AHAA Hisp Allocation - Rev Growth SSG Study_3!7!12_PostFinal

8/2/2019 AHAA Hisp Allocation - Rev Growth SSG Study_3!7!12_PostFinal

1/62

2Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028


2/62


Hbocdxkwln

Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m

_ilog 299=& BMBB mbs hggl mgfpild i~s egehgxs sgxqg i~s okxpkxb~g ofigl~s

~mxkwdm hxgbc~mxkwdm ilngpglngl~ s~wnigs ~mb~

iloxgbsg wlngxs~blnild ka tmb~ i~ ~bcgs ~k til ~mg ebxcg~&

smbxg lgt oklogp~s

bln ingl~iay hgs~ pxbo~iogs ka ebxcg~ild ~k Fb~ilks,

Eks~ xgogl~fy& il Ko~khgx 8022& Pbx~ 2 ka BMBBs s~wny sgxigs kl nxiqgxs ~k

dxkt~m akwln b s~xkld pksi~iqg okxxgfb~ikl hg~tggl bffkob~ikl ka bn xgskwxogs

bln ~kpfilg dxkt~m,

Mispblio ebxcg~ild Hgs~%Il%Ofbss okepbligs mbqg b sws~bilbhfg okepg~i~iqg

dxkt~m bnqbl~bdg kqgx ~mg Fbddbxns,


3/62

?Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028

Mispblio Ebxcg~ Midmfidm~s


EBXCG^ _IZG

8020 Pkpwfb~ikl 70,4E2

8022 Mispblio _mbxg ka W_ 24'8& 2 il 1

DXKT^M

Mispblio Pkpwfb~ikl 8000%8020 OBDX q Lkl%Mispblio ?,1' q, 0,7'?

_mbxg ka k~bf W_ 8000%8020 Dxkt~m 71'>

_mbxg ka Fbhkx Akxog Dxkt~m 8020%8080 4>'4

GOKLKEIO

8028 Gs~ieb~gn Hwyild Pktgx .2,8 ^xiffikl7

Mispblio Hwyild Pktgx 8000%8020 OBDX q, Lkl%Mispblio 4,=' q, ?,>'1

2& ?& > 8020 Oglsws BO_& 8 __D Blbfysis ka Oglsws& 7&1 _gfid Ogl~gx b~ ~mg Wliqgxsi~y ka Dgkxdib& 4 Hwxgbw ka Fbhkx _~b~is~ios


4/62

>Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028

Ombffgldg

Okepbligs ombffgldgn hy blgeio dxkt~m ekxg ~mbl gqgx

Oklswegxs mbqg ombldgn3 ekxg aiocfg ~knby

Goklkeio nktl~wxl tiff ebcg oklswegxs ekxg axwdbf bln qbfwg%kxigl~gn kqgx ~mg fkld xwl

gomlkfkdy bln lgt egnib oxgb~g hk~m kppkx~wli~igs ~k xgbombwniglogs bln okepfg}i~y bs tgff

Pkssihfg Xgsg~ ka goklkey okwfn s~xwo~wxbffy iepbo~ ogx~bil sgo~kxs

bln jkhs

Ombldild ngekdxbpmios -bdg) bln ewf~iowf~wxbf ~xglns oxgb~g lgtpk~gl~ibf skwxogs akx dxkt~m



5/62


Ombffgldg

Bff okepbligs mbqg dxktild ombffgldg ka hbfbloild

okepg~ild lggns2, Mkfnild kl ~k Dglgxbf Ebxcg~

8, Ailnild lgt dxkt~m

?, Obp~wxild abix smbxg ka dxkt~m ebxcg~s



6/62


Bhkw~ ~mg Bw~mkx ! _kwxogs


^mg s~wny tbs okeeissiklgn hy BMBBs Xgsgbxom Okeei~~gg bln ngqgfkpgn bln

g}gow~gn hy _bl~ibdk _kfw~ikls Dxkwp -__D)& b dxkt~m s~xb~gdy oklswf~bloy,

Ilngpglngl~ eg~mknkfkdiobf xgqigt pgxakxegn hy Nx, Oxis~ilb Dbxoib& pxkagsskx ka

eb~mgeb~ios ! s~b~is~ios b~ W_O,

Ailbloibf xgqglwg dxkt~m nb~b g}~xbo~gn axke okepbligs 20Cs,

Pbxgl~ okepbly bn spgln nb~b akx 8001%8020 Mispblio egnib bln lkl%Mispblio

egnib okffgo~gn axke ^mg Ligfsgl Okepbly,

Oklswegx mbhi~s& b~~i~wngs bln qbfwgs hy DaC Xkpgx ! DaC EXI sylniob~gn s~wnigs

ti~m sbepfg ka 7?C -sbepfild ng~bifs il Bppglni} G)


7/62

4Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m

_~wny Khjgo~iqgsPxgsgl~gn hy Obxfks _bl~ibdk&Pxgsingl~ ! Omiga _~xb~gdis~&

_bl~ibdk _kfw~ikls Dxkwp

Obxfks@_bl~ibdk_kfw~iklsDxkwp,oke

-=2=) 4?1 7112


8/62

=Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028

Is ~mgxg b sidliaiobl~ niaagxglog il ~mg xgqglwg dxkt~m xb~g b~~bilgn hy

OPD okepbligs tmiom ngsidlb~g midmgx akows bln xgskwxogs ~k ~mg

Mispblio ebxcg~ bln ~mksg ~mb~ akows fgss;

Tmb~ nk ~mgy nk niaagxgl~fy;

Tmb~ abo~kxs nis~ildwism okepbligs ~mb~ obp~wxg Mispblio dxkt~m

swoogssawffy axke ~mksg ~mb~ wlngxpgxakxe ti~m ~mis sgdegl~;

_~wny Khjgo~iqgs



9/62


_~wny Qbxibhfgs


Bddxgdb~g Mispblio Bffkob~ikl 8001%8020: Ilngpglngl~ qbxibhfg

2, ^mg ilpw~ hgild ombldgn pkssihfy

iepbo~ild Xgqglwg OBDX,

8, ^mg ' ka ~k~bf bnqgx~isgegl~nkffbxs spgl~ il ^Q& Xbnik& bln Pxil~

-pgx Ligfsgl ~xbocild) bssidlgn ~k

Mispblio%ogl~xio egnib ombllgfs

~mxkwdmkw~ 8001 ~k 8020,

8001%8020 Xgqglwg OBDX: Ngpglngl~qbxibhfg

2, Xgqglwg OBDX is kwx ngpglngl~

qbxibhfg tmiom tbs ~gs~gn bdbils~

niaagxgl~ fgqgfs ka Mispblio

Bffkob~ikl,

8, Xgqglwg bs xgafgo~gn axke ~kpfilg&

kxdblio W_%klfy oklswegx ngebln

pgx 20Cs,

eby mbqg hggl bnjws~gn ~k g}ofwng

g}~xbkxnilbxy ~xblsbo~ikls blnlkxebfizg xgqglwg axke

borwisi~ikls& ia glkwdm ofgbx nb~b

mbs hggl s~b~gn il okxpkxb~g

ailbloibfs,


10/62


Eg~mknkfkdy


B ebil OPD xgdxgssikl ti~m ?9

okepbligs tbs qbfinb~gn hy

~mxgg k~mgx ~gs~ xgdxgssikl

ekngfs ti~m fbxdgx sbepfg

sizgs,

Akwx ~k~bf xgdxgssikl ~gs~s

Bff oklaixegn ~mg sbeg ailnilds b~s~b~is~iobf sidliaioblog

Ng~bifs ka s~b~is~iobf blbfysis tiff akffkt

ba~gx R!B sgo~ikl,

Bddxgdb~g 01%20 MispblioBffkob~ikl

L5822

Bddxgdb~g Mispblio 01%20Bffkob~ikl BLN Ygbx hy Ygbx

Xgqglwg Dxkt~mL5822

Bddxgdb~g Mispblio 01%20 Bffkob~ikl& Ygbx hyYgbx Xgqglwg Dxkt~m&BLN _wpgx Ob~gdkxigs

L5822

OPDs

L5?9


11/62


OPDs ! Xg~bifgxs il _~wny


12/62


_~wny _idliaioblog


Bff ailnilds nisowssgn il ~mg pxgsgl~b~ikl bxg s~b~is~iobffy sidliaiobl~ b~ b

97' oklainglog fgqgf kx hg~~gx,


13/62

2?Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m

_~wny Ailnilds


14/62

2>Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028

Bxg OPDs Dxkt~m Xb~gs Xgfb~gn ~k

Mispblio Akows;


^mgxg is b nixgo~ !

pksi~iqg

xgfb~iklsmip

hg~tggl OPDs

Mispblio bn

bffkob~ikl bln ~mgix

~kpfilg xgqglwg

dxkt~m,

Pfgbsg sgg Bppglni} N -Dxbpm 2) akx Ng~bifgn Dxbpm bln Dxbpmiobf Blbfysis,


15/62


Cgy Ailnilds


Mispblio Bffkob~ikl bfklg g}pfbilsbhkw~ ?7' ka OPDs ombldg il~kpfilg xgqglwg dxkt~m

^mg k~mgx 17' eby ilofwng k~mgx oxi~iobf

abo~kxs swom bs hxbln btbxglgss+grwi~y&lgt pxknwo~ ngqgfkpegl~& eblbdgegl~akows& egbswxgegl~ ~kkfs& nis~xihw~ikl&sbfgs akxog& pbs~ pgxakxeblog&okeewli~y pksi~ikl& kxdblizb~ikls~xwo~wxg& ~bfgl~& kqgxbff sgdegl~b~iklg}pgx~isg& g~o,

Awx~mgx blbfysis is lggngn ~k ng~gxeilgtmb~ g}bo~fy ~mg k~mgx nxiqgxs kaxgqglwg dxkt~m bxg,

MispblioEbxcg~ild

?7'

K~mgxNxiqgxs ka

Dxkt~m17'

OPDs ! Xg~bifgxs

Xgqglwg Dxkt~m Nxiqgxs

Akx Oklswegx Pbocbdgn Dkkns bln ~mgix xg~bifgxs


16/62


Cgy Ailnilds


Kxdblio xgqglwg

dxkt~m xb~gs

ngofilg smbxpfy

bs Mispblio

smbxg kahwndg~s

ngoxgbsg bln

qiog qgxsb,

0,0'

2,0'

8,0'

?,0'

>,0'

7,0'

1,0'

4,0'

=,0'

^kp Bffkob~ikl

-40~m

Pgxogl~ifg)

Einnfg

Bffkob~ikl ->0~m %

40~m Pgxogl~ifg)

Fkt Bffkob~ikl

-6>0~m

Pgxogl~ifg)

4,4'

>,4'

0,9'

1,='

8,8'

0,1'

Bffkob~ikl igxs

Bqgxbdg 01%20 Mispblio Bffkob~ikl Bqgxbdg 01%20 Xgqglwg OBDX


17/62


^kp ?0 Pgxogl~ifg Mispblio Ebxcg~gxs

Hy Bffkob~ikl Bln Kqgxbff Xgqglwg Dxkt~m


^kp ?0

Pgxogl~ifg

Pfgbsg sgg Bppglni} N -Dxbpm 2) akx Ng~bifgn Dxbpmiobf Blbfysis,


18/62

2=Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028

Cgy Ailnilds

Bff ~gs~s qbfinb~gn ~mg

sbeg ailnilds,

Mispblio Bffkob~ikl mbs bnixgo~ ! sidliaiobl~

iepbo~ kl okepbligs

kqgxbff xgqglwg dxkt~m,

Bddxgdb~g 01%20 MispblioBffkob~ikl

L5822


Xgqglwg Dxkt~mL5822


L5822

OPDs

L5?9


19/62


Tmy Mispblio Oklswegxs Bxg _k Iepkx~bl~^knby;


20/62


Ewom abs~gx mkwsgmkfn akxeb~ikl mbs

g}pklgl~ibf iepbo~ kl okl~ilwgn dxkt~m

kppkx~wli~y

Lkl%Mispblio Mispblio

8,7'+yx,0,>'+yx,Mkwsgmkfns

OBDX

1} LM OBDX

2__D Blbfysis ka W_ Oglsws& Nb~b _g~: 800=%8020 Begxiobl Okeewli~y _wxqgy 2%Ygbx Gs~ieb~gs


21/62


Ewom fbxdgx Mkwsgmkfns egbls mgbqigx

wsbdg

Lkl%Mispblio Mispblio

Pgxskls

Pgx

MM2 ?,=8,7

78' fbxdgx MM

2__D Blbfysis ka W_ Oglsws& Nb~b _g~: 800=%8020 Begxiobl Okeewli~y _wxqgy 2%Ygbx Gs~ieb~gs


22/62


Mispblio mkwsgmkfns akkn b~ mkeg g}pglni~wxgs tiff dxkt b~ 7,4' bllwbffy&

ekxg ~mbl ~tiog ~mg xb~g akx Lkl%Mispblio mkwsgmkfns ka 8,7',

Tmiom Oklswegx Is Tkx~m Ekxg;

.%

.80

.>0

.10

.=0

.200

2997 8000 8007 8020 8027 8080

.84.??

.>8

.79

.4=

.9>

.

Hiffikl

Mispblios Akkn b~ MM G}pglni~wxgs

Mis~kxio

OBDX: 7,>'

Akxgobs~

OBDX: 7,4'

_kwxog: Hwxgbw ka Fbhkx _~b~is~ios& Oxgni~ _wissg gs~ieb~gs 8022


23/62

8?Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m

^mg ykwldgx bdg bln fbxdgx Mispblio mkwsgmkfn sizg okl~xihw~gs ~k Mispblio

mkwsgmkfns mbqild ~mg midmgs~ oklswegx spglnild pk~gl~ibf akx lgogssbxy spglnild

kl Akkn b~ Mkeg bln Pgxsklbf Obxg,

Tmiom Oklswegx Is Tkx~m Ekxg;

_kwxog: 8020 Dgksobpg Oklswegx _pglnild Nylbei},

Mispblio Pgxsklbf Obxg owewfb~iqg fiag~ieg

spglnild is bhkw~ ??' midmgx ~mbl ~mb~ ka Lkl%Mispblio Tmi~g,

Mispblio Akkn b~ Mkeg owewfb~iqg fiag~ieg

spglnild is kqgx 70' midmgx ~mbl ~mb~ ka Lkl%Mispblio Tmi~g,


24/62

8>Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m

Ekxg ilafwglogn hy s~xkld hxblns

Mispblios bxg OPD qbfwbhfg ows~kegxs

_kwxog: 8022 Nkwhfghbsg DaC EXI % Hbsg: Bff -l5 1,1C Mispblios ! >1,7C Lkl%Mispblios)

^kp Hk}: Bdxgg Okepfg~gfy kx Bdxgg Eks~fy kx Qgxy Iepkx~bl~ Mispblio Ilng}I be ekxg ilafwglogn hy tmb~ sgges mk~ bln tmb~s lk~ 2?9

Hxbln lbeg is ~mg hgs~ ilniob~ikl ka rwbfi~y 278

I klfy hwy akkn i~ges ~mb~ bxg lbeg hxblns& lk~ dglgxio hxblns 270


25/62


Fgss pxiog sglsi~iqg


^kp Hk}: Bdxgg Okepfg~gfy kx Bdxgg Eks~fy kx Qgxy Iepkx~bl~ Mispblio Ilng}In pby g}~xb akx pxknwo~s ~mb~ bxg oklsis~gl~ ti~m ~mg iebdg

I tbl~ ~k oklqgy

287

I ~gln ~k ebcg iepwfsg pwxombsgs 224

I clkt ~mg pxiog I pby akx eks~ ka ~mg akkns ! pbocbdgn dkkns

I hwy

=?

_kwxog: 8022 Nkwhfghbsg DaC EXI % Hbsg: Bff -l5 1,1C Mispblios ! >1,7C Lkl%Mispblios


26/62


_~b~ws ! Iebdg Oklsoikws


^kp Hk}: Bdxgg Okepfg~gfy kx Bdxgg Eks~fy kx Qgxy Iepkx~bl~ Mispblio Ilng}I ficg ~k fiqg b fiags~yfg ~mb~ iepxgssgs k~mgxs 2>9

I pxgagx ~k hwy ~milds ~mb~ ey axiglns+lgidmhkxs tkwfn

bppxkqg ka

214

_ggcild ~mg w~eks~ b~~xbo~iqg bppgbxblog 288



27/62


_gg _mkppild bs Awl


^kp Hk}: Bdxgg Okepfg~gfy kx Bdxgg Eks~fy kx Qgxy Iepkx~bl~ Mispblio Ilng}I gljky tblngxild ~mg s~kxg fkkcild akx lgt pxknwo~s 2?2

Ie bftbys aixs~ ka axiglns ~k ~xy lgt pxknwo~s+sgxqiogs 2>7

_mkppild is b dxgb~ tby ~k xgfb} 2>4



28/62


Cgy Ob~gdkxy Ilafwgl~ibfs


Ey abeify+axiglns ka~gl bsc akx bln ~xws~ ey bnqiog kl ~mis

~kpio Mispblio Ilng}Hbhigs+Omifnxgl 2?0

Hggx 282

Bfokmkfio Hgqgxbdgs 2?7Hgbw~y 2?=

Ofgblild Pxknwo~s 228

Lgt Akkn I~ges 281

Akkn 228

_lbocs 28?Nig~ild 227

Mgbf~my Fiags~yfg 228



29/62


Oklofwsikls! Iepfiob~ikls


30/62

?0Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028

Cgy ^bcgbtbys

Akx Oklswegx Pbocbdgn Dkkns

_~b~is~iobf gqinglog ngekls~xb~gs ~mb~:

Oklsis~gl~+sidliaiobl~ Mispblio ebxcg~gxs nxiqgswpgxikx xgqglwg dxkt~m,

Mispblio bs b pxikxi~y nxiqg sws~bilbhfg dxkt~m il~k

aw~wxg,


31/62

?2Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m

Iepfiob~ikls akx Okepbligs

Xgbf hk~~ke%filg hglgai~s okeg axke oklsis~gl~bppxkbomgs,

Ebxcg~ild is klfy ~mg hgdillild& okxpkxb~g%tingil~gdxb~ikl bln ilqgs~egl~ is cgy

Xgspklnild ~k ~mg eks~ bppxkpxib~g owf~wxbf ilsidm~s

Hxkbn wsg ka bff gfgegl~s ka ebxcg~ild

Ngqgfkpild s~xb~gdigs axke okeewliob~ikls ~k ows~kegx g}pgxiglog


32/62


^mg W,_, Mispblio Oklswegx

Kppkx~wli~yXkhgx~ Eksckt&

Xgsgbxom Blbfys~

Ebxogfb Dixbfnk&

Xgsgbxom Bsskoib~g

xkhgx~,eksckt@oxgni~%swissg,oke

-828) 7?= ?097

ebxogfb,dixbfnk@oxgni~%swissg,oke

-828) ?87 141>

NI_OFK_WXG BPPGLNI] OKL^BIL_ IEPKX^BL^ NI_OFK_WXG_& BLBFY_^ OGXÎAIOBÎKL_& ILAKXEBÎKL KL ^XBNG BFGX^_&

BLBFY_^ EKNGF PKXÂKFIK_ BLN ^MG _^B^W_ KA LKL%W,_ BLBFY_^_, W,_, Nisofkswxg: Oxgni~ _wissg nkgs bln sggcs ~k nk hwsilgss ti~m

okepbligs okqgxgn il i~s xgsgbxom xgpkx~s, Bs b xgswf~& ilqgs~kxs smkwfn hg btbxg ~mb~ ~mg Aixe eby mbqg b oklafio~ ka il~gxgs~ ~mb~ okwfn baago~ ~mg khjgo~iqi~y ka ~mis

xgpkx~, Ilqgs~kxs smkwfn oklsingx ~mis xgpkx~ bs klfy b sildfg abo~kx il ebcild ~mgix ilqgs~egl~ ngoisikl,

^mg eb~gxibfs eby lk~ hg wsgn kx xgfign wpkl il bly tby, OXGNI^ _WI__G -W_B)& ILO,


33/62

??Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028

^kp Aiqg Khsgxqb~ikls

Tbff _~xgg~ smkwfn hg pbyild ekxg b~~gl~ikl ~k ~mg okepbligs ~mb~ dg~

~mis xidm~

Dkkn Mispblio ebxcg~ild okepbligs b~~xbo~ bln xg~bil hgs~%il%ofbss

eblbdgxs

Okeei~egl~ axke ~mg ~kp bln bookwl~bhifi~y b~ ~mg hk~~ke bxg cgy

Cxba~ mbs gldilggxgn b ~wxlbxkwln

Dkyb is ~mg pxgeigx bssg~ il Mispblio OPD

OXGNI^ _WI__G -W_B)& ILO,


34/62

?>Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028

Tmy Nkgs Tbff _~xgg~ ^gln ^k Kqgxfkkc

Mispblio Ebxcg~ild G}pgx~isg;

_kwxog: Okepbly ilakxeb~ikl, O_ gs~ieb~gs

^igx

Bppxk}, ' ka

_bfgs ^k

Mispblios

Dxkt~m Xb~g

Ti~m

Mispblios

Dxkt~m Xb~g

Ti~m Lkl%

Mispblio

W,_,Niqisikl

Dxkt~m

Xb~g Okepbligs

Fgbngxs 2=' 4,0' 8,7' ?,?' CK& DI_& LG_L,Q]& ECO

Akffktgxs 2?' 7,7' 8,7' 8,9' CA^& C& WL

Fbddbxns =' >,0' 8,7' 8,1' MLZ& OPH& M_Y& PGP& OBD

Midm+Fkt Niaagxglog 0,4'

# Eks~ ka ~mgsg okepbligs mbqg 10' ka ~mgix sbfgs il Lkx~m Begxiob

# ^mgxgakxg& bl iloxgegl~bf 0,4' ~k Lkx~m Begxiob dxkt~m xb~g ~xblsfb~gs ~k klfy 0,>' akx ~k~bf okepbly sbfgs

# Il ~gxes ka qbfwb~ikl& 0,>' ka iloxgegl~bf dxkt~m ~xblsfb~gs ~k b qbfwb~ikl niaagxgl~ibf ka klfy ='

Niaaiowf~ ~k iskfb~g ~mg iepbo~ ka Mispblio ebxcg~ild kl dxkt~m xb~gs

Gqgl tmgl ykw nk iskfb~g i~& i~ nkgsl~ fkkc ~mb~ egblildawf ~k qbfwb~ikl

Ilqgs~kxs b~~gl~ikl mbs smia~gn ~k gegxdild ebxcg~s



35/62


Il xgbfi~y& Fgbngxs mbqg kw~pbogn

Fbddbxns il Lkx~m Begxiob hy ?,2' kl

bqgxbdg

_kwxog: Okepbly ilakxeb~ikl, O_ gs~ieb~gs

>,>' >,1'

?,?'

2,>'

0,4'2,0'

8,?'

8,9'

2,?'

0,7'

2,>'

%0,2'

%?,4'%>,0'

%?,0'

%8,0'

%2,0'

0,0'

2,0'

8,0'

?,0'

>,0'

7,0'

1,0'

Lgs

~fg

Eo

Okx

eioc

Dglgxbf

Eiffs

Ok

fdb

~g

P!D

O

kcg

Cgffkdd

Cxb

a~

Wli

fgqgx

M

gilz

Okl

Bdxb

Obe

hpg

ff

Pgps

i

-hgqgxb

dgs

)

Mis~kxiokxdblioxgqglwgdx

kt~mLB-?yxs)

Fgbngxs:

Bqgxbdg 8,1' Akffktgxs:Bqgxbdg 8,8' Fbddbxns:

Bqgxbdg %0,7'

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36/62


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37/62


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38/62

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39/62


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40/62

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41/62


OXGNI^ _WI__G

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Oxgni~ _wissg pxkqingn lkl%ilqgs~egl~ hblcild sgxqiogs& tmiom eby ilofwng _bfgs bln ^xbnild sgxqiogs& ~k ~mg swhjgo~ okepbly -LG_L,Q]) ti~mil~mg pbs~ 28 ekl~ms,Oxgni~ _wissg mbs xgogiqgn ilqgs~egl~ hblcild xgfb~gn okepglsb~ikl axke ~mg swhjgo~ okepbly -LG_L,Q]) ti~mil ~mg pbs~ 28 ekl~ms,Oxgni~ _wissg g}pgo~s ~k xgogiqg kx il~glns ~k sggc ilqgs~egl~ hblcild xgfb~gn okepglsb~ikl axke ~mg swhjgo~ okepbly -LG_L,Q]& M_Y) ti~mil ~mglg}~ ? ekl~ms,Oxgni~ _wissg mbs xgogiqgn okepglsb~ikl akx pxknwo~s bln sgxqiogs k~mgx ~mbl ilqgs~egl~ hblcild sgxqiogs axke ~mg swhjgo~ okepbly -LG_L,Q])ti~mil ~mg pbs~ 28 ekl~ms,Bs ka ~mg nb~g ka ~mis xgpkx~& Oxgni~ _wissg _gowxi~igs -W_B) FFO ebcgs b ebxcg~ il ~mg sgowxi~igs ka ~mg swhjgo~ okepbly -M_Y),Oxgni~ _wissg mbs b eb~gxibf oklafio~ ka il~gxgs~ ti~m ~mg swhjgo~ okepbly -LG_L,Q]), Oxgni~ _wissg -_ildbpkxg) Fiei~gn is bnqiskx ~k Lgs~fg _B-LG_L,Q]) il xgdbxns ~k ~mg somgeg ka bxxbldgegl~ il xgdbxns ~k Msw Aw Omi Il~gxlb~iklbf -M_AW,_I),

Iepkx~bl~ Xgdiklbf Nisofkswxgs

_ildbpkxg xgoipigl~s smkwfn okl~bo~ b _ildbpkxg ailbloibf bnqisgx akx bly eb~~gxs bxisild axke ~mis xgsgbxom xgpkx~,

^mg blbfys~-s) ilqkfqgn il ~mg pxgpbxb~ikl ka ~mis xgpkx~ mbqg lk~ qisi~gn ~mg eb~gxibf kpgxb~ikls ka ~mg swhjgo~ okepbly -LG_L,Q]& M_Y) ti~mil ~mg

pbs~ 28 ekl~ms,Xgs~xio~ikls kl ogx~bil Oblbnibl sgowxi~igs bxg ilniob~gn hy ~mg akffktild bhhxgqib~ikls: LQ_%%Lkl%Qk~ild smbxgs3 XQ_%%Xgs~xio~gn Qk~ild _mbxgs3_Q_%%_whkxnilb~g Qk~ild _mbxgs,Ilniqinwbfs xgogiqild ~mis xgpkx~ axke b Oblbnibl ilqgs~egl~ ngbfgx ~mb~ is lk~ baaifib~gn ti~m Oxgni~ _wissg smkwfn hg bnqisgn ~mb~ ~mis xgpkx~ eby lk~okl~bil xgdwfb~kxy nisofkswxgs ~mg lkl%baaifib~gn Oblbnibl ilqgs~egl~ ngbfgx tkwfn hg xgrwixgn ~k ebcg ia ~mis tgxg i~s ktl xgpkx~,Akx Oxgni~ _wissg _gowxi~igs -Oblbnb)& Ilo,$s pkfioigs bln pxkognwxgs xgdbxnild ~mg nissgeilb~ikl ka grwi~y xgsgbxom& pfgbsg qisi~m~~p:++ttt,osah,oke+fgdbf[~gxes+oblbnb[xgsgbxom[pkfioy,sm~ef,

^mg akffktild nisofksgn Gwxkpgbl okepbly+igs mbqg gs~ieb~gs ~mb~ okepfy ti~m IAX_: NBLK,PB& LG_L,Q]& XH,F,

Bs ka ~mg nb~g ka ~mis xgpkx~& Oxgni~ _wissg bo~s bs b ebxcg~ ebcgx kx firwini~y pxkqingx il ~mg grwi~igs sgowxi~igs ~mb~ bxg ~mg swhjgo~ ka ~mis xgpkx~,

Pxiloipbf is lk~ dwbxbl~ggn il ~mg obsg ka grwi~igs hgobwsg grwi~y pxiogs bxg qbxibhfg,

Okeeissikl is ~mg okeeissikl xb~g kx ~mg bekwl~ bdxggn ti~m b ows~kegx tmgl sg~~ild wp bl bookwl~ kx b~ bly~ieg ba~gx ~mb~,

O_ eby mbqg isswgn b ^xbng Bfgx~ xgdbxnild ~mis sgowxi~y, ^xbng Bfgx~s bxg smkx~ ~gxe ~xbnild kppkx~wli~igs ingl~iaign hy bl blbfys~ kl ~mg hbsis kaebxcg~ gqgl~s bln ob~bfys~s& tmifg s~koc xb~ilds xgafgo~ bl blbfys~$s ilqgs~egl~ xgokeeglnb~ikls hbsgn kl g}pgo~gn ~k~bf xg~wxl kqgx b 28%ekl~mpgxikn xgfb~iqg ~k ~mg xgfgqbl~ okqgxbdg wliqgxsg, Hgobwsg xbng Bfgx~s bln s~koc xb~ilds xgafgo~ niaagxgl~ bsswep~ikls bln blbfy~iobf eg~mkns& xbngBfgx~s eby niaagx nixgo~iklbffy axke ~mg blbfys~$s s~koc xb~ild,^mg bw~mkx-s) ka ~mis xgpkx~ ebil~bils b O_ Ekngf Pkx~akfik ~mb~ mg+smg xgdwfbxfy bnjws~s, ^mg sgowxi~y kx sgowxi~igs nisowssgn il ~mis xgpkx~ eby hg bokepklgl~ ka ~mg O_ Ekngf Pkx~akfik bln swhjgo~ ~k swom bnjws~egl~s -tmiom& diqgl ~mg okepksi~ikl ka ~mg O_ Ekngf Pkx~akfik bs b tmkfg& eby niaagxaxke ~mg xgokeeglnb~ikl il ~mis xgpkx~& bs tgff bs kppkx~wli~igs kx s~xb~gdigs ingl~iaign il ^xbnild Bfgx~s oklogxlild ~mg sbeg sgowxi~y), ^mg O_Ekngf Pkx~akfik bln iepkx~bl~ nisofkswxgs bhkw~ i~ bxg bqbifbhfg b~ ttt,oxgni~%swissg,oke+~i,^bitblgsg Nisofkswxgs: Xgpkx~s txi~~gl hy ^bitbl%hbsgn blbfys~s kl lkl%^bitbl fis~gn okepbligs bxg lk~ oklsingxgn xgokeeglnb~ikls ~k hwy kxsgff sgowxi~igs wlngx ^bitbl _~koc G}ombldg Kpgxb~iklbf Xgdwfb~ikls Dkqgxlild _gowxi~igs Aixes Xgokeeglnild ^xbngs il _gowxi~igs ~kOws~kegxs,

^k ~mg g}~gl~ ~mis is b xgpkx~ bw~mkxgn il tmkfg kx il pbx~ hy b lkl %W,_, blbfys~ bln is ebng bqbifbhfg il ~mg W,_,& ~mg akffktild bxg iepkx~bl~nisofkswxgs xgdbxnild bly lkl%W,_, blbfys~ okl~xihw~kxs:^mg lkl%W,_, xgsgbxom blbfys~s fis~gn hgfkt -ia bly) bxg lk~ xgdis~gxgn+rwbfiaign bs xgsgbxom blbfys~s ti~m AILXB, ^mg lkl%W,_, xgsgbxom blbfys~sfis~gn hgfkt eby lk~ hg bsskoib~gn pgxskls ka O__W bln ~mgxgakxg eby lk~ hg swhjgo~ ~k ~mg LB_N Xwfg 8422 bln LY_G Xwfg >48 xgs~xio~ikls klokeewliob~ikls ti~m b swhjgo~ okepbly& pwhfio bppgbxblogs bln ~xbnild sgowxi~igs mgfn h y b xgsgbxom blbfys~ bookwl~,Akx Oxgni~ _wissg nisofkswxg ilakxeb~ikl kl k~mgx okepbligs egl~iklgn il ~mis xgpkx~& pfgbsg qisi~ ~mg tghsi~g b~ ttt,oxgni~%swissg,oke+xgsgbxomnisofkswxgs kx obff #2 -=44) 892%81=?,

ofbiegxs

s xgpkx~ is lk~ nixgo~gn ~k& kx il~glngn akx nis~xihw~ikl ~k kx wsg hy& bly pgxskl kx gl~i~y tmk is b oi~izgl kx xgsingl~ ka kx fkob~gn il bly fkobfi~y& s~b~g& okwl~xy kx k~mgx jwxisnio~igxg swom nis~xihw~ikl& pwhfiob~ikl& bqbifbhifi~y kx wsg tkwfn hg okl~xbxy ~k fbt kx xgdwfb~ikl kx tmiom tkwfn swhjgo~ Oxgni~ _wissg BD& ~mg _tiss hblc& kx i~s swhsinibxigs kx i~sfib~gs -O_) ~k bly xgdis~xb~ikl kx fioglsild xgrwixgegl~ ti~mil swom jwxisnio~ikl, Bff eb~gxibf pxgsgl~gn il ~mis xgpkx~& wlfgss spgoiaiobffy ilniob~gn k~mgxtisg& is wlngx okpyxidm_, Lklg ka ~mg eb~gxibf& lkx i~s okl~gl~& lkx bly okpy ka i~& eby hg bf~gxgn il bly tby& ~xblsei~~gn ~k& okpign kx nis~xihw~gn ~k bly k~mgx pbx~y& ti~mkw~ ~mg pxikx g}pxgss txi~~g

eissikl ka O_, Bff ~xbngebxcs& sgxqiog ebxcs bln fkdks wsgn il ~mis xgpkx~ bxg ~xbngebxcs kx sgxqiog ebxcs kx xgdis~gxgn ~xbngebxcs kx sgxqiog ebxcs ka O_ kx i~s baaifib~gs,ilakxeb~ikl& ~kkfs bln eb~gxibf pxgsgl~gn il ~mis xgpkx~ bxg pxkqingn ~k ykw akx ilakxeb~ikl pwxpksgs klfy bln bxg lk~ ~k hg wsgn kx oklsingxgn bs bl kaagx kx ~mg skfioi~b~ikl

kaagx ~k sgff kx ~k hwy kx swhsoxihg akx sgowxi~igs kx k~mgx ailbloibf ils~xwegl~s, O_ eby lk~ mbqg ~bcgl bly s~gps ~k glswxg ~mb~ ~mg sgowxi~igs xgagxxgn ~k il ~mis xgpkx~ bxgbhfg akx bly pbx~iowfbx ilqgs~kx, O_ tiff lk~ ~xgb~ xgoipigl~s bs i~s ows~kegxs hy qix~wg ka ~mgix xgogiqild ~mg xgpkx~, mg ilqgs~egl~s kx sgxqiogs okl~bilgn kx xgagxxgn ~k il ~miskx~ eby lk~ hg swi~bhfg akx ykw bln i~ is xgokeeglngn ~mb~ ykw oklswf~ bl ilngpglngl~ ilqgs~egl~ bnqiskx ia ykw bxg il nkwh~ bhkw~ swom ilqgs~egl~s kx ilqgs~egl~ sgxqiogmild il ~mis xgpkx~ okls~i~w~gs ilqgs~egl~& fgdbf& bookwl~ild kx ~b} bnqiog kx b xgpxgsgl~b~ikl ~mb~ bly ilqgs~egl~ kx s~xb~gdy is swi~bhfg kx bppxkpxib~g ~k ykwx ilniqinwbfwes~blogs kx k~mgxtisg okls~i~w~gs b pgxsklbf xgokeeglnb~ikl ~k ykw, O_ nkgs lk~ kaagx bnqiog kl ~mg ~b} oklsgrwglogs ka ilqgs~egl~ bln ykw bxg bnqisgn ~k okl~bo~ blgpglngl~ ~b} bnqisgx, Pfgbsg lk~g il pbx~iowfbx ~mb~ ~mg hbsgs bln fgqgfs ka ~b}b~ikl eby ombldg,hgfigqgs ~mg ilakxeb~ikl bln kpilikls il ~mg Nisofkswxg Bppglni} ka ~mis xgpkx~ bxg boowxb~g bln okepfg~g, Ilakxeb~ikl bln kpilikls pxgsgl~gn il ~mg k~mgx sgo~ikls ka ~mg xgpk

xg kh~bilgn kx ngxiqgn axke skwxogs O_ hgfigqgs bxg xgfibhfg& hw~ O_ ebcgs lk xgpxgsgl~b~ikls bs ~ k ~mgix boowxboy kx okepfg~glgss, Bnni~iklbf ilakxeb~ikl is bqbifbhfg wpklwgs~, O_ boogp~s lk fibhifi~y akx fkss bxisild axke ~mg wsg ka ~mg eb~gxibf pxgsgl~gn il ~mis xgpkx~& g}ogp~ ~mb~ ~mis g}ofwsikl ka fibhifi~y nkgs lk~ bppfy ~k ~mg g}~gl~ ~mb~ fibhifi~y bxigx spgoiaio s~b~w~gs kx xgdwfb~ikls bppfiobhfg ~k O_, mis xgpkx~ is lk~ ~k hg xgfign wpkl il swhs~i~w~ikl akx ~mg g}gxoisg ka ilngpglngl~ jwndegl~, O_ eby mbqg isswgn& bln ebyaw~wxg isswg& b ~xbnild obff xgdbxnild ~mis sgowxi~y, xbnild obffs bxg smkx~ ~gxe ~xbnild kppkx~wli~igs hbsgn kl ebxcg~ gqgl~s bln ob~bfys~s& tmifg s~koc xb~ilds xgafgo~ ilqgs~eglkeeglnb~ikls hbsgn kl g}pgo~gn ~k~bf xg~wxl kqgx b 28%ekl~m pgxikn bs ngailgn il ~mg nisofkswxg sgo~ikl, Hgobwsg ~xbnild obffs bln s~koc xb~ilds xgafgo~ niaagxgl~ bsswep~iklblbfy~iobf eg~mkns& ~xbnild obffs eby niaagx nixgo~iklbffy axke ~mg s~koc xb~ild, Il bnni~ikl& O_ eby mbqg isswgn& bln eby il ~mg aw~wxg isswg& k~mgx xgpkx~s ~mb~ bxg iloklsis~gl~

m& bln xgbom niaagxgl~ oklofwsikls axke& ~mg ilakxeb~ikl pxgsgl~gn il ~mis xgpkx~, mksg xgpkx~s xgafgo~ ~mg niaagxgl~ bsswep~ikls& qigts bln blbfy~iobf eg~mkns ka ~mg blbfys~s tpbxgn ~mge bln O_ is wlngx lk khfidb~ikl ~k glswxg ~mb~ swom k~mgx xgpkx~s bxg hxkwdm~ ~k ~mg b~~gl~ikl ka bly xgoipigl~ ka ~mis xgpkx~, O_ is ilqkfqgn il ebly hwsilgssgs ~mb~~g ~k okepbligs egl~iklgn il ~mis xgpkx~, mgsg hwsilgssgs ilofwng spgoibfizgn ~xbnild& xisc bxhi~xbdg& ebxcg~ ebcild& bln k~mgx pxkpxig~bxy ~xbnild,

s~ pgxakxeblog smkwfn lk~ hg ~bcgl bs bl ilniob~ikl kx dwbxbl~gg ka aw~wxg pgxakxeblog& bln lk xgpxgsgl~b~ikl kx tbxxbl~y& g}pxgss kx iepfign& is ebng xgdbxnild aw~wxgakxeblog, Ilakxeb~ikl& kpilikls bln gs~ieb~gs okl~bilgn il ~mis xgpkx~ xgafgo~ b jwndgegl~ b~ i~s kxidilbf nb~g ka pwhfiob~ikl hy O_ bln bxg swhjgo~ ~k ombldg ti~mkw~ lk~iog,pxiog& qbfwg ka bln ilokeg axke bly ka ~mg sgowxi~igs kx ailbloibf ils~xwegl~s egl~iklgn il ~mis xgpkx~ obl abff bs tgff bs xisg, mg qbfwg ka sgowxi~igs bln ailbloibf ils~xwegl

whjgo~ ~k g}ombldg xb~g afwo~wb~ikl ~mb~ eby mbqg b pksi~iqg kx bnqgxsg gaago~ kl ~mg pxiog kx ilokeg ka swom sgowxi~igs kx ailbloibf ils~xwegl~s, Ilqgs~kxs il sgowxi~igs swom bXs& ~mg qbfwgs ka tmiom bxg ilafwglogn hy owxxgloy qkfb~ifi~y& gaago~iqgfy bssweg ~mis xisc,wo~wxgn sgowxi~igs bxg okepfg} ils~xwegl~s& ~ypiobffy ilqkfqg b midm ngdxgg ka xisc bln bxg il~glngn akx sbfg klfy ~k skpmis~iob~gn ilqgs~kxs tmk bxg obpbhfg ka wlngxs~blnild

bssweild ~mg xiscs ilqkfqgn, mg ebxcg~ qbfwg ka bly s~xwo~wxgn sgowxi~y eby hg baago~gn hy ombldgs il goklkeio& ailbloibf bln pkfi~iobf abo~kxs -ilofwnild& hw~ lk~ fiei~gn ~~ bln akxtbxn il~gxgs~ bln g}ombldg xb~gs)& ~ieg ~k eb~wxi~y& ebxcg~ oklni~ikls bln qkfb~ifi~y& bln ~mg oxgni~ rwbfi~y ka bly isswgx kx xgagxglog isswgx, Bly ilqgs~kx il~gxgs~gn iombsild b s~xwo~wxgn pxknwo~ smkwfn oklnwo~ ~mgix ktl ilqgs~idb~ikl bln blbfysis ka ~mg pxknwo~ bln oklswf~ ti~m ~mgix ktl pxkagssiklbf bnqisgxs bs ~k ~mg xiscs ilqkfqgn ilcild swom b pwxombsg,eg ilqgs~egl~s nisowssgn il ~mis xgpkx~ mbqg b midm fgqgf ka qkfb~ifi~y, Midm qkfb~ifi~y ilqgs~egl~s eby g}pgxiglog swnngl bln fbxdg abffs il ~mgix qbfwg obwsild fkssgs tmgl ~mgs~egl~ is xgbfisgn, mksg fkssgs eby grwbf ykwx kxidilbf ilqgs~egl~, Ilnggn& il ~mg obsg ka skeg ilqgs~egl~s ~mg pk~gl~ibf fkssgs eby g}oggn ~mg bekwl~ ka ili~ibfgs~egl~& il swom oixowes~blogs ykw eby hg xgrwixgn ~k pby ekxg eklgy ~k swppkx~ ~mksg fkssgs, Ilokeg yigfns axke ilqgs~egl~s eby afwo~wb~g bln& il oklsgrwglog& ili~ibfi~bf pbin ~k ebcg ~mg ilqgs~egl~ eby hg wsgn bs pbx~ ka ~mb~ ilokeg yigfn, _keg ilqgs~egl~s eby lk~ hg xgbnify xgbfisbhfg bln i~ eby hg niaaiowf~ ~k sgff kx xgbfisg ~mksg

gs~egl~s& sieifbxfy i~ eby pxkqg niaaiowf~ akx ykw ~k kh~bil xgfibhfg ilakxeb~ikl bhkw~ ~mg qbfwg& kx xiscs& ~k tmiom swom bl ilqgs~egl~ is g}pksgn,s xgpkx~ eby pxkqing ~mg bnnxgssgs ka& kx okl~bil mypgxfilcs ~k& tghsi~gs, G}ogp~ ~k ~mg g}~gl~ ~k tmiom ~mg xgpkx~ xgagxs ~k tghsi~g eb~gxibf ka O_& O_ mbs lk~ xgqigtgn ~mggn si~g bln ~bcgs lk xgspklsihifi~y akx ~mg okl~gl~ okl~bilgn ~mgxgil, _wom bnnxgss kx mypgxfilc -ilofwnild bnnxgssgs kx mypgxfilcs ~k O_s ktl tghsi~g eb~gxibf) is pxkqingngfy akx ykwx oklqgliglog bln ilakxeb~ikl bln ~mg okl~gl~ ka ~mg filcgn si~g nkgs lk~ il bly tby akxe pbx~ ka ~mis nkowegl~, Boogssild swom tghsi~g kx akffktild swom filcwdm ~mis xgpkx~ kx O_s tghsi~g smbff hg b~ ykwx ktl xisc,

s xgpkx~ is isswgn bln nis~xihw~gn il Gwxkpg -g}ogp~ _ti~zgxfbln) hy Oxgni~ _wissg _gowxi~igs -Gwxkpg) Fiei~gn& Klg Obhk~ _rwbxg& Fklnkl G2> >RJ& Gldfbln& tmiom iswfb~gn il ~mg Wli~gn Cildnke hy ^mg Ailbloibf _gxqiogs Bw~mkxi~y -A_B), mis xgpkx~ is hgild nis~xihw~gn il Dgxebly hy Oxgni~ _wissg _gowxi~igs -Gwxkpg) Fiei~gnngxfbsswld Axblcawx~ be Ebil xgdwfb~gn hy ~mg Hwlngsbls~bf~ awgx Ailblznigls~fgis~wldsbwasiom~ -(HbAil(), mis xgpkx~ is hgild nis~xihw~gn il ~mg Wli~gn _~b~gs hy Oxgni~issg _gowxi~igs -W_B) FFO3 il _ti~zgxfbln hy Oxgni~ _wissg BD3 il Oblbnb hy Oxgni~ _wissg _gowxi~igs -Oblbnb)& Ilo,3 il Hxbzif hy Hblok ng Ilqgs~iegl~ks Oxgni~ _wissgbsif) _,B, kx i~s baaifib~gs3 il Eg}iok hy Hblok Oxgni~ _wissg -E}iok)& _,B, -~xblsbo~ikls xgfb~gn ~k ~mg sgowxi~igs egl~iklgn il ~mis xgpkx~ tiff klfy hg gaago~gn il okepfiblogm bppfiobhfg xgdwfb~ikl)3 il Jbpbl hy Oxgni~ _wissg _gowxi~igs -Jbpbl) Fiei~gn& Ailbloibf Ils~xwegl~ Aixe& Nixgo~kx%Dglgxbf ka Cbl~k Fkobf Ailblog Hwxgbw -Cilsmk) Lk, 11& behgx ka Jbpbl _gowxi~igs Ngbfgxs Bsskoib~ikl& mg Ailbloibf Aw~wxgs Bsskoib~ikl ka Jbpbl& Jbpbl _gowxi~igs Ilqgs~egl~ Bnqisgxs Bsskoib~ikl& ypg II Ailbloibf Ils~xwegl~ss Bsskoib~ikl3 gfsgtmgxg il Bsib+Pboiaio hy tmiomgqgx ka ~mg akffktild is ~mg bppxkpxib~gfy bw~mkxisgn gl~i~y il ~mg xgfgqbl~ jwxisnio~ikl: Oxgni~ _wissg -Mkld Ckld) Fiei~gn&

ni~ _wissg Grwi~igs -Bws~xbfib) Fiei~gn & Oxgni~ _wissg _gowxi~igs -^mbifbln) Fiei~gn& Oxgni~ _wissg _gowxi~igs -Ebfbysib) _nl Hmn& Oxgni~ _wissg BD& _ildbpkxg Hxblom& Oxgnissg _gowxi~igs -Ilnib) Pxiqb~g Fiei~gn xgdwfb~gn hy ~mg _gowxi~igs bln G}ombldg Hkbxn ka Ilnib -xgdis~xb~ikl Lks, ILH8?09401?43 ILA8?09401?43 ILH0209401?230209401?2)& mbqild xgdis~gxgn bnnxgss b~ 9~m Afkkx& Oggjby Mkwsg&Nx,B,H, Xkbn& Tkxfi& Ewehbi % 2=& Ilnib& % #92%88 1444 ?444& Oxgni~ _wissg _gowxi~igs -Gwxkpg) Fiei~g

kwf Hxblom& Oxgni~ _wissg BD& bipgi _gowxi~igs Hxblom& P^ Oxgni~ _wissg _gowxi~igs Ilnklgsib& Oxgni~ _wissg _gowxi~igs -Pmifippilgs ) Ilo,& bln gfsgtmgxg il ~mg tkxfn hy ~mgqbl~ bw~mkxisgn baaifib~g ka ~mg bhkqg, Xgsgbxom kl bitblgsg sgowxi~igs pxknwogn hy Oxgni~ _wissg BD& bipgi _gowxi~igs Hxblom mbs hggl pxgpbxgn hy b xgdis~gxgn _glikx

silgss Pgxskl, Xgsgbxom pxkqingn ~k xgsingl~s ka Ebfbysib is bw~mkxisgn hy ~mg Mgbn ka Xgsgbxom akx Oxgni~ _wissg _gowxi~igs -Ebfbysib) _nl, Hmn,& ~k tmke ~mgy smkwfno~ bly rwgxigs kl #10? 848? 8080,

wxisnio~ikls tmgxg O_ is lk~ bfxgbny xgdis~gxgn kx fioglsgn ~k ~xbng il sgowxi~igs& ~xblsbo~ikls tiff klfy hg gaago~gn il bookxnblog ti~m bppfiobhfg sgowxi~igs fgdisfb~ikl& tmiom

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pyxidm~ 8028 OXGNI _WI__G BD bln+kx i~s baaifib~gs, Bff xidm~s xgsgxqgn,OXGNI^ _WI__G -W_B)& ILO,


42/62


R ! B Nisowssikl


43/62

>?Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028

_~b~is~iobf Ng~bif

! Ekngf Qbfinb~iklPxgsgl~gn hy Nx, Oxis~ilb Dbxoib

Eb~m ! _~b~is~ios Pxkagsskx b~ W_O

__D Eg~mknkfkdy Bnqiskx


44/62

>>Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028

Eg~mknkfkdy Midmfidm~s _~bx~gn hy fkkcild b~ ~mg ^kp 700

kqgxbff Bnqgx~isgxs -^Q& Xbnik&

Pxil~) hy ygbx bln il bddxgdb~ghg~tggl,

Eb~omgn gbom pbxgl~ okepbly

~k bqbifbhfg pwhfismgn ailbloibf

xgqglwg nb~b& bln obfowfb~gn

8001%8020 okepkwlngn bllwbf

dxkt~m xb~gs,

Okepbligs tmiom nin lk~ mbqg

oklsis~gl~ pwhfismgn ailbloibfs

swom bs okepbligs tmiom dxgtkl E!Bs ~mb~ tgxgl~ bnjws~bhfg

xb~mgx ~mbl kxdblio oklswegx

nxiqgl dxkt~m tgxg gfieilb~gn

axke ~mg ailbf xgdxgssikl sg~,

^kp 700 W,_, Kqgxbff Bnqgx~isgxs8001%8020

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45/62


^gs~ Qbfinb~ikls

Bff ekngfs qbfinb~gn ~mg

sbeg ailnilds,

Mispblio Bffkob~ikl mbs b

nixgo~ ! sidliaiobl~

iepbo~ kl okepbligs

kqgxbff xgqglwg dxkt~m,

Bddxgdb~g 01%20 Mispblio

Bffkob~iklL5822


Xgqglwg Dxkt~m

L5822


L5822

OPDs

L5?9


46/62


Oklswegx Pbocbdgn Dkkns Xgdxgssikl

Ekngf

Mispblio Bffkob~ikl bfklg g}pfbils

bhkw~ ?7' ka ombldgs il xgqglwgdxkt~m kqgx b 7 ygbx pgxikn akx

Oklswegx Pbocbdgn Dkkns -X850,?7)

Bl X srwbxgn ka ,?7& ~gffs ws ~mb~ xkwdmfy

?7' ka b okepblys xgqglwg dxkt~m is

nxiqgl hy ombldgs il Mispblio Bffkob~ikl,

^mg g}pgo~gn xbldg akx b 2 pgxogl~ iloxgbsg

il Mispblio bffkob~ikl is bl iloxgbsg ka ,>='

~k 2,8=' il kqgxbff okxpkxb~g xgqglwgdxkt~m xb~g,

Xgqglwg Dxkt~m kqgx 7ygbx pgxikn -OBDX 01%20)

Bddxgdb~gMispblio

Bffkob~ikl8001%8020

OPD -L5?9)


47/62


OPD Ekngf Ailnilds

Akx gqgxy bnni~iklbf pgxogl~bdg pkil~

iloxgbsg il Mispblio bffkob~ikl& tg tkwfn

g}pgo~ xgqglwg dxkt~m ka 0,==?' kqgx

~mg 7 ygbxs akx Oklswegx Pbocbdgn

Dkkns

Il k~mgx tkxns& kl bqgxbdg& b 20'bffkob~ikl ka b OPD okepblys bn spgln

~k Mispblio egnib kqgx 7 ygbxs tkwfn

dglgxb~g xgqglwg dxkt~m ka =,=?' kqgx

~mg 7 ygbx pgxikn,

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Xgqglwg Dxkt~m Nxiqgxs akxOPDs ! Xg~bifgxs

^gs~ 2: Is Bddxgdb~g Mispblio Bffkob~ikl Iepkx~bl~;


48/62

>=Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028

^gs~ 2: Is Bddxgdb~g Mispblio Bffkob~ikl Iepkx~bl~;

YG_" Mispblio Bffkob~ikl nixgo~fy iepbo~s ~kpfilg xgqglwg

dxkt~m akx ^kp 700 Bnqgx~isgxs

Kl bqgxbdg& akx gqgxy bnni~iklbf

pgxogl~bdg pkil~ iloxgbsg il

Mispblio bffkob~ikl& tg tkwfn

g}pgo~ xgqglwg dxkt~m ka ,>0'

kqgx ~mg 7 ygbxs,

Il k~mgx tkxns& bffkob~ild 20'

ka ~mg okepblys bn spgln ~k

Mispblio egnib kqgx 7 ygbxs

tkwfn dglgxb~g xgqglwg dxkt~m

ka >,00' kqgx ~mg 7 ygbx pgxikn

Bddxgdb~g Dxkt~m

OBDX 01%20

Bddxgdb~gMispblio

Bffkob~ikl

01%20

^KP BNQGX^I_GX_ -L5822)


49/62


^G_^ 8: Ilniqinwbf Ygbxs Dxkt~m bln Bddxgdb~g Mispblio Bffkob~ikl

Xgqbfinb~gn" Hk~m nixgo~fy iepbo~ ~kpfilg xgqglwg dxkt~m

Xgqglwg Dxkt~m kqgx 7ygbx pgxikn

Bddxgdb~gMispblioBffkob~ikl

01%20

OBDX

01%04& 04%0=&0=%09& 09%20

Ka okwxsg& gbom ygbxs OBDX eks~ sidliaiobl~fy

baago~s ~mg okepblys xgqglwg dxkt~m kqgx 7ygbxs

X%srwbxg 0,10= Il k~mgx tkxns& 10,=' ka ~mg

qbxib~ikl il dxkt~m kqgx ~mg 7 ygbxs -OBDX 01%

20) is g}pfbilgn hy ~mg bn spgln il Mispblio

egnib kqgx ~mg 7 ygbxs bln gbom ygbxs bllwbfdxkt~m,

Kl bqgxbdg& akx gqgxy bnni~iklbf pgxogl~bdg

pkil~ iloxgbsg il Mispblio bffkob~ikl& tg tkwfn

g}pgo~ xgqglwg dxkt~m ka ,?>' kqgx ~mg 7 ygbxs,

Il k~mgx tkxns& bffkob~ild 20' ka ~mg okepblys

bn spgln ~k Mispblio egnib kqgx 7 ygbxs tkwfn

dglgxb~g xgqglwg dxkt~m ka ?,>>' kqgx ~mg 7

ygbx pgxikn,^KP BNQGX^I_GX_ -L5822)


50/62


^gs~ ?: Mispblio Bffkob~ikl& _wpgx Ob~gdkxigs bln Xgqglwg OBDX

Xgqbfinb~gn Bdbil" Mispblio Bffkob~ikl Is Xgfgqbl~ ~k Xgqglwg Dxkt~m"

Xgqglwg Dxkt~m kqgx 7 ygbxpgxikn

Ob~gdkxigs:Bw~k& ^gom !Gl~gx~bileg

l~& Xg~bif&OPD&

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01%04& 04%0=& 0=%09& 09%20

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01%20

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~mg qbxib~ikl il dxkt~m kqgx ~mg 7 ygbxs

-OBDX 01%20) is g}pfbilgn hy ~mg bn

spgln il Mispblio egnib kqgx ~mg 7

ygbxs bln gbom bllwbf ygbxs dxkt~m,

Kl bqgxbdg& akx gqgxy bnni~iklbf

pgxogl~bdg pkil~ iloxgbsg il Mispbliobffkob~ikl& tg tkwfn g}pgo~ xgqglwg

dxkt~m ka 0,89' kqgx ~mg 7 ygbxs,

Il k~mgx tkxns& bffkob~ild 20' ka ~mg

okepblys bn spgln ~k Mispblio egnib

kqgx 7 ygbxs tkwfn dglgxb~g xgqglwgdxkt~m ka 8,=9' kqgx ~mg 7 ygbx pgxikn

^KP BNQGX^I_GX_ -L5822)

O f i a ^


51/62

72Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028 2Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m

Oklofwsikls ka ^gs~s

Il bff ~gs~s& Mispblio Bffkob~ikl oklsis~gl~fy okegs wp bs b

s~b~is~iobffy sidliaiobl~ qbxibhfg pksi~iqgfy baago~ild xgqglwgdxkt~m xb~gs,

Bfkld ti~m smktild ~mg iepkx~blog ka ilqgs~ild il ~mg Mispblio ebxcg~&

kwx ekngf bfsk smkts ~mb~ pgxakxeblog nwxild ~mg ~wxl il~k ~mgxgogssikl 8004 ~k 800= bln xgokqgxy axke ~mg xgogssikl 8009 ~k 8020

~ieg pgxikns sgxqg bs dkkn ilniob~kxs akx xgfb~iqg fkld ~gxe

pgxakxeblog -01%20),


52/62


Bppglni}

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53/62

7?Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028

_go~kxs+_wpgx Ob~gdkxigs

Hxgbcnktl^kp 700

Bnqgx~isgxs_wpgx%Ob~gdkxigs

Ilofwngn

Bw~k

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Bppglni} B


54/62

7>Mispblio Bffkob~ikl kl Xgqglwg Dxkt~m& ?+4+8028

Bppglni} B

Xblcild Hy Mispblio Bffkob~ikl

Okepbly 8001%8020 MispblioBffkob~ikl Pgxogl~bdg Xblc Pgxogl~ifg 8001%8020 Dxkt~mXb~g

TBFDXGGL OK 20,07' 2 200,00' 9,80'TBF%EBX^ _^KXG_ ILO 9,40' 8 94,?0' 7,28'OKOB%OKFB OK =,49' ? 9>,40' 28,?9'OFKXK] OK =,09' > 98,20' ?,?0'XBFOKXP MKFNILD_ =,0=' 7 =9,>0' 22,=8'DXKWPG NBLKLG 4,=2' 1 =1,=0' 22,=8'CIEHGXFY%OFBXC OKXP 4,09' 4 =>,80' 8,4>'WLIFGQGX 1,98' = =2,70' 2,?9'^BXDG^ OKXP 1,1=' 9 4=,90' ?,87'DGLGXBF EIFF_ ILO 1,84' 20 41,?0' 1,70'LG_^FG _B 1,87' 22 4?,10' 20,79'FKXGBF _B 1,80' 28 42,00' ?,=1'

PXKO^GX ! DBEHFG OK 1,2?' 2? 1=,>0' 8,?0'MGX_MGY OK 7,48' 2> 17,40' 8,88'^Y_KL AKKN_ ILO 7,42' 27 1?,20' ?,40'HXKTL%AKXEBL OKXP 7,09' 21 10,70' 2,18'OQ_+OBXGEBXC OKXP 7,02' 24 74,=0' 7,0?'JE _EWOCGX OK >,90' 2= 77,80' ?,>>'HGIGX_NKXA BD >,22' 29 78,10' %2,?>'


55/62


Xblcild Hy Mispblio Bffkob~ikl Okl~,

Okepbly 8001%8020 MispblioBffkob~ikl Pgxogl~bdg Xblc Pgxogl~ifg 8001%8020 Dxkt~mXb~g

PGP_IOK ILO ?,=0' 80 70,00' %0,82'CXBA^ AKKN_ ILO ?,44' 82 >4,?0' 0,90'NIBDGK PFO ?,7?' 88 >>,40' 8,4?'CGFFKDD OK ?,>8' 8? >8,20' ?,>0'G_^GG FBWNGX OK_ 8,=0' 8> ?9,>0' %0,0?'

HID FK^_ ILO 8,??' 87 ?1,=0' 2,0='OKLBDXB AKKN_ ILO 8,8>' 81 ?>,80' 2,01'MKXEGF AKKN_ OKXP 2,94' 84 ?2,70' 7,10'PGXLKN XIOBXN _B 2,74' 8= 8=,90' ?,01'FQEM EKG^ MGLLG__Y FKWI_

QWI^^KL _B 0,1>' 89 81,?0' ?,92'EOOKXEIOC ! OK ILO 0,77' ?0 8?,10' 7,02'_BXB FGG OKXP 0,7?' ?2 82,00' %9,87'AKX^WLG HXBLN_ ILO 0,7?' ?8 2=,>0' %>,?8'MGLCGF CDBB 0,>=' ?? 27,40' %0,4='OMWXOM ! NTIDM^ OK 0,81' ?> 2?,20' 4,>0'

NGBL AKKN_ OK 0,80' ?7 20,70' >,14'OBEPHGFF _KWP OK 0,27' ?1 4,=0' 8,9='CBK OKXP 0,2?' ?4 7,80' %>,70'

LGTGFF XWHHGXEBIN 0,0>' ?= 8,10' %?,41'

LW^XI+_Y_^GE ILO 0,02' ?9 0,00' %8,79'

Bppglni} H


56/62


Bppglni} H

Xblcild Hy Dxkt~m Xb~g

Okepbly 8001%8020 Dxkt~mXb~g Xblc Pgxogl~ifg 8001%8020 MispblioBffkob~ikl

OKOB%OKFB OK 28,?9' 2 200,00' =,00'XBFOKXP MKFNILD_ 22,=8' 8 94,?0' =,44'DXKWPG NBLKLG 22,=8' ? 9>,40' 20,7?'LG_^FG _B 20,79' > 98,20' 7,8>'TBFDXGGL OK 9,80' 7 =9,>0' 9,?8'OMWXOM ! NTIDM^ OK 4,>0' 1 =1,=0' 0,>2'DGLGXBF EIFF_ ILO 1,70' 4 =>,80' 9,82'MKXEGF AKKN_ OKXP 7,10' = =2,70' 0,?0'TBF%EBX^ _^KXG_ ILO 7,28' 9 4=,90' 4,??'OQ_+OBXGEBXC OKXP 7,0?' 20 41,?0' 8,=>'EOOKXEIOC ! OK ILO 7,02' 22 4?,10' 0,88'NGBL AKKN_ OK >,14' 28 42,00' 0,20'FQEM EKG^ MGLLG__Y FKWI_

QWI^^KL _B ?,92' 2? 1=,>0' 0,18'FKXGBF _B ?,=1' 2> 17,40' 72,74'

^Y_KL AKKN_ ILO ?,40' 27 1?,20' 0,0>'JE _EWOCGX OK ?,>>' 21 10,70' 7,78'CGFFKDD OK ?,>0' 24 74,=0' ?,44'OFKXK] OK ?,?0' 2= 77,80' 20,0>'^BXDG^ OKXP ?,87' 29 78,10' 4,21'

X ci H D m X O


57/62


Xblcild Hy Dxkt~m Xb~g Okl~,

Okepbly 8001%8020 Dxkt~mXb~g Xblc Pgxogl~ifg 8001%8020 MispblioBffkob~ikl

PGXLKN XIOBXN _B ?,01' 80 70,00' 0,?9'OBEPHGFF _KWP OK 8,9=' 82 >4,?0' 0,08'CIEHGXFY%OFBXC OKXP 8,4>' 88 >>,40' 4,04'NIBDGK PFO 8,4?' 8? >8,20' 2,7?'PXKO^GX ! DBEHFG OK 8,?0' 8> ?9,>0' 1,92'MGX_MGY OK 8,88' 87 ?1,=0' >,4>'HXKTL%AKXEBL OKXP 2,18' 81 ?>,80' 1,02'WLIFGQGX 2,?9' 84 ?2,70' =,84'HID FK^_ ILO

2,0=' 8= 8=,90' >=,40'

OKLBDXB AKKN_ ILO 2,01' 89 81,?0' 8,97'CXBA^ AKKN_ ILO 0,90' ?0 8?,10' >,>1'G_^GG FBWNGX OK_ ILO %0,0?' ?2 82,00' >4,=='

PGP_IOK ILO %0,82' ?8 2=,>0' 72,18'MGLCGF CDBB %0,4=' ?? 27,40' 0,0>'HGIGX_NKXA BD %2,?>' ?> 2?,20' 2,11'

LW^XI+_Y_^GE ILO %8,79' ?7 20,70' 0,02'LGTGFF XWHHGXEBIN ILO %?,41' ?1 4,=0' 0,02'AKX^WLG HXBLN_ ILO %>,?8' ?4 7,80' 0,02'CBK OKXP %>,70' ?= 8,10' 0,09'

_BXB FGG OKXP %9,87' ?9 0,00' 0,4>'

Bppglni} O


58/62


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59/62


Bppglni} N

Dxbpmiobf Blbfysis

Dxbpm 2

Bppglni} N


60/62


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Dxbpmiobf Blbfysis

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Bppglni} N


61/62


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Dxbpmiobf Blbfysis

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62/62

Bppglni} G

DaC EXI Mispblio Nb~b Lk~gs DaC EXI mbs egbswxgn Mispblios ti~mil i~s Lb~iklbf _~wny -_wxqgy ka ~mg Begxiobl

Oklswegx),

_ilog 800?& DaC EXI hgdbl ~xblsfb~ild bff swxqgy eb~gxibfs il~k _pblism bln mixildhifildwbf il~gxqigtgxs ~k obp~wxg ~mg _pblism nkeilbl~ Mispblio,

K~mgx glmblogegl~s ~k nb~b sbepfild silog ~mgl ilofwng:

Mispblio fbldwbdg obpbhifi~y sbepfg hbfblogn bdbils~ Ligfsgl Fbldwbdg gs~ieb~gs

Bnni~iklbf Mispblio spgoiaio ngekdxbpmios -fbldwbdg obpbhifi~y kw~sing ~mg mkeg& fbldwbdgobpbhifi~y ilsing ~mg mkeg& okwl~xy ka kxidil& akxgidl hkxl& fgld~m ka ~ieg il ~mg W,_,& bnni~iklbfMispblio bnwf~s il ~mg mkeg& mkt tgff nk ykw spgbc Gldfism)

Mispblio spgoiaio egnib -? Ebdbzilgs& 2?7# ^gfgqisikl Pxkdxbes& 8 Obhfg s~b~ikls& ? Xbnikakxeb~s& ? tghsi~gs)

Mispblio spgoiaio sgdegl~b~ikls -Dgksobpg Mispblioi~y& Mispblio Okmkx~s& Mispblio Pgxsklio])

Mispblio Lg~tkxcs+Pxkdxbes bqbifbhfg il LPE Awsikl nb~bhbsg

Documents

AHAA Hisp Allocation - Rev Growth SSG Study_3!7!12_PostFinal