ebay boyar research

7/21/2019 eBay Boyar Research

1/44

Xufiosdnb fy: FM_@V'W OKRVOKWOG Q@I^N VNWN@VGD IIG 1 N`st 76kbWt. 3tdAimmr Knw _mrl, K_ 08801 Rni: 606-??>-4788 A`x: 606-??>->171

www.Fmy`rVnsn`rgd.gme

@ssnt @kìysos Amgus `kb Fmy`rs Eogrm G`p Amgus `rn kmt okvnstenkt `bvosmry fuiintoks, rngmeenkbokc tdn purgd`sn mr sìn ma `kysnguroty. V`tdnr tdny sdmuib fn usnb `s ` cuobn ok òbokc tdn okvnstenkt gmeeukoty tm fnttnr ukbnrst`kb tdn oktroksog wmrtd ma ` gmrpmr`tomk.Mur snrvogns `rn kmt oktnkbnb tm rnpi`gn aukbènktì rnsn`rgd, fut sdmuib fn usnb ok gmkjukgtomk wotd ot. @bbotomkì okamre`tomk os `vòi`finmk rnqunst. Rdn st`tostogì `kb mtdnr okamre`tomk gmktòknb ok tdos bmguenkt d`s fnnk mftòknb arme maaogoì rnpmrts, gurrnkt e`kuìs `kbmtdnr smurgns wdogd wn fnionvn rnio`fin. Sdoin wn g`kkmt cu`r`ktnn ots nktorn `ggur`gy mr gmepintnknss, wn fnionvn ot e`y fn `ggnptnb `ssufst`ktoìiy gmrrngt. Fmy`r's Oktroksog Qìun Vnsn`rgd IIG ots maaognrs, borngtmrs `kb nepimynns e`y `t toens d`vn ` pmsotomk ok `ky sngurotyenktomknb dnrnok. Fmy`r's Oktroksog Qìun Vnsn`rgd IIG Gmpyrocdt 6802.

R@FIN MA GMKRNKRW

@fmut Fmy`rs Oktroksog Qìun Vnsn`rgd IIG ................................... 7

@ rngnkt auii-inkctd@ssnt @kìysos Amgusrnpmrt

nF`y, Okg. ......................................................................... 08

Inssmks In`rknb Mvnr Amrty _n`rs:Okvnstokc ok Gmep`kons wotd Wockoaog`kt Dobbnk @ssnts

(X`rtogui`riy Vnì Nst`tn) .. 63

R`rcnt Gmrpmr`tomk ........................................................... 78

Lmdis Gmrpmr`tomk ........................................................... 78

Nxèpins arme tdn 6802 Amrcmttnk Amrty

@fmut Rdn Amrcmttnk Amrty ............................................................. 77

D`knsfr`kbs, Okg. ............................................................ 72

I`fmr`tmry Gmrpmr`tomk ma @enrog` Dmibokcs ................... 7>

Iovn K`tomk Nktnrtòkenkt, Okg. ........................................ 71

Emismk Gmmrs Frnwokc Gmep`ky .................................... 73

Oktrmbugokc Fmy`rs Nurmpn`k Amgus

@fmut Fmy`rs Nurmpn`k Amgus ....................................... 74

B`vobn Gèp`ro-Eoi`km W.p.@. ......................................... 7?


2/44

E`rl Fmy`r d`s fnnk pufiosdokc@ssnt @kìysos Amgus(@@A) sokgn 0?3>. @@A, wdogd os pufiosdnb fy Fmy`rs OktroksogQìun Vnsn`rgd IIG, amgusns mk ^.W. nquoty sngurotons `kb immls `t ` gmrpmr`tomk `kb ots `ssnt f`sn ok tdn sèn

e`kknr `k `gquosotomk eokbnb fusoknss nxngutovn wmuib. @@A snnls tm obnktoay gmep`kons tr`bokc `t ` sufst`ktoìbosgmukt tm tdnor oktroksog mr prov`tn e`rlnt vìun.

@@As Vnsn`rgd @pprm`gd & Entdmbmimcy:

@@A t`lns ` gmep`kys aok`kgoì st`tnenkts, tn`rs tdne `p`rt `kb rngmkstrugts tdne ok `ggmrb`kgn wotd ngmkmeogrnìoty `s mppmsnb tm cnknrìiy `ggnptnb `ggmuktokc prokgopins. @ssnt @kìysos Amgus snnls pmssofin okvnstenktmppmrtukotons `grmss tdn e`rlnt g`potìoz`tomk spngtrue `kb wotdok ` bovnrsn r`kcn ma okbustrons. @ i`rcn kuefnr ma tdngmep`kons an`turnb ok @@A `rn kmt wobniy amiimwnb fy Sìi Wtrnnt. Ot os oktnrnstokc tm kmtn td`t `pprmxoe`tniy 28pnrgnkt ma tdn gmep`kons prmaoinb ok @@A sokgn 0?3> d`vn fnnk `gquornb.* Wtmgl sningtomk str`tncons nepimynb fy

@ssnt @kìysos Amgusokgiubn:

Dobbnk @ssnt Entdmb Fusoknss Qìun Entdmb Vnstrugturokc Xi`ys, Frn`lups `kb Wpokmaas Ar`kgdosn @pprm`gd Aìink @kcnis G`tìysts `kb Wpngoì Wotu`tomks (Nvnkt Brovnk)

Sdy Wufsgrofn tm @ssnt @kìysos Amgus Kmw=

Sn fnionvn tdos os `k mppmrtukn toen tm gmksobnr sufsgrofokc tm @ssnt @kìysos Amgus. Sdoin tdn e`jmr okbogns d`vn`bv`kgnb brè`togìiy sokgn tdnor E`rgd 688? imws, wn gmktokun tm obnktoay gmep`kons td`t `rn tr`bokc `t invnis td`t`rn sockoaog`ktiy fnimw mur nstoe`tns ma tdnor oktroksog mr prov`tn e`rlnt vìuns.

Sn d`vn e`bn ` gmkgnrtnb naamrt tm frokc emrn knw obn`s tm mur sufsgrofnrs. Fy w`y ma nxèpin, fnimw os ` iost ma ìitdn knw obn`s (prnsnktnb fy e`rlnt g`p `t tdn toen ma pufiog`tomk) wn d`vn cnknr`tnb amr mur sufsgrofnrs sokgn 6800.

I`rcn G`p Eob G`p Weìi G`p Eogrm G`p ($08 foiiomk+) ($6 foiiomk-$?.? foiiomk) ($>88 eoiiomk-$0.? foiiomk) (suf $>88 eoiiomk)

Fnb F`td `kb Fnymkb Okg. B`vobn Gèp`ro-Eoi`km W.p.@. Grmgs, Okg. @.R. Grmss Gmep`ky

Gèpfnii Wmup Gmep`ky Nknrcoznr Dmibokcs, Okg. Grmwk Enbo` Dmibokcs Okg. Gmrn-E`rl Dmibokcs Gmep`ky Okg.

Gosgm Wystnes, Okg. Nquoa`x Okg. Bmin Ammb Gmep`ky, Okg. Gmwnk Crmup, Okg.

Gm`gd, Okg. Nxpnbo`, Okg. Dngle`kk Gmrpmr`tomk Grmwk Gràts, Okg.

Gmkstnii`tomk Fr`kbs, Okg. CKG Dmibokcs, Okg. Dmw`rb Ducdns Gmrpmr`tomk Bmuci`s Bykèogs, Okg.

GQW G`rne`rl Gmrpmr`tomk D`knsfr`kbs Okg. Ioquoboty Wnrvogns, Okg. Okvnkturn Ammbs Okg.

Bnvmk Nknrcy Gmrpmr`tomk DnìtdWmutd Gmrpmr`tomk Iovn K`tomk Nktnrtòkenkt, Okg. Lorli`kbs Okg.

BorngRQ Incc E`smk,Okg. Xmst Dmibokcs Okg. Iybìi, Okg.

nF`y, Okg. Emd`wl Okbustrons, Okg. Rruste`rl Gmrpmr`tomk E`rtd` Wtnw`rt Iovokc Mekoenbo`

Lmdis Gmrpmr`tomk Vncì Nktnrtòkenkt Crmup ^kotnb Mkiokn, Okg. Mutbmmr Gd`kkni Dmibokcs Okg.

Xòr Rr`bn: Wdmrt - Kntaiox, Okg. /Imkc - Roen S`rknr, Okg. Wgmtts Eor`gin-Crm Gmep`ky S`tsgm, Okg. Xmpn Vnsmurgns

WIE Gmrpmr`tomk Wt`pins Okg. Sdostinr Fi`glgmef Dmibokcs Okg. Sokknf`cm Okbustrons Okg.

R`rcnt Gmrpmr`tomk Wt`rz TM Crmup Okg.

Rdn Gd`rins Wgdw`f Gmrp. S.V. Fnrliny Gmrpmr`tomk

Rdn @iist`tn Gmrpmr`tomk Quig`k E`tnroìs Gmep`ky

Rygm Oktnrk`tomkì, Itb. RVS @utmemtovn Dmibokcs Gmrp.

Qovnkbo W.@. Sdoripmmi Gmrpmr`tomk

Sniis A`rcm & Gmep`ky Tyine Okg.

_`dmm! Okg.

7


3/44

Xnramre`kgn

Sdoin tdn e`jmr okbogns d`vn pnramrenb wnii sokgn tdn e`rlnt fmttmenb ok E`rgd ma 688?, tdn gmep`konsan`turnb ok @ssnt @kìysos Amgus d`vn mutpnramrenb tdn W&X >88 fy ìemst 7% pnr yn`r sokgn 688?.**

Fnimw `rn tdn tmp pnramreokc stmgls an`turnb ok@ssnt @kìysos Amgusmrc`koznb fy yn`r sokgn 688?.

688?

V`kl Wnguroty Vnturk W&X >88 Mutpnramre`kgn0 GFW Gmrpmr`tomk 0678.?0% 016.12% 0814.63%

6 W`ls Okgmrpmr`tnb 312.41% 062.22% 128.73%

7 Fmstmk Fnnr Gm. Okg. 364.>3% 060.68% 183.73%

2 Roen S`rknr Okg. 7>0.1? 077.33 603.?0

> Gmeg`st Gmrpmr`tomk 700.70 008.8> 680.61

6808

V`kl Wnguroty Vnturk W&X >88 Mutpnramre`kgn

0 Bosgmvnr Aok`kgoì Wnrvogns 7>0.?1% 34.86% 637.?2%6 Npmgd Dmibokc Gmrp.* 0?1.>3% 20.>8% 0>>.83%

7 Gmeg`st Gmrpmr`tomk 036.?>% 17.8?% 08?.4>%

2 Rdn E`bosmk Wqu`rn C`rbnk Gm. 038.42% 12.>>% 081.64%

> EgCr`w Doii Aok`kgoì, Okg. 037.8?% 30.18% 080.2?%

6800


0 D`knsfr`kbs Okg. 77>.82% 24.>3% 641.23%

6 Nxpnbo` Okg. 677.34% >2.8>% 03?.37%7 Emd`wl Okbustrons Okg. 047.70% 12.10% 004.38%

2 Roen S`rknr Okg. 011.63% 24.>3% 003.30%

> Sdorpmmi Gmrpmr`tomk 013.33% 12.10% 087.01%

6806


0 D`knsfr`kbs Okg. 618.0>% 2>.63% 602.4?%

6 Iovn K`tomk Nktnrtòkenkt, Okg. 021.?0% 73.84% 08?.42%

7 Gmrn-E`rl Dmibokc Gmep`ky, Okg. 076.21% 23.00% 4>.7>%

2 Iofnrty Oktnr`gtovn Gmrpmr`tomk ?>.40 20.73 >2.22%

> Incc E`smk Okg. 41.66% 71.36% 2?.>0%

2


4/44

@ Wufsgroptomk tm @ssnt @kìysos Amgus Okgiubns:

Wnvnk ossuns n`gd an`turokc ok-bnptd rnpmrts mk tdrnn gmep`kons wn fnionvn tm fn ukbnrvìunb.Emst ossuns gmktòk ` prmaoin ma ` i`rcn, enboue, `kb seìi g`potìoz`tomk stmgl. An`turnb stmgls gmenarme ` wobn v`ronty ma okbustrons.

Rdn Wueenr Ossun, wdogd prmaoins `k okbustry mr `rn` ma tdn ngmkmey td`t os mut ma a`vmr mk SìiWtrnnt. Mur sningtomk d`s `t toens fnnk docdiy gmktrmvnrsoì, fut ok emst okst`kgns, mvnr tdn imkc tnre, d`s

prmvnk tm fn prmpdntog.

Rdn Amrcmttnk Amrty. Nvnry Bngnefnr, Fmy`rs Oktroksog Qìun Vnsn`rgd prmbugns Rdn AmrcmttnkAmrty. Rdn Amrcmttnk Amrty, gmktòks mur okvnstenkt tdnsns mk tdn amrty gmep`kons ok mur ukovnrsn td`t okmur mpokomk d`vn tdn crn`tnst pmtnktoì amr g`potì `pprngo`tomk ok tdn gmeokc yn`r bun tm ` g`tìyst mrgmrpmr`tn `gtomk wn fnionvn os iolniy tm mggur tm dnip ukimgl sd`rndmibnr vìun.

Oa ymu wmuib ioln tm in`rk emrn `fmut sufsgrofokc tm@ssnt @kìysos Amguspin`sn gmkt`gt en borngtiy `t606-??>-4788 nxt 60> mr neòi en `t Jfmy`rHfmy`rvìuncrmup.gme.

Wokgnrniy,

Jmk`td`k Fmy`r

*X`st pnramre`kgn os km cu`r`ktnn ma auturn rnsuits.Rdn eogrm g`p kèns wotd tdn nxgnptomk ma Bmuci`s Bykèogs `kb Gmrn-E`rl Dmibokcs Gmep`ky Okg., wnrn okgiubnb ok Fmy`rs Eogrm G`p Amgus, `snp`r`tn snrvogn maanrnb fy Fmy`rs Oktroksog Qìun Vnsn`rgd IIG.Grmwk Enbo` Dmibokcs `kb ^kotnb Mkiokn, Okg., wnrn an`turnb ok Fmy`rs Eogrm G`p Amgus.**Rdos rnprnsnkts tdn `vnr`cn `kkuìoznb pnramre`kgn amr ìi rncui`r@ssnt @kìysos rnpmrts fy yn`r ma pufiog`tomk arme tdnor rnspngtovn pufiog`tomk b`tnsst`rtokc ok 688? tdrmucd Jukn 6807. Rdn W&X >88 rnsuits `rn kmt okgiusovn ma bovobnkbs.Npmgd Dmibokc Gmrp. w`s `gquornb fy RB F`kl mk 7/63/07< tdn rnturk sdmwk dnrn stmps `t tdos i`ttnr b`tn.

6807


0 Iovn K`tomk Nktnrtòkenkt, Okg. 43.17% 67.82% 12.18%

6 Gmrn-E`rl Dmibokc Gmep`ky, Okg. 48.6?% 60.0>% >?.02%

7 Gmkstnii`tomk Fr`kbs Okg. 20.>>% 07.37% 63.46%

2 BorngRQ 73.38% ?.?0% 63.3?%> Bnvmk Nknrcy Gmrpm`r`tomk 22.0?% 0?.14% 62.>0%

>


5/44

Gme `kons rmaoinb ok@ssnt @kì sos Amgus sokgn 688?

Roglnr Gmep`ky Vnvonw Rypn B`tn ma Ossun Xrogn t B`tn Gurrnkt Xrogn Xrogn (%)

MND Mronkt-Nxprnss Dmtnis Itb Knw 0/78/8? 1.76 07.74 000.30%

RST Roen S`rknr Okg ^pb`tn 0/78/8? ?.77 26.02 7>0.1?%

FNK Ar`kliok Vnsmurgns Okg Knw 6/63/8? 0>.63 >1.46 636.01%

GFW GFW Gmrp ^pb`tn 6/63/8? 2.63 >1.47 0678.?0%

EBW Eob`s, Okg ^pb`tn 6/63/8? 3.7> 00.>8 >1.21%

S^ Snstnrk komk Gm Knw 7/78/8? 06.88 03.23 2>.>4%

WLW W`ls Okg ^pb`tn 7/78/8? 0.4> 01.88 312.41%

^XW ^kotnb X`rgni Wnrvogn Okg ^pb`tn 7/78/8? 24.10 ?3.8? ??.37%

LWSW L Wwoss Okg Knw 2/78/8? 08.82 2.32 ->6.3?%

W@E Fmstmk Fnnr Gmep`ky Okg ^pb`tn 2/78/8? 61.18 668.28 364.>3%

FE_ Frostmi-Eynrs Wquoff Gm ^pb`tn 2/78/8? 0?.68 >8.16 017.1>%

^KC ^kotnb Wt`tns K`turì C`s Aukb, IX Knw >/6?/8? 02.18 6.12 -40.?7%

GEGWL Gmeg`st Gmrp ^pb`tn >/6?/8? 07.88 >7.23 700.70%

BFB Bonfmib Okg ^pb`tn >/6?/8? 62.36 73.14 >6.27%

SNK Rdn Snkby's Gm Knw 1/78/8? 2.88 4.0> 087.3>%

DKZ D. J. Dnokz Gmep`ky ^pb`tn 1/78/8? 7>.38 36.>8 087.84%

DB Dmen Bnpmt Okg ^pb`tn 1/78/8? 67.17 48.4> 626.0>%

NI_ Gìi`w`y Cmia Gmep`ky Knw 08/6/8? 3.76 3.18 7.47%

OWG@ Oktnrk`tomkì Wpnnbw`y Gmrpmr`tomk Knw 08/6/8? 63.8? 78.76 00.?6%

E@V E`rromtt Oktnrk`tomkì Okg Knw 08/6/8? 6>.10 38.23 03>.0>%

XMMI Xmmi Gmrp Knw 08/6/8? 60.74 >2.31 0>1.07%

FL F`kl ma Knw _mrl Eniimk Gmrp ^pb`tn 08/78/8? 61.11 7?.82 21.22%

FV Frm`brobcn Aok`kgoì Wmiutomks Okg ^pb`tn 08/78/8? 68.40 28.73 ?7.??%

GQG G`finvosomk Wystnes Gmrp ^pb`tn 08/78/8? 66.?1 2?.86 007.>0%

@MI @MI Okg Knw 0/64/08 67.73 20.17 34.00%

OOIC Oktnrvì Inosurn Crmup Okg Knw 0/64/08 06.3? 60.04 1>.18%

BAW Bosgmvnr Aok`kgoì Wnrvogns ^pb`tn 0/64/08 07.>0 10.81 7>0.?1%

NXDG Npmgd Dmibokc Gmrpmr`tomk Knw 6/61/08 08.68 78.6> 0?1.>3%

LVAR Lràt Ammbs Crmup Okg Knw 6/61/08 64.27 >7.38 44.?8%

BOW Sìt Boskny Gm ^pb`tn 6/61/08 70.62 4>.44 032.?8%

EWC Rdn E`bosmk Wqu`rn C`rbnk Gm Knw 7/78/08 60.?0 >?.72 038.42%

@EX @enroprosn Aok`kgoì Okg ^pb`tn 7/78/08 2>.63 00?.18 012.0?%

RVQ Rr`vninrs Gmep`kons Okg ^pb`tn 7/78/08 >7.?7 4?.>1 11.83%

F@G F`kl ma @enrog` Gmrp Knw 2/64/08 03.34 0>.6> -02.67%

SRS Snocdt S`tgdnrs Oktnrk`tomkì Okg Knw 2/64/08 61.13 60.1? -04.13%

EBX Enrnbotd Gmrp ^pb`tn 2/64/08 71.61 2>.?6 61.12%

@WGE@ @sgnkt G`potì Crmup Okg Knw >/64/08 61.2? 10.?4 077.?4%

CVEK C`reok Itb Knw >/64/08 77.>4 >>.86 17.42%

XII Xìi Gmrp ^pb`tn >/64/08 72.8> 33.23 063.>6%

GIT Rdn Gimrmx Gm ^pb`tn 1/6?/08 16.37 41.43 74.24%

XI@ Xi`yfmy Nktnrprosns, Okg ^pb`tn 1/6?/08 2.84 1.0> >8.32%

S^ Snstnrk komk Gm ^pb`tn 1/6?/08 02.?2 03.23 01.?7%

W__ Wysgm Gmrp Knw ?/0>/08 6?.80 7>.1? 67.87%

SE S`stn E`k`cnenkt Okg Knw ?/0>/08 72.>7 22.4? 78.88%

EDAO Rdn EgCr`w-Doi i Gmep`kons, Okg Knw ?/0>/08 78.6? 46.36 037.8?%

R@X Emismk Gmmrs Frnwokc Gm Knw ?/0>/08 2>.07 13.>7 2?.17%

ELG EgGmreogl & Gmep`ky Okg Knw ?/0>/08 28.?> 1>.34 18.17%

FEW Fneos Gmep`ky Okg Knw ?/0>/08 70.8? 7?.80 6>.23%WK@ Wk`p-Mk Okg Knw ?/0>/08 2>.>0 068.68 012.06%

SBAG SB-28 Gmep`ky Knw ?/0>/08 71.64 11.31 42.80%

ID I`fmr`tmry Gmrpmr`tomk ma @enrog` Dmibokcs Knw 08/64/08 40.76 087.1? 63.>0%

GEGWL Gmeg`st Gmrp ^pb`tn 08/64/08 0?.>? >7.23 036.?>%

SNK Rdn Snkby's Gm ^pb`tn 08/64/08 2.12 4.0> 3>.1>%

GWGM Gosgm Wystnes Okg Knw 0/63/00 60.22 6>.67 03.14%

DFO D`knsfr`kbs Okg Knw 0/63/00 66.21 ?3.30 77>.82%

KAIT Kntai ox Okg Knw-Xòr Rr`bn 0/63/00 608.43 266.36 -088.21%

RST Roen S`rknr Okg Knw-Xòr Rr`bn 0/63/00 76.70 41.87 011.63%

Xòr Rr`bn Xnramre`kgn Gìgui`tomk 0/63/00 1>.40%

_DMM _`dmm! Okg Knw 6/64/00 01.28 7>.40 004.7>%

BFB Bonfmib Okg ^pb`tn 6/64/00 7>.01 73.14 3.03%

EBW Eob`s, Okg ^pb`tn 6/64/00 3.30 00.>8 2?.01%

GQW GQW G`rne`rl Gmrp Knw 7/78/00 77.12 31.71 061.??%

1


6/44



RVEL Rruste`rl Gmrp ^pb`tn 7/78/00 67.64 67.87 -0.83%

OOIC Oktnrvì Inosurn Crmup Okg ^pb`tn 7/78/00 01.78 60.04 6?.?2%

GQG G`finvosomk Wystnes Gmrp ^pb`tn 2/6?/00 7>.67 72.0? -6.?1%NXDG Npmgd Dmibokc Gmrpmr`tomk ^pb`tn 2/6?/00 03.72 78.6> 32.2>%

OWG@ Oktnrk`tomkì Wpnnbw`y Gmrpmr`tomk ^pb`tn 2/6?/00 78.18 78.76 -8.?6%

KNW Kuvnrr` Nkvormkenktì Wmiutomks, Okg. Knw >/70/00 18.88 04.16 -14.?3%

DB Dmen Bnpmt Okg ^pb`tn >/70/00 71.64 48.4> 066.4>%

EWC Rdn E`bosmk Wqu`rn C`rbnk Gm ^pb`tn >/70/00 63.>0 >?.72 00>.38%

WEC Wgmtts Eor`gin-Crm Gm Knw 1/64/00 >0.2? >7.68 7.76%

NI_ Gìi`w`y Cmia Gmep`ky ^pb`tn 1/64/00 1.72 3.18 0?.43%

DKZ D. J. Dnokz Gmep`ky ^pb`tn 1/64/00 >7.07 36.>8 71.21%

NAT Nquoa`x Okg Knw ?/07/00 70.80 31.8? 02>.73%

EDL Emd`wl Okbustrons Okg Knw ?/07/00 22.82 062.33 047.70%

SWM S`tsgm Okg Knw ?/07/00 >3.6> ?2.>3 1>.0?%

SDV Sdoripmmi Gmrp Knw ?/07/00 >7.63 026.12 013.33%

GXF Gèpfnii Wmup Gm Knw 08/70/00 77.6> 20.>? 6>.84%

NTXN Nxpnbo` Okg Knw 08/70/00 61.61 43.1> 677.34%XII Xìi Gmrp ^pb`tn 08/70/00 >0.03 33.23 >0.28%

GMVN Gmrn-E`rl Dmibokc Gmep`ky, Okg Knw 0/70/06 28.10 ?2.28 076.21%

T_I Tyine Okg Knw 0/70/06 6>.?0 7>.6? 71.68%

FL F`kl ma Knw _mrl Eniimk Gmrp ^pb`tn 6/6?/06 66.00 7?.82 31.>3%

ID I`fmr`tmry Gmrpmr`to mk ma @enro g` Dmibo kcs ^pb`tn 6/6?/06 4?.4? 087.1? 0>.7>%

IOKR@ Iofnrty Oktnr`gtovn Gmrp ^pb`tn 6/6?/06 04.31 71.37 ?>.40%

NKV Nknrcoznr Dmibokcs Okg Knw 7/78/06 32.04 002.31 >2.38%

I_Q Iovn K`tomk Nktnrtòkenkt Okg Knw 7/78/06 ?.28 67.60 021.?0%

R@X Emismk Gmmrs Frnwokc Gm ^pb`tn 7/78/06 2>.67 13.>7 2?.78%

SBAG SB-28 Gmep`ky ^pb`tn 7/78/06 2>.7> 11.31 23.60%

XIMS Bmuci`s Bykèogs, Okg Knw 2/78/06 02.07 01.38 04.0?%

EBX Enrnbotd Gmrp ^pb`tn 2/78/06 64.47 2>.?6 >?.64%

GQG G`finvosomk Wystnes Gmrp ^pb`tn >/78/06 00.27 0?.66 14.0>%

NI_ Gìi`w`y Cmia Gmep`ky ^pb`tn >/78/06 >.>8 3.18 74.04%BNII Bnii Okg ^pb`tn >/78/06 06.>1 07.44 08.>0%

BQK Bnvmk Nknrcy Gmrp Knw 1/64/06 >1.4> 3>.>8 76.40%

XMWR Xmst Dmibokcs Okg Knw 1/64/06 78.4> 22.?6 2>.10%

DFO D`knsfr`kbs Okg Frona pb`tn 1/64/06 63.07 ?3.30 618.0>%

XII Xìi Gmrp Frona pb`tn 1/64/06 >7.81 33.23 21.88%

WEC Wgmtts Eor`gin-Crm Gm Frona pb`tn 1/64/06 28.26 >7.68 70.16%

FFF_ Fnb F`td & Fnymkb Okg Knw ?/06/06 1?.33 17.6? -?.6?%

BMIN Bmin Ammb Gmep`ky, Okg Knw ?/06/06 02.83 07.>8 -2.8>%

IEG@ Iofnrty Enbo` Gmrpmr`tomk Knw ?/06/06 086.>6 01?.>1 1>.7?%

QO@ Qo`gme Okg Knw ?/06/06 >8.40 47.02 17.17%

BRQ BorngRQ Knw 08/70/06 >0.02 41.8> 14.61%

IE Incc E`smk Okg Knw 08/70/06 6>.24 23.2> 41.66%

SE S`stn E`k`cnenkt Okg ^pb`tn 08/70/06 76.32 22.4? 73.00%

R_G Rygm Oktnrk`tomkì Itb Knw 0/6?/07 78.>0 27.0> 20.27%QOQ.X@ Qovnkbo W.@. Knw 0/6?/07 01.86 0?.33 67.20%

S^ Snstnrk komk Gm ^pb`tn 0/6?/07 02.81 03.23 62.6>%

BMIN Bmin Ammb Gmep`ky, Okg Frona pb`tn 6/63/07 00.61 07.>8 0?.4?%

OWG@ Oktnrk`tomkì Wpnnbw`y Gmrpmr`tomk Frona pb`tn 6/63/07 78.>3 78.76 -8.46%

LWW Lmdi's Gmrp Knw 6/63/07 21.16 >7.>2 02.42%

VCG Vncì Nktnrtòkenkt Crmup Knw 6/63/07 0>.18 0?.21 62.32%

I_Q Iovn K`tomk Nktnrtòkenkt Okg Frona pb`tn 7/64/07 06.73 67.60 43.17%

WXIW Wt`pins Okg Knw 7/64/07 07.26 00.>? -07.12%

R@X Emismk Gmmrs Frnwokc Gm Frona pb`tn 7/64/07 24.?7 13.>7 74.80%

SRS Snocdt S`tgdnrs Oktnrk`tomkì Okg ^pb`tn 7/64/07 26.00 60.1? -24.2?%

GMD Gm`gd Okg Knw 2/6?/07 >4.63 72.>1 -28.1?%

GMVN Gmrn-E`rl Dmibokc Gmep`ky, Okg ^pb`tn 2/6?/07 >6.71 ?2.28 48.6?%

T_I Tyine Okg ^pb`tn 2/6?/07 64.6> 7>.6? 62.?6%

3


7/44



GVMT Grmgs Okg Knw >/70/07 03.12 0>.43 -08.87%

BAW Bosgmvnr Aok`kgoì Wnrvogns ^pb`tn >/70/07 23.20 10.81 64.3?%

SVF S. V. Fnrliny Gmrp Knw >/70/07 28.?3 22.10 4.44%BQK Bnvmk Nknrcy Gmrp ^pb`tn 1/63/07 >6.71 3>.>8 22.0?%

IOKR@ Iofnrty Oktnr`gtovn Gmrp ^pb`tn 1/63/07 66.40 64.8> 66.?3%

WEC Wgmtts Eor`gin-Crm Gm ^pb`tn 1/63/07 24.63 >7.68 08.60%

WRZ Gmkstnii`tomk Fr`kbs, Okg. Knw ?/01/07 >4.46 47.61 20.>>%

WGDS Rdn Gd`rins Wgdw`f Gmrpmr`tomk Knw ?/01/07 66.84 63.3> 6>.14%

WIE WIE Gmrpmr`tomk Knw ?/01/07 62.47 61.81 2.?>%

QEG Quig`k E`tnroìs Knw ?/01/07 >6.7> 17.07 68.>?%

SF.R Sdostinr Fi`gmef Dmibokcs, Okg. Knw 08/70/07 02.>8 03.71 0?.36%

BRQ BorngRQ ^pb`tn 08/70/07 16.2? 41.8> 73.38%

IE Incc E`smk Okg. ^pb`tn 08/70/07 74.23 23.2> 67.72%

ID I`fmr`tmry Gmrpmr`to mk ma @enrog` Dmi bo kcs ^pb`tn 0/78/02 4?.81 087.1? 01.27%

IPBR Ioquoboty Wnrvogns,Okg. Knw 0/78/02 67.>8 07.2? -26.18%

WRVZ@ Wt`rz Knw 0/78/02 63.?4 64.>0 0.4?%

FFF_ Fnb F`td & Fnymkb Okg ^pb`tn 6/64/02 13.46 17.6? -1.14%EWC Rdn E`bosmk Wqu`rn C`rbnk Gm ^pb`tn 6/64/02 >3.80 >?.72 2.8?%

RST Roen S`rknr Okg ^pb`tn 6/64/02 13.07 41.87 64.01%

GXV B`vobn Gèp`ro-Eoi`km W.p.@. Knw 7/70/02 >.?> >.42 -0.4>%

WXIW Wt`pins Okg ^pb`tn 7/70/02 00.72 00.>? 6.68%

RCR R`rcnt Gmrp. Knw 7/70/02 18.>0 >?.>? -0.>6%

@II Rdn @iist`tn Gmrpmr`tomk Knw 2/6?/02 >1.4? >4.2> 6.32%

GEGWL Gmeg`st Gmrp ^pb`tn 2/6?/02 >8.4> >7.23 >.0>%

DIW DnìtdWmutd Gmrpmr`tomk Knw 2/6?/02 77.?4 74.77 06.48%

GMD Gm`gd Okg ^pb`tn >/78/02 28.36 72.>1 -0>.07%

NI_ Gìi`w`y Cmia Gmep`ky ^pb`tn >/78/02 4.86 3.18 ->.62%

QOQ.X@ Qovnkbo W.@. ^pb`tn >/78/02 0?.62 0?.33 6.3>%

NF@_ nF`y Okg. Knw 1/78/02 >8.81 >6.47 >.>7%

CKG CKG Dmibokcs Gmrp. Knw 1/78/02 72.08 76.40 -7.34%

RVS RVS @utmemtovn Dmibokcs Gmrp. Knw 1/78/02 4?.>6 086.6? 02.61%

Xnramre`kgn okgiubns spngoì bovobnkbs `kb spokmaas fut kmt rncui`r bovobnkbs.X`st pnramre`kgn os km cu`r`ktnn ma auturn rnsuits. Rdnsn rnsuits `rn ukùbotnb. Rdn rnsuits `rn `s ma Juiy 70st, 6802.Wtmgls prmaoinb inss td`k mkn yn`r `cm `rn kmt `kkuìoznb.

4


8/44

Rdn amiimwokc p`cns gmktòk ` rngnkt nxèpin ma ` typogì@ssnt @kìysos Amgus rnpmrt.

nF`y Okg. ($>8.81)nF`y mwks ` in`bokc cimfì mkiokn e`rlntpi`gn (nF`y.gme) `kb tdn wmribs emst pmpui`r mkiokn p`yenkt prmgnssmr(X`yXì) td`t gmiingtovniy nk`finb crn`tnr td`k $688 foiiomk ok gmeenrgn vmiuen ok 6807. nF`y d`s crmwk rnvnkuns `t `06.2% G@CV ok ots E`rlntpi`gns sncenkt `kb ` 6>.6% G@CV `t X`yXì mvnr tdn p`st 08 yn`rs. Fmtd fusoknssns spmrt`ttr`gtovn docd-e`rcok, ann-f`snb rnvnkun embnis, wdogd d`s inb tm `bjustnb NXW okgrn`sokc `t ` 03.3% G@CV mvnr tdnp`st 08 yn`rs tm $6.30 ok 6807. Dmwnvnr, nF`y sd`rns `rn rmucdiy ai`t mvnr tdn p`st 06 emktds bun tm ` gmkaiunkgn maknc`tovn dn`biokns okgiubokc ` snguroty frn`gd `t nF`y.gme, ` aòinb gèpòck amr ` spiot-up fy `k `gtovost okvnstmr, `kbrnbugnb Gmep`ky cuob`kgn amr 6802-680>. Ok mur vonw, tdnsn ossuns sdmuib kmt bnròi nF`ys imkc-tnre mppmrtukotons.Cimfì ngmeenrgn vmiuen os prmjngtnb tm okgrn`sn `t ` 0>%-pius G@CV amr tdn amrnsnn`fin auturn `kb wn fnionvn nF`yeòktòks i`stokc `bv`kt`cns covnk ots kntwmrl sgìn `kb cimfì rn`gd. Sn ìsm prnanr nF`ys e`rlntpi`gn embnvnrsus @e`zmks auiaoiienkt embni, covnk tdn mpnr`tokc e`rcok boaanrnktoì (28% E`rlntpi`gns e`rcok vs. ~0% `@e`zmk) `kb imw okvnktmry rosl/g`potì rnquornenkts. X`yXì ìrn`by tmugdns kn`riy 68% ma ngmeenrgn tr`ks`gtomks`kb sdmuib fnknaot arme tdn sèn tòiwokbs, wotd `bbotomkì upsobn arme tdn tr`botomkì rntòi p`yenkts fusoknss. _nt `tmkiy 08x amrw`rb NFORB@, nF`y tr`bns `t ` i`rcn bosgmukt tm fmtd ots dostmrogì `vnr`cns `kb ots ngmeenrgn `kbp`yenkts pnnrs. ^toiozokc ` sue-ma-tdn-p`rts vìu`tomk, mur amrw`rb immlokc nstoe`tn ma nF`ys oktroksog vìun os`pprmxoe`tniy $48 pnr sd`rn. Oa tdn gurrnkt bosgmukt pnrsosts, nF`y gmuib rngmksobnr snp`r`tokc tdn vìu`fin X`yXìbovosomk arme nF`y. Ok tdn oktnroe, nF`y pmssnssns ` crmwokc arnn g`sd aimw strnè (3% arnn g`sd aimw yonib nx-kntg`sd) `kb `k mvnrg`potìoznb fì`kgn sdnnt ($3 pnr sd`rn ok knt g`sd) `kb rngnktiy okgrn`snb ots sd`rn rnpurgd`snùtdmroz`tomk fy $> foiiomk.

?


9/44

Jukn 78, 6802Qmiuen TI, Ossun QO

nF`y Okg.K`sb`q: NF@_

Bmw Jmkns Okbus: 01,461.18W&X >88: 0,?18.67Vussnii 6888: 0,0?6.?1 Rroccnr: KmOkbnx Gmepmknkt: W&X >88 Rypn ma Wotu`tomk: Fusoknss Qìun, Gmksuenr Ar`kgd

Xrogn: $ >8.81

Wd`rns Mutst`kbokc (EE): 0,631

Auiiy Boiutnb (EE) (% Okgrn`sn): 0,763 (2%)

@vnr`cn Bòiy Qmiuen (EE): 06.?

E`rlnt G`p (EE): $ 11,278Nktnrprosn Qìun (EE): $ >3,>87Xnrgnkt`cn Gimsniy Dnib: Oksobnrs ?%

>6-Snnl Docd/Imw: $ >?.78/24.6>

Rròiokc Rwnivn EmktdsXrogn/N`rkokcs: KE

Xrogn/Wt`tnb Fmml Qìun: 7.1x

Imkc-Rnre Bnft (EE): $ 2,064Oepionb ^psobn tm Nstoe`tn maOktroksog Qìun: 18%

Bovobnkb: KE

X`ymut KE

_onib KE

Knt Vnvnkun Xnr Wd`rn:RRE $ 06.246807 $ 06.666806 $ 08.366800 $ 4.43

N`rkokcs Xnr Wd`rn:RRE $ K@6807 $ 6.04

6806 $ 0.??6800 $ 6.21

Aosgì _n`r Nkbs:Gmep`ky @bbrnss:

Rninpdmkn:GNM/Xrnsobnkt:

Bngnefnr 70681> Dèoitmk @vnkunW`k Jmsn, G@ ?>06>284-731-3288Jmdk J. Bmk`dmn

Gionkts ma Fmy`r @ssnt E`k`cnenkt, Okg. bm kmt mwk ma nF y Okg.gmeemk stmgl

@kìysts nepimynb fy Fmy`rs Oktroksog Qìun Vnsn`rgd IIG bm kmt mwksd`rns ma nF`y Okg. gmeemk stmgl.

Oktrmbugtomk

nF`y (NF@_ mr tdn Gmep`ky) mwks ìn`bokc cimfì mkiokn e`rlntpi`gn (nF`y.gme) `kb tdnwmribs emst pmpui`r mkiokn p`yenkt prmgnssm(X`yXì) td`t gmiingtovniy nk`finb crn`tnr td`k$688 foiiomk ok gmeenrgn vmiuen ok 6807. Mkn ma tdnanw suggnss stmrons arme tdn i`tn-0??8s tngdkmimcyfuffin, nF`y d`s crmwk rnvnkuns `t ` 06.2% G@CVmvnr tdn p`st 08 yn`rs ok ots E`rlntpi`gns sncenkt tm$4.7 foiiomk ok 6807 `kb `t ` 6>.6% G@CV `t X`yXì tm$1.1 foiiomk. Fmtd fusoknssns spmrt `ttr`gtovn docde`rcok, ann-f`snb rnvnkun embnis, wdogd d`s inb tm`bjustnb NXW okgrn`sokc `t ` 03.3% G@CV mvnr tdnp`st 08 yn`rs tm $6.30 ok 6807. Dmwnvnr, nF`y sd`rns`rn rmucdiy ai`t mvnr tdn p`st 06 emktds `kb bmwk 0>%arme n`riy 6802 docds bun tm ` gmkaiunkgn ma knc`tovn

dn`biokns okgiubokc ` snguroty frn`gd `t nF`y.gme, àòinb gèpòck amr ` spiot-up fy `k `gtovost okvnstmr(G`ri Og`dk), `kb ` rngnktiy rnbugnb 6802-680> mutimmlfy nF`y e`k`cnenkt.

Ok mur vonw, tdnsn rngnkt dn`bwokbs sdmuib kmbnròi nF`ys imkc-tnre mppmrtukotons `kb `rn emrn td`krnaingtnb ok tdn gurrnkt vìu`tomk. Cimfì ngmeenrgnvmiuen os prmjngtnb tm okgrn`sn `t ` 0>%-pius G@CV amrtdn amrnsnn`fin auturn, `kb bnspotn tdn gmepntotovnknssma ngmeenrgn, wn fnionvn nF`y.gme eòktòks i`stokc`bv`kt`cns covnk ots sdnnr sgìn `kb cimfì rn`gd. Snìsm prnanr nF`ys e`rlntpi`gn embni vnrsus @e`zmks

08


10/44

nF`y Okg.

auiaoiienkt embni, covnk tdn mpnr`tokc e`rcok boaanrnktoì (28% E`rlntpi`gns e`rcok vs. ~0% `t @e`zmk) `kb imwokvnktmry rosl/g`potì rnquornenkts. X`yXì ìrn`by tmugdns kn`riy 68% ma ngmeenrgn tr`ks`gtomks `kb sdmuibfnknaot arme tdn sèn tòiwokbs, wotd `bbotomkì upsobn sdmuib emfoin p`yenkt crmwtd `kb rntòi `ggnpt`kgncòks nk`fin X`yXì tm e`ln bnnpnr okgursomks oktm tdn tr`botomkì rntòi p`yenkts fusoknss. Nvnk oa nF`ys

dostmrogì crmwtd bngninr`tns emrn td`k gurrnktiy prmjngtnb, tdn Gmep`ky sdmuib stoii crmw tdn tmp `kb fmttmeiokns `t mr vnry gimsn tm bmufin-bocot `kkuì r`tns.

Ok mur vonw, tdnsn a`gtmrs `rn km imkcnr rnaingtnb ok nF`ys gurrnkt vìu`tomk. @t mkiy 08x amrw`rbNFORB@ `kb inss td`k 03x 6802N `bjustnb NXW, nF`y tr`bns `t ` i`rcn bosgmukt tm fmtd ots dostmrogì `vnr`cnr`kcn `kb ots ngmeenrgn `kb p`yenkts pnnrs. ^toiozokc ` sue-ma-tdn-p`rts vìu`tomk wotd rni`tovniy gmksnrv`tovnprmjngtomks `kb stoii-bosgmuktnb euitopins (08x E`rlntpi`gns `kb 02x X`yenkts) tm 6801N NFORB@, mur amrw`rb-immlokc nstoe`tn ma nF`ys oktroksog vìun os `pprmxoe`tniy $48 pnr sd`rn. Oa tdn gurrnkt bosgmukt pnrsosts, wnfnionvn nF`ys e`k`cnenkt gmuib gmen ukbnr rnknwnb prnssurn tm snp`r`tn tdn vìu`fin X`yXì bovosomk armenF`y. @ spokmaa wmuib covn X`yXì tdn gurrnkgy tm okgnktovozn e`k`cnenkt, `ttr`gt knw tìnkt `kb pursun`ttr`gtovn E&@ mppmrtukotons, `kb X`yXì wmuib iolniy gmee`kb ` prneoue euitopin `s `k okbnpnkbnktgmep`ky covnk ots bmeok`kgn ok tdn ningtrmkog p`yenkts e`rlnt. @itnrk`tovniy, sdmuib ` snp`r`tomk aòi tme`tnroìozn mvnr tdn knxt 6-7 yn`rs, nF`y os wnii pmsotomknb tm rnturk g`potì tm sd`rndmibnrs nk e`ssn. RdnGmep`ky pmssnssns ` crmwokc arnn g`sd aimw strnè (3% arnn g`sd aimw yonib nx-knt g`sd) `kb `k

mvnrg`potìoznb fì`kgn sdnnt ($3 pnr sd`rn ok knt g`sd) `kb rngnktiy okgrn`snb ots sd`rn rnpurgd`snùtdmroz`tomk fy $> foiiomk wdoin rnpurgd`sokc $0.4 foiiomk (6% ma sd`rns `t 9$>>/sd`rn) ok 0P 6802 ìmkn.

Dostmry

nF`y w`s amukbnb fy gmeputnr prmcrèenr Xonrrn Meoby`r ok W`k Jmsn, Gìoamrko` ok 0??> `s `kmkiokn gmksuenr-tm-gmksuenr ùgtomk sotn. Sdnk Enc Sdote`k jmoknb `s GNM ok E`rgd 0??4, nF`y stoii d`bmkiy 78 nepimynns `kb $2.3 eoiiomk ok rnvnkun. Rm suppmrt ots crmwtd èfotomks, nF`y gmepintnb `k OXM okWnptnefnr 0??4 `t $04 pnr sd`rn ($8.3>/sd`rn, spiot-`bjustnb) `kb nF`y wmuib smmk fngmen `k Oktnrkntincnkb. nF`y sd`rns wnrn oeenbo`tniy maa tm tdn r`gns, gimsokc up gimsn tm 688% mk tdnor aorst b`y ma tr`bokc `kbpn`lokc `t wnii mvnr $188 pnr sd`rn (;$6>, spiot `bjustnb) fy @proi 0???. @itdmucd nF`y sd`rns bob kmtgmepintniy `vmob tdn oep`gt ma tdn tngd fuffins furst, mvnr dnr 08 yn`r tnkurn, Es. Sdote`k dnipnb cuobn tdnGmep`ky oktm ` in`bokc mkiokn e`rlntpi`gn, nxp`kbokc fnymkb ots rmmts oktm oktnrk`tomkì e`rlnts, docdnr prognt`c otnes, fusoknss-tm-gmksuenr ngmeenrgn, `kb aoxnb progn sìns. Rdn Gmep`ky ìsm nxngutnb snvnrì i`rcn-

sgìn `gquosotomks mvnr toen. Ok Juiy 6886, nF`y `kkmukgnb tdn `gquosotomk ma cimfì mkiokn p`yenkts pi`tamreX`yXì amr $0.> foiiomk ok wd`t wmuib fngmen ` tr`ksamre`tovn bnì. X`yXì ìsm `gquornb in`bokc vmogn-mvnr-OXsmatw`rn prmvobnr Wlypn amr $6.1 foiiomk ok 688>, fut tdn fusoknss w`s auiiy bovnstnb fy 6800. Emrn rngnktiy, tdnGmep`ky `gquornb ngmeenrgn snrvogns prmvobnr CWO Gmeenrgn amr $6.2 foiiomk ok 6800.

Fusoknss Mvnrvonw

nF`y mpnr`tns mkn ma tdn wmribs in`bokc mkiokn e`rlntpi`gns (nF`y.gme) `kb mkiokn p`yenktspi`tamres (X`yXì), prmbugokc $01.8 foiiomk ok knt rnvnkuns maa ma $68> foiiomk ok tmtì nk`finb gmeenrgn vmiuen(NGQ) ok 6807, nxgiubokc emtmr vndogin `kb rnì nst`tn crmss enrgd`kbosn vmiuen (CEQ). nF`y d`s ` cimfìammtprokt, wotd $4.7 foiiomk mr >6% ma rnvnkuns cnknr`tnb mutsobn tdn ^.W. ok 6807. nF`y rnpmrts aok`kgoì rnsuitsok tdrnn fusoknss sncenkts: E`rlntpi`gns, X`yenkts, `kb Nktnrprosn, `s bntòinb fnimw.

nF`y Dostmrogì Vnvnkun fy Cnmcr`pdy ($ eoiiomks)

_n`r Nkbnb Bngnefnr 70,Knt Vnvnkuns ($EE) 6800 6806 6807

^.W. $ >,242 $ 1,334 $ 3,306

Cnre`ky 0,>7? 0,13? 0,>7?

^kotnb Lokcbme 0,>36 0,44? 0,>36

Vnst ma wmrib 7,8>3 7,361 7,8>3

Rmtì knt rnvnkuns $ 00,1>6 $ 02,836 $ 01,823

00


11/44

nF`y Okg.

E`rlntpi`gns (>6% ma rnvnkuns)

nF`y rnpmrtnb 064 eoiiomk `gtovn usnrs `kb >>8 eoiiomk iostokcs cimfìiy ok ots E`rlntpi`gns sncenkt `s mayn`r-nkb 6807, wdogd e`lns ots ` tmp-7 cimfì mkiokn e`rlntpi`gn. nF`ys E`rlntpi`gns sncenkt proe`roiygmksosts ma tdn ai`csdop nF`y.gme ngmeenrgn pi`tamre `kb ots imgìoznb sostnr sotns, emst prmeoknktiy ok

Cnre`ky (nF`y.bn) `kb tdn ^.L. (nF`y.gm.ul). @ggmrbokc tm @inx`, nF`y.gme os tdn #3 r`klnb wnfsotn ok tdn^.W. `kb ` tmp-tnk wnfsotn ok snvnrì oktnrk`tomkì imgìns. Rdn E`rlntpi`gns sncenkt ìsm okgiubns mtdnr mkioknsdmppokc prmpnrtons sugd `s Dìa.gme, CottoCoboymr (` ?7% mwknb Rurlosd mkiokn e`rlntpi`gn), tdn WtufDufsngmkb`ry toglnt e`rlntpi`gn (nst. $788 eoiiomk mr crn`tnr `kkuì rnvnkun), gi`ssoaonb snrvogns wnfsotnsokgiubokc fr`kbs2aronkbs.gme `kb Wdmppokc.gme, `kb `k `bvnrtosokc snrvogns fusoknss. nF`y ìsm mwks èokmroty st`ln ok Gròcsiost, ìtdmucd ot td`t d`s prmbugnb emrn ok incì anns td`k nquoty okgmen mvnr tdn yn`rs.

nF`y os ` tr`bokc pi`tamre td`t a`goiot`tns tr`ks`gtomks fntwnnk fuynrs `kb sniinrs mk ots sotns, r`tdnrtd`k `gtokc `s ` borngt n-rntòinr `kb auiaoiienkt prmvobnr. Rdus, tdn E`rlntpi`gns fusoknss proe`roiy cnknr`tnsann rnvnkun f`snb mk ` pnrgnkt`cn r`tn (t`ln r`tn) ma tdn crmss enrgd`kbosn vmiuen ma tr`ks`gtomksgmepintnb mk ots mkiokn prmpnrtons. @itdmucd nF`y.gme dostmrogìiy mpnr`tnb `s ` iovn mkiokn ùgtomk-styine`rlntpi`gn amr gmksuenrs mr seìi enrgd`kts tm snii tm mtdnr gmksuenrs, tmb`y ` e`jmroty ma enrgd`kbosn ossmib ukbnr ` aoxnb progn amre`t arme ` wobn spngtrue ma enrgd`kts `kb okbovobuìs `kb `grmss ` wobn r`kcn maprogns. nF`y ìsm cnknr`tns rnvnkuns arme `bvnrtosokc `kb e`rlntokc snrvogns. E`rlntpi`gns os nF`ys i`rcnstsncenkt arme ` aok`kgoì pnrspngtovn, cnknr`tokc $4.7 foiiomk ok rnvnkuns (>6% ma Gmep`ky-wobn, sncenkt-invnirnvnkuns) `kb $7.2 foiiomk ok mpnr`tokc okgmen (13%) ok 6807. Vnprnsnkt`tovn ma nF`ys cimfì rn`gd, 18% maCEQ w`s oktnrk`tomkì `kb 03% w`s grmss-fmrbnr ok 6807.

X`yenkts: X`yXì (20% ma rnvnkuns)

nF`ys X`yenkts sncenkt okgiubns X`yXì, tdn in`bokc bocotì p`yenkts kntwmrl. X`yXì `gts `s `koktnrenbo`ry fntwnnk gustmenrs `kb enrgd`kts tm a`goiot`tn bocotì p`yenkts vo` gustmenrs ioklnb f`kl`ggmukts, grnbot g`rbs, bnfot g`rbs, mr X`yXì fì`kgns, tdrmucd fmtd mkiokn `kb emfoin gd`kknis. X`yXì osìsm nxp`kbokc tmw`rb `k meko-gd`kkni `ggnpt`kgn embni. X`yXì os nk`finb `s ` amre ma p`yenkt `t mvnr0.? eoiiomk pdysogì rntòi img`tomks (vo` emfoin bnvogn, X`yXì bnfot g`rb, `kb/mr gustmenr imc-ok `t tdn pmokt masìn bnvogn), proe`roiy vo` ots enrgd`kt `gquosotomk p`rtknrsdop wotd Bosgmvnr Aok`kgoì Wnrvogns. X`yXì maanrsseìi fusoknssns ` emfoin p`yenkts prmgnssokc smiutomk wotd tdn X`yXì Dnrn g`rb rn`bnr `kb ioklnb emfoin`pp/smatw`rn. Rdn X`yenkts sncenkt ìsm okgiubns Foii En I`tnr (`gquornb amr $0.6 foiiomk ok 6884), ` snrvogn

wdogd nk`fins enrgd`kts tm maanr gustmenrs grnbot amr mkiokn `kb emfoin purgd`sns. Foii En I`tnr os ìsm maanrnbborngtiy tm niocofin Foii En I`tnr/X`yXì enefnrs `s ` p`yenkt mptomk `t nF`y.gme `kb mtdnr niocofin enrgd`kts.nF`y utoiozns ` tdorb p`rty aok`kgoì okstotutomk (Gmenkoty G`potì F`kl) tm bntnreokn gustmenr grnbotwmrtdoknss`kb nxtnkb grnbot fut nF`y eòktòks emst rngnov`fins `kb gustmenr snrvogokc rnquornenkts.

X`yXì d`s 024 eoiiomk `gtovn `ggmukts gmvnrokc mvnr 688 e`rlnts `kb 61 gurrnkgons `kb prmgnssnb$048 foiiomk ok knt tmtì p`yenkts vmiuen (RXQ) burokc 6807, gmepmsnb ma $>2 foiiomk ok mk-nF`y RXQ `kb$06> foiiomk ok enrgd`kt snrvogns (tdorb p`rty, o.n. maa nF`y e`rlnts) RXQ. Rdos okgiubns $63 foiiomk ok emfoinp`yenkts vmiuen. X`yXì proe`roiy cnknr`tns rnvnkun tdrmucd ` t`ln r`tn mk knt nk`finb RQX. X`yXìsst`kb`rb enrgd`kt anns `rn 6.?% pius $8.78 pnr tr`ks`gtomk ok tdn ^.W., wotd docdnr r`tns amr oktnrk`tomkìtr`ks`gtomks `kb bosgmukts `vòi`fin f`snb mk enrgd`kt vmiuen. X`yXì gmktrofutnb $1.1 foiiomk mr 20% manF`ys rnvnkun ok 6807. X`yXì os ` pmpui`r amre ma bocotì p`yenkt oktnrk`tomkìiy, nspngoìiy amr grmss-fmrbnrtr`ks`gtomks. @pprmxoe`tniy 24% ma X`yXìs nk`finb RXQ gèn arme mutsobn tdn ^.W. okgiubokc 6>% `grmss

fmrbnrs (sniinr tm fuynr) ok 6807.

Ok Bngnefnr 6807, X`yXì gmepintnb tdn `gquosotomk ma Fròktrnn amr $307 eoiiomk. Fròktrnns mkn-gioglemfoin `pp/mkiokn p`yenkt smatw`rn `kb wnii-rnc`rbnb @XOs d`vn dnipnb tdn gmep`ky wok docd-prmaoin gionktssugd `s ^fnr, MpnkR`fin, `kb @orfkf. Fròktrnn ìsm mpnr`tns tdn pmpui`r pnnr-tm-pnnr emfoin/mkiokn p`yenktsnrvogn Qnkem.

Nktnrprosn (3% ma rnvnkuns)

Rdn Nktnrprosn sncenkt gmksosts ma tdn amrenriy kènb CWO Gmeenrgn, `k nkb-tm-nkb ngmeenrgn `kbe`rlntokc snrvogns prmvobnr tm i`rcn cnknrì enrgd`kbosn rntòinrs. CWO w`s `gquornb amr $6.2 foiiomk (~$6 foiiomkàtnr bovnstoturns) ok Jukn 6800. Rdn Nktnrprosn fusoknss os ` seìi gmktrofutmr tm nF`ys gmksmiob`tnb aok`kgoìs,wotd $0.0 foiiomk ok rnvnkuns (3% ma tmtì sncenkt-invni rnvnkuns) `kb $?0 eoiiomk (6%) mpnr`tokc okgmen ok 6807.

06


12/44

nF`y Okg.

nF`y Dostmrogì Aok`kgoì Xnramre`kgn fy Wncenkt

($ eoiiomks)

Vnvnkuns: 6800 6806 6807E`rlntpi`gns:

Knt tr`ks`gtomk rnvnkuns $>,270 $1,834 $1,3?>E`rlntokc snrvogns `kb mtdnr rnvnkuns $0,600 $0,768 $0,24?

$1,126 $3,7?4 $4,642X`yenkts:Knt tr`ks`gtomks rnvnkuns $2,067 $>,021 $1,8?1E`rlntokc snrvogns `kb mtdnr rnvnkuns $64? $264 $>76

$2,206 $>,>32 $1,164Nktnrprosn:Knt tr`ks`gtomk rnvnkuns $218 $4>8 $4?4E`rlntokc snrvogns `kb mtdnr rnvnkuns $078 $677 $602

$>?8 $0,847 $0,006Gmrpmr`tn `kb mtdnr:E`rlntokc snrvogns `kb mtdnr rnvnkuns $4 $7? $>>

Nioeok`tomks ($66) ($76)Rmtì gmksmiob`tnb knt rnvnkuns $00,1>6 $02,836 $01,823

Mpnr`tokc okgmen (imss):E`rlntpi`gns $6,170 $6,?27 $7,7>0X`yenkts $?34 $0,7>? $0,>44Nktnrprosn $47 $064 $?0Gmrpmr`tn `kb mtdnr ($0,70?) ($0,>26) ($0,1>?)Rmtì mpnr`tokc okgmen $6,737 $6,444 $7,730

Dostmrogì Aok`kgoì Xnramre`kgn `kb Gurrnkt Mutimml: nF`y ok Rr`ksotomk=

@atnr nst`fiosdokc otsnia `s ` bmeok`kt mkiokn e`rlntpi`gn fy tdn turk ma tdn gnktury, nF`y.gme `s wnii`s X`yXì d`vn gmktokunb tm fnknaot arme tdn stoii-mkcmokc sngui`r crmwtd ok cimfì ngmeenrgn vmiuen. Rdos osrnaingtnb ok nF`ys oeprnssovn imkc-tnre aok`kgoì tr`gl rngmrb. Immlokc f`gl mvnr tdn p`st 08 yn`rs, nF`ysE`rlntpi`gns rnvnkun crnw `t ` 06.2% G@CV tm $4.7 foiiomk ok 6807 wdoin X`yenkts rnvnkuns okgrn`snb `t `trnenkbmus 6>.6% G@CV tm $1.1 foiiomk. Rmtì rnvnkuns `kb X`yenkts rnvnkuns okgrn`snb nvnry yn`rokgiubokc tdrmucd tdn cimfì rngnssomk, wdoin E`rlntpi`gns rnvnkuns bngioknb mkiy mkn yn`r burokc tdn toensp`k(fy 2.?% ok 688?). N`rkokcs crmwtd d`s cnknrìiy lnpt p`gn wotd rnvnkuns mvnr tdn imkc tnre, wotd `bjustnbNXW okgrn`sokc `t ` 03.3% G@CV mvnr tdn p`st 08 yn`rs tm $6.30 ok 6807. Kmt surprosokciy, nF`ys crmwtd r`tnd`s simwnb smenwd`t ok rngnkt yn`rs, ìtdmucd tdn Gmep`ky d`s gmktokunb tm pmst bmufin bocot mrc`kogrnvnkun crmwtd. Gmep`ky-wobn mrc`kog rnvnkuns okgrn`snb `t `k `pprmxoe`tniy 0>% G@CV mvnr tdn p`st 06qu`rtnrs. Ok 6807, tmtì rnvnkuns okgrn`snb 02% mrc`kogìiy tm $01.8 foiiomk wdoin kmk-C@@X NXW okgrn`snb0>% tm $6.30.

07


13/44

nF`y Okg.

Dostmrogì E`rlntpi`gns `kb X`yenkts Wncenkt Vnvnkun `kb Mpnr`tokc E`rcoks, 6887-6807

($ eoiiomks)

Vngnkt rnsuits `kb Gmep`ky amrng`sts d`vn grn`tnb smen okvnstmr gmkgnrk mvnr nF`ys auturn crmwtd

prmspngts. Ok J`ku`ry 6802, e`k`cnenkt prmvobnb okotoì cuob`kgn amr 6802 `kb bmwkw`rbiy rnvosnb t`rcnts amrtdnor 7 yn`r (6807-680>) aok`kgoì rm`be`p td`t w`s prnvomusiy rnvnìnb `t tdn Gmep`kys E`rgd 6807 `kìystb`y. Amr 6802, nF`y cuobnb amr $04.8-$04.> foiiomk ok rnvnkuns. Rdos rnprnsnkts 06%-0>% _/_ crmwtd mr rmucdiyok iokn wotd 6807 crmwtd r`tns `t tdn enbo`kfut prnsue`fiy tr`ksi`tns tm siocdtiy imwnr mrc`kog crmwtd f`snbmk tdn gmksmiob`tomk ma Fròktrnn rnsuits fncokkokc ok eob-Bngnefnr 6807. Rdn Gmep`kys Kmk-C@@X NXWcuob`kgn ma $6.?>-$7.88 (okgiubokc $8.87/sd`rn ma boiutomk arme tdn Bngnefnr 6807 Fròktrnn `gquosotomk) ìsmoepions embnst prmaot e`rcok bngiokns ok 6802. Immlokc tm 680>, tdn Gmep`ky rnvosnb ots amrng`st tm$68.>-$60.> foiiomk ok rnvnkun `kb kmk-C@@X NXW crmwtd crn`tnr td`k 08% _/_oepiyokc ` wobn r`kcn marnvnkun crmwtd r`tns wotdok bmufin bocot invnis ok 680> fut pmtnktoì amr smen `bbotomkì e`rcok gmktr`gtomk. @soiiustr`tnb ok tdn amiimwokc cr`pdog, nF`ys imwnrnb 680> amrng`sts rnaingt rnbugnb rnvnkun nxpngt`tomks `tnF`y.gme/E`rlntpi`gns `s wnii `s e`rcok bngiokns `t X`yXì.

-08%

8%

08%

68%

78%

28%

>8%

18%

38%

$8

$0,888

$6,888

$7,888

$2,888

$>,888

$1,888

$3,888

$4,888

$?,888

6887 6882 688> 6881 6883 6884 688? 6808 6800 6806 6807

%Crmwtd&E`rcoks

E`

rlntpi`gns&X`yenkts($EE)

E`rlntpi`gns ($EE) X`yenkts ($EE)

E rlntpi`gns % Crmwtd X`yenkts % Crmwtd

E`rlntpi gns Mpnr tokc E`rcoks X`yenkts Mpnr tokc E`rcoks

02


14/44

nF`y Okg.

nF`y Wgr`ps 7-_n`r Xi`k

Wmurgn: nF`y Gmep`ky prnsnkt`tomk J`ku`ry 66, 6802

E`rlntpi`gns Wimwbmwk: Rnepmr`ry Rr`ksotomk=

Rdn Gmep`kys rngnkt simwnr p`gn ma crmwtd `kb imwnrnb cuob`kgn proe`roiy rnaingts imwnr rnvnkuncrmwtd ok tdn E`rlntpi`gns sncenkt. E`rlntpi`gns rnvnkun crmwtd gmktokunb ots embnst bngninr`tomk arme01.0% ok 6800 `kb 00.2% ok 6806 tm 00% mrc`kog crmwtd ok 6807 `kb ?% ok 0P 6802. E`rlntpi`gns rnsuitsgmuib ìsm fn bosruptnb ok 6P-7P 6802 fy ` pòr ma nvnkts ok i`tn E`y: Cmmcin rnin`snb ` pnrombog upb`tn tm otssn`rgd r`klokcs td`t rnpmrtnbiy d`b ` en`kokcaui oep`gt mk nF`ys sn`rgd nkcokn mptoeoz`tomk (WNM) rnsuits.

@rmukb tdn sèn toen, nF`y rnpmrtnb ` gyfnr `tt`gl d`b mftòknb ` i`rcn kuefnr" ma gustmenrs f`sog `ggmuktokamre`tomk (neòi, p`sswmrb, b`tn ma fortd, `bbrnss, ntg.) `kb urcnb ìi usnrs tm gd`kcn tdnor p`sswmrbs. Rràaogst`tostogs arme @inx` (oiiustr`tnb fnimw) succnst tdnsn nvnkts e`y d`vn d`b ` en`kokcaui oep`gt mk tràaog tmnF`y.gme. Dmwnvnr, wn wmuib nxpngt `ky oep`gt tm fn tnepmr`ry. Cmmcin sn`rgd ìcmrotde gd`kcns `rn `rngurrokc tdnen amr ngmeenrgn gmep`kons `kb nF`y d`s ` smpdostog`tnb WNM/`bvnrtosokc ukot td`t d`s bnìtwotd soeoi`r ossuns ok tdn p`st. Vnc`rbokc tdn snguroty frn`gd, ot os oepmrt`kt tm kmtn td`t gustmenrs aok`kgoìokamre`tomk w`s kmt stmink `kb tdnrn w`s km rnpmrt td`t stmink p`sswmrbs wnrn suggnssauiiy uknkgryptnb, sm tdne`ckotubn ma gustmenr bosruptomk (`kb enbo` `ttnktomk) os kmt gmep`r`fin tm `k nvnkt ioln tdn rngnkt R`rcntfrn`gd.

nF`y.gme % ma Qosotmrs Wmurgnb arme Wn`rgd Nkcokn nF`y.gme Cimfì Rràaog V`klokc

Wmurgn: @inx`.gme

0>


15/44

nF`y Okg.

Ok mur vonw, ` emrn enboue-tnrefut kmt pnre`knktgmktrofutmr tm ` simwbmwk `t tdn E`rlntpi`gnsfusoknss os ots mkcmokc tr`ksotomk ok sìns eox. Dostmrogìiy `k ùgtomk f`snb e`rlntpi`gn, amr yn`rs nF`y d`sfnnk stn`boiy okgrn`sokc ots aoxnb progn iostokcs wotd nF`y.gmes fuy ot kmw an`turn. @s oiiustr`tnb ok tdnamiimwokc gd`rts, aoxnb progn sìns gmktokunb tm crmw gimsn tm 68% tdrmucd 6807, wdoin ùgtomk CEQ crmwtd

`gtuìiy turknb knc`tovn burokc 6D 6807. Aoxnb progn sìns rnprnsnktnb 37% ma CEQ ok 2P 6807 vs. just 18% `srngnktiy `s 7P 6808 `kb fnimw >8% `t tdn st`rt ma 688?, sm tdn tr`ksotomk os ìrn`by wnii mk ots w`y `kb tdn br`carme ùgtomk sìns sdmuib bngiokn cmokc amrw`rb. Rdn E`rlntpi`gns sncenkt d`s ìsm fnnk knc`tovniy oep`gtnbfy bngiokokc vndogin tr`ks`gtomks. Qndogins CEQ ma $0.1 foiiomk ok 2P07 rnprnsnktnb ` bngiokn ma 03.3% arme 6yn`rs n`rionr. Fut tdn vndogins fusoknss os tr`ksotomkokc tm ` in`b cnknr`tomk-f`snb rnvnkun embni `kb os ìrn`by` eugd inss en`kokcaui gmktrofutmr `t just 3% ma E`rlntpi`gns CEQ ok 2P07. Dmwnvnr, ok tdn oktnroe tdnsntrnkbs sdmuib gmktokun tm prmbugn rnvnkuns/e`rcok prnssurn ok tdn E`rlntpi`gns sncenkt.

Aoxnb Xrogn CEQ @ugtomk CEQ Qndogins CEQ($ foiiomks) ($ foiiomks) ($ foiiomks)

Wmurgn: Gmep`ky prnsnkt`tomk

Aoxnb Xrogn Rr`bokc % Rmtì E`rlntpi`gns CEQ Qndogins CEQ

28%

2>%

>8%

>>%

18%

1>%

38%

3>%

0P8?

6P8?

7P8?

2P8?

0P08

6P08

7P08

2P08

0P00

6P00

7P00

2P00

0P06

6P06

7P06

2P06

0P07

6P07

7P07

2P07

$8

$>88

$0,888

$0,>88

$6,888

$6,>88

$7,888

0P8?

6P8?

7P8?

2P8?

0P08

6P08

7P08

2P08

0P00

6P00

7P00

2P00

0P06

6P06

7P06

2P06

0P07

6P07

7P07

2P07

QndoginsCEQ($EE)

(02%)

(06%)

(08%)

(4%)

(1%)

(2%)

(6%)

8%

6%

2%

%Gd`kcn_/_

Qndogins CEQ % gd`kcn, _/_

01


16/44

nF`y Okg.

X`yXì X`yenkts Qmiuen Gmktokuns tm Wdokn

Rdn X`yenkts fusoknss d`s ìsm sdmwnb smen socks ma `k oknvot`fin simwbmwk, fut ot gmktokuns tmcrmw rnvnkuns `kb tr`ks`gtomk vmiuen `t nxtrneniy `ttr`gtovn ~6>% `vnr`cn `kkuì r`tns. Mpnr`tokc invnr`cnd`s inb tm mpnr`tokc e`rcok nxp`ksomk arme 60.8% ok 6808 tm 62.8% ok 6807. Dmwnvnr, `s kmtnb nF`ys

upb`tnb 680> prmjngtomks km imkcnr okgiubn `bbotomkì e`rcok nxp`ksomk `t X`yXì. Ok i`rcn p`rt, tdos e`y fnioklnb tm tdn E`rlntpi`gns simwbmwk. X`yXìs rnsuits `rn stoii gimsniy oktnrtwoknb tm nF`y.gme, wdogdgmktrofutns 6?% ma RXQ `kb gimsnr tm >8% ma prmaots `t X`yXì. Sdoin X`yXì d`s `k oeprnssovn rngmrb macrmwokc ots pnkntr`tomk `t nF`y, `t gimsn tm 48% ma nF`y.gme tr`ks`gtomks tmb`y tdnrn os iottin rmme amr `bbotomkìpnkntr`tomk còks tm gmef`t `ky simwbmwk ok nF`y sìns trnkbs. Mk tdn mtdnr d`kb, X`yXìs nxtnrkì enrgd`ktsnrvogns p`yenkt vmiuen d`s sdmwk km socks ma simwokc bmwk. Enrgd`kt snrvogns knt p`yenkt vmiuen crmwtd`vnr`cnb 78% mvnr tdn p`st > qu`rtnrs, `kb d`s crmwk arme ` >2% tm 30% sd`rn ma X`yXìs RXQ mvnr tdn p`st> yn`rs.

X`yXì Dostmrogì Pu`rtnriy Knt Rmtì X`yenkts Qmiuen & Nxtnrkì Wd`rn

@s oiiustr`tnb fnimw, X`yXìs t`ln r`tns `kb crmss e`rcok r`tns (t`ln r`tns inss nxpnksn `kb imssr`tns) `vnr`cn `ttr`gtovn invnis ma ~7.1% `kb 1>%, rnspngtovniy. Dmwnvnr, tdny d`vn sdmwk smen embnst (088-0>8 fps mr inss amr crmss e`rcoks) bngiokns mvnr tdn p`st yn`r. Ok `bbotomk tm tdn imwnr gmktrofutomk armenF`y.gme (docdnr e`rcok) sìns, tdos iolniy rnaingts ` crn`tnr gmktrofutomk tm knw tr`ks`gtomk vmiuen arme i`rcnenrgd`kts. I`rcnr enrgd`kts prmbugn imwnr t`ln r`tns vnrsus X`yXìs proe`ry tr`botomkì gustmenrs, seìi tmenboue soznb fusoknssns. Ok mur vonw, embnst t`ln r`tn boiutomk os wotdmut bmuft ` wmrtdwdoin tr`bnmaa amrcòkokc tr`gtomk ok tdn prnvomusiy ukbnrpnkntr`tnb fut `ttr`gtovn i`rcn enrgd`kt sp`gn.

X`yenkts Dostmrogì Pu`rtnriy Rr`ks`gtomk V`tns

0P00 6P00 7P00 2P00 0P06 6P06 7P06 2P06 0P07 6P07 7P07 2P07 0P02

R`ln V`tn 7.17% 7.37% 7.34% 7.30% 7.43% 7.?2% 7.4?% 7.36% 7.33% 7.3?% 7.38% 7.>7% 7.>>%

Nxpnksn V`tn 0.00% 0.00% 0.02% 0.82% 0.83% 0.83% 0.83% 0.87% 0.8>% 0.82% 0.8>% 8.?3% 8.??%

Imss V`tn 8.60% 8.6>% 8.70% 8.63% 8.61% 8.61% 8.78% 8.64% 8.6?% 8.70% 8.78% 8.76% 8.63%

E`rcok V`tn 17.3% 17.1% 10.>% 12.4% 1>.1% 11.7% 12.4% 12.3% 12.2% 12.2% 17.2% 17.>% 12.1%

$8

$08,888

$68,888

$78,888

$28,888

$>8,888

$18,888

0P8

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6P8

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2P8

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0P0

8

6P0

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8

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8

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0

7P0

0

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0

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6

6P0

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7P0

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7

0P0

2

KntRXQ($EE)

>8%

>>%

18%

1>%

38%

3>%

%Enrgd`ktWnrvognsWd`rn

Knt RXQ Enrgd`kt Wnrvogns sd`rn

03


17/44

nF`y Okg.

nF`y E`k`cnenkt: Wd`rndmibnrs (`kb nxngutovns) Crmwokc Vnstinss=

nF`y sd`rns d`vn nxpnronkgnb okgrn`snb vmi`toioty ok 6802 bun tm sd`rndmibnr `gtovose `kb e`k`cnroìukgnrtòkty. Ok J`ku`ry 6802, ot w`s rnvnìnb td`t (ok)aèmus gmrpmr`tn ròbnr G`ri Og`dk d`b `gquornb ` 0%st`ln ok nF`y `kb w`s prmpmsokc tdn kmeok`tomk ma twm ma dos `ssmgo`tns tm nF`ys fm`rb `s wnii `s tdn

snp`r`tomk ma X`yXì arme nF`y. Sdoin tdn knws okotoìiy prmpniinb nF`y sd`rns upw`rb, tdn nksuokc nxtnkbnb,eubby prmxy f`ttin mkiy prmbugnb ` btnktn td`t bos`ppmoktnb okvnstmrs `kb grn`tnb knw qunstomks `fmut tdngmepntnkgn mr str`tncog vosomk ma nF`ys fm`rb `kb e`k`cnenkt, wdoin bnai`tokc nF`ys sd`rn progn. @itdmucdmstnksofiy ukrni`tnb, tdn `kkmukgnb bnp`rturn ma X`yXì prnsobnkt B`vob E`rgus ok Jukn 6802 aurtdnr ninv`tnbokvnstmrs gmkgnrks mvnr tdn auturn borngtomk ma X`yXì `kb nxtnkbnb tdn rngnkt sniimaa ok nF`y sd`rns.Er. E`rgus d`b `k oeprnssovn rngmrb `s `k nktrnprnknur `kb d`b fnnk mk tdn jmf amr iottin emrn td`k 6 yn`rsfnamrn bngobokc tm bnp`rt tm ruk A`gnfmmls upst`rt enss`cokc fusoknss (wdogd bmns kmt nkgmep`ss Sd`ts@pp)wobniy vonwnb `s ` stnp bmwk. Dmwnvnr, wn wmuib kmtn Er. E`rgus d`b prnvomusiy nxprnssnb dnsot`tomkok in`vokc dos aèoio`r st`rtup guiturn, `kb smen rnpmrts (bosputnb fy nF`y) ìsm succnst Er. E`rgus bnp`rturnw`s kmt kngnss`roiy vmiukt`ry.

Sn prmvobn crn`tnr bntòi mk Er. Og`dks prmxy f`ttin `kb mur mpokomk mk X`yXìs auturn `s ` p`rt manF`y i`tnr ok tdos rnpmrt. Fut ok sdmrt, wdoin wn bm kmt fnionvn Er. Og`dks prnsnkgn (wdogd tnkbs tm d`vn ` docdiyukgnrtòk bur`tomk) ìmkn os nkmucd tm prmbugn i`stokc gd`kcn `t nF`y, tdn spmtiocdt mk nF`ys e`k`cnenktgmefoknb wotd `bbotomkì sd`rndmibnr prnssurn gmuib fn ` pmsotovn. Sn wmuib kmtn td`t Er. E`rgus bnp`rturnw`s kmt tdn aorst sockoaog`kt bnp`rturn `t nF`y ok rngnkt yn`rs< nF`ys uppnr e`k`cnenkt d`s nxpnronkgnb `surcn ok gdurk sokgn Enc Sdote`ks bnp`rturn ok 6884. Mkn-toen GNM dnor `pp`rnkt Foii Gmff bnp`rtnbìmkcsobn Es. Sdote`k ok J`ku`ry 6884. Er. E`rgus prnbngnssmr `t X`yXì, Wgmtt Rdmepsmk, inat àtnr 2 yn`rsmk tdn jmf ok 6806 amr ` sdmrt iovnb tnkurn `s _`dmm GNM. nF`ys E`rlntpi`gns prnsobnkt pmsotomk rneòknbukaoiinb amr emrn td`k ` yn`r àtnr Imrron Kmrrokctmk bnp`rtnb amr pnrsmkì rn`smks, uktoi Rdmesmk Vnutnrsnxngutovn Bnvok Snkoc tmml mvnr ok Wnptnefnr 6800. nF`y ìsm just kènb imkctoen OFE nxngutovn GròcD`ye`k `s knw prnsobnkt ma nF`y Nktnrprosn mk Jukn 62, 6802.

nF`y GNM `kb fm`rb enefnr Jmdk Bmk`dmn os wnii tnkurnb fy gmep`rosmk, d`vokc snrvnb ok dosgurrnkt g`p`goty sokgn Es. Sdote`ks bnp`rturn ok 6884. Dn d`s `gdonvnb ` aòriy strmkc tr`gl rngmrb mampnr`tomkì suggnss `kb sd`rndmibnr vìun grn`tomk sokgn fnokc ninv`tnb tm GNM, ìtdmucd wn wmuib kmtn tdntoeokc ma tdos prmemtomk `rcu`fiy dnipnb snt tdn f`r imw. Xromr tm fngmeokc prnsobnkt ma nF`y E`rlntpi`gns ok

688>, Er. Bmk`dmn w`s Smribwobn E`k`cokc Borngtmr `t Fòk & Gm arme 0???. Dos f`glcrmukb d`s iolniystnnrnb tdn e`k`cnenkt tnès amgus mk lny entrogs ioln arnn g`sd aimw `kb VMOG, wdogd d`vn oeprmvnb kogniyukbnr dos w`tgd. Dmwnvnr, dos i`gl ma okbustry nxpnronkgn, gmksnrv`tovn `pprm`gd tm g`potì ìimg`tomk `kbstr`tncog rnìockenkt, `kb tdn rngnkt n`rkokcs cuob`kgn doggups succnst tdnrn gmuib fn rmme amr oeprmvnenkt.Vnc`rbokc nF`ys fm`rb `kb oksobnr mwknrsdop, wn wmuib kmtn td`t amukbnr `kb gdòre`k Xonrrn Meob`y stoiidmibs `pprmxoe`tniy 4.>% ma nF`y sd`rns. Mutsobn ma Er. Meob`y `kb Er. Bmk`dmn, tdn fm`rb gmktòks ?mutsobnrs wotd aòriy strmkc gmrpmr`tn f`glcrmukbs. Nxngutovns `kb borngtmrs gmiingtovniy dmib ?% mwknrsdop manF`y, okgiubokc Er. Bmk`dmns 6.3 eoiiomk sd`rns `kb vnstnb mptomks.

Imkcnr-Rnre Mutimml: @ttr`gtovn Gmepntotovn Xmsotomk wotd Wngui`r Ròiwokbs

@beottnbiy, nF`ys dostmrogì crmwtd r`tns woii kmt fn n`soiy rnpiog`fin imkcnr tnre `kb rnsuits gmuib fngdmpponr cmokc amrw`rb. Dmwnvnr, wn fnionvn tdn Gmep`ky os stoii `ttr`gtovniy pmsotomknb mk twm armkts(E`rlntpi`gns `kb X`yenkts) tm g`potìozn mk euitopin sngui`r okvnstenkt tdnens.

Ngmeenrgn Crmwtd

Aorst `kb amrnemst os tdn frm`b trnkb ma rntòi sìns eocr`tokc arme tr`botomkì frogl `kb emrt`r stmrns tmmkiokn gd`kknis. @ggmrbokc tm tdn ^.W. Bnp`rtenkt ma Gmeenrgn, bmenstog ngmeenrgn sìns okgrn`snb 01.>%tm $612 foiiomk ok 6807. Oepmrt`ktiy, wn fnionvn tdn tr`ksotomk os stoii ok tdn n`riy okkokcs. I`st yn`rs ^.W.ngmeenrgn sìns crmwtd r`tn w`s kn`riy obnktogì tm tdn 01.1% G@CV ok sìns mvnr tdn p`st 08 yn`rs. @soiiustr`tnb ok tdn amiimwokc gd`rt, ngmeenrgn pnkntr`tomk wotdok tdn ^.W. gmktokuns tm gioef `t ` stn`by r`tn `kbstoii rnprnsnktnb mkiy 1.6% ma tmtì rntòi sìns ok 0P 6802 (up ~38 fps _/_), `ggmrbokc tm tdn Bnp`rtenkt maGmeenrgn.

04


18/44

nF`y Okg.

Pu`rtnriy ^.W. Vntòi Ngmeenrgn Wìns Xnkntr`tomk, 0P8>-0P02 (% Rmtì Vntòi Wìns)

Wmurgn: Gnksus Furnù, .W. Bnp`rtenkt ma Gmeenrgn

Rdn imkc tnre mutimml immls `t in`st nquìiy frocdt arme ` cimfì pnrspngtovn. @ggmrbokc tm nE`rlntnr,cimfì ngmeenrgn sìns (fusoknss tm gmksuenr) okgrn`snb 04.7% tm $0.7 troiiomk ok 6807 `kb `rn prmjngtnb tmcrmw `t ` 03.2% G@CV arme 6806-6803 tm $6.2 foiiomk. Kmt surprosokciy, tdn a`stnst crmwtd os prmjngtnb tm gmenarme tdn @so`-X`goaog rncomk `kb mtdnr nenrcokc e`rlnts.

Smribwobn Ngmeenrgn Wìns, 6806-6803N ($ troiiomks)

Kmtn: G@CV (6806-6803)503.2%< okgiubns prmbugts `kb snrvogns mrbnrnb `kbinosurn `kb uke`k`cnb fusoknss tr`vni sìns fmmlnb usokc tdn oktnrknt vo` `kybnvogn, rnc`rbinss ma tdn entdmb ma p`yenkt mr auiaoiienkt.

Wmurgn: nE`rlntnr, J`ku`ry 6802

Rdn ngmeenrgn sngtmr os matnk (smentoens aòriy, ok mur vonw) grotoqunb `s `k uk`ttr`gtovn okvnstenkt`rn` covnk tdn i`gl ma f`rronrs tm nktry, oktnksn progn gmepntotomk, `kb/mr tdn crmwokc bmeok`kgn ma @e`zmk.Dmwnvnr, wn fnionvn nF`y os ukoqun covnk ots e`rlntpi`gn embni, ots in`bokc sgìn, `kb tdn okgrn`sokc ufoquotyma X`yXì. @s ` cimfì e`rlntpi`gn ioklokc fuynrs `kb sniinrs, tdos grn`tns `k `ttr`gtovn kntwmrl naangt `kb nF`yd`s fnnk ` bmeok`kt mkiokn e`rlntpi`gn ìemst sokgn ots amukbokc. Rmb`y, nF`y.gme d`s wnii mvnr 088 eoiiomkenefnrs, `pprmxoe`tniy 1>8 eoiiomk iovn iostokcs `t ` toen `kb prmgnssns upw`rbs ma $48 eoiiomk ok CEQ `t `k`kkuì r`tn. Ok `bbotomk tm tdn sdnnr sgìn ma fuynrs `kb sniinrs/prmbugt iostokcs, `bbotomkì kntwmrl naangtsokgiubn nF`ys v`st r`tokcs/rnvonws b`t`f`sn ma fmtd fuynrs `kb sniinrs, `s wnii `s imwnr gustmenr `gquosotomkgmsts `kb docdnr gmkvnrsomk r`tns td`k seìinr gmepntotmrs. @t tdn sèn toen, nF`y.gmes sgìn `kb kntwmrlnaangts ìimw tdn Gmep`ky tm maanr vmiuen okgnktovns amr enrgd`kts.

KMR@BJ^WRNB

@BJ^WRNB

0?


19/44

nF`y Okg.

Bnspotn tdnsn `bv`kt`cns, nF`y os iolniy a`gokc okgrn`snb okvnstmr sgrutoky `s ot emvns `w`y arme tdnùgtomk embni tmw`rb ` aoxnb progn iostokc embni td`t puts ot ok emrn borngt gmepntotomk wotd @e`zmk `s wnii `scrmwokc cimfì n-rntòinrs ioln Ntsy, @iof`f`, Enrg`bmiofrn, ntg. @e`zmk ok p`rtogui`r os `k ngmeenrgnfndnemtd, cnknr`tokc $32 foiiomk ok sìns ok 6807. Ots r`zmr-tdok progokc str`tncy (0% mpnr`tokc e`rcoks) `kb

dn`vy okvnstenkt ok sìns, auiaoiienkt, `kb wnf snrvogns okar`strugturn ìsm grn`tn amreob`fin gmepntotovnprnssurns amr `ky n-rntòinr. Dmwnvnr, wn fnionvn nF`y g`k gmktokun tm tdrovn ok `k @e`zmk-bmeok`tnbngmeenrgn e`rlnt. Rdn nF`y.gme e`rlntpi`gn d`s fnnk grotogoznb amr nxgnssovn giuttnr r`tdnr td`k ` emrnstrnèioknb/gur`tnb enrgd`kbosn maanrokc amr imkcnr td`k wn g`k rnenefnr, fut wn fnionvn ots frn`btd maprmbugt maanrokcs os `k `bv`kt`cn vs. @e`zmk. @e`zmks prmbugt gmkgnktr`tomk ok i`rcn fr`kbnb enrgd`kts`kb ots borngt auiaoiienkt embni g`k put ot ok gmepntotomk wotd seìinr sniiokc enrgd`kts, wdoin nF`y maanrs ` foccnre`rlntpi`gn amr seìi `kb enboue soznb enrgd`kt gustmenrs sniiokc ukoqun prmbugts. Aurtdnremrn, wn wmuibkmtn td`t tmb`y ~38% ma nF`y iostokcs `rn knw enrgd`kbosn `kb tmp sniinrs kmw `ggmukt amr 23% ma sìns, wdogddnips tm prmvobn smen gmksostnkgy. Sdoin @e`zmks Xroen enefnrsdop prmcrè (okgiubokc arnn 6-b`y sdoppokc)d`s fnnk vonwnb `s ` tdrn`t tm tdn okbustry, wn wmuib kmtn td`t nF`y d`s ìsm wmrlnb d`rb tm prmemtn arnnsdoppokc èmkc sniinrs `kb >>% kmw maanr arnn sdoppokc.

Arme `k okvnstenkt pnrspngtovn, wn ìsm prnanr nF`ys e`rlntpi`gn fusoknss embni wdogd (ukioln@e`zmk) prmvobns `k `ttr`gtovn, docd e`rcok ann-f`snb rnvnkun strnè `kb naangtovniy nioeok`tns okvnktmry rosl

wdoin ìimwokc tdn fusoknss tm r`pobiy crmw wotdmut nxgnssovn g`potì okvnstenkt rnquornenkts. Ok a`gt, nF`ygmktokuns tm còk ngmeenrgn sd`rn ìfnot `t ` simwnr r`tn td`k @e`zmk. Okgiubokc X`yXì enrgd`kt snrvogns,nF`ys cimfì NGQ (Gmep`ky-wobn) okgrn`snb 36% mvnr tdn p`st 7 yn`rs ìmkn tm $68> foiiomk ok 6807 `kb otsngmeenrgn sd`rn crnw 0>8 fps 04.2% `ggmrbokc tm tdn Gmep`ky. _nt nF`ys tmtì nk`finb gmeenrgnpnkntr`tomk os mkiy 6.8% ma tmtì rntòi sìns vmiuen cimfìiy. Nvnk oa nF`y gnbns sd`rn tm ngmeenrgngmepntotmrs ok tdn gmeokc yn`rs, wn fnionvn tdn mutsoznb imkc-tnre ngmeenrgn sìns crmwtd mppmrtukotyprmvobns pinkty ma gusdomk amr nF`y tm crmw sìns `kb prmaot`foioty `t `fmvn-e`rlnt invnis (`kb wnii docdnr td`koepionb fy tdn gurrnkt sd`rn progn).

nF`y Nk`finb Gmeenrgn Qmiuen `kb E`rlnt Wd`rn ($ foiiomks)

Wmurgn: Gmep`ky prnsnkt`tomk.

G`sdinss Rr`ks`gtomks Wuppmrt X`yXì

@kmtdnr pmwnraui tdnen os tdn tr`ksotomk arme g`sd tr`ks`gtomks tm ` g`sdinss cimfì ngmkmey.Grnbot/bnfot g`rb `bmptomk `kb okgrn`snb enrgd`kt `ggnpt`kgn `t pmokt-ma-sìn tnreokìs d`s fnnk tdn proe`ryimkc-tnre brovnr ma g`sdinss tr`ks`gtomk sd`rn còks mvnr tdn p`st bng`bns. Dmwnvnr, tdos tdnen okgrn`sokciymvnri`ps wotd ngmeenrgn, `s ningtrmkog gmeenrgn k`turìiy prmbugns g`sdinss tr`ks`gtomks. Ok `bbotomk tmtr`botomkì ngmeenrgn crmwtd, ningtrmkog p`yenkts e`y fn `pprm`gdokc ` w`tnrsdnb `s se`rt pdmkns `kbgmkkngtnb bnvogns suppmrt rntòi gd`kkni fiurrokc vo` emfoin p`yenkt amr fmtd ok-stmrn tr`ks`gtomks `kb `tdmen amr bniovnry mr imgì poglup. Rdos d`s prmbugnb ` pintdmr` ma upst`rt emfoin `kb ningtrmkog bocotì wìintgmepntotmrs ok `bbotomk tm tdn tr`botomkì p`yenkt kntwmrls (bmeok`tnb fy Qos` `kb E`stnrG`rb) okgiubokc tdngniiui`r pdmkn g`rronrs, Wqu`rn, Cmmcin Sìint, @e`zmk, `kb @ppin. Dmwnvnr, ok mur vonw, tdn ningtrmkog

68


20/44

nF`y Okg.

p`yenkts fusoknss prnsnkts ducn kntwmrl naangts `kb f`rronrs tm nktry ok tdn amre ma enrgd`kt `ggnpt`kgn,gustmenr `bmptomk, rncui`tmry rnquornenkts, snguroty rnquornenkts, ntg. Sn wmuib gotn tdn Osos (emfoin g`rronrs`kb p`yenkt kntwmrls) `kb EGT (Enrgd`kt Gustmenr Nxgd`kcn< i`rcn enrgd`kts okgiubokc Sì-E`rt `kbR`rcnt) jmokt vnkturns `s nxèpins ma snneokciy prmeosokc bocotì wìint ìtnrk`tovns td`t d`vn aòinb tm còk

grotogì e`ss yn`rs àtnr iùkgdokc. X`yXì d`s ` ducn inc up `còkst gmepntotomk `s ot ìrn`by d`s mvnr 088eoiiomk bocotì wìint gustmenrs `kb d`kbins `pprmxoe`tniy 0 ok nvnry 1 ngmeenrgn tr`ks`gtomks. Fnimw, wndocdiocdt smen `bbotomkì bntòis mk X`yXìs `bv`kt`cns `kb imkc-tnre mppmrtukotons:

Enrgd`kt @gquosotomk:X`yXì os ìrn`by ioklnb tm eoiiomks ma seìi `kb enboue soznb enrgd`kts.Ots n`sn ma rncostr`tomk, km sntup anns, `kb km emktdiy anns `rn ` gmepntotovn `bv`kt`cn `còksttypogì enrgd`kt `gquornrs/prmgnssmrs.

Wnguroty:X`yXì prmvobns fmtd fuynr `kb sniinr prmtngtomk `còkst tdn v`st e`jmroty ma purgd`sns.Ots gustmenr `ggmukt-f`snb kntwmrl dnips ioeot arùb fy prmvobokc `k `bbotomkì i`ynr ma prmtngtomkfnymkb ` soepin grnbot/bnfot g`rb.

Gustmenr Aok`kgoì Ainxofoioty: X`yXì nk`fins gustmenrs tm iokl euitopin f`kl `ggmukts `kbgrnbot `kb bnfot g`rbs `grmss f`kls/g`rb ossunrs `s wnii `s Foii En I`tnr tm mkn p`yenkt smurgn.

Emfoin Gmeenrgn:X`yXì os ìrn`by ` in`bnr ok tdn ainbciokc emfoin gmeenrgn okbustry. X`yXìprmgnssnb `k nstoe`tnb $63 foiiomk ok emfoin p`yenkts vmiuen i`st yn`r mut ma ` $67> foiiomk e`rlnt`ggmrbokc tm C`rtknr. C`rtknr prmjngts emfoin vmiuen woii rn`gd $368 foiiomk fy 6803.

0 Rdn

Bngnefnr 6807 `gquosotomk ma Fròktrnn aurtdnr amrtoaonb X`yXìs pmsotomk ok emfoin.

Còkokc Vntòi Gd`kkni @ggnpt`kgn: X`yXì `kb Bosgmvnr amrenb ` p`rtknrsdop ok 6806 td`t d`sìrn`by nk`finb X`yXì `s ` p`yenkt smurgn `t 6 eoiiomk rntòi img`tomks. Rdn X`yXì Dnrn`pp/emfoin p`yenkts prmvobns `kmtdnr en`ks amr seìi rntòinrs tm `ggnpt p`yenkt vo` X`yXì mrpi`stog. Rdn pmokt-ma-sìn fusoknss os nstoe`tnb `t $4 troiiomk `s ma 6808, prmvobokc `k `bbrnss`fine`rlnt e`ckotubns i`rcnr td`k ngmeenrgn ìmkn.

Wupnromr Gmkvnrsomk V`tns:X`yXìs soepin gustmenr gdnglmut `kb euitotubn ma p`yenkt mptomksborngtiy tr`ksi`tn tm supnromr gmkvnrsomk r`tns amr enrgd`kts. @ggmrbokc tm ` Konisnk Mkiokn FuynrsOksocdts stuby gmepintnb ok Kmvnefnr 6807, fusoknssns snn `k `vnr`cn 0>% okgrn`sn ok tmtì

gustmenr spnkb burokc tdn >6 wnnl pnromb prn-/pmst-X`yXì oktncr`tomk. Grnbot Nxp`ksomk Mptomkìoty:X`yXì gurrnktiy d`s ` seìi gmksuenr inkbokc pmrtamiom tdrmucd Foii

En I`tnr. Gmefoknb wotd X`yXìs crmwokc `ggnpt`kgn, tdos gmuib `rcu`fiy suppmrt ` frm`bnrinkbokc fusoknss. nF`y os ìsm ok tdn prnioeok`ry st`cn ma tnstokc wmrlokc g`potì im`ks tm seìienrgd`kts. @t ~$> troiiomk, grnbot os ` ducn `bbrnss`fin e`rlnt ok tdn imkc-tnre.

Grmss-Fmrbnr Rr`bn @bv`kt`cn

Sotd ` e`jmroty ma rnvnkun cnknr`tnb mutsobn tdn ^.W., nF`y `kb X`yXì `rn p`rtogui`riy wnii pmsotomknbtm g`pturn `bbotomkì ngmeenrgn `kb a`goiot`tn emrn p`yenkts oktnrk`tomkìiy. Rdn Gmep`ky d`s a`gnb boaaoguitypnkntr`tokc Gdok` fut ìrn`by d`s ` strmkc prnsnkgn ok Wmutd Lmrn` `kb crmwokc sìns ok Okbo`, Fr`zoi, `kbVusso` èmkc mtdnr gmuktrons. nF`y E`rlntpi`gns st`tnb cmì os 1.>x usnr crmwtd `kb 2x sìns crmwtd ok FVOG`kb mtdnr nenrcokc e`rlnts fntwnnk 6806-680>. X`yXì covns nF`y ` e`jmr gmepntotovn `bv`kt`cn ok grmssfmrbnr tr`bn, `s ots nst`fiosdnb p`yenkt kntwmrl nk`fins fuynrs `kb sniinrs tm snèinssiy tr`ks`gt `grmss mvnr

68 gurrnkgons, `kb X`yXìs sniinr vnroaog`tomk st`kb`rbs prmvobn `k `bbnb i`ynr ma prmtngtomk. X`yXì nk`finb$71 foiiomk ok grmss-fmrbnr tr`bn ok 6806, up arme $66 foiiomk just twm yn`rs n`rionr. nF`y d`s ìsm nst`fiosdnb `cimfì sdoppokc prmcrè tm ìimw ^.W. sniinrs tm n`soiy rn`gd oktnrk`tomkì fuynrs ok >2 gmuktrons wdoin `vmobokctdn d`ssins ma oktnrk`tomkì sdoppokc, gustmes amres, rneott`kgns, ntg.

Mutsoznb Arnn G`sd Aimw wotd Fì`kgn Wdnnt Ainxofoioty

nF`y spmrts `k `ttr`gtovn arnn g`sd aimw prmaoin `kb rmgl smiob fì`kgn sdnnt. @s kmtnb, nF`yse`rlntpi`gn embni rnbugns okvnktmry rosls `kb wmrlokc g`potì aiugtu`tomks. Gmefoknb wotd X`yXìs crmwokcdocd e`rcok, ann-f`snb rnvnkun strnè tdos d`s prmbugnb ` stn`boiy okgrn`sokc smurgn ma mpnr`tokc g`sd aimw.

0dttp://www.amrfns.gme/sotns/stnvnkfnrtmko/6802/86/06/g`k-p`ypì-fn`t-`ppin-cmmcin-è`zmk-`kb-og`dk-ok-tdn-wìint-w`rs/

60


21/44

nF`y Okg.

nF`y dostmrogìiy `vnr`cns `kkuì g`potì nxpnkboturns ma ` aòriy docd 1-?% ma rnvnkuns (e`k`cnenkt prmjngts3-?% ok 6802), fut eugd ma tdos os crmwtd-suppmrtokc okar`strugturn okvnstenkts `kb arnn g`sd aimw stoii `vnr`cns~68%-pius ma rnvnkuns (67% ok 6807) covnk nF`ys docd mpnr`tokc e`rcoks. Arnn g`sd aimw tmtìnb $7.3 foiiomk($6.4>/sd`rn) ok 6807, mr $7.0 foiiomk ($6.7?/sd`rn) àtnr t`lokc mut kmk-g`sd nquoty gmepnks`tomk nxpnksns.

E`k`cnenkt nxpngts arnn g`sd aimw tm nxgnnb $00 foiiomk ok tmtì fntwnnk 6807-680>.

nF`y Dostmrogì Arnn G`sd Aimw ($ eoiiomks)

Aosgì yn`r nkbnb Bngnefnr 70,6808 6800 6806 6807

Mpnr`tokc G`sd Aimw 6,321 7,632 7,474 2,??>

XXN Xurgd`sns (362) (?12) (0,6>3.8) (0,6>8.8)

Arnn G`sd Aimw 6,860.? 6,708.6 6,>40.8 7,32>.8

Eugd ma nF`ys arnn g`sd aimw d`s simwiy poinb up mk ots fì`kgn sdnnt, `kb tmb`y tdn Gmep`ky osìemst okbosput`fiy mvnrg`potìoznb. nF`y dnib $3.4 foiiomk ok g`sd `kb sdmrt-tnre okvnstenkts pius $>.6 foiiomk okimkc tnre okvnstenkts (proe`roiy gmrpmr`tn bnft) vs. $2.0 foiiomk ok bnft, mr knt g`sd `kb okvnstenkts ma $4.?foiiomk ($3 pnr sd`rn) mk E`rgd 70, 6802. Emst ma tdn g`sd os dnib mvnrsn`s. Ot sdmuib fn kmtnb td`t nF`y bmns

t`ln mk ` embnst invni ma fì`kgn sdnnt rosl wotd ots Foii En I`tnr aok`kgokc snrvogn. Im`k pmrtamiom rngnov`finswnrn $6.3 foiiomk knt ma im`k imss rnsnrvns `s ma E`rgd 70, 6802. nF`ys nxpmsurn os aòriy seìi gmep`rnb tm otsfì`kgn sdnnt/n`rkokcs pmwnr, `kb `s oiiustr`tnb fnimw, tdn pmrtamiom quogliy rngmvnrnb arme tdn aok`kgoìgrosos/cimfì rngnssomk `kb d`s eòktòknb dnìtdy-rosl `bjustnb e`rcoks ma ~01% vnrsus 2-1% gd`rcn-maa r`tnsok rngnkt yn`rs. Rdn Gmep`ky fnionvns ots v`st tr`ks`gtomk b`t`f`sn `t nF`y.gme `kb X`yXì, pius grnbot sgmrngdngls `kb mtdnr typogì inkbokc st`kb`rbs, dnip eòktòk grnbot pnramre`kgn. Rdn pmrtamioms `vnr`cn AOGM os `dnìtdy 14> wotd ?0% ma rngnov`fins gurrnkt. Rdn k`turn ma Foii En I`tnrs grnbot ossu`kgnsdmrt tnre inkbokc,pnrombog rnvonw, imw `vnr`cn tr`ks`gtomk vìuns `kb grnbot nxtnksomkìsm prmvobn sànty.

nF`y Im`k Xmrtamiom Dostmrogì Xnramre`kgn

@itdmucd nF`y e`bn ` anw i`rcnr `gquosotomks mvnr tdn yn`rs, tdn Gmep`ky d`s kmt fnnk kn`riy `s`gquosotovn `s tngdkmimcy pnnrs ioln Cmmcin, A`gnfmml, DX, ntg. Aurtdnr, tdn Gmep`kys `gquosotomk tr`gl rngmrbos aòriy strmkc mk fì`kgn. Gin`riy, tdn X`yXì `gquosotomk w`s ` dmen ruk (mur oktroksog vìun nstoe`tn os ;78xtdn Gmep`kys `gquosotomk progn) `kb tdos emrn td`k gmepnks`tns amr `ky sufsnqunkt nrrmrs. Rdn $6.1 foiiomkWlypn `gquosotomk nvnktuìiy prmbugnb ` rnspngt`fin ~>8% còk mvnr ìemst > yn`rs bnspotn tdn okmppmrtuknsìn ma ` 38% st`ln ok 688?. Foii En I`tnr w`s ` kogn `bbotomk td`t dnipnb nF`y tm nxp`kb ots NGQ. Rdn$6 foiiomk `gquosotomk ma CWO Gmeenrgn ok 6800, dmwnvnr, d`s ynt tm prmbugn rne`rl`fin rnturks. Ot os tmm n`riy

8%

6%

2%

1%

4%

08%

06%

02%

01%

04%

68%

Vosl bjustnb e rcok Knt gd`rcn-maa r tn ?8-b`y bniokqunkgy r tn

66


22/44

nF`y Okg.

tm `ssnss tdn emst rngnkt `gquosotomk ma Fròktrnn, fut tdn `gquosotomk bob sngurn tdn Gmep`ky mwknrsdop ma tdntmp-rnc`rbnb st`rtup ok tdn emfoin p`yenkts aonib.

nF`y e`k`cnenkt d`s dostmrogìiy t`lnk ` aòriy gmksnrv`tovn `pprm`gd tm rnturk ma g`potì tmsd`rndmibnrs. Rdn Gmep`ky d`s knvnr pòb ` bovobnkb fut dostmrogìiy rnpurgd`snb sd`rns tm maasnt boiutomk, mr`fmut 6% pnr yn`r. Rdn Gmep`ky spnkt $0.7 foiiomk tm rnpurgd`sn 6> eoiiomk sd`rns (6% prn-boiutomk) ok 6807`kb $4?4 eoiiomk ok 6806 tm lnnp tdn sd`rn gmukt `pprmxoe`tniy ai`t. Nkgmur`cokciy, ot `ppn`rs tdn Gmep`ky osaokìiy pmosnb tm fncok en`kokcauiiy sdroklokc tdn sd`rn gmukt ok 6802. Rdn fm`rb okgrn`snb tdn Gmep`kyssd`rn rnpurgd`sn ùtdmroz`tomk fy $> foiiomk tm $>.1 foiiomk ok J`ku`ry 6802, `kb tdn Gmep`ky st`tnb ot pi`ks tmmppmrtukostogìiy rnbugn sd`rn gmukt. nF`y ìrn`by spnkt $0.4 foiiomk tm rnpurgd`sn 77.0 eoiiomk sd`rns (6% `t$>2.12/sd`rn) burokc 0P02. Covnk nF`y sd`rns rngnkt pnramre`kgn `kb mur pnrgnptomk ma tdnor bosgmukt tmoktroksog vìun, wn `rn nkgmur`cnb tm snn e`k`cnenkt t`ln ` emrn `ccrnssovn `pprm`gd tm rnpurgd`sns tmb`y.Sotd knt g`sd nquì tm kn`riy 68% ma tdn Gmep`kys gurrnkt e`rlnt g`potìoz`tomk, wn fnionvn nF`y d`s rmme tmrnturk `t in`st td`t invni ma g`sd tm sd`rndmibnrs ok tdn sdmrt tnre.

Covnk tdn Gmep`kys rni`tovniy st`fin dostmrogì aok`kgoì pnramre`kgn `kb mutsoznb g`sd cnknr`tomk,`rcu`fiy nF`y gmuib nvnk suppmrt ` embnst invni ma invnr`cn. Sdoin wn `rn kmt mvnriy mptoeostog nF`y woiigmksobnr sugd ` emvn covnk ots tr`gl rngmrb, prnssurn arme G`ri Og`dk `kb mtdnr sd`rndmibnrs gmuib dnip spnnb

sd`rn rnpurgd`sns, soeoi`r tm wd`t d`s d`ppnknb `t @ppin sokgn sd`rndmibnrs nktnrnb oktm tdn bosgussomk.Oktnrnstokciy, nF`y ìsm tmml ` $7 foiiomk t`x io`foioty gd`rcn `còkst amrnock n`rkokcs burokc 0P02 ok `ktogop`tomkma rnp`tro`tokc $? foiiomk ($1 foiiomk knt) ma amrnock n`rkokcs. @itdmucd nkgmur`cnb fy tdn oepiog`tomks amr sd`rnrnpurgd`sns, wn wmuib snromusiy qunstomk tdn t`x naaogonkgy ma sugd ` emvn vnrsus t`lokc mut ` imw-gmstfmrrmwokc a`goioty `còkst tdn amrnock g`sd `s e`ky mtdnr gmep`kons d`vn bmkn. Aurtdnremrn, ìtdmucdbosgussomks ma ` rnp`tro`tomk t`x dmiob`y d`vn br`ccnb mk amr >-pius yn`rs, ot w`s rngnktiy rnpmrtnb td`tincosi`tovn bosgussomks `rn prmcrnssokc. Ok `ky g`sn, wn wmuib kmtn td`t nF`y d`b kmt rnp`tro`tnb `ky ma tdosg`sd `s ma 0P02 sm tdnrn os stoii dmpn tdn Gmep`ky woii bnanr tdn t`x io`foioty okbnaokotniy.

@ssnssokc tdn G`sn amr X`yXì Wnp`r`tomk

Vuemrs `kb bosgussomks ma nF`y nxpimrokc ` snp`r`tomk ma X`yXì d`vn sura`gnb mk `kb maa mvnr tdnyn`rs. Ok a`gt, `t @ssnt @kìysos Amguswn nvnk gmksobnrnb nF`y amr okgiusomk ok tdn sueenr 6806 ossun mkg`kbob`tns amr gmrpmr`tn `gtomk fut uitoe`tniy bntnreoknb nF`ys rn`smk`fin vìu`tomk gmefoknb wotd `k

ukgnrtòk toeniokn amr ` spiot-up bob kmt maanr ` suaaogonkt e`rcok ma sànty. Vnvosotokc nF`y kn`riy twm yn`rs i`tnr,wn fnionvn tdn sotu`tomk os vnry boaanrnkt tmb`y. nF`ys gmktokunb crmwtd gmefoknb wotd ` ai`t sd`rn progn d`sgrn`tnb ` e`rlnbiy emrn gmepniiokc vìu`tomk, `s bntòinb ok tdn amiimwokc sngtomk. @t tdn sèn toen, nF`ysinkctdy prmxy aocdt wotd G`ri Og`dk d`s frmucdt tdn qunstomk ma snp`r`tokc X`yXì tm tdn amrnarmkt tdos yn`r.Fnimw, wn bntòi tdn oep`gt ma tdn prmxy gèpòck `kb `ssnss tdn prms `kb gmks ma ` X`yXì spokmaa `s wnii `stdn prmspngts amr ` snp`r`tomk tm `gtuìiy mggur.

Mk J`ku`ry 66, 6802, nF`y rnvnìnb gmrpmr`tn ròbnr G`ri Og`dk d`b fuoit ` 0% st`ln ok nF`y `kb tdnGmep`ky rngnovnb ` kmtogn arme Og`dk kmeok`tokc twm ma dos `ssmgo`tns tm tdn fm`rb `kb sufeottokc ` kmk-fokbokc prmpmsì tm spok maa X`yXì oktm `k okbnpnkbnkt gmep`ky. nF`y okotoìiy rnspmkbnb tm Og`dks spokmaaprmpmsì:

Vnc`rbokc Er. Og`dks snp`r`tomk prmpmsì, nF`ys Fm`rb ma Borngtmrs rmutokniy`ssnssns tdn gmep`kys str`tncog borngtomk `kb d`s nxpimrnb ok bnptd ` spokmaa mr snp`r`tomk ma

X`yXì. nF`ys Fm`rb ma Borngtmrs d`s gmkgiubnb td`t tdn gmep`ky `kb ots sd`rndmibnrs `rnfnst snrvnb fy tdn gurrnkt str`tncog borngtomk ma tdn gmep`ky `kb bmns kmt fnionvn td`t frn`lokcup tdn gmep`ky os tdn fnst w`y tm e`xoeozn sd`rndmibnr vìun. @s p`rt ma nF`y Okg., X`yXì os`fin tm invnr`cn tdn gmep`kys tngdkmimcy g`p`foiotons, gmeenrgn pi`tamres `kb rni`tomksdopswotd rntòinrs, fr`kbs `kb i`rcn enrgd`kts wmribwobn. X`yenkt os p`rt ma gmeenrgn, `kb `s p`rtma nF`y, X`yXì brovns gmeenrgn okkmv`tomk ok p`yenkts `t cimfì sgìn, grn`tokc vìun amrgmksuenrs, enrgd`kts `kb sd`rndmibnrs.

@ prmxy f`ttin smmk nksunb, wotd Er. Og`dk gìiokc nF`ys fm`rb okgmepntnkt `kb nxtnksovniydocdiocdtokc tdn purpmrtnb gmkaiogts ma oktnrnst ma twm nF`y fm`rb enefnrs: E`rg @kbrnnssnk, wdmsn vnkturng`potì aore dnib ` eokmroty st`ln ok tdn prov`tn nquoty gmksmrtoue td`t `gquornb ` e`jmroty ma Wlypn arme nF`y ok688?, `kb Wgmtt Gmml, gm-amukbnr `kb fm`rb enefnr ma Oktuotwdogd d`s smen seìinr fusoknss iokns ok mr

67


23/44

nF`y Okg.

kn`r gmepntotomk wotd X`yXì ok p`yenkt prmgnssokc. nF`y rnautnb tdnsn gd`rcns `kb aurtdnr bntòinb tdnormppmsotomk tm snp`r`tokc X`yXì arme nF`y. Rdn Gmep`ky kmtnb X`yXì cnknr`tns upw`rb ma 78% ma otsrnvnkuns `kb ~>8% ma prmaots arme mk-nF`y `gtovoty. Aokìiy àtnr eugd emrn eubsiokcokc, ok @proi tdn twm sobnsrn`gdnb ` gmeprmeosn. nF`y `crnnb tm `ppmokt GQW gdòre`k `kb amrenr @R&R GNM B`vob Bmre`k tm tdn

fm`rb, wdoin Er. Og`dk wotdbrnw dos prmxy gmktnsts. Dmwnvnr, Er. Og`dk vmwnb tm gmktokun tm pusd amr `snp`r`tomk vo` gmkaobnktoì bosgussomks `kb d`s pufiogiy suppmrtnb ` 68% OXM ma X`yXì `s `k ìtnrk`tovn tm àuii snp`r`tomk.

Rdn pnrspngtovn ma amrenr X`yXì oksobnrs mk ` snp`r`tomk arme nF`y d`s fnnk eoxnb. Mk tdn mknd`kb, amrenr X`yXì gm-amukbnr Nimk Eusl st`tnb,Ot bmnskt e`ln snksn td`t ` cimfì p`yenkt systne os `sufsobo`ry ma `k ùgtomk wnfsotn. Ots `s oa R`rcnt mwknb Qos` mr smentdokc \X`yXìU woii cnt gut tm pongns fy

@e`zmk X`yenkts, mr fy mtdnrs ioln @ppin `kb fy st`rtups oa ot gmktokuns tm fn p`rt ma nF`y.6Amrenr X`yXì

GMM `kb _èenr amukbnr B`vob W`gls ìsm succnstnb, Oa ymu ìimwnb X`yXì tm pursun ots mwk bnstoky tdnrn`rn emvns ot gmuib e`ln tm fngmen tdn i`rcnst aok`kgoì gmep`ky ok tdn wmrib.

7 Mk tdn mtdnr d`kb, fmtdX`yXì gm-amukbnr Xntnr Rdoni `kb IoklnbOk GNM `kb amrenr X`yXì NQX Vnob Dmaae`k bos`crnnb smenwd`t.Er. Rdoni succnstnb, Rdos os kmt tdn rocdt toen amr tdn gmep`kons tm fn spiot up, fut tdnrn woii fn ` imt ma toen tmrnvosot ot.

2Er. Dmaae`k w`s emrn amrgnauiiy mppmsnb, kmtokc,

@t tdn toen, O w`s wmrlokc `s X`yXìs Nxngutovn Qogn Xrnsobnkt `kb dnipnb nkcoknnr td`t bnì. Snd`b t`lnk X`yXì pufiog n`rionr td`t yn`r `kb d`b pinkty ma g`potì, fut wn anit td`t jmokokc nF`y wmuib fn`bv`kt`cnmus amr imkc-tnre okkmv`tomk. Rdnrn wnrn e`ssovn syknrcons fntwnnk nF`ys pnnr-tm-pnnre`rlntpi`gn `kb X`yXìs n`sy-tm-usn p`yenkts engd`kose. Smrlokc `s ` tnè, wn gmuib sd`rn b`t` `kb`kìytogs `fmut gustmenr `gquosotomk `kb arùb `gtovoty, wn gmuib crmw mur usnr f`sn a`stnr `kb inssnxpnksovniy, `kb wn gmuib grn`tn docdnr prmaot e`rcoks ok ` e`rlntpi`gn wdnrn ` ducn kuefnr ma docdnr vìuntr`ks`gtomks wmuib fn t`lokc pi`gn mk ` gmksostnkt f`sos. Rwnivn yn`rs i`tnr, tdn syknrcons td`t inb tm mur bnìwotd nF`y `rn km inss rninv`kt

>

Mur t`ln: X`yXì sdmuib fn covnk ` snp`r`tn stmgl gurrnkgy, `t tdn in`st, `kb nvnktuìiy fngmen `kokbnpnkbnkt gmep`ky ok toen. Covnk nF`ys i`kcuosdokc sd`rn progn `kb tdn fusoknss pmtnktoìiy bovnrcnktcrmwtd prmspngts mvnr tdn gmeokc yn`rs, ` snp`r`tomk os iolniy tm ukimgl en`kokcaui sd`rndmibnr vìun ok sdmrtmrbnr. Rdnrn `rn ìsm kuenrmus imkc-tnre fnknaots arme ` snp`r`tomk. @s @ssnt @kìysos Amgus d`s bntòinb,spokmaas (`kb tm ` inssnr nxtnkt, tdnor p`rnkts) tnkb tm mutpnramre mvnr tdn imkc tnre. @ snp`r`tomk fnttnr ìocks

e`k`cnenkt okgnktovns wotd sd`rndmibnrs fy grn`tokc ` emrn borngt iokl fntwnnk pnramre`kgn `kb sd`rnprogn/e`k`cnenkt `kb nepimynn gmepnks`tomk. Rdos gmuib fn p`rtogui`riy rninv`kt ok tdn g`sn ma X`yXì, wdogdeust gmepntn amr tdn fnst nkcoknnrokc `kb prmcrèeokc tìnkt tm eòktòk ots nbcn. Wnp`r`tn stmgl gurrnkgons`kb fì`kgn sdnnts ìsm covn n`gd gmep`ky tdn ainxofoioty tm pursun E&@, rnokvnst ok tdn fusoknss, rnturk g`potìtm sd`rndmibnrs, `kb t`ln mk invnr`cn `s mptoeì amr tdnor rnspngtovn sotu`tomks. Sotd X`yXì `pprm`gdokc$3 foiiomk ok `kkuì rnvnkuns `kb dnìtdy prmaot e`rcoks (62% mpnr`tokc e`rcoks ok 6807), tdnrn os km imkcnr ìncotoe`tn g`sn tm fn e`bn td`t X`yXì rnquorns nF`ys fì`kgn sdnnt tm suppmrt ots crmwtd.

Mk tdn mtdnr d`kb, wn wmuib gmkgnbn td`t X`yXìs fusoknss embni os stoii docdiy gmkkngtnb tmnF`y.gme. Rdn rni`tomksdop gin`riy grn`tns rnvnkun syknrcons fy ìimwokc nF`y tm prmemtn X`yXì `s `prnanrrnb p`yenkt entdmb (X`yXì kmw `ggmukts amr gimsn tm 48% ma nF`y tr`ks`gtomks), `kb tdn n`sn ma usn maX`yXìs ioklnb wìint dnips gustmenr gmkvnrsomk `t nF`y. Dmwnvnr, X`yXìs rnio`kgn mk nF`y os bngiokokcaòriy r`pobiy `s ot còks frm`bnr pnkntr`tomk. Aurtdnremrn, ot os pmssofin td`t nF`ys mwknrsdop ma X`yXì bntnrs

smen gmepntokc ngmeenrgn rntòinrs/e`rlntpi`gns arme amreokc ` p`rtknrsdop wotd X`yXì. Kmr bmns nF`y`ppn`r tm d`vn ` vo`fin ìtnrk`tovn bocotì wìint prmvobnr tm X`yXì. Xrnsue`fiy, tdn rni`tomksdop gmuib fnsmioboaonb wotd ` imkc-tnre gmktr`gtuì `rr`kcnenkt promr tm `ky snp`r`tomk.

6dttp://www.amrfns.gme/sotns/stnvnkfnrtmko/6802/86/06/g`k-p`ypì-fn`t-`ppin-cmmcin-è`zmk-`kb-og`dk-ok-tdn-wìint-w`rs/

7dttp://www.amrfns.gme/sotns/stnvnkfnrtmko/6802/86/04/nimk-eusl-`kb-b`vob-s`gls-s`y-p`ypì-gmuib-tmp-088-foiiomk-`w`y-arme-nf`y/

2dttp://aok`kgn.y`dmm.gme/knws/pntnr-tdoni-gmens-`còkst-spokmaa-03>782760.dtei

>dttp://www.ioklnbok.gme/tmb`y/pmst/`rtogin/6802878>687763-0607-sdmrt-tnre-prmaot-t`lokc-vs-imkc-tnre-vìun-grn`tomk-tdn-auturn-ma-p`ypì

62


24/44

nF`y Okg.

Ok `ky g`sn, wdoin ` auii snp`r`tomk arme nF`y e`y fn fnst bnanrrnb amr `kmtdnr 6-7 yn`rs tm ìimwX`yXì tm gmktokun tm rnbugn ots gustmenr gmkgnktr`tomk `t nF`y, tdos bmns kmt en`k emrn oeenbo`tn `gtomkg`kkmt fn t`lnk. Amr nxèpin, Jmdk Eìmkns Iofnrty nktotons d`vn arnqunktiy usnb tr`glokc stmgls `s ` en`kstm docdiocdt vìun, tm ìimw s`vvy sd`rndmibnrs (okgiubokc e`k`cnenkt/tdn Gmep`ky vo` sd`rn rnpurgd`sns) tm

sningtovniy t`ln `bv`kt`cn ma `ky eosprogokc ok tdn snp`r`tn sngurotons, `kb `s ` prniubn tm ` d`rb spokmaa mrmtdnr incì snp`r`tomk bmwk tdn iokn. @itnrk`tovniy, `kmtdnr rn`smk`fin `gtomk os ` ~68% g`rvn-mut OXM ` iÈr. Og`dks prmpmsìoa X`yXì os `fin tm c`rknr ` auii vìu`tomk ok tdn maanrokc. Rdos os ukgnrtòk, `kb tdnGmep`ky os d`rbiy ok knnb ma ròsokc `bbotomkì g`sd, fut kmkntdninss ot gmuib fn ` pmsotovn stnp tmw`rb `knvnktuì spokmaa.

Sd`t os tdn iolniodmmb td`t nF`ys gurrnkt nxngutovn tnè t`lns `ky ma tdnsn `gtomks= nF`y d`s st`tnbtd`t ot wmuib gmktokun tm rncui`riy gmksobnr str`tncog ìtnrk`tovns, `kb wn wmuib rneokb okvnstmrs td`t tdnGmep`ky snp`r`tnb Wlypn ok 688? àtnr gmksobnrokc ` tdrnn-w`y spiot. Sn wmuib ìsm kmtn td`t Er. Og`dkskmeoknn amr nF`ys fm`rb, B`vob Bmre`k, w`s amrenriy Emtmrmi` gdòre`k `kb prnsobnb mvnr ots frn`lup oktmtwm gmep`kons `kb tdn i`tnr sìn ma Emtmrmi` Emfoioty tm Cmmcin `t `k nxgnssovn progn. Aokìiy, wn gmuib dmib muttdn pmssofoioty td`t tdn X`yXì in`bnrsdop vmob grn`tnb fy Er. E`rgus bnp`rturn gmuib turk mut tm fn pmsotovnr`tdnr td`k ` knc`tovn. @s ` sdop wotdmut ` g`ptòk, X`yXì gmuib rngnovn `bbotomkì sgrutoky arme nF`ys fm`rb`s tm tdn amrenrs str`tncog aot wotdok tdn i`rcnr mrc`koz`tomk. Oa nF`y ningts tm bm kmtdokc, tdn fm`rb gmuib a`gn

emrn oktnksn sd`rndmibnr mppmsotomk ok tdn gmeokc yn`rs.

Qìu`tomk `kb Gmkgiusomk: Wue ma tdn X`rts Bosgmukt d`s Sobnknb

nF`y sd`rns d`vn rngmvnrnb wnii sokgn tdn aok`kgoì grosos, rìiyokc kn`riy 688% mvnr tdn p`st > yn`rs`kb fronaiy nxgnnbokc tdnor ìi-toen docds mk tdn w`y tm kn`riy $18 ok E`rgd 6802. Dmwnvnr, sd`rns d`vnrngnktiy puiinb f`gl kn`riy 68% proe`roiy `ttrofut`fin tm G`ri Og`dks aòiurn tm wok ` spokmaa ma X`yXì `kb tdnsufsnqunkt bnp`rturn ma tdn ukots dn`b, `s wnii `s ` emrn embnr`tn 6802-680> aok`kgoì mutimml arme nF`ye`k`cnenkt. Ok mur vonw, tdnsn rngnkt knc`tovn dn`biokns prnsnkt `k `ttr`gtovn mppmrtukoty amr imkc-tnreokvnstmrs. @t tdn gurrnkt progn, nF`y tr`bns `t mkiy 06.6x RRE NQ/RRE NFORB@ `kb mkiy 08x gmksnksus6802N NFORB@, mr 903x 6802 `bjustnb X/N f`snb mk Gmep`ky cuob`kgn. Fy gmep`rosmk, nF`y d`s dostmrogìiytr`bnb `t `vnr`cn euitopins ma 68x NFORB@ mr docdnr promr tm tdn rngnssomk `kb tr`bnb `fmvn 01x NFORB@ `kb68x amrw`rb X/N `s rngnktiy `s i`tn 6806-n`riy 6807. nF`y ìsm tr`bns `t ` wobn bosgmukt tm pnnrs, `kb murnstoe`tn ma tdn Gmep`kys oktroksog vìun, f`snb mk ` sue-ma-tdn-p`rts vìu`tomk entdmb. Amr nxèpin, @e`zmk

`kb I`tok @enrog`k mkiokn e`rlntpi`gn Enrg`bmiofrn n`gd gurrnktiy tr`bns `t 77x NQ/NFORB@ `kb Gdoknsnngmeenrgn co`kt @iof`f` gmuib gmee`kb ` vìu`tomk `pprm`gdokc $688 foiiomk mr fntwnnk ~78x-28x NFORB@ ok`k upgmeokc OXM. Rdnrn `rn km purn pi`y pufiogiy tr`bnb gmeps tm X`yXì, fut wn wmuib docdiocdt p`yenktkntwmrls Qos` `kb E`stnrg`rb `kb pmokt-ma-sìn tnreokì prmvobnr Qnroamkn ìi tr`bn `t ~02x-0>x 6802NNQ/NFORB@. Qos` `gquornb GyfnrWmurgn, ` in`bokc snguroty `kb arùb e`k`cnenkt smiutomk amr enrgd`ktsmkiokn p`yenkts, amr $6 foiiomk mr 6>x 6800N NXW ok @proi 6800.

nF`y Dostmrogì NQ/NFORB@ Rr`bokc Euitopin

8.8x

>.8x

08.8x

0>.8x

68.8x

6>.8x

78.8x

7>.8x

6>


25/44

nF`y Okg.

Ok mur vonw, tdn bosgmukt os ukw`rr`ktnb gmksobnrokc fmtd nF`y.gme `kb X`yXì `rn in`bnrs ok tdnorrnspngtovn fusoknssns, tdny gmktokun tm crmw rnvnkuns, mpnr`tokc okgmen `kb arnn g`sd aimw `t bmufin-bocot`kkuì r`tns, `kb n`gd fusoknss d`s `ttr`gtovn imkc-tnre tòiwokbs arme tdn mkcmokc nxpimsomk ok ngmeenrgn.nF`y os ` tmp-7 cimfì e`rlntpi`gn wotd ducn kntwmrl naangts `s nvobnkgnb ok ots strugturìiy docd e`rcoks

(~28%) `kb `k oktnrk`tomkì fusoknss td`t ìrn`by `ggmukts amr ` e`jmroty ma CEQ. X`yXì tmugdns kn`riy 68%ma ngmeenrgn tr`ks`gtomks, d`s ` crn`t rukw`y amr gmktokuokc ots 68%-pius `kkuì crmwtd r`tn, `kb pmssnssnsducn mptomkìoty vìun oa ot g`k suggnssauiiy nxp`kb ok emfoin p`yenkts, pnkntr`tn rntòi pmokt-ma-sìn gd`kknis,frn`l tdn Qos`/E`stnrG`rb p`yenkt prmgnssokc kntwmrl kn`r-bumpmiy, `kb/mr oktniiocnktiy crmw ots grnbotfusoknss. Kmkntdninss, wn gmksnrv`tovniy `ssuen nF`ys rnsuits gmen ok kn`r tdn fmttme nkb ma tdnGmep`kys upb`tnb 680> cuob`kgn fnamrn gmktokuokc ` cr`buì simwbmwk ok 6801, `kb wn vìun nF`ysE`rlntpi`gns `kb X`yenkts fusoknss `t bosgmuktnb 08x `kb 02x euitopins tm 6801N NFORB@ tm prmvobn `k`bbotomkì e`rcok ma sànty. @iimg`tokc 6>% ma B&@ tm tdn gmrpmr`tn invni `kb tdn rneòkbnr tm nF`ys sncenktsprmpmrtomkìiy tm sncenkt rnvnkuns `kb `ppiyokc imwnr euitopins tm Nktnrprosn (?x) `kb Gmrpmr`tn (?x), wnbnrovn ` amrw`rb-immlokc oktroksog vìun nstoe`tn ma $48 pnr sd`rn amr nF`y, oepiyokc 18% upsobn tm mur nstoe`tnmvnr tdn knxt 6-7 yn`rs.

NF@_ Nstoe`tn ma Oktroksog Qìun ($ eoiiomks) Xnr Wd`rn

E`rlntpi`gns H08x 6801N NFORB@ $ 24,483 $ 7?.41X`yenkts H02x 6801N NFORB@ $ 21,064 $ 73.13CWO H?x 6801N NFORB@ $ 6,078 $ 0.32Gmrpmr`tn H?x 6801N NFORB@ $ (02,888) $ (00.27)6801N Nktnrprosn Qìun $ 47,812 $ 13.42

pius 6801N Knt G`sd $ 02,?41

Nquoty Qìun $ ?4,8>8

6801N Boiutnb Wd`rns Mutst`kbokc 0,66>

pnr sd`rn $ 48.83gurrnkt progn $ >8.81

oepionb upsobn 18.8%

Ok mur vonw, tdnrn `rn euitopin pmtnktoì g`tìysts amr nF`y tm gimsn tdn gurrnkt bosgmukt tm oktroksog vìun.Bnspotn tdn rngnkt nkb tm tdn prmxy w`r wotd G`ri Og`dk, ` snp`r`tomk ma X`yXì rneòks ` tmpog ma gmkvnrs`tomk`kb wn wmuib kmt fn surprosnb tm snn nF`ys wmukbnb fm`rb nvnktuìiy fmw tm sd`rndmibnr prnssurn `kb`kkmukgn ` spokmaa mr p`rtoì OXM ok tdn knxt anw yn`rs. Sn fnionvn X`yXì gmuib gmee`kb ` vìu`tomk `t in`stok iokn wotd Qos` `kb E`stnrg`rb `s ` st`kbìmkn pufiogiy tr`bnb nktoty `kb pmtnktoìiy a`r docdnr. @fsnkt `frn`l-up ok tdn oktnroe, i`rcn-sgìn sd`rn rnpurgd`sns sdmuib fn docdiy `ggrntovn amr imkc-tnre sd`rndmibnrs.nF`y dmibs $3 pnr sd`rn ok knt g`sd `kb spmrts `k `ttr`gtovn gurrnkt arnn g`sd aimw yonib (f`glokc mut tdn kntg`sd) ma ~3% td`t gmktokuns tm r`pobiy nxp`kb. Rdn Gmep`ky br`stogìiy stnppnb up sd`rn rnpurgd`sns ok 0P02($0.4 foiiomk mr 6% ma sd`rns `gquornb burokc tdn qu`rtnr) `kb rngnktiy nxp`kbnb ots fuyf`gl ùtdmroz`tomk wdoinprnp`rokc tm rnp`tro`tn $? foiiomk ok amrnock n`rkokcs prnsue`fiy ok `bv`kgn ma rnturkokc g`potì tm sd`rndmibnrs.

VoslsVosls td`t nF`y e`y kmt `gdonvn mur nstoe`tn ma tdn Gmep`kys oktroksog vìun okgiubn, fut `rn kmt

ioeotnb tm, cnknrì ngmkmeog wn`lknss oep`gtokc tdn Gmep`kys fusoknssns< nxgnssovn progn gmepntotomk armemtdnr ningtrmkog rntòinrs `kb mkiokn e`rlntpi`gns< nktry ma knw ningtrmkog `kb emfoin p`yenkt gmepntotmrs88.*

Rdn amiimwokc p`cns gmktòk 2 ma tdn 28 rnpmrts td`t wnrn ok i`st yn`rs Amrcmttnk Amrty.

Rm purgd`sn tdos rnpmrt mr tm in`rk emrn `fmutRdn Amrcmttnk Amrty pin`sn gmkt`gt Jmk`td`k Fmy`r `t606-??>-4788 nxt. 60> mr Jfmy`rHfmy`rvìuncrmup.gme.

*X`st pnramre`kgn os km cu`r`ktnn ma auturn rnsuits. Rdnsn rnsuits `rn kmt ùbotnb.

8%

>%

08%

0>%

68%

6>%

78%

7>%

Amrcmttnk Amrty W&X >88

72.42%

62.07%

Rdn Amrcmttnk Amrty Vnsuits amr 6806-6807*

77


33/44

OKQNWRENKR VNWN@VGD WÊE@V_XVOGNB BNGNEFNV 06,6807

D`knsfr`kbs Okg.

Fì`kgn Wdnnt B`t` G`tìysts/Docdiocdts

(ok eoiiomks) ?/78/07 6806 6800 Vnìoz`tomk ma syknrcons arme rngnktiy

gmepintnb Eòbnkamre Fr`kbs `gquosotomk Okgrn`snb rnturks tm sd`rndmibnrs vo`

bovobnkbs `kb sd`rn fuyf`gls wotdinvnr`cn wotdok t`rcntnb r`kcn

Mkcmokc fnknaogo`ry ma imw gmst suppiygdòk, knw prmbugt oktrmbugtomks, imwnrgmeemboty progns wdogd sdmuib gmktokun tmòb prmaot`foioty `kb AGA cnknr`tomk

G`sd $ 076 $ 27 $ 7>Gurrnkt @ssnts 6,6>3 6,864 6,770RMR@I @WWNRW $ 7,47> $ 7,176 $ 2,87>

Gurrnkt Io`foiotons $ ?02 $ 431 $ ?72Imkc Rnre Bnft 0,6>8 0,704 0,484Wd`rndmibnrs Nquoty 0,0>6 443 140

RMR@I IO@FOIORONW @KBWD@VNDMIBNVW NPÔR_

$ 7,47> $ 7,176 $ 2,87>

Aosgì _n`r NkbokcBngnefnr 70

X&I @kìysos($ ok eoiiomks nxgnpt pnr sd`rn otnes)

6806 6800 6808 688?

Vnvnkuns 2,>61 2,272 2,021 7,321Knt Okgmen 01> 613 600 >0N`rkokcs Xnr Wd`rn 6.76 6.22 0.?3 8.2>Bovobnkbs Xnr Wd`rn K@ K@ K@ K@Xrogn V`kcn 73.82-60.?1 77.71-60.32 70.2>-68.?> 61.10->.02

OKQNWRENKR V@ROMK@IN

D`knsfr`kbs w`s mkn ma tdn tmp pnramrenrs (+43%) ok i`st yn`rs Amrcmttnk Amrty. Bnspotn tdn strmkc pnramre`kgn,wn fnionvn td`t tdnrn `rn ` kuefnr ma a`gtmrs td`t suppmrt ots okgiusomk `còk. DFOs vìu`tomk rneòks `ttr`gtovn wotd sd`rnsgurrnktiy tr`bokc `t ` rn`smk`fin 07x tdos yn`rs prmjngtnb AGA. Ok `bbotomk, wn snn ` kuefnr ma kn`r-tnre g`tìysts okgiubokcmkcmokc fnknaots `s DFO invnr`cns ots knw imw-gmst cimfì suppiy gdòk, rnìoz`tomk ma syknrcons arme tdn rngnkt `gquosotomk maEòbnkamre Fr`kbs (EF), aurtdnr tr`gtomk wotd okkmv`tovn knw prmbugts, `k oeprmvnb gmeemboty progn nkvormkenkt, `kb tdnprmspngt amr kmt mkiy okgrn`snb, fut mutsoznb, rnturks tm sd`rndmibnrs wotd invnr`cn `t t`rcntnb invnis.

DFOs rnsuits `rn just kmw st`rtokc tm rnaingt tdn fnknaots ma ots imw gmst cimfì suppiy gdòk, grn`tnb sufsnqunkt tm ots6881 spokmaa. Sdoin ninv`tnb gmttmk gmsts e`slnb DFOs prmcrnss ok rngnkt yn`rs, tdn rntrn`t ma gmttmk gmsts (`vnr`cn gmttmkgmsts ok 6P 6807 wnrn $8.?7 vs. $0.42 ok tdn yn`r-`cm qu`rtnr) d`s nk`finb tdn DFOs prmaot`foioty tm nxp`kb e`rlnbiy nvnk oktdn a`gn ma ` stoii-gdìinkcokc ^.W. rntòiokc nkvormkenkt. DFO fmmstnb ots auii yn`r 6807 mutimml twogn ok 6807, wotd ots gurrnktnxpngt`tomk amr NXW ma $7.3> tm $7.4>, wnii up arme ots okotoì NXW prmjngtomk ($7.6> tm $7.28). Kmt`fiy, DFO sdmuib `gdonvn ots06%-02% `kkuì mpnr`tokc e`rcok t`rcnt ok 6807 `fmut ` yn`r n`rionr td`k nxpngtnb. Rd`kls tm oeprmvnb prmaot`foioty, DFOprmjngts ots 6807 AGA woii fn fntwnnk $23>-$>6> eoiiomk (+3% AGA yonib) vs. ots okotoì $7>8-$2>8 eoiiomk t`rcnt. Ot sdmuib fnkmtnb td`t DFOs AGA okgiubns $74 eoiiomk ok pnksomk gmktrofutomks `kb $78-$28 eoiiomk ma ukpi`kknb EF `gquosotomk nxpnksns.

Wuggnssaui rngnkt okkmv`tomks okgiubokc GmeamrtFinkb, We`rt Wozn, `kb T-Rnep d`vn ìsm òbnb prmaot`foioty. DFOsknw prmbugts, wdogd gmee`kb prneoue progokc, d`vn fnnk strmkc gmktrofutmrs tm DFOs e`rcok nxp`ksomk. Amr nxèpin,T-Rnep (tngdkmimcy td`t ùtme`togìiy `bjusts gmmiokc `kb emosturn gmktrmi ok smgls `kb ukbnrwn`r) prmbugts g`rry ` >8%prneoue `t rntòi vs. DFOs gmrn gmttmk prmbugts `kb ` ~68% prneoue mvnr DFOs GmeamrtFinkb prmbugts. N`riy rnsuits ma otsT-Rnep ukbnrwn`r `kb smgls d`vn nxgnnbnb DFOs nxpngt`tomks.

Burokc 6807, DFO `gquornb EF, ` e`rlntnr ma oktoe`tn `pp`rni (fr`s, sd`pnwn`r, p`ktons, ntg.) amr ~$>47 eoiiomk.Sdoin tdn bnì bmns kmt imml oknxpnksovn mk tdn sura`gn (?.>x NFORB@), e`k`cnenkt fnionvns td`t a`gtmrokc ok pmtnktoìsyknrcons, tdn tr`ks`gtomk euitopin bngiokns tm inss td`k 3.8x NFORB@. Sn wmuibkt fn surprosnb oa tdnsn syknrcy prmjngtomksuitoe`tniy prmvnb gmksnrv`tovn `s EF fngmens auiiy oktncr`tnb wotdok DFOs suppiy gdòk. @s DFO GNM Kmii rngnktiy st`tnb,

Rdn soepinst w`y tm gmkgnptuìozn tdos oktncr`tomk os td`t wn fmucdt tdn fr`kb `kb tdn fusoknss, fut wn `rn cmokc tm gimsn tdngmep`ky.EFs fusoknss gmepinenkts DFOs pmrtamiom kogniy `s usnrs ma ots `vnr`cn aocurn prmbugts tnkb tm slnw ymukcnrtd`k DFOs auii aocurnb Xi`ytnx `kb Fìo fr`kbs. Covnk EFs mutsmurgnb fusoknss embni, syknrcons woii kmt fn oeenbo`tniyrnìoznb Knvnrtdninss tdn bnì os nxpngtnb tm bniovnr `k àtnr t`x r`tn ma rnturk ok tdn eob tnnks `kb fn `ggrntovn ok 6802

Wyefmi: DFONxgd`kcn: K_WNGurrnkt Xrogn: $13.68Gurrnkt _onib: 0.6%Gurrnkt Bovobnkb: $8.48Wd`rns Mutst`kbokc (EE): 086.8E`jmr Wd`rndmibnrs: Oksobnrs: 2.1%@vnr`cn Bòiy Rr`bokc Qmiuen (EE): 8.3>6-Snnl Xrogn V`kcn: $30.48-$72.32Xrogn/N`rkokcs V`tom: 04.8xWt`tnb Fmml Qìun Xnr Wd`rn: $00.6?


34/44

OKQNWRENKR VNWN@VGD WÊE@V_XVOGNB BNGNEFNV 06,6807

I`fmr`tmry Gmrpmr`tomk ma @enrog` Dmibokcs

Fì`kgn Wdnnt B`t` G`tìysts/Docdiocdts(ok eoiiomks) ?/78/07 6806 6800 ID pmssnssns ` strmkc gmepntotovn pmsotomk

ok `k okbustry wotd `ttr`gtovn imkc-tnrecrmwtd prmspngts.

Rdn Gmep`ky gmktokuns tm fn ` smiob arnng`sd aimw cnknr`tmr, aok`kgokc sd`rnrnpurgd`sns, bnft rnbugtomk, `kb fmit-mkE&@.

Vngnkt puii-f`gl os `k `ttr`gtovn fuyokcmppmrtukoty, stmgl maanrs upsobn pmtnktoì ma`t in`st 2>%.

G`sd $ 032 $ 213 $ 0>?Gurrnkt @ssnts 0,607 0,7?6 0,84>RMR@I @WWNRW $ 1,143 $ 1,3?> $ 1,073

Gurrnkt Io`foiotons $ 140 $ 0,86? $ 3?3Imkc Rnre Bnft 6,>>2 6,03> 6,841Wd`rndmibnrs Nquoty 6,>11 6,303 6,>82RMR@I IO@FOIORONW

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