BM@^JSMC CN HOLNOHNYÆM, MY]^HSN@S^YM

 X ^YIMOHPFG
NP@^NJM QYGBNPHGOMJ CN HOLNOHNYÆM

HOC^PSYHMJ

FM@YGN@GOGFÆM (M)
‚HFQM@SG CNJ SHQG CN @MFIHG NO JM IMJMO[M
@GFNY@HMJ CNJ QNYÛ‖

M^SGYNP;
  Enrnchm Fnlg, Hrnon cnj @mrfno
 Ombm` Onhrm, Gjnodm Fmrhmo
Pmrfhnotg Pmu`ncg, Pnncgrb
Pgtg Lgozmjns, Gs`mr Kegrcmo

CG@NOSN;
Hol. Onjsgo Mjnkmocrg
Mjnkmocrg Quyno Bmræms

@eh`jmyg - Qhfnotnj, Ch`hnfirn cnj 9191 

 

Æoch`n

..........................................................................................9
H. GIKNSG CN NPS^CHG
HH. MOSN@NCNOSNP...................................................................................................0
HHH. FMY@G SNÐYH@G.............................................................................................3
HR. YNP^JSMCGP....................................................................................................2
3.=..
3.= Shpg
Shpgss c
cnn `m
`mfi
fihg
hgss no jm i
imjm
mjmoz
ozmm `g
`gfn
fnr`h
r`hmj
mj.........
..............
..............
..............................2
.......................2
3.
3.=.
=.=.
=. @g
@gfgfg mmbn bn`t
`tmm nj S Shp
hpg g cn @ @mfi
mfihg hg O Ogf
gfho homjmj no
no jm Imj Imjmo mozmzm
@gfnr`hmj;...............................................................................................................2
3.
3.=.
=.9.
9. @g
@gfg
fg mmbn
bn`t
`tmm nj Sh
Shpg
pg c
cnn @m
@mfi
fihg
hg Yn
Ynmj
mj y jm I
Imjm
mjmoz
ozmm @gf
@gfnr`
nr`hmj
hmj....2
3.9. Nbn
3.9. Nbn`tg
`tgss cn jjmm cn
cnvmju
vmjum`hðm`hðo o cn jm fg fgonc oncmm jg` jg`mjmj `go
`go rnspn`
rnspn`tg tg m jjmm
fgoncm nxtrmoknrm....................................................................................................<
3.0. Hob
3.0. Hobjun
juno`h
o`hmm cn
cnjj vm
vmjgrjgr cn jm f fgon
goncm cm no jjms ms nnxpgxpgrtm`rtm`hgohgons ns n
hfpgrtm`hgons............................................................................................................8
3.3.. Nx
3.3 Nxpg
pgrtm
rtm`hð
`hðoo n hfhfpg pgrt rtm`h
m`hðo ðo nno o jgjgss ûj
ûjththfg
fgss > mýgs mýgs...............................=1
3.3.=. @um
3.3.=. @umcrg
crg cn rnsu
rnsufno fno cn jms nxp nxpgrt grtm`hg
m`hgons ons n hfpg hfpgrtm rtm`hgo
`hgons ns no
jgs ûjthfgs > mýgs...............................................................................................==
3.3.9. @um
3.3.9. @umcrg
crg cn rnsu
rnsufno
fno cn jms nxp
nxpgrt
grtm`hg
m`hgons
ons n hfpg
hfpgrtm
rtm`hgo
`hgons
ns no
9191.   =9
R. @GO@J^PHGONP..................................................................................................=0
RH. YNBNYNO@HMP.................................................................................................=3
RHH. MONUGP.............................................................................................................=>
 Notrnvhstm..........................................................................................................=>

9
 

H. GIKNSG C
CN
N NP
NPS^CHG
Nj prgpðshtg cn nstn trmimkg ns cmr m `gog`nr `gfg no ounstrg pmæs
nj thpg cn `mfihg mbn`tm m jm hfpgrtm`hðo y nxpgrtm`hðo qun sn
rnmjhzmo no ounstrg pmæs. X ns pgr nsn fgthvg qun emrnfgs uo
nstuchg n hovnsthlm`hgons pmrm cntnrfhomr ‚pgr què‖ su`ncn nsg.
No mcn
mcnjmo
jmotn
tn sn fgs
fgstrm
trmrío
río vmr
vmrhgs
hgs tnf
tnfms
ms qun og
ogs
s snr
snrvhr
vhrío
ío pm
pmrm
rm
notnocnr nstm hovnsthlm`hðo fgstrmocg jgs thpgs jgs nbn`tgs qun
prgcu`n jm cnvmjum`hðo notrn gtrgs.
Ns cn vhtmj hfpgrtmo`hm nj tnonr `gog`hfhnotg sgirn nstgs tnfms ym
qun ogs myucmrío nj prg`nsg cn notnocnr tgcg nj thpg cn `mfihg no
jm imjmozm.

HH. MOSN@NCNOSNP
Rmrhm`hgons cnj thpg cn @mfihg
@gfg sminfgs no nj mýg cnj 91=8 sn vhg mjlg fuy housumj y bun jm
pnjnm notrn pmæsns y bunrgo jms fmygrns pgtno`hms cnj fuocg.
Nst
stm
mfg
fgs
s emijm
ijmoc
ocg
g NN
NN.^
.^^
^ y @e
@eho
hom
m qu
qun
n sgo jgs
jgs fmy
mygr
grns
ns
nxpg
nxpgrtm
rtmcg
cgrn
rns
s cn
cnjj fu
fuoc
ocg
g y tr
trms
ms ns
nstg
tg no nj Qn
Qnrû
rû sn vh
vhnr
nrgo
go jms
jms
`gosn`uno`hms
`gosn`uno`hms ym qun sgfgs uo pmæs suicnsmrrgjjmcg4 sn pucg vnr 
qun cnscn nj fns cn kujhg sn cnprn`hg nj sgj brnotn mj cðjmr jg `umj
grhlhog uom prng`upm`hðo no jm pmrtn n`goðfh`m cn ounstrg pmæs.
T @HSMSHGO HQN=8 Zj =19>1 V

No jgs cæms cnj fns kujhg y mlgstg bunrgo cgocn sn no`gotrð nstm
mjzm cnj cðjmr, shnocg fís nspn`æbh`gs cnscn nj 92 Kujhg 0,01 `gfg
jg no`gotríi
ríimfgs m 0,05 pgr cðjmr,
jmr, sn ogtð uo pg`g cn
prng`upm`hðo cn qun puncm snluhr suihnocg ym qun og sn emiæm
vhstg nstn thpg cn `mfihg cnscn nj mýg 91=<.
Ns pgr njjjjg
g qun I@Y tr
trmt
mtm
m cn hotn
hotnrv
rvno
nohr
hr pmrm qun og emjjjjm
m
bju`tum`hgons y lnonrn y `mgs no jm n`gogfæm.

0
 

Imjmozm `gfnr`hmj mj`mozð supnrívht cn ^P$<,138 fhjjgons no

nj 91=5
Snonfgs `gog`hfhnotg cn qun no nj Qnrû jjnlmo nxpgrtm`hgons y
no nj mýg 91=5 ho`rnfnotg $35,839 fhjjgons, y jms hfpgrtm`hgons
jjnlmrgo m 3=,580 fhjjgons, pgr jg qun pgcnfgs `go`juhr qun jms
nxpgr
nxpgrtm`
tm`hgo
hgons
ns em
emo
o shc
shcg
g fmy
fmygrn
grns
s m jms hfp
hfpgrt
grtm`h
m`hgon
gons
s cnj pmæ
pmæs.
s.
T @HSMSHGO Qnr=8 Zj =19>1 V

Pnlûo jgs rnsujtmcgs cnj I@YQ no nj mýg 91=5 sn fgstrð qun no jm

imjmozm `gfnr`hmj euig uo supnrívht cn $ <,138 cðjmrns.
Qgr pmrtn cn jms nxpgrtm`hgons sn gituvg uom mjzm cnj 5.=% cnscn
nj mýg 91=<.
X mj hlumj qun jms nxpgrtm`hgons jms hfpgrtm`hgons tmfihèo tuvhnrgo
uo pmpnj fuy hfpgrtmotn ym qun tmfihèo euig uo `rn`hfhnotg cnj
5.9% jg `umj ogs cnkm vnr uo ðpthfg cnsmrrgjjg cn jm imjmozm
`gfnr`hmj no nj Qnrû.
Nj thpg cn `mfihg no Qnrû subrn trms jm `rhshs pgjæth`m;
No nj mýg 9191 no ounstrg Qnrû enfgs tnohcg uom `rhshs pgjæth`m
pgrr jgs ounvg
pg ounvgs
s prn
prnshc
shcnot
notns
ns y nj `g
`golr
olrns
nsg,
g, trm
trms
s jm rno
rnouo`
uo`hm
hm cn
Fnrhog ounstrg pmæs uo cæm mfmon`hð sho prnshcnotn y cnspuès cn
nstgs nphsgchgs ogs cmfgs `unotm cn qun tmfihèo nstg mbn`tg m jm
n`gogfæm pnrumom.T @HSMSHGO JmY91 Zj =19>1 V
Nj 2 cn Ogvhnfirn nj cðjmr sn nfpnzð m `gthzmr m $0,221 no
`gfpmrm`hðo `go jgs cæms motnrhgrns qun no`gotríimfgs mj cðjmr m
$0,230
 Mcnfís cn jm pmocnfhm cnj @gvhc-=8 y sho prnshcnotn nj Qnrû y nj
I@YQ
I@YQ em tr
trmt
mtmc
mcg
g cn `g
`got
otrg
rgjm
jmrr cn qu
qun
n em
emym
ym uo `rhs
`rhshs
hs fm
fmyg
ygr 
r 
n`go
n`goðf
ðfh`
h`m
m y tr
trms
ms nj ou
ounv
nvg
g pr
prns
nshc
hcno
notn
tn ns
nstn
tn fm
fmot
otno
nocr
crí
í uo
uom
m
nstmihjhcmc no jm fgoncm pmrm qun nj Qnrû shlm `rn`hnocg tmotg no
sus nxpgrtm`hgons `gfg no jms hfpgrtm`hgons.

HHH. FMY@G SNÐYH@G

3
 

CNRMJ^M@HGO; Jm cnvmjum`hðo g`mshgom qun jgs prgcu`tgs qun vmo m

snr nxpgrtmcgs cn uo pmæs rnsujtno m prn`hgs fís m``nshijns y cn fnogs
vmjgr no jgs fnr`mcgs hotnrom`hgomjns, njjg cm julmr m qun jm cnfmocm cn
nstgs mufnotn. @msg `gotrmrhg su`ncn `go jms hfpgrtm`hgons, ym qun njjms
prg`ncnrío m ho`rnfnotmrsn y pgr jg tmotg sn nspnrmrí uom chsfhou`hðo.
Og gistmotn, nstg og su`ncn shnfprn y m jgs bhons cn tmsmr nj prgcu`tg
bh
bhom
omjj cn uo
uom
m cn
cnpr
prn`
n`hm
hm`h
`hðo
ðo cn jm fg
fgon
oncm
cm sg
sgir
irn
n jm im
imjm
jmoz
ozm
m `g
`gfn
fnr`
r`hm
hmjj
tnon
tnonfg
fgs
s qu
qun
n tnon
tnonrr no `u
`uno
notm
tm jms
jms njms
njmsth
th`h
`hcm
cmcn
cns
s prn`
prn`hg
hg tmot
tmotg
g cn jms
jms
nxpgr
nxpgrtm`
tm`hgo
hgons
ns `gf
`gfg
g jms hfpgrt
hfpgrtm`
m`hgo
hgons
ns cn uo pmæ
pmæs.
s. T @HSMSH
@HSMSHGO
GO Fmx=>
Fmx=> Zj

=19>1 V

Jm pè
pèrc
rchc
hcm
m cn
cnjj vm
vmjg
jgrr cn uo
uom
m fg
fgon
oncm
cm pr
prgc
gcu`
u`n
n uo
uom
m pn
pnrc
rchc
hcm
m cn pg
pgcn
cnr 
r 
mcquhshthvg no rnjm`hðo m jm `mothcmc cn prgcu`tgs qun pgcræmfgs mcquhrhr.
Ch`eg cn gtrg fgcg, mj eminr uom fnrfm no nj vmjgr cn uom fgoncm jg
qun vm m lnonrmr nj ho`rnfnotg cn prn`hgs no nj fnr`mcg jg`mj, m nstg sn
jn `gog`n `gfg hobjm`hðo.

No `unsthðo cn prn`hgs `min rn`mj`mr qun nj èxhtg cn uom cnvmjum`hðo cn

jm fgo
fgoncm
ncm sgi
sgirn
rn jm imj
imjmoz
mozm
m `gf
`gfnr`
nr`hmj
hmj tmf
tmfihè
ihèo
o nst
nstn
n `go
`goch`
ch`hgo
hgomcg
mcg mj
nbn`tg pmss-tergule. Ns cn sufm `goshcnrm`hðo nstn tnfm ym qun uom
pgjæth`m luinromthvm m`gstufirm m hocu`hr cn uom om`hðo pgr fnchg cn jm
cnprn`hm`hðo cn jm fgoncm, og gitnocrí nj èxhtg qun ius`m sh mqunj pmæs
thnon uo bm`tgr mjtmfnotn ríphcg cn pmss-tergule nj pgcnr mcquhshvg cn jm
fnkgrm no jgs thpgs cn `mfihg.

IMJMO[M @GFNY@HMJ; ns jm no`mrlmcm cn `enqunmr jm rn`hprg`hcmc cn

fnr`mcnræm cn uo pmæs `go jgs cnfís, nstg `go`hnron m jm chbnrno`hm cn
hfpgrtm`hgons, nxpgrtm`hgons.

 Msæ qun `umocg sn cm uo smjcg onlmthvg, hfpgrtm`hgons fmygrns m

nxpgrtm`hgons. Nstg shlohbh`m qun nj lmstg cn ch`eg pmæs ns fmygr m su
prgcu``hðo. Qgr nj `gotrmrhg, `umocg nj supnrívht cm uo imjmo`n pgshthvg sn
`go`juyn qun prgcu`n fís cn jg qun lmstm. (Cn Lrnlgrhg,911<)

>
 

BM@SGYNP;  @min rn`mj`mr qun uog cn jgs bm`tgrns hobjuynotns no jm

`mæcm cnj thpg cn `mfihg ns jm rncu``hðo cnj cèbh`ht cn `unotm `grrhnotn,
pgr jg `umj ns on`nsmrhg hoch`mr qun jm fmygr pmrtn cn bjukg cn cðjmrns no
jm n`gogfæm ns prgvnohnotn cn jm fíxhfm notrmcm cn chvhsms cnj iggf
nxpgrtmcgr.

Ph ihno sn smin qun nj I@YQ og thnon uo giknthvg nxpjh`htg `go rnspn`tg mj

`mfihg, nstn hotnrvhnon no nj fnr`mcg `mfihmrhg `go jm bhomjhcmc cn njuchr 
uom cnsfnsurmcm vgjmthjhcmc cnj thpg cn `mfihg no nj `grtg pjmzg, ym qun
ch
ch`e
`em
m no
noth
thcm
cmc
c pu
punc
ncn
n ho
ho`u
`urr
rrhr
hr cn bgrf
bgrfm
m on
onlm
lmth
thvm
vm no uo
uom
m n`
n`go
gogf
gfæm
æm
cgjmrhzmcm `gfg jm ounstrm pgr fnchg cn nbn`tg ‚egkm cn imjmo`n‖.

HFQM@SG CNJ MJ[M CNJ QYN@HG CNJ CGJMY NO NUQGYSM@HGONP

QNY^M
QNY^MOMP
OMP;; No jgs ûjthfgs fnsns nj cðjmr em tnohcg uo mufnotg cn
2,50% brnotn m jm fgoncm pnrumom, nstg cn m`unrcg mj I@Y, jg `umj thnon
uo nbn`tg pgshthvg pmrm jms nxpgrtm`hgons pnrumoms. Qnrg nstn nbn`tg ns
fuy vgjíthj ym qun m `musm cn jms `gotrm``hgons m`tumjns cn cnfmocm
ljgimj su nbn`tg em shcg imkg. T @HSMSHGO Nj@91 Zj =19>1 V

HR. YNP^JSMCGP
HR.=.
HR.=. Shpgs
Shpgs cn
cn `m
`mfih
fihgs
gs no jm imjm
imjmoz
ozmm `g
`gfnr
fnr`hm
`hmj.
j.

HR
HR.=
.=.=
.=.. @gfg
@gfg mbmbn`
n`tm
tm nj Sh
Shpg
pg cn @m
@mfi
fihg
hg Og
Ogfh
fhom
omjj no jm
Imjmozm @gfnr`hmj;
Nstn `mfihg ogfhomj ns uo prn`hg rnbnrnotn notrn cgs
fgoncms,
fgoncms, pmrm nstn thpg cn `mfih
`mfihg
g hobju
hobjuyno
yno jm rnjm`
rnjm`hðo
hðo
notrn
notrn jm gbnr
gbnrtm
tm y jm cn
cnfm
fmoc
ocm,
m, msæ fhs
fhsfg
fg jgs
jgs ihno
ihnons
ns
om`h
om`hgo
gomj
mjns
ns chsf
chsfho
houy
uyno
no su
sus
s prn`
prn`hg
hgs
s rnsp
rnspn`
n`tg
tg m jg
jgs
s
prgcu`tgs nxtrmoknrgs, nstg bmvgrn`n m jm nxpgrtm`hðo.
HR.=.9.@gfg mbn`tm nj Shpg cn @mfihg Ynmj y jm Imjmozm
@gfnr`hmj

2
 

Nstn thpg cn `mfihg m chbnrno`hm cnj `mfihg ogfhomj nstn

sn cm no `gsms fmtnrhmjns, msæ fhsfg `umocg `rn`n nj
thpg cn `mfihg rnmj sunjn mufnotmr nj ohvnj cn
nxpgrtm`hðo y nj ohvnj cn hfpgrtm`hðo chsfhouyn cmocg
pmsg m jgs prgcu`tgs om`hgomjns.

HR.9
HR.9.. Nbn
Nbn`t
`tg
gs cn jm cn
cnvvmj
mju
um`hð
m`hðo
o cn jm fg
fgo
oncm jg`m
jg`mjj `go
rnspn`tg m jm fgoncm nxtrmoknrm.
Ouns
Ounstrg
trg pm
pmæs
æs m`
m`tu
tumj
mjfn
fnot
otn
n th
thno
non
n uo
uom
m pg
pgjæt
jæth`
h`m
m fg
fgon
ontm
tmrh
rhm
m
nxpm
nxpmos
oshv
hvm,
m, ns
nstg
tg qu
quhn
hnrn
rn cn
cn`h
`hrr qu
qun
n sn `m
`mrm
rm`t
`tnr
nrhz
hzmc
mcm
m pg
pgr 
r 
cnch`mrsn m nsthfujmr jm gbnrtm fgontmrhm cn ounstrg pmæs
mufnotmocg jm `mothcmc cn chonrg no `hr`ujm`hðo, nstg quhnrn
cn`hr qun `umocg emy uom `mæcm lnonrmjhzmcm cn prn`hgs
nstm cnin sufhohstrmr chonrg no jm n`gogfæm pmrm qun puncm
mufnotmr nj `gosufg cn ihnons y cn nstm fmonrm nfphnzmo
m suihr jgs prn`hgs. T @HSMSHGO Fgr Zj =19>1 V
Jm cnvmjum`hðo cn jm fgoncm `gfg tgcgs sminfgs ns mjlg
hocnsnmijn ym snm pmrm jm `gfuohcmc `gfg pmrm nj lgihnrog
qun chrhln nj pmæs, nstg mbn`tmræm no jm n`gogfæm cn jms
pnrsgoms y fís sh g`urrn uom cnvmjum`hðo, nj `mfihg cn jm
fgon
fgoncm
cm sn cn
cnin
inræ
ræm
m fm
fmot
otno
nonr
nr ns
nstm
tmij
ijn
n no uo pu
puot
otg
g cn
nquhjhirhg ym qun `umjquhnr `mfihg mbn`tmræm no jm n`gogfæm
cnj pmæs, shnocg nj prho`hpmj rnspgosmijn y no`mrlmcg cn jgs
`mfi
`mfihg
hgs
s cn jm fg
fgon
oncm
cm no ou
ouns
nstr
trg
g pm
pmæs
æs ns nj I@
I@YQ
YQ..
T@HSMSHGO Bho15 Zj =19>1 V

Pnlûo nj I@YQ, (9191) M`tumjfnotn nj Qnrû fmothnon jm

tmsm cn hotnrès cn rnbnrno`hm no 1.9>%, pmrm qun nstg sn
emym pgchcg jjnvmr m `mig sn mtnohcg qun vnr uo
cnihjhtmfhnotg cn jm cnfmocm cnihcg m qun no nj mýg 9191
jm hobjm`hðo sn uih`ð mjrncncgr cn jm cnfmocm hotnrom.

<
 

Qgr nknfpjg, sh no `msg cn qun Nstmcgs ^ohcgs suihnrm nj

cðjmr nj Qnrû `gfg pmæs suicnsmrrgjjmcg qun cnpnocn cn jm
n`gogfæm cn nstn pmæs rnsujtmræm fuy mbn`tmcm cn fmonrm
n`goðfh`m y sn njnvmræm nj prn`hg cn jms `gsms, no cgocn
ho`jusg nstm jjnlmræm m mbn`tmr nj QIH.
^om cnvmjum`hðo cn jm fgoncm ns uo ho`rnfnotg cnj prn`hg
no sgjns cnj cðjmr nxtrmoknrg, nstg m su vnz ho`rnfnotm nj
prn`hg cn jm fgoncm pnrumom cn tgcgs jgs ihnons
hotn
hotnro
rom`
m`hg
hgom
omjn
jns,
s, mu
mufn
fnot
otm
m nj vm
vmjg
jgrr cn rnsn
rnsnrv
rvms
ms cn grg
grg
nxpr
nxprns
nsmc
mcms
ms no fg
fgon
oncm
cm,, jm cn
cnfm
fmoc
ocm
m cn jgs
jgs prgc
prgcu`
u`tg
tgs
s
tmfi
tmfihè
hèo
o ns mbn`
bn`tmcm
tmcm `u
`um
mocg g`
g`ur
urrn
rn no ns
nstn
tn `ms
msg
g jm
cnvmjum`hðo cnj cðjmr, nstg sn cnin m qun nj cðjmr ns fuy
honstmijn y nstg jjnlm m mjtnrmr jm n`gogfæm y pgr nocn jm
`gfprm y vnotm cn prgcu`tgs sn vn mbn`tmcm nsg lnonrm
prgijnfms notrn `gfprmcgrns y vnocncgrns ym qun fu`egs
cn ogsgtrgs nspnrmfgs qun nstgs prgcu`tgs tnolmo prn`hgs
nstmijns y imkgs.
^og cn jgs fís pnrkuch`mcgs pgr jm cnvmjum`hðo cn ounstrm
fgon
fgoncm
cm `g
`go
o rnsp
rnspn`
n`tg
tg m jm fg
fgon
oncm
cm nx
nxtr
trmo
mokn
knrm
rm sg
sgo
o jgs
jgs
msmjmrhmcgs y kuihjmcgs ym qun tnohnocg jgs fhsfgs sunjtgs
og pgcræmo `gfprmr jm fhsfm `mothcmc ym qun mufnotmræmo
jgs prn`hgs pmrm jgs `gosufhcgrns, gtrgs cn jgs mbn`tmcgs
tmfihèo snræmo quhnons prnsnotmo cnucms no cðjmrns y sus
holrnsgs sgo no fgoncm pnrumom (jgs ounvgs sgjns), gtrgs
cn jgs mbn`tmcgs snræmo jms nfprnsms hfpgrtmcgrms ym qun jm
`gfuoh`m`hðo `go nj nxtnrhgr sn no`mrn`no tmotg novægs pgr 
`grrng y bjntns mj nxtrmoknrg y no jms nfprnsms nxpgrtmcgrms
snrhmo mbn`tmcms pgr nj pgcnr mcquhshthvg ym qun mj tnonr 
`gotrmtgs hotnrom`hgomjns nstms sgo pmlmcgs no cðjmrns y
pgr ûjthfg jms prgphncmcns pgcræmo pnrcnr su vmjgr ym qun

5
 

sus prn`hgs nstmræmo no cðjmrns mj hlumj qun jgs mjquhjnrns,

nstms ym og pnr`hihrío nj fhsfg vmjgr pmsíocgjg m cðjmrns.
Qnrg uom cnvmjum`hðo cn jm fgoncm og sgjg thnon mspn`tgs
onlmthvgs, uom cnvmjum`hðo tmfihèo pgcræm myucmr mj pmæs
cnotrg
cnotrg cn uom `rhshs ym qun emiræm fís gpgrt
gpgrtuohc
uohcmcns
mcns pmrm
nxpg
nxpgrt
rtmr
mr cn
cnih
ihcg
cg m qu
qun
n jm vno
notm
tm cn prgc
prgcu`
u`tg
tgs
s qu
qun
n sn
prgcu`no no nj pmæs snræmo fís rnotmijns, `gstmræm fnogs
prgcu`hr uo prgcu`tg brnotn m uo fnr`mcg hotnrom`hgomj, gtrg
cn jgs
jgs nbn`
nbn`tg
tgs
s pg
pgsh
shth
thvg
vgs
s sn
snræ
ræm
m nj ho`r
ho`rnf
nfno
notg
tg cn turh
turhsf
sfg
g
cnihcg m qun jm cnvmjum`hðo imkmræm jgs prn`hgs y nstg jn
`gov
`govno
nocr
cræm
æm m jgs
jgs turhs
turhstm
tms
s cn
cnih
ihcg
cg m qu
qun
n su
sus
s me
megr
grrg
rgs
s sn
no`unotrmo no chvhsms nxtrmoknrms y puncn `mfihmrsn pgr 
fís fgoncm jg`mj gtrg cn njjgs, gtrg cn njjgs ns qun sn
njnvmo jgs prn`hgs cn jgs prgcu`tgs hfpgrtmcgs cnihcg m qun
jm fgoncm vmjn fnogs, nstg emrí qun snm fís `gstgsg qun
notrn mjlûo prgcu`tg mj pmæs cmocg pmsg mj `gosufg hotnrog
cn prgcu`tgs om`hgomjns. T @HSMSHGO Fíx91 Zj =19>1 V

HR.0.
HR.0. Hobjun
Hobjuno`h
o`hmm cnj vmj
vmjgr
gr cn jm fgonc
fgoncmm no jms nx
nxpgr
pgrtm`
tm`hgo
hgons
ns n
hfpgrtm`hgons.
No nj fuocg, nxhstno hobhohcmc cn thpgs cn fgoncms, tmotms,
`gfg pmæsns emy no nstn, sho nfimrlg og tgcms thnono nj
fhsf
fhsfg
g vm
vmjg
jgrr pu
puns
nstg
tg qu
qun
n ns
nstm
tms
s sg
sgo
o ns
nstm
tmij
ijn`
n`hc
hcms
ms pg
pgrr jgs
jgs
pnrsgoms qun jgs lgihnromo, nstgs nstmijn`no uo vmjgr pmrm
`mcm fgoncm y jms chbnrno`hms notrn njjms vhnono m snr nj
thpg cn `mfihg. T @HSMSHGO NoO=0 Zj =19>1 V
@goshcnrmocg nj hfpm`tg qun lnonrm nj thpg cn `mfihg no
jms
jms hf
hfpg
pgrt
rtm`
m`hg
hgon
ons
s y nx
nxpg
pgrt
rtm`
m`hg
hgon
ons.
s. Ns chbæ
chbæ`h
`hjj no
no`g
`got
otrm
rmr 
r 
gpho
gphohg
hgon
ons
s qu
qun
n mp
mpgy
gyno
no sui
uihr
hr jm tmsm
tmsm cn `m
`mfi
fihg
hg cn jgs
jgs
nxpgrtmcgrns y sn gpgolmo m jm tmsm cn `mfihg cnj sn`tgr 
hfpgrtmcgr.

8
 

Jm rmzðo pgr jm `umj jm cnvmjum`hðo cn jm fgoncm om`hgomj

inonbh`hm mj sn`tgr nxpgrtmcgr ns qun sus prgcu`tgs sn emo
mimrmtmcg no jgs fnr`mcgs nxtnrogs, pgr jg qun emo lmomcg
`gfpnththvhcmc, puncno mtrmnr fmygr cnfmocm y mufnotmr jm
pr
prgc
gcu`
u``h
`hðo
ðo44 mc
mcnf
nfís
ís,, cn
cnih
ihcg
cg m qu
qun
n su
sus
s holr
holrns
nsgs
gs ns
nstí
tío
o
cnogf
cnogfhom
homcgs
cgs no fg
fgonc
oncm
m nx
nxtrm
trmokn
oknrm,
rm, sus lms
lmstgs
tgs sun
sunjno
jno
nstm
nstmrr cn
cnog
ogfh
fhom
omcg
cgs
s no fg
fgon
oncm
cm jg
jg`m
`mjj y, cn
cnih
ihcg
cg m ns
nstm
tm
cnpr
cnprn`
n`hm
hm`h
`hðo
ðo,, jm ir
irn`
n`em
em sn ml
mlrm
rmoc
ocm.
m. Qg
Qgrr gtrg
gtrg jm
jmcg
cg,, nj
cnpmrtmfnotg cn hfpgrtm`hðo prnbhnrn jm mprn`hm`hðo cn su
fgoncm, ym qun fhnotrms puncm `gfprmr no su pmæs m uo
pr
prn`
n`hg
hg fí
fís
s im
imrm
rmtg
tg,, pg
pgcr
crí
í `g
`gfp
fprm
rmrr fí
fís
s prgc
prgcu`
u`tg
tgs
s cn
cnjj
nxtnrhgr. T @HSMSHGO Nsf=5 Zj =19>1 V
Pnlû
Pnlûo
o cm
cmtg
tgs
s cn
cnjj I@
I@YQ
YQ nj cð
cðjm
jmrr em jglr
jglrmc
mcg
g uo og
ogtg
tgrh
rhg
g
ho`rnf
ho`rnfnot
notg
g cn 2,5
2,50%
0% no `gf
`gfpmr
pmrm`h
m`hðo
ðo m oun
ounstr
strm
m fgo
fgonrm
nrm
pnrumom, no nstn ûjthfg mýg. Nrhd Bhs`enr rnprnsèotmtn cn jm
 MCNU msnlurm qun nstg snrvhræm y myucmræm no jms
nxpgrtm`hgons, pnrg m jm vnz tmfihèo `rnn qun nstn hfpm`tg
cnin snr rnlhstrmcg no jgs fnr`mcgs qun sgo `gfpntno`hm
chrn
chrn`t
`tm
m cn ou
ouns
nstr
trg
g pm
pmæs
æs44 pg
pgrr gtrg
gtrg jm
jmcg
cg Ym
Ymbm
bmnj
nj [m
[m`o
`oh`
h`e
e
rnprnsnotmotn cn @gfnxQnrû msnlurð qun jms nxpgrtm`hgons
nbn`thvmfnotn sn emo inonbh`hmcg cn nstg pnrg cnihcg m jm
shtum`hðo qun nstmfgs pmsmocg su hfpm`tg og em shcg `gfg
nspnrmim.. T @HSMSHGO Fnc91 Zj =19>1 V . Nstg sho nfimrlg
sn nspnrmim
pmrm nj sn`tgr hfpgrtmcgr og em shcg omcm inonbh`hgsg fís
ihno, tgcg jg `gotrmrhg ym qun mj suihr nj prn`hg cnj cðjmr jgs
pr
prgc
gcu`
u`tg
tgs
s hf
hfpg
pgrt
rtmc
mcgs
gs mu
mufn
fnot
otmo
mo su prn`
prn`hg
hg jg `u
`umj
mj og
inonbh`hm oh mj nfprnsmrhg qun hfpgrtm oh mj `gosufhcgr cn
ounstrg pmæs.
HR.3.
HR.3. Nxpgrt
Nxpgrtm`h
m`hðo
ðo n hfpgrt
hfpgrtm`h
m`hðo
ðo no jgs
jgs ûj
ûjthf
thfgs
gs > mýg
mýgss
HR.3.=.@um
.@umcrg cn rnsufno cn jms nxpgrtm`hgons n
hfpgrtm`hgons no jgs ûjthfgs > mýgs.

=1
 

Nxpgrtm`hgons,, Hfpgrtm`hgons y Imjmozm cn @gfnr`hmj cnj Qnrû no jgs ûjthfgs >

Nxpgrtm`hgons
mýgs.
 Mýg 91=> 91=2 91=< 91=5 91=8
F. F.
Nxpgrtm`hgons F.$03.3=>,1 $0<.159,1 $3>.39
>.399,
9,1
1 F.
F.$
$38.12
8.125,
5,1
1 F.
F.$3
$3<
<.281
.281,1
,1
F. F.
Hfpgrtm`hgons F.$0<.893,9 $02.9>3,= $08.553,2 F.$30.929,= F.$39.9>8,<
Imjmozm @gfnr`hmj F.$-0.>18,9 F.$59<,8 F.$>.>0<,3 F.$>.51>,8 F.$>.301,0
Bu
Buno
notn
tn;; Cm
Cmtg
tgsf
sfm`
m`rg
rg.`
.`gf
gf,, 9191
9191 Njmi
Njmigr
grm`
m`hð
hðo;
o; En
Enrn
rnch
chm
m Fnlg
Fnlg,, Hr
Hrno
non
n

@gfg pgcnfgs ogtmr no jgs > ûjthfgs mýgs jm imjmozm

`gfnr`hmj cn ounstrg pmæs sn em fmotnohcg fmygrfnotn

m ounstrg bmvgr m chbnrno`hm cnj 91=> qun Qnrû hfpgrtð

fís cn jg qun nxpgrtð, ns cn`hr, ounstrg pmæs mcquhrhð
fís prgcu`tgs cnj nxtrmoknrg cn jg qun vnochð. Qmrm
rnsmjtmr, `umocg jm chbnrno`hm cn jm imjmozm `gfnr`hmj ns
pgshthvm sn cm jg qun jjmfmfgs supnrívht `gfnr`hmj, nstg
shlohbh`m qun uo pmæs nstí nxpgrtmocg fís cn jg qun nstí
mcquhrhnocg cnj nxtrmoknrg jg `umj ns fuy `govnohnotn
pmrm
pmrm ou
ouns
nstr
trm
m n`
n`go
gogf
gfæm
æm44 no `m
`mfi
fihg
hg sh su
su`n
`nch
chnr
nrn
n jg
`gotrmrhg, no nstn `msg `gfg no nj 91=> no nj Qnrû

nstmræmfg
nstmræmfgs
s emi
emijmo
jmocg
cg cn cèb
cèbh`h
h`htt `gf
`gfnr`
nr`hmj
hmj,, ym qun nj
rnsujtmcg cn jm imjmozm `gfnr`hmj ns onlmthvg, jg qun
shlohbh`m qun jms vnotms mj nxtnrhgr sgo fnogrns m jms
hfpgrtm`hgons qun rnmjhzð ounstrg pmæs y pgr 
`goc
`gocu`
u`no
no`h
`hm
m ns
nstg
tg ns cn
cnsb
sbmv
mvgr
grmi
mijn
jn pm
pmrm
rm ou
ouns
nstr
trm
m
n`g
`go
ogf
gfæm
æm.. Cmc
mcm
m nst
stm
m sht
htu
um`hð
m`hðo
o jms
jms mutgrh
tgrhc
cmcn
cns
s
no`mrlmcms cnino em`nr mjlg mj rnspn`tg pmrm pgcnr 
`gfpnosmr jm cn cnucm puijh`m g mjluogs `msgs prhvmcm
cnj pmæs, jg `umj jmfnotmijnfnotn ogs jjnvmrm m mbn`tgs

==
 

onlmthvgs ym qun nstn rnlhstrmrm mufnotgs no jm tmsm cn

`govnrshðo. (N`gogfhpnchm, 91=8)

HR.3.9.@um
.@umcrg cn rnsufno cn jms nxpgrtm`hgons n
hfpgrtm`hgons no 9191.

 
Nxpgrtm`hgons,, Hfpgrtm`hgons y Imjmozm cn @gfnr`hmj cnj Qnrû no jgs fnsns cn
Nxpgrtm`hgons
nonrg m g`tuirn cnj 9191
  Non.
No Bni. Fmr. Mir. Fmy. Kuo. Kuj. Mlg. Pnp. G`t.
9,1= 0,><
=. Nxpgrtm`hgons 0,580 0,>2< 9,521 =,52= 9,81> 0,282 3,=85 3,3<5
9 2
9,91 9,<2
9. Hfpgrtm`hgons 0,212 9,850 9,>50 9,09> 9,9>> 9,<90 9,82= 0,9=5
0 =
0. Imjmozm
95< >53 9<< -323 -=8= 2>1 8<0 5=> =,90< =,921
`gfnr`hmj

@gfg sn puncn ogtmr no nj `umcrg nj Qnrû no nj prhfnr 

trhfnstrn cnj mýg `gotmim `go uo supnrívht no jm imjmozm
`gfn
`gfnr`
r`hm
hmj,
j, nj `u
`umj
mj ym vn
vnoæ
oæm
m mbn`
mbn`tm
tmcg
cg pg
pgrr jm lu
lunr
nrrm
rm
`gfnr`hmj notrn Nstmcgs ^ohcgs y @ehom y cnihcg m jm
pmocnfhm cn @GRHC-=8 jmfnotmijnfnotn nstg nfpgrð.

Bunotn;
Bunotn; Imo`g @notrmj
@notrmj cn Ynsnrvm
Ynsnrvm cnj Qnrû, 9191 Njmigrm`hðo
Njmigrm`hðo;; Enrnchm
Enrnchm Fnlg, Hrnon

No jgs fnsns cn mirhj y fmyg4 Qnrû msæ `gfg gtrgs

pmæsns cnj fuocg sn vhnrgo curmfnotn mbn`tmcgs no su
n`gogfæm cnihcg mj `hnrrn cn trmospgrtns fgthvg cn jm
pmocnfhm4 ym qun chbæ`hjfnotn sn pgcæm nxpgrtmr, ns pgr 
njjg qun no jgs mj snluocg trhfnstrn cnj prnsnotn mýg,
ounstrg pmæs jjnlg m sufmr uo cèbh`ht cn fís cn 2>>
fhjjgo
fhjjgons
ns cn cð
cðjmr
jmrns
ns cni
cnihcg
hcg mj `go
`gobho
bhomfh
mfhnot
notg
g om`
om`hgo
hgomj
mj
gijhlmtgrhg. Qmrm inonbh`hg cn tgcgs jgs pnrumogs jm chbæ`hj

shtum`hðo sn bun rnvnrthnocg pmrm jgs fnsns cn kuohg no

=9
 

mcnj
mcnjmo
motn
tn44 lr
lrm`
m`hm
hms
s m jms
jms fm
fmyg
ygrn
rns
s nx
nxpg
pgrt
rtm`
m`hg
hgon
ons
s cn
prgcu`tgs, mj tnr`nr trhfnstrn cnj mýg Qnrû ym vhnon fuy
rn`upnrmcg rnlhstrmocg msæ uo supnrívht cn 9,8% cnj QIH
snlûo nj I@Y. T@HSMSHGO Nj`=1 Zj =19>1 V

R. @GO@J^PHGONP
Qmrm jm gitno`hðo cn uo rnsujtmcg mjnotmcgr nj prn`hg cn jg qun sn
nxpgrtm y jg qun sn hfpgrtm cnino snr no vmjgr misgjutg fmygrns m
uog.
Jm pr
prí`
í`th
th`m
`m m `g
`grt
rtg
g pjmz
pjmzg
g cn
cnjj gi
gikn
kntg
tg cn uo
uom
m cn
cnvm
vmju
jum`
m`hð
hðo
o og
prglrnsm jm imjmozm `gfnr`hmj punstg qun jm cnfmocm tmrcm no
m`gpjmrsn m jm ounvm shtum`hðo.

Snonfgs 9 `gosn`uno`hms no jm pèrchcm cn vmjgr cn uom fgoncm;

emy uom chsfhou`hðo cn prn`hg pmrm nj fnr`mcg nxtnrhgr, pgr gtrg
jmcg,, tnonf
jmcg tnonfgs
gs mufnotg cn prn`
prn`hg
hg no nj fnr`
fnr`mcg
mcg jg`mj, muoqun no
pmrm
pmrmjn
jnjg
jg ln
lnon
onrm
rmræ
ræm
m qu
qun
n nj pr
prgc
gcu`
u`tg
tg prgv
prgvno
nohn
hnot
otn
n cn
cnjj nx
nxtn
tnrhg
rhgr 
r 
no`mrnz`m.

=0
 

RH. YNBNYNO@HMP

Mjigrogz, F. (91=>). Ynvhstm Cgs Quotms.

Quotms. Gitnohcg cn
bjn;///@;/^snrs/>=851/Cgwojgmcs/Chmjont-
Hfpm`tgCnjShpgCn@mfihgYnmjNoNjCnsnfpnogN`gogfh`gCn->383<=0.pc 

Imo`g @notrmj cn Ynsnrvm cnj Qnrû. (9191). Gitnohcg cn

eps;//www.i`rp.lgi.pn/nstmchs`ms/`umcrgs-cn-jm-ogtm-snfmomj.etfj

@gfnr`hg, N. (9191). Gitnohcg cn eps;//nj`gfnr`hg.pn/n`gogfhm/pnru/pg-cn-

`mfihg-qun-hfpm`tg-em-tnohcg-nj-mjzm-cnj-
`mfihg-qun-hfpm`tg-em-tnohcg-nj-mjzm-cnj-prn`hg-cnj-cgjmr-no-jms-
prn`hg-cnj-cgjmr-no-jms-
nxpgrtm`hgons-pnrumoms-mcnx-o`zn-og`hm/

Cmtgsfm`rg.`gf. (9191). eps;//cmtgsfm`rg.nxpmoshgo.`gf/`gfnr`hg/imjmozm/pnru.

eps;//cmtgsfm`rg.nxpmoshgo.`gf/`gfnr`hg/imjmozm/pnru.  
Gitnohcg cn eps;//cmtgsfm`rg.nxpmoshgo.`gf/`gfnr`hg/imjmozm/pnru
eps;//cmtgsfm`rg.nxpmoshgo.`gf/`gfnr`hg/imjmozm/pnru

Nj `gfnr`hg. (99 cn Ogvhnfirn cn 9191). Imjmozm `gfnr`hmj rnlhstrm supnrívht cn 9,8%

cnj QIH mj tnr`nr trhfnstrn cnj mýg. Gitnohcg
mýg.  Gitnohcg cn
eps;//nj`gfnr`hg.pn/n`gogfhm/pnru/imjmozm-`gfnr`hmj-rnlhstrm-supnrmvht-cn-
98-cnj-pih-mj-tnr`nr-trhfnstrn-cnj-mog-ooc`-og`hm/7rn6n`r

No Omrmokm. HOL. (=0 cn Pnpnfirn cn 91=0). ·@ðfg mbn`tm nj pg cn `mfihg m jms
hfpgrtm`hgons y nxpgrtm`hgons7  Gitnohcg
 Gitnohcg cn
eps;//www.noomrmokm.`gf/n`gogfhm-m`hj/`gfg-mn`tm-nj-pg-cn-`mfihg-m-
jms-hfpgrtm`hgons-y-nxpgrtm`hgons/

Nsfmhjh, P. (95 cn Ch`hnfirn cn 91=5). Nbn`tgs cnj pg cn `mfihg. Gitnohcg

`mfihg.  Gitnohcg cn
eps;//lnsgo.pn/ijgl/ijgluohvnrshtmrhg/91=5/=9/nn`tgs-cnj-pg-cn-
`mfihg.etfj/7rn6lnsr

Bhomozmsprm``ms. (9115). omozmsprm``ms.`
(9115). omozmsprm``ms.`gf.fx 
gf.fx . Gitnohcg cn
eps;//www.bomozmsprm``ms.`gf.fx/bomozms-pnrsgomjns/nj-mrtn-cn-
prnsupunstmr/jm-n`gogfhm-y-tus-bomozms/jm-cn
prnsupunstmr/jm-n`gogfhm-y-tus-bomozms/jm-cnvmjum`hgo-cn-uom-fgoncm7
vmjum`hgo-cn-uom-fgoncm7
prhot6y

=3
 

HQN. (=8
HQN. (=8 cn Mlgstg cn 91=8). Gitnohcg cn eps;//www.hpn.grl.pn/pgrtmj/jms-
vmrhm`hgons-cnj-pg-cn-`mfihg/

Jm Ynpûijh`m. (=2
Ynpûijh`m. (=2 cn Ogvhnfirn cn 9191). Gitnohcg cn

eps;//www.jmrnpuijh`m.`g/ljgign`gogfhm/nj-pg-cn-`mfihg-no-pnru-nstm-no-
eps;//www.jmrnpuijh`m.`g/ljgign`gogfhm/nj-pg-cn-`mfihg-no- pnru-nstm-no-
su-fmxhfg-ohvnj-ehstgrh`g-trms-`rhshs-pgjh`m-no-nj-pmhs-01582=<

Fíxhfm ^rhmrtn, K. (=1 cn Fmrzg cn 9191). www.`mrm`tnrhs`ms.`g

www.`mrm`tnrhs`ms.`g.. Gitnohcg cn
eps;//www.`mrm`tnrhs`ms.`g/cnvmjum`hgo/

Fnchom, F. @. (=2 cn Pnpnfirn cn 9191). Shpg cn `mfihg; ·]uè hfpm`tg em tnohcg nj

mjzm cnj prn`hg cnj cðjmr no jms nxpgrtm`hgons pnrumoms7  Gitnohcg
 Gitnohcg cn
eps;//nj`gfnr`hg.pn/n`gogfhm/pnru/pg-cn-`mfihg-qun-hfpm`tg-em-tnohcg-
nj-mjzm-cnj-prn`hg-cnj-cgjmr-no-jms-nxpgrtm`hgo
nj-mjzm-cnj-prn`hg-cnj-cgjmr-no-jms-nxpgrtm`hgons-pnrumoms-mcnx-o`zn
ns-pnrumoms-mcnx-o`zn-og`hm/7
-og`hm/7
rn6n`r

Fgrnog, C. (s..). omozmspmrmfgrtmjns.
(s..). omozmspmrmfgrtmjns.ns
ns.. Gitnohcg cn

eps;//www.bomozmspmrmfgrtmjns.ns/`urhgshcmcns/`gfg-m`tum-jm-pgjh`m-
fgontmrhm-pmrm-`gotrgjmr-jm-hom`hgo-g-jm-cnm`hgo/

Qnrû 9=. (15
9=. (15 cn Bnirnrg
B nirnrg cn 91=8). Gitnohcg cn eps;//pnru9=.pn/n`gogfhm/imjmozm-
`gfnr`hmj-mj`mozg-supnrmvht-us-<-138-fhjjgons-91=5-3>533<-og`hm/7rn6p9=r

RHH. MONUGP
  Notrnvhstm

ettps;//nj`gfnr`hg.pn/n`gogfhm/pnru/thpg-cn-`mfihg-qun-
hfpm`tg-em-tnohcg-nj-mjzm-cnj-prn`hg-cnj-cgjmr-no-jms-
nxpgrtm`hgons-pnrumoms-mcnx-o`zn-ogth`hm/7rnb6n`r 

=>
 

  Surohtho

=2
 

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