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"@5BLO 3@C??0 (3) - MB> <54;5==> @50;87C5<K5 0:B82K  AB0BL8 @0745;0 2 0:B820 10;0=A0, 2:;NG0NI85 70?0AK, !, 4518B>@A:CN 704>;65==>ABL (4>;3>A@>G=CN) 8 ?@>G85 >1>@>B=K5 0:B82K (AB@. 210+AB@. 220+AB@.230+AB@.270) '5B25@B0O 3@C??0 (4)  MB> B@C4=>@50;87C5<K5 0:B82K, :C40 2E>4OB AB0BL8 @0745;0 1  2=5>1>@>B=K5 0:B82K (AB@.190) !>>B25BAB25==>, =0 G5BK@5 3@C??K @071820NBAO 8 >1O70B5;LAB20 ?@54?@8OB8O: 1  =081>;55 A@>G=K5 >1O70B5;LAB20, :>B>@K5 4>;6=K 1KBL ?>30H5=K 2 B5G5=85 <5AOF0 (:@548B>@A:0O 704>;65==>ABL AB@.620) 2  @0B:>A@>G=K5 ?0AA82K  :@0B:>A@>G=K5 705<=K5 A@54AB20, 704>;65==>ABL CG0AB=8:0< ?> 2K?;0B5 4>E>4>2, ?@>G85 :@0B:>A@>G=K5 ?0AA82K (AB@.610+AB@.630+ AB@.660) 3  4>;3>A@>G=K5 ?0AA82K  AB0BL8 @0745;>2 4 8 5, (AB@.590+AB@.640+AB@.650) 4  ?>AB>O==K5 ?0AA82K  AB0BL8 @0745;0 3 :0?8B0; 8 @575@2K (AB@.490) 0;0=A AG8B05BAO 01A>;NB=> ;8:284=K<, 5A;8: 1>1; 2>2; 3>3; A4 < 4.  A>>B25BAB288 A <5B>48:>9 0=0;870 ;8:284=>AB8 10;0=A0, A>AB028< B01;8FC 10. "01;8F0 10 =0;87 ;8:284=>AB8 10;0=A0  !0BC@=, BKA.@C1. "01;8F0 11 !>>B=>H5=85 0:B82>2 8 ?0AA82>2 /////////  10;0=A5  !0BC@= 70 0=0;878@C5<K9 ?5@8>4 =01;N405BAO 2>7@>AH89 ?;0B56=K9 =54>AB0B>: =081>;55 ;8:284=KE 0:B82>2 4;O ?>30H5=8O =081>;55 A@>G=KE >1O70B5;LAB2. "0:65 >68405BAO ?>ABC?;5=85 >B 4518B>@>2 1>;LH5 25;8G8=K :@0B:>A@>G=KE :@548B>2 8 705<=KE A@54AB2, 2 A2O78 A >BACBAB285< ?>A;54=8E 2 10;0=A5 8AA;54C5<>3> ?@54?@8OB8O. 54;5==> @50;87C5<K5 0:B82K ?@52KH0NB 4>;3>A@>G=K5 :@548BK, => A;54C5B >B<5B8BL, GB> 2 A2O78 A >BACBAB285< B0:>2KE 2 ?0AA825 10;0=A0.  >BG5B=>< ?5@8>45 C ?@54?@8OB8O =5 A>1;N40;>AL CA;>285 <8=8<0;L=>9 D8=0=A>2>9 CAB>9G82>AB8: 53> ?>AB>O==K5 ?0AA82K 1K;8 <5=LH5 25;8G8=K B@C4=> @50;87C5<KE 0:B82>2, 2 A2O78 A C1KB:0<8 ?@54?@8OB8O. !>?>AB02;5=85 ;8:284=KE A@54AB2 8 >1O70B5;LAB2 ?>72>;O5B 2KG8A;8BL: 1.B5:CICN ;8:284=>ABL ("), :>B>@0O A2845B5;LAB2C5B > ?;0B565A?>A>1=>AB8 (+) 8;8 =5?;0B565A?>A>1=>AB8 (-) >@30=870F88 =0 1;8609H89 : @0AA<0B@8205<><C <><5=BC ?@><56CB>: 2@5<5=8: "=(1+2)-(1+2) (1) 2.?5@A?5:B82=CN ;8:284=>ABL () - B> 5ABL ?@>3=>7 ?;0B565A?>A>1=>AB8 =0 >A=>25 A@02=5=8O 1C4CI8E ?>ABC?;5=89 8 ?;0B5659: =3-3 (2) @8 A>?>AB02;5=88 ;8:284=KE 0:B82>2 8 >1O70B5;LAB2 2KG8A;8< ?>:070B5;8 B5:CI59 8 ?5@A?5:B82=>9 ;8:284=>AB8 10;0=A0  !0BC@=. "01;8F0 12 =0;87 B5:CI59 8 ?5@A?5:B82=>9 ;8:284=>AB8  !0BC@= //////// 5@A?5:B82=0O ;8:284=>ABL, B.5. ?@>3=>7 ?;0B565A?>A>1=>AB8, >=, :0: 284=>, 1;03>?@8OB=K9, B0: :0: 2> 2A5E 8AA;54C5<KE ?5@8>40E ?>:070B5;L ?>;>68B5;L=K9, B.5. <54;5==> @50;87C5<K5 0:B82K ?@52KH0NB 4>;3>A@>G=K5 ?0AA82K. @8<5=8B5;L=> :  !0BC@= 2 40==>< 0=0;875 2>>1I5 >BACBAB2CNB 4>;3>A@>G=K5 ?0AA82K, 8 B>;L:> 1;03>40@O MB><C ?>:070B5;L 1;03>?@8OB=K9, >4=0:> 70<5B=> 53> 7=0G8B5;L=>5 A=865=85 =0 10187 BKAOG @C1;59 70 0=0;878@C5<K5 ?5@8>4K. "0:>9 0=0;87 ;8:284=>AB8 10;0=A0 O2;O5BAO ?@81;865==K<. >;55 45B0;L=K< O2;O5BAO 0=0;87 ?;0B565A?>A>1=>AB8 ?@8 ?><>I8 D8=0=A>2KE :>MDD8F85=B>2. ;O :><?;5:A=>9 >F5=:8 ;8:284=>AB8 10;0=A0 2 F5;>< A;54C5B 8A?>;L7>20BL >1I89 ?>:070B5;L ;8:284=>AB8 L1:  EMBED Equation.3 , (3) 5A;8  EMBED Equation.3 , B> ?@54?@8OB85 ?;0B565A?>A>1=>. >MDD8F85=B 01A>;NB=>9 ;8:284=>AB8 L2 ?>:07K205B, :0:CN G0ABL :@0B:>A@>G=>9 704>;65==>AB8 >@30=870F8O <>65B ?>30A8BL 70 AG5B 45=56=KE A@54AB2. >@<0;L=>5 53> 7=0G5=85 >B 0,1 4> 0,7.  EMBED Equation.3  (4) >MDD8F85=B :@8B8G5A:>9 ;8:284=>AB8 L3 8;8 ?@><56CB>G=>3> ?>:@KB8O ?>:07K205B, :0:0O G0ABL :@0B:>A@>G=KE >1O70B5;LAB2 ?@54?@8OB8O <>65B 1KBL =5<54;5==> ?>30H5=0 70 AG5B A@54AB2 =0 @07;8G=KE AG5B0E, 2 :@0B:>A@>G=KE F5==KE 1C<030E, 0 B0:65 ?>ABC?;5=8O ?> @0AG5B0< (4518B>@A:0O 704>;65==>ABL 4> 12 <5AOF52). >@<0;L=>5 7=0G5=85 :>MDD8F85=B0 5A;8 0,7-0,8, >?B8<0;L=>5 5A;8  EMBED Equation.3 >1.  EMBED Equation.3  (5) >MDD8F85=B ?>:@KB8O L4 8;8 B5:CI59 ;8:284=>AB8 ?>:07K205B, :0:CN G0ABL B5:CI8E >1O70B5;LAB2 <>6=> ?>30A8BL, <>18;87>202 2A5 >1>@>B=K5 A@54AB20.  EMBED Equation.3  (6) >72>;O5B CAB0=>28BL, 2 :0:>9 :@0B=>AB8 B5:CI85 0:B82K ?>:@K20NB :@0B:>A@>G=K5 >1O70B5;LAB20. 8=8<0;L=>5 7=0G5=85 @02=> 548=8F5, =>@<0;L=>5 A>>B=>H5=85 >B 2-3. >MDD8F85=B >15A?5G5==>AB8 >1>@>B=KE 0:B82>2 A>1AB25==K<8 >1>@>B=K<8 A@54AB20<8 L5, E0@0:B5@87C5B =0;8G85 C ?@54?@8OB8O A>1AB25==KE >1>@>B=KE A@54AB2, =5>1E>48<KE 4;O 53> D8=0=A>2>9 CAB>9G82>AB8.  EMBED Equation.3  (7) =>@<0;L=>5 7=0G5=85  EMBED Equation.3 . A?>;L7CO 40==K5 :>MDD8F85=BK, 2 F5;>< <>6=> >B=5AB8 ?@54?@8OB85 : B><C 8;8 8=><C :;0AAC :@548B>A?>A>1=>AB8. 4=0:> ?@0:B8G5A:0O 7=0G8<>ABL 70B@C4=5=0, B0: :0: =5 CAB0=>2;5=K =>@<0B82=K5 7=0G5=8O :>MDD8F85=B>2 ;8:284=>AB8 4;O ?@54?@8OB89 @07;8G=>9 >B@0A;52>9 ?@8=04;56=>AB8, =5B 0;3>@8B<0 @0AG5B0 >1>1I0NI53> :@8B5@8O. >MB><C :064K9 87 ?@82545==KE :>MDD8F85=B>2 =5>1E>48<> >F5=820BL 2 48=0<8:5. "01;8F0 13 =0;87 :>MDD8F85=B>2 ?;0B565A?>A>1=>AB8  !0BC@= //////// 8A. 5 8=0<8:0 ?>:070B5;59 ?;0B565A?>A>1=>AB8  !0BC@= >:070B5;L >1I59 ;8:284=>AB8 2> 2A5E 0=0;878@C5<KE ?5@8>40E, 1K; <5=LH5 548=8FK, GB> >7=0G05B =5CAB>9G82CN ?;0B565A?>A>1=>ABL ?@54?@8OB8O, 8 ?@>8AE>48B B5=45=F8O 53> A=865=8O 2 2006 3>4C ?> A@02=5=8N A 2005 3>4>< =0 0,04 ?C=:B0, 2 A2O78 A> A=865=85< 1>;LH8<8 B5<?0<8 0:B82=>9 G0AB8 10;0=A0, G5< =081>;55 A@>G=KE >1O70B5;LAB2. >:070B5;L 01A>;NB=>9 ;8:284=>AB8 >G5=L =87:89 8 ?>:07K205B, :0:CN G0ABL :@0B:>A@>G=>9 704>;65==>AB8 ?@54?@8OB85 <>65B ?>30A8BL 8<5NI8<8AO C =53> 45=56=K<8 A@54AB20<8. @8 0=0;875 ?>:070B5;O 01A>;NB=>9 ;8:284=>AB8 2KOA=5=>, GB> 2 0=0;878@C5<KE ?5@8>40E >= =5 ?@52KH05B 4065 0,1, B.5. =5 4>AB8305B =>@<0;L=>3> 7=0G5=8O, 8 =01;N405BAO =57=0G8B5;L=K9 53> ?>AB>O=AB2>. 'B> 2K720=> >G5=L =87:8< C@>2=5< 45=56=KE A@54AB2 =0 ?@54?@8OB88, :>B>@K5 A>AB028;8 2A53> 3 8 4 BKAOG8 @C1;59 70 2005 8 2006 3>4K. ////////// 3.3 F5=:0 45;>2>9 0:B82=>AB8 F5=:0 45;>2>9 0:B82=>AB8 =0?@02;5=0 =0 0=0;87 @57C;LB0B>2 8 MDD5:B82=>ABL B5:CI59 >A=>2=>9 ?@>872>4AB25==>9 45OB5;L=>AB8 &5;L 0=0;870 >1>@0G8205<>AB8 - >F5=8BL A?>A>1=>ABL ?@54?@8OB8O ?@8=>A8BL 4>E>4 ?CB5< A>25@H5=8O >1>@>B0 5=L38 - ">20@ - 5=L38. >MDD8F85=B >1>@0G8205<>AB8 0:B82>2 2KG8A;O5BAO :0: >B=>H5=85 2K@CG:8 >B @50;870F88 : A@54=59 70 ?5@8>4 AB>8<>AB8 0:B82>2. -B>B ?>:070B5;L E0@0:B5@87C5B MDD5:B82=>ABL 8A?>;L7>20=8O ?@54?@8OB85< 2A5E 8<5NI8EAO @5AC@A>2, =57028A8<> >B 8AB>G=8:>2 8E >1@07>20=8O, B.5. ?>:07K205B, A:>;L:> @07 70 0=0;878@C5<K9 ?5@8>4 A>25@H05BAO ?>;=K9 F8:; ?@>872>4AB20 8 >1@0I5=8O. >AB 40==>3> ?>:070B5;O 2 B5G5=85 =5A:>;L:8E ?5@8>4>2 A2845B5;LAB2C5B > 1>;55 MDD5:B82=>< C?@02;5=88 0:B820<8 ?@54?@8OB8O. ;8B5;L=>ABL >4=>3> >1>@>B0 >1>@>B=KE A@54AB2 8AG8A;O5BAO ?> D>@<C;5:  EMBED Equation.3  (8) 345  4;8B5;L=>ABL >1>@>B0, 4=8; ! >AB0B:8 >1>@>B=KE A@54AB2 (A@54=85 8;8 =0 >?@545;5==CN 40BC), @C1.; " >1J5< B>20@=>9 ?@>4C:F88, @C1.;  G8A;> 4=59 2 @0AA<0B@8205<>< ?5@8>45, 4=8. >;8G5AB2> >1>@>B>2 70 >?@545;5==K9 ?5@8>4, 8;8 :>MDD8F85=B >1>@0G8205<>AB8 >1>@>B=KE A@54AB2 (0), 8AG8A;O5BAO ?> D>@<C;5:  EMBED Equation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quation.3  (10) 345   ?@81K;L 10;0=A>20O (G8AB0O) //////// ! ?><>ILN A;54CNI53> ?>:070B5;O <>6=> >F5=8BL ?@>872>4AB2> :><?0=88. >340 >= 2KA>:89  45OB5;L=>ABL C65 MDD5:B82=0. A;8 65 ?@8 MB>< D8@<0 ?>;CG05B =87:CN ?@81K;L, 7=0G8B, C =55 A;8H:>< 1>;LH85 =5?@>872>4AB25==K5 @0AE>4K.  EMBED Equation.3  (13) 345 !1  A515AB>8<>ABL @50;87>20==KE CA;C3 >MDD8F85=B @5=B015;L=>AB8 ?@>406 >B@0605B 4>;N ?@81K;8 :><?0=88 2 :064>< 70@01>B0==>< @C1;5. AB5AB25==>, >= =C65= 4;O 2K2>4>2 >1 MDD5:B82=>AB8 ?@54?@8=8<0B5;LA:>9 45OB5;L=>AB8 ?@54?@8OB8O.  EMBED Equation.3  (14) 345 - 2K@CG:0 >B @50;870F88. "5?5@L > :>MDD8F85=B0E @5=B015;L=>AB8 >1>@>B=KE 8 2=5>1>@>B=KE 0:B82>2. "CB <>6=> ?>=OBL, =0A:>;L:> MDD5:B82=> 8A?>;L7CNBAO MB8 A@54AB20. "0:, G5< 2KH5 ?>:070B5;L >1>@>B=KE 0:B82>2, B5< 1KAB@55 :@CBOBAO 45=L38, <0B5@80;K 8 ?@.  EMBED Equation.3  (15) 345 0  >1>@>B=K5 0:B82K  A2>N >G5@54L ?>:070B5;L 2=5>1>@>B=KE 0:B82>2 45<>=AB@8@C5B, A :0:>9 >B40G59 >@30=870F8O 8A?>;L7C5B A2>8 >A=>2=K5 A@54AB20, >?@024K20NB ;8 A51O :0?8B0;>2;>65=8O. "CB =04> A:070BL, GB> 25;8G8=0 MB>3> :>MDD8F85=B0 7028A8B >B @07<5@>2 :><?0=88 8 E0@0:B5@0 55 45OB5;L=>AB8. >=OB=>, GB> D8@<0, >:07K20NI0O ?;0B=K5 CA;C38, 3>@074> <5=LH5 7028A8B >B >A=>2=KE A@54AB2, G5< ?@><KH;5==>5 ?@54?@8OB85.  EMBED Equation.3  (16) 345 0  2=5>1>@>B=K5 0:B82K. B C@>2=O @5=B015;L=>AB8 7028A8B 8=25AB8F8>==0O ?@82;5:0B5;L=>ABL >@30=870F88, 25;8G8=0 482845=4=KE 2K?;0B. "01;8F0 16 0==K5 4;O @0AG5B0 :>MDD8F85=B>2 @5=B015;L=>AB8, BKA.@C1. ///////// 8A. 6 8=0<8:0 ?>:070B5;59 @5=B015;L=>AB8  !0BC@= @81K;L=>ABL M:>=><8G5A:8E 0:B82>2 ?> G8AB>9 ?@81K;8 A>AB028;0 2 2005 3>4C 10,5%, 8 : 2006 3>4C ?@>87>H;> C;CGH5=85 40==>3> ?>:070B5;O ?@0:B8G5A:8 =0 6,1%. 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