^OFL DG LGIK@CK ‟G]@CTGBCAG‘

HGTKDK @FLUFP

FLFOCPCP K^TCHK DG FBFPTG@CHCGLTK

^frf gstg flæocscs dg fbfstg`chcgltk sg mf dg tglgr gl `ugltf of kegrtf lf`cklfo dg prkdu`tks pfrf go
glsfhbog dg tkdks oks tcpks dg bc`c`ogtfs, dfdk qug gl go pfès gxcstg prkdu``cðl dg hfr`ks, pgrk lk
gxcstg of dg f``gskrcks gspg`cfoczfdks, `khk irupks dg `fhbcks lc dg bc`c`ogtfs goã`trc`fs `khpogtfs.

Flæocscs dg prkvggdkrgs cltgrlf`cklfogs

F`tufo
F`tu fohg
hgltg
ltg tg
tglg
lghk
hkss ok
okss sciucg
sciucgltg
ltgss prkvgg
prkvggdkr
dkrgs
gs cl
cltg
tgrlf
rlf`c
`cklf
klfog
ogss dg irfl
irfl `foc
`focdfd
dfd y `klecf
`klecflz
lzf,
f,
DksLkvgltf, ^urg Ecx y Ucoflk, tfltk dg bc`c`ogtfs `khpogtfs `khk dg pfrtgs y f``gskrcks, oks `ufogs
tcglgl `fpf`cdfd dg gltrgif clhgdcftf dg f`ugrdk `kl ofs lg`gscdfdgs y f prg`cks `khpgtctcvks gl
dðofrgs.
 

Go flæocscs dg gstg tcpk dg prkvggdkrgs sg dcvcdg gl trgs kp`cklgs: prkvggdkrgs lgtks dg hfr`ks dg
 bc`c`ogtfs, dg bc`c`ogtfs `khpogtfs y sðok dg f``gskrcks.
f``gskr cks.

 ^rkvggdkrgs dg hfr`ks dg bc`c`ogtfs y dg bc`c`ogtfs `khpogtfs: Gstks prkvggdkrgs gl go hgr`fdk

cltgrlf`cklfo skl bfstfltg `khpgtctcvks, pgrk, pfrf go `fsk dg @kokhbcf lk, dfdf of `kyulturf
hf`rkg`klðhc`f
hf`rkg` klðhc`f qug sg vcvg gl of f`tufocdfd1 fo flfoczfr ofs `cerfs dgo Bfl`k dg of Rgpúboc`f, f
`cgrrg dgo hgs dg juock dgo 2>67, go dðofr sg mfbèf rgvfoufdk ul 70,>9% rgspg`tk f of hcshf
eg`mf dgo fök fltgrckr, ok qug cl`rghgltf dg hflgrf sustfl`cfo go prg`ck eclfo dg oks rgegrcdks
 prkdu`tks, gs dg flktfr qug ofs bc`c`ogtfs goã`trc`fs sgræl chpkrtfdfs, `kl cldgpgldgl`cf dgo
eglðhglk g`klðhc`k dgs`rctk fltgs, yf qug gl go hgr`fdk lf`cklfo lk gxcstg prkdu``cðl lc
hfr`fs rg`klk`cdfs dg dc`mk tcpk dg prkdu`tks qug `uhpofl of prkhgsf dg vfokr kerg`cdf f
lugstrks `ocgltgs.

 ^rkvggdkrgs dg f``gskrcks: Oks prkvggdkrgs dg f``gskrcks dg ofs bc`c`ogtfs ecxcgs k urbflfs sg

vgl tfhbcãl feg`tfdks pkr of `kyulturf hf`rkg`klðhc`f
hf`rkg`klðhc`f dgo pfès, pgrk, f dcegrgl`cf
dcegrgl`cf dgo `fsk dg
oks hfr`ks y ofs bc`c`ogtfs `khpogtfs, oks úotchks pksggl huy bfjf kegrtf dg prkdu``cðl ok`fo,
 pkr ok `ufo skl
sk l cldcspglsfbogs pfrf go lgik`ck y, scl chpkrtfr of tfsf
tfs f rgprgsgltftcvf dgo hgr`fdk,
(TRH) dgbgl sgr fdqucrcdks.

Flæocscs dg prkvggdkrgs lf`cklfogs y hfqucofs

Oks prkvggdkrgs lf`cklfogs sg dcvcdgl gl trgs kp`cklgs: oks prkvggdkrgs lgtks dg hfr`ks dg bc`c`ogtfs,
oks dg bc`c`ogtfs `khpogtfs y oks dg f``gskrcks.

 ^rkvggdkrgs dg hfqucof pfrf hfr`ks: Gxcstgl hu`mks prkvggdkrgs dg hfr`ks dg bc`c`ogtfs gl

@kokhbcf, of hfykrèf dg gooks dg prkdu``cðl gl hfsf y foiulks dg prkdu``cðl frtgsflfo k f of
hgdcdf1 Lks cltgrgsfl oks hfr`ks frtgsflfogs k dg prkdu``cðl f of hgdcdf pkr of lfturfogzf dg
oks `ocgltgs. Fulqug of hftgrcf prchf gstã feg`tfdf pkr of TRH, oks `kstks dg efbrc`f`cðl lk,
 pkr ok `ufo skl hæs `khpgtctcvks
`khpgtctcv ks qug oks chpkrtfdks.

 ^rkvggdkrgs dg irupks dg `fhbcks: Gl go pfès gxcstg, gl gsgl`cf, ul irfl prkvggdkr dg irupk dg

`fhbcks, qug gs Pmchflk y su dcstrcbucdkr gs MF Bc`c`ogtfs1 scl chpkrtfr of TRH, gs go
 prkvggdkr qug dgbghks
dgb ghks utcoczfr pkr of eugrzf dg of hfr`f gl of pkbof`cðl kbjgtcvk y pkr ofs
`kldc`cklgs dg hgr`fdk.

 ^rkvggdkrgs dg bc`c`ogtfs
^rkvggdkrgs bc`c`ogtfs `khpogtfs: Gstks prkvggdkrgs skl @ogttf Bc`c`ogtfs
Bc`c`ogtfs y Hr. Jkrs, gltrg
ktrk
ktrks1
s1 sk
skll prkv
prkvgg
ggdk
dkrg
rgss qu
qugg `u
`ugl
gltf
tfl
l `k
`kll pf
pfqu
qugt
gtgs
gs dg bc`c
bc`c`o
`ogt
gtfs
fs `khp
`khpogogtf
tfs,
s, bf
bfst
stfl
fltg
tg
`khpgtctcvks
`khpgtct cvks gl go hgr`fdk y `kl hfr`fs `klstrucdfs f trfvãs dg oks föks. Dgspuãs dg rgfoczf
rgfoczfr 
r 
go flæoc
flæocsc
scss `khpog
`khpogtk
tk dg tkdks
tkdks oks prkvg
prkvggdk
gdkrgs
rgs sg oogið
oogið f of `kl`ou
`kl`ouscð
scðl
l dg qug of hgjkr 
hgjkr 
`khbclf`cðl pfrf of prkdu``cðl dg bc`c`ogtfs dg oks tcpks ecxcgs y urbflfs gs of sciucgltg:

Hfr`ks: prkvggdkrgs lf`cklfogs frtgsflfogs.

F``gskrcks dcegrgltgs f irupks dg `fhbcks: prkvggdkrgs cltgrlf`cklfogs. Irupks

dg `fhbcks: prkvggdkr lf`cklfo (MF Bc`c`ogtfs).
 

Tfbof 6. @khpfrftcvk dg prkvggdkrgs

Gurk Dðofr (WPD):

(₯):
^rkdu`tk / Pgrvc`ck
$0.40>,> $0.>=>,>
> >
^rkvggdkr cltgrlf`cklfo ^rkvggdkr lf`cklfo

@clgooc Fbcifco Ptrggt

Bc`c`ogtf `khpogtf $2.992.>> $==>.>>>
> Ifzzgtf Hr. Jkrs Bkiktæ

Dks Lkvgltf Hfr`k

Hfr`ks dg bc`c`ogtfs $2.>20.9> $07>.>>> Frtgsflfo
> Aufof
Ouhpur  @kokhbcf
Irupks dg `fhbcks Pmchflk: hcshk prg`ck gl WPD

Hflubrck
Ufc Fooky
F``gskrcks $60=.753 $66>.>>> Fouhclck DR-
Bfr 42@H
FO 6>2 BT IY
Bof`a 

FLFOCPCP DG ^GRPKLFO RGVWGRCDK

Go hkdgok dg lgik`ck clc`cfohgltg sg `kleciurf `kl ulf pofltcoof dg pgrsklfo dcstrcbucdf fsè:

Tfbof 2. ^grsklfo rgqugrcdk

Lkhbrg dgo `frik Lúhgrk dg

pgrsklfs

Fdhclcstrfdkr    6

Ugldgdkrgs   2

Hflk dg kbrf dcrg`tf 6

(hg`ælc`k)
@kltfbcocdfd (`kltfdkr gxtgrlk)   6
 

GPTRW@TWRF DG @KPTKP S FLFOCPCP DGO HGTKDK DG @KPTGK K^TCHK

Pg flfoczfrkl oks dcegrgltgs hãtkdks dg `kstgk y sg oogið f of `kl`ouscðl dg utcoczfr go gstfdk dg

rgsuotfdks dg `kstgk vfrcfbog, dfdk qug kerg`g ulf hgjkr pgrspg`tcvf igrgl`cfo pfrf of tkhf dg
dg`cscklgs dg of ghprgsf. Go gstfdk dg rgsuotfdk dg `kstgk vfrcfbog hugstrf oks `kstks `khk rubrks
clvgltfrcfbogs y ofs `cerfs ecjfs `khk ofs dgo pgrèkdk, ok `ufo gvctf qug oks `kstks ecjks qugdgl
ftrfpfdks gl oks clvgltfrcks dg prkdu`tk tgrhclfdk.

Oks prcl`cpfogs bglgec`cks dg dc`mk scstghf skl:

 ^grhctg `fo`uofr oks hæriglgs

^grhctg hæriglgs dg `kltrcbu`cðl
`kltrcbu`cðl brutk k tktfo, `cerfs qug lk skl dgtgrhclfdfs
dgtgrhclfdfs gl
go `kstgk tktfo.

 Gltrg of `cerf dg clirgsks y go hfrigl dg `kltrcbu`cðl tktfo sg pugdg fprg`cfr go geg`tk dg of

gstru`turf dg `kstks y ifstks vfrcfbogs.

 Fo rgstfrogs fo hfrigl dg `kltrcbu`cðl tktfo tkdks oks `kstks y ifstks ecjks, sg pugdg kbsgrvfr go
geg`tk dg tkdf of gstru`turf ecjf gl sus utcocdfdgs.

 Ofs utcocdfdgs dg kpgrf`cðl lk sg vgl feg`tfdfs pkr go geg`tk dg of rgof`cðl gltrg go lcvgo dg
 prkdu``cðl y ofs vgltfs, pugs oks `kstks ecjks dg prkdu``cðl sg dgs`frifl dgo gstfdk dg
rgsuotfdks, `kl cldgpgldgl`cf dg qug ofs ulcdfdgs sgfl vgldcdfs k lk.

 F pfrtcr dgo gstfdk dg rgsuotfdks hgl`cklfdk sg pkdræ mf`gr go flæocscs `kstk- vkouhgl-utcocdfd
 

 Flæocscs f pfrtcr dg `kstks hfriclfogs.

^ultk dg ^ultk dg
gqucocbrck gqucocbrck

Hftghætc`k fjustfdk
Lúhg Lúhg

^rkdu`tk / Pgrvc`ck H`u rk Ufokr rk Ufokr

dg dg

ulcdfdg ulcdfdg
s s
Bc`c`ogtf Ecxcg $402.>> 5,47 $=.39=.95 9 $3.944.>>>
> 6

Bc`c`ogtf urbflf $546.27 7,65 5 $62.039.7>

> $6>.552.2 >
93

Bc`c`ogtf goã`trc`f 2.962.7 6,23 6 6>.452.7>>

>> $60.439.6
5=
F``gskrcks $42.>>> 2,42 $29>.366 7 $75>.>>>

Hfltglchcgltk $7>.>>> >,=6 $4=.099 7 $0>>.>>>

^ultk dg gqucocbrck gl lúhgrk dg

65, 24
ulcdfdgs 60
^ultk dg gqucocbrck gl pgsks $00.479.435 $00.454.>>>

H@W $5>0.=>>
 pkldgrfdk
$3.905.559
Ecjks

^frf kbtglgr go pultk dg gqucocbrck (vgr tfbof 0), ok prchgrk qug sg mczk eug `fo`uofr oks hæriglgs dg
`kltrcbu`cðl ulctfrck (H@W) prkhgdck pkr prkdu`tk y ougik sg mfooð go pkldgrfdk1 `fbg rgsfotfr qug
sg gstchð qug oks clirgsks pkr vgltf dg bc`c`ogtfs rgprgsgltfl go =>% (ecxcgs: 4>%, urbflfs: 02% y
goã`trc`fs: =%), oks f``gskrcks go 67% y oks hfltglchcgltks go 7%1 dgspuãs sg rgfoczð ul fjustg fo
 pultk dg gqucocbrck hftghætc`k, dfdk qug ofs bc`c`ogtfs sg vgldgl gl lúhgrks gltgrks y, pkr go irfl
 pgsk dgo H@W dg ofs bc`c`ogtfs goã`trc`fs, sg fjustfrkl oks hfltglchcgltks y f``gskrcks, rfzðl pkr of
`ufo ofs `cerfs dg vgltfs fsè dgtgrhclfdfs skl hæs rgfogs.

Tfbof 0. ^ultk dg gqucocbrck y hgz`of dg prkdu`tk y sgrvc`ck.

 

Ofs prkyg``cklgs
prkyg``cklgs dg ofs ulcdfdgs pkr vgldgr (vgr tfbof 4) sg mc`cgrkl
mc`cgrkl f 0> hgsgs, `kl ul `rg`chc
`rg`chcgltk
gltk
 prkhgdck dg gltrg ul 7% y ul 67% hglsufo, `kl fjustgs mf`cf frrcbf k mf`cf fbfjk pfrf okirfr 
rgsuotfdks
rgsuotfdks gl lúhgrks gltgrks. F `kltcluf`cðl,
`kltcluf`cðl, sg prgsgltfl
prgsgltfl oks lúhgrks dg ulcdfdgs pkr vgldgr `fdf
hgs dg `fdf tcpk dg bc`c`ogtfs, f``gskrcks y hfltglchcgltks.

Tfbof 4. ^rkyg``cklgs dg vgltf gl lúhgrk dg ulcdfdgs pkr tcpk dg prkdu`tk.

^rkyg``cklgs dg Ugltfs gl Wlcdfdgs pkr tcpk dg prkdu`tk
Hgs Ecx Wrbfl Goã`trc` F``gskrck Hfltglchcglt
cg f f s ks
Hgs 6   0 2 > 6 6

Hgs 2   0 2 > 6 6

Hgs 0   4 0 > 2 2

Hgs 4   4 4 > 0 0

Hgs 7   7 4 6 4 4

Hgs 5   7 4 6 4 4

Hgs 9   7 4 6 4 4

Hgs =   5 7 6 7 7

Hgs 3   5 7 6 7 7

Hgs 5 7 6 7 7
6>
Hgs 9 7 6 7 7
66
Hgs 9 5 6 7 7
62
Hgs 9 5 6 5 5
60
Hgs = 5 6 9 9
64
Hgs = 5 6 6> 66
67
Hgs 3 9 2 66 62
65
Hgs 3 9 2 60 60
69
Hgs 3 9 2 67 67
6=
Hgs 6>   = 2 69 65
63
Hgs 6>   = 2 63 6=
2>
Hgs 6>   3 2 22 26
26
Hgs 6>   3 2 27 20
22
Hgs 62 6>   2 23 25
20
 

Hgs 62 6>   2 04 23
24
Hgs 60 6>   2 04 23
27
Hgs 60 66   2 4> 00
25
Hgs 64 62   0 4> 04
29
Hgs 67 64   0 42 07
2=
Hgs 67 67   0 42 05
23
Hgs 65 67 0 44 09
0>
 

Gs chpkrtfltg rgsfotfr qug of clvgrscðl clc`cfo pfrf go dgsfrrkook gs dg $37.>>>.>>>1 `kl go ecl dg
cdgltcec`fr tfltk go hgs gl go qug sg fo`flzf go pultk dg gqucocbrck `khk fquão gl go qug sg rg`upgrf of
clvgrscðl
clvgrscð l clc`cfo, sg rgfoczð ulf prkyg``cðl dgo gstfdk dg rgsuotfdk pkr `kstgk vfrcfbog f 0> hgsgs y sg
kbtuvk `khk rgsuotfdk qug gl go hgs 64 sg okirf go pultk dg gqucocbrck, hcgltrfs qug gl go hgs 0> sg
rg`upgrf of clvgrscðl clc`cfo.

Gx`ctgbcag sg `khpkrtf `khk ul mèbrcdk gltrg ulf ghprgsf prkdu`tkrf y ulf `khgr`cfoczfdkrf, yf
qug, fulqug lk sg prkdu`g, gl sgltcdk octgrfo, ul prkdu`tk, tfhpk`k gs skok ulf dcstrcbucdkrf1 sg
 pkdrèf `focec`fr `khk ulf glsfhbofdkrf, pkr ok `ufo go gstfdk dg rgsuotfdk pkr ``kstgk
kstgk vfrcfbog sg fjustf
f ofs lg`gscdfdgs dg cl`oucr gl go pgrèkdk of hflk dg kbrf dcrg`tf, oks `klsuhcbogs dgo glsfhbofjg y
foiulks `kstks ecjks iglgrfdks durfltg go prk`gsk dg `khprf dg oks hftgrcfogs.

OKIK GH^RGPFRCFO

Gl go hkdgok dg lgik`ck `klstrucdk pfrf Gx`ctgbcag, sg dgs`rcbgl `kl `ofrcdfd ofs `frf`tgrèstc`fs
gx
gx`o
`ousc
uscvfs
vfs qug sg dgbgl
dgbgl tglgr
tglgr gl `uglt
`ugltff pfrf
pfrf of `rgf`
`rgf`cðl
cðl dg ulf ghprg
ghprgsf
sf `khgr
`khgr`cf
`cfoc
oczfd
zfdkrf
krf dg
 bc`c`ogtfs ecxcgs, urbflfs y goã`trc`fs
goã`tr c`fs gl Bkiktæ,
Bkik tæ, `kl bfsg gl ok prkpugstk
prkpu gstk gl `fdf ulk dg oks pfsks dgo
hkdgok dg lgik`ck (sgihgltf`cðl dgo hgr`fdk, prkpugstf dg vfokr, `flfogs dg dcstrcbu`cðl, rgof`cklgs
`kl oks `ocgltgs,
`ocgltgs, eugltgs dg clirgsks, rg`ursks
rg`ursks `ofvg, f`tcvcdfdgs
f`tcvcdfdgs `ofvg, fsk`cf`cklgs `ofvg y gstru`turf
gstru`turf
dg `kstks).
 

Of dcegrgl`cf prcl`cpfo
prcl`cpfo gltrg ofs hgtkdkokièfs
hgtkdkokièfs gstudcfdfs gl of prgsgltg clvgstcif`cðl
clvgstcif`cðl rfdc`f gl qug go
 pofl dg lgik`ck
lgik `ck gs ulf mgrrfhcgltf
m grrfhcgltf qug bus`f prkyg`tfr `ðhk sg `khpkrtfræ of ghprgsf gl go euturk,
`k
`kl
l go prkpðs
prkpðsctctk
k dg hkst
hkstrfr
rfr ulf fp
fprkx
rkxch
chf`
f`cðl
cðl gl tghf
tghfss eclfl`
eclfl`cg
cgrks
rks,, dg hgr`
hgr`fdg
fdgk,
k, dg `kstks
`kstks,,
fdhclcstrftcvks, dg rcgsiks y fhbcgltfogs, gltrg ktrks, hcgltrfs qug go hkdgok dg lgik`cks gs ul
clstruhgltk gstrftãic`k qug bus`f dgtgrhclfr `ðhk ulf kriflczf`cðl pugdg iglgrfr vfokr f pfrtcr dg of
cdgltcec`f`cðl dg sus ekrtfogzfs y dgbcocdfdgs gl `cgrtfs ærgfs qug skl vctfogs pfrf go eul`cklfhcgltk dg
ulf `khpföèf gxcstgltg k ul prkyg`tk gl poflgf`cðl, tfogs `khk go hgr`fdgk, oks pkscbogs sk`cks g
clvgrscklcstfs,
clvgrsck lcstfs, of gstru`turf kriflczf`cklfo,
kriflczf`cklfo, go cltgr`fhbck
cltgr`fhbck `khgr`cfo y of cltgirf`cðl f ulf `fdglf dg
vfokr, gltrg ktrks.

Pg cdgltcec`ð qug go hãtkdk hæs fprkpcfdk dg `kstgk pfrf Gx`ctgbcag gs go hãtkdk dg `kstgk vfrcfbog,
qug kerg`g ulf pgrspg`tcvf igrgl`cfo pfrf of tkhf dg dg`cscklgs y sg fjustf f of hkdfocdfd dg
fbfstg`chcgltk, qug cl`ouyg, pfrf hfr`ks y irupks dg `fhbcks, f prkvggdkrgs lf`cklfogs y, pfrf
f``gskrcks gl iglgrfo, f prkvggdkrgs cltgrlf`cklfogs.