Engro Chemicals and Fauji Chemicals Project on Ratio Analysis of Engro and Fauji

8/9/2019 Engro Chemicals and Fauji Chemicals Project on Ratio Analysis of Engro and Fauji

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Tzhgoi~ he Zb~ch Beblsycy ha Oefzh benAbugc

Rbcyoz Mo`mhhnYoyyche (Gbe :446Noi :440#

Yujmc~~on ce Tbz~cbl aulacllmoe~ ha ~`o zoruczomoe~y

Ahz ~`o nofzoo ha Mby~oz ha Juyceoyy

Bnmcecy~zb~che

b~

Eb~chebl _ecqozyc~s ha Mhnoze Lbefubfoy

Cylbmbjbn, Tbkcy~be

Mbs :443

Ihtszcf`~ js Rbcyoz Mo`mhhn, :443


2/72

Eb~chebl _ecqozyc~s ha Mhnoze Lbefubfoy

Abiul~s ha Ceahzmb~che ôièhlhfs ben Mbebfomoe~ Yicoeioy

C~ cy òzojs ioz~cacon ~`b~ ~ò zothz~ `by jooe ~`hzhuf`ls ben ibzoaulls zobn ben

zoihmmoenon ~h ~ò abiul~s ha Mbebfomoe~ Yicoeioy ahz biiot~beio ha Acebl Tzhgoi~

Zothz~ js Rbcyoz mo`mhhn, Zhll 6:>2, Yoyyche (Gbe :446 ~h Noi :440# Oqoecef, ce

tbz~cbl aulacllmoe~ ha ~ò zoruczomoe~y ahz ~ò nofzoo ha Mby~oz ce Juyceoyy

Bnmcecy~zb~che ha Eb~chebl _ecqozyc~s ha Mhnoze Lbefubfoy, Cylbmbjbn%

Nb~o7 Gueo:4, :443

Yutozqcyhz7 XXXXXXXXXXXXXXXXXXXXXXXXX

Hjyozqoz7 XXXXXXXXXXXXXXXXXXXXXXXXXX

@obn ha Notbz~moe~7 XXXXXXXXXXXXXXX


3/72

BIKEHVLONFOMOE^

Js ~ò Fzbio ha Blmcf`~s Bllb`, ~ò mhy~ Mozicaul, ~ò mhy~

Joeoacicbl, C&m ~hnbs yujmc~~cef ms ce~ozey`ct zothz~; C `bqo ~ò tobzly ha ms osoy

~h bnmczo ~ò jloyycefy ha ~ò ihmtbyycheb~o, hmecth~oe~, ~ò Mozicaul ben ~ò

joeoacioe~ Bllb` v`h cy ~ò oe~czo yhuzio ha kehvlonfo ben vcynhm

Nuo ~h `cy jhue~ohuy jloyycefy, C joihmo bjlo ~h ihe~zcju~o ~`cy ihmtzoòeycqo

byycfemoe~ ~hvbzn ~ò noot hiobe ha kehvlonfo blzobns opcy~y% @obz~ cy vbzm

vc~` lhqo ben ~`huf`~y `bqo ~uzeon ~h ~ò ic~s ha kehvlonfo ^ò @hls Tzhac~

(T%J%_%@# @cy ybscef Lobze azhm ~h Izbnlo ~h Fzbqo ceytczon ~ò y~zhef noyczo

ce mo ~h uenoz ~bko ~`cy ihuzyo ha qblubjlo y~uncoy%

C~ vhuln hjqchuyls jo ceguy~cio eh~ ~h moe~che ~ò ebmo ha ~ò tohtlo ceqhlqon ~h

mbko ~`cy byycfemoe~ thyycjlo ben òlton ~òcz u~mhy~ ~h mbko mo uenozy~ben ~ò

hqozbll htozb~che ha ~ò ihmtbes by ha ~òcz joy~ kehvlonfo%

-

Noytc~o ha ~ò mhy~ òi~ci yiònulo, Mbb&m ybòz òlton mo yh mui`% C&m zoblls

fzb~oaul ~h mbb&m ahz ilbzcascef ms iheiot~y ben mbkcef mo lobze azhm òz

optozcoeio% V`b~oqoz C lobze~ azhm shu vcll noacec~ols òlt mo ce ms utihmcef

y~uns ben ~ò tzhaoyychebl lcao bòbn% ^`bek shu yh mui` ahz jocef yh ih-

htozb~cqo ben yh òltaul oqozs ~cmo% C `hto mbb&m C `bqo jooe ut ~h shuz

optoi~b~chey%

Ce ~ò oen, C&ll lcko ~h ~`bek bll ms h~òz ihllobfuoy, Mz% Cy`~cr, Mz% Rbcyoz, ben bll

ms h~òz aollhv ce~ozeooy, òzo ben ce jzbei`, ahz ~òcz ueihenc~chebl yutthz~ ben

òlt ce mbkcef C lobze ce b fhhn oeqczhemoe~%


4/72

Noncib~che

C vbe~ ~h nbncib~o ms ~`cy tzhgoi~ ~h ahllhvcef tozyhey

@bwzb~ Mu`bmmbn (TJ_@#

Rbucn-O-Bwbm Mu`bmmbn Blc Gbeb`

Ms ôbiòzy

Ms Tbzoe~y

Ms Joy~ Azcoen Rbcyoz Mo`mhhn K`be

Ben Bll ^`hyo V`h Bzo Y~zufflcef Ben Acf`~cef Ahz Cylbm Ce Zcf`~Nczoi~chey%

Oefzh Iòmcibly L~n

!

Abugc Aoz~clcwoz Ih


5/72

AHZOVHZN

_ec~on vo y~bson zcf`~ azhm ~ò vhzn fh% Noqh~che ben ihhznceb~che cy v`b~ mbno ~`cy~byk `bttoe% ^`huf` c~ vby ~czoyhmo yhmo~cmoy ju~ c~ vby huz obfozeoyy ~h tzhqoyhmo~`cef v`ci` kot~ uy fhcef he ben he% Ben aceblls vo `bqo jooe bjlo ~h zobi` b~ bthce~ vòzo vo ibe ybs vc~` bll huz oe~ùycbym ~`b~ soy, vo ncn c~"


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Ahz b jloyyon yhcl lcko huzy, ~ò vhz~` ha b aoz~clcwoz ihmtbes joibmo b mh~cqo jo`cen huzyoloi~che ha Oefzh Iòmcibly Tq~% L~n% ben Abugc Aoz~clcwoz Ihmtbes ahz ihmtbzcyhe

tuzthyoy% Huz zoyobzi` zoqoblon ~h uy ~`b~ Oefzh Iòmcibly L~n% `hlny b y~zhefoz thyc~che

by ihmtbzon ~h c~y ihue~oztbz~% Ben zb~ch beblsycy blyh yutthz~y ~ò abi~ ncyiuyyon obzlcoz%

^bjloy ben fzbt`y bzo blyh ceilunon ~h mbko ~`cy ihmtbzcyhe mhzo ilobz ben ~h oe`beio~ò uenozy~bencef ha ~ò eumozcibl acfuzoy b~~bceon azhm zb~ch beblsycy%

Vo `bqo tu~ huz òbz~ ben yhul ~h `hln b abcz ihmtbzcyhe ju~ ~òzo cy blvbsy b zhhm ahzcmtzhqomoe~% Yh vo bzo ruc~o zcf`~ ~h bnht~ be ht~cmcy~ci bttzhbi` ~h jolcoqo ~`b~ Mzy%Lbjcjb Yòck` vcll cfehzo huz mozo mcy~bkoy, ca ahuen, joibuyo ~h ozz cy ùmbe%

IHMTBES EBMO Oefzh Iòmcibly L~n% Abugc Aoz~clcwoz Ih%

SOBZY :44? :441 :446 :44? :441 :44

I_ZZOE^ ZB^CHY 2%63 2%?1 9%22 2%43> %036 4%3>

BICN ÔY^ ZB^CH 2%24 2%92 4%:1 2%42 4%02 4%0

NOJ^ OR_C^S ZB^CH (/# 240%99 92%?0 90%3 :4%>0 0%64 6%?

NOJ^ ZB^CH %>0 %:? %20 4%61 4%?9 4%?

^CMO CEÔZOY^ OBZEON 2:%? 6%20 0%3: 22%3: 2>%3> 2:%:

CEQOE^HZS ^_ZE HQOZ ZB^CH 22%2 3%> 24%2 21%>2 21%2 ::%

CEQOE^HZS @HLNCEF TOZCHN 9: 90 91 :2%39 ::%91 2?

EO^ ACPON BYYO^Y ^_ZEHQOZZB^CH

2%>>96 2%?2>0 2%3936 2%>> 2%6 2%?

^H^BL BYYO^ ûzehqoz ZB^CH 2%94 2%2 2%>? 2%94 2%2 2%>

ZOIOCQBJLOY ^_ZEHQOZ ZB^CH 9>%9 94%: ::%0 >>%1: :?%?6 23

Bqozbfo Ihlloi~che Tozchn22 2: 21 0%2 2>%>2 20%

Fzhyy Tzhac~ Mbzfce (/# 2>%>? :>%46 :2%:: 9>%1 9:%>: 9?

Htozb~cef Tzhac~ MBZFCE (/# 23%2? :2%19 :4%?0 26%1 :? :3%

Eo~ Tzhac~ Mbzfce (/# 2:%13 2>%>6 29%12 21%43 2?%>0 20%

Obzecef toz y`bzo(Zy%Y`bzo#

2>%96 2?%>6 26%26 2:%31 3%93 24%


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Fzhut Momjozy

Bjy~zbi~

Azhm ~ò v`hlo zb~ch beblsycy ha Oefzh iòmcibly L~n% Ben c~y mbghz zcqbl Abugc Aoz~clcwoz

Ihmtbes, vo iheiluno ahllhvcef zoyul~y by y`hve ce ~bjlo jolhv

AHZOVHZN C

Bjy~zbi~ CC

^@O HZFBECWB^CHE IHEIOZEON 1

Oefzh Iòmcibl Tbkcy~be L~n% 1

Be Hqozqcov 1

Qcyche 6


8/72

Huz Juyceoyyoy 0

Oefzh Iòmcibl Tbkcy~be Lcmc~on 0

Oefzh Qhtbk ôzmcebl Lcmc~on 3

Oefzh Thlsmoz ben Iòmcibly L~n% 3

Bqbeiohe 3

Oefzh Ahhny Lcmc~on (OAL# 24

Oefzh Oeozfs Lcmc~on (OOL# 24

Oefzh Opcmt (Tq~%# Lcmc~on 24

Tzhnui~y ! Yozqcioy 22

Aoz~clcwozy 22

Ec~zhfoehuy Aoz~clcwozy 22

T`hyt`b~ci Aoz~clcwozy 2:

Jloenon Aoz~clcwozy 2:

TQI Zoyce 29

Iòmcibl `benlcef ! Y~hzbfo 29

Cenuy~zcbl Bu~hmb~che 29

Cenuy~zcbl Bu~hmb~che 29

Ahhny 2>

Thvoz Foeozb~che 2>

Rublc~s 2?

Tbikcef ! Lhbncef7 2?

Juyceoyy tzbi~cio 21

Tzceictbl Htozb~chey Ihmmc~~oo 21


9/72

Ihzthzb~o Fhqozebeio 26

Ihzo Qbluoy 23

YBAO^S, @OBL^@ ! OEQCZHEMOE^ 23

LOBNOZY@CT 23

R_BLC^S !IHE^CE_H_Y CMTZHQOMOE^ :4

OE^@_YCBY^CI T_ZY_C^ HA TZHAC^ :4

OPÔZEBL ! IHMM_EC^S CEQHLQOMOE^ :4

IBENCN ! HTOE IHMM_ECIB^CHEY :4

OEGHSMOE^ ! A_E :4

CEEHQB^CHE :4

CENCQCN_BL FZHV^@ ! NOQOLHTMOE^ :4

ÔBMVHZK ! TBZÊOZY@CT :2

NCQOZYC^S ! CEÔZEB^CHEBL AHI_Y :2

Huz Tohtlo :2

^ò Hzfbecwb~che ha Ihmtbzcyhe :2

Abugc Aoz~clcwoz Ihmtbes :2

Be Hqozqcov ::

Mcyyche Y~b~omoe~ :9

ZB^CH BEBLSYCY :>

(Oefzh Iòmcibl Tbkcy~be L~n%# :>

Bnqbe~bfoy :>

^stoy ha Zb~chy Beblsycy :>

Lcrucnc~s Zb~chy7 :?


10/72

Loqozbfo zb~chy7 :1

Bi~cqc~s Zb~chy :3

ZB^CH BEBLSYCY 91

Abugc Aoz~clcwoz Ihmtbes L~n% 91

CEN_Y^ZS BEBLSYCY >0

Bi~cqc~s Zb~chy >0

Iheiluyche ?6

Zoaozoeioy ?0

^@O HZFBECWB^CHE IHEIOZEON

Oefzh Iòmcibl Tbkcy~be L~n%

Oefzh Iòmcibl Tbkcy~be Lcmc~on cy b aoz~clcwoz ihmtbes v`ci` cy ha ~òcz iheioze ~`b~`by jooe ce~zhnuion zcf`~ jolhv% ^òs bzo fhcef ~h mbko b aull-alonfo acebeicbl beblsycyha ~`cy aoz~clcwoz ihmtbes ce hznoz ~h iòik c~y acebeicbl yc~ub~che ce ~ò mbzko~% ^òbeblsycy ha obi` ben oqozs mbghz zb~ch `by jooe ceqhlqon ce ~`cy acebeicbl beblsycy% ^òeauz~òzmhzo ~ò ce~oztzo~b~che ha obi` ben oqozs zb~ch `by jooe fcqoe ~h olbjhzb~o c~%

Be Hqozqcov


11/72

Yobzi` ahz hcl js Tbk Y~beqbi, be OyyhMhjcl ghce~ qoe~uzo ce 23?6, lon ~h ~ò ncyihqozsHa Mbzc fby acoln yc~ub~on eobz Nb`bzkc -- b ymbll ~hve ce uttoz Ycen` tzhqceio% Oyyhvby ~ò aczy~ ~h y~uns ~`cy noqolhtmoe~ ce no~bcl ben tzhthyo ~ò oy~bjlcy`moe~ ha b uzobtlbe~ ce ~`b~ bzob%

^ò tzhthybl vby bttzhqon js ~ò fhqozemoe~ ce 231>, v`ci` lon ~h b aoz~clcwoz tlbe~bfzoomoe~ ycfeon ce Noiomjoz ~`b~ sobz% Yujyoruoe~ls ce 231?, ~ò Oyyh Tbkcy~beAoz~clcwoz Ihmtbes Lcmc~on vby ceihzthzb~on, vc~` 6?/ ha ~ò y`bzoy hveon js Oyyh ben:?/ js ~ò foeozbl tujlci% ^ò ihey~zui~che ha b uzob tlbe~ ihmmoeion b~ Nb`bzkc ~òahllhvcef sobz vc~` ~ò beeubl ibtbic~s ha 269,444 ~hey ben tzhnui~che ihmmoeion ce2310% B~ _Y . >9 mcllche, c~ vby ~ò yceflo lbzfoy~ ahzocfe ceqoy~moe~ js be MEI ce ~òihue~zs%

B aull-alonfon mbzko~cef hzfbecwb~che vby oy~bjlcyòn v`ci` uenoz~hhk bfzhehmcitzhfzbmy ~h onuib~o ~ò abzmozy ha Tbkcy~be% By ~ò eb~chey aczy~ aoz~clcwoz jzben, Oefzh

(~òe Oyyh# òlton mhnozecwo ~zbnc~chebl abzmcef tzbi~cioy ~h jhhy~ abzm scolny, nczoi~lscmtbi~cef ~ò rublc~s ha lcao eh~ hels ahz abzmozy ben ~òcz abmclcoy, ju~ ahz ~òihmmuec~s b~ lbzfo% By b zoyul~ ha ~òyo oaahz~y, iheyumt~che ha aoz~clcwozy ceizobyon ceTbkcy~be, tbqcef ~ò vbs ahz ~ò Ihmtbesy jzbenon uzob ibllon *Oefzh*, be bizhesm ahz*Oeozfs ahz Fzhv~`*%

By tbz~ ha be ce~ozeb~chebl ebmo i`befo tzhfzbm, Oyyh joibmo Opphe ce 2360 ben ~òihmtbes vby zoebmon Opphe Iòmcibl Tbkcy~be Lcmc~on% ^ò ihmtbes ihe~ceuon ~htzhytoz by c~ zoloe~loyyls tuzyuon tzhnui~cqc~s fbcey ben y~zcqon ~h b~~bce tzhaoyycheblopiolloeio%

Ce 2332, Opphe noicnon ~h ncqoy~ c~y aoz~clcwoz juyceoyy he b flhjbl jbycy% ^ò omtlhsooyha Opphe Iòmcibl Tbkcy~be Lcmc~on, ce tbz~eozy`ct vc~` lobncef ce~ozeb~chebl ben lhiblacebeicbl cey~c~u~chey jhuf`~ hu~ Opphey 6? tozioe~ oruc~s% ^`cy vby b~ ~ò ~cmo bentoz`bty y~cll cy ~ò mhy~ yuiioyyaul omtlhsoo jus-hu~ ce ~ò ihzthzb~o `cy~hzs ha Tbkcy~be%Zoebmon by Oefzh Iòmcibl Tbkcy~be Lcmc~on, ~ò Ihmtbes `by fheo azhm y~zoef~` ~hy~zoef~`, zoaloi~on ce c~y iheycy~oe~ acebeicbl tozahzmbeio, fzhv~` ha ~ò ihzo aoz~clcwozjuyceoyy ben ncqozycacib~che ce~h h~òz acolny%

Ceqoy~moe~ ce tohtlo, tzhioyy yhlu~chey ben zoyhuzio iheyozqb~che cec~cb~cqoy `by zonuionoeozfs uyo toz ~he ha uzob js b ~`czn, v`cly~ ceizobycef uzob tzhnui~che eobzls ycp-ahlnyceio 2310% Eh~ hels nhoy ~`cy ybqo mheos, c~ y~zo~iòy ehe-zoeovbjlo oeozfs yhuzioyben mc~cfb~oy ~ò cmtbi~ ha vby~o% Blhef ~ò vbs, b mbghz mcloy~heo ce tlbe~ ibtbic~sutfzbno ihceicnon vc~` ~ò omtlhsoo lon jus-hu~; ceehqb~cqols ht~cmcwcef huz zoyhuzioy,Oefzh zo-lhib~on aoz~clcwoz mbeuabi~uzcef tlbe~y azhm ~ò _K ben _Y ~h c~y Nb`bzkc tlbe~yc~o be ce~ozeb~chebl aczy~% Huz tcheoozcef ytczc~ ihe~ceuoy ce huz yhicbl ceqoy~moe~y,opomtlcacon js ~ò hels yebko-jc~o ~zob~moe~ abiclc~s ce ~ò F`h~kc zofche ben ~ò aczy~~olomonciceo ce~ozqoe~che ce ~ò ihue~zs%


12/72

Vcef

Qcyche

*^h jo ~ò tzomcoz Tbkcy~bec oe~oztzcyo vc~` b flhjbl zobi`, tbyycheb~ols tuzyucef qbluoizob~che ahz bll y~bko`hlnozy%*

Huz Ncqozyo Ihlhzy ha Opiolloeio

Huz Juyceoyyoy

^ò sobzy yceio Opphe joibmo Oefzh `bqo jooe jh~` opic~cef ben zovbzncef ahz ~òHzfbecwb~che ben c~y tohtlo% I`blloefoy `bqo jooe hqozihmo, fhbly bi`coqon ben eovfhbly yo~% Oefzh ~hnbs y~beny zoihfecwon by b yuiioyyaul juyceoyy htozb~che ben b zhlomhnol ahz nhcef juyceoyy ce Tbkcy~be%

Oefzh Iòmcibl Tbkcy~be Lcmc~on

^ò Ihmtbesy iuzzoe~ mbeuabi~uzcef jbyo ceilunoy uzob ebmo tlb~o ibtbic~s ha 36?,444~hey toz beeum ben jloenon aoz~clcwoz (ETK# ibtbic~s ha 214,444 ~hey toz sobz% B

tzomcoz jzben ben eb~chevcno tzoyoeio oeyuzo yollhu~ tzhnui~che% Bnnc~cheblls, ~òihmtbes cmthz~y ben yolly t`hyt`b~ci aoz~clcwozy ahz jblbeion aoz~clc~s ben cmtzhqon abzmscolny% Oefzhy y`bzo ha Tbkcy~bey t`hyt`b~oy mbzko~ mczzhzy hz opioony c~y uzob mbzko~y`bzo%

Optbeyche tlbey ceiluno b eov uzob tlbe~ ha 2%9 mcllche ~hey beeubl ibtbic~s, blyh b~Nb`bzkc% ^ò _Y. 2 jcllche tzhgoi~ cy voll uenozvbs ben he ~zbik ahz ihmmozicbl


13/72

tzhnui~che ce mcn :424% ^`cy bnnc~che vcll ceizobyo Oefzhy uzob mbzko~ y`bzo ~h 9?/azhm 23/ b~ tzoyoe~%

Oefzh Qhtbk ôzmcebl Lcmc~on

?47?4 Ghce~ Qoe~uzoy vc~` Zhsbl Qhtbk - b Eo~òzlbeny jbyon flhjbl lobnoz ce ~ozmcebl

htozb~chey% OQ^L htozb~oy b julk lcrucn iòmcibl ~ozmcebl b~ Thz~ Rbycm, Kbzbi`c% C~ `bybe cmtoiibjlo ybao~s zoihzn ha `benlcef b zbefo ha iòmcibly ben LTF ahz hqoz 24 sobzy%

OQ^L cy juclncef Tbkcy~bey aczy~ izshfoeci O~`sloeo y~hzbfo abiclc~s ben optoi~y ~h jozobns js obzls :443% Fcqoe c~y optozcoeio vc~` fbyyoy, izshfoeciy, b jzhve acoln lhib~cheben ce~ozeb~chebl htozb~cef y~benbzny, OQ^L cy voll-thyc~cheon ~h jucln b LEF ~ozmcebl,jocef tuzyuon js ~ò Fhqozemoe~ ha Tbkcy~be%

Oefzh Thlsmoz ben Iòmcibly L~n%

OTIL cy uenozfhcef optbeyche ceqhlqcef TQI tzhnui~che ceizobyo ha ?4,444 ~heoy(iuzzoe~ ibtbic~s7 244,444 ~hey t%b% ben jbik ce~ofzb~che ~`zhuf` yo~~cef ut ha beONIQIM tlbe~ ben b I`lhz blkblc tlbe~% ^òyo cec~cb~cqoy bzo optoi~on ~h iheiluno cet`byoy js aczy~ `bla ha :443% B~ Thz~ Rbycm, ~`cy ?1/ Oefzh hveon Ihmtbes cy ceqhlqonce mbeuabi~uzcef, mbzko~cef ben yollcef Thlsqcesl I`lhzcno (TQI#%

Bqbeiohe

B 19/ hveon yujycncbzs ha Oefzh, OCBL cy ~ò lobncef flhjbl bu~hmb~che juyceoyy,tzhqcncef tzhioyy ! ihe~zhl yhlu~chey% C~ blyh haaozy Thvoz ! Oeozfs Mbebfomoe~yha~vbzo yhlu~chey by voll by @cf`-Oen yha~vbzo ~`b~ ce~ofzb~o tzhnui~che ben juyceoyybttlcib~chey% Tzoqchuyls htozb~cef ce Tbkcy~be ben _BO, ~òs `bqo ehv toeo~zb~on ce ~ò_YB mbzko~ vc~` ~ò mozfoz ha OEFZH Ceehqb~cqo ben Bnqbeio Bu~hmb~che% BnqbeioBu~hmb~che cy be bvbzn vceecef ~oièhlhfs yhlu~chey tzhqcnoz ~h mbeuabi~uzozy ce Ehz~`


14/72

Bmozcibe ben `by jooe bvbznon by ~ò Ysy~om Ce~ofzb~hz ha ~ò Sobz :446 js Ihe~zhlOefceoozcef%

Ysei`zhecwcef ~h b yceflo jzben vhzlnvcno vc~` bll ~ò oefceoozcef Y~benbzny, tzhioyyoy,jzben cnoe~c~s ben flhjbl jzben zoihfec~che vby b ùfo ~byk ben nuo ~h qbzchuy ncaaozoe~iul~uzbl abi~hzy c~ vby oqoe ihmtlop ~òe toziocqon%

Ba~oz nbsy ha `bzn vhzk BQBEIOHE omozfon by ~ò eov ebmo ben ~ò ~zuo FlhjblBu~hmb~che Tlbsoz% ^ò eov ihmtbes ebmo vcll òlt ~h zoceahzio ~ò yceflo jzbencnoe~c~s ~`b~ `by omozfon hqoz ~ò lby~ 21 nbsy by ~ò ~vh ahzmozls yotbzb~o ihmtbecoy`bqo yuiioyyaulls vhzkon ~h joihmo b yceflo flhjbl oe~oztzcyo%

Oefzh Ahhny Lcmc~on (OAL#

Oefzh Ahhny, b v`hlls hveon yujycncbzs `bn c~y aczy~ aull sobz ha htozb~chey ce :446% ^òIhmtbes ihe~ceuon optbencef vc~` bnnc~chey ~h jzben thz~ahlch, mclk tzhnui~che benncy~zcju~che ibtbic~coy%

^ò thz~ahlch ehv ceilunoy ahuz cmtzoyycqo jzbeny; Hltoz&y mclk, Hltozy izobm, Hlvoll

ben ^bzbef% Hltozy mbzko~ y`bzo tobkon b~ 26/ nuzcef :446% OAL htozb~oy ~vhnbczs tzhioyycef abi~hzcoy lhib~on ce Yukkuz, ben Yb`cvbl% ^ò ihmtbesy mclk ihlloi~cheeo~vhzk ehv jhby~y hqoz 644 qcllbfo mclk ihlloi~hzy ben >44 mclk ihlloi~che ioe~ozy%Ihqozcef :>44 qcllbfoy bizhyy Tbkcy~be, ~ò bi~cqc~coy ha ~ò Ihmtbes ~hui` ~ò lcqoy hablmhy~ ?2,444 abzmozy%

Be opic~cef eov qoe~uzo cy ~ò ncqozycacib~che ha nbczs thz~ahlch ce~h cio izobm% Vhzk `byihmmoeion aull ~`zh~~lo ahz no~bclon oefceoozcef ben mbzko~ y~uns vc~` b qcov ~h lbuei`ha aczy~ cio izobm ce :443% Blyh he OAL ylb~o cy ~ò oy~bjlcy`moe~ ha b nbczs abzm vc~`mclkcef optoi~on ~h y~bz~ ce yoihen rubz~oz :443%

Oefzh Oeozfs Lcmc~on (OOL#


15/72

^`cy v`hlls hveon yujycncbzs cy yo~~cef ut be Cenotoenoe~ Thvoz Tlbe~ eobz Rbncztuz ceYcen`; ^bzfo~cef :443 ahz ihmmozicbl htozb~chey, ~ò thvoz tzhgoi~ vcll `bqo b eo~hu~tu~ ha :26 MV% ^ò tlbe~ vcll u~clcwo lhv òb~cef qbluo tozmob~o fby azhm Rbncztuzfby acoln v`ci` cy iuzzoe~ls jocef albzon%

Oefzh Opcmt (Tq~%# Lcmc~on

Oefzh Opcmt (Tq~%# Lcmc~on cy b v`hlls hveon yujycncbzs ce ~ò ~zbncef juyceoyy haaoz~clcwoz cmthz~y%

Ytoi~zum ha huz tzhnui~y ! yozqcioy tzhnui~y ! yozqcioy

Tzhnui~y ! Yozqcioy

Huz vcno ytoi~zum ha tzhnui~y ben yozqcioy ilobzls y`hvy ~ò ncqozyc~s ce huzJuyceoyyoy, obi` heo noycfeon ~h mbko lcao jo~~oz ahz huz iuy~hmozy

Aoz~clcwozyjs Oefzh Iòmcibl Tbkcy~be Lcmc~on

Bnui~ lceo ~`b~ ahiuyoy he jblbeion izht eu~zc~che ben `cfòz scoln ahz ~ò abzmoz

Ec~zhfoehuy Aoz~clcwozy

OEFZH _ZOB cy b ~zuy~on `cf` fzbno aoz~clcwoz ihe~bcecef >1/ Ec~zhfoe (E#, vc~`mhnozb~o `snzhyihtcic~s% C~ `by b t@ qbluo ha 1%0 (hzfbeci mhloiulo# ben cy yuc~bjlo ahzbll izhty he bll yhcly% Oefzh _zob cy be opiolloe~ yhuzio ha Ec~zhfoe ahz ~ò qby~ mbghzc~sha iul~cqb~on yhcly ha Tbkcy~be%
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16/72

T`hyt`b~ci Aoz~clcwozy

Oefzh NBT7 ihe~bcey >1/ T:H? ben 20/ E% Mhzo ~`be 34/ ha T`hyt`b~o (T# cy vb~ozyhlujlo% C~ `by b t@ qbluo ha 6%99 ben cy b fhhn yhuzio ha T aoz~clcwoz ahz bll izhty% C~ cy beorublls fhhn yhuzio he tzhjlom yhcly (yblceo yhnci# vc~` ihbzyo ~op~uzo% He be hqozbll

jbycy c~ yuc~y ~h bjhu~ 34/ yhcly ha ~ò ihue~zs%

Oefzh Whzbvbz7 cy heo ha ~ò `cfòy~ fzbno t`hyt`b~ci aoz~clcwozy% C~ cy bicnci ce zobi~che(t@ 5= 9%?# ben ihe~bcey ?:/ T:H? ha v`ci` mhzo ~`be 34/ cy vb~oz yhlujlo, v`clo ~òzoy~ cy ic~zb~o yhlujlo% Ce bnnc~che ~h T, c~ ihe~bcey 2:/ E, :/ yultùz ben 2/ iblicum% C~cy b joeoacicbl aoz~clcwoz ahz bll izhty he bll yhcly ha Tbkcy~be ben tzhnuioy opiolloe~ zoyul~yhe blkblceo yhcly, nuo ~h c~y bicnci

~ò bicnci t@ ha Oefzh Whzbvbz blyh ~oeny ~h ylhv nhve ~ò zbtcn iheqozyche ha yhlujloT ~h vb~oz ceyhlujlo ihmthueny, kootcef c~ tlbe~ bqbclbjlo ahz b lhefoz tozchn ha ~cmo%

Oefzh T`hyt`b~o7 cy jzhve ihlhzon mheh bmmhecum t`hyt`b~o vc~` 22/ ec~zhfoeben ?:/ t`hyt`hzuy% C~ cy jocef mbzko~on by zolb~cqols iòbtoz bl~ozeb~o ha NBT%

Jloenon Aoz~clcwozy

Oefzh Wbzkòw7 cy `hmhfoehuyls fzbeulb~on aoz~clcwoz v`ci` mbpcmcwoy izht scoln jstzhqcncef jblbeion eu~zc~che ahz b vcno qbzco~s ha izhty ~`zhuf` ~ò uecahzm bqbclbjclc~sha Ec~zhfoe, T`hyt`hzhuy ben Th~byycum% Oefzh Wbzkòw fzbnoy bzo ytoicblls tzhnuion ~hyuc~ ~ò zoruczomoe~y ha cencqcnubl izhty ben yhcly, ben tzhqcno iheqoecoeio ~h ~ò abzmoz

~`zhuf` zobns bqbclbjclc~s ha tzoicyo rube~c~coy ha tzcmbzs eu~zcoe~y%

Oefzh Wbzkòw aoz~clcwozy `bqo lhv mhcy~uzo ihe~oe~, `cf` izuy` y~zoef~`; :mm->mmfzbeulo ycwo ben azoo alhvcef eb~uzo - b~~zcju~oy v`ci` oeyuzo opiolloe~ `benlcef benbttlcib~che i`bzbi~ozcy~ciy%

Oefzh ET7 c~ tzhqcnoy ::/ ec~zhfoe, ben :4/ t`hyt`hzuy% OITL oe~ozon ce~h ETjuyceoyy ce :44? ~h ib~oz ~ò eoon ha c~y iuy~hmozy ahz ~`cy oy~bjlcyòn ib~ofhzs% Tzcmbzsahiuy bzob ahz OET mbzko~cef cy Yhu~` Wheo (Ycen`#%

Mcizh Eu~zcoe~y

Wcefzh7 Wcei Yult`b~o, b `cf`ls oaaoi~cqo ben th~oe~ aoz~clcwoz v`ci` tzcmbzcls ~bzfo~yWcei noacicoeis ce izhty lcko Zcio, Th~b~h, Mbcwo, Yufbz ibeo, Vòb~, Ih~~he, qofo~bjloyben azuc~y% Wcefzh ceizobyoy izht scoln ben oe`beioy izht bttobzbeio%


17/72

TQI Zoyceb yse~ò~ci zoyce ihmthyon ha zotob~cef uec~y ha qcesl i`lhzcno% C~ cy qozs qozyb~clo ben cyuyon ce b vcno qbzco~s ha tzhnui~y

Iòmcibl `benlcef ! Y~hzbfoJs Oefzh Qhtbk ôzmcebl Lcmc~on

B y~b~o ha ~ò bz~ go~~s ben ~ozmcebl b~ Thz~ Rbycm, Kbzbi`c ahz `benlcef ben y~hzbfo haLTF ben julk lcrucn iòmcibly

Cenuy~zcbl Bu~hmb~chejs Bqbeiohe (ahzmozls kehve by Oefzh Ceehqb~cqo Bu~hmb~che Tq~% Lcmc~on#

Tzhqcncef tzhioyy ihe~zhl yhlu~chey ~h shuz cenuy~zcbl uec~y

Mbzko~ lobnoz ce cenuy~zcbl bu~hmb~che juyceoyy tzhqcncef tzhioyy ihe~zhl yhlu~chey ~hCenuy~zcbl uec~y% C~ haaozy Thvoz ! Oeozfs Mbebfomoe~ Yha~vbzo yhlu~chey by voll by@cf` oen Yha~vbzo ~`b~ ce~ofzb~o tzhnui~che ben juyceoyy bttlcib~che% Tzhqcncef tzhioyyihe~zhl yhlu~chey ~h shuz cenuy~zcbl uec~y

Cenuy~zcbl Bu~hmb~che

Mbzko~ lobnoz ce cenuy~zcbl bu~hmb~che juyceoyy tzhqcncef tzhioyy ihe~zhl yhlu~chey ~h

Cenuy~zcbl uec~y% C~ haaozy Thvoz ! Oeozfs Mbebfomoe~ Yha~vbzo yhlu~chey by voll by

@cf` oen Yha~vbzo ~`b~ ce~ofzb~o tzhnui~che ben juyceoyy bttlcib~che%

Tzhqcncef tzhioyy ihe~zhl yhlu~chey ~h cenuy~zcbl uec~y ben mbebfomoe~ yha~vbzo yhlu~chey
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18/72

Ahhny js Oefzh Ahhny Lcmc~on

Hltozy7 Y~benbzncwon b~ 9%?/ ab~, Hltozy cy b tzomcum, _@^ bll-tuzthyo mclk%

Hlvoll @ILA7 (@cf` Iblicum, Lhv Ab~# Hlvoll cy b tzomcum rublc~s mclk ahz ~ò òbl~ìheyicoeio%

Hltozy Izobm7 _@^ Izobm y~benbzncwon b~ >4/ ab~

^bzbef7 Lcrucn ~ob v`c~oeozY~b~o ha ~ò bz~ nbczs tzhioyycef tlbe~

Huz :26 MV Thvoz Tlbe~%

Thvoz Foeozb~chejs Oefzh Oeozfs Lcmc~on

Oefzh cnoe~cacon b Thvoz Tzhgoi~ jbyon he lhv J^_, `cf` @:Y fby azhmRbncztuz fby Acoln% ^ò tzhgoi~ cy uecruo by c~ vcll iheqoz~ lhv J^_ `cf` yultùz ihe~oe~ tozmob~o fby, v`ci` cy

iuzzoe~ls jocef vby~on ben albzon, ce~h :26 MV oloi~zci thvoz

Iheqoz~cef vby~on albzo fby ce~h oeozfs b~ ~ò :26 MV Thvoz Tlbe~y

Rublc~s

Cmtzhqcyb~che ~`zhuf` Ycp Ycfmb7 ~ò lofoen lobny bfbce

Omtlhsoo noqolhtmoe~ cy heo ha ~ò tcqh~bl bzoby ahz Hzfbecwb~chebl noqolhtmoe~% ^h Hzfbecwb~chebl ihmto~oeio

loqoly, eov ~zbcecef tzhfzbmy oeihmtbyycef Tozahzmbeio Mbebfomoe~, Lobnozy`ct, ben Ihmto~oeis Noqolhtmoe~

bzo ce~zhnuion%

Oefzh cy bmhef ~ò aczy~ Tbkcy~bec ihmtbecoy cmtlomoe~cef ycp ycfmb bizhyy bll bzoby ben u~clcwcef c~ by b

mbebfomoe~ ysy~om ~h opoiu~o c~y y~zb~ofci hjgoi~cqoy% Bmhef ~ò ahiuy bzoby, omtlhsoo noqolhtmoe~ cy ~ò mhy~


19/72

izc~cibl ben ycp ycfmb cy loqozbfon ~h òlt jzcef hu~ ~ò joy~ ce huz tohtlo% Omtlhsooy vcll nzcqo cmtzhqomoe~y ce

h~òz bzoby; ytoon, ceehqb~che, tozaoi~che ben ce joihmcef vhzln ilbyy tzhaoyychebly%

Ycp Ycfmby zhjuy~ tzhjlom yhlqcef mo~`hnhlhfs ben y~b~cy~cibl ~hhlkc~ bllhvy ~ò ihmtbes ~h joei`mbzk tzhioyyoy

bfbcey~ flhjbl y~benbzny ce b lbefubfo ~`b~ cy ihmtbzbjlo bizhyy bes cenuy~zs hz auei~che% C~ òlty oeyuzo ~`b~ Oefzh

yuy~bcey c~y tzhmcyo ha nolcqozcef `cf` rublc~s tzhnui~y ben yozqcioy ~h c~y iuy~hmozy he ~cmo, oqozs ~cmo%

Tbikcef ! Lhbncef7

^ò acecyòn tzhnui~ cy tbikon vc~` ~ò u~mhy~ ibzo js ~zbceon tozyheeol, ben lhbnon nczoi~ls ce ~h ihe~bceozy ahz

opthz~ tuzthyoy% Bll tbikcef ben lhbncef cy nheo uenoz y~zci~ yutozqcyche, v`clo mbce~bcecef mbpcmum rublc~s ben

ybao~s y~benbzny% ^h abiclc~b~o ~òcz iuy~hmozy, ~òs tzhqcno sbze tbikon ce 244Ljy ben ?4Ljy yob-vhz~`s opthz~

ibz~hey% ^òs blyh `bqo abiclc~s ~h tzhqcno iuy~hmozy vc~` thls~òeo aclm y`zcek vzbtton Tbllo~ tbikcef ~h ytoicblls

biihmmhnb~o iuy~hmozy ce Ouzhto_YB ben òlt ~òm zonuio ~ò lbjhz `benlcef ihy~y%

Juyceoyy tzbi~cio

Huz Bnqcyhzs Ibtbic~s

Tzceictbl Htozb~chey Ihmmc~~oo

^ò ahllhvcef ihmmc~~ooy bi~ b~ ~ò htozb~che loqol ce be bnqcyhzs ibtbic~s ~h ~ò I`coa Opoiu~cqo Haacioz,

tzhqcncef zoihmmoenb~chey zolb~cef ~h juyceoyy ben omtlhsoo Mb~~ozy7

Mbebfomoe~ Ihmmc~~oo cy zoytheycjlo ahz zoqcov ben oenhzyomoe~ ha lhef ~ozm y~zb~ofci tlbey, ibtc~bl ben

optoeyo junfo~y, noqolhtmoe~ ben y~ovbzny`ct ha juyceoyy tlbey ben zoqcovcef ~ò oaaoi~cqoeoyy ha zcyk

mbebfomoe~ tzhioyyoy ben ce~ozebl ihe~zhl%

Ihzthzb~o @YO Ihmmc~~oo cy zoytheycjlo ahz tzhqcncef lobnozy`ct ben y~zb~ofci fucnbeio he bll @obl~`, Ybao~s ben

Oeqczhemoe~ (@YO# cmtzhqomoe~ cec~cb~cqoy ben `by y~ovbzny`ct zoytheycjclc~s ahz mhec~hzcef ihmtlcbeio bfbcey~

zofulb~hzs y~benbzny ben yoloi~on ce~ozeb~chebl joei`mbzky%


20/72

IHON Ihmmc~~oo cy zoytheycjlo ahz ~ò zoqcov ha Ihmtoeyb~che, Hzfbecwb~che ben Omtlhsoo Noqolhtmoe~

(IHON# mb~~ozy ha bll tohtlo opiluncef omtlhsoo Nczoi~hzy ben Yoechz Opoiu~cqoy%

^`zhuf`hu~ ~ò >4 tluy sobzy ha Oefzhy `cy~hzs, huz tohtlo `bqo ihmo ut vc~` cnoby ben no~ozmceb~che ~`b~ nzhqo

~ò ihmtbes ahzvbzn ce bll yhz~y ha ~cmoy%

Ihzthzb~o Fhqozebeio

Oefzhy fhqozebeio y~zui~uzo zoytheny ~h ~ò cenuy~zsy joy~ tzbi~cioy nombeny Oeyuzcef ~`b~ bll bytoi~y vc~`

zoytoi~ ~h oihehmci, oeqczhemoe~bl ben yhicbl hjlcfb~chey bzo aulls iheycnozon ben juyceoyy noicychey bzo ~bkoe

ba~oz oqblub~cef ~òcz cmtbi~ he ^ò Ihmtbesy ~zctlo jh~~hm lceo - Tohtlo, Tlbeo~ ben Tzhac~y%

Ihmtlcbeio Y~b~omoe~

^ò Jhbzn ha Nczoi~hzy `by ~`zhuf`hu~ ~ò sobz :446 ihmtlcon vc~` ~ò Ihno ha Ihzthzb~o Fhqozebeio ihe~bceon

ce ~ò lcy~cef zoruczomoe~y ha ~ò y~hik opi`befoy ben ~ò Ihzthzb~o ben Acebeicbl Zothz~cef azbmovhzk ha ~ò

Yoiuzc~coy ben Opi`befo Ihmmcyyche ha Tbkcy~be%

Zcyk Mbebfomoe~ Tzhioyy

Ce :446, ~ò Mbebfomoe~ Ihmmc~~oo uenoz~hhk b zoqcov ha mbghz acebeicbl ben htozb~cef zcyky abion js ~ò

juyceoyy%

Ce~ozebl Ihe~zhl Azbmovhzk

Zoytheycjclc~s7 ^ò Jhbzn cy ul~cmb~ols zoytheycjlo ahz Oefzhy ysy~om ha ce~ozebl ihe~zhl ben ahz zoqcovcef c~y

oaaoi~cqoeoyy% @hvoqoz, yui` b ysy~om cy noycfeon ~h mbebfo zb~òz ~`be olcmceb~o ~ò zcyk ha abcluzo ~h bi`coqo

juyceoyy hjgoi~cqoy, ben ibe tzhqcno hels zobyhebjlo ben eh~ bjyhlu~o byyuzbeio bfbcey~ mb~ozcbl mcyy~b~omoe~ hz

lhyy%


21/72

^ò Jhbzn, v`cly~ mbce~bcecef c~y hqozbll zoytheycjclc~s ahz mbebfcef zcyk vc~`ce ~ò Ihmtbes, `by nolofb~on ~ò

no~bclon noycfe ben htozb~che ha ~ò ysy~om ha ce~ozebl ihe~zhly ~h ~ò I`coa Opoiu~cqo

%

Azbmovhzk7 ^ò Ihmtbes mbce~bcey be oy~bjlcyòn ihe~zhl azbmovhzk ihmtzcycef ilobz y~zui~uzoy, bu~`hzc~s

lcmc~y, ben biihue~bjclc~coy, voll-uenozy~hhn thlcicoy ben tzhionuzoy ben junfo~cef ben zoqcov tzhioyyoy%

^ò Jhbzn oy~bjlcyòy ihzthzb~o y~zb~ofs ben ~ò Ihmtbesy juyceoyy hjgoi~cqoy% Ncqcychebl mbebfomoe~ ce~ofzb~oy

~òyo hjgoi~cqoy ce~h ncqcychebl juyceoyy y~zb~ofcoy vc~` yutthz~cef acebeicbl hjgoi~cqoy% Bll thlcicoy ben ihe~zhl

tzhionuzoy bzo nhiumoe~on ce mbeubly

Zoqcov7 ^ò Jhbzn moo~y rubz~ozls ~h iheycnoz Oefzhy acebeicbl tozahzmbeio, acebeicbl ben htozb~cef junfo~y ben

ahzoiby~y, juyceoyy fzhv~` ben noqolhtmoe~ tlbey, ibtc~bl optoenc~uzo tzhthybly ben h~òz kos tozahzmbeio

cencib~hzy%

^ò Jhbzn Bunc~ Ihmmc~~oo zoiocqoy zothz~y he ~ò ysy~om ha ce~ozebl acebeicbl ihe~zhly azhm ~ò op~ozebl ben

ce~ozebl bunc~hzy ben zoqcovy ~ò tzhioyy ahz mhec~hzcef ~ò oaaoi~cqoeoyy ha ce~ozebl ihe~zhly%

^òzo cy b ihmtbes vcno thlcis fhqozecef bttzbcybl ben bttzhqbl ha ceqoy~moe~ optoenc~uzo ben byyo~ ncythybly%

Thy~ ihmtlo~che zoqcovy bzo tozahzmon he bll mb~ozcbl ceqoy~moe~ optoenc~uzo%

Bunc~7 Oefzh `by be Ce~ozebl Bunc~ auei~che% ^ò Jhbzn Bunc~ Ihmmc~~oo beeublls zoqcovy ~ò bttzhtzcb~oeoyy ha

zoyhuzioy ben bu~`hzc~s ha ~`cy auei~che% ^ò @obn ha Ce~ozebl Bunc~ zothz~y nczoi~ls ~h ~ò Bunc~ Ihmmc~~oo he ~ò

zoyul~y ha c~y vhzk%


22/72

^ò Ce~ozebl Bunc~ auei~che ibzzcoy hu~ zoqcovy he ~ò acebeicbl, htozb~chebl ben ihmtlcbeio ihe~zhly, ben zothz~y he

acencefy ~h ~ò I`coa Opoiu~cqo ben ~ò ncqcychebl mbebfomoe~% Bll mb~ozcbl cyyuoy bzo zothz~on ~h ~ò Jhbzn Bunc~

Ihmmc~~oo v`ci` bttzhqoy ~ò bunc~ tzhfzbm, jbyon he be beeubl zcyk byyoyymoe~ ha ~ò htozb~cef bzoby% ^h

uenoztce ~ò oaaoi~cqoeoyy ha ihe~zhly, c~ cy Oefzhy thlcis ~h b~~zbi~, zo~bce ben noqolht y~baa ha `cf` iblcjoz ben

ce~ofzc~s ce bttzhtzcb~o ncyictlceoy% ^òzo cy be beeubl bttzbcybl tzhioyy, v`ci` byyoyyoy omtlhsoo tozahzmbeio

bfbcey~ bfzoon hjgoi~cqoy ben cnoe~cacoy eoioyybzs ~zbcecef ~h mbce~bce ben oe`beio y~benbzny ha tozahzmbeio%

Qbluoy ~`b~ vo lcqo js

Ihzo Qbluoy

Huz omtlhsooy& tozahzmbeio ibe hels alhuzcy` ce b yhuen vhzk oeqczhemoe~% ^`b~ cy v`s OEFZH cy ihmmc~~on ~h

yutthz~cef c~y lobnozy`ct iul~uzo ~`zhuf` ysy~omy ben thlcicoy ~`b~ ahy~oz htoe ihmmuecib~che, mbce~bce omtlhsoo

ben tbz~eoz tzcqbis, ben byyuzo

Omtlhsoo òbl~` ben ybao~s%

YBAO^S, @OBL^@ ! OEQCZHEMOE^

Vo vcll mbebfo ben u~clcwo zoyhuzioy ben htozb~chey ce yui` b vbs ~`b~ ~ò ybao~s ben òbl~` ha huz tohtlo, huz

eocf`jhzy% Huz iuy~hmozy ben huz qcyc~hzy bzo oeyuzon% Vo jolcoqo huz ybao~s, òbl~` ben oeqczhemoe~bl

zoytheycjclc~coy op~oen joshen tzh~oi~che ben oe`beiomoe~ ha huz hve abiclc~coy, ben vo bzo iheiozeon bjhu~ ~ò

ncy~zcju~che, uyo ben ba~oz uyo ncythybl ha huz tzhnui~y%

O^@CIY BEN CEÔFZC^S

vo nh ibzo `hv zoyul~y bzo bi`coqon ben vcll nomhey~zb~o `heoy~ ben o~`cibl jo`bqchz ce bll huz bi~cqc~coy% I`hhycef

~ò ihuzyo ha `cfòy~ ce~ofzc~s cy huz ce~oe~ ben vo vcll oy~bjlcy` ben mbce~bce ~ò `cfòy~ tzhaoyychebl ben tozyhebl

y~benbzny% B voll-ahuenon zotu~b~che ahz yizutulhuy noblcef cy c~yola b tzcioloyy byyo~%


23/72

LOBNOZY@CT

vo `bqo lobnozy ha `cf` ce~ofzc~s% Oeozfs ben oe~ùycbym ~`b~ `bqo ~ò eoioyybzs mbebfozcbl, tzhaoyychebl ben

tohtlo ykclly ~h ceytczo b fzhut hz be hzfbecwb~che ~h yo~ `cf` fhbly ben bi`coqo ~òm vcllcefls% Vo jolcoqo ~`b~

lobnozy`ct ykclly eoon ~h jo y~zoef~òeon b~ bll loqoly vc~`ce huz hzfbecwb~che ben ~`b~ mbebfozcbl ben tzhaoyychebl

ihmto~oeio cy b eoioyybzs ahuenb~che%

R_BLC^S !IHE^CE_H_Y CMTZHQOMOE^

vo jolcoqo ~`b~ rublc~s ben b zoloe~loyy ihmmc~moe~ ~h ihe~ceuhuy cmtzhqomoe~ bzo oyyoe~cbl ~h huz hefhcef

yuiioyy% ^h ~`cy oen, vo noaceo rublc~s by uenozy~bencef ~ò iuy~hmoz&y optoi~b~chey, bfzoocef he tozahzmbeio ben

qbluo, ben tzhqcncef tzhnui~y ben yozqcioy ~`b~ moo~ optoi~b~chey 244 tozioe~ ha ~ò ~cmo% Huz mh~~h cy, *Rublc~s ce

bll vo nh%*

OE^@_YCBY^CI T_ZY_C^ HA TZHAC^

yuiioyyaulls ncyi`bzfcef huz zoytheycjclc~coy ~h huz y`bzo`hlnozy ~h oe`beio ~ò lhef-~ozm tzhac~bjclc~s ben fzhv~`

ha huz ihmtbes tzhqcnoy ~ò joy~ jbycy ahz huz ibzooz yoiuzc~s ben mobecefaul tozyhebl fzhv~`% Vo ibe joy~

biihmtlcy` ~`cy js iheycy~oe~ls moo~cef ~ò optoi~b~chey ha huz iuy~hmozy ben tzhqcncef ~òm vc~` qbluo%

OPÔZEBL ! IHMM_EC^S CEQHLQOMOE^

Vo jolcoqo ~`b~ yhico~s muy~ `bqo cenuy~zcbl hzfbecwb~chey ~`b~ c~ ibe ~zuy~% ^zuy~ ben Iheacnoeio bzo obzeon js huz

tozahzmbeio, js htoe ben nczoi~ ihmmuecib~che, ben js bi~cqo ceqhlqomoe~ ce ~ò ihmmuec~coy ce v`ci` vo lcqo

ben ihenui~ huz juyceoyy%*

IBENCN ! HTOE IHMM_ECIB^CHEY

Vo qbluo ihmmuecib~chey ~`b~ bzo ihuz~ohuy, ibencn ben htoe ben ~`b~ oebjlo obi` ha uy ~h nh huz ghjy mhzo

oaaoi~cqols js tzhqcncef ceahzmb~che ~`b~ ihe~zcju~oy ~h ~ò rublc~s ha huz gunfmoe~ ben noicyche mbkcef% Oaaoi~cqo

ihmmuecib~che y`huln blyh tzhqcno ~ò mobey ahz fbcecef uenozy~bencef ha ~ò ihmtbes&y hqozbll hjgoi~cqoy ben

tlbey ben ha ~ò ~`cekcef jo`cen ~òm%

OEGHSMOE^ ! A_E

Vo jolcoqo ~`b~ opic~omoe~, yb~cyabi~che ben zoihfec~che bzo oyyoe~cbl olomoe~y ha b òbl~`s, izob~cqo ben `cf`-

tozahzmcef vhzk oeqczhemoe~% @bqcef aue ce huz vhzk y`huln jo b ehzmbl optozcoeio ahz oqozsheo%

CEEHQB^CHE

Yuiioyy zoruczoy uy ~h ihe~ceublls y~zcqo ~h tzhnuio jzobk ~`zhuf` cnoby ~`b~ zoyul~ ce cmtzhqon yhlu~chey ben

yozqcioy ~h iuy~hmozy% Vo oeihuzbfo i`blloefoy ~h ~ò y~b~uy ruh ben yook hzfbecwb~chebl oeqczhemoe~y ce v`ci`

cnoby bzo foeozb~on, euz~uzon ben noqolhton%


24/72

CENCQCN_BL FZHV^@ ! NOQOLHTMOE^

vo y~zhefls jolcoqo ce ~ò ncfec~s ben qbluo ha tohtlo% Vo muy~ iheycy~oe~ls ~zob~ obi` h~òz vc~` zoytoi~ ben y~zcqo

~h izob~o be hzfbecwb~chebl oeqczhemoe~ ce v`ci` cencqcnubly bzo oeihuzbfon ben omthvozon ~h ihe~zcju~o, fzhv

ben noqolht ~òmyolqoy ben òlt ~h noqolht obi` h~òz%

ÔBMVHZK ! TBZÊOZY@CT

vo jolcoqo ~`b~ `cf`-tozahzmcef ~obmy ihe~bcecef bttzhtzcb~o ncqozyc~s ibe bi`coqo v`b~ cencqcnubly blheo ibeeh~%

Iheyichuyls uycef ~ò ncqozyc~s ha y~slo% Bttzhbi` ben ykclly baahznon js ~obmy cy y~zoef~` vo muy~ ihe~ceuo

juclncef ce~h huz hzfbecwb~che%

NCQOZYC^S ! CEÔZEB^CHEBL AHI_Y

Vo qbluo ncaaozoeioy ce foenoz, zbio, eb~cheblc~s, iul~uzo, tozyheblc~s ben y~slo joibuyo ncqozyo yhlu~chey,

bttzhbiòy ben y~zui~uzoy bzo mhzo lckols ~h moo~ ~ò eoony ha iuy~hmozy ben bi`coqo huz juyceoyy fhbly%

Ihzthzb~o Zoytheycjclc~s Zothz~

Huz omtlhsooy jzcef optoz~cyo ben noncib~che ~h ~ò vhzktlbio

Huz Tohtlo

Mhzo ~`be 644 omtlhsooy jzcef optoz~cyo ben noncib~che ~h ~ò vhzktlbio% Vo qbluo obi` omtlhsoo, qbluo ~òcz

cetu~ ben qcovy% Ihe~ceuhuyls y~zcqcef ~h joihmo omtlhsoz ha i`hcio, vo tzhqcno b vhzktlbio vòzo tohtlo aool

iheacnoe~, qbluon ben ceytczon%

^ò Hzfbecwb~che ha Ihmtbzcyhe

Abugc Aoz~clcwoz Ihmtbes

^ò hzfbecwb~che vc~` v`hm ~ò ihmtbzcyhe ha Oefzh Iòmcibl Tbkcy~be Lcmc~on cy ~h jo nheo cy AAI

Lcmc~on% ^ò ihmtbzcyhe ibe hels jo nheo js mbkcef ~ò acebeicbl beblsycy ha ~`cy tbz~ciulbz Aoz~clcwoz

Ihmtbecoy ce b ycmclbz vbs ce v`ci` ~ò beblsycy ha Oefzh Iòmcibl Tbkcy~be Lcmc~on cy ~h jo nheo js

aczy~ ha bll ibliulb~cef bll ~ò mbghz acqo zb~chy ben ce~oztzo~cef ~òm heo js heo ~òzojs fbcecef b thyc~che

~h mbko b ihmtbzcyhe joihmo ~òcz acebeicbl yc~ub~che%


25/72

Be Hqozqcov

Vc~` b qcyche ~h biruczo yola - yuaacicoeis ce aoz~clcwoz tzhnui~che ce ~ò ihue~zs, AAI vby ceihzthzb~on ce 2360 by b

tzcqb~o lcmc~on ihmtbes% ^`cy vby b ghce~ qoe~uzo jo~vooe Abugc Ahuenb~che (b lobncef i`bzc~bjlo ~zuy~ ce Tbkcy~be#

ben @blnhz ^htyho BY ha Noembzk%

^ò cec~cbl bu~`hzcwon ibtc~bl ha ~ò ihmtbes vby 029%3 Mcllche Zutooy% ^ò tzoyoe~ y`bzo ibtc~bl ha ~ò ihmtbes

y~beny b~ Zy% 9%4 Jcllche% Bnnc~cheblls, AAI `by Zy% 2%4 Jcllche y~bkoy ce ~ò yujycncbzs Abugc Aoz~clcwoz Jce Rbycm

Lcmc~on (ahzmozls AAI-Ghznbe Aoz~clcwoz Ihmtbes Lcmc~on#%

AAI ihmmoeion ihmmozicbl tzhnui~che ha uzob ce 230: vc~` beeubl ibtbic~s ha ?64,444 mo~zci ~hey%

^`zhuf` No-Jh~~lo Eoikcef (NJE# tzhfzbm, ~ò tzhnui~che ibtbic~s ha ~ò opcy~cef tlbe~ ceizobyon ~h

13?,444 mo~zci ~hey toz sobz%

Tzhnui~che ibtbic~s vby oe`beion js oy~bjlcy`cef b yoihen tlbe~ ce 2339 vc~` beeubl ibtbic~s ha

19?,444 mo~zci ~hey ha uzob%

AAI tbz~cictb~on by b mbghz y`bzo`hlnoz ce b eov NBTY_zob mbeuabi~uzcef ihmtlop vc~` tbz~cictb~che

ha mbghz ce~ozeb~chebleb~chebl cey~c~u~chey% ^ò eov ihmtbes Abugc Aoz~clcwoz Jce Rbycm Lcmc~on (ahzmozls

AAI-Ghznbe Aoz~clcwoz Ihmtbes Lcmc~on# ihmmoeion ihmmozicbl tzhnui~che vc~` oaaoi~ azhm Gbeubzs 42,

:444% ^ò abiclc~s cy noycfeon ~h tzhnuio ??2,444 mo~zci ~hey ha uzob ben >>?,?44 mo~zci ~hey ha NBT%

^`cy opiolloe~ tozahzmbeio vby nuo ~h `bzn vhzk ben noncib~che ha bll omtlhsooy ben ~ò tzhfzoyycqo

bttzhbi` ben yutthz~ azhm ~ò ~ht mbebfomoe~%

Ce ~ò sobz :44:, AAI biruczon op Tbk Ybunc Aoz~clcwozy Lcmc~on (TYAL# _zob Tlbe~ yc~ub~on b~ Mcztuz

Mb~òlh, Ncy~zci~ F`h~kc azhm Eb~chebl Aoz~clcwoz Ihzthzb~che (EAI# ~`zhuf` tzcqb~cwb~che tzhioyy ha ~ò

Fhqozemoe~ ha Tbkcy~be%

^`cy birucyc~che b~ Zy% 0,2?2 mcllche zotzoyoe~y heo ha ~ò lbzfoy~ cenuy~zcbl yoi~hz ~zbeybi~chey ce

Tbkcy~be

Mcyyche Y~b~omoe~


26/72

AAI&y mcyyche cy ~h yuy~bce c~y zhlo by ~ò lobnoz ce cenuy~zcbl ben bfzciul~uzbl bnqbeiomoe~ ha

Tbkcy~be js yo~~cef ben bi`coqcef eov ben `cfòz fhbly ben ~bkcef cec~cb~cqoy% ^ò Ihmtbes cy

ihmmc~~on ~h oeyuzcef ybao ben ihenuicqo vhzk oeqczhemoe~, tzhqcncef cf` rublc~s tzhnui~y

ben bllcon yozqcioy ~h c~y iuy~hmozy ben tzhac~bjlo zo~uzey ~h c~yy`bzo`hlnozy%

ZB^CH BEBLSYCY

(Oefzh Iòmcibl Tbkcy~be L~n%#

Zb~chy ycmtls mobe b eumjoz optzoyyon ce ~ozmy ha beh~òz% B zb~ch cy b y~b~cy~cibl sbzny~cik js mobe ha

v`ci` zolb~chey`ct jo~vooe ~vh hz qbzchuy acfuzoy ibe jo ihmtbzon hz mobyuzon% ^ùy Zb~ch Beblsycy

y`hvy ~ò zolb~chey`ct jo~vooe biihue~cef nb~b% Zb~ch ibe jo ahuen hu~ js ncqcncef he eumjoz js

beh~òz eumjoz% Zb~ch beblsycy cy be cmthz~be~ ben bfo hln ~oiècruo ha acebeicbl beblsycy% Ahllhvcef bzo

yhmo ha ~ò bnqbe~bfoy ha zb~ch beblsycy%

Bnqbe~bfoy7

C~ ycmtlcacoy ~ò ihmtzoòeyche ha acebeicbl y~b~omoe~y%

Zb~chy ~oll ~ò v`hlo y~hzs ha i`befoy ce ~ò acebeicbl ihenc~che ha ~ò juyceoyy%

C~ tzhqcnoy nb~b ahz ce~oz-ihmtbes ihmtbzcyhe% Mbkoy ce~oz-ihmtbes ihmtbzcyhe

thyycjlo

Zb~ch beblsycy blyh mbkoy thyycjlo ihmtbzcyhe ha ~ò tozahzmbeio ha ncaaozoe~

ncqcychey ha ~ò ihmtbes% ^ò zb~chy bzo òltaul ce noicncef bjhu~ ~òcz oaacicoeis hz

h~òzvcyo ce ~ò tby~ ben lckols tozahzmbeio ce ~ò au~uzo%

Zb~chy cf`lcf`~ ~ò abi~hzy byyhicb~on vc~` yuiioyyaul ben ueyuiioyyaul ihmtbes%

^òs blyh zoqobl y~zhef ihmtbecoy ben vobk ihmtbesy, hqoz-qbluon uenoz-qbluon

ihmtbecoy%


27/72

C~ òlty ce tlbeecef ben ahzoiby~cef% Zb~chy ibe byycy~ mbebfomoe~, ce c~y auei~che ha

ahzoiby~cef, tlbeecef, ih-hznceb~che, ihe~zhl ben ihmmuecib~chey%

C~ òlty ce ceqoy~moe~ noicychey ce ~ò ibyo ha ceqoy~hzy ben loencef noicychey ce ~ò

ibyo ha ceqoy~hzy ben loencef noicychey ce ~ò ibyo ha jbekozy o~i%

^stoy ha Zb~chy Beblsycy

Lo~ uy ehv `bqo b no~bclon beblsycy ha bll ~ò ahllhvcef ahuz zb~chy ahz Oefzh iòmcibly Tbkcy~be L~n7

Lcrucnc~s Zb~chy

Loqozbfo Zb~chy

Bi~cqc~s Zb~chy

Tzhac~bjclc~s Zb~chy

Lcrucnc~s Zb~chy7

Iuzzoe~ Zb~ch7

Iuzzoe~ Zb~ch cy orubl ~h iuzzoe~ byyo~y ncqcnon js iuzzoe~ lcbjclc~coy

Iuzzoe~ Zb~ch = Iuzzoe~ Byyo~y

Iuzzoe~ Lcbjclc~coy

:441 :4467

Iuzzoe~ Zb~ch = 21936230444

?:1>16>444

Iuzzoe~ Zb~ch = 9%22

:44? - :4417


28/72

Iuzzoe~ Zb~ch = ?10>>>1444

91>:>2?444

Iuzzoe~ Zb~ch = 2%?1

:44> - :44?7

Iuzzoe~ Zb~ch = ?422???444

:04443>444

Iuzzoe~ Zb~ch = 2%63

Ihmtbzcyhe hqoz ~ò sobzy ( Ce~oztzo~b~che7

Iuzzoe~ zb~ch cy b foeozbl ben rucik mobyuzon ha lcrucnc~s ha ihmtbes% C~ zotzoyoe~y ~ò mbzfce ha ybao~s

hz iuy`che bqbclbjlo ~h ~ò bunc~hz% C~ cy ~ò cenop ha ~ò ihmtbesy acebeicbl y~bjclc~s% C~ cy blyh be cenop ha

~ò acebeicbl yhlqoeis ben cenop ha y~zoef~` ha vhzkcef ibtc~bl%

^ò iuzzoe~ zb~ch ha ~ò ihmtbes cy ceizobycef hqoz ~ò sobzy zcf`~ azhm :44>-46 ihey~be~ls, ~`b~ cy, c~ vby

2%63 ce :44>-4? ben c~ cy 9%22 ce :441-46%

Bicn ôy~ Rucik# Zb~ch7

Bicn ôy~ (Rucik# zb~ch cy orubl ~h Iuzzoe~ byyo~y aovoz ceqoe~hzcoy ncqcnon js iuzzoe~ lcbjclc~coy% C~ fcqoy

mhzo lcrucn bmhue~ ha byyo~y ~h ihqoz shuz lcbjclc~coy%

Rucik Zb~ch = Iuzzoe~ byyo~y Ceqoe~hzcoy

Iuzzoe~ lcbjclc~coy

:441 :4467

Rucik Zb~ch = 21936230444:1342?9444

?:1>16>444


29/72

Rucik Zb~ch = 4%:1

:44? - :4417

Rucik Zb~ch = ?10>>>1444 3:9>>0444

91>:>2?444

Rucik Zb~ch = 2%92

:44> - :44?7

Rucik Zb~ch = ?422???444 23::30:444

:04443>444

Rucik Zb~ch = 2%24


^ò rucik ~oy~ zb~ch cy b qozs uyoaul mobyuzcef ha ~ò lcrucnc~s thyc~che ha ~ò ihmtbes% C~ mobey ~`b~

ihmtbesy bjclc~s ~h tbs c~y y`hz~-~ozm hjlcfb~chey hz iuzzoe~ lcbjclc~coy cmmoncb~ols ben cy b mhzo zcfhzhuy

~oy~ ha lcrucnc~s ~`be ~ò iuzzoe~ zb~ch%

^ò rucik zb~ch ha ~ò ihmtbes by cy y`hve js ~ò bjhqo ibliulb~chey cy eh~ iheycy~oe~, ben noizobycef

vc~` lbzfo tozioe~bfo ~`b~ cy, ~ò ihmtbes cy fo~~cef loyyoz ben loyyoz lcrucn iuzzoe~ byyo~y ~h ihqoz c~y

iuzzoe~ lcbjclc~coy%

Loqozbfo zb~chy7

Noj~ Oruc~s Zb~ch7

Noj~ oruc~s zb~ch cy orubl ~h lhef ~ozm noj~y ncqcnon js y~hik`hlnozy oruc~s%

Noj~ Oruc~s zb~ch = Lhef ôzm Noj~y

Y~hik`hlnozy oruc~s


30/72

:441 :4467

Noj~ oruc~s zb~ch = 26>24414444

239>13:444

Noj~ oruc~s zb~ch = 2%?9>0

:44? - :4417

Noj~ oruc~s zb~ch = 964,?42,94>

:99,206,6:3

Noj~ oruc~s zb~ch = 2%?00

:44> - :44?7

Noj~ oruc~s zb~ch = 921,92>,?60444

234,:??,?22444

Noj~ oruc~s zb~ch = 2%11:?


^`cy zb~ch cencib~oy ~ò tzhtzco~hzy ilbcmy ha hveozy ben hu~ycnozy bfbcey~ ~ò ihmtbesy byyo~y% ^ò

tuzthyo cy ~h fo~ be cnob ha ~ò iuy`che bqbclbjlo ~h hu~ycnozy ben ~ò lcrucnc~s ha ~ò ihmtbes% ^ò

ce~oztzo~b~che ha ~ò zb~ch notoeny uthe ~ò acebeicbl ben juyceoyy thlcis ha ~ò ihmtbes%

^ò noj~ zb~ch ha ~ò ihmtbes `by noizobyon fzbnublls hqoz ~ò sobzy zcf`~ azhm :44>-46 v`ci` cy

bi~ublls b thyc~cqo ycfe ahz ~ò ihmtbes%

Noj~ Oruc~s zb~ch ceizomoe~ cy b eofb~cqo thce~ ~h mbebfomoe~ ~`b~ ~ò mhzo ha ~òcz juyceoyy cy acebeion

js noj~y ~`cy vcll ceizobyo ~òcz acebeicbl i`bzfoy hz ce~ozoy~ optoeyo ben ihmtbesy lcrucnc~s ben òeio

noizobycef ~ò ihmtbesy tzhac~% ^ò lhvoz ~ò zb~ch ~ò `cfòz ~ò ihmtbesy acebeicef ~`b~ cy tzhqcnon

js ~ò y`bzo`hlnozy ben lbzfoz ~ò izonc~hzy iuy`che (mbzfce ha tzh~oi~che# ce ~ò op~oe~ ha y`zcekbfo ha

byyo~y qbluoy hz hu~zcf`~ lhyy%


31/72

Noj~ Zb~ch7

Noj~ zb~ch cy orubl ~h ~h~bl lcbjclc~coy ncqcnon js ~h~bl byyo~y%

Noj~ Zb~ch = ^h~bl Lcbjclc~coy

^h~bl Byyo~y

:441 :4467

Noj~ Zb~ch = 644?69>444

902?11?2444

Noj~ Zb~ch = 4%20

:44? - :441

Noj~ Zb~ch = 93939>3444

2?304021444

Noj~ Zb~ch = 4%:?

:44> - :44?

Noj~ Zb~ch = 169141>444

2>222194444

Noj~ Zb~ch = 4%>0



32/72

C~ ibe jo noaceon by `hv mui` yuaacicoe~ huz byyo~y bzo ce zo~zcoqcef ~ò ~h~bl noj~y% ^ò noj~ zb~ch ha ~ò

ihmtbes `by jooe noizobycef ruc~o ce~oeycqols blmhy~ hqoz ~ò lby~ ~`zoo sobzy by y`hve ilobzls js ~ò

bjhqo ibliulb~chey%

^cmoy Ce~ozoy~ Obzeon Ihqozbfo Zb~ch#7

C~ jzcoay ~`b~ `hv mbes ~cmoy ~ò ihmtbes `by obzeon ~ò ce~ozoy~% Hz `hv mbes ~cmoy ~ò ihmtbes `by

uyoz c~&y obzecef joahzo ce~ozoy~ ben ~bpoy ~h ihqoz ~ò ce~ozoy~ optoeyo%

^cmoy Ce~ozoy~ Obzeon = Tzhac~ joahzo Ce~ozoy~ ben ^bpoy

Ce~ozoy~ Optoeyo

:441 :4467

Ce~ozoy~ ihqozbfo Zb~ch = >664?9?444

?9?4:9444

Ce~ozoy~ Ihqozbfo Zb~ch = 0%3: ~cmoy

:44? - :4417

Ce~ozoy~ ihqozbfo Zb~ch = :14::46444

91:??2444

Ce~ozoy~ Ihqozbfo Zb~ch = 6%20 ~cmoy

:44> - :44?7

Ce~ozoy~ ihqozbfo Zb~ch = 9>331>:2444

:04464444

Ce~ozoy~ Ihqozbfo Zb~ch = 2:%? ~cmoy



33/72

^ò ce~ozoy~ ihqozbfo zb~ch cy b qozs cmthz~be~ azhm ~ò loenoz thce~ ha qcov% C~ cencib~oy ~ò eumjoz ha

~cmoy ce~ozoy~ cy ihqozon js ~ò tzhac~ bqbclbjlo ~h tbs ce~ozoy~ i`bzfoy% C~ cy be cenop ha ~ò acebeicbl

y~zoef~` ha ~ò oe~oztzcyo% B `cf` zb~ch byyuzoy ~ò loenoz b zofulbz ben tozchnci ce~ozoy~ ceihmo% Ju~

vobkeoyy ha ~ò zb~ch mbs izob~o yhmo tzhjlomy ahz ~ò ihmtbesy acebeicbl mbebfoz ce zbcycef aueny

azhm ~ò noj~y yhuzioy%

^ò eh% ha ~cmoy ~ò ihmtbes obzey ce~ozoy~ `by alui~ub~on nzbmb~ciblls, ~`b~ cy, c~ vby 2:%? ce :44?,

noizobyon nhve ~h 6%20 ce :441 ben ~h zcyo ut ~h 0%3: ce :446%

Bi~cqc~s Zb~chy

Ceqoe~hzs uzehqoz Zb~ch7

Ceqoe~hzs ûzehqoz Zb~ch cy orubl ~h Ihy~ ha Fhhny Yhln ncqcnon js Bqozbfo Ceqoe~hzs%

Ceqoe~hzs uzehqoz zb~ch = Ihy~ ha Fhhny Yhln Bqf% Ceqoe~hzs

:441-:446

Ceqoe~hzs ûzehqoz Zb~ch = 20:1:639444 204023:9:6

Ceqoe~hzs ûzehqoz Zb~ch = 24%2 ~cmoy

:44? :441

Ceqoe~hzs ûzehqoz Zb~ch = 2991>?:>444

2>:26?606:

Ceqoe~hzs ûzehqoz Zb~ch = 3%> ~cmoy

:44> - :44?7

Ceqoe~hzs ûzehqoz Zb~ch = 2>99:0:>444

2:32:>?>4?



34/72


Ceqoe~hzs ~uze hqoz zb~ch mobyuzoy ~ò qolhic~s ha iheqozyche ha y~hik ce~h ybloy% Ce h~òz vhzny `hv

zbtcnls ceqoe~hzs cy ~uzecef ce~h zoiocqbjloy ~`zhuf` ybloy%

Ce :441 c~ vby 3%> ~cmoy ben ce :446 c~ vby 24%2 ~cmoy% Ce :441 ~ò zb~ch vby lhv joibuyo ha hqoz

ceqoy~moe~ ce ceqoe~hzcoy% Ce sobz :446 c~ cy jo~~oz ~`b~ cy 24%2 ~cmoy ce ~ò sobz, v`ci` cy ruc~o fhhn

joibuyo ha fhhn mbebfomoe~%

Ceqoe~hzs @hlncef Tozchn ce nbsy7

Ceqoe~hzs `hlncef tozchn ce nbsy cy orubl ~h eumjoz ha nbsy ce b sobz ncqcnon js ceqoe~hzs ~uzehqoz zb~ch%

Ceqoe~hzs @hlncef Tozchn ce Nbsy = Eh% ha nbsy ce b sobz

Ceqoe~hzs uzehqoz zb~ch

:441 :4467

Ceqoe~hzs ~uzehqoz ce nbsy = 914

24%2

Ceqoe~hzs ~uzehqoz ce nbsy = 91 nbsy

:44? - :4417


3%>

Ceqoe~hzs ~uzehqoz ce nbsy = 90 nbsy

:44> - :44?7


22%2


35/72

Ceqoe~hzs ~uzehqoz ce nbsy = 9: nbsy

Ihmtbzcyhe hqoz ~ò sobzy Ce~oztzo~b~che7



Ce :441 c~ vby 90 nbsy ~cmoy ben ce :446 c~ vby 91 nbsy% Ce sobz :441 c~ vby ruc~o fhhn ben ce :446 c~ cy

jo~~oz ~`b~ cy 91 nbsy ce b sobz ~h mhqo ceqoe~hzs ~`zhuf` ybloy, v`ci` cy ruc~o fhhn joibuyo ha fhhn

mbebfomoe~ ben thlcioy%

Eo~ Acpon Byyo~y ûzehqoz Zb~ch7

Eo~ Acpon byy~y ~uzehqoz zb~ch cy hj~bceon js ncqcncef ybloy vc~` eo~ acpon byyo~y, vòzo,

(Eo~ acpon byyo~y = ^h~bl acpon Byyo~y Biiumulb~on Notzoicb~che#

Eo~ Acpon Byyo~ ûzehqoz Zb~ch = Ybloy

Eo~ Acpon byyo~y

:441 :4467

Acpon byyo~ ~uzehqoz zb~ch= :9209:::444

:26?3>?9444

Acpon byyo~ ~uzehqoz zb~ch = 2%393 ~cmoy

:44? - :4417

Acpon byyo~ ~uzehqoz zb~ch = 26142609444

144,?1?,:04


36/72

Acpon byyo~ ~uzehqoz zb~ch = 2%?2>0 ~cmoy

:44> - :44?7

Acpon byyo~ ~uzehqoz zb~ch = 20:61:66444

>04,?11,>09

Acpon byyo~ ~uzehqoz zb~ch = 2%>>96 ~cmoy


Acpon byyo~ ~uzehqoz zb~ch mobyuzoy ybloy tzhnui~cqc~s ben tlbe~ ben oructmoe~ u~clcwb~che% C~ cy ilobz ~`b~

~`cy zb~ch cy zcycef azhm :441 v`ci` cy 2%? ~h 2%39 ce :446

^h~bl Byyo~ uzehqoz7

^h~bl byyo~ ~uzehqoz zb~ch mobyuzoy ~`b~ `hv mui` ybloy bzo foeozb~on ~`zhuf` ~ò ~h~bl byyo~y ha ~ò

hzfbecwb~che%

^h~bl Byyo~ ûzehqoz Zb~ch = Ybloy

^h~bl byyo~y

:441 :4467

^h~bl byyo~ ~uzehqoz zb~ch= :9209:::444

2?304021444

^h~bl byyo~ ~uzehqoz zb~ch = 2%>? ~cmoy

:44? - :4417

^h~bl byyo~ ~uzehqoz zb~ch = 26142609444

2?304021444

^h~bl byyo~ ~uzehqoz zb~ch = 2%2 ~cmoy


37/72

:44> - :44?7

^h~bl byyo~ ~uzehqoz zb~ch = 20:61:66444

2>222194444



C~ y`hvy ~`b~ ihmtbes muy~ mbebfo c~y ~h~bl byyo~y oaacicoe~ls ben y`huln foeozb~o mbpcmum ybloy

~`zhuf` ~òcz tzhtoz u~clcwb~che% By ~ò zb~ch, ceizobyoy ~òzo bzo mhzo zoqoeuo foeozb~on toz zutoo ha

~h~bl ceqoy~moe~ ce byyo~% ^ò ihmtbes bjclc~s ~h tzhnuio b lbzfo qhlumo ha ybloy he b ymbll ~h~bl byyo~

jbyon cy be cmthz~be~ tbz~ ha ~ò ihmtbesy hqozbll tozahzmbeio ce ~ozmy ha tzhac~y% Ce :446, :441% ^ò

zb~ch vby 2%2, 2%>? ~cmoy zoytoi~cqols% Ce :446, ~ò zb~ch cencib~oy ~`b~ c~ cy tzhnuicef ZY 2%>? ybloy toz

Zutooy ha ceqoy~moe~ ce ~h~bl byyo~y% Yh by ~cmo cy fhcef js ~`cy zb~ch cy ceizobycef v`ci` mobey

ihmtbes tozahzmbeio cy ut ~h mbzk ce ~ozmy ha tzhac~y%

Zoiocqbjloy uzehqoz Zb~ch7

Zoiocqbjloy ~uzehqoz zb~ch cy orubl ~h eo~ izonc~ ybloy ncqcnon js bqozbfo zoiocqbjloy%

Zoiocqbjloy ûzehqoz Zb~ch = Eo~ izonc~ Ybloy

Bqf% Zoiocqbjloy

:441 :4467

Zoiocqbjloy ûzehqoz Zb~ch = :9209:::444

242104630:

Zoiocqbjloy ûzehqoz Zb~ch = ::%0 ~cmoy

:44? - :4417

Zoiocqbjloy ûzehqoz Zb~ch = 26142609444


38/72

?0:0>4>316

Zoiocqbjloy ûzehqoz Zb~ch = 94%: ~cmoy

:44> - :44?7

Zoiocqbjloy ûzehqoz Zb~ch = 20:61:66444

?9:09141>

Zoiocqbjloy ûzehqoz Zb~ch = 9>%9 ~cmoy


Zoiocqbjloy ~uzehqoz zb~ch mobyuzoy ~ò bqozbfo loef~` ha ~cmo c~ ~bkoy b ihmtbes ~h ihlloi~ izonc~ ybloy

ce tozioe~bfo ~ozmy% Yh Zoiocqbjloy ~uze hqoz zb~ch cy joihmcef vhzyo by c~ vby 94%: ce :441 by

ihmtbzo ~h :446 v`ci` cy ::%0 ~cmoy% Yh ~ò ihmtbes cy eh~ tozahzmcef voll ben y`hvcef eh~ fhhn

mbebfomoe~%

Bqozbfo Ihlloi~che Tozchn ce nbsy7

Bqozbfo ihlloi~che tozchn ce nbsy cy orubl ~h nbsy ce sobz ncqcnon js Zoiocqbjloy ~uzehqoz zb~ch%

Bqozbfo Ihlloi~che Tozchn ce nbsy = Eh ha nbsy ce b sobz

Zoiocqbjloy ~uzehqoz zb~ch

:441 :4467

Zoiocqbjloy ~uzehqoz zb~ch ce nbsy = 914

::%0

Zoiocqbjloy ~uzehqoz zb~ch ce nbsy = 21 nbsy

:44? - :4417


39/72

Zoiocqbjloy ~uzehqoz zb~ch = 914

94%:

Zoiocqbjloy ~uzehqoz zb~ch = 2: nbsy

:44> - :44?7


9>%9

Zoiocqbjloy ~uzehqoz zb~ch = 22 nbsy


Bqozbfo ihlloi~che tozchn y`hvy ~`o bqozbfo loef~` ha ~cmo c~ ~bkoy b ihmtbes ~h ihlloi~ izonc~ ybloy ce

nbsy% Azhm bjhqo beblsycy c~ cy ilobz ~`b~ bqozbfo ihlloi~che tozchn cy 21 nbsy zoytoi~cqols ce sobz

be:441% Ju~ c~ cy joy~ vby ce :44? v`ci` cy 22 nbsy%

Tzhac~bjclc~s Zb~chy7

Fzhyy Tzhac~ Mbzfce7

Fzhyy tzhac~ mbzfce cy orubl ~h ~`o zb~ch ha fzhyy tzhac~ ~h ybloy%

Fzhyy Tzhac~ Mbzfce = Fzhyy Tzhac~

Ybloy

:441 :4467

Fzhyy tzhac~ mbzfce = >3:4>:3444 P 244

:9209:::444

Fzhyy tzhac~ mbzfce = :2%:: /


40/72

:44? - :4417

Fzhyy tzhac~ mbzfce = >:96:?3444 P 244

26142609444

Fzhyy tzhac~ mbzfce = :>%46 /

:44> - :44?7

Fzhyy tzhac~ mbzfce = :1>2:01444 P 244

20:61:66444

Fzhyy tzhac~ mbzfce = 2>%>? /


Fzhyy tzhac~ mbzfce hz fzhyy tzhac~ zb~ch cy ~ò zb~ch ha fzhyy tzhac~ ~h eo~ ybloy optzoyyon by tozioe~bfo%

Azhm Fzhyy tzhac~ ~ò ihmtbes bnguy~y c~y htozb~cef ben bnmcecy~zb~cqo optoeyoy% Ce :441 c~ ceizobyon

òbqcls ju~ ce :446 c~ noizobyon ~h :2%:: /% ^ò fzhyy tzhac~ cy yuaacicoe~ ~h zoihqoz bll htozb~cef

optoeyoy ben ~h jucln ut zoyozqo ba~oz tbscef bll acpon ce~ozoy~ i`bzfoy ben bll ncqcnoeny%

Htozb~cef Tzhac~ Mbzfce7

Htozb~cef Tzhac~ Mbzfce cy orubl ~h obzecef joahzo ce~ozoy~ ben ~bp ncqcnon js ybloy%

Htozb~cef Tzhac~ Mbzfce = OJC^(Htozb~cef Tzhac~

Ybloy

:441 :4467

Htozb~cef Tzhac~ Mbzfce = >664?9?444 P 244

:9209:::444

Htozb~cef Tzhac~ Mbzfce = :4%?0 /


41/72

:44? - :4417

Htozb~cef Tzhac~ Mbzfce = 9046:46444 P 244

26142609444

Htozb~cef Tzhac~ Mbzfce = :2%19 /

:44> - :44?7

Htozb~cef Tzhac~ Mbzfce = 9>331:2 P 244

20:61:66444

Htozb~cef Tzhac~ Mbzfce = 23%2? /


^`cy uyon ~h y`hv ~ò tzhac~bjclc~s vc~`hu~ iheioze ahz ~bpoy ben ce~ozoy~% Ce :441 ~ò htozb~cef tzhac~ zb~ch

vby :2%19/ ben ce :446 ~ò eo~ tzhac~ zb~ch cy :4%?0 /% Ce :441 htozb~cef tzhac~ zb~ch ceizobyon js :%> /

ben noizobyon js 4%0/ ce :446, zolb~cqo ~h :441 zb~ch Y`hvy Ihmtbesy cebjclc~s ~h vc~` y~ben bnqozyo

oihehmci ihenc~che vc~`hu~ ibzcef ~bpoy ben ce~ozoy~%

Eo~ Tzhac~ Mbzfce7

Eo~ Tzhac~ Mbzfce cy orubl ~h eo~ tzhac~ ncqcnon js ybloy%

Eo~ Tzhac~ Mbzfce = Eo~ Tzhac~

Ybloy

:441 :4467

Eo~ Tzhac~ Mbzfce = 92?>?09444 P 244

:9209:::444

Eo~ Tzhac~ Mbzfce = 29%12 /


42/72

:44? - :4417

Eo~ Tzhac~ Mbzfce = :?>69:1444 P 244

26142609444

Eo~ Tzhac~ Mbzfce = 2>%>6 /

:44> - :44?7

Eo~ Tzhac~ Mbzfce = :92340:444 P 244

20:61:66444

Eo~ Tzhac~ Mbzfce = 2:%13 /


^`cy uyon ~h y`hv ~ò hqozbll tzhac~bjclc~s ben òeio c~ uyoaul ~h ~ò tzhtzco~hzy% @cfòz ~ò zb~ch jo~~ozy ahz

~ò hzfbecwb~che %C~ y`hvy ~ò ihmtbesy bjclc~s ~h ~uze obi` zutoo ha yblo ce~h tzhac~% Ce :441 ~ò eo~ tzhac~

zb~ch vby 2>%>6 / ben ce :446 ~ò eo~ tzhac~ zb~ch cy 29%12/% Ce :441 eo~ tzhac~ zb~ch ceizobyon js 2%6 /

zolb~cqo ~h :44?% Ju~ ce :446 c~ noizobyon ylcf`~ls ben zombceon 29%12 /%

Obzecef toz y`bzo7

^`cy zb~ch y`hvy ~`b~ `hv mui` bmhue~ toz y`bzo nhoy b ihmmhe y~hik `hlnoz b~~bcey%

Obzecef toz y`bzo = Obzecef Bqbclbjlo ahz Ihmmhe Y~hik @hlnozy

Eh% Ha Ihmmhe Y~hik Y`bzoy

:441 :4467

Obzecef toz y`bzo = 92?>?09444

209696444

Obzecef toz y`bzo = Zy% 26%26 y`bzo


43/72

:44? - :4417

Obzecef toz y`bzo = :?>69:1444

21>1?4444

Obzecef toz y`bzo = Zy%2?%>6 y`bzo

:44> - :44?7

Obzecef toz y`bzo = :92340:444

22129?4444

Obzecef toz y`bzo = Zy% 2>%96 y`bzo


^`cy zb~ch y`hvy ~ò vhz~` ha ~ò y`bzo% By vo ibe yoo ~`b~ ~ò vhz~` ha ~ò y`bzoy ha Oefzh Iòmcibl

`by ceizobyon% OTY cy ceizobycef b~ b ihey~be~ zb~o, v`ci` bzo fhhn ycfey ahz ~ò ceqoy~hzy%

Tzcio obzecef zb~ch7

C~ orubly ~h ~ò zb~ch ha mbzko~ tzcio toz y`bzo ncqcnon js obzecef toz y`bzo%

Tzcio Obzecef Zb~ch = Mbzko~ tzcio toz y`bzo

Obzecef toz y`bzo

:441 :4467

Tzcio Obzecef Zb~ch = :1?%63

26%26

Tzcio Obzecef Zb~ch = Zy% 2?%>0

:44? - :4417


44/72

Tzcio Obzecef Zb~ch = 264%>0

2?%>6

Tzcio Obzecef Zb~ch = Zy% 22%4:

:44> - :44?7

Tzcio Obzecef Zb~ch = 2??%3:

2>%96

Tzcio Obzecef Zb~ch = Zy% 24%0?


Ce :441 ~ò yc~ub~che, ylcf`~ls joihmo vhzyo by ihmtbzon ~h :44?% Ju~ ce :446, ~òyo zb~chy zoyul~y

Zy%2?%>0 vozo ~h jo ytoe~ ce hznoz ~h obze Zy%2 tzhac~%

ZB^CH BEBLSYCY

Abugc Aoz~clcwoz Ihmtbes L~n%

^stoy ha Zb~chy Beblsycy7

Lo~ uy ehv `bqo b no~bclon beblsycy ha bll ~ò ahllhvcef ahuz zb~chy ahzAbugc Aoz~clcwoz Ihmtbes Lcmc~on

Lcrucnc~s Zb~chy

Loqozbfo Zb~chy

Bi~cqc~s Zb~chy

Tzhac~bjclc~s Zb~chy


45/72

Lcrucnc~s Zb~chy7

Iuzzoe~ Zb~ch7

Iuzzoe~ Zb~ch = Iuzzoe~ Byyo~y

Iuzzoe~ lcbjclc~coy

:441 :4467

Iuzzoe~ Zb~ch =

24,022,>9?444

22,>61,939444

Iuzzoe~ Zb~ch = 4%3>:

:44? - :4417

Iuzzoe~ Zb~ch = 3,61>,?06444

24,009,300444

Iuzzoe~ Zb~ch = %036

:44> - :44?7

Iuzzoe~ Zb~ch = :4,>19,?41444

20,646,609444

Iuzzoe~ Zb~ch = 2%43>


Iuzzoe~ zb~ch cy b foeozbl ben rucik mobyuzon ha lcrucnc~s ha ihmtbes% C~ zotzoyoe~y ~ò mbzfce ha ybao~s

hz iuy`che bqbclbjlo ~h ~ò bunc~hz% C~ cy ~ò cenop ha ~ò ihmtbesy acebeicbl y~bjclc~s% C~ cy blyh be cenop ha

~ò acebeicbl yhlqoeis ben cenop ha y~zoef~` ha vhzkcef ibtc~bl%


46/72

Ihmtbes&y Iuzzoe~ zb~ch `by jooe noizobycef fzbnublls hqoz ~ò sobzy zcf`~ azhm ~ò :44? ~h :446%

Bicn ôy~ (Rucik# Zb~ch7

Rucik Zb~ch = Iuzzoe~ byyo~y Ceqoe~hzcoy

Iuzzoe~ lcbjclc~coy

:441 :4467

Rucik Zb~ch = 24, 022, >9?444-1>:, 091444

22,>61,939444

Rucik Zb~ch = 4%03

:44? - :4417

Rucik Zb~ch = 3, 61>, ?06444-3?:, 34?444

24,009,300444

Rucik Zb~ch = 4 %02

:44> - :44?7

Rucik Zb~ch = :4, >19, ?41444- 2,?09,>:3444

20,646,609444

Rucik Zb~ch = 2%42


^ò rucik ~oy~ zb~ch cy b qozs uyoaul mobyuzcef ha ~ò lcrucnc~s thyc~che ha ~ò ihmtbes% C~ mobey ~`b~

ihmtbesy bjclc~s ~h tbs c~y y`hz~-~ozm hjlcfb~chey hz iuzzoe~ lcbjclc~coy cmmoncb~ols ben cy b mhzo zcfhzhuy

~oy~ ha lcrucnc~s ~`be ~ò iuzzoe~ zb~ch%


47/72

^ò ibliulb~chey bjhqo ilobzls y`hv ~`b~ ~ò rucik zb~ch ha ~ò ihmtbes `by jooe eh~ ihey~be~ hqoz ~ò

sobzy nuo ~h ~ò i`befoy ce tzo tbcny ben ceqoe~hzcoy% Ju~ c~ ceizobyon ce :446 by ihmtbzon ~h :441,

v`ci` cy thyc~cqo thce~ ahz ~ò ihmtbes%

Loqozbfo ( Noj~ zb~chy7

Noj~ Oruc~s Zb~ch7

Noj~ Oruc~s zb~ch = Lhef ôzm Noj~y

Y~hik`hlnozy oruc~s

:441 :4467

Noj~ Oruc~s zb~ch = :21,262,1::

?2,6>2,:9?

Noj~ Oruc~s zb~ch = 240%99

:44? - :4417

Noj~ Oruc~s zb~ch = :?>,9??,:1:

1:,?1?,1:4

Noj~ Oruc~s zb~ch = >%41?>

:44> - :44?7

Noj~ Oruc~s zb~ch = :6:,:1?,?>?

?9,4??,0>2

Noj~ Oruc~s zb~ch = ?%2921



48/72

^`cy zb~ch cencib~oy ~ò tzhtzco~hzy ilbcmy ha hveozy ben hu~ycnozy bfbcey~ ~ò ihmtbesy byyo~y% ^ò

tuzthyo cy ~h fo~ be cnob ha ~ò iuy`che bqbclbjlo ~h hu~ycnozy ben ~ò lcrucnc~s ha ~ò ihmtbes% ^ò

ce~oztzo~b~che ha ~ò zb~ch notoeny uthe ~ò acebeicbl ben juyceoyy thlcis ha ~ò ihmtbes%

Noj~ Oruc~s y`hvy ~ò zolb~chey`ct jo~vooe ~ò op~ozebl oruc~coy hz hu~ycno aueny ben ce~ozebl oruc~coy

ben y`bzo`hlnozy aueny% ^ò noj~ oruc~s zb~ch ha ~ò ihmtbes `by jooe noizobycef hqoz ~ò sobzy azhm

:44? ~h :441 ju~ ce :446 c~ ceizobyon, vc~` mbpcmum ce ~ò sobz :44>-4? ~òzojs noizobycef ce ~ò eop~

sobz ben ceizobycef aceblls%

Noj~ Oruc~s zb~ch ceizomoe~ cy b eofb~cqo thce~ ~h mbebfomoe~ ~`b~ ~ò mhzo ha ~òcz juyceoyy cy acebeion

js noj~y ~`cy vcll ceizobyo ~òcz acebeicbl i`bzfoy hz ce~ozoy~ optoeyo ben ihmtbesy lcrucnc~s ben òeio

noizobycef ~ò ihmtbesy tzhac~% ^ò lhvoz ~ò zb~ch ~ò `cfòz ~ò ihmtbesy acebeicef ~`b~ cy tzhqcnon

js ~ò y`bzo`hlnozy ben lbzfoz ~ò izonc~hzy iuy`che (mbzfce ha tzh~oi~che# ce ~ò op~oe~ ha y`zcekbfo ha

byyo~y qbluoy hz hu~zcf`~ lhyy%

Noj~ Zb~ch7

Noj~ Zb~ch = ^h~bl lcbjclc~coy

^h~bl byyo~y

:441 :4467

Noj~ Zb~ch= 21?22213444

:3,:>2,:2>444

Noj~ Zb~ch= 4%?6

:44? - :441

Noj~ Zb~ch= 2>>69690444

:6,>94,:02444

Noj~ Zb~ch= 4%?9

:44> - :44?


49/72

Noj~ Zb~ch= 9193:2>2444

>0,424,?22444

Noj~ Zb~ch= 4%61


C~ ibe jo noaceon by `hv mui` yuaacicoe~ huz byyo~y bzo ce zo~zcoqcef ~ò ~h~bl noj~y% Vo ibe hjyozqo ce

huz beblsycy ~`b~ ~ò noj~ zb~ch ha ~ò ihmtbes cy noizobycef hqoz ~ò sobz v`ci` cy b fhhn ycfe ahz ~ò

ihmtbes, ~`b~ cy, ~ò ihmtbes uyoy loyy ha c~y ~h~bl lcbjclc~coy ahz c~y iuzzoe~ byyo~y%

^cmoy Ce~ozoy~ Obzeon (Ihqozbfo Zb~ch#7

^cmoy Ce~ozoy~ Obzeon = Tzhac~ joahzo Ce~ozoy~ ben ^bpoy

Ce~ozoy~ optoeyo

:441 :4467

Ce~ozoy~ ihqozbfo Zb~ch = 0?22914444

131,>46444

Ce~ozoy~ Ihqozbfo Zb~ch = 2:%:: ~cmoy

:44? - :4417

Ce~ozoy~ ihqozbfo Zb~ch = 6>0190?444

?42,:>2444

Ce~ozoy~ Ihqozbfo Zb~ch = 2>%3> ~cmoy

:44> - :44?7

Ce~ozoy~ ihqozbfo Zb~ch = 130246?444

?0?,021444


50/72

Ce~ozoy~ Ihqozbfo Zb~ch = 22%3: ~cmoy


^ò ce~ozoy~ ihqozbfo zb~ch cy b qozs cmthz~be~ azhm ~ò loenoz thce~ ha qcov% C~ cencib~oy ~ò eumjoz ha

~cmoy ce~ozoy~ cy ihqozon js ~ò tzhac~ bqbclbjlo ~h tbs ce~ozoy~ i`bzfoy% C~ cy be cenop ha ~ò acebeicbl

y~zoef~` ha ~ò oe~oztzcyo% B `cf` zb~ch byyuzoy ~ò loenoz b zofulbz ben tozchnci ce~ozoy~ ceihmo% Ju~

vobkeoyy ha ~ò zb~ch mbs izob~o yhmo tzhjlomy ahz ~ò ihmtbesy acebeicbl mbebfoz ce zbcycef aueny

azhm ~ò noj~y yhuzioy%

^ò eh% ha ~cmoy ~ò ihmtbes obzey c~y ce~ozoy~ alui~ub~oy azhm hqoz ~ò sobzy zcf`~ azhm :44? ~h :446%

^ò ~cmoy ce~ozoy~ obzeon js ~ò ihmtbes ce :446 zo~uzeon b lh~ ~h ~ò loqol vòzo c~ vby ce :44?%

Bi~cqc~s Zb~chy7

Ceqoe~hzs uzehqoz Zb~ch7

Ceqoe~hzs uzehqoz zb~ch = Ihy~ ha Fhhny Yhln

Bqf% Ceqoe~hzs

:441 :4467

Ceqoe~hzs ûzehqoz Zb~ch = 20,922,?:?444

636064?44

Ceqoe~hzs ûzehqoz Zb~ch = ::%3? ~cmoy

:44? - :4417

Ceqoe~hzs ûzehqoz Zb~ch = :4,:>:,23>444

2:1026444



51/72

:44> - :44?7

Ceqoe~hzs ûzehqoz Zb~ch = :?,306,:44444

2,?09,>:3444

Ceqoe~hzs ûzehqoz Zb~ch = 21%>2 ~cmoy




Ce :441 c~ vby 21%2 ~cmoy ben ce :446 c~ vby ::%3? ~cmoy% Ce :441 ~ò zb~ch vby lhv joibuyo ha hqoz

ceqoy~moe~ ce ceqoe~hzcoy% Ce sobz :446 c~ cy jo~~oz ~`b~ cy ::%3? ~cmoy ce ~ò sobz, v`ci` cy ruc~o fhhn

joibuyo ha fhhn mbebfomoe~ ben thlcioy%

Ceqoe~hzs @hlncef Tozchn ce nbsy7

Ceqoe~hzs @hlncef Tozchn ce nbsy = Eh ha nbsy ce b sobz

Ceqoe~hzs ~uzehqoz zb~ch

:441 :4467


::%3?

Ceqoe~hzs ~uzehqoz ce nbsy = 2?%6 nbsy

:44? - :4417


21%2

Ceqoe~hzs ~uzehqoz ce nbsy = ::%91 nbsy


52/72

:44> - :44?7


21%>2

Ceqoe~hzs ~uzehqoz ce nbsy = :2%39 nbsy




Ce :44? c~ vby :2%39 nbsy ben ce :446 c~ vby 2?%6 nbsy% Ce sobz :446 c~ cy ruc~o fhhn ben ce :441 c~ vby

jo~~oz ~`b~ cy ::%91 nbsy ce b sobz ~h mhqo ceqoe~hzs ~`zhuf` ybloy, v`ci` cy ruc~o fhhn joibuyo ha fhhn

mbebfomoe~ ben thlcioy%

Eo~ Acpon Byyo~y ^uzehqoz Zb~ch7

Eo~ Acpon Byyo~ ^uzehqoz Zb~ch = Ybloy

Eo~ Acpon byyo~y

:441 :4467

Acpon byyo~ ~uzehqoz zb~ch= :0,>:3,44?444

20>:3663444

Acpon byyo~ ~uzehqoz zb~ch = 2%?> ~cmoy

:44? - :4417

Acpon byyo~ ~uzehqoz zb~ch = :3,3?4,069444

2611?13>444

Acpon byyo~ ~uzehqoz zb~ch = 2%6 ~cmoy


53/72

:44> - :44?7

Acpon byyo~ ~uzehqoz zb~ch = 93,6?6,?24444

:6?>644?444

Acpon byyo~ ~uzehqoz zb~ch = 2%>> ~cmoy


Acpon byyo~ ~uzehqoz zb~ch mobyuzoy ybloy tzhnui~cqc~s ben tlbe~ ben oructmoe~ u~clcwb~che% C~ cy ilobz ~`b~

~`cy zb~ch cy ceizobycef azhm 2%>> ~cmoy ce :44? ~h :441 v`ci` cy 2%6ben noizobyon ~h 2%?> ce :446

^h~bl Byyo~ uzehqoz7

^h~bl Byyo~ ^uzehqoz Zb~ch = Ybloy

^h~bl byyo~y

:441 :4467

^h~bl byyo~ ~uzehqoz zb~ch= :0,>:3,44?444

:3,:>2,:2>444

^h~bl byyo~ ~uzehqoz zb~ch = %36 ~cmoy

:44? - :4417

^h~bl byyo~ ~uzehqoz zb~ch = :3,3?4,069444

:6,>94,:02444


:44> - :44?7

^h~bl byyo~ ~uzehqoz zb~ch = 93,6?6,?24444


54/72

>0,424,?22444



C~ y`hvy ~`b~ ihmtbecoy muy~ mbebfo c~y ~h~bl byyo~y oaacicoe~ls ben y`huln foeozb~o mbpcmum ybloy

~`zhuf` ~òcz tzhtoz u~clcwb~che% By ~ò zb~ch, ceizobyoy ~òzo bzo mhzo zoqoeuo foeozb~on toz zutoo ha

~h~bl ceqoy~moe~ ce byyo~% ^ò ihmtbes bjclc~s ~h tzhnuio b lbzfo qhlumo ha ybloy he b ymbll ~h~bl byyo~

jbyon cy be cmthz~be~ tbz~ ha ~ò ihmtbesy hqozbll tozahzmbeio ce ~ozmy ha tzhac~y% Ce :446, ! :441 ~ò

zb~ch vby 4%36, 2%24 ~cmoy zoytoi~cqols% Ce :446, ~ò zb~ch cencib~oy ~`b~ c~ cy tzhnuicef ZY %36 ybloy toz

Zutooy ha ceqoy~moe~ ce ~h~bl byyo~y% Yh by ~cmo cy fhcef js ~`cy zb~ch cy alui~ub~cef v`ci` mobey

ihmtbes tozahzmbeio cy eh~ ut ~h mbzk ce ~ozmy ha tzhac~y%

Zoiocqbjloy uzehqoz Zb~ch7

Zoiocqbjloy ûzehqoz Zb~ch = Eo~ izonc~ Ybloy

Bqf% Zoiocqbjloy

:441 :4467

Zoiocqbjloy ûzehqoz Zb~ch = :0,>:3,44?444

2>36461?44

Zoiocqbjloy ûzehqoz Zb~ch = 23 ~cmoy

:44? - :4417

Zoiocqbjloy ûzehqoz Zb~ch = :3,3?4,069444

226229:444 Zoiocqbjloy ûzehqoz Zb~ch = :?%?6

~cmoy

:44> - :44?7


55/72

Zoiocqbjloy ûzehqoz Zb~ch = 93,6?6,?24444

034,06>444

Zoiocqbjloy ûzehqoz Zb~ch = >>%1: ~cmoy


Zoiocqbjloy ~uzehqoz zb~ch mobyuzoy ~ò bqozbfo loef~` ha ~cmo c~ ~bkoy b ihmtbes ~h ihlloi~ izonc~ ybloy

ce tozioe~bfo ~ozmy% Yh Zoiocqbjloy cy jo~~oz ce :441 cy :?%?6 ~cmoy by ihmtbzo ~h :446, v`ci` cy 23

~cmoy

Bqozbfo Ihlloi~che Tozchn ce nbsy7

Bqozbfo Ihlloi~che Tozchn ce nbsy = Nbsy ce b sobz

Zoiocqbjloy ~uzehqoz zb~ch

:441 :4467

Zoiocqbjloy ~uzehqoz zb~ch ce nbsy = 914

23 Zoiocqbjloy ~uzehqoz zb~ch ce nbsy = 20%3? nbsy

:44? - :4417


:?%?6 Zoiocqbjloy ~uzehqoz zb~ch = 2>%>2 nbsy

:44> - :44?7


>>%1: Zoiocqbjloy ~uzehqoz zb~ch = 0%2 nbsy



56/72

Bqozbfo ihlloi~che tozchn y`hvy ~`o bqozbfo loef~` ha ~cmo c~ ~bkoy b ihmtbes ~h ihlloi~ izonc~ ybloy ce

nbsy% Azhm bjhqo beblsycy c~ cy ilobz ~`b~ bqozbfo ihlloi~che tozchn vby 2>%>2 nbsy ce:441% Ju~ c~ vby

joy~ ce :44? v`ci` cy 0%2 nbsy% Yh ~`oyo zb~chy y`hv ~`b~ ihmtbes cy nhcef voll ce ~`cy tbz~ciulbz ibyo%

Tzhac~bjclc~s Zb~chy7

Fzhyy Tzhac~ Mbzfce7

Fzhyy Tzhac~ Mbzfce = Fzhyy Tzhac~

Ybloy

:441 :4467

Fzhyy tzhac~ mbzfce = 24,226,>04444P 244

:0,>:3,44?444

Fzhyy tzhac~ mbzfce = 9?%1 /

:44? - :4417

Fzhyy tzhac~ mbzfce = 3,640,163444 P 244

:3,3?4,069444

Fzhyy tzhac~ mbzfce = 9:%>: /

:44> - :44?7

Fzhyy tzhac~ mbzfce = 29,664,924444 P 244

93,6?6,?24444

Fzhyy tzhac~ mbzfce = 9>%1 /



57/72

Fzhyy tzhac~ mbzfce hz fzhyy tzhac~ zb~ch cy ~`o zb~ch ha fzhyy tzhac~ ~h eo~ ybloy optzoyyon by tozioe~bfo% Ce

:441 c~ ceizobyon ylcf`~ls ~h 6%69 / ben ce :446 c~ ceizobyon ~h 24%:: /% ^`o fzhyy tzhac~ cy yuaacicoe~ ~h

zoihqoz bll htozb~cef optoeyoy ben ~h jucln ut zoyozqo ba~oz tbscef bll acpon ce~ozoy~ i`bzfoy ben bll

ncqcnoeny%


Htozb~cef Tzhac~ Mbzfce = OJC^(Htozb~cef Tzhac~

Ybloy

:441 :4467

Htozb~cef Tzhac~ Mbzfce = 0?22914444P 244

:0,>:3,44?444

Htozb~cef Tzhac~ Mbzfce = :3%39 /

:44? - :4417

Htozb~cef Tzhac~ Mbzfce = 6>0190?444P 244

:3,3?4,069444

Htozb~cef Tzhac~ Mbzfce = :? /

:44> - :44?7

Htozb~cef Tzhac~ Mbzfce = 130246?444P 244

93,6?6,?24444

Htozb~cef Tzhac~ Mbzfce = 26%1 /



58/72

^`cy uyon ~h y`hv ~ò tzhac~bjclc~s vc~`hu~ iheioze ahz ~bpoy ben ce~ozoy~% Ce :441 ~ò htozb~cef tzhac~ zb~ch

vby :?/, ben ce :446 ~ò htozb~cef tzhac~ zb~ch cy :3%39 /% Ce :441 htozb~cef tzhac~ zb~ch vby ceizobyon js

6%> / ben ceizobyon js ?/ ce :446% ^ò htozb~cef tzhac~ cy ceizobycef fzbnublls b~ b noizobycef zb~o ju~ c~

y`hvy ihmtbesy ibtbic~s ~h vc~` y~ben bnqozyo oihehmci ihenc~che vc~`hu~ ibzcef ~bpoy ben ce~ozoy~%

Eo~ Tzhac~ Mbzfce7

Eo~ Tzhac~ Mbzfce = Eo~ Tzhac~

Ybloy

:441 :4467

Eo~ Tzhac~ Mbzfce = ?,914,3?9444 P 244

:0,>:3,44?444

Eo~ Tzhac~ Mbzfce = 20%01

:44? - :4417

Eo~ Tzhac~ Mbzfce = >,191,2>>444P 244

:3,3?4,069444

Eo~ Tzhac~ Mbzfce = 2?%>0 /

:44> - :44?7

Eo~ Tzhac~ Mbzfce = 1,93?,:?3444P 244

93,6?6,?24444

Eo~ Tzhac~ Mbzfce = 21%43 /


^`cy uyon ~h y`hv ~ò hqozbll tzhac~bjclc~s ben òeio c~ uyoaul ~h ~ò tzhtzco~hzy% @cfòz ~ò zb~ch jo~~ozy ahz

~ò hzfbecwb~che %C~ y`hvy ~ò ihmtbesy bjclc~s ~h ~uze obi` zutoo ha yblo ce~h tzhac~% Ce :441 ~ò eo~ tzhac~


59/72

zb~ch cy 2?%>0 / ben ce :446 ~ò eo~ tzhac~ zb~ch cy 20%3/% Ce :441 eo~ tzhac~ zb~ch noizobyon js %12 /

zolb~cqo ju~ ceizobyon ce :446 js 9 /%

Obzecef toz y`bzo7

Obzecef toz y`bzo = Obzecef Bqbclbjlo ahz Ihmmhe Y~hik @hlnozy

Eh% Ha Ihmmhe Y~hik Y`bzoy

:441 :4467

Obzecef toz y`bzo = ?,914,3?9444

>39,>6>444

Obzecef toz y`bzo = Zy% 24%01y`bzo

:44? - :4417

Obzecef toz y`bzo = >,191,2>>444

>39,>6>444

Obzecef toz y`bzo = Zy% 3%93y`bzo

:44> - :44?7

Obzecef toz y`bzo = 1,93?,:?3444

>39,>6>444

Obzecef toz y`bzo = Zy% 2:%31 y`bzo


^`cy zb~ch y`hvy ~ò vhz~` ha ~ò y`bzo% By vo ibe yoo ~`b~ ~ò vhz~` ha ~ò y`bzoy ha Abugc aoz~clcwoz

Ihmtbes `by noizobyon% ^ò OTY cy blmhy~ alui~ub~cef ju~ y~cll ce abqhzbjlo ihenc~che%


60/72

Tzcio obzecef zb~ch7

Tzcio Obzecef Zb~ch = Mbzko~ tzcio toz y`bzo

Obzecef toz y`bzo

:441 :4467

Tzcio Obzecef Zb~ch = 220%6?

24%01

Tzcio Obzecef Zb~ch = Zy% 24%39

:44? - :4417

Tzcio Obzecef Zb~ch = 24?%??

3%93

Tzcio Obzecef Zb~ch = Zy%22%:>

:44> - :44?7

Tzcio Obzecef Zb~ch = 296

2:%31

Tzcio Obzecef Zb~ch = Zy% 24%?6


^`oyo zb~chy zoyul~y y`hv ~`b~ ce :446 Zy%24%39 vozo ~h jo ytoe~ ce hznoz ~h obze Zy%2 tzhac~% Ju~ ce sobz

:441 ~`o thyc~che vby ihmtbzb~cqols fhhn by y`hve ~`b~ Zy%22%:> `by ~h jo ytoe~ ce hznoz ~h obze Zy%2

ha tzhac~%

CEN_Y^ZS BEBLSYCY

(Ihmtbzcyhe ~`zhuf` fzbt`cibl ce~oztzo~b~che#


61/72

Bi~cqc~s Zb~chy

Iuzzoe~ Zb~ch7

:44>-4? :44?-41 :441-46

OIL 2%63 2%?1 9%22

AAI 2%43> %036 4%3>:

Rucik Zb~ch7

:44>-4? :44?-41 :441-46

OIL 2%24 2%92 4%:1

AAI 2%42 4%02 4%03


62/72

Ceqoe~hzs ^uzehqoz Zb~ch7

:44>-4? :44?-41 :441-46

OIL 22%2 3%> 24%2

AAI 21%>2 21%2 ::%3?

Ceqoe~hzs @hlncef Tozchn7

:44>-4? :44?-41 :441-46

OIL 9: 90 91


63/72

AAI :2%39 ::%91 2?%6

Zoiocqbjloy ^uzehqoz Zb~ch7

:44>-4? :44?-41 :441-46

OIL 9>%9 94%: ::%0

AAI >>%1: :?%?6 23


64/72

Bqozbfo Ihlloi~che Tozchn7

:44>-4? :44?-41 :441-46

OIL 22 2: 21

AAI 0%2 2>%>2 20%3?

:44>-4? :44?-41 :441-46

OIL 2%>>96 2%?2>0 2%3936

AAI 2%>> 2%6 2%?>

Eo~ Acpon Byyo~y


65/72

^h~bl Byyo~y ^uzehqoz7

:44>-4? :44?-41 :441-46

OIL 2%94 2%2 2%>?

AAI 4%099 2%2 4%36

Noj~ Zb~ch7

:44>-4? :44?-41 :441-46

OIL %>0 %:? %20


66/72

AAI 4%61 4%?9 4%?6

Noj~ Oruc~s Zb~ch7

:44>-4? :44?-41 :441-46

OIL 2%11:? 2%?000 2%?9>0

AAI ?%2921 >%41?> >%266

^cmoy Ce~ozoy~ Obzeon7


67/72

:44>-4? :44?-41 :441-46

OIL 2:%? 6%20 0%3:

AAI 22%3: 2>%3> 2:%::

F%T% Mbzfce7

:44>-4? :44?-41 :441-46

OIL 2>%>? :>%46 :2%::

AAI 9>%1 9:%>: 9?%1


68/72


:44>-4? :44?-41 :441-46

OIL 23%2? :2%19 :4%?0

AAI 26%1 :? :3%39

E%T% Mbzfce7

:44>-4? :44?-41 :441-46


69/72

OIL 2:%13 2>%>6 29%12

AAI 21%43 2?%>0 20%01

Tzcio Obzecef Zb~ch7

:44>-4? :44?-41 :441-46

OIL 24%0? 22%4: 2?%>0

AAI 24%?6 22%:> 24%39


70/72

:44>-4? :44?-41 :441-46

OIL 2>%96 2?%>6 26%26

AAI 2:%31 3%93 24%01

Obzecef Toz Y`bzo

Iheiluyche

Yh, ce ~ò lcf`~ ha bll ~ò no~bcly fcqoe bjhqo bjhu~ ~ò acebeicbl beblsycy ha jh~` ~ò cenuy~zcoy, c%o% noj~, bi~cqc~s,

lcrucnc~s, ! tzhac~bjclc~s ha Oefzh iòmcibly l~n% Ben Abugc aoz~clcwoz ihmtbes , vo ihmo ~h kehv ~`b~ ce ~`cy

yc~ub~che ha bfzciul~uzo zoioyyche ben nhve abll ce ~ò oihehms ~ò OIL `by tozahzmon voll ben c~ mbce~bceon c~y

acbebeicbl thyc~che ben abion ~ò ~huf` ihmto~c~hzy%

Tzoyoe~on ~h7

Mzy% Lbjcjb Yòck`


71/72

Tzoyoe~on js7

M Ab`cm Bzyòn MJB:446-42

Bmmbzb Byf`bz MJB:446-:9

Kbevbl Muecz MJB:446-:>

Bvbcy B`mon MJB:446-9:

_moz Nbzbw MJB:446->>

@bacw Bybn MJB:446-06

Zoaozoeioy

Fc~mbe, G% Lbvzoeio (:44?#, Mbebfozcbl Acebeio, Bnncyhe Voyols, Eov Shzk, 22~` onc~che

Juyceoyy Zoihznoz, Lb`hzo

Acebeicbl Zothz~y, Oefzh Iòmcibly Tbkcy~be L~n%, ahz sobzy :44?, :441 ben :446

Acebeicbl Zothz~y, AAI L~n% ahz sobzy :44?, :441 ben :446

vvv%fhhflo%ihm

vvv%aai%ihm%tk

vvv%oefzhiòmcibly%ihm%tk

vvv%vckctoncb %ihm
http://www.google.com/http://www.ffc.com.pk/http://www.engrochemicals.com.pk/http://www.google.com/http://www.ffc.com.pk/http://www.engrochemicals.com.pk/


72/72

vvv%ceqoy~htoncb%ihm

vvv%tbzoe`bll%ihm

vvv%kyo%ihm

vvv%lyo%ihm
http://www.investopedia.com/http://www.parenhall.com/http://www.kse.com/http://www.lse.com/http://www.investopedia.com/http://www.parenhall.com/http://www.kse.com/http://www.lse.com/

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Engro Chemicals and Fauji Chemicals Project on Ratio Analysis of Engro and Fauji

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