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AZZK =6

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GAKAZ^XQ OE J\I^\XLKM^AOKMIHOOC JFMGHLX OE ^FL XLR\HIAJ OE GOINOUM

Km~aokmi Hahiao`xmrfqoe Goinoum

Hoocz+ Mhz~xmj~z+ ^flzaz+Gm`mtakl mkn klpzrmrlx mx~ajilz

R|hiazfln exog =1

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3/183

GAKAZ^LX\IJ\I^\XAAJMGLXM KMAOKMI M JXAA NAK XLR\HIAJM GOINOUM

Hahiao`xmeam Kmaokmi

m Goinoula

Jxa+ M|~oxlelxm~l+ ^ltl+Mx~ajoil nak xluaz~l a tamxl

Zl lna~lmt nak mk|i =1

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Mij~|a~oxa 4 Umilk~akm JFA^OXOM@Xlkm~m JOTOKMJOilzlm TMHAMJOJim|nam H@\Leagam GMJXAKAJAKakm GAJFLXAKI|ngaim JOX@FLKJA

Xlnmj~ox xlzrokzmhai a jooxnokm~ox4 Umilk~akm JFA^OXOM@

Nlza`k) ~lfkoxlnmj~mxl jogr|~lxatm~4 Xlkm~m JOTOKMJ

NLZJXALXLMJAR MJMGLXLA KMAOKMIL MJXAA

Hahiao`xmeam Kmaokmi m Goinoula 7 Km~aokmi Hahiao`xmrfq oeGoinoum 4 Jxa+ M|~oxlelxm~l+ ^ltl+ Mx~+ nak xlu+ a tamxl+ Xlz|xzl lilj~xo'kajl 4 Zl ln+ nak mk|i =11'268') S:W r+ 3 82 jg+^a~+ oxa`+4 Z~lrz ~o Jfxaz~+ =

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8/183

Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

6

Rxn~oxaa nl im Cxlgiak 4 &=1=08221! 4 Sroia~ajm X|zala a Ojjanlk~|iW / Fik Himkj)Xlkm~m Ilzkac 3 ~xmn+ nak ex+ nl Aomk ^+ Hxam+ Jf+ 4 Jmx~alx) 82== &E+L+R+ (^aro`x+ Jlk~xmi(!+ >>5) S8W r+ 3 8= jg+ &Joiljam (Jmx~alx az~oxaj( / jooxn+ nl Ak`m Nx|!+

^a~+ oxa`+4 Ilz Rxnm~l|xz n| Cxlgiak+ Hahiao`x+ k ko~lil nl z|hzoi+ 622 lv+

AZHK 106110 &k jor+ ~mxl!+S82==80>W+ =+ X|zam a Ojjanlk~|i) =1=08221 Roia~aj+

:8&>02#>#0/6!

:8= Eoxgl nl ox`mkatmxl roia~aj+ Z~m~lil jm r|~lxa roia~ajl

=15+N|i`flx|) Umilxa|Jxaglil jog|kazg|i|a 4 Xnjakail jog|kazg|i|a+ ^lxomxlm xoal+ ^lxomxlm z~miakaz~+

Xz~a`kaxlm Hmzmxmhala / Umilxa| N|i`flx|+ Jf+ 4 \^G) 82==+ :=2 r+ 3 82 jg+Hahiao`x+ im zexa~|i rxaiox+ =22 lv+

AZHK 106110Mil`lxa=10+mkzl l`mil k rxojlz|i lilj~oxmi 4 Mil`lxail rmximglk~mxl mk~ajarm~l nak Xlr+

Goinoum &=11682=2! 4 Z~|na| nl jmt / Jlk~x|i (Rmx~lklxam~ rlk~x| Nltuoi~mxl() Jomiaam Jauajrlk~x| Mil`lxa Iahlxl a Joxlj~l+ Jf+ 4 Jlk~x|i (Rmx~lklxam~ rlk~x| Nltuoi~mxl() 82==&^aro`x+ (Hokz Oeeajlz( ZXI!+ 6> r+ 4 nam`x+) ~mh+ joiox 3 8> jg+

Hahiao`x+ k ko~lil nl z|hzoi+ Mrmxl j| zrxadak|i eakmkjamx mi M`lkala Z|lnltl rlk~x|Nltuoi~mxl a Joorlxmxl Ak~lxk+ &Zanm!) Gak+ Memjlxaiox Lv~lxkl mi Nmklgmxjla/NMKANM) Eokn|i|a Km+ rlk~x| Nlgojxmal &KLN! Sl~ mi+W+ =222 lv+

AZHK 106110:4:>8+6&>06!

::LJOKOGAL+^AAKL LJOKOGAJL

::= G|kj+ Xlimaa nl g|kj+ Ljokogam g|kjaa+ Ox`mkatmxlm g|kjaa

=16+Gozjmija|j) Ua~mial@fan nl Poxc % ^xmuli a k| k|gma zm| j|g z ma o ji~oxal nl z|jjlz k Z\M) z

emja hmka a z ~l k~oxja j| hakl mjmz--- 4 Gmk+ rxmj~aj) hmtm~ ~o~miglk~l rl lvrlxalk rxorxal) mj|g|im~ k nlj|xz nl > mka ~xaa k Z\M / Ua~mial Gozjmija|j) Gmxakm Glikaj+ Jf+ 4(Rxm`:( ZXI) 82==+ =>> r+ 4 ai+ 3 82 jg+

8222 lv+AZHK 106110

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9/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

1

::8 Ljokogal xl`aokmi+ Ljokogam rgk~|i|a a m rxorxal~aa+ Ljokogam eokn|i|a nl

ioj|akl

=11+Jm~mk) Rl~x|Leajalk~atmxlm e|kjaokxaa ralla e|kjamxl k Xlr|hiajm Goinoum / Jm~mk Rl~x|) Rorlzj|Zaiuam 3 Akz~+ Kaz~xlmk nl Ljok+ a Nxlr~+ Jf+ 4 Jogrilv Ln+ mi ALEZ) 82==+ 8>2 r+ 4 ea`+) ~mh+

3 8< jg+Hahiao`x+ im zexa~|i jmr+ =22 lv+AZHK 106110=05:=+S82==:52W+ =+ Ram e|kjamx Xlr|hiajm Goinoum+

::8+8&>06!

::6 Za~|mal ljokogaj+ Roia~aj ljokogaj+ Jokn|jlxlm ljokogala+ Rimkaeajmxlm ljo'

kogala+ Rxon|jal+ Zlxuajaa+ Rxl|xa::6&>06! Za~|mam ljokogaj m Xlr|hiajaa Goinoum

822+Iauajfa) OvmkmLxmnajmxlm zxjala4 jokjlr~l a z~xm~l`aa 4 Goko`xmeal / Ovmkm Iauajfa 3 Akz~+ nl Ljok+)

Eakmkl a Z~m~az~aj) Mjmn+ nl ~aakl m Goinoula+ Jf+ 4 Jogrilv|i Ln+ mi ALEZ) 82==+ =15r+ 4 ea`+) ~mh+ 3 8= jg+

Xlt+4 ih+ lk`i+) ex+) x|z+ Hahiao`x+4 r+ =5:=01 &8:0 ~a~+!+ =22 lv+AZHK 106110=05=0+S82==:06!

:>NXLR^+D\XAZRX\NLK:>2 Nxlr~ k `lklxmi+ Rxorlnl|~aj+ Gl~onlil nxlr~|i|a a ~aaklil m|vaiamxl

82=+(~aakm d|xanaj k jok~lv~|i rxogouxaa umioxaiox z~m~|i|a nl nxlr~() joke+ ~+&82=2 3 Jfaak|!+ ~aakm d|xanaj k jok~lv~|i rxogouxaa umioxaiox z~m~|i|a nl nxlr~ 4 Joke+ ~+)Jfaak|) =:=> gma 82=2 / xln+le4 Ua~mial @mg|xmxa+ Jf+ 4 \IAG) 82=2 &^aro`x+ (@xmelgmIahxaz( ZXI!+ :=> r+ 3 8< jg+ &Zqgrozam Rxoelzzox|g!+

Mk~l~a~+4 \kau+ Iahlx Ak~lxk+ nak Goinoum+ ^lv~l4 ih+ xog+) x|z+ Xlt+4 ih+ lk`i+

Hahiao`x+ im zexa~|i mx~+ 06!&268!7=:8 Nxlr~ r|hiaj+ Nxlr~ jokz~a~|aokmi+ Nxlr~ mngakaz~xm~au

828+Hohlaj) Xmn|Z|rox~ d|xanaj rlk~x| |~aiatm~oxaa nl nxo`|xa akdlj~mhail a rlxzomklil jmxl ~xalzj j|

FAU/ZANM 4 @fan d|xanaj / m|~+4 Xmn| Hohlaj 3 jooxn+4 Umk| Dlxl`fa 3 Akz~+ rlk~x| Nxlr~|xailOg|i|a nak Goinoum ANOG+ Jf+ 4 Z+ k+) 82=2 &E+L+R+ (^aro`x+ Jlk~xmi(!+ :8 r+ 3 82 jg+

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Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

=2

M|~+ lz~l aknajm~ rl uz+ e+ nl ~a~+ Mrmxl j| zrxadak|i eakmkjamx mi E|knmala Zoxoz Goinoum) Rxo`x+ Zk~m~l R|hiaj+

S82==808+08=45=5+1648+0&2>0!

82>+Jon|i jok~xmulkaokmi mi Xlr|hiajaa Goinoum 4 k jokeoxga~m~l j| |i~aglil gonaeajxa a jogri+ nak Goka~ox|i Oeajami mi Xlr+ Goinoum+ Jf+ 4 (Rxm`:( ZXI) 82==+ =6> r+ 3 82jg+ &Ko|!+

=8+18&>06!&21>+>!

82: Nxlr~ rlkmi+ Rxojln|x rlkmi+ Jxagakoio`al+ Jxagakmiaz~aj

825+Jon|i nl rxojln|x rlkmi mi Xlr|hiajaa Goinoum 4 Rmx~lm `lklxmi a Rmx~lm zrljami 4 k jokeoxga~m~l j| |i~aglil gonaeajxa a jogri+ nak Goka~ox|i Oeajami mi Xlr+ Goinoum+ Jf+ 4 (Rxm`:( ZXI) 82==+ 866 r+ 3 82 jg+ &Ko|!+

=222 lv+AZHK 10611006!&21>+>!

820+Jodojmx|) XmnaokD|z~aam rlk~x| joraa 4 J|xz nl akz~x|axl akaami rlk~x| oealxaa nl |xgxaxl rlkmi 4 J|xxaj|

i|g / Xmnaok Jodojmx|) Mkm~oi Mknxokmjfl 3 jooxn+4 Jxaz~akm Hlina`m) Uimn Zjfahak 3 Akz~+ nlXleoxgl Rlkmil+ Jf+ 4 (Hokz Oeeajlz( ZXI) 82==+ =1 r+ 4 ~mh+ 3 8= jg+

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11/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

==

Hahiao`x+4 r+ =5=1+ Mrmxl j| zrxadak|i eakmkjamx mi \KAJLEGoinoum a ZANM+ =>6+S82==:51W+ =+ D|z~aal d|ulkai J|xxaj|i|g+

:>:+=:0+2W+ =+ Akexmja|ka Roiaam d|najamx+

:>:+:/+04:5&205= JR

XG! 4 Gm~lxami nanmj~ajo~+ / Zoxak ^agoela 3 \kau+ nl Z~m~ nak Goinoum) Emj+ nl Nxlr~) Jm~lnxm Nxlr~ rlkmi a Jxagakoio`al+ Jf+ 4 JLR \ZG) 82==+ 811) S=W r+ 3 8= jg+

Hahiao`x+4 r+ 805811 &:26 ~a~+! a k ko~lil nl z|hzoi+ 822 lv+AZHK 106110

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12/183

Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

=8

:>0 Nxlr~ jauai

8=8+Jon|i jauai mi Xlr|hiajaa Goinoum 4 k jokeoxga~m~l j| |i~aglil gonaeajxa a jogri+nak Goka~ox|i Oeajami mi Xlr+ Goinoum+ Jf+ 4 (Rxm`:( ZXI) 82==+ :6> r+ 3 82 jg+ &Ko|!+

=222 lv+AZHK 1061100&>06!&21>+>!

:>0+5 Nxlr~|i emgaiala+ Nxlr~ lxlna~mx

8=:+Jon|i emgaiala mi Xlr|hiajaa Goinoum 4 k jokeoxga~m~l j| |i~aglil gonaeajxa ajogri+ nak GO mi Xlr+ Goinoum+ Jf+ 4 (Rxm`:( ZXI) 82==+ 0+5&>06!&21>+>!

:>0+0 Nxlr~ joglxjami

8=>+@mzrlxaka) Km~fmialIl`azimam a roia~ajail k noglka|i zojal~aiox joglxjamil+ Mxgokatmxlm il`azimala Xlr|

hiajaa Goinoum j| z~mknmxnlil \L / Km~fmial @mzrlxaka 3 ~xmn+ Snak lk`i+W4 Uimnazimu Zraxiajlkjo 3AHE Ak~lxk+ Jokz|i~ak` ak jokzox~a|g pa~f NGA) AXT) Kagazgm) AKJOG Sl~ mi+W+ Jf+ 4(Roiajoiox( ZXI) 82==+ 808 r+ 4 zjflgl) ~mh+ 3 8= jg+ &Zl~|i nl `fan|xa j| rxauaxl im mxgokatmxlm il`azimala zlj~oxamil / zlxal ln+4 L|`lkl Z~|mx~!+

Hahiao`x+4 r+ 822 lv+

AZHK 106110=1=:2+S82==:62W+ =+ Zojal~a joglxjamil Il`azimal+

:>0+0:4::>&>06!

8= r+ 4 ea`+) ~mh+ 3 8= jg+ &Zlj~oxmi imp mrrxovagm~aok `|anliaklz zlxalz / zlxalz ln+4 L|`lkl Z~|mx~!+

Hahiao`x+4 r+ 8 &R+ 8+ &=0> ~a~+! a k ko~lil nl z|hzoi+ Mrmxl j| zrxadak|i eakmkjamx mi \ka|kaa L|xorlkl+

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13/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

=:

82==+ =18 3 =6> r+ 4 ~mh+ 3 82 jg+ &Zl~|i nl `fan|xa j| rxauaxl im mxgokatmxlm il`azimalazlj~oxamil!+

^a~+) ~lv~ rmxmi+4 ih+ xog+) x|z+ Hahiao`x+4 r+ =61=1=) =6:=6> a k ko~lil nl z|hzoi+ Rm`akmal rmxmi+ Jmx~lumil~ &((!+ Mrmxl j| zrxadak|i eakmkjamx mi \ka|kaa L|xo

rlkl+ 0+0:4::57=:22 lv+AZHK 106110=1=8:+S82==:01W+ =+ ^xmkzrox~ Il`azimal+

:>0+05:4506!

8=6+ Anlg k ih lk`i+ 4 ^xmkzrox~ imp mkn roiajq+ Imp mrrxovagm~aok ~o L\ z~mknmxnz ak~fl Xlr|hiaj oe Goinoum+ Jf+ 4 (Roiajoiox( ZXI) 82=2+ :2> r+ 4 ~mh+ 3 8= jg+ &Zlj~oxmiimp mrrxovagm~aok `|anliaklz zlxalz / zlxalz ln+4 L|`lkl Z~|mx~!+

Hahiao`x+4 r+ 816:28 a k ko~lil nl z|hzoi+ Mrmxl j| zrxadak|i eakmkjamx mi \ka|kaa L|xorlkl+ ) ==5< a k ko~lil nl z|hzoi+ Rm`akmal rmxmi+ Jmx~lumil~ &((!+ Mrmxl j| zrxadak|i eakmkjamx mi \ka|kaa L|xorlkl+ 0+04::1+1&>06!7=:

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14/183

Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

=>

4 4 & + + +! / + + 4 Rok~oz) 82== &(^aro`x+ Xljimgm( ZM!+ =:=>1 &=:= ~a~+! a k ko~lil nl z|hzoi+ :=>1 &=:= ~a~+! a k ko~lil nl z|hzoi+ 5

:>1 Xmg|xa zrljamil mil nxlr~|i|a

:>1+5 Nxlr~|i ojxo~axaa km~|xaa a mi glna|i|a kjokd|x~ox

88:+Fopmxn) HxlnmIl`azimam a roia~ajail k noglka|i rxo~ljala glna|i|a+ Mxgokatmxlm il`azimala Xlr|hiajaa

Goinoum j| z~mknmxnlil \L / Hxlnm Fopmxn) I|ngaim @oegmk 3 AHE Ak~lxk+ Jokz|i~ak` akjoki|jxmxl j| NGA) AXT) Kogazgm) AKJOG a Akz~+ nl Roia~aja R|hiajl+ Jf+ 4 (Roiajoiox( ZXI)82=2+ :62 r+ 4 ~mh+ 3 8= jg+ &Zlxam nl `fan|xa rxauakn mxgokatmxlm il`azimala zlj~oxamil / ln+

zlxala4 L|`lkl Z~|mx~!+Hahiao`x+4 r+ :0::01 a k ko~lil nl z|hzoi+ Mrmxl j| zrxadak|i eakmkjamx mi \ka|kaa L|xorlkl+ r+ 4 ~mh+ 3 8=jg+ &Zlj~oxmi imp mrrxovagm~aok `|anliaklz zlxalz / zlxalz ln+4 L|`lkl Z~|mx~!+

Hahiao`x+4 r+ : a k ko~lil nl z|hzoi+ Mrmxl j| zrxadak|i eakmkjamx mi \ka|kaa L|xorlkl+

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15/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

=06!

888=>> &:: ~a~+! a k ko~lil nl z|hzoi+ 8Oi`m Rl~xmjfl) Ua~mial Jaohmk| 3 jok~xah|aa noj+4 Zlx`a| G|k~lmk| Sl~ mi+W 3 G|tl|i Mxgm~laKm+) Jlk~x|i nl Z~|naa Z~xm~l`ajl nl Mrxmxl a Zlj|xa~m~l+ Jf+ 4 G|tl|i Mxgm~la Km+) 82=2&^aro`x+ (Hokz Oeeajlz( ZXI!+ 8:1 r+ 4 eo~+) ~mh+ 3 8> jg+

^lv~ rmxami+4 ih+ x|z+ Hahiao`x+ k ko~lil nl z|hzoi+ Akn+ nl k|gl4 r+ 8:

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16/183

Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

=5

AZHK 106110+S82==:0:W+ =+ Oz~ma hmzmxmhlka) =1=0=1=6 Az~oxal+

:06!&21=!&218!

881+N|ga~xm) U+Rxl`~axlm gaia~mx 4 &gm~lxami nanmj~aj! / U+ N|ga~xm) E+ X|zz| 3 \kau+ nl Z~m~ nl Glna

jak a Emxgmjal (Kajoiml ^lz~lgamk|() Jm~lnxm Glnajak Gaia~mx a Lv~xlgmi+ Jf+ 4 JLR(Glnajakm() 82==+ 56 r+ 4 ea`+ 3 8= jg+

Hahiao`x+4 r+ 58&21>!

:0LN\JMAL+KUGK^+AKZ^X\AXL+^AGR IAHLX

:0+2 ^ar|xa a rxakjaraa e|knmglk~mil nl ln|jmal8:8+Rlnm`o`al 4 Z|rox~ nl j|xz / m|~+4 O~aiam Nmknmxm) Zul~imkm Jokz~mk~akou) Iam

Zjiaeoz Sl~ mi+W 3 jooxn+4 O~aiam Nmknmxm 3 \kau+ nl Z~m~ nak Goinoum) Emj+ Rzafoio`al a ~aaklmil Ln|jmala) Jm~lnxm ~aakl mil Ln|jmala+ Ln+ m 8m+ Jf+ 4 JLR \ZG) 82=2+ 881) S=W r+4 ea`+) zjflgl) ~mh+ 3 8< jg+ &~aakl mil ln|jmala!+

M|~+ z|k~ aknajma rl uz+ e+ nl ~a~+ Hahiao`x+ im zexa~|i mx~+ :22 lv+AZHK 106110

7/23/2019 BNM 2011-2

17/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

=0

8::+ 4 + + + 4 @fannl agrilglk~mxl m j|xxaj|i|g|i|a gonlxkatm~ rlk~x| ~xlmr~m iajlmi / ) ) S +W 3 ~xmn+ Snak xog+W4 Zul~imkm Rxojor 3 Gak+ Ln|jmalami Xlr+ Goinum) Rxoalj~|i Ln|jmal nl jmia~m~l k glna|i x|xmi nak Xlr+ Goinoum+ Jf+ 4 Jmx~a

lx) 82=2 &E+E+R+ (^aro`x+ Jlk~xmi(!+ =>> r+ 4 ea`+) ~mh+ 3 8> jg+ &Joiljam (Jmx~alx ln|jmaokmi( / jooxn+ nl Iaiamkm Kajoimlzj|Okoexla!+M|~+ z|k~ aknajma rl uz+ e+ nl ~a~+ Hahiao`x+4 r+ =>8=>> &5= ~a~+!+ Mrmxl j| zrxadak|i ea

kmkjamx mi Hkjaa Goknamil+ 5=2 lv+AZHK 1061108W+ =+ Ln|jmal jauaj Gl~onajm rxlnxaa &x|z!+

:0+2=+Mk~okou) MimIagha z~xakl AA 4 @fan nl agrilglk~mxl m j|xxaj|i|g|i|a gonlxkatm~ rlk~x| ~xlmr~m iajlm

i / Mim Mk~okou 3 Gak+ Ln|jmala mi Xlr+ Goinoum) Rxoalj~|i Ln|jmal nl jmia~m~l k glna|ix|xmi nak Xlr+ Goinoum+ Jf+ 4 Jmx~alx) 82=2 &E+L+R+ (^aro`x+ Jlk~xmi(!+ ==5 r+ 4 ea`+) ~mh+ 38> jg+ &Joiljam (Jmx~alx Ln|jmaokmi( / jooxn+ nl Iaiamkm Kajoimlzj|Okoexla!+

M|~+ lz~l aknajm~ rl uz+ e+ nl ~a~+ ^lv~ rmxami4 ih+ lk`i+) ex+) `lxg+ Hahiao`x+4 r+ ==5 &8:~a~+!+ Mrmxl j| zrxadak|i eakmkjamx mi Hkjaa Goknamil+ =>82 lv+

AZHK 106110546=='8>:

8: jg+ &Joiljam (Jmx~alx ln|jmaokmi( / jooxn+ nl Iaiamkm Kajoimlzj|Okoexla!+

M|~+ lz~l aknajm~ rl uz+ e+ nl ~a~+ ^lv~ rmxami4 ih+ lk`i+) ex+) `lxg+ Hahiao`x+4 r+ =86 &8:~a~+!+ Mrmxl j| zrxadak|i eakmkjamx mi Hkjaa Goknamil+

7/23/2019 BNM 2011-2

18/183

Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

=6

:0+2=5+2>54S6==+=: r+ 4 ~mh+ 3 8> jg+ &Joiljam (Jmx~alx Ln|jmaokmi( / jooxn+ nl Iaiamkm Kajoimlzj|Okoexla!+

M|~+ z|k~ aknajma rl uz+ e+ nl ~a~+ Hahiao`x+4 r+ =2> &88 ~a~+!+ Mrmxl j| zrxadak|i eakmkjamxmi Hkjaa Goknamil+ jg+ &Joiljam (Jmx~alx Ln|jmaokmi( / jooxn+ nl Iaiamkm Kajoimlzj|Okoexla!+

M|~+ z|k~ aknajma rl uz+ e+ nl ~a~+ Hahiao`x+4 r+ =26==2 &51 ~a~+!+ Mrmxl j| zrxadak|i eakmkjamx mi Hkjaa Goknamil+ ==2 lv+

AZHK 10611054S6==+

7/23/2019 BNM 2011-2

19/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

=1

nak Xlr+ Goinoum+ Jf+ 4 Jmx~alx) 82=2 &E+L+R+ (^aro`x+ Jlk~xmi(!+ =22 r+ 4 ea`+) ~mh+ 3 8>jg+ &Joiljam (Jmx~alx ln|jmaokmi( / jooxn+ nl Iaiamkm Kajoimlzj|Okoexla!+

M|~+ lz~l aknajm~ rl uz+ e+ nl ~a~+ Hahiao`x+4 r+ =22 &8= ~a~+!+ Mrmxl j| zrxadak|i eakmkjamxmi Hkjaa Goknamil+ =>02 lv+

AZHK 1061108+ Anlg k ih+ x|z 4 4 + + + 4 @fan nl agrilglk~mxl m j|xxaj|i|g|i|a gonlxkatm~ rlk~x| ~xlmr~m iajlmi / ~xmn+Snak xog+W4 Rmkeai Zmum+ Jf+ 4 Jmx~alx) 82=2 &E+L+R+ (^aro`x+ Jlk~xmi(!+ ==1 r+ 4 ea`+) ~mh+ 38> jg+ &Joiljam (Jmx~alx ln|jmaokmi( / jooxn+ nl Iaiamkm Kajoimlzj|Okoexla!+

M|~+ lz~l aknajm~ rl uz+ e+ nl ~a~+ Hahiao`x+4 r+ ==1 &8= ~a~+!+ Mrmxl j| zrxadak|i eakmkjamxmi Hkjaa Goknamil+ 5=2 lv+

AZHK 10611054015/011

8>:+R|aj) LiatmLn|jmam rimz~aj 4 ^lfkaja nl mx~ / Liatm R|aj) Takmanm \xz| 3 raj~+4 Zaiuam G|xm) Axakm

Me~lka+ Jf+ 4 (Roia`xmeNlza`k( ZXI) 82=2+ :2 eal 4 ai+ joiox 3 :< v >0 jg+=22 lv+AZHK 106110==6540:/0>+R|aj'Umzaimjfl) Liatmhl~mMHJ|i iaghmd|i|a rimz~aj 4 Gm~lxami nanmj~aj / Liatmhl~m R|ajUmzaimjfl) Takmanm \xz|+

Jf+ 4 (Roia`xmeNlza`k( ZXI) 82==+ :2 eal 4 ai+ joiox 3 :< v >0 jg+=22 lv+AZHK 106110+S82==:8:W+ =+ Ln|jmal rimz~aj Gl~onajm rxlnxaa+

:0+2=5+2>540:/0 jg+ &Joiljam (Jmx~alx Ln|jmaokmi( / jooxn+ nl IaiamkmKajoimlzj|Okoexla!+

M|~+ z|k~ aknajma rl uz+ e+ nl ~a~+ Hahiao`x+4 r+ =85 &=8 ~a~+!+ Mrmxl j| zrxadak|i eakmkjamxmi Hkjaa Goknamil+ ==2 lv+

AZHK 106110

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Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

82

=+ Iaghm h|i`mx Gl~onajm rxlnxaa &h|i`+!+ 8+ Ia~lxm~|x h|i`mx Gl~onajm rxlnxaa&h|i`+!+

:0+2=5+2>54S6==+=5:+8#68=+=5:+8+21W

8>5+oum) GaxjlmLn|jmal eataj joimx 4 &Mj~aua~m~l gl~onaj a r|hiajaz~aj! / Gaxjlm oum+ Jf+ 4 A|iamk

&(Lna~Rxlz~( ZXI!) 82==+ =1= r+ 4 eo~+ joiox 3 82 jg+Hahiao`x+4 r+ =61 &=5 ~a~+!+ Mrmxl j| zrxadak|i eakmkjamx mi ni+ Zaxlmk| @flox`fl @xa`oxl+

822 lv+AZHK 106110=:1654015/011

8>0+) 4 + + + 4 @fan nl agrilglk~mxl m

j|xxaj|i|g|i|a gonlxkatm~ rlk~x| ~xlmr~m iajlmi / ) ) 3 ~xmn+ Snak xog+W4 Aok Mjfaxa 3 Gak+ Ln|jmala mi Xlr+ Goinoum) Rxoalj~|i Ln|jmalnl jmia~m~l k glna|i x|xmi nak Xlr+ Goinoum+ + 4 Jmx~alx) 82=2 &E+L+R+ (^aro`x+ Jlk~xmi(!+ =8: r+ 4 ea`+) ~mh+ 3 8> jg+ &Joiljam (Jmx~alx Ln|jmaokmi( / jooxn+ nl Iaiamkm Kajoimlzj|Okoexla!+

M|~+ z|k~ aknajma rl uz+ e+ nl ~a~+ Hahiao`x+4 r+ =8: &85 ~a~+!+ Mrmxl j| zrxadak|i eakmkjamxmi Hkjaa Goknamil+ 0=2 lv+

AZHK 106110546+) 4 + + + 4 @fan nl agrilglk~mxl m j|x

xaj|i|g|i|a gonlxkatm~ rlk~x| ~xlmr~m iajlmi / 3 ~xmn+ Snak xog+W4 Iaiamkm Jlroa 3Gak+ Ln|jmala mi Xlr+ Goinoum) Rxoalj~|i Ln|jmal nl jmia~m~l k glna|i x|xmi nak Xlr+ Goinoum+ Jf+ 4 Jmx~alx) 82=2 &E+L+R+ (^aro`x+ Jlk~xmi(!+ ==< r+ 4 ea`+) ~mh+ 3 8> jg+ &Joiljam(Jmx~alx Ln|jmaokmi( / jooxn+ nl Iaiamkm Kajoimlzj|Okoexla!+

M|~+ lz~l aknajm~ rl uz+ e+ nl ~a~+ Hahiao`x+4 r+ ==< &=6 ~a~+!+ Mrmxl j| zrxadak|i eakmkjamxmi Hkjaa Goknamil+ =>82 lv+

AZHK 106110>+S82==8>>W+ =+ Haoio`al Gl~onajm rxlnxaa &x|z!+

:0+2=5+2>541+) a 4

a 4 @fan nl agrilglk~mxl m j|xxaj|i|g|i|a gonlxkatm~ rlk~x| ~xlmr~m iajlmi / ) aa 3 Gak+ Ln|jmala mi Xlr+ Goinoum) Rxoalj~|i Ln|jmalnl jmia~m~l k glna|i x|xmi nak Xlr+ Goinoum+ Jf+ 4 Jmx~alx) 82=2 &E+L+R+ (^aro`x+ Jlk~xmi(!+ =>0 r+ 4 ea`+) ~mh+ 3 8> jg+ &Joiljam (Jmx~alx ln|jmaokmi( / jooxn+ nl Iaiamkm Kajoimlzj|

Okoexla!+

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

8=

M|~+ z|k~ aknajma rl uz+ e+ nl ~a~+ Hahiao`x+4 r+ =>0 a k ko~lil nl z|hzoi+ Mrmxl j|zrxadak|i eakmkjamx mi Hkjaa Goknamil+ ==2 lv+

AZHK 106110 jg+ &Joiljam (Jmx~alx ln|jmaokmi( /jooxn+ nl Iaiamkm Kajoimlzj|Okoexla!+

M|~+ z|k~ aknajma rl uz+ e+ nl ~a~+ Hahiao`x+4 r+ =8> &=< ~a~+!+ Mrmxl j| zrxadak|i eakmkjamxmi Hkjaa Goknamil+

7/23/2019 BNM 2011-2

22/183

Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

88

8 jg+ &Joiljam (Jmx~alx Ln|jmaokmi( / jooxn+nl Iaiamkm Kajoimlzj|Okoexla!+M|~+ z|k~ aknajma rl uz+ e+ nl ~a~+ Hahiao`x+4 r+ =:==:8 &:< ~a~+!+ Mrmxl j| zrxadak|i ea

kmkjamx mi Hkjaa Goknamil+ 5=2 lv+AZHK 1061100 r+ 4 ea`+) ~mh+ 38> jg+ &Joiljam (Jmx~alx ln|jmaokmi( / jooxn+ nl Iaiamkm Kajoimlzj|Okoexla!+

M|~+ z|k~ aknajma rl uz+ e+ nl ~a~+ Hahiao`x+4 r+ =>0 &541>

:0+21= Ox`mkatmxlm zaz~lg|i|a nl ln|jmal a kugk~+ Ox`mkatmxl joimx

8 &=:< ~a~+!+ 61+AZHK 106110=>261 &lxokm~ aknajm~ nl j~xl ~aro`x+!+S82==::>W+ =+ Eoxgmxlm rxoelzoxaiox Akeoxgm~aj+

:0+21=422>

8

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

8:

8

k+) 8220 &^aro`x+ (Umiaklv( ZXI!+ =6W+ =+ Iajl|i ^loxl~aj (Aok Jxlmk`( nak Jfaak|+

:0+21=&>068

8

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24/183

Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

8>

=+ Ln|jmal ak~lilj~|mi Doj|i nl mf+:0:+:401>

858+J|xxaj|i|g joimx 4 ji+ => / Gak+ Ln|jmala mi Xlr+ Goinoum+ Jf+ 4 Z+ k+) 82=2&E+L+R+ (^aro`x+ Jlk~xmi(!+ 8>> r+ 4 ~mh+ 3 8> jg+ &J|xxaj|i|g kmaokmi!+

Hahiao`x+4 r+ 8>> &82 ~a~+!+ 5222 lv+AZHK 106110W+ =+ Ln|jmal rxljoimx ~aaklil km~|xaa+

:0:+84+Dlilzj|) Rl~x|Domj~l a nlzjorlx i|glm jmxl ~l kjokdomx 4 `x|rm glnal / Rl~x| Dlilzj|) Xmazm

Dlilzj|+ Jf+ 4 (Roia`xmeNlza`k( ZXI) 82=2+ :8 r+ 4 nlz+) ai+ joiox 3 86 jg+J| zlgk nl jmx~l+ E+ e+ nl ~a~+ =222 lv+AZHK 106110==6:0+S82==885W+

=+ Ln|jmal rxljoimx ~aaklil km~|xaa+ :0:+842 r+ 4 ai+ joiox 3 86 jg+

E+ e+ nl ~a~+ :222 lv+AZHK 10611086+

S82==:85W+ =+ Gm~lgm~aj ^lz~l+2 r+ 4 ai+ joiox 3 86 jg+E+ e+ nl ~a~+ :222 lv+AZHK 106110:8+S82==:86W+ =+ Gm~lgm~aj ^lz~l+

m 4 Lumi|xa / Ia|hm Rma|) Ulxm ^xahoa+ Jf+ 4 (Roia`xmeNlza`k( ZXI)

82=2+ >2 r+ 4 ea`+) ~mh+ 3 81 jg+J| zlgk nl jmx~l+ E+ e+ nl ~a~+ :222 lv+AZHK 106110W+ =+ Gm~lgm~aj ^lz~l+

jg+

:222 lv+AZHK 106110

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28/183

Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

86

S82==8>1W+ =+ Gm~lgm~aj ^lz~l+

+ Mrmxl j| zrxadak|i eakmkjamx mi Eokn|i|a Ljoio`aj Km+ =222 lv+AZHK 10611001 &k jor+ ~mxl!+S82==:+Nlna|) Aok A+Lkjajiorlnal nl ljoio`al / Aok A+ Nlna| 3 xle+ ~+4 Kajoiml Ho~kmxa|j) Milvmknx| Ja|ho~mx|)

@flox`fl G|z~m 3 Mjmn+ nl ~aakl m Goinoula) Akz~+ nl Ljoio`al a @lo`x+) Mjmn+ Omglkaiox nl ~aak nak Xogkam Sl~ miW+ Jf+ 4 +L+R+ (~aakm() 82=2 &^aro`x+ (Zlxlham( ZXI!+ 6:>S8W r+ 3 :2 jg+

Mrmxl j| z|rox~|i eakmkjamx mi Eokn|i|a Ljoio`aj Km+ =222 lv+AZHK 10611052HAO^LFKOIO@AL

865+Ilmk|) GafmaHao~lfkoio`aa jimzajl a gonlxkl 4 &Ko~l nl j|xz! / Gafma Ilmk|) Mk`lim Iotmk 3 Gak+

Glna|i|a) \kau+ nl Z~m~ nak Goinoum+ Jf+ 4 (Lna~lxxm Rxag( ZXI) 82=2 &E+L+R+ (^aro`x+ Jlk

~xmi(!+ =55 r+ 4 ea`+) ~mh+ 3 82 jg+

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

81

Hahiao`x+4 r+ =55 &=1 ~a~+!+ Mrmxl j| zrxadak|i eakmkjamx mi Eokn|i|a @iohmi nl Glna|+ :+S82==808W+

=+ Hao~lfkoio`aa+ 52&2006!&268!7=: 4 Rxohilgl jiakajojfax|x`ajmil 7 JiakajoZ|x`ajmi Rxohilgz+ 82=2+ r+4 ea`+) ~mh+ ^a~+) ~lv~l4 ih+ xog+) lk`i+ Xlt+4 ih+ xog+) lk`i+ Hahiao`x+ im zexa~|i mx~+ =82 lv+ AZHK 106110=:>86+ S82==:2:W+

=+ \kaulxza~m~lm nl Z~m~ nl Glnajak a Emxgmjal (Kajoiml ^lz~lgamk|(nak Xlr|hiajm Goinoum Mkmil &xog+) lk`i+!+

5=5/5=04:06+55=&>06!&268!7=:

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Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

:2

5=5 Rm~oio`al+ Glnajak jiakaj

818+J|xz nl iljaa im Rlnam~xal / joilj~au|i nl m|~+4 I|ngaim Jlxlgrla) Lilkm J|jalx|)Mim Gmkoimjfl Sl~ mi+W 3 Joil`a|i Km+ nl Glnajak a Emxgmjal+ SLn+ m 8mW+ Jf+ 4 Z+ k+)82=2 &E+L+R+ (^aro`x+ Jlk~xmi(!+ :60 r+ 4 ea`+) ~mh+ 3 8< jg+

Rl jor+ z|k~ aknajma k|gma rxagaa 8 m|~+ Hahiao`x+4 r+ :05 &>1 ~a~+!+ >22 lv+AZHK 106110

Hahiao`x+ im zexa~|i rmxm`xmeliox+ =

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

:=

S82==816W+ =+ Gmknah|i Exmj~|xa+

5=5+0=5+>22=+5=6 @akljoio`al+ Ohz~l~xaj

810+Jmxnmka|j) JoxakmGl~fonz oe akulz~a`m~aok ak `qkljoio`q / Joxakm Jmxnmka|j) Z~liamk Fonoxo`lm 3 Z~m~l

\kau+ oe Glnajakl mkn Rfmxgmjq Kajoiml ^lz~lgamk| 3 Nlr+ oe Ohz~l~xajz mkn @qkljoio`q+ Jf+ 4 JLR (Glnajakm() 82==+ :0) S=W r+ 4 ea`+) ~mh+ 3 8= jg+

Hahiao`x+4 r+ :0:6 &=5 ~a~+!+ :2 lv+AZHK 106110 r+ 4 ea`+ 3 82 jg+

Hahiao`x+4 r+ =>> &0 ~a~+!+ =22 lv+S82==:

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32/183

Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

:8

5:M@XAJ\I^\X+^AAKL A RXOJLNLL KX\NA^L+ZAIUAJ\I^\X+LVRIOM^XA M@XAJO'

IL A MIL UALAA ZIHM^AJL

5:=/5:6 M`xaj|i~|x

5:= M`xaj|i~|x k `lklxmi

5:=+: Gmaka m`xajoil+ Ljfarmglk~ a |~aimdl m`xajoil

:22+) + + 4 ) ) 4 & 62

+ ++! / + + ) + + 3 + ++ 4 ) 82=2+

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

::

AZHK 106110

7/23/2019 BNM 2011-2

34/183

Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

:>

5+ S82==:6

7/23/2019 BNM 2011-2

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

:06!&2:5!7=: jg+ AZHK 106110

7/23/2019 BNM 2011-2

36/183

Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

:5

=+ G|taj joxmi+ 8+ Ia~lxm~|x xogk nak Xlr|hiajm Goinoum Ulxz|xa glionajl+ :+Ualx|) @xa`oxl) =1:622=20>+AZHK 1061106=>6: &

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

:0

AZHK 106110=5:0 r+ 3 :2 jg+=22 lv+AZHK 106110+S82==:

7/23/2019 BNM 2011-2

38/183

Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

:6

Iaghm a ia~lxm~|xm xogk 4 Lumi|xa eoxgm~aul4 =2 ~lz~l rlk~x| ko~m =2 4 @agkmta|g 4ji+ m 0m / ^m~amkm Jmx~milmk|) Oi`m Jozoumk) Mnxamk @fajou+ Jf+ 4 Z+ k+) 82== &^aro`x+(Zlxlham( ZXI!+ 80) S=W r+ 3 82 jg+ &Akua~mal im z|jjlz!+

:222 lv+

AZHK 106110=5028+S82==81=W+ =+ Iaghm xogk ^lz~l+ 8+ Ia~lxm~|x xogk ^lz~l+

6==+=:W+ =+ Iaghm xogk ^lz~l+ 8+ Ia~lxm~|x xogk ^lz~l+

6==+=:

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

:1

Iaghm Xogk 4 Z|rox~ nanmj~aj rlk~x| mioiak`ua / ^mgmxm R|xajl) Gafmai R|xajl+ Jf+ 4Z+ k+) 82=2 &E+L+R+ (^aro`x+ Jlk~xmi(!+ 8 jg+

^lv~ rmxami4 ih+ x|z+ @iozmx4 r+ 8828

7/23/2019 BNM 2011-2

40/183

Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

>2

S82==811W+ =+ Ia~lxm~|x xogk nak Xlr|hiajm Goinoum Roltal+

68=+=:06!= Mknxa|

:::+Hxktm) NmkaliJlum jl rmxj k| lvaz~ 4 Sulxz|xaW / Nmkali Hxktm+ Jf+ 4 (Rxm`:( ZXI) 82==+ >6 r+ 3

== v 82 jg+822 lv+AZHK 106110+Jmx~lm ilmj rlk~x| z|eil~ 4 &Il`lknl a rmxmhoil! / jooxn+4 Lilkm Glikaj 3 jokjlram `xme+4 Jxaz~akm mroumiou) Uaoxajm Hxlzjo+ Jf+ 4 (Rxm`:( ZXI) 82==+ jg+

:222 lv+AZHK 106110:4:16+88

::

7/23/2019 BNM 2011-2

41/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

>=

::6+Eioxlm) Kajoimla koxoj|i gam eoz~ i|glm 4 ulxz|xa / Kajoiml Eioxlm 3 rxle+4 @miakm E|xn|a+ Jf+ 4

Rok~oz) 82== &(^aro`x+ Xljimgm( ZM!+ =82 r+ 3 82 jg+822 lv+

AZHK 1061106 r+ 4 nlz+ 3 =: v 8= jg+ &Nlh|~!+822 lv+AZHK 10611006! Ia~lxm~|x x|z nak Xlr|hiajm Goinoum

:>=+) 4 / + C+ 4 (AkulxzamN|h( ZXI) 82=2+

:06!:

:>8+) ) 4 4 S 8 +W / + +

4 + +) 82== &E+L+R+ (^aro`x+ Jlk~xmi(!+ 82 jg+ AZHK 106110

7/23/2019 BNM 2011-2

42/183

Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

>8

68=+:+) + + &!( (+ ( ( 4 &+ + ! / + +

&!+ + 4 (Mjogln ri|z( ZXI) 82=2+ 88 jg+ AZHK 106110>+Joioxg pakcz 4 Sjmx~l nl joioxm~W / nlza`k a ai+4 Zagaok Jomn+ Jf+ 4 (HokzOeeajlz( ZXI) 82==+ S82W r+ 4 ai+ joiox 3 8> jg+ &Rxauag a joioxg!+

E+ e+ nl ~a~+ :

7/23/2019 BNM 2011-2

43/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

>:

Amxhm a k`lxaa la 4 Roltaa rlk~x| jla jl uox z jxlmzj j| jmx~lm gxajla / Aok Um~mgmk|3 jokjlr~ a zli+4 Lilkm J|xajflx|Um~mgmk| 3 k`xadaxl ~lv~4 Gmxamkm Um~mgmk|Jaojmk|)Ilok~akm Um~gmkm|Gx`aklmk| 3 ai+4 Gafmlim Um~mgmk| 3 jor+4 Gafmlim Um~mgmk|) KajoimlZ|zmk|+ Jf+ 4 (Hokz Oeeajlz( ZXI) 82==+ =25) S8W r+ 4 ai+ joiox 3 8< jg+

Mrmxl j| zrxadak|i eakmkjamx mi OPF Z~|nao+ =222 lv+AZHK 106110:=6 &k jor+ ~mxl!+S82==:0>W+ =+ Ia~lxm~|x xogk nak Xlr|hiajm Goinoum rlk~x| joraa Roltal+

68=+=:06!1: Um~mgmk|

68=+

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Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

>>

1 @LO@XMEAL+ HAO@XMEAA+ AZ^OXAL

181 ~aakl hao`xmeajl a kx|na~l

:AZ^OXAL @LKLXMI+AZ^OXAL \KAULXZMI1>&=22! Az~oxal |kaulxzmi

:0 jg+

=22 lv+AZHK 106110&=22!(218(&218!&205!:+Umxamk~l nl lzl|xa im az~oxal 4 akji|zau rlk~x| lvmglklil nl hmjmim|xlm~ / m| jok

~xah|a~4 Zul~imkm Km`xaklmj) I|ngaim Johim+ Jf+ 4 (^loLn|jmaokmi( ZXI) 82== &^aro`x+(Hokz Oeeajlz( ZXI!+ 62 r+ 3 8= jg+

Hahiao`x+4 r+ 62 &8< ~a~+!+ &>=/11! Az~oxam aknauan|mi m naelxa~liox xa) + + + Ulta Kx :&>06! Az~oxam Xlr|hiajaa Goinoum

:6> r+ 4 ~mh+ 3 8: jg+

M|~+ lz~l aknajm~ rl uz+ e+ nl ~a~+ ^a~+) ~lv~ rmxmi+4 ih+ xog+) x|z+ Hahiao`x+ k ko~lil nlz|hzoi+ Akn+ nl k|gl4 r+ >56>+ 1+

7/23/2019 BNM 2011-2

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

>&>06!7=:&>06!

:0! 4 Sgoko`xmealW / Kmtmxam Zlx`a|) Z~lrmka|j Uaj~ox 3 xln+ ~+ Roiaul Uimnagax 3 jokz|i~mk~ H|xamk Milvmknx| 3 jor+4 Amxozumi Oiaakj 3 Jlk~x|i nl Mkmiat Z~xm~l`aj arxo`kot (Lz~Ulz~( nak Xlr+ Goinoum) Mzoj+ Az~oxajaiox a Roia~oio`aiox (RxoGoinoum(+ Jf+ 4Z+ k+) 82=2 &E+L+R+ (^aro`x+ Jlk~xmi(!+ :1= r+ 3 8< jg+

Hahiao`x+4 r+ :5>:1= a k ko~lil nl z|hzoi+ Mrmxl j| zrxadak|i eakmkjamx mi Eoknmala( ( &X|zam!) Mghmzmnla Elnlxmala X|zl k Xlr+ Goinoum) Jog|ka~aaluxlal~a nak Goinoum Sl~ mi+W+ 8222 lv+

AZHK 106110&>06!(=1=0=1>0(

:==1>< + W 4 ) )) / + + + + 4 Jmx~lm Goinoula) 8221 &^aro`x+ (RxoRxak~Glz~lx(ZXI!+ 06> r+ 4 emjz+) eo~+) eo~+ joiox 3 :2 jg+

Hahiao`x+ k ko~l im zexa~|i mx~+ a k ko~lil nl z|hzoi+ + + + ) ) + S +W+ 8222 lv+

AZHK 106110= &k jor+ ~mxl!+S82==:=0W+ =+ Mi noailm xthoa goknami =1>==1>< Az~oxal &x|z!+

1>&>06!#1>&>0#=/=1>>(&21>!

:22 lv+

AZHK 106110

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Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

>5

=+ Zmnouol Zm~l G|kajara|i Hia Xlr|hiajm Goinoum Az~oxal &xog+) x|z!+1>&>0688!7=5=+=7=:&7>==+=5! Az~oxam luxlaiox

:52+Nx|) HoxazZ|h Z~lm|m i|a Nmuan) j| N|gkltl| 4 Saz~oxam luxlaiox) ulxz|xa) roulz~axa) ralzlW / Hoxaz

Nx|+ Ln+ m 8m+ Jf+ 4 (Rxak~Jmxo( ZXI) 82==+ 08+>&>06!&2>:+8!

:58+ Anlg k ih+ x|z 4 ) 4 +4 =8+22+28 + &! 3 + 4 + + + + + 4 Jlk~x|i ln+ mi \MZG) 82==+ :2) S=W r+ 3 8= jg+

Hahiao`x+4 r+ 88+>&>06!&2>:+8!

:5:+Hliohxou) Mk`limLelj~lil eakmkjamxl mil ga`xmala lv~lxkl m eoxla nl g|kj nak Xlr|hiajm Goinoum 4

Zrlj+ 26+22+=2 Eakmkl3 gokln3 jxlna~ 4 M|~oxle+ mi ~t+ nl noj~+ k ljok+ / Hliohxou Mk`lim 3Mjmn+ nl Z~|naa Ljokogajl nak Goinoum+ Jf+ 4 Z+ k+) 82== &^aro`x+ Nlr+ Ln+Roia`x+ miMZLG!+ 81) S=W r+ 4 ea`+) ~mh+ 3 8= jg+

Hahiao`x+4 r+ 8:+8!

:5>+N|ga~x|) JmxoiakmJoknaaa rlnm`o`ajl mil kuxaa rxak joorlxmxl m liluaiox nak kugk~|i rxagmx &iaghm

lk`ilt! 4 Zrlj+ =:+22+28 ^loxam a gl~onoio`am akz~x|axaa &ih+ lk`i+! 4 M|~oxle+ ~t+ nl noj~+ krlnm`o`al / N|ga~x| Jmxoiakm 3 \kau+ Rlnm`o`aj nl Z~m~ (Aok Jxlmk`( nak Jfaak|+ Jf+ 4(Rxaglv Jog( ZXI) 82==+ 81 r+ 4 ea`+) ~mh+ 3 8= jg+

Hahiao`x+4 r+ 8:8< &>= ~a~+!+ >2 lv+

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

>0

S82===> ^ltlW+6==+===4:0:+:&2>:+8!

:5 &1 ~a~+ nl i|jxxa mil m|~+!+ :2 lv+S82===2 ^ltlW+

545:+8!

:55+@flxj|) GmxakGmkm`lglk~|i nltuoi~xaa zlxuajaaiox eazjmil k Xogkam a Xlr|hiajm Goinoum 4 Zrlj+

26+22+2< Ljok+ a gmkm`lglk~ &k m`xaj|i~|x! 4 M|~oxle+ mi ~t+ nl noj~+ k ljok+ / @flxj|Gmxak 3 \kau+ M`xmx nl Z~m~ nak Goinoum+ Jf+ 4 Z+ k+) 82==+ :2 r+ 4 ea`+) ~mh+ 3 8= jg+

Hahiao`x+4 r+ 85 &== ~a~+ nl i|jxxa mil m|~+!+S82==1 ^ltlW+

::5+8+280&>16#>06!&2>:+8!

:50+Imuxlk~l) AxakmJlxmgajm jok~lgroxmk nak Xlr|hiajm Goinoum 4 =0+22+2> Mx~l uat|mil+ Mx~ rimz~aj)

nljoxm~au) mriajm~ 4 M|~oxle+ ~t+ nl noj~+ k z~|na|i mx~liox / Imuxlk~l Axakm 3 Mjmn+ nl ~aakl mGoinoula) Akz~+ Rm~xagoka|i|a J|i~|xmi) Jlk~x|i Z~|na|i Mx~liox+ Jf+ 4 JLR \ZG) 82==+ 88)S=W r+ 3 8= jg+

Hahiao`x+4 r+ =1 &6 ~a~+! nl i|jxxa mil m|~++ 06!&2>:+8!

:56+Klnlmijou) GmxamE|knmglk~l ~loxl~ajorxmj~ajl nl lz~agmxl m ro~lkami|i|a m`xojiagm~aj k joknaaail

zjfaghxaa `iohmil m jiagla 4 Zrlj+ ==+22+21 gl~loxoio`al) jiagm~oio`al) m`xogl~loxoio`al 4M|~oxle+ mi ~t+ nl noj~+ k `lo`xmeal / Klnlmijou Gmxam 3 Mjmn+ nl ~aakl m Xlr+ Goinoum) Akz~+nl Ljoio`al a @lo`xmeal+ Jf+ 4 Z+ k+) 82== &^aro`x+ (Miakm Zjoxofonoum( A!+ >1 S=W r+ 4 ea`+)~mh+ 3 8= jg+

Hahiao`x+4 r+ :< &=>0 ~a~+!+ =22 lv+S82===< ^ltlW+

+22+=5

Eataoio`al koxgmi a rm~oio`aj 4 M|~oxle+ mi ~t+ nl noj~+ k glnajak / Xo~mx| Uaj~oxam 3 \kau+nl Z~m~ nl Glnajak a Emxgmjal (Kajoiml ^lz~lgamk|(+ Jf+ 4 (Zoe~mx~ Z~|nao( ZXI) 82==+ >= r+ 4 ea`+) ~mh+ 3 8= jg+

Hahiao`x+4 r+ :=:: &85 ~a~+!+

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Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

>6

Mjoxnmxlm mzaz~lkla d|xanajl nl j~xl muojm~ k emtm |xgxaxaa rlkmil 4 Zrlj+4 =8+22+26 Nxlr~ rlkmi &nxlr~ rxojlz|mirlkmi! 4 M|~oxle+ ~t+ nl noj~+ k nxlr~ / Ulzjo Aumk 3 Mjmn+ (~lemk jli Gmxl(+ Jf+ 4 Z+ k+) 82== &^aro`x+ Mjmn+ (~lemk jli Gmxl( m GMA!+ :8) S=W r+ 3 8= jg+

Hahiao`x+4 r+ 8081 &81 ~a~+!+ :+=4:>0+15:+8!

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

>1

Aknlv nl k|gl im (Jxokajm jxaa( Kx 8'82==

M

Mhmhaa) Aok 860Mjfaxa) Aok 8>0Me~lka) A+ 856Me~lka) Axakm 8>:) :Mknxokaj) ~lemk :=>Mk~ofa) Km~miam :8=Mk~okou) Mim 8:>Mxmr|) Lilkm 88=88Mxzlka) mazam 8Hxa~~mak) @lox`l :26Jlxlgrla) I|ngaim 818Jlxkoc|izcmam) I+ A|+ =60Jflr~kmx|) A|xal 885Jfaj|) Leag ::Jfaxam) @flkmnal 880Jfaxoknm) Mknxamkm 8=0) 816Jfajm~a) Gmx`mxl~m ::5Jaohmk|) Ua~mial K+ 886Ja|ho~mx|) Milvmknx| 86:6>Jileoz) Miaj 826Jomnm) Ianam 85=Jomnm) Umilxa| 85=Jomn) Zagaok ::0) :>>Johim) I|ngaim :Jonxlmk|) A`ox 8:0

Jodojmx|) @flox`fl L+ :Jxl|i) L+ =66J|g|kz) Xonajm :25J|tgakm) Zul~imkm 8

N

Nmn|) Jokz~mk~ak :28Nmknmxm) O~aiam 8:8Nmkaa) Xmn| 8==Nmxal) Kajoiml :=5Nlna|) Aok A+ 86:6>Nlgjlkjo) R+ :=0

Nlgaxlum) Caxaicm 8>

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Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

L

Lmk|) Mknxla =65

E

Emim) Mkm~oial :28El~lmzjo) Xonajm 8:5) :80Eaim~) Umzail =1=Eioxlm) Kajoiml ::6Exaj|@|~a|g) @miakm :82E|xn|a) @miakm ::6

@

@mh|xm) Gmxamkm 8@muxaia|j) I|ngaim 868)

8>0) :80

OOiaakj) Amxozimu :8Rmuli) Umzail :=1Rlx|Hmimk) M|xliam :20Rl~xmjfl) Oi`m 886Ra~zmz) Kajc 816Rijak~) Kajoiml 885Ronxlm) Umilk~akm :>5Ro`oxm) Uaj~ox 811Roiaul) Uimnagax :Rorlzj| Uaj~ox) 860Rorlzj|) Ilokan ::=Rorlzj|) Zaiuam =11Ro~xkajfl) Gafma 885) :=>Rxazmjmxa) Uaoxli 860Rxojor) Zul~imkm 8::

Rxo|j) Aok 811R|aj) Liatm 8>:R|aj) Zlx`a| :>>R|xajl) Gafmai :86R|xajl) mgmxm :86R|jm|) Gmnilkm =65

X

Xmn|) Ulxokajm :=>Xmazjfa) |noxam 868

Xmzzcmtoum) m~amkm :8=Xmm) Noakm 80=Xmm) Oi`m 80=Xmllum) Lilkm 8>

Z

Zxh|) ^|nox :==ZmuakT`mxnmk) Mk`lim :=1Zjfahak) Uimn 820Zjiaeoz) Iam 8:8Zxh|) N|ga~x| 815Zoiogok) Joxklia| 8Z~lrmka|j) Uaj~ox :6

mroumiou) Jxaz~akm ::>mxhmk) Jxaz~amk :=:limx|) Gmxakm :22

oum) Gaxjlm 8>5ul) Gmxam =65

^

^mirmimx|) Kliiq 8

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Jxokajm jxaa Kx 8'82== Hooc mkkmiz Kx 8'82==

6Um~mgmk|Jaojmk|) Gmxamkm :>6Um~gmkm|Gx`aklmk|) Ilok~akm :>6Ulk`flx) Gafma 885Ulxlhjlmk|) @mimj~aok :=1Ulzjo) Aumk :02Ualx|) @xa`oxl :=>Uxokzjfaf) Gafmai :2=

P

Pflm~liq) Xajfmxn 8=1Pfa~l) Liilk @+ =1>

T

Tmfmxam) Uaoxajm :0

:58) 8

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

0) 8) + :2Iaz~m i|jxxaiox ~aakaeajl r|hiajm~l a m ~a~i|xaiox

nl rxo~ljal ohak|~l nl jog|ka~m~lm ~aakaeaj nak Xlr|hiajm Goinoum k mk|i 82=2=6>Jz~oxal 80=Jlxjl~mxl ~aakaeaj Xlr|hiajm Goinoum &xog+)

lk`i+! =6:Jfagal Gl~onajm rxlnxaa &x|z! 8Jon|i jauai mi Xlr|hiajaa Goinoum 8=8Jon|i jok~xmulkaokmi mi Xlr|hiajaa Goinoum 82>Jon|i nl rxojln|x rlkmi mi Xlr|hiajaa Goinoum

825Jon|i emgaiala mi Xlr|hiajaa Goinoum 8=:

Joglx Il`azimal &xog+) lk`i+! 8=1Jog|kajmxl roia~aj Xlr|hiajm Goinoum :20Jok~mhaia~m~l gmkm`lxami :25Jok~mhaia~m~l a m|na~ Il`azimal &xog+) lk`i+! :28Ln|jmal eataj Gl~onajm rxlnxaa 8>=) 8>5Ln|jmal ak~lilj~|mi Doj|i nl mf 85=Ln|jmal rimz~aj Gl~onajm rxlnxaa 8>>Ln|jmal rxljoimx ~aaklil km~|xaa 85:55Lilj~xolklx`l~aj 811Lklx`l~aj Il`azimal &xog+) lk`i+! 816Lxmnajmxlm zxjala 822L~ko`xmeal J|xxaj|i|g 808

L~koio`al J|xxaj|i|g &x|z! 802L~koio`al J|xxaj|i|g 808Eakmkl Il`azimal &xog+) lk`i+! 8=5Eataj Gl~onajm rxlnxaa &x|z! 8

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

2Iaghm ``|t Gl~onajm rxlnxaa &``|t!

8:1Iaghm xogk J|xxaj|i|g :80Iaghm xogk Gl~onajm rxlnxaa 8:5

Iaghm xogk ^lz~l :888>Iaghm xogk :8=) :81Iagha z~xakl Gl~onajm rxlnxaa &x|z! 8:1Ia~lxm~|x k iaghm ``|t nak Xlr|hiajm Goino

um Xogmkl &x|z! :>:Ia~lxm~|x xogk Jxa~aj a ak~lxrl~mxl :8Ia~lxm~|x xogk nak Xlr|hiajm Goinoum

Il`lknl Rmxmhoil ::>Ia~lxm~|x xogk nak Xlr|hiajm Goinoum

K|ulil ::0Ia~lxm~|x xogk nak Xlr|hiajm Goinoum Rolgl ::2

Ia~lxm~|x xogk nak Xlr|hiajm Goinoum Ulxz|xa glionajl :=:=>

Ia~lxm~|x xogk nak Xlr|hiajm Goinoum rlk~x|joraa K|ulil :>0>6

Ia~lxm~|x xogk nak Xlr|hiajm Goinoum rlk~x|joraa :>5

Ia~lxm~|x x|z nak Xlr|hiajm Goinoum Xogmkl&x|z! :>=

Ia~lxm~|x x|z nak Xlr|hiajm Goinoum Ulxz|xaglionajl &x|z! :>8

Ia~lxm~|x |jxmaklmk Gl~onajm rxlnxaa &|jx+!8>1

Ia~lxm~|xr xogk nak Xlr|hiajm Goinoum Jxa~aj a ak~lxrxl~mxl :2) eaioio` Hao`xmeal :=6Gmknah|i Emj~|xa 815Gmaka a |~aimd m`xajoi Il`|gaj|i~|x &x|z! :22Gm~lgm~ajm rlk~x| rxljoimxa =66

Gm~lgm~aj Gl~onajm rxlnxaa &x|z! 8>0Gm~lgm~aj ^lz~l 80562) 868Gm~lxamil nl jokz~x|jal Xlr|hiajm Goinoum

knx|gmxl &xog+) x|z! :=2Gkz~axlm nl gmaja (Mnoxgaxlm Gmajaa Nogk|

i|a() Jlli|jm) oinkl~a &x|z! =1:Glka|j) @lox`l) =1=6=160) zjxaa~ox :G|taj rlk~x| ramk &x|z! :=) :>0Rxaglv Jog ZXI :5>Rxak~Jmxo ZXI :2>) :52Xazo =6>Zlxlham ZXI :261 8

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

'6::!ELHX\MXQ

2@LKLXMIA^A

22HMTLIL @LKLXMIL MIL J\KOM^LXAA A J\I^\XAA

22= ~aak a j|kom~lxl k `lklxmi

&Ulta Kx >58!

22> ~aakm a ~lfkoio`am jmij|im~omxliox+ Rxli|jxmxlm nm~liox

>>>+ @xljajo) Mknxla+ Akumtam (Mknxoataiox( 7 Mknxoanz akumzaok 7 (( 4 Snlzrxl zaz~lg|i orlxmaokmi &ZO! Mknxoan mi joxroxmala @oo`ilW / Mknxla@xljajo // Orlk Zcalz+ 82==+ Kx =/8+ R+ 8586 4 eo~+ ^a~+) ~lv~ rmxmi+ 4 ih+ xog+) lk`i+)x|z+

&Ulta nl mzlglklm Kx 52>!

226 Jauaiatmal+ J|i~|x+ Rxo`xlz&Ulta Kx !

2=HAHIAO@XMEAL+JM^MIOM@L

&Ulta Kx 6==!28HAHIAO^LJOKOGAL

>>+ R+ 5>5+ Noiakzjfa) Jxaz~akm+ Hahiao~lxmram xlglna| mi z~xlz|i|a rxoelzaokmi / Jxaz~akmNoiakzjfa // Hahiao Zjalk~am+ 82=2+ Kx :/>+ R+ 0501+ Xlt+ k ih+ lk`i+ Hahiao`x+ k ko~l)r+ 0601 &5 ~a~+!+

>>0+ Lilkm Joxo~lkjo 52 nl mka 4 Jxlaokxa im |k rox~xl~ 4 Slvnax+ mi Hahi+ ~+ Jlk~xmil(Mknxla I|rmk( m MG) nljoxm~ j| naz~akjam nl z~m~ (Og Lglxa~(W / M|xliam Fmk`mk|) I|jamMxkm|~) Rl~x| @mklm) ^mgmxm Hm`faja) Ianam C|iacouzca) Umilk~akm Jfa~oxom` // HahiaoZjalk~am+ 82=2+ Kx :/>+ R+ 6

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Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

>6+ Aialu) Naga~mx+ Exog z~okl ~o hooc ~o Lhooc / Naga~mx Aialu // Hahiao Zjalk~am+ 82=2+ Kx :/>+ R+ =>1+ C|iacouzca) Ianam+ Gmkm`lglk~|i xlimala j| |~aiatm~oxaa 4 &zm| eanliatmxlm |~aiatm~ox|i|a! im Hahi+ G|kajarmi (H+ R+ Fmznl|( 4 Snak Jfaak|W / Ianam C|iacouzca // Hahiao Roiaz+ 82=2+ Uoi+ :5) Kx >+ R+ 6=< 4 ~mh+ Hahiao`x+ 4 == ~a~+

>+ R+ 81:: 4 eo~+ Hahiao`x+ k ko~l) r+ :: &=2 ~a~+!+

>+ R+ :0>2+

>+ R+ =586+ Hahiao`x+ k ko~l) r+ 86 &=8 ~a~+!+>+ R+ + Rorlzj|i) Gmxam+ Eokn|xail rlxzokmil 4 Smil Hahi+ ~+ Jlk~xmil (Mknxla I|rmk( mMGW / Gmxam Rorlzj|i) ^mgmxm Gmxamk) Umilk~akm ^jmjlkjo // Hahiao Zjalk~am+ 82=2+ Kx:/>+ R+ 0:0+ R+ >=>1 4 eo~+

>+ R+ :>:5+

>+ R+ :=>+ Xlt+ k ih+ lk`i+ Hahiao`x+ 4 r+ => a k ko~lil nl z|hzoi+

>+ R+ 52+ ^ag|) Mk`lim+ Jmx~lm aglkz umiomxl m iahlx~aa / Mk`lim ^ag| // Hahiao Zjalk~am+ 82=2+Kx :/>+ R+ :1>> 4 eo~+ Xlt+ k ih+ lk`i+ Hahiao`x+ 4 > ~a~+

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

5=+ |xjmk) Kliiq+ R|hiajmxlm ~aakaeaj jm rxmj~aj nl jog|kajmxl / Kliiq |xjmk //Hahiao Zjalk~am+ 82=2+ Kx :/>+ R+ >+ R+ 6012 4 eo~+

&Ulta nl mzlglklm Kx 511!

25 Ox`mkatmaa &k `lklxmi!

25= Ox`mkatmaa+ Mzojamaa &k `lklxmi!

&Ulta Kx !

21GMK\ZJXAZL+HAHIAOEAIAL

&Ulta Kx 020!

202 Tamxaz~aj+ Rxlz

>5>+ Xo`mj) Xmam+ Jiarm im o jiar mkaulxzmx 4 Sxlu+ nl j|i~|x a jxlmal ia~lxmx =+ R+ 5:50 4 eo~+&Ulta nl mzlglklm Kx >>6) 626!

=EAIOTOEAL+RZAFOIO@AL

=/=> Eaiotoeal

&Ulta Kx 68=!

=555+ Zmijm) I|jam+ Rxohilgm rxoeaimvala mhm~lxaiox k nltuoi~mxlm jorai|i|a / I|jam Zmujm

// Rzafoio`al+ 82==+ Kx =+ R+ 651< 4 ~mh+ Xlt+ k ih+ lk`i+ Hahiao`x+ 4 < ~a~+

>50+ mr|) @xa`oxl+ Rxohilgm~ajm xlimala eaaj gmg / @xa`oxl mr| // Rzafoio`al+ 82==+ Kx =+ R+ 626

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Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

52

=0L^AJ+EAIOTOEAL GOXMI+EAIOTOEAL RXMJ^AJ

>56+ Xjmk|) Mk~ok+ Anllm nl goxmi a xoi|i z| koxgm~au / Mk~ok Xjmk| // Il`lma uamm+ 82==+ Kx =+ R+ 8>80+ Xlt+ k ih+ xog+) lk`i+ Hahiao`x+ k ko~l) r+ 80 &:2 ~a~+!+

&Ulta nl mzlglklm Kx >5:) 51+ H|h|x|t) Rl~x|+ Glna~maa im zexa~ nl mk 4 Smil gm`az~x|i|a k ~loio`al) rmxof mi Hazlxajaa (Ze+ Mroz~oia Rl~x| a Rmuli( nak Jfaak|W / rxo~+ Rl~x| H|h|x|t // I|gak~ox|i+ 82=2+ Kx 5+ R+ 1=6 4 eo~+

>02+ Jaohmk|) Rl~x|+ Lrazjor|i Noxaglnok~) zi|da~ox a gx~|xaza~ox mi jxlnakla k koxn|iHmzmxmhala jxl~akl 4 SLrazjoram nak Lnakl a Hxajlka 4 Ak glgoxamg &> gmx+ =15=:= nlj+8225!W / Rl~x| Jaohmk| // I|gak~ox|i+ 82=2+ Kx 5+ R+ 82:= 4 eo~+

>0=+ Jodojmx|) @flox`fl L+ \kaeajmxlm Hazlxajaa Hmzmxmhlkl j| Hazlxajm Ox~onovXogk / @flox`fl L+ Jodojmx| // I|gak~ox|i+ 82=2+ Kx 5+ R+ &=: ~a~+!+

>08+ Rl~x|) Mxfalrazjor mi Jfaak|i|a) Ga~xoroia~ mi Hmzmxmhala a Lvmxf mi Rima|xa'iox+ Rmz~oxmi im Km~lxlm Nogk|i|a / Rl~x|) Mxfalrazjor mi Jfaak|i|a) Ga~xoroia~ mi Hmzmxmhala a Lvmxf mi Rima|xaiox // I|gak~ox|i+ 82=2+ Kx 5+ R+ :6 4 eo~+

&Ulta nl mzlglklm Kx >05) >6>) /:=5 Zojal~m~l

:=> Nlgo`xmeal+ Z~|na|i ror|imala

>0:+ @ijm) Hoxaz+gh~xkaxlm nlgo`xmeaj k X+ Goinoum 4 jok~lv~|i kmaokmi lvaz~lk~a leajalk~atmxlm xleoxgliox k noglka|i gh~xkaxaa ror|imala / Hoxaz @ijm // Mngakaz~xmxlm

r|hi+ 82==+ Kx =+ R+ 0>+ ^|x~|xlmk|) Ouana|+ Naelxlkalxl zojami a jokeiaj~|i zojami k zojal~m~lm zoual~aj/ Ouana| ^|x~|xlmk| // Xlu+ nl az~oxal m Goinoula+ 82=2+ Kx 8+ R+ =51=0:+ Xlt+ k ih+lk`i+ Hahiao`x+ k ko~l) r+ =0: &=8 ~a~+!+

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

5=

:=5+5 Rzafoio`al zojami

>01+ Xlt+ k ih+ lk`i+ Hahiao`x+ 4 : ~a~+

:=5+0 Zojaoio`am j|i~|xaa+ Jok~lv~|i j|i~|xmi mi ualaa zojamil

&Ulta Kx 6

:88 Xlimaa nak~xl hazlxaj a z~m~

>05+ Jaoxh) Ulmjlzimu+ Roia~ajm xl`ag|i|a ~o~mia~mx jog|kaz~ em nl jilx|i Hazlxajaa Ox~onovl nak XZZ Goinoulklmzj &=1>>=161! / Ulmjlzimu Jaoxh // Xlu+ nl az~oxal m Goinoula+ 82=2+ Kx 8+ R+ =00+ ^~mx|) Ianam+ Hazlxajm a \kaxlm Hmzmxmhala j| Xogkam nl im =1=6 4 z~|na| / Ianam^~mx| // I|gak~ox|i+ 82=2+ Kx 5+ R+ >5!

:8: Roia~aj ak~lxk

>06+ Rzxak) Rm|iamk+ Rm|iamk Rzxak 4 (Lulkaglk~lil nak nljlghxal =161 m| eoz~rimkaeajm~l j| g|i~ ~agr kmak~l) k memxm Xogkala( 4 Sak~lxua| j| le|i Zlxuaja|i|a nl jok~xmzraokmd xog+ k~xl mkaa =10>=161W/jokzlgkmxl 4 xlr+ xlu+ // Hahiao Roiaz+ 82=2+ Uoi+ :5)Kx >+ R+ 0662+

&Ulta nl mzlglklm Kx >0>) 06! Roia~ajm ak~lxk m Xlr|hiajaa Goinoum

>01+ Hohlaj) Jokz~mk~ak+ \k jfao~ nl hax|ak ? \k jioro~ nl mimxg ? 4 Srl gmx`aklmuoi+ Jnlxlm jog|ka~aiox nl Umzail oagmx|) Jf+) Rxogl~l|) 82=2) =52 r+W / Jokz~mk~akHohlaj // Hahiao Roiaz+ 82=2+ Uoi+ :5) Kx >+ R+ =:1=>2 4 eo~+

>62+ H|igm`m) Ilokan+ Jokzanlxma|ka j| rxauaxl im jm|tlil eomgl~la nak mkaa =1>5=1>0 &AA! / Ilokan H|igm`m // Xlu+ nl az~oxal m Goinoula+ 82=2+ Kx 8+ R+ ==>=:0+ Hahiao`x+ k ko~l) r+ =:6=+ Jm|) A`ox+ ^lxomxlm z~miakaz~ k Goinoum zoual~aj &AA! / A`ox Jm| // Xlu+ nl az~oxal m Goinoula+ 82=2+ Kx 8+ R+ 68+ Faomx) M|xli+ ^xm`lnaail rorox|i|a k| ro~ ea nm~l |a~xaa 4 Szljulkl nl im imkzmxlmjxaa Goinoum nl im lz~ nl Rx|~ k ~agr|i rxagla oj|rmaa zoual~ajl &=1>2=1>=! nl Gmxamkmxmk|) Zaha|) Ln+ Mzoj+ MZ^XM) 82=2) 826 r+W / M|xli Faomx // Hahiao Roiaz+ 82=2+ Uoi+:5) Kx >+ R+ 6=65 4 eo~+

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58

>6:+ Kl`x|) Lilkm+ RJG a kmaokmiazg|i 7 JRG mkn Km~aokmiazg &=15 ~a~+!+

>6>+ Xlrxlza|ka gro~xaum xlia`ala a m hazlxajaa 4 Srl gmx`aklm xlt|i~m~liox jlxjl~xaioxJogazala rxauakn ~lxomxlm hoiluaj k XZZG) jokn|z nl az~oxaj|i @flox`fl Jodojmx|) eoknm~ im => amk+ 82=2 4 z~|na|W // I|gak~ox|i+ 82=2+ Kx 5+ R+ :>>< 4 eo~+

>665+ |xjmk|) Uaoxajm+ Hmzmxmham z|h rxagm oj|rmal zoual~aj ut|~ nl o ~kx jlxjl~~omxl 4 Srl gmx`aklm goko`x+ Goinoum nl im lz~ nl Rx|~ k ~agr|i rxagla oj|rmaazoual~ajl4 &=1>2=1>=! nl Gmxamkm Z+ xmk|) Zaha|) Ln+ Mzoj+ MZ^XM) 82=2) 826 r+W / Uaoxajm|xjmk| // Hahiao Roiaz+ 82=2+ Uoi+ :5) Kx >+ R+ =>0 4 eo~+

>60+ ) + 4 S + + + 4 W / // Rxoea~+ 82==+ Kx =/8+ R+ :< 4 eo~+

>66+) + (( ) 4 S + 4 W /

// Rxoea~+ 82==+ Kx =/8+ R+ 6== 4 eo~+&Ulta nl mzlglklm Kx >05) >1=) >1>) >10) 61+ N|izjfa) Zaiuam+ Nariogmam rmximglk~mx emj~ox agrox~mk~ k joorlxmxlm ak~lxkmaokmi / Zaiuam N|izjfa // Mngakaz~xmxlm r|hi+ 82==+ Kx =+ R+ =:12+ Imulklv) Zmknxm+ D|z~aam a memjlxail ak~lxkl a koaa uljaka ma \L 4 Mngakaz~xmxl kmemxm z~m~|~|i|a nl glghx|? / Zmknxm Imulklv // Mngakaz~xmxlm r|hi+ 82==+ Kx =+ R+==1=:>+ Hahiao`x+ k ko~l) r+ =:==:> &1=+ xmk|) Mkm~oi+ 4 &=11=822= +! /Mkm~oi xmk| // Xlu+ nl az~oxal m Goinoula+ 82=2+ Kx 8+ R+ 5166+ Xlt+ k ih+ lk`i+ Hahiao`x+ k ko~l) r+ 6066 &>5 ~a~+!+

&Ulta nl mzlglklm Kx >1:) >1

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5:

:80&>06! Roia~ajm lv~lxk m Xlr|hiajaa Goinoum

>18+ H|xamk) Mildmknxo+ Jmxmj~lxaz~ajmz nli zlxuajao nariogm~ajo nl im Xlr|hiajm nlGoinmuam // Xlu+ goin+ nl nxlr~ ak~lxk+ a xlimaa ak~lxk+ 82=2+ Kx >+ R+ 55 &:: ~a~+! a k ko~lil nl z|hzoi+

>1:+ Jlxklkjfa) L|`lk+ Ox`mkatmxlm mj~aua~aa nariogm~ajl m xaa Goinoula k zlj+ miVUAAilm kjlr|~|i zlj+ mi VUAAAilm 4 &k orlxm i|a Naga~xal Jmk~lgax! / L|`lk Jlxklkjfa //Xlu+ nl az~oxal m Goinoula+ 82=2+ Kx 8+ R+ =:6=6=1>+ @flxl`m) Jmxoiakm+ Xoi|i emj~ox|i|a lv~lxk k zoi|aokmxlm jokeiaj~|i|a ~xmkzkaz~xlmk / Jmxoiakm @flxl`m // Il`lm a uamm+ 82==+ Kx =+ R+ 15+ Zoijmk) Km~miam+ Agrox~mkm roia~ajaa l|xorlkl nl uljak~m~l k Xlr|hiajm Goinouma jokak|~|i rimk|i|a nl mja|ka XG \L / Km~miam Zoijmk // Xlu+ goin+ nl nxlr~ ak~lxk+ axlimaa ak~lxk+ 82=2+ Kx >+ R+ 6265+ Xlt+ k ih+ lk`i+ x|z+ Hahiao`x+ k ko~l) r+ 6< &6~a~+!+

&Ulta nl mzlglklm Kx 521!

:81 Rmx~anl a gajxa roia~ajl:81&>06! Rmx~anl a gajxa roia~ajl nak Xlr|hiajm Goinoum

>10+ Namjou) N|ga~x|+ ^xakn rxak~xl ~xmknmeaxa 4 Snamio` j| N+ Namjou) Rxllnak~lil nlokomxl mi Rmx~an|i|a Nlgojxm~) rmximglk~mxW / m namio`m~ 4 Kajoiml Xojm // Goinoum+ 82==+ Kx =/8+ R+ =8=0 4 eo~+ &Rox~xl~ nl jok~lgroxmk!+

&Ulta nl mzlglklm Kx >6:) >66) 16+ + &822='822>!+

4 SKx 0>: == 8228 +W //Jok~mhaia~m~l a m|na~+ 82==+ Kx 8+ R+ =20==0 4 ~mh+

&Ulta nl mzlglklm Kx

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5>

::> Eoxgl nl ox`mkatmxl a joorlxmxl k mj~aua~m~lm ljokogaj

1 4 ~mh+

8 4 eo~+) ~mh+ Jok~ak+ kjlr|~|i 4 Kx =+

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56< 4 eo~+

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55

&Ulta Kx 686!

::1 Joglx+ Xlimaa ljokogajl ak~lxkmaokmil+ Ljokogal goknami

::1+< Joglx lv~lxaox+ Joglx ak~lxkmaokmi

6=NXLR^+D\XAZRX\NLK

:>2 Nxlr~ k `lklxmi+ Rxorlnl|~aj+ Gl~onlil nxlr~|i|a a ~aaklil m|vaiamxl

:>0+ Xlt+ k ih+ xog+) lk`i+ Hahiao`x+ 4 =: ~a~+

0= Nxlr~ ak~lxkmaokmi

~a~+! a k ko~lil nl z|hzoi+

+ R+ ==0=8>+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ 4 =: ~a~+ a k ko~lil nl z|hzoi+

+ R+ 5001+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ k ko~lil nl z|hzoi+

+ R+=:

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50

+ R+ 16=28+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ k ko~l) r+ =2==28 &=5

~a~+!+

+ R+ 86>8+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ k ko~lil nl z|hzoi+

+ R+ 6=>+ Xlt+ k ih+ xog+) lk`i+ Hahiao`x+ k ko~lil nl z|hzoi+

612) >1>) >!

:>8 Nxlr~ r|hiaj+ Nxlr~ jokz~a~|aokmi+ Nxlr~ mngakaz~xm~au

+ @||ilmj) Uaj~ox+ Jok~xmj~|i mngakaz~xm~au jm gonmia~m~l m mj~|i|a mngakaz~xm~au /Uaj~ox @||ilmj) Ho`nmk Eioxlm // Il`lm a uamm+ 82==+ Kx =+ R+ >=8+ Xlt+ k ih+ lk`i+ Hahiao`x+ k ko~l) r+ =8 &=1 ~a~+!+

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56

2+ ) + / + // + 82==+ Kx =+ R+ >6+ Xlt+ k ih+ ex+) x|z Hahiao`x+ 4 8= ~a~+

&Ulta nl mzlglklm Kx 8+06! R|~lxlm nl z~m~) zaz~lgl a e|kjaa mil ox`mkliox nl z~m~ mil Xlr|hiajaa Goinoum

=+ Hkxlzj|) Gmxam+ J|x~lm Jokz~a~|aokmi a muojm~|i rmximglk~mx akz~a~|aa jl`mxmk~lmt xlzrlj~mxlm nxlr~|xaiox a iahlx~aiox e|knmglk~mil mil og|i|a / Gmxam Hkxlzj| //D|z~aam Jokz~a~|aokmi k Xlr+ Goinoum+ 82==+ Kx =+ R+ =5=6+ Hahiao`x+ 4 1 ~a~+

8+ R|ihlxl) N|ga~x|+ J|x~lm Jokz~a~|aokmi im m =5m mkaulxzmxl / N|ga~x| R|ihlxl //D|z~aam Jokz~a~|aokmi k Xlr+ Goinoum+ 82==+ Kx =+ R+ =2=8+

:+ \k`|xlmk) Aumk+ Agrilglk~mxlm akz~a~|ala koknazjxagakxaa k il`azimam Xlr|hiajaaGoinoum / Aumk \k`|xlmk // Xlu+ goin+ nl nxlr~ ak~lxk+ a xlimaa ak~lxk+ 82=2+ Kx >+ R+=2:=26+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ k ko~l) r+ =26 &=8 ~a~+!+

>+ Tmroxodmk) Ulmjlzimu+ Xm~aeajmxlm ~xm~m~liox ak~lxkmaokmil k Xlr|hiajm Goinoum 4mzrlj~l jokz~a~|aokmil / Ulmjlzimu Tmroxodmk // D|z~aam Jokz~a~|aokmi k Xlr+ Goinoum+ 82==+ Kx =+ R+ =:=5+ Hahiao`x+ k ko~lil nl z|hzoi+

:>: Nxlr~ rlkmi+ Rxojln|x rlkmi+ Jxagakoio`al+ Jxagakmiaz~aj

~a~+!+

6+ E|xn|a) Zlx`a|+ Orakal j| rxauaxl im ak~lxrxl~mxlm d|najamx m rxlulnlxaiox nak mx~ajoi|i :=: miak+ &>! nak Jon|i nl rxojln|x rlkmi 4 &xl`ilglk~lmt rmx~ajarmxlm im lvmgakmxlmrik`lxaa gro~xaum mja|kaiox a mj~liox rxlz|r|zl ail`mil mil ox`mk|i|a nl |xgxaxl rlkmi amil ox`mk|i|a jmxl lvlxja~ mj~aua~m~l orlxm~au nl akulz~a`maa! / Zlx`a| E|xn|a // Muojm~|iRorox|i|a+ 82=2+ Kx ==/=8+ R+ ===5+

1+ @imnjfa) @flox`fl+ Km~|xm d|xanaj m joknmgkxaa j| z|zrlknmxlm joknaaokm~ /@flox`fl @imnjfa) J~iak H|j|x // Xlu+ km+ nl nxlr~+ 82==+ Kx 8+ R+ 81+ Xlt+ k ih+lk`i+ Hahiao`x+ k ko~l) r+ 1 &8: ~a~+!+

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51

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Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

02

:>0+1 Rxojln|x d|najamx+ Ox`mkatmxl a rlxzokmi d|najamx

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0=

~a~+

06) >12) ) 5>5!

:

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Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

08

~a~+

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

0:

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Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

0>

4 ~mh+ Xlt+ k ih+ xog+) lk`i+ Hahiao`x+ 4 1 ~a~+

6= 4 ~mh+ Xlt+ k ih+ xog+) lk`i+ Hahiao`x+ 4 =5 ~a~+

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

058)

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Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

05

5=:+ Zoi~mk) Umilxa|+ Jokulv ]|mnxajz / Umilxa| Zoi~mk // H|i+ Mjmn+ nl ~aakl m Xlr+Goinoum+ Gm~lgm~ajm+ 82=2+ Kx :+ R+ 1>=25+ Xlt+ k ih+ lk`i+ Hahiao`x+ 4 =5 ~a~+

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00

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Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

06

5=< Emxgmjoio`al+ ^lxmrl|~aj+ ^ovajoio`al

5= Emxgmjal `lklxmi a rxoelzaokmi+ Glnajmglk~l jimzaeajm~l n|r oxa`aklm iox+ Rxlrmxm~l

emxgmjl|~ajl+ Gm~lxamil a |~aimdl glnajmil

586+ Hmjakzjfa) K+ Rxlrmxm~l lk~ogoio`ajl j| rxorxal~a ag|ko~xorl / K+ Hmjakzjfa //J|xalx|i glnajmi+ 82=2+ Kx 5+ R+ :6 4 ~mh+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ 4 =5 ~a~+581+ Rmk~lm) U+ ^fl ^xlm~glk~ pa~f Jq~ogav oe Rm~alk~z pa~f Jfxokaj Uaxmi Flrm~a~az H)

J mkn H mkn J / U+ Rmk~lm) U+ Jlho~mxlzj|) U+ Zglzkoa // J|xalx|i glnajmi+ 82=2+ Kx 5+ R+ ~a~+

5:2+ Xoi|i Z|gmgln|i|a k ~xm~mglk~|i lvmjlxhxaiox hmj~lxalkl milhxokforkl|gorm~ala ohz~x|j~aul jxokajl / A+ U+ H|~oxou) @f+ Klj|im) Z+ A+ H|~oxou Sl~ mi+W //J|xalx|i glnajmi+ 82=2+ Kx 5+ R+ :=:5 4 ~mh+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ 4 =8 ~a~+

5:=+ ) + + / ++ ) + + //J|xalx|i glnajmi+ 82=2+ Kx 5+ R+ =!

5=5=5 Rm~oio`al+ Glnajak jiakaj5=5+= Rm~oio`am zaz~lg|i|a jaxj|im~ox a m umzliox zmk`uakl+ Hoia jmxnaoumzj|imxl

5:8+ Jmtmj|) M+ Xltokmkm gm`kl~aj k lumi|mxlm mio`xleliox agrimk~m~l k rotaal nlmx~lx r|igokmx / M+ Jmtmj|) M+ Ja|ho~mx| // J|xalx|i glnajmi+ 82=2+ Kx 5+ R+ >8>5 4ea`+) ~mh+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ 4 =2 ~a~+

5::+ \~aiatmxlm lxa~xorol~akla |gmkl rlk~x| joxadmxlm zaknxog|i|a mklgaj im rmjalkaajfax|x`ajmia / @f+ @fanaxag) @f+ Xodkoulmk|) Z+ kmxa Sl~ mi+W // J|xalx|i glnajmi+ 82=2+ Kx5+ R+ 0506+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ 4 0 ~a~+

&Ulta nl mzlglklm Kx 5:=!

5=5+8 Rm~oio`am zaz~lg|i|a xlzraxm~ox+ Hoia mil ox`mkliox nl xlzraxmal

5:>+ X|z|) R+ Mj~|mia~a mil rxoeaimvala ~xogholghoiazg|i|a mx~lxla r|igokmxl k rlxaomnm rlxaorlxm~oxal / R+ X|z|) @f+ Jmtmj|) J+ @||Hmfou // J|xalx|i glnajmi+ 82=2+ Kx5+ R+ 6=: 4 ~mh+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ 4 => ~a~+

&Ulta nl mzlglklm Kx 5:2!

5=5+: Rm~oio`am zaz~lg|i|a na`lz~au+ Hoiail ~|h|i|a miaglk~mx

5:

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

01

5:5+ Nam`koz~aj|i a ~xm~mglk~|i ilta|kaiox ~xm|gm~ajl nl lzoem` / R+ H|dox) I+ Mknok) U+Iaroumk Sl~ mi+W // J|xalx|i glnajmi+ 82=2+ Kx 5+ R+ >5>6 4 ~mh+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ 4 6 ~a~+

5:0+ @fligaja) ^+ Ilta|kail `mz~xon|onlkmil jm|tmil nl Fliajohmj~lx rqioxa k flrm~a~mjxokaj uaxmi H / ^+ @fligaja) A|+ I|rmjo) U+^+ N|ghxmum // J|xalx|i glnajmi+ 82=2+ Kx5+ R+ 86:2 4 ~mh+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ 4 =2 ~a~+

5:6+ I|rmjo) A|+ Flrm~a~m jxokaj uaxmi J a zmxjakm / A|+ I|rmjo // J|xalx|i glnajmi+ 82=2+ Kx 5+ R+ 5>56 4 ea`+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ 4 82 ~a~+

5:1+ ) + + 8 / + + // J|xalx|i glnajmi+

82=2+ Kx 5+ R+ 1=+ ja|jm) Z+ Lumi|mxlm leajmja~aa z|riaglk~mxl nl jmija|) ua~mgakm N a gaklxmil kjoxljam nlkza~aa ozomzl im rmjalkaa j| eahxot jfaz~aj / Z+ ja|jm) O+ ^|xj| // J|xalx|i glnajmi+ 82=2+ Kx 5+ R+ 5=5> 4 ea`+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ 4 < ~a~+

5=5+6 Kl|xorm~oio`al+ Kl|xoio`al

5>8+ Nmxaa) M+ Mzrlj~l koa mil mrmxm~|i|a klxuoz nak rilv|xail joxoanl mil lkjlemi|i|a / M+Nmxaa // J|xalx|i glnajmi+ 82=2+ Kx 5+ R+ 0:05 4 ea`+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ 4< ~a~+

&Ulta nl mzlglklm >>5) >5

5=5+1 Hoia ~xmkzgazahail+ Hoia akeljaomzl a jok~m`aomzl

&Ulta Kx 5:0!

5=0 Jfax|x`al+ Ox~orlnal+ Oe~migoio`al

&Ulta Kx 581!

5=0+< Jfax|x`al xl`aokmi) ~oro`xmeaj+ Melja|ka xl`aokmil

5>:+ Gl~onl nl ~xm~mglk~ jfax|x`ajmi mil jfaz~|i|a fanm~aj flrm~aj / M+ Ho|x) Z+ Zj|x~|)K+ Ho|x Sl~ mi+W // J|xalx|i glnajmi+ 82=2+ Kx 5+ R+ 5108 4 ea`+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ 4 =5 ~a~+

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62

5>>+ Goxmx|) J+ Gl~onoio`am jlxjl~xaa leajmja~aa ~xm~mglk~|i|a jfax|x`ajmi mi exmj~|xaioxnl jo~ai / J+ Goxmx|) R+ Jxoa~ox // J|xalx|i glnajmi+ 82=2+ Kx 5+ R+ =>82 4 ea`+) ~mh+ Xlt+k ih+ lk`i+) x|z+ Hahiao`x+ 4 == ~a~+

5>= 4 ea`+ Xlt+ k ih+ lk`i+)x|z+ Hahiao`x+ 4 =2 ~a~+

&Ulta nl mzlglklm Kx 5:8!

5=6 @akljoio`al+ Ohz~l~xaj

&Ulta Kx 5:6!

58AK@AKLXAL+^LFKAJ K @LKLXMI

582 kjlxjmxlm gm~lxamiliox+ Gm~lxamil joglxjamil a j|kom~lxlm gxe|xaiox) jlk~xmil

lklx`l~ajl+ Ljokogal lklx`l~aj

5>5+ ^x) Gmxa|z+ Zlj|xa~m~lm lklx`l~aj m Xlr|hiajaa Goinoum n|r nlz~xgmxlm\XZZ / Gmxa|z ^x // Xlu+ goin+ nl nxlr~ ak~lxk+ a xlimaa ak~lxk+ 82=2+ Kx >+ R+ =>8=>0+ Xlt+ k ih+ lk`i+) x|z+ Hahiao`x+ 4 > ~a~+ a k ko~lil nl z|hzoi+

5>0+ ) + 4 / // Xlu+ goin+ nl nxlr~ ak~lxk+ a xlimaa ak~lxk+ 82=2+ Kx >+ R+ 6510 4~mh+ Xlt+ k ih+ xog+) lk`i+ Hahiao`x+ 4 :1 ~a~+ a k ko~lil nl z|hzoi+

58= Jokz~x|jam nl gmaka k `lklxmi+ ^lfkajm k|jilmx+ Lilj~xo~lfkaj+ ^lfkoio`al

gljmkaj

58=+0 ^lfkoio`al gljmkaj k `lklxmi 4 rxojlzl) zj|il) gmaka) mrmxm~l

5>6+ / + +) + + ) + + Sl~ mi+W // + + 82==+

Kx =+ R+ 8>81 4 ea`+ Xlt+ k ih+ lk`i+ Hahiao`x+ 4 0 ~a~+58=+1 Rxli|jxmxl gljmkaj a mjfalxl+ Rxli|jxmxl mhxmtau+ Jaojmkl a rxlzl

5>1+ / + + ) + + ) + + Sl~ mi+W // + + 82==+ Kx =+ R+ =>8: 4 ea`+) ~mh+ Xlt+k ih+ lk`i+ Hahiao`x+ 4 =8 ~a~+

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

6=

5:M@XAJ\I^\X+^AAKL A RXOJLNLL KX\NA^L+ZAIUAJ\I^\X+LVRIOM^XA M@XAJO'

IL A MIL UALAA ZIHM^AJL

5:2 Zaiuaj|i~|x

56 4 eo~+) ~mh+

5:>5 4 eo~+) ~mh+ Xlt+ k ih+ lk`i+

Hahiao`x+ 4 =5 ~a~+5

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Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

68

5::/5:< Fox~aj|i~|x

5:: J|i~|xm rimk~liox nl jgr

5

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

6:

&Ulta Kx 55

5:5+8 X|gl`~omxl gmxa) ~m|xakl+ Ua~l) hoa

55>+ Jfaiagmx) Zlx`fla+ ^lfkoio`am jxl~lxaa ualiliox rlk~x| xlrxon|jal / Zlx`flaJfaiagmx // M`xaj|i~|xm Goinoula+ 82==+ Kx =/8+ R+ :>:< 4 ~mh+ Jok~ak+ kjlr|~|i 4 Kx1/=2) 82=2+

5:5+: X|gl`~omxl gaja+ Oa+ Jmrxl

55:1 4 eo~+

&Ulta nl mzlglklm Kx + 4 eo~+ 3 + 82==+ Kx =+ R+ >+

502+ Hmx`mk) @muxaai+ Uk~omxl im Jogxm~ 4 Roulz~l~l jakl`l~ajamk|i z|rlxaox mi zojal~aa xl`aokmil @m`m|tQlxa) @+ Hmx`mk 4 Snamio`W / jokzlgkmxl nl Mkm~oiaa Umj|ilkjo) AokH~xk| // Uk~ox|i a Rlzjmx|i Goinoula+ 82==+ Kx 8+ R+ :> 4 eo~+ 3 + 82==+ Kx 8+ R+ :>+

50=+ Jaojoa) Oil`+ Naxljaa rxakjarmil nl mj~aua~m~l m ZURG k mk|i 82== 4 Smnor~+ im lnakm Jokzaia|i|a Xlr+ nak 20+=8+82=2W / Oil` Jaojoa // Uk~ox|i a Rlzjmx|i Goinoula+ 82==+ Kx =+ R+ = 4 eo~+ 3 + 82==+ Kx =+ R+ =+

508+ Jaojoa) Oil`+ Rlxzrlj~aulil nltuoi~xaa ZURG 4 SZoj+ Uk~oxaiox a RlzjmxaioxGoinoulaW / Oil` Jaojoa // Uk~ox|i a Rlzjmx|i Goinoula+ 82==+ Kx 8+ R+ m 8m m jor+ R+= 4 eo~+ 3 + 82==+ Kx 8+ R+ m 8m m jor+

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Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

6>

50:+ Joimj) ^|nox+ Ljfarm nl uk~oxa \xzm Gmxl 4 Snak zm~|i J|f|xl~a) xmaok|i Eioxl~aW / ^|nox Joimj // Uk~ox|i a Rlzjmx|i Goinoula+ 82==+ Kx =+ R+ =8 4 eo~+ 3 + 82==+ Kx =+ R+ =8+

50>+ Noxoellu) Mk~ok+ Im gaz~xla k g|kaa @|~|a|i|a 4 Snlzrxl uk~omxlm k g|kaaGmxmg|xl) XogkamW / Mk~ok Noxoellu // Uk~ox|i a Rlzjmx|i Goinoula+ 82==+ Kx =+ R+ =5=0 4 eo~+ 3 + 82==+ Kx =+ R+ =5=0+

50

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

6 4 eo~+

5>=/5>8 Miaglk~l+ @~a~+ Gkjx|xa+ Glzl56>+ Zaklmuzjmam) Km~miam+ H|j~xam ~maimknlt+ Lrorllm oxlt|i|a 7 ^fma j|azakl+ Xajl

Lrorll 7 / Km~miam Zaklmuzjmam 3 eo~+ 4 Zagok @|xklq // OrlkZcalz+ 82==+ Kx =/8+ R+ 5505 4 eo~+ ^a~+) ~lv~ rmxmi+ 4 ih+ xog+) lk`i+) x|z+

5>:/5>< Ioj|akm+ No~xa a gohaialx jmzkaj

566 4 eo~+ ^a~+) ~lv~ rmxmi+ 4 ih+ xog+)

lk`i+) x|z+5 ^liljog|kajmaa a ~liljogmkn &ox`mkatmxl) e|kjaokmxl!

565+ ^ti|mk|) Umilk~akm+ O mi~ ai|tal jogaj 4 Sjokeoxgmxlm koaiox roz~|xa ^U nakGoinoum xl`|iaiox nlgojxm~ajl 4 mumk~lv~W // Z|nLz~ j|i~|xmi+ 82==+ Kx =+ R+ : 4 eo~+

&Ulta nl mzlglklm Kx 020!

5>< 4 eo~+

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Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

65

51=+ Nak|) @flox`fl+ \klil mzrlj~l rxmj~ajl rxauakn eazjmia~m~lm a jok~mhaia~m~lm e|knmaaiox 4 SjoglxjamilW / @flox`fl Nak|) Xovmkm ^|nox) Jxaz~akm Hoxoa| // Il`lm a uamm+ 82==+ Kx =+ R+ =18:+ Xlt+ k ih+ lk`i+ Hahiao`x+ k ko~l) r+ 8: &=8 ~a~+!+

518+ ) + / ) //Jok~mhaia~m~l a m|na~+ 82==+ Kx 8+ R+ 021> 4 eo~+) ~mh+

&Ulta nl mzlglklm Kx 516) 51=!

55^LFKOIO@AL JFAGAJ+AKN\Z^XAA JFAGAJL A KX\NA^L

55:/55> Gajxohaoio`al akn|z~xami+ Akn|z~xaa nl elxglk~mxl

55:+= Akn|z~xaa gajxohaoio`ajl

51:+Rxojlnll nl ohaklxl m |kox exmjaa `i|janajl nak nxodnaail zlnaglk~liox nl uak / OJfazliam) M+ \zm~a) K+ Jfazliam Sl~ mi+W // Glna|i Mghamk~+ 82=2+ Kx 5+ R+ =8=0 4 ea`+) ~mh+ Hahiao`x+ 4 8< ~a~+

55:+8/+: Uakaeajmal+ Akn|z~xam uak|i|a

51>+ + + (( / + +

) + + // M`xaj|i~|xm Goinoula+ 82==+ Kx =/8+ R+ :8:: 4 eo~+ Hahiao`x+ 48 ~a~+

566 @mimk~lxal a mx~ajoil gx|k~l nl gon+ D|jxaa+ Mx~ajoil nljoxm~aul

&Ulta Kx 0=>!

0 MX^+ EO^O@XMEAL+ JAKLGM^O@XMEAL+ NAULX^AZGLK^+ ZROX^

0=ZAZ^LGM^ATMXL EATAJ+ZAZ^LGM^ATMXL XL@AOKMI) \XHMK A X\XMI+\XHMKAZG+

RLAZMDL+RMXJ\XA+@XNAKA

518 4 eo~+

08MXFA^LJ^\X

515+ Jonxlmkjm) Ianam+ Jlm gma uljfl gkz~axl nak Hmzmxmham 4 Snl im Uxtxl~a) xmaok|i KazroxlkaW / Ianam Jonxlmkjm // Goinoum+ 82==+ Kx =/8+ R+ 066= 4 eo~+ &@fan zraxa~|mi!+

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

60

510+ Jokz~mk~akou) Umilk~ak+ Jl~ail komz~xl 4 Sluoi|am mxfa~lj~|xaa jl~aiox nak lu|iglna| 4 Fo~ak|i|a 3 Mih 3 Klmg|i|a 3 Z|jlulaW / Umilk~ak Jokz~mk~akou // Goinoum+ 82==+ Kx =/8+ R+ 0>00 4 eo~+ &Nljonaeajmxlm az~oxala!+

516+ Zaklmuzjmam) Km~miam+ Nohx|m) o gkz~axl k~xo umil ra~oxlmzj 7 Nohx|zm+ Mjioaz~lx ak raj~|xlz}|l umiilq 7 + 4 Snak xmaok|ioinkl~aW / Km~miam Zaklmuzjmam // Orlk Zcalz+ 82==+ Kx =/8+ R+ >8>5 4 eo~+ ^a~+) ~lv~rmxmi+ 4 ih+ xog+) lk`i+) x|z+

511+ Zaklmuzjmam) Km~miam+ Zraxa~|i i|a Gm~lluaja k hahiao~lj 7 Gm~lluaja'z zraxa~ akiahxmxq 7 4 Saz~oxam jinaxaa Zlgakmx|i|a ~loio`aj &nl im ak~lxzljam z~x+Hk|ilzj|Honoka a := M|`|z~!) mhzoiulk~|i jx|am m eoz~ rol~|i Milvl Gm~lluaja) mj~|miglk~l hioj|i 8 mi Hahi+ Km+ m GoinoulaW / Km~miam Zaklmuzjmam 3 eo~+ 4 U+ Jlxkm~ // Orlk Zcalz+ 82==+ Kx =/8+ R+ =28=25 4 eo~+ ^a~+) ~lv~ rmxmi+ 4 ih+ xog+) lk`i+) x|z+

0: MX^L RIMZ^AJL

022+ Nmgamk) Gafma+ Jm~mxm`m m rxoalj~m~ h|ilumxn|i roltala hmzmxmhlkl 4 Snlzrxljxlmam zj|ir~ox|i|a goin+ ^|nox Jm~mxm`mW / Gafma Nmgamk 3 eo~+ 4 A|xal Eojm) Kajoiml Xailmk|// Goinoum+ 82==+ Kx =/8+ R+ :8:< 4 eo~+ &\i~ag|i xogmk~aj!+

0>1 Mx~l nljoxm~aul+ Glzlxaa nl mx~+ Mx~l mriajm~l+ Nlza`k

02=+ Klz~lxou) Umnag+ Hik|xail nl u|ira k |~aiatxail jmzkajl / Umnag Klz~lxou // Uk~ox|i a Rlzjmx|i Goinoula+ 82==+ Kx =+ R+ 0 4 eo~+ ^lv~ rmxmi+ 4 ih+ xog+) x|z+

&Ulta nl mzlglklm Kx 55:!

0+ R+ =8==8>4 eo~+

02>+ Dli~oum) Akm+ Ilz rl~a~lz jokeanlkjlz 7 Il r~a~ jokeanlkjl 7 4Snlzrxl jxlmam raj~ox|i|a goin+ N|ga~x| RlajluW / Akm Dli~oum 3 eo~+ 4 M+ Zmlkjo // Orlk Zcalz+ 82==+ Kx =/8+ R+ 1>=22 4 eo~+ ^a~+) ~lv~ rmxmi+ 4 ih+ xog+) lk`i+) x|z+

02+ R+ =22=2= 4 eo~+

025+X|z|'Fmxmhm) Mkmz~mzam+ N|ga~x| Rlajlu) z~rk|i j|ioxaiox 4 Seail nak hao`x+ raj~ox|i|aW / Mkmz~mzam X|z|Fmxmhm 3 eo~+ 4 Zlx`fla Iorm~akzjfa // Goinoum+ 82==+ Kx =/8+ R+

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Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

66

020+Z~mkja|) Mnxamkm+ Im kjlr|~ m eoz~ Hahiam 4 S`xmeajm nl jmx~l 4 mzrlj~ az~+ m ~armx|i|aW / Mnxamkm Z~mkja| // Goinoum+ 82==+ Kx =/8+ R+ 525< 4 eo~+

026+x|) Gafma+ Z~xa a lulkaglk~l 4 Sagrxlzaa rl gmx`aklm lvrotaaaiox ak~lxk+ nl raj~|xW / Gafma x| // Z|nLz~ j|i~|xmi+ 82==+ Kx =+ R+ =>5=+ Dli~oum) Akm+ Xotm) k`lxaa a Alr|xaa 7 Xotm) Mk`liz mkn Fmxlz 7 ) 4 Seail nak hao`xmeam uaoiokjliaz~la a nljoxm~ox|i|a goin+ Xotm H|mk|W / Akm Dli~oum 3 eo~+4 Milvmknx Nlkazou // Orlk Zcalz+ 82==+ Kx =/8+ R+ 0660 4 eo~+ ^a~+) ~lv~ rmxmi+ 4 ih+xog+) lk`i+) x|z+

0=

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

61

01NAULX^AZGLK^+XLJXLLXL+DOJ\XA+ZROX^

01= Naulx~azglk~l) zrlj~mjoil) xlrxltlk~maa r|hiajl

0=0+Umilxa| @m`a| 4 Sjaklmz~) xl`atox a zjlkmxaz~ im (Goinoumeaig() Mx~az~ mi Rorox|i|a)jmumilx mi Oxnak|i|a Xlr|hiajaa 4 Ak glgoxamg &=+U+=1:68=+VAA+82=2!W // Hahiao Roiaz+ 82=2+ Uoi+ :5) Kx >+ R+ == 4 eo~+

08>+ Joxi~lmk|'@xmkja|j Zaiuam+ Rxohilgl nl j|i~|x k Xlr|hiajm Goinoum+ Luoi|am ~lm~x|i|a a m mx~la ~lm~xmil k~xl (xleiljaa a jok~xmz~l( / Zaiuam Joxi~lmk|@xmkja|j //

Xlu+ nl az~oxal m Goinoula+ 82=2+ Kx 8+ R+ 61==:+ Xlt+ k ih+ lk`i+ Hahiao`x+ k ko~l) r+ =====: &0> ~a~+!+

08

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90/183

Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

12

080+ @flox`fa) I|ngaim+ (Ro~ meaxgm j| kjxlnlxl j ~o~ jl mg xlmiatm~ jm mj~xa anm~oxlt k gmxl gz|x xl`atox|i|a Zmkn| @xlj|( 4 namio` j| mj~xam ^lm~x|i|a (Zm~axaj|z A+ I+Jmxm`amil( I+ @flox`fa / m namio`m~ 4 Nakm @fagr| // ^lm~x|+ 82=2+ Kx >+ R+ 81:= 4 eo~+

086+ @fagr|) Nakm+ Roulz~lm uazliox griaka~l 4 Srl gmx`aklm zrlj~mjoi|i|a (Roulz~lmnlamxk (nl ^|nox mxak) k xl`am i|a Ua~mial Dmjo~) gok~m~ im ^lm~x|i nl Xluaz~ @ak~m Im~ak nak Jfaak|W / Nakm @fagr| // ^lm~x|+ 82=2+ Kx >+ R+ :0 4 eo~+

081+ @xlj|) Zmkn|+ Zmkn| @xlj| 4 (Mg ux|~ k~o~nlm|km z mg ~lm~x|i gl|( 4 Sak~lxua|j| nax+ ^lm~x|i|a (Zm~axaj|z( nak Jfaak|W / jokzlgkmxl nl xlr+ xlu+ // ^lm~x|+ 82=2+ Kx >+ R+ 85 4 eo~+

0:2+ Aok Gmxjoja+ Aok Gmxjoja 4 ( zjkn|xm zjlkla l tgazia~omxl nl gak|ka k|gmam~|kja) jkn l |nm~ nak hli|` nl z|nomxlm mj~ox|i|a( 4 Sak~lxua| j| mj~ox|i ^lm~x|i|a Km+

(Umzail Miljzmknxa( nak HiaW / m namio`m~ 4 @flox`fl Jmimgmkja|j // ^lm~x|+ 82=2+ Kx >+ R+ 8

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

1=

0:1+ ) + 4 S+ (+ + () Jfaak|) 8::2+ 82=2W / // ^lm~x|+ 82=2+ Kx >+ R+ =188 4 eo~+

0>2+) + 4 4 S + (() + W / // ^lm~x|+ 82=2+ Kx >+ R+ :6>= 4 eo~+

&Ulta nl mzlglklm Kx 688!

6 IAK@UAZ^AJ+ EAIOIO@AL+ IA^LXM^\X

62/6=RXOHILGL @LKLXMIL J\ RXAUAXL IM IAK@UAZ^AJ A IA^LXM^\X+EAIOIO@AL

0>=+ I|k`|) L|`lk+ Hmxhmxozzm 4 xl`lil a raxmaa 4 Sokogmz~aj 4 mzrlj~ iak`uaz~aj a az~oxajW / L|`lk I|k`| // Koa+ 82==+ Kx ==+ R+ =1) 8=+ &I|glm k j|uak~l a lvrxlzaa!+

&Ulta nl mzlglklm Kx

&Ulta Kx oj~+ 82=2W / Rm|i @ogm //Hahiao Roiaz+ 82=2+ Uoi+ :5) Kx >+ R+ =81=2:+

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Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

18

0>5+ Xozl~~a Hiklzj|) J+ ^m|x|i kl`x| 4 Sroulz~axlW / J+ Xozl~~a Hiklzj| // Uk~ox|i a Rlzjmx|i Goinoula+ 82==+ Kx =+ R+ == 4 nlz+

0>0+ ^orxjlmk|) @lox`l+ \k alr|xl 4 Sulxz|xaW / @lox`l ^orxjlmk| // Uk~ox|i aRlzjmx|i Goinoula+ 82==+ Kx =+ R+ m :m m jor+

0>6+ ) + 4 S 4 + + +W / + // + 82==+ Kx =+ R+ ==+

0>1+ ) + 4 S 4 + + +W / // + 82==+ Kx =+ R+ m :m m jor+

&Ulta nl mzlglklm Kx 068=+=:06! Ia~lxm~|x xogk nak Xlr|hiajm Goinoum

0)82=2+

0

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93/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

1:

0 4 eo~+ 3 + 82==+ Kx 8+ R+ >+

052+ Kl`x|) Kajoiml+ O n|gakaj rioaomz 4 SralzW / Kajoiml Kl`x| // Z|nLz~ j|i~|xmi+ 82==+ Kx =+ R+ ==>=:=+

05=+ Roz~oimjfa) Noakm+ (Mg riljm~ nak oxm( 3 (Jxail m| rxakz gaxoz( 3 (Jm n|r|k zexa~ nl I|gl( 3 (K| mx ea jxlt|~ uxlonm~ j ron|i( 3 (N|r o knli|k`m~ |a~mxl nlgakl( 3 (Mrlil klnoxga~l zm| mh~|~( 3 (k zlxail nl a|ial uoa xlulka( 4 Sulxz|xaW / NoakmRoz~oimjfa // Goinoum+ 82==+ Kx =/8+ R+ 8< 4 eo~+

058+ Xtio`) Aok+ Goinoulkaa 3 Mg uo~m~ zjfaghmxlm 3 Nl jl zjmnl km~mia~m~lm? 3Jmj| 3 Glxl| mj~|mi 3 Jla nl z|z a jla nl doz 3 N|gmk|i nl jimz 3 Xluliaok|i rl ~agr nljxat 4 Sulxz|xaW / Aok Xtio` // Goinoum+ 82==+ Kx =/8+ R+ 181: 4 eo~+

05:+ Xogmkja|j) Umzail+ K|glil 4 Sulxz|xaW/ Umzail Xogmkja|j 3 nlz+ nl Zlx`a| R|aj// Mi|kli|i+ 82==+ Kx 8+ R+ =: 4 ai+J|rxakz 4Nljlhmi 3 Nogkam 3 Noakm 3 E|i`m 3 Eioxajlil k xojfal+

05>+ X|zkmj) Uimnagax+ Zmiumxlm joilj~au|i|a 4 Sroulz~axlW / Uimnagax X|zkmj // Uk~ox|i a Rlzjmx|i Goinoula+ 82==+ Kx 8+ R+ =: 4 eo~+ 3 + 82==+ Kx 8+ R+ =:+

05

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Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

1>

008+ Tmnkarx|) Rl~x|+ G jm|~ 3 Zjxazomxlm ~m 4 Sulxz|xaW / Rl~x| Tmnkarx| // Goinoum+ 82==+ Kx =/8+ R+ >5>0 4 eo~+

00:+ Tmnkarx|) Rl~x|+ Gal nox 3 a uaklo ta 4 Sulxz|xaW / Rl~x| Tmnkarx| // Goinoum+ 82==+ Kx =/8+ R+ 6661 4 eo~+00>+ Tmnkarx|) Rl~x|+ Rmaa gmgla 3 Nlz~ak 4 Sulxz|xaW / Rl~x| Tmnkarx| // Goinoum+

82==+ Kx =/8+ R+ 080: 4 eo~+

00m m jor+

000+ ) + 4 S 4 + + +W / // + 82==+ Kx 8+ R+ =: 4 ai+

68=+=5=+= Ia~lxm~|x x|z

006+ ) + ( ( 3 ( ( 3 ( ( 3 ( ( 3 (

( 3 ( ( 3 ( ) ( 3 ( ( 4 SW / // + 82==+ Kx =+ R+ 6566 4 eo~+

001+ ) + 3 3 3 3 3 3 3 ( ( 3 ( ( 3 3 ( ) ( 4 SW / // + 82==+ Kx =+ R+ 11=2= 4 eo~+

062+ ) + 4 / // + 82==+ Kx =+ R+ >8=4eo~+

068+ ) + 4 SW / 3 + 4 // + 82==+ Kx =+ R+ 6< 4 eo~+ Um |xgm+

68=+=5=+=&>06! Ia~lxm~|x x|z nak Xlr|hiajm Goinoum

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Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

1+ ) + 4 & + ! / // + 82==+ Kx =+ R+ =2=5 4 eo~+0615 4 eo~+

065+ ) + 4 SW / // + 82==+ Kx =+ R+ =086+ Jok~ak+ kjlr|~|i 4 Kx 1) 82=2 4 eo~+

060+ ) + ) 3 3 ( ( 3 ( ( 3 ( ( 3( ( 3 () +++( 3 3 ( ( 3 ( ( 3 3 ( ( 3 ( ( 3 3 () ( 3 3 ( ( 3 ( ( 3 ( ( 3 () ( 4 SW / // + 82==+ Kx =+ R+ 181: 4 eo~+

066+ ) + (( 4 SW / // + 82==+ Kx =+ R+ 611= 4 eo~+ |rxakz 4 ( ( 3

( ( 3 ( ( 3 () ( 3 ( ) ( 3 ( -( 3 ( (3 () ( 3 ( ( 3 ( ( 3 ( (+

68/68=+2 ^loxam) z~|na|i a ~lfkajm ia~lxm~|xaa

061+ @flxgmk) Gmxjli+ Hxle 4 S~xljlxl k xluaz~ 4 ia~lxm~|x) eaigl) mx~ W / Gmxjli@flxgmk // Z|nLz~ j|i~|xmi+ 82==+ Kx =+ R+ =!68=+===&0:!+2 Ia~lxm~|x mglxajmk) k iaghm lk`ilt

012+ Jlilhx| rxak~x|k xogmk nlzrxl mnoilzjlka a rxak eaxlma zoia~mx 4 Snlzrxl jxlmamzjxaa~ox|i|a mglxajmk D+ N+ Zmiak`lx &=+2=+=1=180+2=+82=2W // Hahiao Roiaz+ 82=2+ Uoi+ :5)Kx >+ R+ ==1=82 4 eo~+

68=+=:=+=+2 Ia~lxm~|x a~miamk

&Ulta Kx 061!

68=+=:>+8&6

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96/183

Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

15

01=+ ilmf~ajfa) Gmxam+ Jm~ohilrmz|i a iljam nl ia~lxm~|x 4 Snlzrxl jxlmam ia~lxmx mzjxaa~ox|i|a rlx|mk Gmxao Umx`mz Iiozm) Rxlga|i Kohli) mk|i 82=2W / Gmxam ilmf~ajfa // Z|nLz~ j|i~|xmi+ 82==+ Kx =+ R+ >:>6+ Hahiao`x+ 4 : ~a~+

68=+=:5+ R+ =::==1 4 eo~+

01:+ N|jm) @flox`fl+ (K| m~~ Rm|i @ogm mxl kluoal nl koa) j|g j~ koa mulg kluoal nl li( 4 ^lil`xmg nl zmi|~ rlk~x| rmx~ajarmkaa im Joke+ ~+ (Rm|i @ogm im 0< mka( 4SRon`oxam) G|k~lkl`x|) > oj~+ 82=2W / @flox`fl N|jm // Hahiao Roiaz+ 82=2+ Uoi+ :5) Kx >+ R+ =86=81 4 eo~+

01>+ @mimaj|'R|k) Lg+ #=6 4 Srl gmx`aklm uoi+ Mk~oio`am roltala `lklxmala 62 nlMilvmknx| G|akm) H|j|xl~a) Ln+ Uimzal) =11:W / Lg+ @mimaj|R|k // Z|nLz~ j|i~|xmi+ 82==+ Kx =+ R+ =>=6+

01

7/23/2019 BNM 2011-2

97/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

10

62=+Rofai) Uimn+ Nakjoio nl zoia~|naklm j|uak~liox zl mei klilrja|klm iox 4 Srl gmx`aklm jxlmala rol~la Gmxam HxalnlGmjoula a m uoi+ nl ulxz|xa ( k zak`|x~m~lm j|uak~liox()mrx|~ im Xa`m) Gakluxm) 82=2W / Uimn Rofai // Hahiao Roiaz+ 82=2+ Uoi+ :5) Kx >+ R+ 1+ R+ >6 r+W / Gaxjlm U+Jaohmk| // Z|nLz~ j|i~|xmi+ 82==+ Kx =+ R+ =180 4 eo~+

622>8 4 eo~+

625+Ja|x|k`m) Mknxla+ Mknxla Ja|x|k`m 4 (K|z uakoum~ em nl mxm glm-( 4 Sak~lxua| j|rol~|i) jmxl m ej|~ =2 mka nl `|im` xog+) oxa`akmx nak ox+ Jmf|iW / jokzlgkmxl nl Mkm~oiJaojmk| // Goinoum+ 82==+ Kx =/8+ R+ >6

7/23/2019 BNM 2011-2

98/183

Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

16

6=8+Rxilm) @flox`fl+ Ko~al im ^lgm rlk~x| mjmz 4 &zm|) nl im ja~a~ox) ogm`a|!4 Srlgmx`aklm xogmk|i|a j| mjlima ~a~+ nl Kajoiml Nmhadm) Ama) Rxakjlrz Lna~) 8221) :52 r+W / @flox`fl Rxilm // Hahiao Roiaz+ 82=2+ Uoi+ :5) Kx >+ R+ =::=:0 4 eo~+

6=:+Rliaklmk|) X+ Aglkz|xmhaim akzraxmal lgaklzjamk4 &Xzxa~ nl I|jlmex nlthm~lxa d|ulkail! 4 Sm rolg|i|a j| mjlima ~a~+ nl Uaj~ox ^lil|jW / X+ Rliaklmk| // Hahiao Roiaz+ 82=2+ Uoi+ :5) Kx >+ R+ 500= 4 eo~+

6=>+Rxojm) Aok+ Exm~l j| imjokazg|i 4 Srl gmx`aklm uoi+ nl ulxz|xa Izmaga nxm`oz~lmnl Aokli Jra) Jf+) Rxogl~l|) 82=2) :82 r+W / Aok Rxojm // Hahiao Roiaz+ 82=2+ Uoi+ :5)Kx >+ R+ =>==>8 4 eo~+

6=+ R+ =>6=>1 4 eo~+6=5+Xojm) Kajoiml+ Nlz~ak|i |k|a og j| no| (ell( 4 Seail nak hao`x+ rol~|i|a zm~axaj a

m glnaj|i|a Aok Xtio`W / Kajoiml Xojm // Goinoum+ 82==+ Kx =/8+ R+ 181: 4 ai+ &Omglka j| fmt!+

6=0+Xojm) Kajoiml+ Omxl jl gma emjl Nx|? 4 Seail nak hao`x+ zjxaa~ox|i|a goin+ AokNx|) mj~|miglk~l z~mhaia~ im Gozjoum) X|zamW / Kajoiml Xojm // Goinoum+ 82==+ Kx =/8+ R+ =: 4 eo~+

6=6+X|z|) Kajoiml+ Eomglm nl rakl) nl j|uk~ a nl nxm`oz~l 4 Snlzrxl jxlmam zjxaa~ox|i|a Iaua| Nlilmk|W / Kajoiml X|z| // Goinoum+ 82==+ Kx =/8+ R+ 686< 4 eo~+

6=1+Z~xghlmk|) Mknxla+ Mnoilzjlkaa nl mta uox gak|km i|glm 4 nl uoxh j| zjxaa~ox|i) M+ Z~xghlmk| / jokzlgkmxl nl @flox`fl H|nlmk| // Koa+ 82==+ Kx 8+ R+ 50 4 eo~+

682+Z|jlulmk|) Mxjmnal+ Elxuomxl zlktoxami a glna~mal 4 Srl gmx`aklm uoi+ nl ulxz|xa @milxal nl `kn|xa nl Noakm Roz~oimjfa) Jf+) Rx|~ Ak~lxkmaokmi) 822:W / MxjmnalZ|jlulmk| // Goinoum+ 82==+ Kx =/8+ R+ 8>+

68=+rmj) Aok+ Jxgrlal nak uamm |k|a ~milk~ z|rxmul`flm~ 4 SN+ G+ Hm~xkzlm) zjxaa~oxa eaiozoe ~xmkzkaz~xlmk) rxoelzox |kau+W // Hahiao Zjalk~am+ 82=2+ Kx :/>+ R+ 86:6 4 eo~+ Xlt+ k ih+ lk`i+ Hahiao`x+ k ko~l) r+ :6 &=< ~a~+!+

688+) + 4 4 S + ) ) W / // M}|mxliil+ 82==+ Kx 8+ R+ =5=6 4 eo~+

&Ulta nl mzlglklm Kx 511!68=+=5=+=+2 Ia~lxm~|x x|z

68:+ Mknxla Uotklzlkzca 4 Srol~ x|z) glghx| ~a~|imx a nl okomxl m or~ Mjmn+ nak i|gl) akji|zau mi Mjmn+ @okjo|x~nak Rmxaz 4 Ak glgoxamg &=8+U+=1::=+UA+82=2!W // Hahiao Roiaz+ 82=2+ Uoi+ :5) Kx >+ R+ =

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99/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

11

68>+ Hliim Mfgmn|iakm 4 Szjxaa~omxl x|z) naz~akz j| Rxlga|i nl Z~m~ mi Elnlxmala X|zla mi~l g|i~aril rxlgaa 4 Ak glgoxamg &=2+AU+=1:081+VA+82=2!W// Hahiao Roiaz+ 82=2+ Uoi+:5) Kx >+ R+ ==

7/23/2019 BNM 2011-2

100/183

Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

=22

1:/1>AZ^OXAL

1>AZ^OXAL @LKLXMI+AZ^OXAL \KAULXZMI

1>&>06! Az~oxam Xlr|hiajaa Goinoum

6:=+ Hmjmiou) Zlx`a|+ Hoalxaglm xaa Goinoula im kjlr|~|i lrojaa gonlxkl 4 &zljoi|imi VUAAilmkjlr|~|i zljoi|i|a mi VUAAAilm! 4 &AA! / Zlx`a| Hmjmiou // Xlu+ nl az~oxal m Goinoula+ 82=2+ Kx 8+ R+ =6:

7/23/2019 BNM 2011-2

101/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

=2=

Aknlv nl k|gl im (Jxokajm mx~ajoiliox nl xluaz~( Kx 8'82==

M

Mjxa) N|ga~x| 0::Mfgmn|iakm) Hliim 68>Mc|iou) U+ C+

7/23/2019 BNM 2011-2

102/183

Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

=28

Jlxkm~) U+ 511Jlxklkjfa) L|`lk >1:Jlxkoroij) Jxaz~akm 088Jfaiagmx) Zlx`fla 55>Jfarlx) @xa`oxl 08Nlilmk|) Iaua| 010Noiakzjfa) Jxaz~akm >>5Nak|) @flox`fl 51=Naoxnalu) Uaoil~m 055Nofo~mx|) Gmxam 566Noka) Kakm 0:8Nokajm) Kajoima 502

Noxoellu) Mk~ok 50>Nx`|mk|) Noxak

@

@hox) ogrm 0:5@m`a|) Umilxa| 0=0@mimaj|R|k) Lg+ 01>10@mk`mk) Zul~imkm

7/23/2019 BNM 2011-2

103/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

=2:

@mxmz) Mim 0:@fligaja) ^+ 5:0@flox`fl) |nox 0==@flox`fal) Milvmknx| @flxgmk) Gmxjli 061@flxgmk) Umzail :@imnjfa) @flox`fl 1

@oja|) N|ga~x| 56:@|xklq) Zagok 56>@||) Uimnagax ) 522@||Hmfou) J+ 5:>@||ilmj) Uaj~ox

F

Fmnxj) Gmxam 0Faomx) M|xli >68Fohmk|) Aok 061Foxaz) Ia|hm 68086

A

Aial) E+ 0>6A|kj|) Xonajm 0=:A|xomam) Eliajam ) 0=>=Coxo~cou) Uimnagax 582Co~ou) U+ G+ 5=2Cxa`lx) Oi`m 56>112Iaroumk) U+ 5:5Iorm~akzjfa) Zlx`fla 025Iotal) ~lemk 50162I|jfamk) Milvmknx| 520I|k`|) L|`lk 0>=) 015I|rmjo) A|+ 5:0:6

G

GmknxajJolx|) Ulxokajm 621Gmkoil) m~amkm Gmxjoja) Aok 0:2Gmxjou) Aok 5Gmxak) Milvmknxm Gmxako) Mnxamk 015Gm~lluaja) Milvl 511Gaj|) Milvmknx| 558

Gaj|) Umzail 558Gafma) A|iam Gafmlim 6:Kl`x|) @flox`fl >6:Kl`x|) Kajoiml 052Kl`x|) Umzail 50

O

Ok|m) Umilk~akm

7/23/2019 BNM 2011-2

105/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

=21=xmk|) Gmxamkm Z+ >68) >65x|) Gafma 026j|) I|gakam 085=|xjmk|) Uaoxajm >65

\

\k`|xlmk) Aumk :\k`|xlmk|) Imxazm 0:0\xgo`io) Ua~miaa 520\xz|) Mknxla 558Tanmx|) Jxaz~amk >5:

) + + 5:=

) 006

) 5::) + + 58=) 0060) 681) 06>) 2) + + 552) + + 5

) 0>2

) + 5>2

) 068) 6) 55:

) 065) 688) 5>0) + + 552) + + 552) + + 51>) + + 51) + + 58=) +

7/23/2019 BNM 2011-2

107/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

=20

) 6::

) 556) 0:6) + + 5>1) 556) +

7/23/2019 BNM 2011-2

108/183

Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82== Gm`mtakl mx~ajil mkkmiz Kx 8'82==

=26

Iaz~m xluaz~liox) j|il`lxaiox a r|hiajmaaiox jok~ak|l mil jxox mx~ajoil z|k~ eam~l k

Jxokajm mx~ajoiliox nl xluaz~ Kx 8'82==

=+ m Gaj(+ 82==+ Kx 8+8+ Mngakaz~xmxlm R|hiaj+ 82==+ Kx =+:+ M`xaj|i~|xm Goinoula+ 82==+ Kx =/8+>+ Mi|kli|i+ 82==+ Kx 8++6+ Hahiao Zjalk~am+ 82=2+ Kx :/>+1+ H|il~ak|i Mjmnlgala nl ~aakl m Xlr|hiajaa Goinoula+ Gm~lgm~ajm 82=2+ Kx :+=2+ Jok~mhaia~m~l a m|na~+ 82==+ Kx 8+==+ J|xalx|i glnajmi+ 82=2+ Kx 5+=8+

Nlz~ak xogklzj 4 zlx+ ko|+ 82=2+ Kx + D|z~aam Jokz~a~|aokmi k Xlr|hiajm Goinoum+ 82==+ Kx =+=+ Xluaz~m nl az~oxal m Goinoula+ 82=2+ Kx 8+8+85+ Xluaz~m Kmaokmi nl Nxlr~+ 82==+ Kx 8+80+ Z|nLz~ j|i~|xmi+ 82==+ Kx =+86+ ^lm~x|+ 82=2+ Kx >+81+ \kaulxz Rlnm`o`aj+ 82==+ Kx =+:2+ Uk~ox|i a Rlzjmx|i Goinoula+ 82==+ Kx =)8 &ih+ xog+) x|z!:=+ + 82==+ Kx =+:8+ + 82==+ Kx =+::+ + 82==+ Kx =+

7/23/2019 BNM 2011-2

109/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

=21

JXOKAJM MX^AJOILIOX NL@MTL^

ZL LNA^LMT NAK MK\I =1'==6>+ Jmklx) Umilxa|+ Umilxa| Jmklx a roia~ajail ~aakla nl im N|hkm 4 Sak~lxua| j| eatajamk|i mjmnlgajamkW / ak~lxioj|~ox 4 ^m~amkm Xo~mx| // Zr~gkm+ 82==+ 8< elhx+ R+ =:+

>665+ ) + 4 ( ( 4 S + W /

// + + 82==+ 6 +226 Jauaiatmal+ J|i~|x+ Rxo`xlz

>60+ ) + ) ) 4 S0< W / // + 82==+ =0 +

>66+ ) + ( ( 4 S j + + W / // + + 82==+ > + + >+

>61+ ) + ( ( 4 S + + W / // + 82==+ =6 + + 0+

2=HAHIAO@XMEAL+JM^MIOM@L

>12+ Mrli 4 Smi joilj~au|i|a Jmglxla Km+ m Jxaa rxauakn rz~xmxlm akz~+ jm |ka~m~l naz~akj~ mnxlzm~ i|a Gmxamk I|r|) rxllnak~l mi Rmximglk~|i|a Xlr+ Goinoum a Uimn Eaim~) rxaggakaz~x| mi Xlr+ GoinoumW // Ia~+ a mx~m+ 82==+ =0 elhx+ R+ :+

>1=+ rmj) Aok+ Uimn Rofai hahiao`xmeam~ 4 Srl gmx`aklm i|jxxaa (Uimn Rofai4 Haohahiao`xmeal() Jfaak|) (@xmelgm Iahxaz() 82=2W / Aok rmj // Ia~+ a mx~m+ 82==+ : elhx+ R+

7/23/2019 BNM 2011-2

110/183

Jxokajm mx~ajoiliox nl `mtl~ Kx 8'82== Klpzrmrlx mx~ajil mkkmiz Kx 8'82==

==2

>18+ ^mgmtijmx|) Lilkm+ Uoi|g|i (@xa`oxl Ualx|+ Haohahiao`xmeal( 4 Srl gmx`aklm ln+ m8m m haohahiao`x+) limh+ nl Hahi+ Km+ rlk~x| Joraa (Aok Jxlmk`W / Lilkm ^mgmtijmx| // Ia~+ amx~m+ 82==+ =0 elhx+ R+ 1:+ Nmhadm) Lilkm+ Jmxam~anm Jlk~x|i|a Mjmnlgaj Ak~lxkmaokmi (Lgaklzj|( 4 Sak~lxua|j| L+ Nmhadm) nax+ jlk~x|i|aW / jokzlgkmxl 4 Ianam Fiah // Ia~+ a mx~m+ 82==+ =0 elhx+ R+ 5+

2:2 I|jxxa nl xlelxak `lklxmil

>1>+ x|) Nanakm+ Lilglk~l nl jokjlr~|miatmxl m Lkjajiorlnala Goinoula / Nanakmx|) Aok Vlkoeok~ou // Ia~+ a mx~m+ 82==+ =2 elhx+ R+ 5+

202 Tamxaz~aj+ Rxlz>1 elhx+ R+ 0+

= EAIOTOEAL+ RZAFOIO@AL

=/=> Eaiotoeal

>15+ Nmgamk) @lox`l+ Jog|kazg|i a xltaz~lkm im xogka / @lox`l Nmgamk // ^agr|inl nagaklm+ 82==+ 8< elhx+ R+ 6+

>10+ Nmgamk) @lox`l+ Eaxlm xogkaiox nak |i~agm z|~ nl mka / @lox`l Nmgamk // ^agr|i nl nagaklm+ 82==+ 1 elhx+ R+ :+

>16+ R|xaj) Nmk+ Jakl z|k~lg? / Nmk R|xaj // Ia~+ a mx~m+ 82==+ 8> elhx+ R+ 5+>11+ R|xaj) Nmk+ Zlkz|i ualaa) mi goxaa a mi z|elxakla k gailka|i AAA 4 Smx~+ mj~ox|i|a a ea

iozoe|i|a xogkW / Nmk R|xaj // Ia~+ a mx~m+ 82==+ =0 elhx+ R+ >+

=0L^AJ+EAIOTOEAL GOXMI+EAIOTOEAL RXMJ^AJ

7/23/2019 BNM 2011-2

111/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

===

~x|( nak oxm|i ZoxojmW / m jokzlgkm~ Oj~muamk Goak // Mi~mx|i jxlnakla+ 82==+ =6 elhx+ R+ 1+

7/23/2019 BNM 2011-2

112/183

Jxokajm mx~ajoiliox nl `mtl~ Kx 8'82== Klpzrmrlx mx~ajil mkkmiz Kx 8'82==

==8

:=5 Zojaoio`al

:=5+:/+> Z~x|j~|xm zojami+ Zojal~m~lm jm zaz~lg zojami+ Rxojlzl zojamil

elhx+ R+ >+

7/23/2019 BNM 2011-2

113/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

==:

+ ) + =11= 4 S =:+ =11= + W / // ri|z+ 82==+ > + + =5+ + 4 86 +

:8:&>06! Roia~ajm ak~lxk m Xlr|hiajaa Goinoum

7/23/2019 BNM 2011-2

114/183

Jxokajm mx~ajoiliox nl `mtl~ Kx 8'82== Klpzrmrlx mx~ajil mkkmiz Kx 8'82==

==>

elhx+ R+ >+

+

>+ Eaim~) Uimn+ Uimn Eaim~4 (Uog jok~ak|m z kl okoxg mk`mdmglk~lil mz|gm~l emnl jl~lka( 4 ak~lxua| mjoxnm~ nl j~xl Rxaggakaz~x|i Xlr+ Goinoum m`lkala (Goinrxlz( //Zr~gkm+ 82==+ 8< elhx+ R+ >< 3 D|xkmi nl Jfaak|+ 82==+ 8< elhx+ R+ >+

elhx+ R+ =1+

5+ Gaak) Umnag+ Z~mhaia~m~lm Jokz~a~|ala joknaal m rxluatahaia~aa ualaa ljokogajl)zojamil a roia~ajl 4 Smx~+ nlr|~m~|i|a k Rmximglk~|i Xlr+ GoinoumW / Umnag Gaak // Jog|kaz~|i+ 82==+ 8< elhx+ R+ +

6+ Kl`x|) Kajoiml+ RJXG l k jmrjmk) nmx I|r| ~xlh|al z emj |k rmz kmroa 4Sjok~lv~ zoj+roi+W / Kajoiml Kl`x| // D|xkmi nl Jfaak|+ 82==+ > elhx+ R+ 5+

7/23/2019 BNM 2011-2

115/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

== elhx+ R+ = 3 + 82==+ > + + =+

7/23/2019 BNM 2011-2

116/183

Jxokajm mx~ajoiliox nl `mtl~ Kx 8'82== Klpzrmrlx mx~ajil mkkmiz Kx 8'82==

==5

7/23/2019 BNM 2011-2

117/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

==0

7/23/2019 BNM 2011-2

118/183

Jxokajm mx~ajoiliox nl `mtl~ Kx 8'82== Klpzrmrlx mx~ajil mkkmiz Kx 8'82==

==6

7/23/2019 BNM 2011-2

119/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

==1

7/23/2019 BNM 2011-2

120/183

Jxokajm mx~ajoiliox nl `mtl~ Kx 8'82== Klpzrmrlx mx~ajil mkkmiz Kx 8'82==

=82

520+ Umx`m) @qox`q+ (Goinoum rom~l ea o az~oxal nl z|jjlz m \L( 4 ak~lxua| j| @+ Umx`m) Mghmzmnox|i \k`mxala k Goinoum / jokzlgkmxl 4 Uax`akam N|ga~xm // Mnlux|i 4 ln+ nlGoinoum+ 82==+ = elhx+ R+ 0+

526+ Pm~zok) @xmfmg+ (@xl| nl jxlt|~ j X|zam um (liahlxm( ^xmkzkaz~xam( 4 Sak~lxua|j| @+ Pm~zok) l|xormximglk~mx) xmrox~ox rlk~x| Xlr+ GoinoumW / jokzlgkmxl 4 Hamkjm ^ogm)Ouana| Kmfoa // Mnlux|i 4 ln+ nl Goinoum+ 82==+ 88 elhx+ R+ + ) + 4 S+ + + + W / ) // + + 82==+ 8< + + 8=+

5= + + :+

:80&>06! Roia~ajm lv~lxk m Xlr|hiajaa Goinoum

5=6+ Jaoh|) Aok+ (Jmi|i ^xoamk( mi \L a Z\M 4 Smzrlj~l mil ak~l`xxaa l|xor+ m Xlr+GoinoumW / Aok Jaoh| // Jog|kaz~|i+ 82==+ 8< elhx+ R+ ==+

7/23/2019 BNM 2011-2

121/183

Hahiao`xmeam Kmaokmi m Goinoula Km~aokmi Hahiao`xmrfq oe Goinoum

=8=

5=1+ Nmgamk) @lox`l+ Nx|g|i zrxl \ka|klm L|xorlmk k| ~xljl rl im Gozjoum 4 Smzrlj~l mil ak~l`xxaa l|xorlklW / @lox`l Nmgamk // ^agr|i nl nagaklm+ 82==+ 8: elhx+ R+:+

582+ N|gakajm) Iaiam+ Xlr|hiajm Goinoum rmx~l m Z~xm~l`ala \L rlk~x| xl`a|klm N|kxaa / Iaiam N|gakajm // Nxlr~|i+ 82==+ == elhx+ R+ + ^kmzl) Jokz~mk~ak+ L|xorm a r|kl jlk| rl jmr+ Jl uog emjl koa) xogkaa? /Jokz~mk~ak ^kmzl // ^agr|i nl nagaklm+ 82==+ 0 elhx+ R+ :+

58

7/23/2019 BNM 2011-2

122/183

Jxokajm mx~ajoiliox nl `mtl~ Kx 8'82== Klpzrmrlx mx~ajil mkkmiz Kx 8'82==

=88

:81 Rmx~anl a gajxa roia~ajl

:81&>06! Rmx~anl a gajxa roia~ajl nak Xlr|hiajm Goinoum

5:2+ Ho`m~|) Rl~x|+ Uamm nl rmx~an) goglmi rlk~x| i|txa 4 Snlzrxl za~|mam