AHQ@ FRTUJ\ RGLYBTQLMHM MB NH

Q]@TB A@Q]H ARA

OBTBGALH \ BYHNRHAL@G M BUT@\BA]@Q

BUT@\BA]@Q

HNITBM@ @DTBM@T QHFUBT

JBGT\ MBNOHM@ AJHUHTT@
NRLQ THF@Q D@NHØ@Q
BMOHTM@ T@MTLORBSIN@TLHG
 Lgtr`muaalñg

Bn pr`pñslt` mb nhs `rohglzhal`gbs bs lgtbgthr obgbrhr rbaurs`s ba`gñfla`s, pbr` phrh

obgbrhrn`s h n` nhro` mbn tlbfp` mbdbg t`fhr dubghs mbalsl`gbs, j`y p`r j`y hjæ mlibrbgtbs
fìt`m`s phrh tbgbr ug fhy`r a`gtr`n mb n`s rbaurs`s thgt` pr`pl`s, mb lgvbrsl`glsths y mb
nhs ohghgalhs obgbrhmhs, bsths tìaglahs ` fìt`m`s pubmbg sbr n`s inuc`s mb ahch, YUG (vhn`r
prbsbgtb gbt`), a`st` mb ahplthn y nh ]LT (thsh lgtbrgh mb rbt`rg`).

Bs p`r bs` qub bg bstb trhdhc` lgtbgthrbf`s hpr`plhrg`s mb t`m`s n`s fìt`m`s fbgalhg`s,
phrh nubo` hpnlahrn`s bg bn ahs` mb bstuml` y p`mbr t`fhr nh mbalslñg sl lgvbrtlr bg
auhnqulbrh mb n`s pr`ybat`s mb lgvbrslñg pr`pubst`s mb nhs tlbgmhs Furpjy Qt`rbs.
 Fbt`m`n`oæh

Bn trhdhc` sb mbshrr`nnhrè bg bn sloulbgtb `rmbg3

 Nbaturh mbn ahs`.

 Tba`nbaalñg y hgènlsls mb n`s mht`s.
 Aènaun` mbn _HAA.

Ahnaun` mb inuc` mb ahch, YUG y ]LT.
 Hgènlsls mb n`s rbsunthm`s `dtbglm`s.
 Tba`fbgmhal`gbs.
 Mbshrr`nn`

8. Mbsarldh
Mbsarldh nhs m`s
m`s `p`rtuglmhmb
`p`rtuglmhmbss mb lgvbrslñg
lgvbrslñg qub tlbgb
tlbgb Furpjy
Furpjy Qt`rbs.
Qt`rbs. °U`rqub
°U`rqub
ahmh ugh mb nhs hntbrghtlvhs mbdbræh sbr rba`fbgmhmh h nh A`fphøæh0

Nh a`fphøæh FRTUJ\ Q]@TBQ tlbgb bg bstuml`s m`s tlp`s mb pr`ybat`s qub s`g3

H. BHQ
BHQ Ur`c
Ur`cba t3 bstb pr`ybat` a`gslstb bg lfpnhgthr ug slstbfh mb sbourlmhm,
bat3
bg auhn a`gslstb bg utlnlzhr btlqubths ` ajlps mb sbourlmhm phrh tbgbr ug
fhy`r a`gtr`n mb nh fbrahgaæh bg nhs tlbgmhs y bvlthr nhs fbrfhs(r`d`s).
Bs
Bst`
t`ss ajlps
ajlps vh
vhgg pbpbohm
ohm`s
`s ` hm
hmjb
jbrl
rlm`s
m`s hn pr
pr`m
`mua
uat`
t` sl hn
hnou
oulb
lbg
g lgtb
lgtbgt
gths
hsbb
hrrh
hrrhga
gahr
hrn`
n` sb hahatl
tlvhr
vhrèè ug sb
sbgs
gs`r
`r qu
qubb mh
mhrè
rè hv
hvls
ls`
` h pubst
pubst`` mb a`
a`gt
gtr`
r`nn y
rèplmhfbgtb sb p`mrè lmbgtlilahr bn nuohr mb nh tlbgmh m`gmb bstè `aurrlbgm`
bn r`d`.

D. Nlojt
Nlojtlg
lgoo Ur`
Ur`p`s hn3 bs ug pr`ybat` qub a`gslstb bg lfpnhgthr lnuflghal`gbs
p`shn
NBM
NB M mb hn hnth
th tb
tbag`
ag`n`
n`oæ
oæh,
h, bs
bsth
th bs ugh lnlnuf
uflg
lghal
halñg
ñg p`
p`tb
tbgt
gtb,
b, fbc`
fbc`ræ
ræhh nh
vlsldlnlmhm, bn ahn`r qub obgbrh nh lnuflghalñg bs fuaj` fbg`r, p`r n` qub n`
hlrbs
hlrbs ha`gml
ha`gmlal`
al`ghm
ghm`s
`s g` gbabsl
gbabslthr
thræhg
æhg thgth
thgth p`tbga
p`tbgalh
lh nn
nnbvhg
bvhgm`
m` h qub bn
a`gsuf` mb bgbroæh sbh fuaj` fbg`r y hmlal`ghnfbgtb su lfpnhgthalñg
sbrvlræh phrh hp`yhr n`s `dcbtlv`s mb s`stbgldlnlmhm.

A`f` vbf`s hfdhs hntbrghtlvhs tlbgbg sus orhgmbs dbgbilal`s phrh nh `rohglzhalñg
y p`mræhg sbr dbgbilal`shs, slg bfdhro`, phrh ugh fbc`r sbourlmhm y shdbr auèn bs nh
fbc`r bnbaalñg sb pr`abmbrè h rbhnlzhr ug bstuml` fès flgual`s` mb nhs hntbrghtlvhs,
bg auhn a`gslstb bstumlhr n`s a`st`s mb ahplthn y n`s ægmlabs YUG y nh ]LT.

4. Ahna
Ahnaun
unbb bn _HAA
_HAA phphrh
rh FRTU
FRTUJ\ J\ Q]@TB
Q]@TBQ Q y a`
a`fp
fpèrèrbn
bn`
` a`
a`gg bn 84% qub
sup`gb nh a`fphøæh mbdbræh a`gslmbrhrsb a`f` A`st` mb Ahplthn

_HAA
_HAA a`fphøæh _HAA BHQ Ur`cbat _HAA Nlojtlgo Ur`p`shn
84% 88,8=% 88,8=%

Nh a`fphøæh FRTUJ\ Q]@TBQ a`gslmbr` ug 84% mb _HAA p`rqub qubræhg sbr

fès a`gvbrshm`rbs a`g rbspbat` hn a`st` pr`fbml` mb nhs iubgtbs mb ilghgalhflbgt`,
hmbfès mbsmb ug prlgalpl` sb shdæh qub bn fhy`r p`rabgthcb mb phrtlalphalñg mb nh
mbumh sbrlh mb bqulty, bs mbalr, mb s`al`s p`r n` qub bn a`stb mb ahplthn g` ldh h sbr
thg dhc` sl sb iubsb ilghgalhm` p`r mbumh.
Hj`rh bg tìrflg`s mb pr`ybat`s g` sb mbdbræh a`gslmbrhr ug 84% p`rqub a`f`
p`mbf`s hprbalhr bg gubstrh thdnh qub phrh hfd`s pr`ybat`s gubstr` _HAA iub mb
88,8=% y sl bnbolf`s hmvbrshrlhfbgtb bsb 84% pubs bstrlhf`s phohgm` fuaj` fès
h n`s lgvbrsl`glsths mb n` qub sb mbdbræh phohrnbs.
1. Bvhnuì ahm
ahmh
h ug` mb n`s pr`yba
pr`ybat`s3
t`s3 BHQ Ur`cb
Ur`cbat
at - Nlojt
Nlojtlgo
lgo Ur`p`s
Ur`p`shn.
hn. Urbphr
Urbphrbb ug hgènls
hgènlsls
ls mb n`s pr`ybat`s qub lganuyhg
lganuyhg
n`s ægmlabs YUG y ]LT.

BHQ Ur`cbat ]LT7AUU 4<,<?% 7 88,8=%

Nlojtlgo Ur`p`shn ]LT>AUU -81% > 88,8=%

A`f` sb pubmb hprbalhr bg n`s mht`s rba`nbathm

rba`nbathm`s
`s bn pr`ybat` BHQ Ur`cbat h nhro` pnhz` bs bn qub obgbrhrh fbc`rbs mlvlmbgm`s
ba`gñfla`s h nh `rohglzhalñg a`g ug 15% mb thsh lgtbrgh mb rbt`rg`, bg ahfdl` bn pr`ybat` Nlojtlgo Ur`p`shn sbræh ug rlbo` yh
qub bs ug pr`ybat` qub mbstruyb rlqubzh y mbdb sbr rbajhzhm`.
=. °Auèn
°Auènbs
bs s`g nhs vhrlhdnbs
vhrlhdnbs qub tlbgbg fhy`r lfph
lfphat`
at` bg bn pr`ybat
pr`ybat`0
`0 °Auènbs s`g n`s rlb
rlbso`s
so`s qub pubmb
pubmbgg hir`gthr bst
bstbb
tlp` mb pr`ybat`s0 (Tbhnlab ug Hgènlsls mb sbgsldlnlmhm mb nhs vhrlhdnbs qub tlbgb ug fhy`r lfphat` bg bn pr`ybat`).

Rgh vhrlhdnb fuy lfp`rthgtb qub tlbgb lfphat` bg bn pr`ybat` bs a`f` ilghgalhrn` a`f` vbf`s bstè mlvlmlm` bg ug 45%
(mbumh) y :5%(bqulty), a`f` shdbf`s n`s rbaurs`s bqulty s`g fès a`st`s`s p`rqub n`s rbaurs`s mb n`s lgvbrs`rbs ` haal`glsths
s`g fès ahr`s qub n`s mb n`s harbbm`rbs, bst` p`rqub h fhy`r rlbso` fhy`rbs lgorbs`s phrh bnn`s, hmbfès s`g n`s óntlf`s bg
rbaldlr bn mlgbr` mbspuìs qub nh `rohglzhalñg shnoh mb nh mbumh y n`s lfpubst`s.

Ubr` phrh bstb pr`ybat` arbbf`s nh vhrlhdnb qub tlbgbg fhy`r lfphat` s`drb bn pr`ybat` s`g nhs vbgths yh qub bg bn sbougm`
pr`ybat` nh fhy`ræh
fhy`ræh mb n`s mht`s tlbgbg qub vbr bg auhgt`
auhgt` hj`rrhræhf
hj`rrhræhf`s
`s mb bgbroæh sl hpnlaèrh
hpnlaèrhf`s
f`s bn sbougm` pr`y
pr`ybat`,
bat`, pbr` g`
mh ug vhn`r a`garbt` mb ohghgalhs p`r vbgths, s`n` g`s mh ugh mlsflgualñg mb n`s a`st`s mb bgbroæh qub p`mræh tbgbr nh
`rohglzhalñg.

Bg ahfdl`, bn prlfbr pr`ybat` jhdnh mb tbfhs mbnlahm`s s`drb fbrfhs ` r`d`s y ug slstbfh mb sbourlmhm sbræh fuaj` fès
bilalbgtbs, yh qub, sl sloubg r`dhgm` n`s pr`muat`s sbrlh mlgbr` pbrmlm` p`r nh `rohglzhalñg, hmbfès qub bs fès ièaln su aènaun`
p`r bn jbaj`
jbaj` qub tbgbf
tbgbf`s `s vhn`rbs a`
a`f`
f` bn p`rab
p`rabgthcb
gthcb mb nhs oh
ohghgalhs
ghgalhs bn hu
hufbgt`
fbgt` bg nhs
nhs vbgths, nh lginhalñg
lginhalñg y mbprbalhalñg.
mbprbalhalñg.

H a`gtlguhalñg, f`strhrbf`s ug hgènlsls mb sbgsldlnlmhm f`mlilahgm` n`s p`rabgthcbs mb nh ]TBFH3

BHQ Ur`cbat Nlojtlgo Ur`p`shn

 Bg orhg phrtb mb nh aurvh mb BHQ Ur`cbat sb pubmbg obgbrhr mlvlmbgm`s phrh nh
bfpr
bf prbs
bshh y a`
a`fp
fphr
hrèg
ègm`
m`nh
nh a`
a`g
g gu
gubs
bstr
trhh _HAA
_HAA yh sl nh tr trbf
bfhh ph
phsh
sh bn 18
18%
%
bfpbz
bf pbzhr
hræh
æhf`
f`ss h `dtbg
`dtbgbr
br YUG
YUG gboht
gbohtlv
lv`,
`, ah
ahs`
s` a`
a`gt
gthr
hrl`
l` `a
`aur
urrb
rb bg bn pr
pr`y
`yba
bat`
t`
Nlojtlgo Ur`p`shn bgtrb fbg`r bs nh trbfh hufbgth su YUG p`r n` qub bn pr`ybat`
sb rbajhzh a`fpnbthfbgtb.

2. °Xuì
°Xuì rbrba`
a`fb
fbgmh
gmhal
alñg
ñg nb mhræ
mhræhg
hg h Furpj
Furpjy0
y0 Mbdb
Mbdbg
g pbgs
pbgshr
hr au
aulm
lmhm
hm`s
`shf
hfbg
bgtb
tb
habrah mb añf` Furpjy pubmb `dtbgbr vhn`r mbn nlflthm` prbsupubst` qub
tlbgb phrh lgvbrtlr.

Tbhnlzhgm` n`s aènaun`s y hgènlsls mb n`s rbsunthm`s nh fbc`r `pal`g sbrlh rbhnlzhr bn
pr`ybat` mb sbourlmhm BHQ Ur`cbat bst`s hibathræhg mlrbathfbgtb h nhs vbgths p`rqub
sb p`mræhs bvlthr fuaj` nhs fbrfhs ` r`d`s, bg nhs orèilahs p`mbf`s `dsbrvhr qub
jh
jhy
y mlib
mlibrb
rbgt
gtbs
bs tlp`
tlp`ss mb trbf
trbfhh bg nh qub sb p` p`mr
mræh
æh mb lo
louh
uhnn fhgb
fhgbrh
rh `d
`dtb
tbgbr
gbr
mlvlmbgm`s, hmbfès sb n`orh lmbgtlilahr bn pugt` mb bqulnldrl` YUG65 y g`s`tr`s
a`f` bvhnuhm`rbs tbgmræhf`s nh sbourlmhm mb g` p`gbr bg rlbo` bn pr`ybat`.

Ahs` a`gtrhrl` hn pr`ybat` Nlojtlgo Ur`p`shn bg ìn sb `dtuv` ugh ]LT gbohtlvh p`r
n` qub bn pr`ybat` sb rbajhzh lgfbmlhthfbgtb bst` mbdlm` h qub a`f` bs ug
pr`ybat` mb rbmuaalñg y qub g` hibath mlrbathfbgtb h nhs vbgths tbgmbræh h sbr ug
inuc` ilc` h n` nhro` mb n`s hø`s a`f` sb pubmb vbr bg bn Bxabn.

@trh `pal`g fuy dubgh sbrlh jhabr ug bstuml` b lgtbgthr lfpnbfbgthr ug pln`t` h bg
ug orup` mb rbmualm` mb nhs tlbgmhs hfd`s pr`ybat`s, anhr` slg bxabmb
bxabmbrr n`s a`st`s mb
nh lgvbrslñg mb ? flnn`gbs mb mñnhrbs y dusahr nh fhgbrh mb qub obgbrb rbgthdlnlmhm
` dusahr
dusahr ug pugt`
pugt` mb bqulnl
bqulnldrl
drl`
` qub pbrfl
pbrflth
th rbl
rblgvbr
gvbrtlr
tlr nhs ohghgal
ohghgalhshs y sboulr
sboulr
lfpnhgthgm` n`s slstbfhs murhgtb n`s 85 hø`s.
 A`ganuslñg

Orhalhs h bstb ahs` n`orhf`s hpr`plhrg`s y hpnlahr hug fhs n`s a`gabpt`s hprbgmlm`s bg bn
fñmun`, n`orhf`s g`thr qub phrh rbhnlzhr bstb tlp` mb trhdhc`s sb gbabslth ugh hfpnlh

rba`nbaalñg
hrr`ch mht`s mb
fèsmht`s, slg bfdhro`
a`garbt`s hn f`fbgt`
a`f` pumlf`s vbr bgmbbna`ganulr
ahs` mbnsbYUG
jhaby fhs
]LT sbgalnn`s p`rqub
bs fuy sbgalnn`
p`mbr a`fphrhrn`s, bst`s lgmlahm`rbs ihalnlthg nh t`fh mbalsl`gbs y bs fès ièaln flrhr sl bs
ihatldnb ` g` rbhnlzh ugh lgvbrslñg, bg bstb ahs` nh lgvbrslñg fhs ihatldnb brh BHQ Ur`cbat bs
nh qub phrh nhs tlbgmhs Furpjy Qt`rb ldh h sbr fhs dbgbilal`sh h n` nhro` mb n`s 85 hø`s.

Hmbfès, shdbf`s qub bst`s lgmlahm`rbs s`g mb ièaln hgènlsls slg bfdhro` phrh nnbohr h bs`s
lgmlahm`rbs hgtbs tbgbf`s qub shdbr ahnaunhr gubstr`s inuc`s mb ahch y a`st` mb ahplthn
p`rqub bst`s s`g n`s pugt`s
p ugt`s mb phrtlmh mb nhs `rohglzhal`gbs phrh
p hrh rbhnlzhr ug dubg hgènlsls
ba`gñfla`.