impact of the people’s republic of china’s growth slowdown on emerging asia: a general...

8/19/2019 Impact of the People’s Republic of China’s Growth Slowdown on Emerging Asia: A General Equilibrium Analysis

http://slidepdf.com/reader/full/impact-of-the-peoples-republic-of-chinas-growth-slowdown-on-emerging 1/24

LKOJ Rdr`jcb Ulphr Whrjhs

Jnplgt df tah Uhdpih‚s _hpuoijg df Gajcl‚sBrdwta Widwkdwc dc Hnhrbjcb Ls jl=

L Bhchrli Hquji jorjun Lcliys js

Flc ]alj lck Uhthr Ndrblc

Cd. 865Nlrga ?5<6

Lsjlc Khvhidpnhct Olc` Jcstjtuth



[ah Rdr`jcb Ulphr shrjhs js l gdctjcultjdc df tah fdrnhriy clnhk Kjsgussjdc Ulphr shrjhs0tah cunohrjcb df tah plphrs gdctjcuhk wjtadut jcthrruptjdc dr galcbh. LKOJ‚s wdr`jcbplphrs rhfihgt jcjtjli jkhls dc l tdpjg lck lrh pdsthk dcijch fdr kjsgussjdc. LKOJ hcgdurlbhsrhlkhrs td pdst tahjr gdnnhcts dc tah nljc plbh fdr hlga wdr`jcb plphr (bjvhc jc tahgjtltjdc ohidw). Wdnh wdr`jcb plphrs nly khvhidp jctd dtahr fdrns df puoijgltjdc.

Wubbhsthk gjtltjdc=

]alj, F., lck U. Ndrblc. ?5<6. Jnplgt df tah Uhdpih‚s _hpuoijg df Gajcl‚s Brdwta Widwkdwcdc Hnhrbjcb Lsjl= L Bhchrli Hqujijorjun Lcliysjs. LKOJ Rdr`jcb Ulphr 865. [d`yd= LsjlcKhvhidpnhct Olc` Jcstjtuth. Lvljiloih= attp=//www.lko.drb/puoijgltjdcs/jnplgt-prg-brdwta-sidwkdwc-hnhrbjcb-lsjl-bhchrli-hqujijorjun/

Uihlsh gdctlgt tah lutadrs fdr jcfdrnltjdc lodut tajs plphr.

Hnlji= zaljflcEgajcl-jcv.gc0 pndrblcElkoj.drb

Flc ]alj js Nlclbjcb Kjrhgtdr lt Gajcl Jcvhstnhct Gdrpdrltjdc.

Uhthr Ndrblc js l Whcjdr Gdcsuitlct lt tah Lsjlc Khvhidpnhct Olc` Jcstjtuth (LKOJ).

[ah lutadrs talc` Lokui Lojlk lck dtahr plrtjgjplcts df tah LKOJ gdcfhrhcgh, [ah

Jnpijgltjdcs df l Udssjoih U_G Brdwta Widwkdwc fdr Lsjl, jc Cdvhnohr ?5<8 fdr tahjrgdnnhcts.

[ah vjhws hxprhsshk jc tajs plphr lrh tah vjhws df tah lutadr lck kd cdt chghsslrjiyrhfihgt tah vjhws dr pdijgjhs df LKOJ, LKO, jts Odlrk df Kjrhgtdrs, dr tah bdvhrcnhctstahy rhprhshct. LKOJ kdhs cdt bulrlcthh tah lggurlgy df tah kltl jcgiukhk jc tajs plphrlck lgghpts cd rhspdcsjojijty fdr lcy gdcshquhcghs df tahjr ush. [hrnjcdidby ushk nlycdt chghsslrjiy oh gdcsjsthct wjta LKO dffjgjli thrns.

Rdr`jcb plphrs lrh suomhgt td fdrnli rhvjsjdc lck gdrrhgtjdc ohfdrh tahy lrh fjclijzhklck gdcsjkhrhk puoijsahk.

Lsjlc Khvhidpnhct Olc` Jcstjtuth@lsunjblsh`j Oujikjcb 1F

7-?-8 @lsunjblsh`j, Gajydkl-`u[d`yd <55-6551, Mlplc

[hi= +1<-7-78:7-8855Flx= +1<-7-78:7-882<X_I= www.lkoj.drbH-nlji= jcfdElkoj.drb

© ?5<6 Lsjlc Khvhidpnhct Olc` Jcstjtuth

mailto:[email protected]






LKOJ Rdr`jcb Ulphr 865 ]alj lck Ndrblc

Lostrlgt

Ls lc jnpdrtlct bidoli lck rhbjdcli hgdcdnjg pdwhr, tah U_G‚s brdwta sidwkdwc nlyglush ilrbh spjiidvhr hffhgts td jts chjbaodrjcb hgdcdnjhs. Xsjcb l nuitj-shgtdrli bidoligdnputloih bhchrli hqujijorjun ndkhi, tajs plphr qulctjtltjvhiy jcvhstjblths tah jnplgts df lbrdwta sidwkdwc jc tah U_G fdr hnhrbjcb Lsjlc hgdcdnjhs tarduba trlkh ijc`lbhs. [ahrhsuits subbhst talt l brdwta sidwkdwc df <.6 phrghctlbh pdjcts jc tah U_G wduik orjcblodut l brdwta khghihrltjdc df 5.?6 phrghctlbh pdjcts jc khvhidpjcb Lsjl ls l wadih.Adwhvhr, tah jnplgts vlry krlnltjgliiy oy hgdcdny wjtajc khvhidpjcb Lsjl, rhfihgtjcb tahjrkjffhrhcgh jc hgdcdnjg lck trlkh strugturh.

MHI Gilssjfjgltjdc= G61, F;;, F;2, F6?




Gdcthcts

<. Jctrdkugtjdc ................................................................................................................ 7

?.

[rlcsnjssjdc Galcchis ............................................................................................. ;

7. Nhtadkdidby .............................................................................................................. 6

;. Wjnuiltjdcs lck _hsuits ............................................................................................ 1

;.< Jnplgt dc Dutput lck [rlkh .......................................................................... :

;.? Whgtdrli Jnplgts .......................................................................................... <?

;.7 Jnplgts dc Gdnndkjty Nlr`hts ................................................................... <2

;.; [ah _dihs df tah Xcjthk Wtlths lck Jckjl ..................................................... <1

8. Gdcgiusjdcs ............................................................................................................. ?5

_hfhrhcghs ......................................................................................................................... ??




<. JC[_DKXG[JDC

Rjta jts rlpjk hgdcdnjg brdwta lck jcthbrltjdc jctd tah bidoli hgdcdny dvhr tah ilsttarhh khglkhs, tah Uhdpih‚s _hpuoijg df Gajcl (U_G) als hnhrbhk ls l nlmdrhgdcdnjg pdwhr lck lc jnpdrtlct sdurgh df brdwta fdr tah wdrik hgdcdny. Cdw jt jstah shgdck-ilrbhst hgdcdny lt nlr`ht hxgalcbh rlths lck tah ilrbhst hxpdrthr jc tahwdrik. [ah U_G lggducthk fdr lodut dch-fdurta df tah wdrik‚s brdwta usjcb purgalsjcbpdwhr plrjty olshk brdss kdnhstjg prdkugt (BKU) kurjcb ?55<‗?5<;, lck jc tah yhlrslahlk, tah U_G js ij`hiy td lggduct fdr ohtwhhc dch-tajrk lck alif df brdwta jc bidolijcgdnh, trlkh, lck gdnndkjty khnlck (Wunnhrs ?5<8). Jc Lsjl, tah U_G‚s rdih ls lbrdwta pdih js hvhc ndrh prdnjchct. Dvhr tah ilst <5 yhlrs, spurrhk oy strdcbprdghssjcb hxpdrts lck kdnhstjg khnlck, tah U_G‚s jnpdrts frdn Lsjl jc XcjthkWtlths (XW) kdiilr thrns alvh jcgrhlshk lt lc lvhrlbh lcculi rlth df :%. [ah U_G jsgurrhctiy tah `hy krjvhr df jctrl-rhbjdcli trlkh lck jts rlpjkiy rjsjcb jnpdrts alvh oudyhktah strdcb brdwta phrfdrnlcgh df chjbaodrjcb Lsjlc hgdcdnjhs.

[ah jcgrhlsjcb jnpdrtlcgh df tah U_G fdr dtahr Lsjlc hgdcdnjhs rhprhshcts cdt dciydppdrtucjtjhs fdr tahn, out lisd l pdthctjli sdurgh df nlgrdhgdcdnjg rjs`. Rjtajcgrhlshk jcthbrltjdc jc tah rhbjdcli hgdcdny, l kdwcturc jc tah U_G‚s hgdcdny nlyspjii dvhr td hishwahrh jc Lsjl. Lgtuliiy, lfthr phl`jcb lt <5.6% jc ?5<5, tah U_G‚sBKU brdwta als khghihrlthk salrpiy sjcgh tahc, krdppjcb td ohidw 2% jc tah fjrst tarhhqulrthrs df ?5<8. Rjta jts trlkjtjdcli brdwta krjvhrs‛hxpdrts lck jcvhstnhct‛idsjcbtah ndnhctun, tah U_G‚s gurrhct brdwta ndkhi nly alvh rhlgahk jts ijnjts. Jctah flgh df brdwjcb hxghss jckustrjli glplgjty, ajba fjclcgjli ihvhrlbh rltjds jc tahgdrpdrlth shgtdr, lck pdthctjli ouooih rjs`s jc prdphrty lck stdg` nlr`hts, tahbdvhrcnhct js ucwjiijcb td jctrdkugh nlssjvh ndchtlry lck fjsgli stjnuius td oddstbrdwta ls jt kjk lfthr tah ?551‗?55: bidoli fjclcgjli grjsjs. _ltahr, tah bdvhrcnhctwjsahs td rhiy dc suppiy-sjkh nhlsurhs, jcgiukjcb lgghihrltjcb strugturli rhfdrns lckprdndtjcb jccdvltjdc, td sustljc idcb-thrn hgdcdnjg brdwta lck flgjijtlth tah trlcsjtjdcdf tah brdwta ndkhi td dch olshk ndrh dc gdcsunhr sphckjcb. [ah hffdrts tdwlrksstrugturli rhfdrn, gdnpihnhcthk wjta sdnh njcj-stjnuij dc tah fjsgli frdct, nly suppdrttah hgdcdny td brdw lt l ndrh olilcghk plta df l 6%‗2% lcculi rlth. Adwhvhr, tahrjs` df l alrk ilckjcb lisd hxjsts.

[ajs plphr lsshsshs tah ij`hiy jnpijgltjdcs df l brdwta sidwkdwc jc tah U_G fdrhnhrbjcb Lsjlc hgdcdnjhs. Wphgjliiy, wh ush l nuitj-shgtdrli gdnputloih bhchrlihqujijorjun (GBH) ndkhi df tah bidoli hgdcdny td jcvhstjblth tah nlgrdhgdcdnjg lckstrugturli jnplgts df tah U_G‚s sidwkdwc tarduba tah trlkh galcchi. [ah GBH ndkhijs lc hgdcdny-wjkh ndkhi talt galrlgthrjzhs jcthrlgtjdcs lndcb jckustrjhs,gdcsunhrs, lck bdvhrcnhcts lgrdss tah bidoli hgdcdny. [ah khtljihk rhbjdcli lck

shgtdr kjslbbrhbltjdc df tah ndkhi nl`hs jt pdssjoih td glpturh tah spjiidvhr hffhgts dfshgtdr- dr gductry-sphgjfjg sadg`s.

Whgtjdc ? lcliyzhs tah hgdcdnjg ijc`lbhs ohtwhhc tah U_G lck dtahr Lsjlchgdcdnjhs lck hxlnjchs tah nlmdr galcchis tarduba wajga tah hffhgts df tah U_G‚sbrdwta sidwkdwc nly oh trlcsnjtthk. Whgtjdc 7 kjsgusshs tah nhtadkdidby lckkhsgrjohs tah sphgjfjgltjdcs df tah GBH ndkhi ushk jc tajs stuky. [ahc jc Whgtjdc ;wh qulctjfy tah pdthctjli jnplgts dc prdkugtjdc, trlkh, lck tah nlgrdhgdcdnyusjcb tah GBH ndkhi sjnuiltjdcs. Fjcliiy, Whgtjdc 8 prhshcts sdnh gdcgiusjdcs lckpdijgy jnpijgltjdcs.

7




?. [_LCWNJWWJDC GALCCHIW

[rlkh ijc`lbh kdnjclths tah hgdcdnjg rhiltjdcsajp ohtwhhc tah U_G lck jts Lsjlcchjbaodrs. [arduba tah trlkh galcchi, l sidwkdwc df tah U_G‚s hgdcdnjg brdwta

gduik oh trlcsnjtthk td tah rhst df tah Lsjlc hgdcdnjhs oy lffhgtjcb hxpdrt khnlcklck tah thrns df trlkh. Ls tah U_G als ohgdnh l nlmdr sdurgh df khnlck fdr fjclibddks prdkughk jc Lsjlc hgdcdnjhs, l sjbcjfjglct kdwcturc jc jts hgdcdny wduik alvhl chbltjvh jnplgt dc tahjr hxpdrts, wajga jc turc rhkugh tah trlkh olilcgh lck cltjdclijcgdnh tarduba sadrt-ruc trlkh nuitjpijhr hffhgts. Furtahrndrh, tah losdrptjdc rhkugtjdcjc lffhgthk hgdcdnjhs wduik spjii dvhr td tahjr trlkh plrtchrs, rhsuitjcb jc shgdck-rduckkhnlck rhkugtjdc hffhgts. [ah U_G‚s jnpdrts alvh lisd gdctrjouthk tah strhcbta df tahwdrik gdnndkjty nlr`ht jc tah plst khglkh. Cdw jt js tah wdrik‚s ilrbhst jnpdrthrdf gdpphr lck sthhi, lck lndcb tah ilrbhst jnpdrthrs df dtahr rlw nlthrjlis. [ah

kdwcturc df tah U_G‚s hgdcdny nly krjvh kdwc tah prjghs df gdnndkjtjhs lcktahrhoy chbltjvhiy jnplgt tadsh gductrjhs talt rhiy dc hxpdrts df gdnndkjtjhs lckdtahr prjnlry prdkugts fdr nuga df tahjr hxpdrt hlrcjcbs.

[ah khbrhh df tahsh hffhgts khphcks dc tah galrlgthrjstjgs df jckjvjkuli hgdcdnjhs lcktahjr trlkh rhiltjdcsajps wjta tah U_G. [ah rhnljckhr df tajs shgtjdc orjhfiy kjsgusshstah trlkh ijc`lbh ohtwhhc tah U_G lck jts Lsjlc chjbaodrs, wajga wjii flgjijtlth tahuckhrstlckjcb df tah ij`hiy jnplgts df tah U_G‚s kdwcturc.

Olshk ilrbhiy dc trlkh rhiltjdcsajps, Lsjlc hgdcdnjhs alvh ohhc sjbcjfjglctiyjcthcsjfyjcb tahjr hgdcdnjg tjhs wjta tah U_G jc rhghct yhlrs. [loih < sadws tah U_G‚shxpdrts td l cunohr df Lsjlc hgdcdnjhs, wajih [loih ? sadws tah U_G‚s jnpdrts. [ahU_G‚s hxpdrts td tahsh gductrjhs brhw lt l gdnpduck rlth df <7.6% frdn ?558‗?5<;.[ah brdwta rlths df hxpdrts td Oruchj Klrussliln, tah Ild Uhdpih‚s Khndgrltjg_hpuoijg (Ild UK_), Nylcnlr, lck Vjht Cln alvh ohhc rjsjcb flsthst, wajih tadsh tdMlplc rdsh tah sidwhst. [ah salrh df jnpdrts frdn tah U_G jc tadsh hgdcdnjhs‚ tdtlijnpdrts jcgrhlshk suostlctjliiy. [ah salrh df Mlplc‚s jnpdrts frdn tah U_G wlsrhiltjvhiy stloih lt ?<%‗??%, lck talt fdr tah _hpuoijg df @drhl rdsh dciy ndkhstiy,out tah U_G jnpdrt salrhs jc Jckjl, Jckdchsjl, Nlilysjl, Uajijppjchs, [aljilck, lckVjht Cln rdsh suostlctjliiy.

[ah U_G‚s jnpdrts frdn tahsh gductrjhs brhw lt l gdnpduck rlth df :.?% dvhr?558‗?5<;. [ah lvhrlbh brdwta rlths df jnpdrts frdn tah Ild UK_, Nylcnlr,Glnodkjl, Vjht Cln, Jckdchsjl, Nlilysjl, [aljilck, lck tah _hpuoijg df @drhl rdshndrh talc <5% phr yhlr. [ah U_G‚s salrh df tdtli hxpdrts rdsh sjbcjfjglctiy fdrJckdchsjl, Mlplc, Nlilysjl, tah Uajijppjchs, tah _hpuoijg df @drhl, Wjcblpdrh, lck[aljilck, wjta Mlplc lck tah _hpuoijg df @drhl alvjcb tah ilrbhst salrhs.

[loih 7 furtahr gdnplrhs tah trlkh khphckhcgh df hnhrbjcb Lsjl dc tah U_Glbljcst tadsh dc tah khvhidphk wdrik. Jt sadws l nlssjvh rjsh jc tah jnpdrtlcghdf tah U_G jc Lsjl dvhr tah plst <5 yhlrs. Fdr LWHLC lck Wduta Lsjl, tah U_G‚ssalrhs jc tahjr tdtli trlkh alvh kduoihk frdn ?55; td ?5<;. [ah U_G als dutplghk tahXW, tah Hurdphlc Xcjdc, lck Mlplc ls tah ilrbhst trlkh plrtchr df ndst Lsjlckhvhidpjcb hgdcdnjhs.

;




[loih <= U_G Hxpdrts td Lsjlc Hgdcdnjhs, ?558‗?5<;

KhstjcltjdcHgdcdny

Hxpdrt Vliuh

($ ojiijdc) Gdnpduck

Brdwta _lth?558‗?5<; (%)

U_G Walrh df [dtliJnpdrts (%)

?558 ?5<5 ?5<; ?558 ?5<5 ?5<;

Oruchj Klrussliln 5.< 5.; <.2 ;2.; C/L C/L 5.:

Glnodkjl 5.8 <.7 7.7 ??.7 5.8 <.? C/L

Jckjl 1.: ;5.: 8;.? ??.? 2.? 2.: ;.?

Jckdchsjl 1.; ??.5 7:.< <1.2 2.1 :.: <5.5

Mlplc 1;.5 <?<.5 <;:.; 6.6 <7.8 <:.; <1.7

Ild UK_ 5.< 5.8 <.1 72.2 C/L C/L C/L

Nlilysjl <5.6 ?7.1 ;6.; <2.1 6.6 <?.6 <?.<

Nylcnlr 5.: 7.8 :.; ?:.? C/L ?2.< 6.?

Uajijppjchs ;.2 <<.8 ?7.8 <:.6 :.: <<.< <7.5

_hp. df @drhl 78.< 61.1 <55.7 <?.; ?<.1 ?8.< ?8.;

Wjcblpdrh <6.6 7?.7 ;1.: <?.2 1.6 <5.7 <?.6[aljilck 2.1 <:.2 7;.7 <2.: 1.7 <<.5 <<.5

Vjht Cln 8.6 ?7.< 67.2 75.: <5.5 <5.2 C/L

[dtli <17.; 761.: 826.5 <7.6 C/L C/L C/L

Ild UK_ > Ild Uhdpih's Khndgrltjg _hpuoijg0 C/L > cdt lvljiloih0 U_G > Uhdpih's _hpuoijg df Gajcl.

Wdurgh= XC Gdntrlkh kltlolsh. attp=//gdntrlkh.uc.drb (lgghsshk <8 Whpthnohr ?5<8).

[loih ?= U_G Jnpdrts frdn Lsjlc Hgdcdnjhs, ?558‗?5<;

KhstjcltjdcHgdcdny

Hxpdrt Vliuh

($ ojiijdc) Gdnpduck

Brdwta _lth?558‗?5<; (%)

U_G Walrh df [dtliJnpdrts (%)

?558 ?5<5 ?5<; ?558 ?5<5 ?5<;

Oruchj Klrussliln 5.? 5.2 5.? ‗<.5 C/L C/L :.:

Glnodkjl 5.5 5.< 5.8 72.6 <6.6 ?;.? C/L

Jckjl :.1 ?5.1 <6.; 8.: 2.? <<.1 <?.2

Jckdchsjl 1.; ?5.1 ?;.8 <?.6 <5.< <8.< <2.?

Mlplc <55.; <26.2 <6?.1 8.8 ?<.5 ??.< ??.7

Ild UK_ 5.5 5.6 <.1 65.? C/L C/L C/L

Nlilysjl ?5.< 85.; 88.2 <?.5 <<.8 <?.6 <6.:

Nylcnlr 5.7 <.5 <8.6 86.2 C/L C/L C/L

Uajijppjchs <?.: <6.? ?<.5 8.6 6.7 1.8 <8.?

_hp. df @drhl 26.1 <71.7 <:5.< <5.6 <;.1 <6.1 <2.<

Wjcblpdrh <6.8 ?;.2 75.1 2.? <5.7 <5.1 <?.<[aljilck <;.5 77.? 71.7 <<.1 :.; <7.7 <6.:

Vjht Cln ?.6 2.5 <:.: ?8.6 <6.5 ?7.1 C/L

[dtli ?6?.5 ;:5.6 822.8 :.? C/L C/L C/L

Ild UK_ > Ild Uhdpih's Khndgrltjg _hpuoijg0 C/L > cdt lvljiloih0 U_G > Uhdpih's _hpuoijg df Gajcl.

Wdurgh= XC Gdntrlkh kltlolsh. attp=//gdntrlkh.uc.drb (lgghsshk <8 Whpthnohr ?5<8).

8




[loih 7= _hbjdcli Kjstr joutjdc df Nhrgalckjsh [rlkh jc Hnhrbjcb Lsjl(%)

U_G XW HX Mlplc

?55;

CJHs (hxgiukjcb Adcb @dcb, Gajcl) <7.2 <7.: :.7 <7.5

Adcb @dcb, Gajcl ;7.2 <<.5 <<.5 1.1

LWHLC (hxgiukjcb Wjcblpdrh) 1.? <7.: <<.; <6.5

Wduta Lsjl 8.: <<.6 ?5.7 7.<

?5<;

CJHs (hxgiukjcb Adcb @dcb, Gajcl) <1.2 :.1 :.1 2.8

Adcb @dcb, Gajcl 85.? 2.< 1.? 8.7

LWHLC (hxgiukjcb Wjcblpdrh) <6.? 1.6 :.; <5.6

Wduta Lsjl <5.; 1.5 <7.1 ?.?

LWHLC > Lssdgjltjdc df Wdutahlst Lsjlc Cltjdcs0 HX > Hurdphlc Xcjdc0 CJHs > chwiy jckustrjlijzhk hgdcdnjhs0

U_G > Uhdpih‚s _hpuoijg df Gajcl0 XW > Xcjthk Wtlths.Wdurgh= Alvhr Lcliytjgs kltlolsh. attp=//www.alvhr.gdn/durTkltl.atni (lgghsshk ?8 Whpthnohr ?5<8).

Ohglush l suostlctjli plrt df Lsjl's hxpdrts td tah U_G js gdnprjshk df jcthrnhkjlthbddks talt wjii oh prdghsshk lck lbljc hxpdrthk dvhrshls, tah U_G‚s jnpdrt brdwtarhfihgts tah rjsh jc odta kdnhstjg khnlck lck hxthrcli khnlck frdn dutsjkh tahrhbjdc. Ls l rhsuit, tah rdih df tah U_G‚s khnlck jc suppdrtjcb rhbjdcli brdwta nly ohhxlbbhrlthk oy tah lnduct df tdtli trlkh. Adwhvhr, tahrh alvh ohhc twd jnpdrtlctstrugturli galcbhs jc tah U_G‚s trlkh pltthrc jc tah yhlrs sjcgh tah bidoli fjclcgjligrjsjs. Fjrst, tah U_G als ohhc ndvjcb rlpjkiy up tah vliuh-lkkhk galjcs df bidoliprdkugtjdc, ihlkjcb td ajba kdnhstjg gdcthct lck vliuh-lkkhk jc tah U_G‚s hxpdrts.Whgdck, tah kdnhstjg khnlck df tah U_G als ohhc jcgrhlsjcbiy gdctrjoutjcb td tah

vliuh-lkkhk df jts trlkjcb plrtchrs (JNF ?5<<). [ajs subbhsts l ilrbhr jnplgt df tahU_G‚s khnlck sadg` dc jts trlkjcb plrtchrs.

7. NH[ADKDIDBZ

[wd typhs df hgdcdnjg ndkhis alvh ohhc wjkhiy ushk td lsshss tah jnplgtdf jcthrcltjdcli trlcsnjssjdc df sadg`s. [ah fjrst js tah nuitj-gductry, vhgtdrlutd-rhbrhssjdcs (VL_s) ndkhi, wajga glpturhs tah ijchlr jcthrkhphckhcgjhslndcb nuitjpih tjnh shrjhs df nlgrdhgdcdnjg vlrjloihs, suga ls BKU, jcfiltjdc, lckhxgalcbh rlth, lndcb dtahrs. Jc l VL_, hlga vlrjloih als lc hqultjdc hxpiljcjcbjts hvdiutjdc olshk dc jts dwc ilbs lck tah ilbs df tah dtahr vlrjloihs. Adwhvhr,

suga hgdcdnhtrjgliiy hstjnlthk rhkughk-fdrn VL_s flji td dffhr gihlr hgdcdnjgjcthrprhtltjdcs jc hxlnjcjcb tah hffhgts df strugturli sadg`s. [ah shgdck typhdf ndkhi js tah Chw-@hychsjlc kyclnjg stdgalstjg bhchrli hqujijorjun (KWBH)ndkhi. [ajs ndkhi glpturhs nlgrdhgdcdnjg trlcsnjssjdc nhgalcjsns wjta rjbdrdusnjgrdhgdcdnjg fduckltjdcs, out dfthc js ajbaiy lbbrhblthk oy rhbjdc lck shgtdr. <

Rh gdnpihnhct tah ndkhi-olshk ijthrlturh dc jcthrcltjdcli spjiidvhr df hgdcdnjgbrdwta oy usjcb l bidoli trlkh sjnuiltjdc ndkhi td hvliulth tah hffhgt df tah U_G‚sbrdwta dc jts Lsjlc chjbaodrs. [ah ndkhi js l kyclnjg, nuitj-shgtdrli bidoli GBHndkhi oujit dc tah IJC@LBH ndkhi khvhidphk lt tah Rdrik Olc` (vlc khr

< Whh Bluvjc lck _hojiilrk (?5<8) lck Jcduh, @lyl, lck Dasajbh (?5<8) fdr l bidoli VL_ lcliysjs df tah

spjiidvhr hffhgts df tah U_G‚s brdwta sidwkdwc, lck Lckhrsdc ht li (?5<8) fdr l KWBH lcliysjs dfspjiidvhrs frdn tah U_G dc suo-Wlalrlc Lfrjgl.

6

http://www.haver.com/our_data.html

http://www.haver.com/our_data.html




Nhcsorubbah ?558). [ah GBH ndkhi als jts jcthiihgtuli rddts jc tah brdup df nuitj-gductry lppijhk bhchrli hqujijorjun ndkhis ushk dvhr tah plst twd khglkhs td lcliyzhtrlkh lck tlx jssuhs (Wadvhc lck Raliihy <::?0 Ahrthi <::2). Adwhvhr, kjffhrhct frdntah suppiy-krjvhc chdgilssjgli lssunptjdcs hnpidyhk jc ndst GBH ndkhis fdr idcb-thrn lcliysjs, wh utjijzh tah khnlck-krjvhc @hychsjlc gidsurh ruih jc tajs ndkhi. [ajsnl`hs tah ndkhi ndrh lpprdprjlth fdr lcliyzjcb tah sadrt- td nhkjun-thrn jnplgts dfbrdwta sadg`s.

[ah `hy fhlturhs df tah ndkhi lrh ls fdiidws. Urdkugtjdc jc hlga hgdcdnjg shgtdr wlsndkhihk usjcb chsthk gdcstlct hilstjgjty df suostjtutjdc (GHW) fucgtjdcs lck gdcstlctrhturcs td sglih wls lssunhk. Lt tah tdp ihvhi, dutput js prdkughk ls l gdnojcltjdcdf lbbrhblth jcthrnhkjlth khnlck lck vliuh-lkkhk. Lt tah shgdck ihvhi, lbbrhblthjcthrnhkjlth khnlck js spijt jctd hlga gdnndkjty lggdrkjcb td Ihdctjhf thgacdidbysphgjfjgltjdcs, talt js, cd suostjtutlojijty ohtwhhc jcputs. Vliuh-lkkhk js prdkughk oy lglpjtli-ilck ouckih lck lbbrhblth ilodr. Fjcliiy, lt tah odttdn ihvhi, lbbrhblth ilodr jskhgdnpdshk jctd ucs`jiihk lck s`jii ilodr, lck tah glpjtli-ilck ouckih js khgdnpdshkjctd glpjtli lck ilck (fdr tah lbrjguiturh shgtdr) dr clturli rhsdurghs (fdr tah njcjcb

shgtdr). Lt hlga ihvhi df prdkugtjdc, tahrh js l ucjt gdst fucgtjdc talt js kuli td tah GHWlbbrhbltdr fucgtjdc lck khnlck fucgtjdcs fdr gdrrhspdckjcb jcputs. [ah tdp-ihvhi ucjtgdst fucgtjdc khfjchs tah nlrbjcli gdst df shgtdrli dutput.

[ah ndkhi lssunhk kjffhrhctjltjdc df prdkugts oy rhbjdcs df drjbjc0 talt js, tah Lrnjcbtdc lssunptjdc (Lrnjcbtdc <:6:). [dp-ihvhi lbbrhblth Lrnjcbtdc khnlck wlsliidglthk ohtwhhc bddks prdkughk kdnhstjgliiy lck lbbrhblth jnpdrts fdiidwjcb lGHW fucgtjdc. Lt tah shgdck ihvhi, lbbrhblth jnpdrts whrh furtahr kjslbbrhblthklgrdss tah vlrjdus trlkh plrtchrs usjcb lc lkkjtjdcli GHW chst. Dc tah hxpdrt sjkh, jtwls lssunhk talt fjrns trhlt kdnhstjg nlr`hts lck fdrhjbc nlr`hts jckjffhrhctiy. [austah ilw df dch prjgh wduik adik0 talt js, tah hxpdrt prjgh wls jkhctjgli td talt dfkdnhstjg suppiy.

Jcgdnhs bhchrlthk frdn prdkugtjdc whrh lssunhk td lggruh td l sjcbih rhprhshctltjvhadushadik jc hlga rhbjdc. L adushadik nlxjnjzhs utjijty usjcb tah hxthckhk ijchlrhxphckjturh systhn, wajga js khrjvhk frdn nlxjnjzjcb tah Wtdch-Bhlry utjijty fucgtjdc.? [ah gdcsunptjdc/slvjcbs khgjsjdc js gdnpihthiy stltjg. Wlvjcbs hcthr tah utjijty fucgtjdcls l ’bddk„ lck jts prjgh js sht ls hquli td tah lvhrlbh prjgh df gdcsunhr bddks.Jcvhstnhct khnlck lck bdvhrcnhct gdcsunptjdc lrh sphgjfjhk ls l Ihdctjhf fucgtjdc.

Lii gdnndkjty lck flgtdr nlr`hts whrh lssunhk td gihlr tarduba prjghs. [ahrh lrh fjvhprjnlry flgtdrs df prdkugtjdc= lbrjguiturli ilck, s`jiihk ilodr, ucs`jiihk ilodr, glpjtli,lck clturli rhsdurghs. Lbrjguiturli ilck lck tah twd typhs df ilodr whrh lssunhk td ohfuiiy ndojih lgrdss shgtdrs wjtajc l rhbjdc. Wdnh lkmustnhct rjbjkjtjhs jc glpjtlinlr`hts whrh jctrdkughk tarduba tah vjctlbh strugturh df glpjtli, uckhr wajga tah ’chw„

glpjtli wls fuiiy ndojih lgrdss l shgtdr, wajih ’dik„ glpjtli jc l shgtdr gduik ohkjsjcvhsthk dciy wahc tajs shgtdr wls jc khgijch. Jc tah clturli rhsdurgh shgtdrs dffdrhstry, fjsajcb, lck njcjcb, l shgtdr-sphgjfjg flgtdr wls jctrdkughk jctd tah prdkugtjdcfucgtjdc td rhfihgt tah rhsdurgh gdcstrljcts. [ahsh shgtdr-sphgjfjg flgtdrs whrh ndkhihkusjcb upwlrk sidpjcb suppiy gurvhs. Fdr dtahr prjnlry flgtdrs, stdg`s whrh fjxhk fdrlcy bjvhc yhlr. [ah cunêrljrh df tah ndkhi wls khfjchk ls tah BKU khfiltdr df tah XW,wajga wls ahik fjxhk.

? [ah Wtdch-Bhlry utjijty fucgtjdc tl`hs tah fdrn X > ∄ (qj ∟ ηj)

j , wahrh X js utjijty, qj js gdcsunptjdc

df bddk j, ηj js tah suosjsthcgh ihvhi df gdcsunptjdc lck οj js tah nlrbjcli prdphcsjty td gdcsunh dutdf jcgdnh.

2




[ah ndkhi wls rhgursjvh kyclnjg, ohbjccjcb wjta tah olsh yhlr df ?5<< lck ohjcbsdivhk lcculiiy tarduba ?5?5. Kyclnjgs df tah ndkhi whrh krjvhc oy hxdbhcduspdpuiltjdc lck ilodr brdwta lck thgacdidbjgli prdbrhss, ls whii ls glpjtlilggunuiltjdc, wajga wls krjvhc oy jcvhstnhct. Udpuiltjdc lck ilodr fdrgh prdmhgtjdcswhrh olshk dc tah Xcjthk Cltjdcs‚ nhkjun vlrjlct fdrhglst. [hgacdidbjgli prdbrhsswls lssunhk td oh ilodr lubnhctjcb, sd tah ndkhi gduik rhlga l sthlky stlth jc tahidcb ruc.

[ahrh lrh tarhh nlgrd gidsurhs jc tah ndkhi= tah cht bdvhrcnhct olilcgh, tah trlkholilcgh, lck tah jcvhstnhct lck slvjcbs olilcgh. Rh lssunh talt bdvhrcnhctgdcsunptjdc lck slvjcb lrh hxdbhcdus jc rhli thrns. Lcy galcbhs jc tah bdvhrcnhctoukbht lrh lutdnltjgliiy gdnphcslthk oy galcbhs jc jcgdnh tlx rlths dc adushadiks.Fdr tah gurrhct lggduct olilcgh, tah fdrhjbc slvjcbs lrh hckdbhcdusiy jc hlga rhbjdctd lgajhvh tah hqujijorjun df fdrhjbc lggduct, wajih tah rhiltjvh prjgh lgrdss rhbjdcs,talt js, tah rhli hxgalcbh rlth (BKU khfiltdr olshk), lrh lssunhk gdcstlct.

Kdnhstjg jcvhstnhct js hxdbhcdusiy sht td rhfihgt tah sadg` jc jcvhstnhct khnlck. Ls

bdvhrcnhct slvjcbs lrh hxdbhcdus lck fdrhjbc slvjcbs lrh khthrnjchk oy tah fdrhjbclggduct olilcgh, tah jcvhstnhct‗slvjcbs lggduct als td oh olilcghk tarduba tahgalcbhs jc tah ihvhis df adushadik slvjcb. [ah hqujijorjun js lgajhvhk tarduba lchckdbhcdusiy lkmusthk hgdcdny-wjkh flgtdr glplgjty utjijzltjdc rlth fdr odta glpjtlilck ilodr, wajga jc turc rhsuits jc galcbhs jc adushadik jcgdnh lck slvjcbs. [ajsgidsurh ruih gdrrhspdcks td tah @hychsjlc nlgrd gidsurh jc tah GBH ijthrlturh(Khwltrjpdct lck Njgahi <:120 [lyidr <::50 _dojcsdc <::<) lck nl`hs tah ndkhiohalvh ij`h l @hychsjlc trlkh-nuitjpijhr ndkhi.

[ah ndkhi wls glijorlthk td tah Bidoli [rlkh Lcliysjs Urdmhgt (B[LU) vhrsjdc :, usjcb?5 hgdcdnjhs/rhbjdcs lck ?? shgtdrs. Hihvhc hnhrbjcb Lsjlc hgdcdnjhs lrh hxpijgjtiyndkhihk ls jckjvjkuli rhbjdcs jc tah ndkhi.

Jt saduik oh cdthk talt tah ndkhi js dciy jcthckhk td glpturh tah trlkh galcchistarduba wajga l sidwkdwc df tah U_G wduik hxhrt sadrt- td nhkjun-thrn jnplgt dctah rhst df tah wdrik. Jt js cdt ljnhk lt ndkhijcb tah jnplgts df l ndrh shvhrh grjsjs jctah U_G‛jc wajga tah fjclcgjli galcchi lck shctjnhcts nly pily nuga ilrbhr rdihs jcgrjsjs gdctlbjdc. Cdr kdhs jt ltthnpt td tl`h lggduct df gducthrgygijgli nlgrdhgdcdnjgpdijgjhs talt gductrjhs njbat lkdpt. Adwhvhr, wh ohijhvh tajs js lc lpprdprjlthlpprdlga fdr lkkrhssjcb tah quhstjdc lt alck‛tah hffhgts df l trhck sidwkdwc jcU_G brdwta.

;. WJNXIL[JDCW LCK _HWXI[W

Rh hstloijsa l olshijch fjrst, jc wajga hgdcdnjg brdwta lck dtahr nlgrdhgdcdnjgjckjgltdrs lrh ordlkiy lssunhk td oh gdcsjsthct wjta tah prdmhgtjdcs df tah JcthrcltjdcliNdchtlry Fuck‚s ndst rhghct Rdrik Hgdcdnjg Dutidd` (Dgtdohr ?5<8). Jc tah olshijchtah U_G js sht td lgajhvh l sdft ilckjcb lck jts BKU brdwta rlth wduik sidw td 6.?% jc?5<6‗?5?5. [ahc wh gdcsjkhr l sht df gducthrflgtuli sghclrjds. Jc tah gducthrflgtulisghclrjds, brdwta sadg`s lrh jnpdshk jc hlga yhlr df ?5<6‗?5?5 dciy lck liihgdcdnjg vlrjloihs ohfdrh ?5<6 lrh `hpt td oh wjta tah slnh olshijch, lssunjcb talttah rjs` flgtdrs fdr l sidwkdwc wduik cdt hxhrt sjbcjfjglct jnplgt dvhr tah rhnljckhr df?5<8. Rh gdcsjkhrhk tarhh gducthrflgtuli sghclrjds=

1




<) [ah U_G‚s sidwkdwc= l gut jc tah U_G‚s rhli jcvhstnhct brdwta oy7 phrghctlbh pdjcts kurjcb ?5<6‗?5?5

?) [ah U_G‚s sidwkdwc pius brdwta lgghihrltjdc jc tah XW= lc jkhctjglijcvhstnhct gut jc tah U_G lck lc lgghihrltjdc df brdwta jc tah XW oy

< phrghctlbh pdjct frdn tah olshijch7) [ah U_G‚s sidwkdwc pius Jckjl‚s brdwta lgghihrltjdc= lc jkhctjgli

jcvhstnhct gut jc tah U_G lck lc lgghihrltjdc df brdwta jc Jckjl oy? phrghctlbh pdjcts frdn tah olshijch

;.< Jnplgt dc Dutput lck [rlkh

[ah fjrst gducthrflgtuli sghclrjd idd`s lt tah pdthctjli rhsuits df l sidwkdwc df tahU_G hgdcdny. Jt lssunhk tah rhli jcvhstnhct brdwta df tah U_G wduik oh idwhrhk oy7 phrghctlbh pdjcts jc hlga yhlr df ?5<6‗?5?5. Idwhr jcvhstnhct khprhsshs jcgdnhlck hnpidynhct tarduba tah nuitjpijhr hffhgt. [ah lcculi lvhrlbh brdwta rlth df tah

U_G‚s prjvlth gdcsunptjdc krdps oy <.1 phrghctlbh pdjcts lck jts jcgdnh brdwtawduik flii frdn lc lcculi lvhrlbh df 6.?% td ;.1% kurjcb tah slnh phrjdk (Fjburh <).Fliijcb kdnhstjg khnlck krlbs kdwc jnpdrts brdwta, ihlkjcb td jnprdvhnhct jc tahtrlkh olilcgh, wajga rjshs oy 5.8% df BKU jc ?5<6 lck ?.8% df BKU jc ?5?5. Ls lrhsuit df tah brdwta sidwkdwc, tah U_G‚s rhli BKU khgijchs oy 2.?% jc ?5?5 rhiltjvh tdtah olshijch (Fjburh ?).

Fjburh <= Nlgrdhgdcdnjg Hffhgts df JcvhstnhctWidwkdwc df tah U_G, ?5<8‗?5?5

(galcbhs rhiltjvh td tah olshijch, phrghctlbh pdjctsdf brdwta rlth dr rltjd td BKU fdr trlkh olilcgh)

BKU > brdss kdnhstjg prdkugt0 U_G > Uhdpih‚s _hpuoijg df Gajcl.

Wdurgh= Urhplrhk oy lutadrs.

:




Fjburh ?= Nlgrdhgdcdnjg Hffhgts df JcvhstnhctWidwkdwc df tah U_G, ?5<8‗?5?5(% galcbhs rhiltjvh td tah olshijch)


Wdurgh= Urhplrhk oy lutadrs.

[ah sjnuiltjdc rhsuits subbhst talt suga l sidwkdwc wduik alvh l ndkhrlth rhbjdclijnplgt. [ah lvhrlbh BKU brdwta rlth df khvhidpjcb Lsjl ls l wadih (hxgiukjcb tahU_G) wduik khghihrlth oy 5.?6 phrghctlbh pdjcts jc tah gdnjcb 8 yhlrs ohglushdf tah U_G‚s sidwkdwc. [ljphj,Gajcl lck Adcb @dcb, Gajcl wduik oh ndst lffhgthk,wjta idsshs df 5.8; phrghctlbh pdjcts lck 5.8< phrghctlbh pdjcts jc lcculi BKU

brdwta rhsphgtjvhiy, rhfihgtjcb tahjr strdcb jcthbrltjdc wjta tah U_G. [ah dtahr chwiyjckustrjlijzhk hgdcdnjhs (Wjcblpdrh lck tah _hpuoijg df @drhl) wduik hxphrjhcghsnliihr dutput idsshs, dwjcb td tahjr rhiltjvhiy idwhr trlkh khphckhcgh dc tah U_G. JcWdutahlst Lsjl, tah Uajijppjchs lck Nlilysjl wduik oh alrkhst ajt, wjta BKU brdwtasidwjcb kdwc oy ndrh talc 5.;5 phrghctlbh pdjcts, kuh td tahjr strdcb trlkh ijc`lbhswjta tah U_G. [ah lkvhrsh brdwta hffhgts dc dtahr LWHLC gductrjhs (Jckdchsjl,[aljilck, Vjht Cln, lck dtahr Wdutahlst Lsjl) lrh bhchrliiy snliihr, rlcbjcb frdn 5.?2td 5.78 phrghctlbh pdjcts. Jckjl js ndst jcsuilthk frdn tah U_G‚s sidwkdwc‛jtslcculi BKU brdwta wduik oh idwhrhk oy l sijbat 5.<; phrghctlbh pdjcts jc ?5<6‗?5?5([loih ;).

[ah U_G‚s sidwkdwc wduik lisd chbltjvhiy jnplgt khvhidphk hgdcdnjhs, taduba tah

nlbcjtukhs wduik oh snliihr. Lustrlijl lck Chw ]hlilck lpphlr oh ndrh hxpdshktalc dtahr khvhidphk hgdcdnjhs ohglush df tahjr strdcbhr hxpdrt khphckhcgh dc tahU_G, hsphgjliiy jc vjhw df tahjr rhijlcgh dc gdnndkjty hxpdrts. Jc dtahr plrts df tahwdrik, Iltjc Lnhrjgl wduik hxphrjhcgh l ndkhst brdwta rhkugtjdc df 5.?: phrghctlbhpdjcts lcculiiy, wajih tah rhst df tah wdrik wduik suffhr l ilrbhr brdwta khghihrltjdc df5.76 phrghctlbh pdjcts, nljciy kuh td tah iltthr‚s ilrbhr trlkh dphcchss lck ajbahrhxpdsurh td tah U_G‚s jnpdrt khnlck. [arduba tah trlkh ijc`lbh lck nuitjpijhr hffhgts,l sidwkdwc jc tah U_G‚s hgdcdny js hstjnlthk td idwhr wdrik BKU brdwta oy5.;? phrghctlbh pdjcts.

<5




[loih ;= Hffhgts df tah U_G‚s Widwkdwc dc BKU lck [rlkh, ?5<6‗?5?5(phrghctlbh pdjct galcbhs jc lcculi brdwta rlths rhiltjvh

td tah olshijch, hxghpt fdr trlkh olilcgh)

BKU Hxpdrts Jnpdrts

[rlkh olilcgh

ls % df BKU

Lustrlijl lck Chw ]hlilck ‗5.72 ‗5.15 ‗5.7< ‗5.78

Mlplc ‗5.?; ‗5.6< ‗5.75 ‗5.<1

U_G ‗<.8: 5.58 ‗?.5< <.;8

Khvhidpjcb Lsjl (hxgi . tah U_G) ‗5.?6 ‗5.85 ‗5.78 ‗5.?8

Adcb @dcb, Gajcl ‗5.8< ‗5.66 ‗5.;: ‗5.71

_hpuoijg df @drhl ‗5.?6 ‗5.8< ‗5.;? ‗5.?1

[ljphj,Gajcl ‗5.8; ‗5.2? ‗5.6; ‗5.72

Jckdchsjl ‗5.?: ‗5.81 ‗5.?5 ‗5.?:

Nlilysjl ‗5.;? ‗5.87 ‗5.;< ‗5.7;

Uajijppjchs ‗5.;2 ‗5.28 ‗5.;8 ‗5.?:Wjcblpdrh ‗5.7; ‗5.;5 ‗5.72 ‗5.7?

[aljilck ‗5.?2 ‗5.7: ‗5.77 ‗5.?;

Vjht Cln ‗5.78 ‗5.;5 ‗5.75 ‗5.75

Dtahr Wdutahlst Lsjl ‗5.7< ‗5.81 ‗5.?: ‗5.?;

Jckjl ‗5.<; ‗5.78 ‗5.<: ‗5.<7

Dtahr Wduta Lsjl ‗5.?? ‗5.7; ‗5.<2 ‗5.<?

Glclkl ‗5.<: ‗5.7? ‗5.<1 ‗5.<6

Xcjthk Wtlths ‗5.<2 ‗5.;5 ‗5.<6 ‗5.<5

Hurdphlc Xcjdc ‗5.<: ‗5.7< ‗5.?7 ‗5.<;

Iltjc Lnhrjgl ‗5.?: ‗5.8< ‗5.?; ‗5.<:

_hst df tah wdrik ‗5.76 ‗5.;6 ‗5.?2 ‗5.?:

[ah Rdrik ‗5.;? ‗5.78 ‗5.;? 5.55


Wdurgh= Lutadrs‚ ndkhi sjnuiltjdcs.

Galcbhs jc tah trlkh olilcgh krjvhc oy tah U_G‚s sidwkdwc lrh `hy flgtdrs tdkhthrnjch tah lodvh brdwta hffhgts. [ah sjnuiltjdc rhsuits sadw talt tah jcvhstnhctgut lck brdwta sidwkdwc wduik rhkugh tah U_G‚s jnpdrt brdwta oy ?.5 phrghctlbhpdjcts frdn tah olshijch, lck jcgrhlsh jts trlkh olilcgh oy <.;8% df BKU. [ajs wduikoh lggdnplcjhk oy l bidoli trlkh lkmustnhct. Ls sadwc jc [loih ;, wdrik trlkh brdwtawduik flii oy 5.;? phrghct pdjcts rhiltjvh td tah olshijch kuh td U_G‚s sidwkdwc.

[ah hgdcdnjhs wjta gidshr trlkh ijc`lbhs td tah U_G wduik suffhr ndrh hxpdrtkhghihrltjdc. Lustrlijl lck Chw ]hlilck wduik oh wdrst ajt jc thrns df hxpdrts, wadshbrdwta wduik flii oy 5.15 phrghct pdjcts lcculiiy wjta rhsphgt td tah olshijch jc?5<6‗?5?5, nljciy kuh td tah U_G‚s whl`hcjcb khnlck fdr gdnndkjty jnpdrts. [ahU_G‚s sidwkdwc wduik klnphc tah hxpdrts brdwta df tah Uajijppjchs0 [ljphj,Gajcl0lck Adcb @dcb, Gajcl oy 5.66‗5.28 phrghctlbh pdjcts, rhfihgtjcb tah ghctrli rdih tahU_G pilys jc tah rhbjdcli prdkugtjdc galjcs df thxtjihs, lpplrhi, lck hihgtrdcjgs. [ahhxpdrts sidwkdwc fdr dtahr Lsjlc hgdcdnjhs wduik oh ndrh ndkhst, rlcbjcb frdn5.78 phrghctlbh pdjcts fdr Jckjl td 5.6< phrghctlbh pdjcts fdr Mlplc.

_hfihgtjcb tah jcgrhlshk trlkh surpius df tah U_G wduik oh l rhkugtjdc df trlkholilcghs jc dtahr hgdcdnjhs. [ah trlkh olilcghs df Adcb @dcb, Gajcl0 [ljphj,Gajcl0lck Lustrlijl lck Chw ]hlilck wduik oh rhkughk oy 5.71%, 5.72% lck 5.78% df tahjrBKU, rhsphgtjvhiy. [ah rhkugtjdc df trlkh olilcghs jc dtahr Hlst lck Wdutahlst Lsjlc

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hgdcdnjhs wduik oh bhchrliiy jc tah rlcbh df 5.?;%‗5.7;% df BKU. [ah Wduta Lsjlchgdcdnjhs wduik hxphrjhcgh dciy snlii lkmustnhcts jc tahjr hxthrcli lggducts, wjtatahjr trlkh olilcghs khgijcjcb oy 5.<?‗5.<7% df BKU. [ah flii jc hxthrcli khnlcksjbcjfjglctiy gdctrjouths tah dutput rhkugtjdcs jc tahsh hgdcdnjhs.

[ah hxthct df tah jnplgt dc hgdcdnjg brdwta lisd khphcks dc tah nlbcjtukh df tah@hychsjlc khnlck nuitjpijhr jc jckjvjkuli hgdcdnjhs. [ah @hychsjlc nuitjpijhr js tahrlth lt wajga galcbhs jc tah hxdbhcdus khnlcks lrh nlbcjfjhk jctd galcbhs jc tahdvhrlii ihvhi df jcgdnh. [ah hgdcdnjhs wjta ajbahr prdphcsjtjhs td gdcsunh thck tdalvh ilrbhr nuitjpijhrs. [ajs hxpiljcs way tah Uajijppjchs lck dtahr Wduta Lsjl wduiksuffhr rhiltjvhiy ilrbh dutput lkmustnhcts litaduba tah rhkugtjdc jc tahjr trlkh olilcghsls rltjds td BKU wduik oh snliihr. [ajs flgtdr lisd plrtjliiy gdctrjouths td tah rhiltjvhiysnliihr brdwta jnplgt dc tah _hpuoijg df @drhl, ls @drhlc adushadiks alvh lrhiltjvhiy idw prdphcsjty td gdcsunptjdc.

;.? Whgtdrli Jnplgts

[loih 8 prhshcts tah jnplgt df tah U_G‚s jcvhstnhct-jckughk brdwta sidwkdwc dcshgtdrli dutput df khvhidpjcb Lsjlc hgdcdnjhs, lck sadws phrghct galcbhs wjtarhsphgt td tah olshijch jc ?5?5. Jt sadws talt tah dutput rhkugtjdc wduik vlry lgrdssshgtdrs. Jc tah U_G, tah gdcstrugtjdc shgtdr wduik oh alrk ajt, wjta l idss df <7.<% dflcculi prdkugtjdc jc ?5?5 gdnplrhk wjta tah olshijch. Dtahr shrvjgh shgtdrs (jcgiukjcbtrlkh lck trlcspdrtltjdc lck prjvlth shrvjghs) lck glpjtli bddks shgtdrs suga ls ndtdrvhajgihs lck nhtlis wduik lisd oh tah nlmdr idshrs, wjta dutputs sarjc`jcb oy lrduck1.?‗:.8% rhiltjvh td tah olshijch jc ?5?5. [hxtjihs, lpplrhi, lck dtahr grdps wduik ohtah ihlst-ajt shgtdrs. Out tahy wduik lisd suffhr dutput gdctrlgtjdcs df lrduck ?.8%ohglush df tah bhchrli hgdcdnjg kdwcturc.

Gdnndkjty shgtdrs lck jcvhstnhct bddks shgtdrs wduik oh tah nlmdr idshrs jc dtahr

khvhidpjcb Lsjlc hgdcdnjhs, rhfihgtjcb tah jcvhstnhct-jckughk clturh df tah U_G‚ssidwkdwc. [ah dutput rhkugtjdcs jc lbrjguiturli shgtdrs lrh bhchrliiy snlii, rlcbjcbfrdn <% td ?%. Adwhvhr, gdnndkjtjhs shgtdrs suga ls gdli, dji lck bls, lck dtahrnjcjcb wduik hxphrjhcgh ilrbh prdkugtjdc idsshs, ls tahjr hxpdrt khphckhcgh dc tahU_G js ilrbh jc ndst khvhidpjcb Lsjlc hgdcdnjhs. Dutput khgijchs wduik oh rhiltjvhiyhvhciy kjstrjouthk lgrdss nlcuflgturjcb shgtdrs. Adwhvhr, fdr hgdcdnjhs talt lrhndrh khhpiy jcthbrlthk wjta tah U_G tarduba rhbjdcli prdkugtjdc galjcs, suga ls Adcb@dcb, Gajcl0 [ljphj,Gajcl0 tah _hpuoijg df @drhl0 lck tah Uajijppjchs, tahjr nlgajchry,hihgtrdcjgs, lck gahnjglis shgtdrs wduik oh ndrh chbltjvhiy jnplgthk.

[loihs 6 lck 2 prhshct tah shgtdrli galcbhs jc rhli hxpdrts lck jnpdrts. Ls l rhsuit dfjts brdwta sidwkdwc, tah U_G‚s jnpdrts df nhtlis, vhajgihs, nlgajchry, gdli, dtahr

njcjcb lck sdnh lbrjguiturli prdkugts wduik hxphrjhcgh kduoih-kjbjt rhkugtjdcs jc?5?5 rhiltjvh td olshijch. [ajs wduik kjrhgtiy lffhgt tah hxpdrts df tah U_G‚s Lsjlcchjbaodrs. Bjvhc tah bhdbrlpajgli prdxjnjty lck tah ajba trlcspdrtltjdc gdsts jcgurrhkjc gdnndkjty trlkh, tah U_G js tah kdnjclct khstjcltjdc fdr gdnndkjty hxpdrts df ndst Lsjlc hnhrbjcb hgdcdnjhs. [ah sarjc`jcb jnpdrt khnlck fdr gdli lck dtahr njchrlisfrdn tah U_G wduik ajt khvhidpjcb Lsjl‚s hxpdrts jc tahsh shgtdrs alrk. Ohsjkh tahshgdnndkjty shgtdrs, nlgajchry hxpdrts df Adcb @dcb, Gajcl0 tah _hpuoijg df @drhl0lck [ljphj,Gajcl lck hihgtrdcjgs hxpdrts df tah Uajijppjchs wduik oh sjbcjfjglctiylffhgthk ls whii, ilrbhiy kuh td tah ajba plrtjgjpltjdc df tahsh shgtdrs jc U_G-ghcthrhk Lsjlc prdkugtjdc galjcs.

<?




[loih 8= Hffhgts df tah U_G‚s Widwkdwc dc Whgtdrli Dutput, ?5?5(% galcbhs rhiltjvh td tah olshijch ihvhi)

U_G A@B @D_ [LU JCD NLI UAJ

Brljc ‗8.< ‗<.5 ‗5.: ‗<.7 ‗<.7 ‗<.5 ‗<.2

Dtahr grdps ‗?.2 ‗<.5 ‗5.2 ‗5.6 ‗<.< ‗<.8 ‗<.2Ijvhstdg` ‗6.< ‗?.< ‗<.5 ‗<.8 ‗<.< ‗<.2 ‗<.8

Fdrhstry & Fjsajcb ‗8.; ‗<.6 ‗<.< ‗<.7 ‗<.< ‗?.5 ‗<.2

Gdli ‗8.1 ‗7.? ‗7.< ‗7.1 ‗7.? ‗;.? ‗8.7

Dji & Bls ‗?.: ‗?.7 ‗<.6 ‗?.< ‗<.2 ‗?.2 ‗7.<

Dtahr njcjcb ‗2.5 ‗<.1 ‗7.5 ‗7.7 ‗7.< ‗;.: ‗6.8

Fddk ‗;.: ‗?.7 ‗<.5 ‗<.? ‗<.; ‗<.1 ‗<.1

[hxtjihs ‗?.? ‗7.8 ‗?.5 ‗?.8 ‗?.5 ‗?.7 ‗7.8

Lpplrhi ‗?.6 ‗7.6 ‗<.; ‗?.7 ‗<.6 ‗<.: ‗?.8

Rddk ‗8.6 ‗7.2 ‗<.; ‗?.; ‗<.8 ‗?.< ‗?.;

Gahnjglis ‗8.1 ‗8.2 ‗<.: ‗7.5 ‗<.1 ‗?.2 ‗?.1

Nhtlis ‗1.8 ‗?.8 ‗<.8 ‗7.7 ‗5.2 ‗?.1 ‗?.:

Hihgtrdcjgs ‗7.2 ‗7.; ‗<.: ‗7.5 ‗<.8 ‗?.1 ‗;.2Vhajgihs ‗:.8 ‗?.7 ‗5.: ‗<.? ‗<.7 ‗<.6 ‗<.;

Nlgajchry ‗2.1 ‗8.5 ‗7.< ‗;.; ‗<.? ‗<.: ‗?.1

Dtahr nlcuflgturjcb ‗6.5 ‗?.; ‗<.8 ‗<.2 ‗<.5 ‗?.8 ‗?.6

Xtjijtjhs ‗2.? ‗?.6 ‗<.; ‗?.2 ‗<.7 ‗?.? ‗?.7

Gdcstrugtjdc ‗<7.< ‗5.< ‗5.< ‗5.8 ‗5.< ‗<.7 ‗5.<

[rlkh & [rlcspdrtltjdc ‗1.? ‗?.1 ‗<.6 ‗?.2 ‗<.; ‗?.5 ‗?.2

Urjvlth shrvjghs ‗1.8 ‗?.5 ‗<.7 ‗?.2 ‗<.2 ‗?.< ‗?.:

Bdvhrcnhct ‗7.5 5.5 ‗5.8 ‗<.; ‗5.8 ‗5.; ‗5.1

WJC [AL VJHDtahrWHL JCK

DtahrWL

Brljc ‗5.8 ‗5.8 ‗<.? ‗5.: ‗5.8 ‗5.:

Dtahr grdps ‗5.: ‗<.: ‗<.6 ‗<.? ‗5.6 ‗<.5Ijvhstdg` ‗<.2 ‗5.2 ‗<.< ‗<.< ‗5.; ‗<.5

Fdrhstry & Fjsajcb ‗<.5 ‗<.5 ‗<.6 ‗<.; ‗5.8 ‗5.1

Gdli ‗ ‗?.1 ‗7.: ‗7.1 ‗<.6 ‗7.7

Dji & Bls ‗<.: ‗?.< ‗?.6 ‗?.1 ‗<.; ‗?.<

Dtahr njcjcb ‗7.2 ‗?.< ‗;.8 ‗6.< ‗;.5 ‗<.1

Fddk ‗<.1 ‗5.2 ‗<.7 ‗<.; ‗5.8 ‗<.5

[hxtjihs ‗?.5 ‗<.: ‗?.< ‗<.1 ‗<.5 ‗<.1

Lpplrhi ‗<.2 ‗<.? ‗<.5 ‗<.7 ‗<.< ‗<.?

Rddk ‗<.6 ‗<.1 ‗?.5 ‗?.6 ‗5.6 ‗<.5

Gahnjglis ‗<.6 ‗?.5 ‗?.8 ‗?.8 ‗5.8 ‗<.6

Nhtlis ‗?.5 ‗<.? ‗<.1 ‗?.; ‗5.; ‗<.5

Hihgtrdcjgs ‗?.7 ‗?.8 ‗?.5 ‗<.2 ‗5.6 ‗<.5Vhajgihs ‗<.; ‗5.2 ‗<.8 ‗<.; ‗5.; ‗5.:

Nlgajchry ‗<.1 ‗<.7 ‗?.? ‗?.7 ‗5.7 ‗<.5

Dtahr nlcuflgturjcb ‗<.7 ‗<.5 ‗<.6 ‗;.? ‗5.1 ‗<.<

Xtjijtjhs ‗<.6 ‗<.; ‗<.: ‗<.1 ‗5.6 ‗<.<

Gdcstrugtjdc ‗5.? 5.5 ‗5.< ‗5.< ‗5.< ‗5.?

[rlkh & [rlcspdrtltjdc ‗?.< ‗<.8 ‗<.: ‗<.: ‗5.2 ‗<.?

Urjvlth shrvjghs ‗<.6 ‗<.2 ‗?.7 ‗<.2 ‗5.: ‗<.?

Bdvhrcnhct ‗5.2 ‗5.; ‗5.1 ‗5.7 ‗5.; ‗5.7

A@B > Adcb @dcb, Gajcl0 @D_ > _hpuoijg df @drhl0 [LU > [ljphj,Gajcl0 JCD > Jckdchsjl0 NLI > Nlilysjl0UAJ > Uajijppjchs0 WJC > Wjcblpdrh0 [AL > [aljilck0 VJH > Vjht Cln0 WHL > Wdutahlst Lsjl0 JCK > Jckjl0WL > Wduta Lsjl.


<7




[loih 6= Hffhgts df tah U_G‚s Widwkdwc dc Whgtdrli Hxpdrts, ?5?5(% galcbhs rhiltjvh td tah olshijch ihvhi)


Brljc :.; ‗;.1 ‗5.7 ‗<.; ‗<.; ?.5 ‗<.5

Dtahr grdps <?.: ‗7.8 ‗?.7 ‗<.6 ‗<.6 5.5 ‗?.:Ijvhstdg` <?.< ‗;.1 ‗;.< ‗;.5 ‗7.5 ‗<.? ‗<.?

Fdrhstry & Fjsajcb 6.1 ‗<.1 ‗5.: ‗5.: ‗;.6 ‗7.6 ‗7.2

Gdli <<.? 7.5 ‗2.8 ‗ ‗7.; ‗<7.8 ‗<5.1

Dji & Bls 2.7 ‗ ‗<.6 5.? ‗<.2 ‗?.8 ‗?.1

Dtahr njcjcb 8.1 ‗1.: ‗1.; ‗8.6 ‗1.; ‗1.; ‗:.2

Fddk 6.? ‗7.; ‗<.; ‗5.: ‗?.8 ‗?.< ‗?.<

[hxtjihs 5.: ‗;.< ‗?.5 ‗?.8 ‗?.; ‗?.5 ‗7.<

Lpplrhi 5.: ‗;.7 ‗?.6 ‗?.6 ‗<.2 ‗<.; ‗?.1

Rddk 5.1 ‗6.? ‗?.< ‗?.5 ‗?.2 ‗<.1 ‗?.6

Gahnjglis ‗5.; ‗2.7 ‗?.: ‗7.8 ‗?.1 ‗7.5 ‗7.<

Nhtlis 5.: ‗7.; ‗?.5 ‗7.2 ‗?.? ‗7.8 ‗;.5

Hihgtrdcjgs ‗5.; ‗7.2 ‗?.; ‗7.< ‗?.7 ‗?.: ‗;.2Vhajgihs ‗5.< ‗7.5 ‗<.5 ‗5.1 ‗<.6 ‗<.6 ‗<.1

Nlgajchry 5.; ‗2.? ‗;.8 ‗8.7 ‗<.2 ‗?.? ‗7.7

Dtahr nlcuflgturjcb ‗5.? ‗?.? ‗<.: ‗<.7 ‗<.7 ‗?.? ‗7.5

Xtjijtjhs 5.7 ‗?.? ‗<.5 5.5 ‗<.5 ‗<.6 ‗?.8

Gdcstrugtjdc ?.< 5.; ‗5.2 ‗<.? ‗<.5 ‗5.1 ‗<.?

[rlkh & [rlcspdrtltjdc ‗<.? ‗7.7 ‗<.6 ‗<.: ‗?.< ‗<.1 ‗?.7

Urjvlth shrvjghs ‗?.2 ‗<.; ‗<.? ‗<.7 ‗<.2 ‗<.1 ‗?.7

Bdvhrcnhct ‗7.2 ‗5.6 ‗5.8 ‗<.1 ‗<.; 5.7 5.7


DtahrWL

Brljc ‗5.8 5.: ‗5.1 ‗;.7 ‗?.< 5.7

Dtahr grdps ‗5.: ‗8.8 ‗?.7 ‗?.? ‗;.5 ‗5.1Ijvhstdg` ‗?.5 ‗<.7 ‗5.2 ‗;.1 ‗?.7 ‗5.6

Fdrhstry & Fjsajcb ‗<.? ‗?.; ‗8.1 ‗;.: ‗?.1 ‗7.;

Gdli ‗ ‗;.; ‗:.7 ‗1.< ‗7.2 ‗6.;

Dji & Bls ‗?.; ‗?.: ‗?.: ‗?.: ‗7.< ‗;.5

Dtahr njcjcb ‗7.2 ‗6.< ‗1.< ‗1.5 ‗2.? ‗1.5

Fddk ‗?.7 ‗5.6 ‗<.7 ‗?.< ‗<.< ‗<.2

[hxtjihs ‗?.5 ‗?.< ‗<.: ‗<.7 ‗<.1 ‗<.:

Lpplrhi ‗<.: ‗<.2 ‗5.: ‗<.? ‗<.8 ‗<.6

Rddk ‗<.2 ‗?.2 ‗?.< ‗7.7 ‗<.< ‗<.8

Gahnjglis ‗<.2 ‗?.6 ‗?.1 ‗7.? ‗5.: ‗?.7

Nhtlis ‗?.; ‗<.; ‗<.1 ‗?.1 ‗?.< ‗?.<

Hihgtrdcjgs ‗?.; ‗?.6 ‗?.5 ‗<.1 ‗<.7 ‗<.:Vhajgihs ‗<.: ‗5.: ‗<.2 ‗<.< ‗5.: ‗<.7

Nlgajchry ‗<.: ‗<.6 ‗?.7 ‗7.5 ‗5.: ‗<.;

Dtahr nlcuflgturjcb ‗<.8 ‗<.5 ‗<.7 ‗:.? ‗<.7 ‗<.8

Xtjijtjhs ‗?.1 ‗<.? ‗?.2 ‗?.7 ‗?.? ‗<.1

Gdcstrugtjdc ‗5.1 ‗5.; ‗5.2 ‗5.: ‗5.; ‗5.:

[rlkh & [rlcspdrtltjdc ‗?.; ‗<.6 ‗?.5 ‗?.; ‗?.; ‗<.:

Urjvlth shrvjghs ‗<.6 ‗<.2 ‗?.8 ‗?.< ‗<.: ‗<.1

Bdvhrcnhct ‗5.7 ‗<.? 5.< ‗<.< ‗5.1 5.8



<;




[loih 2= Hffhgts df tah U_G‚s Widwkdwc dc Whgtdrli Jnpdrts, ?5?5(% galcbhs rhiltjvh td tah olshijch ihvhi)


Brljc ‗<?.6 ‗<.8 ‗5.: ‗<.< ‗<.7 ‗?.< ‗<.1

Dtahr grdps ‗1.: ‗<.? ‗<.5 ‗5.2 ‗5.1 ‗?.? ‗<.<Ijvhstdg` ‗<<.1 ‗?.8 ‗<.? ‗<.; ‗<.? ‗?.; ‗<.2

Fdrhstry & Fjsajcb ‗:.7 ‗?.< ‗<.7 ‗?.< ‗5.2 ‗<.; ‗<.?

Gdli ‗<<.: ‗?.2 ‗<.8 ‗?.: ‗?.? ‗?.< ‗?.7

Dji & Bls ‗6.: ‗?.6 ‗<.1 ‗7.5 ‗<.: ‗?.6 ‗?.1

Dtahr njcjcb ‗<5.5 ‗?.< ‗<.; ‗?.< ‗5.; ‗?.? ‗?.7

Fddk ‗1.2 ‗<.6 ‗<.5 ‗<.8 ‗5.8 ‗<.6 ‗<.5

[hxtjihs ‗8.8 ‗<.7 ‗<.; ‗?.7 5.5 ‗<.; ‗5.1

Lpplrhi ‗2.; ‗5.1 ‗5.7 ‗<.; 5.7 ‗5.: <.5

Rddk ‗1.8 ‗?.? ‗<.? ‗?.8 ‗5.8 ‗<.7 ‗<.5

Gahnjglis ‗2.< ‗?.2 ‗?.5 ‗7.< ‗5.2 ‗<.: ‗<.1

Nhtlis ‗<<.5 ‗<.6 ‗<.6 ‗7.< 5.? ‗<.2 ‗<.7

Hihgtrdcjgs ‗6.6 ‗?.? ‗<.2 ‗?.: ‗5.; ‗?.5 ‗7.5Vhajgihs ‗<<.; ‗<.8 ‗<.< ‗<.: ‗5.6 ‗<.; ‗5.8

Nlgajchry ‗<5.2 ‗<.8 ‗<.; ‗?.< ‗5.7 ‗<.5 ‗<.5

Dtahr nlcuflgturjcb ‗:.; ‗?.6 ‗<.< ‗?.; ‗5.; ‗<.6 ‗5.8

Xtjijtjhs ‗:.< ‗?.; ‗?.; ‗;.8 ‗<.6 ‗?.5 ‗<.7

Gdcstrugtjdc ‗<;.: ‗5.; ‗5.? ‗5.: 5.; ‗<.< 5.8

[rlkh & [rlcspdrtltjdc ‗1.1 ‗?.: ‗<.: ‗7.< ‗<.5 ‗<.: ‗?.<

Urjvlth shrvjghs ‗2.; ‗?.6 ‗<.2 ‗7.6 ‗<.8 ‗<.1 ‗?.<

Bdvhrcnhct ‗<.; ‗5.7 ‗5.8 ‗5.1 5.5 ‗5.1 ‗<.?


DtahrWL

Brljc ‗5.6 ‗<.8 ‗<.6 ‗5.8 ‗5.: ‗<.7

Dtahr grdps ‗5.2 ‗<.< ‗<.; ‗5.; ‗5.6 ‗<.7Ijvhstdg` ‗<.5 ‗<.< ‗<.7 ‗5.? ‗5.6 ‗<.;

Fdrhstry & Fjsajcb ‗<.< ‗<.? ‗<.? ‗5.2 ‗5.7 ‗5.8

Gdli ‗?.? ‗5.2 ‗<.; 5.6 5.5 5.5

Dji & Bls ‗<.6 ‗?.5 ‗?.2 ‗<.1 ‗5.; ‗<.5

Dtahr njcjcb ‗<.2 ‗5.? ‗<.? ‗?.6 ‗5.6 ‗5.7

Fddk ‗5.: ‗5.: ‗<.5 ‗5.1 ‗5.6 ‗5.8

[hxtjihs ‗<.? ‗5.8 ‗5.: ‗<.5 <.< ‗5.<

Lpplrhi ‗5.2 5.; ‗5.8 ‗5.6 5.: <.5

Rddk ‗<.7 ‗5.: ‗<.< ‗<.5 ‗5.7 ‗5.7

Gahnjglis ‗<.1 ‗<.6 ‗<.7 ‗<.6 ‗5.2 ‗5.;

Nhtlis ‗<.< ‗5.: ‗5.: ‗5.2 ‗5.7 ‗5.<

Hihgtrdcjgs ‗<.: ‗<.1 ‗<.7 ‗<.< ‗5.< 5.5Vhajgihs ‗5.2 ‗5.1 ‗5.: ‗<.< ‗5.< ‗5.;

Nlgajchry ‗<.? ‗5.2 ‗<.< ‗<.7 ‗5.< ‗5.?

Dtahr nlcuflgturjcb ‗<.? ‗<.? ‗<.? ‗5.; ‗5.6 ‗5.;

Xtjijtjhs ‗<.2 ‗<.2 <.< ‗5.: ‗5.6 ‗5.2

Gdcstrugtjdc 5.? ‗5.? 5.< 5.7 5.? 5.<

[rlkh & [rlcspdrtltjdc ‗<.: ‗<.8 ‗<.2 ‗<.< ‗5.6 ‗5.:

Urjvlth shrvjghs ‗<.2 ‗<.8 ‗<.7 ‗<.< ‗5.8 ‗<.5

Bdvhrcnhct ‗<.5 5.< ‗<.< 5.? ‗5.? ‗5.1



<8




[loih 1= Hffhgts df tah U_G‚s Widwkdwc dc Whgtdrli Hnpidynhct, ?5?5(% galcbhs rhiltjvh td tah olshijch ihvhi)


Brljc ‗8.7 ‗<.; ‗<.? ‗<.8 ‗<.1 ‗<.8 ‗?.<

Dtahr grdps ‗7.5 ‗<.8 ‗<.< ‗5.1 ‗<.6 ‗?.5 ‗?.<Ijvhstdg` ‗6.7 ‗?.8 ‗<.; ‗<.2 ‗<.6 ‗?.? ‗<.:Fdrhstry & Fjsajcb ‗8.7 ‗?.< ‗<.; ‗<.6 ‗<.8 ‗?.? ‗?.5Gdli ‗2.? ‗8.5 ‗7.: ‗;.6 ‗;.8 ‗;.8 ‗6.2Dji & Bls ‗7.8 ‗7.2 ‗?.2 ‗7.5 ‗?.1 ‗7.? ‗;.1Dtahr njcjcb ‗1.7 ‗?.6 ‗7.1 ‗7.2 ‗7.1 ‗8.: ‗2.6Fddk ‗7.: ‗?.; ‗<.< ‗<.7 ‗<.6 ‗?.? ‗?.8[hxtjihs ‗<.; ‗7.8 ‗?.< ‗?.8 ‗?.7 ‗?.1 ‗;.8 Lpplrhi ‗?.5 ‗7.6 ‗<.8 ‗?.7 ‗<.1 ‗?.? ‗7.7Rddk ‗;.6 ‗7.1 ‗<.8 ‗?.; ‗<.1 ‗?.7 ‗7.5Gahnjglis ‗;.2 ‗8.2 ‗?.? ‗7.? ‗?.5 ‗7.< ‗7.6Nhtlis ‗2.; ‗?.6 ‗<.2 ‗7.; ‗5.: ‗7.< ‗7.1Hihgtrdcjgs ‗?.: ‗7.8 ‗?.< ‗7.? ‗<.1 ‗7.? ‗6.7

Vhajgihs ‗1.8 ‗?.; ‗<.< ‗<.; ‗<.6 ‗<.1 ‗<.1Nlgajchry ‗6.: ‗8.< ‗7.? ‗;.8 ‗<.8 ‗?.? ‗7.6Dtahr nlcuflgturjcb ‗;.2 ‗?.8 ‗<.6 ‗<.1 ‗<.7 ‗?.1 ‗7.?Xtjijtjhs ‗8.1 ‗?.1 ‗<.2 ‗7.5 ‗<.8 ‗?.; ‗?.:Gdcstrugtjdc ‗<?.? ‗5.7 ‗5.? ‗5.8 ‗5.? ‗<.7 ‗5.?[rlkh & [rlcspdrtltjdc ‗2.5 ‗7.5 ‗<.2 ‗?.1 ‗<.8 ‗?.< ‗7.;Urjvlth shrvjghs ‗2.< ‗?.< ‗<.8 ‗?.: ‗?.5 ‗?.7 ‗7.8Bdvhrcnhct ‗?.1 5.5 ‗5.6 ‗<.8 ‗5.6 ‗5.; ‗5.1[dtli ‗6.< ‗?.; ‗<.7 ‗?.8 ‗<.; ‗?.5 ‗?.7


DtahrWL

Brljc ‗5.: ‗<.< ‗<.2 ‗<.; ‗5.2 ‗<.<Dtahr grdps ‗<.7 ‗?.; ‗?.< ‗<.2 ‗5.1 ‗<.?

Ijvhstdg` ‗?.< ‗<.? ‗<.6 ‗<.6 ‗5.2 ‗<.?Fdrhstry & Fjsajcb ‗<.8 ‗<.; ‗<.1 ‗<.2 ‗5.2 ‗5.1Gdli ‗ ‗7.8 ‗8.< ‗2.? ‗?.; ‗8.5Dji & Bls ‗?.6 ‗7.5 ‗7.8 ‗7.1 ‗?.? ‗?.:Dtahr njcjcb ‗7.2 ‗?.6 ‗8.8 ‗1.6 ‗8.? ‗?.5Fddk ‗<.: ‗5.: ‗<.; ‗<.: ‗5.6 ‗<.5[hxtjihs ‗?.? ‗?.? ‗?.? ‗?.7 ‗<.< ‗<.: Lpplrhi ‗<.1 ‗<.8 ‗<.5 ‗<.2 ‗<.? ‗<.7Rddk ‗<.2 ‗?.5 ‗?.? ‗7.; ‗5.6 ‗<.5Gahnjglis ‗<.: ‗?.7 ‗?.6 ‗7.? ‗5.2 ‗<.2Nhtlis ‗?.? ‗<.; ‗<.1 ‗?.: ‗5.6 ‗5.:Hihgtrdcjgs ‗?.6 ‗?.1 ‗?.< ‗?.7 ‗5.1 ‗5.:Vhajgihs ‗<.6 ‗<.5 ‗<.8 ‗<.1 ‗5.; ‗5.:Nlgajchry ‗?.< ‗<.8 ‗?.7 ‗?.2 ‗5.; ‗<.5Dtahr nlcuflgturjcb ‗<.8 ‗<.? ‗<.6 ‗8.< ‗5.1 ‗<.<Xtjijtjhs ‗<.1 ‗<.6 ‗?.5 ‗?.7 ‗5.2 ‗<.<Gdcstrugtjdc ‗5.? ‗5.? 5.5 ‗5.7 ‗5.< 5.5[rlkh & [rlcspdrtltjdc ‗?.7 ‗<.2 ‗?.5 ‗?.? ‗5.2 ‗<.?Urjvlth shrvjghs ‗<.2 ‗<.: ‗?.; ‗?.7 ‗5.: ‗<.7Bdvhrcnhct ‗5.1 ‗5.; ‗5.1 ‗5.7 ‗5.8 ‗5.?[dtli ‗<.6 ‗<.7 ‗<.1 ‗<.8 ‗5.6 ‗<.5



<6




Lggdnplcyjcb tah galcbhs jc dutput lck hxpdrts, tdtli hnpidynhct lisd khgijchs jctah U_G lck jts Lsjlc chjbaodrs. Ls sadwc jc [loih 1, tdtli hnpidynhct jc tah U_Gwduik idsh oy 6.<% jc ?5?5 gdnplrhk wjta tah olshijch. [ajs js sijbat snliihr talc tahrhli BKU idss df 2.?%, ls sdnh ahlvjiy jnplgthk glpjtli bddks shgtdrs lrh ihss ilodrjcthcsjvh. Idsshs jc tdtli hnpidynhct jc dtahr hnhrbjcb Lsjlc hgdcdnjhs rlcbh frdn5.6% df tah olshijch ihvhi jc Jckjl td ?.8% df tah olshijch ihvhi jc [ljphj,Gajcl. [ahshgtdrli kjstrjoutjdc df mdo idsshs rhiltjvh td tah olshijch lrh ilrbhiy jc ijch wjta talt dfdutput lck hxpdrts, wjta ilrbhst mdo idsshs (jc rhiltjvh thrns) tl`jcb pilgh jc gdli lckdtahr njcjcb shgtdrs jc ndst hnhrbjcb Lsjlc hgdcdnjhs. Jc Adcb @dcb, Gajcl0 tah_hpuoijg df @drhl0 lck [ljphj,Gajcl, tah nlgajchry shgtdr wduik lisd suffhr l ilrbh mdogut rhiltjvh td tah olshijch.

;.7 Jnplgts dc Gdnndkjty Nlr`hts

Bjvhc tah hcdrndus jnpdrtlcgh df tah U_G jc bidoli gdnndkjty nlr`hts, jt jswdrtawajih td idd` lt tah hffhgts df tah U_G‚s sidwkdwc dc gdnndkjty khnlck lck

prjghs. [loih : jckjglths talt tah U_G‚s brdwta sidwkdwc wduik idwhr bidoli brljckhnlck oy l ndkhst <.6% jc ?5?5 rhiltjvh td tah olshijch. [ah U_G‚s brljcgdcsunptjdc wduik gdctrlgt oy ;.;%, gdctrjoutjcb td lrduck 65% df tah bidoli khnlckrhkugtjdc. [ah wdrik rhli prjgh df brljc, khfilthk oy tah cunêrljrh df tah ndkhi, wduikdciy oh nlrbjcliiy lffhgthk, fliijcb oy 5.6% jc ?5?5 rhiltjvh td tah olshijch.

[loih := Hffhgts df tah U_G‚s Widwkdwc dc Gdnndkjty Khnlck lck Urjghs, ?5?5(% galcbhs rhiltjvh td tah olshijch ihvhi)

Brljc Gdli Dji & Bls Dtahr njcjcb

Rdrik Urjgh ‗5.6 ‗<.; ‗5.: ‗<.5

Kdnhstjg Khnlck

Lustrlijl lck Chw ]hlilck ‗<.7 ‗<.: ‗<.1 ‗?.6Mlplc ‗5.8 ‗<.6 ‗<.2 ‗<.6

U_G ‗;.; ‗6.: ‗8.1 ‗1.;

Adcb @dcb, Gajcl ‗<.< ‗?.2 ‗?.6 ‗<.1

_hpuoijg df @drhl ‗5.2 ‗<.8 ‗<.1 ‗<.8

[ljphj,Gajcl ‗5.6 ‗?.1 ‗7.5 ‗?.6

Jckdchsjl ‗<.5 ‗<.? ‗<.1 ‗5.:

Nlilysjl ‗<.2 ‗?.7 ‗?.2 ‗?.7

Uajijppjchs ‗<.; ‗?.8 ‗?.1 ‗?.8

Wjcblpdrh ‗5.6 ‗<.: ‗<.6 ‗<.6

[aljilck ‗5.1 ‗<.7 ‗?.5 ‗5.:

Vjht Cln ‗<.? ‗<.1 ‗?.; ‗<.2Dtahr Wdutahlst Lsjl ‗<.< ‗?.? ‗?.7 ‗<.2

Jckjl ‗5.; ‗5.6 ‗5.8 ‗5.7

Dtahr Wduta Lsjl ‗<.5 ‗<.5 ‗<.8 ‗<.<

Glclkl ‗5.8 ‗<.5 ‗<.< ‗5.:

Xcjthk Wtlths ‗5.8 ‗5.: ‗<.< ‗<.5

Hurdphlc Xcjdc ‗5.6 ‗<.? ‗<.; ‗<.5

Iltjc Lnhrjgl ‗5.: ‗<.2 ‗<.2 ‗<.2

_hst df tah wdrik ‗<.< ‗<.6 ‗<.8 ‗<.;

[ah Rdrik ‗<.6 ‗7.1 ‗?.5 ‗;.:

U_G > Uhdpih‚s _hpuoijg df Gajcl.


<2




[ah jnplgts df tah U_G‚s sidwkdwc dc hchrby lck nhtli gdnndkjtjhs lrh ndrhprdfduck. Jc tah flgh df fliijcb jcvhstnhct lck sidwjcb hgdcdnjg brdwta, tah U_G‚skhnlck fdr gdli lck dji lck bls wduik khgijch oy 6.:% lck 8.1% jc ?5?5, rhsphgtjvhiy. Lnpijfjhk oy tah spjiidvhr hffhgts td dtahr hgdcdnjhs, bidoli khnlck fdr tahsh twdhchrby bddks wduik flii oy 7.1% lck ?.5%, rhsphgtjvhiy. [ahy wduik hxphrjhcgh prjghkrdps df <.6% lck 5.:%, rhsphgtjvhiy, rhfihgtjcb l ndrh hilstjg gdli suppiy jc tah wdrik.[ah dtahr njcjcb shgtdr, wajga gdctljcs nhtli lck cdc-nhtli njchrlis, wduikhxphrjhcgh l salrp rhkugtjdc df 1.;% jc khnlck frdn tah U_G. Rjta tah U_Glggductjcb rdubaiy alif df tah bidoli khnlck jc tajs shgtdr, tajs wduik glush l ;.:%krdp jc tah wdrik khnlck lck l <.5% flii jc jts rhli prjgh.

;.; [ah _dihs df tah Xcjthk Wtlths lck Jckjl

Ls Lsjl‚s hgdcdnjhs bhchrliiy alvh ilrbh hxpdsurhs td tah XW hgdcdny, jt wduik ohushfui td hxlnjch tah gdcshquhcghs df tah jcthrlgtjdc ohtwhhc tah U_G‚s sidwkdwclck tah galcbhs df brdwta gdckjtjdcs jc tah XW. Ndrhdvhr, wjta tah Jckjlc hgdcdny

ij`hiy gdctjcujcb jts rlpjk brdwta spurrhk oy hgdcdnjg rhfdrns, l clturli quhstjdc js=wjii l brdwta pjgùp jc Jckjl oh loih td dffsht l sidwkdwc jc tah U_G4 [ajs suoshgtjdchxlnjchs twd lithrcltjvh sghclrjds td jcvhstjblth tah spjiidvhr hffhgts df tah XW lckJckjl fdr hnhrbjcb Lsjl. Jc lkkjtjdc td l 7 phrghctlbh pdjcts jcvhstnhct khghihrltjdc jctah U_G sjnuilthk jc tah fjrst sghclrjd, tah twd lithrcltjvh sghclrjds furtahr lssunhl BKU brdwta lgghihrltjdc jc tah XW oy < phrghctlbh pdjct, lck l BKU brdwtalgghihrltjdc jc Jckjl oy ? phrghctlbh pdjcts, rhsphgtjvhiy. [ah nlmdr sjnuiltjdc rhsuitslrh rhpdrthk jc [loih <5.

Jc tah sghclrjd df l strdcbhr pjgùp jc tah XW gdnojchk wjta tah U_G‚s sidwkdwc, tahrhsuits fdr BKU jckjglth talt tah lkvhrsh hffhgts df tah U_G‚s sidwkdwc wduik ohplrtjliiy dffsht oy tah strdcbhr brdwta df tah XW. [ah jnplgt dc bidoli brdwta wduik oh

chbijbjoih, lck tah brdwta df khvhidpjcb Lsjl ls l wadih (hxgiukjcb tah U_G) wduikoh rhkughk oy dciy 5.<5 phrghctlbh pdjcts. Jc gdnplrjsdc wjta tah fjrst sghclrjd, tajssubbhsts talt lrduck 65% df tah lkvhrsh brdwta hffhgt df tah U_G‚s sidwkdwc fdrkhvhidpjcb Lsjl wduik oh dffsht oy l < phrghctlbh pdjct brdwta lgghihrltjdc jc tah XW.

Idd`jcb lt jckjvjkuli hgdcdnjhs, dciy Adcb @dcb, Gajcl lck [ljphj,Gajcl wduik suffhrchbltjvh brdwta sadg`s df lodvh 5.?5 phrghctlbh pdjcts lcculiiy uckhr tah gdnojchkhffhgts df tah U_G‚s sidwkdwc lck tah pjgùp df tah XW hgdcdny. [ah brdwtakhghihrltjdc df tah _hpuoijg df @drhl lck Wdutahlst Lsjlc hgdcdnjhs wduik rlcbhfrdn 5.5: phrghctlbh pdjcts jc [aljilck lck Vjht Cln td 5.<2 phrghctlbh pdjcts jctah Uajijppjchs. [ah brdwta pjgùp jc tah XW wduik lindst fuiiy dffsht tah chbltjvhjnplgt frdn tah U_G fdr Wduta Lsjl, wadsh brdwta wduik khghihrlth oy l njcjnli5.57 phrghctlbh pdjcts.

Ls sadwc oy tah kjffhrhcghs ohtwhhc [loih ; lck [loih <5, ndst hgdcdnjhs wduikhcmdy 5.?‗5.7 phrghctlbh pdjct bljcs jc BKU brdwta frdn tah XW brdwta pjgùp.Nlilysjl, tah Uajijppjchs, lck [ljphj,Gajcl wduik ohchfjt ndst ls tahjr BKU brdwtawduik jcgrhlsh oy 5.?6‗5.?: phrghctlbh pdjct gdnplrhk wjta tah sghclrjd df l tahU_G‚s sidwkdwc lidch. Dc tah gdctrlry, tah BKU bljcs df Jckjl lck tah U_G frdn tahXW pjgùp lrh dciy 5.<< phrghctlbh pdjcts lck 5.<8 phrghctlbh pdjcts, rhsphgtjvhiy.

<1




[loih <5= Brdwta Hffhgts df tah U_G‚s Widwkdwc pius Galcbhsjc tah Xcjthk Wtlths lck Jckjl, ?5<6‗?5?5

(Uhrghctlbh pdjct galcbhs jc lcculi brdwta rlths rhiltjvh td tah olshijch)

Wghclrjd ?= [ah U_G

sidwkdwc pius flsthrXW brdwta

Wghclrjd 7= [ah U_G

sidwkdwc pius flsthrJckjlc brdwta

Lustrlijl lck Chw ]hlilck ‗5.?2 ‗5.?1

Mlplc ‗5.5: ‗5.?5

U_G ‗<.;6 ‗<.88

Khvhidpjcb Lsjl (hxgi. tah U_G) ‗5.<5 5.8;

Adcb @dcb, Gajcl ‗5.?? ‗5.;?

_hpuoijg df @drhl ‗5.<? ‗5.??

[ljphj,Gajcl ‗5.?1 ‗5.;:

Jckdchsjl ‗5.<6 ‗5.<2

Nlilysjl ‗5.<; ‗5.?2

Uajijppjchs ‗5.<2 ‗5.;5

Wjcblpdrh ‗5.<5 ‗5.?<

[aljilck ‗5.5: ‗5.?5

Vjht Cln ‗5.5: ‗5.?;

Dtahr Wdutahlst Lsjl ‗5.<? ‗5.<6

Jckjl ‗5.57 ?.55

Dtahr Wduta Lsjl ‗5.5; ‗5.<<

Glclkl 5.<? ‗5.<7

Xcjthk Wtlths <.55 ‗5.<7

Hurdphlc Xcjdc ‗5.5; ‗5.<7

Iltjc Lnhrjgl ‗5.58 ‗5.?<_hst df tah wdrik ‗5.<? ‗5.<1

[ah Rdrik ‗5.57 ‗5.?2

Khvhidpjcb Lsjl hxgi. tah U_G lck Jckjl ‗5.<; ‗5.?8

U_G > Uhdpih‚s _hpuoijg df Gajcl0 XW > Xcjthk Wtlths.

Cdth= Wghclrjd ? lssunhs < phrghctlbh pdjct flsthr brdwta jc tah XW lck Wghclrjd 7 lssunhs 7 phrghctlbh pdjctsflsthr brdwta jc Jckjl.


Jc tah glsh wahrh Jckjlc brdwta lgghihrlths wajih tah U_G‚s brdwta sidws, bidolihgdcdnjg brdwta wduik flii oy 5.?2 phrghctlbh pdjcts dc lvhrlbh kurjcb ?5<6‗?5?5.[ah chbltjvh brdwta jnplgt fdr khvhidpjcb Lsjlc hgdcdnjhs (hxgiukjcb tah U_G lckJckjl) wduik oh rhkughk frdn 5.77 phrghctlbh pdjcts fdr tah sghclrjd df dciy tah U_G‚ssidwkdwc td 5.?8 phrghctlbh pdjcts, subbhstjcb Jckjl‚s brdwta pjg`up wduik prdvjkhlc dffsht df dch-fdurta td tahn fdr sajhikjcb frdn tah U_G‚s sidwkdwc. [ajs js ilrbhiy jcijch wjta Jckjl‚s snliihr hgdcdnjg sjzh lck jts rhiltjvhiy whl` trlkh ijc`lbhs wjta dtahrhnhrbjcb Lsjlc hgdcdnjhs. Fdr jckjvjkuli hgdcdnjhs, tah brdwta spjiidvhr frdn Jckjl‚s? phrghctlbh pdjcts brdwta lgghihrltjdc wduik rlcbh frdn 5.5; phrghctlbh pdjcts jctah U_G, tah _hpuoijg df @drhl, lck [ljphj,Gajcl td 5.<8 phrghctlbh pdjcts jcNlilysjl lck dtahr Wdutahlst Lsjlc hgdcdnjhs.

<:




8. GDCGIXWJDCW

[ah U_G‚s hnhrbhcgh ls l nlmdr hgdcdnjg pdwhr orjcbs tah rhbjdcli hgdcdnjhs odtadppdrtucjtjhs lck galiihcbhs. Lc jnnhkjlth rjs` flghk oy jts Lsjlc chjbaodrs js

tah pdthctjli spjiidvhr hffhgts df tah hgdcdnjg sidwkdwc jc tah U_G. Adwhvhr, durndkhi-olshk lcliysjs subbhsts talt jts lkvhrsh jnplgts dc rhbjdcli hgdcdnjhs wduikoh rhiltjvhiy ndkhst. Bjvhc tah hgdcdnjg sjzh df tah U_G, tah galrlgthr df jtssidwkdwc lck tah clturh df Lsjl‚s trlkh pltthrc, l brdwta sidwkdwc df <.6 phrghctlbhpdjcts jc tah U_G wduik orjcb lodut l brdwta khghihrltjdc df 5.?6 phrghctlbh pdjcts jckhvhidpjcb Lsjl ls l wadih (hxgiukjcb tah U_G). Jc ndst rhbjdcli hgdcdnjhs, tahjckughk brdwta idsshs lrh ihss talc 5.8 phrghctlbh pdjcts. [ljphj,Gajcl lck Adcb@dcb, Gajcl lrh ndst vuichrloih td tah U_G‚s hgdcdnjg kdwcturc, wajih Wduta Lsjl jstah ndst jsdilthk frdn galcbhs jc tah U_G.

Furtahrndrh, twd gducthrflgtuli sghclrjds, wajga tl`h jctd lggduct tah galcbhs jcbrdwta gdckjtjdcs df tah XW lck Jckjl, sadw talt strhcbtahchk brdwta jc tah XW lck

Jckjl wduik ahip klnphc tah chbltjvh sadg` frdn tah U_G‚s sidwkdwc, out cdt fuiiydffsht jt. [ajs subbhsts tah jnpdrtlct rdih df tah U_G ls tah ilrbhst rhbjdcli hgdcdny.

Litaduba tah sjnuiltjdc rhsuits ijh jc tah rlcbh df dtahr lithrcltjvh hstjnltjdcs jcijthrlturh,7 shvhrli jnpdrtlct ijnjtltjdcs jc tajs ndkhijcb hxhrgjsh chhk td oh nhctjdchk.Fjrst, tah ndkhijcb lcliysjs glpturhs tah trlkh galcchi df jcthrcltjdcli ousjchss gygihijc`lbh dciy. Jt kdhs cdt jcgiukh sdnh dtahr trlcsnjssjdc galcchis, suga ls prjvlthglpjtli fidws, gdctlbjdc jc rhbjdcli fjclcgjli nlr`hts, ls whii ls shrvjghs trlkh jctdurjsn. Whgdck, ls l rhli GBH ndkhi fdgusjcb dc bidoli trlkh lcliysjs, tah ndkhiilg`s fjclcgjli vlrjloihs lck cdnjcli prjghs galcbhs. [ajs loshcgh ijnjts jts lojijty tdjcgdrpdrlth nlgrdhgdcdnjg lkmustnhct ohalvjdrs lck pdijgjhs talt lrh jnpdrtlct tdkhthrnjch tah trlcsnjssjdc df nlgrdhgdcdnjg fiugtultjdcs. Fdr jcstlcgh, tah ndkhilssunhs ojilthrli rhli hxgalcbh rlths lrh gdcstlct tardubadut tah sjnuiltjdcs. [ajsnly ihlk td uckhrhstjnltjdc df tah spjiidvhr hffhgt df tah U_G‚s sidwkdwc lshgdcdnjhs hxphrjhcgjcb l chbltjvh khnlck sadg` dfthc flgh prhssurh df rhlikhprhgjltjdc. [ajrk, tah nuitj-shgtdr ndkhi js stjii ajbaiy lbbrhblthk, ls jt als dciy?5 shgtdrs. Jt nly uckhrhstjnlth tah jnplgt df l sidwkdwc df tah U_G‚s jcvhstnhctbrdwta jc sdnh sphgjli gdnndkjty nlr`hts. Fdurta, ls vhrtjgli sphgjlijzltjdc lck tahfrlbnhctltjdc df prdkugtjvh prdghsshs lrh cdt hxpijgjtiy ndkhihk jc tah GBH frlnhwdr`,tah sjnuiltjdc rhsuits nly dvhrhstjnlth tah hffhgt df khnlck sadg` drjbjcltjcb frdntah U_G. [ahrhfdrh, tah rhsuits rhpdrthk jc tajs plphr saduik oh vjhwhk ls jckjgltjvhrltahr talc fdrhglsts.

7 Kuvli ht li (?5<;) hstjnlthk l nlgrd plchi ndkhi lck fduck talt l < phrghctlbh pdjct jcgrhlsh jc tah

U_G‚s brdwta wduik rljsh BKU brdwta jc tah nhkjlc Lsjlc hgdcdny oy dvhr 5.7 phrghctlbh pdjctslfthr l yhlr, lck jc tah nhkjlc cdc-Lsjlc hgdcdny oy lodut 5.<8 phrghctlbh pdjcts lt tah slnhadrjzdc. Xsjcb l bidoli VL_ ndkhi, Bluvjc lck _hojiilrk (?5<8) fduck ilrbh brdwta spjiidvhr hffhgtsdf tah U_G= tah dutput nuitjpijhr df tah U_G‚s brdwta js hstjnlthk td oh 5.62 fdr Adcb @dcb, Gajcl,5.66 fdr LWHLC, 5.;? fdr Jckjl, lck 5.?? fdr tah _hpuoijg df @drhl. Adwhvhr, Jcduh, @lyl, lckDasajbh‚s VL_ hxhrgjshs sadwhk vhry snlii spjiidvhr hffhgts frdn tah U_G‚s brdwta sidwkdwc. [ahdutput nuitjpijhrs tahy hstjnlthk lrh 5.<? fdr Jckdchsjl, 5.5:8 fdr [aljilck, 5.52 fdr tah _hpuoijg df@drhl, 5.58 fdr Wjcblpdrh lck Nlilysjl, lck 5.5<1 fdr Jckjl. Bidoli KWBH ndkhi sjnuiltjdcs dfthcgdnh dut wjta snlii hstjnlths df tah spjiidvhrs hffhgts, h.b., tah sjnuiltjdc oy Lckhrsdc ht li (?5<8)

usjcb tah fihxjoih systhn df bidoli ndkhis subbhsthk talt l <?% krdp jc tah U_G‚s BKU wduik idwhrBKU df khvhidphk hgdcdnjhs oy lrduck 5.2%.

?5




[wd nlmdr pdijgy jnpijgltjdcs hnhrbh frdn tah lodvh lcliysjs. Fjrst, ndst Lsjlchgdcdnjhs alvh rhijhk dc hxpdrts ls tah nlmdr sdurgh df brdwta. [ajs als rhckhrhktahjr hgdcdnjhs vuichrloih td tah ousjchss gygihs df hjtahr tah khvhidphk nlr`hts drtah U_G. [d nljctljc l stloih nlgrdhgdcdnjg hcvjrdcnhct lck hcalcgh hgdcdnjgfihxjojijty js jnpdrtlct td njtjblth tah hxthrcli sadg`s. Adwhvhr, l swjtga dfkhvhidpnhct strlthby frdn hxpdrt-ihk brdwta td kdnhstjg khnlck-ihk brdwta wduik ohndrh jnpdrtlct fdr Lsjlc hgdcdnjhs td lgajhvh sustljcloih brdwta. Dvhr tah plst2 yhlrs sjcgh tah bidoli fjclcgjli grjsjs, tahrh alvh ohhc sdnh flvdrloih sjbcs td sadwtah strhcbtahcjcb df kdnhstjg gdcsunptjdc jc rhbjdcli hgdcdnjhs. Furtahr pdijgyrhfdrns td jnprdvh jcgdnh kjstrjoutjdc lck kdnhstjg fjclcgjli nlr`ht wduik ohchghsslry td jnpihnhct tah strugturli sajft tdwlrks kdnhstjg khnlck.

Whgdck, idd`jcb fdrwlrk, tah U_G wjii pily lc hvhc ilrbhr rdih jc tah wdrik hgdcdnylck prdvjkh l strdcb suppdrt fdr tah rhbjdcli khnlck brdwta jc tah idcbhr thrn.Wtrdcbhr brdwta jc tah U_G‚s kdnhstjg hgdcdny, tdbhtahr wjta jcgrhlsjcb ijc`s tardubarhbjdcli prdkugtjdc galjcs lck dutwlrk kjrhgt jcvhstnhct, wduik nl`h Lsjlckhvhidpjcb hgdcdnjhs ndrh hxpdshk td hgdcdnjg fiugtultjdcs jc tah U_G lck ihlk td

ajbahr ousjchss gygih sycgardcjzltjdc jc rhbjdcli hgdcdnjhs. [ajs wduik glii fdr Lsjlchgdcdnjhs td strhcbtahc gddrkjcltjdc df nlgrdhgdcdnjg pdijgjhs.

Ls cdthk lodvh, tah ndkhi js dciy jcthckhk td glpturh tah trlkh galcchis tardubawajga l sidwkdwc df tah U_G wduik hxhrt sadrt- td nhkjun-thrn jnplgt dc tah rhstdf tah wdrik. Jt js cdt ljnhk lt ndkhijcb tah jnplgts df l ndrh shvhrh grjsjs jc tahU_G‛jc wajga tah fjclcgjli galcchi lck shctjnhcts nly pily nuga ilrbhr rdihs jcgrjsjs gdctlbjdc. Cdr kdhs jt ltthnpt td tl`h lggduct df gducthrgygijgli nlgrdhgdcdnjgpdijgjhs talt hgdcdnjhs njbat lkdpt. Adwhvhr, wh ohijhvh tajs js lc lpprdprjlthlpprdlga fdr lkkrhssjcb tah quhstjdc lt alck‛tah hffhgts df l trhck sidwkdwc jcU_G brdwta.

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Lckhrsdc, K., M. J. G. @rjimhc`d, U. Krunndck, U. Hspljiilt, lck K. Nujr. ?5<8.Wpjiidvhrs frdn Gajcl dctd Wuo-Wlalrlc Lfrjgl= Jcsjbats frdn tah FihxjoihWysthn df Bidoli Ndkhis (FWBN). JNF Rdr`jcb Ulphr RU<8/??<. Rlsajcbtdc,KG= Jcthrcltjdcli Ndchtlry Fuck.

Lrnjcbtdc, U. <:6:. L [ahdry df Khnlck fdr Urdkugts Kjstjcbujsahk oy Uilgh dfUrdkugtjdc. Jcthrcltjdcli Ndchtlry Fuck Wtlff Ulphrs. QVJ (<:6:). <8:‗<21.

Khwltrjpdct, N. lck B. Njgahi. <:12. Dc Gidsurh _uihs, Adndbhchjty, lck Kyclnjgsjc Lppijhk Bhchrli Hqujijorjun Ndkhis. Mdurcli df Khvhidpnhct Hgdcdnjgs. ?6 (<). 68‗26.

Kuvli, _., @. G. Gahcb, @. A. Da, _. Wlrlf, lck K. Whchvjrltch. ?5<;. [rlkhJcthbrltjdc lck Ousjchss Gygih Wycgardcjzltjdc= L _hlpprljsli wjta Fdgus dc

Lsjl. JNF Rdr`jcb Ulphr RU<;/8?. Rlsajcbtdc, KG= Jcthrcltjdcli NdchtlryFuck.

Bluvjc, I. lck G. _hojiilrk, ?5<8. [dwlrks _hgdupijcb4 Lsshssjcb tah Bidoli Jnplgtdf l Gajchsh Alrk Ilckjcb tarduba [rlkh lck Gdnndkjty Urjgh Galcchis.Olcquh kh Frlcgh Rdr`jcb Ulphrs Cd. 86?. Ulrjs= Olcquh kh Frlcgh.

Ahrthi, [. R. hk. <::2. Bidoli [rlkh Lcliysjs= Ndkhijcb lck Lppijgltjdcs. Glnorjkbh=Glnorjkbh Xcjvhrsjty Urhss.

Jcthrcltjdcli Ndchtlry Fuck (JNF). ?5<<. Uhdpih‚s _hpuoijg df Gajcl= Wpjiidvhr _hpdrtfdr tah ?5<< Lrtjgih JV Gdcsuitltjdc lck Whihgthk Jssuhs. JNF Gductry _hpdrtCd. <</<:7. Rlsajcbtdc, KG= Jcthrcltjdcli Ndchtlry Fuck.

Jcduh, [., K. @lyl, lck A. Dasajbh. ?5<8. [ah Jnplgt df Gajcl‚s Widwkdwc dc tah Lsjl Ulgjfjg _hbjdc= Lc Lppijgltjdc df tah BVL_ Ndkhi. Udijgy _hshlrgaRdr`jcb Ulphr Whrjhs Cd. 2;;?, Rlsajcbtdc, KG= Rdrik Olc`.

_dojcsdc, W. <::<. Nlgrdhgdcdnjgs, Fjclcgjli Vlrjloihs, lck Gdnputloih BhchrliHqujijorjun Ndkhis. Rdrik Khvhidpnhct. <: (<<). <85:‗<8?8.

Wadvhc M. O. lck M. Raliihy. <::?. Lppiyjcb Bhchrli Hqujijorjun. Glnorjkbh=Glnorjkbh Xcjvhrsjty Urhss.

Wunnhrs, I. ?5<8. Brlsp tah _hlijty df Gajcl‚s _jsh. Fjclcgjli [jnhs. 1 Cdvhnohr.

[lyidr, I. <::5. Wtrugturlijst GBH Ndkhis. Jc I. [lyidr, hk. Wdgjliiy _hihvlct Udijgy Lcliysjs. Glnorjkbh, NL, XW= NJ[ Urhss. <‗25.

vlc khr Nhcsorubbah, K. ?558. IJC@LBH [hgacjgli _hfhrhcgh Kdgunhct= Vhrsjdc 6.5.Xcpuoijsahk. Rlsajcbtdc, KG= Rdrik Olc`.

* [ah Lsjlc Khvhidpnhct Olc` rhfhrs td Gajcl oy tah clnh Uhdpih‚s _hpuoijg df Gajcl.

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