Stanbic IBTC Analyst Report by Proshare - May 2010

8/9/2019 Stanbic IBTC Analyst Report by Proshare - May 2010

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N__I 4;>= % 8802 Wac) 4 Ia) ?8

@ko ?4# 266> di` T4 2646 Rks{cps Rkwnk}

Nss{k` ai Ed~ 28# 2646


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2Ed~ 26462646 }}})vrashdrkim)oae

Oaipkips

_pdibno NBPO Bdil Rks{cp Kxko{pnwk _{eedr~ 6?

Phk Avkrdpnim Kiwnraiekip 67

a Phk Gnidiondc Edrlkp ni 266> Rkm{cdpar~ Rkdcnp~a Phk Kxvkopdpnais ag Edidmkekip ni 2646 Di Nisnmhp

G{i`dekipdc Didc~sns 42a Phk Gnidiondcs Rkwnk}k`a T4 2646 _idvshap ' _dcnkip Ni`noks

Pkohinodc Didc~sns 20

Phk Didc~sp Nisnmhp 27

N__I 4;>= % 8802 Wac) 4 Ia) ?8


3/28

?Ed~ 26462646 }}})vrashdrkim)oae

4)Kxko{pnwk _{eedr~

Phk NBPO Bdil Vco 266> @kokebkr oaeeai ~kdr ki` rks{cps rkokipc~ rkckdsk` ni

oaevcndiok }nph phk Okiprdc Bdil ag Inmkrnd {ingare dooa{ipnim ~kdr gar bdils ni phkoa{ipr~ hds bkki rkwnk}k` di` a{poaek ag a{r abjkopnwk didc~sns sha}s phdp phk bdilrkoar`k` d ckwkc ag rksncnkiok ni saek ag nps g{i`dekipdcs }hki oaevdrk` }nph saekaphkr bdils) Ha}kwkr# phk nevdop ag phk vrkskip ohdcckimnim avkrdpnim kiwnraiekip nsgkcp ni easp ag phk gnm{rks }hki oaevdrk` }nph phk vrkok`nim ~kdr oaevdrdbck vkrna`)

Manim b~ phk Bdils didc~sp vrkskipdpnai ni nps @kokebkr 2668 rkvarp(hppv:!!}}})vrashdrkim)oae!rkvarps!wnk})vhv1n`54807.# phk bdils ocdne ag d sa{i`rnsl edidmkekip di` vr{`kip rkmnek }ds ohdcckimk` b~ phk papdc vrawnsnais gar cadicass ag I0);04bi ed`k ni phk gnidiondc ~kdr)

Ni phk gnidiondc ~kdr 266># phk vasp OBI!I@NO svkondc d{`np odrrnk` a{p ni phk kipnrk

bdilnim skopar sd} phk bdil edlnim vrawnsnais gar kxokvpnaidc npkes pa phk p{ik agI;)>6;bi (d rkcdpnwkc~ sedcc dea{ip oaevdrk` pa easp t{apk` bdil avkrdpnais.< ni npsphnr` rks{cps rkckdsk` ni Iawkebkr 266> (d edrmnidc niorkdsk b~ ?+ awkr phkvrawnsnais ed`k ds dp ?4sp @kokebkr 2668.) Phns }ds d gkdp phdp }ds iap oaeeai niphk kipnrk bdilnim skopar }hkrk edi~ ag phk bdils ed`k s{bspdipndc cadi cassvrawnsnais }hnoh oaiskt{kipc~ `nvvk` phknr vragnps# kwki }nph saek knphkr hdwnim didrra} ksodvk pa vragnpdbncnp~ ar a{prnmhp cass vasnpnais)

Phk I0)8;8bi cadi cass vrawnsnais ed`k ni phk @kokebkr 266> d{`npk` dooa{ip bknimrkwnk}k`# }nphni phk oaipkxp ag nps avkrdpnim kiwnraiekip# oa{c` bk pkrek` dookvpdbckdi` iaredc sniok phk gnm{rks spncc rkednik` }nphni phk cnenp ag hnsparnodc ckwkcs }hnoh nsd shdrv oaiprdsp grae }hdp abpdnik` }nph phk cadi cass vrawnsnais ed`k ni saek bdilsoaeeai ~kdr ki` d{`npk` dooa{ips)

Ha}kwkr# phkrk dvvkdrs pa bk saek `nsvravarpnaidpk eawkekips ni lk~ prki`s gariai%vkrgarenim cadis di` cadi cass vrawnsnais ds dvvkdrk` ni phk baals ag phk bdil hnmhcnmhpk` b~ phk kxvkopk` hnmhkr cadi cass vrawnsnais drnsnim grae di niorkdsk niiai%vkrgarenim cadis }hnoh }ds iap kwn`kip)

Phk iai%vkrgarenim cadis ckwkcs ag phk bdil dp phk ocask ag phk 266> @kokebkrdooa{ipnim ~kdr rask b~ 24)4>+ grae I4;);?=bi ag phk vrkok`nim dooa{ipnim vkrna`pa I48)8?6bi ds dp ?4sp @kokebkr# 266>) Phns oaiskt{kipc~ v{shk` {v phk iai%vkrgarenim cadis pa papdc cadis rdpnas pa 40)46+ grae 4?)=6+ ag phk vrkok`nim ~kdr)

]hnck phk bkppkr Odvnpdc D`kt{do~ Rdpna dohnkwk` b~ phk bdil rkednis oaeeki`dbck

di` d pkspdekip pa nps gao{sk` edidmkekip ag phk bdcdiok shkkp< d ocaskr caal dp phkcadi varpgacna sha{c` hkcv np o{rpdnc phk oaiskt{kip nevdop ag cass vrawnsnais ai phkbdils vragnpdbncnp~ di` rkp{ris pa nps shdrkhac`krs)

Phk `kocnik ni vragnpdbncnp~ ag phk bdil ni phk vkrna` {i`kr rkwnk} oa{c` bk dpprnb{pk`ednic~ pa phk ohdcckimnim avkrdpnim kiwnraiekip ni phk bdilnim skopar }hnoh pa d wkr~cdrmk kxpkip dggkopk` bdilnim b{snikss mkikrdpnai odvdbncnpnks ni phk vkrna`) Dcsa# phknevdop ag phk vrawnsnais gar cadi cassks ed`k b~ phk bdil ai nps vragnpdbncnp~ oa{c` iapbk awkrcaalk` sniok np rkvrkskipk` d b{r`ki ai kdrinims)

Dooar`nim pa phk edidmkekip# aphkr gdopars phdp oaiprnb{pk` pa phk `kocnik ni phkvragnpdbncnp~ ag phk bdil nioc{`k:

Ca} ckwkc ag dopnwnpnks ni phk odvnpdc edrlkp }hnoh d`wkrskc~ dggkopk` phk rkwki{ksag phk odvnpdc edrlkps rkcdpk` b{snikssksbi vragnp ed`k ni phk vrkok`nim dooa{ipnim ~kdr pa @kokebkr?4sp# 2668) @ksvnpk phns# phk bdil ed`k maa` nps vraensk ag rk}dr`nim niwksparsds np vdn` a{p ?6l `nwn`ki` vkr shdrk# rkvrkskipnim 7=)==+ `nwn`ki` vd~a{p rdpna grae0?l kdrinims vkr shdrk dppdnik`)

Phk vdph ag od{pnai pdlki b~ phk bdil b~ iap kebdrlnim ai sornv nss{k }hnoh oa{c`hdwk niorkdsk` nps shdrks ni nss{k ns skki ds d }kcoaek eawk# oaisn`krnim phk dopnaispdlki b~ nps t{apk` vkkrs aspkisnbc~ `rd}nim rkgkrkiok pa nps nipkridc `konsnaiedlnim ea`kc) Phns }k bkcnkwk }ncc skrwk ds ckwkrdmk gar phk bdils g{p{rk vapkipndc dpmnwnim d `kokip rkp{ri pa phk shdrkhac`krs ni g{p{rk# bdrnim di~ edjar ornsns)

Phk bdil s{spdnik` phns vragnpdbck a{pcaal ni nps T4 2646 % Edroh ?4sp

# 2646 {i%d{`npk`rks{cps }nph I2);;8bi vragnp dgpkr pdx % d edrmnidc `kocnik ag%2);2+ }hki oaevdrk`}nph I2)7;;bi vragnp rkoar`k` ni phk vrkok`nim ~kdr)

Manim phra{mh phk bdil edidmkekips 266> @kokebkr d{`npk` rkvarp vrkskipdpnai padidc~sps % hppv:!!}}})vrashdrkim)oae!rkvarps!wnk})vhv1n`52762 % d g{i`dekipdcdidc~sns }ds oai`{opk` ni skopnai ? ag phns rkvarp pa vrawn`k d bkppkr dvvrkondpnai agphk bdils rkdcnpnks di` vrasvkops)

Phk didc~sns ag baph rks{cps rkwkdck` di kioa{rdmnim prki` ni phk rkcdpnaishnv bkp}kkinipkrksp nioaek di` nipkrksp kxvkisk oaevaikips ag phk bdil) Phk p}a niwkrskc~rkcdpk` gnidiondc spdpkekip npkes sha}k` phdp nipkrksp nioaek mrk} ni hnmhkr

edminp{`k dbawk phk nipkrksp kxvkisk# hkiok d vasnpnwk wdrndiok ag 42)28+ di`27)?0+ gar phk d{`npk` di` gnrsp t{drpkr rks{cps rksvkopnwkc~)


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;Ed~ 26462646 }}})vrashdrkim)oae

Kt{dcc~ abskrwk` }ds phk vr{`kip di` oaiskrwdpnwk idp{rk ag phk bdils rnsledidmkekip oa{c` bk skki ni phk Odvnpdc D`kt{do~ Rdpna (ODR. ag ?;+ }hnohrkednis aik ag phk spraimksp ni phk ni`{spr~) G{rphkr nevrawkekip ai nps rnsledidmkekip }ncc g{rphkr kihdiok phk bdils odvnpdc d`kt{do~ rdpna vragnck ni phkoaenim ~kdrs)

Phk pkohinodc didc~sns oai`{opk` ni phk ga{rph skopnai ag phns rkvarp sha}k` phdp garsnxpkki eaiphs pa Ed~ 40ph# 2646# _pdibno NBPO Bdil Vco shdrk vrnok rkoar`k`,7)?=+ dvvrkondpnais pa ocask dp I44)62 grae I46)?7 np ocask` dp phk ki` ag Jdi{dr~2i`# 266> prd`nim skssnai) ]nph phns prki`# NBPO Bdil Vco kekrmk` ni phk ocdss ag bdilsphdp hdwk rkoar`k` vrnok dvvrkondpnais dbawk phknr Jdi{dr~ 2i`# 266> vrnok ckwkcs#oaenim gngph ni phk skopar)

Dcsa# phk bdils shdrk vrnok ni phk ~kdr 2646 pa `dpk dvvrkondpk` nevrkssnwkc~ b~,;0+ pa ocask dp I44)62 grae I=)47 np ocask` ds dp 0ph Jdi{dr~ 2646# phk bdil odekskoai` ni phk ~kdr pa `dpk vkrgarediok rdilnim oaenim dgpkr phk 80+ dppdnik` b~_pkrcnim Bdil Vco# phk hnmhksp ni phk ni`{spr~)

Ds dp 40ph Ed~# 2646# _pdibno NBPO Bdil prd`k` dbawk nps 26 `d~s# ;6 `d~s di` 266

`d~s eawnim dwkrdmks ag I46)22# I46)26 di` I8)?2 rksvkopnwkc~) Phns sha}sni`nodpnais ag d b{ccnsh prki` ni phk bdil shdrks)

]k drk ag phk wnk} phdp }nph phk spdbck badr` di` edidmkekip kija~k` b~ phk bdildi` {ikio{ebkrk` b~ phk Okiprdc Bdil ag Inmkrnd (OBI. vacno~ ai bdils Edidmnim@nrkopar!OKA< phk bdil ns skp pa rkdv phk `nwn`ki`s s{oh oaipni{np~ oa{c` dggar`#okpkrns vdrnb{s)

hppv:!!}}})vrashdrkim)oae!niwkspars!oaevdi~)vhv1rkg5NBPO


6/28


2)Phk Avkrdpnim Kiwnraiekip

_niok phk dss{evpnai ag aggnok b~ phk nio{ebkip Okiprdc Bdil ag Inmkrnd Mawkriar#

_di{sn Cdenà _di{sn % phkrk hdwk bkki d }hacksaek vdrd`nme shngp ni phk bdilnimni`{spr~ ai edi~ graips ds phnims dvvkdr ikwkr pa rkp{ri pa phk ac` }d~s dmdni)

Vraenikip deaim phk ohdimks phdp hdwk oaek nipa phk bdilnim ni`{spr~ ns ikk` garsprnop d`hkrkiok pa sa{i` rnsl edidmkekip bk~ai` d ocnoh# phk dàvpnai ag }arcòcdss spdi`dr`s ni `nsocas{rks# di` phk kiphraikekip ag d rkm{cdpar%skisnpnwk ni`{spr~)

Pa dohnkwk phk shngp ni eni`skp np sa{mhp pa orkdpk# phk OBI paal d skrnks ag spkvs}hnoh ns }kcc ào{ekipk` ni a{r prkdpnsk % Phk B[CC NI PHK OHNID _HAV rkvarp hppv:!!}}})vrashdrkim)oae!dèni!{vcad`!rkvarps!Phk+26B{cc+26ni+26phk+26Ohnid+26_hav+2622686>)v`g

(D{m{sp 22# 2646.) Ni phns rkvarp# }k vrkskipk` phk OBIs a{pcaal gar phk gnidiondcedrlkp# nps nipkrwkipnais di` phk oaiskt{kipndc nevdop ag phk spkvs pdlki di`vravask` skklnim pa hnmhcnmhp phk nevckekipdpnai wdrndbcks phdp oa{c` nevdop phkkoaiae~# b{snikssks di` phk garp{iks agphk bdils)

Phns }ds gacca}k` {v }nph a{r 466 @d~s dgpkr phk Nipkrwkipnai Rkvarp %hppv:!!}}})vrashdrkim)oae!dèni!{vcad`!rkvarps!466Q`d~sQdgpkrQRkvarpQ%QVrashdrkQ2;446>)v`g di`Gkbr{dr~ 2646 dcc mkikrdcc~ orkdpnim di dpeasvhkrk# np }a{c` dvvkdr# {i%oai`{onwkpa oaeekrondc wnbrdio~)

Bdils# ni phk oa{ipr~# }krk phkrkgark s{bjkopk` pa phk easp rnmara{s sprkss pksp kwkroai`{opk` ni bdilnim hnspar~ di` {i`kr s{oh d ocnek# np }ds iap {ikxvkopk` phdp dmkikrdc c{cc }a{c` vkrwd`k phk edrlkp) Ni`kk`# iap d gk} bdils hd` pa oaipki` }nph dgdsp%eawnim ik}s o~ock phdp }ds gk` rkm{cdrc~ }nph soaavs grae phk dvkx rkm{cdparsphdp kis{rk` d eark phdi 466`d~s ik}s o~ock }ds ednipdnik` ai phk bdilnim skopardi` iap ai phk koaiae~ npskcg)

Phk oaiskt{kipndc eawk dmdnisp hdbnp{dc `kbpars phra{mh phk v{bcnodpnai ag ideks ag`kbpars easp ag }hnoh }krk `nsv{pk`!oaipkspk`!ocdrngnk` ai phk vdmks ag ik}svdvkrs


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=Ed~ 26462646 }}})vrashdrkim)oae

hd` phk {inipki`k` oaiskt{kioks ag ornenidcnsnim `kbpars di` od{sk snmingnodip`dedmk pa rkcdpnaishnvs di` {i`krspdi`nims phdp hd` hkc` ni phk skopar)

Phksk skp ag ninpndc dopnais b~ phk OBI hkcvk` pa orkdpk d r{ea{r encc phdp j{sp lkvp aimnwnim di` ni ia pnek# gdops }krk nipkrcdok` }nph gnopnai di` phk wkr~ cagp~ eapnwk(s. ag

phk OBI }krk j{xpdvask` }nph oaisvnrdo~ phkarnsps di` dcckmdpnais ag skckopnwknipkrwkipnai grae dcc t{drpkrs)

]hdp oa{c` iap bk `nsv{pk` }krk phk rkwkcdpnais ag ens`kekdia{rs di` edcvrdopnoksvrkskipk` b~ phk OBI dmdnisp n`kipngnk` vkrsais vasp phknr d{`np kimdmkekips phdp}krk oa{ipkrk` b~ shaol# rksnspdiok di` oaigraipdpnai) Phk OBI# pa nps ork`np spaa`spraim `ksvnpk s{bskt{kip ens%spkvs pa spkkr phk rkgare gar}dr`)

Gacca}nim phk oaioc{snai ag phk gnrsp OBI!I@NO janip d{`np ag phk bdils ni phk oa{ipr~#phk rkm{cdpar~ d{pharnp~ dxk` phk OKAs ag gnwk bdils di` ni nps s{bskt{kip di` gnidcd{`np dxk` phk OKAs ag phrkk d``npnaidc bdils di` vcdok` p}a bdils ai iapnok pa b{nc`{v nps odvnpdc bdsk b~ J{ik 2646)

Phk oaiskt{kipndc kggkop ag phk d{`np }hnoh }kip ai gar dba{p d vkrna` ag phrkk eaiphspaal nps pacc ai ni`nwn`{dc bdils# o{spaekrs di` phk rkcdpnaishnvs phdp kxnspk`) Earknevarpdipc~# phk edidmkekip di` prkdpekip ag svkondcnsk` dsskps di` bdil shdrk%bdolk` oaccdpkrdcs ck` pa s{bjkopnwk b{p vr{`kiok bdsk` vrawnsnainim phdp nevdopk` aiphk vkrgarediok rks{cps ag phk ockdrk` di` {i%ockdrk` bdils) Phns }kip ai pncc@kokebkr 266> }hki phk OBI d{`np {i`krpaal nps ~kdr ki` rkwnk} di` rkoaminsk` phkikk` pa pdlk d eark vrdmedpno di` bksp vrdopnok wnk} ag phk vrawnsnainim rkt{nrk`nioc{`nim phk s{svkisnai ag phk mkikrdc vrawnsnainim r{ck di` phk nipra`{opnai ag dvr{`kipndc m{n`kcnik pa pdlk odrk ag svkondcnsk` dsskps)

Phk dàvpnai ag d oaeeai ~kdr dooa{ipnim `dpk ni phk skopar }ncc g{rphkr rkwkdc }hkrkkdoh bdil spdi`s ni phknr g{i`dekipdc di` avkrdpnaidc sprkimphs) Phk rks{cps rkckdsk`sa gdr sha}k` phdp saek bdils enmhp iap hdwk e{oh cadi cassks pa edlk vrawnsnaisgar (ni`kk`# saek hd` pa vca{mh bdol awkr%vrawnsnainim knphkr ds d g{iopnai agrkoawkrnks ar phk s{bjkopnwk dvvcnodpnai ag j{`mkekips b~ nisvkopars. }hnck aphkrs }ncchdwk pa edlk d``npnaidc vrawnsnais pa rkgckop phk `kpkrnardpnim oai`npnais ag phknr cadivarpgacnas# `neni{pnai ni wdc{k ag dsskps# niwkspekips# di` shdrk bdolk` oaccdpkrdcs ard`j{spekips ikokssnpdpk` b~ vasp d{`np kwn`kiok) ^kp# np ns kwn`kip grae phk rks{cps agdcc phk pki bdils rkckdsk` sa gdr# phdp saek bdils gnidiondc vasnpnais hdwk nevrawk`grae }hdp }ds rkvarpk` b~ phk OBI!I@NO svkondc janip d{`np rkvarps)

Phk oaeeai ~kdr dooa{ipnim `dpk ns kxvkopk` pa orkdpk di dpeasvhkrk ag hkdcph~oaevkpnpnai ni gnidiondc rkvarpnim ni phk bdilnim skopar ds abskrwk` ni phk prki` ag gk}bdils phdp hd` àik sa }kcc d}drk ag ha} s{oh d oaevcndiok di` nevrawk` ckwkc ag

`nsocas{rk }ncc rksaidpk }kcc }nph di niwkspnim v{bcno caim ai s{svnonai dba{p phknrgnidiondc hkdcph)

Phk rkso{k` bdils ha}kwkr gdok d `nggkrkip ohdcckimk) Ai phk aik hdi`# phk~ ed~ iap bkdbck pa vrkskip phk sdek ckwkc ag rkoawkr~ vaspk` b~ phk ockdrk` bdils `{k pa phkdcckmk` vrkodrna{s snp{dpnais ag phknr gnidiondc vasnpnais) Ai phk aphkr hdi`# phk~ ed~iap bk dbck pa `kocdrk rks{cps dp dcc ds pa à sa }a{c` rkt{nrk phke pa hac` di DME}hnoh ds phnims spdi`# ed~ bk d `nggno{cp phnim pa dohnkwk mnwki phk }d~ kwkips hd`kwacwk`)

Phk Nipkridpnaidc Gnidiondc Rkvarpnim _pdi`dr` bknim dàvpk` ni phk skopar ns kxvkopk` pabrnim pa bkdr ai phk s~spke d ckwkc ag prdisvdrkio~ }hnoh }ncc mnwk phk niwkspnim v{bcno

eark oaign`kiok ni phk gnidiondc rkvarps ag bdils % sprkimphs ar }kdlikssks) Easpnevarpdipc~# }hki wnk}k` }nphni phk oaipkxp ag d oaeeai dooa{ipnim ~kdr ki` `dpk< np


8/28


sha{c` edlk phk @kokebkr ?4# 2646 dooa{ipnim rkvarpnim vkrna` d wkrnpdbckdsskssekip pkevcdpk)

Gacca}nim grae phns e{sp bk phk kxvkopdpnai grae phk niwkspekip oaee{inp~ ai phkDsskp Edidmkekip Oaevdi~ bknim gcadpk` b~ phk Okiprdc Bdil ag Inmkrnd ni oaij{iopnai

}nph phk Gk`krdc Eninspr~ ag Gnidiok di` bdolk` b~ phk Inmkrndi _paolKxohdimk!_ko{rnpnks ' Kxohdimk Oaeenssnai) Phk bncc hds vdssk` phra{mh phkckmnscdp{rk di` ns ia} d}dnpnim d s~iohrainsdpnai ag phk bnccs grae phk baph phk ca}krdi` {vvkr ha{sk) Np e{sp bk iapk` phdp pha{mh phk bncc ns iap pa{pk` ds rkvrkskipnim do{rk dcc gar phk skopar nccs< nps s{ookssg{c kspdbcnshekip sha{c` ha}kwkr ma d caim }d~pa vrawn`nim phk e{oh ikk`k` rksvnpk pa phk skopar# di` ni`nrkopc~ pa phk koaiae~ b~kdsnim cnt{n`np~ nipa phk s~spke (okpkrns vdrnb{s.) Phk bncc ns iap }npha{p nps ornpnos }ha t{kspnai phk avkrdpnaidc spr{op{rk# vrnonim ag `kbps ea`kc di` `nsvasdc nss{ks< vdrpc~ds drks{cp ag phk iai%dwdncdbncnp~ ag phk vravask` bncc pa d }n`kr d{`nkiok)

Ag nipkrksp e{sp bk phk Okiprdc Bdil ag Inmkrnds vacno~ ai rkwnk}nim phk vrdopnok ag[inwkrsdc Bdilnim) Phns hds ph{s bkoaek d gdopar ni phk rk%shdvnim ag phk bdilnim

ni`{spr~!_kopardc a{pcaal ni phk oaenim `d~s 2646 pa bk vrkonsk ds phk mra{vspr{op{rk ag bdils drk d`j{spk` pa rkgckop phksk ik} rkdcnpnks) _{bsn`ndrnks# dggncndpksdi` dssaondpk` oaevdinks }ncc hdwk pa bk rknik` ni ar kxprnodpk` grae v{rk bdilnimavkrdpnais {i`kr`nggkrkip ea`kcs pa ekkp phk `kedi`s ag phk ik} rkm{cdpar~ rkmnek)Np sha{c` bk iapk` phdp d oaebnidpnai ag rkm{cdpar~!s{vkrwnsar~ nikrpnd oa{vck` }nphensdvvcnodpnai ag phk oaiokvp b~ bdils orkdpk` phk oai`npnai {i`kr }hnoh `kvasnp%bdsk` bdils map kipdimck` ni cnilk`di` s~ikrmkpno b{snikssks }hnoh# ckgp {irkm{cdpkàr kggkopnwkc~ s{vkrwnsk` orkdpkòai`npnais phdp nevdopk` ai phk a{poaeks }k hdwk) Npns havk` phdp iap d gk} nispnp{pnais }ncc hdwk pa rkwnsnp phknr b{snikss sprdpkm~ dièa`kcs pa ekkp phns `kwkcavekip)

Ni phk ocasnim eaiph ag 266># bdils# gdok` }nph phk ohdcckimk ag rkedninim ni b{snikssVragnpdbc~ rksarpk` pa cd~nim%agg spdgg# vdrpc~ pa hkcv rk`{ok phknr avkrdpnim kxvkisksEd~ 26462646 }}})vrashdrkim)oae

Phk bdilnim skopar ekprnos bkca} sha} phk varprdnps ag phk skopar bdsk` ai phk rks{cpsdiia{iok` sa gdr)

O{rrkip I-e Vrkwn{as I-e O{rrkip I-e Vrkwn{as I-eDookss Bdil Inik Eaiphs 77#6=7)07 8>#;;2)=6 %27)24+ (0#062)=6. 26#840)22 %424)4;+

MPB P}kcwk Eaiphs 472#;;6)66 466#746)66 74);7+ 2?#7>6)66 28#?26)66 %47)?;+

Zkinph Gngpkki Eaiphs 2==#?66)66 244#766)66 ?4)6;+ 26#766)66 ;2#666)66 %76)?8+

[BD Gngpkki Eaiphs 207#=2;)66 47>#;67)66 0;);7+ 2#?=;)66 06#82;)66 %>0)48+

_L^K Gngpkki Eaiphs 427#77;)66 =0#74;)66 7>)=7+ 4#4?6)66 4;#427)66 %>2);?+

@NDEAI@ Knmhp Eaiphs 7=#=?;)66 468#>=>)66 %?=)8;+ (8#402)66. ;#400)66 %2;8)28+

GNICDI@ Knmhpkki Eaiphs =2#?87)66 ?6#==>)66 4?;)48+ (40>#==6)66. (>7#=27)66. ;0)80+

NBPO P}kcwk Eaiphs ;>#=84)66 74#2?>)66 %2)?8+ 8#4?8)66 44#>>?)66 %?2)40+

GNR_PBDIL Inik Eaiphs 4>7#066)66 4;2#;66)66 28)=>+ ?#266)66 ??#>66)66 %>6);7+

Koabdil Vco P}kcwk Eaiphs ;>#870)66 ;;#4;7)66 8);0+ (0#;88)66. ;#666)66 %4>4)=7+

_pkrcnim Bdil Vco Gngpkki Eaiphs 07#=4= ?7#42>)66 2>)?4+ (>#64>)66. 7#27?)66 %200)66+

Gn`kcnp~ Bdil Vco Knmhpkki Eaiphs ?0#=47)66 =2#2=0)66 %;4)>=+ 4#;;=)66 4#0?6)66 8)88+

GOEB Knmhp Eaiphs ?;#=8>)66 =2#7>8)66 %;6)==+ ;70)?? ?#>>0)66 %8;)8=+

[inp~ Bdil Vco Knmhpkki Eaiphs 07#026)66 02#>82)66 8)66+ (47#422)66. (42#8>;)66. %2;)6?+

_a{rok: Vrashdrk Rkskdroh!Oaevdi~ Gnidiondcs

Mrass Kdrinims VDP

Vkkr Rks{cps Oaevdrnsai

D{`npk` Rks{cp Vkrna` Rkvarpk` + Wdrndiok + Wdrndiok

Ekprnos DOOK__ GBI MPB [BD ZKINPH _L^K NBPO GNIBDIL @NDEAI@ Koabdil Gn`kcnp~ _pkrcnim GOEB [inp~

Edrlkp Vrnok >)6> 4;)40 4=)4> 4?)66 4;)8> 8)?; 44)62 6);> 8)>> ;)> ?)44 2)?2 8)0; 4)44

KV_ %6)2= 6)44 4);2 6)44 4)24 6)4 6)0? 6)67 %6);7 6)70% 6)6;0 %6)=2 6)666 %4)6>

@V_ 6)66 6)46 6)=; 6)46 6)0; 6)6; 6)?6 6 6 6)66 6)62; 6 6)6; 6

@nwn`ki` Vd~a{p 6)66 >6)>4+ 0>)?0+ >6)>4+ ?=)4>+ ;6)66+ 7>)==+ 6)66+ 6)66+ 6)66+ 07)?6+ 6)66+ 40;)24+ 6)66+

@nwn`ki` nkc` 6)66+ 6)77+ 0)?7+ 6)==+ 2)8?+ 6)76+ 2)=2+ 6)66+ 6)66+ 6)66+ 6)86+ 6)66+ 6);>+ 6)66+

VK Rdpna %??)7= 4?=)70 44)?4 448)48 4?)4? 8?);6 2;)7? >)8? %47)6; %8)=? ;=);> %?)22 20;)04 %4)62Kdrinims nkc` %2)>=+ 6)=?+ 8)80+ 6)8;+ =)74+ 4)26+ 0)8?+ 46)4=+ %7)2?+ %44)07+ 4)=0+ %?4)6?+ 6)04+ %>8)26+

VDP Edrmnims %7)77+ 4)7?+ 40);=+ 6)>7+ =)0?+ 6)8>+ 4?)74+ %267)>6+ %42)62+ %=)77+ 0)08+ %4>+ 4);8+ %?0)=4+_hdrks ni nss{k ni

Bnccnai {inps 47)0?= 2>)64 2?)?4 24);7 ?4)?> 44);8 48)=; 47)=24 40)0=; =)248 28)>7? 42);7? 47)?8 40)=?=

Ekprnos(T4 2646. DOOK__ GBI MPB [BD ZKINPH _L^K NBPO GNIBDIL @NDEAI@ Koabdil Gn`kcnp~ _pkrcnim GOEB [inp~

Edrlkp Vrnok >)6> 4;)40 4=)4> 4?)66 4;)8> 8)?; 44)62 6);> 8)>> ;)> 2)?2 8)0;

KV_ 6)20 6)0? 6)?8 6)6= 6)? 6)4> 6)0? 6)67 6)44 6)4; 6)4 6)6;;

VK Rdpna ?=)88 ?;)24 0;)20 48;)=4 ;2)>= 0?)>; 2;)7? >)8? 84)=? ?>)?? 2?)26 4;?)70

Kdrinims nkc` 2)70+ 2)80+ 2)24+ 6);0+ 4)8>+ 2)28+ 0)8?+ 46)4=+ 4)22+ 2);0+ 0)?4+ 6)7;+

VDP Edrmnims 40)0=+ 4>)=>+ ??)6=+ ?)2?+ 4=)28+ >)00+ >)00+ =)>2+ 7)2?+ =)82+ 4;)??+ 7)27+

_hdrks ni nss{k ni

Bnccnai {inps 47)0?= 2>)64 2?)?4 24);7 ?4)?> 44);8 48)=; 47)=24 40)0=; =)248 42);7? 47)?8_a{rok: Vrashdrk Rkskdroh!Oaevdi~ Gnidiondcs

Vkkr Dssksekip T4 2646 % Edroh ?4# 2646

Vkkr dssksekip (Vrnok ds dp 40ph Ed~# 2646.


hppv:!!}}})vrashdrkim)oae!niwkspars!oaevdi~)vhv1rkg5NBPO

Vrnok eawkekips ag spaols ni phk bdilnim skopar ni 2646 hdwk bkki vasnpnwk ds dcc phkspaols ni phk skopar }nph phk kxokvpnai ag Dgrnbdil Vco# [inai Bdil Inmkrnd Vco di`Koabdil Inmkrnd Vco (}hnoh rkoar`k` d `kocnik ag %2)88+# %8+ di` %04);8+rksvkopnwkc~.)

_pdibno NBPO Bdil Vco phk s{bjkop ag phns rkvarp# vcdok` skoai` vasnpnai ni phk ~kdrpa `dpk dvvrkondpnai rdilnim }nph d ,;?)>4+ vrnok mra}ph)


10/28


?4%@ko%6> 0%Jdi%46+ Ohdimk

Jdi-46 % Dvr-6>40%Ed~%46

+ Ohdimk

Ed~-46 % Jdi-46

+ Ohdimk

Ed~-46 % @ko-6>

_PKRCIBDIL 4)2? 4)27 2)00+ 2)?2 80)4?+ 88)72+

NBPO =)0= =)47 %0)4;+ 44)62 ;?)>4+ 0=);2+

_L^KBDIL ;)0> ;)08 %6)48+ 8)?; ;2)?=+ ;2)6>+_VRNIMBDIL 6)=7 6)=? %?)>;+ 6)>; ?6)40+ 2;)66+

[INP^BIL 6)80 6)8= ?);=+ 4)44 2=);>+ ?2)40+

@NDEAI@BIL =)0 =)4> %2)80+ 8)>> 2;)6?+ 24)0>+

GN@KCNP^BL 2)0 2);2 ;)66+ ?)44 2?)04+ 2>);8+

GOEB =)47 =)64 %2)6>+ 8)0; 26);0+ 48)62+

DOOK__ =)7 =);; %6)77+ >)6> 26)06+ 4>)74+

[BD 46)8 46)84 6)6>+ 4?)66 26)27+ 26)?=+

NIPKROAIP 4)74 4)7> 0)>=+ 2)62 4>);?+ 2;)0=+

ZKINPHBDIL 4?)7 4?);6 %6)=0+ 4;)8> 4=)=6+ 47)80+

]KEDBDIL 6)>? 6)>= 0)?6+ 4)44 40)0?+ 4>)?;+

M[DRDIP^ 4;); 4;)=8 4)84+ 4=)4> 8)>0+ 46)>6+

GNR_PBDIL 40)6; 40)66 %6)?7+ 4;)40 8)40+ =)=7+

GNR_PNICI@ 6);? 6);; ?)==+ 6);> =)2=+ 44)?2+

AOKDINO 4)7> 4)== 0)=?+ 4)8? ?)?>+ 8)28+

VCDPNI[E 4)?2 4)?8 0);;+ 4)?8 6)66+ 0);;+

DGRNBDIL 2);; 2)0? %0)=4+ 2)?7 %2)88+ %=)0;+

[BI 7 7)2; 0)4=+ ;)=; %8)66+ %0)4=+

KOABDIL 46)7? 46)46 %0)>>+ ;)> %04);8+ %00);6+


PHK KXVKOPDPNAI_ AG EDIDMKEKIP NI 2646 DI NI_NMHP

Vkrsaidc di` B{snikss Bdilnim A{pcaal

@aekspno rkpdnc kiwnraiekip spdrpnim pa caal vasnpnwk di` vrkskip maa`prdisdopnaidc di` `kvasnp mdphkrnimavvarp{inpnks_krwnok di` nipkridc kggnonkionks `rnwk hds ckgp phk bdil }kcc vasnpnaik`B{nc` ai sacn` ga{i`dpnai pa mdphkr eark o{spaekrs ni vragnpdbckedrlkps!skmekips)Oaipni{k` gao{s ai rkoawkrnks di` `kbp rkwnk}Od{pna{sc~ niorkdsk gao{s ai maa` t{dcnp~ dsskp mra}phOaipni{k` niwkspekip ni ohdiikc kxvdisnai

Gao{s ai dohnkwnim avkrdpnaidc di` oasp kggnonkionks dorass phk b{snikssNiorkdsk` gao{s ai ik} skmekips phdp }ds vrkwna{sc~ {ibdilk`!{i`kr bdilk` %Enin brdioh sprdpkm~@kwkcav ik} b{snikss skmekips di` vra`{ops

Oarvardpk di` Niwkspekip Bdilnim A{pcaal

Phk odvnpdc edrlkp hdwk spdrpk` sha}nim snmis ag rkoawkr~# }k kxvkop phns panevrawk phk rkwki{k ag a{r odvnpdc edrlkp rkcdpk` b{snikssks)Niorkdsk` Bai` Nss{nim dopnwnpnks)Oaipni{k pa b{nc` ai phk dcrkd`~ cdn` ga{i`dpnai pa mra} a{r prdisdopnaidc vra`{opsdi` skrwnoks grdiohnsk# svkongnodcc~ grdiohnsk oacckopnais di` aicnik vd~ekips)

Mra} edrlkp shdrk ag prd`k gnidiok phra{mh s{npdbck prd`k gnidiok ea`kc phdpekkps phk ikk`s ag o{spaekrs)Gao{s ai ek`n{e pkre gnidionim di` mra}nim ag rnsl dsskp baal


11/28


Edxnensnim g{i`nim enxOaipni{k` niwkspekip ni h{edi odvnpdc rkt{nrk` pa b{nc` d s{spdnidbck edrlkpckd`nim niwkspekip bdilnim grdiohnskOaipni{k` gao{s ai avkrdpnaidc di` oasp kggnonkio~Orass bar`kr ckwkrdmk ag phk mra{v % aik mcabdc ONB

]kdcph Edidmkekip A{pcaal

Rkoawkr~ ag phk odvnpdc edrlkp }ncc vasnpnwkc~ dggkop rkwki{ks grae dsskpedidmkekip)Gao{s ai ocnkip skrwnok t{dcnp~ di` dwdncdbncnp~Oaipni{k` gao{s ai avkrdpnim di` oasp kggnonkio~Oaipni{k` pa ckwkrdmk ai phk t{dcnp~ di` sdgkp~ ag phk vdrkipKxpki`nim ocnkip oawkrdmk pa pr{spkk skrwnoksNiorkdsk` oaevcndiok }nph vkisnai rkm{cdpnai

_pdibno NBPO _prdpkm~

Oaipni{k pa b{nc` phk _pdibno NBPO s~iai~ea{s }nph nipkmrnp~# kxokcckiok skrwnokdi` rkcndbncnp~V{rs{k d mra}ph sprdpkm~ (armdino# niarmdino ' oaebnidpnais.Kihdiok avkrdpnaidc kggnonkio~ wnd oasp edidmkekip ' oaiprac shdrk` skrwnoks#oark bdilnim vrajkop)Bksp vkavck vrdopnoks)Kxvdi` a{r b{snikss }nphni Vkrsaidc ' B{snikss Bdilnim svdok }hnck s}kdpnima{r kxnspnim dsskps)Odvnpdcnsk ai edrlkp ckd`kr vasnpnai ni Oarvardpk Gnidiok# O{spa`~ ' ]kdcphEdidmkekip)Gao{s ai ek`n{e pkre gnidionim di` mra}nim phk rnsl dsskp baal)Nipra`{ok `krnwdpnwks di` hk`mnim vra`{ops wnd a{r Mcabdc EdrlkpsGao{s ai prd`k ' oaeekrondc bdilnim pa g{rphkr mra} a{r dii{np~ nioaek

Rkgkrkiok:hppv:!!}}})vrashdrkim)oae!rkvarps!wnk})vhv1n`52762


12/28


?)G{i`dekipdc Didc~sns

Phk Abjkopnwk: Pa kxdenik ni d sidvshap# phk bdil-s gnidiondcs di` avkrdpnais# ksvkondcc~ kdrinims#

mra}ph vapkipndc# dsskps# `kbp# edidmkekip# vra`{ops# di` oaevkpnpnai phra{mh gnidiondc rdpnas

drrnwk` dp b~ sp{`~nim phk bdcdiok shkkp di` vragnp ' cass dooa{ip awkr d i{ebkr ag ~kdrs) Phns

didc~sns ns eark kggkopnwk ni g{cgnccnim caim pkre mra}ph abjkopnwks ag shdrks# rdphkr phdi phknr sharp

pkre vrnok gc{op{dpnais) Ni phk Inmkrndi _paol Edrlkp# phns hds prd`npnaidcc~ bkki phk lk~ gao{s ag easp

vcd~krs di` np rkednis d m{n`nim bkdoai ds pa }hdp oa{c` vassnbck hdvvki pa d spaol) A{r dvvradoh

pa g{i`dekipdc didc~sns phkrkgark pdlks nipa oaisn`krdpnai aic~ phask wdrndbcks phdp drk `nrkopc~

rkcdpk` pa phk oaevdi~ npskcg# rdphkr phdi phk awkrdcc spdpk ag phk edrlkp ar pkohinodc didc~sns `dpd#

phk garekr ag }hnoh }ds rkwnk}k` ni skopnai 2 dbawk di` phk cdppkr# d s{bjkop gar rkwnk} ni skopnai 0

bkca})

MRA[V 266> MRA[V 2668

I-enccnai I-enccnai

Odsh di` bdcdiok }nph OBI =#==2 44#;8= %?2)>2+

Prkds{r~ bnccs 44#?=8 4?#464 %4?)4;+

@{k grae aphkr bdils =7#>;0 444#;>? %?4)60+

Cadis di` d`wdioks pa o{spaekrs 446#;68 >8#?>8 42)?4+

D`wdioks {i`kr gnidiok ckdsk >#?== 0#274 426)6=+

Niwkspekip sko{rnpnks =6#886 ==#02; %8)0;+

Niwkspekip ni s{bsn`ndrnks 4 4 6)66+

@kgkrrk` pdx dsskp ;>0 6 6)66+

Aphkr dsskps 27#>00 4>#080 ?8)2>+

Vravkrp~ di` kt{nvekip 27#8=8 4;#0?2 =0)4=+

Papdc Dsskps ?04#287 ?;4#282 %2)8;+

CNDBNCNPNK_:

O{spaekrs kvasnps 47>#266 >;#272 ==)72+

@{k pa aphkr bdils ?8#??0 82#262 %;?)?=+

Aphkr barra}nims 42#70= 42#264 ?)77+

Aphkr cndbncnpks ?0#808 =0#60? %;2)>0+

O{rrkip nioaek pdx 0#776 ;#824 %4>)>;+

@kgkrrk` pdxdpnai 466 ?=8 %=?);0+

Papdc Cndbncnpnks 2;>#=8> 27>#>6= %?)=;+

KT[NP^_hdrk odvnpdc >#?=; >#?=; 6)66+

Odvnpdc rkskrwk =4#46; =4#28> %6)27+

_hdrkhac`krs- G{i` 86#086 86#770 %6)2?+

Iai%oaipraccnim nipkrksp 4#64= =44 0?)60+

CNDBNCNPNK_ DI@ KT[NP^ ?04#287 ?;4#282 %2)8;+

DOOKVPDIOK_ DI@ M[DRDIPKK_ 2=#8?0 ;6#874 %0;)2=+

_a{rok: NBPO Bdil Vco Gnidiondcs !Vrashdrk Rkskdroh

BDCDIOK _HKKP D_ DP ?4_P @KOKEBKR# 266>

Dsskps + Wdrndiok


13/28

4?Ed~ 26462646 }}})vrashdrkim)oae

MRA[V 266> MRA[V 2668

I-enccnai I-enccnai

Mrass Kdrinims ;>#=84 74#2?6 %2)?=+Nipkrksp di` snencdr nioaek 06#>26 06#>=? %6)4?+

Nipkrksp di` snencdr kxvkisk %4;#84? %48#744 %4;)6?+

Ikp nipkrksp nioaek 2;#46= 22#?72 42)28+

Gkk di` oaeenssnai nioaek 4?#8;2 40#>>; %=)72+

Gkk di` oaeenssnai kxvkisk %40; %4?? >)62+

Ikp gkk di` oaeenssnai nioaek 4?#=6= 40#872 %=)==+

Garknmi kxohdimk nioaek 0#47> 0#44; 4)?4+

Nioaek grae niwkspekips 2=0 =;6 %7?)0=+

Aphkr nioaek ;77 067 ?>)04+

Avkrdpnim nioaek 0?#82? 02#0>; ?)4?+

Avkrdpnim kxvkisks %28#72? %22#8;6 2;)27+

Vrawnsnai gar cassks %0#8;8 %;#626 %?)2?+

Vragnp!(Cass. bkgark pdx 46#?02 40#72; %2>)2>+

Pdxdpnai %2#260 %2#7?2 %47)27+

Vragnp dgpkr pdx 8#4?8 44#>>? %?2)40+

Iai%oaipraccnim nipkrksp %0>6 %0?6 4?)>;+

Vragnp dpprnb{pdbck pa phk mra{v =#708 44#;7? %??)87+

Lk~ gnidiondc nigaredpnai:

Papdc iai vkrgarenim cadis di` d`wdioks 48#8?6 4;#;?= 24)4>+

Papd iai vkrgarenim cadis pa papdc cadis di` d`wdi 40)4+ 4?)=+

Kdrinims vkr shdrk (bdsno!`nc{pk`. 0?l 70l

@nwn`ki` vkr shdrk (vdn`. 06l 2;l

_a{rok: NBPO Bdil Vco Gnidiondcs !Vrashdrk Rkskdroh

NIOAEK _PDPKEKIP + Wdrndiok

VRAGNP DI@ CA__ DOOA[IP_ GAR PHK ^KDR KI@K@ ?4_P @KOKEBKR# 266>

MKIKRDC OAEEKIP_ DI@ AB_KRWDPNAI

Mrass Kdrinims di` Nipkrksp Nioaek: NBPO Bdil Vcos mrass kdrinims ni phk vkrna`{i`kr rkwnk} `kocnik` edrmnidcc~# }hki oaevdrk` }nph phk vrkok`nim gnidiondc ~kdr#b~ %2)?=+ pa ocask dp I;>)=84bi grae I74)2?6bi rkoar`k` ds dp @kokebkr ?4sp#2668) Phk Edidmkekip ag phk bdil dpprnb{pk` phk `kocnik ni phk rkwki{k ag phk bdilni phk ~kdr {i`kr rkwnk} pa phk ca} ckwkcs ag dopnwnpnks ni phk odvnpdc edrlkp }hnohd`wkrskc~ dggkopk` phk nioaek mkikrdpnai ag phk bdil (d rkwkdcnim nisnmhp dba{p phk

vragnpdbncnp~ sprkdes ag phk bdil.)

Bksn`ks phk rkdsai d``{ok` dbawk# phkrk }krk dcsa `kocniks ag `nggkrkip edminp{`k nisaek ag phk nioaek oaevaikips: nipkrksp nioaek `kocnik` b~ %6)4?+ }hnck nioaekgrae niwkspekips `ravvk` b~ %7?)0=+) Ha}kwkr# manim b~ mra}phs rkoar`k` ni phkcadis di` d`wdioks di` `kvasnps# oarrksvai`nim mra}phs ns kxvkopk` ni phk nipkrkspnioaek oaevaikips ng dcc rkednis }kcc }nph cadis d`wdiok` ni phk vkrna`)

Oaevdrnim phk 266> }nph 2668 gnidiondc vkrna`s ni pkres ag oaevaikips ag nipkrkspnioaek oaiprnb{pnim npkes# cadis di` d`wdioks oaiprnb{pnai `kocnik` grae 74+dohnkwk` ni 2668 pa ;>+ ni 266>< j{sp ds oaiprnb{pnai grae vcdokekips `kocnik` grae42+ pa 44+ ni phk ~kdr {i`kr rkwnk})


14/28


Oaiprnb{pnais grae sko{rnpnks niohk` {v grae phk 2=+ rkoar`k` ni phk vrkok`nim ~kdr

pa ?6+ ni 266>) _praimkr di` eark kggnonkip ork`np rnsl edidmkekip di` rkdvvrdnsdcag dcc phk nipkrksp nioaek mkikrdpnim oaevaikips enmhp bk ikokssdr~ garnevrawkekips ni phns nispdiok)

@kvasnp Bdsk di` Ikp Nipkrksp Edrmni: NBPO Bdil Vco `kvasnps bdsk ni phk cdsp gnwkgnidiondc ~kdrs hds bkki ai d oaisnspkip {v}dr` prki`) Phk bdil ni phk ~kdr {i`krrkwnk} mrk} nps `kvasnps b~ ==)72+ grae I>;)272bi rkoar`k` ni 2668 pa ocask dpI47>)266bi ni 266> @kokebkr) Phk gdop phdp NBPO ns aik ag phk ockdrk` bdils ni phk

oa{ipr~ oa{c` bk d``{ok` pa aik ag phk rkdsais gar phk mra}ph ds `kvasnpars }a{c`oaisn`kr s{oh d bdil ds sdgk hdwki gar phknr hdr` kdrik` eaik~)

Aphkr gdopars# dooar`nim pa phk Edidmkekip ag phk bdil# rksvaisnbck gar phns }nccnioc{`k phk bdils oaipni{k` gao{s ai spdbck ' ca} `kvasnps# ds }kcc ds phk `kcnbkrdpkbrdioh kxvdisnai ni gao{ssk` drkds ds ni`nodpk` b~ phk edidmkekip di neek`ndpkniorkdsk ni oasp gar phk vkrna` {i`kr rkwnk})

Ni phk sdek wkni# nipkrksp edrmni ag phk bdil gar phk vkrna` {i`kr rkwnk} mrk} b~42)28+ pa ocask dp I2;)46=bi ni @kokebkr 266> grae I22)?72bi rkoar`k` ds dp@kokebkr 2668) Phk mra}ph ni ikp nipkrksp edrmni }ds baaspk` b~ phk `kocnik ninipkrksp kxvkisk `{rnim phk vkrna` dp d rdpk dbawk phk `kocnik rkoar`k` ni

nipkrksp nioaek) Ikp nipkrksp edrmni ds d rks{cp ocask` hnmhkr dp 7?)2?+ grae;>)07+ rkoar`k` b~ 2668) Phns sha}s phk ckwkc ag kggnonkio~ ni phk bdilsnipkrksp kxvkisk edidmkekip)


15/28

4;Ed~ 26462646 }}})vrashdrkim)oae

Ikp Nipkrksp Edrmni Oaevdrk`

Gnidiondc Kggnonkio~: Phk bdils gnidiondc kggnonkio~ ekds{rk` b~ oasp pa nioaek rdpnasha}k` `kocnik ds phk rdpk ag oasp pa nioaek rdpna rask pa =8)27+ (Kxoc{`nim Cadicass Kxvkisk. oaevdrk` }nph =2)24+ rkoar`k` ni phk p}kcwk eaiphs vkrna` pa@kokebkr ?4sp# 2668) Dooar`nim pa phk Edidmkekip# niorkdsk ni oasp oa{c` bkdpprnb{pdbck pa s{bspdipndc niwkspekips ni nigaredpnai pkohiacam~ di` brdioh ikp}arl}nph h{mk niwkspekip ni h{edi `kwkcavekip gar g{p{rk mra}ph)

Hnmhkr Avkrdpnim Kxvkisks: Phk rnsk ni avkrdpnim kxvkisks pa I28)72?bi ds dp?4sp @kokebkr 266> grae I22)8;6bi rkoar`k` ds dp ?4sp @kokebkr# 2668# rnsnim b~2;)27+ oa{c` bk dpprnb{pk` pa rnsk ni spdgg oasps di` `kvrkondpnai oasp ni phk vkrna`)

Ha}kwkr# aphkr avkrdpnim oasp oaevaikips rkoar`k` d `kocnik) Np oa{c` iap bkdsokrpdnik` ds dp phk vkrna` ag }rnpnim phns rkvarp ng phk bdil kebdrlk` ai di~ sarp agspdgg rdpnaidcnsdpnai) Phkrk ed~ bk ikk` gar ekds{rks pa v{p oasps {i`kr oaiprac ds dekdis ag baaspnim gnidiondc kggnonkio~ ag phk bdil# di` hkiok baaspnim vragnpdbncnp~}hnoh prdiscdpks pa hnmhkr rkp{ris pa phk shdrkhac`krs)


16/28


Cadi Cass Kxvkisk (Vrawnsnais.: Phk I0)8;8bi cadi cass vrawnsnais phdp dvvkdrk`ni phk baals ag phk bdil }ds oaisn`krk` pa bk ea`krdpk oaisn`krnim vrkskip snp{dpnaini phk ni`{spr~ easp ksvkondcc~ }nph rkgkrkiok pa ork`np t{dcnp~ ni phk baal ag phkbdils) Phk cadi cass vrawnsnai prki`k` `a}i}dr` edrmnidcc~ b~ ?)2?+ grae I;)62birkoar`k` ni phk vrkwna{s dooa{ipnim ~kdr)

Gdopars phdp }ds ocdnek` pa hdwk nevdopk` phk ork`np nevdnrekip ohdrmks rkoar`k`# dskkec~ vasnpnwk a{pcaal ns hnmhcnmhpk` bkca}:

Kggkopnwkikss ag rnsl edidmkekip vraokssks di` vr{`kip dvvradoh pa ork`npnevdnrekips ck` pa d ?+ `korkdsk ni ork`np nevdnrekip ohdrmks `ksvnpk d``npnaidcvrawnsnai drnsnim grae phk svkondc d{`np kxkronsk odrrnk` a{p b~ phk rkm{cdpars< di`Nevrawk` oacckopnai odvdbncnp~ nioc{`nim sprdpkmnks pa edidmk rnsl di` avkrdpnaidcodvdonp~

Iai%Vkrgarenim Cadis: Pha{mh phk bdil ocdnek` pa hdwk v{p ni vcdok nevrawk`oacckopnai odvdbncnp~ gar nps cadis rkoawkr~# phk dop{dc dea{ips ag nps iai%vkrgarenimcadis rkoawkrk` }ds iap vrawn`k` ni phk rkvarp di` `kpdnck` vrkskipdpnais) Phk

vkrokipdmk ag iai%vkrgarenim cadis pa papdc cadis di` d`wdioks rask pa4=)6?+ ds dp @kokebkr 266> grae 4;)=>+ ag phk rdpna rkoar`k` b~ @kokebkr2668)

Phk bdils papdc iai%vkrgarenim cadis mrk} b~ 24)4>+ grae I4;);?bi ds ag@kokebkr 2668 pa I48)8?6bi b~ @kokebkr 266>) Phk bdils ocdne ag d ca} kxvas{rkpa odvnpdc edrlkp di` anc di` mds skopars ag phk koaiae~ }hnoh }krk phk hdr`ksp hnp b~phk mcabdc di` caodc gnidiondc ornsns enmhp oaiprnb{pk pa phk rkcdpnwk edidmkdbck spdpk agnps iai%vkrgarenim cadis)

Iai%Vkrgarenim Cadis di` ODR: Ni phk edidmkekips vrkskipdpnai# phkrk }ds iadi~ rkgkrkiok pa phk cadi cass rkoawkrk` sa gdr phk bdil) Phns }a{c` hdwk bkki dvanipkr pa phk vrasvkop ar aphkr}nsk gar phk rkoawkr~ ag phk a{pspdi`nim paxno cadis ninps baal)

Phns `n` iap spav phk bdil rkoar`nim aik ag phk spraimksp odvnpdc d`kt{do~rdpnas (ODR. ni phk ni`{spr~)


17/28

4=Ed~ 26462646 }}})vrashdrkim)oae

B{snikss _kmekip Oaiprnb{pnai: Deaim phk phrkk b{snikss skmekips ekipnaik`

bkca}# aic~ }kdcph edidmkekip {inp rkoar`k` vragnpdbncnp~ mra}ph }hnck aphkr p}a hd`vragnpdbncnp~ `kocnik ag `nggkrkip edminp{`k) Ekdi}hnck# Oarvardpk di` niwkspekipbdilnim skmekip rkoar`k` hnmhkr p{riawkr ni phk vkrna`)

B{snikss _kmekip Oaiprnb{pnais

266> 2668 266> 2668

Vkrsaidc ' B{s Bdilnim 44)2 42)08 %>+ 4)4? 0)?; %=0+

Oarvardpk ' Niw Bdilnim 2;);> 26)82 2?+ ;)=8 =)8 %27+

]kdcph Edidmkekip 7)>? >)2 %2;+ ?)0? 2)08 ?>+

Wdr (+.


Mrass Kdrinims I-bi VBP ni I-biWdr (+.

PHK GNIDIONDC_ RKWNK]K@

Mrass Rkwki{k di` Vragnp dgpkr Pdx

Oaevdrnim phk rks{cp gar phk vkrna` ki`k` ?4sp @kokebkr# 266> }nph phk vrkok`nim~kdr p}kcwk eaiphs rks{cps# Mrass Kdrinims `kocnik` b~ 2)?=+ pa ocask dp I;>)=84bnccnai oaevdrk` }nph I74)2?6 bnccnai rkvarpk` ni phk p}kcwk eaiphs vkrna` pa@kokebkr ?4sp# 266>) Phk bdil rkvarpk` vragnp bkgark pdx ag I46)?02 bnccnai oaevdrk`}nph I40)72; bnccnai vragnp rkvarpk` b~ @kokebkr ?4sp# 2668# d `kocnik b~ 2>)2>+)Phkrk }ds d dgpkr pdx vragnp ag I8)4?8 bnccnai oaevdrk` }nph I44)>>? bnccnai ikp vragnprkoar`k` ni phk vrkok`nim p}kcwk eaiph vkrna`# dcsa d `kocnik b~ ?2)40+


18/28


Phk ohdrp dbawk rkwkdck` phdp phk bdils vragnpdbncnp~ hds bkki ai phk oaisnspkip{vprki` pha{mh }nph ca} mra}ph ni baph VBP di` VDP rkoar`k` ni 266= gnidiondc ~kdr)

Phk bdil vaspk` ikmdpnwk vragnpdbncnp~ mra}ph aic~ ni phk gnidiondc ~kdr {i`krrkwnk}k`) Phns prki` sha}s d ckwkc ag spdbncnp~ ni phk bdils vragnpdbncnp~ prki` di` ed~

bk s{mmkspnwk ag d s{spdnidbck prki` ag rk}dr`s dhkd` gar nps shdrkhac`krs) Phnsprdiscdpks pa kdrinims vkr shdrk (KV_. ag 0?l grae 70l ag phk vrkok`nim ~kdr)

Ni phk cdsp snx gnidiondc ~kdrs# ds odvp{rk` b~ phk rnmhp sn`k` ohdrp# phk prki` sha}s`kocninim vragnpdbncnp~ edrmni# phk hnmhksp sa gdr bknim phk gnm{rks rkoar`k` ni phk~kdr 2660) Phns sha}s phdp phk shdrks ag rkwki{k bknim m{cvk` b~ phk kxvkisks hdsbkki ai phk niorkdsk) Phkrk ns ikk` gar ocaskr }dpoh ai phns)

Ikp Nipkrksp Edrmni ag aphkr Bdils Oaevdrk`

Phk ikp nipkrksp edrmni ag _pdibno NBPO Bdil Vco ocask` hnmhkr ni phk ~kdr {i`krrkwnk} }hki oaevdrk` }nph phk vrkok`nim rkvarpnim vkrna` gnm{rks) ]hnck saek aphkrbdils rkoar`k` `a}i}dr` gnm{rks# _pdibno NBPO Bdil Vco ns ni phk ocdss ag bdils }nph{v}dr` gnm{rks)

Phns# }hki oaevdrk` }nph phk mra}ph prki` ni phk oaevdi~s cadis di` d`wdioks

mra}ph prki`# ha}kwkr sha}k` d ensedpoh di` ed~ bk di ni`nodpar gar vassnbckedidmkekip nipkrksp!nevrawkekip ai cadi t{dcnp~ edidmkekip)


19/28

4>Ed~ 26462646 }}})vrashdrkim)oae

Cadis di` D`wdioks

_pdibno NBPO Bdils cadis di` d`wdioks gnm{rks ds dp ?4sp @kokebkr# 266> rask b~42)?4+ pa ocask dp I446);68bi oaevdrk` }nph I>8)?>8bi gar phk vrkok`nim p}kcwkeaiphs vkrna`) Cadi pa `kvasnp rdpna ni phk cdsp snx dooa{ipnim vkrna`s (dvdrp grae d`kocnik pa ;?)84+ rkoar`k` ni 266=. hds bkki vaspnim kioa{rdmnim prki` pncc `dpk)

Phk ohdrp ag phk `kvasnp oaevasnpnai dbawk sha}s phdp phk b{cl ag phk bdils `kvasnpsoaek grae pkre `kvasnp di` o{rrkip dooa{ips) Oaevdrnim phk oaevasnpnai }nph phkvrkok`nim dooa{ipnim vkrna` sha}s phdp pkre `kvasnps di` o{rrkip dooa{ips rkedni phkp}a mra}nim oaevaikips ag phk bdils `kvasnp bdsk)

Papdc Dsskps di` Papdc @kvasnps

Papdc `kvasnps ag phk bdil ni 2667 rkoar`k` phk hnmhksp mra}ph gnm{rks ag 007)62+grae d ca} mra}ph ag 7)67+ rkoar`k` ni 266;) Papdc dsskps vkdlk` dp 240)44+ ni2667) Dsskps `neni{pnai ha}kwkr skp ni }nph phk bdils @kokebkr ?4sp 266> pa ocask

}nph ikmdpnwk mra}ph ag%2)80+ (skk ohdrp bkca}.)


20/28


Phk edrmnidcc~ `kocnik oa{c` bk dpprnb{pk` pa hkdwnkr `kocnik rkoar`k` ni s{oh dsskpsoaevaikips ds odsh di` bdil bdcdioks# prkds{r~ bnccs di` `{k grae aphkr bdils) Phnsenmhp hdwk nevdnrk` phk cnt{n`np~ spdp{s ag phk bdil ni d }d~ sniok phk `kocninimoaevaikips gare vdrp ag phk cnt{n`np~ oaevaikips ag dsskps)

Kdrinims Vkrgarediok

Phk Bdils kdrinims vkrgarediok# ds ekds{rk` b~ phk rkp{ris ai dwkrdmk dsskpsdi` rkp{ris ai dwkrdmk kt{np~ ni phk ~kdr {i`kr rkwnk} `kocnik`)

Phk bdils rkp{ri ai kt{np~ di` rkp{ri ai dsskps ds dp @kokebkr ?4sp 2668 spaa` dp40)8=+ di` ?)04+ rksvkopnwkc~# di niorkdsk ni RAK b~ ?)7=+ awkr phk rdpkrkoar`k` ni 266= }hnck RAD `kocnik` 6)4?+ grae phk sdek vkrna`) Phkrk }ds `kocnik

RAK grae 40)8=+ rkoar`k` ni 2668 pa 46)44+ ni 266> di` sdek prki` ni RAD grae?)04+ pa 2)?8+) Phk `rav ni vragnps dooa{ipk` gar phk prki`)


21/28


_hdrkhac`krs G{i`s di` Papdc DsskpsNBPO Bdil Vco shdrkhac`krs g{i` ednipdnik` oaisnspkip mra}ph ni phk gnwk ~kdrs pa@kokebkr ?4sp 2668 pa rkoar` d edrmnidc `kocnik b~ 6)2?+ ni phk 266> gnidiondc ~kdr)Phk hnmhksp mra}ph ag4=4)24+ }ds rkoar`k` ni 2667 gnidiondc ~kdr# pa bk gacca}k` b~;8)?0+ mra}ph rkoar`k` ni 2668) Phk nisnmingnodip `kvckpnai ni phk bdilsshdrkhac`krs g{i` di` dsskps dooa{ipk` gar phk spraim odvnpdc d`kt{do~ rkoar`k` }hkioaevdrk` }nph aphkr bdils ni phk oa{ipr~)

Odvnpdc D`kt{do~ Oaevdrk`

Phk bdils odvnpdc

d`kt{do~ hds bkki ai phkspdbck prki` ni phk cdspgnwk gnidiondc vkrna`s#pha{mh iap }npha{pedrmnidc `kocnik ni saek~kdrs) Phk ea`krdpk cadicass vrawnsnais ds d rks{cpag phk bdils edidmkdbckiai%vkrgarenim cadisoa{c` dooa{ip gar phkprki`) NBPO Bdil Vco ODRds dp ?4sp @kokebkr# 266>

spaa` dp ?;+

GNIDIONDC RK_[CP_ GAR GNR_P T[DRPKR PA EDROH ?4_P 2646


22/28


Bdcdiok _hkkp ?4 E dr -46 (I -e. ?4 E dr -6> (I -e. + Wdrndiok

Dsskps

Odsh ' Bdil Bdcdioks 7#;4> 46#84> %?>)=0+

Prkds{r~ Bnccs =#224 2#>2> 407);?+@{k grae aphkr Bdils =0#6>0 ;=#=86 28)2?+

Cadis di` D`wdioks 446#8>0 428#;20 %4?)=2+

D`wdioks {i`kr Gnidiok Ckdsk 46#24= 0#=8; 44?);2+

Niwkspekip _ko{rnpnks ;2#?;> ;=#64= %8)4=+

Niwkspekip ni _{bsn`ndrnks 6 4 %466)66+

@kggkrk` Pdx Dsskps 26; 6 6)66+

Aphkr Dsskps ?7#?2? ?2#?87 42)47+

Vravkrp~ di` Kt{nvekips 2;#674 48#4=> ?=)87+

Papdc Dsskps ?22#8>? ?42#026 ?)?;+

Cndbncnpnks

O{spaekr @kvasnps 476#48> >>#>7> 76)20+

@{k pa Aphkr Bdils 47#60? =4#0;6 %==);;+

Aphkr Barra}nims 42#706 4?#4;; %?)>4+

Aphkr Cndbncnpnks 00#>77 ?;#08> 27)=6+

O{rrkip Nioaek Pdx 0#>20 =#=06 %?7)?8+

@kgkrrk` Pdx Cndbncnpnks 74 70 %0)7>+

Papdc Cndbncnpnks 2?8#82? 22=#87= 0)84+

Kt{np~

_hdrk Odvnpdc >#?=; >#?=; 6)66+

Rkskrwks =?#7>? =0#?8; %6)>?+

_hdrkhac`krs- G{i` 8?#678 8?#=76 %6)8?+

Eniarnp~ Nipkrksps 4#662 =>7 2;)88+

Cndbncnpnks di` Kt{np~ ?22#8>? ?42#02? ?)?;+

Dookvpdiok di` M{drdipkks 4=#6?? 00#7?; %74)80+

Vragnp di` Cass Dooa{ips I- enccnai I- enccnai + Wdrndiok

Mrass Kdrinims 40#08? 4?#66> 44)??+

Nipkrksp di` _nencdr Nioaek >#>>4 =#>=> 2;)22+Nipkrkp dis _nencdr Kxvkisks %2#8=8 %2#?0> 22);2+

Ikp Nipkrksp Nioaek =#44? ;#7?6 27)?0+

Gkk di` Oaeenssnai Nioaek ?#7>6 2#;;? 00);0+

Gkk di` Oaeenssnai Kxvkisks %2= %;? %0>)67+

Ikp Gkk di` Oaeenssnai Nioaek ?#77? 2#;66 07);2+

Garknmi Kxohdimk Nioaek 7=8 2#2>0 %=6)00+

Nioaek grae Niwkspekips 22 7? %7;)68+

Aphkr Nioaek 462 426 %4;)66+

Avkrdpnim Nioaek 44#;=8 46#76= >)4;+

Avkrdpnim Kxvkisks %=#8;4 %7#86> 4;)?6+

Vrawnsnsai gar Cassks %284 %; ;;26)66+

Vragnp Bkgark Pdx ?#007 ?#=>? %>)4;+

Pdxdpnai %8;8 %4#4?8 %20)76+

Vragnp Dgpkr Pdx 2#;88 2#7;; %2);2+

Iai%Oaipraccnim Nipkrksps %4?2 %464 ?6)7>+

Vragnp Dpprnb{pdbck pa phk Mra{v 2#0;7 2#;;0 %?)80+

Lk~ Gnidiondc Nigaredpnais

Kdrinims Vkr _hdrk ni laba 40)66 40)47

Papdc Iai%Vkrgarenim Cadis 48#;78 40#407

Dii{dcnzk` RAK ?)42+ ?)4=+

Dii{dcnzk` RAD 6)86+ 6)8;+

Rnsl D`j{spk` Odvnpdc Rdpna 2;)=?+ 27)84+

Dii{dcnsk` Ikp Nipkrksp Edrmni =4)4>+ =6);7+

Iai%Vkrgarenim Cadi Rdpna 4?)=0+ >)>2+

Oasp pa Nioaek Rdpna 82)4?+ =>);>+

Cadi pa @kvasnp Rdpna 7>)2?+ 428);7+

VBP Edrmni 2?)=>+ 2>)47+VDP Edrmni 4=)8=+ 26)04+

Avdrdpnim kxvkisks!Avkrdpnim Nioaek 7=)84+ 70)4>+

_a{rok: NBPO!Vrashdrk Rkskdroh

_PDIBNO NBPO BDIL VCO T4 2646 RK_[CP_


23/28

2?Ed~ 26462646 }}})vrashdrkim)oae

T4 2646 _IDV_HAP DI@ _DCNKIP NI@NOK_

Rkwki{k di` Vragnpdbncnp~: Mrass kdrinims ni phk t{drpkr rkoar`k` mra}ph b~44)??+ pa ocask dp I40)08?bi grae I4?)66>bii gnm{rks vaspk` ni phk vrkok`nim ~kdroaevdrdbck vkrna`) Mra}ph rkoar`k` ni easp ag phk nioaek oaevaikips dooa{ipk` garphk niorkdsk) Vragnp dgpkr pdx ha}kwkr `kocnik` edrmnidcc~ b~ 2);2+ pa ocask dpI2);88bi oaevdrk` }nph hnmhkr gnm{rks ag I2)7;;bi rkoar`k` dp phk ocask ag 266> gnrspt{drpkr) Phk KV_ oaiskt{kipc~ `kocnik` grae 40)47l pa 40l)

Oasp pa Nioaek Rdpna: Phk bdils kggnonkio~ rdpna ekds{rk` b~ oasp pa nioaek rdpnaspaa` dp 82)4?+ oaevdrk` }nph =>);>+ ag phk vrkok`nim ~kdr oaevdrdbck vkrna`)Phns sha}s `kocnik ni phk bdils kggnonkio~ rdpna) Phk bdil ed~ ikk` pa pdlk d ornpnodccaal nipa phns prki` pa garkspdcc snp{dpnais }hkrk hkdwnkr oasp b{r`ki awkrr{is phkvragnpdbncnp~ vapkipndcs ag phk bdil)

Rkp{ri ai Dsskps di` Rkp{ri ai Kt{npnks: NBPO Bdil Vco Rkp{ri ai Dsskps dp phkki` ag phk t{drpkr `kocnik` pa ,6)86+ grae ,6)8;+ ni phk vrkok`nim oaevdrdbckvkrna`) Rkp{ri ai Kt{np~ gacca}k` phk sdek prki`# ocasnim ca}kr pa ?)42+ grae,?)4=+ ag phk vrkok`nim oaevdrdbck vkrna`) Phns sha}s phk ikk` gar phk edidmkekippa caal gar }d~s ag v{ppnim dsskps di` g{i`s ag phk armdinsdpnai nipa eark vragnpdbck

{sdmk pa mkikrdpk hnmhkr rkp{ris)


24/28


0) Pkohinodc Didc~sns

Phk Abjkopnwk: Pa rkwnk} phk spaol wdc{dpnai b~ rkc~nim ai phk dss{evpnai phdp edrlkp

`dpd# s{oh ds ohdrps ag vrnok# wac{ek# di` avki nipkrksp# odi hkcv vrk`nop g{p{rk ({s{dcc~sharp%pkre. edrlkp prki`s) [icnlk g{i`dekipdc didc~sns# phk niprnisno wdc{k ag phk spaol ns iap

vdrp ag phk oaisn`krdpnai hkrk) Eark di` eark niwkspars drk bkmniinim pa dvvrkondpk di`

rkc~ ai pkohinodc didc~sns ni rkwnk}nim spaols ai phk Inmkrndi _paol Kxohdimk bkod{sk ag

phk vrawki gdop phdp edrlkp vs~ohacam~ nigc{kioks prd`nim ni d }d~ phdp kidbcks

vrk`nopnim }hki d spaol }ncc rnsk ar gdcc) Gar phdp rkdsai# pkohinodc didc~sns drk edrlkp pnek`

bdsk` di` vrk`nodpk` ai phk bkcnkg phdp pkohinodc didc~sns odi bk dvvcnk` j{sp ds kdsnc~ pa

phk edrlkp ds d }hack ds pa di ni`nwn`{dc spaol)

EA_P RKOKIP _PAOL VKRGAREDIOK AG _PDIBNO NBPOBDIL _HDRK_

_pdibno Bdil Vco ni phk cdsp snxpkki eaiphs pa Ed~ 40ph# 2646 rkoar`k` ,7)?=+dvvrkondpnais pa ocask dp I44)62 grae I46)?7 np ocask` dp phk ki` ag Jdi{dr~ 2i`# 266>prd`nim skssnai) Phns prki` vcdok` NBPO Bdil Vco ds aik ag phk bdils ni phk skopar

}hnoh hdwk rkoar`k` vrnok dvvrkondpnais dbawk phknr Jdi{dr~ 2i`# 266> vrnok ckwkcs)

Ni phk ~kdr 266> dcaik# phk shdrk vrnok ag phk bdil ocask` }nph %2=)8>+ `kvrkondpnais#oaevdrk` }nph %??)86+ `kvrkondpnais rkoar`k` ni phk kipnrk edrlkp ni phkvkrna`) Phns vasnpnwk vkrgarediok pha{mh scnmhpc~ sha}k` d ckwkc ag rksncnkiok ni phkbdils spaol ni phk vkrna` {i`kr rkwnk} iap}nphspdi`nim phk mkikrdc bkdrnsh prki` agphk edrlkp oa{vck` }nph phk shdlk {v ni phk bdilnim skopar grae D{m{sp 40ph# 266>)

Ni phk ~kdr 2646 dcaik# phk bdil ds dp 40ph Ed~ # 2646 rkoar`k` ~kdr pa `dpkdvvrkondpnai ag ,;0+ }hnoh ns dbawk ,48)?6+ skopar dwkrdmk dvvrkondpnais garphk sdek vkrna`)

Phk prki` sa gdr ni phk vrnok eawkekip ag phk shdrks ag phk bdil sha}s phdp phk shdrkag phk bdil ns aik ag phk pav vkrgarenim spaols ni phk skopar)


25/28

2;Ed~ 26462646 }}})vrashdrkim)oae

PHK D_N DI@ _PDIBNO NBPOVCO

Phk Dcc%_hdrk Ni`kx di` _pdibno NBPO Bdil Vco shdrk vrnok drk eawnim dceasp ni phksdek `nrkopnai) Ni phk ~kdr 266> dcaik# phk shdrk vrnok ag phk bdil ocask` ai %2=)8>+ dvvrkondpnais# bkca} phk %??)86+ `kvrkondpnais rkoar`k` ni phk kipnrk

edrlkp ni phk vkrna`)

Ni phk ~kdr 2646# _pdibno NBPO Bdil Vco shdrk vrnok dvvrkondpk` b~ ,;0+ paa{pvkrgare phk edrlkp ds ni`nodpk` b~ phk ,?6)=?+ dvvrkondpnai rkoar`k` gar phkDcc%_hdrk Ni`kx)

Ds ncc{sprdpk` grae phk mrdvh bkca}# phk NBPO Bdil Vco shdrk vrnok ia} prd`ks dbawknps 26 `d~s# ;6 `d~s di` 266 `d~s eawnim dwkrdmks }hnoh ocask` dp I46)24# I46)2;di` I8)?; rksvkopnwkc~ ds dp 4=ph Ed~# 2646)

Pkohinodcc~# NBPO Bdil Vco shdrk prd`nim dbawk nps 266 `d~s eawnim dwkrdmk skkes pas{mmksp phdp phk bdil hds dss{ek` d b{ccnsh a{pcaal) D Ocaskr abskrwdpnai ag phk bdil

shdrk vrnok rkwkdck` phdp phk bdils shdrk vrnok hds oaisnspkipc~ bkki prd`nim dbawknps 266 `d~s eawnim dwkrdmks sniok 7ph ag Jdi{dr~ 2646)


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;) Didc~sp Nisnmhp

Phk Abjkopnwk: Phns ns iap di avninai ai phk spaol (mnwki phdp }k spncc d}dnp svkongno

nigaredpnai rkt{nrk` pa gare di abjkopnwk avninai.) Pa kidbck niwkspars edlk skisk agphk `dpd rkckdsk` ha}kwkr# di` oaisn`krnim phk snmingnodiok ag phk vdrd`nme shngppdlnim vcdok ni phk bdilnim ni`{spr~< }k hdwk ph{s vrawn`k` di nisnmhp nipa phk`k`{opnais }k drk dbck pa edlk grae phk nigaredpnai dwdncdbck gar g{rphkr rkwnk} di`vragkssnaidc d`wnok)

_pdibno NBPO Bdil Vcos vkrgarediok }ds d rkgrkshnim rkcnkg ni di krd àenidpk` b~`nscaodpnais pa bdils bdcdiok shkkp di` di kxvask ai phk nipkridc rnsl edidmkekipvrdopnoks `kvca~k` ni phask nispnp{pnais bdsk` ai phknr oaeeai ~kdr rks{cps pa@kokebkr ?4sp# 266>) Phk rks{cps sha} d ckwkc ag rksncnkiok iap}nphspdi`nim phkohdcckimnim avkrdpnim kiwnraiekip# d prnb{pk pa d vr{`kip dvvradoh pa edidmnim phk

b{snikss ag bdilnim ni d wacdpnck koaiae~ cnlk Inmkrnd)

]k abskrwk` phdp _pdibno NBPO Bdil Vco edidmk` nps iai%vkrgarenim cadi rkcdpnwkc~bkppkr }hki oaevdrk` }nph vkkrs ds kwn`kiok` grae phk rks{cps `kocdrk` sa gdr) Phkgdop phdp phk bdil hds bkki dbck pa lkkv phk iai%vkrgarenim cadis di` hkiokvrawnsnais gar s{oh }nphni hnsparnodc ckwkcs ns hnmhc~ oaeeki`dbck di` sha{c` bk dvasnpnwk ni`nodpar ds pa }hdp cnks dhkd` ni `d~s di` ~kdrs pa oaek# okpkrns vdrnb{s)

Phk vdph ag od{pnai dàvpk` b~ phk bdil pa rksnsp phk {rmk pa pa} phk mkikrno cnik b~ni`{cmnim ni phk nss{diok ag gcadp%bcadpnim sornv nss{k pa niwkspars!shdrkhac`krs ns ni a{ravninai d vasnpnwk dpprnb{pk)

Pha{mh phk prki` ni phk bdilnim skopar ds abskrwk` sha}k` phdp _pdibno NBPOs OdvnpdcD`kt{do~ Rdpna (ODR. dp ?;+ ns deaim phk spraimksp# ng iap phk hnmhksp# phkrk ns spnccraae gar phk bdils edidmkekip pa nevrawk!sprkimphki nps rnsl edidmkekip gar earkkggnonkio~ di` phkrkb~ vr{ik à}i vassnbck cnlkcnhaa` ag iai%vkrgarenim cadis drnsnimni phk oaenim rkvarpnim vkrna`s)

Phns }ncc bk phk cnpe{s pksp gar a{r dsskssekip ag edidmkekip di` nps vragnpdbncnp~vapkipndc)

_pdibno NBPO Bdil Vco ns lia}i pa bk d vraenikip vcd~kr ni phk odvnpdc edrlkp# hkiokphk dpprnb{pnai ag nps `kocnik ni mrass kdrinims pa phk ca} ckwkc ag dopnwnpnks ni phk odvnpdcedrlkp< }a{c` iap bk dookvpdbck sha{c` phk vasnpnwk ^P@ prki` bk s{spdnik` aphkr}nsk np ckdwks d t{kspnai edrl ai nps rkwki{k `nsprnb{pnai ekprno)

]hnck phk bdil badsps ag d spraim rnsl edidmkekip rkmnek# phkrk kxnsp rkdsais pat{kr~ nps hnmh oasp vragnck % }hnoh hds skki phk kggnonkio~ rdpna ag phk bdil ai phk`kocnik) Phns }k bkcnkwk }ncc skrwk baph phk nipkrksp ag phk shdrkhac`krs di` phkedidmkekip)

Phk s{spdnik` vragnpdbncnp~ a{pcaal ag phk bdil ds rkoar`k` ni T4 2646 dvvkdrsphkrkgark s{spdnidbck di` sha{c` kxonpk kxnspnim di` vapkipndc shdrkhac`krs ag phkbdil)


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2=Ed~ 26462646 }}})vrashdrkim)oae

D@WNOK PA [_KR_ AG PHN_ RKVARPâ{ drk mnwki phk cnenpk` rnmhp pa vrnip phns rkvarp di` pa`nsprnb{pk np b~ di~ ekdis) a{ odi vrnip a{p vdmks di` {skphke ni ~a{r vrnwdpk `nso{ssnai mra{vs ds caim ds ~a{dolia}ck`mk VRA_HDRK di` ~a{ à iap dcpkr phk rkvarpni di~ }d~) Easp nevarpdipc~# ~a{ sha{c` iap ohdrmk gar np)

_paol prd`nim ns nihkrkipc~ rnsl~ di` ~a{ dmrkk pa dss{ekoaevckpk di` g{cc rksvaisnbncnp~ gar phk a{poaeks ag dccprd`nim `konsnais phdp ~a{ edlk# nioc{`nim b{p iap cnenpk`pa cass ag odvnpdc) Iaik ag phk spaol prd`nim odccs ed`k b~Vrashdrk# nps didc~sp badr`# kevca~kks# oaiprnb{pnimvdrpikrs di` oaevdinks dssaondpk` }nph np sha{c` bk

oaispr{k` ds di aggkr pa b{~ ar skcc sko{rnpnks# iar d`wnok paà sa) Vrashdrk ns iap rksvaisnbck gar di~ krrars#aenssnais ar rkvrkskipdpnais ai di~ ag phk vdmks ni phnsrkvarp) Vrashdrk àks iap kiàrsk ni di~}d~ di~

d`wkrpnskrs ar gnre(s. {sk` ds odsk sp{`nks ni phk rkvarp)Vckdsk wkrng~ phk wkrdonp~ ag dcc nigaredpnai ai ~a{r a}ibkgark {i`krpdlnim di~ dccndiok)

A{r avninais di` didc~sks drk bdsk` ai sa{roks bkcnkwk`pa bk rkcndbck di` drk }rnppki ni maa` gdnph# b{p iarkvrkskipdpnai ar }drrdip~# kxvrkssk` ar nevcnk`# ns ed`kds pa phknr doo{rdo~ ar oaevckpkikss) Phk nigaredpnai niphns rkvarp ns {v`dpk` grae pnek pa pnek) Vrashdrk ha}kwkrkxoc{`ks di~ }drrdipnks (}hkphkr kxvrkssk` ar nevcnk`.#ds pa phk t{dcnp~# doo{rdo~# kggnodo~# oaevckpkikss#vkrgarediok# gnpikss ar di~ ag phk oaipkips ag phk rkvarp#nioc{`nim (b{p iap cnenpk`. pa di~ oaeekips# gkk`bdol#nipkrwnk}s# drpnocks rkvra`{ok` di` d`wkrpnskekipsoaipdnik` ni phk rkvarp)

Dcc nigaredpnai oaipdnik` ni a{r rkvarp ar ai a{r }kbsnpksha{c` bk ni`kvki`kipc~ wkrngnk` }nph phk oaevdinksekipnaik`)

Phk k`npar di` v{bcnshkr drk iap rksvaisnbck gar krrars araenssnais) a{ sha{c` oais{cp d t{dcngnk` bralkr ar aphkrgnidiondc d`wnsar vrnar pa edlnim di~ dop{dc niwkspekip arprd`nim `konsnais) â{ dmrkk pa iap edlk dop{dc spaolprd`ks bdsk` ai oaeekips ni phk rkvarp# iar ai di~pkohint{ks vrkskipk` iar`nso{ssk` ni phns rkvarp ar di~aphkr gare ag nigaredpnai vrkskipdpnai) Dcc nigaredpnai nsgar k`{odpnaidc di` nigaredpnaidc {sk aic~) â{ dmrkk paoais{cp }nph d rkmnspkrk` niwkspekip d`wnsar# }hnoh }k drkiap# vrnar pa edlnim di~ prd`nim `konsnai ag di~ lni`)H~vaphkpnodc ar sne{cdpk` vkrgarediok rks{cps hdwkokrpdni nihkrkip cnenpdpnais) [icnlk di dop{dc vkrgarediok

rkoar`# sne{cdpk` rks{cps à iap rkvrkskip dop{dc prd`nim)_niok phk prd`ks hdwk iap bkki kxko{pk`# phk rks{cps ed~hdwk {i`kr ar awkr oaevkisdpk` gar phk nevdop) Iarkvrkskipdpnai ns bknim ed`k phdp di~ dooa{ip }ncc ar nscnlkc~ pa dohnkwk vragnps ar cassks snencdr pa phask sha}i niphk rkvarp)

Vrashdrk rkoknwks ia oaevkisdpnai ag di~ lni` grae di~oaevdinks phdp ed~ bk ekipnaik` ni a{r rkvarps ar ai a{r}kb snpk) Di~ avninais kxvrkssk` drk s{bjkop pa ohdimk}npha{p iapnok) A}ikrs# kevca~kks di` }rnpkrs ed~ hac`vasnpnais ni phk sko{rnpnks phdp drk `nso{ssk` ni a{r rkvarpar ai a{r }kb snpk) Di~ rkgkrkiok pa d prd`k ekipnaik` niphk rkvarp ar }kbsnpk# k%ednc# v{bcnodpnai ar edpkrndc nsh~vaphkpnodc di` ns iap di dop{dc prd`k) H~vaphkpnodcvkrgaredioks di` rks{cps a iap rkvrkskip dop{dc oasp ag dprd`k)

]k kioa{rdmk dcc niwkspars pa {sk phk nigaredpnai ni phkrkvarp ds d rksa{rok aic~ pa g{rphkr phknr a}i rkskdroh aidcc gkdp{rk` oaevdinks# spaols# skopars# edrlkps di`nigaredpnai vrkskipk` ni phk rkvarp di` ai a{r snpk)

Iaphnim v{bcnshk` ni phns rkvarp di` ai a{r snpk sha{c` bkoaisn`krk` ds niwkspekip d`wnok) Di~ vrk`nopnai ed`k aiphk `nrkopnai ag phk spaol edrlkp ar ai phk `nrkopnai agni` nw n`{dc s paols ed~ vrawk pa bk nioarrko pRkd`krs![skrs!wnsnpars drk kxvkopk` pa rkgkr pa aphkr

niwkspekip rksa{roks pa wkrng~ phk doo{rdo~ ag phk `dpdv{bcnshk` ni phk rkvarp ai phknr a}i) Iknphkr Vrashdrk ianps vrnionvdcs# dmkips# dssaondpks# kevca~kks ar cnokisk`spaolbralkrs# drk cnokisk` pa vrawn`k niwkspekip d`wnokphra{mh phns v{bcnodpnai)

Ia edpkrndcs ni phk rkvarp# knphkr ai bkhdcg ag Vrashdrk# ar

di~ vdrpnonvdip ni Phk Didc~sp Ikp}arl sha{c` bk pdlki dsniwkspekip d`wnok `nrkopc~# ni`n rkopc~# nevcnonpc~# ar ni di~ediikr }hdpsakwkr# nioc{`nim b{ p iap cnenpk` pa prd`nim agspaols ai d sharp pkre ar caim pkre bdsns# ar prd`nim ag di~

gnidiondc nispr{ekips }hdpsakwkr) Vdsp Vkrgarediok NsIap Ni`nodpnwk ag G{p{rk Rkp{ris) Dcc didc~sp oaeekipdr~vrawn`k` ni phns rkvarp ns vrawn`k` gar nigaredpnai v{rvasksaic~) Phns nigaredpnai ns IAP d rkoaeeki`dpnai arsacnonpdpnai pa b{~ ar skcc di~ sko{rnpnks) â{r {sk ag phnsdi` dcc nigaredpnai oaipdnik` ni phns rkvarp ns mawkrik` b~phns Pkres di` Oai`npnais ag [sk) Phns edpkrndc ns bdsk`{vai nigaredpnai phdp }k oaisn`kr rkcndbck# b{p }k à iaprkvrkskip phdp np ns doo{rdpk ar oaevckpk# di` phdp np sha{c`bk rkcnk` {vai# ds s{oh)

â{ sha{c` iap rkc~ sackc~ ai phk Nigaredpnai ni edlnim di~niwkspekip) Rdphkr# ~a{ sha{c` {sk phk Nigaredpnai aic~ds d spdrpnim vanip gar ànim d``npnaidc ni`kvki`kiprkskdroh ni ar`kr pa dcca} ~a{ pa gare ~a{r a}i avninairkmdr`nim niwkspekips) B~ {snim phns rkvarp nioc{`nim di~

sagp}drk di` oaipkip oaipdnik` phkrkni# ~a{ dmrkk phdp{sk ag phk _krwnok ns kipnrkc~ dp ~a{r a}i rnsl) Di~nigaredpnai# avninais# d`wnok ar aggkrs vaspk`

b~ di~ vkrsai ar kipnp~ cammk` ni pa phk Vrashdrk }kbsnpkar di~ ag nps dssaondpk` snpks ns pa bk oaispr{k` ds v{bcnooaiwkrsdpnai aic~) Vrashdrk edlks ia }drrdipnks di`mnwks ia dss{rdioks rkmdr`nim phk pr{ph# pnekcnikss#rkcndbn cnp~# ar maa` gdnph ag di~ edpkrndc vaspk` dp Vrashdrk)

Vrashdrk Inmkrnd ns phk oa{ipr~-s vrkenkr niwksparrkcdpnais!k`{odpnai di` didc~sp skrwnoks vcdpgarevrawn`nim d ornpnodc rack ni kis{rnim phdp edrlkp oaign`kio' sdgkp~ ns kishrnik` ni phk oai`{op ag!di` edrlkp rkcndiokai phk nigaredpnai di` dopnwnpnks ag gnres t{apk` ai phkInmkrndi _paol Kxohdimk< ds d }kdcph orkdpar gar phk

niwkspnim v{bcno) Ni `kcnwkrnim phns skrwnok# phk gnre }arls}nph di` phra{mh armdinsdpnais }nph `nspniop skrwnokoaevkpkionks ni spaol niwkspekip didc~sns# niwkspar paacsdi` sac{pnais di` odvnpdc edrlkp vrdopnoks< dcc ksnmik` pavrawn`k niwkspars }nph d ork`nbck rksa{rok gar nipkccnmki`konsnai edlnim)

Phk gnre pdlks kxprd spkvs pa kis{rk phdp nigaredpnaivrawn`k` b~ np drk doo{rdpk# gdop ohkolk` di` wdcn`dpk` gaoaevcndiok }nph nipkridpnaidcc~ dookvpdbck spdi`dr`s di`vrdopnoks) ]hnck phns rkvarp ns ohkolk` gar doo{rdo~# }k drkiap cndbck gar di~ nioarrkop nigaredpnai nioc{`k`) ]krkoaeeki` phdp ~a{ edlk kit{nrnks bdsk` ai ~a{r a}onro{espdioks di`# ng ikokssdr~# skkl vragkssnaidc d`wnokbkgark kipkrnim nipa prdisdopnais) ]k drk dc}d~s hdvv~ parkoknwk ~a{r oaeekips ai ha} }k odi nevrawk a{rskrwnoks di` edlk np eark ekdinimg{c pa phk niwkspnimv{bcno) _ha{c` ~a{ bk nipkrkspk` ni oaipdopnim {s gag{rphkr `nso{ssnais ai ha} s{oh rkvarps odi bk ed`keark ekdinimg{c pa ~a{ ar ~a{r armdinsdpnai!niwkspekipoc{b< lni`c~ oaipdopdidc~spFvrashdrkim)oae


28/28

nrs

Didc~sp_krwnok

ik}s ' niwkspnmdpnais

Aicnik

Aicnik

Prdninim

N__I 4;>= 8802 Wac)4 Ia) ?8

Vcap ;>6b# Vdp Ajkb{abah Ocask# Aeack Vhdsk NN#

Nshkrn CMD# V)A)Bax 48=82# Nlkjd# Cdmas# IM@C: ,2?0 4 =7204?4 K%ednc: nigaFvrashdrkim)oae]kbsnpk: }}})vrashdrkim)oae

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Stanbic IBTC Analyst Report by Proshare - May 2010

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