ANALYSIS OF DIESEL FUEL FROM PLASTIC WASTES BY CATALYTIC PYROLYSIS

7/23/2019 ANALYSIS OF DIESEL FUEL FROM PLASTIC WASTES BY CATALYTIC PYROLYSIS

http://slidepdf.com/reader/full/analysis-of-diesel-fuel-from-plastic-wastes-by-catalytic-pyrolysis 1/65

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V i l o 8

HJ] [J@MXJ]bo Vxadok} ―Iìez{j{ an Mjo{oe vxamukom hz vzxaez{j{ an Vei{}jk

\i{}o{‗ bi{ hoo` u`mox}ico` hz }bo naeea|j`l {}umo`}{ an =}b

zoix Gokbi`jkie O`ljòoxj`l nxag HJ] [J@MXJ

@igo Xaee @a.

Cix}jc Vm Xidic 6266;:

Cugix Ihbj{boc 6266=9

Gi`j{b Cugix 6266=2

Gi`ù Kbaumbixz 6266?6

@i~òo} Cugix 6266?<@jcbje Bi`{mi 6266?2

@jcbje Cx Dbi 6266?:

@jxid Cugix 6266>9

Vi|i` Cugix 6266>=

Vxici{bXi`di` 6266>:]ixu` Cx [j`lb 6266::

_`mox }bo iheo lujmi`ko an Vxan. Xidi` Cugix



V i l o ;

J@MOR

9 J`}xamuk}ja`……………………………………………………………………………………… 6>

8 Ikcà|eomlogo`} …………………………………………………………………………… 6<

; Oòxlz Kxj{j{ [koìxja J` J`mji…………………………………………………………… 62

= Vzxaez{j{

Vei{}jk |i{}o giìlogo`}……………………………………………………6:

\bi} J{ Vzxaez{j{196

Vzxaez{j{ i{ xoka~oxj`l ~ieuo nxag |i{}o{………………………………99

Vzxaez{j{ an Vei{}jk \i{}o{………………………………………………………98

Nea| Kbix} nax Vzxaez{j{……………………………………………………………9;

? Vzxaez{j{ Vxako{{

Vxako{{ Mo{kxjv}ja`………………………………………………………………… 9=

Hoònj}{ an Vzxaez{j{………………………………………………………………… 9<

> Mj{}jeei}ja` an Kxumo Vei{}jk Aje

@axgie Mj{}jeei}ja`…………………………………………………………………… 92

îkuug Mj{}jeei}ja`……………………………………………………………………9:

< Nuoe Vxavox}jo{

Iìez{j{ an Xi| Gi}oxjie " G[\*……………………………………………… 89

Iìez{j{ an Vaez'kxikc Nuoe Kaeeok}om………………………………………… 89

Iìez{j{ an Mjo{oe kaeeok}om nxag Vei{}jk \i{}o{…………………………88



V i l o =

2 Mjo{oe o`ljò

Monj`j}ja` an Mjo{oe O`ljò…………………………………………………………8;

\axcj`l an Mjo{oe O`ljò……………………………………………………………8;

Orvoxjgo`}ie Ivvixi}u{……………………………………………………………8=

: Orvoxjgo`}ie Ivvixi}u{

[vokjnjki}ja`{ an Mjo{oe O`ljò……………………………………………………8?

Xavo Hxoic Mzìgago}ox…………………………………………………………8>

Goi{uxogo`} an Ijx ka`{ugv}ja` hz Ijx Har Go}bam…………………82

96 O`ljò Voxnaxgi`ko Kiekuei}ja`{

Kiekuei}ja` an eaim voxko`}ilo……………………………………………………;6

Kiekuei}ja` an Gi{{ nea| xi}o an nuoe……………………………………………;9

Kiekuei}ja` an Boi} J`vu}………………………………………………………………;9

Kiekuei}ja` an ]boxgie Hxico onnjkjo`kz………………………………………;9

Kiekuei}ja` an Hxico {vokjnjk nuoe ka`{ugv}ja`……………………………;8

Goi{uxogo`} an Ijx ka`{ugv}ja`………………………………………………;8

Kiekuei}ja` an ~aeugo}xjk onnjkjo`kz………………………………………………;;

Kiekuei}ja` an Hxico Goi` onnok}j~o vxo{{uxo………………………………;=

Kiekuei}ja` an Ijx'Nuoe xi}ja…………………………………………………………;=

99 ]iheo an Orvoxjgo`}ie Xokaxm{

Mjo{oe i{ Nuoe i} mjnnoxo`} Eaim /;?

?/ Heo`m i} mjnnoxo`} Eaim /;:



V i l o ?

96/ Heo`m i} mjnnoxo`} Eaim /=;

86/ Heo`m i} mjnnoxo`} Eaim /=<

98

LXIVB[

Hxico ]boxgie Onnjkjo`kz ~ox{u{ Eaim Voxko`}ilo………………………?9

Hxico ]boxgie Onnjkjo`kz ~ox{u{ Hxico Va|ox………………………………?8

Hxico [vokjnjk Nuoe Ka`{ugv}ja` ~ox{u{ Eaim /?;

âeugo}xjk Onnjkjo`kz ~ox{u{ Eaim /?=

Hxico [vokjnjk Nuoe Ka`{ugv}ja` ^{ Hxico Va|ox………………………??

âeugo}xjk Onnjkjo`kz ~ox{u{ Hxico Va|ox……………………………………?>

Hxico Va|ox ~ox{u{ Goi` Onnok}j~o Vxo{{uxo………………………………?<

Hxico Va|ox ~ox{u{ Orbiu{} ]ogvoxi}uxo……………………………………?2

9; [gaco'Go}ox

Loòxie ivvejki}ja` ixoi{……………………………………………………………?:

[vokjnjk ivvejki}ja` ixoi{……………………………………………………………?:

Hi{jk avoxi}j`l vxj`kjveo………………………………………………………………?:

Gokbi`jkie mo{kxjv}ja`…………………………………………………………………>6

_`j}……………………………………………………………………………………………… >6

9= [gaco'Go}ox xoimj`l{

Xoimj`l an [gaco'Go}ox u{j`l mjnnoxo`} heo`m{…………………………>9

Lxivb an [gaco'go}ox ~ox{u{ Eaim />8

9? J`noxo`ko…………………………………………………………………………………………………>;

9> Ka`keu{ja`……………………………………………………………………………………………… >?



V i l o >

J@]XAM_K]JA@

]bo Xivjm moveo}ja` an nuoe{ i`m }bojx o~ox j`kxoi{j`l ka{}{ bi~o eom }a i`

j`}o`{j~o {oixkb nax ie}oxì}j~o nuoe{. ]bo ga{} vxagj{j`l }okbàealz j` }amiz‚{

|axem j{ }bo Xokzkej`l an |i{}o gi}oxjie{ i`m }bojx ~ieuo' immj}ja` Aux vxadok}

moie{ |j}b u`mox{}i`mj`l }bo hi{jk ka`kov}{ an vzxaez{j{ }okb`jyuo jo }bo

}boxga kbogjkie mokagva{j}ja` an axli`jk gi}oxjie i} oeo~i}om }ogvoxi}uxo{ j`

}bo ih{o`ko an arzlo`

J} ie{a moie{ |j}b ka`kov} an kxumo aje xonj`j`l i`m mj{}jeei}ja` }a {ovixi}o }bo

~ixjau{ nxik}ja`{ {ukb i{ ìvb}bieoò% vo}xae% mjo{oe% coxa{oò O}k

\o ie{a xokaxmom }bo ogj{{ja` "}bo igau`} an heikcò{{* vxamukom muxj`l }bo

o`ljò }o{}j`l nax mjnnoxo`} heo`m{

]bo gij` }bogo an }bo vxadok} j{ }a }o{} }bo nuoe a` o`ljò j` axmox }a mo}oxgjò

j}{ onnjkjo`kz i`m kagvixo j} |j}b mjnnoxo`} heo`m gjr}uxo an mjo{oe |j}b }bo mjo{oe

nxik}ja` vxamukom hz }bo vzxa' kxikc! vzxaez{j{ vxako{{ j`'axmox }a {oeok} }bo ho{}

heo`m ]bj{ j{ jgvax}i`} hokiu{o |o òom }a mo~oeav ho}}ox% kboiv i`m keoi`

ie}oxì}j~o nuoe{ nax i lxooòx nu}uxo



V i l o <

IKC@A\EOMLOGO@]

Njx{} an iee% |o |auem ejco }a orvxo{{ gz boix}noe} }bi`c{ i`m jggo`{o xo{vok} }a

Gx @j}j` Ha`mie i`m Gx ]X Xia "an [u{}ijìheo ]okbàealjo{ . O`~jxa`go`}ie

Vxadok}{ V~} E}m* |ba{o {kbaeixez lujmi`ko i`m boev }a vxa~jmo u{ }bo nikjej}jo{ }a

kixxz au} }bo vaez'kxikc }okbàealz i`m vxamuko vei{}jk nuoe nxag }bo |i{}o

vei{}jk gi}oxjie{ \o ixo j`moh}om }a bjg nax bj{ vi}jo`} ej{}o`j`l }a iee gz yuoxjo{

i`m bj{ ~ieuiheo boev j` }oikbj`l go }bo hi{jk{ an vaez'kxikc }okbàealz

J |auem ie{a ejco }a orvxo{{ aux {j`koxo lxi}j}umo }a Gx IC [J@BI an KJGNX

Mjl|imjb }a lujmo u{ muxj`l }bo mj{}jeei}ja` vxako{{

Ei{}ez% J |auem ejco }a }bi`c{ gz Vxano{{ax J`' Kbixlo% Gx Xidi` Cugix

|ba vxa~jmom u{ }bo avvax}u`j}z }a |axc j` }bj{ ò| njoem an mo~oeavgo`} an

ie}oxì}o nuoe{ }a xoveiko mjo{oe i`m li{aejò



V i l o 2

Oòxlz Kxj{j{ [koìxja j` J`mji

\j}b bjlb okaàgjk lxa|}b xi}o{ i`m a~ox 9< voxko`} an }bo |axem‚{ vavuei}ja`%

J`mji j{ i {jl`jnjki`} ka`{ugox an oòxlz xo{auxko{ J`mji% i} 99< hjeeja` voaveo% j{

}bo {oka`m ga{} vavuei}om kau`}xz j` }bo |axem Mo{vj}o }bo leahie njì`kjie kxj{j{%J`mji‚{ oòxlz mogi`m ka`}jùo{ }a xj{o. J`mji ka`{ugo{ j}{ girjgug oòxlz j`

Xo{jmo`}jie% kaggoxkjie i`m ilxjkue}uxie vuxva{o{ j` kagvixj{a` }a Kbjì% Divi`%

Xu{{ji% O_'8< i`m _[



V i l o :

Vei{}jk \i{}o Giìlogo`}

]bo Vaezgox Oòxlz {z{}og j{ i` i|ixm'|j``j`l% j`à~i}j~o% vxavxjo}ixz vxako{{

}a ka`~ox} |i{}o vei{}jk{ j`}a xoò|iheo oòxlz

Vei{}jk{ veiz i ~oxz jgvax}i`} xaeo j` aux mijez ej~o{ ]bxaulbau} }bo |axem }bo

mogi`m nax vei{}jk% vix}jkueixez vei{}jk vikcilj`l% ka`}jùo{ }a xivjmez lxa|

Vxo~jau{ |i{}o giìlogo`} go}bam{ {ukb i{ ei`mnjee mj{va{ie% j`kjòxi}ja`% i`m

xokzkej`l bi~o nijeom }a vxa~jmo avvax}u`j}jo{ nax }bo kagveo}o xou{o an vei{}jk

|i{}o

]bo Vaezgox Oòxlz {z{}og u{o{ i vxako{{ kieeom ki}iez}jk vzxaez{j{ }a onnjkjo`}ez

ka`~ox} vei{}jk{ }a kxumo aje ]bo {z{}og vxa~jmo{ i` j`}olxi}om vei{}jk |i{}o

vxako{{j`l {z{}og |bjkb annox{ i` ie}oxì}j~o }a ei`mnjee mj{va{ie% j`kjòxi}ja`%

i`m xokzkej`l”|bjeo ie{a hoj`l i ~jiheo% okaàgjkie% i`m o`~jxa`go`}ieez'

xo{va`{jheo |i{}o giìlogo`} {aeu}ja`

]bo Vaezgox Oòxlz {z{}og u{o{ i vxako{{ kieeom |bjkb annox{ i` ie}oxì}j~o

}a ei`mnjee mj{va{ie% j`kjòxi}ja`% i`m xokzkej`l”|bjeo ie{a hoj`l i ~jiheo%

okaàgjkie% i`m o`~jxa`go`}ieez'xo{va`{jheo |i{}o giìlogo`} {aeu}ja`





V i l o 99

VZXAEZ[J[ I[ XOKAÔXJ@L ÎE_O NXAG \I[]O

\j}b i` j`kxoi{o j` vavuei}ja`% uxhi`jti}ja` i`m }okbàealz im~i`kogo`}% }bo

igau`} i`m }zvo an |i{}o loòxi}om hz ~ixjau{ {ok}ax{ j{ xivjmez j`kxoi{j`l%

kiu{j`l òli}j~o jgvik}{ a` boie}b i`m }bo o`~jxa`go`}Vzxaez{j{ j{ }bo }boxgie mokagva{j}ja` an |i{}o j`}a li{ i`m {aejm vbi{o{ j` }bo

ih{o`ko an }bo or}oxìe arzlo` {uvvez ]bo vxako{{ }ico{ veiko u`mox }bo

}ogvoxi}uxo{ }zvjkieez ixau`m ?66¶K ]bo li{oau{ vxamuk} an vzxaez{j{ ki`

u`moxla }bo naeea|j`l }xi`{naxgi}ja`{ j` ma|`{}xoig vxako{{o{4

Kaaej`l ma|` naeea|om hz aje ka`mo`{j`l3 ejyuonik}ja` j{ ivvejkiheo nax i

ejgj}om ùghox an noom{}akc% {ukb i{ vei{}jk{ ax xuhhox

Kxikcj`l i`m keoi`j`l j` axmox }a ho u{om i{ nuoe j` i li{ o`ljò3 vzxaez{j{

li{ ka`mj}ja`j`l j{ i kagvejki}om vxaheog i`m immj}jaìe mxi|hikc j{ }bi}

nux}box }xoi}go`} an }bo vzxaez{j{ kbix |jee ho voxnaxgom i} }bo bjlb

}ogvoxi}uxo{ ixau`m 9?66 K

[oka`mixz kaghu{}ja` i`m loòxi}ja` {}oig j` hajeox% |bjkb ka`{oyuo`}ez

|jee ho {o`} }a {}oig }uxhjò }a loòxi}o oeok}xjkj}z

[ago an }bo im~i`}ilo{ an vzxaez{j{ ixo }bi} }bo vzxaez{j{ vxako{{ j{ xoei}j~oez

j`{o`{j}j~o }a j}{ j`vu} |i{}o% kaghu{}ja` vxamuk}{ i{{akji}om |j}b }bo huxòm

{aejm |i{}o ixo à} loòxi}om% i`m mjarj`{ naxgi}ja` ki` ho onnjkjo`}ez vxo~o`}om

Ivvejki}ja` Noom{}akc }a vzxaez{j{ {z{}og Vxamuk}{ an vzxaez{j{

\i{}o'}a'

Oòxlz

Gu`jkjvie [aejm \i{}o "G[\*

\i{}o vei{}jk{

Gomjkie |i{}o

Xuhhox i`m }jxo{

O'|i{}o

Oeok}xjkie oòxlz

[}oig

Heikc kixha`

Aje

@a`'arjmjtom

go}ie{



V i l o 98

Vzxaez{j{ an Vei{}jk |i{}o{

Iee vei{}jk{ ixo vaezgox{ giùnik}uxom nxag }bo vo}xaeoug ejlb}ox o`m{

ejco vxavzeoò% ga{}ez ka`}ij`j`l kixha` i`m bzmxalo` i`m no| a}box

oeogo`}{ ejco kbeaxjò% `j}xalo` o}k Vaezgox{ ixo gimo uv an {gieegaeokueo{ kieeom i{ gaàgox{ |bjkb kaghjò i`m naxg {j`leo eixlo

gaeokueo kieeom vaezgox

\bo` }bj{ ea`l kbij` an gaàgox{ hxoic{ i} kox}ij` vaj`}{ ax |bo` ea|ox

gaeokueix |ojlb} nxik}ja`{ ixo naxgom }bj{ j{ }oxgom i{ molximi}ja` an

vaezgox ]bj{ j{ }bo xo~ox{o an vaezgoxjti}ja`

J` }bo vxako{{ an ka`~ox{ja` an |i{}o vei{}jk j`}a nuoe{ xi`mag Mo'

Vaezgoxjti}ja` j{ kixxjom au} j` i {vokjieez mo{jlòm Xoik}ax j` }boih{o`ko an arzlo` i`m j` }bo vxo{o`ko an i vxavxjo}ixz ki}iez{} ]bo

girjgug xoik}ja` }ogvoxi}uxo j{ ;?66K ]bo vei{}jk{ ixo ka`~ox}om

kagveo}oez j`}a ~ieuo immom nuoe vxamuk}{

Zau ki` xokzkeo4

Vaezvxavzeoò ' }xi{b ki`{% }jo hi`m{% M^M ki{o{% du`c naam |xivvox{% o}k

Vaezo}bzeoò ' |xivvj`l vivox% {uvox gixco} hil{% kea}bo{% vei{}jk ha}}eo kiv{%

o}k

Vaez{}zxoò ' [}zxanaig% o}k

Iee vei{}jk{ j`keumj`l Vaezo}bzeoò% Vaezvxavoò% Vaez{}zxoò% V^K% VÎ%

J`mu{}xjie vei{}jk{% iu}agahjeo neunn% hja'gomjkie |i{}o o}k.

Vaezo}bzeoò i`m vaezvxavzeoò ixo vuxo bzmxakixha`{ Ba|o~ox% }boz ixo

ixxi`lom j` ea`l kbij`{ Jn zau kbav }ba{o kbij`{ j`}a {bax}ox aò{% zau lo} aje Jn

zau kbav }bog o~o` {bax}ox% zau lo} mjo{oe Jn zau kbav }bog ilij`% zau lo}

li{aejò i`m o~o`}uieez huxìheo li{



V i l o 9;

NEA\ KBIX] NAX VZXAEZ[J[ AN VEI[]JK

\I[]O[ J@]A N_OE

KAEEOK]JA@ I@M [OLXOLI]JA@ AN VEI[]JK\I[]O[

[]AXJ@L AN VEI[]JK \I[]O[

[BXOMMJ@L AN \I[]O[

NOOMJ@L J@]A BAVVOX

NEA\ AN \I[]O[ J@]A BOI]J@LÔ[[OE J@ VXO[O@KO AN KI]IEZ[]

GAÔGO@] AN EJY_JM'ÎA_X

J@]A KA@MO@[OX

]IVVJ@L AN EJY_JM N_OE"VXAM_K]*



V i l o 9=

VXAKO[[ MO[KXJV]JA@

Hxjon vei`} eizau} i`m avoxi}jaìe vxakomuxo

]bo orj{}j`l vei`} bi{ i kivikj}z }a vxako{{ 8? }a ?6 cl an mjnnoxo`} axli`jk |i{}o{vox hi}kb avoxi}ja` ]bo vei`} j{ j`{}ieeom a` i {giee G[ xok}i`lueix {}xuk}uxo

|j}b ko`}xiejtom oeok}xjkie ka`}xae viòe ]bo kaaej`l |i}ox mo{jxom nax ka`mo`{ox

kaaej`l j{ vxa~jmom hz |i}ox kjxkuei}ja` ]bo li{o{ loòxi}om muxj`l }bo vei`}

vxako{{j`l ixo hux`} òixhz a` }bo ~o`} vjvo i{ {aa` i{ }boz ki}kb njxo muxj`l

gi}oxjie vxako{{j`l

]bo vei`} j{ eaimom |j}b }bo |ojlbom yui`}j}z an axli`jk |i{}o{ ]bo eaimj`l

vaj`} j{ kea{om in}ox }bo kagveo}ja` an gi}oxjie eaimj`l j` }bo xoik}ax Boi}j`l

nxag }bo ka`}xae viòe j{ }bo` {}ix}om lximuieez ]bo }ogvoxi}uxo vxanjeo an oikbhi}kb j{ eallom I{ {aa` i{ }bo }ogvoxi}uxo xoikbo{ 9?6¶K }bo li{o{ loòxi}om

muxj`l }bo vxako{{ ixo vi{{om a~ox i vi}o`}om ki}iez{} kix}xjmlo i`m ieea|om }a

vzxa'kxikc ]bo li{ vi{{o{ }bxaulb }bo ka`mo`{ox |boxo |i}ox i`m ejyujm nuoe

ka`mo`{om j{ {ovixi}om au} i`m }bo li{ j{ ieea|om }a ~o`} }bxaulb }bo ~o`} ejò

]bo ~o`} ejò j{ jl`j}om i`m }bo li{ j{ ieea|om }a hux` ]bo ejyujm kaeeok}om j` }bo

ka`mo`{ox j{ voxjamjkieez mxijòm i`m i} }bo o`m an }bo xu` aje i`m |i}ox ixo

{ovixi}om au} ]bo }a}ie vxako{{ ei{}{ nax ihau} ='? baux{ I} }bo o`m an oikb

avoxi}jaìe kzkeo }bo xo{jmuo j{ {ovixi}oez kaeeok}om i`m |ojlbom

Va|ox i`m u}jej}jo{ ka`{ugv}ja`4

Va|ox ka`{ugv}ja` an }bo vei`} j{ }a }bo }uò an >c\'bx |bjkb j`keumo{ boi}j`l

i{ |oee i{ |i}ox kjxkuei}ja` vugv \i}ox xoyujxom nax ka`mo`{ox j{ kuxxo`}ez

xokzkeom hz |i}ox kjxkuei}ja` vugv nxag gij` {}axilo }i`c

\i{}o loòxi}ja` i`m mj{va{ie go}bam{4

]bo kixhaìkoau{ xo{jmuo j{ kaeeok}om j` i lu``z hil [igo j{ vxava{om }a ho

u{om i{ {aejm nuoe {jgjeix }a kaco

]bo |i}ox kaeeok}om iea`l |j}b aje |jee ho {ovixi}om au} hz i mjnnoxo`} vxako{{

]boxo j{ laam igau`} an kieaxjnjk ~ieuo j` }bo li{ vxamukom |bjkb j{ à}jnjom hz

mj{}j`k} heuo kaeax neigo ]bj{ li{ bi{ i va}o`}jie }a ho u{om i{ nuoe



V i l o 9?

GIJ@ VZXAEZ[J[ VEI@]



V i l o 9>

GIJ@ VIX][ AN VZXAEZ[J[ VEI@]

]bo njluxo a` }bo eon} j{ }bo

}ogvoxi}uxo ka`}xae mo~jko an

}bo gij` boi}j`l ~o{{oe an }bo

vzxaez{j{ u`j} ]bo njluxo hoea|

j{ }bo ka`mo`{ox an }bo

gikbjò |bjkb j{ |i}ox'kaaeom



V i l o 9<

Hoònj}{ an Vzxaez{j{4

\i{}o j{ aò an }bo gidax kbieeo`lo{ |bjkb gamox` |axem j{ nikj`l }amiz O~oxz

zoix hjeeja`{ }a`{ an |i{}o ixo loòxi}om i`m }bo{o igau`}{ ixo xj{j`l {}oimjez

[ago gidax |i{}o{ |bjkb innok} aux o`~jxa`go`} ixo4

Gu`jkjvie [aejm \i{}o "G[\*

Mjnnoxo`} }zvo{ an vei{}jk{

Aem }zxo{ i`m xuhhox

Iu}a [bxommox Xo{jmuo "I[X*4 vei{}jk{% xuhhox% nihxjk{% |jxo{% o}k

Axli`jk |i{}o4 |aam kbjv{% {i| |i{}o% aje {eumlo% vivox vuev {eumlo%

vaue}xz ej}}ox

Gomjkie |i{}o nxag ba{vj}ie{

Oeok}xa`jk |i{}o4 kagvu}ox haixm{% kiheo{ i`m |jxo{

\i{}o{ {ukb i{ G[\% oeok}xa`jk'|i{}o% {kxiv }zxo{ ixo kuxxo`}ez oj}box mjnnjkue} }a

xokzkeo ax à} 966/ xokzkeiheo% |bjeo a}box |i{}o {ukb i{ gomjkie |i{}o j{ à}

xokzkeiheo i`m {biee ho mj{va{om Ià}box }zvjkie origveo j{ laam{ vikcilj`l "ol

naam* |bo` vei{}jk i}}ikbom }a a}box gi}oxjie{ "ieugjùg ! vaezgox eigjì}o*

Vzxaez{j{ bi{ i ùghox an jgvax}i`} im~i`}ilo{ a~ox j`kjòxi}ja`

]bo vzxaez{j{ {z{}og nax }xoi}go`} an G[\ i`m a}box |i{}o{ moga`{}xi}o{

orkoeeo`} vxik}jkie voxnaxgi`ko j` ka`}xaeej`l }bo ogj{{ja` an bixgnue

{uh{}i`ko{ {ukb i{ mjarj`{ |j}b eo~oe{ mxigi}jkieez ea|ox }bi` xoluei}ja`

~ieuo{

]bo vzxaez{j{ nikjej}z j{ {oen'{u{}ijìheo% jo nuoe j{ xoyujxom aèz nax {}ix}'uv

avoxi}ja`{ [}oig i`m!ax oeok}xjkj}z loòxi}om muxj`l avoxi}ja` j{ nux}box

{uvvejom au}{jmo an }bo nikjej}z }a }bo ku{}agox{

]bo vzxaez{j{ vei`} mao{ à} vxamuko |i{}o |i}ox onneuo`} nxag }bo li{

keoi`j`l {z{}og Iea`l |j}b }bj{ ah~jau{ o`~jxa`go`}ie im~i`}ilo j} ie{a

gico{ }bo {z{}og eo{{ orvo`{j~o

Ià}box o`~jxa`go`}ie i{vok} j{ }bo xomuk}ja` an }bo xo{jmuie{ }a ho {o`}

nax ei`mnjee mj{va{ie [ago xogij`j`l à`'}arjk i{bo{ ki` ie{a ho u{om j` }bo

hujemj`l j`mu{}xz

Xoka~oxom Go}ie{ ixo à`'arjmjtom i`m ki` ho nux}box u{om

Ki` }xoi} ha}b ea| kieaxjnjk i`m bjlb kieaxjnjk |i{}o



V i l o 92

@AXGIE MJ[]JEEI]JA@ AN KX_MO

VEI[]JK AJE

In}ox giùnik}uxo an kxumo vei{}jk aje hz u{j`l }bo vaez'kxikc }okbàealz an [u{}ijìheo ]okbàealjo{ . O`~jxa`go`}ie Vxadok}{ V~} E}m |o bim }a {ovixi}o j}{

mjnnoxo`} nxik}ja`{ Nax }bj{ vuxva{o |o bim }a u`mox}ico j}{ àxgie mj{}jeei}ja`

u`mox i}ga{vboxjk ka`mj}ja`{ uv }a 9?6¶K i`m }bo` àxgie mj{}jeei}ja` u`mox

~ikuug vxo{{uxoMj{}jeei}ja` j{ i go}bam an {ovixi}j`l gjr}uxo{ hi{om a`

mjnnoxo`ko{ j` ~aei}jej}jo{ an kagvaò`}{ j` i hajej`l ejyujm gjr}uxo Mj{}jeei}ja` j{

i u`j}avoxi}ja`% ax i vbz{jkie {ovixi}ja` vxako{{% i`m à} i kbogjkie xoik}ja`.

]bo ivvejki}ja` an mj{}jeei}ja` ki` xaulbez ho mj~jmom j` }|a lxauv{4

Eihaxi}axz {kieo

J`mu{}xjie mj{}jeei}ja`

]bo gij` mjnnoxo`ko ho}|oo` eihaxi}axz {kieo mj{}jeei}ja` i`m j`mu{}xjie

mj{}jeei}ja` j{ }bi} eihaxi}axz {kieo mj{}jeei}ja` j{ an}o` voxnaxgom hi}kb'|j{o%

|boxoi{ j`mu{}xjie mj{}jeei}ja` an}o` akkux{ ka`}jùau{ez J` hi}kb mj{}jeei}ja`% }bo

kagva{j}ja` an }bo {auxko gi}oxjie% }bo ~ivax{ an }bo mj{}jeej`l kagvau`m{ i`m

}bo mj{}jeei}o kbi`lo muxj`l }bo mj{}jeei}ja` J` hi}kb mj{}jeei}ja`% i {}jee j{ kbixlom

"{uvvejom* |j}b i hi}kb an noom gjr}uxo% |bjkb j{ }bo` {ovixi}om j`}a j}{

kagvaò`} nxik}ja`{ |bjkb ixo kaeeok}om {oyuo`}jieez nxag ga{} ~aei}jeo }a eo{{

~aei}jeo% |j}b }bo ha}}ag{ "xogij`j`l eoi{} ax à`'~aei}jeo nxik}ja`* xoga~om i}

}bo o`m ]bo {}jee ki` }bo` ho xokbixlom i`m }bo vxako{{ xovoi}om

http://en.wikipedia.org/wiki/Volatility_(physics)

http://en.wikipedia.org/wiki/Volatility_(physics)



V i l o 9:

J` ka`}jùau{ mj{}jeei}ja`% }bo {auxko gi}oxjie{% ~ivax{% i`m mj{}jeei}o ixo cov} i} i

ka`{}i`} kagva{j}ja` hz kixonueez xoveo`j{bj`l }bo {auxko gi}oxjie i`m xoga~j`l

nxik}ja`{ nxag ha}b ~ivax i`m ejyujm j` }bo {z{}og ]bj{ xo{ue}{ j` i ho}}ox ka`}xae

an }bo {ovixi}ja` vxako{{

ÎK__GMJ[]JEEI]JA@

[ago kagvau`m{ bi~o ~oxz bjlb hajej`l vaj`}{ ]a haje {ukb kagvau`m{% j} j{

an}o` ho}}ox }a ea|ox }bo vxo{{uxo i} |bjkb {ukb kagvau`m{ ixo hajeom j`{}oim an

j`kxoi{j`l }bo }ogvoxi}uxo A`ko }bo vxo{{uxo j{ ea|oxom }a }bo ~ivax vxo{{uxo

an }bo kagvau`m "i} }bo lj~o` }ogvoxi}uxo*% hajej`l i`m }bo xo{} an }bo

mj{}jeei}ja` vxako{{ ki` kaggo`ko ]bj{ }okb`jyuo j{ xonoxxom }a i{ ~ikuug

mj{}jeei}ja` i`m j} j{ kaggaèz nau`m j` }bo eihaxi}axz j` }bo naxg an }bo xa}ixz

o~ivaxi}ax ]bj{ }okb`jyuo j{ ie{a ~oxz u{onue nax kagvau`m{ |bjkb haje hoza`m

}bojx mokagva{j}ja` }ogvoxi}uxo i} i}ga{vboxjk vxo{{uxo i`m |bjkb |auem

}boxonaxo ho mokagva{om hz i`z i}}ogv} }a haje }bog u`mox i}ga{vboxjk

vxo{{uxo



V i l o 86

94 [}jxxox hix!hajej`l kbjv{

84 [}jee va}

;4 Nxik}jaì}j`l kaeug`% vxonoxihez ~ikuug dikco} j`{uei}om

=4 ]boxgago}ox!Hajej`l vaj`} }ogvoxi}uxo

?4 ]onea` }iv 9% mj{}jeei}o kaeeok}j`l }iv

>4 Kaem nj`lox

<4 Kaaej`l |i}ox au}24 Kaaej`l |i}ox j`

:4 ]onea` }iv 8% {}jee j{aei}ja` }iv

964 îkuug!li{ jèo}

994 ]onea` }iv ;% mj{}jeei}o j{aei}ja` }iv

984 [}jee xokoj~ox



V i l o 89

N_OE VXAVOX]JO[

I@IEZ[J[ AN XI\ GI]OXJIE "GJROM VEI[]JK

\I[]O[*

Vxavox}jo{ _AG Xo{ue}{

Ivvoixi`ko ^j{uie Gjrom vei{}jk{

Ea{{ an mxzj`l /\!\ 6.?

Ea{{ an jl`j}ja` /\!\ :=

Kieaxjnjk ~ieuo /\!\ =?;6

I@IEZ[J[ AN VAEZKXIKC N_OE KAEEOK]OM

VXAVOX]JO[ _@J][ XO[_E][

J@J]JIE HAEJ@L VAJ@] ¶K 99?

MO@[J]Z F¶K L!ge 6.2>= F;6

LXA[[ KIEAXJNJK ÎE_O Kie!L 96266



V i l o 88

I@IEZ[J[ AN MJO[OE NXAG VEI[]JK N_OE

VXAVOX]Z GO]BAM _@J] XO[_E][ [VOKJNJKI]JA@[

AN MJO[OE

MO@[J]Z F 9?¶K I[]G 8=6?8 L!ge 6.<<8: 6.286 ‛ 6.2=?

[_EVB_X

KA@]O@]

I[]G 8>88 Gl!cl 26.66

NEI[BVAJ@]

]OGVOXI]_XO

I[]G M:;I ¶K 58?.6 GJ@4 ??¶K

KO]I@O J@MOR I[]G M=<;< =<.86 =>.6

E_HXJKJ]Z KOK'N6>'I GJKXAGO]OX ;6:.6 =>6.6

ARJMI]JA@

[]IHJEJ]Z

I[]G M88<= Gl!966ge 8=? GIR4 8.?

\I]OX I[]G O69>= Gl!Cl 866 GIR4 866



V i l o 8;

MJO[OE O@LJ@OI mjo{oe o`ljò "ie{a cà|` i{ i kagvxo{{ja`'jl`j}ja` o`ljò* j{ i` j`}oxìe

kaghu{}ja` o`ljò }bi} u{o{ }bo boi} an kagvxo{{ja` }a j`j}ji}o jl`j}ja` }a hux`

}bo nuoe% |bjkb j{ j`dok}om j`}a }bo kaghu{}ja` kbighox ]bj{ j{ j` ka`}xi{} }a{vixc'jl`j}ja` o`ljò{ {ukb i{ i vo}xae o`ljò "li{aejò o`ljò* ax li{ o`ljò

"u{j`l i li{oau{ nuoe i{ avva{om }a li{aejò*% |bjkb u{o{ i {vixc veul }a jl`j}o i`

ijx'nuoe gjr}uxo ]bo o`ljò |i{ mo~oeavom hz Xumaen Mjo{oe j` 92:;

]bo mjo{oe o`ljò bi{ }bo bjlbo{} }boxgie onnjkjo`kz an i`z xolueix j`}oxìe ax

or}oxìe kaghu{}ja` o`ljò muo }a j}{ ~oxz bjlb kagvxo{{ja` xi}ja Ea|'{voom

mjo{oe o`ljò{ "i{ u{om j` {bjv{ i`m a}box ivvejki}ja`{ |boxo a~oxiee o`ljò

|ojlb} j{ xoei}j~oez u`jgvax}i`}* ki` bi~o i }boxgie onnjkjo`kz }bi} orkoom{ ?6voxko`}

Hi{jk ]zvo{ an Mjo{oe O`ljò{

]boxo ixo }|a hi{jk }zvo{ an Mjo{oe O`ljò{

• Naux [}xaco Kzkeo

• ]|a [}xaco Kzkeo

\AXCJ@L AN MJO[OE O@LJ@O[

]bo mjo{oe o`ljò avoxi}om a` }bo mjo{oe kzkeo j`

|bjkb boi} j{ {uvvejom i} ka`{}i`} vxo{{uxo

9'8……. Imjihi}jk kagvxo{{ja`

8';……..Immj}ja` an boi} i} ka`{}i`}

vxo{{uxo ;'=……… Imjihi}jk orvi`{ja`

='9……… Xodok}ja` an boi} i} ka`{}i`}

~aeugo



V i l o 8=

Orvoxjgo`}ie mo}ije{

Orvoxjgo`}ie Ivvixi}u{

]bo o`ljò u{om j` }bj{ orvoxjgo`} |i{ mjo{oe o`ljò an Li`li Vxokj{ja`

J`mu{}xjo{ "LV9'=* ]bo o`ljò j{ i {j`leo kzej`mox }zvo% i`m bi{ i haxo an 26 gg

i`m i {}xaco an 996 gg ]bo kaghu{}ja` kbighox j{ kzej`mxjkie j` {bivo ]bo ='

{}xaco% |i}ox'kaaeom% kaghu{}ja` jl`j}ja` o`ljò j{ àgjìeez xi}om i} ;.<; C| F

<=6 xvg ]bo o`ljò j{ kauveom }a i xavo'hxoic mzìgago}ox }a goi{uxo }bo

o`ljò }axyuo i`m eaim ka`}xae ]bo ijx ka`{ugv}ja` har |i{ u{om }a goi{uxo

}bo ijx nea| an }bo o`ljò



V i l o 8?

[VOKJNJKI]JA@[ AN MJO[OE O@LJ@O4

O@LJ@O GICO Li`li Vxokj{ja` J`mu{}xjo{

GAMOE LV9'=

Haxo Ü [}xaco 2666gg Ü 996gg

Kzej`mox 9

Girjgug Va|ox ? BV ";<; c\*

[vokjnjk ]axyuo =2<: @g

Kaaei`} \i}ox

Haxo![}xaco xi}ja 6<8<

Mzìgago}ox Xavo'Hxoic

Ijx Har G[ nihxjki}om |j}b axjnjko go}ox i`m

giàgo}ox "axjnjko mji :?= gg*

Nuoe ]i`c ? ej}xo{

]ogvoxi}uxo [o`{ax @j'Kx! @j'Ie ]boxgakauveo



V i l o 8>

XAVO' HXOIC MZ@IGAGO]OX

I mzìgago}ox j{ i mo~jko nax goi{uxj`l naxko% gago`} an naxko "}axyuo*% ax

va|ox Nax origveo% }bo va|ox vxamukom hz i` o`ljò% ga}ax ax a}box xa}i}j`l

vxjgo ga~ox ki` ho kiekuei}om hz {jgue}iòau{ez goi{uxj`l }axyuo i`mxa}i}jaìe {voom "XVG*I mzìgago}ox ki` ie{a ho u{om }a mo}oxgjò }bo }axyuo

i`m va|ox xoyujxom }a avoxi}o i mxj~o` gikbjò {ukb i{ i vugv .

]bj{ }zvo an mzìgago}ox j{ ~oxz {uj}iheo nax goi{uxj`l }bo HV an i` o`ljò an

gamoxi}o {jto% j} j{ oi{z }a nihxjki}o i`m jòrvo`{j~o J} ka`{j{}{ an xavo |xivvom

xau`m }bo hxico mxug ax nez|booe cozom }a }bo kxi`c{bin} an i` o`ljò |ba{o

HV j{ mo}oxgjòm Aò o`m an }bo xavo j{ ka`òk}om }a }bo {vxj`l hiei`ko |bjeo

i} }bo a}box o`m j{ bu`l i moim |ojlb} \ \aamo` heakc ixo j`kaxvaxi}om }a

kbokc }bo xavo {ejvvj`l ann }bo hxico mxug!nez|booe [j`ko% i ea} an }bo boi} j{

vxamukom "muo }a nxjk}ja`* j` }bj{ ixxi`logo`}% }bo xjg an }bo |booe j{ |i}ox

kaaeom

]bo ixxa| {ba|{ }bo mjxok}ja` an xa}i}ja` an |booe J} j{ o~jmo`} nxag }bo njluxo

}bi} \ avva{o{ }bo xa}i}ja` an |booe {vxj`l hiei`ko [ ik}{ a}box|j{o% {a }bo ò}

hxico eaim "|bjkb avva{o{ }bo xa}i}ja`* j{ "\'[*

\ 7 Moim |ojlb} a` }bo xavo "ò|}a`*%

[ 7 {vxj`l hiei`ko xoimj`l "ò|}a`*%

M 7 Mjigo}ox an }bo hxico mxug!|booe "g*%

m 7 Mjigo}ox an xavo "g*% i`m

@ 7 [voom an }bo o`ljò "xvg*

@o} eaim ax nxjk}jaìe naxko ik}j`l a` }bo mxug!|booe 7 "\'[* ò|}a`

]bo onnok}j~o ximju{ i} |bjkb ò} eaim ik}{ 7 "M#m* ü 8



V i l o 8<

Hxicj`l ]axyuo%

] 7 Nxjk}jaìe naxko Ü ximju{ 7 "\ ‛ [* Ü "M#m* ü8 @g

Va|ox Ih{axhom 7 Nxjk}jaìe }axyuo Ü i`leo }uxòm j` aò gjù}o

7 ] Ü 8∁@

7 s"\∘[* Ü· "M#m* Ü 8∁@w ü >6@g!{ok ax D

Hxico Va|ox an }bo mzìgago}ox 7 s"\∘[* Ü ∁ "M#m* Ü @w ü >6666 c\

Xavo hxico mzìgago}ox



V i l o 82

GOI[_XOGO@] AN IJX KA@[_GV]JA@

Ijx har go}bam4'

J} ka`{j{}{ an i` ijx }jlb} kbighox nj}}om |j}b i {bixv omlom axjnjko an cà|`

kaonnjkjo`} an mj{kbixlo ]bo axjnjko j{ eaki}om i|iz nxag }bo {uk}ja` ka`òk}ja`

}a }bo o`ljò Muo }a }bo {uk}ja` an }bo o`ljò% }boxo j{ i vxo{{uxo movxo{{ja` j`

}bo ijx har ax kbighox |bjkb kiu{o{ }bo nea| }bxaulb }bo axjnjko Nax ah}ij`j`l i

{}oimz nea|% }bo ~aeugo an kbighox {bauem ho {unnjkjo`}ez eixlo kagvixom |j}b

}bo {|ov} ~aeugo an }bo kzej`mox% loòxieez ?66'>66 }jgo{ }bo {|ov} ~aeugo J} j{

i{{ugom }bi} }bo j`}oxgj}}o`} {uk}ja` an }bo o`ljò |jee à} innok} }bo ijx

Svxo{{uxo j` }bo ijx har i{ ~aeugo an }bo har j{ {unnjkjo`}ez eixlo% i`m vxo{{uxo j`

}bo har xogij`{ {igo

I |i}ox giàgo}ox j{ u{om }a goi{uxo }bo vxo{{uxo mjnnoxo`ko kiu{j`l }bo nea|

}bxaulb }bo axjnjko ]bo movxo{{ja` ikxa{{ }bo axjnjko {bauem à} orkoom 966'

9?6gg an |i}ox

NJL4 Ijx har go}bam nax goi{uxj`l ijx ka`{ugv}ja`



V i l o 8:

]bo mjgo`{ja`{ an i {uj}iheo ijx har go}ox j{ lj~o` hz i à`'mjgo`{jaìe nik}ax%

_7s9!"=6.:=$96?*wsΠ K^ @

8`

8!]m

=v

8w%

\boxo% Π 7~aeugo}xjk onnjkjo`kz

^ 7 O`ljò {|ov} ~aeugo "g;*

K 7 Ijx har ~aeugo "g;*

@ 7O`ljò {voom "xvg*

`7 à an kzej`mox{

]7 ijx }ogvoxi}uxo "C*

m7 axjnjko mjigo}ox "g*

v7 {}xaco an vj{}a` vox j`muk}ja` {}xaco

@A]O' _58?



V i l o ;6

O@LJ@O KIEK_EI]JA@[

9. KIEK_EI]JA@ AN EAIM4

"Nax O`ljò*

Hxoic Va|ox j{ ik}uie va|ox i~ijeiheo nxag o`ljò nax maj`l }bo u{onue

|axc HV nxag njluxo }bi} avva{o{ }bo xa}i}ja` an |booe |boxoi{ {vxj`l

hiei`ko [ ik}{ a}box|j{o% {a ò} Hxico ea{{* |bjkb avva{o{ }bo xa}i}ja` j{

"\'[*

Ka`{jmoxj`l }bo o`ljò an ? HBV

‒V‚ j{ lj~o` hz naxguei

V78Φ@]!>6666 c\

]7V Ü >6666!8φ@ c@'g

]bo ]axyuo j{ goi{uxom hz Xavo Hxico Mzìgago}ox

Hxicj`l }axyuo ]7 "Nxjk}jaìe Naxko Ü ximju{* r l

[a ]7 "\∘[* "X # x* Ü l

7 "\∘[* XÜ l

"@oleok}j`l x7ximju{ an xavo*

\boxo3X7eaim ixg j` go}ox{

\ . [ j` Cl

I{ |o ah{ox~o }bi} Eaim Ixg jo X j{ ka`{}i`}

[a% Nax Nuee Eaim |o kiekuei}o }bo }axyuo i`m }bo eaim j{ ka`{jmoxom }a ho

}bo girjgug eaim ‒R‚

?6/ eaim7 s"\∘[* Ü 966!Rw Ü 966



V i l o ;9

8. KIEK_EI]JA@ AN GI[[ NEA\ XI]O AN N_OE4

Gi{{ nea| an nuoe j{ monjòm i{ nea| an nuoe }bxaulb o`ljò vox {oka`m

I{ mo`{j}z an nuoe j{ lj~o` hz

ω 7 Gi{{!âeugo

[a% Gi{{7 ω Ü ~aeugo

@a| }bo }jgo nax }bo ka`{ugv}ja` an nuoe j{ goi{uxom hz {}av|i}kb

]boxonaxo3 Gi{{ Nea| Xi}o 7 Gi{{!]jgo

;. KIEK_EI]JA@ AN BOI] J@V_]

Boi} j`vu} j{ lj~o` hz }bo naxguei

7 gn r K^

\boxo%

Gn 7gi{{ nea| xi}o an nuoe j` cl!{ok

K^ 7kieaxjnjk ~ieuo j` CD!Cl

=. KIEK_EI]JA@ AN HXICO ]BOXGIE ONNJKJO@KZ

Hxico }boxgie onnjkjo`kz j{ }bo xi}ja an oòxlz j` }bo hxico va|ox% hv% }a

}bo j`vu} nuoe oòxlz j` ivvxavxji}o u`j}{

μh}b 7



V i l o ;8

<. KIEK_EI]JA@ AN HXICO [VOKJNJK N_OE KA@[_GV]JA@

Hxico {vokjnjk nuoe ka`{ugv}ja` j{ nuoe nea| j` cl!vox xoyujxom }a mo~oeav 9

cjea|i}} an oòxlz

h{nk7 gn ! H.V.

\boxo gn 7 gi{{ nea| xi}o an nuoe j` cl!bx i`m HV j{ j` |i}}{

2. GOI[_XOGO@] AN IJX KA@[_GV]JA@

âeugo an Ijx vi{{j`l }bxaulb axjnjko

72=6 Ü φÜ ÜKm Ü

g;!gj`

\boxo%

Ωi 7mo`{j}z an ijx

m7mjigo}ox an axjnjko j` go}ox{

7V!X]

Km76.>

V 7 I}ga{vboxjk Vxo{{uxo

] 7 Ighjo`} }ogvoxi}uxo

X 7 _`j~ox{ie li{ ka`{}i`} 7 82< daueo{!cl'C

b| 7 mjnnoxo`ko an vxo{{uxo boim j` }bo }|a }uho{% j` kg an |i}ox

[jgjeixez% Gi{{ an ijx vi{{j`l }bxaulb }bo axjnjko

Gi7 îÜ ωi 7 6.6>> Ü Km Ü ∔ Cl!gj`



V i l o ;;

:. KIEK_EI]JA@ AN ÂE_GO]XJK ONNJKJO@KZ AN I@ O@LJ@O

J} j{ monjòm i{ xi}ja an ik}uie gi{{ an ijx mxi|` j`}a }bo o`ljò muxj`l i

lj~o` voxjam an }jgo }a }boaxo}jkie gi{{ |bjkb |auem bi~o hoo` mxi|` j`

muxj`l }bo {igo voxjam an }jgo% hi{om uva` }bo }a}ie vj{}a` mj{veikogo`}an o`ljò% i`m }bo }ogvoxi}uxo i`m vxo{{uxo an {uxxau`mj`l i}ga{vboxo

âeugo}xjk Onnjkjo`kz 7âeugo nea| xi}o i} j`}ico ka`mj}ja`ü [|ov}

~aeugo

î 7 gi X]! ω

[|ov} ~aeugo j{ lj~o` hz

^{ 7 φ!= Ü EÜ `

\boxo%

Gi 7 gi{{ an ijx j` Cl!gj`

X 7 u`j~ox{ie li{ ka`{}i`}782< cD!Cl'C

V7I}ga{vboxjk Vxo{{uxo796?

Vi

]7ighjo`} }ogvoxi}uxo

M7mjigo}ox an Vj{}a`

E7Eo`l}b an {}xaco

` 7 @!8 nax ='{}xaco o`ljò

@ 7 [voom an o`ljò j` xvg



V i l o ;=

96. KIEK_EI]JA@ AN HXICO GOI@ ONNOK]JÔ VXO[[_XO

J} j{ i ka`{}i`} u`jnaxg vxo{{uxo |bjkb jn ik}j`l a` }bo niko an vj{}a`

}bxaulbau} }bo {}xaco |auem bi~o vxamukom }bo {igo |axc ixoi i{

ah}ijòm u`mox ik}uie |axcj`l ka`mj}ja`{

I{ HV 7 " Vhg r EI` *!>6666 c\

[a J` ]bj{ Vxadok}

H.V. 7 Vhg Ü E Ü φ!= r ` ! >6%666 c\

Ie{a H.V. 7 8φ@]!>6666 7 sΦm`"\∘[*Ül !>6666w 7 T "{iz*

[a V hg7 T Ü >6666 ! E rφ!= r @!8 @!g8

99. KIEK_EI]JA@ AN IJX!N_OE XI]JA

\o kiekuei}o }bo ijx!nuoe xi}ja` hz kiekuei}j`l }bo gi

i`m gn

nax ~ixjau{

ka`mj}ja`{



V i l o ;?

_[J@L MJO[OE I[ N_OE

Ki{o 94 I} :.<=6 cl{. Ax 82.</ eaim ka`mj}ja`{

VXAVOX]Z _@J] XO[_E][

EAIM VOXKO@]ILO / Cl!cl 82.<

HXICO VA\OX C\ 9.6<

]JGO AN KA@[_GV]JA@ AN ;kk AN

N_OE

[ok 8;.9

GI[[ XI]O AN N_OE KA@[_GV]JA@ cl!{ok 9.62$96P∘=

BOI] J@V_] cD =.2<>

HXICO ]BOXGIE ONNJKJO@KZ Q 89.:

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.;>;;

GI[[ AN IJX ]BXA_LB AXJNJKO Cl!gj`. 6.99>

ÂE_GO AN IJX g;!gj`. 6.6:2;

ÊA_GO]XJK ONNJKJO@KZ Q =2.6<

GOI@ ONNOK]JÔ VXO[[_XO Hix ;.86;

IJX' N_OE XI]JA Q 9<.:8



V i l o ;>

KI[O 84 I} 9;.<8? cl{. Ax =6.??/ eaim ka`mj}ja`{


EAIM VOXKO@]ILO Cl!cl =6.??

HXICO VA\OX C\ 9.?9


N_OE

[ok 88

GI[[ XI]O AN N_OE KA@[_GV]JA@ Cl!{ok 9.9;$96P∘=

BOI] J@V_] CD ?.6>

HXICO ]BOXGIE ONNJKJO@KZ Q 8:.2=

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.8>:=

GI[[ AN IJX ]BXA_LB AXJNJKO Cl!gj`. 6.999=

ÂE_GO AN IJX g;!gj`. 6.6:=

ÊA_GO]XJK ONNJKJO@KZ Q =>.98

GOI@ ONNOK]JÔ VXO[[_XO Hix =.?9;

IJX' N_OE XI]JA Q 9>.=;



V i l o ;<

KI[O ;4 I} 9<.<=6 cl{. Ax ?8.;/ eaim ka`mj}ja`{


EAIM VOXKO@]ILO Cl!cl ?8.;

HXICO VA\OX C\ 9.:?


N_OE

[ok. 9:.<

GI[[ XI]O AN N_OE KA@[_GV]JA@ Cl!{ok 9.8>$96P∘=

BOI] J@V_] CD ?.>=

HXICO ]BOXGIE ONNJKJO@KZ Q ;=.>

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.8;8;

GI[[ AN IJX ]BXA_LB AXJNJKO Cl!gj` 6.9966

ÂE_GO AN IJX g;!gj` 6.6:;8

ÊA_GO]XJK ONNJKJO@KZ Q =?.??

GOI@ ONNOK]JÔ VXO[[_XO Hix ?.28

IJX' N_OE XI]JA Q 9=.??



V i l o ;2

Ki{o =4 I} 9:.?8 cl{. Ax ?<.?6/ eaim ka`mj}ja`{


EAIM VOXKO@]ILO Cl!cl ?<.?

HXICO VA\OX C\ 8.9?


N_OE

[ok 9=.>

GI[[ XI]O AN N_OE KA@[_GV]JA@ Cl!{ok 9.<$96P'=

BOI] J@V_] CD <.>=

HXICO ]BOXGIE ONNJKJO@KZ Q 82.8?

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.82=>

GI[[ AN IJX ]BXA_LB AXJNJKO Cl!gj` 6.96<:

ÂE_GO AN IJX g;!gj` 6.6:9

ÊA_GO]XJK ONNJKJO@KZ Q ==.><

GOI@ ONNOK]JÔ VXO[[_XO hix >.=

IJX' N_OE XI]JA Q 96.?<



V i l o ;:

?/ MJO[OE NXAG VEI[]JK[ # :?/ MJO[OE

KI[O 94 I} :.<= cl{ ax 82.</ eaim ka`mj}ja`{


EAIM VOXKO@]ILO Cl!cl 82.<

HXICO VA\OX C\ 9.6<


N_OE

{ok 88

GI[[ XI]O AN N_OE KA@[_GV]JA@ Cl!{ok 9.9;>$96P'=

BOI] J@V_] CD ?.6:

HXICO ]BOXGIE ONNJKJO@KZ Q 89.68

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.;288

GI[[ AN IJX ]BXA_LB AXJNJKO Cl!gj` 6.99;;

ÂE_GO AN IJX G;!gj` 6.6:>

ÊA_GO]XJK ONNJKJO@KZ Q =>.:=


IJX' N_OE XI]JA Q 9>.>8



V i l o =6




HXICO VA\OX C\ 9.?9


N_OE

{ok 9:

GI[[ XI]O AN N_OE KA@[_GV]JA@ Cl!{ok 9.8>8$96P'=

BOI] J@V_] CD ?.>?

HXICO ]BOXGIE ONNJKJO@KZ Q 8>.<

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.;69

GI[[ AN IJX ]BXA_LB AXJNJKO Cl!gj` 6.998;

ÂE_GO AN IJX G;!gj` 6.6:?

ÊA_GO]XJK ONNJKJO@KZ Q =>.=?

GOI@ ONNOK]JÔ VXO[[_XO Hix =.?9

IJX' N_OE XI]JA Q 9=.2;



V i l o =9

KI[O ; 4 I} 9<.<= cl{ ax ?8.;/ eaim ka`mj}ja`{



HXICO VA\OX C\ 9.:?8


N_OE

{ok 9>.;

GI[[ XI]O AN N_OE KA@[_GV]JA@ Cl!{ok 9.?;;$96P∘=

BOI] J@V_] CD >.2<

HXICO ]BOXGIE ONNJKJO@KZ Q 82.=

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.828<

GI[[ AN IJX ]BXA_LB AXJNJKO Cl!gj` 6.96:2

ÂE_GO AN IJX G;!gj` 6.6:;

ÊA_GO]XJK ONNJKJO@KZ Q =?.=<

GOI@ ONNOK]JÔ VXO[[_XO Hix ?.2=

IJX' N_OE XI]JA Q 99.:;



V i l o =8

Ki{o =4 I} 9:.?8 cl{ ax ?<.?/ eaim ka`mj}ja`{



HXICO VA\OX C\ 8.9?

]JGO AN KA@[_GV]JA@ AN ;kk AN N_OE {ok 9=.=

GI[[ XI]O AN N_OE KA@[_GV]JA@ Cl!{ok 9.<;$96P'=

BOI] J@V_] CD <.<2

HXICO ]BOXGIE ONNJKJO@KZ Q 8<.>;

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.8:6?

GI[[ AN IJX ]BXA_LB AXJNJKO Cl!gj` 6.96>2

ÂE_GO AN IJX G;!gj` 6.6:

ÊA_GO]XJK ONNJKJO@KZ Q ==.69

GOI@ ONNOK]JÔ VXO[[_XO Hix >.=

IJX' N_OE XI]JA Q 96.8?



V i l o =;

96/ MJO[OE NXAG VEI[]JK[ # :6/ MJO[OE




HXICO VA\OX C\ 9.6<

]JGO AN KA@[_GV]JA@ AN ;kk AN N_OE {ok 89.2

GI[[ XI]O AN N_OE KA@[_GV]JA@ Cl!{ok 9.9=:$96P'=

BOI] J@V_] CD ?.9=

HXICO ]BOXGIE ONNJKJO@KZ Q 86.<>

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.;2>?


ÂE_GO AN IJX G;!gj` 6.6:>

ÊA_GO]XJK ONNJKJO@KZ Q =>.:=


IJX' N_OE XI]JA Q 9>.=;



V i l o ==




HXICO VA\OX C\ 9.?9


N_OE

{ok 92.;

GI[[ XI]O AN N_OE KA@[_GV]JA@ Cl!{ok 9.;>:$96P∘=

BOI] J@V_] CD >.9=9

HXICO ]BOXGIE ONNJKJO@KZ Q 8=.?2

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.;8>=


ÂE_GO AN IJX G;!gj` 6.6:?

ÊA_GO]XJK ONNJKJO@KZ Q =>.=?

GOI@ ONNOK]JÔ VXO[[_XO Hix =.?9

IJX' N_OE XI]JA Q 9;.><



V i l o =?






N_OE

{ok 9>.;

GI[[ XI]O AN N_OE KA@[_GV]JA@ Cl!{ok 9.?=>$96P'=

BOI] J@V_] CD >.:;?

HXICO ]BOXGIE ONNJKJO@KZ Q 82.9=

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.82?9

GI[[ AN IJX ]BXA_LB AXJNJKO Cl!gj` 6.96:=

ÂE_GO AN IJX g;!gj` 6.6:;

ÊA_GO]XJK ONNJKJO@KZ Q =?.=<

GOI@ ONNOK]JÔ VXO[[_XO hix ?.28

IJX' N_OE XI]JA Q 96.99



V i l o =>




HXICO VA\OX C\ 8.9?


N_OE

{ok 9=.8;

GI[[ XI]O AN N_OE KA@[_GV]JA@ Cl!{ok 9.<>6$96P'=

BOI] J@V_] CD <.2

HXICO ]BOXGIE ONNJKJO@KZ Q 8<.8;

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.8:=<

GI[[ AN IJX ]BXA_LB AXJNJKO Cl!gj` 9.6>2

ÂE_GO AN IJX g;!gj` 6.6:

ÊA_GO]XJK ONNJKJO@KZ Q ==.69


IJX' N_OE XI]JA Q 99.<:



V i l o =<

86/ MJO[OE NXAG VEI[]JK[ # 26/ MJO[OE




HXICO VA\OX C\ 9.6<

]JGO AN KA@[_GV]JA@ AN ;kk AN N_OE {ok 8;.>?

GI[[ XI]O AN N_OE KA@[_GV]JA@ Cl!{ok 9.6>;$96P'=

BOI] J@V_] CD =.<<

HXICO ]BOXGIE ONNJKJO@KZ Q 88.=8

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.;?<>

GI[[ AN IJX ]BXA_LB AXJNJKO Cl!gj` 6.99=

ÂE_GO AN IJX g;!gj` 6.6:=

ÊA_GO]XJK ONNJKJO@KZ Q =>.9>

GOI@ ONNOK]JÔ VXO[[_XO hix ;.8

IJX' N_OE XI]JA Q 9<.=>



V i l o =2




HXICO VA\OX C\ 9.?9


N_OE

{ok 86.28

GI[[ XI]O AN N_OE KA@[_GV]JA@ Cl!{ok 9.86<$96P'=

BOI] J@V_] CD ?.=8

HXICO ]BOXGIE ONNJKJO@KZ Q 8<.29

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.82<<


ÂE_GO AN IJX g;!gj` 6.6:=

ÊA_GO]XJK ONNJKJO@KZ Q =?.:>

GOI@ ONNOK]JÔ VXO[[_XO hix =.?9

IJX' N_OE XI]JA Q 9?.;8



V i l o =:





]JGO AN KA@[_GV]JA@ AN ;kk AN N_OE {ok 9<.6<

GI[[ XI]O AN N_OE KA@[_GV]JA@ Cl!{ok 9.=<;$96P'=

BOI] J@V_] CD >.>9

HXICO ]BOXGIE ONNJKJO@KZ Q 8:.?;

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.8<9>


ÂE_GO AN IJX g;!gj` 6.6:;8

ÊA_GO]XJK ONNJKJO@KZ Q =?.?<

GOI@ ONNOK]JÔ VXO[[_XO hix ?.2

IJX' N_OE XI]JA Q 98.==



V i l o ?6




HXICO VA\OX C\ 8.9?


N_OE

{ok 9=.2>

GI[[ XI]O AN N_OE KA@[_GV]JA@ Cl!{ok 9.>:$96P'=

BOI] J@V_] CD <.?:9

HXICO ]BOXGIE ONNJKJO@KZ Q 82.;8

HXICO [VOKJNJK N_OE KA@[_GV]JA@ Cl!C\'bx 6.82;9

GI[[ AN IJX ]BXA_LB AXJNJKO Cl!gj` 6.96:;

ÂE_GO AN IJX g;!gj` 6.6:8>

ÊA_GO]XJK ONNJKJO@KZ Q =?.82


IJX' N_OE XI]JA Q 96.<>



V i l o ?9

Lxivb @a 94 Hxico ]boxgie Onnjkjo`kz ~ox{u{ Eaim Voxko`}ilo

6

?

96

9?

86

8?

;6

;?

=6

82< =6?? ?8; ?<?

H X I C O ] B O X G I E Ɛ

HXICO ]BOXGIE Ɛ ^{ EAIM VOXKO@]ILO

6/ HEO@M

?/ HEO@M

96/ HEO@M

86/ HEO@M



V i l o ?8

Lxivb @a 84 Hxico ]boxgie Onnjkjo`kz ~ox{u{ Hxico Va|ox

6

?

96

9?

86

8?

;6

;?

=6

96< 9?9 9:?8 89?

HXICO ]BOXGIE Ɛ ^{ HXICO VA\OX

6/ HEO@M

?/ HEO@M

96/ HEO@M

86/ HEO@M



V i l o ?;

Lxivb @a ;4 Hxico [vokjnjk Nuoe Ka`{ugv}ja` ~ox{u{ Eaim /

6

66?

69

69?

68

68?

6;

6;?

6=

82< =6?? ?8; ?<?

HXICO [VOKJNJK N_OE KA@[_GV]JA@ ^{ EAIM

/

6/ HEO@M

?/ HEO@M

96/ HEO@M

86/ HEO@M



V i l o ?=

Lxivb @a =4 âeugo}xjk Onnjkjo`kz ~ox{u{ Eaim /

;:

=6

=9

=8

=;

==

=?

=>

=<

=2

=:

82< =6?? ?8; ?<?

ÂE_GO]XJK Ɛ ^{ EAIM /

6/ HEO@M

?/ HEO@M

96/ HEO@M

86/ HEO@M



V i l o ??

Lxivb @a ?4 Hxico [vokjnjk Nuoe Ka`{ugv}ja` ^{ Hxico Va|ox

6

66?

69

69?

68

68?

6;

6;?

6=

96< 9?9 9:?8 89?

HXICO VA\OX ^{ HXICO [VOKJNJK N_OE

KA@[_GV]JA@

6/ HEO@M

?/ HEO@M

96/ HEO@M

86/ HEO@M



V i l o ?>

Lxivb @a >4 âeugo}xjk Onnjkjo`kz ~ox{u{ Hxico Va|ox

;:

=6

=9

=8

=;

==

=?

=>

=<

=2

=:

96< 9?9 9:?8 89?

HXICO VA\OX ^{ ÂE_GO]XJK Ɛ

6/ HEO@M

?/ HEO@M96/ HEO@M

86/ HEO@M



V i l o ?<

Lxivb @a <4 Hxico Va|ox ~ox{u{ Goi` Onnok}j~o Vxo{{uxo

6

9

8

;

=

?

>

<

96< 9?9 9:?8 89?

G O I @ O N N O K ]

J ^ O V X O [ [ _ X O

" h i x *

HXICO VA\OX "C\*

HXICO VA\OX ^![ GOI@ ONNOK]JÔ VXO[[_XO

6/ HEO@M

?/ HEO@M

96/ HEO@M

86/ HEO@M



V i l o ?2

Lxivb @a 24 Hxico Va|ox ~ox{u{ Orbiu{} ]ogvoxi}uxo

6

?6

966

9?6

866

8?6

;66

;?6

=66

82< =6?? ?8; ?<?

O R B I _ [ ] ] O G V

O X I ] _ X O

" ¶ K *

HXICO VA\OX "C\*

HXICO VA\OX ^{ ORBI_[] ]OGVOXI]_XO

6/ HEO@M

?/ HEO@M

96/ HEO@M

86/ HEO@M



V i l o ?:

[vokjnjki}ja`{ an [gaco go}ox

9. LO@OXIE IVVEJKI]JA@ IXOI[

]bo IÊ=;<K [GACO GO]OX j{ u{om }a goi{uxo }bo ogj{{ja` an ijx'vaeeu}j`l{uh{}i`ko{ nxag }bo Mjo{oe ~objkeo i{ vox OKO'X8=

J} go} }bo xoyujxogo`}{ nax {gaco goi{uxogo`} oyujvgo`} "avikj}z

goi{uxogo`} oyujvgo`}* i{ {}jvuei}om j` OKO'X8= i`m J[A;9<;

J} j{ u{om }a kbokc i`m ivvxa~o ogj{{ja`{ an iu}a jl`j}ja` kaghu{}ja` o`ljò{

i`m goi{uxo }bo avikj}z i`m ih{axv}ja` an }bo ~objkeo }o{}om nax ivvxa~ie%

|j}b vxj`}om makugo`}{.

8. [VOKJNJK IVVEJKI]JA@ IXOI[

Voxjamjk goi{uxogo`}{ an }bo avikj}z an orbiu{} li{o{ nxag mjo{oe o`ljò{

an vi{{o`lox kix{% }xukc{% hu{o{% ilxjkue}uxie i`m ka`{}xuk}ja` vei`} o}k j`

ikkaxmi`ko |j}b eolie xoyujxogo`}{

Nax kbokcj`l orbiu{} li{ avikj}z j` mjo{oe ~objkeo{ i`m ivvxa~ie hz }bo

iu}baxj}jo{

Goi{uxogo`} an voic avikj}z muxj`l nxoo ikkoeoxi}ja`

HI[JK AVOXI]J@L VXJ@KJVEO

]bo IÊ'=;<K [GACOGO]OX goi{uxo{ }bo avikj}z an vaeeu}om orbiu{} li{o{ ]bo

avikj}z j{ }bo or}j`k}ja` an ejlb} ho}|oo` ejlb} {auxko i`m }bo xokoj~ox

]bo li{ }a ho goi{uxom j{ nom j`}a i kbighox |j}b à`'xoneok}j~o j`òx {uxniko{

]bo onnok}j~o eo`l}b ih{axv}ja` }xikc j{ mo}oxgjòm hz }icj`l j`}a ka`{jmoxi}ja`

va{{jheo j`neuo`ko{ an mo~jko{ u{om }a vxa}ok} }bo ejlb} {auxko i`m }bo vba}akoee]bo onnok}j~o eo`l}b j{ 6=;6¹666?g

Ejlb} {ki}}ox a` }bo vba}akoee nxag xoneok}ja`{ ax mjnnu{om ejlb} j`{jmo }bo kbighox

j{ xomukom }a i gj`jgug hz }bo u{o an gi}} heikc ejlb} }xiv{ ]bo ejlb} {auxko j{

i` j`ki`mo{ko`} hueh |j}b i kaeax }ogvoxi}uxo ho}|oo` 8266˔C i`m ;8?6˔C.



V i l o >6

]bo xokoj~ox j{ i vba}akoee |j}b i {vok}xie {o`{j}j~j}z }uòm }a }bo {o`{j}j~j}z kux~o

an }bo bugi` ozo ]bo o`}jxo oeok}xjk kjxkuj}xz% j`keumj`l }bo mj{veiz% j{ mo{jlòm

{a }bi} {a }bi} }bo kuxxo`} moej~oxom nxag }bo vba}akoee j{ i ejòix nu`k}ja` an }bo

j`}o`{j}z an }bo xokoj~om ejlb} |j}bj` avoxi}j`l }ogvoxi}uxo xi`lo

]bo ih{axv}ja` kaonnjkjo`} j{ kiekuei}om j` ikkaxmi`ko |j}b OKO'X8= J[A;9<;\j}b i` ih{axv}ja` kaonnjkjo`} an 9<g'9]bo xo{va`{o }jgo an }bo oeok}xjkie

kjxkuj}% {vokjnjom i{ }bo }jgo |j}bj` |bjkb }bo j`mjki}ax xoikbo{ :6/ an }bo nuee

{kieo |bo` i kagveo}oez aviyuo vei}o j{ veikom j` nxa`} an }bo vba}akoee% j{

ho}|oo` 6: i`m 99 {oka`m{

]bo }ogvoxi}uxo an }bo li{ }a ho goi{uxom {bauem ho ho}|oo` <6 i`m 9;6˔K i}

oikb vaj`} j{ }bo goi{uxogo`} kbighox I` ivvxavxji}o }ogvoxi}uxo {o`{ax

ka`òk}om }a i xoluei}ax o`{uxo{ }bi} }ogvoxi}uxo j` }bo goi{uxogo`} kbighox

j{ gij`}ijòm i} 966¹?˔K.]bo oyujvgo`} bi{ i gjkxavxako{{ax ka`}xaeeomvxalxig {oyuo`ko }a kbokc }bo goi{uxogo`}{ vxako{{ i`m }a {}axo {ukb ~ieuo{

i{ vxo{{uxo% }ogvoxi}uxo% avikj}z% ih{axv}ja`

GOKBI@JKIE MO[KXJV]JA@

]bo u`j} ka`{j{}{ an i bau{j`l |bjkb ka`}ij`{ }bo goi{uxogo`}{ kbighox% }bo

{gaco li{ nea| {z{}og vjvo{% }|a ni`{ }a vxo~o`} {ajej`l an }bo mo}ok}ax i`m }bo

{auxko i{{oghejo{% kiejhxi}ja` vei}o nax }bo ejòixj}z kbokc i`m orbiu{} li{ jèo}i`m au}eo} ka`òk}ja`{ Iee kagvaò`}{ orva{om }a }bo orbiu{} li{ ixo kaxxa{ja`

vxa}ok}om.

_@J]

]bo IÊ [gaco Go}ox j{ i nje}ox'}zvo {gaco go}ox nax goi{uxj`l }bo {aa} ka`}o`}

j` }bo orbiu{} an mjo{oe i`m LMJ o`ljò{ ]bo ~ixjiheo {igvej`l ~aeugo i`m

}boxgie orbiu{} ka`mj}ja`j`l i{{uxo{ i |jmo ivvejki}ja`{ xi`lo% ol

goi{uxogo`}{ muxj`l o`ljò mo~oeavgo`} ax MVN kiejhxi}ja`

I monjòm nea| xi}o j{ {igveom nxag }bo orbiu{} vjvo }bxaulb i keoi` nje}ox vivox

j` }bo j`{}xugo`} ]bo nje}oxom {aa} kiu{o{ heikco`j`l a` }bo nje}ox vivox |bjkb j{

mo}ok}om hz i vba}aoeok}xjk goi{uxj`l boim i`m o~ieui}om j` }bo gjkxavxako{{ax

}a kiekuei}o }bo xo{ue} j` N[@ "Nje}ox [gaco @ughox* ax gl!g»



V i l o >9

[GACO GO]OX XOIMJ@L NAX MJO[OE N_OE

EAIM/ 6 82< =6?? ?8; ?<?

[GACOGO]OX XOIMJ@L 9 :? 98: 9;> 9?> 86;

[GACOGO]OX XOIMJ@L 8 :> 99> 9;2 9>2 898

[GACOGO]OX XOIMJ@L ; :2 986 9=8 9<9 89>

[GACOGO]OX XOIMJ@L = 988 9;: 9=: 9<= 88<

IÔXILO 9682 98> 9=9; 9><; 89=?

[GACO GO]OX XOIMJ@L NAX ?/AN VEI[]JK N_OE

EAIM/ 6 82< =6?? ?8; ?<?

[GACOGO]OX XOIMJ@L 9 => 2: 99; 9;= 9?;

[GACOGO]OX XOIMJ@L 8 =6 966 96: 9=8 9??

[GACOGO]OX XOIMJ@L ; ;2 96= 99? 9?9 9>8

[GACOGO]OX XOIMJ@L = ;: :; 999 9?< 9>=IÔXILO =6<? :>? 998 9=> 9?2?

[GACO GO]OX XOIMJ@L NAX 96/AN VEI[]JK N_OE

EAIM/ 6 82< =6?? ?8; ?<?

[GACOGO]OX XOIMJ@L 9 ?? 2< 29 :: 9;=

[GACOGO]OX XOIMJ@L 8 >: 96= 96= 982 9>8

[GACOGO]OX XOIMJ@L ; << 96: 996 9;8 926

[GACOGO]OX XOIMJ@L = 2: := 98< 9;< 926

IÔXILO <8? :2? 96?? 986 9>=

[GACO GO]OX XOIMJ@L NAX 86/AN VEI[]JK N_OE

EAIM/ 6 82< =6?? ?8; ?<?

[GACOGO]OX XOIMJ@L 9 <9 =: 966 98> 9>;

[GACOGO]OX XOIMJ@L 8 <= 2? 96; 9>8 929

[GACOGO]OX XOIMJ@L ; 29 :9 99= 9>: 926

[GACOGO]OX XOIMJ@L = :> :? 99> 9<= 92:

IÔXILO 26? 26 9628? 9?<<? 9<28?



V i l o >8

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V i l o >;

J@NOXO@KO

J` }bo lxivb 9 Hxico ]boxgie Onnjkjo`kz an }bo heo`m{ bi{ hoo` kagvixom

|j}b mjo{oe nuoe i} ~ixjau{ eaim{ J} j{ ah{ox~om }bi} }bo Hxico }boxgie

Onnjkjo`kz nax mjo{oe |i{ bjlbox }bi` a}box heo`m{ avoxi}ja` a~ox o`}jxo

eaim xi`lo Hu} iga`l }bo heo`m{ }bo 86/ heo`m "26/ mjo{oe # 86/ mjo{oe

nxag vei{}jk{* bi{ bjlbox hxico }boxgie onnjkjo`kz i{ kagvixom }a a}box

heo`m{ ]bo` }xo`m |i{ {igo nax }bo hxico va|ox ~ox{u{ hxico }boxgie

onnjkjo`kz lxivb

J` }bo lxivb ; Hxico [vokjnjk Nuoe Ka`{ugv}ja` an }bo heo`m{ bi{ hoo`

kagvixom |j}b mjo{oe i} ~ixjau{ eaim{ J} j{ ah{ox~om }bi} }bo Hxico [vokjnjk

Nuoe Ka`{ugv}ja` nax mjo{oe j{ ea|ox }bi` a}box heo`m{ avoxi}ja` a~ox }bo

o`}jxo eaim xi`lo hu} }bo ?/ heo`m bi{ }bo ea|o{} h{nk iga`l iee }bo

heo`m{ nax }bo njx{} ; eaim{ i`m nax }bo naux}b eaim ax }bo girjgug eaim

ka`mj}ja`{ iee }bo heo`m{ i{ |oee i{ mjo{oe bi~o {jgjeix h{nk ]bo {igo j{

jeeu{}xi}om hz }bo lxivb ? j` |bjkb hxico {vokjnjk nuoe ka`{ugv}ja` j{

kagvixom ilij`{} hxico va|ox i} ~ixjau{ eaim ka`mj}ja`{

J` }bo lxivb = ~aeugo}xjk onnjkjo`kz an }bo heo`m{ bi{ hoo` kagvixom |j}b

mjo{oe i} ~ixjau{ eaim{ J} j{ ah{ox~om }bi} }bo ~aeugo}xjk onnjkjo`kz nax

mjo{oe j{ ho}}ox }bi` iee a}box heo`m{ a~ox }bo ; eaim voxko`}ilo{ hu} i}

girjgug eaim ka`mj}ja`{ }bo 86/ heo`m bi{ }bo bjlbo{} ~aeugo}xjk

onnjkjo`kz ]bo {igo j{ jeeu{}xi}om hz lxivb > |boxo ~aeugo}xjk onnjkjo`kz j{

kagvixom ilij`{} hxico va|ox ilij`{} eaim ka`mj}ja`{



V i l o >=

J` }bo lxivb < hxico goi` onnok}j~o vxo{{uxo bi{ hoo` kagvixom |j}b

mjo{oe i} ~ixjau{ hxico va|ox J} j{ ah{ox~om }bi} }bo goi` onnok}j~o

vxo{{uxo j{ girjgug nax 86/ heo`m i} girjgug eaim ka`mj}ja`{

J` }bo lxivb 2 orbiu{} }ogvoxi}uxo an }bo heo`m{ j{ kagvixom |j}b mjo{oe

i} ~ixjau{ hxico va|ox J} j{ ah{ox~om }bi} }bo orbiu{} }ogvoxi}uxo j{

ea|o{} nax }bo mjo{oe hu} iga`l }bo heo`m{ 86/ heo`m bi{ }bo ea|o{}

orbiu{} }ogvoxi}uxo

J` }bo lxivb an {gaco'go}ox xoimj`l{ nax mjnnoxo`} eaim ka`mj}ja`{ j} j{

ah{ox~om }bi} }bo igau`} an {aa} j`kxoi{o{ |j}b }bo j`kxoi{o an eaim i`m

}bo N[@ "gl!g;* j{ girjgug nax mjo{oe i{ kagvixom }a a}box heo`m{



V i l o >?

KA@KE_[JA@

Ah{ox~j`l }bo xoimj`l{ i`m }bo lxivb% j} ki` ho ka`keumom }bi} iga`l iee }bo

heo`m{ }bo voxnaxgi`ko an }bo 86/ heo`m |i{ }bo ho{} j` }oxg{ an hxico }boxgieonnjkjo`kz% ~aeugo}xjk onnjkjo`kz% hxico {vokjnjk nuoe ka`{ugv}ja` hu} j} |i{ à}

ho}}ox }bi` }bo 6/ heo`m ax mjo{oe ]bu{ |o òom }a nux}box j`~o{}jli}o }bo

gi}}ox i`m nux}box j`kxoi{o }bo voxko`}ilo an mjo{oe giùnik}uxom hz vzxaez{j{ an

vei{}jk |i{}o{ }a kagvixo j} |j}b }bo voxnaxgi`ko an mjo{oe

\o òom }a u`mox{}i`m }bi} |o òom }a kaeeok}j~oez |axc nax }bo mo~oeavgo`} an ie}oxì}o nuoe{ hokiu{o j} |jee ho jgvax}i`} j` }bo nu}uxo nax {u{}ijìheo

mo~oeavgo`} Ie{a }bo ka{} an ka`~o`}jaìe nuoe{ ejco li{aejò ax mjo{oe j{

j`kxoi{j`l i} i` ieixgj`l xi}o i`m }bo ka{} an }bo nuoe giùnik}uxom nxag vei{}jk

ax a}box |i{}o{ j{ ka`{jmoxihez ea| |bjkb |auem nux}box boev j` ka`}xaeej`l

j`nei}ja` ]bu{ o~o` jn }bo voxnaxgi`ko an }bo ie}oxì}o nuoe{ j{ à} oyuj~ieo`} }a

}bo ka`~o`}jaìe nuoe{ j} ki` ho an lxoi} u}jej}z jn }bo ogj{{ja` xoimj`l{ ixo j`kagveji`ko |j}b }bo j`}oxì}jaìe {}i`mixm{ jo |o òom }a mo~oeav keoiòx i`m

okaàgjkie nuoe{

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