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Iavli D. @armjbr ahi Orlah Yayah

Mfrpfratb Kfvbrhahmb _bsbarmg Lhltlatlvb]tahdfri Kraiuatb ]mgff` fd Ouslhbss

YGB NA_JBY DF_

MF_SF_AYB MFHY_F@

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Ygb prlmb fd a stfmj rbd`bmts hft fh`y tgb va`ub fd mfrpfratb assbts out a`sftgb pbrdfrnahmb fd nahakbnbht lh rba`lzlhk tgat va`ub.

Ygb ofari fd ah uhibrpbrdfrnlhk mfnpahy gas tgb mgflmb5

_bp`amb nahakbnbht, fr

]b`` bhtlrb mfnpahy tf hbw fwhbrs wgf mah nahakb lts assbts nfrbprfdltaol`lty (b.k., mgahkb stratbky, mfst strumturb, maplta` strumturb, btm.).

Ygb narjbt dfr mfrpfratb mfhtrf` puts prbssurb fh MBF tf pbrdfrn fr rlsjsa`b fd tgb mfnpahy.

NA_JBY DF_ MF_SF_AYB MFHY_F@

Ygb `fwbr tgb stfmj prlmb, rb`atlvb tf wgat lt mfu`i ob wltg nfrb bddlmlbhtnahakbnbht, tgb nfrb attramtlvb tgb tajbfvbr obmfnbs tf tgfsb wgfob`lbvb tgat tgby mah nahakb tgb mfnpahy nfrb bddlmlbht`y.

Nahhb (1

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Ygb narjbt dfr mfrpfratb mfhtrf` mfhslsts fd a`` nbrkbrs, amqulsltlfhs, ahirbfrkahlzatlfhslhm`uilhk tgfsb oy a mfnpbtltfr, a mfhk`fnbratb, fr aprlvatb bqulty ouybr.

Ygb mfnpahy najlhk tgb fddbr ls tgb amqulrbr (fr oliibr): tgb suoebmt fd tgb

fddbr ls tgb tarkbt.

[gbh tgb tarkbt ls fpbh tf rbmblvlhk ah fddbr tgb amqulsltlfh ls sali tf obdrlbhi`y. Ftgbrwlsb, lt ls gfstl`b.

Lh a tbhibr fddbr, tgb amqulrbr najbs ah fddbr ilrbmt`y tf tgb tarkbtsgarbgf`ibrs tf purmgasb tgblr sgarbs at a statbi prlmb.

Lh a prfxy mfhtbst, tgb amqulrbr asjs tarkbt sgarbgf`ibrs tf b`bmt a ilsslibhts`atb fd ilrbmtfrs tf apprfvb tgb iba`.

YGB NA_JBY DF_ MF_SF_AYB MFHY_F@

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Dlhahmla` syhbrklbs. Ygb amqulrlhk dlrn ob`lbvbs lt mah lhmrbasb prfdltstgrfukg rbvbhub lnprfvbnbhts, mfst rbiumtlfh, fr vbrtlma` lhtbkratlfh. Yglsls tgb `fklm obglhi a stratbklm ouybr.

Ilvbrsldlmatlfh. Ywf mfnpahlbs wgfsb barhlhks arb uhmfrrb`atbi nlkgt

obhbdlt oy rb`ylhk fh tgb maplta` kbhbratbi wgbh fhb ouslhbss ls tgrlvlhk tfgb`p tgb ftgbr wgbh lt ls strukk`lhk. Ygls ls tgb `fklm obglhi a mfhk`fnbratbstrumturb.

Mgahkb lh fwhbrsglp. Hbw fwhbr krfup nlkgt gavb supbrlfr ammbss tf

maplta`, nahakbrla` bxpbrtlsb, fr ftgbr rbsfurmbs. Ygls ls tgb `fklm obglhi aprlvatb bqulty ouybr.

]Y_AYBKLM _BA]FH] DF_ AH AMQRL]LYLFH

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Bnplrb oul`ilhk. Ygb amqulrbr purmgasbs a tarkbt prlnarl`y dfr tgb sajb fdnahaklhk a `arkbr bhtbrprlsb.

Guorls. Fvbrmfhdlibhmb fh tgb part fd nahakbnbht tgat lt mah nfrbbddlmlbht`y nahakb a tarkbt tgah murrbht fwhbrs mah.

Gbrilhk obgavlfr. Ygb sbhlfr nahakbnbht fd fhb mfnpahy pursubs ahamqulsltlfh obmausb lts mfnpbtltfrs gavb rbmbht`y mfnp`btbi amqulsltlfhs.

Mfnpbhsatlfh lhmbhtlvbs. Ygb nahakbnbht fd tgb tarkbt mfnpahy akrbbs

tf ah amqulsltlfh prlnarl`y obmausb lt stahis tf rbmblvb a `arkb paynbhtupfh mgahkb lh mfhtrf`.

HFH]Y_AYBKLM _BA]FH] DF_ AH AMQRL]LYLFH

Ygb avbrakb MBF fd a `arkb R.]. mfnpahy stahis tf rbmblvb $?< nl``lfh lhmasg ahi ammb`bratbi bqulty krahts df``fwlhk a mgahkb lh mfhtrf`.

Bqul`ar (?33;)

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_bsbarmg gas rfutlhb`y sgfwh tgat narjbts bxpbmt tgb lhmrbnbhta` va`ub fdah amqulsltlfh tf d`fw tf tgb tarkbt ratgbr tgah tf tgb amqulrbr.

Ygb tarkbt5

_bmblvbs ifuo`b-ilklt tajbfvbr prbnlun fddbr.

Bxpbrlbhmbs krbatbr bxmbss rbturhs lh gfstl`b iba`s.

Bxpbrlbhmbs krbatbr bxmbss rbturhs lh a``-masg iba`s.

Ygb amqulrbr5

Bxpbrlbhmbs hf bxmbss rbturhs df``fwlhk oli. Bxpbrlbhmbs hbkatlvb bxmbss rbturhs dfr gfstl`b oli.

Bxpbrlbhmbs krbatbr ibm`lhbs ld bqulty-dlhahmbi oli.

YGB BWSBMYBI TA@RB FD A YAJBFTB_

Bmjof (?33

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_bsbarmg gas a`sf sgfwh tgat amqulrbrs rba`lzb `bss va`ub df``fwlhk anbrkbr tgah frlklha``y bxpbmtbi.

Ygb amqulrbr5

Rhibrpbrdfrns pbbrs fh a fhb- tf tgrbb-ybar oasls.

Sbrdfrns wfrsb ld amqulsltlfh ls dlhahmbi wltg bqulty.

Ibmrbasbs lhvbstnbht lh wfrjlhk maplta` ahi map bx.

Amqulsltlfhs arb glkg`y ilsruptlvb5

_bqulrb slkhldlmaht nahakbnbht attbhtlfh. @bai tf b`bvatbi turhfvbr up tf 13 ybars df``fwlhk tgb iba`.

YGB _BA@LUBI TA@RB FD A YAJBFTB_

Nartyhfva ahi _bhhboffk (?337): Jruk ahi ]gl`` (?337)

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A mfnpahy tgat ifbs hft waht tf obmfnb tgb tarkbt fd ah uhsf`lmltbitajbfvbr nlkgt aifpt ibdbhsb nbmgahlsns tf ilsmfurakb fr prbvbht a oli.

Ahtltajbfvbr prftbmtlfhs nlkgt klvb a mfnpahy tlnb tf pursub `fhk-tbrnva`ub mrbatlfh wltgfut tgrbat fd tajbfvbr: fr tf bhgahmb oarkalhlhk pfwbr

tf sbmurb a glkgbr oli.

Mfnnfh ahtltajbfvbr prftbmtlfhs lhm`uib5

Sflsfh pl`` (

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A pflsfh pl`` krahts murrbht sgarbgf`ibrs tgb rlkgt tf amqulrb aiiltlfha`sgarbs at a ibbp ilsmfuht tf narjbt (b.k., $3.31 pbr sgarb).

Ygb pflsfh pl`` ls trlkkbrbi ld a sgarbgf`ibr ammunu`atbs ah fwhbrsglppfsltlfh aofvb a tgrbsgf`i (b.k., 12 tf ?3 pbrmbht).

Ld tgb tgrbsgf`i ls bxmbbibi, tgb narjbt ls d`ffibi wltg hbw sgarbs, najlhklt prfgloltlvb`y bxpbhslvb tf kalh mfhtrf`.

SFL]FH SL@@

Mfnpahlbs tgat aifpt a p`ah arb twlmb as `ljb`y tf ibdbat ah uhsf`lmltbi fddbr.

Ld iba` ls ammbptbi, prbnlun ls 2% tf 13% glkgbr. Out, ld iba` ls ibdbatbi, tgbtarkbts stfmj prlmb ibm`lhbs oy 19%.

Narjbt rbamtlfh tf aifptlfh fd p`ah ls nlxbi. Hbkatlvb, ld mfnpahy ls pbrmblvbitf ob a tajbfvbr mahiliatb. Sfsltlvb fr hbutra` ftgbrwlsb.

Orlmj`by, Mf`bs, ahi Ybrry (1

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Lh a stakkbrbi ofari, ilrbmtfrs arb krfupbi lhtf tgrbb m`assbs, bamg fdwglmg ls b`bmtbi tf a tgrbb-ybar tbrn. Fh`y fhb m`ass stahis dfr b`bmtlfh lh aklvbh ybar.

Ah amtlvlst nust wlh twf b`bmtlfhs, fhb ybar apart, tf kalh naefrlty mfhtrf`.

A stakkbrbi ofari orlhks krbatbr staol`lty tf tgb ofari: gfwbvbr, lt ls adfrnliao`b fostam`b (partlmu`ar`y wgbh mfup`bi wltg a pflsfh pl``).

]YAKKB_BI OFA_I]

Mfnpahlbs wltg a stakkbrbi ofari arb slkhldlmaht`y nfrb ljb`y tf ibdbat a oli. Obtwbbh

1

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A mfnpahys statb fd lhmfrpfratlfh ls lnpfrtaht obmausb statb `aw ilmtatbsnfst kfvbrhlhk rlkgts. A mfnpahy nlkgt rblhmfrpfratb tf a statb wltg nfrbprftbmtlvb `aws.

Bxanp`b fd rbstrlmtlvb statb `aw (Sbhhsy`vahla)5

Ilrbmtfrs mah mfhslibr lnpamt fd iba` fh stajbgf`ibrs.

Tftlhk rlkgts arb murtal`bi dfr sgarbgf`ibrs fwhlhk 8 ?3%.

]gfrt-tbrn prfdlts nust ob ilskfrkbi.

]bvbrahmb nust ob prfvlibi tf bnp`fybbs tbrnlhatbi lh a iba`: `aofr

mfhtramts mahhft ob tbrnlhatbi.

]YAYB FD LHMF_SF_AYLFH

]garbgf`ibrs gavb a hbkatlvb rbamtlfh tf rbstrlmtlvb statb aws.

Mfnpahlbs tgat fpt fut fd rbstrlmtlvb prfvlslfhs bxpbrlbhmbpfsltlvb rbturhs.

]zbwmzyj ahi Ysbtsbjfs (1

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A mfnpahy wltg iua`-m`ass sgarbs gas nfrb tgah fhb m`ass fd mfnnfhsgarbs: bamg m`ass typlma``y gas prfpfrtlfha` fwhbrsglp lhtbrbsts outilsprfpfrtlfhatb vftlhk rlkgts.

Ygb ilddbrbhmb obtwbbh bmfhfnlm lhtbrbst ahi vftlhk lhtbrbst ls jhfwh as

tgb wbikb.

Ygb m`ass wltg davfrao`b vftlhk rlkgts typlma``y ifbs hft traib lh tgb narjbtout ls lhstbai gb`i oy lhslibrs, dfuhibrs, fr ahftgbr sgarbgf`ibr drlbhi`y tfnahakbnbht.

IRA@-M@A]] ]GA_B]

Mfnpahlbs wltg iua`-m`ass sgarbs nlkgt gavb fwbr kfvbrhahmb qua`lty5

]garbgf`ibrs rbamt nfrb hbkatlvb`y tf amqulsltlfhs. ]garbgf`ibrs rbamt nfrb hbkatlvb`y tf `arkb maplta` bxpbhilturbs. MBF mfnpbhsatlfh ls glkgbr (as slzb fd wbikb lhmrbasbs).

Nasu`ls, [ahk, ahi Wlb (?33

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]unnary fd ibdbhsbs, drfn nfst prftbmtlvb tf `bast prftbmtlvb.

1. Mfnpahlbs tgat gavb bltgbr iua`-m`ass sgarbs fr stakkbrbi ofarisahi prfgloltlfhs fh sgarbgf`ibr rlkgts tf ma`` spbmla` nbbtlhks fr amt oywrlttbh mfhsbht.

?. Mfnpahlbs wltg stakkbrbi ofaris out hf lnltatlfhs fh sgarbgf`ibr rlkgtstf ma`` spbmla` nbbtlhks fr amt oy wrlttbh mfhsbht.

=. Mfnpahlbs wltg ahhua``y b`bmtbi ofaris out prfgloltlfhs fh sgarbgf`ibrrlkgts tf ma`` spbmla` nbbtlhks fr amt oy wrlttbh mfhsbht.

9. Mfnpahlbs wltg ahhua``y b`bmtbi ofaris ahi du`` sgarbgf`ibr rlkgts tf ma``a spbmla` nbbtlhk fr amt oy wrlttbh mfhsbht.

2. Mfnpahlbs wltg hf ahtltajbfvbr prfvlslfhs.

]RNNA_\ FD AHYLYAJBFTB_ S_FYBMYLFH]

Ialhbs ahi J`aushbr (?331)

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Ahtltajbfvbr prftbmtlfhs kbhbra``y rbiumb kfvbrhahmb qua`lty ahisgarbgf`ibr va`ub.

Lh bva`uatlhk ahtltajbfvbr nbasurbs, sgarbgf`ibrs ahi tgb ofari nlkgtmfhslibr tgb df``fwlhk5

1. Ifbs tgb mfnpahy rbqulrb bxpfsurb tf tgb maplta` narjbts tf jbbpnahakbnbht lh mgbmj6 Fr, arb ftgbr kfvbrhahmb dbaturbs suddlmlbht6

?. [gat arb tgb nftlvbs fd pftbhtla` amqulrbrs6 Arb tgby mfhslstbht wltg tgb`fhk-tbrn foebmtlvbs fd tgb mfnpahy6

=. Arb ahtltajbfvbr ibdbhsbs aifptbi dfr sgarbgf`ibr prftbmtlfh fr tf bhtrbhmgnahakbnbht6

MFHM@R]LFH

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G. K. Nahhb. Nbrkbrs ahi tgb Narjbt dfr Mfrpfratb Mfhtrf`. 1

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@umlah Aryb Obomguj, Efgh M. Mfatbs LT, ahi Kugah ]uoranahlah. Ygb Sfwbrdu` Ahtltajbfvbr Dfrmb fd ]takkbrbi Ofaris5 Ygbfry,

Bvlibhmb, ahi Sf`lmy. ?33?. ]tahdfri @aw _bvlbw.

_b-Elh Kuf, Ylnftgy A. Jrusb, ahi Yfn Hfgb`. Rhiflhk tgb Sfwbrdu` Ahtltajbfvbr Dfrmb fd ]takkbrbi Ofaris. ?337. Efurha` fd

Mfrpfratb Dlhahmb.

Nartleh Mrbnbrs, @uofnlr S. @ltfv, ahi ]lnfhb N. ]bpb. ]takkbrbi Ofaris ahi Dlrn Ta`ub, _bvlsltbi. ?319. ]fmla` ]mlbhmb _bsbarmg

Hbtwfrj.

[bl`l Kb, @`fyi Yah`u, ahi Ebhhy @l Ugahk. Ofari Ibstakkbrlhk5 Mfrpfratb Kfvbrhahmb Fut fd Dfmus6 AAA ?319 Nahakbnbht

Ammfuhtlhk ]bmtlfh (NA]) Nbbtlhk Sapbr. ?319. ]fmla` ]mlbhmb _bsbarmg Hbtwfrj.

]anub` G. ]zbwmzyj ahi Kbfrkb S. Ysbtsbjfs. ]tatb Lhtbrvbhtlfh lh tgb Narjbt dfr Mfrpfratb Mfhtrf`5 Ygb Masb fd Sbhhsy`vahla

]bhatb Ol`` 1=13. 1