60(000(000 - 7(:00(000 %P#O " k* "??+ - 5(:00(000 %P#D"k*"?1+ 9 0 a+

Vj jobk~o jb wohwjc poo eobbo !k! Poo k9?0* vj azvfoh bcv dofwcjv jh bo bo woabo> ) 60(000(000 - 7(:00(000 %4(7:;?+ - 5(:00(000 %0(6?54+ 9 ?(<<7(0:0 Poo k9?1* ) 60(000(000 - 7(:00(000 %:(;6<<+ - 5(:00(0000%0(1:4<+ 9 )?(0;5(700 f+

Ob pcgzfkvj jb foiakc gj vklhc" vj eofj bo khwjpcbofköh> Khwjëv Tobc Pjvjhwj Hjwc ?0* ?(<<7(0:0 W(K(Q 0 ?1* ) ?(0;5(700

61

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7(1 Zh khtjvkchkvwo fcipö zh wjjhc jh Av( ?1(000(000( Gzohwj jb pkij oÿc lovwö Av( ?(:00(000 jh ictkikjhwcv gj wkjo" gzohwj jb vjlzhgc oÿc Av( 1(000(000 jh ijncov" { jh jb wjfjc Av( 1(:00(000 ( Ogjiïv wztc qzj polo Av( :00(000 ohzobjv pc fchfjpwc gj kipzjvwcv gzohwj fogo zhc gj jvwcv wjv oÿcv" tjhgkëhgcbc dkhobijhwj jh Av( 60(000(000( Fobfzbj bo wovo gj jwchc qzj jvwj khtjvkchkvwo cawztc vcaj vz khtjvköh( Vcbzfköh> o+ Vj jvwoabjfjh bcv dbzncv gj fono hjwcv poo fogo oÿc> D%0+ 9 )?1(000(000 D%?+ 9 )?(:00(000 ) :00(000 9 )1(000(000 D%1+ 9 )1(000(000 ) :00(000 9 )1(:00(000 D%6+ 9 60(000(000 ) 1(:00(000 ) :00(000 9 1<(000(000 a+ Vj jvwoabjfj bo jfzofköh gj bo wovo gj jwchc" fcjvpchgkjhwj ob tobc pjvjhwj> 0 9 )?1(000(000 )1(000(000 %PrD"k*"?+ ) 1(:00(000 %PrD"k*"1+ - 1<(000(000 %PrD"k*"6+ f+ Vj pcfjgj o cawjhj !k! pc wohwjc> k 9 10(4: * khizjabj jh Av( 50(000(000( 50(000(000( 7(6 Zh khtjvkchkvwo fcipö zh khizjabj Gzohwj jb pkij oÿc lovwö Av( ?:(000(000 jh jicgjbobc" gzohwj jb vjlzhgc oÿc Av( 1(000(000 jh iohwjhjbc" { jh jb wjfjc Av( 6(000(000 jh kipzjvwcv( Ob dkhob gjb wjfj oÿc bc tjhgkö jh Av( ?70(000(000 Fobfzbj bo wovo gj jwchc qzj jvwj khtjvkchkvwo cawztc vcaj vz khtjvköh( Vcbzfköh> o+ Vj jvwoabjfjh bcv dbzncv gj fono poo fogo oÿc> D%0+ 9 )50(000(000 D%?+ 9 )?:(000(000 D%1+ 9 )1(000(000 D%6+ 9 ?70(000(000 ) 6(000(000 9?6<(000(000 a+ Vj jvwoabjfj bo jfzofköh gj bo wovo gj jwchc" fcjvpchgkjhwj ob tobc pjvjhwj> )50(000(000 )?:(000(000 %PrD"k*"?+ ) 1(000(000 %PrD"k*"1+ - ?6<(000(000 %PrD"k*"6+ 9 0

f+ Vj pcfjgj o cawjhj !k! pc wohwjc> k 9 ?6"0: * 7(7 Zh khtjvkchkvwo fcipö zho fono tkjno jh Av( 1(:00(000 " fch bo kgjo gj eofjbj ijncov { bzjlc tjhgjbo poo hjlcfkc ( Jh jb pkij oÿc lovwö Av( :00(000 jh bov ijncov " jh jb vjlzhgc oÿc Av( ?00(000" { jh jb wjfjc Av( 50(000 ( Ogjiïv wztc qzj polo Av( :0(000 ohzobjv

66

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f+ Vj pcfjgj o cawjhj !k! pc wohwjc> k 9 ?(;? * 7(: Zh khgzvwkob fcipo zho dïakfo pc Av( :(000(000" bo fzob pcgzfj gzohwj : oÿcv khljvcv ohzobjv gj Av( 1(000(000 pc oÿc" fch fcvwcv wcwobjv gj Av( ?(100(000 pc oÿc( Jvwo dïakfo jv tjhgkgo jh Av( 7(000(000 ob dkhob gjb oÿc :( Fobfzbj bo wovo gj jwchc gj bo khtjvköh" zvohgc jb iëwcgc gjb tobc pjvjhwj( Poo bo khwjpcbofköh zvj k9 ?0* j k9 10* ( Vklo bcv vklzkjhwjv povcv> o+ Eofj bcv dbzncv gj fono hjwcv gj fogo oÿc( a+ Pbohwjo bo jfzofköh gj bo wovo gj jwchc" jh bo fzob jb tobc pjvjhwj jv klzob o fjc( f+ Eofj bo khwjpcbofköh" { fobfzbo !k!( Vcbzfköh> o+ Vj jvwoabjfjh bcv dbzncv gj fono hjwcv poo fogo oÿc> D%0+ 9 ):(000(000 D%?+ 9 1(000(000 ) ?(100(000 9 500(000 D%1+ 9 1(000(000 ) ?(100(000 9 500(000 D%6+ 9 1(000(000 ) ?(100(000 9 500(000 D%7+ 9 1(000(000 ) ?(100(000 9 500(000 D%:+ 9 7(000(000 - 1(000(000 ) ?(100(000 9 7(500(000 a+ Vj pbohwjo bo jfzofköh gjb tobc pjvjhwj> ) :(000(000 - 500(000 %P#O"k*"7+ - 7(500(000 %P#D"k*":+ 9 0 f+ Vj jobk~o jb wohwjc poo eobbo !k! Poo k9?0* vj azvfoh bcv dofwcjv jh bo bo woabo> woabo> ) :(000(000 - 500(000 %6"?4;5+ - 7(500(000 %0"410;+ 9 :?4(?40 Poo k910* ) :(000(000 - 500(000 %1":55<+ - 7(500(000 %0"70?;+ 9 ) ;;;(;10 Ob pcgzfkvj jb foiakc gj vklhc" vj eofj bo khwjpcbofköh>

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Gj gchgj > k 9 ?6(70 * ?:(000(000" jb fzob 7(4 Zh khtjvkchkvwo fcipo zh pcwodcbkc gj offkchjv pc Av( ?:(000(000" bj pcgzfj gktkgjhgcv pc Av( 1(000(000 jb pkij oÿc" { pc Av( 6(000(000 jb vjlzhgc oÿc( Ob dkhob gjb vjlzhgc oÿc bc tjhgj pc Av( 10(000(000 ( Fobfzbj bo wovo gj jwchc gj bo khtjvköh" zvohgc jb iëwcgc gjb tobc pjvjhwj( Vcbzfköh> Vj jvwoabjfjh bcv dbzncv gj fono hjwcv poo fogo oÿc> D%0+ 9 )?:(000(000 D%?+ 9 1(000(000 D%1+ 9 6(000(000 - 10(000(000 9 16(000(000 Bo jfzofköh gj tobc pjvjhwj jv > ) ?:(000(000 ?:(000(000 - 1(000(000 1(000(000 %P %P D" k*"?+ k*"?+ - 16(000(000 16(000(000 %P D" k*"1+ k*"1+ 9 0 Ob jobk~o jb wohwjc poo cawjhj ‒k’ " vj cawkjhj > k 9 60(4< * 7(< Zh khtjvkchkvwo fcipö zh khizjabj jh Av( 65(000(000 " fch bo kgjo gj eofjbj ijncov { bzjlc tjhgjbc ( Jh jb pkij oÿc lovwö Av( 4(000(000 jh bov ijncov " jh jb vjlzhgc oÿc Av( 1(000(000" { jh jb wjfjc Av( ?(000(000 ( Ogjiïv wztc qzj polo Av( :00(000 ohzobjv pc fchfjpwc gj kipzjvwc gzohwj fogo zhc gj jvwcv wjv oÿcv" tjhgkëhgcbc dkhobijhwj jh Av( 40(000(000 ob dkhob gjb oÿc 6( Fobfzbj bo wovo gj jwchc qzj jvwj khtjvkchkvwo cawztc vcaj vz khtjvköh( Vcbzfköh> o+ Vj jvwoabjfjh bcv dbzncv gj fono hjwcv poo fogo oÿc> D%0+ 9 ) 65(000(000 D%?+ 9 ) 4(000(000 ) :00(000 9 )4(:00(000 D%1+ 9 )1(000(000 ) :00(000 9 )1(:00(000 D%6+ 9 40(000(000 ‖ ?(000(000 ) :00(000 9 :5(:00(000 a+ Vj jvwoabjfj bo jfzofköh gj bo wovo gj jwchc" fcjvpchgkjhwj ob tobc pjvjhwj> 0 9 )65(000(000 )4(:00(000 %PrD"k*"?+  ‖ 1(:00(000 %PrD"k*"1+ - :5(:00(000 %PrD"k*"6+ f+ Vj pcfjgj o cawjhj !k! pc wohwjc> k 9 5(16 * 7(5 Zh khgzvwkob wkjhj zh pc{jfwc poo jb qzj vj hjfjvkwo gj zho khtjvköh khkfkob gj Av( ?5( 00(000" { gj Av( ?0(000(000 gjhwc gj fzowc oÿcv(

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Gjvgj jb pkij oÿc eovwo jb wjfjc vj jvwkio cawjhj khljvcv pc Av( :(000(000 fogo oÿc( Jh jb qzkhwc oÿc bcv khljvcv vj jvwkioh jh Av( ?:(000(000" { jh jb vjuwc oÿc gj Av( ?<(000(000( Poo jvov ikviov djfeov" eo{ qzj jdjfwzo polcv pc Av( 5(000(000 jh jb qzkhwc oÿc" { pc :(000(000 jh jb vjuwc oÿc( Fobfzbj bo wovo khwjho gj jwchc poo jvwj pc{jfwc" zvohgc jb iëwcgc gjb tobc pjvjhwj( Vcbzfköh> o+ Vj jvwoabjfjh bcv dbzncv gj fono hjwcv poo fogo oÿc> D%0+ 9 ) ?5(000(000 D%?+ 9 D%1+ 9 D%6+ 9 :(000(000 D%7+ 9 )?0(000(000 D%:+ 9 ?:(000(000 ‖ 5(000(000 9 <(000(000 D%4+ 9 ?<(000(000 ‖ :(000(000 9 ?1(000(000 a+ Vj jvwoabjfj bo jfzofköh gj bo wovo gj jwchc" fcjvpchgkjhwj ob tobc pjvjhwj> )?5(000(000 - :(000(000 %PrD"k*"6+ ‖ ?0(000(000 %PrD"k*"7+ <(000(000 %PrD"k*":+ - ?1(000(000 %PrD"k*"4+ 9 0 f+ Vj pcfjgj o cawjhj !k! pc wohwjc> k 9 <(<< * 7(; Zh khtjvkchkvwo fcipö jh bo bo Acbvo Acbvo gj Tobcjv zh wéwzbc wéwzbc dkhohfkjc jh Av( 500(000 ( Jh jb pkij oÿc oÿc cawztc Av( 40(000 pc fchfjpwc gj gktkgjhgcv" jb vjlzhgc oÿc Av( ?00(000" { jb wjfjc cwcv Av( ?00(000 ( Ob dkhob gjb wjfj oÿc bc tjhgkö jh Av( ?(000(000 Fobfzbj bo wovo gj jwchc qzj jvwj khtjvkchkvwo cawztc vcaj vz khtjvköh( Vcbzfköh> o+ Vj jvwoabjfjh bcv dbzncv gj fono hjwcv poo fogo oÿc> D%0+ 9 ) 500(000 D%?+9 40(000 D%1+ 9 ?00(000 D%6+ 9 ?00(000 - ?(000(000 9 ?(?00(000 a+ Vj jvwoabjfj bo jfzofköh gj bo wovo gj jwchc" fcjvpchgkjhwj ob tobc pjvjhwj> )500(000 - 40(000 %Pr D" k*"?+ - ?00(000 %Pr D" k * "1+ - ?(?00(000 %PrD"k*"6+ 9 0 f+ Vj pcfjgj o cawjhj !k! pc wohwjc> k 9 ?<(:5 * 7(?0 Zho jipjvo jvwkio qzj pzgkjo khfjijhwo vzv tjhwov" vk wztkjo zho io{c fopofkgog gj pcgzffköh( Gj ofzjgc fch bov jvwkiofkchjv" poo ozijhwo bov tjhwov jh Av( 70(000(000 ob oÿc" jv hjfjvokc ogqzkk zh jqzkpc jh Av( <0(000(000 j khfzk jh fcvwcv gj iohc gj cao" iowjko pkio { cwcv" pc Av( 1:(000(000 ob oÿc(

64

Vj jvpjo qzj jb jqzkpc wjhlo zho tkgo gj ?0 oÿcv" fch zh tobc gj vobtoijhwc gj Av( :(000(000( Zvj jb iëwcgc gjb tobc pjvjhwj" poo fobfzbo bo wovo gj jwchc vcaj bo khtjvköh jh jb jqzkpc( Vcbzfköh> o+Vj fobfzboh bcv dbzncv gj fono hjwcv poo fogo oÿc> D%0+ 9 ) <0(000(000 D%?+9 D%1+9 9D%;+9 70(000(000 ‖ 1:(000(000 9 ?:(000(000 D%?0+ 9 70(000(000 )1:(000(000 - :(000(000 9 10(000(000 f+ Vj pbohwjo bo jfzofköh gjb tobc pjvjhwj> ) <0(000(000 - ?:(000(000 %P#O " k* ";+ - 10(000(000 %P#D"k*"?0+ 9 0 g+ Vj jobk~o jb wohwjc poo eobbo !k!" !k!" { vj jhfzjhwo> k 9 ?<"6: * 7(?? Zh khtjvkchkvwo fcipo zh tjeéfzbc gj obqzkbj pc Av( :(000(000" jb fzob pcgzfj gzohwj : oÿcv khljvcv ohzobjv gj Av( 1(000(000 pc oÿc" fch fcvwcv wcwobjv gj Av( ?(100(000 pc oÿc( Jvwj tjeéfzbc jv tjhgkgc jh Av( 7(000(000 ob dkhob gjb oÿc :( Fobfzbj bo wovo gj jwchc gj bo khtjvköh" zvohgc jb iëwcgc gjb tobc pjvjhwj( Poo bo khwjpcbofköh zvj k9 ?0* j k9 10* ( Vklo bcv vklzkjhwjv povcv> o+ Eofj bcv dbzncv gj fono hjwcv gj fogo oÿc( a+ Pbohwjo bo jfzofköh gj bo wovo gj jwchc" jh bo fzob jb tobc pjvjhwj jv klzob o fjc( f+ Eofj bo khwjpcbofköh" { fobfzbo !k!( Vcbzfköh> o+ Vj jvwoabjfjh bcv dbzncv gj fono hjwcv poo fogo oÿc> D%0+ 9 ):(000(000 D%?+ 9 1(000(000 ) ?(100(000 9 500(000 D%1+ 9 1(000(000 ) ?(100(000 9 500(000 D%6+ 9 1(000(000 ) ?(100(000 9 500(000 D%7+ 9 1(000(000 ) ?(100(000 9 500(000 D%:+ 9 7(000(000 - 1(000(000 ) ?(100(000 9 7(500(000 a+ Vj pbohwjo bo jfzofköh gjb tobc pjvjhwj> ) :(000(000 - 500(000 %P#O"k*"7+ - 7(500(000 %P#D"k*":+ 9 0 f+ Vj jobk~o jb wohwjc poo eobbo !k! Poo k9?0* vj azvfoh bcv dofwcjv jh bo bo woabo> woabo> ) :(000(000 - 500(000 %6"?4;5+ - 7(500(000 %0"410;+ 9 :?4(?40 Poo k910* ) :(000(000 - 500(000 %1":55<+ - 7(500(000 %0"70?;+ 9 ) ;;;(;10 Ob pcgzfkvj jb foiakc gj vklhc" vj eofj bo khwjpcbofköh>

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: ?(;75(776"16 4 1(007(054"47 < 1(0:<(10:"?4 5 1(?0<(570"?: Jh jb oÿc ?" jv fzohgc vj obfoh~o jb fcvwc iéhkic gj tkgo þwkb( :(1 Zh jqzkpc wkjhj zh tobc khkfkob gj Av( 5(000(000 " { wkjhj zho tkgo þwkb jvwkiogo gj : oÿcv ( Bcv fcvwcv gj cpjofköh { iohwjhkikjhwc jvwkiogcv gzohwj jvcv : oÿcv " ové fcic vz tobc gj jvfowj " vj pjvjhwoh jh bo vklzkjhwj woabo> Oÿc Fcvwcv gj Iohwjhkikjhwc Tobc gj Qjvfowj Cpjofköh ? 600(000 :00(000 :(000(000 1 400(000 ?(000(000 7(000(000 6 ;00(000 ?(:00(000 6(000(000 7 ?(100(000 1(000(000 1(000(000 : ?(:00(000 1(:00(000 ?(000(000 Eobbj bo gzofköh qzj pcpcfkcho jb iéhkic fcvwc gzohwj vz tkgo þwkb ( Zwkbkfj k 9 5* ( Vcbzfköh> Eo{ qzj fobfzbo jb F(O(Z(J " poo bov gkdjjhwjv gkdjjhwjv gzofkchjv " ijgkohwj bo jupjvköh> F(O(Z(Jm 9 P %OrP" k*" m+ ) T(Vm %OrD" k*" m+ -

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Jb Fcvwc Wcwob Ohzob %FWO+ jv bo vzio jhwj jb Fcvwc gj Cpjofköh { jb gj Iohwjhkikjhwc > Oÿc Fcvwcv gj Iohwjhkikjhwc Fcvwc Wcwob Cpjofköh ? 600(000 :00(000 500(000 1 400(000 ?(000(000 ?(400(000 6 ;00(000 ?(:00(000 1(700(000 7 ?(100(000 1(000(000 6(100(000 : ?(:00(000 1(:00(000 7(000(000 Jb Fcvwc Ohzob Zhkdcij Jqzktobjhwj poo zh oÿc gj wjhjhfko gjb jqzkpc jv> F(O(Z(J ? 9 5(000(0 5(000(000 00 %O P"5*"? P"5*"?++ ) :(000( :(000(000 000 %O D" 5*"?+ 5*"?+ -500(0 -500(000 00 9 F(O(Z(J ? 9 5(000(000 %?"0500+ ) :(000(000 %?(000+ -500(000 9 7(770(000 7(770(000 Poo gcv oÿcv gj wjhjhfko gjb jqzkpc " jb gkoloio gj dbznc gj fono jv>

70

F(O(Z(J 1 9 ] 5(000(000 5(000(000 -500(000 -500(000 %P D"5*"?+ D"5*"?+ ) %7(000( %7(000(000)?(4 000)?(400(000+ 00(000+ %P D"5* D"5*""1+Y 1+Y %O P"5* P"5*""1+ 9 F(O(Z(J 1 9 ] 5(000(000 -500(000 %0(;1:;+ ) %7(000(000)?(400(000+ %0(5:<6+Y %0(:40<<+ 9 6(<7<(<65"04 Qjpkwkjhgc jvwcv fïbfzbcv poo bcv oÿcv vzfjvktcv" vj cawkjhjh bcv vklzkjhwjv jvzbwogcv> Gzofköh %Oÿcv+ F(O(Z(J ? 7(770(000"00 1 6(<7<(<65"04 6 6(<6;(?41"?: 7 6(5;7(4;1"4: : 7(??0(6<1"7: Gj bo woabo vj gjgzfj qzj bo gzofköh qzj pcpcfkcho iéhkic iéhkic fcvwc ohzob jv 6 oÿcv( :(6 Zho khgzvwko wkjhj ofwzobijhwj zh ofwktc ob fzob bj jvwoh oþh gcv oÿcv gj tkgo o zh Fcvwc Ohzob Zhkdcij Jqzktobjhwj gj Av( 500(000 ( Zwkbkfj jb iëwcgc gjb Gjdjhvc ) Qjwogc " poo ohobk~o bo fchtjhkjhfko gj vzvwkwzk jvwj ofwktc pc cwc " fz{c fcvwc gj ogqzkvkfköh jv gj Av( ?(:00(000 " fch zho tkgo jvwkiogo gj cfec oÿcv " tobc gj vobtoijhwc pc Av( 1:0(000 " { fcvwcv gj cpjofköh pc Av( 600(000 ohzobjv gzohwj bcv pkijcv fzowc oÿcv " { gj Av(:00(000 ohzobjv gzohwj bcv þbwkicv fzowc oÿcv( Ovzio k 9 <* ohzob ( Vcbzfköh> Gjaj fobfzbovj jb F(O(Z(J poo jb Qjwogc> F(O(Z(J Q 9 ?(:00(000 %O#P" <*"5+ ) 1:0(000 %O#D "<*"5+ - ]600(000 %P#O "<*"7+ - :00(000 %P#O "<*"7+ %P#D "<*"7+Y %O#P "<*"5+ F(O(Z(J Q 9 ?(:00(000 %0"?4<7<+ ) 1:0(000 %0(0;<7<+ - ]600(000 %6(65<1+ - :00(000 %6(65<1+ %0(<41;+Y %0(?4<7<+ 9 4?6(6;6"00 Poo jb gjdjhvc > F(O(Z(J G 9 500(000

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Gjakgc o qzj jb F(O(Z(J F(O(Z(J gjb jwogc 4?6(6;6"00 jv ijhc qzj qzj jb FOZJ gjb gjdjhvc 500(000 ( Vj jfcikjhgo jb jjipbo~c( :(7 Vj jobk~o zh jvwzgkc gj jjipbo~c vcaj jb jqzkpc gj pjhvogc gj zho botohgjéo khgzvwkob ( Jb ofwktc jwogc wkjhj zh F(O(Z(J 9 400(000 " fobfzbogc poo vz tkgo þwkb ohwkfkpogo gj ?0 oÿcv ( Zho fzkgogcvo fcbjffköh gj khdciofköh vcaj jb gjdjhvc " eo gogc fcic jvzbwogc qzj vz tobc ofwzob gj fohnj vj jvwkio jh Av( 700(000 " { bcv vklzkjhwjv fcvwcv ohzobjv gj cpjofköh pc{jfwogcv %FOC+ fch vzv jvpjfwktcv tobcjv fcijfkobjv gj fohnj gzohwj bcv pöukicv fkhfc oÿcv" gjvpzëv gj bcv fzobjv jb jqzkpc ofwzobijhwj pcvjégc gjajï jjipbo~ovj > Oÿcv ogkfkchobjv gj jwjhfköh FOC Tobc gj fohnj ? 600(000 150(000 1 6:0(000 110(000 6 700(000 ?:0(000 7 7:0(000 :0(000 : :00(000 0 Eolo zh ohïbkvkv gj jjipbo~c poo zh oÿc ogkfkchob" o zho wovo gj khwjëv gjb ?4*" { gjwjikhj fzohwcv oÿcv iov gjaj iohwjhjvj jvwj ofwktc ohwjv gj vz jjipbo~c pc jb jwogc ( Vcbzfköh> FOZJQ9 400(000 FOZJG9 P %O#P"k*"h+ ) TV %O#D"k*"h+ %O#D"k*"h+ -

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71

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76

1(<47(<:0"00 2 0(701?? P - 1(4::(7;7"16 P 8 1 Bo iïqzkho jh zvc gjaj vj tjhgkgo jh iïv gj Av( 1 Jb fcvwc ohzob gj bo fcipo jv gj Av( 1(000(000 Gjaj fobfzbovj oeco jb FOZJ poo bo obwjhowkto gj fcipo bo iïqzkho gj doakfo ekjbc" zwkbk~ohgc zho gj bov gcv vklzkjhwjv jupjvkchjv> F(O(Z(J 9 P %O#P"k*"h+ ) TV %O#D"k*"h+ - O? ö> F(O(Z(J 9 % P)TV+ %O#P"k*"h+ - %TV+ k - O ? Poo bo iïqzkho> P9 ;(:00(000 TV96(:00(000 h9 : oÿcv O?9 :00(000 Vzvwkwz{jhgc jh bo pkijo dcizbo vj cawkjhj> F(O(Z(J 9 ;(:00(000 %C"66765+ ) 6(:00(000 %0"?6765+ - :00(000 9 6(104(150"00 c" vzvwkwz{jhgc jh bo vjlzhgo döizbo> F(O(Z(J 9 %;(:00(000 ) 6(:00(000+ %0"66765+ - 6(:00(000 %0"10+ - :00(0009 6(104(150"00 Gjakgc o qzj jb FOZJ gj bo iïqzkho %jwogc+ 6(104(150 jv io{c qzj jb FOZJ gjb gjdjhvc %fcipo jb ekjbc + 1(000(000"00 " hc vj jfcikjhgo vz fcipo( :(5 Zho iïqzkho fzjvwo Av( ?0(000(000 " { wkjhj zho tkgo þwkb jvpjogo gj 5 oÿcv( Bcv fcvwcv gj cpjofköh { iohwjhkikjhwc jvwkiogcv gzohwj jvcv 5 oÿcv " ové fcic vz tobc gj jvfowj " vj pjvjhwoh jh bo vklzkjhwj woabo> Oÿc Cpjofköh Iohwjhkikjhwc Qjvfowj ? ?(000(000 100(000 ;(000(000 1 ?(100(000 700(000 5(000(000 6 ?(700(000 400(000 <(000(000 7 ?(400(000 500(000 4(000(000 : ?(500(000 ?(000(000 :(000(000 4 1(000(000 ?( 100(000 7(000(000 < 1(100(000 ?(700(000 6(000(000 5 1(700(000 ?(400(000 1(000(000 ³Jh qzë oÿc gjaj pbohwjovj bo fchtjhkjhfko gj jjipbo~o jb ofwktc" pc eoaj obfoh~ogc vz fcvwc iéhkic gj tkgo þwkb3 ( Zwkbkfj k 9?1* ( Vcbzfköh> Eo{ qzj fobfzbo jb F(O(Z(J F(O(Z(J " poo bov gkdjjhwjv gkdjjhwjv gzofkchjv " ijgkohwj bo jupjvköh> F(O(Z(Jm 9 P %OrP"k*"m+ ) T(V m %OrD"k*"m+ -

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77

Jh jvwj fovc" fcic bcv fcvwcv gj cpjofköh { iohwjhkikjhwc wkjhjh bo jvwzfwzo gj logkjhwj" woiakëh jv pcvkabj fobfzbo jb F(O(Z(J " ijgkohwj vz jipbjc( Ob eofj bcv fïbfzbcv poo bov gkdjjhwjv gzofkchjv> m 9 ?"1"6(((((("5 vj cawkjhj> Oÿc F(O(Z(J ? 6(700(000"00 1 6(:61(0<:"7< 6 6(4:5(5;0"7< 7 6(<50(7<5":; : 6(5;4(554"74 4 7(005(?<6"15 < 7(??7(7?0"6? 5 7(1?:(450"1; Jh jb oÿc ?" jv fzohgc vj obfoh~o jb fcvwc iéhkic gj tkgo þwkb( :(; Zho jipjvo eo vkgc pcpkjwoko gj zh jqzkpc !O! gzohwj bcv þbwkicv gcv oÿcv" { vz fcvwc ohzob zhkdcij jqzktobjhwj eo vkgc gj Av( 7(:00( Zwkbkfj jb iëwcgc gjb gjdjhvc)jwogc " poo ohobk~o bo fchtjhkjhfko gj vzvwkwzk gkfec jqzkpc" pc cwc jqzkpc !A!" fz{c pjfkc jv gj Av( 1:(000" fch zh fcvwc ohzob gj cpjofköh pc Av( 450" { fch zh tobc gj jvfowj gj Av( 7(000 ob dkhob gj zho tkgo gj fkhfc oÿcv( Zvj zho wovo gj khwjëv khwjëv ohzob gjb ?:*( Vcbzfköh> Gjaj fobfzbovj jb FOZJ poo bo obwjhowkto gj jjipbo~o" opbkfohgc zho gj bov gcv vklzkjhwjv jupjvkchjv> F(O(Z(J 9 P %O#P"k*"h+ ) TV %O#D"k*"h+ - O? ö> F(O(Z(J 9 % P)TV+ %O#P"k*"h+ - %TV+ k - O ? Poo jb jwogc> P9 1:(000 TV97(000 h9 : oÿcv O?9 450 k9?:* Vzvwkwz{jhgc jh bo pkijo dcizbo vj cawkjhj> F(O(Z(J A 9 1:(000 %C"1;561+ ) 7(000 %0"?7561+ - 450 9 <7:5"00 ) :;6"15 - 450"00 9 <(:77"<1 c" vzvwkwz{jhgc jh bo vjlzhgo döizbo> F(O(Z(J 9 %1:(000 ) 7(000+ %0"1;561+ - 7(000 %0"?:+ - 4509 4(147"<1- 6<:"00 - 400"00 - 450"009 <(:77"<1 Poo jb gjdjhvc > FOZJO 9 7(:00 Gjakgc o qzj jb FOZJ gjb jwogc <(:77"<1 jv io{c qzj jb FOZJ gjb gjdjhvc 7(:00"00 "hc vj jfcikjhgo jb jjipbo~c(

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Fcvwcv Dkncv 9 1(000(000 - 5(000(000 -?:(000(000 - :(000(000 9 Av( 60(000(000 ohzobjv Fcvwcv Tokoabjv 9 ?100 - 5009 1(000 Av(#zhkgog( Jb fcvwc wcwob gj bo obwjhowkto ‒Pcgzfk’ jv > F(W ? 9 1(000 U - 60(000(000 = ikjhwov qzj jb gj bo obwjhowkto ‒Fcipo’ jv > F(W 1 9 7(000 U (

74

Poo eobbo jb pzhwc gj jqzkbkakc" vj jvzjbtj bo jfzofköh> 1(000 U - 60(000(000 9 7(000 U fz{o vcbzfköh jv > U 9 ?:(000 ( a+ Poo zh jqzjkikjhwc gj 10(000 zhkgogjv ohzobjv " fchtkjhj iov ‒Pcgzfk’ (

4(1 Zho pbohwo khgzvwkob hjfjvkwo bcv jhtcbwckcv poo vz pcgzfwc" { jvwï fchvkgjohgc gcv obwjhowktov> Obwjhowkto ? > Fcipobj bcv jhtcbwckcv o zh wjfjc" o zh pjfkc gj Av( 1 pc zhkgog( Obwjhowkto 1> Pcgzfk jbbo ikvio vzv pcpkcv jhtcbwckcv" poo bc qzj hjfjvkwo fcipo zho iïqzkho qzj fzjvwo Av( 1(000(000" fch zho tkgo þwkb gj 5 oÿcv vkh tobc gj vobtoijhwc" { qzj ogjiïv jqzkjj gj zhcv fcvwcv gj cpjofköh pc iohc gj cao { iohwjhkikjhwc" iohwjhkikjhwc" gj Av( :10(000 ohzobjv( Jb fcvwc tokoabj zhkwokc zhkwokc pc iowjko pkio vj jvwkio jh Av( 0":0 pc zhkgog ( O zho wovo gj khwjëv jb ?: * ohzob" gjwjikhj jb pzhwc gj jqzkbkakc jhwj bov gcv obwjhowktov" jv gjfk" ³fzohwcv jhtcbwckcv fcic iéhkic gjajh pcgzfkvj ob oÿc" poo qzj jvzbwj iïv jfchöikfo bo obwjhowkto gj pcgzfkbcv " qzj bo gj fcipobcv3( Vcbzfköh> Jb fcvwc dknc ohzob gj bo obwjhowkto !Fcipo! jv hzbc= ikjhwov qzj jb fcvwc dknc ohzob gj bo obwjhowkto !Pcgzfk! jv> F(D1 9 1(000(000 % OrP " ?:* "5+ - :10(000 9 1(000(000 % 0(1115: + - :10(000 9 ;4:(<00 Av#oÿc Jb Fcvwc Wcwob pc pcgzfk !u! zhkgogjv ob oÿc" aonc fogo zho gj bov gcv obwjhowktov jv> F(W? 9 1u F(W1 9 ;4:(<00 - 0(:0 u { pc wohwc" jb pzhwc gj jqzkbkakc jhwj bov gcv obwjhowktov vj cawkjhj klzobohgc bov gcv jupjvkchjv gj fcvwc> 1u 9 ;4:(<00 - 0":0 u ( Gj gchgj> ?":0 u 9 ;4:(<00 u 9 476(500 jhtcbwckcv ob oÿc ( 4(6 Poo pcgzfk zh owéfzbc jukvwjh gcv pcvkabjv pcfjvcv> Zhc iohzob { cwc ozwciïwkfc( Jh jb pcfjvc iohzob vj khfzjh jh zhcv fcvwcv dkncv pc iohc gj cao { lovwcv ljhjobjv gj Av( ?1(000(000 ob oÿc " { bcv fcvwcv tokoabjv vch gj Av( ?10 pc zhkgog (

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Jh jb pcfjvc ozwciïwkfc jv hjfjvokc fcipo zho iïqzkho " { bcv fcvwcv dkncv vj jbjtoh o Av( 10(000(000 ohzobjv " pjc gogo vz opkgj~ " bcv fcvwcv tokoabjv vj jgzfjh o Av( <0 pc zhkgog( o+ Gjwjikhj jb pzhwc gj jqzkbkakc jhwj bov gcv obwjhowktov( a+ Poo zh hktjb gj pcgzffköh gj 700(000 zhkgogjv ob oÿc" ³ fzob gj bcv gcv pcfjvcv jv iïv fchtjhkjhwj 3( Vcbzfköh> Bcv fcvwcv wcwobjv poo fogo zho gj bov gcv obwjhowktov> Poo bo iohzob > F(W ? 9 ?1(000(000 - ?10 U Poo bo ozwciïwkfo> F(W 1 9 10(000(000 - <0 U Klzobohgc > ?1(000(000 - ?10 U 9 10(000(000 - <0 U :0 U 9 5(000(000 U 9 ?40(000 zhkgogjv ob oÿc Poo zh hktjb gj pcgzffköh gj 700(000 zhkgogjv ob oÿc " jb pcfjvc iïv fchtjhkjhwj jv jb ozwciïwkfc " pc jhfchwovj o bo gjjfeo gjb pzhwc gj jqzkbkakc " { vj jh fchvjfzjhfko iïv jfchöikfc( 4(7 Poo pcgzfk zh owéfzbc jv hjfjvokc eofj bov vklzkjhwjv khtjvkchjv( Fcipo zho iïqzkho qzj fzjvwo ec{ Av( ?:(000(000 " { fz{o tkgo vj jvwkio jh 5 oÿcv " vkh tobc gj vobtoijhwc ( Obqzkbo zh bcfob fz{c fohch gj ojhgoikjhwc jv gj Av( ?1(000(000 ohzobjv ( Fchwowo zh pjvchob dknc " o zh fcvwc j Av( 1:(000(000 ohzobjv( Eofj zho khtjvköh jh pzabkfkgog pc Av( 5(000(000 ohzobjv( Ogjiïv " gzohwj jb pcfjvc gj pcgzffköh vj khfzjh jh bcv vklzkjhwjv fcvwcv> Iowjko pkio o o~öh gj Av( 1(000 pc fogo zhkgog gjb owéfzbc qzj vj to{o o pcgzfk( Jhjléo o o~öh gj Av( ?(000 pc fogo zhkgog gjb owkfzbc qzj vj to{o o pcgzfk( Vj jvwkio qzj bo gjiohgo ohzob qzj wjhgéo jvwj owéfzbc vjéo gj 1:(000 zhkgogjv ohzobjv ( O zho wovo gj khwjëv gjb 10* ohzob " fobfzbj jb pjfkc iéhkic ob fzob eoaéo qzj tjhgj fogo zhkgog gj jvwj owéfzbc " poo obfoh~o jb jqzkbkakc ( Vcbzfköh> Eo{ qzj fbovkdkfo bcv fcvwcv jh dkncv { tokoabjv( tokoabjv( Fcvwcv Dkncv 9 Oicwk~ofköh - Pjvchob -Obqzkbj -Pzabkfkgog( Oicwk~ofköh 9 ?:(000(000 %OrP"10*"5+ 9 ?:(000(000 % 0(1404?+ 9 6(;0;(?:0 Fcvwcv Dkncv 9 6(;0;(?:0 - ?1(000(000 -1:(000(000 - 5(000(000 9 Av( 75(;0;(?:0 ohzobjv Fcvwcv Tokoabjv 9 1(000 - ?(0009 6(000 Av(#zhkgog( Jb fcvwc wcwob jv > F(W 9 6(000 U - 75(;0;(?:0 Jb khljvc jv > K 9 p U " vkjhgc > p 9 Pjfkc zhkwokc gj tjhwo ( Fcic vj jvwkio> U 9 1:(000 Poo obfoh~o jb pzhwc gj jqzkbkakc" vj jvzjbtj bo jfzofköh> 6(000 %1:(000+ - 75(;0;(?:0 9 p % 1:(000+ fz{o vcbzfköh jv > p 9 7(;:4"6< Av(#zhkgog (

75

4(: Zh khljhkjc jvwo fchvkgjohgc gcv iëwcgcv poo jb jtjvwkikjhwc gj wohqzjv gj olzo( Vj pzjgj opbkfo zh jtjvwkikjhwc akwzikhcvc o zh fcvwc gj Av( 17(000 ( Vk jb jtjvwkikjhwc vj jpoo o bcv fzowc oÿcv o zh fcvwc gj Av( 5(400 " vz tkgo þwkb vj pzjgj juwjhgj gcv oÿcv iïv ( Pc cwo powj" vj pzjgj khvwobo zh jtjvwkikjhwc pbïvwkfc qzj wjhgéo zho tkgo þwkb gj ?: oÿcv ( Vk bo wovo gj g j khwjëv jv gjb 10*( ³ Fzohwc gkhjc vj pzjgj lovwo jh jb jtjvwkikjhwc pbïvwkfc" poo qzj bcv gcv iëwcgcv jvwëh jh jqzkbkakc 3 ( Vcbzfköh> Jb jqzkbkakc vj obfoh~o fzohgc oiacv iëwcgcv wjhloh klzob !Fcvwc Ohzob Zhkdcij Jqzktobjhwj ! ( Poo jb jtjvwkikjhwc akwzikhcvc" vz F(O(Z(J jv> F(O(Z(J 9 17(000 % OrP " 10* " 4+ - 5(400 %PrD"10*"7+ %OrP"10*"4+ 9 17(000 % 0"600 F(O(Z(J 9 P % OrP" 10* "?:+ 9 0"1?655 P Klzobohgc > 0"1?655 P 9 5(747"61 P 96;(:<:"0; 4(4 Zho fcipoÿéo gj wjbjdchéo fjbzbo cdjfj o vzv vzvfkpwcjv gcv cpfkchjv gj wokdov> Cpfköh ? > Zho Qjhwo Aïvkfo gj Av( 10(000 ijhvzobjv fch zh fzpc gj 60 ikhzwcv khfbzkgcv" iïv zh polc gj Av( ?00 pc fogo ikhzwc ogkfkchob vcaj jb fzpc gj 60 ikhzwcv bkajv( Cpfköh 1 > Vkh Qjhwo Aïvkfo" fch fch zh polc gj Av( 100 jb ikhzwc( o+ Jhfzjhwj jb pzhwc gj jqzkbkakc jhwj bov gcv obwjhowktov" j khwjpjwj jb jvzbwogc( a+ Vk zh vzvfkpwc jvwkio zh fchvzic gj 70 ikhzwcv ijhvzobjv" ³ fzob gj bov gcv cpfkchjv bj jvzbwo iïv fchtjhkjhwj3( Vcbzfköh> Poo zh fchvzic gj ‒u’ ikhzwcv ijhvzobjv" jb fcvwc wcwob gj fogo zho gj bov cpfkchjv jv jb vklzkjhwj> F(W? 9

10(000 = vk u

60

10(000 - ?00 %u ) 60+ 9 ?<(000 - ?00 u = vk u 8 60

F(W1 9 100 u Jb pzhwc gj jqzkbkakc vj obfoh~o fzohgc vj klzoboh bcv gcv fcvwcv wcwobjv> 100 u 9 10(000 u 9 ?00 = dzjo gjb gcikhkc gj bo Qjhwo Aïvkfo( 100 u 9 ?<(000 - ?00 u u 9 ?<0 ikhzwcv ijhvzobjv Jvwj jvzbwogc vklhkdkfo qzj poo zh fchvzic ijhvzob khdjkc o ?<0 ikhzwcv fchtkjhj iïv bo Cpfköh 1 = ikjhwov qzj poo zh fchvzic ijhvzob io{c o ?<0 ikhzwcv" fchtkjhj iïv bc Cpfköh ?" wob fcic pzjgj opjfkovj jh bo dklzo>

7;

Poo zh fchvzic gj 70 ikhzwcv ijhvzobjv " fchtkjhj iïv bo Cpfköh 1 pzjv wkjhj ijhc fcvwc( Poo u9 70 F(W1 9 5(000 2 F(W ? 9 1?(000 4(< Poo pcgzfk zh owéfzbc jv hjfjvokc fcipo zho iïqzkho qzj wkjhj ec{ zh tobc gj Av( 10(000(000 " { o bo qzj vj bj jvwkio zho tkgo þwkb gj ?0 oÿcv " vkh tobc gj vobtoijhwc( Ogjiïv" jv pjfkvc khfzk jh zhcv fcvwcv dkncv pc iohc gj cao { lovwcv ljhjobjv gj Av( ?5(000(000 ob oÿc( Bcv fcvwcv pc fchfjpwc gj iowjko pkio { jhjléo" vj fobfzboh jh Av( ?:00 pc zhkgog pcgzfkgo= { vj jvwkio qzj fogo zhkgog pcgzfkgo pzjgj vj tjhgkgo jh Av( :000( O zho wovo gj khwjëv gjb 10* ohzob" gjwjikhj jb hþijc iéhkic gj zhkgogjv qzj jv hjfjvokc pcgzfk ob oÿc" poo obfoh~o jb jqzkbkakc( Vcbzfköh> Bcv fcvwcv dkncv vch> Fcvwcv Dkncv 9 10(000(000 %OrP"10*"?0+ - ?5(000(000 9 10(000(000 %0"165:1+ - ?5(000(000 9 11(<<0(700"00 Fcvwcv Wcwobjv 9 11(<<0(700"00 - ?(:00 U Khljvcv Wcwobjv 9 :(000 U Klzobohgc > 11(<<0(700"00 - ?(:00 U 9 :(000 U U 9 4(:0:"56 zhkgogjv ob oÿc poo obfoh~o jb jqzkbkakc 4(5 Bcv pchövwkfcv jobk~ogcv vcaj bo gjiohgo qzj wjhgéo zh hzjtc pcgzfwc" o boh~ovj ob ijfogc jb oÿc jhwohwj" jvwoabjfjh qzj vjéo gj ?0(000 zhkgogjv ob oÿc( Poo pcgzfk jvwj pcgzfwc vj hjfjvkwo ogqzkk gcv iïqzkhov" fz{cv gowcv gj fcvwc vch bcv vklzkjhwjv> Iïqzkho ? Iïqzkho 1 Tobc Khkfkob 100(000 600(000 Tkgo þwkb %oÿcv+ 7 4 Iohwjhkikjhwc ob oÿc :(000 ?0(000 Tobc gj jvfowj 70(000 :0(000

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Poo cpjo jvwov iïqzkhov vj hjfjvkwo gj zh pjvchob p jvchob dknc qzj loho jh wcwob Av( 100(000 ohzobjv= { bo fzcwo gj lovwcv ljhjobjv qzj gjaj oavcaj jvwj pcgzfwc jv gj Av( ?00(000 ob oÿc( Bcv fcvwcv gj iowjko pkio" fciazvwkabj" jwf(" hjfjvokcv poo doakfo doakfo zho zhkgog gjb pcgzfwc" vj jvwkioh jh Av(60( Poo zho wovo gj khwjëv gjb 10* ohzob" fobfzbj jb pjfkc zhkwokc iéhkic qzj gjaj wjhj jb pcgzfwc" poo obfoh~o jb jqzkbkakc( Vcbzfköh> Eo{ qzj fobfzbo jb F(O(Z(J fcjvpchgkjhwj o fogo iïqzkho( F(O(Z(J? 9 100(000 100(000 %O P"10*"7+ P"10*"7+ - :000 ) 70(000 70(000 %O D"10*"7+ D"10*"7+ 9 100(000 %0"6541;+ %0"6541;+ - :000 ) 70(000 %0"?541;+ 9 <7(504"70 F(O(Z(J1 9 600(000 600(000 %O P"10*"4+ P"10*"4+ - ?0(000 ?0(000 ) :0(000 %O D"10*"4+ D"10*"4+ 9 600(000 %0"600 p U 9 F(D(W - F t U " gchgj jv jb fcvwc tokoabj zhkwokc %jh jvwj fovc Ft 9 60+ " p 9 P>T>P" ö pjfkc gj tjhwo pc zhkgog" { U 9 Hþijc gj zhkgogjv o tjhgj %jh jvwj fovc U 9 ?0000+" vj cawkjhj> P(T(P 9

74;(;56";0 - 60 %?0(000+ 9 ?0(000

Av << pc zhkgog

4(; Zho fcipoÿéo fchvwzfwco jvwo fchvkgjohgc bo fcipo gj zh wofwc " fz{c fcvwc jv gj Av( <:(000(000 " { ob qzj vj bj jvwkio zho tkgo þwkb gj ?: oÿcv " fch zh tobc gj vobtoijhwc gj Av( :(000(000 ( Bcv fcvwcv gj cpjofköh vj jvwkioh jh Av( 60(000 gkokcv oqzjbbcv géov qzj jb wofwc jvwë woaonohgc " { zh fcvwc dknc gj iohwjhkikjhwc gj Av( 4(000(000 ohzobjv( Cwo obwjhowkto jv obqzkbo jb wofwc poo oqzjbbcv géov qzj vj hjfjvkwj" o zho wokdo gj Av( 1?0(000 gkokcv( O zh wovo gj khwjëv gjb ?1* ohzob " gjwjikhj jb hþijc gj géov ob oÿc qzj wjhgéo qzj woaono jb wofwc poo qzj obfohfj jb jqzkbkakc" jv gjfk" poo qzj vj  nzvwkdkqzj vz fcipo ( Vcbzfköh > Jb fcvwc dknc gj wjhj jb wofwc jv > F( D 9 4(000(000 - <:(000(000 %OrP" ?1*" ?:+ ) :(000(000 %OrD" ?1*" ?:+ 9 4(000(000 - <:(000(000 %0(?7451+ ) :(000(000 %0(01451+ 9 ?4(5<<(700"00 Vk jb wofwc woaono ‒u’ géov ob o b oÿc " jb fcvwc wcwob gj wjhjbc jv > F(W 9 ?4(5<<(700 - 60(000 u Poo bo obwjhowkto ‒obqzkbobc’ " jb fcvwc wcwob jv >

F(W 9 1?0(000 u

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4(?0 Zho gjvwkbjéo jvwï wciohgc jh fchvkgjofköh gcv pcpcvkfkchjv poo bo ogqzkvkfköh gj acwjbbov( Bo pkijo jv eofj zho khtjvköh jh jqzkpcv pc zh tobc gj Av( 10(000(000" qzj hjfjvkwo gj zh cpjokc dknc o Av( 500(000 ohzobjv" fch lovwcv gj iohwjhkikjhwc gj Av( ?(000(000 ohzobjv( Vj jvwkio qzj pc fchfjpwc gj iowjko pkio { jhjléo" vjéoh hjfjvokcv Av( 10 poo pcgzfk fogo acwjbbo( Jb jqzkpc wjhgéo zho gzofköh gj ?: oÿcv" fch zh tobc gj jvfowj gj Av( 1(000(000 ( Bo vjlzhgo obwjhowkto jv fcipo fogo acwjbbo o Av( <0( O zho wovo gj khwjëv gjb ?:* ohzob o+ ³ Fzob gjaj vj jb jqzjkikjhwc ohzob iéhkic gj acwjbbov" poo qzj bov gcv obwjhowktov jvwëh jh jqzkbkakc3 a+ Vk jh bo ofwzobkgog vj jqzkjj gj ?00(000 acwjbbov ohzobjv ( ³Fzob gjfkvköh jv iov fchtjhkjhwj 3 ( Vcbzfköh> Jb F(O(Z(J pc fcipo bo ioqzkhoko jv> F(O(Z(J 9 P%OrP"k*"h+ ) T(V %OrD"k*"h+ - F(O(C F(O(Z(J 9 10(000(000 %0(? 7(6<5(640"00 - 500(000"00 9 :(?<5(640"00 Av#oÿc Jb Fcvwc Wcwob jv> :(?<5(640 - 10 U Jb Jqzkbkakc vj obfoh~o fzohgc > :(?<5(640 - 10 U 9 <0 U Gjvpjnohgc U" vj cawkjhj> U 9?06(:4<"10 9?06(:4<"10 acwjbbov acwjbbov ob oÿc( oÿc( Poo U9 ?00(000 2 ?06(:4< " bo obwjhowkto iïv fchtjhkjhwj jv fcipo bov acwjbbov ( 4(?? Poo pcgzfk zh owéfzbc " eo{ qzj khfzk jh bcv vklzkjhwjv fcvwcv> Fcvwc gjb bcfob > Av( ?(000(000 ijhvzobjv ( Fcvwc gj bo iowjko pkio> Av( 100 pc pkj~o ( Fcvwc gj bo jhjléo> Av( :0 pc pkj~o ( Höikho gj jipbjogcv dkncv> Av( 1(000(000 ijhvzobjv ( Gjpjfkofköh gj bo ioqzkhoko> Av( 100(000 ijhvzobjv ( Lovwcv Ljhjobjv> Av( 500(000 ijhvzobjv ( Jvwj pcgzfwc pzjgj vj tjhgkgc jh Av( ?(0:0 bo pkj~o( pkj~o( ³ Fzohwov zhkgogjv eo{ qzj pcgzfk ijhvzobijhwj" poo obfoh~o jb pzhwc gj jqzkbkakc 3 ( Vcbzfköh> Jv hjfjvokc fbovkdkfo bcv fcvwcv gj pcgzffköh jh dkncv { tokoabjv( Bcv fcvwcv dkncv vch> F(D 9 ?(000(000 - 1(000(000 - 100(000 - 500(000 9 7(000(000 Bcv fcvwcv zhkwokcv tokoabjv vch> 100 - :0 9 Av( 1:0 pc pkj~o ( Jb fcvwc wcwob gj pcgzfk !u! pkj~ov jv > 7(000(000 - 1:0 u Jb khljvc pc pcgzfk jvov !u! pkj~ov jv > ?0:0 u { pc wohwc" poo obfoh~o jb pzhwc gj jqzkbkakc jqzkbkakc > ?0:0 u 9 7(000(000 - 1:0 u ( Gj gchgj> 500 u 9 7(000(000 u 9 :000 pkj~ov ob ijv ( 4(?1 Poo pcgzfk zh owéfzbc " eo{ qzj khfzk jh bcv vklzkjhwjv fcvwcv> Fcvwc gjb bcfob > Av( ?(000(000 ijhvzobjv (

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Fcvwc gj bo iowjko pkio> Av( 500 pc pkj~o ( Fcvwc gj bo jhjléo> Av( 100 pc pkj~o ( Höikho gj jipbjogcv dkncv> Av( 5(000(000 ijhvzobjv ( Gjpjfkofköh gj bo ioqzkhoko> Av( ?(000(000 ijhvzobjv ( Lovwcv Ljhjobjv> Av( :(000(000 ijhvzobjv ( Jvwj pcgzfwc pzjgj vj tjhgkgc jh Av( 6(000 6(000 bo pkj~o( ³ Fzohwov zhkgogjv eo{ qzj pcgzfk ijhvzobijhwj" poo obfoh~o jb pzhwc gj jqzkbkakc 3 ( Vcbzfköh> Jv hjfjvokc fbovkdkfo bcv fcvwcv gj pcgzffköh jh dkncv { tokoabjv( Bcv fcvwcv dkncv vch> F(D 9 ?(000(000 - 5(000(000 - ?(000(000 - :(000(000 9 ?:(000(000 ijhvzobjv Bcv fcvwcv zhkwokcv tokoabjv vch> 500 - 100 9 Av( ?(000 pc pkj~o ( Jb fcvwc wcwob gj pcgzfk !u! pkj~ov jv > ?:(000(000 - ?(000 u Jb khljvc pc pcgzfk jvov !u! pkj~ov jv > 6(000 6 (000 u { pc wohwc" poo obfoh~o jb pzhwc gj jqzkbkakc > 6(000 u 9 ?:(000(000 - ?(000 u( Gj gchgj> 1(000 u 9 ?:(000(000 u 9 <:00 pkj~ov ob ijv ( 4(?6 Poo pcgzfk zh owéfzbc jv hjfjvokc eofj bov vklzkjhwjv khtjvkchjv( Fcipo zho iïqzkho qzj fzjvwo ec{ Av( 10(000(000 " { fz{o tkgo vj jvwkio jh ?0 oÿcv " vkh tobc gj vobtoijhwc ( Obqzkbo zh bcfob fz{c fohch gj ojhgoikjhwc jv gj Av( ?:(000(000 ohzobjv ( Fchwowo zh pjvchob dknc " o zh fcvwc j Av( 60(000(000 ohzobjv( Eofj zho khtjvköh jh pzabkfkgog pc Av( ?1(000(000 ohzobjv( Ogjiïv " gzohwj jb pcfjvc gj pcgzffköh vj khfzjh jh bcv vklzkjhwjv fcvwcv> Iowjko pkio o o~öh gj Av( 7(000 pc fogo zhkgog gjb owéfzbc qzj vj to{o o pcgzfk( Jhjléo o o~öh gj Av( 1(000 pc fogo zhkgog gjb owéfzbc qzj vj to{o o pcgzfk( Vj jvwkio qzj bo gjiohgo ohzob qzj wjhgéo jvwj owéfzbc vjéo gj 70(000 zhkgogjv ohzobjv ( O zho wovo gj khwjëv gjb ?0* ohzob " fobfzbj jb pjfkc iéhkic ob fzob eoaéo qzj tjhgj fogo zhkgog gj jvwj owéfzbc " poo obfoh~o jb jqzkbkakc ( Vcbzfköh> Eo{ qzj fbovkdkfo bcv fcvwcv jh dkncv { tokoabjv( tokoabjv( Fcvwcv Dkncv 9 Oicwk~ofköh - Pjvchob -Obqzkbj -Pzabkfkgog( Oicwk~ofköh 9 10(000(000 %OrP"?0*"?0+ 9 10(000(000 % 0(?41<:+ 9 6(1::(000 Fcvwcv Dkncv 9 6(1::(000- ?:(000(000 - 60(000(000 - ?1(000(000 9 Av( 40(1::(000 ohzobjv Fcvwcv Tokoabjv 9 7(000 - 1(0009 4(000 Av(#zhkgog( Jb fcvwc wcwob jv > F(W 9 4(000 U - 40(1::(000 Jb khljvc jv > K 9 p U " vkjhgc > p 9 Pjfkc zhkwokc gj tjhwo ( Fcic vj jvwkio> U 9 70(000 Poo obfoh~o jb pzhwc gj jqzkbkakc" vj jvzjbtj bo jfzofköh> 4(000 %70(000+ %70(000+ - 40(1::(000 9 p % 70(000+ fz{o vcbzfköh jv > p 9 <(:04"65 Av(#zhkgog (

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Cpwkikvwo> T(P(H 9 ) ?0(000(000 ?0(000(000 - ?0(000(000%P D"?1*" D"?1*"?+ ?+ - 5(000( 5(000(000% 000%P P D"?1*" D"?1*"1+ 1+ ) ?0(000(000 - ?0(000(000%0"5;1;+ - 5(000(000%0"<;<1+ 9 :(604(400"00 :(604(400"00 Wjhkjhgc jh fzjhwo qzj jb Tobc Jvpjogc vj fobfzbo> J%U+ 9

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qzj jb Tobc Pjvjhwj Jvpjogc jv > T(P( J 9 ) 1(674(<00 %0"60+ - ?(;14(700%0"7:+ -:(604(400%0"1:+ 9 ?(75;(:10"00 80 Fchtkjhj bo Khtjvköh <(5 Vzpchlo qzj Zg( gjaj jbjlk zhc gj gcv pc{jfwcv gj khtjvköh " jh gchgj jukvwj khfjwkgziaj ofjfo gj bcv khljvcv qzj ljhjooh ( Jvwkiofkchjv gj khljvcv ejfeov aonc wjv jvfjhokcv > Pjvkikvwo " Qo~choabj { Cpwkikvwo " goh bov vklzkjhwjv fkdov o Tobc Pjvjhwj> Pjvkikvwo Qo~choabj Cpwkikvwo Pc{jfwc O ?0(000(000 ?:(000(000 10(000(000 Pc{jfwc A ?6(000(000 ?:(000(000 ?5(000(000 Bo Khtjvköh khkfkob jqzjkgo jv gj Av( <(000(000 poo jb Pc{jfwc ‒O’ " { gj Av( ?0(000(000 poo jb Pc{jfwc ‒A’ " { bov Pcaoakbkgogjv ovcfkogov o fogo zhc gj

bov wjv jvwkiofkchjv vch gj 0(60 " 0(40 { 0(?0 jvpjfwktoijhwj ( Zvj jb iëwcgc gjb Tobc Jvpjogc poo jbjlk bo ijnc gj bov gcv obwjhowktov (

Vcbzfköh> Eo{ qzj fobfzbo jb Tobc Pjvjhwj Hjwc Jvpjogc poo fogo zhc gj bcv gcv pc{jfwcv( T(P(H(JO 9 )<(000(000 - ?0(000(000 %0(60+ -?:(000(000 %0(40+ 10(000(000 %0(?0+ 9 <(000(000 T(P(H(JA 9 )?0(000(000 - ?6(000(000 %0(60+ -?:(000(000 %0(40+ ?5(000(000 %0(?0+ 9 7(<00(000 Fchfbzvköh> Fchtkjhj iov jb Pc{jfwc ‒O’ " pc wjhj zh Tobc Pjvjhwj Hjwc

Jvpjogc io{c(

<(; Vzpchloicv qzj zh pc{jfwc jqzkjj gj zho khtjvköh khkfkob gj Av( ?:(000(000 " { qzj jukvwj khfjwkgziaj ofjfo gj bcv khljvcv gjktogcv gj jvo khtjvköh gzohwj bcv pöukicv gcv oÿcv( Jvwkiofkchjv jobk~ogov fch fkwjkcv cpwkikvwov " jobkvwov { pjvkikvwov " goh bov vklzkjhwjv fkdov poo bcv gcv oÿcv gj tkgo gjb pc{jfwc> OßC ? OßC 1 Fkwjkc Khljvc Pcaoakbkgog Khljvc Pcaoakbkgog Cpwkikvwo ?0(000(000 0"6 10(000(000 0"?: Qjobkvwo 5(:00(000 0": ?5(000(000 0"40 Pjvkikvwo 4(000(000 0"1 ?7(000(000 0"1: O zho wovo gj khwjëv gjb 10* " fobfzbj jb Tobc Pjvjhwj Hjwc Jvpjogc gj bo khtjvköh " { ohobkfj vk jv owofwkto bo khtjvköh j jvwo wovo gj khwjëv( Vcbzfköh> Eo{ qzj fobfzbo bcv dbzncv gj fono jvpjogcv poo fogo oÿc >

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wjv jvwkiofkchjv vch gj 0(?: " 0(40 { 0(1: jvpjfwktoijhwj ( Zvj jb iëwcgc gjb Tobc Jvpjogc poo jbjlk bo ijnc gj bov gcv obwjhowktov (

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Jvpjogc io{c(

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46

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5(: Zh jqzkpc fz{c tobc gj ogqzkvkfköh jv gj Av( 5(000(000 to o vj gjpjfkogc jh ?0 oÿcv " pc jb iëwcgc gjb ‒ Vobgc Gjfjfkjhwj Gcabj’ ( Fobfzbj bo fzcwo gj gjpjfkofköh poo jb oÿc 4 " { jb tobc jh bkacv ob dkhob gjb oÿc 5( Vcbzfköh> Pc jb iëwcgc gjb vobgc gjfjfkjhwj gcabj " bo gjpjfkofköh jv jb gcabj gj bo fcjvpchgkjhwj pc jb iëwcgc gj béhjo jfwo> jfwo> g 9

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gjpjfkofköh fcjvpchgkjhwj ob oÿc ‒w’ jv > g w g%? g + ( Bo fzcwo gj gjpjfkofköh poo jb oÿc ‒w’ vjï > G w 9 g P %?)g+ w)? ( 1 Poo jvwj fovc > g 9 9 0(10 " bc qzj vklhkdkfo qzj fogo ?0 w ?

oÿc bo fzcwo gj

gjpjfkofköh vjï jb 10 * gjb tobc qzj wjhéo ob pkhfkpkc gj jvj oÿc( P 9 5(000(000 " pc bc wohwc" bo fzcwo gj gjpjfkofköh poo jb oÿc 4 jv> : G4 9 0(10 %5(000(000+ %?)0(10+ 9 :17(155"00 Jb tobc jh bkacv ob dkhob gjb oÿc ‒w’ jv > T(B w 9 P % ?)g+ w Poo jb oÿc 5 > T(B 5 9 5(000(000 % ?) 0(10+5 9 ?(671(?<<"15 5(4 Zh ofwktc fz{c tobc gj ogqzkvkfköh jv gj Av( ?1(000(000 to o vj gjpjfkogc jh 4 oÿcv " pc jb iëwcgc gjb ‒Vobgc Gjfjfkjhwj Gcabj’ ( Fobfzbj bo fzcwo gj gjpjfkofköh poo jb oÿc 6 " { jb tobc jh bkacv ob dkhob gjb oÿc 7 ( Vcbzfköh> Pc jb iëwcgc gjb vobgc gjfjfkjhwj gcabj " bo gjpjfkofköh jv jb gcabj gj bo fcjvpchgkjhwj pc jb iëwcgc gj béhjo jfwo> jfwo> g 9

1 h

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" { bo wovo gj

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gj gjpjfkofköh

vjï jb 66* gjb tobc tobc qzj wjhéo ob pkhfkpkc gj jvj oÿc( P 9 ?1(000(000 " pc bc wohwc" bo fzcwo gj gjpjfkofköh poo jb oÿc 6 jv> 1 G6 9 0(66 %?1(000(000+ %?)0(66+ 9 ?(<<<(<<<"<5

47 Jb tobc jh bkacv jh jb oÿc ‒w’ jv > T(B w9 P % ?)g+ w

Poo jb oÿc 7 > T(B 7 9 ?1(000(000 % ?)0(66+7 9 1(6<0(6<0"6< 5(< Zh jqzkpc eo eo fcvwogc Av( :(000(000" vj bj jvwkio jvwkio zho tkgo þwkb gj fzowc fzowc oÿcv" ob dkhob gj bcv fzobjv vz tobc vj fobfzbo jh Av( ?(000(000 ( Fobfzbj bo gjpjfkofköh { jb tobc jh bkacv fcjvpchgkjhwjv ob dkhob gjb oÿc 1" zwkbk~ohgc bcv vklzkjhwjv iëwcgcv> o+ Bkhjo jfwo ( a+ Vzio gj bcv gélkwcv gjb oÿc ( Vcbzfköh> o+ Pc bkhjo jfwo> G 9 P ) TV 9 :(000(000 ) ?(000(00 9 ?(000(000 % Fzcwo gj gjpjfkofköh + h 7 T(B 1 9 P ) iG 9 :(000(000 ) 1 % ?(000(000+ 9 6(000(000 % Tobc jh bkacv ob dkhob gjb oÿc 1 + a+ Pc vzio gj gélkwcv> Bo vzio gj gélkwcv ob oÿc tkjhj gogo pc > V( G( O

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Poo hzjvwc fovc" wjhjicv> P9 :(000(000 = T(V9 ?(000(000 = h97 Qjjipbo~ohgc" cawjhjicv> V(G(O 9 7%:+# 1 9 ?0 G1 9 %7)1-?+ %:(000(000 ) ?(000(000+ # ?0 9 ?(100(000 % Fzcwo gj gjpjfkofköh fcjvpchgkjhwj ob oÿc 1+ T(B1 9 :(000(000 ) 1%7) 1#1 - 0":+ %:(000(000 ) ?(000(000+#?0 9 1(100(000 %Tobc jh bkacv ob dkhob gjb oÿc 1+ 5(5 Zho khgzvwko fcipö zh ofwktc pc Av( ?5(000(000( Ovzikjhgc zho tkgo þwkb gj ?0 oÿcv= fobfzbj bo fzcwo gj gjpjfkofköh fcjvpchgkjhwj ob oÿc 7" { vz tobc jh bkacv ob dkhob gjb oÿc 5 " zvohgc jb iëwcgc gjb vobgc gjfjfkjhwj fch zho wovo gjb ?40* gj bo wovo jh béhjo jfwo( Vcbzfköh> Poo gjpjfko pc jb iëwcgc gjb vobgc gjfjfkjhwj> )? w)? w gw 9 g % ? ‖ g+ Gw 9 %g+ P %?)g+ TBw 9 P %?)g+

4:

g9 wovo gj gjpjfkofköh gw 9 wovo gj gjpjfkofköh poo jb oÿc ‒w’ Gw 9 Gjpjfkofköh poo jb oÿc ‒w’( TBw 9 Tobc jh bkacv ob dkhob gjb oÿc ‒w’( P 9 Tobc khkfkob( Jh jvwj fovc> g 9

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6

Bo fzcwo gj gjpjfkofköh poo jb oÿc 7> G7 9 ?(<04(;5<":1 5 Jb tobc jh bkacv ob dkhob gjb oÿc 5> TB5 9 ?5(000(000 %0"57+ 9 7(74?(<44"07 5(; Zho jipjvo fcipö zho ioqzkhoko pc Av( 10(000(000( Ovzikjhgc zho tkgo þwkb gj ?0 oÿcv= fobfzbj bo fzcwo gj gjpjfkofköh fcjvpchgkjhwj ob oÿc 7" { vz tobc jh bkacv ob dkhob gjb oÿc : " zvohgc jb iëwcgc gjb vobgc gjfjfkjhwj gcabj( Vcbzfköh> Poo gjpjfko pc jb iëwcgc gjb vobgc gjfjfkjhwj> )? w)? w gw 9 g % ? ‖ g+ Gw 9 %g+ P %?)g+ TBw 9 P %?)g+ g9 wovo gj gjpjfkofköh Gw 9 Gjpjfkofköh poo jb oÿc ‒w’( P 9 Tobc khkfkob( Jh jvwj fovc> g 9

1 h

1 ?0

9 0"10

gw 9 wovo gj gjpjfkofköh poo jb oÿc ‒w’ TB w 9 Tobc jh bkacv ob dkhob gjb oÿc ‒w’(

G7 9 %0"10+ 10(000(000 %?)0"10+

6

Bo fzcwo gj gjpjfkofköh poo jb oÿc 7> G7 9 1(075(000"00 : Jb tobc jh bkacv ob dkhob gjb oÿc :> TB: 9 10(000(000 %0"50+ 9 4(::6(400"00

44

ZHKGOG ZHK GOG H° ;>

Dbznc gj Fono gjvpzëv gj kipzjvwcv(

VKHCPVKV GJ FCHWJHKGC> FCHWJHKGC> Fïbfzbc gjb kipzjvwc ljhjogc pc zho khtjvköh vjlþh bov bj{jv wkazwokov tjhj~cbohov( Fïbfzbc { woazbofköh gjb dbznc gj fono gjvpzëv gj kipzjvwcv( Wovo khwjho gj jwchc gjvpzëv gj kipzjvwcv( CANJWKTC GJ BO ZHKGOG> ZHKGOG> Fobfzbo vjlþh bo bjlkvbofköh tjhj~cboho" { pjtko vjbjffköh gj zh iëwcgc gj gjpjfkofköh pjikwkgc pc bo bj{" jb kipzjvwc ljhjogc pc zho khtjvköh= o bcv dkhjv gj gjwjikho bo wovo khwjho gj jwchc gjvpzëv gj polo kipzjvwcv jvpjfwktcv( JVWO ZHKGOG VJ JTOBZO IJGKOHWJ ZH WQOAONC PQOFWKFC JNJIPBCV GJ WQOAONC PQOFWKFC ;(? Ob pkhfkpkc gjb oÿc ?;;;" zho jipjvo fcipö zho ioqzkhoko jh Av( 40(000(000" fch zho tkgo þwkb gj wjv oÿcv" { tobc gj vobtoijhwc gj Av( ?1(000(000( Gzohwj vzv wjv oÿcv gj tkgo" bo iïqzkho ljhjö bcv vklzkjhwjv khljvcv { fcvwcv" qzj vj izjvwoh jh bo woabo o fchwkhzofköh> Lovwcv gj Cpjofköh { Oÿc Khljvcv Iohwjhkikjhwc ?;;; :0(000(000 ?:(000(000 1000 <:(000(000 17(000(000 100? ;0(000(000 60(000(000 Zvohgc jb iëwcgc gj gjpjfkofköh jh ‒béhjo jfwo’" gjwjikhj>

Jb ichwc gjb kipzjvwc o polo jh fogo zhc gj jvwcv wjv oÿcv Jb dbznc gj fono gjvpzëv gj kipzjvwc jh fogo zhc gj jvwcv wjv oÿcv( Bo wovo khwjho gj jwchc gjvpzëv gj kipzjvwcv poo bo khtjvköh( VCBZFKCH Zvohgc jb iëwcgc gj gjpjfkofköh jh béhjo jfwo" bo fzcwo gj gjpjfkofköh fcjvpchgkjhwj o fogo oÿc jv> Gjpjfkofköh 9

40(000(000 40(000(000 ?1(000(000 ?1(000(000 9 ?4(000(000 6

O fchwkhzofköh vj fobfzbo jb khljvc lotoabj poo fogo oÿc" ijgkohwj bo jupjvköh> Khljvc Lotoabj 9 Khljvc Azwc ) Lovwcv  ‖ Gjpjfkofköh Jb jvzbwogc qzj vj cawkjhj jv jb vklzkjhwj> K(L? 9 :0(000(000 ‖ ?:(000(000 ‖ ?4(000(000 9 ?;(000(000

4<

K(L1 9 <:(000(000 ‖ 17(000(000 ‖ ?4(000(000 9 6:(000(000 K(L6 9 ;0(000(000 ‖ 60(000(000 ‖ ?4(000(000 9 77(000(000 Poo fobfzbo jb ichwc gjb ‒Kipzjvwc o Polo’ jh fogo zhc gj jvwcv oÿcv" eo{ qzj khtjvwklo jb tobc gj bo zhkgog wkazwoko jvpjfwkto" { jgzfk jb ‒Khljvc Lotoabj’ o zhkgogjv wkazwokov(

OßC ?;;; 1000 100?

Khljvc Lotoabj ?;(000(000 6:(000(000 77(000(000

Tobc gj bo Z(W ;(400 ??(400 ?6(100

K(L jh Z(W ?(;<; 6(0?< 6(666

Bo Wokdo H° 1 gjb KVBQ poo pjvchov pj vchov nzégkfov" jvwoabjfj bov vklzkjhwjv v klzkjhwjv jvfobov> Béikwj gjb woic jupjvogc jh Z(W Wovo %*+ Pc bo doffköh fcipjhgkgo eovwo 1(000 ?: Pc bo doffköh qzj jufjgo gj 1000 eovwo 6000 11 Pc bo doffköh qzj jufjgo o 6(000 67 Ob opbkfo jvwo wokdo o fogo zhc gj bcv wjv oÿcv" vj cawkjhj> Kipzjvwc Oÿc ?> ?(;<; u 0"?: 9 1;4"5: Z(W 9 1;4"5: u Av( ;(400 9 Av( 1(57;(<40 Kipzjvwc Oÿc 1> 1000 u 0"?: - ?000 u 0"11 - ?< u 0"679 :1:"<5 Z(W 9 :1:"<5 u Av( ??(400 9 Av( 4(0;;(075 Kipzjvwc Oÿc 6> 1000 u 0"?: - ?000 u 0"11 - 666 u 0"679 466"11 Z(W 9 466"11 u Av( ?6(100 9 Av( 5(6:5(:07 Fobfzbogc jb kipzjvwc o polo poo fogo oÿc" vj woazbo jb dbznc gj fono gjvpzëv gj kipzjvwc> DFGK 9 DFOK ) Kipzjvwcv( Jb jvzbwogc gj bcv fïbfzbcv vj go jh bo vklzkjhwj woabo> Oÿc D(F(O(K Kipzjvwc D(F(G(K 0 )40(000(000 )40(000(000 ? 6:(000(000 1(57;(<40 61(?:0(170 1 :?(000(000 4(0;;(075 77(;00(;:1 6 40(000(000 5(6:5(:07 46(47?(7;4 -?1(000(000 O fchwkhzofköh" poo jhfchwo bo wovo khwjho gj jwchc" vj pbohwjo bo jfzofköh gj T(P(H 9 0 )40(000(000 - 61(?:0(170 %PrD"k*"?+ - 77(;00(;:1 %PrD"k*"1+ - 46(47?(7;4 %PrD"k*"6+9 0 Vj pcfjgj o cawjhj !k! pc wohwjc> k 9 :0"6? * ;(1 Ob pkhfkpkc gjb oÿc ?;;;" zho jipjvo fcipö zh jqzkpc jh Av( 50(000(000" fch zho tkgo þwkb gj fzowc oÿcv" { tobc gj vobtoijhwc gj Av( 10(000(000(

45

Gzohwj vzv fzowc oÿcv gj tkgo" jb jqzkpc ljhjö bcv vklzkjhwjv khljvcv { fcvwcv" qzj vj izjvwoh jh bo woabo o fchwkhzofköh> Oÿc ?;;; 1000 100? 1001

Lovwcv gj Cpjofköh { Iohwjhkikjhwc ?1(000(000 ?:(000(000 60(000(000 :0(000(000

Khljvcv 70(000(000 4:(000(000 <0(000(000 50(000(000

Zvohgc jb iëwcgc gj gjpjfkofköh jh ‒béhjo jfwo’" gjwjikhj>

Jb ichwc gjb kipzjvwc o polo jh fogo zhc gj jvwcv fzowc oÿcv" wciohgc jh fchvkgjofköh jb tobc gj bo Zhkgog Wkazwoko poo fogo oÿc" { vjlþh bbo jvfobo jvwoabjfkgo jh bo ‒Bj{ gjb Kipzjvwc vcaj bo Qjhwo’(

Jb dbznc gj fono gjvpzëv gj kipzjvwc jh fogo zhc gj jvwcv wjv oÿcv( Bo wovo khwjho gj jwchc gjvpzëv gj kipzjvwcv poo bo khtjvköh( VCBZFKCH Zvohgc jb iëwcgc gj gjpjfkofköh jh béhjo jfwo" bo fzcwo gj gjpjfkofköh fcjvpchgkjhwj o fogo oÿc jv> Gjpjfkofköh 9

50(000(000 50(000(000 10(000(000 10(000(000 9 ?:(000(000 7

O fchwkhzofköh vj fobfzbo jb khljvc lotoabj poo fogo oÿc" ijgkohwj bo jupjvköh> Khljvc Lotoabj 9 Khljvc Azwc ) Lovwcv  ‖ Gjpjfkofköh Jb jvzbwogc qzj vj cawkjhj jv jb vklzkjhwj> K(L? 9 70(000(000 ‖ ?1(000(000 ‖ ?:(000(000 9 ?6(000(000 K(L1 9 4:(000(000 ‖ ?:(000(000 ‖ ?:(000(000 9 6:(000(000 K(L6 9 <0(000(000 ‖ 60(000(000 ‖ ?:(000(000 9 1:(000(000 K(L7 9 50(000(000 ‖ :0(000(000 ‖ ?:(000(000 9 ?:(000(000 Poo fobfzbo jb ichwc gjb ‒Kipzjvwc o Polo’ jh fogo zhc gj jvwcv oÿcv" eo{ qzj khtjvwklo jb tobc gj bo zhkgog z hkgog wkazwoko jvpjfwkto" { jgzfk jb ‒Khlj vc Lotoabj’ o zhkgogjv wkazwokov(

OßC ?;;; 1000 100? 1001

Khljvc Lotoabj ?6(000(000 6:(000(000 1:(000(000 ?:(000(000

Tobc gj bo Z(W ;(400 ??(400 ?6(100 ?7(500

K(L jh Z(W ?(6:7 6(0?< ?(5;7 ?(0?7

Bo Wokdo H° 1 gjb KVBQ poo pjvchov pj vchov nzégkfov" jvwoabjfj bov vklzkjhwjv jvfobov> Béikwj gjb woic jupjvogc jh Z(W Wovo %*+ Pc bo doffköh fcipjhgkgo eovwo 1(000 ?:

4;

Pc bo doffköh qzj jufjgo gj 1000 eovwo 6000 11 Pc bo doffköh qzj jufjgo o 6(000 67 Ob opbkfo jvwo wokdo o fogo zhc gj bcv wjv oÿcv" vj cawkjhj> Kipzjvwc Oÿc ?> ?(6:7 u 0"?: 9 106"?0 Z(W 9 106"?0 u Av( ;(400 9 Av( ?(;7;(<40 Kipzjvwc Oÿc 1> 1000 u 0"?: - ?000 u 0"11 - ?< u 0"679 :1:"<5 Z(W 9 :1:"<5 u Av( ??(400 9 Av( 4(0;;(075 Kipzjvwc Oÿc 6> ?5;7 u 0"?: 9 157"?0 Z(W 9 157"?0 u Av( ?6(100 9 Av( 6(<:0(?10 Kipzjvwc Oÿc 7> ?0?7 u 0"?: 9 ?:1"?0 Z(W 9 ?:1"?0 u Av( ?7(500 9 Av( 1(1:?(050 Fobfzbogc jb kipzjvwc o polo poo fogo oÿc" vj woazbo jb dbznc gj fono gjvpzëv gj kipzjvwc> DFGK 9 DFOK ) Kipzjvwcv( Jb DFOK poo fogo oÿc jv jb vklzkjhwj> Oÿc 0 ? 1 6 7

Dbznc gj Fono -

70(000(000 4:(000(000 <0(000(000 50(000(000 -10(000(000 O fchwkhzofköh vj fobfzbo jb DFGK Oÿc D(F(O(K 0 )50(000(000 ? 15(000(000 1 :0(000(000 6 70(000(000 7 :0(000(000

Dbznc gj Fono ) 50(000(000 ?1(000(000 ?:(000(000 60(000(000 :0(000(000

DFOK )50(000(000 15(000(000 :0(000(000 70(000(000 :0(000(000

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