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9_TRO[V‘‘R D_aSYV%C]aVZVR_b[T

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DYN[b[T‘]UVY‘]UVR[
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5bS‘RagR[ QR‘
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%’ 5OYRVab[T QR_
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8RSV[VaV[ QR_ @VcR 7ZZb[VPNaV[%LVRYR

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%( 5OYRVab[T QR_
@VcR 7ZZb[VPNaV[%Ga_NaRTVR
<<@ & I[V]YN[ & GRVaR ).




6Nb‘aRV[R QR_
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GaR] )                         GaR] *                           GaR] +

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MFRQbgVR_aR FR‘‘b_PR[ R_S_QR_[ SXb‘‘VR_aR[ Ga_NaRTVR%9V[‘Nag
<<@ & I[V]YN[ & GRVaR )/




GPUaa 9cR[a‘a_NaRTVR                                                                D_NeV‘ORV‘]VRY



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%) 9_‘aRYYR[ QR‘ @VcR 7ZZb[VPNaV[%AVe
<<@ & I[V]YN[ & GRVaR )1




5& D_V_V‘VR_b[T QR_                                                                    ?b[QR[ORV‘]VRY
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@VcR 7ZZb[VPNaV[%LVRYR
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<<@ & I[V]YN[ & GRVaR *(




6& 5b‘dNUY QR_                                                                     Ab‘aR_ORV‘]VRY

@VcR 7ZZb[VPNaV[%=[‘a_bZR[aR
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 JR_XNbS‘VZ]bY‘R                          nn             n                 n            nnnn
                   5b‘]_iTb[T   XRV[R       ‘PUdNPU        ZVaaRY          ‘aN_X          ‘RU_ ‘aN_X
<<@ & I[V]YN[ & GRVaR *)




7& 9_‘aRYYb[T QR‘
@VcR 7ZZb[VPNaV[%AVe     AVPURYV[
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<<@ & I[V]YN[ & GRVaR **




8& GRYRXaV[ c[ DYNaaS_ZR[                                                     ?b[QR[ORV‘]VRY
                                                                                 LbYVRSR_V[Qb‘a_VR



  AR‘‘R%               <UR D_i‘R[g c[ ?b[QR[
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                                                                %!   ’%!   )%!     +%!    -%!        &%%!
<<@ & I[V]YN[ & GRVaR *+




%* 6bQTRaVR_b[T QR_ @VcR 7ZZb[VPNaV[
<<@ & I[V]YN[ & GRVaR *,




JR_aRVYb[T QR‘
@VcR 7ZZb[VPNaV[%6bQTRa‘
                                                     5ba%      :Q’
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                              -($+!      ,1$.!        ,-$0!     ,*$1!      ,*$.!      ,($*!




                           OR‘aR_ KR_a   ‘PUYRPUaR‘aR_ KR_a                         [ZNe 4 ,(-
<<@ & I[V]YN[ & GRVaR *-




%+ A[Va_V[T QR_ @VcR 7ZZb[VPNaV[
<<@ & I[V]YN[ & GRVaR *.




8b_PUSkU_b[T c[ 9_SYT‘X[a_YYR[

                                                          I[aR_[RUZR[ U[R
                                                          _RTRYZihVTR 9_SYT‘X[a_YYR

                                            _RTRYZihVT    TRYRTR[aYVPU      TN_ [VPUa


  AR‘‘R[                            --$/!                  *-$/!          )0$.!



  9cR[a‘                           ,1$,!                 *0$/!           *)$1!



  D_ZaV[                        ,/$0!                 *0$/!            *+$,!



  G][‘_V[T               *0$/!               +-$(!                +.$+!


                                                                               [ZNe4+0/
<<@ & I[V]YN[ & GRVaR */




6N__VR_R[ Sk_ QVR 9_SYT‘ZR‘‘b[T

AN[TRY N[ =[‘a_bZR[aR[                                        -+$1!
Lb dR[VT LRVa                                               ,-$(!
Lb aRbR_                                                   ,($1!
Lb dR[VT 9_SNU_b[T                                   +($*!
;R[R_RYY [VPUa ZR‘‘ON_                             **$-!
BVPUa R_S_QR_YVPU                          -$/!




MAN[TRY N[ =[‘a_bZR[aR[ b[Q 5PPb[aV[T%7bYab_R                        [ZNe4+0/
<<@ & I[V]YN[ & GRVaR *0




;_b[QZQRYY QR_
@VcR 7ZZb[VPNaV[% 9cNYbVR_b[T
                           AN_XaS_‘PUb[T                            9SSVgVR[gXR[[gNUYR[

                              =‘a%KR_aR                                       =‘a%KR_aR



 @VcR 7Z                                             ?D= FN‘aR_                           FRNYVaf
   LVRYR                           1@C?=@HA@;?=G 5F@H=F@IB IC< 5=CCK9?A=CGJGH=B            7URPX



                                                      GYY%KR_aR


                                          GYY%D_aSYV @VcR 7ZZb[VPNaV[
<<@ & I[V]YN[ & GRVaR *1




5b‘TRdiUYaR ?_VaR_VR[ Sk_ 9_SYT‘ZR‘‘b[T

    AN_XaS_‘PUb[T                           ?R[[gVSSR_[

   LVRYT_b]]R[‘a_bXab_                      MTR[R_VR_aR 5Q_R‘‘R[
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<<@ & I[V]YN[ & GRVaR +(




=Z]YRZR[aVR_b[T QR_ 9_SYT‘ZR‘‘b[T
HY‘
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                                                                                FR]_aV[T
                                                                                5bSONb c[ FR]_aV[T%




                                                                    F9DCFH=B;
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                                              @VcR 7Z                          H]ZN[NTRZR[a



6bQTRa
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m[ TV[Tl 6bQTRa‘
Sk_ 9_SYT‘X[a_YYR                                                            7bYab_R
                                              7I@HIF9
                                                                                GPUbYb[T b[Q AaVcNaV[
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                                                                                9_SYT‘X[a_YYR
                                                                                "5PPb[aV[T 7bYab_R#
<<@ & I[V]YN[ & GRVaR +)




@RN_[V[T‘




%& @VcR 7ZZb[VPNaV[ ‘PUNSSa YN[TS_V‘aVTR ?b[QR[ORgVRUb[TR[
b[Q NcN[PVR_a gbZ [RbR[ KR_aa_RVOR_ QR_ AN_XRaV[TXZZb[VXNaV[&

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%( ?[‘R^bR[aR JR_[Ragb[T QR_ @VcR 7ZZb[VPNaV[ ZVa QR_
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<<@ & I[V]YN[ & GRVaR +*




7]f_VTUa


5KG KP FKGTGO ;QPYGRU FCSIGTUGNNUGP 8GFCPMGP% :FGGP% AQSTEJN[IG VPF BGSDGOKUUGN VPUGSNKGIGP
FGP IGNUGPFGP @SJGDGSSGEJUTIGTGUYGP VPF TKPF IGKTUKIGT 6KIGPUVO FGS 7KSOC @PKRNCP 8OD9 !
4Q’ ;8’ 5KG AGSXKSMNKEJVPI WQP :FGGP VPF(QFGS :FGGPCPT[UYGP CVT FKGTGO ;QPYGRU DGFCSH FGS
WQSJGSKIGP WGSUSCINKEJGP AGSGKPDCSVPI OKU FGS =GEJUGKPJCDGSKP’

6KPG AGSWKGNH[NUKIVPI FGT ;QPYGRUT% ICPY QFGS KP 3VTY]IGP TQXKG LGFG BGKUGSICDG CP 5SKUUG KTU
PKEJU IGTUCUUGU% TQHGSP GT PKEJU YVS 6PUTEJGKFVPITHKPFVPI KO =CJOGP FGS <S[TGPUCUKQP
GSHQSFGSNKEJ KTU’
5GS 6ORH[PIGS FKGTGT ;QPYGRUT JCHUGU DGK VPDGSGEJUKIUGS AGSXGPFVPI QFGS BGKUGSICDG CP
5SKUUG H]S FCSCVT GPUTUGJGPFG >EJ[FGP’ 5GS 6ORH[PIGS FKGTGT ;QPYGRUT DGTU[UKIU FVSEJ
6PUIGIGPPCJOG FGT ;QPYGRUT% FKG FCSKP IGPCPPUGP :FGGP VPF AQSTEJN[IG WGSUSCVNKEJ YV
DGJCPFGNP’

@PKRNCP 8OD9 ! 4Q’ ;8 ’ >EJCPYGPTUSCZG ,1 C(D ’ .*)/, ;NP
?2 $-1")#++*’0-./1&)% 72 $-1")# ++*’0-./1&+))
XXX’VPKRNCP’EQO
<<@ & I[V]YN[ & GRVaR ++

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Management komplexer Live Communication Portfolios

  • 1. <<@ & I[V]YN[ & GRVaR ) 8NTOR_a <N_aZN[[ 0@F=;HDF /DCGIAH@C> " 7=G=9F;? 8C@EA9C 3B:4 " /D$53 6=@EK@># <=C &’$ 2=:FI9F ’%%-
  • 2. <<@ & I[V]YN[ & GRVaR * C]aVZVR_b[T @VcR 7ZZb[VPNaV[ D_aSYV >NU_ ) >NU_ + +$(! HUV_Q DN_af .$1! +$0! I‘R_ ARRaV[T D_]_VRaN_f **$*! HUV_Q DN_af I‘R_ ARRaV[T 7[SR_R[PR HUV_Q DN_af 7[SR_R[PR )($0! *0$,! HUV_Q DN_af ?Rf 5PPb[a 7[SR_R[PR 9cR[a‘ )+$+! FNQ GUd *, ! )/$+! 6b‘V[R‘‘ 9eRPbaVcR -)! )+$+! GUd GRZV[N_‘ 6b‘V[R‘‘ GUd G][‘_‘UV] )$-! *$1! D_]_VRaN_f G][‘_‘UV] 7[SR_R[PR :_RZQS_ZNaR 9VTR[S_ZNaR
  • 3. <<@ & I[V]YN[ & GRVaR + 9_TRO[V‘‘R D_aSYV%C]aVZVR_b[T @VcR 7ZZb[VPNaV[%6bQTRa V[ AV& p 9_dN_aRaR IZ‘iagR V[ AV& p *- p )&((( p *) 1,. *( *( p 0(( p )- p .(( p )) -,+ )( p ,(( p -p *(( p ).( >NU_ ) >NU_ * >NU_ + >NU_ ) >NU_ * >NU_ + FRQbgVR_b[T QR‘ @VcR 7ZZb[VPNaV[%6bQTRa‘ 9_UjUb[T QR_ R_dN_aRaR[ IZ‘iagR c[ *) AV& p NbS )) AV& p c[ ).( AV& p NbS 1,. AV& p
  • 4. <<@ & I[V]YN[ & GRVaR , DYN[b[T‘]UVY‘]UVR[
  • 5. <<@ & I[V]YN[ & GRVaR - DYN[b[T‘]UVY‘]UVR[ @VcR 7ZZb[VPNaV[ :_a‘PU_RVOR[ c[ R_SYT_RVPUR[ /,$,! JR_TN[TR[URVa‘%9_SNU_b[TR[ 5b‘_VPUab[T N[ KRaaORdR_O‘NXaVcVaiaR[ QR_ 6_N[PUR[%GaN[QN_Q‘ -.$,! ?b_gS_V‘aVTR$ ‘VabNaV[‘ORgTR[R m5Q%UPl%DYN[b[T c[ 5XaVcVaiaR[ *.$1! *((/ [ZNe4,(-
  • 6. <<@ & I[V]YN[ & GRVaR . LbXk[SaVTR DYN[b[T‘]_V_VaiaR[ BadR[QVTXRVa gb YN[TS_V‘aVTR_$ ‘a_NaRTV‘PUR_ DYN[b[T QR_ @VcR 7ZZb[VPNaV[%5XaVcVaiaR[ ./$.! 5b‘dNUY b[Q ?ZOV[NaV[ QR_ RV[gRY[R[ =[‘a_bZR[aR gbZ dV_Xb[T‘cYYR[ @VcR 7Z%AVe ./$*! 9_‘aRYYb[T RV[R‘ kOR_T_RVSR[QR[ D_aSYV‘ NYYR_ JR_N[‘aNYab[TR[ .,$(! *((/ [ZNe4+1+
  • 7. <<@ & I[V]YN[ & GRVaR / FNQZN]
  • 8. <<@ & I[V]YN[ & GRVaR 0 FNQZN] V[ ‘RPU‘ GPU_VaaR[ () GVabNaV[‘%5[NYf‘R "5bQVa# (* :R‘aYRTb[T QR_ @VcR 7ZZb[VPNaV[%LVRYR (+ 5OYRVab[T QR_ @VcR 7ZZb[VPNaV[%Ga_NaRTVR @VcR 7ZZb[VPNaV[%AVe (, AR‘‘R[ 9cR[a‘ D_ZaV[ G][‘_V[T (- 6bQTRaVR_b[T QR_ @VcR 7ZZb[VPNaV[ (. 7[a_YYV[T QR_ @VcR 7ZZb[VPNaV[
  • 9. <<@ & I[V]YN[ & GRVaR 1 %& @VcR 7ZZb[VPNaV[%5bQVa
  • 10. <<@ & I[V]YN[ & GRVaR )( 6RV‘]VRY2 D_aSYV <VTU HRPU%6_N[PUR ?b[QR[ORV‘]VRY <VTU HRPU 6_N[PUR
  • 11. <<@ & I[V]YN[ & GRVaR )) 5bS‘RagR[ QR‘ @VcR 7ZZb[VPNaV[%?NYR[QR_‘ 6R_RVPU2 ef3 @N[Q2 8 >N[& :RO& Ai_g 5]_VY ANV >b[V >bYV 5bT& GR]& CXa& Bc& 8Rg& AR‘‘R[ 5%AR‘‘R[ 6%AR‘‘R[ 7%AR‘‘R[ o 9cR[a‘ 7_]_NaR DbOYVP =[aR_[ o G][‘_V[T G]_a ?bYab_ GgVNY o D_ZaV[ Ga_R Ga_RRa D_VPR o ]R[ NT_RRQ PZZVaaRQ ]N‘‘RQ ]_V_Vaf
  • 12. <<@ & I[V]YN[ & GRVaR )* 9eXb_‘2 7b‘aZR_ =[‘VTUa‘ NY‘ DYN[b[T‘T_b[QYNTR ?_RNaVc%K_X‘U] 9[QXb[QR[ C[YV[R%AVaN_ORVaR_ORS_NTb[T ?b[QR[ORV‘]VRY 5baZOVY ?b[QR[ORV‘]VRY LbYVRSR_V[Qb‘a_VR
  • 13. <<@ & I[V]YN[ & GRVaR )+ %’ 5OYRVab[T QR_ @VcR 7ZZb[VPNaV[%LVRYR
  • 14. <<@ & I[V]YN[ & GRVaR ), 8RSV[VaV[ QR_ @VcR 7ZZb[VPNaV[%LVRYR LVRYUVR_N_PUVR LVRYX[gR]aV[ AN_XRaV[T%?ZZb[VXNaV[ @VcR 7ZZb[VPNaV[ N Xa A N_ [a XR I[aR_% ? [RUZR[‘gVRYR @VcR 7Z bS D_ AN_XRaV[TgVRYR N JR_X QbX a @VcR 7ZZb[VPNaV[%LVRYR AN_Xa 5OYRVaR[ QR_ @VcR 7ZZb[VPNaV[%LVRYR D_V_V‘VR_b[T’C]R_NaV[NYV‘VR_b[T
  • 15. <<@ & I[V]YN[ & GRVaR )- %( 5OYRVab[T QR_ @VcR 7ZZb[VPNaV[%Ga_NaRTVR
  • 16. <<@ & I[V]YN[ & GRVaR ). 6Nb‘aRV[R QR_ @VcR 7ZZb[VPNaV[%Ga_NaRTVR GaR] ) GaR] * GaR] + GaNXRUYQR_ 6a‘PUNSaR[’7[aR[a LRVaU_Vg[a + + D_V_V‘VR_b[T QR_ ?[‘V‘aR[aR 6a‘PUNSaR[ LRVaYVPUR_ 9V[‘Nag LVRYT_b]]R[ kOR_ NYYR ?N[iYR QR_ =[‘a_bZR[aR MFRQbgVR_aR FR‘‘b_PR[ R_S_QR_[ SXb‘‘VR_aR[ Ga_NaRTVR%9V[‘Nag
  • 17. <<@ & I[V]YN[ & GRVaR )/ GPUaa 9cR[a‘a_NaRTVR D_NeV‘ORV‘]VRY JR_N[‘aNYab[T LVRYT_b]]R HURZN >NU_ ) >NU_ * >NU_ * I[aR_[RUZR[ ARU_dR_a$ [RbR GPUaa J=D%Hb_ J_‘aN[Q$ ;: DR_‘]RXaVcR[ D_i‘R[aNaV[$ K_YQ S GPUaa 5YYR$ D_R‘‘R =ZNTR$ ?Z]RaR[g D_i‘R[aNaV[$ Hb_ QR GPVR[PR J_‘aN[Q$ ;: =ZNTR ARRa Na aUR DN_a[R_‘PUNSa$ 9[adVPXYR_ D_QbXa GfZ]‘VbZ KR_aR_UNYa 7[PR[a_NV[ZR[a DN_a[R_‘PUNSa$ 9[adVPXYR_ 8Nf‘ ?b[QR[OV[Qb[T ARU_dR_a$ EbNYVaf @RNTbR 6bfV[T 7R[aR_ ?Z]RaR[g cR_OV[QYVPU Qb_PUTRSkU_a RZ]SRUYR[‘dR_a$ WR [NPU 6bQTRa’DR_‘[NY ]aV[NY$ ORV 6RQN_S
  • 18. <<@ & I[V]YN[ & GRVaR )0 %) 9_‘aRYYR[ QR‘ @VcR 7ZZb[VPNaV[%AVe
  • 19. <<@ & I[V]YN[ & GRVaR )1 5& D_V_V‘VR_b[T QR_ ?b[QR[ORV‘]VRY HRYRXZZb[VXNaV[ @VcR 7ZZb[VPNaV[%LVRYR DSYRTR 6R‘aN[Q‘Xb[QR[ x ;RdV[[b[T BRbXb[QR <VTUYVTUaR[ c& BRb]_QbXaR[ x D_i‘R[aNaV[ ;R‘NZa‘_aVZR[a =[S%’?[d%Ud%JR_ZVaaYb[T x 9[aR_aNV[ZR[a’I[aR_UNYab[T 9eXYb‘VcVaia’5YYRV[‘aRYYb[T x KRaaORdR_O‘]_i‘R[g’6_N[PUR[a_RSS JR_XNbS‘%=Z]bY‘R x =ZNTR%D_SVYVR_b[T D_QbXa%8RZ[‘a_NaV[ x 9_YROR[ AN_XR[dRYa 5bSZR_X‘NZXRVa’DF%9SSRXa x AN_Xa]_i‘R[g Nb‘ H_NQVaV[ =[aRT_NaV[ AN_XRaV[TXZZ& x =‘YVR_aR JR_N[‘aNYab[T LRVaYVPUR’TRT_N]UV‘PUR :YReVOVYVaia x :R‘aTR‘RagaR HR_ZV[R b[Q C_aR ?‘aR[V[aR[‘Vc x ;R_V[TR ?‘aR[ 6RdR_ab[T QR_ LVRY]_V_Vaia
  • 20. <<@ & I[V]YN[ & GRVaR *( 6& 5b‘dNUY QR_ Ab‘aR_ORV‘]VRY @VcR 7ZZb[VPNaV[%=[‘a_bZR[aR 6R_dR_ab[T‘X_VaR_VR[ AR‘‘RNYaR_[NaVcR[ "5b‘gbT# FNQ‘Ud 6_N[Q @N[Q :NPUX[T_R‘‘ :NPUZR‘‘R 9eXYb‘VcR ?b[QR[N[‘]_NPUR nnn nn nnnn n ARQVNYR 5bSZR_X‘NZXRVa nnn nn n n @RNQR_‘UV] 8RZ[‘a_NaV[ nn nn nnn n :NPUV[S’5[dR[Qb[T‘dV‘‘R[ n n nnnn nn :N‘gV[NaV[ AN_XR[dRYa nn nnnn n nnn D_QbXaR_SNU_b[T’%R_YRO[V‘ nnnn nn n n FRVPUdRVaR’5[gNUY ?[aNXaR nn nnn nn nnnn ?b[QR[OV[Qb[T nn n nnnn nn ?b[QR[R_OR_b[T nn n n nnnn JR_XNbS‘VZ]bY‘R nn n n nnnn 5b‘]_iTb[T XRV[R ‘PUdNPU ZVaaRY ‘aN_X ‘RU_ ‘aN_X
  • 21. <<@ & I[V]YN[ & GRVaR *) 7& 9_‘aRYYb[T QR‘ @VcR 7ZZb[VPNaV[%AVe AVPURYV[ 8_VcV[T 7R[aR_ 7UNYYR[TR 6VOR[QbZ AVPURYV[ 5XaV[ Ab‘RbZ m5PUab[T 5bal GVPUR_URVa‘% NXaV[ mKV_ AVPURYV[ ZNPUR[ 8_bPX&l :kU_R_ *((/ :_ZRY ) AVPURYV[ :N[N_aVXRY AVPURYV[ mC[%KNf% D_QbXa% GR_cVPRl dR_Ob[T "D_V[a# :YVR[% ZN]]R Sk_ =ZNTR% :NU_YRU_R_ dR_Ob[T "HJ# AVPURYV[ H_NV[V[T‘% C[YV[R PR[aR_ KV[aR_‘]VRY FbaR[% ]YN[R_
  • 22. <<@ & I[V]YN[ & GRVaR ** 8& GRYRXaV[ c[ DYNaaS_ZR[ ?b[QR[ORV‘]VRY LbYVRSR_V[Qb‘a_VR AR‘‘R% <UR D_i‘R[g c[ ?b[QR[ SNXa_R[ ;baR‘ =ZNTR QR_ AR‘‘R 6_N[PUR[a_RSS]b[Xa 5b‘_VPUab[T NbS :NPU]bOYVXbZ I[aR_% HRVY[NUZR N[QR_R_ I[aR_[RUZR[‘OR_RVPUR [RUZR[‘% SNXa_R[ ?‘aR[%BbagR[%JR_UiYa[V‘ ?‘aR[ORaRVYVTb[T Qb_PU ?[gR_[ HRVY[NUZR V[ J_WNU_R[ AN_Xa% Ga_NaRTV‘PU dVPUaVTR_ AN_Xa SNXa_R[ <UR 5b‘‘PUj]Sb[T QR‘ ?b[QR[]aR[gVNY‘ ;baR_ LbTN[T gbZ AN_Xa <UR 5aa_NXaVcVaia AR‘‘R‘aN[Q_a %! ’%! )%! +%! -%! &%%!
  • 23. <<@ & I[V]YN[ & GRVaR *+ %* 6bQTRaVR_b[T QR_ @VcR 7ZZb[VPNaV[
  • 24. <<@ & I[V]YN[ & GRVaR *, JR_aRVYb[T QR‘ @VcR 7ZZb[VPNaV[%6bQTRa‘ 5ba% :Q’ Gb]]YVR_ =[Qb‘a_f 6RcR_NTR‘ :V[N[PR <RNYaU ZaVcR AR‘‘R[ +($.! ’+#.! &*#(! &(#+! ))$,! ’&#+! 9cR[a‘ &’#%! &(#’! &)#%! /$-! &,#.! )0$(! D_ZaV[ *$-! *#,! &%#’! ),$*! +#(! +#%! G][‘_V[T *#’! +#-! +#(! /$.! ,#%! ,$.! -($+! ,1$.! ,-$0! ,*$1! ,*$.! ,($*! OR‘aR_ KR_a ‘PUYRPUaR‘aR_ KR_a [ZNe 4 ,(-
  • 25. <<@ & I[V]YN[ & GRVaR *- %+ A[Va_V[T QR_ @VcR 7ZZb[VPNaV[
  • 26. <<@ & I[V]YN[ & GRVaR *. 8b_PUSkU_b[T c[ 9_SYT‘X[a_YYR[ I[aR_[RUZR[ U[R _RTRYZihVTR 9_SYT‘X[a_YYR _RTRYZihVT TRYRTR[aYVPU TN_ [VPUa AR‘‘R[ --$/! *-$/! )0$.! 9cR[a‘ ,1$,! *0$/! *)$1! D_ZaV[ ,/$0! *0$/! *+$,! G][‘_V[T *0$/! +-$(! +.$+! [ZNe4+0/
  • 27. <<@ & I[V]YN[ & GRVaR */ 6N__VR_R[ Sk_ QVR 9_SYT‘ZR‘‘b[T AN[TRY N[ =[‘a_bZR[aR[ -+$1! Lb dR[VT LRVa ,-$(! Lb aRbR_ ,($1! Lb dR[VT 9_SNU_b[T +($*! ;R[R_RYY [VPUa ZR‘‘ON_ **$-! BVPUa R_S_QR_YVPU -$/! MAN[TRY N[ =[‘a_bZR[aR[ b[Q 5PPb[aV[T%7bYab_R [ZNe4+0/
  • 28. <<@ & I[V]YN[ & GRVaR *0 ;_b[QZQRYY QR_ @VcR 7ZZb[VPNaV[% 9cNYbVR_b[T AN_XaS_‘PUb[T 9SSVgVR[gXR[[gNUYR[ =‘a%KR_aR =‘a%KR_aR @VcR 7Z ?D= FN‘aR_ FRNYVaf LVRYR 1@C?=@HA@;?=G 5F@H=F@IB IC< 5=CCK9?A=CGJGH=B 7URPX GYY%KR_aR GYY%D_aSYV @VcR 7ZZb[VPNaV[
  • 29. <<@ & I[V]YN[ & GRVaR *1 5b‘TRdiUYaR ?_VaR_VR[ Sk_ 9_SYT‘ZR‘‘b[T AN_XaS_‘PUb[T ?R[[gVSSR_[ LVRYT_b]]R[‘a_bXab_ MTR[R_VR_aR 5Q_R‘‘R[ M5[aRVY N[ 9VTR[cR_dR[QR_[ M5[aRVY QR_ <Nb]aX[Xb__R[aR[ M?‘aR[ ]_ =[aR_R‘‘R[a M5[aRVY N[ D_RZVbZXb[QR[ AN_XR[ORVa_NT M7[cR_‘V[ FNaR‘ M5bSYNQb[T QR‘ AN_XR[VZNTR‘ MH_N[‘]_a QR_ <Nb]aOa‘PUNSaR[ M5[gNUY ?b[QR[X[aNXaR 5’6’7 M;R[R_RYYR’_ AN_XR[SVa’%]N‘‘b[T JR_N[‘aNYab[T‘ORdR_ab[T MD_i‘R[g_NaR JR_a_VRO M;R‘NZagbS_VRQR[URVa M@VXR‘’8V‘YVXR‘ JR_N[‘aNYab[T‘]_T_NZZ MJR_OR‘‘R_b[T‘]aR[gVNY ?[‘bZVZ]bY‘ M?NbSNO‘VPUa’FRYRcN[a GRa M=[cYcRZR[a’HURZR[V[aR_R‘‘R MAbYaV]YVXNa_R[dV_Xb[T
  • 30. <<@ & I[V]YN[ & GRVaR +( =Z]YRZR[aVR_b[T QR_ 9_SYT‘ZR‘‘b[T HY‘ 5bS‘RagR[ c[ _Ob‘aR[ HCC@G AR‘‘X[gR]aR[ b[Q ‘PUYN[XR[ ?R[[gNUYR[% ‘f‘aRZR[ ZRN‘b_R _R]_a FR]_aV[T 5bSONb c[ FR]_aV[T% F9DCFH=B; b[Q 8XbZR[aNaV[‘% 6I8;9H ‘f‘aRZR[ Sk_ QN‘ @VcR 7Z H]ZN[NTRZR[a 6bQTRa 6R_RVa‘aRYYR[ c[ SVeR[ YRN_[ ZaVcNaR m[ TV[Tl 6bQTRa‘ Sk_ 9_SYT‘X[a_YYR 7bYab_R 7I@HIF9 GPUbYb[T b[Q AaVcNaV[ QR_ JR_N[ad_aYVPUR[ gb_ 9_SYT‘X[a_YYR "5PPb[aV[T 7bYab_R#
  • 31. <<@ & I[V]YN[ & GRVaR +) @RN_[V[T‘ %& @VcR 7ZZb[VPNaV[ ‘PUNSSa YN[TS_V‘aVTR ?b[QR[ORgVRUb[TR[ b[Q NcN[PVR_a gbZ [RbR[ KR_aa_RVOR_ QR_ AN_XRaV[TXZZb[VXNaV[& %’ 8b_PU TN[gURVaYVPUR‘ AN[NTRZR[a QR‘ @VcR 7ZZb[VPNaV[% D_aSYV‘ YN‘‘R[ ‘VPU 9SSVgVR[gc_aRVYR _RNYV‘VR_R[ b[Q QVR ?ZZb[VXNaV[‘dV_Xb[T ZNeVZVR_R[& %( ?[‘R^bR[aR JR_[Ragb[T QR_ @VcR 7ZZb[VPNaV[ ZVa QR_ cV_abRYYR[ b[Q XYN‘‘V‘PUR[ ?ZZb[VXNaV[ V‘a RV[ Ab‘‘&
  • 32. <<@ & I[V]YN[ & GRVaR +* 7]f_VTUa 5KG KP FKGTGO ;QPYGRU FCSIGTUGNNUGP 8GFCPMGP% :FGGP% AQSTEJN[IG VPF BGSDGOKUUGN VPUGSNKGIGP FGP IGNUGPFGP @SJGDGSSGEJUTIGTGUYGP VPF TKPF IGKTUKIGT 6KIGPUVO FGS 7KSOC @PKRNCP 8OD9 ! 4Q’ ;8’ 5KG AGSXKSMNKEJVPI WQP :FGGP VPF(QFGS :FGGPCPT[UYGP CVT FKGTGO ;QPYGRU DGFCSH FGS WQSJGSKIGP WGSUSCINKEJGP AGSGKPDCSVPI OKU FGS =GEJUGKPJCDGSKP’ 6KPG AGSWKGNH[NUKIVPI FGT ;QPYGRUT% ICPY QFGS KP 3VTY]IGP TQXKG LGFG BGKUGSICDG CP 5SKUUG KTU PKEJU IGTUCUUGU% TQHGSP GT PKEJU YVS 6PUTEJGKFVPITHKPFVPI KO =CJOGP FGS <S[TGPUCUKQP GSHQSFGSNKEJ KTU’ 5GS 6ORH[PIGS FKGTGT ;QPYGRUT JCHUGU DGK VPDGSGEJUKIUGS AGSXGPFVPI QFGS BGKUGSICDG CP 5SKUUG H]S FCSCVT GPUTUGJGPFG >EJ[FGP’ 5GS 6ORH[PIGS FKGTGT ;QPYGRUT DGTU[UKIU FVSEJ 6PUIGIGPPCJOG FGT ;QPYGRUT% FKG FCSKP IGPCPPUGP :FGGP VPF AQSTEJN[IG WGSUSCVNKEJ YV DGJCPFGNP’ @PKRNCP 8OD9 ! 4Q’ ;8 ’ >EJCPYGPTUSCZG ,1 C(D ’ .*)/, ;NP ?2 $-1")#++*’0-./1&)% 72 $-1")# ++*’0-./1&+)) XXX’VPKRNCP’EQO
  • 33. <<@ & I[V]YN[ & GRVaR ++