41 - valuation of oil and gas reserves

7/22/2019 41 - Valuation of Oil and Gas Reserves

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Bfoptnr 0?Uocuotgkl ke Kgc ol` os ZnsnrvnsEkrrnst O. Dorj, F. A . DA G G ~& Oss, kbsPghktfy O. Corskl, Nrlst & Tfg t lny

Pypns ke Kgc ol` Dos Yrkpnrty KwlnrsfgpPfn hkst bkhh kl typns ke kgc ol` dos prkpnrty kwlnr-sfgp gl tfn ^.R. orn hglnroc gltnrnsts, wkrmgld gltnrnsts,rkyoctgns, kvnrrg`gld rkyoctgns. lnt-prkegts gltnrnsts. ol`prkùbtgkl poyhnlts.

O hglnroc gltnrnst gl o prkpnrty gs o port ke tfn ennsghpcn gltnrnst. Gl hkst stotns, tfn hglnroc gltnrnst boljn snvnrn` erkh tfn sureobn gltnrnst ol` trolsenrrn` jyo hglnroc `nn` (gl Ckugsgolo, tfn hglnroc ol` sureobn gl-tnrnst bollkt j n snvnrn` gl pnrpntugty). Pfn kwlnr ke tfnhglnrocs, ngtfnr tfrku df enn sghpcn tgtcn kr jy o hglnroc`nn`, bol nxbbutb o cnosn ke tfn kgc ol` dos rgdfts. Bkl-sg`nrotgkl pog` ekr o cnosn gs boccn` o cnosn jklus. @urgldtfn prghory tnrh k e tfn cnosn, gt bol jn fnc` jy poygldrnltocs. prkùbtgkl , kr `rgccgld obtgvgtgns. Pfn rnltocs,usuoccy boccn` `ncoy rnltocs, orn pog` gl cgnu ke `rgccgldkr prkùbtgkl. Erkh ol glbkhn-tox stol`pkglt, tfnsn rnlt-ocs orn kr`glory glbkhn tk tfn cnsskr ol` orb `nùbtgjcnjy tfn cnssnn. Ekr tox purpksns, o jklus hust jn bopgtoc-gzn` os o port ke tfn bkst ke tfn cnosn jy tfn cnssnn. Pfgsjklus gs glbkhn tfot gs sujanbt tk `npcntgkl ekr tfn hglnroc-gltnrnst k wlnr= octfkudf ge tfn cnosn gs lkt nvnltuoccy

prkùbtgvn, tfn `npcntgkl tomnl hust jn rnstkrn` tk gl-bkhn gl tfn ynor tfn cbosn gs prkvn` wkrtfcnss.O rkyocty kr rkyocty gltnrnst gs tfn hglnroc kwl-

nrs sforn ke prkùbtgkl ernn ke tfn bxpblsn ke prkùb-tgkl. Gt gs `gstgldugsfn` erkh o hglnroc gltnrnst jy tfnojsnlbn ke kpnrotgld rgdfts. Pfn josgb rkyocty gltnrnstusuoccy gs nxprns sn` os o erobtgkl ke tfn tktoc prkùbtgkl ,subf os d ke %. &ke %. Zkyocty fos fgstkrgboccy jnnlsujanbt tk prkùbtgkl toxns. en`nroc nxbgsn toxns ]Tgl`-eocc Yrkegts P ox (TY P)X, ol` gl skhn stotns, kc` ~~ckrn~ttoxns.

Ol kvnrrg`gld rkyocty gltnrnst gs ol gltnrnst gl kgcol` dos prkùbn` ernn ke tfn nxpnlsn ke prkùbtgkl ol`gl o``gtgkl tk tfn usuoc col`kwlnrs rkyocty. Gt bkltgluns

ekr tfn cgen ke tfn cnosn ol` gs suj,anbt tk prkùbtgkl toxns.TYP toxns, ol` gl skhn stotns. u` ~~4ckwr44 toxns. Ol

Outfkr ke tfn orcdcloc bfoptnr wos Aol A Orps (nbnosn)

kvnrrg`gld rkyocty gltnrnst gs bkhhklcy nxprns sn` os oerobtgkl ke tfn rnvnlun obbrugld tk tfn wkrmgld gltnrnst=ekr nxohpcn, /6ke 4/, ke tfn tktoc kgc ol` dos prkùbn`.

Gl skhn ornos, subf os tfn Zkbmy Hkultogls, kvnrrg`-gld rkyoctgns orn ketnl nxprnssn` os o pnrbnltodn ke % ketfn tktoc kgc ol` dos prkùbn`.

O *lnt-prkegts gltnrnst gs o sforn ke tfn drkss prkùb-tgkl hnosurn` jy tfn cnssnns lnt prkegts erkh tfn kpnro-tgkl ke o spnbgegb trobt ke col`. Gt gs lkrhoccy borvn` kutke tfn wkrmgld gltnrnst.

O borrgn` gltnrnst gs o erobtgkloc gltnrnst gl ol kgcol` dos prkpnrty tfot dgvns tfn kwlnr lk pnrskloc kjcg-dotgkl ekr kpnrotgld kr `nvnckph nlt bksts. Pfn kpnro-gld kr `nvnckph nlt bksts ottrgjutojcn tk subf erobtgklocgltnrnst o rn jkrln ol` pog` jy tfn kwlnrs ke tfn rnhogl-gld erobtgkloc wkrmgld gltnrnst, wfk rnbkup subf nxpnl-`gturns kr ol odrnn` suh kut ke prkùbtgkl erkh tfnprkpnrty.

O prkùbtgkl poyhnlt gs o sforn ke tfn kgc, dos, ol`ktfnr hglnrocs prkùb n` erkh o trobt ke col`, ernn ke tfnbkst ke prkùbtgkl, tfot tnrhglotns wfnl o spnbgegb suh

erkh tfn socn ke tfn kgc, do s, ol` ktfnr hglnrocs fos jnnlrnocgzn` jy tfn kwlnr ke tfn gltnrnst. Pfnrn gs lk pnrskloccgojgcgty tk poy tfn suh spnbgegn` gl tfn glstruhnlt brnot-gld tfn prkùbtgkl poyhnlt1 tfn kwlnr ckkms klcy tk prk-ùbtgkl erkh tfn trobt ke col` ekr tfn suh spnbgegn`. Oprkùbtgkl poyhnlt gs usuoccy nx prnssn` gl `kccors ol`hoy borry ol glbrnhnltoc poyhnlt bkhp utn` gl tfn hol-lnr ke gltnrnst. O prkùbtgkl poyhnlt gs sog` tk jn borvn`kut wfnl gt gs trolsenrrn` kut ke olktfnr kgc ol` dos gl-tnrnst. Gt gs rnsnrvn` wfnl tfn gltnrnst gs rntogln` jytfn snccnr upkl tfn socn ke olktfnr kgc ol` dos gltnrnst.Yrkùbtgkl poyhnlts cghgtn` tk kgc kr dos klcy orn boccn`kgc poyhnlt kr dos poyhnlt, rnspnbtgvncy.

O rnvnrsgklory gltnrnst gs usuoccy o pkrtgkl ke tfn wkrm-

gld gltnrnst tfot rnvnrts tk olktfnr porty kl tfn kbburrnlbnke skhn `negln` nvnlt. Pfgs nvnlt gs ketnl tfn poykut ketfn glvnsthnlt kr skhn huctgpcn ke tfn glvnsthnlt kr hoyjb tfn possgld ke skhn `negln` tghn pnrgk`.


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0?- : YNPZKCN^H NLDG LNNZG LD FOL@JKKM

POJCN 0?. ?- - ZNUNLN G LPNZNRPR

O kwls1 c / s e J/ n nss / o ke G / * e Un c nss / o e A / s e o/ 6 kr s/ s0 ke * / 6) r Z/ 89. 946?:~KTlR1 / 09e ?/ dKe 6/ kr?,&(ke6/ d)kr , . . , , , . . . . . . Z/ 89. 92?:>

@KwlR1 ?/ dKe ?/ 69e 6/ d9r?/ 5~( Ke 6/ d)Kr [. . . Z/ 89. 9?>5:

Occ kr oly port ke nobf ke tfnsn kgc ol` dos gltnrnstshoy jn purbfosn`, skc`, kr hkrtdodn` ot tfn kwlnrsncnbtgkl.

Nobf nbklkhgb gltnrnst gl o prkpnrty rnprnsnlts tfn rgdfttk o bnrtogl erobtgkl ke tfn drkss glbkhn erkh tfn socnske kgc ol` dos ]rnvnlun-gltnrnst erobtgkl (ZG)X, ol` ol kj-cgdotgkl tk poy o bnrtogl erobtgkl ke tfn bkst ke prkùbtgkl]wkrmgldgltnrnst erobtgkl (TG)X. Gl tfn bosn ke rkyoctygltnrnsts, kvnrrg`gld rkyocty gltnrnsts, borrgn` gltnrnsts,ol` prkùbtgkl poyhnlts. tfn TG gs znrk jnbousn tfnsngltnrnsts orn ernn ke tfn bkst ke prkùbtgkl.

O wkrmgld gltnrnst gs tfn cnssnns kr kpnrotgld gl-tnrnst ul`nr ol kgc ol` dos cnosn. Pfn typgboc kgc ol` doscnosn prkvg`ns ekr o rkyocty tk jn pog` tk tfn cnsskr kr ktfnrrkyocty kwlnrs, ernn ke tfn nxpnlsn s ke prkùbtgkl= tfnjocolbn ke tfn prkùbtgkl rnprnsnlts tfn wkrmgld gltnrnstke tfn cnssnn, ol` tfgs port ke tfn prkùbtgkl jnors t fn nl-tgrn nxpnlsn k e prkùbtgkl. Pfn wkrmgld gltnrnst brnotn`jy ol kgc ol` dos cnosn hoy jn eurtfnr `gvg`n` jy tfn brn-otgkl ke kvnrrg`gld rkyoctgns, p rkùbtgkl poyhnlts, lnt-prkegts gltnrnsts. ol` borrgn` wkrmgld gltnrnsts. T fnltfnrn gs kln cnssnn ul`nr ol kgc ol` dos cnosn, fn hustpoy tfn nltgrn bk st ke prkùbtgkl ol` fgs TG gs ?99%.Tfn rn tw k kr hkrn cnssnns akgltcy kwl o cnosn, tf n TGke nobf cnssnn wfnltktoc n` sfkuc` o`` up tk ?99% ke tfnwkrmgld gltnrnst ul`nr subf cnosn. Pfn vorgkus bk-kwlnrske subf o cnosn lkrhoccy nltnr gltk ol kpnrotgld odrnn-hnlt ol` `nsgdlotn ol kpnrotk r ke tfn prkpnrty . Ekr nx-ohpcn, ekr o akglt-gltnrnst kwlnr wfk kwls o quortnr ketfn wkrmgld gltnrnst, tfn TG nquocs 9.:>. Pfn TG gs glneenbt nquoc tk tfn erobtgkl ke tfn bkst ke prkùbtgkl tfoto cnssnn fos tk poy.

Ol ZG, ocsk rnenrrn` tk os lnt gltnrnst kr `gvgsgkl-kr`nrgltnrnst, gs o erobtgkloc gltnrnst gl tfn tktoc drkss rnvnlunerkh o trobt ke col` tfot rnprnsnlts tfn obtuoc quoltgty ketktoc kgc ol` dos prkù bn` erkh subf col` ottrgjutojcn tkol kgc ol` dos gltnrnst gl subf col`. Ol ZG gs bkhhklcynxprnssn` os o `nbghoc erobtgkl ke % ke tfn drkss rnvnlunerkh subf prkùbtgkl.

Ol nxohp cn hoy bcorgey tfn systnh. Col`kw lnr Ocnosns fgs col` ekr kgc ol` dos purpksn s tk @, rntoglgldtfn usuoc / rkyocty gltnrnst. Gl kr`nrt k fn`dn odoglst lkl-

prkùbtgvn ` nvnckphnl t, O snccs >/0ke fgs x rkyocty tkJ ol` c/6 ke fgs )/6 k B. O, J, ol` B tfus jnbkhn tfnrkyocty kwlnrs ul`nr tfn col` hnltgkln` ojkvn. P fngrZGs orn bkhputn` gl Pojcn 0 ?.?.

@, tfn krgdgloc cnssnn, tfnl bkl vnys tfn cnosn tk N, rn-toglgld x5 ke /s kvnrrg`gld-rkyocty gltnrnst. Pfn cnosn gslkw sog` tk jn jur`nln` wgtf o x5 kvnrrg`n. @ lkw kwlsc/a5 ke /6 kr x:s, kr ZG89.9>057.

Pk suppkrt fgh w gtf fgs `nvnckphnlt ol` kpnrotgldbksts, N lkw snccs kln-ekurtf ke fgs gltnrnst gl tfn cnosntk E. N lkw kwls T ke (4/ske % cnss x5 ke 4/ske %) kr2?s/ >?:, kr ZG89.5?>:0, wfgcn poygld ^ ke tfn bksts krTG8K.4>. E lkw kwls g/0 ke (/Jke % cnss x5 ke x ke%G kr ?9%?:?r ZG89.:9>96 wfgcn poygld g/0 ke tfn bkstskr TG8K.:>.

Pfn wkrmgld- ol ` rnvnlun-gltnrnst erobtgkls pnrtoglgldtk tfn vorgkus nbklkhgb gltnrnsts gl tfgs nxohp cn sfkuc`lkw nobf o`` up tk ulgty, os sfkwl gl Pojcn 0 ?.:.

Uocuotgkl:-?2@ntnrhglotgkl ke Eogr Horm nt Uocun

Eogr hormnt vocunke ol kgckr dos-prkùbtgvn prkpnrty ,os bkhhklcy ul`nrstkk`, gs tfn prgbn ot wfgbf tfn prkp-nrty wkuc` jn skc` oetnr nxpksurn tk tfn hormnt ekr ornosklojcn pnrgk` k e tghn jyo wgccgld snccnr tk o wgccgldjuynr, lngtfnr jngld ul`nr bkh pucsgkl tk juy kr tk sncc,ol` jktf jngld bkhpntnlt ol` fovgld rnosklojcn mlkwc-n`dn ke tf n eobts.

Egsmn,2 prnsnltgld tfn vgnwpkglt ke tfn GltnrlocZnvnlun Rnrvgbn gl ?7>5, cgstn` sgx hntfk`s usn` tk`n-tnrhgln tfn eogr hormnt vocun gl kr`nr ke prnenrnltgocwngdft1 (?) ol obtuoc socn ke tfn prkpnrty lnort fn vocuo-ttkl òtn1 (:) o jklo tg`n keenr tk sncc kr purbfosn tfn prkp-nrty lnor tfn vocuotgkl òtn= (2 ) obtuoc so cns ke sghgcorprkpnrtgns gl tfn sohn kr lnorjy kgc ol` dos egnc`s lnortfn vocuotgkl òtn= (0) vocuotgkls ho`n ekr purpksn s ktf nrtfol en`nroc toxotgkl lnor tfn vocuotgkl òtn= (>) olocytgbocopprogsocs= ol` (5) kpglgkls ke quocgegn` kgc kr doskpnrotkrs.

Pfgs snbtgkl `nocs wgtf tfn `ntnrhglotgkl ke tfn eogr hor-mnt vocun k e kgc ol` dos prkpnrtgns jy tfn olocytgboc- krnldglnnrgld-opprogsoc hntfk `, nluhnrotn` jy Egsmn os

POJCN 0?. :- TKZMG LD OL@ ZNUNLN G LPNZNRP EZOBPG KLR

Colkwlnr ( Cnsskr)Zkyoc t y KwlnrZkyoc t y Kwlnr

Kvnrr g `tld- Zkyoc t y wlnrKpnrotkrLklkpnrot kr

Pktoc

Erobtg kl keTkrmg ld G ltnrnst( nbg hoc e robtg kl

ke bksts)

999

99. 4>9. :>

?. 99

Znvnlun-G ltnrnst robtg kl( nbg hoc e robtg kl

ke rnvnlun)

9. 946?:9. 92?:>9. 9?>5:

9. 9>0579. 5?>:09. :9>96

? kkkkk


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UOC OPG KL KE KG C OL@ DOR ZNRNZUNR 0?- 2

Gtnh >. Tgtf tfgs hntfk`, tfn opprogsnr nstghotns tfnrnbkvnrojcn fy`rkborjkl rnsnrvns erkh tfn prkpnrty olòpprogsns tfn prkjojcn euturn lnt glbkhn kr bosf eckw tkjn rnocgzn` erkh tfn prkùbtgkl ol` socn ke tfnsn rnsnrvns.Tfgcn eogr hormnt vocun ekr o fy`rkborjkl-prk` ubgldprkpnrty gs lkt o prnbgsn luhjnr, gt bol jn opprkx ghotn`

wgtfgl rotfnr bcksn cghgts jy usn ke tfn nldglnnrgld-opprogsoc hntfk`. 2

Yrnporgld o Bosf-Eckw Yrkanbtgkl

Ekr tfn purpks n k e `ntnrhglgld euturn lnt glbkhn kr bosfeckw, kgc ol` dos prkùbtgkl sfkuc` jn ekrnbost kl glekr-hotgkl ojku t euturn `nhol` ekr pntrkcnuh kr kl tfn jo-sgs ke purbfos n bkltrobts ge tfnsn dkvnrl jut sfkuc` lktnxbnn ` tfn pfysgboc ojgcgty ke tfn wncc kr wnccs tk prkùbn.Tfn rn prkrotgkl kr hormnt burtogchnlt gs gl ekrbn, trnl`sgl kgc ol` dos occkwojcns kr hormn t sfk uc` jn bklsg`nrn`.

^suoccy, tfn drkss glbkhn erkh kgc ol` dos socns tk jnkjtogln` erkh subf prkùbtgkl gs josn` jy tfn opprogsnr

kl burrnlt pkstn` prgbns ekr bru`n kgc ol` kl prn`gbtn`nbklkhgb bkl`gtgkls.Pfn bklstolt prgbn prkanbtgkls orn rnqugrn` ekr eglolb-

gld ol` Rnburgtgns Nxb foldn B khhgssgkl egcglds, wfgcntfn prn`gbtn` prgbns tfot orn josn` kl nbklkhgb stu`gnsorn usn` ekr jusglnss `nbgsgkls.

Dos prgbns sfk uc` jn josn` kl dos-purbf osn bkltrobtsgl ekrbn kl tfn prkpnrtgns jngld opprogsn`. Pfn neenbt kensbocotgkl bcou sns gl subf dos-purbf osn bkltrobts. wfgbforn sujanbt tk euturn opprkvoc jy rnducotkry odnlbgns, ornusuoccy snt kut snporotncy.

Gl hkst sto tns, kgc ol` dos prkùbtgkl gs sujanbt tk stotn,bkulty. ol` ckboc toxns poyojcn jy tfn prkù bnr. Pfnprkùbnr bustkhorgcy bfordns tfn opprkprgotn port ke tfnsn

toxns tk tfn vorgkus gltnrnsts gl o dgvnl prkpnrty. Pox rotnskl kgc ol` dos prkùbtgkl gl tfn vorgkus stotns fovn fgstkr-gboccy vorgn` ol` hoy jn kjtogln` erkh tfn stotn rnduco-tkry odnlby. Pfn toxns orn usuoccy b kccnbtn` jy tfn pgpncglnbkhpoly jy `nùbtgkl erkh tfn ruls.

Bkrpkrotgkl kr prgvotn glbkhn tox ns orn lkrhoccy bkl-sg`nrn` kutsg`n tfn sbkpn ke ol kgc ol` dos prkpnrty vocu-otgkl, jut skhn vocuotgkl ekrhucos homn gl`grnbtocckwolbn ekr tfnh. Po x rohgegbotgkls bol tktoccy bfoldntfn nbklkhgbs ke o prkpk sn` trolsobtgkl ol` rncotn` bvoc-uotgkl. Ekr bnrtogl purpksn s, subf os jolm nvocuotgkls,glbkhn toxns, os ol glfnrnlt port ke tfn euturn glbkh n,orn skhntghn s spnbgegboccy glbcu`n` gl tfn ekrnbost.

Kpnrotgld kr prkùbtgkl bksts bkhprgsn tfn nxpnlsnsrnqugrn` tk prkùb n tfn kgc ol` dos ol` tk hogltogl tfncnosns. Pfnsn bksts, usuoccy boccn` `grnbt cgetgld bksts, gl-bcu`n tfn bkst ke cojkr, egnc` supnrvgsgkl, pkw nr, eunc,rnpogrs, stghucotgkl ol`/kr rnbkhp cntgkl ke wnccs, pcoltrnpogrs, trolspkrtotgkl, glsurolbn, ol` ktfnr subf gtnhs.Os tfn odn ke tfn wnccs glbrnosns, o``gtgkloc nxpnl`gturnshoy fovn tk jn ho`n tk mnnp tfn wnccs gl kpnrotgld bkl-`gtgkl ol` pkssgjcy ekr `gspksoc ke prkù bn` soct wotnr.

Bopgtoc nxpnl`gturns glbcu`n tfn bkst ke bklstrubtgkl kedoskcgln pcolts, rnprnssurgld systnhs. o``gtgkloc `nvnc-kphnlt w nccs, ortgegbgoc cgetgld nqugphnlt, nldglns. tolm s,ol` ktfnr ùrojcn gtnhs rnqugrn` tk prkù bn occ tfn nbk-lkhgboccy rnbkvnrojcn kgc.

Ol kwlnr ke o wkrmgld gltnrnst gl kgc kr dos prkpnrtgnspoys tfn eucc ohkult ke fgs wkrmgld-gltnrnst sforn ke `grnbtbksts ol` bopgtoc nxpnl`gturns, jut fn poys prkùbtgkl olèn`nroc nx bgsn tox ns klcy kl tfn prkùbtgkl tk fgs lnt

rnvnlun gltnrnst. Zk yocty kr kvnrrg`gld rkyocty gltnrnsts,fkwn vnr, kr`glorgcy jnor lkln ke tfn lkrhoc cgetgld bkstskr bopgtoc nxpnl`gturns jut `k jnor prkùbtgkl ol` en`nr-oc nxbgsn toxn s kl tfngr rnvnlun-gltnrnst pkrtgkl ke tfn kgckr dos prkùbn`.

Pfn drkss glbkhn tk jn rnocgzn` erkh tfn prkùbtgkl

ke tfn rnvnlun-gltnrnst pkrtgkl ke tfn kgc ol` dos rnsnrvns,wfnl rnùbn` jy tfn ohkults lnbnssory ekr prkùbtgklol` en`nroc nxbgsn toxns, tfn wkrmgld-gltnrnst sforn kekpnrotgld nxpnlsns, rnpo grs, rnbkhpcntgkls, ol` o``gtgklocbopgtoc nxpnl` gturns, gs tfn euturn lnt glbkhn kr tfn lntbosf eckw dnlnrotn` erkh tfn prkùbtgkl ke tfn nstghotn`kgc ol` dos rnsnrvns. Rocvodn vocun ke nqugphnlt ot tfntghn ke ojol`klhnlt gs kr`glorgcy lkt glbcu`n` gl tfn bosf-eckw prkanbtgkl jnbousn subf glbkhn gs usuoccy keesnt jytfn bkst ke prkpnrcy pcuddgld ol` ojol`klgld tfn prkp-nrty gl bkhpcgolbn wgtf stotn rnducotgkls. Ol nxbnptgklgs skhntghns ho`n wfnrn tfn cgen ke tfn prkpnrty gs sfkrtol` subf socvodnojcn nqugph nlt h glus ojol`klhnlt bkstsbklstgtutns o hoakr port ke tfn vocun.

Oetnr tfn tnbflgboc olocysgs ke tfn prkpnrtgns fos jnnlho`n, wfgbf rnsucts gl o `ntnrhglotgkl ke tfn vkcuhn ol`rotn ke prkùbtgkl ke kgc ol` dos, ol` tf nsn òto fovn jnnlrnùbn` tk o prkanbtgkl ke euturn kpnrotgld lnt glbkhn k rbosf eckw, gt jnbkh ns lnbnssory tk nstojcgsf tfn opprogsocvocun.

Olocytgboc Hntfk`s ekrBkhputotgkl ke Opprogsoc Uocun

Octfkudf tfnrn orn holy hntfk`s ekr bkhputgld opprogsocvocun, klcy tfn hkst pkpucor wgcc jn `gsbussn`. Occ tfnsnbkhputn tfn opprogsoc vocun ke o prkpnrty jy tfn`gsbkultn`-bosf-eckw prkbnùrn ol` dgvn prkpnr wngdft

tk tfn tghn pottnrl ke euturn glbkhn. Opprogsoc vocuns tfotorn josn` kl o dgvnl erobtgkl ke tfn ul`gsbkultn` euturnbosf glbkhn kr kl poykut gl o dgvnl l uhjnr ke ynors ` klkt hnnt tfgs rnqugrnhnlt ol` orn lkt glbcu`n`.

Pfn nxohp cns prkvg`n` orn erkh tfn krgdgloc n`gtgklke tfgs fol`jk km ol` rnecnbt tfn nbklkhgb bkl`gtgkls bur-rnlt ot tfot tghn. Pfn hntfk`kckd y rnhogls vocg`, fkw -nvnr, ol` oly vocuns gl tfn nxohpcns wkuc` jn sujanbttk bfoldn wgtf tghn.

Opprogsoc vocun nquoc tk o erobtgkl ke tfn prnsnlt wkrtfke tfn lnt bosf eckw jnekrn en`nroc toxns bkhputn` oto soen rotn ke gltnrnst. Hnt fk` ? gs rncotgvncy sghpcn, no sytk ul`nrstol`, ol` wg`ncy usn`. Gt gs josn` kl tfn prnhgsntfot euturn glbkh n sfk uc` klcy jn `gsbkultn` ot ol gltnrnstrotn tfot rnecnbts tfn burrnlt-tghn vocun ke hklny ol ` tfotsubf gltnrnst rotn-wfgbf ecubtuotns wgtf tfn prnvogcgldbkst ke hklny-gs lkt usn` os o vnfgbcn ekr tfn rgsm eob-tkr. Gl gts oppcgbotgkl, tfn bkhjgln` prnsnlt w krtf ke tfneuturn kpnrotgld lnt glbkhn kr bosf eckw gs bocbucotn` jy`gsbkultgld tfn euturn olluoc bosf-eckw glbrnhnlts otprnvogcgld kr prkanbtn` bkhpku l` gltnrnst rotns. Ol nx-ohpcn ke subf o prnsnlt-wkrtf bkhputotgkl ot ol gltnrnstrotn ke cK%/y r gs sfkwl gl Pojcn0?.2. Tfgcn Pojcn0?.2gs o fol` bocbucotgkl, hkst bocbucotgkls orn ho`n wgtfncnbtrklgb òto prkbnssgld nqugphnlt, os sfkwl gl Pojcn0?.0.

Pfn tktoc prnsnlt w krtf k e tfn euturn lnt kpnrotgld gl-bkhn, wfgbf gl tfgs nxohp cn gs $?,07 7,70? , gs lkt tk jnbklstrun` os tfn hormnt vocun ke tfn kgc kr dos prkpnrty .Pfn purbfosnr ke subf o prkpnrty ckdgboccy gs nltgtcn` tk


4/37

0?-0 YNPZKCNH NLDG LNNZG LD FOL@JKKM

POJCN 0?. 2- BORF- ECKT YZKA NBPG KL OL@ YZNRNLP- TKZPF BOCBCOPG KLEKZ VWQ KG C BKHYOLW R G LPNZNRP G L YZK@BG LD KG C YZKYNZPW

Kpnromx VWQ bk. 9?? Roc ns Yrg bn 8 $:7 KK jjc Cnosn Hory A klns

Znvnlun Gltnrnst, ZG 8 9 24> Yrkùbt r kl Poxns 8~.TK pc us $9 99?7/ jjc Ernc ` Zkbm Br nnm

Tkrmg ld G ltnrnst 1 T 8 9.>99 Nst g hotn` Kpnrotc lq Nxpnlsns 8 >699 KK wnc c - hklt f Rtotn1 Pnxos

@otn ke Nvocuotg kl c - c - 6>

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9?? rnvnlun. `kc c ors Rtnp 2 x Yrg bn

Yrkubtg kl toxns,

kcc ors ( 9 905 x st np 2X+ ] K99?7 x stnp QX

Yrkùbg ld wnc c - hklt fs wnc c s x hklt fs

Kpnrot g ld bksts. `kc c ors Rtnp > x $699

Bopg toc nxpnlt turns,

kcc ors -

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pc us bopg toc bksts,

kcc ors T x ]Rtnp 5+ Rtnp 4?

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?6.652 ?>,750 ??, >:4 7, 956 4. 297 >, ?72 ?. 579 57,5?0

>04. 9:2 05:, 707 220, :45 :5:, 7>4 :??. 7>0 ?>9. >65 07. 992 :. 9?6. 406

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POJCN 0?. 0- YZKA NBPG KL KE NRPG HOPN@ YZK@BPG KL OL@ ZNUNLN OR KE A OL. ?, ?76>

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Wnor Tnc c s T) ( jjc ) ( Hsbe ) ( Hsbe ) Znvnlun Znvnlun Znvnlun Poxns Bksts Znvnlun ?9 99%

~ ~76> ? >9, 29? ?6. 652 >04. 9:2 >04. 9:2 :>, ?77 ?7, ?25 >9:. 566 047, :70

?765 ? 0:, >49 ?>, 750 05:, 707 05:, 707 :?. 2:5 ?:, 46: 0:6. 60? 24?.4?2

g 764 ? 29, 426 ??, >:4 220, :45 220, :45 ?>, 277 7. 4>4 297, ?:9 :02,>6:

?766 ? :0, ?69 7, 956 :5:, 7>4 :5:, 7>4 ?:, ??2 4. 740 :0:, 649 ?42, 769

?767 ? ?7, 079 4. 297 :??, 7>0 :??, 7>0 7, 450 5. 442 ?7>,0?4 ?:4, :5?

?779 ? G 2, 604 >, ?72 ?>9. >65 ?>9. >65 5, 724 >. 464 ?24, 65: 6?.5?6

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5/37

UOCOPG KL KE KG C OL@ DOR ZNRNZUNR 0?- >

POJCN 0? R- @G RBKLPN@ E PZN LNP BORF G LBKHN UR. YZKYNZPW CG EN

Ynrbnltodn ke Ovnrodn Ynrbnltodn

Ovnrodn >% Nqug voc nlt >% @g sbkultn` ke >% @tsbkultn`@ne nrhnlt Eobtkr kl Bklstolt - Zotn Uoc un ke Eut urn Uoc un ke Eut urn

Bosf- Ec kw Yrk ubtg kl Luhjnr ke Lnt Bosf G lbkhn Lnt Bosf G lbkhnYrkt nbtg kl ( wors) Prolsobtg kls Yog ` Yog `

59 tfrkudf 60 4?>9 tfrkudf 67 49>6 tfrkudf 67 4>56 tfrkudf 76 46

9. 6: t frkudf 9. 49 6 t frkudf ?> ??9. 49 t frkudf 9. >: ?> t frkudf 29 ?29. >: t frkudf 9. 09 29 t frkudf 0> 59. 09 t frkudf 9. 2: 0> t frkudf 59 0

o prkegt ojkvn tfn jolm gltnrnst rotn. Ocsk, wf nl bosf eckwgs bkhp utn` jy tfgs hntfk `, tfn en`nroc glbkhn toxns kltfn kpnrotgld lnt glbkhn usuoccy orn lkt `nù btn`, olòcckwolbn hust jn ho`n ekr tfnh. Gl o``gtgkl, o rgsm-ke-`kgld-jusglnss eobtkr gs usuoccy glbcu`n`.

@npnl`gld kl wfnt fnr bkst-`npcntgkl kr pnrbnltodn-`npcntgkl occkwolbn gs oppcgbojcn ol` `npnl`gld kl tfnohkults ke euturn gltoldgjcn `nvnckphnl t nxpnl`gturnsol` nqugphnlt `nprnbgotgkl, tfgf en`nroc glbkhn tox cgo-jgcgty wgcc vory kl tfn josgs ke tfn tox rotn oppcgbojcn tktfn gltnrnst kwlnr.

Pfn prkegt hordgl rnqu grn` gl tfn trolsobtgkl hoy ocskvory wg`ncy j nbousn ke rgsms glfnrnlt gl tfn kpnrotgkl ketfn prkpnrty ol` tfn rnspnbtgvn tro`gld ojgcgty ke tfn por-tgns tk tfn trolsobtgkl.

Gl o``gtgkl, gl tfn kpglgkl ke holy k pnrotkrs, tfn ckld-tnrh glecotgklory trnl` hoy put o prnhguh kl euturn gl-bkhn erkh socns ke o josgb row hotnrgoc, subf os bru`nkgc kr loturoc dos.

Yrkspnbtgv n pu rbfosnrs sfku c`. tfnrnekrn, w ngdf occtfnsn eobtkrs wgtf tfn en`nroc toxns poyojcn ol` tfn rgsms

ke tfn kpnrotgkls os lndotgvn eobtkrs ol` tfn glecotgkloryneenbts ol` pkssgjcn o``gtgkloc rkholbn gl tfn trols-obtgkl os pcus eobtkrs. Pfus tfny bol orrgvn o t tfn prkpnrerobtgkl ke tfn prnsnlt wkrtf ot skhn soen gltnrnstrotntfot tfny orn wgccgld tk poy.

Gl o spnnb f prnsnltn` ot tfn Yntrkcnuh Nldglnnrs Bcujke @occos, Kbt. ?4, ?7>:, F.A. Druy bkl sg`nrn` os eogrhormnt vocun twk-tfgr`s ke euturn lnt bosf glbkhn jn-ekrn ohkrtgzotgkl ol` en`nroc toxns, `gsbkultn` ot > %/yr.Pfgs hntfk `kckdy gs stgcc gl usn. Fkw nvnr, tfn `gsbkultrotn ot tfn tghn ke tfn nvocuotgkl gs sujstgtutn` ekr tfn> %/yr rotn.

O stu`y jy Dorj nt oc. gl ?76? gl`gbotn` tfo t, gl spgtnke vorygld tox ol` nbklkhgb bkl`gtgkls, kln bcossgb yor`-

stgbm ekr nstghotgld tfn vocun ke kgc gl tfn drkul` fo` rn-hogln` rnosklojcy bklstolt tfrkudf tfn ynors. Ol olocysgske GK hoakr trolsobtgkls ùrgld tfn pnrgk` ?747 -6 G, ovkcotgcn kgc-prgbn pnrgk`, gl`gbotn` tfot kgc rnsnrvns gl tfndrkul` `nh klstrotn` o hormnt vocun ke opprkxghotncykln-tfgr` ke tfngr pkstn` wnccfno` prgbn.

@k`skl cgstn` gl ?7>7 , ohkld sk hn snvnl `geenrnlthntfk`s tfot hoy jn usn` tk `ntnrhgln tfn eogr hormntvocun ke kgc ol` dos rnsnrvns, pnrbnltodn s ke tfn prns-nlt wkrtf, wfgbf hoy vory erkh >9 tk ?99% jut wfgbfrnbnltcy fovn jnnl erkh 4> tk 69 %

O stu`y jy Orpsf ke 20 obtuoc prkpnrty trolsobtgklsho`n ùrgld tf n pkstw or ynors gl tfn hg`-bkltglnlt, ducebkost, ol` Bocgekrlgo sfkwn` tfot tfn pnrbnltodn ke tfn>% `gsbkultn` vocun ke euturn lnt bosf glbkhn (jnekrnohkrtgzotgkl ol` en`nroc tox ns) pog` ekr tfnsn prkpnrtgnsvorgn` w gtf tfngr euturn cgvns. o s sfkwl gl Pojcn 0? .>.

Pfnsn òto sfkw o tnl`nlby ekr tfn ovnrodn p nrbnltodnske tfn cost bkcuhl tk glbrnosn wfnl tfn nstghotn` cgen ketfn prkpnrtgns jnbkh ns ckldnr. Gl lkln ke tfnsn trolsob-tgkls `g` tfn tktoc bklsg`nrotgkl nxbnn ` twk-tfgr`s ke tfnup`gsbkultn` euturn lnt bosf glbkhn j nekrn en`nroc tox-ns. Eodgl gltrkùb n` ol nhpgrgboc hormnt-vocun yor`-stgbm tfot gs josn` kl tfn trnl` gl obtuoc p rgbns pog` ekrprkùbgld prkpnrtgns ùrgld tfn pkstw or ynors gl ckld-cgen egnc`s subf os Nost Pnxos (snn Pojcn 0?.5). Pk egl`tfn hormnt v ocun jy tfgs yor`stgbm ekr bklstolt-rotn prk-ùbtgkl ke o sghgcor bforo btnr, tfn pnrbnltod n sfkwl glBkX. 2 ke tfn hormnt-vocun-yor`stgbm tojcn ekr tfn oppcgbo-jcn luhjnr ke ynors ke bklstolt-rotn prkùbtgkl ke Bkc.: ke tfgs tojcn gs `ntnrhgln`. Pfgs pnrbn ltodn gs tfnl huc-tgpcgn` wgtf tfn ovnrodn >% `nenrhnlt eobtkr ke Bkc. Gol` wgtf tfn ul`gsbkultn` euturn l nt bosf eckw tk ygnc`tfn nstghotn` hormnt vocun.

Nxohpcn Yrkjcnh ?. O prkpnrty wgtf ol nstghotn` eu-turn lnt bosf eckw ke $? ,KKK.KKKl` o GK-ynor bklstolt-rotn cgen wkuc` fovn o hormnt vocun ke9.42x9.47x$?,999,9998$>44,999.

Rkcutgkl. Tfnl tfn dgvnl bosf-eckw prkanbtgkl `kns lktsfkw o bklstolt rotn, tfn opprkprgotn pnrbnltodn gs ekul`gl BkX. 2, wfgbf bkrrnspkl`s tk tfn oppcgbojcn ovnrodn>% `nenrhnlt eobtkr erkh Bkc. G ke Pojcn 0?.5. P fgs pnr-bnltodn gs tfnl huctgpcgn` jy tfn ovnrodn >% nenrhnlteobtkr ke Bkc. G ol` jy tfn ul`gsbkultn` euturn lnt bosfeckw tk ygnc` tfn nstghotn` hormn t vocun.

Nxohpcn Yrkjcnh :. O prkpnrty wgtf ol nstghotn` eu-turn lnt bosf eckw ke $>99,999. wfgbf fos o > % `gsbkult-n` vocun ke $24>,999 (ovnrodn `nenrhnlt eobtkr 9.4>).wkuc` fovn o hormnt vocun ke 9.4: x9.4> x $RKK,KK K8

$:49,999.

POJCN 0?. 5- EODG L R HOZMNP- UOC N WOZ@RPG BM

Hormnt Uoc un osNqug voc nlt Ynrbnltodn ke >%

Ovnrodn >% @ne nrhnlt Bklstolt - Zotn @g sbkult n Uoc unEobtkr kl Bosf Ec kw Yrka nbtg kl ke Eut urn Lnt

Yrka nbtg kl Tors) Bosf Ec kw

9. 66 > 479. 47 ?9 42

9. 49 ?> 4?

9. 52 :9 569. >: 29 559. 00 09 499. 2: 59 4?


6/37

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9. 060? 9. 00:7 9. 09>> 9. 24?0 9. 2092

9. 05>0 9. 0:27 9. 265: 9. 2>:9 9. 2:?99. 004> 9. 09>5 9. 2546 9. 2224 9. 29:s9. 0292 9. 266: 9. 2>92 9. 2?52 9. :6>4

9. 0?26 9. 24?0 9. 2225 9. :776 9. :57>9. 274s 9. 2>>0 9. 2?44 9. :60: 9. :>029. 26:> 9. 209? 9. 29:5 9. :572 9. :27s

9. 25469. 2>249. 209?9. 2:499. 2?00

9. 29:29. :7949. :47>9. :5669. :>60

9. 2:>> 9. :66: 9. :>>29. 2??> 9. :40> 9. :0:99. :76? 9. :5?0 9. ::709. :6>: 9. :067 9. :?409. :4:7 9. :24? 9. :95?

9. :5?: 9. ::>6 9. ?7>29. :077 9. :?>9 9. ?6>:

9. :27: 9. :906 9. ?4>>9. ::67 9. ?7>? 9. ?5509. :?79 9. ?6>6 9. ?>44

9. ::52 9. :9949. :?2> 9. ?66>9. :9?0 9. ?4499. ?799 9. ?55:9. ?472 9. ?>59

9. ?57? 9. ?05>9. ?>7> 9. ?2459. ?>9> 9. ?:7:9. ?0:9 9. ?:?29. ?209 9. ??27

9. 2??7

9. :7:79. :4>99. :>6:9. :0:>9. ::449. :?26

9. :659 9. :5:0 9. :096

9. :542 9. :00? 9. ::299. :076 9. ::4? 9. :9509. :22> 9. :??: 9. ?7?:9. :?6: 9. ?75> 9. ?4499. :927 9. ?6:6 9. ?5279. ?795 9. ?499 9. ?>?4

9. ?46? 9. ?>6:9. ?55> 9. ?04?9. ?>>5 9. ?2579. ?0>0 9. ?:429. ?2>7 9. ??60

9. ?:499. ??64

9. ??979. ?9249. 9757

9. ?09>9. ?29?9. ?:9>9. ???>9. ?922

9. 97>59. 966>9. 96:99. 94>79. 9492

9. ::??

9. :9269. ?6469. ?42?

9. ?>7>9. ?0499. ?2>>

9. ?:079. ??>?9. ?95?9. 97469. 979?

9. 962?9. 94559. 94959. 95>99. 9>77

Tfgcn tfn nxohpcns usn o > % `gsbkult eobtkr tfot gs lkckldnr vocg`, tfn hntfk `kckdy rnhogls vocg`. ^ snrs ke tfgstnbflgqun sfkuc` usn `gsbkult rotns opprkp rgotn ekr tfntghn ke tfn nvocuotgkl.

Oppro gsoc vocun nqu oc tk tfn prnsnlt vocun k e tfn lntbosf eckw jnekrn en`nroc toxns bkh putn` ot o spnbuco-tgvn rotn ke gltnrnst. ^lcgmn Hntf k` ?, tfn prkegt hordglkvnr ol` ojkvn jolm gltnrnst rotns tk tomn born ke glfnrnltrgsms ol` en`nroc glbkh n tox cgojgcgtgns gs glbkrpkrotn` glHntfk` : tfn fgdfnr `gsbkult rotn. Pfn pkssgjcn roldn kesubf spnbucotgvn rotns ke rnturl gs rnecnbtn` jy vorgkus quk-totgkls erkh tfn cgtnroturn. Pfgs hntfk` gs, odogl, eogrcy

sghpcn gl gts oppcgbotgkl, jnbousn en`nroc glbkhn to xns ornlkt glbcu`n` gl tfn bkhputotgkl.

^sn ke Hntfk` : cno`s tk bkhporotgvncy fgdf hormntvocuns ek r prkpnrtgns ke vnry sfkrt cgen. Jnbousn nx pnrg-nlbn sfkws tfot vnry enw trolsobtgkls orn ho`n wfnrntfn tktoc bklsg`nrotgkl nxbnn `s twk-tfgr`s ke tfn euturnlnt bosf glbkhn, nxp nrgnlbn` nldglnnrs gl subf bosnsusuoccy cghgt tfngr opprogsoc vocun tk tfgs hoxghuh . Pfgsekrhuco ocsk tnl`s tk `gsbrghglotn odoglst ckld-cgen trols-obtgkls jnbousn f gdf spnbucotgvn rotns ke rnturl bkhpku l`ropg`cy ol` rn`ubn tfn vocun ke bosf-eckw glbrnhnlts :9tk 29 ynors, fnlbn tk vnry shocc ohkults. Ekr nxohpcn,Pojcn 0?.4 sfk ws tfot tfn hg`ynor cuhp-suh `nenrhnlt


7/37

UOC OPG KL KEKG COL@DORZNRNZUNR 0?- 4

POJCN 0?. 4-H @WNOZ C HY- RH @NENZHNLP EOBPKZR e Cs 8( G + g ) / - bklt g lun )

Wnor 7% 7% % ?9% ?:% ?>% :9% :>% 29% 2>% 09% 0>% >9%

? 9. 7>46 9. 7>>5 9. 7>2> 9. 7007 9. 72:? 9. 7?:7 9. 670> 9. 6449 9. 6594 9. 60>: 9. 6290 9. 6?5>: 9. 6464 9. 64:4 9. 6566 9. 6024 9. 6?9> 9. 4594 9. 4?>5 9. 5404 9. 524> 9. 5924 9. >4:4 9. >0022 9. 595: 9. 4749 9. 4669 9. 4>22 9. 4905 9. 5209 9. >4:0 9. >?79 9. 04:: 9. 02?: 9. 27>9 9. 25:7

0 9. 4275 9. 4:47 9. 4?52 9. 54:5 9. 5?:7 9. >:62 9. 0>47 9. 277: 9. 2076 9. 2969 9. :4:0 9. :0?7> 9. 546> 9. 5504 9. 5>?: 9. 599> 9. >2:7 9. 009: 9. 2550 9. 294? 9. :>7? 9. ::99 9. ?647 9. ?5?2

59% 49%

9. 4795 9. 45499. 070? 9. 0>?:9. 2966 9. :5>09. ?729 9. ?>5?9. ?:95 9. 97?6

5 9. 5::> 9. 5949 9. >7:9 9. >25: 9. 0520 9. 2557 9. :72? 9. :25: 9. ?7?7 9. ?>4? 9. ?:75 9. ?94> 9. 94>04 9. >4?? 9. >>00 9. >26: 9. 0464 9. 0929 9. 29>4 9. :20> 9. ?6?4 9. ?0:: 9. ??:: 9. 9670 9. 94?4 9. 904?6 9. >:09 9. >952 9. 0672 9. 0:40 9. 2>90 9. :>06 9. ?645 9. ?276 9. ?9>2 9. 969: 9. 95?5 9. 9046 9. 9:7>7 9. 0694 9. 05:0 9. 0006 9. 26?5 9. 2904 9. :?:2 9. ?>9? 9. ?94> 9. 9469 9. 9>42 9. 90:> 9. 92?7 9. 9?60

G K 9. 00?9 9. 0::: 9. 0900 9. 2094 9. :5>9 9. ?457 9. ?:99 9. 96:4 9. 9>46 9. 9097 9. 9:72 9. 9:?: 9. 9??>

?? 9. 0905 9. 26>5 9. 2545 9. 290: 9. :290 9. ?040 9. 9759 9. 9525 9. 90:6 9. 9:7: 9. 9:9: 9. 9?0: 9. 994:?: 9. 24?: 9. 2>:: 9. 220: 9. :4?5 9. :992 9. ?::7 9. 9456 9. 9067 9. 92?4 9. 9:97 9. 9?27 9. 9970 9. 990>?2 9. 209> 9. 2:?5 9. 2926 9. :0:> 9. ?40: 9. ?9:0 9. 95?> 9. 9245 9. 9:2> 9. 9?07 9. 9975 9. 9952 9. 99:6?0 9. 2?:0 9. :724 9. :45: 9. :?5> 9. ?>?> 9. 96>2 9. 907: 9. 9:79 9. 9?40 9. 9?95 9. 9955 9. 990: 9. 99?6?> 9. :655 9. :56: 9. :>?? 9. ?722 9. ?2?4 9. 94?? 9. 9272 9. 9::2 9. 9?:7 9. 9945 9. 9905 9. 99:6 9. 99??

?5 9. :529 9. :0>9 9. ::62 9. ?4:5 9. ??05 9. 9>72 9. 92?> 9. 9?4? 9. 997> 9. 99>0 9. 992: 9. 99?7?4 9. :0?: 9. ::24 9. :94> 9. ?>0? 9. 9775 9. 9070 9. 9:>: 9. 9?2: 9. 994? 9. 9927 9. 99:: 9. 99?:?6 9. ::?2 9. :902 9. ?665 9. ?245 9. 9655 9. 90?? 9. 9:9? 9. 9?9? 9. 99>: 9. 99:6 9. 99?> 9. 9996?7 9. :92? 9. ?655 9. ?4?> 9. ?::7 9. 94>2 9. 9202 9. 9?5? 9. 9945 9. 9927 9. 99:9 9. 99?9 9. 9995

:9 9. ?652 9. ?490 9. ?>>7 9. ?974 9. 95>> 9. 9:65 9. 9?:7 9. 9959 9. 99:7 9. 99?0 9. 9994 9. 9990

9. 99949. 99909. 999:9. 999?

:? 9. ?497 9. ?>>5 9. ?0?4 9. 9769 9. 9>49 9. 9:26 9. 9?92 9. 9905 9. 99:? 9. 99?9 9. 999> 9. 999::: 9. ?>56 9. ?0:? 9. ?:66 9. 964> 9. 907> 9. 9?76 9. 996: 9. 992> 9. 99?5 9. 9994 9. 9992 9. 999::2 9. ?026 9. ?:76 9. ??4? 9. 946? 9. 902? 9. 9?5> 9. 9955 999:4 9. 99?: 9. 999> 9. 999: 9. 999?:0 9. ?2:9 9. ??6> 9. ?95> 9. 9574 9. 9240 9. 9?26 9. 99>2 9. 99:? 9. 9997 9. 9990 9. 999::> 9. ?:?? 9. ?96: 9. 9756 9. 95:2 9 92:5 9. 9??> 9. 990: 9. 99?5 9. 9995 9. 9992 9. 999?

:5 9. ???? 9. 9766 9. 9669 9. 9>>5 9. 9:62 9. 9975 9. 9920 9. 99?: 9. 999> 9. 999::4 9. ?9?7 9. 9792 9. 9699 9. 9075 9. 9:05 9. 9969 9. 99:4 9. 99?9 9. 9990 9. 999?:6 9. 972> 9. 96:0 9. 94:4 9. 9002 9. 9:?0 9. 9955 9. 99:: 9. 9994 9. 9992:7 9. 96>6 9. 94>2 9. 955? 9. 9275 9. 9?65 9. 99>> 9. 99?4 9. 9995 9. 999:29 9. 9464 9. 9566 9. 959? 9. 92>2 99?5: 9. 9905 9. 99?0 99990 9. 999?

2? 9. 94:: 9. 95:6 9. 9>05 9. 92?> 9. 9?0? 9. 9926 9. 99?? 9 9992 9. 999?2: 9. 955: 9. 9>42 9. 9074 9. 9:6: 9. 9?:: 9. 992: 9. 9997 9. 999222 9. 9596 9. 9>:0 9. 90>: 9. 9:>? 9. 9?95 9. 99:4 9. 9994 9999:20 9. 9>>4 9. 9046 9. 90?? 9. 9::0 9. 9972 9. 99:: 9. 9995 9. 999:2> 9. 9>?? 9. 9024 9. 9242 9. 9:99 9 9969 9. 99?7 9. 999> 9 999?

25 9. 9057 9. 9277 9. 9227 9. 9?47 9. 9949 9. 99?> 9. 999024 9. 9029 9. 9250 9. 9296 9. 9?59 9. 995? 9. 99?2 9. 999226 9. 927> 9. 9222 9. 9:69 9. 9?02 9. 99>2 9. 99?? 9. 999:27 9. 925: 9. 9290 9. 9:>> 9. 9?:4 9. 9905 9. 9997 9. 999:09 9. 922: 9. 9:44 9. 9:2: 9. 9??0 9. 9909 9. 9994 9. 999?

0? 9. 929> 9. 9:>2 9. 9:?? 9. 9?9: 9992> 9. 9995 9. 999?0: 9. 9:69 9. 9:2? 9. 9?7: 9. 997? 9. 9929 9. 999>02 9. 9:>4 9. 9:?? 9. 9?40 9. 996? 9. 99:5 9. 999000 9. 9:2> 9. 9?72 9. 9?>6 9. 994: 9. 99:2 9. 99900> 9. 9:?5 9. 9?45 9. 9?00 9. 995> 999:9 9. 9992

05 9. 9?76 9. 9?5? 9. 9?2? 9. 99>6 9 99?4 9. 999:04 9. 9?6: 9. 9?04 9. 9??7 9. 99>? 9. 99?> 9. 999:05 9. 9?54 9. 9?20 9. 9?96 9. 9905 9. 99?2 9. 999:07 9. 9?>2 9. 9?:2 9. 9976 9. 990? 9. 99?? 9. 999?>9 9. 9?09 9. 9??: 9. 9967 9. 9924 9. 99?9 9. 999?

9. 9>099. 92?69. 9?649. 9??99. 995>

9. 99269. 99::9. 99?29. 99969. 999>

9. 99929. 999:

eobtkr ekr glbkhn rnbngvn` gl Wnor 29 ohkults tk 9.:24?ekr >% gltnrnst, 9.959? ekr ?9% gltnrnst, ol` 9.9905 ekr:9% gltnrnst. Jnbousn ke tfnsn sfkrtbkhglds, tfn usn keHnt fk` : gs lkt rnbkhh nl`n`, portgbucorcy wfnl ckld-cgen prkpnrtgns orn glvkcvn` wgtf o fgdf prkegt-tk-glvnsthnlt rotgk.

Gl o spnnbf prnsnltn` ot tfn Kgc ol` Dos Glst. gl @oc-cos, Horbf :5, ?707, N.C. @nDkcynr bkhhnltn`, Gt gsrotfnr surprgsgld tfot hkrn ketnl tfol lkt tfn cottnrhntfk `, g.n. kln-foce ke o 0% `gsbkultn` euturn lntrnvnlun, gs vnry bcksn tk tfn euturn l nt rnvnlun (jnekrnohkrtgzotgkl ol` en`nroc toxns) `gsbkultn` ot ?9 /z% pnrynor.

@k`skl cgstn` gl ?7>7 ohkld skhn snvnl `geenrnlthntfk`s tfot hoy jn usn` tk `ntnrhgln tfn eogr hormnt

vocun ke kgc ol` dos rnsnrvns, rotn ke rnturl kl glvnst-hnlt ke oppornltcy ?0% kr hkrn.

Erkh o stu`y ke egvn obtuoc ol` rnprnsnltotgvn vocuo-tgkls tfot fovn snrvn` os o josgs ekr snttcnhnlt ekr dgetkr o` vockrnh toxns, Znylkc`s bklbcu`n` gl ?7>7 tfot1Pfn roldn ke erkh ?2% tk :?% olluoc rotn ke rnturljnekrn tox oàusthnlts prkvg`ns cghgts kl wfgbf tfn nl-dglnnr bol kpnrotn. Fn ocsk kjsnrvn` tfot tfn òto erkhtfnsn opprogsocs gl`gbotn tfot tfn prkanbt wgtf o sfkrt cgenwgcc `nhol` o fgdfnr rotn ke rnturl tfol kln wgtf o ckldcgen ol` ckw rgsm. Pfgs gs prkjojcybousn jy tfn glvns-tkrs ckld-roldn eogtf gl tfn kgc glùstry, tfn jncgne tfotfgdfnr prgbns pnr ulgt orn gl tfn keegld, ol` tfn eobt tfotcnss hklny holodnhnl t gs lnbnssory ekr rnglvnstgldnorlglds.


8/37

0?- 6 YNPZKCN H NLDG LNNZG LD FOL@JKKM

POJCN 0?. 4- H @WNOZ C HY-RH @NENZHNLP EOBPKZR E, , 8( 4 +g ) - ( bkltg lun )

Wnor 69% 79% ?99% ? ?9% ?:9% ?29%

? 9. 40>0 9. 4:>> 9. 494? 9. 579? 9. 540: 9. 5>70

: 9. 0?0? 9. 26?6 9. 2>25 9. 2:65 9. 295> 9. :6542 9. :299 9. :9?9 9. ?456 9. ?>5> 9. ?272 9. ?:050 9. ?:46 9. ?9>6 9. 9660 9. 940> 9. 9522 9. 9>0:

> 9 94?9 9. 9>>4 9. 900: 9. 92>> 9. 9:66 9. 9:25

5 9. 9270 9. 9:72 9. 9::? 9. 9?57 9. 9?2? 9. 9?9:4 9. 9:?7 9. 9?>0 9. 9??9 9. 9969 9. 99>7 9. 990>6 9. 9?:: 9. 996? 9. 99>> 9. 9926 9. 99:4 9. 99?77 9. 9956 9. 9902 9. 99:6 9. 99?6 9. 99?: 9. 9996

G K 9. 9926 9. 99:: 9. 99?0 9. 9997 9. 9995 9. 9990

?? 9 99:? 9. 99?: 9. 9994 9. 9990 9. 9992 9. 999:?: 9 99?: 9. 9995 9. 9992 9. 999: 9. 999??2 9. 9995 9. 9992 9. 999:?0 9. 9990 9. 999:?> 9. 999:

?5 9. 999?

Pfn oekrnhnltgkln` rotns ke rnturl wnrn oppcgn` tk tfnnltgrn trolsobtgkl. glbcu`gld tfn rnsnrvn` prkùbtgkl poy-hnlt. Jnbou sn ke cnvnrodn oeekr`n` jy tfn tfnl-pnrhgttn` OJB hntfk` ke purbfosgld prkpnrtgns. tfn ob-tuoc rotn ke rnturl kl tfn nqugty bopgtoc wos fgdfnr tfoltfn rotn ke rnturl ekr tfn trolsobtgkl os o wfkcn.

Pfn bocbucotn` prntox gltnrloc rotn ke rnturl rnhoglso usneuc yor`stgbm ekr nstojcgsfgld o eogr hormnt vocun. Pf nobbnptoj cn rotn ke rnturl ot oly tghn wgcc jn o eulbtgklke bkhpo rotgvn glvnsthnlt kppkrtulgtgns ol` tfn sujanb-tgvn ossnsshnlt ke tfn rgsm. Ot tfn tghn ke tfgs wrgtgld,prntox rotn ke rnturl hust eocc jntwnnl :9 ol` 29% tkjn bkhpbtgtgvb wgtf ktfnr glvnsthnlt kptgkls.

Oppro gsoc vocun nquoc tk tfn prnsnlt vocun ke tfn lnt

bosf eckw oetnr en`nroc glbkhn toxns bkhputn` ot olgltnrhn`gotn rotn ke gltnrnst. Hntfk` 2 gs tfn hkstskpfgstgbotn` opprk obf tk tfn eogr-hormnt-vocun prkjcnh.Gt rnqugrns ol obtuoc bkh putotgkl ke tfn en`nroc to x cgojgcgtyekr nobf ynor ol` gs rotfnr cojkrgkus. Pfn hntfk` ocskrnqugrns tox ol` obbkultgld glekrhotgkl tfot hoy lkt jnrno`gcy ovogcojcn tk tfn nvocuotgld nldglnnr. Pfksn eovkr-gld tfgs hntfk ` dnlnroccy usn ncnbtrklgb-òto-prkbnssgldeobgcgtgns tfo t rnùbn tfn obtuoc wk rm jy tfn vocuotgkl nl-dglnnr tk tfn prnporotgkl ke tfn josgb glput òto. Pfn ro tnke rnturl gl tfgs typn ke bkhputotgkl bkhn s bcksn tk tfnobtuoc rotn ke rnturl tfot, osg`n erkh prgbn ecubtuotgklsol` nrrkrs gl nstghotgld, hoy jn rnocgzn` kl tfn purbfo sn.Ge tfgs hntfk` gs ekcckwn`, tfn eogr hormn t vocun hoy jn`negln` os tfn bosf vocun tfot, ge pog` ekr tfn prkpnrty.wkuc` ygnc` o sotgseobtkry rotn ke rnturl kl tfn purbfo snprgbn. O sotgseobtkry rotn ke rnturl k r ygnc` gs kln tfot gssueegbgnlt tk glùbn tfn juynr tk rgsm fgs eul`s gl tfn por-tgbucor prkanbt rotfnr tfol gl soenr glvnsthnlts keenrgldo ckwnr ygnc`. Pfgs rotn hust jn bkhh nlsurotn wgtf tfnpfysgboc fozor`s ke prkùbgld ol` tfn nbklkhgb fozor`ske euturn prkùbtgkl. Gl prglbgpcn, gt gs tfn sohn glbnl-tgvn rnbkdlgzn` gl tfn rnducotgkl ke pujcgb utgcgtgns, w fnrntfn rnosklojcn rotn ke rnturl upkl tfn eogr vocun ke tfnprkpnrty (tfn rotn josn) gs fnc` tk jn tfot sueegbgnlt tk gl-ùbn tfn glvnsthnlt ke bopgtoc gl nstojcgsfgld, hoglrogl-gld. ol` nxpol`gld tfn prkpnrty .

Bfnbm Cgst ke @oto Znqugrn` ekr Nvocuotgklke Kgc- ol` Dos-Yrkùbgld Yrkpnrtgns

Jbbou sb tfn prbvgkuxcy `gsbuf sb` nvocuotgkl prkbn` urns

?09% ?>9% ?59% ?49% ?69% ?79% :99%

9. 50>> 9. 52:> 9. 5:9: 9. 5965 9. >745 9. >64: 9. >4429. :579 9. :>29 9. :26> 9. ::>0 9. :?20 9. :9:> 9. ?7:09. ??:? 9. ?9?: 9. 97?4 9. 962> 9. 945: 9. 9576 9. 950?9. 9054 9. 909> 9. 92>2 9. 9297 9. 9:4: 9. 9:0? 9. 9:?0

9. 9?7> 9. 9?5: 9. 9?25 9. 9??> 9. 9974 9. 9962 9. 994?

9. 996? 9. 995> 9. 99>: 9. 990: 9. 992> 9. 99:7 9. 99:09. 9920 9. 99:5 9. 99:9 9. 99?5 9. 99?: 9. 99?9 9. 99969. 99?0 9. 99?9 9. 9996 9. 9995 9. 9990 9. 9992 9. 99929. 9995 9. 9990 9. 9992 9. 999: 9. 999: 9. 999?9. 999: 9. 999: 9. 999?

9. 999?

orn rnecnbtgkls ke tfn pottnrl ke euturn rnvnlu ns, hkst nvoc-uotgkl hntfk `s orn josn` kl tfn prn`gbtn` prkanbtgkls kekgc ol` dos prkùbtgkl. Pfnsn prkanbtgkls orn prnporn `ngtfnr jy nxtropkcotgld nstojcgsfn` trnl`s gl prkùbgld bo-pobgty krjy obo`nhgboccy nstghotgld oltgbgpotn` prkùb-tgkl kl tfn josgs ke dnkckdgb gltnrprntotgkls ol`/kr olockdy(snn Bfop. 09).

Pk homn o skul` v ocuotgkl ke o dgvnl prk` ubgld prkp-nrty, tfn opprogsnr rnqugrns bnrtogl josgb òto. Pfn ekc-ckwgld bf nbm cgst hoy snrvn os o rnhgl`nr wfnl bkccnbtgldsubf òto.

H ops ol` Br kss Rnbtgkls. Pfnsn glbcu`n kwlnrsfgphops, dnkckdgboc-strubturn hops. gskpobf hops, dnkckd-gboc brkss snbtgkls, ntb.

C nosn-C kbotgkl @oto.Cgst cnosns tk jn glbcu`n` ol`sfkw ekr nobf cnosn tfn cnosn lohn, luhjnr ke prkùb-

gld wnccs, luhjnr ke tnhpkrorgcy ojol`kln` wnccs, tktocluhjnr ke obrns, egnc` lohn, bkul ty, stotn, ol` cndoc`nsbrgptgkl ke cnosn.

Tncc C kds. Pfnsn ckds glbcu`n occ ncnbtrgboc, obkustgb,ol` ro`gkobtgvgty ckds tfot fovn jnnl rul gl nobf wncc.Ocsk, ge ovogcojcn, dnkckdgboc-sohp cn ckds ol` `grnbtgkl-oc wncc-survny rnpkrts sfk uc` jn glbcu`n`.

Bkrn-Olocysgs @oto. Occ bkrn-olocysgs rnpkrts ekr tfnzklns tfot fovn jnnl bkrn` ol` olocyzn` sfkuc` jnglbcu`n`.

Zug`-Rohpcn-Olocysgs @oto. Pfgs glbcu`ns occ jkttkh-fkcn ecug`-sohpcn-olocysgs rnpkrts ol`. ekr dos wnccs, dos-

olocysgs, spnbgegb-drovgty, kr rnbkhjgln`-sohpcn-olocysgsrnpkrts.

Tncc F gstkry. Bfrklkckd gboc fgstkry ke occ wncc kpnro-tgkls glbcu`gld krgdgloc `rgccgld ol` bkhpcntgkl, rnbkh-pcntgkls, ol` rnhn`goc wkrm tk òtn sfkuc` jn glbcu`n`.Ge lkt ktfnrwgsn glbcu`n` gl o bkhp cntn bfrklk ckdgboc wnccfgstkry. prkvg`n tfn ekcckwgld òto ekr nobf wncc1 bkl-snrvotgkl bkhhgssgkl bkhpcntgkl, pktnltgoc tnst, ol` DKZrnpkrts1 bkhpcntgkl (ol`/kr rnbkhpcntgkl) òtn= ncnvotgkl1mnccy jusfgld, `nrrgbm eckkr, ol` drkul` cnvnc= tktoc `nptf *ol` pcuddn`-j obm `nptf= bosgld sgzn ol` snttgld `nptf=tujgld sgzn ol` snttgld `nptf= `rgccstnh tnst òto glbcu`-gld gltnrvocs tnstn` . tghn kpnl, ecug` rnbkvnrn` . ol` jkt-tkhfkcn prnssurn (JFY) òto1 bkrgld òto. glbcu`gldgltnrvocs bkrn` . ekktod n rnbkvnrn` . ol` bkrn `nsbrgptgkl1


9/37

UOC OPG KL KE KG C OL@ DOR ZNRNZUNR 0?- 7

dnkckdgboc tkps ke occ hoakr ekrhotgkls nlbkultnrn`= wncc-ckbotgkl pcots kr ckbotgkl `nsbrgptgkl1 prkùbgld ekrho-tgkl lohn, gltnrvoc pnrekrotn`, glgtgoc prkùbtgkl ol`pktnltgoc tn st òto= `nptfs tk tkp. jkttkh. kgc/wotnr bkl-tobt, ol` dos/kgc bkltobt1 ol` poy tfgbmlnss (drkss ennt ol`lnt ennt).

Yost-Yrkùbtgkl F gstkry. Pfgs fgstkry glbcu`ns toju-cotgkl ke kgc. wotnr, ol` dos prkùbtgkl jy hkltfs, jycnosns, jy wnccs, ol` jy poy zklns sglbn krgdgloc bkh-pcbtgkl. Ocsk, glbcu`n ktfnr post fgstkry rnpk rts, subf osprkùbtgkl hntfk`s (typn ol` sgzn ke nqugphnlt ol` òtnsglstoccn`)= JFY ol` wnccfno` p rnssurn rnp krts= kpnl-eckwpktnltgoc tnst rnpkrts (do s wnccs)= bklsnrvotgkl bkhlggs-sgkl (kr ^RDR) prkùbtgkl. occkwojcn, ol` HN Z rnpkrts1pgpncgln rul stotnhnlts1 wotnr-`gspksoc ol` (hotgldrnpkrts1 ecug`-glanbtgkl rnbkr`s= ol` prkùbtgkl fgstkry kekeesnt kpnrotgkls.

Burrnlt Yrkùbtgkl @oto. Pojucotn ekr nobf wncc tfnhkst burrnlt obtuoc tnst ke kgc. wotnr. ol` dos prkùb n`

ol` glbcu`n tnst òtn. bfkmn sgzn ]kr strkmn cnldtf ol`strkmns pnr hglutn (sph)X, prkùbgld tujgld prnssurn, ol`prkùbgld bosgld prnssurn. Ekr dos wnccs, gl`gbotn cotnstsfut-gl tujgld ol` bosgld prnssurns. glbcu`gld ` otn wnccwos sfut gl ol` ùrotgkl ke sfut-gl tghn.

Burrnlt-Occkwojcn @oto. Ruhhorgzn occkwojcn ekrhucool` burrnlt ògcy occkwojcn rotns ekr nobf wncc, pnrprkùbgld òy, ol` pnr bocnlòr òy.

Drkss Bru`n Yrgbn. Ekr nobf cnosn. dgvn tfn lohn ketfn bru`n p urbfosnr, tfn ovnrodn drovgty k e tfn kgc, ol`tfn drkss prgbn pog`. Ge tfn bru`n gs trubmn`. sfkw tfntrubmgld bkst pnr jorrnc (h oy jn kjtogln` erkh pgpncglnrul stotnhnlts).

Drkss Dos Yrgbn. Ekr nobf cnosn, dgvn tfn lohn ke tfn

dos purbfosnr ol` suhhorgzn tfn prkvgsgkls ke tfn dosbkltrobt subf os tfn drkss dos prgbn pnr ?,999 bu et. tfnbkltrobt p rnssurn josn. tfn hglghuh `ncgvnry p rnssurn.tfn neenbtgvn òtn ol` tnrh ketfn bkltrobt. ol` nsbocotgklbcousns (hoy jn kjtogln` erkh dos bkltrobts ol` EYB op-prkvoc bnrtgegbotns).

Rnvnrolbn ol` Ckboc Poxns. Gl`gbotn tfn tktoc vocun kejktf snvnrolbn ol` ckboc (stotn, bkulty, sbfkkc. ntb.) toxnsgl tnrhs k e o pnrbnltodn ke tfn tktoc drkss glbkh n kr osol ohkult pnr jorrnc ke kgc kr Hbe ke dos prkùbn`.

E n nroc Nxbgsn Pox TYP) glekr hotgkl. Pfgs sfkuc`glbcu`n. wfnrn oppcgbojcn. tgnr. bkhpoly kr nltgty bcos-sgegbotgkl ekr tox. loturoc dos bcossgegbotgkl. ol` prgbn bkl-trkcs. ge oly.

Kpnrotgld Nxpnlsns. Pojucotn obtuoc drkss kpnrotgldnxpnlsns pnr wncc pnr hkltf ekr nobf cnosn ùrgld tfn postynor. Rtotn wfntfnr subf nxpnlsns glbcu`n. gl o``gtgkl tkocc `grnbt bksts. subf gtnhs os wncc-stghucotgkl nxpnlsn s,wakrmkv nr kr rnbkhpcntgkl nxpnlsn s. o pkrtgkl ke `gstrgbtkr `gvgsgkl kv nrfno` nx pnlsns. kr snvnrolbn ol (xg?~?/krn444 toxns.

Bkhpcntgkl ol ` Znbkhpcntgkl Bksts. Gl bosn ke ul-`nvnckp n` kr lklprkùbgld rnsnrvns. prkv g`n ol nstghotnke bkhp cntn` wncc bksts kr rnbkhpcntgkl bksts ekr rnsnrvnsjnfgl` tfn bosgld.

@g vgsgkl ke G ltnrnsts. Pojucotn tf n wkrmgld gltnrnst(erobtgkl ke /x etfn bksts) ol` tfn rnvnlun gltnrnst (erob-

tgkl ke /F e tfn glbkhn) ekr nobf gltnrnst kwlnr sk tfotekr nobf cnosn ?99% ke tfn wkrmgld gltnrnst ol` ?99%ke tfn rnvnlun gltnrnst cnosn gs obbkultn` ekr. Gl`gbotn tfncnosn kpnrotk r (bkpy ke `gvgsgkl kr`nrs ekr kgc ol` dos).

Nxg stgld Yrkùbtgkl Yoyhnlts kr Cgnls. Pojucotn tfnjocolbn ùn kl occ prkùbtgkl poyhnlts kr cgnls os ke ornbnlt òtn ol` gl`gbotn prkvgsgkls ekr tfn rotn ke poyhnlt.

C nosn olÒssgdlh nlt Yrkvg sgkls. Ruhhorgzn spnbgocprkvgsgkls ke occ cnosns ol` ossgdlhnlts tfot hoy o`vnrsncyoeenbt tfn vocun ke tfn cnosns. Gl portgbucor. sfkw spnbgocprkvgsgkls bklbnrlgld sfocckwnr kr `nnpn r rgdfts ol` bkh-hgthnlts kr kjcgdotgkls ekr tfn `rgccgld ke wnccs (hoy jnkjtogln` erkh cnosn ol` ossgdlhnlt odrnnhn lts).

C nosn E obgc gtg ns. Yrkvg`n bkhpcntn glekrhotgkl bkl-bnrlgld cnosn-eobgcgty wnccs, sub f os wotnr wnccs, `gspksocwnccs, ol` glanbtgkl wnccs. Yrkvg`n spnbgegbotgkls (sgzn,bopobgty, ntb.) ekr hoakr cnosn-eobgcgty nqugphnlt, subfos dos bkhp rnsskrs, kgc-trnotgld pcolts, ol` wotnr-glanbtgklpcolts.

KpnrotgldOdrnnhnlts. Gl bosn keakglt gltnrnst k r ulg-tgzn` prkpnrtgns, prkvg`n o cgst ke tfn josgb prkvgsgkls ketfn kpnrotgld odrnnhnl t, subf os prnenrnltgoc rgdfts tk pur-bfosn ktfnr gltnrnsts, kjcgdotgkls ekr `nvnckph nlt. josgs

ke kvnrfn o` occkbotgkl, ol` bocc kl tfn kgc (hoy jn kj-togln` erkh kpnrotgld odrnnhnl ts ol`/kr cnttnrodrnnhnlts).

^l gtg zotgkl Odr nnhnlts. Gl bosn ke ulgtgzn` prkpnrtgns,prkvg`n o cgst ke tfn josgb prkvgsgkls ke tfn ulgtgzotgklodrnnhnlt bklbnrlgld tfn josgs ekr bocbucotgkl ke portgb-gpotgkl pnrbnltod ns ol` euturn rnvgsgkls ke sohn kwgldtk pkssgjcn euturn oàusthnlts gl kpnrotgld hntfk `s, ulg-tgzn` orno. ntb. (hoy jn kjtogln` erkh ulgtgzotgklodrnnhnlts).

Rpnbgoc Znpkrts. Yrkvg`n o bkpy ke occ spnbgoc d nkckdg-boc ol` nldglnnrgld rnpkrts tfo t bkltogl ` oto pnrtglnlt tko burrnlt nvocuotgkl ke tfn prkpnrty . Gl portgbucor, spn-bgoc nldglnnrgld rnpkrts bklbnrlgld pcols ekr euturn `n-

vnckphnlt ol` snbklòry rnbkvnry kpn rotgkls hoy jnfncpeuc gl prkanbtgld euturn prkùbtgkl rotns ol` euturnlnt kpnrotgld glbkhn.

G lbkhn Pox G lekr hotgkl. Glbcu`n ge oppcgbojcn.

Ekrnbost ke Euturn Zotn ke YrkùbtgklcQ@nbcglgld Yrkùbtgkl

Tfnl o prkpnrty fos o wncc-nstojcgsfn` pnrekrholb n fgs-tkry ol` tfn prkùbtgkl rotn sfkw s o pnrsgstnlt `nbcgln.tfn opprogsnr sfkuc` egrst homn surn tfot tfgs `nbcgln gslkt bousn` jy ngtfnr `nbrnosgld neenbtgvnlnss ke tfn cget-gld nqugphnlt kr o`vnrsn w nccjkrn bk l`gtgkls.

Ge fn egl`s tfot tfn cgetgld nqugphnl t gs kpnrotgld prkp-

nrcy ol` tfot tfn wnccjkrn gs bcnol, tfn post `nbcgln h oyjn usn` os o dug`n ekr tfn prkanbtgkl ke euturn prkù b-tgkl. Egrst tfn typn ol` rotn ke `nbcgln hust jn nstojcgsfn`.

Bklstolt-Ynrbnltodn @nbcgln

Tfnl tfn `rkp gl prkùbtgkl rotn pnr ulgt ke tghn gs obklstolt pnrbnltod n ke tfn prkùbtgkl rotn. tfn prkùb-tgkl burvn gs ke tfn bklstolt-pnrbnltodn-`nbcgln typn. Pfgsbol jnst jn `nhkl strotn` jy pckttgld tfn prkùbtgkl rotnvs. tghn kl snhgckdorgtfhgb popnr, w gtf tfn prkùbtgklrotn kl tfn ckd sbocn. wfgbf sfkuc` tfnl sfkw o strogdft-cgln trnl`. Pfn prkùbtgkl rotn hoy ocsk jn pckttn` vs.buhucotgvn prkùbtgkl kl rnducor bkkr`glotn popnr. wfgbf

sfkuc` odogl sfkw o strogdft-cgln trnl` ekr tfgs typn ke`nbcgln (Egd. 09. G, Burvn G). Gl ngtfnr b osn, tfn sckpn ketfn burvn rnprnsnl ts tfn lkhgloc `nbcgln erobtgkl kr pnr-bnltodn. Pfn `nbcgln hoy ocsk jn ekul` jy kjsnrvgld tfn


10/37

0?- ?9

Eg d. 0?. ?-Dropfg boc nxtr opkc otg kl e fypnrjkc g b ol forhklg br otn/ t g hn urvns kl snh c kd popnr . Rt np ?1 Rhkkt fkut tfn dg vnl prk ubtg kl burvn, ol snc nbt t frnnnqug g stolt kg lts kl g t O, J, ol B) . Rtnp :1 @r owo vnrt g boc g ln h `woy jntwnnl O ol B t frkudf Ykg ltJ. Rtnp 21 Yrka nbt O ol B fkrg zklt oc c y l tfg s h`-c n c g ln ol eg l` Ykg lts O ol B . Rtnp 01 @r ow O @ol B N por oc c nc k JB. Rt np >1 Yrka nbt @ jobmfkrg zkltoc c y l tfn bur vn ol` e g l` Ykg lt E. Rtnp 51row @V poroc c nc k EN, ol eg l fn ulmlkwl nxt r op-kc otn` Ykg lt V ot tfn g ltnrsnbt g kl tf tfn fkrg zkltocc g ln frkudf N.

rotgk jntwnnl tfn prkùbtgkl ot tfn nl` ke o dgvnl p nrgkòl` ot tfn jndgllgld ke tfot pnrgk` ol` kjtoglgld tfn ne-enbtgvn `nbcgln jy gltnrpkcotgkl erkh Pojcn 09.?5 kr09.?4. Ekr nxohpcn, ge tfn prkùbtgkl rotn erkh o wncckr cnosn `nbcgln` erkh 0,:65 tk 2,999 jjcchkltf gl ?9

hkltfs, tfn rotgk jntwnnl tfnsn twk prkùbtgkl rotns gs9.49, ol` kln hoy rno` erkh Pojcn 09.?5 tfot subf o `rkpgl rotn gl ?9 hkltfs bkrrnspkl `s tk ol neenbtgvn `nbcglnke 2V %/hkltf.

Pfn ekrnbost hoy tfnl jn ho`n kl tfot josgs ngtfnr jyrno`gld tfn euturn rotns erkh ol nxtropkcotgkl ke tfnstrogdft-cgln trnl` kl tfn snhgckd `nbcgln bfort kr jy bkh-putgld tfn euturn rotns jy hnols ke Pojcn 09.?5 kr 09.?4.Rubf nxtropkcotgkl gs tfnl bkltglun` ultgc tfn nbklkhgb-cghgt rotn ke prkùbtgkl gs rnobfn `.

Fypnrjkcgb @nbcgln

Tfnl tfn `rkp gl prkùbtgkl rotn pnr ulgt ke tghn nx-prnssn` os o erobtgkl ke tfn prkùbtgkl rotn gs prkpkrtgkl-

oc tk o erobtgkloc pkw nr l ke tfn prkùbtgkl rotn (9 3l 3 c),tfn prkùbtgkl burvn gs ke tfn fypnrjkcgb-`nbcgln typn,

Pfgs gs usuoccy nvg`nlt erkh o pckt ke tfn prkùbtgklrotn vs. tghn kl snhgckd popnr, wfgbf e kr tfgs bosn wgcclkt ekcckw o strogdft cgln jut wgcc sfkwo droùoc ecottnl-gld kut.

O rotn-buhucotgvn dropf kl rnducor bkkr`glotn popnrwgcc sfkw tfn sohn typn ke burvoturn (Egd. 09.:?,Burvn GG).

Fypnrjkcgb-`nbcgln burvns hoy jn strogdftnln` kut ekrnxtropkcotgkl jy pckttgld kl `kujcn ckdorgtfhgb kr ckd-ckd popnr oetnr tfn burvns orn sfgetn` jy o``gld k r suj-trobtgld o bklstolt ohkult tk occ tghn kr buhucotgvn vocuns.Pfgs gs o cojkrgkus ol`, wgtf tfn `nvnckphnl t ke bkh-putnrs, kutòtn` prkbnùrn. Hkst opprogsnrs prnenr odropfgboc nxtropkcotgkl ke tfn rotn/tghn burvn kl snhgckdpopnr. Rubf nxtropkcotgkl hoy jn suppkrtn ` jy obtuoccy

YNPZKCN H NLDG LNNZG LD FOL@JKKM

bkhputgld o enw pkglts ke tfn burvn jy hnols ke Nq. 59ke Bfop . 09 kr jy usgld tfn dropfgboc nxtropkcotgklhntfk` kl snhgckd popnr sfkwl gl Egd. 0?.?, wfgbf gsjosn` kl tfn tfrnn-pkglt rucn * 1 Ekr oly twk pkgltskl o fypnrjkcgb rotn-tghn burvn, ekr wfgbf tfn prkùb-tgkl rotns orn gl o dgvnl rotgk, tfn pkglt hg`w oy gl jn-

twnnl wgcc fovn o prkùbtgkl rotn wfgbf gs o egxn` luhjnrke tghns tfn rotn ke ngtfnr tfn egrst kr tfn cost pkglt, rndor`-cnss ke wfnrn tfn egrst twk pkglts orn bfksnl.

Ekr nxohpcn, wfnl tfn tfrnn nqug`gstolt pkglts kl tfnpost-pnrekrholbn pkrtgkl ke tfn burvn sfkw prkùbtgklrotns ke :,999 , ?,299 , ol` ?,999 jjcghkltf, tfnl tfn eu-turn tghn gltnrvoc jntw nnl tf n kr`glotns ke ?,999 ol` 5>9jjcghkltf hust jn nquoc tk tfn tghn gltnrvoc jntw nnl tf nkr`glotns ke 5>9 ol` >99 jjcchkltf.

Pfn euturn prkanbtgkl gs tfnl kjtogln` jy rno`gld tf nprkùbtgkl rotns erkh tfn dropfgboccy nxtropkco tn` burvn.Fypnrjkcgb `nbcgln gs tfn hkst bkhhkl ekrh keprkùbtgkl-`nbcgln trnl` ekul` wgtf lklprkrotn` kr bo-pobgty prkùbtgkl. Pfn erobtgkloc pkw nr l gs usuoccy jn-twnnl 9 ol` 9.>9, wgtf tfn cottnr vocun oppcgbojcn tkdrovgty-`roglodn-typn prkùbtgkl ul`nr bnrtogl bkl`gtgkls.

Forhklgb @nbcgln

Tfnl tfn `rkp gl prkùbtgkl rotn pnr ulgt ke tghn nx-prnssn` os o erobtgkl ke tfn prkùbtgkl rotn gs prkpkrtgkl-oc tk tfn prkùbtgkl rotn gtsnce, tfn prkùbtgkl burvn gske tfn forhklgb-`nbcgln typn.

Rubf o burvn, pckttn` o s o rotn/tghn dropf kl snhgckdpopnr, `kns lkt ekcckw o strogdft cgln jut sfkw s o rotfnrpnrsgstnlt, prklkulbn` burvoturn. Pfn rotn-buhucotgvndropf kl rnducor bkkr`glotn popnr sfkw s tfn sohn strkldburvoturn (snn Egd. 09.:? , Burvn GGG).

Forhk lgb `nbcgln hoy jn g`nltgegn` dropfgboccy jy pckt-tgld tfn glvnrsn ke tfn prkùbtgkl rotn vs. tghn kl rndu-cor bkkr`glotn popnr, wfgbf sfkuc` tfnl sfkw o strogdftcgln. Gt hoy ocsk jn `nhk lstrotn` jy pckttgld tfn rotn-buhucotgvn rncotgklsfgp kl snhgckd popnr, wfgbf sfkucòcsk ekcckw o strogdft cgln.

Forhk lgb `nbcgln ekr prkùbtgkl-`nbcgln burvns `knslkt kbbur v nry ketnl, ol` nxtropkcotgkl kl tfgs josgs usuoc-cy prkvg`ns o prkanbtgkl tfot gs tkk kptghgstgb. Gt gs kbbo-sgkloccy oppcgbojcn tk bopobgty prkù btgkl erkh`npcntgkl-typn dos wnccs kr tk lklprkrotn` prkùbtgklerkh rnsnrvkgrs wgtf o jkttkhwotnr `rgvn wfnrn gt gs nb-klkhgboccy enosgjcn tk cget ol` tk `gspksn ke cordn vkcuh nske wotnr.

Nxtropkcotgkl ke tfn rotn/tghn dropf h oy jnst jn bor-rgn` kut jy pckttgld tfn glvnrsn k e tfn prkùbtgkl rotn vs.tghn kl rnducor bkk r`glotn popnr ol` nxtnl`gld tfn strogdftcgln kjtogln`.

O rotn/tghn dropf kl snhgckd popnr h oy ocsk jn nx-tnl`n` jy tfn sohn bklstrubtgkl kl tfn josgs ke tfn tfrnn-pkglt rucn ekr fypnrjkcgb `nbcgln gccustrotn` gl Egd. 0?.?.

Yort Bklstolt Zotn-Yort @nbcglgld Yrkùbtgkl

Gl tfn ojkvn `gsbussgkl, gt wos ossuhn` tfot post pnrekrh-olbn sfkwn ` tfn prkùbtgkl tk jn `nbcglgld, ol` gl subfbosns tfn prkanbtgkl gs hnrncy josn` kl o bkltgluotgkl ketfot `nbcgln trnl`.

Tfnl lk post `nbcgln trnl` gs ovogcojcn jnbousn tf nprkpnrty gs rncotgvncy lnw kr ul`nr prkrotgkl kr horm ntburtogchnlt, fkwn vnr, tfn opprogsnr hust josn fgs prkanb-tgkl kl o vkcuhntrgb nstghotn ke tfn uctghotn rnbkvnry ol`


11/37

UOC OPG KL KE KG C OL@ DOR ZNRNZUNR 0?- ??

try tk hotbf tfn euturn pnrekrh olbn ke tfn prkpnrty odoglsttfgs nstghotn. Pfgs gs usuoccy `kln jy ossuhgld o rotn ke`nbcgln typ gboc ekr tfgs typn ke prkùbtgkl ol` bkhpu t-gld. jy hnols ke Nq. >> ke Bfop. 09, tfn buhucotgvnrnbkvnry tk jn kjtogln` wfnl tfn prkùbtgkl gs `nbcglglderkh tfn prkrotn` rotn tk tfn nbklkhgb cghgt. Pfn luh-

jnr ke hkltfs ke bklstolt-rotn prkùbtgkl prnbn`gld tfgs`nbcgln p nrgk` gs tfnl ekul` jy sujtrobtgld tfn buhuco-tgvn prkùbtgkl ot tfn opprogsoc òtn os wncc os tfn nstg-hotn` prkùbtgkl tk jn kjtogln` ùrgld tfn `nbcgln pnrgkèrkh tfn nstghotn` uctghotn rnbkvnry ol` `gvg`gld tfn rn-suct jy tfn ossuhn` hkltfcy prkùbtgkl rotn ul`nrprkrotgkl.

Yrkrotgkl kr Hormn t Burtogchnlt

Fgstkrgboccy, prkùbtgkl ernqunltcy fos jnnl cghgtn` jyprkrotgkl. Euturn kpnrotgkls hoy nlbkultnr p rkrotgkl tkduor` odoglst ckss ke rnsnrvns tfrkudf wostneuc kpnrotgklskr hoy nlbkultnr burtogchnlt ke prkùbtgkl jnbousn keckw hormnt `nhol`. Pfnsn bklsg`nrotgkls hust jn prk-anbtn` gl o prkpnr ossnsshnlt ke prkpnrtgns ckbotn` gl oe-enbtn` ornos.

Yrkùbn` Yrkùbt Yrgbns

Pfn vkcotgcgty ke gltnrlotgkloc nlnrdy h ormnts fos ncghgglotn` oly bkleg`nlbn gl nstghotgld euturn prkùbt p rgbnskl tfn josgs ke pckts ke fgstkrgboc òto. Hk st nvocuotgklsorn burrnltcy pnrekrh n` kvnr o roldn ke ossuhptgkls.Bklstolt kgc ol` dos prgbn nvocuotgkls orn hkst ernqunlt-cy rnqugrn` ekr snburgtgns rndgstrotgkl ol` ekr eglolbgldpurpk sns. Yrkanbtn ` nbklkhgb bkl`gtgkls tf ot ossuhnhoxghuh ol` hglghuh bkst ol` prgbn ossuhptgkls ornusuoccy oppcgn` gl holodnhnl t `nbgsgkls.

@nvnckphnlt ol` Kpnrotgld Bksts ?2-?>@nvnckphnlt Bksts

Bksts ke `nvnckph nlt glbcu`n tfn `rgccgld ol` bkhpcntgklke wnccs ol` subf ghprkvnhnlts os rko`s, jugc`glds, pgpn-cglns, tolms, loturoc-doskcgln pcolts, ol` pkw nr glstocco-tgkls. Pfnsn bksts orn bfoldgld bklstoltcy kwgld tk jktfnbklkhgb bkl`gtgkls jnykl` tfn bkltrkc ke tfn kpnrot krol` tnbflgboc ghprkvnhnl ts gl `rgccgld ol` prkùbtgklhntfk`s.

Pfn `rgccgld ol` bkhpcntgkl ke wnccs usuoccy bk lstgtutnstfn bfgne gtnh ke nxpnlsn ekr `nvnckphnlt. Rfocckw wnccstfot orn `rgccn` wgtf o pkrtojcn kutegt hoy bkst os cgttcnos $:9.9 99. Gl tfn fgccy `gstrgbts ke Mnltubmy, gt hoy rn-qugrn o drnotnr kutcoy tk hkvn tfn `rgccgld rgd tk tfn ckbo-tgkl tfol tfn bkst ke tfn wncc gtsnce. Bksts kl tfn fgdf sg`n,oport erkh nxbnptgkloc nxpnrgnlbns wgtf hgsfops kr ckldegsfgld akjs, hoy rnobf tnls ke hgccgkls ke `kccors ekr?6,999 tk :>,999 et.

Pfn glgtgoc nxpckrotkry wncc dnlnroccy bksts hubf hkrntfol tfn `nvnckph nlt wnccs, ol` tfn bkltglun` `nvnckp-hnlt ke o egnc` ochkst ocwoys jrglds ckwnrn` bksts wgtfghprkvn` h ntfk`s ol` glbrnosn` bkhpntgtgkl ohkldbkltrobtkrs.

Poldgjcn o l` Gltoldgjcn B ksts. Ekr glbkhn-tox pur-pksns, `nvnckp hnlt bksts orn `gvg`n` gltk twk botndkrgns1toldgjcn ol` gltoldgjcn. Poldgjcn `nv nckphnlt bksts rnp-rnsnlt tfn pfysgboc prkpnrty tfot fos socvodn vocun, subfos `nrrgbm, pgpn, ol` shoccnr nqugphnl t. Pfny orn bopgtoc-gzn` ol` rntgrn` tfrkudf olluoc bfo rdns tk `nprnbgotgkl.

Gltoldgjcn `rgccgld ol` `nvnckphn lt bksts orn cojkr. pkw-nr, eunc, erngdft ol` foucgld, wotnr, rnpogrs, ol` ktfnrgtnhs tfot prkvg`n lk socvodn rnturl oetnr bkhpcntgkl ketfn wncc kr tfot fovn lk pfysgboc g`nltgty. Pfgs bcoss kebksts hoy ngtfnr jn bopgtocgzn` ol` rntgrn` tf rkudf ollu-oc bfordns kr wrgttnl kee os ol nxpnlsn gtnh gl tfn glbkhn

obbkult ù rgld tfn ynor gt wos glburrn`. Dnlnroccy, tfncottnr bkursn gs ekcckwn`. Pfn gltoldgjcn bksts homn up59 tk 49% ke tfn nltgrn wncc bkst= tfn pnrbnltodn gs drnot-nr wgtf tfn sfocckw wnccs kr oly ktfnr wnccs wfnrn tfnbosgld prkdroh rnqugrns cnss pgpn tfol usuoc.

Tncc Rpobgld. Ol ghpkrtolt bklsg`nrotgkl gl opprogsgldul`nvnckpn ` prkpnrtgns gs tfn prnvogcgld wncc spobgld.Yrkpnrtgns tfot orn ocrno`y euccy `rgccn` prnsnlt lk prkj-cnh, jut tfksn tfot orn ynt tk jn `nvnckp n` rnqugrn bkl-sg`nrotgkl ke tfgs enoturn jnbousn tfn euturn prkegts wgccjn bkltrkccn` drnotcy jy tfn luhjnr ke wnccs rnqugrn`.

Pfn luhjnr ke `nvnckphnl t wnccs bkhhklcy rnqugrnòs o hottnr ke probtgboc lnbnssgty jy rnoskl ke keesnt, bkh-pntgtgvn sgtuotgkls, ol` tfn spnbgegb cnosn rnqugrnhnlts ol`kjcgdotgkls gs dnlnroccy hubf cordnr tfol tfn hglghuhluhjnr ke wnccs rnqugrn` ekr prkpn r `roglodn.

Kpnrotgld Nxpnlsns

Pfnsn nxpnlsns bkvnr tfn egnc` kpnrotgkls lnbnssory tkjrgld tfn kgc ol` dos tk tfn sureobn ol` tk `ncgvnr o soco-jcn prkùbt tk tfn stkbm tolm kr tfn dos pgpncgln.

@grnbt Cgetgld Nxpnlsns ol` @grnbt Nxpnlsns. Pfn kpnr-otgld bksts orn dnlnroccy `gvg`n` gltk `grnbt cgetgld nx-pnlsns ot tfn prkpnrty, subf os cojkr, pkw nr, eunc, rnpogrs,rnlnwocs, ol` gltk-tfn-egnc` krdolgzotgkl= kr `gstrgbt nx-

pnlsns, subf os supnrvgsgkl, nldglnnrgld, obbkultgld.tghnmnnpgld, wornfkusgl d, ol` dnlnroc trolspkrtotgkl,wfgbf gl turl orn `gstrgjutn` kvnr o luhjnr ke prkpnrtyulgts kl skhn rotojcn josgs.

Gl tfn `ntnrhglotgkl ke o prkpn r h nosurn ke prkùb-tgkl bksts ekr usn gl nstghotns, tfn opprogsnr hoy egrst os-bnrtogl tf n `neglgtn rnbkr` k e tfn prkpnrty ul`nrbklsg`nrotgkl, kr ncsn fn hoy `row kl fgs nxpnrgnlbn wgtfsghgcor prkpnrtgns ncsnwfnrn.

Bkst pnr Tncc-Hkltf. Kpnrotgld nxpnlsn s orn prnenro-jcy nxprns sn` kl o pnr-wncc-hkltf josgs rotfnr tfol pnrjorrnc ke kgc prkùb n`. Pfn egnc` bkst ke kpnrotgld olydgvnl wncc gs tfn sohn, wgtfgl rnosklojcn cghgts, wfn tfnrtfn ohkult puhp n` gs cordn kr shocc. P fn puhpgld os-snhjcy tfot gs glstoccn` ekr puhpgld ol 69-J/@ wn cc bkl-tgluns gl usn wfnl cnss tfol foce tfot ohkult gs jngldprkùb n`, jut tfn bkst ke tfn kpnrotgkl bkltgluns probtg-boccy ulbfoldn`.

Ovnrodn Bkst pnr Jorrnc. Pfn usn ke ol ovnrodn bkstpnr jorrnc hoy jn obbnptojcn wfnl tfn prkùbtgkl rotnsorn sk snvnrncy rnstrgbtn` tfot tfny orn nxpnb tn` tk bkl-tglun ot o ulgekrh pobn kvnr o bklsg`nrojcn pnrgk` k e tghn.Tfnl tfn prkùbtgkl gs `nbcglgld, fkwn vnr, tfn ossuhp-tgkl ke ol ovnrodn bkst pnr jorrnc tfot gs josn` kl o post-nxpnrgnlbn egdurn ekr tfn prkpnrty ul`nr bklsg`nrotgklhoy cno` tk nrrklnkus rnsucts. Pfn rnoskl gs tfot, wgtf`nbcglgld p rkùbtgkl ol` bklstolt kr lnorcy bklstolt pnr-wncc bksts, tfn kpnrotgld bkst pnr jorrnc hu st glbrnosn wgtftghn ultgc gt nquocs tfn drkss glbkhn ot tfn nbklkhgb cghgt.


12/37

0?-?: YNPZKCN H NLDG LNNZG LD FOL@JKKM

POJCN 0?. 6- EG NC@ KZ @G RPZG BP KYNZOPG LD BKRP

Cojkr, g lbc ug ld jnlneg tsol t rolspkr t otg kl urlg sfn :9 t k 29%

@g strg bt xpnlsn, g lbc ug ld lsurolbn,prkenssg kloc nrvg bns, òhodns, ntb. :9 t k 29%

Znpoc rs ol hog ltnlolbn 29 t k >9%Ykwnr, wotnr ,

wostn `gspksoc,ol kg c rnotg ld > t k ?>%

Gl tfn bosn ke bklstolt-pnrbnltodn `nbcgln1 occkwolbnhoy jn ho`n ekr tfgs glbrnosgld tnl`nlby jy bkhputgldo wngdftn `-ovnrodn kpnrotgld bkst pnr jorrnc wgtf tfn ekc-ckwgld rncotgklsfgp1

k,,8 9, Glq,/q,, .,....,,,............... (?)

wfnrnK,, 8 wngdftn` ovnrodn kpnrotgld bkst, `kccors.

9, 8 kpnrotgld nx pnlsns pnr wncc-hkltf, `kccors,0? 8 glgtgoc prkùbtgkl rotn, jjc/@, ol`

bc,, 8 prkùbtgkl rotn ot ojol`klhnlt. jjc/@.

Nxohpcn Yrkjcnh 2. Ge tfn kpnrotgld bkst pnr wncc-hkltf, 9,, gs nstghotn` ot $299 , ol` ge tfn glgtgoc prk-ùbtgkl rotn. qg. gs :,??2 jjc/wnccchkltf. wfgcn tfnnbklkhgb-cghgt prkùbtgkl rotn,q,, gs ??2 jjcgwnccghkltf, tfn wngdftn`- ovnrodn kpnrotgld bkstgjjc kvnr tfncgen ke tfn prkpnrty gs

299 Gl :,??2/??28$9.00

:.??2-??2

Gl tfn bosn ke fypnrjkcgb `nbcgln (l 8 %), Nq. ? tomns tfnekrh

k,,8kD. . (:)0=

Gl tfn bosn ke forhklgb `nbcgln. tfgs rncotgklsfgp rno`s

Gl tfn bosn ke bklstolt-rotn prkùbtgkl, tfn ovnrodnkpnrotgld bkst pnr drkss jorrnc gs sghpcy tfn nstghotn`kpnrotgld bkst pnr wncc-hkltf `gvg`n` jy tfn rotn ke prk-ùbtgkl.

Pfn hkst `nsgrojcn bkst nstghotn ol` tfn kln tfot gs bkl-bcusgvn ge gt bol jn osbnrtogln` gs tfn obtuoccy rnbkr`n `nxpnrgnlbn ot tfn prkpnrty sujanbt tk subf hk`gegbotgklsos hoy oppnor tk jn worroltn` gl tfn au`dhnlt ke tfn op-progsnr.

Zoldn ke Bksts. Kpnrotgld bksts pnr wncc ekr prghory prk-ùbtgkl roldn erkh ochkst glsgdlgegbolt ohkults p nr wncc-hkltf up tk $?9,999 kr hkrn pnr wncc-hkltf. Pfn cottnrrotn gs ekul` keesfkrn kr wfnrn fnovy nqugphnlt fol`cnscordn vkcuhns ke wotnr wgtf tfn kgc ol` wfnrn pkwnr ol`hogltnlolbn bfordns orn fgdf. Holy eorhs tfrkudfkuttfn nostnrl ^.R. bkltogl wnccs tfot ygnc` cnss tfol % JG@=

tfngr prkegtojcn kpnrotgkl gs pkssgjcn klcy jnbousn rnp ogrnxpnlsns orb lndcgdgjcn ol` tfn hnl wfk hgcm tfn bkwsb bocsk ottnl` tfn wnccs.

Ekr nltgrn egnc`s kr `gstrgbts. kpnrotgld bksts dnlnroccyjrnom `kw l os sfkwl gl Pojcn 0?.6 . Cojkr ol` `gstrgbtnxpnlsn orn ke ojkut nquoc hodlgtu`n ol` tkdntfnr bkrl

prgsn ojkut foce tfn tktoc kpnrotgld bksts. Pfn ktfnr focegs ekr rnpogrs. hogltnlolbn, pkwn r, wo tnr, wostn `gspksoc.ol` kgc trnotgld.

Rtghucotgkl Bksts. Rtghucotgkl bksts-subf os rnobg`gz-gld, rnsfkktgld, rnerobturgld, ol` ktfnr stghucotgkltrnothnlts-sfkuc` jn bklsg`nrn` os port ke tfn kpnrot-gld bksts. Erobturgld bksts fovn hkultn` gl rnbnlt ynorstk wfnrn subf stghucotgkl nxpnlsns hoy o`` erkh GK tklnorcy ?99% tk tfn kpnrotgld bksts.

Znbkhpcntgkl Bksts. Kpnrotgld bksts dnlnroccy bkv nrklcy tfksn nxpnlsn s lnbnssory tk mnnp o wncc kl prkùb-tgkl ekr o dgvnl p rkùbtgvn gltnrvoc. Pfn bkst ke rnbkh-pcntgld o wncc gltk o `geenrnlt prkùbgld zkln. tf nrnekrn,gs lkrhoccy trnotn` os o `nvnckphnl t bxpblsb .

O` Uuckrnh Poxns. Pk tfn `grnbt kpnrotgld nxpnlsnssfkuc` jn o``n` tfn u` vhckrrh kr prkpnrty toxns. Pfnsntoxns sfk w o wg`n vorgotgkl gl `geenrnlt stotns ol` bkul-tgns ol` hoy roldn erkh ochkst lktfgld tk os fgdf os ?> %

Prubmgld Bfordns. Gl bosn tfn prkpnrty gs lkt bkllnbt-n` tk o pgpncgln ol` kgc hust jn trubmn` kut, su bf bfordnsorn usuoccy bfordn` `grnbtcy odoglst tfn drkss glbkhn erkhkgc ol` dos socns kl o pnr-jorrnc josgs.

Pfn vorgkus ekrhs ke pr-kùbrgkrt ~ÂVA.Pl` TYPs

`grnbtcy cnvgn` odoglst tf n kgc ol` dos prkùb n` ol` bkh-hklcy bkccnbtn ` jy tfn purbfo snr orn lkt lkrhoccy gl-bcu`n` ul`nr kpnrotgld nxpnlsn s jut orn bfordn ` `grnbtcyodoglst tfn drkss glbkhn erkh kgc ol` dos socns.

O`h glgstrotgkl ol` Rupnrvgsgkl

^l`nr tfgs fno`gld orn bfordn ` `grnbtgkl. nxnbutgvns,bnltroc-keegbn nxpnl sn, obbkultgld, glsurolbn, supnrvg-sgkl, pnrskllnc rncotgkls, ol ` pujcgb rncotgkls. Pfny orndnlnroccy `nsgdlotn` os kvnrfn o` os `gstgldugsfn` erkhtfn egnc` ol` `gstrgbt bkltrkccojcn nxpnlsn s. Gl holy bkh-poly rnbkr`s, tfn bfordns vory wg`ncy jnbousn ke jktfholodnh nlt ojgcgty ol` tfn `geenrnlbns gl obbkultgldhntfk`s.

Yrkùbtgkl Poxns

Poxns cnvgn` `grnbtcy odoglst kgc ol` dos prkùbn` jy tfnvorgkus stotns ol` usuoccy b kccnbtn` jy tfn pgpncgln bkh -poly bkhn ul`nr o vorgnty ke lohns-subf os drkss prk-ùbtgkl toxns, snvnrolbn tox, nxbgsn toxns, strnoh-pkccutgkl toxns, bklsnrvotgkl toxns, hogltnlolbn toxns,cgbnlsn toxns, sbfkkc toxns, stotn toxns, kr dos-dotfnrgldtoxns.

En`nroc Poxns c5

Dnlnroc

Tfnl o prkanbtgkl ke euturn bo sf lnt glbkhn gs ho`n gltfn opprogsoc h ntfk` prnvgkuscy `nsbrgjn`, prkvgsgkl ek rnstghotn` en`nroc glbkh n tox ns gs ho`n jnekrn `gsbkult-gld subf euturn prkanbtgkl tk prnsnlt wkrtf . Gl tfgs


13/37

UOC OPG KL KE KG C OL@ DOR ZNRNZUNR 0?-?2

hntfk `, glbkhn to xns orn bklsg`nrn` ol glfnrnlt po rt ketfn bkst ke `kgld jusglnss tfot hust jn prkvg`n` ekr kutke tfn prkùbgld kpnrotgkl.

Pfn prkùbgld prkpnrtgns tfot ketnl fovn `geegbuctgns orntfksn wfks n kwlnrs eogcn` tk prkvg`n ekr euturn glbkhntoxns. Ol kgc prkùb nr hoy jn ojcn tk bkltglun nxpckro-

tgkl ol` `rgccgld obtgvgtgns ot ol glbrnosgld rotn sk tfot fgsnxpckrotgkl nxpnlsn s ol` gltoldgjcn `rgccgld `nùb tgklswgcc rnùbn glbkh n to xns ekr o luhjnr ke ynors. Jut gesubf ol kpnrotk r nvnltuoccy ruls kut ke `rgccgld ckbotgklskr eul`s ekr eurtfnr `nv nckphnlt, fn hoy jn ekrbn` tksncc prkpnrty tk hnnt fgs toxns kr ckol kjcgdotgkls. Ob-bkr`gld tk tfgs hntfk`. tfn bkrrnbt opprkobf gs tk glbcu`nen`nroc glbkh n toxns gl tfn bosf-eckw prkanbtgkl ol` tkbklsg`nr oly tox sovglds kjtoglojcn tfrkudf nxpckrotgklol` `rgccgld obtgvgtgns skcncy os o brn`gt tk tfksn obtgvg-tgns. rnùbgld tfngr lnt bkst. Ketnl. tf n opprogsnr occkwsgl`grnbtcy ekr subf glbkhn toxns jy o fgdfnr tfol lkrhoc`gsbkult rotn kr jy tomgld o erobtgkl ke tfn prnsnlt wkrtfjnekrn glbkhn toxns. Bkhp utotgkl ke tfn lnt kpnrotgldglbkhn oetnr en`nroc toxns rnqugrns o tfkrku df ul`nrstol`-gld ke burrnlt tox prkvgsgkls. Jnbou sn ke tfn vkcotgcgty ketoxotgkl, tfn tox bklsnqunl bns kl tfn prkpnrty vocuotgklot tfn tghn ke tfn opprogsoc sfkuc` j n vnrgegn`. Pfn hkstghpkrtolt pkglts ke en`nroc tox prkvgsgkls orn suhhor-gzn` jnckw.

@npcntgklgs dnlnroccy bklsg`nrn` tk jn tfn droùoc nx-foustgkl k e o wostgld o ssnt tfrkudf prkùbtgkl. Pfn kj-anbtgvn ke tfn `npcntgkl occkwolbn gs tk pnrhgt tfn toxpoynrkwgld ol nbklkhgb gltnrnst o rnosklojcn `nùbtgkl ekrtfn nstghotn` bkst ke tfn rnsnrvns tfus nxfoustn`. Pfn?7>0 Bk`n, Rnb. 5? G, os ohnl`n` prkvg`ns tfot. gl tfnbosn ke kgc ol` dos wnccs, tfn toxpoynr wgcc jn occkwn`

tk `nùb t o rnosklojcn occkwolbn ekr `npcntgkl ol``nprnbgotgkl ke ghprkvnh nlts.Bkst `npcntgkl ul`nr tfgs prkvgsgkl gs bkhp utn` jy huc-

tgpcygld tfn `npcntojcn josgs gl tfn prkpnrty ot tfn nl` ketfn tox pnrgk`, uloàustn` jy burrnlt pnrgk` `npcntgkl,jy o erobtgkl, tfn luhnrotkr jngld ulgt socns ekr tfn toxo-jcn pnrgk` ol` tfn `nlkhglotkr ulgt rnsnrvns ot tfn nl`ke tfn pnrgk` pcus ulgt socns ùrgld tfn pnrgk`. Gl bkl-trost, pnrbnltod n `npcntgkl ekr kgc ol` dos wnccs gs ?>%ke tfn toxpoynrs drkss glbkhn erkh tfn prkpnrty jut bol-lkt nxbnn` > 9% ke gts toxojcn glbkhn. Gt gs ocsk cghgtn`tk 5>% ke tfn tktoc toxojcn glbkhn ke tfn gltnrnst kwl-nr/toxpoy nr, wgtf oly ohkult `gsocckwn` jy tfgs cghgto-tgkl `nùbtgjcn gl o euturn ynor wfnl sueegbgnlt toxojcn

glbkhn nxgsts. P fn toxpoynr gs pnrhgttn` tk `nùbt, ol`gs rnqugrn` tk oàust josgs ek r, ngtfnr b kst kr pnrbnltod n`npcntgkl, wfgbfn vnr gs fgdfnst.

Octfkudf bkst `npcntgkl gs cghgtn` tk tfn rnbkvnry ketfn toxpoyn rs j osgs gl tfn prkpnrty, pnrbnltodn `npcntgklgs lkt sk cghgtn`1 ge tfn toxpoy nr fos lk `npcntojcn josgsgl o prkpnrty kr ge tfn nltgrn josgs fos jnnl rnbk vnrn`tfrkud f prgkr `npcntgkl bfordn s, fn hoy stgcc bkltglun tkbcogh `npcntgkl bkh putn` kl o pnrbnltod n josgs.

Ynrbnltod n `npcntgkl gs pnrhgttn` klcy os o `nùbtgkltk gl`npnl`nlt prkù bnrs ol` rkyocty kw lnrs kl o hoxg-huh ke ?,999 J/@ ke kgc nqugvocnlt. Pfn `nùbtgkl gslkt occkwn` tk gltndrotn` kgc bkhpol gns. Dos prkùbtgklekr tfgs purpksn gs bklvnrtn` tk kgc nqugvocnlt vkcuhnsot o rotn ke 5 Hbe tk ? jjc kgc. Gt sfkuc` ocsk jn lktn`tfot tfn trolsenr ke o prkvnl prkpnrty tk olktfnr gltnrnstkwlnr wgcc dnlnroccy bousn tfn ckss ke tfn pnrbnltodn

`npcntgkl `nùbtgkl tk tfn trolsenrnn w,gtf rbspbbt tk tfotprkpnrty.

Gl `ntnrhglgld toxojcn glbkh n erkh tfn prkpnrty ekrpnrbnltodn-`npcntgkl purpksn s, `nùbtgkl hust jb ho`nlkt klcy ekr kr`glory kpnrotgld nxpnlsn s ke tfn spnbgegbprkpnrty , glbcu`gld nqugph nlt ` nprnbgotgkl, jut ocsk ekr

gltoldgjcn `rgccgld ol` `nvnckphnlt bksts ol` ekr o prkpkr-tgklotn ohkult ke tfn kvnrfn o` p rkpnrcy o ttrgjutojcn tktfn prkùbgld eulbtgkl. Gl `ntnrhglhd tfn kvnrfno ` oc-ckbotgkl, gt gs bustkhory tk occkbotn dnlnroc kvnrfn o` nx-pnlsns jntwnnl tfn prkùbgld kpnrotgkls ol` tfn ktfnrobtgvgtgns borrgn` kl jy tfn toxpoy nr, ernqunltcy gl prkpkr-tgkl tk tfn nxpnlsn s `grnbtcy ottrgjutojcn tk nobf obtgvgty.ol` tfnl eurtfnr tk occkbotn tfot pkrtgkl ke tfn kvnrfnoòttrgjutojcn tk tfn prkùbgld eulbtgkl ohkld sp nbgegb prkp-nrtgns usuoccy gl rncotgkl tk tfn `grnbt nxpnlsn erkh subfprkpnrtgbs.

Bopgtocgzn` Cnosnfkc` Bksts. Kr`glorgcy. o `npcntojcnjosgs gl ol kgc kr dos prkpnrty gs ke lk portgbucor o`vol-

todn tk tfn toxpoynr. Pfn gtnhs tfot hust jn bopgtocgznòs cnosnfkc` bksts orn `grnbt bksts (subf os cnosn jklusnskr cnosn-purbfosn prgbns) ol` obqugsgtgkl bksts (subf ostgtcn-nxohglotgkl enns, rnbkr`gld enns , `kbuh nltorystohps ge oly), ol` dnkckdgboc ol` dnkpf ysgboc nxpnlsnsglburrn` os o rnsuct ke wfgbf tfn toxpoy nr ngtfnr obqu grnskr rntogls o prkpnrty gltnrnst. @ncoy rnltocs pog` kl ul-prkùbtgvn prkpnrtgns hoy jn nxpnlsn` kr bopgtocgzn` ottfn ncnbtgkl ke tfn toxpoynr, ol` ge tfn toxpoy nr fos ncnbt-n` tk bopgtocgzn gltoldgjcn `rgccgld ol` `nvnckphn lt bksts,subf gtnhs orn o``n ` tk tfn `npcntojcn josgs gl tfnprkpnrty.

Gltoldgjcns. Tfgcn nxpnl `gturns ekr toldgjcn gtnhs ke wncc

nqugphnlt ol` rncotn` gtnh s orn bopgtocgzn` ol` rnbkv-nrn` jy pnrgk`gb `nprnbgotgkl occkwolbns tfrk udfku t tfngrusneuc cgvns, gl tfn bosn ke nxpnl`gturns ekr gltoldgjcn `rgcc-gld ol` `nvnckph nlt bksts (gltoldgjcns), tfn toxpoyn r gltfn kgc ol` dos glùstry hoy ncnbt tk `nùbt subf gtnhswfnl tfny orn pog` kr obbrun` kr tk bopgtocgzn tfnh ekrrnbkvnry tfrkudf `npcntgkl occkwolbns. Jnbou sn pnrbnl-todn `npcntgkl gs occkwn` wgtfkut rnenrnlbn tk tfn josgske tfn prkpnrty, gt gs oppornlt tfot klcy gl glernqunlt bosnswkuc` tfn toxpoy nr bfkk sn tk bopgtocgzn gltoldgjcns.

Pfgs bklbnpt rnqugrns tfot occ bksts ke `rgccgld ol` `n-vnckpgld ol kgc prkpnrty jn `gvg`n` gltk tfn twkbotndkrgns-toldgjcn ol` gltoldgjcn, tfn ekrhnr tk jn rn-bkvnrn` tfrk udf `nprnbgotgkl. Gl dnlnroc, gtnhs wgtf o

socvodn v ocun orn bcossn` o s toldgjcns wfgcn gltoldgjcnsnhjrobn occ gtnhs wgtfkut o socvodn vocun. Nxoh pcns k egltoldgjcns glbcu`n cojkr, eunc, rnpogrs, foucgld, ol` sup-pcgns usn` gl `rgccgld, sfkktgld, ol` bcnolgld ke wnccs1 olylnbnssory sgtn prnporotgkl, subf os drkul` bcnorgld,`roglodn rko` homgld, survnygld, ol` dnkckdgboc wkrm=ol` gl tfn bklstrubtgkl ke `nrrgbms, tolms, pgpncglns, ol`ktfnr pfysgboc strubturns lnbnssory ekr `rgccgld ol` prnpo-rotgkl ekr prkùbtgkl.

Pfn `nbgsgkl tk nxpnlsn gltoldgjcns hust jn ho`n jytfn toxpoy nr ekr fgs egrst toxojcn yn or gl wfgbf gltoldg-jcns orn pog` kr glburrn`. Pfn bfkgbn gs ovogcojcn klcytk tfn kwlnr ke ol kpnrotgld kr wkrmgld gltnrnst w fk ul-`nrtomn s tfn rgsm ke `rgccgld kl tfn prkpnrty.

Klbn tfn bopgtocgzn` bkst ol` oppcgbojcn `npcntgklhntfk `s fovn jnnl `ntnrhgln`, tfn occkwojcn `npcntgkl,@O, gs tfn fgdfnr ke bkst `npcntgkl,@B, kr pnrbnltodn


14/37

0?- ?0 YNPZKCN H NLDG LNNZG LD FOL@JKKM

`npcntgkl, ge oppcgbojcn, wgtf tfn cottnr nquoc tk ?>% kedrkss glbkhn, U@N , jut cghgtn` os stotn` ojkvn ul`nr bkst`npcntgkl.

Pfn occkwojcn `np cntgkl sncnbtn` wgcc tfnrnekrn jn G> %ke drkss `npcntgkl, U@N,wfnl

@, 8 U,,,

wfnrn

v P G < v @ N < @B

ol`

v,,8(k.?>xU )3(k.5>xc,), . . . .(0)

wfnrn@O 8 occkwojcn `npcntgkl, fgdfnst ke@B kr

cnssnr keU@Nol` UP,,U@N 8 pnrbnlt ke drkss rnvnlun, pnrbnltodn

`npcntgkl,

UP, 8 >9% ke lnt pnrbnltodn `npcntgkl, nquoctk >9% k e toxojcn lnt glbkhn, `kccors,@B 8 bkst `npcntgkl= pkrtgkl ke cnosnfkc` bkst

prkpkrtgkloc tk rnsnrvns p rkùbn ` gl odgvnl ynor, `kccors,

U 8 drkss rnvnlun (vocun)= tfn tktoc norln`glbkhn erkh kgc ol` dos socns, `kccors,ol`

Gr 8 gltnrnst kwlnrs toxojcn glbkhn, `kccors.

Pfn occkwojcn `npcntgkl sncnbtn` wgcc jn >9% k e lnt pnr-bnltodn `npcntgkl, wfnl

wfnrn

v~,8k.~kk~~p~c/k~~,@p, . . . . . .(>)

wfnrnKD 8 dnlnroc kvnrfno` nxpnlsns, `kccors,

b YP 8 ckboc prkùbtgkl tox, `kccors,9, 8 kpnrotgld nxpnl sns pnr wncc-hkltf, `kccors,BG 8 gltoldgjcn `rgccgld ol ` `nvnckphn lt bksts,

`kccors, ol`@, 8 `nprnbgotgkl, tfn `nbcgln gl vocun ke

toldgjcn ossnts wgtf usn ke possodn ketghn (kjskcnsbnlbn),

kr bkst `npcntgkl, @B, wfnl

@O 8@b9) gl o twk-wncc cnosn tfot prkù bn`:9,99 9 jjc ke kgc ùrgld tfn toxojcn ynor. Fgs rnvnlungltnrnst gs % ke /s (ZG89.02 4>). Pfn rnhoglgld rnsnrvns(_) kl Aol. G orn nstghotn` tk jn >9,999 jjc. F gs `npcn-

tgkl cnosnfkc` bkst (CB)kl @nb. 2 ? ke tfn toxojcn ynorgs $:9,999. Pfn drkss glbkhn pnr jorrnc ke kgc prkùbn`gs $29, pcus $: erkh osskbgotn` dos socns. Ckboc prkùb-tgkl toxns orn > % ke drkss glbkh n, kr $?.5 K/lnt jjc, wfgcnkpnrotgld nxpnlsns, glbcu`gld `gstrgbt nxpnlsns ol` o``krnh toxns, orn $:,99K/wncc/hkltf. Dnlnroc kvnrfno`(DK) gs $c/lnt jjc. Gltoldgjcn `nvnckph nlt bkst ùrgldtfn ynor wos $09,999, wfgcn nqugphnlt `nprnbgotgkl gs$:/lnt jjc ke kgc prkù bn`. Tfo t gs tfn occkwojcn`npcntgkl;

Rkcutgkl.

@B8:9,999

>9,999+:9,999x:9,9998$>,4?0.

UP,89.>9x]9.024>x:9,999x(29+:-?.59-c-:)

Gl tfgs bosn, oppornltcy, UP, < U@N< @B ol` tfn occkw-ojcn `npcntgkl gs tfnrnekrn@O 8 U@N 8 4,499.

Octnrlotgvn Hglghuh Pox. Pfn Gltnrloc Znvnlun B k`nke ?7> 0 fos jnnl ohnl`n` ot vorgkus tghns tk glbcu`n prk -vgsgkls rnqugrgld tfot o toxpoy nr poy o spnbgegn` rotn ketox kl bnrtogl `negln` tox prnenrnlbn gtnhs. Pf nsn prnenr-nlbn gtnhs burrnltcy glbcu`n twk kgcol` dos-rncotn` nx-pnlsns1 pnrbnl todn `npcntgkl `nùbtgkls gl nxbnss ke tfn`npcntojcn josgs gl o spnbgegb prk pnrty ol` bnrtogl gltol-dgjcn `rgccgld ol` `nvnckph nlt bksts. Pfn cottnr gtnh gslkt oppcgbojcn tk bkrpkrotn toxpoynrs.

Tfgcn tfn pnrbnltod n `npcntgkl prnenrnlbn gtnh gs eogr-cy snce-nxpcolotkry, tfn `ntnrhglotgkl ke tfn gltoldgjcnstfot hust jn glbcu`n` os o prnenrnlbn gtnh rnqugrns

bkhputotgkl1

U PG < @, < U@N . BG Y 8 b / x - ? , '


15/37

UOC OPG KL KE KG C OL@ DOR ZNRNZUNR 0?- ?>

POJCN 0?. 7- PG NZ OL@ ZOPN RPZBPZN. TYP

Kt fnr t folG lnpnlnlt G lnpnlnlt

Yrkùbnr Yrkùbnr

w T

Pg nr ? ( kg c t fnr t fol Pg nr : kr 2) >9 49Pg nr : ( strg ppnr g c ol bnrt og l . R. dkvnrlhnlt g ltnrnst s) 29 >9Pg nr 2 ( lnw y g sbkvnrn , fnovy ol g lbr nhnlt oc nrt g ory g c ) 29 29Pg nr 2 ( lnw y g sbkvnrn` kg c sujsnqunlt t k Hoy 2?, ?747) ?> ?>

wfnrnBGp 8 prnenrnlbn gltoldgjcn `rgccgld bksts, `kccors,

ol`BGV 8 gltoldgjcn bksts hglus BrO, `kccors.

G,, gs tfn lnt glbkhn erkh prkùbtgvn kgc ol` dos prkpnr-tgns, `negln` os tfn oddrndotn ohkult ke drkss glbkhn erkhocc subf prkpnrtgns,c nss n ubt g kls occkbojcn tk tfn prkp-nrtgns rnùbn` jy BGV os snt ekrtf ojkvn.

Pfgs prnenrnlbn gtnh bol jn rnùbn` ge tfn toxpoy nrbfkk sns tk bopgtocgzn occ kr oly pkrtgkl ke tfn gltoldgjcnspog` kr glburrn` ùrgld tfn ynor.

Tglèocc YrkegtPox. Gl Oprgc ?769, Bkldrnss possn` tfnTglèocc Yrkegt Pox Obt tfot wos `nsgdln` tk tox tfn kgcol` dos gltnrnst k wlnr kl tfn wglèocc prkegt tfot wos tkjn rnbngvn` os o rnsuct ke tfn `nrnducotgkl ke `khn stgbbru`n-kgc prgbns. Pfn toxojcn prkegt gs tfn nxbnss k e tfnsnccgld prgbn kvnr wfot tfn prgbn wkuc`fovn jnnl wnrn

gt skc` jnekrn `nbk ltrkc, oàustn` jy ol glecotgkl eobtkr.Ol o``gtgkloc o àusthnlt gs occkwn` ekr snvnrolbn toxnsghpksn` kl tfn `geenrnlbn jntwnnl tfn bkltrkccn` ol``nbkltrkccn` prgbn. Pfn tox josn gs ocsk cghgtn` tk 79%ke tfn lnt glbkhn erkh tfn prkpnrty.

Klbn tfn tox josn gs `ntnrhgln`, tfn opprkprgotn toxrotn hust tfnl jn oppcgn`. Pfrnn tgnrs fovn jnnl spnbgeg-boccy `negln` gltk wfgbf occ toxojcn bru`n kgc eoccs. Pfnrotns oppcgbojcn tk nobf tgnr `npnl` kl tfn bcossgegbotgklke tfn gltnrnst kwlnr ol` tfn loturn ke tfn kgc prkùbn`.Nxnhp tgkls ekr bnrtogl gltnrnst kwlnrs ol` kgc typns ornocsk prkvg`n`. Pfnburr nlt tgnr ol` rotn strubturn gs dgvnlgl Pojcn 0?.7.

Lnwcy ` gsbkvnrn` kgc. wfgbf eoccs wgtfgl Pgnr 2 , gs suj-anbt tk o tox rotn sbfnùcn tfot `nbcglns erkh ::.>% gl?760 tk ?>% gl ?765 ol` tfnrnoetnr.

Pox Bklsnqunlbns Zncotn` tk Bklvnyolbns. Kgc ol` dostoxotgkl ke prkpnrty bklvnyolbns fos nvkcvn` gltk o bkh-pcnx snt ke rucns tfot orn lnbnssory jnbousn ke tfn holyvorgotgkls ke trolsobtgkls tfot glvkcvn kgc ol` dos gltnrnsts.Oly opprogsnr wfk gs vocugld ol gltnrnst tfot glbcu`ns toxbklsnqunlbns sfkuc` jn oworn ke tfn typns ke vorgkustrolsobtgkls.

Pfnrn orn ekur prghory hntfk `s ke `gspksgld ke kgc ol`dos g ltnrnsts1 oc n. sujc nosn, spnbg oc sforgld orroldnhnltsgl o portlnrsfgp, ol` prkùbtgkl poyhnlts. Pfn obqugsg-

tgkl ke gltnrnsts hoy glvkcvn t fn rnbgprkboc ke tfnsnhnt fks os wnc c os tfn rnbngpt ke ol gltnrnst ekr snrvgbns.

Pfn socn/purbfosn ke ol gltnrnst prkvg`ns tfn nosgnst ek-ruh wgtfgl wfgbf tk `ntnrhgln tfn tox bklsnqunl bns. Pfn

snccnr wgcc rnbkdlgzn dogl tfot wgcc jn bforobtnrgz n` os bop-gtoc kr kr`glory, `npnl`gld kl vorgkus eobtkrs tfot glvkcvntfn bcossgegbotgkl ke tfn snccnr ol` tfn tox fgstkry ke tfnprkpnrty . Pfn juynr wgcc hnrncy fov n josgs gl tfn prkp-nrty tfot sfkuc` jn occkbotn` jntwnnl tfn hglnroc gltnrnstol` cnosn ol` wncc nqugphnlt. Lktn tfot ol gltnrnst kw l-

nr wgcc ketnl ckkm tk tfn opprogsnrekr dugòlbn rndor`gldtfn ohkult tfot sfkuc` jn occkbotn` tk cnosn ol`wnc cnqugphnlt.

O sujcnosn bkhhklcy orgsns wfn rn tfn trolsenr ke owkrmgld gltnrnst gs jur`nln` wgtf o lklkpnrotgld gltnrnstrntogln` jy tfn ossgdlkr. Bklsg`nrotgkl rnbng vn` jy tfnossgdlkr gs kr`glory glbkhn jn bousn gt gs bforobtnrgz nòs o cnosn jklus. Oly josgs gl tfn prkpnrty gs ottrgjutn`tk tfn lklkpnrotgld gltnrnst tfot gs `npcntojcn= gt gs lkt oc-ckwn` os ol keesnt tk tfn glbkhn. Pfn ossgdlnns purbfosnprgbn wgcc jn occkbotn` jntwnnl cnosnfkc` bkst ol` cnosnol` wncc nqugphnlt, ge oppcgbojcn.

Rpnbgoc sforgld orroldnhnlts orn ernqunltcyusn g l oportlnrsfgp bkltnxt tk occkw spnbgoc occkbotgkl ke bnrtogl

gtnhs ke glbkhn ol` `nùbtgkl. Pfn portlnrsfgp occkbo-tgkl rucns nxpcogln` gl tfn Gltnrloc Znvnlun Bk` n ol` tfnrnducotgkls pujcgsfn` jy tfn @npt. ke tfn Prnosury sfkuc`jn usn` os o dug`n tk bklegrh tfn tox trnothnlt ke subfocckbotgkls. O prkjcnh nxgsts gl tfn stolòr` tfgr` ekro quortnr trolsobtgkl kutsg`n tfn portlnrsfgp bkltnxt1t fnnxpnlsn s pog` jy tfn ossgdlnn ottrgjutojcn tk tfn snccnrsrntogln` gltnrnst orn bklsg`nrn` cnosnfkc` bkst. Pfny ornlkt `nùbtgjcn nvnl ge tfny orn gl tfn loturn k e gltoldgjcns.

O prkùbtgkl poyhnlt gs tfn rgdft tk o spnbgegb sfornke prkùbtgkl erkh ol kgc ol` dos prkpnrty. Tfnrn tfnprkùbtgkl poyhnlt gs usn` tk eglolbn o prkanbt, gt gs trnot-n` os o ckol jy tfn cnl`nr ol` tfn gltnrnst kwlnr wfkborvn` gt kut ke prkùbtgkl. Tfn rn o wkrmgld-gltnrnstkwlnr rntogls o prkùbtgkl poyhnlt ol` bklvnys fgswkrmgld gltnrnst, fn gs trnotn` os fovgld skc` fgs gltnrnstol` sfkuc` rnpkrt tfn prkbnn`s os glbkhn rnocgzn` erkhtfn socn ke tfn prkpnrty. Gl bnrtogl glstolbns, tfn fkc`nrke tfn prkùbtgkl poyhnlt hoy jn trnotn` o s kwlgld olnbklkh gb gltnrnst. Os gl`gbotn` prnvgkuscy, tfgs wkuc` oc-ckw t fn pkssgjcn ` nùbtgkl ke `npcntgkl,suja nbt t k tfn r n-strgbtgkls `gsbussn`.

Pfn obqugsgtgkl ke ol gltnrnst gl ol kgc ol` dos prkpnr-ty gs ernqunltcy ho`n tfrkudf tfn pnrekrholb n ke snrv-gbns. Ot kln tghn, gt wos dnlnroccy jncgnvn` tfot. ot tfnotn ke tr olse nr, tfn porty rnbngvgld tfn gltnrnst wos lktg lvkc vn g l o t oxojc n nvnlt . Fn, oc kld w t f tfn ktfnr vnl-

krs,`nocnrs, ol` prkenssgklocs glvkcvn` gl tfn prkpnr-ty< wos hnrncy bkltrgjutgld bopgtoc tk nlojcn gts

`nvnckphn lt. Pfgs pksgtgkl, wfgcn krgdgloccy obbnp tn` jytfn Gltnrloc Znvnl un Rnrvgbn, fos rnbnltcy bkh n ul`nr


16/37

YNPZKCN H NLDG LNNZG LD FOL@JKKM

Eg d. 0?. :- @g sbkultn - bosf- e c kw hntfk . Zotn ke rnturla 8 G=Y/G=B, 8 Y/B, 8 bklst olt . Ot ojolklhnlttg hn, B, 8 Ph (lk g ltnrnst).

LNP ZKEGP

9Y8,B

Eg d. 0?. 2~Fksmkc ` hntfk . Zotn ke r ntur l 8 Y/ B, 8 bklst olt .

Ot ojolklhnlt t g hn t , , B, 8 R ( g lbc ug ld ltnrnst. )

b

Egd.0?. 0-Hkrmg c c hntfk . Zotn ke r nturl 8 WQYl=( B, R) 8Y/B, - R8bklst olt . Ot ojol klhnlt t g hn t , , B, 8R(g lbc ug ld ltnrnst).

ottobm ol` gs jngld snvnrncy rnstrgbtn`. Pfn dkvnrlhnltsburrnlt pksgtgkl gs tfot gl hkst glstolbns, ot tfn òtn ketrolsenr, tfn toxpoyn r pnrekrhgld snrvgbns rnbkdlgzns tox-ojcn glbkhn. Pfn gssun gs eor erkh snttcn`, ol` o``gtgklocobtgvgty gs nxpnb tn` tk bcorgey tfn tox bklsnqunlbns ke subftrolsobtgkls.

@geenrnlt Bklbnpts ke UocuotgklPfn cgtnroturn glbcu`ns holy `geenrnlt hntfk `s tfot hoyjn usn` tk nvocuotn tfn mlkwl kr nstghotn` euturn prkanb-tgkl ke lnt glbkhn erkh o dgvnl vnlturn. 4-:9 Kln k etfnh, tfn `gsbkultn`-bosf-eckw hntf k`, gccustrotn` gl Egd.0?.:. sghpcy rnùbns tfnsn euturn glbkhn poyhnlts tkprnsnlt w krtf kr prnsnlt vocun jy o bfksnl rotn ke bkh-pkul` gltnrnst kr rotn ke rnturl. Gt rnprnsnlts tfn jolmnrsopprkobf tk o strnoh ke euturn glbkhn poyhnlts ol` gswg`ncy usn` gl glùstrgoc wkrm .

Pfn Fksmkc` hntfk`, g c c ustrotn` l Egd. 0?.2, wos spn-bgegboccy `nsgdln` ekr vnlturns wgtf o cghgtn` cgen, subfos hglns kr kgc kr dos wnccs, ol` w os egrst usn` gl hgln-nvocuotgkl wkrm.

Pfn Hkrmgcc hntfk`, gccustrotn` gl Egd. 0 ?.0. gs obtuoc-cy o rneglnhnlt ke tfn Fksmkc` hntf k` ol` gs ocsk hoglcyoppcgbojcn tk vnlturns wgtf o cghgtn` cgen, subf os hglnsol` kgc kr dos wnccs.

Pfn obbkultgld hntfk`. gccustrotn` gl Egd. 0?.>, rnp-rnsnlts t fn obbkultg ld opprkobf tk tfn vocuotgkl prkjcnhol` tomns gltk obbkult tfn obtuoc `npcntgkl pottnrl opp cgbo-jc n tk tfn dgvnl vnlturn. G t s portgbucorcy sugtn` ekr tfksn

vnlturns wfn rn o spnbgegn` tktoc luhjnr ke ulgts ke

41 - valuation of oil and gas reserves

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