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Enrkury Atmjntlk Kasn Favlf Tntru-Katajlh (14=0691=)

1a. Rmat arn tmn irnn kasm ijcws irce 0442 uhtlj 04113 Krnatn a ta`jn. Kmnko nxml`lt 9 icr njnenhts ci

tmn kajkujatlch tmat arn rnjnvaht ut hct lh tmat ta`jn, ahf njnenhts wmlkm ycu elbmt hnnf tc rnecvn.

Arbun ycur kmclkns (twc cr tmrnn jlhns ci tnxt / ltne)

Assueptlchs7

- Ajj ltnes hnknssary tc fntnrelhn N@LV icr Enrkury lh tmn upkcelhb ynars wnrn nxtraktnf irce

Nxml`lt 9.

-

L usnf tmn tax ratn ci 64% wmlkm ls prcvlfnf lh tmn tnxt as tmn chn usnf `y Jlnfton.

- Fnprnklatlch ahf Kapltaj Nxpnhflturn wnrn ajsc prcvlfnf lh Nxml`lt 9.

- Icr fntnrelhlhb tmn Kmahbn lh RK L usnf Nxml`lt 2 (wmlkm prcvlfns icrnkasts icr 0442 0411)

ahf Nxml`lt 6 (tmls was hnknssary tc kceputn tmn kmahbn lh RK `ntwnnh 0449 ahf 0442)7

1`. Nxpjalh wmat lt enahs tc mavn a fnprnklatlch tmat ls seajjnr tmah kapltaj nxpnhflturns, ahf wmlkm

njnenhts ci tmn HTY kajkujatlch tmls elbmt aiinkt.

Lh sukm a sltuatlch, tmn kcepahy ls lhvnstlhb strchbjy lh lts assnt `asn lh crfnr tc c`talh mlbmnr brcwtm lh

tmn iuturn. Nvnh tmcubm tmn niinkt ch kasm ijcws wljj n hnbatlvn lh tmn smcrt tnre (tmn kapnx cutijcw ls

mlbmnr tmah fnprnklatlch), lt ls nxpnktnf tmat tmn iuturn brcwtm ratns lh kasm ijcws wljj ajsc `n mlbmnr

tmah lh tmn kasn wmnh jnss lhvnstenhts wnrn eafn. Vmnrnicrn, lh ey cplhlch, lt ls prc`a`jn tmat tmn hnt

niinkts ch HTY wljj `n pcsltlvn as jchb as tmn rnturh ch tmnsn lhvnstenhts nxknnfs tmn kcst ci kapltaj.

1k. Vmn wceahs kasuaj jlhn wljj `n flskchtlhunf (tmat fnklslch mas `nnh eafn ahf ls lrrnvnrsl`jn).

[uppcsn tmat lt nenrbns tmat lh 044=, tmn wljj `n ah affltlchaj kasm cutijcw ci $1;4,444 tc snttjn a

kjale abalhst tmls jlhn `asnf ch ah nvnht lh 0446. Mcw wljj tmls aiinkt tmn HTY kajkujatlch ci Enrkury

Atmjntlk as a kcepahy3 Fcns lt eattnr li tmn kcepahy ls akqulrnf, kchtlhuns as a faubmtnr ci Rnst

Kcast Iasmlchs, cr `nkcens a stahf-ajchn kcepahy3

\nar 0442 044= 044< 0414 0411

Vctaj Pnvnhun 62) (>00,>00)Kcrpcratn Cvnrmnaf (=,6=2) (=,9>;,4;9 >2,94> 91,9=9 96,910

Vaxns (1=,=40) (01,016) (0;,460) (06,926) (0>,=6>)

Fnprnklatlch =2

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Enrkury Atmjntlk Kasn Favlf Tntru-Katajlh (14=0691=)

L assuen tmat 1;4,444$ ls aktuajjy 1;4,444$ * 1444$ as lt ls tmn kasn icr ajj aecuhts jlstnf lh tmn kasn.

@nkausn ci tmn $1;4,444 kasm cutijcw, tmn HTY wljj n jcwnr tmah lh tmn `asn kasn. Li tmls cutijcw eay

`n trnatnf as a fnfuktl`jn nxpnhsn, tmnh lt wljj prc`a`jy mavn a seajjnr lepakt li tmn kcepahy ls

akqulrnf, as jchb as tmn akqulrnrs narhlhbs nxknnf tmls aecuht fun tc tmn tax smlnjf tmat arlsns wltm

fnfuktl`jn nxpnhsns. Li tmn cutijcw ls hct fnfuktl`jn, tmnh tmn hnt lepakt wljj `n mlbmnr `ut a jarbn

kcepahy eay stljj a`scr` lt naslnr tmah a seajj kcepahy.Li Enrkury wljj kchtlhun as a stahf-ajchn kcepahy, tmn 1;4,444$ wljj prc`a`jy nrasn ajj lts lhkcen ahf

tmn tax smlnjf wljj `n hct avalja`jn startlhb irce a knrtalh tmrnsmcjf. [ukm a mlbm cutijcw at a blvnh pclht

lh tlen eay nvnh pcsn bclhb-kchknrh lssuns `nkausn lt rnprnsnhts ajecst >4% ci tmn smarnmcjfnrs

nqulty rnpcrtnf icr 0449024,>

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Enrkury Atmjntlk Kasn Favlf Tntru-Katajlh (14=0691=)

0`. Kajkujatn tmn nqulty nta ci Enrkury Atmjntlk aitnr tmn E@C, icr varlcus jnvnjs ci fn`t. (usn tmn

icjjcwlhb pnrknhtabns icr fn`t/tctaj vajun7 4%, 14%, 0>%, 64% , >4%, 94%, 2>%)

Icr nakm fn`t jnvnj7 N5 u+ (F/N)* (u- F). L assuenf tmat F ls nquaj tc znrc, slhkn tmnrn ls hc fata tc

tmls varla`jn lh tmn tnxt.

Icr nxaepjn at tmn 11% jnvnj7 N5 1.0= + 11% * (1.0=4) 5 1.60

0k. Kajkujatn tmn RAKK icr nakm sknharlc ci 0`, assuelhb a kcst ci fn`t ci 9%.

Ilrst ci ajj, L nstleatnf tmn uhjnvnrnf kcst ci nqulty. Rn kah usn tmn KATE ecfnj icr tmls purpcsn7

rN5 ri+ u* (rE- ri) 5 6.% 5 11.;% (L usnf tmn 04 yr ^[ `chf as tmn rlso irnn ratn `nkausn

ci tmn jchb tnre mcrlzch ci tmn kcepahy)

Akkcrflhb tc tmn tnxt, tmn kcst ci fn`t rnealhs at 9% at ajj jnvnjs ci jnvnrabn. Vmn kcst ci nqulty

lhkrnasns as tmn fn`t jnvnjs lhkrnasn. Icr nxaepjn, at 14% fn`t, rN5 r^+ F/N * (r^rF) 5 11.;% +

11.1% * (11.;% - 9%) 511.% fn`t, RAKK (jnvnrnf) 5 rN*N/(F+N) +

rF*(1-t)*F/(F+N) 5 0>% * 02.;% + 2>%*9%*(1-64%) 5 %.

0f. Nxpjalh li ycur rnsujts wcujf `n fliinrnht lh tmn ^[ (tax ratn ci 64%, as blvnh lh tmn kasn) kceparnftc tmn Hntmnrjahfs (wltm a tax ratn ci 0>%). Pnijnkt ch tmn jlonjlmccf tmat a E@C wcujf `n sukknssiuj

lh ctm kcuhtrlns.

^[ mas a mlbmnr tax ratn ahf tmnrnicrn tmn vajun ci tmn tax smlnjf prcvlfnf `y fn`t nxknnfs tmn chn lh

tmn Hntmnrjahfs. Vmls rnsujts ls a jcwnr RAKK ahf kchsnqunhtjy lh a mlbmnr ilre vajun. Vmnrnicrn lh tmn

kasn ci ah E@C lh tmn ^[, tmn eahabnrs (akqulrnrs) wcujf `n a`jn tc gustliy paylhb a mlbmnr prlkn icr tmn

ilre lh kceparlsch tc tmn Hntmnrjahfs wmnrn tmn jcwnr tax ratn fnkrnasns tmn vajun ci tmn tax smlnjf.

F/(F+N)Assnt @nta

(^)F/N

Fn`t @nta

(F)

(^) jnss

(F)

Nqulty @nta

(N)

4% 1.0= - 4 1.0= 1.0=

14% 1.0= 4.11 4 1.0= 1.600>% 1.0= 4.;; 4 1.0= 1.21

64% 1.0= 4.92 4 1.0= 0.1;

>4% 1.0= 1.44 4 1.0= 0.>9

94% 1.0= 1.>4 4 1.0= ;.04

2>% 1.0= ;.44 4 1.0= >.10

^hjnvnrnf Kcst

ci Nqulty (r )F/N F/(F+N)

Kcst ci Fn`t

(rF)

(^) jnss

(F)

Kcst ci

Nqulty (rN)N/(F+N)

RAKK

(uhjnvnrnf)Vax Patn

RAKK

(jnvnrnf)

11.;% - 4% 9% >% 11.;% 144% 11.;;4% 64% 11.;%

11.;% 4.11 14% 9% >% 11.% 10.2% =4% 11.;;4% 64% 14.% 9% >% 1;.1% 2>% 11.;;4% 64% 14.2%

11.;% 4.92 64% 9% >% 16.4% 9% >% 19.2% >4% 11.;;4% 64% 14.1%

11.;% 1.>4 94% 9% >% 1% 11.;;4% 64% %

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Enrkury Atmjntlk Kasn Favlf Tntru-Katajlh (14=0691=)

;a. @asnf ch ycur ahswnrs at 1a ahf 0k (assuen 64% fn`t), kajkujatn tmn (sue ci tmn) prnsnht vajun ci

tmn kasm ijcws icr 0442-0411.

;`. Kchstrukt a tnrelhaj vajun, `asnf ch tmn icjjcwlhb brcwtm ratns7 1%, ;%, ahf >%.

Icr brcwtm ratn 1%7 VY 5 0%) 5 >=0,0% brcwtm ratn ls ecst rnascha`jn fun tc tmn icjjcwlhb arbuenhts7

- Vmn brcwtm ratn ci tmn kcepahys rnvnhuns slhkn tmn akqulsltlch was 14.>%

- Vmn rnvnhun brcwtm ratn ci sleljar kcepahlns `ntwnnh 0444 ahf 0449 avnrabnf

\nar 0442 044= 044< 0414 0411

Irnn Kasm Ijcw 16,20; 09,29; 00,69,=41 0