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7/31/2019 MODELOS PARA PRECIFICAO DE OPES: UMA ABORDAGEM BAYESIANA PARA ESTIMAR A VOLATILIDADE
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MLTTE,UI_G
KLJEAL] T@_@ T_EMCICM@M @L JE LTM LE]7 UK@ @OL_J@BEK
O@SE]C@H@ T@_@ E]ZCK@_ @ YLA@ZCACJ@JE
Ychcmcu} Orczl _lmn`
Jc}}erz`ml je Ke}zr`jl `tre}ehz`j` `l
Trlbr`k` je Tl}+br`ju`ml ek Ehbehn`rc`
je Trljuml! MLTTE! j` Uhcyer}cj`je
Iejer`a jl _cl je G`hecrl! mlkl t`rze jl}
repuc}czl} heme}}rcl} d lozehml jl zzual je
Ke}zre ek Ehbehn`rc` je Trljuml(
Lrcehz`jlr7 Neacl jl} ]`hzl} Kcblh
_cl je G`hecrl
K`rml je ?443
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KLJEAL] T@_@ T_EMCICM@M @L JE LTM LE]7 UK@ @OL_J@BEK
O@SE]C@H@ T@_@ E]ZCK@_ @ YLA@ZCACJ@JE
Ychcmcu} Orczl _lmn`
JC]]E_Z@M @L ]UOKEZCJ@ @L ML_TL JLMEHZE JL CH]ZCZUZL
@AOE_ZL AUCW MLCKO_@ JE T L]+B_@JU@M @L E TE]PUC]@ JE
EHBEHN@_C@ .MLTTE# J@ UHCYE_]CJ@JE IEJE_@A JL _CL JE
G@HEC_L MLKL T@_ZE JL] _EPUC]CZL] HEME]]@_CL] T@_@ @
LOZEHM @L JL B_@U JE KE]Z_E EK MCEHMC@] EK EHBEHN@_C@ JE
T_LJUM @L(
@trly`j` tlr7
Trli( Neacl jl} ]`hzl} Kcblh ! Tn(J(
Trli( Ycrbacl Gl}e K`rzch} Ierrecr` Icanl! J(]m(
Trli( Mrc}zc`hl @ubu}zl Mleanl Ierh`hje}! Tn(J(
_CL JE G@HEC_L! _G O_@]CA
K@_M L JE ?443
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_lmn`! Ychcmcu} Orczl
Kljeal} t`r` Tremcffm`ml je Ltmle}7 Uk` @olrj`bek
O`se}c`h` t`r` E}zck`r ` Yla`zcacj`je,Ychcmcu} Orczl
_lmn`( _cl je G`hecrl7 UI_G,MLTTE! ?443(
^YCCC! 044 t(7 ca(6 ?3! 2mk(
Lrcehz`jlr7 Neacl jl} ]`hzl} Kcblh
Jc}}erz`ml .ke}zr`jl# UI_G,MLTTE,Trlbr`k` je
Ehbehn`rc` je Trljuml! ?443(
_eierehmc`} Ocoaclbrffm`}7 t( 32 33(
0( Tremcffm`ml je Ltmle}( ?( Chierehmc O`se}c`h`(
=( ]ckua`ml E}zlm}zcm`( C( ! Neacl jl} ]`hzl} Kcblh(
CC( Uhcyer}cj`je Iejer`a jl _cl je G`hecrl! MLTTE!
Trlbr`k` je Ehbehn`rc` je Trljuml( CCC( Zzual(
ccc
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@ kchn` k`e! Yer` Aumc` Orczl
jl} ]`hzl}! pue ke jec~lu
ehpu`hzl mlhmauc` e}z`
jc}}erz`m`l( Ea` jejcmlu }u` ycj`
d kck( ]`uj`je} ezerh`}
.ch keklrc`k#(
cy
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@br`jemckehzl}
@ kuaner j` kchn` ycj`! @ae}}`hjr`! }ek ea` ` mlhmau}l je}z` jc}}erz ml hl }erc`
tl}}yea( ` kchn` i`kac`! ek e}temc`a Ierh`hjl Tckehz`! Hca` K`rc` e Ieacte M`r+
jl}l( @ kchn` }lbr` K`rc` @acme( `l} keu} `kcbl} Bu}z`yl Re}zch! Ych`s Mn`o`!
T`zrmc` K`rpue}! e `l} crkl} @rznur Hezl e @ae~`hjre K`rpue}( @ Bucanerke
Or`cae! tea` mla`olr`ml }lore l kerm`jl ffh`hmecrl je ltmle}( @ zurk` je 0339
jl Mlaebcl Hlzre J`ke! @heac}e ]`mf}! Mrc}zc`he M`}}`r! Mrc}zc`he _`oeal! Bu}z`yl
Fhu}z! Guac`h` M`rhecrl! Aelh`rjl Lacyecr`! Aumc`h` Ml}z`! Aumc`h` K`c`! K`rcl
Bucanerke! H`z`ace K`rzch}! T`ua` M`rjl}l! ]`ual K`rpue}! T`ua` K`aui! `l} je+
k`c} pue hl ilr`k kehmclh`jl} e `l trlie}}lr Glrbe Mlrre`( @} `kcb`} j` kchn`
ke! pue ke `tlc`r`k `tl} }u` t`rzcj`! ek e}temc`a `} crk} ]cayhc` e K`r}ean`
B`rmc`! e ` K`rc Mrc}zch` ]`rkehzl( @l Mlh}eanl H`mclh`a je Je}ehylayckehzl
Mcehzffml e Zemhlalbcml + MHTp teal `tlcl ffh`hmecrl( @l} trlie}}lr Neacl ]`hzl}
Kcblh! tlr }u` lrcehz`ml! e M`ral} @o`hzl Y`aae! tlr }u` mla`olr`ml chzeh}cy`(
@l} Trlie}}lre} jl TET ]`kuea Gurfcecmw! Ycrbacl Gl}e K`rzch} Ierrecr` Icanl(
@l trlie}}lr Mrc}zc`hl @ubu}zl Mleanl Ierh`hje}! te}puc}`jlr jl Jet`rz`kehzl
je Ehbehn`rc Eaezrcm` j` TUM( @ }emrezrc` j` re` je te}puc}` lter`mclh`a jl
TET! @hjrec` Ack`( @ MLHZ@^! teal `tlcl d mlhmau}l je}ze zr`o`anl! ek e}te+
mc`a d Berehmc` je Ta`heg`kehzl E}zr`zebcml je Zriebl ek e}temc`a d @ae}}`hjrl
Kecr`! K`smlh j` Turew` ^`ycer! Gll Chmcl ]`ab`jl Gr e _`i`ea Lacyecr`(
y
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_e}ukl j` Jc}}erz`ml `tre}ehz`j` d MLTTE,UI_G mlkl t`rze jl} repuc}czl}
heme}}rcl} t`r` ` lozehml jl br`u je Ke}zre ek Mcehmc`} .K(]m(#
KLJEAL] T@_@ T_EMCICM@M @L JE LTM LE]7 UK@ @OL_J@BEK
O@SE]C@H@ T@_@ E]ZCK@_ @ YLA@ZCACJ@JE
Ychcmcu} Orczl _lmn`
K`rml,?443
Lrcehz`jlr7 Neacl jl} ]`hzl} Kcblh
Trlbr`k`7 Ehbehn`rc` je Trljuml
Hl mlhze~zl jl kerm`jl ffh`hmecrl je `mle} e ltmle}! e}z` jc}}erz`ml trltle uzc+
acw`r ` chilrk`ml mlhzcj` ek treml} nc}zlrcml} je ltmle}! t`r` e}zck`r ` yla`zcacj`je
je uk `zcyl! e ehzl tremcffm`r hly`} ltmle}( @ t`rzcr jl} kljeal} je zektl mlhzhul
ilr`k uzcacw`j`} ju`} `olrj`beh}( Uk` lhje l trloaek` e `olrj`jl }utlhjl `
yla`zcacj`je jl `zcyl chy`rc`hze `l alhbl jl zektl! ` t`rzcr jl kljeal Oa`mf `hj
]mnlae} + .O]# e luzr` ` t`rzcr je uk` e}zruzur` je yla`zcacj`je e}zlm}zcm`! uzc+
acw`hjl l kljeal Nuaa `hj Rncze + .NR#( L trloaek` je e}zck`ml j` yla zcacj`je
e zr`z`jl tea` lzcm` j` e}z`z}zcm` o`se}c`h` e je kezljl} mlktuz`mclh`akehze ch+
zeh}cyl}( E}z` jc}}erz`ml uzcacw` j`jl} }ckua`jl} t`r` `y`ac`r l} `ablrczkl} e `l
ffh`a re`acw` uk e~terckehzl mlk j`jl} re`c} jl kerm`jl ffh`hmecrl(
yc
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@o}zr`mz li Jc}}erz`zclh tre}ehzej zl MLTTE,UI_G `} ` t`rzc`a iuaffaakehz li zne
repucrekehz} ilr zne jebree li K`}zer li ]mcehme .K(]m(#
KLJEA] ZL T_CME LTZCLH]7 @ O@SE]C@H @TT_L@MN ZL E]ZCK@ZE
ZNE YLA@ZCACZS
Ychcmcu} Orczl _lmn`
K`rmn,?443
@jyc}lr7 Neacl jl} ]`hzl} Kcblh
Jet`rzkehz7 Trljumzclh Ehbcheerchb
Ch zne mlhze~z li zne ffh`hmc`a k`rfez li }n`re} `hj ltzclh}! znc} zne}c} trltl}e}
zl u}e chilrk`zclh irlk nc}zlrcm`a trcme} li ltzclh}! zl e}zck`ze zne yla`zcaczs `h
`}}ez! `hj zneh tremcffm r ` he ltzclh( Irlk zne mlhzchulu}+zcke kljea} ere u}ej
zl `ttrl`mne}( Lhe nere zne c}}ue c} `jjre}}ej ci zne yla`zcaczs li `}}ez chy`rc`hz
lyer zcke! u}chb zne Oa`mf `hj ]mnlae} kljea + .O]# `hj `hlzner irlk ` }zrumzure
li }zlmn`}zcm yla`zcaczs! u}chb zne kljea Nuaa `hj Rncze + .NR#( Zne trloaek li
e}zck`zchb yla`zcaczs c} zre`zej os zne ter}temzcye li O`se}c`h }z`zc}zcm`a keznlj}
`hj mlktuz`zclh`aas chzeh}cye( Znc} jc}}erz`zclh u}e} }ckua`zej j`z` zl ey`au`ze zne
`ablrcznk} `hj terilrk ` ffh`a e~terckehz czn re`a j`z` li zne ffh`hmc`a k`rfez(
ycc
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]ukrcl
Ac}z` je Icbur`} ~
Ac}z` je Z`oea`} ~y
Ac}z` je ]kolal} ~yc
0 Chzrljuml 0
? Trlme}}l je Zektl Mlhzhul =
?(0 Trlme}}l je Czl ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( :
?(? Ltmle} e l Kljeal je Oa`mf `hj ]mnlae} + O] ( ( ( ( ( ( ( ( ( ( ( ( ( 5
?(?(0 @ Nctlze}e je Kuhjl _c}ml+Heuzrl ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( >
?(= L Kljeal je Nuaa Rncze + NR ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 04
= Chierehmc` e Mlktuz`ml O`se}c`h` 0:
=(0 Zelrek` je O`se} ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 0:
=(? Klhze M`ral Yc` M`jec` je K`rfly ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 09
=(= Kezrltlac} N`}zchb} ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 09
=(: @kl}zr`jlr je Bcoo} ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 02
=(5 Kljeal} Jchkcml} ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 0>
=(5(0 Kljeal Ache`r Jchkcml Hlrk`a ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ?4
: Kljeal} mlk Yla`zcacj`je Chy`rc`hze hl Zektl ?=
:(0 Yla`zcacj`je Chy rc`hze mlk Chilrk`ml jl _ezlrhl + Kljeal ` ( ( ( ( ?=
:(? Yla`zcacj`je Chy rc`hze mlk Chilrk`ml jl} _ezlrhl} e je Ltmle} ( ( ?3
:(?(0 Yla`zcacj`je Chy rc`hze mlk Chilrk`ml jl _ezlrhl e je Uk`
Ltml + Kljeal o ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ?3
yccc
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:(?(? Yla`zcacj`je Chy`rc`hze mlk Chilrk`ml jl _ezlrhl e je Ju`}
Ltmle} + Kljeal m ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( =9
:(= Yla`zcacj`je Cktamcz` ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( :0
5 Kljeal} mlk Yla`zcacj`je E}zlm}zcm` :=
5(0 Yla`zcacj`je E}zlm}zcm` mlk Chilrk`ml jl _ezlrhl + Kljeal j ( ( ( :=
5(0(0 @ablrczkl Il`rj Icazerchb O`mf`rj ]`ktachb + IIO] ( ( ( :9
5(0(? ]ckua`ml ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( :3
5(? Yla`zcacj`je E}zlm}zcm` mlk Chilrk`ml jl _ezlrhl e Ltml + Klj+
eal e ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 94
9 E~terckehzl mlk J`jl} jl Kerm`jl Ich`hmecrl H`mclh`a 24
9(0 @} Ltmle} ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 20
9(? Kljeal ` mlkl J`jl} jl @zcyl TEZ_: ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 2:
9(= Kljeal o mlk J`jl} jl @zcyl TEZ_: e jl Nc}zlrcml je Ltmle}
Uhcffm`j`} ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 22
9(: Kljeal j mlk J`jl} jl @zcyl TEZ_: ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( >?
9(5 Kljeal e mlk J`jl} jl @zcyl TEZ_: e jl Nc}zlrcml je Ltmle}
Uhcffm`j`} ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( >9
9(9 _e}uaz`jl} ]uk`rcw`jl} ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 30
2 Mlhmau}l 35
_eierehmc`} Ocoaclbrffm`} 32
c~
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Ac}z` je Icbur`}
:(0 Treml} ]Z ; .}z!(((!}Z# }ckua`jl} uzcacw`hjl ` epu`ml ?(0= e l}
t`rkezrl}7 ; 4(9> e ? ; 4(??( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ?5
:(? _ezlrhl} SZ ; .sz!(((!sZ# t`r l `zcyl }ckua`jl( ( ( ( ( ( ( ( ( ( ( ( ( ?5
:(= Nc}zlbr k`} e m`jec` t`r` `kl}zr` j` jc}zrcoucmle} ` tl}zerclrc je
e ? + kljeal `( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ?9
:(: @zcyl }ckua`jl t`r` `kl}zr` ze}ze! treyc}l e chzery`al} mlk 35% je
mrejcocacj`je + kljeal `( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ?2
:(5 Ltml }ckua`j` t`r` `kl}zr` ze}ze! tremcffm`ml tlr O] e chzery`al}
mlk 35% je mrejcocacj`je! uzcacw`hjl l `zcyl }ckua`jl t`r` ` `kl}zr`
ze}ze + kljeal `( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ?>:(9 Ltml }ckua`j` t`r` `kl}zr` ze}ze! tremcffm`ml tlr O] e chzery`al}
mlk 35% je mrejcocacj`je! uzcacw`hjl l `zcyl treyc}zl + kljeal `( ( ( ( ?>
:(2 Ltml ber`j` t`r` `kl}zr` ze}ze LZ ; .l0!(((!lZ#! mlk Z;0=4( ( ( ( =?
:(> Nc}zlbr`k`} e m`jec` t`r` `kl}zr` j` jc}zrcoucmle} ` tl}zerclrc je !
? e ?+ kljeal o( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ==
:(3 @zcyl }ckua`jl t`r` `kl}zr` ze}ze! treyc}l e chzery`al} mlk 35% je
mrejcocacj`je + kljeal o( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( =::(04 Ltml }ckua`j` t`r` `kl}zr` ze}ze! tremcffm`ml tlr O] e chzery`al}
mlk 35% je mrejcocacj`je! uzcacw`hjl l `zcyl }ckua`jl t`r` ` `kl}zr`
ze}ze + kljeal o( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( =5
:(00 Ltml }ckua`j` t`r` `kl}zr` ze}ze! tremcffm`ml tlr O] e chzery`al}
mlk 35% je mrejcocacj`je! uzcacw`hjl l `zcyl treyc}zl hl t`}}l 5 +
kljeal o( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( =5
:(0? Treml} }ckua`jl} j`} ltmle} L0Z e L?Z ` t`rzcr jl kljeal m( ( ( ( ( ( =>
~
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:(0= Nc}zlbr k`} e m`jec`} t`r` `kl}zr` j` jc}zrcoucmle} ` tl}zerclrc je
! ?0 !?0
e ? + kljeal m( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( :4
:(0: Y`alre} lozcjl} t`r` ` yla zcacj`je} uzcacw`hjl l `ablrczkl ltzckcwe ( :?
:(05 Y`alre} lozcjl} t`r` ` yla zcacj`je} uzcacw`hjl l `ablrczkl hak ( ( ( ( :?
5(0 Y`alre} }ckua`jl} t`r` `kl}zr zrechl jl `zcyl ]z! je `mlrjl mlk l
kljeal j! e t`rkezrl} ; 4(4405 ; 4(?5! ; 4(32 e ? ; 4(49?5( 545(? Jc`br`k` t`r` l kljeal j ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 50
5(= Nc}zlbr`k` e M`jec` t`r `kl}zr` j` jc}zrcoucml ` tl}zerclrc jl}
t`rkezrl} ! e ? + kljeal j }chbae klye( ( ( ( ( ( ( ( ( ( ( ( ( ( 5=
5(: Yla`zcacj`je E}zlm}zcm` }ckua`j`! y`alre} e}zck`jl} e chzery`al} mlk
35% je mrejcocacj`je + kljeal j }chbae klye( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 5:
5(5 @zcyl `kl}zr` ze}ze! treyc}l e chzery`al} mlk 35% je mrejcocacj`je
j` jc}zrcoucml trejczcy` t.}Z&0!(((!}Z&=4# + kljeal j }chbae klye( ( ( 5:
5(9 Ltml }ckua`j` t`r `kl}zr` ze}ze! treyc}l e chzery al} mlk
35% je mrejcocacj`je! lozcjl} ` t`rzcr j` jc}zrcoucml `kl}zr a
t.NR.}Z&0! yZ&0! j ; =4#!(((!NR.}Z&=4! yZ&=4! j ; 4##! mlk l `zcyl
j` `kl}zr` ze}ze + kljeal j }chbae klye( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 55
5(2 Ltml }ckua`j` t`r `kl}zr` ze}ze! treyc}l e chzery al} mlk
35% je mrejcocacj`je! lozcjl} ` t`rzcr j` jc}zrcoucml `kl}zr a
t.NR.}Z&0! yZ&0! j ; =4#!(((!NR.}Z&=4! yZ&=4! j ; 4##! mlk `zcyl
treyc}zl teal `ablrczkl + kljeal j }chbae klye( ( ( ( ( ( ( ( ( ( ( ( ( 59
5(> Nc}zlbr`k` e M`jec` t`r `kl}zr` j` jc}zrcoucml ` tl}zerclrc jl}
t`rkezrl} ! e ? + kljeal j IIO]( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 52
5(3 Yla`zcacj`je e}zlm}zcm` }ckua`j`! y`alre} e}zck`jl} e chzery`al} mlk
35% je mrejcocacj`je + kljeal j IIO]( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 5>
5(04 @zcyl }ckua`jl mlkl `kl}zr` ze}ze! y`alre} treyc}zl} e chzery`+
al} mlk 35% je mrejcocacj`je j` jc}zrcoucml `kl}zr a trejczcy`
t.}Z&0!(((!}Z&=4# + kljeal j IIO]( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 53
5(00 Ltml }ckua`j` t`r` `kl}zr` ze}ze! tremcffm`ml NR e chzery`al} mlk
35% je mrejcocacj`je( _e}uaz`jl} lozcjl} ` t`rzcr j` jc}zrcoucml
`kl}zr`a t.NR.}Z&0! yZ&0! j ; =4#!(((!NR.}Z&=4! yZ&=4! j ; 4##!mlk `zcyl }ckua`jl t`r` `kl}zr` ze}ze + kljeal j IIO]( ( ( ( ( ( ( ( 53
~c
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5(0? Ltml }ckua`j` t`r` `kl}zr` ze}ze! tremcffm`ml NR e chzery`al} mlk
35% je mrejcocacj`je( _e}uaz`jl} lozcjl} ` t`rzcr j` jc}zrcoucml
`kl}zr`a t.NR.}Z&0! yZ&0! j ; =4#!(((!NR.}Z&=4! yZ&=4! j ; 4##!
mlk l `zcyl treyc}zl + kljeal j IIO]( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 945(0= Jc`br`k` t`r` l kljeal e( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 9:
5(0: Nc}zlbr`k` e M`jec` j` `kl}zr` j` jc}zrcoucml ` tl}zerclrc jl}
t`rkezrl} ! ! ? e ? + kljeal e( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 99
5(05 Yla`zcacj`je e}zlm}zcm` }ckua`j`! e}zck`y`} e chzery`al} mlk 35% je
mrejcocacj`je + kljeal e( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 99
5(09 @zcyl }ckua`jl mlkl `kl}zr` ze}ze e re}uaz`jl} j` jc}zrcoucml trej+
czcy` t.}Z&0!(((!}Z&=4# + kljeal e( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 92
5(02 Ltml }ckua`j` mlkl `kl}zr ze}ze e re}uaz`jl} j` jc}zrcoucml
`kl}zr`a t.NR.}Z&0! yZ&0! j ; =4#!(((!NR.}Z&=4! yZ&=4! j ; 4##
mlk l `zcyl }ckua`jl! tremcffm`ml lozcj` e chzery`al} mlk 35% je
mrejcocacj`je + kljeal e( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 9>
5(0> Ltml }ckua`j` mlkl `kl}zr` ze}ze e _e}uaz`jl} j` jc}zrcoucml
`kl}zr`a t.NR.}Z&0! yZ&0! j ; =4#!(((!NR.}Z&=4! yZ&=4! j ; 4## u}+
`hjl l `zcyl treyc}zl! tremcffm`ml lozcj` e chzery`al} mlk 35% je
mrejcocacj`je + kljeal e( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 9>
5(03 _e}uaz`jl} t`r` Yla zcacj`je e}zlm}zcm` jl kljeal j e e + kljeal e( 93
9(0 Treml} t`r l `zcyl Tezrlor } + TH( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 24
9(? _ezlrhl} t`r` l `zcyl Tezrlor`} + TH( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 20
9(= Ltmle} TEZ_@34! TEZ_O34! TEZ_M34! TEZ_J34! TEZ_E34 e
TEZ_I34! `tre}ehz`j`} je ilrk` re}temzcy `l alhbl jl zektl( ( ( ( 2?
9(: Nc}zlrcml je treml} uhcffm`jl t`r` TEZ_@34! TEZ_O34! TEZ_M34!
TEZ_J34! TEZ_E34 e TEZ_I34( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 2=
9(5 Nc}zlbr k`} e m`jec`} t`r` `kl}zr j` jc}zrcoucml ` tl}zerclrc je
e ? e}zck`j } ` t rzcr jl `zcyl TEZ_:( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 25
9(9 @zcyl TEZ_:! treyc}le}! chzery`al} mlk 35% je mrejcocacj`je e
`kl}zr` ze}ze! re}uaz`jl} j` jc}zrcoucml trejczcy` t.}0?4!(((!}05?#! u}+
`hjl l kljeal `( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 25
~cc
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9(2 Treml} j` jc}zrcoucml t.O].}0?4! jc! Fc ; 34#!(((!O].}05?! jc! Fc ;
34##! lozcjl} ` t`rzcr j` `kl}zr` ze}ze .}0?4!(((!}05?# jl `zcyl u}`hjl
l kljeal `( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 29
9(> Treml} j` jc}zrcoucml t.O].}
0?4! jc! Fc ; 34#!(((!O].}
05?! jc! Fc ;34##! lozcjl} ` t`rzcr jl} y`alre} treyc}zl} == t`}}l} ` irehze
.}0?4!(((!}05?# u}`hjl l kljeal `( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 29
9(3 Nc}zlbr`k`} e m`jec } t`r `kl}zr` j` jc}zrcoucml ` tl}zerclrc je !
? e ? e}zck`j`} ` t`rzcr jl `zcyl TEZ_: e jl nc}zlrcml uhcffm`jl
j`} ltmle} TEZ_@34! TEZ_O34! TEZ_M34! TEZ_J34! TEZ_E34
e TEZ_I34( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 2>
9(04 Nc}zlbr k` j` jc}zrcoucml ` tl}zerclrc ? jl} kljeal} ` e kljeal o( 23
9(00 @kl}zr` ze}ze jl `zcyl TEZ_:! treyc}le}! chzery`al} mlk 35% je
mrejcocacj`je lozcjl} j` jc}zrcoucml trejczcy` t.}0?4!(((!}05?#! u}`hjl
l kljeal o( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 23
9(0? @kl}zr` ze}ze t`r` l} treml} j` ltmle} uhcffm`jl! re}uaz`jl} j` jc}+
zrcoucml t.O].]0?4! jc! Fc ; 34#!(((!O].]05?! jc! Fc ; 34## mlk `
`kl}zr` ze}ze je TEZ_:! u}`hjl l kljeal o( ( ( ( ( ( ( ( ( ( ( ( ( ( 23
9(0= @kl}zr` ze}ze jl nc}zlrcml uhcffm`jl je ltmle} e re}uaz`jl} j` jc}+
zrcoucml t.O].}0?4! jc! Fc ; 34#!(((!O].}05?! jc! Fc ; 34## mlk `
`kl}zr` ze}ze je TEZ_:! u}`hjl l kljeal o( ( ( ( ( ( ( ( ( ( ( ( ( ( >4
9(0: Tremcffm`mle} uzcacw`hjl ` jc}zrcoucml oa` oa` oa` t.O].]0?4! jc! Fc ;
34#!(((!O].]05?! jc! Fc ; 34##! t`r` l kljeal ` e l kljeal o( ( ( ( ( ( >0
9(05 Nc}zlbr k`} e m`jec`} t`r` ` `kl}zr` j` jc}zrcoucml ` tl}zerclrc je
! e ? + kljeal j( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( >=
9(09 Yla`zcacj`je e}zlm}zcm` e}zck`j` e chzery`al} mlk 35% je mrejcocac+
j`je ` t`rzcr j` `kl}zr` zrechl jl `zcyl TEZ_:! u}`hjl l kljeal
j( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( >:
9(02 @kl}zr` ze}ze jl `zcyl TEZ_: e re}uaz`jl} lozcjl} mlk ` jc}+
zrcoucml trejczcy` t.}0?4!(((!}05?# + kljeal j ( ( ( ( ( ( ( ( ( ( ( ( ( ( >:
9(0> @kl}zr` ze}ze jl nc}zlrcml uhcffm`jl j`} ltmle} e re}uaz`jl} j` jc}+
zrcoucml t.NR.}0?4! jc! Fc ; 34#!(((!NR.}05?! jc! Fc ; 34##! tremc+
ffm`mle} e chzery`al} mlk 35% je mrejcocacj`je + kljeal j( ( ( ( ( ( ( ( >5
~ccc
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9(03 @kl}zr` ze}ze jl nc}zlrcml uhcffm`jl j`} ltmle} e re}uaz`jl} j` jc}+
zrcoucml t.NR.}0?4! jc! Fc ; 34#!(((!NR.}05?! jc! Fc ; 34##! tremc+
ffm`mle} e chzery`al} mlk 35% je mrejcocacj`je + kljeal j( ( ( ( ( ( ( ( >5
9(?4 M`jec`} e nc}zlbr k`} t`r` ` `kl}zr` j` jc}zrcoucml ` tl}zerclrc je! ! ? e
?! t`r` TEZ_: nc}zlrcml je ltmle} + kljeal e( ( ( ( ( ( ( >2
9(?0 Yla`zcacj`je E}zlm}zcm`! chzery`al} mlk 35% je mrejcocacj`je! u}`hjl
` `kl}zr` zrechl jl `zcyl TEZ_: e jl nc}zlrcml je ltmle} uhcim`j`}
+ kljeal e( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( >>
9(?? @kl}zr` ze}ze je TEZ_: e re}uaz`jl} j` jc}zrcoucml trejczcy` je
t.}0?4!(((!}05?# jl kljeal j e jl kljeal e( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( >3
9(?= @kl}zr` ze}ze jl nc}zlrcml uhcffm`jl} je treml} j`} ltmle} e re}uaz`+
jl} j` jc}zrcoucml t.NR.}0?4! jc! c#!(((!NR.}05?! jc! c## mlk u}l j`
`kl}zr` ze}ze je TEZ_: + kljeal e( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( >3
9(?: @kl}zr` ze}ze jl nc}zlrcml uhcffm`jl} je treml} j`} ltmle} e re}ua+
z`jl} j` jc}zrcoucml t.NR.}0?4! jc! c#!(((!NR.}05?! jc! c## m`amua`jl
mlk y`alre} treyc}zl} .}0?4!(((!}05?# t`r` TEZ_: + kljeal e( ( ( ( ( ( 34
~cy
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Ac}z` je Z`oea`}
:(0 _e}ukl j`} Jc}zrcoucmle} Tl}zerclrc} je e ? + kljeal ` ( ( ( ( ( ( ?2
:(? _e}ukl j`} Jc}rcoucmle} jl} t`rkezrl} ! ? e ? + kljeal o( ( ( ( ==
:(= _e}ukl j`} Jc}zrcoucmle} Tl}zerclrc} je ! ?
0! ?
0e ? + kljeal m ( :0
5(0 Kc}zur` 2+Hlrk`c} ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( :2
5(? _e}uaz`jl re}ukcjl j`} jc}zrcoucmle} ` tl}zerclrc jl} t`rkezrl} !
e ? + kljeal j }chbae klye( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 5=
5(= _e}ukl j` jc}zrcoucml tl}zerclrc t`r` l} t`rkezrl} ! e ? +
kljeal j IIO]( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 52
5(: Je}ycl t`jrl jl} t`rkezrl} ! e ?! t`r` l kljeal j mlk `abl+
rczkl + ]chbae Klye e `ablrczkl + IIO]( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 5>
5(5 _e}ukl jl} re}uaz`jl} j`} jc}zrcoucmle} ` tl}zerclrc t`r l}
t`rkezrl} ! ! ? e ? + kljeal e( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 95
9(0 ]erce je ltmle} je mlktr` hl kerm`jl h`mclh`a( ( ( ( ( ( ( ( ( ( ( ( ( 2?
9(? _e}ukl j` jc}zrcoucml ` tl}zerclrc je e ? uzcacw`hjl l `zcyl
TEZ_: + kljeal `( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 2:
9(= _e}ukl j` jc}zrcoucml ` tl}zerclrc je ! ?
e ?
! mlk `zcyl TEZ_:e ltmle} + kljeal o( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 2>
9(: Z`oea` je treml} t`r` `puc}cml j` ltml + kljeal o( ( ( ( ( ( ( ( ( ( >?
9(5 _e}ukl t`r` ` `kl}zr` j` jc}zrcoucml ` tl}zerclrc je ! e ?!
u}`hjl TEZ_: + kljeal j( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( >=
9(9 _e}ukl j` jc}zrcoucml ` tl}zerclrc je ! ! ? e ?! u}`hjl TEZ_:
e nc}zlrcml je ltmle} + kljeal e( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( >>
9(2 Z`oea` je treml} t`r` `puc}cml j` ltml + kljeal e( ( ( ( ( ( ( ( ( ( 34
~y
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9(> _e}ukl j`} jc}zrcoucmle} ` tl}zerclrc} t`r` l} kljeal} mlk yla`zcac+
j`je chy`rc`hze }ckua`jl}( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 30
9(3 _e}uaz`jl re}ukcjl j`} jc}zrcoucmle} ` tl}zerclrc jl} kljeal} mlk
yla zcacj`je e}zlm}zcm` mlk j`jl} }ckua`jl}( ( ( ( ( ( ( ( ( ( ( ( ( ( 3?9(04 _e}ukl j`} jc}zrcoucmle} ` tl}zerclrc} t`r` l} kljeal} mlk yla`zcac+
j`je chy`rc`hze uzcacw`hjl j`jl} jl kerm`jl ffh`hmecrl h`mclh`a( ( ( ( 3=
9(00 _e}ukl j`} jc}zrcoucmle} ` tl}zerclrc} t`r` l} kljeal} mlk Yla`zcac+
j`je E}zlm`}zcm` uzcacw`hjl j`jl} jl kerm`jl ffh`hmecrl h`mclh`a( ( ( 3=
9(0? Z`oea` je treml} t`r` `puc}cml j` ltml ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 3:
0 Treml} j` ltml TEZ_I34 e re}uaz`jl} NR! mlk y`alr jl `zcyl ml+
hnemcjl + kljeal o( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( 044
~yc
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Ac}z` je ]kolal}
.}Z!(((!}Z&c# + ]erce je y`alre} t`r` l `zcyl}! jl ch}z`hze Z `l Z&c6
.}Z!(((!}Z&c# +]erce je y`alre} treyc}zl} t`r` l `zcyl jl ch}z`hze Z `l Z&c6
O] + kljeal lu epu`ml je Oa`mf e ]mnlae}6
NR + kljeal je Nuaa e Rncze6
F + Treml je E~ermmcl6
H.! ?# + Jc}zrcoucml Hlrk`a mlk kejc` e y`rchmc` ?6
BC.`! o# + Jc}zrcoucml B`k` Chyer}` mlk t`rkezrl} ` e o6
J(T( + Je}ycl T`jrl6
]B + @ablrczkl ]chbae Klye6
IIO] + @ablrczkl Ilr`rj Icazerchb O`mf`rj ]`ktachb6
Klj( + Kljeal6
t.]Z!(((!]Z&c# + Jc}zrcoucml je trlo`ocacj`je mlhguhz` jl ch}z`hze Z `l Z&c6
t.]Z!(((!]Z&c# + Jc}zrcoucml je trlo`ocacj`je mlhguhz` treyc}z` jl ch}z`hzeZ `l Z&c6
t.O].]Z! j ; c#!(((!O].]Z&c!j;4## + Jc}zrcoucml je trlo`ocacj`je mlhguhz jetreml} O] jl ch}z`hze Z `l Z&c! mlk j;c!(((!4 `ze ` k`zurcj`je6
t.NR.]Z! j ; c#!(((!NR.]Z&c! j ; 4## + Jc}zrcoucml je trlo`ocacj`je mlh+
guhz` je treml} NR jl ch}z`hze Z `l Z&c! mlk j;c!(((!4 `ze ` k`zurcj`je6
~ycc
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t.O].]Z! j ; c#!(((!O].]Z&c!j;4## + Jc}zrcoucml je trlo`ocacj`je mlhguhz jetreml} O] jl ch}z`hze Z `l Z&c! mlk j;c!(((!4 `ze ` k`zurcj`je! mlk y`alre}
treyc}zl} t`r` l `zcyl6
t.NR.]Z! j ; c#!(((!NR.]Z&c! j ; 4## + Jc}zrcoucml je trlo`ocacj`je mlh+guhz` je treml} NR jl ch}z`hze Z `l Z&c! mlk j;c!(((!4 `ze ` k`zurcj`je!
mlk y`alre} treyc}zl} t`r` l `zcyl(
~yccc
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M`tzual 0
Chzrljuml
L zek` `olrj`jl tlr e}z` jc}}erz`ml zek mlkl lo gezcyl kl}zr`r pue ` chilrk`ml
mlhzcj` ek treml} je ltmle} e }cbhcffm`zcyl `l }e e}zck`r ` yla`zcacj`je! }eg` ek uk
kljeal pue zr`ze d je ilrk` chy`rc`hze lu jchkcm` hl zektl(
L re}uaz`jl e}ter`jl mlk e}z` jc}}erz`ml e lozer e}zck`zcy`} k`c} tremc}`} t`r`
l} t`rkezrl} e ilrhemer uk` ierr`kehz` treackch`r h` zlk`j` je jemc} l! t`r` }e
`jpucrcr uk` ltml ek uk` jezerkch`j` j`z ( Uk` yew pue ` kezljlalbc` je
tremcffm`ml ilrhemer uk` jc}zrcoucml je trlo`ocacj`je t`r` l} treml}(
L zr`o`anl je}ehylaycjl zek }cbhcffm`zcy chuehmc` hl zr`o`anl je Tla}lh e
Gln`hhe} .?449#! pue }ubere ` uzcacw`ml je treml} nc}zlrcml} je ltmle}! ek uk
kljeal je yla`zcacj`je chy`rc`hze hl zektl( Jl tlhzl je yc}z` lhje ` yla`zcacj`je
e zr`z`j` mlkl jchkcm`! ` chuehmc` e jl zr`o`anl je S`hb .033>#(
@ kezljlalbc` uzcacw`j` h` e}zck`ml jl} t`rkezrl} e ` Chierehmc` O`se}c`h`
e ` ]ckua`ml E}zlm}zcm`! `zr`ye} jl nc}zlrcml je treml} jl `zcyl e j` ltml( @
e}zruzur` je}z` jc}}erz`ml mlh}c}ze ek `tre}ehz`r je ilrk` br`j`zcy` l} kljeal}
uzcacw`jl}! eylauchjl jl k`c} }cktae} `l k`c} mlktae~l! zlz`acw`hjl ek mchml klj+
eal} jcycjcjl} ek }emle}( T`r` m`j` uk jeae} }er re`acw`jl uk e~terckehzl `zr`ye}
je j`jl} }ckua`jl}! mlh}zczuchjl je ber`ml je j`jl}! e}zck`ml je t`rkezrl}!
treyc}l jl `zcyl logezl e tremcffm`ml je uk` ltml( @l ffh`a je}z` jc}}erz ml
uk e~terckehzl mlk j`jl} lozcjl} jl kerm`jl ffh`hmecrl h`mclh`a! mlk ` `ml
treierehmc`a hlkch`zcy` j` Tezrlor`}! e `tre}ehz`jl(
@ tremcffm`ml t`r` l} kljeal} je}ehylaycjl} ilr`k re`acw`j`} uzcacw`hjl l klj+
eal je Oa`mf e ]mnlae} .032=# + O]! t`r` uk mehrcl je yla`zcacj`je chy`rc`hze hl
0
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zektl! e l kljeal je Nuaa e Rncze .03>2# + NR! t`r` uk meh rcl je yla`zcacj`je
e}zlm}zcm`(
L} jek`c} m`tzual} je}z` jc}}erz`ml e}zl lrb`hcw`jl} j` }ebuchze ilrk`( L
m`tzual ? je}mreye l} kljeal} je O] e NR6 l m`tzual = `tre}ehz` l} mlhmeczl} jeChierehmc` E}z`z}zcm` O`se}c`h` e l} kezljl} mlktuz`mclh`c} uzcacw`jl}6 l} m`tzual}
: e 5 chzrljuwek l} kljeal} t`r` yla`zcacj`je e ` uzcacw`ml j` chilrk`ml mlhzcj`
hl} treml} j`} ltmle}! t`r` l} m`}l} chy`rc`hze} `l alhbl jl zektl e e}zlm}zcml}!
re}temzcy`kehze6 l m`tzual 9 `tre}ehz` uk e}zujl je m`}l re`acw`jl mlk l `zcyl j`
Tezrlor`}! t`r` l} kljeal} je}mrczl} hl m`tzual} : e 5 e l m`tzual 2 `tre}ehz` `
mlhmau}l lozcj`! `}}ck mlkl }ube}zle} t`r` zr`o`anl} iuzurl}(
?
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M`tzual ?
Trlme}}l je Zektl Mlhzhul
E mlkuk uzcacw`r ` jciu}l ` }ebucr t`r` je}mreyer l} treml} je uk `zcyl(
j~z ; jz & jz .?(0#
E}z` jciu}l e jehlkch`j` Trlme}}l je Rceher Beher`acw`jl! Z}`s .?44?#! je+
ycjl ` chmau}l jl} t`rkezrl} e `}}lmc`jl} `l Trlme}}l je Rceher ]cktae}! j`jl
tlr jz! z`koek jczl Klyckehzl Orlhc`hl T`jrl( @ jc}mrezcw`ml j` jciu}l
.?(0# i`w+}e heme}}rc`! tlc} lo}ery`mle} }l re`acw`j`} `teh`} ek ch}z`hze} jc}mrezl}
je zektl( ]ehjl `}}ck! jeffhe+}e l Trlme}}l je Rceher Beher`acw`jl jc}mrezl(
~z ; z & z .?(?#
0( 4;46
?( z ;
z! lhje H.4! 0#! e
=( z ilr chjetehjehze je g t`r` zljl g
z(
@ trckecr` mlhjcml jeffhe l trlme}}l hl ch}z`hze hual! ` }ebuhj` mlhjcml chjcm`
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jeffhcml je uk` ltml tlje }er j`j` mlkl uk }eburl }lore uk jezerkch`jl ch+
ye}zckehzl( Mlkl pu`apuer }eburl e~c}ze uk tr`wl je y`acj`je! jczl `puc zektl
`ze ` k`zurcj`je! pue e `mlrj`jl ehzre l Zczua`r e l A`hm`jlr( E~c}ze uk trekcl!
y`alr t`bl tea` ltml! e e~c}ze uk y`alr remeocjl ek m`}l je }chc}zrl! jczl treml jee~ermmcl(
L Zczua`r e `pueae pue `jpucrc ` ltml e l A`hm`jlr e `pueae pue liereme ` ltml
hl kerm`jl( O`}cm`kehze e~c}zek jlc} zctl} je ltmle}! `} je yehj` e `} je mlktr`(
L ilml je}ze zr`o`anl }l `} ltmle} je mlktr`! pue hl Or`}ca }l hlrk`akehze
mlkermc acw`j`} `zr`ye} jl kljeal eurlteu! lhje ` e~emuml tlje }er re`acw`j`
}lkehze h` j`z` jl }eu yehmckehzl(
Ltml je Mlktr`7 L A`hm`jlr,Chye}zcjlr `l `jpucrcr e}ze zctl je ltml tl}}uc
l jcreczl je mlktr`r l `zcyl! teal treml ff~`jl! h` j`z` jl t`b`kehzl jl trekcl(
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M`oe `l trltrcezrcl j` ke}k` jemcjcr }e e rehzyea lu chjcierehze ` e~emuml!
chjcierehze mlh}cjer`hjl pue g lmlrreu l treguwl mz! treml t`bl tea` ltml( L
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mz t`r` uk `zcyl ] pu`apuer! mlz`jl d ]z h` j`z` j` `puc}cml ` ltml( E}z`
ltml j`r `l chye}zcjlr l jcreczl je `jpucrcr l `zcyl ] d uk y`alr F! h` j`z` je
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kehmclh`j`! ek rea`ml ` `zcyl ]Z! zr`wcjl d y`alr tre}ehze! tlr uk` z`~` je gurl}
r7
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l kerm`jl je `mle}! je ltmle} e je zzual} .}ek rc}ml#( Tlr e~ektal! l treml je
uk` ltml je mlktr` ml}zuk` }uocr! pu`hjl }eu `zcyl y`alrcw`+}e! ` remtrlm` e
yerj`jecr ( C}zl lmlrre tlc}! ` kejcj` pue l treml je uk` `ml }loe! l aumrl jl
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@ }lauml ilc lozcj` uzcacw`hjl l Aek` je Czl! }ehjl Bz l treml jl jercy`zcyl e
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trlme}}l e retezcjl H yewe} e l treml NRz e m`amua`jl ` t`rzcr j` kejc` je m`j`
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M`tzual =
Chierehmc e Mlktuz`ml
O`se}c`h`
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uk yezlr lu uk` k`zrcw( ]eg` J ` retre}ehz`ml t`r` ` chilrk`ml nc}zlrcm` jl
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t.q~! J# t.~q! J#t.qJ#! .=(0#
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=(? Klhze M`ral Yc` M`jec` je K`rfly
@ cjec` jl} Kezljl} Klhze M`ral yc` M`jec`} je K`rfly mlh}c}ze ek lozer uk`
`kl}zr` j` jc}zrcoucml ` tl}zerclrc e m`amua`r e}zck`zcy`} `kl}zr`c} j`} m`r`m+
zer}zcm`} je}z` jc}zrcoucml( L} kezljl} k`c} jciuhjcjl} }l7 Kezrltlac}+N`}zchb} e
Bcoo}! lhje l uazckl tlje }er je}mrczl mlkl uk m`}l t`rzcmua`r jl trckecrl( @ trl+
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e~tre}}` tlr7
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=(5 Kljeal} Jchkcml}
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tlr ju`} epu`mle} ` }`oer7
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Jc}zrcoucml Trejczcy` uk t`}}l7
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Treyc}`l
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Iz k`zrcw mlhnemcj` h r6
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Icazrl je F`ak`h
L Icazrl je F`ak`h e uk` `olrj`bek e}temffm` t`r` `y`ac`r ` jc}zrcoucml ` tl}+
zerclrc t.zqJz! # o`}e`jl h` jc}zrcoucml trclrc t.zqJz0! #( L Icazrl je F`ak`he uk `ablrczkl pue terkcze `zu`acw`r je ilrk` remur}cy` ` jc}zrcoucml jl} e}t`ml}
je e}z`jl} z! ` t`rzcr j` jc}tlhcocacj`je je uk` hly` lo}ery`ml( @} ez`t`} je
trlme}}l je ffazr`bek }erl `tre}ehz`j`} ` }ebucr! lhje `} jc}zrcoucmle} trclrc! tl}+
zerclrc e trejczcy`! `tre}ehz`k jc}zrcoucml hlrk`a( E}ze re}uaz`jl e}z trly`jl ek
Re}z e N`rrc}lh .0332#(
Jc}zrcoucml Trclrc zqJz0! 7
t.zqJz0! # H.`z! _z# .=(>#lhje7 `z ; Bzkz0
_z ; BzMz0Bz & Rz
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Jc}zrcoucml Trejczcy` 0 t`}}l szqJz0! 7
t.szqJz0! # H.iz! Pz# .=(3#lhje7 iz ; I
z `z
Pz ; Iz_zIz & Yz
Jc}zrcoucml Tl}zerclrc zqJz! 7
t.zqJz! # H.kz! Mz# .=(04#lhje7 @z ; _z
IzPz
b`hnl je F`ak`h
kz ; `z & @z.sz
iz#
Mz ; _z @zPz@z
]u`ycw`jlr je F`ak`h
L ]u`ycw`jlr je F`ak`h e l `ablrczkl uzcacw`jl t`r` jezerkch`r ` jc}zrcoucml
}u`ycw`j` je t.zqJZ! #! t`r` z ; 0!(((!Z( L `ablrczkl chcmc`+}e hl ch}z`hze Zlozcjl ` t`rzcr jl Icazrl je F`ak`h e termlrre zlj`} `} lo}ery`mle} je ilrk` re+
mur}cy`( Jezerkch`r ` jc}zrcoucml }u`ycw`j` e uzca pu`hjl ` chilrk`ml jc}tlhyeay`c `aek jl ch}z`hze z( Hlze pue! pu`hjl uzcacw`+}e uk }c}zek` ek zektl re`a! `
jc}zrcoucml tl}zerclrc ilrhemcj` tea` ffazr`bek e ` keanlr chilrk`ml jc}tlhyea( @
chilrk`ml lozcj` teal ]u`ycw`jlr je F`ak`h hl zek uzcacj`je t`r` re`acw`ml
je treyc}le}! k`} e o`}z`hze y`hz`gl}l pu`hjl }e zr`z` je `hac}e} rezrl}temzcy`}!
zehjl mlkl logezcyl uk keanlr mlhzrlae jl }c}zek`(
Jeffhchjl7 Oz ; MzBz&0_0z
t.zqJZ! # H.kz! Mz# .=(00#lhje7 kz ; kz & Oz.kz&0 `z&0#
Mz ; Mz & Oz.Mz&0 _z&0#Oz
@ remur}l e chcmc`acw`j` mlk kZ ; kZ e MZ ; MZ( @ trly t`r` l `ablrczkl
]u`ycw`jlr je F`ak`h e re`acw`j` uzcacw`hjl l trchmtcl j` chjuml reyer}` e tlje
}er yc}z` ek Re}z e N`rrc}lh .0332#(
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M`tzual :
Kljeal} mlk Yla`zcacj`je
Chy`rc`hze hl Zektl
He}ze m`tzual }erl `tre}ehz`jl} zre} kljeal} t`r` tremcffm`ml je ltmle}! i`wehjl
u}l j` epu`ml je O] chzrljuwcj` hl m`tzual ?( L} kljeal} i`wek u}l j` nctlze}e
je yla`zcacj`je chy`rc`hze `l alhbl jl zektl! }u`} jcierehm`} trlyek j` chilrk`ml
uzcacw`j` t`r` e}zck`r e}z` yla zcacj`je( L m`tzual e}z jcycjcjl ek ju`} }emle}!
lhje ` trckecr`! :(0! zr`z` jl kljeal pue i`w u}l j` chilrk`ml mlhzcj` ek nc}zlrcml}
je rezlrhl}( @ }eml }ebuchze! :(?! chzrljuw l} jlc} kljeal} re}z`hze}! pue chmlrtl+
r`k d chilrk`ml je nc}zlrcml} je treml} je ltmle}! h` jezerkch`ml j` yla`zcacj`je(
L logezcyl j` chmau}l jl} treml} nc}zlrcml} je ltmle}! yc}` `ukehz`r ` tremc}l h`
jc}zrcoucml ` tl}zerclrc j` yla`zcacj`je( L kljeal j` }eml :(0 zek ilrze chuehmc`
jl zr`o`anl je Br`s .?44?#! ehpu`hzl l} kljeal} j` }eml :(?! jl zr`o`anl Tla}lh
e Gln`hhe} .?449#(
:(0 Yla`zcacj`je Chy`rc`hze mlk Chilrk`ml jl
_ezlrhl + Kljeal `
Sz ; &
zz! z H.4! 0# .:(0#
E}ze kljeal e uk` retre}ehz`ml t`r` epu`ml ber`jlr` je treml} je uk `zcyl!
epu`ml .?(0=#! chzrljuwcj` hl m`tzual ?( Lhje Sz ; ah.]z&0,]z# H.! ?z#
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e l rezlrhl hl ch}z`hze z e ; . ?,?#z e l y`alr e}ter`jl j` jcierehm` jl}alb`rczkl} jl} treml} .alb+rezlrhl}#! pue ilc ret`r`kezrcw`jl t`r` }cktacffm`r l}
mamual}( He}ze kljeal ` uhcm` chilrk`ml uzcacw`j` t`r` e}zck`r ` yla`zcacj`je e
trlyehcehze jl nc}zlrcml jl} rezlrhl}(@ jc}zrcoucml ` tl}zerclrc mlhguhz` je e ?! .:(?#! e m`amua`j` ` t`rzcr jl yezlr
je rezlrhl} SZ ; .s0!(((!sZ# lo}ery`jl}! e `} jc}zrcoucmle} ` trclrc trltl}z`} zek
jc}zrcoucml Hlrk`a q? H.k ! R?# e B`k`+Chyere}` ? BC.`! o#(
t.! ?qSZ# ;Zz;0
t.szq! ?#t.q?#t.?# .:(?#
L `ablrczkl u}`jl t`r` e}zck`r l} t`rkezrl} e l @kl}zr`jlr je Bcoo}(
Ekolr` e~c}z` uk` }lauml `h`azcm` t`r` `} jc}zrcoucmle} jl} t`rkezrl} .Kcblh
e B`kerk`h ! 0333#! crekl} `tacm`r zemhcm`} mlktuz`mclh`c}! mlkl }ckua`ml
e}zlm}zcm`! m`}l }eg` e~cbcjl l ke}kl t`r` l} jek`c} kljeal} je}z` jc}}erz`ml(
@} jc}zrcoucmle} mlhjcmclh`c} mlktaez`} jl} t`rkezrl} e 7
q? HsR & kz
R & z!
?zR
R & z .:(=#?q BC
Z
?& 0 & `!
R.P & Z. s#?# & z. k#? & ?Rzo?zR
.:(:#
lhje7 P ;Zz;0
.sz #? e s ; 0Z
Zz;0
sz
]ckua`ml
@ `y ac`ml jl `ablrczkl ilc re`acw`j` ` t`rzcr je uk mlhguhzl je j`jl} ber`+
jl} `rzcffmc`akehze uzcacw`hjl ` epu`ml .?(0=#! mlk l} t`rkezrl} ; 4(9> e
? ; 4(??! ehmlhzr`jl} hl kerm`jl ffh`hmecrl or`}caecrl( Ilr`k }ckua`j`} 094
y`alre}! lhje l} =4 ffh`c} ilr`k uzcacw`jl} mlkl `kl}zr` ze}ze e l} jek`c} u}`jl}
mlkl `kl}zr` zrechl ]Z ; .}0!(((!}Z# + `kl}zr` zrechl! lhje Z;0=4#( L mehrcl je
}ckua`ml ilc ?5? jc`} uzec} je uk `hl! cktacm`hjl ek z ; 0,?5?(
@ t`rzcr j` `kl}zr` ze}ze jl `zcyl .}Z&0!(((!}Z&=4#! ilc }ckua`jl uk mlhguhzl mlk
=4 treml} .lZ&0!(((!lZ&=4#! uzcacw`jl} h` yercffm`ml j` tremcffm`ml( @ ber`ml jl}
treml} j` ltml ilc re`acw`j` uzcacw`hjl ` e}zruzur` O] & z! lhje z H.4! ?O]#!
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mlk ?O] ; 4(=( L} t rkezrl} t`r` l kljeal O] }l7 treml je e~ermmcl F ;
_*54! 44! yla`zcacj`je ? ; 4(??! z`~` je gurl} acyre je rc}ml r ; 00(?5 e j jc`} t`r`
l yehmckehzl! lhje j ; =4!(((! 0(
Icbur` :(07 Treml} ]Z ; .}z!(((!}Z# }ckua`jl} uzcacw`hjl ` epu`ml ?(0= e l}
t`rkezrl}7 ; 4(9> e ? ; 4(??(
0=4 jc`}
]z
4 ?4 :4 94 >4 044 0?4
=5
:4
:5
54
Icbur` :(?7 _ezlrhl} SZ ; .sz!(((!sZ# t`r` l `zcyl }ckua`jl(
0=4 jc`}
Sz
4 ?4 :4 94 >4 044 0?4
4(4
5
4(4
5
L `ablrczkl @kl}zr`jlr je Bcoo} jezerkch` ` jc}zrcoucml ` tl}zerclrc je
e ?! pue }l l} t`rkezrl} jl kljeal .:(0#( Uzcacw`hjl ` zr`h}ilrk`ml
; ,z & ?,?! jezerkch`+}e ` jc}zrcoucml ` tl}zerclrc je (
L `ablrczkl7
0( Chcmc acwe .4#! ?.4# e ?.4#6
?( T`r` c 0! `kl}zre je .c# e ?.c#! je .:(=# e .:(:#! re}temzcy`kehze 6
=( M`amuae7
.c# ; .c#,z & ?.c#,?6
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treyc}l7 .}Z&0!(((!}Z&=4#
.c#! uzcacw`hjl ` epu`ml .?(0=#6
tremcffm`ml 07 .O].}Z&0! ?! j ; =4#!(((!O].}Z&=4!
?! j ; 4##.c#! ` t`rzcr
je .?(0=#6
tremcffm`ml ?7 .O].}Z&0! ?! j ; =4#!(((!O].}Z&=4!
?! j ; 4##.c#! ` t`rzcr
je .?(0=# e .}Z&0!(((!}Z&=4#
.c#6
:( I`m` c;c&0 e ylaze t`r` ?! retcz` `ze mlhyerbcr(
@ tremcffm`ml 0 uzcacw` l mlhguhzl je y`alre} }ckua`jl} t`r` ` `kl}zr` ze}ze! lu
}eg`! y`alre} treyc`kehze mlhnemcjl}! .}Z&0!(((!}Z&=4#( @ tremcffm`ml ? uzcacw` l
mlhguhzl je =4 treyc}le} t`r` l `zcyl .}Z&0!(((!}Z&=4#! re`acw`j`} hl zek =! l}
jek`c} t`rkezrl} jl kljeal O] }l l} ke}kl} u}`jl} h` }ckua`ml j`} ltmle}(
L} nctert`rkezrl} j`} jc}zrcoucmle} ` trclrc }l7 k ; 4! R ; 04=! ` ; 4(4444440
e o ; 4(4444440(
Icbur` :(=7 Nc}zlbr`k`} e m`jec` t`r` `kl}zr` j` jc}zrcoucmle} ` tl}zerclrc je e
? + kljeal `(
Ilr`k ber`j`} 09(444 czer`mle}! e `} >(444 czer`mle} chcmc`c} ilr`k je}m`rz`j`}
mlkl `puemckehzl j` m`jec`( @ Icbur` :(= `tre}ehz` l} nc}zlbr`k`} e `} m`jec`}t`r` `} jc}zrcoucmle} ` tl}zerclrc je e ?! re}temzcy`kehze( L y`alr yerj`jecrl jl
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t`rkezrl hl nc}zlbr`k`! e}z retre}ehz`jl tea` achn` jeh}` yerje e h` m`jec` tea`
yerkean`( L} re}uaz`jl} re}ukcjl} j`} jc}zrcoucmle} ` tl}zerclrc e}zl h` z`oea` :(0
` }ebucr7
Z`oea` :(07 _e}ukl j`} Jc}zrcoucmle} Tl}zerclrc} je e ? + kljeal `
Y`alr _e`a Kejc` Je}ycl T`jrl ?(5% 32(5%
4(9> 4(992= 4(::9? 4(?0=9 0(5=??? 4(?? 4(?43> 4(40>5 4(029: 4(?:30
T`r` jezerkch`r l treml `zr`ye} j` epu`ml O]! hl e heme}}rcl ` y`alr je (
@ ffbur` :(: kl}zr` l} re}uaz`jl} j` jc}zrcoucml trejczcy t.}Z&0!(((!}Z&=4#! t`}}l
= jl `ablrczkl( @ treyc}l .achn` yerje jeh}`# ilc m`amua`j` ` t`rzcr jl} y`alre}
kejcl} j jc}zrcoucml e l} chzery`al} mlk 35% je mrejcocacj`je .achn`} yerkean`}
zr`meg`j`}#! ` t`rzcr jl} pu`hzc} p4(4?5 e p4(325( @ achn` e}mur jeh}`! retre}ehz` l}
y`alre} }ckua`jl} mlkl `kl}zr` ze}ze t`r` l `zcyl(
Icbur` :(:7 @zcyl }ckua`jl t`r` `kl}zr` ze}ze! treyc}l e chzery`al} mlk 35% je
mrejcocacj`je + kljeal `(
=4 Jc`}
]z
4 5 04 05 ?4 ?5 =4
:4
94
>4
_e`a Treyc}zl CM 35%
@ ffbur` :(5 `tre}ehz` l} re}uaz`jl} j` tremcffm`ml lozcjl} tea` jc}zrcoucml
`kl}zr`a
t
O].}Z&0! ?! j ; =4#!(((!O].}Z&=4!
?! j ; 4#
! ber`j` teal t }}l = jl `a+
blrczkl( E}ze} re}uaz`jl} uzcacw`k l} y`alre} }ckua`jl} t`r` `kl}zr` ze}ze jl
`zcyl }Z&0!(((!}Z&=4! lu }eg`! l treml j` ltml e m`amua`jl mlk l y`alr jl `zcyl
treyc`kehze mlhnemcjl( L y`alr je O] .achn` yerje# ilc m`amua jl ` t`rzcr j`}
kejc`} e l} chzery al} mlk 35% je mrejcocacj`je .achn`} yerkean`} zr`meg`j`}#!
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` t`rzcr jl} pu`hzc} p4(4?5 e p4(325( @ achn` e}mur` jeh}` }l l} treml} j` ltml
.lZ&0!((((!lZ&=4#! }ckua`jl} mlkl `kl}zr` ze}ze t`r` ` ltml(
Icbur` :(57 Ltml }ckua`j` t`r` `kl}zr` ze}ze! tremcffm`ml tlr O] e chzery`al} mlk
35% je mrejcocacj`je! uzcacw`hjl l `zcyl }ckua`jl t`r` ` `kl}zr` ze}ze + kljeal `(
=4 Jc`}
Lz
4 5 04 05 ?4 ?5 =4
?
9
04
_e`a Treyc}zl CM 35%
L} re}uaz`jl} j` jc}zrcoucml `kl}zr`a t.O].}Z&0! ?! j ;
=4#!(((!O].}Z&=4! ?! j ; 4##! t }}l = jl `ablrczkl! e}zl `tre}ehz`jl} h`
ffbur` :(9( @ tremcffm`ml uzcacw` l} y`alre} pue ilr`k treyc}zl} t`r` l `zcyl jur`hze
l t`}}l = jl `ablrczkl( L y`alr je O] .achn` yerje# ilr`k m`amua`jl} ` t`rzcr j`}
kejc`} e l} chzery`al} mlk 35% je mrejcocacj`je .achn`} yerkean`} zr`meg`j`}#! `
t`rzcr jl} pu`hzc} p4(4?5 e p4(325( @ achn` e}mur` jeh}` }l l} treml} }ckua`jl} j`
ltml .lZ&0!((((!lZ&=4# }ckua`jl}(
Icbur` :(97 Ltml }ckua`j` t`r` `kl}zr` ze}ze! tremcffm`ml tlr O] e chzery`al}
mlk 35% je mrejcocacj`je! uzcacw`hjl l `zcyl treyc}zl + kljeal `(
=4 Jc`}
Lz
4 5 04 05 ?4 ?5 =4
4
04
?4 _e`a Treyc}zl CM 35%
@l mlkt`r`r `} ffbur`} :(5 e :(9 termeoe+}e pue ` trckecr` `tre}ehz` uk` jc}+
zrcoucml t`r` l} treml} O] k`c} tremc}l}! tlr uzcacw`r l y`alr mlhnemcjl0 t`r` l
0L} y`alre} mlhnemcjl} }l l} ke}kl} pue l} y`alre} }ckua`jl}(
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`zcyl( E}ze} re}uaz`jl} yeek mlktrly`r pue l y`alr jl `zcyl mlhzek br`hje t`rze
j chilrk`ml re`a jl treml j` ltml(
:(? Yla`zcacj`je Chy`rc`hze mlk Chilrk`ml jl}
_ezlrhl} e je Ltmle}
He}z` }eml }erl `tre}ehz`jl} jlc} kljeal}( L trckecrl uzcacw` ` chilrk`ml jl
`zcyl ek mlhguhzl mlk ` chilrk`ml je uk` ltml je mlktr`( L }ebuhjl e uk`
eylauml jl trckecrl! e uzcacw` ` chilrk`mle} mlhzcj`} hl `zcyl e ek ju`} ltmle}
je mlktr` jcierehze}( L} kljeal} zek mlkl logezcyl jezerkch`r ` jc}zrcoucml j`
yla`zcacj`je ? e tremcffm`r ltmle}(
Tla}lh e Gln`hhe} .?449# jeffhcr`k mlkl ]chbua`rcj`je E}zlm`}zcm`! ` rea`ml
jcrez` ehzre ` yla`zcacj`je e l treml je uk` ltml m`amua`j` `zr`ye} kljeal je
O]( T`r` eae} e}z` rea`ml jcrez` jeyerc` }er je}iecz`! g pue hl }e yercffm`y ek
trloaek`} re`c} je tremcffm`ml( @ }lauml trltl}z` ilc ` chmau}l je uk` epu`ml
`l kljeal .:(0#! pue retre}ehz`}}e ` chilrk`ml mlhzcj` hl treml je uk` ltml(
:(?(0 Yla`zcacj`je Chy rc`hze mlk Chilrk`ml jl _ezlrhl e
je Uk` Ltml + Kljeal o
Sz ; &
zz .:(5#
Lz ; O].?! Sz# & z z! z H.4! 0# .:(9#
@ trckecr` epu`ml e ` ret`r`kezrcw`ml je .?(0=#! lhje Sz ; ah.]z&0,]z# e l
rezlrhl hl ch}z`hze z e ; . ?,?#z e l y`alr e}ter`jl t`r` l} alb+rezlrhl}(@ epu`ml .:(9# chzrljuw ` chilrk`ml jl treml je uk` ltml hl ch}z`hze z( L
rezlrhl e ` ltml hl ch}z`hze z zek jc}zrcoucml hlrk`a7 Sz H.! z?# e Lz H
O].Sz! ?#! ?
! re}temzcy`kehze(
E}ze kljeal zek uk t`rkezrl ` k`c} t`r` e}zck`r! ?! chzer+
trez`jl mlkl ` chmerzew` je kerm`jl( T`r` }cktacffm`r ` hlz`ml
jeffhc+}e ; .! ?! ?#( @ jc}zrcoucml ` tl}zerclrc mlhguhz`
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t.qSZ! LZ#! lhje SZ ; .s0!(((!sZ# e LZ ; .l0!(((!lZ#! e lozcj`tlr .:(2# e `} jc}zrcoucmle} ` trclrc trltl}z } }l7 H.k! ?#!? BC.`! o# e ? BC.m! j#(
t.qSZ! LZ# ;Zz;0
t.lzqsz! #t.szq! ?#t.q?#t.?#t.?# .:(2#
L} `ablrczkl} uzcacw`jl} t`r` jezerkch`r `} jc}zrcoucmle} ` tl}zerclrc} }l
@kl}zr jlr je Bcoo} e Kezrltlac}+N`}zchb}( @kol} }l uzcacw`jl}! tlc} ` jc}+
zrcoucml mlhjcmclh`a mlktaez`! t`r` ` yla`zcacj`je ?! hl `tre}ehz` uk` ilrk`
mlhnemcj`(
@} jc}zrcoucmle} mlhjcmclh`c} mlktaez`} je ! ? e ?7
q? H
RsZ & kzZ R & z
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Z R & z
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Z & ?m
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@ jc}zrcoucml trltl}z` uzcacw`j` hl `ablrczkl Kezrltlac}+N`}zchb} e t`rze jl
humael j` jc}zrcoucml mlhjcmclh`a mlktaez` t.?q! ?#( @ t`rze e}mlancj` zekjc}zrcoucml B`k` Chyer}`! uk` jc}zrcoucml mlhnemcj` e imca je }e `kl}zr`r(
?q BC
Z & 0 & ?`
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P0?Rz
.:(00#
lhje7 P0 ; RZz;0
.sz #? & z.k#? & ?oRz
@ chilrk`ml ilrhemcj` hl treml j` ltml e chmlrtlr`j` `l kljeal hl ze}ze je
`mecz`ml jl `ablrczkl Kezrltlac}+N`}zchb}!
=4
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T.?.c#! ?.c&0## ; kch0!e~t
0
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lz O].sz! ?.c&0##
?
e~t 0
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.:(0?#
]ckua`ml
L `ablrczkl e `y ac`jl ` t`rzcr je j`jl} }ckua`jl} `rzcffmc akehze( L} treml} jl
`zcyl ilr`k }ckua`jl} h` }eml `hzerclr( _eaekor`hjl pue l trlme}}l uzcacwlu `
epu`ml .?(0=#! mlk t`rkezrl} ; 4(9> e ?
; 4(??( L} j`jl} ber`jl} ilr`kjcycjcjl} mlhilrke ieczl `hzerclrkehze! l} uazckl} =4 y`alre} ilr`k uzcacw`jl} t`r`
`kl}zr` ze}ze e l} 0=4 re}z`hze} uzcacw`jl} mlkl `kl}zr` zrechl! l} y`alre} reierehze}
` `kl}zr` zrechl tljek }er yc}zl} h` ffbur` :(0 j` }eml `hzerclr(
He}z` }eml }e i`w heme}}rcl ber`r y`alre} t`r` uk` ltml! pue }er uzcacw`j`
}ckuaz`he`kehze mlk l} rezlrhl}? t`r` ` e}zck`r l} t`rkezrl}( Ilr`k ber`jl} y`+
alre} t`r` l} treml} je uk` ltml je mlktr`! jl }eu a`hm`kehzl `l }eu yehmckehzl(
L} 0=4 treml} t`r` l `zcyl j` `kl}zr` zrechl ilr`k uzcacw`jl}! e l} treml} j ltml
ilr`k }ckua`jl} ` t`rzcr j` epu`ml .:(9#( L} t`rkezrl} uzcacw`jl} ilr`k! treml
je e~ermmcl _*:5! 44! yla`zcacj`je ? ; 4(??! z`~` je gurl} acyre je rc}ml r ; 00! ?5%
e .Z+z# jc`} t`r` l yehmckehzl! mlk Z;0=4( L zerkl je chmerzew` j` epu`ml .:(9#
ilc ff~`jl ek ? ; 4(?(
T`r` `y`ac`r ` tremcffm`ml re`acw`j` teal kljeal o ilc uzcacw`j` ` ltml ber`j`
mlkl `kl}zr` ze}ze h` }eml :(0( Jcierehzekehze j` ltml }ckua`j` he}z` }eml! `
ltml ber`j` mlkl `kl}zr` ze}ze hl mlhzrcouc t`r` ` e}zck`ml jl} t`rkezrl}!
}u` uhcm` iuhml e yercffm`r ` tremcffm`ml re acw`j` teal `ablrczkl( L trlme}}l
e}z` je}mrczl hl zltcml }ckua`ml! j` }eml `hzerclr d e}z`( Aekor`hjl pue l}
t`rkezrl} u}`jl}! treml je e~ermmcl F ; _*54! 44! yla`zcacj`je ? ; 4(??! z`~`
acyre je rc}ml r ; 00(?5% e zektl `ze l yehmckehzl je =4 jc`}( @ epu`ml .:(=# e `
ke}k` uzcacw`j` t`r` }ckua`r ` ltml j` `kl}zr` ze}ze j` }eml :(0(
?E mlkuk }e reiercr `l} treml} jl `zcyl e `l} rezlrhl} mlkl }ehjl ` ke}k` chilrk`ml! yc}zl
pue `kol} }l lozcjl} i`mcakehze uk ` t`rzcr jl luzrl(
=0
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Icbur` :(27 Ltml ber`j` t`r` `kl}zr` ze}ze LZ ; .l0!(((!lZ#! mlk Z;0=4(
4 ?4 :4 94 >4 044 0?4
4
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9
>
0=4 Jc`}
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L `ablrczkl7
0( Chcmc acwe .4#! ?.4# e ?.4#6
?( T`r` c 0! `kl}zre .c# e ?.c# ! ` t`rzcr je .:(># e .:(3#! re}temzcy`kehze 6
=( @kl}zre ?.c&0#! ` t`rzcr je .:(00#6
:( Bere u U.4! 0#! ]e u 1 T.?.c#! ?.c&0##! lhje T.# e lozcjl ek .:(0?#!?.c&0# ?.c&0#! m`}l mlhzrrcl ?.c&0# ?.c# 6
5( M`amuae7
.c# ; .c#,z & ?.c#,?6
Treyc}l7 .}Z&0!(((!}Z&=4#
.c#! ` t`rzcr je .?(0=#6
Tremcffm`ml 07 .O].}Z&0! ?! j ; =4#!(((!O].}Z&=4!
?! j ; 4##.c#! ` t`rzcr
je .?(?0#6
Tremcffm`ml ?7 .O].}Z&0! ?! j ; =4#!(((!O].}Z&=4!
?! j ; 4##.c# ` t`rzcr
je .?(?0# e .}Z&0!(((!}Z&=4#.c#6
9( I`m` c;c&0 e ylaze t`r` ?! retcz` `ze mlhyerbcr6
@ tremcffm`ml 0 uzcacw` l mlhguhzl je y`alre} }ckua`jl} t`r` ` `kl}zr` ze}ze!
lu }eg`! y`alre} treyc`kehze mlhnemcjl}! .}Z&0!(((!}Z&=4#( @ tremcffm`ml ? uzcacw`
l mlhguhzl je =4 treyc}le} t`r` l `zcyl .}Z&0!(((!}Z&=4#! re`acw`j`} hl zek 5( L}
jek`c} t`rkezrl} jl kljeal O] }l l} ke}kl} u}`jl} h` }ckua`ml j`} ltmle}(
L} nctert`rkezrl} j`} jc}zrcoucmle} ` trclrc }l7 k ; 4! R ; 04=! ` ; 4(4444440!
o ; 4(4444440! m ; 4(4444440 e j ; 4(4444440(
=?
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Icbur` :(>7 Nc}zlbr k`} e m`jec` t`r` `kl}zr` j` jc}zrcoucmle} ` tl}zerclrc je !
? e ?+ kljeal o(
Ilr`k ber`j`} 09(444 czer`mle}! e `} >(444 czer`mle} chcmc`c} ilr`k je}m`rz`j`}
mlkl `puemckehzl j` m`jec`( @ Icbur` :(> `tre}ehz` l} nc}zlbr`k`} e `} m`jec`}
t`r` `} jc}zrcoucmle} ` tl}zerclrc je ! ? e ? re}temzcy`kehze( L y`alr yerj`jecrl
jl t`rkezrl hl nc}zlbr`k` e}z retre}ehz`jl tea` achn` jeh}` yerje e h` m`jec`
tea` yerkean`( L} re}uaz`jl} re}ukcjl} j`} jc}zrcoucmle} ` tl}zerclrc e}zl h` z`oea`
:(?(
Z`oea` :(?7 _e}ukl j`} Jc}rcoucmle} jl} t`rkezrl} ! ? e ? + kljeal o(
Y`alr _e`a Kejc` Je}ycl T`jrl ?(5% 32(5%
4(9> 4(>>4: 4(5::3 4(0>>5 0(3554? 4(?4 4(???9 4(4??2 4(0>?= 4(?20:
? 4(?? 4(?=44 4(4499 4(?020 4(?:?5
L} re}uaz`jl} t`r` ` jc}zrcoucml jl t`rkezrl }l kuczl t`remcjl} mlk l}
==
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lozcjl} h` }eml `hzerclr :(0( Tlrek! l t`rkezrl je chzere}}e ? `tre}ehzlu uk
`ukehzl je tremc}l }cbhcffm`zcyl( L jeycl t`jrl j` }u` jc}zrcoucml ` tl}zerclrc
rejuwcu je 4(40>5 t`r` 4(4499! mlhffrk`hjl l b`hnl eiezcyl `l }e lo}ery`r treml}
je uk` ltml ek mlhguhzl mlk l} rezlrhl}! `l }e e}zck`r ` yla`zcacj`je(L `ukehzl j` tremc}l je ? chuehmclu ` jc}zrcoucml trejczcy` jl `zcyl
t.}Z&0!(((!}Z&=4#! pue z`koek `tre}ehzlu uk b`hnl je tremc}l( @ ffbur` :(3 cau}+
zr` l} re}uaz`jl} lozcjl} hl t`}}l 5 jl `ablrczkl( @ treyc}l .achn` yerje jeh}`# e
m`amua`j` ` t`rzcr jl} y`alre} kejcl} j` jc}zrcoucml trejczcy` e l} chzery`al} mlk
35% je mrejcocacj`je .achn`} yerkean`} zr`meg`j`}#! m`amua`j`} ` t`rzcr jl} pu`hzc}
p4(4?5 e p4(325( @ achn` e}mur` jeh}` }l l} y`alre} }ckua`jl} mlkl `kl}zr` ze}ze jl
`zcyl h` }eml :(0(
Icbur` :(37 @zcyl }ckua`jl t`r` `kl}zr` ze}ze! treyc}l e chzery`al} mlk 35% je
mrejcocacj`je + kljeal o(
=4 Jc`}
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4 5 04 05 ?4 ?5 =4
:4
94
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_e`a Treyc}zl CM 35%
@ ffbur` :(04 `tre}ehz` l} re}uaz`jl} j` tremcffm`ml lozcjl} tea` jc}zrcoucml
`kl}zr`a
t
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jl `zcyl }Z&0!(((!}Z&=4! lu }eg`! l treml j` ltml e m`amua`jl mlk l y`alr jl `zcyl
treyc`kehze mlhnemcjl( L y`alr je O] .achn` yerje# ilc m`amua jl ` t`rzcr j`}
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l} chzery`al} mlk 35% je mrejcocacj`je .achn`} yerkean`} zr`meg`j`}#! ` t`rzcr jl}
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}ckua`jl} h` }eml :(0 mlkl `kl}zr` ze}ze t`r` ` ltml(
=:
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Icbur` :(047 Ltml }ckua`j` t`r` `kl}zr` ze}ze! tremcffm`ml tlr O] e chzery`al}
mlk 35% je mrejcocacj`je! uzcacw`hjl l `zcyl }ckua`jl t`r` ` `kl}zr` ze}ze + kljeal
o(
=4 Jc`}
Lz
4 5 04 05 ?4 ?5 =4
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9
04
_e`a Treyc}zl CM 35%
L} re}uaz`jl} j` jc}zrcoucml `kl}zr`a t.O].}Z&0! ?! j ;
=4#!(((!O].}Z&=4! ?! j ; 4##! t }}l 5 jl `ablrczkl! e}zl `tre}ehz`jl} h`
ffbur` :(04( @ tremcffm`ml uzcacw` l} y`alre} jl `zcyl pue ilr`k treyc}+
zl} hl t`}}l 5 jl `ablrczkl( L} treml} .achn` yerje# }l `} kejc` je
t.O].}Z&0! ?! j ; =4#!(((!O].}Z&=4!
?! j ; 4## e l} chzery al} mlk 35% je
mrejcocacj`je .achn`} yerkean`} zr`meg`j`}#! }l l} pu`hzc} p4(4?5 e p4(325( @ achn`
e}mur` jeh}` }l l} treml} }ckua`jl} j` ltml .lZ&0!((((!lZ&=4# ber`jl} h` }eml
:(0(
Icbur` :(007 Ltml }ckua`j` t`r` `kl}zr` ze}ze! tremcffm`ml tlr O] e chzery`al}
mlk 35% je mrejcocacj`je! uzcacw`hjl l `zcyl treyc}zl hl t`}}l 5 + kljeal o(
=4 Jc`}
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4 5 04 05 ?4 ?5 =4
4
5
05
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=5
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:(?(? Yla`zcacj`je Chy rc`hze mlk Chilrk`ml jl _ezlrhl e
je Ju`} Ltmle} + Kljeal m
Sz ; &
zz .:(0=#
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E}z` }eml `tre}ehz` uk kljeal! lhje }l uzcacw`j`} ju`} ltmle} jcierehze} je
uk ke}kl `zcyl( Ek mlkt`r`ml `l kljeal o! `tre}ehz`jl h` }eml `hzerclr!
` jcierehm` e}z h` chmau}l je k`c} uk` epu`ml retre}ehz`jl luzr` ltml jlke}kl `zcyl( E}ze kljeal e klzcy`jl teal b`hnl je tremc}l j` jc}zrcoucml `
tl}zerclrc je ? h` }eml `hzerclr( @ epu`ml t`r` l} rezlrhl} hl ch}z`hze z .:(0=#
e ` ret`r`kezrcw`ml j` epu`ml .?(0=#! lhje Sz ; ah.]z&0,]z# H.! z?# e ; . ?,?#z e l y`alr e}ter`jl t`r` l} alb+rezlrhl}( @ epu`ml .:(0:# re+tre}ehz` l} treml} j` ltml hukerl uk hl ch}z`hze z! L0z H.O].Sz! ?#! ?0 # e `epu`ml .:(05# l} treml} j` ltml hukerl ? hl ch}z`hze z! L?z H.O].Sz! ?#! ?0 #(@ chmau}l je k`c} uk` epu`ml cktacm` hl `mre}mckl je k`c} uk` jc}zrcoucml d
}er e}zck`j`(
@ jc}zrcoucml tl}zerclrc mlhguhz` t.qSZ! L0Z! L?Z# tlje }er m`amua`j` je `mlrjlmlk ` epu`ml :(09! lhje ; .! ?! ?0 !
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yezlre} SZ ; .s0!(((!sZ#! L0Z ; .l00!(((!l0Z# e L?Z ; .l?0!(((!l?Z#! retre}ehz`k
chilrk`ml jl} rezlrhl}! ltml 0 e ltml ?! re}temzcy`kehze( @} jc}zrcoucmle} `
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je Bcoo} e Kezrltlac} N`}zchb}( @}}ck mlkl lmlrrcjl hl kljeal o! ` jc}zrcoucmlmlhjcmclh`a mlktaez` t`r` ? hl `tre}ehz` ilrk` mlhnemcj`(
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@} jc}zrcoucmle} mlhjcmclh`c} mlktaez`} je ! ?0 ! ??
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?q BC
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@ trchmct`a jcierehm` ehzre l} kljeal} o e m lmlrre h` trlo`ocacj`je je `mecz`ml
jl `ablrczkl Kezrltlac}+N`}zchb}! pue uzcacw` ` chilrk`ml `breb`j` tea`} ltmle} 0
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]ckua`ml
@ `y`ac`ml jl kljeal m ilc iecz` ` t`rzcr je y`alre} ber`jl} `rzcffmc`akehze! uzc+
acw`hjl ek br`hje t`rze l mlhguhzl je j`jl} }ckua`jl} h` }eml `hzerclr( L}
treml} t`r` l `zcyl ber`jl} je `mlrjl mlk ` epu`ml ?(0= e t`rkezrl} ; 4(9>
e ? ; 4(??( L} treml} j` ltml 0 L0Z ; .l00!(((!l0Z#! }ckua`jl} je `mlrjl mlk
` epu`ml= :(= mlk t`rkezrl}7 treml je e~ermmcl F0 ; _*:5! 44! yla zcacj`je
? ; 4(??! z`~` je gurl} acyre je rc}ml r ; 00(?5%! .Z+z# jc`} t`r` l yehmckehzl!
mlk Z;0=4 e t`rkezrl ?0 ; 4(?(
T`r` re`acw`r ` }ckua`ml uzcacw`hjl l kljeal m e heme}}rcl ber`r treml} t`r`
uk` }ebuhj` ltml L?Z ; .l?0!(((!l?Z#! ` ltml ilc }ckua`j` j` ke}k` ilrk` pue
` j` }eml `hzerclr uzcacw`hjl uk treml je e~ermmcl F? ; _*:>! 44 e uk t`rkezrl
?? ; 4(05(
Ltmle} je uk ke}kl `zcyl! mlk uk ke}kl zektl je ycj` jcierek `teh`} ek }eu
treml je e~ermmcl e y`rc`ml( ]ehjl l trckecrl uk t`rkezrl mlaez`jl jcrez`kehze
jl kerm`jl! ehpu`hzl pue l }ebuhjl tremc}` }er e}zck`jl( Uk e~ektal jc}zl tlje
}er yc}zl h` ffbur` :(0?!