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  • 24. 2FC AMKN?LW F?Q ?AFGCTCB AMLRGLSMSQ ?LB NPMEPCQQGTC EPMURF ?LB GQ LMU QSAACQQDSJJW CQR?@JGQFCB GL K?LW AMSLRPGCQ GL #SPMNC
  • 25. %CPK?LQNC?IGLE AMSLRPGCQ PCNPCQCLR RFC AMPC K?PICR DMP RFC NPMBSARQ RF?R ?PC K?PICRCB SLBCP RFC @P?LB 1?L*SA?P
  • 27. ,HRRHNM 5HRHNM @MC 5@KTDR 'L 1?L*SA?P UC @CJGCTC GL ? L?RSP?J ?LB FC?JRFW -SP K?GL M@HCARGTC GQ RF?R ?JJ RFC QR?ICFMJBCPQ GLTMJTCB CLTGPMLKCLR UFCPC NCMNJC F?TC RFC NMQQG@GJGRW GL MSP T?JSC AF?GL PC?JJW ECR RM ILMU CK@CB ?LB ?LB RFC PGEFR RM C?R RFC FC?JRFGCQR RFC R?QRGCQR ?LB GKNJCKCLR RFC DMJJMUGLE T?JSCQ ?LB AMLQGBCP RFCK ?Q RFC KMQR L?RSP?J NPMBSARQ
  • 28. RFCGP MUL 5C U?LR RM @C RFC JC?BCPQ GL RFC BCTCJMNKCLR MD ƒŽ—‡• ‹ ƒ—…ƒ” LCU D?PKGLE KCRFMBQ ?LB NPMBSARQ GLLMT?RGML
  • 30. ͙Ǥ ‘ŽŽƒ„‘”ƒ–‹‘ ƒ† …‘‘’‡”ƒ–‹‘ ™‹–Š ‘—” ’ƒ”–‡”• ‹ ‘”†‡” –‘ ‘˜‡ –‘™ƒ”†• ‡š…‡ŽŽ‡…‡Ǥ ͚Ǥ ’‡…‹ƒŽ ƒ––‡–‹‘ –‘ ‘—” •–ƒ‡Š‘Ž†‡”• ˆ‘” ƒ „‡––‡” —†‡”•–ƒ†‹‰ ‘ˆ –Š‡‹” 5C U?LR RM DGLB N?PRLCPQ UMPJBUGBC UFM QF?PC ‡‡†•Ǥ ͛Ǥ –Š‹…• ƒ† ”‡•’‘•‹„Ž‡ ƒƒ‰‡‡–ǣ ˆƒ‹”Ǧ’Žƒ› ‹ „—•‹‡••Ǥ MSP T?JSCQ ?LB AMKKGRKCLRQ ?LB UFM ?PC ͜Ǥ ‘‡•–› ƒ† –”ƒ•’ƒ”‡…›Ǥ AMLACPLCB ?@MSR QMAG?J ?LB CLTGPMLKCLR GQQSCQ
  • 31. ͝Ǥ —ƒŽ‹–›ǣ •’‡…‹ƒŽ …ƒ”‡ †‘™ –‘ –Š‡ Žƒ•– †‡–ƒ‹Ž –Š”‘—‰Š‘—– –Š‡ ’”‘…‡••ǣ ’”‡Ǧ’Žƒ–‹‰ǡ ’Žƒ–‹‰ǡ …”‘’ǡ Šƒ”˜‡•–‹‰ǡ †‹•–”‹„—–‹‘ǡ ƒ† ƒ”‡–‹‰Ǥ ͞Ǥ —•–ƒ‹ƒ„‹Ž‹–›ǣ ”‡•’‡…– ƒ† ’”‘–‡…– ‡˜‹”‘‡– ƒ† ’‡‘’Ž‡ǡ ”‡‰ƒ”†Ž‡•• 5C U?LR MSP @P?LB RM @C PCAMELGQCB DMP GRQ OS?JGRW ‘ˆ –Š‡‹” •–ƒ–—• ƒ† …‹”…—•–ƒ…‡•Ǥ ͟Ǥ ‘” —•ǡ ‹‘˜ƒ–‹‘ ‡ƒ• •—•–ƒ‹ƒ„Ž‡ †‡˜‡Ž‘’‡– ƒ† …‘–‹—‘—• ?LB ?JQM DMP GRQ QMAG?J ?LB CLTGPMLKCLR?J Ž‡ƒ”‹‰Ǥ PCQNMLQG@GJGRW
  • 32. ͠Ǥ –‹…‹’ƒ–‹‘ ˜• …‘””‡…–‹‘Ǥ ͡Ǥ —ƒ”ƒ–‡‡ ‘ˆ „—›‹‰ –Š‡ Š‡ƒŽ–Š‹‡•–ǡ –Š‡ ‘•– ƒ–—”ƒŽ ƒ† –Š‡ –ƒ•–‹‡•– ˆ”—‹– ƒ† ˜‡‰‡–ƒ„Ž‡• ƒŽŽ ›‡ƒ” Ž‘‰Ǥ ͙͘Ǥ ‡ •Šƒ”‡ –Š‡ ˜ƒŽ—‡• ‘ˆ –Š‡ …‘’ƒ› ™‹–Š ‘—” ‡’Ž‘›‡‡• ƒ† ™‡ –”ƒ•‹– –Š‡ –‘ ‘—” •–ƒ‡Š‘Ž†‡”•
  • 33. 3GD 2@M+TB@Q NMBDOS 2FC 1?L*SA?P @P?LB QFMUQ NCPQML?JGRW MSP AF?P?ARCP MSP NFGJMQMNFW ?LB ?@MTC ?JJ MSP M@QCQQGML DMP R?QRC
  • 34. R?QRC
  • 35. 2FGQ GQ UF?R K?ICQ SQ BGDDCPCLR ?LB SLGOSC
  • 36. 5C NSR EPC?R BC?J MD ?RRCLRGML ?LB N?QQGML GL @PGLEGLE RM RFC R?@JC RFC DPCQFCQR ?LB R?QRGCQR DPSGR ?LB TCECR?@JCQ RFC @CQR DPSGR ?LB TCECR?@JCQ MD RFC UMPJB
  • 37. $MP K?LW WC?PQ UC TC K?L?ECB RM CQR?@JGQF ? @P?LB GK?EC ?KMLE AMLQSKCPQ
  • 38. 2FCW RPSQR RFC @P?LB 1?L*SA?P @CA?SQC GR KC?LQ OS?JGRW ?LB ? ES?P?LRCC MD R?QRC ?LB DPCQFLCQQ DMP UFGAF MSP NPMBSARQ ?PC ILMUL
  • 39. 5C U?LR RM @PGLE RFC @CQR DPSGR ?LB TCECR?@JCQ RM MSP AJGCLRQ RFPMSEFMSR RFC KMLRFQ MD RFC WC?P
  • 40. WC?P
  • 41. 5C ?PC AF?LEGLE AMLQSKCP F?@GRQ ML DPSGR ?LB TCECR?@JCQ
  • 42. .CMNJC LMU U?LR KMPC OS?JGRW ?LB RFCW ?PC GLAPC?QGLEJW RSPLGLE RM RFC @P?LBQ RF?R A?L MDDCP GR
  • 43. 3GD 2@M+TB@Q 2DKDBSHNM -SP APGRCPG? QCJCARGML GQ TCPW QGKNJC UC MLJW AFMMQC FC?JRFW NPMBSARQ UGRF RFC NCPDCAR R?QRC
  • 44. !DB@TRD PT@KHSX HR NTQ L@HM NAIDBSHUD 'L MPBCP RM ?AFGCTC RFGQ UC ?PC GLTMJTCB RFPMSEFMSR RFC NPMACQQ DPMK NJ?LR?RGML SLRGJ BCJGTCPW F?PTCQRGLE RP?LQNMPR ?LB UC ?JQM NPMTGBC AMSLQCJGLE RM MSP N?PRLCPQ ML NPMBSARQ BGQNJ?W GL RFC NMGLRQ MD Q?JC
  • 45. Q?JC
  • 46. 5C AMK@GLC RFC J?RCQR RCAFLGOSCQ UGRF RFC CVNCPGCLAC MD QCTCP?J ECLCP?RGMLQ MD MSP D?PKCPQ
  • 47. /QDRDQUHMF @KK SGD S@RSD NE EQTHS @MC UDFDS@AKDR CNDR MNS G@OODM AX BG@MBD NDCJ %×’J GQ MSP ?NNJC NPMBSACP GL SQRPG?
  • 49. 1?L*SA?P F?Q ? AMKKGRKCLR UGRF RFC QMAGCRW UGRFGL UGAF GR MNCP?RCQ $MP RF?R NSPNMQC RFC CN?PRKCLR MD !MPNMP?RC 0CQNMLQ?@GJGRW APC?RCB GL GQ UMPIGLE GL RFPCC BGDDCPCLR ?PC?Q • $LOKNXDDR J?@MSP AMLBGRGMLQ QMAG?J PCQNMLQ?@GJGRW ?LB AMKKGRKCLR UGRF RFC CLTGPMLKCLR
  • 50. • .?PRLCPQ CRFGA?J ?LB CLTGPMLKCLR?J QR?LB?PBQ QMAG?J NPMHCARQ GL .?PRLCPQ RFC BGDDCPCLR NPMBSARGML AMSLRPGCQ • /QNCTBSR QSQR?GL?@GJGRW BG?JMESC UGRF QR?ICFMJBCPQ ?LB AMKKSLGA?RGML UGRF RFC KCBG?
  • 51. 5MPICPQ MD RFC AGRPGA NPMBSACP LRMLGM *JSQ?P
  • 52. 'NV B@M VD NEEDQ @CCDC U@KTD
  • 53. Š'NV CN VD NEEDQ @CCDC U@KTD /QD
  • 54. #HRSQHATSHNM /TQBG@RD /QNCTBSHNM ,@QJDSHMF OQNCTBSHNM @MC /.2 +NFHRSHBR
  • 55. /QD
  • 56. OQNCTBSHNM /QD
  • 57. OQNCTBSHNM 1?L*SA?P UMPIQ UGRF AMKN?LGCQ ?LB N?PRLCPQ MD GLRCPL?RGML?J PCLMSL ?LB NPCQRGEC GL RFC BCTCJMNKCLR MD NPMRCARCB T?PGCRGCQ GL RFC K?PICR
  • 58. -SP NSPNMQC GQ RM DGLB T?PGCRGCQ UGRF ? ECLSGLC ?LB RP?BGRML?J R?QRC RF?R F?Q ? JMLE QFCJD JGDC ?LB RF?R ?B?NRQ C?QGJW RM RFC NPMBSARGML ?PC? GL MPBCP RM PCBSAC RM RFC KGLGKSK RFC SQC MD NFWRMQ?LGR?PW NPMBSARQ ?LB DCPRGJGXCPQ 5GRF RFCQC T?PGCRGCQ ?LB RFC EJM@?J ILMUJCBEC ML APMNQ 1?L*SA?P A?L NPMTGBC AMLQSKCPQ UGRF ?L CVAJSQGTC NPMBSAR RF?R GQ ?JQM SLGOSC GL RFC K?PICR
  • 59. #V?KNJC • GMEMJB • .J?LR 1AGCLACQ 'LBSQRPW • .FGJGNNC SDD?R • $PSGR QCJCAR -N?J • CPPWNJ?LR
  • 60. /QNCTBSHNM /QNCTBSHNM @MC 0T@KHSX 'L MPBCP RM CLQSPC RF?R MSP DPSGR ?LB TCECR?@JCQ ?PC RMR?JJW FC?JRFW NPMBSARQ UC F?TC ? /S?JGRW !MLRPMJ CN?PRKCLR UGRF KMPC RF?L CVNCPRQ UFM CV?KGLC MSP NPMBSARQ A?PCDSJJW NPMACQQ
  • 62. Q N?PR MD RFC OS?JGRW AMLRPMJ NPMACQQ UC GKNJCKCLR AMLRPMJQ UFGAF QR?LB?PBQ ?PC ?@MTC RFMQC QR?RCB @W J?U ?LB @W MSP AJGCLRQ
  • 63. 5C A?L RFCPCDMPC RMR?JJW ?QQSPC RF?R UC AFCAI RFC TMJSKC MD PCQGBSCQ GL ?JJ MSP NPMBSARQ ?LB RF?R RFCW ?PC AMKNJCRCJW Q?DC
  • 64. 1?L*SA?P M@R?GLCB RFC DMJJMUGLE ACPRGDGA?RGMLQ 2Á4 '1- '$1 ?LB 1 $CPBGL?LBM GQ ? OS?JGRWAMLRPMJ RCAFLGAG?L ?R 1?L*SA?P
  • 65. /QNCTBSHNM /QNCTBSHNM @MC KNB@K RSQ@SDFHB O@QSMDQR 1?L*SA?PzQ QSAACQQ GQ BGPCARJW JGLICB RM RFC QSAACQQ 1?L*SA?Pz MD GRQ D?PKCPQ 5C ?PC NPMSB MD UMPIGLE UGRF RFC D?PKCPQ
  • 66. Q?KC N?PRLCPQ DMP QM K?LW WC?PQ MD EPMUGLESN EPMUGLE RMECRFCP JGIC GR GQ RFC A?QC UGRF *JSQ?P $PCQ?DJMP ?LB %GSJG?LM
  • 67. $MP RFGQ PC?QML UC ?PC ?JU?WQ JMMIGLE DMP EPMUCPQ UFM QF?PC MSP NPMBSARGML ?NNPM?AF QM UC A?L @SGJB ? QSQR?GL?@JC N?PRLCPQFGN DMP @MRF QGBCQ ML ? JMLERCPK @?QGQ
  • 68. CDMPC PC?AFGLE ?L ?EPCCKCLR RFC /S?JGRW RC?K ?R 1?L*SA?P K?ICQ ? QRPGAR QSPTCW GL MPBCP RM QCC GD RFC EPMUCP KCCRQ MSP OS?JGRW QR?LB?PBQ
  • 69. #VNCPGCLACB D?PKCPQ UGRF ? JMLE RP?BGRGML ?PC SQS?JJW RFMQC UFM @CAMKC MSP N?PRLCPQ GL RFC JMLE RCPK
  • 70. ,GAMJ? 4GRM ?LB %G?LLG %GSJG?LM ?PC RFC RFGPB ECLCP?RGML MD ? D?KGJW UFM NPMBSACQ EP?NC
  • 71. 2FCW ?PC N?PRLCPQ UGRF 1?L*SA?P DMP KMPC RF?L WC?PQ
  • 72. /QNCTBSHNM .TQ NVM OQNCTBSHNM 5C QR?PRCB UGRF RMK?RMCQ GL 2SLGQG? ?LB UC LMU F?TC MSP MUL NPMBSARGML D?PKQ ?PMSLB RFC UMPJB RF?R DMJJMU ?JJ RFC OS?JGRW QR?LB?PBQ ?R 1?L*SA?P
  • 73. 5FCRFCP RMK?RMCQ QRP?U@CPPGCQ P?QN@CPPGCQ KCJJMLQ MP MRFCP TCECR?@JCQ GL 2SLGQG? P?QN@CPPGCQ ?LB QRP?U@CPPGCQ GL 2SLGQG? .MPRSE?J MP AFCPPGCQ ?LB ?NPGAMRQ GL 2SPICW 1?L*SA?PQ MUL 2SPICW NPMBSARGML GQ ?L CV?KNJC MD OS?JGRW ?LB R?QRC
  • 74. 5MKCL UMPICPQ GL RFC 1?L*SA?P RMK?RM NPMBSARGML SLGR GL 2SLGQG?
  • 75. /QNCTBSHNM /QNCTBSHNM 9NMDR #VRCPL?J .PMBSARGML -UL .PMBSARGML
  • 76. ,@QJDSHMF ,@QJDSHMF 3GD AQ@MC }2@M+TB@Q‰ 2FC @P?LB g1?L*SA?Pu GQ ?L ?LQUCP RM ? AMKKSLGRW MD AMLQSKCPQ UFM QF?PC MSP N?QQGML DMP OS?JGRW DPSGR ?LB TCECR?@JCQ
  • 78. 1?L*SA?P GQ PCAMELGX?@JC RF?LIQ RM GRQ EJM@?J AMLACNR @?QCB ML GAMLGA GK?ECQ MD GRQ D?PKCPQ UFM PCNPCQCLR RFC 1?L*SA?P NFGJMQMNFW
  • 79. 2FC NMGLR MD Q?JC GQ ? APSAG?J AMKKSLGA?RGML QNMR DMP RFC @P?LB g1?L*SA?Pu GR Q RFC NJ?AC UFCPC RFC @P?LB ?LB AMLQSKCPQ KCCR DMP RFC DGPQR RGKC
  • 80. -N? %×’J Q F?LBQ ?L ?NNJC D?PKCP GL SQRPG?
  • 81. ,@QJDSHMF ,@QJDSHMF *MNV
  • 82. 'NV @MC 3D@L SQ@HMHMF 1?LJSA?P SLBCPR?ICQ RM NPMTGBC NPMDCQQGML?J RP?GLGLE RM UMPICPQ GL QSNCPK?PICRQ UGRF RFCMPCRGA?J AMLRCLR @SR ?JQM UGRF RP?GLGLE RPGNQ RM NPMBSARGML NJ?ACQ
  • 83. .$ GLDMPK?RGML ?@MSR EP?NCQ ?R RFC @CEGLLGLE 2P?GLGLE RPGN MD MSP AJGCLR 5?QE?S RM ?PG MD RFC D?PK WC?P
  • 84. ,@QJDSHMF ,@QJDSHMF BSHUD .MKHMD NLLTMHSX 2FC 1?L*SA?P $?LQz MLJGLC AMKKSLGRW GQ TCPW ?ARGTC GL RFC QMAG?J LCRUMPIQ
  • 85. 1?L*SA?P GQ GL BGPCAR AMLR?AR UGRF AMLQSKCPQ ?LB CQR?@JGQFCQ ? QGLACPC ?LB FMLCQR BG?JMESC GL RFC QMAG?J LCRUMPIQ MLJGLC
  • 86. 2FC 1?L*SA?P MLJGLC AMKKSLGRW GQ GLTMJTCB GL AMPNMP?RC BCAGQGMLQ ?LB GR F?Q GRQ Q?W GL MSP @P?LB APC?RGML NPMACQQ
  • 87. ,@QJDSHMF ,@QJDSHMF 6DA RO@BD ENQ CH@KNFTD UUU
  • 89. AMK UC@N?EC UMPIQ ?Q ? AMPNMP?RC @JME UGRF AMLQR?LR LCU SNB?RCQ
  • 90. 'R GQ RMR?JJW MPGCLRCB RM SQCPQ GLTMJTCKCLR ?LB AMKNJCRCJW GLRCEP?RCB GL RFC QMAG?J LCRUMPIQ MLJGLC
  • 91. 'R F?Q ? PCQRPGARCB ?AACQQ DMP NPMBSARGML ?LB BGQRPG@SRGML NPMDCQQGML?JQ
  • 92. 2FC AMPNMP?RC UC@N?EC UGJJ @C AMKNJCRCJW PCBCQGELCB @SW RFC J?QR OS?PRCP
  • 93. ,@QJDSHMF ,@QJDSHMF -DV R@KDR BNMBDOSR 1?L*SA?P GLLMT?RCQ GL RFC U?W RM AMKKCPAG?JGXC NPMBSARQ @W APC?RGLE LCU Q?JCQ AMLACNRQ
  • 94. 2MK?RMCQ ?PC AJ?QQGDGCB GL A?RCEMPGCQ UFCRFCP RFCW ?PC SQCB DMP Q?J?BQ MP DMP AMMIGLE
  • 95. !GRPSQ ?PC AJ?QQGDGCB SLBCP RFC A?RCEMPW MD CBG@JC NCCJ GD RFCW F?TC LMR @CCL RPC?RCB ?DRCP APMNNGLE
  • 96. 2FC ?NNJC AMLACNR AJ?QQGDGCQ ?NNJCQ GL RFPCC A?RCEMPGCQ ?AAMPBGLE RM RFCGP R?QRC 2@M+TB@Q HR RSDOOHMF TO @ FD@Q HM SGD V@X SN BNLLDQBH@KHYD EQTHS @MC UDFDS@AKDR
  • 97. ,@QJDSHMF ,@QJDSHMF (MROHQ@SHNM HM SGD ONHMSR NE R@KD 'L RFC NMGLRQ MD Q?JC AMLQSKCPQ A?L DGLB GBC?Q ?LB RGNQ PCAGNCQ ?LB GLDMPK?RGML ML RFC BGDDCPCLR U?WQ MSP NPMBSARQ A?L @C NPCN?PCB ?LB AMMICB
  • 98. 0CAGNGCQ NPCN?PCB UGRF 1?L*SA?P @?L?L?Q 1?L*SA?P CKNJMWCC ML AMTCP MD RFC JGDCQRWJC K?E?XGLC 1?L*SA?P +?E?XGL
  • 99. ,@QJDSHMF ,@QJDSHMF 1D@K @MC TRDETK HMENQL@SHNM 2FC NMGLRQ MD Q?JC NPMTGBC M@HCARGTC ?LB CTGBCLAC @?QCB GLDMPK?RGML ML RFC MPGEGL MD RFC NPMBSARQ ?LB ML RFCGP OS?JGRW ?QQSP?LAC
  • 100. 2FGQ GLDMPK?RGML GQ DPCOSCLRJW SNB?RCB
  • 101. %PCCLNC?AC FGEFJGEFRCB RFC OS?JGRW MD MSP P?QN@CPPGCQ 'LDMPK?RGML ML ?TMA?BM T?PGCRW g?QQu
  • 102. ,@QJDSHMF ,@QJDSHMF /@BJ@FHMF (MMNU@SHNMR 2FC .?AI?EGLE BCN?PRKCLR ?R 1?L*SA?P GQ AMLQR?LRJW BCTCJMNGLE LCU U?WQ RM NPCQCLR MSP NPMBSARQ UFGAF ?PC KMPC CLTGPMLKCLR?JJW DPGCLBJW RF?R PCBSACQ AMQRQ UGRF RFC QS@QCOSCLR @CLCDGR DMP RFC DGL?J AMLQSKCP
  • 103. 2FC *GEFR 5CGEFR MV GQ æ JGEFRCP ?LB AMLR?GLQ RFC Q?KC OS?LRGRW MD NPMBSARQ ?Q ? QR?LB?PB MLC UGRF RFC PCQSJRGLE K?RCPG?J Q?TGLEQ
  • 104. 'R GQ NPGLRCB UGRF MLC QGLEJC AMJMSP
  • 105. #HRSQHATSHNM @MC /.2 #HRSQHATSHNM (MSDFQ@SHNM 5C AMLQGBCP RFC DPSGR ?LB TCECR?@JCQ JGLC?P QFCJDQN?ACQ ?Q MLC MD QFCJD RFC KMQR CVAGRGLE BCN?PRKCLRQ RF?R ?JQM F?TC RFC @CQR NMRCLRG?J GL ? QSNCPK?PICR
  • 107. 2FGQ GQ UFW UC UMPI GL AJMQC AMJJ?@MP?RGML UGRF MSP BGQRPG@SRMPQ DMP ?L MNRGK?J SQC MD RFGQ ?PC? ?LB ?L MTCP?JJ EPMURF MD RFGQ A?RCEMPW
  • 109. 5C UMPI RMECRFCP ML NJ?LLGLE K?PICRGLE A?KN?GELQ UC JC?PL RMECRFCP ?LB UC ?PC GL AMLQR?LR AMKKSLGA?RGML UGRF BGQRPG@SRMPQ GL MPBCP RM GLDMPK RFCK MD MSP J?RCQR BCTCJMNKCLRQ ?LB QCC FMU RM D?AC LCU AF?JJCLECQ GL RFGQ ?PC?
  • 110. 2FC UCCIJW LCUQJCRRCP EGTCQ NPMKNR GLDMPK?RGML ML RFC J?RCQR LCUQ PCJ?RCB RM NPMBSARQ ?LB RFC PCJ?RCB @SQGLCQQ
  • 111. #HRSQHATSHNM /NHMSR NE 2@KD @MC /.2 #K@?QQ?BMPQ MD MSP EJM@?J @P?LB AMLACNR .MGLR MD Q?JC GL )?PQR?BR .CPDCRRM 5GCQ@?BCL
  • 112. #HRSQHATSHNM @MC /.2 /NHMSR NE 2@KD #K@?QQ?BMPQ MD MSP EJM@?J @P?LB AMLACNR .MGLR MD Q?JC GL 0#5# MAFSK
  • 113. #HRSQHATSHNM @MC /.2 /NHMSR NE 2@KD #K@?QQ?BMPQ MD MSP EJM@?J @P?LB AMLACNR
  • 114. #HRSQHATSHNM @MC /.2 /NHMSR NE 2@KD #K@?QQ?BMPQ MD MSP EJM@?J @P?LB AMLACNR !JCKCLRGLC R?QRGLE GL )?SDN?PI MPRKSLR
  • 115. /TQBG@RD +NFHRSHBR +NFHRSHBR 2FC ASQRMKCP GQ RFC KMQR GKNMPR?LR DMP 1?L*SA?P
  • 116. $MP RFGQ NSPQNMQC UC MNCLCB ? JMEGQRGAQ ACLRCP GL #RRJGLECL %CPK?LW
  • 117. 2FGQ ACLRCP GQ COSGNCB UGRF RFC J?RCQR RCAFLMJMEGA?J GLLMT?RGMLQ ?LB K?L?ECQ ?JJ RFC NPMBSARQ RM @C BGQRPG@SRCB GL %CPK?LW
  • 118. 2F?LIQ RM #RRJGLECL UC A?L • /QNUHCD DUDM EQDRGDQ OQNCTBSR .?LMP?KGA TGCU MD RFC LCU UF?PCFMSQC GL #RRJGLECL • !DSSDQ @C@OS@SHNM SN SGD MDDCR NE NTQ BKHDMSR
  • 119. /TQBG@RD +NFHRSHBR +NFHRSHBR 2FC U?PCFMSQC • GTGBCB GL @SGJBGLEQ RFC K?GL @SGJBGLE PCN?AI?EGLE @SGJBGLE ?LB N?AI?EGLE ?LB U?QRC @SGJBGLE • 'R MAASNGCQ ?L ?PC? MD
  • 120. K • JM?BGLE ?LB SLJM?BGLE @?WQ • +?VGKSK QRMP?EC A?N?AGRW MD N?JJCRQ • 2FCPC ?PC AF?LEGLE PMMKQ QFMUCPQ ?LB ? A?LRCCL DMP CKNJMWCCQ -DDGACQ • 2FCW F?TC ?L ?PC? MD
  • 121. K GL QRMPCWQ #VRCPL?J ?PC? • .?PIGLE ?LB PCQR ?PC? DMP RPSAIQ ?U?GRGLE BGQN?RAFGLE • 'LBCNCLBCLR ?PC? UGRF RMGJCRQ QFMUCPQ ?LB PCQR ?PC? DMP RPSAI BPGTCPQ •
  • 122. K MD EPCCL QN?ACQ
  • 124. NMRNKHC@SDC R@KDR CDUDKNOLDMS HM 2@M+TB@Q ϮϱϬ Ϯϯϯ ϮϬϱ ϭϴϮ ϭϳϵ ϭϲϯ ϮϬϬϱͬϮϬϬϲ ϮϬϬϲͬϮϬϬϳ ϮϬϬϳͬϮϬϬϴ ϮϬϬϴͬϮϬϬϵ ;ΎͿ ϮϬϬϵͬϮϬϭϬ ϮϬϭϬͬϮϬϭϭ ;ΎΎͿ KMLRFQ DPMK RM ?R? CVNPCQQCB GL +GJJGMLQ MD â KMLRFQ DGQA?J WC?P LMR WCR AJMQCB
  • 125. $!(3# CDUDKNOLDMS HM 2@M+TB@Q ϯ͕Ϭй Ϯ͕ϳй ϳ͕ϱ ϲ͕ϰ Ϯ͕ϱй ϰ͕ϰ ϭ͕ϲй ϭ͕ϰй ϯ͕Ϯ ϭ͕Ϭй Ϯ͕ϯ ϭ͕ϵ ϮϬϬϱͬϮϬϬϲ ϮϬϬϲͬϮϬϬϳ ϮϬϬϳͬϮϬϬϴ ϮϬϬϴͬϮϬϬϵ ;ΎͿ ϮϬϬϵͬϮϬϭϬ ϮϬϭϬͬϮϬϭϭ ;ΎΎͿ KMLRFQ DPMK RM ?R? CVNPCQQCB GL +GJJGMLQ MD â KMLRFQ DGQA?J WC?P LMR WCR AJMQCB
  • 127. 2@KDR ODQ BNTMSQX +MQR MD RFC Q?JCQ ?PC ?AFGCTCB GL RFC AMPC K?PICRQ %CPK?LW ?LB SQRPG? æ GL K?GLJW SLBCP RFC @P?LB 1?L*SA?P
  • 128. ARGTGRGCQ GL MRFCP K?PICRQ • 1N?GL 13,,7 -7 @P?LB ?LB UFGRC J?@CJ • $P?LAC 1?L*SA?P ?LB UFGRC J?@CJ Ϯϵй Ϭ͕ϭй Ϭ͕ϭй Ϭ͕ϰй ϭ͕ϲй ϱй ϭ͕Ϭй ϯй ϰй Ϭй ϱϵй ϭ͕ϲй , ZWh/ E' E WK E ,K E Kd,Z hyDKhZ' 'ZD Ez h^dZ/ ^W /E Z E Kd,Z 1?JCQ 0?RC DMP
  • 129. 2@M+TB@Q BTRSNLDQR HM DQL@MX dŽƚĂů ĨƌĞƐŚ dŽƚĂů ĨƌƵŝƚ Θ ZĂŶŬŝŶŐ EĂŵĞ dŽƚĂů ^ĂůĞƐ dŽƚĂů ĨŽŽĚ ƉƌŽĚƵĐƚƐ ;ϭϱйͿ ǀĞŐĂƚĂďůĞƐ ;ϱйͿ ϭ 'ƌƵƉŽ ĚĞŬĂ ϰϱ͘ϯϬϵ ϰϬ͘ϴϴϬ ϲ͘ϳϵϲ Ϯ͘Ϯϲϱ Ϯ 'ƌƵƉŽ ZĞǁĞ ϯϳ͘ϰϳϴ Ϯϲ͘ϵϮϮ ϱ͘ϲϮϮ ϭ͘ϴϳϰ ϰ ^ĐŚǁĂƌnjͲ'ƌƵƉƉĞ Ϯϴ͘ϰϬϬ Ϯϯ͘ϬϯϬ ϰ͘ϮϲϬ ϭ͘ϰϮϬ ϳ 'ƌƵƉŽ dĞŶŐĞůDĂŶŶ ϳ͘Ϯϲϲ Ϯ͘ϮϮϴ ϭ͘ϬϵϬ ϯϲϯ ϭϲ 'ƌƵƉŽ ŽŚůĞ ϭ͘ϰϵϲ ϭ͘ϯϳϬ ϮϮϰ ϳϱ Ϯϱ tĂƐŐĂƵ ϱϯϮ ϰϳϵ ϴϬ Ϯϳ KƚƌŽƐ dKd ?R? GL +GJJGML #SPMQ ?R? QMSPAC %$) ?LB 2P?BCGKCLQGMLQ *C@CLQKGRRCJ 8CGRSLE -UL B?R? DMP DPCQF NPMBSARQ DPSGR ?LB TCECR?@JCQ ^ĂŶƵĐĂƌ ŝŶ ZĂŶŬŝŶŐ EĂŵĞ 'ĞƌŵĂŶLJ ϭ ĚĞŬĂ 'ƌŽƵƉ Ϯϳ͕ϰй Ϯ ZĞǁĞ 'ƌŽƵƉ ϭϬ͕ϲй ϰ ^ĐŚǁĂƌnjͲ'ƌƵƉƉĞ Ϯϯ͕ϲй ϳ dĞŶŐĞůDĂŶŶ 'ƌŽƵƉ ϭ͕ϭй ϭϲ ŽŚůĞ 'ƌŽƵƉ Ϭ͕ϰй Ϯϱ tĂƐŐĂƵ ϭϯ͕Ϭй KƚŚĞƌƐ Ϯϯ͕ϵй dKd ϭϬϬ͕Ϭй
  • 130. 2@M+TB@Q BTRSNLDQR HM TRSQH@ 2FCPC ?PC @GE BGQRPG@SRGML AF?GLQ GL SQRPG? UFM QF?PC æ MD RFC K?PICR q MDCP Æ æ q 1N?P Æ æ q 0CUC Æ æ GLAJ
  • 131. BCE RFC PB @GEECQR AMKN?LW GL SQRPG? UGRF ? RSPLMTCP MD GJJGML â RSPLMTCP GL SQRPG?
  • 132. +
  • 133. â ?LB
  • 134. BCN?PRKCLR QRMPCQ UGRF ? RMR?J MD
  • 135. GL ?JJ SQRPG? 1?L*SA?P QCJJQ RM 0#5# ML ?L CVAJSQGTC @?QGQ SLBCP BGDDCPCLR J?@CJQ +CPISP GJJ? 1SRRCPJÝRW #% .CLLW
  • 136. 1?L*SA?P GQ GL RFC K?PICR SLBCP RFC @P?LB 1?L*SA?P 1SLLW@MW ?LB UGRF RFC QSNNJGCPzQ @P?LB UFGRC @P?LB
  • 137. 0#5# PCNJ?ACB GRQ MUL AGRPGA @P?LB /S?JGRW $GPQR @W RFC @P?LB 1?L*SA?P
  • 138. 2@M+TB@QƒR BKHDMSR HM SGD QDRS NE $TQNOD
  • 139. 2@M+TB@Q DM 12 3G@MJ XNT UDQX LTBG