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LBWB B}`nwyjfthgGn`ynwh}hnl Tfwfbtgj

Jbc @bthla

Ytnatb` Wghfl}hw}.@blbaft

LBWB Tbmhb}hnl Wghflgfw Ytnatb`

W}vmfl} Bhtdntlf Tfwfbtgj Ytnatb`42 Ovlf 4929

8/9/2019 AC Res Jun 10

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4

W}tvg}vtf ne LBWB

Envt @hwwhnl Mhtfg}ntb}fw?@bllfm WybgfFzycntb}hnlBftnlbv}hgwWghflgf

Envt ]fgjlhgbc Mhuhwhnlw? Bw}tnyjxwhgw Ycblf}btx Wghflgf Jfchnyjxwhgw Fbt}j Wghflgf

8/9/2019 AC Res Jun 10

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7

FWM 0 Echaj} + Byychfm Wghflgf + Tfwfbtgj % Blbcxwhw

8/9/2019 AC Res Jun 10

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=

Gbtdnl Gxgcf blm Fgnwxw}f`w

Dhncnahgbc Ngfblnatbyjx

Gbtdnl % Fgnwxw}f`w

Dhnmhuftwh}x

Cblm Gnuft . Cblm Vwf

Gch`b}f Ubthbdhch}x blm Gjblaf

@nmfchla Blbcxwhw blm Ytfmhg}hnl

Gtxnwyjftfw

Yjxwhgbc Ngfblnatbyjx

Qfb}jft

B}`nwyjfthg Mxlb`hgw

Qb}ft blm Flftax Gxgcf

]fttfw}thbc Jxmtncnax

B}`nwyjfthg Gn`ynwh}hnl

Vyyft B}`nwyjfthg Tfwfbtgj

]tnynwyjfthg Gn`ynwh}hnl

B}`nw Gjf` @nmfchla blm Blbcxwhw

Tbmhb}hnl Wghflgfw

Fbt}j Wvtebgf blm Hl}fthnt

Wnchm Fbt}j

Wvyynt} Ytnatb`wBhtdntlf Wghflgf

Jhaj Yftent`blgf Gn`yv}hla

Mb}b Btgjhuf Wftuhgfw

8/9/2019 AC Res Jun 10

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Bcc }jf w}vee hl }jf b}`nwyjftf }jb} jbw bl h`ybg} nl jv`bl chufw, ]jf dbwhg abwfw hluncufm dhncnahgbc blm bl}jtnynaflhg ytngfwwfw *N4#

GN4# L4N# GJ=# GEGw# jxmtngbtdnlw# ynccv}bl}w *LN# Nnlf(,

]jf abwfw }jb} btf wfgnlmbtx ytnmvg}w etn` gjf`hw}tx }jb} hluncufw }jfbdnuf abwfw *LN4# NJ# JN4# N7#,,(

Bftnwncw *gnlmflwfm abwfw# mvw}# ntablhg tfbg}bl}w# wfb wbc}# f}g,( Qb}ft hl BCC h}w ent`w *abw# chrvhm# hgf(

]jf b}`nwyjfthg gnlw}h}vfl}w }jb} gnlw}tbhl }jf tbmhb}huf dbcblgfne }jf b}`nwyjftf *h,f, gch`b}f entghla(

Atffljnvwf abwfw *GN4# GJ=# L4N# N7# GEGw# f}g,( Qb}ft hl BCC h}w ent`w Bftnwncw

6

8/9/2019 AC Res Jun 10

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Tfwfbtgj hw yftent`fm bcnla }jf enccnqhla chlfw? Wb}fcch}f ndwftub}hnlw ne }jf b}`nwyjftf *`vgj `ntf cb}ft( Bhtdntlf ndwftub}hnlw ne }jf b}`nwyjftf *qjb} xnv btf jftf }n cfbtl( N}jft wvdntdh}bc ndwftub}hnlw ne }jf b}`nwyjftf *wnlmf dbccnnlw blm

CBTAF jhaj bc}h}vmf dbccnnlw( Atnvlm dbwfm ndwftub}hnlw ne }jf b}`nwyjftf Mb}b Blbcxwhw blm `nmfchla w}vmhfw vwhla blm.nt }xhla }naf}jftBCC

}jf bdnuf ndwftub}hnlw

Ytnatb``b}hg Anbcw hl Bhtdntlf Tfwfbtgj? Wghflgf Wb}fcch}f Gbchdtb}hnl.Ubchmb}hnl Wflwnt Mfufcny`fl} *bhtdntlf blm wb}fcch}f( ]tbhlhla *YH blm Gb`ybhal.@hwwhnl cfbmftwjhy(

5

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Gnlgfl}tb}fw nl ndwftub}hnlw }jb} bva`fl} }jf wb}fcch}fndwftub}hnlw ne nnlf blm }jf gn`ynwh}hnl ne }jf w}tb}nwyjftf blm

vyyft }tnynwyjftf,

Jhaj bc}h}vmf bhtycblf ndwftub}hnlw ne N7# GEGw# qb}ft ubynt# n}jftwnvtgf abwfw }jb} gbl mfycf}f nnlf# blm }jf tfbg}huf etff tbmhgbcw}jb} mhtfg}cx tfbg} qh}j nnlf,

Jhajft bc}h}vmf cbtaf dbccnnl ndwftub}hnlw `bkhla wh`hcbt`fbwvtf`fl}w,

Atnvlm dbwfm ndwftub}hnlw }jb} ytnuhmf }jf cnla }ft` tfgntmw nennlf# nnlf mfycf}hla wvdw}blgfw# blm tfbg}huf tbmhgbcw,

N}jft ndwftub}hnlw }jb} ubchmb}f }jf wb}fcch}f ndwftub}hnlw etn` }jfBvtb wb}fcch}f,

Cbdntb}ntx w}vmhfw }jb} jfcy }n hl}ftytf} }jf ndwftub}hnlw etn` bcc ne}jf bdnuf,

1

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Qhlmw# Y# ]

Abw gbl wb`ycf

J4N

Nnlf

LN# LNx

GcN# DtN

]-ytnehcf

Gnlmflwb}hnl lvgcfh

Gcnvm ybt}hgcfw

L4N

8/9/2019 AC Res Jun 10

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Hl 281=# Thgjbtm W}ncbtwkh blm Tbcyj Ghgftnlf# }jfl b}}jf Vlhuftwh}x ne @hgjhabl# wvaafw} }jb} gjcnthlf gnvcm

bcwn gb}bcx}hgbccx mfw}tnx nnlf hl }jf w}tb}nwyjftf, ]jfxjbm dffl w}vmxhla# ent LBWB# }jf ynwwhdcf h`ybg}w ne

wnchm tngkf} ytnyfccbl}w wvgj bw vwfm dx }jf WybgfWjv}}cf,

W}ncbtwkh Ghgftnlf

Gc + N7 -< GcN + N4

GcN + N -< Gc + N4

Lf}? N + N7 -< 4N4

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8/9/2019 AC Res Jun 10

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]tnyhgbc wvtebgf }n w}tb}nwyjftf ytnehcf ne

nnlf-mfycf}hla dtn`hlf wnvtgf abwfw

Etn` LBWB MG-: blm QD-61

]tnyhgbc wvtebgf wnvtgfw newjnt}-chufm ntablhg dtn`hlf

Fcfub}fm cfufcw bdnuf 49 yyd hlvyyft }tnynwyjftf btf b whal ne

gnlufg}huf }tblwynt},

Mfgtfbwhla cfufcw whalhex]tblwynt} }jtnvaj ]tnyhgbc

]tnynybvwf Cbxft *]]C(

8/9/2019 AC Res Jun 10

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FT-4}tbgk

J4N TJ&

Hgf? `a.`7FT4? Gcnvm Yjxwhgw Chmbt *vyyft(

QD61? Hl wh}v mb}b *cnqft(

] *K(

wvyftwb}

N7

QD61

bc}

Hgf

Ytndhla ne b }tnyhgbc wvduhwhdcf ghttvw cbxft

qh}j }qn bhtgtbe} mvthla ]G=

8/9/2019 AC Res Jun 10

14/44

2=

8/9/2019 AC Res Jun 10

15/44

26

8/9/2019 AC Res Jun 10

16/44

BABAF hw mhw}hlavhwjfmdx h}w gbybdhch}x }n`fbwvtf nuft }jf acndf b}

jhaj etfrvflgx bc`nw} bcc

ne }jf h`ynt}bl} wyfghfwhl }jf @nl}tfbc Ytn}ngnc}n ytn}fg} }jf nnlf cbxftblm bc`nw} bcc ne }jf

whalhehgbl} lnl-GN4 abwfwhl }jf Kxn}n Ytn}ngnc }n`h}hab}f gch`b}f gjblaf,

]jf BABAF# blm h}w ytfmfgfwwntw *}jf B}`nwyjfthg Chef}h`f Fzyfth`fl}# BCF#

blm }jf Acndbc B}`nwyjfthg Abwfw Fzyfth`fl}# ABAF( jbuf dffl `fbwvthla }jfgn`ynwh}hnl ne }jf acndbc b}`nwyjftf gnl}hlvnvwcx whlgf 281:,

WNAF? Wxw}f` ent Ndwftub}hnl ne Jbcnaflb}fmAtffljnvwf Abwfw hl FvtnyfLHFW? Lb}hnlbc Hlw}h}v}f ent Fluhtnl`fl}bc W}vmhfw# ObyblWLV? Wfnvc Lb}hnlbc Vlhuftwh}x# Kntfb,BABAF QFD WH]F b} j}}y?..babaf,fbw,ab}fgj,fmv

]jf BCF.ABAF.BABAF w}b}hnlw nggvyxgnbw}bc % `nvl}bhl wh}fw btnvlm }jf qntcmgjnwfl }n ytnuhmf bggvtb}f `fbwvtf`fl}w

ne }tbgf abwfw qjnwf chef}h`fw btf cnlagn`ybtfm }n acndbc b}`nwyjfthg ghtgvcb}hnl}h`fw,

Bmublgfm Acndbc B}`nwyjfthg Abw Fzyfth`fl}

blm Beehchb}fm Lf}qntk

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]tnynwyjfthg Ntablhg Gjcnthlf

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18/44

Lf}qntk ent }jf Mf}fg}hnl ne

B}`nwyjfthg Gn`ynwh}hnl Gjblaf

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Wb}fcch}f @fbwvtf`fl}w?JBCNF mfthufm Gc, ]jf wnchmdcbgk chlf hw }jf VLFY dbwfchlf

wgflbthn cbaafm 6,7 xfbtw,

Atnvlm-dbwfm Tf`n}f Wflwhla?Ovlaetbvongj W}b}hnl Gc mfthufmetn` }jf wv``b}hnl ne gncv`l

JGc# GcNLN4# blm `nmfcfmdbgkatnvlm GcN,

Atnvlm-dbwfm Hl Wh}v?BABAF mb}b

Tvwwfcc blm Blmftwnl# 4996

Gc ]h`f Wfthfw ent 66 k`# Gncv`l blm Wvtebgf

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Wghfl}hehg Engh?

Bftnwncw; ny}hgbc ytnyft}hfw*`hgtnyjxwhgbc blm gjf`hw}tx(# wnvtgfw#

}tblwynt}# whlkw# mhw}thdv}hnl

Gcnvmw; ny}hgbc ytnyft}hfw *ghttvw ybt}hgcfwjbyf(# mhw}thdv}hnl# gcnvm `f}fntncnax

Bftnwnc Gcnvm Hl}ftbg}hnlw; bftnwnch`ybg} nl gcnvmw blm gcnvm ytnyft}hfw

Tbmhb}huf ]tblweft; f`yjbwhf 7M T] bwh} tfcb}fw }n }jf feefg} ne gcnvmw nl

tbmhb}huf ecvz blm tf`n}f wflwhla

8/9/2019 AC Res Jun 10

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Ytnofg}w }xyhgbccx evlmfm hl TWY? Blbcxwhw blm `nmfchla ne wb}fcch}f tf`n}f wflwhla blm

n}jft mb}b *f,a,# @NMHW# @HWT# N@H# GBCHYWN#GcnvmWB]# Acntx# (

Lf}qntk `fbwvtf`fl}w ne tbmhb}hnl# bftnwncw blmgcnvmw ent wghfl}hehg hlufw}hab}hnlw blm wb}fcch}fgbchdtb}hnl blm ubchmb}hnl

Ehfcm gb`ybhalw }n `fbwvtf bftnwncw# gcnvmw blmtbmhb}hnl *f,a,# ]G-=# BTG]BW# @BGYFZ# (

Cbdntb}ntx w}vmhfw }n tfehlf vlmftw}blmhla ne bftnwncblm gcnvm ytnyft}hfw blm }jf ytngfwwfw gnl}tncchla}jf`

TWY evlmfm }bwkw

8/9/2019 AC Res Jun 10

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Ynwwhdcf gnl}thdv}ntw?

@ntf.cbtaft bftnwnc *f,a,# wqfcchla(Vlmf}fg}fm gcnvm ybt}hgcfwHlw}tv`fl} ch`h}b}hnlw7M tbmhb}huf ytngfwwfw

Lffm }n vlmftw}blm }jf hlgtfbwf ent?b gnttfg} hl}ftytf}b}hnl ne ndwftub}hnlwh`ytnuhla nvt klnqcfmaf ne bftnwnc-gcnvmhl}ftbg}hnlw; qjhgj btf b whalhehgbl} ybt} ne}jf cbtafw} vlgft}bhl}x hl gch`b}f `nmfcw

Ndwftub}hnlw?

Gcfbt-wkx tfecfg}blgf wxw}f`b}hgbccxhlgtfbwfw lfbt gcnvmw

7M fljblgf`fl}

8/9/2019 AC Res Jun 10

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BFTNLF]-Bl Hl}ftlb}hnlbccx Efmftb}fm Lf}qntk

Bftnwnc Ny}hgbc Ytnyft}hfw Tfwfbtgj % Flbdchla Ytnofg} Ytnatb` ne cnla }ft` wxw}f`b}hg lf}qntk `fbwvtf`fl}w Jn`fybaf bggfww j}}y?..bftnlf},aweg,lbwb,anu.

@hwwhnl Ndofg}hufw Ubchmb}hnl ne wb}fcch}f bftnwnc tf}thfubcw Gjbtbg}fthb}hnl ne bftnwnc ny}hgbc ytnyft}hfw Wxlftahw` qh}j wb}fcch}f ndwftub}hnlw blm gch`b}f `nmfcw

8/9/2019 AC Res Jun 10

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]jf Mxlb`hg B}`nwyjftf?

BFTNLF]-Mfehlhla Bftnwnc Ny}hgbc Ytnyft}hfw

8/9/2019 AC Res Jun 10

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W}b}vw?24 bg}huf wh}fw

5 ycbllfm wh}fw *hl ytfybtb}hnl(

5 ytnynwfm wh}fw *evlmhla mfyflmfl}(24 wjnt}-}ft` ehfcm gb`ybhalw

2 ngfbl gtvhwf *}qn gtvhwfw ytf-mb}hla @YCLF] btf bubhcbdcf(

Bggn`ychwj`fl}w?@YCLF] jbw aflftb}fm blm gnl}thdv}fm }n nuft 79 yfft tfuhfqfm

yvdchgb}hnlw whlgf 4999,

Ubchmb}hnl % bcanth}j` mfufcny`fl} ent HGFWb} % ]N@W, GBCHYWN yflmhla,Gnnyftb}hnl qh}j BFTNLF]# `nmfchla# blm wb}fcch}f atnvyw cfm }nent`vcb}hnl ne lfq Wxlftax ]nnc *nlchlf bftnwnc mb}bdbwf(

Anmmbtm }fb` + 27 Ybt}lftw gn`ynwf @YCLF]?LBWB CbTGLNBB FWTC

Lbubc Tfwfbtgj Cbd - @nl}ftfx

Obyblw Lb}hnlbc Hlw}h}v}f ne Yncbt TfwfbtgjWybhlw Hlw}h}v}n Lbghnlbc mf ]glhgb Bftnfwybghbc - HL]B

= VW Vlhuftwh}hfw4 Kntfbl Vlhuftwh}hfw

2 ]bhqbl Vlhuftwh}x

2 Gjhlfwf Vlhuftwh}x n}jft ybt}lftw yflmhla

Ndofg}huf? Cnla-}ft`# cngbc - tfahnlbc - qntcmqhmf bftnwnc blm gcnvm ytnehcf

ndwftub}hnlw vwhla gn``nl hlw}tv`fl} % mb}b ytngfwwhla hl b efmftb}fm lf}qntk

bg}huf wh}fwflfcm gb`ybhalwycbllfm wh}fwytnynwfm wh}fw

ent`ft gb`ybhal# yft`blfl} wh}f ycbllfment`ft gb`ybhal# yft`blfl} wh}f ytnynwfm

/ @nw} wh}fw btf gn-cngb}fm qh}j BFTNLF]

/ Gb`ybhalw v}hchf W@BT]-GN@@H] blm.nt

@BBTGN ycb}ent`w

/ chlf mfln}fw tfwfbtgj gtvhwf

j}}y?..`yclf},aweg,lbwb,anu

@hgtnYvcwf Chmbt Lf}qntk

8/9/2019 AC Res Jun 10

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Ndwftub}hnlw ne Wbjbtbl Mvw} ]tblwynt}Tfhm f} bc,# OAT# 4997? Yvft}n Thgn Mvw} Fzyfth`fl} *YTHMF( hl 4999

Yhlk mn}w hlmhgb}f @bthlf Dnvlmbtx Cbxft jfhaj}w etn` lfbtdx tbmhnwnlmf

Bftnwnc % Gcnvm Fz}hlg}hnl Ytnehcfw k`-2

@YCLF] Cfufc 7 Mb}bGbdtbw Hwcblm Wh}f

8/9/2019 AC Res Jun 10

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Etn`?T,Kbjlf}bc,OAT4991

2

4

7

=

6

9,9 9,5 2,4 9,9 2,4 4,= 9 6999 29#9992

4

7

=

6

@HWT lbmht uhfqNtfanl qhcmfltf Wfy} 9= 4997 W`nkf % dkam bftnwnc b`nvl} |Ybt}hgcf Whzf W`nkf Ycv`f Jfhaj}

9

4

=

5

:

29

9 4 = 5 : 29

B}`nwyjfthg W}bdhch}x

Jfhaj}*k`(

Y 2-4

Y =-6

, , ^

9 69 299

9,6

2,6

4,6

7,6

=,6

6,6

5,6

1,6

:,6

8,6

Jfhaj}*k`(

Lv`dft ne Yhzfcw

Y2, , ^

9 299 499

9,6

2,6

4,6

7,6

=,6

6,6

5,6

1,6

:,6

8,6

Jfhaj}*k`(

Lv`dft ne Yhzfcw

Y4, , ^

9 69 299

9,6

2,6

4,6

7,6

=,6

6,6

5,6

1,6

:,6

8,6

Jfhaj}*k`(

Lv`dft ne Yhzfcw

Y7, , ^

9 69 299

9,6

2,6

4,6

7,6

=,6

6,6

5,6

1,6

:,6

8,6

Jfhaj}*k`(

Lv`dft ne Yhzfcw

Y=, , ^

9 49 =9 59

9,6

2,6

4,6

7,6

=,6

6,6

5,6

1,6

:,6

8,6

Jfhaj}*k`(

Lv`dft ne Yhzfcw

Y6

@HWT W}ftfn-Mfthufm W`nkf Ycv`f Jfhaj} jhw}natb`w ent fluf yb}gjfw# ycvw nmfc-mfthufm b}`nwyjfthg w}bdhch}x ytnflcf

8/9/2019 AC Res Jun 10

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Mfwft}

mvw}

Dhn`bww

w`nkfGhttvw

65,12

74,25

=1,:6

4:,61

78,84

46,1:

72,8=

47,=5

47,87

42,=4

26,89

28,66

1,:2

21,11

-9,47

25,96

-:,4:

2=,47

-25,72

24,65

-4=,77

29,58

-74,74

:,5=

-=9,41

5,79

Bc}h}vmf#

k`

Bc}h}vmf#

k`

Bc}h}vmf#

k`

Ehtf cngb}hnlw hl wnv}jftlBethgb etn` @NMHW

29 Ovlf 4995

8 Ovlf 4995

8/9/2019 AC Res Jun 10

30/44

Rvbl}h}b}hufcx gbcgvcb}f hl}ftgnl}hlfl}bc }tblwynt} ne mvw} *Kbve`bl f} bc,#4996( nt ynccv}hnl *Xv f} bc, hl ytfybtb}hnl(

Ndwftub}hnlbccx-dbwfm fw}h`b}f ne bftnwnc mhtfg} tbmhb}huf feefg} *Tf`ft blmKbve`bl# 4995; Xv f} bc,# 4995; Dfccnvhl f} bc,4996; Gjvla f} bc,# 4996(

Ndwftub}hnlbccx-dbwfm fw}h`b}f ne ngfblhg bftnwnc bl}jtnynaflhg gn`ynlfl}nt mhtfg} entghla *Kbve`bl f} bc, 4995(

]nnc ent nyftb}hnlbc bht rvbch}x entfgbw}w *Bc Wbbmh f} bc, 4996(

@NMHW Bftnwnc Ytnmvg}w Uhfq }jf Acndbc Bftnwnc Wxw}f` hl bl

Fl}htfcx Lfq Qbx

8/9/2019 AC Res Jun 10

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BYW Ytnuhmfw?

Mf}ft`hlb}hnl ne }jf acndbc mhw}thdv}hnl ne lb}vtbc blmbl}jtnynaflhg bftnwncw blm gcnvmw qh}j bggvtbgx blm

gnuftbaf wveehghfl} ent whalhehgbl}cx h`ytnufm rvbl}hehgb}hnl nemhtfg} blm hlmhtfg} bftnwnc gch`b}f feefg}w?

Vlgft}bhl}x hl }jf feefg} ne bftnwncw nl acndbc qbt`hla bggnvl}w ent tnvajcx =9 yftgfl}ne }jf vlgft}bhl}x hl }jf tbmhb}huf entghla evlg}hnl,

Tf}thfubc ne bftnwnc ybt}hgcf hgtnyjxwhgbc ytnyft}hfw dx hluft}hla vc}h-blacf blm `vc}h-wyfg}tbc tbmhblgf blm yncbthb}hnl fbwvtf`fl}w qhcc whalhehgbl}cx fz}flm }jf hlent`b}hnlgnl}fl} gnlgftlhla bftnwncw etn` vc}h-wyfg}tbc hlw}tv`fl}w wvgj bw @NMHW blm @HWT,

]H@ Ytnuhmfw?

Gnl}hlvfm `fbwvtf`fl} ne }jf ]n}bc Wncbt Httbmhblgf }n mf}ft`hlf}jf Wvlw mhtfg} blm hlmhtfg} feefg} nl }jf Fbt}jw gch`b}f,

]n}bc Wncbt Httbmhblgf qh}j ytfghwhnl ne 29 yy` blm bggvtbgx ne 299 yy` btf lffmfm }nvlmftw}blm }jf tncf ne }jf wvl hl gch`b}f gjblaf blm }n vlmftw}blm }jf bw}tnyjxwhgw ne }jflfbtfw} w}bt }n }jf Fbt}j,

Vlmftw}blmhla gch`b}f ubthbdhch}x blm gjblaf tfrvhtfw `fbwvthla?

Bftnwnc Ytnyft}hfw - ny}hgbc }jhgklfww *.4(# whf *fzychgh}(#wjbyf *lfq(# blm tfetbg}huf hlmfz *lfq(

]n}bc Wncbt Httbmhblgf

8/9/2019 AC Res Jun 10

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Acntx Qhcc Hlgtfbwf Nvt Vlmftw}blmhla ne

}jf Fbt}jw Flftax Dvmaf}

qbt`hla

gnnchla

Feefg}huf gch`b}f entghlaw *Q.`4( *2::94997(

Jblwfl f} bc,# Wghflgf

79:# 2=722=76 *4996(

Nuftcby ne ]H@ @fbwvtf`fl}w

Flbdcfw Cnla-}ft` Tfgntm

Mhtfg}.Hlmhtfg} Bftnwnc Feefg}w

Btf Cbtaf blm Vlgft}bhl

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BlbcxwhwneBTG]BW`fbwvtf`fl}whwwjnqhla}jb}ntablhggbtdnlgnl}thdv}fwwhalhflgbl}cx}n}jfGGLbg0uh}xneetfwjdhn`bwwdvtlhlaycv`fwblm}jb}rvbl0exhla}jfqb}ftwncvdcf*ntablhg.

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Dfentf?

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7=

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MV

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7:

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Bftnwnc ny}hgbc mfy}j

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=4

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=7Ohbla f} bc,# ATC# 4991 Ohbla f} bc,# ATC# 499:

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