Pub - The Biotech Trader Handbook 2nd Edition

August 6, 2022 | Author: Anonymous | Category: N/A

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jf oltr`cugf jysfnb. O hj l`t h eo`tfgm fxpfrt l`r c` O mhvf hly ehgidrùlc, pr`bfsso`lhn `r hghcfjog, ol sgoflgf. O ehsoghnny il`w vfry nottnf (ob hlytmold) wotm rfdhrcs t` tmf sgoflgf sgoflgf   efmolc crud cfvfn`pjflt ol tmf eo`tfgm olcustry. O hj h b`rjfr trhcfr wotm h nhrdf, dnèhn ehli‟s pr`profthry trhcold cfsi (o.f. h „pr`p trhcfr‚) ehsfc ol Fur`pf. O whs rfsp`lsoenf b`r h p`rtb`no` wotm e`ì nojots `b `vfr $511 jonno`l. Jy tfhj trhcfc fvfrytmold br`j buturfs, b`rfx, `pto`ls, grfcot cfbhunt swhps, vhrohlgf swhps, g`lvfrtoenf e`lcs, strhodmt e`lcs, ehli n`hls, prfbfrrfc st`gi, myerocs hlc g`jj`l st`gi ‗ yù dft tmf ocfh. O nfhrlfc t` trhcf br`j tmf olstotuto`lhn socf (o.f. pr`bfsso`lhn socf). Smf sionns O cfvfn`pfc br`j tmos fxpfroflgf wfrf olvhnuhenf. Efb`rf pr`p trhcold, O whs hl J&H, g`rp`rhtf bolhlgf hlc grfcot ehlifr ol tmf V.W., Nhtol Hjfrogh, Hsoh hlc Fur`pf b`r `vfr 81 yfhrs ‗ wotm rfdhrcs t` hlhnyzold g`jphlofs, O ghl tfhr hphrt tmf bolhlgohn sthtfjflts hlc tfnn yù kust heùt fvfrytmold fvfrytmold yù yù   wùnc whlt t` il`w heùt tmf bolhlgohn mfhntm `b h g`jphly ol heùt hl mùr ‗ stropfs O fhrlfc br`j tmf g`ltolufc eruthn 871 mùr w`ri wffis. Smht‟s heùt hnn O wonn shy rfdhrcold jy pr`bfsso`lhn ehgidrùlc. Ol 511=, O hggfptfc h sfvfrhlgf phgihdf br`j jy ehli. Uhtmfr tmhl sgrùldf b`r w`ri hlc puenogny bn`d jysfnb `l NolifcOl, O cfgocfc t` pursuf jy truf phsso`l; `pto`l trhcold. W` O sft-up h g`jphly usold jy mhrc fhrlfc shvolds, hlc sthrtfc t` trhcf `pto`ls b`r jy `wl hggùlt. Hs yù jhy ef hwhrf, hlc hs O quoginy rfhnozfc, trhcold b`r h novold os h g`jpnftf cobbfrflt nobfstynf tmfl mhvold h shnhry wotm h eod e`lus ht tmf flc `b yfhr. Smos os hl „fht wmht yù ionn‚ eusolfss hlc rfquorfs g`lsthlt hlc hddrfssovf conodflgf. O lffc t` hgtovfny hlc g`lsthltny bolc lfw whys t` jhif j`lfy `l h chony ehsos. Smf spfgtfr `b rullold ùt `b j`lfy whs (os) h g`lsthlt (hlc tfrrobyold) tmùdmt. Tmfl hssfssold tmf ulovfrsf `b p`tfltohn trhcold strhtfdofs t` jhif jy chony whdf, O ghjf hgr`ss eo`tfgm, `b wmogm O mhc s`jf pro`r fxpfroflgf trhcold. Tmht

mhs hnwhys oltrodufc jf heùt eo`tfgm, fspfgohnny wotmol tmf v`nhtonf jhrift tmht gmhrhgtfrozfc 5114 ~ 511?, whs ots jhrift lfutrhn hspfgt ‗ tmf jhrift gùnc ef thliold hlc gfrthol gfrthol eo`tfgm eo`tfgm st`gis wùnc fotmfr l`t j`vf `r tmfy wùnc d` up. @tmfrs wùnc dft hes`nutfny snhudmtfrfc. Sm`sf g`jphlofs wotm lfhr t` jfcouj tfrj ghthnysts trhcfc hnj`st g`jpnftfny olcfpflcflt br`j tmf rfst `b tmf jhrift. Hl`tmfr, hlc j`rf ojp`rthlt hspfgt, fspfgohnny br`j tmf pfrspfgtovf `b hl `pto`l trhcfr, whs tmf „cfbolfc fvflt‚ hspfgt ‗ crud ghlcochtf hllùlgfjflt chtfs hrf hllùlgfc ol hcvhlgf hcvhlgf ‗ ht tojfs, tmf fxhgt chtf `b hl hllùlgfjflt os dovfl. Smos os cobbfrflt tmhl b`r olsthlgf, hl fhrlolds hllùlgfjflt. Ol tmos ghsf, tmf eo`tfgm g`jphly‟s fltorf buturf gùnc ef ht sthif. B`rtulfs gùnc ef jhcf `r n`st ol tmf enoli `b hl fyf, notfrhnny ‗ mflgf mudf progf j`vfjflts wonn, wotm lfhr hes`nutf gfrtholty, ef jhcf. Smos grfhtfs h crfhj sgflhro` b`r sjhrt, `rdhlozfc hlc lojenf `pto`l trhcfrs wm` hrf henf t` ocfltoby tmfsf lhjfs wfnn ol hcvhlgf. Fvfl wmfl `lf hrrovfs nhtf t` tmf fvflt (o.f. h BCH `r gnologhn trohn ghthnyst fvflt), wotm tmf vfrshtonoty hbb`rcfc ey usold `pto`ls, tmfrf hrf `tmfr stynfs `b trhcfs `lf ghl fxfgutf t` pr`bot mhlcs`jfny. O efghjf vfry fxgotfc ‗ O ojjfcohtfny ilfw tmos wùnc dflfrhtf s`jf cfgflt upsocf hlc efg`jf h g`rf fnfjflt, hj`ldst jhly fnfjflts, `b jy `vfrhnn trhcold strhtfdy. W` O lhovfny sft heùt t` stucy fvfry p`ssoenf hspfgt `b „eo`tfgm.‚ O rfhc e`ìs (j`st puenosmfc j`rf tmhl 81 yfhrs hd` hlc tmfrfb`rf `b nojotfc usf) hlc hrtognfs `l tmf oltfrlft, O stucofc ulovfrsoty tfxte`ìs, rfhc jhdhzolfs, ftg. O fvfl g`lsocfrfc thiold eo`gmfjostry gnhssfs ht h n`ghn ulovfrsoty. Hbtfr sfvfrhn wffis `b oltflsf stucy, O rfhnozfc hlc hggfptfc tmht O wùnc lfvfr ef henf t` ulcfrsthlc tmf ulcfrnyold sgoflgf `b fhgm g`jphly‟s crud ghlcochtf(s). O il`w l`w, m`wfvfr, tmht mhvold tmos spfgobog, cffp il`wnfcdf os hgtuhnny l`t lfgfsshry (hntmùdm ot wùnc ef logf). Crud trohns hrf trogiy ‗ fvfl wotm h QmC ol tmf ulcfrnyold sgoflgf, hl ùtsocfr wonn lfvfr il`w, wotm gfrtholty, ob tmf BCH cfgoso`l `r gnologhn trohn wonn turl ùt t` ef p`sotovf `r lfdhtovf dovfl hnn `b tmf vhrohenfs olv`nvfc (ob `lf gùnc, tmfy wùnc ef tmf rogmfst pfrs`l hnovf). Ob s`jf`lf tfnns yù `r gnhojs tmfor il`wnfcdf ol tmf suekfgt quhnobofs tmfj t` j`rf hggurhtfny hssfss tmf ùtg`jf `b h ghthnyst fvflt, tmfy hrf nyold `r sfnbcfnuso`lhn. Qfrmhps tmfy wonn ulcfrsthlc tmf rfsunts rfsunts `lgf `lgf hllùlgfc hs efold lfdhtovf `r p`sotovf eut tmos os orrfnfvhlt hs tmf jhrift wonn ojjfcohtfny hssfss tmf vhnuf b`r yù p`st-hllùlgfjflt (hs fvocflgfc ey tmf j`vfjflt ol tmf smhrf progf). Qfrmhps tmfy wonn hrduf, b`r fxhjpnf, tmht tmfy ghl efttfr hssfss tmf strugturf `b h trohn (hlc tmfrfb`rf tmf noifnom``c b`r p`sotovf `r lfdhtovf rfsunts) ‗ fvfl tmfl, tmfy stonn ghll`t hsgfrthol wmftmfr `r l`t tmf trohn wonn ef suggfssbun. B`rdft heùt ot ‗ hs bhr hs O hj g`lgfrlfc, tmf pnhyold bofnc os bnht wotm rfdhrcs t`

tmos fnfjflt. O rfhnozfc tmos prfsfltfc h mudf `pp`rtuloty. Totm tmos ol jolc, `vfr tmf lfxt sox j`ltms, O cfvfn`pfc hlc m`lfc h bhst, sojpnobofc hlc fbbogoflt pr`gfss t` hssfss `pp`rtuloty ol eo`tfgm. Vsold tmos strfhjnolfc g`lstrugt, jy d`hn whs t` hssfss fvfry nostfc eo`tfgm g`jphly jfftold spfgobog grotfroh hs bhst hs p`ssoenf. _fs, tmht jfhlt mulcrfcs `b g`jphlofs ‗ O cocl‟t ghrf. B`nn`wold tmf hssfssjflt, O wùnc fotmfr olotohtf h trhcf `r l`t. Smht whs tmf pnhl. Jy mhrc w`ri phoc `bb. Ol tmf borst sox j`ltms, O dflfrhtfc mulcrfcs `b tmùshlcs `b c`nnhrs ol pr`bots trhcold e`tm suggfssbun hlc  ulsuggfssbun ulsuggfssbun BCH hlc gnologhn trohn ghthnysts. Smos jhy l`t sffj noif jugm, eut ol `rcfr t` dflfrhtf tmfsf rfturls, O rosifc nfss tmhl $56,111 ol t`thn. _fhm, tmht‟s rodmt, nfss tmhl $56,111. O gùnc mhvf p`tfltohnny dflfrhtfc `vfr $8,111,111 eut O vhnuf rosihckustfc rfturls `vfr strhodmt ùt dhjenold tmht O (hlc yù smùnc) rfbusf t` c`. O jhcf tmos j`lfy usold „sjhrt,‚ `pp`rtuloty-spfgobog strhtfdofs; nfvfrhdfc ghnns (rosi rfvfrshns), g`jeolhto`ls `b Quts hlc Ghnns (sm`rt hlc n`ld), vfrtoghn sprfhcs, euttfrbnofs, mfcdfc sm`rt strhccnfs/strhldnfs, pnhyold tmf fxpn`so`l/g`nnhpsf ol v`nhtonoty, fxtrfjf (o.f. + 761%) modm v`nhtonoty strhtfdofs, yù lhjf ot ‗ fvfry `pp`rtuloty hlc hss`gohtfc trhcf strugturf pnhyfc `bb `b tmf olcovocuhn strfldtms hlc wfhilfssfs `b tmf g`jphly hlc hlc tmf tmf sotuhto`l. Smos e`ì‟s jhol purp`sf os t` pr`vocf olcovocuhns wotm s`jf il`wnfcdf `b `pto`ls h sojpnf hlc fbbogoflt why t` dft olv`nvfc ol tmf w`rnc `b eo`tfgm hs bhst hs p`ssoenf. p`ssoenf. Vsold jy tfgmloqufs hlc jftm`c`n`dofs, hly rfhcfr `b tmos e`ì wm` ulcfrsthlcs `pto`ls, wotm tmf pr`pfr hlhnysos hlc trhcf g`lstrugt, ol hccoto`l t` h d``c sflsf `b w`ri ftmog, ghl p`tfltohnny hgmofvf s`noc rfsunts. O èvoùsny ghll`t duhrhltff tmht yù wonn pr`bot br`j tmos il`wnfcdf, l`r smùnc yù olbfr `tmfrwosf, eut usold tmfsf strhtfdofs hlc tfgmloqufs jhy hggfnfrhtf yùr heonoty t` hgtovfny trhcf, ol h il`wnfcdfhenf jhllfr, ol tmfsf sotuhto`ls. D``c nugi t` yù. S`ly Qfnz Cflvfr, Khluhry 5188

„…SMOW OW SMF NFWW@L. L  FRFU DORF DORF OL . L  FRFU, LFRFU, LFRFU, LFRFU, LFRFU, LFRFU ‗ OL OL L@SMOLD , DUFHS @U WJHNN, NHUDF @U QFSS_ ‗ LFRFU

…‚ DORF OL …‚

TOLWS@L GMVUGMONN @GS@EFU  5?, 5?, 8?38

QHUS O

GMHQSFU 8.1

EHGIDU@VLC

8.8 SMF BCH GNOLOGHN SUOHN QU@GFWW @vfrvofw

Borst `bb, ot os fssfltohn t` dhol h ehsog ulcfrsthlcold `b tmf crud cfvfn`pjflt pr`gfss wotmol tmf g`ltfxt `b tmf B``c hlc Crud Hcjolostrhto`l („BCH‚) gnologhn trohn strugturf hs ot pr`vocfs tmf ehsos b`r tmf fltorf trhcold strhtfdy prfsfltfc ol tmos e`ì. Ol `rcfr t` erold h crud ghlcochtf br`j g`lgfpt t` hl hppr`vfc hlc jhriftfc crud, h sp`ls`rold g`jphly lffcs t` j`vf tmf crud ghlcochtf tmrùdm h sfrofs `b „trohns,‚ g``rcolhtold wotm hlc wotm hlc sffiold hppr`vhn hppr`vhn br`j tmf BCH ht lfhrny fhgm stfp. Smfsf trohns hrf er`hcny er`hcny covocfc olt` tmr tmrff ff pmhsfs (hbtfr Qrf-Gnologhn stucofs). Smfrf os l` lffc b`r bobty phdfs `l tmos suekfgt ‗ tmf fssfltohn fnfjflts `b fhgm stfp `b tmf `vfrhn `vfrhnnn crud cfvfn`pjflt pr`gfss hrf `rcfrfc lujfroghnny hlc nostfc efn`w8 ; (8) Qrf-Gnologhn Smf Qrf-Gnologhn pmhsf olv`nvfs rfsfhrgmold hlc tfstold lfw crud ghlcochtfs ol tmf nhe`rht`ry hlc `l hlojhns. Smf projhry d`hn `b tmf Qrf-Gnologhn pmhsf, hj`ldst `tmfrs, os t` cftfrjolf ob tmf ocfltobofc crud ghlcochtf os shbf `l mujhls. Smf Qrf-Gnologhn pmhsf ghl thif br`j 7 t` 6 yfhrs (hlc p`ssoeny n`ldfr) t` g`jpnftf. (5) Bonf OLC wotm BCH Crud ghlcochtfs tmht sm`w vfry pr`josold rfsunts ol Qrf-Gnologhn stucofs jhy ef j`vfc t` Qmhsf O ey bonold hl OLC („Olvfstodhto`lhn Lfw Crud Hppnoghto`l‚)

wotm tmf t` BCH hlc hppr`vhn. Hl OLC fssfltohnny sffis BCH hppr`vhn hnn`w tmfrfgfovold g`jphly tmfor t` olotohtf tmf tfstold `b tmf crud `l mujhls. Smf

OLC hns`, hj`ldst `tmfr fnfjflts, olgnucfs cfthonfc olb`rjhto`l `l tmf strugturf `b tmf trohns tmf g`jphly oltflcs t` usf b`r tfstold tmf crud. (7) Qmhsf O Ol Qmhsf O trohns, rfsfhrgmfrs tfst tmf fxpfrojflthn crud ghlcochtf ol h sjhnn drùp `b pf`pnf (51 - =1) b`r tmf borst tojf t` fvhnuhtf ots shbfty, cftfrjolf h shbf c`shdf rhldf, hlc ocfltoby socf fbbfgts. Qmhsf O ghl thif up t` 8 yfhr. Smfrf os l` duhrhltff tmf fxpfrojflthn crud `r trfhtjflt wonn j`vf t` Qmhsf OO. (3) Qmhsf OO Hssujold p`sotovf rfsunts hrf hgmofvfc ol Qmhsf O, tmf crud ghlcochtf jhy j`vf t` Qmhsf OO. Ol Qmhsf OO trohns, tmf fxpfrojflthn crud ghlcochtf os dovfl t` h nhrdfr drùp `b pf`pnf (811 - 711) t` sff ob ot os fbbfgtovf (fbboghgy) hlc t` burtmfr fvhnuhtf ots shbfty. Qmhsf OO ghl thif br`j 8 t` 5 yfhrs. Smf g`jphly just sffi BCH hppr`vhn t` pr`gffc t` Qmhsf OOO. B`nn`wold h suggfssbun Qmhsf OO, h g`jphly `btfl, hntmùdm l`t hnwhys, sffis h Wpfgohn Qr`t`g`n Hssfssjflt

(„WQH‚) BCH.gnologhn Smos os hflcpòlts cfgnhrhto`l tmf BCH tmht tmf up-hlc-g`jold Qmhsf OOO br`j trohn‟stmf cfsodl, hlcey `tmfr trohn fnfjflts, ob jft, wonn ef hggfpthenf b`r hl BCH hppr`vhn. Smos jhy flmhlgf tmf noifnom``c `b BCH hppr`vhn up`l suggfssbun Qmhsf OOO chth. (6) Qmhsf OOO Ol Qmhsf OOO trohns, tmf fxpfrojflthn crud ghlcochtf os dovfl t` nhrdf drùps `b pf`pnf (8,111 - 7,111) t` g`lborj ots fbbfgtovflfss, j`lot`r socf fbbfgts, g`jphrf ot t` g`jj`lny usfc trfhtjflts, hlc g`nnfgt olb`rjhto`l tmht wonn hnn`w tmf fxpfrojflthn crud `r trfhtjflt t` ef usfc shbfny. Qmhsf OOO ghl thif br`j 8 ‗ 3 yfhrs. Smf g`jphly wonn bonf hl LCH („Lfw Crud Hppnoghto`l‚ `r

ENH, „Eo`n`dogs Nogflsf Hppnoghto`l‚5) wotm tmf BCH wotm p`sotovf Qmhsf OOO rfsunts. (2) Bonf LCH wotm BCH Qro`r t` jhriftold tmf crud ghlcochtf, tmf g`jphly just bonf hl LCH wotm tmf BCH. Smos pr`p`shn sffis t` dhol tmf BCH‟s hppr`vhn `b tmf lfw crud b`r shnf ol tmf V.W. Smf hppnoghto`l just pr`vocf subbogoflt fvocflgf b`r tmf BCH t` cfgocf tmht tmf crud os shbf hlc fbbfgtovf hlc tmht hnn `tmfr BCH grotfroh hrf jft. Hppnoghto`ls `btfl rul mulcrfcs `b tmùshlcs `b phdfs n`ld hlc olgnucf hnn olb`rjhto`l br`j l`t `lny fvfry gnologhn trohn eut hns` prf-gnologhn chth. Ot smùnc ef l`tfc ht tmos kulgturf tmht h p`sotovf Qmhsf OOO c`fs l`t duhrhltff hl untojhtf hppr`vhn `b tmf crud ghlcochtf ‗ tmf BCH borst lffcs t` rfvofw hnn chth. Smf BCH

mhs 21 chys t` hggfpt tmf LCH `r rfkfgt ot (cuf t` ot efold olg`jpnftf). Ob tmf LCH os rfkfgtfc tmf g`jphly wonn rfgtoby tmf cfbogoflgofs hlc rfsuejot. (4) BCH Ufvofw Ot ghl thif hrùlc 8 t` 5 yfhrs b`r tmf BCH t` bunny rfvofw hl LCH. _ù wonn `btfl sff rfbfrflgfs r fbfrflgfs t` h QCVB QCVBH H chtf. QCVBH QCVBH („Smf Qrfsgropto`l Crud Vsfr Bff Hgt‚)7 whs grfhtfc t` mfnp sm`rtfl tmf nfldtmy LCH rfvofw tojf. Smf hgt hnn`ws tmf BCH t` g`nnfgt usfr bffs br`j pmhrjhgfutoghn g`jphlofs ol `rcfr t` fxpfcotf tmf rfvofw. Smf hgt spfgobofs tmht tmf BCH rfvofw crud hppnoghto`ls br`j sox t` twfnvf j`ltms cfpflcold up`l tmf lhturf `b tmf crud. B`r fxhjpnf, h crud ghlcochtf tmht thrdfts h cosfhsf wmfrf tmfrf os gurrfltny l` trfhtjflt wonn mhvf h modmfr pro`roty tmhl h crud wotm jhly g`jpftold trfhtjflts.

Smf QCVBH chtf os tmf hppr`xojhtf chtf wmfl tmf BCH wonn rflcfr h cfgoso`l wotm rfdhrcs t` tmf LCH.3 Curold tmf rfvofw, tmf BCH hssfssfs tmf crud ghlcochtf‟s shbfty hlc fbbfgtovflfss. Smf BCH hns` rfvofws tmf pr`p`sfc nhefnold b`r tmf crud hlc olspfgts tmf bhgonotofs wmfrf tmf crud os t` ef jhlubhgturfc. Curold tmf rfvofw pr`gfss, tmf BCH jhy hns` g`lvflf hl „Hcvos`ry Qhlfn‚ (`r Hcvos`ry G`jjottff) t` burtmfr rfvofw tmf crud ghlcochtf. Hl Hcvos`ry Qhlfn os h soldnf chy jfftold wmfrf olcfpflcflt olcustry fxpfrts rfvofw hlc `polf `l h crud ghlcochtf‟s chth prfsfltfc ey tmf g`jphly hlc BCH rfvofwfrs. Ht tmf flc `b tmf jfftold h v`tf os thifl ey tmf g`jjottff t` cfgocf wmftmfr `r l`t t` hppr`vf tmf crud hlc ulcfr wmht g`lcoto`ls, ob hly. H p`sotovf g`jjottff v`tf l`rjhnny e`cfs vfry wfnn b`r tmf g`jphly‟s crud ghlcochtf wmfrfhs h lfdhtovf v`tf ghl ef quotf chjhdold b`r tmf crud ghlcochtf‟s pr`spfgts. Ot os ojp`rthlt t` l`tf tmht tmf BCH os l`t rfquorfc t` b`nn`w tmf rfg`jjflchto`ls `b tmf G`jjottff (eut usuhnny c`fs). Hcvos`ry Qhlfns prfsflt oltfrfstold trhcold `pp`rtulotofs ‗ tmos wonn ef cosgussfc ol Wfgto`l 6.84. @lgf tmf BCH‟s BCH‟s rfvofw os g`jpnftf, tmf LCH wonn ef hppr`vfc `r rrfkfgtfc. fkfgtfc. Ob tmf crud ghlcochtf os rfkfgtfc, tmf BCH ossufs h „G`jpnftf Ufsp`lsf Nfttfr‚ `r GUN, wmogm pr`vocfs tmf sp`ls`rold g`jphly h rhto`lhnf b`r tmf rfkfgto`l hlc wmht chth, ob hly, gùnc ef pr`vocfc t` jhif tmf hppnoghto`l hggfpthenf. @btfl, tmf BCH jhy rfquorf hccoto`lhn trohns ‗ tmos ghl thif sfvfrhn hccoto`lhn yfhrs hlc ghl ef cfvhsthtold t` tmf g`jphly. Smf BCH `btfl jhifs h tflthtovf hppr`vhn rfqufstold tmht h jol`r cfbogoflgy `r `tmfr ossuf ef g`rrfgtfc efb`rf hl hppr`vhn os drhltfc. Ob tmf crud ghlcochtf os hppr`vfc, tmf g`jphly ghl tmfl erold tmf crud t` jhrift.

G`lgnuso`l Smf ify pòlt t` ulcfrsthlc heùt tmf trohn g`lstrugt os tmht tmf crud cfvfn`pjflt pr`gfss ghl thif wfnn `vfr 81 yfhrs efb`rf ot pr`cugfs h jhrifthenf crud tmht ghl dflfrhtf rfvflufs b`r tmf sp`ls`rold g`jphly. Curold tmf fltorf pr`gfss, tmf cfvfn`pold g`jphly wonn olvfst sodloboghlt bolhlgohn rfsùrgfs, wmogm ot jhy `r jhy l`t mhvf `r jhy lffc t` rhosf, t` j`vf fhgm ghlcochtf tmrùdm fhgm pmhsf. Ot mhs effl fstojhtfc tmht j`vold h crud br`j cosg`vfry, tmrùdm fhgm trohn pmhsf hlc untojhtfny t` tmf jhrift g`sts wfnn `vfr $=11 jonno`l.6 Ht fhgm pmhsf, tmf prèheonoty `b bhonurf os fxtrfjfny modm. B`r fvfry 6,111 t` 81,111 g`jpùlcs tmht fltfr prf-gnologhn tfstold, `lf os hppr`vfc b`r jhriftold.2 H bhonfc crud ghlcochtf ghl pr`vf bhthn t` hl fjfrdold eo`tfgm g`jphly. g`jphly.

8.5 SUHCOLD SMFWOW & E@@I B@GVW Smf projhry b`gus `b tmos e`ì, hlc tmf ehsos b`r tmf trhcold strhtfdofs cfsgroefc mfrfol, os t` b`gus `l (h) sjhnn ghp eo`tfgm g`jphlofs (e) wotm `lf `r j`rf Qmhsf OOO crud ghlcochtf(s) wmfrf rfsunt hllùlgfjflts `r ghthnyst fvflts hrf cuf ulcfr h yfhr hlc h mhnb 4 hlc (g) wmfrf tmf g`jphly mhs nostfc `pto`ls. Smfsf tmrff fnfjflts g`jeolfc grfhtf ulusuhn ghthnyst fvflts tmht g`ltroeutf t` spfgthgunhr trhcold `pp`rtulotofs wotm lfhr hes`nutf gfrtholty. G`jphlofs wotm Qmhsf OOO Ghlcochtfs Borst `b hnn, hs cfsgroefc he`vf, Qmhsf OOO gnologhn trohn hlc BCH rfnhtfc fvflts hrf tmf untojhtf st`gi j`vold ghthnysts, fotmfr lfdhtovf `r p`sotovf, b`r tmf sjhnn ghp eo`tfgm g`jphly. Ol tmos ghsf, hlc cfpflcold up`l fhgm olcovocuhn g`jphly‟s sotuhto`l, tmf ojphgt `l tmf smhrf progf ghl hlc usuhnny wonn ef suesthltohn ‗ hs trhcfrs, tmos os fxhgtny wmfrf wf whlt t` ef.

B`gusold `l g`jphlofs wm`sf nfhcold crud ghlcochtf os ol Qmhsf O `r Qmhsf OO l`rjhnny nhgis l`rjhnny nhgis tmos ify ghthnyst fvflt. Ob yù hrf hl „olvfst`r,‚ hlc yù euy tmf g`jj`l st`gi (`r w`rsf, tmf `pto`ls) `b `lf `b tmfsf g`jphlofs (Qmhsf O/OO), tmfl bolf ‗ kust rfhnozf yù wonn ef m`ncold tmf smhrfs b`r wfnn `vfr 6 yfhrs, ht nfhst, yù wonn dft l` covocflcs, yùr g`jphly wonn noifny g`ltoluf t` bhgf bolhlgohn gmhnnfldfs hs yù bhgf juntopnf conutovf fvflts hs tmf g`jphly rhosfs bulcs t` g`ltoluf trohns (`m, hlc ey tmf why, tmf ùt `b tmf j`lfy `pto`ls yù purgmhsfc wonn noifny turl ùt t` ef w`rtmnfss). Ht tmf flc `b tmf nolf, tmf fltorf g`jphly gùnc d` ehlirupt `l h bhonfc gnologhn trohn `r BCH fvflt. _ùr phtoflgf wonn mhvf effl b`r lhudmt.= B`gusold `l h g`jphly wotm h Qmhsf OOO fvflt wotmol ulcfr h yfhr hlc mhnb, wonn hnn`w yù t` bhst bhst b`rwhrc t` tmf untojhtf ghthnyst fvflt. G`jphlofs wotm @pto`ls Tmfrf p`ssoenf, yùr b`gus smùnc ef `l g`jphlofs wmfrf yù ghl trhcf `pto`ls. @evoùsny tmos os l`t p`ssoenf `l j`st cfvfn`pold sjhnn ghp eo`tfgm g`jphlofs, eut yùr b`gus smùnc ef `l tmfsf g`jphlofs, lfvfrtmfnfss. Smf (èvoùs) rhto`lhn os tmht tmfrf os j`rf bnfxoeonoty wotm rfdhrcs t` tmf trhcf strugturf. Tmfl `lny tmf g`jj`l st`gi ghl ef trhcfc, yù ghl fotmfr euy `r, wmfrf p`ssoenf, sm`rt. Totm `pto`ls, tmf trhcf strugturf ghl ef thon`rfc t` bot tmf fvflt hlc os vortuhnny ulnojotfc. Ol hccoto`l, tmf trhcf strugturf ghl ef hckustfc curold tmf trhcf t` bot lfw ossufs wmogm fvfltuhnny g`jf up `vfr tmf pfro`c `b tmf trhcf. Ol tmf gmhptfr `l Srhcf Wtrugturfs, wf wonn rfvofw tmfsf strhtfdofs ol

cfthon. Wtrugturf `b tmos E`ì Smos e`ì os strugturfc olt` sox ify gmhptfrs;

Srhcf Ghlcochtf Ocfltoboghto`l; Smos gmhptfr quoginy rfvofws m`w t` bolc sjhnn ghp eo`tfgm g`jphlofs, pr`vocfs h nost `b eo`tfgm rfnhtfc oltfrlft rfsùrgfs, nosts sjhnn ghp eo`tfgm togifrs hlc pr`vocfs s`jf hcvogf `l cfvfn`pold h g`jphly chthehsf. Srhcf Ghlcochtf Hlhnysos; Smos gmhptfr pr`vocfs h strugturfc, sojpnobofc hlc fbbogoflt hppr`hgm t` hlhnyzold sjhnn ghp eo`tfgm g`jphlofs hs bhst hs p`ssoenf. Smf rfvofw pr`gfss g`vfrs hlhnysos `b sjhnn ghp eo`tfgm g`jphly ghsm pr`bonf, `wlfrsmop strugturf, olsocfr hgtovoty, hlhnysts vofws, tfgmloghn hlhnysos, popfnolf hlc olcustry supp`rt. @pto`l Ehsogs; Smos gmhptfr rfvofws `pto`ls br`j h trhcold pfrspfgtovf. pfrspfgtovf. Smf projhry d`hn os t` pr`vocf tmf rfhcfr h g`lgfptuhn ulcfrsthlcold `b m`w `pto`ls w`ri hlc m`w tmfy ghl ef usfc tt` ` jhif j`lfy. Srhcold Wtrhtfdy & Shgtogs; Smos gmhptfr g`vfrs sfvfrhn trhcold tfgmloqufs, strhtfdofs hlc thgtogs wmfl trhcold e`tm onnoquoc `pto`l jhrifts hlc sjhnn ghp eo`tfgm g`jphlofs. Srhcf Wtrugturfs; Smos gmhptfr cfthons sfnfgtfc trhcold strugturfs hppr`prohtf b`r sjhnn ghp eo`tfgm. Smos gmhptfr hns` rfvofws l`tfs rfdhrcold trhcold g`jphlofs wotm `lny Qmhsf O hlc OO ghlcochtfs hlc cosgussfs trhcold strugturfs tmht hrf l`t rfg`jjflcfc. Srhcf Qr`gfss; Smos gmhptfr cfsgroefrs h pr`gfss t` b`nn`w wmfl tmfrf os l` olotohn eunnosm, efhrosm `r lfutrhn trhcf g`lvogto`l (hs os `btfl tmf sotuhto`l wmfl trhcold BCH hlc gnologhn trohn ghthnysts). Wfvfrhn trhcf fxhjpnfs hrf pr`vocfc ht tmf flc `b tmf gmhptfr.

GMHQSFU 5.1

SUHCF GHLCOCHSF OCFLSOBOGHSO@L

5.8 @RFUROFT @RFUROFT

Smf

borstt stfp ol tmf trhcf pr`gfss os tmf ocfltoboghto`l bors ocfltoboghto`l `b h d``c ulovfrsf `b trhcf ghlcochtfs. Smos pr`gfss ghl ef hppr`hgmfc phssovfny (wmfrf spfgobog ocfhs hrf dflfrhtfc br`j fxtfrlhn sùrgfs) `r hgtovfny (wmfrf yù c` yùr `wl rfsfhrgm t` dflfrhtf trhcf ocfhs). Tmhtfvfr hppr`hgm yù fvfltuhnny usf, tmos sfgto`l sffis t` pr`vocf tmf fssfltohn t``ns hlc strugturf tmht wonn jhif tmos pr`gfss hs fbbogoflt hs p`ssoenf.

5.5 WJHNN GHQ EO@SFGM SUHCFU S@@NW 5.5.8 BCH & Gnologhn Srohn Ghnflchr @lf `b tmf j`st usfbun t``ns b`r ocfltobyold trhcfs ol sjhnn ghp eo`tfgm eo`tfgm os h d``c BCH hlc gnologhn trohn ghnflchr. Smos ghnflchr nosts tmf fxhgt `r hppr`xojhtf chtf `b sjhnn ghp eo`tfgm ghthn ghthnysts. ysts. H d``c ghnflchr wonn g`lthol tmf chtfs `b BCH Hcvos`ry Qhlfns (olgnucold erofbold c`gujflt rfnfhsf chtfs), QCVBH chtfs, LCH rfnhtfc bonold tojf fstojhtfs, (hppr`xojhtf) Qmhsf 8/5/7 sthtus/chth rfnfhsfs hlc `tmfr BCH hlc g`jphly rfnhtfc hgto`ls. Quttold t`dftmfr hl BCH hlc gnologhn trohn ghnflchr os fxtrfjfny fxtrfjfny   tfcoùs hlc tojf g`lsujold (ot rfquorfs rfhcold prfss rfnfhsfs, g`rp`rhtf prfsflthto`ls hlc BCH/popfnolf olb`rjhto`l b`r fhgm olcovocuhn crud ghlcochtf `b fvfry nostfc sjhnn ghp eo`tfgm st`gi!). Nugiony, tmfrf hrf vfry d``c `l-nolf rfsùrgfs tmht mhvf c`lf tmf w`ri b`r yù ‗ h sfnfgt bfw hrf nostfc ol Fxmoeot 5.8. Fxmoeot 5.8; BCH & Gnologhn Srohn Ghnflchr @l-nolf Ufsùrgfs

Lhjf

Tfe Hccrfss

Eo`Qmhrj Ghthnyst EoÙul Eo` UulVp Vp ((sue suesgro sgropto` pto`l l eh ehsfc sfc)) Dfii`Torf

www.eo`pmhrjghthnyst.g`j www.eo`rulup.g`j www.dfii`worf.g`j

Smf Eo`tfgm Olvfstjflt Qhrhcodj www.eo`tfgmolvfstjfltphrhcodj.g`j Ot os ojp`rthlt t` l`tf tmht hnn BCH hlc gnologhn trohn rfnhtfc chth smùnc ef cùenf gmfgifc pro`r t` fxfgutold h trhcf hs olb`rjhto`l g`ltholfc ol `l-nolf rfsùrgfs ghl p`tfltohnny ef ùt-`b-chtf ‗ Wfgto`l 7.4; Qopfnolf g`vfrs m`w t` vfroby tmos typf `b chth. 5.5.5 Swottfr Hggùlt Ot jhy surprosf yù eut Swottfr os hl fxgfnnflt trhcold t``n (O whs olotohnny sifptoghn `b tmos rfsùrgf). Swottfr hnn`ws tmf usfr t` „b`nn`w‚ hgtovf trhcfrs, olvfst`rs, en`ddfrs, hlhnysts hlc `tmfr olcustry pr`bfsso`lhns hlc phrtogophlts ol rfhn-tojf.. B`nn`wold tmf Swottfr bffcs `b hgtovf usfrs os fxgfnnflt b`r trhcf rfhn-tojf ghlcochtf ocfltoboghto`l, g`jphly spfgobog lfws hlc rfsfhrgm hj`ldst `tmfr usfs. Swottfr hnn`ws `lf t` sff wmht tmfsf pf`pnf hrf còld hlc tmoliold. J`st trhcfrs `r olcustry pr`bfsso`lhns wotm h nhrdf „b`nn`wold‚ hns` mhvf tmfor `wl en`ds tmht `btfl cfthon tmfor trhcf ocfhs hlc/`r g`jphly rfsfhrgm wmogm ghl ef vfry vhnuhenf wmfl hssfssold `pp`rtulotofs.

Olb`rjhto`l „twfftfc‚? `l Swottfr ghl `btfl ef `b modm thgtoghn vhnuf. Lfws rfnhtfc otfjs tflc t` (hnwhys) mot Swottfr bhstfr tmhl jhk`r jfcoh ùtnfts sugm hs _hm``! Bolhlgf `r GLEG ‗ tmos os efghusf tmf pf`pnf yù hrf b`nn`wold `btfl mhvf hggfss t` lfws sùrgfs yù c` l`t `r tmf lfws os `l h sjhnnfr g`jphly (j`st sjhnn ghp eo`tfgm) tmht c`fs l`t whrrhlt jholstrfhj g`vfrhdf. Smos lfhr „olsthlthlfùs‚ lfws bfhturf voh Swottfr os fxtrfjfny vhnuhenf ol h novf trhcold sotuhto`l. B`r fxhjpnf, O whs `l vhghto`l hlc whs n`ld Gmfnsfh Smfrhpfutogs (Sogifr; GMSQ) 6.1 stroif Ghnns tmht wfrf sft t` fxporf w`rtmnfss wotm heùt 51 jolutfs nfbt t` trhcf `l h Brochy (tmf st`gi whs hrùlc $3.61). Chth `l `lf `b Gmfnsfh‟s Qmhsf 7 crud ghlcochtfs whs snhtfc t` ef rfnfhsfc ht hly j`jflt . Smf st`gi pr`gffcfc t` ojjfcohtfny spoif up t` hrùlc $2 ‗ tmfrf whs l` lfws hlc O mhc l` `tmfr olb`rjhto`l. Coc tmf g`jphly rfnfhsf chth0 Tmht whs dòld `l0 O gmfgifc _hm``! _hm``! Bolhlgf hlc tmf g`jphly‟s wfesotf ‗ l`tmold. l`tmo ld. O gmfgifc Swottfr hlc O rfhc tmht s`jf`lf whs `l GLEG pujpold tmf st`gi ‗ tmos whs l`t Qmhsf 7 chth rfnhtfc; O ojjfcohtfny gn`sfc ùt jy Ghnns ht h suesthltohn pr`bot wotm hrùlc 81 jolutfs nfbt t` trhcf. Smf smhrfs gn`sfc ht hrùlc $6 ht tmf flc `b tmf

chy (tmf Ghnns wùnc mhvf fxporfc lfhrny w`rtmnfss) ‗ wotmùt Swottfr, O wùnc mhvf effl „bnyold enolc‚ hlc j`st noifny wùnc mhvf jossfc tmf `pp`rtuloty. Ob yù hgtovfny trhcf sjhnn ghp eo`tfgm, Swottfr os h just mhvf hlc just usf t``n ol yùr chony trhcold hrsflhn. www.twottfr.g`j)) hlc tmfl Ol `rcfr t` usf Swottfr, borst sft up hl hggùlt (ht www.twottfr.g`j efdol t` „b`nn`w‚ pf`pnf. S` sthrt b`nn`wold sjhnn ghp eo`tfgm rfnhtfc bffcs, yù jhy whlt t` olotohnny b`nn`w jf; eo`tfgmtrhcfrME. @lgf yù b`nn`w jf, yù ghl sff wm`j O b`nn`w hlc hcc tm`sf olcovocuhns ob tmfy poquf yùr oltfrfst. Qro`r t` b`nn`wold s`jf`lf ot os `btfl usfbun t` sff wmht iolc `b olb`rjhto`l tmfy twfft ‗ tmos ghl ef hgg`jpnosmfc ey rfhcold tmfor pro`r twffts (gnogi `l tmf „twffts‚ noli ulcfr tmfor lhjf). Ob tmf olb`rjhto`l sffjs usfbun, yù ghl gm``sf t` „b`nn`w‚ tmfj.

5.5.7 @l-nolf rfsùrgfs Smfrf hrf hrf s`jf fxtrfjfny fxtrfjfny   d``c `l-nolf rfsùrgfs b`r sjhnn ghp eo`tfgm trhcfrs hlc olvfst`rs. Fxmoeot 5.5 pr`vocfs h sfnfgt bfw `l-nolf rfsùrgfs tmht O vofw hs gurrfltny hj`ldst tmf efst. Ot os ojp`rthlt t` l`tf tmht wmonf Dflfrhn Lfws hlc 81

BCH-rfn BCH-rfnhtfc sotfs d``c `c hlc j`st `b G`vfrhdf tmf vhnuf-hccfc ocfhs hrfhtfc bùlc `l hrf tmf d` En`ds Bunn sotfs. rfsfhrgm hlc trhcf rfnhtfc Fxmoeot 5.5; Tfesotfs Tfesotfs b`r Eo`tfgm Srhcfrs DFLFU H HN N LFTW; www.eo` www.eo`sphgf.g`j sphgf.g`j www.gnologhsphgf.g`j www.gnol oghsphgf.g`j www.bofrgfeo`tfgm.g`j www.bofr gfeo`tfgm.g`j www.bolhlgf.yhm``.g`j www.tmfstrfft.g`j www.tmf strfft.g`j BVNN G@RFUHDF; G@RFUHDF; www.eo`rulup.g`j rulup.g`j (su (suesgropto`l) esgropto`l) www.eo` www.eo`tfgmolvfstjfltphrhcodj.g`j www.eo`pmhrjghthnyst.g`j www.eo` pmhrjghthnyst.g`j www.eo`jfcrfp`rts.g`j www.dfii`worf.g`j OLWOCFU HGSOROS_; www.jbbhos.g`j www.jbbhos.g`j (suesgropto`l) (suesgropto`l) www.sfgb`rj3.g`j @BBOGOHN SUOHN CHSH; www.gnologhntrohns.d`v www.bch.d`v EN@DW; www.eo`tfgmtrhcfrmhlce`ì.g`j www.sffioldhnpmh.g`j @SMFU W@GOHN JFCOH; www.st`gitwots.g`j @SMFU;

www.eodgmhrts.g`j www.lhschqtrhcfr.g`j* www.sm`rtsquffzf.g`j www.togifrspy.g`j * Qrojhrony b`r hbtfr-mùrs trhcfs hlc trhcold mhnt olb`rjhto`l.

5.7 G@JQUFMFLWORF OLCVWSU_ WFHUGM WFHUGM 5.7.8 @vfrvofw Tmonf j`st `l-nolf rfsùrgfs hrf usfbun t` ocfltoby trhcf ghlcochtfs, tmfy tflc t` g`vfr g`jphlofs hlc `pp`rtulotofs fvfry`lf fnsf os fvhnuhtold ht tmf shjf tojf ‗ tmos ghl pnhgf yù ht h sodloboghlt coshcvhlthdf. B`r tmos rfhs`l, ot os `btfl hcvhlthdfùs t` fjpn`y h g`jprfmflsovf olcustry sfhrgm hppr`hgm t` ocfltoby trhcf ghlcochtfs wfnn efb`rf fvfry`lf fnsf. Hntmùdm sodloboghltny sodloboghltny j`rf j`rf tfcoùs hlc tojf g`lsujold, tmos hppr`hgm `btfl yofncs suesthltohn `pp`rtulotofs t` dflfrhtf ùtsozfc rfturls. 5.7.5 Srhcf Ghlcochtf Sogifr Nost Smf borst phrt `b tmos hppr`hgm os t` dflfrhtf h togifr nost. Smf efst why t` c` tmos os t` usf h st`gi sgrfflold t``n `l fotmfr h erìfrhdf wfesotf `r brff wfe sfrvogf (sugm hs _hm``! Bolhlgf). H modm quhnoty hlc g`jprfmflsovf nost ghl ef dflfrhtfc ey sfhrgmold ulcfr tw` er`hc phrhjftfrs; olcustry hlc st`gi progf rhldf. B`r olcustry, sfhrgm ulcfr eo`tfgml`n`dy, sjhnn ghp eo`tfgm, pmhrjhgfutoghns pmhrjhg futoghns `r `tmfr mfhntmghrf mfhntmghrf rfnhtfc tfrjs. B`r st`gi progf rhldf, O suddfst h rhldf `b $1.61 t` $81 `r $51 ‗ tmos wonn dflfrhnny pr`cugf h modm quhnoty nost `b trhcf ghlcochtfs wotm jhrift ghpothnozhto`ls88 ulcfr $611 jonno`l. O hvòc st`gis wotm progfs efn`w $1.61 efghusf tmf ùtput os usuhnny mulcrfcs `b st`gis wotm progfs `b h bfw pfllofs t` $1.81 tmht hrf dflfrhnny l`t w`rtm tmf tojf hlc fbb`rt t` c` b`nn`w-up rfsfhrgm fotmfr efghusf tmfy nhgi subbogoflt noquocoty, hrf t`` fhrny sthdf, sthdf, bhgf sfvfrf bolhlgohn costrfss `r hly `tmfr lujefr `b prènfjhtog ossufs.

Fxmoeot 5.7 nosts tmf ocfltobofc sjhnn ghp eo`tfgm trhcf ghlcochtfs usold tmos hppr`hgm. O olgnucf tmf g`jphly lhjf, tmf togifr hlc tmf g`jphly wfesotf. Hs tmf chth ol Fxmoeot 5.7 wonn gmhldf suesthltohnny `vfr tojf, ot os modmny rfg`jjflc t` fvfltuhnny pfrb`rj yùr `wl sfhrgm t` dflfrhtf hl up-t`-chtf togifr nost.

5.7.7 @rdhlozhto`l Wtrhtfdy @lgf yù dflfrhtf h togifr nost, tmf tfcoùs hlc tojf g`lsujold phrt efdols (b`r tmf modmny j`tovhtfc pfrs`l); tmf olcovocuhn hlhnysos `b tmf g`jp`lflt st`gis ol tmf togifr nost. H strfhjnolfc hppr`hgm t` pfrb`rjold tmos hlhnysos `l fhgm g`jphly wonn ef g`vfrfc ol Gmhptfr 7.1; Srhcf Ghlcochtf Hlhnysos.85 Qro`r t` tmos, m`wfvfr, ot os fssfltohn t` put ol pnhgf tmf olbrhstrugturf t` pr`pfrny `rdhlozf yùr hlhnysos (hs yù wonn fvfltuhnny hlhnyzf mulcrfcs `b g`jphlofs). Smf j`rf `rdhlozfc yù hrf, tmf j`rf suggfss yù wonn mhvf trhcold sjhnn ghp eo`tfgm ‗ tmos os h gfrtholty.

L` jhttfr m`w tm`rùdm yù oltflc t` ef, h sojpnf yft modmny fbbfgtovf hppr`hgm os t` euy h (nhrdf) tmrff rold eolcfr l`tfe`ì hlc H-[ nfttfr thes. B`r fhgm g`jphly yùr g`jf hgr`ss, usf h soldnf smfft `b phpfr t` wrotf yùr l`tfs (o.f. ify chtfs, grotoghn bolhlgohn chth, hlhnyst fstojhtfs, ftg.) ‗ ot mfnps t` wrotf tmf g`jphly‟s togifr `l tmf uppfr rodmt mhlc g`rlfr `b tmf smfft b`r fhsy rfbfrflgf. B`r fhgm olcovocuhn g`jphly smfft, olgnucf h prolt ùt `b tmf g`jphly‟s popfnolf gmhrt. @lgf yù hrf bolosmfc, bonf tmf smfft hnpmheftoghnny ehsfc `l tmf g`jphly‟s togifr ol tmf l`tfe`ì. Hbtfr n`ìold ht bfw mulcrfc g`jphlofs yù wonn mhvf h sozfhenf chthehsf (jolf os h eolcfr l`tfe`ì lfhrny 7 olgmfs tmogi) `b olb`rjhto`l tmht yù ghl d` ehgi t` (brfqufltny) hlc quoginy rfvofw ob lfgfsshry. Ob yù c`l‟t c` tmos, yù wonn bolc yùrsfnb dfttold g`lbusfc dovfl tmf vhst lujefr `b g`jphlofs9 ob yù c` wmht O shy rfdhrcold `rdhlozhto`l, yù wonn bolc tmht mhvold tmf olb`rjhto`l ht mhlc (ojjfcohtfny) wonn shvf yù suesthltohn tojf hlc efttfr p`soto`l yù t` ujp `l fjfrdold `pp`rtulotofs (wmogm wonn, wotmùt h cùet, g`jf up). B`r

fxhjpnf, eo`tfgm g`jphly ]_[ kust cr`ppfc 71%. _ù rfg`dlozf shoc g`jphly, hlc quoginy hggfss yùr l`tfs `l tmf g`jphly. _ù sff h trhcf hlc bffn g`jb`rthenf puttold tmf trhcf `l ojjfcohtfny ojjfcohtfny   (efghusf yù il`w tmf ify fnfjflts / ify crovfrs `b tmf g`jphly hs pfr yùr l`tfs). Ob yù hrf stujenold hrùlc, yù wonn joss tmf `pp`rtuloty ‗ c`l‟t nft ot mhppfl t` yù9 ot wonn g`st yù cfhrny `vfr tojf. B`r Qmhsf O/OO g`jphlofs, sojpny wrotf tmf pmhsf `b tmf projhry crud ghlcochtf ol hccoto`l t` tmf fxpfgtfc chtf `b rfvofw, ob hly (`r hccoto`lhn olb`rjhto`l ob yù wosm) ‗ tmos wonn hnn`w yù t` euonc h popfnolf nost `b trhcf ghlcochtfs wfnn ol hcvhlgf hlc hcvhlgf hlc dovf yù h mudf fcdf ol euoncold yùr trhcf p`soto`ls pro`r t` `tmfrs (tmf „chy trhcold m`hrc‚) cosg`vfrold tmf g`jphly. Smos wonn olgrfhsf tmf prèheonoty `b dflfrhtold mudf rfturls ol tmf buturf. Efnofvf jf `l tmht.

GMHQSFU 7.1

SUHCF GHLCOCHSF HLHN_WOW

7.8 BHWS UFROFT WSUVGSVUF @RFUROFT

Ol `rcfr t` hlhnyzf ocfltobofc trhcf ghlcochtfs, hl fbbogoflt rfvofw jftm`c`n`dy just ef utonozfc. Ol Fxmoeot 7.8 O prfsflt h sfvfl stfp, strfhjnolfc rfvofw strugturf, wmogm O hptny ghnn Bhst Ufvofw Wtrugturf („BUW‚). Smos rfvofw strugturf mhs effl cfvfn`pfc ol `rcfr t` hgmofvf h sojpnf yft fxtflsovf hlhnysos hs bhst hs p`ssoenf. p`ssoenf. Smf d`hn `b BUW os t` quoginy cftfrjolf ob tmfrf os h p`tfltohn, modm rosi-hckustfc rfturl trhcf hlc ob s`, wmht typf `b hppr`hgm (o.f. efhrosm, eunnosm, lfutrhn) hlc trhcf strugturf t` usf. Smf strugturf smùnc ef usfc t` ocfltoby h g`rf nost `b g`jphlofs wmfrf modm p`tfltohn trhcfs ghl ef jhcf hlc pr`vocf h sprolde`hrc b`r burtmfr, j`rf ol-cfptm hlhnysos pro`r t` hl fvfltuhn trhcf, ob lfgfsshry lfgfsshry. Fxmoeot 7.8; Bhst Ufvofw Wtrugturf G`jp`lflts

Ghsm Qr`bonf Ghsm Qr`bonf @wlfrsmop Olsocfr Hgtovoty Hlhnyst Hlh nyst R Rofw ofwss

Sfgmlogh fgmloghnn Hlh Hlhnyso nysoss Qopfnolf Olcustry Wupp`rt

7.5 GHWM QU@BONF 7.5.8 @vfrvofw Smf bhstfst hlc j`st fbbogoflt why t` hlhnyzf tmf bolhlgohn p`soto`l `b h sjhnn ghp eo`tfgm g`jphly os t` b`gus projhrony `l ots ghsm pr`bonf. Smos hlhnysos n`ìs ht ghsm eurl, ghsm pfr smhrf, lft ghsm/lft cfet ehnhlgfs hlc buturf sùrgfs `b ghsm. Smos olb`rjhto`l hn`lf wonn tfnn yù heùt hnn yù lffc t` il`w rfdhrcold tmf bolhlgohn mfhntm `b tmf g`jphly.

Smf borst pnhgf yù smùnc gmfgi b`r tmos olb`rjhto`l os tmf g`jphly‟s nhtfst fhrlolds prfss rfnfhsf. Smf fhrlolds rfnfhsf wonn l`rjhnny olgnucf h quogi `vfrvofw `b tmf g`jphly‟s ghsm pr`bonf `btfl olgnucold ghsm eurl fstojhtfs hlc hly pnhllfc olb`rjhto`l heùt buturf ghsm sùrgfs. @tmfr g`jp`lflts `b tmf g`jphly‟s ghsm pr`bonf, sugm hs ghsm pfr smhrf hlc lft ghsm/lft cfet ehnhlgfs ghl ef fhsony ghngunhtfc wotm olb`rjhto`l g`ltholfc ol tmos rfnfhsf. Ob yù lffc hggfss t` j`rf cfthonfc olb`rjhto`l, gmfgi olsocf tmf WFG 81-X (quhrtfrny rfp`rt) `r 81-I (hlluhn rfp`rt). B`r fxhjpnf, HGHCOH Qmhrjhgfutoghn‟s (Sogifr; HGHC) 5X‟1? fhrlolds prfss rfnfhsf, n`ghtfc ol WFG B`rj =-I, g`ltholfc j`st hnn `b tmf olb`rjhto`l lffcfc t` quoginy dft h mhlcnf `l tmf g`jphly‟s ghsm pr`bonf. Smf j`st ojp`rthlt olb`rjhto`l br`j tmos pfrspfgtovf os g`ltholfc ol phrhdrhpms tmrff hlc lolf sm`wl ol Fxmoeot 7.5.

Fxmoeot 7.5; HGHCOH 5X‟1? Ghsm Qr`bonf

Qhrhdrhpm 7; „Ht Kulf 71, 511?, HGHCOH‟s ghsm, ghsm fquovhnflts, hlc olvfstjflt sfgurotofs t`thnfc $21.8 jonno`l Cfgfjefr 78, 511=. olgrfhsf ol ghsm whs projhrony cuf t` hl upbr`lt ghsmhtphyjflt `b $71 jonno`lSmf rfgfovfc ol Jhy 511? pursuhlt t` GHCOH‟s GHCOH ‟s g`nnhe`rh g`nnhe`rhto`l to`l wotm Eo`vhon, phrtohnny `bbsft ey ghsm usfc t` bulc `pfrhto`ls.‚ Qhrhdrhpm ?; „HGHCOH g`ltolufs t` hltogophtf tmht ots ghsm, ghsm fquovhnflts hlc olvfstjflt sfgurotofs wonn ef drfhtfr tmhl $31 jonno`l ht Cfgfjefr 78, 511?, hlc tmht tmf G`jphly‟s fxostold ghsm rfsùrgfs hlc phyjflts br`j ots g`nnhe`rhto`ls wonn ef subbogoflt t` bulc ots `pfrhto`ls ht nfhst olt` tmf borst mhnb `b 5188.‚ Wùrgf; WFG B`rj =-I. Ol tmfsf tw` phrhdrhpms, ot os rfvfhnfc m`w jugm ghsm tmf g`jphly mhs hlc m`w n`ld tmf g`jphly fxpfgts t` survovf wotmùt rhosold fxtfrlhn bulcs (o.f. ots ghsm eurl). Smf olb`rjhto`l lffcfc t` ghngunhtf ghsm pfr smhrf (ghsm, smhrfs ùtsthlcold), lft ghsm/lft cfet ehnhlgfs (ghsm, cfet) hlc buturf sùrgfs `b ghsm (jonfst`lf hlc g`nnhe`rhtovf rfvflufs, fxostold pr`cugt rfvflufs) hrf n`ghtfc burtmfr ol tmf rfnfhsf. 7.5.5 Ghsm Eurl Ghsm eurl os `lf `b tmf ify chth pòlts ol tmf hlhnysos `b h sjhnn ghp eo`tfgm g`jphly. Ot pr`vocfs h bolhlgohn tojfnolf t` n`ì olt` tmf buturf, ocfltobyold wmfl hlc ht wmht nfvfns buturf ghsm ehnhlgfs oltfrsfgt wotm ify chtfs (o.f. BCH hlc gnologhn trohn hllùlgfjflts, cfet jhturoty chtfs, jonfst`lf hgmofvfjflt chtfs, ftg.) tmus pr`vocold h trhcfr h j`rf olb`rjfc rhto`lhnf t` e`tm pnhl hlc strugturf trhcfs. Ot os fssfltohn t` il`w tmos olb`rjhto`l.

@gghso`lhnny, g`jphlofs wonn l`t olgnucf fxpnogot ghsm eurl ghngunhto`ls ol tmfor prfss rfnfhsf. Vlcfr sugm h sgflhro`, yù wonn lffc t` fstojhtf tmf ghsm eurl hjùlt yùrsfnb. H „quogi hlc corty‚ why t` fstojhtf ghsm eurl os t` usf tmf sojpnf b`rjunh efn`w (b`r quhrtfrny chth); : S`thn Ghsm / Y(U&C + WD&H + `tmfr `pfrhtold fxpflsfs - l`l-rfgurrold fxpflsfs +/- lft oltfrfst fxpflsf ‗ t`thn rfvfluf (fotmfr br`j pr`cugts, nogflsf bffs, `r jonfst`lf/g`nnhe`rhto`l hjùlts `r `tmfr rfvfluf hjùlts)Z 87 : Lujefr `b Xuhrtfrs `b Ghsm Ufjholold

B`r fxhjpnf, usold tmf olb`rjhto`l g`ltholfc ol HGHCOH‟s Wthtfjflt `b

@pfrhto`ls, ol Fxmoeot 7.7, wf dft; : 22,865 / Y(88,?4? + 5,225 + 1 ‗ 1 ‗ ?7 ‗ 8,=51)Z : 6.5 Xuhrtfrs HGHCOH sthtfs, hs `b Kulf 71, 511?, tmht tmf g`jphly wonn mhvf subbogoflt ghsm t` bulc `pfrhto`ls ht nfhst olt` tmf borst mhnb `b 5188 (`r hppr`xojhtfny 2 quhrtfrs) ‗ fxgnucold hly fxtfrlhn ghpothn rhosold fbb`rts. Hs yù ghl sff, ùr quogi hlc corty ghngunhto`l `b 6.5 quhrtfrs os l`t bhr `bb. Tmfl còld tmos typf `b hlhnysos, jhif surf t` fxgnucf fxpflsf hlc/`r rfvfluf hjùlts tmht hrf l`t fxpfgtfc t` rf-`ggur dòld b`rwhrc. B`r fxhjpnf, ob tmf g`jphly cosg`ltolufc rfsfhrgm `r h trohn `l h p`tfltohn crud ghlcochtf, yùr b`rwhrc n`ìold hlc `ldòld `pfrhtold fxpflsf fstojhtf jhy ef t`` modm hlc wonn tmus lffc t` ef hckustfc ‗ ob tmos hjùlt os jhtfrohn, tmf g`jphly wonn usuhnny jflto`l ot ol tmfor prfss rfnfhsf ‗ jhif h l`tf `b ot hlc hckust hgg`rcoldny. Totm rfdhrcs t` jonfst`lf phyjflts `r `tmfr g`nnhe`rhtovf rfvflufs ef hwhrf tmht tmfsf hrf hwhrcfc `lny hbtfr jfftold gfrthol grotfroh. B`r tmos rfhs`l, ot os ojp`rthlt t` hnwhys hlhnyzf tmfolgnucf g`jp`lflt `b h g`jphly‟s ghsm eurl fstojhtfs. Ot os h d``c ocfh t` `lny bulcsphrts (pfrmhps hs h sgflhro`) tmht mhvf effl rfgfovfc `r hrf dòld t` ef rfgfovfc wotm hes`nutf gfrtholty. Smf g`jphly jhy shy tmht tmfy fxpfgt t` rfgfovf ulgfrthol jonfst`lf bulcs, eut tmos os l`t duhrhltffc ‗ thif l`togf `b tmos fvfltuhnoty `l yùr ghsm eurl ghngunhto`ls.

7.5.7 Ghsm pfr Wmhrf Hl`tmfr usfbun why t` n`ì ht ghsm wmfl hlhnyzold sjhnn ghp eo`tfgm os br`j tmf pfrspfgtovf `b ghsm pfr smhrf. Smos os èvoùsny ghngunhtfc ey thiold t`thn ghsm (nfss cfet, ob hly) hlc covocold ey t`thn (conutfc) smhrfs ùtsthlcold. Smf ghsm pfr smhrf jftrog os usfbun br`j h vhrofty `b pfrspfgtovfs. Borst, ot ghl pr`vocf h bnhsm fstojhtf `b wmfrf tmf jhrift os vhnuold h g`jphly‟s crud ghlcochtf(s). B`r fxhjpnf, Qhol Smfrhpfutogs (Sogifr; QSOF) hs `b 7X‟1? mhc t`thn smhrfs ùtsthlcold `b 35.5 jonno`l hlc t`thn ghsm hlc jhrifthenf sfgurotofs `b $844.6 fquhtold t` ghsm pfr smhrf `b $3.58 (tmf g`jphly mhs l` cfet). Smos g`jphrfc t` h jhrift smhrf progf `b $3.?1. Smos ojpnofs tmht tmf jhrift vofws tmf t`thn vhnuf `b buturf pr`cugts ht hrùlc $1.41 h smhrf (`r $5?.6 jonno`l) tmht jhy `r jhy l`t ef g`rrfgt. Wfg`lc, tmf jftrog ghl olcoghtf p`tfltohnny orrhto`lhn sotuhto`ls wmfrf ghsm pfr smhrf fxgffcs progf pfr smhrf (o.f. tmf gurrflt jhrift progf). B`r fxhjpnf, sjhnn ghp eo`tfgms `btfl trhcf efn`w ghsm vhnuf prfgfcold Qmhsf OOO hllùlgfjflts (phst fxhjpnfs olgnucf Wpfgtruj Qmhrjhgfutoghns, Sogifr; WQQO9

hlc, Cfp`Jfc, Sogifr; CFQ@) ‗ tmos prfsflts h mudf `pp`rtuloty t` d` n`ld. Smf jhrift os fbbfgtovfny vhnuold tmf `pp`rtuloty ht zfr` (`r h lfdhtovf vhnuf) ‗ hs sugm, ol h strhldf why, tmos rfprfsflts h „brff‚ trhcf (m`wfvfr, c`l‟t b`rdft yù ghl stonn n`sf j`lfy). Bolhnny, h modm ghsm pfr smhrf rfnhtovf t` progf pfr smhrf rfprfsflts h s`rt `b brff „ehnhlgf smfft mfcdf‚ hlc ol h why cojolosmfs tmf `vfrhnn rosi `b tmf trhcf. Smos vhnuf (ghsm pfr smhrf) rfprfsflts h corty noquochto`l vhnuf `b tmf g`jphly. B`r fxhjpnf, nfts hssujf Qhol Smfrhpfutogs he`vf os ojjfcohtfny noquochtfc. Wmhrfm`ncfrs wùnc rfgfovf tmf lft `b hssfts hlc noheonotofs. Hssujf yù purgmhsfc tmf smhrfs ht $3.?1 hs he`vf ‗ dovfl tmf modm ghsm pfr smhrf yùr n`ss wùnc l`t ef tmf bunn $3.?1 h smhrf. Cfpflcold up`l tmf lft ghsm ojphgt br`j tmf shnf/phyjflt `b `tmfr hssfts/noheonotofs (hlc fxgnucold nfdhn bffs, fjpn`yff tfrjolhto`l g`sts, ftg.), yùr n`ss, hs h smhrfm`ncfr, wùnc noifny ef jolojhn hlc yùr noquochto`l pr`gffcs wùnc noifny l`t cfvohtf bhr br`j tmf ghsm pfr smhrf vhnuf `b $3.41.

7.5.3 Lft Ghsm / Lft Cfet Ehnhlgfs Tmfl hlhnyzold tmf ghsm ehnhlgfs `b h g`jphly, ot os èvoùsny ojp`rthlt t` bhgt`r ol cfet. Ob tmf g`jphly mhs cfet, yù wonn lffc t` lft tmf cfet wotm tmf ghsm hjùlt9 tmht os, ob tmf g`jphly mhs $811 jonno`l ghsm hlc $61 jonno`l cfet,

tmf g`jphly $61cfet jonno`l ($811 ghsm $61 cfet).mhsOb $61 tmf g`jphly mhs wonn $811mhvf $81 jonno`l hlc lft $61ghsm jonno`l ghsm, tmf‗ g`jphly jonno`l lft cfet. Smos os h sojpnf „noquochto`l jftm`c‚ `b cftfrjolold m`w jugm ghsm eubbfr tmf g`jphly mhs smùnc tmfy flgùltfr h bhonfc BCH `r gnologhn trohn rfnhtfc fvflt `r `tmfr bolhlgohn cobbogunty ‗ tmf pòlt os c`l‟t sojpny n`ì ht ghsm nfvfns. Ob tmf g`jphly mhs cfet, b`gus projhrony `l tmf jhturoty chtf `b tmf cfet.83 Smos olb`rjhto`l smùnc tmfl ef g`jphrfc t` tmf fxpfgtfc hllùlgfjflt chtf `b tmf ghthnyst fvflt. Ob tmf ghthnyst bhnns efb`rf tmf jhturoty `b tmf cfet, hlc tmf g`jphly mhs lft cfet, hlc tmf rfsunt os lfdhtovf, tmf ojpnoghto`ls gùnc ef ghthstr`pmog b`r tmf g`jphly hlc ots smhrf progf. Smos olb`rjhto`l ghl èvoùsny ef bhgt`rfc olt` yùr trhcold cfgoso`ls (e`tm prf hlc p`st trhcf). H d``c fxhjpnf `b tmos whs wotm Mujhl Dfl`jf Wgoflgfs (Sogifr; MDWO). Hs `b Kulf 71, 511?, tmf g`jphly mhc $741 jonno`l ghsm hlc $77? jonno`l g`lvfrtoenf l`tfs cuf 5188 hlc hlc 5185. Ol hccoto`l, tmf g`jphly mhc $534 jonno`l ol nfhsf bolhlgold (h b`rj `b „cfet‚). Mflgf, MDWO mhc $582 jonno`l lft cfet. Smf g`jphly‟s olotohn Qmhsf OOO hllùlgfjflt chtf b`r ots nupus crud whs snhtfc b`r Kuny 511?. Ol hccoto`l, tmf g`jphly coc l`t dflfrhtf suesthltohn rfvflufs hlc ots `tmfr crud ghlcochtfs wfrf stonn ol cfvfn`pjflt. Ol tmos sotuhto`l, h bhonfc trohn wùnc mhvf effl ghthstr`pmog b`r tmf g`jphly hlc h trhcf gùnc mhvf effl strugturfc t` rfbnfgt tmos ùtg`jf (hntmùdm h efhrosm sthlgf wùnc mhvf effl hl hekfgt bhonurf). @l hl`tmfr trhcold l`tf, h d``c why t` hssfss rosi b`r g`jphlofs wotm puenogny trhcfc cfet,86 sugm hs MDWO, os t` b`nn`w tmf trhcold ol tmf cfet. Smos trhcold os usuhnny g`lbolfc `lny t` grfcot trhcfrs `l ehli pr`p cfsis `r mfcdf bulcs ‗ boxfc olg`jf trhcfrs hrf dflfrhnny g`lsocfrfc j`rf s`pmostoghtfc t` fquoty trhcfrs `l tmf Wtrfft (l` `bbflsf t` fquoty trhcfrs) hlc hs sugm, j`vfjflts ol grfcot sprfhcs `l h g`jphly tflc t` b`rfsmhc`w j`vfjflts ol tmf g`jphly‟s fquoty. Hs ghl ef fxpfgtfc, MDWO‟s grfcot sprfhcs wfrf mudf hlc tmfl efdhl t` g`nnhpsf (tmf nhrdfr tmf grfcot sprfhc, tmf modmfr tmf pfrgfovfc rosi). Fvfltuhnny ot efghjf il`wl tmht MDWO whs purgmhsold tmfor `wl cfet (t` rftorf) ht mudf cosgùlts ‗ tmos whs h d``c sodl hlc b`rfsmhc`wfc j`rf p`sotovf fvflts t` g`jf. Ob yù mhvf hggfss t` tmos typf `b chth, hlc yù hrf trhcold h eo`tfgm wotm puenogny trhcfc cfet, yù smùnc usf ot.

7.5.6 Wùrgfs `b Ghsm Wjhnn ghp eo`tfgm g`jphlofs dflfrhtf ghsm br`j sfvfrhn sùrgfs olgnucold rfvflufs br`j fxostold `r hgquorfc pr`cugts, jonfst`lf phyjflts `r `tmfr g`nnhe`rhtovf phyjflts, `r ghpothn rhosold fbb`rts ol tmf jhrifts. Wolgf j`st sjhnn ghp eo`tfgms dflfrhtf nottnf t` l` rfvfluf, ot os fssfltohn t` cftfrjolf m`w

tmf g`jphly oltflcs t` bulc otsfnb ùtsocf `b fxostold ghsm `l tmf ehnhlgf smfft. B`r g`jphlofs tmht dflfrhtf rfvflufs br`j fxostold pr`cugts `r hgquorfc pr`cugts, ot os ojp`rthlt t` cftfrjolf m`w sthenf tmos rfvfluf sùrgf os hlc b`r m`w n`ld. Wolgf ùr trhcf tojf m`roz`l os h yfhr hlc h mhnb `r nfss, tmos olb`rjhto`l os `btfl fhsy t` b`rfghst hlc ghl supp`rt yùr ghsm eurl fstojhtfs. Smos olb`rjhto`l os usuhnny `l tmf Olg`jf Wthtfjflt ulcfr tmf mfhcold Qr`cugt Ufvflufs `r U`yhnty Ufvfluf hlc os burtmfr fxpnholfc ol tmf l`tfs sfgto`l `b tmf bolhlgohns. J`st g`jphlofs mhvf s`jf s`rt `b phrtlfrsmop hdrffjflt wotm h jhk`r eo`pmhrjhgfutoghn g`jphly. Smfsf hdrffjflts olgnucf jonfst`lf phyjflts tmht pr`vocf b`r ghsm phyjflts up`l suggfssbun g`jpnfto`l `b vhroùs prfcftfrjolfc eflgmjhris curold tmf cfvfn`pjflt hlc tfstold `b tmf crud ghlcochtf. Qhrtlfrsmop hdrffjflts jhy hns` olgnucf vhroùs b`rjs `b U&C smhrold hlc/`r h r`yhnty strugturf wmfl/ob tmf crud ghlcochtf os hppr`vfc, hj`ldst `tmfrs fnfjflts. G`jphlofs wonn hnwhys jhif l`tf `b tmf ify fnfjflts `b tmfor phrtlfrsmop hdrffjflts fotmfr `l tmfor wfesotf, ol prfss rfnfhsfs `r ol WFG 81-X, 81-I `r =-I bonolds. Tf wonn d` olt` burtmfr cfthon `l phrtlfrsmop hdrffjflts ol Wfgto`l 7.=; Olcustry Wupp`rt. Smf `lny `tmfr dflfrhn sùrgf `b bulcold hvhonhenf t` sjhnn ghp eo`tfgm g`jphlofs os br`j tmf ghpothn jhrifts, projhrony ol tmf b`rj `b sfg`lchry fquoty `bbfrolds `r s`jf b`rj `b myeroc cfet/quhso-fquoty `bbfrold tmht wf wonn l`t g`vfr dovfl tmf vhroheonoty `b strugturfs. @l h trhcold l`tf, sfg`lchry st`gi `bbfrolds, b`r ùr thrdft ulovfrsf, hrf dflfrhnny c`lf fotmfr ojjfcohtfny prfgfcold tmf BCH `r gnologhn trohn rfnhtfc hllùlgfjflt (wmfrf hlc wmfl tmf smhrfs mhvf dholfc ol progf suesthltohnny) `r, t` h nfssfr fxtflt, s``l hbtfr h suggfssbun hllùlgfjflt. @tmfr bhgt`rs wmogm olgrfhsf tmf prèheonoty `b h sfg`lchry `bbfrold dflfrhnny olgnucf n`w smhrfs ùtsthlcold (o.f. ulcfr 811 jonno`l smhrfs ùtsthlcold) hlc nfss tmhl h yfhr `b ghsm t` `bbsft ghsm eurl ‗ s` rfjfjefr tmos; ob yùr eo`tfgm g`jphly‟s ghthnyst fvflt os lfhr, hlc tmf smhrf progf mhs dholfc sodloboghltny, hlc tmf `tmfr bhgt`rs jflto`lfc hrf prfsflt, tmfrf os h modm prèheonoty tmht tmf g`jphly wonn c` h sfg`lchry `bbfrold.82 Smf

ojp`rthlt fnfjflts t` l`tf rfdhrcold sfg`lchry `bbfrolds hrf tmf lujefr `b smhrfs efold ossufc (o.f. tmf ojphgt `b conuto`l `l fxostold smhrfs), tmf cosgùlt `b tmf smhrf ossuf hlc tmf ocfltoty `b tmf olvfst`r(s), ob il`wl. @evoùsny tmf sjhnnfr lujefr `b smhrfs, tmf sjhnnfr tmf cosgùlt hlc tmf j`rf s`pmostoghtfc tmf olvfst`r(s) tmf efttfr. Hs hl fxhjpnf, O mhvf olgnucfc ol Fxmoeot 7.3 h cfsgropto`l `b h sfg`lchry `bbfrold ey Wpfgtruj Qmhrjhgfutoghns (Sogifr; WQQO). Fxmoeot 7.3; Wfg`lchry @bbfrold ey Wpfgtruj Qmhrjhgfutoghns @rodolhn smhrfs; Wmhrf ossufc; Cosgùlt; Conuto`l; Qrogf prf-hllùlgfjflt; Qrogf p`st-hllùlgfjflt; Cfgnolf (%); Chys t` trhcf ehgi t` prf-hllùlgfjflt nfvfn;

75,??6,==4 5,?72,174 (fxgnucfs whrrhlts) 2.6% (ehsfc `l progf `b $4.8656) =.5% $4.26 $2.6? 87.?% 35 chys

Wùrgf; WFG B`rj 81-X. @l h trhcold l`tf, b`nn`wold tmf sfg`lchry `bbfrold tmf smhrf progf wonn l`rjhnny fxpfroflgf h jonc t` jhssovf sfnn-`bb `l tmf fvflt. Smos os usuhnny h d``c tojf t` hcc t` yùr p`soto`l ob yù hrf n`ld hs tmf smhrfs l`rjhnny (hntmùdm l`t hnwhys) rfg`vfr t` prf-sfg`lchry `bbfrold nfvfns wotmol h bfw wffis (wmfl tmf ghthnyst hllùlgfjflt mhs stonn l`t effl jhcf). C` l`t rfhc t`` jugm olt` tmfsf prfghthnyst sfnn-`bbs. @btfl trhcfrs brft tmht tmf sfg`lchry pr`vfs tmf ojpflcold ghthnyst chth wonn ef lfdhtovf. Smos os l`t hnwhys tmf ghsf (ot hns` ojpnofs tmf g`jphly il`ws tmf ùtg`jf, os wotmm`ncold ot, hlc os tmus g`jjottold brhuc9 hl ulnoifny sgflhro` cfspotf g`lsporhgy tmf`rofs). Ol j`st ghsfs, tmf g`jphly os hgtuhnny còld tmf prucflt tmold ey thiold hcvhlthdf `b tmf fnfvhtfc smhrf progf ol `rcfr t` rhosf bulcs wmogm jhy l`t ef hvhonhenf ol tmf buturf smùnc tmfrf ef h bhonfc BCH `r gnologhn trohn rfnhtfc ùtg`jf. Hns`, rfhnozf tmht tmfrf hrf olb`rjfc hlc fxpfroflgfc olstotuto`lhn olvfst`rs wm` purgmhsfc tmf smhrfs ol tmf sfg`lchry `bbfrold. Smfsf pf`pnfs‟ ghrffrs hlc rfputhto`l hrf `btfl `l tmf nolf s` tmfor olvfstjflt os dflfrhnny l`t jhcf ol mhstf. Ufnhx.

7.7 @TLFUWMOQ Ot os ojp`rthlt t` dft h quogi slhpsm`t `b tmf `wlfrsmop `b h sjhnn ghp eo`tfgm g`jphly (`r hly g`jphly yù oltflc t` olvfst `r trhcf ol, b`r tmht jhttfr). Wmhrfm`ncfr chth os fhsy t` bolc ht fotmfr tmf g`jphly‟s wfesotf `r `l jholstrfhj bolhlgohn wfesotfs sugm hs _hm``! Bolhlgf. B`r j`rf cfthonfc olb`rjhto`l hlc drhlunhroty, drh lunhroty, gmfgi tmf g`jphly‟ g`jphly‟ss WFG B`rj CFB83H. Smf j`st fbbogoflt why t` hlhnyzf `wlfrsmop os t` borst n`ì ht jhlhdfjflt, tmfl l`ljhlhdfjflt/eflfbogohn m`ncfrs (drfhtfr tmhl 6/81%) hlc bolhnny olstotuto`lhn m`ncfrs wotm nfss tmhl 6%. Jhlhdfjflt84 tmht m`ncs h sodloboghlt fquoty sthif ol tmf g`jphly os usuhnny h d``c sodl. Dflfrhnny spfhiold, tmf modmfr tmf pfrgflthdf jhlhdfjflt `wls, tmf efttfr ‗ h modm fquoty `wlfrsmop ey jhlhdfjflt (usuhnny hlc tmf`rftoghnny) efttfr hnodls tmf d`hns `b jhlhdfjflt wotm tmf d`hns `b tmf `tmfr smhrfm`ncfrs. Ot os w`rtm thiold h n`ì ht WFG B`rj CFB83H t` dhol h efttfr ulcfrsthlcold `b m`w jhlhdfjflt os g`jpflshtfc. Smos b`rj pr`vocfs ol-cfptm cfthon `l g`jpflshto`l, olgnucold shnhry, rfstrogtfc st`gi hwhrcs, `pto`l hwhrcs, l`lfquoty olgfltovfs hlc hnn `tmfr b`rjs `b g`jpflshto`l. Hs hl fxhjpnf, Fxmoeot 7.6 sm`ws tmf Wujjhry G`jpflshto`l Shenf b`r JhllIolc G`rp. (Sogifr; JLIC) br`j B`rj CFB83H. Ob wf n`ì ht tmf sujjhry g`jpflshto`l thenf, wf l`tf tmht Hnbrfc Jhll os l`t `lny ol jhlhdfjflt (GF@) eut os hns` h ify (ob l`t tmf tmf ify) ify) smhrfm`ncfr wotm h 38.4% smhrfm`ncold. B`nn`wold burtmfr hlhnysos, ot os cosg`vfrfc tmht mf mhs pr`vocfc sodloboghlt nfvfns `b bulcold b`r tmf g`jphly ol tmf phst. Smos typf `b „cffp p`giftfc‚‚ smhrfm`ncfr ooss `btfl hcvhlthdfùs b`r tmf bulcold pr`spfgts `b tmf p`giftfc g`jphly ‗ thif l`tf `b tmfsf sotuhto`ls.

Hl`tmfr fnfjflt t` g`lsocfr wmfl hssfssold jhlhdfjflt g`jpflshto`l os tmf nfvfn `b ghsm g`jpflshto`l ol tmf b`rj `b shnhry hlc e`lusfs. G`jphlofs wotm jhlhdfjflt tmht thif modm ghsm shnhrofs/e`lusfs rfnhtovf t` fquoty olgfltovfs smùnc ef hvòcfc `r trfhtfc wotm ghuto`l. Ghsm mfhvy olgfltovfs tflc t` dovf tmf ojprfsso`l (fotmfr rodmt `r wr`ld) tmht jhlhdfjflt os olcorfgtny n``told tmf g`jphly ol tmf sm`rt tfrj ht tmf fxpflsf `b n`ldfr tfrj hlc fquoty dr`wtm `rofltfc smhrfm`ncfrs. Lfxt n`ì ht tmf l`l-jhlhdfjflt, eflfbogohn `wlfrs. Smfsf `wlfrs wonn

typoghnny ef (untrh-modm lft w`rtm) provhtf olvfst`rs, jutuhn bulcs, mfcdf bulcs, olvfstjflt ehlis, provhtf fquoty bulcs, vflturf ghpothn bulcs, pflso`l bulcs hlc `tmfr olstotuto`lhn olvfst`rs. Ot os usuhnny w`rtm h quogi oltfrlft sfhrgm `l tmfsf `wlfrs (fspfgohnny wmfl tmfy `wl drfhtfr tmhl 81%) ol `rcfr t` ulcfrsthlc ob tmfy hrf n`ld `r sm`rt tfrj m`ncfrs, wmht tmfor trhgi rfg`rc os, wmht `tmfr eo`tfgm m`ncolds mhvf hly), rfdhrcold ob tmfy hrfjhlhdfjflt h spfgohnozfc`beo`tfgm olvfst`rOt`rosl`t, hlc ob tmfy hrftmfy hgtovf `r(ob phssovf tmf g`jphly. usuhnny efttfr (cfpflcold up`l yùr trhcf pfrspfgtovf) t` mhvf h n`ld tfrj m`ncold, (l`l-hgtovost) spfgohnost eo`tfgm bulc wotm h s`noc trhgi rfg`rc hs hl `wlfr tmhl, b`r olsthlgf, h dflfrhnozfc bulc wotm h sm`rt tfrj b`gus ‗ èvoùsny O wùnc whlt t` olvfst socf-ey-socf wotm tmf fxpfrts wm` hrf ol b`r tmf n`ld tfrj tmhl tm`sf wm` hrf sojpny hnn`ghtold bulcs hgr`ss h nhrdf hjùlt `b olvfstjflts. Cfspotf tmos, tmfrf os l` duhrhltff tmht yù wonn eflfbot sojpny efghusf shoc bulc os h jhk`r smhrfm`ncfr ‗ tmfrf hrf gùltnfss fxhjpnfs `b s`-ghnnfc „sjhrt‚ spfgohnost bulcs thiold jhk`r n`ssfs `l ulsuggfssbun eo`tfgm olvfstjflts. H rfgflt fxhjpnf os `b UH Ghpothn Jhlhdfjflt hlc tmfor sodloboghlt m`ncold ol Wfqufl`j. UH Ghpothn os g`lsocfrfc h s`pmostoghtfc olvfst`r wotm h s`noc trhgi rfg`rc. Smfy t`ì h mudf p`soto`l ol Wfqufl`j hs tmfy g`lsocfrfc ot `lf `b tmf t`p pogis ol tmf eo`tfgm sphgf br`j tmf pfrspfgtovf `b cohdl`stogs. @l `lf rholy chy ol Hpron 511?, Wfqufl`j ossufc h prfss rfnfhsf tmht tmf chth `l `lf `b tmfor ify cohdl`stog pr`cugts whs „josmhlcnfc.‚ Smf smhrfs pnujjftfc br`j hrùlc $86 t` nfss tmhl $3 ol sfg`lcs wmfrf tmfy stonn whnn`w. Hs yù ghl sff, fvfl wmfl yù b`nn`w tmf sjhrt j`lfy, yù ghl n`sf eod. Wpfgohn jflto`l lffcs t` ef sthtfc rfdhrcold hgtovost mfcdf bulcs. Hgtovost bulcs wonn thrdft ulcfrpfrb`rjold g`jphlofs hlc thif h p`soto`l ol `rcfr t` hbbfgt „gmhldf.‚ Hntmùdm tmfy ghl dflfrhtf vhnuf, O suddfst tmfsf typfs `b `wlfrs ef trfhtfc wotm fxtrfjf ghuto`l hs tmfor untojhtf d`hn `btfl cobbfrs br`j `tmfr smhrfm`ncfrs hlc tmfy jhy mhvf untfro`r (hlc ulsthtfc) j`tovfs tmht jhy ef ehc b`r yùr olvfstjflt/trhcf. H modm nfvfn `b ghuto`l smùnc ef usfc wmfl hl hgtovost mfcdf bulc mhs juntopnf m`ncolds ol, wmfrf rfnfvhlt, e`tm tmf cfet hlc fquoty `b tmf g`jphly. Ot os l`t ulg`jj`l b`r sugm hl hgtovost bulc t` olotohtf hl flb`rgfjflt hgto`l (sugm hs h cfet jhturoty hggfnfrhto`l) `l jol`r erfhgmfs ol cfet g`vflhlts tmus b`rgold h rf`rdhlozhto`l wmfrf cfet wùnc ef g`lvfrtfc t` fquoty (o.f. yùr `nc fquoty wùnc ef wopfc ùt). Hbtfr yù dft hl ocfh `b tmf jhk`r eflfbogohn m`ncfrs, thif h quogi n`ì ht os hl fxgfnnflt sotfsotf t` olstotuto`lhn `wlfrsmop trflcs ht www.jbbhos.g`j. www.jbbhos.g`j quoginy sff trflcs ol olstotuto`lhn `wlfrsmop ol tmf. Smos g`jphly‟s smhrfs. Smf

wonn sm`w yù wm` mhs `wlfc tmf smhrfs, m`w jugm, ob ot os h lfw m`ncold, ob tmfy hccfc t` `r s`nc phrt `b tmfor m`ncolds, hlc ob tmfy s`nc hnn `b tmfor p`soto`l (hj`ldst `tmfr chth). Smos os `btfl quotf usfbun hlc olb`rjhtovf hs yù jhy sff t`p-tofr bulcs euoncold `r fxotold h p`soto`l. @lf w`rc `b whrlold, m`wfvfr, tmf chth g`jfs br`j puenog rfg`rcs, hlc hs sugm, os `lny h slhp sm`t ol tojf (tmht os, ot c`fs l`t lfgfsshrony rfprfsflt tmf gurrflt, fxostold smhrfm`ncold).

7.3 OLWOCFU HGSOROS_ Olsocfr hgtovoty os vfry ojp`rthlt hs ot jhy jhy cfj`lstrhtf cfj`lstrhtf `r pr`vocf hl olcoghto`l `b g`lbocflgf `r nhgi tmfrf`b ol tmf g`jphly‟s crud ghlcochtf(s) ey tm`sf gn`sfst t` tmf g`jphly. Smos os (èvoùsny) ojp`rthlt efghusf tmfsf pf`pnf hlc fltotofs mhvf „siol ol tmf dhjf.‚ Curold tmf j`ltms prfgfcold hl BCH `r gnologhn trohn rfnhtfc ghthnyst, olsocfr hgtovoty g`jfs ulcfr oltflsf puenog sgrutoly s` ot os s`jftmold yù smùnc e`tm b`gus yùr httflto`l `l hlc ulcfrsthlc. Olsocfrs olgnucf fxfgutovf `bbogfrs, corfgt`rs, `r s`jf`lf `r s`jftmold (o.f. nfdhn fltoty) cfbolfc ey`wlfrs‚ tmf WFG,`bwotm tmf g`jphly. Smos ghtfd`ry hns` olgnucfshbbonohtfc, s`-ghnnfchs„eflfbogohn tmf g`jphly, olcovocuhns `r fltotofs wotm drfhtfr tmhl 81% oltfrfst ol tmf sfgurotofs `b tmf g`jphly.8= Olsocfr hgtovoty os rfp`rtfc ol lujfrùs WFG b`rjs olgnucold B`rj 7 (Olotohn Wthtfjflt `b Eflfbogohn @wlfrsmop), B`rj 3 (Wthtfjflt `b Gmhldfs t` Eflfbogohn @wlfrsmop), B`rj 6 (Hlluhn Wthtfjflt `b Eflfbogohn @wlfrsmop), B`rj 833 (wmfl hl olsocfr pnhgfs hl `rcfr t` sfnn tmf g`jphly st`gi) hlc Wgmfcunf(s) 87D/87C/87DH/87CH (rfquorfc bonolds b`r hly`lf wm` hgquorfs j`rf tmhl 6% `wlfrsmop ol h g`jphly). Nugiony, hs yù hrf prèheny hwhrf, yù c` l`t lffc t` g`jponf tmos olb`rjhto`l b`r yùrsfnb ht Fcdhr @l-nolf (WFG bonold wfesotf). J`st jhk`r erìfrhdfs hlc jholstrfhj bolhlgohn wfesotfs, olgnucold _hm``! Bolhlgf, g`jponf tmos chth b`r yù hlc nost ot `l tmfor „olsocfr‚ hgto`l/trhlshgto`l WfgB`rj3.g`j.. hrfhs. B`r B`rj 3s, cosgussfc efn`w, h vfry d``c wfesotf os WfgB`rj3.g`j _ùr d`hn wotm rfvofwold olsocfr trhlshgto`ls smùnc ef t` dhol h dflfrhn ulcfrsthlcold `r, chrf O shy, „bffnold,‚ wotm rfdhrcs t` hgto`ls `b tmf `wlfrs hlc jhlhdfjflt. Smfrf hrf l` mhrc/g`lgrftf ùtputs mfrf (hsocf br`j quhltobyold tmf lft hgquosoto`ls `r covfstjflts `b t`thn olsocfr trhlshgto`ls smùnc yù cfgocf t` ulcfrd` sugm hlhnysos). Olsocfr trhlshgto`ls hrf l`t hnwhys olcoghtovf `b wmht tmf buturf m`ncs. M`wfvfr, modm olsocfr sfnnold os usuhnny h str`ldfr olcoghto`l `b prènfjs hmfhc tmhl tmf fquovhnflt `b modm olsocfr euyold. Smfrf hrf jhly fxhjpnfs `b modm olsocfr euyold prfgfcold lfdhtovf BCH `r gnologhn trohn chth bhonurfs s` c`l‟t ef b``nfc. Modm olsocfr sfnnold, m`wfvfr, sflcs h cobbfrflt

sodlhn, `lf wmfrf tmfrf os nhgi `b g`lbocflgf prfgfcold h trohn ol tmf borst pnhgf. W` rfhc olt` olsocfr trhlshgto`ls wotm h modm nfvfn `b ghuto`l. Vsuhnny, olsocfr trhlshgto`ls wonn l`t pr`vocf tmf efcr`gi br`j wmogm t` ehsf yùr fltorf trhcf, hs sugm, sojpny usf tmos chth hs hl hlhnysos flmhlgfr hbtfr yùr bunn w`ri. Smf qufsto`ls t` hsi, nostfc ol Fxmoeot 7.2, hrf j`stny g`jj`l sflsf eut tmfy mhvf effl olgnucfc b`r g`jpnftflfss. Srhlshgto`ls Fxmoeot 7.2; Ehsog Xufsto`ls Ufdhrcold Olsocfr Srhlshgto`ls

8. Tmht os tmf dflfrhn trflc `b trflc `b olsocfr trhlshgto`ls `vfr tmf phst yfhr0 - (Wodloboghlt) `vfrhnn j`rf euys tmhl shnfs, o.f. 8-5x // eunnosm - (Wodloboghlt) `vfrhnn j`rf shnfs tmhl euys, o.f. 8-5x // efhrosm - Wjhnn t` l` trflc // lfutrhn 5. Tmht os tmf lhturf `b tmf trflc `b trflc `b tmf covfstjflts `r hgquosoto`ls jhcf0 - J`rf rfgflt shnfs ol olgrfhsold jhllfr // efhrosm    - -

J`rf J`rf rfgflt rfgflt euys shnfs ol ol olgrfhsold cfgrfhsold jhllfr jhllfr //// eunnosm eunnosm t` lfutrhn J`rf rfgflt euys ol cfgrfhsold jhllfr // efhrosm t` lfutrhn

7. M`w hrf olsocfr trhlshgto`ls costroeutfc0 - Hgquosoto`l ey sfvfrhn olsocfrs curold shjf tojfbrhjf // eunnosm - Covfstjflt ey sfvfrhn olsocfrs curold shjf tojfbrhjf // efhrosm - Whnf `r covfstjflt ey soldnf olsocfr/l` gnfhr costroeuto`l // lfutrhn Ot os `btfl lfgfsshry t` bolc ùt tmf lhturf `b h spfgobog spfgobog olsocfr olsocfr trhlshgto`l. Smos jhy ef rfquorfc ob hl olsocfr trhlshgto`l sffjs suspogoùs. B`r fxhjpnf, wmy coc tmf GF@ `r GU@ (Gmofb Ufsfhrgm @bbogfr) sfnn h nhrdf hjùlt `b smhrfs pro`r t` h jhk`r Qmhsf OOO hllùlgfjflt0 S` èthol j`rf drhlunhroty, ot os usuhnny d``c t` gmfgi B`rj 3 (Wthtfjflt `b Gmhldfs t` Eflfbogohn @wlfrsmop) ‗ B`rj 3 nosts tmf gmhldfs gmhldfs   ol m`ncolds s` ot os usuhnny tmf efst b`rj t` gmfgi b`r rfgflt hgtovoty. B`rj 3 nosts gmhldfs ol olsocfr p`soto`ls tmht `ggurrfc ol tmf phst 5 chys ‗ mflgf tmos os lfhr rfhn-tojf rfdunht`ry chth hlc mflgf `b modm vhnuf. Smos b`rj os usfbun hs ot nosts wmht whs purgmhsfc/s`nc (l`l-cfrovhtovf, sugm hs g`jj`l st`gi, `r cfrovhtovf sfguroty, sugm hs `pto`ls), wmfl, m`w jugm, wmht progf hlc tmf rfhs`l. Fxmoeots 7.4 hlc 7.= pr`vocf h shjpnf B`rj 3. H B`rjtmf 3 ospfrs`lhn sojpnf t` ulcfrsthlc.`bOttmf os covocfc olt`còld tmrff sfgto`ls; (8)trhlshgto`l Wfgto`l 8 cfthons olb`rjhto`l olcovocuhn tmf olsocfr

(5) Wfgto`l 5 nosts l`l-cfrovhtovf trhlshgto`ls, o.f. g`jj`l st`gi hlc (7) Wfgto`l 7 nosts cfrovhtovf trhlshgto`ls (o.f. puts, ghnns, whrrhlts, `pto`ls, g`lvfrtoenf sfgurotofs). Smf „rfhs`l‚ fnfjflt, wmht O g`lsocfr tmf j`st ojp`rthlt olb`rjhto`l g`ltholfc ol B`rj 3, os nostfc ol Shenf O, g`nujl „7. Srhlshgto`l G`cf,‚ Shenf OO, g`nujl „3. Srhlshgto`l G`cf,‚ hlc tmf b``tl`tfs, wmogm hrf n`ghtfc ht tmf e`tt`j `b Shenf OO ulcfr „Fxpnhlhto`l `b Ufsp`lsfs.‚

Ol Fxmoeot 7.?, O mhvf nostfc tmf s`-ghnnfc Srhlshgto`l G`cfs hs cfbolfc ey tmf WFG. Smfsf g`cfs wonn tfnn yù tmf dflfrhn lhturf `b tmf trhlshgto`l. B`r fxhjpnf, h Srhlshgto`l G`cf „Q‚ cfl`tfs hl „`pfl jhrift `r provhtf purgmhsf `b l`l-cfrovhtovf `r cfrovhtovf sfguroty,‚ tmos ghl ef g`lstrufc hs eunnosm. H Srhlshgto`l G`cf `b „W,‚ wmogm cfl`tfs hl `b `pfl jhrift shnf, `r ghlg`lvfrso`l ef g`lstrufc hs efhrosm. Noifwosf, h Srhlshgto`l G`cf „J,‚ fxfrgosf `b cfrovhtovf sfguroty, ghl ef fotmfr hntmùdm ot os usuhnny olcoghtovf `b hl olsocfr wm` os fxfrgosold fxfrgosold st`gi `pto`ls t` st`gi hs h prfgurs`r t` h shnf. G`cfs ulcfr Uunf 82e-7, ol Fxmoeot 7.?, rfbfr t` trhlshgto`ls ulcfr WFG Wfgto`l 82(e) tmht g`vfrs tmf „Wm`rt Wwold Qr`bot‚ runfs hppnofc t` olsocfrs. Wfgto`l 82(e) rfquorfs, hj`ldst `tmfr pr`voso`ls g`ltholfc ol tmf Wfgto`l, tmht g`jphly olsocfrs rfturl hly pr`bots jhcf br`j tmf purgmhsf hlc shnf (`r shnf hlc purgmhsf) `b g`jphly sfgurotofs ob e`tm trhlshgto`ls `ggur wotmol h sox j`ltm pfro`c. Smos os ehsoghnny t` prfvflt olsocf trhcold heusfs. Smf WFG mhs hc`ptfc sfvfrhn fxfjpto`ls t` tmf WFG 82(e) sm`rt swold pr`bot runf, sugm hs 82(e)-7 („Srhlshgto`ls eftwffl hl Ossufr hlc ots @bbogfrs/Corfgt`rs‚) wmfrf pr`bot rfghpturf pr`voso`ls c` l`t hppny. Olsocfr trhlshgto`ls wotm tmfsf g`cfs smùnc ef thifl hs lfutrhn.

@lf bolhn bolhn l`tf os ol rfdhrcs t` trhlshgto`ls fbbfgtfc pursuhlt t` Uunf 81e6-8 tmht rfbfrflgf h „trhcold pnhl hc`ptfc ey rfp`rtold pfrs`ls.‚ Smos rfbfrflgf wonn ef bùlc ht tmf e`tt`j `b tmf B`rj 3 ol tmf b``tl`tfs b``tl`tfs hlc hlc os vfry ojp`rthlt hs ot cfl`tfs trhcfs tmht wfrf pnhllfc wfnn-ol hcvhlgf hlc ol hgg`rchlgf t` hl hc`ptfc „trhcoldpro`r pnhl‚ ey tmf g`jphly. ob yù h nhrdf olsocfr sfnn/euy t` hcfvfn`pfc Qmhsf OOO hlc ol tmf B`rj 3 Mflgf, tmf shnf/euy os sff pursuhlt t` Uunf 81e6-8 g`ltholfc ol tmf b``tl`tfs, c` l`t g`lgfrl yùrsfnb (ob yù hrf n`ld/sm`rt) ‗ tmos smùnc ef g`lstrufc hs lfutrhn.8? Ol Fxmoeot 7.=, ol b``tl`tfs 5 hlc 3, wf sff tmht tmf g`jj`l st`gi hlc `pto`l covfstoturfs jhcf ey tmos olsocfr (tmf GB@) `b Whvoflt Qmhrjhgfutoghns (Sogifr; WRLS) whs jhcf pursuhlt t` Uunf 81e6-8. Hdhol, c` l`t rfhc t`` jugm olt` tmfsf trhlshgto`ls ulnfss tmfrf os `vfrwmfnjold chth t` pr`vf `tmfrwosf (o.f. olsocfr shnfs drfhtny fxgffc olsocfr euys `r vogf vfrsh). B`r fxhjpnf, shnfs ey sflo`r jhlhdfjflt jhy l`t ef h lfdhtovf bhgt`r ob tmfsf olcovocuhns m`nc h sozfhenf p`soto`l ol tmf smhrfs `b tmf g`jphly. Ot os p`ssoenf, hlc l`t phrtogunhrny ulrfhs`lhenf, tmht tmf olsocfr os covfrsobyold tmfor pfrs`lhn hssfts fvfl ob l`t ulcfr h trhcold pnhl (o.f. tmf trhlshgto`l os hl ùtrodmt shnf). Hdhol, ob yùr suspogo`l os crhwl, gmfgi tmf B`rj 3 t` dhol h efttfr ulcfrsthlcold `b tmf rfhs`l efmolc tmf trhlshgto`l ‗ tmos os h prfbfrhenf rùtf tmhl nostflold t` jhrift ruj`rs heùt olsocfr hgtovoty. Bolhnny, ot os ojp`rthlt t` jflto`l tmht nhrdf shnfs/euys (o.f. hrùlc 8 ~ 6% `b t`thn smhrfs ùtsthlcold) ey jhk`r eflfbogohn m`ncfrs, fspfgohnny spfgohnty mfcdf bulcs `r `tmfr olstotuto`lhn m`ncfrs (ehlis, jutuhn bulcs) lffc t` ef ghrfbunny sgrutolozfc. Hntmùdm l`t hnwhys tmf sotuhto`l, h nhrdf shnf ey `lf `b tmfsf typfs `b olsocfrs gùnc ef h sodl `b sfroùs trùenf hmfhc. @l tmf `tmfr mhlc, tmf `pp`sotf jhy ef truf b`r nhrdf euys. Ob yù flgùltfr tmos sotuhto`l, c` h lfws sfhrgm `b tmf bulc hlc tmf lhjf `b tmf eo`tfgm g`jphly hlc sff wmht olb`rjhto`l yù dft, ob hly. Wff ob tmf olvfst`r os hns` sfnnold/euyold sthifs ol `tmfr sojonhr g`jphlofs ‗ tmos olb`rjhto`l ghl ef bùlc ey sfhrgmold ulcfr tmf jbbhos.g`j.. Ob yù hrf fltoty‟s nfdhn lhjf (`r bulc‟s nfdhn lhjf) ulcfr jbbhos.g`j g`lgfrlfc, c` hl hccoto`lhn hjùlt `b cuf conodflgf.

7.6 HLHN_WS ROFT Ot os vhnuhenf t` hssfss m`w hlhnysts vofw h phrtogunhr eo`tfgm g`jphly fspfgohnny pro`r t` hl BCH `r gnologhn trohn fvflt. Smf j`st usfbun olb`rjhto`l t` gunn br`j hlhnysts curold h BUW pr`gfss os (8) tmf st`gi progf thrdft b`r e`tm

suggfssbun hlc hlc   ulsuggfssbun ghthnyst ùtg`jfs hlc (5) tmf tojold `b shoc hllùlgfjflt, wmfrf rfnfvhlt (o.f. hssujold hl fxhgt chtf mhs l`t effl sft). Ufdhrcold progf thrdft fstojhtfs, hlhnysts wonn dflfrhnny ef hggurhtf dovfl tmf sodloboghlt hjùlt `b tojf hlc rfsfhrgm tmfy spflc wmfl hssfssold jhrift p`tfltohn `b g`lvfrshto`ls tmf crud ghlcochtf, tmfor cosgusso`ls wotmspfgohnosts. fxfgutovf Ot jhlhdfjflt ol hccoto`l t` wotm olcustry olsocfrs hlc d`fs wotmùt shyold tmht yù wonn prèheny l`t ef henf t` hssfss h progf thrdft rhldf efttfr tmhl j`st hlhnysts. Hlhnysts wonn `btfl (hntmùdm l`t hnwhys) pr`vocf h j`rf prfgosf fstojhtf `b wmfl BCH `r gnologhn trohn chth wonn ef hllùlgfc. Smos ghl ef httroeutfc t` tmf hlhnyst‟s il`wnfcdf `b BCH tojfnolfs `r trohn pr`gfcurfs hlc tojf fnfjflts wotmol h trohn‟s strugturf. G`jphlofs usuhnny pr`vocf h vfry rùdm fstojhtf `b wmfl tmfy fxpfgt rfsunts t` ef hllùlgfc (b`r fxhjpnf, „bùrtm quhrtfr,‚ „jocyfhr,‚ „nhtf ol tmorc quhrtfr,‚ „fhrny @gtèfr‚). J`rf spfgobog olb`rjhto`l `l tmf chtf `b tmf hllùlgfjflt os hes`nutfny vothn hs ot wonn hnn`w yù t` strugturf tmf `ptojhn p`soto`l wfnn ol hcvhlgf. E`tm tmf progf thrdft rhldf hlc tojold olb`rjhto`l ghl hlc smùnc ef usfc t` mfnp duocf tmf trhcf strugturf yù wonn fvfltuhnny usf. B`r fxhjpnf, hlhnysts g`vfrold HEG st`gi, wmogm gurrfltny trhcfs ht $4.61, fstojhtf h suggfssbun trohn wonn rfsunt ol h progf `b $85.11 pfr smhrf hlc hl ulsuggfssbun trohn wonn rfsunt ol h progf `b $8.11 pfr smhrf. Hlhnysts fxpfgt tmf hllùlgfjflt t` ef ol jocL`vfjefr. Vsold tmos olb`rjhto`l, yù wùnc strugturf yùr `pto`l strhtfdofs usold tmf $8.11/$85.11 rhldf hs hl olotohn duocfp`st b`r eunnosm, efhrosm `r lfutrhn strhtfdofs (cfpflcold up`l tmf rfsunts `b yùr `wl hlhnysos). Hns`, yù wùnc lffc t` jhif h cfgoso`l wmftmfr `r l`t t` strugturf yùr strhtfdy ol tmf L`vfjefr `r Cfgfjefr `pto`ls. Smos ghl ef vfry ojp`rthlt hs yù jhy strugturf h lft n`ld p`soto`l ol L`vfjefr `pto`ls hlc tmf untojhtf rfsunt gùnc `ggur ol tmf bùrtm wffi `b L`vfjefr (mflgf, yùr L`vfjefr `pto`ls wonn mhvf hnrfhcy fxporfc). Hntmùdm yù jhy mhvf jhcf j`lfy `l tmf olgrfhsf ol v`nhtonoty (Rfdh) hlc progf (Cfnth) prfgfcold tmf hllùlgfjflt, yù wonn l`t ef olv`nvfc ol tmf „hgto`l‚ curold tmf hgtuhn hllùlgfjflt, hlc tmus yù wonn joss fotmfr tmf suesthltohn dhol `r bhnn `b tmf smhrfs (wmogm gùnc ef fotmfr p`sotovf `r lfdhtovf cfpflcold `l wmht strhtfdy yù fjpn`yfc). @b gùrsf, yù gùnc mhvf pnhyfc ot tmos why `l tmf sm`rt v`nhtonoty socf, wmfrf yù wùnc mhvf effl lft sm`rtdflfrhtold wotm tmf fxpfgthto`l tmhtmodm tmf rfturls hllùlgfjflts wùnc ef hbtfr hbtfr fxporhto`l, tmus yù fxtrfjfny ey sfnnold, tmf l`w w`rtmnfss, modm

v`nhtonoty L`vfjefr `pto`ls ‗ h modm rosi strhtfdy olcffc, eut vfry pr`bothenf. Hs yù ghl sff, tmf trhcf pfrjuthto`ls hrf vortuhnny ulnojotfc. _ù jhy l`w tmoli tmht O g`jpnftfny trust hlhnysts ‗ t` put ot sojpny, O c`l‟t (l`r smùnc yù). Hs sthtfc, O `lny trust tmfj wotm rfdhrcs t` progf rhldf fstojhtfs tojold hlc trohn `b ef hllùlgfjflt trohnBCH-rfnhtfc suggfss fstojhtfs (o.f. tmf wonn h suggfss `rfstojhtfs. bhonurf `rUfdhrcold ùtg`jf `b cfgoso`ls), m`wfvfr, O tflc t` cosgùlt wmht hlhnysts shy sojpny efghusf tmfy hrf usuhnny wr`ld. Smos os l`t t` shy tmht tmfor hlhnysos os bnhwfc ‗ fnfjflts `b ot hrf usuhnny quotf d``c hs hnrfhcy cosgussfc. Ot os sojpny h sthtfjflt tmht ot os notfrhnny ojp`ssoenf b`r hlhnysts t` hggurhtfny prfcogt wmogm trohns wonn ef suggfssbun hlc wmogm wonn ef bhonurfs dovfl tmf sodloboghlt g`jpnfxoty hlc lujefr `b vhrohenfs olv`nvfc ‗ ot os `btfl lfhrny h gòl t`ss. Dovfl tmht j`st trohns bhon, j`st hlhnysts frr `l tmf g`lsfrvhtovf socf ey „prfcogtold‚ h bhonurf. Smf shjf ghl ef shoc b`r BCH cfgoso`ls `r ùtg`jfs `b Hcvos`ry Qhlfns.

Ghsf ol pòlt, hj`ld tmf nhrdfst eo`tfgm suggfss st`rofs ol tmf phst sfvfrhn yfhrs, Cflcrf`l hlc Mujhl Dfl`jf Wgoflgfs, tmf hlhnyst g`lsflsus b`r e`tm whs t`thn bhonurf. Ob yù nostflfc t` tmf hlhnysts, yù wùnc mhvf effl `l tmf socfnolfs hlc jossfc ùt `l `vfr 611% dhols. Noifwosf, tw` modm pr`bonf BCH Qhlfns b`r coft cruds ol 5181 rfsuntfc ol lfhr `pp`sotf ùtg`jfs t` hlhnyst g`lsflsus ‗ Rovus‟ Xlfxh whs fxpfgtfc t` phss (ot bhonfc) hlc @rfxodfl‟s G`ltrhvf whs fxpfgtfc t` bhon (ot phssfc!). Smfrf hrf gùltnfss `tmfr fxhjpnfs wmfrf g`lsflsus pr`vfc t` ef wr`ld. Ef g`dlozhlt `b tmos bfhturf `b sjhnn ghp eo`tfgm ghthnyst trhcold hlc prfphrf wotm h sflsf `b sifptogosj wotm rfdhrcs t` g`lsflsus tmùdmt.

7.2 SFGMLOGHN HLHN_WOW

Ot os ojp`rthlt t` thif h n`ì ht h g`jphly‟s gmhrts wmfl hppr`hgmold h ghthnyst fvflt. Ob yù hrf h eod pr`p`lflt `b tfgmloghn hlhnysos (O hj), yù lffc t` rfhnozf tmht tmf tfgmloghn hlhnysos „runfs‚ hs hppnofc t` l`l-eo`tfgm g`jphlofs c` l`t hppny t` eo`tfgm g`jphlofs wotm hl hppr`hgmold ghthnyst fvflt . Lfhrold sugm hl fvflt, j`st, ob l`t hnn, tfgmloghn olcoght`rs efg`jf jfhloldnfss ‗ ht tmos pòlt, tmf `lny tmold tmht jhttfrs os tmf eolhry hllùlgfjflt. Hs sugm, c` l`t rfhc t`` jugm olt` chony progf hgto`l ‗ ot wonn ef v`nhtonf. Tmfl usold tfgmloghn hlhnysos, tmf `lny usfbun olb`rjhto`l os wotm rfdhrcs t` ro`r trhcold nfvfns wotmol tmf phst sfvfrhn yfhrs (ocfhnny 6 yfhrs) `l tmf shjf/sojonhr ghthnyst . B`r fxhjpnf, ot os quotf g`jj`l b`r h g`jphly t` mhvf

mhc h Qmhsf OOO bhonurf wmfrf tmf BCH rfquorfc hccoto`lhn chth (wmogm os hgmofvfc tmrùdm sfvfrhn hccoto`lhn yfhrs `b stucofs). Tmfl tmos mhppfls, tmf g`jphly‟s st`gi wonn mhvf s`nc-`bb suesthltohnny. H 7 t` 6-yfhr gmhrt wonn `btfl quoginy ocfltoby shoc phst fvflts. Smf ojp`rthlt chth t` gunn br`j tmos olb`rjhto`l os tmf progf nfvfn pro`r t` tmf hllùlgfjflt hlc tmf nfvfn ojjfcohtfny hbtfr. Smos chth, ol j`st ghsfs, ghl dovf yù hl ocfh wmfrf tmf progf smùnc 51 trhcf pro`r t` tmf j`st ojjfcohtf trohn hllùlgfjflt ol hccoto`l, wmfrf hppnoghenf, t` tmf nfvfn wmfrf ot wonn noifny trhcf hbtfr hl`tmfr bhonurf (tmos c`wlsocf vhnuf wonn `btfl ef h jolojuj vhnuf, hs h sfg`lc bhonfc Qmhsf OOO stucy, cfpflcold `l tmf olcovocuhn gorgujsthlgf `b tmf g`jphly, wonn `btfl pr`vf bhthn t` tmf g`jphly). H pfrbfgt rfgflt fxhjpnf `b usold pro`r trhcold nfvfns os Cflcrf`l (Sogifr; CLCL). Wfvfrhn yfhrs hd`, ol Jhy 5114, tmf BCH sthtfc tmht `lf `b tmf g`jphly‟s nfhcold Qmhsf OOO crud ghlcochtfs thrdftold pr`sthtf ghlgfr, rfquorfc hccoto`lhn tfsts pro`r t` hppr`vhn. Qro`r t` tmos lfws, tmf st`gi trhcfc br`j hrùlc $3.61 h smhrf t` hs modm hs $56.11 h smhrf `l fxgotfjflt rfdhrcold tmf crud‟s en`gieustfr p`tfltohn. Smf BCH‟s lfdhtovf cfgoso`l sflt tmf smhrfs pnujjftold ehgi t` hrùlc $6.11 h smhrf. Ol Hpron 511?, Cflcrf`l mhvold w`rifc sfvfrhn yfhrs `l hccrfssold tmf BCH‟s ossufs, `lgf hdhol prfphrfc t` hllùlgf Qmhsf OOO rfsunts. Qro`r t` tmf hllùlgfjflt, tmf smhrfs trhcfc up br`j $6.11 t` $4.11 h smhrf. Qmhsf OOO hllùlgfjflt whs p`sotovf sflcold tmf smhrfs ehgi t` tmf twfltofs.58 Ol tmos ghsf, most`rog tfgmloghn nfvfns pr`vfc quotf hggurhtf hlc usfbun. Ob yù usf pro`r tfgmloghn nfvfns ol yùr hlhnysos, ot os ojp`rthlt t` ef g`dlozhlt `b tmf lffc t` B`r hckust b`r tmfst`gi ojphgt `b smhrf conuto`l g`jphly‟s jhrift ghpothnozhto`l. fxhjpnf, ]_[‟s smhrfs trhcfc`lht tmf $6.11 wotm 81 jonno`l smhrfs ùtsthlcold (b`r h jhrift ghpothnozhto`l `b $61 jonno`l) ojjfcohtfny prfgfcold hl BCH cfgoso`l `l tmf g`jphly‟s nhtf sthdf crud ghlcochtf.55 Smf rfsunt whs lfdhtovf (o.f. h „G`jpnftf Ufsp`lsf Nfttfr‚) hlc ]_[‟s smhrfs grhsmfc t` $8.11. Wfvfrhn yfhrs nhtfr tmf g`jphly hllùlgfc tmht ot wùnc rfnfhsf lfw t`p-nolf chth `l tmf shjf crud ghlcochtf ol heùt sox j`ltms. Wolgf tmf bhonurf, m`wfvfr, tmf g`jphly ossufc 81 jonno`l smhrfs `b g`jj`l st`gi. Smf smhrfs l`w trhcf ht $5.11 (b`r h jhrift ghpothnozhto`l `b $31 jonno`l9 o.f. 51 jonno`l smhrfs x $5.11 h smhrf). Hssujold tmf vhnuf `b tmf crud ghlcochtf mhs l`t gmhldfc jhtfrohnny, ot wùnc ef josduocfc t` hssujf tmht tmf smhrfs smùnc trhcf t` $6.11, tmf pro`r tfgmloghn nfvfn. Tmy0 Efghusf tmht wùnc pnhgf tmf vhnuf `b tmf crud ghlcochtf ht lfhrny cùenf ots b`rjfr vhnuf, o.f. $811 jonno`l

vfrsus $61 jonno`l. H j`rf hppr`prohtf hlhnysos wùnc ef t` hssujf tmf b`rjfr vhnuf, $61 jonno`l, hlc covocf ey bunny conutfc smhrfs ùtsthlcold, 51 jonno`l, wmogm wùnc yofnc hl olotohn rul-up progf `b hrùlc $5.61. Smf pòlt os; c`l‟t odl`rf tmf ojphgt `b smhrf conuto`l ob yù usf pro`r tfgmloghn nfvfns ol yùr hlhnysos. @lf bolhn w`rc wotm rfspfgt t` tmf usf `b tfgmloghn hlhnysos; ef g`dlozhlt `b `tmfr g`rp`rhtf hgto`ls, sugm hs st`gi spnots (fspfgohnny rfvfrsf st`gi spnots) `l progf most`ry. B`r fxhjpnf, ob `lf n`ìs ht tmf progf most`ry `b Hcvfltrx (Sogifr; HL]) curold 5181, ot sffjs hs tmùdm HL] whs ht h tojf h $85.11 st`gi. Smos os l`t truf ‗ Hcvfltrx coc h 56-b`r-8 rfvfrsf st`gi spnot wmogm g`lvfrtfc tmf sue$1.61 pflly st`gi t` `lf tmht l`w trhcfs lfhr $5.11. C`l‟t hssujf tmf st`gi os dòld „ehgi‚ t` $85.11. Ob yù sff mudf progf spoifs hlc jhssovf v`nhtonoty `l h 8-yfhr gmhrt, tmf st`gi ol qufsto`l prèheny coc h rfvfrsf st`gi spnot hlc smùnc ef vofwfc wotm hl hccoto`lhn nfvfn `b sgrutoly.57

7.4 QOQFNOLF

H g`jphly‟s popfnolf olgnucfs hnn fxostold crud cfvfn`pjflt pr`drhjs tmf g`jphly os w`riold `l. Smos jhy olgnucf prf-gnologhn trohns, Qmhsf O hlc Qmhsf OO trohns hlc bolhnny Qmhsf OOO hlc hnn ghtfd`rofs `b p`st Qmhsf OOO pr`cugts/ghlcochtfs. H g`jphly‟s popfnolf ghl ef bùlc `l tmfor wfesotf, usuhnny wotm hl fxpnogot noli t` tmf chth wmogm os `btfl cospnhyfc hs h gmhrt. Ot os `btfl usfbun t` prolt ùt tmf popfnolf phdf, jhif hly hppr`prohtf l`tfs hlc bonf ol yùr chthehsf b`r buturf rfbfrflgf. G`jphlofs tmht hvòc nostold tmfor popfnolf typoghnny `lny mhvf crud ghlcochtfs ol prf-gnologhn hlc Qmhsf O trohns ‗ hvòc tmfsf g`jphlofs. Tmfl hlhnyzold h g`jphly‟s popfnolf, borst b`gus `l tmfor Qmhsf OOO ghlcochtfs. B`r fhgm ghlcochtf nostfc, tmfrf os usuhnny h noli t` olb`rjhto`l rfdhrcold j`rf cfthonfc chth heùt tmf crud, trohn strugturf, tmf sthtus `b tmf Qmhsf OOO trohn hlc s`jftojfs (hntmùdm l`t hnwhys) tmf fstojhtfc g`jpnfto`l hlc rfp`rtold `b chth br`j tmf Qmhsf OOO trohn. Smf ify olb`rjhto`l ht tmos kulgturf os t` cftfrjolf wmfl tmf rfsunts `b tmf trohn hrf fxpfgtfc. Ob tmos os l`t sthtfc `l tmf wfesotf gmfgi tmf g`jphly‟s j`st rfgflt quhrtfrny (`r hlluhn) fhrlolds sthtfjflt. Ob tmf tojold os stonn l`t fstojhtfc, ot os noifny tmht tmf rfsunts hrf snhtfc b`r h pòlt ol tojf j`rf tmhl 8 t` 5 yfhrs ‗ yù smùnc jhif h l`tf `b tmos hlc bonf tmos g`jphly ulcfr p`tfltohn buturf `pp`rtulotofs. Ot os noifny tmht tmfrf wonn l`t ef `pto`ls t` trhcf `l tmftrhcf) lhjf hlc curold tmf tojf (hlctòbeuy tmfrf tmf sprfhcs hvhonhenf wonn ionn hly suggfssbun hs sugm yù brhjf wonn lffc tmfhrf, st`gi.

Hdhol, tmf fvflt ghthnyst os t`` bhr ol tmf buturf, s` O suddfst yù j`vf t` hl`tmfr g`jphly. Lfxt, thif h quogi n`ì ht tmf `tmfr Qmhsf OO hlc Qmhsf O pr`drhjs hlc jhif h l`tf `b tojold ob hvhonhenf. Hs hl fxhjpnf, Fxmoeot 7.81 cospnhys tmf popfnolf `b ]_[ G`rp`rhto`l, h g`jphly b`gusfc `l tmf cfvfn`pjflt `b cruds ol tmf `lg`n`dy (o.f. ghlgfr) sphgf. Smos gmhrt hlc ots hss`gohtfc nolis pr`vocfs hl fxgfnnflt slhp-sm`t t` dft hl ocfh heùt wmht cruds ]_[ os cfvfn`pold hlc wmht sthdfs fhgm spfgobog crud os ol.

Br`j tmf gmhrt he`vf, wf ghl quoginy ocfltoby tmht tmos g`jphly mhs `lf Qmhsf OOO ghlcochtf (]_[-811 wmogm thrdfts nuld ghlgfr). @ur lfxt j`vf smùnc ef t` ocfltoby wmfl tmf ify chtf b`r olb`rjhto`l os fxpfgtfc. Gnogiold `l ]_[-811, wf ocfltoby tmf trohn most`ry `b tmf crud ghlcochtf eut tmfrf os l` olb`rjhto`l `l rfsunt chtfs. Lfxt wf gmfgi lfws ulcfr Olvfst`r Ufnhto`ls phrt `b tmfor wfesotf. Smf efst prfss pnhgfrfnfhsf, os h rfgflt tmfbolc 5X‟1? fhrlolds ulcfrquhrtfrny G`rp`rhtffhrlolds Qr`drfsshllùlgfjflt. hlc Duochlgf,Olwf tmf b`nn`wold sthtfjflt; „Tf fxpfgt t` rfp`rt t`p-nolf rfsunts br`j tmf ]_[-811 Qmhsf OOO trohns `l L`vfjefr 6, 511?. Ob tmf t`p-nolf rfsunts hrf p`sotovf, wf pnhl t` suejot h Lfw Crud Hppnoghto`l wotm wot m tmf BCH ey yfhr-flc, thrdftold hppr`vhn hlc g`jjfrgohn nhulgm `b ]_[-811 ol 5181.‚ Tf l`w mhvf hl fxhgt hgto`l chtf (m`pfbunny) ‗ ùr w`ri `l tmos hspfgt `b ùr hlhnysos os l`w g`jpnftf. Jhif h l`tf `b tmf `tmfr crud ghlcochtfs hlc j`vf t` tmf lfxt phrt `b ùr hlhnysos.

H p`tfltohn rfc bnhd, cfpflcold `l yùr pòlt `b vofw, os h g`jphly wotm h bfw fhrny sthdf pr`cugt ghlcochtfs hlc/`r h soldnf Qmhsf OOO pr`cugt ghlcochtf ‗ h bhonfc trohn ol tmfsf sotuhto`ls (`r hl hcvfrsf BCH rfnhtfc cfgoso`l) wonn `btfl rfsunt ol sodloboghlt smhrf cfgnolfs. Smos typf `b sotuhto`l smùnc bhgt`r pr`jolfltny olt` tmf trhcf strugturf yù usf. HEG Qmhrjhgfutoghns pr`vocfs hl fxhjpnf `b tmos sotuhto`l. N`ìold ht tmf g`jphly‟s popfnolf ol Fxmoeot 7.88, wf sff tmht tmfy mhvf h soldnf Qmhsf OOO crud ghlcochtf hlc sfvfrhn Qmhsf O ghlcochtfs. Vp`l sfhrgmold, wf sff tmht Qmhsf OOO pov`thn chth os cuf b`r jocKulf 5181. N`ìold ht tmfor bolhlgohns, wf l`tf tmht ghsm ht tmf gurrflt eurl rhtf wonn `lny susthol tmf g`jphly olt` 7X‟81 (hs `b 8X‟81) ‗ mflgf, tmos os h jhif `r erfhi sotuhto`l b`r tmf g`jphly. H bhonfc Qmhsf OOO gùnc rfsunt ol sfvfrhn hccoto`lhn yfhrs `b trohns rfquorold sodloboghlt bolhlgohn rfsùrgfs (wmogm tmf g`jphly c`fs l`t mhvf). Hs tmf g`jphly `lny mhs `lf Qmhsf OOO hlc h bfw Qmhsf O ghlcochtfs, ojp`rthlt strhtfdog cfgoso`ls wonn lffc t` ef jhcf ob tmfrf os h bhonfc Qmhsf OOO. B`r fxhjpnf, tmf g`jphly wonn lffc t` hssfss ob tmfy ghl hcfquhtfny hccrfss ossufs rfnhtfc t` tmf bhonurf. Hns`, tmf g`jphly jhy lffc t` tfrjolhtf Qmhsf O trohns `l `tmfr ghlcochtfs ol `rcfr t` g`lsfrvf bulcs. Smos os h vfry udny sotuhto`l ‗ jhif surf yù ulcfrsthlc h g`jphly‟s popfnolf hlc ojpnoghto`ls b`r bhonfc nhtf sthdf trohns `r hcvfrsf BCH cfgoso`ls.

7.= OLCVWSU_ WVQQ@US Ot os ojp`rthlt t` hssfss wmht olcustry phrtlfrsmops, ob hly, tmf g`jphly jholthols b`r tmf cfvfn`pjflt `b sfnfgt cruds ol ots popfnolf. Smf ehgiold `b h jhk`r eo`pmhrjhgfutoghn g`jphly sugm hs Dnhx`, L`vhrtos, Jfrgi, Hee`t `r Qbozfr, fxhjpnf, l`t `lny nfdotojhgy/grfcoeonoty t` tmf tmf g`jphly‟s pr`cugtb`r p`tfltohn, eutpr`vocfs hns` fxpfroflgf wotm usmfrold tmf crud tmrùdm vhroùs

pmhsfs `b crud cfvfn`pjflt (mflgf tmf`rftoghnny ojpr`vold tmf prèheonoty `b suggfss) hlc bolhlgohn (tmrùdm jonfst`lf phyjflts hlc `tmfr g`nnhe`rhtovf rfvflufs), g`jjfrgohn hlc/`r jhriftold olgfltovfs nfhcold up t` hlc hbtfr crud hppr`vhn. Q`st hppr`vhn, tmf phrtlfrsmop jhy rfsunt ol tmf phrtlfr hgquorold tmf g`jphly. Smf efst pnhgf t` bolc olb`rjhto`l `l tmf g`jphly‟s phrtlfrsmop(s) os usuhnny ulcfr ots popfnolf olb`rjhto`l hrfh `l ots wfesotf. Smos wonn dflfrhnny ef h sthrtold pòlt t` dhol olb`rjhto`l rfdhrcold tmf lhturf `b tmf phrtlfrsmop. B`r j`rf cfthonfc olb`rjhto`l gmfgi tmf quhrtfrny prfss rfnfhsfs `r ol tmf 81-X hlc tmf 81-I. Qhrtlfrsmops, g`nnhe`rhtovf hdrffjflts hlc `tmfr typfs `b strugturfs (g`nnfgtovfny, „phrtlfrsmops‚) wonn dflfrhnny g`lthol up t` bùr phrts; up-br`lt ghsm phyjflts, vhroùs jonfst`lf phyjflts b`r hgmofvfjflt `b spfgobog gnologhn hlc/`r rfdunht`ry d`hns, U&C fxpflsf smhrold, hlc p`st-hppr`vhn r`yhnty hdrffjflts. Smf ify fnfjflt t` b`gus `l ol tmf phrtlfrsmop hdrffjflt, b`r ùr purp`sfs, os tmf hjùlt hlc tojold `b tmf jonfst`lf phyjflts. Hs tmf g`jphly pr`drfssfs ol tmf crud cfvfn`pjflt pr`gfss, tmf jonfst`lf phyjflts g`ltholfc ol tmf phrtlfrsmop hdrffjflt èvoùsny efg`jf j`rf hlc j`rf ojp`rthlt cuf t` g`ltolufc ghsm eurl fxpfroflgfc ey tmf g`jphly. Hs jflto`lfc ol Wfgto`l 7.5.5; Ghsm Eurl, ot os ojp`rthlt t` dft h mhlcnf `l wmfrf tmf g`jphly os wotm rfdhrcs t` fxpfgtfc tojold `b hgmofvold h jonfst`lf phyjflt hlc tmf hjùlt `b ghsm hvhonhenf t` erocdf tmos tojf dhp. Hdhol, tmos olb`rjhto`l wonn hnj`st hnwhys ef nostfc (fotmfr corfgtny `r olcorfgtny) ol quhrtfrny fhrlolds hllùlgfjflts `r ol tmf 81-X `r 81-I. Hl fxhjpnf olcustry phrtlfrsmop os Qhol Smfrhpfutogs‟ (Sogifr; QSOF) hdrffjflt wotm Iold Qmhrjhgfutoghns (Sogifr; ID) b`r tmf cfvfn`pjflt `b `lf `b tmfor crud ghlcochtfs. Smf g`jphly fltfrfc olt` h strhtfdog hnnohlgf wotm Iold ehgi ol 5116. Smf strugturf `b tmf strhtfdog hnnohlgf os g`ltholfc e`tm ulcfr tmf popfnolf p`rto`l `b tmfor wfesotf hlc ol WFG bonolds (81-I, 81-X, =-I) hlc pr`vocfs d``c olb`rjhto`l t` hssfss p`tfltohn vhnuf `b tmfor crud ghlcochtf wotm suggfss. B`r fxhjpnf, tfrjs `b tmf hdrffjflt olgnucf h $861 jonno`l upbr`lt ghsm phyjflt, $861 jonno`l ol gnologhn hlc rfdunht`ry jonfst`lfs hlc $811 jonno`l ol rfsfhrgm hlc cfvfn`pjflt fxpflsfs. Ol hccoto`l, tmf hdrffjflt ghnns b`r h 51% r`yhnty `l pr`cugt shnfs hj`ldst `tmfr fnfjflts. Tmfl fvhnuhtold h kust h kust   hllùlgfc phrtlfrsmop cfhn, c` l`t ef cfgfovfc ey tmf

olotohn (`btfl eod) mfhcnolf lujefr ‗ j`st `b tmf vhnuf jhy ef ehgi-flcfc (voh gnologhn hlc rfdunht`ry jonfst`lf hlc/`r r`yhnty hdrffjflts) hlc os tmus ulgfrthol, wmftmfr `r l`t tmf g`jphly wonn fvfr ghpturf ot. Smf eoddfst ojjfcohtf ojphgt `l tmf smhrf progf wonn ef br`j hl up-br`lt ghsm phyjflt hs tmos ojjfcohtfny hlc corfgtny g`ltroeutfs vhnuf. B`r fxhjpnf, ob ]_[ st`gi hllùlgfs h $561 jonno`l phrtlfrsmop cfhn, `b wmogm $61 jonno`l os hl up-br`lt ghsm phyjflt, hlc tmf g`jphly mhs 56 jonno`l smhrfs, ]_[ st`gi smùnc trhcf up eftwffl $8 t` $5 pfr smhrf ($61jnl / 56jnl : $5). Jonfst`lf phyjflts, U&C fxpflsf smhrold, hlc r`yhnty hjùlts, hntmùdm ojp`rthlt, wonn l`rjhnny mhvf nfssfr ojjfcohtf ojjfcohtf   ojphgt (tmos èvoùsny jhy `r jhy l`t m`nc truf cfpflcold up`l tmf sotuhto`l). H phrtlfrsmop wotm h jhk`r eo`pmhrjhgfutoghn os h p`tfltohn suggfss flmhlgfr hlc ghl hcc ojjfcohtf hlc sustholfc vhnuf t` tmf sjhnn ghp eo`tfgm g`jphly ol tmf b`rj `b ghsm phyjflts hlc `tmfr typfs `b supp`rt. Ey l` jfhls, m`wfvfr, smùnc `lf hssujf tmht ot duhrhltffs suggfss ‗ hdhol, wotmol tmf sg`pf `b sjhnn ghp eo`tfgm trhcold, tmf ùtg`jf os lfvfr h gfrtholty.

7.? G@LGNVWO@L Ob yù spflt ht nfhst h bfw jolutfs `l fhgm t`pog ol tmf BUW, yù mhvf thifl tmf ojp`rthlt borst stfp ol cfvfn`pold h suggfssbun trhcf. Ht tmos kulgturf yù smùnc mhvf s`jf ocfh rfdhrcold tmf strfldtms hlc wfhilfssfs `b fhgm g`jphly ol tmf trhcf ulovfrsf. Vsold tmos il`wnfcdf smùnc ojpr`vf tmf prèheonoty `b h suggfssbun trhcf hs ot wonn pr`vocf yù wotm hl ocfh wmftmfr `r l`t yù smùnc hppr`hgm tmf trhcf wotm h efhrosm, eunnosm `r lfutrhn sthlgf ol hccoto`l t` mhvold s`jf ocfh ht wmht progf nfvfn(s) hlc ht wmht tojf pfro`c(s) t` strugturf yùr trhcf.

GMHQSFU 3.1

@QSO@L EHWOGW

@RFUROFT 3.8 @RFUROFT Smos gmhptfr os strugturfc t` pr`vocf hl `vfrvofw `b `pto`ls br`j h trhcold pfrspfgtovf. Smf projhry d`hn os t` pr`vocf tmf rfhcfr h g`lgfptuhn ulcfrsthlcold `b m`w `pto`ls w`ri hlc m`w tmfy ghl ef usfc t` jhif j`lfy. B`r tmos rfhs`l, tmos gmhptfr wonn l`t olgnucf hrghlf tmf`rftoghn cosgusso`ls `l `pto`l progold, jhtmfjhtoghn j`cfns, ftg. ‗ O‟nn nfhvf tmht t` tmf hghcfjogs. O oltflc t` b`gus `l wmht yù lffc t` il`w t` trhcf `pto`ls ol rfhn nobf sotuhto`ls. Ob yù hnrfhcy hnrfhcy mhvf h s`noc s`noc drhsp `b `pto`ls, bffn brff t` siop tmos sfgto`l hlc j`vf t` Gmhptfr 6; Srhcold Wtrhtfdy & Shgtogs.

3.5 G@LGFQSVHN BUHJFT@UI Ot jhy surprosf yù, eut hl `pto`l hl `pto`l os vfry fhsy t` ulcfrsthlc. t` ulcfrsthlc. Ol ots j`st ehsog b`rj, hl `pto`l os hl fxgmhldf-trhcfc g`ltrhgt eftwffl tw` olcovocuhns t` fotmfr euy `r sfnn sfnn tmf st`gi `b h g`jphly (tmf „Vlcfrnyold‚ Wt`gi) ht h spfgobog progf (tmf „Wtroif‚ Qrogf) ulton tmf g`ltrhgt fxporfs (tmf „Fxporhto`l‚ Chtf). B`r tmos rodmt, tmf euyfr `b tmf `pto`l phys phys   hlc tmf sfnnfr `b tmf `pto`l rfgfovfs rfgfovfs,, hl hjùlt `b ghsm il`wl hs tmf „Qrfjouj.‚ Smfrf hrf tw` typfs `b `pto`ls; tmf „Qut‚ hlc tmf „Ghnn.‚ H Qut os tmf `pto`l (mfnc ey tmf euyfr) t` sfnn sfnn tmf tmf Vlcfrnyold st`gi ht h spfgobog Wtroif Qrogf ulton tmf euy tmf tmf Vlcfrnyold Fxporhto`l Chtf.53 H Ghnn os tmf `pto`l (mfnc ey tmf euyfr) t` euy st`gi ht h spfgobog Wtroif Qrogf ulton tmf Fxporhto`l Chtf. Hl `pto`l os tmus cfbolfc hlc ocfltobofc ey tmfsf bùr fnfjflts; Vlcfrnyold Wt`gi, Fxporhto`l Chtf, Wtroif Qrogf hlc Sypf (Qut `r Ghnn). Fxmoeot 3.8; Ify @pto`l Sfrjs

Vlcfrnyold Wt Wtroi roiff

Smf st`gi `l wmogm tmf `pto`l trhcfs Smf Smf pr progf ogf ht wmogm wmogm hl `pto` `pto`l l eu euyf yfrr gh ghl l purg purgmh mhsf sf (Ghnn (Ghnn)) `r sf sfnn nn

(Qut) tmf Vlcfrnyold st`gi Fxporhto`l Fxporhto`l Qrfjouj Qut Qut Ghnn Gh nn

Smf chtf tmf `pto`l fxporfs Smf hjùlt tmf `pto`l euyfr phys `r tmf `pto`l sfnnfr rfgfovfs b`r tmf `pto`l Sm Smff `p `pto` to`l l t` sf sfnn nn tmf Vl Vlcf cfrny rnyold old ht tmf Wtroif Wtroif ey Fxpo Fxporht rhto`l o`l Sm Smff `p `pto` to`l l t` eu euy y tmf Vl Vlcf cfrny rnyold old ht tmf Wtroif Wtroif ey Fx Fxpo porht rhto` o`l l

B`r fvfry Qut Euyfr tmfrf os h Qut Wfnnfr. Noifwosf, b`r fvfry Ghnn Euyfr tmfrf os h Ghnn Wfnnfr. _ù, hs hl olcovocuhn trhcfr/olvfst`r, ghl gm``sf t` ef h Qut Euyfr, h Qut Wfnnfr, h Ghnn Euyfr `r h Ghnn Wfnnfr–tmfsf hrf tmf bùr bulchjflthn `pto`l p`soto`ls.56 Ht tmf j`st ehsog nfvfn, h trhcfr (`r olvfst`r) gm``sfs t` euy `r sfnn Quts `r Ghnns t` dhol h spfgobog rosi fxp`surf ol hl Vlcfrnyold st`gi ol `rcfr t` ghpturf h cfsorfc rfturl. os sojonhr tmf st`gi, j`tovfs `bolvfst`r h st`gi trhcfr hlc/`r olvfst`r. B`r fxhjpnf, ob hl Smos olvfst`r noifs t` HEG tmf wonn euy HEG st`gi (o.f. dhol h n`ld `r eunnosm rosi fxp`surf t` HEG st`gi) wotm tmf cfsorf tmht HEG st`gi olgrfhsfs ol progf (tmus ghpturold h cfsorfc rfturl). Noifwosf, ob h trhcfr os lfdhtovf `l HEG st`gi, tmf trhcfr wonn sfnn sm`rt tmf st`gi (o.f. dhol h sm`rt `r efhrosm rosi fxp`surf t` HEG st`gi) wotm tmf cfsorf tmht HEG st`gi cfgrfhsfs ol progf. Vsold st`gi, tmf gmògf b`r hl `pflold `pflold p`soto`l p`soto`l os nojotfc t` fotmfr euy `r t` sfnn sm`rt. @pto`ls, m`wfvfr, drfhtny fxphlc rosi fxp`surf gmògfs. Efn`w O nost tmfsf gmògfs hlc tmf sfltojflt tmfy rfprfsflt b`r tmf bùr bulchjflthn p`soto`ls;52     -

H Qut Euyfr os Efhrosm `l tmf Vlcfrnyold st`gi54 H Qut Wfnnfr os Lfutrhn t` Eunnosm H Ghnn Euyfr os Eunnosm H Ghnn Wfnnfr os Lfutrhn t` Efhrosm

3.5.8 @pto`l Euyfr vfrsus @pto`l Wfnnfr Ot os vfry ojp`rthlt t` ulcfrsthlc tmf g`lgfpt `b @pto`l Euyold Euyold vfrsus @pto`l Wfnnold hlc Wfnnold hlc tmf ojpnoghto`ls wotm rfdhrcs t` olotohn Q&N,5= rosi hlc rfturl. Mfrf os tmf cobbfrflgf;

Hl @pto`l Euyfr;

Qhys j`lfy t` olotohtf tmf trhcf (o.f. tmf olcovocuhn Euys tmf `pto`l, fotmfr h Qhys j`lfy Qut `r h Ghnn, ht tmf Hsi) Uosi os cfbolfc cfbolfc hlc hlc fquhn t` tmf hjùlt phoc t` olotohtf tmf trhcf Ufturl os ulcfbolfc Hl @pto`l Wfnnfr; Ufgfovfs   j`lfy t` olotohtf tmf trhcf (o.f. tmf olcovocuhn Wfnns tmf `pto`l, Ufgfovfs fotmfr h Qut `r h Ghnn, ht tmf Eoc) Uosi os ulcfbolfc Ufturl os cfbolfc cfbolfc hlc hlc fquhn t` tmf hjùlt rfgfovfc t` olotohtf tmf trhcf Smf costolgto`l os gnfhr hlc ulhjeoduùs; hl @pto`l Euyfr phys ghsm up-br`lt b`r tmf p`tfltohn t` dflfrhtf ulcfbolfc rfturls (ol gfrthol sotuhto`ls, tmf`rftoghnny ulnojotfc rfturls) wmonf rosiold tmf hjùlt phoc wmonf hl @pto`l Wfnnfr rfgfovfs ghsm up-br`lt b`r tmf tmf`rftoghnny p`tfltohn t` iffp tmos ghsm (ol gfrthol sotuhto`ls, ulnojotfc rosi).wmonf thiold hl ulcfbolfc rosi 3.5.5 Smf @pto`l Gmhol H d``c why t` nfhrl heùt `pto`ls os t` stucy tmf t`pog ol tmf hgtuhn b`rjht usfc ol h rfhn-nobf trhcold sotuhto`l; br`j tmf @pto`l Gmhol. Tmfl yù trhcf `pto`ls, yù wonn trhcf br`j @pto`l Gmhols g`ltholfc `l yùr erìfr‟s wfesotf. Fxmoeot 3.5 pr`vocfs hl fxhjpnf `b h ehsog @pto`l Gmhol b`r HEG st`gi b`r tmf Hudust „Wfrofs‚ hs cospnhyfc ey h jhk`r erìfr. H Wfrofs olgnucfs hnn `b tmf `pto`ls (o.f. hnn Wtroifs b`r e`tm Quts hlc Ghnns) wotm tmf shjf Fxporhto`l j`ltm. B`r fxhjpnf, tmf Hudust Wfrofs olgnucfs hnn `pto`ls tmht fxporf ol tmf j`ltm `b

Hudust.

Ht tmf j`st ehsog nfvfn, hl @pto`l Gmhol nosts tmf Eoc hlc tmf Hsi progfs b`r e`tm tmf Quts hlc Ghnns b`r fhgm Wtroif ol h Wfrofs. H ehsog @pto`l Gmhol wonn hns` olgnucf R`nujf hlc @pfl Oltfrfst („@O‚). J`st erìfrhdfs hnn`w yù t` gust`jozf @pto`l Gmhols (ey olgnucold, b`r fxhjpnf, tmf Drffis `r nfvfns `b ojpnofc v`nhtonoty, e`tm t` ef cosgussfc nhtfr ol tmos Gmhptfr) eut tmf j`st ehsog fnfjflts hrf tm`sf nostfc ol Fxmoeot 3.5. Smf Eoc hlc Hsi hrf tmf gurrflt jhrift progfs progfs b`r fotmfr tmf Ghnns `r tmf Quts (tmos os tmf „Qrfjouj‚ vhnuf jflto`lfc prfvoùsny). Smf Eoc os tmf gurrflt jhrift progf t` Wfnn tmf `pto`l, hlc tmf Hsi os tmf gurrflt jhrift progf t` Euy tmf `pto`l. Ot smùnc ef l`tfc tmht tmos cobbfrs br`j tmf „Nhst‚ progf, wmogm whs tmf nhst progf wmfrf tmf `pto`l trhcfc ‗ tmos gùnc mhvf effl sfg`lcs hd`, `r p`ssoeny j`ltms hd`. Lfvfr trhcf usold tmf „Nhst‚ qu`tf, hnwhys usf tmf Eoc `r Hsi ‗ tmos os èvoùs eut stonn jfrots jflto`l hlc fjpmhsos. Nft‟s c` h bfw ehsog trhcfs usold tmf chth g`ltholfc ol tmf @pto`l Gmhol ol Fxmoeot 3.7;

Ob O whlt t` euy 81 ]_[ WFQ 86.1 Wtroif Ghnns, O wùnc gmfgi ]_[ st`gi‟s Wfptfjefr @pto`l Gmhol. Ht tmos j`jflt, tmf WFQ 86.1 Wtroif Ghnn (e`ncfc) os trhcold ht 5.1= Eoc / 5.87 Hsi (noif h st`gi progf, Qrfjouj vhnufs, o.f. tmf Eoc `r Hsi, hrf g`lsthltny gmhldold). Wolgf O wosm t` euy tmf Ghnn, O wùnc phy 5.87 pfr g`ltrhgt (tmf „HWI‚). Mfrf os tmf (vfry sojpnf) jhtm; : Qrfjouj x # `b G`ltrhgts x Juntopnofr5? : S`thn G`st (l`t olgnucold g`jjosso`ls) … ol lujefrs; : 5.87 x 81 x 811 : $5,871

Mflgf, O wùnc phy $5,871 (Cfeot) t` olotohtf tmos trhcf. Nft‟s shy, b`r fxhjpnf, tmht O wosm t` sfnn sfnn 81 81 ]_[ WFQ 86.1 Wtroif Ghnns. Ol tmos sotuhto`l, O wùnc sfnn tmf `pto`l ht 5.1= pfr g`ltrhgt (tmf „EOC‚). Mfrf os tmf jhtm b`r tmos sotuhto`l; : 5.1= x (81) x 811 : ($5,1=1) „( )‚ cfl`tfs sfnnold hlc mflgf h Grfcot. Ol tmos fxhjpnf O wùnc rfgfovf $5,1=1 b`r sfnnold tmfsf Ghnns. Ob O whlt t` euy 71 ]_[ WFQ 83.1 Wtroif Quts, O wùnc gmfgi tmf ]_[ @pto`l Gmhol hdhol. Ht tmos j`jflt, tmf WFQ 83.1 Wtroif Qut os trhcold ht 1.6? Eoc / 1.28 Hsi. Wolgf O wosm t` euy tmf Qut, O wùnc phy 1.28 pfr g`ltrhgt. Mfrf os tmf jhtm; : Qrfjouj x # `b G`ltrhgts x Juntopnofr : S`thn G`st : 1.28 x 71 x 811 : $8,=71 Mflgf, wùnc phy83.1 $8,=71 (Cfeot). h bolhn fxhjpnf, nft‟s shy O wosm t` sfnn   71 O]_[ sfnn WFQ Wtroif Quts. B`r Ol tmos sotuhto`l, O wùnc sfnn tmht tmf `pto`l ht 1.6? pfr g`ltrhgt. Mfrf os tmf jhtm b`r tmos sotuhto`l; : 1.6? x (71) x 811 : ($8,441) Ol tmos fxhjpnf, O wùnc rfgfovf $8,441 b`r sfnnold tmfsf Quts. Fhsy, rodmt0

3.5.7 Smf Ojp`rthlgf `b Vlcfrsthlcold Smf Eoc / Hsi Wprfhc Ol e`tm sotuhto`ls he`vf, solgf wf purgmhsfc/s`nc ht tmf jhrift Eoc/Hsi qu`tf, ùr Q&N ojjfcohtfny b`nn`wold tmf trhcf wùnc sm`w h n`ss. Ob yù mhvf lfvfr trhcfc `pto`ls, hlc tmf Eoc/Hsi sprfhc os wocf, hlc yù trhcf ht tmf Eoc/Hsi,

yù jhy ef sm`gifc tmf bhgt ojjfcohtf lfdhtovf Q&N ojphgt ol yùr hggùlt). Smos os cuf (ht t` tmf tmht tmfrf os h „sprfhc‚ tmht yù lffcerìfrhdf t` „phy.‚ Smos os tmf Eoc/Hsi sprfhc, wmogm ehsoghnny (supp`sfcny) g`jpflshtfs tmf jhrift jhifr b`r thiold tmf rosi (`r thiold tmf „`tmfr socf‚) `b còld yùr trhcf. B`r tmf 81 ]_[ WFQ 86.1 Wtroif Ghnn fxhjpnf ol Fxmoeot 3.7, tmf Eoc/Hsi sprfhc os 1.16 wocf (: 5.87 ‗ 5.1= : 1.16). Ol hgtuhn c`nnhrs hlc gflts b`r tmf trhcf, tmos fquhtfs t` $61 (: 1.16 x 81 x 811 : $61). Cfpflcold up`l m`w yùr erìfrhdf qu`tfs yùr p`soto`l, yù wonn sm`w sm`w hl ojjfcohtf n`ss `l yùr trhcf `b fotmfr $61 (ob yùr erìfr qu`tfs tmf progf t` fxot tmf trhcf, o.f. ob yù hrf n`ld, tmf progf t` dft ùt hlc ob yù hrf sm`rt, tmf progf t` g`vfr) `r $56 (ob yùr erìfr qu`tfs `l h joc-progf ehsos, o.f. tmf hvfrhdf `b tmf gurrflt Eoc/Hsi). B`r 81 HEG HVD ?1.1 Wtroif Qut (Fxmoeot 3.5), tmf Eoc/Hsi sprfhc os 1.76 wocf (: ?.?1 ‗ ?.66 : 1.76) wmogm fquhtfs t` hl ojjfcohtf lfdhtovf Q&N mot `b $846 (: 1.76/5 x 81 x 811) b`r h joc-progf ehsos qu`tf.71

Smf sprfhcs b`r ]_[ hlc HEG, m`wfvfr, hrf l`t tmht wocf. Ol gfrthol onnoquoc sotuhto`ls (lfhrny hnn sotuhto`ls ol sjhnn ghp eo`tfgm), m`wfvfr, tmf sprfhc ghl ef fxtrfjfny wocf t` sffjoldny pòltnfss/ùtrhdfùs. B`r fxhjpnf, @jfr`s G`rp. (Sogifr; @JFU) HVD 5181 6.1 Wtroif Qut hs `b tmos chtf os trhcold ht 1.11 Eoc / 3.?1 Hsi (h sprfhc sprfhc `b 3.?1) wotm tmf st`gi trhcold ht $6.32. Smos Smos os h g`jpnftfny rocogunùs qu`tf ‗ `lny h b``n wùnc trhcf ht tmos nfvfn. Ob O wfrf t` euy tmos Qut, ot jfhls tmht O wùnc ef wonnold t` phy $3.?1 t` dft $1.81 `b c`wlsocf pr`tfgto`l –hns`, O wùnc thif hl ojjfcohtf ojjfcohtf $5,361 $5,361 n`ss ob O purgmhsfc 81 g`ltrhgts! Ob O wfrf t` sfnn tmos Qut (hs hl `pflold trhcf), ot jfhls tmht O wùnc ef sfnnold tmf `pto`l b`r zfr` tmus thiold h bunn $6.11 `b c`wlsocf rosi ‗ O wùnc dft phoc hes`nutfny l`tmold t` thif hnn tmf rosi, h truf sugifr‟s eft ob tmfrf fvfr whs `lf. Smos qu`tf os hgtuhnny hl „`pfl olvothto`l‚ t` jhif h „bhor‚ `bbfr `l tmf `pto`l (fotmfr `l tmf Eoc `r Hsi socf). Smf fxhjpnfs kust cosgussfc cfj`lstrhtf tmf hes`nutf ojp`rthlgf `b hssfssold tmf Eoc/Hsi sprfhc pro`r t` olotohtold h trhcf ‗ c`l‟t dft enolc-socfc ey tmf sprfhc. Ol Wfgto`l 6.2; Lfvfr Srhcf ht tmf Eoc `r Hsi, O cosguss strhtfdofs m`w t` jolojozf tmf hjùlt `b sprfhc yù lffc t` phy ‗ tmos il`wnfcdf hn`lf wonn shvf yù tmùshlcs `b c`nnhrs. 3.5.3 R`nujf hlc @pfl Oltfrfst Hs jflto`lfc, tmf `tmfr ehsog olb`rjhto`l olgnucfc ol hl @pto`l Gmhol os R`nujf hlc @pfl Oltfrfst. R`nujf os fhsy t` ulcfrsthlc; ot rfprfsflts tmf t`thn

lujefr `b `pto`ls b`r fhgm `b Wtroif curold h chy (kusth hs tmf B`r v`nujf b`r h st`gi rfprfsflts tmftrhcfc t`thn lujefr smhrfs trhcfc curold chy). fxhjpnf,

tmf WFQ 82.1 Wtroif Ghnn v`nujf hs `b tmos chy, Kulf 5, whs 623 g`ltrhgts (sff Fxmoeot 3.7). Smos jfhls tmht 623 g`ltrhgts (`pto`ls) wfrf eùdmt/s`nc curold tmf chy. @l tmf shjf chy tmf WFQ 8=.1 Wtroif Ghnn trhcfc 5,8?5 g`ltrhgts, tmf j`st hgtovf stroif b`r tmos Wfrofs. R`nujf os h vfry usfbun jftrog hs ot sm`ws wmfrf j`st `b tmf trhcold hgto`l b`r tmf chy os `ggurrold. Jhly olbfrflgfs ghl ef jhcf rfhcold chony v`nujf chth. Smos wonn ef cosgussfc ol burtmfr cfthon ol Wfgto`l 6.88; J`lot`r @pto`l Hgtovoty Qrf-Ghthnyst. Tmonf v`nujf rfprfsflts tmf chony chony   hgtovoty b`r fhgm `pto`l, @pfl Oltfrfst rfprfsflts tmf lft olgrfhsf `r cfgrfhsf ol tmf t`thn lujefr `b `pto`ls trhcfc (`pflfc hlc gn`sfc) solgf tmf olgfpto`l `b tmf Wfrofs. Wfrofs. B`r fxhjpnf, tmf @pfl Oltfrfst b`r tmf ]_[ WFQ 8=.1 Wtroif Ghnns ol Fxmoeot 3.7 os 3,376. Smos jfhls tmht h lft t`thn `b 3,376 `pto`l g`ltrhgts mhvf effl `pflfc/rfjhol `pfl solgf tmf Wfrofs olgfpto`l. Ot os ojp`rthlt t` l`tf tmht chony R`nujf c`fs l`t hnwhys fquhtf t` @pfl Oltfrfst ‗ tmht os, kust efghusf h chy‟s R`nujf whs, b`r fxhjpnf, 611 g`ltrhgts, ot c`fs l`t jfhl tmht @pfl Oltfrfst wonn olgrfhsf ey 611 g`ltrhgts. S` fxphlc tmos pòlt, Fxmoeot 3.6 sm`ws chony R`nujf, @pfl Oltfrfst hlc Lft Gmhldf b`r tmf HEG 6.1 Wtroif Ghnns. @l Chy 8, @pfl Oltfrfst whs 81,111 g`ltrhgts ‗ h lft t`thn `b 81,111 HEG 6.1 Wtroif Ghnns mhvf effl `pflfc (hlc rfjhol `pfl). Curold Chy 8, 611 g`ltrhgts trhcfc. @l Chy 5, @pfl Oltfrfst os l`w 81,611 g`ltrhgts, wmogm jfhls hnn `b tmf R`nujf `l Chy 8 whs br`j lfw (olotohn) g`ltrhgts.78 @l Chy 5, g`ltrhgt R`nujf os 711. @l Chy 7, @pfl Oltfrfst os l`w 81,411, h lft olgrfhsf `b 511 g`ltrhgts. Smos jfhls tmht `b tmf 711 g`ltrhgt R`nujf R`nujf curold Chy 5, 811 wfrf gn`sold p`soto`ls hlc 511 wfrf `pflold (olotohn) p`soto`ls. Curold Chy 7, 8,611 g`ltrhgts trhcf. @l Chy 3, @pfl Oltfrfst cfgnolfs ey 8,611 g`ltrhgts, tmf fltorf flt orf R R`nujf `nujf fxpfroflgfc `l Chy 7.

@pfl Oltfrfst os h vfry usfbun jftrog hs ot dovfs yù h slhpsm`t olt` tmf j`lfy bn`w ol tmf vhroùs Wtroifs `b e`tm Quts hlc Ghnns. Smos ghl ht tojfs hnn`w yù t` dhudf dflfrhn sfltojflt ol tmf Vlcfrnyold smhrfs. Ol s`jf sotuhto`ls, ot os

fxtrfjfny ojp`rthlt t` hgtovfny j`lot`r hlc   oltfrprft @pfl Oltfrfst ‗ tmos os g`vfrfc ol Wfgto`l 6.88. 3.5.6 @pto`l Fxporhto`l Efb`rf wf g`ltoluf, ot os ojp`rthlt t` quoginy cosguss tmf bolfr pòlts `b @pto`l

Fxporhto`l. @pto`ls fxporf `l tmf Whturchy ojjfcohtfny b`nn`wold tmf 7rc Brochy 75 `b tmf fxporhto`l j`ltm. Smos sùlcs g`lbusold eut ot os l`t ‗ ob yù n`ì ht h ghnflchr, ot os quotf sojpnf. Smf Wfptfjefr 5181 Wfrofs fxporf `l Whturchy Wfptfjefr 8=, 5181 ‗ wmogm mhppfls t` ef tmf Whturchy b`nn`wold tmf 7rc Brochy ol tmf j`ltm `b Wfptfjefr. Smos g`lstrugt os truf b`r hnn j`ltms ol tmf yfhr. Jhif surf yù c`l‟t tmoli ol tfrjs `b tmf fxporhto`l efold ol tmf 7rc wffi  `b `b tmf j`ltm. B`r fxhjpnf, Fxmoeot 3.2 g`jphrfs tmf Wfptfjefr 5181 hlc Khluhry 5188 Wfrofs ol tfrjs `b Fxporhto`l wffi. @pto`ls b`r tmf Wfptfjefr 5181 Fxporhto`l fxporf ol tmf 7rc wffi. @pto`ls b`r tmf Khluhry 5188 Wfrofs, m`wfvfr, fxporf `l Whturchy tmf 55lc. Sfgmloghnny, tmos bhnns `l tmf bùrtm bùrtm   wffi ol tmf j`ltm `b Khluhry. C`l‟t jhif tmos josthif; ob yù stogi t` tmf 7rc Brochy g`lgfpt, yù ghl‟t d` wr`ld. _ùr erìfr wfesotf smùnc nost tmf fxporhto`l chtf b`r fhgm Wfrofs smùnc tmfrf ef hly g`lbuso`l.

Httflto`l t` sugm h sffjoldny sjhnn cfthon jhy hppfhr ulojp`rthlt eut l`tmold ghl ef burtmfr br`j tmf trutm ‗ il`wold fxhgtny wmfl h Wfrofs fxporfs os fxtrfjfny ojp`rthlt wmfl pnhllold trhcfs ol tmf sjhnn ghp eo`tfgm sphgf ‗ ot ghl fotmfr g`st `r shvf yù tmùshlcs `b c`nnhrs. _ù hes`nutfny just il`w tmos olb`rjhto`l. 3.5.2 Oltrolsog hlc Fxtrolsog Rhnuf Hl `pto`l‟s vhnuf os covocfc olt` tw` sfdjflts; oltrolsog vhnuf hlc tojf vhnuf

(hns` rfbfrrfc t` hs Qrogf fxtrolsog vhnuf ostmf tmfWtroif hjùlt tmf osWtroif os efn`w tmf Wt`gi (b`rvhnuf). Ghnns) Oltrolsog hlc tmf hjùlt Qrogf he`vfQrogf tmf

Wt`gi Qrogf (b`r Quts). Ol gfrthol sotuhto`ls, oltrolsog vhnuf os fquhn t` zfr`. Fxtrolsog Rhnuf os tmf fxtrh hjùlt `b tmf `pto`l‟s vhnuf tmht os l`t Oltrolsog Rhnuf. Ol gfrthol sotuhto`ls tmf Fxtrolsog Rhnuf g`jprosfs tmf t`thn vhnuf `b tmf `pto`l. B`r fxhjpnf, Fxmoeot 3.4 nosts tmf @pto`l Gmhol b`r tmf L`vfjefr Wfrofs b`r FBD st`gi. Smf L@R 36.1 Wtroif Ghnn os gurrfltny trhcold ht 3.66 Eoc / 3.21 Hsi wotm FBD ht $34.52. Smf oltrolsog vhnuf `b tmos Ghnn os 5.52 (: $34.52 ‗ 36.1). Smf fxtrolsog vhnuf `b tmos Ghnn (usold tmf Hsi progf) os 5.73 (: 3.21 ‗ 5.52). L`w nft‟s n`ì ht tmf 3?.1 Wtroif Ghnn. Ol tmos sotuhto`l, tmf oltrolsog vhnuf os zfr` ‗ tmf 3?.1 Wtroif os drfhtfr tmhl FBD‟s st`gi progf. Hs sugm, tmf fltorf `pto`l os g`jprosfc `b fxtrolsog vhnuf, wmogm fquhns 5.7= (hdhol, usold tmf Hsi progf).

Nft‟s n`ì ht tmf Quts. Smf L@R 3=.1 Wtroif Qut os gurrfltny trhcold ht 7.21 Eoc / 7.26 Hsi hdhol wotm FBD ht $34.52. Smf oltrolsog vhnuf `b tmos Qut os 1.43 (: 3=.1 -$34.52). Smf fxtrolsog vhnuf (usold tmf Hsi progf) os 5.?8 (: 7.26 ‗ 1.43). L`w nft‟s n`ì ht tmf 32.1 Wtroif Qut. Ol tmos sotuhto`l, tmf oltrolsog vhnuf os zfr` ‗ tmf 32.1 Wtroif os nfss tmhl FBD‟ FBD‟ss st`gi progf. Hs sugm, tmf fltorf `pto`l os g`jprosfc `b fxtrolsog vhnuf, wmogm fquhns 5.44 (hdhol, usold tmf Hsi progf). Smf il`wnfcdf `b hl `pto`l‟s oltrolsog hlc fxtrolsog vhnuf os usuhnny j`st ojp`rthlt pro`r t` fxfgutold h trhcf. Smos os h quogi hlc sojpnf why t` cùenfgmfgi yùr trhcf t` hvòc hly (èvoùs) frr`rs `r p``r trhcold cfgoso`ls. B`r fxhjpnf, tmf BFE‟88 2.1 Wtroif Ghnn `b Whldhj` Eo`Wgoflgfs (Sogifr; WDJ@) whs trhcold ht 8.86 Eoc / 8.66 Hsi hs `b Cfgfjefr 5=, 5181 wotm tmf smhrfs qu`tfc ht $4.88. Ob yù `wlfc tmf Ghnns ht h pr`bot hlc wosmfc t` fxot tmf p`soto`l, yù wùnc ef onn hcvosfc t` sfnn ht tmf jhrift Eoc `b 8.86. Ht tmos progf, tmf `pto`l `lny ghrrofs $1.13 `b fxtrolsog vhnuf ($1.13 : Y2 +8.86Z - $4.88) ‗ tmos os h rocogunùs Eoc hs ot hssodls vortuhnny l` vhnuf b`r tmf hccoto`lhn 65 chys nfbt

t` fxporhto`l (wotm fxporhto`l (wotm h Cfnth l`t fvfl gn`sf t` 8). Ob yù borfc `bb tmf trhcf wotmùt puttold tmf Ghnn‟s jhrift Eoc prfjouj olt` pfrspfgtovf, yù wùnc wotmùt h cùet ef nfhvold j`lfy `l tmf thenf. Smf ify pòlt; wmhtfvfr tmf sotuhto`l, ot os hnwhys ojp`rthlt t` ef g`dlozhlt `b tmf jhif-up `b tmf `pto`l prfjouj yù hrf fotmfr euyold `r sfnnold. 3.5.4 „J`lfylfss‚ Hl `pto`l ghl fotmfr ef ol-tmf-j`lfy, ht-tmf-j`lfy `r ùt-`b-tmf-j`lfy. Hl oltmf-j`lfy `pto`l mhs oltrolsog vhnuf. Smus b`r h Ghnn, hl `pto`l os ol-tmfj`lfy ob tmf Vlcfrnyold st`gi progf os drfhtfr tmhl tmf Wtroif hlc b`r h Qut ob tmf Vlcfrnyold st`gi progf os nfss tmhl tmf Wtroif. Ol Fxmoeot 3.4, tmf ol-tmf-j`lfy `pto`ls hrf tmf 36.1 hlc 32.1 Wtroif Ghnns hlc tmf 3?.1 hlc 3=.1 Wtroif Quts. Smf ht-tmf-j`lfy `pto`ls ey jhrift g`lvflto`l hrf tmf Wtroifs gn`sfst t` tmf Vlcfrnyold st`gi progf (cfspotf s`jf fxostflgf `b oltrolsog vhnuf). Ol Fxmoeot 3.4, tmos wùnc ef tmf 34.1 Wtroif b`r tmf Ghnns hlc Quts. Bolhnny, ùt-`btmfj`lfy `pto`ls mhvf l` oltrolsog vhnuf. Smus tmf 3=.1 hlc 3?.1 Wtroif Ghnns hlc tmf 32.1 hlc 36.1 Wtroif Quts ol Fxmoeot 3.4 hrf tmf ùt-`b-tmf-j`lfy `pto`ls. 3.5.= Sojf hlc @pto`ls Hnn `pto`ls fxporf ‗ efghusf `b tmos, tmf vhnuf `b hl `pto`l efdols t` cfghy tmf sfg`lc ot efg`jfs hvhonhenf t` trhcf. Ht fxporhto`l, tmf `pto`l wonn trhcf ht Oltrolsog Rhnuf (ob hly). B`r e`tm `pto`l euyfrs hlc `pto`l sfnnfrs, ot os tmus vfry ojp`rthlt t` ulcfrsthlc tmf ojphgt `b tojf `l hl `pto`l‟s vhnuf.

Fxmoeot 3.= g`jphrfs tmf cobbfrflgf eftwffl tmf Kuny hlc L`vfjefr Wfrofs b`r FBD hs `b Kuny 83, 5181. Smf Kuny Wfrofs fxporfs ol 8 chy hlc tmf L`vfjefr Wfrofs fxporfs ol 854 chys. Hs yù ghl gnfhrny sff, tmf cobbfrflgf eftwffl `pto`l prfjouj vhnufs b`r tmf shjf Wtroif eut cobbfrflt Wfrofs hrf crhjhtog.77 B`r fxhjpnf, g`jphrf tmf Kuny 36.1 Wtroif Qut t` tmf L`vfjefr 36.1 Wtroif Qut. Smf Kuny 36.1 Wtroif Qut, wotm `lf chy t` fxporhto`l, os trhcold ht 1.11 Eoc / 1.15 Hsi, ehsoghnny w`rtmnfss. Smf L`vfjefr 36.1 Wtroif Qut, m`wfvfr wotm 854 chys t` fxporhto`l, os trhcold ht 5.72 Eoc / 5.31 Hsi. Smos os h mudf cobbfrflgf ol vhnuf hlc cfj`lstrhtfs m`w tmf `pto`l prfjouj (ghl p`tfltohnny) fr`cf b`r tmf eflfbot `b tmf `pto`l sfnnfr ht tmf fxpflsf `b tmf `pto`l euyfr.

3.7 SMF B@VU BVLCHJFLSHN @QSO@L Q@WOSO@LW Hs jflto`lfc fhrnofr ol tmf Gmhptfr, ht tmf j`st ehsog nfvfn, tmfrf hrf bùr bulchjflthn `pto`l p`soto`ls. @lf ghl ef h Qut Euyfr, h Qut Wfnnfr, h Ghnn Euyfr `r h Ghnn Wfnnfr ‗ tmfsf hrf tmf bùr bulchjflthn `pto`l p`soto`ls. Hnn `pto`l p`soto`ls / strhtfdofs / strugturfs, l` jhttfrob m`w bùr p`soto`ls. C` l`t ef oltojochtfc; yù g`jpnfx, dhol hl fjhlhtf oltuotovf br`j hlc tmfsf cffp ulcfrsthlcold `b tmf b`nn`wold bùr p`soto`ls, y` yù ghl ulcfrsthlc hly hly p`soto`l p`soto`l / strhtfdy / strugturf, / strugturf, l l` ` jhttfr m`w „g`jpnfx.‚ Ol tmos sfgto`l, tmfsf bùr p`soto`ls wonn ef oltr`cugfc usold sojpnf fxhjpnf trhcfs b`r `pto`ls `l XUW st`gi, progfs `b wmogm hrf n`ghtfc ol Fxmoeot 3.?. Ol Gmhptfr 2; Srhcf Wtrugturfs, j`rf g`jpnfx p`soto`ls wonn ef oltr`cugfc.

3.7.8 Qut Euyfr

H Qut Euyfr tmfprogf Vlcfrnyold st`gi. Smf73Qut Euyfr tmfrfb`rf sffis t` pr`bot br`josh efhrosm cfgnolf `l ol tmf `b tmf Vlcfrnyold. Ify jftrogs b`r h Qut Euyfr; G`st (Cfeot) Jhxojuj Uosi

: (Qrfjouj x # G`ltrhgts x Juntopnofr) : (Qrfjouj x # G`ltrhgts x Juntopnofr) Erfhi-Fvfl 76 Qrogf : Wtroif Qrogf ‗ Qrfjouj (Eoc/Hsi) Wprfhc 72 G`st Shrd hrdft ft Lft Qr`bot Qr`bot

: Y(Eoc ‗ Hsi)Z/5 x # G`ltrhgts x Juntopnofr : (Wtroif Qrogf ‗ Qr Qrfjouj fjouj ‗ Shr hrdft dft Qrogf) x #G`ltrhgts #G`ltrhgts x

Juntopnofr Mfrf os tmf Qut Euyfr fxhjpnf trhcf (rfbfr t` Fxmoeot 3.? b`r `pto`l progf qu`tfs); Euy 81 CFG 74.1 Qut A 3.=1

G`st (Cfeot) Jhxojuj Uosi Erfhi-Fvfl Qrogf (Eoc/Hsi) Wprfhc G`st   Shrdft Lft Qr`bot

: (3.=1 x 81 x 811) : $3,=11 : (3.=1 x 81 x 811) : $3,=11 : 74.1 ‗ 3.=1 : $75.51 : Y(3.=1 ‗ 3.41)/5Z x 81 x 811 : $61 : (74.1 ‗ 3.=1 - $54) x 81 x 811 : $6,511

Smos trhcf g`sts $3,=11 fxgnucold g`jjosso`ls. Wolgf wf hrf h euyfr euyfr,, tmos $3,=11 rfprfsflts ùr jhxojuj rosi, o.f. tmf t`thn hjùlt `b j`lfy wf ghl p`tfltohnny n`sf l` jhttfr wmht mhppfls. Ol `rcfr t` pr`bot br`j tmos trhcf, wf lffc tmf progf `b XUW ol tmf fxhjpnf t` cr`p efn`w $75.51, tmf erfhi-fvfl progf, ey fxporhto`l. Smf Eoc/Hsi g`st b`r tmos trhcf os $61. S` cftfrjolf h Shrdft Lft Qr`bot wf borst cftfrjolf hl (fstojhtfc) Shrdft Qrogf tmht wf hssujf Shrdft dft Qrogf, tmf fstojhtfc Shrdft Shrdft Lft b`r tmos fxhjpnf t` ef $54.74 Ehsfc `l tmos Shr Qr`bot os $6,511. Fxmoeot 3.81 cospnhys tmf Q&N cohdrhj ht fxporhto`l b`r tmf Qut Euyfr.

3.7.5 Qut Wfnnfr

H Qut Wfnnfr os lfutrhn t` eunnosm `l tmf Vlcfrnyold st`gi. H Qut Wfnnfr tmfrfb`rf sffis t` pr`bot br`j fotmfr l` gmhldf `r hl olgrfhsf olgrfhsf ol ol   tmf progf `b tmf Vlcfrnyold. Ify jftrogs b`r h Qut Wfnnfr; Qr`gffcs (Grfcot) (Grfcot) Jhxojuj Uosi (tmf`rftoghn)

: (Qrfjouj x # G`ltrhgts x Juntopnofr) : (Wtroif ‗ Qrfjouj ‗ $1) x # G`ltrhgts x Juntopnofr

7=

Erfhi-Fvfl Qrogf (Eoc/Hsi) Wprfhc G`st Jhxojuj Qr`bot

: Wtroif Qrogf ‗ Qrfjouj : Y(Eoc ‗ Hsi)Z/5 x # G`ltrhgts x Juntopnofr : (Qrfjouj x # G`ltrhgts x Juntopnofr)

Mfrf os tmf Qut Wfnnfr fxhjpnf trhcf; Wfnn 86 CFG 72.1 Qut A 3.56 3 .56

Qr`gffcs (Grfcot) (Grfcot) Jhxojuj Uosi (tmf`rftoghn) (tmf`rftoghn) Erfhi-Fvfl Qrogf (Eoc/Hsi) Wprfhc G`st Jhxojuj Qr`bot

:(3.56 x 86 x 811) : $2,746 : (72.1 ‗ 3.56 - $1) x 86 x 811 : $34,256 : 72.1 ‗ 3.56 : $78.46 : Y(3.76 ‗ 3.56)Z/5 x 86 x 811 : $46 : (3.56 x 86 x 811) : $2,746

Smos trhcf erolds ol pr`gffcs `b $2,746 fxgnucold g`jjosso`ls ‗ yfs, tmht os g`rrfgt, yù g`nnfgt $2,746 ol ghsm up-br`lt . M`wfvfr, solgf yù hrf h Wfnnfr, yùr jhxojuj rosi os ulcfbolfc. Ol tmos fxhjpnf, yùr jhxojuj rosi os tmf`rftoghnny h tmf`rftoghnny h t`thn n`ss `b $34,256 smùnc XUW trhcf t` zfr` ey fxporhto`l ‗ tmos os modmny ulnoifny `vfr tmf tojf m`roz`l `b tmf `pto`l eut ot cfj`lstrhtfs tmf p`tfltohn rosi. Smf Eoc/Hsi sprfhc g`st b`r tmos trhcf os $46. Ol `rcfr t` pr`bot br`j tmos trhcf, wf lffc tmf progf `b XUW ol tmf fxhjpnf t` sthy he`vf $78.46, tmf erfhi-fvfl progf, ey fxporhto`l. Wolgf wf hrf h sfnnfr, tmf jhxojuj pr`bot b`r tmos trhcf os il`wl hlc fquovhnflt t` tmf pr`gffcs `b $2,746. Fxmoeot 3.88 cospnhys tmf Q&N cohdrhj ht fxporhto`l b`r tmf Qut Wfnnfr.

3.7.7 Ghnn Euyfr H Ghnn Euyfr os Eunnosm `l tmf Vlcfrnyold st`gi. H Ghnn Euyfr tmfrfb`rf sffis t` pr`bot br`j hl olgrfhsf olgrfhsf ol ol tmf progf `b tmf Vlcfrnyold.

Ify jftrogs b`r h Ghnn Euyfr; G`st (Cfeot) : (Qrfjouj x # G`ltrhgts x Juntopnofr) Jhxojuj Uosi : (Qrfjouj x # G`ltrhgts x Juntopnofr) Erfhi-Fvfl Qrogf : Wtroif Qrogf + Qrfjouj (Eoc/Hsi) Wprfhc G`st   : Y(Eoc ‗ Hsi)Z/5 x # G`ltrhgts x Juntopnofr Shrdft Lft Qr`bot : (Shrdft (Shrdft Qrogf ‗ YWtroif Y Wtroif +QrfjoujZ) x # G`ltrhgts x Juntopnofr Mfrf os tmf Ghnn Euyfr fxhjpnf trhcf; Euy 51 CFG 31.1 Ghnn A 7.16

G`st (Cfeot) Jhxojuj Uosi Erfhi-Fvfl Qrogf (Eoc/Hsi) Wprfhc G`st   Shrdft L fftt Qr`bot

: (7.16 x 51 x 811) : $2,811 : (7.16 x 51 x 811) : $2,811 : 31.1 + 7.16 : $37.16 : Y(7.16 ‗ 5.?=)/5Z x 51 x 811 : $41 : ($36.1 ‗ Y31.1 +7.16Z) x 51 x 811 : $7,?11

Smos trhcf g`sts $2,811 fxgnucold g`jjosso`ls. Hdhol, solgf wf hrf h euyfr euyfr,, tmos $2,811 rfprfsflts ùr jhxojuj rosi, o.f. tmf t`thn hjùlt `b j`lfy wf ghl p`tfltohnny n`sf l` jhttfr wmht mhppfls. Ol `rcfr t` pr`bot br`j tmos trhcf, wf lffc tmf progf `b XUW ol tmf fxhjpnf t` olgrfhsf he`vf $37.16, tmf erfhi-fvfl progf, ey fxporhto`l. Smf Eoc/Hsi sprfhc g`st b`r tmos trhcf os $41. S` cftfrjolf h Shrdft Lft Qr`bot wf hssujf tmht XUW wonn olgrfhsf t` $36. Ehsfc `l tmos progf, tmf fstojhtfc `r Shrdft Lft Qr`bot os $7,?11. Fxmoeot 3.85 cospnhys tmf Q&N cohdrhj ht fxporhto`l b`r tmf Ghnn Euyfr.

3.7.3 Ghnn Wfnnfr H Ghnn Wfnnfr os lfutrhn t` efhrosm `l tmf Vlcfrnyold st`gi. H Ghnn Wfnnfr tmfrfb`rf sffis t` t` pr`bot br`j fotmfr l` gmhldf `r h cfgrfhsf o cfgrfhsf ol l tmf Vlcfrnyold.

Ify jftrogs b`r tmf Ghnn Wfnnfr; Qr`gffcs (Grfcot) (Grfcot) Jhxojuj Uosi (tmf`rftoghn) (tmf`rftoghn) Erfhi-Fvfl Qrogf (Eoc/Hsi) Wprfhc G`st

: (Qrfjouj x # G`ltrhgts x Juntopnofr) : Vlnojotfc : Wtroif Qrogf + Qrfjouj : Y(Eoc ‗ Hsi)Z/5 x # G`ltrhgts x Juntopnofr

Jhxojuj Qr`bot

: (Qrfjouj x # G`ltrhgts x Juntopnofr)

Mfrf os tmf fxhjpnf trhcf b`r tmf Ghnn Wfnnfr; Wfnn 6 CFG 7?.1 Ghnn A 7.31

Qr`gffcs (Grfcot) (Grfcot) : (7.31 x 6 x 811) : $8,411 Jhxojuj Uosi (tmf`rftoghn) (tmf`rftoghn) : Vlnojotfc Erfhi-Fvfl Qrogf : 7?.1 + 7.31 : $35.31 (Eoc/Hsi) Wprfhc G`st Jhxojuj Qr`bot

: Y(7.61 ‗ 7.31)Z/5 x 6 x 811 : $56 : (7.31 x 6 x 811) : $8,411

Smos trhcf erolds ol pr`gffcs `b $8,411 fxgnucold g`jjosso`ls. M`wfvfr, solgf yù hrf h Wfnnfr, yùr jhxojuj rosi os ulcfbolfc hlc p`tfltohnny ulnojotfc ‗ yù hrf sfnnold h Ghnn wmogm mhs tmf`rftoghnny l` upsocf ghp. ghp. Ol `rcfr t` pr`bot br`j tmos trhcf, wf lffc tmf progf `b XUW ol tmf fxhjpnf t` sthy efn`w $35.31, tmf erfhi-fvfl progf, ey fxporhto`l. Smf Eoc/Hsi sprfhc g`st b`r tmos trhcf os $56. Wolgf wf hrf h sfnnfr, tmf jhxojuj pr`bot b`r tmos trhcf os il`wl hlc fquovhnflt t` tmf pr`gffcs `b $8,411. Fxmoeot 3.87 cospnhys tmf Q&N cohdrhj ht fxporhto`l b`r tmf Ghnn Wfnnfr.

3.3 EHWOG @QSO@L RHNVHSO@L 3.3.8 Ghngunhtold Smf`rftoghn Rhnuf

Ghngunhtold tmf tmf`rftoghn vhnuf `b hl `pto`l b`r rfthon trhcold purp`sfs os quotf fhsy. Ol sugm h sotuhto`l tmf Enhgi-Wgm`nfs j`cfn ghl ef ojpnfjfltfc ‗ tmos `pto`l progold j`cfn os tmf j`st ehsog hlc wocfny hvhonhenf. Ol `rcfr t` ghngunhtf tmf tmf`rftoghn vhnuf `b tmf `pto`l usold tmos j`cfn, wf lffc sfvfrhn olputs. Smfsf olgnucf; tmf gurrflt chtf hlc fxporhto`l chtf `b tmf `pto`l (t` ghngunhtf tmf lujefr `b chys nfbt ulton fxporhto`l), tmf ulcfrnyold st`gi progf, tmf `pto`l stroif progf, tmf rosi brff rhtf, tmf covocflc rhtf, wmftmfr ot‟s h Qut `r Ghnn hlc bolhnny, tmf v`nhtonoty fstojhtf. J`st erìfrhdf wfesotfs wonn mhvf hl `pto`l progold ghngunht`r9 hntfrlhtovfny, yù ghl usf tmf `pto`l ghngunht`r ht www.lujh.g`j www.lujh.g`j..7? Hs hl fxhjpnf, ol Fxmoeot 3.83 wf ghngunhtf tmf vhnuf `b g`jphly ]_[‟s CFG 6.1 stroif Ghnn `pto`l.

Ol tmf he`vf fxhjpnf, j`st `b tmf olputs (sugm hs tmf gurrflt chtf, fxporhto`l chtf, stroif, st`gi progf, Ghnn `r Qut) hrf quotf ehsog hlc sfnb-fxpnhlht`ry. Smf rosi brff rhtf hlc tmf covocflc rhtf olputs, b`r ùr purp`sfs, wonn dflfrhnny l`t bhgt`r sodloboghltny olt` tmf ùtput (tmf tmf`rftoghn vhnuf) dovfl tmht tmf tfrj `b tmf `pto`ls wf wonn ef hgtovf ol hrf quotf sm`rt, rhtfs hrf (gurrfltny) n`w hlc sjhnn ghp eo`tfgm st`gis ol dflfrhn c` l`t phy covocflcs. Smus tmf v`nhtonoty fstojhtf wonn ef tmf ify vhnuf tmht lffcs t` ef fstojhtfc. H ehsog hppr`hgm os t` „fyf ehnn‚ h v`nhtonoty fstojhtf. Hntmùdm tmos os h grucf hppr`hgm, ot tflcs t` w`ri ol prhgtogf b`r rfthon trhcfrs hlc c`fs l`t rfquorf hl hcvhlgfc cfdrff ol jhtmfjhtogs. Ol `rcfr t` „fyf ehnn‚ h v`nhtonoty fstojhtf, yù lffc t` mhvf hggfss t` ht nfhst h yfhr‟s w`rtm `b v`nhtonoty chth (b`r e`tm most`rog hlc hlc   ojpnofc v`nhtonoty) cospnhyfc ol gmhrt b`rjht.

Hs jflto`lfc, hly hly d``c erìfr wonn mhvf tmos chth ol ttmfor mfor `pto`l trhcold tfgml`n`dy `bbfrold. Most`rog v`nhtonoty os tmf hgtuhn v`nhtonoty rfhnozfc rfhnozfc   ey tmf ulcfrnyold st`gi `vfr tmf tojf pfro`c. Smf ojpnofc v`nhtonoty os tmf v`nhtonoty ojpnofc   ey tmf `pto`l prfjouj `vfr tmf tojf pfro`c. Ojpnofc v`nhtonoty os ojpnofc l`rjhnny modmfr tmhl most`rog v`nhtonoty. H d``c why t` „fyf ehnn‚ h v`nhtonoty fstojhtf os t` sojpny n`ì ht h gmhrt wotm e`tm chth pòlts hlc bolc h joccnf vhnuf ‗ vfry sojpnf olcffc. N`ìold ht tmf v`nhtonoty chth ol Fxmoeot 3.86, h d``c fstojhtf wùnc ef hrùlc 861%. Lfxt wf pnud tmf v`nhtonoty fstojhtf olt` tmf j`cfn hlc ghngunhtf tmf tmf`rftoghn `pto`l vhnuf (tmf prfjouj) `b 1.6=. Smf hb`rfjflto`lfc hppr`hgm os usfbun b`r fstojhtold tmf v`nhtonoty (b`r tmf purp`sf `b ghngunhtold tmf`rftoghn vhnuf) ulcfr l`rjhn g`lcoto`ls. Tmfl h BCH `r gnologhn trohn ghthnyst os hppr`hgmold `r ojjolflt, m`wfvfr, ojpnofc v`nhtonoty os `btfl sfvfrhn tojfs drfhtfr tmhl v`nhtonoty ulcfr s`-ghnnfc l`rjhn g`lcoto`ls. Ol tmos sotuhto`l, ot os vothn t` fvhnuhtf tmf ojphgt `b gmhldfs ol ojpnofc v`nhtonoty `l yùr `pto`l p`soto`ls ‗ tmos os cosgussfc ol Wfgto`l 6.=; Wgflhro` Sfstold.

3.3.5 (L`l-Sfgmloghn) (L`l-Sfgmloghn) @vfrvofw `b tmf Drffis @pto`l trhcfrs usf „tmf Drffis‚ t` jfhsurf rosi ol tmfor olcovocuhn `pto`l p`soto`ls hlc b`r tmfor g`jeolfc p`soto`ls `r p`rtb`no`. Smfrf hrf bovf Drffis fjpn`yfc t` pfrb`rj tmfsf bulgto`ls; Cfnth, Dhjjh, Smfth, Rfdh hlc Um`. Smf

Drffis jfhsurf fvfrytmold br`j m`w tmf `pto`l vhnuf wonn gmhldf wotm corfgto`lhn j`vfjflt (o.f. up `r c`wl hes`nutf c`nnhr hjùlts) ol tmf ulcfrnyold (Cfnth), m`w tmf `pto`l vhnuf wonn gmhldf wotm hl olgrfhsf `r cfgrfhsf ol tmf v`nhtonoty `b tmf ulcfrnyold (Rfdh) hlc m`w tmf `pto`l vhnuf wonn gmhldf wotm tmf phssold `b tojf (Smfth).31 Dhjjh os h spfgohn Drffi hs ot jfhsurfs m`w tmf vhnuf `b hl`tmfr Drffi, tmf Cfnth, wonn gmhldf wotm tmf corfgto`lhn j`vfjflt ol tmf ulcfrnyold. Drffis hrf fxtrfjfny ojp`rthlt hlc ot smùnc ef tmf d`hn `b hly`lf whltold t` trhcf `r olvfst ol `pto`ls t` dhol hl oltuotovf ulcfrsthlcold `b tmfj ‗ modm-nfvfn jhtm sionns hrf l`t lffcfc. Hl oltuotovf ulcfrsthlcold `b tmf Drffis wonn pr`vocf yù wotm hl ulcfrsthlcold `b tmf rosi ol yùr `pto`l p`soto`l(s) hlc drfhtny g`ltroeutf t` yùr suggfss hs hl `pto`l trhcfr. Smos sfgto`l sffis t` pr`vocf h vfry sojpnf, strfhjnolfc `vfrvofw `b tmf Drffis wotm tmf d`hn `b dovold tmf rfhcfr hl oltuotovf ulcfrsthlcold `b tmf Drffis hlc tmfor hppnoghto`l. B`r tmos rfhs`l, c` l`t vofw tmos sfgto`l hs h g`jpnftf `vfrvofw `b tmf t`pog. Cfnth Smf Cfnth rfprfsflts tmf hjùlt tmf vhnuf `b tmf `pto`l smùnc gmhldf wotm h $8 j`vf (up `r c`wl) ol tmf ulcfrnyold st`gi progf. B`r fxhjpnf, ob tmf Cfnth `b tmf ]_[ 6.1 Wtroif Ghnn os 1.3= hlc ]_[ st`gi j`vfs c`wl $8, tmfl tmf vhnuf `b tmf ]_[ 6.1 Wtroif Ghnn `pto`l smùnc smùnc cfgnolf cfgnolf ey $1.3=. Hntfrlhtovfny, ob ]_[ st`gi j`vfs up $8, tmfl tmf vhnuf `b tmf `pto`l smùnc smùnc olgrfhsf olgrfhsf ey $1.3=. Cfnth ehsoghnny jfhls „Gmhldf.‚ Smf rfhs`l O shy „smùnc‚ gmhldf os efghusf jhly bhgt`rs olbnuflgf tmf vhnuf `b hl `pto`l hlc tmfrfb`rf tmf hjùlt `b gmhldf gùnc cfvohtf suesthltohnny ehsfc `l `tmfr bhgt`rs sugm hs gmhldf ol v`nhtonoty, b`r fxhjpnf. Nft‟s c` s`jf j`rf fxhjpnfs – hssujf tmf b`nn`wold;

_[ olotohn st`gi progf : $51.84 _[ 58 Wtroif Ghnn 1.=6 Eoc/8.16 Hsi (joc-pòlt : (1.=6+8.16)/5 : 1.?6) _[ 58 Wtroif Ghnn Cfnth : 1.37

Ob st`gi ]_[ sfnns `bb ey $8, br`j $51.84 t` $8?.84, tmf ]_[ 58.1 Wtroif Ghnn‟s vhnuf smùnc cfgrfhsf ey 1.37, tmf hjùlt `b tmf Cfnth. Smfrfb`rf, hbtfr tmos cr`p, tmf Ghnn `pto`l vhnuf smùnc gmhldf br`j 1.?6 t` 1.65 (: {1.37 x ($8.11)} + 1.?6). Smf fxhjpnf he`vf rfnhtfs t` Ghnns. Tmht heùt Quts0 Smf Cfnth b`r h Qut os lfdhtovf (l`tf tmht tmf Cfnth b`r h Ghnn os p`sotovf).38 Smf ghngunhto`ls hrf ehsoghnny tmf shjf; _[ olotohn st`gi progf : $51.84 _[ 58 Wtroif Qut 8.26 Eoc / 8.?6 Hsi (joc-pòlt : (8.26+8.?6)/5 : 8.=1) _[ 58 Wtroif Qut Cfnth : (1.64) („( )‚ rfprfsflt h lfdhtovf lujefr)

@lgf hdhol, ot os ojp`rthlt t` l`tf tmht Cfnth os `lny h duocf t` tmf hppr`xojhtf gmhldf `b tmf vhnuf `b tmf `pto`l wotm tmf corfgto`lhn gmhldf ol tmf ulcfrnyold ‗ tmus c` l`t vofw tmos jftrog hs tmf nhw. Ghnn Cfnths‗rhldf hlcghll`t 8.11 hlc Qut Cfnths eftwffl (1.11) hlc (8.11) tmht‟seftwffl ot, Cfnth1.11 vhnufs cfvohtf ùtsocfrhldf `b tmfsf vhnufs (o.f. tmfrf os l` sugm tmold hs h Cfnth `b, b`r fxhjpnf, 87=). H Cfnth `b 8.11 jfhls tmf `pto`l‟s vhnuf gmhldfs fxhgtny ol-nolf wotm gmhldfs ol tmf ulcfrnyold st`gi (h cffp ol-tmf-j`lfy `pto`l). Noifwosf, h Cfnth `b 1.11 jfhls tmf `pto`l‟s vhnuf c`fsl‟t gmhldf ht hnn wotm tmf gmhldfs ol tmf ulcfrnyold st`gi (h cffp ùt`b-tmfj`lfy `pto`l). Hl `pto`l wotm h Cfnth `b 1.61 (`r 61) os hl ht-tmf-j`lfy `pto`l. @btfl yù wonn sff `r mfhr Cfnths rfbfrrfc t` ol l`l-cfgojhn b`rjht hlc/`r hns` fxgnucold h lfdhtovf `r p`sotovf vhnuf quhnobofr, o.f. h Cfnth `b 37 (b`r tmf Ghnn) `r h Cfnth `b 64 (b`r tmf Qut). Smos os ehsoghnny tmf shjf tmold hs fxprfssfc ol cfgojhn b`rjht wotm quhnobofrs hlc os shoc hs sm`rtmhlc ey trhcfrs hs tmf hgtuhn jfhlold os ulcfrst``c.

Dhjjh Dhjjh sojpny rfprfsflts tmf gmhldf `b tmf Cfnth b`r h dovfl gmhldf ol tmf ulcfrnyold st`gi ‗ ot os ehsoghnny tmf „Cfnth `b tmf Cfnth.‚ B`r fxhjpnf, ob tmf Cfnth `b h Ghnn os 1.61 (hlc tmf Ghnn os w`rtm, b`r fxhjpnf, 8.56) hlc Cfnth‟s Dhjjh os 1.16 hlc tmf ulcfrnyold st`gi j`vfs up $8.11, tmf Cfnth smùnc

gmhldf br`j 1.61 t` 1.66 (: 1.61 + 1.16) b`nn`wold tmos j`vf ol tmf st`gi. W`, ehsfc `l tmos fxhjpnf, tmf vhnuf `b tmos Ghnn, br`j tmos $8 olgrfhsf ol tmf ulcfrnyold st`gi, wonn gmhldf ey 1.61 `r br`j 8.56 t` 8.46 (: 8.56 + 1.61). Ht tmos pòlt ol tojf, tmf Ghnn‟s Cfnth os l`w 1.66. Ob tmf st`gi j`vfs hdhol ey $8, ot smùnc tmfrfb`rf gmhldf tmf vhnuf `b tmf `pto`l ey $1.66. Dhjjh ehsoghnny sm`ws tmf p`tfltohn p`tfltohn   b`r yùr `pto`l p`soto`l t` „j`vf‚ (ol tfrjs `b vhnuf). B`r fxhjpnf, h „eod Dhjjh‚ p`soto`l ghl p`tfltohnny fxpfroflgf fxpn`sovf gmhldfs ol vhnuf (hlc noifwosf tmf `pp`sotf b`r h sjhnn Dhjjh p`soto`l). Hccoto`lhnny, ot os ojp`rthlt t` l`tf tmht Dhjjh ghl ef fotmfr p`sotovf `r lfdhtovf. @l tmht br`lt, mfrf hrf h bfw ehsog runfs heùt Dhjjh t` g`jjot t` jfj`ry; N`ld Ghnns hlc N`ld Quts mhvf p`sotovf Dhjjh Wm`rt Ghnns hlc Wm`rt Quts mhvf lfdhtovf Dhjjh Q`sotovf Dhjjh os dflfrhnny d``c b`r yùr p`soto`l hlc lfdhtovf Dhjjh os dflfrhnny ehc b`r yùr p`soto`l. B`r fxhjpnf, hs tmf st`gi j`vfs up hlc yù hrf n`ld h Ghnn, p`sotovf Dhjjh wonn dflfrhtf p`sotovf Cfnths ht hl olgrfhsold rhtf. rhtf. Noifwosf, ob tmf st`gi j`vfs c`wl hlc yù hrf n`ld h Ghnn, p`sotovf Dhjjh wonn dflfrhtf lfdhtovf Cfnths ht h cfgnolold rhtf. rhtf. Smos os tmf jhdog `b p`sotovf dhjjh. G`lbusfc0 Nft‟s usf hl fxhjpnf t` cfj`lstrhtf. Hssujf tmf b`nn`wold; EG Wt`gi progf : $71.11 N`ld HEG BFE 71.1 Ghnn A 5.11 Cfnth : 1.36 Dhjjh : 1.14

Ht tmf $71 sthrtold pòlt he`vf, tmf n`ld Ghnn mhs h Cfnth `b 1.36 ‗ tmos os fquovhnflt t` efold n`ld 36 smhrfs. Hs tmf progf `b HEG st`gi olgrfhsfs, tmf Cfnth olgrfhsfs ey tmf Dhjjh hlc tmf ojpnofc n`ld smhrf p`soto`l olgrfhsfs ht hl olgrfhsold rhtf (pnfhsf rfbfr t` tmf „Ojpnofc Q`soto`l‚ g`nujl). Noifwosf, hs tmf progf `b HEG st`gi cfgrfhsfs, tmf Cfnth cfgrfhsfs ey tmf Dhjjh hlc tmf ojpnofc n`ld smhrf p`soto`l cfgrfhsfs ht h cfgrfhsold rhtf. Ol e`tm sotuhto`ls, p`sotovf Dhjjh w`ris t` eflfbot yùr p`soto`l; wmfl tmf st`gi olgrfhsfs, yùr p`soto`l olgrfhsfs (hgtold hs s`rt `b h „vhnuf flmhlgfr‚)9 wmfl tmf st`gi cfgrfhsfs, yùr p`soto`l cfgrfhsfs (hgtold hs s`rt `b h „spffc erfhi‚ t` vhnuf cfstrugto`l). Smf shjf sotuhto`l m`ncs b`r n`ld Qut eut ol rfvfrsf (o.f. wmfl tmf st`gi cfgrfhsfs, yùr p`soto`l olgrfhsfs9 wmfl tmf st`gi olgrfhsfs, yùr p`soto`l cfgrfhsfs). Smos erolds us t` lfdhtovf Dhjjh. Lfdhtovf Dhjjh os (hs fxpfgtfc) tmf `pp`sotf `b p`sotovf Dhjjh. H sm`rt Ghnn `r sm`rt Qut os h lfdhtovf Dhjjh p`soto`l. W`, hssujf ol Fxmoeot 3.82 yù hrf sm`rt tmf Ghnn. Ol tmos sotuhto`l, yù hrf sm`rt hl fquovhnflt 36 smhrfs. Hs tmf progf `b HEG st`gi olgrfhsfs, tmf sm`rt Cfnth olgrfhsfs ey tmf Dhjjh hlc tmf ojpnofc sm`rt smhrf p`soto`l olgrfhsfs ht hl olgrfhsold rhtf ‗ yù hrf dfttold hl olgrfhsoldny nhrdf sm`rt p`soto`l hs tmf st`gi rosfs! Noifwosf, hs HEG st`gi cfgrfhsfs, tmf sm`rt Cfnth cfgrfhsfs ey Dhjjh ht h cfgnolold rhtf hlc tmf sm`rt smhrf p`soto`l cfgrfhsfs ht cfgrfhsold rhtf ‗ yùr sm`rt p`soto`l os dfttold olgrfhsoldny sjhnnfr hs tmf st`gi cfgnolfs! Smos os lfdhtovf Dhjjh. Smos sotuhto`l os tmf shjf (ol hl `pp`sotf jhllfr) b`r h sm`rt Qut p`soto`l. Hs yù ghl sff, ot os vothn t` ulcfrsthlc tmf Dhjjh ol yùr p`soto`l; odl`rf ht yùr `wl pfron. Smfth Smfth os vfry fhsy t` ulcfrsthlc; ot jfhsurfs tmf tmf`rftoghn chony cfghy `b tmf `pto`l prfjouj hssujold l` gmhldfs ol tmf st`gi progf hlc v`nhtonoty. Smf nobf `b hl `pto`l os bolotf wotm h cfbolfc fxporhto`l hlc tmfrfb`rf fvfry chy ot cfghys ol

vhnuf ‗ Smfth jfhsurfs tmos cfghy. Fxmoeot 3.84 sm`ws tmf sojpnf ghngunhto`l b`r tmf ojphgt `b Smfth `l hl `pto`l prfjouj.

Smfth eflfbots `pto`l sfnnfrs hlc murts `pto`l euyfrs. Ol tmf fxhjpnf he`vf, tmf `wlfr `b tmf HEG KHL 85.1 Qut „n`st‚ $1.16 ol prfjouj b`r fhgm `pto`l ol 8 chy ‗ tmos $1.16 `b prfjouj wflt olt` tmf p`gift `b tmf olcovocuhn wm` s`nc tmf `pto`l (tmf `pto`l sfnnfr). Noifwosf, tmf `wlfr `b tmf BFE 76.1 Ghnn n`st $1.86 ol prfjouj wmonf tmf sfnnfr dholfc tmf shjf. Hs jflto`lfc, tmos os tmf tmf`rftoghn hjùlt `b cfghy hssujold l` gmhldf ol tmf st`gi progf `r v`nhtonoty. v`nhtonoty. Hl ojp`rthlt g`lgfpt t` drhsp wotm Smfth os tmht ot os l`t h g`lsthlt hjùlt (o.f. b`r tmf fxhjpnf, Smfth cfghy c`fs l`t sthy ht -1.16 `r -1.86 b`r tmf nobf `b tmf `pto`l). Smf j`rf tojf hl `pto`l mhs t` fxporf, tmf sjhnnfr tmf ojphgt `b Smfth. Hs tmf `pto`l efdols t` hppr`hgm fxporhto`l, m`wfvfr, Smfth efdols t` olgrfhsf ol h phrhe`nog jhllfr. Smf efst why t` cfj`lstrhtf os tmrùdm hl fxhjpnf drhpm `b Smfth.

Hs Fxmoeot 3.8= sm`ws, Smfth os olotohnny sjhnn hlc tmfrfb`rf tmf ojphgt `l tmf `pto`l prfjouj os sjhnn. Hs tmf `pto`l hppr`hgmfs fxporhto`l, m`wfvfr, Smfth rhpocny olgrfhsfs, wmogm ghusfs tmf vhnuf `b tmf `pto`l prfjouj t` n`sf vhnuf ht hl olgrfhsold rhtf ‗ tmos g`lgfpt os vfry ojp`rthlt t` ulcfrsthlc b`r e`tm `pto`l euyfrs hlc `pto`l sfnnfrs. Rfdh Rfdh jfhsurfs tmf ojphgt `b h 8.11% gmhldf ol v`nhtonoty `l tmf tmf`rftoghn vhnuf `b hl `pto`l. B`r fxhjpnf, hssujf tmf HEG KVL 76.1 Ghnn os progfc ht 8.61, tmf v`nhtonoty `b HEG st`gi os 54% hlc tmf HEG KVL 76.1 Ghnn mhs h Rfdh `b 1.57. Ob v`nhtonoty olgrfhsfs ey 8.1% t` 5=%, tmf Ghnn progf smùnc olgrfhsf br`j 8.61 t` 8.47 (: 8.67 + 1.57). Noifwosf, ob v`nhtonoty cfgrfhsfs ey 8.1% t` 52%, tmf Ghnn progf smùnc cfgrfhsf br`j 8.61 t` 8.54 (: 8.61 ‗ 1.57). Ot os ojp`rthlt t` j`lot`r yùr p`soto`l Rfdh fspfgohnny wotmol tmf g`ltfxt `b sjhnn ghp eo`tfgm wmfrf gmhldfs ol v`nhtonoty hrf quotf crhjhtog hlc vo`nflt.

QHUS OO

GMHQSFU 6.1

SUHCO SUHCOLD LD WSUH W SUHSFD_ SFD_ & SHGSOG SHGSOGW W

6.8 @RFUROFT @RFUROFT

B`nn`wold

h BUW hssfssjflt, yù smùnc mhvf h ehsog ulcfrsthlcold `b tmf g`jphly‟s bulchjflthn strfldtms hlc wfhilfssfs. _ù smùnc il`w tmf tojf m`roz`l b`r tmf BCH `r gnologhn trohn ghthnyst fvflt hlc mhvf hl ocfh `b tfgmloghn progf nfvfns. Smf lfxt stfp os t` trhlsnhtf tmos hssfssjflt olt` hl hgto`lhenf trhcf ocfh. Qro`r t` cosgussold `pto`l trhcold strugturfs, m`wfvfr, ot os ojp`rthlt t` rfvofw h bfw l`tfs `l trhcold strhtfdy hlc thgtogs. H wfnn-pnhllfc, wfnnfxfgutfc   trhcf strhtfdy fxfgutfc strhtfdy wonn jolojozf yùr n`ssfs wmfrf yù hrf wr`ld hlc jhxojozf yùr pr`bots wmfrf yù hrf rodmt.

6.5 QUF-SU HCF HCF HWWFWWJFLS Smf borst stfp os t` thif h vfry quogi n`ì ht tmf g`jphly‟s `pto`l gmhols. Hssfss tmf hvhonheonoty `b cobbfrflt fxporhto`l j`ltms, tmf lujefr `b hvhonhenf stroifs, tmf nfvfn nfvfn `b `pfl oltfrfst oltfrfst b`r fhgm stroif hlc tmf Eoc / Hsi sprfhc b`r tmf cobbfrflt sfrofs `b `pto`ls. Ol s`jf ghsfs, trhcold tmf `pto`ls sojpny c`fs l`t jhif sflsf. Ot os usuhnny h d``c ocfh t` hvòc trhcold tmf `pto`ls `b h st`gi ob tmfrf hrf `lny `lf `r tw` fxporhto`l j`ltms, `lny h bfw stroifs hvhonhenf, nojotfc `pfl oltfrfst hlc modm Eoc / Hsi sprfhcs ‗ tmos smùnc ef bhorny èvoùs.

Fxmoeot 6.8; Tmfl t` Hvòc Srhcold Onnoquoc @pto`ls

> 5 Fxporhto`l j`ltms > 7 Wtroifs hvhonhenf > ~611 t`thn g`ltrhgts ol `pfl oltfrfst (b`r hnn stroifs, j`ltms, b`r e`tm Ghnns hlc Quts) Qrfjouj sprfhc < ~56% wmfrf prfjouj sprfhc : (Hsi ‗ Eoc) / Wtroif Srhcold olt` tmfsf sotuhto`ls os t`` g`stny hlc brhudmt wotm fxfguto`l rosi. @btfl h st`gi‟s `pto`ls wonn fxmoeot h bfw eut l`t hnn `b tmfsf trhots. Ol sugm sotuhto`ls yù lffc t` usf h eot `b cosgrfto`l.

6.7 L@ @QSO@LW0 L@ WSUOIFW0 L@ QU@ENFJ Ob yù hrf vfry hgtovf trhcold `pto`ls ol tmf sjhnn ghp eo`tfgm sphgf yù wonn j`rf `btfl tmhl l`t rul olt` tmf sotuhto`l wmfrf `pto`ls hrf fotmfr l`t trhcfc `l hhvhonhenf. spfgobog g`jphly `r wmfrf gfrthol stroifstmos ol hsgflhro` g`jphly‟s gmhols hrf l`t Ot jhy surprosf yù, eut ulcfr ot os`pto`l p`ssoenf t` ghnn tmf fxgmhldf t` fxgmhldf t` rfqufst tmf olotohto`l `b `pto`ls `l h g`jphly g`jphly `r tmf hvhonheonoty `b spfgobog stroifs. _ù c`l‟t lffc t` ef h jhk`r bulc `r lhto`lhn erìfr t` jhif tmfsf rfqufsts (hntmùdm ot mfnps). _fs, `pto`l fxgmhldfs hrf n`ìold ùt b`r tmf pr`vfreohn nottnf duy. Vlcfr tmos sotuhto`l, O usuhnny ghnn tmf Gmoghd` E`hrc @pto`ls Fxgmhldf (tmf GE@F) ht +8 (=44) =37-5527 (gmfgi tmfor wfesotf, ge`f.g`j ge`f.g`j ob tmf lujefr os ùt `b chtf). B`nn`w tmf hut`jhtfc systfj hlc fvfltuhnny yù wonn rfhgm h novf pfrs`l. B`r stroifs, yù sojpny lffc t` sthtf tmf lhjf `b tmf g`jphly, tmf togifr, tmf stroif hlc tmf sfrofs. B`r fxhjpnf, O rfgfltny ghnnfc t` t` rfqufst tmf hvhonheonoty `b tmf JhllIolc JhllIolc Bferuhry 83.1 stroif Ghnn (stroifs 8.1 tmrùdm 86.1 wfrf hvhonhenf wotm tmf fxgfpto`l `b tmf 83.1). Smf GE@F olcovocuhn wonn rfqufst yùr g`lthgt cfthons (o.f. yùr pm`lf lujefr). Smfy wonn thif yùr rfqufst hlc tmfl ghnn yù fotmfr tmht chy `r tmf lfxt chy t` pr`vocf h rfsp`lsf t` tmf rfqufst (o.f. yfs `r l` ‗ tmfy lffc t` cftfrjolf ob tmfrf os jhrift jhifr cfjhlc b`r shoc stroifs) hlc wmfl tmf stroif wonn ef hvhonhenf. Ufqufstold tmf olotohto`l `b `pto`ls `l h g`jphly os (sodloboghltny) j`rf cobbogunt hs ehsog grotfroh (sugm hs jolojuj progf, v`nujf, ftg.) hs wfnn hs jhrift cfjhlc lffc t` ef jft. Smf novf pfrs`l ht tmf GE@F wonn `btfl pr`vocf hl ojjfcohtf rfsp`lsf wotm rfspfgt t` tmfsf rfqufsts hlc ghl hlswfr hly `tmfr qufsto`ls yù jhy mhvf.

6.3 „NFDDOLD‚ OL

Nfddold ol rfbfrs t` g`lstrugtold h junto-nfd p`soto`l ol phrts olstfhc `b bonnold

tmf `rcfr‟s g`jp`lflt phrts ht `lf progf sojunthlfùsny wotm yùr erìfr. Nfddold ol os j`st g`jj`l b`r Ghnn/Qut sprfhcs hlc euttfrbnofs. Nfddold ol os efst hppnofc t` g`jphlofs wmfrf tmf st`gi mhs effl trhcold ol wfnn-cfbolfc rhldfs `r gmhllfns. B`r fxhjpnf, ob yù purgmhsfc 81 L@R 4.6/81.1/85.6 euttfrbny `l ]_[ st`gi wotm yùr erìfr ol Fxmoeot 6.5 ht jhrift progfs voh h Nojot @rcfr, yù wùnc put ol hl `rcfr b`r hlc ef bonnfc ht tmf b`nn`wold; EV_ 81 L@R 4.6 Ghnn A 8.66 : $8,661 (: ( : 81*811*8.66) WFNN 51 L@R 81.1 Ghnn A 1.?1 : ($8,=11)35 (: (51)*811*1.?1) EV_ 81 L@R 85.6 Ghnn A 1.26 : $261 (: 81*811*1.26) S`thn Hjùlt Qhoc : $311 Qrogf pfr Euttfrbny : $1.31

Ol tmos ghsf, yù pnhgfc hl `rcfr b`r tmf euttfrbny hlc wfrf bonnfc. Hs tmos whs h Nojot @rcfr (o.f. l`t h Jhrift @rcfr) tmfrf whs l` rosi ol tmf fxfguto`l `b yùr trhcf hsocf br`j ot l`t efold bonnfc. Hs hl hsocf, yù smùnc hnwhys pnhgf h Nojot @rcfr ‗ LFRFU pnhgf h Jhrift @rcfr wmfl trhcold onnoquoc `pto`ls (ob yù c`, yù wonn ojjfcohtfny il`w wmht ot bffns noif t` dft roppfc `bb). @btfl, ot os p`ssoenf t` trhcf olt` h p`soto`l ht h grfcot `r ht nottnf t` l` g`st. Smos os tmf tmf`ry efmolc nfddold olt` h trhcf. @b gùrsf, wotm tmf thrdftfc n`wfr t` l` g`st b`r tmf p`soto`l, tmf fxfguto`l rosi os olgrfhsfc hlc ol s`jf ghsfs, tmf rosi os olgrfhsfc suesthltohnny. Wupp`sf yù oltflc t` c` tmf hb`rfjflto`lfc euttfrbny trhcf eut olstfhc wosm t` nfd ol. Efn`w, wf hssujf tw` sojpnf sgflhro`s; Wgflhro` H; ]_[ st`gi olgrfhsfs $8.11 `vfr curhto`l `b nfd-ol; Ol tmos sgflhro`, yù euy 81 L@R 4.6 Ghnn A 8.66. Smf st`gi progf olgrfhsfs ey $8.11. Smf vhnuf `b tmf Ghnns olgrfhsf hgr`ss tmf gmhol. Smf vhnuf `b tmf L@R 81.1 stroif Ghnn os l`w 8.31 hlc tmf vhnuf `b tmf L@R 85.6 Ghnn os l`w 1.?6. _ù pr`gffc t` sfnn 51 L@R 81.1 stroif Ghnn A 8.31 hlc euy 81.1 L@R 85.6 stroif Ghnn A 1.?6. Smf t`thn trhcf dovfs yù h grfcot `b 1.71, `r $711. _ù hrf l`w ehsoghnny efold phoc t` c` tmos trhcf ‗ ot os brff hlc yù wonn jhif ht nfhst $711 l` jhttfr wmht mhppfls. Ob tmf st`gi flcs up ht tmf joc-pòlt b`r tmf euttfrbny, o.f. tmf L@R 81.1 stroif, yù wonn hgmofvf jhxojuj vhnuf, `r ol tmos ghsf hrùlc $5,=11. Ob yù c` tmos b`r 811 euttfrbnofs (o.f. 811 L@R 4.6/511 L@R 81.1/811 L@R 85.6), tmht wùnc ef $5=,111 rosi brff (hbtfr tmf trhcf nfdol). L`t ehc.

Wgflhro` E; ]_[ st`gi cfgrfhsfs $8.11 `vfr curhto`l `b nfd-ol; …L`t ehc ulton yù g`lsocfr tmf hntfrlhtovf sgflhro`. Ol tmos sgflhro`, yù euy 81 L@R 4.6 Ghnn A 8.66. Smf st`gi progf cfgrfhsfs ey $8.11. Smf vhnuf `b tmf Ghnns cfgrfhsf hgr`ss tmf L@R gmhol.85.6 Smf Ghnn vhnufos `b tmf1.76. L@RL`w 81.1tmf stroif os l`w 1.6? hlc tmf vhnuf `b tmf l`w trhcfGhnn g`sts 1.45 `r $451. _ù jhy cfgocf l`t t` c` tmos trhcf ht tmos pòlt. Ol hccoto`l, yùr L@R 4.6 stroif Ghnns hrf l`w w`rtm 1.??, h n`ss `b 1.62, `r $621. Ht tmos kulgturf tmf `rodolhn strhtfdy t` t` nfd ol os l`w ol qufsto`l hlc cfgoso`ls w wonn onn lffc t` ef jhcf wmftmfr `r l`t yù gn`sf tmf p`soto`l ùt ht h n`ss, m`nc, `r c` s`jf `tmfr strhtfdog hckustjflt (sugm hs, b`r fxhjpnf, sfnnold tmf L@R 81.1 Ghnn).

Ehsfc `l tmos `l tmos sojpnf fxhjpnf, nfddold ol ghl fotmfr ef modmny nugrhtovf `r vfry g`stny. B`r tmfsf rfhs`ls, sfvfrhn runfs smùnc ef b`nn`wfc, b`r tmf j`rf rosihvfrsf trhcfr, smùnc yù cfgocf t` nfd ol. Borst `b hnn, LFRFU nfd olt` h p`soto`l wmfrf tmf ghthnyst hllùlgfjflt os ojjolflt (hlc ulil`wl). Fjpmhsos smùnc ef hccfc t` nfddold ol wmfrf tmf olotohn nfd-ol os `l tmf sm`rt socf. B`r fxhjpnf, ob yù nfd olt` h n`ld Ghnn euttfrbny p`soto`l, hlc yù olotohtf tmf trhcf ey sfnnold tmf e`cy, ol ùr fxhjpnf tmf L@R 81.1 Ghnns, hlc tmf Qmhsf OOO os hllùlgfc wotm p`sotovf rfsunts, yù gùnc ef wopfc ùt. Ob yù lffc t` nfd ol, hnwhys nfd ol `l tmf n`ld socf. B`r n`ld n`ld euttfrbny p`soto`ls, h d``c ocfh os t` oolotohtf lotohtf tmf trhcf wotm hl fquhn g`ltrhgt sprfhc trhcf. Ol ùr fxhjpnf he`vf, tmos wùnc olv`nvf euyold 81 L@R 4.6 Ghnn A 8.66 hlc sfnnold 81 L@R 81.1 Ghnn A 1.?1 b`r 1.26 `r $261. Ol tmos ghsf, yù cfgrfhsf yùr t`thn rosi ey lfhrny 21% (8.66 cfeot vfrsus 1.26 cfeot) ob tmf st`gi cr`ps t` $1. Ob tmf st`gi olgrfhsfs ey $8.11, hs ol ùr fxhjpnf, lfxt sfnn tmf L@R 81.1/85.6 Ghnn sprfhc ol fquhn g`ltrhgts. Ol ùr fxhjpnf tmos wùnc ef t` Wfnn 81 L@R 81.1 Ghnn A 8.31, Euy 81 L@R 85.6 Ghnn A 1.?6 b`r h grfcot `b 1.36 `r $361. Smf lft rfsunt os h euttfrbny tmht g`sts 1.51 `r $511. L`t hs d``c hs tmf grfcot `r brff trhcf eut hns` l`t hs rosiy. @b gùrsf yù gùnc hnwhys phy tmf `rodolhn $311 t` sojunthlfùsny bonn tmf trhcf wotm yùr erìfr.

6.6 EVONC Q@WOSO@LW OL WJHNN EN@GIW Smf sjhnnfr tmf sozf `b tmf trhcf, tmf fhsofr hlc bhstfr t` bonn tmf trhcf. Smos os `lf `b tmf ify „fcdfs‚ hbb`rcfc t` tmf l`l-olstotuto`lhn trhcfr vfrsus tmf nhrdf olstotuto`lhn trhcfrs wm` just trhcf „ol sozf‚ (wmogm hrf usuhnny bonnfc ey olstotuto`lhn erìfrs wotm nhrdf ehlis). Smos jhifs yùr trhcold j`rf lojenf hlc smùnc dft yù efttfr progfs. _ù smùnc fxpnòt tmos fnfjflt t` fvfry fxtflt p`ssoenf wmfl yù trhcf. B`r n`ldfr tfrj p`soto`ls (o.f. wmfrf tmf ghthnyst fvflt os j`rf tmhl 2 j`ltms hwhy), wmfrf noquocoty os n`wfr, tmos pòlt ghll`t ef fjpmhsozfc flùdm ‗ euonc p`soto`ls sn`wny hlc ol sjhnnfr en`gis. C` l`t g`lgfrl yùrsfnb wotm g`jjosso`ls. G`jjosso`ls hrf l`w fxtrfjfny n`w, hlc smùnc l` n`ldfr bhgt`r olt` `r ojphgt yùr cfgoso`l t` trhcf. H rùlc trop g`jjosso`l smùnc ef ojjhtfrohn t` tmf `vfrhnn vhnuf `b tmf trhcf. Ob ot os l`t, ot os tojf t` gmhldf yùr erìfr.

6.2 LFRFU SUHCF HS SMF EOC @U HWI Lfvfr trhcf ht tmf jhrift Eoc `r Hsi. Smos os fspfgohnny truf b`r onnoquoc `pto`l jhrifts sugm hs tm`sf bùlc ol sjhnn ghp eo`tfgm. Ol noquoc jhrifts, sugm hs WQ_,

wmfrf tmf Eoc / Hsi sprfhc os .18, yù èvoùsny lffc t` trhcf ht tmf Eoc / Hsi. Ol sjhnn ghp eo`tfgm, m`wfvfr, sprfhcs ghl ef hs wocf hs 1.61 ob l`t jugm wocfr. B`r fxhjpnf, Lheo Eo`pmhrjhgfutoghn‟s (Sogifr; LHEO) Kulf 4.6 Ghnn whs qu`tfc ht 1.71 / 1.46. Smos jfhls tmht ob O euy 81 `b tmf Ghnns ht tmf Hsi ot wonn g`st jf $461 (: 1.46 * 81 * 811). Smf vhnuf sm`wl ol jy hggùlt wonn ojjfcohtfny sm`w h n`ss `b $556 `l tmf trhcf (ob tmf erìfrhdf thifs tmf jocpòlt vhnuf `b tmf `pto`l, hs cosgussfc ol Wfgto`l 3.5.7; Smf Ojp`rthlgf `b Vlcfrsthlcold Smf Eoc/Hsi Wprfhc). Ob O b`r s`jf rfhs`l whlt t` dft ojjfcohtfny ùt `b tmf trhcf, O wonn mhvf t` sfnn ht tmf Eoc (1.71) hlc thif hl `vfrhnn n`ss `l tmf p`soto`l `b $361. Smos os l`t d``c. Hl hntfrlhtovf rùtf t` sfnnold `r euyold ht tmf jhrift Hsi `r Eoc os t` fjpn`y tmf b`nn`wold pr`gfcurf; H.

Borst cftfrjolf tmf tmf`rftoghn vhnuf `b tmf `pto`l(s). 37 Smf fhsofst why t` c` tmos os t` usf tmf Enhgi-Wgm`nfs j`cfn (`r `tmfr j`cfn) t` ghngunhtf

wmht tmf tmf`rftoghn vhnuf smùnc hppr`xojhtfny ef. Vsold jy olputs (b`r tmf LHEO Ghnn `pto`ls kust cosgussfc) O dft h vhnuf `b heùt 1.21 (sff Wfgto`l 3.3.8; Ghngunhtold Smf`rftoghn R Rhnuf). hnuf). E. Lfxt thif tmf hvfrhdf `b tmf gurrflt Eoc / Hsi Hsi wmogm fquhtfs t` 1.67 ( : (1.71 +1.46) / 5) G. G`jphrf tmf tmf`r tmf`rftoghn ftoghn vhnuf `b 1.21 hlc tmf hvfrhdf vhnuf `b 1. 1.67 67 t` tmf Hsi `b 1.46. Ehsfc `l tmf chth mfrf, h trhcf smùnc ef p`ssoenf ol tmf rhldf `b 1.67 t` 1.21 (prèheny 1.66). _ù jhy lffc t` olgrfhsf tmf hjùlt t` 1.26 tmht wonn ulcùetfcny dft bonnfc. H d``c dflfrhn strhtfdy wmfl trhcold ol onnoquoc `pto`l jhrifts os t` olotohtf tmf trhcf ht tmf hvfrhdf progf `b tmf Eoc hlc Hsi (modmny hll`yold t` jhrift jhifrs fspfgohnny wmfl tmf sozf os sjhnnfr). Mflgf, tmf LHEO trhcf gùnc mhvf effl olotohtfc ht 1.66. C` tmos b`r hnn trhcfs olgnucold sprfhcs hlc j`rf g`jpnfx trhcfs. B`r fxhjpnf, ob yù hrf trhcold h n`ld Ghnn sprfhc, thif tmf hvfrhdf `b e`tm nfds hlc suetrhgt t` dft yùr olotohn sprfhc vhnuf. Ob yù hrf trhcold tmf ]_[ 6.1 / 4.6 stroif n`ld Ghnn sprfhc (o.f. n`ld tmf 6.1 Ghnn, sm`rt tmf 4.6 Ghnn) hlc tmf 6.1 Ghnn os trhcold ht 8.81 / 8.21 hlc tmf 4.6 Ghnn os trhcold ht 1.61 / 1.?6, yù wùnc thif tmf hvfrhdf `b fhgm stroif, 8.76 b`r tmf 6.1 Ghnn hlc 1.47 b`r tmf 4.6 Ghnn. Lfxtusf suetrhgt e`tm hs (solgf os h n`ldpòlt Ghnn b`r sprfhc) t` dft_ù 1.25.jhy Uùlc t` 1.26 hlc tmos vhnuf yùrotsthrtold b`r tmf trhcf. `btflupdft

bonnfc ht tmos vhnuf hlc wmfl yù hrf, tmf Q&N ojphgt `l yùr p`rtb`no` os lfhrny zfr`. Ob tmos os tmf ghsf, hlc yù hrf euoncold h nhrdfr p`soto`l hs hnrfhcy cosgussfc, yùr lfxt en`gi `rcfr smùnc ef ht h n`wfr vhnuf. Ob yù hrf l`t bonnfc, yù jhy lffc t` sn`wny hcc olgrfjflts `b 1.16 `r n`wfr t` tmf olotohn vhnuf. Ob yù hrf l`t bonnfc hbtfr sfvfrhn olgrfjflts, ghlgfn tmf `rcfr.

FWSOJHSOLD SOLD QUOGF J@RFJFLS J@RFJFL S 6.4 FWSOJH Qrogf j`vfjflt ghl `btfl ef hggurhtfny fstojhtfc ey n`ìold ht tmf ht-tmfj`lfy („HSJ‚) strhccnf `b tmf j`ltm wmfrf tmf ghthnyst fvflt os fxpfgtfc.33 B`r fxhjpnf, st`gi ]_[ os gurrfltny trhcold ht $4.61 pfr smhrf. Qmhsf OOO pov`thn hllùlgfjflts hrf cuf ol fhrny L`vfjefr. Smf L@R 4.6 Ghnn (jocpòlt) os trhcold ht 7.51 hlc tmf L@R 4.6 Qut (joc-pòlt) os trhcold ht 5.46. Ob wf hcc tmf Ghnn prfjouj hlc tmf Qut prfjouj wf dft 6.?6 (: 5.46 + 7.51). L`w wf suetrhgt hlc hcc tmf t`thn prfjouj vhnuf t` tmf gurrflt smhrf progf t` dft $8.66 hlc $87.63. Smos vhnuf rhldf rfprfsflts wmfrf tmf jhrift os g`nnfgtovfny prfcogtold tmf progf t` j`vf b`r e`tm lfdhtovf hlc p`sotovf ùtg`jfs. Ehsfc `l fxpfroflgf, tmfsf fstojhtfs hrf `btfl hggurhtf hlc ghl pr`vocf yù wotm h duocfnolf wmfrf t` strugturf yùr trhcf. Smf j`vfjflt ojpnofc ey `pto`l progfs rhrfny nof.

6.= WGFLHUO@ SFWSOLD Qro`r t` olotohtold h trhcf, yù smùnc hnwhys rul h sfrofs `b sgflhro` hlhnysos wmfrf yù ghl cftfrjolf jhxojuj pr`bot (hlc ht wmht nfvfn), jhxojuj n`ss (hlc ht wmht nfvfn), `vfrhnn pr`bot strugturf (o.f. m`w tmf pr`bot/n`ss cohdrhj gmhldfs br`j jhxojuj n`ss t` jhxojuj pr`bot nfvfns), m`w tmf Q&N `b tmf p`soto`l cfvfn`ps/gmhldfs `vfr tojf, hlc m`w tmf p`soto`l os ojphgtfc ey gmhldfs ol ojpnofcHsv`nhtonoty. _ùj`st smùnc lfvfr olotohtf trhcf ulnfss yù il`w tmos olb`rjhto`l. jflto`lfc, erìfrhdfs wonn hpr`vocf yù wotm tmfsf t``ns ‗ ob yùr erìfrhdf c`fs l`t, yù lffc t` gmhldf yùr erìfr wotmùt cfnhy. Ol dflfrhn, ot os efttfr t` b`gus `l jhxojuj n`ss (yùr „rosi‚) wmfl rullold sgflhro`s. B`r sjhnn ghp eo`tfgm, hs bhr hs O hj g`lgfrlfc, rosi smùnc hnwhys ef cfbolfc hlc l`t `pfl-flcfc. Smht os, ot os dflfrhnny h ehc ocfh t` mhvf ulmfcdfc sm`rt p`soto`ls sugm hs lhifc Ghnns. Lhifc Quts hrf dflfrhnny ì dovfl tmht j`st sjhnn ghp eo`tfgm trhcfs ulcfr $81 tmus nojotold c`wlsocf wotm h „brff‚ zfr` stroif Qut. Jhly hrduf, `btfl g`rrfgtny, tmht sfnnold ùt `b tmf j`lfy ghnns os vfry nugrhtovf dovfl tmf ulnoifny fvflt `b tmf progf rhnnyold x x   c`nnhrs. Smos jhy dflfrhnny ef truf, eut hnn ot thifs os `lf ùtnofr t` ghusf sfvfrf bolhlgohn chjhdf.

Cfbolold pr`bot hlc n`ss z`lfs os (usuhnny) strhodmtb`rwhrc ‗ wmht os `btfl `vfrn`ìfc ol tmf sgflhro` tfstold pmhsf, m`wfvfr, os tmf ojphgt br`j tmf g`nnhpsf `b ojpnofc v`nhtonoty (`btfl l`tfc sm`rt mhlc hs „OR‚) `l yùr p`soto`l. Vsuhnny pro`r t` tmf ghthnyst fvflt, ojpnofc v`nhtonoty wonn noifny ef drfhtfr tmhl 561%. Fxmoeot 6.6 drhpmoghnny sm`ws h typoghn v`nhtonoty gmhrt pro`r t` h Qmhsf OOO ghthnyst fvflt. Ojjfcohtfny hbtfr tmf fvflt, ojpnofc v`nhtonoty wonn g`nnhpsf, `btfl suesthltohnny, rfdhrcnfss `b hl upwhrc `r c`wlwhrc j`vf ol tmf ulcfrnyold st`gi. Smos ghl nfhc t` ulfxpfgtfc hlc ulg`jb`rthenf rfsunts b`r tmf ulolotohtfc. B`r fxhjpnf, supp`sf st`gi ]_[ trhcfs ht $=.61 pro`r t` h Qmhsf OOO hllùlgfjflt hlc hl fxtrfjfny efhrosm trhcfr euys n`ts `b 5.6 stroif Qut wotm ojpnofc v`nhtonoty ht 761% b`r $1.57 pfr `pto`l wotm `lf j`ltm t` fxporhto`l.

Smf trhcfr os fxgotfc tmht mf purgmhsfc sugm „gmfhp‚ `pto`ls. Smf rfsunts g`jf ùt hlc tmf st`gi pnujjfts $2 t` $5.61. Smf trhcfr, fxgotfc, n`ìs ht mos hggùlt hlc tmf p`soto`l sm`ws h lfhr 31% n`ss. Smf rfhs`l, ojpnofc v`nhtonoty cr`ps br`j 761% t` 61% (hl fxtrfjf ghsf) hlc tmf `pto`ls l`w trhcf ht $1.83. Hntmùdm tmos os h vfry sojpnf fxhjpnf, ot cfj`lstrhtfs tmf ojp`rthlgf `b j`lot`rold tmf ojphgt `b gmhldold ojpnofc v`nhtonoty `l yùr trhcold p`soto`l ‗ jhif surf yù rul tmos typf `b sgflhro` pro`r t` ojpnfjfltold h trhcf (hgmofvfc ey gmhldold tmf v`nhtonoty fstojhtf jhluhnny ol tmf Enhgi Wgm`nfs j`cfn hs cosgussfc `r tmrùdm yùr erìfr‟s `pto`l vhnuhto`l s`btwhrf phgihdf). Hs h dflfrhn duocfnolf, tmf p`st-ghthnyst fvflt v`nhtonoty wonn `btfl ef h bfw l`tgmfs

efn`w ojpnofc v`nhtonoty tmht prfgfcfc tmf hllùlgfjflt ey sfvfrhn j`ltms (rfprfsfltfc ey tmf „L`rjhn‚ v`nhtonoty nfvfn ol Fxmoeot 6.6). Hdhol, yùr erìfr smùnc `bbfr h t``n tmht sm`ws ojpnofc v`nhtonoty nfvfns drhpmoghnny b`r ht nfhst h yfhr ol tmf phst.

6.? SHIF-@BB _@VU WS@QW

Totm nfss tmhl h j`ltm `r s` ulton h BCH `r gnologhn trohn ghthnyst fvflt (`r fvfl hbtfr tmf fvflt), ot os hnwhys h d``c ocfh t` thif `bb yùr prf-sft Wt`p @rcfrs (b`r yùr st`gi m`ncolds ‗ lfvfr usf Wt`p @rcfrs wotm `pto`ls). Ob yù lffc t` usf h Wt`p @rcfr, usf h jflthn jflthn Wt`p Wt`p @rcfr (o.f. l`t hl fxpnogot `rcfr wotm yùr erìfr). Smf ify prènfj wotm h Wt`p @rcfr os tmht ot grfhtfs h „phtm `b noquocoty‚ b`r hl olcovocuhn `r mfcdf bulc tmht trhcfs ol sozf t` „rul tmf st`ps.‚ Ot hns` jhifs yù h vogtoj `b onnfdhn efhr rhocs (rhrfny flb`rgfc ey tmf WFG) wmfrf lhifc sm`rt sfnnold os usfc. Ehsoghnny, h nhrdf pnhyfr gùnc g`jf olt` tmf jhrift hlc hddrfssovfny eoc c`wl tmf smhrfs (`btfl usold lhifc sm`rtold thgtogs, o.f. sfnnold smhrfs l`t e`rr`wfc `r wmogm c` l`t fxost) tmus sfttold `bb hnn `b tmf gujunhtovf Wt`p (sfnn) @rcfrs tmus bufnold hl hddrfssovf c`wl spoif ol tmf smhrf progf wmogm tmfl hnn`ws tmf nhrdf pnhyfr t` euy olt` tmf sfnnold tmus p`giftold tmf pr`bots ‗ corty stubb hlc onnfdhn hntmùdm tmf WFG lfvfr sffjs t` olvfstodhtf tmfsf prhgtogfs.

Qrèheny tmf j`st rfgflt nfdflchry st`p rullold/efhr rhoc fvflt ol sjhnn ghp eo`tfgm whs wotm Cflcrf`l.36 Smf st`gi whs trhcold ol tmf modm twfltofs b`nn`wold ots suggfssbun Qmhsf OOO rfsunts sfvfrhn wffis pro`r. Smf g`jphly whs snhtfc t` jhif h modm pr`bonf prfsflthto`l rfnhtfc t` tmf suggfssbun Qmhsf OOO crud rfsunts ht hlhtojp`rthlt g`lbfrflgf ol Hpron 511?. Wfvfrhn efb`rf tmf prfsflthto`l tmf g`lbfrflgf, tmf smhrfs pnujjftfc br`j tmfmùrs modm twfltofs t` nfss tmhl $= h smhrf ol h bfw jolutfs pro`r t` efold mhntfc. Smf lfxt chy, tmfy trhcfc ehgi up t` tmf modm twfltofs. Ob yù mfnc tmf smhrfs hlc mhc h Wt`p @rcfr yù wùnc mhvf mhc mudf n`ssfs (cfpflcold `l wmht Wt`p progf whs usfc) b`r l` rfhs`l. Smfrf whs l` jhk`r olvfstodhto`l olt` tmf `ggurrflgfs tmht chy. Smf WFG whs sonflt tmus g`jjuloghtold t` olvfst`rs/trhcfrs tmht „yù hrf `l yùr `wl.‚

6.81 (RFU_) MODM WM@US OLSFUFWS : CHLDFU Ob yù trhcf `r olvfst ol tmf sjhnn ghp eo`tfgm sphgf yù wonn usuhnny ef fxp`sfc t` g`jphlofs wotm rhtmfr suesthltohn sm`rt oltfrfst g`jphrfc t` g`jphlofs ùtsocf `b tmfololcustry ‗ tmos tfrrot`ry. O g`lsocfr h „l`rjhn‚ sm`rt oltfrfst j`st BCH hlcg`jfs gnologhnwotm trohntmf ghthnyst fvflts t` ef ol tmf rhldf `b

81% t` 86% `r h eot modmfr. Tmfl yù hrf g`lbr`ltfc wotm h sm`rt oltfrfst he`vf 51% `r fvfl modmfr, hl fxtrh nfvfn `b ghrf hlc cuf conodflgf os modmny hcvosfc ob yù hrf trhcold br`j h n`ld (eunnosm) p`soto`l. Wm`rt oltfrfst tmos modm olcoghtfs eod j`lfy, olstotuto`lhn sm`rt oltfrfst. Wmhrfs hrf noifny vfry mhrc t` e`rr`w (smùnc yù wosm t` sm`rt) hlc e`rr`w bffs hrf noifny vfry modm hs tmf smhrfs hrf `bbfrfc t` tmf efst gnoflts (o.f. mfcdf bulcs, ftg.) `b olstotuto`lhn erìfrs. Smf pòlt os sojpnf; eod j`lfy wotm suesthltohn, wfnn-bulcfc rfsfhrgm os efttold hdholst tmf eunnosm sgflhro`. _ù lffc h vfry d``c rfhs`l t` hc`pt h eunnosm sthlgf ol tmos sotuhto`l. @btfl tmf eod j`lfy os wr`ld ‗ kust ef hcvosfc t` thif fxtrh ghrf wmfl g`lbr`ltfc wotm vfry modm sm`rt oltfrfst.

6.88 J@LOS@U @QSO@L HGSOROS_ QUF-GHSHN_WS Tmfl h g`jphly os wotmol h bfw wffis `b h ghthnyst fvflt, ot os vfry ojp`rthlt t` j`lot`r, b`r tmf rfnfvhlt fxporhto`l sfrofs, e`tm `pto`l v`nujfs hlc `pto`l `pfl oltfrfst nfvfns ht hvhonhenf stroif progfs. Smf efst why t` c` tmos, ol jy `polo`l, os t` prolt ùt tmf `pto`l gmhols b`r tmf rfnfvhlt fxporhto`l sfrofs ht tmf flc `b fhgm trhcold chy hlc tmfl g`jphrf t` tmf b`nn`wold chy (b`r h wffi t` sfvfrhn wffis pro`r). J`lot`rold e`tm v`nujf hlc `pfl oltfrfst ghl ef vfry rfvfhnold hlc pr`vocf vhnuhenf olsodmt ol tmf bolhn chys prfgfcold h ghthnyst fvflt. S` j`lot`r v`nujf, n`ì ht wmht stroifs mhvf tmf mfhvofst v`nujf hlc wmogm `pto`ls, Ghnns `r Quts, hrf tmf j`st hgtovf. Smos wonn dflfrhnny pr`vocf s`jf gurs`ry olcoghto`l `b wmftmfr tmf jhrift os efhrosm `r eunnosm `l tmf g`jphly‟s pr`spfgts (ob yù mhvf b`nn`wfc tmf g`jphly b`r sfvfrhn wffis hlc olotohtfc h p`soto`l tmos il`wnfcdf smùnc ef sfg`lc lhturf). S` dft h j`rf cfthonfc n`ì ht tmf `rcfr bn`w, m`wfvfr, yù lffc t` b`gus `l lft   gmhldfs ol `pfl oltfrfst. S` c` tmos, g`jphrf tmf pro`r chy‟s `pfl oltfrfst nfvfns t` tmf (gurrflt) efdollold `b chy B`r fxhjpnf, Fxmoeot `pfl oltfrfst ol tmf HVD 6.1`pfl stroifoltfrfst. Ghnn `pto`ls `b G`jphly ]_[.6.2 trhgis tmf

G`jphrold tmf chy-t`-chy lft gmhldf ol `pfl oltfrfst, ot efg`jfs gnfhr tmht tmfrf os mfhvy, hlc olgrfhsoldny nhrdf, hggujunhto`l ht tmos stroif (Chy 5 +7,111, Chy 7 +4,111 hlc Chy 3 +86,111). @l chy 6, m`wfvfr, tmfrf os h sodloboghlt rfcugto`l ol `pfl oltfrfst jfhlold h nhrdf p`rto`l `b tmf `pto`ls wfrf gn`sfc ùt. Smos `ggurrfc tmf chy pro`r pro`r wmfl tmf stroif fxpfroflgfc vfry modm v`nujf g`lgfltrhtfc ol `lf trhcf9 s`jf sffold tmf trhcf jhy mhvf tmùdmt tmos whs h mudf eunnosm trhcf (tmus prfsujheny hccold t` `pfl oltfrfst) jhcf ey hl olstotuto`lhn trhcfr wmogm jhy mhvf fltogfc tmfj t` put `l h sojonhr trhcf. Smf lfxt chy, m`wfvfr, `pfl oltfrfst cfgnolfc suesthltohnny. W`jf`lf, s`jfwmfrf, trhcold ol sozf (hlc tmfrfb`rf prfsujheny „ol tmf il`w‚), t`ì pr`bots hlc coc l`t whlt t` m`nc olt` tmf ghthnyst fvflt. Ob O hj n`ld tmf HVD 6.1 Ghnn, hlc O shw tmos, O wùnc sfroùsny g`lsocfr fotmfr fxotold `r thiold s`jf `tmfr rosi mfcdold hgto`l, sugm hs sfnnold tmf HVD 4.6 4.6 Ghnn. @b gùrsf, tmos fxhjpnf os sojpnobofc hlc hlhnyzfs `lny `lf stroif ‗ ol rfhnoty, yù lffc t` n`ì ht hnn rfnfvhlt stroifs t` sff wmht os dòld `l. Smf pòlt os, ot os vfry ojp`rthlt hlc `b vhnuf j`lot`rold `pfl oltfrfst wmfl lfhrold h ghthnyst fvflt hs ot dovfs yù h pogturf `b `rcfr bn`w hlc jhy b`rfsmhc`w g`jold fvflts.

6.85 F]OS @U M@NC QUF-GHSHN_WS0 Ob yù fltfrfc h trhcf fhrny flùdm t` dflfrhtf cfgflt pr`bots yù wonn ef g`lbr`ltfc wotm hl ojp`rthlt qufsto`l; c` yù fxot tmf p`soto`l `r c` yù m`nc olt` tmf hllùlgfjflt0 Smf j`rf Q&N tmf trhcf mhs jhcf pro`r t` tmf hllùlgfjflt, tmf mhrcfr tmos cfgoso`l jhy ef. H d``c strhtfdy (wocfny il`wl hs tmf „rul up‚ jftm`c) hc`ptfc ey jhly os t` fxot olt` (o.f. pro`r) tmf ghthnyst fvflt. Smos hppr`hgm jhy yofnc g`lsostflt hntmùdm l`t spfgthgunhr pr`bots. Smos cfgoso`l èvoùsny cfpflc yùr pfrs`lhn sotuhto`l hlc osyùr rosi t`nfrhlgf. wonn Vsuhnny, wmfl bhgfc wotm`ltmos cfgoso`l, tmf efst hppr`hgm t` hssfss tmf pr`bot ulcfr sfvfrhn sgflhro`s; bunn fxot, m`nc (wotm p`sotovf ùtg`jf), m`nc (wotm lfdhtovf ùtg`jf, hssujf zfr`, o.f. bunn n`ss `b hnn hggrufc pr`bot pnus trhcf `rodolhn g`st), `r fxot mhnb/m`nc mhnb. Smos wonn put vhnufs ol pfrspfgtovf hlc wonn hnn`w h j`rf olb`rjfc gmògf. Ob yùr pr`bots hrf nhrdf hlc yù mhvf trùenf snffpold `r hrf fxtrfjfny strfssfc, ey hnn jfhls yù smùnc fxot; h pr`bot os h n`t fhsofr t` mhlcnf tmhl h nhrdf n`ss. @b gùrsf ob yù fxot hlc ot turls ùt tmht tmf rfsunts wfrf p`sotovf `l yùr p`soto`l, yù wonn mhvf h drfht cfhn `b rfdrft. Mhvold trhcfc hwmonf, O ghl shy tmht O prfbfr rfdrft (`vfr n`ssfs `b drfhtfr pr`bots mhvold hnrfhcy thifl pr`bots) t` shclfss (`vfr n`ssfs hlc l` pr`bots) ‗ tmf nhttfr os mhrcfr t` st`jhgm. Dflfrhnny tmf efst hppr`hgm os t` thif 61% pr`bots hlc m`nc 61% olt` tmf rfsunts ‗ tmfl tmf bffnolds wonn fvfl ùt!

6.87 F]OS Q@WS GHSHN_WS0 Qro`r t` h ghthnyst fvflt, yù smùnc hnwhys mhvf h pnhl wmht yù hrf dòld t` c` hbtfr tmf hllùlgfjflt b`r e`tm p`sotovf hlc lfdhtovf ùtg`jfs. B`r lfdhtovf rfsunts (o.f. br`j tmf pfrspfgtovf `b yùr trhcf) wmfrf yù hrf lft n`ld, ot os dflfrhnny hnwhys h d``c ocfh t` fxot tmf p`soto`l `l tmf chy `b tmf hllùlgfjflt. Smos os projhrony cuf t` tmf bhgt tmht noquocoty wonn ef ht ots modmfst nfvfn, hnn`wold yù t` fxot ht n`wfr Eoc / Hsi sprfhcs efb`rf noquocoty suesthltohnny cr`ps `vfr tmf lfxt sfvfrhn chys. Hntmùdm modm sm`rt oltfrfst wonn rfquorf sm`rts t` g`vfr, tmus crovold tmf st`gi up `vfr sfvfrhn chys, tmf rosf ol tmf st`gi progf, b`nn`wold h lfdhtovf ghthnyst ùtg`jf, wonn dflfrhnny l`t ef flùdm t` olgrfhsf tmf `pto`l prfjouj t` g`jpflshtf b`r tmf g`nnhpsold ojpnofc v`nhtonoty. Smf pòlt os, tmos os h bhonfc trhcf, dft ùt. Ob yù c`l‟t dft ùt, yù wonn fvfltuhnny mhvf h cfhc j`lfy p`soto`l tmht yù ghll`t fxot. B`r lfdhtovf rfsunts wmfrf yù hrf lft sm`rt, dft ùt hbtfr tmf borst mhnb mùr. C` l`t m`nc `lt` tmf p`soto`l hlc m`pf tmht ot wonn j`vf olt` yùr bhv`r (efghusf ot prèheny w`l‟t). B`r p`sotovf rfsunts wmfrf yù hrf lft n`ld, tmf cfgoso`l os usuhnny j`rf cobbogunt. O dflfrhnny prfbfr t` fxot hbtfr tmf borst mhnb mùr (wmfl tmf st`gi mhs stheonozfc hlc `pto`l Eoc / Hsi sprfhcs mhvf lhrr`wfc suesthltohnny). Smf rfhs`l os tmht tmf ghthnyst fvflt mhs `ggurrfc, noquocoty os ht ots mfodmt hlc v`nhtonoty os g`nnhpsold. Hns`, tmf pr`bot fhrlfc os l`t yft rfhnozfc ulton yù gn`sf ùt yùr p`soto`l ‗ tmf jhrift ghl hnwhys thif ot ehgi wmogm wùnc ef h grusmold en`w. Dflfrhnny tmf `lny tojf t` m`nc `lt` h p`soto`l hbtfr p`sotovf lfws os ob tmf crud ghlcochtf os „en`gieustfr‚ ol lhturf, tmht os, ob ot thrdfts h cosfhsf wmfrf tmfrf os l` fbbfgtovf trfhtjflt hlc tmus gùnc yofnc tmf g`jphly eonno`ls `b c`nnhrs ol buturf pr`bots. Ol sugm h sgflhro`, ot os noifny tmht tmf smhrfs wonn rhnny `vfr tmf b`nn`wold wffis dovfl lfws `l tmf g`jphly hlc olgrfhsfc oltfrfst br`j lfw olvfst`rs. Hns`, tmf g`jphly gùnc ef h projf ghlcochtf b`r h euyùt ey h jhk`r pmhrjhgfutoghn g`jphly tmht smùnc hns` bufn smhrf progf hpprfgohto`l (fvfl ob `lny `l ruj`r). B`r p`sotovf rfsunts wmfrf yù hrf lft sm`rt, sojpny hnn`w tmf sm`rt `pto`ls t` fxporf w`rtmnfss `r gn`sf tmfj ùt.

6.83 DFSSOLD Q@WOSO@LW

@VS

@B

ONNOXVOC

(N@LD)

@QSO@L

Ol gfrthol sotuhto`ls wmfrf yù hrf n`ld ol-tmf-j`lfy `pto`ls (b`r Quts hlc Ghnns) hlc mhvf hggrufc cfgflt pr`bots yù jhy whlt t` fxot tmf p`soto`l (ehsoghnny, yù whlt t` „e`ì‚ yùr pr`bots). Ol onnoquoc jhrifts tmf wocf Eoc / Hsi ghl `btfl jhif tmos cobbogunt hlc s`jfwmht g`stny. Hns`, tmf qu`tfc jhrift Eoc socf os `btfl efn`w tmf oltrolsog vhnuf `b tmf st`gi (ehsoghnny, tmf jhrift

jhifr os trhppold yù ol tmf p`soto`l hlc whlts t` fxt`rt brff j`lfy br`j yù t` hnn`w yù ùt `b tmf p`soto`l) ‗ O mhvf effl trhcold b`r h n`ld tojf hlc tmos hnwhys sffjs t` mhppfl (hlc os modmny hll`yold). B`r fxhjpnf, HEG os trhcold ht $4.61 h smhrf hlc h trhcfr `wls tmf 6.1 stroif Ghnns. Smf trhcfr mhs jhcf cfgflt pr`bots `l tmf p`soto`l (euyold wmfl tmf smhrfs wfrf trhcold ht $3.61 hlc tmf 6.1 stroif Ghnns ht 1.61) hlc whlts t` e`ì pr`bots. HEG os hl onnoquoc st`gi hlc tmf 6.1 stroif Ghnns hrf trhcold ht 5.71 Eoc / 5.26 Hsi. Smf trhcfr rfhnozfs tmos os h ehc cfhn; tmf 6.1 stroif Ghnn Eoc smùnc ef trhcold (`r ef henf t` ef trhcfc ht) ht tmf vfry nfhst  5.61 5.61 ($4.61 ‗ 6.1 stroif : 5.61 vfrsus h Eoc `b 5.71) ‗ ht 5.61 tmf `pto`l os Cfnth `lf hlc rfbnfgts l` tojf vhnuf. Ehsoghnny tmf trhcfr os dovold up 1.51 (: 5.61 ‗ 5.71) `b brff j`lfy t` tmf jhrift jhifr. H d``c why t` mhlcnf tmos brfqufltny `ggurrold sotuhto`l (hlc t` „stogi ot‚ t` tmf jhrift jhifr) os t` sojpny fxfrgosf tmf `pto`l. Ufjfjefr tmht tmf `pto`l euyfr mhs tmf rodmt, ol tmos fxhjpnf, t` euy HEG ht $6 hlytojf up t` fxporhto`l. Ey fxfrgosold tmf Ghnns, tmf trhcfr dfts HEG smhrfs ht $6 hlc ghl turl hrùlc hlc sfnn tmfj ht $4.61 (tmus rfhpold tmffxfrgosf 1.51 hccoto`lhn upsocf l`t rfbnfgtfc ol tmf fxfrgosold, `pto`l Eoc qu`tf jolus h l`jolhn bff ojp`sfc ey yùr erìfr). Efb`rf httflto`l just ef jhcf `l tw` fnfjflts. Borst, ghngunhtf tmf p`soto`l g`jeolfc Q&N t` sff ob ot jhifs sflsf t` fxfrgosf. Ol tmf fxhjpnf, tmf trhcfr purgmhsfc tmf 6.1 stroif Ghnns b`r 1.61 s` ot `lny jhifs sflsf t` fxfrgosf wmfrf; gurrflt smhrf progf < prfjouj phoc + stroif. Vsold tmf lujefrs ol tmf fxhjpnf, wf dft; $4.61 < 1.61 + 6.1. W` ob tmf trhcfr fxfrgosfs, tmf olcovocuhn euys tmf smhrfs ht $6.11 hlc sfnns tmfj b`r $4.61. Smf pr`bot `l tmf trhcf os 5.11 (: 4.61 ‗ 6.1 ‗ 1.61). Smf sfg`lc fnfjflt tmht lffcs t` ef bhgt`rfc olt` h cfgoso`l `l wmftmfr `r l`t t` fxfrgosf os `vfrlodmt rosi. Hs h trhcfr, yù wonn l`toby yùr erìfrhdf `b yùr cfsorf t` fxfrgosf tmf chy efb`rf efb`rf (prfbfrheny lfhr jhrift gn`sf). Smus yù thif `vfrlodmt rosi g`lvfrtold yùr `pto`l t` tmf hgtuhn smhrfs. Ob tmf st`gi jhifs h eod j`vf, yù ghl p`tfltohnny n`sf j`rf tmhl tmf vhnuf `b tmf `rodolhn `pto`l (`b gùrsf yù gùnc hgtuhnny jhif j`rf). Smus tmfrf os h rosi tmht tmf `pfrhto`l wonn ef nfss pr`bothenf tmhl sojpny thiold tmf ulbhv`rhenf Eoc „mot.‚ B`r èvoùs rfhs`ls, ghrf smùnc ef thifl t` l`t fxfrgosf pro`r t` jhk`r ghthnyst hllùlgfjflts `r `tmfr jhrift j`vold olb` sugm hs fhrlolds hllùlgfjflts. Jhif surf yù ulcfrsthlc `vfrlodmt rosi pro`r t` fxfrgosf. B`r Quts, O suddfst hdholst usold tmos fxot strhtfdy (hntmùdm ot os, `b gùrsf, p`ssoenf). Ol sugm h sotuhto`l, yù efg`jf sm`rt  tmf tmf st`gi wmogm jhy fxp`sf yù t` sodloboghlt hlc hcvfrsf upsocf rosi (thif`vfr0) hlc hns` mhrc t` e`rr`w bffs `r hut`jhtog euy ol hlc hss`gohtfc bffs hlc pflhntofs (c`l‟t b`rdft tmfsf hrf onnoquoc st`gis). Hntmùdm sugm sotuhto`ls hrf (vfry) rhrf, lfvfr ulcfrfstojhtf tmf

jhrift‟s heonoty t` grusm yù ht tmf pòlt yù hrf tmf j`st fxp`sfc.

6.86 FWSOJHSOLD QUOGF @L BHONVUF Ot os hnwhys h d``c ocfh t` hssfss tmf p`tfltohn c`wlsocf `l h bhonfc ghthnyst fvflt. Smos il`wnfcdf ghl fotmfr ef usfc t` cftfrjolf p`tfltohn rosi wmfrf yù hrf n`ld `r cftfrjolf p`tfltohn pr`bot wmfrf yù hrf sm`rt. Fstojhtold c`wlsocf os `btfl quotf cobbogunt dovfl tmf lujfrùs vhrohenfs olv`nvfc ol h g`jphly‟s vhnuhto`l (o.f. ghsm, `wlfrsmop, popfnolf, olcustry supp`rt). Ol sugm h sotuhto`l `lf lffcs t` usf h eot `b cosgrfto`l. H d``c hppr`hgm (hlc `lf usfc ey j`st wm` hgtovfny trhcf sjhnn ghp eo`tfgm) os t` usf ghsm pfr smhrf hs h bn``r vhnuf ol h lfdhtovf ùtg`jf sgflhro`. Smos jftm`c os `btfl j`st usfbun b`r g`jphlofs wotm h soldnf, nhtf sthdf crud ghlcochtf (hs tmfrf os l` `tmfr ojjfcohtf hlc thldoenf vhnuf hsocf br`j ghsm `l tmf ehnhlgf smfft nfbt ol tmf g`jphly `l h bhonfc fvflt). Vsold tmos jftm`c os h eot j`rf g`jpnoghtfc wmfrf tmf g`jphly mhs juntopnf nhtf sthdf ghlcochtfs (`r pr`josold fhrnofr sthdf ghlcochtfs) hlc/`r hppr`vfc pr`cugts. Ol tmfsf sotuhto`ls, usf ghsm pfr smhrf hs h bn``r hlc hcc t` ot tmf hccoto`lhn vhnuf br`j tmf `tmfr ghlcochtfs `r pr`cugts. Ghngunhtold tmos hccoto`lhn vhnuf os, èvoùsny, quotf cobbogunt ‗ h sojpnf (hlc vfry grucf) why os t` usf h pro`r yfhr‟s tfgmloghn progf pfrb`rjhlgf t` „sfphrhtf‚ tmf vhnuf `b tmf `tmfr pr`cugts/ ghlcochtfs br`j tmf vhnuf `b tmf bhonfc nhtf sthdf ghlcochtf. B`r fxhjpnf, ]_[ os mhs h nhtf sthdf crud ghlcochtf, sfvfrhn fhrnofr sthdf ghlcochtfs hlc `lf hppr`vfc pr`cugt. Hns`, tmf g`jphly mhs hppr`xojhtfny $5.11 ghsm pfr smhrf. @vfr tmf phst sox j`ltms, tmf g`jphly‟s smhrfs mhvf rhnnofc t` $2.11 `l fxgotfjflt `b tmf nhtf sthdf crud ghlcochtf. Qro`r t` tmos rul up, tmf smhrfs trhcfc ol h rhldf eftwffl $7.11 hlc $3.11. Ehsfc `l tmos olb`rjhto`l, `lf gùnc grucfny fstojhtf h progf `l bhonurf ey thiold tmf ghsm pfr smhrf ($5.11) hlc hccold „vhnuf‚ H br`j tmf`l `tmfr ghlcochtfs pr`cugts (: $7.61 Y$7.11(: + $3.11Z/5tmf - $5.11). progf bhonurf fstojhtfhlc wùnc tmus `b ef$8.61 hrùlc $5.11 + $8.61) ‗ `b gùrsf cfpflcold up`l tmf fxhgt sotuhto`l, tmos gùnc ef fotmfr `vfrny hddrfssovf `r `vfrny `ptojostog.

6.82 SMF WHNRHDF RHNVF WSUHSFD_ @l h bhonfc ghthnyst fvflt ot os `btfl p`ssoenf t` fxtrhgt vhnuf br`j h n`sold `pto`l p`soto`l efb`rf tmf qu`tf d`fs 1.11 Eoc / 1.16 Hsi. Ol tmfsf sotuhto`ls trhcfrs wonn `btfl iffp n`sold, lfhr-tfrj fxporhto`l p`soto`ls wmonf m`pold b`r s`jf „jorhgnf‚ sgflhro` t` ehon tmfj ùt (sugm hs hl ojjfcohtf euyùt) ‗ wmfl tmf jorhgnf c`fs l`t jhtfrohnozf (hnj`st ??.?% `b tmf tojf), tmf trhcfr os nfbt wotm h pmhlt`j Q&N p`soto`l wmogm wonn fvfltuhnny sm`w h n`ss wmfl tmf `pto`ls fxporf. B`r fxhjpnf, lfhr tmf flc `b Hudust, ]_[ hllùlgfc h bhonfc

Qmhsf OOO efb`rf tmf `pfl `b tmf jhrift. Smf st`gi whs ht $81 hlc h trhcfr `wls 31 WFQ 85.1 stroif Ghnns. Smf st`gi efdols t` trhcf prf-jhrift (efb`rf `pto`ls efdol t` trhcf) c`wl $6 h smhrf ‗ tmos os gnfhrny h jhssovfny bhonfc fvflt wotm nojotfc p`tfltohn t` rfhnozf hly vhnuf br`j tmf WFQ 85.1 stroif Ghnns. Ob tmf trhcfr c`fs l`tmold, tmf `pto`ls wonn quoginy trhcf t` 1.11 Eoc / 1.16 Hsi ‗ o.f. tmf trhcfr os trhppfc ol tmf p`soto`l. Vlton tmf `pto`ls fxporf, tmf trhcfr wonn mhvf $811 p`sotovf Q&N vhnuf ol tmfor hggùlt hssujold tmf erìfrhdf usfs h jocvhnuf progf g`lvflto`l (: 31 x Y(1.11 + 1.16)/5Z x 811). Tmfl tmf `pto`ls bolhnny fxporf ol Wfptfjefr, tmf pfrs`l wonn efdol tmf b`nn`wold wffi wotm h $811 n`ss. B`rtulhtfny, tmfrf os h shnvhdf strhtfdy tmht w`ris j`st (eut l`t hnn) `b tmf tojf tmht O usf ol tmfsf sotuhto`ls (wmfl `pto`l fxporhto`l os gn`sf9 b`r burtmfr chtfc fxporhto`ls sugm hs j`rf tmhl 7 j`ltms, O jhy iffp tmf p`soto`l hs tmf st`gi jhy rhnny curold tmf flsuold j`ltms wmogm `btfl mhppfls). Hns`, usf `b tmf shnvhdf strhtfdy os efttfr b`r nhrdfr `pto`l p`soto`ls (b`r 81 `r bfwfr g`ltrhgt p`soto`ls, tmf shnvhdf vhnuf jftm`c c`fs l`t rfhnny jhif sflsf wmfl bhgt`rold ol g`jjosso`ls). Smf shnvhdf w`risjhrifts efst wmfl tmf lfwshlc fvflt `ggurs hbtfr-mùrs `r prf-jhrift (o.f. strhtfdy wmfl `pto`l hrf gn`sfc) wmfrf tmf st`gi jhifs hl olcoghtovf j`vf hnn`wold `lf t` hssfss tmf sfroùslfss `b tmf bhonfc fvflt. Ol sugm h sotuhto`l (b`r Ghnns), ojjfcohtfny hssfss tmf ojphgt hlc put ol h Nojot `rcfr t` sfnn, ht jhrift `pfl, yùr p`soto`l ht 1.16 ‗ ol fxtrfjf j`vfs, tmf progf ht wmogm yù oltflc t` sfnn os fhsy hlc os usuhnny 1.16 ‗ b`r gn`sfr sotuhto`ls (wmfrf tmf st`gi cr`p os l`t hs eod), O suddfst tmf usf `b tmf `pto`l progold j`cfn (wotm rfvosfc (n`wfr) progf hlc (n`wfr) v`nhtonoty fstojhtfs) t` bolf tulf tmf hjùlt wmogm ghl `btfl ef drfhtfr tmhl 1.81. Ob ot os t`` gn`sf t` ghnn, ot os `btfl efttfr t` l`t usf tmf shnvhdf strhtfdy hlc t` sojpny sff wmfrf tmf `pto`ls `pfl ‗ tmf w`rst tmold tmht ghl mhppfl os t` sfnn ht t`` n`w `b h vhnuf! @l h rfgflt (jhk`r) bhonfc fvflt, O jhlhdfc t` dft 61 Ghnns ùt tmf c``r ht tmf jhrift `pfl t` rfhnozf $561 ‗ hbtfr tmf shnf, tmf `pto`l wflt ojjfcohtfny 1.11 Eoc / 1.16 Hsi (wmfrf ot rfgfltny fxporfc) ‗ hp`n`dofs t` tmf duy (`r dhn) tmht eùdmt tmfsf br`j jf.

6.84 SUHCOLD HCROW@U_ QHLFNW @lf `b tmf j`st oltfrfstold fvflts ol sjhnn ghp eo`tfgm trhcold os tmf Hcvos`ry Qhlfn. Hs jflto`lfc ol Gmhptfr 8; Ehgidrùlc, hl Hcvos`ry Qhlfn os h soldnf chy jfftold wmfrf olcfpflcflt olcustry fxpfrts rfvofw hlc `polf `l h crud ghlcochtf‟s chth prfsfltfc ey tmf g`jphly hlc BCH rfvofwfrs. Ht tmf flc `b tmf jfftold h v`tf os thifl ey tmf g`jjottff t` cfgocf wmftmfr `r l`t t` hppr`vf tmf crud hlc ulcfr wmht g`lcoto`ls, ob hly. H p`sotovf g`jjottff v`tf l`rjhnny e`cfs vfry wfnn b`r tmf g`jphly‟s crud ghlcochtf wmfrfhs h lfdhtovf v`tf ghl

ef quotf chjhdold b`r tmf crud ghlcochtf‟s pr`spfgts. Ot os ojp`rthlt t` l`tf tmht tmf BCH os l`t rfquorfc t` b`nn`w tmf rfg`jjflchto`ls `b tmf G`jjottff (eut usuhnny c`fs). Smfsf fvflts hrf usuhnny er`hcghst novf `vfr tmf oltfrlft (voh BCH-rfnhtfc bffcs) hlc hns` „novf en`ddfc‚ ey olcovocuhns ol tmf jfcoh s`jfwmht hiol t` h pr`bfsso`lhn sp`rtold fvflt. Br`j h trhcold pfrspfgtovf, tmfrf hrf fssfltohnny tmrff ify pfro`cs curold hl Hcvos`ry Qhlfn fvflt; Erofbold C`gujflt Ufnfhsf, Qrf-Qhlfn Oltfroj Qfro`c (tmf pfro`c eftwffl tmf rfnfhsf `b tmf erofbold c`gs eut efb`rf tmf Hcvos`ry Qhlfn Chy) hlc Hcvos`ry Qhlfn Chy. Fhgm `b tmfsf pfro`cs os cosgussfc efn`w; Erofbold C`gujflt Ufnfhsf Smf Erofbold C`gujflts, rfbfrrfc t` ol sm`rt hs tmf „Erofbold C`gs,‚ ùtnolf tmf Qhlfn‟s projhry g`lgfrls, g`jjflts, qufsto`ls hlc èsfrvhto`ls wotm rfdhrcs t` tmf crud `r cfvogf ghlcochtf ulcfr rfvofw. Smf Erofbold C`gs hrf typoghnny rfnfhsfc hrùlc tw` tw`   chys pro`r t` tmf snhtfc Hcvos`ry Qhlfn chtf. Qro`r t` tmf rfnfhsf `b tmfsf c`gujflts, tmf jhrift wonn jholthol h dflfrhn ocfh wotm rfdhrcs t` tmfor g`ltflts. Hly ulfxpfgtfc (fotmfr p`sotovf `r lfdhtovf) fnfjflts hlc `r g`ltflts ghl pr`cugf suesthltohn st`gi progf j`vfjflt (e`tm up `r c`wl). Ot os vfry cobbogunt ob l`t ojp`ssoenf t` cftfrjolf, ol hcvhlgf, m`w tmf jhrift wonn rfhgt t` tmf erofbold c`gs. Hs sugm, ot os `btfl hcvhlthdfùs t` frr `l tmf socf `b ghuto`l wmfl trhcold tmfsf sotuhto`ls. B`r fxhjpnf, ob yù hrf n`ld Ghnns, g`lsocfr fxotold yùr p`soto`l fltorfny `r g`lsocfr s`jf mfcdold `pfrhto`l ob yù mhvf hnrfhcy hggrufc pr`bots. Vlcfr tmf bunn fxot sgflhro`, yù jholthol tmf `pto`l t` rf-fltfr tmf p`soto`l ulcfr e`tm lfdhtovf hlc lfutrhn (o.f. ol-nolf wotm jhrift erofbold c`gs. wosm t` jholthol h n`ld Ghnnpr`cugold p`soto`l, hh p`tfltohng`lsflsus) mfcdold `pfrhto`l gùnc Obefyù t` sfnn modmfr stroif Ghnns (tmus Ghnn sprfhc) olt` tmf rfnfhsf. Vlcfr tmos sgflhro`, tmf s`nc modmfr stroif Ghnns wonn `bbsft s`jf `b tmf n`ssfs ol h lfdhtovf ùtg`jf. Wojonhr hgto`ls smùnc ef thifl b`r Qut p`soto`ls (o.f. ob yù hrf n`ld Quts, g`lsocfr sfnnold h n`wfr stroif Qut tmus grfhtold h Qut sprfhc). Smf pòlt os, cfgocf ol hcvhlgf wmht yù oltflc t` c` (bunn fxot, bunn m`nc, s`jf mfcdold `pfrhto`l) pro`r t` tmf rfnfhsf `b tmfsf c`gujflts ‗ c`l‟t odl`rf tmf p`tfltohn tmos „lfws‚ ghl mhvf `l yùr p`soto`l. Qrf-Qhlfn Oltfroj Qfro`c Smf Qrf-Qhlfn Oltfroj Qfro`c os usuhnny tw` chys ol nfldtm hlc os h drfht tojf t` prfphrf b`r tmf jhol fvflt, tmf Hcvos`ry Qhlfn Chy. Ot os `btfl h drfht tojf t` fxot hlc `r hckust fxostold p`soto`ls `r t` ojpnfjflt lfw p`soto`ls. Smos oltfroj

pfro`c wonn `btfl ef cfbolfc ey tmf lhturf `b tmf erofbold c`gs hlc tmf suesfquflt jhrift rfhgto`l. C` l`t ef b``nfc; l`tmold rfhnny jhttfrs ulton tmf Hcvos`ry Qhlfn v`tf. Fvfl ulcfr tmf j`st lfdhtovf (`r p`sotovf) sgflhro`, tmf Qhlfn jhy v`tf b`r hppr`vhn (`r cflohn) `b tmf pr`cugt ghlcochtf. H d``c fxhjpnf os wotm rfdhrcs t` JFNH Wgoflgfs. Smf erofbold c`gs wfrf fxtrfjfny lfdhtovf hlc tmf smhrfs cr`ppfc j`rf tmhl 61% `l tmf rfnfhsf chtf. Fvfry`lf whs shyold tmf g`jphly whs c``jfc. Smf Hcvos`ry Qhlfn, m`wfvfr, v`tfc b`r hppr`vhn `b tmf g`jphly‟s JfnhBolc Wiol Ghlgfr cftfgto`l cfvogf hlc tmf smhrfs r`giftfc up `vfr 811%. Hntmùdm untojhtf hppr`vhn jhy l`t ef drhltfc (rfjfjefr tmf BCH stonn mhs bolhn shy `l tmf jhttfr) tmf kujp ol tmf st`gi progf pr`cugfc h cfgflt trhcold `pp`rtuloty. Smf pòlt os yù `lny mhvf tw` chys t` prfphrf b`r tmf Hcvos`ry Qhlfn (wmfl tmf smhrfs wonn ef mhntfc hlc yù hrf ulhenf t` c` hlytmold). cvos`ry Qhlfn Chy Curold tmf Hcvos`ry Qhlfn tmf st`gi os (hnj`st hnwhys) mhntfc. Smf Qhlfn usuhnny nhsts tmf fltorf chy wotm tmf v`tf ht tmf flc `b tmf chy. Smf v`told wonn `btfl `ggur lfhr tmf gn`sf `b jhrift `r tmf hbtfr-mùrs sfsso`l. B`nn`wold tmf v`tf, tmf g`jphly wonn cfgocf wmftmfr `r l`t t` `pfl tmf smhrfs b`r trhcold. S` gmfgi tmf sthtus b`r LHWCHX nostfc st`gis (wmfrf j`st sjhnn ghp eo`tfgms trhcf), d` t` www.lhschqtrhcfr.g`j www.lhschqtrhcfr.g`j hlc hlc gnogi `l „Srhcold Mhnts‚ ‗ ob tmf smhrfs hrf snhtfc t` `pfl, tmf sotf wonn jhif l`tf `b ot hlc nost tmf tojf b`r tmf rfsujpto`l `b qu`tfs hlc trhcold. @lgf tmf st`gi `pfls b`r trhcold, tmf jhrift wonn rflcfr ots bolhn cfgoso`l wotm rfdhrcs t` tmf g`jphly‟s crud ghlcochtf.

GMHQSFU 2.1

SUHCF WSUVGSVUFW

2.8 @RFUROFT @RFUROFT

Ol tmos sfgto`l O prfsflt jy bhv`rotf bobtffl trhcf strugturfs t` usf wmfl trhcold sjhnn ghp eo`tfgm BCH hlc gnologhn trohn ghthnyst fvflts. Smf trhcf strugturfs rhldf br`j vfry sojpnf t` j`rf hcvhlgfc. Fhgm trhcf strugturf olgnucfs hl fxhjpnf trhcf wotm hss`gohtfc hssujpto`ls. Ht tmf flc `b tmf sfgto`l, O quoginy rfvofw s`jf trhcf strugturfs b`r fhrnofr sthdf g`jphlofs hlc cosguss trhcf strugturfs tmht hrf l`t rfg`jjflcfc b`r ghthnyst fvflts. Fxhjpnfs b`r hnn trhcf strugturfss hrf sojonhr ol strugturf ol lhturf lhturf t` hgtuhn trhcfs pfrb`rjfc ey tmf hutm`r `vfr tmf phst sfvfrhn yfhrs.

WSUVGSVUF SVUF UFROFT QUOJFU QUOJFU 2.5 SUHCF WSUVG Fhgm trhcf strugturf rfvofw os covocfc olt` sox ify sfgto`ls tmht g`vfr ots hppnoghto`l, tmf hssujpto`ls usfc b`r tmf fxhjpnf trhcf, tmf trhcf g`lstrugt, p`soto`l Q&N (b`r tmf fxhjpnf fxhjpnf trhcf), h rosi cohdrhj hlc g`jjflthry. Efn`w O pr`vocf h erofb cfsgropto`l `b m`w fhgm sfgto`l bulgto`ls; . Hppnoghto`l Smos sfgto`l g`vfrs tmf g`lcoto`ls wmfrf tmf trhcf strugturf os `ptojozfc (o.f. tmf g`lcoto`ls ulcfr wmogm tmf trhcf strugturf wonn hgmofvf `ptojhn rfsunts). Smfsf hrf dflfrhn duocfnolfs hlc smùnc tmfrfb`rf l`t cosquhnoby usold tmos strugturf wmfrf tmf g`lcoto`ls hrf l`t jft. S` sojpnoby jhttfrs, g`lcoto`ls hrf brhjfc ol bùr ghtfd`rofs; Sojf M`roz`l, Vlcfrnyold Wmhrf Qrogf, Wfltojflt hlc nfvfns `b Ojpnofc R`nhtonoty. Fxmoeot 2.8 nosts tmfsf g`lcoto`ls hlc pr`vocfs burtmfr drhlunhroty. Cftfrjolold tmf „Wfltojflt‚ `b tmf trhcf, o.f. wmftmfr `r l`t t` usf h eunnosm, efhrosm `r lfutrhn strugturf os cftfrjolfc ey yùr `wl hlhnysos / fxtfrlhn hlhnysos (o.f. en`ds, hlhnysts) hlc / `r ey hl `ptojhn hsyjjftrog rosi / rfwhrc pr`bonf (t` ef cosgussfc ol Gmhptfr 4.1)

E. Hssujpto`ls Smos sfgto`l g`vfrs tmf hssujpto`ls b`r tmf trhcf fxhjpnf tmht os nostfc ol tmf „Srhcf G`lstrugt‚ sfgto`l (Qhrt G, efn`w). Hssujpto`ls olgnucf; tmf trhcf chtf, st`gi progf, fstojhtfc ghthnyst chtf (chtf `b hllùlgfjflt `r lfws), ojpnofc v`nhtonoty (b`r tmf `pto`ls ol tmf trhcf), fxporhto`l chtf (lujefr `b chys ulton fxporhto`l `b tmf `pto`ls ol tmf trhcf strugturf) hlc tmf progf fstojhtf b`r h p`sotovf hlc lfdhtovf ùtg`jf `b tmf ghthnyst fvflt. G. Srhcf G`lstrugt Smos sfgto`l cfj`lstrhtfs, ol thenf b`rjht, m`w tmf trhcf os g`lstrugtfc. Smos sfgto`l usfs tmf chth br`j tmf „Hssujpto`ls‚ sfgto`ls ol `rcfr t` ghngunhtf tmf vhnufs `b tmf `pto`l prfjouj ol tmf thenf usold tmf Enhgi-Wgm`nfs `pto`l progold j`cfn. H „Euy‚ `b h Ghnn `r Qut `pto`l os cfl`tfc ey h „E‚ b`nn`wfc ey tmf lujefr `b g`ltrhgts lfxt t` tmf prfjouj phoc (tmf „trhcf cfsgropto`l‚). B`r fxhjpnf, h Euy `b 81 CFG 4.6 Ghnn b`r 8.56 wùnc ef nostfc ol tmf GHNNW G`nujl, ulcfr HWI, ol tmf CFG 4.6 U`w hlc nostfc ol tmf gfnn hs „YE81A8.56Z.‚ Smos os cfj`lstrhtfc ol Fxmoeot 2.5. Noifwosf, h „Wfnn‚ `b h Ghnn `r h Qut `pto`l os cfl`tfc ey hl „W‚ b`nn`wfc ey tmf lujefr `b g`ltrhgts lfxt t` tmf prfjouj rfgfovfc. B`r fxhjpnf, h Wfnn `b 81 CFG 4.6 Qut b`r 8.71 wùnc ef nostfc ol tmf QVSW G`nujl, ulcfr EOC, ol tmf CFG 4.6 U`w nostfc ol tmf gfnn hs „YW81A8.71Z.‚ Smf prfjouj hjùlt b`nn`wfc ey tmf trhcf cfsgropto`l rfprfsflts tmf Eoc `r Hsi pro`r t` tmf trhcf ‗ ot os hssujfc tmht h trhcf ghl ef jhcf s`jfwmfrf eftwffl tmf Eoc / Hsi, hs cosgussfc ol tmf gmhptfr `l Srhcold Wtrhtfdy & Shgtogs. B`r fxhjpnf, „YW81A8.71Z/8.56‚ ulcfr tmf QVSW, EOC g`nujl, jfhls tmht h trhcf whs jhcf ht 8.71 cfspotf tmf bhgt tmht tmf jhrift Eoc pro`r t` tmf trhcf whs 8.56.

C. Q&N Smos sfgto`l sm`ws tmf Q&N `b tmf trhcf olgnucold; tmf trhcf `rcfr, tmf olotohn g`st (grfcot `r cfeot), jhxojuj pr`bot (hlc hss`gohtfc progf nfvfn(s)) hlc jhxojuj n`ss (hlc hss`gohtfc progf nfvfn(s)). Ot smùnc ef l`tfc tmht pr`bot hlc n`ss nfvfns hrf ehsfc `l tmf`rftoghn hssujpto`ls tmht jhy `r jhy l`t ef gurrfltny hgmofvhenf ol hgtuhn jhrift trhcold. F. Uosi Cohdrhj Smos sfgto`l sm`ws tmf hppr`xojhtf Q&N cohdrhj b`r tmf trhcf ht vhroùs progf nfvfns. Smos cohdrhj rfprfsflts tmf Q&N ht fxporhto`l. B. B. G`jjflthry Smos sfgto`l pr`vocfs trhcf strugturf spfgobog g`jjflts wmfrf hppr`prohtf.

2.7 SUHCF WSUVGSVUFW

Smos typf `b strugturf rfprfsflts tmf untojhtf upsocf trhcf (hlc os tmus vfry rhrf). Ehsoghnny yù mhvf h n`w progfc (> $5.61) sjhnn ghp eo`tfgm st`gi wotm nottnf olstotuto`lhn b`nn`wold hlc h jhk`r ghthnyst heùt sox j`ltms `r j`rf hwhy. Ol tmos strugturf, ot os vothn t` c` yùr cuf conodflgf hs yù wonn ef euoncold hlc m`ncold tmf trhcf b`r ht nfhst sox j`ltms. B`r tmos trhcf, n`ì b`r g`jphlofs wotm n`w ùtsthlcold (> 61.1 hlc ghsm pfr smhrf < $8.11 (hsocf br`jsmhrfs pr`cugt p`tfltohn hlc `tmfrjonno`l) bulchjflthn fnfjflts). Ot os`b`btfl p`ssoenf t` bolc h g`jphly wotm ghsm pfr smhrf drfhtfr tmhl tmf smhrf progf ‗ tmos rfprfsflts

h vfry d``c `pp`rtuloty hs tmf g`jphly os fssfltohnny vhnufc ht zfr` hlc yùr c`wlsocf os tmf`rftoghnny eubbftfc ey ghsm `l tmf ehnhlgf smfft. Ef whry hlc trfht wotm ghuto`l g`jphlofs wotm vfry n`w ghsm hlc `tmfr p``r bulchjflthns ‗ ol sugm gorgujsthlgfs, ot jhy ef d``c t` hvòc. Ol tmos strugturf (hlc ehsfc `l tmos fxhjpnf), 6.1 stroif Ghnn `pto`ls hrf brfqufltny progfc br`j 1.16 t` 1.51 hlc onnoquoc.32 M`wfvfr, tmfy ghl ef trhcfc olt` ht hrùlc 1.86 (`btfl fvfl n`wfr ht hrùlc 1.81) eut ot usuhnny thifs h bfw wffis t` c` s`. Hs pfr tmf strugturf, 6.1 stroif Ghnn purgmhsfs hrf bolhlgfc ey sfnnold 5.6 stroif Quts (ht h 81 t` 8 rhto` `r hs jugm hs p`ssoenf). Smf d`hn `b tmf strugturf os t` bolhlgf hs jhly Ghnns wotm s`nc Quts ol `rcfr t` olotohtf tmf trhcf ht tmf n`wfst p`ssoenf ghsm ùtnhy ‗ ol tmf fxhjpnf, wf trhcf ol ht $811 cfeot. Curold tmf curhto`l `b tmf trhcf, tmf Qut `pto`l yù s`nc wonn dflfrhnny `bbsft tmf tojf cfghy `b tmf Ghnn `pto`ls. Tmfl yù hrf lfhrold tmf ghthnyst fvflt, ot os dflfrhnny h d``c ocfh t` thif `bb (o.f. euy ehgi) tmf Quts (l`rjhnny ht h pr`bot). Smos wonn nojot yùr c`wlsocf ol tmf fvflt `b h lfdhtovf hllùlgfjflt. Hs w`rc dfts ùt heùt tmf ojpflcold ghthnyst, hlc hs tmf hgtuhn hllùlgfjflt chtf lfhrs, tmf smhrf progf wonn l`rjhnny gnoje rhpocny. Ht tmos kulgturf, yù jhy mhvf suesthltohn pr`bots hlc yù wonn lffc t` jhif h cfgoso`l wmftmfr `r l`t yù wonn m`nc olt` tmf hllùlgfjflt. Hs prfvoùsny cosgussfc, ht tmos kulgturf, ot os ojp`rthlt t` rul sgflhro`s t` jhif h wfnn-olb`rjfc cfgoso`l rfdhrcold trhcf cfgoso`ls. Ot jhy hns` ef `b vhnuf t` strugturf h efhrosm trhcf (sojunthlfùsny wotm yùr fxostold n`ld p`soto`l) s` yù ghl eflfbot (`r nfssfl yùr n`ss) smùnc tmfrf ef h lfdhtovf rfsunt.

Smos os ehsoghnny tmf shjf trhcf hs tmf „ul-mfcdfc‚ nfvfrhdfc Ghnn hs cosgussfc he`vf fxgfpt b`r tmf olgnuso`l `b tmf purgmhsfc n`wfr stroif Qut (tmf „mfcdf‚) hlc tmf modmfr stroif s`nc Ghnn. Smos trhcf os strugturfc t` jhxojozf dhol hlc jolojozf n`ss b`r modmfr progfc st`gi sotuhto`ls (wmfrf st`gi progf os drfhtfr tmhl $6). Olgnuso`l `b tmf mfcdf os èvoùsny `pto`lhn eut, ol jy `polo`l, smùnc hnwhys ef h phrt `b tmos strugturf ol tmfsf sotuhto`ls b`r ehsog rosi jhlhdfjflt ‗ ot os hnwhys hcvoshenf cfbolf yùr pro`r t` h`b jhk`r ghthnyststroif fvflt9s`nc tmf mfcdf ol tmos fxhjpnft`pr`vocfs tmosc`wlsocf shbfty. Olgnuso`l tmf modmfr

Ghnn rfcugfs yùr hes`nutf rosi (yùr ghpothn ùtnhy) ht tmf fxpflsf `b rfcugold

yùr upsocf. Ol tmf he`vf fxhjpnf, tmf ghpothn ùtnhy os zfr` cuf t` tmf olgnuso`l `b tmf s`nc 81.1 stroif Ghnn ‗ hs tmus, tmf strugturf os `ptojozfc. Ol tmf fxhjpnf he`vf, tmf strugturf n`sfs j`lfy eftwffl zfr` hlc tmf 6.1 stroif Qut (m`wfvfr, n`sfs hrf ghppfc ht tmf 5.6 stroif Qut). Smf strugturf jhifs j`lfy he`vf tmf 4.6 Ghnn stroif wotm jhxojuj vhnuf httholfc he`vf tmf 81.1 Ghnn stroif. Smf trhcf lfotmfr n`sfs l`r jhifs j`lfy eftwffl $6.11 hlc $4.61 dovfl tmht tmf olotohn Q&N os zfr`. H d``c vhrohlt `b tmos strugturf (ol tfrjs `b trhcf fxfguto`l) os t` olotohtf tmf trhcf wotmùt tmf modmfr stroif s`nc Ghnn sfvfrhn j`ltms ol hcvhlgf `b tmf ghthnyst fvflt. Ob tmf st`gi progf olgrfhsfs nhtfr `l (h d``c prèheonoty) tmfl yù rfthol tmf `pto`l t` sfnn tmf modmfr stroif Ghnn (tmf 81.1 stroif Ghnn ol tmos fxhjpnf) ht h suesthltohnny modmfr prfjouj, burtmfr rfcugold rosi hlc flmhlgold pr`bot p`tfltohn.

Ob yù hrf henf t` trhcf hmfhc `b tmf „gr`wc‚ ey fsthenosmold h p`soto`l wfnn-ol hcvhlgf `b h ghthnyst, h Qut `r Ghnn euyold strhtfdy `l h sthlchn`lf ehsos ghl ef quotf p`wfrbun ‗ yù hrf ehsoghnny euyold `pto`ls ht cosgùltfc progfs cuf t` tmf n`wfr nfvfn `b ojpnofc v`nhtonoty. @lgf tmf ghthnyst os lfhr hlc ojpnofc v`nhtonoty os modm, m`wfvfr, yù hrf euyold fxpflsovf `pto`ls ‗ ht tmos pòlt ol tojf, tmos os h strhtfdy brhudmt wotm rosi. Euyold Quts `r Ghnns hs h sthlchn`lf strhtfdy os tmus `btfl h n`sold hppr`hgm wotmol tmf g`ltfxt `b h lfhr tfrj BCH `r gnologhn trohn ghthnyst. H d``c hntfrlhtovf os t` usf tmf sprfhc strugturf. H n`ld Ghnn sprfhc olv`nvfs euyold h Ghnn hlc sfnnold h modmfr stroif Ghnn hdholst ot. Noifwosf, h

n`ld Qut sprfhc olv`nvfs euyold h Qut hlc sfnnold h n`wfr stroif Qut hdholst ot. Smf n`ld sprfhc strugturf sffis t` `bbsft tmf modm ojpnofc v`nhtonoty yù hrf euyold wotm tmf modm ojpnofc v`nhtonoty yù hrf sfnnold ‗ tmus, ol h why, ghlgfnold ùt tmf ojphgt `b modm ojpnofc v`nhtonoty ht tmf olotohto`l `b tmf trhcf. Ol tmf fxhjpnf trhcf, ]_[ os trhcold ht $2.56 wotm h jhk`r ghthnyst hppr`hgmold wotmol h bfw wffis. Ojpnofc v`nhtonoty os hnrfhcy ht fxtrfjfny modm nfvfns. H Ghnn sprfhc os olotohtfc ey euyold 81 BFE 4.6 stroif Ghnn ht 8.?4 hlc sfnnold 81 BFE 81.1 stroif Ghnn b`r 8.33. Smos trhcf g`sts $671 wmogm os yùr rosi ol tmf trhcf. Jhxojuj n`ss `b $671 `ggurs ob ]_[ bhons t` sfttnf he`vf $4.61 ey fxporhto`l. Smf erfhifvfl progf b`r tmf trhcf os hppr`xojhtfny $=. _ùr jhxojuj pr`bot os $8,?41 hlc os hgmofvfc wmfl (ob) ]_[ sfttnfs he`vf $81 ey fxporhto`l. Noifwosf (hlc hl fltorfny cobbfrflt trhcf), h n`ld Qut sprfhc os olotohtfc ey euyold 81 BFE 6.1 stroif Qut ht 8.61 hlc sfnnold 81 BFE 5.6 stroif Qut b`r 1.77. Smos trhcf g`sts $8,841 wmogm, hdhol, os yùr t`thn rosi ol tmf trhcf. Jhxojuj n`ss `b $8,841 `ggurs ob ]_[ bhons t` sfttnf efn`w $6.11 ey fxporhto`l. Smf erfhifvfl progf b`r tmf trhcf hppr`xojhtfny $7.=1. _ùr os $8,771 hlc hgmofvfc wmfl (ob)os]_[ sfttnfs efn`w $5.61 ey jhxojuj fxporhto`l.pr`bot Srhcold sprfhcs os os tmf pfrbfgt rosi / rfwhrc strugturf hs t`thn (p`tfltohn) rosi hlc t`thn (p`tfltohn) rfwhrc hrf cfbolfc prfgosfny ht tmf olotohto`l `b tmf trhcf (wmfrfhs ol s`jf strugturfs t`thn rosi os cfbolfc eut t`thn rfwhrc os l`t hlc vogf vfrsh). Ol tmf Ghnn fxhjpnf trhcf, ùr t`thn rosi os $671 hlc ùr t`thn rfwhrc os $8,?41. Smos bhgt pfrjots tmf trhcfr t` jhif sjhrtfr trhcf cfgoso`ls (wmfrf `lf hssujfs fquhn prèheonotofs b`r vhroùs ùtg`jfs). B`r fxhjpnf hlc hssujold fquhn prèheonotofs, c`fs ot jhif j`rf sflsf t` c` tmf Ghnn sprfhc trhcf ùtnolfc ol tmf fxhjpnf (rosiold $671 t` jhif $8,?41) `r tmf Qut sprfhc trhcf (rosiold $8,841 t` jhif $8,771)0 Smos strugturf modmnodmts tmfsf trhcf sotuhto`ls hlc hnn`ws b`r efttfr cfgoso`l-jhiold `r ht tmf vfry nfhst rfg`dloto`l `b tmf rosi yù hrf thiold t` dflfrhtfc shoc rfwhrc.

Smos trhcf strugturf whs cosgussfc fhrnofr ol tmf e`ì (pnfhsf rfbfr t` Wfgto`l 6.3, „Nfddold‚ Ol). Ehsoghnny, ot olv`nvfs fsthenosmold `lf `r tw` (`r j`rf) euttfrbnofs (fotmfr n`ld Qut euttfrbny `r n`ld Ghnn euttfrbny `r e`tm). Smos trhcf os efst fxfgutfc ol tmf bolhn j`ltm pro`r t` h ghthnyst fvflt. Smos trhcf rfquorfs h modm nfvfn `b oltrh-chy v`nhtonoty ol hccoto`l t` h modm nfvfn `b rosi t`nfrhlgf. Smf ify t` tmos strhtfdy os str`ld pnhllold hlc d``c fxfguto`l. O rfg`jjflc usold h sprfhcsmfft t` trhgi yùr trhcf-ol vhnufs (ob yù hrf borst ulhenf t` bonn tmf fltorf `rcfr wotm yùr erìfr wotmùt tmf lffc t` nfd ol). B`r fxhjpnf, Fxmoeot 2.7

cfj`lstrhtfs tmf euoncold `b h 61 ] 811 ] 61 euttfrbny p`soto`l (l`t rfnhtfc t` tmf trhcf fxhjpnf he`vf). Smf p`soto`l g`lsostfc `b sfvfrhn trhcfs ht vhroùs stroifs hlc vhroùs prfjouj vhnufs. Smf sprfhcsmfft hnn`ws yù t` trhgi, ol rfhntojf, wmht yùr `vfrhnn trhcf-ol vhnuf os hlc hnn`ws yù t` g`ltoluùsny jhlhdf yùr p`soto`l t` hgmofvf (m`pfbunny) tmf cfsorfc `vfrhnn trhcf-ol vhnuf (wmogm b`r tmos strugturf os h grfcot p`soto`l). Ol tmf p`soto`l efn`w, tmf trhcf-ol vhnuf whs (1.17) pfr nfd, h grfcot (o.f. h brff trhcf).

Hs cosgussfc fhrnofr ol tmf e`ì, O wùnc suddfst euoncold tmf p`soto`l ey olotohtold h sfrofs `b n`ld hlc sm`rt sprfhc p`soto`ls (tmht os, ey sthrtold wotm hl fquhn g`ltrhgt n`ld sprfhc hlc bolosmold `bb wotm hl fquhn g`ltrhgt sm`rt sprfhc, rfsuntold ol h euttfrbny p`soto`l). Vsold tmf stroifs he`vf hs hl fxhjpnf, tmht wùnc ef ey euyold 81 6.1 stroif Ghnn hlc Wfnnold 81 4.6 stroif Ghnn b`nn`wfc ey (o.f. hbtfr efold bonnfc) sfnnold 81 j`rf 4.6 stroif Ghnn hlc euyold 81 81.1 stroif Ghnn. Smos tfgmloquf nojots yùr `vfrhnn fxfguto`l rosi m`wfvfr ot jhifs ot jugm mhrcfr t` hgmofvf h grfcot p`soto`l. Ob tmf hppr`xojhtf ghthnyst chtf os il`wl hlc yù mhvf h modmfr rosi t`nfrhlgf (hlc tmfrf os h modm nfvfn `b oltrhchy v`nhtonoty), yù ghl nfd ol wotmùt usold sprfhcs hs whs c`lf ol Fxmoeot 2.7. Smos jhy hnn`w yù t` hgmofvf h grfcot p`soto`l fhsofr eut hns` fxp`sfs yù t` modmfr p`tfltohn n`ssfs ob tmfrf os hl ulfxpfgtfc hlc ulbhv`rhenf progf spoif `r cr`p. Ob tmf ghthnyst chtf os ojjolflt hlc ulil`wl, hs jflto`lfc prfvoùsny, O wùnc modmny suddfst l`t olotohtold yùr nfd-ols `l tmf sm`rt socf.

H `lf-woldfc euttfrbny os ehsoghnny h 1.1 / 5.6 / 6.1 stroif Qut euttfrbny. B`r fxhjpnf, `lf wùnc sfnn tw` 5.6 stroif Qut b`r fvfry `lf purgmhsfc 6.1 stroif Qut (tmf „zfr`‚ stroif Qut os brff dovfl tmht tmfrf hrf l` zfr` stroif Qut hs tmf st`gi ghll`t cr`p efn`w zfr`). Efghusf tmf „zfr`‚ stroif Qut os brff, tmf fg`l`jogs `b tmf trhcf strugturf ghl ef quotf bhv`rhenf hs tmf ghsm ùtnhy os jolojozfc (vfrsus h bunn euttfrbny wmogm rfquorfs tmf purgmhsf `b e`tm „wolds‚). Smos strugturf w`ris efst wmfl tmfrf os h j`ltm `r nfss nfbt pro`r t` tmf ghthnyst fvflt (fvfl 8 chy pro`r!), v`nhtonoty os drfhtfr tmhl 761% hlc tmf st`gi progf os gurrfltny trhcold ht progfs drfhtfr tmhl $4. @lf bhgt`r wmogm `ptojozfs tmf strugturf pr`bot

p`tfltohn, b`r fxhjpnf, os h g`jphly wotm h soldnf Qmhsf OOO ghlcochtf, nojotfc ghsm, hlc/`r nojotfc buturf hntfrlhtovfs smùnc tmfrf ef h bhonurf. Ol sugm h sotuhto`l, tmf st`gi smùnc cr`p suesthltohnny hlc bhnn wotmol tmf n`wfr flc `b yùr pr`bot z`lf, `r hppr`xojhtfny $1.11 t` $5.61. Ob tmf g`jphly rfp`rts p`sotovf chth, yùr olotohn p`soto`l Q&N wonn ojjfcohtfny ef wopfc ùt ‗ yù smùnc l`t hssujf yù ghl jolojozf yùr n`ssfs ey trhcold ùt `b tmf p`soto`l hs tmf 5.6 stroif Qut hlc 6.1 stroif Qut wonn ojjfcohtfny trhcf t` 1.11 Eoc / 1.16 Hsi. Ob tmf ghthnyst fvflt os lfdhtovf b`r tmf st`gi hlc tmf st`gi cr`ps sodloboghltny, yù smùnc sffi t` trhcf ùt `b tmf p`soto`l tmht shjf chy hs noquocoty os jhxojozfc hlc ojpnofc v`nhtonoty os stonn fnfvhtfc. Hs jflto`lfc wotm `tmfr strugturfs, ot os l`rjhnny h ehc ocfh t` whot t`` n`ld hbtfr tmf st`gi mhs jhcf ots j`vf ol tmfsf sotuhto`ls t` gn`sf ùt yùr p`soto`l. _ù wonn noifny dovf ehgi h n`t `b yùr pr`bots hs ojpnofc v`nhtonoty wonn g`ltoluf t` cr`p hlc noquocoty wonn quoginy cry up (tmus sprfhcs, hlc yùr g`st t` trhcf, wonn olgrfhsf).

Smos os `lf `b jy bhv`rotf trhcf strugturfs efghusf rosi os cfbolfc ey `lny `lf fnfjflt; tmf tojold `b tmf hllùlgfjflt ‗ l`tmold fnsf jhttfrs (ht nfhst olotohnny). Ol tmf fxhjpnf he`vf, tmf „hllùlgfjflt‚ os t` g`jf ol „Cfgfjefr‚ ehsfc `l tmf g`jphly‟s prfss rfnfhsf. Cfgfjefr (noif hnn j`ltms) mhs bùr wffis hlc Cfgfjefr `pto`ls, noif hnn `pto`ls, fxporf ol tmf tmorc wffi. Smus tmf `ccs bhv`r hl hllùlgfjflt ol tmf borst tmrff wffis. Cuf t` tmf ulgfrtholty, m`wfvfr, e`tm Cfgfjefr hlc Khluhry `pto`ls hrf trhcold ht vfry modm nfvfns `b tm

ojpnofc v`nhtonoty (tmf 3 wffi `b Cfgfjefr os ol tmf Khluhry `pto`l fxporhto`l).

Smos pfrjots tmf trhcf strugturf t` bulgto`l. H g`jphly wonn usuhnny ossuf h prfss rfnfhsf sthtold tmf tojf b`r h g`lbfrflgf ghnn t` cosguss tmf rfsunts rfdhrcold tmf crud ghlcochtf. Smos usuhnny g`jfs `l h Wulchy lodmt b`r hl hllùlgfjflt `l tmf b`nn`wold J`lchy j`rlold hntmùdm tmos os l`t h mhrc hlc bhst runf. Hssujold tmos bhnns efb`rf fxporhto`l `b tmf Cfgfjefr `pto`ls, ol tmos fxhjpnf, tmos strugturf wonn ojjfcohtfny ojjfcohtfny   rfsunt ol h pr`bot (b`r e`tm p`sotovf hlc lfdhtovf ùtg`jfs) dovfl tmht tmf `rodolhn trhcf pr`cugfc h grfcot. Ob tmf rfsunts hrf lfdhtovf, jhxojuj pr`bots jhy rfsunt. Hs jflto`lfc, tmf ify fnfjflt ol tmos trhcf os tmf tojf `b tmf hllùlgfjflt. Ob yù rfhgm tmf Tfclfschy `r Smurschy prfgfcold tmf Brochy `b tmf tmorc wffi ol tmf j`ltm, yù lffc t` jhif h cfgoso`l. _ù mhvf tw` gmògfs; (h) gn`sf ùt tmf p`soto`l (o.f. sfnn tmf n`ld CFG 6.1 Qut hlc euy ehgi tmf KHL 5.6 Qut) `r (e) m`nc olt` tmf lfxt wffi (o.f. nft tmf CFG 6.1 Qut fxporf hlc m`nc tmf KHL 5.6 sm`rt Qut olt` rfsunts). Tfclfschy `r Smurschy (ol tmf tmorc wffi) os h d``c chy t` gn`sf ùt tmf p`soto`l efghusf tmf CFG 6.1 stroif Qut, ol tmos fxhjpnf, wonn stonn mhvf (s`jf) vhnuf ‗ yù jhy tmus jolojozf n`ssfs `l tmos nfd (rfjfjefr, tmfsf `pto`ls wonn fxporf w`rtmnfss `l Whturchy hlc yùr nhst chy t` trhcf ùt wonn ef Brochy, wmfrf, nhgiold hl hllùlgfjflt ol tmf j`rlold, wonn quoginy efg`jf vhnufnfss ‗ mflgf yù wonn lffc t` trhcf ùt `l Tfclfschy `r Smurschy hssujold yù c`l‟t whlt t` m`nc tmf 5.6 stroif KHL Qut olt` tmf lfxt wffi). Smf KHL 5.6 Qut wonn rfthol jugm `b tmf vhnuf (`r p`ssoeny olgrfhsf ol vhnuf) hlc hs sugm, ob yù gn`sf ùt tmf p`soto`l, fxpfgt h n`ss t` fquhn tmf cfgnolf ol vhnuf `b tmf CFG 6.1 Qut pnus tmf sprfhc phoc t` fxfgutf e`tm socfs `b tmf trhcf (o.f. e`tm tmf CFG 6.1 Qut hlc CFG 5.6 Qut) pnus hly dhols `l tmf sm`rt KHL 5.6 Qut. Ob yù hnn`w tmf CFG 6.1 stroif Qut t` fxporf, yùr rosi os cfbolfc `l tmf sm`rt KHL 5.6 Qut, hlc tmos rosi ghl ef quotf suesthltohn ob rfsunts hrf `vfrny `vfrny   lfdhtovf (n`ssfs efdol t` hggruf h bfw gnogis efn`w tmf 5.6 stroif Qut cfpflcold `l tmf sozf `b tmf grfcot dflfrhtfc ol tmf olotohn trhcf). Hl ojp`rthlt l`tf rfdhrcold tmos strugturf; ot os fssfltohn t` ef hwhrf `b tmf rosis hlc t` trhcf wotm hl or`l-gnhc pnhl. Ob yù hrf `vfrny rosi hvfrsf `r ulhenf t` b`rgf h n`ss t` hvòc nhrdfr p`tfltohn buturf n`ssfs, tmos trhcf strugturf smùnc ef hvòcfc.

Smos strugturf os efst suotfc b`r sotuhto`ls wmfrf `pto`l stroif progfs hrf sphgfc ol 1.61 t` 8.11 olgrfjflts (hs `pp`sfc t` 5.6 t` 6.1 olgrfjflts), wmfrf ojpnofc v`nhtonoty os drfhtfr tmhl 361% hlc wmfrf tmfrf os h vfry modm nfvfn `b v`nujf e`tm ol tmf `pto`ls hlc tmf ulcfrnyold st`gi. Smfsf typfs `b sotuhto`ls hrf `btfl gmhrhgtfrozfc ey h modm nfvfn `b chy-trhcfr hgtovoty, ulsuesthltohtfc ruj`rs, efhr rhocs, progf spoifs, ftg. Smos modm nfvfn `b v`nhtonoty hnn`ws h lojenf hlc phtoflt trhcfr t` fsthenosm ulusuhnny n`w rosi / modm rfwhrc trhcfs. Ot smùnc ef p`ssoenf t` olotohtf ol-tmf-j`lfy ol-tmf-j`lfy trhcfs trhcfs (o.f. wotmol tmf g`lbolfs `b tmf Or`l Euttfrbny, `r ol g`ltfxt `b tmf fxhjpnf trhcf he`vf, eftwffl tmf 8.1 hlc 5.1 stroifs) wmfrf `lf

rosis $8 wotm tmf p`tfltohn t` dflfrhtf $81 ‗ modmny ulusuhn olcffc. Smos strugturf bulgto`ls efst wmfl tmf ghthnyst fvflt chtf os ulil`wl yft hpphrfltny ojjolflt. Olotohtf tmf trhcf fhrny ol tmf sfg`lc wffi `b tmf fxporhto`l j`ltm . Smos wonn hnn`w yù t` ghpturf tmf „pujpfc up‚ prfjouj vhnufs. Ol tmf trhcf fxhjpnf he`vf, wf sfnn 511 8.6 stroif Ghnn hlc Qut hlc euy 511 8.1 stroif Qut hlc 511 5.1 stroif Ghnn b`r h grfcot `b $?,111. @ur t`thn rosi ol tmf trhcf os $8,111 ‗ tmus tmos rfprfsflts h ? t` 8 rfturl b`r hl ol-tmf-j`lfy trhcf. Smf projhry d`hn `b tmf Wm`rt Wtroif Or`l Euttfrbny trhcf strugturf os t` mhvf tmf ghthnyst hllùlgfjflt chtf `ggur hbtfr hbtfr   tmf `pto`ls fxporf wmonf jholtholold tmf smhrf progf wotmol tmf g`lbolfs `b tmf Or`l Euttfrbny, prfbfrheny gn`sf t` $8.61. Hs fxporhto`l hppr`hgmfs, tmf p`soto`l wonn l`rjhnny sm`w h pr`bot (ulnfss tmf smhrf progf mhs cr`ppfc `r rosfl efy`lc tmf g`lbolfs `b tmf Or`l Euttfrbny9 ol s`jf ghsfs, ot jhy sm`w h pr`bot l` jhttfr wmfrf ot trhcfs). Ob yù sm`w h pr`bot pro`r t` fxporhto`l, g`lsocfr gn`sold ùt tmf p`soto`l. Smf modm nfvfn `b noquocoty smùnc pfrjot hl fxot wotmùt t`` jugm snopphdf.

Smf (n`ld) Ghnn tojf sprfhc os h bhorny ehsog p`soto`l; euy h bhr fxporhto`l Ghnn `pto`l hlc sfnn h lfhrfr tfrj fxporhto`l Ghnn `pto`l ht tmf shjf stroif. Smos strugturf ghl ef quotf p`wfrbun wmfl hppnofc t` sjhnn ghp eo`tfgm ghthnyst fvflts. L`rjhnny, `vfr h pfro`c `b sox t` lolf j`ltms pro`r t` h ghthnyst fvflt, tmf sjhnn ghp eo`tfgm st`gi progf wonn olgrfhsf hs tmf jhrift efdols t` „progf ol‚ h p`tfltohn upsocf j`vf. Smf st`gi progf wonn hns` (eronnohltny) tflc t` hppr`hgm pro`r tfgmloghn nfvfns (wmfrf rfnfvhlt). Burtmfr eflfbotold tmos strugturf os tmf

drhcuhn olgrfhsf ol v`nhtonoty wmogm tmus rfsunts ol modmfr suggfssovf prfjouj wmogm ghl ef s`nc hdholst tmf n`ldfr tfrj `pto`l. Smfsf fnfjflts ol hddrfdhtf `btfl grfhtf tmf pfrbfgt sotuhto`l b`r tmos strugturf. Ol tmf fxhjpnf he`vf tmf ghthnyst fvflt os hrùlc fodmt t` lolf j`ltms hwhy. Smf stroif t` b`gus `l os cftfrjolfc ey pro`r tfgmloghn nfvfns `r sojpny hvhonheonoty hlc/`r noquocoty `b stroifs. Ol tmf fxhjpnf wf hrf henf t` sfnn 4.6 Ghnn stroif prfjouj ol tmrff suggfssovf `pto`l fxporhto`ls (KVL, HVD, @GS) hdholst tmf purgmhsfc CFG 4.6 Ghnn (tmf j`ltm `b tmf ghthnyst fvflt). Hbtfr tmf @GS 4.6 Ghnn fxporfs, yù mhvf hl `pto`l t` sfnn tmf modmfr stroif (CFG 81.1 Ghnn stroif) wmogm ghps yùr upsocf eut pr`vocfs h cfgflt rfturl `l tmf `vfrhnn trhcf ob tmfrf os h bhonfc rfsunt. Smf eoddfst rosi `b tmf strugturf `ggurs curold tmf borst tw` fxporhto`ls (ob tmf st`gi r`gifts up hlc phst tmf CFG 4.6 Ghnn `r ob tmfrf os s`jf lfws coshstfr, sugm hs h cfhtm ol `lf `b tmf trohns, wmogm wùnc sflc tmf smhrfs pnujjftold. Smf (olotohn) projhry èkfgtovf `b tmf strugturf os t` euonc h p`soto`l hlc t` hgmofvf, ol fbbfgt, h „brff‚ trhcf (`r fvfl efttfr, h grfcot p`soto`l)9 tmht os, wmfrf tmf prfjouj s`nc fxgffcs tmf olotohn g`st `b tmf n`ldfr tfrj `pto`l. Ol tmf bolhn j`ltm `b tmf trhcf yù fotmfr ghl m`nc tmf 4.6 Ghnn olt` fxporhto`l `r, ob yù hrf j`rf rosi hvfrsf, hlc hs jflto`lfc, sfnn tmf CFG 81.1 Ghnn t` grfhtf h eunn Ghnn sprfhc, wmogm wonn pr`vocf h cfgflt pr`bot b`r tmf trhcf fvfl wotm h bhonfc fvflt.

Smf jhk`r coshcvhlthdf `b tmf sthlchrc tojf sprfhc kust cosgussfc os tmf rosi tmht tmf st`gi wonn j`vf efy`lc tmf s`nc stroif pro`r t` shoc stroif‟s fxporhto`l ‗ tmos ghl ef s`jfwmht brustrhtold, fspfgohnny b`r p`soto`ls mfnc h n`ld tojf hlc lfhr t` tmf br`lt j`ltm fxporhto`l. B`r fxhjpnf, O `lgf mhc h KHL/JH_ 6.1 stroif Ghnn tojf sprfhc. Bùr chys pro`r t` tmf fxporhto`l `b tmf KHL 6.1 stroif Ghnn, jhk`r lfws whs hllùlgfc hlc tmf sprfhc g`nnhpsfc (tmf st`gi r`giftfc up $5 h smhrf). O l`t `lny n`st tmf hggrufc Q&N eut hns` tmf olotohn cfeot g`st `b tmf p`soto`l (ob tmf br`lt j`ltm mhc fxporfc, O wùnc mhvf jhcf suesthltohn pr`bots). Ol `rcfr t`

hvòc tmos ossuf g`lsocfr usold wmht O ghnn h Mfcdfc Sojf Wprfhc. Ol tmos p`soto`l, yù hrf ehsoghnny dfttold phoc t` usf tmf strugturf. Smos os p`ssoenf efghusf yù hrf sfnnold h Qut hs h phrt `b tmf trhcf (hlc `b gùrsf thiold hccoto`lhn rosi). Hssujf st`gi ]_[ os gurrfltny trhcold ht $2.11 ol nhtf Khluhry. Smf g`jphly os snhtfc t` hllùlgf jhk`r gnologhn trohn rfsunts ol tmf „8st quhrtfr.‚ Wolgf yù hrf ol nhtf Khluhry, tmfrf hrf `lny tw` rfjholold fxporhto`l sfrofs nfbt ol tmf 8st quhrtfr; BFE hlc JHU. Vlcfr h l`rjhn tojf sprfhc strugturf, yù wùnc thif hcvhlthdf `b tmf modmfr ojpnofc v`nhtonoty ey sfnnold fotmfr tmf BFE `r JHU sfrofs hdholst h burtmfr, sodloboghltny n`wfr ojpnofc v`nhtonoty fxporhto`l j`ltm, sugm hs JH_. Wolgf tmf lfws gùnc g`jf ht hly tojf, tmf rodmt sfrofs t` gm``sf t` sfnn, ulcfr tmos strugturf, wùnc ef tmf BFE (tmf fhrnofst t` fxporf). Ehsfc `l tmf fxhjpnf ol tmf thenf he`vf, yù wùnc sfnn 81 BFE 4.61 stroif Ghnn b`r 8.77 hdholst 81 JH_ 4.6 stroif Ghnn b`r 8.63. Smf trhcf lfts t` h $581 cfeot. Hs jflto`lfc, ob p`sotovf lfws g`jfs ùt pro`r t` tmf BFE fxporhto`l, yù rosi n`sold tmf fltorf cfeot (ol tmos fxhjpnf, $581). S` mfcdf tmos rosi, sfnn tmf JH_ 5.6 stroif Qut b`r 1.56. Smos os l`w h grfcot p`soto`l ‗ o.f. yù hrf efold phoc t` usf tmos strugturf (hnefot l`t vfry jugm ol tmos fxhjpnf). Ob tmf lfws g`jfs ùt pro`r t` BFE fxporhto`l, hlc tmf st`gi kujps hlc sfttnfs he`vf tmf 4.6 Ghnn stroif, yù pr`bot ey tmf hjùlt `b tmf grfcot (`b gùrsf yù mhvf t` whot ulton tmf Qut fxporfs). Ob tmf lfws c`fs l`t g`jf ùt `r ob tmf st`gi bhons t` sfttnf he`vf tmf 4.61 Ghnn stroif `l tmf lfws, yù hrf l`w ol h lfhr brff trhcf p`soto`l (hbtfr tmf fxporhto`l `b tmf BFE 4.6 Ghnns). Ol tmos sotuhto`l, yù ghl cfgocf t` fxot, m`nc `r thif s`jf hccoto`lhn `pfrhto`l sugm hs sfnnold tmf JH_ 81.1 stroif Ghnns (tmus burtmfr flmhlgold tmf pr`botheonoty `b tmf p`soto`l). Ot os ojp`rthlt t` l`tf tmht tmf grfcot p`soto`l dflfrhtfc ey tmf strugturf g`jfs wotm hccfc rosi; h sodloboghlt cr`p ol tmf smhrfs wonn olgur h n`ss (`btfl suesthltohn) ob tmf smhrfs trhcf efn`w tmf Qut stroif. Dovfl tmos rosi, tmf Mfcdfc Sojf Wprfhc strugturf smùnc `lny ef usfc wmfl tmf g`jphly os bolhlgohnny s`noc hlc/`r mhs `tmfr lfhr t` jfcouj tfrj ghthnysts (hs yù jhy flc up efold hssodlfc tmf smhrfs ulcfr h lfdhtovf sgflhro`) ‗ ol sugm h sotuhto`l, tmos ghl ef h p`wfrbun strugturf.

Smf n`ld tfrj Qut shnf eflfbots br`j s`jf `b tmf shjf fnfjflts supp`rtold tmf Sojf sprfhc hnrfhcy cosgussfc; sjhnn ghp eo`tfgm st`gi progfs tflc t` olgrfhsf `vfr tmf sox t` lolf j`ltms prfgfcold h BCH `r gnologhn trohn ghthnyst fvflt. Smf olgrfhsf ol tmf smhrf progf, ol j`st ghsfs, tflcs t` ùtphgf tmf olgrfhsf ol ojpnofc v`nhtonoty (wmogm murts tmf p`soto`l Q&N). Smos os h n`ldfr tfrj, strhtfdog trhcf hlc tmus rfquorfs h modmfr nfvfn `b cuf conodflgf dovfl tmht yù gùnc flc up `wlold tmf smhrfs ob tmf st`gi cfgnolfs hlc yù hrf hssodlfc tmf smhrfs (hssujold yù c`l‟t gn`sf ùt tmf p`soto`l). Burtmfr g`jpnoghtold tmf trhcf os tmf (usuhn) `b noquocoty wmogm Eoc jhy/ hppfhr t` „trhp‚ yùholmodm tmf progf trhcft`dovfl v`nhtonf nhgi hlc gmhldold/wocflold Hsi sprfhc hlc tmus phy obh

yù whlt t` try hlc fxot. Smos trhcf os efst suotfc b`r g`jphlofs wotm str`ld

bulchjflthns, sugm hs h j`rf covfrsf `r cffpfr crud cfvfn`pjflt popfnolf, s`noc ghsm ehnhlgfs hlc h trhlsphrflt sùrgf `b buturf ghsm. Smf ify pòlt os t` `lny c` tmos trhcf b`r tmf str`ldfst g`jphlofs tmht yù wonn bffn g`jb`rthenf `wlold tmf smhrfs cfspotf tmf modm nfvfn `b v`nhtonoty. Ol tmos trhcf, yùr d`hn smùnc ef t` sfnn tmf Qut wmfrf tmf prfjouj jolus tmf smhrf progf `vfrnhps wotm tmf g`jphly‟s ghsm pfr smhrf vhnuf (wmfrf p`ssoenf) `r ht nfhst g`jfs gn`sf. B`r fxhjpnf, ol tmf fxhjpnf he`vf, ]_[ st`gi trhcfs ht $7.11. Smf g`jphly mhs ghsm `l tmf ehnhlgf smfft `b 811 jonno`l hlc 61 jonno`l smhrfs ùtsthlcold, wmogm fquhtfs t` $5.11 pfr smhrf ( : $811jnl / 61jnl). Ot os p`ssoenf t` sfnn tmf CFG 5.6 Qut ht 8.81. Smf smhrf progf jolus tmf prfjouj fquhtfs t` $8.?1 (: $7.11 - $8.81). Ol tmos fxhjpnf, ùr trhcf-ol progf `vfrnhps ey $1.81 wotm ghsm vhnuf pfr smhrf wmogm jfhls tmht ùr trhcf curhto`l rosi os l`w efn`w h corty „noquochto`l vhnuf‚ cosgussfc fhrny ol tmos e`ì ‗ tmos os h d``c trhcf. Srhcfs noif tmos c` l`t `lny fxost ol tmf`ry (`r ol e`ìs sugm hs tmos) ‗ tmfy hrf ùt tmfrf hlc yù sojpny lffc t` c` s`jf w`ri t` bolc tmfj. @lf bolhn g`jjflt heùt noquocoty hlc tmos trhcf strugturf. Hs jflto`lfc he`vf, yù wonn noifny, ol p`punhr vfrlhgunhr, ef jhrrofc t` tmf p`soto`l `lgf yù trhcf olt` ot. Tmonf yù m`nc tmf p`soto`l ef prfphrfc t` flgùltfr v`nhtonf, `btfl eozhrrf, j`vfjflts ol tmf Eoc / Hsi sprfhc. Hs sugm, cfpflcold `l tmf sozf `b tmf p`soto`l, yù wonn mhvf nhrdf, `btfl jfhloldnfss, swolds ol Q&N br`j tojf t` tojf. C` l`t g`lgfrl yùrsfnb (hlc c` l`t phlog!) wotm tmfsf swolds hs j`st wonn sfnb-g`rrfgt `vfr tojf.

Smf fxtrfjf v`nhtonoty g`vfrfc Ghnn os h ehsog strhtfdy wotm p`tfltohn b`r ùtsozfc rfturls. Hs yù hrf noifny hwhrf, ot olv`nvfs euyold `r `wlold tmf smhrfs hlc sfnnold hl fquovhnflt hjùlt `b ht-tmf-j`lfy `r burtmfr ùt-`b-tmf-j`lfy Ghnn `pto`ls hdholst tmf smhrf p`soto`l. Ot os l`t ulg`jj`l t` dflfrhtf rfturls `b drfhtfr tmhl 71% wotm s`jf c`wlsocf pr`tfgto`l. H ify bhgt`r ol tmos strugturf os t` cftfrjolf m`w jugm tmf smhrfs wonn cr`p wotm lfdhtovf rfsunts ‗ tmos os tmf ify rosi. Ot os vfry ojp`rthlt t` strfss tmf b`nn`wold; b`r lfhrny hnn lfdhtovf ùtg`jf sotuhto`ls, tmf Ghnn prfjouj s`nc wonn ef olsubbogoflt t` `bbsft n`ssfs `l tmf smhrfs. Hs sugm, ob tmos strugturf os usfc, ot os hes`nutfny fssfltohn t` jhif

surf yù ulcfrsthlc tmf c`wlsocf rosi. Hsocf br`j hlhnyst fstojhtfs, h d``c

jhrift ehsfc jftm`c hs cosgussfc fhrnofr ol tmos e`ì, os t` usf tmf ht-tmfj`lfy strhccnf t` fstojhtf tmf p`tfltohn c`wlsocf. B`r fxhjpnf, ob tmf smhrfs hrf trhcold ht $81, hlc tmf ht-tmf-j`lfy strhccnf (o.f. tmf 81.1 stroif) os trhcold ht $3, tmf jhrift os fstojhtold h j`vf `b p`tfltohnny c`wl t` $2. Ob yù s`nc tmf 81.1 stroif Ghnn b`r $5.6, tmos wùnc dovf yù c`wlsocf pr`tfgto`l t` $4.61. Ob tmf smhrfs j`vfc t` tmf progf ojpnofc ey tmf ht-tmf-j`lfy strhccnf, yù wùnc n`sf hl hccoto`lhn $8.6 `l tmf c`wlsocf. Smos os hgtuhnny l`t ehc, solgf yù hrf „rosiold‚ $8.6 t` jhif $5.6. M`wfvfr, wmht os ojpnofc os l`t hnwhys wmht mhppfls ‗ ol sjhnn ghp eo`tfgm, fxtrfjf j`vfjflts, efy`lc fxpfgthto`ls, hrf usuhnny tmf l`rj. Hs sugm, hlc cfpflcold `l yùr rosi t`nfrhlgf, ot os prèheny d``c t` hssujf hl fvfl j`rf fxtrfjf c`wlwhrc j`vf. Ob tmf smhrfs cr`ppfc t` $8, b`r fxhjpnf, tmf p`soto`l wùnc sm`w jhssovf n`ssfs. Smfrfb`rf ot os ojp`rthlt b`r yù t` cftfrjolf m`w jugm rosi yù hrf wonnold t` thif pro`r t` usold tmos strugturf. @l h bolhn l`tf, tmos strugturf w`ris drfht hs h trhcf dòld olt` h rulup. Ol sugm sotuhto`ls, `lgf (hlc ob) tmf smhrfs rul-up pro`r t` h ghthnyst, tmf p`soto`l ghl ef gn`sfc ùt hlc tmf pr`bots ghl ef r`nnfc olt` hl`tmfr strugturf j`rf suothenf b`r tmf ojjfcohtf ghthnyst fvflt.

Smos trhcf strugturf os h purf pnhy `l tmf g`nnhpsf ol ojpnofc v`nhtonoty b`nn`wold h ghthnyst fvflt. Hs yù hrf l`w hwhrf, ojpnofc v`nhtonoty dòld olt` h ghthnyst fvflt os lfhrny hnwhys drfhtfr tmhl 561% hlc `btfl he`vf 311%. B`nn`wold hl hllùlgfjflt, ojpnofc v`nhtonoty wonn cr`p suesthltohnny (ol tmf n`w tropnf/modm cùenf codots) tmus dflfrhtold dhols `l tmf s`nc Qut hlc Ghnn p`soto`l orrfspfgtovf `b corfgto`l `b progf j`vfjflt (ht nfhst t` tmf erfhi-fvfl pòlts). J`st `b tmf rosi ol tmos strugturf wonn ef `l hl ùtsozfc upwhrc j`vf ol tmf smhrfs dovfl tmht sjhnn ghp eo`tfgm st`gi progfs hrf usuhnny efn`w $6.11 tmus dovold „j`rf r``j t` j`vf‚ `l tmf upsocf. Hs sugm, ot os ojp`rthlt t` ulcfrsthlc tmf lhturf `b tmf

crud ghlcochtf hlc t` cftfrjolf p`tfltohn upsocf j`vfjflt. Ot os usuhnny h d``c

ocfh t` hvòc tmos strugturf b`r crud ghlcochtfs tmht hrf cffjfc p`tfltohn „en`gieustfrs‚ hs tmf smhrf progf olgrfhsf jhy ghusf yù t` subbfr sodloboghlt n`ssfs (b`r fxhjpnf, tmos wùnc mhvf effl h coshstrùs strhtfdy ob usfc b`r Cflcrf`l‟s ghthnyst hllùlgfjflt). Ot os hns` ojp`rthlt t` j`lot`r sm`rt oltfrfst (drfhtfr tmhl 51%) ol tmf smhrfs tmht gùnc hns` g`ltroeutf t` hccoto`lhn vo`nflt upwhrc smhrf j`vfjflt. Smf hccoto`l `b tmf sm`rt Qut fnfjflt hccs hl hccoto`lhn nfvfn `b g`jpnfxoty t` tmf p`soto`l. Hs cosgussfc ol tmf trhcf strugturf rfvofw `b sfnnold Quts, yù lffc t` jhif surf yù ulcfrsthlc tmf bolhlgohn rèustlfss `b tmf g`jphly (`r nhgi tmfrf`b) hlc pnhl hgg`rcoldny. Smos os usuhnny efst c`lf pro`r t` tmf ghthnyst fvflt (o.f. tmf cfgoso`l t` gn`sf-ùt `r ef hssodlfc tmf smhrfs `l h lfdhtovf ùtg`jf). H d``c p`tfltohn ocfh ob yù noif tmf smhrfs hlc tmfrf os h bhonfc fvflt os t` ef hssodlfc tmf smhrfs hlc tmfl ojjfcohtfny sfnn Ghnns hdholst tmfj t` rfgùp n`ssfs (ob hly). B`r fxhjpnf, st`gi ]_[ trhcfs ht $6 hlc yù sfnn h 6.1 stroif strhccnf b`r $7 (sfnn fquhn hjùlts `b 6.1 stroif Ghnn hlc 6.1 stroif Qut). Smf lfws os lfdhtovf hlc ]_[ cr`ps t` $5. _ù sm`w l` pr`bot `r n`ss (6 - 7 : 5 - 5 : 1). _ù hnn`w tmf 6.1 stroif Ghnn t` fxporf hlc hrf hssodlfc tmf smhrfs br`j tmf s`nc 6.1 stroif Qut. @l tmf lfxt fxporhto`l, yù sfnn tmf 5.6 stroif Ghnn hdholst yùr mfnc smhrfs b`r $1.61 hlc g`ltoluf t` rfpfht ulton yù hrf thifl ùt `r cfgocf t` m`nc tmf smhrfs. B`r upsocf sgflhro`s, ot os hnj`st hnwhys h d``c ocfh t` ojjfcohtfny (`lgf Eoc / Hsi sprfhcs g`jprfss) gn`sf ùt tmf p`soto`l b`nn`wold tmf hllùlgfjflt (o.f. `l tmf shjf chy). Hs jflto`lfc fhrnofr ol tmos e`ì, tmos pfrjots hl fxot ht tmf mfodmt `b noquocoty.

Smf Wm`rt Wtrhldnf pnhys `bb `b tmf shjf fnfjflts hs tmf Wm`rt Wtrhccnf (g`nnhpsf ol ojpnofc v`nhtonoty) m`wfvfr ht wocfr stroifs. Ol tmf fxhjpnf he`vf, h Wm`rt Wtrhldnf os g`lstrugtfc hrùlc tmf ]_[ smhrf progf `b 4.6 ey sfnnold hl fquhn hjùlt `b 6.1 stroif Qut hlc 81.1 stroif Ghnn. Smf shjf rosi fnfjflts lffc t` ef hssfssfc hs wotm tmf Wm`rt Wtrhccnf (upsocf hlc c`wlsocf rosi). Smf wocfr stroif rhldf cfgrfhsfs tmf rosi fxp`surf m`wfvfr ht tmf g`st `b hccoto`lhn prfjouj. Hs sugm, jhly wonn sfnn j`rf g`ltrhgts t` g`jpflshtf b`r tmf n`ss `b hccoto`lhn prfjouj ‗ hvòc tmos rùtf hs ottypf, gùnccfgocf nfhc tòlsuesthltohn ob yù hrf Hs wotm `tmfr strugturfs `b tmos hcvhlgf `ln`ssfs tmf strhtfdy b`rwr`ld. e`tm h

lfdhtovf hlc p`sotovf ùtg`jf hlc ob h cfgoso`l t` gn`sf ùt tmf p`soto`l `ggurs,

c` ot b`nn`wold tmf hllùlgfjflt `l tmf shjf chy.

Smf Wpnot J`ltm Wprfhc sffis t` eflfbot br`j tmf httroeutfs `b h n`ld sprfhc strugturf wmonf fxpnòtold tmf (`btfl suesthltohn) cobbfrflgfs ol ojpnofc v`nhtonoty eftwffl h ghthnyst j`ltm hlc h p`st-ghthnyst j`ltm. Smos strugturf os iolc `b h „ture` gmhrdfc‚ n`ld Ghnn `r n`ld Qut sprfhc. Smos strugturf os efst usfc wmfl h BCH `r gnologhn trohn ghthnyst os fxpfgtfc ol `lf j`ltm eut tmf chtf os stonn ulgfrthol (o.f. tmf lfws os fxpfgtfc ol fotmfr fhrny `r joc-Bferuhry, b`r fxhjpnf, eut gùnc g`jf ùt hbtfr Bferuhry fxporhto`l). @btfl ol tmfsf sotuhto`ls, ojpnofc

v`nhtonoty os sodloboghltny modmfr ol tmf fxpfgtfc j`ltm tmhl tmf b`nn`wold j`ltm

‗ tmos hnn`ws tmf t mf strugturf strugt urf t` bulgto`l. Ol tmf tr trhcf hcf fxhjpnf, HEG os fxpfgtfc t` rfgfovf lfws `l wmftmfr `r l`t tmfor crud os hppr`vfc ol joc-Bferuhry. Smf jhrift os g`nnfgtovfny tmoliold tmos lfws wonn g`jf pro`r t` BFE fxporhto`l hs fvocflgfc ey tmf fl`rjùs cosgrfphlgy eftwffl ojpnofc v`nhtonoty eftwffl BFE hlc JHU `pto`ls. Ol tmf fxhjpnf, wf strugturf h efhrosm trhcf ey sfnnold 81 BFE 3.1 stroif Qut b`r 1.71 hlc sojunthlfùsny euyold 81 JHU 6.1 stroif Qut b`r 1.21. Smf lft g`st os h $711 cfeot tmht rfprfsflts yùr jhxojuj rosi ol tmf trhcf. Ot smùnc ef l`tfc tmht tmos trhcf w`ris efst wmfrf tmfrf hrf $8 olgrfjflt stroifs (hs `pp`sfc t` $5.61 olgrfjflts). @lf vfry d``c hspfgt `b tmos strugturf os tmf nhrdf hjùlt `b `pto`lhnoty ot pr`vocfs yù hs h trhcfr. Borst, ob tmf lfws os lfdhtovf hlc HEG st`gi cr`ps phst $3.11 ey fxporhto`l, ùr jhxojuj pr`bot os $411 (ob p`sotovf, ùr jhxojuj n`ss os tmf `rodolhn cfeot hs jflto`lfc `b $711). Mfrf os wmfrf tmf trhcf dfts rfhnny oltfrfstold; ob tmf lfws c`fs l`t g`jf ùt pro`r t` BFE fxporhto`l, tmf s`nc BFE Quts fxporf w`rtmnfss hlc yù l`w jholthol sfvfrhn lfw gmògfs. Borst, ojpnofc v`nhtonoty `l tmf JHU sfrofs wonn ojjfcohtfny r`gift modmfr (j`st noifny jhtgmold tmf BFE ojpnofc v`nhtonoty pro`r t` fxporhto`l). Ol sugm h sgflhro`, JHU ojpnofc v`nhtonoty olgrfhsf br`j 861% t` 561% (wmfrf BFE 6.1 stroif Qut ojpnofc v`nhtonoty whs pro`r t` fxporhto`l). Ol tmos sotuhto`l, ùr JHU 6.1 stroif Quts olgrfhsf ol vhnuf br`j 1.21 t` 1.45 (tmos os `l t`p `b tmf pr`gffcs br`j tmf fxporfc s`nc BFE 3.1 stroif Quts). Ht tmos ulgturf wf ghl sojpny sfnn tmf Quts hlc thif ùr pr`bots wotmùt mhvold t` rosi m`ncold tmrùdm tmf ghthnyst; logf sotuhto`l. Hl`tmfr hntfrlhtovf wùnc ef t` sfnn tmf JHU 3.1 stroif Quts hdholst ùr JHU 6.1 stroif Quts. Ol tmos sotuhto`l, wf sfnn tmf JHU 3.1 stroif Qut b`r 1.7?9 ol tmos fxhjpnf, wf mhvf ehsoghnny rfcugfc ùr rosi br`j 1.71 pfr sprfhc t` h grfcot pfr sprfhc `b 1.1?. Ob tmf lfws os lfdhtovf hlc HEG st`gi cr`ps efn`w $3.11 ey fxporhto`l, ùr jhxojuj pr`bot os $8,1?1. Wolgf wf l`w mhvf h grfcot sotuhto`l, ob tmf lfws os p`sotovf hlc tmf st`gi kujps, ùr jhxojuj n`ss os h dhol `b dhol `b $?1. Bolhnny, hlc ob wf hrf bffnold nugiy, wf ghl hnwhys nfhvf tmf JHU 6.1 stroif Qut brff hlc gnfhr ‗ ulcfr h lfdhtovf sgflhro` (b`r tmf smhrfs), ùr jhxojuj pr`bot ghl ef quotf suesthltohn. B`r fxhjpnf, ob tmos os tmf g`jphly‟s `lny pr`cugt ghlcochtf tmf st`gi gùnc cr`p t` ghsm pfr smhrf vhnuf. Hssujold HEG mhs ghsm pfr smhrf `b $8.61, hlc tmf smhrfs cr`p t` tmos vhnuf ulcfr tmf brff hlc gnfhr JHU 6.1 stroif Qut sgflhro`, ùr pr`bot os hrùlc $7,511.

Smf E`x (`tmfrs dovf ot h cobbfrflt lhjf) os efst hppnofc t` sotuhto`ls wotm fxtrfjf nfvfns `b ojpnofc v`nhtonoty; o.f. l`rtm `b 611%. Smos strhtfdy os `ptojozfc wmfrf tmfrf os h sodloboghlt cobbfrflgf eftwffl nfvfns `b ojpnofc v`nhtonoty eftwffl Quts hlc Ghnns (o.f. `lf os suesthltohnny modmfr tmhl tmf `tmfr). Smos strhtfdy ghl pr`cugf vfry bhv`rhenf rosi / rfwhrc sft-ups hlc `l (vfry) rhrf `gghso`ls, pr`cugf hl hreotrhdf sotuhto`l (o.f. rosi brff j`lfy). Smos strhtfdy os efst ojpnfjfltfc h wffi `r tw` pro`r t` h jhk`r ghthnyst wotm h spfgobog chtf

(sugm hs hl Hcvos`ry Qhlfn `r QCVBH). Hns`, tmos strugturf os usuhnny `lny

p`ssoenf wmfrf tmfrf hrf 8.1 stroif olgrfjflts (hs `pp`sfc t` 5.61 olgrfjflts). Ol tmf fxhjpnf trhcf, hl Hcvos`ry Qhlfn b`r HEG‟s crud ghlcochtf os snhtfc t` thif pnhgf `l h Smurschy ol tmf tmorc wffi ol Hudust (o.f. rodmt efb`rf tmf HVD sfrofs fxporfs). HEG os trhcold ht $4.11 h smhrf `l J`lchy (efb`rf rfnfhsf `b tmf erofbold c`gs). Ocfhnny tmos strugturf smùnc jhxojuj ef put ol pnhgf pro`r t` tmf rfnfhsf `b tmf erofbold c`gstrhcf ol `rcfr t` ghpturf ojpnofc v`nhtonoty (hntmùdm s`jf cosgrfto`l ghl ef thifl t` bot tmf gorgujsthlgfs). Smos strugturf os h eot trogiy hs yù lffc t` tfst ot ht sfvfrhn cobbfrflt stroifs fquocosthlt br`j tmf joc-pòlt, o.f. tmf gurrflt smhrf progf). Ol tmf trhcf fxhjpnf (hbtfr jhly otfrhto`ls ht cobbfrflt stroifs) wf cftfrjolf tmht tmf `ptojhn stroif jox os tmf 7/3/?/81 stroif sft ‗ tmos os tmf jox wmfrf tmf g`st `b tmf trhcf os tmf n`wfst. Ol tmf fxhjpnf trhcf, wf euy 61 HVD 7.1 stroif Quts ht 1.76, sfnn 61 HVD 3.1 stroif Ghnn ht 5.?6, sfnn 61 HVD ?.1 stroif Qut ht 3.11 hlc euy 61 HVD 81.1 stroif Ghnn ht 1.41 b`r h t`thn grfcot   pfr sft `b 6.?1 `r h t`thn `b $5?,611. Smf jhxojuj rosi ol tmf trhcf os $611 (`btfl, ol vfry v`nhtonf jhrifts, tmf jhxojuj rosi os hgtuhnny h grfcot9 o.f. tmf j`st yù ghl n`sf os t` dhol tmf grfcot ‗ hl hreotrhdf sotuhto`l9 c` l`t tmoli tmos os h Thnn Wtrfft jytm, O mhvf hgmofvfc tmos hlc s` ghl yù). @ur jhxojuj pr`bot, ol tmf fxhjpnf trhcf, os $3,611 hlc os hgmofvfc ob HEG smhrfs trhcf hppr`xojhtfny eftwffl tmf ollfr eùlc stroifs, ol tmf fxhjpnf trhcf, $3 hlc $81. Wfvfrhn l`tfs lffc t` ef jhcf heùt fxfguto`l hlc jhlhdfjflt `b tmos strugturf. Borst, wmfl (ob) yù dft bonnfc, fxpfgt h suesthltohn lfdhtovf Q&N ojphgt. Smos os tmf ojphgt `b tmf (`btfl) wocf sprfhcs br`j hnn `b tmf g`jp`lflt stroifs ol tmf strugturf efold progfc ht joc-vhnuf ey yùr erìfr. C`l‟t w`rry heùt tmos sotuhto`l hs tmf j`st yù ghl n`sf ob tmf strugturf sthys olthgt os $611 (b`r tmf fxhjpnf). Smos usuhnny g`rrfgts br`j sfvfrhn mùrs t` h bfw chys. Wfg`lc, ghrf lffcs t` ef thifl wotm rfdhrcs t` fhrny fxfrgosf `b tmf s`nc Ghnns hlc Quts ol tmf strugturf (ol tmf fxhjpnf trhcf tmf 3.1 stroif Ghnn hlc tmf ?.1 stroif Qut) ‗ jhif surf t` gmfgi tmf Cfnth `b fhgm; ob fotmfr os he`vf ?6 (`r -?6) tmfrf os h modm rosi `b fhrny fxfrgosf wmogm jfhls yù dft sm`rt smhrfs (b`r tmf Ghnns) hlc n`ld smhrfs (b`r tmf Quts). Smos sotuhto`l ghl ef vfry ulbhv`rhenf cuf t` „mhrc t` e`rr`w‚ bffs (j`st st`gis bhgold tmfsf fvflts hrf cffjfc „mhrc t` e`rr`w‚ dovfl modm nfvfns `b sm`rt oltfrfst) `r, fvfl w`rsf, b`rgfc euy-ols b`r tmf sm`rt smhrfs wmfrf yùr erìfr b`rgfs yù t` g`vfr tmf sm`rt smhrfs hlc gmhrdfs yù h pflhnty (hns` nfhvfs yùr strugturf ùt `b ehnhlgf wmogm gùnc ef quotf chldfrùs smùnc tmf smhrfs ef mhntfc). Ol tmfsf sotuhto`ls, yù ghl fotmfr (8) rf-ehnhlgf tmf strugturf (o.f. mhvf fquhn g`ltrhgts b`r stroif) ey gnfhrold ùt tmf smhrfsbonnold (fotmfrtmf sm`rt `r n`ldstroifs br`j wotm fxfrgosfc sm`rtfhgm Ghnns `r Quts) wmonf (ojjfcohtfny) rfquorfc lfw

sm`rt Ghnns `r Quts) wmonf (ojjfcohtfny) bonnold tmf rfquorfc stroifs wotm lfw `pto`ls (tmus jholtholold tmf shjf g`ltrhgt nfvfn) `r (5) rfcugf tmf fnfjflts ùt

`b ehnhlgf t` put tmf strugturf ehgi olt` ehnhlgf hntmùdm ht h sjhnnfr nfvfn `b t`thn g`ltrhgts. Smf E`x strugturf os fxtrfjfny cobbogunt t` jhlhdf hlc smùnc `lny ef httfjptfc ey olcovocuhns wotm h modm nfvfn `b fxpfroflgf jhlhdold g`jpnfx `pto`l p`soto`ls hlc h modm nfvfn `b rosi t`nfrhlgf.

2.3 H BFT L@SFW HE@VS QMHWF O/OO SUHCFW Curold yùr hlhnysos hlc sfhrgm b`r `pp`rtulotofs, yù jhy flgùltfr trhchenf sotuhto`ls b`r g`jphlofs wotm `lny fhrny sthdf crud ghlcochtfs ol tmfor popfnolf (o.f. Qmhsf Qmhsf O hlc Qmhsf OO). H sfnfgt bfw bfw trhcold strhtfdofs wmfl hppnofc t` tmfsf g`jphlofs/sotuhto`ls hrf cosgussfc efn`w. 2.3.8 Qut Whnf Qrf‗Hllùlgfjflt B`r pr`josold g`jphlofs tmht yù oltflc t` euonc h n`ld tfrj smhrf p`soto`l, h d``c ocfh os t` sfnn Qut prf-Qmhsf O/OO hllùlgfjflt(s). Ol sugm ghsfs, yù eflfbot br`j tmf g`nnhpsf ol tmf modm ojpnofc v`nhtonoty `pto`ls (yù s`nc tmf prfjouj) hlc ghl p`tfltohnny pogi up tmf smhrfs, hssujold yù hrf hssodlfc, ht h n`wfr g`st ehsos. Hdhol, wmfl sfnnold Quts, rfjfjefr tmht h modmfr nfvfn `b cuf conodflgf os rfquorfc. 2.3.5 Wm`rt Wmhrfs Q`st‗Q`sotovf Qmhsf O/OO Hllùlgfjflt @lf modmny modmny fbbfgtovf strhtfdy os t` sm`rt tmf smhrfs `b h g`jphly ojjfcohtfny b`nn`wold h p`sotovf h p`sotovf   Qmhsf O/OO hllùlgfjflt. H suggfssbun hllùlgfjflt wonn odlotf sm`rt g`vfrold (hlc s`jf josduocfc hlc kueonhlt rfthon euyold) hlc tmus sflc tmf st`gi r`giftold up. Hs tmf crud ghlcochtf mhs sfvfrhn j`rf yfhrs `b cfvfn`pjflt hlc jhly p`tfltohn potbhnns olgnucold tmf p`tfltohn `b t`thn bhonurf, tmf smhrfs smùnc olvhroheny trhcf ehgi c`wl `vfr tmf lfxt sfvfrhn chys. Hssujold yù ghl dft „e`rr`w‚ (o.f. yù hrf henf t` bolc smhrfs t` sm`rt `r yùr erìfr hnn`ws yù t` sm`rt tmf phrtogunhr st`gi) tmos ghl ef h nugrhtovf strhtfdy. Smf ify t` tmos strhtfdy os t` sm`rt olt` tmf progf spoif `l tmf hllùlgfjflt chy (prfbfrheny wmfl tmf smhrfs d` „phrhe`nog‚). Ehsfc `l fxpfroflgf, tmf smhrfs

wonn typoghnny typoghnny sfnn `bb wotmol wffi hsrfdhrcnfss jflto`lfc(o.f. ‗   ob euy tmfy ehgi c`l‟ttmf sfnne`rr`wfc `bb, ot os rfg`jjflcfc t` g`vfr yùr hp`soto`l smhrfs) t` nojot yùr rosi (br`j p`tfltohn g`ltolufc olgrfhsfs ol tmf smhrf progf hlc/`r ulb`rfsffl thif-`vfr `b tmf g`jphly). 2.3.7 N`ld-Sfrj Wt`gi Hggujunhto`l @b gùrsf yù ghl sojpny euy tmf smhrfs `b tmf g`jphly `vfr tojf. Smos ehsog strhtfdy w`ris efst wmfl tmf g`jphly mhs sfvfrhn Qmhsf OO ghlcochtfs lfhr g`jpnfto`l (o.f. lfxt up, Qmhsf OOO). Ob tmf g`jphly jhlhdfs t` j`vf tmf Qmhsf OO ghlcochtfs t` Qmhsf OOO, ot wonn dflfrhnny erold ol lfw euyfrs hlc mflgf nobt tmf smhrf progf. Smf ify ossuf wotm tmos strhtfdy os wotm rfdhrcs t` smhrf progf

v`nhtonoty ob yù cfgocf t` euy hlc m`nc. _ùr Q&N wonn g`ltoluùsny bnugtuhtf

eftwffl n`ssfs hlc dhols. Hs sugm, ot os `btfl h d``c strhtfdy t` trhcf hrùlc tmf

p`soto`l ehsfc `l tfgmloghn bhgt`rs ‗ tmos wonn hnn`w yù t` ghpturf s`jf dhols wmonf yù m`nc tmf p`soto`l (wmogm gùnc ef quotf h n`ld tojf). Hl`tmfr d``c strhtfdy os t` g`ltoluùsny sfnn Ghnns hdholst tmf smhrf (ob hvhonhenf) tmus eroldold ol h g`lsthlt bn`w `b olg`jf.

2.6 SUHCF WSUVGSVUFW L@S UFG@JJFLCFC

Smfrf hrf sfvfrhn trhcf strugturfs tmht hrf l`t rfg`jjflcfc wotmol tmf g`ltfxt `b h jhk`r, nhtf sthdf ghthnyst fvflt. O cosguss tmfsf strugturfs ol erofb efn`w. 2.6.8 Lhifc Qut / Ghnn Whnf (ht gfrthol progfs) Wfnnold Quts hlc Ghnns os, ol tmf`ry, vfry nugrhtovf ol nhtf sthdf eo`tfgm ghthnyst fvflts dovfl tmf modm nfvfn `b v`nhtonoty (hlc mflgf tmf modm prfjouj vhnuf). M`wfvfr, tmfrf nuris h modm nfvfn `b chldfr wmfl sfnnold Quts `r Ghnns ht gfrthol stroif nfvfns hlc wotm gfrthol g`jphly/crud-spfgobog bulchjflthns. Qut hlc Ghnn sfnnold rfquorfs h cffpfr nfvfn `b cuf conodflgf wotm rfdhrcs t` tmf bulchjflthns

`b tmf g`jphly hlc/`r jhrift p`tfltohn `b tmf crud ghlcochtf. Ocfhnny, Quts smùnc `lny ef s`nc b`r n`wfr stroifs (b`r fxhjpnf, stroifs efn`w $6 ~ $4.6) hlc b`r g`jphlofs wotm str`ldfr rfnhtovf bulchjflthns. Jhif l` josthif, h bhonfc ghthnyst ghl rfsunt ol h st`gi progf cfgnolf `b drfhtfr tmhl 61% (hlc `btfl drfhtfr tmhl 46%) hlc `btfl surphssfs tmf vhnuf `b tmf prfjouj g`nnfgtfc `l tmf shnf ‗ tmf n`wfr tmf stroif, tmf n`wfr tmf hes`nutf p`tfltohn n`ss. B`r fxhjpnf, ]_[ st`gi os trhcold ht $81 tmrff wffis pro`r t` h Qmhsf OOO ghthnyst. Smf 4.6 stroif Qut os trhcold ht 8.41. _ù sfnn 81 4.6 stroif Qut A 8.41 ($8,411 Grfcot). _ù jhif j`lfy hs n`ld hs tmf st`gi c`fs l`t cr`p efy`lc $6.=1 (4.6 stroif ‗ 8.41 prfjouj : $6.=1), h 35% cr`p ol tmf smhrf progf, l`t bhr ùt `b tmf rfhnj `b p`ssoeonoty. Ob yù fldhdf ol Qut sfnnold, ef gfrthol tmht tmf g`jphly mhs subbogoflt ghsm, `tmfr pr`cugts ol ots popfnolf, str`ld olcustry supp`rt, sùrgfs b`r buturf bulcold l`t hss`gohtfc wotm tmf nhtf sthdf crud ghlcochtf, hj`ldst `tmfr fnfjflts, b`r fxhjpnf, hs yù ghl fvfltuhnny ef hssodlfc tmf smhrfs. Ob yù hrf hssodlfc tmf smhrfs (`l h bhonfc trohn wmfrf tmf smhrf progf cr`ps efn`w tmf Qut stroif hlc yù c` l`t gn`sf ùt tmf p`soto`l, o.f. yù stonn noif tmf pr`spfgts b`r tmf g`jphly), hs jflto`lfc, n`ì t` sfnn Ghnns hdholst tmf st`gi p`soto`l `vfr tmf lfxt sfvfrhn j`ltms hs h why t` rfgùp s`jf `b yùr n`ssfs. O wùnc dflfrhnny l`t rfg`jjflc sfnnold lhifc Ghnns hs yù jhy ef ghudmt `bb duhrc wotm hl fxpn`sovf (hlc ulfxpfgtfc) upwhrc j`vf ol tmf smhrfs cuf t` spfgthgunhr rfsunts gùpnfc wotm jhssovf sm`rt g`vfrold hlc `tmfr fnfjflts. _ù gùnc hns` ef enolc-socfc ey hl ulfxpfgtfc hgquosoto`l `b tmf

g`jphly. Smf uleùlcfc lhturf `b lhifc Ghnn sfnnold jhifs ot bhr t`` rosiy t`

usf (ol jy `polo`l). 2.6.5 Wtrhodmt Qut / Ghnn Euy B`nn`wold h jhk`r BCH `r gnologhn trohn ghthnyst, v`nhtonoty wonn g`nnhpsf ‗ tmos os h gfrtholty. Hs h rfvofw, tmf modmfr tmf ojpnofc v`nhtonoty, tmf modmfr tmf `pto`l prfjouj. Tmfl euyold h Ghnn `r h Qut wotm modm ojpnofc v`nhtonoty v`nhtonoty,, yù lffc t` ef gfrthol tmht tmf ulcfrnyold smhrf progf j`vfjflt (Cfnth) wonn ùtphgf tmf cr`p ol `pto`l prfjouj vhnuf br`j tmf g`nnhpsf ol ojpnofc v`nhtonoty (Rfdh). Sm`sf lfw t` `pto`ls (fspfgohnny ol trhcold eo`tfgm) hrf `btfl sm`gifc ht tmf cr`p ol vhnuf ol tmf `pto`l fvfl wmfl tmf trhcf jhifs tmf j`vf tmfy whlt. Smf ojphgt `b ojpnofc v`nhtonoty `l `pto`l prfjouj os `btfl l`t l`togfc ùtsocf `b eo`tfgm (b`r l`l-pr`bfsso`lhn, rfthon trhcfrs) efghusf ojpnofc v`nhtonoty c`fs l`t usuhnny dft he`vf 861% b`r g`jphlofs ol `tmfr sfgt`rs. Hs sugm, euyold Ghnns `r Quts hs h sthlc-hn`lf strhtfdy (kust pro`r t` h ghthnyst fvflt) os `btfl h n`sold pr`p`soto`l wotmùt jhssovf hlc ulfxpfgtfc ulfxpfgtfc st`gi progf j`vfjflt ol

fotmfr corfgto`l. B`r fxhjpnf, st`gi ]_[ os trhcold ht $6.11 h bfw wffis pro`r t` h Qmhsf OOO hllùlgfjflt. _ù hrf eunnosm `l tmf g`jphly hlc euy 811 4.6 stroif Ghnn b`r 8.11 ($81,111 Cfeot) wotm ojpnofc v`nhtonoty ht 7=6%. Smf hllùlgfjflt os p`sotovf hlc tmf st`gi trhcfs t` $=.11. Cuf t` tmf hllùlgfjflt (tmf lfws os ùt, ulgfrtholty os d`lf), ojpnofc v`nhtonoty g`nnhpsfs ojjfcohtfny ojjfcohtfny   t` =6% hlc tmf Ghnn `pto`l yùr eùdmt l`w trhcfs ht 1.=6 rfsuntold ol h $8,611 n`ss. Cfspotf tmf mudf $7 dhol ol tmf st`gi hlc tmf bhgt tmht tmf smhrfs trhcf wfnn he`vf tmf 4.6 stroif, tmf g`nnhpsf ol ojpnofc v`nhtonoty ùtphgfs tmf Cfnth dhol `l tmf smhrfs, hs sugm, yù n`sf. Ol tmos sotuhto`l, yù smùnc prèheny sffi t` ojjfcohtfny gn`sf ùt tmf p`soto`l hs whotold wonn ghusf tmf `pto`ls t` n`sf fvfl j`rf vhnuf hs fxporhto`l hppr`hgmfs (phrhe`nog olgrfhsf ol Smfth b`r tmos sm`rt tfrj `pto`l) hlc hs noquocoty cfgrfhsfs wotm hss`gohtfc wocflold `b tmf Eoc / Hsi sprfhc (tmus burtmfr olgrfhsold yùr n`ss). Smf shjf sotuhto`l m`ncs b`r h Qut euy. B`r fxhjpnf, st`gi HEG os trhcold ht $3.11 h bfw wffis pro`r t` h Qmhsf OOO hllùlgfjflt. _ù hrf efhrosm `l tmf lhjf hlc tmf 5.6 stroif Qut n`ìs „gmfhp‚ ht 1.31. _ù euy 811 ht 1.31 ($3,111 Cfeot) ‗ (hgtuhnny tmfy hrf quotf fxpflsovf ht 7=1% Ojpnofc R`nhtonoty). Smf rfsunts hrf lfdhtovf hlc HEG st`gi progf pnujjfts t` $5.11. _ùr Quts olgrfhsf t` 1.61 (ojpnofc v`nhtonoty cr`ps t` ?1%). _ù sm`w h sjhnn pr`bot eut tmfrf os h prènfj ‗ yù lffc t` dft ùt `b tmf p`soto`l ‗ tmos wonn ef cobbogunt hs hly pr`bot

yù sm`w wonn ef fhtfl hwhy ey tmf Eoc / Hsi sprfhc. Ob yù cfgocf t` whot, tmf

Eoc / Hsi wonn dft wocfr hlc yù rosi mhvold h n`sold p`soto`l hs sm`rts g`vfr tmfor p`soto`ls (o.f. tm`sf wm` wmfrf sm`rt tmf st`gi euy tmf smhrfs ehgi) `vfr tmf flsuold chys hlc tmf st`gi sm`ws s`jf progf olgrfhsfs. B`r yù t` jhif j`lfy `l tmfsf typfs `b trhcfs, yù lffc tmf smhrfs t` dft hes`nutfny snhudmtfrfc ‗ ol Qmhsf s`jf ghsfs, tmos strhtfdy jhy w`ri mhspr`spfgts, l` ghsm, `lf OOO (wmogm kust bhonfc), hlc (o.f. s`jfwmfrf cfet,tmf hlcg`jphly l` `tmfr hj`ldst `tmfr p``r bulchjflthns). Ob yù usf Qut `r Ghnn euyold hs h sthlc hn`lf strhtfdy, ot os modmny suddfstfc t` c` s` wfnn ol hcvhlgf `b tmf ghthnyst fvflt wmfl nfvfns `b ojpnofc v`nhtonoty hrf sodloboghltny n`wfr (o.f. tmf `pto`ls hrf hgtuhnny gmfhpfr). Hns`, g`lsocfr usold h sprfhc strugturf, hs cosgussfc ‗ ol sugm sotuhto`ls, tmf modm nfvfns `b ojpnofc v`nhtonoty yù hrf euyold hrf `bbsft ey tmf modm nfvfns `b ojpnofc v`nhtonoty yù hrf sfnnold. 2.6.7 Wtrhccnf / Wtrhldnf Euy hrf prèheny tmf soldnf w`rst strhtfdofs t` usf Wtrhccnf hlc Wtrhldnf euyold wmfl trhcold sjhnn ghp eo`tfgm BCH `r gnologhn trohn ghthnyst fvflts (hdhol, hppnofs wmfl tmf ghthnyst fvflt os lfhr hlc wmfl ojpnofc v`nhtonoty os ht ots modmfst). Smos os efghusf yù hrf phyold b`r fxtrfjfny modm nfvfns `b ojpnofc v`nhtonoty. _ù lffc jhssovf st`gi progf j`vfs ol fxgfss `b wmht tmf jhrift os progold kust t` erfhi fvfl. Smf `lny tojf ot jhifs s`jf sflsf t` usf tmfsf strugturfs os wmfrf hlc wmfl ojpnofc v`nhtonoty os n`w hlc tmf ghthnyst fvflt os j`rf tmhl 7 t` t ` 2 j`ltms hwhy. 2.6.3 G`vfrfc Ghnn (he`vf gfrthol progf)

Hs cosgussfc ol Wfgto`l 2.88; Fxtrfjf R`nhtonoty G`vfrfc Ghnn, tmf ify rosi b`r tmos strugturf os tmf p`tfltohn c`wlsocf j`vf. Ol hnj`st hnn lfdhtovf ùtg`jf sotuhto`ls, tmf prfjouj s`nc hdholst tmf smhrf p`soto`l wonn ef olsubbogoflt t` g`vfr tmf n`ssfs. Hs sugm, O wùnc modmny suddfst tmos strugturf ef hvòcfc wmfrf tmf smhrf progf fxgffcs $4.61 (`r ol hgg`rchlgf wotm yùr `wl rosi pr`bonf). C` yùr cuf conodflgf.

GMHQSFU 4.1

SUHCF QU@GFWW

4.8 @RFUROFT Ol tmf sotuhto`l wmfrf yù c`l‟t mhvf h eunnosm, h efhrosm `r h lfutrhn trhcf g`lvogto`l, yù jhy ef g`lbusfc hs t` wmht hppr`hgm, ob hly, t` hc`pt b`r h trhcf (ob yù mhvf h str`ld g`lvogto`l, ey hnn jfhls trhcf tmht   g`lvogto`l). Ol tmf g`ltfxt `b trhcold BCH `r gnologhn trohn ghthnysts, tmf ùtg`jf ghl `btfl hppfhr rhlc`j (fvfl b`r modmny il`wnfcdfhenf olcustry fxpfrts) hlc tmus lfhrny ojp`ssoenf t` cftfrjolf ol hcvhlgf wmogm trhcf strugturf t` usf. Wjhrt trhcold olv`nvfs sffiold ùt tm tmff efst sotuhto`l(s) wmfrf rosi os jolojozfc hlc rfwhrc os jhxojozfc ‗ trhcold BCH hlc gnologhn trohn ghthnysts os hnn heùt sfhrgmold b`r hlc jhxojozold tmfsf hsyjjftrog hsyjjftrog sotuhto`ls. sotuhto`ls.34

4.5 CFROWOLD H SUHCF; SUHCF; SMF QU@GFWW QU@GFWW Smf j`st fbbogoflt why t` hppr`hgm h ghthnyst trhcf, wmfrf yù mhvf l` olotohn g`lvogto`l g`lvogto` l hlc wmfrf tmf ooltflt ltflt os t` jhxojozf hsyjjftry ol tmf p`soto`l, os t` b`nn`w h sthlchrcozfc hlhnytoghn brhjfw`ri. Smf pòlt `b tmos fxfrgosf os t` ocfltoby hnn `b tmf rfnfvhlt chth pòlts hlc t` usf tmfj t` ocfltoby hlc g`lstrugt tmf `ptojhn trhcf strugturf. Ol tmos sfgto`l O ùtnolf h strhodmtb`rwhrc pr`gfss t` hgmofvf tmos d`hn. Ol Wfgto`l 4.7, sfvfrhn fxhjpnf trhcfs hrf pr`vocfc. 4.5.8 Cfbolf Uosi Ghpothn & Uosi Wtrugturf Ot os ojp`rthlt ht tmf ùtsft t` cftfrjolf l`t `lny m`w jugm yù wosm t` rosi `l hly dovfl trhcf eut hns` m`w tmf rosi ol tmf trhcf os strugturfc (o.f. os ot cfbolfc `r os ot ulcfbolfc0). Smf hjùlt `b rosi yù wosm t` thif os h pfrs`lhn cfgoso`l ‗ hs sugm, yù lffc t` cfgocf b`r yùrsfnb. O pfrs`lhnny prfbfr t` rosi l` j`rf tmhl 8~5% `b t`thn ghpothn (`l tmf hddrfssovf socf) wotm rosi strugturf g`jpnftfny cfbolfc ol tmf trhcf (tmht os, l` lhifc p`soto`ls wotm ulcfbolfc rosi). O jhy olgrfhsf `r cfgrfhsf tmf hjùlt `b rosi cfpflcold `l tmf nfvfn `b `pp`rtuloty t`

dflfrhtf ùtsozfc rfturls.

4.5.5 Fsthenosm Sojf, Rhnuf & R`nhtonoty Eùlchrofs Qro`r t` strugturold h trhcf ot os ojp`rthlt t` borst fsthenosm tmf eùlchrofs `b tmf trhcf ol tfrjs `b tojf, vhnuf (o.f. st`gi progf) hlc v`nhtonoty. _ù v`nhtonoty. _ù whlt t` il`w (8) wmfl (`r hrùlc wmfl) tmf ghthnyst wonn thif pnhgf (5) wmfrf tmf st`gi wonn

trhcf `l fotmfr h p`sotovfhlc `r ots lfdhtovf hlc (7) nfvfns `b`bojpnofc v`nhtonoty. Smos fxfrgosf, ùtputs,ùtg`jf os ehsoghnny tmf tmf sujjhto`l hnn tmf fnfjflts `b yùr hlhnysos. (8) Sojf Borst, cftfrjolf tmf tojold `b tmf ghthnyst hlc wmftmfr ot os spfgobog `r fstojhtfc. BCH rfnhtfc ghthnysts hrf usuhnny spfgobog (sugm hs QCVBH `r Hcvos`ry Qhlfns) hlc gnologhn trohn rfnhtfc ghthnysts hrf usuhnny fstojhtfc. Wfvfrhn pòlts lffc t` ef jhcf wotm rfspfgt t` ghthnyst tojold;

Wpfgobog hgto`l chtfs ghl ef gmhldfc ‗ ob tmos mhppfls, ojpnofc v`nhtonoty wonn g`nnhpsf ol tmf `pto`l sfrofs wmfrf tmf ghthnyst whs `rodolhnny fxpfgtfc (o.f. tmf `pto`ls wonn n`sf suesthltohn vhnuf) ‗ tmf `lny mfcdf hdholst tmos p`ssoeonoty (ob yù hrf n`ld) os t` fotmfr rfcugf yùr p`soto`l sozf (ob tmfrf os cùet) `r t` trhcf tmf b`nn`wold sfrofs. B`r spfgobog ghthnysts, ef ghrfbun wmfl strugturold h trhcf wmfrf tmf spfgobofc chtf os gn`sf t` hl `pto`l fxporhto`l chtf. B`r fxhjpnf, hntmùdm QCVBH chtfs hrf spfgobog, tmfrf jhy ef h snodmt cfnhy wmfl tmf rfsunt os hgtuhnny jhcf puenog ‗ l`tmold os w`rsf tmhl mhvold jhcf tmf rodmt trhcf eut mhvold ot fxporf pro`r t` tmf hgtuhn ghthnyst. @lf ghl hvòc tmos ey fotmfr trhcold tmf lfxt hvhonhenf sfrofs `r ey gm``sold, ol hcvhlgf, h tojf t` fxot tmf gurrflt sfrofs hlc r`nn olt` tmf suesfquflt sfrofs. Smf nfss spfgobog hl fstojhtfc ghthnyst chtf (sugm hs „s`jftojf ol tmf 7rc quhrtfr‚), tmf nfss hjùlt `b ghpothn `lf smùnc rosi. C`l‟t b`rdft tmht tmf fvfltuhn ghthnyst gùnc bhnn wfnn efy`lc tmf fxporhto`l `b yùr `pto`l p`soto`l. (5) Rhnuf Lfxt, cftfrjolf tmf eùlcs `b tmf st`gi progf b`r h lfdhtovf `r h p`sotovf ùtg`jf. Smos os hgmofvfc, hs cosgussfc, ey hlhnyzold g`jphly (hlc pr`cugt) bulchjflthns, progf `l bhonurf, hlhnyst progf fstojhtfs3= , `pto`l ojpnofc progfs 3?

hlc pro`r tfgmloghn nfvfns (hj`ldst `tmfr61jftm`cs) ‗ tmfsf t`pogs wfrf hnrfhcy

cosgussfc ol pro`r sfgto`ls `b tmos e`ì. Ocfltobofc vhnuhto`l eflgmjhris lffc t` ef hddrfdhtfc t` cftfrjolf (hppr`xojhtfny) wmfrf tmf st`gi jhy trhcf b`r

e`tm h lfdhtovf hlc p`sotovf ghthnyst ùtg`jf. (7) R`nhtonoty Bolhnny, cftfrjolf wmfrf „gurrflt‚ ojpnofc v`nhtonoty os rfnhtovf t` „l`rjhn‚ ojpnofc v`nhtonoty (o.f. nfvfns wmfrf tmfrf os l` ghthnyst). Smos os hgmofvfc ey g`jphrold most`rog hlc gurrflt nfvfns `b ojpnofc v`nhtonoty.68 Ol j`st sotuhto`ls, tmf gn`sfr tmf ghthnyst chtf, tmf modmfr tmf nfvfn `b ojpnofc v`nhtonoty. Wfvfrhn pòlts lffc t` ef jhcf wotm rfspfgt t` ojpnofc v`nhtonoty;

Tmfl strugturold trhcfs jhif surf t` hns` thif h n`ì ht tmf `tmfr `pto`l sfrofs hrùlc tmf ghthnyst sfrofs. B`r fxhjpnf, ob h gnologhn trohn rfsunt os fstojhtfc t` thif pnhgf ol tmf WFQ sfrofs, `lf smùnc hns` phy httflto`l (ht tmf vfry nfhst) t` tmf @GS sfrofs wmfl pnhllold h trhcf. Hs cosgussfc, eod cosgrfphlgofs ol ojpnofc v`nhtonoty eftwffl tw` sfrofs `btfl yofncs oltfrfstold trhcold `pp`rtulotofs. B`r ghthnysts tmht hrf sfvfrhn j`ltms ùt, c`l‟t b`rdft t` olgnucf ol yùr trhcf hssfssjflt tmf p`tfltohn t` pr`bot br`j tmf olgrfhsf ol ojpnofc v`nhtonoty (o.f. c`l‟t kust b`gus `l tmf „rul up‚ ol tmf smhrf progf). @lf ghl pr`bot mhlcs`jfny ob `lny br`j tmf olgrfhsf ol ojpnofc v`nhtonoty `l olt` tmf ghthnyst chtf. 4.5.7 Cftfrjolf N`dog Ehsfc G`lvogto`l Ob yù mhvf cftfrjolfc tmf tojf, vhnuf hlc v`nhtonoty eùlchrofs, yù ghl efdol t` pofgf t`dftmfr p`tfltohn trhcf strugturfs wotm cfgflt hsyjjftrog gmhrhgtfrostogs ‗ hdhol, tmos os tmf rùtf t` thif wmfrf yù mhvf l` trhcf

g`lvogto`l `r eohs. Ol tmos stfp (jhly `b wm`j g`lsocfr èvoùs), g`lsocfr wmht os n`doghn `r „wmht jhifs tmf j`st sflsf‚ dovfl tmf tojf, vhnuf hlc v`nhtonoty eùlchry chth pòlts. Mfrf hrf h bfw fxhjpnfs `b tmf tmùdmt pr`gfss olv`nvfc; H n`ld (eunnosm) strhtfdy jhy ef j`rf hppr`prohtf b`r h n`w progfc st`gi wotm n`w ojpnofc v`nhtonoty hlc h jhk`r nhtf sthdf ghthnyst sox j`ltms hwhy ‗ ot wùnc l`t jhif sflsf, ht tmos kulgturf, t` trhcf tmos br`j tmf sm`rt (efhrosm) socf. Qfrmhps h nfvfrhdfc Ghnn, ùtrodmt Ghnn purgmhsf, h Ghnn sprfhc `r Qut shnf os hppr`prohtf. H sm`rt (efhrosm) strhtfdy jhy ef j`rf hppr`prohtf b`r h st`gi tmht mhs hnrfhcy fxgffcfc hlhnyst (upsocf) progf thrdfts sfvfrhn chys pro`r t` h

QCVBH wotm modm ojpnofc v`nhtonoty ‗ ot wùnc l`t jhif sflsf, ht tmos

kulgturf, t` trhcf tmos br`j tmf n`ld (eunnosm) socf. Qfrmhps h Qut sprfhc, strhccnf shnf, n`w g`st/l` g`st euttfrbny `r e`x strugturf os hppr`prohtf. Smos d`hn `b tmos stfp os t` ehsoghnny (hlc hgtovfny) fldhdf ol h l`l-eohsfc, l` m`ncs ehrfc, n`ì ht wmht trhcf g`lvogto`l (o.f. eunnosm, efhrosm `r lfutrhn) hppfhrs t` ef tmf j`st n`doghn hlc wmht trhcf strugturfs t` p`tfltohnny fjpn`y ‗ tmf j`rf p`ssoeonotofs g`lsocfrfc, tmf drfhtfr gmhlgf ht cosg`vfrold „tmf t`p‚ hsyjjftrog p`soto`l b`r tmf ghthnyst. 4.5.3 @pto`l Gmhol Wghl _ù mhvf cftfrjolfc yùr rosi, yù il`w tmf tojf, vhnuf hlc v`nhtonoty eùlchrofs hlc yù mhvf cftfrjolfc tmf n`doghn trhcf g`lvogto`l ‗ tmf lfxt hlc bolhn stfp (hsocf br`j fxfguto`l) olv`nvfs hgtovfny sffiold ùt hlc progold tmf strugturfs br`j tmf `pto`l gmhols. Smos os wmfrf yù cftfrjolf wmogm strugturf mhs tmf jhxojuj hsyjjftrog pr`bonf (o.f. tmf strugturf wotm tmf n`wfst rosi hlc

tmf modmfst rfturl). Wfvfrhn pòlts lffc t` ef jhcf wotm rfspfgt t` sghllold tmf `pto`l gmhol; Hdhol, g`lsocfr hnn p`ssoeonotofs (cobbfrflt stroifs, Quts, Ghnns, cobbfrflt sfrofs, ftg.) ‗ yù jhy ef surprosfc ht wmht yù bolc. Lfvfr trhcf ht tmf Eoc `r Hsi ‗ hnwhys hssujf tmht yù ghl dft h efttfr progf tmhl tmf jhrift os qu`told.65 Smf progf tmf jhrift os qu`told os h progf truny b`r sugifrs. Ef hwhrf `b tmf rosis wmfl yù cfgocf t` nfd olt` h trhcf.67 Lfvfr rusm h trhcf ‗ s`jf trhcfs thif juntopnf chys t` bonn. Nft tmf jhrift g`jf t` yùr cfsorfc nfvfn. Ot os efttfr t` joss h trhcf tmhl t` rusm ot hlc ef bonnfc ht h ehc progf. Srhcf strhtfdoghnny ‗ hnwhys g`lsocfr yùr lfxt j`vf hbtfr yù olotohtf yùr p`soto`l (t` flmhlgf hsyjjftry). B`r fxhjpnf, ob yù euy h Ghnn hlc tmf smhrfs rul, g`lsocfr sfnnold h modmfr stroif Ghnn. Ob tmf smhrfs tmfl hppfhr t` ef stugi ol h rhldf, g`lsocfr trhlsb`rjold tmf Ghnn sprfhc olt` h euttfrbny. Srhcold strhtfdoghnny os hnn heùt tmf g`ltolufc (rfhn tojf) fvhnuhto`l `b yùr p`soto`l wotm tmf d`hn `b n`wfrold rosi wmonf olgrfhsold pr`bot.

4.7 F]HJQNF SUHCFW 4.7.8 Srhcf #8 Ehgidrùlc ]_[ Qmhrjhgfutoghns (]_[) os fxpfgtold t` rfgfovf h rfsp`lsf br`j tmf BCH `l Tfclfschy, Jhrgm 82 wmftmfr `r l`t tmfor crud ghlcochtf os hppr`vfc (bovf chys hwhy) ‗ tmos tmos os h QCVBH ghthnyst wotm h spfgobog chtf. Smf rfsp`lsf br`j tmf BCH os l`t fxpfgtfc t` fxpfroflgf h cfnhy. ]_[ st`gi progf mhs rul up br`j hrùlc $7.11 h smhrf t` $81.11 h smhrf `l fxpfgthto`ls tmht tmf crud ghlcochtf wonn ef hppr`vfc. Hgg`rcold t` tmf hddrfdhtfc vhnuf chth, tmf smhrfs smùnc trhcf hrùlc $81.11 t` $87.11 `l hppr`vhn hlc hrùlc $4.11 `l h „s`bt‚ 63 GUN (hlc hrùlc $8.61 b`r h „mhrc‚ GUN). Ojpnofc v`nhtonoty os gurrfltny hrùlc +711% vfrsus l`rjhn ojpnofc v`nhtonoty `b ?1% ‗ Qut ojpnofc v`nhtonoty os

l`togfheny tmhl Ghnn ojpnofc v`nhtonoty. Uosi b`r tmos trhcf os sft eftwffl $8,111 hlc n`wfr $7,111.

G`lvogto`l ]_[ smhrfs mhvf hnrfhcy olgrfhsfc t` tmf vhnuf z`lf (ot ghl ef hrdufc tmht tmf smhrfs hrf lfhrny bunny vhnufc). Smf st`gi gurrfltny trhcfs ht `r lfhr j`st hlhnyst progf fstojhtfs. @pto`ls hrf gurrfltny ojpnyold h $7.11 j`vf ol fotmfr corfgto`l pnhgold tmf smhrfs t` $87.11 `l p`sotovf lfws hlc $4.11 `l lfdhtovf lfws. Smfrf os h cosgrfphlgy eftwffl Ghnn (modmfr) hlc Qut (n`wfr) ojpnofc v`nhtonoty (wmogm os surprosold dovfl tmf g`jphly‟s n`w ghsm ehnhlgfs, modm ghsm eurl hlc nojotfc popfnolf) ‗ gnfhrny tmf jhrift os fxpfgtold hppr`vhn.66 G`lgnuso`l; Smf crud

wonn (noifny) ef hppr`vfc eut tmf smhrfs wonn `lny fxpfroflgf h nojotfc rosf hlc

j`st noifny h cfgnolf efghusf tmf g`jphly lffcs t` rhosf ghsm (hlc wonn noifny c` s` voh h sfg`lchry `bbfrold s``l hbtfr hppr`vhn) ‗ h g`lsfrvhtovf efhrosm strhtfdy

thrdftold h nojotfc (l` j`rf tmhl $8.11) cfgnolf os tmus suddfstfc. Q`tfltohn strhtfdofs t` g`lsocfr; N`ld Qut Wprfhcs, L` G`st/N`w G`st Qut Euttfrbny, Wtrhccnf Whnf. @utnofr strhtfdy; (b`r fxtrfjf c`wlsocf j`vf) N`ld Qut Wprfhc.

@pto`l Gmhol Wghl Lfxt wf gmfgi tmf JHU `pto`l gmhols b`r ]_[ st`gi ol Fxmoeot 4.7 hlc sghl hlc progf tmf p`tfltohn ocfltobofc strhtfdofs.

Mfrf hrf tmf rfsunts `b tmf sghl hlc progold fxfrgosf;62

G`lgnuso`l Ehsfc `l tmf gmhrhgtfrostogs `b tmf ocfltobofc trhcfs, tmf efst strugturfs hppfhr t` ef tmf Wtrhccnf Whnf hlc tmf N`w G`st / L` G`st Euttfrbny. Smf ossuf wotm tmf Wtrhccnf Whnf os tmf p`tfltohn b`r vfry nhrdf n`ssfs smùnc tmf g`jphly rfgfovf h mhrc GUN. Smf g`jphly mhs jolojhn ghsm hlc h nojotfc popfnolf ‗ h mhrc GUN

wùnc ef cfvhsthtold t` tmf g`jphly. Cfspotf tmf ulnoifnom``c `b tmos `ggurrold (ehsfc `l jhrift sfltojflt), O wùnc dovf sfroùs tmùdmt pro`r t` usold tmos strugturf. Smf ossuf wotm tmf Euttfrbny strugturf os tmf lhrr`w pr`bot z`lf (`lny jhifs j`lfy eftwffl $=.11 hlc $81.119 hgtuhnny, tmos os tmf z`lf wf fxpfgt). Hl`tmfr (jhk`r) ossuf wotm tmos strugturf os dfttold sugm h nhrdf `rcfr fxfgutfc ‗ ol `rcfr b`r tmos trhcf t` w`ri, tmf `pto`ls wùnc lffc t` ef fxtrfjfny noquoc hlc ot wùnc noifny thif thif sfvfrhn chys (ob l`t `vfr h wffi) t` bonn bonn.. Ehsfc `l hnn tmf bhgt`rs dovfl, tmf efst strugturf t` usf ol tmos sotuhto`l os j`st noifny tmf L` G`st / N`w G`st Euttfrbny Eutt frbny..

4.7.5 Srhcf #5 Ehgidrùlc HEG Eo`sgoflgfs (HEG) os snhtfc t` rfp`rt t`p-nolf chth b`r `lf `b tmfor Qmhsf 7 crud ghlcochtfs ol „fhrny t` joc-Jhrgm‚ (`lf j`ltm hwhy) ‗ tmos os h gnologhn trohn ghthnyst wotm h vhduf fstojhtfc chtf. HEG smhrf progf mhs trhcfc ol h v`nhtonf rhldf eftwffl $6.11 hlc $81.11 h smhrf ‗ tmf smhrfs hrf gurrfltny ht $?.11. Hgg`rcold t` tmf hddrfdhtfc vhnuf chth, tmf smhrfs smùnc trhcf hrùlc $85.11 t` $86.11 `l p`sotovf chth hlc eftwffl $7.11 hlc $2.11 `l lfdhtovf chth. Ojpnofc v`nhtonoty os ~711% b`r JHU hlc ~511% b`r HQU vfrsus h l`rjhn ojpnofc v`nhtonoty `b 881%. Uosi b`r tmos trhcf os sft eftwffl $8,111 ~ $5,111.

G`lvogto`l HEG smhrfs hrf gurrfltny trhcold ol h joc-rhldf eftwffl e`tm c`wlsocf hlc

upsocf vhnuf vhnuf fstojh fstojhtfs tfs ‗ lfotmfr eunns l`r efhrs hrf ol gmhrdf. Smf vhduf tojf fstojhtf b`r rfnfhsf `b t`p-nolf chth (o.f. fhrny t` joc-Jhrgm) mhs grfhtfc h (vfry) nhrdf cosgrfphlgy ol ojpnofc v`nhtonoty eftwffl JHU hlc HQU `pto`l sfrofs ‗ hpphrfltny tmf jhrift os pnhgold j`rf fjpmhsos `l tmf „fhrny‚ nhlduhdf ol tmf g`jphly sthtfjflt tmus ojpnyold tmf chth wonn ef rfnfhsfc pro`r t` JHU fxporhto`l (tmfrf rfjhols h modm rosi, m`wfvfr, tmht tmf ghthnyst `ggurs hbtfr JHU fxporhto`l mflgf ghuto`l smùnc ef fxfrgosfc wmfl g`lsocfrold hly JHU `lny strhtfdy). HEG p`ssfssfs fxgfnnflt bulchjflthns olgnucold h s`noc popfnolf hlc str`ld ghsm ehnhlgfs ‗ tmos smùnc supp`rt tmf smhrf progf `l lfdhtovf rfsunts tmus p`tfltohnny runold ùt hl ùtsozfc j`vfc t` tmf c`wlsocf. G`lgnuso`l; H eunnosm strhtfdy6= tmht fxpnòts tmf nhrdf ojpnofc v`nhtonoty cosgrfphlgofs eftwffl

JHU hlc HQU `pto`l sfrofs os suddfstfc. Q`tfltohn strhtfdofs t` g`lsocfr; „Wpnot J`ltm‚ Ghnn Wprfhc, Mfcdfc Sojf Wprfhc.

@pto`l Gmhol Wghl Lfxt wf gmfgi tmf JHU hlc HQU `pto`l gmhols b`r HEG st`gi ol Fxmoeot 4.2 hlc sghl hlc progf tmf p`tfltohn ocfltobofc strhtfdofs.

Mfrf hrf tmf rfsunts `b tmf sghl hlc progold fxfrgosf;

G`lgnuso`l Ehsfc `l tmf gmhrhgtfrostogs `b tmf ocfltobofc trhcfs, tmf efst strugturf hppfhrs t` ef tmf Mfcdfc Sojf Wprfhc (wotm tmf s`nc JHU 7.1 stroif Qut). Smf bulchjflthn strfldtm `b HEG pr`vocfs s`jf g`jb`rt wotm rfdhrcs t` sfnnold tmf JHU 7.1 stroif Qut (ol hccoto`l tmf w`rst ghsf sgflhro` c`wlsocf progf thrdft os $7.11, rodmt ht tmf stroif progf ‗ mflgf HEG wùnc lffc t` cr`p efn`w tmf w`rst ghsf fstojhtf t` efdol t` olgur hly n`ssfs). @l p`sotovf lfws (hlc prf-JHU fxporhto`l), tmf trhcf `lny jhifs $561 ‗ l`tmold t` dft fxgotfc heùt. M`wfvfr, ob tmf lfws g`jfs hbtfr JHU fxporhto`l, hlc tmf chth os p`sotovf, ùr upsocf ghl ef quotf suesthltohn (hdhol, tmht os hssujold wf m`nc olt` chth ‗ `lgf tmf JHU

`pto`ls fxporf,olHQU ojpnofc wonn kujp suesthltohnny tmus cfgflt pr`bot ots `wl rodmtv`nhtonoty hlc hl `pp`rtuloty t` sojpny sfnn tmfpr`vocold HQU 85.1h stroif Ghnns). Ob tmf p`soto`l os l`t fxotfc, h b`nn`w-`l strhtfdy ol tmos sgflhro` (o.f. hbtfr JHU fxporhto`l hlc prf-chth), hs cosgussfc, wùnc ef t` sfnn h modmfr stroif HQU Ghnn hdholst tmf fxostold HQU 85.1 stroif Ghnn p`soto`l t` erold ol fvfl j`rf prfjouj hlc burtmfr flmhlgf tmf pr`botheonoty (hlc rfcugf rosi) `b tmf strugturf.

CUVD SUOHN & BCH DN@WWHU_28

HEEUFROHSFC LFT CUVD HQQNOGHSO@L („HLCH‚); Hl Heerfvohtfc Lfw Crud Hppnoghto`l g`lthols chth tmht, wmfl suejottfc t` BCH's Gfltfr b`r Crud Fvhnuhto`l hlc Ufsfhrgm, @bbogf `b Dflfrog Cruds, pr`vocfs b`r tmf rfvofw hlc untojhtf hppr`vhn `b h dflfrog crud pr`cugt. Dflfrog crud hppnoghto`ls hrf ghnnfc „heerfvohtfc‚ efghusf tmfy hrf dflfrhnny l`t rfquorfc t` olgnucf prfgnologhn (hlojhn) hlc gnologhn (mujhl) chth t` fsthenosm shbfty hlc fbbfgtovflfss. Olstfhc, h dflfrog hppnoghlt just sgofltoboghnny cfj`lstrhtf tmht ots

pr`cugt os eo`fquovhnflt pfrb`rjs tmf shjf jhllfr hs tmftmf oll`vht`r crud). @lgf hppr`vfc, hl(o.f., hppnoghlt jhyoljhlubhgturf hlc jhrift dflfrog crud pr`cugt. HGSORF OLDUFCOFLS; Hl hgtovf oldrfcoflt os hly g`jp`lflt tmht pr`vocfs pmhrjhg`n`doghn hgtovoty `r `tmfr corfgt fbbfgt ol tmf cohdl`sos, gurf, jotodhto`l, trfhtjflt, `r prfvflto`l `b cosfhsf, `r t` hbbfgt tmf strugturf `r hly bulgto`l `b tmf e`cy `b jhl `r hlojhns. HCRFU W WF F UFHGSO@L; Hl ulwhltfc fbbfgt ghusfc ghusfc ey tmf hcjolostrhto`l `b cruds. @lsft @lsft jhy ef succfl `r cfvfn`p `vfr tojf (Wff (Wff „W „Wocf ocf Fbbfgts‚). HQQNOGHSO@L; Wff Lfw Crud Hppnoghto`l („LCH‚), Heerfvohtfc Lfw Crud Hppnoghto`l („HLCH‚), `r Eo`n`dog Nogflsf Hppnoghto`l („ENH‚). HQQNOGHSO@L LVJEFU ; Wff „BCH Hppnoghto`l Lujefr.‚ HQQU@RHN MOWS@U_; Smf hppr`vhn most`ry os h gmr`l`n`doghn nost `b hnn BCH hgto`ls olv`nvold `lf crud pr`cugt mhvold h phrtogunhr BCH Hppnoghto`l lujefr. Smfrf hrf `vfr 61 iolcs `b hppr`vhn hgto`ls olgnucold gmhldfs ol tmf nhefnold, h lfw rùtf `b hcjolostrhto`l, hlc h lfw phtoflt p`punhto`l b`r h crud pr`cugt.

HQQU@RHN NFSSFU ; Hl `bbogohn g`jjuloghto`l br`j BCH t` h lfw`bcrud hppnoghto`l („LCH‚) sp`ls`r tmht hnn`ws tmf g`jjfrgohn jhriftold tmf pr`cugt.

HQQU@RFC CUVDW; Ol tmf V.W., tmf B``c hlc Crud Hcjolostrhto`l („BCH‚) just hppr`vf h suesthlgf hs h crud efb`rf ot ghl ef jhriftfc. Smf hppr`vhn pr`gfss olv`nvfs sfvfrhn stfps olgnucold prf-gnologhn nhe`rht`ry hlc hlojhn stucofs, gnologhn trohns b`r shbfty hlc fbboghgy, bonold `b h Lfw Crud Hppnoghto`l

ey tmf jhlubhgturfr `b tmf crud, BCH rfvofw `b tmf hppnoghto`l, hlc BCH hppr`vhn/rfkfgto`l `b hppnoghto`l. HUJ; Hly `b tmf trfhtjflt drùps ol h rhlc`jozfc trohn. J`st rhlc`jozfc trohns mhvf tw` „hrjs,‚ eut s`jf mhvf tmrff „hrjs,‚ `r fvfl j`rf (Wff „Uhlc`jozfc Srohn‚). EHWFNOLF; (8) Olb`rjhto`l dhtmfrfc ht tmf efdollold `b h stucy br`j wmogm vhrohto`ls bùlc ol tmf stucy hrf jfhsurfc (5) H il`wl vhnuf `r quhltoty wotm wmogm hl ulil`wl os g`jphrfc wmfl jfhsurfc `r hssfssfc (7) Smf olotohn tojf pòlt ol h gnologhn trohn, kust efb`rf h phrtogophlt sthrts t` rfgfovf tmf fxpfrojflthn

trfhtjflt os efold tfstfc. Ht Whbfty tmos rfbfrflgf pòlt, jfhsurhenf sugm hs en``c wmogm prfssurf hrf rfg`rcfc. hlc fbboghgy `b h crudvhnufs hrf `btfl cftfrjolfc ey j`lot`rold gmhldfs br`j tmf ehsfnolf vhnufs. EOHW; Tmfl h pòlt `b vofw prfvflts ojphrtohn kucdjflt `l ossufs rfnhtold t` tmf suekfgt `b tmht pòlt `b vofw. Ol gnologhn stucofs, eohs os g`ltr`nnfc ey enolcold hlc rhlc`jozhto`l (Wff „Enolc‚ hlc „Uhlc`jozhto`l‚). EO@N@DOG NOGFLWF HQQNOGHSO@L („ENH‚); Eo`n`doghn pr`cugts hrf hppr`vfc b`r jhriftold ulcfr tmf pr`voso`ls `b tmf Quenog Mfhntm Wfrvogf („QMW‚) Hgt. Smf Hgt rfquorfs h borj wm` jhlubhgturfs h eo`n`dog b`r shnf ol

oltfrsthtf g`jjfrgf t` m`nc h nogflsf b`r tmf pr`cugt. H eo`n`dogs nogflsf hppnoghto`l os h suejosso`l tmht g`lthols spfgobog olb`rjhto`l `l tmf jhlubhgturold pr`gfssfs, gmfjostry, pmhrjhg`n`dy, gnologhn pmhrjhg`n`dy hlc tmf jfcoghn hbbfgts `b tmf eo`n`dog pr`cugt. Ob tmf olb`rjhto`l pr`vocfc jffts BCH rfquorfjflts, tmf hppnoghto`l os hppr`vfc hlc h nogflsf os ossufc hnn`wold tmf borj t` jhrift tmf pr`cugt. EO@N@DOG QU@CVGS; Eo`n`doghn pr`cugts olgnucf h wocf rhldf `b pr`cugts sugm hs vhggolfs, en``c hlc en``c g`jp`lflts, hnnfrdflogs, s`jhtog gfnns, dflf tmfrhpy, tossufs, hlc rfg`jeolhlt tmfrhpfutog pr`tfols. Eo`n`dogs ghl ef g`jp`sfc `b sudhrs, pr`tfols, `r lugnfog hgocs `r g`jpnfx g`jeolhto`ls `b tmfsf

suesthlgfs, `r jhy ef novold fltotofs sugm hs gfnns hlc tossufs. Eo`n`dogs hrf os`nhtfc br`j h vhrofty `b lhturhn sùrgfs ‗ mujhl, hlojhn, `r jogr``rdhlosj ‗

hlc jhy ef pr`cugfc ey eo`tfgml`n`dy jftm`cs hlc `tmfr guttold-fcdf tfgml`n`dofs. Dflf-ehsfc hlc gfnnunhr eo`n`dogs, b`r fxhjpnf, `btfl hrf ht tmf b`rfbr`lt `b eo`jfcoghn rfsfhrgm, hlc jhy ef usfc t` trfht h vhrofty `b jfcoghn g`lcoto`ls b`r wmogm l` `tmfr trfhtjflts hrf hvhonhenf. ENOLC; H rhlc`jozfc trohn os „Enolc‚ ob tmf phrtogophlt os l`t t`nc wmogm hrj `b tmf trohn mf os ol. H gnologhn trohn os „Enolc‚ ob phrtogophlts hrf ulhwhrf `b wmftmfr tmfy hrf ol tmf fxpfrojflthn `r g`ltr`n hrj `b tmf stucy9 hns` ghnnfc jhsifc. (Wff „Woldnf Enolc Wtucy‚ hlc „Cùenf Enolc Wtucy‚). GNOLOGHN; Qfrtholold t` `r bùlcfc `l èsfrvhto`l hlc trfhtjflt `b phrtogophlts, hs costolduosmfc br`j tmf`rftoghn `r ehsog sgoflgf. GNOLOGHN FLCQ@OLS; Wff „Flcpòlt.‚ GNOLOGHN SUOHN; H gnologhn trohn os h rfsfhrgm stucy t` hlswfr spfgobog qufsto`ls heùt vhggolfs `r lfw tmfrhpofs `r lfw whys `b usold il`wl trfhtjflts. Gnologhn trohns hrf usfc t` cftfrjolf wmftmfr lfw cruds `r trfhtjflts hrf e`tm shbf hlc fbbfgtovf. Ghrfbunny g`lcugtfc gnologhn trohns hrf tmf bhstfst hlc shbfst why t` bolc trfhtjflts tmht w`ri ol pf`pnf. Srohns hrf ol bùr pmhsfs; Qmhsf O tfsts h lfw crud `r trfhtjflt ol h sjhnn drùp9 Qmhsf OO fxphlcs tmf stucy t` h nhrdfr drùp `b pf`pnf9 Qmhsf OOO fxphlcs tmf stucy t` hl fvfl nhrdfr drùp `b pf`pnf9 hlc Qmhsf OR thifs pnhgf hbtfr tmf crud `r trfhtjflt mhs effl nogflsfc hlc jhriftfc. (Wff „Qmhsf O‚, „Qmhsf OO‚, „Qmhsf OOO‚, hlc „Qmhsf OR‚ Srohns). G@M@US; Ol fpocfjo`n`dy, h drùp `b olcovocuhns wotm s`jf gmhrhgtfrostogs ol

g`jj`l. G@JQHWWO@LHSF VWF; H jftm`c `b pr`vocold fxpfrojflthn tmfrhpfutogs pro`r t` bolhn BCH hppr`vhn b`r usf ol mujhls. Smos pr`gfcurf os usfc wotm vfry sogi olcovocuhns wm` mhvf l` `tmfr trfhtjflt `pto`ls. @btfl, ghsf-ey-ghsf hppr`vhn just ef ètholfc br`j tmf BCH b`r „g`jphsso`lhtf usf‚ `b h crud `r tmfrhpy. G@LSUHOLCOGHSO@L; H spfgobog gorgujsthlgf wmfl tmf usf `b gfrthol trfhtjflts gùnc ef mhrjbun.

G@LSU@N; H g`ltr`n os tmf lhturf `b tmf oltfrvflto`l g`ltr`n. G@LSU@N DU@VQ; Smf sthlchrc ey wmogm fxpfrojflthn èsfrvhto`ls hrf

fvhnuhtfc. Ol jhly gnologhn trohns, `lf drùp `b phtoflts wonn ef dovfl hl fxpfrojflthn crud `r trfhtjflt, wmonf tmf g`ltr`n drùp os dovfl fotmfr h sthlchrc trfhtjflt b`r tmf onnlfss `r h pnhgfe` (Wff „Qnhgfe`‚ hlc „Wthlchrc Srfhtjflt‚). G@LSU@NNFC SUOHNW; G`ltr`n os h sthlchrc hdholst wmogm fxpfrojflthn èsfrvhto`ls jhy ef fvhnuhtfc. Ol gnologhn trohns, `lf drùp `b phrtogophlts os dovfl hl fxpfrojflthn crud, wmonf hl`tmfr drùp (o.f., tmf g`ltr`n drùp) os dovfl fotmfr h sthlchrc trfhtjflt b`r tmf cosfhsf `r h pnhgfe`. CHSH WHBFS_ HLC J@LOS@UOLD E@HUC („CWJE‚) ; Hl olcfpflcflt g`jjottff, g`jp`sfc `b g`jjuloty rfprfsflthtovfs hlc gnologhn rfsfhrgm fxpfrts, tmht rfvofws chth wmonf h gnologhn trohn os ol pr`drfss t` flsurf tmht phrtogophlts hrf l`t fxp`sfc t` ulcuf rosi. H CWJE jhy rfg`jjflc tmht h trohn ef st`ppfc ob tmfrf hrf shbfty g`lgfrls `r ob tmf trohn èkfgtovfs mhvf effl

hgmofvfc. COHDL@WSOG SUOHNW; Ufbfrs t` trohns tmht hrf g`lcugtfc t` bolc efttfr tfsts `r pr`gfcurfs b`r cohdl`sold h phrtogunhr cosfhsf `r g`lcoto`l. Cohdl`stog trohns usuhnny olgnucf pf`pnf wm` mhvf sodls `r syjpt`js `b tmf cosfhsf `r g`lcoto`l efold stucofc. C@WF-UHLDOLD WSVC_; H gnologhn trohn ol wmogm tw` `r j`rf c`sfs `b hl hdflt (sugm hs h crud) hrf tfstfc hdholst fhgm `tmfr t` cftfrjolf wmogm c`sf w`ris efst hlc os nfhst mhrjbun. C@VENF-ENOLC WSVC_; H gnologhn trohn cfsodl ol wmogm lfotmfr tmf phrtogophtold olcovocuhns l`r tmf stucy sthbb il`ws wmogm phrtogophlts hrf rfgfovold tmf fxpfrojflthn crud hlc wmogm hrf rfgfovold h pnhgfe` (`r hl`tmfr tmfrhpy). Cùenf-enolc trohns hrf tmùdmt t` pr`cugf èkfgtovf rfsunts, solgf tmf fxpfgthto`ls `b tmf c`gt`r hlc tmf phrtogophlt heùt tmf fxpfrojflthn crud c` l`t hbbfgt tmf ùtg`jf9 hns` ghnnfc cùenf-jhsifc stucy. Wff „Enolcfc Wtucy‚, „Woldnf-Enolc Wtucy‚, hlc „Qnhgfe`.‚ C@VENF-JHWIFC WSVC_; Wff „Cùenf-Enolc Wtucy.‚ Wtucy.‚ CUVD-CUVD OLSFUHGSO@L; H j`coboghto`l `b tmf fbbfgt `b h crud wmfl

hcjolostfrfc wotm hl`tmfr crud. Smf fbbfgt jhy ef hl olgrfhsf `r h cfgrfhsf ol tmf hgto`l `b fotmfr suesthlgf, `r ot jhy ef hl hcvfrsf fbbfgt tmht os l`t l`rjhnny hss`gohtfc wotm fotmfr crud.

CUVD QU@CVGS; Smf bolosmfc c`shdf b`rj tmht g`lthols h crud suesthlgf, dflfrhnny, eut l`t lfgfsshrony ol hss`gohto`l wotm `tmfr hgtovf `r olhgtovf oldrfcoflts. CWJE; Wff „Chth Whbfty hlc J`lot`rold E`hrc.‚ FBBOGHG_; Smf jhxojuj heonoty `b h crud `r trfhtjflt t` pr`cugf h rfsunt rfdhrcnfss `b c`shdf. H crud phssfs fbboghgy trohns ob ot os fbbfgtovf ht tmf c`sf tfstfc hlc hdholst tmf onnlfss b`r wmogm ot os prfsgroefc. Ol tmf pr`gfcurf jhlchtfc ey tmf BCH, Qmhsf OO gnologhn trohns dhudf fbboghgy, hlc Qmhsf OOO trohns g`lborj ot. FNODOEONOS_ GUOSFUOH; Wujjhry grotfroh b`r phrtogophlt sfnfgto`l9 olgnucfs Olgnuso`l hlc Fxgnuso`l grotfroh. FJQOUOGHN; Ehsfc `l fxpfrojflthn chth, l`t `l h tmf`ry. FLCQ@OLS; @vfrhnn ùtg`jf tmht tmf pr`t`g`n os cfsodlfc t` fvhnuhtf. G`jj`l flcpòlts hrf sfvfrf t`xogoty, cosfhsf pr`drfsso`l, `r cfhtm. FQOCFJO@N@D_; Smf erhlgm `b jfcoghn sgoflgf tmht cfhns wotm tmf stucy `b olgocflgf hlc costroeuto`l hlc g`ltr`n `b h cosfhsf ol h p`punhto`l. F]GNVWO@L/OLGNVWO@L F]GNVWO@L/OLGN VWO@L GUOSFUOH; Wff „Olgnuso`l/Fxgnuso`l Grotfroh.‚ F]QHLCFC HGGFWW; Ufbfrs t` hly `b tmf BCH pr`gfcurfs, sugm hs g`jphsso`lhtf usf, phrhnnfn trhgi, hlc trfhtjflt OLC tmht costroeutf fxpfrojflthn cruds t` phrtogophlts wm` hrf bhonold `l gurrfltny hvhonhenf trfhtjflts b`r tmfor g`lcoto`l hlc hns` hrf ulhenf t` phrtogophtf ol `ldòld gnologhn trohns. F]QFUOJFLSHN CUVD; H crud tmht os l`t BCH nogflsfc b`r usf ol mujhls, `r hs h trfhtjflt b`r h phrtogunhr g`lcoto`l (Wff „@bb-Nhefn Vsf‚). BCH; Wff „B``c hlc Crud Hcjolostrhto`l.‚ BCH HGSO@L CHSF; Smf hgto`l chtf tfnns wmfl hl BCH rfdunht`ry hgto`l, sugm hs hl `rodolhn `r suppnfjflthn hppr`vhn, t`ì pnhgf.

BCH HQQNOGHSO@L LVJEFU ; Smos lujefr, hns` il`wl hs tmf LCH lujefr, os hssodlfc ey BCH sthbb t` fhgm hppnoghto`l b`r hppr`vhn t` jhrift h

lfw crud ol tmf Vlotfc Wthtfs. @lf crud ghl mhvf j`rf tmhl `lf hppnoghto`l lujefr ob ot mhs cobbfrflt c`shdf b`rjs `r rùtfs `b hcjolostrhto`l. B@@C HLC CUVD HCJOLOWSUHSO@L („BCH‚) ; Smf V.W. Cfphrtjflt `b

Mfhntm hlc Mujhl Wfrvogfs hdflgy rfsp`lsoenf b`r flsurold tmf shbfty hlc fbbfgtovflfss `b hnn cruds, eo`n`dogs, vhggolfs, hlc jfcoghn cfvogfs. DFLFUOG CUVD; H dflfrog crud os tmf shjf hs h erhlc lhjf crud ol c`shdf, shbfty, strfldtm, m`w ot os thifl, quhnoty, pfrb`rjhlgf, hlc oltflcfc usf. Efb`rf hppr`vold h dflfrog crud pr`cugt, BCH rfquorfs jhly rod`rùs tfsts hlc pr`gfcurfs t` hssurf tmht tmf dflfrog crud ghl ef suestotutfc b`r tmf erhlc lhjf crud. Smf BCH ehsfs fvhnuhto`ls `b suestotutheonoty, `r „tmfrhpfutog fquovhnflgf,‚ `b dflfrog cruds `l sgofltobog fvhnuhto`ls. Ey nhw, h dflfrog crud pr`cugt just g`lthol tmf ocfltoghn hjùlts `b tmf shjf hgtovf oldrfcoflt(s) hs tmf erhlc lhjf pr`cugt. Crud pr`cugts fvhnuhtfc hs „tmfrhpfutoghnny fquovhnflt‚

ghl ef fxpfgtfc t` mhvf fquhn fbbfgt hlc l` cobbfrflgf wmfl suestotutfc b`r tmf erhlc lhjf pr`cugt. OLGNVWO@L/F]GNVWO@L GUOSFUOH; Smf jfcoghn `r s`gohn sthlchrcs cftfrjolold wmftmfr h pfrs`l jhy `r jhy l`t ef hnn`wfc t` fltfr h gnologhn trohn. Smfsf grotfroh hrf ehsfc `l sugm bhgt`rs hs hdf, dflcfr, tmf typf hlc sthdf `b h cosfhsf, prfvoùs trfhtjflt most`ry, hlc `tmfr jfcoghn g`lcoto`ls. Ot os ojp`rthlt t` l`tf tmht olgnuso`l hlc fxgnuso`l grotfroh hrf l`t usfc t` rfkfgt pf`pnf pfrs`lhnny, eut rhtmfr t` ocfltoby hppr`prohtf phrtogophlts hlc iffp tmfj shbf. OLC; Wff „Olvfstodhto`lhn Lfw Crud.‚ OLWSOSVSO@LHN UFROFT E@HUC („OUE‚); (8) H g`jjottff `b pmysogohls, sthtostogohls, rfsfhrgmfrs, g`jjuloty hcv`ghtfs, hlc `tmfrs tmht flsurfs tmht h gnologhn trohn os ftmoghn hlc tmht tmf rodmts `b stucy phrtogophlts hrf pr`tfgtfc. Hnn gnologhn trohns ol tmf V.W. just ef hppr`vfc ey hl OUE efb`rf tmfy efdol. (5) Fvfry olstotuto`l tmht g`lcugts `r supp`rts eo`jfcoghn `r efmhvo`rhn rfsfhrgm olv`nvold mujhl phrtogophlts just, ey bfcfrhn rfdunhto`l, mhvf hl OUE tmht olotohnny hppr`vfs hlc pfro`coghnny rfvofws tmf rfsfhrgm ol `rcfr t` pr`tfgt tmf rodmts `b mujhl phrtogophlts. OLSFLS S@ SUFHS; Hlhnysos `b gnologhn trohn rfsunts tmht olgnucfs hnn chth

br`j phrtogophlts ol tmf drùps t` wmogm tmfy wfrf rhlc`jozfc (Wff „Uhlc`jozhto`l‚) fvfl ob tmfy lfvfr rfgfovfc tmf trfhtjflt.

OLSFURFLSO@L LHJF; Smf dflfrog lhjf `b tmf prfgosf oltfrvflto`l efold stucofc. OLSFURFLSO@LW; Qrojhry oltfrvflto`ls efold stucofc; typfs `b oltfrvflto`ls

hrf Crud, Dflf Srhlsbfr, R Rhggolf, hggolf, Efmhvo`r, Cfvogf, `r Qr`gfcurf. OLRFWSODHSO@LHN LFT CUVD („OLC‚); H lfw crud, hltoeo`tog crud, `r eo`n`doghn crud tmht os usfc ol h gnologhn olvfstodhto`l. Ot hns` olgnucfs h eo`n`doghn pr`cugt usfc ol votr` b`r cohdl`stog purp`sfs. OUE; Wff „Olstotuto`lhn Ufvofw E`hrc.‚ NHEFN; Smf BCH hppr`vfc nhefn os tmf `bbogohn cfsgropto`l `b h crud pr`cugt wmogm olgnucfs olcoghto`l (wmht tmf crud os usfc b`r)9 wm` smùnc thif ot9 hcvfrsf fvflts (socf fbbfgts)9 olstrugto`ls b`r usfs ol prfdlhlgy, gmoncrfl, hlc `tmfr p`punhto`ls9 hlc shbfty olb`rjhto`l b`r tmf phtoflt. Nhefns hrf `btfl bùlc olsocf crud pr`cugt phgihdold. JHWIFC; Smf il`wnfcdf `b oltfrvflto`l hssodljflt. Wff „Enolc.‚ LCH; (sff „Lfw Crud Hppnoghto`l‚) LFT CUVD HQQNOGHSO@L („LCH‚); Tmfl tmf sp`ls`r `b h lfw crud efnofvfs tmht flùdm fvocflgf `l tmf crud's shbfty hlc fbbfgtovflfss mhs effl ètholfc t` jfft BCH's rfquorfjflts b`r jhriftold hppr`vhn, tmf sp`ls`r suejots t` BCH h lfw crud hppnoghto`l („LCH‚). Smf hppnoghto`l just g`lthol chth br`j spfgobog tfgmloghn vofwpòlts b`r rfvofw, olgnucold gmfjostry, pmhrjhg`n`dy, jfcoghn, eo`pmhrjhgfutogs, hlc sthtostogs. Ob tmf LCH os hppr`vfc, tmf pr`cugt jhy ef jhriftfc ol tmf Vlotfc Wthtfs. B`r oltfrlhn trhgiold purp`sfs, hnn h nn LCH's hrf hsso hssodlfc dlfc hl LCH lujefr. lujefr. LCH LVJEFU ; Smos sox-codot lujefr os hssodlfc ey BCH sthbb t` fhgm hppnoghto`l b`r hppr`vhn t` jhrift h lfw crud ol tmf Vlotfc Wthtfs. H crud ghl mhvf j`rf tmhl `lf hppnoghto`l lujefr ob ot mhs cobbfrflt c`shdf b`rjs `r rùtfs `b hcjolostrhto`l. LJF; (sff „Lfw J`nfgunhr Fltoty‚)

LFT J@NFGVNHU ( LJF ); H Lfwol J`nfgunhr Fltoty olos hly hl hgtovf oldrfcoflt tmht mhsFLSOS_ lfvfr efb`rf effl jhriftfc tmf Vlotfc Wthtfs b`rj.

@BB-NHEFN VWF; H crud prfsgroefc b`r g`lcoto`ls `tmfr tmhl tm`sf hppr`vfc ey tmf BCH. @QFL-NHEFN SUOHN; H gnologhn trohn ol wmogm c`gt`rs hlc phrtogophlts il`w

wmogm crud `r vhggolf os efold hcjolostfrfc. @UQMHL CUVDW; Hl BCH ghtfd`ry tmht rfbfrs t` jfcoghto`ls usfc t` trfht cosfhsfs hlc g`lcoto`ls tmht `ggur rhrfny. Smfrf os nottnf bolhlgohn olgfltovf b`r tmf pmhrjhgfutoghn olcustry t` cfvfn`p jfcoghto`ls b`r tmfsf cosfhsfs `r g`lcoto`ls. @rpmhl crud sthtus, m`wfvfr, dovfs h jhlubhgturfr spfgobog bolhlgohn olgfltovfs t` cfvfn`p hlc pr`vocf sugm jfcoghto`ls. QFFU UFROFT; Ufvofw `b h gnologhn trohn ey fxpfrts gm`sfl ey tmf stucy sp`ls`r. Smfsf fxpfrts rfvofw tmf trohns b`r sgofltobog jfrot, phrtogophlt shbfty, hlc ftmoghn g`lsocfrhto`ls. QMHUJHG@IOLFSOGW; Smf pr`gfssfs (ol h novold `rdhlosj) `b hes`rpto`l, costroeuto`l, jfthe`nosj, hlc fxgrfto`l `b h crud `r vhggolf. QMHWF O SUOHNW; Olotohn stucofs t` cftfrjolf tmf jfthe`nosj hlc pmhrjhg`n`dog hgto`ls `b cruds ol mujhls, tmf socf fbbfgts hss`gohtfc wotm olgrfhsold c`sfs, hlc t` dhol fhrny fvocflgf `b fbbfgtovflfss9 jhy olgnucf mfhntmy phrtogophlts hlc/`r phtoflts. QMHWF OO SUOHNW; G`ltr`nnfc gnologhn stucofs g`lcugtfc t` fvhnuhtf tmf fbbfgtovflfss `b tmf crud b`r h phrtogunhr olcoghto`l `r olcoghto`ls ol phtoflts wotm

tmf `r g`lcoto`l ulcfr stucy hlc t` cftfrjolf tmf g`jj`l sm`rttfrj socfcosfhsf fbbfgts hlc rosis. QMHWF OOO SUOHNW; Fxphlcfc g`ltr`nnfc hlc ulg`ltr`nnfc trohns hbtfr prfnojolhry fvocflgf suddfstold fbbfgtovflfss `b tmf crud mhs effl ètholfc, hlc hrf oltflcfc t` dhtmfr hccoto`lhn olb`rjhto`l t` fvhnuhtf tmf `vfrhnn eflfbotrosi rfnhto`lsmop `b tmf crud hlc pr`vocf hlc hcfquhtf ehsos b`r pmysogohl nhefnold. QMHWF OR SUOHNW; Q`st-jhriftold stucofs t` cfnolfhtf hccoto`lhn olb`rjhto`l olgnucold tmf crud's rosis, eflfbots, hlc `ptojhn usf.

QNHGFE@ ; H pnhgfe` os trohns, hl olhgtovf ponn, noquoc, `r p`wcfr tmhtg`jphrfc mhs l` trfhtjflt vhnuf. Ol gnologhn fxpfrojflthn trfhtjflts hrf `btfl wotm pnhgfe`s t` hssfss tmf trfhtjflt's fbbfgtovflfss. (Wff „Qnhgfe` G`ltr`nnfc

Wtucy‚). QNHGFE@ G@LSU@NNFC WSVC_; H jftm`c `b olvfstodhto`l `b cruds ol wmogm hl olhgtovf suesthlgf (tmf pnhgfe`) os dovfl t` `lf drùp `b phrtogophlts,

wmonf tmf crud os dovfl t` hl`tmfr drùp. Smf rfsunts ètholfc tmf tw` drùps hrfefold tmfl tfstfc g`jphrfc t` sff ob tmf olvfstodhto`lhn trfhtjflt os ol j`rf fbbfgtovf ol trfhtold tmf g`lcoto`l. QNHGFE@ FBBFGS; H pmysoghn `r fj`to`lhn gmhldf, `ggurrold hbtfr h suesthlgf os thifl `r hcjolostfrfc, tmht os l`t tmf rfsunt `b hly spfgohn pr`pfrty `b tmf suesthlgf. Smf gmhldf jhy ef eflfbogohn, rfbnfgtold tmf fxpfgthto`ls `b tmf phrtogophlt hlc, `btfl, tmf fxpfgthto`ls `b tmf pfrs`l dovold tmf suesthlgf. QUF-GNOLOGHN; Ufbfrs t` tmf tfstold `b fxpfrojflthn cruds ol tmf tfst tuef `r ol hlojhns - tmf tfstold tmht `ggurs efb`rf trohns ol mujhls jhy ef ghrrofc ùt. QUFRFLSO@L SUOHNW; Ufbfrs t` trohns t` bolc efttfr whys t` prfvflt cosfhsf ol pf`pnf wm` mhvf lfvfr mhc tmf cosfhsf `r t` prfvflt h cosfhsf br`j rfturlold. Smfsf hppr`hgmfs jhy olgnucf jfcogolfs, vothjols, vhggolfs, jolfrhns, `r nobfstynf gmhldfs. QU@S@G@N; H stucy pnhl `l wmogm hnn gnologhn trohns hrf ehsfc. Smf pnhl os ghrfbunny cfsodlfc t` shbfduhrc tmf mfhntm `b tmf phrtogophlts hs wfnn hs hlswfr spfgobog rfsfhrgm qufsto`ls. H pr`t`g`n cfsgroefs wmht typfs `b pf`pnf jhy phrtogophtf ol tmf trohn9 tmf sgmfcunf `b tfsts, pr`gfcurfs, jfcoghto`ls, hlc c`shdfs9 hlc tmf nfldtm `b tmf stucy. Tmonf ol h gnologhn trohn, phrtogophlts

b`nn`wold h pr`t`g`n hrf sffl rfdunhrny ey tmf rfsfhrgm sthbb t` j`lot`r tmfor mfhntm hlc t` cftfrjolf tmf shbfty hlc fbbfgtovflfss `b tmfor trfhtjflt (Wff „Olgnuso`l/Fxgnuso`l Grotfroh‚). UHLC@JO[HSO@L; H jftm`c ehsfc `l gmhlgf ey wmogm stucy phrtogophlts hrf hssodlfc t` h trfhtjflt drùp. Uhlc`jozhto`l jolojozfs tmf cobbfrflgfs hj`ld drùps ey fquhnny costroeutold pf`pnf wotm phrtogunhr gmhrhgtfrostogs hj`ld hnn tmf trohn hrjs. Smf rfsfhrgmfrs c` l`t il`w wmogm trfhtjflt os efttfr. Br`j wmht os il`wl ht tmf tojf, hly `lf `b tmf trfhtjflts gm`sfl gùnc ef `b eflfbot t` tmf phrtogophlt (Wff „Hrj‚).

UHLC@JO[FC SUOHN; H stucy ol wmogm phrtogophlts hrf rhlc`jny (o.f., ey gmhlgf) hssodlfc t` `lf `b tw` `r j`rf trfhtjflt hrjs `b h gnologhn trohn. @gghso`lhnny pnhgfe`s hrf utonozfc. (Wff „Hrj‚ hlc „Qnhgfe`‚).

UFBFUFLGF NOWSFC CUVD (sff „UNC‚) UFROFT; H rfvofw os tmf ehsos `b BCH's cfgoso`l t` hppr`vf hl hppnoghto`l. Ot os h g`jprfmflsovf hlhnysos `b gnologhn trohn chth hlc `tmfr olb`rjhto`l prfphrfc

ey BCH crud hppnoghto`l rfvofwfrs. H rfvofw os covocfc olt` sfgto`ls `l jfcoghn hlhnysos, gmfjostry, gnologhn pmhrjhg`n`dy, eo`pmhrjhgfutogs, pmhrjhg`n`dy, sthtostogs, hlc jogrèo`n`dy. UFROFT GNHWWOBOGHSO@L; Smf LCH hlc ENH gnhssoboghto`l systfj pr`vocfs h why `b cfsgroeold crud hppnoghto`ls up`l olotohn rfgfopt hlc tmrùdmùt tmf rfvofw pr`gfss hlc pro`rotozold tmfor rfvofw. UFBFUFLGF NOWSFC CUVD („UNC‚); H Ufbfrflgf Nostfc Crud („UNC‚) os hl hppr`vfc crud pr`cugt t` wmogm lfw dflfrog vfrso`ls hrf g`jphrfc t` sm`w tmht tmfy hrf eo`fquovhnflt. H crud g`jphly sffiold hppr`vhn t` jhrift h

dflfrog fquovhnflt just(„HLCH‚). rfbfr t` tmfEyUfbfrflgf Nostfc Crudrfbfrflgf ol ots Heerfvohtfc Lfw Crud Hppnoghto`l cfsodlhtold h soldnf nostfc crud hs tmf sthlchrc t` wmogm hnn dflfrog vfrso`ls just ef sm`wl t` ef eo`fquovhnflt, BCH m`pfs t` hvòc vhrohto`ls hj`ld dflfrog cruds hlc tmfor erhlc lhjf gùltfrphrt. UOWI-EFLFBOS UHSO@; Smf rosi t` olcovocuhn phrtogophlts vfrsus tmf p`tfltohn eflfbots. Smf rosi/eflfbot rhto` jhy cobbfr cfpflcold `l tmf g`lcoto`l efold trfhtfc. WOCF FBBFGSW; Hly ulcfsorfc hgto`ls `r fbbfgts `b h crud `r trfhtjflt.

Lfdhtovf `r hcvfrsf fbbfgts jhy olgnucf mfhchgmf, lhusfh, mhor n`ss, siol orrothto`l, `r `tmfr pmysoghn prènfjs. Fxpfrojflthn cruds just ef fvhnuhtfc b`r e`tm ojjfcohtf hlc n`ld-tfrj socf fbbfgts (Wff „Hcvfrsf Ufhgto`l‚). WOLDNF-ENOLC WSVC_; H stucy ol wmogm `lf phrty, fotmfr tmf olvfstodht`r `r phrtogophlt, os ulhwhrf `b wmht jfcoghto`l tmf phrtogophlt os thiold9 hns` ghnnfc soldnf-jhsifc stucy. (Wff „Enolc‚ hlc „Cùenf-Enolc Wtucy‚). WOLDNF-JHWIFC WSVC_; Wff „Woldnf-Enolc Wtucy.‚ Wtucy.‚ WSHLCHUC WS HLCHUC SUFHSJFLS; H trfhtjflt gurrfltny ol wocf usf hlc hppr`vfc

ey tmf BCH, g`lsocfrfc t` ef fbbfgtovf ol tmf trfhtjflt `b h spfgobog cosfhsf `r g`lcoto`l.

WSHLCHUCW @B GHUF; Srfhtjflt rfdojfl `r jfcoghn jhlhdfjflt ehsfc `l sthtf `b tmf hrt phrtogophlt ghrf. WSHSOWSOGHN WODLOBOGHLGF; Smf prèheonoty tmht hl fvflt `r cobbfrflgf

`ggurrfc ey tmf gmhlgf hn`lf. gnologhn trohns, tmf hlc nfvfntmf `b èsfrvhto`ls sthtostoghn sodloboghlgf cfpflcs `l lujefr `b Ol phrtogophlts stucofc jhcf, hs wfnn hs tmf jhdlotucf `b cobbfrflgfs èsfrvfc. WSVC_ FLCQ@OLS; H projhry `r sfg`lchry ùtg`jf usfc t` kucdf tmf fbbfgtovflfss `b h trfhtjflt. WSVC_ S_QF; Smf projhry olvfstodhtovf tfgmloqufs usfc ol hl èsfrvhto`lhn pr`t`g`n9 typfs hrf Qurp`sf, Curhto`l, Wfnfgto`l, hlc Sojold. WVQQNFJFLS; H suppnfjflt os hl hppnoghto`l t` hnn`w h g`jphly t` jhif gmhldfs ol h pr`cugt tmht hnrfhcy mhs hl hppr`vfc lfw crud hppnoghto`l („LCH‚). GCFU just hppr`vf hnn ojp`rthlt LCH gmhldfs (ol phgihdold `r oldrfcoflts, b`r olsthlgf) t` flsurf tmf g`lcoto`ls `rodolhnny sft b`r tmf pr`cugt hrf stonn jft. WVQQNFJFLS LVJEFU ; H suppnfjflt lujefr os hss`gohtfc wotm hl fxostold BCH Lfw Crud Hppnoghto`l („LCH‚) lujefr. G`jphlofs hrf hnn`wfc t` jhif gmhldfs t` cruds `r tmfor nhefns hbtfr tmfy mhvf effl hppr`vfc. S` gmhldf h nhefn, jhrift h lfw c`shdf `r strfldtm `b h crud, `r gmhldf tmf why ot jhlubhgturfs h crud, h g`jphly just suejot h suppnfjflthn lfw crud hppnoghto`l („sLCH‚). Fhgm sLCH os hssodlfc h lujefr wmogm os usuhnny, eut

l`t hnwhys, sfqufltohn, sthrtold wotm 118. WVQQNFJFLS S_QF; G`jphlofs hrf hnn`wfc t` jhif gmhldfs t` cruds `r tmfor nhefns hbtfr tmfy mhvf effl hppr`vfc. S` gmhldf h nhefn, jhrift h lfw c`shdf `r strfldtm `b h crud, `r gmhldf tmf why ot jhlubhgturfs h crud, h g`jphly just suejot h suppnfjflthn lfw crud hppnoghto`l („sLCH‚). Smf suppnfjflt typf rfbfrs t` tmf iolc `b gmhldf tmht whs hppr`vfc ey BCH. Smos olgnucfs gmhldfs ol jhlubhgturold, phtoflt p`punhto`l, hlc b`rjunhto`l. SFLSHSORF HQQU@RHN; Ob h dflfrog crud pr`cugt os rfhcy b`r hppr`vhn efb`rf tmf fxporhto`l `b hly phtflts `r fxgnusovotofs hgg`rcfc t` tmf rfbfrflgf

nostfc crud pr`cugt, BCH ossufs h tflthtovf hppr`vhn nfttfr t` tmf hppnoghlt. Smf tflthtovf hppr`vhn nfttfr cfthons tmf gorgujsthlgfs hss`gohtfc wotm tmf tflthtovf hppr`vhn. BCH cfnhys bolhn hppr`vhn `b tmf dflfrog crud pr`cugt ulton hnn phtflt

`r fxgnusovoty ossufs mhvf effl rfs`nvfc. H tflthtovf hppr`vhn c`fs l`t hnn`w tmf hppnoghlt t` jhrift tmf dflfrog crud pr`cugt. SMFUHQFVSOG EO@N@DOG QU@CVGS; H tmfrhpfutog eo`n`doghn pr`cugt os

hgurf pr`tfol cfrovfc br`j novold jhtfrohn (sugm hs gfnns `r tossufs) usfc t` trfht `r cosfhsf. S@]OGOS_; Hl hcvfrsf fbbfgt pr`cugfc ey h crud tmht os cftrojflthn t` tmf phrtogophlt's mfhntm. Smf nfvfn `b t`xogoty hss`gohtfc wotm h crud wonn vhry cfpflcold `l tmf g`lcoto`l wmogm tmf crud os usfc t` trfht. SUFHSJFLS OLC; OLC sthlcs b`r Olvfstodhto`lhn Lfw Crud hppnoghto`l, wmogm os phrt `b tmf pr`gfss t` dft hppr`vhn br`j tmf BCH b`r jhriftold h lfw prfsgropto`l crud ol tmf V.W. Ot jhifs pr`josold lfw cruds hvhonhenf t` cfspfrhtfny onn phrtogophlts hs fhrny ol tmf crud cfvfn`pjflt pr`gfss hs p`ssoenf.

Srfhtjflt OLCs curold hrf jhcf hvhonhenf t` S` phrtogophlts efb`rf jhriftold efdols, typoghnny Qmhsf OOO stucofs. ef g`lsocfrfc b`rdflfrhn h trfhtjflt OLC h phrtogophlt ghll`t ef fnodoenf t` ef ol tmf cfbolotovf gnologhn trohn. SUFHSJFLS SUOHNW; Ufbfrs t` trohns wmogm tfst lfw trfhtjflts, lfw g`jeolhto`ls `b cruds, `r lfw hppr`hgmfs t` surdfry `r rhcohto`l tmfrhpy.

HE@VS SMF HVSM@U

S`ly Qfnz whs h trhcfr `l h jhk`r Fur`pfhl ehli‟s pr`profthry trhcold cfsi. Mf whs rfsp`lsoenf b`r h p`rtb`no` wotm nojots `b j`rf tmhl $511 jonno`l. Qro`r t` pr`profthry trhcold, Jr. Qfnz w`rifc wotm sfvfrhn jhk`r dnèhn olvfstjflt ehlis ol r`nfs rhldold br`j g`rp`rhtf bolhlgf, jfrdfrs hlc hgquosoto`ls t` grfcot hlc eusolfss cfvfn`pjflt. Mf mhs suesthltohn oltfrlhto`lhn w`ri fxpfroflgf ol Hsoh, V.W., Fur`pf hlc Nhtol Hjfrogh hlc whs ehsfc ol Lfw _`ri Goty, E`d`tè (G`n`jeoh), Uo` cf Khlfor` (Erhzon) hlc Hjstfrchj (Smf Lftmfrnhlcs). Jr. Qfnz gurrfltny rfsocfs ol Cflvfr, G`n`rhc` wmfrf mf trhcfs b`r mos `wl hggùlt. Mf os jhrrofc hlc mhs h yùld s`l.

FLC L@SFW

8 Wùrgf;

Hchptfc br`j olb`rjhto`l g`ltholfc `l Gnologhntrohns.d`v Gnologhntrohns.d`v.. 5 Smf ENH os fquovhnflt t` tmf t mf LCH b`r h „Eo`n`dog.‚ 7 Qr`lùlgfc „phc``bh‚ ol tmf olcustry. 3 Smf BCH rfsp`lsf os `l `r hrùlc tmf QCVBH chtf. Ol s`jf sotuhto`ls, tmf BCH jhy jhy rfsgmfcunf `r cfnhy h QCVBH chtf ey h bfw wffis t` h bfw j`ltms. 6 CoJhsso

K. „Smf vhnuf `b ojpr`vold tmf pr`cugtovoty `b tmf crud cfvfn`pjflt pr`gfss; bhstfr tojfs hlc efttfr cfgoso`ls‚. Qmhrjhg`fg`l`jogs 51 Wuppn 7;881. CoJh CoJhsso K., Mhlsfl U., Drhe`wsio M (5117). „Smf progf `b oll`vhto`l; lfw fstojhtf `b crud cfvfn`pjflt g`sts.‚ K Mfhntm Fg`l 55 (5); 868;=6. 2 Inffs KF, Kòlfs U. @gguphto`lhn mfhntm ossufs ossufs ol pmhr pmhrjhgfutoghn jhgfutoghn rfsfhrgm hlc cfvfn`pjflt pr`gfss. @gguphto`lhn Jfcogolf 8??49 85;6-54. 4 Tmfl O rfbfr t` „Qmhsf OOO ghthnyst fvflts‚ tmrùdmùt tmf e`ì, O hj olgnucold e`tm gnologhn trohn hlc ghthnyst fvflts tmht b`nn`w curold tmf BCH rfvofw pr`gfss sugm hs Hcvos`ry Qhlfns `r QCVBH chtfs, hj`ldst `tmfrs. = Hntmùdm Qmhsf OOO `pp`rtulotofs hrf tmf projhry b`gus `b tmos e`ì, strhtfdofs thrdftold Qmhsf O hlc Qmhsf OO `pp`rtulotofs wonn ef quoginy g`vfrfc nhtfr ol tmf e`ì. ? H „Swfft‚ „Swfft‚ os h 831-gmhrhgtfr jfsshdf p`stfc `l Swottfr. Swottfr. 81 Ef whrlfc; tmf BCH sotfs jhy ef h eot hrghlf hlc g`lbusold t` tm`sf lfw t` trohn rfnhtfc ghthnyst trhcold. J`st `b tmf modm nfvfn chth lffcfc t` jhif hl fcughtfc trhcf ghl ef bùlc fotmfr ol g`jphly prfss rfnfhsfs, en`ds `r bunn g`vfrhdf sotfs. 88 Jhrift Ghpothnozhto`l („jhrift ghp.‚) : st`gi progf x g`jj`l smhrfs ùtsthlcold. 85 @b gùrsf, tmos hlhnysos g`lstrugt ghl hlc smùnc ef hppnofc t` trhcf

ghlcochtfs phssovfny, o.f. br`j en`ds, bunn g`vfrhdf sotfs `r BCH hlc gnologhn trohnsùrgfc ghnflchrs. 87 @tmfr rfgurrold ghsm otfjs sugm hs olg`jf thx, ghpfx, n`hl hj`rtozhto`l

hj`ldst `tmfr sojonhr otfjs, smùnc ef hccfc olt` tmos fquhto`l wmfrf olb`rjhto`l os hvhonhenf/hppnoghenf. Wjhnn ghp eo`tfgm bolhlgohns hrf usuhnny quotf sojpnf hlc tmfsf hccoto`lhn hckustjflts, m`wfvfr, hrf usuhnny l`t lfgfsshry ol `rcfr t` dft h dflfrhn ocfh rfdhrcold ghsm eurl. 83 Cfet strugturf (o.f. g`lvfrtoenf, n`hl, e`lc, ftg.) os ojp`rthlt eut b`r ùr purp`sfs wonn ef odl`rfc hs fquoty m`ncfr‟s sue`rcolhto`l ojpnofs zfr` rfg`vfry ol costrfss sotuhto`ls (o.f. lfhr ehliruptgy, ol ehliruptgy) b`r tmfsf typfs `b g`jphlofs. 86 Ot smùnc ef l`tfc tmht vfry bfw sjhnn ghp eo`tfgms mhvf puenogny trhcfc cfet (g`lvfrtoenf e`lcs, modm yofnc e`lcs). Ob yù cfgocf t` trhcf tmfsf onnoquoc olstrujflts, ef vfry ghrfbun hs yù wonn noifny ef roppfc `bb ey tmf erìfr sfnnold tmfj t` yù. 82 Ob tmf fxhgt hllùlgfjflt chtf `b tmf ghthnyst fvflt os il`wl, tmos jhy prfsflt hl fxgfnnflt sm`rt-tfrj `pp`rtuloty t` sm`rt tmf st`gi. 84

B`r ùr purp`sfs, „fxpfroflgf‚ wonn `befh g`jphly, odl`rfc. Hntmùdm jhlhdfjflt fxpfroflgfjhlhdfjflt os h grugohn bhgt`r ol tmf suggfss dovfl tmf nhrdf lujefr `b g`jphlofs hlc fquhnny nhrdf lujefr `b jhlhdfrs, ot wonn ef lfhrny ojp`ssoenf b`r hl olcovocuhn t` hggurhtfny hssfss hlc g`jphrf jhlhdfjflt br`j sojpny rfhcold tmfor pr`bfsso`lhn eo`drhpmofs. Hns`, phst suggfss c`fs l`t lfgfsshrony duhrhltff buturf suggfss fspfgohnny wotmol tmf g`ltfxt `b tmf crud cfvfn`pjflt pr`gfss. 8= Fxgmhldf Hgt Uunf 82h-8. 8? Ot smùnc ef l`tfc tmht tmf nhlduhdf ol Uunf 81e6-8 g`lthols h n``pm`nf wmfrf h pnhllfc trhcf ghl ef ghlgfnnfc hlc hs sugm, solgf tmfrf whs l` trhcf, olsocfr trhcold pr`voso`ls c` l`t hppny. 51 Hssujold tmf jhrift vhnuf `b tmf crud ghlcochtf mhs l`t fxpfroflgfc crhjhtog gmhldf. 58 Cflcrf`l ossufc lft 8= jonno`l smhrfs ol tmf oltfroj pfro`c9 tmf jhrift vhnuf `b tmf g`jphly b`r e`tm pfro`cs whs hppr`xojhtfny tmf shjf. 55 Ol tmos fxhjpnf, O hssujf ]_[ mhs `lny `lf crud ghlcochtf. 57 G`jphlofs tmht c` rfvfrsf st`gi spnots, jholny t` shtosby fxgmhldf jolojuj progf nostold rfquorfjflts, hrf `btfl (hntmùdm l`t hnwhys) ol s`jf s`rt `b costrfss hlc smùnc ef hvòcfc. 53 L`tf tmht ol fhgm ghsf, tmf rodmt drhltfc ey tmf `pto`l os kust tmht, hl `pto`l (hlc l`t hl ènodhto`l) t` euy `r sfnn tmf st`gi ht tmf Wtroif Qrogf ulton

Fxporhto`l. 56 @b gùrsf tmfsf p`soto`ls ghl ef g`jeolfc t` b`rj j`rf g`jpnfx p`soto`ls ‗

eut tmfsf hrf tmf bulchjflthn g`jp`lflt phrts. 52 @ur olotohn b`gus wonn ef `l tmf corfgto`l corfgto`l   `b tmf Vlcfrnyold st`gi (o.f. up `r c`wl). Ot smùnc ef l`tfc, m`wfvfr, tmht tmfrf hrf jhly `tmfr whys t` jhif j`lfy wotm `pto`ls, sugm hs hl olgrfhsf `r cfgrfhsf ol v`nhtonoty. Smfsf hppr`hgmfs wonn ef g`vfrfc nhtfr `l ol tmf e`ì. jfhls tmf olcovocuhn fxpfgts tmf Vlcfrnyold st`gi t` cfgnolf ol progf9 Eunnosm jfhls tmf olcovocuhn fxpfgts tmf Vlcfrnyold st`gi t` olgrfhsf ol progf9 Lfutrhn jfhls tmf olcovocuhn fxpfgts tmf Vlcfrnyold progf t` lfotmfr olgrfhsf l`r cfgrfhsf. 5= Olotohn Q&N os tmf ghsm bn`w j`vfjflt, fotmfr p`sotovf `r lfdhtovf, t` olotohtf tmf trhcf. B`r fxhjpnf, ob O euy hl `pto`l, O wùnc phy j`lfy hlc tmfrfb`rf tmos rfprfsflts h ghsm ùtbn`w. Ob O sfnn hl `pto`l, O wùnc rfgfovf j`lfy hlc tmfrfb`rf tmos rfprfsflts h ghsm olbn`w. 5? H juntopnofr cfl`tfs m`w jhly Vlcfrnyold os rfprfsfltfc ey 8 `pto`l 54 Efhrosm

g`ltrhgt. B`rwmogm fquoty `pto`ls (o.f. `pto`ls g`jj`l811 st`gi), tmf juntopnofr os usuhnny 811 jfhls 8 `pto`l g`ltrhgt `l rfprfsflts Vlcfrnyold smhrfs. Ht tojfs tmf `pto`l juntopnofr wonn ef cobbfrflt ‗ tmos os projhrony cuf t` g`rp`rhtf hgto`ls sugm hs h st`gi spnot. _ùr erìfr smùnc l`tf tmos `l tmfor @pto`l Gmhols ob hppnoghenf. 71 Ot smùnc ef l`tfc tmht ob yùr erìfr qu`tfs `l h joc-pòlt ehsos yù jhy fxpfroflgf „Qmhlt`j Q&N,‚ o.f. Q&N br`j bhonfc p`soto`ls jhy stonn ef gùltfc hs mhvold vhnuf. B`r fxhjpnf, h bhonfc 811 Ghnn p`soto`l wonn stonn ef w`rtm $561 ob ot os qu`tfc hs 1.11 Eoc / 1.16 Hsi (: (1.11+1.16)/5 x 811 x 811) ‗ wmfl tmf Ghnns fxporf w`rtmnfss, yù wonn n`sf tmos j`lfy b`nn`wold fxporhto`l hlc tmf n`ss wonn ef rfbnfgtfc ol yùr erìfrhdf hggùlt. 78 @pfl Oltfrfst chth os hvhonhenf tmf b`nn`wold chy. Mflgf R`nujf tmht `ggurs t`chy wonn ef rfbnfgtfc ol @pfl Oltfrfst t`j`rr`w. H lft olgrfhsf/cfgrfhsf br`j tmos chth ghl tmus ef ghngunhtfc. 75 @pto`ls st`p trhcold `l tmf 7rc Brochy9 tmfy, m`wfvfr, fxporf `l tmf b`nn`wold chy; Whturchy Whturchy.. 77 Smos os h sojpnf g`jphros`l hlc odl`rfs `tmfr bhgt`rs tmht ojphgt `pto`l prfjouj eftwffl Wfrofs, sugm hs v`nhtonoty. 73 Hdhol, ùr olotohn b`gus wonn ef `l tmf corfgto`lhn corfgto`lhn j`vfjflt j`vfjflt `b tmf Vlcfrnyold (hs `pp`sfc t` gmhldfs ol nfvfns `b v`nhtonoty). 76 Erfhi-Fvfl cfbolfc hs wmfrf pr`bot hlc n`ss fquhns zfr`. Erfhi-Fvfl os tmf

progf wmfrf tmf Vlcfrnyold st`gi lffcs t` trhcf pro`r t` Fxporhto`l b`r tmf trhcf t` hgmofvf zfr` pr`bot.

72

Hssujfs Erìfr usfs joc-pòlt ehsos `b Eoc/Hsi b`r vhnuhto`l `b `pto`l p`soto`l. 74 Shrdft Qrogf ghl ef fstojhtfc usold tfgmloghn `r bulchjflthn hlhnysos, hlhnyst progf fstojhtfs `r `pto`l ojpnofc progf j`vfjflts (t` ef cosgussfc ol Wfgto`l 6.4). 7= Erfhi-Fvfl cfbolfc hs wmfrf pr`bot hlc n`ss fquhns zfr`. 7? www.lujh.g`j/cfrovs/rfb/ghngunht/`pto`l/ghng-`ph.mtj www.lujh.g`j/cfrovs/rfb/ghngunht/`pto`l/ghng-`ph.mtj.. 31 Um` jfhsurfs tmf ojphgt `b oltfrfst rhtfs `l tmf vhnuf `b tmf `pto`l. Smos jfhsurfjflt os usuhnny `lny usfc ey olstotuto`lhn trhcfrs (trhcold ol vfry nhrdf sozfs) hlc wonn tmus l`t ef g`vfrfc ol tmos e`ì. 38 Smf hes`nutf vhnuf `b tmf Cfnths `b h Ghnn hlc Qut `b tmf shjf stroif progf smùnc suj t` 8. B`r fxhjpnf, tmf 58.1 Wtroif Ghnn‟s Cfnth os 1.37. Smf 58.1 Wtroif Qut‟s Cfnth os (1.64). Shif tmf hes`nutf vhnuf `b fhgm hlc tmfy suj t` 8 (: HEWY1.37 + (1.64)Z). 35

( ) cfl`tfs h grfcot, o.f. yù s`nc tmf g`ltrhgts hlc rfgfovfc tmf `pto`l prfjouj ol ghsm. 37 Smos stfp, o.f. cftfrjolold tmf tmf`rftoghn vhnuf `b tmf `pto`l usold EnhgiWgm`nfs, os dflfrhnny `lny lffcfc b`r fxtrfjfny wocf Eoc/Hsi sotuhto`ls (drfhtfr tmhl 1.61). 33 B`r tm`sf olfxpfroflgfc `pto`l trhcfrs, h strhccnf os h strhtfdy wmfrf yù wùnc euy h Ghnn hlc h Qut ht tmf shjf stroif (h n`ld strhccnf) `r sfnn h Ghnn hlc h Qut ht tmf shjf stroif (h sm`rt strhccnf). 36 Cflcrf`l‟s cr`p whs nhrdfny httroeutfc t` lhifc sm`rt sfnnold, m`wfvfr, tmf sodloboghlt nfvfn `b Wt`p @rcfrs hccfc h mudf e``st t` tmf smhrf pnujjft. 32

Smos fxhjpnf spfgoboghnny rfbfrflgfs tmf 6.1 stroif Ghnn. Smos strugturf `b gùrsf hppnofs t` `tmfr n`w stroifs (o.f. > 6.1). 34 Ol jy `polo`l, ob `lf hssujfs fquhn prèheonotofs b`r h ghthnyst ùtg`jf (o.f. 61% p`sotovf ùtg`jf, 61% lfdhtovf ùtg`jf), h strhtfdy tmht jhxojozfs hsyjjftry, smùnc ef fxpfgtfc t` yofnc, `l hvfrhdf, ùt-pfrb`rjhlgf (o.f. modm rfturls) ‗ tmoli heùt ot. 3= Hlhnyst fstojhtfs ghl ef sùrgfc br`j yùr erìfr, Swottfr `r `tmfr lfws jfcoh. 3? @tmfr jftm`cs olgnucf, b`r fxhjpnf, cosgùltfc ghsm bn`w (CGB) vhnuhto`l. Smos vhnuhto`l jftm`c whs l`t g`vfrfc ol tmos e`ì.

61 Wff Gmhptfr 7 (g`jphly bulchjflthns), Wfgto`l 6.86 (progf `l bhonurf), Wfgto`l 6.4 (`pto`l ojpnofc progfs) hlc Wfgto`l 7.2 (pro`r tfgmloghn nfvfns). 68 Wff Wfgto`l 6.= hlc Wfgto`l 3.3.8.

65 Wff

Wfgto`l 6.2. 67 Wff Wfgto`l 6.3. 63 H „s`bt‚ G`jpnftf Ufsp`lsf Nfttfr (GUN) os `lf tmht ghl ef rfgtobofc ol tmf lfhr t` jfcouj tfrj wmfrfhs h „mhrc‚ GUN ghl `lny ef rfgtobofc ol tmf n`ld tfrj (o.f. rfquorold fxpflsovf lfw trohns, ftg.). 66 Smos tfxt os jfhlt t` modmnodmt h sujjhry tmùdmt pr`gfss ‗ èvoùsny `lf wùnc l`t ehsf hl fltorf trhcf `l `lny tmos fnfjflt. 62 Hdhol, ot smùnc ef p`ssoenf t` trhcf olsocf tmf Eoc / Hsi ‗ mflgf progold hjùlts sm`wl ol tmf fxhjpnfs wonn ef efttfr tmhl jhrift qu`tfs. 64 T`rst ghsf sgflhro` wmfrf st`gi trhcfs t` $8.61. 6= @b gùrsf efhrosm trhcf strugturfs wùnc ef fxpn`rfc ol h rfhn nobf trhcold sotuhto`l ‗ `lny tmf eunnosm os fxpn`rfc mfrf b`r tmf purp`sf `b erfvoty. 6? Ot os ojp`rthlt t` l`tf tmht ob tmf smhrfs trhcf he`vf $87.11 ey JHU fxporhto`l, tmos p`soto`l wonn ef hssodlfc sm`rt   smhrfs. _ù ghl iffp tmf sm`rt p`soto`l `r gn`sf ùt tmf fltorf trhcf. 21 $561 pr`bot ob HEG < $85.11 efb`rf JHU fxporhto`l9 hbtfr JHU fxporhto`l, pr`bots `ggur he`vf $85.11 (hlc ghl ef quotf suesthltohn). 28 HOCWolb`; Dn`sshry `b MOR/HOCW-Ufnhtfc tfrjs 3tm Fcoto`l, GfltfrThtgm, Olg. Qhtoflt Ufsùrgfs; Dn`sshry, FGUO (b`rjfrny tmf Fjfrdflgy Ghrf Ufsfhrgm Olstotutf), Fno Nonny hlc G`jphly. Nonny Gnologhn Srohns Dn`sshry, JfcoWtucy.g`j Olg. GnologhnSrohns; H-[ Dn`sshry, Lhto`lhn Ghlgfr Olstotutf. Ghlgfr.d`v Cogto`lhry, BCH.d`v BCH.d`v..

Pub - The Biotech Trader Handbook 2nd Edition

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