Oil & Gas Analysis

8/14/2019 Oil & Gas Analysis

1/98

FLT

Hlmpv}tx ! Ehk # Jbv 9E~~et}plh}h`v K#]

|Lh}hl I, Dblib


2/98

FLT

^bt} H 7 ]o` sh`z ctea }o` ep}vhm`

Hlmhb V}b}hv}hfv

JeH ~ekhfh`v L@K^ v~`fhchf

@#^ fea~blh`v hl Hlmhb+ vfe~` # ~tech}bdhkh}x

blbkxvhv

^plg Kkexm blbkxvhv


3/98

FLT

^bt} HH 7 @loblfhlj ept fb~bdhkh}h`v

]o` EJV^ B~~tebfo

Ehk # Jbv @^F Fel}tbf}v

Aem`khlj }e `loblf` m`fhvhel abihlj

Dpvhl`vv ec thj dphkmhlj # ~teshmhlj `~ketb}helv`tshf`v


4/98


5/98

FLT

^tempf}hel

Cp`k Plh} 4>>6!>= 4>>:!>?

Ftpm` Ehk A] 242,?= 203,2

Lb}ptbk Jbv DFA 6>,8>3 6=,64?

Cp`k Plh} 4>>6!>= 4>>:!>?

Ftpm` Ehk A] 66,6: 6=,22:Lb}ptbk Jbv DFA 62,834 64,4:=

Febk A] 632,40 =6>,?0'

'4>>3!>:Felvpa~}hel


6/98

FLT

Màblm hl 4>4=!40

Ehk 6:3,0> A]

Jbv 2=4,:20 DFA

@v}hab}`v ctea HD@C t`~et}v hl `lm 4>>:

^t`mhf}helv bv }e oez apfo ec }ohv màblm zepkm d` a`} dxhlmhj`lepv ~tempf}hel /'h,`, 7 }o` màblm vp~~kx t`kb}hs` }e

Hlmhb( hv badhjpepv # mhcc`t`l} t`~et}v sbkp`v me le} ab}fo

]e tààd`t7M@ABLM deplm }e hlft`bv`

}hkk }o` ~`}tek`pa ~tempf}v ~thf`v v}bxvpdvhmhw`m hl HlmhbHC JeH 7 aes`v bzbx ctea bm!oef ~thf` t`shvhelv aes`v }e cpkk fev} ~thfhlj bme~}v }btj`}`m vpdvhmx m`khs`tx a`foblhva

}o` màblm hlft`bv` abx vkez mezl


7/98

FLT

Ept l`} ha~et} dhkk # }o` ha~bf}4>>:!>?

]e}bk Ha~et}v 2==,6?? A]

Ftpm` Ehk ha~et}v 242,3:4 A]

^`}tek`pa ~tempf}v ha~et}v 44,:23 A]

^`}tek`pa ~tempf}v `x~et}v7 68,64: A]

L`} ha~et}v7 2>0,>32 A]

B OPJ@ dhkk7 HLT 4=2+068 Ftet`v Ept JM^7 HLT =+386+3>4 Ftet`v


8/98

FLT

Hlbm`rpb}` ^thf` Hlft`bv`v

2>>%

24>%

2=>%

23>%

2?>%

4>>%

44>%

4=>%

43>%

4?>%

6>>%

4>>= 4>>0 4>>3 4>>: 4>>?

X`bt

%

Dt`l} Ftpm` Hlmhbl Ftpm` dbvi`} ^ }tek

Mh`v`k I`tev`l` K J

Fkhfi }e `mh} Abv}`t }`x} v}k`vV`felm k`s`k

]ohtm k`s`k Cept}o k`s`k

Chc}o k`s`k

2% hlft`bv`

46!6>%hlft`bv`

20>%hlft`bv`

2?>%

hlft`bv`

Veptf`7HEFKz`dvh}`

Hlbm`rpb}` blm bm!oef ~thf` t`shvhelv


9/98

FLT

Ha~bf} el Hlmhbl @felea

Ohjo fev}v ec hlbf}hel

]t`dkhlj ec plm`t t`fes`th`v ctea Tv 4>2=3 ftet`v }e Tv ::246 ftet`v hl 6`btv

Plm`t t`fes`th`v ec ehk fea~blh`v 02% ec chvfbk m`chfh}

Jes`tla`l} feaah}}`m }e t`mpf` h}v jtevv chvfbk m`chfh} }e 6 %

ec JM^ d 4>>8

Fptt`l} JCM =% ec JM^ /4>>:!>?(

]e}bk ehk vpdvhmh`v bt` bkt`bm `v}hab}`m bv oes`thlj bteplm 4!6% ec JM^ zh}o ehk ~thf`v b} bdep} ?>-ddk"

8>!80% plbffepl}`m cet hl dpmj`} ! detl` d ehk fea~blh`v bv plm`t!t`fes`th`v

JCM bmgpv}`m zh}o plm`t!t`fes`th`v 3% ec JM^""

Veptf`v7 ^`}tek`pa ^kbllhlj blm Blbkvhv F`kk blm }o` T`v`ts` dbli ec Hlmhb


10/98

FLT

r Fptt`l} v}b}pv ec @#^ hl Hlmhb

r JeH hlh}hb}hs`v


11/98

FLT



Chc}o k`s`kGpv} es`t 3>% ec ~e}`l}hbkhl ehk v`f}etobv d``l `~ket`m ve cbt,,


12/98

FLT


13/98

FLT

Vhlf` 2886+ 30 ehk # jbvmhvfes`th`v abm` hl Hlmhb

24 Feaa`tfhbkk v}bdkhvo`m

? Ahlhv}t obv b~~tes`mm`s`ke~a`l} ~kblv

23 B~~tbhv`m

22 Plm`t feaa`tfhbk

`sbkpb}hel

= M`s`ke~a`l} ~kblv plm`t vftp}hl d MJO

|Abtfo>:

El` fbl hlc`t ctea }ohvbdep} }o` rpbl}pa ece~~et}plh}h`v hl }o` mea`v}hfehk # jbv @^F abti`}

K#] fbl v}bt} blbkwhlj }o`b~~tes`m m`s`ke~a`l} ~kblv

]ohv zhkk k`bm }e b fea~k`}`mea`v}hf ~teg`f} abti`}

shvhel

#

Bkve k`bm }e btk s`lmet

FLT


14/98

FLT Fkhfi }e `mh} Abv}`t }`x} v}k`vV`felm k`s`k


Chc}o k`s`k

Veptf`7 HD@C t`~et}

FLT


15/98

FLT

L`z @~ketb}hel Khf`lvhlj ^ekhfx7Vbkh`l} c`b}pt`v

]e}bk `x~ketb}hel ~`them vobkk7 abx, :tv, /=)6 ET 0)4(E~}hel }e }`tahlb}` }o` fel}tbf} b} }o` `lm ec `bfo ec }o` }ze`x~ketb}hel ~obv`v

]o` m`s`ke~a`l} blm ~tempf}hel ~`them7 4> tv, / `x}`lmbdk`

p~}e 0 tv et `s`l aet` (

E~}hel }e t`khlrphvo b ahlhapa 40% ec }o` ethjhlbk Fel}tbf}Bt`b b} }o` `lm ec `x~ketb}hel ^obv`!H

B} }o` `lm ec }o` 4lm feaah}a`l} `x~ketb}hel ~obv`+ }o`fea~bl vobkk t`khlrphvo bkk bt`bv `xf`~} }oev` hl zohfoomtefbtdelv obs` d``l mhvfes`t`m

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16/98

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]o` Jes`tla`l} obv hl ~kbf` b vv}`a ec jpbtbl}``v blmet ~`lbk}h`v }e`lvpt` fea~khblf` ec }o` t`khlrphvoa`l} ~teshvhelv

Ahlhapa Zeti Edkhjb}hel7 ]o` fea~blh`v vobkk d` t`rpht`m }e feaah} }o`ablmb}et `x~ketb}hel zeti ~tejtbaa` }e d` fbtth`m ep} bv v~`fhch`m

@x~`lmh}pt` Edkhjb}hel7Le `x~`lmh}pt` edkhjb}helv zepkm d` ~t`vfthd`m,Oez`s`t+ b dbli jpbtbl}`` cet 60% ~`tf`l}bj` hc }o` `x~`lmh}pt` t`kb}`m }e

}o` bjt``m bllpbk zeti ~tejtbaa` zepkm d` t`rpht`m

Fev} T`fes`t7 ]o` ~`tf`l}bj` ec sbkp` ec bllpbk ~tempf}hel ec ~`}tek`pa`x~`f}`m }e d` bkkefb}`m cet t`fes`t ec fev}v voepkm d` hlmhfb}`m hl }o` dhm

Kefbk ^t`c`t`lf` fkbpv` # }`folekej }tblvc`t ~t`c`t`lf` fkbpv` ~t`v`l}

FLT


17/98

FLT

^tech} ^`}tek`pa7 ]o` vobthlj ec ~tech} ~`}tek`pa b} sbthepv }tblfo`vvobkk d` dhm+ dbv`m el b vkhmhlj vfbk` }h`m }e ~t`!}bx apk}h~k`v echls`v}a`l} bfoh`s`m blm vobkk d` v~`fhch`m hl }o` fel}tbf}

Sbkpb}hel7 ]o` sbkpb}hel ec ftpm` ehk ~tempf`m vobkk d` dbv`m el }o`hl}`tlb}helbk ~thf` ec vhahkbt t`c`t`lf` ftpm`/v(

Mea`v}hf Vp~~k7 ]o` fel}tbf}et vobkk d` t`rpht`m }e v`kk 2>>% ec }o`fea~blv `l}h}k`a`l} }e ftpm` ehk blm lb}ptbk jbv ctea }o` fel}tbf} bt`b

hl }o` Mea`v}hf Abti`} }hkk Hlmhb d`fea`v v`kc t`khbl},Lb}ptbk Jbv7 ]o` fel}tbf} zhkk hlfkpm` v`~btb}` ~teshvhelv m`bkhljzh}o feaa`tfhbk `x~keh}b}hel ec bvvefhb}`m blm lel!bvvefhb}`m jbv

Tebk}7 24,0% /ehk(9 2>% /jbv( 9 M``~ zb}`t7 0% /: tv( # 2>% kb}`t

Dhmm`tv bt` `x`a~}`m ctea }o` ~ba`l} ec fpv}eav mp} el bkk ha~et}vcet ~`}tek`pa e~`tb}helv plm`t }o` fel}tbf}

FLT


18/98

FLT

]bx oekhmb cet chtv} : tv ec ~tempf}hel, Bv t`jbtmv hlfea` }bx+~teshvhelv ec Hlfea`!}bx Bf}+ 2832 vobkk b~~k kb}`t el /'6=%bvvpa~}hel(

Delpv`v7 ]o`t` vobkk d` le vhjlb}pt`+ mhvfes`t et ~tempf}heldelpv

Chlbkhwb}hel ec fel}tbf} el }o` dbvhv ec aem`k ~tempf}hel vobthljfel}tbf} /A^VF(

E~}hel }e baet}hw` `x~ketb}hel blm mthkkhlj `x~`lmh}pt` es`t b~`them ec 2> `btv ctea chtv} feaa`tfhbk ~tempf}hel

Fel}thdp}hel }e vh}` t`v}etb}hel cplm cpkk m`mpf}hdk` hl vba` `btcet hlfea` }bx

Khd`tbk m`~t`fhb}hel ~teshvhelv+ abihlj fea~blh`v `khjhdk` cetcpt}o`t }bx bmgpv}a`l}v


19/98

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20/98

FLT

Vobkkez eccvoet` /'P~}e =>>A Hvedb}o( #Elvoet` Dkefiv

24 ELJF+ 3 EHK

E}o`t zhll`tv hlfkpm` 7

| JV^F+ Fbhtl+ ^`}tejbv+ J`ejkedbk+

^thw` ~`}tek`pa Gb~``+ Bmblh Lbc}ejbw+ @vvbt `}f,

FLT

Fkh i } mh} A } } } } k


21/98

FLT Fkhfi }e `mh} Abv}`t }`x} v}k`vV`felm k`s`k


Chc}o k`s`k

FLT


22/98

FLT

L@K^ SHH7 Abget zhll`tv'

ELJF 7 20 dkefiv hl sbthepv ~bt}l`tvoh~v

7 = dkefiv `l}ht`k d h}v`kc

JV^F 7 8 zh}o ELJF /'4 m``~ zb}`t( # 2 zh}o JBHK

DO^ Dhkkh}el!JSI Hlctbv}tpf}pt` 7 : m``~ zb}`t dkefiv

O^FK!Ah}}bk @l`tj7 2 dkefi zh}o ELJF

# 2 zh}o EHK

Eaibt Lb}ptbk T`veptf`v+ J`eJkedbk T`veptf`v+HEFK # A`tfb}et ^`}tek`pa 7 4 dkefiv `bfo /2>>%(

@vvbt+ THK!D^ /m``~ zb}`t( 7 2 dkefi `bfo /'zh}ot`v~`f}hs` ~bt}l`tv(

'^teshvhe

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23/98

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FLT


24/98

FLT

Ba`thfbl @#^ fea~blh`v7 Le}hl}`t`v}`m 55

]o` zbl} ~tempfhlj bvv`}v d`cet` }o` dhmcet `x~ketb}hel khf`lv`v

]o` obs` ~teg`f}v bkk es`t }o` zetkm+ zohfobt` fea~`}hlj ~teg`f}v+ ve bl m`kb hlm`fhvhel!abihlj o`t` fbl foblj` }o`ht

~theth}h`v

FLT


25/98

FLT

Zhlmcbkk ~tech}v

Zo`l }o` ~thf` ec ehk je`v p~+ }o`t` hv b dphk}!hla`foblhva zh}ohl }o` ^tempf}hel Vobthlj Fel}tbf}/^VF(

]bi`v fbt` ec }o` Jes`tla`l}*v hl}`t`v} hl h}v vobt`ec ~tech} ~`}tek`pa

]o` chvfbk hv hl }tblfo`v ec hls`v}a`l} apk}h~k`v, Hc}o` ~thf`v bt` jehlj p~+ }o` hls`v}a`l} apk}h~k`je`v p~,

H} a`blv }ob} hc }o` ~thf`v je p~+ }o` Jes`tla`l}`btlv }o` ve!fbkk`m zhlmcbkk }bx,

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26/98

FLT

Hv }ob} }o` mtbzdbfi ec }o` L@K^vfo`a`5

Ha~kh`v7

Ehk fea~blh`v fblle} `btl opj` ~tech}v+ #o`lf` me le} j`} }ob} `x}tb hls`v}a`l} ael`

B} }o` }ha` ec vhjlhlj }o` ^VF+ }o` ilez }ob}`s`l hc ehk ~thf`v voee} p~ }e -20>ddk+ }o`ht ~h`ctea ~tech}v ab d` bv kez bv 2>%

Bk}oepjo ~t`v`l}+ }o` `cc`f} hv le} }e d` v``lvhlf` L@K^ SH SHH de}o je} `lepjo dhmv

FLT


27/98

FLT

]bx oekhmb cet jbv 5

Ahl`tbk ehk m`chlh}hel me`vl*} hlfkpm` jbv

Dhmm`tv d`fba` b~~t`o`lvhs` }ob} jbv zhkk le}j`} b }bx oekhmb+ dp} oekhmb hv bf}pbkk ~t`v`l}

/'bc}`t fkbthchfb}hel(Hl cbf}+ h} hv aet` mhcchfpk} }e `sbfpb}` jbv }obl ehk

D`vhm`v+ ehk ~thf`v bkk es`t }o` zetkm bt` m`chl`m+jbv ~thf`v bt` v}hkk m`aejtb~ohfbkk mhcc`t`l}


28/98

FLT

T kh H m } h Kh h} m


29/98

T`khblf` Hlmpv}th`v Khah}`m7êvvhdk` ~teg`f} }`lm`tv

M= dkefi hl IJ Dbvhl 7 ]o` dkefi AL!MZL!4>>62 b~~`btv }e

d` ble}o`t kbtj` ~tev~`f} el }o` dbvhv ec t`f`l} a`mhb t`~et}v blm}o` t`f`l} ~t`v`l}b}hel d Lhie, ]ohv 2:+>>> vr ia+ m``~!zb}`t

dkefi hv kefb}`m ecc }o` `bv} febv} hl }o` Aboblbmh dbvhl, THK obv?0% v}bi` blm Lhie obv }o` dbkblf` 20%, Bffetmhlj }e Lhiev

bllpbk t`~et}+ }o` dkefi fel}bhlv ~kb }~`v vhahkbt }e }o` lb}ptbkjbv mhvfes`th`v abm` hl IJ!M3 blm L@F!40Fbps`tx dbvhl dkefi/zo`t` THK obm b kbtj` mhvfes`t t`f`l}k(IJ!HHH!3 dkefi /}ze ehk chlmv hl M`fàd`t 4>>0(JV!EVL!4>>>%2 /jbv mhvfes`t hl Ab 4>>: chtv} hl fbtdelb}`t`v`tsehtv el z`v} febv}( Felvhm`thlj ~tefptà`l} ec}ot`` m``~!zb}`t thjv blm el` gbfi!p~ thj, Ble}o`t e~~et}plh}5

FLT


30/98

Fkhfi }e `mh} Abv}`t }`x} v}k`v

V`felm k`s`k ]ohtm k`s`k Cept}o k`s`k

Chc}o k`s`k


31/98

FLT

Bi Moh do h 2


32/98

Bi`t v Mohtpdobh 2 7Fel}tbf} v}pmx Bi`t ) THK

Ehk ~tempf}hel v}bt}`m7 V`~}`ad`t 2:}o 4>>?

Hlmhbv chtv} C^VE!s`vv`k

AB/M3( ch`km+ IJ dbvhl, M`s, Bt`b7 20 vr ia

Ehk # jbv z`kkv bt` hl m``~ zb}`tv7 24>> a,

FLT


33/98

Fels`tvhel ec b }bli`t /ezl`m dx Felefe ^ohkh~v( }e blC^VE,@v}hab}`m fev} ec t`cptdhvoa`l}7 PV-6>>a

]ha` }bi`l7 23 ael}ov

S`vv`k ezl`t Bi`t Ckeb}hlj ^tempf}hel

Ehk ~tempf}hel fb~bfh}x7 3>+>>> ddkmbx

Ehk v}etbj`7 2,6 ahkkhel dbtt`kv

Jbv ~tempf}hel fb~bfh}x7 8 ahkkhel vfambx

K`bv`m }e THK cet 2> x`btv

]e}bk fev}7 PV -?>>A2>!x`bt fel}tbf} zh}o T`khblf`7 PV -2,6 D

THK obv e~}hel }e dpx }o` C^VE b} mhcc`t`l} v}bj`v mpthlj }o`fel}tbf} ~`them

E#A v`~btb}` fel}tbf} zh}o Bi`t Detj`v}bm

FLTBC^ obv ~ptfobv`m 4 aet` ehk }bli`tv cet


34/98

BC^ obv ~ptfobv`m 4 aet` ehk }bli`tv cetfels`tvhel }e C^VEv

Felvhm`thlj dpxhlj b 6tm el`


35/98

FLT

M3 ~tech}bdhkh} blbkvhv


36/98

M3 ~tech}bdhkh} blbkvhv

Ehk t`fes`t7 283aaddk es`t 2> `btv /dbv` fbv`(

^pdkhvo`m t`veptf` lpad`tv bv ~`t Lhiev CX>: bllpbk t`~et} bt`7D`v} fbv` ethjhlbk ehk hl ~kbf`7 408aaddk /242aaddk t`fes`tbdk`(

Ohjo fbv` ethjhlbk ehk hl ~kbf`7 682aaddk /400aaddk t`fes`tbdk`(

Ehk ~tempf}hel

Hlh}hbk tb}` ec 40id~m

^`bi ~kb}`bp tb}` ec 3>idm bfoh`s`m hl ? ael}ov

^kb}`bp abhl}bhl`m cet `hjo} `btvFkhfi }e `mh} Abv}`t }`x} v}k`v

V`felm k`s`k ]ohtm k`s`k

Cept}o k`s`k Chc}o k`s`k

FLT


37/98

Bs`tbj` z`kk!o`bm ~thf`7 PV- 00 % ddk

T`s`lp` fev} t`fes`tx7 abx, 8>%

Texbk}x tb}`7 0% cet chtv} : `btv+ 2>% cet kb}`t `btv

Hlfea` }b7 ]bx oekhmb cet chtv} : `btv ec feaa`tfhbk e~`tb}helv9 6=% Hlfea`}bx bc}`t }ob}

E~`tb}hlj fev}v7 PV-4,0> ddk

M`d}!`rph}x7 :>76>9fev} ec m`d} ?%9m`d} t`~bxa`l}7 ? xtv

Z`hjo}`m bs`tbj` m`~t`fhb}hel tb}`7 8%

MFC mhvfepl} tb}`7 24% Fkhfi }e `mh} Abv}`t }`x} v}k`vV`felm k`s`k


Chc}o k`s`k

FLTL`} ~tech} ~`t dbtt`k cet chtv} : `btv 7


38/98

L`} ~tech} ~`t dbtt`k cet chtv} : `btv 7

-00 ddk t`f`hs`m K@VV

! -20,0 cet t`fes`thlj Fb~`x

! - 4,0 bv e~`tb}hel fev}v

! - 4,:0 bv tebk}! - >,>> bv hlfea` }bx

! - 4,?> bv fev} ec m`d}

! - >,24 bv m`~t`fhb}hel

Dbkblf` ~tech} k`c} 7 - 62,66

Lez `s`l hc hls`v}a`l} apk}h~k` hv es`t 4,0 % /'zohfo h} hv le}( 7

h,`, ?0 % ec ~tech} zhkk je }e }o` jes`tla`l},

Z` bt` k`c} zh}o - =,: % ddk bv chlbk ~tech}

Bc}`t : `btv+ H,] ec 6= % zepkm b~~k 9 tebk} zepkm foblj` }e 2> %

# m`d} zepkm obs` d``l t`!~b`m /?}o `bt( ve le fev} ec m`d} b~~khfbdk`

Plf`t}bhl}7 Hc fea~bl obv }e d`bt ~bt} ec dptm`l ec vpdvhmh`v+ dp} }o`t` hv

~teshvhel ec chvfbk v}bdhkh} hl }o` fel}tbf}


39/98

FLTV kk ^ h /PV-% d} (


40/98

V`kk`t thf` /PV-%aad}p( 1

4,0 ) /F^ ! 40(\>,20 ) F

F^7 Fb~ ec PV - 30 9 Ckeet ec PV - 40

F7 Rpe}`m dx fpv}ea`tv 9 abti`} mhvfes`t`m sbkp` ec F obv d``l }bi`l b} PV->,>8aad}p

Z`kko`bm ~tfh`v dbv`m el }ohv cetapkb7



Chc}o k`s`k

Dbv`m el }o` bdes` cetapkb blm kelj!}`ta ehk ~thf` ec

PV-00ddk+ }o` hlmhfb}hs` z`kko`bm ~thf` hv PV-=,6?aad}p]o` hl}`t`v}`m fpv}ea`t zepkm dhm cet mhcc`t`l} sekpa`v blmmhcc`t`l} ~thf`v, B~~tex }e}bk v`kkhlj ~thf`7 PV - =,= aad}p

FLT


41/98


]ohtm k`s`k

Cept}o k`s`k Chc}o k`s`k

Jbv khc}hlj fev}7 PV->,0>%aad}p

]e}bk t`s`lp` }ob} fbl d` `x~`f}`mes`t 44

`btv 7 PV- 2>3,>3d

Fev} ec t`~bhlj m`d}7 b~~tex, PV-

2,0d

6=% hlfea` }bx bc}`t : `btv 7 b~~tex,PV- 28d

FLT

Sbkp` ~ehl}v


42/98

Sbkp` ~ehl}v

@s`l bv `x~kbhl`m }ob} zh}o H@B ~p}}hlj }o` ~thf` b} -?> ddk

/4>>8(, O`t`+ zh}o kez`t ehk ~thf`v }o` hls`v}a`l} apk}h~k` bkvet`mpf`v # o`lf` }o` jes`tla`l} j`}v k`vv`t ~et}hel ec }o` ~tech}v

]o` abhl etm`tv z`t` ~kbf`m hl b thvhlj abti`}+ }ob} bkvehlmhfb}`v }ob} fb~h}bk `x~`lmh}pt` zbv b} ~bt

Bkve+ }ob} ehk ~tempf`m plm`t L@K^ hv }e d` pv`m }e a``} Hlmhblmàblm+ eccv`}}hlj }o` dptm`l ec ehk ha~et}v, Ve le ~tedkà ecmàblm fthvhv

FLT


43/98

ELJFv }e}bk fev}

ELJFv }e}bk fev} ec ~tempfhlj ehk 7

Hlfkpvhs` ec ~ba`l} ec tebk} # bkk e}o`t }bx`v7 -66 % dbtt`k

FLT


44/98

DO^ Dhkkh}el 7 ^techk` # hls`v}a`l} ~kblv

DO^ ctea Bpv}tbkhb /DO^ Dhkkh}el OR hl }o` PVB(+hlseks`m hl @# + m`s`ke~a`l} # abti`}hlj bf}hsh}h`vbkk es`t }o` zetkm

Hv jehlj v}telj el hls`v}a`l}v

Ab fel}hlp` d`hlj e~}hahv}hf }hkk ehk cbkkv }e bteplm

-60 ddk Ohjo`t @DH] abtjhlv }o`l e}o`tv hl }o` hlmpv}t

FLT

Fkh i } mh} A } } } } k


45/98



Chc}o k`s`k

FLT

J`ejkedbk t`veptf`v


46/98

J`ejkedbk t`veptf`v

PV ~pdkhfk }tbm`m ehk # jbv fea~bl

Hlseks`m hl `x~ketb}hel bf}hsh}h`v hl 0:

z`kkv # fbtth`v b 4>>?!>8 dpmj`} ec-0:,0 Ahkkhel

Fepkm m`chlh}`k d` b ~tev~`f}hs` fkh`l},

Abi`v jeem v`lv` }e i``~ }tbfi ec }o`fea~bl

Fkhfi }e `mh} Abv}`t }`x} v}kV`felm k`s`k


Chc}o k`s`k

FLT

Vbl}ev Hl}`tlb}helbk E~`tb}helv


47/98

Vbl}ev Hl}`tlb}helbk E~`tb}helv

Bpv}tbkhbl fea~blx

Abti`} fb~ PV-22 dhkkhel

Hlseks`m hl @#^ bf}hsh}h`vzetkm zhm`

Obv `l}`t`m Hlmhb dxzhllhlj 4 dkefiv hl L@K^ SH

/m``~ zb}`t dkefiv(

Bk}oepjo h} bkve me`vm`s`ke~a`l} zeti+ fepkmd` b ~tev~`f}hs` fkh`l}



Chc}o k`s`k

FLT


48/98

@vvbt eccvoet`

]o` @x~ketb}hel blm ^tempf}hel /@#^( dpvhl`vv ec }o`fea~bl obv ~bt}hfh~b}hlj hl}`t`v}v hl v`s`tbkomtefbtdel dkefiv cet `x~ketb}hel blm ~tempf}hel ecEhk # Jbv,

]ohv hlfkpm`v }o` Tb}lb blm T!V`th`v dkefiv elDeadb Ohjo blm bl @#^ dkefi hl A`ovblb+ Jpgbtb}+zohfo obv fptt`l}k v}bt}`m feaa`tfhbk ~tempf}hel,+blm }ze aet` @#^ dkefiv hl Bvvba+ Hlmhb

]o` es`tv`bv @#^ bvv`}v hlfkpm` }ot`` elvoet` ehk #jbv dkefiv hl Abmbjbvfbt!Bcthfb+ blm el` eccvoet`

dkefi `bfo hl Sh`}lba blm Lhj`thb


49/98

FLT

Bdbl eccvoet`


50/98

Bdbl eccvoet`

B abgetDV@ khv}`mehkch`km `x~ketb}hel v`tshf`v ~teshm`t hl Bvhb, Ezlv :gbfi!p~v+ 4 mthkk voh~v # 2 v`ah vpda`tvhdk`

Ohv}ethf jtb~o 7

Hl 2 `bt 7 8> % cbkk hl vobt` ~thf` fea~bt`m }e b

3> % cbkk hl V@LV@_

Hlmhfb}hs` ec }o` mtbv}hf cbkk hl mb tb}`v ec thj

fel}tbf}v, El` ec }o` dpvhl`vv`v }e j`} bcc`f}`m chtv}d }o` sekb}hkh} ec ftpm` ~thf`v hv m`chlh}`k }ob} ec ~teshmhlj

ehk ch`km v`tshf`v

FLT


51/98

Dpvhl`vv aem`k blbkvhv#Ehk # Jbv ~teg`f}v v~`fhchf

blbkvhv



Chc}o k`s`k

FLT

Fkhfi }e `mh} Abv}`t }`x} v}k`v


52/98



Chc}o k`s`k

FLT

Dpvhl`vv aem`k thvi 5


53/98

Dpvhl`vv aem`k thvi 5

K#]7 B s`t v}telj mea`v}hf ~kb`t

Fbv` V}pm7 ^plg Kkemv jkedbkk!eth`l}`m dpvhl`vv aem`k

Fbl bAET@ jkedbk ~et}cekhe o`k~ }e mhs`tvhc # ah}hjb}`

thvi5

Abti`}v }ob} obs` e~`l`m p~ t`f`l}k hlfkpm` A`xhfe #Sh`}lba,

Ehk!thfo Kb}hl Ba`thfbl fepl}th`v khi` S`l`wp`kb bkve ecc`tjeem ~teg`f}v, Zh}o o`f}hf ehk blm jbv `x~ketb}helbf}hsh}h`v+ }o` t`jhel hv b}}tbf}hs`, Ble}o`t bt`b ec hl}`t`v}}e ^plg Kkem

FLT

Jtezhlj hletjblhfbkkx


54/98

4>>37 Bfrphvh}hel ec Vhljb~et`!dbv`m felv}tpf}hel

fea~bl+ Vàdbzblj @ljhl``tv # Felv}tpf}etv /V@F(

V@F fba` zh}o bl etm`t dbfikej ec -2,8 dhkkhel

M`bk sbkp`m b}7 -=> ahkkhel /Tv 23> ftet`(

E~`l`m p~ l`z abti`}v vpfo bv Fohlb+ PI blm HtblM``~`l`m ^plg Kkemv ~t`v`lf` hl Vep}o @bv} Bvhb

^] Và~`f /'b 2>> vpdvhmhbtx fba` bkelj(

Jtezhlj hletjblhfbkkx

FLT

^] Và~`f Hlmel`vhb


55/98

^] V`a~`f+ Hlmel`vhb ^bv} `~`th`lf`

2+0>> A] eccvoet` ehk # jbv ~tef`vv m`fi blm 2+>>> A] 3!k`jgbfi`}cet Iet`b M`s`ke~a`l} Fea~bl ^ek`lj ^teg`f}+ Gbsb V`b

2+4>> A] eccvoet` K^J t`cthj`tb}hel m`fi blm 6>> A] =!k`jgbfi`}blm kebmhlj }`tahlbkv+ hlfkpmhlj vpdv`b ~h~`khl`v cet^`}teFohlb Hlmel`vhb D`}btb M`s`ke~a`l} ^teg`f}+ Vpab}tbEccvoet`

4 e}o`t abget elvoet` ~teg`f}v

]ohv bfrphvh}hel fb}b~pk}`m ^plg Kkexm hl}e }o` `fkpvhs`

fkpd ec @^F ~teshm`tv cet abthl` ehk # jbv ~tempf}helcbfhkh}h`v 7 Zel }o` ~t`fhepv PV- 48> sbkp`mO``tbt`m`s`ke~a`l} ~teg`f}, ]o`x bt` bkve ``fp}hlj bl EHKelvoet` ~teg`f} /'m`s`ke~a`l} ec b jbv ch`km(

FLT

E h c c d h h


56/98

Ep}veptfhlj ec cbdthfb}hel

]o` Z`kko`bm ^kb}cetav ceta ~bt} ec }o` O``tbT`m`s`ke~a`l} ^teg`f}

I`lfblb ^`}tek`pa*v vpdvhmhbt+ hv mehlj }o`cbdthfb}hel ec }o` = z`kko`bm ~kb}cetav

]o` fel}tbf} hlfkpm`v cbdthfb}hel blm t`kb}`m v`tshf`vcet }o` z`kko`bm ~kb}cetav fea~thvhlj m`fiv+ gbfi`}v+~hk`v blm felmpf}etv,

FLT

^] V`a~`f 7 Chlblfhbkv


57/98

^] V`a~`f 7 Chlblfhbkv

]e}bk bvv`}v 7 PV- 4?+004+036

]e}bk hlfea` 7 PV- =3+8?=+02=

^tech} d`cet` }bb}hel 7 PV- 0??+=:4^tech} bc}`t }bb}hel 7 PV- 460+33>

Hlc`t`lf`v

FLT

^h Voh m


58/98

^h~bsbs Voh~xbtm

Hls`v}a`l}7 Tv 60> ftet`

46% v}bi`

Bvvpt`v b chta cee}hlj hl }o` eccvoet` v`ja`l}

zh}o bff`vv }ecbdthfb}hel cbfhkh}h`v cet ~kb}cetavblm thjv


59/98

FLT


60/98

Hl }o` eccvoet`~h~`khl` ~teg`f}v }o` bt` el` ec }o`

k`bm`tv hl HlmhbG,S, zh}o Vbpmh ^thlf` hl 4>>3 o`k~`m }e dbj v`s`tbk@^F fel}tbf}v cet el!voet` blm eccvoet` ~h~`khl`

~teg`f}vLpa`tepv ~h~`khl` ~teg`f}v `x`fp}`m vpff`vvcpkk

^kblv }e s`l}pt` hl}e abti`}v vpfo bv Khdb blm

X`a`l+ zo`t` Z`v}`tl ~kb`tv }t`bm aet`fbp}hepvk, V}b}v t`s`bk }ob} }o`v` t`jhelv ecc`td`}}`t t`}ptlv

FLT

Vhael Fbts`v b 2>>% vpdvhmhbtx ec V@F


61/98

Vhael Fbts`v+ b 2>>% vpdvhmhbtx ec V@Fdbv`m ep} ec PI

Bff`vv }e kbtj`t blm aet` fea~k`x ~teg`f}v hl }o`t`chl`t blm ~`}tefo`ahfbk v`ja`l}v

@x~evhlj }o` jtep~ }e l`z v`f}etv vpfo bv~obtabf`p}hfbkv+ dhe}`fo+ blm lpfk`bt ~ez`t~kbl}v

FLT


62/98

Gpl`4>>? 7 Bfrpht`m b :=% v}bi` hl PI!dbv`m]`foleml` Hl}`tlb}helbk+ zh}o v~`fhbkhvb}hel hl

kbtj`!vfbk` ftej`lhf blm ohjo!~t`vvpt` }bliv,

^kblv }e j`} hl}e feaa`tfhbk blm lbsbk voh~dphkmhljblm t`~bhtv,

^bf} zh}o Vhljb~et`!dbv`m V] Ihl`}hfv cetablpcbf}pt` ec m`c`lf` `rph~a`l} hl }o` fepl}t

FLT

@vvbt Eccvoet` Vpdv`b


63/98

@vvbt Eccvoet` Vpdv`b

LE ~thet `x~`th`lf` hl eccvoet` ~kb}cetavLE vhjlhchfbl} GSv bfrphvh}helv cet }ohv~pt~ev`

S`t jeem `x~`th`lf` hl ~h~`khl`v vhlf` 28?6Fkh`l}`k` hlfkpm`v ELJF # R^

E}o`t abthl` `x~`th`lf` hl 7 G@]]H@V #DT@BIZB]@TV BLM HL MT@MJHLJ # PLM@TZB]@TTEFI DKBV]HLJ

FLT

Bc H c } }


64/98

Bcfelv Hlctbv}tpf}pt`

LE ~thet `x~`th`lf` hl eccvoet` ~kb}cetav

LE vhjlhchfbl} GSv bfrphvh}helv cet }ohv ~pt~ev`

Sbv} abthl` `x~`t`hfl` hlfkpm`v 7

G`}}h`v+ vpdabthl` ~h~`khl`v+ fettetvhel ~te}`f}hel ec~hki`v+

FLT

^BT] HH 7 @LOBLFHLJ EPT


65/98

^BT] HH 7 @LOBLFHLJ EPTFB^BDHKH]H@V

]O@ EJV^ B^^TEBFO

EHK # JBV @^F FEL]TBF]V

AEM@KHLJ ]E @LOBLF@ M@FHVHEL ABIHLJ

DPVHL@VV EC THJ DPHKMHLJ # ^TESHMHLJ

@_^KETB]HEL V@TSHF@V


66/98

FLT


67/98

^teg`f}v ablbj`m bv b ~et}cekhe sv hlmhshmpbk`s`l}v

Thvi ablbj`a`l} 7 Ilezk`mj`+ vp~~k!fobhl+opabl t`veptf`v


68/98

FLT


69/98

Ah}hjb}hlj MKM thviv shbehk # jbv

@^F fel}tbf}v

FLT

Tb}helbk` cet ha~evhlj m`kbx khrphmb}`m


70/98

Tb}helbk` cet ha~evhlj m`kbx khrphmb}`mmbabj`v

Apv} d` b j`lphl` ~t`!`v}hab}` ec }o` kevv et mbabj`}ob} }o` ~teg`f} fea~bl zhkk vpcc`t hc }o` cbfhkh} hvle} fea~k`}`m d }o` }btj`} fea~k`}hel mb}`

]o` j`lphl` ~t`!`v}hab}` hv m`}`tahl`m d t`c`t`lf`}e }o` }ha` }o` fel}tbf} zbv `l}`t`m hl}e

]o` @^F Fel}tbf} apv} ~teshm` cet }o` fel}tbf}et }e

d` jtbl}`m bl `x}`lvhel ec }ha` zo`l h} hv m`kb`m d}o` bf}v et eahvvhelv ec }o` ~teg`f} fea~bl

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B c o o c m i m


71/98

Bff`vv cet }o` fel}tbf}et }e }o` c``m v}efi blm }e bt`f`hshlj s`vv`k }e bkkez }ha`k fea~k`}hel ec

felv}tpf}hel+ feaahvvhelhlj blm }`v}hlj

C``m v}efi+ ~tempf} blm d!~tempf} /vpfo bv

jt``loepv` `ahvvhelv( v~`fhchfb}hel t`rpht`a`l}v

Cetf` abg`pt` fbpv`m m`kbv

FLT

Mhv~p}` t`vekp}hel ~teshvhelv hl fbv`v ec m`kb


72/98

Mhv~p}` t`vekp}hel ~teshvhelv hl fbv`v ec m`kb

Obshlj b v}bj`m mhv~p}` t`vekp}hel ~tef`vv }ob} ~teshm`vcet hl}`tlbk mhvfpvvhelv blm a``}hljv bha`m b} t`vekshlj}o` mhv~p}` ~thet }e feaa`lfhlj bf}hel /`h}o`t kh}hjb}hel et

btdh}tb}hel(

Apv} abi` ~teshvhel cet }o` ~bt}h`v }e v``i ptj`l}hl}`tkefp}et t`kh`c

Hc }o` ~teshvhel me`v le} hlfkpm` }o`v` `xf`~}helv h} thvivd`hlj pl`lcetf`bdk`

FLT

FCbT 7 Fbvo Ckez b} Thvi


73/98

Felf`~} ec Sbkp` b} Thvi /'SbT(sv

Felf`~} ec Fbvo Ckez b} Thvi /'FCbT(

Fbl z` abi` pv` aem`kv }ob} zepkm `lbdk` pv }e }bi`m`fhvhelv aet` tb}helbkk 5

H} hv le} }o` hl}`l}hel }e ~tec`vv }ob} vpdg`f}hsh} voepkm d`fea~k`}`k }bi`l ep}+ dp} tb}o`t }ob} vpdg`f}hs` sh`zvm`sehm ec tb}helbk v}b}hv}hfbk blbkvhv voepkm le} d`

`a~ke`m hl abihlj abti`} cet`fbv}hlj m`fhvhelv

FLT

K#] t`rpht`v feaaemh}h`v khi` fe~~`t v}``k bv tbz ab}`thbkv


74/98

K#] t`rpht`v feaaemh}h`v khi` fe~~`t+ v}``k bv tbz ab}`thbkvmpthlj }o` felv}tpf}hel ~obv` ec ~kb}cetav+ gbfi`}v `}f,

K#] hv bkve }e dphkm thjv+ zhkk t`rpht` kebmv ec tbz ab}`thbk}o`t` }ee

Bl `cc`f}hs` thvi ablbj`a`l} ~ekhf t`rpht`v bl edg`f}hs` blmv}b}hv}hfbkk veplm a`}oemekej, Fbvo ckez b} thvi hv b }eek }ob}fbl ~teshm` }ohv a`}oemekej

H} blvz`tv }o` aev} ~t`vvhlj rp`v}hel cbfhlj }o` fea~bl+ h,`,$zob} hv }o` felv`lvpv e~hlhel el }o` ep}fea` ec feaaemh}x

~thf`v hl cp}pt`5$

FLT

Dbvhf blbkxvhv


75/98

Dbvhf blbkxvhv

Vp~~ev`+ }o` edg`f}hs` ec }o` o`mj` ~tejtba hv }e i``~ }o` v}``kfev}v abtjhl /}o` v}``k fev} bv b ~`tf`l}bj` ec }o` t`s`lp`( d`}z``l=?% ! =8%

Hc b cp}pt` fel}tbf} ec fbtdel v}``k hv 7 Tv, =>>>> }el

Lez b FcbT aem`k zhkk d` bdk` }e voez }ob} }o` fea~bl voepkmo`mj` vb :0% }e ?0% ec v}``k t`rpht`m cet }o` v}``k fev}v abtjhl}e d` abhl}bhl`m

Fea~blh`v khi`Vpljbtmv~`fhbkhw` hl ~teshmhlj vpfo thvi aem`kv}e lel!chlblfhbk fea~blh`v

FLT

Fbl d` pv`m d }o` ~tefpt`a`l} m`~bt}a`l} }t`bvpt mpthlj


76/98

dpmj`}hlj ~pt~ev`v

Zhkk ~teshm` felchm`lf` }e }o` fea~bl*v vobtòekm`tv

H} zhkk ecc`t bvvptblf` }e }o` fea~bl*v m`d}etv }ob} }o`fea~bl obv b veplm ~tef`vv }ob} zhkk ~te}`f} }o`hthls`v}a`l}v

H} zhkk t`mpf` ~e}`l}hbk felckhf}v baelj ablbjà`l} blm jhs`}oà felchm`lf` hl abihlj }o`v` }~`v ec o`mjhlj m`fhvhelv

Ab bkve d` o`k~cpk hl `v}hab}hlj cp}pt` ehk ~thf`v


77/98

FLT


78/98

E~~et}plh}h`v sv Thviv blbkvhvhl 7

Thj % C^VE Dphkmhlj Ehkch`km `x~ketb}hel v`tshf`v

FLT

Fels`l}helbk t`v`ts`v hlft`bvhljkx d`xelm


79/98

Fels`l}helbk t`v`ts`v hlft`bvhljkx d`xelm}o` t`bfo ec ~thsb}` `l}`t~thv`v

T`veptf` lb}helbkhva hv b jtezhlj ~o`lea`lel hl aev} fepl}th`vobshlj vpdv}bl}hbk fels`l}helbk t`v`ts`v

]ohv obv k`m }e khah}`m bff`vv }e fels`l}helbk t`v`ts`v cet ~thsb}`hl}`tlb}helbk ehk fea~blh`v

Lb}helbk ehk fea~blh`v lez fel}tek bkaev} 46tm ec }o` zetkmvilezl fels`l}helbk t`v`ts`v

Oez`s`t+ }o` aet` `cchfh`l}+ ~thsb}`+ hl}`tlb}helbk ehk fea~blh`v

obs` cpkk bff`vv }e elk bdep} 28% ec }o` zetkmv t`v`ts`vfea~bt`m }e ?0% hl 283>

]ohv kbfi ec bff`vv }e `cchfh l} e~`tb}etv a`blv vkez`t blm k`vv

`cchfh`l} m`s`ke~a`l} ec fels`l}helbk t`v`ts`v



Chc}o k`s`k

FLT

M } }o h c }h c


80/98

M``~!zb}`t7 }o` `a`tjhlj ctel}h`t cet l`zoxmtefbtdel t`veptf`v

]e hlft`bv` ehk # jbv vp~~kh`v+ }o` oh}o`t}e pl}b~~`m

m``~!zb}`t hv `a`tjhlj bv }o` l`z ctel}h`t

Bjjt`jb}` zetkm m``~!zb}`t t`veptf`v bt` `v}hab}`m b}6>>d ddk l`btk el`!cept}o ec }o` zetkmv fptt`l} ehk

t`v`ts`vElk 43% ec m``~!zb}`t t`veptf`v obs` d``lmhvfes`t`m blm gpv} 4,0% bt` `x~keh}`m

Fptt`l}k+ 26 m``~!zb}`t dbvhlv bt` d`hlj m`s`ke~`mzetkm es`t+ blm m``~!zb}`t fb~`x hv v`} }e }t`dk` cteaPV-20d hl 4>>4 }e PV-=>d hl 4>2>,

Ec }o` }e}bk v`mha`l}bt bt`b ec 6,2=a vr ia+ 2,60a vr

ia /=6%( hv hl m``~!zb}`tv, / HLMHB (



Chc}o k`s`k

=> M@@^ ZB]@T DKEFIV /'L@K^ SH # SHH(

? @FELEAHFBKKX SHBDK@ MHVFES@TH@V

/'ELKX 4>% VPFF@VV TB]@(

FLT

Thj % C^VE dphkmhlj


81/98

Thj % C^VE dphkmhlj

Vhlf` `~ketb}hel aes`v hl}e m``~`t # aet` mhcchfpk}bt`bv+ ~teshmhlj bmsblf`m }`folekejx thjv }e h}v fkh`l}v+

voepkm d` K#]v foh`c felf`tl,

]o` cp}pt` bt`bv ec m`ablm 7 M``~!zb}`t mthkkhlj thjv 7

y v`ah!vpda`tvhdk`v # mthkk voh~v q

C^VEv

T`cptdhvoa`l} ec gbfi!p~ thjv

FLT

K h i d h o h F


82/98

Kez thvi dpvhl`vv zo`l h} fea`v Fb~`x,]o` abhl fev} hv }ob} ec bfrphthlj }`folekej

# dphlj kblm l`bt b voet` cet }o` btm

B~~tex, :>% ec }e}bk PV- 63> =4>Ahkkhel fev} hv m`~`lm`l} el feaaemh}/'v}``k( ~thf`v `h}o`t mht`f}k et hlmht`f}k

FLT

blp bf pt lj e t jvK#] /h E ( k } d hkm


83/98

j jK#] /hl Eabl(+ ~kblv }e dphkm 7

]~` ec thj @v}hab}`m Fev}

gbfi!p~ thjv -40> Ahkkhel

v`ah!vpda`tvhdk`v -=>> Ahkkhel

C^VEv -=0> Ahkkhel /'elk }e~vhm`(

| Bv b chtv} v}`~+ K#] obv dbjj`m bl etm`t ctea b PI!

fea~bl }e t`cptdhvo b gbfi!p~ thj cet -66,6 ahkkhel, ]o`t` hvb opj` m`ablm cet t`cptdhvoa`l} ec gbfi p~ thjv d`fbpv`}o` `xhv}hlj el`v bt` b} k`bv} 20 `btv ekm |

| Opkk cet C^VE zepkm fev} bteplm -4>> Ahkkhel # zepkm d`

~tefpt`m ctea ep}vhm` |

FLT

Zohk` ehk ~thf`v z`t` jehlj mezl+ hl `lm Bpjpv}+ PB@!


84/98

dbv`m Abth}ha` Hlmpv}thbk V`tshf`v Fe, K}m, Hlf, t`~et}`mj`}}hlj 6 gbfi!p~ thj t`cptdhvoa`l} ~teg`f}v, Kba~t`kk zbv

bzbtm`m b gbfi!p~ thj t`cptdhvoa`l} ~teg`f} hl Les`ad`t B t`cptdhvoa`l} ~teg`f} j`l`tbkk }bi`v bdep} 3 ael}ov}e fea~k`}`

]ohv hlft`bv` hv hlmhfb}hs` ec }o` jtez}o hl }o` thjt`cptdhvoa`l} abti`}+ zh}o }o` abgeth} ec thjv }emb hl}o` t`jhel 40!6> `btv ekm

Abl fkh`l}v bkve ~t`c`t b l`z!dphkm+ `s`l b} b ohjo`t

~thf`+ vhlf` }o` mthkkhlj }`folekej blm fb~bdhkh} hvjt`b}k `loblf`m es`t }o` ekm`t thjv

FLTACX Eabl7 Fb~bdhkh} hv }e ~tempf` bdep} 0>+>>>}elv `bt ec chlhvo`m ~tempf}v


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}elv `bt ec chlhvo`m ~tempf}v

Bk}oepjo j`}}hlj t`cptdhvoa`l} ~teg`f}v ab d``bvh`t }obl l`z dphkm el`v+ z` apv} cefpv aet` el }o`dphkm l`z v`ah!vpda`tvhdk` # C^VE abti`} vhlf`

}ob} hv aet` ~tech}bdk` # b ke} ec sbkp` bmmh}hel hvbfoh`s`m cet }o` kelj }`ta

]ohv zhkk bkve o`k~ K#] }e m`s`ke~ t`kb}`m m``~ zb}`t }`folekejh`v # bkve bhm hl ~t`!rpbkhchlj cetcp}pt` m``~ zb}`t ~teg`f}v

FLT

Fbv` v}pm7 ELJF


86/98

Kbfi ec m``~zb}`t thjv obv oh} ELJFv mthkkhlj ~kblv

Le m``~!v`b mthkkhlj thj hv bsbhkbdk` blzo`t` hl }o`zetkm cet oht` d`cet` 4>2>, ]o` k`bm }ha` }e dphkm l`zel`v hv 6 `btv

@lshvbjhlj bl hls`v}a`l} ec es`t -0 dhkkhel }e v}bt}~tempf}hel ctea m``~zb}`t dkefiv hl Ithvolb Jembsbthdbvhl d 4>26

@btkh`t ~kblv z`t` }e v}bt} ~tempf}hel hl 4>24

FLT

V}pm ec fea~blh`v # }o`ht


87/98

V}pm ec fea~blh`v # }o`htv}tb}`jh`v zepkm d` d`l`chfhbk

Oplmbh O`bs Hlmpv}th`v

K` ]eptl`bp ]`folekejh`v

Vbavplj O`bs Hlmpv}th`v

FLT

V}``k ~thf`v % v`f}et


88/98

Abtfo!B~thk 4>>? 7 ^thf` ec Kelj ^tempf}v p~ d =>%

^thf` ec Ckb} ^tempf}v p~ d 40%

A`bvpt`v }bi`l7 Zh}omtbzbk ec ha~et} mp} el bkk hl~p} ab}`thbkv

LHK FS@M el ]A] dbtv blm v}tpf}ptbkv

Zh}omtbzbk ec M@^D d`l`ch}v el v}``k

Ha~evh}hel ec `x~et} mp} el f`t}bhl fb}`jet ec v}``k h}àv

Mea`v}hf abti`} ~thf` bkaev} v}bdk`, 3>!?>% thv`7 Hl}`tlb}helbk abti`}

Gpkx!Bpjpv} 4>>?7 Hl}`tlb}helbk ahlpv mea`v}hf ~thf`v | Tv,8+>>> }el

V`~}àd`t 4>>?7 Hl}`tlb}helbk chlblfhbk fthvhv7 Vf`lbthe t`s`tvbk

Vpmm`l màblm cbkk7 De}o abti`}v

Ef}ed`t 4>>?7 Hl}`tlb}helbk v}``k ~thf`v cbkk d | => 0> %

Ef}ed`t Lesàd`t 4>>?7 @x~et} mp} el bkaev} bkk v}``k h}àv zh}omtbzl

M@^D d`l`ch}v el v}``k obv d``l t`hl}tempf`m

0% ha~et} mp} el v}``k hl}tempf`m

Fptt`l} mea`v}hf ~thf`v7 Tv,=>+>>> Tv,=4+>>> ~`t }el cet OT Fehk

Tv,6?+>>> Tv,68+>>> ~`t }el cet ]A] dbtv

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Kblm`m ~thf` sv ha~et}`m ~thf` # `s`l }o`l }o`t` hv b opj` jb~ d`}z``l


89/98

}o` }ze

T`~et}v /'4?}o Les,(7

Fohlb v}``k v`f}et

Fohlb ecc`thlj v}``k b} PV-==> ~`t }el

Mea`v}hf ~thf`v hl Hlmhb bt` tpkhlj b} bkaev} PV-:>>, Ve+ }o` kb}`v} mp}zepkm ~pvo ha~et} fev} d gpv} PV-44 ~`t }el

Ha~et}bl} }e ~ke} pvhlj ~bv} mb}b7

S lmetv tb}`v sv }t`lmv hl v}``k ~thf`v'

S lmet ab d` ec ble}o`t fepl}t # fepkm d`

bcc`f}`m mhcc`t`l}k

FLT

]o` EJV^ o`bmv voepkm abhl}bhl b jeem dbkblf`


90/98

d`}z``l }o` vpd!fel}tbf}etv s`lmetv hl Hlmhb #bdtebm

Hc rpbkh} ec Fohl`v` v}``k chlhvo`m ~tempf}v p~ }e }oàbti+ vea` ~`tf`l} ec t`rphtà`l} fepkm d` veptf`mctea }oà

Cetzbtm fel}tbf} zo`l `felea hv obshlj b ~evh}hsèp}keei

FLT Ehkch`km `~ketb}hel v`tshf`v


91/98

S`t ohjo Fb~`x thvi dpvhl`vv, T`fes`t ~`them blbkvhv7

Gbfi p~ thj 7 felvhm`thlj bl bs`tbj` dbv` mb tb}` 7 PV-2>>+>>>

Hls`v}a`l} }e d` abm` 7 PV- 40>A

Khc`}ha` ze bl vet} ec t`cptdhvoa`l} 7 46 tvM`d} 7 `rph} tb}he

:> 7 6>Fev} ec m`d} 7 3 %,]e}bk m`d} 7 PV- 2:0A, T`~ba`l} ~`them72>tv,

2> tv, t`s`lp` 7 PV- 630 A

X`btk m`d} t`~b`m 7 2:,0 A / v}tbhjo} khl` a`}oem (

Fev} ec m`d} /bs`tbj` es`t 2>tv,( 7 b~~tex, PV- 3> A

Abhl}`lblf` fev}v 7 = % ec fb~`x t, 7 PV- 2> A t,

O`lf`+ l`} ~tech}v `xfkpmhlj t`fes`t ec `rph} 7 PV- 6> A

FLT

Fel}m


92/98

Fel} m

Cet }o` l`x} 24 }e 26 tv, Bllpbk ~tech}v ec bdep} PV- 43 A

fbl d` `x~`f}`m]ohv fbkfpkb}hel i``~v mb tb}` bvvpa~}hel b} PV - 2>>+>>>cet b gbfi!p~ thj, Dp} màblm cet gbfi!p~v ab m`ft`bv` zo`laev} ec }o` vobkkez t`jhelv obs` d``l `x~ket`m

Cet vàh!vpda`tvhdk`v # e}o`t m``~ zb}`t thjv+ }ohv hv le} bmtbzdbfi,

Bc}`t vb 2>tv }o`t` ab d` l``m }e p~jtbm` }o` thj mp` }ebmsblf`v hl }`folekej+ dp} }o`l `s`l }o` mb tb}`v zepkm

hlft`bv`Bkve+ thj pvbj` hv bvvpa`m }e d` 2>>%+ zohfo hv le} }o` fbv`,Hm`bkk+ h} zepkm d` ?> ?0 % b a`mhpa màblm abti`}

FLT

Zob} hv ept fea~`}h}et bt` mehlj 5


93/98

Zob} hv ept fea~`}h}et bt` mehlj 5

^plg Kkem Jehlj }e bfrpht` = elvoet` mthkkhlj thjv

Hl }o` ~tef`vv ec bvv`adkhlj b tedpv} }`folhfbk }`ba cet e~`tb}hlj }o` vba`

M`khs`t zh}ohl 4= ael}ov

]e}bk fev}7 -?0 Ahkkhel

E}o`t mtbzdbfiv fepkm d` 7

Tb~hm bmsblf` hl Fehk ]pdhlj Mthkkhlj }`folhrp`

Abti`} m`ablm foblj`v sekb}hkh} Ha~et}bl} }e `l}`t hl}e fel}tbf}v b} }o` thjo} }ha`

FLT

Cbkkhlj ehk ~thf`v,, Fo`b~`t


94/98

j ~ ~`x~ketb}hel `rph~a`l} 5

Hl}`tlb}helbk ~kb`tv bt` v``hlj }ohv bv blp~vhm` hl }o`v` }epjo }ha`v

@#X7 0% }e20% fett`f}hel hl thj fel}tbf}v

Hlmhbl `x~ketb}hel fea~blh`v bt` le}t`gehfhlj 7

ELJFv thj fel}tbf}v bt` v`} cet t`l`zbk elkhl 4>>82> bv ~`t }o`ht }`lm`t

T`khblf` blm @vvbt 7 Fel}tbf}v bt` le}feahlj p~ cet t`l`zbk hl }o` l`bt cp}pt`

FLT

El` abget thvi7 ]o` abti`}+ h,`, ~bv} }e ~t`v`l} 7


95/98

fxfkhfbk lb}pt` ec }o` E#J /'`v~`fhbkkx thjv(dpvhl`vv

Lez }o` dpvhl`vv ~te~evh}hel zhkk d` s`t ~tech}bdk` hc h}hv hl}`lm`m cet b kelj }`ta /'aet` }obl 4> `btv(

Ve ~tech}v hl vpfo b dpvhl`vv bt` j`l`tbkk fbkfpkb}`m hl b20 }e 4> `bt bjjt`jb}` }ha` ctba`, Z` voepkm v}pmmhcc`t`l} blbkv`v }o`eth`v t`jbtmhlj ~`bi ehk }o`eth`v+

ffkhfbk lb}pt` ec E#J dpvhl`vv `}f,

Pvhlj }o`v` # vea` aem`khlj bv }e zo`l zepkm d` }o`~`bi # }tepjo hl dpvhl`vv b ke} ec v}tb}`jhf m`fhvhelv fbl

d` }bi`l

FLT

E}o`t bt`bv


96/98

E}o`t bt`bv

T#M hl febk d`m a`}obl` @^F t`v`btfo et ceta bGS

K#] Vb~ptb Vhlf` }ohv hv }o` chtv} }ha` K#] zhkkj`} hl}e v`tshf` ~teshmhlj dpvhl`vv+ z` fbl pv` }ohv }e`loblf` ept plm`tv}blmhlj ec }o` eccvoet` v`tshf`vdpvhl`vv

V^BT ~kb}cetav }ee obs` b jeem abti`}, Blbkvhv ec

rpbl}pa ec e~~et}plh} # ~tech}v fea~bt`m }e }e}bkhls`v}a`l}v zepkm ~tes` d`l`chfhbk

FLT

^thsb}` `rph} hl fk`bl }`folekejx


97/98

Hl }o` PV h}v`kc PV -2 dhkkhel hls`v}a`l}hl 4>>?

4 fk`bl }`folekejx H^E*v kbplfo`mvpff`vvcpkkx hl }ohv fthvhv

SF*v le} cplmhlj s`l}pt`v e}o`t }obl

fk`bl}`fo s`t `bvhk

FLT


98/98

]obli Xep

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