eáëÅçñ=iíÇfåíÉêáã=êÉëìäíë

Ñçê=íÜÉ=ëáñ=ãçåíÜë=ÉåÇÉÇ=PM=gìåÉ=OMNO

^ ëíêçåÖ ëáñ ãçåíÜë^=ëíêçåÖ=ëáñ=ãçåíÜë

√ oÉíìêå=íç=éêçÑáíW=¡NORKUã=EOMNNW=äçëë=¡URKSãFé E F

√ `çãÄáåÉÇ=ê~íáç=çÑ=UNKTB=EOMNNW=NNSKVBFB E BF

√ NTKSB áåÅêÉ~ëÉ áå ÇáîáÇÉåÇ SKMé EOMNNW RKNéFNTKSB=áåÅêÉ~ëÉ=áå=ÇáîáÇÉåÇ=SKMé=EOMNNW=RKNéF

√ k^s PPV Pé EOMNNW OVS PéFk^s=PPVKPé=EOMNNW=OVSKPéF

√ oçÄÉêí `ÜáäÇë íç ëìÅÅÉÉÇ oçÄÉêí eáëÅçñ ~ë√ oçÄÉêí=`ÜáäÇë=íç=ëìÅÅÉÉÇ=oçÄÉêí=eáëÅçñ=~ë=`Ü~áêã~å

N

cáå~åÅá~ä=éÉêÑçêã~åÅÉ

^ ÜÉ~äíÜó êÉëìäí^=ÜÉ~äíÜó=êÉëìäí

gìåÉ=OMNO¡MMM

gìåÉ=OMNN¡MMM

aÉÅÉãÄÉê=OMNN¡MMM¡MMM

dêçëë=éêÉãáìãë=ïêáííÉå

kÉí=éêÉãáìãë=ïêáííÉå

VMSIQQP

TMNIRMV

UQTIQRN

SSTIRSN

NIQQVIONV

NINTQIMNN

kÉí=éêÉãáìãë=É~êåÉÇ RSTITTP RRQISSU NINQRIMMT

fåîÉëíãÉåí=êÉíìêå=çå=Ñáå~åÅá~ä=~ëëÉíë

mêçÑáíLEäçëëF ÄÉÑçêÉ í~ñ

QQIQVT

NOR UMO

OTIRVM

EUR RVSF

ORIVQO

NT OTNmêçÑáíLEäçëëF=ÄÉÑçêÉ=í~ñ NORIUMO EURIRVSF NTIOTN

mêçÑáíLEäçëëF=~ÑíÉê=í~ñ NOQITVN EUTIMQNF ONIOTO

_~ëáÅ=É~êåáåÖë=éÉê=ëÜ~êÉ=EéF POKM EOOKUF RKR

fåíÉêáãLÑáå~ä=ÇáîáÇÉåÇ=EéF SKM RKN NTKM

kÉí=~ëëÉí=î~äìÉ

√ ¡ã N PPO O N NQS R N ORR V√ ¡ã NIPPOKO NINQSKR NIORRKV

√ é=éÉê=ëÜ~êÉ PPVKP OVSKP POPKR

oÉíìêå=çå=Éèìáíó=~ÑíÉê=í~ñG OMKVB ENPKPFB NKTB

P

G^ååì~äáëÉÇKfåíÉêáã=ÇáîáÇÉåÇ=íç=ÄÉ=çÑÑÉêÉÇ=~ë=~=ëÅêáé=ÇáîáÇÉåÇK

pÉÖãÉåí~ä ~å~äóëáëpÉÖãÉåí~ä=~å~äóëáë

PM=gìåÉ=OMNO PM=gìåÉ=OMNN

içåÇçå=j~êâÉí

rh=~åÇ=bìêçéÉ

fåíÉêJå~íáçå~ä

`çêéçê~íÉ=`ÉåíêÉ qçí~ä

içåÇçå=j~êâÉí

rh=~åÇ=bìêçéÉ

fåíÉêJå~íáçå~ä

`çêéçê~íÉ=`ÉåíêÉ qçí~äj~êâÉí

¡MMMbìêçéÉ=¡MMM

å~íáçå~ä=¡MMM

`ÉåíêÉ=====¡MMM

qçí~ä=¡MMM

j~êâÉí¡MMM

bìêçéÉ=¡MMM

å~íáçå~ä=¡MMM

`ÉåíêÉ=====¡MMM

qçí~ä=¡MMM

dêçëë=éêÉãáìãë=ïêáííÉå PTNIORM OSTIVUM OSTIONP J VMSIQQP PQUIVVP OSPIRNM OPQIVQU J UQTIQRN

kÉí=éêÉãáìãë=ïêáííÉå OQSIPPT ORSINOV NVVIMQP J TMNIRMV OPTIVTR OQUIUNM NUMITTS J SSTIRSN

kÉí=éêÉãáìãë=É~êåÉÇ NUSISSR OPQIUUS NQSIOOO J RSTITTP NVOITVP ONRIPQN NQSIRPQ J RRQISSU

fåîÉëíãÉåí=êÉëìäí=ÓÑá á ä

NPITSN TIUTS NRIMRP TIUMT QQIQVT VINQR RIVPQ VIMVR PIQNS OTIRVMÑáå~åÅá~ä=~ëëÉíë

NPITSN TIUTS NRIMRP TIUMT QQIQVT VINQR RIVPQ VIMVR PIQNS OTIRVM

mêçÑáí=ÄÉÑçêÉ=í~ñ SVIQSM NSIQMO QSINVV ESIORVF NORIUMO EOSISNQF ORIOVV EUOIOPNF EOIMRMF EURIRVSF

`çãÄáåÉÇ=ê~íáç SUKQB VTKMB TUKTB J UNKTB NNPKVB VNKPB NSMKNB J NNSKVB

`çãÄáåÉÇ=ê~íáç=ÉñÅäìÇáåÖ=ãçåÉí~êó=cu SUKNB VRKRB TVKSB J UNKOB NMVKSB VOKRB NSMKTB J NNRKTB

içåÇçå=j~êâÉí= `çãéêáëÉë=íÜÉ=êÉëìäíë=çÑ=póåÇáÅ~íÉ=PPI=ÉñÅäìÇáåÖ=íÜÉ=êÉëìäíë=çÑ=íÜÉ=ÑáåÉ=~êíI=rh=êÉÖáçå~ä=ÉîÉåíë=ÅçîÉê~ÖÉ=~åÇ=åçå=rp=ÜçìëÉÜçäÇ=ÄìëáåÉëë=ïÜáÅÜ=áë=áåÅäìÇÉÇ=ïáíÜáå=íÜÉ=êÉëìäíë=çÑ=rh=~åÇ=bìêçéÉK=fí=~äëç=áåÅäìÇÉë=íÜÉ=ÑáêÉ~åÇ=~îá~íáçå=ÄìëáåÉëëÉë=Ñêçã=póåÇáÅ~íÉ=PSOQI=~åÇ=íÜÉ=ä~êÖÉê=qjq=ÄìëáåÉëë=ïêáííÉå=Äó=eáëÅçñ=fåëìê~åÅÉ=`çãé~åó=iáãáíÉÇK=få=~ÇÇáíáçåI=áí=ÉñÅäìÇÉë=~å=ÉäÉãÉåí=çÑ=âáÇå~é=~åÇ=ê~åëçã=~åÇ=íÉêêçêáëã=áåÅäìÇÉÇ=áå=rh=~åÇbìêçéÉK

rh=~åÇ=bìêçéÉ= `çãéêáëÉë=íÜÉ=êÉëìäíë=çÑ=eáëÅçñ=fåëìê~åÅÉ=`çãé~åó=iáãáíÉÇI=íÜÉ=êÉëìäíë=çÑ=póåÇáÅ~íÉ=PPÛë=ÑáåÉ=~êíI=rh=êÉÖáçå~ä=ÉîÉåíë=ÅçîÉê~ÖÉ=~åÇ=åçåJrp=ÜçìëÉÜçäÇ=ÄìëáåÉëëI=íçÖÉíÜÉê=ïáíÜ=íÜÉ=áåÅçãÉ=~åÇ=ÉñéÉåëÉë=~êáëáåÖ=ÑêçãíÜÉ=dêçìéÛë=êÉí~áä=~ÖÉåÅó=~ÅíáîáíáÉë=áå=íÜÉ=rh=~åÇ=áå=ÅçåíáåÉåí~ä=bìêçéÉK=få=~ÇÇáíáçåI=áí=áåÅäìÇÉë=íÜÉ=bìêçéÉ~å=Éêêçêë=~åÇ=çãáëëáçåë=ÄìëáåÉëë=Ñêçã=póåÇáÅ~íÉ=PSOQK=fí=ÉñÅäìÇÉë=íÜÉ=êÉëìäíë=çÑ=íÜÉ=ä~êÖÉê=êÉí~áä=qjq=ÄìëáåÉëëïêáííÉå=Äó=eáëÅçñ=fåëìê~åÅÉ=`çãé~åó=iáãáíÉÇK=fí=~äëç=áåÅäìÇÉë=~å=ÉäÉãÉåí=çÑ=âáÇå~é=~åÇ=ê~åëçã=~åÇ=íÉêêçêáëã=ïêáííÉå=áå=póåÇáÅ~íÉ=PPK

fåíÉêå~íáçå~ä= `çãéêáëÉë=íÜÉ=êÉëìäíë=çÑ=eáëÅçñ=fåëìê~åÅÉ=`çãé~åó=EdìÉêåëÉóF=iáãáíÉÇI=eáëÅçñ=fåëìê~åÅÉ=`çãé~åó=E_ÉêãìÇ~F=iáãáíÉÇI=eáëÅçñ=fåÅKI eáëÅçñ=fåëìê~åÅÉ=`çãé~åó=fåÅK=~åÇ=póåÇáÅ~íÉ=PSOQ=ÉñÅäìÇáåÖ=íÜÉ=bìêçéÉ~å=Éêêçêë=~åÇ=çãáëëáçåëI=ÑáêÉ=~åÇ=~îá~íáçå=ÄìëáåÉëëK

`çêéçê~íÉ=`ÉåíêÉ `çãéêáëÉë=íÜÉ=áåîÉëíãÉåí=êÉíìêåI=Ñáå~åÅÉ=Åçëíë=~åÇ=~Çãáåáëíê~íáîÉ=Åçëíë=~ëëçÅá~íÉÇ=ïáíÜ=dêçìé=ã~å~ÖÉãÉåí=~ÅíáîáíáÉëK=`çêéçê~íÉ `ÉåíêÉ=~äëç=áåÅäìÇÉë=íÜÉ=ã~àçêáíó=çÑ=ÑçêÉáÖå=ÅìêêÉåÅó=áíÉãë=çå=ÉÅçåçãáÅ=ÜÉÇÖÉë=~åÇ=áåíê~Öêçìé=ÄçêêçïáåÖëK=`çêéçê~íÉ=`ÉåíêÉ=Ñçêãë=~=êÉéçêí~ÄäÉ=ëÉÖãÉåí=ÇìÉ=íç=áíë=áåîÉëíãÉåí=~ÅíáîáíáÉë=ïÜáÅÜ=É~êå=ëáÖåáÑáÅ~åí=ÉñíÉêå~ä=Åçìéçå=êÉîÉåìÉëK

Q

dççÇ áåîÉëíãÉåí éÉêÑçêã~åÅÉdççÇ=áåîÉëíãÉåí=éÉêÑçêã~åÅÉ

PM=gìåÉ=OMNO PM=gìåÉ=OMNN

^ëëÉí ^ååì~äáëÉÇ oÉíìêå ^ëëÉí ^ååì~äáëÉÇ oÉíìêå^ëëÉí=~ääçÅ~íáçå

B

^ååì~äáëÉÇ=êÉíìêå

B

oÉíìêå

¡MMM

^ëëÉí=~ääçÅ~íáçå

B

^ååì~äáëÉÇêÉíìêå

B

oÉíìêå

¡MMM

_çåÇë===¡ NPKN OKT OQKO OKR

rpA QVKU PKO QRKM OKN

líÜÉê TKU OKM TKS NKR

_ Ç í í ä TM T P M PP OPM TS U O N OP TTV_çåÇë=íçí~ä TMKT PKM PPIOPM TSKU OKN OPITTV

bèìáíáÉë SKN NMKV VISMO RKQ PKT OISSU

aÉéçëáíëLÅ~ëÜL OPKO MKT NISSR NTKU MKS NINQPéÄçåÇë=YPã

I I

^Åíì~ä=êÉíìêå PKN QQIQVT OKM OTIRVM

dêçìé áåîÉëíÉÇdêçìé=áåîÉëíÉÇ=~ëëÉíë ¡OIVUVã ¡OIURVã

_ÉÑçêÉ=ÑÉÉëI=ÇÉêáî~íáîÉ=éçëáíáçåë=~åÇ=áåîÉëíãÉåíë=áå=Å~í~ëíêçéÜÉ=ÄçåÇëK

R

eáÖÜ èì~äáíó ~åÇ ïÉää ÇáîÉêëáÑáÉÇ éçêíÑçäáçeáÖÜ=èì~äáíó=~åÇ=ïÉää=ÇáîÉêëáÑáÉÇ=éçêíÑçäáç

¡

^ëëÉí=~ääçÅ~íáçå

fåîÉëíãÉåí=éçêíÑçäáçW==¡OKVVÄå

√ `çåëÉêî~íáîÉ=ëíê~íÉÖó

`~ëÜG

oáëâ=~ëëÉíë

OPKO

SKN√ [RMB=çÑ=ÄçåÇ=éçêíÑçäáç=

áå=dçîÉêåãÉåí=çê=^^^=ê~íÉÇ=ÄçåÇë

B_çåÇëTMKT √ kç=ã~àçê=í~ÅíáÅ~ä=

ÅÜ~åÖÉë=áå=OMNO=eN=

_çåÇ=ÅêÉÇáí=èì~äáíó

___

__=~åÇ=ÄÉäçï

_çåÇ=ÅìêêÉåÅó=ëéäáí

bro`^a=NKU

R U

√ kç=ÉñéçëìêÉ=íç=pçîÉêÉáÖå=ÇÉÄí=áëëìÉÇ=Äó=dêÉÉÅÉI=fêÉä~åÇI=fí~äóI=mçêíìÖ~ä çê pé~áåO V

^

B TMKR

NUKR

VKO

d_mNSKN

RKU

rpaB

mçêíìÖ~ä=çê=pé~áå

√ oáëâ=~ëëÉíë=ã~áåí~áåÉÇ

√ eáÖÜ äÉîÉäë çÑ Å~ëÜ

OKVdîíK=

OVKS

^^^^^

BOQKN

ONKR

B √ eáÖÜ=äÉîÉäë=çÑ=Å~ëÜ=Éèìáî~äÉåíë=E~ää=ÖçîÉêåãÉåí=áëëìÉÇF=áå=íÜÉ=ÄçåÇ=éçêíÑçäáç

SG=¡NVUãå=çÑ=ëÜçêí=Ç~íÉÇ=ÄçåÇë=ÜÉäÇ=~ë=Å~ëÜ=Éèìáî~äÉåíëK

mçêíÑçäáçë=J rpa=ÄçåÇ=éçêíÑçäáçë=~ë ~í PM gìåÉ OMNO~ë=~í=PM=gìåÉ=OMNO

^^^B

^^B

^B

___B

__=~åÇ=ÄÉäçï

Bqçí~ä====

Baìê~íáçåãçåíÜë

mçêíÑçäáçëW=AOKPSÄå=EáåÅäK=APTã=áå=Å~ëÜ=Éèìáî~äÉåíëF

d í Ä Ç

dçîÉêåãÉåí=áëëìÉÇ MKU OSKR OTKP OSKR

dçîÉêåãÉåí ëìééçêíÉÇG M V NS M M N NT M NT U

√ dçîÉêåãÉåí=ÄçåÇë=áåÅêÉ~ëÉÇI=äçåÖÉê=Çìê~íáçå=ã~áåí~áåÉÇ

dçîÉêåãÉåí=ëìééçêíÉÇ = MKV NSKM MKN NTKM NTKU

^ëëÉí=Ä~ÅâÉÇ NPKU MKR NQKP UKO

jçêíÖ~ÖÉ=Ä~ÅâÉÇ~ÖÉåÅó

TKV TKV NOKO √ dçîÉêåãÉåí=~ÖÉåÅó

kçå=~ÖÉåÅó MKT MKQ MKN PKT QKV SKN

`çêéçê~íÉë MKU RKQ NSKS RKT OUKR NQKV

`

ëìééçêíÉÇ=ÄçåÇë=êÉÇìÅÉÇ

`~ëÜ=~åÇ=Éèìáî~äÉåíë MKN MKN MKM

qçí~ä 17.0 56.7 16.9 5.7 3.7 100.0 17.4√ `çêéçê~íÉ=ÄçåÇë=ëíáää=çÑÑÉê=î~äìÉ

GfåÅäìÇÉë=~ÖÉåÅó=ÇÉÄíI=cÉÇÉê~ä=aÉéçëáí=fåëìê~åÅÉ=`çêéçê~íáçå=Ecaf`F=Ä~åâ=ÄçåÇë=~åÇ=`~å~Çá~å=éêçîáåÅá~ä=ÇÉÄíK

T

mçêíÑçäáçë=J d_mI=bro=~åÇ=`^a=ÄçåÇ=éçêíÑçäáçë=~ë ~í PM gìåÉ OMNO~ë=~í=PM=gìåÉ=OMNO

d_m éçêíÑçäáçW ¡RQTã EáåÅäK ¡NRRã áå Å~ëÜ Éèìáî~äÉåíëF^^^B

^^B

^B

___B

líÜÉê=B

qçí~äB

aìê~íáçåãçåíÜë

dçîÉêåãÉåí=áëëìÉÇ= RPKU RPKU VKP

d_m=éçêíÑçäáçW=¡RQTã=EáåÅäK=¡NRRã=áå=Å~ëÜ=Éèìáî~äÉåíëF=

√ aÉÑÉåëáîÉ=Çìê~íáçåI=ÜáÖÜ=äÉîÉäë=çÑ=rh====íêÉ~ëìêó Äáääë

dçîÉêåãÉåí=ëìééçêíÉÇG NUKO NKO NVKQ NQKN

^ëëÉí=Ä~ÅâÉÇ RKN MKN RKO MKR

íêÉ~ëìêó=Äáääë

√ dçîÉêåãÉåí=ëìééçêíÉÇ=êÉÇìÅÉÇ

`çêéçê~íÉë PKS PKN NMKV PKR MKQ ONKR NPKP

`~ëÜ=~åÇ=Éèìáî~äÉåíë MKN MKN MKM

qçí~ä UMKT QKQ NNKM PKR MKQ NMMKM NMKS

√ `çêéçê~íÉë=ã~áåí~áåÉÇ

bro=~åÇ=`^a=éçêíÑçäáçëW=¡ORNã=EáåÅäK=¡NSã=áå=Å~ëÜ=Éèìáî~äÉåíëF= √ bìêçJÖçîÉêåãÉåí=ÉñéçëìêÉ ÇáîÉêëáÑáÉÇ

dçîÉêåãÉåí=áëëìÉÇ QQKS QQKS OPKN

dçîÉêåãÉåí=ëìééçêíÉÇG NVKT NKP MKT ONKT NNKS

^ëëÉí=Ä~ÅâÉÇ NKR NKR NKQ

ÉñéçëìêÉ=ÇáîÉêëáÑáÉÇ=~ï~ó=Ñêçã=dÉêã~åó

√ `çêéçê~íÉë=

`çêéçê~íÉë NKR QKT NUKU SKS MKP PNKV NPKO

`~ëÜ=~åÇ=Éèìáî~äÉåíë MKP MKP MKM

qçí~ä ST P S M NV U S S M P NMM M NR O

áåÅêÉ~ëÉÇ

qçí~ä STKP SKM NVKU SKS MKP NMMKM NRKO

GfåÅäìÇÉë ëìéê~å~íáçå~ä ~åÇ ÖçîÉêåãÉåí Öì~ê~åíÉÉÇ ÄçåÇëK

U

dçîÉêåãÉåí ~åÇ Ä~åâ ÉñéçëìêÉ ~å~äóëáëdçîÉêåãÉåí=~åÇ=Ä~åâ=ÉñéçëìêÉ=~å~äóëáë

`çìåíêódçîÉêåãÉåí=

áëëìÉÇdçîÉêåãÉåípìééçêíÉÇ

_~åâ=ÇÉÄí

pÉåáçê pìÄçêÇáå~íÉÇ qçí~ä¡MMM ¡MMM

^ìëíê~äá~ NNITQP

_ÉäÖáìã OPIRMQ NIRSP

` Ç ON OVQ QM VNR

¡MMM ¡MMM ¡MMM

VIURS PMM ONIUVV

ORIMST

OR NOP O TQM VM MTO

√ dÉêã~å=ÖçîÉêåãÉåí ÄçåÇ`~å~Ç~ ONIOVQ QMIVNR

aÉåã~êâ TITUS

råáíÉÇ=háåÖÇçã OTNIQTR NUIPOM

cáåä~åÇ ORM V RVN

ORINOP OITQM VMIMTO

UTS UISSO

PVIOSV OIVSN PPOIMOR

V UQN

ÖçîÉêåãÉåí=ÄçåÇ=ÉñéçëìêÉ=êÉÇìÅÉÇ

√ _ÉäÖá~åI=cêÉåÅÜ==Ç a Ücáåä~åÇ ORM VIRVN

cê~åÅÉ OPIRQS NOIORM

dÉêã~åó NMIUPR QNIUQU

fí~äó

VIUQN

NPIURU QUO RMINPS

PISPO RSIPNR

P QUO P QUO

~åÇ=aìíÅÜ=ÖçîÉêåãÉåí=ÄçåÇë=~ÇÇÉÇ

fí~äó

kÉíÜÉêä~åÇë PQIMMO UIRMV

kÉï=wÉ~ä~åÇ OSV

kçêï~ó RIRSN

PIQUO PIQUO

TIPOQ TPR RMIRTM

NISVQ NIVSP

OIRPM UIMVN

√ _~åâ=ÇÉÄí=ÉñéçëìêÉ=ÅäçëÉäó=ãçåáíçêÉÇ

ó I

pçìíÜ=hçêÉ~ OITSS

pé~áå

pïÉÇÉå OIONU OINRS

I I

OITSS

NIRMR NIRMR

NMIUST NRIOQN

pïáíòÉêä~åÇ

råáíÉÇ=pí~íÉë PVRIQQQ ONUIOTR

líÜÉê PQO RVU

NNIRVP NNIRVP

STIVTO NIPQM SUPIMPN

NIRNR OIQRR

pìéê~å~íáçå~äë OTIROM

qçí~ä TURISTS QMSIVMQ

OTIROM

OMNIMVS UIRRU NIQMOIOPQ

V

c~ëÅáå~íáåÖ Ñáå~åÅá~ä Ñ~Åíëc~ëÅáå~íáåÖ=Ñáå~åÅá~ä=Ñ~Åíë

√ oÉëÉêîÉ=êÉäÉ~ëÉë=çÑ=¡NNSã=EgìåÉ=OMNNW=¡VRãF

√ OMNN=Å~í~ëíêçéÜÉ=êÉëÉêîÉë=ÜçäÇáåÖ=ëíÉ~Çó

√ `çëí~=`çåÅçêÇá~=ìåÅÜ~åÖÉÇ=~í=AOMã=åÉí

√ pçäîÉåÅó=ff=Ó äáÖÜí=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=íìååÉä

√ AUTRã=Ä~åâ=Ñ~Åáäáíó=áåÅêÉ~ëÉÇ=J APQMã=Çê~ïå=Ççïå

NM

råÇÉêïêáíáåÖ

^å ~ÅíáîÉäó ã~å~ÖÉÇ ÄìëáåÉëë^å=~ÅíáîÉäó=ã~å~ÖÉÇ=ÄìëáåÉëë

q í ä d í ää Ç á í g OMNO ¡N MQPHSKNB vÉ~êJçåJóÉ~ê ÖêçïíÜqçí~ä=dêçìé=ÅçåíêçääÉÇ=éêÉãáìã=íç=gìåÉ=OMNOW=¡NIMQPã¡PVSã

vÉ~êJçåJóÉ~ê=ÖêçïíÜ=áå=äçÅ~ä=ÅìêêÉåÅó

OMNO=dtm=

kçåJã~êáåÉ

j~êáåÉ

HNTKMB

mêçÑÉëëáçå~ä=äá~ÄáäáíáÉë=^îá~íáçå

¡NVQã

HRKRB¡NQPã JUKOB

¡NOUháÇå~é=~åÇ=ê~åëçã

`çåíáåÖÉåÅó=

qÉêêçêáëã=

péÉÅáÉ

bêêçêë=~åÇ=çãáëëáçåë

aáêÉÅíçêë=~åÇ=çÑÑáÅÉêëÛ=äá~ÄáäáíótÜçäÉ=~ÅÅçìåí

eçãÉ=~åÇ=ÅçåíÉåíë

JRKTB¡TSã JQKUB=

HOOKOB¡URã

¡NOUã

j~å~ÖáåÖ ÖÉåÉê~ämÉêëçå~ä=~ÅÅáÇÉåí

mçäáíáÅ~ä=êáëâë

^îá~íáçå

`çåíê~ÅíçêëÛ=ÉèìáéãÉåí

`çããÉêÅá~ä=çÑÑáÅÉ

pã~ää=íÉÅÜåçäçÖó=~åÇ=ãÉÇá~=bCl

cáåÉ=~êí=

`ä~ëëáÅ=Å~ê

mêçÑÉëëáçå~ä=áåÇÉãåáíó

i~êÖÉ=íÉÅÜåçäçÖó=~åÇ ãÉÇá~ bCl

¡ONãj~êáåÉ=Üìää

båÉêÖó=äá~Äáäáíó

réëíêÉ~ãJãáÇëíêÉ~ã=ÉåÉêÖó

j~å~ÖáåÖ=ÖÉåÉê~ä=~ÖÉåíë

`çããÉêÅá~ä=éêçéÉêíó

låëÜçêÉ=ÉåÉêÖó

rp^=ÜçãÉçïåÉêë=è é

içÅ~ä=bCl=~åÇ=ÅçããÉêÅá~ä

oÉáåëìê~åÅÉ ^êí=~åÇ=éêáî~íÉ=ÅäáÉåí

péÉÅá~äíó

~åÇ=ãÉÇá~=bCl

däçÄ~ä=bClj~êáåÉ=~åÇÉåÉêÖó

NO

rp ç Éç É ë

mêçéÉêíó

o~íÉë ~êÉ ÜÉ~äíÜóo~íÉë=~êÉ=ÜÉ~äíÜó

fåëìê~åÅÉ oÉáåëìê~åÅÉ

120

140

√ o~íÉë=çå=g~é~åÉëÉ=éÉêáäë=ëáÖåáÑáÅ~åíä é

80

100 ëáÖåáÑáÅ~åíäó=ìé=

√ `~í~ëíêçéÜÉ=ê~íÉë=ÅäçëÉ=íç=~ää=íáãÉ=Éñ

=äÉîÉä=B

40

60 ÜáÖÜ=

√ mêçéÉêíó=ê~íÉë=áãéêçîáåÖ

fåÇÉ

0

20

6 6 6 6 6 6 7 7 7 7 7 7 8 8 8 8 8 8 9 9 9 9 9 9 0 0 0 0 0 0 1 1 1 1 1 1 2 2 2

áãéêçîáåÖ

√ rh=~åÇ=bìêçéÉ~å=ÅçããÉêÅá~ä=ê~íÉë=

Feb

05 -

Jan

06A

pr 0

5 -

Mar

06

Jun

05 -

May

06

Aug

05

-Ju

l 06

Oct

05

-S

ep 0

6D

ec 0

5 -

Nov

06

Feb

06 -

Jan

07A

pr 0

6 -

Mar

07

Jun

06 -

May

07

Aug

06

-Ju

l 07

Oct

06

-S

ep 0

7D

ec 0

6 -

Nov

07

Feb

07 -

Jan

08A

pr 0

7 -

Mar

08

Jun

07 -

May

08

Aug

07

-Ju

l 08

Oct

07

-S

ep 0

8D

ec 0

7 -

Nov

08

Feb

08 -

Jan

09A

pr 0

8 -

Mar

09

Jun

08 -

May

09

Aug

08

-Ju

l 09

Oct

08

-S

ep 0

9D

ec 0

8 -

Nov

09

Feb

09 -

Jan

10A

pr 0

9 -

Mar

10

Jun

09 -

May

10

Aug

9 -

Jul 1

0O

ct 9

-S

ep 1

0D

ec 9

-N

ov 1

0Fe

b 10

-Ja

n 1

Apr

10

-M

ar 1

Jun

10 -

May

1A

ug 1

0 -

Jul 1

Oct

10

-S

ep 1

Dec

10

-N

ov 1

Feb

11 -

Jan

12A

pr 1

1 -

Mar

12

Jun

11 -

May

12

ÇÉÅäáåáåÖI=Äìí=ëíáää=ÜÉ~äíÜó

F A J O D F A J O D F A J O D F A J O D F A J F A J O D F A JNP

NO=ãçåíÜ=êçääáåÖ=éÉêáçÇ

^ÄëÉåÅÉ=çÑ=Å~í~ëíêçéÜÉ=äçëëÉëI=áãéêçîÉÇ=ìåÇÉêäóáåÖ äçëë ÉñéÉêáÉåÅÉìåÇÉêäóáåÖ=äçëë=ÉñéÉêáÉåÅÉ

ratio

Loss

r

2011 Hiscox London Market

2012 Hiscox London Market

2011 Hiscox Bermuda

2012 Hiscox Bermuda

Attritional Major catastrophe events

√ kç=ëáÖåáÑáÅ~åí=Å~í~ëíêçéÜÉ=ÉîÉåíë=~ÑÑÉÅíáåÖ=íÜÉ=êÉáåëìê~åÅÉ=äáåÉë=áå=OMNO

√ ^ííêáíáçå~ä äçëë ê~íáçë ~äëç áãéêçîÉÇ óÉ~êJçåJóÉ~ê^ííêáíáçå~ä=äçëë=ê~íáçë=~äëç=áãéêçîÉÇ=óÉ~ê çå óÉ~ê

^ää=ê~íáçë=ëÜçïå=~ë=~í=j~ó=vqaK

NQ

qÜÉ ÜáÇÇÉå Å~í~ëíêçéÜÉqÜÉ=ÜáÇÇÉå=Å~í~ëíêçéÜÉ

√ rp=éêçéÉêíó=~åÇ=Å~ëì~äíó=ã~êâÉí=Ü~ë=ANKOíå=íçí~ä=áåîÉëíÉÇ=~ëëÉíë

√ tçêäÇïáÇÉ=ã~êâÉí=≈ APJQíå=áåîÉëíÉÇ=~ëëÉíë

√ c~ää=áå=áåîÉëíãÉåí=áåÅçãÉ=Éèìáî~äÉåí=íç=~=äçëë=ÄáÖÖÉê=íÜ~å=h~íêáå~=ÉîÉêó=óÉ~ê

APRÄåbn=qçÜçâì

g~é~å=EOMNNF

NB Ñ ää á

$

≈ APMJQMÄåNB=Ñ~ää=áå

áåîÉëíãÉåí=êÉíìêå

e h~íêáå~ $75bn

≈ ANMMÄå

eK=h~íêáå~EOMMRF

PB=Ñ~ää=áåáåîÉëíãÉåí=

0 20 40 60 80 100 120Industry insured loss USD (billions)

êÉíìêå

pçìêÅÉë=J k^f`=DOMNN=mêçéÉêíó=C=`~ëì~äíó=~åÇ=qáíäÉ=fåÇìëíêó=^å~äóëáë=oÉéçêíÛI=jp`f=ïçêäÇ=áåëìê~åÅÉ=ã~êâÉí=Å~éáí~ä=áåÇÉñKpçìêÅÉW=pïáëë=oÉI=páÖã~=kçKOLOMNO

NR

dêçïíÜ áå g~é~åÉëÉ É~êíÜèì~âÉ ÉñéçëìêÉ

250

dêçïíÜ=áå=g~é~åÉëÉ=É~êíÜèì~âÉ=ÉñéçëìêÉ

içïÉê RBJ ìééÉê ORÄå=

íìêå=

200

250 içïÉê=RB ìééÉê=VRB=ê~åÖÉ

jçÇÉääÉÇ=ãÉ~å=äçëë N=qç

Üçâì=nì~

âÉ=AO

âÉí=äçëëI=Q

R=óÉ~ê=êÉí

çÇ200

AãF

OMNN

ã~ê

éÉêáç

150

Åçñ=iíÇ=äçëë=EA

100 eáëÅ

50

-2011 YE 2012 HY 2011 YE 2012 HY 2011 YE 2012 HY 2011 YE 2012 HY 2011 YE 2012 HY

5 10 year 10 25 year 25 50 year 50 100 year 100 250 yearR NM óÉ~ê NM OR óÉ~ê OR RM óÉ~ê RM NMM óÉ~ê NMM ORM óÉ~êfåÇìëíêó äçëë êÉíìêå 5-10 year 10-25 year 25-50 year 50-100 year 100-250 year

NS

RJNM=óÉ~ê NMJOR=óÉ~ê ORJRM=óÉ~ê RMJNMM=óÉ~ê NMMJORM=óÉ~ê

MN MQ NV PU======= SSjÉ~å=áåÇìëíêó=äçëë=AÄå

fåÇìëíêó=äçëë=êÉíìêåéÉêáçÇ=~åÇ=éÉêáä

_ìëáåÉëë=éÉêÑçêã~åÅÉ

j~å~ÖáåÖ íÜÉ ÄìëáåÉëëj~å~ÖáåÖ=íÜÉ=ÄìëáåÉëë

OMNO OMNN `Ü~åÖÉ dêçïíÜ

dêçëë=ïêáííÉå=éêÉãáìãë=Ñçê=íÜÉ=ëáñ=ãçåíÜë=íç=PM=gìåÉ=OMNO

OMNO=¡MMM

OMNN=¡MMM

`Ü~åÖÉB

dêçïíÜ=áå=äçÅ~ä=

ÅìêêÉåÅó=B

eáëÅçñ=içåÇçå=j~êâÉí PTNIORM PQUIVVP SKQ RKO

eáëÅçñ=fåíÉêå~íáçå~ä

- eáëÅçñ=_ÉêãìÇ~ NRVIQNN NPVISPO NQKO NNKQ

- eáëÅçñ=dìÉêåëÉó= PSIPOR QMIVSP ENNKPF ENPKRF

eá rp^ TN QTT RQ PRP PN R OV N- eáëÅçñ=rp^ TNIQTT RQIPRP PNKR OVKN

eáëÅçñ=rh=~åÇ=bìêçéÉ

eáëÅçñ rh NUQ MOU NUO VNO M S M T− eáëÅçñ=rh= NUQIMOU NUOIVNO MKS MKT

− eáëÅçñ=bìêçéÉ UPIVRO UMIRVU QKO SKQ

qçí~ä VMSIQQP UQTIQRN TKM SKVqçí~ä VMSIQQP UQTIQRN TKM SKV

NU

eáëÅçñ=içåÇçå=j~êâÉí^å çìíëí~åÇáåÖ éÉêÑçêã~åÅÉ^å=çìíëí~åÇáåÖ=éÉêÑçêã~åÅÉ

√ ^ÅíáîÉ=éçêíÑçäáç=ã~å~ÖÉãÉåí=íç=ã~ñáãáëÉ=éêçÑáíé Ö é

– dççÇ=ÖêçïíÜ=áå=íÉêêçêáëãI=ÇáêÉÅí=éêçéÉêíó=~åÇ=çÑÑëÜçêÉ=ÉåÉêÖó

– `ìí=Ä~Åâ=áå=ã~êáåÉ=Üìää=~åÇ=Å~ëì~äíó

√ oÉáåë ê~åÅÉ áãé~ÅíÉÇ Ä ä~Åâ çÑ êÉáåëí~íÉãÉåí√ oÉáåëìê~åÅÉ=áãé~ÅíÉÇ=Äó=ä~Åâ=çÑ=êÉáåëí~íÉãÉåí=éêÉãáìãë

– råÇÉêäóáåÖ ÄìëáåÉëë ÖêÉï Äó NQBråÇÉêäóáåÖ=ÄìëáåÉëë=ÖêÉï=Äó=NQB

√ `~êÉÑìä=êáëâ=ëÉäÉÅíáçå=J ÉîÉåí=Å~åÅÉää~íáçå=ÄìëáåÉëë=áÇ í íÜ ä~îçáÇë=êÉÅÉåí=ïÉ~íÜÉê=äçëëÉë

NV

eáëÅçñ=rh=^åçíÜÉê ÖççÇ éêçÑáí^åçíÜÉê=ÖççÇ=éêçÑáí

e~äÑ=óÉ~ê= e~äÑ=óÉ~ê=óOMNO¡ã

óOMNN¡ã

dêçëë éêÉãáìãë ïêáííÉå NUQKM NUOKV√ pí~ÄäÉ=ÇÉëéáíÉ=ïáíÜÇê~ï~ä=Ñêçã==

íïç é~êíåÉêëÜáéëdêçëë=éêÉãáìãë=ïêáííÉå NUQKM NUOKV

j~êâÉíáåÖ=ÉñéÉåÇáíìêÉ ESKTF ERKQF

råÇÉêïêáíáåÖ=êÉëìäí NTKT OPKV

íïç=é~êíåÉêëÜáéë

√ píêçåÖ=ÖêçïíÜ=áå=ÅçããÉêÅá~äÖ

fåîÉëíãÉåí=êÉëìäí SKO RKV

cçêÉáÖå=ÉñÅÜ~åÖÉ= ENKQF MKU

√ fåÇìëíêó=~ï~êÇ=Ó `ìëíçãÉê=`~êÉ=^ï~êÇ=Ó _êáíáëÜ=fåëìê~åÅÉ=^ï~êÇë

√ fåÅêÉ~ëÉÇ êÉëÉêîÉ Ñçê íê~Çáíáçå~ä mfmêçÑáí=ÄÉÑçêÉ=í~ñ NRKU ORKO

`çãÄáåÉÇ=ê~íáç VRKOB UTKVB

√ fåÅêÉ~ëÉÇ=êÉëÉêîÉ=Ñçê=íê~Çáíáçå~ä=mf

√ içïÉê=íÜ~å=ÉñéÉÅíÉÇ=äçëëÉë=Ñêçã=OMNO=ÑäççÇë=íç=Ç~íÉ

OM

_ìáäÇáåÖ íÜÉ rh Äê~åÇ Ó êÉíìêå íç qs_ìáäÇáåÖ=íÜÉ=rh=Äê~åÇ=Ó êÉíìêå=íç=qs

ON

eáëÅçñ=bìêçéÉ=mêçÑáí~ÄäÉ áå íçìÖÜ ÉÅçåçãáÅ ÅçåÇáíáçåëmêçÑáí~ÄäÉ=áå=íçìÖÜ=ÉÅçåçãáÅ=ÅçåÇáíáçåë

e~äÑ=óÉ~ê= e~äÑ=óÉ~ê=óOMNO

ۋ

óOMNN

ۋ

dêçëë éêÉãáìãë ïêáííÉå VVKV VPKV√ eáí=Äó=ïáåíÉê=ÑêÉÉòÉ=áå=ëçìíÜÉêå=

cê~åÅÉ ~åÇ _ÉåÉäìñ ÄìêÖä~êáÉëdêçëë=éêÉãáìãë=ïêáííÉå VVKV VPKV

j~êâÉíáåÖ=ÉñéÉåÇáíìêÉ ENKOF EMKUF

råÇÉêïêáíáåÖ=êÉëìäí MKQ NKQ

cê~åÅÉ=~åÇ=_ÉåÉäìñ=ÄìêÖä~êáÉë

√ fãéêçîÉÇ=éêçÑáí=áå=~êí=~åÇ=éêáî~íÉ=ÅäáÉåí=ÄççâÖ

fåîÉëíãÉåí=êÉëìäí OKN EMKNF

cçêÉáÖå=ÉñÅÜ~åÖÉ EMKOF OKM

√ `çåíáåìÉÇ=ÖêçïíÜ=áå=ëã~ää=ÅçããÉêÅá~ä=~åÇ=íÉÅÜåçäçÖó

mêçÑáí=ÄÉÑçêÉ=í~ñ NKN MKT

`çãÄáåÉÇ=ê~íáç NMNKSB VVKPB

√ kÉï=ÇáëíêáÄìíáçå=é~êíåÉêëÜáé=JdÉåÉê~äá=cê~åÅÉ

√ aáêÉÅí=ÖêçïáåÖ=ë~íáëÑ~Åíçêáäó

OO

eáëÅçñ=fåíÉêå~íáçå~ädêçïíÜ ~åÇ éêçÑáídêçïíÜ=~åÇ=éêçÑáí

√ eáëÅçñ=_ÉêãìÇ~

– bñÅÉääÉåí=éêçÑáí

– eÉ~äíÜÅ~êÉ=ÄìëáåÉëë=ÇÉîÉäçéáåÖ=ïÉää

– tçêâáåÖ=çå=êÉéä~ÅáåÖ=èìçí~=ëÜ~êÉ=ëìééçêí

√ eáëÅç d ÉêåëÉ√ eáëÅçñ=dìÉêåëÉó

– dççÇ=ÇáëÅáéäáåÉ=ÇÉäáîÉêë=ÖêÉ~í=éêçÑáí

√ eáëÅçñ=rp^

– `çåíáåìÉÇ=ÉñÅÉääÉåí=ÖêçïíÜ=çÑ=OVB

– fãéêçîÉÇ=ÉñéÉåëÉ=ê~íáç

– aáêÉÅí=ÄìëáåÉëë=Éñé~åÇáåÖ

OP

píÉ~Çáäó ÖêçïáåÖ rp ÇáêÉÅípíÉ~Çáäó=ÖêçïáåÖ=rp=ÇáêÉÅí

mçäáÅó=ìåáí=ë~äÉë=éÉê=ïÉÉâ=Ó rp=aáêÉÅí

RMM

PRM

QMM

QRM

Åó=ìåáíë=ëçäÇ

ORM

PMM

PRM

mçäáÅ

NRM

OMM

M

RM

NMM

kçîJNM

aÉÅJNM

g~åJNN

cÉÄJNN

j~êJNN

^éêJNN

j~óJNN

gìåJNN

gìäJNN

^ìÖ

JNN

pÉé

JNN

lÅíJNN

kçîJNN

aÉÅJNN

g~åJNO

cÉÄJNO

j~êJNO

^éêJNO

j~óJNO

gìåJNO

OQ

tÉÉâ

pìãã~êó=~åÇ=çìíäççâ

c~åí~ëíáÅ Ñáêëí Ü~äÑc~åí~ëíáÅ=Ñáêëí=Ü~äÑ

√ píê~íÉÖó=ïçêâáåÖ

− eáëÅçñ=içåÇçå=j~êâÉíI=çìíëí~åÇáåÖ

− eáëÅçñ=rh=~åÇ=eáëÅçñ=bìêçéÉI=ÖççÇ=ëíÉ~Çó=é I Ö óéÉêÑçêã~åÅÉ

− eáëÅçñ=fåíÉêå~íáçå~äI=ÖççÇ=ÖêçïíÜ=~åÇ=éêçÑáí=ááãéêçîÉãÉåí

√ `~éáí~ä=çå=íÜÉ=~ÖÉåÇ~=áå=eO

√ dêçïáåÖ=ïÜÉêÉ=ê~íÉë=~êÉ=êáëáåÖ

rp^− rp^

− g~é~åÉëÉ=éÉêáäë=

rp Ç á í íá ä í− rp=~åÇ=áåíÉêå~íáçå~ä=éêçéÉêíó

OS

^ééÉåÇáÅÉë^ééÉåÇáÅÉë

√ dÉçÖê~éÜáÅ=êÉ~ÅÜ=

√ píê~íÉÖáÅ=ÑçÅìë=

√ ^=ëóãÄáçíáÅ=êÉä~íáçåëÜáé

√ _ìëáåÉëë íêÉåÇë√ _ìëáåÉëë=íêÉåÇë

√ içåÖJíÉêã=ÖêçïíÜ

√ eáëÅçñ=iíÇ=êÉëìäíë

√ dêçìé=ëíêìÅíìêÉ

√ _çñéäçí=~åÇ=ïÜáëâÉê=Çá~Öê~ã=çÑ=eáëÅçñ=iíÇ

√ oÉ~äáëíáÅ Çáë~ëíÉê ëÅÉå~êáçëoÉ~äáëíáÅ=Çáë~ëíÉê=ëÅÉå~êáçë

√ ^î~áä~ÄäÉ=Å~éáí~ä=ÇÉÅáÇÉë=êáëâ=äáãáíë

√ dtm=ÖÉçÖê~éÜáÅ~ä=~åÇ=ÅìêêÉåÅó=ëéäáí

√ dêçìé=êÉáåëìê~åÅÉ=ëÉÅìêáíó

√ oÉáåëìê~åÅÉ

√ däçëë~êó=çÑ=íÉêãëó

OT

dÉçÖê~éÜáÅ êÉ~ÅÜdÉçÖê~éÜáÅ=êÉ~ÅÜ

_ÉêãìÇ~e~ãáäíçåe~ãáäíçå

bìêçéÉ^ãëíÉêÇ~ã_çêÇÉ~ìñ_êìëëÉäë

rh_áêãáåÖÜ~ã`çäÅÜÉëíÉêdä~ëÖçï_êìëëÉäë

`çäçÖåÉaìÄäáåe~ãÄìêÖiáëÄçåióçå

dä~ëÖçïiÉÉÇëiçåÇçåj~áÇÉåÜÉ~Çj~åÅÜÉëíÉê

ióçåj~ÇêáÇjìåáÅÜm~êáë

dìÉêåëÉó

rp^^íä~åí~`ÜáÅ~Öçiçë=^åÖÉäÉëkÉï vçêâ `áíódìÉêåëÉó

pí=mÉíÉê=mçêí

i~íáå=^ãÉêáÅ~å=Ö~íÉï~ójá~ãá

kÉï=vçêâ=`áíóp~å=cê~åÅáëÅçtÜáíÉ=mä~áåë

já~ãá

OU

píê~íÉÖáÅ ÑçÅìëpíê~íÉÖáÅ=ÑçÅìë

qçí~ä=dêçìé=ÅçåíêçääÉÇ=áåÅçãÉ=Ñçê=OMNN=NMMB=Z=¡NISSQã=

içÅ~ä=Éêêçêë=~åÇ=çãáëëáçåë~åÇ=ÅçããÉêÅá~ä

NSB

qÉÅÜ=~åÇ=ãÉÇá~=Éêêçêë=~åÇ=çãáëëáçåëoÉáåëìê~åÅÉ= OUB PB

i~êÖÉ=éêçéÉêíó

^êí=~åÇ=éêáî~íÉ=ÅäáÉåí=

NTBPB

däçÄ~ä=Éêêçêë=~åÇ=çãáëëáçåë=

RB

VB

PB

UB

j~êáåÉ=~åÇ=ÉåÉêÖó

péÉÅá~äíó=Ó âáÇå~é=~åÇ=ê~åëçãI=ÅçåíáåÖÉåÅóI=éÉêëçå~ä=~ÅÅáÇÉåí

péÉÅá~äíó=Ó íÉêêçêáëãI=ëéÉÅáÉI=éçäáíáÅ~ä=êáëâëI=~Éêçëé~ÅÉ

RBUB

pã~ää=éêçéÉêíó

OV

^ ëóãÄáçíáÅ êÉä~íáçåëÜáé^=ëóãÄáçíáÅ=êÉä~íáçåëÜáé

fåíÉêå~íáçå~ääó=íê~ÇÉÇ äáåÉë

Local specialty lines

√ i~êÖÉê=éêÉãáìãI=Å~í~ëíêçé

íê~ÇÉÇ=äáåÉë

√ mêÉãáìã=ÖêçïíÜ=ÄÉíïÉÉå=RJNRB=

lines

Profit Value

ÜÉ=ÉñéçëÉÇ

√ pÜêáåâë=~åÇ=Éñé~åÇë ~ÅÅçêÇáåÖ

éÉê=~ååìã

√ m~óë=ÇáîáÇÉåÇë

generator creatorÉñé~åÇë=~ÅÅçêÇáåÖ=íç=ê~íÉë

√ bñÅÉëë=éêçÑáíë=ää á í í á

√ _ê~åÇ=ÄìáäÇë=ëíêçåÖ=ã~êâÉí=éçëáíáçå

~ääçï=áåîÉëíãÉåí=áå=êÉí~áä=ÇÉîÉäçéãÉåí

√ mêçÑáíë=~Åí=~ë=~ÇÇáíáçå~ä=Å~éáí~ä

PM

_ìëáåÉëë íêÉåÇë_ìëáåÉëë=íêÉåÇë

q í ä d í ää Ç á í g OMNO ¡N MQPHSKNB vÉ~êJçåJóÉ~ê ÖêçïíÜqçí~ä=dêçìé=ÅçåíêçääÉÇ=éêÉãáìã=íç=gìåÉ=OMNOW=¡NIMQPã¡PVSã

vÉ~êJçåJóÉ~ê=ÖêçïíÜ=áå=äçÅ~ä=ÅìêêÉåÅó

OMNO=dtm=

kçåJã~êáåÉ

j~êáåÉ

HNTKMB

mêçÑÉëëáçå~ä=äá~ÄáäáíáÉë=^îá~íáçå

¡NVQã

HRKRB¡NQPã JUKOB

¡NOUháÇå~é=~åÇ=ê~åëçã

`çåíáåÖÉåÅó=

qÉêêçêáëã=

péÉÅáÉ

bêêçêë=~åÇ=çãáëëáçåë

aáêÉÅíçêë=~åÇ=çÑÑáÅÉêëÛ=äá~ÄáäáíótÜçäÉ=~ÅÅçìåí

eçãÉ=~åÇ=ÅçåíÉåíë

JRKTB¡TSã JQKUB=

HOOKOB¡URã

¡NOUã

j~å~ÖáåÖ ÖÉåÉê~ämÉêëçå~ä=~ÅÅáÇÉåí

mçäáíáÅ~ä=êáëâë

^îá~íáçå

`çåíê~ÅíçêëÛ=ÉèìáéãÉåí

`çããÉêÅá~ä=çÑÑáÅÉ

pã~ää=íÉÅÜåçäçÖó=~åÇ=ãÉÇá~=bCl

cáåÉ=~êí=

`ä~ëëáÅ=Å~ê

mêçÑÉëëáçå~ä=áåÇÉãåáíó

i~êÖÉ=íÉÅÜåçäçÖó=~åÇ ãÉÇá~ bCl

¡ONãj~êáåÉ=Üìää

båÉêÖó=äá~Äáäáíó

réëíêÉ~ãJãáÇëíêÉ~ã=ÉåÉêÖó

j~å~ÖáåÖ=ÖÉåÉê~ä=~ÖÉåíë

`çããÉêÅá~ä=éêçéÉêíó

låëÜçêÉ=ÉåÉêÖó

rp^=ÜçãÉçïåÉêë=è é

içÅ~ä=bCl=~åÇ=ÅçããÉêÅá~ä

oÉáåëìê~åÅÉ ^êí=~åÇ=éêáî~íÉ=ÅäáÉåí

péÉÅá~äíó

~åÇ=ãÉÇá~=bCl

däçÄ~ä=bClj~êáåÉ=~åÇÉåÉêÖó

PN

rp ç Éç É ë

mêçéÉêíó

içåÖJíÉêã ÖêçïíÜiçåÖJíÉêã=ÖêçïíÜ

_ÉêãìÇ~ eáëÅçñ=içåÇçå=j~êâÉí=J péÉÅá~äíó

1 800

eáëÅçñ=içåÇçå=j~êâÉí=J sçä~íáäÉ

eáëÅçñ=rp^eáëÅçñ=dìÉêåëÉó

eáëÅçñ=bìêçéÉeáëÅçñ=rh

1,400

1,600

1,800

MF

1,000

1,200

1,400

Éãáìãë=E¡MMM

fåíÉêå~íáçå~ääó=íê~ÇÉÇ=äáåÉë

600

800

ëë=ïêáííÉå

=éêÉ

Local

200

400dêçë Local

specialty lines

0

1991

*

1992

*

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Gpéäáí=Éëíáã~íÉÇ=Ñçê=íÜÉëÉ=óÉ~êëK

PO

eáëÅçñ iíÇ êÉëìäíëeáëÅçñ=iíÇ=êÉëìäíë

¡MMM OMNN OMNM OMMV OMMU OMMT OMMS

dêçëë éêÉãáìãë ïêáííÉå N QQV ONV N QPO STQ N QPR QMN N NQT PSQ N NVU VQV N NOS NSQdêçëë=éêÉãáìãë=ïêáííÉå NIQQVIONV NIQPOISTQ NIQPRIQMN NINQTIPSQ NINVUIVQV NINOSINSQ

kÉí=éêÉãáìãë=ïêáííÉå NINTQIMNN NINPNISOT NINRTIMOP UVUIPVQ VTQIVNM VTRIPVT

kÉí=éêÉãáìãë=É~êåÉÇ NINQRIMMT NINPNINRU NIMVUINMO VOUIMVR VSRINVM UUUIUOU

mêçÑáí ÄÉÑçêÉ í~ñ NT OTN ONN PSS POM SNU NMR NUM OPT NVV OMN MSOmêçÑáí=ÄÉÑçêÉ=í~ñ NTIOTN ONNIPSS POMISNU NMRINUM OPTINVV OMNIMSO

mêçÑáí=~ÑíÉê=í~ñ ONIOTO NTUIUMM OUMIQVT TMIUMU NVNIOQU NSPIUQS

_~ëáÅ=É~êåáåÖë=éÉê=ëÜ~êÉ RKRé QTKOé TRKOé NUKUé QUKQé QNKTé

aáîáÇÉåÇ NTKMé NSKRé NRKMé NOKTRé NOKMé NMKMéaáîáÇÉåÇ NTKMé NSKRé NRKMé NOKTRé NOKMé NMKMé

fåîÉëíÉÇ=~ëëÉíë=EáåÅä=Å~ëÜF ¡ãæ OIUTPKQ OITTVKT OISSNKS OIROOKQ OIMRMKS NITQQKU

kÉí=~ëëÉí=î~äìÉ

¡ã NIORRKV NIOSSKN NINONKP VRNKM UOQKP SUOKN

é=éÉê=ëÜ~êÉ POPKR PPOKT OVVKO ORUKN OMVKR NTPKO

`çãÄáåÉÇ=ê~íáç VVKRB UVKPB USKMB TRKPB UQKQB UVKNB

oÉíìêå=çå=Éèìáíó=~ÑíÉê=í~ñG NKTB NSKRB PMKNB VKOB OUKUB OUKVB

æbñÅäìÇáåÖ=ÇÉêáî~íáîÉë=~åÇ=Å~í~ëíêçéÜÉ=ÄçåÇëKG^ååì~äáëÉÇ=éçëí=í~ñI=Ä~ëÉÇ=çå=~ÇàìëíÉÇ=çéÉåáåÖ=ëÜ~êÉÜçäÇÉêëÛ=ÑìåÇëK

PP

dêçìé ëíêìÅíìêÉdêçìé=ëíêìÅíìêÉ=

eáëÅçñ=iíÇ

eáëÅçñ=_ÉêãìÇ~ eáëÅçñ=dìÉêåëÉó eáëÅçñ=rp^ eáëÅçñ=rh eáëÅçñ=bìêçéÉeáëÅçñ=içåÇçå=j~êâÉí

oìëëÉää=jÉêêÉíí gÉêÉãó=máåÅÜáå píÉîÉ=`~ãã _Éå=t~äíÉê píÉîÉ=i~åÖ~å= máÉêêÉJläáîáÉê=aÉë~ìääÉ

- bêêçêë=~åÇ=çãáëëáçåë

- aáêÉÅíçêë=~åÇ=

- cáåÉ=~êí- eáÖÜJî~äìÉ=ÜçìëÉÜçäÇb Ç

- oÉáåëìê~åÅÉ=- mêçéÉêíó- j~êáåÉ=~åÇ=

- oÉáåëìê~åÅÉ- dêçìé=Å~éáí~ä=ëìééçêí

- cáåÉ=~êí- háÇå~é=~åÇ==ê~åëçã

- cáåÉ=~êí- eáÖÜJî~äìÉ=ÜçìëÉÜçäÇ

çÑÑáÅÉêëÛ=äá~Äáäáíó- péÉÅá~äíó=- háÇå~é=~åÇ=ê~åëçã

- qÉêêçêáëã

- bêêçêë=~åÇ=çãáëëáçåë=

- aáêÉÅíçêë=~åÇ=çÑÑáÅÉêëÛ=äá~Äáäáíó

- péÉÅá~äíó=ÅçããÉêÅá~ä

ÉåÉêÖó- péÉÅá~äíó- háÇå~é=~åÇ=ê~åëçã

- qÉêêçêáëã

- eÉ~äíÜÅ~êÉ=áåëìê~åÅÉ

- qÉêêçêáëã - bêêçêë=~åÇ=çãáëëáçåë=

- aáêÉÅíçêë=~åÇ=çÑÑáÅÉêëÛ=äá~Äáäáíó

- péÉÅá~äíó=ÅçããÉêÅá~ä

- qÉÅÜåçäçÖó=~åÇ=ãÉÇá~

- aáêÉÅí=íç=ÅìëíçãÉê=ÅçããÉêÅá~ä=

- qÉÅÜåçäçÖó=~åÇ=ãÉÇá~

- háÇå~é=~åÇ=ê~åëçã

- qÉêêçêáëãaáêÉÅí íç

- mçäáíáÅ~ä=êáëâë- bêêçêë=~åÇ=çãáëëáçåë

- ^îá~íáçå=~åÇ=~Éêçëé~ÅÉ

ÅçããÉêÅá~ä- qÉÅÜåçäçÖó=~åÇ=ãÉÇá~

- aáêÉÅí=íç=ÅìëíçãÉê=ÜçìëÉÜçäÇ=~åÇ=

ÄìëáåÉëë- mêçéÉêíó

- aáêÉÅí=íç=ÅìëíçãÉê=ÜçìëÉÜçäÇ=~åÇ=ÅçããÉêÅá~ä=ÄìëáåÉëë=

éÅçããÉêÅá~ä=ÄìëáåÉëë=

PQ

_çñéäçí=~åÇ=ïÜáëâÉê=Çá~Öê~ã=çÑ=eáëÅçñ iíÇ åÉí äçëë EAãF gìåÉ OMNOeáëÅçñ=iíÇ=åÉí=äçëë=EAãF=gìåÉ=OMNO

içïÉê=RBJ ìééÉê=

ã~êâÉí=äçëë=

ã~êâÉí=äçëë=

ã~êâÉí=äçëë=

êâÉí=äç

ëë=

ã~êâÉí=äçëë=

å=ã~êâÉí=

700

VRB=ê~åÖÉ

jçÇÉääÉÇ=ãÉ~å=äçëë

~åÉ=h~íêáå

~=AR

MÄå=ã

ê=êÉíìêå=éÉêáçÇ=

~åÉ=^åÇ

êÉï=ARS

Äå=ã

ê=êÉíìêå=éÉêáçÇ

ÇÖÉ

=nì~

âÉ=AOQ

Äå=ã

ê=êÉíìêå=éÉêáçÇ

~åÉ=fâÉ=JAN

TÄå=ã~ê

êÉíìêå=éÉêáçÇ

ANMÄ

å=ã~êâÉí=äçëë=

ê=êÉíìêå=éÉêáçÇ

mêáÉ

í~=nì~

âÉ=ASÄ

å=ã

ê=êÉíìêå=éÉêáçÇ

çÜçâ

ì=nì~

âÉ=AOR

Äå

R=óÉ~ê=êÉíìêå=éÉêáçÇ

500

600

AãF

eìêêáÅ

~OR

=óÉ~ê

eìêêáÅ

~PM

=óÉ~ê

kçêíÜêáÇ

QM=óÉ~ê

eìêêáÅ

~T=óÉ~ê=

NVUT

g==

NR=óÉ~ê

içã~=m

NR=óÉ~ê

OMNN

=qç

äçëëI=Q

R

400

Åçñ=iíÇ=äçëë=EA

300

eáëÅ

200

-

100

JP EQ US EQ EU WS US WS JP EQ US EQ EU WS US WS JP EQ US EQ EU WS US WS JP EQ US EQ EU WS US WS JP EQ US EQ EU WS US WS

gm=bn=Ó g~é~åÉëÉ=É~êíÜèì~âÉrp=bn=Ó råáíÉÇ=pí~íÉë=É~êíÜèì~âÉbr=tp=Ó bìêçéÉ~å=ïáåÇëíçêãrp=tp=Ó råáíÉÇ=pí~íÉë=ïáåÇëíçêã

JP EQ US EQ EU WS US WS JP EQ US EQ EU WS US WS JP EQ US EQ EU WS US WS JP EQ US EQ EU WS US WS JP EQ US EQ EU WS US WS

RJNM=óÉ~ê NMJOR=óÉ~ê ORJRM=óÉ~ê RMJNMM=óÉ~ê NMMJORM=óÉ~ê

MN======MO========MR======NU MQ======MT=======MV======PS NV=======NU=======NQ=====SS PU=======PO=======NV=======VV SS=======QM=======OS======NROjÉ~å=áåÇìëíêó=äçëë=AÄå

fåÇìëíêó=äçëë=êÉíìêåéÉêáçÇ=~åÇ=éÉêáä

PR

oÉ~äáëíáÅ Çáë~ëíÉê ëÅÉå~êáçëoÉ~äáëíáÅ=Çáë~ëíÉê=ëÅÉå~êáçë

eáëÅçñ=dêçìé=J äçëëÉë=ëÜçïå=~ë=éÉêÅÉåí~ÖÉ=çÑ=OMNO=Öêçëë=~åÇ=åÉí=ïêáííÉå=éêÉãáìã=

fåÇìëíêó=äçëë=í á Ç

NTB

NOBg~é~åÉëÉ=É~êíÜèì~âÉ ARMÄå=N=áå=OQM=óÉ~ê

êÉíìêå=éÉêáçÇ

PUB

NOBdìäÑ=çÑ=jÉñáÅç=ïáåÇëíçêã ANMTÄå=N=áå=UM=óÉ~ê

OQB

NPB

TB

b êçéÉ~å

cäçêáÇ~=ïáåÇëíçêã

ANORÄå=N=áå=NMM=óÉ~ê

OOB

VB

NPBbìêçéÉ~å=ïáåÇëíçêã

p~å=cê~åÅáëÅç=

APMÄå=N=áå=OMM=óÉ~ê

ARMÄå N áå NNM óÉ~êOSB

dêçëë=äçëë kÉí=äçëë

É~êíÜèì~âÉARMÄå=N=áå=NNM=óÉ~ê

bëíáã~íÉë=ìëÉ=ãçÇÉäë=éêçîáÇÉÇ=Äó=oáëâ=j~å~ÖÉãÉåí=pçäìíáçåëI=fåÅ=~åÇ=^fo=tçêäÇïáÇÉ=`çêéçê~íáçåK=fåÇìëíêó=äçëëÉë=Éëíáã~íÉÇ=ìëáåÖ=iäçóÇÛë=ÖìáÇÉäáåÉëK

PS

^î~áä~ÄäÉ Å~éáí~ä ÇÉÅáÇÉë êáëâ äáãáíë^î~áä~ÄäÉ=Å~éáí~ä=ÇÉÅáÇÉë=êáëâ=äáãáíë

PT

dtm ÖÉçÖê~éÜáÅ~ä ~åÇ ÅìêêÉåÅó ëéäáídtm=ÖÉçÖê~éÜáÅ~ä=~åÇ=ÅìêêÉåÅó=ëéäáí

OMNO=ÅìêêÉåÅó=ëéäáíOMNO=ÖÉçÖê~éÜáÅ~ä=ëéäáí

CAD d th

UK

CAD and other

EUR

13 2%

3.9%

15.6%

North AmericaW ld id

13.2%

40.9%20 6%Worldwide

USD GBP57.8% 25.1%

20.6%

Western Europe

(excl. UK)

11.7% 11.2%

Other

PU

dêçìé êÉáåëìê~åÅÉ ëÉÅìêáíódêçìé=êÉáåëìê~åÅÉ=ëÉÅìêáíó

OMNO=êÉáåëìê~åÅÉ=éêçíÉÅíáçåëGcáêëí=äçëë=ÉñéçëìêÉ=Äó=ê~íáåÖ

oÉÅÉáî~ÄäÉë=~í=PMLMSLNO=çÑ=¡RNVKMã==

`çää~íÉê~äáëÉÇ

NN QB

^^^líÜÉê

SKVB

^PSKVB

NNKQBPKPB

^^RNKTB

^^ ^RMKOBPVKSB

^^

GoÉáåëìê~åÅÉ=éä~ÅÉãÉåíë=áå=ÑçêÅÉ=~í=N=g~åì~êó=OMNOK

PV

oÉáåëìê~åÅÉoÉáåëìê~åÅÉ

oÉáåëìê~åÅÉ=~ë=~=B=çÑ=dtm oÉáåëìê~åÅÉ=êÉÅÉáî~ÄäÉë=~ë=~=B=çÑ=íçí~ä=~ëëÉíë

PM

QM

PM

QM

PRKP

OM

PM

OM

PM P

OTKP

P OMKV

UKT

ONKTGOS

KM

UKO

OSKV

MVKQ

ONKM

ONKO

OOKS

VKM

M

NM

M

NM

NTKP

NPKT

NPKQ

NU

O

NU

NRKQ

NNKU

NMKU

NTKM

NMKM

TKT NP

KQG

N

NNKS

O

NNKM

NOKP

NV

NNKT

NNKT

M

OMMM

OMMN

OMMO

OMMP

OMMQ

OMMR

OMMS

OMMT

OMMU

OMMV

OMNM

ev=OMN

N

OMNN

ev=OMN

O

M

OMMM

OMMN

OMMO

OMMP

OMMQ

OMMR

OMMS

OMMT

OMMU

OMMV

OMNM

ev=OMN

N

OMNN

ev=OMN

O

QMG^ãÉåÇÉÇ=ÇìÉ=íç=êÉÅä~ëëáÑáÅ~íáçå=çÑ=êÉáåëìê~åÅÉ=ÅçããáëëáçåëK

däçëë~êó çÑ íÉêãëdäçëë~êó=çÑ=íÉêãë

^ååì~ä=îÉåíìêÉ qÜÉ=ëóëíÉã=ìëÉÇ=Ñçê=êìååáåÖ=~=iäçóÇÛë=ëóåÇáÅ~íÉ=ìåÇÉê=ïÜáÅÜ=É~ÅÜ=ÚóÉ~ê=çÑ=~ÅÅçìåíÛ=áë=íêÉ~íÉÇ=ëÉé~ê~íÉäóK=jÉãÄÉêë=çïå=Å~é~Åáíó=çå=~=ëóåÇáÅ~íÉ=Ñçê=~=ÚóÉ~ê=çÑ=~ÅÅçìåíÛ=~åÇ=íÜÉ=êÉëìäíë=~êÉ=ÇÉÅä~êÉÇ=ïÜÉå=íÜÉ=óÉ~ê=áë=ÅäçëÉÇ=Äó=íÜÉ=ofq`=ãÉÅÜ~åáëãI=ìëì~ääó=~ÑíÉê=íÜêÉÉ=óÉ~êëK

`ä~áãë=ê~íáç kÉí=Åä~áãë=áåÅìêêÉÇI=áåÅäìÇáåÖ=f_koI=~ë=~=éÉêÅÉåí~ÖÉ=çÑ=åÉí=É~êåÉÇ=éêÉãáìãëK=

`çãÄáåÉÇ=ê~íáç qÜÉ=íçí~ä=çÑ=íÜÉ=Åä~áãëI=ÉñéÉåëÉë=~åÇ=áãé~Åí=çÑ=ÑçêÉáÖå=ÉñÅÜ~åÖÉ=ê~íáçëK

bñéÉåëÉë=ê~íáç bñéÉåëÉë=~ë=~=éÉêÅÉåí~ÖÉ=çÑ=åÉí=É~êåÉÇ=éêÉãáìãëK

c Ç iä ÇÛ qÜ Ñ Üá Ü Ä Ü á ä Ñ Çá ÜcìåÇë=~í=iäçóÇÛë qÜÉ=~ãçìåí=çÑ=~ëëÉíëI=ïÜáÅÜ=Å~å=ÄÉ=Å~ëÜI=áåîÉëíãÉåíë=çê=äÉííÉêë=çÑ=ÅêÉÇáíI=íÜ~í=~=ëóåÇáÅ~íÉ=ãÉãÄÉê=Ü~ë=íç=ÇÉéçëáí=ïáíÜ=iäçóÇÛë=íç=ëìééçêí=Üáë=ëÜ~êÉ=çÑ=íÜÉ=Å~é~Åáíó=çå=~=ëóåÇáÅ~íÉK=qÜÉ=ãáåáãìã=~ãçìåí=áë=QMB=çÑ=íÜÉ=Å~é~Åáíó=çïåÉÇ=Äó=íÜÉ=ãÉãÄÉêK

d áíí á m á í í Ç Ñ Ä Ñ Ç Ç íádêçëë=ïêáííÉå=éêÉãáìã mêÉãáìãë=Åçåíê~ÅíÉÇ=Ñçê=ÄÉÑçêÉ=~åó=ÇÉÇìÅíáçåëK=

dêçìé=ÅçåíêçääÉÇ= qÜÉ=íçí~ä=Öêçëë=ïêáííÉå=éêÉãáìã=ÅçåíêçääÉÇ=Äó=íÜÉ=Öêçìé=áåÅäìÇáåÖ=íÜÉ=OTB=çÑ=íÜÉ=póåÇáÅ~íÉ=Å~é~Åáíó=åçí=çïåÉÇ=Äó=eáëÅçñ=áå=OMNO=EOTB=áå=OMNNFK=

f_ko fåÅìêêÉÇ=Äìí=åçí=êÉéçêíÉÇK=^å=Éëíáã~íÉ=ã~ÇÉ=~í=íÜÉ=ÉåÇ=çÑ=É~ÅÜ=~ÅÅçìåíáåÖ=é ÖéÉêáçÇ=íç=ÅçîÉê=íÜÉ=ÉñéÉÅíÉÇ=Åçëí=çÑ=äçëëÉë=íÜ~í=Ü~îÉ=çÅÅìêêÉÇ=Äìí=Ü~îÉ=åçí=óÉí=ÄÉÉå=êÉéçêíÉÇ=íç=íÜÉ=áåëìêÉê=çê=êÉáåëìêÉêK

fåÅìêêÉÇ=äçëë=ê~íáç= m~áÇ=~åÇ=çìíëí~åÇáåÖ=äçëëÉë=~ë=~=éÉêÅÉåí~ÖÉ=çÑ=éêÉãáìãëK=dêçëë=áåÅìêêÉÇ=äçëë=ê~íáç=áë=ÄÉÑçêÉ=ÇÉÇìÅíáåÖ=~åó=êÉáåëìê~åÅÉ=~åÇ=åÉí=áë=~ÑíÉê=ÇÉÇìÅíáåÖ=êÉáåëìê~åÅÉKÖ ó Ö

içåÖJí~áä ^=íÉêã=ìëÉÇ=íç=ÇÉëÅêáÄÉ=~å=áåëìê~åÅÉ=êáëâ=íÜ~í=Ü~ë=íÜÉ=éçíÉåíá~ä=Ñçê=Åä~áãë=ÇÉîÉäçéãÉåí=çê=åÉï=Åä~áãë=íç=ÄÉ=êÉéçêíÉÇ=~=åìãÄÉê=çÑ=óÉ~êë=~ÑíÉê=Éñéáêó=çÑ=íÜÉ=íÉêã=çÑ=íÜÉ=éçäáÅóK

jÉãÄÉê çê k~ãÉ qÜÉ Åçãé~åáÉë çê áåÇáîáÇì~äë ïÜç çïå íÜÉ Å~é~Åáíó çÑ ~ ëóåÇáÅ~íÉ ~åÇ ïÜçjÉãÄÉê=çê=k~ãÉ qÜÉ=Åçãé~åáÉë=çê=áåÇáîáÇì~äë=ïÜç=çïå=íÜÉ=Å~é~Åáíó=çÑ=~=ëóåÇáÅ~íÉ=~åÇ=ïÜç=ÄÉäçåÖ=íç=íÜÉ=ãÉãÄÉêëÜáé=çÑ=íÜÉ=pçÅáÉíó=çÑ=iäçóÇÛëK

QN

däçëë~êó çÑ íÉêãëdäçëë~êó=çÑ=íÉêãë

kÉí=éêÉãáìãë=É~êåÉÇ mêÉãáìãë=êÉÅÉáîÉÇ=~ÑíÉê=íÜÉ=Åçëí=çÑ=êÉáåëìê~åÅÉ=~åÇ=~ÇàìëíãÉåí=Ñçê=ìåÉ~êåÉÇ=éêÉãáìãK=råÉ~êåÉÇ=éêÉãáìã=ÅçîÉêë=íÜÉ=ÑìíìêÉ=éÉêáçÇ=çÑ=êáëâ=çÑ=~å=áåëìê~åÅÉ=éçäáÅóK

kÉí=éêÉãáìãë=ïêáííÉå mêÉãáìãë=Åçåíê~ÅíÉÇ=Ñçê=~ÑíÉê=ÇÉÇìÅíáçå=çÑ=êÉáåëìê~åÅÉK

léÉå=óÉ~ê ^=vÉ~ê=çÑ=^ÅÅçìåí=çÑ=~=ëóåÇáÅ~íÉ=ïÜáÅÜ=Ü~ë=åçí=ÄÉÉå=ÅäçëÉÇ=Äó=oÉáåëìê~åÅÉ=qç=`äçëÉ=Eofq`FK=ofq`=ìëì~ääó=çÅÅìêë=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=íÜáêÇ=óÉ~êK=^=vÉ~ê=çÑ=^ÅÅçìåí=Å~å=ÄÉ=äÉÑí=çéÉå=ÄÉóçåÇ=íÜÉ=íÜáêÇ=óÉ~ê=áÑ=íÜÉ=ÉñíÉåí=çÑ=íÜÉ=ÑìíìêÉ=äá~Äáäáíó=Å~ååçí=ÄÉ=~ÅÅìê~íÉäó=èì~åíáÑáÉÇK=

nì~äáÑóáåÖ=èìçí~=ëÜ~êÉ qÜÉëÉ=~êÉ=èìçí~=ëÜ~êÉ=êÉáåëìê~åÅÉ=éçäáÅáÉëI=ïÜáÅÜ=iäçóÇÛë=~ääçï=áå=ÅÉêí~áå=ÅáêÅìãëí~åÅÉëI=íÜ~í=Éå~ÄäÉ=~=ëóåÇáÅ~íÉ=íç=ïêáíÉ=Öêçëë=éêÉãáìã=áå=ÉñÅÉëë=çÑ=áíë=Å~é~ÅáíóK

oÉáåëìê~åÅÉ íç ÅäçëÉ Ó ofq` qÜÉ êÉáåëìê~åÅÉ íç ÅäçëÉ ÅçãéêáëÉë ~ éêÉãáìã é~ó~ÄäÉ Äó íÜÉ ÅäçëáåÖ óÉ~êoÉáåëìê~åÅÉ=íç=ÅäçëÉ= ofq` qÜÉ=êÉáåëìê~åÅÉ=íç=ÅäçëÉ=ÅçãéêáëÉë=~=éêÉãáìã=é~ó~ÄäÉ=Äó=íÜÉ=ÅäçëáåÖ=óÉ~ê=íç=íÜÉ=ãÉãÄÉêë=çå=íÜÉ=åÉñí=çéÉå=óÉ~ê=çÑ=~ÅÅçìåí=~åÇ=~=Åçåíê~Åí=ïÜáÅÜ=íê~åëÑÉêë=íÜÉ=äá~Äáäáíó=Ñçê=~ää=Åä~áãë=áå=êÉëéÉÅí=çÑ=íÜÉ=ÅäçëáåÖ=óÉ~ê=íç=íÜÉ=åÉñí=çéÉå=óÉ~êK===

oìåJçÑÑ ~ÅÅçìåí ^í iäçóÇÛëI ~ óÉ~ê çÑ ~ÅÅçìåí ïÜáÅÜ áë âÉéí çéÉå ~ÑíÉê íÜÉ Ç~íÉ çå ïÜáÅÜ áíoìå çÑÑ=~ÅÅçìåí ^í=iäçóÇ ëI=~=óÉ~ê=çÑ=~ÅÅçìåí=ïÜáÅÜ=áë=âÉéí=çéÉå=~ÑíÉê=íÜÉ=Ç~íÉ=çå=ïÜáÅÜ=áí=ïçìäÇ=åçêã~ääó=Ü~îÉ=ÄÉÉå=ÅäçëÉÇK

pìÄêçÖ~íáçå qÜÉ=êáÖÜí=çÑ=íÜÉ=ìåÇÉêïêáíÉê=íç=Úëí~åÇ=áå=íÜÉ=ëÜçÉë=çÑ=íÜÉ=áåëìêÉÇÛ=~åÇ=í~âÉ=çîÉê=íÜÉ=fåëìêÉÇDë=êáÖÜíëI=ÑçääçïáåÖ=é~óãÉåí=çÑ=~=Åä~áãI=íç=êÉÅçîÉê=íÜÉ=é~óãÉåí=çÑ=~å=áåÅìêêÉÇ=äçëë=Ñêçã=~=íÜáêÇ=é~êíó=êÉëéçåëáÄäÉ=Ñçê=íÜÉ=äçëëK=fí=áë=é~óãÉåí=çÑ=~å=áåÅìêêÉÇ=äçëë=Ñêçã=~=íÜáêÇ=é~êíó=êÉëéçåëáÄäÉ=Ñçê=íÜÉ=äçëëK=fí=áë=äáãáíÉÇ=íç=íÜÉ=~ãçìåí=çÑ=äçëë=é~áÇ=Äó=íÜÉ=áåëìê~åÅÉ=éçäáÅóK

póåÇáÅ~íÉ=Å~é~Åáíó ^äëç=êÉÑÉêêÉÇ=íç=~ë=íÜÉ=Úëí~ãéÛK=qÜÉ=ã~ñáãìã=~ãçìåí=çÑ=ÄìëáåÉëë=íÜ~í=~=ëóåÇáÅ~íÉ=áå=iäçóÇÛë=Å~å=ïêáíÉ=éÉê=óÉ~êI=~ÖÖêÉÖ~íÉÇ=Ñêçã=~ää=áíë=ãÉãÄÉêëK

QO