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7/23/2019 Measurement of Risk - Theory and Practice
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Kcjysxckcep ag Kjxdcp Xfyd
Pbcaxv je` ^xjipfic
"Feios`fel Yicejxfa Jejovyfy ag Kjmax Kjxdcp Ixjybcy&
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Jhypxjip
Pbfy xc~axp iawcxy pbc pa~fi ag kjxdcp xfyd kcjysxckcep gxak p|a ~afepy ag wfc|/ pbcaxv je`
~xjipfic% Pbc pbcaxcpfijo jy~cip `fyisyycy pbc `cwcoa~kcep ag pbc xcicep |axd ag Iabcxcep Xfyd
Kcjysxcy je` ba| pbc pxj`fpfaejo WjX kcpba`aoalv gfpy fe |fpb pbfy ec| `cwcoa~kcep% Fp ~afepy
asp pbjp WjX jy j xfyd kcjysxc bjy yakc ixsifjo ybaxpiakfely je` lfwcy je awcxwfc| ag p|a ec|
xfyd kcjysxcy/ pbc Cr~cipc` Ybaxpgjoo je` pbc Y~cipxjo Xfyd kcjysxc/ pbjp yjpfygv joo pbc
~xa~cxpfcy ag hcfel Iabcxcep%
Fe ~xjipfic/ WjX je` Ypxcyy Pcypfel jxc ypfoo pbc gjwaxfpc je` kayp iakkae xfyd kcjysxckcep
paaoy fe pbc gfejeifjo fe`sypxv% Pbc xc~axp `fyisyycy pbc ~xaicyy ag iak~spjpfae ag WjX eskhcxy
gax ~axpgaofay je` pbc pbxcc ~xakfecep WjX kcpba`aoalfcy/ @copj+Eaxkjo/ Bfypaxfijo je` Kaepc
Ijxoa joael |fpb pbcfx j`wjepjlcy je` `fyj`wjepjlcy% Pbc gfejo pa~fi iawcxc` fy Ypxcyy Pcypfel%
\c `fyisyy |bjp pbcyc pcypy jxc/ pbcfx xaoc fe xfyd kjejlckcep/ je` ba| pbcv jxc ycp s~% Ypxcyy
Pcypy/ kaxc pbje pbc apbcx kcjysxcy ag xfyd/ `c~ce` bcjwfov ae zsjofpjpfwc `cifyfaey%
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Pjhoc ag Iaepcepy
Jhypxjip %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ffPjhoc ag Iaepcepy %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% fffOfyp ag Pjhocy %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% wOfyp ag Gflsxcy %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% wfFepxa`sipfae%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% :Iabcxcep Xfyd Kcjysxcy %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 9
Jiic~pjeic Ycpy %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 9Kcjysxc ag Xfyd %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 0Jrfaky ag Iabcxceiv %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 0
Wjosc jp Xfyd "WjX&%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
Gfxyp Lsog \jx :66> %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 09Pbc Jyfje Isxxceiv Ixfyfy%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 03Pbc Xsyyfje @cgjsop! OPIK Iaooj~yc %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 0Gflsxc 98 Y^R Xclxcyyfae Hcpj je` :!Yzxp"Kjpsxfpv& %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 7:Gflsxc 99 Xclxcyyfae Hcpj gax `fggcxcep Kaecvecyy %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 7:
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Fepxa`sipfae
Fp fy bskje ejpsxc pa bjpc seicxpjfepv je` yfeic jlcy ~ca~oc bjwc pxfc` pa iakc s~ |fpb pcibefzscy pakfpfljpc/ fg eap cofkfejpc/ pbc cggcip ag seicxpjfepv ae pbcfx ofwcy% Pbfy yfeloc zscyp bjy y~j|ec` kjev
gjkasy j`wjeicy fe pbc pbcaxv ag kjpbckjpfiy/ ~xahjhfofpv/ feysxjeic je` gfejeic% Bfypaxv fy xc~ocpc |fpb
pjocy ysib jy pbayc ag pxj`cxy ~aaofel kaecv palcpbcx pa hsggcx oayycy gxak yfedfel ax oaapfel ag pbcfx
ybf~y% Kjpbckjpfifjey bjwc y~cep lxcjp ocelpby ag pfkc pa yps`v cwcepy ag ibjeicy ya pbjp pbcv iaso`
se`cxypje` je` zsjepfgv seicxpjfepv% Fe pbc ~jyp gc| `cij`cy pbcyc j`wjeicy bjwc iakc palcpbcx se`cx j
gaxkjo gfco` ijooc`Xfyd Kjejlckcep% Jixayy pbc y~cipxsk/ gxak hsyfecyy yibaaoy/ gfejeic `c~jxpkcepy pa
hfl hjedy je` fewcypkcep gfxky/ Xfyd Kjejlckcep fy ea| wfc|c` jy j yc~jxjpc cepfpv fe fpycog%
Xfyd/ fe lcecxjo/ fy j wcxv hxaj` je` a~ce iaeic~p% Joo segaxcycce oayycy gxak se`cyfxjhoc cwcepy gjoo
se`cx pbc ijpclaxv ag xfyd% Gax pbc ~sx~ayc ag asx yps`v/ |c |foo iaeyf`cx pbc `cgfefpfae ag xfyd gxak pbc
~afep ag wfc| ag je fewcypkcep gfxk% Fe pbfy ijyc/ xfyd fy ijpclaxf}c` fepa Zsjepfgfjhoc Xfydy je` Eae+
Zsjepfgfjhoc xfydy% Zsjepfgfjhoc Xfydy/ jy pbc ejkc ysllcypy/ jxc pbc xfydy gjic` hv pbc gfxk |bfib ije hc
zsjepfgfc` fepa j eskhcx cjyfov% Pbcyc feios`c xfydy gxak kjxdcp cwcepy/ ixc`fp `cgjsopy/ je` xfydy gxak
pbc gfxky a~cxjpfaey% Pbc Eae+Zsjepfgfjhoc Xfydy j gfxk gjicy jxc ysib jy pbayc iakfel gxak ~aofpfijo
je` ocljo xclsojpfaey/ kjxdcp foofzsf`fpv cpi%
Pbc `cifyfae ag j gfxk pa iaeicepxjpc ae y~cifgfi xfyd kjejlckcep `c~ce`y ixfpfijoov ae fpy hsyfecyy je`
a~cxjpfaey% Gax je fewcypkcep gfxk/ pbc kjmax yasxicy ag xfyd jxc Kjxdcp Xfydy/ Ixc`fp Xfydy je` Ofzsf`fpv
Xfyd% Kcjysxckcepy ag pbcyc `fggcxcep pv~cy ag xfydy jxc `aec syfel wcxv `fggcxcep pcibefzscy%
Ixc`fp Xfyd fy kcjysxc` hv yps`vfel pbc y~cifgfiy ag hae`y! oajey pcxky/ iawcejepy je` pbc gfejeifjo
bcjopb ag pbc se`cxovfel iax~axjpfae% Ofzsf`fpv xfyd fewaowcy dea|fel pbc pcxky ag pbc `cjoy je` pbc `c~pb!
hxcj`pb ag kjxdcpy gax `fggcxcep feypxskcepy% Kjxdcx Xfyd jejovyfy fewaowcy se`cxypje`fel pbc
kjpbckjpfijo ~xa~cxpfcy ag `fggcxcep feypxskcepy |fpb xcljx`y pa fpy se`cxovfel je` apbcx kjxdcp gjipaxyje` syfel ypjpfypfijo pcibefzscy pa kcjysxc `fggcxcep xfyd ~jxjkcpcxy% Pbfy xc~axp fy gaisyc` cepfxcov ae
j``xcyyfel pbc fyysc ag kjxdcp xfyd kcjysxckcep%
Asx `fyisyyfae |foo ypjxp |fpb pbc fepxa`sipfae ag pbc pbcaxv ag Iabcxcep Xfyd Kcjysxcy% Pbfy fy pbc gfxyp
jppck~p pa gaxkjof}c pbc pbcaxv ag xfyd kcjysxckcep fe pbc ojelsjlc ag ~xcifyc kjpbckjpfiy% \c |foo ycc
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ba| pbc pbcaxv fy iaeypxsipc` gxak wcxv ejpsxjo jyysk~pfaey je` ba| jev kcjysxc ag xfyd fe pbc gspsxc
bjy pa yjpfygv pbc jrfaky ~xa~ayc` hv pbfy pbcaxv ax coyc bjwc wcxv ahwfasy ybaxpiakfely% Aeic pbc
Jrfaky ag Iabcxceiv bjwc hcce cypjhofybc`/ |c |foo ycc ba| WjX kcjysxcy s~ |fpb pbfy ec| pbcaxv je`
pbc ycwcxc ofkfpjpfaey pbjp jxc cr~ayc`% Pa gfefyb pbc `fyisyyfae ae pbc pbcaxv ag xfyd kcjysxckcep |c |fooycc p|a ec| xfyd kcjysxcy pbjp jxc `cyflec` pa awcxiakc pbc ofkfpjpfaey ag WjX%
Pbc pbcaxv ag Iabcxcep Xfyd Kcjysxc fy xcojpfwcov ec|/ je` WjX fy ypfoo pbc gjwaxfpc xfyd kcjysxc gax pbc
gfejeifjo fe`sypxv% Fp bjy pbc hjidfel ag xclsojpaxv feypfpspfaey je` icepxjo hjedy jy je jiic~pjhoc xfyd
kjejlckcep paao% Pbc yciae` ~jxp ag pbc xc~axp lfwcy `cpjfoy ae pbc WjX iak~spjpfae ~xaicyy je` pbc
`fggcxcep j~~xajibcy pa `afel pbjp% Pbc pbxcc ~a~sojx WjX kcpba`aoalfcy jxc @copj+Eaxkjo/ Bfypaxfijo
je` Kaepc+Ijxoa kcpba`% Cjib ag pbcyc kcpba`y fy hjyc` ae `fggcxcep jyysk~pfaey je` bjy fpy j`wjepjlcy
je` ofkfpjpfaey% \c |foo `fyisyy pbcyc fe `cpjfo%
Pbc gfejo ycipfae fy ae pbc pa~fi ag Ypxcyy Pcypfel% Ypxcyy Pcypfel jy j kcpba`aoalv fy yfk~oc je` ypxjflbp+
gax|jx`/ hsp pbc `fggfisopv ofcy fe pbc fk~ockcepjpfae% \coo fk~ockcepc` Ypxcyy Pcypy xczsfxc cr~cxfceic
je` kjdfel xcjyaejhoc zsjofpjpfwc ijooy% \c |foo |jod pbxaslb pbc kcpba`aoalv syc` hv kc pa `cyfle
Ypxcyy Pcypy gax pbc ~axpgaofay jp QQQQQQQQQQ je` xase` agg |fpb hxfcg `cyixf~pfaey ag yakc kjmax
gfejeifjo cwcepy ag pbc ~jyp%
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Iabcxcep Xfyd Kcjysxcy
Pbc pbcaxv ag Iabcxcep Xfyd Kcjysxcy |jy ~xa~ayc` hv Jxp}ecx cp jo fe pbcfx yckfejo |axd T:/ 8[/ je` fp
hcijkc j ~jpb+hxcjdfel cwcep fe pbc gfco` ag xfyd kjejlckcep% Gax pbc gfxyp pfkc/ pbc ~xahock ag xfyd
kcjysxckcep |jy lfwce j gaxkjo kjpbckjpfijo gase`jpfae pa ypje` ae% Fp |jy pxsc pbjp kayp ~xagcyyfaejoy
fe pbc gfejeifjo iakksefpv bj` je fepsfpfwc yceyc ag |bjp gfejeifjo xfyd cepjfoc` hsp fp |jy `fggfisop pa lfwc
j zsjepfpjpfwc jyycyykcep ag gfejeifjo xfyd |fpbasp xflaxasyov y~cifgvfel |bjp |jy kcjep hv j kcjysxc ag
gfejeifjo xfyd% Jxp}ecx cp jo ~aypsojpc` j ycp ag jrfaky pbc Jrfaky ag Iabcxceiv je` |axdc` asp pbc
fk~ofijpfaey gax jev xfyd kcjysxc yjpfygvfel pbcyc jrfaky% Fe pbc ycipfae hcoa| |c la awcx pbc pbcaxcpfijo
jxlskcepy ocj`fel pa pbc gaxksojpfae ag pbc jrfaky/ ypjxpfel |fpb pbc iaeic~p ag jiic~pjeic ycpy je` ba|
pbjp ocj`y pa pbc `cgfefpfae ag j kcjysxc ag xfyd%
Jiic~pjeic Ycpy
Jxp}ecx cp jo iaeyf`cxc` fp hcyp pa xcojpc xfyd pa pbc gspsxc wjosc ag pbc fewcypkcep xjpbcx pbje pa pbc ^!O ag
pbc ~ayfpfae% Pbcv `f` pbfy hv iaeyf`cxfel pbc gspsxc wjosc ag pbc ~axpgaofa jy j xje`ak wjxfjhoc ae pbc ycp
ag ypjpcy ag ejpsxc jp j gspsxc `jpc% Jiiax`fel pa pbck/ pbc gfxyp ixs`c kcjysxckcep ag xfyd gax jev ~ayfpfae
|aso` hc pa ycc |bcpbcx fpy gspsxc wjosc hcoaely pa pbc yshycp agjiic~pjhoc xfyd/ jy `cif`c` hv j ~cxyae
fe+ibjxlc ag kjejlfel xfyd gax pbjp ~ayfpfae% Ysib j ~cxyae iaso` hc jipfel fe pbc ij~jifpv ag=
:% J Xclsojpax/ |ba bjy pa pjdc fepa jiiasep pbc segjwaxjhoc ypjpcy |bce jooa|fel j xfydv ~ayfpfae
|bfib kjv `xj| ae pbc xcyasxicy ag pbc lawcxekcep/ gax crjk~oc jy j lsjxjepax ag pbc ojyp xcyaxp%
8% Je Cribjelcy Iocjxfel Gfxk/ |bfib bjy pa kjdc laa` ae pbc ~xakfyc pa joo ~jxpfcy/ ag
pxjeyjipfaey hcfel ycisxcov iak~ocpc`%
9% Je Fewcypkcep Kjejlcx/ |ba dea|y pbjp bfy gfxk bjy hjyfijoov lfwce pa fpy pxj`cxy je crfp a~pfae
|bcxc pbc ypxfdc ~xfic iaeyfypy ae hcfel gfxc` fe pbc cwcep ag hfl pxj`fel oayycy ae aecy
~ayfpfae%
Aeic pbcv bj` pbc iaeic~p ag jiic~pjhoc xfyd/ pbcv `cgfec pbc jiic~pjeic ycpjy pbc ycp ag joo jiic~pjhoc
gspsxc ecp |axpb gax pbc ~axpgaofa% Joo xfydy pbjp jxc sejiic~pjhoc ax ~ayfpfaey pbjp bjwc je sejiic~pjhoc
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gspsxc ecp |axpb ijeeap eap hc bco` fe pbcfx isxxcep gaxk% Aec xckc`v fy pa jopcx pbc ~ayfpfae% Jeapbcx aec
fy pa oaad gax yakc iakkaeov jiic~pc` feypxskcepy |bfib/ |bce j``c` pa pbc isxxcep ~ayfpfaey/ kjdcy fpy
gspsxc wjosc hciakc jiic~pjhoc pa pbc xclsojpaxy! xfyd kjejlcxy% Pbc isxxcep iayp ag lcppfel ceaslb ag
pbfy ax pbcyc feypxskcep"y& ybaso` hc laa` fe`fijpax ag pbc xfyd jyyaifjpc` |fpb pbc fefpfjo sejiic~pjhoc~ayfpfae%
Kcjysxc ag Xfyd
Hjyc` ae jiic~pjeic ycp/ Jxp}ecx cp jo `cgfec j kcjysxc ag xfyd " &% gax j xfydv ~ayfpfae jy pbc kfefksk
jkasep ag crpxj ijyb pbjp bjy pa hc j``c` pa pbc xfydv ~ayfpfae je` fewcypc` ~xs`cepov fe yakc xcgcxceic
jyycp pa kjdc pbc xfydv ~ayfpfae hc jiic~pjhoc% Fg " &% fy ecljpfwc/ fpy ecljpfwfpv ije hc fepcx~xcpc` jy pbc
kjrfksk jkasep pbjp ije hc yjgcov |fpb`xj|e/ je` ypfoo ocjwc pbc ~ayfpfae jiic~pjhoc%
Pa cr~xcyy pbc xfyd kcjysxc " &% kjpbckjpfijoov/ ocp hc pbc ycp ag gspsxc ypjpcy ag ejpsxc "jyyskc`
gfefpc&% Gax cjib cockcep ag / pbcxc fy je jyyaifjpc` ecp |axpb ag pbc ~axpgaofa/ j xje`ak wjxfjhoc
`ceapc` hv R% Ijoo L jy pbc ycp ag joo xfydy f%c% pbc ycp ag joo xcjo wjosc` gseipfaey ae % Yfeic fy
jyyskc` pa hc gfefpc/ L ije hc f`cepfgfc` |fpbe
/ |bcxc e;ijx`" &%
@cgfefpfae= J kcjysxc ag xfyd/ " &% / fy j kj~~fel gxak L fepa
Pbc jhawc `cgfefpfae yfk~ov kcjey lfwfel j xcjo eskhcx wjosc pa zsjepfgv pbc ycp ag joo xfydy gjic` hv pbc
~axpgaofa% Bjwfel j `cgfefpfae gax j kcjysxc ag xfyd |jy pbc gfxyp ypc~ gax Jxp}ecx cp jo% Pbcv joya ~xa~ayc`
~xa~cxpfcy pbjp ybaso` hc yjpfygfc` hv ysib j xfyd kcjysxc ya jy pa hc jiic~pjhoc jy j xcjofypfi kcjysxc
gxak j ~xjipfijo ~afep ag wfc|% Pbcv ijooc` pbcyc ~xa~cxpfcy pbc Jrfaky ag Iabcxceiv je` jev xfyd
kcjysxc yjpfygvfel pbcyc jrfaky/ j Iabcxcep Xfyd Kcjysxc%
Jrfaky ag Iabcxceiv
:% Kaeapaefifpv= Gax joo Rje` LV |fpb VR / |c bjwc " & " &RV %
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Kaeapaefifpv kcjey pbjp xje`ak ijyb goa|y ax gspsxc wjosc Vpbjp fy jo|jvy lxcjpcx pbje Rybaso`
bjwc j oa|cx xfyd= pbfy kjdcy yceyc/ hcijsyc fp kcjey pbjp ocyy bjy pa hc j``c` pa Vpbje pa Rpa
kjdc fp jiic~pjhoc/ je` pbc jkasep pa hc j``c` fy pbc xfyd kcjysxc%
8% Pxjeyojpfae Fewjxfjeic= Gax joo LR je` xcjo eskhcx e/ " & " & eReR ;$
Pbfy jrfak ceysxcy pbjp gax cjib R/ " &" & >;$ RR / |bfib yjvy fg |c j`` j ijyb jkasep czsjo pa
&"R / pbc xfyd kcjysxc jyyaifjpc |fpb R/ pbce pbc xfyd ag pbc ~axpgaofa fy >% Pbfy czsjofpv bjy j
ejpsxjo fepcx~xcpjpfae fe pcxky ag jiic~pjeic ycp jyyaifjpc` |fpb / je` fy crjipov |bjp pbc `cgfefpfae
ag j xfyd kcjysxc fy%
9% Yshj``fpfwfpv= Gax joo Rje` LV / " & " & " &VRVR $$ %
Pbc jrfak yjvy/ j kcxlcx `acy eap ixcjpc xfyd je` ae pbc iaepxjxv/ xfyd ybaso` iakc `a|e `sc pa
pbc hcecgfpy ag `fwcxyfgfijpfae% J gc| crjk~ocy hcoa| yba|y |bv pbfy fy xcljx`c` pa hc pbc kayp
fk~axpjep jrfak pa hc y~cifgfc` hv Jxp}ecx cp jo je` |bv jev xfyd kcjysxc eap yjpfygvfel pbfy ~xa~cxpv
ybaso` hc xcljx`c` |fpb ysy~fifae%
Jev eae+yshj``fpfwc xfyd kcjysxcy |foo pck~p pxj`cxy ae je axljef}c` cribjelc pa hxcjd s~ pbcfxjiiasepy/ |fpb yc~jxjpc jiiasepy gax yc~jxjpc xfydy/ fe ax`cx pa xc`sic kjxlfe xczsfxckcepy% Pbfy
fy j iaeicxe gax pbc cribjelc yfeic pbc kjxlfe xczsfxckcepy ae pbc yc~jxjpc jiiasepy |foo ea
oaelcx iawcx pbc iakhfec` xfydy/ je` ocjwc pbc cribjelc fpycog cr~ayc` pa ~ayyfhoc oayycy%
Fg xclsojpaxy syc eae+yshj``fpfwc xfyd kcjysxcy pa ycp ij~fpjo xczsfxckcepy/ pbce j gfejeifjo gfxk
kflbp hc pck~pc` pa hxcjd fpycog pa xc`sic fpy xclsojpaxv ij~fpjo xczsfxckcepy/ hcijsyc pbc ysk ag
pbc ij~fpjo xczsfxckcepy ag pbc ykjoocx sefpy |aso` hc ocyy pbje pbc ij~fpjo xczsfxckcep ag pbc gfxk
jy j |baoc%
Fg xfydy jxc yshj``fpfwc/ j``fel xfydy palcpbcx |aso` lfwc sy je awcx+cypfkjpc ag iakhfec` xfyd/
je` pbfy kcjey pbjp |c ije syc ysk ag xfydy jy j iaeycxwjpfwc cypfkjpc ag iakhfec` xfyd% Pbfy
gjifofpjpcy `cicepxjof}c` `cifyfae kjdfel |fpbfe j gfxk% Fg xfydy jxc eap yshj``fpfwc/ j``fel pbck
palcpbcx lfwcy sy je se`cxcypfkjpc ag pbc iakhfec` xfydy/ |bfib kjdcy ysk ag xfydy feiaxxcip je`
pbcxcgaxc cggcipfwcov sycocyy jy j hjid ag pbc cewcoa~c kcjysxc%
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0% ^ayfpfwc Bakalcecfpv= Gax joo LR je` >5e / " & " &ReeR ; %
Pbc yshj``fpfwfpv jrfak yjvy pbjp " & " & " &ReeRRRR ;$$$ %%% / hsp fg |c pbfed fe
pcxky ag ofzsf`fpv iaeicxey |bcxc/ jy pbc ~ayfpfae yf}c hciakcy hfllcx pbc xfyd feixcjycy ax
" & " & " &ReeRRRR ;$$$ %%% % Iakhfefel pbcyc p|a xcysopy lfwcy sy pbc ^ayfpfwc
Bakalcecfpv Jrfak%
\fpb pbcyc gasx ~xfkjxv jrfaky/ Jxp}ecx cp jo/ ~sp `a|e pbc lxase`+|axd gax gspsxc xcycjxib fepa
kcjysxcy ag gfejeifjo xfydy% Fe pbc ecrp ycipfae/ |c |foo `fyisyy pbc kayp iakkae xfyd kcjysxc syc` fe pbc
fe`sypxv/ pbc Wjosc+jp+Xfyd "WjX&% WjX yjpfygfcy joo ag pbc jhawc jrfaky cric~p yshj``fpfwfpv/ hsp fpy cjyc
ag syc je` fepcx~xcpjpfae kjdcy fp gjwaxfpc jkael kjejlckcep%
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y pa kcjysxc xfyd cr~aysxc pa pbcfx pxj`fel ~axpgaofay% Fe pbc
cjxov 6>y wjxfasy hjedy ypjxpc` j`a~pfel WjX jy j dcv iak~aecep ag kjejlckcep ag kjxdcp xfyd% Pbc
gfejo haayp ijkc |bce pbc Hjyco Iakkfppcc ae Hjedfel Ys~cxwfyfae ibayc WjX jy je fepcxejpfaejo
ypje`jx` gax crpcxejo xclsojpaxv ~sx~ayc% Fe xcicep vcjxy/ pbc syc ag WjX gax xfyd kjejlckcep je` ij~fpjo
jooaijpfae bjy hcce syc` feixcjyfelov hv bc`lc gse`y/ pxj`cxy je` iak~jefcy gax xfyd kcjysxckcep%
Yfk~ov ~sp WjX fy pbc |axyp oayy awcx j pjxlcp baxf}ae |fpb j lfwce ocwco ag pjxlcp ~xahjhfofpv% Fp jfky
pa jey|cx pbc zscypfae= Ba| ksib ije pbc ~axpgaofa oayc |fpb R# ~xahjhfofpv awcx j ~xc+ycp baxf}ae% Pbc
xcjyae gax pbc ~a~sojxfpv ag WjX fy pbjp fp yskkjxf}cy pbc cepfxc xfyd fepa aec `aoojx eskhcx% Pbfy fy cjyv
pa se`cxypje` gax joo ocwcoy ag pbc kjejlckcep je` jip ae jiiax`felov%
Gfxyp ocp sy ~sp pbc `cgfefpfae ag WjX fe j kaxc gaxkjo gxjkc+|axd% Rfy pbc xje`ak wjxfjhoc jyyaifjpc`
|fpb pbc gspsxc ecp |axpb ag asx isxxcep ~axpgaofa% Pbc isxxcep wjosc ag pbc ~axpgaofa fy >r % Gxak j
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Ypxcyy Pcypfel
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`fggfisop pa `xj| iaeiosyfaey je` lcp pbc awcxjoo yceyc ag ~axpgaofa xfyd%
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@fggfisopfcy |fpb Ypxcyy Pcypfel
Jy ~afepc` asp/ ypxcyy pcypfel fy hjyc` ae ojxlc eskhcx ag `cifyfaey ysib jy ibafic ag yicejxfay/ ibafic ag
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Pcypfel wcxv yshmcipfwc/ hjyc` ae pbc ms`lkcep je` cr~cxfceic ag ~ca~oc ijxxvfel asp pbc pcyp% Pbfy fy j
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J gfejo ~afep fy pbc iak~jxfyae ag WjX |fpb Ypxcyy Pcypfel jy jopcxejpc xfyd kcjysxckcep paaoy% WjX lfwcy
sy je f`cj gxak j ~xahjhfofypfi wfc|~afep jhasp pbc `fypxfhspfae ag asx xcpsxey je` kaxc y~cifgfijoov/ pbc
iaegf`ceic ocwco |fpb |bfib |c |aep oayc kaxc pbje j icxpjfe jkasep hsp jy kcepfaec` hcgaxc/ fp gjfoy pa
lfwc sy |axyp ijyc eskhcxy hcvae` pbc WjX eskhcx% Ofypfel pbc `fggcxceicy hcp|cce pbc p|a kcjysxcy=
Kayp ag pbc WjX fk~ockcepjpfaey fe fe`sypxv jxc hjyc` ae xcicep bfypaxfijo xcpsxey% Kaxc agpce
pbje eap/ pbcyc `jpj `a eap iaepjfe jev kjmax gfejeifjo cwcep ax ixfyfy% Gax crjk~oc/ bfypaxfijo `jpj
kflbp bjwc oa| ocwcoy ag waojpfofpv gax j oael pfkc hsp pbcyc wjoscy |foo ys``ceov y~fdc s~ |bcepbcxc fy ixfyfy fe pbc kjxdcp% Ypxcyy Pcyp ae pbc apbcx bje` fy `cyflec` y~cifgfijoov pa j``xcyy pbc
iaeyczsceicy jxfyfel gxak kjmax cwcepy |bcxc pbc eaxkjo iaxxcojpfaey fe pbc kjxdcp kflbp hxcjd
`a|e%
Ypxcyy pcypy cr~ofifpov lfwc sy eskhcxy ag ba| ksib |c ije cr~cip pa oayc fe y~cifgfi yfpsjpfaey%
Fe pbfy yceyc/ Ypxcyy Pcyp fy j ejpsxjo iak~ockcep ag WjX jejovyfy% WjX lfwcy sy pbc kjrfksk
ofdcov oayy jp icxpjfe ~xahjhfofpv/ hsp lfwcy sy ea f`cj ag pbc oayy |c kflbp ysggcx fg |c cr~cxfceic
j oayy fe cricyy ag WjX% Hv iaepxjyp/ ypxcyy pcypfel ije lfwc sy j oap ag fegaxkjpfae jhasp hj`
ypjpcy hsp fy eap `cyflec` pa pcoo sy pbc ofdcofbaa` ag pbcyc oayycy% Pbc ~xaicyy ag ycppfel s~ pbc Ypxcyy Pcyp xcwcjoy jy ksib jy pbc xcysop fpycog% Fp ije bco~ f`cepfgv
kjmax iaepxfhspaxy ag xfyd jy |coo jy bf``ce yasxicy ag xfyd ysib jy ofzsf`fpv xfyd/ xfyd gxak
y~cifgfi iasepcx~jxpv `cgjsop cpi% Fp ije joya bco~ pbc gfxk f`cepfgv |bcpbcx fp ije |fpbypje` wcxv
ybaxp pcxk kjxdcp ybaidy fe j lcecxjoov laa` kjxdcp cewfxaekcep je` fg pbcv ecc` pa pjdc ~xc+
ck~pfwc jipfaey%
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Ypxcyy Pcypfel Fk~ockcepjpfae
Pbc gfejo ycipfae ag pbc xc~axp `fyisyycy pbc crjip ~xaic`sxcy syc` hv kc pa `cyfle Ypxcyy Pcyp
Yfksojpfaey gax pbc ~axpgaofay jp QQQQ% Pbc pjhoc hcoa| ofypy ~xfkjxv xfyd yasxicy gax yakc ag pbc iakkae
feypxskcep pv~cy |bfib kjdc s~ pbc `fggcxcep ~axpgaofay jp pbc gfxk%
Pjhoc : Feypxskcep Xfyd Gjipaxy
Feypxskcep Pv~c ^xfeif~jo Xfyd Gjipaxy
Se`cxovfel Y~ap^xficy
Fk~ofc`Waojpfofpv
Ixc`fpY~xcj`
Pfkc paKjpsxfpv
FepcxcypXjpcy
Iaewcxpfhoc Hae`y
Iax~axjpc Hae`y
Ixc`fp @cgjsop Y|j~y
Gax|jx`y
Gspsxcy
Fepcxcyp Xjpc Y|j~y
A~pfaey
Ypaidy
Yawcxcfle Hae`y
Pxcjysxv Hae`y
Wjxfjeic Y|j~y
Waojpfofpv Y|j~y
\jxxjepy
Joo pbc Ypxcyy Pcypy pbjp bjwc hcce ixcjpc` jxc hjyc` ae bfypaxfijo cwcepy je` pbc `jpj fy ahpjfec`
~xfkjxfov gxak pbc Hoaakhcxl `jpjhjyc% Kawckcep fe cjib ag pbc xfyd gjipaxy fy yps`fc` `sxfel pbc
bfypaxfijo cwcep je` cggaxp fy kj`c pa yfksojpc pbc cggcip ag pbc cwcep ae pbc isxxcep ~axpgaofa% Pbfy fy `aec
hv j~~ovfel pbc ahycxwc` xfyd gjipax ibjelc pa joo pbc feypxskcepy fe pbc ~axpgaofa je` cypfkjpc ~xagfp ax
oayy% Gfxyp je jolaxfpbkfi awcxwfc| fy ~xawf`c` gaooa|c` hv `cpjfoc` `fyisyyfae ae ybaidfel pbc fe`fwf`sjo
xfyd gjipax%
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Jolaxfpbk gax Ypxcyy Pcypfel je` Yicejxfa Jejovyfy
:% Oaijpc cjib feypxskcep fe pbc yvypck je` xcpxfcwc pbc gaooa|fel fegaxkjpfae=
Kjxdcp iasepxv je` Isxxceiv ag pbc feypxskcep%
@jpc ag kjpsxfpv%
Pbc ojpcyp pxj`cx kjxd ~xfic%
Pbc y~ap ~xfic ag pbc se`cxovfel "Fg j~~ofijhoc&%
Pbc xclxcyyfae hcpj ag pbc se`cxovfel |fpb kjmax czsfpv je` isxxceiv fe`ficy%
Pbc vfco` isxwc gax pbc feypxskcep isxxceiv%
8% Ijofhxjpc pa Ka`co=
Ijoisojpc pbc ocwco ag fk~ofc` waojpfofpv hv syfel pbc pxj`cx kjxd je` pbc ~xfifel ka`co%
Pbfy bjy pa hc `aec gax A~pfaey/ Iaewcxpfhoc Hae`y/ Waojpfofpv je` Wjxfjeic Y|j~y%
Ijoisojpc pbc ocwco ag fk~ofc` ixc`fp y~xcj` syfel pbc pxj`cx kjxd je` ~xfifel ka`co% Pbfy
bjy pa hc `aec gax iax~axjpc hae`y/ Iaewcxpfhoc Hae`y/ I@Y%
9% J~~ov pbc Ybaidy pa pbc gaooa|fel xfyd gjipaxy jy `fipjpc` hv pbc Ypxcyy Pcypfel Ka`co=
Se`cxovfel y~ap ~xfic%
Fk~ofc` Waojpfofpv%
Ixc`fp Y~xcj`%
Vfco` Isxwc%
Pfkc pa Kjpsxfpv%
0% Yce` pbc ec| fegaxkjpfae pa pbc ~xfifel ka`co gax j gsoo xcwjosjpfae ag pbc feypxskcep se`cx pbc
ypxcyy iae`fpfae%
3% Ijoisojpc pbc ibjelc fe feypxskcep wjosc gxak ~xc+ypxcyy ocwco je` ksopf~ov hv pbc zsjepfpv fe
bje` pa ahpjfe j ~xagfp! oayy eskhcx%
7% Jllxcljpc jixayy joo feypxskcepy pa ahpjfe ecp ^!O eskhcx gax pbc Ypxcyy Pcyp%
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Kcpba`aoalv fe @cpjfo
Pbc ypxcyy pcypfel jolaxfpbk ae pbc ~xcwfasy ~jlc lfwcy je awcxwfc| ag pbc ~xaic`sxc hsp pbc jipsjo
fk~ockcepjpfae fewaowcy pjdfel ijxc ag joo pbc ykjoo `cpjfoy je` dcc~fel pxjid ag pbc jyysk~pfaey pbjp la
fepa hsfo`fel pbc pcyp% Bcxc |c `cpjfo aec hv aec joo pbc `cifyfaey pbjp bjwc pa hc pjidoc` pa iak~ocpc pbc
~xaic`sxc%
Pcypfel ^cxfa`
Gax joo ag pbc yicejxfay/ pbc ~cxicepjlc ibjelc fe xfyd gjipaxy fy iak~spc` awcx j ~xc+y~cifgfc` ~cxfa`
ypjxpfel gxak pbc `jpc ag pbc cwcep% Gax asx isxxcep pcypy pbc ~cxfa` hcfel syc` fy pce pxj`fel `jvy% Pbc
xcjyae gax ibaayfel j pce `jv ~cxfa` fy pa gfopcx asp `jfov eafyv kawckcepy je` cwjosjpc pbc cggcipy ag
ybaidy pbjp ~cxyfyp gax yakc pfkc% Gax gjipaxy gax |bfib `jpj fy eap jwjfojhoc/ j ioayc yshypfpspc fy syc`%
Czsfpv Ybaidy
Pbc gfxyp ypc~ fe pbc ~xaicyy ag ybaidfel czsfpv ~ayfpfaey fy pbc ijoisojpfae ag kawckcepy fe pbc oaijo
czsfpv fe`ficy gax joo pbc kjmax iasepxfcy pbc gse` fy cr~ayc` pa% Aeic pbfy `jpj fy jwjfojhoc/ fe`fwf`sjo
iasepxv y~cifgfi ~ayfpfaey jxc ybaidc` hv j ksopf~oc pfkcy pbc ibjelc fe pbc oaijo fe`cr gax pbjp iasepxv%
Pbc ksopf~oc bcxc fy pbc xclxcyyfae iacggfifcep ag `jfov ypaid xcpsxey |fpb pbc xcpsxe gax pbc oaijo fe`cr%
Ycisxfpfcy gax |bfib xclxcyyfae hcpj bjy eap hcce ijoisojpc` gax ojid ag ~xfic bfypaxv/ j hcpj iacggfifcep ag
: fy syc`% Y~cifgfijoov/
kfxx ; / |bcxc
; fx Xcpsxe ae czsfpv ~ayfpfae f
; Xclxcyyfae iacggfifcep ag fe`fwf`sjo ypaid jljfeyp pbc iasepv fe`cr
; kx Kawckcep fe iasepxv fe`cr
Y~cifjo iaeyf`cxjpfae fy lfwce pa ijyb Xfyd Jxh `cjoy% Jgpcx pbc `cjo bjy hcce jeeaseic`/ pbc czsfpv ~xfic
gax pbc iak~jev hcfel jizsfxc` fy jeibaxc` ioayc pa pbc `cjo ~xfic je` jev `xa~ fe pbc fe`cr ocwco fy
cr~cipc` pa bjwc j ofkfpc` fk~jip ae pbc ypaid ~xfic% Pbc xsoc ag pbskh |c gaooa| fy pa syc j gjipax ag %83
pa `jk~ce jev fe`cr kawc fe pbc xjelc fe`cr `a|e ># pa fe`cr `a|e :>#% Gax pbc xjelc fe`cr `a|e
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:># pa `a|e :3#/ |c feixcjyc pbc gjipax pa %3/ je` gax jev fe`cr kawc `a|e kaxc pbje :3#/ pbc gjipax
fy : fe`fijpfel pbc wfc| pbjp kayp ag pbc `cjoy |aso` fe pxashoc gaooa|fel ysib je cwcep%
Czsfpv Fk~ofc` Waojpfofpv Ybaidy
Pa kcjysxc ba| pbc czsfpv fk~ofc` waojpfofpfcy fe `fggcxcep iasepxfcy hcbjwc`/ pbc ibjelc fe pbc fk~ofc`
waoy gax iasepxv y~cifgfi czsfpv fe`ficy fy iaeyf`cxc`% Pbcyc ybfgpy jxc ahpjfec` gxak p|a yasxicy% Gax SY/
pbc ~cxicepjlc ibjelc fe pbc WFR "Waojpfofpv& fe`cr fy syc` |bfoc gax pbc apbcx iasepxfcy pbc ibjelc fe pbc
Hoaakhcxl Ijoo Bfypaxfijo Fk~ofc` Waojpfofpv fy pjdce% Pbcyc eskhcxy xcgocip pbc fk~ofc` waojpfofpv gax
ioayc pa Jp+pbc+kaecv A~pfaey |fpb aec kaepb pa kjpsxfpv%
Aeic pbc ybfgpy fe fk~ofc` waojpfofpv gax czsfpv fe`ficy bjy hcce ijoisojpc`/ j kcpba`aoalv pa ybaid pbc
waoy gax fe`fwf`sjo ~ayfpfaey bjy pa hc `cwfyc`% Aec j~~xajib iaso` hc yfkfojx pa czsfpv ~ayfpfaey f%c% syc j
gjipax pa j`msyp fe`cr wao kawcy pa ahpjfe fe`fwf`sjo czsfpv wao kawcy% Pbc gjipax fe pbfy ijyc ije hc pbc
xjpfa ag pbc bfypaxfi waojpfofpv gax pbc fe`fwf`sjo iak~jev ypaid xcpsxey |fpb xcy~cip pa pbc bfypaxfi
waojpfofpv ag pbc oaijo iasepxv czsfpv fe`cr "waojpfofpv xjpfa&%
kf ; / |bcxc
; f Ybaid pa fk~ofc` waojpfofpv ag czsfpv f
; Xjpfa ag fe`fwf`sjo czsfpv fk~ofc` wao kawc pa fe`cr fk~ofc` wao kawc
; k Kawckcep fe iasepv czsfpv fe`cr fk~ofc` waojpfofpv
Pbcxc |cxc j ias~oc ag `xj|hjidy ag syfel pbc waojpfofpv xjpfa/ gfxypov asx yicejxfa celfec aeov jooa|y sy
pa syc aec ka`fgfcx jp j pfkc je` syfel pbc waojpfofpv xjpfa kcjep |c iaso` eap gjipax fe j pfkc pa kjpsxfpv
iae`fpfae% Eap hcfel jhoc pa gjipax fe pbfy iae`fpfae kcjep pbjp pbc waojpfofpv gax joo a~pfaey gxak j kaepb
asp pa gfwc vcjxy asp |jy ybaidc` hv pbc yjkc jkasep% J yciae` iaeicxe jljfeyp syfel pbc waojpfofpv xjpfa
wjosc |jy pbjp pbcyc wjoscy jxc iak~spc` syfel `jpj gax xclsojx gfejeifjo iae`fpfaey je` pbc cepfxc f`cj
ag ypxcyy pcypfel fy pa ij~psxc pbc cggcipy |bce kayp ag pbc pxj`fpfaejo xcojpfaeybf~y hxcjd `a|e% @ckje`
gax fe`cr a~pfaey/ gax pbc ~sx~ayc ag ~axpgaofa feysxjeic/ yajx `sxfel ypxcyy iae`fpfaey kjdfel pbck
cr~ceyfwc iak~jxc` pa yfeloc ejkc a~pfaey% Pbfy ijsycy hfllcx y~fdcy fe pbc fk~ofc` wao gax czsfpv
fe`ficy fe iak~jxfyae pa fe`fwf`sjo iak~jefcy% Jeapbcx ~afep jljfeyp pbc waojpfofpv xjpfae j~~xajib fy pbjp
fe`fwf`sjo a~pfaey/ |bfib joxcj`v bjwc bflbcx fk~ofc` waojpfofpfcy/ |foo eap hc cr~cipc` pa xfyc ksib kaxc
ae j ~cxicepjlc pcxk jy iak~jxc` pa pbc fe`cr% Pbfy fy pbc yjkc cggcip pbjp fy ycce fe ixc`fp y~xcj`y% Gax
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msed hae`y/ |bfib joxcj`v bjwc wcxv bflb y~xcj`y/ pbcxc fy eap ksib xaak gax ixc`fpy pa xfyc fe ~cxicepjlc
pcxky jy iak~jxc` pa pbayc hae`y |bfib bjwc bflb ixc`fp xjpfel%
Pa awcxiakc pbc ofkfpjpfaey kcepfaec` jhawc/ pbc wjosc pbjp fy iak~spc` gax pbc fe`cr fy syc` |fpbaspjev j`msypkcep gjipax pa ybaid pbc fe`fwf`sjo ejkc waoy% \c ypfoo syc j pfkc pa kjpsxfpv ka`fgfcx pa
`jk~ce pbc wao jy pbc kjpsxfpv ag a~pfaey je` iaewcxpfhoc hae`y feixcjyc% Pbfy ka`fgfcx pjdcy pbc 9> `jv
fk~ofc` waojpfofpv jy pbc hjyfy je` fk~ofc`y gax oaelcx kjpsxfpv a~pfaey jxc j`msypc` `a|e|jx` hv `fwf`fel
hv j yzsjxc xaap ag pfkc gjipax% Fg pbc 9> `jv a~pfae yccy j :# ibjelc fe fk~ofc`/ pbc ibjelc gax 7> je` 6>
`jv kjpsxfpv a~pfaey |foo ycc j
#8
:
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:
ibjelc xcy~cipfwcov% Pbc cepfxc ka`fgfcx pjhoc fy lfwce
hcoa|% J~~ce`fr+FF wjof`jpcy pbc xcysop ck~fxfijoov je` gflsxc :8 hcoa| pbc pjhoc yba|y pbc ck~fxfijo
xcysopy%
Pjhoc 8 Pfkc pa Kjpsxfpv Ka`fgfcx gax Fk~ofc` Waojpfofpv
Vcjx_Kaepby >+: :+8 8+9 9+0 0+3 3+7 7+< :>+:: ::+:8
> :%>> >%%32 >%3> >%03 >%0: >%92 >%93 >%99 >%98 >%9> >%86
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8 >%8> >%8> >%:6 >%:6 >%:6 >%:2 >%:2 >%:2 >%:< >%:< >%:< >%:%:7 >%:7 >%:7 >%:7 >%:7 >%:3 >%:3 >%:3 >%:3 >%:3 >%:3 >%:0
0 >%:0 >%:0 >%:0 >%:0 >%:0 >%:0 >%:9 >%:9 >%:9 >%:9 >%:9 >%:9
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: Kaepb 9 Kaepb 7 Kaepb :8 Kaepb :2 Kaepb
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clxcyyfaeHcpj
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Iax~axjpc je` Yawcxcfle Ixc`fp Ybaidy
Pbc pbfx` fk~axpjep gjipax jgpcx czsfpv je` fk~ofc` waojpfofpv fy pbc ybfgp fe ixc`fp y~xcj`y% Pjdfel fepa
iaeyf`cxjpfae pbc ofkfpjpfaey ag pbc yfksojpfae celfec je` `jpj jwjfojhfofpv/ aeov ~jxjooco kawcy fe pbc
ixc`fp y~xcj` isxwc fy iaeyf`cxc` je` pbc yjkc ybfgp fy j~~ofc` pa joo ixc`fp ~ayfpfaey fxxcy~cipfwc ag xjpfel
je` kjpsxfpv% Pbc gaooa|fel yasxicy jxc syc` jy ~xarv gax pbc ybfgp fe ixc`fp gax `fggcxcep xclfaey%
SY= Kaxlje Ypjeocv Ij~fpjo Fepcxejpfaejo "KYIF& Csxa`aoojx Iax~axjpc Ixc`fp 9 pa 3 vcjxy Y~xcj`%
Csxa~c= KYIF Csxa Iax~axjpc Ixc`fp 9 pa 3 vcjxy Y~xcj`%
SD= KYIF Csxa+Ypcxofel Iax~axjpc Ixc`fp 9 pa 3 vcjxy Y~xcj`%
Jyfj je` Ojpfe Jkcxfij= M^ Kaxlje Ckcxlfel Kjxdcpy SY@ I@Y Y~xcj`y%
Pbc M^ Kaxlje SY@ I@Y y~xcj`y jxc syc` gax ybaidfel pbc yawcxcfle hae`y jy |coo jy fe`fwf`sjo
iax~axjpc ixc`fp gax pbc ckcxlfel kjxdcpy%
Lawcxekcep Hae` Vfco` Ybaidy
Hoaakhcxl gseipfaey LLX "Lcecxfi Lawcxekcep Xjpcy& je` pbc Hoaakhcxl Gjfx Wjosc Isxwcy jxc syc`
pa iak~spc ybfgpy fe pbc pxcjysxv xjpcy gax `fggcxcep iasepxfcy% Pbcyc isxwcy jxc ~xawf`c` gax `fggcxcep
iasepxfcy je` `fggcxcep kjpsxfpfcy% Gax asx pcypy/ pbc gfwc vcjx xjpc fy syc` je` pbc vfco` isxwc fy ybfgpc` fe
~jxjooco%
Iakka`fpv Cr~aysxc je` Waojpfofpv Ybaidy
Yfksojpfel ybaidy pa iakka`fpv ~ayfpfaey fy `fggfisop `sc pa ~xcyceic ag eskcxasy pv~cy ag iakka`fpv
iaepxjipy ~osy pbc j``c` iak~ocrfpv ag oaijo ys~~ov+`ckje` je` ycjyaejofpv iae`fpfaey% Asx yicejxfa
yfksojpfae sycy pbc ybfgpy fe pbc ~xfic je` waojpfofpfcy fk~ofc` hv pbc Lcecxfi Gspsxcy iaepxjipy ~xawf`c`
hv Hoaakhcxl% Syc ag pbcyc gspsxcy iaepxjip gax `fggcxcep kjpsxfpfcy bco~y sy yfksojpc pbc ybaid pa pbc
gax|jx` isxwc% Gax asx yfksojpfaey/ iaepxjipy s~ pa p|a vcjxy asp jxc syc`% Iakka`fpfcy gax |bfib pbc
jwjfojhoc iaepxjipy jxc gax ocyy pbje p|a vcjxy asp/ pbc ibjelc fe cr~aysxc je` waojpfofpv gax pbc ojyp kaepb
|bcxc |c bjwc `jpj fy crpxj~aojpc` pfoo kaepb 80% Pbc pjhoc hcoa| ofypy pbc Lcecxfi Gspsxcy iaepxjip%
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Pjhoc 9 Iakka`fpv Iae`fpfaey
Lcecxfi Gspsxcy Iaepxjip Hoaakhcxl Yvkhao
Oflbp Y|ccp Ixs`c Afo IO: IO80
Ejpsxjo Ljy EL: EL80
Bcjp Afo BA: BA80
Lao` LI: LI:6
Ia~~cx BL: BL80
Joskfesk JO: JO80
Yavhcje Y : Y:8
Ysljx YH: YH2
Iaxe I : I :0
\bcjp \ : \ :>
Iappae IP: IP:>
Ycppoc @jpc
Pbc gfejo gjipax pbjp |c j`msyp fy pbc ycppoc `jpc gax iaepxjipy% Yfeic asx yicejxfay jxc hjyc` ae p|a |ccd
kawcy fe jyycp ~xficy je` xjpcy/ |c kawc pbc ycppoc `jpc ag joo pbc iaepxjipy s~ hv gasxpcce `jvy "p|a
|ccdy&% Gax iaepxjipy pbjp cr~fxc |fpbfe gasxpcce `jvy/ pbc ycppoc `jpc fy ycp pa aec `jv hcgaxc `jpc ag
kjpsxfpv% Pbc fk~axpjeic ag kawfel pbc ycppoc `jpc fy pa ij~psxc pbc pbcpj ag pbc ~axpgaofa/ y~cifjoov pbc
iaepxfhspfae gxak pbc ojxlc ~ayfpfaey fe fe`cr a~pfaey jy j ~jxp ag pbc ~axpgaofa bc`lfel ~ayfpfaey%
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9":66>8&/ :029%
T0[ Jicxhf/ I%/ Y~cipxjo kcjysxcy ag xfyd= j iabcxcep xc~xcycepjpfae ag yshmcipfwc xfyd jwcxyfae/ Masxejo ag
Hjedfel ' Gfejeic/ 87"8>>8&/ :3>3+:3:2%
T3[ Ibcel Y%/ Ofs V%/ \jel Y%/ ^xalxcyy fe Xfyd Kcjysxckcep/ J`wjeic` Ka`cofel je` A~pfkf}jpfae/
Waoskc 7/ Eskhcx :/ 8>>0%
T7[ M% ^% Kaxlje Ia%/Xfydkcpxfiy+Pcibefijo @aiskcep/ 0pb c`/ Ec| Vaxd/ :667%
T>3%
T2[ Kjxd Ijxoyae/ J Hxfcg Bfypaxv ag pbc :62< Ypaid Kjxdcp Ixjyb |fpb j @fyisyyfae ag pbc Gc`cxjo
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