Académique Documents
Professionnel Documents
Culture Documents
MM14 68
MM14 68
tlal\ ~
~~t ~-.tlalt ~
( 2014-2013 ~I~I J
~I.l11
'!)
1·;.· _lI
.J~..
~ ..llw! W 1!jJ-LS U;
- ill f'~
,.ctl \..ijjJLJ r..rl-'1 ~
.c ;.·'L- f'.lJ:lj LoS
t...•...•........•...........••....•..•...•.•...•..•..•.....•...............••........•~W\ ~.li.J'
8...................................................................................•....•....~
63 ................................................................................. . ~1
..
~
6S ............................................................................................ ~
66 ................................................. jl..~..."jl J;Jl..l..G J.Ja.1!I~~ :Jiil ~I
66...................................... ~..J\:ill tA~.J .)~'JI J;..)b o~ :J}11 ylb.JI
e
78....................................... lA~~j lA ~j J~"j\ J;Jl..l..G lJ.i\ :",,'Ül\ ~\
78 ............................................... t:~\ .)~"il J;.lb t!.,.il =J.JY1 yll:w.lt
118 ................................................................................. ~\ ~
Il
120........................................................................................~
1741.................................................... ..................................... ~~
183......................................................................... .......... e~ .a....ni
III
1
~I ~ù~
1
~'~J
1
32. û\~\ J f+"''il ~ J.>ill 1-1
53 ~UlI t.JWI
~ ~\ 'il
iJ~ wu 1-2
137 2013 ût.c.1..bil1 ~ f+"''il JJI.!i 3-1
142 2013 o:ill..J\ ûw....J\ .l~ û'U~ 3-2
143 2013 ~..,\,lj.J1 ~'i\ ~ û'U~ 3-3
144 i 2013 ~!J\,lj.J\ ~'il W~ û'Uhl
~• 4-3
148 ...,..... ~ W"l ~t ~.ll...:. û'U~ 5-3
14& 4,lU\ ~ ~~ ~ ~1.l~ 6-3
1
1
149 ~ts;)
~. ~I
!!>.l. ~ .ll...:. û'Uhl
'-'-' ~. 7-3
150 ~ts .)A'il ~.ll...:. û'U~ 8-3
-
150 ~ts .)A'il ~ û'U~ 9-3
v
154 2013-2007 ) ....tt..."YI J:!.lu...... J.,.-i ~J .l..)C. ~ 21-3
158 ~JP..l1
...,;Ua.il\ ~
. . Ui.- r+'"'~I;..)u......
'-':! 23-3
159 2013-2012 4.lJI~1 ~~;.JI ~u..... 24-3
161 2013-2007 .)W:i....YI t~ ~ ~j,.o ~I .)~YI ~u...... Jy..o:oÎ . 25-3
165 ;\ ~\ ~.)
iJ!.)J ~ ~~1 ~YI~u......~t.......~
• 26-3
2013- 2007~.,....JI ~WI
168 2012~ ~.,....JI ~WI &u~1 J.,.... ~ .)W:i....YI J:!.lu...... ~t....... ~ 28-3
1
VI
~I JSJJI w~ JSJJI ~,)
15 \,f"'."ill .l~' ~ ~WI &y\ ~ ~i 1-1
1
131 2013-2007 'i.l..,-..ll ~YI ~ .) yyJ\ ~\ .;Jo..;... 3-3
140 (2012ê'" 2013 J)l.ê.l ~ .\j..)\i.o)~ .;L.....l .) tc.\jj) ;s::t\ ~\$y!J\ 9-3
163 ~ ~ ~tc.\.1.! ~
YI ~ • . til.-o ~\
~ ~ ! rJ.
YI .) ~\ J:!.l1.l...J\ J >'"""~ 13-3
2012 ("W
165 2013-2007 ~..,-..ll ~W\ &",y\ ~.) ~I )~;;I J:!.ltl...:. wl...... ~ 14-3
167 2013 ~.l..,-..l\ ~WI &y\ ~.) .;~;;I J:!.ltl...:. wl...... ~ 15-3
VII
(
W---' '<.j~ y!.c. """.lUI Will ~j .lyr.'j l.;lWI ~~)r, ~-' ~ ~-,)r\ ~yl~1 01
1)1\, ~~~ .lI ,~~I l.;l~1)1 ~~ t;.~ ~JIl.;lW\ ~~)rl ~~t ~~ ô~ ~t ù~1
~.lji ~I ("~ ~-' ~t.-ll ~y.ll......:û!')tl ~ ~)r\ tl4lu.ll.;lWI ~lu)r\ ~~i ~-'
J \.a.il\ ~ -:\1
~.~!j
4.J.lI......:û!'
~
)t1 ~\.l::ahi.
~ ~
4.J.l ..~11
~'!J"'"
~\.c..-.~
~
-II .1.
UJ~-,
~ ~
~.
~\.l.JI ~-II
~ !..J"
,~)' •),at!
. ).~'i'-' ).:....l'il &.H y ôbts tAN.., ,414...c.yLl\ jJ~1 ..»â.iJ-, ,~.lI......:û!"Jll ~),..Jl
......-6Î
L • ..:..u:.'~
:Joll-' ~.l.lLi i.,?
-:'1 ~WI ~1S" ~L
~.), J [j-W ..~< . .J tA·
-,II'UA ~...,- ~ -L-: .1a..û,!)1 .lil~
y...,kJ ~~ ~I l.;lWI ~\,Ali ~ J~I ~ J-,.lll ~~fi:. J4S1 ~-' ,t.bWJ ~'i4wo-,
~WI ~,-»)rl ~ ~ ~\.,:j ô~~ ~~ ~'-'.lt .)lSJ.:1 ~ ~l...w.)J'-' ~1Sy!J1 ..illJ ô..,§ J.,.,J\ ô..,§
.)~':JI rl~ ~.;-.i'-' ~h.lll ("4' a9ïi Œ~\ (.)I~\ 1,)$-, ~~I ~ t;.L!J'i ~\.S.ll JWI """b
.~WI ~lu)rl ~
!~~jÎl\ (2
~~ ~.l" ~bi ~ ÜA l..t~ r3W1 ~ :ylWI ~!J.,\'I ~!,...i
ù~ ÜA :yllA ~!J.,i ~ l.t..;~!., .lJP\'\ ~J;:....w ~ JlA ~te." ùC- ~~ ~ .J~"JI ~tl...::r
~~:v.6:ilt ~~
.dl
:~~1(3
'\ ~I"
"'-!JJ ~ ~._II,:i·_
•U"""' -'1
............. ~~ 'I--li'(jA te..
~.JA -'l....J
r:..-.. ~ ( j A<Û.l.4.\t
.u-<' .. ~II~
• .l.o.l.....ù..
~lA uï
.. ~ ~
~ 'J lA~.\iicw. ~
. I.j ~I jjl ~"JI".lt.l...a
JJ!j.J L}.:! l_
..,- ~~..
dl.hJ...aj ~,<.J.4 I~'J ~WI
..
.J~"JI ~,,~..
.... ~I·.:. ·"ll\-lÀ ~
. \'..1 ~ (jA
• ,UWI
~
~\ ~I
"'-!JJ ~
~~"!J
L~-: J l..llli ~
ô.lW'
ID ~
, .. ~
'-r
~·--\I
:';--!j i) ••
~~"
.:.ll l.l" ô.l.l.:lo.AlIUWI.lI-_II
~ .. U~ l.iJ~ ()J~
· .. !:~-\I~~t:.ô.l.lÀ~~lôbl
... :V .... ~
.J+l'U ~
.:ylWI ~!J.,\'I ~ J~
(
uè.
..,r.;-
~\7\
.. " "
>.::JI!)~":l\~.. ~ >.::J1":l.J\
.t.ü.,b_\\ '!.P' ~ .. .-9
. . ,1- j! )~
J " . J ~":l\ '-':!
.. j~ ~\tilLu
tJl»\7\ ~ lJ6. ~ ~~~ ,~;\ j~\ ~j ~ J-:j ~~1 >.::J~ ~ ~;~ ~4.J\
~ .J~".1l\ t3:!j~
~! ":l~., ~.li:l.J\ J.,.ll\ Ù.A ç,\~\ ~W\ JhJ\7\ Jt,....i ~ ~ ~ ~ ~ ~ ~W\ &,.,\71
~ ~JII-A" '.J~".1l1 t3:!j~ ~ ~,yJI J.,.lll c.S.l=.! ~ Jij lJ.,'"=-., ,~,yJ1 ~W\ JhJ\7\ J!,....i
.~WI JhJ\71 ~ ~ t3:!jb....:J\ .~ ~ 'ijll y~\
:~~1~(6
.t),j\7!, J-.l1 ~1.J~\7!, ~\.i..J\ j~~ .J~":l\ ~~., ~WI JhJ\7\ ~ ~ ~y:.
..
~ç,
bL. ~W\ t:-.1.lJ\ JlJ"~
\J.:J\ uululll.
... ~ L -: ~ '"=-
~
"'\ -""
~c.JA~
t. L -:\\ _.;
e::e- A \\ u....w
.~
:~I ~4Ja.w:a (7
~I.l....::a ~-l"'.t::J~ ~ Â,a,a=>hll ~l>J' ~ ~ ~ ~i ûtJ~;;,lc. ~~ .lil
.~
• IJ ç. ',11 ç. WIIJ ~II,
1...:J-"4YI" 1...
û......:...
IJ" ~ cr.'1 .lj~'JtJ,
't.,)
~'il
:twhJlI J-,9A (8
~.J ,~WI ~1u\t1 ~-""" ~ bÎ ~ t.} ~J·t, ,)~'il J:jl.l....::a ~hj ~I 1~ t.} W,,\.jj
p" ,~~ ).1.lS ~~~I ~WI JhJ\t1 J,... ~ )~'il J:~1.l....::a ~ 'l,lU .JjJ.11 ..,le. ~jlll
. ..r!J.
'LA' ~ 2013 cr.'1 2007 (..)A
. ;;~.-::'\ ,)..\.ii:a.\•
:~I ~l.w)).1l\ (9
~ joW2oA ~ ~I ~'il ~ ~ ~h~~1 J:fJ~ JJJ: 'û~ ~h~ ,V,!Jl!al ~l>fl bJ\t.-t
~\.c. ,~till ,~ lJ:!C- ~4-. ,~t;.l11 ~ ,~~ ~.v1a1 ,(l.Jjl1.t twhJ )~I ~l;l1 ~
JW .Jj~ ~"ï:i" ~WI ~hJ\t1 J,... ~ ~ ~W ,)~'il J:.ll.l....::a 61 ~l ~h.lll ,,,,,.,\=>,,,2007
~ LA I~j .JjJ.11 Jll~ ;;~\Ù ~.J ~WI Jh.,\t\ J!,...1 ~ ).~."It~ ~\:WI ûh~'i\ ~ji" ;;~\Ù ~
,,j ;;~\
...,.- ûtJ'i"\
.. IJ" ~~...
(..)A ;;~t.i:l...a'il ~~\
.. i' ~'-:'I
.. ~IJ ;t.w··-'1
...V"""""IJ ~'''-:'\ ~W\ ~
.. :U"""-"'.. "t-:' ~ ~'i\
t_ L.
i~hJl'
-:.r-. IJ ~,a,.a;"..ll~'il
,) ,u~u...... V
I",0oI;;
,..aL U
--;;..
t..aIJ.. 'U'i:i...,":I1
,)
,u~u...... ~
I.J.;
,,j-
"..
"l--~I ~
tJWI I,j!lj ,6 ......
~ ûh~'il ..,le. ~bll ~ ,)~'il J:~1.l....::a .Jj~ ~~" /",$.l.4 Ù!.Ui1 ';~j ~~~ ~\..l:i.l....\ t;A
âJL,) ,~J~\ e~~1 fPU~ f&'J ~ -J~~I J:!JUwa -JjJ 'û~ ~h~ ,~ ~~y
.ut ~l tiL)\ ,.... "\=>:j ,2000 ~\.c. ,~til\ ,~ lJ:!C- ~4-. ,~t;.l11 ~ d~"il ~ ~LA
~ ~
.!. -, 1..u...J;;'
~~ ... .. 4.lL·n
~ 4..ü..a~I\
.. ~ ;;'''!~'\
~ ~• w~.. ~ û 'ts Qi'
q ;;~I
... ~I!)~)ll
u..li
• . 1, )~)ll,u::-
û ,:.,t..-l ·,C.
u-"'":!
loS UWI
..
.. \ ~\"
'-'!JJ .. l....Jj\ ;;~tJ·
~ ua w ,,:.,t..-ll
u::- cl1J .,j û\ ~'il
...,.-!)
(
..tl.J4l1 ~ J~':il J:fJll..r::al J~':il ~l...uy.w fJJii: "û~ t....h..l ,l!aita. ~ ~ ~-~
~;~ ,2000 ,~\.i1I,~ i.)P ~t.;,. ,~~I ~ ,J~~I ~bl") ~lo ~L..) ,~I
~ ~~ ~~" J~')tl ~..l1..l..::. .;bli.... ~ ~.;.JI Jolpll Û.4 .uc. ~IJA ût:~l t....h.lll
~...,ml ûts.ut ~l t....!J.ll1 ~ji ..l!" ' 2005 ~\.i11 ,~ ÛP .a.-t.;,. ,~~I ~ ,~lo ~L.J
J,..... ~ ~ J~')tl ~,j1..l..::. .JJ.ll ~,,\.il Wp. Ô'I ,~L.JI wL.!J.ill 4j~lS ~6J1 1J:i...a!J.l ~b"
~..l1..l..::. ~ ~~I .JJ.ll1 ÜJ.JY...o ,~..l."...J1 ~WI J!n~' J,..... ~ t....h.lll ~yo ,~w, J!n~1
J~~I ~ ~ ~..l."...J1 ~W, J!n~1 J,..... û i LJc. ,~..l."...J1 ~WI J!n~1 J,..... ~ J~')tl
:~1~(10
Il t....1'!).lll
I.S". ~
~~
........ h...::.
rw.. I.-:~ '" rw.. ~
~\I u1.J....4 .~II'
.. !J"" iJA
~I
!J
W:...JI
.
~\.S..!.I
'" • ~
1-.":w.~f
L "'\ ~
""
J~~
~
'\:JI ~I ,~W' (j!J.j
, !J.. "" ~I ~
'" ..L-:
~"
oUJ JtJ~I ~I '" ~6
. .J W \.il Û.l.:II.
,...,-!J • ~V Î I.S".
'I r--!J
. __LII
JI;,,~I J.,..J lf'J1;jj\1 ~I J:.J1:J\ ~I <J W"\.il,, ,~};Jij.4" ~WI J!n~1 J,..... ulJ,jh u\.i.,s.
•.'WI
r"' . .J ~WI
...,- '" "'1 ~I (j~
(j!J.j "'1 t I.S".'1 \.j§.~ (!j!>'1 ~I
L-:"I·' _.J lot ,-ù.o.c. ~l
....,- .. !J UWl
'"
~
-\:JI ~\
_ lat ,~.l--tl ~WI '-'!)J
~..,........."
~I ~1" .. L~. '-""""':l
"'-"'" ~ -:L~. J!J~I ,i!.I.::.ho
-
~ \1 ~
r..r'. ~
~
~
ÛJ:::I..
..
~ ,Hl
JJ.l ~ ~ -)rI!j .!:.J\:J\ ~I
.!j
,:L.l--tl
.. ..,...........
"1 ~I"
UWI '-'!.lJ "'-"'" .<..r ".l~ r..r'*\I..w
..! .)1..at.....YI ~ ~ W·
~ L~'
:J-J'J\ J.."il\
~W\ Jl;,J'i\ ~ ~\ .jtb'i'
(
.li.J\ ~ fois fol ~\ \1\ ». .l!." ,~l.i1\ ~\~ ~.:I~~I ~I~."ll, ~I ~\~ ~.:I~~I
~~.
•
'1.:11
..JjY. cs:'. (.$
La \1\!j ,~LaL .11 b·L~('-:
~ ... ~.",........"
lWI·
'"
.IAI ~ UJ~
~...
.. :::,\.UA...>P-. ~\
' .. "-'1 U)'W
'il ~ ~~~I ~6] ~}A ~ ~1 d~\ ~ talA ôbt ~ 'i~1 JA)r\ ,JyJ\ 11\ ~
8
(
~L.aJ\ &J'J, ~ JJ:.. ~~~ :ÙJ'J' ,:.,,:..1\
ù19 ~ ~~t J~I r.) ~blll»:,)~"zl\ ù!,c.~1 ~ ..b.sJ;l\ ~W\ JhJ~1 ~ ~
.!.lllb.J\
~.~.J J ~ ,~\ ~..) W'a.J\ t1~.. u---;
.t _. I..j .llt i..l.t""'"
'! ·\i
~r
...... ~.-
L
\ • \\
~
• - ~-" ~
~ JWl i
U"!)
.t.a\.\ ~ts..o ~ ~..).l:i ~I ~ ~t 1.c-it ~11..j~ ~ ùl\lll ùJill ~l d,...J\ 141 ~.J~I
• L.
"(hl r~~~ ~"
î.r' I.....âj\l::a'.jo''J
.11 L-:. •.,,:cI
~
~'I~)u
î.r' ~
~Ij ,)~"zll,-.r
~
.
~ ~I o~ .. b:l
J. u'lS ~
.. ,1.-'\ ' .. \\..b.s"\
'+:!". ~..:t ~!)h...::J1
"
. 0'-'\
~ ~ ~ •"
~ ,~:tu·!.'1
.. , . -.r ~U"'"'
ul! ~~;U ~lliU i''ijll ~h ~L.)l J~4 \'\,)!>il ~l ~l "j~ ~l;" ~k. ~ ~
,......
\..Ut "Û4Ij .~L ~_.-
U"...r-, ·'1 ~.lllill
~.. ..1 ~·t"
\ ...~ <Ûl.l4
~ '1 .Jj..ll\
1S"• Jrul ~:V \.::.:ill
' 4,S._I\ .. L,,:
~ ~~.J4 ~\
"
,......,(Bourse)JJjJJ ,4.l..-l\ ~~.J ~ û4l-l ~\.....;:.)'4 ûLA.l:.iJ\., ê'?~\ J.J\.l:i .y! ~ I..j~' ùlS.J\
~ '" t
"'~
'1 JM'!'
IS".
.. ~
U\ UJ""
...:\\,UA cr'Ul\ ~I .~ ~
-.r ..
~ î.r''J
~'I "ûl.....:s·_.ll" L ~!.P
~,...... ,
. ~jii..J\ ~'i.;eJ
~\.\J 1.c-it U"Ll ~ ~\..ll\ ~'i.;eJ û\~1 r:.li:i.J W-O.!fO)U û~' ~~ :û\.S~1 ~l;li\ (2
iJ"I ,2003 '...>--" ,~}J ~I ,~~\., y!ill ~I rlL:.,~ ~~I ~~~ ,~I ~ w=~1 c::::L..:. 1
.OÔ :iJ"I
~}JI ~I ,pl .)b ,l.;Ji.l ~ LLJ ~"il JJlàWI Ù'll.;lWI ~~I ~J.JtI 'cj.JJ~1 ~ W~ 2
9
(
r~1 Lw 4~Lo (,)'IL ~~" ~te.~1 ~.fi. ~1.lw:Jl r.lLJ1 ~~:û~~1 t.\.W (3
~~I .loi..);! &J ~t ~j ~Lo (,)'IL ~k" ~WI ~tsy!a ~L:J 1-41" JWI (,)'IL ~JAil46..l1
6A" ,.l~\ jA'ij,.Jl ~W\ ~!J.liS\ j,~ ~ :L~ yll:W ~\ ~\ ~\ ~\~ ~~"i\
~ .l.lc. ~Lo (,)'IL ~~ ~ rA~ ~I ~WI ~lSy!a ~" ,~tsy!Jl o.y~ J\.Ul ~~ 1.1t.
~
~\,
'. -.::t. .J. ~,,~
LJA ~....r
w ,~\.: \1 . t. . UI
~ !.)J" ~ t.r~ .J\.:.j::;\j
. • tb ~
~ ~~"
J ~~ . "--;'\! ,tûl~\
~ ~
.::.ùl.at...J\ ~ ~" ~ ~ ~~~I ~t::. I~J ,~\ .J~ 6A ftl ~..)" Ü:!-I.;l..AJ4
.~..;àll ~
'i.l~""il ~4 ~..)b ~WI Jlu~1 J),wat ~ ~~·ü!' J),wa~1 01\ .J~!' ~ ~l (,$.lt
~b~4 ~ ~ Lot ,Royal Exchange .ylc. Jl.l.,t 1.J4~ ~ ~ y!.c. ~bll Ü)Ïl' Jj!,~
WJill ~I.loIJ y!.c. ~L..JI Ü)Ïl1 ~t.,.i ~ ':Il ~ rl! ~jA~1 o.la.lJ\ ~~':I)I ~.J-Iyio.~~.lJ.Jj~1
~ E;)UJ\ ~" 1"'1821 r b ~~ ~~ J"f ~L:Jt ~jAy.\ o.l=.lJ\ ~~':l)\ ~~ ~~I
.87 :~ ,2008 '~.)l.j\ 'c).Jl.j\ ~\ 't'lJJJl\" y:ill t.L.Î )..\ ,(twa~) ~ ~~I JlJ..i ,~ rt.......:.
1
10
\- t' ~ t- ff· ~. t i:' (;) ~. t ~. 1v (. ~.
~ ~'E 1: oc - 1;'~ [', ·f . tti
c ~ ~ ~i~ {i~ {ft~· (
Eî ~ s.. "J. t- ai l t .- '. ~ ~ ~. V-
.r:: f c· ~ -- ft· ~
r~
r;; ~ E! --'- [~, - i
'tc. - E t ~ . ~ ·t' 'r,
.f ~ t [. i-
l.
r r ·
~
L • .,
-
~'~ l ) '
c·
t-
.
'"
~.
\,;.;;
~.
~
~- ~..o- 'D;r 'tr [.
,[~.
E '" - ' ,
,~- .,.
.iE":"r,
t ·t i.~: f.t. c:} [ ~ Eli _.t:~-
û ~ ~. <;;:. "- E;
;; l . '1:.
:.:,,~~" 1:
.... -1 la _.. C>' • -- G" G"
~.r::
f q ~.[ - Cl f ~. 't. tl - ft .r !' t; 1 ~.
e; - l., -.~ t· [ r ft· c · , ~ -- \;
.r;; [ l. -~. r: t·_. t. .~ -: • ~: .f:' f
t. ,~, \r-; ..•
~.- cr;;\ \..
.• r
~ -
E &.
~.r•.,
f, 1
"L [t ....:.,
..1 lif-
~
~ . • - c,' \- ~ i G. "- ~
.....
00 :2 ~ r~ 1-0 f '" 1· ~ .~ Iii. .~ ~. ~
t: r: ti ft
.. ~
::f. ~.1 .oc li \. ~ ~ .0- .~. .~ ~ ~ .:. _.f," .
t
~ ~
,~. [ v \- t \.0 .C- c· -( Fi;- ~
l- 1: (. . ",
~. J. \. 1" f ;.~ ~ f ': ~ 1: f [ != .E' t
L ç
~ ~ { ~· " (;\ "" ~
~c· b' t
f (t.. f t ~ 'E' "!. f .f.' f c; i
c: . '\. -i<!
f:' f'
.:. '-'t. ~E'
- ~. 4i..f "" ( ~ ~...~... 'i'" ~
~ 'f \; ~ V\ ~. .~ 00 - ~ ;- ( . fi'
~ ~
\ . .0- \ .t: '1:. '1:. ri. - oc ~ ~ ~. .~ r. 1
'rf fl.[ If: ~~. ~ ~-
[ E l '-' 00
~
~- [ [ [ l - ~ ~.
\ 00 ~ .~ .:~ L' r.- ~ ~. ~
"'~
- 00
[ - - r'
-f - ~ r. ~ 1 (. (' . .-.
ft_
Jt ~,. .. - '{; t t ~ .~ f ! l ~. :~ .: f :- .f ~ r:ff V. 6- ~.
.t: t ~ - ., -; li li ""' 'b ""' r: ~ ~ ~. .. lp, 1, ~~
rt E .:. ~ li f ~ t ~. ~ f; . ~ ._ f; r· [ f pi ~ .~ ~. t: ~:
c'
f ): ~. 1- ~~, . ~ ~ -[ 'E ~ ~ <t ~ ~ Cf;.;: 1-·r t-' lA
N
.~It I~"ft·~_~~~,~.~ ~~(~ë.~
r~~ t
1t CH
- t...:.
- -.. -
01 f&' 'r~ <t.,~, ~: ~ ~ <t., 0'
N 'f p ,[ f '\r
~ " t ' IE"~, • Cil -
[t fi: ,~,C""
, I ,
r , ,
& t l _ ~ ~' c' t. c' '!-. E ~ [, '~ ~'
• N
~. [ 0 · [r~ C"" - tl ..:..
- 0 $' l:. _ E~ c;., .~ ~ ~ ~I f"
[;::t !'-~ 1
w t->
l ~~ Cè:. ~ <t.~ f [. L:; ~ E ~, \.0
f, l'
N -~
o c;. t ,[ ,~\.O ~ r >t\ - c;., ~ ~ , ~
0,
l~\ ,t
....
~ 00
. ~ ~ ~. 5i..: El ~ I!:,~, ~" ~
t,' v c;., - ~. '- L \.0 [ .... E
' , - Ci' ~ rr: ç; ••
E! ~ .... r;.c
'i". ,,;; ~'" Ê'l ,[ ffr:, - ',., <t.. c;.,
- \è~' - >t\ ~
ç L Citl' ~,t ~:...... ,c-'" ~ f'
1for
to 1: <i~ ,c 'i E { f
.....:1 '
~
~ f ~~ ~ ~ \.. or. ~, ~ f (, ':: (Ç
~ ç ( f ~' J' i ~"" t [, ..-
t~~F ~ - t=- l ..... ~ \:' ~ if'
t' "i E - r t- f. c; ~' '\ [ ~.
!f E, t {i !" ~ ~ :' f= · [ 'L ~ '~" ;
~' î; 't fi :. Ci' " t ~ • '3" -
'f { w ç ~
r i :~~ ~
l1
CV\ &' ~
't~~tT
~
ttlb~t~,~,'f
~ ~'Ci"'$~'"
l'"É;lI:'
',., J: ~ __ r;.c t-
(
. .u::\.
(.)A ~'1 ~
~ ,:;'1 J.lWJ, û~
.. ~ ....
.. ~ ~ -: ·'1 ".uL. .tJW\
~'I L:IY"'" . .. \ ~1"
(,j.!Jj ~ ù !)A:! :~ ...-:tl
••I.tl '-'.a~
D~ ~ û~I 01\ ~., ,(~UI &,t ,tl~)'1 ûb~) ~t ~lA 13lt,~ ûl.ll..N., ~i
>.•. LL..W~ L.
UY"" '+:'......
ili:iJ J.JlâJ ~
l
ù~!.JC'!J ..
~~., ~!J"
'p 'p .c_ ... ~ ùl l>l ~ ~!J
L~..!>,,-", 'ù~., .J~
>.
CP ..>JA:! t.i iU tJW\
.. '" ~~..
(,j.!Jj ~ iS""'"
t.. walhf ~..
-;\\ û~ è
(.)4
tA~"
'..l . .- ... tl
~~
,4.l.::~. tl ~ .;;\l .'L._<
~ ~ u"..
.(~WI A..bL.,l\ Û\S.;J.) ~W\ ~~ wfi; û\,.l~1 o~ ~lûl\, '.lc.\,il\, LJ:!.i\,ili <J.o ~~
~\ J};j'4\ ~ 4 .. t !\.j.t"U
2:tJ'ûl\
.. ..6tilll ..,-.. .. \ ~I"
. .J tJWI (,j!JJ ~f·~
~.. P: ......
<J.o., ,4.lS I~ ybJ w!.,l\ ~ ~ ~., ,.l\.....::ü!""il ûlbL.:J., '-:-Ûl? ~ ~ ~WI 13lt,~1 Jy..a y:;
t .J~\ ..,-
. .J o~
... ~<\:ij.!JJ.:a..:j J.JlU.J!
. ..»l!1Y .N ~
"hl! "hll \1\ ~
JlA ~l J,btc. JlA <J.o 4~., ~-"" ..>#- JWI y4 ~ <J.o ~., ,4-.11 ..>#- ~1.ill Y4
.... Y"j 4.l ua....w
t ~ l::...J\ .l, "
~~~ e:fo y~ ~ ,J~'i\ ~jl :l!u.. i)A ~W\ 13'b.J'i\ Jy..a .l.:i ~ J~)rl ~jl
4 ~..J ~l!a <J.o ~\, ~WI ûtc.~\ ~l ~\ ~jl ~'..J~"i\ û"i4- ~jl
t~t
..
(.)4 ~ J.:...:j~
\~ y..... t..J\ ût!!)~"i\ '1""
1.5". .~.... ~\l ~
(.)1....,.......... ... ~...~
N ~ (.)4!J'1.j)
, ~~'Jl (,j
"\.ii'Jb.~.~"
't .. !.)I
.433 :u-2OO6'ù-l.J)1\ ,~.Jjjl\" y!.ill Jj\., ).l ,(~ ~I.tf') ~I ~, ,~ ù....J:/ '("f""1.... 0: V'~ll
.20-17 :ù-"" ,1996,..,...,.... ,~,..ï;.J ~~.M' ~l...24 c} L.aJ.,Hlt ~ ~,~ ~i W-- 2
13
[
ùfii c;ll ~1.c~ ~~I J#.~ f'~ ~WI Jh.,'i\ li,.J ,~1.c~ JL,.o'i6 .l.J!,.J1 J#.~
t~~6 ~u.-ll ~w6
, JL,.o'i1 U"-'ô.J ~14~
~~\ '.>t
'"'Y""" 'wl~\
JI!JA'il U".ru.. ~.UA 4.J.l~}t,
.. ~
.. ~~:..u..;-w.!)
~"" '1 4.J. - . '_'1 ~I ~'JI ~
~
t~b..t...J6
.tuj:iJ1 ~~ c;ll ~I~I ~..;b oc- ~-,,~I ~1.c~ ~~-' ô~1 ~\W ~~I
iJ~'i, ~fo 'J~ ~~, ô'»' ~.)L...a tA <.J.lOj ~, J~t:, ~'.l ~~I
~, ~1.là.i1 ()A JL,.o~1 ~~ ~ ~.lc.~ ~ ()A ~-' ~la.lJ1 ~~h ~ J),...'il 0'»' ~.l'jh.-,
• .
..,p...c:;. L ..ll
"t'::!
-:\1
<r ~1.là.i1 '1 ù.o.I
'-5"',
. '\.! I. .•t
~
14
(
WI
. .J:!C'. ··Wll,...lh
(..)oQJ .,
ULa.iJ
.. Jl ~1 u.J:a
.!-"" .. !Jol.. ...
...
.) ~'i\ û'i~.u:.."
...~ . ...
15
c' Ê~' ~ ~ 'r...~. ,~. .:- ~.
~ :.~.fr 'tty: .'rf.' ~' ~'~ ~ f
~.r ~.
l. 1: \;~
st' ~ .~ ~ f.f ~ ~ 'E~, E t ..è
f E &- l' -, - ci' ft - ~ G,
& ~
• C,
t;
~- ,'~'~'~
E, ~
;; fb·
~'~~...t: 1~
l . ~ v' ~. c· l:r
't... r 1 L~ ~E f ~
[, ~y )~ -r c, ~
1 ~
c'
; 1 ~
.. F 0' __ \; '4 - , "1'., - ,t ~ 'S Cf,'
~ 'f. t'~
L 't [~.0' t'' \:,
-
~,E ~ <"i' ~'
.
t' - - _ [, ~- l· g [, [, ~' ,E 0 ' ,
1:~~
t~'.lll
'" ~~ tiSll '"
~-' ~t-ll W.. c.r.Il ~~ (..)II
1.-:. t.....t ~
\
~ ~ (~.JW\) ~~I ù1...a.,1-.ll ~-' ~~ .J'-~' J.a:iJ 0 1 ~I ~ 0f0.J1..:..J\ J,.air
•J~)t\ ~ ylblt., UÀyJ4
.ill:l-, ~t.....1 ~-' ~ 1~.~ ..~::i ~ .ut Yl ~WI J'-»~\ w..... ~U:a-, tfo-, .l.la::i ~.J
01\ ~-' ,ul...::a~\ ;J ~yLi 'i.llhJlàill ~ u~-, ~\ ~)t\.ijU:a.,i\ ~ I.:-Ù~ ~!
2:~ ~ ~U:a.,il
.:,\S~ ,~ ~~I J~t ,~~ ~~) ~ ':'lw-j.J1 .J J~~I ,~YJ ~.) ,~ .)\bll ~ 2
17
ç t ·t: ~ ~ Ç: ~. 'f ~ ~ ~~ ~
&-
t; (:::f~ f 1. K:
C re t:.~ r:
t--~.w ~r'
,t € ç 'lr.fi ~ ~.t 1 t' lf:: ~' ~. r i' ~
r- C 0,,J; f) 1; 1. Qt ~ ~ ~. ~ f ~ ~ ,~~ t.
Go, i 'lr ~v! r f ~ iE ·t,,'r,.1k .
~ f . ~. ~'
t._ .-~ ~[, t.~._ .~ f~
,
t'
f··· ~.~ ~
~.
tL. ~v
'1:<.
"C,
t
r
t..'
.~ l:i l:
'CI
t~ ~~:c· C·' -
t -[':
, [J~
'-=F l 'f' i 1
r~,
Ir. c· L tl ~ -
,t : [ ~ ~'V\ -[, ( fl - -- -[ - ~ ~ )i ~ E ~
~ fi. ~ ~, \,. ~ ~,IO - ~ \-;e [, ...... If' ~ - fi' .
~"~ftof:~ rlv.~t~ ~ 1~:1~:t~;~
{; - l [~ ~ '., Ci. \- ~ t 1: ~ f, l t..c- ~ ~' ~.
f 1: ~ r .~ ,t~ li r
~ .~. - l. ,
~ } l ~,~
~ ~', ~~ ~ 'L. t
!t ~ ",.t, tt' 'L~ ~.1; t'~
1-'
t' f;' G> v
co ~ ~ ê' . [, &. ~ ~.c- ~
.[~. ~t ~ h [. l
'f- cf" !=:: •., Qt l.. Ç:.. (
~
'\:r t- c .( l' ~ - ~ "',~
r ~ t
fh [Go, ç;.
~' ç. r. .~ ~ ( t! ,[ ~~" .. ~ ,t ~!h f )~ f { ~'
t.-
~ - tr ~ ~ ~ G>
f. G>. tl t. ~ Ir \E\ .c- r- ,('t ,t' 1--.
sq - L .' [, ~~ if Go, Go,' .f. ~ ~ &: 5- rp.
cc: f 1<: C ~ c..
r;. t
l.. tC 'f.
..,
f
~, t.t' '.~ l.. c., 'IIk ~ ~-. c~ ~:E, ~)-_ -:t! G.!- ~- !L ~. ~. -- ~.
~ 'È~ Cf' l' ~, ~. 5::: ~.
1 ~. ~ ~:.
f tF tl ,... ~t ~
r:; ...
~~~'1;' \ t:;~,.~. ~
~,tU ~ifr:~ 'r.,. t" c;., r ~
• [v ~ , •. , ' 1i ~.' \ "ts.. ~ 'CI - '1' t. ~ ~
. -- t;. , R,r- l. .t~. , ~ \ r:; .c- v 0
~ ~~!J ~'iLtil)lJ ~~l ~y ~\ ~4liJj1 01\ ô~ y.Sl Jj~ ("~ J4-JII1\ ~ t-~!J
01\ y1 ~ ~~I lA~~J (.)j,o ..,;";"lI lA~L..::o.c.l ("~ ~ ÛoII ..ill.l tJa,;,a, ,~~
~!J ylb ~t ~~ ~JSJ 'r)lJûll ~ ~!J ~.JC- .ut r+iJP.- ~ ù.u!\... ~ ù'i\dJ~'
~ ~1.à.J1 ~1..à.:..J'i1 Ji t \.i:b'il 11\ ô~ y...s ~ ..ill.l .lC.1.....u,., ,-ü ..J.»" 'i ~~I J)l.ài.U Â?,);i
t!.,l'JI ~ J\..:!")11 <.SolA ~h.lJ :U).i.o ÛoII ~\ ~ \1\.1 ,~ ) .......'11 ~yo.J J.LûlI ~
,\..à
'+*" .Jt.:û.....'iI loF
..J ut:. -;\1"1 ~ 1& \.W..I
' ~ 4.P' t.J~.J..
~ I~!)A ~
.. '" u t.J!JJ~I 01\'UA
'\.:ilL"1 ~I
6~\ ~ tJ!JJ'J1 01\ ~ 0'J,t-~4 ô~ Ji:. ~lSy!J ~WI tJ!u'J1 01\ ~lS .,l L- ">pi
. ~ ~i~ Û'-\.ü.J,":Il UA...~
loF
• ~ 4.:.. ~ ~
-:t!. I..AJ• L~~\.iS
"t-'P !J ôU1J1 o~ ~. .....1"
o.lÏJ ~ ":11"
UA te..
:jJ ~ ..
ôlllJl ~ J\.:il4., ,~WI J!JJ'Jl 01\ ~ r+i~.lAl 0J~1 ~~ ÛoIII1\ ~,., '4c-l....àJ Î
.4Jt,.. ~1 ~..,..ül J\,.ol ÛoII ~t:.:l \... ~
~
. . ..w..
.. ~ ~
~I ~c·'1 ..... .....,j ,,-.~-:ll ~ loF
J-"J"W ~...,.- ~..
. .J ~Wl ~lA6...J'"';l1
...
.l.I~ . .J
loF
.lC.W t-~
.. .I1j
~W\ J\,.o'J\ ~i '-P ~ ~1.a..J1 ~ "e')?' ."jJ ~.l~'"';l\ 0~1 ~ û~ ~\ ~4~1
'1 ~l....à"JL
(,$". " U ~ C'.
--Il"CP tw
o' !:-: ~tl ~ \L..Jl ~W r Wl ~ . L.
~ ~tLûll" ~tl ~\ru\!
r-I:! I.,F"'!) • ~!J ~~ \.ll.Jl
~I <.S~ ~I ~\.b...;1 Ji t \ij) '-P ~ ~WI .J~'JI JJI~ 0A ual;"j.!!)\... 0}! ~ \...
19
(
.4l~.>.! ~I Clu~1 ~
. k'1 ~lë. ~.l~\ .\Ll::a ...§P\ ,..:! . ~ UW\ <-'.!JJ
.. \ ~I" ~l \.li ~
. - t ~ l
•
iJA ~ .. .. IJ 'i y"
~~!.t' I.l' ~ '"
.l
~~.J '" 'J
~WI fiyJ\ (Je .r'i'j··J.\ ~I lfiJ.»!.fJ Ùp. ÙA ",1u~1 J.JI.l1 ~.JtowI ~ .lc.~ ~t, WlS.A
20
~~ ~tJ ~ ~ry,\ JJoWI ~\JJtJ ~u~ :.;~ '''..,,}.l\
~till ~I.l ~~"il ~I~)I ~ ~)I ~ (J.Ifo t.} ll;4lu.l Y4! ~WI Jlu\tl J,....
~Ui:i......'i\ ~Jill ~\ ~ ~)).i.~\ ~ U.lf-:! ~WI ~I ~Ij ~.l~"il ~I~)!, ~WI
(jA .tc..Jllo .tc.~ rolÎ:! ~ rut :;.)c. ~j -ill~.., ~ ~ ~WI Jlu\tl ~ ,~..;JI
"l ~I
i.i!J"o'l ~<~.J:!J , ~
01\ .b\..!aj ...r.J -..: ..:~ ... ll ~\$. "1 .li tA,u.....1..m .'iF""
, :..u i.i!J ~\I '-RI"
. L \rI ~.'-
~..
UWI ~I!J.l\t\
~~j.;a r\~\..Jc. ÙfJ)..~·':I..J!, ~, ~ .l~\ \1\ ~.., ~WI ~!,.l\tl ~.fJ ~ (J'It...\t4
.~..,\tl J.,...JI
tA.Jl~ ,ljc, ~WI Jiu\t4 ~ ~t...:ill ~ 'i~1 ~I .1".J :(J\~~\ J.i.wI) ~"JI ~ :~f
~ 'ii t..-t.:. yl:üS'i\ 11\ ~ .l9.., ,~~\ ..,i J~\tl ~~ ~u ~ J..,\t ~ yl:üS'J!,
.l9.., ,y yt:lJS)U ~.JC-.l.., ~\ ~ ~\t\ JS ..,i ~ c.;b ~..;.b c:.P '..ole. ..,Î ,~)J\..Jc.
~W\ ~tsy:J1 ",,~l rY! ~ ,~~\ :;~\ ~ ~.., (jA :;~~ ~\ :ylWI J!JJ\t1 ~
~WI J!JJ\t\ (jA ~ t."ll ~I..w:sJ ~~ :ylW\ J!JJ\t\ 01\ ~ .l9 ..,1 ,~ J..,\t ~\.l1. ).l.a..aH
..;Iiw:a! Jv.b (Je. ..;~\ JWI (J'lb :;J~ ~W\ ~ts.;.JJ\ "".l::..! r~:~ ~ QA L\hb.-! ~
~ ~lw:al J!,AÎ ..Ji..fJ ~hl.l.a..a'il 01\ ~ YJfo.J ~ ~..;..JI JWI (J'lb .l..,~ ~ :;~~ ~t
1.~~1
2 • ..;Lû:i.....'Jl ~~ ..,1 ~~I wl.........)Jl J,l..;.b c:.P l.lle. :ylWl Jlu\tl ).l.a..al ~ rlS..,
.4 :r.>"" d998 ,~ ,~\ ~I ." i,)Atil\ .t.....4- .;P..r ,4LJ1 ,;j;i'il ~.)JI " ..~1 ~ .la..o... ~j1
D~ ,~})I ~I ,~.Jjill J.# e.\i...ll):. ,~I.J ~ ~'JI ~ ~l..h-l ,J,oaJI â~ ~2
.30 :'-'""" ,2002
21
t~t ~ ~t1\" ,~~ ~t!\jJ'i1 o~ j~l ~ ~ -'-'~ ~}JI c.1,..Jl ~ ~WI ;.th....,ll rfo",
. I...:U""""'
L'I ~6:l....\:ij\.S.ltt
•• .. u-a
~I ...,-.
.1lS.llt... . ..J u-H--'I
~
:.l.A\1
r::-:-- ,,~ ...
$.J-l u ~. l..,I"'WI .1:u...a-'I~-:.1.
.. !.Jo' r..J""":.
1. ...
~"
(~ 4.S~ .,t ~\.c. ~ya "Î ù~ "t ~..,s.:... ..:.".j\.S. ;.1y...) ~ ~Ij o.l:l.." ~~\.S. Ij! ~
~,,~l ~ .~l! (~4-0 J#- ~JÀÎ) ~~~ .)~J..:.l"i (~4-0 ~JÀÎ) ~.J ~ J~l ~jb6
ç,t.h..." ë"" ",\jJ'i4 "Î ~ ~.,l1 I~ rfo", ,~\ o~ ~!Jl u-lii:l ~ t!y..- ~" ,~~
ùy.-J4 J,,)rl ù~1 ùyu", J..lS.l4 ~\~I 01\ ~ "Î ~.;i\\ I~ ~ 1.:-I~4 ~1
~ j,§ ~ltfo.)u.J~ ù)...-J~ ~4 ~.u.n ~ ""- .\S~l i.Syio.)r~ ù)....-J~ ùyû ~!Jll
~.;i\I) ~I ~~ t,J\.c.l ~ "~IJ)'\ ~~'~4 ùyû ~~ ~WI ;.th....,ll ~ ~~I 01\
.. Î (~I~I l
J! ~
i.~)rl' J..JI -=t
U:! ·\1, ...
U re-- ~
.A . ·ï···mc
'i J!!J ~ ~
,- LL'
I.S"*'" ....... ç,»"i ltlS
.. L_.'
~....)jJ" "
~ ':L~-'ltlS..llt
~ ~'" u-a . . .. '-i .lll r::-:--
-bti.:...J :'\'A\l \-
I.S"*'"
J---\\
~
~lS..l\ u\:ûS'il
•
.... L;. ;. .
(.)J....J""" oc- ~
.~~t~J~
!( JjtQl J)wI ) ~-un ~ !~"U
c.1,..J1 ~ \A.;I~} ~ û~ ~ ~I ~WI ",~)r\ ~ J"IJJ.1\ ~ ~ '-i:lll ûlS..J1 .JÂ ~rul c.1,..J1
:~ ~ ,2004 '~~ï\ ,S.lJ,.p.J\ ~4J\ )~ ,~~\ J iI.\1i!\ ",~I ~lj.wl.wti ,~ .l,Qa,.i J~\.c.l
.107,106
22
[
l.~ Ji:. J~i "i ~ J~t ~ u-o ~m ù\S ~~ ,~~\., ~\ d" ,ljL..J1 ~I
~ ù6 ~ c;11 ~WI Jlu~1 ~ (~J>.!a " ~) J"I.l:il1 ~~ ~ c;11 J~~I ~ c)tJwJ
\.JI~ ,UWI
~ ~l ~ ô~
~~ \ .l.w:a.J1 ~.~.;r.
~u \.1\ ~,Ïj " ~llhl.,
~ ~ ~ lL.
... \l ü LV q U~IJ~ '! ·'1 . ~ lA b••.AI
tOI 1..»"""....,- ~ •
. ...! ~i UWI
....,- ~ ~~ ~
"1\ Y.. t:n.ui Œ:.:r.::-.
.. \ 4.\ l '& .l.I..o..J\ ~.!.J'"'W . .)a••4.6.:.iL~ y::..1J"
. J ,~ ....
~ ~ .)~.
. 1 ~ L ~~
~" ~WI Jlu~1 ~ ~!, Ùo4 ~,Ïj ~\:ill ~I ~ ~I ~\J' 0.,,\1 ~} c;l .bi! A\.,
•
c;lll JA~\ ~,,~\ ~I ~ JWI ~ .JÂ l&~WI Jhiil ~~I ~\S~I .,i ~t...........;.Jl
,J~ tlk. ~ .y! ~tal.JI "i ~~I J~ ù~" ,~~I .)~'JI u-o ~'il
.t:..tW! .)~'J\ (JA.J (je. ~'il ~~" ,~'il ~1 r"~l ~l ~ .)!fo...!,
, I-O U'lS.o,~
\..J.:!' .
IJ U ~ ..kil" '1 I.tl t.s ,.)~ r" l..lâlIJ (...1jJ.
, !)oI...... • !)oI '1
"t.iJ..kil" cr~'I loT·
...4. :~I uA JtA'1~1-2...n:-""""
'fÂJi:. yt...:J~" ~t...:J ~tiJ...J ~~.ll Ù:!1l1 .)l..;..:ill ~ W\.,• ~WI ~ ~ '1"
23
(
U.J:H lA.":ljY 1..0 ÎI.lLc.." .'t...::a~1 ~ ~\..i. ~ ~I ~t-l, ~ C~":l' \1\ ~.J
Îly,::.. ~.J ,~t-l, ~ JP." u\~.l.P.-)'1 U:a4., ~l>!J!J ~I J..c..~ j\.:i.4l." ~ .,,1 U:aL...."
.~1 .l!).Jl] ~." ~.,,1.i:il4 ~ .l.h.:i." ~~!J ~1 ) ......1, ,~lûll ~ ~~ ÎI~\.iS."
: ~\. 1..0 \1
t..r~ ~ ~:UJ..
. ~ '~I UWI (j!)J .. , l ~
"1 ~I (j~ "'" l.AS
,~~)11
~
I.,?
. ÎI W\'cYl
~?>'-"
'._<~. ~ ~I ..)F-
~..
'! ~".
. l.lJ"""" cYl •
~.,P.o
"..b.
~ •'~I ~
It ....-'1-1
ÎI~··ctt
~ ~ :Ulot....":ll ~L.......' ~H UWl (j!)J
!J""""'.. .., ~1 I.,?
,~ UA,t lûll ~lo~ <.lJ'G .. ~1!J ~1.'t...::a·
.. lil.. (.).! ~ ~J~
1 ."lA.~
.. J..c..:>"" I~!J ~t-ll ~.
~
'! - 11
l.lJ""""
2. "ul~~f ~
1 \11,I.,? U:aW\
. ! Jù.J\.S:i.l1
.. ~ '\.:i.4l UWI
. \.b..l'u• .)!J ..
~I ~ r.,i; 0t r-A.;;J ~ ":l ~~\ '-W,.i) ~..,Jnli ~WI t3hJ~1 t3!,....\ 0\ \1\ ~."
.~1 y~--':Il
~I ) ......ut ~ uij.".;ill y....a~ ~\.iA 'y;'''; .';11 ~1.......:J ~ ~.lll ~6...!.)11 r-A." :,",,~1
~l.a:il\ r~i ÎI.lt:.;l4NÎi ~::iS)\ ~WI y1.......:J ~ ~.ll\ ~6...!.)1\ r-A." :~Lt....ll ~lAwr
.24 :V"" ,2000,~ '.).J~\ ~\ ,~\ et.......")'I~.J ~ ,4IW1 &J'IIl...waJ.H "~.lp'- ~I C)l..... 1
• 5'8 :V"" ,~ ~ ~ 'w~.l."...- ~ 2
~
~~
•
&;J'il JJ.w ~1J.llf !~Wll/U,t.n
~bl...J" ~l ~l &0 ~~I ~WI ~~I &0 ~~ ~WI J);.,tyl ~ ~ J-,I~
.ü!-' 'il ~ ~~I > J~4 ~l::J ~ ~", ~~l ' th.; ~
~~\ !':i.9t
.~WI J1utyl ~ ~ ~-,l.llJl ~"Jty\ ~t &0 ~tyl ~
~ -û.=.. ~'J ~y!J\ ~ <Û~ ~JL- j)~ ~ J~-, ,41iA vaL ~ ~t.ù ~I ~y!J1 ~
1."lci .!Àu;j Jjc. ~y!J1 ~IJ-*."... &0 ~-' 'c:lvtyl &0 ~ > J~I
~l.\~ ~ 'i:ll!., ()l~1 ~ &0 u~!., 'Jr,sJI JWI vaL ~ ~\tI":",,"W\ u...JLU1
JWI valu ~I JWI valu ~I JWI vaL &0 ~ ù1! c)til4., ,~.;JallI"Ci§'4 ~..J ~WI
2."()l~llAl!i§1 ~I ~ ~I ~I !je ~ ~1,n2.o4 ~ (lÂWI
~..
..
. t! '!
~~\ .... '.J
t~ ~\
.. J
.t.uil1l..J
.. :U
.. ~~ t ~-<
t....:iA (.jJ1J-' - ' '& Le.
~ur:-~. ~
~I'
ut ~~
~w t. IJ ,..
~ ~-' .4.Sy!J1 JiA vaL ~ ~J\..!,.JI Jl.oJ ~ ,~l+ill ~till ~-' J-,I.llll ~1j-, ~ ,.m<411
3 -:!t.-.
:~-'~
:(.)42008 'ù~YI ,rJ,JYI ~\ ,~ ~~\ ).:1 ,~I.j 4.vltJll ~I.S.;JJI ~ J.R.~I ,~I Jju ~l....î 1
.143
.92 :(.)4 ,2003 'ù.:!.;Y\ ,~.Jjil~ ~ 1.i.....J\ ).:1 ,~WI
&illJ ) ..J:i,..'il , uJYL4 .;"+!JA 2
.28-24:(.)4 ,V'WI ,~I 6F ~ ,~I &.J'il ~ J\..J:i...'i1 ,~ji ~3
25
(
<.5J-l1 ~ ~I ~ ~~ djl.ïl.\\ ~ ~I ~\ ~J:(~~I ~I) t1J IJ:Wl1 ~I-~
. ~Î
I.JA.. ·';<Î.l:IÛ!J
j'-"
L I I , -.! tJl:JI
'-"""'"' o.r.. - -..\1
re- ~6. ô~..
~ W OC
' Y.'U.. L......~\! ~
\" , ~:!jJ'~I
,- -II 1~J
.~
., .... Ut ~
'-.-: ..::\\
~WI J~ ~ Wji.J\ ~.lilll ~w..ûll ~ J,...:a6. ,je v4c- ~J:t1Jt..l1 Ji 1;\;1,11 ~I-J
.. t.... . ..... I~!..
.4JJJO''''<1 "'-:l~ uw.l:.l ~ ~
...... \ ___.JI" ..
re- ~.l9 /,S~
.. ~\I
,je Y.'U i.r' ~ ~
": .-:1\
i.ii y."............
,IL .1\
! \,
~
l.a L,. .<,li
....... ...)-' ~
\.- ô:W \i!! J~
'J ~
~l UA 1 ·t '01:. û:H
'. ~'-.,.Ij-I '- ~
, ..-:\\ ~ ....L ..t1\ ;:.L.l1-2
,.< _. ! ~ I,..~
:~ ~ "ij!\ ~\ ~ f+w''i\ ~i
Jj\.iJl\ ~ J ,~I 11\ ~l.a ~I ~ '1 ii.l~ .)~ l.a~ 4l-l:J ~I ~ : l+ttbJ f+w'i-
1.t.J y6Jl ~l ~ ~~ ~yl1\ ",ft 'JJ '/,S.ftl~! ~ Ù"" ~ ~~l &- ~\ \~ oc
~~\ ~ ~.).l..41 ~I ~ySJ\ ~ ~ t...c.1.:. ~ ~ ~WI ~\ 'JiJiJi:~~\ f+w''ll
~ ~i ~ ~\!.,ll ~ts WJS:i û1.b~ .)A"i. ~1 ~ySJl ~ .li :(JA'I. f+w'i) ~j'l.l f+w''I.I
3.~1~
4:~l.w..A.i1 ~ ~ ~ f+w''ll ~~
ÛÎ ~~ ~ )\j ,~~ Jl ~'Jl Ji ~hl.ic. ~ ~ ~ ~ ~WI .l~ : ~ f+w''l1
~\ ,~..)4-=J1 ~I '~J ~ t....h-' ~ I!ahl..t!i:1...~1 c.'+-i ~ J)all J..;:ail J ~J..Hl1 ,~lS .l!J...l
.34 :u-1967,~~\
}'-""" ,2003 ,~W\ ,~..,i;J!, ~ lllil..l.:J\ .)b 'f+-"1\J I!a\.l.i.wl\ ~ J~'1\ ''i>''W\ :ll\.::i.. 4.; 'Û;!, ~ 2
.72
.58:,-",," '~~~jIl ,~I ~.la....o.l.4:lo.Î 3
.~lA ~..,
J..,tl:il4 4l~.J ~..,'i~ Jy.J1 ~ r W} y~} J.t..;k (Je. ~1 c,sk c~.J ,~w ~.J~
~~ ~1é.uii.., y~t ~l .lyû ~'-' ,~ ~l>J.jl ~.,.JI ~ t,a;.,; ~~I J~'il ~
~y!J1 ~tsh- ~ ~6.. ~.., ,Â.S~I ~~ c;J1 ~..,'il ôb'il ~ ~.lWI (+-'l'il 019 I~
.l5!,all ylb ~ ~.l~\ Y}'1\ ~.., ~~I ~ ~I ~ ~6J.., ,\A~~ ~ lA y;...l ~19
2.4.;;b'jl ~I ~ J,i..llli .., ~l>~1 ~ ~~I dJh ~ 019 ,~ W-" ~.lWI (+-'l'il
:üu.....n M-'it
~I o~ c..illj ~ .u~ ~..,......, ~.l.., ~j ~ ~.., ~ .l1..a .ut c,sk jt:i..-ll ~I ùyy
c,sk ~~ Â.S~I y~.l ~ ~ ~ ijt:i..-ll (+-'l'il ~ ~ ~ ~.lll t.yill ol JP ':i.lWI
Ji..n u-i= ot QS.-l1 ~ asJ.., 'J\h:l...,} ~..)ti ~ ~ jt:i..-ll ~!, ,o~l (+-'I~l ~
J~i ~ ~.lWI (+-'l'il .u.u.. c,sk ~..,'il ~ jt:i..-ll ~I J..a6...., ,~Y d.., ~ ~\c..ll...\..Jc.
~~ ~
~("".
_\ 1~llAl ,-- ... Il ~YI
re-- ~
~I'
~ ~
~~
. ~. ~.l.la.!i ~.
:!jJA.. ~
~ta.J. ~ . ...3 "::- Il ~ ~I
:!,.ljJ ..... ~!J ~
~W1 (+-'Itxl ~ ~ta.J~ ~~! Ul.Jl ~ y .u}! CL) ui.b. ..,t ~ ~ ~ c1.vtx1 ~I
3 .~ta.J~ > ijt:i..-ll (+-'l'il ~ ~ rllA ~ ':il ~
27
(
1 :Vll.t..all ~";I (JQlLt..:aa.
2.".ü...Jl ~'JI
..
~I
..
\1 ~ .
iS'. ~
1. .,-
~ ~ 0
~.~ ",lj\,i...!ol
ç ê"" , (,j~1.i:a.:l....'J1
JWI'Ù"" ~
. ~ \.- 1...-.
c::-:- ...!.l.I ( ~.,..,..........
'- ..'-'::: .tl) '- ..'-'::: ·'1
~.,..,..........
U:.
~ Ù""
w·"':<
•~
Le.
:J ()C- ~~.
-.le. ". .l1..JI: r.rm _0:"
u.a'4J""'*"
3.~ ~..)~ ~'JI ~I ~ ~jj"'Î'U\lI o,ljWI ~ ê"" ~ ~..)~ 46. ~j (~'JI ~I)
~ J~".l ~WI JbJt.;1 ~ ~ ~ u-:ajji§1 ) 0:ol ûl,olÎ v4c- ûl.ü..J\ ûl! ~tJLJ
(je.
.usl ~ ~l
.. .. . tu
(,j1.i:a.:l....l ~..)u .l~ ôj,j\! J.l....aJu~l
. . .~
..~ ' ..1 t ~
.. n ~J".J . . !J:!.10 C:;:-~.J
!. '- ..
~ol ,lj~ .Ji ~'Jl ~ Û"I J34 ~~I t...>~ ~I ûl.ü..JI ~ t)fo.J ,~ ~...,l:a
28
(
~ Ô.Jj1j ~J ~ ~411 ~~ ~~ ~':ll ~...,.b .lie. rjC ~'4c- ~ toWI ~WI ~\Sy!a
. ~....>-'""'
..'-'! ~
te.'.Y'1 UA
. c.:,r-
_.1-~ \A.Jj\ ..- ' ..(', ~
:r ~ IJ 6...~'s'~ '_.-:.::_H ~\.ll..J1 ~
U4....r--'" ,~
:
~
\.~ L L
~...,,-
.<~ ~1.ll..JI _....;;~t
~~
t- ô~ ~
3:JI~~1 ~ ~-i
Jt ~).2i. ~~ ~~l ~6. .} ~~ ~ ~l~ 1.!J1.il.... .)b.-H 4Sy!Jl rfo :~~ I!It.1lwr
.1 --:.te.,. • . _-:. n 4..J.lÎ.j
"t-' ~ r.r~.,........
~ _.
~~
.l L -
.
Ul:..1
.toWI ~t..........yJI
29
'(> t:.,.., c·
tJ, ~L C
&-..!. 4.; E ~ ~
~ lt:. ~ ~ 11. [ _ ~~.
~ t;;' t' L ~ ..,
tl b \..:-'~ ~. ~ {..
~: f ~. lf 1I~
r f""'f [ ~._~
l.. c·
Q\ ~ ~~ ~
r·C" ~.~~ L
" , n '-
t -E:: ~' 1
N
f
e' ~ ~ ~ 1: f.' t~' ~ "t
"8
,.1:>.
.!l
[ r' ~ ~
r[: f [~ 'f. f ;
r fl \P
t
f:t' f.
r - , "
g ~~ &--
\i--• ;\::- - , ~
~,~
'1::-
i
' t:
c,lA q.- ,~s;:",
p
f f . L Ei ~. I=f ,1::' ,,1.. ~ ç f.
~. 'h - ç;
c· J' S;:' tl \::: ~.r.: ~ 1:.'. ,
cL - N
~. C!l...;, ~ (,'fI
lA ~ Ç:.:,. CP, 'f ~'~l"" 1:.'. ~ •
- ~ ~. 0 t:
w .~~, ~- ~. C-
.r.:
,... c·
~ ~ ,tE 'i.
,f
f
t'
C,
r;:
l~\
~,
C.
-
~'.
~
Ii.
t'
- ~ cp, 1> ç. -- '.. -:- c, .r (" ~ t.<!;
1= c, ""[~~ li.~1:.',
O
r N
~
l'; O.t" 'è. t,' ~ f .E <!....' ~' ~ ~. [i:: 1 ,1:.' ~ f1 f;;
'c; t · r, t ~, b ~'~' t ~. ~ It
t-
N (, - 1>
t ti "
1--- [. r-..r
s;:t:i\ ••"".r.:
,.,. f ,., _
~ c· I
11. ; ' . i
"i. ~...... me •
[ 'i- 'b ç" It:. +' ~ 1:' f: Ir ~ [..t ï; 1.;'
t ~ f~ ~ - E : .~ J, 'f:: [:
,t,' -
E.. ~ t t cf:
L-f ~ f
l' [
f)*
t
\& \Cl 10 {l
~~! 'f;,l, r~ .{.
i "'t ~~, l
~ tc· ~ :r' ~:f
;f.,~b • r '[ ~Ç7 1
~ f ~ I~ • ~.: ~ ~ c· ~ c- <t - .., r. ~
r ·v >--l::. (p. ..." p ..
- . -- . . ~ .f.: '.t~'~1.
... • ~ p ,
f ~ 'f"" ..""W.I:· · · . .
~"'t 'f'l'
~ t ~:~ ~ ~,~·f·~~f_[".,\t{" ~~~,t.lt:l:t ..
~lr~·~t L
f- ~, 1- , b
c; ., ~ f."
i(~r~~i~i f~El[EE€t'tP ~~-
{[;~~-l E-( { 1- ~ Ili ~ ~ ~ "t 1 [, ~ of: ~ !! t ~' f lf' t
C.~ .~~ .~~ ~ . c·
t· t.~ t· t· ~[' 1 "l 1:.': 1 "
<e! 'C 1 l '" __ t ""
f.~ ~ ~.b ~~" ~ ~ ~~ t· ,~. ~ ~ ~
"r-i t
(
o.lÎWI .)t.......1 ~ ~~ ~ ~ .)J.ii .J ~ ûl.ll...J\ ~ o.lÎWI ~ :û.d'lt ôJJli ûlJ.i.wa
• ~\ ~ o.lÎLJI
l:Ü~I~-'Î
~Jill r.k:. ~6. ~ ~ ~WJI J.,,-)r\ .Ji J-)r\ ~ ~I ~.J ~ ~6. ~ :ti~
.~Lo1>J4 ~l!..,ll ~
31
(
:(1-1 )~J J-.9J+J1
~1J.lwJ1 -.9 ~'il C»r JJilI
~ ••_11
.;V-~
• '~"i
~t....,l-ll ~ J~b t~ ~ ~t......Jl-9
.:ylWI <rt,.ù~ ~ ~I ~ 'il JjL-, S;\.:i. ÙA I.!m-, :ylWt l5hJ'it J\a.....t ü~jl ~J-I ~l
(Je- ~.--' ,~Wl l5!,....':It ~ J~U ~ ù"'ti:! ~~,lc.4'''ûl ~ y!i).Jl Ù~:<r"Ult ~....,.:m
4l< .l.Il1
, ~ -'1 ù" L'il 0')<\ . ...3 1..0 ~
:.r- ..,- "'. 4.i~li.a LL_.
~
~.
'" ~ ~.llc .. !.-:\t
~
4.J'
~.
~ >L'I
...>'-M~
1.j:Ù\ JA'i1 ,1...<::.\.bJ\ -,Î \.c,\.i::,) ~1.. .~.lu..:J\ -,1 ül.l1.J~ r+""'il Jta.....i üts~ ~j.J1 ~.--'
~~ ù"yan JY- .Y')i, •.Jl 4wùl~ ~ r+""'i\ ~jA iJ:- loi ,~~~ ~t..,..... ~
•
2
JSS li,..Jl 4wùl~ ~ r+"" 4l< \.li ù"4il L.à;b JSS r+""'i1
-ot.!.lJ1 r+""Î (.)4 ~ ~ r'~ ~ ,~I ~ Jta.....'il (.$~ ~WI l5hJ'i\ ~ ~jA ~.--'
~t
.. l.Ui..' (".l:l'" 1..0 Wlt.
J.. ,,-, ~)\.S -'1Ul.J\ ~ -' . t Ul.J\ UW'
.. "" ~, é.-'..,....
é.-'.!Jj "" l <.r- 1'+'-'
.\ ' l j(".l:l
" '-rr ~\,
3 .LW ~ .ll
.......... ...>'-M..~ ù ----=
'At,"'
t.i :ùl !j..
"'\ ~\"
tJW\ (,j.!Jj ~
1. -'-
~
...<_ . .ui ...>'-M"""""
r.r-:\\ =tlWI ~ >" .11 ~- ~. L.
~
.. L-: ~~ tS'.Il
J ta.....'il ...JY"'"' ~
"" 4.J'
~
~.
.
-0 Le. ...>'-M..~II U. i
(JC ~,
L "'... ."
~ ~
1..0 N ,
~ (,.)A
.
-,i ~I..o ~\S 14l<!,.... l5!,....'i\ ~'-H ~Jli.a-' ~bf ~ ~l (.)4 ~W, l5hJ'i' ~ <.Î' ü~!.,
.~Î l5~i
J,.ot.1i ~t ù1>b~t ÙA rA.>#--, ~!J!'il ÙJ~t ~ ô:l;.lc. ül..ol~1 ~WIl5hJt.;l J.,.... ü~j.J
\, l..oJ! ~I! jtJW'
4: '-F'=" .. (,j.!Jj "" i ....3
.. , ~I (,j..,......,
'i..
'.- \.[ \ 'i•• .F :;, t '6- .r:....!. \
--
Ç:., , \ \, .,
~, [ ..- '$' r
<è- q !::.... i .\ '
-
t 0\
~ ~1.l.\ "
,~It~'b
.. u;:::to
.l:a..1'1 n ~I ~I
..,.. re--...
_o, ••
'+' . ul~.".....
.. L\L ,..,9 ~l U!lJ
>CL'l ~ \.:L,...,-... 'l' ~l U·_"
~
: ~ J:i,.1.l.J1
.y!i)J\ ~ r~ ~I ~~I
Jt j j~.
..
" Jtj~
r.ri z'~ . r -~\
.'..Ju . ,~~ ~~ ~J~\).J\
-..r.r- 1A,"><l r..lit ~t.i.w:JI.l:&....ajiAl Y-..P.."b '''!}iI.Al..
J'-'!
35
(
~..J~1.i...c:. ~1.Sy!a ~ ~i 9 Ü.4 4,j~ ~ ~ ~I~\ ~ y!ayJ\ rI.! .l! .., .~ ail""}
..,b y!ayJ ~\ .lill\ wc- ~~11 ~~y ..,i ~\ ~ 1.. . a1.. . at y!aj.J\ l~ r-~ ~
o\.;..:jl ua~ ~.., ~jll tl..,Ijj,J1 ~~\ 4ilSJ lA.Jol)A r- \.l.jl ùUJ...Jl Ù.l}) 4!lli ~! 4iL...G1\Vl~
ua1.....at ~ y!.yJl I~ r-~ y.,1..i ~.J r1957/03/04 ~ j.)j1 ..J~b....a ~)A 0Jfo l~
. '._<~'.u~
UA ~ S&P 500 ('*" I..H."
• '~I
!..>"Y U~!jt \.o1~1!j ~~'I y.».".,...
ô~" ~~ "Lt\l~ .. __L·:;'I
Y.JIU~
36
(
l:Nikkei'ilS:J ~-4
225 .;bt ~ ~ ('~ '4b ~~-' ~ ~4Y t.-~ 225 Ù4 ~.J ('1950 ('1.c:. oç. L!a.ij fJ
yli~ ù l ~ ,~ ~fi..Jl ~L-..;.Jl .l.lc. ~ ~ .ylc. ~l t~!' ~ 4........~
.;bt.;4 y~ .ut y!a.;.J1 11\ ~\.i.j Ù4-' ,y!a.;.J1 ~ ('~ ~I ~ ~L.a.:J\ .b......,!\ .JA 'i~
..r. U'I
. . ,. .,. . 1.-: ..::\
..
~ ~w ...J-""I..,.....
_1\ ~ .....
. . .U. ..,...,...
·'1 ~ :: .:\\ ~~
. ..!.-:I\ LJ'IWL.,ilij
... I.J
U.. ..,...,...'1 ~\
.. LJ'I L..t I..S"""
\
. .tb.ii l0001..J• ô~JÂA'~..)\:in ~ '. <Ù ô~ ~... (' 1981/12/31 .
~..) \li• LJ'I L..t.;, ~
3:~U JlJw~li A;.r-4
'i';~!' ~'ü....:J1 .bL!.li1 ûlj Jy.J\ .l~ ~I ~ l.S.>P ~y!a 30 .;bi J~ y!a.;.J1 11\ ~
~t ~ ~ yli~ .JÀ-' FTl00 yli~ .!J~1 ('1984 ('1.c:. ~-' ù.lÙ ~~ ~~!,
.uw,
.. . , ~I"I.iJ'-'Itr~ û\$·_-:II W.....,- ~I
~!.lJ ~
,'.c, ô
~ ~ ~ ~
1-.,,:' ......< :w~.L~,
~.
~~ . 100J
:(.)4 2002 '..>--" ,~~, ).lll 'J!.,...i~1 ÜA ~.J04" 4lW1 ~'il ~J.l! ,~~I vol..,; ,j!JJ u.-l .l..u..A 1
.123
~ ,~\ (")c.J ~\....,,:jg')11 (".,wl c}~ ~~t ,~I ~ "4.1,,IAtJI ~I ~J.l! ,~I.l..u..A 2
37
(
f'~ ~ ,~ ~Lo J);.,t t:H -,t ~~ ~ ~ 0J~1 Y'!,t 'liiil ~I ~ ùP-.llJ\ ù.H r:i:i
.~I .l~ ~ ~.J ~ W.w:u
~
•
u• ~. ,~
~..
~ ~ ...11
~
bl
i~. ~
.. L. ."tI~
. . u. '..<~ ,.tac
. \.:Jl1 01\ UJ-'"'-' ," U.
.. :.r -I.:J
~Y!, ~.lYI .l:J1 .l;.l::Ir.,j-, ~w!, ~~..".l!, Œ-'J~I ~ ~.lbll U:J....JI Jj.l ~.J~.,l-lJ»...
'.J~
:t.WI ~I-
.. .l.....::iillIJ
(j:!
~>JI i bl
".J>:W ~ •
..L.
~ -'
1W• •ul..:..liG• ~
..... ~ -..LWI ~··.ll
.. ~ ~ ~
~l . ...<-:-:
(.)A ~-'
~ '-'
t_ -<. U. t .h"
"\.ijl ~l1\"UJ"'":! ~ ~
~ YI'~ ~.l::Ir.,j.l§ <.r":J
~'I ~k:t1J1 ~ !oF
>..! ~.
. t :tG ~.....
~\.âlt.:...J1 iF
. -~ ~.
1 .:IG ..... , ...LWI ~YI .l:lJ."tI -
~-' ~ ~ ~-'
,4..ÛU
. -'
~ ~·JI W
".J>:W.
~b~~.J
"'<'
38
(
:~I ~.JJ.Ï.4-
.~.w.lt
'.U~W\ '-'.!)J
1: ~.... .. , ~I"
'-'-"""
~t.Ù.M::.
..
_.t:.~~,
r::- l...,W\'c.s.
jhJ\ .1': ~
UJAU.,
~ t.:ï\p. .)c.
~\- 24 ~ ~.,s...ol\ ~ ~ ~1 t,j.l...&: d~ ~ ~l.b...."ll rJlll ~ ~WI ~~~
~ ~\..:i ~ -" ùl.l1...J~ ~\:i.o.JI r+-'Y~ ~JWI r+-'YI Jl.o ,ù\Sy:J1 1.\.;.l..Ai ~~ ~1
.1 1"üj
UA ':l!J "',1·.....!J
"'1 ~...\\ ~ ~ ~·~'I I.F
. . ~ ~~
,...! ~ ':. ~:...~ ~\i.a '0":'
.r-'". ~ -'1 i ùluU::Jw ~t.:ill
ù1.ii....::J1 ,,~..
o.lc.~ ('.,A.t..., ,~WI J'..uY\ Jy.. ~ ~"I.llJ1 ~W\ JluY\ ~J "'~ ~WI ~I r.=ï~
~
,- d..ùCil\
.. a.illl 1.At, .;t...-.....JI 1.5 ..li W::a~ U-U.J
.t - . ~ -'1
~Y ~
.!J.ll.J1 _. 'w
lA. U. \.ili ~.~. '. LWI
I..J:: '" \.....4c. YI
~I!il\ ~1 ",~I~..Jjll!J ~....,....:ïll o~1 ~.;a-ll '~.aJ1 ~ ) •.n...~1 ~lr't...a:iil ,~\ .iF yll:..J\ .iF 1
40
..>~ ~~.J ~!., ~~I Y'!.,t ~ ~ ,~:i-.1!., ..>L-....JI ùH J~I Ub.S ~t.h..a.,ll
~ ~ J,.uû <iJ\ ûtsy!J!" J~')11 ~j~.J ~b.il ûtsy!i.J ~~I ~J !~1 jt.~'i1
·~~4 ~WI ~1...ac.~1 J,!,..,b ûC ~W\ ~~.Jl ~ yL.:J ~WI J!u~1 J,!~
.1aUJ ûC ~ts..J1 01\ ~~ <iJ1 ~~~!., ûL...~.:ù1 ~ ÙA JWI ~I li~ ~ rP.ll ~ .le. L...:;
o~ ~\i.o ~ !JWI JWI 0A F. ~\i.o ~I û.J:H .J\ ~:i-.11 ~ yL.:J ~!,..u ,~~I
.û~.tiJ1
û~ e-W~ ~WI ~~!., '-:vb1 1 ~~~ e-.:li:i <iJ1 ~WI ÙA t~ fÂ.J :~\ ..,..t...wr
~cL~'~
~
UWl
~
,'i~~I.lm.. u~
.....!.lJ ~ . ...i5
e-.:r- ;\1 ~::r:;:-: ~ UA~.J
i.,?" ,,··'IUiLU < ·.. ,<~·>\I .
~ !)'-""!j
L=. ~,,\I
r:::;r.
~ (,j.lll ~l.l11 11\ ~!u ÙA ù~\ ~ ~WI J!u~\ ~ ~\a:jJ <iJ1 ù.!J.b~\ 4 iJi'<;i;<~
ÙA ~ <iJ1 (,j.:l~~~ ";1......:a:..1\ J:b.:ill û!.,.:ll Ùjh.J\ y..>1......;:..J\ e-~.J <\j~ \"J\"';'i'
41
(
.~I
.. ~ ~ ~ L.:1..t""'"
. Y'L.:. ~,.. . : -'l'(,)A""i'l.b.
'..T" ~
~I \......."J ~J
.... lA oJk:j r+"".J -- _II ~~
.. ~!J.. ... li
t'L..a~
U" :.r.-i-' b~
U::IA'b. Lt\
L.:1..t""'" ~..
... :jJ-, .J\"""')rl ..,- .<- ~t\ cr.'1 ~.-
_3 r-- ~ '6~Vtlhilll..l\
.tl o.l. ù __ ~
0A ~ ~\ ~ ~\ ~W) .lJ~1 ..,slfo. ,,'t~ ~.J ,~JWI yll,l\., u.:ayJ\ (.$.,9 tJC
. JyJ~ ~"JI ),Aw'J ~I ~\A~"il ()4 ~~I ,. "ijA ~.J ~I.li\l ~
~ ~ \A.;~\ Œ.l:!J.I.J ~W\ ~~.Jt,.o ~ ~!,9 ~ ~ -,1 '~JF..lJ1 'il Jt,.o(:n y~t rA-'
l :r- ......~~
d u::- cr.Il JI!jA~I .
(J'I..ll)~.J
~
. b ... '.< _. 4.l.JiL.
--~.J ~,..
~
~\., 4..e. 4J.l1 ~.ll ~ ij)l .;b d. Vii "14 -' '+l\p.Î <l\.9.wt~1 r,)t lfai.".. ~I &J~' 4.w:aJ..H ,~..v ~i .l~1
.15 :V" ,200(P,:I)~'i'
42
[
l:JlJ,4':l1 ~ID ~1-2
~~I JS..!a û~)!1 yl\t. ~ wii.~ ,~lA ",lui JS..!a ~ JI,A)!\ uoaM ~\hll ~ ~.J
~lA~
.t: - '1 IS'.
\1 Ul....:t:a"JL t --:l,.\.Û:IIJ
'1 ......... ~ ~1.l..Aj
t •..-:\ üb.i....Jl!j r+"".J
c..J..I....,....... ~~\1 ~'1 ,~t.:..::Jl ~Uw:a.U
ü\S'~!j:!).!j ~
.Ji (,j!joWl
~\ ~I.-.!
!..F .6..1~
.. \\ (,)4 -".:.Jt .tü\~
I....::û.ol Ua',,· .. t\ !..F
~ '!J:!""" ~- -'1 ~
. ..! ~ ~ -".: ~\..u...J1 .J.l..Aj
U',,· ~ -;\\
:JJI.lll1 ~\!-1
: JJ~l J)::t-2
3: u:-"!:"
...dtJ\ ~..J"""""
,-.\10.,. Ut W!j yu--
....-;"'A\\ .J ~.
'LlI'~ UWI
~
~I ~I Jlj 1.lJ ~
(,j!)J
~
(~I) ~~I .J~~ ((,)4yJl) ~I .J~i c..P ~'il ~ 4.iJ..;1J1 ~1t. ~.J :~JI..LJI ~F
'1
IS'. J~..,..'1 \- ~ L...J~
r.r*"'" Lo..o ,~
~ ~ J[j.:II. (,j"\.i:iLlI
". J .,. .... 1:, '1 ~"LlI"
. tt ~lj
~-"'" A . \.iJj1
- ~ (,)4.J
..
~ L.
(.)l...;- (.)C
.~WI ~~ J.lWI ~I
.23 :(..)A ,2003 ,~W\ ,~~ y~ .t.......y. ,Jl..a u--L rJlJ.w.1 J \!:i~~ 'i.p'-'..,.J\ ~ ~~2
.30 :(..)A ,...,sl ~ ~J" ,~I .l.F- ~ ~f3
43
(
:~I &J'il ~ ~ 4lï :~-U
Jt........J\ .Jt .b.:••f.JlI ~ Ljl.il-"'J\ J6. ~~WI ;jhJt.;,\ ~J ~~~1>l\ ~I f'~ :~\ i~t
~
..':~.t\-\U
c..- ç.!J"""'!J ... \I~LJ...c.t1·~\~
1·"\\ c;::-:- ~ ~ !J ~
.~\ (.S
~ù·"C\1
~
\-
(S"""" -'
t '-i .lA.lu\....:a.
. ~
~.
•.y.l.b ~ 'ç.l.l.!J
2.~.:l.....<.:..::i ~~
~L, ~-,\..û.J1 ~W\ JhJt.;,\ ~ ..b.py ~I ~.fi~ ~W\ JhJt.;,\ J,wa ~ YlL,Î ô.lc:. ~'ù.\-,
l. U ~I!J ,~\ ~
4: t.r=.. .. _'<"'17. L~1 Y~II , ï"-....
u.:r..1..t....ca lAI.!>.:!
.484 liJ"" ,2006 '~'~~1' ù)...J\ ô~ .JYlI rJtJwi ~.:a~ LI.a1 ,,,~I &W Jiu.:2
.65 :iJ"" ,2005 'Y!?-ll '~1J ~ t..y\ ).l ,( jl!l;J\ ~J.H) ~JJilI ,~~:3
~ ~L.. ~L....J ,(~I JjJl\ ~ ""J'-1J~1 JlJ..'i1 ~ ~ ~-J J\ÂL...'JI ~,)I.i...,g ,~~ 4
.45 :iJ"" ,2010 'y!)::JI ,-....il.:J\ :ï.......4- ,~L...J .lfo ~ ,~~\ (".,w\
44
'f:
1.::;. C
L , ~ t:.
r:- L.
f ,r.:,..,.
""!I:: :
or.1..
-:li .,.
}.
c., ~
0t.
-
•
~
.~\
L.
r i"~
, \:é. or.:...t
, L.
[-
~
~
t
!I: ''', L. E !c .ç,. - L. ~... - !.. ~
. }.
t..t: "- 0'
- g; 1t}. t . . C '~..c
"- t..C
-.. 'k
,,1.;"" V (;'ÇI' ; -
c.}.'
1 ~ , i .. h 0' L. fi L.
~
ç:
~:~"
1;;.
~
~ 'l- ~
~ - t;
~ t. ~1.. ~t..t: ~~ ~ -
~. ,ir
a ~ \~h ~~ .,.,.Ç- f.. ~- ~..- ~.( t~
~. ç; fi! f:" .t ~ ~ ~. .., ~ ~' ~. - l ~. t..t: L.[ ~. ~ ~.' ~
t:. ç.
sf. ~t r ~ "b ~ ~ ~ ~ ~ ~ -
). (' ~ v' ~ -» ~~ "b ~ ~ ~ \.. ~ ~' '\ :~' .:. L
b . L P' ~ ~' 1::. ..
rrt, .....~, k'~ ~- fi:1-
~ i ~. - ~' - ~ ë, 1r t..C ~
V ~ ~ . 1r ~ ~ ~ ~ ~ ~ ~ , ~
[c- ~ ~ L r:;: Ir r:;: Ir 1", ~ -
~ ~ ~ ~ i ~
~~ ~ L tc- ~ t 'i'
t ~~
- -~ - r ~ ~: ~ K; ''l... K; ~ :- ~ !.. ..:. ~ 'k ~ - .~ t ~
r - -
't. ~ ~ " ~ ~~. ~ l.. t ~ [11' ~ ~ 1.. 1r ~ ~ r ~. (b -:
~ i~ f 1 ~. ~ ~ h ,~. ~ ~ 'f t \. N ~ ~ (" f ~ 'f f? ~' ~ t
~ t of ~ ". ~ ~ ~ l, ~ \.. ~~ l ~
- E..: L ',., \. L- •
.~. ~ ~ r- ~ ~ r--' ~
.r. ~~ .t: ,t: [ L'f ,,;;; t · J .
L, ~ r- "p ~ p ç- _ ~ '~
..,.. . L., - L- - l t c·- •
~r.4~ t' '~i tL ~ t' ~ t; - -- .t.'
;.(;:. r ,h- ~ ~) ~ ~
t- ~L~ .t:,~.- ~. l 't 't. ~:
I~' r L' .- Ç- """ L, 'i (;). -- ç- ~'
;; ~ ~ ~ ~'h.. t~ ~ k., ~ ~~. -: ~ ta',
t ~ ~.!.. ~r ~ ~~ \.. - - ~ - ~ ~ "" cf:
~ ~ ~ 1v ~ i~ ~ ç, ~ ~ k ~ ~" ~ L
~ ~ f.' Il 0' L r.. "- ()t c, f:f. p - J
'b f.' ~ L. X' ()t <;
,r~ ~ ,~~ r C t
L- t - E' [ th-!~.F .E' c, ,~' r ~
t i. :~ Ci' 1\ i ~. ~ 'l ~ ~ f .r - ~ 'f-
·f 1.; ,Cv v ~ ~ r 1:: l 'L. ~ ~
,.p..
0'\
--
.c:"'
P.'
,[
~
__;..
t L
,~~ r·
[
--
['!- .-
C,
cC:
'"l=;::
-
k- L-
lc·
"t:;: ~EJ.'
~,[
. •,
,[.c:"'
.r:t:
~ t:~ - '\; -!:.lI' '-"';' - """
( - - C
~~. ~ ~
~
L- - -
~ ~t: ,1:
~ ~.:.c ~r \.,.. t t ~~ ~[ E'~ ~r- ~,J
'[ ~ C, 'r- .~ f t I:i~,~, f.',~ .C" c, ~- r 1 ':
~.J'"
~,.... f"" '[
- ~
~ ,
<;
1::.
1>
~ \-L
b7
I:!.
.~, ~.~,c-
'ë,
1.0
.
t 1- ~ •
L
I>
t
L
• t;t'~ 1~E _ l l~ l:
- " - v\ -
- .,_c;;-. . . . . ; , . . , -" i 'C" \;
~' \.. ~. ,f--' ~. iC "".cv tL .:.c t', .C" ~ ,ï- . .
"1 _ .. C r..:.c <D
~:.1: ~Ç;. \;~ .~. "'i.. ~ [~f
L- B ,f ~ ~" ~;.(;:. '"'!- '. \., '" '", Ô\" -IL 0' U
t -: L- <; 'f. ~ [i\ 1- L. [tI"\ c: \; L.~ ~
r.4
~. \l -IP-. -- ""' l
~ \;!.: L[ E'"\8 t"C
r.c ..ïW!:
\; • 1>' üTj.' ~~ t.. • - ~-,.
'-"::::' ' ,,--
l t-.... '~'[ ,..
f -- ';oc;, \C-' - ••
t. t' ..'
cn 1: \ f E; 1: 110 t;t Tït t. t 'E'
~- f ~ ~ ~ ~.
t'.. ·Ir:~ l~; ~. p 't:
. ~ ~ .E~ ~
t·1:.' L " f:'.E --"""
~ ~~[: ~.
~. i ~ ~" ;:: t; ~ ~ ~' ~ E" .~ .t ~ t - ~ h~ ".r. ~ -
&: l- - '5- Ir- '5- e: ç.. ~ [i\ l1 " ~ ~ }, ~ '- ~ ~ ~ r ~h
T îIV T r r- ï
\~ r ~ ~'~~:.k:~' r [ T~' .~ ~
l-r ~ ,E~ t-
(, 1..- .e:....., Go.
"
t ~
c;;\l
[ .r;- \ t ~
f ~
- \- - 'C
r;- •
"1'." •• ~ . G
~ ~ ~ { ~ [ i {, '~.
. c·
~~ ~ \.. ~ 'lA -:.t s;- E
w~ ,t
[. . € 1:': V <i_ ~
1-' ~
é'b ç: &
~ 1-' ',~ ~ ~: E
... - lJI , ' G.,
~
( \..
~ ~ .. -- & .v-.~
t."
a.,. C"" r
l,iC p-
~ ~f ~ .'" (. -:.t ;; ~_
... <..
~ l...
~.
~ v
l, "~ ~ ~
~_ 1;;. \0 ,t' 'i..
'i. ~ \0 \0 E! fè' li ,~.. fÈ' f ~ s;- : :
(lrÇ
~- (', ~\ g
!.; Q'
g"i,..t t- t- t
~ ......
<i'v ".
(:( ~
~. 'f i.!;':
~ ~
~'"
(, a.,
t'
..
,~ E ,~' ~. 'E f."" - ~ 'f
'1
""" ... ,.[ ~.c: ~~- ~'
- Loo. -
i-
,t' ..
~
l f'
-[ t:~ 8:
"L~~'f
Go,' t -~ ~
~.E'~~"
,
.r.- <.. .ç ,t' p- ~ ~ .~ 'C ~ ~
6 [. t ..
1:~ ~!
t~
s;- t',' L t' 1" - ~ L ~ s;-"lD- .~ fi.. _ ~,
e, r r . "-~, E b
(0, I.
i ~ ~', f
'~ -[ ~ (, i l
.r;
,~
,[ t- ~
[, -
t,t'
~ 1
t:E l'
'(~; ~~ ·t· [.
~ 'k C f ~ ,~
~it ••Në: ,~( i ~
&' ;f J; -
~ ~;.:=~'t ~'C fèt
~_ a.,
~ ~~ ~
~
e_
rI
~ <.. r ~
- ,t 'C \.. (, ~. ,~,. ~ € t;.t;" ....;
"Tf Er~~' ,~ !.; ,~ ,e-. L
!:;;: 'E' a., r;-. , t L t'
t'f~ ~ i Go, i ~~ ~< E
,t E _ t' ,t·~ 'a., ..
- ~- ~
b ,- ~:c- L ,~ Go.
~ J
r f [. ~.~ - C: [ s;- ." t; r- G., ~
~~~
:2.ç.
- ~ ~..
~
"'.
S:: c-
~
t,!2r -
.. ë.
~ ~ l ~. ~' t' i ~ ~ (. ( -..c Go, - .c ~ '" i(."~' - t;r <-_
..-:. ~ \;' Go. ~ Go, - ~ € L- 'l:- - (, ~ ~,.
~, ~ .
[. ~
[p; r ~ t ~. ~ \- f
f c· ~ ~ ~ ~. \!'
r" L f' ~'Li 1 'r 't. i: E1:1î •
t-.>
l tf ~.:.. .~ 4' ~ 1;' 'tf ~ 1= ~
T !.; .r;
li i tr.~i&l;ttt~:.[ t
(
% 50 J~ \!y.oa ~~I o~ ~.., ~JjJ~ ~ ~!;l.J1 t.>~ ~ UJ~ Ji9 ~~ ~..,
~).i'li ~~ :~
~,JJc.;1 J..,.lll ûy.l~1 ~ ~.l.., ~ts..a '+1 ~.lilJ1 û\""""j}} 0A ~ ~,JJc.;1 û\.......,~1 y,lLi
:~fo
1: ùJ.ll ~JJr 1
~,....
\':J UA
t \..::JI W ~.UA.., .t..a.
41w...~.... --'I..! ;;~I .1-~
~ ....
L.! '1 .l.lC. ~\.j'
~
J ~I f...:U""'"
UA!J -;. _ll.lill Ji=.,.:i
~:u.
6.:il1 ;;::'1
~
ülS I..F""
-:\\ \.-:L
~.~...)
tl' I:i Ab. ,.
..r- U:I
t:'h 'i .l~I'~...)I:i iS.'I·")'ù
U ~~ ~i.l
~
~
1Jo'U'" ,ûL.1.cuJ1
~
1..- r1986 r\..c. jy, .l§ ù.lll .t..a~ ~AlI ~...)tl\1 ù i J.,ill ~~ ~I ô.,ill ~ Û\..c.~
~~ ,~ cJ;J'i1 J!J.wi .~lfJ ~Jl,l) ~I ~~I J JIJ.w'i1 .~l.v! ';'J ~.) j ~ ).àâ.l\ ~ 1
48
~ f' ~ ~'fI: J' \ ~ 1= g t 'f\., 17
~ r 1 ~ f é·" Cl.
0 C, l' -._
.~ .~'-1 :J E.~' r;
fÈ'- [t " .i 'k- 'f· &- {<.~• _.
~! '- 2. ~ C G:""
(1):3
[. ~, \-- ( l '~ L r -:
î t &. ~<r;,:~ i ê: ~,., ~.
1: ,f,; 1.. l 1.
!( 01\.. ; g s... ~ [
'" [ ,t . ~'\.O
\t r tu
- c::
:=
J' ,f' 'f E r- [, .~ E: ~ ~ f ~f \
'f f. ~ [: ~ E 'Î. ~ ~ ;; :- ~ (:'
'1
":' .
t [r, t :[
<.-.
l ~ ~..:'5 'h ,.
5'~. 1f
~ ra"'" t.
~
[,
~
[.
~ \ f
li..
t 1-
~. ~
~.::t t ~. t_ ~s: ~
,-: 'E '
"j:a.
\0 ~ f}~ ~ l~f\~ ~fI 1 t.
~. \- ~ E 01\.. { rs;-.f t m ~~.
\Ii:. • 1
~
~f ~,
t
' t' . .• ~ ~ 'ë: .r 1"
,t ....'r. f ~ ~. . f:: c· 01\.. ~ [.'. fc... t
E 'ë:. [ " ft.'"
-.. '\. i" ~ [ .~ ~ ç;. '- 'Ii,: g> <i..
l. f-: ~'. .f <i..
e, of: ",' ,t t'~· r. ,t C <.- "i... ~
N
0\ ~E:. -:E':, [',i~l~iE
';P
ft;;i E ~-
N [, "i.. e, Cl. e, ..: '4' c...
f'" 'f 1: ~ E -. - [, [, .Ji ~.
.....,J
0.. r i ~
t =
c ~ ~ f: ~ r m ft ~
...~
l ~r f i [, [, [, ~ ~ '5 ~ ~ g \-~ f~ ..-
r t ~- ;. ,~E
l 't. 1- 'ii< io le
" r r { r. ~ 1 iil [, (, l t i. ,., ~~
b fi' " 1 '[ { " -
t- ['f, ~ ~' t \É' ~ ~,
-
~.~''f;: ~~. \ ~
Ql • ' •
~. "['~ • • r V\ !-... b" - - g.
~ }
i [,- [,,
~ ~
tl:
- ~ . . t ~. i ~r .1 ~. ~ .t' E ~ .t- fi' l- ~I t!., i h ~. '5;. 'b i t
.~' ('(l ~. f ~. h: cf. ·t f(! (. (
f' E: ~ 1.0.. L 'tA .~ [ v. f t
.f""
....
~ ~ v\. f D
,1> ~ ~ f ~ .[.. ~ l':':"" e- i
~ ~
'E: k<. 1.0 • ç; ~ tC:1'.
5.-~ - e!, 1>-' "'(. • (, (. -...c ~ls.. t
t 'b.. ': '1:: - c;:... V\ 11\ tt·~·-...c
~ r t ~ - [1
\.. - G., • c..
l... ~ ~~ ~ l
~ t. \...,., ~
~c..
.- . ç. 't.
~~ -. \,;
-f. tA:. &. É ~. ç.- '''',
Jo. _
f '" ,.•N [.!-
f ç.~, ~ l~,~
•• , " ~ C 1.. L..- ~ _
~' f t.
s; t
t.! ~!
~ f
'E: r~~t l,tJ·t,fi~ ,~: t~
t ~
'i ~ \= E [ l l 't ~ \ ft' r,
:.; ~ te f Ci'
\~
Ut
~ o l
"II'
'"
N
rc, r.
~ ~.
~ ç;~'"tr 't. ~:~ \.:t.'~. 1;
(,
~
~ (
' c . t. ... .
f
"l...
.tE:
C ~ f f g ~ ~ - ~ G E i [ ~ f ,~
L ~
~
[ [',
~ ~ ~ ~ { et' ~ f ~ ~ ~ ~ € ~
1- t;. E c' .'" [f,
~ E ~ 'b.. . ri ;r. ~" ~ l~
t' G.. t\ tC: tr
t" 'b..- .~ ~. c- ~. ~ ~. ~ (, r
~' ~ t (-
~ .~ Ir L I:l - L \,; l" L'" .t;' • E t. 1
- "l... ~ ~ f ~ c;:... r ~ [c
;.p . - G. \.: i,; -
~ ~ p~ ~ ~ Gr
~ ~- 'E~ ~'1 1.0~ ~t' ~ k
'!l 1 Ir ~ 'b.. ~ 1:.. ~ p l t' f ~ ~ ~ >fi- ~ 't' 'b.. ~ '~l
t. f
L. kt: 1A ,t
~. ,~' ~~ ~ <i' ,t'~: !~' 'b.. ,t E ~ '7 ~
Î1-
L
r t ~E r:- - .~' E: [ r ~
l- .~ c- t: n &. ~:
• - [ L S;-. - E L
t:: G.[ ~~
~.t~t 1: [, - ~ ;10: ~ ~ .- r l' '1 - ~ g t;' ~,~ ~ ••
~. ~. ~ G.. r,
t ' ' f {l 1- ~~ f S- f. &. ~ .~ ~
tf .~. ~ ·
'f
f5 f5 ~ .t: r ~ ~~
r. 0
o
~~-
(. 'b.. \.:
1- ~'l ;~~~ J,r t'" !',1>-' cr- ~' ~' 1.t' [~ ,l'-'_ ~[. t _f. t:, ~.
<? ~ ';" ,~' r t> k~ ~ t. l t ~-~ ~ 1::.
L - t· ~ 1.0 ~ 1.0
t ~~) ~ ~ ~!' .~ E: ~ '~ rt '[ k- ll' .~: :~' i ~t ~~' ~. E .~: ~ l
(
1:~1...a ~4~1 ~WI (j1u~1 (j~t ~~ rAi~-,
~~..h\.llJ\ ~W\ J1u~\ t~
~~t./l
~. • tJWl
~ '1 t./I
'-'!.U JIJ bjI.J ~
L "!
~• .lJI'~
:!!)-lA o6..:if-.
•
t~4~\ ût.......::a~\ ~~
iu~tJ~ty~
~ 1 L, r L.::i.\'\7t \
~. . ~ 1 ~I '-'!}I-'I
•4..u.l::a..
~1 ~.ll ~ ~li..JJ ùlh41' ~ .l:!.la.ll J.J! ~ 4....atA ~~!J~ ~WI J!,wa~1 ~t .li!
-U.:iWl ~WI J~ .l.:l....)A-' .l.l.:l..A I....À.I~ .l:IJ..~:I .ut :11 ,~~ ~.h~ ~t ~ ~L...w....j.J1 ~
~\~ U1 . '-""'"
.. ~ ~ ~ ü\s
-: L\.io c:;,p. "t~lIJ ~
'-r " ' ) L..t.....'J\ ~.
.. Vt./l "J.,-'11 t.r• .l~.. ~\j ô~~
~ l.S". .
51
~
r ~. ~ [ 't.: B: r; ~~ G., ~ r' 1r t 1.
/>-' '1 0
1.li ~ ~ ~ Ir ~ ~ 1c ~~' ~ ~ ~
v .[' , G.
'.[t;. ,t .~
~ t ~- E:~ ~__ ~~ ~E:• ~.~E. (~~, ~h::~ .~ ~ 'iC
ft..;.. ~ ~'~
~ t
- - L-'
{: [ C- I- ~ " é 't.
"ft· p. t: ~ t h : . . .C.
• - <0;.
t t ~: f' " ~ ~ ~E: li t· ~ {b'~ ~ ç ~.
~f f .. ~ fi'\,. - ~f ,t ~ t 'i.
t ·f [,: ,~,
.. G, '\.. ~'~~ ~~~
~ t..t: 'h .ç, . ,~~ t
!~'r ~f~~~-\~(
, f~ Ir. c- f. . - ..,.,..
l 1. l
~ 1~ .~ ~ rn 5:: ~ ~" (\.. È ~ ~: ~~ \~.. ,t 'E
~ ~ ~.. - ) ; . G.,""~' y. II ~,3. .... t
o 1::.'
l ~l' f C: ê'
e- ., (4;
~ ~ t~ &-~ b='~ II- 1- f'L ,t1:' f' \-l .~~ ..~ x\ 'E
- ~_. <êlf. ~~ ~. 'iC
L
~~ (~~
~ttt.-t: ,[ 2; 'b .;- ~ '(, \.. ~. f; t ~. ~. ~ E: ~ ~ ..e ~ ~, G., 'f'
.~ Ë ~ 00 &\ .~'" " ~ Ô t:. «
tJ1
~, 00 G.,
l ~ 1 ~ ~ V
~ . ft' .1:.',' 'E: r \~~ E: i r ~ ~ J'
~ 'f-
~ t
N ~ Ç: '~' c.. .. 0 t t t t,' b 'V ~' ~ c. );' ~ 3 ); . "1. \.
~. ~ ~ l-;' \.. .~ ~ .~' ~.' [~ f '~ ~ L .~ f,f ~:
tf' \,.t tv~ 1;
.J.'i
C-
·t
[.,
r L"
1JIo'.f r r
- ·rb 'ft..t:
\,D\ ,.
. __
,; C~ l l' .......
e. ".'
i- y.
1:...
"b.
·L c· E,-,
1.;'
t.....
t
.r:
.! E:~ \ 'i 1; C; & 'f f: li< - : 'Ë 1:, <r;,
" .,.,.. )L "' t..t: c G., _"l- 1:.'"
t~ ~ ~
t.Ir 'i..• ~ r~\ ,~. 1
at~,
.. - ~,- ~. ~..
-:. ~: '&. 1::. ~. t. ~. ç. ~, ~ L~ 1c ~ ~ G., ~ ~ l t=
Ci:'" Q... E" (. -: ft·
-- -. 'r ~ b : (~ .~ ~l
rl' f.- ~ ·t ~ ~, ç~ f
r ~ ~ f;' ~ ~ ,t' ~ !t' "rs. (;\ E ,f ~~ . D' ~
l~tff l ~ ~. 'b:, ~ E, tf ~. ~ ~ f \f:: l' ~ t;' l ~,., tl_ ~
L- l;.' '-1
~~ .! t
::::L "fl\..(8 .. Ç.
'-r G., - ~[ t..t: Q... Eî .ç,,,~ 1>
t. E: th:: t: L ~
... ~
.g- .r:: ,t; !# ,t' 10', g ~. 'f Ç;... .t lt ~ C- ~. sa ~ - G.. G., f f:; ~
Q) - 't. .... ... ••
~ 1: " . . -( i '~ ~ L- t..t:.~ ~ E ~ f E ~ t=b t 1c 1c ; ~
Q ~'&f ~f ~~
cp ,&; tt. ... J- î ![: ~ ~ ! f ~
~ ~~ ~ -
c '\ t..t: lM ÎI .E 1· -t\
i ~ 't' 'l' t •
rh
~
o ~.~ ~.~ G'[- î.,'
. ., -~,
S:-
li,....
'1:-
E ~
"Ii\ \,a
t-'
e..........
ft tC f:;.,
-
t ~~
b '\
~~,~
",~
~ 0
Q.
r .. r \0
00
r
f!l,,_
tE.f"}L..
~
~ 't"
-:: ~ r~'h _ t:;. L _.....
\::"t,... l E
_ c·ï c·ï en ..... j: l{' ~ "'"
~e. t
~
(
:(2-1 )~J JJ.t.;J\
wUl\ tJW\ "\~'.i\.t.J\:i
.. '-'-.r-
UiJ
~v.
.\ 4.wll ,*",tw'
~ . h..-Î ~ .. \
~ Li>"' • ~I
~ ~ \S.J::I)A~
~'\
V.I.:.l~ . ,*",.1) ~\ ~\~I ~}"i\.
l.J
~
. hi)
~ l):l w 'J ~l
~ ~~\~ .jJ».\
Ji"d"<!. ~\~ ~~ ~J ~i
~~
~~
.t...sl.J.
w w~'û ~I
1.lDl;\:i
.
w15 w\., '~·h..ùl J~"J ~4 ~ ~WI ~\tl ~ ~ ~j tA Œ.J ,~)tl ~I
~. . .-!~.l '-r
-1101\ ...,-
':J""" -;\\4l.!aWI4..JWI
.. .., ~I '-'''\...,....,i'~ (.)A.J
'-'!JJ . l . " ~ 1..1_
,~.,.JAJ'; ~
.l\...Jc.':ll.liI·"
:!!)J:!
53
"
""'~ &:.
§ t \-- J? <i_ (;. Il:.
~ .,: . . ~ ~ 'k 1:': ('(l
c· r ".
\f !> •
~ ~ ~
.~ '~ 't c(. ~. f.
{. fC't !.... - &: ,,' ~ t' 5
g ~ é'" ,b-
r ~ t ~ C. '~ ~ ,t' .r Jtç-~'0: 1.~
i "ir.. :;. ~ • c, ft' t ~,,,, . ~
~ ~. ~.. Ç7 ·t t, ~ ,12 ~~l 'E t \:.
~ .~ b ~ E ·t' IJ= t! ,'t, ~ ~ 1:
• f: F..
f-~: ~ ('(l
{ ••~,'~ G., ~ . ~
",_
f oC:
~l... vt... ~ 'f
' " l.'" G., fÈ' ,~ ~ .-; f;' :-' ~ ~ ~ r
~.
0'\ '- . l ~
~ l _ t: ~ '--. ~ fi .[
fE~'~ .'" tl fi'" );'1 .~
t{
S=. 1>
~-
L
(",., f' '-..
~
. . .. \;~ f,' t;.t;
---:=.
~,.. 1 I"À. - ~ ~ - 1) [; 'fi,. " ~,.- '6:
v - ~ G., ç;- -~. ~ .... Jo. 1 \.. .c na
- ,_ ~ L 'IL J- \; Ir' ,.;, ... ~
$: (.
rf~'
~ [, ~ ~' , ~' 5- l- 1· t;.'
1 ~.. t~' ,'C ;; E \t .. ,[ ~ s c ..
!t • (~ ~ - Ç:. r - - b ~' '. l.. ~
""'t.. \.:. ~ 5!' 1:. -
.~ P'~ l·L._
,[~'!""","ir.. ~..t!::: J,t "ir.. 1: 1. ~. Ei ~' [, ~ ~ ~ "t ~~
C
l
~,L 1:..t'~,"l,O" 4:: ~ _ ~
c '[, ~' ~ i=" t! b"" t ' f ~ ,.,f l.. - 1
I
VI
~
." /': c· ~'ç;- ~ ~' ~ [, ~ .~ ~: ~'. ~~ ~ f; ~ {Ç.~.~.r ~
.. t '[" .~- G., t' .~ ~ ~ t( k!;
0 •
ç.
1.T Ç-;..'~ JI: ~ 1.-: (b~.
!,;,
·t . , T T ~ 1 1
1... r ~ .E .....,~ . Gr...
~.1 ~1 i.1 J~ tr::: ~v: 'ë,~
"~ t-
(
~ "J (t:ll. .. ~t:-l\ Jc.~ ~\ ,~W\.J ~t:-l\ ~~..,l-JI ~)~4 ~WI ..6~1 ~
.tJWI
"
"1 ,,\ 1 . ..i\S.l1 Y.P-' ~~
'-'~ "oP
.-L-:'\
(JSJ ~~I ~~ ~ ~.J.ll\ J~YI (,)"lm ",),...i ~1 ~jlll ô~k .J~ "J ù'~\ .clhl ~4 ~l
~~ ~I wl.ll:l1 13~~ ~ylil~ ~.,l1 tuJ.,Î ù'~ 13),...~ ,~Wl ùl~ll3),...t ~ d~)tl 01\
.l~1 ~ .J~ ~ ~.,.lù ~JA ~ "J~! ~ ~WI 13~)t1 o~ ,~Î b.J~ w\$ ~~I
:~~
,~WI ~WI ",luYI l3~t ~l ~h~"J1 Y~ ~ Jc.\....j ~!,c. r."A.J :~I J.tatpll-l
1:~~ ~~l·o1t. ~t Ù'4.J ~Wl J~ c.J ~~l ~b ~~-'
55
....
[, Ç;.,. !~.
fg r[ r! . t::.I ~ (G»
t;
~. L "- "'C- E::
~ - ~ r- 1..0 • 11\
....
N
f
,t
t- (:';' [: l1 -t
f 1: E
,,-, '6- {' d- E
8t>.l ~ ~
~.. ;:
c· ~ ç ~ [k ~ G.,
G.,
f' .g~ -~.' t: 1;'" t.C t:
t.C
-: li'
t.C
f -~ ~
; ..' lE r-
.
4.SJ.-ll u~.." ~WI .l'~ ~ ~~'-' ,~WI J~ .k.i.....o ~.." 'f'1989 0J~1 ~..m
~~I ÙA .l~ .l~.." ~ ~ ~~I JWI JhJl JIy..a)t ùàbll ~.,ll ~.J ~ J
~A"'ulli ~~ ~'I~ ... JSL4-'-~ ,lA'" ~'I~·-:'''·_\I~L..t)t1
ut-' r-""
.l:"L ....
..r ""~~I.r' .. ~~ ~I.r' ~ ..
ÙA JWI ~ yy ,~.." ~'i .."i 0.l:!4 ~Iy..a 'Y~ ~)tl ü!Jb.•.-'J~ ~ ü\Sy!J\
~~ ~t..::a..J1 o~lil ~...J o~~1 u!Jb....,a'j1
:i.J"'I ,2003 ,~\ill ,.)}ll ~, ,~yJ\ J;.lll 4.c:.~ ,~jiA.J1 ~ JjwJI ,~I J.p ~I J.p 1
,203
.204 :i.J"'I ,~yJ\ ~2
U;..1.lA ,~liS ~J J..!F.J~.;aJI ~l:;.I~l"'; ~I Jt".....'ll Lts.... '~U:. l''~ ,ût.....J li/le 3
57
(
o~ ~)..JI .h.cùl!, ,~WI ~L.-~-, J-,~I ~ ÜA dl,.....~1 ~ ~1..ü...J1 ):.l.w::J'i ~J.,ll ~Jil\
.,. l.o ~i:...:.:a ~ ~ ~I .li-, J-,I.lJ.ll ~..,b W.:l ~1..ü...Jl b~ .12t.i:l:.."J1 ~ ~ ~I~..,ll
1 :~\ ~\ J\JJ'i1 ~1
J:-}Jl J;.!JI ~-' ~lc. ~~ rlWI ~ ~WI Jl,.....YI ~.lit ~t ~ ~ ~Wl Jh.,YI ~ ~
~\Sy!. .:l.:lc ~ ~ ,~1833~lc. ~..)~'il ~ ~WI Jh.,~1 ~.»! ~t .li! '\.J"'It:i. ~
4lWI dh.,~1 ~.»! 4,:.L!J} ~ lA.lluJ ,4.Sy!. 330~ 1900.ti....a t....:a~1 b~ ~ 4.;.l.J\ ~t.......Jl
~ t'!".r ,J.;lW1 &;jJJ .:..!J\.o~1 ~ ~b", 4.J-Û1J ~.;alIJ.;lW1 ~~I .:..\.t.4.).H ,~I ~I c~
.52,53 :i;;;I"" i;;;I"" ,pfo
58
(
~ltij ~ \a.;..hJ uy::. .l9 ~i '11 ,~}:Jl ~W\ y.;:J1 ~ ~ ù\S.., ,u~.)':J1 ~ ~\.c.
~u..
.. ~ JS~.~ I..t_
~ • UJ
\ ~I WW\
I...\J ~ \..,!j , r..r",.. 1....1.- 'I u· .1:.1
.~!...U"'"""...
~ ( f"1930- f" 1916) ~.o:.:II
~
. . . " •. - ~ \1
• '.:. ,\. ç.'
~..,.-.. ~ L~ ~ ~ 'i .:Il....Ais~ 1 f"l.l::ûll
..:.vil! (.)il i),aW! .:I~' J)l:i..û~J û!# S.k. .JoWLi' ~ ~W' ljhJ~' ~ üiy::. ~J
ù:-!\'" C..,!>L '''IJ9.' ~~ ,~Ilii ~I .:Il....Ais~1 ~ f"\! ~\ ~4 ~ ~ ~) ùJ~1
l:ùJ}il ~ ~I &.J4JI ~2
~ ~ 'ill~ 1997 4.l.... ~WI ljJn'i1 J..,\'~ ~ ~ .:I;~ WJ.i\! ~ .l9.., ,1978/1/1
~.., ûl.ll..J1 ~ , ~~ ~.., 3yl..,t ~ Ù"I ~W\ dt..Ai!. ~ ùJb;.., ,û\S~1 WJ.i\i\ ~
2:~lû~~3
,~~n ~ û~4 '11l.\~ ~~ ~ ~ rl-, ,192°/7/3 ~ ~WI Û.l.>.* ~ ~h
~I· '-1\ • • \! ~.l:Iu '11~ li,;;.... '1 l.\'A\ .. Lo:.. -, ,L .IL ~ ..::.\\ ~WI u\S· ..·II ~ p~.~
(j!.J.Y'.l UJJ.JJ . ~ :..J..:r ~ i'''' 1..:lJ"""". ~ ".J-"!>-"
1.1(' ".
~..
tJWI ..:.11
l..:lJ"""" ~
b" u~I.J.ic. .. .J
~.. , 'i
.:Il....Ais~1 C\.:ii.l'1\ 4.J\.ll
.. . ê"'''' d954 4.l..... tJWl
..
~ Uül ~.., ~~ ;;~~ ~ Œ.!ItJ ~ ~l '~.j~1 ~Wl 1..>,*.}~1 ûJ.=..l ~ ,~~i>lt, 'i.ilill
~lt ~\.WI ~y!I ~b.." tiJj:JI u\~ ~.., ,~\lll u.J..):H ~.., u.J..):H .)'1..,.:1 ~
:(jd 2002 'w~,~C'il\ ~\ ,~~I t.......yJ\ ,~I e,;.,..J!J 4.;i~1 ~I.j!l.oaaJI ,ù..!.\.lll wl".kJ~ 'i~1 J;li..l
.251
.76 :(jd ,2005 'wL...c 'ëljjjJ y!Jll jia.J\ ).),~.J ~I JIJ.wa'li '~yo ~i ~i~}
59
[
:jl~\ ~ ~\ ~~\ ~ -4
,-.! r..l..Ill
loF ' J ll:a\, -.!
• loF ~,~,.
,1990 4.l.... ,-.!
loF
~. '\~- \1 ,.J ~~
~y. Y~ loF
- .::\\ ~~
,:':d\ ("r" r. ~\• ô~
.<;. u.
.\
~J., 04/88 ~tilJ., 03/88 ~tilJ., ,~J~"'i\ ~.,-.l\ ~t-...aj.J\ ~ji ~til ~I
t..WI ~~\ ~!; ~~I ~\il4 (,)4W\ ,.1975106/26 ~ tJ)-lJ\ 59-75 "s.J ~
~ ~~\ ~'i4 ~ ~)t\ o~ '''''''l'al \~J ,~.)~I ~.,-.l\ ~t-...aj.J1 ~ ~\
1.01/88 ~J ~~\ ,.pyJl lli"" ~I ~ 41 J:i...)'j ~"".ll\ wÎ 'il 'c*""'l ~I~ ü\Sy:. JS,.:.
~: r.r'\:ill .,........
.- \\\ ·~Wû'i, ,4.1....
,- t'+"
(.S"'-' , """"'i u.;:a.!)A:!
.L \ '\--- '\ ~~!>"
Y!JiiiIW w .lil~
:(1992-1990)~i~1 ~~
J:J.i;- .JJ.llJ., ,~4'j1 4lla ù'lb ~ wc- ~\l ~..P- ~ ~yJ\ o~ ~ ~y:;J1 o~ üJA .lil
60
(
J.J~ .;ya"J\ ut~ ~ ~,(4J,,\.lJ.J\) 4JfoJ\ ~\ ~~ ~ '''''']' ob 4-\ ~ ~ LoS
~WI ~.!>J!" 0fi),il1 ~" ~ ÜA ,O.l;~1 u~\ ,,' u4lh:l.J!" ~~ iJ.>~1 w.,llill
~ ~..mll .l:.UlU ~ ~ J,,\ ~40. .:W r1993 ~ lAt ,4bUJ ~ ~I û~1 I~",~
~I ~ J.lILJ!., ~1 r1993/04/25 ~ t,;.;.Jl 08-93 r!.J ~~I ry.vyJl.,." ylP.J1
'iJ.>1+:J1 w.,ltill ÜA r1975/09/26 ~ .J.lL...J1 59-75 r!.J ~~I ry.v.;J~ vl+:J\ w.,lti
r1993'iu23 ~ en.JI 10-93 ri) ~~\ r..,....;.J4 ~\ .JA ~~U ~~\in u4ll!J
~ ~ ~- '1
.. ,.".......
uUJ...Jl Ui- ~
.. ~ L!..l\• \- 4..•.•:l3.r-
I.,S""-
'1 .l:. L.! '1 ~
:U""-'...,.......... - 1:..: 'i :ùl!j ~~ - ·:\1 ~~
::dl ~ u..:aWI
~~
.. .l:.L!..l 'i t ~
.L_ lA u~'
.. LI ~ ,L-:\..J.c.
(..JA .... "t-' ..:J
~·~.\I ~I
!JJ':'"
_.\.:.~-: :L~A.h~~
• ~" ~ . -r-: ~
61
'i·r~ ~
~'~~E
,..
~~T
1:'. r ~.'
~ E ~ l' 'fi. e ' . (. . \;
t: -, ~ 1 : t ~!
'f ~ .~," [,
E ~ :1. t
fD \ ~ ~~. -.:;?
'Pt.
~' ~ ~'~ .~ ~ ~ ,t'
t' f ~,1;' f~' t- - l
oc : ~ ~,(;,. [. b;: " 'oC .~
lA'·
-\;. t ~ ", ~ - "
~ l. ~
~. ·t' ,E .[ [ t '. t
t~ ~,
,r;- ~. - i: i·
-
'fi., 'ï.
- E- 1. f.~ ' Il l '~!::~ .~"
t:(;,. Ci>. f· - E - t.
t;.t;'
f, tE - - [,
Il -...Et:..:~
- ct "1, l _ ~ - .: t!
\;t. lk!': t;:~'
- f (;,. t:r
( . l ~
IX [.
ç \ '
t:
1: i 's. l' [.
~ 1.;- ~
· '[.
d-" 't[." t 'E - ~_L. ~
~ f \" 'f" ~ _ - - ", {. ê: . iC ~ f
0\
N ", : fI ~ .~. ~ t t Ife v. r{:
f ~ g n 1· Ife ", ~ ~
~.
t ", l'' Il~'~ ~
, ~, f, f ~ f: V. ?: :1:
~, :2 ~
L L t.C.~ ~ - ~ .t: (
.&:'f .~,. , Il-
\f- ,( .,:
'4
F ~-.f 'fi.,1. C
-: l ~ ,~
~ li' ~ - ~ E ~ .~
, ~ 1:'. G.. E
t
t:;-"1,
-5- ~ ,E ~ t I:l"l.. t l'
~: ~\ - - Çc. ..... \ oc f. -: ~-
· E c, 1>' ~ li
ft·f ~!::- t=E ~' \,..t:
·t \;. ·t ,t: G" ~ ~ f' ,,' ~~' ' .t:
t , ~
"al;
f f,;; E 'f E t ..
0\
k!':. G,
t.[. G"E f."
~." i ' 'é ~ \,. ~ "' ~, t
't, ~ ~ .~ ii
5f -
t:
,'1.;-
r;: E .~. fr '..: t:
c Il
E i:.Ec.,~' '~'4"t ~. t t ~~
~' ~. ~ ft t~t Çc. t!
.....,;..~, '4" k!': '4" \~
fE. 'fi. fl . r:-
t ~ c..~'
__ ____ _...-
~
~._ ~_ l~ ~ t__ ~. ~.• t
(
~ \.
"t-'~bl ù'IL§~
.. '-' .J ":il (.).!
".J1.l.....:. ô~bl• ~!j l û~
.. !.!Jl\l11 ~1
•
65
.J~'J\ J;JUw:a Jp.. ~~~ :JJ'J\ ':'''}<J\
\- I.-:.C::à ~~ • \.:..lI ~-II . ~ ~I ·.lJ1 ~ . ...b.η(.)A.J ~'il (.j:!
~..)~ ~ ~
~ "t-'~ r'.Ji-l.." ~ ~..,-!r'" . ~ r- ~
~.u,~îJ r'fo ~ '.J~ &\:l.." } .!lfi.- ~ i)o .J4SJ1, ).i.....::i11 ùJ..fo.l..J\ i)o Jt~)11 ~
ùA ~~.l.Jl ~~I ~b)11 J\S..:.Î ~ts: ~ ùA\:ll1 ùJill ~t.J ~ ~I ~ ~\r\ 01\ ~.;e.l:a
..)jJyJI ~JJ.1.." ~~\ ~ 4:! 4.vLw:ul!, ùJ..fo.lJ\ .J~ ùA ~~.lJI ~ r'jlJ ~\.S~ ~
~)1\ f"""'il Y\.." Unit-Trust ~ Î~ ~WI y...rJ1 ylic.Î ~.." ~~I ~I~ ~ ~..;.,hJ
1 .r'~r"}i\ ~ ~ .J~"i\
~
(.j:! ..)ll....::JI .J.
ts.:iJtJ·
. ~.ill:&..'i1 r'ij ~
~
1.ill:&..1 ..,-
,~ .J~'i1 (.j:!
~..)~ .. ,~ ~ .ltu•
~~
ùA ..)..)c. .li.Î ~.."ll ud.i ~.." r'1810 r'1.c. ~j.." ~\:lll JWI \J'IL ~Ij .J~'il ~\.S~ .."Î,W&.JI
~ Ù#~ 4.h....~ .Jt.ill J~\r1 ~bl ûtsy!. ~~ ~l ~!J:i.J...." ~~l ë1.l:!H ùJ..fo.lJl.J~
2 • ~lw::.~\ JLo.c. i
.!J .lJ~I,
.J ts.:iJ'i1 ~...,-~ ~1i..Î!J..
~:VA\rI ô.l::l.lJl ~tJ'iJI
..!Jo' Il
'-1"'. .J~'il (.j:!
.. ..)~ Ô·C::à
~ ,~)'iî;1 ~..
~
~ 200 L<L.
~ !J ùl1392 .J-'.
.J'i..) . 6.:ii r-_\ J~.L ..))~
:..r.JtA. ~6... ~~ ~,,~1ôbts
"':V
.t -
~ I..j ~l
.115
:w-' ..,..-~\ ~~v~1 ~~WI ~~I ~\.wJ..)JtJ .)1..J:i.....'i1 I.!:fJ~J ii!l~ ~I.)} ,~....,.... .:u.:....
2
.221
66
[
J!I J~t ~4H "",~19~Y\ J~'JI ~~ .l~ ~1929f'te:. ~",d.,ll &lj ~
1. J'J".l ~200ÛA
~ (j.lll J~'Jl .:!l\S~ WJll! .l~ f'194Üf'1.c. ~'il'b~l .:!lYY.,ll w~ .l!"
f' ~t J6...JI,.ü3
. \".- ~
\- ~L ~lll U
.t ~ j ,~\.ll
!'1 ~ l'
~p ~.
.. UA J ~Y\ wlS~,,_.t:..~
~ ~
\
tA.l~ ~ ~ ~~I ~WI y.;=J1 ytic.i ~ ~..;-aYI o.l=t.lJ1 w~Y.,l1 ~ J#. ~ J~'J\
~ f'1%6 f'te:. ~" J'J:JJ J\!k 4 ~1? 4l~i ~l....a" 'J~1 ""'~ 352 f'1947f'te:. ~
2. J'J".l J~ 50 ~~ 4l~i ~l....a tLJ ""'~ 550 J~I ~.l~.l~
""'~ 5655 ~ f'1995 ~ ~ ~..;-aY\ o.l=t.lJ1 w~'J.,l1 ~ ~.lUI .l~ .;,bJ .l!"
' ...L ..
UJ:!""...)J
5.52 LI
~~..,-
t. ~t
-il....a ~J J ~l,u
1..,;..... 7314 tA.l.lb ; t. 1998 ~.i.J1. ~ . ..:!
.;- c:::;-: f' f' .. '+' ~" J ~l
~l....a ÛA %54 ~ J'J".l UJ.jL.Ji 2.9741~1 ~l....a ~ .l! ~YI ~.l~ ù~ Los: J'J".l
~1 .l.:J W.;3 Ù 1ÛA rè-)l ~ ~.lJ,.j" U!-aQ J~Yl ~.ltJ....a ~ ~\S W.j ~"
.1.
U:!
L
WJil.S~
" \_, ~I ti;,!>"",
~ ~"
..\\ ~I '-li
' + YI
'. J ~'JI ~
.. .l~ ..,- -;tl ~.J.il.J1 Jlj.lll
. ...9 w1i...l ' #
~.l~ y...,bll ù:!l!,ill ÛA ~~ .;I.l.4H ~Ij,ji 4;".!Jill ~~\ ÛAl! ~ ~ji.i.J\ J~'J\
.l~ O.l\:) ..,.lll.S.li ~ ~" 'f'1988 f'te:. ~~ ~ ~.j J~ 1500dJ"I.11JI 4l~i ~ J~'JI
2010 '~~ï\ ,~~\ ~I ).l ,~\ ~.lil:.r...o ~ y!.t;..ll Ji- J\..J:â,.,lih~ J)4.. ùJ.>.-c.l
.67 !'-J"'"
67
(
~
.. J~ ~l:i..~ ~.!tl .. Jll....:J ~
.. ~ J ~'}/I ~ ... ~ WI Wt1J1 ~JW'
:UJ 1._'" . ~'}/I ~
~.Jol-l.J J
.. J~
1. 4!),...ai ~...J.,lj.J t Wl., wJ.)i ~ ~Wa1i1 ..ill.lS.J ~\:lll JWI W"'b ~I~ J~'}/\
~J '!>-t.J'-'l ~..ill~ ~ I!.IJ.mî!, 1"1950 rl.e. J~'}/l ~J~ ô~ ~Wl ~.J
J ~\ I.>.:!
.. J~ J!J)rI ()"'"
ç.. ·!'I,~·-:~ .'\
~ J
~'}/I ~
.. J~'(,)A 0P.JJ
. . L.o. .. 1.:.
'+::!" ...Jt-- ~'J
,\1 0. wWI
. .. 'J I.lllA&
:rI.J
~)rl ~I ~i ()p. ~~\ 01\ (..)4"":" ~ ~)rl ~J~I ü1.S ",.;-JI ~I ~ \.i
0"''';''0 lAJlSi w1.S,&~ 20 ~Ip.. ~ ~jj3'J'J.JJ ~ 830 (.)0 JlS4 1"1995 rie.
4 • (.)-I~l., wJ.;)rl., w~.J y.;Ull., ~ ~ r+"")r 1 J),...ai ~ J~
J).Je4\tl c)4i w1tll ~l \. l~î 6l:i. 'fi~ J~ '1 ~ -ùl ~ r!)111\ csÎl .):allLJ
J ~,~\
.. .. 1.S.J:i.}Gi'J..
bl ....
~. ~ '-r
I.....l' . ~ 6l:i.. 4.l.!aWI '-'!)'-II . ...! J ~,}/I I.>.:!
"1 )rI '-r .. J~ tA.,lj
~ ~
";ll
68
(
J.J.ll1 ~ ~ ~,('1985 ('te. ~~ ûi~ ~l ,~I ~~ ~ ~.l.,....J1 ~ ~JC- 4.l.J,j ~I:i
1"1995 ('te. ~ y~1 ~ 1"1994 ('te. ~ ùkc. '0J..H1 '~~.J ~jll ~ .lie. ~ ~..;JI
1,('-1991 ('-le. w.lJ)rqJii.~ ('-1996 ('-h:. ù~ ~
.. , ~, ..,-
(j!)J
. .-! t.~~I! j ,j1\~YI
:.r
ûl.!P"'.l.o - • __ -:,
~ i.,p
\\..0 ç. te.'-'"\.~L
'f-l • .J~'::ll ~
",j~ ù !)l'-l~:'
~
A~I ~~..
.• 1.;;-: .t:...l
re-:- ' ...~ .ll ûlu::.
.~!j û-l....,..........
J I.i!! jUWI
.:>' ..
"1 ~1..l::Jb..o 0~ !.lI• 'T
(j!)J - ~ 0~. ûl~:L ...
-'"0""1'"
-,,\ ~ UA
~
. UWI
..
~l ~ ~.J ,ûtsy!Jl .Jl .J~'::ll ~.l~ U"-'-"~ '-i~n ~I ~ o,j,jW4 ,j.Y'-:l I~.J ,.;l::a~
û);~1 ùC- ~lill CLV)r\ ~ ~\...-.\I ~~..J ,(ûl.l.i...J!, ~)r\) ~WI &.,YI ç.)y!i.J
o..)a..joA ~~I &1:i.J.Ji ~fi....a ~~ ,~I ~...»P ,jJc. ~ û.!>i-~I ~~.J::. ùC
~\., tc.4l=J.l ~I ).l,~ J ~j ù:H ~"il ~~ ..,;. .)l.t.Uw"J\ ~Uw:a ,~\.,.lll ~ ù~P
.55 :(.}4 ,2004 ,~ID\ ,~.J~ ~
~I.w '~"i! .;Sil! ,~..,;. .)l.t.Uw"J\ ~JUw:a ..û~ ~J U'l1.;ïJ ~ ~t:a... ~jJAl ,~, .J:'Î ("1.....c 2
.75,74 :(.}4 (.}41997'..)-'AA,J}JI c:.j.,Jl ,~\" ~\.,ll ..)-'AA ~ ,)~':II 0.l.lu..... ~~.lÏA
yt;.:. t-j.. ,~'il J~I ~ "" J.l;W., a..1>t .)W:i.w"J\ ~\.l4oQ ,~I ~t ~ ~ ~ ~t 3
69
~ \, i: fi- <i: . ~, t ~'.
~
Il) 0"" ~ ~ \- .~! \~' ~. fr ~ ~ ,~
en Il)
~ t
::r ;::+ '~ ~ f. . [
:r Q)
t {;;, ~ç C
- "i.' 't- ~.' «t: tï=" c;.
cc c:
ô~ Dl ~
~ ~f
i.,....
;..... Ç> u
~ fÈ':~l~
E r~t
, ~Çft'
t1 ~
\0 ~ ~
l', ~ - -' ~
_ 'f - ~
- ~,~ ~;;-
~ \..
0\
\ 0 -_.
. ~ l: .".. 'r li. .<l'- [.
"0
.. <
CD
1. ~'
l "'~ 1\ E
00 en ~ ,t l.. ,~ ~. f l. k': r. 't t
3 E E ~. i f tï="' •
fr f fr' \-- ·r
CD
::s - - G, • '::f ~ ~ f; ~ ~.
C
- t
\0 ~' k ~ "i.. [f',r .[ Il Cf; .1: '"
-ë' e;;c c..
«.L l'; v - I.:D'" 1>
t ..
~ v - ~ "b.
c. ~ ~' ~ f r c;.. {;;, I.:D'" tl '
en -
~'l. r,. ~ fo' là .'
:;
Fr }<i' ft
~ ~
-....l 'E L
....... ~
ffc- r 1;
0 CD { t
-...l 3 \., •
r \.'~--~. "ë. - t
l fr'r r ~. F
~ CD ~ \. t;- 'b. c;., .:'" f - L4 - 'f ~
...... & ' - <i' ff".....~, ''k• ~ L'- (,,,
G!'....
-...l
-...l e;;c Co' c-
ca::s E f' - 'S, :- f €
cp i' - 'E:' -~ - 'Ç" t' - [ ~ ,~ • -. h::
~.
:; l. G,
~
~
"'
~
~
ti· "i."
. Q:
F~" . .!<.
c.. <i' f . t-> .~.C"
L
~ [
CD
-. t"
~ ~
Il)
f:
'3 OC fr t ~ "i.. f [, Ç;. c: } fr .:-
ct
0 <i'
'E~ .~t 'f fr~ ~
l.~
~
'i-. l'. ~
'f' 'f:! ~
(. t -: \..~f t_ lt'
r l., e;;c
-
{;;,
~ f,
~. -=... ~
Il)
<tf
ft' ~
~ ... l.
.~.
Il)
~. lb. l t f
L L i;f; r
iI!! Ci~ \- r ~.f ~ ,t: ~. ~ E.: l. ~'
c;;... 1.. f
t f'
~ 2 ~' ~ .f. , fr E «. fr l. ,~. <t.: î' ~ [, ~ '" <:- 5 t..
n
g 0N ~ . '
~'~ "!
-~. ,t -
t f .- ~ -Ji; "' ' --.,' c' k' .E
l b- 1, ' ,{'..
"0 •
t o...,
Il)
~.
...
, t ft' [f' .... ,~ Cf. ft . !;; t' g
i r 1>. f b ~ t ~
'r' '\:, f {; . i' (: ~«. t: ,.,~. f.t~ l·t l't.:
n ~
g. ~, .~t
• "t;::.
rw "'""! ' ~!r.['~lt~~
E~, , ! _ ~ r. t _
.,..ft
'§ t: '~tt'L(
I.:D'"
E _ ' [. '-..:
- - '\ '\ '\
t-
(
t....o wlSy!J1 ..ill:l ~~ ("WI t \..bill wlSy!i "'~ ("~ ~yul ~~I ~ (JodWI t \..bill (,$.ll
~î t.} ~~~t ·cilti t.} J~"il ~u.. J\i..~} ùli~J ~~l ~ ~k} r.gl! 'i~~
ÙA ~ 4.:...,.;h.J1 wlSy!J1 ~ wl.ll....., r+-"t ~ ylb Jl:.. ~ J.-; 'iy'Gll J.,...JI .,i J}JI
.tJWI "1 ~I
.. '-'!)J ~.
\... ~I'UA ...('III.....I.lWI
~
.. ~u.....J1
. . '-':! 1":";;ill~,~:U~"il I.~~
(....J.lAoI:J "t-' t--\.
~
t~~I~i"'~
.6J~
. \1 (Jod ~I L)lJ"'"
.... L ·(jC- 0"6
~. ~
. 4.iJ.L.
~ r--
_.:. ·~~\I J.llt..A ....,--:::-- .. ~\.l......o rdW ./
-r J l...ùl...."il '-':!
,<À,À';""; . .J
1 ·.:.i ~I
J ~"il '-':!
.. ~\.l......o -r . ···::~·\I ~I~
. .J (J-l~ ;'~II ..cl~
dl ~I~. ~~ t.WG• ~ !jC- J
~"il ~
,-;',,\.l......o ...... ./
t.Jbo-I
t~WI JhJ~1 ~
. t .JJ.lJ. ("..Lill!J J l...ùl....1 '-':!
û:!"" .. ~\.l......o t.!JG ("..
~..
l1il1..cl·:.I1
~ u--;
..<.,.::..u.:....cl.
.. ~
dl J:;...lll ~L...-
J ...,Ai"; . /
~.....jJ04 (".:r
71
L t; fi!. L
N i \f t'~' 1) ~ '"'f
Ul t:
~ h 'i' ~~ t: ~'",.'.}. ~r ~ .,.
~
~. ,t:. ~ ~ ~ fr - ~ 'f E; ,t ~,
~
E li» 'i .~ ~r ;;.'6; ~ Ç... Ji r ..c [, tir;: LF
N ç. t ~. c, '"
i '" r ,t' ,C'" ",
1\
o...... n " .II, "'" '" =J; ~ ,~,", lb , ""'"
P (\ -""'" '\.. ~ ~ \ ~\ --.
o
..
~, ~ l ~ ~ ~, E~ l ~ ç ~ ~ ~
,"':
I:i. 'i' r.:, [,
~ _~ , Q.
1..:: ~_ ,""t-
b
~f ~ ~:.'~ F~
'g %'. ~f t~..
~
00
i? ~~. F 1.,::- Q. E t. fi!, f ,f>:' '
Ul
~'~ '"'
- r t.ç.~ r~,~[, L~ € '"'
t ~' 'fL r~ fL \7 ,,",[ ~ 1 ~ ~ f ~ ,[: cr
~
ï '"'
Ç:...
b
t>,
Er ft_ t ~ ,.
'
t.4"
~-
'" -
_. t' "n fi! ,.
''"'
\ ~
~ i &:.f E t ~ ,t' ~ ~. t E ,r [ \,. ;è
~ r
~' t: ~ ~~, 'i'f ~, ( ,[ -L - ~: fr fr
..f: ~
'i . t,) '"' Ç: 0'
b' ç
t::S
f. ~'
c: Y...t 'tt' ~ t. - g ,~ F F
\.. L 'f fi!: ~, ~~! ~ c· t.4 00 r..: ~ ç;~ fi,
'7t ... ~
1-- - t. . .;. . \.;. fi'
%'F "., ~
it' {
(0
.~ ~ [~ 'i' L ~ ~ 't ~
1 IIC:!i-:- ~ 't . . 'i' (...
.
c.t;'
.r;- {' ~ ,[ ;- ,t' L \- ~'1: t [
.r t=" 0
...,.
~~' fh t'
1..t.4" ,.>, ~~ "-',. [ ,~ frt~
9'
..~ r..- ~
-. "'" E ll>. t: .c- (;"" 1:::.. s: c·...,· -t- ~
f •. ~. c;;' . -" 'i' '"'[ -- r:.. - r, ~ 9' t t"
~ '~t ~ '[ [, tr ".. '_ ,t \- er. ( t' ~ ~ ~~. 'E k'
1:::.. ~ '"' ~ fi! ~ E 0' - ~: ~ - (O. .[ - a..
t.~ ~ if-
~' . '= Ç:... i ' "'l' 'r &t' ë.r ~[r' %: ~ &: :t' ~~. ~' ~ .(.
u - ~ - C·'~ - 't;
~., f f ~ [ r.,' -1 L __ ,t' -t. Lfr ~ C:
-!t
s:l '-~ 1 f- ~[-,
~
t- ~ .f
fi!: ·r : l t ~. &,~. ~ i' \. ,~.E k' ,a..[ ~ ~ ~' ~ t..
[ N.· .':
'='ot U '" l' Cf,' ~ ~ ,l! •- ['",~
} ,l! C: - t - ~ f? ~
~ ~Y 'b ~ l' ~: ,~ v. ~ft ~ fr ·t.' %f' .~' ~~
t:: 1: ( . ,é
b
(~. J'~ ~
1.- ~' ~. - f t' ,f>:' l' ~ ~. F f
, ,[ ~ ~ -Ë
{ l' ,~
c... ~. ·f " 'E ç:- L 0'
'i... 0'
'"' ~. ~. c 0'. '"'
~. --
l,
t-: ~ '~ . -
r-
- c·t' b_ r '"' t f.
No '1::.,. '~ ~ ~. ~ 6-- r ~' i 1: ~ ~ , ~ ~. ~ ~ ~ _ .' _
'r t
(
j\ ~~~ '1 ~...,--
~~. ", ,.! ~.l:J1
~ !j
.'t.o.J~\
~ :.r U:JL.
Ô"~ :tJ.)w....J1
~ ~ . !:\I
ô~Y" ~.)ll.....o Ô
1..3::! '.< _.
,b,1.l; I.....Î....::I~ ~
:.r
1>1\ ~ ç.\..JJl w~ ~!.;rJ ..::.ufil 4.1~.) u~ 0A 1953 ti....a ~ J.,~ J-,' ç.\..JJl ~.Jt:i
J}il .âw.ll :yl~ .ll.t. ~ ~U:Jll>~ r~'il i:;l 'il ,i).I~l iJ.>ill Oc w~l ~ .ll.t. ~.)1l...~11
:yJW\ J!,...a'i\ ~ ~.)J w~-, :yJWI t.J~Î ~-' lA.)I,lc.Î t U:i) ~ JWI ùJill 0A
;1 ~~ 1953 ti....a ~.fill ..;~"11 ~ ..::.u.fill 4.1-,.) wL!J1 '-"'.ûc. (jJ~1 wfol w'jÏJ....ai
~-' ~ ô~l ~.;a.ll w1JLo'i1, ~~ ~ ~1 ~Jll.....o ~~.llyLo-, w~.] J1 ~ ~
~Wt v~l ~ ~b ~ lJill ry.al.Jl 2J.foll ÙA w~.. ,,,;\\ 4 À· .,;i4 .ll.t. ~Wl j~\
&lll ,~'JI JWI V'b wl.S..?"-, ~..;WI V~I Y,.po:l ~1 ~y u);b'il ô.)~ wl.!U:i1 r~~
.liil\ J.,~ ~jlJJ ,~.li:i r-!)\ \1\ ~J ..;"1,J.l ..;~ 3860 ~.)1.lr..c:J\I>1\ wb"p'-.JA ~J
3. 2015 r te ..;"1-,.) wll~y ~ ~1 4c-U:i) J-,~I
4:~ Los; ~.JA ~~i ~ \i!-, r-lW\ ~ ~.ly...J1 ~.l1.lr..c:J1 .;:64 Wl.! r2013
~\.::..,JL.c.)r\ ~bl ~ ,ol~1 ~ ~lo 4.ll....; ,.&.,plll <lIJUw:a.j ~Jt;.wJl <lIJ~ ~IJ! ' 'SolI....:. olYJ 1
.3 :~ ,2009 ,~ ,~
.4 :~ 'ë-"yJl....i.i 2
.5 :~ 'ë-"yJ\ ~3
.4 :u- ,2013~ ô~1 ,~UI ~I ,~~I :yU! ":::1~l..:aJ:u,... ,~t;.wJl ôJJilI J;I.l\lw;4
73
(
~b"p--."..J4 ~.)~, ~.)~I j:!SÎ W\! ~~I ..l.§\..:ill d,,~ .)~ ~ ~~l :J.J'1.1 jSyJl
. .)~-'.) .)~ 160,6 -ù~i 4 ~~~I w\..o....i:Jl ~..,.il d".li.w:J\ ~I :~WI JSyJI
~J~\ i~\ J:J~ û~ (2
U4.1·1.4.~...lJ UA
'- ~~ I..S..P-..
. Yl ~Wl ~\~. -tl '-
~ UA
a~. wc
'- ~:A.I
.......Jl ~~J-'"
!~tl ~
".l~ ~
. ....
l_~_<l ~:<._l}~dl
.........,......- ' :tJ-'..J""'" ~
,t ~
Û
'- '-r
,~ ('+"'1~L~
'-r.)
~~lLl
~~
\-.
l~ r.s- . :!.j ,ù·_\l~b
wl;u ~ .. tj
,~
'-r t.Y
Lat ~
.... ",ù·-II
~.)
bt,~~I
'-r
.. !.~\I·L_I-_I~_II··
~-e-:-~ ~ UA Œ- ~
.. ..l:alli.:a..'iL~··L
. ~
4.-~ '(.)"..lL.J\ ..ual\ ,\,foJ..;ij JW ~\l.ll.....t:ii' ~ ,~!>ll ~I t.}ilJ ~J~I J;Jllwall '<.i li ~I ~ 1
74
(
~till ..ill.l ~ ~" ~..)4ü ~tsy!î ~ ~~I ~L.......a).J1 ~b ~ ~L.......a).J1 ùf:. jJ<lÏl
~
.. !.iJ.J~1".lUwa·
~ (JC- '0vLe.
- . -À
'-T- ~-:\\ ~.lu...J1
.... ~".l1.l...::Jl ~L..ill~
_ _ . .1 ~\,
i...J":!"'.;..o 'J (.jJ~\
1:~ t4 u\.l.\\rl
!·I.).<Q
~ .~
<.r o.l1..:J1 ~WI'
- (JC- WWI
- .. - ~6.1\ ~LA.lt..Al1 ~
~ .L.: (,).<1
. 4.....WI :trl- .11
!) 'J""'!J
.l~""':il ~b-
..
lÛ~l.....i:J~
~4......l\.il1 .. . ~. ~
JU:0U - .11 .J~.lYI ~
_.1.:..": (,.)J..>"'"
.... L (JC-
· Jb\rI'
.. -
'0 .~I\ ... dJl.lc. i~
~ 'JY" é'..J..t-l . ~
.... ..
f~.l~
- ~
.. !. '1 r:::-
• Lli ~I.ll.w::a
!) ~
t-.l1...:icYI (,).<1 . U::~!I l\:ilLU .l1l1
- I.J:!-III.I.I!..F' . ~
I~ I.).<Q é'...,..u
S-~Ni1'"~\ù~i ûu.~~.l,)!F- ~
~~
.. ~. 'JI'J ~.l~""':il
.. ~I 1 1.>1..,.......
..~.!>:I .!. -.-:\ obi ~.,r
Hi"
.. :l1..l..-U ~Wl
l~ u"bhJ1 . ..! JWl
_ '-tr p' u:?-
V'!>' L \'11. L"
1.>1....,..... r1~1· ~Il ~
Y"*' .... ..
.~.l~1
.. !j ~b
...... ~I"
~~1ul.l.\' ~
......
r ...
t~(.)J~1
'J1.:.. c)! ~LJ:i1 ~ ~1.i'il9 ~l9l1 ~ ~I c.::a~~1 ~ ~ ~l:f.wJ\ &,.,;n rJ:tJ~ ~ ,~~ ~ 1
!iJ"" ,2011 'Y'!P.Jt 'Y'!P.Jt ~~ ,~.J .'l..,i:l ~ ,~l <...~t t').Jt ~ ~ u.!;jiS.'l :t.:....vl=at .j3l]:!Jt
.102
75
(
.
(.)A .l~"':ll .J ~I~ ..'1 .
~ ~~ ~
~ ~ ..,-.)~ !j
1 1 4..Jb
~
~ ~ ~ ,~4..J.lUI
~..,- ~ ~
~.l1.l....:Jl ~Y
~
~.ll u"
""6-lII ~
. ~~...
~ .JA .)UL....~I J;.l1.l,...J ~)I u.lf.ll ù t wp- c.} ,ûh.lU~ ûb1>:'i 1c.} tb.;LJ1 û4liil1
~y (.)I~l clvi
.b\.!J ~ ~..vLJ1 ~\!)I ~ Â..i.)ti.o Y ~.l~1 J;.ltl...:Jl .b\.!J ~ ~..vLJ1 ~fi:J1 ~\!)I
i .)UL....~I J;.l~
Ju:a..Slî ~ ~.JÛ(1
:U! ~
.l.l' ....':-:.11'
(,)-I~ (.)A
b..l/:::. . ~ 4..J
~:V
~14..Jc.
.. i L~t.,
:j
,- .b--:\I
'+' I.S""" ~ ~
~.l~ Ua ..
~.J
:
wL'il ~_-:tl
~
ùl.S Î.Ailc. t ~'/.1 ,.l\c. "Jl~ ~.J ~., .l:! ~ 1949 ,.Wl c.}.b~ dJ~ J.Jl .ll.J
ùi ~y.; ~l ~)rl ~ ~ ~)rl ~..,.b ù=!lÎ.A (.)I.JSjO ~ \ç.~ ~)r. c.} ~\lJl ~ ,.ji:l
..,t «Short Selling» ~ Î.A .JA.J ~)rl ~.J ~jl.J1 ~4 ~ ù 1 ~J ~~.J ~jJ
,. I~\ ~ ~
.. Y. ~~ ..,-
,~L ~I :0 .l..uul
'+'.!.>'-'I .. .. '-
~
.t.! .. ~ ~ ~
'-ti:i...il \".-1.J-Y ...
Ua· :oC' ·'1 i
,- ...\1
~ I.S""" c:;::-:
~Wl ~)l ~ Î.A .JÀ.J ~}jl!"11 ôJ.j\! ~ ÙA >1 lJ.j\c. .)J:l ~Î.A û!,~l c.} .)~ ~Jj:8'J\
~ ~\.c. IJj\.c. Jh:l ~UL....I û~1 .l~'i J;.l~1 o~ I.PJ~ ~ Ù"" .)UL....'/.I û~ï c.} .)\S.'i:'/.~
76
(~________________~~'_4_TI_U_~_'~~~J_U_~__~~_"_\_~~·~~~'_!':~~~~_~_\~J_14_i_!\~)
rlW1 ~ 1I.)~..".J1.b~1 ~.)~ ').'lC. ~.J .):ah\..J\ ~1\ ~~ ~~1 .)~l ~.,6..a., ~~ .):ab..o
~ ~Wl ~\,.)\tl ~t (.)A .b~\ ~.)~ fo., Ji.,.) ~..;J 1.3 ~.)j ~..fo w~ ù'Jl10
·rlW1 ~
l:lI~1 J;J~ ~3
~~h~'J1 ~ ~I =4-ï~1
i~~ y..~ u-A\b.l\
2:.b~\ ~~*(4
~tbUJI ~\'Jill y6...t-b ~~\tl ~..hi .b~1 ~.)~ ~
.~~~~\~
~
'._<. Ô,)le.:j L_.L. ~\I W:i.....'J1 ~
......~ i.F"" ,) .. !J W.. ~
, '._<-: ~I"
~ ~
"'JI ~.. ,) ~'JI .4A';...... ~l, t.r
~
,.)t
~
..
1 ... ~ ~.- \1
~!}'-iI I.,?' :U""'"'
'., -<-:
u..7' """'., '., .~-: . ·\1
(,)I~ ,)
li....:J ..)"-"
.. ' ,)W:i.....JH ~.. j~ ~
·~l ~~ ' ..<\ ' .:.l'All
~ ~
•~L...a.i. Jb..:i
httpjjwww.My.mec.biz.~.p:m ~..I~ li
77
\A~~ \A~ JLJ:i.w.':i1 J:!JlJ...g elJ.it :~1!U\ ~,
4...-t:.. ~
.. • Glj (,}.!
.. .ltl....:J\.UA .i tl!Jo!·t!j ~.uli:lil
l.5..)=i- .....J~'i\ (,}.! ·i .l.:a...l ~ ,o·L\.:...Jl
.. .lt.l....a tl!Jo!... ~
~..JAUI ~I ~ :~1
•.lAA,'~.J
• (.)p.jJ
• . li ~
i.S"'.
. . ..
~~..,l-,i Â.:v~'il Gb.::...,ll ~};/I )~'11 ~\.a.lj .l~ -uY ,~~ JLo (.)'lb Glj i.5:!.lt.l....a ~-'
W.lb"
.. ~ l UA "'~-\I
' t..}J '-" ~ ~ 'i ~ ~~I
. . . l.5..)=i- ... ~~ (I~I)
. i t..}J .J • <!;:!Ll~ . 'i .J~'il
1. .. J.lw:Jl -, ·.Jl .J::. • ~ 'il .. ~ 1.....
W ~Ü"'i.T ~ .• ~
wè. 1..0
.:.J Ijl• '-"1"
"f-I!..)'-'I
o.J\.c.tJ ~~t~ 'i
•• r..J""W
Lt~l
~-'
tA~~ r..r "'~_11
-;\1 t..}J 1 YI
'-" -' ~ ~ (,}.!
.... .ltl....:J1 o~~
t.l-,IJ:i r:i:! w~ ~~ ~I ~~..,ll .l1~4 rfo 'i i.5:!.ltl....:J1 o~ 0 1($1 ,414 ~I ~ 4loh
78
(
tp ~4c ~" J.,..a\'1 ~ ~~ <.J'ILl ~ (~!, ~~\) ~I.::JI \:ilS ~ ~\'I ~ ~.J
1... ~ ~(' .\\ ~I jjc. 1_ .. .. .ü....:J1 û~I~~11
"\..il\!J'-'-' ' ,-~U tJWI J~~\ (...~
ç.
'-'-' ~ ~ I.S"""'~~ '!J"-' v - . .
J,~1 ~t, ùA ~,,~ . ,,1 'i";'J UJ~l ~J=l" r~l hfo ~ ~J~l ùA t,jllll1\ Ù}.! ~"
..>#- Jjc. ~ ~ .oU}.! ~tJwJ ,~~i F ~i ùiw ~.J:! ":/" UJ••yT.,,·Jl ~4 LiJ~":/\
~!J ,.,.......
.. ~'t '" U\.c.
(.)oG..
~ ,\.
':.1'"": ~ .... Û\.S.~"'~.~
'1 .....'t -:tt .tJ.:lW1
I..F"".. ~~1 I.S""'"
1- ~y:-<:.. I..F""-:'1"
'-'=.:lu.....::J1
4.~ ~~ ~ ~W\ ûL!.W1 ~.J~ ~\ ~\'I ~ :fi.; ~J~
: ûlJlwJI JjJl.lwr "ri
5.~
79
(
:tUtjlAll J:fJu..an-~
J;liJ ùl~Yl i)A wlS 1~! ~t, ~t,Jl ~ ~"il ~ &~\ ~ ~1 Jt,.a"i\ ~~.l=..
2.~"i\ ~ JiJ.., ~1Jl.JI ~ ~y ,):aU\
:Ji.ll\ ~ ~ tlJIJ:W1 ~I ~'il J:fJUwr2
.} J..,tl!j ~ ;;j\.c. ~\ J::,."il ~ ~W\ &u~\ 4il' .r.; i)A ~ ~\ ~ ~j~1 .,~ ~
~ ~Lûll ~ A10.4;10.11 ~I ~~ .., .a.v~I ..cl~\S ~~ ~L.-jA ~ ÙA 'il Jilll ~
(.)là..YI) tl.:y"il ~b~.., ~»::JI ~li..,~l J::,."il ~ ~W\ 13bJ"il ~ ÙA'" 13bJ"il ~
3.~~1 ~'i~t,
.~)......J\ sL:J... .(J.,.n....,':I1 ~.lLi..w:J.J ~ ~~I)Jl..JI Uo"L J~f ~ .)\..J.1w,':I1 ~lJ.li ''i~1 ~~l ..;iJA2
.132 : (,..)4' 1999
:~1994 ,~.i>l,jS...;il ,u)..J\ s~ ,~I .)195J .)w ~ ~ .)~':II ~~(j~1 ~W ~3
.102
.67 :(,..)4 ,~ ~ ~ ,~I;.:l ~ Ù.;.J.t 4
80
(
J=...l ~\j ~La J);,l ~.ltl....:J1 ~ ~ ~ La ô.lk. ~l:iil J:;...lll ~.l~ ~. :Ji'1,1 e,g.U1
~.., :~'Uli e,g.U1- .I~ .4 •og.;. i G ~.ltl....:JI o~ .;.b\.:i...o .l&J.., 'ijt:i.-ll ~':J 6 ~1.ll..J1 Ji,.a ~~
t \jj) ~l.i..a ~.ltl....:J1 c.ill:i .llk. tàiy.--' ijt:i.-ll ~':J6 ~.lWI ~':J6 ~\.ll..J1 ~ ~tl....:J1
: ~ J;Jt..lw::t- 2
~ .l..I
.~.
:u~
. ~.:ta..i:i~ ~k. ~'i ~ ,~.
~ ~.J:!
. . ill (j-I~
U:! . -~ Il
Il
r..r.Il ~..
.~ ~
~\\ .. .l1.l...:J\
l-':! >
loT
~
iJ
Uk.
.. ~.~.lJ• ~.... ~k.1.l...:J ~1.ll1
• ~L:..W ~.lk.
.. i 1_.' ~
~ IS"""" ~
La ô.lk. (.$
~ 2~
, L1..i..JI·u.c Uk.
..
~.~l ()c
4...
(jj
..ll.....all'.t - ',-<-:. ~\I ~l!s,~'m U-II
'+""" UJ-W:i i.,P.. .. !Y"'"
~I
.. <.r<\.~........
~
- .tl\
cr.Il -"""" ".l~ ù''''\
l-':! ~..,
81
(
1 :,J.AoiltJ ~~, ~J~ 3
lA ô.:lte. <.S.ll ,~'il ~ ~bJ)\ c lv'it, ~~\ ~1yJ1 ~ ùjl;i ~ ~l u~ ",=.:l~1 01\
ô.lte. J'j..o:i ~\ ~.lWl f+""~!' ~t:ill ~.ll1 ülj ~W\ J!.u'il ÙA ~ ÙA "'=.lUwJl 01\ ~
~WI JdWI
.. \ ~I ~ ~
'-..'.!.,.lj .. ta!ljJ (%90-%80)'~ lA c-,.!.)-U ~ ~
1.... 0"'<: ~I
, ,.. t,
~ b
: <.F'\:il\S Jlb"l
' t 11\ J.=,.b l-':!
.. .lli......JI,(j4 C»C.jJ
, "~ ~ ~ .. ·~'I ~ .. .:lli......J1 0 -r.
'.C. l-':! \4 •
, .ll-"'.
(j4 ~
lA J ~\'S.:lte. .'li f'Y-~
'"'
L
~ (JJ~
' ..." " . 'l r.s- - " ~""i '-:r
\- 6l.:.u'::U.JJ l-':!.lb....::Jl ..ill:l L.
'l'l" ~
"'CH:!.j
~
., '-i JlI ~
.-~._II-··"'4·.:l!~~'Jwl·
r--:: 'ltu··_ I I..J.:l L b ...!4....Jè.
~~. .~ ~- (...):H'- yr . :.>.!
..~._II
'-i JlI ~
~ ÛA ->pi '-i.:l);'jl ~Jl ~ ~~\ J.la..o ~ ùfi.; ~~ f'l.Jà.i Jl2 ~ ,~te. ~~ ~~
.c)lA IJ'Ibll ~J\ ~
3:~t~~i~1
.lltll ,.illj ~J\.:i. .laL.t.i '-il 41 ~-' ~ ~l '-i Jl1 .lltll '-il .l:I..!., .ll: ~ ~.fJ ~I "'=.:lt....J\ ,.illj ~-'
~ ~b '-iJl1 .lltll <.S.l.Li: 'J '-ii djlj """.ll.w:JI.bL.t.i Y. ~.ufi """.ll.w:J1 ( iJÎ',o; ~ Jy....Jl!
~~ J.!....t t+y ()W:i.w'l\ ~Uw:.J ~\ ~'i\) Jt..J\ (,JoIIb J~! ~ ..JW:i.w'l1 ~!JJi '''i~ f':!'\~l ~ 2
.128 :~
~\.,l\ '.,;~'i\ J:!.lu...... ôJ~ w~t,~~ ~19 ,+,,1J.i{, \à~ ..JW:i.w'l1 ~Uw:. '.l.4;;,J r)c ~3
.118 :~ 'Y-" ,~)i\ 4.-~ ,J,..\$ .»\ .).p c-lt..... "py ,~!J
82
(
I..i i ($~
~ 1- - \WI
~.J r'"
~
~ ~ ~.
I_>:~fl 'F.
,...À tA.l:IJ
.
U:..JI
~ .J~'~11 (.).!
~.l~.lole 'I
IS". Li,
~
l:. t I~l!J
•
.~
1:~t~'i~~2
1!~1 J~'il ~3
~
~I .JbL. ~I .,1\ ~Li-C
~ ~
,- ,ljW\ jJ~Î:iJ:U .tw:.i
.... u'.."'" iJ.!.U
~\ i,.J
r.r ~ ~
~.... -:l\,..,.Jt.. ~
~~
.. \:. .J~')f, (.).!
~.lu....., (.).4
. .i t'.j
($""p-!jJ .J.l~ 4.i.tLJI
. . J~')fl ~
".l~ tl'1
!jJ 'I
IS". .lj~'JL
'1 •
~:U~I ~I.li i~
!J r ~ . J .. ~,
_~"'1-: . .~
-tA.l:IJ . , t...H-
...Lt.:W\ ~.
~kè.:n ~6..lii=..1 .r.~1·-:\
... u-!J"'"'
~'i\ J~':ll J;tJtl.w:'I)bw:at.un ~l:f~19 ~ d\âi ùH ~.) J;"..lnJ J~':ih Y.?- ("WiA l
83
(
.lia.l\., ,~ f'WI y~ ~ ~..;b {JC- 4~ f'fo ~ ~ ).~. . .jllI..5J~ ~J .l~ .b~
1• ~ :. ~ ~..lie.
~::;.w V
86.
.r'
' ........
~~
~ .11 W~.ll...:JI·.l::a.J
(..):H Œ 'i .lll
~~
f'..JlJ ~ 1 •. ~ ~'i\ ~\
.. ~ V ,..i 1.
..,.,,- ~- ùb.:a..,j 1 - ,('\
......... ~
~.l.la.lJ1 ul:!)Wl.....'il . .oi •• _ " ul·.lAl1
~ "n"I'"-'"'J :!.P
.. j b ~
'-':! . 'i I~ ·j;;1.,~\tl
w . ,- ~
~.. )~I \Aj~~
. . : !1 1 .)Wl.....w.~\1\
. . 1 . )~;;I '-':!
.. .lb
~~ ~bJt J:.!k- ùJ~ Jl. ~~ .J#. .)Wl.....":Il ~1 4J1;Wl.....' ~jj ù-a ~)n .)~"it
2.~·H,-l1 ~.;a-\I 4.SJ-l1 ~.liA ~J ~.;a-\\ ~I JJj ~ ~.lu...-l\ Ù'" t~1 I~ y!LWJ
3 tv\1tJ1 J.~~I J:jJ\,l,.,Q: \.:J1!i
:VtW1 ~..)u..J1 ~.
~ \- ~njLlc'
:U"
~
... J~
tWl t Uail1/) ~'i
... .lll .. ·("1 .. L~~l
~~~
f'fo ~\ic. ~jb ùJA ~\t\ u~\., ~~\ Ù'" .l:!..)a.\\ UA\! '{J~~\ t 1.b3 I.....:.~J
~ju...-lI~!JJ f'~ {Ji Ù'" rè-)wJ ~~;;\ ~I f'~ ~ .lLuc;;~ J.o\5.:i. ~ ~).l~
,.! ~
,.,,- , .Mi 1.
'+" ,t ;;t• ~
..:l.)A
~t ~~l ~w;;- \t \·f
.. !J" ........9 ~J
t_ ~.!.
.. :..>"-'\t J.llt
J l
I,F"" \!~ I.e.'
~..,)A
Ja..I..:V n
~ \i•.
~...,..u ~ ~I u\.,j\tl /)~ Ji.a .l~J ~ ~\.b.ll t \.bill ~6..i1 ~."l\ ~11..oS
1~ ~ ~jjJ uJ.p..lJl ~ ~ ~ 'i~1 ~1 Jj..)]l i)c 1~ ,WS.,ll ~ ~ ~~\.,
{Ji ;;1 2008 ~j~~1 ~j\tl J1:t ~ u1;1.W1 t Ll::J ~t~ Ù'" rè-)4, ,Ù.l41\., ~I t l.bill
d ~jl.J1 Ù"'J ,~.;a-\I ,ù4l1 rb ~ ~ .;~ rl t l.bill I~ {Ji ~1 ~ ù.cû ~\ uL...1;..)]\
~\.iall ~ju...-l4 f'~":Il ~ ÙA ~.Jj ~~j..Jl o~ ,~j1.ill u!.,1.J1 ~ ~..).wI ~ t \..bill ~
~\ ,~y.-JL, ~WI (")...Il ~.;a-l' ~lSY' ,~\ J,.,JlI ~ J~':il c.i:fJUowa ,w\..k.i.l\ ~ ~ 1
http/fwww.arado.org.eg :2010
84
(
.Jl ~:!Jl..aJS
, ~- ·0:·.11 ~~I u.w
1': ~ ûb~ . .J \ .1
, I.F ~~
l ~
..~ ~ 'F""
~\I '
~
.l~1 J.llj ..,.
,..A
e"llll1\ ~,." ,4J#:..J ù)...-J!, JJUil!, ~blts ;;JhA ~lc.LY ~.Ji yU!' .l:!,Wl .Ji ~~)/\
.ûl~ Lo:U....'iI I.F~....,......
. .J ._\0:11 'lIA~\.iJ91 '--I..l.wU.cll~
i.S", ••• !J ;;.Lti..J\
~ "F" l~WI
ç.\.i:jU.J,
, j '- \ Jj\·_'lJ
!Jo"-' • ûl~Lo:U....'i1 (.)"1
.
~ ~ Jill ~Wl 131;.,)/1 ÙA t.l~l ~.J ,~jii..Jl ~4111 ûlj J:.ll1...:Jl ÙA .l.::i
J.,.JI wt ~ .JLo:U....'i\ ~ ('jiJ S & P500, Dow-Jones, Nasdak, ... ~WI û);.!i.)Al\ Ai
jJjlc. ~ <iJ1 ~YI ~.llw::J1 ~bj '-i.)Vüj ,~\J...JI û~llj\'s' ~ ~I .JII-I-'I.J ,,,ùS
~ ~1~b'il AnJi~l ~~r J:!-lA &,." 'ÙAJll J.1.)A ~ .taWl û~.)All Al Jjlc. ~ky
ülJjlc. ~l '-i.l~ W:!- ~jA ~ "Jy:J1 w~ ~W4J J::..)/\ ~...,.b v~'-' ,,~ '-i' ~~I ~bj
~ A.kpyJ\ ~.)All ;;\'s'b.,.a ~ ~.J.l§ (.$~ û);.!i.)Al1 J..!.l~ "bl ~ ,~..,lJ\ J::..Y\ ~ ~Y'
~ '-i.l~ ütsy!Jl ~La~'i!, ~'1\ ü'i\.:a..J ~).:J!, ~bll ~~ û\.iiJ:i .l~.J ~.J ,~ ~.J
• ..r
u!.'-
yw
-'1 Jjl!jC.J ""
' ~\ ~ Jj\!jC ~
. Ü\.§A'- Jo. '1
'..LI'" ".".......a i.S",
.JJY' ~ pl.: ~ )~'il J..!.l~ ~bl Y~b ,J,...;:a!i .cllj wlS ~ ~...,rJ1 ~.).l Û.l!) ~
~ ).~'i\ (4! ~ La Ij~ ,~ô.l.JAA ~" ~WI ,,\.lY\ ûlj J..!.l~1 wl \...aS ,w!,.,ll
~~ ~..J ~l.lt u;.,H il,,' J..!.llli..:Jl ~ i:ll! ~)/l ) ..Q!i:l.....'il J..!.lb c)A ~ ~
w1tJ1!.'i .J J..!.l~1 J.llj ~.h.....J~,JA ÙA!;"jl,{~l J..!.lb ÙA ùP-J1) ~.llw::JII1t..J ,~\.lt
.~ \.li .wli:i
' .lu..J\.cll:i " ,Il, . .J
~ I.F
~
, •
~
2perri Richard. A, 2007 , "Ail About Index funds: The easy way to start" , 200 Edn McGraw-Hill , New York:,
U.S.App16.
3Robert A. Strong ,paractialinvestment management, south-western collegepuplishing,
1998.
85
(~________________J_14_~_!f_~_\~~~J_l·_al~
__~_~··_\_~_.·_~_,_n~:~~~_·_\_J_.4_i_n~)
__
!~ 14 y!).Jl o~ ~-'
Ji:. ,~ ;;..)~ 0~\t1 ..,!-' ~~-' ~ ~~.J.o ~.ll .;!~ tAi~ 411 Ù" ~ ~~ ~ji
~';l~1 .} 4.:-WI ~~';ll u-a.)ll ..)~\tl ~-,t ~ .li! ,~);..::JI ~ ~ (.$.ll ~~';ll
.U..;--, ~ ~ ~ ~\
~4 ~-' ()l~1 ..)~\tl i.P ~~ ~~';ll J~\tl ~ ~I..)~ f'~ ù t ~~1 ~~';ll
01 ft'J J.,~ Ù" -û);~1 J~ 0 t y';i'u ll ~ 4.:.jliJl ~~I ~I~ .J~';ll ~..)tl.w:J1 .}
(.).l~\ Iiill-,\t ijj4iA 4..a~ ~.liJ 4iu c)A lJ-,yJ\ 01\ ,.;si -,i J.,~ ùC ~~ ~b1\ ~\S
1 ~::~t:i
'+"" Ij ..)b"
~
l.lll
';l f'1J ~
.. ..)tl....:JI U. t ~m
\- ô~ ~ '1 u~..::!)
IS'.
,~ ~';ll r-
~1.)Ai ~
..... Jo! U:!
• jll
.)c. ~ ~1\ ~ '\..QS ,~ ~ -,1 ~ } ~ üW..) ~..;b (je- -,1 Ô.l:l..!, Wj .(lb~\
. ~ ..));t I~l Ji..lll ~ .J~I ~ ù t <ù Wi ,.uc, .ll~I Ji..lll ~ ~.J ~I JWI VIL
86
(
1:~~1_[
.lb" 1LLbJ
~...- .....-:J"""""'
'.é: •• ~I ,~··'I ~-·'I ~~ LL ~_~~.ll ~t.i.
u-""':!. ~ ~.. .)~':l\ ~".ll..i...:t (jJ... ~IJ ~....
.u~ .JÎ~j ~ J~':ll ~Uw. ùt ~ d.c.~t j)~ ':l S.l\c. ~l s~ ..\]c.!;.-11 ~ ~
3: .û\a.ll ~ Uls:i!\ ~ À
~~
. ~:U~161IJ.lt I.,? li ~1
. ...9 U!J'G ùJ:a"
.. ~...:r
,,0\. .1u.ltl...c:J i..F"'"L~l
.)lJj...,Y\ 1...01:" i.j) ~Yl t~l
. u..,
~I wtc.U:ail1 ~ t~\ ~~~..J lbJo:'l\J b~ ~14.SJ::It. ~.l:Io. ~j .):!W ~foJ
~t.ll r+ibl>9 ~l:i..:i4 ÛJA~ ':l r+iÎ c3:!.ltl-l1 ~b~ ~ w~ ÙA ÙlS I~ ÙAJ ,I~ ~
~ Wji..J\ .l!It,.Ji r\S.;t Ù~J ~.l~l w\A~"Y!., Wb~"Jt t),lt tSJ~ wL1;.l ~ ~
1Jl~1 ~ ~ ~llJJ '.llj.l ) wt...9jill4.l.)1i.o ~ .l!I\.,c. r oliJ ..l:JWillI ~.)t..- ~J ''-:J\:i:iS''.i1 ~
.l.L._-
~ r
\.ri I.,? .. .ltl-l\L.
. ...9 ~ ~
lAI'»'IJ ,"
~
.ltl-lI I.,?.)
. ...9 ~':ll '1 "'-':I..·~'I
c.r'• •~ ~ 6.:tl1.,\",
.. _"-~. w.!). """'II"!'
87
,.ttIJ~~
1: ~~ • • J ~~I·t.,~LI·
ur ~
2
~Îl..d'ya.h ~ 4~WI &n~l ~!,....)rl ~ r.,i ~})i...l.4 ~ ~ r+-)l' ,':.)~} .6.At~ l./.l~
~t c,;l:aJ ~I ~l.Wt, ~~t, ~u.....J1 ~ts>Jt, (.)J...?-J.JI ~'i~ ù:H ~..,ll JJ.l ->~'il
.Ji ~~
.. - .ll ~WUI.....AJI ~ I..~< û.J.:::t.:i ~.
.• . ~ ~'I ~\.i.a ~\..Jijl L '-, ~ .la.J ~j
...........,...,>aJ Lllo1\ ('I..l:û.il
r. !j '-'-"'""'"
J-:j ~ ~L).•~I o~ jAliû 'i ->~JH ~.)u....:, <Ji~! ~.l ~JoI...J ,~WI ~!JJ'11 ~ ~l;J~
. ~WI
.. "\ )r 1"
'-'!.il ~ ~Ll.-1'
.. ·I·~\I ~
U)!J"'" ,~.i....·l I.,?
...a. L...J..
.,j r- I.j .lll
t- ~ts.."U
~
~~~\I
~
~..
~
,tl u.ui"
:p-~..
"1 ~I"
UWI '-'!JJ ,3 ~I ., ;;., ~"11
~ I.,? .. !)'-tI ':Ji' ->
".)u....:,.~.~
~ ~"
ÛJ.::I..
88
.~ .ç. . [, "i...
L, ~ "i.... ~.
L' L ,
~ "i.... ~
f._ [, -r [~ ~'
.ç. L L,
t\,;'"'
~
f'v.- .c-~ f~,
l ~ ~
c... [, • ~
F ~F Cf; r
,
~ 't f
t.C E,' {f'
(;~ ( ,t':r
. s ['- ~~ - "i.... li". lr
I;'
~ ~ c, t [ ~- 1.. °
L.
L:"'
...
l fr ~- &.. 'V\ - L
f ~_~ ~ l -[ L
.- 0 t
n
1 .~~ ''\.1 t- ~ l~ r ~ ~,
l ' ~~ t, F
f: b -~ -r.. '<! "!
r 'i'
- ~- '~ ~ f i r ~ ~~ ), ~.
t.C • ~ c' -- '-
. ~
t .bf .;;lv· ~"
t"f:.. . . •..
...
~ • '" •
..,.
('(\ •
[...."
~ L,
E
-
E: !-
•
-L, ~- "_
fu t. r;,.. t.- ~.
r !;! .[ ,Fi Cf; fi': ~ J, li ~ -b- 1 -( 1- E r
t· • ~ ~-
~~ L,".ç. ""\1
f - \. ~
oc
\0 t -; - l
~ r,r... f""
1r ~ t,
- b -~.
[, l= ç.'" -~ L
. ,~.~.
- ('(l'
0'
,1:;'
fr '
•
...;;;;:; {t,
1- ~0 ' .ç. t' *
~ ~~- 't.C - ,t:
E 1-
- ,r
~~ [ , ....
' L,
~-V ~--- - t -~ fr_ .~ -~, f
Il '" § [, 'i - "i.... - .ç. '_ -:- L -
r t ~ ~
i .. ~ t ~ ~- ~ .: 'Ë' - 0 f
i r :f
[, , - fi L, L L ( v.-
\..
~ t~ ~- €
lt- ~
f l
L [ ~ [, '\ { Il
~ 1:;', -- l' ~:- rr~ 'k! '. , t-'
'.c- ~'L 'Et(
.....
F,~ ~ l "
Ut E . <:- ..t" , ~ - ,'<", f!o: f<; 0-
1 .w: L- . 1:'; • ('(\
l.-~ , fI\ ~ L
rr·
<D
~
1.0 ... r;,.
r-k;'l -t <t- f.c, ç ~ k; r .. f<; fr
if-
,là .~.
tt.:C [ ,.c- ~ - E:: ~ ~
~.
'r-~ l- \': ft-- F· ~.
{ ~ ~ ft..
l- - -r ;f >C , '. ~ '~ " k ~ 'ë.
L C' Ci" L, ~\: ~ {r '~l _
r
-. :. r
-foC,
- '" ~ ~
(0 ••
'E Ci' ~-' -~'~L, fl.- - f r . If...
- 'b ,ç: t lé'
L,
[,
i" ••
t-
... L,
~~
''t. [, .. ~ .~ Il E:: ... --- [. ~ L, -
... [, 1 . f .
o r ; ~ fi,. ~ -r t
~ r. l- Fl-~; t "! - [ , t- \,. - ~ '&- o(;;~, -Ë
~ \6 ..- k! "- -
,[..:
-• - t -Go ~
-,
'if- t. f. 'Pt.- ,t:E:2
- - \
•• .. o' \à'" ~ _• , , Ir'
" l' r.~ 't.-
~~... N
f t r: \,. - f ~ kC'
E
~~ ~
~ "- t.C
,.........
~ t- ~.
r 'R ~ c·· . ~. ..:. t::...
~~...." of:ë; _,v-( - ,~. ("~. t-
(
:~lJili ~-3
~jA wI.ili -' ,ül.ll...Jt, rtr-.}JI ~ .;~'11 ~bc.t ~t 0A ~)rl ~I ,lj\..,âll ü'1::......t:; tliJ.;l.À:!
r.r!)\1;u.il1
~
~l ..j.t ~ 1994 te. ,
. ç"y .~ r \ ~l ~~~l·N
r c..JoO iS-' " ~ 400 l.!l~~..,-
U-.A.:II.
.. ~" y" ~ -'b"
:~, Ju=..i-4
~~ ~ J.o~ ô~1,ll ~l ~ lA.JAC' r&-)r1 ) ......l ybJ
~
~
.l~~I·
~
\.l.Jl 4.:....W
.~ ~
'. - . _':~ . -'1 ~ ~
~
~~I .)A)rl ,~I •• oau ybJ ~ ~lc. J!.,.wa)r\ ~-' ~'i\ JjL..a-, .;~I ,) ~14jL..:::a)l~
~
l.l....::a t\.hil ~tll
•
Ü\S· "'I·:te.~
~ c..JoO -'
t ,~4S
..
" L' . ~~ ~\I
~ "fol (".)oQyr..u 'F""
~ 1.. ..
"&:' ~-'
) ......t ~ ~~ yj; Dt W.l ,.bi! 4Sy:JI 01\ r&- ~ ~ ~1~1 ,L\.;\.....t ~ ~ L\~
""1
'F"" "d~ -'J-"':J
..(' ·lA" 4S"
~ '1 ~'u
4S"..!J ,J.l ~lA
~ 1 ..$ yo
............ L\.l.l ~I\"".('
~ ~ r..r y ~~ Jd' 4S"
~ '1 ~l.J•
4S"..
~~I!I~ Ji' t~\ ~~I ~t .l.lC. ù..-i ~ -' L\.J:!~ <iJ'" 'rlW \ ~ ~~ 4S~.fi.t ,la:j
~~Wl r.,! ~.; ~t .lIy
90
(
·t ~y ~~!, '~'iy
t.,,\J NflÎ-.J ~'i\ d:Jl ana ~t,)l ~lJ~~ :1!.i1l1n~\
~
\:.- ~ ~ ,4.c....
~
~lG ~ '1j hl!'
.. Lj .. ijJ .~.J ~!j
i .leP,. r.~ .J~Y!".:l~
:r ~.J '-':! UJI ..
f:.. ~
·~,'u...:Jt o~ ~.J
~
.... L§"
U".. ~
~ 4ul.JA)r1 ~ ~
.......~
L t, .t_
()A ~
ul....b
.. Lj
,~~I
:V ul.JAt ()A
'
. ~bi lj...>-.J
l.f.l~-J JW:i....u'i1 J:!JUw:i "Wall ~!>A :Jii\ ~\
:JjJ.lw:ù1 "Wal}-l
:~ ,"~ "L
~...."..-: ~ ~
'=. ~ ,L _1\
.
UJ\ ..
~
.Ù;!AtJl ~ } u~1 ~t
:~\lll
.. u!~G• I...7"YO
.~~ ".lL...:a
"'-' UJG.\J
f:...
... ~. i.»"""
~Y. L'I I..S'".Il u'~- ·\1 r.lÙI.. ~
.
t#~1 uy.a..JI4.i.9~
91
(
~ dJ.ll..4l1 ùC- ù~1 ÜA J~I .l;l~ ù~1 Ù"" 0~
~~4 ~.l;li.J1 ~4~1 ~b-a ùH Ù"" dJ.lL...:J\ ~4b ~J;.o ~ uy.a.J\ Ù"" ù~
:~l.wwl\ ~~ ~b ~I J:!J~I-y
:~.&\..il! illl.l1-, ,~bl\ ~.::AS..;J.-, ù.)t..-...J\ .J:!i.l.)~\ dJ.li.....o ~\..1jl r:Y 4JbJ\ o~ r.}
UW\
.. .. \ ~l J\.:a....o
'-'DJ , ~\~..n~\$.
. . .. ~ ~
~tl tl ~L• ~
I.S".. -:: '\l ~~.,....
t_ 'pt \hb
• w.. .ll....:Jl 4.S.~~ ~
b
~-'~ t.l ~jll\ ~ ~\ ~1 r.lâ:L ~blll"+"'j )~l, dJ.ll..4l1 ~.;J. ~b r:Y ù t .lIuJ
•
:tJl:il\
.. ~\~L. wll:J\
, ,i~
~.).l..., .)~'i1 ".l~..b\..1j '-'=
lr\al~y~l ~tJy:a.
.~I~'
:~~,Ua~3
~
tJ.il•wlb
••
(~~~(S"'- iA \'L<'1 UJ~,...:!
., .k' ., ' - ,~~ . y r l....I.è. u '.
. ..r.;UA-' ,'·L!..6bn ~..
t) ~- ~-'
t ù"~- .tl r ~..
92
'-. ~ i= - f:' ~ t,f·~
~ f.- r .~ f.'~;~ .~ f.
c- r <ë. ~
!:- E'• f:'
t- L ~ ~ -.,.
1... \0 ~ t c, - l ,e- t:~. f:
° .t}.
1·b.. .If' f:"
t·~c -f lA " ~ .~
~ ,b • ~ - W l \7 '"
'-."1 (;. \0
i. ~ l ~~ i'~ c- ~ - ç: \7
ç: t:
~ 'C.. ~ 1>
~ \0 -~·.r f:' 'f t. c· t';
V1
-
l f f ~. 'h ~ i l ~ ~,(;. ~ ç~ .~ ~. l F
1.: ra~. t 11 .e- '-,: ~ ~ ''l. .~. (,'{I - tE: ~
i[
.~ '~ ~ i L. t :" 1:~, ~ ~ h ~ lf.:
;.;
.~
l' ~" ~. t ~ ~. ~ ~
k ~;t~ 'r;~'~'
ri i[. ~ [
~. ~ ~l r. 'r...\.. .r.: lA V ~ "-
~
,l'!'. 1 .~: ~ ·E
. :!:: ~ t - k·~'. . · 'é- [ .1::'
rc· ~ r:: ~ [ ~" : t: - ~ l ~,~ ~ E ~ tf ~,
~ .r);
\0 ~ ~ l k ~ ~ ~ ~c- f:'
~ t ~. -: '( l
fr~
VJ
~ 1· .,: t: 'b! t ~ ne- ~ ~t ~.~ ~
~ t';.r. r- [. , ) l -' -- L
ra. 1 'k~. 1 (~;.
ë;- -
~
t~: Ir"..
~-
t· · n: ~ ~
~. l:' ft \- {. "" i \- . i-, t ~"th l' ~" l
tS" r t<;
:.!' 1,[ ~~ ~ - f:' e f: 1> ~' c· t: ~ ~.
~~
f:' ;: - ~ ç;.. ~ (;. ~ t e .0' ~'"li>. '~"' r": ~
c' t;4
(;. .~ ~: f; t'
!c: ~ ~: - ç;. ~e- f
~.
.ç - - v r:'
t._ .E·
V. f:' .. ~f' i1t '
f ~ 0' È.
-~ r." F"~. L t.. -:~ . ' .,~. - ...:.
~ 1... ;. - ~ - t· o:N l' ~ i'f"'"~. ~ c· f:' t " t f (, .(
rt t ~ ~ t r t. ;;
c· \) ,,\.à -
J' t\) ~[< t;~ 1;f' ~~ ~ "k;~. ç-L .~ - .t.. ~ 1: 't-,: -L
IA ~. ~_. ~. - ~ ~ _ i C7 -2 L .~ - ~ Ç;. - ,,' ~. ~~ [ -:-:
- - 1, 1.. '" c- lA
''=E '~l ~ r... v· - - 0' ~
.' b.. \1- ç; - ...
r). rG.
.~
c F .~
~. 1
} . '.
~.
F .1>- J:. ~ t t· ~ .~
~I::
l. C.
~..-'
l. ~ •.~ ~
\0 -:l> t'; l"
~ .1:' ~. ~
\; ~r["~ ç & _ ~' r t. ~
'~.''"" "_ ~
t( E c. t ~ f'f ~ F.r &- -" '~ ~ ''l..' .t b
\0 ,b T t;4 te
\: .~
- ~.l ~[.. li .[.f ~ r ~ .. t;L ç;. ~
f\ r 1
r~
t;4 hi - \0 - !_ Ci" ...:.
\)~. ç.
.E _ ,~~ .E· "- \~,....
""
~ 1." art. Cf! ~ ,~ f" ~,~ F Cf! (:'f
r:', ,e-" f ~.. tl .p- 'b..
ç.. ç-
-:tV 'te:. l~, ~ f
~ '
_~ •• i.ij;
'" ...... ' , l J!:::.. - _.,. E ,. Ir' ,
G : ~ e:. ~ ~ t t t ~ ~
L - .
~ E
~o.~' -
~ ~î l~r ,
t'"
l ~ ~
[ç
'1' l". - Ir.
~0. ~ ~~ ~ ~~ !f' ~'[~,~ {.- [.
5;' ' - '\::"
~- ~C' c....~" '.i.
\?" (:'f -c· f:lJ• c· I::'~ ~ - li>{ i.ij; ...: r
.t c.. ~(j;: • tl ~~ -- I::!. y,'
r
1> \ ~ ~ ~ " ~ 1 ,~,~, <t. L ,~ ~ .~, ~ i' l
~ ~ ,,~ B - c.. ~ b - "L. " ,~ 'f't..C .;c
- ~ ~ tl -:t 't '<t. 'P. .~ ~ t: . tl .. "L..
~ t....L ~ V \.0' ~ ~ '1' ~~t.l- h: '11o"c;
t . ~ ~_ ~ ',.,. ~' &, ï:;- ~~ cf.
Ç. Cf; .r;. r 1
r't; t L 'l- ~-~! ~
~ 11<0
~ i.ij;, ID·!:::.. L' '- ~
(,-'" 'l:& ft.I1\ 'fi.. ,., c·- .
':. l~, r f E.-
ï:;- r.; b
.~'E r~~'I;,;;. 'f~ &,r· i':
r f ". '?; ~~ 1::'..
1:~'.c;-"~ 1~\ ~
t .r ~ tlI.C' E r.; t tl ~ 'ft
~
'" L ,~: .
-~. -• crlA "L..e: -~ ,f;>' 'L- ~b. &, ,1;. tl
':f
l' " l ~, l. Ci' t ,I!. f. !2 t 1< r ~ if' tl'
.
~ fft~~~~~'~'~~'f~itEft,t . ~
fi'~' fè.' F y. ç- ~'(.
l b f:: 'fi... t 1r L ~ f ~. ·t
'.i.. i.ij;
L e : . , ~ ~ .~ e:. t.
lt r ,,' L L
r
l-. 1;. ~,ft: ,
t -
- ), Ir" [
~'~ ~: L~ ~: ~f t ~ l; ,0[: .f~ f t- ~h: _ E [s:- ;f"l.f
k;; i.ij;' -
l ~
& .J ~I::!. -
t~~ - ;; c'
fl,
t" '(.' f!t rè' t-: ~ - ", ~ lJ
'r -
.(.
~ lJ
!:::. - - r,
e; ç- lJ
t:. rè' tt;· L. te:. , -c' ~' ~ F C=.,'t
t. J .... 1>
~ 'f\.0i..,
~
y,
l 0\
lJ
p,
k;;1
f~'
!:::..
t''.
-
L "
-
'r f t 1r~ h:'~
"L'Ii, C'
~
-,'
. - 'L
il-
<0
\P
~ &,'"
~; <t. ~\ F f,' r " fi;: "}., '(.- - r.; \0 v' - fi '1:., r·
t..-
, 1> ~ f" t..C 'r ~ ci' tl!... Qr lJ ~
f·
r <t.- "i.~, l...'"
~
~' 'L ; V. %. ~ ~ ~ ':, f ~~ ~. t. t ~: .t, S- c;. -E!
0\
c
,b ir'" f= ~ y,' b lJ \..D
i~ !~! ~-. ~f c... q - &tC't
~, 1>
~. , ........ •
b"r i
It_. 0, , : ' e:. c( i \ . . -1 •
,
f t- l!... f 'E, ':S
r ~\ ~ ~ ~ ,r l r. _ E ~ _ i t-
(
1 :~I.til t",JooIoII"r 4
f'~.J y~1 Uv.b ~" .q;bj ~ti.o f'Y'"I.J ~ ~.lu...J1 t~l JS. ~ .J:!.l.4.l1 ~
~ ....-< u..Jl
~ ~.J ~
~
~.'
1.AJ. œ -.1\1 ~
.. ~ .r-w .. ~ ~ ~
t_ <uJ! :11-- \1 Jl"
.. ..;-..,..... l.J-l ~
....J:!J..J1
o~ y~ ~J.lc. .J:!.l.4.l1 f'~ ,J.,.li....all Jy.A~ ~L.a.ll ~y ~ ~ ~ ~b .l4'uy
A.JJ~ \...yS .J~':l11 ~ \.a.1e ~.,.,.-.ll c: \.v~1 ùA t... l.,'jij, ~.::.A.b~y ô.l\.c. ~.lu...J1 ~
~bl t~Y' J"U:i J.lc. ~1.A 1J..ol .J~':l11 ~.lu...J ",4;1;;'j\\ ~I ~ ù.,;a::J1 ~
... u;;o. b (.)a'I.J l.J
œ ~t~~ ~\l ~·\t
("f"'" .... ~ i...àj\J;tpj.-
..,. ~
_t ~~ .J~':l11 .r.~,tl....a
~
3:~~1
-û).lj ~ti.o J.,.li....al\ .J:!~ ~~ '.J~':l11 ~.ltl....a ~bl ~ ~·m.,;"'jA ~yi.i ~~I
~\ '\ ~ ~.
.. UA.. ~;;~ ..,
:UJA, ..J"œ ~ r.;-
\~ IJ!I f' U:al\\ . . "i oUiJAC'
Ô.l\.c. tA.l~.~6üt '! -,,~ _lt
~
95
,-
e:t' '- L l l f:' · t".. "i.,
"i.,' ~., t E~' \A •
. ..,
f:'. ~ '- l. c- .
~
r t t ( F~ F C i 1
J. Cf,'
f· "t.~ t ~ t2 '~i \:~ ~. ~ .~ ~ ~ t- ~. ~
[ · f ~ - f r ft ", . - E ç.
• L ,. l. -
~ ~
~" ~
f' .__
, [. ft
'" [ '!7 g: ,', ~ . fi:- ~ F~ c- " .~.
.f r t: 's. t ~. fr Ç:. &·.t f t ~ :t. ~ C· } fè'
<; co &;;-1 r o.
-î;
.C- f:'
6; Ç..
t Er·" t. 'fif :r t~ f. { t·
{ 'h .r. v \A M [. ~ v € II>
- ~ t· &; .~: f [ • • & ,
l'. ~~. c::r ~.c.~
r tt· ~ .t: -. .' ;;: f.
• If=:
~ .~. f:t ~ ,:' . -
c.. . - v'
t
e-
..,!::... F' r.t 1.: [.
~ ~ ~ O"
ï ~. }.. cr·c- t· ~ t ~
~
h:
1,0 N
~ "h
f..,t:E--
~ ~ ,~ - ,~' - f:' t .r ~ , -- ~ G'
0\ 0
~
fè· ~ .' ~ \- ~ ~ t: L L - r
'P l (t,
N O! ;- ::- L
..... '- .~. ~ 2
l' ~ t !:~ -r- ~ t 'tr
0 [ ft.~·~ "C - 1:
f f f 'tc-:r:- Fr
t-;. . •~ r; 1. ~- - fÈ' r '"
f: -r t:..: 1;' ~, .I<;IO.~
- !... ~ [
~
l [. g: r.t • --r.. .r. &. \.. : 5.-. ~ - &.
{fè' l . \0' r
l ~: tE: fr -- J: ft!' ..f:' '<i. [., t"
(G • '<-: of cf
~
~ .. ~
f f \,.~ î· .:- ~ ~ f. [
• 1::;:., Ti L ·t f "C l ".
.- ,of f_ ~· c..
t· &.[ ~ 'Ii.~ ~ ~ t
t - ~ ,1:'..
II-
f j [ [- 's. "k' t· 1. -[
t~ ~.[ - ". i t
~ ~. . <; • - '1..
t :.-. ~F ~ ~r.- .ç; <i
F ·t~. \-c. ~.t 1;
. ., \ o' - b"
t..... [.~ ~
ï
~. --'~
&.. t ~ r [
(0 -. -
. ~ l-
fe:- [f. v
" '" Cf{. \At h:~ ~, v .C;, .._ ~
..-
J t: - ~ . ~ f lb &. ~ .~ ·t -::- .f.
~. ~
t (.ê ,~ t '&
__
&- -- \
f. C.( ~~ ~ ~ \- f' t ~ E f fh 1
r i ~[. ~E
!;:~~ -ft
('t - .. 1::;:. ~\"[p. "- - ~ f. t; Cf. Il - th l. \ ~. f:' ~
l' t 1'LfÈ'f r
, 1,./
({ ~- J':' _ _
~·{*tt ç. _ _ \A
t: \A
~ "t'C-
(H r 't~ t_ ~~ c; _ _ ...;.. _
r f 't:;- r[ i t- I.D tw _ _
(
~ ~ ~bl ~y!i ('t.J1 .)LJ ~I ~bJ ~ji.l.J ,4~ ~ 'i~1 tyll ÙA ~WI
J-=..:j ù.,... ~I yW)t!., ~y!J1 ~4:!a-!" ~b11 ~y!i .lâc. ~ ~ O.:l\c.., ,~~I 141 \A.)~I
'.<:.,
~ ~
-:\1 ~I
....
,~
. !:.-: ·\1 LI._ -:.
~
,1 ..
Ltl ~\S:ill, .)~'J\ 1..3:!
U ~..
_<_"i ~
.. .:lLi....a ô~ bl• ~ ..\\ ~
.... 'J'.ll
.38 :(.)0'" H:fi'j J:.... é?'>" 'ù-I~ .J4S.J .J~ t.wl ~ j~"lt J:jJ~ '';:lJÂ i":l"lHl ~2
97
(
..}.J ~..,ml ~y...J.tw:al.:.. ~i ~.fJ ~I .J~'i' ùlS~ ùb ("1940 ..) .J.lUI ~..)A'il
:Jiil ~jJt.n
~I ~ ~I ~I ùA %5 (.)C- ~ ~ l.\.J~ ~I ~WI Jlu~\ ..) .J~'il ~ 'J ù1
. J.J.llwJ\ \f-Ï At oï)
:~J:.~~
.;3~ rl 1jl l1t. ,ùlSy!J1 ùA .l.b.A .l~ .JÎ '&~\., 4S~ ..} .J~'JI ~1 J,..\Sl4 W\ ~ ~.fJ
ûlSy!J\ <..J.Aa.: Ù1fi~.J ~..,m\ ~..} ~b 'i ~i ~ 4.Sy!J1 'Ji. aï ~ j,llp.. ~y!J1 ~1\
4
jj '.J~'JI J;.lll....::. ùli~ ..} ~..,ml ~.J.l ..,} I..S~ ~ .J~'J\ ùL~ ~ 'J.J 11\
'&..
~
ûl'" 1 1 t.b'1.)4
~ ~!J=!'-.
U:a..!J ~:V~t ~h....
.. ~
'... ûlS~~ )\l.o .............
.;iltLi t. t \~.llo:i J§
~ .J..9"l 1.1".
98
(
4.a..i:i~ .L~ ~\~.tIlLo
~ .. \ i 4..c.~ UA
'-..'!..U • U:a.b...J\ L~ ;.~" .... I.~\!
~ ~...... ~.J
\ ~\ 4......U
..
~W
• :.J
~!,.J\ ~ l.\~l,..o ~ '1 -,~'1\ ~1.S.y!i ~ 0\ fi~4 ....);.l;I..J ,JyJ\ '''lit~ ÂJ1"Jl~l
l.#~1 ~Lo ~~ ~ J~y ~ r..,ii ~ ~ '~.lt..l1 ~l .!J~ ~ ~ ~\ ~W\
~ Jjl\ ù1! ~wJ ~h~'1\ ùA .l.Jj..o ~....,...ü r.} 1,11Jlo" r~ B~ t*""h ~\..l.l....i ).l.w::IH
.lyy -,.lt.....::..J\ ~ ùA l&1....,...ü ~ ~I ~h~'11 ~ ~W\ J..lAA ~J ~~)lI -,.lt.....::..J\ ~ ~
~!,Al,-, ~WI y..;tâill r.} ;;~!,l\ ~Lo)-J\ ~ .l~'1y -,~'1\ ~1.l...:a ç.bt WM~ ~
~~~~
- - - - - = ~1.....al1J.,.:.Y\~
.l~~.,lYJl\~-,.l.w::It
99
(,,)'l~ ~ .J~'JI ~.l\J.....g wc- ~I ~WI ~!,il\., .)J..)\.ijjll»~ ~ o~\.,ll wl.o~1 S;li.. &0-,
:l.oI\ ~..,1...i S;li.. &0 OJP..~ 1I»~ '" bi
~l ~~'1t !':iJi
,y~~1 I~ .u-,e ".\(1)-,,«lb~4 ~I.S ~b.l ~ 'J i.j:l1\ ~I y......~ y~~1 \~
.fo ~ ,~I y ~~I ~ ~plll ~.l\lwJ\ '" bi ùC- ~WI w\.j~1 .).fJ u-ll 4.!t...ol
JSl ~j,.Jt cw}Jl ~-,,~ ~Ul J-~1 ~ 2P t,u,J w\.j~ ~jiWl .J~JH wlSy!Jl
l .. \L_
.l!lJ.............
(Pl - PO) + D + De
R= PO
.. i ..
'u ~
.J~'JI ~ .JjWI :R
100
(
~.lh'll C'u.;'il ÜA J.,..:.'il ~ :D
1.S~'i ~ ~i.....:J~ ~~in Wl u4fo w~~ ~bt va~ <.} ~\ y;""Y\ ~.;JJ
li 0~
IS'. .......;.,r 'J .)ll.!.l
.~~ll ~1 • ~ . .J ~~ 1 .. 20 0~.... . .J <.:Jjts ,Le.
.~~t\ ~I.l.I ;.,r Âj'J .l ;.,r
. .J ~WI .)~'il L).:!
~.lU-
"i.lllJ ,~li...J\., JjWI ÜA JS ù~4 ~~ "i.lll ë'::J.l..>J1 y;""'il ~~ l.ll 'ù~1 ~ .):ali...J\
101
(,
N fA
ft· ~"
(
ê r. ~~ ~ "i.- t~
.r: - E ~ \
t.. .f , ~ t_. r. :ç
E
if t 0,'
t..l
~.'
r. GOt.
1:'~ .
t
.ç.
~
J- ~ t ~ 'E ~ ~ GO
~ iO.! ..
'f.: ·t
- ~ {' ~ '[ ,~ [ E
G,
;- ç;
t ~- ç 1:. ~
I.e
t f .f.t
\.. ~ P ~ t'l
Ir - ~. ~
~f " ~
..... 1r lt-: C' 'f:I ~
o l;. O:ll"t:!
Wi ( ~ !:::....
N
fr f ~
r::t' . <p "t:! 1 {t,
t'( \- F;;} 0 .... ç
.~ c ~ f::r ~ ~ r;:" ~
r; l! r ~, o~ ~ ·t .~
~ ,e' f.- .c;- ~ ~ Er tn
't
~, !';fr <f
.. ~.<9
, - ~' t
iO.!' ~ ~(rE[c . .~ ;
~
~ ft- ; b' ç - ~, ~ - F ~ i t'
-;- f ~" I. .C;- en"
l: '!.. '!' .c
jfi &,- ~[ ~t" -
~ ~
t
~-~ ~ "i.- .ç i il-
0'
,~ . .(.
t :- ~~ s: - L l:,;.
't _
-:-
ft ~~
~ ~. ~ ~,' Er. \r. ~0'.(;.
.ç. en
~
r r. "i.- r ~ E E G r;:" ç GO 'f..
1.....
"- c·
~ f: f.. ~ 1"
t-..
, E
~ ~ f,t~:
i~
_ li" r. 1..;.
t; -(
\::
i 1·~ of~ fr t t ~'t [
~ S; E t' ~ . ~ r r br G -Ë
r ~~ '[
;~. . ~ ff~'-~ [ ~ ë. 'f. ~ t' t'
1; r ,~- Ç:. ~: ~
""'\>
l \ N g T ~ ~ ~ [ ~ Q ~ ÏJ (J) .~? 11;,
f t-
(
Jiil~l
1
~~~l
4-12
1.6
5
4-10
2
3
c1,,~1 ~ \..'li wt ~ \~J ~t J,~I ~ \.:li w\S \...JS y!.yJl ~ Û..'lJj \...JS .ut .l:u.)I..:;
.J.J'i\ J,~I ~bt ÜA ~i ~1.l\1
:1~~l;1--2
~I~ ~ ~. ~
.Lli...J1 1.S""""
,- ô·L.
~ \1 ~\S..ol
~ ,- Treunor'slndex ..JJ-I.l..)J
• 1.S"""" . ~ (.)'1ka.
~ ~,
c1,,~1 J~i ~b} ~ ~~.J o..,b)ll ù~1 .J~'JI ~ .J~II~ ~~ ~ ,~I ~..,rJ1
(.)'1\.....1 ~ t'~ .ul 'il (~ 4l;~,;Jl .;bt:....Jt 'il) c1"llw:al\ '+l <>aA ~\ .;bb..Jl ~ ''-iJ~'J\
Rp-Rf
T'iiiii.---
fJ
:wi~
t .J~'Jl ~ ~tA. k~ :.Rp
t~\ ÜA ~1.,'jjWI:~
103
(
~(L1;;;Jt) tc.W\ ):.l:......J\ (J'Iy.i.o :1
''-iJ~1 ù~YI ()A ",~t ~.J 'd.,.llwJ\ d~t t..l i.JoGyû:Î c;ll ):.l:......J\ (J'Iy.i.o ~.J :p
:tJtJl
~
~L- 1 - -~ ~
'+.1 ~.J
~ - ~ \"i~
~ ~ :.r-
N.,
U-A=i" (jJ
~.ll...::Jl JlY-l L
'+' I1..,.)o4...)lt-lJ
, - ~\l ~.
c.,- ~
Lt.:.....Jl 4.=-.-~ ~ Uil
(J'I ~ ~
COV(RP * RN)
Il = 6m.
:wÎ~
t J~YI .),jk, .ho...ji :Rp
~ ~I .),jk, .ho...jl. : Rm
10% %8 1
%9 13% 2
11% %15 3
14% %12 4
: Jl\all .b.wji..r- 1
Ri = 8 + 13 +4 15 + 12 = 12%
104
[
10 + 9 + Il + 14
R2 = = 11%
4
:'A·'I"~
:Jo!!'I~ .. 2
6-12
12.5 = J}JI d.,~ y!.jAll ~.
0.48
6-11
6.3 = =J.,'-JI ~ y!.jAll~·
0.79
J.,'-JI d.,J.i..w::J1 d ~ ~ ~ ~tlJJ ,J..;:Ji d.,J.i..w::J1 ~bi W\.S y!.yJl ~ Ü.lt ~..ui ~ 11\
•~I:ill d.,.llw:Jl 2)4 ~ bl J.,.A!i
4.$~1 o.).lÎ.o y!.jAll 1.4lli!., ~ \1\ ., Â 41;ijAlI '-il ~W\ .):a~\ ~ .JJl.l..Y IJ'I~ ~
•tJ...,......
. -~'\ ~.(.)oA
.1,t.!..ù\ ~
... r.,r.'1 ~y
~\I
.. "F"" (~ Y.P-. ) ~WI y:a
.L~\.(.)oA ~
. _\.! -:'\ ~
,
1~,jll~~'J~ :WU
.llWI (.j.)y...Jli!., d.,J.i..w::J1 ~bl ?JAi\ ~ ~i yi!,::. ~ji ~I ~l...'-J\ yi40. ,)1
~\ 0.0 ù~\ ~ .l~1 ~~\ ($jl.- ~ Uà!h.J1 ~\.S..ol ~ l...l...t Jl.üi ~~b
.)} ~~} ,~ .l:l\c. ~ ($~ 2)4 ~b.l\ w..;W:a., d.,.llw:Jl ~ tJ.Joil1\ l.SJl.- ~ 2)4 ~b.l!,
:~'"'J\.S yi~1 01\., ,~ '-i:.ùl .llWI ~ tAJi~ ~4 ~WI ~ts::J1 ~ ~ ù"§.,ll
:~~\ ~ ~ Wu.....ll-l
~ .)~ ~..ut.x ~\.i...J\ ~.).l ($~ ~ ,",J~ ~.lAll ~y!J\ ~6..A ($~.JÀ.,
.<Ût..::..ij .lie. d.,J.i..w::J1 ù.lA! ~ o.l~1 ~~I ($jl.- (::A 4,j.)\.iJ1 ~ 0.0 ~ ~..J '(.)1..)";;',10411
105
(
:~I ~ c.JI'tJr-2
jb..J.J ~b...J1 ~J ~ ~ ~" j~'11 ~Jll.....c:." .l:JUI ~~ rAi 0A ~...,ml ~
c.} .l::o-i ~ ~Jb" ~\.:.;...Jl 4.)J JiJ ~..."mt Jl) lJS" 't»- JJ~ c.} ).Ajj,....'1t > ÙJ~t
> \.J~'11 ~I 0A ~ 1J:ù1 jAYI ,~\5:y!J1 ~i > J'Si jS'; .)~'11 ~Jll.....c:.
. .)~'11 ~J
~ !>' ~_C\I
~ tJWI
~ ~I ~\ ~
/,j!JJ ~
01\" ~b)T1 ù.)L......-l\., vb)T1 ywt ~ '+--49 ~ ~~ ~tSJ ~tSlll 0A ŒC->Î ~t1\
.. ~ ~. ~\.S:i.l::..l
~?>'-". ~ • ~ ~ .. ~
~?>'-". ~
. ~\.S:i
~
>...! 1-I1:LS'1\ .lie. ~~~
,~.J.lw:J\ ...,--.
Ij (jJ
". " -<~ ~tSlll
~
106
(
J~~\ J=J~ ~ ~i ~u.jS.a :~hl\ ~\
.l=J6...A ~
. No! •
(,)A
tA~~I!J:.r
.)\.~)r\ û\~':l.a c:-:-:U
• 'A"'~\ ~ ~1.l=J6...A .J~)I\ ~
~.)~ ~
~ ~
.. ~W~
OC . .Lt.:....J~.I.,.).Q..
~
~. . .':.-: .t\ L.~.. t..r'
(..ll~ "f-'G
~\\ ûl!J}il I..S .AI• ,..À
<.,r -!J..
.. \ ~I
,UWI L1!.U
,..i
\.T"!J
~!- 1952 rle.,..i
o.r
~i ~..)' t:.t Markowitz
~
_1I_t~
r--~"
• - .li.:;
!J ~
,.- .I~~! i 1•.L
,...., ~
.222
~\., ~W\ &YI ~I",~'i\ ~~j M-t;\ ",t.....1 ~1JJa';'j ~~'i\ .l2ib..J\ 'Y~ "",L.. 3
.5 :1.>"" ,2007,~ y,i
107
.~ ,[ ~
~ '..,' '6- 'f L f ~
~ t~- ~ ~.
',' .f 'L" . ~ i4 - l'-' t ~'
, fi- - f ~ t· c;:.. . Ci'
4.;;
t l .- S- -c 1 t _.~ » l' 1: :,
l; -- .~ t- ~ ".. . ~
'6- ~. \:. - 'E ~ ~. ..
~ ~,
[ ·t (,
r~'l fr .: f ~' f
t
L.
L:'"
-
C(' E lj : , ' f ~-
~ ~ ~- i4
-- ~ f..1. ~'
(>, • L - 1:
rc"..- t-c ~
f:' ,,'
~
ï:.
~ ~
1. lr. ( ~ Ji:;"
'... t ~.
rl.f.- '$-:- f ~
r~ t Î','.( f. ,t
[.: .~ ~ ~ f ~ t ~
t.., \;~ ~ 1
-f:. rl
t' L ft ' ~ [- 'f ' .
f ~
0
OC)
- t 'e: -- ~ ~[~' E _.C', i tf ~g -
f i ~ ~ ~ ~ tl
~ tl ~ [; 1r ~ ,t ~ tl "Ci'" t::.
~ - ,'- .: c' .,. E i. ï 'fi \;
Et 1: {è
L. 'i= ~~. t f ;f' t' (>, o_~. ...: L ...: : ~
..... ~
~ ~
\0
Ut ~
~~~ ~~t~ ~t~ ~Eli~~ t-"
'c... '. 'E -
. t' Ci' E ~
t,' - .c 0<:
- - - '"
Ci' '$' •
.:..1'
'f
rF ~ ~ ·t' ~ ~ ~
,L. \: \
.. , ~.b > ' t - " t.~.- t'~~.~, il.[-
~ ~. ~ ~ fi,. •..:.
.f ~{ ~: 'r ~~ .f. f ~, ~ E t":
~ t': f
Lb\ r t j:~l~'
~r(ë.t$ t' [
fi,... -, , - l ••
f ~. ~ ~
t - 1~ .C" , r ;' '$' '; .
t
~ ,
~t~ ~
~ t ~ t :~. ~
i~t [l' "' c· - kC' - ~ 'fi ~
- [ (.;
-. ~ \- - G:.'.- o. ''..
-- "
f ; ,
~ "'~it- ~[~~ ~tEiÇ~t"l'1"( -E
~{i :. 1. • 'T" I·.E~·
':.c--'
_ N w
k __ ~É t ~ ~.t ~ 1; .~ ~ ~É .c-
E , ! t- N G E
(
:~u..J1J ù~'i1-4
f"~ <.Ji ~I .;;.lA .jC-SJ ,41 ~I .J~"JI f"~.J ~ ~ ~y.JI j.:LI.M"JI ~ts~ <.J1
\ -'1 ~l,~
~ti..o
. -'- ~
UJ l·~\l ~l"
.l:a1.i1a.'::Il~ ç, ~ ..... ~. û • ...,.- ~_.t
ùU'<' ~
~6
.J'Wl , .
ù\!J""I~,~ t,ID.l ~I
' :!.)A.I
~ L.&
'fo:P.J~"JI" -:\1 L'l--l
~ ~ ~
~ ~ .J~"JI ~ ~\ ~\.c.\.bil1--2
~L.J .1':.. ~~
.u'::II u 'JI
w..t ~ 1.i.JI·.l~
t..Y' f" I~\.J. ~I.ll..JI~ ('+""~I't..Y' l..c....
~ ~ ~ llr
,
~ tw
...
t
(J;Q
. L....J\
\.a...o~ '-iJ .. ùl!.>="-l'1':1\
~ A.iJ..;.b ~ b.l~ ~ ('+"""J \ 01\ \"lJ9i) ~~.J 111 'yi Di 1 ~ ('+"""J1~ .l~ .J~I .Ar
~ L'+.!".
JI ~
..... cr~\I l..c.1.l....al\ ~"J J.:I..A ~
4,juta. ('+""~I 0 ... · \
...Io@oI..
t.JWl ~I
•
~ ,~.lill\
,.....- ..
u\i!J:il1
109
(
~ 1. 1 l.l:i!J .ts§.
"f-I.J ~ ~
II 1. -: ..:; 1- I~ l.lI,~~ 1.J~I
"t-'"":!"..,- ~ ~
~ ;;ill.l.la.r
_
tA~ ~I
~
. .J .. ~-:II
..,-~....,......
-..(.
UJ-I:!
'i 1- tA~~I
w..,- ~
..
~
~\I
'-rr' ~
)U.~tl '·:·\1
..>P ~ U.1.J" ~
•• ~I ~..ût:,-
~
~\t (",)oQ....>""'
t C\:i:i.l! '-rr' ..:tt ~ '''l'~ tu'·'
-r: 0~ t.Jt ûwW
.. ~ ..,..-Wt ..J U::It'l'UlJ
, !J ûtJ.l..Jt ..,- ' ~~ tll::l.
...
";/.J ,.Jl.....~1 ût!~ ~ .Ji ,~.)~";/I ûlli~1 ~ Uj1,S ~I".w. ,)j!,..ll ~t ~ wc- ~ ~.J
'~U:..J > ~I ~t.ùl ~ ";/~ .)$WI f'~ t16. ~ .J~";/' ~ .b.!fl1 1f'~ ~ ";/.)\
•
>
!~~2
l.ii\~ lA ~jA û\..,.)Î ~ .)~ ~ .Ji ~ obi ~ w.,·,,·>ï'1 0~ 4.:l9jA .Ji ~.)u t16. 4l\.è. ~.J
- o·6..l1
"'l, IJA A~
-,c·lA .r.J ,L-:U,C.,J ~WI ûl~:;U WI - '1·-: 1 1,~ \1 U'h" . ...A
~ ~ - • ~ ~ ~ ..,- !) f' û)!.joW ~ (JI". - - Y'~
,)jWI ~ ~.) lli~ ~ ~W4 11y ,( ,)j~ ~)I ~ ûlli~1 wc- ~I J4- ~)
.~6..J1 .Ji .b~1 ~ .b.!fl1' û";/6. JJ~ l...t.J.j ~6..J\..,
110
[
CLu~I ül.lt·
~ . .tub.J1
~ (.)A ~ . ~·1
.)J·1....a.iJ1 1..J4.J'U (J ~:V.
WI üt.J-.l1
~ ~.(.)A ~
'.< •. .. ~Li..I.ll1
Û.I.:Io. .. ~ .. ~
. ~~~ ~ip.lt y~
..>.!.l..J ~l ûl:!)!J""'
Pll k' jd".L..o
~ :.r- ~ll
'F"" U:a.::J\ ~~
-. ô·"< ~L.:V
Ai ~..
I.,IT' ~ ~'Jl ~Wl
.. \:._~
~
v' . _·~-:-:·\I.l~....
t.,..:J-I (JJ~
.... Ul ~:!,Po..loT-À- ~:V~'JI ~Wt3,~
«\.J!!J (.jJ~ . . : V~'JI ~WI
.. ~ ~
\- I....tÎ
... Il b!.ll
re-!JA . .J .lJI
~ • ..,-..>.!
~W t·:.t
LoS ~ k' .. .
~ ~
"6.1...U:..I...Li
... 1" ~
1- ' .. ~-:-:
(JJ~
~ Il
.. ~
~.. c~'J' .. !:-:.II.l ... ~L...JI
'" (JJ~~.)J ..
-lu ·1 'JI• .)~'JI c·
(J ... (J
6..ll.~
(J
~""J 1.4 .
'+' ~JJ
~ .:û uL....
••
J ô.le ~~~ ü\:!)!J""'..,-
P:\1 . ..! ~l f'.le'-' ~l ~\...û.:I.J
.. ~
.. ..... ~:V~'Jl
' ~"
UA
~~l ~ J~l ~ ~lJ ù\~l ~" ~ ÙJ~\ .le~ ~~'Jl ~~l ù4-J ùl
ù13 ~~'J\ <Ù1.lAl (Je- ~ ':il Jl;.... ~ ,.)~'JI .;b~ ~WI J~~I J~ ~yul
~,,~I ù~ oÙ ù~1 11\ ù1 ,.y~ ~ ,,1 JWI o.a .Jl6.11 y...S. ~ ~)I Y6 ~ Ô.llc:. y!P.JI
4JW1 JJ;}i\ ~ ,,;11la.J!,, .ü!,,&l1 iJH fi.•iil ç} J~'lll ..,IJ~ ~~'lll ldt.:.....ll ,.~ ,~lu ùJl.)l1 ~ l
111
(
~j ).l:aj -,t .J~ .).AA ~ f':!.li:i ~'J ~ I~ cfo .ut ~t!i.ll -' yt.t!Jl ~ ..>#- .ut
-'Î ~,L'I
~ r..S ~I ~
,- ~I
.. ! j .tJWI
.
~I,~ JI ~I ~~r--~
J~..,-!joQ .... ,_.! ".' _~"'lA 'u'-'II\A
....... -
..b..,ji.Jl
:~1#-2
"1 ~I ~
'-'!Jo'-'I 4..:I..1".l!
,!J-I ~ <,-;\..ol..lll
-:11 f..F-::'"!) w~~1
., ~
.. ~
, J·':<1
- tJWI
~ -'. . "1 ~I ~
'-'!Jo'-'I ...,
~) ÙA ~ ~\..o) ô.)c. ~~ ~YI ~~I-, ~4~~4 J!6. ~WI J!.,...YI ~..)t:i-, ,~WI
.).?-' ~.J ~\c. ~ ~WI JL,...aYI ~ ;i t..l ùlS ~\..ojYI 01\ JS r2009 ~.) ~t 'r2008
, ·':<L r 1987 YJ"""I
(..)04 J - •
. ·~<i ..,- ., -'b'"
,~ Y.? ' \.b..ll
Y-'"y; u..o .. J~I l...I:H-'-"
L...:::aJÎ \_à, ~I
. L c..s--.J ~..,-
' ~ ~'J1.àJ
~1.ll1 -ût.,...~1 ~ .ut ~ .uY ~t ~I~ ..>#- .JA~i."Jl ~4 Uaiù\ 01\ -,.lP .l!-, ,~~'JI
< j,,';;;<) u-"",.u1! y,J!.u ~ )yb.:i ~-' ~ i~.J rilllJ 4.!.;,l4 ~ ù Î \..0 ~-' ,~~
~.. U'IS ~
.. ~\1 l~ U!j L t , 6.'
'- ,~(.)A t
·':<l
~-'J-~!j
l)l.!'"
~..
.J§ tul.)ll -û6. ~'J 1. '- l
'............u À-.
. u..
'bYI ~ . ,~.
..,- ,to.-: -'1 ....,...
~ ,',b..) ,'tt:.;Wtë,
...,- . '''<~.l!
u.,.- ~~'I ~I ,~ti:JI'
......,.. ~ I.NI
r....... t
~I
.. 01\'J .J~'JI ~
,L~'J.. ,'QI ~I J63.
tJWI ......!Jo'-'I .,-~. ,t
~ r--':l U
'I A..::..b.J
(S". •
..~-:.ll 'I.! ~~
• ~ U.
'I.ijt....ol•
(S".
.. J.l:...Jl UW1-ùl.lÀY ~
1).. . . .ULa:hl"'
. .lJ'" ~
(.)A:!J-I-, . ~ ~'Jl
~:!) ~ll·:tl
!).!)&' ~ ,..!
, , .., o.)c.W
.~..~~ ,'1 tJ •
.. ~ (.)'1 Li Ab. ~ ~'JI
..T":!) ~UI
.. ~,U \.ls' i JI.:;II
~ ~~ , (.)'1..
Lill ~wl
,!j
:,.IJ~I .;t,.....-4
~bYl ~ ~t ~ '1-, ,~t .J:!~ ~bt ~ ~t .Jt:-.J~ ~~'Jt 4....~t ù'l:H 01
~ ~ ~I ~bi w;~ ùÎ~.J y.,ll:a.J1 .)~I .J~I ~~I ù'l:H jl.jJ.J ,~.lA .Jt:- 0J~
112
;:0-
=-t
::r '[t" J'E! ~' ~ ~ g; t' ~
[, c:-
~ e- L ç.. 'Ë' J' ,~' t' ~ '. c·lA ,
t (1-
.. m t ~ ~ { E: -::
:z. c· g. ,[ ~~ f
t;,
~ :: ~ € ~ - Ci. :: :;, ~ - ~ l t. ~f
~ ~
iCD G;
~~f' ti ~. } [, f- f ~ ..."" ç; &. h:
C·. Q.
fi
1,.:= 'lx -~. ofi, .~, ~ t: f (
r CI) ~E" c-' ~' c·
~ c;Q ~ ~. .Ë [y 1
~ CI) l ~ ~ l' - "-. 'r lA
o CI)
o ... l'f' ~
F
~ ~ ~ r;:
Vi O' ~ ~ ~ \- t ~ ~ E ~ i
~ ::::1 "7- ç;;- [, ~'
~ Q. V: '" ~ Il tl.~~ 'l { (~'t.( :~ 'î:
~ CI) .~ ~ !::- ( - c. - tl 1:' - f 'E: _
. 0 c·
-- ,
r
. :::1 ~ ~ ~~. :~ ,
b7. ç
~ "~ ~. .' f~ -~t\- 'F~, 1:1 ~
~f ~
\,; ~ ~·l i.· fIl
ç. ~. L· f'" tt' 'k:
.... ~ ;; a;e
E
....
w ~. l 1= t: .f. fFii f.~'fr~:ttJ,
1.; ('. - fI:'
::c: ~ ~ ~ t: t c -- r::
L. cr - ~ S· ~
C" (1)
;::+
~ [, t 1: ~ ~ 5 &.. '~ E' ~
f[
~ ;
lf'
Jt' ~
=f
~. ~
~ ~
f'" ~ ~
f" ~
- ~ (
..... € - ' . t~
....... Il)
ç;-
tt'~t···
èr 1:', •
. 'l ~ ç c::[ ',t
f /0-' 6,r. ~- - h:-- •[
f !::
[
~ .~. .t' ~ E: ~ b7. tl ~ c-- c~ [ l! &.. h: 't:
S .... f: ;
\D
li:: \D k:. ~ b7. b7. }:; ~ ft
~. ~
~~
t- ( L' t:;
(!=t.. ~'i ~ ,~, f' [~: l~t Po .~~ • ~
f
t, .. [, -- ~ ~ L __ k.. ~ 'i, {' ,r; ~' ~, -[
~~ W ~ t: -"\> -!... .... L l' rw c· ~. ~ • 1:'. J
-
~. \D t t( 'r[ ~ 1
~ ~ ~' t: ,..~ " ~ t l: ~ i.• ~ .E' ,
E: t. {
~,
b' 1=
i t. t,~ t c·
oc;: •[ ..
~. --
h:-.
\- •ç: t;:..~' t' t ~' ~, [. ," ~, ': ~, ..
~. r:. ~.. C: ~E'
~
'[.~, ~ ë.
i- ~fr li''t.~ Sl r f i.e, i.e~. ~ t
;..t [, \- ~ t' ~ ~t -Er
~ t tt' ~ ~, J:. f 1 G>f""
~ 1 i; r, - ,[
t ~ 'f [, c... • ... l - ~ - f f)
"-.
~ ". "", 1 . t'I C·. ,l,
~f
w t..:>
c·
~
.r-
t:; G>
F L ,~..'E:
t,.) th
l. \. ~t.' !::- 1:::.. ~ ~ ~'''''' ~ ~ ~ 'i ë; lA , t r t-
r· • & t ~Ë': 'fi. \-rc.
[. L t_
,. ~~ .~(~- b _.
[.1::. L r
t
, 1,., -" Eu.·
L c, C"" .... C -
:r If ~ Ë
t~ -
IJ:.,
~,(')~!
~ ~ ~,'
'
1 - .[E , \J'
c.
~l:: ~ ,
~,
fii F ~ l:t: ·t' . ~ ~ .~ tf ~ f:
\l ~ "- g b \i~ r~ -- , . . t t Ç,.. Ç:.,. \- Ir.
L- 1,.,' r;.",
...,..
,- 'r:- ~'»'c-
en,
k~ ' e-
[t'
\
-
Lv,
'i~ ""
[~
'r
~,~ ~~
"'» ~t7 ~- ~
.[ -- f"
t f tf' !f t fi:'
~~ ~.[
0 f. \- i4" Y... 'é.
v. t ~ ~
rl ~: ~ ~. ~
L .(:: 1;' k fi"
t: ~. ~.
t- ~
€ "l... .C-" ~. =
. ~ fq ~ ~~ ,~ tl ~ b: t:. {,~.
eg' f '-ft
1,., - L f: l::': !:t., ~~ '"
-\0
"." ~[, ['
[,t: J,
,t - , , ~ . f r: ~t'
'" ~'" e
~ E ~ ~~ fii' fE t r 1. rr r ~ ,~' - ~~ [,
:: ~ .., ~, \l t L g; & ~ -- li>. p ~. lc-
.::.. - ,CD [, ,~~,
f \;,Ë ~
J" .. - t-.
& 0. lA ,C- cF, ~ 1':., ,r::~. ~ Ë l . {ti
~ ~ 0' .. li ~ li:. li>. i.:4 {>-' • ~ :u,."
Ct. » .
G:' ~,~ ~~' r ~ ~ t 1:: '" , ,t,'" . 't- ~. ~. ~ f=
N l ~ l c. . ~' i4" t . { ~ t - ,t' ~ ç ~
» 0" J'~: ~ );, ~ ~. ~ t:'
r-- v. c· ï ~ ~
'ë.:..
:~..~ t~ g ~ -- t,t ~L1, r~ t' [B: ~~l:: 1 \. ~
~; l' ~ g \- 't § fE 'k fr ~. ~ 1.. 'f ~ l. ~ --=: t' ~'. ~ ~
f ~. fr ~f ~ ç t ~ li (: , Ç:.,. ,g ~~ \.. ~. { ~ {. L' ~ ~ .~.
fl ~ ~: t ~, V. i4" tl ~ t t- Ir ~. 1"-' ~ t' 'i~ ...... ~: *' ,r
" rt' 9' [ ' , • b - "1:.' trI:.' e- 0\ .r...
f, ," r ,[ "l... ,[ -: ~ 0 ;-:
c, c ., - 11\ C,•
t ,- ç;~ rf . ~, t,~ -- t t
• • hl -,
",r' t;:-
~' 'li>. [ , ~ 'ri:: ,];
c;,
( - '
t ~.t
' . t "l... ~ fi -~ '1"-'
1:-' 1 .,,'
~' j;"
v. ;-., [ -- ,[ ~L
1,.,'
8> • 0'
~. -
_,
l_
\; (1 ~
t!
t ~ - ~ F .C- f. .1::. L' - Ê 'Ci... r~ L
~. t . .f' II
f n . ); ~
t~ ~." ~f ~' ~~~ ·t ~~ c ~~
ç i;C.r;- i4" kr. ' i4"
.~~ {- J. f~ 1..~ f' L"..c.E 1~ ,[1 lr[ ~.~
Il'~' ~
l'-" - 1,., 1,.,
Ir. c; _ [,. _ 'i\ ; . f _ el ~Ir __ ~ \.0 ~I.. , (,H _ c; _
(
~~\ ~IJ~lJ U\.wll ~IJ~I :~t
ô.lU:." '($.lJ1 ~...,b .l:a~'ih ~!J.!JI aJl"Ji J.,1...1 r+""'~1 ~ :usUI ~b~1 ~" 'r+""'~l ~
~ ~ .l:a~"i!., y!ajAll I~ ~fi..J\ r+""'Y\ s-.l>Ja ~ ~ ù:- r+""'Î ~j.4 ô~4- AJ,,~ ~ ~
.u1! ~yJ\ ~b lJIIÀ.i JJq.,,; .JÂ AJl:J\ c1\ ~ ~ ù.lfl\ ù Y" ,~yJl ~b lJIIÀ.i ~~...,b
""" .ll
jWlyw ~I!).
~·f .. ... ~t"JI c~ r'b:i..l....l.lii::.
U..r.'l6.ûl" cLW'i\
.. ~.:!.J Jndexing "'_-:'\1
~ ~ ~\L.
t.. ~
~
0A 4.1".!J:i..l"Î ~~l ~ c;J1 r+""'Y\ d;:a.l"Î ~bj ~~" 4.c.jyJl c.4JY\ -,W:l....\ ô.lbj ~
1.~yJ\
6.û1" 1 .. ~\i
..... ~. ~
':. '1 ,.3 tA \a..i I",.--.J
• '-'-"""'" '-r ~
.dlY.. ~.lii::. t. - ..
~J
~WI L -: .,~.
~ l.J.4
J!L. r+""'t .. !>'-" ~, \1
1 .. l...l.J""'"
c;J1 ~"i.,-J!., d,...J1 ~ 'i~1 ~W\ t~ 0A ">pi I~b ~ ù i ~ ù1i Uk." ,~I ~b'i\
2.t...L....J\ 01\ <\t;.LüI ~ tA~
.. .. ç. .. .... .. ..
115
(
ULwlI t,IJ~1 lJ?'J;~l ~t :~~
1: t.r:\. ~ ,..Â
~~
~I" 'J1.,1\ ~
.... ,..~t ... ,.3 ......uiLÎ
,.,,- .... +# If ~I"
o.lC t lii \ .tiSL.J1 0?)\.l'JI ....... ~~\ .1'\\ ~ -
~ t..JA ~
-.C.
~1 uu~ uail ~ ~b~l ~ 4.c..»Jl clv~l .)~\ O.ltc.j ~\ cJA y1.b:l; y~~\
,::.t ~m ~., _li uU-< - . .3 ... '-i Î ~b..o CÜA ~ ~, ~YI ~ '. .l:a~Y\
r~ ~ >-"y>J ..,....... 4.or ~ - ....) . ~ tA
.. ~ ut.i~ ~ ~111\ ~
~ (~..;.JI ~ ~ J=..,lj
S.lh::.i.I..S"'""' . . . uyu=
L U\....ai ::r-
~t.\ U. t US ,4ill. ~ ~
'.• <~ y .li ~L .li ,...\y~
:.;:rw- .... ~-'\ \~'it l.lh::.i.U•
't
.. .)~YI
:tl:laAll '-:I~t-2
~L
.. .J' \1 ç. liil"'\ '\....:.. j§ "" .*:-:
. ._,.,....... ~ -• ~
,il'
OJ....,.......... ~ U.
,ll ù1iS.::i I.F'"~Il U- !J:!"W"
'U! ~\5l1 ôts6...J\ u• ..,...... ' - lt p::.~
!.J"""'"
.lLücYI ~\S..o~ J.,iJ-, y~~II1\ .fo ~I ~\...a.:..11 ti.l4-J1 ~ bLücl ~-' ~j.J1 ol.S~ ~
~
. -~ -'1 U. •• 1-IL~ >-"~Lll,.3
'U! c::-- y>J ' r
~I r+'-"~I'UA ~
.. .) L:i.:i.L
.. . r,,.i,
~ ~ U.
. _':-: -'1 'U! t.\ ,~1.:i.l
~ . \
I..S"'""'
:.ll:i..l"il '-:I~i- 3
1 ~ f""::"
\A ç..!.>'-" -~" ~I" 'JI ul ~YI'UA A..c.~.)L:i.:i.L
..... ~t!) ~ ~
.. . r.Ji: ..~. -'1 U. ,1 ~I
'U! u. ..,...... 1',.1
~ li!~
116
(
~~I -,~"il J..,.llr...::a ~ -,~"il y..,La\tII1\ ~ ~.J ,û!J~"i1 o~ -ù:a~1 4,.j;;
~~ iUlJ"Ïl
• L~ ·~l" l' .. \L.'
-~J>I'WI,~- !UM
û"i~ ~i ~1 \.St....- ~I ~tc. Ù.4 ~t ~tc. y.waS .JA> ~\tl ~ ~I ~b11 u.lA û1
. djWI 01\ ~ ~i ~t=....J1 ~ ût ~I Ù.4 <Û~ I~ ,~\..w,l
l!Utll
~.~
~L.t)U Li!~~~~~
.f.,; \ ~~\l l...a\tl t.L ~\1
~
\-.:lWc.'iL. ~1
c..s- ~ 'Ji o~ .:uïL
~.~.!..)-\ow'f ~~.J
'<.< ••
.~~ û\.\~"'i
:~Uii!\ ~~~'-2
-'~'i1.S UWI
~ 'J ~lA.l.:iJ\
~ ." ~~I
~ ~\ ~~\ Ûtc.\..l:J·~ JI!JA~I 1:, . .
~ ~ .~ .. 11 f'~
~ ~!J
117
(~________________J~l_J~l_w_~_'~~~J_U_·~
__~_~~·_·'_~_._·~_,_1_':~~_~_~_'_J_'4_Â_l'~)
:~I
~.. I.F
,.J 1 J ~ ..".....1
"JW~ L~!.il. -:11 =L!~"'I ûl~Jil I..S .l:I.1• J ~"JI,~
~\,'û....a ~
....
,.J y..t"LAU
I.F • "".lA ~
J ~ f'f'l.!.>='- ... ~. ~.
_A't.. ~.. l>.! '., -~ .. 11 I.JC'
• ~l L.)J~ .. ~lü û\ . J.J\
... \JI~~I~.!.>='-
û~ts..a~~ ~Jill f'+.!Jl ~Ji=a...o œ..;;JA J:;Li. (;4 Jlli.J,JWI u-ah ~ ~ ~.J1.~11 ~WI J);.,t.;1
. û1>~"J1 01\ ~\J~ ~Jill
ù~ Ù"I ~ J4t"";i .ll» ull J~'Ji ~Uw. tA.fty ~i ~..u.Wi 4!).JiüJi Jil.}
y~ ~ ~J'û....alIl>1\ t,rï ~t Jc.L.... ~'lA~ ~ JJj\.. I~ ,~\,.ot J~I J?i (;4 œ"'p-~I
10:- . ~
~.
~ ~
.. J'û....a ~LiA ~,
•
.... .10:- ~6..6..
~ \."P .:j
ûLè.
. :JJ
ùl.ll\ t·UA re-
-A' ~ W L.)J~
' .. _=:-: . '1
&.J ~.J ~b r.u9i1 J.j.u.....:J1 ~bt '~.J .wfo .lic..J ~1>~\ ~.J J.j.u.....:J1 ~~i ~
.ÔJ.lIÛA ~~.J ~ ~L....t
118
• .1.i.4......Û
'-::or
~h~ O~~ ~-' ,J:jllw:J\ o41 ~~I ~b)'\ ~ ~W ~h~1 ~l ~~~ ~~-'
(jA-, ,~W\ JhJY\ ~ ~bt ~-' bJ,';ï!J y....,.b:J ~ ~-' ~~l ..JJ.l \.a.l -,~':ll J:.lli......::.!
4..JWI
.. .. \~\ ~
<-'!)J ...3 -'~':ll ~
. . .~ ".l\.l...a -'..l.W..1 ~.. tu·-'I'-I6.ll\·
.. U"'-' .!). ~ '-t)\..la'1\Lt
t...r"'" "~
~ ÔA ~JC- lJ-,ol ..>P-' ~ t..6 -,~':ll ÔA t..,.ù\ I~ ~\.:i.. ~JC- ~-,ol J-,t ~4ic-4 ~~I
Jiy...t ~i (jA ~.l~1 ~WI JhJYI ~ WJS. ~l 4.!t.wa)'4 \.a.l~b -,~"i' J:.l\.l...a .l.lc.
120
~JjLWJ' ~ &J'i\ ~ :JJ'i\ ,:">p.. n
..-'1
r.,r..J"'-' ("-\WI '1 ~I
,..! tJWI '-'!JJ
I.rr"
"1 i ··<Î "J!J I~"
'-'~..r.- ~ ,
~'I tJWI '-'!JJ
L ù ~.. c.r.. .. , ~,..
'-'-"'"" .l.:i
~ Ù'O-' ~I ~ J-,I..!Jl ~\lJ1 ~~I .:l~ o.:l\.:j ~ ~l,a.ll 01\ ~t.... ~-' 'rWI y~
~~ ~,
• u:ilS..o I.S..ll ~.) ~
... ... ~ u:i
'-'-"'"" r-~.. . l)J.. t.- , ~~I ~
I.F!J J '1 ~6J1
l.ûll i.F.. uWi.i
4: ~\...:ij ~I ~I u-~I .:l.?-, r..w ~-' ,~~I r-~-, ~ ~ U:at....)I.1,lJ&.i ~.)~ ~t!
.).l.w:I .li! ,~~\" J#- .)1......1 ~ ~-' ~~\.iil J#- ut....).-.11 ~ ~-' ~\S.JI ~
2.~IIo!l_~.I1
..
.... L ,
'.Y'+' l}l~ r.JC ~
~I JIJ I~ ~
_.t:...,;. r 1983 r \c. ~
i.F"
8/1230 ~
~.)
.. 'I
r.Y-M.r-'
~ ..billl .)1......1 ~ I.S.:lÎ ~ u~~1 ~I.l! ~! .:l-,.l::It.A ).1,1 ~ J-,I.ûll ~I ..li-,
r 1984 r\c. r.Y-My. .)~ .1,\.àù1 11\ ~J.>.o-, ~ ~l A..,..6J1 u~ r 1982 r\c. u.afil ~ r.}
• UA
, u.J-""'"
jJ....lJ
'._<-:-: ~-'I
l:U""'"
,- ùl·
IJ"""""
"""II 4.J l' W
~::V.!)J •
~
..
tJ:".,.J1
IJ.. ~_d\
'.Y'+'
.... L ·
l}l~ uc- JIJl.ûll _.t:...,;\
~
clt {.p ~ ùl>J.l ~ ~ J4i1 '~.:l~1 r.ryJl ~\ ~jA .li.!b..Aj ~~I yJll ~WI
3.~1
•.l1.....:.:iN\ ~ ~l.. t1~ ,~t.....!JJ 'IJ..,.....J1 JlA':l1 ~ ,.....,.'11 ~.)JJ .).,nl J~ .l\t) ,lj!J ~ 3
.~ ,~,yJ\ ûL.);.ll1; w~1 ~
121
.44 : (.Jodl • *'
.0' il;, ~ 'L <i' ~ ft ~ ~'~ c' ~,
oN N f ,t; r'
~ § C·
[~ .t· t \!- Ir- &' 1::', ,~v", ~ l Ïl ~
k '1 1:; ~ -;; "".', .t-'
I!: en 1>
t ~ ~- ,~,
'l ~;t ,t: t f , - l- ~ 'iL
_ l... ~.
r ~ , ,~' -. ~~' ~ N - • .... »- .. ,1::'
l? r- 'È~ ~J' "k. L" J;~ ~'~ § ~m l i l:~
~.
&-- -:-f f: i î
t ~ ) ~.en r .. " ~ fÈ,... f: E ~, l' f'
ç:I:.'~ ;;.~ 5- 'fc
,~. ~ ~. ~ .~ ~, 1l ~ ~ i- 1; ... ~
t .V- c- &. i,.;-
f
~
t- ft ~ ~ ::zï ~ l - t.. f'
.t ~ ,t' ~ ~ ~ 15 ,t 'È ~ fi":~' " ;;- ~ t..t: 5- ~'
r ~~ 0 E , b ~L - ~ k "- ~ <i ~'l ~ ~
~.
t~ tt
L ~ ;; l' t' ~ ~ ~' 'É t ~.. ~ :t fè' h ~'
t..t: ~'
f~ ty ~
f<i' '-[ -: ~, ~ ~ t t' ~ k
.t.~ i..- l5
i: ç.. 1: \.. C " ~·c ~ :;, [ - - 1'.. r: [~t..t:
~ 'r 'i.. {'
~. ~ l' t ~ t..t: f! ),. P \ ,(1) f' Ç:." { c- ~
. l'~ ~ ., c .c
N
r r~, ~ k..~, ~ ~f g., t ~ 5- .,." - ~
N
i ~ }.~ t
,( ~ 1::', 'W -;: ~ ~I:, l
J' 't' ,r, ~ J' !.- ,Cv ': ~ ~'
b t t' i E '" rr;, .- ~ ~ ~, li .~ 'k ~ ~ .~ '<= ~, 'i r 1 "à..
t·f l ~ ~' î : '~ t·~ t f: ~ E- i ~. ffi ~ f { l 'i'
\L" rt ~. .c ~,l· I:i - t' [ 'f t. ~
~ E
~ Ci' fi "', - ~ - , - L
\!' 8 t <i... C, ~'~ ~~
,Il-' - r::'. 0' -'" ~y 11, l,
l 'L t - ~~, C,- Ci, -
I::f v' 'i ,1. ~ ,1: .,.,' '-è k L na
... '(jj:~. , {t,
~ ~ 1
......
î r të~' ,r!- Ç- 1> c··
0' L,'
~ ~ ~ 'c..
r r&. 'h
L. "i.' '-è 1> , -f- . N
"k. t'" t' ;.-
0
tl~.
f
f . 'fc, C'"- i,.;-!
~.",
1> Iï\
~ ~
.'" .1::. ' , c- - O·
"-.. ~. - ......
0'
f' ~ t ~ r
l .t· ~ .~ -t ~ .~...... na ~ 'r: f." t' ~ ~...... l \- ft r.., \0
- ~ t: l . ..... 00
0' - Vl
-. t- .en ~
.~ ~1::', ~- ~ ~- c.:- ~ \0\0 ~ ~Ir
. ",
"I.A ~ : '6 ~ ~ t) ~. J;:~, ~ v. 0 ,_, lf~~, ~
~..
t- ~
,t, {' 'tt - t..t: Jo' I.A '. I!:' - t. 1:.'1 t:!. ~ .... .f) t c· c
c, t: 'Iï\ ~ C' "" t - L t).t;: ~ li V
(:
('(1 'cy ç ,t' ..w .,.. ~. ~ 5- El"C'
r- \- ~. ~ ~, ,t' c- Ç7
~
. . ~'~c:. r~ ~ .[ t ~ ~ ~ t k:. ~ )! '~. ~ fc: [.).., ~ r.
;0""l> ~ C
1.t..,o-.v: .,.,
.r'~··l~'
~!
.f T 1
T t~:
tt~f
T ' ~r-"_
~_ ~b
'-è~
_
tt
t t r _
r
_
r t>
__
~t
,
t.
~.
.rt-
-
_~:
E
1:;
~
'-è ,t
r-
.L.
'-è
~ ,~ __
\H
'i.. ~'i ç; ...
r t t
~'~ -f! &'t ~t.. 1 ~. ,t' l!; ~
t:
J',~K·"-~, f
~ ~ - ~,~ ~
f
t: ~ :: f cf" b:. t '1: ,l' ~ ~
r. [; -:t ~"
i:[.. c. '" t --. c....~ ~ t ~- ~
tl, "
ct.. ~.. ."fi·"
î
o ~'- ~ \O •...l .,..
t} r f f. 0 <'!' ~ b [, ~ ~ :::
~ ~: t f~ f t ~~ \- f {: ,t,. ~ "t"
\- \0 .C- rr ~ 'h ,t,.l" _
~ E t. [, ~
~ ~ f [{ î E t \ ~ ~ ~, ~ ~ ~
~ />-,.~ ~.", ~,"1'., li ~ C> L ~
E!. 't. ,[' t 1:; f:. ,/>- L n [A ~' i.e
[A 1;.. - L. '- '[
E.:.
1~'I:'...
w ~.- - - Ç- ,"" [ l:' .c: ' 'e:
t rrc- l..~ ~ ~\
.. :t' I! .;.c - c.. t' t' L 1:- "t>l; b '"L- ~
~ i,~, 5- - v [A '~t f:" E -: ~- E -:
il E
- l~' Cl:-' '" .E7 ~....:... ~
·l>~i t ~' 4 " "~
_ tiC w t.. .~' ~. ~ ~t' ;: ,..
."-f.', ~ ,""E _f" t: '~; E t_' ~,
t;l ~ ;..,. t' t (0, 'g iL y .j;- t
.t; t }. Jo"
" t ~ ~ t:
~r: ~ ~'~, -
Jl \;' ~ l.c: 1;~ ~ ~~ "is..
::: '- b . \0. c- -.,.. 0' v L
f -'~t ,t, ,~' .t
C' 'E :f ~ li" F'~ ~ , t E,' ç-
11'1 - v
'i o .
t[, 1- ,,!& ~[, ~~, ~.
.~~ ~.L'~~ ~
... (. L ....;j , ' - \.0 - - ~
i.-. c -: ~ ~ f ( [~, ~. ~. ~' "1'., ~ ,t' ~ ~ ,t'
[fr
(;. fr ,t, ~"1'.,.c- - ~ ~'t f k-
~i [ .l' ~
t-
li ~ E :: 15 rr t Ci' \0 '~." . f"', E;- ~ ." t t: ,=' il.
.,r.;all J."I~I i.S.!ü..a ,~WI JJ-II ~ ,-4t,....J\ M'••.':';I ~JW1 J1J.wi ,~I ü~ ~ f'~ :~\
.14 :(,..)"'1,2011
124
~J.JI-li l..:lW\ ,jWc;\ J.joIoII ~L.Q : l:f.a"U
",!,....)t\ 0A ~ r:.P ~ ~\ ~t....=J\ 0A ~~ ~J~I ~W\ ",!.t,)tl·~ jJ4!
:~\~~-4
~W\ ~J~""J\ ~\~)t4 ~ ':iJ~\ J..,..J\ .h'-:U->"J-, J..,..Jl ~ ~1 ~~l 01\ Jy.J-,
.l~1 ~ ~.)J)tl J-,.ll!, ~..)A)t\ ô~\ ~\.;':i)\ ~ ô-llW\ ->~l ( t.>a\b.j\ ) t~) yi ~
'':iJ~1
:~)\ ~ ~~ 'TlF- -5
wlJ.i..-, ~,Jl:. tJ:- J-,1..1111 ~.J ,~I ~L....:a ~ J.lla:l üA ~J..,-...JI ~)tl ~ ~ ~~ "J
. ~I 4..!:!)6.:il\
• ~~..,--
-~ .11 ,..i JIJI.!JI
~
-:ll ~. ~-:tl ~!l.:"ïil\
.. ~!J .... ,,:}.
"H'-I ;.t:.~ ~\1\ ts.,)
- '1 (.)A ._'\ UWI
.. ~..
"! ·'1 .. t:....:
l..lJ""" ~
L
(..P,o
t (.)A
•
:~"w;; -.r
. ...A.-!J..
4.JWI "! 'I.~ UI·
1..lJ"""..,-, .tl
~!J
·.\:....:'1 ~ u-I.Joll
r-::--.. t ....
~\~1~-1
~\~ ~~ ~ ~-' ,t..i~'j ~WI ùl>b~1 ~ cr.ti)lJ ~~'jl .J.j~1 ~ji:J 2003/7/31
UWI
.. "! .11 ..b-:
"'-"""'" ~ ~
1- ùl~""1 1.... ,1·
t u-I.Joll-' :.11
~ !.J...D"
.L. • ô"~..bii"
~ ~y, ~, ,ry I..j.)bl~ 'F\Le·U.A.lUoWI
N~ \
~~W\
,UWI
.. "'1 ~I
l3.!.lJ ~t..:i.l.U:w .. I\ .L~I·<YI ~
, ~..;- -:l\
~.~ kl· '-II y...,......
.. L"_
W.J~ ,ûl~ Jb•.-:."I\ ,-'+il~i .~i .1.f.a1.JJ- Jld JlJ.wi ~~.j d.AoQ~ fÂi ,4.;;\....t.....'i\ ü\Sy!. ~Wl 2
126
~ "i... -t "i... ~. [,
~.
f ..-[ (t
~~ - g:: 'f~
,{:"
"i.. 1• ~ t ~ - [ ç:.G=
-~:
[ '
N
~·-t
.- (
t.~'- .t ~·f
-[ - t. i-.. î,t'
• - ( , t ..- Go.
>G;
-:,[~[, --"i...~ }.t- '.[ L-~ ~
!J <i' - ~ "i... ~
t e' "i... Go, '
t_ t: 1· ( f
~
- • !J ~ ~
t ~-.1:~ ~.
l t. [ : ,"f'C-'
[, l }- ~
,[ t;" -
Le .~ - Cf; [- G' Go- t ~
- [ t>
~-
~• t) ~ •
( Le
......
t q.
t:
\:;.~
~
e'
!J
[
•
.~,f 'f:-
- t i
N cr .-: - [ .,.. ~.~. Go. •
..... ~
N .. \ Ci- c-
t - - ~- ~- ~.- \!' t
-....l
l 'i f r- tt ~ t ~- ~- "i, f: t"l...
..•. . 0N
l ~ d t ~ t { ~, ~
C 1> ~
t- ,v.~~ f
<.. _ " _ <;' -;
i. t ~ ~
\;
f·f,
<i
t
\D'
~
>-
,~
(
-.f: 'li
~ r 'Ii:.
'r-:
(f,
l' ~ - ...:;. 1:-' •• II,
r- c- ,tE 11· ~"
~ ~ i r ~, t. ~- t.; ~ t' .t· ~ ~''C
c.
't..f
t ~- ~' r
1< i: };
J' t t ~ _t: ,t.: '[ f ~' '[ t f! II,
"- [. (j;\ ( - \. •• - • (
\- ..t. 't- ..
EI 1- t)
f ~ t [, - ft· (' ~ ~ , ~~
[.
f t ,t.( 'f ~,~ ~- - 1- ~''C~- t ~.~ ~ r<'~ t i ~~ ~
,~ ~ -Ii - - ~~~-
t-=- .,... [ -
....
- :t f [..f f:' C.. ~I:- \; ~ f
r.. ·tE
.~ ,~;
(M~ • t,.)
NI
t_ _t i. .'[ .f. i ~f .~ ._" +.: ~ ~ ~= ~ t
:(2-3)~J JS.JJl
~WI~lU
1
1
• •
Jlu':ll tl~l ..PJA
~.;.,:JI w4J ~Wl~
~l
1 -.
1
~ J.-ill ~
ùlW....:ll ~
û te.jl.l.Jl
~ ~1 ':il ,6..4- 10:00 ~.J 6..4- 9:59 ~U\ <.J.o ~.J (JJ\~l Jri L.) c).j';\ ~~
.
J.J\.l:i ~ rU:a.i.ll ~ i.lte.!, rU:a.i.l\ <.J.o ~U\ JA!,':l1 ~ W} t...:i ~..J ,.hi! i.l:il..!, ~.l ô..wl
Jli..l} Y~..J 6..4- 11:00 ull10:00 <.J.o i.l:il..\., ~W~.J :(C~\ Jri L.) ~"W1 ~JAlI
~.J ,~15:30 ~U\ ~ 11:00 ~UI <.J.o i~1 ~.;-JI ~.J :(JJI~I) ~I ~~
.~.l:.:i.J ~W~ ~.&i.J JA\.,':l1 Jli..!ll ül~~H ~~..J JA!.,t ~ J,..à!i ~..):a ùC-.J
~UI ~ 1~L-15:30 ~UI <.J.o ô~l ~.;-JI ~.J :(~tu ~l) ~1>ll ~JAlI
J:ti.. ~.JI.llJ\ û\Sy::J\ 1"+""1 ~ ~} J'*-W' ~.l:.:l Y ~..J .hi! w~.l ~~.J I~L- 15:32
128
J,.4!Î ~~ '-P.J .;L.....J ~ ~i ~~ '-P~' o~ ~ ~l ~ o.lAW&.o ~..J ,~l
lf...y <uÎ ..J#. ,~..rJ1 o~ ùii. 'ô~~ j4~t Jt.:..:!~ ~ "i WSJ ,Jy.J1 ~ o.lAW&.o ~
•\A.lJ~
.. .Jt 1.~WI
'e-'. ~\ç.l.!».1
ro~1 C~ 9:59 ~l 16:30 &0 ~.J ù.l.wa.J ~1~ ~.J ~Yl "".J :L..JLwJ\ ~j4l\
.~l o~ ~ ç.~j c.j4 ~ "i ~ ,~..rJ1 o~ ~ ~ ~tu. } ~ ~.J:! "i.J ~tJl
~ Ujj) Wp. ro2013 rob ùii. ~~ 163 ~Yl ~ ~ 4.;.l.J1 ~\Sy:;J1 .:!,lc. ~
~ ~..J ,~ 158 ~I ~ 4.;..\.J\ ~\Sy:;J1 ~ 0 ts Wp. ro2012 ro~ ~.;\.i.. 3.16%
JIJ-I.lJl1 ro.!!I
b..li.1- U,11
.. ~ t.uil\
.. ~
.. ,'u>
~
~,-II
.. u-' ,.1
v~
~\ ~~
...:-t.tl ûlS'~*-'1 UA
... ~I\;A' ,.:.),. ~"J\
""'II":' "::f' ~ { ..
l'
ûtsy:;J\ .:!,lc. e-- ~.;\.i.. ~·;.,i;;<1 # Jy.J\ \~ ~ 4.;.l.J\ ûtsy:;J\ o~ ~ 0 i "il ,~""i.lLA.J
~ 0 i .b.;J4! ~ %30 '-P ~Y\ ~ û-o ~, ~ Jij "i.J 'r"'~ ~Lo '-P ~l tJ.<I
.:!..
IJ:!! i
c.j ~" ~ - '1 ~ ~I!.9A ~
1- UW\ '-'-""'"'.. 1- JI~
- -- '1 l....l.:I..J
•• i j ~, ~.
,JIJ'.lJl1!!I.. . ':,1 j,1l! UW\
.. '" ~I
~
s~1 Ji;~
~.ur:- 1._1
"t":"'.!>J.\ '-l_IL
. ~.. .1' UW\ "1 ~I • tA_\
"'.!oU C7'*"f"'" W~ -II 4..,1"-'11
..,..... .. • "
~ .11 ~\
.. ~ "
I:~ "i
~ u·i ~
.. "
JluY\ ü\S I~llj.:!~ ~ ~ ~.J ,~i û~.:!t ~WI J);.,Y\ üts I~! c.j.:!~ ~ ~
129
~ .l~~ ~I Ijj Jii ~ wl~ ~La JhJl ~b.ll ~ 4.i3),.J1 ~~.J' Ù:!.l w!,.lt ~WI
t~1
.. 'Ar..~\- .û~1.iJ1
- ,. ~
L/j}\., J,.UJ\ ~y..a..J\ ~jyJl\ r~ ,~ r~' .l:!Î 1966 r~ ~ ~~\ ~!J.à r\.'W ..}ltA ~
~~I JLc.c.~\ ~ ~ ,~W\ wlA.).iJ\ ù.o ~tu ~I.:a ~~ f':lJi:i ù).w~,Jl ~
1.~..v! J:i,:i. <.JA ~-' ' ~-' ~W\ ~!U~!, ûb~':i!,
J~\ ~ ~hl' -" ~\iil ùJ~1 ~ ~.,11 -,-,.l ~~I ~~, ~ ~ I~ ~-'
~ ~!, J-,I.û rll=a.i ~1 ùJ~1 ~ ','/i,.. , ~I jA!,~\ J~.l!-1 ~WI ~!U~, ~ ~J
.~.,1!, .;-JI ~i ~ '6tA}j-, ',iJÎ'Q,
,2004 » ,~ e\.bill ..} ~~,;.JI p.1.y J,JoJ-J W,J\ Jp. 4Jb. LhJ ''i~~\ "",.;-JI .li:J\ t.-.y. 1
5 :vo
130
W~ J.w w1~~ c~ ~ ~ ,~\j c);S.)~ J-.1\ ~\.b..a.,l\ ~ ~.) ~ W\S..,
1.~WI ~L..a:aJ (+-"Y4 ~t..J\ ~..;b '-P ",),....t
2000
1800
1600
1400
1200
1000
800
600
400
200
131
~~ ~ ~ j4lo 924.53 ~\ ~ ~yJ\ ~\ ~ r2008 r\.c. ~~ ~
~
.~ 1 U.. ..,.......
-'1 ~I ~ ûj\S 1":t'~jjl
.... r2007 r\.c. ~I.
.......~ ~ ~!.J~ %52.50 ~
• üi1
• W4. \.bJt
~ft,l ~I ~ ~,.ll ~\ ~ ~I ()iG~JlII~ ~J.U~,J )~ 1946435 ~~I
.C;.l.,...J1 ~~I ~ ~bt yk ~yt ~I ("2008 ~WI .t;lWI
3000
2500
2000
1500
1000
500
0
2007 2008
• ("';t..) )t..:...) •..:,•........:,~..: .~-,•.';, •.-;. 2557,71 1962,95 1264,41 759,18
132
~ .;~ 61.73 ~I.i.a ~ .;~ 59.68 r2008 ~ ~.J\.!i.J1 ~~I .:I.lc. ~4j ~
~I.i.a ~.;~ 33.01 ~yJ' \1\ ~ ~ ~ r2010 r k ~ ~\bJ'i\ 11\ Jli.J 'r2008
~~\ .:I.lc. ~ ~ t \.i::lj.il ~.J\.!i.JI ~~I .:I.lc. ~41 ~)A .lk r2011 r k ~
ülS tt.Li.;'i1 ~ ùi '-Ji rZ010 rl.=. .;\;lo 33.01 ~\L ~ .;~ 48.54 rWI 11\ ~ ~.J\.!i.J\
.;~ 82.54 ~ ~.JI.!i.J\ ~~I .l.lc. ~41 ~ o.:ltvll ~~I r2012 r k ~.J %45.21~~
<l!~ ~jj\ .;~'il ~} t t.Li.;'ii \1\ .lY'-'.J ,%71.03 ~ rWI \1\ ~ t \lj.;'il ~ ùi ~Î ~
.~W\ ~j~l .l...: ~.:II.....:a:iN\ ~."ll
134
:ô.li.l...tl ~~I J$. . n"'.... 1-4
..,---:-.
:(6-3 )~J J$,JJI
l013-l007 r,ii411 ~Iii'c::all ~ ~~
70
60
50
40
30
20
10
28,97
.;-!ij-o Jl:;, J!.J ,%20.60 y .;.li1 ~1.ii.JJlI 11\ ~ ~t ~t r2007 rl.e. ~ lA! '~ii; ~ Ui.w:s
~
'"LiA ~ " _.L
~
36.46 ~ :. l.-:\ '1.ii.JJlI,...A
'" c::-:-(".)0'=1 -"009 r I.e.
'ri"""
o~1 utii-ll J,lc. lL.u.\
,,'.
~.J ,%30.07 ~1.ii.JJlI 11\ ~ UlIS Wp. rZ009 r1.c. J:'j..:. lA!\yin ~ ~ ~ 52.14
·rZ009 r~ ~.Jw %42.22 ~1.WJlI ~ Ul\.S rZ0l0 rl.e.
~ 25.55 ~j ~ t \.i:ijil o~\ utii-ll J,lc. ~~l y!i.;.o JI.e. r2011 rl.e. ~.J
42.11 ~l J,...:ûl OJ\.:)l\ 01\ u~\., rZ0l0 r~ ~LiA %30.77 OJ\.:)l1 ~ ~ ~ Ui.w:s
135
:(7-3)~J JSJilI
2013~2007 ~ ~UtJI jJI.)Al1
12000
10000
8000
6000
4000
2000
6121.76 i.S.fo- .lie. (J-,I.lJ)~.)~1 ~WI ~ ("Wl y!..;J1 Jlt.i ("2009 ~~ ~-'
i.S.fo- ~ r2010 ("te. ~ (J-,ljJ)~j~1 ~WI ~ ("WI jJi.;J1 <.Jt LoS ,%27 .46~
.%8.15 ~ te.1.i:i) ~ rZ009 ("te. ~~ ~ .tbi.l6121.76 ~ 4.l.J\i.o .tbi.l6620.75
136
8535.60 I.Sfo.- .lie. (J.Jb:i)~.l".....J1 ~WI JJ....ll r WI y:.).JI Jlè.i r2013 ~~ .}.J
~
. . i.ji tbi.l 1734.38w
. 1.a.i,j!)A r2012 rle. ~Lt
. 'T' ,...9
~ tbi.l 6801.22 e"" ~l)tâ.o Ud.l
.%25.50
:""tp.wJ1 ~I ~Y.I JJ.w ~ ~1.Wl1 .l:aWi.U1 "IJi :~"Ci
.y! rlA Jj.l y..t ~I ~.lL.Ai!"J1 ûle.lhil\ ~ ~.laJ1 ~.l".....J1 ~WI Jlu)rl J.,.... .} ~
Cl~ Ja~ ~..;.JI ~t,.-ll ~ ~I ~~.)J\ ~l ~ \4.J ,~W\ J1u\11 J~t lJ.t ~
ûle.lhill
:~~U:iil' ~ ~Y.I J.j\.û-l
.f: \..b.§ JS ~ 4.l.J1.l:i.J\ {'+-")r\ ~-' 4.l-,I.l:i.J1 {'+-")rl .l.lc.-, ô~\ ûli.i....cJ1 .l.lc. ~\:il\ ~I ~..tl
:(1-3 )~J J.J~
2013 ~\6;,\.b1l\ ~ , ....J'l\ J.J\~
~~
r
9.60 0,664 0.134 U\.blI
93~29 2.785 2.269 ~I~I ~~'l~ ~~
90.02 5,874 1,431 wt...jlL.l1 .lJÏt-", w'il..Aa~1 .
..
1 1
266.82 6,396 8,311 Ù!t"'t:ul
266.82 1,717 0,822 ô~1 wh~'il ~~
137
~ &là.i..tll ~~I J~ ~ w-o ~}JI ~yJl ~ ùJAbll t 1.b§ \J1.5 f' 2013 f'le. ~
~~ J..=...J 'f'WI ~ o~l ütii.....:Jl J.k. ~~! w-o %28.69 ~ ~ ~ 8.31~ ~
,'Q ........ ...9 '&~I ôtii.....:J\.l~ lb l ' % 8.82 ~ ~ ·...L 2.56 ~ ~~-":\I t1.b§
~ -r '. UA
I.,f" " ~ .;--; ~
~ 2.46 ~ ~\:ill ~yJl ~ 4.J...,l4.J .AJI üle.Uw.J\ t1.b§ ~\.::...J '~.l~\ ~WI JhJ\.;1
~yJl \Ji ~ ~ 'f' 2013 f'le. ~ o~1 ül.ii....all J.k. ~~l w-o %8.50 ~ ~
%8.14 ~ ll·~\1 ~
• • I.,f"~ \- ~\ïa.ll y~
.L~\I 1...
~\yIJ ~"JI ~1.1J ~
't 1... • ~
i
Ü'" ~WIIJ.'!.>'
~I·"
.~!,:il\ ~ %7. 84 .J
~.J\.;I ~I ~ ùJAbll t 1.b§ \J1.5 .lia ,2013f'le. ~ t1,jIJlAl\ r+-''ll a~ ~ w-o L..t
1': ~ ~t..biU
W~ \1_\.(JA
I.,f"~. %19.48 UoIAI
J\!;u.)\..J..a
'"
266.84 ~' 1... l..l1..û.J\
IJ ~~I W~ ~' '~
''
4~ ~~1 w-o ~!,:ill ~ %7.18 ,%9.65 ~ 4:l~1 t1.b§.J ~WI üL...l:iJL, ü).wwll
w-o %21.05~ ~ .)~ Il.05 ~ t t..biU l..l.JI..û.J\ ~\.;I J.k. ~ ~ ~.J\,;I ~yJl
~.)~ 6.43 ~ ~WI üL...l:iJL, ù).._.1\ t1.b§ ~ 'f'WI ~ l..l.J\..û.J\ ~\';I J.k. ~~!
~ ~~J w-o% 12.18~ ~ .)~ 6.40 ~ ùJAbll t ll::a§ \:il~ J..=...J ,% 12.25 ~
üle.t....:J1 t ll::a§ ~ w-o ~WL, ~);ll ~yJl .l."u L..5. 'f'2013 f'le. ~ l..l.J\..û.J\ ~\.;\
138
r2012 ~\.c. ~ w\.c.1.bâlI.hl!J w)y!a}4 ~ ~\.:JI w~1 rAt ~~ ~ ~~-'
r2013 -'
:(8-3) ~J JS.JJI
2013-2012 ~~\.bil\ ~~ ~IJl
18000
16000
14000
12000 .
10000
8000
6000 -2013
4000 _2012
2000 1
~..,P.:JI t \.h§J ~~lJ L3J\ill\ t \.h§ ~ ~J\:j .fii ~I.S ~ ~\;J\ ~ 0/05.97 J
Ubl\
..
~w
• •
T:.: ~ '1 ~
("...I&ol.I
ç. \.h§I.J l...û\~\
.. 6\.c.1..lw::JI!J \ -.lI ç.~ \.h§I.J (.jJ ti..l\.
~ !)J" -L".t\ ç. \.h§..,
y~ ~
139
2013 tlw. ~ ~j.jLWl' 41\.4l\ ~'i\ ~ ~ ..:.t\5yJJ\ l:alJJ ~ \jl: ~
~ 4.c~ J;\.i. ~ ~~I ~W\ tJlJ.,"i1 ~ ~ ~\Sy!JI ~1...!:ù U"'~ ~
~.,.....JI
(J~)
120
140
:lf .... fit -JÙL.wat ~ ~~, ]4.~' 41'1 ·iJl ~~-~
r2012
:(10-3)~-J JS,JJ\
140
120
100
80
60 '
40
20
~..l
. . ~ .4.S"
~ ~
L~f.: ~
" %67.96 c.r!?
\\ ,.=.-:11 \~ ~
J:!!'-"" •
Wà1• ~
~
t.~1.:.......at ..,,-
,...! --=.-:11 ~
J:!!'-"" ~
141
:2013 fII~ ~ l.b~ JS~I ~I û~I-2
lY'\.:§ ~ ~ f'\c. JS ~ ~J~\ l.;lWI li!,uYI ~ ~ 4 J J.J1 I!.llSytll ~lJt J.!iUJ
~.;..o I~-, ~-,IJj,.J1 r+"YI .l..l,c:. ~.;..o-, o~1 uW.•_:n .l..l,c:. ~.;..o J!-, u\S~..l:.~ ~ ~I \1\
:~-,IJj,.J1 r+"'il ~
ûw....ll JJi;. ~ ~i
ô~1 utâ.i.....J\ .l..l,c:. Wp. 0A \.b~ ;s!il u\Sy:J\ ~.J:! ~tll J-,~t,
_
..
3.25 38.25 0.942 ~l...
uà1• ~
. . .Uk.!'J1
. ~I• ~~.. ,-16
I.T- utâ.i.....J1 .l..l,c:. ~.
.. \.b~':~1\ ~I
UA~,1.
U\S·~loti
~ ~ ~I ~~"i ~~,-,ill~ %3.32-, t Uaill Â.u1 ~ %37 .65 ÂJ-.!'Î! ~~J ~~ ~ %4~93
.~bll1.S-, ~~ ~ ~W)'I ~~-' ~t.... ~~
142
:~,jI.\1.tJ1 ~'il JoS- ~ ~-~
(3- 3) JJ.l:fJ1
2013 ~,j'.\1.tJ, ~'i, JoS- ~u~
~41 ù-a%9.60 ~ 4.l.,,\Jj,J1 r+-'~I ~.lC. ~ ù-a ~}JI ~yJl ~.ilS}JI .)b ~
~~.. 0~• ':il ~.
•~ ,...!
-II ...,.... "hl %7 .16
~ tJ~ --'1 (jl..)
.. ~ . . ~.. %9.55 ~
• • ç. 't ~~
W'JI .. L.k -: - ' \
'+.!"'l '-"""'"
143
: ~,,9,J.l.tJ, f'+-'~\l4Ji ~ Ù04-~
J"I.l:i.J\ é+""f;l\ ~ ~ ÙA Ual..!'J Jé;ll ~ts~1 ~~ JtJl J~'-'
(4-3) JJ~\
144
~JJ&w&l1 ~I &J~I JJ.w ~ J~~I J;J~ :~"Uli ~I
J:!Jtl...::. J4- ~ h,l:ü ~f..J\ ~.;a.ll ~t,..f..J1 0.0 ~J~I ~WI ~luf..J1 ~ ~
....!
'-r?
"L
(.P.Io
~I ...r.:--.J
.hL'O~ ~.ill
!J 1....)]1
c..r- ~~"
1.3J ~
li. I.j.)~I 1.3J
~ ~ J[jt I.j.).bl\1 c..r-.
1.... f..J1 ~I L:..it ~
~
14 .,
~ ~..J tll \~ ~. .:LJ-\I
~..,........ ~ Jtl...::. (":!"""'"'"...,..!)
.J~":II '-':! ,~ , r 1979 ~J
_.l.:.... J.c:.l JÔ U ~.~ t.r
~ Je.~ U.JJ.....A 'iJjLwil\ <ryJl Jill\ ~~ û~ji ~ 1~\.lsJ r1993 ~I~ ~ 'il ,t..\c.
~
~ ~
dl \-.:LJ - 'I,.-!
~..,........ t.r .J~":II '-':!
~ Jtl...::. ' .. C'o:
UJ...,......" ~ \...!.i'J
'f
~I Je. Ptl û
~ ~".J
~":II ~ Jtl...::.
~
1.~4-:il1
-1990) c....>:H
. ô.ll.o..J\ ô·o:~t\ .~\~
~ U.A.:Io. %475 t\jJ!
~\ )
~.~. ~
~ ,2000
r . .-! ij[j~ 138
t.r
2.\.ij~ 199 ~J~I io!l~1 ~Jl ) ...ûJ~":I1 J:!J~ JJc. ~ r2005 r\c. ~'-f,j ~j (r2000
~!, ~WI ~Wl4 ùyt.; ~ "l r2006 rLe. ~J~\ r+-"f..J1 ~ ~~ ~I ~)]\ ~.)J
~WI
.. ":·'1
~~.JA
10. 1..~1 ô~
.J':!'t-'!J .. ·C' jJ
....':-:.'\ ~[j .:LJ._t\
.\....A UJ~. ~..,........ r+-"
~I" 1..~\
~.J':!'t-' iS''1.. ûjt
r2005 r\c. &0 ~.;1a ~ ô.l\:j .J~~\ J:!.ltl...::. ~ ù~\ o~ ~ ,%52.53 ~1 ~~I
d,.... ~ uJ»i,J i!J\~1 ~j ~f..J\ ~i ,t.l~i ~ ..»PlI ë?".!foll ~.J r2006 r\c. l3J~ 214 u-ll
r~yJ4 .JJL...:J\ ~WI ~I r~ ~L,.. Ùp. .J~":II J:!Jll...c:a ~ ~ ~!, ~J~I r+-")]\
0.0 .J~~I J:!.ltl...::. ~ ù~)'1 J\.i:ij\ ~l (.$.lt 'ill!, .A1424/6/2 ~..J~ 30/r ri.J ~\
.93 :(..,)oQ ,2009 ,~~I û~1 .!Jb~i '~.)t.;1.J ~t....l\ ,~I y..):il\ 'IIJ~ ~I Jlln ~.J.a 2
145
\
1::-
.;. . t• 'p &;t' ~ ~
ho
'\- 'CCO;i. ~-
.,.. t.:!JO: \.0.~' 1
t·
~ [:. r ~ V 'è' -.
f ~' f:: f .~ i"~' t t <È 1: 'fi' jf {'
t: r .~ \. .~ {[ ~ s- \- f~' t. 'ié
I.·f
lL '~fu:- ~ g - t; ~ ~ r: L
.fL - h: r' ~.c ~ 1"-'
~ l:? li: _: '1:..
::f. ~'lnc:;~ 'E F ~ ,~ ~ y &~ ~
\$~ l'~ t w: ~~~ ~t; t [\- ~ t:
l 1r ~'~ L &, - ~. l' - l ~ L ~ ~
~ '\; w k-
~. .t-.". t t f' ~ ~.
C:
.c. r;;~
f' Lo'
r ~~
.. • C.•• l' ~ [i,:
r;;; -
l . Q"~~a.. r 'e.
tc·
~ • tI ~ ~ .1... .... !l: -
't L .1:' Éi .~ t-l,,~c; ~ ~
.. t;::'" Çc, C
l ti'
' f~ ~ 'I:i.,'
~'[-: l..Fr c·
TI r":":>
E<' ,IÇ F' t,
~ •,
t ir;
v ,t..' Il' -' , ,..
:f: f. ""'~' ~. f· ~. ~
~& ' : 2,~: ~. <f~ If:
~ .. '- &. ~ .ç, p -.C' - ~. ~ -;"\> l ,~ 1:' >G\ ff: f t
0\ Ç:x f: ~ t.'. 'f; 'è! r-: c· ~.r~, f F oC
L co;' ,,- rh b '"Jp.
~ ~ ..
1i' f
-,. &,(:'. ."~.
.r:,,,t.
~ ~
:.- c.. '-f:'. L' f. ~ r ~ L, h: [:;: t. 0' ;; [: - !... L' <....
~ 't 1> G- Ç... ,/'- • ~ Ir- t ~ ~ r..:;:- It' ,t"~' ~ ~ 1> f:
' 1> Yi \; l- Ir- G" L-
..:z. r.....VI
-'t " , $.r: r
f ~: ~ ~ t"~. ~.r: ~~?' <fi ~ t; [: ri
'i-"frVl ~ .., ~ ~ ~ C\" l L ~
J ft'[.fi- g~' t~ t ~
~ r. 1~ ~ ~ r. Iii'
~, i" t ,t: t: ~ C
- "t.. ~ ç
t~;r. ~f ~~
-: '\; .~ ~
t iif.. 1.- ~ f
h: '. ~
~,~~, ~. t) ç;.,
~ ~,~~
- L
F
~.
~ 6" t'....r 1.
-: , .
(. ,~~ -- L< 't;. ? E ? - • tl:
t ~,( ~ Çc. " ....
1. t $' 1: [ k ~ 'fr : t rr l: 1 ,: [~ ~
l' l .~ c;" If: '" .. fr If, ç •. r.
ln .-.e L< C >G\ t:.
~ t .t:-. i(')
~ ~.. ~. l'~ ci ~,
~ /:'r, ~.. ~, ~'
r s- \-~ :[r" L ~
f:: ~ f::.
i .t _ ; ~~" 'a..: f;' ~ ~ c:;~ c:- - f e. ~ ,~. rr ~ e
'i... - , . ,~ ''i,. ~ >G\ t tl .L·
·t t ~ ~ f/!; - &, r. ~ tt' ~ t: J t
• t,' en J L, ~; /':" 'è' ·V r ~; •• C(I r.: ~
~.[, ~.~i
'b ' . : 1»- .1 [.
1 '~w ~'
-- Çt l_ _ [1 ~
_ t.4 ~_ ~ \
_ ; ." ~
_ _l 'E 't~'~ ~
t'. .'~ (:, [ ~' ~,' t 1t
G ~
_ e_ _ ~
::r ~ 0'
,
,.N t' t.' {f. <;:... [, L
.g % o ~ -:t'
•• P' li: .t Ir"
::::::: [ N t tL f t- .ç.r.
'S:-- t
t~ ~ î..
~. ~: '"t ' ~ E: ~'I
[, .l r
i3 \-; -~, r
Il)
::r
~
•
C:
V\
,r
c.
%' !' 1~ "- ~ [. r L
~ t
L
())
;-s
Cf)
Il)
\0
-
\0
N ,~. .r f
(.'t
tr
f:" E;
E <t.. L,' ~ ... F ~t
f
::::1 ~
~ ~ r t &.~ l..,~ &. 5-
~ ,t' - ~. iC ,t' L t:. ~ ~
f
~ 'f ~ ~~. ·t: , ct" Z L'F ",', f' _.~
t ~ Ct .ç. b" ~ .c c> ~~
~~ -
_ 8 c " ~, f <t.. '7~' ç ~ "(g. ~~. -
~ l: ~ 1 c- ~ ~.~,
? 3 E .f C . f:'r <t. L
tf-L ,1-: C. ...
\0 ti<I; ~'
\0 - ~. fr (::; r:, _ e ~ ~ c,.c- r, ~ 'i
- - - "(g
~. f g
Il'' f l tt::v _ ~
'Ë' ~.
~
~
~ f: l
l ~ f ~. rr: f .:-~, e ~
~: &, li '.'. f c..
~ ~
t- 'S:--"k ~ (..
~ l
L ~' ( c... 1. r \;::-
N 'f \. ~~
t"'-.
o li f r - tLo: Ç:.,. ~. ~ l ~ 'fi.. r_, lr. Fr
~ L 1 .~ - - ..-
~ tt::
v '• ~
w E ,t' ); l
- ~ ~ ~ F - è.: 'l:
[tl- <t..'f\.. 0
\D f, ~
-[ J>.'
t ~ (. .l &, L L f Cf; : - ~, if: Fr
t L '1:,. ~ ~
t - {f' ft. {f' F~·~. [, ~' ~. r
v ~.c ..... 'S9
t: F t .. ~ <t.. ( 'i?
f: iC f'~;-,F
• - "(g.
== ' - ~-
'E Frr - (... o~ ~
~ 'r e;. _ L
~
.ç. ~ ,t ~'
.ç, ('<1... .C- -
f ~ f ~c... ~Il ~l ~ ~ b" fil-..~ ~ ~Pi
r
• N c. ~ r ~. L f -: ~ S r ~ (' t. ~ L
ft" E t ~ t cs·
t i &, f G., (... ~..
r ~ f: v
l'- ~ ,~: ~, ~ ~. fr .~ !!, E :-
j', ~.~. &. t ~ ~ ~. .g; <t.. & ~ &, L [.
r ~
Ft --: r f (!
i i ~ Il; ~' ~ ê' g
~ ~ .~ f'~- ~.~ SA ç.;. '\". ~, ~ Ç:,. ~ f· )- .E 1. .~ f t
w ~ if: t,.r ~ l ~.~ ~,~. ~ ~ ~ c- l
r t' 'ë, 'fi.. F ~' Ci
5~ ~ 1:;'.
L VI..
" e
-- - \ .ft~ Ir.:,. ~ e - ..
t 'i' .~ ~ - 'f' • ~ ~ t
_ ~ ~ I-l _
... ....
t ,[. , l t f, ~ ~. ~1 ~
1-:.
~1 ~t "k- ' É~
:; fj- G
ê.l..9~1 ~.l..,....J1 ~.."JI ~ ...r. U"lt u:ut ~ ,~\t, ~~ .l.;io-i ",=.l\.l...:J1 01\ r"t ùA..9
~I ~I "-'-"""
(,j!)J
~ ,..3 ~~ \.ll.J\ ~~~.\\
<..r ~ .)
~':l\ '-':!
~.l~ .l:lJ ~\. U~ ~ ,.tJWI
~
..ùl.\\ c.j.l--tl
c.j...,.. ~
~~..
.~.1..,....J1 ~W\
:(5-3)~J JJ~I
:.t...U-'
-: -.tl <..r ,... ,\.l...:J\ .l.:5.L• ~I wU\..u.·
. ..3 tl~1.ll.J1 Wà..J1 ~ JI A\'"
~. ~.J:! '.r-:" ~
L U.. ~
:(6-3)~J JJ~I
~I ~ ~~ Jj~ üLJ\H
1
~WI~
~I
1
148
:~I ~U,jS.Allii.j J~'l.1 J;J~ e.1J.ii :~-u
JJnf..J\ ~ ~ 4.l-,I..û.JI Jl.ot.....YI ~~b t~t û:: Ù"'-' ,~\ ~ 4y..J\ utsy:;J\ r+'""f..J\
l:~~j~I~W\
~I f+w''ll J:J~
L
! I.,f": Lo .l.::I..j
• ,1,\li.....:J\
\.,7.:""
CI'»" i..J:H .
(.JA-'
.2012 ~bu• l j~I.L
149
:(8-3).JJ JJ~I
JU:HlS ~~I JJ~ ~u1:H
J\..J\ U"L ~ ù.stJ1 '-IJyw.. Jlv ll.J1 ~\$~~\ uhJt'i1
(,$~\ ~
J,t...,.J.J1
~'."_tl ~I I!.~
.~~ ~tI J.t~~
~II.: :.AA·L_\\
",.......... ~\, .. ~ ,2013
Lui fA fA te. .N!
~ l'=I
".l~ 30 WWI
.. i*"'"~I".l~
l'=I ..uc. :.t,
c;;"!
!(9-3).JJ Jj~
JU:HlS ~~, JJ~ ~u1:H
.. .l~
l'=I 08 LA.l.lc. ~ . .loil ~I~.li 1.rr.J
".l.lw:aJ 2013 r te. û:!
:. t"l..u..\~œ.r ".l~..uc. ~
. .J L.t....a':;/\ l'=I ,~;\
~lu~1 ~ ~ ~ ù:!C-~ .l:j\.,JJ..J ,Ù:!.loil ~!".lt ~ ~)\ ~ Woo,J wLa~' ~ ~l ~,J~' 4.J.loi4
:l~.l~' ~WI
:~I ~1J.lt..J1 ~Uwa-
• ~-\I
:.l::I.J ~WI (j!..U
.. ~.. .. \ ~I" . .J
~ I.rr ~
-;t\ ~I
...... 'F'"' .. ~\.l.l..J1 l'=I
".l~'~ UA
.
150
-
~ ,t;!- ~ E:1~. 1.
c~
......
't- ~li"~,
~ l: te
N
'*' ~; t ~. f:
t~
r. ~ ~ t"'
1.;
,t' r " l' Ci..... -
~ ,~v .h- ~
'l' E ttf .. ~
t
,~~, ,~ G, (!' ·t .~ t ,t'
.~ t. tç;- ,t' t ~ ~
[ , "JI
G"
E •r- l 1.;
~ ·1 t
~ ~. , '1:.
l
\: ~ i (ç;
- f .~ ~ L
1
(;. ~. ~
~''':' ,~-
c~
( lw;c ~.......... 't ~c
......
0 - .....
t·
~ .-.~~. N f~ ...... 1 <:> t'
~. 8 L ~§ ~ '\ ~ ~' ~ 1
'i li § ~ ~. ~
~ W !~
fil - , •
~
F ~
'i -~ t<;"
L ~
t;:i il .f ,1' ~ .
~ \,. ~ .,,' ~, {è'
.. Ci. " ._ E: ~'
t"l..
~ ~ i.
~ .... ~ ....
i t 1. :-,;. f Ir .~ ~. f- i:
..:. G,. ,~ s . t ~
- 'ft . f is t t;.'
:,;.. G" 1 t<; 'ft! g l
\: 0
Il) i i f 'i..
~
t'
1- ~- -(, c.: t:' ..
'lit.- • -
~
m.
f.' )~ l
\:
~
.~
e')
~
t;; ~: L . .~ ~ ~,f' 8 ~ ~ 0
c- ( 3 N t- .~ 3 N t L ft'
1.;
\~' f F ~ t g
Ul
,t
\;;
g, t, t·
[, t;: .• ~
0
......
...... 1f F 't;;
l [.
~
l li· ~ ~, ~ r, .:; i ...... ~:
f :~
f
N !~
L .~: 'f. "' G,. ~ ...... t If ~ ~ f
!:t
l~
î
,
(.t
N _ [, f:"
E ~ en ~
-- t- -
~..
~"' t!
f fi' ~\.( l- f
JJ ~' t ti
r: l:.r~tl:if f - ~. t.
~
t. t ~. l'"
i ~. ~. .~
~ L',~ (. ~ l Ct' t'ô
'<:. ~ t'ô
~
. . s-~ '~'IIO. \ :t l'"
L--.
~: t- î l - --
t
:(12-3)~.) J.g~1
:(13-3)~.) J.g~'
152
:(14-3)~.) JJJ:tJ\
~I C4;'i1 ~ JJ~ ûLa1;r
2011/04/12 ~
- ~b~u
.. ~W1C~\ ~~
~ ~ ~I ~\S~ .) .)l.ùl...'il
;Jâ.~l9~~~
..
~ '-r!.j
,.J ~ 1.:li..J\ UôIito!j
. t~.ll\ ...
~ ~
.l~. .
ù.+:I (JA-' - ·\\1 .1"'.llI·ù.+:I U)!Jo'"
.,.......!j UôIito
. '\.-:\\ ~
.. ~.. "'.
'1 ù'a~ '~"~
- r I.,,;IT'
r+-'\I\
~~I
153
~J"...n ~l4l\ ~~\ ~ ~ J~'l\ J:fJUw::a Ni; :~ :,U,...n
1
.)~YI <...-"
.. J1..lw:. ç.
IJt ~~...»J
\... ...<. job \.'+lU
t • tS ",'1 WW\ ~\ 4...ù~"J\ u -.t~.-"
l.,?.. ~.... ~
:(17-3)~J J..9J.J.l\
2013-2007J...nw~\ J;J\..i.Q ~t~..9 J~ ~
J;J\..i.Q
1
._-_.
(~~ .J~)
- _.~-.-
-.
dJ~ 233 ~.lll....::J1 ~.lc. ~ 01$ c;J\ ("2007 r~ ~~ %12 \A.;I~ Ô~\Ù w..:- \!~
~
.. , ('"2008 ...< ~I ~
4.i... ~ . ~ J t..nw,~1.u;
'1'J~ tA.
~ -t ...::a...:lIo.
...... - ~ • W.. Lat
~UA .0\ iJÎ J\JcJ j~ 105.09 ~~ ('"2007 ~ 01$ iJ~\ Jv j~74.814 Jy.4)T\ ~ ~
154
..,.11 WJ~ ~WI ~\.,wa)tl ~ WJj'À ~I ~WI ~WI t.aj)t\ ~ 11\" %28.8y ~1..bJ1
J~t ~ J"te:. ~ 'rlW1 ~ J~'JI ~Jl.l.- ~ ~ ~ ~ yi ~i l.cS ,~.!;1
Jt.., J41- 94.66, 89.6 ..,.11 ~ ~ ("2010" ~009 ~ J~1 ..,.11 JL.:u....t'J1 ~Jb
~ l,ji 'J! '(.jJ~\ ~WI ~I ~bl ~ ~WI 4...aj)t1 yi ~tb.l\ ~j ~h \1\" ~!,:ill ~
J~'J\ ~Jl.l.- ~~l Jb. r2012 ~ ~ ~t ~ ,~J~I ~W\ ~lu)tl d,... ~! 4;~i
~!~" ~I J~'JI ~Jl.l.- J~i ~ ~ ~ r2013 ~ w~" ,%7.17y J~ ~
~~ ~tll ~~ '~J~\ ~WI ~W)tl ~ ~ ~I .;~ii".'J\ ~~ 11\~ Jt.., .;41- 103.12
.~J~l ~ J~'JI ~Jl.l.- J~i ~ Jt.....
(11- 3 )~J JS.JJI
2013-2007 ~J~'.) J~'J' J:Ju...r:. ~l ~ ~
120
100
80
60
40
20
o
2007 2008 2009 2010 2011 2012 2013
---- y........-.".,'. ~ •..:,,....,.; .......... 105.99 74.81 89.6 94,66 82.07 87,96 103,12
( ..... 1.0) )1...-)
155
2013 ~~ ~ Jt.J:i...':i1 J:fJllw:1 :~~
e
:Jt.J:i...':i1 J:!Jllw:1 ll::d û»J.}.I-l
, U.lUw:. .l~ .,..3
\,.,7.: .,
\'\ "\"\
UJ.4.I.I
~.
~ ~U
~I).·
'!>'-"..JA ~ UA&
"'-l'.UA .J~YI \,.,7.:
,U.lUw:. t...al.l
!) ·.C,
I.J"""'!!
:1..\ .J~YI J:!.ll..i.w:. ÙA ùF-~ ~4 1.lA." Jy4~1 ~ ." ~~I .l.lc,." .J~YI
cJ:S~I .l.lc. u-4~!" ,l!."..li..t..a 204 ~l \A.l.lc, ë!"'}jj ~.J t \.ij.Jyi 1.lA ~ 4-." ~ .J~ 103.1
ÔA ~ Jy4Î & tliJ.;1 ~! r2013 rl.e. ~ .J~"11 ~.ll..i.w:. Jy4Î & t\ài) i.&Y
& Jl.ü." ,~!;ill ~ ~ .J~ 7.06." 6.45 F. ~I J1,-h ~~I ~ .J~':II ~.ll..i.w:.
Jy4Î & ~41 ÙA %92.5 ~ I..G i»- 0'' ' ~, J},...Î ~.ll..i.w:.." ~~, ~.ll..i.w:. Jy4Î
Q
. ..! r.....l.li::.
.., ~
'1
,~, '-1"'. .. jl..i.w:.
.J~"11 ~ iF't.. C::.-: L\I j.li::.
(,J::!""~
'''.c..F.'I"
ë!"'.!)J L jIJIU.J ,~"11
.J ,:... \1.J..a
~
'r2013 rl.e. ~~
:.;\.~•.oi':l\ e,.Jl ~ ~ )"..'L,,,,,,YI ~.l~ ~J=! ~l:ill J.,,~!J
156
:(18-3)"sJ J9~1
J ~t~lI ~~
r;4Û ~ J ~'J\ u:r
.l.'JUw::.
2013-2012
(J'tl J~) ~~\ ~ üPjUa..J\ JJS:. J;J~\ JJS:.
___
2.79 2.73 5453 5845 41 43 'li
(,.)4f
Q.Q(;i4 44Q
I~Q
.4971~ ~ WIJ.'Lo
0 0.043 0 154 0 2 J1.. (JoIIL
~
111 0.030 139 92 4 4 l,I,Po·t
103.12 87.95 257803 275292 254 256 i ~'1\
%23.04 ~ 'if Jlv )~ 34.4 ~j ~) J! ~2013 ~\.c. ~'+l ~ ~.,-t 4 ù t 'il ,~t..J\
~~ f+"''J\ ~ .J~'J\ L5:!.:lU- .:l.lc t \.i:;) ~1 t \.i:l.J'i1 \1\ t 4o-.J1 ~ ~ ~t..J\ ~WI ùC
'.J~Y\ L5:!JU- t I.l:a§ wJ.;.Sa.)J W-' ~~I iJUallI ~ ~Wl iJ);.,':i1 ~ ..}
157
:(19-3 )~J J.t~\
~l>i+l\ Jlhll\ ~ ~ ~'il J;J~
,
(J\J.,> ..J~) Jy..t:Jc.;\ ~ œS~\ .).)c. ~~\~
~~ ~~ ~~ ~~ ~~ ~~ ~l>i+l\ Jlhlll
~2013 ~2012 ~O13 ~2012 ~O13 ~2012
.ljc. ~ 4..l..J1lA J#. Y &t~1 .ljc. al ~l lJL....:c,"i4 'r+""'Y\ ~j~ jjc. ~ r2013
.).)c. J41 cJ.o %90.53 ~ ..J.lÎi Wp. ~c.;1 r+""'c.;1 ~.)~ t!Jjl ~4 ~ ~~I
J~t J41 cJ.o %61.93 ~ 'il ~ ..J~ 21.33 ~ ~~l ~ ù t ~ ,~~I
~ ~ ~~ ~I r+""'~\ ~j~ al Jjll ~ ü1>J.j.Jl 01\ J;l:i.. ~ 'r+""'~\ ~~
•r+"'"Y1 ~.)~ ùA ~
158
: ~.J\JloJI 1.:J~.)4l1 J:!Jllwr- "ri
~.lll....::. ~~ ~I~." J."I~ ~ r2013 rte. ~1.eJ t.} ~.l~1 ~WI ~I ~t ~l,
~ r.r. (J'Il ï.fol ~~ ~~ &..ü....::a." ~WI ~Lo~ rfill.! ~~ ~."..ü....::a \.a.lA ~."I.û..a ~~j.cI
159
~"'~ ~ &.J'J\ ~ hJ/j,ij ~ JL.Jl....'l\ ~"'LL..a JJ'" :~ ':"'1 4n
~
.. ,0~'~I ~I_~t\ . ...9 U~ ~1·6.J1
~ -.r.. ...... ~.l-
!) . • ~ .. !Y"-"""'I .J~YI ~
.. .ltl....::a ~U:ü....1 J.i\
4.Sy:.. ~ ~ ~~ t.- ,Jy.JI ~ .4J."I.û.JI 4.;jWI ~!.u\tl ÙA ~ ,,~ ~.lu-ll 01\ rfo ù l
.~~\t\ ~
. .J~Y\ ~.ltl....::a ü!»- .l:I..t -.,A" ,~t.... U§~ LaS d.,-\t\ ~ U;Jb.J!J .;l:al.:-l\
.. , \tl"
(jru ~.l--Il
~." ..!Y"-""" .J~Yl ~ ~'\ U)l.j\ J !J="
.. .ltl....::a.U:H ..bJUJ.. -r u.~,
.. .JJ.lJ:U
~ ~I i.,I4 ~\t ~\ ~\t\ t} J,j.lu-ll ~};~I ~ J:I5.fil1 ~~.J ,~.l~' ~WI
lA· -L-: ~I
~" . ~
. .l..,Q
!.).j
~.l-_l\
.. !Y"-"""..
.. , ~I"
UWI (jru ~."
~.l-_l,
.. !Y"-""" .J~YI ~ ..bWJU~I
.. .ltl....::a.U:H.
160
:(21-3)~j J.J~
('~ I.F.)
,..9 ~~I ~.l~
'-':! .• u i w ~
J~t I..r'61' .~ o~t J!J.l:J1
• wLj~1
~
. ,,\-' (.).cl
• u~ .
ùA %43y .)~ ~le. ~ ~I ~YI L5:!.l~ ~ ûp.. J\.<.1 .)YLa 105.09 ~ r2007
I~ %28.81y ,;~~I ~.l~ J~t ~~l ~ ~l>i ('2008 ('le. ~J '~.ltl.-ll ~~l
ûp.. r2008 ~të. ~1 w.llG!J r2007 ~ t.:l~j.4 wi~ ~I ~WI ~J:JI ~l ~b ~\à:aJ~1
~WI ~Iy...YI w~j.4 ~ ~..>:fi .)~I ~~~ ,~WI ~WI ~Iy...YI ~ ~ \A..;\:ii ~1S
#.l~!J ~YI
'-':! ~.. 'J ~\.lilll
~ wl.ll #.l~ I~!J ~Y\
'J '-':! ~.. 'J ~I
~ ~.l~ I.F
w\.u...J1 '-':! ,..! .)~~I
J~~I I~!J~..
~Y\'J ~\
~ ~~\ ~ J~
'-':! J~t ~~
I~ ~~tlo ~~ \ .l! ~:U1.i.J\ .)~lll
J!~ liLa~ 4J~ ]GJI wb~~\ ~ ùJ~1 ~ji ~ 11\,., ,~YI ÂJ]i?\'!J ~I
.bl=a~
161
94.74 J 89.54~1 ~ J~~I ~4j ~ ~ .li! ('2010J ('2009 ~ ~ Lat
~4J i.J.o ~ ~i ~ ~\ ~.lilll ~!,.)~I J;.)li.w:a ~~ ~ ~Ijill ~ J\J.) .)~
J~~I ~41 .lJ\.c. r-2011 ('\.c. ~J ' ~I ~\11 J;.lli.w:a 4:b ~I \:ilS r.} J~\11
L~._l......::a
~ ~'I~
"T"" .. WJ~\~'~I
~ '1,~'\!Ll
(.l''~ o..;v-;:;
·\.b.J'iII1\~ ,nO.
l>'" \.J.o82.19
....v .).. '1. 1 -
<.r~ ~J Ûl.:I.. ·\.b.J'i1
.. l>'"
wt 'il 'r-2008 ('\.c. ~ I!.l~ L.aS (,j.lyr-ll ~WI (;I.;.,Y.\ ~ ~l ~Y.I yI J~I i.J.o ùJli....o
~~\ ~
".lli.w:a J~t '-r~ t\jj!)~I ~
. .. 11\~ r'"'
-"013 (' \.c. J)\.:ir. '.. 1 j,§
~.) J~~I I.F'."
Ibl ~
.%11.15 ~~I
~ 1_ *'WI,<.r~ ~!)J.
.. <.r""'..J:fJ 1· ..< 1 .) ~ ~I
.. .)
~'il ".)li.w:a u. t ~
~
..... · I~
. L ~ll 11\ t--..\,
u~
•
u.o
~ rA ~.lyr-ll ~WI (;1.;.,\1\ ~ c) ~I ~t (;fi. ~l ëi"h \1\J J~\11 ~l
:(12-3)~J JS,JJI
l013-l007J~~1 J:~~ ~t ~l ~
120
100
80
60
40
20
o
2007 2008 2009 2010 2011 2012 2013
-')") ;.;... ..:,,.....;;...;;.-! 105.1 74,81 89.55 94,74 82,19 88.07 103.12
162
~te. ~ ~I ~YI ~ .;~":ll ~.l~ ~1>~1 ~ ~ (jA." ~l.bil\ ~\ ~ lAt
"1 ~I"
'-'w ~
~te.1.Y ~ r..r ,';.\u..-il ~ 0~
,,J v:;:- ~. . . . lA'~ 'T''\:ill·~
k'~:. ~2012.
\ J
~2011
\
.~,.)~\~UI
4
3,5
3
2,5 2,011
2 l,56 1. 391 .116
1.39
Ilo.~
1
1.5
1
0.032 10.511 0,417 0.0001 OAOl
0,5
....0.::. .I_.o.::~ . . . 0.:;8.
':.-'I~te.1.Y~
L':U"""" . . ~~
.. 1 ~~1,,Jo'~~~'1
r..r ~ ".l~J!J'I-'O,..
i>.! t,...t!~'ûLu
... ~...
~\c.1..i..-\1 t 1.Y ù t l.Jc:" ~t,:ill ~ ~ .;'YLa 3.89 ." 3.98 ~ J~t  ~..\ Ïu ,~t,:il\ ~
~ (jA ~t,:il\ ~ ~1:J!, u-l."Y\ ~yJ\ ~ ~WI ~lA.l:iJt, ù.;L...:a.Jl t 1.Y." ~~~1
~ ~JÏ:a ~ ~1.1\ ù t ~ 1..- ~~I ~WI JhJYI Jy..t ~ ~k.UdlI o~ J~i ~41
163
~J.,.....,.tl ~I JhJY.1 ~ ~ ~\ J~~\ J:fJ~ ~tw.. :~-uI1 ~\
~
k ~
"\.b...i'JI YI
. ~ .JWl..,'J\ '-':l
.. JI.1...o ~l...ua ~
"~'J
u .. \ , ~
.L l~".
~ ~
L ·\I.b~
r..st_
.~!;ill ~ %1.38 -' %1.6 c.sll J...4il r20 10-' rZ009
UWI
'"
"1 ~\..
(j!)J
.~r .~I
~ y .
.. JI.1...o ~l...ua ~
.JWl..,'J\ '-':l ."~ k.~
r2011 r..r-'
.JWl..,'J\ ~1.1...0 .l.lC- ~ ô.l\:jll ~.J 11\-, %0.1 ~~ kU:i) ~ ~!., %1.45 ~~I
~!., ~L...JI rW\ ~ ti).i.a J:!JI.1...o 5y û..â:i) ~)tl, o~ J.,.ll.wa 272 ~ ~ r W \I1\ J)L:.
'"
~ r..s- .. tl).j~I ~"~1
t-:i...sJ ~ y"t ~
" " ..b. 1.L
~-' '1t-""" ~'J ~J._II
c....i"'1 .. ~ UWI
'" "'\ ~I ~
(j!)J -:. ..\ 4."û~ wl.:...l
0\.lii ùA ~\ ùA ..»ïSl1 c....i~-' ,~ 4.J~ ~WI J!,..)tl '" b4 \.hpJA ù.A! J! ~J~I
4..:... ..
"~'i.J
t \iaJts ~.!J
"i u\ Wl..,1 '1 4..:...."':\\ "..\ "_!. I~ '-':l
i.T.. ~ u.,....-,
.. JI.lw::JI .~
0» yr ..\ ~\.(..)A "'....P."
~.!J
.
"
~ ~ r.)I~
L.&"". !:-:. -'\"
(..)A ~
1·.·<:: l"'.'...P." ~:UWl..,'J1 '-':l
.. JI.lw::JI Jijj I~ ,~
~":::- '1
.JWl..,'J1 Il"(,)J~
i.T. ". _J:-: .. II
•yi.~!J iJp.l\
164
~WI ,jill~1 ,jy.- ~ ~I ) ..-t....'il J:.l~ ~L.- ~ ~ ~.J:! ~\:ill J-,~\.,
~.l~1
:(ZZ-~)~ JJ~1
~~I ~ ~ ~I JlÂlwI~1 J:J~ t..lwa.4 4wJ
2013-2007~~1~
J ~~,
.~ ~.~
~_ w~.~ .. Jt~'J!~1 ~~ ~J.A,tul ~';I~~~~I
~';\ ~ ~~, ,.....';1 (Ji; J~) ~I ,.....';1 ~ (Ji; J~) ~~ ~I û!Jl...J1
%~~I~I
2.32 45.11 1946.35 2007 1
1
1.21 21.33 1
1752.86 2013
(14-3)~J J.S..!JI
~2013-~007 ~~\ ~ ~~I ~ ~ ~I JlÂlwI~1 J:J~ t..lwa.4 4wJ
Hi5
, Ô',.! Il
i...,loA ~ c..jJ j . ' ...':-:
~ (.)J~~ (.)J~.)
·\1 ' ...':-: ,II ~ w~I
,
.~
I.F .)
~'il ~.l~ ....êW
'-'= r
~ l. ' ....':-: .. II' ~ .l.lc uc. ~ ~ 1 .-:L - ...::JI'~ i...,loA
. 4..! • ~~ W.cllj~ ,1'+""
,::'~I,j.l ~I"· N ...
c::;-wJ ~ i...,loA ~ ,~~ • ~ '-'" ~!)wI ~
t~':ll ~ ~ 4.c.j,.4 ~ ùli 197 ÙoG foi .)~'il ~.l~ ...::JI~-, ~ ùJ~I.l.lc
•.cllj ~~ ~t11 J-,~'-'
:(23-3)~J JJ~\
JjJlwal\ ~ ~ JW:i..a'J\ JjJUw:a ~1J:a,..J ~ 004t;j· '1 JI J~
~2013 ~
t~i ~ ~ ùJ~l .l.lc ~41 (.)A %90.53 ~ ~ ùlÎ 178 ~Ip. ~\~-' ~
J,l~ LA 'Ii ~ ùli 14 ~Ip. ~-,.ll\ r+""':l\ ~.l~ ~ ùJ~1 .l.lc ~ l4 ,~.ll.l....a\\
ùJ~\ .l.lc 0 i ~ ~ ,.)~'i\ ~.l~ ~~i ~ ~ ùJ~I.l.lc ~41 (.)A %7.47
~ .~. "'':~'\\.l.lc lb!' %2 ~.~.-: ~II ~ ~I.
ùlÎ 3.9 c;-:' ~ .lll....:J, . ...!
'':lI '-'=
"'-""" I.F (.)J~ " ' . ~ i...,loA • ~ I.T""~ ~ ~ I.F
166
:(IS-3)~.J JS.JJI
2013 ~J~I ~I &J~I ~ ~ ) •...uw,~1 J:!J~ t..~ 4.J
%90.53
167
:(24-3)~J JJ~\
2012 ~ ~J~\ ~\ ~'i\ ~ ~ }"i",~' œJ~ t..L.aA ~N'IJ
.
cJJ~,w
• J.J~r)~1 ~'~'r)~'
%~'~l J1..Jlw~' 'ÎJ~I
û~U:ail1
(J'tl J\:lA) (J'tI J\:lA)
1
1.27 3.89 307.5 ~'û~lJuJ~'
1 0.90 3.98 1
1
439.9 ~lA;S.JJ:Hl\ û~~
1
2.07 1.56 1
75.2 ~~,
1
4.54 1.39 30.6 ~j?il,
1
0.072 0.041 1
1 57.2 4-.1âJ\ JiJ.>..llJ ti~,
2.57 1.716 66.7 ~\lill û~~l? ~Wl\
1.32 2.011 1
152.8 ûLt.jllu.l1 Â,;ji"19 û~~~\
0.08 1
0.083 38.7 ~t:uI
0.04 0.032 82.9 iJ~\ J1..Jlw~\ ûlS~ 1
..l:i..; ~~-~'I
~ ·t.l:::ioJ ,1. ... ~'11 ~
t\..b! U.~.J .,. ~~ ~L....o ~
.'J w1.c.l..bill ..:.L~\I
~ .lie.
~~I .J~'11 t tb! ~ ''i.l~1 c)WI JyJI ~ %4.54 ~ ~~\ ~ J.J~I -'pyJl
\- %2.07 .J %2.64
..,- ~
. . 4..û1~1
.,. w1.c.~1!J ~I· ~\I ~li.J1
!J..)"!J ~I
.!J.... ,..c.\..b!
"fil. ~
~. %2.7 ~
• •
168
~J,JLwJ1 ~I ~'JI Jjw ~ ~ J~"il ~~ jb!ùWI ~I
~~I 01\ wÎ rt-.) ~.l."....J1 ~WI dbJ~1 ~ ~ ~ bJ.lt .)~":ll ~.l~ y..l:i
ÙA .Jj.1l1 11\ j~l ~.J ,~I J".1l4 ~..u! ~ ~1 ~.l."....J1 ~.;-JI ~I ~ ~~ ..:.J1J":l
:~ ~ Jj.:;..
~.JA .)~":ll ~.l~ 6JS ull ë='"!J 11\" ,ra013 ~ ~ ~ 257803 ~.l..le. ~ Wp.
"'.l~'~ ~1)
(.).!
"'\ ~I 1>~ \.lI• ~
u 1- 1>.lil1
~
.• ,
("'e-'
...1 ~
'.lll UJ~
(.)":!-'
' ...':-: ,1\ I~~ UJ~.)
....~-II t.L..a '-S"'.'1
yr.~1 ~~ ~\.ll ~~ ~~" 0J~.l.J\ .)t.L..a J!,AÎ ~~ ull ul,,~\ ~.).1l4 ù~ .)~":ll
"\ ~\"
'-'!JJ ~ ,..!.ttb....J\
<.,r" .)
~":l\ (.).!
".l~ J~Î " 'i
' b••l u .. , '-LII
. û..I:a..
.A.l ,-i 1.-:1
""""" <.,r "'1-11)
~\ ~
~.,..Jl ~I ~ ~.lUwJ\ 01\ ~~ ~ jli:i Wp. ~ .)~ 21.33 ~ .li ~.l."....J1 ~WI
.)~":ll ~J~" ~t=- J§4 tlv~1 ÜA .;.li y,SÎ ~ .JA J<Q'i'i".Jl ~)I ~I wl
~.u.:i~:jJ-I
~ ... WS ~~ .)~":ll . ...! .-~-:II
IoF~....,....,..
~\..
u~ (..)-Q
. ""u.. ~
.. ,LWI u::-
Ut""" .~ loF ..., ,a..\ ~
,...! ~..o- ,
d,.J\ ~ ~!, ~I .)~":ll ~.l~ ~~" ~.l.-:i .lil" ,.;1a\..i...J1 cl WS .)~":ll ~":l~
169
,t' ~. ~ .[
'-' .~' E r. ". ~ Lr ,t... f' ~ l [, li'~ ~ st. J'
~ . t %'F (l:' - Il E ~,
~ +;:.. 'l:.- oC: L
fr~·po èt:~ [l~' t..
t ] :~. G.. ~ t 'l ~ L i:::. N - - - ",. ~ - Go, Cà ,t'
~fl ~ - - 0 -- ft. ~ ~ -p ". ~ c;.. e \..~ f.
,~~ ~ [- ~ '-' ~ t ~. ~ ''-' [, N tl r. \,i; t. t.t;
,E ~ ~ f b 0 ~ f!' ~
t- t
-: b
f!' t :f ~ :? ~. 't- 'Ç.- r %' L ~
~. ~
L \; L
- L ~'-'
1f (:- .....
t::!. - f c
.,
t t,t'
- 1:: 'é..
~ lc... c.. ~ ~
)'
\- {; ~ ~ ,l'-' '4"
t ".?/!. \..Ir: f: 1-' E
[" ~ bo. N ~ 0 r - ~ f ~ ~ ,~" ~:~, f ~ ;'
1~' -~ 'fA G., ~
-~ t_ l~, ?0'\ c; 1-' ~. ~ r t.t; f 't- ~.. . ~ 1 ~
;f ". ~ ,\.. \0 t' ' ,Et :f P..
~ ft'
'-' ~ L"
- ~.
t' ~,,~, ". ".
[, ~
' (00.
• ' 0'\
t-'
["
L
r 'f' 0'\ ~
'[ ,t' ,- ~ f ~; ~ 'g ,; l ~
L"
~ E
~
~. '-b fr' 0"'.f.
b 1,.-
~. ,t: ~ [. 'L 1<: C
t ~. k'
~'
t.t; (
~ G.-
- -t ~ ~
.f - ' i:l~ .c~
~' t t f r
.... tE: 'f ,~ .1\.'
-.....) ~ l.i" ,l,. "- %' _ ,t l
o L - L ~
;:l 't- 'r~ ~'f [ 1~ .&t t 't\; ;E\;{ t r
-J
t t'\..
fr <f; -: k \.. f t b ~ !.. ~' fè' - ~ 1; '" tl r, lE ~~,~;,~,
~:~ '(,t L t;~"l. N ~ '4" ). 1!-- '-' 0' ~ ~ 1:::- ,. L L
~ '-' l Ul " - '-l ~ tl ~ ,t ~ l. ~ ~ _ ~: _
tr" ~, -[ IÏ\ tr ~ ;~ t:. e ...\
%' ~_.
iE
~ \,i;
E
Go,
e1 \.. '4"~ fr
t.t;
~~ J' \.. fr L l ~, c· '~ ~ ,t {: 'r ~ ~~ i ~
f ç.t. ~ F~
fr ~ ~ w -[ [E E [, t L fJ!.
Ç:.. ~ ~" ~ ft' 5- fr :? ~ fr
'-' [ t.t; L f:, t.t; ~. t;' ~ 1, ~'k' ~ 1.(, t; E.
~: ~. . - .(::H:
f: 'i,. (
{ .~ l . f,~~r'!= f H:' V
.'
t t [ 'f- .. r -1 - ' , , ~,
c·
'"
t: L- \;K·
L-p
t:;:
E
-
Cf;
~ t.t;r
- ft'
i r
f
. G.. ~
~ ~ r~:
~
t;;. 1> '-'
1'-' - .\0
...
~ t E[ ~ W f Œ. tl-
!.. s. _ -w t;;t
~..
, lg-,s.". \:.. L ('(\ i:1 " ,~ ~ f c· c... L .1:-
~ r.- W 1.. t.t;
- <:
f 1>-.'
l1, - ~.p f ,~'e 1: k
N r ~' %' ~ ~
b .~: <6 4: Ç:.. t' i' - ~ ~ ~' ft' r ~ ~: t ~~ e
f. t ~. E; ,1. -~"
t;. - ~ f." - 5- f'-" [ cr
oC:
""(p. 11 -
l'V
. t' ~
~.
~ 'f' ~ ~l)1 - .• • 0
t -: J:
r
'fr:~'t: -
r:
~ E',t=...:\ t?,~ '\;.'();
c-
~:r~
•. t
~ '~ ~ ~ k'~ :f.1 t ~ _ ~
E 8 _ '4"~~ r & ~ ~ t {
:~ LA fi~ ~t~·i'il '-;JoÏl;J1 LAi ,~" lA~ ùj.,l\ ~ ~ .)1,.)i t.\ ~
·.ll r.r~:uIJ \~I UWI
.t...::..~ '" "'\ ~I r.r~
i,j.!.lJ L tl i
Iof-IIJ-O ù.l::atJ-I'" 4..ilir...J\ ~1. dl ~t~
'" '+"-1 ~")I'I '-':!
.)
"'.)~ U.
• t
~ .thl~l ~WI J!.u)rl Û.4 .l.Ij.J\ ~~l ~l ~.)~ 1A.o ~WI J!.u)rl ~ ~ J,,1.111 ~~ ~
Jlu~l ~ ~ ~.).3.JI .)~")I'I J:!.)~ wi "Jl ,~WI J!JJ~I ~ ~ ~·hl~1 ~WI ",lu~1
;. \.~ ûi\S
.t!~..l.L...a Il c::-:- 1. ~i
\o(t-I
~ ~ ,I~ ~ <II. <II ~
~ '" ~.).-
.. ~
Il 4...JWI
.,.
~I Vb; ...; ~"J ,~W\ ",lu"Jl ~ l.Jj1;i ~ ~ lu.l ~k. ~ .)~")I'I J:!.l~ ~
wl;i ~ "J,.J\ t tl..::a" ..u.l yalJ wi .)~")I'l J;.l~ vb;"jj .)~"JI ~!J.lt Û.4 ~ ~~
2.~1~"
4...JWI
..
.. \ ~I
i,j".....
>
..,-
~, ~i ~.'1 4...JLA
•
'"
'" .
i,jjM (.)A '-"'""""
~ ·'1 t· ~ ~:U ,1._..
~"
t L~I .. ' ..Lla:lJ\
.....~ UJ"'"'
.~I t ~ rA .)l+ill
Ù-""'J~ ~ l>~ ri WJ ....·•...; .. \jl\S .. Ij...a JyJI tu...... w}! ~I rUiü tjC- J!illl i..JÀÀ-IJ
t...aLJ .lLüc.'i4 ,~I w.,.l.J:! <.J.CI" ,~I ~ ~lLWl ~ Û.4 ~~I W.l.J:! Û.4 ~ W:H ~.,ll ~
jL.t:i1 ~ ~I ~1, ~~I ~4lla ~tiJ ~" ,J,.JI t~ ~.ll r+"")rl <.J.CI ~\Sll ~I >
.165 :(.)o<l,~ ~~...".. ,.)~ ~.ll~ 1
2Salma Taha Hussein, The Management of The Egyptian Capital Market. M.A.
Thesis, Cairo University, Faculty of Economies end Political Science, 2001,P: 92.
171
~\ ..J"-'I-J f. ~\ ..J"-'I ~ ~t..ll -Ji <1>il1 ~ J.,.JI t 1.l..4 ~.J ,~ û\!) t.} ~bJ)
J31.c.:J '.~':' -:11 ~ L.l1
(,)J...J""""" '+.JoI,
\!t....<::a..o L' "lo
1foo1~.!>'-"
û!IJ L-: ..l>
~ t.r-
t_ 1f. lli• 1"+""~'..ill:i C:# .)t.....t W:iJ
. J.l:I..J
.)t.....t ~-J û~1 ~-J .)t.....Y.1 ~ .;1ald- '-.P ~..jLil1 ~l.,c. u-1! ljL.:al ,~~I ~.;ill
~ ~ ~ tJ;i; ù"ll ~J~I ~WI J..twJI t.} J.,.JI t Li.w:a .)JJ Ùt J~I ~ ,'OJjlill
.) ~JII '-"1
~ Jl.l...a" ~ If
cF'1:i\\" 6:111'UA \...J:~V\....a.J1 .)LO",
!j . ) . . ~
t..r ~
.!I:~. JIJ~I ~ . ~ U:!""'"
-: .11 t..r ..L\a.l.J1
LII
~ ~ UA
.. ~WI
~
u.~6.:lll
• ~ 6;jJ1
t:i!IJJ:!) •
~~
.dl uP UA.)l.,lj ~
U:. ~'I U::-li
~ 1"+""~I.~
loT
!!~~ '1
~..,.........
.J.,.JI t.} ô.;!jWI ~WI ût~\, û~~1 ~ '>pY.I '.1)1,,;11 Ùiiiill ~ ù\S .li!
1. L_ -:
~
ûhilS..ol
~
.
• UA ~ W 4...JWI
~
ô·-:~II ,~
~ t..r.)J
~I 1;..
""IS"l'.)
~JII '-"1
~ J1.l..4 .aD" ù• t ~.J
r.r- ·.C.
~.).l!-J ~ ~UlI ~-J ~~JII.lèJUl ~bJ t.} ~~ .&Us:-J '.)J~I I~ rYilI ~ ~Jij
~
'!. . '1 ~
Il U)!}J ~ LI\...-1
'"&" ~ ~ ~
.......Ui u,~ , ..t ~L\.i.JLu . ) ~JII"
.IL .11 l..J"1" '-"1JLi.w:a 1_
t.r- jJ IJ
"b
~ %15 JJ~ JI '-tl~ ~L ~ ~ U")H';"\ ~Jt....J1 041 J.,.JI ~ ~ ~jj y..,lh.J1 Wl
,as"''''''UA )\,j. 4,j,-""",,,,-J
~
_C ~
'! . . I
(!:J.~ J.w ~ ~ _c_ ~
.. oy- ..
1\
iS', L11 t· 1.l..4 4...Jï
ljt....,QI, ~ ..
k.. ~
~ L '1 ". ~
Y"'}-o I.......J.) 1 I~\!
• ~ ~6...0 ,û~bll
,'O···C: ..
.. JLi.w:aIJ ~WI ûlI!)~JII
.. JLi.w:aIJ Jc.t.illl '-'=
'-'=
1.~\.dJ~~
~J- "1 ~I \..l..t""""
'1 .tJWI '-'~
.. ..,........... L.n ~ . ~I!j ~ . }':-: .. 11 u~1
l_ Ali ~. . .J .)~JII '-'=
t..r .. JLi.w:a .)J.:r
. \S 4i ~I
Ù ~
. ~I
~
. .J ~JII '-'=
..':-: JI JlP'. J t..r.) .. JLi.w:a ~
. 4i ~I ,,\ ~ UA
.)J.lll·~ ... ~ ...Jt-I.J
. Lb.. .. t:..
l Htt.:/fwww.arabiat.com
172
~~ ~ ~
~ -:\I~~I
~.,.J~'il ~
.. .lu....a~~ ~. ~I ~,
·!:~·_\II..J~' ~
. ..! ., ~ .J~'i'
f'1A:a·.l--'1
~I ','hil,:; ÛÎ ~~I ~I .J~'il ~.lu....a ~ï ~4r- Û"'" ,,,,.l~1 d,..J1 ~
Û'" ~ ùli(178825) Û'" .;si ~I .J~'il ~.lb ~ ûJ~1 .lJc. ~ ~ ,~I
Û'" (178825) û i 'Ii ~I ~~I ~.lu....a ~ (197523) 1""'.l.lC. ~ ",jll ûJ~1 ~~l
UWI
..
.. , ~I"
(j!.lJ '""-"""'ur- ô ~~ .l~'" jll ~I
\- ôJjWll.~. .. ~
~I"
~
.lu....a ~~(.)J~
. ..!' ·'1 10.. , •••':-:
.~~l
. J),.i (J'I.J1JJ ~.l.oI "':-l~1 ~ .J~'il ~.lu....a ~~ <iJ1 o~J.:;J1 ~t.,..::ù.J1 Jj..r
'T""" A.J.l'-
: 1. \.
"' 'r"""'.. "'1 ~I"
.11 tJWI '-'!..l) ...! ~YI (,3:!
~ ...,- .)
".lll...:a "l::.1"
• -:\1 ûll·-
t.r .'\ . .lI~"
~ ~.. ~ !jJ
~1.l:i.. iS'.
'1 ~l...:::a"ll
't..J , t=..lYI ~
".lll...:a UA'" .•~i" ~
1- ....--s.)J .....\- ~tiill 0\'
-;11 I.J' - r•• 4-;_ c:--:-AIl . ..! .Jt=.JYI ~~
<.r wWè.
, ..
. ~WI C,!JJ~I
o~ 1....6.:W. ç.J"'
.., "t-' •
.. L.li.c::.
" 1..11
i...J:!'UoI
d..:a.lii:a.\
...
I~W
VII.'" ,"'
~
.l1.l...:J1 L_ . ..! . .JI" Y
UA'" <.r <.r ~
I ' ·\1 _.dl wWè.
!J ~..".... C;.~ ' ..
1._ Il o.ll
i...J:!'UoI:V:
W ~~1
.,
...\ 4.S.
~"
'>\1 lAI" W ~
!.>'"""!)l
1.-:6.:W.
• "t-'.
,.. ~II û\.S· >:'1 ~
~ l.F""!.>'"""
.l:.\.ij dt,
,- (..)<II
0.l:i..1!J
.J""'!J JjWI'
..Lt=..JI ;U'1-- 11 1. ·\1 d..:.lii:a.1
~ ~ ...,.....!J i...J:!'UoI '..
'I .I!.~II· J.Vlj ,)ld
iS'...F"" (..)<II ,
~blJj ~ ~ :aJI!'Jbll ~I o~ ~'itvll ~b~ ~1J1 ê Jl,l"t, ~ .J.l)"S ~~ 'i" ~WI d,..JI
'i,
L9~'~I .l::.!6..Jll. :4.:iJ\.iA ~~I" ..!
,""-"",,,~ . ~
.. ~
, 'il.~ . ~ ~ 'i ~ ~'il u::-
.. JI.l...:JI ~L9:!) .~.,1.l...:J1
1""'.J.t>A ~ La~ ~ (j,lyy 'i ~.) ~I Û~ '~.l.J.i ) i.l~ d,..J1 .JL.- ~ ~t.w
. ~WI ~!,:i..J1 ~ ~ ~
Oy!i~ ~"JI ~ ~ J..a~1 ~l ~~ "':-l""" ~ ~ <iJ1 ~JI.l...:JI ~ (.$.ll J:JI ~.J
1- ,~t.l:a .\.....Q..' ...':,: .. 11~.lJS ~\I ,~bl -:. ·'1 \Ji
.. JI.l...:JI u. i ~'..y 11 ur- 1- l:uc. ~ ~
~ Y (JJ~ '''F'''!J .• L:U""" ~ ur- . "
, W.l=..J.. I.A ~",.<"1 ,.u" ~. L. tLûl WWI "1 ~I • . ~I ~'il ~ .... 4..S.,: ... 11
~ ~ ~ UA !J.. (j!.t'-" ~ ~ w..o.J ~
'i j 1.....3'}\ ..,...,\ul\ ~ ,~ JJ.wll '" ~)"'!r 4wJUi iJ:t4 &.w 'i JW:i..'il ~~ ,~, ~I 1 *
.2010/2/6 d5202 ~.)~,
173
:~\~
J;.)U- J~ ~ !J.,h:i fo\tl ~,yJ1 Jt,....YI ÙA ~.)~\ ~W' J!uYI J.,.., .la.J,J
4......::at=. ~
1· H<: 1'JIAI. ..;l..J.1...a"J \ (.).!
".)U- ûi!)Co.. - •1;..~ '\ t·-r:! \
I!..u:a., r::---!j:Jo'""'!j J~\t !j\ .).l1J\ I!..u:a.'
.. UA"; l..J.1...a"J1
J!u\t\ Jy..,., ~WI ~WI J!u\tl Jt,....t ~~ ~\ ~Laj\t~ ~l>f.l\ ~..; ~\rl ~~I ~
J;.)U- 6 t ~ ~.)~I ~W\ J!uY\ Jy..a > 4JëJ!ki\\4.....b~\ ~ ÙA'" ,~.)~\ ~WI
~,yJ1 ~\ ~ ~I.l:. ~ ~,., ~W\ J!uYI J.,.., ~ .),.,~ ...lJ.) y..t ..;l..J.1...a"J\
~ ~40 .)jj ~\ ~I r+""'\t\ J:.)u- 4......::at=. J:.)~I o~ Jy..GÎ ~ ~,., ~.)~I
~! .a!L..à)ll: ~.)~~I 6~\t1 (.5~ ..;l..J.1...a"J1 J;.)U- .a!11i y~,., ~W\ JhJ\t1 Jy..a ~bt
174
( ~l..U~1A.U )
1-lk...J\
...
\_.1 .. .
!..S"""'" ~ ~
,,~.~.J.
1..:6\ ~
~ ,~L...
" .....,...- ~t .tJWI
.. (j.!.U
.. , i ~
'" ~I (j!}'-'l .~. ~
4 èti.; ~ ûl.llwJ~ r+~}JIS. ~La Û!J.lÎ ~ wr:- ~.., ,~I u-11 ~j,J1 ÜA J!.,.o~1
~WI dh,~\ ~ .J~ ~I ~..,~, dJ-l1 ~.., ~Y-" ~J ~WI dh,~1 ~ ~-' ,\.e.c.~t
\.)l.yk.., 'ôLa~!J Uill (.)J..)4'iî ... Jl ~ ~ ~ .tl..,I.û.J\ ~WI ,-,!J.,~I J~ üLa..,la.J1 &0 4ilS
~ 4.1\.:J1 01\ ~ J.,..J\ ~..,1 ûLa..,la.J1 J.,..J\ ~ 4.1..,t~\ ~WI ,-,!J.,)rl .Jbt ü...&.
1.~.t.iS.
~ ~
1.._- •• <: •• -
~ ~ ~.., ~
o··L'!- ûLJi
.. \- 1.1._
!..S"""'" . ...!
~ '-F
~ O·_L'!- '"' t.l::!..i
~ (j!}'-'l . ~
.. ,-'WI
r
.J~'i' .;.bb..a Jlij ~ ÜA ~..,1 W LJ.l~.l...J1 ÜA I~ .J#. ("t..iiA1 ~.JA 4 .. . , ] • .01 ~I û\l;ll
ÜA .ylc. .;ifo W J.,~' wr:- ~411 '-:-l~ L..S ,lj~ ~bl ~L...tu ~W' ,-,lt,~\ J,.... ~
'ô.lill
~
_.l
~~œ
...1 . ~I ~.J
·····":-:.-'1 t.L...c:a ···}:'!-'I . .l,le. ~'''''I
4.....::ati. ~~(.)'II ~~
.".~. ~ JI!jAl
~ ùl.~b û4ë-.J ~ ~.l1.l...::J1 01\ Üi;::.fo .l§.., ,~~I ..l;!~ LJ.lfo ~ ~WI
- .l.::'! ~.l
~ .~!J
' ...>:~
(.)l~.
. -'1 û~ ......vü.i.L• \..
~.~
1 ~ J..J\ UWI
.. .. , ~I
(j!)J ~I ~ (1+.1.
"6..6..~
O~ ,~.,.rw ~La.., ~.Jll! ~!J..4.., u-b ,le. L,! ~.., ~1.l...::J1 01\ ~ ~~I ~.J ,.;.b\.i.Jl
.. la
~.., ~
.ll.....:a:i!'"'il '-F
. ...! 0"'<:
~.J!j
l.lt ~
. \- 1.~,le.L...
!..S"""'" "+' 0~
.. ·<:.ti1S.... .J~'il '-':!
".lu.- ût~.. ul~~
.. ·\1
•t.J4ti.'~
~..
.. , ~l
... UWI \J.!lj
01\ ~L ~ 01S..., '.J~'i' ~.lu.- ~~~ ("t..iiA1 ~.;all ~WI ,-,t,....~1 û~..,
~.;all ~W' W~, ,-,),...i ...,pt 4.JA J.,..JI \1\ ~ ~ ,~.l.,....J1 ~W' ,-,lt,~1 d.,.... '-'),...~,
~,
.. ,~ ..~
~" ' ! J
,4.1 \.!i.J1 f"'&'.wI~I.l,lc. ,4.1!J1.!i.J1 f"'&'.wI~I W.. ,U ·\1
.. ..,...... ~I
.. 1
~ !}'-'I
1...1.i1- Il'~ .
• ~ ~ (.)'II
&J~I ,-,t,....'i ~..,....JI ~I J~l ÜA %40.7 ~ La ~.l..,....J1 ~WI ,-,!J.,~I J.,..J ~..,....JI
~\ t::b.ll û~ lAS ,4vc- .J~"J\ ~.lu.- ~\.Jaj} ~ ~4--J1 ~.l..,....J1 ~.., ,~.;all ~I
176
L
~' ~ ~,[. &: ~. ~. t ",~ '§. ~. '~
~ ~ ~: ~"~ r.l! E! [ t..C k.' (;'j l .t·
1rç- 'b
1-"
IL ~ e- ~' 1:" l.O ~ o
<fi E. .- &: ~ f."b ~'[
••\ ~ ", (11 g t' C- L VJ
.
~! Go, [. 1· ~ !' ~ ~ i ~ f: -: 1-"
f;
'r'~
.r f l f l.O.t:,.t r. L t; .t N
,~ E:: - .[
t..C t> \.";
c- [, ilL
~ - 1t, .... J:::....,.
r~ \f: " -\ -:\1 \ - \. - \ v
_ E ~,
., ~' ..! [, Ci Ci ~\ :f ·t cf: Go.
1::: ' f."b. Cl
~"' (; t ~, ~ 1:', ~.
·t[" ç
!.."l~ E ~. ~
\~\
L~ ,r ~ l ! ~ f. ~~. ~ G.. ~ t..C t
i j: i ,t ' [ "2 5- "- t.:' ""È .C- ~ Ç:., ~,
c-
\,;;,
( ,~ l
1::::..
. '
~ if ,fi ·Èc 1 ~ [!- ". fè' -:- ,.. ~, l .,
t> r
G: t· 1r ·E
<\... .r - ,~.' ~' ~ ~
• f [. ~ '~L
_ l.O
\..
t ~
L t .~ ~. 'f' $ ~! l' ,~( t1 ~'t:; 1r r
ç [, ~Cl~~-~f:2 ~ ~ r~- N
lA
- Iï\ ~ ~ 'i: ~ ~: 's. '.. <\... Ir" .~ f " l .~ 1r ~
.... f' 'k ~
~ ~. b--
- t l 5
f i '
~
..:..
;: t·
\lt .. t·1.
~ ...' .~ 1:'[t· ~.-~ .c~ ,~. -~ Or":r:l r. ~
'f: .r .~-: c 'É ~. <\... f '(..:~
r t' ~i,' ~ o
1-"
~ t - 'i G., ~. ' . [, ~ - -1 VJ
- .1:..
1:; .~ \ ~
~~ '1[ ~.~ Cf,' ("'J~" ff.
1::::.., &- r;.c 't! ~ ~. ~ • If· (. ~
'F!'
r:l. ..
Go.
;;;:-
ls ~
1>
~(1I·t t Go. [ ·r ~ ~. r;.c ~ ~ ~ .~ t E t.~·~: .r'
't: ~\ E - l .t ~t '1 l.O ~..~ ·t Cf; <L ~ - ,~ L F
fi"' ""k L ~ E lb. ç.~ ~ b0,
~
t.;:'"" .- Go ~. g: E ~ l.. .
~'b.,~,~ [, - ·t f [ - ~ ·t r k ~ ..
c ,C- r;.c ~, Çl., E ,e t } t
~..... ~
-
~
t ~ G.• .z \ r;.c ~ G.,
.~,
~- E ~. '(.: 2~ ~'r;.c
~ - -
t t la G.- ~b ~'i 1~_
~~ ~~, ~.
6' È~
( N (v
- - t c: ~ G., ~, ~ft IL ..: ç. ~. c- ;: 1:;' sr. f . F. ~ '~ lA '~
-. ,,- b- ~. l" '1:-r;.c c- .c: I:.l '"'. ...J
00 ...
[, -:t - f: ( . ; ; ; : - t'
,., e- ~ [. t~ f t " ' . - fi E r;:- E - p. - ~
~ k', ~ il' • - , .
~. f' ~- c'
t,l;;, '" 4: ~ la
8 ~.t ~
fL ,t. Go, q'~ ~ .......
§
~" ~: t~
~-:~.,t.' ~~,OJ. t ~\
l [~[~ ~ iÇ;. r r;.c
t_ f." ~ 1
n:t: ~' fi 1 ~l ~ l "i... 1 ~ r;.c l ,~ . "0' ~ ", t'
E
(
~ Û.4 4li~ rlWI ~ ~Wl J);,~I J!,wt ,) Jj\.ill ~Jâll ~ r.:Jl;. .lS;\:n u."
.Lu,.b:i ~.l" ~bl
01 ~~\ .~ii.'~t ~ ,~!>11 üi)\ ~ û!ft..l&\ll~.'.î ~ ~t ~ ~ -'~~\ ~~
~ ~
u=~ ,<l:I..Wul _.1:._~
~ iS'. ~
'1 ..!.. -'1 ·.l.J1 J IJ~I r1.W1,..3
t.i .lll ~.Y-"- '-r r~ -' ~~I ~.lU-
(J:!
JW\ .y.ll ~ t.i.ll~ ~\ ft.l.J\ J;.lll...::J\ û.:JJ:.L,.. .llli ,~\Sjjl ~" ~-,.l ~ .;.b~1
.""\ ~ UA
~
. ~IJ U~I UA.
CW . UowI~.ll\.c.,v:;:--
~ UA... UWI ~I ~I ~
(j!.U ~ J'.l.,j
~ ..,
Ô".!
~!j ..,
'1 ,..!\S.ll
Û.4 ù~t, ~I Jt,.~1 ~" ,~".ill ~I ~ Û.4 ~.lY-11 J;.lll...::J1 Lat ,~!p'- ô.:Jl;. Û.4
~.!;:i.J.~1 ~ .b..v-J." .l.l:l....J\ Ôl~1 j,lc. ~ ÙA .b~\ J;jU-" ,.bi! ~JI ~ -'Lat....a~1
" .lli.....a
(J:!
-~, 1
.,."..... ~.!)
~IJ ~ 1...
yi! -1J l.l.:I.J
.
~
.. ""':L\W\
*' "1
(j!.U
~" ,..3 ~~\ (J:!
~.., -'
.. .lli.....a.l.l1U
~t.;. ~ û\j ~i t~~ ,... -'Lat....a~1 Û.4 ~yJI.t J.,.ll...cll Âl,.,s.r.i" ,~~I ~I
.. .lli.....aIJ.!J-'-'I
i~:Utic. (J:! ûl >"yw·'1 (J:!
".lli.....a ,~*\rl
, , 't -' ~~I (J:!
".l~
•'4J.o ù"'\
....... ~ . LI· -II ûl~ ~
':..~- -:1 u.;a..!J"'"'!j1 *\rI'
t ûA ".lU
~. .]A:! -'Lat....a~1 (J:!
178
(
L.!
ûl~ dt (.)04
,- - ô·Ll.i....J1
~!J ~Wl I..J:H
- I..à
~ .J~'il ?) !.lI!J
Ô .J~'il"
~.lll....:a.l:t.Sb..A ~ li.J_ A.l
..
•
LP ~W\ ~l.i....J1 i.J.4 ~ ~I 4-k.j.d.! <iJ1 û!.,.l\rl (.5Al ~.J 'J,.l.i.wJ\ C ~
~\ J.J.ll1 ~ ~Wl J!J..a\r1 fi.t "J.Jl.l1' ~4 ÙyLj <iJ1 ~.l~1 ~WI J);.,\r\ ~ ~
~.l.J1 û\Sy:J1 .l.lc. tLJ r2013 û~~j ~ 1752.86 ~ ~yJ\ ~I .J.liJ Wp..
.J~'il ~.lll....:a ''''li} ûLe.j\r!, ût;.ll ~Jj ,'-f.jWi.l .:u.o !.l..,>l::u ~ .J~'il ~.lll....:a ~.JC'
J~i ~ 2013 r\.c. \.i.J.ll...4 254~1 .J~'il ~jll....:a .l..lc. J,w,.J Wp.. d):a.J\ ~I ~
% 23.62 ~ Le. .JAI.J ,~I r+-\rl ~.l~ (,)0<21.:;. J,~ 60 ~ ~ .J~ 103.12 ~
~ ~.l\.l;...:J1 .l.lc. ~~l i.J.4
~WI J);.,\rl ~ ~ y.).J1 ~ ~I .J~'il ~.lll....:a.J ' .J~'il ~ll....:a J~t ~~1
"'f-I.J l.l:i ~
Lt .. ~
.. J '-'1J.'ll1"
~
~.. '-' ~ Lt -:\1 ~I
'+' ..,... .r..\ll....:a
.J~'il ~ IS'.Il 4A1....:c::a\• ~--II
.. ..,..........
UWI
.. "1 ~I"
~!JJ ~~.~ ~I
.. \rl.~ ~'i\ ~
r+-~.J .. .lll....:a ~L.o 4..w...J
. ~~ .. lA. .~
.
~ ~~I ~WI J);.,\rl ~ ~ .J~'il ~.lll....:a ~b ù!! ~t:JLu %1.20y ~.l~1
.J~'il ~jll....:a ~L.o ~ ~ Ût ~~ ~~I ~WI ~~I Ûi \..Je. d~ j~
179
(~ _________________________~_w_,~_~_·~,)
:~~jÛl (2
J ~l'L. r ~l'I!J ~
)rI"
~
j~ ~ \..::JI <..r-
\- J ~l'I ~ts~-'
:. ~~!J
.dl ~
.. j\.lw:J1 ~!)..J:!b-ï
I.l,.Q .' ..
C \.....o,!\11
'1
J~
.
.... ,W1..W1
Y.JA-l-' ~-'.
.... :6...w1..W\ ~I··.!'I
~!J ~,~
:i.,-.tL ...... ... ULo tbt.....~
d.c.~..
-;'1
I.,? J ~l'I ~IÀ~ U'i jl• \ALI' . ôjlJi.....l'l!J ~I J ~l'I
",!)A (.)A .. j~
(J.:! :; ~
jje. ôjL' . , ..
~hl.llJ1 ~W\ ~)rl ÙA .lIj.J1 ~I....i::al u-ll 'ij~ L- ,~WI Jiu':!l ~ ~ ~-,I.~ ~ 4;J.w:aJ
: lÀ. UJ!
.. ..,..- .. ~'I yr
. ~ ~j.- . ..! Ulà..J1 J ~YI,\.J:'"
:..,t.l.,.a~
: r 'i )r
.l9 Ô',A. "'-r...Q ..
!)'U r je.:J '-""""'" "\".l:ai::J
-:. ·'1 û) lJol ':! .11
'-""""'" ç.
1...
tl....:a Ul . ..!
.. yr J ~l'I (J.:!
.. j~ J~\• I...J'-:
'.<..
"'1 ~I"
(j!Jj ,..!
""""'" yr J ~l'I (J.:!
.. j~ ~~ ôjW"
:; (.S". \".- ..
' .. _t:-: -'1'(.)A y::..'1 jje. w~
'1..!.lI Lo 11\~ c.>'~ ,. .
:~lj~~ÜA~WI
180
(~_________________________
~_~_'~_ruJ_·~,)
:~ Jl!l (3
l, '" ,r.iJ\.J J\.hll\ ~~ ~W\ JJn\11 ~ ~ ~ .J~';:Il ~1.h..a .»l t~.)A ~.J
~! ~~)'I ~ )..l:a)' 1 11\ ~.J ,ô.lJa:lJ1 ~~ ÙA ~ L.:J.Îl;. ';:Il 4....ah~1 01\ lo.J d.·.·NI
~l L.:J.Î~.J .J~.lt ~ ~~I .l:aLJ ~l .:;.,~l J.J\Jjj ~~ ,~jiW' ~!,.JI ÙA ~
.)~';:II ~.lu.....J
181
(~ ________________________~_t~_t_~_·~~]
~JÙI Ûll4 :~t
:~I
.2002 ~ ~4J1 )~I 'JIJ.w'i1 ~ t,.tlJoll J ~I ~'il t..GJ..H 'J.!~I ~.J;! ,~...v w.-Î .l.o.::r..A (17
.2004 ,û.1):!:l '.)-J)l1 ~1 ,.6..#."i:J1 ~I û~ ,t..G.J,.HlI ,~\! u....J;! .l.o.::r..A (18
.w~ ,2005'.)-J)l1 ~\ '.;J.lIl Jjl; ).l , ~\Â:i.w.~I.ai\a..4l1 il''''! ,~ ..»ta ,.;.L- .l.o.::r..A (19
.J-A ,W--W1 4.-4- ,~4-=J1 ~ ,~I ~'il ol.w::!J.Hj .)~~I d:I",\.lw;tJ ~.Jlfll tJl"'l 'rL..,... ~ (20
,~J&.'il ~4J\ )~I ,~!J ~I ùH ~ ~'il t..GJ..H ,~I ~lHl J::4. 'i.PW1 ellw:. .l.o.::r..A(21
.2002
.1996,~ ,~jji-J ~ ~,~t.,.,24 ~ t..G~1 rlali Up' ~I~' ~ (22
.1995 ,~till '.)-J)l1 ~\ ,~~1 ~I )~I ,~Ij Jl~ .)~~I ~\.lw;t 'l''''''till ~ (23
.2006 ,~ '~'i\ u.)t-llli~ ,JW' JIJ.wI ~I o1J.l.Jl ill"'l ,~.l4l1 ~W P (24
183
(
ù).•..J\ s~ (J..J:i...'l1 ~\.lI..::I" ~I J);J'i\)Jt...n (,JoIIL J!J...! r.} Jt..J:i...'l\ ~!JJ! ''i~\ i"i"~l ~ (25
.1999 '..>-'"
JlJ.w1" ~I ~'i\ J!J...1 ~J'Jiill.tlI " ~\aJ1 J!J...'i\ ~ J);J'i\ J!J...t t...J... ''i~1 i"i"~J ~ (26
.1994 'ù-lJt;1 ,.)",t;l ~ àbe ~yr..Jt ~yJI ~l '" ~Wt t!Jl..};.ill ~.;.J ~ ,lA.ij... tlI J.jâalt
.1994 ~'i\ ,ùJL...J1 s~ ,~I Jt.p" J\i.i.Q LaJo\. r.} Jt..J:i...'l1 ~\.lI..::I ''i~\ i"i"~J ~ (27
~I ,.tv\.::.:lll ~I ,~" ~ L...J;.l ~I ~.!;t..J:i...'l1 C'+i r.} J.;la!1 ~I" ~J..Hl1 ,~\S j~ (28
.1967 ,~~\
,~\ ~I ,~\ J);J'i1 ~\.QJ..Hl\ " ~.#I " J~\ ,~I UÀJC ~ ~ ,~ 'i~J ~ (29
.1993 ,~till ,.)",f..J\ ~I
.LlJJ ~\;lT" ~\.9J{(v'aJâl\ "
" ~\ ~~ ~ *"~ ~\.QJ..HlI) ~I ,,41t...n J!J...'i1 ,W..,J..C whJ... (30
.2004 .fi~1 ,.;~I ~~ ,~4J1 ..::.a1.c.~\ w~ ,~Ab J~'ll ~ ~\.QJJilI
,.)",f..J\ ~I ,tb..~1 ~\.;JI ).lll , ,~I ~~I t,IJ} r.} jl41.a.. Jl:W1 ,~ y'l '" I.jJl&. \!.lu (31
.2001,..>-'"
~\.;JI pl )j ,~,Jl1 J~!.J ~'il J~I ~ Jt..J:i...'l1 ~\.lI..::I '~.1):IA j~1 .lp ~ (32
.2006 '~1t
.1999 w~f..JI.)",f..J1 ~I '~!.J ~ Jt..J:i...'l1 .:.~t....1 ,.;~ J...;a\.! y\\..b ,~I ~ ~ ~u (33
.~.J ~t, ~WI &'}il ~ 'Jt..J:i...'l1 ~J\.lI..::I" ~'il ) ......i ~hJ.}.II" ~t..J:i...'l1 J:iila..tJ1 ,yU:.a. ,-"",L... (34
.2007
.2006 ,~ ,.)}il ~I 'Jt..J:i...'l1 ~\.lI..::I ~ ,~~I rolL... ù~ (35
.~till ,~I ùF- ~,~ ~'il ~ Jt..J:i...'l1 ,~jj ~ (36
.2009 ,.)",f..J1 ~I ,.;-!Jl ~\tJ1 Jb ,~t, ~I ùJ:l JWl....':i1 ~I.l} 'ù!"lc. ~u f"""1J(37
.2003 ~till ,.)",f..J1 ~I ,~.;aJ1 JI.ilI ~~ ,~~I ~I ~I ,~I .lp yll...J1 .lp (38
,~~I ~I ..::.al~t,~.."...:ill s~1 ~.;aJ1 ,~J..Hl1 ~ Jt..J:i...'l1 ~~I..wa:iil ,~I .lp yll:..J\ .lp (39
.2010 ,~\il\
~W\ J\";"f..J\ ~ ,)aI.â..tJ!.J .ll1Ja.l\ ~ ~'il r.} Jt..J:i...'l1 t,IJ}J ~t..J:i...'l1 J:iila..tJ1 J~ ,~w.) ùît;ll .lp (40
.2007 'w.lJf..J\
.2007 ~'i\,~\.;J\ ).ll\ ,41LtlI J);J'l1 ~J.H r.} Jt..J:i...'l1 ~~h1w1 ,~ J\iâ.\I.lp (41
,~4J1 ).lll (~.!;\p.l\ -Jt..J:i...l JlU" -~I~ -~Î) ~I ~'i\ ~J.H r.} Jt..J:i...'l1 ,~ J\iâ.\\ .lp (42
.2004 '..>-'" '~1\
~\S.."J.,~ ~'i1 JI"...} ,i.;;~ ~~) ~ ':'1o.wa...~" tJ~'i1 ,~tvi ~J'~ Jtià.lt ~ (43
.2004 ,~till ,~4Jl ).llt '(Jt..J:i...'l1 ~LS.."J. 'ùJ.4\:il\
.2005 ,~'i\ ~4J1 Jll\ ,~~~ ~ " JWI J!J...{ '~I:vi..,sJ ~J'~ J\iâ.\1 .lp (44
~jjilt, ~ -lAbJ\ Jb ,(~ JWf ,~I~ ,~f) ~J,J.;l1 ~ Jt..J:i...'l1 'UÀJC ~ ,..::.aI.i;.l!J\ ..,..Ic. (45
.2006 'ù.lJf..J\ ,.)",f..J1 ~\
.2002,~ ,~4J\ ).ll\ ,~I.a.. t,.JI..wa:iiI \;t..Qi" W..".J\ ,ji- ~ (46
184
(
. 2008 w~f;}1 '.).Jf;}\ ~I ,~...:u::J\" ~ ~t....i )~ ,(~JJ;JI) ~ ~'JI f..!!J....! ,~("l......c. (47
.2010 ,~.l..iS......)'\ ~~I ~\ )~ ,~\ ~ Jâit.a... ~ y!.~\ Ji;. J~~I ,~ ~ ~ (48
~\ ~W\ ~\ )~ ,~\ ~'J\ JJ.w û~ ~ ~ J~~ll.!IJllw.I ~I.lt ~ ,~ ~ ~ (49
.2010 ,~"i\ ,.)}il
'w~f;}\ ,~ Jj\., )~ ,~\ .J ~I ~'JI ~I ~'JI ~Jj:I ~ J~~I 'w\.,.!J\ ~.,.-.......t..4 (50
.2008 '.).Jf;}\ ~I
.1999 '->-'" ,4.-~\ y~ ~y. ,~ ~I .J û\..QJJ;J\ 'J4-ll1 .l.l..) (51
,~I ~ û.!JLa'i1 JJ.w ~u .J ~.jJl\ .J ~ ~\ ~'JI û\..QJj:I ,~\ ~ ~I C~ (52
.1998 ,.)}il ~I ,~ ~1.ilI4.-4-
.2003 ->-'" '.).Jf;} ~\ '~...:u::J\" ~ ~I rl\.c.,~1 ~'JI û\..Q~ ,~I ~ 0.!.ll1 C~ (53
.2000 ->-'" '.).Jf;}1 ~I ,~\ tl.t.,.!;)'1 ~.J ~ ,~I ~'JI ~~ H~~-,," ~I L~ (54
.2005 ~}'1\ '.).Jf;}1 ~I ,~\ .J ~ jla..J1 )~ ,~I .J ~I f..!t..w'J1 'IS""Y' ~1 ~i ~J (55
.y~1 ,~ uJ.1af;}1 ,( .>l~ ~~) ~JJ;Jl ,~ ~ (56
.32 U"" 2001 ,~~ '..foll )~ ,~I ~ ~ ~WI ~'JI ~~ ''iJ\uJ\ ~l ~ w~ (57
,.)}il ~ .foli J~ ,i.;~ ~ l-.,!J.l ~11 ~ Ù.4 i.;.tWt ~"I1 ~~ '':sW~ ~ w4--l (58
.2002 ,~
.2002 ~~ ,41.1. ~y. ,J\.4,l1 (JiI!"l ~ f..!!J....'JI~.J ~I W.J&l1 ,~I J41l.!. (59
.2005,->-", ' 4.-~\ y~ ~y. '(lf.:ilJ.liJ J\.4,l\ f..!t..wl) û\..Q~1 ''-P''''.,.JI ~ jI~ (60
.2003 ,~1.il1 ,4.-~1 y4J.lI ~y. ,JLa (JilL f..!!J....I.J û\..QJ,Hll ,~.,.J\ ~ jI~ (61
~.l.Jll-wl.J (J.lJ'J.,... ~I ~'JI JJ.w û~.).ot ~ ~'il uJ.wa.-J.1 ~I ~I.l'JI )i ''-P''''.,.J\ ~\S ~~.J* (5
.2009 JlyJI ,~fill 4.-4- ,~~I (")..JI ~ o~ ~.JJ..\ ,-2007-1990 &.l.-J.1 ~ Ua.
(")J;..J ~~\ (")..JI ~ ,~~ o~~ ~ ~ :UL.J ,4Wl1 J:u.:i .J 4.l.JI.llJ1 f':iilI ~~ 'wl ~ (6
.1999 ,yl?J1 4.-4- ,~\
185
t' [, G" ~~'
~ ~, ~, r ~ r E~' ~,t'~' [ ~' ~, ~ ~'
.~ ~ ~ t' ,~J': Eî 1. ~ ~.v
t- !.. r
j.:
Il "i. ~.
ti;)f6 t n- t' c: 't. [~'-
tÇ....
('t t lo N ~ ~, " 'P 'f' t. ~,~ t '1:, ~ ~ 0' '1:;.
>L - E; 8 ~, 'E'~ ~ ~ '~( c::: <.!' t'
~ ' r.:
,v"'
G" c t:.E , 'ë,
;. . . 1., ~f' ......
~ 'f - ,É .~ ~ N _
r (_
~ .t. ~.~ ~,
~~ ~ t~\0 ,
ft'
v
~.~
'r.. ~- ~~ -i:~' LF.. ~--: ~~ 8N ~~ l
f 'E' :é~. ~
'~ rr r [
~
'-l. - , ~ , ...
q~t f ~ G,,~, ~ o.z: 1 ~~ , <i., <.!' - _ ~ 1;". ~
l ~..! i!"~ fr ,00 ~ (;.- ~ f $ r.: ON ~' t:
-!p,
'i..
~ ~ ~ t'
L Ë- 't". ~
c: 'r.. t, ', .~
~t 'r..
(~~ ~ t
lo'~ f [:,' ~ 1.. ~ ~ ~. L ~ f r 'b i ~: ~ t f ~ "
F [\.. ,f ~ r: ~~, ~ N ~ 't.. \ 'v r ~ -t' rt i· 'v t: f
~ t ~ \, of: ~ ~,~: t' 8 1! f ,t' ~ [ ~ r -: t-' ,t fi '"
~: c- E l: ~ 'f;" ~v f ~ ~ t~, ~. ~ -t' t' ~ N 'L t!' f' ~ ~
CL ('Cl [v e'
t~' ~. ~
i-
~ .L.L • - - - -- f..
"- t- ~ . ~ ·P· N '~~,
s;: 8 [, t' [, . t~[ 't~ ~l ~
L.
~v, ~ '1:.. 0N .~ ~ -:\l
l':- r ~ ~ .....
eL. ~
:~I-I.:=.t
.2010 'WoSJ\ ,85 .l.all ,J..;W\ ~ ,~I L.J'i\.j ~ J ~.iy..J1 ~.iUw:al1 ,~,yJ Jt...~ (1
~I ~ ~ ..)~"il J:lJ~ ~ ~ t.....!JJ ..)~"il ~~ ~IJi r.!IlJ.l.:Io.A ,~\ ~~I ~ (2
.2005~ ,2 .ua.l\ '~'i' ~~ ,~\ ~~ ~~I ~ ~ ,~~I
.2011 ,382 .l.all ,J.,....il\ ~ ,Jy.A'i1 Ù"' ~ f"f-'il JJ.w ,~WI .wl ~ ~ (3
~\.vlt ~ ,~ ~ ~ ifV.t\i ~u:; ~ .!1Lû "i ..)~"il J:r.i~ ,~ ~ ~ (4
.2010/2/6 d5202 ~--' .l.all '.;::.L....:::E-JI
187
(
:~~~I-J
.2008 ù) ,~~\ )~'i\ ,-4JI~1 ,~I ,~Wa.i-- JWI J!J.w1 ~~.J ~l.w:I..aJ1 ~I ,~W:l...;11 ù\Sy!i ~\.:..:jl
~~I
.... ~.~~ ..
I··tl :L.a1!i
:~-l
:~I--+
1) Ben Branch, Jill Sawyer, Closed End fund performance on the dasis,
Isenberg shool of management Magazine, Novenber,2006.
2) Viha ,R.Errunza, emerging market anew opportunity for imbuing global portfolio
performance, journal of femancial analysts.1995
~"il ~\j.a:~
~ ,~I r-y!i ,~\M.l1 J:lol~!J ~~I vloll ~~!J:i.w.l Jp. ~ ,~\~'i\ ~ ~yJ\ ~\ (1
httpj;twww.arado.org.eg :2010
www.cma.org.sa ~.>A ~ ,~~I ~ r) .J~~I ,~yo.wJI ~W\ ~\ ~ (2
www.cma.org.sa~yo.wJl ~WI ~\ ~ (3
188
www.tadawel.com.i~........JIJ-JI.!i.I1 J.".... (4
htlp/jwww.My.mec.biz (5
www.sama.gov.sa.i~yo-JI~.;-ll.lii.ll 4..........}o (6
.1992 ,~~.."....JI 'J~"ll JjJl..i.w::I ~ ~!.9i ,1!1~1 ~!;A ''i~.."....J1 -.r.;all .lii.l14..........}o (7
www.maher.sandroses.com ~i
Htlp:/jwww.worldpank.org ..,l-J..ùl ~\ e!--"" (8
Htlp:/jwww.arabiat.com ~ ~...,.JI~.,. (9
htlp/jwww.icn.com '~..J:!C-J l.4YJ>..-J 16\,?ji}Jwl.l:.~' ~~1.l...:.(10
htlp/jwww.My.mec.biz ,.l:.~1 ~ ~..,......w\ La (11
189
J.,.... .) ) ...$...YI l...J'~\) tl\ùl ..)~YI L;;.lu...... ~ f'jlJ wi ~ ij.lll ..J>ll1 (:F ~ ~ t....!;..ill o.ll. ~
.ûL......j.J1" J!)'J\ ~I.l...u û~ ~ J:i,i. ~W\ &.,'11
~ 4~1" ~~1 ~ IJ;>. -* f'L...:iA1 ~Y' ~Î ~I o~1 ût!il (.$.l:..J )...:u...YI ~u.....J
l.... Â. 4. ";'1" ~ Viol] J:i,i. ~ ~\ ~WI J!J}J\ ~ 4.1... r.} ~t;llÎ.! ~~I" .l!)"JI û'!p-~ ~ r~
~I ~l, .)\SJ\ JW\ U"L ~ Y ~I ~\ ..)t........ ~~ ~ La l.l1.J 4~).J\)l.S.\ 6.1.vt Ji:..;
o.ll. .) .;I~Y\ .,le. ~1 j.b.; ~J ,~W\ &.,'JI J.,.... .) J.,.t...::J\ ~ okJ\., ~\ ~ Y ~
.~
' ....•,"'. ·'1 l.P
.~ û L - ~
'+i"'~J
ûUè. .4' <\..1,~ij
, ':)....,.,J ,~~ .lll ~ .~II ~ .iI.
'-~ ~
~ .ll.l...Jl
'-':!
~ (.)e h,laW ~..,.JI JI"..'Jl ~Î ÎÂ..)~4 ~."...JI ~WI &"'JI J.,.... ~l ~!J..ll\ •.lI. ~ ~I ? ~J
.lL\"'~ ~.-
'..;- ~ ~
'l ~JWl (,j!)J
~1 ~I L»-"
""*' ~ ,~ ..)~YI .4"u.....
ur- ~ JI W ·t
,1 'JI,• ..)~Yl ........-
.4"u..... u~
...!
.IL . ...,- ~~ u,j\._I\
, ~
J LaS ,4..;.l.,,-J\ ~W\ &.,'J\ J.,.... ~ .) ~ .1..,w\ ..J>lll Y..l: YJ 'Y)1...J\ ~j\;ill ~1 ~ Y ~ dJ;>.
~I.lÎ ~ J.l.:. .) ~I .) 0--Î lu.l ya.t J ~~I éfo..J ~I~ .) ull) Y 4..;.l.,,-J1 r.} ..)~YI ~u.....
·~flJ ..,:aïll
:4a-ui.,n ~t...lSJI
1. ~ ..) ~Y\.~!J
't'::P 'ê",u..... ~-
~ ~
'\ UWl
~
~1 ~1 L»-"..)
i..lI.JJ ~ , ~YI '-':!
~.lu..... ,UWI
~
~I ~\ L»-"
i..lI.JJ ~
Abstract
The goal ofthis research is to definite the role ofinvestment funds in the increase ofthe
investment activities in the market of financial effects by a collection of saving and depositionsof
funds ofbothparticular and establishment.
Investment fùnds are one oÎthe new dispositives that constitute one oÎthe major concerns oÎ
saversand investors. They substitute the third in the process of saving collection in differentbase
of financial effects. AIl those in the frame of a special technical administration which tend to
realize equal mutual profits to saver and investor, This process encourage small savors who
hasn't an enough and important capital as well as new investors who has no large experience and
audacity to accede in the financial effect market.
This new process encourages investors to invest in this funds take in consideration diversity
which characterize sorne institutions and respond to orientation and volition of all investors.
Through this research we treated financial effect market in the kingdom of Saudi Arabia because
she constitute one orthe most developed financial market in all sides especially that is related to
investment funds. Nevertheless, we can perceive the impact of these fundsin Saudi fmancial
market is so limited because it doesn't reached the doorstep of discountbalance for it doesn't
play expectedrole in the animation of financial market effects. To precise moreover that
investment funds in this country are embryonic, experts expect that they will have in the future
an important roie in the frame of technical exercise amelioration in a legal context.
,~"iaô;;1 .l§ ('2008 ('te. ~ ~"llWl ~ ~4'il ~I wi ~ I~ ~ .J~ 2557.71
'F'WI l.lJ""'"'
':.-'1 c..:r- ... .J~1'(.)4
,- 4..ul..... L_.~ 4..JWI ~'~I
"t"'"+' LA!J.. ~ r.r.'1 l
~.!) (J4 '1..bJ"ii 11\!J %23.25 ~
. .
~• ~
~
2009 (te.
('
,~
'.,,-
~
~ (J4
. 1..bJ:lI ,~ ~IJ IlWl ~...
.,,-
... ,~, 4..Jb\11
'f..
t.uill J--'1
u.l.l::aIJ ,1.j!J""""""'
.u....Jy 4J),iA %75.58y ~ ~.J.l§ I.j.lil" ('2012 .ti....a ~ tl,ij.J:lI I~ ~I" ,%44.7y
.I.iL."i1
.J:.r-- r.r.'1 l.lJ""'"'
L'IJaI..!J ç.-
~~.Jj.. '~I ~l·-twl
.. UWI .t..~.J ~ r.r.'1 JalU ç. \.ij~1
'.r-;: ~ ~ I~!J ,~WI
•
.~WI WI ~ ~ .J~
90
133