2015 Private Equity Market Outlook from TorreyCove Capital Partners

7/21/2019 2015 Private Equity Market Outlook from TorreyCove Capital Partners

1/51

Qdur [brtlfr

Ndr B`tfrlbtavf

Alvfstmflt Ud`utadls

www.tdrrfyedvf.edm 3;26 YdrrfyEdvf Ebpatb` [brtlfr

3;26 [ravbtf FquatyMbroft Dut`ddo


2/51

Ybc`f dn Edltflts

5 B Mberdfedldmae Dvfrvafw

23 Ybetaeb` Uummbry

Cuyduts

25 Ldrtg Bmfraeb Cuyduts

3; Furdpf @brjf Cuyduts

Upfeab` Uatubtadls

37 Iastrfssfi Ifct

56 Mfzzblalf

51 Ufedlibrafs

9> ^flturf Ebpatb`

Ygas mbtfrab` as prdpraftbry bli mby ldt cf rfprdiuefi, trblsnfrrfi, dr iastracutfi al bly ndrm watgdut pradr wrattfl pfrmassadl nrdm YdrrfyEdvf Ebpatb` [brtlfrs.

Ldtgalj edltbalfi al tgas mbtfrab` as altflifi td edlstatutf `fjb`, tbx, sfeuratafs, dr alvfstmflt bivaef, ldr bl dpaladl rfjbrialj wgftgfr bly alvfstmflt as bpprdprabtf,

ldr b sdàeatbtadl dn bly typf. Ygf jflfrb` alndrmbtadl edltbalfi gfrfal sgduì ldt cf betfi updl watgdut dctbalalj spfeanae `fjb`, tbx bli alvfstmflt bivaef nrdm b

àeflsfi prdnfssadlb`. Jflfrb``y, b`tfrlbtavf alvfstmflts alvd`vf b gajg ifjrff dn raso, aleùialj pdtfltab` `dss dn praleapb`, ebl cf gajg`y a`àquai bli ebl egbrjf gajgfr

nffs tgbl dtgfr alvfstmflts. [ravbtf fquaty alvfstmflts brf jflfrb``y ldt suchfet td tgf sbmf rfju`btdry rfquarfmflts bs rfjastfrfi alvfstmflt dptadls. [bst

pfrndrmblef mby ldt cf aliaebtavf dn nuturf rfsu`ts.


3/51

3;26 Dut`ddo

3;26 YdrrfyEdvf Ebpatb` [brtlfrs

B Mberdfedldmae Dvfrvafw

Ygf ifvf`dpfi wdrì strueo cbeo al 3;29, dr bt `fbst sdmf dn at iai. Ygf V.U. fedldmy bppfbrfi td

nalb``y mbof gfbiwby al sgboalj dnn tgf idìrums, jflfrbtalj sustbalfi jrdwtg, bli ebtegalj up watg

tgf rdbralj fquaty mbrofts, bs strdlj JI[ jrdwtg bli fmp`dymflt trflis fmfrjfi al tgf `bttfr gb`n dn

tgf yfbr. Udmf ldl-Furdzdlf fedldmafs watgal tgf FV, pbrtaeu`br`y tgf V.O., cfjbl td put up strdljfr

jrdwtg lumcfrs `bst yfbr bs wf``. Ygf rfst dn tgf FV, irbjjfi idwl cy sfvfrb` wfbo Furdzdlf

fedldmafs, s`djjfi tgrdujg bldtgfr yfbr dn `dw jrdwtg puletubtfi cy b ifn`btadl sebrf. Bli wga`f

sta`` jrdwalj bt b craso pbef, tgf Egalfsf fedldmy edltalufi ats ifef`frbtadl, e`duifi al ulefrtbalty

rfjbrialj if`fvfrbjalj prfssurfs nrdm ats mu`tayfbr naxfi bssft caljf bli ats sgant nrdm bl alvfstmflt

td edlsumfr-drafltfi jrdwtg mdif`.

Iavfrjflef al jrdwtg berdss tgf j`dcf gbs `fi td iavfrjflef al pdàey. Ygf Nfifrb` Sfsfrvf sajlb`fi

rbtf tajgtflalj al 3;26, wga`f tgf Furdpfbl Efltrb` Cblo blldulefi fmcbrobtadl dl ats dwl vfrsadl

dn qubltatbtavf fbsalj, bli Egalb eut ats cflegmbro altfrfst rbtfs ndr tgf narst tamf salef 3;23. Al spatf

dn rbtf alerfbsf tbò nrdm tgf Nfi, tgf dvfrb`` mdlftbry pdsturf dn tgf mbhdr efltrb` cblos, bli

tgfrfndrf j`dcb` àquaiaty, as fxtrbdrialbra`y fxpblsadlbry. Vlifr`yalj tgas pdsturf as tgf pfrsastflef dn

strueturb` amcb`blefs al tgf j`dcb` fedldmy tgbt gbvf mbaltbalfi b jùt dn sbvaljs bli edltracutfi tdb sajlanaeblt ifmbli sgdrtnb``, bs wf`` bs ifn`btadlbry prfssurfs, mdst ldtbc`y al Hbpbl, Furdpf, bli

fvfl tgf V.U. (mfblalj tgbt tgf Nfi mby yft ifnfr b rbtf alerfbsf). Xfrd dr lfbr-zfrd cduli altfrfst

rbtfs bli qubltatbtavf fbsalj wa`` cf nfbturfs dn tgf wdrì fedldmy ndr sdmf tamf, bs edultrafs

bttfmpt td offp ifn`btadl bt cby, mbaltbal idmfstae bssft praefs bli stamu`btf ifmbli bt gdmf, bli

bttfmpt td ùrf ifmbli nrdm tgfar lfajgcdrs vab edmpftatavf eurrfley ifvbùbtadl.


4/51

3;26 Dut`ddo

-2;%

-6%

;%

6%

2;%

26%

3;%

3;;2 3;;3 3;;5 3;;9 3;;6 3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29

Egalb Vlatfi Utbtfs Furdpfbl Vladl

Fedldmae Jrdwtg

V.U. rfb` JI[ alerfbsfi bt bl bllubàzfi rbtf dn 3.>% al tgf ndurtg qubrtfr dn 3;29, nd``dwalj b strdlj

tgari qubrtfr al wgaeg jrdwtg wbs up 6.;% dl bl bllubàzfi cbsas, beedrialj td tgf Curfbu dn Fedldmae

Blb`ysas (CFB). Ndr tgf nu`` yfbr, V.U. JI[ jrfw cy 3.9%, watg b pddr narst qubrtfr sgdwalj iftrbetalj nrdm

tgf strdljfr `bttfr gb`n dn tgf yfbr, cut `bst yfbr wbs sta`` b maldr amprdvfmflt dvfr 3;25 s3.3% jrdwtg.

Ygf CFB bttracutfs jrdwtg al tgf `bst twd qubrtfrs dn 3;29 td pdsatavf edltracutadls nrdm pfrsdlb`

edlsumptadl fxpfliaturfs, ldlrfsaifltab` naxfi alvfstmflt, nfifrb` jdvfrlmflt spflialj, rfsaifltab`

naxfi alvfstmflt, bli fxpdrts. Ampdrts, wgaeg brf b suctrbetadl al tgf ebèu`btadl, iferfbsfi. Gdusf

praefs al tgf V.U. rdsf bt b mdifrbtf pbef al 3;29 edmpbrfi td tgf iduc`f iajat praef bpprfeabtadl sffl al

3;25. Cftwffl Ufptfmcfr 3;25 bli Ufptfmcfr 3;29, tgf Nrfiiaf Mbe Gdusf [raef Alifx edltalufi td

rasf, cut bt b mdifst 6.;%, watg bl dut`ddo td mdifrbtf td brduli 5.;%.

Dvfrsfbs, Furdpfbl JI[ jrdwtg `ddos td cf edmalj dut dn tgf 3;25 sùmp. Gdwfvfr, tgf rfedvfry as

s`dw, watg Furdstbt sgdwalj nu`` yfbr jrdwtg dn dl`y ;.7% al tgf Furd Brfb, wgaeg as ldlftgf`fss bl

amprdvfmflt dl tgf -;.6% nrdm tgf pradr yfbr. Ygf `brjfr FV pdstfi b 2.5% bllub` JI[ alerfbsf ndr

3;29 bntfr bl fssfltab``y n`bt yfbr al 3;25. Arf`bli sgdwfi tgf strdljfst jrdwtg al tgf Furdzdlf bli

Furdpfbl Vladl, watg bllub` jrdwtg dn bpprdxambtf`y 6.;%, tgdujg tgas najurf mby cf edlsaifrbc`y

pumpfi up iuf td tgf fnnfet dn edltrbet mblunbeturalj cy dnnsgdrf pgbrmbefutaeb` edmpblafs.

Uduref8 AMN, Furdstbt


JI[ Jrdwtg



5/51

3;26 Dut`ddo


Bntfr pdstalj edlsfeutavf lfjbtavf jrdwtg al tgf yfbrs nd``dwalj tgf erasas, Jrffef, Upbal, bli [drtujb`

nalb``y fmfrjfi nrdm tgfar sùmps. Jrffef paeofi up stfbm al tgf `bttfr gb`n dn tgf yfbr bli pdstfi b

mdifrbtf alerfbsf al JI[ ndr 3;29. Mfblwga`f, Upbal bli [drtujb` put up bllub` jrdwtg rbtfs ndr 3;29

dn 2.9% bli ;.1%, rfspfetavf`y. Dl b lfjbtavf ldtf, Atb`y, tgf Furdzdlfstgari `brjfst fedldmy, edltalufstd strujj`f td jflfrbtf jrdwtg bli pdstfi bldtgfr n`bt yfbr al 3;29.

Al Bsab, Egalb's jrdss idmfstae prdiuet fxpblifi :.9% al 3;29, ats s`dwfst pbef al dvfr 3; yfbrs bli b

sàjgt irdp nrdm tgf :.:% jrdwtg al 3;25. Ygf s`dwidwl wbs iravfl cy `dwfr prdpfrty alvfstmflt,

sgraloalj erfiat jrdwtg, bli wfboflalj aliustrab` prdiuetadl. Egalbs `fbifrs bpprdvfi dvfr 5;;

alnrbstrueturf prdhfets vbùfi bt dvfr $2.2 tra`àdl ndr 3;26 al drifr td stamu`btf jrdwtg bli cddst mbroft

edlnaiflef.

Al Hbpbl, tgf mdlftbry stamuùs dn tgf Hbpblfsf efltrb` cblo gbs ldt sgdwl bly edlsaifrbc`f sustbalbc`f

ampbet dl tgf edultrysjrdwtg sd nbr. B iasbstrdus sfedli qubrtfr tgf rfsu`t dn b mbhdr edlsumptadl

tbx gaof tboalj fnnfet put 3;29 al b gd`f nrdm wgaeg at eduì ldt iaj dut, `fbialj td bldtgfr yfbr dn

ifeàlf ndr Hbpblsfedldmy. Al rfspdlsf td edltalualj jrdwtg egb``fljfs, tgf Hbpblfsf pramf malastfr

bpprdvfi bl fmfrjfley stamuùs pbeobjf wdrtg 5.6 tra`àdl ($31.2 ca`àdl) dl Ifefmcfr 3:tg td

stamu`btf tgf fedldmy bli rfbeg b JI[ jrdwtg tbrjft dn bt `fbst ;.:% al 3;26 bli 3;2>.

Vlfmp`dymflt

Ygf V.U. ulfmp`dymflt rbtf iferfbsfi nrdm >.:% al Ifefmcfr 3;25 td 6.>% al Ldvfmcfr 3;29,

beedrialj td tgf Curfbu dn @bcdr Utbtastaes (C@U). Vlfmp`dyfi eavaàbls iferfbsfi cy 575,;;; td 7.:

ma`àdl. Ygf lumcfr dn `dlj tfrm ulfmp`dyfi, tgdsf hdc`fss ndr 3: wffos dr mdrf, wbs fssfltab``y

ulegbljfi bt 3.7 ma`àdl al Ifefmcfr edmpbrfi td Ldvfmcfr, dr 52.1% dn tgf ulfmp`dyfi. Dvfr tgf

pbst 23 mdltgs, tgf lumcfr dn `dlj tfrm ulfmp`dyfi ifeàlfi cy 2.2 ma`àdl. Fvfl tgdujg tgf

ulfmp`dymflt rbtf nf`` sgbrp`y dvfr tgf pbst yfbr, tgf V.U. sta`` gbs b edlsaifrbc`f lumcfr dn

alvdùltbrypbrt tamf wdrofrswgd brf sta`` edultfi bs fmp`dyfi. Ygf C@U fstambtfs lfbr`y >.7 ma`àdl

pfdp`f nb`` altd tgas ebtfjdry. Al Ifefmcfr 3;29, tgfrf wfrf 3.5 ma`àdl pfrsdls e`bssanafi bs mbrjalb``y

bttbegfi td tgf `bcdr ndref,mfblalj tgfy gbi `ddofi ndr b hdc watgal tgf `bst 23 mdltgs, cut ldt al tgf

ndur wffos pradr td tgf survfy. Bmdlj tgf mbrjalb``y bttbegfi, tgfrf wfrf :9;,;;; pfdp`f wgd irdppfi



6/51

3;26 Dut`ddo

;%

6%

2;%

26%

3;%

36%

5;%

J

rffef

Udutg

Bnraeb

L

ajfrab

Upbal

Arbq

Atb`y

[drtujb`

Fjypt

Furd

Brfb

[

d`bli

Ar

f`bli

N

rblef

Y

urofy

B

ustrab

Arbl

Nal`bli

Cf

`jaum

Lftgfr`blis

EzfegSfpucàe

Ed`dmcab

Brjf

ltalb

Uw

fifl

Eblbib

[gaàp

palfs

[boastbl

Alid

lfsab

^flf

zuf`b

VlatfiOal

jidm

VlatfiUtbtfs

Uduref8 Yrbialj Fedldmaes

dut dn tgf `bcdr ndref bs iasedurbjfi wdrofrs. Ygf lumcfr dn alvdùltbry pbrt tamf wdrofrs, `dlj tfrm

ulfmp`dyfi, bli iasedurbjfi wdrofrs sujjfst tgbt, wga`f tgfrf gbs cffl edlsaifrbc`f amprdvfmflt al

tgf V.U. fmp`dymflt paeturf dvfr tgf `bst 23 mdltgs dr sd, tgf `bcdr ndref rfmbals ulifrutaàzfi, wgaeg

wa`` najurf sajlanaeblt`y al Nfifrb` Sfsfrvf tgaloalj rfjbrialj rbtf alerfbsfs al 3;26. Ygf V.O. b`sd sgdwfimfblaljnu` jrdwtg mdmfltum, watg b 3.>% yfbr dvfr yfbr alerfbsf al 3;29, edmpbrfi td 2.:% al tgf

pradr yfbr. Bntfr pddr pfrndrmblef al tgf yfbrs dut dn tgf `bcdr ndref bs iasedurbjfi wdrofrs.

Ygf Furd Brfb ulfmp`dymflt rbtf wbs 22.6% al Ldvfmcfr, ulegbljfi nrdm tgf navf prfvadus mdltgs,

cut idwl nrdm 23.2% al Ldvfmcfr 3;25. Bmdlj tgf mfmcfr stbtfs, tgf `dwfst ulfmp`dymflt rbtfs

wfrf rfedrifi al Jfrmbly (6.;%) bli Bustrab (9.1%). Ygf gajgfst ulfmp`dymflt rbtfs pfrsastfi al

Jrffef (36.7% al Detdcfr 3;29) bli Upbal (35.1%). Qdutg ulfmp`dymflt iferfbsfi cy 569,;;; bli

67,;;; al tgf Furdpfbl Vladl bli Furd Brfb, rfspfetavf`y, edmpbrfi td `bst yfbr. Ygf gajgfst ydutg

ulfmp`dymflt rbtfs wfrf dcsfrvfi al Upbal (65.6%), Jrffef (6;.> % al Detdcfr 3;29), Erdbtab (96.6% al

tgf tgari qubrtfr 3;29), bli Atb`y (95.1%).

Al Bsab, tgf Udutgfbst Bsabl edultrafs sgdw tgf `dwfst `fvf`s dn ulfmp`dymflt, aleùialj Ygba`bli

(;.>%), Ualjbpdrf (3.;%), bli âftlbm (3.2%). Ygfsf brf nd``dwfi cy Hbpbl (5.6%), Udutg Odrfb (5.6%),

bli Egalb (9.2%).

Vlfmp`dymflt Sbtfs V.U. Vlfmp`dymflt Sbtf

Uduref8 Curfbu dn @bcdr Utbtastaes



;%

3%

9%

>%

7%

2;%

23%

3;

;3

3;

;5

3;

;9

3;

;6

3;

;>

3;

;:

3;

;7

3;

;1

3;

2;

3;

22

3;

23

3;

25

3;

29


7/51

3;26 Dut`ddo

Aln`btadl

Al spatf dn gastdraeb``y `dw altfrfst rbtfs, V.U. aln`btadl rbtfs rfmbalfi quatf tbmf tgrdujgdut 3;29, nbaàlj

td gat tgf Nfis tbrjft rbtf dn 3.;%. Ygf B`` Atfms Alifx alerfbsfi ;.7% dvfr tgf 23 mdltgs flialj

Ifefmcfr 3;29, b ldtbc`f ifeàlf nrdm tgf 2.5% alerfbsf nrdm tgf 23 mdltgs flialj Ldvfmcfr 3;29.

Ygf ifeàlf as mbal`y iuf td tgf flfrjy alifx, wgaeg nf`` cy 9.:% (tgf jbsdàlf bli nuf` da` alifxfs nf`` cy1.9% bli :.7%, rfspfetavf`y). Gdwfvfr, tgf nddi alifx gbs rasfl 5.9% dvfr tgf 23 mdltgs flialj

Ifefmcfr 3;29.

Ygf FV aln`btadl rbtf pdstfi bt -;.2% al Ifefmcfr 3;29. Ygf gajgfst aln`btadl rbtfs wfrf rfedrifi al

Sdmblab (2.;%) bli Bustrab (;.7%). Al nbet, mdst FV edultrafs gbi bl aln`btadl rbtf dn `fss tgbl 2.;%, watg

tgf `dwfst rbtfs sffl al Jrffef (-3.>%), Cu`jbrab (-3.;%), Upbal (-2.2%), bli Eyprus (-2.;%). Ygf gajgfst

bllub` pfrefltbjf egbljfs wfrf rfedrifi al bèdgdàe cfvfrbjfs bli tdcbeed (3.2%), rfstburblt bli

gdtf`s (2.6%), bli fiuebtadl (;.1%)? wga`f tgf `dwfst bllub` egbljfs wfrf al edmmulaebtadls (-3.>%),

trblspdrt (-3.5%), bli nddi bli ldl-bèdgdàe cfvfrbjfs (-;.>%). Ygf Furd Brfb fledultfrfi dutrajgtifn`btadl al Ifefmcfr 3;29, watg bl aln`btadl rbtf dn -;.3%, idwl nrdm ;.5% al Ldvfmcfr. Ygf lfjbtavf

dvfrb`` rbtf as prambra`y iuf td b irdp al flfrjy praefs, wgaeg nf`` >.5%, edmpbrfi td b 3.>% ifeàlf al

Ldvfmcfr.

Al Bsab, Egalb's bllub` aln`btadl rbtf s`dwfi td 2.6% al Ifefmcfr 3;29, idwl nrdm b 3.6% alerfbsf al

Ifefmcfr dn `bst yfbr, bli tduegalj tgf `dwfst `fvf` salef Hblubry 3;2;. Nddi praefs beef`frbtfi cy 3.1%

wga`f ldl-nddi edsts rdsf bt b s`dwfr ;.7%. Lffi`fss td sby, tgf [fdp`fs Cblo dn Egalb ([CDE) wbs nbr

nrdm rfbegalj ats 3;29 aln`btadl tbrjft rbtf dn 5.6%.

J`dcb` Aln`btadl Sbtfs

Uduref8 Curfbu dn @bcdr Utbtastaes, FurdUtbt & Yrbialj Fedldmaes



-9%

-3%

;%

3%

9%

>%

7%

2;%

3;;9 3;;6 3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29

V.U. Furdpfbl Vladl Egalb


8/51

3;26 Dut`ddo

;%

6%

2;%

26%

3;% 3;23 3;25 3;29

Udvfrfajl Cblos

Al fbr`y 3;29, tgf Nfifrb` Sfsfrvf, ulifr ats lfw gfbi Hblft Qf``fl, sft dut ats prambry pdàey dchfetavfs

ndr tgf lfbr td mfiaum tfrm bttbalalj mbxamum fmp`dymflt bli rfbegalj b tbrjft aln`btadl rbtf dn

3.;%. Bs fxpfetfi, tgf Nfifrb` Sfsfrvf prdjrfssavf`y rfiuefi ats cdli cuyalj prdjrbm tgrdujgdut 3;29,

flialj qubltatbtavf fbsalj (RF) edmp`ftf`y al Detdcfr. Gdwfvfr, altfrfst rbtf pdàey rfmbalfi

ulegbljfi bt e`dsf td zfrd pfreflt al drifr td stamu`btf jrdwtg. Ygf Nfi aliaebtfi tgbt at p`bllfi td

mbaltbal altfrfst rbtfs bt tgf zfrd cduli ulta` dcsfrvfi aln`btadl bli fmp`dymflt `fvf`s brf mdrf al àlf

watg ats dchfetavfs. Al ats fnndrt td strfljtgfl tgf fedldmy, tgf Nfifrb` Sfsfrvfstdtb` àbcaàtafs rfbegfi

bl bstdlasgalj $9.9 tra`àdl, bl alerfbsf dn dvfr $9;; ca`àdl nrdm 3;25, bli $3.3 tra`àdl nrdm Ifefmcfr

3;;7.

Al Furdpf, tgf FEC gbs cffl mdvalj al tgf iarfetadl dn nurtgfr fbsalj, iuf td rasalj edlefrls dvfr

ifn`btadl. Edlsfquflt`y, at gbs prdjrfssavf`y rfiuefi Furd Brfb ofy altfrfst rbtfs td e`dsf td zfrd al drifr

td jflfrbtf fedldmae jrdwtg bli stbvf dnn ifn`btadl. Ygf FEC b`sd cfjbl puregbsalj edvfrfi cdlis bli

bssft cbeofi sfeuratafs al tgf ndurtg qubrtfr dn 3;29. Ygfsf puregbsf prdjrbms wa`` `bst ndr twd yfbrs bli

wa`` cf nd``dwfi cy sfvfl tbrjftfi `dljfr tfrm rfnalblealj dpfrbtadls tgbt brf segfiu`fi td rul ulta` Hulf

3;2>. Ygfsf mfbsurfs brf altflifi td mdvf tgf FEC cb`blef sgfft td tgf sazf at gbi bt tgf cfjallalj dn

3;23 (e`dsf td $3.: tra`àdl). Bsaif nrdm mdlftbry pdàey, al Detdcfr 3;29 tgf FEC pucàsgfi tgf rfsu`ts dn b

yfbr-`dlj fxbmalbtadl dn tgf rfsaàflef dn tgf 25; brjfst cblos al tgf Furd Brfb, bs dn Ifefmcfr 52, 3;25.

Efltrb` Cblo Sbtfs

Uduref8 Yrbialj Fedldmaes




9/51

3;26 Dut`ddo

2 [ucàe mbroft rfturls brf ebèu`btfi dl b iavaifli rfalvfstmflt cbsas. Sfturls cbsfi dl praef brf bs nd `dws8 U&[ 6;; 22.51%? Sussf``5;;;3 2;.96%? IBW 3.>6%? EBE 9; -;.69%? NYUF 2;; -3.:2? Laoofa 336 :.23%? Gblj Uflj 2.37%.

3 Sussf`` Alvfstmflt Jrdup as tgf sduref bli dwlfr dn tgf trbifmbros, sfrvaef mbros bli edpyrajgts rf`btfi td tgf Sussf`` Alifxfs.Sussf`` as b trbifmbro dn Sussf`` Alvfstmflt Jrdup.

Ygf 36 cblos wgaeg nba`fi tgf tfst wfrf rfquarfi td edvfr ebpatb` sgdrtnb``s. Ygf mfbsurf wbs altflifi td

cddst pucàe edlnaiflef bli eb`m mbroft edlefrls rf`btalj td tgf sbnfty bli sdulilfss dn tgf

Edltalflts cbloalj sfetdr, tgfrfcy mboalj at fbsafr ndr cblos td sduref nulialj bli sucsfquflt`y

alerfbsf flialj.

Al Bsab, tgf [CDE pursufi b sfrafs dn fxpblsadlbry mdlftbry pdàeafs al drifr td rfhuvflbtf Egalbs

fedldmae jrdwtg, wgaeg gbs iferfbsfi sajlanaeblt`y al rfeflt yfbrs. Dlf dn tgf mdst sajlanaeblt mdlftbry

mfbsurfs tbofl wbs td eut tgf cflegmbro dlf-yfbr `flialj rbtf cy 9; cbsas pdalts td 6.>% al Ldvfmcfr

3;29, wgaeg wbs tgf narst rbtf eut al mdrf tgbl twd yfbrs. Mdrfdvfr, tgf [CDE alhfetfi $72 ca`àdl altd

tgf navf `brjfst Egalfsf cblos td suppdrt erfiat prdvasadl. Al bldtgfr pdàey alatabtavf tgas dlf tbrjftfi

bt rfiuealj tgf alnùflef bli sedpf dn tgf sgbidw cbloalj mbroft - tgf [CDE blldulefi b sfrafs dn

rfndrms al rfeflt mdltgs, aleùialj tajgtfr rfju`btadls dl tgf usbjf dn cdli mbroft bli altfrcblo bssfts

ndr rfnalblealj. Fbràfr tgas yfbr, tgf jdvfrldr dn tgf [CDE blldulefi ats p`bl ndr 3;26, wgaeg aleùifs

`dwfralj nalblealj edsts ndr edmpblafs, beef`frbtalj altfrfst rbtf àcfrbàzbtadl, pusgalj bgfbi ebpatb`

beedult edlvfrtacaàty, bli fstbcàsgalj b ifpdsat alsurblef systfm.

[ucàe Mbrofts2

Ygf V.U. fquaty mbrofts pdstfi strdlj rfturls al 3;29, nuf`fi cy bl beef`frbtalj fedldmae rfedvfry bli

edltalualj `dw altfrfst rbtf flvardlmflt. Ygf U&[ 6;; bli Sussf`` 5;;;3 rfturlfi 25.:% bli 23.6%,

rfspfetavf`y, al b sdài yfbr tgbt dutpbefi mdst dtgfr mbhdr mbroft fquaty aliaefs (ndr fxbmp`f, tgf

Jfrmbl IBW wbs up dl`y 3.:% ndr tgf yfbr). Bàcbcb, Egalbs cajjfst dlàlf edmmfref edmpbly,

fxfeutfi tgf `brjfst alatab` pucàe dnnfralj fvfr al Ufptfmcfr, assualj $36 ca`àdl dn fquaty dl tgf LQUF. Ats

sgbrfs brf ldw 65% gajgfr tgbl tgfar alatab` dnnfralj praef. Edmpbrfi watg `bst yfbr, vd`btaàty mfbsurfi

cy tgf ÂW alifx alerfbsfi cy 9;.;%. Al Furdpf, tgf EBE 9; wbs up dl`y 3.>% bli tgf Cratasg NYUF 2;;

dl`y 2.;%, watg Furdpfbl ifn`btadl bs b pdssac`f edltracutalj nbetdr, fspfeab``y watg rfspfet td tgf

ndrmfr. Al Bsab, tgf Hbpblfsf Laoofa 336 pdstfi b 1.;% jbal bs at rfspdlifi td fxpblsadlbry pdàeafs.

Ygf Gdlj Odlj Gblj Uflj alifx wbs up b mdifst 6.5%, tgdujg tgf B-sgbrf mbroft wbs mueg strdljfr.




10/51

3;26 Dut`ddo

;

6;

2;;

26;

3;;

36;

5;;

56;U&[ 6;; Ibx 5;

MUEA Fmfrjalj Mot NYUF 2;;

Sussf`` 5;;;

;

3;

9;

>;

7;

2;;

23;

29;

3;23 3;25 3;29

Ygf Crbzaàbl ACD^FU[B sgdwfi b 3.1% `dss al 3;29 bjbalst tgf cbeojrduli dn b sùmpalj Crbzaàbl

fedldmy bli s`dwalj jrdwtg al @btal Bmfraeb. Ygf ifeàlf al da` praefs gbs ldt nbvdrfi tgf gajg yafì

mbrofts, wgaeg rfturlfi dl`y 2.7% al 3;29 (Eata VU Gajg-Qafì Mbroft Alifx).

Ygf Dut`ddo ndr 3;26

Zdrì dutput as fxpfetfi td alerfbsf td 5.6% al 3;26 nrdm 5.5% al 3;29, beedrialj td tgf AMN. Bivblefi

fedldmafs brf fxpfetfi td jrdw mdifst`y, watg b 3.9% alerfbsf al 3;26, aleùialj V.U. jrdwtg dn 5.>%.

V.U. aln`btadl gbs rfmbalfi dw, cut as fxpfetfi td rasf td 3.2% al 3;26.

Ygf jrdwtg fxpfetbtadl ndr tgf V.U. as cbsfi dl bl amprdvalj `bcdr mbroft, strdljfr gdusfgdì cb`blef

sgffts, bli alerfbsalj pravbtf alvfstmflt. Lfvfrtgf`fss, tgf V.U. fedldmy rfmbals susefptac`f td sdmf

idwlsaif rasos al tgf nuturf, tgf mbal dlf cfalj b gajgfr tgbl fxpfetfi alerfbsf al altfrfst rbtfs. Zatg

rbtfs sta`` `dw, alvfstdrs edltaluf td sgdw alerfbsalj raso bppftatf bli yafì-sffoalj cfgbvadr, wgaeg

cdifs wf`` ndr fquaty bli gajg yafì mbrofts. Bl fxtflifi ifeàlf al da` praefs eduì javf alvfstdrs pbusf,

bt `fbst watg rfspfet td tgf gajg yafì mbroft, bs tgf bmdult dn gajg yafì flfrjy ifct gbs rasfl 266.;%

salef 3;;1 bli eurrflt`y beedults ndr bcdut 2>.;% dn tgf gajg yafì assublef vdùmf, beedrialj td Nateg Sbtaljs.

[ucàe Mbrofts Sfturls

Uduref8 C`ddmcfrj

ÂW Alifx

Uduref8 C`ddmcfrj

5 Sussf`` Alvfstmflt Jrdup as tgf sduref bli dwlfr dn tgf trbifmbros, sfrvaef mbros bli edpyrajgts rf`btfi td tgf Sussf`` Alifxfs. Sussf`` as b trbifmbro dn Sussf`Àlvfstmflt Jrdup.



5


11/51

3;26 Dut`ddo

Ygf Furd Brfb as fxpfetfi td rfedvfr dl`y mdifst`y, watg tgf AMN fstambtalj 2.3% JI[ jrdwtg al 3;26, b

mfblaljnu` idwlwbri rfvasadl nrdm fbràfr fstambtfs. [rdspfets brf b`sd ulfvfl berdss tgf rfjadl

strdljfr al Jfrmbly bli Upbal, wfbofr al Nrblef bli Atb`y. Al drifr td edmcbt pfrsastflt gajg

ulfmp`dymflt rbtfs bli `dw aln`btadl bli td rfajlatf mfblaljnu` jrdwtg, tgf FEC gbs nurtgfr `ddsflfiats mdlftbry pdàey, bli al tgf narst mdltg dn 3;26 blldulefi tgbt at as nd``dwalj ats edultfrpbrts bt tgf

Nfi bli Cblo dn Hbpbl al pursualj fxpàeat qubltatbtavf fbsalj.

Al Bsab, tgf AMN prdhfets Egalbs jrdwtg td mdifrbtf td >.7% al 3;26 (bldtgfr idwlwbri rfvasadl) bs

s`dwfr erfiat jrdwtg tgrdujg cdtg tgf cbloalj bli ldl-cbloalj sfetdrs ampbets alvfstmflt, bli tgf

mdifrbtadl al tgf rfb` fstbtf sfetdr edltalufs. Hbpbl as strujjàlj td stbjf b rfedvfry, bli gbs jdlf b``-al

dl bjjrfssavf mdlftbry pdàeafs. At as gdpfi tgbt tgf stamu`btavf fnnfet dn tgfsf pdàeafs wa`` trump tgf

lfjbtavf fnnfets dn rfeflt tbx gaofs bli gf`p Hbpbls jrdwtg begafvf bt `fbst tgf AMN tbrjft dn ;.>% al

3;26.

Al tgf rfst dn tgf wdrì, tgf AMN prfiaets @btal Bmfraebs JI[ jrdwtg td amprdvf mdifst`y td 2.5%,

suppdrtfi cy amprdvalj fxpdrts bli b rfedvfry al alvfstmflt. Fedldmae betavaty al Uuc-Ubgbrbl Bnraeb

gbs edltalufi td jrdw bt b cfttfr pbef, gf`pfi cy nbvdrbc`f fxtfrlb` ifmbli edliatadls bli strdlj

jrdwtg al pucàe bli pravbtf alvfstmflt. Ygf AMN prdhfets tgf rfjadlsjrdwtg td beef`frbtf mdifrbtf`y,

rasalj nrdm 9.6% al 3;299td 9.1% al 3;26.



9 3;29 najurf dn 9.6% as bl fstambtf nrdm Zdrì Cblo


12/51

Ybetaeb` Uummbry

Ldrtg Bmfraeb Cuyduts< pbjf 25

23- td 27-mdltg

edmmatmflt

dut`ddo 6.7

331.7

5;;.7

3>5.>

>6.7 >1.5

17.:

2>;.:

21;.73;;.3

;

6;

2;;

26;

3;;

36;

5;;

56; Mfzzblalf NulisCuydut Nulis

Cuyduts < Ldrtg Bmfraeb

Uduref8 Cuydut Mbjbzalf? ibtb tgrdujg Ifefmcfr 2;,3;29Uduref8 Cuydut Mbjbzalf? ibtb as tgrdujg Ifefmcfr 2;, 3;29? ibtb edvfrs V.U. spdlsdrfi

nulis dpfrbtalj blywgfrf al wdrì

Cuydut Nulirbasalj

Bntfr b pfradi dn stbcaàzbtadl bli rftrflegmflt al tgf pdst erasas yfbrs, tgf Ldrtg Bmfraebl cuydut spbef

cfjbl td jflfrbtf mdmfltum al 3;25, fspfeab``y al tgf `bttfr gb`n dn tgf yfbr, al `deostfp watg strdlj

ebpatb` mbrofts. Al 3;29, cuydut nulis ldtaefbc`y sgantfi altd bldtgfr jfbr, puttalj up sdài alerfbsfs

berdss b`` tgrff mbhdr betavaty ebtfjdrafs (nulirbasalj, alvfstmflt, bli fxats). Dn pbrtaeu`br ldtf wbs tgf

alerfbsf al alvfstmflt betavaty, bs cuydut nulis wfrf nalb``y bc`f td ifp`dy mfblaljnu` ebpatb` bntfr b nfw

rf`btavf`y iannaeu`t yfbrs dl tgf ifb` nrdlt. [frgbps mdst amprfssavf wbs tgf fxat paeturf, iravfl cy cu`àsg

ebpatb` mbrofts tgbt b``dwfi cuydut nulis td rfturl `brjf qubltatafs dn ebpatb` td alvfstdrs bli sft tgf

stbjf ndr b pdsatavf nfficbeo `ddp, bs alvfstdrs rfifp`dy iastracutadls cbeo altd tgf cuydut bssft e`bss.

Nulirbasalj

Ygf nulirbasalj mdmfltum nrdm 3;25 rd``fi altd 3;29 watg ld bppbrflt iamalutadl, bs V.U. cuydut

nulis jbtgfrfi mdrf tgbl $219 ca`àdl ndr tgf yfbr (tgrdujg Ifefmcfr 2; tg), b jbal dn bt `fbst >% dl tgf

3;25 tdtb` dn $275 ca`àdl, atsf`n b sucstbltab` alerfbsf dvfr tgf pradr yfbr. Ygdujg sta`` dl`y bcdut twd-

tgaris dn tgf `fvf` dn tgf gfajgts dn 3;;: ($313 ca`àdl), watg tgrff yfbrs dn alerfbsalj nulirbasalj tdtb`s,

tgf cuydut strbtfjy al tgf V.U. ebl nbar`y cf sbai td gbvf nu``y rfedvfrfi nrdm tgf mbssavf gat at tddo

al tgf ammfiabtf pdst erasas yfbrs. Bt tgbt tamf cuydut nulis sbw b irdp dn lfbr`y :6% al nulirbasalj

nrdm 3;;7 td 3;;1 bli suciufi lumcfrs ndr tgf lfxt twd yfbrs ulta` crfboalj dut bjbal al 3;23.


;

6;

2;;

26;

3;; 3;;: 3;;7 3;;13;2;3 3;22 3;23

3;25 3;29 QYI

Mfjb Nulis

($6C dr mdrf)

@brjf-Mfiaum

nulis

($2C td $9.11C)

Mai-Mbroft

nulis

($5;;M td $111M)

Umb`` nulis

(up td $311M)


14/51


[uregbsf [raef bli Ifct Mu`tap`fs ndr Ldrtg Bmfraebl Cuyduts

Zga`f 3;25 wbs tgf yfbr dn tgf mfjb nuli, `bst yfbr sbw `fbifrsgap sgant sdmfwgbt td tgf lfxt tafr dn

`brjf bli mfiaum sazf nulis. Bntfr nb`àlj cfgali tgf mfjb nulis al 3;25, nulis tbrjftalj $2 ca`àdl td $6

ca`àdl al edmmatmflts gbi b cbllfr yfbr, pu`àlj al bpprdxambtf`y $222 ca`àdl al edmmatmflts, lfbr`y

bl 7;% alerfbsf dvfr tgf pradr yfbr bli wf`` dvfr iduc`f tgf bmdult jbrlfrfi cy tgf mfjb nulis. Cdtg

mai-mbroft bli smb`` nuli jrdups gfì stfbiy yfbr dvfr yfbr bt $3> ca`àdl bli $> ca`àdl, rfspfetavf`y.

Alvfstmflt Betavaty

Ygf ifp`dymflt pbef dn cuydut nulis al 3;29 eduì cf egbrbetfrazfi bs ulspfetbeu`br, cut amprdvfi. Ndr

tgf yfbr, tdtb` pflialj bli e`dsfi ifb`s cy V.U. spdlsdrs (rf`btalj td ifb`s blywgfrf al tgf wdrì)

aliaebtfi b iase`dsfi vbùf dn bpprdxambtf`y $3;: ca`àdl (tgrdujg Ifefmcfr 2; tg), b mfblaljnu` alerfbsf

dn 39% dvfr tgf 3;25 vbùf dn bpprdxambtf`y $2>: ca`àdl. Al tfrms dn e`dsfi ifb`s dl`y, 3;25 cfstfi

3;29, $29> ca`àdl td $225 ca`àdl? gdwfvfr, tgf 3;25 tdtb`s wfrf sofwfi cy twd `brjf ifb`s If`` bli

Gfalz. Fxeùialj tgf twd mfjb ifb`s, tgf bmdult dn e`dsfi ifb`s ndr 3;29 puts at al tgf sbmf `fbjuf bs

tgf pradr tgrff yfbrs. Dn edursf, tgf alvfstmflt pbef dn rfeflt yfbrs as sta`` ldt al tgf sbmf ulavfrsf bs

tgf pfbo yfbr dn 3;;:, wgfl $61: ca`àdl wbs e`dsfi, dvfr navf tamfs tgf 3;29 `fvf`.

Uduref8 Utblibri & [ddrs Nalbleab` Ufrvaefs @@E3;26 YdrrfyEdvf Ebpatb` [brtlfrs

Bvfrbjf Ifct Mu`tap`fs dn

Maii`f-Mbroft @CD @dbls

($6;mm dr `fss FCAYIB)

Bvfrbjf Ifct Mu`tap`fs dn

@brjf Edrpdrbtf @CD @dbls

(Dvfr $6;mm FCAYIB)

@CD [uregbsf [raef Mu`tap`f

Maii`f-Mbroft (Vlifr $6;mm

FCAYIB)

@CD [uregbsf [raef Mu`tap`f

@brjf Edrp ($6;mm dr mdrf

FCAYIB)

I f c t

[ u r e g b s f

;

2.;

3.;

5.;

9.;

6.;

>.;

:.;

7.;

1.;

2;.;

3;22 3;23 3;25 3;29 9R293;22 3;23 3;253;29 9R29


15/51

Ygdujg tgf tdtb` id``br vbùf dn e`dsfi bli pflialj ifb`s alerfbsfi dl`y mdifst`y, tgf lumcfr dn ifb`s

edmp`ftfi alerfbsfi, sujjfstalj b mdrf crdbi`y-cbsfi alvfstmflt flvardlmflt. Ld mfjb ifb`s

beedultfi ndr b `brjf sgbrf dn iase`dsfi vbùf. Al nbet, tgf `brjfst ifb` dn tgf yfbr wbs Yam Gdrtdls bt

$22.6 ca`àdl, nd``dwfi cy Ubnfwby bt bpprdxambtf`y $1 ca`àdl? cdtg sajlanaeblt`y smb``fr tgbl tgf If``

($39 ca`àdl) bli Gfalz ($35 ca`àdl) ifb`s nrdm tgf pradr yfbr.

Cuydut ifb` praealj rfmbalfi bjjrfssavf al 3;29, bs nfw dn tgf trflis tgbt wduì mdifrbtf puregbsf

praef mu`tap`fs wfrf al fvaiflef. [uregbsf praef mu`tap`fs ndr b`` ifb` sazfs flifi 3;29 bt hust dvfr 1.;x

FCAYIB. @aofwasf, fvfrbjf mu`tap`fs rfmbalfi bt dr lfbr tgf gajgs begafvfi dvfr tgf pbst nfw yfbrs, watg

eurrflt narst àfl ifct mu`tap`fs dn dvfr 9.;x FCYAIB. Ygf usub` trfli dn puregbsf praef mu`tap`fs

mdifrbtalj watg ifeàlalj ifb` sazf edltalufi altbet ndr 3;29. Cut cy lfbr`y bly mfbsurf, cuydut ifb`s al

tgf Ldrtg Bmfraebl mbroft rfmbal nu``y-praefi bt cfst. Al nbet, huijfi sd`f`y cy puregbsf bli ifct

mu`tap`fs, tgf 3;29 praealj flvardlmflt as fssfltab``y aliastaljuasgbc`f nrdm tgf ammfiabtf prf-erasas

yfbrs b stbtfmflt tgbt eduì cf bppàfi td lfbr`y b`` dn tgf pdst-erasas yfbrs bs wf``. Cbrralj b sajlanaeblt

rbtf alerfbsf cy tgf Nfi, mfblaljnu` s`dwidwl al tgf V.U. fedldmy, dr curl-dnn dn b `brjf pdrtadl dn iry

pdwifr watgal tgf cuydut spbef, tgas satubtadl as ldt fxpfetfi td mfbsurbc`y egbljf al tgf edmalj yfbr.

Fxats

Cuydut nulis rfturlfi ebpatb` td alvfstdrs bt b tdrrai pbef al 3;29, edltalualj tgf sdài pfrndrmblef tgbt

stbrtfi al tgf `bttfr gb`n dn 3;25. Al tdtb`, cuydut nulis jflfrbtfi fxats dn $326 ca`àdl (pfr [rfqal) ndr tgf

yfbr, b rfspfetbc`f 2;% alerfbsf dvfr b vfry nbvdrbc`f pfrndrmblef al 3;25. B`` mbhdr rdutfs td fxat wfrf

strdlj, aleùialj A[Ds bli sfedlibry cuyduts, cut tgf M&B rdutf idmalbtfi, beedultalj ndr $265 ca`àdl

dn tgf tdtb` fxat vbùf, up bpprdxambtf`y twd-tgaris nrdm tgf pradr yfbr. Ygf lft bssft vbùfs dn cuydut

nulis b`sd alerfbsfi sajlanaeblt`y iuralj tgf yfbr, al edlhuletadl watg strdlj pucàe mbrofts bli fxat

vbùbtadls.




16/51


UYSDLJ

D^FSZFAJGY

MDIFSBYF

D^FSZFAJGY

LFVYSB@

MDIFSBYF

VLIFSZFAJGY

UYSDLJ

VLIFSZFAJGY

td 27-mdltgedmmatmflt

dut`ddo bli 3;;: valtbjfs. Al nbet, wgbt as bcsflt nrdm eurrflt mbroft

edliatadls lumfrdus mfjb ifb`s, `brjf pucàe td pravbtf trblsbetadls, nffialj nrflzy buetadls, eùc

ifb`s, bli fxtrfmf`y sgdrt nulirbasalj eye`fs - sujjfsts tgbt wf brf sta`` sdmf wby nrdm sueg b nrdtgy

flvardlmflt. Bt prfsflt, cuydut mblbjfrs bppfbr td cf mbaltbalalj sdmf iaseapàlf watg rfspfet td

ifp`dymflt dn ebpatb` bli `fvfrbjf? gdwfvfr, tgas cfgbvadr as àof`y td egbljf bs tgf cu`` mbroft

edltalufs bli tgf V.U. fedldmy edltalufs td paeo up spffi, fspfeab``y bcsflt sfradus fnndrts cy tgf Nfi

td tbof bwby tgf pulegcdw`.

Dur tbetaeb` rbtalj ndr tgf `brjf cuydut sfetdr wa`` rfmbal bt Lfutrb`. Ygf sucstbltab``y amprdvfi

alvfstmflt bli fxat flvardlmflts tgbt jbalfi trbetadl al 3;29 put lfw wali bt tgf cbeo dn b`` Ldrtg

Bmfraebl cuydut strbtfjafs. Ygf Nfis edltalualj beedmmdibtavf stblef, bs wf`` bs tgf jflfrb``y

amprdvalj trfli dn tgf V.U. fedldmy (fvfl an egdppy) rduli dut tgf pdsatavf cbeoirdp ndr cuydut

strbtfjafs. Gdwfvfr, gajg puregbsf praef bli `fvfrbjf mu`tap`fs rfmbal bs mbhdr sdurefs dn wdrry jdalj

altd 3;26 (tgf sbmf bs ndr `bst yfbr). B`sd, tgf rfmbalalj ànf dn tgf cu`` fquaty mbroft al tgf V.U. as ldw b

nbetdr td tbof altd beedult al bssfssalj tgf tamf td àquaiaty ndr cuydut ifb`s mbif al 3;26.

Dur tbetaeb` rbtalj ndr tgf smb`` bli maii`f mbroft cuydut sfetdrs wa`` rfmbal bt MdifrbtfDvfrwfajgt.Umb`` bli mfiaum cuyduts wa`` cflfnat nrdm mdst dn tgf pdsatavf nbetdrs ldtfi bcdvf watg rfjbri td `brjf

cuydut nulis. Zga`f `fvfrbjf bli puregbsf praef mu`tap`fs bt tgf `brjfr fli dn tgf maii`f mbroft brf al tgf



19/51


sbmf tfrratdry bs tgdsf ndr `brjf cuyduts, tgfrf as sta`` sdmf mdifrbtadl watgal tgf smb``fr sazf ifb`s.

B`sd, cuydut nulis al tgf `dwfr gb`n dn tgf sazf iastracutadl sgduì cf bc`f td tbof bivbltbjf dn tgf

bequasatadl bppftatf dn tgfar `brjfr edusals, cy fxatalj bt bttrbetavf vbùbtadls vab sfedlibry sb`fs. Bs ldtfi

bcdvf watg rfspfet td `brjf cuyduts, tgf tamf td àquaiaty ndr 3;26 valtbjf ifb`s as b mbhdr edlefrl ndrsmb`` bli maii`f mbroft cuydut nulis bs wf``, tgdujg pfrgbps ldt td tgf sbmf ifjrff.

Zatgal tgf edltfxt dn b gfbtfi cuydut mbroft egbrbetfrazfi cy f`fvbtfi puregbsf praefs bli `fvfrbjf

mu`tap`fs, alvfstdrs sgduì bttfmpt td rfiuef idwlsaif raso cy edlefltrbtalj ifp`dymflts dl mblbjfrs

tgbt ndeus dl edmp`fx trblsbetadls dr ebrvf-duts wgfrf sdmfwgbt `dwfr praefs mby prfvba`, bs wf`` bs

tgdsf tgbt pursuf strbtfjafs tgbt brf `fss ifpfliflt dl fltry mu`tap`fs, sueg bs rd``-ups bli dpfrbtadlb`

amprdvfmflts. Cuydut mblbjfrs tgbt gbvf b ifmdlstrbtfi trbeo rfedri dn mbaltbalalj iaseapàlf tgrdujg

nrdtgy flvardlmflts sueg bs 3;;> tgrdujg 3;;:, dr wdrofi tgrdujg egb``fljfi pdrtndàds al tgf wbof dn

sueg flvardlmflts, sgduì b`sd cf nbvdrfi.

@bst yfbr wf bltaeapbtfi tgbt tgf trfli al tfrms dn alvfstmflt, vbùbtadl, bli fxats wduì cf upwbri,

wgaeg ebmf td pbss. Zf fxpfet tgas upwbri trfli td edltaluf tgrdujg 3;26.



20/51

Cuyduts < Furdpf

Eurrflt bli fxpfetfi JI[ jrdwtg al mueg dn Furdpf rfmbals blfmae. Beedrialj`y, tgf Furdpfbl Efltrb`

Cblo (FEC) rfeflt`y blldulefi p`bls td alatabtf b mbhdr qubltatbtavf fbsalj (RF) prdjrbm. Sd``fi dut cy

FEC [rfsaiflt Mbrad Irbjga al Hblubry 3;26, RF wa`` pump >; ca`àdl pfr mdltg altd tgf mdlfy supp`y

ulta` bt `fbst 3;2>. Aleùialj fxastalj prdjrbms, tdtb` FEC mdlftbry stamuùs wa`` ldw edmf td bcdut :;

ca`àdl pfr mdltg, aliaebtalj b irbmbtae cb`blef sgfft fxpblsadl dn up td 2.2 tra`àdl dvfr tgf lfxt 21

mdltgs. Ygf biiatadl dn RF td tgf max sgduì gbvf sdmf stamu`btalj fnnfet dl tgf Furdzdlf, prambra`y

tgrdujg ats wfboflalj dn tgf furd bli tgf rfsu`talj alerfbsf al edmpftatavflfss dn ats fxpdrts.

Fvfr-prfsflt al tgf cbeojrduli - bli pfradiaeb``y beutf - tgf Jrffo ifct prdc`fm rfmbals b waì ebri.

Ygf `btfst stblidnn wbs hust ifnusfi vab b cba`dut fxtflsadl bjrffmflt cftwffl Jrffef bli ats erfiatdrs

al Nfcrubry. Ygf bjrffmflt, wgaeg wa`` fxparf al ndur mdltgs, as ldt b rfsdùtadl, cut samp`y cuys tamf ndr

tgf pbrtafs td bttfmpt td lfjdtabtf bl beefptbc`f wby ndrwbri. Ygfrfndrf, tgf Jrffo ifct erasas as àof`y td

rfbr up bjbal al Mby dr Hulf, bli bly c`dwcbeo nrdm ats masgbliàlj eduì fli up swbmpalj wgbtfvfrmdifst jbals brf mbif al tgf sgdrt tfrm cy tgf RF prdjrbm. An b ifb` watg tgf lfw`y f`fetfi Jrffo

jdvfrlmflt ebl cf rfbegfi tgas summfr, tgf Furdzdlf wa`` gbvf cdujgt sdmf mdrf tamf ndr tgf FEC td

pursuf ats fxpblsadlbry mdlftbry pdàey, cblos td rfebpatbàzf bli `fli mdrf bjjrfssavf`y, edlsumfrs td

rfjbal edlnaiflef, bli jdvfrlmflts td wdro dl strueturb` rfndrm. Ygas as b tb`` drifr, bli gajgàjgts tgf

nbet tgbt, sfvfl yfbrs bntfr tgf nalbleab` erasas, Furdpf as sta`` gbmpfrfi cy albifqubtf ifmbli, rf`btavf`y

rajai `bcdr mbrofts, wfbolfssfs al tgf cbloalj sfetdr, bli tgf prdspfet dn cfalj ifrba`fi edmp`ftf`y cy

tgf lfxt dutcrfbo dn tgf furd erasas.

Nulirbasalj

Zatg rfjbri td pravbtf fquaty nulirbasalj, Furdpf-ndeusfi cuydut nulis pu``fi al 5;.> ca`àdl al

edmmatmflts al 3;29. Nrdm dlf pdalt dn vafw, tgas wbs b iasbppdaltalj rfsu`t, bs at wbs bcdut 5:% dnn

nrdm tgf pradr yfbrs rfedri-crfboalj tdtb` dn lfbr`y 6;.; ca`àdl rbasfi, tgf cfst yfbr salef 3;;7.

Gdwfvfr, wgfl vafwfi al tgf edltfxt dn tgf tgrff-yfbr pfradi 3;23 tgrdujg 3;29, `bst yfbrs tdtb`

ifmdlstrbtfs sustbalfi alvfstdr altfrfst al tgf Furdpfbl pravbtf fquaty sfetdr.



21/51

Cuyduts < Furdpf

Alvfstmflt Betavaty

Ifp`dymflts al Furdpf gbvf prdvfl rf`btavf`y rfsaàflt, al spatf dn tgf mbhdr prdc`fms nbealj tgf rfjadl.

Al 3;29, cuydut nulis alvfstfi bpprdxambtf`y >7.; ca`àdl, mdrf dr `fss tgf sbmf bmdult bs al 3;22,

bli bcdut 2;.;% mdrf tgbl 3;25. Ygf yfbrs 3;22 bli 3;29 wfrf vartub``y tafi bt tgf tdp dn tgf pbeo ndrb`` yfbrs salef 3;;:. Bntfr tgf cdttdm nf`` dut dn alvfstmflt al 3;;1 (`fss tgbl 36 ca`àdl ifp`dyfi),

alvfstmflt slbppfi cbeo smbrt`y td lfbr`y 67.; ca`àdl bli dl`y iappfi mdifrbtf`y cf`dw >;.; ca`àdl

al 3;23, dlf dn tgf yfbrs al wgaeg tgf furd erasas cfebmf beutf. Dvfrb``, cuydut alvfstmflt al tgf

Furdpfbl tgfbtfr rfmbals quatf gfb`tgy al spatf dn tgf trduc`fs dl tgf Edltalflt, wgaeg as ldt tdd

surprasalj javfl tgf sazf dn tgf FV bli `brjf lumcfr dn gajg qubàty fltfrprasfs dpfrbtalj watgal ats

cdrifrs.

Fxats

Cuydut-rf`btfi fxats al Furdpf ebujgt narf al 3;29. Bs wbs tgf ebsf watg tgfar edultfrpbrts dvfrsfbs,

cuydut mblbjfrs tddo nu`` bivbltbjf dn tgf bjjrfssavf bequasatadl bppftatfs dn strbtfjae bli nalbleab`

cuyfrs bs wf`` bs bmp`f bvba`bcaàty dn ifct ndr rfebpatbàzbtadls, pusgalj tgf bjjrfjbtf vbùf dn fxats al

3;29 td dvfr 235 ca`àdl. Ygas pfrndrmblef wbs lfbr`y 9;% cfttfr tgbl 3;25, atsf`n b rf`btavf`y jddi yfbr

fb` bùf dn Furdpfbl [ravbtf Fquaty-Cbeofi Cuyduts

Uduref8 [rfqal


29:266

61

33

67>7

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3;

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23;

29;

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3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29


22/51

Cuyduts < Furdpf

ndr fxats (77.: ca`àdl). Ygf sf``frs mbroft ndr pravbtf fquaty bssfts as ulàof`y td s`dw bpprfeabc`y al

3;26, bs b`` tgf f`fmflts tgbt mbif 3;29 b jddi yfbr rfmbal al p`bef8 `brjf supp`y dn `dw edst,

beedmmdibtavf ifct ndr sazfbc`f ifb`s? betavf strbtfjae bli nalbleab` cuyfr altfrfst? bli cudyblt ebpatb`

mbrofts. An RF ebl jbal trbetadl al cddstalj àquaiaty td tgf ifct mbrofts, 3;26 `ddos td cf sft ndr bldtgfr

cddmalj yfbr dl tgf fxat nrdlt.

Dut`ddo

Ldw tgbt tgf `btfst Jrffo erasas gbs cffl bvdaifi (ndr b tamf), tgf spdtàjgt sgants cbeo td tgf FEC bli tgf

pdtfltab` fnnfets dn ats RF prdjrbm, bt `fbst ndr tgf narst gb`n dn 3;26. At wbs ld fbsy nfbt ndr FEC [rfsaiflt

Mbrad Irbjga td pu`` tgas dnn, bs strdlj dchfetadls nrdm mbly FEC mfmcfrs, fspfeab``y Jfrmbly, gbi

fnnfetavf`y ndrfstb``fi bly mdvfmflt idwl tgf RF pbtg ndr sdmf tamf. Gdwfvfr, tgf ifn`btadlbry

rfbialjs tgbt ebmf dut dn tgf FV al Ifefmcfr, bjbalst tgf cbeoirdp dn pddr jrdwtg, spddofi fldujg

FEC mfmcfrs td b``dw ndr b mbhdraty al nbvdr dn tgf RF pdàey. [rfiaetbc`y, tgf nalbleab` mbrofts al Furdpf

bli f`sfwgfrf jrfftfi tgf blldulefmflt pdsatavf`y, wga`f tgf furd trbifi idwl vfrsus tgf V.U. id``br.

UYSDLJ

D^FSZFAJGY

MDIFSBYF

D^FSZFAJGY

LFVYSB@

MDIFSBYF

VLIFSZFAJGY

UYSDLJ

VLIFSZFAJGY


dut`ddo %

-9%

-3%

;%

3%

9%

3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29 3;26* 3;2>*


23/51

Utrueturb` assufs watgal tgf FV ebst sdmf iduct bs td tgf pdtfltab` fnnaebey dn RF. Ndr dlf, sdvfrfajl

yafìs ndr mdst Furdzdlf edultrafs brf b`rfbiy bt gastdraeb``y `dw rbtfs8 Jfrmbl cdlis brf ldw trbialj bt

dr lfbr b lfjbtavf rfb` yafì bli Atbàbl 2;-yfbr cdlis brf trbialj cf`dw 3%. Ygf qufstadl brasfs bs td tgf

mbtfrabàty dn bly stamuùs prdvaifi cy dwfralj rbtfs fvfl nurtgfr.

Ygfrf brf b`sd pdtfltab` trblsmassadl prdc`fms. Edltalfltb` fltfrprasfs dctbal b mueg `brjfr pfrefltbjf

dn tgfar nalblealj nrdm cblos rbtgfr tgbl ebpatb` mbrofts, bli dwlfrsgap dn ebpatb` mbroft sfeuratafs cy

gdusfgdìs as sajlanaeblt`y `dwfr tgbl at as al tgf Blj`dspgfrf. Ygfrfndrf, tgf trblsmassadl dn tgf cflfnats

dn RF - `dwfr nulialj edsts ndr fltfrprasfs bli tgf wfb`tg fnnfet prdiuefi watgal tgf gdusfgdì sfetdr

wa`` cf fss iarfet bli prdcbc`y fss sucstbltab` watgal tgf FV tgbl tgfy wfrf al tgf V.U. bli V.O.

Al drifr td bvdai tgf pfrefptadl dn tgf FEC cbaàlj dut prdc`fm pfrapgfrb` edultrafs dr sdeabàzalj

alifctfilfss, tgf RF prdjrbm wa`` cf amp`fmfltfi aliarfet`y, vab fbeg lbtadlb` cblo puregbsalj ats dwl

jdvfrlmflts ifct. Ygas mfbls tgbt Jfrmbly, Nrblef, bli Atb`y mby idmalbtf tgf prdjrbm, wga`fsmb``fr gbri gat pfrapgfrb` edultrafs mby ldt jft bs mueg gf`p bs tgfy lffi. Ygf FECs ifeasadl tgas

mdltg td cbr efrtbal Jrffo ifct bs ed``btfrb` as a`ùstrbtavf dn pdtfltab` amp`fmfltbtadl prdc`fms, tgdujg

tgf mdvf wbs ldt iarfet`y rf`btfi td RF. Nalb``y, tgf edltalufi wfbolfss dn tgf cbloalj systfms watgal

mbly pfrapgfrb` edultrafs bli ats ibmpflalj fnnfet dl `flialj mby algacat tgf n`dw dn RF altd tgfsf

gbri-prfssfi rfjadls.

Dl dtgfr nrdlts, tgf ibtb brf mdrf maxfi8

Bntfr b yfbr dn vfry mdifrbtf jrdwtg al 3;29, JI[ jrdwtg ndr tgf FV al 3;26 as prdhfetfi cy tgf

Furdpfbl Edmmassadl bt 2.:% bli dvfr 3.;% ndr 3;2>.

Ifn`btadl gbs rfbrfi ats gfbi al tgf Furdzdlf, watg b ;.3% yfbr dvfr yfbr ifeàlf rfpdrtfi ndr

Ifefmcfr, bli Hblubry nd``dwalj up watg b ;.>% iap? gdwfvfr, tgf FEC as gdpfnu` tgbt ats RF

prdjrbm wa`` mblbjf td alerfbsf aln`btadl cy ;.9% td ;.:% dvfr tgf lfxt twd td tgrff yfbrs.

Ufladr `dbl spdlsdrfi vdùmf dn bcdut 6; ca`àdl wbs up mbtfrab``y nrdm tgf 3;25 `fvf`, mbroalj

tgf sfedli yfbr dvfr yfbr alerfbsf bli tgf gajgfst tdtb` al dvfr tfl yfbrs, fxeùialj tgf pfbo prf-

erasas yfbrs dn 3;;6 tgrdujg 3;;: bli sfrvalj bs bldtgfr aliaebtdr dn bl amprdvalj erfiat

flvardlmflt tboalj gdì watgal tgf FV.

Cuyduts < Furdpf



24/51

Ygf Edltalfltb` cbloalj sfetdr, tgdujg ldt al tdp gfb`tg, edltalufs td s`dw`y rfedvfr. Ygf bssft

qubàty rfvafw (BRS) pfrndrmfi al 3;29 cy tgf Furdpfbl Cbloalj Butgdraty al eddrialbtadl watg

tgf FEC, aliaebtfi tgbt bcdut 3;% dn tgf 25; cblos alvd`vfi al tgf strfss tfst gbi nba`fi, bli

aifltanafi bcdut 36 ca`àdl al ebpatb` ifnaeafleafs tgbt lffifi td cf biirfssfi. Zga`f tgf mbrofts

edltaluf td cf sdmfwgbt sofptaeb` rfjbrialj tgf FCBsstrfss tfsts, mdst dn tgf fvaiflef suppdrts

b s`dw`y rfedvfralj cbloalj sfetdr dl tgf Edltalflt.

Al b rf`btfi pdsatavf sajl, tgf `btfst FEC `flialj survfy (9R 3;29) sbw b smb`` cut mfblaljnu`

upturl al `dbl ifmbli ndr tgf FV dvfrb``. Mdst dn tgf mbhdr fedldmafs, aleùialj Jfrmbly, Atb`y,

Nrblef, Upbal, bli tgf Lftgfr`blis, b`sd pdstfi pdsatavf alerfbsfs al ifmbli al dlf dr mdrf

ebtfjdrafs (fltfrprasf, gdusf puregbsf, edlsumfr erfiat). Cblos b`sd rfpdrtfi b jflfrb` rf`bxbtadl

dn erfiat stblibris watgal b`` dn tgf mbhdr `dbl ebtfjdrafs.

Ygf Furdpfbl gajg yafì mbrofts gbvf cffl cusy dvfr tgf pbst nfw yfbrs tboalj up sdmf dn tgf

s`beo al ifct prdvasadl, bs fvaiflefi cy edlsfeutavf strdlj yfbrs dn assublef. Aleùialj tgf V.O., btdtb` dn $26> ca`àdl al prambry assufs ebmf td mbroft, b lfbr`y 37% alerfbsf dvfr 3;25 s $233

ca`àdl, wgaeg wbs b`sd b strdlj amprdvfmflt dvfr tgf pradr yfbr. At sgduì cf ldtfi tgbt cy tgf fli

dn 3;29 tgf gajg yafì mbrofts `dst b jddi ifb` dn tgf mdmfltum tgbt tgfy gbi jdalj altd tgf yfbr

(Ifefmcfr assublef wbs ulifr $5 ca`àdl). Alvfstdrs gbvf cfedmf mdrf ebutadus bs

mberdfedldmae fvflts al Furdpf tgrfbtfl. Dl tgf pdsatavf saif, RF sgduì put mdrf bar al tgf gajg

yafì mbrofts dlef ats nu`` fnnfets brf nf`t.

Cuyduts < Furdpf


;

9;

7;

23;

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2117 2111 3;;; 3;;2 3;;3 3;;5 3;;9 3;;6 3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29

9R 5R 3R 2R

Bllub` Ufladr @dbl Updlsdrfi ^dùmf | Ca`àdl

Uduref8 Utblibri & [ddrs Nalbleab` Ufrvaef @@E

CA@@ADL IFB@ EDVLY


25/51

RF wbs ldt tgf dl`y mbhdr fvflt tgbt tddo p`bef al Hblubry 3;26. Ygf edmalj td pdwfr, al strdlj

nbsgadl, dn `fntwalj Jrffo pbrty Uyrazb mby fvfltub``y gbvf b jrfbtfr ampbet dl tgf ndrtulfs dn tgf

Furdzdlf tgbl fvfl RF. B`fxas Ysaprbs, tgf lfw pramf malastfr, rbl dpfl`y dl bl blta-bustfraty p`btndrm

bli al gas vaetdry spffeg iasmassfi tgf trdaob (FEC, AMN, FE) rfspdlsac`f ndr tgf Jrffo cba`dut pbet bs b

tgalj dn tgf pbst. Mdst mbroft dcsfrvfrs rfbetfi td tgf edmcbtavf rgftdrae watg fqublamaty, bssumalj

tgbt mdst dn at wbs mfblt ndr idmfstae edlsumptadl bli tgbt Uyrazb wduì fvfltub``y edmf td sdmf

edmprdmasf watg tgf trdaob, prdcbc`y b`dlj tgf àlfs dn b rflfwfi edmmatmflt td rfndrm cy tgf

Jrffos al fxegbljf ndr b `fljtgflalj dn rfpbymflt tfrms bli b `dwfralj dn tgf altfrfst rbtf dl tgf

cba`dut ifct. Cut at iai ldt wdro dut tgbt wby. Bntfr b iasbstrdus Jrffo tdur td jflfrbtf suppdrt ndr bl

fbsalj dn tfrms rfsu`tfi al bl ulmastbobc`f rfcunn, betadls bli stbtfmflts cy Ysaprbs fspfeab``y gas

biirfss td [bràbmflt al wgaeg gf dutàlfi gas jdvfrlmfltsprdpdsfi rd``cbeo dn tgf mdifst rfndrms

tgbt gbvf cffl tbofl sd nbr iai ldtgalj cut rbtegft up tgf tflsadl. Ndr ats pbrt, tgf Furdpfbl

Edmmassadl, watg strdlj prdmptalj nrdm Jfrmbly, tddo b gbri àlf, sujjfstalj tgbt ld ifb` wduì cf

rfbegfi an tgf Jrffo jdvfrlmflt iai ldt bjrff td nu`` rfpbymflt (bt sdmf pdalt) dn tgf ifct. Efrtbal`y

tgas eduì b`` gbvf samp`y cffl lfjdtabtalj pdsturf, cut an sd, tgf pfrndrmblefs dl cdtg saifs wfrf dn

vartudsd ebàcfr.

Zgftgfr at as b`` ndr sgdw dr ldt, tgf prfvadus`y dnn-àmat tdpae dn b Jrffo fxat nrdm tgf furd gbs ndrefi

ats wby cbeo altd tgf FV edlseaduslfss. Ygdujg mbly brf ldw idwlp`byalj tgf sajlanaeblef dn Jrfxat,

at wduì e`fbr`y cf ibmbjalj td cdtg pbrtafs fspfeab``y Jrffef, wgaeg wduì sff tgf vbùf dn ats

eurrfley pùmmft, b`dlj watg tgf stblibri dn àvalj dn ats eatazfls. Ygfrf brf ampàebtadls ndr tgf

Furdzdlf bs wf``. B Jrffo fxat majgt gbvf tgf cflfnat dn flndrealj sdmf iaseapàlf dl ats mfmcfr

stbtfs, cut at eduì b`sd `fbi td b `brjfr seb`f crfboup dn tgf Furdzdlf. Vlefrtbalty rfjbrialj tgf nuturf

stbtus dn sfvfrb` mfmcfr stbtfs watgal tgf Furdzdlf wduì cf ifstbcaàzalj td sby tgf `fbst. Dl tgf

dtgfr gbli, an tgf Jrffos wal mbhdr edlefssadls, at as prdcbc`y hust b mbttfr dn tamf cfndrf dtgfr stbtfs

tgbt gbvf mdrf dr `fss bigfrfi td tgf bustfraty rfjamf ifeaif at as tamf ndr b egbljf. Ygas wduì

betub``y cf b pdsatavf ifvf`dpmflt ndr pfrapgfrb` edultrafs, cut edst`y ndr tgf cblos bli jdvfrlmflts

al tgf FV edrf.

Cuyduts < Furdpf



26/51

Al bly fvflt, bntfr wffos dn tflsf lfjdtabtadls beedmpblafi cy b ibljfrdus `fvf` dn nuli dutn`dws al

tgf Jrffo cbloalj systfm, tgf Ysaprbs jdvfrlmflt rf`fltfi bli bsofi ndr bl fxtflsadl dn tgf `dbl

pbeobjf, wgaeg wbs jrbltfi ndr b ndur mdltg pfradi. Bs pbrt dn tgf bjrffmflt, tgf Jrffo jdvfrlmflt

wbs rfquarfi td sucmat b àst dn prdpdsfi fedldmae bli naseb` rfndrms tgbt at altflis td pursuf al drifrtd sbtasny tgf erfiatdrs. Ygf rfndrms aleùif8 alerfbsalj tbx edmpàblef, b edmmatmflt td rfiuealj

edrruptadl, bli vbradus dtgfr naseb` bli `bcdr mbroft egbljfs. Furdzdlf nalblef malastfrs rfeflt`y

bpprdvfi tgf fxtflsadl. Bs ldtfi fbràfr, tgf bjrffmflt idfs ldt rfsd`vf tgf Jrffo ifct prdc`fm, cut

fnnfetavf`y cuys ndur biiatadlb` mdltgs al wgaeg tgf pbrtafs ebl bttfmpt td ifvf`dp b sdùtadl. Ygf

Furdzdlf wa`` tgfrfndrf gbvf b sgdrt rfspatf nrdm tgas `btfst n`brf-up dn tgf erasas, cut tgf ulefrtbalty

surrdulialj tgf edgfsavflfss dn tgf eurrfley uladl edltalufs.

@bst yfbr wf sujjfstfi tgbt tgf bustfraty jbmf p`bl nbvdrfi cy tgf edrf mfmcfrs ndr ifbàlj watg tgf

ifct prdc`fms dn tgf pfrapgfrb` mfmcfrs wduì ldt `dlj rfmbal vabc`f. Ygf f`fetadl dn Uyrazb bli tgf

`btfst cralosmblsgap dvfr Jrffo ifct brf strdlj pdalts dn fvaiflef al nbvdr dn tgbt bssfssmflt. Vlta`

tgf Furdzdlf rfsd`vfs tgf sd`vfley assufs watgal ats pfrapgfry - wgaeg wa`` u`tambtf`y rfquarf ifct rfàfn

- jrdwtg wa`` edltaluf td fùif at bs tgf pfrapgfrb` rfjadls stbjlbtf ulifr ifn`btadlbry pdàeafs bli

fxefssavf ifct curifls. Javfl tgbt tgfrf idfs ldt, bs dn yft, sffm td cf sunnaeaflt pdàtaeb` ulaty, wa``,

dr pdwfr watgal tgf edrf stbtfs td tbof tgf lfefssbry cut pbalnu` stfps td rfsd`vf tgas mbttfr, tgf

Furdzdlf rfmbals dl b trbhfetdry tgbt prdmasfs s`dw bli stumcàlj jrdwtg ndr sfvfrb` mdrf yfbrs.

Ndr pravbtf fquaty alvfstdrs, tgf `btfst ifvf`dpmflts al Furdpf b``dw ndr sdmf dptamasm - watg tgf

mbhdr fxefptadl dn tgf Jrffo ifct satubtadl. An RF nuletadls al Furdpf bs at gbs f`sfwgfrf, b rb``y al

fquaty mbrofts as al tgf ebris, wgaeg wa`` prdvaif b strdlj fxat flvardlmflt altd wgaeg Furdpfbl cuydut

mblbjfrs ebl nffi tgfar fxastalj pdrtndàds. Nurtgfr, tgf àquaiaty fnnfet dn RF edmcalfi watg tgf sàjgt

fbsalj dn cblo erfiat stblibris wa`` mbof `fvfrbjf cdtg `fss fxpflsavf bli sdmfwgbt mdrf bvba`bc`f,

prdvaialj biiatadlb` nuf` ndr cuydut ifb` mboalj. Fltaefi cy tgf prdspfet dn RF-iravfl bssft aln`btadl, b

s`dw`y amprdvalj erfiat paeturf, bli tgf nbaltfst starralj dn pdsatavf ibtb nrdm efrtbal pfrapgfrb`

edultrafs, alvfstdrs brf àof`y td sffo bl alerfbsf al Furdpfbl fxpdsurf. Id``br alvfstdrs, bli dtgfrs

watg strfljtgflalj eurrfleafs, wa`` b`sd sff bl bttrbetavf eurrfley iylbmae al ifp`dymflt dn ebpatb` altd

tgf Furdzdlf. Ygf edlnùflef dn tgfsf nbetdrs sgduì fbi td b cfttfr nulirbasalj yfbr al 3;26, fspfeab``y

Cuyduts < Furdpf



27/51

dnn tgf `dwfr cbsf nrdm 3;29. @aofwasf, alvfstmflt sgduì alerfbsf bs cuydut narms `ddo td pdsatadl

tgfmsf`vfs td tbof bivbltbjf dn tgf rfn`btadlbry cflfnats tgbt mby n`dw nrdm RF al tgf ndrm dn gajgfr

pdrtndàd edmpbly vbùbtadls bli strdlj fxat mbrofts bt sdmf pdalt al tgf lfxt nfw yfbrs. Javfl wgbt

RF iai ndr fquaty mbrofts al tgf V.O. bli tgf V.U., at sgduì cf fxpfetfi tgbt tgf FEC vfrsadl wa``fvfltub``y gbvf b sama`br, tgdujg prdcbc`y mdrf mdifrbtf, fnnfet dl Furdpfbl fquaty mbrofts?

tgfrfndrf, tgf fxat paeturf ndr tgf Furdpfbl cuydut spbef, b`rfbiy sdài al 3;29, sgduì gbvf fvfl mdrf

wali bt ats cbeo al tgf edmalj yfbr. [uregbsf praef bli `fvfrbjf mu`tap`fs, wgaeg gbvf cffl gajg ndr

yfbrs, wa`` fxgacat fvfl mdrf upwbri prfssurf bs RF tbofs gdì bli bs cuydut narms cfedmf mdrf

bjjrfssavf al sffoalj ifb`s.

Dur 3;26 tbetaeb` rbloalj ndr tgf Furdpfbl cuydut sfetdr wa`` rfmbal bt Lfutrb`.Dvfrb``, wf fxpfet

tgf Furdpfbl cuydut sfetdr td sgdw amprdvfi pfrndrmblef dvfr `bst yfbr al tfrms dn ifp`dymflt dn

ebpatb`, fxats, bli pdrtndàd vbùbtadls. B gajgfr rbtalj as ldt wbrrbltfi iuf td tgf dljdalj mbhdr

egb``fljfs tgf FV nbefs watg rfjbri td jrdwtg bli tgf stbcaàty dn tgf furd. [dsatavf nbetdrs al p`by

aleùif tgf ammalflt mdlftbry fbsalj vab RF, sdài cuydut fxat pfrndrmblef, bli amprdvalj erfiat

edliatadls al cdtg ebpatb` mbrofts bli tgf cbloalj sfetdr. Ygf prambry edlefrls aleùif pddr

mberdfedldmae jrdwtg watgal tgf FV, ifn`btadl raso, bli edltalualj gajg puregbsf praef bli ifct

mu`tap`fs. Dvfr`byalj b`` dn tgas as tgf Jrffo ifct satubtadl, wgaeg, an gbli`fi pddr`y, eduì cùlt bly

mdmfltum tgf FV gbs jflfrbtfi sd nbr.

Zatgal tgf Furdzdlf, alvfstdrs ebl tbof bivbltbjf dn tgf iavfrjflef dn pfrndrmblef watgal tgf

mfmcfr edultrafs cy ndeusalj tgfar alvfstmflts al tgf cfttfr-pfrndrmalj edrf fedldmafs wga`f mboaljdppdrtulastae ndrbys altd bttrbetavf fltfrprasfs watgal tgf pddrfr-pfrndrmalj pfrapgfry. Ufetdrs tgbt brf

fxpfetfi td dutpfrndrm aleùif fxpdrt-drafltfi aliustrafs? ldl-Furdzdlf fedldmafs, pbrtaeu`br`y tgf

V.O.? bli mfiaum bli `brjf ebp edmpblafs watg fxpdsurf td mu`tap`f mbrofts (aleùialj ldl-FV

mbrofts). Erfiat-rf`btfi alvfstmflts sgduì sta`` fxgacat sduli raso-bihustfi rfturls, cut brf sdmfwgbt

`fss bttrbetavf jdalj ndrwbri iuf td tgf bltaeapbtfi fnnfets dn RF bli tgf pdssacaàty dn sdmf rfedvfry al

cblo flialj dvfr tgf lfxt edup`f dn yfbrs.

Cuyduts < Furdpf



28/51

Upfeab` Uatubtadls < Iastrfssfi Ifct

Dwalj td fxtrbdrialbra`y beedmmdibtavf mdlftbry pdàey, tgf flvardlmflt ndr iastrfssfi strbtfjafs gbs

rfmbalfi dut dn nbvdr dvfr tgf pdst-erasas yfbrs, wgaeg gbvf cffl mbrofi cy ulprfefifltfi`y `dw

altfrfst rbtfs bli bl bculiblef dn àquaiaty. Ygf n`ddi dn ebpatb` nuf``fi cy efltrb` cblo altfrvfltadl gbs

`fi td rfedri-`dw ifnbu`t rbtfs, bli, edlsfquflt`y, b ifbrtg al tgf supp`y dn iastrfssfi dppdrtulatafs, bsbppftatf ndr yafì al tgas `dw altfrfst rbtf flvardlmflt gbs flbc`fi fvfl gajg`y `fvfrbjfi edmpblafs td

pdstpdlf tgf iby dn rfeodlalj. Zga`f tgas aln`dw dn àquaiaty gbs àof`y sdwl tgf sffis dn mfblaljnu`

iastrfss al tgf nuturf, tgf dvfrb`` erfiat satubtadl edltalufs td `ddo cflajl dvfr tgf lfxt 23 mdltgs, watg

aliaebtdrs dn ifctdr nalbleab` strfss bppfbralj `dw dr, bt wdrst, lfutrb` al tgf eurrflt flvardlmflt.

Ifspatf tgas, tgfrf brf fbr`y sajlb`s tgbt tgf alvfstmflt `blisebpf ndr iastrfssfi p`byfrs wa`` cfedmf

mbrjalb``y mdrf nfrta`f al tgf lfbr nuturf, `brjf`y iuf td tgf iftfradrbtadl al tgf flfrjy spbef. Zatg da`

praefs pùljalj td tgfar `dwfst `fvf`s al gb`n b ifebif, altfrfst rbtfs dl gajg yafì ifct watgal tgf flfrjy

aliustry gbvf sdbrfi al tgf pbst nfw mdltgs, ul`deoalj dppdrtulatafs ndr iastrfssfi alvfstdrs, wgaeg wa``

dl`y beef`frbtf al tgf fvflt dn b prd`dljfi ifprfssadl al da` praefs. Edltalufi blfmae fedldmae jrdwtg

bli cblo if`fvfrbjalj al Furdpf wa`` àofwasf prfsflt sdmf altfrfstalj dppdrtulatafs ndr iastrfssfi

p`byfrs, cut altrdiuetadls dn nurtgfr qubltatbtavf fbsalj mfbsurfs cy tgf FEC mby quf`` tgas dppdrtulaty

sft td sdmf fxtflt. Gajgfr ebpatb` mbroft vd`btaàty bli dljdalj edlefrls surrdulialj j`dcb` jrdwtg eduì

spbro altfrmattflt dppdrtulatafs al tgf bcsflef dn b sustbalfi idwlturl al tgf erfiat mbrofts. Zatg tgf

sucstbltab` bmdult dn dutstblialj ifct sfrvalj bs nuf`, tgf iastrfssfi spbef sgduì dnnfr b sdài

dppdrtulaty wgflfvfr tgf narf as àt. V`tambtf`y, wgfl tgf iastrfssfi mbroft wa`` nu``y fsebpf nrdm ats

eurrflt idìrums as ampdssac`f td prfiaet, cut at as àof`y td deeur dl`y wgfl tgfrf as b sgant tdwbri b mdrf

ldrmb` mdlftbry pdàey flvardlmflt, gdwfvfr smb`` al mbjlatuif. Zatg tgbt al mali, tgf mdst àof`y

seflbrad as ndr tgf rfmbalalj mdltgs dn 3;26 td nfbturf b rfstrbalfi iastrfssfi flvardlmflt, tgdujg tgf

ifnbu`t rbtf wa`` aof`y jrdw sàjgt`y.



29/51

59

9> 9:

5657

9;

9691

57

26.5

62.>66.2

26.6

36.231.9

57.:5>

37.6

;

2;

3;

5;

9;

6;

>;

3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29

Ld. dn Nulis Bjjrfjbtf Ebpatb` Sbasfi (cl VUI)


Nulirbasalj

Al àlf watg tgf trfli nrdm 3;23 tgrdujg 3;25, nulirbasalj ndr iastrfssfi vfgae`fs edltalufi td ifeàlf al

3;29, rfmbalalj `brjf`y edlsastflt watg tgf `fvf`s rbasfi nrdm 3;2; td 3;22. Ndr tgf yfbr, 57 iastrfssfinulis rbasfi $37.6 ca`àdl, rdujg`y 3;.7% fss tgbl tgf bmdult rbasfi al 3;25 ($5>.; ca`àdl), cut sta`` mdrf

ebpatb` tgbl al ndur dn tgf pbst tfl yfbrs. Bmai b cudyblt mbroft cbeoirdp, alvfstdr bppftatf ndr

iastrfssfi strbtfjafs bppfbrfi rf`btavf`y `dw bs tdtb` nulirbasalj ndr b`` pravbtf fquaty strbtfjafs rdsf

edlsaifrbc`y dvfr tgf sbmf pfradi. Iastrfssfi vfgae`fs gbvf mdvfi nrdm 1.7% dn tdtb` nulirbasalj al

3;23 td hust 6.6% al 3;29. Ygf ifeàlf idfs ldt sffm td cf b rfsu`t dn `beo dn supp`y bs tgfrf wfrf :;

iastrfssfi nulis al mbroft tbrjftalj $65 ca`àdl dn ebpatb` bs dn Hblubry 3;26. Ndr tgas pbst yfbr, Ldrtg

Bmfraeb-ndeusfi vfgae`fs irdvf tgas ifeàlf, javfl bl alerfbsf al ebpatb` b``debtfi td Furdpf. Dl tgf cbeo

dn wfbolfss bli beef`frbtfi sb`fs dn bssfts watg rfjbri td ifpdsatdry alstatutadls al Furdpf, alvfstdr

altfrfst al iastrfssfi p`bys al tgf rfjadl bppfbrfi td cf dl tgf rasf. Furdpf-ndeusfi nulis jbrlfrfirdujg`y $6.> ca`àdl al 3;29, surpbssalj tgf pradr yfbr cy 29.5%, cut sta`` lfbr`y gb`n dnn tgf bmdult rbasfi

al 3;23.

Uduref8 [rfqal, bs dn Hblubry 3;26.

Bllub` Iastrfssfi [ravbtf Fquaty Nulirbasalj | 3;;>-3;29



30/51


Alvfstmflt Betavaty

Bmai rfedri gajg yafì assublef bli `dw ifnbu`t rbtfs, ifp`dyalj ebpatb` edltalufi td cf b mfblaljnu`

egb``fljf ndr iastrfssfi alvfstdrs al 3;29. Ygas as pbrt`y rfn`fetfi al tgf rfedri-gajg `fvf` dn iry pdwifr,

wgaeg ebmf al bt $:>.1 ca`àdl bt tgf dlsft dn 3;26, trumpalj tgf prfvadus gajg nrdm Ifefmcfr 3;25 cy

5.1%. Gfbialj altd 3;26, tgf mbroft ndr iastrfssfi alvfstmflts rfmbals gajg`y edmpftatavf bs b sazbc`f

pdd` dn ebpatb` egbsfs b vfry àmatfi lumcfr dn dppdrtulatafs. Iravfl cy tgf àquaiaty al tgf mbroft,

iastrfssfi bssft praefs gbvf rasfl sajlanaeblt`y, bli tgbt trfli as prdhfetfi td edltaluf altd 3;26.

Dut`ddo

Vlsurprasalj`y, tgf dvfrb`` iastrfssfi mbroft flvardlmflt edltalufs td bppfbr cflajl, fspfeab``y watgal

tgf Ldrtg Bmfraebl rfjadl. Dlf smb`` erbeo al tgf brmdr dn tgf sffmalj`y amprfjlbc`f erfiat mbrofts dn

tgf iby mby ifvf`dp al tgf flfrjy sfetdr, wgaeg beedults ndr b sazbc`f pdrtadl dn tgf gajg yafì mbrofts.

Dtgfr tgbl pdtfltab` prdc`fms watgal tgbt sfetdr, 3;26 bppfbrs mdst àof`y td sgbpf up bs bldtgfr

iasbppdaltalj yfbr ndr iastrfssfi strbtfjafs. At as mdst àof`y tgbt cy tgf fli dn tgas yfbr, wf wa`` `ddo cbeo

bli sff tgbt tgf mdst pdsatavf tgaljs tgbt deeurrfi iuralj tgf yfbr (bt `fbst ndr iastrfssfi alvfstdrs) wfrf

tgf biiatadlb` cuaìup dn fvfrbjf bli b nurtgfr rfiuetadl al alvfstdr raso bvfrsadl.

Gastdraeb` Ifnbu`t Sbtfs | 2117-3;29

Uduref8 B`tmbl bli Oufglf (3;29) Ifnbu`t bli Sfturls al tgf Gajg -Qafì Cdli Mbroft8 Ygari-Rubrtfr 3;29 Sfvafw


;%

3%

9%

>%

7%

2;%

23%

29%

2117 2111 3;;; 3;;2 3;;3 3;;5 3;;9 3;;6 3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29


31/51


Ygfrf as sdmf rfb` aliaebtadl dn tgf `bttfr td cf nduli al tgf assublef dn EEE-rbtfi ifct al tgf pbst twd

yfbrs8 3;25 sbw lfw EEE assublef dn 32.5%, tgf sfedli gajgfst rbtf salef bt `fbst 3;;6, wga`f tgf najurf

ndr tgf narst tgrff qubrtfrs dn 3;29 bvfrbjfi 21.7%, watg b c`dwdut sfedli qubrtfr dn 36.1%. Dn edursf,

tgfsf najurfs b`dlf id ldt mbof b trfli, cut rfeflt qubrtfrs gbvf ifmdlstrbtfi b mdrf bjjrfssavfpdsturf cy alvfstdrs al `dwfr-rbtfi gajg yafì assufs. Ygf cfgbvadr dn tgf gajg yafì mbrofts al 3;26 wa``

cf erataeb`, bs b sucstbltab` upturl al assublef dn EEE ifct wduì prdvaif strdlj vbàibtadl dn tgf trfli

tdwbri iftfradrbtadl al tgf dvfrb`` qubàty dn gajg yafì ifct bli wduì cf b sajlb` tgbt tgf erfiat eye`f as

lfbralj b pfbo bli tgf iastrfssfi ifùjf as ammalflt. Ndr ldw, `dw qubàty assublef gbs ldt bpprdbegfi

tgf fvf` dn tgf pbst pfbo yfbr dn 3;;:, wgfl 5:.9% dn assublef wbs EEE-rbtfi.

^dùmf al tgf gajg yafì mbrofts gbs cffl strdlj ndr yfbrs, wgaeg as edliueavf td b nbvdrbc`f iastrfssfi

flvardlmflt? gdwfvfr, jflfrb` qubàty watgal gajg yafì gbs dl`y rfeflt`y cfjul td sàp. Ndr ldw, at `ddos

àof sdmftamf al tgf lfxt twd td ndur yfbrs tgfrf wa`` cf b sazbc`f bli ùerbtavf dppdrtulaty al iastrfss,cut tgbt tgbt dppdrtulaty as ldt àof`y td ifvf`dp tgas yfbr.

[frefltbjf dn Lfw Gajg-Qafì Assublef Sbtfi C- dr Cf`dw (Cbsfi dl tgf Bmdult dn Assublef) | 2116-3;29

UYSDLJ

D^FSZFAJGY

MDIFSBYF

D^FSZFAJGY

LFVYSB@

MDIFSBYF

VLIFSZFAJGY

UYSDLJ

VLIFSZFAJGY


dut`ddo 211:211721113;;;3;;23;;33;;53;;93;;63;;>3;;:3;;73;;13;2;3;223;233;253;29


32/51


Gajg Qafì

Uduref8 Nateg Sbtalj

Yd a`ùstrbtf tgf cbeojrduli ndr tgas bssfssmflt, sdmf rf`fvblt mftraes brf dutàlfi bs nd``dws8

Bt bl fstambtfi sazf dn $2.6 tra`àdl bs dn tgf fli dn 3;29, tgf V.U. gajg yafì mbroft as rdujg`y :.3%

gajgfr tgbl ats sazf hust b yfbr pradr. Gajg yafì assublef ebmf al bt b gfb`tgy $52>.9 ca`àdl iuralj

3;29, hust dnn tgf pradr yfbr cy >.2%. @fvfrbjfi `dbl assublef wbs $631.; ca`àdl al 3;29, cf`dw tgf

assublef al 3;25 cy 23.1%, cut 25.7% bcdvf tgf bmdult al 3;23.

Ygf nbef vbùf dn ifnbu`tfi bli iastrfssfi ifct wbs rdujg`y $2.2 tra`àdl bs dn Ifefmcfr 3;29,

cueoalj tgf trfli dn ifeàlf nrdm 3;22 td 3;25, bs tgas `fvf` wbs 1.5% gajgfr tgbl tgf bmdult sffl

al Ifefmcfr 3;25 ($2.; tra`àdl). Ygas yfbr-dvfr-yfbr alerfbsf wbs prambra`y iravfl cy tgf rasf al tgf

iastrfssfi prdpdrtadl dn tgf tdtb` gajg yafì cdli mbroft, bs b rfsu`t dn tgf waiflalj dn sprfbis al

3;29. Iravfl cy tgf iastrfssfi sfjmflt bs at rdsf nrdm 9.6% td 1.1% yfbr-dvfr-yfbr, ifnbu`tfi bli

iastrfssfi ifct bs b pfrefltbjf dn tgf gajg yafì bli ifnbu`tfi ifct mbroft wbs rdujg`y 39.6% bs dn

yfbr fli 3;29, mbtfrab``y gajgfr tgbl tgf 21.3% rfedrifi b yfbr fbràfr.

Ygf iastrfss rbtad ndr gajg yafì cdlis (prdpdrtadl sf`àlj bt 2,;;; cbsas pdalts dvfr edmpbrbc`f V.U.

Yrfbsury mbturatafs) wbs up nrdm 6.5% td 22.>% yfbr-dvfr-yfbr, tgf gajgfst `fvf` salef tgf pdst-

rfefssadl pfbo dn 2:.1% al 3;22.


;39>72;23292>27

;

6;

2;;

26;

3;;

36;

5;;

56;

9;;

3;;3 3;;5 3;;9 3;;6 3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29

Gajg QafìAssublef ($C)

Ifnbu`t

Sbtf


33/51


Gajg yafì ifnbu`t rbtfs rfmbal lfbr rfedri `dws. Ygf ndurtg qubrtfr 3;29 rbtf wbs b mfrf ;.29%,

hust b cat `dwfr tgbl `bst yfbrsndurtg qubrtfr lumcfr dn ;.27%. Ygf 3;25 ifnbu`t rbtf dn 2.;% wbs

mueg `dwfr tgbl tgf 3;29 rbtf dn 3.2%, cut tgbt as prambra`y iuf td tgf cbloruptey dn Flfrjy Nuturf

Gdìaljs/YWV sofwalj tgf 3;29 lumcfr upwbri. Dvfrb``, ifnbu`t rbtfs brf prdhfetfi td cfsdmfwgbt gajgfr tgas yfbr (Mddiysfxpfets brduli 3.7% cy lfxt Ufptfmcfr), cut brf sta`` vfry tbmf

cy gastdraeb` stblibris. Iftfradrbtadl al tgf flfrjy spbef, wgaeg beedults ndr bcdut 2>% dn gajg yafì

assublef dutstblialj, as waif`y fxpfetfi td pusg tgf ifnbu`t rbtf up b cat, cut iuf td b rf`btavf`y

smb`` lumcfr dn eurrflt mbturatafs bli rfbsdlbc`y fbsy tfrms, tgas as ldt fxpfetfi td cf b mbhdr

fvflt ndr 3;26 (tgdujg at wa`` wdrsfl al 3;2> bli cfydli, ifpflialj dl tgf mdvfmflt dn da` praefs).

@aquaiaty as b àtt`f mdrf maxfi8 Mddiys @aquaiaty Utrfss Alifx as jflfrb``y n`bsgalj jrffl, tgdujg

tgfrf as aliaebtadl tgbt tgf quaeo rbtad ndr edrpdrbtadls gbs iftfradrbtfi sdmfwgbt, nrdm 62% al

3;2; td 99% al 5R29.

Nbef vbùf dn ifnbu`tfi ifct iferfbsfi td bcdut $>56.5 ca`àdl bs dn Ifefmcfr 3;29 nrdm $:95.:

ca`àdl bs dn Ifefmcfr 3;25.

Gajg yafì sprfbis gbvf pusgfi dut salef mai-yfbr bli stddi bt brduli 6.;% al Ifefmcfr, sàjgt`y

`dwfr tgbl tgf dlj tfrm bvfrbjf dn 6.3%.

Ygf iastrfssfi spbef rfmbalfi rbtgfr idrmblt al 3;29 bli tgf yfbr wbs ldt pbrtaeu`br`y fledurbjalj al

rfjbris td wgbt td fxpfet dvfr tgf edmalj mdltgs dn 3;26, dtgfr tgbl b àof`y edltalufi cuaìup dn

iastrfssfi alvfltdry. Ygf fbsy stblef dn efltrb` cblos brduli tgf j`dcf bli rfeflt fedldmae jrdwtg altgf V.U. gbvf sd nbr pdstpdlfi bly ammalflt mbroft ias`debtadl al tgf lfbr tfrm. Nurtgfr, javfl tgf

nbvdrbc`f nalbleab` edliatadls tgbt egbrbetfrazf tgf eurrflt mbroft flvardlmflt, at idfs ldt bppfbr tgbt

tgf iastrfssfi mbroft wa`` egbljf bpprfeabc`y dvfr tgf edursf dn tgf yfbr, bsaif nrdm sdmf dppdrtulatafs



34/51


ul`deofi iuf td wfbolfss watgal tgf flfrjy aliustry. Mdst dn tgf fbr`y wbrlalj sajls dn nalbleab` iurfss

brf rbtgfr mutfi bli erfiat edliatadls gbvf rfmbalfi gajg`y nbvdrbc`f td cdrrdwfrs. Qft, dlf sajlanaeblt

ebtb`yst ndr tgf iastrfssfi flvardlmflt mby mdvf tgf bssft e`bss tdwbri rflfwfi bttrbetavflfss al `btf

3;268 tgf fxpfetfi alatabtadl dn altfrfst rbtf gaofs cy tgf Nfi, pfrgbps cy maiyfbr. Gdwfvfr, watgaln`btadl lumcfrs irdppalj wf`` cf`dw tgf Nfis tbrjft dn 3.;% al tgf wblalj mdltgs dn 3;29, fvfl b

mdifst rbtf alerfbsf cy maiyfbr mby cf dnn tgf tbc`f. Nurtgfr, tgf rbtf alerfbsf wduì gbvf td cf gajgfr

tgbl wgbt tgf mbroft eurrflt`y fxpfets al drifr td gbvf b mfblaljnu` ampbet.

B`` al b``, tgf mdst àof`y ebsf sujjfsts bldtgfr quaft yfbr ndr iastrfssfi strbtfjafs al 3;26. Gdwfvfr,

javfl tgf stbjf dn tgf eurrflt erfiat eye`f, ifeàlalj alvfstdr raso bvfrsadl, bli `brjf seb`f erfiat erfbtadl,

tgf àofàgddi dn bl bttrbetavf iastrfssfi alvfstalj flvardlmflt sdmftamf watgal tgf lfxt twd td ndur

yfbrs edltalufs td alerfbsf. Nurtgfr, fvfl tgdujg tgf dut`ddo ndr tgf lfxt 23 td 27 mdltgs idfs ldt `ddo

edliueavf td b iastrfssfi flvardlmflt bli tgf pdssacaàty dn bl fbr`y stbrt td tgf iastrfssfi eye`f

rfmbals `dw, at gbs alerfbsfi salef `bst yfbr. Javfl tgf erataeb` rd`f dn tamalj bli àquaiaty ndr iastrfssfi

alvfstaljmblbjfrs must gbvf bmp`f ebpatb` dl gbli bli ifp`dy at rbpai`y bli dppdrtulastaeb``y bt tgf

dlsft dn tgf eye`f frralj dl tgf saif dn edmmattalj ebpatb` td tgf spbef tdd fbr`y as prfnfrbc`f td

bttfmptalj td tamf tgf eye`f watg mdrf prfeasadl. Ndr tgas rfbsdl, fxpdsurf td iastrfssfi strbtfjafs al

3;26, bt tgf vfry `fbst bs b gfijf, as ifsarbc`f. Ygfrfndrf dur tbetaeb` rbtalj wa`` rfmbal wgfrf at cfjbl

`bst yfbr, bt MdifrbtfDvfrwfajgt.



35/51

Upfeab` Uatubtadls < Mfzzblalf

Al 3;29, mfzzblalf alvfstdrs jdt gb`n dn wgbt tgfy rfb``y lffifi. Ygf mbalspralj dn tgfar ifb` n`dw,

cuydut nuli ifb` mboalj, cdulefi cbeo watg b vfljfblef dvfr tgf yfbr, sd`valj tgf prambry prdc`fm

tgbt gbi bnnàetfi mfzzblalf strbtfjafs al mueg dn tgf pdst erasas pfradi bli crfbtgalj lfw ànf altd tgf

prdspfet dn sucstbltab` mfzzblalf alvfstmflt n`dws bs tgf cuydut eye`f paeos up stfbm. Bs ndr tgf dtgfratfm dl tgf mfzzblalf alvfstdrs wasg àst alerfbsalj altfrfst rbtfs at `ddos àof tgf wbat eduì cf

`dljfr tgbl drajalb``y bltaeapbtfi. Ygdujg tgf Nfifrb` Sfsfrvf sajlb`fi b àof`y alerfbsf brduli tgf

sfedli qubrtfr dn 3;26, rfeflt V.U. aln`btadl ibtb bli edlefrls brduli j`dcb` jrdwtg mby stby ats gbli

ndr b tamf. Gdwfvfr, fvfl watgdut b Nfi rbtf gaof, mfzzblalf prdvaifrs ifnalatf`y wdl tgf mdrf

ampdrtblt prazf al tgf rfturl dn ifb` n`dw nrdm tgf cuydut spbef. Altfrfst rbtfs sta`` stueo bt dr lfbr

rfedri `dws efrtbal`y ampbet tgf bttrbetavflfss dn mfzzblalf ifct, cut ldw mblbjfrs gbvf b sgdt bt

ifp`dyalj ebpatb` al b mdrf rdcust nbsgadl ldw tgbt tgfar cuydut flbc`frs brf cbeo dl b rd``.

Nulirbasalj

Ygf jddi lfws nrdm tgf cuydut sfetdr bppfbrs ldt td gbvf mbif at td tgf mfzzblalf sfetdr watg rfjbri

td nulirbasalj. Dl b j`dcb` cbsas, 3> mfzzblalf nulis rbasfi bpprdxambtf`y $7.> ca`àdl al edmmatmflts al

3;29, dl`y gb`n dn tgf bmdult rbasfi al 3;25, wgfl 93 nulis rbasfi $2:.3 ca`àdl. Ygas crfbos tgf stralj dn

tgrff edlsfeutavf, bli rfspfetbc`f, yfbr`y alerfbsfs spbllalj 3;22 tgrdujg 3;25, bli puts tgf 3;29

gbu` bt hust bcdvf tgf ifprfssfi pfradi 3;;1 tgrdujg 3;2; wgfl nulirbasalj iai ldt mbof at bcdvf $7

ca`àdl. Ldrtg Bmfraebl nulis edltalufi td idmalbtf tgf mbroft (fvfry yfbr fxefpt 3;;1), beedultalj ndr

bcdut :;% dn ebpatb` rbasfi iuralj tgf yfbr. Ygdujg spdlsdr-drafltfi nulis edltaluf td edmprasf b `brjf

pdrtadl dn tgf mfzzblalf ulavfrsf, mdrf iavfrsanafi strbtfjafs aleùialj Dbotrff Mfzzblalf Nuli A^bli Uummat [brtlfrs Erfiat Nuli AA - gbvf mbif alrdbis al rfeflt yfbrs.

Alvfstdr bppftatf ndr mfzzblalf nulis edd`fi al 3;29, pfrgbps bs b rfsu`t dn tgrff sueefssavf yfbrs dn

nbar`y ifeflt nulirbasalj, edmcalfi watg b egb``fljalj ifb` n`dw flvardlmflt, wgaeg `fi td b mfblaljnu`

cuaìup dn iry pdwifr watgal tgf spbef. Nurtgfr, tgf pfrefptadl bmdljst alvfstdrs tgbt mfzzblalf



36/51

Upfeab` Uatubtadls < Mfzzblalf

strbtfjafs brf suchfet td gfbvy edmpftatavf prfssurfs bli tgus edmprfssadl dn rfturls as àof`y td gbvf

put b ibmpfr dl alvfstdr ifmbli ndr tgf strbtfjy. Ifeàlalj bvfrbjf nuli sazfs mby b`sd aliaebtf wblalj

alvfstdr ifmbli al rfeflt mdltgs. Nrdm b `fvf` dn dvfr $97; ma`àdl al 3;23, tgf bvfrbjf nuli sazf

irdppfi td lfbr`y $9;; ma`àdl al 3;25 bli ebmf al bt brduli $55; ma`àdl ndr 3;29. Fvfl tgdujg 3;29wbs b tdujg yfbr ndr nulirbasalj, tgf bndrfmfltadlfi iry pdwifr sgduì cf sunnaeaflt td sbtasny tgf

bltaeapbtfi alerfbsfi ifmbli ndr mfzzblalf nulis td fxp`dat tgf paeoup al cuydut-rf`btfi ifb`s.

Alvfstmflt Betavaty

Bntfr tgrff yfbrs dn mfiaderf ifp`dymflts, aleùialj b iasmb` 3;25 wgfrf `fss tgbl $5 ca`àdl dn ebpatb`

wbs alvfstfi, tgf pbef dn mfzzblalf alvfstmflt stbjfi bl amprfssavf edmfcbeo al 3;29, nuf`fi cy tgf

rfcduli dn cuydut ifb` n`dw. Bt bpprdxambtf`y $2:.2 ca`àdl, tgf ifb` vbùf ndr 3;29 ebmf al bt dvfr >x

tgf mfbjfr pbef al 3;25 bli wf`` dvfr iduc`f tgf bmdult nrdm 3;23 ($6.7 ca`àdl). Ygdujg sta`` b nbr erynrdm tgf $6> ca`àdl put dut al 3;;7, tgf 3;29 najurf as wf`` watgal tgf jrddvf fstbcàsgfi al 3;;> bli

3;;:, cdtg dn wgaeg flifi watg dvfr $3; ca`àdl al ifp`dymflts. Al nbet, fxeùialj tgf yfbrs 3;;>

tgrdujg 3;;7, 3;29 as tgf mdst amprfssavf yfbr, cy nbr, dn tgf bst tfl (pfr Ygdmsdl Sfutfrs).

Bllub` Mfzzblalf Nulirbasalj 3;;>-3;29 | $ Ca`àdl

Uduref8 [rfqal


;

2;

3;

5;

9;

6;

$;

$6

$2;

$26

$3;

$36

$5;

3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29

Bjjrfjbtf Ebpatb` Sbasfi (cl VUI)

Ld. dn Nulis


37/51

Upfeab` Uatubtadls< Mfzzblalf

UYSDLJ

D^FSZFAJGY

MDIFSBYF

D^FSZFAJGY

LFVYSB@

MDIFSBYF

VLIFSZFAJGY

UYSDLJ

VLIFSZFAJGY


dut`ddo 1.1

3;.2

32.:3>.:

;

6

2;

26

3;

36

5;

56

$;

$6

$2;

$26

$3;

$36

$5;

3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29

Bjjrfjbtf Ebpatb` Sbasfi (cl VUI) Ld. dn Nulis

Upfeab` Uatubtadls < Ufedlibrafs

Nulirbasalj

Ufedlibry vfgae`fs rbasfi b rfedri-sfttalj $3>.: ca`àdl al 3;29, surpbssalj fvfl tgf sdài 3;25 tdtb` dn

$32.:5ca`àdl cy 35.;% bli cfstalj tgf prfvadus gajg dn $33.3 ca`àdl nrdm 3;;1 cy 3;.5%.Ygf alerfbsf

wbs iravfl al `brjf pbrt cy tgf e`dsaljs dn sfvfrb` mfjb nulis, aleùialj tgf Briabl Ufedlibry Nuli Â bt$>.; ca``dl ($1.; ca`àdl watg ed-alvfstmflt pdd`s). Zatg 3;29samprfssavf pfrndrmblef, fbeg dn tgf pbst

tgrff yfbrs gbs fxeffifi tgf bllub` nulirbasalj tdtb`s dn b`` pradr yfbrs watgal tgf `bst tfl, watg tgf

fxefptadl dn 3;;1. Ygfsf lumcfrs aliaebtf tgbt ifmbli ndr fxpdsurf td sfedlibry strbtfjafs gbs ldt

wblfi al spatf dn gajg praealj.

Alvfstmflt Betavaty

Betavaty al tgf sfedlibry mbroft surjfi al 3;29, watg ifb` vdùmf sdbralj td $93.; ca`àdl, iwbrnalj tgf

prfvadus rfedri nrdm 3;25 dn $3:.6 ca`àdl b mbrofi 63.:% yfbr dvfr yfbr alerfbsf. B ldtbc`f f`fmflt

wbs tgf sgffr lumcfr dn ifb`s tgbt trblsbetfi bcdvf $2.; ca`àdl, bs 23 sueg ifb`s edmpdsfi lfbr`y 9;%

dn tdtb` ifb` vdùmf al 3;29, edmpbrfi td 21% al 3;25 bli mdrf tgbl tgrff tamfs tgf lumcfr dn tgas sazf

dn trblsbetadl al bly prfvadus yfbr. Bs sf``frs, irbwl cy strdlj praealj, dppdrtulastaeb``y cralj bssfts td

mbroft bli sfedlibry nulis `ddo td ifp`dy `brjf pdts dn nrfsg ebpatb`, praealj gbs cfedmf alerfbsalj`y

bjjrfssavf. Al Hulf 3;29, bvfrbjf praefs ndr cuydut nulis rfbegfi ebrryalj vbùf ndr tgf narst tamf salef

Uduref8 [rfqal

Bllub` Ufedlibry Nulirbasalj |$ Ca`àdl


5 Ygf 3;25 nulirbasalj bmdult wbs rfeflt`y alerfbsfi cy bpprdxambtf`y $6.6 ca`àdl watg tgf aleùsadl dn tgf Jdìmbl Ubegs altbjf Nuli Â. Ygf nuli cfjblnulirbasalj al 3;23 bli gfì b nalb` e`dsf al `btf 3;25? tgfrfndrf, at wbs ldt aleùifi al tgf 3;25 tdtb` ulta` tgf `bttfr gb`n dn 3;29.


41/51


3;;:, bli tgf bvba`bcaàty dn egfbp nalblealj gbs dl`y rbtegftfi praefs gajgfr. Ygfrf as b e`fbr iaspbraty

fmfrjalj al praealj cftwffl àmatfi pbrtlfr altfrfsts dn sdujgt-bntfr mblbjfmflt tfbms bli tgdsf tgbt

brf `fss nbvdrfi, b canurebtadl tgbt as fxpfetfi td edltaluf.

Dut`ddo

Bntfr c`dwalj pbst b`` prfvadus yfbrs al 3;29, tgfrf as jddi rfbsdl td tgalo tgbt tgf jrdwtg al sfedlibry

ifb` vdùmf wa`` mdifrbtf, bli pdssac`y ifeàlf, al 3;26. Mdst dn tgf nbetdrs tgbt wa`` alnùflef tgf

supp`y dn sfedlibry trblsbetadls al tgf edmalj yfbr brf pdaltalj td b iferfbsf, b`cfat nrdm wgbt `ddos td

cf b pfbo yfbr al 3;29.

Ufvfrb` dn tgfsf nbetdrs sgduì ed`ùif td `fssfl tgf bppftatf dn mdst àmatfi pbrtlfrs td sf``. Ndr dlf

tgalj, tgf strdlj pucàe mbrofts gbvf gbi mu`tap`f pdsatavf fnnfets dl àmatfi pbrtlfrs pravbtf fquaty

pdrtndàds, aleùialj alerfbsalj LB^s bli rdcust fxat betavaty bli iastracutadls. Zatg pdrtndàds pfrndrmaljsd wf``, àmatfi pbrtlfrs wa`` cf tfmptfi td samp`y gdì dltd fxastalj gdìaljs wga`f tgf eurrflt strdlj

rul p`bys dut. Nurtgfr, tgf pbef dn iastracutadls gbs sffl td at tgbt àquaiaty edlefrls, an tgfy mby gbvf

fxastfi al pradr yfbrs, brf efrtbal`y ldt b mbhdr edlefrl ldw. Al nbet, tgf prdc`fm ndr àmatfi pbrtlfrs ldw

as mdrf àof`y td edmf nrdm tgf dtgfr fli8 gdw td ifp`dy tgf àquaiaty walinb`` cfalj jflfrbtfi watgal

tgfar pravbtf fquaty pdrtndàds. Gajg àquaiaty bli bcdvf bvfrbjf pfrndrmblef watgal pravbtf fquaty

b``debtadls wa`` tfli td rfiuef àmatfi pbrtlfrsaleàlbtadl td sf``, b`` tgaljs fqub`.

Uduref8 Edjflt [brtlfrs


2.6 3.6 5 3.6 5

:.6 1 7.622

2> 2623.6

3236 36

3:.6

93

$;

$6

$2;

$26

$3;

$36

$5;

$56

$9;$96

2117 2111 3;;; 3;;2 3;;3 3;;5 3;;9 3;;6 3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29

Ufedlibry Ifb` ^dùmfs |$ Ca`àdl


42/51

59>

51>952

3;;2:>

323395

557532

;

6;

2;;

26;

3;;

36;

5;;

56;

9;;

96;6;;

Bjjrfjbtf Ebpatb` Sbasfi (cl VUI)


Uduref8 [rfqal, YdrrfyEdvf

Bvfrbjf Yrbaàlj 5-: Qfbr [rambrafs |$C Ndrfebstfi Ifb` ^dùmf 6-2;% Yurldvfr | $C

[drtndàd mblbjfmflt assufs wa`` b`sd edmf altd p`by, bs tgf rdcust pfrndrmblef dn fquaty pdrtndàds gbs

tgrdwl tgf ifldmalbtdr fnnfet sgbrp`y altd rfvfrsf bs at bppàfs td pravbtf fquaty. Zgfrf b nfw yfbrs bjd

àmatfi pbrtlfrs wfrf tryalj td nali wbys td mblbjf dvfr-b``debtadl td tgf bssft e`bss, ldw tgfy brf

edlnrdltalj tgf pdssacaàty dn nb`àlj cfgali, dr gbvf b`rfbiy idlf sd. Bli b``debtadl pfrefltbjf tbrjfts

brf ulàof`y td cfjal edmalj idwl bly tamf sddl. An blytgalj, pravbtf fquaty b``debtadls `ddo td cf gfbifi

gajgfr beedrialj td tgf Ed``fr J`dcb` [ravbtf Fquaty Cbrdmftfr (Zaltfr 3;29), b`mdst 9;% dn survfyfi

àmatfi pbrtlfrs bltaeapbtf rbasalj tgfar b``debtadl, dppdsfi td dl`y :% tgbt brf edlsaifralj b iferfbsf.

Nalb``y, àmatfi pbrtlfrs, cudyfi cy tgf eurrflt pfrndrmblef dn tgfar pravbtf fquaty pdrtndàds, gbvf

cfedmf mueg mdrf dptamastae rfjbrialj tgf fxpfetfi pfrndrmblef dn tgf bssft e`bss. Ygf Ed``fr rfpdrt

b`sd aliaebtfs bl bpprdxambtf 26% alerfbsf al tgf pfrefltbjf (tdtb` dn 15%) dn survfyfi àmatfi pbrtlfrs

tgbt fxpfet td rfefavf b rfturl dn bt `fbst 22% td 2>% nrdm tgfar pravbtf fquaty alvfstmflts dvfr tgf lfxt

tgrff td navf yfbrs.

Dvfrb``, tgfsf altfrlb` nbetdrs jddi eurrflt pfrndrmblef al rfjbri td fxastalj pdrtndàd, rfvfrsb` dn tgfifldmalbtdr fnnfet, gajg àquaiaty, alerfbsalj b``debtadl tbrjfts, bli nbvdrbc`f vafw dn nuturf pfrndrmblef

wdro td sajlanaeblt`y rfiuef bly sf`àlj prfssurf dl amatfi pbrtlfrs.

Ygfrf brf b`sd fxtfrlb` nbetdrs wdroalj al tgf sbmf iarfetadl. Dlf dn tgf mdst sajlanaeblt as tgf fxtflsadl

dn tgf edmpàblef ifbiàlf ndr tgf ^dèofr Su`f altd 3;2: nrdm tgf drajalb` mai-3;26 ibtf. Cblos wfrf td

gbvf crdujgt tgfmsf`vfs altd edlndrmaty watg tgf Su`fsrfstraetadls dl prdpraftbry betavatafs bli

UYSDLJ

D^FSZFAJGY

MDIFSBYF

D^FSZFAJGY

LFVYSB@

MDIFSBYF

VLIFSZFAJGY

UYSDLJ

VLIFSZFAJGY


dut`ddo

359.;

367.2

3;26 3;2> 3;2:

Uduref8 [rfqal Uduref8 [rfqal

Betavf`y Yrbialj [rambrafs |$C

$;

$6

$2;

$26

$3;

$36

$5;

3;26F 3;2>F 3;2:F

36.535.9

36.7

23.> 22.: 23.1


43/51


dwlfrsgap al efrtbal edvfrfi alvfstmflts (aleùialj pravbtf fquaty) cy tgbt ibtf, wgaeg gbs cffl b mbhdr

iravalj nbetdr cfgali tgf `brjf sb`fs dn sueg bssfts altd tgf sfedlibry mbrofts dvfr tgf pbst nfw yfbrs.

Zatg tgf prfssurf ldw dnn ndr bldtgfr twd yfbrs, b mfblaljnu` ifeàlf al trblsbetadls nrdm tgas sduref

sgduì cf fxpfetfi.

Ygf cbsf fnnfet sgduì b`sd edltracutf td b s`dwfr yfbr al vdùmf jrdwtg. 3;29 trblsbetadl vdùmf wbs

dvfr 6;% gajgfr tgbl b sdài yfbr al 3;25. B`sd, tgfrf wfrf sfvfrb` mu`taca`àdl trblsbetadls cfgali tgf

3;29 lumcfrs. At wa`` cf iannaeu`t ndr tgf sfedlibry mbrofts td mfft dr cfbt tgf vdùmf nrdm sueg b

stblidut yfbr al 3;26.

Ygfrf brf sdmf edultfrvbaàlj ndrefs bt wdro. Ndr dlf, tgf alerfbsfi alstatutadlb` beefptblef dn

sfedlibry trblsbetadls gbs prdmptfi b waifr brrby dn àmatfi pbrtlfrs, aleùialj sdmf smb``fr

alstatutadls, td sfradus`y edlsaifr alatabtavfs td usf tgf sfedlibry mbrofts td rbtadlbàzf tgfar pravbtf

fquaty pdrtndàds cy rfiuealj tgf tdtb` lumcfr dn mblbjfr rf`btadlsgaps bli raiialj tgf pdrtndàd dn

pddr`y pfrndrmalj nulis. Mbly dn tgfsf àmatfi pbrtlfrs brf àof`y td dppdrtulastaeb``y sf`` bssfts al tgflfxt yfbr dr twd, al drifr td tbof bivbltbjf dn tgf strdlj sf``frsmbroft.

Javfl b`` dn tgfsf nbetdrs, tgf prfpdlifrblef dn wfajgt as dl tgf saif dn b rfiuefi vdùmf ndr 3;26 al

edmpbrasdl td 3;29. Gdwfvfr, wf sta`` fxpfet at td cf b vfry jddi yfbr dl tgas nrdlt, bli tgfrf as b jddi

egblef at fxeffis 3;25.

Dl tgf ifmbli saif dn tgf fqubtadl, dljdalj strueturb` egbljfs al tgf sfedlibry mbrofts bli strdlj

nulirbasalj dvfr tgf pbst nfw yfbrs gbvf biifi biiatadlb` mdmfltum td tgf sfedlibry mbroft surjf,

wgaeg prdmasfs td ebrry dvfr altd 3;26. Ygf fltry dn prambry nuli àmatfi pbrtlfrs àof pucàe pflsadls

bli alsurblef edmpblafs - altd tgf sfedlibry spbef edltalufs. Zga`f trbiatadlb` sfedlibry nulis sta`èdmprasfi brduli >6% dn tgf alvfstbc`f ebpatb` al 3;29, ldl-trbiatadlb` sdurefs beedultfi ndr bcdut 56%

(pfr Uaxpdalt [brtlfrs), aleùialj 26% nrdm prambry àmatfi pbrtlfrs bli 3;% nrdm gycrai strueturfs (nuli

dn nulis bli edlsu`tblts). Ygf prambry sàef, tgdujg rf`btavf`y smb``, eduì gbvf bl dutsazfi ampbet dl

praealj iylbmaes watgal tgf aliustry, bs tgf `dwfr rfturl rfquarfmflts dn mbly dn tgfsf alstatutadls (àof

pucàe pflsadl p`bls) wa`` b``dw tgfm td cf bjjrfssavf mbrjalb` caiifrs ndr sfedlibry bssfts.

Zatg tgf Nfi offpalj rbtfs `dw, tgf bculiblef bli `dw edst dn ifct td b`` mbllfr dn bssft mblbjfrs gbs

rbrf`y sffl cfttfr ibys. Ufedlibry p`byfrs gbvf tbofl nu`` bivbltbjf dn tgas satubtadl al rfeflt yfbrs, bli

`fvfrbjfi ifb` strueturfs gbvf cfedmf rf`btavf`y rdutalf, cdtg bs b wby td mblbjf sf``frslffis bli bs b



44/51


wby td cddst rfturls al b gajg`y edmpftatavf praealj flvardlmflt. Ndr tgfsf rfbsdls, tgf usf dn `fvfrbjf

cy sfedlibry mbroft p`byfrs as fxpfetfi td edltaluf alerfbsalj, tgfrfcy nbeaàtbtalj fvfl mdrf bjjrfssavf

cais.

Ygf gujf`y sueefssnu` nulirbasalj dn tgf pbst tgrff yfbrs, fspfeab``y 3;29, gbvf `fi td bl ulprfefifltfi

`fvf` dn iry pdwifr watgal tgf sfedlibry mbroft. Edjflt fstambtfs tdtb` iry pdwifr dn bpprdxambtf`y

$79 ca`àdl jdalj altd 3;26, watg bcdut $5; ca`àdl dn tgbt bmdult nrdm rfeflt nulirbasalj. Ygas `fvf` dn

iry pdwifr wdros dut td bcdut wgbt as lfefssbry td edvfr twd yfbrs dn alvfstmflt bt tgf f`fvbtfi 3;29

`fvf`.

Ygdujg b sdài yfbr al vdùmf as bltaeapbtfi, tgfrf as mdrf tgbl bmp`f ebpatb` bvba`bc`f td bcsdrc tgf

fxpfetfi supp`y, aliaebtalj upwbri prfssurf dl praealj wa`` pfrsast bli pfrgbps altflsany.

Ufvfrb` rfeflt trflis nurtgfr aliaebtf tgf alerfbsalj iavfrsanaebtadl dn tgf sfedlibry mbroft cdtg al tfrms

dn cuyfrs bli sf``frs bs wf`` bs typf dn trblsbetadl. Beedrialj td Edjflt, tgf mdst betavf sf``frs al cdtg dn

tgf pbst twd yfbrs wfrf nalbleab` alstatutadls bli pucàe p`bls (supfrbllubtadl nulis, pucàe pflsadls,

sdvfrfajl wfb`tg nulis, fte.), wgaeg beedultfi ndr 6>% td 6:% dn vdùmf al fbeg yfbr. Gdwfvfr, Edjflt

prdhfets tgbt nalbleab` alstatutadls wa`` nb`` nrdm brduli 59% td `fss tgbl 3;% al 3;26. Udmf dn tgbt jbp

mby cf na``fi cy pbrtafs ldrmb``y dl tgf cuy saif nuli dn nulis bli sfedlibry sf``frs bs tgfy bttfmpt

td e`fbl-up tba` pdsatadls al fxastalj nulis dr samp`y tbof bivbltbjf dn bl fxef``flt praealj flvardlmflt.

J[ rfebpatbàzbtadls/rfstrueturaljs gbvf cfedmf bl alerfbsalj`y ampdrtblt iravfr dn ifb` n`dw. Beedrialj

td b Uaxpdalt survfy, dvfr gb`n dn rfspdliflts rfpdrtfi tgbt 3;% (cy id``br vbùf) dr mdrf dn tgfar ifb`

n`dw wbs J[-iravfl. Al 3;29, bpprdxambtf`y 2:% dn tgf tdtb` id``br vbùf dn sfedlibry ifb`s gbi b J[ bs b

sf``fr (Edjflt). Javfl tgbt dvfr $2;; ca`àdl dn LB^ as al nulis tgbt brf fatgfr al, dr lfbr, tgfar fxtflsadlpfradis, tgas sduref dn ifb` n`dw sgduì edltaluf td fxpbli dvfr tgf lfxt sfvfrb` yfbrs.

Ufedlibry trblsbetadl praealj edltalufi td alerfbsf al 3;29, watg cdtg cuydut bli vflturf nulis

pbrtaeapbtalj al tgf upànt. Cuydut nulis pdstfi tgf `brjfst praealj alerfbsf iuralj tgf yfbr al cdtg

bcsdùtf bli rf`btavf tfrms, mdvalj nrdm 12% dn LB^ td 16% dn LB^. [fbo praealj betub``y deeurrfi al tgf

narst gb`n dn tgf yfbr, wgfl cuydut sfedlibrafs crafn`y crusgfi watg pbr praealj. ^flturf praealj pusgfi up

nrdm :1% dn LB^ td 7;% dn LB^ bt tgf fli dn tgf yfbr, watg bl altfram gajg pdalt dn 73%. At as ampdrtblt

td offp al mali tgbt tgf ifeàlf al praealj nrdm maiyfbr as sdmfwgbt ifefptavf, bs ifb`s al tgf `bttfr gb`n

dn 3;29 wfrf praefi dl gajgfr LB^s tgbt wfrf tgf rfsu`t dn tgf strdlj fxat mbrofts ndr cdtg cuydut bli

vflturf edmpblafs.



45/51


Ufedlibry strbtfjafs sgduì gbvf bldtgfr jddi yfbr al 3;26 watg rfspfet td alvfstmflt, bs àmatfi

pbrtlfrs dn b`` strapfs edltaluf td tbof bivbltbjf dn tgf mdst gfbtfi sfedlibry mbroft salef 3;;: al

drifr td beedmpàsg wgbtfvfr rfpdsatadlalj tgfar pdrtndàds mby rfquarf. Iastracutadls sgduì b`sd

mbaltbal b craso pbef bs b rfsu`t dn prambry nuli iastracutadls, pfrgbps bujmfltfi td sdmf fxtflt cy

dutrajgt sb`fs nrdm sfedlibry nulis tgfmsf`vfs. Nulirbasalj sgduì cf gfb`tgy, cut as ldt àof`y td rfbeg

tgf rfedri 3;29 `fvf`.

Dur tbetaeb` rbtalj ndr sfedlibry strbtfjafs as mdvalj td Utrdlj Vlifrwfajgt nrdm Mdifrbtf

Vlifrwfajgt ndr 3;26. Bs ldtfi, cdtg supp`y bli ifmbli saif iylbmaes watgal tgf eurrflt sfedlibry

mbroft brf prfidmalbtf`y fxfrtalj upwbri prfssurf dl praealj. Ygf sdài pfrndrmblef dn alstatutadlb`

pdrtndàds dvfrb``, bli pravbtf fquaty b``debtadl al pbrtaeu`br, gbvf rfàfvfi wgbtfvfr prfssurf wbs cfalj

fxfrtfi dl alstatutadls td sf`` bli sucstbltab``y rfiuefi tgf dppdrtulaty edst dn gdìalj pravbtf fquaty

bssfts. Ygf ifldmalbtdr fnnfet bli dvfr-b``debtadl assufs brf b tgalj dn tgf pbst. B`` dn tgas gbs put àmatfi

pbrtlfrs al b supfradr lfjdtabtalj pdsatadl, flbcàlj tgfm td cf dppdrtulastae rbtgfr tgbl ndrefi sf``frs.

Fvfl tgf dlf sfetdr tgbt gbi prdvaifi mdrf mdtavbtfi sf``frs dvfr tgf pbst nfw yfbrs nalbleab`

alstatutadls jdt b crfbo rfeflt`y watg b twd-yfbr fxtflsadl dl tgf edmpàblef ifbiàlf ndr tgf ^dèofr

Su`f.

Ygf bivbltbjfs dl tgf àmatfi pbrtlfr saif brf dl`y flgblefi cy tgf iylbmaes dl tgf cuyfrssaif dn tgf

mbroft. @brjf qubltatafs dn iry pdwifr iuf td strdlj nulirbasalj, b`dlj watg bvba`bc`f `dw edst `fvfrbjf,

sgduì cdtg edltracutf td mbaltbal tgf altflsf caiialj pdsturf sffl dvfr tgf `bst nfw yfbrs. Mboalj

mbttfrs wdrsf as tgf fltry dn ldl-trbiatadlb` sfedlibry mbroft pbrtaeapblts altd tgf nrby al rfeflt yfbrs,

bs tgfsf typaeb``y gbvf sucstbltab``y `dwfr rfturl tbrjfts bli brf bc`f td ulifreut tgf cais dn mdrf

trbiatadlb` pbrtaeapblts. Vlsurprasalj`y, al 3;29 tgfsf nbetdrs edmcalfi td prdiuef tgf strdljfst praealj

flvardlmflt ndr sfedlibry bssfts salef cfndrf tgf nalbleab` erasas.

Bcsflt b àquaiaty erasas crdujgt bcdut cy b mbhdr ifeàlf al fquaty mbroft pfrndrmblef,

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