??N?N�N�????N?N�???? N????�??

?�???s???�?????�

??N?N�N�????N?N�???? N????�??

?????�?? a�� ??N????????� N�N??????�???�??N�?� N?N�N�????N�?�?�N???N�N� ???�NS?�??N�????, ???�N�?�??N?????N�?�, ???�N�?�?�?�??N�?�N??????�, ?�?�?�?�?�???�?�N�??????N�?� N?N�?�N�?�????, N??�N??�?�N�???� ???�N? N?N????�?�????N? ???�N?N?N�?�?? N?????N????�????N?N�?? ??N�N???N�?�.

?????�????N�?� N�?�?�??N�N� ???�???�N�????????N� N�?�???�?� ???�N? ???�N?N?N�N�????N?N�???� ???????????�??N�??????N�?�?�??N�N� ???�N�?�??N�N�?�??, ?�?�N�??N�?�NZN�??N� ????N�?�?????�??N� ??N� ?????�???�??N?N�????N? ??N�N???N�????N�N� ??????, N�?�????N� ???�?? ??N�????N�?�?????� ??N�N???N�?� ?? ??N�??N�?�???�?????�.

?????�??-N?N�???????? ??N�?�?????�?�???�N�?�??N� ???�N? ???�N�?�???�N�?? ???�???�?�????N? N�N??????�???�??N�?� ???� ??N�N???N�, ?� ????N?N?N�???� N????�?? ???�?�N????�N�?????�NZN� ???�N�?�???�N�N? ???�??N�N??�???? ????N?N�?�??N?N�?????? ?????�???�??N?N�????N? ???� ?�????????N�?� N?N�?�??????.

?s ?�?�N????? N?N??�N????�??

??N� ???�N�?�??N�??N�N??�?? ??N�N????????� ???�N�?�N?N�???? N�?�?�??N�, N�?�????N�????N�?� N?N�?????? ??N� ??N�?????�???�????N?, ??N�??N�?�N?N????????�?�???�?? N????�N�???�?�??N?N�???? ?? ?�N?N�N?N?NZ N?????N�?�???�????N?NZ N????�N�N�?�N�??????N?.

???�N??? ??N�?�????N?N�?�N?N�???�

  • ?�?�N�???�N�????????N?N�N?

    ?YN�?�???�?�???�?�?? ??N�?????�???�?????� N????�????N�N� N�?�?�??N� N�?�?�?�??N�??N�???? N?????N????�?�????, ?? N?????N�???�N�N?N�?????? N? ??N????�?�??????N?N�N????? N?N�?�N?N�???� ?? ???�N?N�????N?N�??.

  • ?YN�??N�?�N?N????????�?�???�??

    ??N� ??N??????�N??�N??�?? ???�N�?????????? ????N??�?�?????�???? ?????????�?�????N? ?? ???�??N�N????????�?????� ??N� ???�??N?N�??N� ?�??N�?????�??N?????N� ??N�?????�????????N�?�?�?�??. ???�N??? N????�N�???�?�??N?N�N� ???�?�?�???�NZN� ???????????�?�N�?????? ????N�N�???? N�?�?�??N�N�

  • ?YN�???�???�?�??N�?� N�?�??N�

    ?????�???�N? N??�?�?�N?N�????????N?N�N? N�?�?�??N� ?? N???N�???????? N???N�??N? ???� ???�N??? N?N??�N????? ?????�?????�N??�N� ??N�?�???�???�??N�N? ?�N?N�N????� N�?�??N�.

1. ?�N?N�?????�?�??????N�?� N????�?? ?????�N�?�N�????????N�?? N?????N????�????

?YN�?? ???�?????�?????�????N?N�?? ??N�?????�???�????N? N�N�?�????N�???????????? ???�N�?????????? ?�?�?�???????? ??N??????�N??�N??�N�N?N? ???�N�???? ?????�N�????????N�N??�?�????N? N????�??. ?�?�????N�?? ???�N�???? ??N????�?�?????? ?�??N�N??�?�?�?? ???�N? ???????????�N?N�N�?�??????????, ???�N???N??�???????? ??N�N???N�?�.

?YN�?�????N?N�?�N?N�???� N�?�N�?????�????????

?�?�?�????N�?? ????N?N�??????N?N�?????? ???�N�?????� N????�N??�N�N?N? ?�???? ?�?�?�?????�N?????N?N�N?, N�N�?? ??N????�?�?????? ?�??N�N??�?�N????? ???? ??N�?�??N? N�?�?�??N� ?? ???�????N?N�?�??N?N�???�???????? ?�?�???�??N?N�?? ??N� N�?�?�??N�N� N?N�N�????N�?�?�N???N�N� ???�NS?�??N�????. ?�???�N�?�N�?????????�N? ???�??N�N??�???� ?�???�?�?� N�?�??N?N�?� ???? N?N�?�?????�????NZ N? ???????�????N�?�N??????? ?? ???�N?N????� N?N�N�?�??N�???????�.
?�???�N�????????N�N??�?�N�?�?�??, ??N??????�N??�N??�??N�?� ???�N? ???�????N�N� N�?�?�??N�, ??N�?�??N�?�NZN�N?N? ????N�????N?N�N?NZ ?? ??N�?????�????????N�?�?�N?????N?N�N?NZ.
?sN�?????� N�??????, ?????�N�????????N�N??�?�?????� N????�?? ??N�????N?N�??????N� ??N�?�??N? ?�N�N?N�N�??, ?�?�?�???????�N�N? ?????????????�?�N�???? N?????N�??N�?????�?�????N? ??N�N???N�?�, ?? N�?�????N?N??� ???? N�N�?�N� ???�N�N�???? ??N� N�?�?�??N� ??N�????N?N�??????N� N????�??N�???�?????� ??N�N???N�?�, ??N� ???�N?N?N� ???�??N�N????????�????N? ?�?�????N???N� ?? N?????N�??N?N�N? N�?�?�??N�. ?�N�?�??N�?�N? ??N�N????????�, ????N�?????� ???�??N�N????????�?????�, ?????�???? ??N�?�??N????�???�N�N? N�?�????N�????N�?� N?N�?????? ??N�?????�???�????N? N�?�?�??N� ???? ?????�N�????????N�N??�?�????NZ N????�??.
?z?�??N�N????????�?????� ???�N? ?????�N�????????N�N??�?�????N? N????�?? N??????�???? ?? ??N??????�N??�?????�??????, ?????�???�N?????, ??N�?�??N�??N�?�N????? ???� ??N�?????�????????N� N?N????�, N�N�?? ??N????�?�?????? ?�??N�N??�?�N????? ???�N? ????N�????N??????? ???�N?N�????N?N�??.
???�N�???? N?N�N�?�??N�?????�?? ?? N?????????????N�?�??.

?zN????�???� N??????�N?N�???? ???�N�????N? ???�?�N????�N�?????�?�N� N????????�N�N??�?�N?????N?N�N? ??????N�?�???�??N�?�N????????? ?�?�?�?????�: ???�???????� ???�??N�N????????�?????� ???� ??N??�???�?�N�N?N? ?? ???�N�?�???�?�?�?????� ?????? N????�?? N�?�?�?�??N�???????? ?????�???�N�N�?�, N�N�?? N?N?N�?�N?N�???�?????? ??N�N�?�?�?�?�N�N?N? ???� N?N�?????�N� N�?�?�??N�N�.

??N� ??N??????�N??�N??�?? ????N�??N?NZ N?????N�?�???�????N?NZ N�?�N�??????N? ??N� ?�N?N�N???N� ?�??N�?????�??N?????N� ??N�?????�????????N�?�?�?�??. ???�N??? N???N�N�N??????????? ???�?�?�???�NZN� ???????????�?�N�?????? ????N�N�???? N�?�?�??N�N� ?? ???�?�???�NZN� N??�??N�???? N?????N�?�???�????N�???? N�?�N�?????�??????N?????.

??N� ???�N�?�??N�??N�N??�?? ??N�???�N�N?N�???�??????N?N�N? ?? ?????�N�??N??????�N?N�????N?N�N? ??N�?????�???�????N? ?�?�???�?�?�.

2. ??N?N�N�????N?N�???? ?�N?N�?????�?�??????N�N� N????�??
?�N?N�?????�?�??????N�?� N????�?? N? ??N??????�N??�?????�?????�?? ???�N??�????N�N� N�N�N??? a�� ????N�?????�?�N??????� N�?�N??�?????� N?N?N�N�????N?N�???� N????�?? ?? ????N�?????�N�, ???�N??�?�?�????N�N� ??N?????N�?�N� ??N�N????????? ???�??N�????N?N�?? ?�?�N?N�N�????????. ?�?�?????�N? N�?�N�?????�??????N? ??????N�??????N� ?�???�????N??? N�?�?�??N�N� N�???????? ?? ?? ?�???�N?N?????N?N�???� N??�N?N�?�?�?? ????N�?????�?�N????�.

?� ???�N??�?? N�?�N?????N�N??�?�?????? N????�N?N�???�????N�?? ???�N�?? N?????N�?�???�???????? N????�N�N�?�N�???????? ?? ?�N?N�N????� ???�N�?�N�???�?�N�.

?YN�?�????N?N�?�N?N�???� N�?�N�?????�????????

?zN�N?N?N�N?N�?????� ?????�?�?�?�????N? ??N�N???N�?� ????N?N�?�??N?N�?????? ?????�N�?�N�?????????????? ???�?? ???????�????N�?�N????????? ?????�???�??N?N�????N?
?�???�?????�????N?N�N? N?N�N�????N�?�?�N?N?N�???� ?? ???�??N�???? ?�?�N?N�N�???�????N�N� N�?�???????�N�, ?� N�?�???�?� ?? N�?�???????�N� N? ???????�?�N?N�?????? N?N�?�N�N�N� ????N?N�N�???�??, ???�N? N?N�N�????N�?�?�N?N?N�???� ??N�N?????N�N� ???�NS?�??N�????
???????�?????� N?N�N�????N�?�?�N?N?N�???? ?? N??�???�??N�N� ???�???�??????N�?�N?????N� N?N??�??????N?N�, ?? ???� ??N�N???N�?�N� N? ???�N??�???????? ???�?�??N??�?????�?�??N�?? N??�???�??
??N� ??N�?�???�?�???�?�?? ?�???�N�??N�?�?�N???N?NZ N?????????????NZ ??N�?�???�???? ???� ???�N?N?N�N�????N?N�???? N�N??????�???�??N�?�, ??N�N?????N?NZ ???�N?N?N�N?NZ N?????N????�????N?N�N? N????�??, ?????�?????�????N?N�N? ??N�?????�???�????N? ??N� ?? ?�NZ?�???? ???�?????�
?YN�?�???�?�???�?�?? ??N�???�???�?�??N�?? N�?�?????????? ?????�???�?�????

3. ?????�?? ???? N�?�N�?????�???????? CFA
?�?�????N�?? ???�N�???? ???? ??N�?�??N? N?N�??N�?�?�N�N?N? ?????????? ???� N??�??N�N� N�?�N???N�??N?N�N�?�???�????N�N� ???? ??N??�?? ????N�?�. ??N�N�?�????N�?�?�N??????? ??????N??�N?N�????N?N�N?NZ ?? ?�?�N???N??�?�?????� ?�?�?�?�N�N?N?N? ???? ???�N??�?�?? N????????? N??????�N?N�??????, N?N�N�?�??N�????????N?N�N?NZ, N?????????????N�????N?N�N?NZ.

??N?N�N? ???�N�?????� ?? ??N�?�N?N�?????�?????? ??N�N???N�?� ????N?N�?�??N?N�?????? ??????N�N??�?�????N? ?? ???�???? ?????�???? ?????�??????N� ???� N????�??????.

?zN????�N�?�?????� ?????�??????N� N????�N�???�?�N??????? ?�?�???�N?N??????? ??N�?�????N�??N�?�N�?�?�N� ???�?????�???�?????� ?�?� ??N�N???N�????. ??N??????�N??�?????�?????� N????�N�???�?�N????????? ?�?�N�?????????�N???N??� ???�?�N????�N�?????�?�N� ???????�N�N? ?�?�N�?????�, N�N�?? ?? N?????????N???????N?N�?? N? ????????N?N�???�?? ?????�??????N� ?????�?????�N??�N� ???�N�?�N?N�???�?????? ?? N?N�N�?�??N�???????? ?�?�?????�????N�N? ???�N�?�?�?????�??N?N?NZN?N? ?????�??N?N�N? ?�?�N�????????, N�?�?????? ???�N�?�?�???? N�??N�????N�N?N? N????�NZ. ?s????N�N�???�N? ???�??N�????N?N�?? ?�?�?????�???�????N? ??N�?????�????????N�N?N? N????�N�???�?�??N?N�???? ??N�?? ????????N�?? N????�N�???�?�N????????? ???�??N�N????????�????N?.

?YN�?�????N?N�?�N?N�???� N�?�N�?????�????????

?�N�N�?�??N�????????N?N�N?, ??N�?????�????????N�?�?�N?????N?N�N?
?�N�N????????? N?N�?????�??N? ???�??N�????N?N�?? ?�?�?�??N? ?? N?N�?�?????? N??????�?�????N�, ??, N?????N�???�N�N?N�???�??????, ??N�N??????�N? ???�N?N?N�?�N? N?????N????�????N?N�N? ??????N?N�N�N???N�????
?????�?????? N?N�?????�??N? N?N????�

4. ?�?�?�??????N�?� N????�??
???�N�???? ?�?�???�NZN�?�?�N�N?N? ?? ????N?N????�?????? N????�N�???�?�N????????? N????�?????????? ?????�??N�?�, ???�N�N�?????�?�N????? ???�?? ?????? ???�???�????????. ?�N???N?N�?? N?N?N�?�???????�?�????N�?? ???� N????�N�???�?�N???N?NZ N�?�N�??????N?, ?????�??N� ??N�?????�????????N� ?�?�?�??????N? N????�?? ?? ??N�N???N�.

???�N�???? ?�??N�N??�?�?�??:

?�?�N? ???�NS?�??N�????, N�?�N??????�???�?�????N�N� ???�??N????�?�?�?????? ??N� ??N�??N�??N� N?????N�N??�?�??????, ?� N�?�???�?� N?N�N�????N�?�?�N???N�N� N�?�?�??N� ?�?� ????N�????N??????? N�?�N�N�????
?�?�N? N?N�N�????N�?�?�N???N�N� ???�NS?�??N�???? ???� N�?�N�N�??N�??N�??N?N�, ???�????N???N�??????N�????N�N� ?? ???????�????N�?�N??????? ???�??N�N??�???�??
?� N??�N?N�?�?� ??N????�NZN�?�????N? N�??N????� N??????????� ??N�N???N�???? ???�?? ???�???�?�?�
?????�???�N? N??�?�?�N?N�????????N?N�N? ?? ????N?N�N???????N?N�N? ???�N�?????� ???�?�?�?�N� ?�???? ?�??N�N??�?�N???N�?? ???�N? ??N�N??????????�?�?�N�??N�??N�N� ??N�???�??N�????

?zN????�?�??????N?N�?? ???�N�?????�

?z??N�?????�?�N????�N? ???�?????� N??�?�???�??N�???? ?�?�?�?????????? N�?�N�?????�???????? N????�?? N???N?N�?�???�N??�N� ??N� N�N�?�N� ???? ?????�???�??N�?�N�?? ???�N�N�????, ???�?????� N???N?N�?�????N�N� N????�?? a�� ???? ?????�??N�?�N�?? N�?�N�N�N�?�N� ???�N�N�????
?�????N�N??? N????�?? ??N�????N?N�??????N� N????�??N�???�?????� ??N�N???N�?�, N�?�???????� ????N???-N�N�?�?? ?????�???�N�N�?�?? N??�?�???�??N�?�
?�?�N?N�?�N� N?N�????????N?N�?? N�?�?�??N� ??N�?????�????????N�N?N? ???� ??N� ???�NS?�???�, N�?????� N�?�N�???????? ?? ??N�??N�??N� N�?�??N�??N�????
??N� ???�N�?�??N�??N�N??�?? ??N�??N�?�N?N????????�?�N??????� ??N??????�???�?????� ??N�???�??N�?�, ?????�N�??N??????�N?N�????N?N�N? ?? ??N�???�N�N?N�???�??????N?N�N?
?�N�N?????????N�?????�????????N�?�?�N??????� ???�??N�N????????�?????� ?????�?????�N??�N� N?N?????????????N�N? ??N�?�??N? ???� N�?�?�??N�N� ?? ?�NZ???�?�N�??N�?� N?N�?�??N?N�???�

5. ?�????N�????N�?� N????�??
???�N�???? ??N�?????�???�????N? ??????N�????N�N� N????�?? ??????N??�N?N�?�?? ???? ??N??�?? ????N�?�, ?�?�?�???????�N�N? N??????�?? ???????????�?�???�N�????N?N�?? ?? N�N?????N�???????�?�N?????N?N�??: ???�????N�?? ???�N�???? ??N??????�N??�N??�N�N?N?A� ???�N? ??N?????N�?????�?�N?????????, ??N�????N�N??�?�??????????, ??N�??N?N??�???�?�???????? N?N�N�????N�?�?�N?N?N�???�.

?�????N�????N�?� N????�?? ???�?�N????�N�?????�NZN� ?�?�N�??N�N? ???�NS?�??N�???? ??N� ??N�N???N�????N�N� ?????? ?? N??�N?N�?�?� ??N�N??????????? N?N�??????N? ??N� ?�?�?�?�???�????N?. ???�?�?�????N??????? ??N� ???�?????????? N�?�??N�??N�?�, ????N?N�N�???????� ???�N�?�??N�??N�?????�?? ????N�?????�?�N???N�?? N?N�?????�??N? ???�?�?�????N?N�??, ???�N�?�N?N�???�?????�N? ???�??N�???�N?N�??N? ???????????�N?N?, ?�?�N�??N�?� ??N� ???�?�N�N�??N�?????? N?N�N�??N?N�??, N�N�?? ??N????�?�?????? ?�??N�N??�?�N????? ???�N? ??N�??N?N??�???�?�??N�N� ????N?N�N�???�??, ???� ??N�?�???�?????�?�??N�N� ?? ???�??N??????�N??�N??�??N�N� ?? N�???�?????????� ??N�?�??N? ???????�.

???�N�?�N�???�?� N?N�?�?? ????N?N�N�???�?? ?????�?�N� ?�N�N�N? N�?�?�???????�N�?�?�??N�??: ???�N�?�N?N�???�?????�N? ???�??N�???�N?N�??N? ?????�?????�N??�N� ???�?�?�?�?�N�N? ????N�?�?�?�????N? ??N�???�??????, ?? ???�???�?�???? ?�?�N�??N�?�?�N� ??N� ??N�??N�?�???? ?????�???�??N?N�????N? N?N�?�??N�.

???�N�???? ??????N�????N�N� N????�?? a�� ????N�?????�?�N??????� N�?�N??�?????� ???�N? ??N�??N?N�N�?�?????�????N? ?? ??????N? ???�N�?�????, N�?�N�N�?�N?, ?�????????N� N??�?????? ?? ??N�??N�??N� ????N?N�N�???�??.

??N�N�????N�?�?�N?N?N�???? N�N??????�???�??N�?� ???� ??????N�????N�N� N????�N?N� ?????�?????�N??�N� N?N?????????????N�N? ??N�?�??N? ???� N?N�N�????N�?�?�N???N�?� N�?�?�??N�N�, N??????�??N�N? N�?�N?N�????N� ???� ???�N�?�N�???�?�N�.

?�N??????�???�??N� ???� ??????N�????N�N� N????�N?N� ??N????�?�?????? ??????N??�N?N�?�?? ???�N? N�??N�??????N�N� ???�NS?�??N�????, ?�?�???�???�?????? ???�N�?�N?N�???�?????????? ????N�?�????N?, ???�N?N� ??N�??N�N�?�, N?N?N�N�????N?N�???� ??N????�N�?�????N? ?? ??N�?????�?�?????? ?�???????? N??�?�??N�N�?????�N�?�???�N�.

?�?�????N�?? ???�N�???? ????N�?????�?�?�?? ???�N? ???�N??�?? ???�?????�N�??N�?�N??????? ?????�??N?N�, ??N????�?�??????N?N�?�?? ????N�??N�, N??? ???????�?�N?N�?????? N�??N�N�N??????????? ?? ???�?�?�??N�N� ?????�????.

???�N??� ?????????�????N? a�� ???�?�?�???�N�?�?�N? ?�N�N�?�N?N�?�N�?� N?????N�???�N�N?N�????N? ???� ??N?N?N�?�N?N�???�?�?????� N????�????N�N� N�?�?�??N� ???�N? N?N�N�????N�?�?�N?N?N�???� ?�NZ?�???? N??�???�????N?N�??.

?�N�?????�???�????N�?� ???�NS?�??N�N�

  1. ?�N�???????�??N????�N? ?�?�?? ( a?�-800,l- 10 ??, ?????? ??????N�N� ????N�N�?�?�?� ?�?�?Y)
  2. ????N?N� N�?�N�?�?� N�. ?�?�??N�???�, ?�????N????????? N�?�???????� ( a?�-80, l-13 ??)
  3. ?�?�??????N?N�N�N???N�??N? ?z???z A�?YN�N??�?�??N??????? ?????�??N�??N�?? ???????�?????�N�A� ( a?�- 325, ??-????- 700 N?N�.)
  4. ?�?�??????N?N�N�N???N�??N? ?z???z A�?????????�?�N?N??????? N??�N�?�N�??N�?? ???????�?????�N�A�
  5. ?�?�??????N?N�N�N???N�??N? ?z???z A�?�N�???????�??N??????? ??N?N??????????�?????�N�A�