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Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 5

7/30/2019 El Pricing.

3/28

_kuk gq}kehgagu gh puga`j ck m`rguqjq

bka}jugq {wg mgegi ajiq`mguku gi gh

aju}j hkufj phk~j

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 1

7/30/2019 El Pricing.

4/28

_ju gngdphj pkuk b`nku gh puga`jigagq`}kq>

Ugbhgnku gh rkhju {wg }w pujmwa}j

pujpjua`jik( gi ajdpkuka`i mg }wq

ajdpg}`mjugq #Rgi}knk Ajdpg}`}`rk)

Ajiq`mguku {w dguakmj gq gh {wgugkhdgi}g gq} m`qpwgq}j k pkfku pju hj {wg

jbugagq

[wg qgk pjq`ehg khaki~ku hkq w}`h`mkmgq

pku}`a`pka`i mg dguakmj mgqgkmkq

Dks`d`~ku }wq fkikia`kq

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi =

7/30/2019 El Pricing.

5/28

Awkimj jbugagq wi pujmwa}j ugkhdgi}g

i`aj j wi qgur`a`j aji wik ju`gi}ka`i

ajdpg}`}`rk pwgmg qgu wi ug}j gq}kehgagu

gh puga`j

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 7

7/30/2019 El Pricing.

6/28

Kikh`~kimj gi ajinwi}j wik bwgu}g

gq}uk}gf`k kih`q`q ajdpg}`}`rj pwgmgq

jeqgurku {wg>

Awki}j pkfk }w }kufg} pju j}ukq qjhwa`jigq

m`bgugi}gq k }w pujmwa}j {wg qjhwa`jiki

qwq pujehgdkq

Gi {w hwfku mgeg we`akuqg }w puga`j giughka`i k ghhjq

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 2

7/30/2019 El Pricing.

7/28

]ugq gqagiku`jq

Awkimj }w puga`j( Rgi}knk pjq`a`i

ajdpg}`}`rk gq}i ughka`jikmjq( gq}kq gi

hk dgnju pjq`a`i pkuk dks`d`~ku

w}`h`mkmgq fkikia`kq

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 6

7/30/2019 El Pricing.

8/28

]ugq gqagiku`jq

_ju gngdphj> gs`q}gi }ugq gqagiku`jq {wg

dwgq}uki hk ughka`i gi}ug gq}jq

ghgdgi}jq

_uga`j dkq kh}j

_uga`j pujdgm`j

_uga`j dq eknj

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 3

7/30/2019 El Pricing.

9/28

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 0

7/30/2019 El Pricing.

10/28

Ki}gq mg Gdpg~ku>

Gq dgnju augku }w gq}uk}gf`k mg dkuakq g

`mgi}`b`aku }wq akikhgq mg m`q}u`ewa`i ki}gq

mg mgqkuujhhku }w gq}uk}gf`k mg puga`j

Cka`gimj gq}j( pwgmgq fkuki}`~ku {wg }wpuga`j ugbhgnk gh rkhju mgh pujmwa}j

ugbju~ku }w dkuak

_wgmgq }kde`i d`i`d`~ku ajibh`a}jqugqpga}j kh puga`j aji }wq qja`jq mgh akikh

mg m`q}u`ewa`i

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi ;?

7/30/2019 El Pricing.

11/28

Knwq}ku gh puga`j k hk rgi}knkajdpg}`}`rk mgh pujmwa}j)

]w puga`j girk wi dgiqkng bwgu}g k }w

dguakmj igagq`}k qgu ajiq`q}gi}g aji

gh rkhju {wg hgq gq}kq gi}ugfkimj

Q` gh rkhju mg }w pujmwa}j gq mg gb`a`gia`k

jpguka`jikh( gi}jiagq }w puga`j igagq`}k

qgu gs}ugdkmkdgi}g ajdpg}`}`rj

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi ;;

7/30/2019 El Pricing.

12/28

Q` }w pujpwgq}k mg rkhju gq mg wi

pujmwa}j hmgu j aji `mgi}`b`aka`i pju

pku}g mgh ah`gi}g( wi puga`j eknj girk wi

dgiqkng `iajuuga}j

Mgqpwq mg }jmj( q` gq wi pujmwa}j

hwnjqj ij gq akuj gq ugkhdgi}g wi

hwnj:

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi ;5

7/30/2019 El Pricing.

13/28

Gi}`gimg }w gq}uwa}wuk mgajq}jq dg}kq mg w}`h`mkmgq

Hkq ajdpkkq akhawhki gqjq ajq}jq mg

dkiguk m`bgugi}g( gi}jiagq pkuk rgu`b`aku

hjq ahawhjq gska}jq hk ajdpkk wqk>

gh ajq}j {wg pq`ajhf`akdgi}g

pujmwag wi pujmwa}j j qgur`a`j

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi ;1

7/30/2019 El Pricing.

14/28

hk

m`bgugia`k gi}ug hk fkikia`k {wg fkikq aji

wi pujmwa}j gh puga`j pq`ajhf`aj Giqwdk( gi}`gimg awki}k fkikia`k igagq`}k hk

ajdpkk {wg qg fgigug Mgegq `u dq khh

kh ajiq`mguku pujdja`jigq mg mgqawgi}j$

qkeuq gska}kdgi}g {wg }ki eknj pwgmgq `u

qgfw`u q`gimj ugi}kehg

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi ;=

7/30/2019 El Pricing.

15/28

Kikh`~k hjq puga`jq mg hkajdpg}gia`k

Jeqgurk hk fuki rku`gmkm mg

ajdpg}`mjugq m`uga}jq g `im`uga}jq pkuk

`mgi}`b`aku gi {w pjq`a`i akg }w puga`j

Q` }w pujpjq`a`i mg rkhju j rgi}knk

ajdpg}`}`rk gq mg gb`a`gia`k jpguka`jikh(

grkhk k }wq ajdpg}`mjugq gi wik ekqg

ugfwhku pkuk kqgfwuku {wg qgfw`uqq`gimj ajdpg}`}`rj

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi ;7

7/30/2019 El Pricing.

16/28

Mg}gud`iku hk qgiq`e`h`mkm khpuga`j

Wi puga`j dq kh}j }p`akdgi}g q`fi`b`akdgijq rjhwdgi

]jmkrk pwgmgq fgigukh dkju ugi}ke`h`mkm

fkikia`kq aji pjakq wi`mkmgq k wi kh}jpuga`j

Gq}j mgpgimg mg awki qgiq`ehgq qgki }wqah`gi}gq hkq bhwa}wka`jigq mg puga`j

Q` qji gs}ugdkmkdgi}g qgiq`}`rjq( pwgmgqgu dgnju wi puga`j dw eknj aji wi fukirjhwdgi mg pujmwaa`i

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi ;2

7/30/2019 El Pricing.

17/28

Gq}`dku awki qgiq`}`rjq qji }wq ah`gi}gq k

hkq bhwa}wka`jigq pwgmg kwmku k

mg}gud`iku hk ajde`ika`i mg puga`j

pujmwa}j ajuuga}j

Ki dq `dpju}ki}g gq {wg pwgq gq}`dku

ajdj wi akde`j mg puga`j pwgmg

`dpka}ku k }wq w}`h`mkmgq

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi ;6

7/30/2019 El Pricing.

18/28

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi ;3

7/30/2019 El Pricing.

19/28

Hkq = Aq mgh _u`a`if

Ajq}jq Ajdpg}`mjugq Ah`gi}gqAkikh mgRgi}kq

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi ;0

7/30/2019 El Pricing.

20/28

K) _uga`jq Ajdpg}`mjugq

Gi dguakmjq akuka}gu`~kmjq pju wik

ghgrkmk `i}giq`mkm ajdpg}`}`rk( }gimui

dkju `ia`mgia`k hkq mga`q`jigq

mg #A>Ajdpg}gia`k)

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 5?

7/30/2019 El Pricing.

21/28

Gh dguakmj mg hkq _A ij}gejjlq fgiu`akq

j ahjigq Gs`q}g wik

fuki u`rkh`mkm g

`i}gumgpgimgia`k gi}ug

hkq gdpugqkq mg gq}gdguakmj( k {wg kh ij

gs`q}`u wik dkuak

`dpju}ki}g {wg hgq

pgud`}k m`bgugia`kuqg(

mgpgimgi gi fuki

dgm`mk mg hjq puga`jq

b`nkmjq pju qwq

ajdpg}`mjugq

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 5;

7/30/2019 El Pricing.

22/28

E) _uga`jq Ajq}jq

Gi gq}uwa}wukq mg dguakmj }kde`i ajigqakqk m`bgugia`ka`i( pguj aji dgiju i`rghmg kfugq`r`mkm ajdpg}`}`rk gi}ug hjqpku}`a`pki}gq #dguakmjq pus`djq k hk

ajdpg}gia`k pgubga}k)( gh#A> Ajq}jq) qgu mg}gud`iki}g

Gi gq}g akqj( gh puga`j mg dguakmj qggiawgi}uk mkmj( gq hk m`bgugia`k gi}ug

gq}g puga`j hjq ajq}jq( gh mg}gud`iki}gbwimkdgi}kh mg hk ugi}ke`h`mkm mg hkgdpugqk

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 55

7/30/2019 El Pricing.

23/28

_kuk hjq pujmwa}jugqkfuajhkq( pju gngdphj(hjq puga`jq gq}kuimkmjq pju hkqaj}`~ka`jigq mgdguakmj Akmk

pujmwa}ju qkeg {wgpjmu rgimgu( k m`acjpuga`j( }ki}k aki}`mkmajdj qgk akpk~ mgjbugagu Gi gq}g akqj( hkpu`ju`mkm qgu d`i`d`~ku

hjq ajq}jq mgpujmwaa`i pkukdks`d`~ku hjqegigb`a`jq

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 51

7/30/2019 El Pricing.

24/28

A) _uga`jq Ah`gi}gq

Gi dguakmjq mg pujmwa}jq kh}kdgi}gm`bgugia`kmjq( ajdj hk `imwdgi}ku`k m`qgkmk kdgm`mk( gh

#A> Ah`gi}gq) qgu wi mg}gud`iki}g

bwimkdgi}kh mg hkq mga`q`jigq mg puga`jq Gi gq}g akqj( hjq puga`jq mg hk ajdpg}gia`k hjq

ajq}jq mg pujmwaa`i qji bka}jugq qgawimku`jq(k {wg gh rkhju m`bgugia`kh {wg pwgmg augku gh

pujmwa}j pkuk gh ah`gi}g qgu hk fwk bwimkdgi}khkh djdgi}j mg mg}gud`iku gh puga`j mg rgi}k

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 5=

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M) _uga`jq Akikhgq

Gi dguakmjq aji m`bgugi}gq i`rghgq mg

`i}gudgm`ku`jq( ajdj pju gngdphj

bkeu`aki}gq( dkju`q}kq d`iju`q}kq(

#A>

Akikh mg Rgi}kq)

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 57

7/30/2019 El Pricing.

26/28

Gi gh akqj mg pujmwa}jq mgajiqwdj dkq`rj( gh bkeu`aki}g

qwghg ajdwi`aku dji`}jugkuwik h`q}k mg puga`jq pkuk }jmjqhjq i`rghgq( kwi{wg ij hgq rgimk

mg dkiguk m`uga}k( hhgfkimj`iahwq`rg ckq}k gh puga`j mg rgi}kkh peh`aj

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 52

7/30/2019 El Pricing.

27/28

Gh jeng}`rj gq gr`}ku m`q}juq`jigq gi

hk pjh}`ak mg puga`jq {wg pwgmki

kbga}ku hjq `iagi}`rjq mg khfi i`rghmg hk akmgik ajdgua`kh( ugqwh}kimj

gi wi `iaugdgi}j mg hk ajibh`a}`r`mkm

j m`uga}kdgi}g gi hk pum`mk mgpku}`a`pka`i mg dguakmj mgh

pujmwa}j

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 56

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28/28

_u`a`ifKw}ju> Ku`gh Ekjq

Ghkejukmj pju Nwh`k H`~g}}g R`hhk ]wi 53