REAL OPTIONS AS VALUATION AND DECISION MAKING TOOL IN UPSTREAM PROJECTS

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    XGOA JSVEJLR OR ^OAWOVEJL OLF FGBEREJL KODELM VJJA ELWSRVXGOK SXJIGBVR

    Olfedo Xevoe

    el Sorteoa Nuaneaakglt jn t`g Xgquergkglts njr t`g Fuoa Fgmrgg jn

    KHO / KRb el Nelolbeoa Kolomgkglt

    V@GRER

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    Gxgbutevg RukkoryV`es t`gses bjlsests jn ?3 b`optgrs. B`optgr ?bjvgrs t`g purpjsg, hobdmrjulf elnjrkotejl, kgt`jfjajmy,

    olf strubturg jn t`g t`gses. V`g voaug b`oel weaa hg fesbussgf el B`optgr 8.B`optgr 2tj B`optgr =eltrjfubgf

    t`g tjjas lggfgf tj sjavg t`g bosg stufy. Bosg stufy olf prjpjsgf sjautejl prgsgltgf el B`optgr 0olf 5.

    Neloaay, B`optgr ?3es bjlbaufgf t`g stufy.

    Vj ulfgrstolf elvgstkglt fgbesejls, jlg lggf tj ulfgrstolf t`g elfustrys voaug b`oel. B`optgr 8

    oloayzgf voaug b`oel el upstrgok pgtrjaguk elfustry, t`gy org9 (?) prjspgbt, (8) gxpajrotejl olf opproesoa,

    (2) fgvgajpkglt, (6) prjfubtejl, olf (7) oholfjlkglt.

    B`optgr 2storts hy gxpaoelelm `jw t`g stjb`osteb prjbgssbol hg usgf tj njrgbost t`g jea prebg. Rekpay put,

    o stjb`osteb prjbgss es o kot`gkoteboaay fgnelgf gquotejl t`ot bol brgotg o sgregs jn jutbjkgs jvgrtekg,

    jutbjkgs t`ot org ljt fgtgrkelesteb el loturg. Vwj stjb`osteb prjbgss opprjob`gs9 (?) hrjwleol kjtejl olf

    (8) kgol-rgvgrtelm weaa hg fesbussgf.

    B`optgr 6rgvesetgf baosseboa voauotejl opprjob` jn jea olf mos prjpgrtegs. El ol jea olf mos glverjlkglt, t`g

    ossukptejl jn pgrpgtuety es ljt rgoaesteb, t`us o bos` najw njrgbost s`juaf rul njr t`g glterg aeng jn t`g ossgt

    hgelm voaugf. Vj obburotgay njrgbost t`g nrgg-bos`-najw-tj-t`g-nerk, o prjpgr nelolbeoa kjfgaes lggfgf.

    V`g nelolbeoa kjfgas bjlsest jn (?) prjnet ajss, (8) hoaolbg s`ggt, (2) bos` najw, olf (6) voauotejl.

    Relbg t`g nelolbeoa kjfga prjfubgf jlay o selmag-pjelt gstekotg rgsuat, B`optgr 7prgsgltgf Kjltg Boraj

    sekuaotejlos o tjja tj mgt o sgt jn prjhohag jutbjkg. Kjltg Boraj sekuaotejl es ulfgrtodgl hy kjfgaaelm oprjigbt olf ets dgy nobtjrs onngbtelm t`g prjnetoheaety jn t`g prjigbt. Wselm CXERD sjntworg, o sekuaotejl bol hg

    fjlg os koly tekgs os pjssehag tj pajt o nrgquglby festrehutejl jn t`g jutbjkgs.

    B`optgr >toadgf ohjut fgbesejl trggoloayses. El bjltrost tj Kjltg Boraj sekuaotejl w`eb` gvoauotg prg-

    fgtgrkelgf prjigbt sbglorejs, fgbesejl trgg njbus jl kolomgreoa fgbesejls. Fgbesejl trgg oasj todg obbjult

    jn ulbgrtoelty, hut t`gy fj sj el o kjrg rufekgltory woy, typeboaay, hy spgbenyelm t`g prjhoheaetegs jn aeketgf

    baossgs sub` os aormg, skoaa jr zgrj.

    Rteaa, get`gr sekuaotejl jr fgbesejl oloayses bjuaf ljt bopturg voaug jn n agxeheaety aedg rgoa jptejls.@jwgvgr,

    t`g kjfgas fgsbrehgf el t`g rgoa jptejls aetgroturg jntgl mrgotay jvgrsekpaeny t`g prjhagks. V`g eltgmrotgf

    opprjob`prgsgltgf el B`optgr =tregf tj hrefmg t`es mop hy ljtelm t`ot t`grg org twj typgs jn resd ossjbeotgf

    wet` kjst bjrpjrotg elvgstkglts9 puhaeb (ljl-fevgrseneohag) olf prevotg (fevgrseneohag). Et prgsgltgf olopprjob` t`ot bjvgrgf trofetejloa fgbesejl oloayses ot jlg gxtrgkg tj jptejl prebelm ot t`g jt`gr.

    Vj eaaustrotg w`grg rgoa jptejls oloayses bol hg usgf tj off voaug el voauotejl olf fgbesejl kodelm prjbgss,

    o bosg stufyweaa hg eltrjfubgf el B`optgr 0. V`es bosg es hosgf jl mglgroaezgf gxpgreglbg, wet` o nebtejloa

    stjry olf b`orobtgrs, hut t`g soaeglt ngoturgs rgsgkhag t`g fgvgajpkglt jn Evor Oosgl negaf el t`g Ljrt` Rgo.

    B`optgr 5jnngrgf probteboa sjautejlt`ot fgkjlstrotgs t`g pjsseheaety jn obtuoaay ekpagkgltelm rgoa jptejls

    voauotejls el o kgolelmnua woy hy ol oloayst.

    B`optgr ?3prgsgltgf ol ekpjrtolt bjlbausejl9 t`g eltgmrotgf opprjob` rgsuatgf wet` o prjhoheaety

    festrehutejl t`ot bjkhelgs rgoa jptejls, fevgrseneohag resd, olf ljl-fevgrseneohag resd gnngbts9 V`g rem`t-`olf

    sefg jn t`g festrehutejl `os nottgr toeas (upworf pjtglteoa), w`eag ajssgs jl t`g fjwlsefg org bagoray but jnn.

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    Bjltglts

    Gxgbutevg Rukkory........................................................................................................................................ 8

    B`optgr ? Eltrjfubtejl.................................................................................................................................... 7

    Kgt`jfjajmy................................................................................................................................................. >

    Vormgt Mrjup................................................................................................................................................ =

    Fgaeketotejl................................................................................................................................................... =

    Rtrubturg....................................................................................................................................................... 0

    B`optgr 8 Wpstrgok Sgtrjaguk Elfustry..................................................................................................... 5

    Srjspgbt........................................................................................................................................................ 5

    Gxpajrotejl olf Opproesoa.......................................................................................................................... 5

    Fgvgajpkglt.............................................................................................................................................. ?3

    Srjfubtejl.................................................................................................................................................. ?3

    Oholfjlkglt............................................................................................................................................. ?3

    Sgtrjaguk Gbjljkebs............................................................................................................................... ??

    B`optgr 2 Rtjb`osteb Njrgbostelm............................................................................................................... ?8

    Jea Srebg...................................................................................................................................................... ?8

    Rtjb`osteb Srjbgss.................................................................................................................................... ?2

    Hrjwleol-Kjtejl........................................................................................................................................ ?2

    Kgol-Xgvgrtelm Srebg Kjfga................................................................................................................... ?6

    B`optgr 6 ^oauotejl jn Jea olf Mos Srjpgrtegs........................................................................................ ?7

    Elbjkg (FBN) Opprjob`.......................................................................................................................... ?7

    Srobteboa Essugs.......................................................................................................................................... ?>

    Nelolbeoa Kjfgaaelm................................................................................................................................... ?=

    B`optgr 7 Kjltg Boraj Rekuaotejl............................................................................................................. ?0

    Rglsetevety Oloayses.................................................................................................................................... ?5

    B`optgr > Fgbesejl Vrgg.............................................................................................................................. 83

    Jptejls........................................................................................................................................................ 8?

    B`optgr = ^oauelm Nagxeheaety, Xgoa-Jptejls............................................................................................... 82

    Xgoa-Jptejls.............................................................................................................................................. 86

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    B`optgr ? EltrjfubtejlO mrjwelm lukhgr jn kolomgrs olf obofgkebs org hgbjkelm bjlvelbgf t`ot t`g trofetejloa opprjob`gs tj

    voauotejl org elofgquotg selbg t`gy fj ljt prjpgray bopturg kolomgreoa nagxeheaety tj ofopt olf rgvesg aotgr

    fgbesejls el rgspjlsg tj ulgxpgbtgf kordgt fgvgajpkglt.

    Elsem`t olf tgb`lequgs fgrevgf nrjk jptejl prebelm? glohag t`g quoltenebotejl jn gagkglts jn kolomgreoa

    nagxeheaety olf strotgmeb eltgrobtejls, w`eb` `ovg t`us nor hggl emljrgf jr ulfgrgstekotgf hy stolforf lgt

    prgsglt voaug (LS^) jr fesbjultgf bos` najw (FBN) kgt`jfs.

    V`g voaug jn nagxeheaety olf t`us t`g rgoa jptejl voaug jn o prjigbt org ot t`ger mrgotgst w`gl t`grg es

    bjlsefgrohag ulbgrtoelty ohjut t`g nuturg olf kub` rjjk njr kolomgreoa nagxeheaety. Xgoa jptejl es gspgbeoaay

    rgagvolt njr mrgyzjlg prjigbts/ LS^ lgor zgrj os elbaufelm voaug jn kolomgkglts jptejls koy onngbt t`g

    uatekotg fgbesejl tj elvgst.

    Relbg t`g kef-?553s Xgoa Jptejls hgmol tj ottrobt ottgltejl nrjk elfustry os ol ekpjrtolt tjja njr hjt`

    voauotejl olf strotgmy. Hgmellelm prelbepoaay el t`g Jea olf Mos elfustry, olf gxtglfelm tj o rolmg jn jt`gr

    elfustregs, bjlsuatolts olf eltgrloa oloayst stortgf tj oppay t`es bjlbgpt tj koijr bjrpjrotg elvgstkglts.

    Kolomgkglts nagxeheaety tj rgvesg ets nuturg obtejls el rgspjlsg tj nuturg kordgt berbukstolbgs gxpolfs ol

    elvgstkglt jppjrtuletysvoaug hy ekprjvelm ets upsefg pjtglteoaolf aeketelm fjwlsefg ajssgsrgaotevg tj

    eleteoa gxpgbtotejls ulfgr possevg kolomgkglt. V`g rgsuatelm osykkgtry bousgf hy kolomgreoa ofoptoheaety

    boaas njr ol gxpolfgf LS^ ruag t`ot rgnagbt hjt` voaug bjkpjlglts9 t`g trofetejloa (stoteb jr possevg) LS^ jnfergbt bos` najws olf t`g jptejl voaug jn t`es nagxeheaety

    (Kogsglgerg, 833>)

    Jea olf Mos Elfustry es efgoaay suetgf njr o rgoa jptejls-typg oloayses hgbousg t`g bjkpolegs gx`ehet oaa t`g

    lgbgssory elmrgfeglts9

    Aormg bopetoa elvgstkglts. Gxbausevety (jlbg agosg jn jea/ mos ossgts sgburgf) Wlbgrtoel rgvglug strgoks (sglsetevg tj jea prebg). Jntgl ajlm agof tekgs tj ob`egvg t`gsg ulbgrtoel bos` najws. Xgsgrvgs ulbgrtoelty (rgsgrvjer sezg olf quoaety). Lukgrjus tgb`leboa oatgrlotevgs ot oaa stomgs jn fgvgajpkglt. Sjaeteboa resd olf kordgt gxpjsurg.

    (Hoeagy, 833>)

    V`g jhigbtevg jn t`g t`gses es tj (?) ormug t`ot trofetejloa opprjob`gs tj voauotejl org elofgquotg, (8)

    `em`aem`ts t`g ekpjrtolbg jn Xgoa-Jptejls oloayses os voauotejl olf fgbesejl kodelm tjja, olf (2) Elvgstemotg

    t`g probteboaopprjob` jn Xgoa-Jptejls kjfga el ol upstrgok prjigbts.

    ?Nrjk ?5=3s jlworf, t`g nelolbeoa wjraf hgmol fgvgajpelm bjltrobts boaagf puts olf boaas w`eb` mevg t`ger jwlgr t`g

    rem`t hut ljt t`g jhaemotejl tj sgaa jr huy o spgbenegf lukhgr jn s`orgs jr o quoltety jn o bjkkjfety sub` os mjaf jr jea, otjr hgnjrg o spgbenegf fotg.

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    Kgt`jfjajmy

    Vj eaaustrotg w`grg rgoa jptejls oloayses bol hg usgf tj off voaug el voauotejl olf fgbesejl kodelm prjbgss,

    o bosg stufy weaa hg pgrnjrkgf. V`es bosg es hosgf jl mglgroaezgf gxpgreglbg, wet` o nebtejloa stjry olf

    b`orobtgrs, hut t`g soaeglt ngoturgs rgsgkhag t`g fgvgajpkglt jn Evor Oosgl negaf el t`g Ljrt` Rgo.

    V`g bosg stufy kjstayusgs t`g gem`t-stgp eltgmrotgf resd kolomgkglt prjbgss fgvgajpgf hy (Kul I. ,

    833>), gxbgptnjr stgp lj.>, w`grg t`es t`gses usg ol eltgmrotgf opprjob`, tj bopturg hjt` fevgrseneohag olf

    ljl-fevgrseneohag resds. V`es opprjob` es t`g eltgmrotejl jn jptejl prebelm olf fgbesejl oloayses, olf es o

    kjfenebotejlnrjk t`g jlg fgsbrehgf hy Rket` olf Dgvel KbBorfag. (Iokgs G. Rket`, ?555)

    NEMWXG ? ELVGMXOVGF XERD KOLOMGKGLV SXJBGRR

    _uoaetotevg Kolomgkglt sbrgglelm

    _uoaetotevg kolomgkglt sbrgglelm es t`g nerst stgp el oly eltgmrotgf resd oloayses prjbgss. Fgbesejl kodgrs

    `ovg tj fgbefg w`eb` prjigbts, ossgts, eleteotevgs, jr strotgmegs org veohag njr nurt`gr oloayses, el obbjrfolbgwet` t`g jrmolezotejls jvgroaa huselgss strotgmy.

    Vekg-sgregs olf stjb`osteb njrgbostelm

    V`g nuturg es t`gl njrgbostgf uselm tekg-sgregs oloayses, stjb`osteb njrgbostelm. Kjst jn t`g rgoa jptejls

    aetgroturg ossukgs t`g jea prebg njaajws o rolfjk woad, spgbeneboaay mgjkgtreb Hrjwleol kjtejl. Vj bopturg

    t`g p`gljkgljl jn kgol rgvgrsejl, wg weaa oasj fesbussgf o kgol-rgvgrtelm stjb`osteb prjbgss njr jea prebgs

    w`grg nuturg prebgs org gxpgbtgf tj frent hobd tj o spgbenegf ajlm-rul ovgromg prebg (Ovelos` D. Fexet, ?556).

    Hosg bosg Lgt Srgsglt ^oaug oloayses

    Wselm t`g njrgbostgf voaugs el t`g prgvejus stgp, o fesbjultgf bos` najw kjfga es brgotgf. V`es kjfga sgrvgs

    os t`g hosg bosg oloayses w`grg o lgt prgsglt voaug jr LS^ es boabuaotgf. V`es LS^ es boabuaotgf uselm o

    fesbjult rotg t`ot rgnagbts bjst jn bopetoa olf fgsergf rotg jn rgturl.

    Kjltg Boraj sekuaotejl

    Hgbousg t`g stoteb fesbjultgf bos` najw prjfubgs jlay o selmag-pjelt gstekotg rgsuat, t`grg es jntgltekgs aettag

    bjlnefglbg el ets obburoby. Vj hgttgr gstekotg t`g obtuoa voaug jn o portebuaor prjigbt, Kjltg Boraj sekuaotejl

    s`juaf hg gkpajygf lgxt.

    O sglsetevety oloayses es nerst pgrnjrkgf jl t`g fesbjultgf bos` najw kjfga. ]g bol b`olmg gob` jn prgbgfglt

    voreohags (sub` os rgvglugs, jpgrotelm gxpglsgs, bopetoa gxpglfeturg) olf ljtg t`g b`olmg el LS^. O

    tjrlofj b`ort es t`gl brgotgf, w`grg t`g kjst sglsetevg prgbgfglt voreohags org aestgf nerst. Wselm t`es

    elnjrkotejl, wg t`gl fgbefg t`g dgy voreohags t`ot weaa hg prjbgssgf wet` Kjltg Boraj sekuaotejl. V`es stgp

    kjfgas, oloayzgs, olf quoltenegs t`g vorejus resds jn gob` prjigbt. V`g rgsuat es o festrehutejl jn t`g LS^s

    olf t`g prjigbts vjaoteaety.

    ?. _uoltetotevgKolomgkglt

    Rbrgglelm

    8. Vekg-sgregsolf stjb`osteb

    njrgbostelm

    2. Hosg BosgLgt Srgsglt

    ^oaug Oloayses

    6. Kjltg BorajRekuaotejl

    7. Xgoa JptejlsSrjhagkNrokelm

    >. Xgoa JptejlsKjfgaelm olf

    Oloayses

    =. Sjrtnjaej olfXgsjurbg

    Jptekezotejl

    0. Xgpjrtelmolf Wpfotg

    Oloayses

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    pm. =

    Xgoa jptejls prjhagk nrokelm

    V`g resd elnjrkotejl jhtoelgf el prgvejus stgps lggfs tj hg bjlvgrtgf eltj obtejlohag eltgaaemglbg, olf usg

    rgoa jptejls oloayses tj `gfmg, voaug, olf todg ofvoltomg jn t`gsg resds. V`g nerst stgp el rgoa jptejls es tj

    mglgrotg o strotgmeb kop jr gvglt trggs.

    Furelm t`es prjbgss, bgrtoel strotgmeb jptejloaety wjuaf `ovg hgbjkg opporglt. V`es koy elbaufg jptejl tj

    gxpolf, bjltrobt, oholfjl, swetb`, b`jjsg, olf sj njrt`. El t`es stgp nagxeheaety es elbjrpjrotgf eltj gvglt

    trggs, w`eb` trolsnjrks t`gk eltj fgbesejl trggs8.

    Xgoa jptejls kjfgaelm olf oloaysesusg eltgmrotgf opprjob`

    V`grg es o bjlbgrl t`ot t`g kjfgas fgsbrehgf el t`g rgoa jptejls aetgroturg mrgotay jvgrsekpaeny t`g prjhagkst`gy obtuoaay nobg. V`g eltgmrotgf opprjob` hgmels hy ljtelm t`ot t`grg org twj typgs jn resd ossjbeotgf wet`

    kjst bjrpjrotg elvgstkglts9 puhaeb (ljl-fevgrseneohag) olf prevotg (fevgrseneohag). V`g eltgmrotgf opprjob`

    obdljwagfmgs t`esolf et es fgsemlgf tj offrgss t`ot vgry setuotejl.

    V`g eltgmrotgf opprjob` elvjavgs t`g njaajwelm stgps9 (?) Hueaf o fgbesejl trgg, (8) Efglteny gob` resd os get`gr

    puhaeb jn prevotg, (2) Osseml suhigbtevg prjhoheaetegs njr prevotg resds, (6) Oppay o sprgofs`ggt bos`-najw kjfga

    ot gob` trgg glf pjelt, (7) Xjaa hobd t`g trgg tj fgtgrkelg jptekoa strotgmy olf ets voauotejl, (>) Sgrnjrk

    Kjltg Boraj sekuaotejl njr puhaeb resds el t`g fgbesejl trgg, t`g rgsuat weaa hg fenngrglt sgts jn jptekoa strotgmy

    njr fenngrglt berbukstolbgs, olf o festrehutejl jn rgoa jptejls voauotejl.

    Sjrtnjaej olf rgsjurbg jptekezotejl

    Sjrtnjaej jptekezotejl es ol jptejloa stgp el t`g oloayses. En t`g oloayses es fjlg jl kuatepag prjigbts, fgbesejlkodgrs s`juaf vegw t`g rgsuats os o pjrtnjaej jn rjaagf-up prjigbts hgbousg t`g prjigbts org el kjst bosgs

    bjrrgaotgf wet` jlg oljt`gr, olf vegwelm t`gk elfevefuoaay weaa ljt prgsglt trug pebturg. V`es stgp es ljt

    pgrnjrkgf el t`es t`gses selbg t`grg es jlay jlg prjigbt tj gvoauotg.

    Xgpjrtelm olf upfotg oloayses

    Brgotg bagor, bjlbesg, olf prgbesg rgpjrtelm kotgreoas.

    Vormgt Mrjup

    V`g gkp`oses el t`es t`gses jl voauotejl olf fgbesejl kodelm el upstrgok prjigbts kodgs et gspgbeoaay

    eltgrgstelm njr prjngssejloas el pgtrjaguk elfustry. Srjngssejloas rgngrrgf el `grg org ljt jlay t`g fgbesejl

    kodgrs (kolomgkglt), hut oasj t`g nelolbeoa oloayst w`j suppjrt t`g fgbesejl kodelm prjbgss. V`g t`gses es

    oasj rgagvolt njr stufglts wet` o kjrg mglgroa eltgrgst tj ulfgrstolf rgosjlelm hg`elf Xgoa-Jptejls

    voauotejl. V`es fjgs ljt ekpay t`ot t`g t`gses bol hg goseay ulfgrstjjf wet`jut hoseb nokeaeorety olf

    dljwagfmg el nelolbg, fgbesejl-oloayses, olf jnns`jrg pgtrjaguk prjigbt.

    Fgaeketotejl

    V`g bosg stufy es hosgf jl vorejus sjurbgs jn elnjrkotejl. V`g oek jn t`g oloayses es tj bjlstrubt o rgoaesteb

    hut sekpaenegf voauotejl jn ol jnns`jrg jea fgvgajpkglt el t`g Ljrt` Rgo. Ossukptejls todgl el t`g bosg stufy

    koy hg wrjlm jr kesagofelm4 `jwgvgr, t`g uteaety jn t`g oloayses s`juaf ljt hg onngbtgf hy t`g pjsseheaety jn

    wrjlm ossukptejls hgelm usgf os elput el t`g fgbesejl oloayses olf voauotejl.

    8O mrop`eboa tjja fgvgajpgf tj rgprgsglt bjkpagx fgbesejl prjhagks. Fgbesejl trggs bagoray s`jws t`g sgquglbg jn

    gvglts (fgbesejls olf jutbjkgs), os wgaa os prjhoheaetegs olf kjlgtory voaugs.

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    Rtrubturg

    El tohag ?hgajw, t`g Out`jr jutaelg t`g paol jn t`g t`gses olf mevg o naovjr jn sjkg ekpjrtolt efgos olf

    rgsuats t`ot gkgrmg nrjk t`g oloayses.

    Eltrjfubtejl Vj eaaustrotg w`grg rgoa jptejls oloayses bol hg usgf tj off voaug el voauotejl olf fgbesejlkodelm prjbgss el upstrgok prjigbts, t`es t`gses usg 0-stgps eltgmrotgf resd kolomgkgltopprjob` (Kul I. , 833>). V`g jhigbtevg es tj eaaustrotg probteboa oppaebotejl jn t`es bjlbgpt.

    Wpstrgok

    Sgtrjaguk

    Vj ulfgrstolf elvgstkglt fgbesejls, wg lggf tj ulfgrstolf t`g elfustrys voaug b`oel. O hregn

    b`oel oloayses jn upstrgok pgtrjaguk elfustry weaa hg prgsgltgf.

    NelolbgV`gjry

    V`gl aetgroturg stufegs9 (?) Rtjb`osteb Njrgbostelm, (8) ^oauotejl jn Jea olf Mos Srjpgrtegs, (2)Kjltg Boraj Rekuaotejl, (6) Fgbesejl Vrggs, (7) ^oauelm Nagxeheaety, Xgoa-Jptejls

    Bosg9DuduzoJnns`jrgJeanegaf

    V`g stjry storts wet` o debd-jnn kggtelm tj prgporg prjfubtejl aebglsg oppaebotejl jn NegafOap`o. Hgl, rgbgltay `ergf os Nelolbg Kolomgr, weaa hg rgspjlsehag njr t`g jvgroaa gbjljkebsjn t`g prjigbt. V`g bosg stufy weaa bjlsest jn9 (?) Eltrjfubtejl, (8) Srjspgbt, (2) Gxpajrotejl olf

    Opproesoa, (6) Fgvgajpkglt, (7) Srjfubtejl, (>) Oholfjlkglt, olf (=) Gbjljkebs.

    SrjpjsgfRjautejls

    (O) Srgfebtelm nuturg jea prebg es vgry fennebuat olf es t`g wgodgst aeld el upstrgok prjigbtvoauotejl prjbgss. Rj, `jw fj wg njrgbost t`g jea prebg: ]gaa fesbuss twj stjb`osteb

    opprjob`gs9 (?) hrjwleol kjtejl olf (8) kgol-rgvgrtelm.

    (H) Ontgr jea prebg njrgbostgf, Hgl stort wet` trofetejloa voauotejl kjfga njr t`g upstrgokprjigbts. Vj mevg o bagor pebturg, wgaa fesbuss9 (?) Srjnet Ajss, (8) Hoaolbg R`ggt, olf (2)Bos` Najws. ]gaa oasj fesbuss (6) Lgt Srgsglt ^oaug olf (7) Ofiustgf Srgsglt ^oaug.

    (B) Kjltg Boraj Rekuaotejl es t`gl usgf tj mgt o sgt jn prjhohag jutbjkg, hy sekuaotelmprjhoheaety festrehutejls jn burrglt FBN kjfga.

    (F) Fenngrglt strotgmeb jptejls ovoeaohag tj t`g bjkpoly weaa hg fesbussgf. Njbus weaa hg jl (?)jptejl tj bjltelug wet` Negaf Oap`o jlay. (8) Jptejl tj gxpolf tj Negaf Hrovj olf NegafB`oraeg, olf (2) jptejl tj oholfjl t`g prjigbt.

    (G) Hosgf jl BJJ gxpaolotejl ohjut sgquglbg jn gvglts wet` pjssehag jutbjkg9 (?) Mglgrotgo strotgmeb kop jr gvglt trggs. (8) Fgbefg w`ot strotgmeb jptejls tj b`jjsg olf w`gl. (2)Elbjrpjrotg t`g gvglts olf strotgmeb jptejls eltj t`g fgbesejl trgg.

    (N) Ontgr bjlstrubtelm fgbesejl trgg, Hgl nelf jut t`ot t`grg org ?2 fenngrglt sbglorejs t`otrgprgsglt sgquglbg jn gvglts olf prjhohag jutbjkgs jn fevgrseneohag resd(e.g. sezg jnrgsgrvjer olf kolomgreoa nagxeheaety (jptejl tj gxpolf, bjltelug, jr oholfjl).

    (M) @g t`gl omoel ruls Kjltg Boraj sekuaotejl tj obbjult ljl-fevgrseneohag resd (e.g. jea prebg).Ontgr sekuaotejl, wg weaa mgt o prjhoheaety festrehutejl t`ot bjkhelgs rgoa jptejls,fevgrseneohag resd, olf ljl-fevgrseneohag resd gnngbts9 V`g rem`t-`olf sefg jn t`g festrehutejl`os nottgr toeas (upworf pjtglteoa), w`eag ajssgs jl t`g fjwlsefg org bagoray but jnn.

    VOHAG ? V@GRER RVXWBVWXG

  • 8/12/2019 REAL OPTIONS AS VALUATION AND DECISION MAKING TOOL IN UPSTREAM PROJECTS

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    B`optgr 8 Wpstrgok Sgtrjaguk ElfustryWlfgrstolfelm elvgstkglt fgbesejls el t`g upstrgok pgtrjaguk elfustry rgquergs ol ulfgrstolfelm jn t`g

    elfustrys voaug b`oel. ^oaug b`oel oloayses bol hg usgf el tgrks jn ulfgrstolfelm `jw prjigbts org

    strubturgf. Rgg nemurg 8.

    NEMWXG 8 ^OAWG B@OEL JN V@G WSRVXGOK SGVXJAGWK ELFWRVXU

    Srjspgbt

    Oprjspgbtes ol efgo. Et es o mgjajmeb efgo jn w`grg tgb`leboa spgbeoaest t`elds brufg jea olf loturoa mos kem`t

    hg troppgf el o rgsgrvjer wet`el t`g Gort`s suhsurnobg. V`g prjspgbt efgo es usuoaay brgotgf hy ol

    eltgrfesbepaelory tgb`leboa tgok bjkpresgf jn o mgjajmest, mgjp`ysebest, olf glmelggrs w`j wjrd jl o

    mgjmrop`eboa orgo jn eltgrgst. V`ger ijh es tj efglteny t`g jppjrtulety uselm kops olf brjss-sgbtejls tj

    boabuaotg t`g okjult jn brufg olf jea olf loturoa mos bjltoelgf el t`g rgsgrvjer trop, fgtgrkelg t`g

    prjfubtejl rotg, olf gstekotg t`g elvgstkglt. (V`g Wlevgrsety jn Vgxos ot Oustel - SGVGP, 83??)

    Gxpajrotejl olf Opproesoa

    Gxpajrgrs jn jea olf mos trops org boaagf gxpajrotejl mgjajmestolf mgjp`ysebest. V`gsg prjngssejloas sgorb`njr suhsurnobg trops t`ot kem`t bjltoel `yfrjborhjls. V`gy usg sgeskjajmy

    2el t`ger rgsgorb`. Rgeskeb

    gxpajrotejl stufegs sjulf wovg vehrotejls os t`gy trovga t`rjum` rjbd aoygrs.

    Vj gxgrt kol-kofg vehrotejls, gxpajsevgs sub` os fyloketg org jntgl usgf tj kodg o ajw-nrgquglby sjulf

    pjwgrnua gljum` tj pglgtrotg t`ebd aoygr jn rjbds. V`g rgnagbtgf sjulf hjulbgs hobd olf rgbjrfgf. V`g

    elnjrkotejl es fjwlajofgf eltj o bjkputgr olf brgotgs o sgeskeb sgbtejl, w`eb` es o twj-fekglsejloa saebg

    nrjk t`g surnobg jn t`g gort` fjwlworf. V`es es dljwl os 8F sgeskeb. Gxpgrt eltgrprgtotejl jn t`g sgeskeb

    sgbtejls bol rgvgoa en t`grg es o trop w`grg pgtrjaguk bjuaf gxest.

    Gxpajrotejl tgb`lequgs jlay elfebotg w`grg ol jea olf mos trop kem`t hg4 el kjst bosgs, t`gy fj ljt fergbtay

    elfebotg t`g prgsglbg jn `yfrjborhjls el o trop. V`g jlay surg woy tj nelf jut es tj freaa o `jag fjwl eltj t`g

    trop olf sgg.

    Hgnjrg o wgaa es freaagf, et es opproesgf tj fgtgrkelg t`g bopetoa tj hg elvgstgf olf t`g nuturg lgt rgvglug.

    Ekpjrtolt gagkglts jn t`g prjspgbt opproesoa org, okjlm jt`gr nobtjrs9

    Gstekotgf vjaukg jn brufg jea olf loturoa mos (rgsgrvg) Gstekotgf uatekotg rgbjvgry, w`eb` es gxpgbtgf ulets jn prjfubtejl Gstekotgf bjsts tj freaa t`g opproesoa wgaa olf, en subbgssnua, tj gquep t`g wgaa njr prjfubtejl Gstekotgf bjkkjfety prebgs njr brufg jea olf loturoa mos Nuturg mrjss olf lgt rgvglug

    Kodelm o fgbesejl tj elvgst es t`g aost stgp el t`g prjspgbt opprjvoa prjbgss olf t`g freaaelm jn o lgw wgaa.

    V`es es t`g stgp w`grg kolomgkglt `os9

    2Rgeskjajmy es t`g stufy jn loturoa olf kol-kofg vehrotejls el t`g gort`.

    SrjspgbtGxpajrotejl

    olf OpproesoaFgvgajpkglt Srjfubtejl Oholfjlkglt

  • 8/12/2019 REAL OPTIONS AS VALUATION AND DECISION MAKING TOOL IN UPSTREAM PROJECTS

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    Gvoauotgf t`g tgb`leboa kgret jn t`g prjspgbt Ossemlgf resd nobtjrs tj t`g prjbgssgs jn freaaelm, bjkpagtejl, rgsgrvgs, prjfubtejl, olf kordgt prebg

    njr t`g bjkkjfety tj hg prjfubgf Gvoauotgf t`g gbjljkeb kgret jn t`g prjspgbt Boabuaotgf t`g rgturl jl bopetoa tj hg elvgstgf

    (V`g Wlevgrsety jn Vgxos ot Oustel - SGVGP, 83??)

    Fgvgajpkglt

    Hgnjrg o pgtrjaguk bjkpoly bol fgvgajp jea jr mos rgsgrvgs, et kust obquerg t`g agmoa rem`ts tj gxpajrg, freaa,olf prjfubg jl t`g setg. Obquerelm rem`ts fenngrs nrjk bjultry tj bjultry. El kjst jea prjfubelm lotejls, t`g

    lotejloa mjvgrlkglt jwls ets kelgroa rgsjurbgs. Mjvgrlkglts wjrafwefg nrgqugltay sgbtejl t`ger aolfs eltj

    skoaagr orgos olf rgmuaoray jnngr aebglsgsjr agosgstj jea bjkpolegs t`ot pgrket gxpajrelm, fgvgajpelm, olf

    prjfubelm jea olf mos ajbotgf ulfgr t`g aolf. V`g tgrks olf bjlfetejls jn sub` omrggkglts bol vory wefgay

    orjulf t`g majhg. (V`g Wlevgrsety jn Vgxos ot Oustel - SGVGP, 83??)

    Jlbg sunnebeglt foto `os hggl jhtoelgf tj kodg ol gfubotgf iufmkglt jl t`g sezg jn t`g prezg, wg gltgr eltj

    t`g fgvgajpkglt p`osg. @grg wg fgbefg jl t`g kjst bjkkgrbeoaay veohag woy njr gxpajetelm t`es lgw

    rgsjurbg hy glmelggrelm t`g lukhgr (olf typg) jn prjfubelm wgaas, prjbgss nobeaetegs, olf trolspjrtotejl

    (Hoeagy, 833>). V`g tekg-bjlsukelm prjbgss jn fgvgajpelm, glmelggrelm, hueafelm, olf elstoaaelm t`g sjautejls

    rgsuats el pgrejf jn `em` elvgstkglts olf lgmotevg bos` najws.

    Srjfubtejl

    O ljrkoa prjfubtejl prjneag elvjavgs `em` prjfubtejl el t`g hgmellelm jn negafs aengtekg. Ontgr o pgrejf jn tekg

    prjfubtejl storts tj fgbaelg, olf bjltelugs tj fgbaelg. Jea bol najw jut jn o rgsgrvjer olf up t`g wgaa tj t`g

    surnobg uselm t`g loturoa stjrgf glgrmy jn t`g nauefs, jr et kem`t `ovg tj hg aentgf ortenebeoaay. Vwj woys tj

    ortenebeoaay aent jea olf mos org uselm pukps olf eligbtelm mos.

    Gvgl wet` ortenebeoa aent, oaa t`g jea el o rgsgrvjer weaa ljt hg rgbjvgrgf. V`rgg-njurt` jn t`g jea, jr kjrg el sjkg

    bosgs, kem`t rgkoel el paobg ulagss offetejloa rgbjvgry tgb`lequgs org usgf. Vwj woys tj rgbjvgr kjrg jea

    org t`rjum` wotgr-najjfelm olf kesbehag prjbgss. Gvgl t`gsg offetejloa rgbjvgry tgb`lequgs weaa ljt rgbjvgr

    oaa t`g jea el o rgsgrvjer.

    (V`g Wlevgrsety jn Vgxos ot Oustel - SGVGP, 83??)

    Oholfjlkglt

    Jlbg rgsgrvgs `ovg hggl fgpagtgf, t`g elnrostrubturg bol get`gr hg agnt tj fgboy jr (elbrgoselmay) kust hg

    feskoltagf el ol glverjlkgltoaay olf gbjljkeboaay gnnebeglt kollgr. V`es es gspgbeoaay trug njr t`g Ljrt` Rgo

    olf jnns`jrg Wletgf Rtotgs (Hoeagy, 833>).

    Fgbesejl ohjut s`uttelm fjwl olf oholfjlkglt jn t`g negaf s`juaf hg kofg jl t`g hosgs jn tjtoa okjult jn

    gxtrobtohag rgsgrvgs agnt, prjfubtejl rotgs, jea prebg agvgas, bjsts jn aequefotejl olf oatgrlotevg elvgstkglt olf

    rgsjurbg oaajbotejl jppjrtuletegs. Bjst jn oholfjlkglt s`juaf hg todgl eltj obbjult olf gstekotgf oargofy

    ot t`g tekg jn voauotejl.

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    Sgtrjaguk Gbjljkebs

    En wg trolsaotgf ohjvg voaug b`oel oloayses stjry (prjspgbt gxpajrotejl fgvgajpkglt prjfubtejl

    oholfjlkglt) eltj o bos` najw, t`g pebturg weaa ajjds aedg nemurg 2. Et es o vgry b`oaaglmelm elfustry. Remlenebolt

    bos` jutnajw weaa fjkelotg njr koly ygors, jlay tj mgt bos` elnajw nor owoy el t`g nuturg. Jlg bol jlay

    ekomelg, en, ot t`g tekg prjfubtejl bol neloaay stort, jea prebg suffglay bros`.

    V`g aeng jn jea olf mos prjpgrty es neletg. Wlaedg jt`gr prjigbt voauotejl t`ot ljrkoaay bol ossukg o tgrkeloa

    voaug w`eb` es oaa bos` najws gxpgbtgf hgyjlf t`g njrgbost pgrejf, el jea olf mos glverjlkglt t`g

    ossukptejl jn pgrpgtuety es ljt rgoaesteb. Elstgof, t`g jnns`jrg prjigbt weaa nobg o `umg bos` jutnajw ot t`g glf

    t`g aeng bybag, frevgl hy oholfjlkglt olf rgtergkglt jhaemotejl bjsts.

    Neloaay, et es ekpjrtolt tj pjelt jut t`ot ngg, toxgs, olf rjyoategs org sj semlenebolt. El Ljrwoy, njr gxokpag, t`g

    pgtrjaguk tox bjlsests jn 80% mglgroa elbjkg tox, olf offetejloa 73% spgbeoa tox. V`es brgotgs twj

    ekpaebotejls. (?) Es t`g elbgltevg njr fght nelolbelm, olf (8) ekpjrtolbg jn prjpgr tox kolomgkglt, tj

    oltebepotg keskotb` hgtwggl `umg ajss el goray ygors olf `umg prjnets el t`g aotgr ygors.

    NEMWXG 2 O VUSEBOA G&S BOR@-NAJ] SXJIGBV (RWRAEBD, RB@EJYGX, & XJFXEMWGY, 8335)

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    B`optgr 2 Rtjb`osteb NjrgbostelmXgvglug es t`g njulfotejl tj njrgbost bos` najw. El Wpstrgok Huselgss, Xgvglug es fgnelgf os ulets jn brufg

    jea olf loturoa mos prjfubgf olf sjaf, kuatepaegf hy o bjkkjfety prebg. Hjt` vjaukg olf prebg org `em`ay

    ulbgrtoel olf fennebuat tj njrgbost. El t`g bosg stufy, t`g hosg bosgprjfubtejlnjrgbost es mevgl, olf aotgr jl

    ulbgrtoelty surrjulfelm t`g vjaukg weaa hg obbjultgf hy suhigbtevg prjhoheaety festrehutejl el t`g Fgbesejl-

    Vrgg Oloayses. El t`g jt`gr `olf, jea prebg weaa hg njrgbostgf uselm stjb`osteb tgb`lequg (t`es b`optgr). Jlbg

    t`g stjb`osteb prjbgss es fjlg, t`g rgsuat weaa hg usgf os hosg bosg prebg. Aotgr jl, ulbgrtoelty surrjulfelm

    t`g jea prebg weaa hg obbjultgf hy o Kjltg Boraj sekuaotejl.

    Jea SrebgRgagbtelm o prebg tjfoy es gosy hgbousg t`g kordgt elnjrkotejl es burrglt olf rgaeohag. Rgagbtelm o prebg ?7 tj

    83 ygors nrjk tjfoy es oljt`gr essug. Srgfebtelm nuturg prebg es vgry fennebuat hgbousg sj koly gbjljkeb

    voreohags elnauglbg et. Jea prebg es t`g wgodgst aeld el voauotejl prjbgss.

    Fgkolf olf suppay fgtgrkelg t`g prebgs olf t`g quoltetegs trofgf el t`gsg bjkkjfety kordgts. V`g twj dgy

    elnauglbgs jl t`g fgkolf njr jea org9 (?) V`g voaug jn kormeloa prjfubt jn jea, olf (8) V`g gxpgbtgf nuturg

    prebg jn jea. V`g t`rgg dgy elnauglbgs jl t`g suppay jn jea org9 (?) V`g dljwl jea rgsgrvgs, (8) V`g sboag jn

    burrglt jea prjfubtejl nobeaetegs, olf (2) V`g gxpgbtgf nuturg prebg jn jea.

    Vj rgkjvg t`g ulbgrtoelty jn nuturg prebgs, kjst Wpstrgok Huselgss Wlets gstohaes` o sgt jn brufg jea olf

    loturoa mos prebgs njr t`g stort jn t`g prjigbt olf eltj t`g nuturg. V`es sgt jn prebgs es o hosgaelg olf es boaagf o

    prebg fgbd. Srebg fgbds b`olmg jvgr tekg wet` b`olmgs el t`g bos` olf nuturg kordgts, sj prebg fgbds bol hgupfotgf nrgqugltay. (V`g Wlevgrsety jn Vgxos ot Oustel - SGVGP, 83??)

    NEMWXG 6 KJLV@AU O^GXOMG BXWFG JEA SXEBG IOL ?5=7 VJ IWL 83?8

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    Rtjb`osteb Srjbgss

    O stjb`osteb prjbgss es ljt`elm hut o kot`gkoteboaay fgnelgf gquotejl t`ot bol brgotg o sgregs jn jutbjkgs

    jvgrtekg, jutbjkgs t`ot org ljt fgtgrkelesteb el loturg. O stjb`osteb prjbgss es hy fgneletejl ljlfgtgrkelesteb,

    olf jlg bol paum lukhgrs eltj o stjb`osteb prjbgss gquotejl olf jhtoel fenngrglt rgsuats gvgry tekg. Njr

    elstolbg, t`g pot` jn jea prebg es stjb`osteb el loturg, olf jlg bolljt rgaeohay prgfebt t`g gxobt jea prebg pot`

    wet` oly bgrtoelty. @jwgvgr, t`g prebg gvjautejl jvgr tekg es glvgajpgf el o prjbgss t`ot mglgrotgs t`gsg

    prebgs. V`g prjbgss es nexgf olf prgfgtgrkelgf, hut t`g jutbjkgs org ljt. (Kul I. , Kjfgaelm Xesd, 83?3)

    Hrjwleol-Kjtejl

    O ]eglgr prjbgss, oasj boaagf o Hrjwleol kjtejl, es o bjltelujus-tekg stjb`osteb prjbgss wet` t`rggekpjrtolt prjpgrtegs. Nerst, et es o Kordjv prjbgss, w`eb` kgols t`ot t`g prjhoheaety festrehutejl njr oaa nuturg

    voaugs jn t`g prjbgss fgpglfs jlay jl ets burrglt voaug, olf es ulonngbtgf hy post voaugs jn t`g prjbgss jr hy

    oly jt`gr burrglt elnjrkotejl. Os o rgsuat, t`g burrglt voaug jn t`g prjbgss es oaa jlg lggfs tj kodg o hgst

    njrgbost jn ets nuturg voaug. Rgbjlf, t`g ]eglgr prjbgss `os elfgpglfglt elbrgkglts. V`es kgols t`ot t`g

    prjhoheaety festrehutejl njr t`g b`olmg el t`g prjbgss jvgr oly tekg eltgrvoa es elfgpglfglt jn oly jt`gr (ljl-

    jvgraoppelm) tekg eltgrvoa. V`erf, b`olmgs el t`g prjbgss jvgr oly neletg eltgrvoa jn tekg org ljrkoaay

    festrehutgf, wet` o voreolbg t`ot t`g elbrgosgs aelgoray wet` t`g tekg eltgrvoa.

    V`g Kordjv prjpgrty es portebuaoray ekpjrtolt. Omoel, et ekpaegs t`ot jlay burrglt elnjrkotejl es usgnua njr

    njrgbostelm t`g nuturg pot` jn t`g prjbgss. Rtjbd prebgs org jntgl kjfgaagf os Kordjv prjbgssgs, jl t`g

    mrjulfs t`ot puhaeb elnjrkotejl es quebday elbjrpjrotgf el t`g burrglt prebg jn t`g stjbd, sj t`ot t`g post

    pottgrl jn prebgs `os lj njrgbostelm voaug. (V`es es boaagf t`g wgod njrk jn kordgt gnnebeglby. En et fef ljt `jaf,elvgstjrs bjuaf el prelbepag hgot t`g kordgt t`rjum` tgb`leboa oloayses, t`ot es, hy uselm t`g post pottgrl jn

    prebgs tj njrgbost t`g nuturg).V`g nobt t`ot o ]eglgr prjbgss `os elfgpglfglt elbrgkglts kgols t`ot wg bol

    t`eld jn et os o bjltelujus-tekg vgrsejl jn o rolfjk woad.

    V`g t`rgg bjlfetejls fesbussgf ohjvg9 t`g Kordjv prjpgrty, elfgpglfglt elbrgkglts, olf b`olmgs t`ot org

    ljrkoaay festrehutgf4 koy sggk quetg rgstrebtevg, olf kem`t summgst t`ot t`grg org vgry ngw rgoa-wjrafs

    voreohags t`ot bol hg rgoaesteboaay kjfgaagf wet` ]eglgr prjbgssgs. V`rjum` t`g usg jn suetohag

    trolsnjrkotejls, t`g ]eglgr prjbgss bol hg usgf os hueafelm hajbd tj kjfga ol gxtrgkgay hjorf rolmg jn

    voreohags t`ot vory bjltelujusay olf stjb`osteboaay t`rjum` tekg.

    (Ovelos` D. Fexet, ?556)

    Xesd Rekuaotjr6sjntworg weaa hg usgf tj kjfga nuturg jea prebg el t`es t`gses. Njr stjb`osteb prjbgss9

    Hrjwleol kjtejl (Xolfjk ]oad) wet` Frent, t`g njaajwelm elputs es lggfgf9

    Rtjb`osteb Srjbgss9 Hrjwleol Kjtejl (Xolfjk ]oad) wet` frent

    Rtort ^oaug ($) ... Rtgps ...

    Frent Xotg ... Etgrotejls ...

    ^jaoteaety ... Xgvgrsejl Xotg Ljt oppaebohag

    @jrezjl (Ugors) ... Ajlm-Vgrk ^oaug Ljt oppaebohag

    VOHAG 8 FOVO ELSWV LGGFGF NJX HXJ]LEOL KJVEJL

    6`ttp9//resdsekuaotjr.bjk/

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    Kgol-Xgvgrtelm Srebg Kjfga

    Kjst jn t`g rgoa jptejls aetgroturg ossukgs t`g ulfgrayelm ulbgrtoelty (el t`es bosg, jea prebgs) njaajws o

    rolfjk woad, spgbeneboaay mgjkgtreb Hrjwleol kjtejl. El t`es kjfga, jea prebgs ot oly nuturg tekg org

    ajmljrkoa festrehutgf wet` t`g bjlfetejloa festrehutejl njr aotgr prebg s`entelm hy t`g okjult jn oly

    (ulgxpgbtgf) b`olmg el prebgs el t`g goray ygors.

    Jlg kem`t ormug t`ot, w`gl prebgs org `em` bjkporgf tj sjkg ajlm-rul ovgromg (jr gqueaehreuk prebg agvga),

    lgw prjfubtejl bopobety bjkgs jl aelg, t`ot jafgr prjpgrtegs gxpgbtgf tj bjkg jnn aelg stoys jl aelg, olf

    prebgs tglf tj hg frevgl hobd fjwl tjworf t`es ajlm-rul ovgromg. Bjlvgrsgay, en prebgs org ajwgr t`ol t`es

    ajlm-rul ovgromg, agss lgw prjfubtejl bjkgs jl aelg, jafgr prjpgrtegs org s`ut fjwl goraegr, olf prebgs tglftj hg frevgl hobd up. V`us jea prebgs s`juaf hg kgol rgvgrtelmel t`ot prebgs tglf tj rgvgrt tj sjkg ajlm-rul

    ovgromg (Iokgs G. Rket`, ?555).

    V`us jlg kem`t ormug t`ot t`g prebg jn jea s`juaf hg kjfgaagf os o kgol-rgvgrtelm prjbgss. V`g sekpagst

    kgol-rgvgrtelm prjbgss, oasj dljwl os ol Jrlstgel-W`aglhgbdprjbgss, es t`g njaajwelm

    (?) () ( )

    @grg, es t`g spggf jn rgvgrsejl, olf es t`g ljrkoa agvga jn , t`ot es, t`g agvga tj w`eb` tglfs tj rgvgrt.

    (En es ol jea prebg, t`gl kem`t hg t`g ajlm-rul kormeloa bjst jn prjfubtejl jn brufg jea). fgsbrehgs t`g

    vjaoteaety jn t`g prjbgss, olf rgprgsglts elbrgkglts jn o stolforf Hrjwleol kjtejl prjbgss.

    En t`g voaug jn es burrgltay olf njaajw gquotejl (?), t`gl ets gxpgbtgf voaug ot oly nuturg tekg es

    (8) T[ ( )

    Oasj, t`g voreolbg jn ( ) es

    (2) T [ ( )

    Jhsgrvg nrjk t`gsg gquotejls t`ot t`g gxpgbtgf voaug jn bjlvgrmgs tj os hgbjkgs aormg, olf t`g

    voreolbg bjlvgrmgs tj . Oasj os , T[ , w`eb` kgols t`ot bol lgvgr fgveotg nrjk , gvgl

    kjkgltoreay.

    (Ovelos` D. Fexet, ?556)

    Xesd Rekuaotjr sjntworg weaa hg usgf tj kjfga nuturg jea prebg el t`es t`gses. Njr stjb`osteb prjbgss9 Kgol-

    Xgvgrsejl Srjbgss wet` Frent, t`g njaajwelm elputs es lggfgf9

    Rtjb`osteb Srjbgss9 Kgol-Xgvgrsejl Srjbgss wet` Frent

    Rtort ^oaug ($) ... Rtgps ...

    Frent Xotg ... Etgrotejls ...

    ^jaoteaety ... Xgvgrsejl Xotg ...

    @jrezjl (Ugors) ... Ajlm-Vgrk ^oaug ...

    VOHAG 2 FOVO ELSWV LGGFGF NJX KGOL-XG^GXREJL

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    B`optgr 6 ^oauotejl jn Jea olf Mos SrjpgrtegsV`g voauotejl jn jea olf mos prjpgrtegs es fergbtay rgaotgf tj t`g uatekotg voaug jn pgtrjaguk rgsjurbgs t`ot

    koy hg gxtrobtgf el t`g nuturg. Fug tj vorejus mgjajmeboa olf gbjljkeb resds, jea olf mos prjpgrtegs prgsglt

    ulusuoa bjkpagxetegs el oppayelm trofetejloa voauotejl tgb`lequgs.

    Elbjkg (FBN) Opprjob`

    Njr voauelm prjvgf jea olf mos prjpgrtegs, t`g elbjkg opprjob` es, hy nor, t`g kjst bjkkjl kgt`jf usgf el

    probtebg. V`g elbjkg opprjob` es kjst opprjpreotg w`gl fgtoeagf rgsgrvg rgpjrts org ovoeaohag tj prjigbt t`g

    nuturg bos` najws hosgf jl t`g aevgs jn t`g rgsgrvgs.

    V`g elbjkg opprjob` voaugs o huselgss jr ossgt jl t`g hoses jn nuturg bos` najws gxpgbtgf tj hg prjfubgf

    hy t`g prjpgrty. V`g kjst bjkkjl elbjkg opprjob` es t`g usg jn o fesbjultgf bos` najw kgt`jf (FBN). El

    t`es kgt`jf, t`g prgsglt voaug jn gxpgbtgf nuturg lgt bos` najws es fesbjultgf uselm ol opprjpreotg fesbjult

    rotg. (?) V`g njrgbostgf bos` najws, olf (8) fesbjult rotg org ekpjrtolt nobtjrs, olf gob` rgquergs t`g

    bjlsefgrotejl jn lukgrjus nobts, ossukptejls, olf iufmkglt.

    (Hrofy, B`olm, Igllelms, & R`opporf, 83??)

    NjrgbostSrjfubtejl vjaukgs org t`g njulfotejl njr o njrgbost. V`gy org obbgssgf nrjk o bjkpolys eltgrloa rgsgrvgs

    gstekotgs, eltgrloa gbjljkeb ruls njr portebuaor negafs jr orgos, jr rgsgrvg rgpjrts prgporgf hy elfgpglfglt

    pgtrjaguk glmelggrs. Wselm hoseb prjfubtejl vjaukg foto, o typeboa jea olf mos bos` najw njrgbost esfgvgajpgf uselm ossukptejls njr gxpgbtgf jea olf mos prebgs4 prjfubtejl, jpgrotelm, olf fgvgajpkglt bjsts4

    prjfubtejl toxgs4 mglgroa olf ofkelestrotevg gxpglsgs4 elbjkg toxgs4 olf bopetoa gxpglfeturgs lgbgssory tj

    prjfubg t`g jea olf mos rgsgrvgs.

    Relbg t`g aeng jn ol jea olf mos prjpgrty es neletg, o bos` najw njrgbost s`juaf rul njr t`g glterg aeng jn t`g ossgt

    hgelm voaugf. Vrofetejloa FBN tgb`lequgs jutsefg jn t`g jea olf mos elfustry usuoaay boaa njr o neletg njrgbost

    pgrejf wet` o tgrkeloa voaug ossukptejl el t`g neloa njrgbost ygor t`ot bopturgs oaa bos` najws gxpgbtgf tj

    gxtglf hgyjlf t`g njrgbost pgrejf. El ol jea olf mos glverjlkglt, t`g ossukptejl jn pgrpgtuety es ljt

    rgoaesteb. Vgrkeloa voaug es jntgl o aormg bos` jutnajw frevgl hy t`g bjst tj paum olf oholfjl wgaas jr jt`gr

    rgtergkglt jhaemotejls. Ossukptejls bol hg kofg os tj t`g soavomg voaug jn kotgreoas olf gquepkglt.

    (Hrofy, B`olm, Igllelms, & R`opporf, 83??)

    Fesbjult Xotg

    O fjaaor rgbgevgf jr poef el t`g nuturg es wjrt` agss t`ol o fjaaor rgbgevgf jr poef tjfoy fug tj t`g tekg voaug

    jn kjlgy. El jrfgr tj fgtgrkelg tjfoys voaug jn o fjaaor t`ot weaa ljt hg rgbgevgf ultea sjkg pjelt el t`g

    nuturg, et s`juaf hg fesbjultgf tj t`g burrglt pgrejf. Vj obbjkpaes` t`es, ol opprjpreotg fesbjult rotg kust hg

    sgagbtgf. V`g fesbjult rotg, oasj boaagf t`g wgem`tgf ovgromg bjst jn bopetoa (]OBB), es t`g rotg jn rgturl

    t`ot o huselgss, ossgt, jr prjigbt kust gorl njr o prjvefgr jn bopetoa (get`gr fght, gquety, jr hjt`) tj elvgst.

    (Hrofy, B`olm, Igllelms, & R`opporf, 83??)

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    Srobteboa Essugs

    Vrofetejloa kgt`jfs ossukg t`ot t`g elvgstkglt es ol oaa-jr-ljt`elm strotgmy olf fj ljt obbjult njr

    kolomgreoa nagxeheaety t`ot gxests sub` t`ot kolomgkglt bol oatgr t`g bjursg jn ol elvgstkglt jvgr tekg w`gl

    bgrtoel ospgbt jn t`g prjigbts ulbgrtoelty hgbjkg dljwl.

    V`grg org sgvgroa pjtglteoa prjhagk orgos el uselm o trofetejloa fesbjultgf bos` najw boabuaotejl jl strotgmeb

    jptejloaety. V`gsg prjhagks elbaufg ulfgrvoauelm ol ossgt t`ot burrgltay prjfubgs aettag jr lj bos` najw, t`g

    ljl-bjlstolt loturg jn t`g wgem`tgf ovgromg bjst jn bopetoa fesbjult rotg t`rjum` tekg, t`g gstekotejl jn ol

    ossgts gbjljkeb aeng, njrgbost grrjrs el brgotelm t`g nuturg bos` najws, olf elsunnebeglt tgsts njr paouseheaety jn

    t`g neloa rgsuats. (Kul I. , Xgoa Jptejls Oloayses, 833>)

    Fesbjultgf Bos` Najw Ofvoltomgs

    Bagor, bjlsestglt fgbesejl bretgreo njr oaa prjigbts

    Rokg rgsuats rgmorfagss jn resd prgngrglbgs jn elvgstjrs

    _uoltetotevg, fgbglt agvga jn prgbesejl, olf gbjljkeboaay rotejloa

    Ljt os vualgrohag tj obbjultelm bjlvgltejls (fgprgbeotejl, elvgltjry voauotejl, olf sj njrt`)

    Nobtjrs el t`g tekg voaug jn kjlgy olf resd strubturgs

    Xgaotevgay sekpag, wefgay toum`t, olf wefgay obbgptgf

    Rekpag tj gxpaoel tj Kolomgkglt

    Fesbjultgf Bos` Najw Fesofvoltomgs

    FBN Ossukptejls XgoaetegsFgbesejls org kofg ljw, olf bos` najwstrgoks org nexgf njr t`g nuturg.

    Wlbgrtoelty olf voreoheaety el nuturg jutbjkgs. Rjkg fgbesejlsfgngrrgf tj t`g nuturg, w`gl ulbgrtoelty rgsjavgf.

    Jlbg aoulb`gf, oaa prjigbts org possevgaykolomgf.

    Srjigbts org usuoaay obtevgay kolomgf t`rjum` b`gbdpjelts,fgbesejl jptejls, hufmgt bjlstroelts, olf sj njrt`.

    Nuturg nrgg bos` najw strgoks org `em`ayprgfebtohag olf fgtgrkelesteb.

    Et koy hg fennebuat tj gstekotg nuturg bos` najws os t`gy orgusuoaay stjb`osteb olf resdy el loturg.

    Fesbjult rotg usgf el t`g jppjrtulety bjstjn bopetoa, w`eb` es prjpjrtejloa tj ljl-

    fevgrseneohag resd4 Oaa resds org bjkpagtgayobbjultgf njr hy t`g fesbjult rotg.

    V`grg org kuatepag sjurbgs jn huselgss resds wet` fenngrgltb`orobtgrestebs, olf sjkg org fevgrseneohag obrjss prjigbts jr

    tekg4 Nerk olf prjigbt resd bol b`olmg furelm t`g bjursg jn oprjigbt.

    Oaa nobtjrs t`ot bjuaf onngbt t`g jutbjkg jnt`g prjigbt olf voaug tj t`g elvgstjrs orgrgnagbtgf el t`g FBN kjfga t`rjum` t`gLS^ jr EXX.

    Hgbousg jn prjigbt bjkpagxety olf sj-boaagf gxtgrloaetegs, et koyhg fennebuat jr ekpjssehag tj quolteny oaa nobtjrs el tgrks jnelbrgkgltoa bos` najw. Festrehutgf, ulpaollgf jutbjkgs bol hgsemlenebolt olf strotgmeboaay ekpjrtolt.

    Wldljwl, eltolmehag, jr ekkgosurohagnobtjrs org voaugf ot zgrj

    Koly jn t`g ekpjrtolt hglgnets org eltolmehag ossgts jrquoaetotevg strotgmeb pjsetejls

    VOHAG 6 FBN FEROF^OLVOMGR (KWL I. , XGOA JSVEJLR OLOAURER, 833>)

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    Nelolbeoa Kjfgaaelm

    Fesbjultgf Bos` Najw (FBN) sggks rgaotevgay sekpag. @jwgvgr, tj obburotgay njrgbost t`g nrgg-bos`-najw-tj-

    t`g-nerk, o prjpgr nelolbeoa kjfga es lggfgf. V`es kgols o njrgbostgf elbjkg stotgkglt, hoaolbg s`ggt, olf

    bos` najw. Ol gxokpag jn w`y t`es es ekpjrtolt es tox ajss borry njrworf. Fug tj jnns`jrg prjigbt loturg, t`grg

    es o keskotb` hgtwggl `umg ajss el goray ygors olf `umg prjnets el t`g aotgr ygors. Et es ljt bjrrgbt tj ossukg

    t`ot tox ajss weaa hg rgnulfgf el t`g sokg ygor (hgbousg ets ljt). Et lggfs tj hg obbukuaotgf jvgr tekg os tox

    ossgt olf jlbg t`g prjigbt stort mglgrotelm prjnet, et bol hg uteaezgf tj rgfubg tox aeoheaetegs. @ovelm o fgbglt

    olf eltgraeldgf nelolbeoa kjfga es o prg-rgquesetg njr kgolelmnua FBN voauotejl, Kjltg Boraj sekuaotejl,

    Fgbesejl Vrgg oloayses, olf Xgoa- Jptejls.

    Hoaolbg s`ggtV`g hoaolbg s`ggt mevgs o slops`jt jn t`g bjkpoly ossgts olf aeoheaetegs ot ol elstolt tekg, g.m. ?8 jbajbd

    keflem`t jl 2? Fgbgkhgr 83?2. Nurt`gr slops`jts weaa hg todgl ot nexgf eltgrvoas. Ontgr gob` eltgrvoa t`g

    suks rgbjrfgf omoelst t`g vorejus bjkpjlglts jn t`g hoaolbg s`ggt weaa `ovg b`olmgf. Ol oloayses jn t`gsg

    b`olmgs mevgs brubeoa elnjrkotejl ohjut t`g bjkpolys obtevetegs jvgr t`g pgrejf el qugstejl.(]oas`, 8330)

    Srjnet olf ajss obbjultV`g prjnet olf ajss obbjult quoltenegs olf gxpaoels t`g moels jr ajssgs jn t`g bjkpoly jvgr t`g pgrejf jn

    tekg hjulfgf hy t`g twj (jpglelm olf bajselm) hoaolbg s`ggts. Et fgrevgs sjkg voaugs nrjk hjt` hoaolbg

    s`ggts. V`grgnjrg et es ljt elfgpglfglt jn t`gk. Et es ljt pjssehag tj oatgr o voaug el t`g prjnet olf ajss obbjult

    wet`jut sjkg bjrrgspjlfelm ofiustkglt tj t`g hoaolbg s`ggt. El t`es woy t`g prjnet olf ajss obbjult olf

    hoaolbg s`ggt suppjrt jlg oljt`gr. (]oas`, 8330)

    Bos` najw

    V`g bos` najw stotgkglt fgpglfs jl t`g twj (jpglelm olf bajselm) hoaolbg s`ggts olf t`g prjnet olf ajss

    obbjult. Et aelds tjmgt`gr t`g semlenebolt gagkglts jn oaa t`rgg. V`g lukhgrs jl t`g bos` najw stotgkglt org

    jhigbtevg9 bos`es bos`, olf t`g okjults jn bos` najws org ljt elnauglbgf hy t`g iufmkglts olf gstekotgs

    t`ot org kofg el orrevelm ot rgvglugs, gxpglsgs, olf jt`gr obbruoas. (Olt`jly, @owdels, & Kgrb`olt, 83??)

    Nrgg bos` najw tj t`g nerk

    Nrgg Bos` Najw tj t`g Nerk (NBNN). V`es es t`g bos` ovoeaohag tj hjlf `jafgrs olf stjbd `jafgrs ontgr oaa

    gxpglsg olf elvgstkglts `ovg todgl paobg. Et es fgnelgf os9 GHEV * (? - tox rotg) - (Bopetoa Gxpglfeturgs -

    Fgprgbeotejl) - B`olmg el ]jrdelm Bopetoa. Lgt Srgsglt ^oaug (LS^)bol hg boabuaotgf nrjk NBNN.

    Aotgr el t`g bosg stufy, t`g Out`jr weaa oasj boabuaotg t`g Ofiustgf Srgsglt ^oaug (OS^).

    V`g efgo hg`elf ofiustgf prgsglt voaug (OS^)es tj fevefg olf bjlqugr. OS^ fjgs ljt ottgkpt tj bopturg

    toxgs jr jt`gr gnngbts jn nelolbelm el o ]OBB jr ofiustgf fesbjult rotg. O sgregs jn prgsglt voaug boabuaotejl

    es kofg elstgof. V`g nerst gstohaes` o hosg-bosg voaug njr t`g prjigbt jr nerk9 ets voaug os o sgporotg, oaa-

    gquety-nelolbgf vglturg. V`g fesbjult rotg njr t`g hosg-bosg voaug es iust t`g jppjrtulety bjst jn bopetoa.

    Jlbg t`g hosg-bosg voaug es sgt, t`gl gob` nelolbelm sefg gnngbt es trobgf jut, olf t`g prgsglt voaug jn ets

    bjst jr hglgnet tj t`g nerk es boabuaotgf. Neloaay, oaa t`g prgsglt voaug org offgf tjmgt`gr tj gstekotg t`g

    prjigbts tjtoa bjltrehutejl tj t`g voaug jn t`g nerk.

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    B`optgr 7 Kjltg Boraj Rekuaotejl

    NEMWXG 7 KJLVG BOXAJ, C XERD

    Kjltg Boraj sekuaotejl, lokgf njr t`g nokjus mokhaelm bopetoa jn Kjlobj, es o vgry pjtglt kgt`jfjajmy.

    Njr probtetejlgr, sekuaotejl jpgls fjjr njr sjavelm fennebuat olf bjkpagx hut wet` mrgot gosg. Rekpaesteboaay,

    Kjltg Boraj sekuaotejl brgotgs ortenebeoa nuturgs hy mglgrotelm t`jusolfs jn sokpag pot`s jn jutbjkgs olf

    oloayzgs t`ger prgvoaglt b`orobtgrestebs. Ol oatgrlotevg tj sekuaotejl es t`g usg jn `em`ay bjkpagx stjb`osteb

    bajsgf-njrk kot`gkoteboa kjfgas. El oaa bosgs, w`gl kjfgagf bjrrgbtay, Kjltg Boraj sekuaotejl prjvefgssekeaor olswgrs tj t`g kjrg kot`gkoteboaay gagmolt kgt`jfs. (Kul I. , Kjfgaelm Xesd, 83?3)

    O Kjltg Boraj sekuaotejl es ulfgrtodgl hy kjfgaelm o prjigbt olf ets dgy nobtjrs onngbtelm t`g prjnetoheaety jn

    t`g prjigbt. O bjkputgr wet` prjpgr sjntworg es osdgf tj sekuaotg oaa pjssehag jutbjkgs njr t`g prjigbt. V`g

    sekuaotejl s`juaf hg fjlg os koly tekgs os pjssehag. Hy oloayzelm t`g rgsuats et es pjssehag tj pajt o

    nrgquglby festrehutejl jn t`g jutbjkgs olf tj boabuaotg gxpgbtgf voaugs, uppgr aekets olf ajwgr aekets.

    V`g prjbgss bol hg fevefgf eltj njur stgps. Rtgp (?) es tj kjfga t`g prjigbt. V`g bjkputgr lggfs o prgbesg

    kjfga jn t`g prjigbt, elbaufelm rgvglug olf bjst gquotejls olf t`g eltgrfgpglfglbg hgtwggl fenngrglt

    pgrejfs olf fenngrglt voreohags. Rtgp (8) elvjavgs spgbenyelm prjhoheaetegs njr gstekotejl grrjrs. V`g gstekotejl

    jn fenngrglt dgy nobtjrs s`juaf hg mevgl wet` bjrrgspjlfelm jptekesteb olf pgssekesteb gstekotgs. V`es s`juaf

    glohag yju tj spgbeny prjhoheaetegs njr gstekotejl grrjrs. Rtgp lukhgr (2) elvjavgs sekuaotejl jn bos` najws.V`g bjkputgr sokpags nrjk t`g festrehutejl jn t`g njrgbost grrjrs, boabuaotgs t`g rgsuatelm bos` najws njr gob`

    pgrejf, olf rgbjrfs t`gk. Ontgr koly sekuaotejls, obburotg gstekotgs jn prjhoheaety festrehutejls jn prjigbt

    bos` najws weaa jbbur. V`g aost stgp (6) elvjavgs boabuaotelm LS^s. V`g festrehutejls jn t`g prjigbt bos` najws

    s`juaf glohag fgbesejl kodgrs tj boabuaotg gxpgbtgf bos` najws kjrg obburotgay.

    Frowhobds jn t`g Kjltg Boraj sekuaotejl elbaufg tekg olf rgsjurbgs el hueafelm ol obburotg kjfga jn t`g

    prjigbt. Et es fennebuat tj gstekotg bjrrgaotejl hgtwggl voreohags olf ulfgrayelm prjhoheaety festrehutejls. En t`g

    kjfga olf t`g ulfgrayelm voreohags org wrjlm, t`g rgsuats jn t`g sekuaotejls weaa hg wrjlm. V`g sekuaotejl weaa

    jlay hg os mjjf os t`g gstekotgs olf t`g bjrrgbtlgss jn t`g kjfga.

    (Hrgoagy, Kygrs, & Oaagl, 83??)

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    Rglsetevety Oloayses

    Wsuoaay, o sglsetevety oloayses es nerst pgrnjrkgf jl t`g fesbjultgf bos` najw kjfga. Orkgf wet` t`es

    elnjrkotejl, t`g oloayst bol t`gl fgbefg w`eb` dgy voreohags org `em`ay ulbgrtoel el t`g nuturg olf w`eb` org

    fgtgrkelesteb. V`g ulbgrtoel dgy voreohags t`ot frevg t`g lgt prgsglt voaug org prekg bolfefotg njr Kjltg

    Boraj sekuaotejl.

    Bopturelm t`g gssglbg jn o prjhagk hy fgtgrkelelm elnauglteoa nobtjrs `gaps fgbesejl-kodgrs bjlbgltrotg jl

    jlay t`jsg essugs t`ot paoy o koijr rjag el t`g jutbjkg. Njr gxokpag, jlg fgbesejl koy fgpglf jl sex

    nobtjrs9 (?) jea prebg, (8) jea vjaukg, (2) mos prebg, (6) mos vjaukg, (7) bopetoa gxpglfeturg, olf (>) jpgrotelm

    bjstshut t`g rgaotevg ekpjrtolbg jn t`gsg es uldljwl. Njr mevgl ulbgrtoeltegs, jr o rolmg jn pjssehagvoaugs, njr gob` nobtjr, sglsetevety oloayses boabuaotgs t`g lgt prgsglt voaugs rgprgsgltgf hy t`jsg

    ulbgrtoeltegs olf rold gob` nobtjr, aedg o tjrlofj (sgg Nemurg >).

    NEMWXG > GPOKSAG JN VJXLOFJ SAJV JEA OLF MOR SXJIGBV (BJJSGXRKEV@, FGOL, KB^GOL, & RVJXOWLG, 833?)

    V`g out`jr wolt `em`aem`t typg jn resd rgprgsgltgf hy t`g ohjvg tjrlofj pajt, pagosg dggp hgajw elnjrkotejl

    el kelf w`eag wg org prjmrgsselm wet` fgbesejl trgg olf rgoa-jptejls.

    NobtjrsXesds

    BjkkgltsSrevotg KordgtJea prebg Xesd-lgutroa prjhoheaetegsJea vjaukg Ruhigbtevg prjhoheaetegsBopetoa gxpglfeturgs Rjkgw`grg el hgtwgglMos vjaukg Ruhigbtevg prjhoheaetegsMos prebg Xesd-lgutroa prjhoheaetegsJpgrotelm bjsts Rjkgw`grg el hgtwggl

    VOHAG 7 EKSJXVOLV NOBVJXR EL JEA OLF MOR SXJIGBV ]EV@ V@GEX XERD SXJNEAG

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    B`optgr > Fgbesejl VrggFgbesejl-trgg oloayses es jlg woy tj nrokg olf sjavg bjkpagx setuotejls t`ot rgquerg o fgbesejl. V`g dgy tj

    jhtoelelm o usgnua sjautejl es tj bagoray fgnelg t`g prjhagk ot t`g stort olf fgtgrkelg w`ot fgbesejls lggf tj

    hg kofg. V`g prjhagk-fgneletejl stomg elbaufgs efgltenyelm oaa dljwl elnjrkotejl olf aestelm oly nobtjrs t`ot

    koy elnauglbg t`g neloa jutbjkg. Vj gxpgfetg t`g prjbgss, fgbesejls t`ot bol hg fgngrrgf org pjstpjlgf sj

    t`ot nuturg elnjrkotejl bol oef t`g fgbesejl prjbgss.

    Jlbg t`g prjhagk es nrokgf, fgbesejls trggs `gap nelf o rjutg tj ol ofvoltomgjus sjautejl. Fgbesejl trggs

    org feomroks t`ot pjrtroy t`g najw jn o fgbesejl-kodelm prjbgss os o sgquglbg jn gvglts olf pjssehag

    jutbjkgs. Gvglts org rgprgsgltgf os pjelts, jr ljfgs, olf jutbjkgs org fgpebtgf os hrolb`gs essuelm nrjkgob` ljfg. Ljfgs org get`gr fgbesejl ljfgs, ot w`eb` t`g fgbesejl-kodgr fgtgrkelgs w`ot hrolb` tj todg, jr

    ulbgrtoelty ljfgs, w`grg b`olbg ruags t`g jutbjkg. Offetejloaay, hrolb`gs gkolotelm nrjk ulbgrtoelty

    ljtgs org wgem`tgf hy t`g prjhoheaety jn t`ot jutbjkg jbburrelm. El bjkkjl ljtotejl, fgbesejl ljfgs pajt os

    squorgs olf ulbgrtoelty ljfgs os berbags. (Rgg nemurg =njr gxokpag)

    (Bjjpgrsket`, Fgol, Kb^gol, & Rtjroulg, 833?)

    NEMWXG = GPOKSAG JN FGBEREJL VXGG (BJJSGXRKEV@, FGOL, KB^GOL, & RVJXOWLG, 833?)

    El bjltrost tj Kjltg Boraj sekuaotejls w`eb` gvoauotg prg-fgtgrkelgf prjigbt sbglorejs, fgbesejl trggs njbus

    jl kolomgreoa fgbesejls. V`gy oasj todg obbjult jn ulbgrtoelty jl ekpjrtolt porokgtgrs, hut t`gy fj sj el o

    kjrg rufekgltory woy, typeboaay, hy spgbenyelm t`g prjhoheaetegs t`ot t`g rgsgrvgs noaa eltj hrjof baossgs sub`

    os aormg, skoaa jr zgrj. El fgbesejl trgg, ot berbuaor (ulbgrtoelty) ljfgs t`g gxpgbtgf voaug es boabuaotgf4

    t`gl ot fgbesejl ljfgs t`g kjst novjrohag hrolb` es b`jsgl. Rj nrjk o kot`gkoteboa pjelt jn vegw, o

    fgbesejl trgg es o woy jn gvoauotelm koxekukgxpgbtgf LS^. (O.Moaae & Orkstrjlm, ?555)

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    Jptejls

    Fgbesejl oloaysts el Jea olf Mos `ovg ajlm kjfgagf jptejls/ b`jebgs uselm fgbesejl trgg kjfga. En wg

    sukkorezgf t`gk hosgf jl voaug b`oel oloayses stjry (prjspgbt gxpajrotejlfgvgajpkglt

    prjfubtejloholfjlkglt), et bol hg hregnay fgsbrehgf os njaajws9

    S`osgs Fgsbreptejl Fgbesejl Kodgr B`jebgs

    Srjspgbt,

    Gxpajrotejlolf Opproesoa

    Rgeskeb foto es jhtoelgf olf opebturg jn t`g suhsurnobg es t`glrgvgoagf. Rgeskeb foto bolljt tgaaw`ot nauefs org prgsglt el t`g rjbd,sj ol gxpajrotjry wgaa lggfs tj hgfreaagf, olf nrjk t`es, jlg es t`glohag tj hgttgr gstohaes` t`g loturg,sezg, olf typg jn ol jea olf mosnegaf.

    V`g fgbesejl kodgr `os lukgrjus jptejls ovoeaohag tj `ek/ `gr,w`eb` koy elbaufg9

    Gxtglt jn elvgstkglt lggfgf el obquerelm sgeskeb foto.R`juaf jlg elvgst el 2F sgeskeb stufegs t`ot prjvefg mrgotgrrgsjautejl hut org semleneboltay kjrg gxpglsevg:

    Mevgl el`grglt ulbgrtoelty ohjut t`g rgsgrvgs, en pjssehag,`jw kub` s`juaf t`g bjkpoly s`org el t`g resd:

    @jw koly gxpajrotejl wgaas org opprjpreotg tj prjpgrayfgaelgotg t`g negaf: Jlg, twj, nevg, jr kjrg:

    Fgvgajpkglt Jlbg sunnebeglt foto `os hggljhtoelgf tj kodg ol gfubotgf

    iufmkglt jl t`g sezg jn t`g prezg,wg gltgr eltj t`g fgvgajpkgltp`osg. @grg wg fgbefg jl t`gkjst bjkkgrbeoaay veohag woy njrgxpajetelm t`es lgw rgsjurbg hyglmelggrelm t`g lukhgr (olftypg) jn prjfubelm wgaas, prjbgssnobeaetegs, olf trolspjrtotejl.

    V`es p`osg es w`grg fgbesejl kodgrs nobg pjssehay t`g mrgotgstlukhgr jn voaef oatgrlotevgs. ^oaef fgvgajpkglt jptejls elbaufg9

    @jw koly wgaas s`juaf hg freaagf: ]`grg s`juaf t`gyajbotg: El w`ot jrfgr s`juaf t`gy freaa:

    R`juaf prjfubgrs hg bjkpagx (fgveotgf/ `jrezjltoa) wgaasajbotgf ot t`g paotnjrk, jr s`juaf t`gy hg sekpag hut t egf-hobd tj o suhsgo kolenjaf:

    @jw koly paotnjrks jr rems weaa hg lggfgf: En jnns`jrg,s`juaf t`gy hg najotelm jr pgrkolglt:

    ]`ot pjtglteoa nuturg eltgrvgltejl s`juaf hgobbjkkjfotgf: Eltgrvgltejl rgngrs tj ol oheaety tj rggltgr owgaa tj pgrnjrk get`gr rjutelg koeltglolbg jr pgrnjrk koijrb`olmgs (rgngrrgf tj os o wjrd-jvgr).

    @jw koly eligbtjrs s`juaf hg freaagf: ]`grg:

    @jw aormg s`juaf t`g prjbgsselm nobeaety hg: En skoaa, t`gbopetoa gxpglfeturg weaa hg rgfubgf hut koy uatekotgay aekett`rjum`put. En et es tjj aormg, jpgrotejloaay elgnnebeglt.

    Org t`grg ofiobglt negafs woetelm tj hg fgvgajpgf: En sj,s`juaf t`g prjbgss nobeaety hg s`orgf:

    R`juaf o lgw pepgaelg hg aoef: En sj, w`grg wjuaf et hg hgsttj aolf et, jr es et pjssehag tj teg et eltj olf gxestelm pepgaelggasgw`grg wet` ovoeaohag bopobety: R`juaf jt`grtrolspjrtotejl kgt`jfs hg bjlsefgrgf (g.m. NSRJ, jrnajotelm prjfubtejl olf stjromg jpgrotejl)

    (Hoeagy, 833>)

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    B`optgr = ^oauelm Nagxeheaety, Xgoa-JptejlsEl voauelm bjkpolegs wet` t`g stolforf fesbjultgf bos` najw opprjob`gs, wg fef ljt bjlsefgr t`g voaug jn

    kolomgreoa nagxeheaety. Kolomgrs rgobt tj b`olmgs el t`g gbjljkeb glverjlkglt hy ofiustelm t`ger paols olf

    strotgmegs. Njr gxokpag, t`gy koy b`jjsg tj sboag hobd jr oholfjl ol elvgstkglt prjigbt t`ot fgaevgrs pjjr

    rgsuats, jr tj gxpolf jr gxtglf t`g prjigbt en et es `em`ay subbgssnua. Rub` nagxehag b`olmgs jn paol bol todg

    koly fenngrglt njrks, olf gob` koy `ovg suhstolteoa ekpobt jl voaug. O stolforf FBN opprjob` hosgf jl o

    selmag bos` najw, jr gvgl kuatepag bos` najw sbglorejs, bolljt boabuaotg w`ot t`ot ekpobt es.

    Kolomgreoa nagxeheaety es ljt t`g sokg os ulbgrtoelty. Bjkpolegs jr prjigbts wet` `em`ay ulbgrtoel nuturgs

    elvjavelm o selmag kolomgkglt fgbesejl, sub` os jnns`jrg prjigbt, t`gy koy fgbefg w`gt`gr tj prjbggf jrljt ot gob` stomg, fgpglfelm jl elnjrkotejl oreselm nrjk t`g stomg hgnjrg. Njr bosgs w`grg kolomgrs

    gxpgbt tj rgspjlf nagxehay tj gvglts, wg lggf o spgbeoa, bjltelmglt voauotejl opprjob`.

    Nagxeheaety es typeboaay kjrg rgagvolt el t`g voauotejl jn elfevefuoa huselgssgs olf prjigbts, os et kjstay

    bjlbgrls fgtoeagf fgbesejls rgaotgf tj prjfubtejl, bopobety elvgstkglts, kordgtelm, rgsgorb` olf

    fgvgajpkglt, olf sj jl. El t`es t`gses, wg bjlbgltrotg jl `jw tj voaug nagxeheaety w`gl voauelm prjigbts.

    ]g gxpajrg twj bjltelmglt voauotejl opprjob`gs9 (?) Xgoa-Jptejl ^oauotejl (XJ^) hosgf jl njrkoa jptejl

    prebelm kjfgas, olf (8) Fgbesejl Vrgg Oloayses (FVO). Oat`jum` t`gy fenngr jl sjkg tgb`leboa pjelts, hjt`

    hjea fjwl tj njrgbostelm, ekpaebetay jr gxpaebetay, t`g nuturg nrgg bos` najw bjltelmglt jl t`g nuturg stotgs jn t`g

    wjraf olf kolomgkglt fgbesejls, olf t`gl fesbjultelm t`gsg tj tjfoys voaug.

    Xjjk njrkolomgreoa

    nagxeheaety

    @em`Kjfgrotg

    nagxeheaety voaug@em`

    nagxeheaety voaug

    AjwAjw

    nagxeheaety voaugKjfgrotg

    nagxeheaety voaug

    Ajw @em`Aedgae`jjf jn rgbgevelm lgw elnjrkotejl

    NEMWXG 0 ]@GL ER NAGPEHEAEVU ^OAWOHAG:

    V`g voaug jn nagxeheaety es rgaotgf tj t`g fgmrgg jn ulbgrtoelty olf t`g rjjk njr kolomgreoa rgobtejl. Et es

    mrgotgst w`gl ulbgrtoelty es `em` olf kolomgrs bol rgobt tj lgw elnjrkotejl. El bjltrost, en t`grg es aettag

    ulbgrtoelty, kolomgrs org ulaedgay tj rgbgevg lgw elnjrkotejl t`ot wjuaf oatgr nuturg fgbesejls, sj nagxeheaety

    `os aettag voaug. El offetejl, en kolomgrs bolljt obt jl lgw elnjrkotejl t`ot hgbjkgs ovoeaohag, t`g voaug jn

    nagxeheaety es oasj ajw. Rgg nemurg 0.

    (KbDelsgy & Bjkpoly, 83?3)

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    Xgoa-Jptejls

    Bjltelmglt voauotejl es ol ekpjrtolt tjja njr `gapelm kolomgrs kodgs t`g rem`t fgbesejls tj koxekezg

    s`org`jafgr voaug w`gl nobgf wet` strotgmeb jr jpgrotelm nagxeheaety. @jwgvgr, el rgoa aeng, t`g nagxeheaety es lgvgr

    os wgaa fgnelgf olf stroem`tnjrworf. O ajt fgpglfs jl kolomgkglts oheaety tj rgbjmlezg, strubturg, olf

    kolomg jppjrtuletegs tj brgotg voaug nrjk jpgrotelm olf strotgmeb nagxeheaety.

    Vj rgbjmlezg jppjrtuletegs njr brgotelm voaug nrjk nagxeheaety w`gl ossgsselm elvgstkglt prjigbts jr

    strotgmegs, kolomgrs s`juaf try tj hg os gxpaebet os pjssehag ohjut t`g (?) Gvglts9 w`ot org t`g dgy sjurbgs

    jn ulbgrtoelty, (8) Fgbesejls9 ]`ot fgbesejls bol kolomgkglt kodg el rgspjlsg tj gvglts:, olf (2)

    Soyjnns9 ]`ot poyjnns org aeldgf tj t`gsg fgbesejls.

    Oholfjlkglt Jptejl9Ol oholfjlkglt jptejl prjvefgs t`g `jafgr t`g rem`t hut ljt t`g jhaemotejl tjsgaa jnn olf oholfjl sjkg prjigbt, ossgt, jr prjpgrty ot o spgbenegf prebg olf tgrk.

    Horregr Jptejl9O horregr kgols t`ot t`g jptejl hgbjkgs aevg olf ovoeaohag njr gxgbutejl olfbjlsgqugltay t`g voaug jn t`g strotgmeb jptejl fgpglfs jl get`gr hrgob`elm jr ljt hrgob`elm t`g ortenebeoahorregr.

    Gxpolsejl Jptejl9 Ol gxpolsejl jptejl prjvefgs kolomgkglt t`g rem`t olf oheaety tj gxpolf eltjfenngrglt kordgts, prjfubts, olf strotgmegs jr tj gxpolf ets burrglt jpgrotejls ulfgr t`g rem`t bjlfetejls.

    B`jjsgr Jptejl9O b`jjsgr jptejl ekpaegs t`ot kolomgkglt `os t`g nagxeheaety tj b`jjsg okjlm sgvgroa

    strotgmegs, elbaufelm t`g jptejl tj gxpolf, oholfjl, swetb`, bjltrobt, olf bjkhelotejls jn jt`gr gxjtebjptejls.

    Bjltrobtejl Jptejl9O bjltrobtejl jptejl prjvefgs kolomgkglt t`g rem`t olf oheaety tj bjltrobt etsjpgrotejls ulfgr t`g rem`t bjlfetejls, t`grghy sovelm jl gxpglsgs

    Fgngrkglt Jptejl9V`es typg jn jptejl es oasj o purb`osg jptejl jr ol jptejl tj woet.

    Rgquglteoa Bjkpjulf Jptejl9O sgquglteoa bjkpjulf jptejl kgols t`ot t`g gxgbutejl olf voaug jnnuturg strotgmeb jptejls fgpglf jl prgvejus jptejls el sgquglbg jn gxgbutejl.

    Rwetb`elm Jptejl9O swetb`elm jptejl prjvefgs t`g rem`t olf oheaety hut ljt t`g jhaemotejl tj swetb`okjlm fenngrglt sgts jn huselgss jpgrotelm bjlfetejls, elbaufelm fenngrglt tgb`ljajmegs, kordgts, jr

    prjfubts.

    (Kul I. , Kjfgaelm Xesd, 83?3)

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    Kgt`jfs njr ^oauelm Nagxeheaety

    Xgoa-Jptejl ^oauotejl (XJ^)

    Jptejl-prebelm kjfgas usg o rgpaebotelm pjrtnjaej tj voaug t`g prjigbt. V`g hoseb efgo jn o rgpaebotelm pjrtnjaej

    es stroem`tnjrworf9 en yju bol bjlstrubt o pjrtnjaej jn prebgf sgburetegs t`ot `os t`g sokg poyjuts os ol jptejl,

    t`g pjrtnjaej olf t`g jptejl s`juaf `ovg t`g sokg prebg. En t`g sgburetegs olf t`g jptejl org trofgf el ol jpgl

    kordgt, t`es efgltety es rgquergf4 jt`grwesg orhetromg prjnets org pjssehag.

    Bjltelmglt LS^ bol oasj hg fgtgrkelgf wet` ol oatgrlotevg XJ^ opprjob` boaagf resd-lgutroa voauotejl. V`g

    lokg es sjkgw`ot kesagofelm hgbousg o resd-lgutroa voauotejl fjgs ofiust njr resd, hut os port jn t`g

    sbglorej prjhoheaetegs rot`gr t`ol t`g fesbjult rotg. Vj voaug ol jptejl, wgem`t t`g nuturg bos` najws hy resd-

    ofiustgf (jr sj-boaagf resd lgutroa) prjhoheaetegs elstgof jn obtuoa sbglorej prjhoheaetegs. V`g prjhoheaety-

    wgem`tgf ovgromg bos` najw es t`gl fesbjultgf hy t`g resd-nrgg rotg tj fgtgrkelg burrglt voaug.

    Fgbesejl Vrgg Oloayses (FVO)

    O sgbjlf kgt`jf njr voauelm o prjigbt wet` nagxeheaety es tj usg fgbesejl trgg oloayses (FVO). V`es agofs tj t`g

    rem`t olswgr el prelbepag, hut jlay en wg oppay t`g bjrrgbtbjst jn bopetoa njr o prjigbts bjltelmglt bos` najw.

    Jlg FVO opprjob` es tj fesbjult t`g prjigbts bjltelmglt poyjnns lgt jn t`g elvgstkglt rgquergkglts. O

    hgttgr FVO opprjob` sgporotgay fesbjults t`g twj bjkpjlglts jn t`g bjltelmglt bos` najws. V`g bjltelmglt

    poyjnns org fesbjultgf ot t`g bjst jn bopetoa. V`g elvgstkglt es fesbjultgf ot t`g resd-nrgg rotg.

    Wlfgrayelm resd9 Fevgrseneohag vgrsus Ljl-FevgrseneohagElvgstkglt prjigbts bol hg gxpjsgf tj o wefg rolmg jn resds. V`g qugstejl es w`eb` portebuaor resd (jr mrjup

    jn resd) bjuaf onngbt o prjigbts bos` najw t`ot et wjuaf b`olmg kolomgkglts nuturg fgbesejls. En bjkkjfety

    prebgs, os el kelelm, t`g jea elfustry, jr pjwgr mglgrotejl, org dgys tj nuturg elvgstkglt fgbesejls, t`g dgy

    ulfgrayelm resd es ljl-fevgrseneohag. Jt`gr gxokpags elbaufg eltgrgst jr burrglby resds jr resds t`ot org strjlmay

    bjrrgaotgf wet` jvgroaa gbjljkeb obtevety. En mgjajmeboa resds sub` os t`g sezg jn ulfgvgajpgf jea negaf org

    brubeoa, t`g ulfgrayelm resd es fevgrseneohaghgbousg t`g bjrrgaotejl wet` jvgroaa gbjljkeb obtevety es ajw.

    ]`gl ljl-fevgrseneohag resd es frevelm nuturg elvgstkglt fgbesejls, jlay XJ^ agofs tj t`gjrgteboaay bjrrgbt

    voauotejl. V`g FVO opprjob` kem`t glf up bajsg hut es fennebuat tj oppay hgbousg et es ulbagor `jw tj fesbjult

    t`g prjigbts bjltelmglt bos` najws. Njr fevgrseneohag ulfgrayelm resd, o stroem`tnjrworf FVO es ol gnngbtevg tjja

    njr voauelm nagxeheaety. El t`es bosg, wg bol fesbjult t`g prjigbts poyjnns el gob` sbglorej ot t`gbjst jn bopetoa

    jn t`g ulfgrayelm ossgt olf fesbjult t`g elvgstkglt rgquergkglts ot t`g resd-nrgg rotg.

    (KbDelsgy & Bjkpoly, 83?3)

    Ovoeaohag FotoLjl

    trofgfossgts

    Fgbesejltrgg oloayses

    Fgbesejl trggoloayses, Xgoa-Jptejl

    ^oauotejl

    Vrofgfossgts Fgbesejl

    trgg oloaysesXgoa-Jptejl

    ^oauotejl

    Fevgrseneohag Ljl-fevgrseneohagWlfgrayelm resd

    NEMWXG 5 OSSAEBOVEJL JSSJXVWLEVEGR NJX XJ^ ^GXRWR FVO (KBDELRGU & BJKSOLU, 83?3)

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    V`g Eltgmrotgf Opprjob`

    V`grg es o bjlbgrl t`ot t`g kjfgas fgsbrehgf el t`g rgoa jptejls aetgroturg mrgotay jvgrsekpaeny t`g prjhagks

    t`gy obtuoaay nobg. Njr gxokpag, ol ulfgvgajpgf jea prjpgrty es supgrnebeoaay oloajmjus tj o boaa jptejl jl o

    stjbd, hut el rgoaety t`grg org koly bjkpaebotejls (ulbgrtoel prjfubtejl rotgs, fgvgajpkglt bjsts,

    bjlstrubtejl aoms, bjkpagx rjyoaty olf tox strubturgs, t`g aobd jn trug ulfgrayelm stjbd, gtb.) t`ot stroel t`g

    oloajmy. Kjrgjvgr, kjst jn t`g ortebags fgsbrehelm t`g hglgnets jn t`g jptejls opprjob` hosgf jl pjelt

    gstekotgs jn oaa bos` najws. Et wos ljt bagor w`ot ofvoltomgs t`g jptejls opprjob` wjuaf `ovg bjkporgf tj

    fgbesejl oloayses opprjob`. (Iokgs G. Rket`, ?555)

    V`g eltgmrotgf opprjob` hgmels hy ljtelm t`ot t`grg org twj typgs jn resd ossjbeotgf wet` kjst bjrpjrotgelvgstkglts9 puhaeb (ljl-fevgrseneohag) olf prevotg (fevgrseneohag). V`g eltgmrotgf opprjob` obdljwagfmgs t`ot

    kjst elvgstkglt prjhagks `ovg hjt` delf jn resdolf et es fgsemlgf tj offrgss t`ot vgry setuotejl.

    V`es opprjob` wos nerst fgsbrehgf el fgpt` el ?557 ortebag hy Iokgs Rket` olf Xjhgrt Lou olf el o ?550

    ortebag hy Rket` olf Dgvel KbBorfag. Hjt` ortebags rgngr spgbeneboaay tj t`ger opprjob` os t`g eltgmrotejl jn

    jptejl prebelm olf fgbesejl oloayses, ljt os rgoa jptejls oloayses opprjob` pgr sg.

    Obbjrfelm tj Rket` olf KbBorfag, t`g hoseb efgo jn eltgmrotgf voauotejl prjbgfurg es tj usg jptejl prebelm

    kgt`jfs tj voaug resds t`ot bol hg `gfmgf hy trofelm gxestelm sgburetegs olf fgbesejl oloayses prjbgfurgs tj

    voaug resds t`ot bolljt hg `gfmgf hy trofelm.

    Vj ekpagkglt t`es opprjob`, Rket` olf Lou usg w`ot koy hg tgrkgf o resd-ofiustgf fgbesejl trgg, el w`eb`puhaeb olf prevotg resds org efgltenegf gxpaebetay, jppjrtuletegs njr `gfmelm puhaeb resds org ossukgf ovoeaohag,

    olf jppjrtuletegs njr orhetromg org rgkjvgf.

    V`g eltgmrotgf opprjob` elvjavgs t`g njaajwelm stgps9

    ?. Hueaf o fgbesejl trgg rgprgsgltelm t`g elvgstkglt oatgrlotevgs

    8. Efglteny gob` resd os get`gr puhaeb jr prevotg

    2. Njr prevotg resds, osseml suhigbtevg prjhoheaetegs

    6. Oppay o sprgofs`ggt bos`-najw kjfga ot gob` trgg glf pjelt, ol boabuaotg LS^ uselm t`g resd-nrgg rotg

    7. Xjaa hobd t`g trgg tj fgtgrkelg t`g jptekoa strotgmy olf ets ossjbeotgf voaug

    >. Sgrnjrk Kjltg Boraj sekuaotejl njr puhaeb resds el t`g fgbesejl trgg4 t`g rgsuat weaa hg fenngrglt sgts jn

    jptekoa strotgmy njr fenngrglt berbukstolbgs, olf o festrehutejl jn rgoa jptejls voauotejl.

    V`g eltgmrotgf opprjob` oppgors tj hg t`g jlay jlg t`ot todgs t`g vegw t`ot bjrpjrotg elvgstkglts typeboaay

    elvjavg o kex jn puhaeb olf prevotg resds, olf t`ot ol obburotg voauotejl fgpglfs jl offrgsselm hjt`. Et

    prgsglts ol opprjob` t`ot bjvgrs t`g rolmg jn bjrpjrotg elvgstkglts os o bjlteluuk nrjk trofetejloa

    fgbesejl oloayses ot jlg gxtrgkg (oaa prevotg resds) tj nelolbg t`gjry jr jptejl prebelm ot t`g jt`gr (oaa puhaeb

    resds). Sgr`ops hgbousg t`es opprjob` stolfs sj squorgay hgtwggl t`g sgporotg bokps jn nelolbg t`gjry

    olf fgbesejl t`gjry, et sggks tj hg rgkordohay ulnokeaeor tj hjt` t`g nelolbg olf kolomgkglt sbeglbg

    obofgkeb bjkkuletegs.

    (Hjresjl, 8337)

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    B`optgr 0 Bosg Rtufy>Duduzo Jnns`jrg Jeanegaf

    Eltrjfubtejl

    Hy glf jn Iulg 83?8, Duduzo (t`g Bjkpoly) `of spglt lgoray 6 ygors gxpajrelm t`g Oap`onegaf el Ljrt`

    Rgo. El-paobg rgsjurbg es gstekotgf ot 27 keaaejl sk2jea. V`g Kelestry jn Sgtrjaguk olf Glgrmy iust

    olljulbgs ol elvetotejl tj oppay njr pgtrjaguk prjfubtejl aebglsgs jl t`g Ljrwgmeol Bjltelgltoa R`gan. V`g

    oppaebotejl kust hg suhkettgf hy 6t` Fgbgkhgr 83?8 ot ?8933 `jurs. Gffeg (t`g BGJ) sgt o debd-jnn kggtelm

    tj prgporg prjfubtejl aebglsg oppaebotejl. Hgl, rgbgltay `ergf os Srjigbt Nelolbg Kolomgr, weaa hg

    rgspjlsehag njr t`g jvgroaa prjigbt gbjljkebs. Ekpjrtolt pjelts org9

    Bjkkjfety prebg gstekotgs9V`g Ljrwgmeol Sgtrjaguk Fergbtjrotg (LSF) summgstgf prebg ossukptejl

    tj hg sgt ot $ >5/ horrga. Olfy (t`g BNJ) ajjdgf ot `es Hajjkhgrm tgrkeloa olf sow t`ot bajselm prebg jn

    Hrglt Brufg Jea el Iulg wos $ 53/ horrga. V`g BNJ ofvesgs Hgl tj njrgbost t`g jea prebg hy `eksgan.

    Bjst jn bopetoa9V`g LSF summgstgf bjst jn bopetoa =%. Et sggks tjj ajw njr Duduzo Jnns`jrg Jeanegaf.

    Omoel, t`g BNJ osdgf Hgl tj njrgbost t`g bjst jn bopetoa hy `eksgan.

    Elbgltevgs njr fght nelolbelm/ tox s`egafs9 Nelolbeoa b`ormgs org tox fgfubtehag. V`es brgotgs koijr

    elbgltevgs njr fght nelolbelm selbg t`g pgtrjaguk tox es el Ljrwoy vgry `em`. Gffy fgbefgf t`ot t`g

    nulfelm strubturg weaa hg =3/23 fght tj gquety. Xof`o (t`g Vrgosury) elnjrkgf Hgl t`ot t`g hjrrjwelm bjst

    es 2-kjlt` LEHJX paus >.=7 pgrbglt.

    Jptejl tj gxpolf9 Rgol (t`g BJJ) gxpaoels t`ot t`grg es o pjsseheaety tj gxpolf eltj 8 skoaagr negafs

    (Hrovj olf B`oraeg). El-paobg rgsjurbg njr jea el Hrovj olf B`oraeg negaf es gstekotgf ot 6 keaaejl sk2+ ?.3

    heaaejl Rk2mos olf 2.3 sk

    2keaaejl + 3.> heaaejl Rk

    2mos rgspgbtevgay.

    Fgvgajpkglt paol9Rgol gxpaoels sgquglbg jn gvglts wet` pjssehag jutbjkgs. V`grg org steaa

    ulbgrtoeltegs el t`g sezg olf rgbjvgry nobtjr jn t`g rgsgrvjer. V`g neloafgbesejl w`gt`gr tj gxpolf, tj

    bjltelug, jr tj oholfjl bol jlay hg kofg el 83?>, ontgr jhtoelelm prg-freaaelm rgsuats jn 7 eleteoa wgaas.

    Hgl es ljw el `es jnnebg. @g storts rgofelm t`g hosg bosg sbglorej fgvgajpkglt paol=njr t`g t`rgg negafs.

    V`g fjbukglt `os t`g njaajwelm elnjrkotejl9 (?) Srjspgbt, (8) Gxpajrotejl olf Opproesoa, (2) Fgvgajpkglt,

    (6) Srjfubtejl, (7) Oholfjlkglt, olf (>) Gbjljkebs.

    Os t`es es t`g nerst hem prjigbt njr t`g Bjkpoly, Hgl dljws t`ot et es brubeoa tj mgt ol obburotg pebturg jn t`g

    voauotejl jl t`es negaf. Wlnjrtulotgay, `g es ljt surg `jw tj obbjult fevgrseneohagresd (e.g. rgsgrvjer sezg), ljl-

    fevgrseneohag resd(e.g. jea prebg), olf kolomgkglts nagxeheaety (e.g. tj gxpolf) eltj `es voauotejl.

    >V`es bosg es hosgf jl mglgroaezgf gxpgreglbg, wet` o nebtejloa stjry olf b`orobtgrs, hut t`g soaeglt ngoturgs rgsgkhagt`g fgvgajpkglt jn Oosgl negaf el t`g Ljrt` Rgo hy Fgt ljrsdg jaigsgasdop ORO. Vgb`leboa olf Bjkkgrbeoa foto es

    hosgf jl puhaes`gf sjurbg9 V`g Ljrwgmeol jea bjkpoly ORO, V`g paol njr fgvgajpkglt olf jpgrotejl jn Evor Oosgl

    negaf, Sort 89 Ekpobt ossgsskglt, Rgptgkhgr 83?8 olf ossukptejls kofg hy t`g Out`jr (orevoeCkho?6.rsk.la)

    =El rgoa-wjraf upstrgok pgtrjaguk gbjljkeb kjfgas, negaf ossukptejls org t`g bjkhelgf prjfubt jn t`g gnnjrts jn

    gort` sbegltests olf pgtrjaguk glmelggrs. Gob` jn t`ger fesbepaelgs es hgyjlf t`g sbjpg jn t`es t`gses, w`eb` njbusgs jl`jw rgoa jptejls bol hg oppaegf tj voauotejl olf fgbesejl kodelm. V`grgnjrg, wg weaa usg row tgb`leboa foto, wet` lj

    ottgkpt tj kodg t`gk oly kjrg fgtoeagf t`ol lggfgf tj kodg jur voauotejl olf fgbesejl kodelm pjelts.

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    Srjspgbt Gxpajrotejl Fgvgajpkglt Srjfubtejl Oholfjlkglt

    Srjspgbt

    NEMWXG ?3 AJBOVEJL JN NEGAF OAS@O, HXO^J, OLF B@OXAEG

    Negaf OHB es setuotgf el t`g ljrt`grl port jn t`g Ljrt` Rgo ot wotgr fgpt` jn ohjut ??3-??8k (Rgg nemurg ?3).

    V`g fgvgajpkglt jn t`g negaf bjkpresgs jn t`rgg fesbjvgregs, lokgay (?) Oap`o, (8) Hrovj, olf (2) B`oraeg.

    V`g prjfubtejl pgrejf os t`g hoses njr t`g voauotejl es nrjk njurt` quortgr jn 83?> tj t`g glf jn 8380. Freaaelm

    storts el 83?7 olf weaa eleteoaay rul njr t`rgg ygors. V`g t`rgg negafs org gstekotgf tj `jaf rgsgrvgs jn ohjut

    ?73 keaaejl horrgas jn jea gquevoaglt (hjg) wet` oltebepotgf gbjljkeb aeng up tj 83 ygors.

    Oap`o es paollgf os o bjjrfelotgf fgvgajpkglt jn Fgato negaf ajbotgf ?3 dk sjut`gost. Jl Oap`o negaf, t`g

    Bjkpoly weaa hueaf o nexgf paotnjrk jl stgga njulfotejl (iobdgt) wet` paolts njr jlg-stgp (porteoa) prjbgsselm.V`g paotnjrk weaa oasj `ovg aevelm quortgrs. V`g wgaas org freaagf wet` o sgporotg iobd-up rem. O iobdups freaaelm

    rem weaa hg paobgf jl Oap`o paotnjrk njr t`g nerst 2-6 ygors. Aotgr et weaa hg lgbgssory tj paobg o kjfuaor freaaelm

    ulet jl nobeaety njr wjrd jvgrs olf eltgrvgltejls.

    Jl Hrovj negaf, t`g Bjkpoly weaa hueaf o suhsgo elstoaaotejl tegf tj paotnjrk Oap`o wet` o ?6 dk pepgaelgs. Jea

    olf mos weaa hg trolspjrtgf tj Fgato negaf ?3 dk sjut`gost, njr nurt`gr prjbgsselm olf gxpjrt kordgts. Jea weaa

    hg gxpjrtgf veo Mrolg tj Rturg tgrkeloa olf Mos weaa hg gxpjrtgf veo ROMG tj Rt. Ngrmus.

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    Srjspgbt Gxpajrotejl Fgvgajpkglt Srjfubtejl Oholfjlkglt

    Gxpajrotejl olf Opproesoa

    NEMWXG ?? RVXWBVWXGR OLF XGRGX^JEX NJXKOVEJLR

    Oap`o

    Oap`o fesbjvgrgf el 8330 wet` wgaa ?>/?-5. Festolbg tj t`g Ljrwgmeol bjost es ohjut ?>3dk. Oap`o fesbjvgry

    es koppgf hosgf jl sgvgroa sgeskeb survgys olf t`g freaaelm jn wgaas. Foto bjaagbtejl `os hggl gxtglsevg,

    elbaufelm o nuaa wgaa tgst (FRV) tj vgreny prjfubtejl b`orobtgrestebs. V`g rgsgrvjer quoaety es mjjf tj kjfgrotg.

    El-paobg rgsjurbg es gstekotgf ot opprjx. 27 keaaejl Rk2jea olf 5.? heaaejl Rk

    2mos.

    Hrovj

    Hrovj fesbjvgrgf el ?55= wet` wgaa 87/?3-0. V`g fesbjvgry bjlsests jn twj t`el solfs, uppgr mos-neaagf solf

    olf ajwgr jea-negaf solf. V`g fesbjvgry es ajbotgf ?8dk ljrt`-gost Oap`o. Hrovj es koppgf hosgf jl o wgaa

    wet` o sefgtrobd. O nuaa sboag freaa stgk tgst (FRV) wos bjlfubtgf el t`g ajwgr jea solf olf prjvgf gxbgaaglt

    pgrkgoheaety. @jwgvgr, t`g rgsgrvjers wgrg elvesehag jl t`g sgeskeb foto. Bjlsgrvotevg ossgsskglt jn el-

    paobg rgsjurbg el Hrovj es opprjx. 6 keaaejl Rk2jea olf ?.3 heaaejl Rk

    2mos.

    B`oraeg

    B`oraeg freaagf el 8336, wet` wgaa ?>/?-=, olf fesbjvgrgf jea el Keffag Iurosseb solfs. B`oraeg es koppgf

    hosgf jl sgvgroa sgeskeb survgys olf t`g freaaelm jn jlg wgaa. V`g fesbjvgry es ajbotgf 2 dk wgst jn Oap`o.

    Xgsjurbgs org gstekotgf tj hg 2 keaaejl Rk2jea olf 3.> heaaejl Rk

    2mos.

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    Srjspgbt Gxpajrotejl Fgvgajpkglt Srjfubtejl Oholfjlkglt

    Fgvgajpkglt

    Freaaelm rem

    V`g freaaelm rem BI-=3 Watro @ors` iobdups rem es usgf tj freaa wgaas jl O ap`o olf B`oraeg (Rgg nemurg ?8). V`g

    rem (jwlgf hy Kogrsd Freaaelm) es ulfgr bjlstrubtejl ot Dgppga NGAR s`epyorf el Relmopjrg olf weaa hg

    bjkpagtgf el goray 83?7. Hrovj negaf weaa hg freaagf hy get`gr iobdups rem jr najotelm ulet.

    NEMWXG ?8 IOBDWSR FXEAAELM XEM (BI-=3) VJ HG WRGF JL OAS@O

    Freaaelm sb`gfuag

    ?7 wgaas (0 prjfubtejl wgaas olf = wotgr eligbtejl wgaas) weaa hg hueat el Oap`o negaf. Srg-freaaelm jn 2 prjfubtejl

    wgaas olf 8 wotgr eligbtejl wgaas es sb`gfuagf tj stort el _2 83?7. V`g rgkoelelm wgaas weaa hg freaagf w`gl t`g

    paotnjrk el elstoaagf el _6 83?>. Vjtoa furotejl jn freaaelm bokpoeml es ohjut 2 ygors.

    Freaaelm ot Oap`o weaa `oppgl nrjk iobdups rem stubd jl t`g sgohgf. V`g wgaas ot Oap`o/ B`oraeg weaa hg fergbtay

    aeldgf tj t`g paotnjrk, w`eag t`g 8 wgaas ot Hrovj weaa hg suhsgo olf bjllgbtgf tj paotnjrk wet` ol

    opprjxekotgay ?6 dk prjfubtejl pepgaelg.

    Bjjrfelotgf fgvgajpkglt jn Oap`o olf Fgato

    Jl Korb` 83?8 ol omrggkglt wos semlgf hgtwggl Oap`o olf Fgato negaf njr o bjjrfelotgf fgvgajpkglt jn

    t`g twj negafs. Oap`o es fgvgajpgf uselm o nexgf paotnjrk wet` jlg-stgp (porteoa) prjbgsselm olf aevelm

    quortgrs. V`g wgaa strgok es sgporotgf el ol elagt sgporotjr, olf jea olf mos weaa hg trolsngrrgf nrjk Oap`o

    paotnjrk tj Fgato paotnjrk veo pepgaelgs njr neloa prjbgsselm olf gxpjrt kordgts. Oap`o weaa hg suppaegf wet`

    gagbtreb pjwgr nrjk Fgato. Jl Oap`o jlay fegsga glmelgs weaa hg elstoaagf njr gkgrmglby mglgrotjr. Bjlbgpt es

    s`jwl el nemurg ?2.

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    Srjspgbt Gxpajrotejl Fgvgajpkglt Srjfubtejl Oholfjlkglt

    NEMWXG ?2 BJJXFELOVGF FG^GAJSKGLV JN NEGAF OAS@O OLF FGAVO

    Saotnjrk

    V`g fgvgajpkglt bjlbgpt bjlsests jn o kollgf paotnjrk (Nemurg ?6) ajbotgf bgltroaay jvgr Oap`o rgsgrvjer,

    olf o suhsgo jl Hrovj aeldgf omoelst Oap`o paotnjrk veo najw aelg.

    B`oraeg rgsgrvjer freaagf nrjk Oap`o paotnjrk. Jl paotnjrk, prjfubgf wotgr es sgporotgf olf eligbtgf wet` sgo

    wotgr njr prgssurg suppjrt el Oap`o olf Hrovj rgsgrvjers. Ruanotg el sgowotgr es rgkjvgf prejr tj eligbtejl tj

    prgvglt t`g fgpjsetejl jn horeuk soats el wgaas, prjfubtejl gquepkglt.

    Jea olf mos org sgporotgf el o jlg-stgp prjbgss hgnjrg trolskettgf veo twj pepgaelgs tj Fgato paotnjrk njr

    neloa prjbgsselm olf gxpjrt. Eleteoa trolsngr usgs hjt` pepgaelgs, hut os t`g prjfubtejl fgbrgosgs, jlay jlg

    pepgaelg es usgf tj glsurg ofgquotg najw rotg tj rgob` t`g spgbenegf tgkpgroturg jl orrevoa ot Fgato paotnjrk.

    NEMWXG ?6 SAOVNJXK

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    Srjspgbt Gxpajrotejl Fgvgajpkglt Srjfubtejl Oholfjlkglt

    Ruhsgo elstoaaotejls ot Hrovj

    V`g elstoaaotejl jn Hrovj weaa hg o prjfubtejl nobeaety njr njur wgaas, olf weaa elbaufg wgaa`gof, B`restkos trggs olf

    bjltrja systgk (Nemurg ?7). El t`g nerst p`osg, t`g paolt weaa hg bjkpagtgf wet` gquepkglt njr jlg prjfubtejl wgaa

    olf jlg wotgr eligbtejl wgaa. V`g nobeaety weaa hg kolomgf hy Oap`o paotnjrk veo ol jpgl systgk wet` wotgr-hosgf

    `yfrouaeb nauefs w`eb` weaa jlay bjlsest jn glverjlkgltoaay obbgptohag bjkpjlglts.

    NEMWXG ?7 VUSEBOA RWHRGO ELRVOAAOVEJL

    Rb`gfuag jn t`g prjigbt

    83?8 Ruhket Saol njr Fgvgajpkglt olf Jpgrotejl (SFJ)

    83?2 Rtort hueafelm stgga iobdgt njr t`g paotnjrk hy ROESGK el Rorfeleo

    83?6 Rtort hueafelm t`g Vjpsefg9 (?) Koel suppjrt kjfuag, Srjbgss kjfuag, olf Naorg Hjjk hy RKJG elRelmopjrg, (8) Aevelm quortgrs hy OSSAU AGEX^ED el Ljrwoy

    83?7 Rtgga iobdgt weaa hg put el paobg hy o aormg brolg vgssga Ontgr stgga iobdgt es put el paobg, GKOR weaa aoy pepgaelgs nrjk Oap`o tj Fgato

    V`gl, o iobdups rem nrjk KOGXRD orrevg olf stort t`g freaaelm bokpoeml Srg-freaaelm jn 7 wgaas

    83?> Elstoaaotejl jn Vjpsefgs koel kjfuags Ontgr t`ot o pjwgr bohag weaa hg aoef nrjk Fgato tj Oap`o Furelm t`ot sokg pgrejf, o najotelm jtga weaa hg trolspjrtgf tj t`g negaf njr obbjkkjfotejl furelm t`g teg-

    el olf bjkpagtejl p`osg V`g pjwgr bohag olf pepgaelgs weaa hg tegf el Hy glf jn 83?>, gvgryt`elm weaa hg rgofy tj stort prjfubtejl9 portay prjbgssgf jea olf mos weaa hg

    trolspjrtgf tj Fgato Negaf njr nurt`gr prjbgss olf gxpjrt kordgts

    83?= Freaaelm rem nrjk Kogrsd weaa rgturl tj elstoaa t`g rgkoelelm wgaas V`g wjrd jn suhsgo elstoaaotejl jn Hrovj weaa oasj hgmel el t es pgrejf

    VOHAG = SXJIGBV RB@GFWAG

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    Srjspgbt Gxpajrotejl Fgvgajpkglt Srjfubtejl Oholfjlkglt

    Srjfubtejl

    Negaf Oap`o rgsgrvgs olf prjfubtejl paols

    Negaf O es ossukgf tj `jaf 27.3 keaaejl stolforf buheb kgtgr (Rk2) jea olf 5.? heaaejl Rk

    2mos. Ljtg t`ot o

    wgaa weaa ljt prjfubg oaa jn t`g jea olf mos stjrgf el t`g pjrg spobgs jn t`g rgsgrvjer. Gstekotgf rgbjvgry

    nobtjr es orjulf 6? pgrbglt. Rj, t`g bjkkgrbeoaay rgbjvgrohag rgsjurbgs org gstekotgf ot ?2.5 keaaejl Rk2jea

    olf 6.2 heaaejl Rk2jn loturoa mos. V`es es opprjxekotgay ??6 keaaejl horrgas jn jea gquevoaglt (kkhjg).

    Jea el keaaejl Rk Mos el heaaejl Rk

    NEMWXG ?> SXJFWBVEJL SXJNEAG NXJK NEGAF OAS@O

    Negaf Hrovj olf Negaf B`oraeg

    En wg off negaf Hrovj olf B`oraeg, tjtoa bjkkgrbeoaay rgbjvgrohag rgsjurbgs org gstekotgf ot ?0 keaaejl sk2jn

    jea olf orjulf 7.8 heaaejl sk2jn mos. V`g `em` rgbjvgry el Hrovj es fug tj vgry mjjf rgsgrvjer prjpgrtegs,

    w`eag Oap`o es kjrg bjkpagx wet` voryelm solf quoaety. B`oraeg `os o rgaotevgay mjjf rgbjvgry fug tj

    gxpgbtgf mjjf prgssurg suppjrt nrjk t`g loturoa wotgr frevg.

    NegafsXgsgrvgs-el-paobg el Xgbjvgry Nobtjr Watekotg Xgbjvgry el

    Jea Mos Jea Mos Jea Mos

    Oap`o 27.3k 5.?h 25% 6=% ?2.0k 6.2h

    Hrovj 6.3k ?.3h >2% >2% 8.>k 3.>h

    B`oraeg 2.8k 3.>h 73% 73% ?.>k 3.2h68.8k ?3.=h ?0.3k 7.8h

    VOHAG 0 GRVEKOVGF WAVEKOVG XGBJ^GXU JN NEGAF OHB

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    pm. 27

    Gbjljkebs

    Bopetoa gxpglfeturg (Bopgx)Bopgx gstekotg njr t`g negaf Oap`o ot LJD ?5.62 heaaejl njr t`g pgrejf 83?2 tj 83?0. Koijr Bopgx org

    obquerelm sgeskeb, hueafelm paotnjrk (tjpsefg olf iobdgt), agoselm freaa rem, aoyelm pepgaelg, `erelm

    obbjkkjfotejl vgssgas, jnns`jrg `govy aentelm, freaaelm bokpoeml, olf bjkpagtelm t`g wgaas. Negaf Hrovj olf

    B`oraeg ottrobt LJD 2.>3 heaaejl olf LJD ?.8= heaaejl Bopgx rgspgbtevgay. Os fgsbrehgf el Sgtrjaguk Vox Obt

    (SVO) sgbtejl 2, t`g Bjkpoly bol fgprgbeotg Bopgx aelgor jvgr o > ygors pgrejf.

    Obquerelm Rgeskeb, Freaaelm Bokpoeml, olf Bjkpagtelm t`g ]gaas??,0 heaaejl LJD

    Saotnjrk (Vjpsefg olf Rtgga Iobdgt)7,8 heaaejl LJD Freaaelm Xem Agosg6,2 heaaejl LJD

    Sepgaelg8,3 heaaejl LJD Ruhsgo Elstoaaotejl ?,3 heaaejl LJD

    NEMWXG ?0 KOIJX BOSEVOA GPSGLFEVWXGR

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    pm. 2=

    Bosg _ugstejls

    (O) Boabuaotg t`g bjst jn bopetoa

    (H) Njrgbost t`g jea prebg njr ygor 83?8-8323

    (B) Brgotg o Nelolbeoa Kjfga njr ygor 83?8-8323

    (F) Sgrnjrk Kjltg Boraj Rekuaotejl jl burrglt Nelolbeoa Kjfga

    (G) Brgotg o Fgbesejl Vrgg oloayses

    (N) Brgotg nelolbeoa gstekotgs njr gob` sbglorej

    (M) Sgrnjrk Kjltg Boraj Rekuaotejl jl t`g Fgbesejl Vrgg

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    pm. 20

    B`optgr 5 Srjpjsgf Rjautejls5

    Fesbjult Xotg

    Xesd-nrgg rotg

    Xesd nrgg rotg es t`g t`gjrgteboa rotg jn rgturl jn ol elvgstkglt wet` zgrj resd. V`g resd nrgg rotg rgprgsglts t`g

    eltgrgst elvgstjr wjuaf gxpgbt nrjk ol ohsjautgay resd-nrgg elvgstkglt jvgr o spgbenegf pgrejf jn tekg.

    Hosgf jl stufy, t`g ?3-ygor mjvgrlkglt hjlf es koelay oppaegf os resd-nrgg rotg el t`g Ljrwgmeol kordgt,

    w`eb` kgols t`g ekpaegf resd nrgg rotg es 8%. (Srebg]otgr`jusgBjjpgrs, 83?2)

    Kordgt resd prgkeuk

    Xgquergf kordgt resd prgkeuk es t`g elbrgkgltoa rgturl jn o fevgrsenegf pjrtnjaej (t`g kordgt) jvgr t`g resd-

    nrgg rotg rgquergf hy ol elvgstjr.

    Hosgf jl stufy, t`g kordgt resd prgkeuk el t`g Ljrwgmeol kordgt es 7% njr ygor 83?8 olf 83?2. V`g resd

    prgkeuk es ulb`olmgf nrjk ygor 83??. (Srebg]otgr`jusgBjjpgrs, 83?2)

    Rkoaa stjbd prgkeuk

    O skoaa stjbd prgkeuk es ol offetejl tj t`g rgquergf rotg jn rgturl jl gquety os o rgsuat jn skoaa bjkpolegsstjbds `estjreboaay hgelm kjrg vjaoteag t`ol aormgr bjkpolegs olf oworfelm elvgstjrs wet` `em`gr rgturl.

    Elvgstjrs t`grgnjrg worrolt ol offetejloa prgkeuk Rkoaa bjkpolegs org oasj jntgl ossjbeotgf wet` `em`gr resd

    fug tj nobtjrs sub` os mrgotgr fgpglfglbg jl dgy pgrsjllga, elfevefuoa prjfubts jr bustjkgrs.

    Hosgf jl stufy, t`g skoaa stjbd prgkeuk elbrgosgs t`g skoaagr t`g sezg jn t`g bjkpoly. Njr bjkpolegs wet`

    o kordgt bopetoaezotejl jn 8-7 heaaejl, o prgkeuk jn 3-? % s`juaf hg oppaegf. Njr bjkpolegs wet` o kordgt

    bopetoaezotejl jn 3.7-? heaaejl, o prgkeuk jn 8-2 % s`juaf hg oppaegf. Njr bjkpolegs wet` o kordgt

    bopetoaezotejl jn 3.?-3.7 heaaejl, o prgkeuk jn 2-6 % s`juaf hg oppaegf. (Srebg]otgr`jusgBjjpgrs, 83?2)

    Fesbjult Xotg njr Duduzo Jnns`jrg Jeanegaf

    Hosgf jl ohjvg elnjrkotejl, t`g Out`jr fgbefgs t`ot t`g rgosjlohag rotg jn rgturl es 5%.

    5V`es prjpjsgf sjautejl wos prgporgf hy Olfedo XevoeorevoeCkho?6.rsk.la

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    pm. 25

    Njrgbostelm Jea Srebg

    Xgvglug es t`g njulfotejl tj njrgbost bos` najw. El Wpstrgok Huselgss, Xgvglug es fgnelgf os ulets jn brufg

    jea olf loturoa mos prjfubgf olf sjaf, kuatepaegf hy o bjkkjfety prebg. Hjt` vjaukg olf prebg org `em`ay

    ulbgrtoel olf fennebuat tj njrgbost.V`g Out`jr summgsts twj stjb`osteb opprjob`gs tj njrgbost jea prebg9 (?)

    hrjwleol kjtejl olf (8) kgol-rgvgrtelm.

    Hrjwleol kjtejl (Xolfjk ]oad) wet` Frent

    Wselm Xesd Rekuaotjr sjntworg, t`g stort voaug es uselm t`g $ >5 gbjljkeb ossukptejl kgltejlgf el t`g bosg

    fjbukglt. Frent rotg 2% es elspergf nrjk @jtgaaelm?3

    prelbepag. V`g 80% es ekpaegf vjaoteaety jn jea prebg nrjk

    `estjreboa foto 83 ygors hobd. @jrezjl es 83 ygors o`gof, wet` 863 stgps olf ?33 etgrotejls.

    Rtjb`osteb Srjbgss9 Hrjwleol Kjtejl (Xolfjk ]oad) wet` frent

    Rtort ^oaug ($) >5 Rtgps 863

    Frent Xotg 2% Etgrotejls ?33

    ^jaoteaety 80% Xgvgrsejl Xotg l/o

    @jrezjl (Ugors) 83 Ajlm-Vgrk ^oaug l/o

    VOHAG 5 ELSWV FOVO NJX XERD REKWAOVJX

    Ontgr elput ohjvg foto, t`g sjntworg weaa sekuaotg Hrjwleol kjtejl (rolfjk woad) wet` frent, olf t`g

    stjb`osteb rgsuat es hgajw (nemurg ?5). V`g mrop`eb eaaustrotg fenngrglt pot` nrjk ?33 etgrotejls, olf t`g tohag es

    t`g kgol jn olluoa jea prebg nrjk ygor 83?> tj 8385. V`es es t`g pgrejf w`gl t`g Bjkpoly es gxpgbtgf tj

    prjfubg jea olf mos olf mglgrotg rgvglug.

    83?> 83?= 83?0 83?5 8383 838? 8388 8382 8386 8387 838> 838= 8380 8385

    =7.5 07.8 53.? 52.2 50.5 50.5 5=.3 ?3>.5 ??2.7 ??7.0 ?87.3 ?26.8 ?80.3 ?23.?

    NEMWXG ?5 HXJ]LEOL KJVEJL RVJB@ORVEB XGRWAV

    ?3@orjaf @jtgaaelm, olf Gbjljkest ot Bjaukheo Wlevgrsety, `of ol elbrgfehag efgo9 trofgrs gxpgbt t`g prebg jn o ljl-

    rglgwohag loturoa rgsjurbg tj resg ot o rotg gquoa tj t`g eltgrgst rotg. ]g boaa t`es efgo t`