1
2...3...4...9...12...15...18...19 100...21...31...33...35...41...50...52...52...53...60...61...66...68...69...70...78...81...85...88...89...89...90
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9
2012 5 25 2012 5 25 2017 5 24 2017 5 24 10
11
12 100 100 A 100 B 100 A 100 B 1:1
13
14
NAV NAV N 100 A 1 =T = N 2 T = N 3 T = N 4 T = N 5 T = N 15
16
17
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19
20
100 21
22
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24
25
26
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3 30
31
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41
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48.
49
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54 90%95% 100 90% 0-3% 5% 100 100 100 1. 100 90%95% 100 90%
55 0-3% 5% 2. 1 100 2 100 100 3 100 100 3 100 A. B.
56 100 C. 100 4 4% 3. 4. 95% 100 5%
57 1. 2. 3. 1 2
58 3 4 5 6 90%95% 100 90%
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61
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68
69
100 100 A 1. 2012 5 25 2017 5 24 2012 5 25 2013 5 24 2014 5 24 2015 5 24 2016 5 70
24 2013 5 24 2014 5 26 2015 5 25 2016 5 24 2. 100 100 A 3. 4. 100 A 100 B 100 A 100 A 1.000 100 100 A B 100 100 0.5 100 A 100 100 100 100 100 100 A 100 1 100 A A NUM = NUM NAV A 100 = NUM - NAVA -1.000 0.5 NUM 100 A 100 NUM = A ( NAVA - 1.000) NAV NUM A 100 A 71
NUM A 100 A NUM NAV NAV A 100 100 100 A 2 100 B 100 B 3 100 NAV 100 = NUM - NAVA -1.000 0.5 NUM 100 100 = NUM 0.5 NAVA -1. 000 NAV NAV NAV A NUM 100 100 A 100 100 = 100 + 100 A 100 + 100 100 100 100 A 100 1 100 100 100 2.000 2.000 72
100 B 0.250 0.250 1 100 2.000 1 100 2.000 2 100 100 A 100 B 3 4 100 2.000 100 A 100 B 100 100 A 100 B 1:1 100 100 A 100 B 1.000 1 100 A i) 100 A 100 A ii) 100 A 100 1.000 100 NUM A = NUM A 100 A 100 NUM A NAV = A 1.000-1.000 73
NUM NAV NUM A A A 100 A 100 A 100 A 2 100 B i) 100 B 100 B, 100 B 100 A 1:1 ii 100 B 100 B 100 iii 100 B B 100 NUM B = NUM B NAV 1.000 100 B 100 = NUM B NUM NUM NAV B B B B - 1.000 100 B 100 B 100 B 3 100 100 100 100 100 100 100 = NUM ( NAV 1.000 NUM 1.000) 100 74
NAV 100 100 = 100 + 100 A 100 + 100 B 100 + 100 100 100 100 A 100 B 100 1 100 100 2 2 100 B 0.250 1 100 B 0.250 2 100 100 A 100 B 3 4 100 B 0.250 100 100 A 100 B 100 A 100 B 1:1 100 75
1.000 1 100 B 100 A 100 B 100 B 100 B NUM B = NUM NUM NAV B B B NUM B 1.000 NAV B 100 B 100 B 100 B 2 100 A i 100 A 100 B 1:1 ii 100 A 100 A 100 iii 100 A 100 A 100 NUM = A NUM B 100 A 100 = NUM A NAVA - NUM 1.000 A 1.000 NUM NUM A B 100 A 100 B 76
NUM A 100 A NAV A 100 A 3 100 100 100 100 A 100 100 100 NUM NAV = 1.000 NUM NAV 100 100 100 = 100 100 + 100 A 100 100 100 A 100 B 1 100 2 100 A 100 B 77
LOF 100 A 100 B LOF LOF 100 LOF 100 1 100 A 100 B 100 A 100 B 100 A 100 B LOF 100 A 100 B 2 100 A 100 B 1 78
100 A 100 B 2 100 A 100 B 100 A 100 B 100 A 100 B 100 A 100 B 100 A 100 100 A T 100 A /T 100 B 100 100 B T 100 B /T 100 2 100 79
100 100 T 100 T 100 T T 100 100 3 4 T 100 LOF 1 LOF 2 3 100 A 100 B 80
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90