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A;CG05 ?@52KH5=8O 4>?CAB8<KE 2K1@>A>2 8 A1@>A>2 703@O7=ONI8E 25I5AB2 A>?>AB028<>ABL 20@80=B>2 4>AB8305BAO CG5B>< ?;0BK 70 A25@E=>@<0B82=>5 703@O7=5=85 >:@C60NI59 A@54K 8 C<5=LH5=85< =0 MBC 25;8G8=C ?@81K;8, >AB0NI59AO 2 @0A?>@O65=88 ?@54?@8OB8O. 57C;LB0BK ?@82545=8O @0AA<0B@8205<KE 20@80=B>2 2 A>?>AB028<K9 284 A2>4OBAO 2 B01;8FC, >1@075F 70?>;=5=8O B01;8FK ?@82545= 2 B01;. 7. -:>=><8G5A:0O A>?>AB028<>ABL 20@80=B>2 4>;6=0 >15A?5G820BLAO @0AG5B>< M:>=><8G5A:8E ?>:070B5;59 2 A>?>AB028<KE F5=0E =0 40BC @07@01>B:8 ?@>5:B0. "01;8F0 7 @82545=85 20@80=B>2 : >48=0:>2><C M=5@35B8G5A:><C MDD5:BC (CA;>2=K9 ?@8<5@) >:070B5;8 I 20@80=BII 20@80=B!>AB02 >A=>2=>3> >1>@C4>20=8O1E "-135/165-130/15 1E "-175/210-1301E "-135/165-130/15 2E100/120-130-3>4>2>9 >B?CA: B5?;>2>9 M=5@388 A :>;;5:B>@>2, :0;2,7*1062,7*106#AB0=>2;5==0O <>I=>ABL "-! NBMA, B310335B?CA: M;5:B@>M=5@388 A H8= :BG1755,9*1061843,8*106>?>;=8B5;L=0O M=5@38O, ?>:C?05<0O =0  -, :BG/3>487,9*106- K1>@ >?B8<0;L=>3> 20@80=B0 A>AB020 >A=>2=>3> >1>@C4>20=8O @8 2K1>@5 =081>;55 >?B8<0;L=>3> 20@80=B0 A>AB020 >A=>2=>3> >1>@C4>20=8O 4;O "-! 8A?>;L7C5BAO, 2 F5;OE C?@>I5=8O @0AG5B>2, ?@>AB59H89 <5B>4 M:>=><8G5A:>9 >F5=:8  5B>4 <8=8<C<0 ?@82545==KE 70B@0B . 0==K9 <5B>4 ?@8<5=O5BAO 2 B>< A;CG05, 5A;8 2 @57C;LB0B5 2=54@5=8O ?@>5:B0 =5 87<5=O5BAO >1J5< ?@>872>4AB20 8 :0G5AB2> ?@>4C:F88. EMBED Equation.3, (30) 345 B5: 8745@6:8 B5:CI85 8;8 A515AB>8<>ABL 3>4>2>3> >1J5<0 ?@>872>4AB20 ?@>4C:F88 (@0AAG8BK205BAO ?> 3>4C 2KE>40 M;5:B@>AB0=F88 =0 ?>;=CN ?@>872>4AB25==CN <>I=>ABL), @.;  - >1J5< :0?8B0;>2;>65=89 (8=25AB8F89), A CG5B>< 48=0<8:8 >A2>5=8O, @; = - =>@<0B82=0O @5=B015;L=>ABL :0?8B0;>2;>65=89 8;8 2 4>?5@5AB@>5G=K9 ?5@8>4, =>@<0B82=K9 :>MDD8F85=B MDD5:B82=>AB8 4>?>;=8B5;L=KE :0?8B0;L=KE 2;>65=89, E0@0:B5@87CNI89 B>B <8=8<0;L=K9 MDD5:B, :>B>@K9 2 2845 M:>=><88 B5:CI8E 70B@0B ("B5:), ?>;CG05B =0@>4=>5 E>7O9AB2> >B 2;>65=8O 4>?>;=8B5;L=>3> @C1;O :0?2;>65=89 2 1>;55 :0?8B0;>5<:89 20@80=B. EMBED Equation.3, (31) 345 ">:  A@>: >:C?05<>AB8 ?@>5:B0, ;5B.  4>?5@5AB@>5G=K5 3>4K = 1K; @025= 0,12, 0, 7=0G8B, A@>: >:C?05<>AB8 A>AB02;O; 8,3 3>40.  CA;>28OE @K=>G=>9 M:>=><8:8 =>@<0B82=0O @5=B015;L=>ABL :0?8B0;>2;>65=89 CAB0=02;8205BAO 2 7028A8<>AB8 >B AB@C:BC@K 8=25AB8F89: ?@8 8A?>;L7>20=88 0:F8>=5@=>3> :0?8B0;0  MB> ?@>F5=B 2K?;0B 482845=4>2 =0 ?@>ABCN 0:F8N 8;8 ?@>F5=B=K9 4>E>4 ?> >1;830F8O<, ?@8 8A?>;L7>20=88 705<=>3> :0?8B0;0  MB> ?@>F5=B=0O AB02:0 70 :@548B. @8 2K?>;=5=88 B5E=8:>-M:>=><8G5A:8E A@02=5=89 =0 ?5@A?5:B82C AB@C:BC@0 8=25AB8F89, :0: ?@028;>, =58725AB=0, ?>MB><C @5:><5=4C5BAO 2 =0AB>OI55 2@5<O ?@8=8<0BL =>@<0B82=CN @5=B015;L=>ABL @02=>9 10-15%, GB> A>>B25BAB2C5B ?@>3=>78@C5<><C C@>2=N 4>E>4=>AB8 4>;3>A@>G=KE >1;830F89, ?>4;560I8E 2K?CA:C 0:F89   -! >AA88 . 0==K9 :@8B5@89 =5 CG8BK205B @07=>2@5<5==>ABL 2;>65=8O :0?8B0;L=KE 70B@0B ?> 3>40< AB@>8B5;LAB20 >1J5:B0 (B. 5., =5 CG8BK205B D0:B>@ 2@5<5=8), 0 ?>MB><C 53> F5;5A>>1@07=> 8A?>;L7>20BL 4;O >F5=:8 MDD5:B82=>AB8 ?@>5:B>2, ?> :>B>@K< A@>: 2;>65=8O :0?8B0;L=KE 70B@0B =5 ?@52KH05B >4=>3> 3>40. 0AG5B ?@82545==KE 70B@0B A CG5B>< D0:B>@0 2@5<5=8 >ACI5AB2;O5BAO ?> D>@<C;5 EMBED Equation.3 , (32) 345 d  :>MDD8F85=B 48A:>=B8@>20=8O;   3>4, : :>B>@><C >ACI5AB2;O5BAO 48A:>=B8@>20=85; t  3>4, >B :>B>@>3> >ACI5AB2;O5BAO 48A:>=B8@>20=85 @8<5@. -;5:B@>AB0=F8O A>>@C605BAO 4 3>40, M:A?;C0B0F8O =0G8=05BAO A 5-3> 3>40. >MDD8F85=BK @0A?@545;5=8O :0?8B0;>2;>65=89 ?> 3>40< Kt @02=K 15, 30, 40, 15 % A>>B25BAB25==>. >?>;=8B5;L=0O 8=D>@<0F8O ?@82545=0 2 B01;. 8. "01;8F0 8 A=>2=K5 ?>:070B5;8 <5AB=>9 M;5:B@>AB0=F88, 8A?>;L7C5<K5 4;O ?@>2545=8O M:>=><8G5A:>9 >F5=:8 20@80=B>2 >:070B5;8I 20@80=BII 20@80=B#45;L=K5 :0?8B0;>2;>65=8O, @/:B65506 850>?>;=8B5;L=> CAB0=02;8205<0O <>I=>ABL, B350400-:A?;C0B0F8>==K5 70B@0BK 1-3> 3>40 M:A?;C0B0F88, <;= @718,14737,48>?>;=8B5;L=> ?>:C?05<0O M=5@38O =0  -, <;= @34,52>MDD8F85=B 48A:>=B8@>20=8O (d)0,1>@<0B82=0O @5=B015;L=>ABL :0?8B0;>2;>65=89 (=)0,121>A=>20==K5 70B@0BK 2 0;LB5@=0B82=>< 20@80=B5 ?@8 CA;>288 ?@82545=8O 70B@0B : 3>4C ?>AB>O==>9 M:A?;C0B0F88 (5-<C 3>4C @0AG5B=>3> ?5@8>40) A>AB02OB: ?@(?> 1 20@80=BC)=0,12 E 6850 E 400 E 10-3 E (0,15 E 1,13 + 0,3 E 1,12 + 0,4 E 1,11 + 0,15 E 1,10) + 737,48= 1116,6 <;= @/3>4. =0;>38G=K< >1@07>< @0AAG8BK20NBAO 70B@0BK ?> 2B>@><C 8 B.4. 20@80=B0<: ?@(?> II 20@80=BC)=0,12 E 6550 E 350 E 10-3 E (0,15 E 1,13 + 0,3 E 1,12 + 0,4 E 1,11 + 0,15 E 1,10) + 718,14+ 34,52=1069,85 <;=. @/3>4. 081>;55 M:>=><8G=><C 20@80=BC 2;>65=8O 8=25AB8F89 A>>B25BAB2CNB <8=8<0;L=K5 ?@82545==K5 70B@0BK. 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"01;8F0 19 0AG5B ?@>872>4AB25==>9 A515AB>8<>AB8 ?>;57=>3> >B?CA:0 B5?;>2>9 8 M;5:B@8G5A:>9 M=5@388 >:070B5;8>4K 8=25AB8F8>==>3> ?5@8>40 (M:A?;C0B0F8O)& 4567>;57=K9 >B?CA: M;5:B@>M=5@388 A H8= AB0=F88 ?> 3>40< M:A?;C0B0F8>==>3> ?5@8>40, :BGB?CA: B5?;>2>9 M=5@388 ?> 3>40< M:A?;C0B0F8>==>3> ?5@8>40, :0;.0B@0BK =0 B>?;82>, <;= @0B@0BK =0 70@01>B=CN ?;0BC A >BG8A;5=8O<8, <;= @<>@B870F8O, <;= @@>G85 70B@0BK, <;= @ B>3> ?@>872>4AB25==KE 70B@0B, <;= @ B>< G8A;5:>AB>O==K5 70B@0BK, 2A53> <;= @ B.G. >B=>A8<K5 =0 M;5:B@8G5A:CN M=5@38N>B=>A8<K5 =0 B5?;>2CN M=5@38N5@5<5==K5 70B@0BK, 2A53> <;= @ B.G. >B=>A8<K5 =0 M;5:B@8G5A:CN M=5@38N>B=>A8<K5 =0 B5?;>2CN M=5@38N@>872>4AB25==0O A515AB>8<>ABL 1 :BG M;5:B@>M=5@388, >B?CA:05<>9 A H8= AB0=F88, @@>872>4AB25==0O A515AB>8<>ABL 1 :0; B5?;0, >B?CA:05<>9 A :>;;5:B>@>2, @>A;54>20B5;L=>ABL @0AG5B0 A515AB>8<>AB8 1 :BG M;5:B@8G5A:>9 M=5@388 8 1 :0;. 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CA;>2=>3> B>?;820, @/B.C.B. ?@545;O5< 70B@0BK =0 B>?;82>, >B=>A8<K5 =0 B5?;>2CN M=5@38N EMBED Equation.3 8 M;5:B@8G5A:CN M=5@38NEMBED Equation.3 <;= @ (=0 3>4>2>9 >1J5<). ?@545;O5< C45;L=K5 ?5@5<5==K5 (B>?;82=K5) 8745@6:8 2 AB@C:BC@5 A515AB>8<>AB8 1 :BG 8 1 :0;. 45;5=85< 70B@0B =0 B>?;82> (?.4) =0 3>4>2>9 ?>;57=K9 >B?CA: :064>3> 2840 M=5@388, SM.M?5@. 8 SB.M?5@. 0A?@545;O5< ?>AB>O==K5 8745@6:8 <564C 42C<O 2840<8 ?@>4C:F88 ?@>?>@F8>=0;L=> B>?;82=>9 A>AB02;ONI59. ?@545;O5< C45;L=K5 ?>AB>O==K5 8745@6:8 2 AB@C:BC@5 A515AB>8<>AB8 1 :BG 8 1 :0;. 45;5=85< ?>AB>O==KE 70B@0B (?.6) =0 3>4>2>9 ?>;57=K9 >B?CA: :064>3> 2840 M=5@388, SM.M?>AB 8 SB.M?>AB. ?@545;O5< ?@>872>4AB25==CN A515AB>8<>ABL ?>;57=>3> >B?CA:0 1 :BG M;5:B@>M=5@388 8 1 :0; B5?;0 SM.M = SM.M?5@ + SM.M?>AB ; SB.M = SB.M?5@ + SB.M?>AB 5.3.7 ?@545;5=85 F5=>2>9 AB@0B5388  A>>B25BAB288 A 0:>=>< $   3>AC40@AB25==>< @53C;8@>20=88 B0@8D>2 =0 M;5:B@8G5A:CN 8 B5?;>2CN M=5@38N 2 $ 2 M=5@35B8:5, 2 >?@545;5==>9 AB5?5=8, O2;ONI59AO 5AB5AB25==>9 <>=>?>;859, 8A?>;L7CNBAO, 2 >A=>2=>< @53C;8@C5<K5 F5=K. 53C;8@C5<0O F5=0 (B0@8D) F5=0 B>20@0, A:;04K20NI0OAO =0 B>20@=>< @K=:5 ?@8 ?@O<>< 3>AC40@AB25==>< 2>7459AB288 =0 MBC F5=C, 2 B.G. ?CB5< CAB0=>2;5=8O 55 D8:A8@>20==>9 25;8G8=K. >AC40@AB2> 2>7459AB2C5B =0 B0@8D 2 AD5@5 @53C;8@C5<>9 45OB5;L=>AB8 M=5@3>A=0160NI59 >@30=870F88, B.5. 2 AD5@5 ?@>872>4AB20, ?5@540G8 8 @0A?@545;5=8O M;5:B@8G5A:>9 M=5@388 (<>I=>AB8) 8 (8;8) B5?;>2>9 M=5@388 (<>I=>AB8). 4=>9 87 >A>15==>AB59 B0@8D>2 2 M;5:B@>M=5@35B8:5 O2;O5BAO 8E CAB0=>2;5=85 D@0=:>-?>B@518B5;L "! =EMBED Equation.3, (41) 345 "!   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( !") >1KG=> 70:;04K20NB 2 B0@8D M=5@3>?@54?@8OB8O @5=B015;L=>ABL =0 C@>2=5 ~10%, ?> @0AG5B0< M=5@35B8G5A:8E :><?0=89 MB>B ?>:070B5;L 4>;65= 1KBL C25;8G5= 4> 20-25%. =0;>38G=K< >1@07>< @0AAG8BK205BAO B0@8D =0 B5?;>2CN M=5@38N. F5=:0 F5;5A>>1@07=>AB8 8=25AB8F89 >A;54>20B5;L=>ABL >F5=:8 F5;5A>>1@07=>AB8 8=25AB8F89 K1>@ <5B>40 >F5=:8 8=25AB8F89. @8 MB>< A;54C5B CG5ABL, GB> <5B>4K >F5=:8 MDD5:B82=>AB8 8=25AB8F89, =5 CG8BK20NI85 D0:B>@ 2@5<5=8, 8A?>;L7CNBAO 4;O >F5=:8 ?@>5:B>2, :0?8B0;L=K5 2;>65=8O 2 :>B>@K5 2:;04K20NBAO 2 B5G5=85 >4=>3> 3>40, 8;8 ?@>5:B>2 A :>@>B:8< 687=5==K< F8:;>< (3-5 ;5B), 8;8 B@51CNI8E 4;O A2>59 @50;870F88 =57=0G8B5;L=KE ?> >1J5<C 8=25AB8F89. ;O B8?>2KE ?@>5:B>2 AB@>8B5;LAB20 "-! 2K18@0NBAO 48A:>=B=K5 <5B>4K >F5=:8 8=25AB8F89. $>@<8@>20=85 ?>B>:0 @50;L=KE 45=53 ?> 3>40< 8=25AB8F8>==>3> ?5@8>40. @8 D>@<8@>20=88 ?>B>:0 8A?>;L7C5BAO 2AO @0AG5B=0O D>@<0F8O M:>=><8G5A:>9 G0AB8 ?@>5:B0. A5 @0AG5BK >D>@<;ONBAO 2 2845 B01;8FK. 1@075F B01;8FK ?@82545= =865 (A<. 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